Zurich Insurance 13FHR Quarterly holdings report by institutional manager | ZFSVF 15 May 23

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AT&T Inc	COM	00206R102	66,870,920	3,473,814	SH		DFND	1	0	3,473,814	0
Abbott Laboratories	COM	002824100	55,815,525	551,210	SH		DFND	1	0	551,210	0
AbbVie Inc	COM	00287Y109	27,851,023	174,757	SH		DFND	1	0	174,757	0
Adobe Inc	COM	00724F101	110,021,979	285,497	SH		DFND	1	0	285,497	0
Advance Auto Parts Inc	COM	00751Y106	790,465	6,500	SH		DFND	1	0	6,500	0
Advanced Drainage Systems Inc	COM	00790R104	33,836,589	401,812	SH		DFND	1	0	401,812	0
Agilent Technologies Inc	COM	00846U101	4,762,078	34,423	SH		DFND	1	0	34,423	0
Alphabet Inc	CAP STK CL C	02079K107	239,512	2,303	SH		DFND	1	0	2,303	0
Alphabet Inc	CAP STK CL A	02079K305	315,885,442	3,045,266	SH		DFND	1	0	3,045,266	0
Amazon.com Inc	COM	023135106	158,551,080	1,535,009	SH		DFND	1	0	1,535,009	0
American Tower Corp	COM	03027X100	18,287,408	89,495	SH		DFND	1	0	89,495	0
AmerisourceBergen Corp	COM	03073E105	1,489,023	9,300	SH		DFND	1	0	9,300	0
AMETEK Inc	COM	031100100	23,263,554	160,074	SH		DFND	1	0	160,074	0
Amgen Inc	COM	031162100	4,399,850	18,200	SH		DFND	1	0	18,200	0
Amphenol Corp	CL A	032095101	41,971,474	513,601	SH		DFND	1	0	513,601	0
Analog Devices Inc	COM	032654105	96,562,659	489,619	SH		DFND	1	0	489,619	0
ANSYS Inc	COM	03662Q105	47,323,162	142,197	SH		DFND	1	0	142,197	0
Elevance Health Inc	COM	036752103	1,839,240	4,000	SH		DFND	1	0	4,000	0
Apollo Global Management Inc	COM	03769M106	66,843,807	1,058,325	SH		DFND	1	0	1,058,325	0
Apple Inc	COM	037833100	545,836,809	3,310,108	SH		DFND	1	0	3,310,108	0
Applied Materials Inc	COM	038222105	78,030,583	635,273	SH		DFND	1	0	635,273	0
Archer-Daniels-Midland Co	COM	039483102	1,776,418	22,300	SH		DFND	1	0	22,300	0
Autodesk Inc	COM	052769106	28,750,643	138,118	SH		DFND	1	0	138,118	0
Automatic Data Processing Inc	COM	053015103	1,803,303	8,100	SH		DFND	1	0	8,100	0
BJ's Wholesale Club Holdings Inc	COM	05550J101	70,283,507	923,932	SH		DFND	1	0	923,932	0
Baker Hughes Co	CL A	05722G100	50,904,192	1,763,832	SH		DFND	1	0	1,763,832	0
Bank of America Corp	COM	060505104	52,229,492	1,826,206	SH		DFND	1	0	1,826,206	0
Berkshire Hathaway Inc	CL B NEW	084670702	115,400,626	373,743	SH		DFND	1	0	373,743	0
Best Buy Co Inc	COM	086516101	806,181	10,300	SH		DFND	1	0	10,300	0
BlackRock Inc	COM	09247X101	1,338,240	2,000	SH		DFND	1	0	2,000	0
Booking Holdings Inc	COM	09857L108	43,640,102	16,453	SH		DFND	1	0	16,453	0
