# EDGAR Filing Document

**Accession Number:** 0001964189
**File Stem:** 0001964189-26-000002
**Filing Date:** 2026-3
**Character Count:** 23903
**Document Hash:** 2c68f278d652959e00bc863770e9a000
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001964189-26-000002.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001964189-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Auto-Owners Insurance Co
- **CENTRAL INDEX KEY:** 0001964189

**ORGANIZATION NAME:**
- **EIN:** 380315280
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23026
- **FILM NUMBER:** 26734447

**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:** 12-31-2025

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] 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:** Tony Dean<br>**Title:** President Treasurer  CIO<br>**Phone:** 5173231200

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

Tony Dean  Lansing, MI  03-09-2026<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:** 2

**Form 13F Information Table Entry Total:** 182

**Form 13F Information Table Value Total:** $4762990601

      (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      |  |
|  | Home-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 |
| 3M CO | COM | 88579Y101 | BBG000BP5522 | 9412279 | 58790 | SH |  | SOLE |  | 58790 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZZG4 | 1047174 | 8358 | SH |  | SOLE |  | 8358 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG000DLVGV4 | 915462 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S4MVF2 | 146573476 | 467092 | SH |  | SOLE |  | 467092 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVQ4Z3 | 82753125 | 358518 | SH |  | SOLE |  | 358518 | 0 | 0 |
| AMERISAFE INC | COM | 03071H100 | BBG000Q0JWB7 | 16397229 | 426900 | SH |  | SOLE |  | 426900 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 | BBG000BB6RX0 | 345780 | 1275 | SH |  | SOLE |  | 1275 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9Y5X2 | 4028421 | 14818 | SH |  | SOLE |  | 14818 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPST2 | 3370167 | 13114 | SH |  | SOLE |  | 13114 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 | BBG000BJH7L8 | 367568 | 8066 | SH |  | SOLE |  | 8066 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG000BSJLV4 | 547797 | 22053 | SH |  | SOLE |  | 22053 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 | BBG000BLPDS4 | 11785150 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 | BBG000BB0BD3 | 444210 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 | BBG000BCVLK7 | 20065500 | 1050000 | SH |  | SOLE |  | 1050000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BD00Y0 | 35389635 | 182355 | SH |  | SOLE |  | 182355 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCHZ5 | 117748800 | 156 | SH |  | SOLE |  | 156 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWH8Q0 | 4856102 | 9661 | SH |  | SOLE |  | 9661 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PT1FFJ9 | 1284408 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SQ7 | 827179 | 2390 | SH |  | SOLE |  | 2390 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 | BBG000BTCSJ8 | 1511144 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 | BBG000BF6PR2 | 19851000 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | BBG00RP5HYX2 | 675665 | 12787 | SH |  | SOLE |  | 12787 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3JBN9 | 45389465 | 589244 | SH |  | SOLE |  | 589244 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHMC53 | 534964 | 1959 | SH |  | SOLE |  | 1959 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG000BMX4N8 | 3055067 | 43700 | SH |  | SOLE |  | 43700 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 | BBG000BBF443 | 849256 | 10232 | SH |  | SOLE |  | 10232 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG000BFR0Y6 | 442512 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6HLL1 | 349248 | 405 | SH |  | SOLE |  | 405 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG000BGRZP7 | 461161 | 5811 | SH |  | SOLE |  | 5811 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 | BBG00MS83205 | 522024 | 4147 | SH |  | SOLE |  | 4147 | 0 | 0 |
