# EDGAR Filing Document

**Accession Number:** 0001127799
**File Stem:** 0000899140-25-000992
**Filing Date:** 2025-8
**Character Count:** 29850
**Document Hash:** 0f06cec75719f0518fbc14220acd49af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899140-25-000992.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000899140-25-000992

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17038
- **FILM NUMBER:** 251219648

**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:** 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:** 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  08-14-2025<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:** 1

**Form 13F Information Table Entry Total:** 258

**Form 13F Information Table Value Total:** $12944539123

      (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 |
| AGCO Corp | COM | 001084102 |  | 1093496 | 10600 | SH |  | DFND | 1 | 0 | 10600 | 0 |
| AT Inc | COM | 00206R102 |  | 93980074 | 3247411 | SH |  | DFND | 1 | 0 | 3247411 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 117609479 | 864712 | SH |  | DFND | 1 | 0 | 864712 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 120541071 | 649397 | SH |  | DFND | 1 | 0 | 649397 | 0 |
| Acushnet Holdings Corp | COM | 005098108 |  | 1201530 | 16500 | SH |  | DFND | 1 | 0 | 16500 | 0 |
| Advanced Micro Devices Inc | COM | 007903107 |  | 28346370 | 199763 | SH |  | DFND | 1 | 0 | 199763 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 48543515 | 408045 | SH |  | DFND | 1 | 0 | 408045 | 0 |
| Albertsons Cos Inc | COMMON STOCK | 013091103 |  | 1694988 | 78800 | SH |  | DFND | 1 | 0 | 78800 | 0 |
| Allison Transmission Holdings Inc | COM | 01973R101 |  | 1301363 | 13700 | SH |  | DFND | 1 | 0 | 13700 | 0 |
| Alnylam Pharmaceuticals Inc | COM | 02043Q107 |  | 22106945 | 67794 | SH |  | DFND | 1 | 0 | 67794 | 0 |
| Alphabet Inc | CAP STK CL A | 02079K305 |  | 412499622 | 2340689 | SH |  | DFND | 1 | 0 | 2340689 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 569934194 | 2597813 | SH |  | DFND | 1 | 0 | 2597813 | 0 |
| Cencora Inc | COM | 03073E105 |  | 2788605 | 9300 | SH |  | DFND | 1 | 0 | 9300 | 0 |
| Amgen Inc | COM | 031162100 |  | 5081622 | 18200 | SH |  | DFND | 1 | 0 | 18200 | 0 |
| Amphenol Corp | CL A | 032095101 |  | 74064870 | 750024 | SH |  | DFND | 1 | 0 | 750024 | 0 |
| Apple Inc | COM | 037833100 |  | 590253573 | 2876900 | SH |  | DFND | 1 | 0 | 2876900 | 0 |
| Applied Materials Inc | COM | 038222105 |  | 78662067 | 429683 | SH |  | DFND | 1 | 0 | 429683 | 0 |
| AptarGroup Inc | COM | 038336103 |  | 1548657 | 9900 | SH |  | DFND | 1 | 0 | 9900 | 0 |
| Archer-Daniels-Midland Co | COM | 039483102 |  | 1530620 | 29000 | SH |  | DFND | 1 | 0 | 29000 | 0 |
| Autoliv Inc | COM | 052800109 |  | 1644930 | 14700 | SH |  | DFND | 1 | 0 | 14700 | 0 |
| Avery Dennison Corp | COM | 053611109 |  | 1263384 | 7200 | SH |  | DFND | 1 | 0 | 7200 | 0 |
| Axon Enterprise Inc | COM | 05464C101 |  | 141481699 | 170884 | SH |  | DFND | 1 | 0 | 170884 | 0 |
| BWX Technologies Inc | COM | 05605H100 |  | 2371372 | 16461 | SH |  | DFND | 1 | 0 | 16461 | 0 |
| Bank of America Corp | COM | 060505104 |  | 194031732 | 4100417 | SH |  | DFND | 1 | 0 | 4100417 | 0 |
| Bank of New York Mellon Corp/The | COM | 064058100 |  | 15385928 | 168872 | SH |  | DFND | 1 | 0 | 168872 | 0 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 71336782 | 146853 | SH |  | DFND | 1 | 0 | 146853 | 0 |