Boston Scientific Corp	COM	101137107	21,068,033	421,108	SH		DFND	1	0	421,108	0
Bristol-Myers Squibb Co	COM	110122108	4,144,738	59,800	SH		DFND	1	0	59,800	0
Broadridge Financial Solutions Inc	COM	11133T103	1,553,642	10,600	SH		DFND	1	0	10,600	0
Broadcom Inc	COM	11135F101	54,224,885	84,523	SH		DFND	1	0	84,523	0
Brunswick Corp/DE	COM	117043109	52,290,908	637,694	SH		DFND	1	0	637,694	0
CSX Corp	COM	126408103	1,434,126	47,900	SH		DFND	1	0	47,900	0
Cadence Design Systems Inc	COM	127387108	51,213,009	243,767	SH		DFND	1	0	243,767	0
Campbell Soup Co	COM	134429109	1,347,010	24,500	SH		DFND	1	0	24,500	0
Canadian National Railway Co	COM	136375102	1,838,746	15,600	SH		DFND	1	0	15,600	0
Cardinal Health Inc	COM	14149Y108	1,419,400	18,800	SH		DFND	1	0	18,800	0
Carlisle Cos Inc	COM	142339100	38,622,477	170,843	SH		DFND	1	0	170,843	0
Carrier Global Corp	COM	14448C104	1,624,125	35,500	SH		DFND	1	0	35,500	0
Chevron Corp	COM	166764100	41,119,910	252,022	SH		DFND	1	0	252,022	0
Church & Dwight Co Inc	COM	171340102	1,653,267	18,700	SH		DFND	1	0	18,700	0
Cisco Systems Inc	COM	17275R102	4,171,545	79,800	SH		DFND	1	0	79,800	0
Clean Harbors Inc	COM	184496107	69,226,566	485,596	SH		DFND	1	0	485,596	0
Coca-Cola Co/The	COM	191216100	51,126,243	824,218	SH		DFND	1	0	824,218	0
Coca-Cola Femsa SAB de CV	SPONSORD ADR REP	191241108	1,553,071	19,300	SH		DFND	1	0	19,300	0
Colgate-Palmolive Co	COM	194162103	26,325,270	350,303	SH		DFND	1	0	350,303	0
Comcast Corp	CL A	20030N101	1,243,448	32,800	SH		DFND	1	0	32,800	0
ConocoPhillips	COM	20825C104	23,106,406	232,904	SH		DFND	1	0	232,904	0
Copart Inc	COM	217204106	53,169,108	706,942	SH		DFND	1	0	706,942	0
Crane NXT Co	COM	224441105	1,135,000	10,000	SH		DFND	1	0	10,000	0
Cummins Inc	COM	231021106	1,289,952	5,400	SH		DFND	1	0	5,400	0
DR Horton Inc	COM	23331A109	44,995,330	460,593	SH		DFND	1	0	460,593	0
Danaher Corp	COM	235851102	82,785,562	328,462	SH		DFND	1	0	328,462	0
Darden Restaurants Inc	COM	237194105	1,551,600	10,000	SH		DFND	1	0	10,000	0
Deere & Co	COM	244199105	1,403,792	3,400	SH		DFND	1	0	3,400	0
Dell Technologies Inc	CL C	24703L202	952,977	23,700	SH		DFND	1	0	23,700	0
Dover Corp	COM	260003108	1,139,550	7,500	SH		DFND	1	0	7,500	0
Eagle Materials Inc	COM	26969P108	59,346,727	404,407	SH		DFND	1	0	404,407	0
Eastman Chemical Co	COM	277432100	1,265,100	15,000	SH		DFND	1	0	15,000	0
Emerson Electric Co	COM	291011104	1,420,382	16,300	SH		DFND	1	0	16,300	0
EnLink Midstream LLC	COM UNIT REP LTD	29336T100	938,744	86,600	SH		DFND	1	0	86,600	0
