Hills Bank & Trust Co
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Hills Bank & Trust Co reported 340 stock positions worth $1.7 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.5% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 8.1%) and SS SPDR P S&P 400 Midcap ETF (SPMD, 4.3%). Compared with Q3 2025, it opened 33 new positions, sold out of 16, added to 120 and reduced 129. The biggest buy was Invesco Bulletshares 2031 MB (BSMV, shares +243%) and the biggest sale an exit from iShares Ibonds Dec 2025 Term (IBTF).
- Most Recent 13F
- Q2 2026
- Location
- North Liberty, IA
- CIK
- 0001309148
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001309148-26-000002 ↗ filed Feb 5, 2026
Holdings Value
Holdings 340 stocks · $1.7B
| SPY SS SPDR S&P 500 ETF Trust-US | 8.49% | 214,243 | $146.1M | Reduce -0.8% |
| VEA Vanguard Ftse Developed ETF | 8.09% | 2,226,081 | $139.1M | Add +1.0% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 4.31% | 1,278,725 | $74.1M | Add +1.9% |
| MDY State Street SPDR S&P Midcap | 4.12% | 117,586 | $70.9M | Reduce -1.7% |
| FTRB Fed Hermes TTL RTRN BND | 3.89% | 2,638,018 | $67.0M | Add +4.2% |
| VWO Vanguard Ftse Emerging Marke | 3.39% | 1,083,679 | $58.3M | Add +1.8% |
| BSCQ Invesco Bulletshares 2026 CB | 3.21% | 2,823,812 | $55.3M | Add +0.7% |
| BSCR Invesco Bulletshares 2027 CB | 2.90% | 2,527,006 | $49.9M | Add +1.0% |
| BSCS Invesco Bulletshares 2028 CB | 2.86% | 2,386,712 | $49.2M | Add +1.1% |
| BSCT Invesco Bulletshares 2029 CB | 2.55% | 2,326,988 | $43.8M | Add +3.1% |
| NVDA Nvidia Corp. | 2.52% | 232,454 | $43.4M | Reduce -1.3% |
| BSCU Invesco Bulletshares 2030 CB | 2.45% | 2,485,698 | $42.1M | Add +4.7% |
| BSCV Invesco Bulletshares 2031 CB | 2.32% | 2,389,461 | $39.9M | Add +20.6% |
| GOOG Alphabet Inc. Class C | 2.15% | 117,883 | $37.0M | Reduce -1.6% |
| MSFT Microsoft Corp. | 2.09% | 74,302 | $35.9M | Add +0.2% |
| AAPL Apple Inc. | 2.02% | 127,964 | $34.8M | Reduce -0.0% |
| SPYV SS SPDR P S&P 500 Value ETF | 1.98% | 600,786 | $34.1M | Add +2.7% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.92% | 410,873 | $33.0M | Add +15.6% |
| BND Vanguard Total Bond Market | 1.52% | 352,268 | $26.1M | Reduce -1.0% |
| GII State Street SPDR S&P Global | 1.51% | 373,381 | $26.1M | Add +5.6% |
| GUNR NT Mstar GLBL NR ETF | 1.45% | 543,984 | $24.9M | Reduce -0.6% |
| JPIB JPMorgan Intl BND ETF | 1.10% | 388,022 | $18.9M | Add +4.1% |
| JPM JPMorgan Chase & Co. | 1.04% | 55,773 | $18.0M | Reduce -2.3% |
| AMZN Amazon.com Inc. | 0.92% | 68,883 | $15.9M | Reduce -0.2% |
| EFA iShares MSCI Eafe ETF | 0.90% | 160,540 | $15.4M | Reduce -7.3% |
| PG The Procter & Gamble Co. | 0.89% | 106,461 | $15.3M | Reduce -1.5% |
| BSMT Invesco Bulletshares 2029 MB | 0.85% | 633,116 | $14.7M | Add +10.8% |
| FAST Fastenal Co. | 0.82% | 353,234 | $14.2M | Reduce -1.9% |
