# EDGAR Filing Document

**Accession Number:** 0001127799
**File Stem:** 0000899140-25-001318
**Filing Date:** 2025-11
**Character Count:** 31214
**Document Hash:** 8e42d3565b8783435055cc7eca65fb5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899140-25-001318.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000899140-25-001318

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251486734

**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:** 09-30-2025

**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  11-14-2025<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:** 272

**Form 13F Information Table Value Total:** $14002525261

      (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 |  | 68973602 | 2442408 | SH |  | DFND | 1 | 0 | 2442408 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 2544860 | 19000 | SH |  | DFND | 1 | 0 | 19000 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 184969434 | 798866 | SH |  | DFND | 1 | 0 | 798866 | 0 |
| Advanced Micro Devices Inc | COM | 007903107 |  | 55072345 | 340394 | SH |  | DFND | 1 | 0 | 340394 | 0 |
| Agilent Technologies Inc | COM | 00846U101 |  | 2015095 | 15700 | SH |  | DFND | 1 | 0 | 15700 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 68294822 | 405821 | SH |  | DFND | 1 | 0 | 405821 | 0 |
| Albertsons Cos Inc | COMMON STOCK | 013091103 |  | 1379788 | 78800 | SH |  | DFND | 1 | 0 | 78800 | 0 |
| Alnylam Pharmaceuticals Inc | COM | 02043Q107 |  | 13674528 | 29988 | SH |  | DFND | 1 | 0 | 29988 | 0 |
| Alphabet Inc | CAP STK CL A | 02079K305 |  | 689430385 | 2835995 | SH |  | DFND | 1 | 0 | 2835995 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 450875577 | 2053448 | SH |  | DFND | 1 | 0 | 2053448 | 0 |
| American Express Co | COM | 025816109 |  | 35846707 | 107920 | SH |  | DFND | 1 | 0 | 107920 | 0 |
| Cencora Inc | COM | 03073E105 |  | 64732776 | 207125 | SH |  | DFND | 1 | 0 | 207125 | 0 |
| Amgen Inc | COM | 031162100 |  | 33765512 | 119651 | SH |  | DFND | 1 | 0 | 119651 | 0 |
| Amphenol Corp | CL A | 032095101 |  | 87170738 | 704410 | SH |  | DFND | 1 | 0 | 704410 | 0 |
| Antero Midstream Corp | COM | 03676B102 |  | 1267488 | 65200 | SH |  | DFND | 1 | 0 | 65200 | 0 |
| Apple Inc | COM | 037833100 |  | 891820186 | 3502416 | SH |  | DFND | 1 | 0 | 3502416 | 0 |
| Applied Materials Inc | COM | 038222105 |  | 4173830 | 20386 | SH |  | DFND | 1 | 0 | 20386 | 0 |
| AppLovin Corp | COM CL A | 03831W108 |  | 199736157 | 277975 | SH |  | DFND | 1 | 0 | 277975 | 0 |
| Archer-Daniels-Midland Co | COM | 039483102 |  | 1732460 | 29000 | SH |  | DFND | 1 | 0 | 29000 | 0 |
| Autoliv Inc | COM | 052800109 |  | 1815450 | 14700 | SH |  | DFND | 1 | 0 | 14700 | 0 |
| Automatic Data Processing Inc | COM | 053015103 |  | 2465400 | 8400 | SH |  | DFND | 1 | 0 | 8400 | 0 |
| Avery Dennison Corp | COM | 053611109 |  | 1167624 | 7200 | SH |  | DFND | 1 | 0 | 7200 | 0 |
| Axon Enterprise Inc | COM | 05464C101 |  | 98656124 | 137473 | SH |  | DFND | 1 | 0 | 137473 | 0 |
| BWX Technologies Inc | COM | 05605H100 |  | 3638358 | 19734 | SH |  | DFND | 1 | 0 | 19734 | 0 |
| Baker Hughes Co | CL A | 05722G100 |  | 17080842 | 350592 | SH |  | DFND | 1 | 0 | 350592 | 0 |
| Ball Corp | COM | 058498106 |  | 1401676 | 27800 | SH |  | DFND | 1 | 0 | 27800 | 0 |
| Bank of America Corp | COM | 060505104 |  | 193278788 | 3746439 | SH |  | DFND | 1 | 0 | 3746439 | 0 |
| Bank of New York Mellon Corp/The | COM | 064058100 |  | 23910945 | 219447 | SH |  | DFND | 1 | 0 | 219447 | 0 |