| Best Buy Co Inc | COM | 086516101 |  | 691439 | 10300 | SH |  | DFND | 1 | 0 | 10300 | 0 |
| Blackrock Inc | COM | 09290D101 |  | 3777300 | 3600 | SH |  | DFND | 1 | 0 | 3600 | 0 |
| Boeing Co/The | COM | 097023105 |  | 121531381 | 580019 | SH |  | DFND | 1 | 0 | 580019 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 113098593 | 19536 | SH |  | DFND | 1 | 0 | 19536 | 0 |
| Booz Allen Hamilton Holding Corp | CL A | 099502106 |  | 1343277 | 12900 | SH |  | DFND | 1 | 0 | 12900 | 0 |
| BorgWarner Inc | COM | 099724106 |  | 1429596 | 42700 | SH |  | DFND | 1 | 0 | 42700 | 0 |
| Boston Scientific Corp | COM | 101137107 |  | 129755576 | 1208040 | SH |  | DFND | 1 | 0 | 1208040 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 308931154 | 1120737 | SH |  | DFND | 1 | 0 | 1120737 | 0 |
| Brookfield Corp | CL A LTD VT SH | 11271J107 |  | 61529620 | 995622 | SH |  | DFND | 1 | 0 | 995622 | 0 |
| CBRE Group Inc | CL A | 12504L109 |  | 22334287 | 159394 | SH |  | DFND | 1 | 0 | 159394 | 0 |
| CH Robinson Worldwide Inc | COM NEW | 12541W209 |  | 1266540 | 13200 | SH |  | DFND | 1 | 0 | 13200 | 0 |
| CVS Health Corp | COM | 126650100 |  | 1827970 | 26500 | SH |  | DFND | 1 | 0 | 26500 | 0 |
| The Campbell's Company | COM | 134429109 |  | 750925 | 24500 | SH |  | DFND | 1 | 0 | 24500 | 0 |
| Canadian Imperial Bank of Commerce | COM | 136069101 |  | 126691327 | 1787454 | SH |  | DFND | 1 | 0 | 1787454 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 113299593 | 532523 | SH |  | DFND | 1 | 0 | 532523 | 0 |
| Cardinal Health Inc | COM | 14149Y108 |  | 100148832 | 596124 | SH |  | DFND | 1 | 0 | 596124 | 0 |
| Carlisle Cos Inc | COM | 142339100 |  | 1717640 | 4600 | SH |  | DFND | 1 | 0 | 4600 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 45581289 | 117414 | SH |  | DFND | 1 | 0 | 117414 | 0 |
| CenterPoint Energy Inc | COM | 15189T107 |  | 38677300 | 1052730 | SH |  | DFND | 1 | 0 | 1052730 | 0 |
| Expand Energy Corp | COM | 165167735 |  | 65075005 | 556482 | SH |  | DFND | 1 | 0 | 556482 | 0 |
| Chevron Corp | COM | 166764100 |  | 25070564 | 175086 | SH |  | DFND | 1 | 0 | 175086 | 0 |
| Church  Dwight Co Inc | COM | 171340102 |  | 1797257 | 18700 | SH |  | DFND | 1 | 0 | 18700 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 25148862 | 362480 | SH |  | DFND | 1 | 0 | 362480 | 0 |
| Citigroup Inc | COM NEW | 172967424 |  | 30473811 | 358010 | SH |  | DFND | 1 | 0 | 358010 | 0 |
| Citizens Financial Group Inc | COM | 174610105 |  | 21866416 | 488635 | SH |  | DFND | 1 | 0 | 488635 | 0 |
| Cognizant Technology Solutions Corp | CL A | 192446102 |  | 2067795 | 26500 | SH |  | DFND | 1 | 0 | 26500 | 0 |
| Coinbase Global Inc | COM CL A | 19260Q107 |  | 14708313 | 41965 | SH |  | DFND | 1 | 0 | 41965 | 0 |
| Comfort Systems USA Inc | COM | 199908104 |  | 4751357 | 8861 | SH |  | DFND | 1 | 0 | 8861 | 0 |
| Comcast Corp | CL A | 20030N101 |  | 2384092 | 66800 | SH |  | DFND | 1 | 0 | 66800 | 0 |
| Constellation Energy Corp | COM | 21037T109 |  | 32726250 | 101395 | SH |  | DFND | 1 | 0 | 101395 | 0 |
| Corning Inc | COM | 219350105 |  | 2860896 | 54400 | SH |  | DFND | 1 | 0 | 54400 | 0 |
| Corteva Inc | COM | 22052L104 |  | 111277687 | 1493059 | SH |  | DFND | 1 | 0 | 1493059 | 0 |