Enterprise Products Partners LP	COM	293792107	1,473,710	56,900	SH		DFND	1	0	56,900	0
Expeditors International of Washington Inc	COM	302130109	1,607,752	14,600	SH		DFND	1	0	14,600	0
Exxon Mobil Corp	COM	30231G102	134,809,534	1,229,341	SH		DFND	1	0	1,229,341	0
FMC Corp	COM NEW	302491303	1,343,430	11,000	SH		DFND	1	0	11,000	0
Meta Platforms Inc	CL A	30303M102	197,832,850	933,438	SH		DFND	1	0	933,438	0
Fastenal Co	COM	311900104	61,088,884	1,132,534	SH		DFND	1	0	1,132,534	0
Franco-Nevada Corp	COM	351858105	1,529,890	10,500	SH		DFND	1	0	10,500	0
FRANKLIN FTSE BRAZIL ETF	FTSE BRAZIL	35473P835	1,112,002	66,230	SH		DFND		0	66,230	0
Freeport-McMoRan Inc	CL B	35671D857	77,526,496	1,895,050	SH		DFND	1	0	1,895,050	0
Gartner Inc	COM	366651107	41,834,406	128,417	SH		DFND	1	0	128,417	0
General Mills Inc	COM	370334104	1,623,740	19,000	SH		DFND	1	0	19,000	0
Genuine Parts Co	COM	372460105	2,593,305	15,500	SH		DFND	1	0	15,500	0
WW Grainger Inc	COM	384802104	1,928,668	2,800	SH		DFND	1	0	2,800	0
Grocery Outlet Holding Corp	COM	39874R101	375,152	13,275	SH		DFND		0	13,275	0
HP Inc	COM	40434L105	965,615	32,900	SH		DFND	1	0	32,900	0
Jack Henry & Associates Inc	COM	426281101	1,175,616	7,800	SH		DFND	1	0	7,800	0
Home Depot Inc/The	COM	437076102	51,008,541	172,840	SH		DFND	1	0	172,840	0
Honeywell International Inc	COM	438516106	1,758,304	9,200	SH		DFND	1	0	9,200	0
Houlihan Lokey Inc	CL A	441593100	1,041,131	11,900	SH		DFND	1	0	11,900	0
Hubbell Inc	COM	443510607	1,435,529	5,900	SH		DFND	1	0	5,900	0
Huntington Ingalls Industries Inc	COM	446413106	1,180,014	5,700	SH		DFND	1	0	5,700	0
Huntsman Corp	COM	447011107	880,992	32,200	SH		DFND	1	0	32,200	0
ITT Inc	COM	45073V108	1,104,640	12,800	SH		DFND	1	0	12,800	0
IDEXX Laboratories Inc	COM	45168D104	44,099,555	88,185	SH		DFND	1	0	88,185	0
Illinois Tool Works Inc	COM	452308109	1,728,495	7,100	SH		DFND	1	0	7,100	0
Ingersoll Rand Inc	COM	45687V106	60,717,812	1,043,620	SH		DFND	1	0	1,043,620	0
Ingredion Inc	COM	457187102	1,159,722	11,400	SH		DFND	1	0	11,400	0
Interpublic Group of Cos Inc/The	COM	460690100	1,709,316	45,900	SH		DFND	1	0	45,900	0
Intuit Inc	COM	461202103	85,737,121	192,309	SH		DFND	1	0	192,309	0
Intuitive Surgical Inc	COM NEW	46120E602	63,177,986	247,301	SH		DFND	1	0	247,301	0
Invesco WilderHill Clean Energy ETF	WILDERHIL CLAN	46137V134	5,293,468	130,994	SH		DFND	1	0	130,994	0
Invesco DB Agriculture Fund	AGRICULTURE FD	46140H106	1,460,888	71,507	SH		DFND	1	0	71,507	0