| Bank of Nova Scotia/The | COM | 064149107 |  | 138393940 | 2142038 | SH |  | DFND | 1 | 0 | 2142038 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 2609000 | 79500 | SH |  | DFND | 1 | 0 | 79500 | 0 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 74124488 | 147441 | SH |  | DFND | 1 | 0 | 147441 | 0 |
| Best Buy Co Inc | COM | 086516101 |  | 778886 | 10300 | SH |  | DFND | 1 | 0 | 10300 | 0 |
| Blackrock Inc | COM | 09290D101 |  | 39674556 | 34030 | SH |  | DFND | 1 | 0 | 34030 | 0 |
| Boeing Co/The | COM | 097023105 |  | 80425812 | 372635 | SH |  | DFND | 1 | 0 | 372635 | 0 |
| BorgWarner Inc | COM | 099724106 |  | 1877092 | 42700 | SH |  | DFND | 1 | 0 | 42700 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 19917648 | 441633 | SH |  | DFND | 1 | 0 | 441633 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 301127992 | 912758 | SH |  | DFND | 1 | 0 | 912758 | 0 |
| Brookfield Corp | CL A LTD VT SH | 11271J107 |  | 25531003 | 372404 | SH |  | DFND | 1 | 0 | 372404 | 0 |
| Builders FirstSource Inc | COM | 12008R107 |  | 26511798 | 218654 | SH |  | DFND | 1 | 0 | 218654 | 0 |
| CBRE Group Inc | CL A | 12504L109 |  | 25224096 | 160092 | SH |  | DFND | 1 | 0 | 160092 | 0 |
| CH Robinson Worldwide Inc | COM NEW | 12541W209 |  | 1747680 | 13200 | SH |  | DFND | 1 | 0 | 13200 | 0 |
| Cigna Group/The | COM | 125523100 |  | 2190700 | 7600 | SH |  | DFND | 1 | 0 | 7600 | 0 |
| CVS Health Corp | COM | 126650100 |  | 1997835 | 26500 | SH |  | DFND | 1 | 0 | 26500 | 0 |
| Cadence Design Systems Inc | COM | 127387108 |  | 5078517 | 14458 | SH |  | DFND | 1 | 0 | 14458 | 0 |
| Cameco Corp | COM | 13321L108 |  | 11758490 | 140221 | SH |  | DFND | 1 | 0 | 140221 | 0 |
| Canadian Imperial Bank of Commerce | COM | 136069101 |  | 46518332 | 582619 | SH |  | DFND | 1 | 0 | 582619 | 0 |
| Canadian National Railway Co | COM | 136375102 |  | 2110619 | 22400 | SH |  | DFND | 1 | 0 | 22400 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 138805599 | 652957 | SH |  | DFND | 1 | 0 | 652957 | 0 |
| Cardinal Health Inc | COM | 14149Y108 |  | 2950848 | 18800 | SH |  | DFND | 1 | 0 | 18800 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 86584593 | 181462 | SH |  | DFND | 1 | 0 | 181462 | 0 |
| Expand Energy Corp | COM | 165167735 |  | 33874730 | 318851 | SH |  | DFND | 1 | 0 | 318851 | 0 |
| Chevron Corp | COM | 166764100 |  | 67777873 | 436460 | SH |  | DFND | 1 | 0 | 436460 | 0 |
| Ciena Corp | COM NEW | 171779309 |  | 5225766 | 35874 | SH |  | DFND | 1 | 0 | 35874 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 31696523 | 463264 | SH |  | DFND | 1 | 0 | 463264 | 0 |
| Citigroup Inc | COM NEW | 172967424 |  | 38237182 | 376721 | SH |  | DFND | 1 | 0 | 376721 | 0 |
| Citizens Financial Group Inc | COM | 174610105 |  | 110730207 | 2082961 | SH |  | DFND | 1 | 0 | 2082961 | 0 |
| Coca-Cola Femsa SAB de CV | SPONS ADS REP | 191241108 |  | 1520730 | 18300 | SH |  | DFND | 1 | 0 | 18300 | 0 |
| Cognizant Technology Solutions Corp | CL A | 192446102 |  | 2769320 | 41290 | SH |  | DFND | 1 | 0 | 41290 | 0 |
| Coinbase Global Inc | COM CL A | 19260Q107 |  | 14225541 | 42151 | SH |  | DFND | 1 | 0 | 42151 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 2041188 | 25534 | SH |  | DFND | 1 | 0 | 25534 | 0 |
| Comfort Systems USA Inc | COM | 199908104 |  | 4071438 | 4934 | SH |  | DFND | 1 | 0 | 4934 | 0 |
| CoreWeave Inc | COM CL A | 21873S108 |  | 82409291 | 602187 | SH |  | DFND | 1 | 0 | 602187 | 0 |
| Core  Main Inc | CL A | 21874C102 |  | 67283570 | 1249927 | SH |  | DFND | 1 | 0 | 1249927 | 0 |
