# EDGAR Filing Document

**Accession Number:** 0001132651
**File Stem:** 0001437749-25-026065
**Filing Date:** 2025-8
**Character Count:** 15525
**Document Hash:** 9ba6dbbe5a9a358244ffd89bcf7efc4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026065.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001437749-25-026065

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMES NATIONAL CORP
- **CENTRAL INDEX KEY:** 0001132651
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 421039071
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25350
- **FILM NUMBER:** 251204762

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 846
- **CITY:** AMES
- **STATE:** IA
- **ZIP:** 50010
- **BUSINESS PHONE:** 5152326251

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 846
- **CITY:** AMES
- **STATE:** IA
- **ZIP:** 50010

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** AMES NATIONAL CORP<br>**Address:** PO BOX 846<br>AMES, IA 50010

**Form 13F File Number:** 028-25350

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John P. Nelson<br>**Title:** President/CEO<br>**Phone:** 515-620-5917

**Signature, Place, and Date of Signing:**

/s/ John P. Nelson  Ames, IA  08-11-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 123

**Form 13F Information Table Value Total:** $154641627

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                          | Form 13F File Number   |
|:---|:---|:---|
|  | First National Bank Ames Iowa | 028-25528              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories | COM | 002824100 |  | 193814 | 1425 | SH |  | DFND | 1 | 1425 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 122409 | 900 | SH |  | DFND |  | 900 | 0 | 0 |
| Abbvie Inc | COM | 00287Y109 |  | 102091 | 550 | SH |  | DFND |  | 550 | 0 | 0 |
| Abbvie Inc | COM | 00287Y109 |  | 169842 | 915 | SH |  | DFND |  | 915 | 0 | 0 |
| Aflac | COM | 001055102 |  | 425531 | 4035 | SH |  | DFND | 1 | 4035 | 0 | 0 |
| Air Products  Chemicals | COM | 009158106 |  | 211545 | 750 | SH |  | DFND | 1 | 750 | 0 | 0 |
| Air Products  Chemicals | COM | 009158106 |  | 150902 | 535 | SH |  | DFND |  | 535 | 0 | 0 |
| Alliant Energy | COM | 018802108 |  | 69722 | 1153 | SH |  | DFND | 1 | 1153 | 0 | 0 |
| Alliant Energy | COM | 018802108 |  | 189377 | 3132 | SH |  | DFND |  | 3132 | 0 | 0 |
| Alphabet A | CAP STK CL A | 02079K305 |  | 457846 | 2598 | SH |  | DFND | 1 | 2598 | 0 | 0 |
| Alphabet A | CAP STK CL A | 02079K305 |  | 46701 | 265 | SH |  | DFND |  | 265 | 0 | 0 |
| Alphabet C | CAP STK CL C | 02079K107 |  | 1004027 | 5660 | SH |  | DFND | 1 | 5660 | 0 | 0 |
| Alphabet C | CAP STK CL C | 02079K107 |  | 921541 | 5195 | SH |  | DFND |  | 5195 | 0 | 0 |
| Ames National | COM | 031001100 |  | 170762 | 9588 | SH |  | DFND | 1 | 9588 | 0 | 0 |
| Ames National | COM | 031001100 |  | 747468 | 41969 | SH |  | DFND |  | 41969 | 0 | 0 |
| Apple | COM | 037833100 |  | 2223838 | 10839 | SH |  | DFND | 1 | 10839 | 0 | 0 |
| Apple | COM | 037833100 |  | 1517245 | 7395 | SH |  | DFND |  | 7395 | 0 | 0 |
| AT | COM | 00206R102 |  | 241417 | 8342 | SH |  | DFND | 1 | 8342 | 0 | 0 |
| AT | COM | 00206R102 |  | 164813 | 5695 | SH |  | DFND |  | 5695 | 0 | 0 |
| Automatic Data Processing | COM | 053015103 |  | 1524113 | 4942 | SH |  | DFND | 1 | 4942 | 0 | 0 |
