FIRST INTERSTATE BANK

Filed: 10/23/2026ACC: 0001125727-26-000020

📋 What this filing means

FIRST INTERSTATE BANK filed this quarterly 13F‑HR report disclosing 197 equity positions with a total reported market value of $1.88B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

197

Positions

$1.88B

Total AUM (reported)

25.39M

Total Shares

Allocation by class

COM$391.43M20.9%

INT-TERM CORP$168.77M9.0%

CORE S&P500 ETF$160.11M8.5%

S&P500 EQL WGT$149.34M8.0%

CORE S&P MCP ETF$110.93M5.9%

INTER TERM TREAS$109.08M5.8%

PFD AND INCM SEC$91.35M4.9%

Portfolio Concentration

Top 3$492.96M26.3%

4–10$691.01M36.8%

11–25$367.72M19.6%

Rest$324.86M17.3%

Top 3 weight

26.3%

Top 10 weight

63.1%

Voting Authority Distribution

Total shares with voting rights: 25.39M

Sole

Full voting authority

20.60M

% of voting shares81.1%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

4.79M

% of voting shares18.9%

Investment Discretion (by position count)

Sole80

Shared0

Other117

Dominant voting typeSole · 81.1% of voting shares

Institutional Holdings197

Rows:

VANGUARD SCOTTSDALE FDS

DFND

INT-TERM CORP

Shares2.16M

TypeSH

Market value$168.77M

8.99%

Sole

2.15M

Shared

0.00

None

548.00

FIRST INTST BANCSYSTEM INC

DFND

COM

Shares4.59M

TypeSH

Market value$164.09M

8.74%

Sole

91.21K

Shared

0.00

None

4.50M

ISHARES TR

DFND

CORE S&P500 ETF

Shares209.06K

TypeSH

Market value$160.11M

8.53%

Sole

208.82K

Shared

0.00

None

242.00

INVESCO EXCHANGE TRADED FD T

DFND

S&P500 EQL WGT

Shares717.93K

TypeSH

Market value$149.34M

7.96%

Sole

717.56K

Shared

0.00

None

367.00

ISHARES TR

DFND

CORE S&P MCP ETF

Shares1.54M

TypeSH

Market value$110.93M

5.91%

Sole

1.54M

Shared

0.00

None

671.00

VANGUARD SCOTTSDALE FDS

DFND

INTER TERM TREAS

Shares1.93M

TypeSH

Market value$109.08M

5.81%

Sole

1.92M

Shared

0.00

None

602.00

ISHARES TR

DFND

PFD AND INCM SEC

Shares3.10M

TypeSH

Market value$91.35M

4.87%

Sole

3.10M

Shared

0.00

None

614.00

ISHARES TR

DFND

CORE S&P SCP ETF

Shares645.44K

TypeSH

Market value$87.81M

4.68%

Sole

645.16K

Shared

0.00

None

275.00

VANGUARD MALVERN FDS

DFND

STRM INFPROIDX

Shares1.56M

TypeSH

Market value$76.62M

4.08%

Sole

1.56M

Shared

0.00

None

328.00

VANGUARD SCOTTSDALE FDS

DFND

MTG-BKD SECS ETF

Shares1.48M

TypeSH

Market value$65.88M

3.51%

Sole

1.48M

Shared

0.00

None

358.00

FLEXSHARES TR

DFND

MORNSTAR UPSTR

Shares1.23M

TypeSH

Market value$64.95M

3.46%

Sole

1.23M

Shared

0.00

None

507.00

SELECT SECTOR SPDR TR

DFND

ST STR TECHN ETF

Shares250.87K

TypeSH

Market value$49.11M

2.62%

Sole

250.87K

Shared

0.00

None

0.00

GLOBAL X FDS

DFND

US INFR DEV ETF

Shares739.37K

TypeSH

Market value$38.82M

2.07%

Sole

739.02K

Shared

0.00

None

356.00

APPLE INC

DFND

COM

Shares84.89K

TypeSH

Market value$28.27M

1.51%

Sole

78.21K

Shared

0.00

None

6.68K

SELECT SECTOR SPDR TR

DFND

ST STR INDL ETF

Shares141.82K

TypeSH

Market value$23.68M

1.26%

Sole

141.82K

Shared

0.00

None

0.00

MICROSOFT CORP

DFND

COM

Shares42.02K

TypeSH