| Crown Holdings Inc | COM | 228368106 |  | 1313624 | 13600 | SH |  | DFND | 1 | 0 | 13600 | 0 |
| Cullen/Frost Bankers Inc | COM | 229899109 |  | 1369116 | 10800 | SH |  | DFND | 1 | 0 | 10800 | 0 |
| Cummins Inc | COM | 231021106 |  | 2897036 | 6859 | SH |  | DFND | 1 | 0 | 6859 | 0 |
| DR Horton Inc | COM | 23331A109 |  | 72026784 | 425012 | SH |  | DFND | 1 | 0 | 425012 | 0 |
| DT Midstream Inc | COMMON STOCK | 23345M107 |  | 1390638 | 12300 | SH |  | DFND | 1 | 0 | 12300 | 0 |
| Darden Restaurants Inc | COM | 237194105 |  | 2505138 | 13160 | SH |  | DFND | 1 | 0 | 13160 | 0 |
| Dell Technologies Inc | CL C | 24703L202 |  | 2395913 | 16900 | SH |  | DFND | 1 | 0 | 16900 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 24040693 | 139060 | SH |  | DFND | 1 | 0 | 139060 | 0 |
| Dr Reddy's Laboratories Ltd | ADR | 256135203 |  | 2675730 | 191397 | SH |  | DFND | 1 | 0 | 191397 | 0 |
| Dollar General Corp | COM | 256677105 |  | 1591590 | 15400 | SH |  | DFND | 1 | 0 | 15400 | 0 |
| Donaldson Co Inc | COM | 257651109 |  | 3540094 | 43251 | SH |  | DFND | 1 | 0 | 43251 | 0 |
| DoorDash Inc | CL A | 25809K105 |  | 40230585 | 147912 | SH |  | DFND | 1 | 0 | 147912 | 0 |
| Dover Corp | COM | 260003108 |  | 3124392 | 18728 | SH |  | DFND | 1 | 0 | 18728 | 0 |
| Duke Energy Corp | COM NEW | 26441C204 |  | 36455018 | 294586 | SH |  | DFND | 1 | 0 | 294586 | 0 |
| DuPont de Nemours Inc | COM | 26614N102 |  | 82969732 | 1065080 | SH |  | DFND | 1 | 0 | 1065080 | 0 |
| East West Bancorp Inc | COM | 27579R104 |  | 1841585 | 17300 | SH |  | DFND | 1 | 0 | 17300 | 0 |
| Eastman Chemical Co | COM | 277432100 |  | 825955 | 13100 | SH |  | DFND | 1 | 0 | 13100 | 0 |
| Ecolab Inc | COM | 278865100 |  | 3067232 | 11200 | SH |  | DFND | 1 | 0 | 11200 | 0 |
| Enact Holdings Inc | COM | 29249E109 |  | 1472256 | 38400 | SH |  | DFND | 1 | 0 | 38400 | 0 |
| Energy Transfer LP | COM UT LTD PTN | 29273V100 |  | 63558529 | 3703877 | SH |  | DFND | 1 | 0 | 3703877 | 0 |
| Equifax Inc | COM | 294429105 |  | 36028099 | 140444 | SH |  | DFND | 1 | 0 | 140444 | 0 |
| Expeditors International of Washington Inc | COM | 302130109 |  | 1618188 | 13200 | SH |  | DFND | 1 | 0 | 13200 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 16348053 | 115993 | SH |  | DFND | 1 | 0 | 115993 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 93872606 | 832573 | SH |  | DFND | 1 | 0 | 832573 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 489622896 | 666716 | SH |  | DFND | 1 | 0 | 666716 | 0 |
| Fastenal Co | COM | 311900104 |  | 70726076 | 1442212 | SH |  | DFND | 1 | 0 | 1442212 | 0 |
| Ferguson Enterprises Inc | COMMON STOCK NEW | 31488V107 |  | 1976304 | 8800 | SH |  | DFND | 1 | 0 | 8800 | 0 |
| FRANKLIN FTSE JAPAN ETF | FTSE JAPAN ETF | 35473P744 |  | 2364243 | 67166 | SH |  | DFND |  | 0 | 67166 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 10636974 | 271213 | SH |  | DFND | 1 | 0 | 271213 | 0 |
| Futu Holdings Ltd | SPON ADS CL A | 36118L106 |  | 19449573 | 111837 | SH |  | DFND | 1 | 0 | 111837 | 0 |
| GE Vernova Inc | COM | 36828A101 |  | 120803254 | 196460 | SH |  | DFND | 1 | 0 | 196460 | 0 |
| General Dynamics Corp | COM | 369550108 |  | 2455200 | 7200 | SH |  | DFND | 1 | 0 | 7200 | 0 |
| General Electric Co | COM NEW | 369604301 |  | 165570125 | 550396 | SH |  | DFND | 1 | 0 | 550396 | 0 |
| General Mills Inc | COM | 370334104 |  | 1369407 | 27160 | SH |  | DFND | 1 | 0 | 27160 | 0 |
| General Motors Co | COM | 37045V100 |  | 4207357 | 69007 | SH |  | DFND | 1 | 0 | 69007 | 0 |
