# EDGAR Filing Document

**Accession Number:** 0002111359
**File Stem:** 0002111359-26-000002
**Filing Date:** 2026-2
**Character Count:** 36186
**Document Hash:** 99de253eedbd996057a7ee6f0e8987a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002111359-26-000002.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0002111359-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frec Markets, Inc.
- **CENTRAL INDEX KEY:** 0002111359

**ORGANIZATION NAME:**
- **EIN:** 872201706
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26411
- **FILM NUMBER:** 26635508

**BUSINESS ADDRESS:**
- **STREET 1:** 171 2ND STREET
- **STREET 2:** 3RD FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 855-900-3732

**MAIL ADDRESS:**
- **STREET 1:** 171 2ND STREET
- **STREET 2:** 3RD FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Frec Markets Inc.<br>**Address:** 171 2ND STREET<br>3RD FLOOR<br>SAN FRANCISCO, CA 94105

**Form 13F File Number:** 028-26411

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:** Ashley Rodabaugh<br>**Title:** CCO<br>**Phone:** 855-900-3732

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

Ashley Rodabaugh  San Francisco, CA  12-31-2025<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:** 343

**Form 13F Information Table Value Total:** $342105427

      (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   |
|:---|:---|:---|
|  | Frec Advisers LLC |  |

### 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 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 31124799 | 166889 | SH |  | DFND | 1 | 166889 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 25708226 | 94564 | SH |  | DFND | 1 | 94564 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 263501 | 49717 | SH |  | DFND | 1 | 49717 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 21925696 | 45336 | SH |  | DFND | 1 | 45336 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 10355804 | 44865 | SH |  | DFND | 1 | 44865 | 0 | 0 |
| BANCO SANTANDER SA | ADR | 05964H105 |  | 509140 | 43405 | SH |  | DFND | 1 | 43405 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 11844335 | 34222 | SH |  | DFND | 1 | 34222 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1739311 | 31623 | SH |  | DFND | 1 | 31623 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1059907 | 28723 | SH |  | DFND | 1 | 28723 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 8728173 | 27814 | SH |  | DFND | 1 | 27814 | 0 | 0 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 437507 | 27585 | SH |  | DFND | 1 | 27585 | 0 | 0 |
| MIZUHO FINANCIAL GROUP INC | SPONSORED ADR | 60687Y109 |  | 201162 | 27481 | SH |  | DFND | 1 | 27481 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 681699 | 27443 | SH |  | DFND | 1 | 27443 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 8489199 | 27122 | SH |  | DFND | 1 | 27122 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1795149 | 25678 | SH |  | DFND | 1 | 25678 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1938993 | 25171 | SH |  | DFND | 1 | 25171 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 625815 | 25133 | SH |  | DFND | 1 | 25133 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 2635304 | 23654 | SH |  | DFND | 1 | 23654 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 6637671 | 21842 | SH |  | DFND | 1 | 21842 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 626041 | 20944 | SH |  | DFND | 1 | 20944 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 133691 | 20663 | SH |  | DFND | 1 | 20663 | 0 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 68278 | 20504 | SH |  | DFND | 1 | 20504 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 50303 | 20365 | SH |  | DFND | 1 | 20365 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 144172 | 20135 | SH |  | DFND | 1 | 20135 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 |  | 318220 | 19765 | SH |  | DFND | 1 | 19765 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 248143 | 18913 | SH |  | DFND | 1 | 18913 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2260986 | 18788 | SH |  | DFND | 1 | 18788 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 2511284 | 18582 | SH |  | DFND | 1 | 18582 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 56750 | 18425 | SH |  | DFND | 1 | 18425 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2922526 | 16441 | SH |  | DFND | 1 | 16441 | 0 | 0 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 153349 | 15891 | SH |  | DFND | 1 | 15891 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 643060 | 15788 | SH |  | DFND | 1 | 15788 | 0 | 0 |
| WIPRO LTD | SPON ADR 1 SH | 97651M109 |  | 44433 | 15645 | SH |  | DFND | 1 | 15645 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 564451 | 15447 | SH |  | DFND | 1 | 15447 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 2603118 | 15206 | SH |  | DFND | 1 | 15206 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 436154 | 15133 | SH |  | DFND | 1 | 15133 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 350280 | 15027 | SH |  | DFND | 1 | 15027 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 1400300 | 14934 | SH |  | DFND | 1 | 14934 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 355741 | 14810 | SH |  | DFND | 1 | 14810 | 0 | 0 |
| NATWEST GROUP PLC | SPONS ADR | 639057207 |  | 253996 | 14514 | SH |  | DFND | 1 | 14514 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 188250 | 14447 | SH |  | DFND | 1 | 14447 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1325418 | 14221 | SH |  | DFND | 1 | 14221 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2905146 | 14037 | SH |  | DFND | 1 | 14037 | 0 | 0 |