| Automatic Data Processing | COM | 053015103 |  | 307783 | 998 | SH |  | DFND |  | 998 | 0 | 0 |
| Berkshire Hathaway B | CL B NEW | 084670702 |  | 495485 | 1020 | SH |  | DFND | 1 | 1020 | 0 | 0 |
| Berkshire Hathaway B | CL B NEW | 084670702 |  | 1775004 | 3654 | SH |  | DFND |  | 3654 | 0 | 0 |
| BlackRock | COM | 09290D101 |  | 238180 | 227 | SH |  | DFND | 1 | 227 | 0 | 0 |
| BlackRock | COM | 09290D101 |  | 463769 | 442 | SH |  | DFND |  | 442 | 0 | 0 |
| Blackstone | COM | 09260D107 |  | 448740 | 3000 | SH |  | DFND | 1 | 3000 | 0 | 0 |
| Blackstone | COM | 09260D107 |  | 134622 | 900 | SH |  | DFND |  | 900 | 0 | 0 |
| Chevron | COM | 166764100 |  | 623592 | 4355 | SH |  | DFND | 1 | 4355 | 0 | 0 |
| Chevron | COM | 166764100 |  | 836010 | 2137 | SH |  | DFND |  | 2137 | 0 | 0 |
| Cisco Systems | COM | 17275R102 |  | 152567 | 2199 | SH |  | DFND | 1 | 2199 | 0 | 0 |
| Cisco Systems | COM | 17275R102 |  | 872662 | 12578 | SH |  | DFND |  | 12578 | 0 | 0 |
| Coca-Cola | COM | 191216100 |  | 300475 | 4247 | SH |  | DFND | 1 | 4247 | 0 | 0 |
| Coca-Cola | COM | 191216100 |  | 49525 | 700 | SH |  | DFND |  | 700 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 224350 | 2500 | SH |  | DFND | 1 | 2500 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 115495 | 1287 | SH |  | DFND |  | 1287 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 195769 | 385 | SH |  | DFND | 1 | 385 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 265940 | 523 | SH |  | DFND |  | 523 | 0 | 0 |
| DNP Select Income | COM | 23325P104 |  | 262813 | 26845 | SH |  | DFND | 1 | 26845 | 0 | 0 |
| Exxon Mobil | COM | 30231G102 |  | 518410 | 4809 | SH |  | DFND | 1 | 4809 | 0 | 0 |
| Exxon Mobil | COM | 30231G102 |  | 459444 | 4262 | SH |  | DFND |  | 4262 | 0 | 0 |
| General Dynamics | COM | 369550108 |  | 801190 | 2747 | SH |  | DFND | 1 | 2747 | 0 | 0 |
| GOEPPINGER ENTERPRISES INC | COM | GEI001202 |  | 3338856 | 1202 | SH |  | DFND |  | 1202 | 0 | 0 |
| Home Depot | COM | 437076102 |  | 2230271 | 6083 | SH |  | DFND | 1 | 6083 | 0 | 0 |
| Home Depot | COM | 437076102 |  | 774759 | 2113 | SH |  | DFND |  | 2113 | 0 | 0 |
| International Business Machines | COM | 459200101 |  | 173920 | 590 | SH |  | DFND | 1 | 590 | 0 | 0 |
| International Business Machines | COM | 459200101 |  | 55713 | 189 | SH |  | DFND |  | 189 | 0 | 0 |
| iShares Core S 500 Index | CORE S ETF | 464287200 |  | 23869880 | 38444 | SH |  | DFND | 1 | 38444 | 0 | 0 |
| iShares Core S 500 Index | CORE S ETF | 464287200 |  | 10455956 | 16840 | SH |  | DFND |  | 16840 | 0 | 0 |
| iShares Core S Mid-Cap | CORE S MCP ETF | 464287507 |  | 1884664 | 30388 | SH |  | DFND | 1 | 30388 | 0 | 0 |
| iShares Core S Mid-Cap | CORE S MCP ETF | 464287507 |  | 1029408 | 16598 | SH |  | DFND |  | 16598 | 0 | 0 |
| iShares Core S Small-Cap | CORE S SCP ETF | 464287804 |  | 1163173 | 10643 | SH |  | DFND | 1 | 10643 | 0 | 0 |
| iShares Core S Small-Cap | CORE S SCP ETF | 464287804 |  | 677926 | 6203 | SH |  | DFND |  | 6203 | 0 | 0 |
| iShares Core US Aggregate Bond | CORE US AGGBD ET | 464287226 |  | 7946218 | 80103 | SH |  | DFND | 1 | 80103 | 0 | 0 |
| iShares Core US Aggregate Bond | CORE US AGGBD ET | 464287226 |  | 2453514 | 24733 | SH |  | DFND |  | 24733 | 0 | 0 |
| iShares Preferred and Income Securities | PFD AND INCM SEC | 464288687 |  | 145791 | 4752 | SH |  | DFND | 1 | 4752 | 0 | 0 |
