Institutional Manager · CIK 0001309148

Hills Bank & Trust Co

North Liberty, IA · File #028-11079

Latest AUM

$1.72B

Positions

508

Top-10 Concentration

54.0%

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
EXITED	ISHARES TR	46436E866	-1,013,478	-$23.7M	$0
EXITED	ISHARES TR	46435U432	-290,491	-$7.8M	$0
ADD	INVESCO EXCH TRD SLF IDX FD	IVZ	+407,947	+$6.8M	+$29,702
ADD	INVESCO EXCH TRD SLF IDX FD	IVZ	+312,658	+$6.6M	+$16,116
ADD	SPDR SERIES TRUST	78464A854	+55,384	+$4.4M	+$663,405
ADD	INVESCO EXCH TRD SLF IDX FD	IVZ	+187,718	+$4.1M	+$25,686
REDUCE	CBOE GLOBAL MKTS INC	12503M108	-11,674	-$2.9M	+$67,131
ADD	FEDERATED HERMES ETF TRUST	FHI	+107,391	+$2.7M	-$506
EXITED	INVESCO EXCH TRD SLF IDX FD	46138J528	-93,070	-$2.3M	$0
ADD	DIMENSIONAL ETF TRUST	25434V799	+64,494	+$2.2M	+$476,197

Sector Allocation

Financials

25.7%$442.7M

Technology

10.8%$184.9M

Industrials

2.4%$40.5M

Consumer Discretionary

2.3%$40.0M

Healthcare

2.3%$39.2M

Energy

0.8%$13.3M

Communication Services

0.6%$10.4M

0.5%$9.4M

0.4%$6.8M

0.2%$3.8M

0.2%$2.8M

Filing History

Feb 5, 202613F HOLDINGS REPORTQ/E Dec 2025508 pos · $1.72B
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 2025471 pos · $1.70B
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 2025477 pos · $1.59B
Apr 25, 202513F HOLDINGS REPORTQ/E Mar 2025460 pos · $1.42B
Feb 10, 202513F HOLDINGS REPORTQ/E Dec 2024466 pos · $1.33B
Oct 28, 202413F HOLDINGS REPORTQ/E Sep 2024468 pos · $1.32B
Jul 25, 202413F HOLDINGS REPORTQ/E Jun 2024443 pos · $1.23B
May 8, 202413F HOLDINGS REPORTQ/E Mar 2024440 pos · $1.18B
Oct 26, 202313F HOLDINGS REPORTQ/E Dec 2023414 pos · $860.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	206,584	$140.9M	10.19%
2	VANGUARD TAX-MANAGED FDS	921943858	2,223,316	$138.9M	10.05%
3	SPDR SERIES TRUST	78464A847	1,277,589	$74.0M	5.35%
4	SPDR S&P MIDCAP 400 ETF TR	MDY	115,821	$69.9M	5.06%
5	FEDERATED HERMES ETF TRUST	FHI	2,637,799	$67.0M	4.85%
6	VANGUARD INTL EQUITY INDEX F	922042858	1,079,179	$58.0M	4.20%
7	INVESCO EXCH TRD SLF IDX FD	IVZ	2,822,262	$55.2M	4.00%
8	INVESCO EXCH TRD SLF IDX FD	IVZ	2,525,628	$49.9M	3.61%
9	INVESCO EXCH TRD SLF IDX FD	IVZ	2,385,389	$49.1M	3.56%
10	INVESCO EXCH TRD SLF IDX FD	IVZ	2,325,555	$43.8M	3.17%
11	NVIDIA CORPORATION	NVDA	231,125	$43.1M	3.12%
12	INVESCO EXCH TRD SLF IDX FD	IVZ	2,484,104	$42.0M	3.04%
13	INVESCO EXCH TRD SLF IDX FD	IVZ	2,387,683	$39.9M	2.88%
14	APPLE INC	AAPL	125,168	$34.0M	2.46%
15	SPDR SERIES TRUST	78464A508	597,145	$33.9M	2.45%
16	ALPHABET INC	GOOG	106,508	$33.4M	2.42%
17	MICROSOFT CORP	MSFT	68,203	$33.0M	2.39%
18	SPDR SERIES TRUST	78464A854	408,259	$32.8M	2.37%
19	SPDR INDEX SHS FDS	78463X855	372,761	$26.0M	1.88%
20	FLEXSHARES TR	FLEX	543,167	$24.9M	1.80%