ISHARES MSCI AUSTRALIA ETF	MSCI AUST ETF	464286103	463,628	20,114	SH		DFND		0	20,114	0
ISHARES MSCI BRAZIL ETF	MSCI BRAZIL ETF	464286400	2,758,795	100,870	SH		DFND		0	100,870	0
ISHARES MSCI CANADA ETF	MSCI CDA ETF	464286509	654,929	18,945	SH		DFND		0	18,945	0
iShares MSCI Canada ETF	MSCI CDA ETF	464286509	7,295,106	213,432	SH		DFND	1	0	213,432	0
ISHARES MSCI EUROZONE ETF	MSCI EURZONE ETF	464286608	572,397	12,594	SH		DFND		0	12,594	0
ISHARES MSCI CHILE ETF	MSCI CHILE ETF	464286640	2,042,413	74,081	SH		DFND		0	74,081	0
ISHARES MSCI FRANCE ETF	MSCI FRANCE ETF	464286707	767,848	20,106	SH		DFND		0	20,106	0
ISHARES CORE S&P 500 ETF	CORE S&P500 ETF	464287200	560,024	1,361	SH		DFND		0	1,361	0
ISHARES S&P 500 VALUE ETF	S&P 500 VAL ETF	464287408	6,359,991	41,994	SH		DFND		0	41,994	0
ISHARES U.S. INDUSTRIALS ETF	US INDUSTRIALS	464287754	1,786,020	18,234	SH		DFND		0	18,234	0
ISHARES EUROPE ETF	EUROPE ETF	464287861	4,863,920	96,030	SH		DFND		0	96,030	0
ISHARES MSCI ALL COUNTRY ASI	MSCI AC ASIA ETF	464288182	3,652,613	53,794	SH		DFND		0	53,794	0
ISHARES MSCI ACWI ETF	MSCI ACWI ETF	464288257	399,616	4,376	SH		DFND		0	4,376	0
iShares MBS ETF	MBS ETF	464288588	32,010,901	338,060	SH		DFND		0	338,060	0
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF	ISHS 1-5YR INVS	464288646	34,339,228	679,581	SH		DFND		0	679,581	0
ISHARES MSCI INDONESIA ETF	MSCI INDONIA ETF	46429B309	292,028	12,432	SH		DFND		0	12,432	0
ISHARES MSCI CHINA ETF	MSCI CHINA ETF	46429B671	597,778	12,069	SH		DFND		0	12,069	0
ISHARES MSCI TAIWAN ETF	MSCI TAIWAN ETF	46434G772	2,503,832	55,715	SH		DFND		0	55,715	0
ISHARES MSCI SINGAPORE ETF	MSCI SINGPOR ETF	46434G780	529,385	26,509	SH		DFND		0	26,509	0
ISHARES MSCI JAPAN ETF	MSCI JPN ETF NEW	46434G822	2,218,988	38,464	SH		DFND		0	38,464	0
ISHARES MSCI UNITED KINGDOM	MSCI UK ETF NEW	46435G334	1,236,124	37,379	SH		DFND		0	37,379	0
JPMorgan Chase & Co	COM	46625H100	106,488,811	817,196	SH		DFND	1	0	817,196	0
JPMORGAN BETABUILDERS JAPAN	BETABULDRS JAPAN	46641Q217	1,221,358	25,648	SH		DFND		0	25,648	0
Johnson & Johnson	COM	478160104	82,871,835	534,657	SH		DFND	1	0	534,657	0
KLA Corp	COM NEW	482480100	57,413,020	143,831	SH		DFND	1	0	143,831	0
KKR & Co Inc	COM	48251W104	65,984,395	1,256,367	SH		DFND	1	0	1,256,367	0
Kellogg Co	COM	487836108	1,205,280	18,000	SH		DFND	1	0	18,000	0
Kroger Co/The	COM	501044101	1,609,462	32,600	SH		DFND	1	0	32,600	0
Lam Research Corp	COM	512807108	2,226,504	4,200	SH		DFND	1	0	4,200	0