| DOVER CORP | COM | 260003108 | BBG000BHB4Z0 | 761436 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| DOW INC | COM | 260557103 | BBG00LXXHZT7 | 37665180 | 1611000 | SH |  | SOLE |  | 1611000 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00CCS9JW2 | 16125305 | 401127 | SH |  | SOLE |  | 401127 | 0 | 0 |
| ECOLAB INC | COM | 278865100 | BBG000BHL0C2 | 945072 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG000K5M411 | 8566831 | 179110 | SH |  | SOLE |  | 179110 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG000BR31S1 | 32060000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 | BBG000BJ5J62 | 610196 | 4095 | SH |  | SOLE |  | 4095 | 0 | 0 |
| FMC CORP | COM NEW | 302491303 | BBG000BJPBC0 | 6241500 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 | BBG00BLVZ282 | 240164 | 4350 | SH |  | SOLE |  | 4350 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG000BK6PH2 | 38672550 | 125548 | SH |  | SOLE |  | 125548 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BY44931 | 28957244 | 353051 | SH |  | SOLE |  | 353051 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG01LT2THM3 | 20510987 | 31383 | SH |  | SOLE |  | 31383 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG0014WFHK6 | 796936 | 9800 | SH |  | SOLE |  | 9800 | 0 | 0 |
| GRAHAM CORP | COM | 384556106 | BBG000BKB9K8 | 706530 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 | BBG000KT0KS8 | 333060 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 | BBG000BL6DN0 | 4957062 | 168150 | SH |  | SOLE |  | 168150 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJGM3 | 1441906 | 7033 | SH |  | SOLE |  | 7033 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBNV1 | 628065 | 2550 | SH |  | SOLE |  | 2550 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0GFS4 | 1985515 | 53808 | SH |  | SOLE |  | 53808 | 0 | 0 |
| ISHARES INC | EM MKTS DIV ETF | 464286319 | BBG002PHMJ77 | 15580000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 | BBG003HC3CW3 | 24199200 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 | BBG000HSHZJ3 | 451686616 | 3037774 | SH |  | SOLE |  | 3037774 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG000GLC047 | 282997830 | 3963000 | SH |  | SOLE |  | 3963000 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 | BBG00G9DM001 | 198990000 | 2412000 | SH |  | SOLE |  | 2412000 | 0 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C18460 | 88672320 | 864000 | SH |  | SOLE |  | 864000 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZQ8 | 35716590 | 514500 | SH |  | SOLE |  | 514500 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 | BBG001LRJCD3 | 2894318 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| ISHARES TR | EAFE SML CP ETF | 464288273 | BBG000T1G8T9 | 4056388 | 52300 | SH |  | SOLE |  | 52300 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHZY5 | 64349033 | 310940 | SH |  | SOLE |  | 310940 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG008H7SQZ2 | 12748977 | 525731 | SH |  | SOLE |  | 525731 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FNDGNN8 | 1321809 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD257 | 768398 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG002GPKKZ7 | 90671283 | 137362 | SH |  | SOLE |  | 137362 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPHFS9 | 51701396 | 106905 | SH |  | SOLE |  | 106905 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG000D4M6H0 | 570598 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| MOODYS CORP | COM | 615369105 | BBG000F86JD3 | 420430 | 823 | SH |  | SOLE |  | 823 | 0 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 | BBG000BCM158 | 2228650 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 | BBG000LYF718 | 4628296 | 33570 | SH |  | SOLE |  | 33570 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLY10 | 2826195 | 14500 | SH |  | SOLE |  | 14500 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60KZ6 | 558429 | 6393 | SH |  | SOLE |  | 6393 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7TN1 | 47257979 | 329278 | SH |  | SOLE |  | 329278 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG000BRD2F2 | 1043650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| POLARIS INC | COM | 731068102 | BBG000D5S6R0 | 65463750 | 1035000 | SH |  | SOLE |  | 1035000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2WS4 | 3549645 | 24769 | SH |  | SOLE |  | 24769 | 0 | 0 |