| Genuine Parts Co | COM | 372460105 |  | 2742617 | 19788 | SH |  | DFND | 1 | 0 | 19788 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 3407700 | 30700 | SH |  | DFND | 1 | 0 | 30700 | 0 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 110307217 | 138516 | SH |  | DFND | 1 | 0 | 138516 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 115036494 | 269912 | SH |  | DFND | 1 | 0 | 269912 | 0 |
| HDFC Bank Ltd | SPONSORED ADS | 40415F101 |  | 12687946 | 371427 | SH |  | DFND | 1 | 0 | 371427 | 0 |
| Hartford Insurance Group Inc/The | COM | 416515104 |  | 106708398 | 799973 | SH |  | DFND | 1 | 0 | 799973 | 0 |
| Hess Midstream LP | CL A SHS | 428103105 |  | 1171245 | 33900 | SH |  | DFND | 1 | 0 | 33900 | 0 |
| Hewlett Packard Enterprise Co | COM | 42824C109 |  | 2333200 | 95000 | SH |  | DFND | 1 | 0 | 95000 | 0 |
| Home BancShares Inc/AR | COM | 436893200 |  | 1301800 | 46000 | SH |  | DFND | 1 | 0 | 46000 | 0 |
| Home Depot Inc/The | COM | 437076102 |  | 137198144 | 338602 | SH |  | DFND | 1 | 0 | 338602 | 0 |
| Honeywell International Inc | COM | 438516106 |  | 1936600 | 9200 | SH |  | DFND | 1 | 0 | 9200 | 0 |
| Howmet Aerospace Inc | COM | 443201108 |  | 132958972 | 677567 | SH |  | DFND | 1 | 0 | 677567 | 0 |
| Hubbell Inc | COM | 443510607 |  | 1850333 | 4300 | SH |  | DFND | 1 | 0 | 4300 | 0 |
| Humana Inc | COM | 444859102 |  | 1691105 | 6500 | SH |  | DFND | 1 | 0 | 6500 | 0 |
| ITT Inc | COM | 45073V108 |  | 1823352 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| IDEX Corp | COM | 45167R104 |  | 2598789 | 15967 | SH |  | DFND | 1 | 0 | 15967 | 0 |
| IDEXX Laboratories Inc | COM | 45168D104 |  | 143729806 | 224968 | SH |  | DFND | 1 | 0 | 224968 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 2268612 | 8700 | SH |  | DFND | 1 | 0 | 8700 | 0 |
| Ingredion Inc | COM | 457187102 |  | 1392054 | 11400 | SH |  | DFND | 1 | 0 | 11400 | 0 |
| International Business Machines Corp | COM | 459200101 |  | 112565475 | 398942 | SH |  | DFND | 1 | 0 | 398942 | 0 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 1281069 | 45900 | SH |  | DFND | 1 | 0 | 45900 | 0 |
| Intuit Inc | COM | 461202103 |  | 61343757 | 89827 | SH |  | DFND | 1 | 0 | 89827 | 0 |
| ISHARES CORE S 500 ETF | CORE S ETF | 464287200 |  | 6905753 | 10270 | SH |  | DFND |  | 0 | 10270 | 0 |
| ISHARES LATIN AMERICA 40 ETF | LATN AMER 40 ETF | 464287390 |  | 1036045 | 37241 | SH |  | DFND |  | 0 | 37241 | 0 |
| ISHARES US CONSUMER DISCRETI | US CONSUM DISCRE | 464287580 |  | 6070823 | 58900 | SH |  | DFND |  | 0 | 58900 | 0 |
| ISHARES US UTILITIES ETF | U.S. UTILITS ETF | 464287697 |  | 1476922 | 12960 | SH |  | DFND |  | 0 | 12960 | 0 |
| ISHARES US TELECOMMUNICATION | US TELECOM ETF | 464287713 |  | 15417407 | 474090 | SH |  | DFND |  | 0 | 474090 | 0 |
| ISHARES U.S. INDUSTRIALS ETF | US INDUSTRIALS | 464287754 |  | 2549837 | 17360 | SH |  | DFND |  | 0 | 17360 | 0 |
| ISHARES U.S. HEALTHCARE ETF | US HLTHCARE ETF | 464287762 |  | 1804763 | 29630 | SH |  | DFND |  | 0 | 29630 | 0 |
| ISHARES US FINANCIALS ETF | U.S. FINLS ETF | 464287788 |  | 6310395 | 50250 | SH |  | DFND |  | 0 | 50250 | 0 |
| ISHARES U.S. ENERGY ETF | U.S. ENERGY ETF | 464287796 |  | 3785790 | 79500 | SH |  | DFND |  | 0 | 79500 | 0 |
| ISHARES US CONSUMER STAPLES | US CONSM STAPLES | 464287812 |  | 7564799 | 111100 | SH |  | DFND |  | 0 | 111100 | 0 |
| ISHARES EUROPE ETF | EUROPE ETF | 464287861 |  | 1844748 | 27900 | SH |  | DFND |  | 0 | 27900 | 0 |
