<SEC-DOCUMENT>0001437749-25-034414.txt : 20251112
<SEC-HEADER>0001437749-25-034414.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112155037
ACCESSION NUMBER:		0001437749-25-034414
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112
EFFECTIVENESS DATE:		20251112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMES NATIONAL CORP
		CENTRAL INDEX KEY:			0001132651
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				421039071
		STATE OF INCORPORATION:			X1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-25350
		FILM NUMBER:		251472279

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 846
		CITY:			AMES
		STATE:			IA
		ZIP:			50010
		BUSINESS PHONE:		5152326251

	MAIL ADDRESS:	
		STREET 1:		PO BOX 846
		CITY:			AMES
		STATE:			IA
		ZIP:			50010
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <liveTestFlag>LIVE</liveTestFlag>
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        <credentials>
          <cik>0001132651</cik>
          <ccc>XXXXXXXX</ccc>
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        <fileNumber>028-25350</fileNumber>
      </filer>
      <periodOfReport>09-30-2025</periodOfReport>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2025</reportCalendarOrQuarter>
      <filingManager>
        <name>AMES NATIONAL CORP</name>
        <address>
          <com:street1>PO BOX 846</com:street1>
          <com:city>AMES</com:city>
          <com:stateOrCountry>IA</com:stateOrCountry>
          <com:zipCode>50010</com:zipCode>
        </address>
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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-25350</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>John P. Nelson</name>
      <title>President/CEO</title>
      <phone>515-620-5917</phone>
      <signature>/s/ John P. Nelson</signature>
      <city>Ames</city>
      <stateOrCountry>IA</stateOrCountry>
      <signatureDate>11-12-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>128</tableEntryTotal>
      <tableValueTotal>168444570</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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            <form13FFileNumber>028-25528</form13FFileNumber>
            <name>First National Bank, Ames, Iowa</name>
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<nameOfIssuer>Abbott Laboratories</nameOfIssuer>
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<value>190865</value>
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<sshPrnamt>1425</sshPrnamt>
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<nameOfIssuer>Abbott Laboratories</nameOfIssuer>
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<nameOfIssuer>Abbvie Inc</nameOfIssuer>
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<sshPrnamt>750</sshPrnamt>
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<nameOfIssuer>Air Products &amp; Chemicals</nameOfIssuer>
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<nameOfIssuer>Alliant Energy</nameOfIssuer>
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<value>77724</value>
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<sshPrnamt>1153</sshPrnamt>
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<infoTable>
<nameOfIssuer>Alliant Energy</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>018802108</cusip>
<value>211111</value>
<shrsOrPrnAmt>
<sshPrnamt>3132</sshPrnamt>
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<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>3132</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Alphabet A</nameOfIssuer>
<titleOfClass>CAP STK CL A</titleOfClass>
<cusip>02079K305</cusip>
<value>631574</value>
<shrsOrPrnAmt>
<sshPrnamt>2598</sshPrnamt>
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<investmentDiscretion>DFND</investmentDiscretion>
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<votingAuthority>
<Sole>2598</Sole>
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<infoTable>
<nameOfIssuer>Alphabet A</nameOfIssuer>
<titleOfClass>CAP STK CL A</titleOfClass>
<cusip>02079K305</cusip>
<value>64422</value>
<shrsOrPrnAmt>
<sshPrnamt>265</sshPrnamt>
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<infoTable>
<nameOfIssuer>Alphabet C</nameOfIssuer>
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<cusip>02079K107</cusip>
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<shrsOrPrnAmt>
<sshPrnamt>5660</sshPrnamt>
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<cusip>02079K107</cusip>
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<nameOfIssuer>Ames National</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<nameOfIssuer>Ames National</nameOfIssuer>
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<nameOfIssuer>Apple</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<nameOfIssuer>Apple</nameOfIssuer>
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<nameOfIssuer>AT&amp;T</nameOfIssuer>
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<nameOfIssuer>Berkshire Hathaway B</nameOfIssuer>
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<nameOfIssuer>BlackRock</nameOfIssuer>
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<nameOfIssuer>Blackstone</nameOfIssuer>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Coca-Cola</nameOfIssuer>
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<shrsOrPrnAmt>
<sshPrnamt>700</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ConocoPhillips</nameOfIssuer>
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<cusip>20825C104</cusip>
<value>236475</value>
<shrsOrPrnAmt>
<sshPrnamt>2500</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>2500</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ConocoPhillips</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20825C104</cusip>