| PROTO LABS INC | COM | 743713109 | BBG001Y33W81 | 227655 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG000CGCDW3 | 1340861 | 7839 | SH |  | SOLE |  | 7839 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | BBG000FD2C69 | 768288 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG000BW8TX8 | 7461996 | 40687 | SH |  | SOLE |  | 40687 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 | BBG0051K49L5 | 122270205 | 2703000 | SH |  | SOLE |  | 2703000 | 0 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597182 | 23563417 | 584048 | SH |  | SOLE |  | 584048 | 0 | 0 |
| SNAP ON INC | COM | 833034101 | BBG000BT7MD3 | 1025185 | 2975 | SH |  | SOLE |  | 2975 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG000Q8SXL7 | 676393877 | 15230666 | SH |  | SOLE |  | 15230666 | 0 | 0 |
| SPDR SERIES TRUST | NYSE TECH ETF | 78464A102 | BBG000C9R462 | 363328100 | 1307500 | SH |  | SOLE |  | 1307500 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A847 | BBG000KMBJV0 | 60236800 | 1040000 | SH |  | SOLE |  | 1040000 | 0 | 0 |
| SPDR SERIES TRUST | PRTFLO S HI | 78468R788 | BBG00B6WD8B4 | 88918750 | 2050000 | SH |  | SOLE |  | 2050000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7RP0 | 2914741 | 8293 | SH |  | SOLE |  | 8293 | 0 | 0 |
| SYSCO CORP | COM | 871829107 | BBG000BTVL39 | 817959 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDPD4 | 2427896 | 4190 | SH |  | SOLE |  | 4190 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG000BXBKG0 | 3965443 | 42096 | SH |  | SOLE |  | 42096 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 | BBG000BYYNN9 | 14172480 | 288000 | SH |  | SOLE |  | 288000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3413 | 236409 | 1022 | SH |  | SOLE |  | 1022 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG000L9CXY3 | 1220037 | 12300 | SH |  | SOLE |  | 12300 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG000FFFQT4 | 33350000 | 625000 | SH |  | SOLE |  | 625000 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG000HT53P8 | 64236773 | 249028 | SH |  | SOLE |  | 249028 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG000HRBDF4 | 7040670 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT8D55 | 70464092 | 1310716 | SH |  | SOLE |  | 1310716 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG000QVFD98 | 65328003 | 1045750 | SH |  | SOLE |  | 1045750 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG000QBYYJ4 | 103937184 | 724200 | SH |  | SOLE |  | 724200 | 0 | 0 |
| VANGUARD WORLD FD | CONSUM DIS ETF | 92204A108 | BBG000HX44H7 | 31966884 | 80700 | SH |  | SOLE |  | 80700 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS79Q4 | 408644 | 10033 | SH |  | SOLE |  | 10033 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 525072 | 39733 | SH |  | SOLE |  | 39733 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG016HRQK22 | 678519 | 23527 | SH |  | SOLE |  | 23527 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG003BW0FC3 | 8619766 | 40133 | SH |  | SOLE |  | 40133 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 | BBG000BKPMZ8 | 2009712 | 22350 | SH |  | SOLE |  | 22350 | 0 | 0 |
| 3M CO | COM | 88579Y101 | BBG000BP5522 | 3266040 | 20400 | SH |  | DFND | 1 | 0 | 20400 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S4MVF2 | 21338400 | 68000 | SH |  | DFND | 1 | 0 | 68000 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVQ4Z3 | 9925260 | 43000 | SH |  | DFND | 1 | 0 | 43000 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BD00Y0 | 3359352 | 17310 | SH |  | DFND | 1 | 0 | 17310 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCHZ5 | 5283600 | 7 | SH |  | DFND | 1 | 0 | 7 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3JBN9 | 4168864 | 54120 | SH |  | DFND | 1 | 0 | 54120 | 0 |