| ISHARES MSCI ALL COUNTRY ASI | MSCI AC ASIA ETF | 464288182 |  | 9090558 | 97790 | SH |  | DFND |  | 0 | 97790 | 0 |
| ISHARES MSCI ACWI ETF | MSCI ACWI ETF | 464288257 |  | 7235301 | 51974 | SH |  | DFND |  | 0 | 51974 | 0 |
| iShares MBS ETF | MBS ETF | 464288588 |  | 32163028 | 338060 | SH |  | DFND |  | 0 | 338060 | 0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | ISHS 1-5YR INVS | 464288646 |  | 47414301 | 894272 | SH |  | DFND |  | 0 | 894272 | 0 |
| ISHARES MSCI CHINA ETF | MSCI CHINA ETF | 46429B671 |  | 1984172 | 30150 | SH |  | DFND |  | 0 | 30150 | 0 |
| ISHARES MSCI TAIWAN ETF | MSCI TAIWAN ETF | 46434G772 |  | 4367546 | 67390 | SH |  | DFND |  | 0 | 67390 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 178529910 | 565989 | SH |  | DFND | 1 | 0 | 565989 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 107718451 | 580943 | SH |  | DFND | 1 | 0 | 580943 | 0 |
| KLA Corp | COM NEW | 482480100 |  | 102495044 | 95026 | SH |  | DFND | 1 | 0 | 95026 | 0 |
| KKR  Co Inc | COM | 48251W104 |  | 36266966 | 279084 | SH |  | DFND | 1 | 0 | 279084 | 0 |
| Kellanova | COM | 487836108 |  | 1845450 | 22500 | SH |  | DFND | 1 | 0 | 22500 | 0 |
| Kenvue Inc | COM | 49177J102 |  | 1486668 | 91600 | SH |  | DFND | 1 | 0 | 91600 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 74996180 | 3025150 | SH |  | DFND | 1 | 0 | 3025150 | 0 |
| Kontoor Brands Inc | COM | 50050N103 |  | 1116780 | 14000 | SH |  | DFND | 1 | 0 | 14000 | 0 |
| LKQ Corp | COM | 501889208 |  | 852066 | 27900 | SH |  | DFND | 1 | 0 | 27900 | 0 |
| Lam Research Corp | COM NEW | 512807306 |  | 38205955 | 285332 | SH |  | DFND | 1 | 0 | 285332 | 0 |
| Marzetti Company/The | COM | 513847103 |  | 1244088 | 7200 | SH |  | DFND | 1 | 0 | 7200 | 0 |
| Estee Lauder Cos Inc/The | CL A | 518439104 |  | 50651464 | 574801 | SH |  | DFND | 1 | 0 | 574801 | 0 |
| Leidos Holdings Inc | COM | 525327102 |  | 1776224 | 9400 | SH |  | DFND | 1 | 0 | 9400 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 133187754 | 174558 | SH |  | DFND | 1 | 0 | 174558 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 2735671 | 5480 | SH |  | DFND | 1 | 0 | 5480 | 0 |
| Lowe's Cos Inc | COM | 548661107 |  | 2935552 | 11681 | SH |  | DFND | 1 | 0 | 11681 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 2117880 | 42400 | SH |  | DFND | 1 | 0 | 42400 | 0 |
| Manulife Financial Corp | COM | 56501R106 |  | 24952585 | 801550 | SH |  | DFND | 1 | 0 | 801550 | 0 |
| Masco Corp | COM | 574599106 |  | 2432890 | 34563 | SH |  | DFND | 1 | 0 | 34563 | 0 |
| Mastercard Inc | CL A | 57636Q104 |  | 100491094 | 176669 | SH |  | DFND | 1 | 0 | 176669 | 0 |
| McDonald's Corp | COM | 580135101 |  | 2522287 | 8300 | SH |  | DFND | 1 | 0 | 8300 | 0 |
| MetLife Inc | COM | 59156R108 |  | 83778856 | 1017104 | SH |  | DFND | 1 | 0 | 1017104 | 0 |
| Microsoft Corp | COM | 594918104 |  | 835989946 | 1614036 | SH |  | DFND | 1 | 0 | 1614036 | 0 |
| Micron Technology Inc | COM | 595112103 |  | 126782714 | 757726 | SH |  | DFND | 1 | 0 | 757726 | 0 |
| Molson Coors Beverage Co | CL B | 60871R209 |  | 1144825 | 25300 | SH |  | DFND | 1 | 0 | 25300 | 0 |
| Mondelez International Inc | CL A | 609207105 |  | 2238425 | 35832 | SH |  | DFND | 1 | 0 | 35832 | 0 |
| Motorola Solutions Inc | COM NEW | 620076307 |  | 4048388 | 8853 | SH |  | DFND | 1 | 0 | 8853 | 0 |
| NRG Energy Inc | COM NEW | 629377508 |  | 58364675 | 360387 | SH |  | DFND | 1 | 0 | 360387 | 0 |
| National Fuel Gas Co | COM | 636180101 |  | 1893585 | 20500 | SH |  | DFND | 1 | 0 | 20500 | 0 |