| SUMITOMO MITSUI FINL GROUP I | SPONSORED ADR | 86562M209 |  | 269661 | 13950 | SH |  | DFND | 1 | 13950 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 232559 | 13434 | SH |  | DFND | 1 | 13434 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 232387 | 13394 | SH |  | DFND | 1 | 13394 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 237295 | 13316 | SH |  | DFND | 1 | 13316 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 2833352 | 13230 | SH |  | DFND | 1 | 13230 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 5910823 | 13143 | SH |  | DFND | 1 | 13143 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 161382 | 12962 | SH |  | DFND | 1 | 12962 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 4074872 | 12646 | SH |  | DFND | 1 | 12646 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 3452061 | 12095 | SH |  | DFND | 1 | 12095 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 121152 | 11983 | SH |  | DFND | 1 | 11983 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 203918 | 11821 | SH |  | DFND | 1 | 11821 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1224596 | 11634 | SH |  | DFND | 1 | 11634 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 186069 | 11578 | SH |  | DFND | 1 | 11578 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 94835 | 11371 | SH |  | DFND | 1 | 11371 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 290988 | 11366 | SH |  | DFND | 1 | 11366 | 0 | 0 |
| PARK HOTELS  RESORTS INC | COM | 700517105 |  | 114345 | 10931 | SH |  | DFND | 1 | 10931 | 0 | 0 |
| NOMURA HLDGS INC | SPONSORED ADR | 65535H208 |  | 88518 | 10550 | SH |  | DFND | 1 | 10550 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 185173 | 10444 | SH |  | DFND | 1 | 10444 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 290529 | 10372 | SH |  | DFND | 1 | 10372 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 539547 | 10002 | SH |  | DFND | 1 | 10002 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 855432 | 9769 | SH |  | DFND | 1 | 9769 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 1112756 | 9536 | SH |  | DFND | 1 | 9536 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 261858 | 9525 | SH |  | DFND | 1 | 9525 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 269126 | 9523 | SH |  | DFND | 1 | 9523 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1346169 | 9379 | SH |  | DFND | 1 | 9379 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1363894 | 9304 | SH |  | DFND | 1 | 9304 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 334062 | 9215 | SH |  | DFND | 1 | 9215 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 6054267 | 9171 | SH |  | DFND | 1 | 9171 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 581564 | 9126 | SH |  | DFND | 1 | 9126 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 221667 | 9062 | SH |  | DFND | 1 | 9062 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 708358 | 9004 | SH |  | DFND | 1 | 9004 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 327802 | 8949 | SH |  | DFND | 1 | 8949 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 227704 | 8947 | SH |  | DFND | 1 | 8947 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 703124 | 8898 | SH |  | DFND | 1 | 8898 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1713910 | 8793 | SH |  | DFND | 1 | 8793 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 357695 | 8692 | SH |  | DFND | 1 | 8692 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 258346 | 8669 | SH |  | DFND | 1 | 8669 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1234682 | 8615 | SH |  | DFND | 1 | 8615 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 2192996 | 8533 | SH |  | DFND | 1 | 8533 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1913592 | 8374 | SH |  | DFND | 1 | 8374 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 308957 | 8350 | SH |  | DFND | 1 | 8350 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 1085856 | 8287 | SH |  | DFND | 1 | 8287 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 477735 | 8285 | SH |  | DFND | 1 | 8285 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 1410270 | 8244 | SH |  | DFND | 1 | 8244 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 665810 | 8148 | SH |  | DFND | 1 | 8148 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 745578 | 8110 | SH |  | DFND | 1 | 8110 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 391091 | 7947 | SH |  | DFND | 1 | 7947 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1215164 | 7910 | SH |  | DFND | 1 | 7910 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 787251 | 7879 | SH |  | DFND | 1 | 7879 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 323274 | 7861 | SH |  | DFND | 1 | 7861 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 212953 | 7858 | SH |  | DFND | 1 | 7858 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 420533 | 7766 | SH |  | DFND | 1 | 7766 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3859737 | 7678 | SH |  | DFND | 1 | 7678 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 615537 | 7667 | SH |  | DFND | 1 | 7667 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 431308 | 7651 | SH |  | DFND | 1 | 7651 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 372054 | 7586 | SH |  | DFND | 1 | 7586 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 276874 | 7548 | SH |  | DFND | 1 | 7548 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 347755 | 7509 | SH |  | DFND | 1 | 7509 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 324434 | 7442 | SH |  | DFND | 1 | 7442 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2569880 | 7327 | SH |  | DFND | 1 | 7327 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 368968 | 7264 | SH |  | DFND | 1 | 7264 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 724604 | 7256 | SH |  | DFND | 1 | 7256 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1100932 | 7223 | SH |  | DFND | 1 | 7223 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 276773 | 7211 | SH |  | DFND | 1 | 7211 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1237082 | 7130 | SH |  | DFND | 1 | 7130 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 377585 | 7076 | SH |  | DFND | 1 | 7076 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 1245037 | 7013 | SH |  | DFND | 1 | 7013 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 792589 | 6966 | SH |  | DFND | 1 | 6966 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1114861 | 6950 | SH |  | DFND | 1 | 6950 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 498428 | 6783 | SH |  | DFND | 1 | 6783 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 207144 | 6782 | SH |  | DFND | 1 | 6782 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 533799 | 6726 | SH |  | DFND | 1 | 6726 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 399158 | 6640 | SH |  | DFND | 1 | 6640 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 504981 | 6586 | SH |  | DFND | 1 | 6586 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1940906 | 6552 | SH |  | DFND | 1 | 6552 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 815939 | 6512 | SH |  | DFND | 1 | 6512 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 551878 | 6494 | SH |  | DFND | 1 | 6494 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 259791 | 6473 | SH |  | DFND | 1 | 6473 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 317201 | 6234 | SH |  | DFND | 1 | 6234 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 1410674 | 6200 | SH |  | DFND | 1 | 6200 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 755731 | 6157 | SH |  | DFND | 1 | 6157 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 581656 | 6100 | SH |  | DFND | 1 | 6100 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1117514 | 6093 | SH |  | DFND | 1 | 6093 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 491834 | 5925 | SH |  | DFND | 1 | 5925 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 902166 | 5889 | SH |  | DFND | 1 | 5889 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 1008187 | 5852 | SH |  | DFND | 1 | 5852 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 271869 | 5846 | SH |  | DFND | 1 | 5846 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 261274 | 5835 | SH |  | DFND | 1 | 5835 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1531239 | 5780 | SH |  | DFND | 1 | 5780 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 330649 | 5660 | SH |  | DFND | 1 | 5660 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 217702 | 5645 | SH |  | DFND | 1 | 5645 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 454400 | 5587 | SH |  | DFND | 1 | 5587 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 527535 | 5491 | SH |  | DFND | 1 | 5491 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 475375 | 5451 | SH |  | DFND | 1 | 5451 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 487464 | 5207 | SH |  | DFND | 1 | 5207 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 601422 | 5131 | SH |  | DFND | 1 | 5131 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 232253 | 5099 | SH |  | DFND | 1 | 5099 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 302473 | 5010 | SH |  | DFND | 1 | 5010 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 497208 | 5006 | SH |  | DFND | 1 | 5006 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1492628 | 4845 | SH |  | DFND | 1 | 4845 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 289244 | 4819 | SH |  | DFND | 1 | 4819 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 662856 | 4807 | SH |  | DFND | 1 | 4807 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1296883 | 4782 | SH |  | DFND | 1 | 4782 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 396694 | 4710 | SH |  | DFND | 1 | 4710 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 587179 | 4599 | SH |  | DFND | 1 | 4599 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1220870 | 4550 | SH |  | DFND | 1 | 4550 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 212005 | 4529 | SH |  | DFND | 1 | 4529 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 293409 | 4518 | SH |  | DFND | 1 | 4518 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 255108 | 4505 | SH |  | DFND | 1 | 4505 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 417822 | 4355 | SH |  | DFND | 1 | 4355 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 501125 | 4316 | SH |  | DFND | 1 | 4316 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 279058 | 4265 | SH |  | DFND | 1 | 4265 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 2419101 | 4237 | SH |  | DFND | 1 | 4237 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 336326 | 4235 | SH |  | DFND | 1 | 4235 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 283176 | 4224 | SH |  | DFND | 1 | 4224 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 275779 | 4216 | SH |  | DFND | 1 | 4216 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 287304 | 4139 | SH |  | DFND | 1 | 4139 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 299371 | 4073 | SH |  | DFND | 1 | 4073 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 256553 | 4026 | SH |  | DFND | 1 | 4026 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 