| DFIC Dimensional International Co. | 0.70% | 350,678 | $12.1M | Add +22.6% |
| IBMP iShares Ibonds Dec 2027 Term | 0.64% | 436,605 | $11.1M | Add +9.3% |
| HD Home Depot Inc. | 0.61% | 30,376 | $10.5M | Reduce -1.4% |
| IBMO iShares Ibonds Dec 2026 Term | 0.58% | 390,744 | $10.0M | Add +2.3% |
| IBMQ iShares Ibonds Dec 2028 Muni | 0.58% | 391,299 | $10.0M | Add +1.7% |
| MA Mastercard Inc. Class A | 0.57% | 17,104 | $9.8M | Reduce -2.2% |
| BSMU Invesco Bulletshares 2030 MB | 0.55% | 432,344 | $9.5M | Add +76.7% |
| BSMV Invesco Bulletshares 2031 MB | 0.54% | 441,580 | $9.3M | Add +242.5% |
| META Meta Platforms Inc. Class A | 0.52% | 13,466 | $8.9M | Reduce -0.2% |
| ICE Intercontinental Exchange Inc. | 0.47% | 49,817 | $8.1M | Reduce -4.1% |
| VOO Vanguard S&P 500 ETF | 0.44% | 11,951 | $7.5M | Reduce -2.4% |
| COST Costco Wholesale Corp. | 0.43% | 8,491 | $7.3M | Reduce -3.9% |
| PANW Palo Alto Networks Inc. | 0.42% | 39,222 | $7.2M | Reduce -2.8% |
| ORCL Oracle Corp. | 0.42% | 36,750 | $7.2M | Reduce -1.1% |
| JNJ Johnson & Johnson | 0.41% | 34,098 | $7.1M | Add +1.1% |
| TMO Thermo Fisher Scientific Inc. | 0.37% | 10,863 | $6.3M | Add +1.2% |
| MCD McDonald's Corp. | 0.36% | 20,253 | $6.2M | Reduce -3.0% |
| IJR iShares Core S&P Small-Cap E | 0.35% | 50,078 | $6.0M | Reduce -1.9% |
| ITW Illinois Tool Works | 0.34% | 23,462 | $5.8M | Reduce -1.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 37,422 | $5.7M | Reduce -2.2% |
| XOM Exxon Mobil Corp. | 0.31% | 43,935 | $5.3M | Reduce -0.1% |
| ABT Abbott Laboratories | 0.30% | 41,143 | $5.2M | Reduce -3.4% |
| BSMS Invesco Bulletshares 2028 MB | 0.30% | 218,048 | $5.1M | Add +19.6% |
| V Visa Inc. Class A | 0.29% | 14,388 | $5.0M | Reduce -0.8% |
| RWO State Street SPDR Dow Jones | 0.29% | 111,717 | $5.0M | Reduce -17.6% |
| KLAC KLA Corp. | 0.29% | 4,052 | $4.9M | Reduce -2.0% |
| BSMR Invesco Bulletshares 2027 MB | 0.28% | 206,566 | $4.9M | Add +68.5% |
| BSMQ Invesco Bulletshares 2026 MB | 0.28% | 204,694 | $4.8M | Add +65.2% |
| LNT Alliant Energy Corp. | 0.27% | 71,979 | $4.7M | Add +41.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.26% | 13,302 | $4.5M | Reduce -2.5% |
| CRM Salesforce Inc. | 0.26% | 16,704 | $4.4M | Reduce -3.3% |
| PEP Pepsico Inc. | 0.25% | 30,533 | $4.4M | Add +0.3% |
| CSCO Cisco Systems Inc. | 0.24% | 53,508 | $4.1M | Add +3.4% |
| DHR Danaher Corp. | 0.23% | 17,627 | $4.0M | Add +0.0% |
| CVS CVS Health Corp. | 0.23% | 50,787 | $4.0M | Reduce -5.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 5 | $3.8M | No change |
| CVX Chevron Corp. | 0.21% | 24,180 | $3.7M | Add +0.6% |
| NSC Norfolk Southern Corp. | 0.21% | 12,421 | $3.6M | Reduce -5.4% |
| LLY Eli Lilly & Co. | 0.20% | 3,177 | $3.4M | Add +6.6% |
| DE Deere & Co. | 0.20% | 7,204 | $3.4M | Add +2.7% |