| Costco Wholesale Corp | COM | 22160K105 |  | 31688969 | 32011 | SH |  | DFND | 1 | 0 | 32011 | 0 |
| Crowdstrike Holdings Inc | CL A | 22788C105 |  | 100787865 | 197891 | SH |  | DFND | 1 | 0 | 197891 | 0 |
| Cullen/Frost Bankers Inc | COM | 229899109 |  | 1388232 | 10800 | SH |  | DFND | 1 | 0 | 10800 | 0 |
| Cummins Inc | COM | 231021106 |  | 1768500 | 5400 | SH |  | DFND | 1 | 0 | 5400 | 0 |
| Darden Restaurants Inc | COM | 237194105 |  | 2868485 | 13160 | SH |  | DFND | 1 | 0 | 13160 | 0 |
| Deere  Co | COM | 244199105 |  | 70822487 | 139280 | SH |  | DFND | 1 | 0 | 139280 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 12673268 | 72697 | SH |  | DFND | 1 | 0 | 72697 | 0 |
| Walt Disney Co/The | COM | 254687106 |  | 57040508 | 459967 | SH |  | DFND | 1 | 0 | 459967 | 0 |
| Dr Reddy's Laboratories Ltd | ADR | 256135203 |  | 2417876 | 160870 | SH |  | DFND | 1 | 0 | 160870 | 0 |
| Donaldson Co Inc | COM | 257651109 |  | 1137340 | 16400 | SH |  | DFND | 1 | 0 | 16400 | 0 |
| DoorDash Inc | CL A | 25809K105 |  | 104607258 | 424353 | SH |  | DFND | 1 | 0 | 424353 | 0 |
| Dover Corp | COM | 260003108 |  | 1740685 | 9500 | SH |  | DFND | 1 | 0 | 9500 | 0 |
| Duke Energy Corp | COM NEW | 26441C204 |  | 45345866 | 384287 | SH |  | DFND | 1 | 0 | 384287 | 0 |
| East West Bancorp Inc | COM | 27579R104 |  | 1746954 | 17300 | SH |  | DFND | 1 | 0 | 17300 | 0 |
| EastGroup Properties Inc | COM | 277276101 |  | 18180483 | 108787 | SH |  | DFND | 1 | 0 | 108787 | 0 |
| Eastman Chemical Co | COM | 277432100 |  | 978046 | 13100 | SH |  | DFND | 1 | 0 | 13100 | 0 |
| Ecolab Inc | COM | 278865100 |  | 3017728 | 11200 | SH |  | DFND | 1 | 0 | 11200 | 0 |
| Edwards Lifesciences Corp | COM | 28176E108 |  | 35833789 | 458174 | SH |  | DFND | 1 | 0 | 458174 | 0 |
| Enact Holdings Inc | COM | 29249E109 |  | 1426560 | 38400 | SH |  | DFND | 1 | 0 | 38400 | 0 |
| Energy Transfer LP | COM UT LTD PTN | 29273V100 |  | 67151290 | 3703877 | SH |  | DFND | 1 | 0 | 3703877 | 0 |
| Equinix Inc | COM | 29444U700 |  | 17331700 | 21788 | SH |  | DFND | 1 | 0 | 21788 | 0 |
| Expeditors International of Washington Inc | COM | 302130109 |  | 1508100 | 13200 | SH |  | DFND | 1 | 0 | 13200 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 96105640 | 891518 | SH |  | DFND | 1 | 0 | 891518 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 470110188 | 636928 | SH |  | DFND | 1 | 0 | 636928 | 0 |
| Fortune Brands Innovations Inc | COM | 34964C106 |  | 833976 | 16200 | SH |  | DFND | 1 | 0 | 16200 | 0 |
| Fox Corp | CL A COM | 35137L105 |  | 3295152 | 58800 | SH |  | DFND | 1 | 0 | 58800 | 0 |
| Franco-Nevada Corp | COM | 351858105 |  | 2344309 | 14300 | SH |  | DFND | 1 | 0 | 14300 | 0 |
| Franklin Resources Inc | COM | 354613101 |  | 1304595 | 54700 | SH |  | DFND | 1 | 0 | 54700 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 22734474 | 524440 | SH |  | DFND | 1 | 0 | 524440 | 0 |
| Futu Holdings Ltd | SPON ADS CL A | 36118L106 |  | 16359855 | 132372 | SH |  | DFND | 1 | 0 | 132372 | 0 |
| GE Vernova Inc | COM | 36828A101 |  | 129859231 | 245411 | SH |  | DFND | 1 | 0 | 245411 | 0 |
| General Electric Co | COM NEW | 369604301 |  | 129851968 | 504495 | SH |  | DFND | 1 | 0 | 504495 | 0 |
| General Mills Inc | COM | 370334104 |  | 1407160 | 27160 | SH |  | DFND | 1 | 0 | 27160 | 0 |
| General Motors Co | COM | 37045V100 |  | 3395834 | 69007 | SH |  | DFND | 1 | 0 | 69007 | 0 |
