# EDGAR Filing Document

**Accession Number:** 0001127799
**File Stem:** 0000899140-23-000411
**Filing Date:** 2023-2
**Character Count:** 27065
**Document Hash:** 6b00f7e381e46f54e3d273448e555741
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899140-23-000411.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000899140-23-000411

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zurich Insurance Group Ltd/FI
- **CENTRAL INDEX KEY:** 0001127799
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17038
- **FILM NUMBER:** 23630389

**BUSINESS ADDRESS:**
- **STREET 1:** MYTHENQUAI 2
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8002
- **BUSINESS PHONE:** 1 800 382 2150

**MAIL ADDRESS:**
- **STREET 1:** MYTHENQUAI 2
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** 8002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZURICH FINANCIAL SERVICES/                              /FI
- **DATE OF NAME CHANGE:** 20001106

### 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:** Zurich Insurance Group Ltd/FI<br>**Address:** MYTHENQUAI 2<br>Zurich, V8 8002

**Form 13F File Number:** 028-17038

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:** Stephan van Vliet<br>**Title:** Group Chief Investment Officer<br>**Phone:** 41-44-625-25-25

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

/s/ Stephan van Vliet  Zurich Switzerland, V8  02-14-2023<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:** 1

**Form 13F Information Table Entry Total:** 229

**Form 13F Information Table Value Total:** $6994842209

      (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.]

| No.   | Name                      | Form 13F File Number   |
|:---|:---|:---|
|  | Zurich Life Assurance plc | 028-17039              |