Lamar Advertising Co	CL A	512816109	1,288,581	12,900	SH		DFND	1	0	12,900	0
Estee Lauder Cos Inc/The	CL A	518439104	51,654,566	209,586	SH		DFND	1	0	209,586	0
Leggett & Platt Inc	COM	524660107	825,692	25,900	SH		DFND	1	0	25,900	0
Lennox International Inc	COM	526107107	1,105,632	4,400	SH		DFND	1	0	4,400	0
Eli Lilly & Co	COM	532457108	85,232,723	248,188	SH		DFND	1	0	248,188	0
Lincoln Electric Holdings Inc	COM	533900106	1,386,620	8,200	SH		DFND	1	0	8,200	0
Lockheed Martin Corp	COM	539830109	76,228,185	161,251	SH		DFND	1	0	161,251	0
Lowe's Cos Inc	COM	548661107	1,639,754	8,200	SH		DFND	1	0	8,200	0
Lululemon Athletica Inc	COM	550021109	31,297,396	85,937	SH		DFND	1	0	85,937	0
MKS Instruments Inc	COM	55306N104	850,752	9,600	SH		DFND	1	0	9,600	0
Manulife Financial Corp	COM	56501R106	1,543,413	84,200	SH		DFND	1	0	84,200	0
Markel Corp	COM	570535104	36,924,813	28,906	SH		DFND	1	0	28,906	0
Mastercard Inc	CL A	57636Q104	118,148,952	325,112	SH		DFND	1	0	325,112	0
McDonald's Corp	COM	580135101	2,041,153	7,300	SH		DFND	1	0	7,300	0
Merck & Co Inc	COM	58933Y105	125,233,158	1,177,114	SH		DFND	1	0	1,177,114	0
Microsoft Corp	COM	594918104	506,743,180	1,757,694	SH		DFND	1	0	1,757,694	0
Micron Technology Inc	COM	595112103	49,171,549	814,908	SH		DFND	1	0	814,908	0
Mondelez International Inc	CL A	609207105	29,789,334	427,271	SH		DFND	1	0	427,271	0
Monster Beverage Corp	COM	61174X109	77,471,134	1,434,385	SH		DFND	1	0	1,434,385	0
Moody's Corp	COM	615369105	63,152,429	206,367	SH		DFND	1	0	206,367	0
Morgan Stanley	COM NEW	617446448	36,645,964	417,380	SH		DFND	1	0	417,380	0
Motorola Solutions Inc	COM NEW	620076307	16,482,805	57,606	SH		DFND	1	0	57,606	0
National Fuel Gas Co	COM	636180101	767,942	13,300	SH		DFND	1	0	13,300	0
National Instruments Corp	COM	636518102	1,153,020	22,000	SH		DFND	1	0	22,000	0
Netflix Inc	COM	64110L106	89,919,807	260,275	SH		DFND	1	0	260,275	0
NextEra Energy Inc	COM	65339F101	82,817,219	1,074,432	SH		DFND	1	0	1,074,432	0
NIKE Inc	CL B	654106103	72,667,266	592,525	SH		DFND	1	0	592,525	0
NVIDIA Corp	COM	67066G104	140,797,446	506,885	SH		DFND	1	0	506,885	0
Omnicom Group Inc	COM	681919106	1,179,250	12,500	SH		DFND	1	0	12,500	0
Open Text Corp	COM	683715106	1,267,657	32,900	SH		DFND	1	0	32,900	0
Otis Worldwide Corp	COM	68902V107	1,358,840	16,100	SH		DFND	1	0	16,100	0
PACCAR Inc	COM	693718108	1,526,220	20,850	SH		DFND	1	0	20,850	0
Packaging Corp of America	COM	695156109	1,055,108	7,600	SH		DFND	1	0	7,600	0
Paychex Inc	COM	704326107	1,180,277	10,300	SH		DFND	1	0	10,300	0
