AMES NATIONAL CORP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	iShares Core S&P 500 Index	62,254 (+6.1%)	$42,640 (+8.5%)	25.0%	$598.31	—	CORE S&P500 ETF	464287200
LNT	Alliant Energy	22,418 (+423.2%)	$1,457 (+404.6%)	0.9%	$65.21	+2.5%	COM	018802108
AGG	iShares Core US Aggregate Bond	113,858 (+5.6%)	$11,372 (+5.3%)	6.7%	$97.23	—	CORE US AGGBD ET	464287226
BND	Vanguard Total Bond Market	154,369 (+5.6%)	$11,434 (+5.2%)	6.7%	$72.18	—	TOTAL BND MRKT	921937835
BSV	Vanguard Short-Term Bond	150,086 (+4.1%)	$11,828 (+4.0%)	6.9%	$77.45	—	SHORT TRM BOND	921937827
IJH	iShares Core S&P Mid-Cap	55,355 (+9.8%)	$3,653 (+11.1%)	2.1%	$62.51	—	CORE S&P MCP ETF	464287507
IJR	iShares Core S&P Small-Cap	20,276 (+11.2%)	$2,437 (+12.4%)	1.4%	$114.76	—	CORE S&P SCP ETF	464287804
XLK	State Street Technology Select Sector SPDR	24,490 (+83.8%)	$3,526 (-6.1%)	2.1%	$191.44	—	STATE STREET TEC	81369Y803
VYM	Vanguard High Dividend Yield	3,955 (+16.3%)	$568 (+18.4%)	0.3%	$129.83	—	HIGH DIV YLD	921946406
VTIP	Vanguard Short-Term Inflation-Protected Securities	90,564 (+3.8%)	$4,479 (+1.4%)	2.6%	$48.52	—	STRM INFPROIDX	922020805
VOO	Vanguard S&P 500	1,070 (+2.4%)	$671 (+4.9%)	0.4%	$541.57	—	S&P 500 ETF SHS	922908363

Exited Positions (5)

SYK Stryker 0.2%

Value ($000) $275 Shares 745 Est. Cost $384.53 Unrealized -5.5%

AVGO Broadcom Inc 0.1%

Value ($000) $231 Shares 700 Est. Cost $305.74 Unrealized +16.8%

IBM International Business Machines 0.1%

Value ($000) $220 Shares 779 Est. Cost $253.82 Unrealized +17.7%

KMB Kimberly-Clark 0.1%

Value ($000) $203 Shares 1,635 Est. Cost $131.73 Unrealized -17.7%

DOW Dow 0.1%

Value ($000) $87 Shares 3,807 Est. Cost $24.31 Unrealized -6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYK	Stryker	745	$275	0.2%	$384.53	-5.5%	—	863667101
AVGO	Broadcom Inc	700	$231	0.1%	$305.74	+16.8%	—	11135F101
IBM	International Business Machines	779	$220	0.1%	$253.82	+17.7%	—	459200101
KMB	Kimberly-Clark	1,635	$203	0.1%	$131.73	-17.7%	—	494368103
DOW	Dow	3,807	$87	0.1%	$24.31	-6.3%	—	260557103

Decreased Positions (32)

MSFT Microsoft 4.5%

Value ($000) $7,633 (-12.4%) Shares 15,783 (-6.2%) Est. Cost $422.35 Unrealized +18.5%

ATLO Ames National 0.8%

Value ($000) $1,344 (-25.3%) Shares 58,557 (-34.2%) Est. Cost $17.74 Unrealized +20.5%

GOOG Alphabet C 1.8%

Value ($000) $3,039 (+12.3%) Shares 9,685 (-12.9%) Est. Cost $176.58 Unrealized +62.2%

IWR iShares Russell Mid-Cap Index 3.1%

Value ($000) $5,301 (-5.7%) Shares 55,062 (-5.4%) Est. Cost $88.40 Unrealized —

ADP Automatic Data Processing 0.9%

Value ($000) $1,531 (-13.4%) Shares 5,953 (-1.2%) Est. Cost $288.04 Unrealized -8.1%

MCD McDonald's 0.8%

Value ($000) $1,362 (-14.4%) Shares 4,455 (-14.9%) Est. Cost $290.22 Unrealized +5.1%

BLK BlackRock 0.4%

Value ($000) $657 (-23.7%) Shares 614 (-16.9%) Est. Cost $1001.17 Unrealized +8.8%

IWM iShares Russell 2000 Index 2.3%

Value ($000) $3,969 (-4.8%) Shares 16,122 (-6.4%) Est. Cost $220.96 Unrealized —

AAPL Apple 2.8%

Value ($000) $4,807 (+4.1%) Shares 17,681 (-2.5%) Est. Cost $234.51 Unrealized +14.4%

