City State Bank
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), City State Bank reported 752 stock positions worth $303.4 million. Its top holding was Apple (AAPL) at 4.3% of the portfolio, followed by Vanguard Intermediate-Term B (BIV, 4.0%) and Dimensional Core Fixed (DFCF, 3.7%). Compared with Q4 2024, it opened 42 new positions, sold out of 17, added to 109 and reduced 98. The biggest buy was Dimensional GLBL Core PL Fix (DFGP, shares +129%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NORWALK, IA
- CIK
- 0001910666
- Portfolio Value
- $303.4M (Q1 2025)
- SEC Filing
- 0001910666-25-000002 ↗ filed Apr 11, 2025
Holdings Value
Holdings 752 stocks · $303.4M
| AAPL Apple Inc. | 4.31% | 58,870 | $13.1M | Reduce -0.5% |
| BIV Vanguard Intermediate-Term B | 4.01% | 159,060 | $12.2M | Add +10.6% |
| DFCF Dimensional Core Fixed Inc. | 3.72% | 268,490 | $11.3M | Add +17.2% |
| BSV Vanguard Short-Term Bond ETF | 3.03% | 117,577 | $9.2M | Add +10.5% |
| BND Vanguard Total Bond Market | 2.62% | 108,060 | $7.9M | Add +10.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.51% | 14,295 | $7.6M | Add +8.1% |
| VIG Vanguard Dividend Apprec ETF | 2.46% | 38,478 | $7.5M | Add +12.8% |
| AGG iShares Core U.S. Aggregate | 2.40% | 73,492 | $7.3M | Add +7.8% |
| VYM Vanguard High DVD Yield ETF | 2.38% | 55,956 | $7.2M | Add +8.9% |
| BNDX Vanguard Total Intl Bond ETF | 2.34% | 145,327 | $7.1M | Add +3.9% |
| VWOB Vanguard Emerg MKTS Gov BND | 2.28% | 107,939 | $6.9M | Add +6.2% |
| DFSD Dimensional Short Duration | 2.25% | 143,641 | $6.8M | Add +30.6% |
| STIP iShares 0-5 Year Tips Bond E | 2.21% | 64,743 | $6.7M | Add +9.8% |
| DFAT Dimensional US Target Value | 1.83% | 107,600 | $5.5M | Add +16.0% |
| MSFT Microsoft Corp. | 1.81% | 14,628 | $5.5M | Add +4.3% |
| LNT Alliant Energy Corp. | 1.53% | 71,951 | $4.6M | Add +0.6% |
| IGIB iShares 5-10Y Inv Grade Corp. | 1.47% | 84,765 | $4.5M | Add +3.4% |
| EBND State Street SPDR Bloomberg | 1.36% | 205,384 | $4.1M | Add +5.2% |
| NVDA Nvidia Corp. | 1.30% | 36,492 | $4.0M | Add +2.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.24% | 10,167 | $3.8M | Add +27.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.17% | 20,563 | $3.6M | Add +8.0% |
| VFH Vanguard Financials ETF | 1.12% | 28,346 | $3.4M | Add +1.9% |
| AMZN Amazon.com Inc. | 1.09% | 17,405 | $3.3M | Add +4.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 1.00% | 11,767 | $3.0M | Add +13.8% |
| GOOG Alphabet Inc. Class C | 0.90% | 17,509 | $2.7M | Add +11.2% |
| LLY Eli Lilly & Co. | 0.86% | 3,151 | $2.6M | Reduce -4.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.84% | 4,582 | $2.6M | Add +10.3% |
| DFGP Dimensional GLBL Core PL Fix | 0.81% | 46,162 | $2.5M | Add +128.8% |
| DFAC Dimensional US Core Equity 2 | 0.81% | 74,631 | $2.5M | Add +48.3% |
| VMBS Vanguard Mortgage-Backed Sec | 0.73% | 48,037 | $2.2M | Add +4.7% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.72% | 9,904 | $2.2M | Add +14.7% |