| Genuine Parts Co | COM | 372460105 |  | 2400482 | 19788 | SH |  | DFND | 1 | 0 | 19788 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 31768135 | 286535 | SH |  | DFND | 1 | 0 | 286535 | 0 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 139087030 | 196520 | SH |  | DFND | 1 | 0 | 196520 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 2681700 | 7000 | SH |  | DFND | 1 | 0 | 7000 | 0 |
| HDFC Bank Ltd | SPONSORED ADS | 40415F101 |  | 10372914 | 135293 | SH |  | DFND | 1 | 0 | 135293 | 0 |
| HP Inc | COM | 40434L105 |  | 804734 | 32900 | SH |  | DFND | 1 | 0 | 32900 | 0 |
| Hartford Insurance Group Inc/The | COM | 416515104 |  | 32926317 | 259528 | SH |  | DFND | 1 | 0 | 259528 | 0 |
| Hershey Co/The | COM | 427866108 |  | 1692690 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| Hess Midstream LP | CL A SHS | 428103105 |  | 1305489 | 33900 | SH |  | DFND | 1 | 0 | 33900 | 0 |
| Hewlett Packard Enterprise Co | COM | 42824C109 |  | 1942750 | 95000 | SH |  | DFND | 1 | 0 | 95000 | 0 |
| Highwoods Properties Inc | COM | 431284108 |  | 21611156 | 695116 | SH |  | DFND | 1 | 0 | 695116 | 0 |
| Hilton Worldwide Holdings Inc | COM | 43300A203 |  | 21503226 | 80736 | SH |  | DFND | 1 | 0 | 80736 | 0 |
| Home BancShares Inc/AR | COM | 436893200 |  | 1309160 | 46000 | SH |  | DFND | 1 | 0 | 46000 | 0 |
| Home Depot Inc/The | COM | 437076102 |  | 5719951 | 15601 | SH |  | DFND | 1 | 0 | 15601 | 0 |
| Honeywell International Inc | COM | 438516106 |  | 2142496 | 9200 | SH |  | DFND | 1 | 0 | 9200 | 0 |
| Howmet Aerospace Inc | COM | 443201108 |  | 147765815 | 793885 | SH |  | DFND | 1 | 0 | 793885 | 0 |
| Hubbell Inc | COM | 443510607 |  | 1756163 | 4300 | SH |  | DFND | 1 | 0 | 4300 | 0 |
| Huntington Bancshares Inc/OH | COM | 446150104 |  | 21799933 | 1300712 | SH |  | DFND | 1 | 0 | 1300712 | 0 |
| ITT Inc | COM | 45073V108 |  | 1599666 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 2151075 | 8700 | SH |  | DFND | 1 | 0 | 8700 | 0 |
| Ingredion Inc | COM | 457187102 |  | 1546068 | 11400 | SH |  | DFND | 1 | 0 | 11400 | 0 |
| International Business Machines Corp | COM | 459200101 |  | 142026183 | 481804 | SH |  | DFND | 1 | 0 | 481804 | 0 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 1123632 | 45900 | SH |  | DFND | 1 | 0 | 45900 | 0 |
| Intuit Inc | COM | 461202103 |  | 159205227 | 202132 | SH |  | DFND | 1 | 0 | 202132 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 52699543 | 513791 | SH |  | DFND | 1 | 0 | 513791 | 0 |
| ISHARES CORE S 500 ETF | CORE S ETF | 464287200 |  | 6406734 | 10270 | SH |  | DFND |  | 0 | 10270 | 0 |
| ISHARES US CONSUMER DISCRETI | US CONSUM DISCRE | 464287580 |  | 4058910 | 40500 | SH |  | DFND |  | 0 | 40500 | 0 |
| ISHARES US TELECOMMUNICATION | US TELECOM ETF | 464287713 |  | 10396607 | 350290 | SH |  | DFND |  | 0 | 350290 | 0 |
| ISHARES US FINANCIALS ETF | U.S. FINLS ETF | 464287788 |  | 6121958 | 50250 | SH |  | DFND |  | 0 | 50250 | 0 |
| ISHARES U.S. ENERGY ETF | U.S. ENERGY ETF | 464287796 |  | 3647460 | 79500 | SH |  | DFND |  | 0 | 79500 | 0 |
| ISHARES US CONSUMER STAPLES | US CONSM STAPLES | 464287812 |  | 7906987 | 111100 | SH |  | DFND |  | 0 | 111100 | 0 |
| ISHARES EDGE MSCI ERP VALUE | EUROPE ETF | 464287861 |  | 661309 | 64758 | SH |  | DFND |  | 0 | 64758 | 0 |
| ISHARES EUROPE ETF | EUROPE ETF | 464287861 |  | 4045884 | 64200 | SH |  | DFND |  | 0 | 64200 | 0 |
