Ames National Corp.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Ames National Corp. reported 69 stock positions worth $168.4 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 23.3% of the portfolio, followed by Vanguard Short-Term Bond ETF (BSV, 6.8%) and Vanguard Total Bond Market (BND, 6.5%). Compared with Q2 2025, it opened 4 new positions, added to 18 and reduced 27. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +6%) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −66%).

Most Recent 13F
Q2 2026
Location
AMES, IA
CIK
0001132651
Portfolio Value
$168.4M (Q3 2025)
SEC Filing
0001437749-25-034414 ↗ filed Nov 12, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q4 2024: $148.5M Q4 2024 Q1 2025: $149.0M Q1 2025 Q2 2025: $154.6M Q2 2025 Q3 2025: $168.4M $168.4M Q3 2025 Q4 2025: $170.8M Q4 2025 Q1 2026: $166.6M Q1 2026 Q2 2026: $181.8M Q2 2026

Holdings 69 stocks · $168.4M
IVV iShares Core S&P 500 ETF 23.32% 58,692 $39.3M Add +6.2%
BSV Vanguard Short-Term Bond ETF 6.75% 144,147 $11.4M Add +4.6%
BND Vanguard Total Bond Market 6.45% 146,154 $10.9M Add +3.3%
AGG iShares Core U.S. Aggregate 6.41% 107,779 $10.8M Add +2.8%
MSFT Microsoft Corp. 5.17% 16,821 $8.7M Reduce -2.4%
VXUS Vanguard Total Intl Stock 3.42% 78,315 $5.8M Add +4.7%
IWR iShares Russell Mid-Cap ETF 3.34% 58,202 $5.6M Reduce -3.0%
AAPL Apple Inc. 2.74% 18,134 $4.6M Reduce -0.6%
VTIP Vanguard Short-Term Tips 2.62% 87,264 $4.4M Add +0.7%
IWM iShares Russell 2000 ETF 2.47% 17,222 $4.2M Reduce -1.3%
XLK SS Technology Select Sector 2.23% 13,325 $3.8M Reduce -1.3%
VTI VG Morningstar TS MKT ETF-US 2.00% 10,269 $3.4M No change
GOEPPINGER ENTERPRISES INC 1.98% 1,202 $3.3M No change
HD Home Depot Inc. 1.96% 8,141 $3.3M Reduce -0.7%
IJH iShares Core S&P Midcap ETF 1.95% 50,410 $3.3M Add +7.3%
GOOG Alphabet Inc. Class C 1.61% 11,115 $2.7M Add +2.4%
JPM JPMorgan Chase & Co. 1.55% 8,296 $2.6M Reduce -2.3%
JNJ Johnson & Johnson 1.44% 13,091 $2.4M Add +3.6%
BRK.B Berkshire Hathaway Inc. Class B 1.40% 4,674 $2.3M No change
IJR iShares Core S&P Small-Cap E 1.29% 18,241 $2.2M Add +8.3%
ATLO Ames National Corp. 1.07% 89,057 $1.8M Add +72.7%
TRV The Travelers Cos Inc. 1.06% 6,387 $1.8M Reduce -0.3%
ADP Automatic Data Processing 1.05% 6,023 $1.8M Add +1.4%
MCD McDonald's Corp. 0.94% 5,235 $1.6M Reduce -1.6%
PG The Procter & Gamble Co. 0.90% 9,887 $1.5M Reduce -3.5%
CVX Chevron Corp. 0.86% 9,362 $1.5M Add +44.2%
UNP Union Pacific Corp. 0.84% 5,982 $1.4M No change
T AT&T Inc. 0.70% 41,737 $1.2M Add +197.3%
XOM Exxon Mobil Corp. 0.61% 9,071 $1.0M No change
CSCO Cisco Systems Inc. 0.60% 14,656 $1.0M Reduce -0.8%
WMT Walmart Inc. 0.59% 9,683 $998K Reduce -1.6%
WFC Wells Fargo & Co. 0.55% 11,135 $933K No change
BLK BlackRock Inc. 0.51% 739 $862K Add +10.5%
MRK Merck & Co. Inc. 0.46% 9,314 $782K No change
QCOM Qualcomm Inc. 0.42% 4,264 $709K Reduce -3.3%
GOOGL Alphabet Inc. Class A 0.41% 2,863 $696K No change
V Visa Inc. Class A 0.41% 2,024 $691K Add +1.3%
CASY Casey's General Stores Inc. 0.40% 1,200 $678K New
BX Blackstone Inc. 0.40% 3,900 $666K No change
GD General Dynamics Corp. 0.40% 1,952 $666K Reduce -28.9%
NSC Norfolk Southern Corp. 0.39% 2,200 $661K No change
UNH Unitedhealth Group Inc. 0.39% 1,879 $649K Reduce -13.6%
VZ Verizon Communications Inc. 0.38% 14,565 $640K Add +66.2%
VOO Vanguard S&P 500 ETF 0.38% 1,045 $640K Reduce -66.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.35% 878 $585K No change
PFF iShares Preferred & Income S 0.31% 16,330 $516K Reduce -30.4%
PPG PPG Industries Inc. 0.29% 4,570 $480K No change
VYM Vanguard High DVD Yield ETF 0.28% 3,400 $479K No change
PEP Pepsico Inc. 0.26% 3,170 $445K Reduce -6.2%
AFL Aflac Inc. 0.26% 3,885 $434K Reduce -3.7%
NKE Nike Inc. Class B 0.25% 6,118 $427K Reduce -6.3%
PFE Pfizer Inc. 0.24% 16,172 $412K Add +0.1%
SYY Sysco Corp. 0.24% 4,895 $403K Reduce -3.9%
DE Deere & Co. 0.24% 873 $399K Reduce -3.9%
RTX RTX Corp. 0.23% 2,278 $381K No change
COP Conocophillips 0.21% 3,787 $358K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.21% 3,082 $353K Reduce -4.6%
APD Air Products & Chemicals Inc. 0.21% 1,285 $350K No change
ABBV Abbvie Inc. 0.20% 1,465 $339K No change
KO The Coca-Cola Co. 0.19% 4,797 $318K Reduce -3.0%
ABT Abbott Laboratories 0.18% 2,325 $311K No change
LNT Alliant Energy Corp. 0.17% 4,285 $289K No change
SYK Stryker Corp. 0.16% 745 $275K New
AVGO Broadcom Inc. 0.14% 700 $231K New
VEA Vanguard Ftse Developed ETF 0.13% 3,686 $221K Reduce -1.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.13% 779 $220K No change
KMB Kimberly-Clark Corp. 0.12% 1,635 $203K Reduce -2.4%
DNP DNP Select Income Fund Inc. 0.11% 18,000 $180K Reduce -33.0%
DOW Dow Inc. 0.05% 3,807 $87K New