Market value$21.55M

1.15%

Sole

37.04K

Shared

0.00

None

4.98K

ALPHABET INC

DFND

CAP STK CL A

Shares56.90K

TypeSH

Market value$19.58M

1.04%

Sole

51.35K

Shared

0.00

None

5.54K

SELECT SECTOR SPDR TR

DFND

ST STR CARE ETF

Shares108.38K

TypeSH

Market value$18.25M

0.97%

Sole

108.38K

Shared

0.00

None

0.00

SELECT SECTOR SPDR TR

DFND

ST STR SVC ETF

Shares157.13K

TypeSH

Market value$17.44M

0.93%

Sole

157.13K

Shared

0.00

None

0.00

PALO ALTO NETWORKS INC

DFND

COM

Shares42.96K

TypeSH

Market value$17.07M

0.91%

Sole

40.02K

Shared

0.00

None

2.95K

AMAZON COM INC

DFND

COM

Shares66.74K

TypeSH

Market value$16.63M

0.89%

Sole

61.61K

Shared

0.00

None

5.13K

ISHARES TR

SOLE

SHRT NAT MUN ETF

Shares127.21K

TypeSH

Market value$13.30M

0.71%

Sole

127.21K

Shared

0.00

None

0.00

CISCO SYS INC

DFND

COM

Shares122.97K

TypeSH

Market value$13.24M

0.71%

Sole

107.22K

Shared

0.00

None

15.75K

SPDR SERIES TRUST

DFND

ST STR SP SEMI

Shares24.59K

TypeSH

Market value$13.02M

0.69%

Sole

24.59K

Shared

0.00

None

0.00

SELECT SECTOR SPDR TR

DFND

ST STR FINL ETF

Shares239.94K

TypeSH

Market value$12.81M

0.68%

Sole

239.94K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
VANGUARD SCOTTSDALE FDSDFND	INT-TERM CORP	2.16M	SH	$168.77M 8.99%	2.15M	548.00
FIRST INTST BANCSYSTEM INCDFND	COM	4.59M	SH	$164.09M 8.74%	91.21K	4.50M
ISHARES TRDFND	CORE S&P500 ETF	209.06K	SH	$160.11M 8.53%	208.82K	242.00
INVESCO EXCHANGE TRADED FD TDFND	S&P500 EQL WGT	717.93K	SH	$149.34M 7.96%	717.56K	367.00
ISHARES TRDFND	CORE S&P MCP ETF	1.54M	SH	$110.93M 5.91%	1.54M	671.00
VANGUARD SCOTTSDALE FDSDFND	INTER TERM TREAS	1.93M	SH	$109.08M 5.81%	1.92M	602.00
ISHARES TRDFND	PFD AND INCM SEC	3.10M	SH	$91.35M 4.87%	3.10M	614.00
ISHARES TRDFND	CORE S&P SCP ETF	645.44K	SH	$87.81M 4.68%	645.16K	275.00
VANGUARD MALVERN FDSDFND	STRM INFPROIDX	1.56M	SH	$76.62M 4.08%	1.56M	328.00
VANGUARD SCOTTSDALE FDSDFND	MTG-BKD SECS ETF	1.48M	SH	$65.88M 3.51%	1.48M	358.00
FLEXSHARES TRDFND	MORNSTAR UPSTR	1.23M	SH	$64.95M 3.46%	1.23M	507.00
SELECT SECTOR SPDR TRDFND	ST STR TECHN ETF	250.87K	SH	$49.11M 2.62%	250.87K	0.00
GLOBAL X FDSDFND	US INFR DEV ETF	739.37K	SH	$38.82M 2.07%	739.02K	356.00
APPLE INCDFND	COM	84.89K	SH	$28.27M 1.51%	78.21K	6.68K
SELECT SECTOR SPDR TRDFND	ST STR INDL ETF	141.82K	SH	$23.68M 1.26%	141.82K	0.00
MICROSOFT CORPDFND	COM	42.02K	SH	$21.55M 1.15%	37.04K	4.98K
ALPHABET INCDFND	CAP STK CL A	56.90K	SH	$19.58M 1.04%	51.35K	5.54K
SELECT SECTOR SPDR TRDFND	ST STR CARE ETF	108.38K	SH	$18.25M 0.97%	108.38K	0.00
SELECT SECTOR SPDR TRDFND	ST STR SVC ETF	157.13K	SH	$17.44M 0.93%	157.13K	0.00
PALO ALTO NETWORKS INCDFND	COM	42.96K	SH	$17.07M 0.91%	40.02K	2.95K
AMAZON COM INCDFND	COM	66.74K	SH	$16.63M 0.89%	61.61K	5.13K
ISHARES TRSOLE	SHRT NAT MUN ETF	127.21K	SH	$13.30M 0.71%	127.21K	0.00
CISCO SYS INCDFND	COM	122.97K	SH	$13.24M 0.71%	107.22K	15.75K
SPDR SERIES TRUSTDFND	ST STR SP SEMI	24.59K	SH	$13.02M 0.69%	24.59K	0.00
SELECT SECTOR SPDR TRDFND	ST STR FINL ETF	239.94K	SH	$12.81M 0.68%	239.94K	0.00

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