| iShares Preferred and Income Securities | PFD AND INCM SEC | 464288687 |  | 574023 | 18710 | SH |  | DFND |  | 18710 | 0 | 0 |
| iShares Russell 2000 Index | RUSSELL 2000 ETF | 464287655 |  | 2282411 | 10577 | SH |  | DFND | 1 | 10577 | 0 | 0 |
| iShares Russell 2000 Index | RUSSELL 2000 ETF | 464287655 |  | 1483988 | 6877 | SH |  | DFND |  | 6877 | 0 | 0 |
| iShares Russell Mid-Cap Index | RUS MID CAP ETF | 464287499 |  | 3667580 | 39878 | SH |  | DFND | 1 | 39878 | 0 | 0 |
| iShares Russell Mid-Cap Index | RUS MID CAP ETF | 464287499 |  | 1848045 | 20094 | SH |  | DFND |  | 20094 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1655810 | 10840 | SH |  | DFND | 1 | 10840 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 362170 | 1795 | SH |  | DFND |  | 1795 | 0 | 0 |
| JPMorgan Chase | COM | 46625H100 |  | 1062230 | 3664 | SH |  | DFND | 1 | 3664 | 0 | 0 |
| JPMorgan Chase | COM | 46625H100 |  | 1399106 | 4826 | SH |  | DFND |  | 4826 | 0 | 0 |
| Kimberly-Clark | COM | 494368103 |  | 120410 | 1000 | SH |  | DFND | 1 | 1000 | 0 | 0 |
| Kimberly-Clark | COM | 494368103 |  | 87021 | 675 | SH |  | DFND |  | 675 | 0 | 0 |
| McDonald's | COM | 580135101 |  | 671699 | 2299 | SH |  | DFND | 1 | 2299 | 0 | 0 |
| McDonald's | COM | 580135101 |  | 882646 | 3021 | SH |  | DFND |  | 3021 | 0 | 0 |
| Merck | COM | 58933Y105 |  | 129981 | 1642 | SH |  | DFND | 1 | 1642 | 0 | 0 |
| Merck | COM | 58933Y105 |  | 607316 | 7672 | SH |  | DFND |  | 7672 | 0 | 0 |
| Microsoft | COM | 594918104 |  | 5832630 | 11726 | SH |  | DFND | 1 | 11726 | 0 | 0 |
| Microsoft | COM | 594918104 |  | 2735755 | 5500 | SH |  | DFND |  | 5500 | 0 | 0 |
| Nike | CL B | 654106103 |  | 441656 | 6217 | SH |  | DFND | 1 | 6217 | 0 | 0 |
| Nike | CL B | 654106103 |  | 22093 | 311 | SH |  | DFND |  | 311 | 0 | 0 |
| Norfolk Southern | COM | 655844108 |  | 230373 | 900 | SH |  | DFND | 1 | 900 | 0 | 0 |
| Norfolk Southern | COM | 655844108 |  | 332761 | 1300 | SH |  | DFND |  | 1300 | 0 | 0 |
| PepsiCo | COM | 713448108 |  | 186705 | 1414 | SH |  | DFND | 1 | 1414 | 0 | 0 |
| PepsiCo | COM | 713448108 |  | 259591 | 1966 | SH |  | DFND |  | 1966 | 0 | 0 |
| Pfizer | COM | 717081103 |  | 332282 | 13708 | SH |  | DFND | 1 | 13708 | 0 | 0 |
| Pfizer | COM | 717081103 |  | 59485 | 2454 | SH |  | DFND |  | 2454 | 0 | 0 |
| PPG Industries | COM | 693506107 |  | 519838 | 4570 | SH |  | DFND | 1 | 4570 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 1091183 | 6849 | SH |  | DFND | 1 | 6849 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 541847 | 3401 | SH |  | DFND |  | 3401 | 0 | 0 |
| Qualcomm | COM | 747525103 |  | 273290 | 1716 | SH |  | DFND | 1 | 1716 | 0 | 0 |
| Qualcomm | COM | 747525103 |  | 428887 | 2693 | SH |  | DFND |  | 2693 | 0 | 0 |
| RTX Corporation | COM | 75513E101 |  | 104842 | 718 | SH |  | DFND | 1 | 718 | 0 | 0 |
| RTX Corporation | COM | 75513E101 |  | 227791 | 1560 | SH |  | DFND |  | 1560 | 0 | 0 |
| SPDR S 500 | TR UNIT | 78462F103 |  | 542472 | 878 | SH |  | DFND | 1 | 878 | 0 | 0 |
| Sysco | COM | 871829107 |  | 370747 | 4895 | SH |  | DFND | 1 | 4895 | 0 | 0 |
| Sysco | COM | 871829107 |  | 15148 | 200 | SH |  | DFND |  | 200 | 0 | 0 |
| Technology Select Sector SPDR | TECHNOLOGY | 81369Y803 |  | 3419871 | 13505 | SH |  | DFND | 1 | 13505 | 0 | 0 |