| ISHARES MSCI ALL COUNTRY ASI | MSCI AC ASIA ETF | 464288182 |  | 3145797 | 38340 | SH |  | DFND |  | 0 | 38340 | 0 |
| ISHARES MSCI ACWI ETF | MSCI ACWI ETF | 464288257 |  | 4328637 | 33644 | SH |  | DFND |  | 0 | 33644 | 0 |
| iShares MBS ETF | MBS ETF | 464288588 |  | 31730312 | 338060 | SH |  | DFND |  | 0 | 338060 | 0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | ISHS 1-5YR INVS | 464288646 |  | 47172848 | 894272 | SH |  | DFND |  | 0 | 894272 | 0 |
| ISHARES MSCI CHINA ETF | MSCI CHINA ETF | 46429B671 |  | 1226219 | 22450 | SH |  | DFND |  | 0 | 22450 | 0 |
| ISHARES MSCI TAIWAN ETF | MSCI TAIWAN ETF | 46434G772 |  | 3958605 | 68690 | SH |  | DFND |  | 0 | 68690 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 163404872 | 563640 | SH |  | DFND | 1 | 0 | 563640 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 65284586 | 427395 | SH |  | DFND | 1 | 0 | 427395 | 0 |
| KLA Corp | COM NEW | 482480100 |  | 87888217 | 98118 | SH |  | DFND | 1 | 0 | 98118 | 0 |
| KKR  Co Inc | COM | 48251W104 |  | 68014780 | 511274 | SH |  | DFND | 1 | 0 | 511274 | 0 |
| Kenvue Inc | COM | 49177J102 |  | 1917188 | 91600 | SH |  | DFND | 1 | 0 | 91600 | 0 |
| Kontoor Brands Inc | COM | 50050N103 |  | 923580 | 14000 | SH |  | DFND | 1 | 0 | 14000 | 0 |
| LKQ Corp | COM | 501889208 |  | 1032579 | 27900 | SH |  | DFND | 1 | 0 | 27900 | 0 |
| LPL Financial Holdings Inc | COM | 50212V100 |  | 37292641 | 99455 | SH |  | DFND | 1 | 0 | 99455 | 0 |
| Lam Research Corp | COM NEW | 512807306 |  | 109257531 | 1122432 | SH |  | DFND | 1 | 0 | 1122432 | 0 |
| Marzetti Company/The | COM | 513847103 |  | 1243944 | 7200 | SH |  | DFND | 1 | 0 | 7200 | 0 |
| Lennar Corp | CL A | 526057104 |  | 1628622 | 14724 | SH |  | DFND | 1 | 0 | 14724 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 159404531 | 204488 | SH |  | DFND | 1 | 0 | 204488 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 2538007 | 5480 | SH |  | DFND | 1 | 0 | 5480 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 2184024 | 42400 | SH |  | DFND | 1 | 0 | 42400 | 0 |
| Masco Corp | COM | 574599106 |  | 1319380 | 20500 | SH |  | DFND | 1 | 0 | 20500 | 0 |
| Mastercard Inc | CL A | 57636Q104 |  | 164895112 | 293439 | SH |  | DFND | 1 | 0 | 293439 | 0 |
| McDonald's Corp | COM | 580135101 |  | 2425011 | 8300 | SH |  | DFND | 1 | 0 | 8300 | 0 |
| McKesson Corp | COM | 58155Q103 |  | 45954832 | 62713 | SH |  | DFND | 1 | 0 | 62713 | 0 |
| Merck  Co Inc | COM | 58933Y105 |  | 40633382 | 513307 | SH |  | DFND | 1 | 0 | 513307 | 0 |
| Meritage Homes Corp | COM | 59001A102 |  | 1105005 | 16500 | SH |  | DFND | 1 | 0 | 16500 | 0 |
| Microsoft Corp | COM | 594918104 |  | 862140359 | 1733259 | SH |  | DFND | 1 | 0 | 1733259 | 0 |
| MicroStrategy Inc | CL A NEW | 594972408 |  | 22994624 | 56885 | SH |  | DFND | 1 | 0 | 56885 | 0 |
| Microchip Technology Inc | COM | 595017104 |  | 108117594 | 1536416 | SH |  | DFND | 1 | 0 | 1536416 | 0 |
| Millrose Properties Inc | COM CL A | 601137102 |  | 209891 | 7362 | SH |  | DFND | 1 | 0 | 7362 | 0 |
| Mondelez International Inc | CL A | 609207105 |  | 2416510 | 35832 | SH |  | DFND | 1 | 0 | 35832 | 0 |
| Motorola Solutions Inc | COM NEW | 620076307 |  | 3722332 | 8853 | SH |  | DFND | 1 | 0 | 8853 | 0 |
| NRG Energy Inc | COM NEW | 629377508 |  | 115512260 | 719344 | SH |  | DFND | 1 | 0 | 719344 | 0 |