PG Procter & Gamble 0.8%

Value ($000) $1,333 (-12.2%) Shares 9,302 (-5.9%) Est. Cost $165.73 Unrealized -11.2%

PFF iShares Preferred and Income Securities 0.2%

Value ($000) $360 (-30.3%) Shares 11,625 (-28.8%) Est. Cost $31.44 Unrealized —

UNP Union Pacific 0.7%

Value ($000) $1,275 (-9.8%) Shares 5,512 (-7.9%) Est. Cost $225.87 Unrealized +0.6%

UNH UnitedHealth Group 0.3%

Value ($000) $511 (-21.2%) Shares 1,549 (-17.6%) Est. Cost $552.89 Unrealized -39.0%

JPM JPMorgan Chase 1.5%

Value ($000) $2,491 (-4.8%) Shares 7,730 (-6.8%) Est. Cost $228.03 Unrealized +35.7%

QCOM Qualcomm 0.3%

Value ($000) $584 (-17.7%) Shares 3,414 (-19.9%) Est. Cost $159.52 Unrealized +7.1%

JNJ Johnson & Johnson 1.5%

Value ($000) $2,544 (+4.8%) Shares 12,295 (-6.1%) Est. Cost $150.29 Unrealized +31.1%

VZ Verizon Communications 0.3%

Value ($000) $540 (-15.6%) Shares 13,257 (-9.0%) Est. Cost $40.63 Unrealized -0.4%

DE Deere & Co 0.2%

Value ($000) $300 (-24.8%) Shares 645 (-26.1%) Est. Cost $413.99 Unrealized +13.0%

CVX Chevron 0.8%

Value ($000) $1,361 (-6.4%) Shares 8,932 (-4.6%) Est. Cost $147.58 Unrealized +2.6%

WFC Wells Fargo 0.6%

Value ($000) $1,025 (+9.8%) Shares 11,000 (-1.2%) Est. Cost $69.97 Unrealized +23.8%

GD General Dynamics 0.3%

Value ($000) $593 (-10.9%) Shares 1,762 (-9.7%) Est. Cost $281.95 Unrealized +20.9%

MRK Merck 0.5%

Value ($000) $853 (+9.1%) Shares 8,104 (-13.0%) Est. Cost $98.70 Unrealized -5.5%

DIS Walt Disney 0.2%

Value ($000) $293 (-17.1%) Shares 2,572 (-16.5%) Est. Cost $103.52 Unrealized +5.8%

WMT Wal-Mart 0.5%

Value ($000) $938 (-6.0%) Shares 8,423 (-13.0%) Est. Cost $85.80 Unrealized +24.9%

PFE Pfizer 0.2%

Value ($000) $379 (-8.0%) Shares 15,233 (-5.8%) Est. Cost $25.12 Unrealized -0.3%

XOM Exxon Mobil 0.6%

Value ($000) $1,055 (+3.1%) Shares 8,765 (-3.4%) Est. Cost $112.36 Unrealized +2.8%

CSCO Cisco Systems 0.6%

Value ($000) $971 (-3.2%) Shares 12,606 (-14.0%) Est. Cost $55.43 Unrealized +33.1%

TRV Travelers Companies 1.0%

Value ($000) $1,755 (-1.6%) Shares 6,052 (-5.2%) Est. Cost $244.87 Unrealized +14.6%

RTX RTX Corporation 0.2%

Value ($000) $409 (+7.2%) Shares 2,228 (-2.2%) Est. Cost $118.27 Unrealized +46.6%

PEP PepsiCo 0.3%

Value ($000) $434 (-2.5%) Shares 3,025 (-4.6%) Est. Cost $156.55 Unrealized -6.8%

V Visa 0.4%

Value ($000) $680 (-1.5%) Shares 1,940 (-4.2%) Est. Cost $300.26 Unrealized +13.4%

