Hills Bank & Trust Co
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 25, 2025), Hills Bank & Trust Co reported 299 stock positions worth $1.4 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.6% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 6.8%) and State Street SPDR S&P Midcap (MDY, 4.5%). Compared with Q4 2024, it opened 10 new positions, sold out of 10, added to 121 and reduced 107. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +114%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- North Liberty, IA
- CIK
- 0001309148
- Portfolio Value
- $1.4B (Q1 2025)
- SEC Filing
- 0001309148-25-000005 ↗ filed Apr 25, 2025
Holdings Value
Holdings 299 stocks · $1.4B
| SPY SS SPDR S&P 500 ETF Trust-US | 8.59% | 218,228 | $122.1M | Reduce -0.6% |
| VEA Vanguard Ftse Developed ETF | 6.85% | 1,913,658 | $97.3M | Add +113.5% |
| MDY State Street SPDR S&P Midcap | 4.52% | 120,356 | $64.2M | Reduce -0.2% |
| BSCQ Invesco Bulletshares 2026 CB | 3.71% | 2,703,849 | $52.7M | Add +2.1% |
| IBTF iShares Ibonds Dec 2025 Term | 3.62% | 2,200,359 | $51.4M | Add +1.5% |
| FTRB Fed Hermes TTL RTRN BND | 3.46% | 1,964,479 | $49.2M | Add +8.6% |
| BSCR Invesco Bulletshares 2027 CB | 3.32% | 2,409,045 | $47.2M | Add +2.3% |
| BSCS Invesco Bulletshares 2028 CB | 3.28% | 2,286,974 | $46.5M | Add +1.7% |
| VWO Vanguard Ftse Emerging Marke | 2.86% | 897,363 | $40.6M | Add +162.9% |
| BSCT Invesco Bulletshares 2029 CB | 2.72% | 2,085,408 | $38.6M | Add +3.6% |
| BSCU Invesco Bulletshares 2030 CB | 2.35% | 2,012,733 | $33.4M | Add +18.5% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 2.19% | 608,348 | $31.1M | Add +6.7% |
| AAPL Apple Inc. | 2.04% | 130,562 | $29.0M | Reduce -1.1% |
| MSFT Microsoft Corp. | 2.02% | 76,269 | $28.6M | Reduce -1.6% |
| NVDA Nvidia Corp. | 1.87% | 244,567 | $26.5M | Reduce -0.4% |
| BND Vanguard Total Bond Market | 1.73% | 334,617 | $24.6M | Add +3.2% |
| GUNR NT Mstar GLBL NR ETF | 1.70% | 621,551 | $24.1M | Reduce -2.2% |
| PG The Procter & Gamble Co. | 1.42% | 118,105 | $20.1M | Add +3.3% |
| GOOG Alphabet Inc. Class C | 1.37% | 124,137 | $19.4M | Reduce -0.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 1.17% | 325,004 | $16.6M | Add +35.9% |
| GII State Street SPDR S&P Global | 1.06% | 242,452 | $15.0M | Add +4.9% |
| GQRE NT GLBL Qual Re ETF | 1.05% | 256,653 | $14.9M | Add +2.3% |
| FAST Fastenal Co. | 1.02% | 186,998 | $14.5M | Reduce -1.6% |
| JPM JPMorgan Chase & Co. | 1.00% | 58,195 | $14.3M | Reduce -0.9% |
| EFA iShares MSCI Eafe ETF | 0.99% | 171,446 | $14.0M | Reduce -0.4% |
| JPIB JPMorgan Intl BND ETF | 0.98% | 291,867 | $14.0M | Add +9.5% |
| RWO State Street SPDR Dow Jones | 0.92% | 299,190 | $13.1M | Add +10.2% |
| AMZN Amazon.com Inc. | 0.91% | 67,589 | $12.9M | Add +0.6% |
| HD Home Depot Inc. | 0.82% | 31,952 | $11.7M | Reduce -1.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.73% | 156,714 | $10.3M | Add +83.0% |
