# EDGAR Filing Document

**Accession Number:** 0001541496
**File Stem:** 0001541496-23-000007
**Filing Date:** 2023-1
**Character Count:** 17628
**Document Hash:** 1d6375a04b787241ac1701e36b7b32b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001541496-23-000007.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001541496-23-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hendershot Investments Inc.
- **CENTRAL INDEX KEY:** 0001541496
- **IRS NUMBER:** 541713535
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14734
- **FILM NUMBER:** 23546560

**BUSINESS ADDRESS:**
- **STREET 1:** 5862 SADDLE DOWNS PLACE
- **CITY:** CENTREVILLE
- **STATE:** VA
- **ZIP:** 20120
- **BUSINESS PHONE:** 7033616130

**MAIL ADDRESS:**
- **STREET 1:** 5862 SADDLE DOWNS PLACE
- **CITY:** CENTREVILLE
- **STATE:** VA
- **ZIP:** 20120

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Hendershot Investments Inc.<br>**Address:** 5862 Saddle Downs Place<br>Centreville, VA 20120

**Form 13F File Number:** 028-14734

**CRD Number (if applicable):** 000115472

**SEC File Number (if applicable):** 801-62918

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:** Charles L Hendershot<br>**Title:** CFO<br>**Phone:** 703-361-6130

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

Charles L Hendershot  Centreville, VA  01-23-2023<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:** 0

**Form 13F Information Table Entry Total:** 143

**Form 13F Information Table Value Total:** $592743617

      (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.]

