City State Bank
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), City State Bank reported 766 stock positions worth $365.1 million. Its top holding was Apple (AAPL) at 4.4% of the portfolio, followed by Vanguard Intermediate-Term B (BIV, 3.7%) and Dimensional Core Fixed (DFCF, 3.7%). Compared with Q3 2025, it opened 36 new positions, sold out of 15, added to 135 and reduced 136. The biggest buy was Dimensional Inflation-Protec (DFIP, shares +216%) and the biggest sale Nvidia (NVDA, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- NORWALK, IA
- CIK
- 0001910666
- Portfolio Value
- $365.1M (Q4 2025)
- SEC Filing
- 0001910666-26-000001 ↗ filed Jan 28, 2026
Holdings Value
Holdings 766 stocks · $365.1M
| AAPL Apple Inc. | 4.43% | 59,486 | $16.2M | Reduce -0.3% |
| BIV Vanguard Intermediate-Term B | 3.71% | 174,057 | $13.6M | Add +2.1% |
| DFCF Dimensional Core Fixed Inc. | 3.71% | 318,066 | $13.5M | Add +7.5% |
| BSV Vanguard Short-Term Bond ETF | 2.82% | 130,664 | $10.3M | Add +4.3% |
| VIG Vanguard Dividend Apprec ETF | 2.59% | 43,088 | $9.5M | Add +5.6% |
| DFSD Dimensional Short Duration | 2.57% | 195,689 | $9.4M | Add +14.2% |
| VYM Vanguard High DVD Yield ETF | 2.43% | 61,745 | $8.9M | Add +6.0% |
| VWOB Vanguard Emerg MKTS Gov BND | 2.10% | 113,755 | $7.7M | Add +5.4% |
| BND Vanguard Total Bond Market | 2.06% | 101,330 | $7.5M | Add +3.1% |
| MSFT Microsoft Corp. | 2.05% | 15,447 | $7.5M | Add +1.1% |
| DFAT Dimensional US Target Value | 1.98% | 121,619 | $7.2M | Add +6.3% |
| AGG iShares Core U.S. Aggregate | 1.91% | 69,842 | $7.0M | Add +3.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.83% | 13,324 | $6.7M | Reduce -3.3% |
| NVDA Nvidia Corp. | 1.77% | 34,660 | $6.5M | Reduce -6.4% |
| GOOG Alphabet Inc. Class C | 1.72% | 20,046 | $6.3M | Reduce -1.7% |
| BNDX Vanguard Total Intl Bond ETF | 1.68% | 126,787 | $6.1M | Reduce -4.4% |
| STIP iShares 0-5 Year Tips Bond E | 1.66% | 59,331 | $6.1M | Reduce -0.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.53% | 11,476 | $5.6M | Add +6.2% |
| IGIB iShares 5-10Y Inv Grade Corp. | 1.49% | 100,985 | $5.4M | Add +4.4% |
| LNT Alliant Energy Corp. | 1.29% | 72,576 | $4.7M | Add +0.8% |
| AMZN Amazon.com Inc. | 1.25% | 19,749 | $4.6M | Add +0.6% |
| MU Micron Technology Inc. | 1.19% | 15,197 | $4.3M | Reduce -1.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.19% | 22,670 | $4.3M | Add +5.8% |
| EBND State Street SPDR Bloomberg | 1.17% | 200,641 | $4.3M | Add +4.4% |
| DFAI Dimensional International Co. | 1.11% | 106,394 | $4.1M | Add +19.1% |
| DFIV Dimensional International Va | 1.05% | 76,739 | $3.8M | Add +15.8% |
| DFGP Dimensional GLBL Core PL Fix | 1.05% | 70,767 | $3.8M | Add +32.4% |