| MA Mastercard Inc. Class A | 0.68% | 17,538 | $9.6M | Add +0.9% |
| FISV Fiserv Inc. | 0.68% | 43,485 | $9.6M | Reduce -4.4% |
| ICE Intercontinental Exchange Inc. | 0.66% | 54,030 | $9.3M | Reduce -1.8% |
| IBMP iShares Ibonds Dec 2027 Term | 0.60% | 339,113 | $8.6M | Add +0.6% |
| COST Costco Wholesale Corp. | 0.60% | 8,945 | $8.5M | Add +1.3% |
| IBMQ iShares Ibonds Dec 2028 Muni | 0.59% | 330,765 | $8.4M | Add +0.6% |
| IBMO iShares Ibonds Dec 2026 Term | 0.59% | 325,445 | $8.3M | Add +0.4% |
| IBMN iShares Ibonds Dec 2025 Term | 0.56% | 295,762 | $7.9M | Add +0.8% |
| META Meta Platforms Inc. Class A | 0.55% | 13,526 | $7.8M | Add +0.7% |
| BSMU Invesco Bulletshares 2030 MB | 0.52% | 340,704 | $7.4M | Add +4.2% |
| BSMT Invesco Bulletshares 2029 MB | 0.51% | 320,730 | $7.3M | Add +3.7% |
| PANW Palo Alto Networks Inc. | 0.51% | 42,270 | $7.2M | Reduce -1.2% |
| MCD McDonald's Corp. | 0.51% | 23,091 | $7.2M | Reduce -0.8% |
| USB US Bancorp | 0.47% | 159,362 | $6.7M | Reduce -0.0% |
| VOO Vanguard S&P 500 ETF | 0.45% | 12,513 | $6.4M | Add +2.1% |
| IJR iShares Core S&P Small-Cap E | 0.44% | 59,322 | $6.2M | Reduce -1.4% |
| ITW Illinois Tool Works | 0.43% | 24,687 | $6.1M | Reduce -3.6% |
| ABT Abbott Laboratories | 0.40% | 42,680 | $5.7M | Reduce -0.7% |
| TMO Thermo Fisher Scientific Inc. | 0.39% | 11,230 | $5.6M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.38% | 45,880 | $5.5M | Add +2.2% |
| ORCL Oracle Corp. | 0.38% | 38,983 | $5.5M | Add +1.2% |
| V Visa Inc. Class A | 0.37% | 14,999 | $5.3M | Reduce -1.2% |
| JNJ Johnson & Johnson | 0.36% | 31,193 | $5.2M | Reduce -1.7% |
| PEP Pepsico Inc. | 0.35% | 33,179 | $5.0M | Reduce -1.7% |
| CVX Chevron Corp. | 0.34% | 29,207 | $4.9M | Add +0.1% |
| AMT American Tower Corp. | 0.34% | 22,233 | $4.8M | Reduce -3.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.34% | 39,494 | $4.8M | Add +0.3% |
| CRM Salesforce Inc. | 0.34% | 17,861 | $4.8M | Add +0.8% |
| CMG Chipotle Mexican Grill Inc. | 0.30% | 85,776 | $4.3M | Add +1.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 5 | $4.0M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.28% | 14,402 | $4.0M | Reduce -1.1% |
| CVS CVS Health Corp. | 0.26% | 55,222 | $3.7M | Reduce -0.1% |
| NKE Nike Inc. Class B | 0.26% | 58,776 | $3.7M | Reduce -1.5% |
| DHR Danaher Corp. | 0.26% | 18,015 | $3.7M | Add +0.3% |
| DE Deere & Co. | 0.24% | 7,232 | $3.4M | Reduce -0.8% |
| MDLZ Mondelez International Inc. Class A | 0.23% | 49,075 | $3.3M | Add +0.7% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.23% | 3,305 | $3.3M | Reduce -3.5% |
| CSCO Cisco Systems Inc. | 0.22% | 50,894 | $3.1M | Reduce -1.0% |
| NSC Norfolk Southern Corp. | 0.22% | 13,141 | $3.1M | Add +1.1% |
| KLAC KLA Corp. | 0.20% | 4,244 | $2.9M | Reduce -1.9% |
