HILLS BANK & TRUST CO

Filed: 8/5/2025ACC: 0001309148-25-000009

📋 What this filing means

HILLS BANK & TRUST CO filed this quarterly 13F‑HR report disclosing 313 equity positions with a total reported market value of $1.59B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

313

Positions

$1.59B

Total AUM (reported)

32.03M

Total Shares

Allocation by class

COM$429.00M27.0%

TR UNIT$134.55M8.5%

VAN FTSE DEV MKT$116.30M7.3%

UTSER1 S&PDCRP$67.51M4.3%

PORTFOLIO S&P400$65.00M4.1%

HERMES TOTAL RET$57.93M3.7%

BULSHS 2026 CB$52.94M3.3%

Portfolio Concentration

Top 3$318.36M20.1%

4–10$369.21M23.3%

11–25$376.22M23.7%

Rest$522.87M33.0%

Top 3 weight

20.1%

Top 10 weight

43.3%

Voting Authority Distribution

Total shares with voting rights: 32.03M

Sole

Full voting authority

31.96M

% of voting shares99.8%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

73.24K

% of voting shares0.2%

Investment Discretion (by position count)

Sole136

Shared0

Other177

Dominant voting typeSole · 99.8% of voting shares

Institutional Holdings313

Rows:

SPDR S&P 500 ETF TR

DFND

TR UNIT

Shares217.77K

TypeSH

Market value$134.55M

8.48%

Sole

217.77K

Shared

0.00

None

0.00

VANGUARD TAX-MANAGED FDS

DFND

VAN FTSE DEV MKT

Shares2.04M

TypeSH

Market value$116.30M

7.33%

Sole

2.04M

Shared

0.00

None

3.05K

SPDR S&P MIDCAP 400 ETF TR

DFND

UTSER1 S&PDCRP

Shares119.17K

TypeSH

Market value$67.51M

4.25%

Sole

119.17K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

PORTFOLIO S&P400

Shares1.20M

TypeSH

Market value$65.00M

4.10%

Sole

1.19M

Shared

0.00

None

2.60K

FEDERATED HERMES ETF TRUST

SOLE

HERMES TOTAL RET

Shares2.31M

TypeSH

Market value$57.93M

3.65%

Sole

2.31M

Shared

0.00

None

0.00

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2026 CB

Shares2.71M

TypeSH

Market value$52.94M

3.34%

Sole

2.71M

Shared

0.00

None

6.27K

ISHARES TR

DFND

IBONDS 25 TRM TS

Shares2.18M

TypeSH

Market value$50.90M

3.21%

Sole

2.18M

Shared

0.00

None

598.00

VANGUARD INTL EQUITY INDEX F

DFND

FTSE EMR MKT ETF

Shares972.07K

TypeSH

Market value$48.08M

3.03%

Sole

970.39K

Shared

0.00

None

1.68K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2027 CB

Shares2.42M

TypeSH

Market value$47.46M

2.99%

Sole

2.41M

Shared

0.00

None

6.11K

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO BLSH 28

Shares2.29M

TypeSH

Market value$46.92M

2.96%

Sole

2.28M

Shared

0.00

None

5.94K

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2029

Shares2.14M

TypeSH

Market value$40.08M

2.53%

Sole

2.14M

Shared

0.00

None

6.48K

NVIDIA CORPORATION

DFND

COM

Shares240.62K

TypeSH

Market value$38.02M

2.40%

Sole

240.62K

Shared

0.00

None

0.00

MICROSOFT CORP

DFND

COM

Shares75.47K

TypeSH

Market value$37.54M

2.37%

Sole

75.47K

Shared

0.00

None

0.00

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO 30 CORP

Shares2.14M

TypeSH

Market value$35.92M

2.26%

Sole

2.14M

Shared

0.00

None

722.00

APPLE INC

DFND

COM

Shares129.57K

TypeSH

Market value$26.58M

1.68%

Sole

129.57K

Shared

0.00

None

0.00

VANGUARD BD INDEX FDS

DFND

TOTAL BND MRKT

Shares344.18K

TypeSH

Market value$25.34M

1.60%

Sole

