HILLS BANK & TRUST CO

Filed: 2/5/2026ACC: 0001309148-26-000002

📋 What this filing means

HILLS BANK & TRUST CO filed this quarterly 13F‑HR report disclosing 340 equity positions with a total reported market value of $1.72B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

340

Positions

$1.72B

Total AUM (reported)

34.80M

Total Shares

Allocation by class

COM$423.71M24.6%

TR UNIT$146.10M8.5%

VAN FTSE DEV MKT$139.06M8.1%

PORTFOLIO S&P400$74.05M4.3%

UTSER1 S&PDCRP$70.94M4.1%

HERMES TOTAL RET$66.98M3.9%

FTSE EMR MKT ETF$58.26M3.4%

Portfolio Concentration

Top 3$359.21M20.9%

4–10$394.33M22.9%

11–25$445.38M25.9%

Rest$520.95M30.3%

Top 3 weight

20.9%

Top 10 weight

43.8%

Voting Authority Distribution

Total shares with voting rights: 34.80M

Sole

Full voting authority

34.72M

% of voting shares99.8%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

79.78K

% of voting shares0.2%

Investment Discretion (by position count)

Sole164

Shared0

Other176

Dominant voting typeSole · 99.8% of voting shares

Institutional Holdings340

Rows:

SPDR S&P 500 ETF TR

DFND

TR UNIT

Shares214.24K

TypeSH

Market value$146.10M

8.49%

Sole

214.24K

Shared

0.00

None

0.00

VANGUARD TAX-MANAGED FDS

DFND

VAN FTSE DEV MKT

Shares2.23M

TypeSH

Market value$139.06M

8.09%

Sole

2.22M

Shared

0.00

None

3.36K

SPDR SERIES TRUST

DFND

PORTFOLIO S&P400

Shares1.28M

TypeSH

Market value$74.05M

4.31%

Sole

1.28M

Shared

0.00

None

2.63K

SPDR S&P MIDCAP 400 ETF TR

DFND

UTSER1 S&PDCRP

Shares117.59K

TypeSH

Market value$70.94M

4.12%

Sole

117.59K

Shared

0.00

None

0.00

FEDERATED HERMES ETF TRUST

DFND

HERMES TOTAL RET

Shares2.64M

TypeSH

Market value$66.98M

3.89%

Sole

2.64M

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX F

DFND

FTSE EMR MKT ETF

Shares1.08M

TypeSH

Market value$58.26M

3.39%

Sole

1.08M

Shared

0.00

None

1.78K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2026 CB

Shares2.82M

TypeSH

Market value$55.28M

3.21%

Sole

2.82M

Shared

0.00

None

6.02K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2027 CB

Shares2.53M

TypeSH

Market value$49.88M

2.90%

Sole

2.52M

Shared

0.00

None

5.75K

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO BLSH 28

Shares2.39M

TypeSH

Market value$49.17M

2.86%

Sole

2.38M

Shared

0.00

None

5.52K

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2029

Shares2.33M

TypeSH

Market value$43.83M

2.55%

Sole

2.32M

Shared

0.00

None

6.05K

NVIDIA CORPORATION

DFND

COM

Shares232.45K

TypeSH

Market value$43.35M

2.52%

Sole

232.45K

Shared

0.00

None

0.00

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO 30 CORP

Shares2.49M

TypeSH

Market value$42.06M

2.45%

Sole

2.48M

Shared

0.00

None

6.76K

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2031 CP

Shares2.39M

TypeSH

Market value$39.89M

2.32%

Sole

2.38M

Shared

0.00

None

7.15K

ALPHABET INC

DFND

CAP STK CL C

Shares117.88K

TypeSH

Market value$36.99M

2.15%

Sole

117.88K

Shared

0.00

None

0.00

MICROSOFT CORP

DFND

COM

Shares74.30K

TypeSH

Market value$35.93M

2.09%

Sole

74.30K

Shared

0.00

None

0.00

APPLE INC

DFND

COM

Shares127.96K

TypeSH

Market value$34.79M

2.02%

Sole