<value>121737</value>
<shrsOrPrnAmt>
<sshPrnamt>1287</sshPrnamt>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<sshPrnamt>635</sshPrnamt>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<infoTable>
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<votingAuthority>
<Sole>900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Norfolk Southern</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>655844108</cusip>
<value>390533</value>
<shrsOrPrnAmt>
<sshPrnamt>1300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>1300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PepsiCo</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>713448108</cusip>
<value>190156</value>
<shrsOrPrnAmt>
<sshPrnamt>1354</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>1354</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PepsiCo</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>713448108</cusip>
<value>255039</value>
<shrsOrPrnAmt>
<sshPrnamt>1816</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>1816</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Pfizer</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>717081103</cusip>
<value>349535</value>
<shrsOrPrnAmt>
<sshPrnamt>13718</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>13718</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Pfizer</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>717081103</cusip>
<value>62528</value>
<shrsOrPrnAmt>
<sshPrnamt>2454</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>2454</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PPG Industries</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>693506107</cusip>
<value>480353</value>
<shrsOrPrnAmt>
<sshPrnamt>4570</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>4570</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>742718109</cusip>
<value>996574</value>
<shrsOrPrnAmt>
<sshPrnamt>6486</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>6486</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>742718109</cusip>
<value>522564</value>
<shrsOrPrnAmt>
<sshPrnamt>3401</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>3401</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Qualcomm</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>747525103</cusip>
<value>261352</value>
<shrsOrPrnAmt>
<sshPrnamt>1571</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>1571</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Qualcomm</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>747525103</cusip>
<value>448007</value>
<shrsOrPrnAmt>
<sshPrnamt>2693</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>2693</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RTX Corporation</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75513E101</cusip>
<value>120143</value>
<shrsOrPrnAmt>
<sshPrnamt>718</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>718</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RTX Corporation</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75513E101</cusip>
<value>261035</value>
<shrsOrPrnAmt>
<sshPrnamt>1560</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>1560</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR S&amp;P 500</nameOfIssuer>
<titleOfClass>TR UNIT</titleOfClass>
<cusip>78462F103</cusip>
<value>584906</value>
<shrsOrPrnAmt>
<sshPrnamt>878</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>878</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Stryker</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>863667101</cusip>
<value>164503</value>
<shrsOrPrnAmt>
<sshPrnamt>445</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>445</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Stryker</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>863667101</cusip>
<value>110901</value>
<shrsOrPrnAmt>
<sshPrnamt>300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Sysco</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>871829107</cusip>
<value>386586</value>
<shrsOrPrnAmt>
<sshPrnamt>4695</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>4695</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Sysco</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>871829107</cusip>
<value>16468</value>
<shrsOrPrnAmt>
<sshPrnamt>200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Technology Select Sector SPDR</nameOfIssuer>
<titleOfClass>TECHNOLOGY</titleOfClass>
<cusip>81369Y803</cusip>
<value>3755785</value>
<shrsOrPrnAmt>
<sshPrnamt>13325</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>13325</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Travelers Companies</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89417E109</cusip>
<value>1580664</value>
<shrsOrPrnAmt>
<sshPrnamt>5661</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>5661</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Travelers Companies</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89417E109</cusip>
<value>202714</value>
<shrsOrPrnAmt>
<sshPrnamt>726</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>726</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Union Pacific</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>907818108</cusip>
<value>413648</value>
<shrsOrPrnAmt>
<sshPrnamt>1750</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>1750</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Union Pacific</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>907818108</cusip>
<value>1000318</value>
<shrsOrPrnAmt>