**NONE**

### 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 |
| 3M CO | COM | 88579Y101 |  | 4142397 | 34543 | SH |  | SOLE |  | 34137 | 0 | 406 |
| AON PLC | SHS CL A | G0403H108 |  | 210098 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 996312 | 9075 | SH |  | SOLE |  | 9075 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1543421 | 9550 | SH |  | SOLE |  | 8250 | 0 | 1300 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 7346372 | 27531 | SH |  | SOLE |  | 27028 | 0 | 503 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 16289287 | 184623 | SH |  | SOLE |  | 182198 | 0 | 2425 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3247518 | 36600 | SH |  | SOLE |  | 36340 | 0 | 260 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 566903 | 12402 | SH |  | SOLE |  | 12402 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 235032 | 2798 | SH |  | SOLE |  | 2798 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 4226389 | 28605 | SH |  | SOLE |  | 28605 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 30970584 | 238364 | SH |  | SOLE |  | 237199 | 0 | 1165 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 634685 | 6836 | SH |  | SOLE |  | 6836 | 0 | 0 |
| ARTESIAN RES CORP | CL A | 043113208 |  | 351480 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 390776 | 13157 | SH |  | SOLE |  | 11195 | 0 | 1962 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 14583597 | 61055 | SH |  | SOLE |  | 59928 | 0 | 1127 |
| BANK HAWAII CORP | COM | 062540109 |  | 11739714 | 151363 | SH |  | SOLE |  | 150666 | 0 | 697 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 367528 | 8074 | SH |  | SOLE |  | 8074 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 4987044 | 150575 | SH |  | SOLE |  | 150250 | 0 | 325 |
| BATH  BODY WORKS INC | COM | 070830104 |  | 240940 | 5718 | SH |  | SOLE |  | 5718 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1874844 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 75427511 | 244181 | SH |  | SOLE |  | 242375 | 0 | 1806 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 10594327 | 5257 | SH |  | SOLE |  | 5169 | 0 | 88 |
| BP PLC | SPONSORED ADR | 055622104 |  | 325303 | 9313 | SH |  | SOLE |  | 9313 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 305859 | 4251 | SH |  | SOLE |  | 4251 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 321679 | 8046 | SH |  | SOLE |  | 8046 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 429391 | 14977 | SH |  | SOLE |  | 14000 | 0 | 977 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 1888355 | 60024 | SH |  | SOLE |  | 56114 | 0 | 3910 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 381732 | 5812 | SH |  | SOLE |  | 5720 | 0 | 92 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 |  | 332256 | 8214 | SH |  | SOLE |  | 8214 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 10380958 | 87323 | SH |  | SOLE |  | 86743 | 0 | 580 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3040244 | 16938 | SH |  | SOLE |  | 16938 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 9684786 | 203291 | SH |  | SOLE |  | 201531 | 0 | 1760 |
| COCA COLA CO | COM | 191216100 |  | 874555 | 13749 | SH |  | SOLE |  | 13749 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CLA | 192446102 |  | 12797406 | 223770 | SH |  | SOLE |  | 220235 | 0 | 3535 |
| COMCAST CORP NEW | CLA | 20030N101 |  | 152189 | 4352 | SH |  | SOLE |  | 4352 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 217120 | 1840 | SH |  | SOLE |  | 1840 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 954148 | 10011 | SH |  | SOLE |  | 10011 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 679852 | 7886 | SH |  | SOLE |  | 7886 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 357449 | 783 | SH |  | SOLE |  | 783 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 252032 | 2174 | SH |  | SOLE |  | 1424 | 0 | 750 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 1113521 | 18159 | SH |  | SOLE |  | 17359 | 0 | 800 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 574974 | 5583 | SH |  | SOLE |  | 5583 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 156681 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| EPR PPTYS | PFD C CV 5.75% | 26884U208 |  | 266387 | 14824 | SH |  | SOLE |  | 14824 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 432241 | 9999 | SH |  | SOLE |  | 9999 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1013046 | 9184 | SH |  | SOLE |  | 9184 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2159140 | 17942 | SH |  | SOLE |  | 17823 | 0 | 119 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 5145518 | 12825 | SH |  | SOLE |  | 12750 | 0 | 75 |
| FARMERS  MERCHANTS BANCORP | COM | 30779N105 |  | 223950 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 5941968 | 125570 | SH |  | SOLE |  | 125295 | 0 | 275 |
| FEDEX CORP | COM | 31428X106 |  | 198487 | 1146 | SH |  | SOLE |  | 1146 | 0 | 0 |
| GENTEX CORP | COM | 371901109 |  | 10863195 | 398357 | SH |  | SOLE |  | 391269 | 0 | 7088 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 7138373 | 28771 | SH |  | SOLE |  | 28221 | 0 | 550 |
| GENUINE PARTS CO | COM | 372460105 |  | 10718060 | 61772 | SH |  | SOLE |  | 61012 | 0 | 760 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 180022 | 5123 | SH |  | SOLE |  | 5123 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 207228 | 967 | SH |  | SOLE |  | 967 | 0 | 0 |
| HORMEL FOODS CORP | COM | 440452100 |  | 4287120 | 94119 | SH |  | SOLE |  | 93249 | 0 | 870 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 637989 | 2896 | SH |  | SOLE |  | 2896 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 266942 | 1006 | SH |  | SOLE |  | 1006 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 1334582 | 13760 | SH |  | SOLE |  | 13750 | 0 | 10 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 17205 | 165 | SH |  | SOLE |  | 165 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 25802495 | 146066 | SH |  | SOLE |  | 144389 | 0 | 1677 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1196861 | 8925 | SH |  | SOLE |  | 8925 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 198152 | 6200 | SH |  | SOLE |  | 0 | 0 | 6200 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1141794 | 8411 | SH |  | SOLE |  | 7911 | 0 | 500 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 280875 | 1349 | SH |  | SOLE |  | 1349 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 1288653 | 3522 | SH |  | SOLE |  | 3222 | 0 | 300 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 587774 | 32947 | SH |  | SOLE |  | 32947 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 10793887 | 31041 | SH |  | SOLE |  | 30802 | 0 | 239 |