| NetApp Inc | COM | 64110D104 |  | 1693978 | 14300 | SH |  | DFND | 1 | 0 | 14300 | 0 |
| Netflix Inc | COM | 64110L106 |  | 229987625 | 191829 | SH |  | DFND | 1 | 0 | 191829 | 0 |
| New York Times Co/The | CL A | 650111107 |  | 1595720 | 27800 | SH |  | DFND | 1 | 0 | 27800 | 0 |
| Newmont Corp | COM | 651639106 |  | 344744 | 4089 | SH |  | DFND | 1 | 0 | 4089 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 30336789 | 401865 | SH |  | DFND | 1 | 0 | 401865 | 0 |
| NIKE Inc | CL B | 654106103 |  | 98081172 | 1406585 | SH |  | DFND | 1 | 0 | 1406585 | 0 |
| Nordson Corp | COM | 655663102 |  | 1475175 | 6500 | SH |  | DFND | 1 | 0 | 6500 | 0 |
| Norfolk Southern Corp | COM | 655844108 |  | 2283116 | 7600 | SH |  | DFND | 1 | 0 | 7600 | 0 |
| NVIDIA Corp | COM | 67066G104 |  | 1082512531 | 5801868 | SH |  | DFND | 1 | 0 | 5801868 | 0 |
| Omnicom Group Inc | COM | 681919106 |  | 1019125 | 12500 | SH |  | DFND | 1 | 0 | 12500 | 0 |
| ONEOK Inc | COM | 682680103 |  | 1663716 | 22800 | SH |  | DFND | 1 | 0 | 22800 | 0 |
| Oracle Corp | COM | 68389X105 |  | 102365735 | 363980 | SH |  | DFND | 1 | 0 | 363980 | 0 |
| Otis Worldwide Corp | COM | 68902V107 |  | 1956602 | 21400 | SH |  | DFND | 1 | 0 | 21400 | 0 |
| Owens Corning | COM | 690742101 |  | 1273140 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| PPG Industries Inc | COM | 693506107 |  | 1671249 | 15900 | SH |  | DFND | 1 | 0 | 15900 | 0 |
| Palantir Technologies Inc | CL A | 69608A108 |  | 87130906 | 477639 | SH |  | DFND | 1 | 0 | 477639 | 0 |
| Pembina Pipeline Corp | COM | 706327103 |  | 1805843 | 44700 | SH |  | DFND | 1 | 0 | 44700 | 0 |
| Pfizer Inc | COM | 717081103 |  | 36146336 | 1418616 | SH |  | DFND | 1 | 0 | 1418616 | 0 |
| Philip Morris International Inc | COM | 718172109 |  | 49997988 | 308249 | SH |  | DFND | 1 | 0 | 308249 | 0 |
| T Rowe Price Group Inc | COM | 74144T108 |  | 1046928 | 10200 | SH |  | DFND | 1 | 0 | 10200 | 0 |
| Procter  Gamble Co/The | COM | 742718109 |  | 4528066 | 29470 | SH |  | DFND | 1 | 0 | 29470 | 0 |
| Prologis Inc | COM | 74340W103 |  | 32213331 | 281290 | SH |  | DFND | 1 | 0 | 281290 | 0 |
| QUALCOMM Inc | COM | 747525103 |  | 2564772 | 15417 | SH |  | DFND | 1 | 0 | 15417 | 0 |
| Quest Diagnostics Inc | COM | 74834L100 |  | 2191670 | 11500 | SH |  | DFND | 1 | 0 | 11500 | 0 |
| RPM International Inc | COM | 749685103 |  | 1638532 | 13900 | SH |  | DFND | 1 | 0 | 13900 | 0 |
| RTX Corp | COM | 75513E101 |  | 93720864 | 560096 | SH |  | DFND | 1 | 0 | 560096 | 0 |
| Regeneron Pharmaceuticals Inc | COM | 75886F107 |  | 84230295 | 149804 | SH |  | DFND | 1 | 0 | 149804 | 0 |
| Reliance Inc | COM | 759509102 |  | 1488399 | 5300 | SH |  | DFND | 1 | 0 | 5300 | 0 |
| ResMed Inc | COM | 761152107 |  | 2463570 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| Robinhood Markets Inc | COM CL A | 770700102 |  | 21623330 | 151022 | SH |  | DFND | 1 | 0 | 151022 | 0 |
| Royal Gold Inc | COM | 780287108 |  | 1805220 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| SPDR S 500 ETF TRUST | TR UNIT | 78462F103 |  | 11167613 | 16690 | SH |  | DFND |  | 0 | 16690 | 0 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | PORTFOLIO INTRMD | 78464A375 |  | 47544383 | 1402903 | SH |  | DFND |  | 0 | 1402903 | 0 |
| SPDR Portfolio Mortgage Backed Bond ETF | PORT MTG BK ETF | 78464A383 |  | 33233054 | 1482295 | SH |  | DFND |  | 0 | 1482295 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 38539518 | 162614 | SH |  | DFND | 1 | 0 | 162614 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 32538945 | 340829 | SH |  | DFND | 1 | 0 | 340829 | 0 |
