Institutional Manager · CIK 0001085041

FIRST NATIONAL BANK SIOUX FALLS

SIOUX FALLS, SD · File #028-04915

Latest AUM

$334.0M

Positions

172

Top-10 Concentration

60.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	Vanguard 500 Index Fund ETF	922908363	+6,777	+$4.3M	+$620,017
REDUCE	State Street SPDR S&P 500 ETF Trust	SPY	-4,129	-$2.8M	+$79,157
REDUCE	Wells Fargo & Co	949746101	-18,732	-$1.7M	+$310,713
ADD	Avantis Intl Small Cap Value ETF	025072802	+11,302	+$1.1M	+$334,646
EXITED	Blackrock Taxable Municipal Bond Trust	09248X100	-58,446	-$970,204	$0
REDUCE	Exxon Mobil Corp	XOM	-7,818	-$940,783	+$149,196
ADD	Elm Market Navigator ETF	81752T429	+22,160	+$603,860	-$768
NEW	The Campbell's Company	CPB	+18,605	+$518,521	$0
ADD	IShares Core S&P 500 ETF	464287200	+726	+$497,267	+$7,022
REDUCE	Vanguard Growth Vipers Fund ETF	922908736	-960	-$468,346	+$27,951

Sector Allocation

Financials

6.9%$23.0M

Technology

4.4%$14.7M

Industrials

2.6%$8.8M

Consumer Discretionary

2.6%$8.7M

Healthcare

1.7%$5.6M

Consumer Staples

1.2%$4.0M

Energy

0.9%$3.0M

Communication Services

0.5%$1.8M

Materials

0.3%$1.2M

Utilities

0.1%$380,630

Filing History

Jan 30, 202613F HOLDINGS REPORTQ/E Dec 2025172 pos · $334.0M
Oct 21, 202513F HOLDINGS REPORTQ/E Sep 2025171 pos · $320.7M
Jul 1, 202513F HOLDINGS REPORTQ/E Jun 2025166 pos · $272.5M
Apr 15, 202513F HOLDINGS REPORTQ/E Mar 2025163 pos · $247.1M
Jan 13, 202513F HOLDINGS REPORTQ/E Dec 2024159 pos · $234.8M
Oct 29, 202413F HOLDINGS REPORTQ/E Sep 2024156 pos · $219.9M
Jul 31, 202413F HOLDINGS REPORTQ/E Jun 2024156 pos · $192.7M
Apr 15, 202413F HOLDINGS REPORTQ/E Mar 2024158 pos · $183.2M
Oct 12, 202313F HOLDINGS REPORTQ/E Dec 2023156 pos · $167.3M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Vanguard 500 Index Fund ETF	922908363	48,812	$30.6M	10.72%
2	JPMorgan Mortgage-Backed Securities ETF	46654Q575	579,927	$29.6M	10.37%
3	Avantis International Equity ETF	025072703	273,006	$22.5M	7.87%
4	iShares Core MSCI International	46435G326	241,176	$19.9M	6.97%
5	Avantis US Large Cap Value ETF	025072349	213,618	$16.2M	5.67%
6	Vanguard Mid-Cap Index ETF	922908629	45,820	$13.3M	4.66%
7	Vanguard Value ETF	922908744	54,092	$10.3M	3.62%
8	Dimensional World EX US Core Equity 2 ETF	25434V880	308,472	$10.1M	3.54%
9	Invesco S&P 500 Equal Weight ETF	IVZ	52,250	$10.0M	3.50%
10	Dimensional US Small Cap ETF	25434V500	134,762	$9.4M	3.29%
11	Schwab U.S. Large-Cap Growth ETF	808524300	271,779	$8.9M	3.10%
12	Avantis US Small Cap Value ETF	025072877	73,701	$7.5M	2.63%
13	Avantis Intl Small Cap Value ETF	025072802	79,044	$7.4M	2.60%
14	Dimensional US Marketwide Value ETF	25434V724	134,254	$6.3M	2.19%
15	Apple Inc	AAPL	21,651	$5.9M	2.06%
16	Amazon Com Inc	AMZN	23,224	$5.4M	1.88%
17	Berkshire Hathaway Inc Class B	BRK-A	10,481	$5.3M	1.84%
18	Visa Inc	V	12,749	$4.5M	1.57%
19	Apollo Global Management Inc	03769M106	27,607	$4.0M	1.40%
20	State Street SPDR S&P 500 ETF Trust	SPY	5,446	$3.7M	1.30%