City State Bank
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 16, 2025), City State Bank reported 742 stock positions worth $346.2 million. Its top holding was Apple (AAPL) at 4.4% of the portfolio, followed by Vanguard Intermediate-Term B (BIV, 3.8%) and Dimensional Core Fixed (DFCF, 3.7%). Compared with Q2 2025, it opened 19 new positions, sold out of 25, added to 69 and reduced 135. The biggest buy was Apple (AAPL, shares +2%) and the biggest sale Vanguard Total Bond Market (BND, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- NORWALK, IA
- CIK
- 0001910666
- Portfolio Value
- $346.2M (Q3 2025)
- SEC Filing
- 0001910666-25-000007 ↗ filed Oct 16, 2025
Holdings Value
Holdings 742 stocks · $346.2M
| AAPL Apple Inc. | 4.39% | 59,683 | $15.2M | Add +1.8% |
| BIV Vanguard Intermediate-Term B | 3.85% | 170,535 | $13.3M | Add +9.1% |
| DFCF Dimensional Core Fixed Inc. | 3.65% | 295,789 | $12.6M | Add +7.0% |
| BSV Vanguard Short-Term Bond ETF | 2.86% | 125,327 | $9.9M | Add +5.8% |
| VIG Vanguard Dividend Apprec ETF | 2.54% | 40,792 | $8.8M | Add +4.8% |
| DFSD Dimensional Short Duration | 2.38% | 171,292 | $8.3M | Add +22.0% |
| VYM Vanguard High DVD Yield ETF | 2.37% | 58,263 | $8.2M | Add +3.3% |
| MSFT Microsoft Corp. | 2.29% | 15,275 | $7.9M | Add +0.9% |
| BND Vanguard Total Bond Market | 2.11% | 98,274 | $7.3M | Reduce -5.9% |
| VWOB Vanguard Emerg MKTS Gov BND | 2.09% | 107,906 | $7.2M | Reduce -0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.00% | 13,775 | $6.9M | Reduce -0.4% |
| NVDA Nvidia Corp. | 2.00% | 37,025 | $6.9M | Add +0.2% |
| AGG iShares Core U.S. Aggregate | 1.96% | 67,574 | $6.8M | Reduce -3.4% |
| DFAT Dimensional US Target Value | 1.92% | 114,401 | $6.7M | Add +7.0% |
| BNDX Vanguard Total Intl Bond ETF | 1.90% | 132,677 | $6.6M | Reduce -5.1% |
| STIP iShares 0-5 Year Tips Bond E | 1.78% | 59,743 | $6.2M | Reduce -4.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 1.51% | 96,760 | $5.2M | Add +12.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.50% | 10,809 | $5.2M | Add +5.2% |
| GOOG Alphabet Inc. Class C | 1.43% | 20,386 | $5.0M | Add +12.2% |
| LNT Alliant Energy Corp. | 1.40% | 71,995 | $4.9M | Reduce -0.6% |
| AMZN Amazon.com Inc. | 1.25% | 19,634 | $4.3M | Add +2.8% |
| EBND State Street SPDR Bloomberg | 1.19% | 192,195 | $4.1M | Reduce -6.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.15% | 21,428 | $4.0M | Add +1.5% |
| VFH Vanguard Financials ETF | 1.02% | 26,939 | $3.5M | Reduce -3.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.95% | 11,155 | $3.3M | Reduce -2.5% |
| DFAI Dimensional International Co. | 0.94% | 89,356 | $3.2M | Add +41.1% |
| DFIV Dimensional International Va | 0.88% | 66,280 | $3.1M | Add +21.2% |
| DFAC Dimensional US Core Equity 2 | 0.87% | 78,260 | $3.0M | Add +2.5% |
| DFGP Dimensional GLBL Core PL Fix | 0.86% | 53,456 | $3.0M | Add +2.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.84% | 4,371 | $2.9M | Add +0.2% |
| DFAE Dimensional Emerging Core Eq | 0.80% | 87,409 | $2.8M | Add +8.1% |
| JPM JPMorgan Chase & Co. | 0.76% | 8,388 | $2.6M | Reduce -1.8% |
| MU Micron Technology Inc. | 0.74% | 15,408 | $2.6M | Reduce -6.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.69% | 9,423 | $2.4M | Reduce -3.0% |
| LLY Eli Lilly & Co. | 0.67% | 3,053 | $2.3M | Reduce -3.2% |
| VGT Vanguard Info Tech ETF | 0.65% | 3,031 | $2.3M | Add +1.4% |
| DUHP Dimensional US High Profi Et | 0.65% | 59,755 | $2.3M | Add +28.1% |
| JNJ Johnson & Johnson | 0.62% | 11,596 | $2.2M | Reduce -1.1% |
