HILLS BANK & TRUST CO

Filed: 5/1/2026ACC: 0001309148-26-000011

📋 What this filing means

HILLS BANK & TRUST CO filed this quarterly 13F‑HR report disclosing 355 equity positions with a total reported market value of $2.07B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

355

Positions

$2.07B

Total AUM (reported)

40.74M

Total Shares

Allocation by class

COM$388.97M18.8%

STATE STREET SPD$362.54M17.5%

VAN FTSE DEV MKT$144.02M7.0%

TR UNIT$137.46M6.6%

AVANTIS US LARG$92.19M4.5%

HERMES TOTAL RET$71.48M3.5%

UTSER1 S&PDCRP$71.18M3.4%

Portfolio Concentration

Top 3$552.99M26.7%

4–10$487.29M23.6%

11–25$489.32M23.7%

Rest$539.10M26.1%

Top 3 weight

26.7%

Top 10 weight

50.3%

Voting Authority Distribution

Total shares with voting rights: 40.74M

Sole

Full voting authority

40.65M

% of voting shares99.8%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

92.74K

% of voting shares0.2%

Investment Discretion (by position count)

Sole176

Shared0

Other179

Dominant voting typeSole · 99.8% of voting shares

Institutional Holdings355

Rows:

SPDR SERIES TRUST

DFND

STATE STREET SPD

Shares3.55M

TypeSH

Market value$271.51M

13.12%

Sole

3.54M

Shared

0.00

None

9.73K

VANGUARD TAX-MANAGED FDS

DFND

VAN FTSE DEV MKT

Shares2.25M

TypeSH

Market value$144.02M

6.96%

Sole

2.24M

Shared

0.00

None

3.54K

STATE STR SPDR S&P 500 ETF T

DFND

TR UNIT

Shares211.37K

TypeSH

Market value$137.46M

6.64%

Sole

211.37K

Shared

0.00

None

0.00

AMERICAN CENTY ETF TR

DFND

AVANTIS US LARG

Shares1.19M

TypeSH

Market value$92.19M

4.46%

Sole

1.19M

Shared

0.00

None

3.21K

SPDR SERIES TRUST

DFND

STATE STREET SPD

Shares1.29M

TypeSH

Market value$76.61M

3.70%

Sole

1.29M

Shared

0.00

None

2.26K

FEDERATED HERMES ETF TRUST

DFND

HERMES TOTAL RET

Shares2.84M

TypeSH

Market value$71.48M

3.46%

Sole

2.84M

Shared

0.00

None

0.00

STATE STR SPDR S&P MIDCAP 40

DFND

UTSER1 S&PDCRP

Shares115.41K

TypeSH

Market value$71.18M

3.44%

Sole

115.41K

Shared

0.00

None

0.00

VANGUARD INTL EQUITY INDEX F

DFND

FTSE EMR MKT ETF

Shares1.12M

TypeSH

Market value$60.80M

2.94%

Sole

1.12M

Shared

0.00

None

1.99K

SPDR INDEX SHS FDS

DFND

S&P GBLINF ETF

Shares762.29K

TypeSH

Market value$57.95M

2.80%

Sole

761.15K

Shared

0.00

None

1.14K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2026 CB

Shares2.92M

TypeSH

Market value$57.08M

2.76%

Sole

2.92M

Shared

0.00

None

6.14K

INVESCO EXCH TRD SLF IDX FD

DFND

BULSHS 2027 CB

Shares2.65M

TypeSH

Market value$51.99M

2.51%

Sole

2.64M

Shared

0.00

None

5.45K

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO BLSH 28

Shares2.48M

TypeSH

Market value$50.66M

2.45%

Sole

2.48M

Shared

0.00

None

5.23K

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2029

Shares2.45M

TypeSH

Market value$45.77M

2.21%

Sole

2.45M

Shared

0.00

None

5.73K

INVESCO EXCH TRD SLF IDX FD

DFND

INVSCO 30 CORP

Shares2.62M

TypeSH

Market value$43.82M

2.12%

Sole

2.61M

Shared

0.00

None

6.46K

INVESCO EXCH TRD SLF IDX FD

DFND

BULETSHS 2031 CP

Shares2.62M

TypeSH

Market value$43.20M

2.09%

Sole

2.62M

Shared

0.00

None

7.26K

NVIDIA CORPORATION

DFND

COM

Shares226.74K

TypeSH