<sshPrnamt>4232</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>4232</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UnitedHealth Group</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91324P102</cusip>
<value>131559</value>
<shrsOrPrnAmt>
<sshPrnamt>381</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>381</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UnitedHealth Group</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91324P102</cusip>
<value>517259</value>
<shrsOrPrnAmt>
<sshPrnamt>1498</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>1498</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard FTSE Developed Markets</nameOfIssuer>
<titleOfClass>VAN FTSE DEV MKT</titleOfClass>
<cusip>921943858</cusip>
<value>100606</value>
<shrsOrPrnAmt>
<sshPrnamt>1679</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>1679</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard FTSE Developed Markets</nameOfIssuer>
<titleOfClass>VAN FTSE DEV MKT</titleOfClass>
<cusip>921943858</cusip>
<value>120259</value>
<shrsOrPrnAmt>
<sshPrnamt>2007</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>2007</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard High Dividend Yield</nameOfIssuer>
<titleOfClass>HIGH DIV YLD</titleOfClass>
<cusip>921946406</cusip>
<value>183235</value>
<shrsOrPrnAmt>
<sshPrnamt>1300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>1300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard High Dividend Yield</nameOfIssuer>
<titleOfClass>HIGH DIV YLD</titleOfClass>
<cusip>921946406</cusip>
<value>295995</value>
<shrsOrPrnAmt>
<sshPrnamt>2100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>2100</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard S&amp;P 500</nameOfIssuer>
<titleOfClass>S&amp;P 500 ETF SHS</titleOfClass>
<cusip>922908363</cusip>
<value>479494</value>
<shrsOrPrnAmt>
<sshPrnamt>783</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>783</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard S&amp;P 500</nameOfIssuer>
<titleOfClass>S&amp;P 500 ETF SHS</titleOfClass>
<cusip>922908363</cusip>
<value>160444</value>
<shrsOrPrnAmt>
<sshPrnamt>262</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>262</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Short-Term Bond</nameOfIssuer>
<titleOfClass>SHORT TRM BOND</titleOfClass>
<cusip>921937827</cusip>
<value>8639856</value>
<shrsOrPrnAmt>
<sshPrnamt>109490</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>109490</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Short-Term Bond</nameOfIssuer>
<titleOfClass>SHORT TERM BOND</titleOfClass>
<cusip>921937827</cusip>
<value>2734784</value>
<shrsOrPrnAmt>
<sshPrnamt>34657</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>34657</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Short-Term Inflation-Protected Securities</nameOfIssuer>
<titleOfClass>STRM INFPROIDX</titleOfClass>
<cusip>922020805</cusip>
<value>3226852</value>
<shrsOrPrnAmt>
<sshPrnamt>63734</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>63734</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Short-Term Inflation-Protected Securities</nameOfIssuer>
<titleOfClass>STRM INFPROIDX</titleOfClass>
<cusip>922020805</cusip>
<value>1191324</value>
<shrsOrPrnAmt>
<sshPrnamt>23530</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>23530</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Total Bond Market</nameOfIssuer>
<titleOfClass>TOTAL BND MRKT</titleOfClass>
<cusip>921937835</cusip>
<value>8329143</value>
<shrsOrPrnAmt>
<sshPrnamt>111996</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>111996</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Total Bond Market</nameOfIssuer>
<titleOfClass>TOTAL BND MRKT</titleOfClass>
<cusip>921937835</cusip>
<value>2540330</value>
<shrsOrPrnAmt>
<sshPrnamt>34158</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>34158</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Total International Stock</nameOfIssuer>
<titleOfClass>VG TL INTL STK F</titleOfClass>
<cusip>921909768</cusip>
<value>3485310</value>
<shrsOrPrnAmt>
<sshPrnamt>47445</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>47445</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Total International Stock</nameOfIssuer>
<titleOfClass>VG TL INTL STK F</titleOfClass>
<cusip>921909768</cusip>
<value>2267710</value>
<shrsOrPrnAmt>
<sshPrnamt>30870</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>30870</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Total Stock Market</nameOfIssuer>
<titleOfClass>TOTAL STK MKT</titleOfClass>
<cusip>922908769</cusip>
<value>3347334</value>
<shrsOrPrnAmt>
<sshPrnamt>10200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>10200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Vanguard Total Stock Market</nameOfIssuer>
<titleOfClass>TOTAL STK MKT</titleOfClass>
<cusip>922908769</cusip>
<value>22644</value>
<shrsOrPrnAmt>
<sshPrnamt>69</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>69</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Verizon Communications</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92343V104</cusip>
<value>363950</value>
<shrsOrPrnAmt>
<sshPrnamt>8281</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<otherManager>1</otherManager>
<votingAuthority>
<Sole>8281</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>Verizon Communications</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92343V104</cusip>
<value>276176</value>
<shrsOrPrnAmt>
<sshPrnamt>6284</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>DFND</investmentDiscretion>
<votingAuthority>
<Sole>6284</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
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