| TSLA Tesla Inc. | 0.61% | 4,774 | $2.1M | Add +6.6% |
| CAT Caterpillar Inc. | 0.61% | 4,418 | $2.1M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 0.60% | 2,258 | $2.1M | Reduce -0.3% |
| RTX RTX Corp. | 0.60% | 12,489 | $2.1M | Reduce -0.8% |
| ABBV Abbvie Inc. | 0.60% | 8,982 | $2.1M | Reduce -2.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.60% | 7,387 | $2.1M | Add +0.1% |
| VWO Vanguard Ftse Emerging Marke | 0.58% | 37,261 | $2.0M | Reduce -1.2% |
| HD Home Depot Inc. | 0.55% | 4,713 | $1.9M | Reduce -0.8% |
| IAGG iShares Intl Aggregate Bond | 0.55% | 37,075 | $1.9M | Reduce -2.6% |
| VHT Vanguard Health Care ETF | 0.55% | 7,284 | $1.9M | Reduce -0.8% |
| DFLV Dim US Large Cap Value ETF | 0.53% | 55,466 | $1.8M | Add +14.3% |
| META Meta Platforms Inc. Class A | 0.51% | 2,423 | $1.8M | No change |
| VMBS Vanguard Mortgage-Backed Sec | 0.50% | 36,722 | $1.7M | Reduce -16.4% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.49% | 8,183 | $1.7M | Reduce -1.0% |
| TIP iShares Tips Bond ETF | 0.48% | 15,080 | $1.7M | Reduce -0.7% |
| VOO Vanguard S&P 500 ETF | 0.45% | 2,571 | $1.6M | Add +4.2% |
| WMT Walmart Inc. | 0.40% | 13,338 | $1.4M | No change |
| VEU Vanguard Ftse All-World Ex-U | 0.39% | 18,851 | $1.3M | Reduce -0.4% |
| VEA Vanguard Ftse Developed ETF | 0.37% | 21,419 | $1.3M | Add +0.5% |
| DE Deere & Co. | 0.36% | 2,759 | $1.3M | Reduce -0.5% |
| VPU Vanguard Utilities ETF | 0.36% | 6,646 | $1.3M | Add +15.9% |
| FITB Fifth Third Bancorp | 0.35% | 27,357 | $1.2M | Reduce -0.7% |
| ADP Automatic Data Processing | 0.35% | 4,122 | $1.2M | Reduce -0.5% |
| LMT Lockheed Martin Corp. | 0.34% | 2,387 | $1.2M | Reduce -1.2% |
| MRK Merck & Co. Inc. | 0.34% | 14,174 | $1.2M | No change |
| SPIP SS SPDR P Tips ETF | 0.32% | 42,365 | $1.1M | Reduce -0.7% |
| IBB iShares Biotechnology ETF | 0.32% | 7,693 | $1.1M | Add +0.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.32% | 3,879 | $1.1M | Reduce -0.2% |
| QQQM Invesco Nasdaq 100 ETF | 0.31% | 4,347 | $1.1M | Reduce -3.4% |
| VZ Verizon Communications Inc. | 0.31% | 24,121 | $1.1M | Reduce -1.4% |
| CASY Casey's General Stores Inc. | 0.30% | 1,867 | $1.1M | Reduce -0.3% |
| VIS Vanguard Industrials ETF | 0.30% | 3,462 | $1.0M | No change |
| CVX Chevron Corp. | 0.29% | 6,556 | $1.0M | Add +1.3% |
| KO The Coca-Cola Co. | 0.29% | 15,208 | $1.0M | Reduce -0.0% |
| SPEM State Street SP PTF Em ETF | 0.29% | 21,313 | $998K | Reduce -0.5% |
| BABA Alibaba Group Holding-SP ADR | 0.29% | 5,572 | $996K | No change |
| DIHP Dimensional International Hi | 0.27% | 30,781 | $936K | Add +86.5% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.27% | 2,281 | $918K | Add +8.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.26% | 11,415 | $912K | Add +5.8% |
| GS Goldman Sachs Group Inc. | 0.26% | 1,145 | $912K | No change |
| AMD Advanced Micro Devices | 0.26% | 5,622 | $910K | Add +4.0% |
| IBIT iShares Bitcoin Trust ETF | 0.25% | 13,290 | $864K | Add +412.1% |
| PG The Procter & Gamble Co. | 0.25% | 5,618 | $863K | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.24% | 1,702 | $835K | Add +14.8% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.24% | 7,410 | $826K | No change |
| AMAT Applied Materials Inc. | 0.23% | 3,957 | $810K | Reduce -5.5% |
| EMB iShares JP Morgan Usd Emergi | 0.23% | 8,495 | $809K | Reduce -3.4% |
| VAW Vanguard Materials ETF | 0.23% | 3,894 | $798K | Add +0.7% |
| MELI MercadoLibre Inc. | 0.23% | 339 | $792K | No change |
| NEE Nextera Energy Inc. | 0.23% | 10,401 | $785K | No change |
| UNH Unitedhealth Group Inc. | 0.23% | 2,262 | $781K | Add +14.8% |