| VFH Vanguard Financials ETF | 0.99% | 26,985 | $3.6M | Add +0.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.92% | 11,525 | $3.3M | Add +3.3% |
| DFAC Dimensional US Core Equity 2 | 0.88% | 81,031 | $3.2M | Add +3.5% |
| DFAE Dimensional Emerging Core Eq | 0.86% | 96,044 | $3.1M | Add +9.9% |
| LLY Eli Lilly & Co. | 0.85% | 2,896 | $3.1M | Reduce -5.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.81% | 4,361 | $3.0M | Reduce -0.2% |
| DUHP Dimensional US High Profi Et | 0.81% | 77,839 | $3.0M | Add +30.3% |
| JPM JPMorgan Chase & Co. | 0.75% | 8,468 | $2.7M | Add +0.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.70% | 9,912 | $2.6M | Add +5.2% |
| DFLV Dim US Large Cap Value ETF | 0.65% | 69,506 | $2.4M | Add +25.3% |
| JNJ Johnson & Johnson | 0.64% | 11,307 | $2.3M | Reduce -2.5% |
| VGT Vanguard Info Tech ETF | 0.64% | 3,087 | $2.3M | Add +1.9% |
| RTX RTX Corp. | 0.62% | 12,372 | $2.3M | Reduce -0.9% |
| CAT Caterpillar Inc. | 0.62% | 3,943 | $2.3M | Reduce -10.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.62% | 7,412 | $2.3M | Add +0.3% |
| IAGG iShares Intl Aggregate Bond | 0.57% | 41,755 | $2.1M | Add +12.6% |
| ABBV Abbvie Inc. | 0.56% | 8,920 | $2.0M | Reduce -0.7% |
| TSLA Tesla Inc. | 0.55% | 4,469 | $2.0M | Reduce -6.4% |
| VWO Vanguard Ftse Emerging Marke | 0.55% | 37,161 | $2.0M | Reduce -0.3% |
| VHT Vanguard Health Care ETF | 0.55% | 6,925 | $2.0M | Reduce -4.9% |
| COST Costco Wholesale Corp. | 0.53% | 2,244 | $1.9M | Reduce -0.6% |
| VMBS Vanguard Mortgage-Backed Sec | 0.48% | 36,957 | $1.7M | Add +0.6% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.47% | 8,183 | $1.7M | No change |
| VOO Vanguard S&P 500 ETF | 0.46% | 2,657 | $1.7M | Add +3.4% |
| META Meta Platforms Inc. Class A | 0.46% | 2,523 | $1.7M | Add +4.1% |
| HD Home Depot Inc. | 0.44% | 4,664 | $1.6M | Reduce -1.0% |
| DFIP Dimensional Inflation-Protec | 0.44% | 38,400 | $1.6M | Add +216.1% |
| TIP iShares Tips Bond ETF | 0.43% | 14,380 | $1.6M | Reduce -4.6% |
| DIHP Dimensional International Hi | 0.42% | 48,256 | $1.5M | Add +56.8% |
| MRK Merck & Co. Inc. | 0.41% | 14,099 | $1.5M | Reduce -0.5% |
| WMT Walmart Inc. | 0.40% | 13,108 | $1.5M | Reduce -1.7% |
| IBB iShares Biotechnology ETF | 0.40% | 8,582 | $1.4M | Add +11.6% |
| VEU Vanguard Ftse All-World Ex-U | 0.39% | 19,542 | $1.4M | Add +3.7% |
| VEA Vanguard Ftse Developed ETF | 0.39% | 22,830 | $1.4M | Add +6.6% |
| DE Deere & Co. | 0.35% | 2,749 | $1.3M | Reduce -0.4% |
| FITB Fifth Third Bancorp | 0.34% | 26,522 | $1.2M | Reduce -3.0% |
| QQQM Invesco Nasdaq 100 ETF | 0.33% | 4,783 | $1.2M | Add +10.0% |