Paycom Software Inc	COM	70432V102	336,235	1,106	SH		DFND	1	0	1,106	0
Pembina Pipeline Corp	COM	706327103	1,375,254	42,500	SH		DFND	1	0	42,500	0
PepsiCo Inc	COM	713448108	23,030,871	126,335	SH		DFND	1	0	126,335	0
Polaris Inc	COM	731068102	730,158	6,600	SH		DFND	1	0	6,600	0
Pool Corp	COM	73278L105	55,238,312	161,308	SH		DFND	1	0	161,308	0
T Rowe Price Group Inc	COM	74144T108	1,151,580	10,200	SH		DFND	1	0	10,200	0
Procter & Gamble Co/The	COM	742718109	45,894,358	308,658	SH		DFND	1	0	308,658	0
Progressive Corp/The	COM	743315103	62,990,319	440,307	SH		DFND	1	0	440,307	0
Prudential Financial Inc	COM	744320102	1,365,210	16,500	SH		DFND	1	0	16,500	0
Public Storage	COM	74460D109	1,359,630	4,500	SH		DFND	1	0	4,500	0
Raytheon Technologies Corp	COM	75513E101	1,890,049	19,300	SH		DFND	1	0	19,300	0
Regal Rexnord Corp	COM	758750103	45,736,969	324,998	SH		DFND	1	0	324,998	0
ResMed Inc	COM	761152107	1,401,536	6,400	SH		DFND	1	0	6,400	0
Robert Half International Inc	COM	770323103	1,079,638	13,400	SH		DFND	1	0	13,400	0
S&P Global Inc	COM	78409V104	63,569,727	184,383	SH		DFND	1	0	184,383	0
SPDR S&P 500 ETF TRUST	TR UNIT	78462F103	6,044,615	14,757	SH		DFND		0	14,757	0
SPDR Portfolio Intermediate Term Corporate Bond ETF	PORTFOLIO INTRMD	78464A375	45,566,289	1,402,903	SH		DFND		0	1,402,903	0
SPDR Portfolio Mortgage Backed Bond ETF	PORT MTG BK ETF	78464A383	32,832,834	1,482,295	SH		DFND		0	1,482,295	0
SPDR PORT S&P 500 VALUE	PRTFLO S&P500 VL	78464A508	3,243,356	79,807	SH		DFND		0	79,807	0
SPDR S&P 500 ESG ETF	S&P 500 ESG ETF	78468R531	717,074	18,140	SH		DFND		0	18,140	0
Salesforce Inc	COM	79466L302	113,781,902	569,536	SH		DFND	1	0	569,536	0
Schlumberger NV	COM STK	806857108	34,143,649	695,390	SH		DFND	1	0	695,390	0
MATERIALS SELECT SECTOR SPDR	SBI MATERIALS	81369Y100	1,815,107	22,686	SH		DFND		0	22,686	0
HEALTH CARE SELECT SECTOR	SBI HEALTHCARE	81369Y209	10,494,003	78,648	SH		DFND		0	78,648	0
CONSUMER STAPLES SPDR	SBI CONS STPLS	81369Y308	4,074,037	54,061	SH		DFND		0	54,061	0
CONSUMER DISCRETIONARY SELT	SBI CONS DISCR	81369Y407	10,410,293	71,514	SH		DFND		0	71,514	0
ENERGY SELECT SECTOR SPDR	ENERGY	81369Y506	6,323,250	73,818	SH		DFND		0	73,818	0
FINANCIAL SELECT SECTOR SPDR	FINANCIAL	81369Y605	8,183,507	255,256	SH		DFND		0	255,256	0
INDUSTRIAL SELECT SECT SPDR	SBI INT-INDS	81369Y704	5,916,147	59,965	SH		DFND		0	59,965	0
TECHNOLOGY SELECT SECT SPDR	TECHNOLOGY	81369Y803	29,545,313	198,304	SH		DFND		0	198,304	0