VEA Vanguard FTSE Developed Markets 0.1%

Value ($000) $228 (+3.2%) Shares 3,649 (-1.0%) Est. Cost $57.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft	15,783 (-6.2%)	$7,633 (-12.4%)	4.5%	$422.35	+18.5%	COM	594918104
ATLO	Ames National	58,557 (-34.2%)	$1,344 (-25.3%)	0.8%	$17.74	+20.5%	COM	031001100
GOOG	Alphabet C	9,685 (-12.9%)	$3,039 (+12.3%)	1.8%	$176.58	+62.2%	CAP STK CL C	02079K107
IWR	iShares Russell Mid-Cap Index	55,062 (-5.4%)	$5,301 (-5.7%)	3.1%	$88.40	—	RUS MID CAP ETF	464287499
ADP	Automatic Data Processing	5,953 (-1.2%)	$1,531 (-13.4%)	0.9%	$288.04	-8.1%	COM	053015103
MCD	McDonald's	4,455 (-14.9%)	$1,362 (-14.4%)	0.8%	$290.22	+5.1%	COM	580135101
BLK	BlackRock	614 (-16.9%)	$657 (-23.7%)	0.4%	$1001.17	+8.8%	COM	09290D101
IWM	iShares Russell 2000 Index	16,122 (-6.4%)	$3,969 (-4.8%)	2.3%	$220.96	—	RUSSELL 2000 ETF	464287655
AAPL	Apple	17,681 (-2.5%)	$4,807 (+4.1%)	2.8%	$234.51	+14.4%	COM	037833100
PG	Procter & Gamble	9,302 (-5.9%)	$1,333 (-12.2%)	0.8%	$165.73	-11.2%	COM	742718109
PFF	iShares Preferred and Income Securities	11,625 (-28.8%)	$360 (-30.3%)	0.2%	$31.44	—	PFD AND INCM SEC	464288687
UNP	Union Pacific	5,512 (-7.9%)	$1,275 (-9.8%)	0.7%	$225.87	+0.6%	COM	907818108
UNH	UnitedHealth Group	1,549 (-17.6%)	$511 (-21.2%)	0.3%	$552.89	-39.0%	COM	91324P102
JPM	JPMorgan Chase	7,730 (-6.8%)	$2,491 (-4.8%)	1.5%	$228.03	+35.7%	COM	46625H100
QCOM	Qualcomm	3,414 (-19.9%)	$584 (-17.7%)	0.3%	$159.52	+7.1%	COM	747525103
JNJ	Johnson & Johnson	12,295 (-6.1%)	$2,544 (+4.8%)	1.5%	$150.29	+31.1%	COM	478160104
VZ	Verizon Communications	13,257 (-9.0%)	$540 (-15.6%)	0.3%	$40.63	-0.4%	COM	92343V104
DE	Deere & Co	645 (-26.1%)	$300 (-24.8%)	0.2%	$413.99	+13.0%	COM	244199105
CVX	Chevron	8,932 (-4.6%)	$1,361 (-6.4%)	0.8%	$147.58	+2.6%	COM	166764100
WFC	Wells Fargo	11,000 (-1.2%)	$1,025 (+9.8%)	0.6%	$69.97	+23.8%	COM	949746101
GD	General Dynamics	1,762 (-9.7%)	$593 (-10.9%)	0.3%	$281.95	+20.9%	COM	369550108
MRK	Merck	8,104 (-13.0%)	$853 (+9.1%)	0.5%	$98.70	-5.5%	COM	58933Y105
DIS	Walt Disney	2,572 (-16.5%)	$293 (-17.1%)	0.2%	$103.52	+5.8%	COM	254687106
WMT	Wal-Mart	8,423 (-13.0%)	$938 (-6.0%)	0.5%	$85.80	+24.9%	COM	931142103
PFE	Pfizer	15,233 (-5.8%)	$379 (-8.0%)	0.2%	$25.12	-0.3%	COM	717081103
XOM	Exxon Mobil	8,765 (-3.4%)	$1,055 (+3.1%)	0.6%	$112.36	+2.8%	COM	30231G102
CSCO	Cisco Systems	12,606 (-14.0%)	$971 (-3.2%)	0.6%	$55.43	+33.1%	COM	17275R102
TRV	Travelers Companies	6,052 (-5.2%)	$1,755 (-1.6%)	1.0%	$244.87	+14.6%	COM	89417E109
RTX	RTX Corporation	2,228 (-2.2%)	$409 (+7.2%)	0.2%	$118.27	+46.6%	COM	75513E101
PEP	PepsiCo	3,025 (-4.6%)	$434 (-2.5%)	0.3%	$156.55	-6.8%	COM	713448108
V	Visa	1,940 (-4.2%)	$680 (-1.5%)	0.4%	$300.26	+13.4%	COM CL A	92826C839
VEA	Vanguard FTSE Developed Markets	3,649 (-1.0%)	$228 (+3.2%)	0.1%	$57.01	—	VAN FTSE DEV MKT	921943858

Unchanged Positions (21)

