# EDGAR Filing Document

**Accession Number:** 0000887818
**File Stem:** 0001085146-25-004651
**Filing Date:** 2025-8
**Character Count:** 21819
**Document Hash:** 53e8a5e36be1b76c61df4c0eaa950244
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004651.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001085146-25-004651

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**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:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03189
- **FILM NUMBER:** 251193662

**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:** 06-30-2025

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** 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  08-07-2025<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:** 162

**Form 13F Information Table Value Total:** $9148978224

      (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 |
| ABBOTT LABS | COM | 002824100 | BBG001S5N9M6 | 26970783 | 198300 | SH |  | SOLE |  | 198300 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 43305146 | 233300 | SH |  | SOLE |  | 233300 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 12134934 | 40600 | SH |  | SOLE |  | 40600 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 19208592 | 49650 | SH |  | SOLE |  | 49650 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 10368917 | 73072 | SH |  | SOLE |  | 73072 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 | BBG001SCF1B9 | 41708074 | 220293 | SH |  | SOLE |  | 220293 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 881150 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 294134084 | 1658121 | SH |  | SOLE |  | 1658121 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 294426645 | 1342024 | SH |  | SOLE |  | 1342024 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 34609330 | 108500 | SH |  | SOLE |  | 108500 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | BBG001S5NJG1 | 10852812 | 126800 | SH |  | SOLE |  | 126800 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG001S5NPQ6 | 50326254 | 227700 | SH |  | SOLE |  | 227700 | 0 | 0 |
| AMETEK INC | COM | 031100100 | BBG001S5NN54 | 36517728 | 201800 | SH |  | SOLE |  | 201800 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 18092808 | 64800 | SH |  | SOLE |  | 64800 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG001S5NSK6 | 38871358 | 393634 | SH |  | SOLE |  | 393634 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPR9 | 16410960 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFL2 | 28288878 | 199400 | SH |  | SOLE |  | 199400 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 374480593 | 1825221 | SH |  | SOLE |  | 1825221 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG001T51KQ0 | 17036661 | 166520 | SH |  | SOLE |  | 166520 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 | BBG001SCG0R3 | 56594963 | 70621 | SH |  | SOLE |  | 70621 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 25319986 | 535080 | SH |  | SOLE |  | 535080 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 123628465 | 254500 | SH |  | SOLE |  | 254500 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 | BBG00FQ8T4M6 | 32514735 | 301537 | SH |  | SOLE |  | 301537 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 21719475 | 20700 | SH |  | SOLE |  | 20700 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 14897583 | 71100 | SH |  | SOLE |  | 71100 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 37803737 | 6530 | SH |  | SOLE |  | 6530 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG001S63L94 | 7636851 | 71100 | SH |  | SOLE |  | 71100 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 229876939 | 833945 | SH |  | SOLE |  | 833945 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 23131900 | 374000 | SH |  | SOLE |  | 374000 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 | BBG001S65YK1 | 66551464 | 215971 | SH |  | SOLE |  | 215971 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 | BBG001S5YC56 | 20384880 | 649200 | SH |  | SOLE |  | 649200 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 24884261 | 64100 | SH |  | SOLE |  | 64100 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 2226605 | 15550 | SH |  | SOLE |  | 15550 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 | BBG001S8S1L3 | 34824344 | 120200 | SH |  | SOLE |  | 120200 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 51392800 | 726400 | SH |  | SOLE |  | 726400 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 37338878 | 1046200 | SH |  | SOLE |  | 1046200 | 0 | 0 |
| COREBRIDGE FINL INC | COM | 21871X109 | BBG016HJ8836 | 28946700 | 815400 | SH |  | SOLE |  | 815400 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 | BBG00BN969D0 | 49417713 | 663058 | SH |  | SOLE |  | 663058 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 28906248 | 29200 | SH |  | SOLE |  | 29200 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 30988782 | 449243 | SH |  | SOLE |  | 449243 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG001S5QGT0 | 42826672 | 216800 | SH |  | SOLE |  | 216800 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 20947555 | 155941 | SH |  | SOLE |  | 155941 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 29950061 | 58900 | SH |  | SOLE |  | 58900 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG001SPT759 | 5803240 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 | BBG001SKZG99 | 43464310 | 497930 | SH |  | SOLE |  | 497930 | 0 | 0 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 | BBG01254CL28 | 118064720 | 2793770 | SH |  | SOLE |  | 2793770 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMGR CRE EQT MNG | 25434V302 | BBG00Y2PHW26 | 89365755 | 3086900 | SH |  | SOLE |  | 3086900 | 0 | 0 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 | BBG012G2PD33 | 84012298 | 2860480 | SH |  | SOLE |  | 2860480 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 16196450 | 130606 | SH |  | SOLE |  | 130606 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 | BBG001S5QZ45 | 53590982 | 150119 | SH |  | SOLE |  | 150119 | 0 | 0 |