### 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 |
| AT Inc | COM | 00206R102 |  | 55753470 | 3028434 | SH |  | DFND | 1 | 0 | 3028434 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 42846975 | 390263 | SH |  | DFND | 1 | 0 | 390263 | 0 |
| Adobe Inc | COM | 00724F101 |  | 102779291 | 305409 | SH |  | DFND | 1 | 0 | 305409 | 0 |
| Advance Auto Parts Inc | COM | 00751Y106 |  | 955695 | 6500 | SH |  | DFND | 1 | 0 | 6500 | 0 |
| Advanced Drainage Systems Inc | COM | 00790R104 |  | 35928353 | 438311 | SH |  | DFND | 1 | 0 | 438311 | 0 |
| Agilent Technologies Inc | COM | 00846U101 |  | 87358487 | 583752 | SH |  | DFND | 1 | 0 | 583752 | 0 |
| Ally Financial Inc | COM | 02005N100 |  | 814185 | 33300 | SH |  | DFND | 1 | 0 | 33300 | 0 |
| Alphabet Inc | CAP STK CL C | 02079K107 |  | 204345 | 2303 | SH |  | DFND | 1 | 0 | 2303 | 0 |
| Alphabet Inc | CAP STK CL A | 02079K305 |  | 260763589 | 2955498 | SH |  | DFND | 1 | 0 | 2955498 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 117510204 | 1398931 | SH |  | DFND | 1 | 0 | 1398931 | 0 |
| American Tower Corp | COM | 03027X100 |  | 77574234 | 366158 | SH |  | DFND | 1 | 0 | 366158 | 0 |
| AmerisourceBergen Corp | COM | 03073E105 |  | 1541103 | 9300 | SH |  | DFND | 1 | 0 | 9300 | 0 |
| AMETEK Inc | COM | 031100100 |  | 75795166 | 542479 | SH |  | DFND | 1 | 0 | 542479 | 0 |
| Amgen Inc | COM | 031162100 |  | 56909886 | 216684 | SH |  | DFND | 1 | 0 | 216684 | 0 |
| Amphenol Corp | CL A | 032095101 |  | 87302962 | 1146611 | SH |  | DFND | 1 | 0 | 1146611 | 0 |
| Analog Devices Inc | COM | 032654105 |  | 54449759 | 331950 | SH |  | DFND | 1 | 0 | 331950 | 0 |
| Elevance Health Inc | COM | 036752103 |  | 2051880 | 4000 | SH |  | DFND | 1 | 0 | 4000 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 51768200 | 811541 | SH |  | DFND | 1 | 0 | 811541 | 0 |
| Apple Inc | COM | 037833100 |  | 369886933 | 2846817 | SH |  | DFND | 1 | 0 | 2846817 | 0 |
| Applied Materials Inc | COM | 038222105 |  | 62446191 | 641263 | SH |  | DFND | 1 | 0 | 641263 | 0 |
| Archer-Daniels-Midland Co | COM | 039483102 |  | 2070555 | 22300 | SH |  | DFND | 1 | 0 | 22300 | 0 |
| Autodesk Inc | COM | 052769106 |  | 57685461 | 308693 | SH |  | DFND | 1 | 0 | 308693 | 0 |
| Avery Dennison Corp | COM | 053611109 |  | 1755700 | 9700 | SH |  | DFND | 1 | 0 | 9700 | 0 |
| BJ's Wholesale Club Holdings Inc | COM | 05550J101 |  | 39685282 | 599838 | SH |  | DFND | 1 | 0 | 599838 | 0 |
| Baker Hughes Co | CL A | 05722G100 |  | 53861125 | 1823946 | SH |  | DFND | 1 | 0 | 1823946 | 0 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 139748213 | 452406 | SH |  | DFND | 1 | 0 | 452406 | 0 |
| Best Buy Co Inc | COM | 086516101 |  | 826163 | 10300 | SH |  | DFND | 1 | 0 | 10300 | 0 |
| BlackRock Inc | COM | 09247X101 |  | 1417260 | 2000 | SH |  | DFND | 1 | 0 | 2000 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 51849124 | 25728 | SH |  | DFND | 1 | 0 | 25728 | 0 |
| BorgWarner Inc | COM | 099724106 |  | 1139075 | 28300 | SH |  | DFND | 1 | 0 | 28300 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 4302610 | 59800 | SH |  | DFND | 1 | 0 | 59800 | 0 |
| Broadridge Financial Solutions Inc | COM | 11133T103 |  | 1421778 | 10600 | SH |  | DFND | 1 | 0 | 10600 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 5311735 | 9500 | SH |  | DFND | 1 | 0 | 9500 | 0 |
