HILLS BANK & TRUST CO

Filed: 11/13/2025ACC: 0001309148-25-000018

📋 What this filing means

HILLS BANK & TRUST CO filed this quarterly 13F‑HR report disclosing 323 equity positions with a total reported market value of $1.70B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

323

Positions

$1.70B

Total AUM (reported)

34.31M

Total Shares

Allocation by class

COM$441.72M26.0%

TR UNIT$143.81M8.5%

VAN FTSE DEV MKT$132.06M7.8%

PORTFOLIO S&P400$71.78M4.2%

UTSER1 S&PDCRP$71.29M4.2%

HERMES TOTAL RET$64.25M3.8%

FTSE EMR MKT ETF$57.70M3.4%

Portfolio Concentration

Top 3$347.65M20.5%

4–10$389.96M22.9%

11–25$428.62M25.2%

Rest$533.23M31.4%

Top 3 weight

20.5%

Top 10 weight

43.4%

Voting Authority Distribution

Total shares with voting rights: 34.31M

Sole

Full voting authority

34.23M

% of voting shares99.8%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

79.95K

% of voting shares0.2%

Investment Discretion (by position count)

Sole160

Shared0

Other163

Dominant voting typeSole · 99.8% of voting shares

Institutional Holdings323

Rows:

SPDR S&P 500 ETF TR

DFND

TR UNIT

Shares215.87K

TypeSH

Market value$143.81M

8.46%

Sole

215.87K

Shared

0.00

None

0.00

VANGUARD TAX-MANAGED FDS

DFND

VAN FTSE DEV MKT

Shares2.20M

TypeSH

Market value$132.06M

7.77%

Sole

2.20M

Shared

0.00

None

3.44K

SPDR SERIES TRUST

DFND

PORTFOLIO S&P400

Shares1.26M

TypeSH

Market value$71.78M

4.22%

Sole

1.25M

Shared

0.00

None

2.65K

SPDR S&P MIDCAP 400 ETF TR

DFND

UTSER1 S&PDCRP

Shares119.61K

TypeSH

Market value$71.29M

4.19%

Sole

119.61K

Shared

0.00

None

0.00

FEDERATED HERMES ETF TRUST

DFND

HERMES TOTAL RET

Shares2.53M

TypeSH

Market value$64.25M

3.78%

Sole

2.53M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX F

DFND

FTSE EMR MKT ETF

Shares1.07M

TypeSH

Market value$57.70M

3.40%

Sole

1.06M

Shared

0.00

None

1.85K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2026 CB

Shares2.81M

TypeSH

Market value$54.87M

3.23%

Sole

2.80M

Shared

0.00

None

6.02K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2027 CB

Shares2.50M

TypeSH

Market value$49.33M

2.90%

Sole

2.50M

Shared

0.00

None

5.75K

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO BLSH 28

Shares2.36M

TypeSH

Market value$48.58M

2.86%

Sole

2.36M

Shared

0.00

None

5.52K

NVIDIA CORPORATION

DFND

COM

Shares235.46K

TypeSH

Market value$43.93M

2.59%

Sole

235.46K

Shared

0.00

None

0.00

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2029

Shares2.26M

TypeSH

Market value$42.45M

2.50%

Sole

2.25M

Shared

0.00

None

6.05K

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO 30 CORP

Shares2.37M

TypeSH

Market value$40.11M

2.36%

Sole

2.37M

Shared

0.00

None

6.76K

MICROSOFT CORP

DFND

COM

Shares74.13K

TypeSH

Market value$38.40M

2.26%

Sole

74.13K

Shared

0.00

None

0.00

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2031 CP

Shares1.98M

TypeSH

Market value$33.05M

1.94%

Sole

1.97M

Shared

0.00

None

7.15K

APPLE INC

DFND

COM

Shares127.98K

TypeSH

Market value$32.59M

1.92%

Sole

127.98K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

PRTFLO S&P500 VL

Shares584.78K

TypeSH

Market value$32.36M

1.90%