| Sea Ltd | SPONSORD ADS | 81141R100 |  | 46537002 | 260376 | SH |  | DFND | 1 | 0 | 260376 | 0 |
| Sempra | COM | 816851109 |  | 33599072 | 373406 | SH |  | DFND | 1 | 0 | 373406 | 0 |
| Shopify Inc | CL A SUB VTG SHS | 82509L107 |  | 63269519 | 425742 | SH |  | DFND | 1 | 0 | 425742 | 0 |
| Simon Property Group Inc | COM | 828806109 |  | 18291069 | 97464 | SH |  | DFND | 1 | 0 | 97464 | 0 |
| A O Smith Corp | COM | 831865209 |  | 1269993 | 17300 | SH |  | DFND | 1 | 0 | 17300 | 0 |
| Snap-on Inc | COM | 833034101 |  | 3074414 | 8872 | SH |  | DFND | 1 | 0 | 8872 | 0 |
| Snowflake Inc | COM SHS | 833445109 |  | 72135852 | 319822 | SH |  | DFND | 1 | 0 | 319822 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 2145402 | 17678 | SH |  | DFND | 1 | 0 | 17678 | 0 |
| SOUTHSTATE BANK CORP | COM | 84472E102 |  | 1225988 | 12400 | SH |  | DFND | 1 | 0 | 12400 | 0 |
| Stifel Financial Corp | COM | 860630102 |  | 1668009 | 14700 | SH |  | DFND | 1 | 0 | 14700 | 0 |
| Stryker Corp | COM | 863667101 |  | 57931725 | 156712 | SH |  | DFND | 1 | 0 | 156712 | 0 |
| Sunoco LP | COM UT REP LP | 86765K109 |  | 1360272 | 27200 | SH |  | DFND | 1 | 0 | 27200 | 0 |
| TD SYNNEX Corp | COM | 87162W100 |  | 1490125 | 9100 | SH |  | DFND | 1 | 0 | 9100 | 0 |
| Sysco Corp | COM | 871829107 |  | 1457418 | 17700 | SH |  | DFND | 1 | 0 | 17700 | 0 |
| Take-Two Interactive Software Inc | COM | 874054109 |  | 112847256 | 436783 | SH |  | DFND | 1 | 0 | 436783 | 0 |
| Talen Energy Corp | COM | 87422Q109 |  | 56493442 | 132807 | SH |  | DFND | 1 | 0 | 132807 | 0 |
| Tapestry Inc | COM | 876030107 |  | 113642084 | 1003728 | SH |  | DFND | 1 | 0 | 1003728 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 15318406 | 349488 | SH |  | DFND | 1 | 0 | 349488 | 0 |
| Tesla Inc | COM | 88160R101 |  | 274412697 | 617046 | SH |  | DFND | 1 | 0 | 617046 | 0 |
| 3M Co | COM | 88579Y101 |  | 2343218 | 15100 | SH |  | DFND | 1 | 0 | 15100 | 0 |
| Toronto-Dominion Bank/The | COM NEW | 891160509 |  | 27130157 | 339578 | SH |  | DFND | 1 | 0 | 339578 | 0 |
| TransMedics Group Inc | COM | 89377M109 |  | 2355639 | 20995 | SH |  | DFND | 1 | 0 | 20995 | 0 |
| UMB Financial Corp | COM | 902788108 |  | 21634735 | 182803 | SH |  | DFND | 1 | 0 | 182803 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 123251844 | 1258057 | SH |  | DFND | 1 | 0 | 1258057 | 0 |
| Ubiquiti Inc | COM | 90353W103 |  | 2708378 | 4100 | SH |  | DFND | 1 | 0 | 4100 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 2789166 | 11800 | SH |  | DFND | 1 | 0 | 11800 | 0 |
| United Rentals Inc | COM | 911363109 |  | 40026030 | 41927 | SH |  | DFND | 1 | 0 | 41927 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 128843516 | 373135 | SH |  | DFND | 1 | 0 | 373135 | 0 |
| Valero Energy Corp | COM | 91913Y100 |  | 32744573 | 192321 | SH |  | DFND | 1 | 0 | 192321 | 0 |
| Vanguard Short-Term Corporate Bond ETF | SHRT TRM CORP BD | 92206C409 |  | 40966408 | 512721 | SH |  | DFND |  | 0 | 512721 | 0 |
| Vanguard Mortgage-Backed Securities ETF | MTG-BKD SECS ETF | 92206C771 |  | 21965427 | 467648 | SH |  | DFND |  | 0 | 467648 | 0 |
| Ventas Inc | COM | 92276F100 |  | 7449806 | 106441 | SH |  | DFND | 1 | 0 | 106441 | 0 |
| Vanguard S 500 ETF | S 500 ETF SHS | 922908363 |  | 30271029 | 49421 | SH |  | DFND |  | 0 | 49421 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 2949045 | 67100 | SH |  | DFND | 1 | 0 | 67100 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 169549791 | 496660 | SH |  | DFND | 1 | 0 | 496660 | 0 |
