# EDGAR Filing Document

**Accession Number:** 0001964189
**File Stem:** 0001964189-23-000002
**Filing Date:** 2023-2
**Character Count:** 20348
**Document Hash:** bc679ae4af951480c53266aad71d5b40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001964189-23-000002.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001964189-23-000002

**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:** Auto-Owners Insurance Co
- **CENTRAL INDEX KEY:** 0001964189
- **IRS NUMBER:** 380315280
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23026
- **FILM NUMBER:** 23626465

**BUSINESS ADDRESS:**
- **STREET 1:** 6101 ANACAPRI BLVD
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48917-3968
- **BUSINESS PHONE:** 517-323-1200

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 30660
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48909-8160

### 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:** Auto-Owners Insurance Co<br>**Address:** P.O. BOX 30660<br>LANSING, MI 48909-8160

**Form 13F File Number:** 028-23026

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:** Theodore W. Reinbold<br>**Title:** Senior Vice President  Treasurer<br>**Phone:** 517-323-1200

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

Theodore W. Reinbold  Lansing, MI  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:** 150

**Form 13F Information Table Value Total:** $2738789026

      (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   |
|:---|:---|:---|
|  | Owners Insurance Co |  |

### 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 |
| ABB LTD | SPONSORED ADR | 000375204 | BBG000DK5SY6 | 341152 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG000BSJLV4 | 2661221 | 144553 | SH |  | SOLE |  | 144553 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZZG4 | 917625 | 8358 | SH |  | SOLE |  | 8358 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG000DLVGV4 | 280746 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S4MVF2 | 45500746 | 512800 | SH |  | SOLE |  | 512800 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVQ4Z3 | 26485200 | 315300 | SH |  | SOLE |  | 315300 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG000BCR153 | 2947613 | 19950 | SH |  | SOLE |  | 19950 | 0 | 0 |
| AMPCO-PITTSBURG CORP | COM | 032037103 | BBG000BC22L0 | 533375 | 212500 | SH |  | SOLE |  | 212500 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 | BBG000BB6RX0 | 284756 | 1736 | SH |  | SOLE |  | 1736 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9Y5X2 | 3248250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPST2 | 1265940 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 | BBG000BJH7L8 | 211491 | 8066 | SH |  | SOLE |  | 8066 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 | BBG000BLPDS4 | 10498800 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTN44 | 740994 | 22373 | SH |  | SOLE |  | 22373 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG000BD8QV8 | 14671096 | 322300 | SH |  | SOLE |  | 322300 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 | BBG000BB0BD3 | 175236 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BD00Y0 | 21932104 | 86245 | SH |  | SOLE |  | 86245 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCHZ5 | 72650199 | 155 | SH |  | SOLE |  | 155 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWH8Q0 | 2959262 | 9580 | SH |  | SOLE |  | 9580 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 | BBG000C2PYL6 | 850356 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 | BBG000BTCSJ8 | 860664 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHMC53 | 329425 | 1959 | SH |  | SOLE |  | 1959 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG000BGRZP7 | 527176 | 5657 | SH |  | SOLE |  | 5657 | 0 | 0 |
| CARNIVAL CORP | COMMON STOCK | 143658300 | BBG000BF6PR2 | 5239000 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | BBG00RP5HYX2 | 527464 | 12787 | SH |  | SOLE |  | 12787 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3JBN9 | 25488353 | 535020 | SH |  | SOLE |  | 535020 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG000BMX4N8 | 33904130 | 533000 | SH |  | SOLE |  | 533000 | 0 | 0 |