| LNT Alliant Energy Corp. | 0.20% | 44,247 | $2.8M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.20% | 5,345 | $2.8M | Add +0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.20% | 11,440 | $2.8M | Reduce -7.2% |
| ADBE Adobe Inc. | 0.20% | 7,374 | $2.8M | Add +1.0% |
| ANSS Ansys Inc. | 0.20% | 8,901 | $2.8M | Reduce -0.6% |
| ZBH Zimmer Biomet Holdings Inc. | 0.19% | 24,049 | $2.7M | Reduce -1.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.19% | 27,030 | $2.7M | Reduce -2.1% |
| KO The Coca-Cola Co. | 0.19% | 37,173 | $2.7M | Add +0.2% |
| ISRG Intuitive Surgical Inc. | 0.19% | 5,335 | $2.6M | Reduce -1.5% |
| CBOE Cboe Global Markets Inc. | 0.19% | 11,675 | $2.6M | No change |
| LLY Eli Lilly & Co. | 0.19% | 3,194 | $2.6M | Reduce -6.4% |
| SPGI S&P Global Inc. | 0.18% | 5,141 | $2.6M | Reduce -0.6% |
| CMCSA Comcast Corp. Class A | 0.18% | 70,746 | $2.6M | Reduce -0.4% |
| MRSH Marsh & McLennan Cos | 0.18% | 10,589 | $2.6M | Add +2.3% |
| ETN Eaton Corp. PLC | 0.18% | 9,427 | $2.6M | Add +359.9% |
| XLB SS Materials Select Sector | 0.16% | 26,455 | $2.3M | Reduce -6.1% |
| HON Honeywell International Inc. | 0.16% | 10,724 | $2.3M | Add +1.3% |
| BMY Bristol-Myers Squibb Co. | 0.15% | 35,894 | $2.2M | Add +0.0% |
| CATX Perspective Therapeutics Inc. | 0.15% | 1,023,628 | $2.2M | Reduce -0.4% |
| VXF Vanguard Extended Market ETF | 0.15% | 12,342 | $2.1M | Add +4.0% |
| BX Blackstone Inc. | 0.14% | 14,731 | $2.1M | Add +1.4% |
| COR Cencora Inc. | 0.14% | 7,366 | $2.0M | Add +2.1% |
| BSMP Invesco Bulletshares 2025 MB | 0.14% | 83,441 | $2.0M | Add +18.1% |
| EOG EOG Resources Inc. | 0.14% | 15,887 | $2.0M | Add +0.1% |
| BDX Becton Dickinson and Co. | 0.14% | 8,742 | $2.0M | Add +0.5% |
| CDW CDW Corp. | 0.14% | 12,467 | $2.0M | Add +0.9% |
| VGSH Vanguard Short-Term Treasury | 0.14% | 33,893 | $2.0M | Add +24.8% |
| GD General Dynamics Corp. | 0.14% | 7,188 | $2.0M | Add +2.0% |
| IAK iShares U.S. Insurance ETF | 0.14% | 14,050 | $1.9M | Reduce -4.3% |
| ADI Analog Devices Inc. | 0.14% | 9,518 | $1.9M | Add +2.3% |
Portfolio Sells Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.6% | 8.59% | −1.10 |
| MDY State Street SPDR S&P Midcap | Reduce -0.2% | 4.52% | −0.65 |
| NVDA Nvidia Corp. | Reduce -0.4% | 1.87% | −0.62 |
| AAPL Apple Inc. | Reduce -1.1% | 2.04% | −0.45 |
| MSFT Microsoft Corp. | Reduce -1.6% | 2.02% | −0.44 |
| GOOG Alphabet Inc. Class C | Reduce -0.6% | 1.37% | −0.43 |
| HD Home Depot Inc. | Reduce -1.4% | 0.82% | −0.12 |
| USB US Bancorp | Reduce -0.0% | 0.47% | −0.10 |
| CATX Perspective Therapeutics Inc. | Reduce -0.4% | 0.15% | −0.09 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.4% | 0.44% | −0.09 |
| PANW Palo Alto Networks Inc. | Reduce -1.2% | 0.51% | −0.08 |
| NKE Nike Inc. Class B | Reduce -1.5% | 0.26% | −0.08 |
| ITW Illinois Tool Works | Reduce -3.6% | 0.43% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -0.9% | 1.00% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.3% | 0.39% | −0.05 |