| COCA COLA CO | COM | 191216100 | BBG000BMX4N8 | 1202452 | 17200 | SH |  | DFND | 1 | 0 | 17200 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00CCS9JW2 | 904500 | 22500 | SH |  | DFND | 1 | 0 | 22500 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG000BK6PH2 | 17176369 | 55762 | SH |  | DFND | 1 | 0 | 55762 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BY44931 | 3164906 | 38587 | SH |  | DFND | 1 | 0 | 38587 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG01LT2THM3 | 9110766 | 13940 | SH |  | DFND | 1 | 0 | 13940 | 0 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 | BBG000BL6DN0 | 2299440 | 78000 | SH |  | DFND | 1 | 0 | 78000 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0GFS4 | 889290 | 24100 | SH |  | DFND | 1 | 0 | 24100 | 0 |
| ISHARES INC | EM MKTS DIV ETF | 464286319 | BBG002PHMJ77 | 5297200 | 170000 | SH |  | DFND | 1 | 0 | 170000 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C18460 | 28120620 | 274000 | SH |  | DFND | 1 | 0 | 274000 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 | BBG00G9DM001 | 8497500 | 103000 | SH |  | DFND | 1 | 0 | 103000 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 | BBG000HSHZJ3 | 45729610 | 307550 | SH |  | DFND | 1 | 0 | 307550 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG000GLC047 | 23565300 | 330000 | SH |  | DFND | 1 | 0 | 330000 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZQ8 | 5206500 | 75000 | SH |  | DFND | 1 | 0 | 75000 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHZY5 | 3298783 | 15940 | SH |  | DFND | 1 | 0 | 15940 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG008H7SQZ2 | 2374075 | 97900 | SH |  | DFND | 1 | 0 | 97900 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG002GPKKZ7 | 12673728 | 19200 | SH |  | DFND | 1 | 0 | 19200 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPHFS9 | 5029648 | 10400 | SH |  | DFND | 1 | 0 | 10400 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 | BBG000BCM158 | 647570 | 7700 | SH |  | DFND | 1 | 0 | 7700 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7TN1 | 1262976 | 8800 | SH |  | DFND | 1 | 0 | 8800 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG000BW8TX8 | 1668940 | 9100 | SH |  | DFND | 1 | 0 | 9100 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 | BBG0051K49L5 | 23476965 | 519000 | SH |  | DFND | 1 | 0 | 519000 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597182 | 4305255 | 106711 | SH |  | DFND | 1 | 0 | 106711 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG000Q8SXL7 | 113822830 | 2563000 | SH |  | DFND | 1 | 0 | 2563000 | 0 |
| SPDR SERIES TRUST | PRTFLO S HI | 78468R788 | BBG00B6WD8B4 | 18217500 | 420000 | SH |  | DFND | 1 | 0 | 420000 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A847 | BBG000KMBJV0 | 10425600 | 180000 | SH |  | DFND | 1 | 0 | 180000 | 0 |
| SPDR SERIES TRUST | NYSE TECH ETF | 78464A102 | BBG000C9R462 | 26092932 | 93900 | SH |  | DFND | 1 | 0 | 93900 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG000HT53P8 | 5030025 | 19500 | SH |  | DFND | 1 | 0 | 19500 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT8D55 | 16826880 | 313000 | SH |  | DFND | 1 | 0 | 313000 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG000QVFD98 | 6996640 | 112000 | SH |  | DFND | 1 | 0 | 112000 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG000QBYYJ4 | 20738640 | 144500 | SH |  | DFND | 1 | 0 | 144500 | 0 |
| VANGUARD WORLD FD | CONSUM DIS ETF | 92204A108 | BBG000HX44H7 | 3129348 | 7900 | SH |  | DFND | 1 | 0 | 7900 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG003BW0FC3 | 1030944 | 4800 | SH |  | DFND | 1 | 0 | 4800 | 0 |
| 3M CO | COM | 88579Y101 | BBG000BP5522 | 1873170 | 11700 | SH |  | DFND | 2 | 0 | 11700 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S4MVF2 | 11924400 | 38000 | SH |  | DFND | 2 | 0 | 38000 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVQ4Z3 | 5770500 | 25000 | SH |  | DFND | 2 | 0 | 25000 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BD00Y0 | 1962048 | 10110 | SH |  | DFND | 2 | 0 | 10110 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG000DWCHZ5 | 3019200 | 4 | SH |  | DFND | 2 | 0 | 4 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3JBN9 | 2394092 | 31080 | SH |  | DFND | 2 | 0 | 31080 | 0 |