344.18K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

PRTFLO S&P500 VL

Shares475.06K

TypeSH

Market value$24.86M

1.57%

Sole

475.06K

Shared

0.00

None

0.00

ALPHABET INC

DFND

CAP STK CL C

Shares122.73K

TypeSH

Market value$21.77M

1.37%

Sole

122.73K

Shared

0.00

None

0.00

FLEXSHARES TR

DFND

MORNSTAR UPSTR

Shares542.27K

TypeSH

Market value$21.75M

1.37%

Sole

541.44K

Shared

0.00

None

827.00

SPDR SERIES TRUST

DFND

PORTFOLIO S&P500

Shares280.21K

TypeSH

Market value$20.37M

1.28%

Sole

280.21K

Shared

0.00

None

0.00

PROCTER AND GAMBLE CO

DFND

COM

Shares115.98K

TypeSH

Market value$18.48M

1.16%

Sole

115.98K

Shared

0.00

None

0.00

SPDR INDEX SHS FDS

DFND

S&P GBLINF ETF

Shares257.01K

TypeSH

Market value$17.30M

1.09%

Sole

257.01K

Shared

0.00

None

0.00

JPMORGAN CHASE & CO.

DFND

COM

Shares57.79K

TypeSH

Market value$16.76M

1.06%

Sole

57.79K

Shared

0.00

None

0.00

J P MORGAN EXCHANGE TRADED F

SOLE

INTL BD OPP ETF

Shares328.38K

TypeSH

Market value$15.97M

1.01%

Sole

328.38K

Shared

0.00

None

0.00

ISHARES TR

DFND

MSCI EAFE ETF

Shares173.26K

TypeSH

Market value$15.49M

0.98%

Sole

173.26K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR S&P 500 ETF TRDFND	TR UNIT	217.77K	SH	$134.55M 8.48%	217.77K	0.00
VANGUARD TAX-MANAGED FDSDFND	VAN FTSE DEV MKT	2.04M	SH	$116.30M 7.33%	2.04M	3.05K
SPDR S&P MIDCAP 400 ETF TRDFND	UTSER1 S&PDCRP	119.17K	SH	$67.51M 4.25%	119.17K	0.00
SPDR SERIES TRUSTDFND	PORTFOLIO S&P400	1.20M	SH	$65.00M 4.10%	1.19M	2.60K
FEDERATED HERMES ETF TRUSTSOLE	HERMES TOTAL RET	2.31M	SH	$57.93M 3.65%	2.31M	0.00
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2026 CB	2.71M	SH	$52.94M 3.34%	2.71M	6.27K
ISHARES TRDFND	IBONDS 25 TRM TS	2.18M	SH	$50.90M 3.21%	2.18M	598.00
VANGUARD INTL EQUITY INDEX FDFND	FTSE EMR MKT ETF	972.07K	SH	$48.08M 3.03%	970.39K	1.68K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2027 CB	2.42M	SH	$47.46M 2.99%	2.41M	6.11K
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO BLSH 28	2.29M	SH	$46.92M 2.96%	2.28M	5.94K
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2029	2.14M	SH	$40.08M 2.53%	2.14M	6.48K
NVIDIA CORPORATIONDFND	COM	240.62K	SH	$38.02M 2.40%	240.62K	0.00
MICROSOFT CORPDFND	COM	75.47K	SH	$37.54M 2.37%	75.47K	0.00
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO 30 CORP	2.14M	SH	$35.92M 2.26%	2.14M	722.00
APPLE INCDFND	COM	129.57K	SH	$26.58M 1.68%	129.57K	0.00
VANGUARD BD INDEX FDSDFND	TOTAL BND MRKT	344.18K	SH	$25.34M 1.60%	344.18K	0.00
SPDR SERIES TRUSTDFND	PRTFLO S&P500 VL	475.06K	SH	$24.86M 1.57%	475.06K	0.00
ALPHABET INCDFND	CAP STK CL C	122.73K	SH	$21.77M 1.37%	122.73K	0.00
FLEXSHARES TRDFND	MORNSTAR UPSTR	542.27K	SH	$21.75M 1.37%	541.44K	827.00
SPDR SERIES TRUSTDFND	PORTFOLIO S&P500	280.21K	SH	$20.37M 1.28%	280.21K	0.00
PROCTER AND GAMBLE CODFND	COM	115.98K	SH	$18.48M 1.16%	115.98K	0.00
SPDR INDEX SHS FDSDFND	S&P GBLINF ETF	257.01K	SH	$17.30M 1.09%	257.01K	0.00
JPMORGAN CHASE & CO.DFND	COM	57.79K	SH	$16.76M 1.06%	57.79K	0.00
J P MORGAN EXCHANGE TRADED FSOLE	INTL BD OPP ETF	328.38K	SH	$15.97M 1.01%	328.38K	0.00
ISHARES TRDFND	MSCI EAFE ETF	173.26K	SH	$15.49M 0.98%	173.26K	0.00

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