| Brunswick Corp/DE | COM | 117043109 |  | 32411565 | 449661 | SH |  | DFND | 1 | 0 | 449661 | 0 |
| CH Robinson Worldwide Inc | COM NEW | 12541W209 |  | 970536 | 10600 | SH |  | DFND | 1 | 0 | 10600 | 0 |
| CSX Corp | COM | 126408103 |  | 1483942 | 47900 | SH |  | DFND | 1 | 0 | 47900 | 0 |
| CVS Health Corp | COM | 126650100 |  | 4361292 | 46800 | SH |  | DFND | 1 | 0 | 46800 | 0 |
| Campbell Soup Co | COM | 134429109 |  | 1390375 | 24500 | SH |  | DFND | 1 | 0 | 24500 | 0 |
| Canadian National Railway Co | COM | 136375102 |  | 29964893 | 252060 | SH |  | DFND | 1 | 0 | 252060 | 0 |
| Cardinal Health Inc | COM | 14149Y108 |  | 1445156 | 18800 | SH |  | DFND | 1 | 0 | 18800 | 0 |
| Carlisle Cos Inc | COM | 142339100 |  | 38335778 | 162681 | SH |  | DFND | 1 | 0 | 162681 | 0 |
| Carrier Global Corp | COM | 14448C104 |  | 1464375 | 35500 | SH |  | DFND | 1 | 0 | 35500 | 0 |
| Celanese Corp | COM | 150870103 |  | 654336 | 6400 | SH |  | DFND | 1 | 0 | 6400 | 0 |
| Chevron Corp | COM | 166764100 |  | 97690125 | 544265 | SH |  | DFND | 1 | 0 | 544265 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 3801672 | 79800 | SH |  | DFND | 1 | 0 | 79800 | 0 |
| Clean Harbors Inc | COM | 184496107 |  | 40547064 | 355302 | SH |  | DFND | 1 | 0 | 355302 | 0 |
| Coca-Cola Co/The | COM | 191216100 |  | 146617742 | 2304948 | SH |  | DFND | 1 | 0 | 2304948 | 0 |
| Coca-Cola Femsa SAB de CV | SPONSORD ADR REP | 191241108 |  | 1310084 | 19300 | SH |  | DFND | 1 | 0 | 19300 | 0 |
| Cognizant Technology Solutions Corp | CL A | 192446102 |  | 1612758 | 28200 | SH |  | DFND | 1 | 0 | 28200 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 25449170 | 323000 | SH |  | DFND | 1 | 0 | 323000 | 0 |
| Comcast Corp | CL A | 20030N101 |  | 1147016 | 32800 | SH |  | DFND | 1 | 0 | 32800 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 65461444 | 554758 | SH |  | DFND | 1 | 0 | 554758 | 0 |
| Cummins Inc | COM | 231021106 |  | 1308366 | 5400 | SH |  | DFND | 1 | 0 | 5400 | 0 |
| Danaher Corp | COM | 235851102 |  | 105623093 | 397947 | SH |  | DFND | 1 | 0 | 397947 | 0 |
| Darden Restaurants Inc | COM | 237194105 |  | 1383300 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| Deere  Co | COM | 244199105 |  | 1457784 | 3400 | SH |  | DFND | 1 | 0 | 3400 | 0 |
| Dell Technologies Inc | CL C | 24703L202 |  | 953214 | 23700 | SH |  | DFND | 1 | 0 | 23700 | 0 |
| Dollar Tree Inc | COM | 256746108 |  | 43513733 | 307648 | SH |  | DFND | 1 | 0 | 307648 | 0 |
| Dover Corp | COM | 260003108 |  | 1015575 | 7500 | SH |  | DFND | 1 | 0 | 7500 | 0 |
| Eagle Materials Inc | COM | 26969P108 |  | 48079345 | 361907 | SH |  | DFND | 1 | 0 | 361907 | 0 |
| Eastman Chemical Co | COM | 277432100 |  | 1221600 | 15000 | SH |  | DFND | 1 | 0 | 15000 | 0 |
| Emerson Electric Co | COM | 291011104 |  | 1565778 | 16300 | SH |  | DFND | 1 | 0 | 16300 | 0 |
| Enterprise Products Partners LP | COM | 293792107 |  | 1372428 | 56900 | SH |  | DFND | 1 | 0 | 56900 | 0 |
| Expeditors International of Washington Inc | COM | 302130109 |  | 1517232 | 14600 | SH |  | DFND | 1 | 0 | 14600 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 131160929 | 1189129 | SH |  | DFND | 1 | 0 | 1189129 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 96216403 | 799538 | SH |  | DFND | 1 | 0 | 799538 | 0 |