| COCA-COLA FEMSA SAB DE CV | SPONSORD ADR REP | 191241108 | BBG000BJ89G0 | 20364000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 | BBG000BBF443 | 585168 | 10232 | SH |  | SOLE |  | 10232 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG000BFR0Y6 | 441224 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6HLL1 | 287595 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| DOVER CORP | COM | 260003108 | BBG000BHB4Z0 | 528099 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00CCS9JW2 | 13031259 | 189877 | SH |  | SOLE |  | 189877 | 0 | 0 |
| ECOLAB INC | COM | 278865100 | BBG000BHL0C2 | 524016 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG000K5M411 | 7003201 | 179110 | SH |  | SOLE |  | 179110 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG000BR31S1 | 24120000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 | BBG000BJ5RP3 | 425552 | 4095 | SH |  | SOLE |  | 4095 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG002GPKKZ7 | 22575784 | 187600 | SH |  | SOLE |  | 187600 | 0 | 0 |
| FIRST CTZNS BANCSHARES INC N | CL A | 31946M103 | BBG000BJCP24 | 868325 | 1145 | SH |  | SOLE |  | 1145 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 | BBG00BLVZ282 | 279488 | 4350 | SH |  | SOLE |  | 4350 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 | BBG000PQ4Z11 | 1107260 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 | BBG000BK6PH2 | 37445583 | 446898 | SH |  | SOLE |  | 446898 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG0014WFHK6 | 329672 | 9800 | SH |  | SOLE |  | 9800 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG000C6CH10 | 790117 | 2301 | SH |  | SOLE |  | 2301 | 0 | 0 |
| GRAHAM CORP | COM | 384556106 | BBG000BKB9K8 | 105820 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 | BBG000KT0KS8 | 448035 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 | BBG000BL6DN0 | 13205079 | 577650 | SH |  | SOLE |  | 577650 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJGM3 | 277171 | 7033 | SH |  | SOLE |  | 7033 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBNV1 | 1123530 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0GFS4 | 12324520 | 466308 | SH |  | SOLE |  | 466308 | 0 | 0 |
| ISHARES INC | EM MKTS DIV ETF | 464286319 | BBG002PHMJ77 | 38109600 | 1580000 | SH |  | SOLE |  | 1580000 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 | BBG000HSHZJ3 | 198834800 | 2344750 | SH |  | SOLE |  | 2344750 | 0 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C18460 | 41642360 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| ISHARES TR | EAFE SML CP ETF | 464288273 | BBG000T1G8T9 | 2954166 | 52300 | SH |  | SOLE |  | 52300 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG000GLC047 | 166682040 | 3633000 | SH |  | SOLE |  | 3633000 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 | BBG001LRJCD3 | 2480912 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 | BBG003HC3CW3 | 16812000 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZS6 | 21944625 | 439500 | SH |  | SOLE |  | 439500 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 | BBG00G9DM001 | 129557990 | 2309000 | SH |  | SOLE |  | 2309000 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG000DMBZW1 | 525001 | 3915 | SH |  | SOLE |  | 3915 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHZY5 | 52433253 | 296820 | SH |  | SOLE |  | 296820 | 0 | 0 |
| KELLOGG CO | COM | 487836108 | BBG000BMKH35 | 8463312 | 118800 | SH |  | SOLE |  | 118800 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG008H7SQZ2 | 17417000 | 427831 | SH |  | SOLE |  | 427831 | 0 | 0 |
| KYNDRYL HLDGS INC | COMMON STOCK | 50155Q100 | BBG012Y710W4 | 174584 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 | BBG000BCM158 | 27639110 | 338300 | SH |  | SOLE |  | 338300 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD257 | 809935 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPHFS9 | 23297314 | 97145 | SH |  | SOLE |  | 97145 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG000D4M6H0 | 706490 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| MOODYS CORP | COM | 615369105 | BBG000F86JD3 | 259952 | 933 | SH |  | SOLE |  | 933 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG000BLZT71 | 637650 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 | BBG000BQ7GH8 | 