REAL ESTATE SELECT SECT SPDR	RL EST SEL SEC	81369Y860	1,194,399	32,030	SH		DFND		0	32,030	0
UTILITIES SELECT SECTOR SPDR	SBI INT-UTILS	81369Y886	1,809,260	25,969	SH		DFND		0	25,969	0
Skyworks Solutions Inc	COM	83088M102	1,356,770	11,500	SH		DFND	1	0	11,500	0
A O Smith Corp	COM	831865209	1,286,190	18,600	SH		DFND	1	0	18,600	0
J M Smucker Co/The	COM NEW	832696405	1,526,489	9,700	SH		DFND	1	0	9,700	0
Snap-on Inc	COM	833034101	1,826,986	7,400	SH		DFND	1	0	7,400	0
Starbucks Corp	COM	855244109	49,394,378	474,353	SH		DFND	1	0	474,353	0
Stryker Corp	COM	863667101	98,015,554	343,348	SH		DFND	1	0	343,348	0
Sun Life Financial Inc	COM	866796105	1,493,388	32,000	SH		DFND	1	0	32,000	0
Synopsys Inc	COM	871607107	27,884,933	72,194	SH		DFND	1	0	72,194	0
Sysco Corp	COM	871829107	1,366,971	17,700	SH		DFND	1	0	17,700	0
T-Mobile US Inc	COM	872590104	77,275,182	533,521	SH		DFND	1	0	533,521	0
Tesla Inc	COM	88160R101	71,926,382	346,700	SH		DFND	1	0	346,700	0
Texas Instruments Inc	COM	882508104	80,880,310	434,817	SH		DFND	1	0	434,817	0
Thermo Fisher Scientific Inc	COM	883556102	16,700,897	28,976	SH		DFND	1	0	28,976	0
Tractor Supply Co	COM	892356106	84,492,649	359,482	SH		DFND	1	0	359,482	0
Ulta Beauty Inc	COM	90384S303	65,466,213	119,974	SH		DFND	1	0	119,974	0
Union Pacific Corp	COM	907818108	25,274,835	125,583	SH		DFND	1	0	125,583	0
United Parcel Service Inc	CL B	911312106	2,114,491	10,900	SH		DFND	1	0	10,900	0
UnitedHealth Group Inc	COM	91324P102	171,252,438	362,370	SH		DFND	1	0	362,370	0
Valmont Industries Inc	COM	920253101	1,149,408	3,600	SH		DFND	1	0	3,600	0
VANECK MORNINGSTAR WIDE MOAT	MRNGSTR WDE MOAT	92189F643	8,099,566	111,029	SH		DFND		0	111,029	0
VANGUARD FTSE EUROPE ETF	FTSE EUROPE ETF	922042874	2,578,059	41,872	SH		DFND		0	41,872	0
VANGUARD CONSUMER STAPLE ETF	CONSUM STP ETF	92204A207	2,896,984	14,867	SH		DFND		0	14,867	0
VANGUARD FINANCIALS ETF	FINANCIALS ETF	92204A405	3,412,736	44,115	SH		DFND		0	44,115	0
VANGUARD HEALTH CARE ETF	HEALTH CAR ETF	92204A504	9,181,634	37,473	SH		DFND		0	37,473	0
VANGUARD COMMUNICATION SERVI	COMM SRVC ETF	92204A884	7,683,886	78,407	SH		DFND		0	78,407	0
Vanguard Short-Term Corporate Bond ETF	SHRT TRM CORP BD	92206C409	39,084,722	512,721	SH		DFND		0	512,721	0
Vanguard Mortgage-Backed Securities ETF	MTG-BKD SECS ETF	92206C771	21,769,014	467,648	SH		DFND		0	467,648	0
Vanguard S&P 500 ETF	S&P 500 ETF SHS	922908363	21,739,042	57,840	SH		DFND		0	57,840	0
VANGUARD VALUE ETF	VALUE ETF	922908744	2,405,732	17,259	SH		DFND		0	17,259	0