HD Home Depot 1.6%

Value ($000) $2,778 Shares 8,074 Est. Cost $397.26 Unrealized -8.2%

GOOGL Alphabet A 0.5%

Value ($000) $896 Shares 2,863 Est. Cost $174.14 Unrealized +64.0%

VXUS Vanguard Total International Stock 3.5%

Value ($000) $5,933 Shares 78,640 Est. Cost $59.72 Unrealized —

T AT&T 0.6%

Value ($000) $1,037 Shares 41,737 Est. Cost $25.86 Unrealized -2.2%

— Goeppinger Enterprises Inc 2.0%

Value ($000) $3,421 Shares 1,202 Est. Cost $2777.75 Unrealized —

BX Blackstone 0.4%

Value ($000) $601 Shares 3,900 Est. Cost $168.78 Unrealized -10.3%

VTI Vanguard Total Stock Market 2.0%

Value ($000) $3,430 Shares 10,230 Est. Cost $289.81 Unrealized —

SYY Sysco 0.2%

Value ($000) $361 Shares 4,895 Est. Cost $73.94 Unrealized +2.1%

NKE Nike 0.2%

Value ($000) $390 Shares 6,118 Est. Cost $75.95 Unrealized -14.5%

APD Air Products & Chemicals 0.2%

Value ($000) $317 Shares 1,285 Est. Cost $304.00 Unrealized -17.2%

NSC Norfolk Southern 0.4%

Value ($000) $635 Shares 2,200 Est. Cost $248.46 Unrealized +16.2%

ABT Abbott Laboratories 0.2%

Value ($000) $291 Shares 2,325 Est. Cost $113.33 Unrealized +12.3%

KO Coca-Cola 0.2%

Value ($000) $335 Shares 4,797 Est. Cost $63.09 Unrealized +10.0%

CASY Casey's General Stores 0.4%

Value ($000) $663 Shares 1,200 Est. Cost $521.89 Unrealized +5.3%

SPY State Street SPDR S&P 500 0.4%

Value ($000) $599 Shares 878 Est. Cost $586.08 Unrealized —

PPG PPG Industries 0.3%

Value ($000) $468 Shares 4,570 Est. Cost $121.53 Unrealized -17.6%

AFL Aflac 0.3%

Value ($000) $428 Shares 3,885 Est. Cost $106.42 Unrealized +3.2%

ABBV Abbvie Inc 0.2%

Value ($000) $335 Shares 1,465 Est. Cost $182.67 Unrealized +24.6%

COP ConocoPhillips 0.2%

Value ($000) $355 Shares 3,787 Est. Cost $88.02 Unrealized +2.3%

BRK/B Berkshire Hathaway B 1.4%

Value ($000) $2,349 Shares 4,674 Est. Cost $469.39 Unrealized +6.0%

— DNP Select Income 0.1%

Value ($000) $180 Shares 18,000 Est. Cost $9.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HD	Home Depot	8,074	$2,778	1.6%	$397.26	-8.2%	COM	437076102
GOOGL	Alphabet A	2,863	$896	0.5%	$174.14	+64.0%	CAP STK CL A	02079K305
VXUS	Vanguard Total International Stock	78,640	$5,933	3.5%	$59.72	—	VG TL INTL STK F	921909768
T	AT&T	41,737	$1,037	0.6%	$25.86	-2.2%	COM	00206R102
—	Goeppinger Enterprises Inc	1,202	$3,421	2.0%	$2777.75	—	COM	GEI001202
BX	Blackstone	3,900	$601	0.4%	$168.78	-10.3%	COM	09260D107
VTI	Vanguard Total Stock Market	10,230	$3,430	2.0%	$289.81	—	TOTAL STK MKT	922908769
SYY	Sysco	4,895	$361	0.2%	$73.94	+2.1%	COM	871829107
NKE	Nike	6,118	$390	0.2%	$75.95	-14.5%	CL B	654106103
APD	Air Products & Chemicals	1,285	$317	0.2%	$304.00	-17.2%	COM	009158106
NSC	Norfolk Southern	2,200	$635	0.4%	$248.46	+16.2%	COM	655844108
ABT	Abbott Laboratories	2,325	$291	0.2%	$113.33	+12.3%	COM	002824100
KO	Coca-Cola	4,797	$335	0.2%	$63.09	+10.0%	COM	191216100
CASY	Casey's General Stores	1,200	$663	0.4%	$521.89	+5.3%	COM	147528103
SPY	State Street SPDR S&P 500	878	$599	0.4%	$586.08	—	TR UNIT	78462F103
PPG	PPG Industries	4,570	$468	0.3%	$121.53	-17.6%	COM	693506107
AFL	Aflac	3,885	$428	0.3%	$106.42	+3.2%	COM	001055102
ABBV	Abbvie Inc	1,465	$335	0.2%	$182.67	+24.6%	COM	00287Y109
COP	ConocoPhillips	3,787	$355	0.2%	$88.02	+2.3%	COM	20825C104
BRK/B	Berkshire Hathaway B	4,674	$2,349	1.4%	$469.39	+6.0%	CL B NEW	084670702
—	DNP Select Income	18,000	$180	0.1%	$9.29	—	COM	23325P104