| DIS The Walt Disney Co. | Reduce -2.1% | 0.19% | −0.04 |
| GWW WW Grainger Inc. | Reduce -3.5% | 0.23% | −0.04 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.04 |
| GUNR NT Mstar GLBL NR ETF | Reduce -2.2% | 1.70% | −0.04 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.1% | 0.28% | −0.04 |
| PEP Pepsico Inc. | Reduce -1.7% | 0.35% | −0.04 |
| MKL Markel Group Inc. | Reduce -33.3% | 0.06% | −0.03 |
| ANSS Ansys Inc. | Reduce -0.6% | 0.20% | −0.03 |
| FISV Fiserv Inc. | Reduce -4.4% | 0.68% | −0.03 |
| ISRG Intuitive Surgical Inc. | Reduce -1.5% | 0.19% | −0.03 |
| TROW T Rowe Price Group Inc. | Reduce -1.0% | 0.07% | −0.02 |
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −0.02 |
| XLB SS Materials Select Sector | Reduce -6.1% | 0.16% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -0.4% | 0.18% | −0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.02 |
| VMC Vulcan Materials Co. | Reduce -0.1% | 0.09% | −0.02 |
| GOOGL Alphabet Inc. Class A | Reduce -2.8% | 0.05% | −0.02 |
| EMR Emerson Electric Co. | Reduce -0.2% | 0.08% | −0.02 |
| PFE Pfizer Inc. | Reduce -0.6% | 0.13% | −0.02 |
| XLP SS Consumer Staples Sel Sect | Reduce -16.4% | 0.07% | −0.02 |
| VRSK Verisk Analytics Inc. | Reduce -38.3% | 0.03% | −0.02 |
| MAS Masco Corp. | Reduce -2.7% | 0.10% | −0.02 |
| SITE Siteone Landscape Supply Inc. | Sold out | 0.00% | −0.01 |
| ILMN Illumina Inc. | Sold out | 0.00% | −0.01 |
| AXP American Express Co. | Reduce -1.1% | 0.07% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -6.4% | 0.19% | −0.01 |
| DCI Donaldson Co. Inc. | Reduce -5.1% | 0.09% | −0.01 |
| VLTO Veralto Corp. | Reduce -0.7% | 0.10% | −0.01 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.01 |
| INTC Intel Corp. | Reduce -19.3% | 0.06% | −0.01 |
| SPGI S&P Global Inc. | Reduce -0.6% | 0.18% | −0.01 |
| MCO Moody's Corp. | Reduce -0.8% | 0.10% | −0.01 |
| CINF Cincinnati Financial Corp. | Sold out | 0.00% | −0.01 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.01 |
| CLX Clorox Company | Reduce -9.9% | 0.03% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| VEA Vanguard Ftse Developed ETF | Add +113.5% | 6.85% | +3.62 |
| VWO Vanguard Ftse Emerging Marke | Add +162.9% | 2.86% | +1.73 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +83.0% | 0.73% | +0.28 |
| BSCU Invesco Bulletshares 2030 CB | Add +18.5% | 2.35% | +0.26 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +35.9% | 1.17% | +0.25 |
| ETN Eaton Corp. PLC | Add +359.9% | 0.18% | +0.13 |
| BLK BlackRock Inc. | New | 0.13% | +0.13 |
| FTRB Fed Hermes TTL RTRN BND | Add +8.6% | 3.46% | +0.10 |
| DFIC Dimensional International Co. | New | 0.10% | +0.10 |
| BSMR Invesco Bulletshares 2027 MB | Add +160.2% | 0.13% | +0.08 |
| BSMQ Invesco Bulletshares 2026 MB | Add +165.6% | 0.13% | +0.08 |
| RWO State Street SPDR Dow Jones | Add +10.2% | 0.92% | +0.04 |
| JPIB JPMorgan Intl BND ETF | Add +9.5% | 0.98% | +0.04 |