1327350 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 | BBG000LYF718 | 4095373 | 45143 | SH |  | SOLE |  | 45143 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLY10 | 1323125 | 16187 | SH |  | SOLE |  | 16187 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60KZ6 | 500636 | 6393 | SH |  | SOLE |  | 6393 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG000BRD2F2 | 789700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7TN1 | 57897555 | 320478 | SH |  | SOLE |  | 320478 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2WS4 | 3957080 | 26109 | SH |  | SOLE |  | 26109 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 | BBG000HCJQY9 | 10940600 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG000CGCDW3 | 861820 | 7839 | SH |  | SOLE |  | 7839 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 | BBG000BW8TX8 | 31206381 | 309219 | SH |  | SOLE |  | 309219 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | BBG000FD2C69 | 683520 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG000Q8SXL7 | 292298050 | 9845000 | SH |  | SOLE |  | 9845000 | 0 | 0 |
| SPDR SER TR | NYSE TECH ETF | 78464A102 | BBG000C9R462 | 108513774 | 1120200 | SH |  | SOLE |  | 1120200 | 0 | 0 |
| SPDR SER TR | PORTFOLIO S | 78464A847 | BBG000KMBJV0 | 36550000 | 860000 | SH |  | SOLE |  | 860000 | 0 | 0 |
| SPDR SER TR | PRTFLO S HI | 78468R788 | BBG00B6WD8B4 | 64470520 | 1630000 | SH |  | SOLE |  | 1630000 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT INT LG | 808524755 | BBG0051K49L5 | 228080275 | 7834000 | SH |  | SOLE |  | 7834000 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG000BJ2H05 | 117323100 | 3430500 | SH |  | SOLE |  | 3430500 | 0 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597182 | 17637603 | 477337 | SH |  | SOLE |  | 477337 | 0 | 0 |
| SNAP ON INC | COM | 833034101 | BBG000BT7MD3 | 679758 | 2975 | SH |  | SOLE |  | 2975 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7RP0 | 3983476 | 16293 | SH |  | SOLE |  | 16293 | 0 | 0 |
| SYSCO CORP | COM | 871829107 | BBG000BTVL39 | 848595 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDPD4 | 2307391 | 4190 | SH |  | SOLE |  | 4190 | 0 | 0 |
| 3M CO | COM | 88579Y101 | BBG000BP5522 | 40064073 | 334090 | SH |  | SOLE |  | 334090 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG000BXBKG0 | 3294665 | 50875 | SH |  | SOLE |  | 50875 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG000FFFQT4 | 19624500 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3413 | 211626 | 1022 | SH |  | SOLE |  | 1022 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG000L9CXY3 | 2138232 | 12300 | SH |  | SOLE |  | 12300 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG000QVFBC8 | 39189488 | 933750 | SH |  | SOLE |  | 933750 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG000QBYYB2 | 62716446 | 579700 | SH |  | SOLE |  | 579700 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT8D55 | 38890970 | 997716 | SH |  | SOLE |  | 997716 | 0 | 0 |
| VANGUARD WORLD FDS | CONSUM DIS ETF | 92204A108 | BBG000HX44H7 | 15892968 | 72800 | SH |  | SOLE |  | 72800 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG000HT53P8 | 6166577 | 33598 | SH |  | SOLE |  | 33598 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG000HRBDF4 | 4014990 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS79Q4 | 395300 | 10033 | SH |  | SOLE |  | 10033 | 0 | 0 |
| VMWARE INC | CL A COM | 928563402 | BBG000BC9BV2 | 224283 | 1827 | SH |  | SOLE |  | 1827 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 401701 | 39733 | SH |  | SOLE |  | 39733 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | BBG000BWLX00 | 1793280 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG016HRQK22 | 551773 | 58167 | SH |  | SOLE |  | 58167 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG000BWQHB8 | 26219893 | 635018 | SH |  | SOLE |  | 635018 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG003BW0FC3 | 5906749 | 35300 | SH |  | SOLE |  | 35300 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 | BBG000BKPMZ8 | 2849625 | 22350 | SH |  | SOLE |  | 22350 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 | BBG00GVR98Z5 | 1011158 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 | BBG000BR16M8 | 28678000 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S4MVF2 | 6033640 | 68000 | SH |  | DFND | 1 | 0 | 68000 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVQ4Z3 | 3612000 | 43000 | SH |  | DFND | 1 | 0 | 43000 | 0 |