| COST Costco Wholesale Corp. | 0.71% | 2,283 | $2.2M | Add +1.3% |
| JPM JPMorgan Chase & Co. | 0.70% | 8,667 | $2.1M | Add +0.4% |
| VHT Vanguard Health Care ETF | 0.69% | 7,952 | $2.1M | No change |
| DFAE Dimensional Emerging Core Eq | 0.65% | 76,417 | $2.0M | Add +10.8% |
| JNJ Johnson & Johnson | 0.64% | 11,641 | $1.9M | Reduce -3.9% |
| ABBV Abbvie Inc. | 0.63% | 9,191 | $1.9M | Reduce -1.4% |
| IAGG iShares Intl Aggregate Bond | 0.62% | 37,875 | $1.9M | Add +3.8% |
| DFIV Dimensional International Va | 0.61% | 46,653 | $1.8M | Add +13.8% |
| RTX RTX Corp. | 0.59% | 13,505 | $1.8M | Reduce -0.1% |
| HD Home Depot Inc. | 0.57% | 4,749 | $1.7M | Add +2.8% |
| TIP iShares Tips Bond ETF | 0.57% | 15,475 | $1.7M | Reduce -0.1% |
| VWO Vanguard Ftse Emerging Marke | 0.56% | 37,807 | $1.7M | Reduce -5.1% |
| VGT Vanguard Info Tech ETF | 0.53% | 2,960 | $1.6M | Add +7.8% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.52% | 8,443 | $1.6M | Reduce -0.6% |
| CAT Caterpillar Inc. | 0.49% | 4,513 | $1.5M | Reduce -0.8% |
| MU Micron Technology Inc. | 0.48% | 16,925 | $1.5M | Add +1.8% |
| DFAI Dimensional International Co. | 0.47% | 46,127 | $1.4M | Add +8.0% |
| DFLV Dim US Large Cap Value ETF | 0.44% | 44,085 | $1.3M | Add +94.5% |
| DE Deere & Co. | 0.44% | 2,871 | $1.3M | Reduce -2.5% |
| DUHP Dimensional US High Profi Et | 0.43% | 39,699 | $1.3M | Add +157.1% |
| MRK Merck & Co. Inc. | 0.42% | 14,284 | $1.3M | Reduce -0.3% |
| ADP Automatic Data Processing | 0.42% | 4,142 | $1.3M | No change |
| WMT Walmart Inc. | 0.39% | 13,338 | $1.2M | Add +1.4% |
| VZ Verizon Communications Inc. | 0.37% | 24,921 | $1.1M | Reduce -3.2% |
| SPIP SS SPDR P Tips ETF | 0.37% | 42,675 | $1.1M | No change |
| VEU Vanguard Ftse All-World Ex-U | 0.37% | 18,481 | $1.1M | Reduce -0.7% |
| FITB Fifth Third Bancorp | 0.36% | 28,054 | $1.1M | Add +0.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.36% | 6,624 | $1.1M | Add +26.3% |
| VEA Vanguard Ftse Developed ETF | 0.36% | 21,542 | $1.1M | Add +13.7% |
| KO The Coca-Cola Co. | 0.36% | 15,209 | $1.1M | Reduce -11.6% |
| META Meta Platforms Inc. Class A | 0.35% | 1,865 | $1.1M | Add +1.1% |
| IBB iShares Biotechnology ETF | 0.35% | 8,290 | $1.1M | Reduce -1.6% |
| VOO Vanguard S&P 500 ETF | 0.35% | 2,038 | $1.0M | Add +32.1% |
| CVX Chevron Corp. | 0.34% | 6,202 | $1.0M | Add +0.7% |
| TSLA Tesla Inc. | 0.33% | 3,822 | $991K | Add +33.4% |
| QQQM Invesco Nasdaq 100 ETF | 0.32% | 5,055 | $976K | Add +16.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.32% | 3,888 | $967K | Reduce -2.8% |
| VPU Vanguard Utilities ETF | 0.32% | 5,606 | $958K | Add +2.4% |
| PG The Procter & Gamble Co. | 0.32% | 5,618 | $957K | Reduce -0.5% |
| LMT Lockheed Martin Corp. | 0.31% | 2,127 | $950K | Add +10.4% |
| EMB iShares JP Morgan Usd Emergi | 0.31% | 10,395 | $942K | No change |
| VIS Vanguard Industrials ETF | 0.28% | 3,466 | $858K | Add +0.7% |
| SPEM State Street SP PTF Em ETF | 0.28% | 21,766 | $857K | Add +2.3% |