| PFE Pfizer Inc. | 0.22% | 30,047 | $766K | Add +4.7% |
| BLV Vanguard Long-Term Bond ETF | 0.22% | 10,609 | $752K | No change |
| CB Chubb Ltd. | 0.21% | 2,629 | $742K | No change |
| LOW Lowe's Cos Inc. | 0.21% | 2,946 | $740K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.21% | 14,206 | $733K | Reduce -3.4% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.21% | 2,355 | $725K | No change |
| XOM Exxon Mobil Corp. | 0.21% | 6,359 | $717K | No change |
| V Visa Inc. Class A | 0.20% | 2,067 | $706K | No change |
| MMM 3M Co. | 0.20% | 4,528 | $703K | Reduce -1.0% |
| HON Honeywell International Inc. | 0.20% | 3,281 | $691K | Reduce -3.2% |
| UNP Union Pacific Corp. | 0.20% | 2,909 | $688K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BND Vanguard Total Bond Market | Reduce -5.9% | 2.11% | −0.30 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -5.1% | 1.90% | −0.28 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -4.4% | 1.78% | −0.23 |
| AGG iShares Core U.S. Aggregate | Reduce -3.4% | 1.96% | −0.22 |
| EBND State Street SPDR Bloomberg | Reduce -6.4% | 1.19% | −0.19 |
| VMBS Vanguard Mortgage-Backed Sec | Reduce -16.4% | 0.50% | −0.14 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -0.2% | 2.09% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 2.00% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -0.3% | 0.60% | −0.10 |
| LLY Eli Lilly & Co. | Reduce -3.2% | 0.67% | −0.10 |
| VFH Vanguard Financials ETF | Reduce -3.1% | 1.02% | −0.09 |
| DE Deere & Co. | Reduce -0.5% | 0.36% | −0.08 |
| IAGG iShares Intl Aggregate Bond | Reduce -2.6% | 0.55% | −0.06 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -2.5% | 0.95% | −0.06 |
| DIS The Walt Disney Co. | Reduce -33.4% | 0.07% | −0.05 |
| ADP Automatic Data Processing | Reduce -0.5% | 0.35% | −0.05 |
| HON Honeywell International Inc. | Reduce -3.2% | 0.20% | −0.05 |
| KO The Coca-Cola Co. | Reduce -0.0% | 0.29% | −0.05 |
| UPS United Parcel Service Class B | Reduce -9.6% | 0.10% | −0.05 |
| B Barrick Mining Corp. | Reduce -89.7% | 0.01% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -0.2% | 0.32% | −0.04 |
| TIP iShares Tips Bond ETF | Reduce -0.7% | 0.48% | −0.04 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -14.4% | 0.13% | −0.03 |
| SBUX Starbucks Corp. | Reduce -5.4% | 0.13% | −0.03 |
| CHKP Check Point Software Tech | Reduce -0.3% | 0.18% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -3.0% | 0.69% | −0.03 |
| SPIP SS SPDR P Tips ETF | Reduce -0.7% | 0.32% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -1.4% | 0.31% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -2.6% | 0.10% | −0.03 |
| ABT Abbott Laboratories | Reduce -2.4% | 0.20% | −0.03 |
| VHT Vanguard Health Care ETF | Reduce -0.8% | 0.55% | −0.03 |
| PM Philip Morris International | Reduce -1.1% | 0.11% | −0.02 |
| ROK Rockwell Automation Inc. | Reduce -27.4% | 0.05% | −0.02 |
| EMB iShares JP Morgan Usd Emergi | Reduce -3.4% | 0.23% | −0.02 |
| FDX FedEx Corp. | Reduce -46.0% | 0.02% | −0.02 |
| PAYX Paychex Inc. | Reduce -2.6% | 0.07% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.2% | 0.11% | −0.02 |
| MMM 3M Co. | Reduce -1.0% | 0.20% | −0.02 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.01 |
| PFG Principal Financial Group | Reduce -3.2% | 0.19% | −0.01 |
| CMG Chipotle Mexican Grill Inc. | Reduce -2.1% | 0.02% | −0.01 |
| TRV The Travelers Cos Inc. | Reduce -3.5% | 0.18% | −0.01 |
