# Hills Bank & Trust Co

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1309148. Source: https://holderbook.com/funds/1309148-hills-bank-trust-co/

- Reported value: $2.3B
- Positions: 383
- Weight of the ten largest: 51.9%
- Filed: 2026-08-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $299.8M | 3,411,823 | 12.8% | 11 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $171.5M | 2,406,484 | 7.3% | 22 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $154.8M | 207,251 | 6.6% | 31 |
| FEDERATED HERMES ETF TRUST | [FTRB](https://holderbook.com/stocks/FTRB/) | $140.9M | 5,613,451 | 6.0% | 9 |
| AMERICAN CENTY ETF TR | [AVLC](https://holderbook.com/stocks/AVLC/) | $101.3M | 1,125,936 | 4.3% | 3 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $82.2M | 1,215,987 | 3.5% | 11 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $78.5M | 111,587 | 3.3% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $72.8M | 1,219,031 | 3.1% | 29 |
| J P MORGAN EXCHANGE TRADED F | [JPIB](https://holderbook.com/stocks/JPIB/) | $61.2M | 1,265,473 | 2.6% | 25 |
| SPDR INDEX SHS FDS | [GII](https://holderbook.com/stocks/GII/) | $56.7M | 749,512 | 2.4% | 14 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $44.5M | 222,599 | 1.9% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $39.6M | 112,114 | 1.7% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $36.2M | 124,984 | 1.5% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCQ](https://holderbook.com/stocks/BSCQ/) | $29.3M | 1,499,770 | 1.2% | 12 |
| INVESCO EXCH TRD SLF IDX FD | [BSCR](https://holderbook.com/stocks/BSCR/) | $27.3M | 1,390,074 | 1.2% | 11 |
| VANGUARD WELLESLEY INCOME FD | [VBCE](https://holderbook.com/stocks/VBCE/) | $27.1M | 358,002 | 1.2% | 1 |
| VANGUARD WELLESLEY INCOME FD | [VBCF](https://holderbook.com/stocks/VBCF/) | $26.9M | 355,839 | 1.1% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $25.9M | 69,333 | 1.1% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCS](https://holderbook.com/stocks/BSCS/) | $25.5M | 1,250,435 | 1.1% | 11 |
| FLEXSHARES TR | [GUNR](https://holderbook.com/stocks/GUNR/) | $24.8M | 503,100 | 1.1% | 31 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $24.3M | 330,596 | 1.0% | 27 |
| VANGUARD WELLESLEY INCOME FD | [VBCA](https://holderbook.com/stocks/VBCA/) | $24.0M | 317,164 | 1.0% | 1 |
| VANGUARD WELLESLEY INCOME FD | [VBCB](https://holderbook.com/stocks/VBCB/) | $24.0M | 317,384 | 1.0% | 1 |
| VANGUARD WELLESLEY INCOME FD | [VBCC](https://holderbook.com/stocks/VBCC/) | $24.0M | 317,270 | 1.0% | 1 |
| VANGUARD WELLESLEY INCOME FD | [VBCD](https://holderbook.com/stocks/VBCD/) | $23.9M | 316,720 | 1.0% | 1 |
| INVESCO EXCH TRD SLF IDX FD | [BSCT](https://holderbook.com/stocks/BSCT/) | $19.4M | 1,046,645 | 0.8% | 9 |
| INVESCO EXCH TRD SLF IDX FD | [BSCU](https://holderbook.com/stocks/BSCU/) | $17.4M | 1,047,500 | 0.7% | 9 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $17.1M | 52,326 | 0.7% | 31 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $16.0M | 153,988 | 0.7% | 31 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $15.8M | 328,990 | 0.7% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $15.7M | 65,869 | 0.7% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSMT](https://holderbook.com/stocks/BSMT/) | $15.3M | 664,948 | 0.7% | 12 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $14.9M | 101,671 | 0.6% | 31 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $13.4M | 219,808 | 0.6% | 14 |
| ISHARES TR | [IBMP](https://holderbook.com/stocks/IBMP/) | $12.9M | 508,428 | 0.6% | 12 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $12.6M | 36,872 | 0.5% | 31 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $12.4M | 41,043 | 0.5% | 31 |
| ISHARES TR | [IBMQ](https://holderbook.com/stocks/IBMQ/) | $11.9M | 464,604 | 0.5% | 12 |
| DIMENSIONAL ETF TRUST | [DFIC](https://holderbook.com/stocks/DFIC/) | $10.8M | 290,849 | 0.5% | 6 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $10.2M | 28,832 | 0.4% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCV](https://holderbook.com/stocks/BSCV/) | $9.9M | 602,856 | 0.4% | 5 |
| ISHARES TR | [IBMO](https://holderbook.com/stocks/IBMO/) | $9.7M | 378,134 | 0.4% | 12 |
| INVESCO EXCH TRD SLF IDX FD | [BSMU](https://holderbook.com/stocks/BSMU/) | $8.9M | 405,165 | 0.4% | 8 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $8.7M | 34,221 | 0.4% | 31 |
| ISHARES TR | [IBDW](https://holderbook.com/stocks/IBDW/) | $8.4M | 405,071 | 0.4% | 2 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $8.1M | 11,860 | 0.3% | 20 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $7.9M | 15,409 | 0.3% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSMV](https://holderbook.com/stocks/BSMV/) | $7.6M | 360,323 | 0.3% | 5 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $7.4M | 7,906 | 0.3% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $7.3M | 49,200 | 0.3% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $7.1M | 12,657 | 0.3% | 31 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $6.2M | 22,862 | 0.3% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $5.9M | 43,320 | 0.3% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $5.8M | 49,664 | 0.2% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $5.7M | 9,736 | 0.2% | 18 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $5.6M | 45,864 | 0.2% | 31 |