| VPU Vanguard Utilities ETF | 0.33% | 6,536 | $1.2M | Reduce -1.7% |
| AMD Advanced Micro Devices | 0.33% | 5,632 | $1.2M | Add +0.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.32% | 3,899 | $1.2M | Add +0.5% |
| LMT Lockheed Martin Corp. | 0.31% | 2,368 | $1.1M | Reduce -0.8% |
| MELI MercadoLibre Inc. | 0.30% | 539 | $1.1M | Add +59.0% |
| SPIP SS SPDR P Tips ETF | 0.30% | 41,765 | $1.1M | Reduce -1.4% |
| ADP Automatic Data Processing | 0.29% | 4,129 | $1.1M | Add +0.2% |
| SPEM State Street SP PTF Em ETF | 0.29% | 22,499 | $1.1M | Add +5.6% |
| KO The Coca-Cola Co. | 0.29% | 14,965 | $1.0M | Reduce -1.6% |
| CASY Casey's General Stores Inc. | 0.28% | 1,866 | $1.0M | Reduce -0.1% |
| VIS Vanguard Industrials ETF | 0.28% | 3,447 | $1.0M | Reduce -0.4% |
| AMAT Applied Materials Inc. | 0.28% | 3,957 | $1.0M | No change |
| GS Goldman Sachs Group Inc. | 0.28% | 1,145 | $1.0M | No change |
| VZ Verizon Communications Inc. | 0.27% | 24,212 | $986K | Add +0.4% |
| CVX Chevron Corp. | 0.27% | 6,391 | $974K | Reduce -2.5% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.26% | 2,297 | $948K | Add +0.7% |
| IVV iShares Core S&P 500 ETF | 0.25% | 1,322 | $905K | Add +29.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.25% | 11,320 | $903K | Reduce -0.8% |
| EMB iShares JP Morgan Usd Emergi | 0.24% | 9,270 | $893K | Add +9.1% |
| MMM 3M Co. | 0.24% | 5,442 | $871K | Add +20.2% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.24% | 2,743 | $863K | Add +16.5% |
| NEE Nextera Energy Inc. | 0.23% | 10,371 | $833K | Reduce -0.3% |
| CB Chubb Ltd. | 0.23% | 2,633 | $822K | Add +0.1% |
| BABA Alibaba Group Holding-SP ADR | 0.22% | 5,572 | $817K | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.22% | 7,410 | $817K | No change |
| VAW Vanguard Materials ETF | 0.22% | 3,904 | $810K | Add +0.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.22% | 1,702 | $798K | No change |
| PG The Procter & Gamble Co. | 0.22% | 5,564 | $797K | Reduce -1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.21% | 14,106 | $776K | Reduce -0.7% |
| PFE Pfizer Inc. | 0.20% | 29,883 | $744K | Reduce -0.6% |
| BLV Vanguard Long-Term Bond ETF | 0.20% | 10,609 | $738K | No change |
| XOM Exxon Mobil Corp. | 0.20% | 6,106 | $735K | Reduce -4.0% |
| AMGN Amgen Inc. | 0.20% | 2,205 | $722K | Reduce -3.1% |
| V Visa Inc. Class A | 0.20% | 2,042 | $716K | Reduce -1.2% |
| LOW Lowe's Cos Inc. | 0.19% | 2,949 | $711K | Add +0.1% |
| PFG Principal Financial Group | 0.19% | 7,938 | $700K | Reduce -1.2% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $24 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 8 | $24 | No change |
Total filed on the 13F, all lines: $365.1M.