| ISRG Intuitive Surgical Inc. | 0.17% | 5,155 | $2.9M | Add +1.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 9,856 | $2.9M | Add +7.2% |
| GNR State Street SPDR S&P Global | 0.16% | 44,967 | $2.8M | Add +0.0% |
| FISV Fiserv Inc. | 0.16% | 41,444 | $2.8M | Reduce -2.2% |
| KO The Coca-Cola Co. | 0.16% | 39,768 | $2.8M | Add +0.5% |
| BSMW Invesco Bulletshares 2032 MB | 0.16% | 109,974 | $2.8M | Add +235.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.16% | 5,407 | $2.7M | Add +10.1% |
| USB US Bancorp | 0.16% | 50,742 | $2.7M | Reduce -0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 23,471 | $2.7M | Reduce -9.8% |
| AMT American Tower Corp. | 0.15% | 14,857 | $2.6M | Reduce -29.8% |
| BSMY Invesco Bulletshares 2034 MB | 0.15% | 105,994 | $2.6M | Add +211.8% |
| BSSX Invesco Bulletshares 2033 MB | 0.15% | 100,753 | $2.6M | Add +213.4% |
| GWW WW Grainger Inc. | 0.15% | 2,566 | $2.6M | Reduce -3.2% |
| XLB SS Materials Select Sector | 0.15% | 57,005 | $2.6M | Add +21.3% |
| NKE Nike Inc. Class B | 0.15% | 40,527 | $2.6M | Reduce -17.8% |
| CATX Perspective Therapeutics Inc. | 0.15% | 938,200 | $2.6M | Reduce -4.2% |
| CBOE Cboe Global Markets Inc. | 0.15% | 10,133 | $2.5M | Reduce -13.2% |
| SPGI S&P Global Inc. | 0.15% | 4,857 | $2.5M | Reduce -2.1% |
| COR Cencora Inc. | 0.15% | 7,465 | $2.5M | Reduce -3.8% |
| VXF Vanguard Extended Market ETF | 0.15% | 11,948 | $2.5M | Reduce -1.2% |
| AMD Advanced Micro Devices | 0.14% | 11,027 | $2.4M | Add +3.0% |
| VXUS Vanguard Total Intl Stock | 0.13% | 30,526 | $2.3M | Add +1.6% |
| EMR Emerson Electric Co. | 0.13% | 17,250 | $2.3M | Add +52.6% |
| ADI Analog Devices Inc. | 0.13% | 8,373 | $2.3M | Reduce -5.6% |
| REET iShares Global REIT ETF | 0.13% | 90,030 | $2.2M | Reduce -3.5% |
| CMG Chipotle Mexican Grill Inc. | 0.13% | 60,483 | $2.2M | Reduce -24.1% |
| BX Blackstone Inc. | 0.13% | 14,463 | $2.2M | Reduce -6.7% |
| GD General Dynamics Corp. | 0.13% | 6,600 | $2.2M | Reduce -5.0% |
| VGSH Vanguard Short-Term Treasury | 0.13% | 37,324 | $2.2M | Reduce -2.0% |
| IAK iShares U.S. Insurance ETF | 0.12% | 15,392 | $2.1M | Add +12.9% |
| SCHW Schwab (charles) Corp. | 0.12% | 20,156 | $2.0M | Reduce -5.2% |
| ECL Ecolab Inc. | 0.11% | 7,061 | $1.9M | Reduce -2.1% |
Portfolio Sells Q3 2025 → Q4 2025
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −1.39 |
| IBMN iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.46 |
| FAST Fastenal Co. | Reduce -1.9% | 0.82% | −0.22 |
| ORCL Oracle Corp. | Reduce -1.1% | 0.42% | −0.20 |
| FISV Fiserv Inc. | Reduce -2.2% | 0.16% | −0.16 |
| BSMP Invesco Bulletshares 2025 MB | Sold out | 0.00% | −0.13 |
| HD Home Depot Inc. | Reduce -1.4% | 0.61% | −0.13 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.13 |
| ETN Eaton Corp. PLC | Reduce -48.6% | 0.09% | −0.12 |