Sole

584.78K

Shared

0.00

None

0.00

ALPHABET INC

DFND

CAP STK CL C

Shares119.84K

TypeSH

Market value$29.19M

1.72%

Sole

119.84K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

PORTFOLIO S&P500

Shares355.49K

TypeSH

Market value$27.85M

1.64%

Sole

355.49K

Shared

0.00

None

0.00

VANGUARD BD INDEX FDS

DFND

TOTAL BND MRKT

Shares355.74K

TypeSH

Market value$26.46M

1.56%

Sole

355.74K

Shared

0.00

None

0.00

SPDR INDEX SHS FDS

DFND

S&P GBLINF ETF

Shares353.47K

TypeSH

Market value$24.60M

1.45%

Sole

353.47K

Shared

0.00

None

0.00

FLEXSHARES TR

DFND

MORNSTAR UPSTR

Shares547.23K

TypeSH

Market value$23.96M

1.41%

Sole

546.38K

Shared

0.00

None

844.00

ISHARES TR

SOLE

IBONDS 25 TRM TS

Shares1.01M

TypeSH

Market value$23.68M

1.39%

Sole

1.01M

Shared

0.00

None

0.00

J P MORGAN EXCHANGE TRADED F

DFND

INTL BD OPP ETF

Shares372.80K

TypeSH

Market value$18.28M

1.08%

Sole

372.80K

Shared

0.00

None

0.00

JPMORGAN CHASE & CO.

DFND

COM

Shares57.07K

TypeSH

Market value$18.00M

1.06%

Sole

57.07K

Shared

0.00

None

0.00

FASTENAL CO

DFND

COM

Shares360.15K

TypeSH

Market value$17.66M

1.04%

Sole

360.15K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR S&P 500 ETF TRDFND	TR UNIT	215.87K	SH	$143.81M 8.46%	215.87K	0.00
VANGUARD TAX-MANAGED FDSDFND	VAN FTSE DEV MKT	2.20M	SH	$132.06M 7.77%	2.20M	3.44K
SPDR SERIES TRUSTDFND	PORTFOLIO S&P400	1.26M	SH	$71.78M 4.22%	1.25M	2.65K
SPDR S&P MIDCAP 400 ETF TRDFND	UTSER1 S&PDCRP	119.61K	SH	$71.29M 4.19%	119.61K	0.00
FEDERATED HERMES ETF TRUSTDFND	HERMES TOTAL RET	2.53M	SH	$64.25M 3.78%	2.53M	0.00
VANGUARD INTL EQUITY INDEX FDFND	FTSE EMR MKT ETF	1.07M	SH	$57.70M 3.40%	1.06M	1.85K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2026 CB	2.81M	SH	$54.87M 3.23%	2.80M	6.02K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2027 CB	2.50M	SH	$49.33M 2.90%	2.50M	5.75K
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO BLSH 28	2.36M	SH	$48.58M 2.86%	2.36M	5.52K
NVIDIA CORPORATIONDFND	COM	235.46K	SH	$43.93M 2.59%	235.46K	0.00
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2029	2.26M	SH	$42.45M 2.50%	2.25M	6.05K
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO 30 CORP	2.37M	SH	$40.11M 2.36%	2.37M	6.76K
MICROSOFT CORPDFND	COM	74.13K	SH	$38.40M 2.26%	74.13K	0.00
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2031 CP	1.98M	SH	$33.05M 1.94%	1.97M	7.15K
APPLE INCDFND	COM	127.98K	SH	$32.59M 1.92%	127.98K	0.00
SPDR SERIES TRUSTDFND	PRTFLO S&P500 VL	584.78K	SH	$32.36M 1.90%	584.78K	0.00
ALPHABET INCDFND	CAP STK CL C	119.84K	SH	$29.19M 1.72%	119.84K	0.00
SPDR SERIES TRUSTDFND	PORTFOLIO S&P500	355.49K	SH	$27.85M 1.64%	355.49K	0.00
VANGUARD BD INDEX FDSDFND	TOTAL BND MRKT	355.74K	SH	$26.46M 1.56%	355.74K	0.00
SPDR INDEX SHS FDSDFND	S&P GBLINF ETF	353.47K	SH	$24.60M 1.45%	353.47K	0.00
FLEXSHARES TRDFND	MORNSTAR UPSTR	547.23K	SH	$23.96M 1.41%	546.38K	844.00
ISHARES TRSOLE	IBONDS 25 TRM TS	1.01M	SH	$23.68M 1.39%	1.01M	0.00
J P MORGAN EXCHANGE TRADED FDFND	INTL BD OPP ETF	372.80K	SH	$18.28M 1.08%	372.80K	0.00
JPMORGAN CHASE & CO.DFND	COM	57.07K	SH	$18.00M 1.06%	57.07K	0.00
FASTENAL CODFND	COM	360.15K	SH	$17.66M 1.04%	360.15K	0.00

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