Market value$39.54M

1.91%

Sole

226.74K

Shared

0.00

None

0.00

ALPHABET INC

DFND

CAP STK CL C

Shares114.92K

TypeSH

Market value$32.97M

1.59%

Sole

114.92K

Shared

0.00

None

0.00

APPLE INC

DFND

COM

Shares128.29K

TypeSH

Market value$32.56M

1.57%

Sole

128.29K

Shared

0.00

None

0.00

FLEXSHARES TR

DFND

MORNSTAR UPSTR

Shares512.33K

TypeSH

Market value$28.26M

1.37%

Sole

511.65K

Shared

0.00

None

676.00

VANGUARD BD INDEX FDS

DFND

TOTAL BND MRKT

Shares360.16K

TypeSH

Market value$26.52M

1.28%

Sole

360.16K

Shared

0.00

None

0.00

MICROSOFT CORP

DFND

COM

Shares70.64K

TypeSH

Market value$26.15M

1.26%

Sole

70.64K

Shared

0.00

None

0.00

J P MORGAN EXCHANGE TRADED F

DFND

INTL BD OPP ETF

Shares417.82K

TypeSH

Market value$19.98M

0.97%

Sole

417.82K

Shared

0.00

None

0.00

DIMENSIONAL ETF TRUST

DFND

INTL CORE EQUITY

Shares460.09K

TypeSH

Market value$16.35M

0.79%

Sole

460.09K

Shared

0.00

None

0.00

JPMORGAN CHASE & CO

DFND

COM

Shares53.78K

TypeSH

Market value$15.82M

0.76%

Sole

53.78K

Shared

0.00

None

0.00

ISHARES TR

DFND

MSCI EAFE ETF

Shares161.98K

TypeSH

Market value$15.73M

0.76%

Sole

161.98K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR SERIES TRUSTDFND	STATE STREET SPD	3.55M	SH	$271.51M 13.12%	3.54M	9.73K
VANGUARD TAX-MANAGED FDSDFND	VAN FTSE DEV MKT	2.25M	SH	$144.02M 6.96%	2.24M	3.54K
STATE STR SPDR S&P 500 ETF TDFND	TR UNIT	211.37K	SH	$137.46M 6.64%	211.37K	0.00
AMERICAN CENTY ETF TRDFND	AVANTIS US LARG	1.19M	SH	$92.19M 4.46%	1.19M	3.21K
SPDR SERIES TRUSTDFND	STATE STREET SPD	1.29M	SH	$76.61M 3.70%	1.29M	2.26K
FEDERATED HERMES ETF TRUSTDFND	HERMES TOTAL RET	2.84M	SH	$71.48M 3.46%	2.84M	0.00
STATE STR SPDR S&P MIDCAP 40DFND	UTSER1 S&PDCRP	115.41K	SH	$71.18M 3.44%	115.41K	0.00
VANGUARD INTL EQUITY INDEX FDFND	FTSE EMR MKT ETF	1.12M	SH	$60.80M 2.94%	1.12M	1.99K
SPDR INDEX SHS FDSDFND	S&P GBLINF ETF	762.29K	SH	$57.95M 2.80%	761.15K	1.14K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2026 CB	2.92M	SH	$57.08M 2.76%	2.92M	6.14K
INVESCO EXCH TRD SLF IDX FDDFND	BULSHS 2027 CB	2.65M	SH	$51.99M 2.51%	2.64M	5.45K
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO BLSH 28	2.48M	SH	$50.66M 2.45%	2.48M	5.23K
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2029	2.45M	SH	$45.77M 2.21%	2.45M	5.73K
INVESCO EXCH TRD SLF IDX FDDFND	INVSCO 30 CORP	2.62M	SH	$43.82M 2.12%	2.61M	6.46K
INVESCO EXCH TRD SLF IDX FDDFND	BULETSHS 2031 CP	2.62M	SH	$43.20M 2.09%	2.62M	7.26K
NVIDIA CORPORATIONDFND	COM	226.74K	SH	$39.54M 1.91%	226.74K	0.00
ALPHABET INCDFND	CAP STK CL C	114.92K	SH	$32.97M 1.59%	114.92K	0.00
APPLE INCDFND	COM	128.29K	SH	$32.56M 1.57%	128.29K	0.00
FLEXSHARES TRDFND	MORNSTAR UPSTR	512.33K	SH	$28.26M 1.37%	511.65K	676.00
VANGUARD BD INDEX FDSDFND	TOTAL BND MRKT	360.16K	SH	$26.52M 1.28%	360.16K	0.00
MICROSOFT CORPDFND	COM	70.64K	SH	$26.15M 1.26%	70.64K	0.00
J P MORGAN EXCHANGE TRADED FDFND	INTL BD OPP ETF	417.82K	SH	$19.98M 0.97%	417.82K	0.00
DIMENSIONAL ETF TRUSTDFND	INTL CORE EQUITY	460.09K	SH	$16.35M 0.79%	460.09K	0.00
JPMORGAN CHASE & CODFND	COM	53.78K	SH	$15.82M 0.76%	53.78K	0.00
ISHARES TRDFND	MSCI EAFE ETF	161.98K	SH	$15.73M 0.76%	161.98K	0.00

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