| IBMR iShares Ibonds Dec 2029 M BD | Reduce -58.4% | 0.08% | −0.11 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -64.9% | 0.04% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -1.5% | 0.89% | −0.09 |
| CMCSA Comcast Corp. Class A | Reduce -66.8% | 0.04% | −0.09 |
| AMT American Tower Corp. | Reduce -29.8% | 0.15% | −0.09 |
| ADBE Adobe Inc. | Reduce -48.4% | 0.08% | −0.08 |
| RWO State Street SPDR Dow Jones | Reduce -17.6% | 0.29% | −0.07 |
| MDY State Street SPDR S&P Midcap | Reduce -1.7% | 4.12% | −0.07 |
| MDLZ Mondelez International Inc. Class A | Reduce -27.7% | 0.11% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -0.2% | 0.52% | −0.07 |
| NVDA Nvidia Corp. | Reduce -1.3% | 2.52% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -2.8% | 0.42% | −0.06 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -3.9% | 0.43% | −0.06 |
| EFA iShares MSCI Eafe ETF | Reduce -7.3% | 0.90% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -24.1% | 0.13% | −0.05 |
| NKE Nike Inc. Class B | Reduce -17.8% | 0.15% | −0.05 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.05 |
| HON Honeywell International Inc. | Reduce -30.1% | 0.09% | −0.05 |
| CATX Perspective Therapeutics Inc. | Reduce -4.2% | 0.15% | −0.05 |
| ICE Intercontinental Exchange Inc. | Reduce -4.1% | 0.47% | −0.05 |
| PFE Pfizer Inc. | Reduce -39.4% | 0.06% | −0.04 |
| SNPS Synopsys Inc. | Reduce -71.9% | 0.01% | −0.04 |
| BND Vanguard Total Bond Market | Reduce -1.0% | 1.52% | −0.04 |
| ABT Abbott Laboratories | Reduce -3.4% | 0.30% | −0.04 |
| TYL Tyler Technologies Inc. | Reduce -48.6% | 0.03% | −0.04 |
| CDW CDW Corp. | Sold out | 0.00% | −0.03 |
| DD Dupont DE Nemours Inc. | Reduce -9.8% | 0.03% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -33.0% | 0.04% | −0.03 |
| CPRT Copart Inc. | Reduce -39.1% | 0.03% | −0.03 |
| MRSH Marsh & McLennan Cos | Reduce -15.7% | 0.10% | −0.03 |
| EOG EOG Resources Inc. | Reduce -20.7% | 0.08% | −0.03 |
| ITW Illinois Tool Works | Reduce -1.1% | 0.34% | −0.03 |
| BX Blackstone Inc. | Reduce -6.7% | 0.13% | −0.03 |
| NSC Norfolk Southern Corp. | Reduce -5.4% | 0.21% | −0.02 |
| CBOE Cboe Global Markets Inc. | Reduce -13.2% | 0.15% | −0.02 |
| DIS The Walt Disney Co. | Reduce -9.8% | 0.16% | −0.02 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −0.02 |
| BLK BlackRock Inc. | Reduce -16.2% | 0.06% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -2.2% | 0.57% | −0.02 |
| VEEV Veeva Systems Inc. Class A | Reduce -0.1% | 0.05% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| BSMV Invesco Bulletshares 2031 MB | Add +242.5% | 0.54% | +0.38 |
| BSCV Invesco Bulletshares 2031 CB | Add +20.6% | 2.32% | +0.37 |
| VEA Vanguard Ftse Developed ETF | Add +1.0% | 8.09% | +0.32 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +15.6% | 1.92% | +0.28 |
| BSMU Invesco Bulletshares 2030 MB | Add +76.7% | 0.55% | +0.24 |