| Nasdaq Inc | COM | 631103108 |  | 32545303 | 363960 | SH |  | DFND | 1 | 0 | 363960 | 0 |
| National Fuel Gas Co | COM | 636180101 |  | 1736555 | 20500 | SH |  | DFND | 1 | 0 | 20500 | 0 |
| NetApp Inc | COM | 64110D104 |  | 1523665 | 14300 | SH |  | DFND | 1 | 0 | 14300 | 0 |
| Netflix Inc | COM | 64110L106 |  | 237920549 | 177668 | SH |  | DFND | 1 | 0 | 177668 | 0 |
| Neurocrine Biosciences Inc | COM | 64125C109 |  | 26635094 | 211911 | SH |  | DFND | 1 | 0 | 211911 | 0 |
| New York Times Co/The | CL A | 650111107 |  | 1556244 | 27800 | SH |  | DFND | 1 | 0 | 27800 | 0 |
| NVIDIA Corp | COM | 67066G104 |  | 965965553 | 6114093 | SH |  | DFND | 1 | 0 | 6114093 | 0 |
| O-I Glass Inc | COM | 67098H104 |  | 16403438 | 1112852 | SH |  | DFND | 1 | 0 | 1112852 | 0 |
| Omnicom Group Inc | COM | 681919106 |  | 899250 | 12500 | SH |  | DFND | 1 | 0 | 12500 | 0 |
| ONEOK Inc | COM | 682680103 |  | 1861164 | 22800 | SH |  | DFND | 1 | 0 | 22800 | 0 |
| Oracle Corp | COM | 68389X105 |  | 172312141 | 788145 | SH |  | DFND | 1 | 0 | 788145 | 0 |
| Owens Corning | COM | 690742101 |  | 1237680 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| Packaging Corp of America | COM | 695156109 |  | 1432220 | 7600 | SH |  | DFND | 1 | 0 | 7600 | 0 |
| Palantir Technologies Inc | CL A | 69608A108 |  | 53203379 | 390283 | SH |  | DFND | 1 | 0 | 390283 | 0 |
| Parker-Hannifin Corp | COM | 701094104 |  | 3040440 | 4353 | SH |  | DFND | 1 | 0 | 4353 | 0 |
| Philip Morris International Inc | COM | 718172109 |  | 120561864 | 661955 | SH |  | DFND | 1 | 0 | 661955 | 0 |
| T Rowe Price Group Inc | COM | 74144T108 |  | 984300 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| Procter  Gamble Co/The | COM | 742718109 |  | 4695160 | 29470 | SH |  | DFND | 1 | 0 | 29470 | 0 |
| Public Service Enterprise Group Inc | COM | 744573106 |  | 18737795 | 222592 | SH |  | DFND | 1 | 0 | 222592 | 0 |
| QUALCOMM Inc | COM | 747525103 |  | 2038528 | 12800 | SH |  | DFND | 1 | 0 | 12800 | 0 |
| Quest Diagnostics Inc | COM | 74834L100 |  | 2065745 | 11500 | SH |  | DFND | 1 | 0 | 11500 | 0 |
| RPM International Inc | COM | 749685103 |  | 1526776 | 13900 | SH |  | DFND | 1 | 0 | 13900 | 0 |
| RTX Corp | COM | 75513E101 |  | 140186355 | 960049 | SH |  | DFND | 1 | 0 | 960049 | 0 |
| Regeneron Pharmaceuticals Inc | COM | 75886F107 |  | 11891775 | 22651 | SH |  | DFND | 1 | 0 | 22651 | 0 |
| ResMed Inc | COM | 761152107 |  | 2322000 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| Reynolds Consumer Products Inc | COM | 76171L106 |  | 1036728 | 48400 | SH |  | DFND | 1 | 0 | 48400 | 0 |
| Robinhood Markets Inc | COM CL A | 770700102 |  | 14078207 | 150360 | SH |  | DFND | 1 | 0 | 150360 | 0 |
| Royal Bank of Canada | COM | 780087102 |  | 3171569 | 24100 | SH |  | DFND | 1 | 0 | 24100 | 0 |
| Royal Gold Inc | COM | 780287108 |  | 1600560 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| SPDR S 500 ETF TRUST | TR UNIT | 78462F103 |  | 11320583 | 18239 | SH |  | DFND |  | 0 | 18239 | 0 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | PORTFOLIO INTRMD | 78464A375 |  | 47109483 | 1402903 | SH |  | DFND |  | 0 | 1402903 | 0 |
| SPDR Portfolio Mortgage Backed Bond ETF | PORT MTG BK ETF | 78464A383 |  | 32743897 | 1482295 | SH |  | DFND |  | 0 | 1482295 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 122718621 | 1345009 | SH |  | DFND | 1 | 0 | 1345009 | 0 |