| COCA COLA CO | COM | 191216100 | BBG000BMX4N8 | 524325 | 7500 | SH |  | DFND | 2 | 0 | 7500 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00CCS9JW2 | 522600 | 13000 | SH |  | DFND | 2 | 0 | 13000 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG000BK6PH2 | 9872362 | 32050 | SH |  | DFND | 2 | 0 | 32050 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BY44931 | 1860460 | 22683 | SH |  | DFND | 2 | 0 | 22683 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG01LT2THM3 | 5236403 | 8012 | SH |  | DFND | 2 | 0 | 8012 | 0 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 | BBG000BL6DN0 | 1326600 | 45000 | SH |  | DFND | 2 | 0 | 45000 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0GFS4 | 405900 | 11000 | SH |  | DFND | 2 | 0 | 11000 | 0 |
| ISHARES INC | EM MKTS DIV ETF | 464286319 | BBG002PHMJ77 | 4674000 | 150000 | SH |  | DFND | 2 | 0 | 150000 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 | BBG00G9DM001 | 6847500 | 83000 | SH |  | DFND | 2 | 0 | 83000 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 | BBG000C18460 | 22168080 | 216000 | SH |  | DFND | 2 | 0 | 216000 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZQ8 | 6942000 | 100000 | SH |  | DFND | 2 | 0 | 100000 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 | BBG000HSHZJ3 | 37175474 | 250020 | SH |  | DFND | 2 | 0 | 250020 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG000GLC047 | 21065950 | 295000 | SH |  | DFND | 2 | 0 | 295000 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHZY5 | 1771492 | 8560 | SH |  | DFND | 2 | 0 | 8560 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG008H7SQZ2 | 1353950 | 55833 | SH |  | DFND | 2 | 0 | 55833 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG002GPKKZ7 | 1947266 | 2950 | SH |  | DFND | 2 | 0 | 2950 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPHFS9 | 3385340 | 7000 | SH |  | DFND | 2 | 0 | 7000 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 | BBG000BCM158 | 378450 | 4500 | SH |  | DFND | 2 | 0 | 4500 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7TN1 | 731952 | 5100 | SH |  | DFND | 2 | 0 | 5100 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG000BW8TX8 | 972020 | 5300 | SH |  | DFND | 2 | 0 | 5300 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 | BBG0051K49L5 | 18908230 | 418000 | SH |  | DFND | 2 | 0 | 418000 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597182 | 3058393 | 75806 | SH |  | DFND | 2 | 0 | 75806 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG000Q8SXL7 | 81892040 | 1844000 | SH |  | DFND | 2 | 0 | 1844000 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A847 | BBG000KMBJV0 | 6371200 | 110000 | SH |  | DFND | 2 | 0 | 110000 | 0 |
| SPDR SERIES TRUST | NYSE TECH ETF | 78464A102 | BBG000C9R462 | 15338976 | 55200 | SH |  | DFND | 2 | 0 | 55200 | 0 |
| SPDR SERIES TRUST | PRTFLO S HI | 78468R788 | BBG00B6WD8B4 | 11711250 | 270000 | SH |  | DFND | 2 | 0 | 270000 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG000HT53P8 | 3379145 | 13100 | SH |  | DFND | 2 | 0 | 13100 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG000HRBDF4 | 5230212 | 15600 | SH |  | DFND | 2 | 0 | 15600 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT8D55 | 9192960 | 171000 | SH |  | DFND | 2 | 0 | 171000 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG000QVFD98 | 1311870 | 21000 | SH |  | DFND | 2 | 0 | 21000 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG000QBYYJ4 | 23967840 | 167000 | SH |  | DFND | 2 | 0 | 167000 | 0 |
| VANGUARD WORLD FD | CONSUM DIS ETF | 92204A108 | BBG000HX44H7 | 1624092 | 4100 | SH |  | DFND | 2 | 0 | 4100 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG003BW0FC3 | 579906 | 2700 | SH |  | DFND | 2 | 0 | 2700 | 0 |

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