Hoese & Co LLP

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Portfolio value: $152M
Positions: 173
Quarter ended: September 30, 2026
Filed: October 21, 2026

Reported portfolio value by quarter (24 quarters reported)

$154M $54.3M

Q4 20 Q1 22 Q2 23 Q3 24 Q4 25 Q3 26

$54.3M in Q4 2020 → $152M now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
IT Ishares Tr 3 7 Yr Treas Bd	17.0%	Added 0.3%	227,218	$25.8M
IT Ishares Tr Core S&P500 ETF	12.0%	Trimmed 0.3%	23,840	$18.3M
IE Invesco Exchange Traded Fd TS&P500 Quality	9.0%	Trimmed 1.0%	163,108	$13.7M
IU Ishares Us Eqty Fac Rotation	7.3%	Added 0.2%	160,332	$11.1M
IT Ishares Tr Core Div Grwth	6.1%	Trimmed 0.2%	123,114	$9.28M
IU Ishares U S ETF Tr U.s. Tech Indepd	5.9%	Added 1.5%	77,940	$8.9M
VS Vanguard Specialized Funds Div App ETF	5.3%	Trimmed 0.0%	34,319	$8.01M
VI Vanguard Index Fds S&P 500 ETF Shs	3.3%	Trimmed 1.3%	7,169	$5.02M
IT Ishares Tr Msci Usa Qlt Fct	3.2%	Trimmed 4.3%	22,060	$4.9M
VM Vanguard Malvern Fds Strm Infproidx	3.2%	Added 0.2%	97,602	$4.8M
IT Ishares Tr Invt Grad Sy ETF	3.1%	Added 0.2%	109,916	$4.7M
VT Vanguard Total Stock Market ETF	2.9%	Unchanged	11,729	$4.39M
ST SPDR Tr S&P 500 ETF Unit Ser 1	1.7%	Unchanged	3,441	$2.62M
BH Berkshire Hathaway Inc Del Cl A	1.5%	Unchanged	3	$2.24M
IT Ishares Tr Russell1000grw	1.3%	Unchanged	15,632	$1.96M
IT Ishares Tr Core Total Usd	1.2%	Trimmed 2.1%	41,074	$1.81M
IT Ishares Tr Msci Usa Min ETF	1.1%	Unchanged	16,393	$1.6M
BE Blackrock ETF Trust Isha La Core ETF	1.0%	Added 1.2%	30,183	$1.48M
BE Blackrock ETF Trust Ishares Defense	0.9%	Added 1.3%	44,214	$1.38M
SS Schwab Strategic Tr Us Lcap Gr ETF	0.8%	Unchanged	32,615	$1.17M
MC Microsoft Corp Com	0.6%	Trimmed 13%	1,903	$976K
BP Bp P L C Sponsored ADR	0.5%	New	18,928	$832K
AC Apple Inc Com	0.5%	Trimmed 50%	2,256	$751K
IT Ishares Tr Rus 1000 Val ETF	0.5%	Unchanged	2,887	$716K
VI Vanguard Index Fds Mid Cap ETF	0.4%	Trimmed 0.7%	7,510	$589K
M& Merck & Co Inc Com	0.4%	Unchanged	3,894	$566K
IT Ishares Tr Dj Sel Div Inx	0.4%	Unchanged	3,695	$562K
AC Abbvie Inc Com	0.3%	Unchanged	1,784	$467K
UB Us Bancorp Del Com New	0.3%	Unchanged	7,680	$444K
WC Walmart Inc Com	0.3%	Trimmed 8.8%	4,219	$438K
J& Johnson & Johnson Com	0.3%	Trimmed 9.7%	1,455	$385K
IT Ishares Tr Msci Intl Qualty	0.2%	Unchanged	7,230	$358K
D& Deere & Co Com	0.2%	Unchanged	500	$336K
TC Tjx Cos Inc New Com	0.2%	Unchanged	2,500	$331K
NC Nvidia Corp Com	0.2%	Unchanged	1,220	$279K
AL Abbott Laboratories Com	0.2%	Unchanged	2,800	$277K
CC Caterpillar Inc Com	0.2%	Unchanged	325	$264K
CC Citigroup Inc Com New	0.2%	Unchanged	2,000	$259K
IE Invesco Exchange Traded Fd TS&P500 Pur Gwt	0.2%	Unchanged	4,310	$252K
SS SPDR Series Trust Portfolio Tl Stk ETF	0.2%	Unchanged	2,721	$250K
EH Exxonmobil Holdings Corp Com Shs	0.2%	New	1,521	$248K
TC Target Corp Com	0.2%	Unchanged	1,575	$247K
XE Xcel Energy Inc Com	0.2%	Unchanged	3,500	$247K
IQ Invesco Qqq Tr Unit Ser 1	0.2%	Unchanged	324	$240K
WF Wells Fargo & Co New Com	0.1%	Unchanged	2,624	$210K
GC Graco Inc Com	0.1%	Unchanged	2,700	$207K
EE Emerson Elec Co Com	0.1%	Unchanged	1,323	$205K
BO Bank Of America Corporation Com	0.1%	Unchanged	3,559	$194K
SS SPDR S&P Midcap 400 ETF Tr Utser1 S&PDCRP	0.1%	Unchanged	290	$190K
SC Sysco Corp Com	0.1%	Unchanged	2,436	$190K
FH Fidelity High Dividend	0.1%	Unchanged	3,000	$182K
AG Altria Group Inc Com	0.1%	Unchanged	2,500	$168K
IC Ishares Core S&P Us Value	0.1%	Unchanged	1,500	$165K
EC Ecolab Inc Com	0.1%	Unchanged	600	$165K
UG Unitedhealth Group Inc Com	0.1%	Unchanged	445	$163K
JC Jpmorgan Chase & Co Com	0.1%	Trimmed 58%	488	$161K
SI SPDR Index Shs Fds St Str Po Ex ETF	0.1%	Unchanged	3,211	$161K
PM Philip Morris Intl Inc Com	0.1%	Unchanged	800	$153K
TS Taiwan Semiconductor Mfg Ltdsponsored ADR	0.1%	Unchanged	333	$152K
HD Home Depot Inc Com	0.1%	Trimmed 18%	524	$149K