| Fastenal Co | COM | 311900104 |  | 54943063 | 1161096 | SH |  | DFND | 1 | 0 | 1161096 | 0 |
| Fortune Brands Innovations Inc | COM | 34964C106 |  | 1005136 | 17600 | SH |  | DFND | 1 | 0 | 17600 | 0 |
| Franco-Nevada Corp | COM | 351858105 |  | 1431938 | 10500 | SH |  | DFND | 1 | 0 | 10500 | 0 |
| Franklin Resources Inc | COM | 354613101 |  | 1411330 | 53500 | SH |  | DFND | 1 | 0 | 53500 | 0 |
| FRANKLIN FTSE BRAZIL ETF | FTSE BRAZIL | 35473P835 |  | 1275093 | 66230 | SH |  | DFND |  | 0 | 66230 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 82430892 | 2169234 | SH |  | DFND | 1 | 0 | 2169234 | 0 |
| Gartner Inc | COM | 366651107 |  | 17783823 | 52906 | SH |  | DFND | 1 | 0 | 52906 | 0 |
| General Mills Inc | COM | 370334104 |  | 1593150 | 19000 | SH |  | DFND | 1 | 0 | 19000 | 0 |
| Genuine Parts Co | COM | 372460105 |  | 2689405 | 15500 | SH |  | DFND | 1 | 0 | 15500 | 0 |
| Grocery Outlet Holding Corp | COM | 39874R101 |  | 387099 | 13275 | SH |  | DFND |  | 0 | 13275 | 0 |
| HP Inc | COM | 40434L105 |  | 884023 | 32900 | SH |  | DFND | 1 | 0 | 32900 | 0 |
| Home Depot Inc/The | COM | 437076102 |  | 128169039 | 405778 | SH |  | DFND | 1 | 0 | 405778 | 0 |
| Huntsman Corp | COM | 447011107 |  | 884856 | 32200 | SH |  | DFND | 1 | 0 | 32200 | 0 |
| ITT Inc | COM | 45073V108 |  | 1038080 | 12800 | SH |  | DFND | 1 | 0 | 12800 | 0 |
| IDEXX Laboratories Inc | COM | 45168D104 |  | 40955512 | 100391 | SH |  | DFND | 1 | 0 | 100391 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 1564130 | 7100 | SH |  | DFND | 1 | 0 | 7100 | 0 |
| Ingersoll Rand Inc | COM | 45687V106 |  | 40725427 | 779434 | SH |  | DFND | 1 | 0 | 779434 | 0 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 1528929 | 45900 | SH |  | DFND | 1 | 0 | 45900 | 0 |
| Intuit Inc | COM | 461202103 |  | 69708524 | 179098 | SH |  | DFND | 1 | 0 | 179098 | 0 |
| Intuitive Surgical Inc | COM NEW | 46120E602 |  | 47658452 | 179606 | SH |  | DFND | 1 | 0 | 179606 | 0 |
| Invesco WilderHill Clean Energy ETF | WILDERHIL CLAN | 46137V134 |  | 5207667 | 135864 | SH |  | DFND | 1 | 0 | 135864 | 0 |
| Invesco DB Agriculture Fund | AGRICULTURE FD | 46140H106 |  | 1440866 | 71507 | SH |  | DFND | 1 | 0 | 71507 | 0 |
| IQVIA Holdings Inc | COM | 46266C105 |  | 47467891 | 231675 | SH |  | DFND | 1 | 0 | 231675 | 0 |
| ISHARES MSCI AUSTRALIA ETF | MSCI AUST ETF | 464286103 |  | 240679 | 12267 | SH |  | DFND |  | 0 | 12267 | 0 |
| ISHARES MSCI BRAZIL ETF | MSCI BRAZIL ETF | 464286400 |  | 3283404 | 104667 | SH |  | DFND |  | 0 | 104667 | 0 |
| ISHARES MSCI CANADA ETF | MSCI CDA ETF | 464286509 |  | 574981 | 18945 | SH |  | DFND |  | 0 | 18945 | 0 |
| ISHARES MSCI EUROZONE ETF | MSCI EURZONE ETF | 464286608 |  | 377445 | 11847 | SH |  | DFND |  | 0 | 11847 | 0 |
| ISHARES MSCI CHILE ETF | MSCI CHILE ETF | 464286640 |  | 2866715 | 121936 | SH |  | DFND |  | 0 | 121936 | 0 |
| ISHARES MSCI FRANCE ETF | MSCI FRANCE ETF | 464286707 |  | 480933 | 17786 | SH |  | DFND |  | 0 | 17786 | 0 |
| ISHARES CORE S 500 ETF | CORE S ETF | 464287200 |  | 324330 | 906 | SH |  | DFND |  | 0 | 906 | 0 |
| ISHARES S 500 VALUE ETF | S 500 VAL ETF | 464287408 |  | 6828300 | 52655 | SH |  | DFND |  | 0 | 52655 | 0 |
| ISHARES U.S. INDUSTRIALS ETF | US INDUSTRIALS | 464287754 |  | 1547337 | 18234 | SH |  | DFND |  | 0 | 18234 | 0 |
| ISHARES EUROPE ETF | EUROPE ETF | 464287861 |  | 4672979 | 124480 | SH |  | DFND |  | 0 | 124480 | 0 |