| CASY Casey's General Stores Inc. | 0.27% | 1,898 | $824K | Add +4.7% |
| UNH Unitedhealth Group Inc. | 0.26% | 1,529 | $801K | Reduce -2.5% |
| CB Chubb Ltd. | 0.26% | 2,629 | $794K | No change |
| MCD McDonald's Corp. | 0.25% | 2,455 | $767K | Reduce -2.0% |
| XOM Exxon Mobil Corp. | 0.25% | 6,359 | $756K | Add +0.5% |
| NEE Nextera Energy Inc. | 0.25% | 10,647 | $755K | Reduce -17.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.25% | 6,910 | $751K | No change |
| BLV Vanguard Long-Term Bond ETF | 0.25% | 10,609 | $747K | Reduce -6.2% |
| BABA Alibaba Group Holding-SP ADR | 0.24% | 5,572 | $737K | Reduce -1.9% |
| VAW Vanguard Materials ETF | 0.24% | 3,899 | $736K | Reduce -2.5% |
| PFG Principal Financial Group | 0.24% | 8,707 | $735K | Reduce -1.7% |
| V Visa Inc. Class A | 0.24% | 2,067 | $724K | No change |
| AMGN Amgen Inc. | 0.24% | 2,300 | $717K | Reduce -3.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.23% | 8,885 | $701K | Add +18.2% |
| HON Honeywell International Inc. | 0.23% | 3,312 | $701K | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.23% | 1,983 | $699K | Add +6.2% |
| ABT Abbott Laboratories | 0.23% | 5,212 | $691K | No change |
| UNP Union Pacific Corp. | 0.23% | 2,909 | $687K | Reduce -0.5% |
| LOW Lowe's Cos Inc. | 0.23% | 2,946 | $687K | Reduce -2.6% |
| MMM 3M Co. | 0.22% | 4,628 | $680K | Add +1.1% |
| CRM Salesforce Inc. | 0.22% | 2,513 | $674K | Add +3.3% |
| PFF iShares Preferred & Income S | 0.22% | 21,665 | $666K | Add +0.9% |
| MELI MercadoLibre Inc. | 0.22% | 339 | $661K | No change |
| SO The Southern Co. | 0.22% | 7,187 | $661K | No change |
| WEC WEC Energy Group Inc. | 0.21% | 5,896 | $643K | Reduce -1.7% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.21% | 2,061 | $637K | Add +33.3% |
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -0.5% | 4.31% | −0.92 |
| MRVL Marvell Technology Inc. | Reduce -3.7% | 0.12% | −0.12 |
| CAT Caterpillar Inc. | Reduce -0.8% | 0.49% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -0.3% | 0.42% | −0.08 |
| NEE Nextera Energy Inc. | Reduce -17.7% | 0.25% | −0.08 |
| SNOW Snowflake Inc. | Reduce -22.7% | 0.16% | −0.08 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -0.6% | 0.52% | −0.07 |
| NTAP Netapp Inc. | Reduce -2.0% | 0.14% | −0.06 |
| VWO Vanguard Ftse Emerging Marke | Reduce -5.1% | 0.56% | −0.06 |
| AMAT Applied Materials Inc. | Reduce -4.6% | 0.20% | −0.05 |
| IBB iShares Biotechnology ETF | Reduce -1.6% | 0.35% | −0.04 |
| BX Blackstone Inc. | Reduce -21.5% | 0.06% | −0.04 |
| UPS United Parcel Service Class B | Reduce -0.8% | 0.17% | −0.04 |
| LLY Eli Lilly & Co. | Reduce -4.1% | 0.86% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -2.6% | 0.23% | −0.04 |
| SBUX Starbucks Corp. | Reduce -15.5% | 0.20% | −0.03 |
| BAC Bank of America Corp. | Reduce -3.7% | 0.20% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -4.3% | 0.09% | −0.03 |
| BLV Vanguard Long-Term Bond ETF | Reduce -6.2% | 0.25% | −0.03 |