| ECOLAB INC | COM | 278865100 | BBG001S5QRB5 | 27321216 | 101400 | SH |  | SOLE |  | 101400 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | BBG001SF2288 | 5873571 | 75100 | SH |  | SOLE |  | 75100 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 67429345 | 86500 | SH |  | SOLE |  | 86500 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 | BBG001SGCLB9 | 13470990 | 253500 | SH |  | SOLE |  | 253500 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 73697901 | 683654 | SH |  | SOLE |  | 683654 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 19685046 | 86600 | SH |  | SOLE |  | 86600 | 0 | 0 |
| FISERV INC | COM | 337738108 | BBG001S5R6Q4 | 27068370 | 157000 | SH |  | SOLE |  | 157000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG001S5NKC2 | 4641740 | 14500 | SH |  | SOLE |  | 14500 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 46604835 | 181067 | SH |  | SOLE |  | 181067 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 23951975 | 45265 | SH |  | SOLE |  | 45265 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 665220 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 20241650 | 28600 | SH |  | SOLE |  | 28600 | 0 | 0 |
| HESS CORP | COM | 42809H107 | BBG001S5NHS2 | 47477658 | 342700 | SH |  | SOLE |  | 342700 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 34244176 | 93400 | SH |  | SOLE |  | 93400 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 19189312 | 82400 | SH |  | SOLE |  | 82400 | 0 | 0 |
| HUBBELL INC | COM | 443510607 | BBG001S5S1L9 | 29242156 | 71600 | SH |  | SOLE |  | 71600 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 | BBG001SFNHB8 | 16834528 | 120548 | SH |  | SOLE |  | 120548 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 | BBG001S5S4Y9 | 32770374 | 61100 | SH |  | SOLE |  | 61100 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 8489664 | 28800 | SH |  | SOLE |  | 28800 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG001S6TWR2 | 33237986 | 42200 | SH |  | SOLE |  | 42200 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 8314173 | 15300 | SH |  | SOLE |  | 15300 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | BBG001V0MBC0 | 25104000 | 1200000 | SH |  | SOLE |  | 1200000 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 | BBG00J2DS0J6 | 50826050 | 1355000 | SH |  | SOLE |  | 1355000 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 | BBG003H6TMV7 | 641631253 | 8299460 | SH |  | SOLE |  | 8299460 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 223557120 | 2253600 | SH |  | SOLE |  | 2253600 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 | BBG001SGYSW7 | 8982210 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 | BBG001S56R18 | 5484600 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 90011039 | 978700 | SH |  | SOLE |  | 978700 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 42026181 | 194755 | SH |  | SOLE |  | 194755 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | CORE PLUS BD ETF | 46641Q670 | BBG00N6W8XF5 | 151359078 | 3216300 | SH |  | SOLE |  | 3216300 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 66073540 | 432560 | SH |  | SOLE |  | 432560 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 164299245 | 566725 | SH |  | SOLE |  | 566725 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 50418370 | 379000 | SH |  | SOLE |  | 379000 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 61136046 | 68252 | SH |  | SOLE |  | 68252 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 | BBG001S5S0N9 | 28821516 | 114900 | SH |  | SOLE |  | 114900 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 | BBG001SJCGP9 | 24130646 | 554600 | SH |  | SOLE |  | 554600 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 | BBG001S5SRK3 | 15430095 | 139500 | SH |  | SOLE |  | 139500 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CH6 | 41569348 | 88600 | SH |  | SOLE |  | 88600 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 15220282 | 68600 | SH |  | SOLE |  | 68600 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 17360016 | 79400 | SH |  | SOLE |  | 79400 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 | BBG00ZXBJ162 | 11517817 | 148809 | SH |  | SOLE |  | 148809 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 22533794 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 39793554 | 136200 | SH |  | SOLE |  | 136200 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 21421156 | 245740 | SH |  | SOLE |  | 245740 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 22245860 | 281024 | SH |  | SOLE |  | 281024 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 240130939 | 325341 | SH |  | SOLE |  | 325341 | 0 | 0 |
| METLIFE INC | COM | 59156R108 | BBG001S5T3R8 | 5532896 | 68800 | SH |  | SOLE |  | 68800 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 16237571 | 131745 | SH |  | SOLE |  | 131745 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 530869776 | 1067268 | SH |  | SOLE |  | 1067268 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 36383880 | 539500 | SH |  | SOLE |  | 539500 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 | BBG001SDRGP6 | 29234721 | 39972 | SH |  | SOLE |  | 39972 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG001S9V5Z3 | 46349983 | 329050 | SH |  | SOLE |  | 329050 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 59387737 | 44348 | SH |  | SOLE |  | 44348 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 23826816 | 335400 | SH |  | SOLE |  | 335400 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG001S5TP26 | 23399064 | 46800 | SH |  | SOLE |  | 46800 