| ISHARES MSCI ALL COUNTRY ASI | MSCI AC ASIA ETF | 464288182 |  | 3738900 | 64934 | SH |  | DFND |  | 0 | 64934 | 0 |
| ISHARES MSCI ACWI ETF | MSCI ACWI ETF | 464288257 |  | 339228 | 4376 | SH |  | DFND |  | 0 | 4376 | 0 |
| iShares MBS ETF | MBS ETF | 464288588 |  | 31348304 | 338060 | SH |  | DFND |  | 0 | 338060 | 0 |
| iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF | ISHS 1-5YR INVS | 464288646 |  | 33856725 | 679581 | SH |  | DFND |  | 0 | 679581 | 0 |
| ISHARES MSCI INDONESIA ETF | MSCI INDONIA ETF | 46429B309 |  | 514708 | 22224 | SH |  | DFND |  | 0 | 22224 | 0 |
| ISHARES MSCI TAIWAN ETF | MSCI TAIWAN ETF | 46434G772 |  | 2886195 | 68151 | SH |  | DFND |  | 0 | 68151 | 0 |
| ISHARES MSCI SINGAPORE ETF | MSCI SINGPOR ETF | 46434G780 |  | 513016 | 30356 | SH |  | DFND |  | 0 | 30356 | 0 |
| ISHARES MSCI JAPAN ETF | MSCI JPN ETF NEW | 46434G822 |  | 2303842 | 47268 | SH |  | DFND |  | 0 | 47268 | 0 |
| ISHARES MSCI UNITED KINGDOM | MSCI UK ETF NEW | 46435G334 |  | 1788124 | 68774 | SH |  | DFND |  | 0 | 68774 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 109332669 | 815307 | SH |  | DFND | 1 | 0 | 815307 | 0 |
| JPMORGAN BETABUILDERS JAPAN | BETABULDRS JAPAN | 46641Q217 |  | 1046438 | 25648 | SH |  | DFND |  | 0 | 25648 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 150373666 | 851252 | SH |  | DFND | 1 | 0 | 851252 | 0 |
| KLA Corp | COM NEW | 482480100 |  | 1885150 | 5000 | SH |  | DFND | 1 | 0 | 5000 | 0 |
| KKR  Co Inc | COM | 48251W104 |  | 45783025 | 986278 | SH |  | DFND | 1 | 0 | 986278 | 0 |
| Kellogg Co | COM | 487836108 |  | 1282320 | 18000 | SH |  | DFND | 1 | 0 | 18000 | 0 |
| Kroger Co/The | COM | 501044101 |  | 1453308 | 32600 | SH |  | DFND | 1 | 0 | 32600 | 0 |
| Lam Research Corp | COM | 512807108 |  | 1765260 | 4200 | SH |  | DFND | 1 | 0 | 4200 | 0 |
| Estee Lauder Cos Inc/The | CL A | 518439104 |  | 47572363 | 191739 | SH |  | DFND | 1 | 0 | 191739 | 0 |
| Leggett  Platt Inc | COM | 524660107 |  | 834757 | 25900 | SH |  | DFND | 1 | 0 | 25900 | 0 |
| Lennox International Inc | COM | 526107107 |  | 1052612 | 4400 | SH |  | DFND | 1 | 0 | 4400 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 37103127 | 101419 | SH |  | DFND | 1 | 0 | 101419 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 67500001 | 138749 | SH |  | DFND | 1 | 0 | 138749 | 0 |
| Lowe's Cos Inc | COM | 548661107 |  | 1633768 | 8200 | SH |  | DFND | 1 | 0 | 8200 | 0 |
| Lululemon Athletica Inc | COM | 550021109 |  | 47151927 | 147175 | SH |  | DFND | 1 | 0 | 147175 | 0 |
| MKS Instruments Inc | COM | 55306N104 |  | 813408 | 9600 | SH |  | DFND | 1 | 0 | 9600 | 0 |
| Markel Corp | COM | 570535104 |  | 56673150 | 43016 | SH |  | DFND | 1 | 0 | 43016 | 0 |
| Mastercard Inc | CL A | 57636Q104 |  | 133503979 | 383930 | SH |  | DFND | 1 | 0 | 383930 | 0 |
| Masterbrand Inc | COMMON STOCK | 57638P104 |  | 132880 | 17600 | SH |  | DFND | 1 | 0 | 17600 | 0 |
| Merck  Co Inc | COM | 58933Y105 |  | 156719538 | 1412524 | SH |  | DFND | 1 | 0 | 1412524 | 0 |
| Microsoft Corp | COM | 594918104 |  | 423656179 | 1766559 | SH |  | DFND | 1 | 0 | 1766559 | 0 |
| Mondelez International Inc | CL A | 609207105 |  | 19762791 | 296516 | SH |  | DFND | 1 | 0 | 296516 | 0 |
| Moody's Corp | COM | 615369105 |  | 41589050 | 149268 | SH |  | DFND | 1 | 0 | 149268 | 0 |