| Sea Ltd | SPONSORD ADS | 81141R100 |  | 27122145 | 169577 | SH |  | DFND | 1 | 0 | 169577 | 0 |
| Sempra | COM | 816851109 |  | 29673578 | 391627 | SH |  | DFND | 1 | 0 | 391627 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 45364030 | 44125 | SH |  | DFND | 1 | 0 | 44125 | 0 |
| Sherwin-Williams Co/The | COM | 824348106 |  | 2266176 | 6600 | SH |  | DFND | 1 | 0 | 6600 | 0 |
| Shopify Inc | CL A SUB VTG SHS | 82509L107 |  | 44587850 | 386544 | SH |  | DFND | 1 | 0 | 386544 | 0 |
| Silgan Holdings Inc | COM | 827048109 |  | 1332828 | 24600 | SH |  | DFND | 1 | 0 | 24600 | 0 |
| Snap-on Inc | COM | 833034101 |  | 2760789 | 8872 | SH |  | DFND | 1 | 0 | 8872 | 0 |
| Snowflake Inc | CL A | 833445109 |  | 49659262 | 221921 | SH |  | DFND | 1 | 0 | 221921 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 1770677 | 17502 | SH |  | DFND | 1 | 0 | 17502 | 0 |
| Stifel Financial Corp | COM | 860630102 |  | 1525566 | 14700 | SH |  | DFND | 1 | 0 | 14700 | 0 |
| Stryker Corp | COM | 863667101 |  | 85259452 | 215503 | SH |  | DFND | 1 | 0 | 215503 | 0 |
| Sunoco LP | COM UT REP LP | 86765K109 |  | 1457648 | 27200 | SH |  | DFND | 1 | 0 | 27200 | 0 |
| Synchrony Financial | COM | 87165B103 |  | 89618138 | 1342795 | SH |  | DFND | 1 | 0 | 1342795 | 0 |
| Sysco Corp | COM | 871829107 |  | 1340598 | 17700 | SH |  | DFND | 1 | 0 | 17700 | 0 |
| Taiwan Semiconductor Manufacturing Co Ltd | SPONSORED ADS | 874039100 |  | 2672582 | 11800 | SH |  | DFND | 1 | 0 | 11800 | 0 |
| Talen Energy Corp | COM | 87422Q109 |  | 21301810 | 73260 | SH |  | DFND | 1 | 0 | 73260 | 0 |
| Tapestry Inc | COM | 876030107 |  | 83172666 | 947189 | SH |  | DFND | 1 | 0 | 947189 | 0 |
| Target Corp | COM | 87612E106 |  | 1183800 | 12000 | SH |  | DFND | 1 | 0 | 12000 | 0 |
| Tesla Inc | COM | 88160R101 |  | 188714182 | 594076 | SH |  | DFND | 1 | 0 | 594076 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 29444668 | 141820 | SH |  | DFND | 1 | 0 | 141820 | 0 |
| Travelers Cos Inc/The | COM | 89417E109 |  | 33257362 | 124308 | SH |  | DFND | 1 | 0 | 124308 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 114815447 | 1230605 | SH |  | DFND | 1 | 0 | 1230605 | 0 |
| United Rentals Inc | COM | 911363109 |  | 2507315 | 3328 | SH |  | DFND | 1 | 0 | 3328 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 57225905 | 183434 | SH |  | DFND | 1 | 0 | 183434 | 0 |
| Unum Group | COM | 91529Y106 |  | 54416169 | 673801 | SH |  | DFND | 1 | 0 | 673801 | 0 |
| Valero Energy Corp | COM | 91913Y100 |  | 25739683 | 191487 | SH |  | DFND | 1 | 0 | 191487 | 0 |
| Valmont Industries Inc | COM | 920253101 |  | 1404251 | 4300 | SH |  | DFND | 1 | 0 | 4300 | 0 |
| Vanguard Short-Term Corporate Bond ETF | SHRT TRM CORP BD | 92206C409 |  | 40756192 | 512721 | SH |  | DFND |  | 0 | 512721 | 0 |
| Vanguard Mortgage-Backed Securities ETF | MTG-BKD SECS ETF | 92206C771 |  | 21666132 | 467648 | SH |  | DFND |  | 0 | 467648 | 0 |
| Ventas Inc | COM | 92276F100 |  | 25006074 | 395979 | SH |  | DFND | 1 | 0 | 395979 | 0 |
| Vanguard S 500 ETF | S 500 ETF SHS | 922908363 |  | 30136285 | 53151 | SH |  | DFND |  | 0 | 53151 | 0 |
| Vertex Pharmaceuticals Inc | COM | 92532F100 |  | 23316014 | 52372 | SH |  | DFND | 1 | 0 | 52372 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 152096674 | 428381 | SH |  | DFND | 1 | 0 | 428381 | 0 |
