UNITED SERVICES AUTOMOBILE ASSOCIATION

Est. AUM

$850.6M

13F long equity, this entity only

Positions

Period

Mar 2026 (Q1)

SEC EDGAR

Mar 2026 (Q1)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	iShares Core U.S. Aggregate Bo	ETF	$667.7M	6726030	78.50%	DFND
2	Vanguard S&P 500 ETF	ETF	$56.3M	94300	6.62%	DFND
3	iShares Short Duration Bond Ac	ETF	$24.9M	490400	2.93%	DFND
4	Vanguard Total International S	ETF	$18.7M	242510	2.20%	DFND
5	Vanguard Short-Term Corporate	ETF	$13.3M	168364	1.57%	DFND
6	Vanguard Intermediate-Term Cor	ETF	$13.3M	160545	1.56%	DFND
7	Vanguard Long-Term Corporate B	ETF	$13.2M	176839	1.55%	DFND
8	Vanguard Total Bond Market ETF	ETF	$12.8M	174088	1.51%	DFND
9	Vanguard Short-Term Bond ETF	ETF	$11.2M	143018	1.32%	DFND
10	Vanguard Extended Market ETF	ETF	$10.5M	50963	1.23%	DFND
11	iShares S&P 500 Growth ETF	ETF	$4.4M	39275	0.52%	DFND
12	iShares TIPS Bond ETF	ETF	$3.7M	33485	0.43%	DFND
13	Rani Therapeutics Holdings Inc	Common Stock	$222K	302743	0.03%	DFND
14	iShares S&P 500 Value ETF	ETF	$160K	757	0.02%	DFND

Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.