| GS Goldman Sachs Group Inc. | Reduce -0.4% | 0.21% | −0.03 |
| PEY Invesco High Yield Equity Di | Reduce -9.5% | 0.15% | −0.03 |
| VAW Vanguard Materials ETF | Reduce -2.5% | 0.24% | −0.02 |
| PPG PPG Industries Inc. | Reduce -18.9% | 0.05% | −0.02 |
| KO The Coca-Cola Co. | Reduce -11.6% | 0.36% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -0.5% | 0.32% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -3.3% | 0.08% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -92.8% | 0.00% | −0.02 |
| VTRS Viatris Inc. | Reduce -11.0% | 0.02% | −0.02 |
| PNC PNC Financial Services Group | Reduce -8.1% | 0.06% | −0.02 |
| UNH Unitedhealth Group Inc. | Reduce -2.5% | 0.26% | −0.02 |
| TIP iShares Tips Bond ETF | Reduce -0.1% | 0.57% | −0.02 |
| TT Trane Technologies PLC | Reduce -14.8% | 0.04% | −0.01 |
| AAXJ iShares MSCI All Country Asi | Sold out | 0.00% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -0.5% | 0.11% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.4% | 0.08% | −0.01 |
| AVEM Avantis Emerging Markets Eq | Sold out | 0.00% | −0.01 |
| BA The Boeing Co. | Reduce -1.0% | 0.11% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -7.7% | 0.03% | −0.01 |
| DDOG Datadog Inc. Class A | Reduce -19.3% | 0.01% | −0.01 |
| WTBA West Bancorporation | Reduce -4.8% | 0.05% | −0.01 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -4.5% | 0.08% | −0.01 |
| F Ford Motor Co. | Reduce -3.4% | 0.10% | −0.01 |
| PEO Adams Natural Resources Fund | Sold out | 0.00% | −0.01 |
| UNP Union Pacific Corp. | Reduce -0.5% | 0.23% | −0.01 |
| CCL Carnival Corp. | Reduce -25.5% | 0.01% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -5.9% | 0.08% | −0.01 |
| IONQ Ionq Inc. | Reduce -30.2% | 0.00% | −0.01 |
| ADI Analog Devices Inc. | Reduce -4.8% | 0.04% | −0.01 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -0.7% | 0.37% | −0.01 |
| GEV GE Vernova Inc. | Reduce -0.2% | 0.04% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| DFGP Dimensional GLBL Core PL Fix | Add +128.8% | 0.81% | +0.44 |
| DFSD Dimensional Short Duration | Add +30.6% | 2.25% | +0.43 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +8.1% | 2.51% | +0.39 |
| DFCF Dimensional Core Fixed Inc. | Add +17.2% | 3.72% | +0.39 |
| DUHP Dimensional US High Profi Et | Add +157.1% | 0.43% | +0.25 |
| BIV Vanguard Intermediate-Term B | Add +10.6% | 4.01% | +0.22 |
| DFLV Dim US Large Cap Value ETF | Add +94.5% | 0.44% | +0.20 |
| DFAC Dimensional US Core Equity 2 | Add +48.3% | 0.81% | +0.20 |
| BSV Vanguard Short-Term Bond ETF | Add +10.5% | 3.03% | +0.13 |
| BND Vanguard Total Bond Market | Add +10.0% | 2.62% | +0.12 |
| STIP iShares 0-5 Year Tips Bond E | Add +9.8% | 2.21% | +0.12 |
| TPL Texas Pacific Land Corp. | New | 0.11% | +0.11 |
| VIG Vanguard Dividend Apprec ETF | Add +12.8% | 2.46% | +0.10 |
| DFIV Dimensional International Va | Add +13.8% | 0.61% | +0.09 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +27.2% | 1.24% | +0.09 |