| DFIC Dimensional International Co. | Add +22.6% | 0.70% | +0.15 |
| FTRB Fed Hermes TTL RTRN BND | Add +4.2% | 3.89% | +0.11 |
| BSMR Invesco Bulletshares 2027 MB | Add +68.5% | 0.28% | +0.11 |
| BSMW Invesco Bulletshares 2032 MB | Add +235.1% | 0.16% | +0.11 |
| BSMQ Invesco Bulletshares 2026 MB | Add +65.2% | 0.28% | +0.11 |
| BSSX Invesco Bulletshares 2033 MB | Add +213.4% | 0.15% | +0.10 |
| BSMY Invesco Bulletshares 2034 MB | Add +211.8% | 0.15% | +0.10 |
| BSCU Invesco Bulletshares 2030 CB | Add +4.7% | 2.45% | +0.09 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +1.9% | 4.31% | +0.08 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +2.7% | 1.98% | +0.08 |
| XLRE SS Real Estate Select Sector | New | 0.08% | +0.08 |
| RSPH Invesco S&P 500 Equal Weight | New | 0.08% | +0.08 |
| BSMT Invesco Bulletshares 2029 MB | Add +10.8% | 0.85% | +0.08 |
| RSPT Invesco S&P 500 Equal Weight | New | 0.07% | +0.07 |
| LNT Alliant Energy Corp. | Add +41.9% | 0.27% | +0.07 |
| RSPN Invesco S&P 500 Equal Weight | New | 0.07% | +0.07 |
| GII State Street SPDR S&P Global | Add +5.6% | 1.51% | +0.07 |
| IBDR iShares Ibonds Dec 2026 Term | Add +279.0% | 0.09% | +0.07 |
| AVLC Avantis US LG Cap Eq ETF | New | 0.07% | +0.07 |
| LLY Eli Lilly & Co. | Add +6.6% | 0.20% | +0.06 |
| TMO Thermo Fisher Scientific Inc. | Add +1.2% | 0.37% | +0.06 |
| RSPD Invesco S&P 500 Equal Weight | New | 0.06% | +0.06 |
| BSCT Invesco Bulletshares 2029 CB | Add +3.1% | 2.55% | +0.05 |
| BSMS Invesco Bulletshares 2028 MB | Add +19.6% | 0.30% | +0.05 |
| EMR Emerson Electric Co. | Add +52.6% | 0.13% | +0.05 |
| IBMP iShares Ibonds Dec 2027 Term | Add +9.3% | 0.64% | +0.05 |
| JNJ Johnson & Johnson | Add +1.1% | 0.41% | +0.04 |
| RSPF Invesco S&P 500 Equal Weight | New | 0.04% | +0.04 |
| AVGO Broadcom Inc. | Add +66.0% | 0.09% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +1.7% | 0.17% | +0.04 |
| TSLA Tesla Inc. | Add +116.0% | 0.07% | +0.04 |
| AMD Advanced Micro Devices | Add +3.0% | 0.14% | +0.04 |
| RSPG Invesco S&P 500 Equal Weight | New | 0.03% | +0.03 |
| IWF iShares Russell 1000 Growth | New | 0.03% | +0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +79.2% | 0.08% | +0.03 |
| CSCO Cisco Systems Inc. | Add +3.4% | 0.24% | +0.03 |
| DHR Danaher Corp. | Add +0.0% | 0.23% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.03% | +0.03 |
| RSPS Invesco S&P 500 Equal Weight | New | 0.03% | +0.03 |
| XLB SS Materials Select Sector | Add +21.3% | 0.15% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +7.7% | 0.09% | +0.02 |
| JPIB JPMorgan Intl BND ETF | Add +4.1% | 1.10% | +0.02 |
| IBMT iShares Ibonds Dec 2031 Muni | Add +125.2% | 0.04% | +0.02 |
| CAT Caterpillar Inc. | Add +8.4% | 0.09% | +0.02 |
| UBER Uber Technologies Inc. | Add +142.1% | 0.04% | +0.02 |
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 |