FIRST INTERSTATE BANK

Filed: 7/24/2026ACC: 0001125727-26-000014

📋 What this filing means

FIRST INTERSTATE BANK filed this quarterly 13F‑HR report disclosing 196 equity positions with a total reported market value of $1.92B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

196

Positions

$1.92B

Total AUM (reported)

25.48M

Total Shares

Allocation by class

COM$395.20M20.6%

INT-TERM CORP$177.55M9.3%

CORE S&P500 ETF$159.85M8.3%

S&P500 EQL WGT$155.48M8.1%

CORE S&P MCP ETF$120.59M6.3%

INTER TERM TREAS$113.69M5.9%

CORE S&P SCP ETF$97.45M5.1%

Portfolio Concentration

Top 3$515.33M26.9%

4–10$727.80M38.0%

11–25$353.54M18.4%

Rest$319.79M16.7%

Top 3 weight

26.9%

Top 10 weight

64.9%

Voting Authority Distribution

Total shares with voting rights: 25.48M

Sole

Full voting authority

20.66M

% of voting shares81.1%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

4.83M

% of voting shares18.9%

Investment Discretion (by position count)

Sole80

Shared0

Other116

Dominant voting typeSole · 81.1% of voting shares

Institutional Holdings196

Rows:

FIRST INTST BANCSYSTEM INC

DFND

COM

Shares4.61M

TypeSH

Market value$177.93M

9.28%

Sole

91.07K

Shared

0.00

None

4.52M

VANGUARD SCOTTSDALE FDS

DFND

INT-TERM CORP

Shares2.15M

TypeSH

Market value$177.55M

9.26%

Sole

2.15M

Shared

0.00

None

2.34K

ISHARES TR

DFND

CORE S&P500 ETF

Shares213.45K

TypeSH

Market value$159.85M

8.34%

Sole

213.38K

Shared

0.00

None

66.00

INVESCO EXCHANGE TRADED FD T

DFND

S&P500 EQL WGT

Shares730.74K

TypeSH

Market value$155.48M

8.11%

Sole

730.59K

Shared

0.00

None

149.00

ISHARES TR

DFND

CORE S&P MCP ETF

Shares1.56M

TypeSH

Market value$120.59M

6.29%

Sole

1.56M

Shared

0.00

None

255.00

VANGUARD SCOTTSDALE FDS

DFND

INTER TERM TREAS

Shares1.93M

TypeSH

Market value$113.69M

5.93%

Sole

1.93M

Shared

0.00

None

1.34K

ISHARES TR

DFND

CORE S&P SCP ETF

Shares657.05K

TypeSH

Market value$97.45M

5.08%

Sole

656.27K

Shared

0.00

None

786.00

ISHARES TR

DFND

PFD AND INCM SEC

Shares3.05M

TypeSH

Market value$93.08M

4.86%

Sole

3.05M

Shared

0.00

None

4.37K

VANGUARD MALVERN FDS

DFND

STRM INFPROIDX

Shares1.57M

TypeSH

Market value$78.81M

4.11%

Sole

1.57M

Shared

0.00

None

821.00

VANGUARD SCOTTSDALE FDS

DFND

MTG-BKD SECS ETF

Shares1.47M

TypeSH

Market value$68.71M

3.59%

Sole

1.47M

Shared

0.00

None

737.00

FLEXSHARES TR

DFND

MORNSTAR UPSTR

Shares1.27M

TypeSH

Market value$62.71M

3.27%

Sole

1.27M

Shared

0.00

None

825.00

SELECT SECTOR SPDR TR

DFND

STATE STREET TEC

Shares248.80K

TypeSH

Market value$47.40M

2.47%

Sole

248.31K

Shared

0.00

None

494.00

GLOBAL X FDS

DFND

US INFR DEV ETF

Shares755.64K

TypeSH

Market value$44.52M

2.32%

Sole

755.52K

Shared

0.00

None

122.00

APPLE INC

DFND

COM

Shares76.40K

TypeSH

Market value$22.11M

1.15%

Sole

68.84K

Shared

0.00

None

7.55K

ALPHABET INC

DFND

CAP STK CL A

Shares59.03K

TypeSH

Market value$21.10M

1.10%

Sole

53.04K

Shared

0.00

None

5.99K

SELECT SECTOR SPDR TR

DFND

STATE STREET IND

Shares107.08K

TypeSH

Market value$19.83M

1.03%

Sole