| Travelers Companies | COM | 89417E109 |  | 1519895 | 5681 | SH |  | DFND | 1 | 5681 | 0 | 0 |
| Travelers Companies | COM | 89417E109 |  | 194234 | 726 | SH |  | DFND |  | 726 | 0 | 0 |
| Union Pacific | COM | 907818108 |  | 402640 | 1750 | SH |  | DFND | 1 | 1750 | 0 | 0 |
| Union Pacific | COM | 907818108 |  | 973699 | 4232 | SH |  | DFND |  | 4232 | 0 | 0 |
| UnitedHealth Group | COM | 91324P102 |  | 145378 | 466 | SH |  | DFND | 1 | 466 | 0 | 0 |
| UnitedHealth Group | COM | 91324P102 |  | 532845 | 1708 | SH |  | DFND |  | 1708 | 0 | 0 |
| Vanguard FTSE Developed Markets | VAN FTSE DEV MKT | 921943858 |  | 95720 | 1679 | SH |  | DFND | 1 | 1679 | 0 | 0 |
| Vanguard FTSE Developed Markets | VAN FTSE DEV MKT | 921943858 |  | 117270 | 2057 | SH |  | DFND |  | 2057 | 0 | 0 |
| Vanguard High Dividend Yield | HIGH DIV YLD | 921946406 |  | 173303 | 1300 | SH |  | DFND | 1 | 1300 | 0 | 0 |
| Vanguard High Dividend Yield | HIGH DIV YLD | 921946406 |  | 279951 | 2100 | SH |  | DFND |  | 2100 | 0 | 0 |
| Vanguard S 500 | S 500 ETF SHS | 922908363 |  | 1645015 | 2896 | SH |  | DFND | 1 | 2896 | 0 | 0 |
| Vanguard S 500 | S 500 ETF SHS | 922908363 |  | 110766 | 195 | SH |  | DFND |  | 195 | 0 | 0 |
| Vanguard Short-Term Bond | SHORT TRM BOND | 921937827 |  | 8388397 | 106587 | SH |  | DFND | 1 | 106587 | 0 | 0 |
| Vanguard Short-Term Bond | SHORT TERM BOND | 921937827 |  | 2452843 | 31167 | SH |  | DFND |  | 31167 | 0 | 0 |
| Vanguard Short-Term Inflation-Protected Securities | STRM INFPROIDX | 922020805 |  | 3232612 | 64305 | SH |  | DFND | 1 | 64305 | 0 | 0 |
| Vanguard Short-Term Inflation-Protected Securities | STRM INFPROIDX | 922020805 |  | 1123283 | 22345 | SH |  | DFND |  | 22345 | 0 | 0 |
| Vanguard Total Bond Market | TOTAL BND MRKT | 921937835 |  | 8065504 | 109541 | SH |  | DFND | 1 | 109541 | 0 | 0 |
| Vanguard Total Bond Market | TOTAL BND MRKT | 921937835 |  | 2357191 | 32014 | SH |  | DFND |  | 32014 | 0 | 0 |
| Vanguard Total International Stock | VG TL INTL STK F | 921909768 |  | 3029597 | 43850 | SH |  | DFND | 1 | 43850 | 0 | 0 |
| Vanguard Total International Stock | VG TL INTL STK F | 921909768 |  | 2136125 | 30918 | SH |  | DFND |  | 30918 | 0 | 0 |
| Vanguard Total Stock Market | TOTAL STK MKT | 922908769 |  | 3100086 | 10200 | SH |  | DFND | 1 | 10200 | 0 | 0 |
| Vanguard Total Stock Market | TOTAL STK MKT | 922908769 |  | 20971 | 69 | SH |  | DFND |  | 69 | 0 | 0 |
| Verizon Communications | COM | 92343V104 |  | 98699 | 2281 | SH |  | DFND | 1 | 2281 | 0 | 0 |
| Verizon Communications | COM | 92343V104 |  | 280470 | 6482 | SH |  | DFND |  | 6482 | 0 | 0 |
| Visa | COM CL A | 92826C839 |  | 115391 | 325 | SH |  | DFND | 1 | 325 | 0 | 0 |
| Visa | COM CL A | 92826C839 |  | 594383 | 1674 | SH |  | DFND |  | 1674 | 0 | 0 |
| Wal-Mart | COM | 931142103 |  | 495256 | 5065 | SH |  | DFND | 1 | 5065 | 0 | 0 |
| Wal-Mart | COM | 931142103 |  | 466606 | 4772 | SH |  | DFND |  | 4772 | 0 | 0 |
| Walt Disney | COM | 254687106 |  | 60021 | 484 | SH |  | DFND | 1 | 484 | 0 | 0 |
| Walt Disney | COM | 254687106 |  | 340779 | 2748 | SH |  | DFND |  | 2748 | 0 | 0 |
| Wells Fargo | COM | 949746101 |  | 651776 | 8135 | SH |  | DFND | 1 | 8135 | 0 | 0 |
| Wells Fargo | COM | 949746101 |  | 240360 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |

---