Visa Inc	COM CL A	92826C839	161,477,834	716,215	SH		DFND	1	0	716,215	0
Walmart Inc	COM	931142103	2,079,045	14,100	SH		DFND	1	0	14,100	0
Walgreens Boots Alliance Inc	COM	931427108	947,492	27,400	SH		DFND	1	0	27,400	0
Waste Connections Inc	COM	94106B101	49,682,758	357,250	SH		DFND	1	0	357,250	0
Watsco Inc	COM	942622200	1,304,456	4,100	SH		DFND	1	0	4,100	0
Wells Fargo & Co	COM	949746101	89,430,155	2,392,460	SH		DFND	1	0	2,392,460	0
Western Midstream Partners LP	COM UNIT LP INT	958669103	1,073,259	40,700	SH		DFND	1	0	40,700	0
Westrock Co	COM	96145D105	837,925	27,500	SH		DFND	1	0	27,500	0
Whirlpool Corp	COM	963320106	884,534	6,700	SH		DFND	1	0	6,700	0
Workday Inc	CL A	98138H101	15,249,468	73,833	SH		DFND	1	0	73,833	0
YETI Holdings Inc	COM	98585X104	16,703,840	417,596	SH		DFND	1	0	417,596	0
Deutsche Bank AG	NAMEN AKT	D18190898	100,129	9,834	SH		DFND		0	9,834	0
Deutsche Bank AG	NAMEN AKT	D18190898	372,307	36,632	SH		DFND	1	0	36,632	0
Allegion plc	ORD SHS	G0176J109	1,238,068	11,600	SH		DFND	1	0	11,600	0
Amdocs Ltd	SHS	G02602103	1,257,993	13,100	SH		DFND	1	0	13,100	0
Aon PLC	SHS CL A	G0403H108	64,947,218	205,992	SH		DFND	1	0	205,992	0
Accenture PLC	SHS CLASS A	G1151C101	3,829,854	13,400	SH		DFND	1	0	13,400	0
Eaton Corp PLC	SHS	G29183103	67,427,088	393,528	SH		DFND	1	0	393,528	0
Ferguson PLC	SHS	G3421J106	53,461,079	399,709	SH		DFND	1	0	399,709	0
Johnson Controls International plc	SHS	G51502105	1,216,444	20,200	SH		DFND	1	0	20,200	0
Linde PLC	SHS	G54950103	87,074,269	244,976	SH		DFND	1	0	244,976	0
Medtronic PLC	SHS	G5960L103	2,531,468	31,400	SH		DFND	1	0	31,400	0
Seagate Technology Holdings PLC	ORD SHS	G7997R103	747,156	11,300	SH		DFND	1	0	11,300	0
Trane Technologies PLC	SHS	G8994E103	1,784,606	9,700	SH		DFND	1	0	9,700	0
Alcon Inc	ORD SHS	H01301128	9,151,082	129,084	SH		DFND	1	0	129,084	0
UBS Group AG	SHS	H42097107	295,493	13,984	SH		DFND		0	13,984	0
UBS Group AG	SHS	H42097107	19,521,759	923,615	SH		DFND	1	0	923,615	0
CNH Industrial NV	SHS	N20944109	4,314,152	282,061	SH		DFND	1	0	282,061	0
Ferrari NV	COM	N3167Y103	8,265,532	30,521	SH		DFND	1	0	30,521	0
LyondellBasell Industries NV	SHS - A -	N53745100	1,164,236	12,400	SH		DFND	1	0	12,400	0
QIAGEN NV	SHS NEW	N72482123	2,412,603	52,993	SH		DFND	1	0	52,993	0
Stellantis NV	SHS	N82405106	6,569,341	361,430	SH		DFND		0	361,430	0
Stellantis NV	SHS	N82405106	15,699,031	863,931	SH		DFND	1	0	863,931	0

Zurich Insurance (ZFSVF) 13F-HRQuarterly holdings report by institutional manager