| IBIT iShares Bitcoin Trust ETF | Add +1486.6% | 0.08% | +0.08 |
| AGG iShares Core U.S. Aggregate | Add +7.8% | 2.40% | +0.07 |
| VYM Vanguard High DVD Yield ETF | Add +8.9% | 2.38% | +0.07 |
| SMCI Super Micro Computer Inc. | New | 0.06% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +32.1% | 0.35% | +0.05 |
| EDIV State Street SPDR S&P Emergi | New | 0.05% | +0.05 |
| IDV iShares International Select | New | 0.04% | +0.04 |
| VEA Vanguard Ftse Developed ETF | Add +13.7% | 0.36% | +0.04 |
| UBER Uber Technologies Inc. | Add +3330.0% | 0.04% | +0.04 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +13.8% | 1.00% | +0.04 |
| TPYP Managed Portfolio Series | New | 0.04% | +0.04 |
| DFAI Dimensional International Co. | Add +8.0% | 0.47% | +0.04 |
| DFAE Dimensional Emerging Core Eq | Add +10.8% | 0.65% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +8.0% | 1.17% | +0.03 |
| LNT Alliant Energy Corp. | Add +0.6% | 1.53% | +0.03 |
| LRCX Lam Research Corp. | New | 0.03% | +0.03 |
| AEP American Electric Power | Add +4.6% | 0.20% | +0.03 |
| IESC Ies Holdings Inc. | Add +127.6% | 0.07% | +0.03 |
| CVX Chevron Corp. | Add +0.7% | 0.34% | +0.03 |
| SRTA Strata Critical Medical Inc. | New | 0.03% | +0.03 |
| BTX BlackRock Tech & Priv Eqty | New | 0.03% | +0.03 |
| AMD Advanced Micro Devices | Add +44.7% | 0.19% | +0.03 |
| JYD Jayud Global Logistics Ltd. Class A | New | 0.03% | +0.03 |
| ALSN Allison Transmission Holding | Add +132.1% | 0.05% | +0.02 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +18.2% | 0.23% | +0.02 |
| MLI Mueller Industries Inc. | Add +144.8% | 0.04% | +0.02 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Add +33.3% | 0.21% | +0.02 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +6.2% | 2.28% | +0.02 |
| BKH Black Hills Corp. | New | 0.02% | +0.02 |
| HSIC Henry Schein Inc. | Add +115.6% | 0.04% | +0.02 |
| TDY Teledyne Technologies Inc. | New | 0.02% | +0.02 |
| SOFI Sofi Technologies Inc. | Add +2000.0% | 0.02% | +0.02 |
| CASY Casey's General Stores Inc. | Add +4.7% | 0.27% | +0.02 |
| WM Waste Management Inc. | Add +5.6% | 0.14% | +0.02 |
| VOOV Vanguard S&P 500 Value ETF | Add +75.0% | 0.04% | +0.02 |
Notes & Other Activity Q4 2024 → Q1 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 95 | $3Kbefore exit |
| LILWF Lilium NV -CW26 | *W EXP 09/14/202 | Sold out | 333 | $7before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 808 | $436.4M | AAPL, DFCF, MU, BIV, DFSD |
| Q1 2026 | 783 | $385.3M | DFCF, AAPL, BIV, DFSD, BSV |
| Q4 2025 | 766 | $365.1M | AAPL, BIV, DFCF, BSV, VIG |
| Q3 2025 | 742 | $346.2M | AAPL, BIV, DFCF, BSV, VIG |
| Q2 2025 | 748 | $319.0M | BIV, AAPL, DFCF, BSV, VIG |
| Q1 2025 | 752 | $303.4M | AAPL, BIV, DFCF, BSV, BND |
| Q4 2024 | 725 | $283.5M | AAPL, BIV, DFCF, BSV, BND |
| Q3 2024 | 738 | $274.4M | AAPL, BIV, DFCF, BSV, BND |
| Q2 2024Amended | 728 | $244.9M | AAPL, BIV, BSV, AGG, BNDX |
| Q1 2024 | 710 | $226.5M | AAPL, BIV, BSV, VYM, STIP |