127.96K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

PRTFLO S&P500 VL

Shares600.79K

TypeSH

Market value$34.13M

1.98%

Sole

600.79K

Shared

0.00

None

0.00

SPDR SERIES TRUST

DFND

PORTFOLIO S&P500

Shares410.87K

TypeSH

Market value$32.96M

1.92%

Sole

410.87K

Shared

0.00

None

0.00

VANGUARD BD INDEX FDS

DFND

TOTAL BND MRKT

Shares352.27K

TypeSH

Market value$26.09M

1.52%

Sole

352.27K

Shared

0.00

None

0.00

SPDR INDEX SHS FDS

DFND

S&P GBLINF ETF

Shares373.38K

TypeSH

Market value$26.05M

1.51%

Sole

373.38K

Shared

0.00

None

0.00

FLEXSHARES TR

DFND

MORNSTAR UPSTR

Shares543.98K

TypeSH

Market value$24.94M

1.45%

Sole

543.16K

Shared

0.00

None

826.00

J P MORGAN EXCHANGE TRADED F

DFND

INTL BD OPP ETF

Shares388.02K

TypeSH

Market value$18.90M

1.10%

Sole

388.02K

Shared

0.00

None

0.00

JPMORGAN CHASE & CO.

DFND

COM

Shares55.77K

TypeSH

Market value$17.97M

1.04%

Sole

55.77K

Shared

0.00

None

0.00

AMAZON COM INC

DFND

COM

Shares68.88K

TypeSH

Market value$15.90M

0.92%

Sole

68.88K

Shared

0.00

None

0.00

ISHARES TR

DFND

MSCI EAFE ETF

Shares160.54K

TypeSH

Market value$15.42M

0.90%

Sole

160.54K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR S&P 500 ETF TRDFND	TR UNIT	214.24K	SH	$146.10M 8.49%	214.24K	0.00
VANGUARD TAX-MANAGED FDSDFND	VAN FTSE DEV MKT	2.23M	SH	$139.06M 8.09%	2.22M	3.36K
SPDR SERIES TRUSTDFND	PORTFOLIO S&P400	1.28M	SH	$74.05M 4.31%	1.28M	2.63K
SPDR S&P MIDCAP 400 ETF TRDFND	UTSER1 S&PDCRP	117.59K	SH	$70.94M 4.12%	117.59K	0.00
FEDERATED HERMES ETF TRUSTDFND	HERMES TOTAL RET	2.64M	SH	$66.98M 3.89%	2.64M	0.00
VANGUARD INTL EQUITY INDEX FDFND	FTSE EMR MKT ETF	1.08M	SH	$58.26M 3.39%	1.08M	1.78K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2026 CB	2.82M	SH	$55.28M 3.21%	2.82M	6.02K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2027 CB	2.53M	SH	$49.88M 2.90%	2.52M	5.75K
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO BLSH 28	2.39M	SH	$49.17M 2.86%	2.38M	5.52K
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2029	2.33M	SH	$43.83M 2.55%	2.32M	6.05K
NVIDIA CORPORATIONDFND	COM	232.45K	SH	$43.35M 2.52%	232.45K	0.00
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO 30 CORP	2.49M	SH	$42.06M 2.45%	2.48M	6.76K
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2031 CP	2.39M	SH	$39.89M 2.32%	2.38M	7.15K
ALPHABET INCDFND	CAP STK CL C	117.88K	SH	$36.99M 2.15%	117.88K	0.00
MICROSOFT CORPDFND	COM	74.30K	SH	$35.93M 2.09%	74.30K	0.00
APPLE INCDFND	COM	127.96K	SH	$34.79M 2.02%	127.96K	0.00
SPDR SERIES TRUSTDFND	PRTFLO S&P500 VL	600.79K	SH	$34.13M 1.98%	600.79K	0.00
SPDR SERIES TRUSTDFND	PORTFOLIO S&P500	410.87K	SH	$32.96M 1.92%	410.87K	0.00
VANGUARD BD INDEX FDSDFND	TOTAL BND MRKT	352.27K	SH	$26.09M 1.52%	352.27K	0.00
SPDR INDEX SHS FDSDFND	S&P GBLINF ETF	373.38K	SH	$26.05M 1.51%	373.38K	0.00
FLEXSHARES TRDFND	MORNSTAR UPSTR	543.98K	SH	$24.94M 1.45%	543.16K	826.00
J P MORGAN EXCHANGE TRADED FDFND	INTL BD OPP ETF	388.02K	SH	$18.90M 1.10%	388.02K	0.00
JPMORGAN CHASE & CO.DFND	COM	55.77K	SH	$17.97M 1.04%	55.77K	0.00
AMAZON COM INCDFND	COM	68.88K	SH	$15.90M 0.92%	68.88K	0.00
ISHARES TRDFND	MSCI EAFE ETF	160.54K	SH	$15.42M 0.90%	160.54K	0.00

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