249397 | 3991 | SH |  | DFND | 1 | 3991 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 4268674 | 3972 | SH |  | DFND | 1 | 3972 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 417693 | 3966 | SH |  | DFND | 1 | 3966 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 337362 | 3943 | SH |  | DFND | 1 | 3943 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1301437 | 3942 | SH |  | DFND | 1 | 3942 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 314939 | 3935 | SH |  | DFND | 1 | 3935 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 247843 | 3870 | SH |  | DFND | 1 | 3870 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 348185 | 3817 | SH |  | DFND | 1 | 3817 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 1192847 | 3816 | SH |  | DFND | 1 | 3816 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 221520 | 3780 | SH |  | DFND | 1 | 3780 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 910606 | 3757 | SH |  | DFND | 1 | 3757 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 418861 | 3710 | SH |  | DFND | 1 | 3710 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 427778 | 3709 | SH |  | DFND | 1 | 3709 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 312290 | 3663 | SH |  | DFND | 1 | 3663 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 437983 | 3657 | SH |  | DFND | 1 | 3657 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 463633 | 3636 | SH |  | DFND | 1 | 3636 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1080586 | 3535 | SH |  | DFND | 1 | 3535 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 326417 | 3531 | SH |  | DFND | 1 | 3531 | 0 | 0 |
| NATIONAL GRID PLC | SPONSORED ADR NE | 636274409 |  | 270830 | 3501 | SH |  | DFND | 1 | 3501 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 534360 | 3466 | SH |  | DFND | 1 | 3466 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 265182 | 3384 | SH |  | DFND | 1 | 3384 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 335159 | 3378 | SH |  | DFND | 1 | 3378 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 626616 | 3375 | SH |  | DFND | 1 | 3375 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 416827 | 3311 | SH |  | DFND | 1 | 3311 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 239698 | 3306 | SH |  | DFND | 1 | 3306 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 273313 | 3275 | SH |  | DFND | 1 | 3275 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 241251 | 3266 | SH |  | DFND | 1 | 3266 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1176694 | 3180 | SH |  | DFND | 1 | 3180 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 456621 | 3154 | SH |  | DFND | 1 | 3154 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 576501 | 3129 | SH |  | DFND | 1 | 3129 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 303006 | 3119 | SH |  | DFND | 1 | 3119 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 749350 | 3107 | SH |  | DFND | 1 | 3107 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 632884 | 3086 | SH |  | DFND | 1 | 3086 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 225673 | 3062 | SH |  | DFND | 1 | 3062 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 324173 | 3027 | SH |  | DFND | 1 | 3027 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 886363 | 2994 | SH |  | DFND | 1 | 2994 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 397307 | 2993 | SH |  | DFND | 1 | 2993 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 332512 | 2932 | SH |  | DFND | 1 | 2932 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 258621 | 2929 | SH |  | DFND | 1 | 2929 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 203540 | 2910 | SH |  | DFND | 1 | 2910 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 243238 | 2900 | SH |  | DFND | 1 | 2900 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 223223 | 2884 | SH |  | DFND | 1 | 2884 | 0 | 0 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 612929 | 2863 | SH |  | DFND | 1 | 2863 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 228585 | 2846 | SH |  | DFND | 1 | 2846 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 978651 | 2844 | SH |  | DFND | 1 | 2844 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 991250 | 2832 | SH |  | DFND | 1 | 2832 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 640375 | 2812 | SH |  | DFND | 1 | 2812 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 639262 | 2792 | SH |  | DFND | 1 | 2792 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 604875 | 2785 | SH |  | DFND | 1 | 2785 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 303763 | 2754 | SH |  | DFND | 1 | 2754 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 304846 | 2726 | SH |  | DFND | 1 | 2726 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 733820 | 2664 | SH |  | DFND | 1 | 2664 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 829678 | 2658 | SH |  | DFND | 1 | 2658 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 253159 | 2589 | SH |  | DFND | 1 | 2589 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 545381 | 2482 | SH |  | DFND | 1 | 2482 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 473746 | 2447 | SH |  | DFND | 1 | 2447 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 454814 | 2418 | SH |  | DFND | 1 | 2418 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 433673 | 2407 | SH |  | DFND | 1 | 2407 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 327339 | 2405 | SH |  | DFND | 1 | 2405 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 207913 | 2387 | SH |  | DFND | 1 | 2387 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 328603 | 2384 | SH |  | DFND | 1 | 2384 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 515429 | 2374 | SH |  | DFND | 1 | 2374 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 257127 | 2347 | SH |  | DFND | 1 | 2347 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 414446 | 2233 | SH |  | DFND | 1 | 2233 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 286778 | 2222 | SH |  | DFND | 1 | 2222 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1017079 | 2169 | SH |  | DFND | 1 | 2169 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 708878 | 2165 | SH |  | DFND | 1 | 2165 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 379201 | 2154 | SH |  | DFND | 1 | 2154 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 346047 | 2136 | SH |  | DFND | 1 | 2136 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1220586 | 2130 | SH |  | DFND | 1 | 2130 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1396594 | 2108 | SH |  | DFND | 1 | 2108 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 342502 | 2103 | SH |  | DFND | 1 | 2103 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 365831 | 2099 | SH |  | DFND | 1 | 2099 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 314778 | 2093 | SH |  | DFND | 1 | 2093 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 483239 | 2089 | SH |  | DFND | 1 | 2089 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 416814 | 2051 | SH |  | DFND | 1 | 2051 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 718045 | 2048 | SH |  | DFND | 1 | 2048 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 394844 | 2023 | SH |  | DFND | 1 | 2023 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 490216 | 2018 | SH |  | DFND | 1 | 2018 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 349225 | 1989 | SH |  | DFND | 1 | 1989 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 263005 | 1980 | SH |  | DFND | 1 | 1980 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 395877 | 1949 | SH |  | DFND | 1 | 1949 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 205441 | 1948 | SH |  | DFND | 1 | 1948 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 403574 | 1933 | SH |  | DFND | 1 | 1933 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 433854 | 1915 | SH |  | DFND | 1 | 1915 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 305800 | 1895 | SH |  | DFND | 1 | 1895 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 256918 | 1889 | SH |  | DFND | 1 | 1889 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 254313 | 1873 | SH |  | DFND | 1 | 1873 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1085650 | 1873 | SH |  | DFND | 1 | 1873 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 970390 | 1856 | SH |  | DFND | 1 | 1856 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 379412 | 1856 | SH |  | DFND | 1 | 1856 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 297021 | 1855 | SH |  | DFND | 1 | 1855 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1007814 | 1779 | SH |  | DFND | 1 | 1779 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 510973 | 1778 | SH |  | DFND | 1 | 1778 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 560019 | 1758 | SH |  | DFND | 1 | 1758 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 394247 | 1749 | SH |  | DFND | 1 | 1749 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 222916 | 1727 | SH |  | DFND | 1 | 1727 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 470364 | 1722 | SH |  | DFND | 1 | 1722 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 600124 | 1698 | SH |  | DFND | 1 | 1698 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 269393 | 1675 | SH |  | DFND | 1 | 1675 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 237365 | 1648 | SH |  | DFND | 1 | 1648 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 303681 | 1640 | SH |  | DFND | 1 | 1640 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 265497 | 1627 | SH |  | DFND | 1 | 1627 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1426181 | 1622 | SH |  | DFND | 1 | 1622 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 263065 | 1617 | SH |  | DFND | 1 | 1617 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 220610 | 1603 | SH |  | DFND | 1 | 1603 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 411086 | 1598 | SH |  | DFND | 1 | 1598 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 337269 | 1591 | SH |  | DFND | 1 | 1591 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 235986 | 1559 | SH |  | DFND | 1 | 1559 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 243996 | 1556 | SH |  | DFND | 1 | 1556 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 657280 | 1541 | SH |  | DFND | 1 | 1541 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 316403 | 1539 | SH |  | DFND | 1 | 1539 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 200333 | 1535 | SH |  | DFND | 1 | 1535 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 292805 | 1508 | SH |  | DFND | 1 | 1508 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 504594 | 1498 | SH |  | DFND | 1 | 1498 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 291622 | 1493 | SH |  | DFND | 1 | 1493 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 317893 | 1489 | SH |  | DFND | 1 | 1489 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 414767 | 1487 | SH |  | DFND | 1 | 1487 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 335929 | 1473 | SH |  | DFND | 1 | 1473 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 372455 | 1454 | SH |  | DFND | 1 | 1454 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 449427 | 1448 | SH |  | DFND | 1 | 1448 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 943586 | 1443 | SH |  | DFND | 1 | 1443 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 348078 | 1413 | SH |  | DFND | 1 | 1413 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 477249 | 1413 | SH |  | DFND | 1 | 1413 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 355070 | 1407 | SH |  | DFND | 1 | 1407 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1204984 | 1397 | SH |  | DFND | 1 | 1397 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 1684475 | 1386 | SH |  | DFND | 1 | 1386 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 286058 | 1374 | SH |  | DFND | 1 | 1374 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 1460880 | 1365 | SH |  | DFND | 1 | 1365 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 389567 | 1348 | SH |  | DFND | 1 | 1348 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 597362 | 1317 | SH |  | DFND | 1 | 1317 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 264729 | 1313 | SH |  | DFND | 1 | 1313 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 269148 | 1310 | SH |  | DFND | 1 | 1310 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 214843 | 1281 | SH |  | DFND | 1 | 1281 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 596949 | 1270 | SH |  | DFND | 1 | 1270 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 331628 | 1263 | SH |  | DFND | 1 | 1263 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 439060 | 1249 | SH |  | DFND | 1 | 1249 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 227753 | 1234 | SH |  | DFND | 1 | 1234 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 312992 | 1209 | SH |  | DFND | 1 | 1209 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 348720 | 1202 | SH |  | DFND | 1 | 1202 | 0 | 0 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 217786 | 1193 | SH |  | DFND | 1 | 1193 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 801184 | 1189 | SH |  | DFND | 1 | 1189 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 493833 | 1170 | SH |  | DFND | 1 | 1170 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 258400 | 1155 | SH |  | DFND | 1 | 1155 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 326969 | 1113 | SH |  | DFND | 1 | 1113 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 555046 | 1086 | SH |  | DFND | 1 | 1086 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 295364 | 1073 | SH |  | DFND | 1 | 1073 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 246938 | 1016 | SH |  | DFND | 1 | 1016 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 460747 | 986 | SH |  | DFND | 1 | 986 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 866103 | 955 | SH |  | DFND | 1 | 955 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 275883 | 955 | SH |  | DFND | 1 | 955 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 243089 | 930 | SH |  | DFND | 1 | 930 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 473542 | 927 | SH |  | DFND | 1 | 927 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 358406 | 921 | SH |  | DFND | 1 | 921 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 323025 | 915 | SH |  | DFND | 1 | 915 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 332977 | 855 | SH |  | DFND | 1 | 855 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 242123 | 854 | SH |  | DFND | 1 | 854 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 394921 | 848 | SH |  | DFND | 1 | 848 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 207754 | 827 | SH |  | DFND | 1 | 827 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 389353 | 804 | SH |  | DFND | 1 | 804 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 224921 | 788 | SH |  | DFND | 1 | 788 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 301100 | 785 | SH |  | DFND | 1 | 785 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 242338 | 747 | SH |  | DFND | 1 | 747 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 315695 | 709 | SH |  | DFND | 1 | 709 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 619425 | 704 | SH |  | DFND | 1 | 704 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 227273 | 691 | SH |  | DFND | 1 | 691 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 711674 | 664 | SH |  | DFND | 1 | 664 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 533706 | 650 | SH |  | DFND | 1 | 650 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 276277 | 563 | SH |  | DFND | 1 | 563 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 315743 | 553 | SH |  | DFND | 1 | 553 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 359467 | 531 | SH |  | DFND | 1 | 531 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 285633 | 502 | SH |  | DFND | 1 | 502 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 381420 | 494 | SH |  | DFND | 1 | 494 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 224417 | 391 | SH |  | DFND | 1 | 391 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 227087 | 364 | SH |  | DFND | 1 | 364 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 272665 | 336 | SH |  | DFND | 1 | 336 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 |  | 281863 | 279 | SH |  | DFND | 1 | 279 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 395742 | 234 | SH |  | DFND | 1 | 234 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 287586 | 216 | SH |  | DFND | 1 | 216 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 999211 | 186 | SH |  | DFND | 1 | 186 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 259577 | 186 | SH |  | DFND | 1 | 186 | 0 | 0 |

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