Institutional Manager · CIK 0001910666

City State Bank

NORWALK, IA · File #028-22371

Latest AUM

$365.1M

Positions

767

Top-10 Concentration

41.3%

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	Dimensional Etf Trust Short-Duration Fixed Income	25434V864	+24,397	+$1.2M	-$41,109
ADD	Dimensional Etf Trust Inflation-Protected Securities	25434V856	+26,250	+$1.1M	-$8,202
ADD	Dimensional Etf Trust Core Fixed Income	25434V872	+22,277	+$948,109	-$59,158
ADD	Dimensional Etf Trust Global Core Plus Fixed Income	25434V583	+17,311	+$936,006	-$80,184
ADD	Dimensional Etf Trust US High Profitability	25434V831	+18,084	+$687,734	+$15,537
ADD	Dimensional Etf Trust International Core Equity Market	25434V203	+17,038	+$649,318	+$157,266
REDUCE	Unitedhealth Group Common	UNH	-1,844	-$608,723	-$34,360
NEW	Fidelity Wise Origin Bitcoin Fund Beneficial Interest	FBTC	+7,750	+$590,783	$0
ADD	Dimensional Etf Trust International High Profitability	25434V765	+17,475	+$553,346	+$39,091
ADD	Dimensional Etf Trust International Value	25434V807	+10,459	+$521,904	+$250,538

Sector Allocation

Technology

11.8%$43.1M

Healthcare

3.6%$13.2M

Industrials

3.4%$12.4M

Consumer Discretionary

3.2%$11.7M

Financials

2.5%$9.3M

Utilities

1.9%$6.9M

Consumer Staples

1.3%$4.6M

Communication Services

0.8%$3.0M

Energy

0.8%$2.9M

Materials

0.3%$926,786

Real Estate

0.1%$459,943

Filing History

Jan 28, 202613F HOLDINGS REPORTQ/E Dec 2025767 pos · $365.1M
Oct 16, 202513F HOLDINGS REPORTQ/E Sep 2025742 pos · $346.2M
Jul 31, 202513F HOLDINGS REPORTQ/E Jun 2025748 pos · $319.0M
Apr 11, 202513F HOLDINGS REPORTQ/E Mar 2025752 pos · $303.4M
Jan 13, 202513F HOLDINGS REPORTQ/E Dec 2024727 pos · $283.5M
Oct 10, 202413F HOLDINGS REPORTQ/E Sep 2024740 pos · $274.4M
Jul 9, 202413F HOLDINGS REPORT (Amended)Q/E Jun 2024730 pos · $244.9M
Jul 8, 202413F HOLDINGS REPORTQ/E Jun 2024730 pos · $244,927
Apr 11, 202413F HOLDINGS REPORTQ/E Mar 2024711 pos · $226,495
Oct 16, 202313F HOLDINGS REPORTQ/E Dec 2023730 pos · $181,483

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Apple Inc Ordinary Shares	AAPL	59,486	$16.2M	6.42%
2	Vanguard Group, Inc. Intermediate-Term Bond Etf	921937819	174,057	$13.6M	5.38%
3	Dimensional Etf Trust Core Fixed Income	25434V872	318,066	$13.5M	5.38%
4	Vanguard Group, Inc. Short-Term Bond Etf	921937827	130,664	$10.3M	4.09%
5	Vanguard Group, Inc. Dividend Appreciation Ftf	921908844	43,088	$9.5M	3.76%
6	Dimensional Etf Trust Short-Duration Fixed Income	25434V864	195,689	$9.4M	3.73%
7	Vanguard High Dividend Yield Etf	921946406	61,745	$8.9M	3.52%
8	Vanguard Group, Inc. Emerging Markets Government Bond Etf	921946885	113,755	$7.7M	3.05%
9	Vanguard Total Bond Market Etf	921937835	101,330	$7.5M	2.98%
10	Microsoft	MSFT	15,447	$7.5M	2.97%
11	Dimensional Etf Trust U.S. Targeted Value	25434V609	121,619	$7.2M	2.88%
12	Blackrock Institutional Trust Company N.A. Ishares Core U.S. Aggregate Bond Etf	464287226	69,842	$7.0M	2.77%
13	Berkshire Hathaway Inc. Ordinary Shares - Class B	BRK-A	13,324	$6.7M	2.66%
14	Nvidia Corp Ordinary Shares	NVDA	34,660	$6.5M	2.57%
15	Alphabet Inc Ordinary Shares - Class C	GOOG	20,046	$6.3M	2.50%
16	Vanguard Group, Inc. Total International Bond Etf	92203J407	126,787	$6.1M	2.43%
17	Blackrock Institutional Trust Company N.A. Ishares 0-5 Year Tips Bond Etf	46429B747	59,331	$6.1M	2.41%
18	Vanguard Group, Inc. Growth Etf	922908736	11,476	$5.6M	2.22%
19	Blackrock Institutional Trust Company N.A. Ishares 5-10 Year Investment Grade Corporate Bond Etf	464288638	100,985	$5.4M	2.16%
20	Alliant Energy Corp. Ordinary Shares	LNT	72,576	$4.7M	1.87%