| Walmart Inc | COM | 931142103 |  | 87483962 | 894702 | SH |  | DFND | 1 | 0 | 894702 | 0 |
| Warner Music Group Corp | COM CL A | 934550203 |  | 1517268 | 55700 | SH |  | DFND | 1 | 0 | 55700 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 51329118 | 640653 | SH |  | DFND | 1 | 0 | 640653 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 50141653 | 326167 | SH |  | DFND | 1 | 0 | 326167 | 0 |
| Wheaton Precious Metals Corp | COM | 962879102 |  | 2738794 | 30500 | SH |  | DFND | 1 | 0 | 30500 | 0 |
| Zoetis Inc | CL A | 98978V103 |  | 2011755 | 12900 | SH |  | DFND | 1 | 0 | 12900 | 0 |
| Zscaler Inc | COM | 98980G102 |  | 42979014 | 136902 | SH |  | DFND | 1 | 0 | 136902 | 0 |
| Deutsche Bank AG | NAMEN AKT | D18190898 |  | 290694 | 9834 | SH |  | DFND |  | 0 | 9834 | 0 |
| Deutsche Bank AG | NAMEN AKT | D18190898 |  | 2142732 | 72473 | SH |  | DFND | 1 | 0 | 72473 | 0 |
| Allegion plc | ORD SHS | G0176J109 |  | 1470024 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| Accenture PLC | SHS CLASS A | G1151C101 |  | 4005126 | 13400 | SH |  | DFND | 1 | 0 | 13400 | 0 |
| CRH PLC | ORD | G25508105 |  | 59748288 | 650413 | SH |  | DFND | 1 | 0 | 650413 | 0 |
| Coca-Cola Europacific Partners PLC | SHS | G25839104 |  | 5045544 | 54417 | SH |  | DFND | 1 | 0 | 54417 | 0 |
| Eaton Corp PLC | SHS | G29183103 |  | 125701891 | 352116 | SH |  | DFND | 1 | 0 | 352116 | 0 |
| Flutter Entertainment PLC | SHS | G3643J108 |  | 11173762 | 39507 | SH |  | DFND | 1 | 0 | 39507 | 0 |
| Johnson Controls International plc | SHS | G51502105 |  | 2133524 | 20200 | SH |  | DFND | 1 | 0 | 20200 | 0 |
| Linde PLC | SHS | G54950103 |  | 49271407 | 105016 | SH |  | DFND | 1 | 0 | 105016 | 0 |
| Seagate Technology Holdings PLC | ORD SHS | G7997R103 |  | 80473645 | 557567 | SH |  | DFND | 1 | 0 | 557567 | 0 |
| Pentair PLC | SHS | G7S00T104 |  | 1786284 | 17400 | SH |  | DFND | 1 | 0 | 17400 | 0 |
| Smurfit WestRock PLC | SHS | G8267P108 |  | 58689391 | 1361343 | SH |  | DFND | 1 | 0 | 1361343 | 0 |
| TE Connectivity PLC | ORD SHS | G87052109 |  | 2479449 | 14700 | SH |  | DFND | 1 | 0 | 14700 | 0 |
| Alcon AG | ORD SHS | H01301128 |  | 12106200 | 137126 | SH |  | DFND | 1 | 0 | 137126 | 0 |
| Amrize Ltd | SHS | H2927K103 |  | 7024299 | 141116 | SH |  | DFND | 1 | 0 | 141116 | 0 |
| UBS Group AG | SHS | H42097107 |  | 84283 | 2496 | SH |  | DFND |  | 0 | 2496 | 0 |
| UBS Group AG | SHS | H42097107 |  | 18962789 | 561574 | SH |  | DFND | 1 | 0 | 561574 | 0 |
| Spotify Technology SA | SHS | L8681T102 |  | 74267845 | 96845 | SH |  | DFND | 1 | 0 | 96845 | 0 |
| AerCap Holdings NV | SHS | N00985106 |  | 30623346 | 261738 | SH |  | DFND | 1 | 0 | 261738 | 0 |
| Ferrari NV | COM | N3167Y103 |  | 3568035 | 7300 | SH |  | DFND |  | 0 | 7300 | 0 |
| Ferrari NV | COM | N3167Y103 |  | 19828497 | 40568 | SH |  | DFND | 1 | 0 | 40568 | 0 |
| Ferrovial SE | ORD SHS | N3168P101 |  | 5240813 | 98577 | SH |  | DFND | 1 | 0 | 98577 | 0 |
| QIAGEN NV | COM SHS | N72482206 |  | 245651 | 5115 | SH |  | DFND | 1 | 0 | 5115 | 0 |
| Stellantis NV | SHS | N82405106 |  | 1223400 | 122400 | SH |  | DFND |  | 0 | 122400 | 0 |
| Stellantis NV | SHS | N82405106 |  | 28889608 | 2890378 | SH |  | DFND | 1 | 0 | 2890378 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 139060464 | 444084 | SH |  | DFND | 1 | 0 | 444084 | 0 |

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