| GII State Street SPDR S&P Global | Add +4.9% | 1.06% | +0.03 |
| CVX Chevron Corp. | Add +0.1% | 0.34% | +0.03 |
| BSMS Invesco Bulletshares 2028 MB | Add +59.2% | 0.07% | +0.02 |
| COR Cencora Inc. | Add +2.1% | 0.14% | +0.02 |
| VGSH Vanguard Short-Term Treasury | Add +24.8% | 0.14% | +0.02 |
| XOM Exxon Mobil Corp. | Add +2.2% | 0.38% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.3% | 0.20% | +0.02 |
| MSI Motorola Solutions Inc. | New | 0.02% | +0.02 |
| MRSH Marsh & McLennan Cos | Add +2.3% | 0.18% | +0.02 |
| MDLZ Mondelez International Inc. Class A | Add +0.7% | 0.23% | +0.02 |
| BAH Booz Allen Hamilton Holdings | New | 0.01% | +0.01 |
| KO The Coca-Cola Co. | Add +0.2% | 0.19% | +0.01 |
| BSMP Invesco Bulletshares 2025 MB | Add +18.1% | 0.14% | +0.01 |
| CARR Carrier Global Corp. | New | 0.01% | +0.01 |
| VZ Verizon Communications Inc. | Add +11.4% | 0.08% | +0.01 |
| GE General Electric | Add +6.6% | 0.07% | +0.01 |
| RTX RTX Corp. | Add +24.7% | 0.04% | +0.01 |
| IBMR iShares Ibonds Dec 2029 M BD | New | 0.01% | +0.01 |
| GILD Gilead Sciences Inc. | New | 0.01% | +0.01 |
| ARLP Alliance Resource Partners | New | 0.01% | +0.01 |
| GSK GSK PLC-Spon ADR | Add +4.6% | 0.08% | +0.01 |
| CASY Casey's General Stores Inc. | New | 0.01% | +0.01 |
| BP BP PLC-Spons ADR | Add +43.0% | 0.02% | +0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.01% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +73.6% | 0.02% | +0.01 |
| HEI.A Heico Corp. Class A | Add +1.1% | 0.09% | +0.01 |
| SLB SLB Ltd. | Add +3.4% | 0.11% | +0.01 |
| DUK Duke Energy Corp. | Add +3.0% | 0.05% | +0.00 |
| GIS General Mills Inc. | Add +38.0% | 0.02% | +0.00 |
| LNT Alliant Energy Corp. | Add +0.2% | 0.20% | +0.00 |
| CSGP Costar Group Inc. | Add +2.1% | 0.05% | +0.00 |
| IEMG iShares Core MSCI Emerging | Add +11.0% | 0.04% | +0.00 |
| MO Altria Group Inc. | Add +4.5% | 0.02% | +0.00 |
| VXUS Vanguard Total Intl Stock | Add +3.2% | 0.13% | +0.00 |
| INTU Intuit Inc. | Add +15.3% | 0.04% | +0.00 |
| SCHW Schwab (charles) Corp. | Add +3.0% | 0.11% | +0.00 |
| ODFL Old Dominion Freight Line | Add +17.9% | 0.05% | +0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | Sold out | 8,909 | $428Kbefore exit |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Sold out | 90 | $107Kbefore 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 | 383 | $2.3B | SPYM, VEA, SPY, FTRB, AVLC |
| Q1 2026 | 355 | $2.1B | SPYM, VEA, SPY, AVLC, SPMD |
| Q4 2025 | 340 | $1.7B | SPY, VEA, SPMD, MDY, FTRB |
| Q3 2025 | 323 | $1.7B | SPY, VEA, SPMD, MDY, FTRB |
| Q2 2025 | 313 | $1.6B | SPY, VEA, MDY, SPMD, FTRB |
| Q1 2025 | 299 | $1.4B | SPY, VEA, MDY, BSCQ, IBTF |
| Q4 2024 | 299 | $1.3B | SPY, MDY, BSCQ, IBTF, BSCR |
| Q3 2024 | 301 | $1.3B | SPY, MDY, BSCQ, IBTF, IBTE |
| Q2 2024 | 284 | $1.2B | SPY, MDY, IBTF, IBTE, BSCQ |
| Q1 2024 | 282 | $1.2B | SPY, MDY, IBTE, IBTF, BSCQ |