106.78K

Shared

0.00

None

296.00

SELECT SECTOR SPDR TR

DFND

STATE STREET HEA

Shares112.75K

TypeSH

Market value$17.89M

0.93%

Sole

112.42K

Shared

0.00

None

330.00

AMAZON COM INC

DFND

COM

Shares68.63K

TypeSH

Market value$16.36M

0.85%

Sole

63.35K

Shared

0.00

None

5.28K

SELECT SECTOR SPDR TR

DFND

STATE STREET COM

Shares147.71K

TypeSH

Market value$15.82M

0.83%

Sole

147.71K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

STATE STREET SPD

Shares25.14K

TypeSH

Market value$15.68M

0.82%

Sole

25.14K

Shared

0.00

None

0.00

PALO ALTO NETWORKS INC

DFND

COM

Shares45.70K

TypeSH

Market value$15.58M

0.81%

Sole

42.43K

Shared

0.00

None

3.27K

MICROSOFT CORP

DFND

COM

Shares41.56K

TypeSH

Market value$15.50M

0.81%

Sole

36.44K

Shared

0.00

None

5.12K

CISCO SYS INC

DFND

COM

Shares126.56K

TypeSH

Market value$14.87M

0.78%

Sole

109.69K

Shared

0.00

None

16.87K

SELECT SECTOR SPDR TR

DFND

STATE STREET FIN

Shares246.55K

TypeSH

Market value$13.22M

0.69%

Sole

245.54K

Shared

0.00

None

1.01K

SELECT SECTOR SPDR TR

DFND

STATE STREET ENE

Shares206.15K

TypeSH

Market value$10.95M

0.57%

Sole

205.46K

Shared

0.00

None

696.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
FIRST INTST BANCSYSTEM INCDFND	COM	4.61M	SH	$177.93M 9.28%	91.07K	4.52M
VANGUARD SCOTTSDALE FDSDFND	INT-TERM CORP	2.15M	SH	$177.55M 9.26%	2.15M	2.34K
ISHARES TRDFND	CORE S&P500 ETF	213.45K	SH	$159.85M 8.34%	213.38K	66.00
INVESCO EXCHANGE TRADED FD TDFND	S&P500 EQL WGT	730.74K	SH	$155.48M 8.11%	730.59K	149.00
ISHARES TRDFND	CORE S&P MCP ETF	1.56M	SH	$120.59M 6.29%	1.56M	255.00
VANGUARD SCOTTSDALE FDSDFND	INTER TERM TREAS	1.93M	SH	$113.69M 5.93%	1.93M	1.34K
ISHARES TRDFND	CORE S&P SCP ETF	657.05K	SH	$97.45M 5.08%	656.27K	786.00
ISHARES TRDFND	PFD AND INCM SEC	3.05M	SH	$93.08M 4.86%	3.05M	4.37K
VANGUARD MALVERN FDSDFND	STRM INFPROIDX	1.57M	SH	$78.81M 4.11%	1.57M	821.00
VANGUARD SCOTTSDALE FDSDFND	MTG-BKD SECS ETF	1.47M	SH	$68.71M 3.59%	1.47M	737.00
FLEXSHARES TRDFND	MORNSTAR UPSTR	1.27M	SH	$62.71M 3.27%	1.27M	825.00
SELECT SECTOR SPDR TRDFND	STATE STREET TEC	248.80K	SH	$47.40M 2.47%	248.31K	494.00
GLOBAL X FDSDFND	US INFR DEV ETF	755.64K	SH	$44.52M 2.32%	755.52K	122.00
APPLE INCDFND	COM	76.40K	SH	$22.11M 1.15%	68.84K	7.55K
ALPHABET INCDFND	CAP STK CL A	59.03K	SH	$21.10M 1.10%	53.04K	5.99K
SELECT SECTOR SPDR TRDFND	STATE STREET IND	107.08K	SH	$19.83M 1.03%	106.78K	296.00
SELECT SECTOR SPDR TRDFND	STATE STREET HEA	112.75K	SH	$17.89M 0.93%	112.42K	330.00
AMAZON COM INCDFND	COM	68.63K	SH	$16.36M 0.85%	63.35K	5.28K
SELECT SECTOR SPDR TRDFND	STATE STREET COM	147.71K	SH	$15.82M 0.83%	147.71K	0.00
SPDR SERIES TRUSTDFND	STATE STREET SPD	25.14K	SH	$15.68M 0.82%	25.14K	0.00
PALO ALTO NETWORKS INCDFND	COM	45.70K	SH	$15.58M 0.81%	42.43K	3.27K
MICROSOFT CORPDFND	COM	41.56K	SH	$15.50M 0.81%	36.44K	5.12K
CISCO SYS INCDFND	COM	126.56K	SH	$14.87M 0.78%	109.69K	16.87K
SELECT SECTOR SPDR TRDFND	STATE STREET FIN	246.55K	SH	$13.22M 0.69%	245.54K	1.01K
SELECT SECTOR SPDR TRDFND	STATE STREET ENE	206.15K	SH	$10.95M 0.57%	205.46K	696.00

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