| Walmart Inc | COM | 931142103 |  | 153270111 | 1487193 | SH |  | DFND | 1 | 0 | 1487193 | 0 |
| Warner Music Group Corp | COM CL A | 934550203 |  | 1897142 | 55700 | SH |  | DFND | 1 | 0 | 55700 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 52872985 | 630792 | SH |  | DFND | 1 | 0 | 630792 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 29165972 | 163725 | SH |  | DFND | 1 | 0 | 163725 | 0 |
| Williams-Sonoma Inc | COM | 969904101 |  | 1719960 | 8800 | SH |  | DFND | 1 | 0 | 8800 | 0 |
| Wynn Resorts Ltd | COM | 983134107 |  | 110213304 | 859229 | SH |  | DFND | 1 | 0 | 859229 | 0 |
| Xcel Energy Inc | COM | 98389B100 |  | 29033194 | 359990 | SH |  | DFND | 1 | 0 | 359990 | 0 |
| Xylem Inc/NY | COM | 98419M100 |  | 45172465 | 306254 | SH |  | DFND | 1 | 0 | 306254 | 0 |
| Yum China Holdings Inc | COM | 98850P109 |  | 1433528 | 33400 | SH |  | DFND | 1 | 0 | 33400 | 0 |
| Zeta Global Holdings Corp | CL A | 98956A105 |  | 12541884 | 631197 | SH |  | DFND | 1 | 0 | 631197 | 0 |
| Deutsche Bank AG | NAMEN AKT | D18190898 |  | 345408 | 9834 | SH |  | DFND |  | 0 | 9834 | 0 |
| Deutsche Bank AG | NAMEN AKT | D18190898 |  | 16906660 | 481344 | SH |  | DFND | 1 | 0 | 481344 | 0 |
| Allegion plc | ORD SHS | G0176J109 |  | 3827745 | 21583 | SH |  | DFND | 1 | 0 | 21583 | 0 |
| Aon PLC | SHS CL A | G0403H108 |  | 23075718 | 64714 | SH |  | DFND | 1 | 0 | 64714 | 0 |
| CRH PLC | ORD | G25508105 |  | 195118423 | 1628594 | SH |  | DFND | 1 | 0 | 1628594 | 0 |
| Flutter Entertainment PLC | SHS | G3643J108 |  | 10428496 | 40113 | SH |  | DFND | 1 | 0 | 40113 | 0 |
| Johnson Controls International plc | SHS | G51502105 |  | 2220990 | 20200 | SH |  | DFND | 1 | 0 | 20200 | 0 |
| Linde PLC | SHS | G54950103 |  | 16362800 | 34448 | SH |  | DFND | 1 | 0 | 34448 | 0 |
| Medtronic PLC | SHS | G5960L103 |  | 2600052 | 27300 | SH |  | DFND | 1 | 0 | 27300 | 0 |
| Seagate Technology Holdings PLC | ORD SHS | G7997R103 |  | 126008120 | 533797 | SH |  | DFND | 1 | 0 | 533797 | 0 |
| Pentair PLC | SHS | G7S00T104 |  | 1927224 | 17400 | SH |  | DFND | 1 | 0 | 17400 | 0 |
| Smurfit WestRock PLC | SHS | G8267P108 |  | 32752079 | 780231 | SH |  | DFND | 1 | 0 | 780231 | 0 |
| TE Connectivity PLC | ORD SHS | G87052109 |  | 78672527 | 358368 | SH |  | DFND | 1 | 0 | 358368 | 0 |
| Alcon AG | ORD SHS | H01301128 |  | 4462319 | 60041 | SH |  | DFND | 1 | 0 | 60041 | 0 |
| Amrize Ltd | SHS | H2927K103 |  | 8950043 | 185890 | SH |  | DFND | 1 | 0 | 185890 | 0 |
| UBS Group AG | SHS | H42097107 |  | 26732936 | 655660 | SH |  | DFND | 1 | 0 | 655660 | 0 |
| Logitech International SA | SHS | H50430232 |  | 448185 | 4118 | SH |  | DFND | 1 | 0 | 4118 | 0 |
| Spotify Technology SA | SHS | L8681T102 |  | 58562730 | 83969 | SH |  | DFND | 1 | 0 | 83969 | 0 |
| AerCap Holdings NV | SHS | N00985106 |  | 23473879 | 193999 | SH |  | DFND | 1 | 0 | 193999 | 0 |
| Ferrari NV | COM | N3167Y103 |  | 3523738 | 7300 | SH |  | DFND |  | 0 | 7300 | 0 |
| Ferrari NV | COM | N3167Y103 |  | 47855747 | 99141 | SH |  | DFND | 1 | 0 | 99141 | 0 |
| Ferrovial SE | ORD SHS | N3168P101 |  | 7222180 | 126247 | SH |  | DFND | 1 | 0 | 126247 | 0 |
| NXP Semiconductors NV | COM | N6596X109 |  | 2516417 | 11050 | SH |  | DFND | 1 | 0 | 11050 | 0 |
| QIAGEN NV | COM SHS | N72482206 |  | 212767 | 4813 | SH |  | DFND | 1 | 0 | 4813 | 0 |
| Stellantis NV | SHS | N82405106 |  | 6775425 | 734662 | SH |  | DFND | 1 | 0 | 734662 | 0 |

---