| ALLIANT ENERGY CORP | [LNT](https://holderbook.com/stocks/LNT/) | $5.4M | 71,281 | 0.2% | 31 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $5.3M | 35,052 | 0.2% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $5.3M | 15,437 | 0.2% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $5.3M | 14,308 | 0.2% | 25 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $5.3M | 19,498 | 0.2% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $5.2M | 37,258 | 0.2% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $5.0M | 34,223 | 0.2% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $4.8M | 9,589 | 0.2% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $4.7M | 3,941 | 0.2% | 31 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $4.5M | 7,139 | 0.2% | 31 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $4.5M | 43,313 | 0.2% | 31 |
| SPDR INDEX SHS FDS | [RWO](https://holderbook.com/stocks/RWO/) | $4.5M | 89,554 | 0.2% | 22 |
| INVESCO EXCH TRD SLF IDX FD | [BSMS](https://holderbook.com/stocks/BSMS/) | $4.4M | 189,779 | 0.2% | 8 |
| INVESCO EXCH TRD SLF IDX FD | [BSMR](https://holderbook.com/stocks/BSMR/) | $4.2M | 178,708 | 0.2% | 7 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $4.1M | 80,034 | 0.2% | 31 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $4.0M | 29,782 | 0.2% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $3.9M | 23,359 | 0.2% | 31 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $3.7M | 19,674 | 0.2% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $3.7M | 5 | 0.2% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCW](https://holderbook.com/stocks/BSCW/) | $3.7M | 181,433 | 0.2% | 1 |
| INVESCO EXCHANGE TRADED FD T | [RSPT](https://holderbook.com/stocks/RSPT/) | $3.6M | 56,098 | 0.2% | 3 |
| INVESCO EXCH TRD SLF IDX FD | [BSMW](https://holderbook.com/stocks/BSMW/) | $3.6M | 143,604 | 0.2% | 4 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $3.5M | 45,428 | 0.1% | 25 |
| INVESCO EXCH TRD SLF IDX FD | [BSSX](https://holderbook.com/stocks/BSSX/) | $3.5M | 133,998 | 0.1% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.4M | 6,790 | 0.1% | 31 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $3.4M | 2,482 | 0.1% | 31 |
| ISHARES TR | [IBDV](https://holderbook.com/stocks/IBDV/) | $3.4M | 154,851 | 0.1% | 2 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $3.3M | 10,583 | 0.1% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSMY](https://holderbook.com/stocks/BSMY/) | $3.3M | 134,061 | 0.1% | 4 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $3.2M | 16,996 | 0.1% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSMQ](https://holderbook.com/stocks/BSMQ/) | $3.2M | 137,043 | 0.1% | 8 |
| SPDR INDEX SHS FDS | [GNR](https://holderbook.com/stocks/GNR/) | $3.1M | 45,553 | 0.1% | 5 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $3.0M | 37,449 | 0.1% | 31 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $3.0M | 49,622 | 0.1% | 31 |
| PERSPECTIVE THERAPEUTICS INC | [CATX](https://holderbook.com/stocks/CATX/) | $3.0M | 872,200 | 0.1% | 8 |
| ISHARES TR | [IBMT](https://holderbook.com/stocks/IBMT/) | $2.9M | 112,191 | 0.1% | 4 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $2.9M | 7,287 | 0.1% | 23 |
| VANGUARD INDEX FDS | [VXF](https://holderbook.com/stocks/VXF/) | $2.9M | 11,679 | 0.1% | 24 |
| SELECT SECTOR SPDR TR | [XLRE](https://holderbook.com/stocks/XLRE/) | $2.9M | 64,838 | 0.1% | 3 |
| ISHARES TR | [IBDU](https://holderbook.com/stocks/IBDU/) | $2.8M | 122,688 | 0.1% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSPN](https://holderbook.com/stocks/RSPN/) | $2.8M | 44,386 | 0.1% | 3 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.7M | 29,912 | 0.1% | 31 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $2.7M | 31,396 | 0.1% | 11 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $2.7M | 2,510 | 0.1% | 30 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.8% | +14.8% | -6.0% | 100% |
| Q1 2026 | -1.2% | -4.6% | +3.4% | 100% |
| Q4 2025 | +0.8% | +2.4% | -1.6% | 98% |
| Q3 2025 | +4.6% | +7.8% | -3.2% | 100% |
| Q2 2025 | +5.8% | +10.5% | -4.7% | 100% |
| Q1 2025 | -1.4% | -4.6% | +3.1% | 100% |
| Q4 2024 | -2.0% | +2.1% | -4.2% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.3B | 383 |
| Q1 2026 | $2.1B | 355 |
| Q4 2025 | $1.7B | 340 |
| Q3 2025 | $1.7B | 323 |
| Q2 2025 | $1.6B | 313 |
| Q1 2025 | $1.4B | 299 |
| Q4 2024 | $1.3B | 301 |
| Q3 2024 | $1.3B | 303 |
| Q2 2024 | $1.2B | 286 |
| Q1 2024 | $1.2B | 284 |
| Q4 2023 | $1.0B | 274 |
| Q3 2023 | $860.9M | 267 |