Showing top 60 of 173 positions.

Timeline of changes

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

Q3 2026

quarter ended September 30, 2026 · filed October 21, 2026

Company	Action	Shares changed	Value of change	% of portfolio
BP Bp P L C Sponsored ADR	New	+18,928	+$832K	0.5%
AC Apple Inc Com	Trimmed	−2,300	−$766K	0.5%
EH Exxonmobil Holdings Corp Com Shs	New	+1,521	+$248K	0.2%
JC Jpmorgan Chase & Co Com	Trimmed	−675	−$223K	0.1%
IT Ishares Tr Msci Usa Qlt Fct	Trimmed	−993	−$221K	3.2%
3C 3m Company Com	Exited	−1,100	−$178K	—
EM Exxon Mobil Corp Com	Exited	−1,137	−$155K	—
IE Invesco Exchange Traded Fd TS&P500 Quality	Trimmed	−1,674	−$141K	9.0%
MC Microsoft Corp Com	Trimmed	−273	−$140K	0.6%
IU Ishares U S ETF Tr U.s. Tech Indepd	Added	+1,181	+$135K	5.9%

Showing the 10 largest of 48 changes.

Q2 2026

quarter ended June 30, 2026 · filed July 14, 2026

Company	Action	Shares changed	Value of change	% of portfolio
BE Blackrock ETF Trust Isha La Core ETF	New	+29,826	+$1.5M	1.0%
BE Blackrock ETF Trust Ishares Defense	New	+43,651	+$1.39M	0.9%
IT Ishares Tr Russell1000grw	Added	+10,431	+$1.3M	1.3%
IT Ishares Tr Msci Usa Qlt Fct	Trimmed	−4,446	−$976K	3.3%
AC Apple Inc Com	Added	+1,954	+$565K	0.9%
IU Ishares Us Eqty Fac Rotation	Added	+7,554	+$514K	7.1%
IT Ishares Tr Rus 1000 Val ETF	Trimmed	−2,076	−$503K	0.5%
WC Walmart Inc Com	Added	+4,219	+$478K	0.3%
VI Vanguard Index Fds Mid Cap ETF	Added	+5,670	+$457K	0.4%
CC Caterpillar Inc Com	New	+325	+$346K	0.2%

Showing the 10 largest of 116 changes.

Q1 2026

quarter ended March 31, 2026 · filed April 22, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Core S&P500 ETF	Trimmed	−8,375	−$5.47M	11.8%
IU Ishares Us Eqty Fac Rotation	Added	+69,418	+$4.04M	6.6%
IU Ishares U S ETF Tr U.s. Tech Indepd	Added	+42,407	+$3.75M	4.8%
IE Invesco Exchange Traded Fd TS&P500 Quality	Trimmed	−30,332	−$2.28M	9.1%
IT Ishares Tr Msci Usa Qlt Fct	Trimmed	−4,543	−$871K	3.9%
IT Ishares Tr Core Total Usd	Trimmed	−18,184	−$840K	1.5%
VI Vanguard Index Fds S&P 500 ETF Shs	Trimmed	−952	−$569K	3.2%
IT Ishares Tr 3 7 Yr Treas Bd	Added	+4,514	+$535K	19.9%
IT Ishares Tr Core Div Grwth	Added	+6,753	+$474K	6.3%
ST SPDR Tr S&P 500 ETF Unit Ser 1	Trimmed	−495	−$322K	1.7%

Showing the 10 largest of 28 changes.