Portfolio Sells Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | Reduce -6.4% | 1.77% | −0.23 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -4.4% | 1.68% | −0.22 |
| UNH Unitedhealth Group Inc. | Reduce -81.5% | 0.04% | −0.19 |
| IBIT iShares Bitcoin Trust ETF | Reduce -60.5% | 0.07% | −0.18 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.3% | 1.83% | −0.17 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -0.7% | 1.66% | −0.12 |
| HD Home Depot Inc. | Reduce -1.0% | 0.44% | −0.11 |
| COST Costco Wholesale Corp. | Reduce -0.6% | 0.53% | −0.07 |
| TSLA Tesla Inc. | Reduce -6.4% | 0.55% | −0.06 |
| TIP iShares Tips Bond ETF | Reduce -4.6% | 0.43% | −0.05 |
| DD Dupont DE Nemours Inc. | Reduce -30.1% | 0.02% | −0.05 |
| ABBV Abbvie Inc. | Reduce -0.7% | 0.56% | −0.04 |
| CHKP Check Point Software Tech | Reduce -9.1% | 0.14% | −0.04 |
| TMO Thermo Fisher Scientific Inc. | Reduce -89.5% | 0.01% | −0.04 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.3% | 0.55% | −0.04 |
| AAP Advance Auto Parts Inc. | Sold out | 0.00% | −0.04 |
| T AT&T Inc. | Reduce -6.5% | 0.12% | −0.03 |
| VPU Vanguard Utilities ETF | Reduce -1.7% | 0.33% | −0.03 |
| CRM Salesforce Inc. | Reduce -23.0% | 0.14% | −0.03 |
| RBLX Roblox Corp. Class A | Reduce -27.4% | 0.02% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -1.0% | 0.22% | −0.03 |
| NKE Nike Inc. Class B | Reduce -27.2% | 0.05% | −0.03 |
| LMT Lockheed Martin Corp. | Reduce -0.8% | 0.31% | −0.03 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -19.5% | 0.10% | −0.03 |
| SO The Southern Co. | Reduce -2.3% | 0.17% | −0.03 |
| CVX Chevron Corp. | Reduce -2.5% | 0.27% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.2% | 0.81% | −0.03 |
| SPIP SS SPDR P Tips ETF | Reduce -1.4% | 0.30% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -9.1% | 0.06% | −0.02 |
| CASY Casey's General Stores Inc. | Reduce -0.1% | 0.28% | −0.02 |
| Z Zillow Group Inc. Class C | Reduce -98.4% | 0.00% | −0.02 |
| BBAI Bigbear.ai Holdings Inc. | Sold out | 0.00% | −0.02 |
| PFE Pfizer Inc. | Reduce -0.6% | 0.20% | −0.02 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -0.8% | 0.25% | −0.02 |
| MDT Medtronic PLC | Reduce -5.3% | 0.14% | −0.01 |
| VIS Vanguard Industrials ETF | Reduce -0.4% | 0.28% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -4.8% | 0.08% | −0.01 |
| UAA Under Armour Inc. Class A | Reduce -99.4% | 0.00% | −0.01 |
| OXY Occidental Petroleum Corp. | Reduce -78.7% | 0.00% | −0.01 |
| DE Deere & Co. | Reduce -0.4% | 0.35% | −0.01 |
| WM Waste Management Inc. | Reduce -5.8% | 0.11% | −0.01 |
| BIIB Biogen Inc. | Reduce -53.5% | 0.02% | −0.01 |
| IESC Ies Holdings Inc. | Reduce -2.7% | 0.12% | −0.01 |
| CDE Coeur Mining Inc. | Reduce -48.1% | 0.01% | −0.01 |
| FITB Fifth Third Bancorp | Reduce -3.0% | 0.34% | −0.01 |
| MCD McDonald's Corp. | Reduce -2.4% | 0.15% | −0.01 |
| BA The Boeing Co. | Reduce -5.5% | 0.10% | −0.01 |
| TGT Target Corp. | Reduce -51.8% | 0.01% | −0.01 |
| ED Consolidated Edison Inc. | Reduce -1.5% | 0.13% | −0.01 |
| DVN Devon Energy Corp. | Reduce -19.2% | 0.04% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| DFIP Dimensional Inflation-Protec | Add +216.1% | 0.44% | +0.29 |