| Motorola Solutions Inc | COM NEW | 620076307 |  | 1752428 | 6800 | SH |  | DFND | 1 | 0 | 6800 | 0 |
| National Fuel Gas Co | COM | 636180101 |  | 841890 | 13300 | SH |  | DFND | 1 | 0 | 13300 | 0 |
| Netflix Inc | COM | 64110L106 |  | 60255484 | 204339 | SH |  | DFND | 1 | 0 | 204339 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 80661544 | 964851 | SH |  | DFND | 1 | 0 | 964851 | 0 |
| NIKE Inc | CL B | 654106103 |  | 54194352 | 463160 | SH |  | DFND | 1 | 0 | 463160 | 0 |
| Northrop Grumman Corp | COM | 666807102 |  | 74566882 | 136667 | SH |  | DFND | 1 | 0 | 136667 | 0 |
| Omnicom Group Inc | COM | 681919106 |  | 1019625 | 12500 | SH |  | DFND | 1 | 0 | 12500 | 0 |
| Open Text Corp | COM | 683715106 |  | 975283 | 32900 | SH |  | DFND | 1 | 0 | 32900 | 0 |
| Otis Worldwide Corp | COM | 68902V107 |  | 1260791 | 16100 | SH |  | DFND | 1 | 0 | 16100 | 0 |
| Owens Corning | COM | 690742101 |  | 1492750 | 17500 | SH |  | DFND | 1 | 0 | 17500 | 0 |
| PACCAR Inc | COM | 693718108 |  | 1375683 | 13900 | SH |  | DFND | 1 | 0 | 13900 | 0 |
| Packaging Corp of America | COM | 695156109 |  | 972116 | 7600 | SH |  | DFND | 1 | 0 | 7600 | 0 |
| Paychex Inc | COM | 704326107 |  | 1190268 | 10300 | SH |  | DFND | 1 | 0 | 10300 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 78737229 | 435831 | SH |  | DFND | 1 | 0 | 435831 | 0 |
| Polaris Inc | COM | 731068102 |  | 666600 | 6600 | SH |  | DFND | 1 | 0 | 6600 | 0 |
| Pool Corp | COM | 73278L105 |  | 43806105 | 144895 | SH |  | DFND | 1 | 0 | 144895 | 0 |
| T Rowe Price Group Inc | COM | 74144T108 |  | 1112412 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| Procter  Gamble Co/The | COM | 742718109 |  | 61446819 | 405429 | SH |  | DFND | 1 | 0 | 405429 | 0 |
| Public Storage | COM | 74460D109 |  | 1260855 | 4500 | SH |  | DFND | 1 | 0 | 4500 | 0 |
| PulteGroup Inc | COM | 745867101 |  | 1215651 | 26700 | SH |  | DFND | 1 | 0 | 26700 | 0 |
| Regal Rexnord Corp | COM | 758750103 |  | 32190874 | 268302 | SH |  | DFND | 1 | 0 | 268302 | 0 |
| ResMed Inc | COM | 761152107 |  | 1332032 | 6400 | SH |  | DFND | 1 | 0 | 6400 | 0 |
| Robert Half International Inc | COM | 770323103 |  | 989322 | 13400 | SH |  | DFND | 1 | 0 | 13400 | 0 |
| S Global Inc | COM | 78409V104 |  | 39577850 | 118164 | SH |  | DFND | 1 | 0 | 118164 | 0 |
| SPDR S 500 ETF Trust | TR UNIT | 78462F103 |  | 7533400 | 21128 | SH |  | DFND |  | 0 | 21128 | 0 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | PORTFOLIO INTRMD | 78464A375 |  | 44654403 | 1402903 | SH |  | DFND |  | 0 | 1402903 | 0 |
| SPDR Portfolio Mortgage Backed Bond ETF | PORT MTG BK ETF | 78464A383 |  | 32165802 | 1482295 | SH |  | DFND |  | 0 | 1482295 | 0 |
| SPDR PORT S 500 VALUE | PRTFLO S VL | 78464A508 |  | 2776486 | 79807 | SH |  | DFND |  | 0 | 79807 | 0 |
| SPDR S 500 ESG ETF | S 500 ESG ETF | 78468R531 |  | 407224 | 11900 | SH |  | DFND |  | 0 | 11900 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 64245556 | 484543 | SH |  | DFND | 1 | 0 | 484543 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 93699722 | 1125387 | SH |  | DFND | 1 | 0 | 1125387 | 0 |
| Sea Ltd | SPONSORD ADS | 81141R100 |  | 2878092 | 55316 | SH |  | DFND | 1 | 0 | 55316 | 0 |
| Sealed Air Corp | COM | 81211K100 |  | 932756 | 18700 | SH |  | DFND | 1 | 0 | 18700 | 0 |