| MAXIMUS INC | COM | 577933104 |  | 12128269 | 165393 | SH |  | SOLE |  | 163553 | 0 | 1840 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 1216410 | 14675 | SH |  | SOLE |  | 14675 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1125984 | 4273 | SH |  | SOLE |  | 4273 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1884363 | 16984 | SH |  | SOLE |  | 16346 | 0 | 638 |
| METLIFE INC | COM | 59156R108 |  | 524425 | 7246 | SH |  | SOLE |  | 7246 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 13185443 | 54981 | SH |  | SOLE |  | 54113 | 0 | 868 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 996079 | 14945 | SH |  | SOLE |  | 14195 | 0 | 750 |
| MUELLER WTR PRODS INC | COM SER A | 624758108 |  | 172160 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 6406532 | 54752 | SH |  | SOLE |  | 54322 | 0 | 430 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 770802 | 3128 | SH |  | SOLE |  | 3128 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 331672 | 3656 | SH |  | SOLE |  | 3356 | 0 | 300 |
| NVR INC | COM | 62944T105 |  | 2845962 | 617 | SH |  | SOLE |  | 614 | 0 | 3 |
| OGE ENERGY CORP | COM | 670837103 |  | 237300 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 840599 | 12795 | SH |  | SOLE |  | 11495 | 0 | 1300 |
| ORACLE CORP | COM | 68389X105 |  | 15103231 | 184772 | SH |  | SOLE |  | 181471 | 0 | 3301 |
| OTTER TAIL CORP | COM | 689648103 |  | 293550 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 6279530 | 54340 | SH |  | SOLE |  | 53199 | 0 | 1141 |
| PEPSICO INC | COM | 713448108 |  | 16865577 | 93355 | SH |  | SOLE |  | 92001 | 0 | 1354 |
| PFIZER INC | COM | 717081103 |  | 2267947 | 44261 | SH |  | SOLE |  | 43285 | 0 | 976 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1751520 | 17306 | SH |  | SOLE |  | 17306 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 |  | 562135 | 17655 | SH |  | SOLE |  | 17655 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 204665 | 1296 | SH |  | SOLE |  | 1296 | 0 | 0 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 690960 | 15707 | SH |  | SOLE |  | 14480 | 0 | 1227 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2636419 | 17395 | SH |  | SOLE |  | 16995 | 0 | 400 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 6173014 | 56602 | SH |  | SOLE |  | 56202 | 0 | 400 |
| PROLOGIS INC. | COM | 74340W103 |  | 1268198 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 1075305 | 3838 | SH |  | SOLE |  | 3638 | 0 | 200 |
| PULTE GROUP INC | COM | 745867101 |  | 3557532 | 78136 | SH |  | SOLE |  | 77266 | 0 | 870 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 16523632 | 163730 | SH |  | SOLE |  | 162801 | 0 | 929 |
| REALTY INCOME CORP | COM | 756109104 |  | 631146 | 9950 | SH |  | SOLE |  | 9950 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 6396618 | 55110 | SH |  | SOLE |  | 54145 | 0 | 965 |
| S GLOBAL INC | COM | 78409V104 |  | 170484 | 509 | SH |  | SOLE |  | 509 | 0 | 0 |
| SANDY SPRING BANCORP INC | COM | 800363103 |  | 166462 | 4725 | SH |  | SOLE |  | 4725 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 372610 | 4933 | SH |  | SOLE |  | 4933 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 1226584 | 27373 | SH |  | SOLE |  | 27159 | 0 | 214 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 392252 | 9683 | SH |  | SOLE |  | 9579 | 0 | 104 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 389723 | 5940 | SH |  | SOLE |  | 5859 | 0 | 81 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 40811 | 846 | SH |  | SOLE |  | 846 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTRM TRM TRES | 808524854 |  | 3970350 | 80649 | SH |  | SOLE |  | 78774 | 0 | 1875 |
| SEI INVTS CO | COM | 784117103 |  | 14258373 | 244569 | SH |  | SOLE |  | 243992 | 0 | 577 |
| STARBUCKS CORP | COM | 855244109 |  | 8660681 | 87305 | SH |  | SOLE |  | 86857 | 0 | 448 |
| STRYKER CORPORATION | COM | 863667101 |  | 3055147 | 12496 | SH |  | SOLE |  | 12416 | 0 | 80 |
| TEXAS INSTRS INC | COM | 882508104 |  | 8422275 | 50976 | SH |  | SOLE |  | 50481 | 0 | 495 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 1186180 | 506 | SH |  | SOLE |  | 506 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 73908 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| TELOS CORP MD | COM | 87969B101 |  | 105042 | 20637 | SH |  | SOLE |  | 20637 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 18374106 | 230830 | SH |  | SOLE |  | 227494 | 0 | 3336 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 257097 | 3970 | SH |  | SOLE |  | 3970 | 0 | 0 |
| TOWNEBANK PORTSMOUTH VA | COM | 89214P109 |  | 685631 | 22232 | SH |  | SOLE |  | 20307 | 0 | 1925 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 10664928 | 47406 | SH |  | SOLE |  | 47161 | 0 | 245 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 192463 | 1145 | SH |  | SOLE |  | 1145 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1857683 | 43172 | SH |  | SOLE |  | 41722 | 0 | 1450 |
| US BANCORP DEL | COM NEW | 902973304 |  | 561087 | 12866 | SH |  | SOLE |  | 12866 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 8602275 | 18339 | SH |  | SOLE |  | 18087 | 0 | 252 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 12700797 | 73060 | SH |  | SOLE |  | 72067 | 0 | 993 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 12618814 | 23801 | SH |  | SOLE |  | 23591 | 0 | 210 |
| UNIVEST FINANCIAL CORPORATIO | COM | 915271100 |  | 200652 | 7679 | SH |  | SOLE |  | 7679 | 0 | 0 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 456494 | 6556 | SH |  | SOLE |  | 6454 | 0 | 102 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 304004 | 2002 | SH |  | SOLE |  | 2002 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 931019 | 4870 | SH |  | SOLE |  | 4870 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 1274120 | 25745 | SH |  | SOLE |  | 25745 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 569619 | 7929 | SH |  | SOLE |  | 7929 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 522031 | 11176 | SH |  | SOLE |  | 11176 | 0 | 0 |
| VSE CORP | COM | 918284100 |  | 1887462 | 40262 | SH |  | SOLE |  | 40262 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 371479 | 9428 | SH |  | SOLE |  | 9428 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 12111369 | 58295 | SH |  | SOLE |  | 57638 | 0 | 657 |
| WALMART INC | COM | 931142103 |  | 663577 | 4680 | SH |  | SOLE |  | 4680 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1871569 | 21542 | SH |  | SOLE |  | 21542 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1725550 | 41791 | SH |  | SOLE |  | 41791 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 473933 | 7230 | SH |  | SOLE |  | 6730 | 0 | 500 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 5426214 | 91105 | SH |  | SOLE |  | 90445 | 0 | 660 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 979416 | 10446 | SH |  | SOLE |  | 10446 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 377818 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 135356 | 924 | SH |  | SOLE |  | 924 | 0 | 0 |

---