| IHAK iShares Cybersecurity & Tech | Reduce -0.6% | 0.12% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -2.4% | 0.08% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -13.2% | 0.08% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.0% | 0.49% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -1.8% | 0.76% | −0.01 |
| GILD Gilead Sciences Inc. | Reduce -2.4% | 0.10% | −0.01 |
| MDT Medtronic PLC | Reduce -7.0% | 0.16% | −0.01 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -3.4% | 0.31% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +1.8% | 4.39% | +0.62 |
| GOOG Alphabet Inc. Class C | Add +12.2% | 1.43% | +0.42 |
| DFSD Dimensional Short Duration | Add +22.0% | 2.38% | +0.27 |
| DFAI Dimensional International Co. | Add +41.1% | 0.94% | +0.25 |
| IBIT iShares Bitcoin Trust ETF | Add +412.1% | 0.25% | +0.20 |
| TSLA Tesla Inc. | Add +6.6% | 0.61% | +0.17 |
| NVDA Nvidia Corp. | Add +0.2% | 2.00% | +0.17 |
| DFIV Dimensional International Va | Add +21.2% | 0.88% | +0.15 |
| DUHP Dimensional US High Profi Et | Add +28.1% | 0.65% | +0.13 |
| DIHP Dimensional International Hi | Add +86.5% | 0.27% | +0.12 |
| DFAT Dimensional US Target Value | Add +7.0% | 1.92% | +0.12 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +5.2% | 1.50% | +0.09 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +12.4% | 1.51% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.1% | 0.60% | +0.07 |
| DFIP Dimensional Inflation-Protec | Add +94.4% | 0.15% | +0.07 |
| DFAE Dimensional Emerging Core Eq | Add +8.1% | 0.80% | +0.06 |
| BIV Vanguard Intermediate-Term B | Add +9.1% | 3.85% | +0.06 |
| ETHA iShares Ethereum Trust ETF | New | 0.06% | +0.06 |
| DFLV Dim US Large Cap Value ETF | Add +14.3% | 0.53% | +0.06 |
| VPU Vanguard Utilities ETF | Add +15.9% | 0.36% | +0.05 |
| VIG Vanguard Dividend Apprec ETF | Add +4.8% | 2.54% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +14.8% | 0.23% | +0.03 |
| VGT Vanguard Info Tech ETF | Add +1.4% | 0.65% | +0.03 |
| O Realty Income Corp. | Add +109.7% | 0.06% | +0.03 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Add +8.8% | 0.27% | +0.02 |
| BTCI Neos Bitcoin High Income ETF | Add +75.0% | 0.06% | +0.02 |
| AMD Advanced Micro Devices | Add +4.0% | 0.26% | +0.02 |
| ENB Enbridge Inc. | Add +9.4% | 0.16% | +0.02 |
| IBB iShares Biotechnology ETF | Add +0.2% | 0.32% | +0.02 |
| DGCB Dimensional Global Credit | New | 0.02% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +4.2% | 0.45% | +0.02 |
| DFAC Dimensional US Core Equity 2 | Add +2.5% | 0.87% | +0.01 |
| FCX Freeport-McMoran Inc. | Add +1301.0% | 0.02% | +0.01 |
| VYM Vanguard High DVD Yield ETF | Add +3.3% | 2.37% | +0.01 |
| BNS Bank of Nova Scotia | Add +56.9% | 0.03% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +17.6% | 0.04% | +0.01 |
| GLD SPDR Gold Shares | Add +0.2% | 0.10% | +0.01 |
| PAAS Pan American Silver Corp. | Add +74.4% | 0.01% | +0.01 |
| WTBA West Bancorporation | Add +17.6% | 0.05% | +0.01 |
| VDE Vanguard Energy ETF | Add +13.9% | 0.06% | +0.01 |
| INV Innventure Inc. | New | 0.01% | +0.01 |
| IVES Dan Wedbush AI Rev ETF | New | 0.00% | +0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +14.8% | 0.24% | +0.00 |
| BTI British American Tob-SP ADR | Add +10.5% | 0.03% | +0.00 |
| DKNG Draftkings Inc. Class A | Add +231.2% | 0.01% | +0.00 |
| CVX Chevron Corp. | Add +1.3% | 0.29% | +0.00 |
| TOST Toast Inc. Class A | New | 0.00% | +0.00 |
| PFE Pfizer Inc. | Add +4.7% | 0.22% | +0.00 |
| VRTX Vertex Pharmaceuticals Inc. | Add +45.5% | 0.02% | +0.00 |
| AOR iShares Core 60/40 Balanced | New | 0.00% | +0.00 |
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 |