| DFGP Dimensional GLBL Core PL Fix | Add +32.4% | 1.05% | +0.19 |
| DFSD Dimensional Short Duration | Add +14.2% | 2.57% | +0.19 |
| DFAI Dimensional International Co. | Add +19.1% | 1.11% | +0.17 |
| DFIV Dimensional International Va | Add +15.8% | 1.05% | +0.17 |
| FBTC Fidelity Wise Origin Bitcoin | New | 0.16% | +0.16 |
| DUHP Dimensional US High Profi Et | Add +30.3% | 0.81% | +0.16 |
| DIHP Dimensional International Hi | Add +56.8% | 0.42% | +0.15 |
| DFLV Dim US Large Cap Value ETF | Add +25.3% | 0.65% | +0.12 |
| WINA Winmark Corp. | New | 0.08% | +0.08 |
| IBB iShares Biotechnology ETF | Add +11.6% | 0.40% | +0.08 |
| MELI MercadoLibre Inc. | Add +59.0% | 0.30% | +0.07 |
| AMD Advanced Micro Devices | Add +0.2% | 0.33% | +0.07 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +401.5% | 0.08% | +0.07 |
| DFAE Dimensional Emerging Core Eq | Add +9.9% | 0.86% | +0.06 |
| DFAT Dimensional US Target Value | Add +6.3% | 1.98% | +0.06 |
| VYM Vanguard High DVD Yield ETF | Add +6.0% | 2.43% | +0.05 |
| DFCF Dimensional Core Fixed Inc. | Add +7.5% | 3.71% | +0.05 |
| VIG Vanguard Dividend Apprec ETF | Add +5.6% | 2.59% | +0.05 |
| IVV iShares Core S&P 500 ETF | Add +29.4% | 0.25% | +0.05 |
| ETHA iShares Ethereum Trust ETF | Add +164.7% | 0.10% | +0.04 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +6.2% | 1.53% | +0.04 |
| MMM 3M Co. | Add +20.2% | 0.24% | +0.04 |
| COIN Coinbase Global Inc. Class A | Add +581.9% | 0.04% | +0.03 |
| SPYG SS SPDR P S&P 500 Growth ETF | New | 0.03% | +0.03 |
| FISV Fiserv Inc. | Add +229.7% | 0.08% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +5.8% | 1.19% | +0.03 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +16.5% | 0.24% | +0.03 |
| DLN Wisdomtree US Largecap Divid | New | 0.03% | +0.03 |
| BAM Brookfield Asset Mgmt-A | New | 0.03% | +0.03 |
| IAGG iShares Intl Aggregate Bond | Add +12.6% | 0.57% | +0.02 |
| VFMO Vanguard US Momentum Factor | Add +420.0% | 0.03% | +0.02 |
| QQQM Invesco Nasdaq 100 ETF | Add +10.0% | 0.33% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.3% | 0.62% | +0.02 |
| EFV iShares MSCI Eafe Value ETF | New | 0.02% | +0.02 |
| IVW iShares S&P 500 Growth ETF | New | 0.02% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +6.6% | 0.39% | +0.02 |
| RDVY First Trust Rising Dividend | New | 0.02% | +0.02 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +5.4% | 2.10% | +0.02 |
| F Ford Motor Co. | Add +8.8% | 0.12% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +19.6% | 0.08% | +0.01 |
| WFC Wells Fargo & Co. | Add +9.7% | 0.08% | +0.01 |
| EMB iShares JP Morgan Usd Emergi | Add +9.1% | 0.24% | +0.01 |
| CB Chubb Ltd. | Add +0.1% | 0.23% | +0.01 |
| IWP iShares Russell Mid-Cap Grow | New | 0.01% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +370.4% | 0.01% | +0.01 |
| IWF iShares Russell 1000 Growth | Add +11.0% | 0.15% | +0.01 |
| RKT Rocket Cos Inc. Class A | New | 0.01% | +0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +5.2% | 0.70% | +0.01 |
| IWS iShares Russell Mid-Cap Valu | Add +80.8% | 0.02% | +0.01 |
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 |