Q4 2025

quarter ended December 31, 2025 · filed January 14, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IU Ishares Us Eqty Fac Rotation	Added	+60,737	+$3.69M	3.6%
IT Ishares Tr 3 7 Yr Treas Bd	Added	+29,626	+$3.54M	18.8%
IT Ishares Tr Core Total Usd	Trimmed	−70,424	−$3.28M	2.0%
IU Ishares U S ETF Tr U.s. Tech Indepd	Added	+22,985	+$2.34M	2.3%
IT Ishares Tr Msci Usa Qlt Fct	Trimmed	−11,311	−$2.25M	4.5%
VM Vanguard Malvern Fds Strm Infproidx	Added	+38,363	+$1.9M	3.2%
IT Ishares Tr Investment Grade	Added	+35,387	+$1.62M	3.6%
VI Vanguard Index Fds S&P 500 ETF Shs	Trimmed	−1,553	−$974K	3.7%
IT Ishares Tr Core Div Grwth	Added	+9,535	+$662K	5.6%
VS Vanguard Specialized Funds Div App ETF	Added	+2,743	+$603K	5.6%

Showing the 10 largest of 52 changes.

Q3 2025

quarter ended September 30, 2025 · filed October 16, 2025

Company	Action	Shares changed	Value of change	% of portfolio
VM Vanguard Malvern Fds Strm Infproidx	Added	+51,848	+$2.63M	2.1%
IU Ishares Us Eqty Fac Rotation	Added	+18,623	+$1.1M	1.0%
IT Ishares Tr Investment Grade	Added	+16,090	+$741K	2.7%
IU Ishares U S ETF Tr U.s. Tech Indepd	Added	+7,068	+$720K	0.6%
IT Ishares Tr Msci Usa Qlt Fct	Trimmed	−2,237	−$435K	6.4%
IT Ishares Tr Core Total Usd	Trimmed	−7,720	−$361K	4.7%
VI Vanguard Index Fds S&P 500 ETF Shs	Trimmed	−577	−$353K	4.6%
ST SPDR Tr S&P 500 ETF Unit Ser 1	Trimmed	−368	−$245K	2.1%
HC Hawkins Inc Com	Trimmed	−1,200	−$219K	0.1%
VS Vanguard Specialized Funds Div App ETF	Added	+967	+$209K	5.5%

Showing the 10 largest of 68 changes.

Q2 2025

quarter ended June 30, 2025 · filed July 29, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Msci Usa Min Vol	Trimmed	−16,899	−$1.59M	2.0%
VI Vanguard Index Fds S&P 500 ETF Shs	Trimmed	−796	−$452K	4.8%
IT Ishares Tr Core Total Usd	Trimmed	−8,674	−$401K	5.2%
TC Tjx Cos Inc New Com	New	+2,500	+$309K	0.2%
IT Ishares Tr Russell1000grw	Trimmed	−706	−$300K	1.9%
IT Ishares Tr 3 7 Yr Treas Bd	Added	+2,299	+$274K	18.4%
AL Abbott Labs Com	Added	+2,000	+$272K	0.3%
UG Unitedhealth Group Inc Com	Added	+850	+$265K	0.3%
UB Us Bancorp Del Com New	Added	+5,510	+$249K	0.3%
IE Invesco Exchange Traded Fd TS&P500 Quality	Added	+3,477	+$248K	11.1%

Showing the 10 largest of 108 changes.

Q1 2025

quarter ended March 31, 2025 · filed April 11, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IE Invesco Exchange Traded Fd TS&P500 Quality	Added	+29,709	+$1.97M	10.9%
VS Vanguard Specialized Funds Div App ETF	Added	+1,217	+$236K	5.2%
AC Apple Inc Com	Trimmed	−870	−$193K	0.5%
IT Ishares Tr Core Total Usd	Trimmed	−4,081	−$188K	5.9%
IT Ishares Tr Core Div Grwth	Added	+2,640	+$163K	5.5%
IT Ishares Tr 3 7 Yr Treas Bd	Trimmed	−1,369	−$162K	19.4%
MC Microsoft Corp Com	Trimmed	−328	−$123K	0.3%
VI Vanguard Index Fds S&P 500 ETF Shs	Trimmed	−140	−$71.9K	5.0%
IT Ishares Tr Investment Grade	Added	+1,404	+$63.2K	2.2%
XE Xcel Energy Inc Com	Trimmed	−816	−$57.7K	—

Showing the 10 largest of 32 changes.

Q4 2024

quarter ended December 31, 2024 · filed January 16, 2025

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Us Treas Bd ETF	Exited	−871,845	−$20.4M	—
IT Ishares Tr 3 7 Yr Treas Bd	Added	+169,694	+$19.6M	19.1%
ST SPDR Tr S&P 500 ETF Unit Ser 1	Trimmed	−2,956	−$1.73M	2.1%
SS Select Sector SPDR Tr Technology	Exited	−5,979	−$1.35M	—
IT Ishares Tr Core Div Grwth	Added	+21,852	+$1.34M	5.3%
VI Vanguard Index Fds S&P 500 ETF Shs	Trimmed	−1,913	−$1.03M	5.3%
IT Ishares Tr Morningstar Grwt	Exited	−12,027	−$1.01M	—
SS Schwab Strategic Tr Us Lcap Gr ETF	Added	+28,842	+$804K	1.0%
IT Ishares Tr Investment Grade	Added	+16,150	+$716K	2.1%
IT Ishares Tr Core S&P500 ETF	Trimmed	−1,042	−$613K	17.3%

Showing the 10 largest of 130 changes.

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