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 476947796 | 3018848 | SH |  | SOLE |  | 3018848 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | BBG001SF62F6 | 24995256 | 114400 | SH |  | SOLE |  | 114400 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 43279120 | 197956 | SH |  | SOLE |  | 197956 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG001S78TL6 | 10139625 | 112500 | SH |  | SOLE |  | 112500 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60LN7 | 12951816 | 130800 | SH |  | SOLE |  | 130800 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 25199706 | 184857 | SH |  | SOLE |  | 184857 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 10167080 | 77000 | SH |  | SOLE |  | 77000 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 10723776 | 442400 | SH |  | SOLE |  | 442400 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 76641397 | 420806 | SH |  | SOLE |  | 420806 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 19946940 | 107000 | SH |  | SOLE |  | 107000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 63335595 | 397537 | SH |  | SOLE |  | 397537 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 | BBG001S5V509 | 23243506 | 87100 | SH |  | SOLE |  | 87100 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 5430766 | 34100 | SH |  | SOLE |  | 34100 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 | BBG001S6PX49 | 13440000 | 25600 | SH |  | SOLE |  | 25600 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG001S5X5Q9 | 32389426 | 221815 | SH |  | SOLE |  | 221815 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG001S5T5M8 | 23253489 | 44100 | SH |  | SOLE |  | 44100 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 14125342 | 51800 | SH |  | SOLE |  | 51800 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 | BBG001S5W4C8 | 18223169 | 539147 | SH |  | SOLE |  | 539147 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 23458446 | 276600 | SH |  | SOLE |  | 276600 | 0 | 0 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 | BBG001S7T232 | 136234720 | 923500 | SH |  | SOLE |  | 923500 | 0 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597137 | 27295780 | 659000 | SH |  | SOLE |  | 659000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 61721720 | 284000 | SH |  | SOLE |  | 284000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 | BBG001S7T107 | 27262599 | 336700 | SH |  | SOLE |  | 336700 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 | BBG001S7TD56 | 184331118 | 2257300 | SH |  | SOLE |  | 2257300 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 | BBG001S7R733 | 73215978 | 833800 | SH |  | SOLE |  | 833800 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG001S7TCZ5 | 125652726 | 496200 | SH |  | SOLE |  | 496200 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 81218320 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 | BBG001S77WM9 | 25816770 | 160592 | SH |  | SOLE |  | 160592 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 76847643 | 252100 | SH |  | SOLE |  | 252100 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 27525218 | 44550 | SH |  | SOLE |  | 44550 | 0 | 0 |
| SPDR SERIES TRUST | S INS ETF | 78464A789 | BBG001SPTB50 | 36746074 | 615100 | SH |  | SOLE |  | 615100 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 11114719 | 121300 | SH |  | SOLE |  | 121300 | 0 | 0 |
| SYSCO CORP | COM | 871829107 | BBG001S5WJS8 | 14390600 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 46752066 | 206420 | SH |  | SOLE |  | 206420 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 85577604 | 269400 | SH |  | SOLE |  | 269400 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG001S5WYZ7 | 15156260 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 39100535 | 96435 | SH |  | SOLE |  | 96435 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 31761628 | 257200 | SH |  | SOLE |  | 257200 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 | BBG001SKR9Y6 | 37622922 | 157907 | SH |  | SOLE |  | 157907 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 23063760 | 247200 | SH |  | SOLE |  | 247200 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 | BBG001S5X1K4 | 38530983 | 629900 | SH |  | SOLE |  | 629900 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 54103312 | 235150 | SH |  | SOLE |  | 235150 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 66262428 | 212400 | SH |  | SOLE |  | 212400 | 0 | 0 |
| US FOODS HLDG CORP | COM | 912008109 | BBG00C6H6D59 | 16772778 | 217800 | SH |  | SOLE |  | 217800 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 77365686 | 136200 | SH |  | SOLE |  | 136200 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 806640 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 1389826 | 28100 | SH |  | SOLE |  | 28100 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 109468750 | 1412500 | SH |  | SOLE |  | 1412500 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 | BBG001SHTV36 | 28763000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 | BBG019Q32XK7 | 28272663 | 280066 | SH |  | SOLE |  | 280066 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 56483187 | 1305366 | SH |  | SOLE |  | 1305366 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 122510358 | 345051 | SH |  | SOLE |  | 345051 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 66448941 | 679576 | SH |  | SOLE |  | 679576 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 20987913 | 1831406 | SH |  | SOLE |  | 1831406 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 56569848 | 706064 | SH |  | SOLE |  | 706064 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG001S5RTQ4 | 40784569 | 265300 | SH |  | SOLE |  | 265300 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 | BBG00HCY3Q76 | 12563187 | 154700 | SH |  | SOLE |  | 154700 | 0 | 0 |

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