Portfolio Sells Q2 2025 → Q3 2025
VOO Vanguard S&P 500 ETF Reduce -66.2% 0.38% −0.76
MSFT Microsoft Corp. Reduce -2.4% 5.17% −0.37
IWR iShares Russell Mid-Cap ETF Reduce -3.0% 3.34% −0.23
PFF iShares Preferred & Income S Reduce -30.4% 0.31% −0.16
PG The Procter & Gamble Co. Reduce -3.5% 0.90% −0.15
GD General Dynamics Corp. Reduce -28.9% 0.40% −0.12
CSCO Cisco Systems Inc. Reduce -0.8% 0.60% −0.07
DNP DNP Select Income Fund Inc. Reduce -33.0% 0.11% −0.06
DE Deere & Co. Reduce -3.9% 0.24% −0.06
MCD McDonald's Corp. Reduce -1.6% 0.94% −0.06
UNH Unitedhealth Group Inc. Reduce -13.6% 0.39% −0.05
DIS The Walt Disney Co. Reduce -4.6% 0.21% −0.05
TRV The Travelers Cos Inc. Reduce -0.3% 1.06% −0.05
NKE Nike Inc. Class B Reduce -6.3% 0.25% −0.05
JPM JPMorgan Chase & Co. Reduce -2.3% 1.55% −0.04
KO The Coca-Cola Co. Reduce -3.0% 0.19% −0.04
QCOM Qualcomm Inc. Reduce -3.3% 0.42% −0.03
WMT Walmart Inc. Reduce -1.6% 0.59% −0.03
PEP Pepsico Inc. Reduce -6.2% 0.26% −0.02
AFL Aflac Inc. Reduce -3.7% 0.26% −0.02
KMB Kimberly-Clark Corp. Reduce -2.4% 0.12% −0.01
SYY Sysco Corp. Reduce -3.9% 0.24% −0.01
VEA Vanguard Ftse Developed ETF Reduce -1.3% 0.13% −0.01
HD Home Depot Inc. Reduce -0.7% 1.96% +0.02
XLK SS Technology Select Sector Reduce -1.3% 2.23% +0.02
IWM iShares Russell 2000 ETF Reduce -1.3% 2.47% +0.04
AAPL Apple Inc. Reduce -0.6% 2.74% +0.32

Portfolio Buys Q2 2025 → Q3 2025
IVV iShares Core S&P 500 ETF Add +6.2% 23.32% +1.12
ATLO Ames National Corp. Add +72.7% 1.07% +0.48
T AT&T Inc. Add +197.3% 0.70% +0.44
CASY Casey's General Stores Inc. New 0.40% +0.40
GOOG Alphabet Inc. Class C Add +2.4% 1.61% +0.36
SYK Stryker Corp. New 0.16% +0.16
AVGO Broadcom Inc. New 0.14% +0.14
JNJ Johnson & Johnson Add +3.6% 1.44% +0.14
VZ Verizon Communications Inc. Add +66.2% 0.38% +0.13
IJR iShares Core S&P Small-Cap E Add +8.3% 1.29% +0.10
VXUS Vanguard Total Intl Stock Add +4.7% 3.42% +0.07
IJH iShares Core S&P Midcap ETF Add +7.3% 1.95% +0.07
BLK BlackRock Inc. Add +10.5% 0.51% +0.06
DOW Dow Inc. New 0.05% +0.05
PFE Pfizer Inc. Add +0.1% 0.24% −0.01
V Visa Inc. Class A Add +1.3% 0.41% −0.05
CVX Chevron Corp. Add +44.2% 0.86% −0.08
ADP Automatic Data Processing Add +1.4% 1.05% −0.14
VTIP Vanguard Short-Term Tips Add +0.7% 2.62% −0.19
BSV Vanguard Short-Term Bond ETF Add +4.6% 6.75% −0.26
BND Vanguard Total Bond Market Add +3.3% 6.45% −0.29
AGG iShares Core U.S. Aggregate Add +2.8% 6.41% −0.31

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 69$181.8MIVV, BSV, BND, AGG, VXUS
Q1 2026 67$166.6MIVV, BSV, BND, AGG, VXUS
Q4 2025 66$170.8MIVV, BSV, BND, AGG, MSFT
Q3 2025 69$168.4MIVV, BSV, BND, AGG, MSFT
Q2 2025 65$154.6MIVV, BSV, BND, AGG, MSFT
Q1 2025 62$149.0MIVV, BSV, BND, AGG, MSFT
Q4 2024 68$148.5MIVV, BSV, AGG, BND, MSFT