| MATERIALS SELECT SECTOR SPDR | SBI MATERIALS | 81369Y100 |  | 1228142 | 17916 | SH |  | DFND |  | 0 | 17916 | 0 |
| HEALTH CARE SELECT SECTOR | SBI HEALTHCARE | 81369Y209 |  | 9349486 | 76698 | SH |  | DFND |  | 0 | 76698 | 0 |
| CONSUMER STAPLES SPDR | SBI CONS STPLS | 81369Y308 |  | 3176912 | 46961 | SH |  | DFND |  | 0 | 46961 | 0 |
| CONSUMER DISCRETIONARY SELT | SBI CONS DISCR | 81369Y407 |  | 10424166 | 74994 | SH |  | DFND |  | 0 | 74994 | 0 |
| ENERGY SELECT SECTOR SPDR | ENERGY | 81369Y506 |  | 5856772 | 73100 | SH |  | DFND |  | 0 | 73100 | 0 |
| FINANCIAL SELECT SECTOR SPDR | FINANCIAL | 81369Y605 |  | 8502827 | 280714 | SH |  | DFND |  | 0 | 280714 | 0 |
| INDUSTRIAL SELECT SECT SPDR | SBI INT-INDS | 81369Y704 |  | 5083233 | 59965 | SH |  | DFND |  | 0 | 59965 | 0 |
| TECHNOLOGY SELECT SECT SPDR | TECHNOLOGY | 81369Y803 |  | 22793774 | 195554 | SH |  | DFND |  | 0 | 195554 | 0 |
| REAL ESTATE SELECT SECT SPDR | RL EST SEL SEC | 81369Y860 |  | 1089020 | 32030 | SH |  | DFND |  | 0 | 32030 | 0 |
| UTILITIES SELECT SECTOR SPDR | SBI INT-UTILS | 81369Y886 |  | 1383523 | 22489 | SH |  | DFND |  | 0 | 22489 | 0 |
| Skyworks Solutions Inc | COM | 83088M102 |  | 1047995 | 11500 | SH |  | DFND | 1 | 0 | 11500 | 0 |
| A O Smith Corp | COM | 831865209 |  | 1064664 | 18600 | SH |  | DFND | 1 | 0 | 18600 | 0 |
| Snap-on Inc | COM | 833034101 |  | 1690826 | 7400 | SH |  | DFND | 1 | 0 | 7400 | 0 |
| Stifel Financial Corp | COM | 860630102 |  | 922246 | 15800 | SH |  | DFND | 1 | 0 | 15800 | 0 |
| Stryker Corp | COM | 863667101 |  | 24310130 | 99432 | SH |  | DFND | 1 | 0 | 99432 | 0 |
| Sysco Corp | COM | 871829107 |  | 1353165 | 17700 | SH |  | DFND | 1 | 0 | 17700 | 0 |
| TFI International Inc | COM | 87241L109 |  | 1062115 | 10600 | SH |  | DFND | 1 | 0 | 10600 | 0 |
| T-Mobile US Inc | COM | 872590104 |  | 78085280 | 557752 | SH |  | DFND | 1 | 0 | 557752 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 87009974 | 526631 | SH |  | DFND | 1 | 0 | 526631 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 81820419 | 148578 | SH |  | DFND | 1 | 0 | 148578 | 0 |
| 3M Co | COM | 88579Y101 |  | 1115256 | 9300 | SH |  | DFND | 1 | 0 | 9300 | 0 |
| Tractor Supply Co | COM | 892356106 |  | 85480051 | 379962 | SH |  | DFND | 1 | 0 | 379962 | 0 |
| Tyson Foods Inc | CL A | 902494103 |  | 958650 | 15400 | SH |  | DFND | 1 | 0 | 15400 | 0 |
| Ulta Beauty Inc | COM | 90384S303 |  | 51686354 | 110189 | SH |  | DFND | 1 | 0 | 110189 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 83341948 | 402482 | SH |  | DFND | 1 | 0 | 402482 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 178433670 | 336553 | SH |  | DFND | 1 | 0 | 336553 | 0 |
| VANECK MORNINGSTAR WIDE MOAT | MRNGSTR WDE MOAT | 92189F643 |  | 6594012 | 111029 | SH |  | DFND |  | 0 | 111029 | 0 |
| VANGUARD CONSUMER STAPLE ETF | CONSUM STP ETF | 92204A207 |  | 2595778 | 14867 | SH |  | DFND |  | 0 | 14867 | 0 |
| VANGUARD FINANCIALS ETF | FINANCIALS ETF | 92204A405 |  | 3295391 | 44115 | SH |  | DFND |  | 0 | 44115 | 0 |
| VANGUARD HEALTH CARE ETF | HEALTH CAR ETF | 92204A504 |  | 8760167 | 39073 | SH |  | DFND |  | 0 | 39073 | 0 |
| VANGUARD COMMUNICATION SERVI | COMM SRVC ETF | 92204A884 |  | 7003432 | 85627 | SH |  | DFND |  | 0 | 85627 | 0 |
| Vanguard Short-Term Corporate Bond ETF | SHRT TRM CORP BD | 92206C409 |  | 38551492 | 512721 | SH |  | DFND |  | 0 | 512721 | 0 |