| AMPCO-PITTSBURG CORP | COM | 032037103 | BBG000BC22L0 | 74296 | 29600 | SH |  | DFND | 1 | 0 | 29600 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BD00Y0 | 2189523 | 8610 | SH |  | DFND | 1 | 0 | 8610 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCHZ5 | 3280977 | 7 | SH |  | DFND | 1 | 0 | 7 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3JBN9 | 2578277 | 54120 | SH |  | DFND | 1 | 0 | 54120 | 0 |
| COCA COLA CO | COM | 191216100 | BBG000BMX4N8 | 1094092 | 17200 | SH |  | DFND | 1 | 0 | 17200 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG002GPKKZ7 | 3369520 | 28000 | SH |  | DFND | 1 | 0 | 28000 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 | BBG000BK6PH2 | 4672298 | 55762 | SH |  | DFND | 1 | 0 | 55762 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 | BBG000BL6DN0 | 1783080 | 78000 | SH |  | DFND | 1 | 0 | 78000 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0GFS4 | 636963 | 24100 | SH |  | DFND | 1 | 0 | 24100 | 0 |
| ISHARES INC | EM MKTS DIV ETF | 464286319 | BBG002PHMJ77 | 4100400 | 170000 | SH |  | DFND | 1 | 0 | 170000 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 | BBG000HSHZJ3 | 21954720 | 258900 | SH |  | DFND | 1 | 0 | 258900 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C18460 | 19336180 | 274000 | SH |  | DFND | 1 | 0 | 274000 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG000GLC047 | 15140400 | 330000 | SH |  | DFND | 1 | 0 | 330000 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZS6 | 3743250 | 75000 | SH |  | DFND | 1 | 0 | 75000 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 | BBG00G9DM001 | 5779330 | 103000 | SH |  | DFND | 1 | 0 | 103000 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHZY5 | 2815801 | 15940 | SH |  | DFND | 1 | 0 | 15940 | 0 |
| KELLOGG CO | COM | 487836108 | BBG000BMKH35 | 1161212 | 16300 | SH |  | DFND | 1 | 0 | 16300 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG008H7SQZ2 | 3985509 | 97900 | SH |  | DFND | 1 | 0 | 97900 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 | BBG000BCM158 | 629090 | 7700 | SH |  | DFND | 1 | 0 | 7700 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPHFS9 | 2494128 | 10400 | SH |  | DFND | 1 | 0 | 10400 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7TN1 | 1589808 | 8800 | SH |  | DFND | 1 | 0 | 8800 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 | BBG000BW8TX8 | 918372 | 9100 | SH |  | DFND | 1 | 0 | 9100 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG000Q8SXL7 | 39487700 | 1330000 | SH |  | DFND | 1 | 0 | 1330000 | 0 |
| SPDR SER TR | NYSE TECH ETF | 78464A102 | BBG000C9R462 | 7158693 | 73900 | SH |  | DFND | 1 | 0 | 73900 | 0 |
| SPDR SER TR | PORTFOLIO S | 78464A847 | BBG000KMBJV0 | 7650000 | 180000 | SH |  | DFND | 1 | 0 | 180000 | 0 |
| SPDR SER TR | PRTFLO S HI | 78468R788 | BBG00B6WD8B4 | 16611000 | 420000 | SH |  | DFND | 1 | 0 | 420000 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT INT LG | 808524755 | BBG0051K49L5 | 15113280 | 519000 | SH |  | DFND | 1 | 0 | 519000 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG000BJ2H05 | 26227980 | 766900 | SH |  | DFND | 1 | 0 | 766900 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597182 | 3942971 | 106711 | SH |  | DFND | 1 | 0 | 106711 | 0 |
| 3M CO | COM | 88579Y101 | BBG000BP5522 | 2446368 | 20400 | SH |  | DFND | 1 | 0 | 20400 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG000QVFBC8 | 4700640 | 112000 | SH |  | DFND | 1 | 0 | 112000 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG000QBYYB2 | 15632010 | 144500 | SH |  | DFND | 1 | 0 | 144500 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT8D55 | 12200740 | 313000 | SH |  | DFND | 1 | 0 | 313000 | 0 |
| VANGUARD WORLD FDS | CONSUM DIS ETF | 92204A108 | BBG000HX44H7 | 1724649 | 7900 | SH |  | DFND | 1 | 0 | 7900 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG003BW0FC3 | 803184 | 4800 | SH |  | DFND | 1 | 0 | 4800 | 0 |

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