| Vanguard Mortgage-Backed Securities ETF | MTG-BKD SECS ETF | 92206C771 |  | 21287337 | 467648 | SH |  | DFND |  | 0 | 467648 | 0 |
| Vanguard S 500 ETF | S 500 ETF SHS | 922908363 |  | 32139254 | 95721 | SH |  | DFND |  | 0 | 95721 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 144656640 | 696268 | SH |  | DFND | 1 | 0 | 696268 | 0 |
| Walgreens Boots Alliance Inc | COM | 931427108 |  | 1023664 | 27400 | SH |  | DFND | 1 | 0 | 27400 | 0 |
| Waste Connections Inc | COM | 94106B101 |  | 29713722 | 224153 | SH |  | DFND | 1 | 0 | 224153 | 0 |
| Watsco Inc | COM | 942622200 |  | 1022540 | 4100 | SH |  | DFND | 1 | 0 | 4100 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 69743228 | 1689107 | SH |  | DFND | 1 | 0 | 1689107 | 0 |
| Western Midstream Partners LP | COM UNIT LP INT | 958669103 |  | 1092795 | 40700 | SH |  | DFND | 1 | 0 | 40700 | 0 |
| Westrock Co | COM | 96145D105 |  | 966900 | 27500 | SH |  | DFND | 1 | 0 | 27500 | 0 |
| Whirlpool Corp | COM | 963320106 |  | 947782 | 6700 | SH |  | DFND | 1 | 0 | 6700 | 0 |
| Zoetis Inc | CL A | 98978V103 |  | 1465500 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| Deutsche Bank AG | NAMEN AKT | D18190898 |  | 111491 | 9834 | SH |  | DFND |  | 0 | 9834 | 0 |
| Deutsche Bank AG | NAMEN AKT | D18190898 |  | 5951012 | 526094 | SH |  | DFND | 1 | 0 | 526094 | 0 |
| Amdocs Ltd | SHS | G02602103 |  | 1190790 | 13100 | SH |  | DFND | 1 | 0 | 13100 | 0 |
| Aon PLC | SHS CL A | G0403H108 |  | 35908750 | 119640 | SH |  | DFND | 1 | 0 | 119640 | 0 |
| Accenture PLC | SHS CLASS A | G1151C101 |  | 3575656 | 13400 | SH |  | DFND | 1 | 0 | 13400 | 0 |
| Eaton Corp PLC | SHS | G29183103 |  | 1710755 | 10900 | SH |  | DFND | 1 | 0 | 10900 | 0 |
| Johnson Controls International plc | SHS | G51502105 |  | 1292800 | 20200 | SH |  | DFND | 1 | 0 | 20200 | 0 |
| Linde PLC | SHS | G5494J103 |  | 22236286 | 68208 | SH |  | DFND |  | 0 | 68208 | 0 |
| Linde PLC | SHS | G5494J103 |  | 95240385 | 291971 | SH |  | DFND | 1 | 0 | 291971 | 0 |
| Medtronic PLC | SHS | G5960L103 |  | 2440408 | 31400 | SH |  | DFND | 1 | 0 | 31400 | 0 |
| Seagate Technology Holdings PLC | ORD SHS | G7997R103 |  | 594493 | 11300 | SH |  | DFND | 1 | 0 | 11300 | 0 |
| Alcon Inc | ORD SHS | H01301128 |  | 12750842 | 186641 | SH |  | DFND | 1 | 0 | 186641 | 0 |
| UBS Group AG | SHS | H42097107 |  | 258019 | 13873 | SH |  | DFND |  | 0 | 13873 | 0 |
| UBS Group AG | SHS | H42097107 |  | 27997008 | 1504890 | SH |  | DFND | 1 | 0 | 1504890 | 0 |
| Logitech International SA | SHS | H50430232 |  | 2610150 | 42304 | SH |  | DFND | 1 | 0 | 42304 | 0 |
| TE Connectivity Ltd | SHS | H84989104 |  | 1790880 | 15600 | SH |  | DFND | 1 | 0 | 15600 | 0 |
| CNH Industrial NV | SHS | N20944109 |  | 4584151 | 286727 | SH |  | DFND | 1 | 0 | 286727 | 0 |
| Ferrari NV | COM | N3167Y103 |  | 6648360 | 31084 | SH |  | DFND | 1 | 0 | 31084 | 0 |
| LyondellBasell Industries NV | SHS - A - | N53745100 |  | 1029572 | 12400 | SH |  | DFND | 1 | 0 | 12400 | 0 |
| QIAGEN NV | SHS NEW | N72482123 |  | 2709086 | 53941 | SH |  | DFND | 1 | 0 | 53941 | 0 |
| Stellantis NV | SHS | N82405106 |  | 4699267 | 331621 | SH |  | DFND |  | 0 | 331621 | 0 |
| Stellantis NV | SHS | N82405106 |  | 10678602 | 753234 | SH |  | DFND | 1 | 0 | 753234 | 0 |

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