FARMERS & MERCHANTS INVESTMENTS INC Q3 2026 Filing

Filed October 22, 2026

Portfolio Value

$1.2T

Holdings

1,767

Report Date

Q3 2026

Filing Type

13F-HR

All Holdings (1,767 positions)

#	Stock	Shares	Value	% Portfolio
1	VEAVanguard FTSE Developed Markets ETF	3,838,548	$271.0B	23.20%
2	IJHiShares S&P Midcap 400	1,974,629	$142.1B	12.16%
3	VWOVanguard FTSE Emerging Markets ETF	1,336,568	$79.3B	6.78%
4	APHAmphenol Corp Cl A	735,821	$62.0B	5.31%
5	BNDVanguard Total Bond Market ETF	826,668	$58.0B	4.96%
6	SLQDiShares 0-5 Yr Inv Grd Corp Bond ETF	1,015,991	$50.3B	4.30%
7	CVSCVS Health Corporation	266,457	$22.8B	1.95%
8	BACBank of America Corp	415,448	$22.6B	1.94%
9	VCSHVanguard S/T Corp Bond ETF	264,210	$20.4B	1.75%
10	METMetlife Inc	197,885	$18.6B	1.59%
11	ABTAbbott Laboratories	187,799	$18.6B	1.59%
12	VTIPVanguard Short-Term Inflation -Protected Securities ETF	322,638	$15.9B	1.36%
13	USBUS Bancorp	272,266	$15.7B	1.35%
14	GNMAiShares GNMA Bond ETF	338,961	$14.2B	1.21%
15	MBBiShares Barclays MBS Bond Fund ETF	157,087	$14.1B	1.20%
16	ENBEnbridge Inc	296,817	$13.8B	1.18%
17	SBUXStarbucks Corp	145,248	$13.6B	1.17%
18	SYYSysco Corp	172,877	$13.5B	1.15%
19	HYGiShares iBoxx H/Y Corp Bond Fund ETF	170,749	$13.2B	1.13%
20	BACVerizon Communications	282,150	$12.9B	1.11%
21	BSVVanguard Short-Term Bond ETF	166,386	$12.7B	1.09%
22	OXYOccidental Petroleum Corp	220,943	$12.2B	1.05%
23	EWEdwards Lifesciences Corp	134,493	$11.6B	0.99%
24	WFCWells Fargo	144,394	$11.6B	0.99%
25	MDTMedtronic PLC	131,507	$11.3B	0.97%
26	NRCNRC Health	501,731	$10.6B	0.91%
27	MDLZMondelez International Inc - A	174,393	$10.1B	0.86%
28	KOCoca-Cola Co	115,036	$9.9B	0.85%
29	NEENextEra Energy Inc.	123,923	$9.4B	0.80%
30	AGGiShares Barclays Aggregate Bond Fund	92,788	$8.8B	0.75%
31	UBERUber Technologies Inc	113,555	$7.8B	0.67%
32	NKENike Inc Cl B	212,204	$7.5B	0.64%
33	BAHBooz Allen Hamilton Holding Corp	96,015	$6.7B	0.57%
34	ORealty Income Corp	121,606	$6.6B	0.57%
35	VGKVanguard MSCI European ETF	74,719	$6.5B	0.56%
36	SLBSLB Ltd	132,609	$6.5B	0.55%
37	FTSFortis Inc	102,503	$5.4B	0.46%
38	PFEPfizer Inc	182,046	$5.2B	0.44%
39	FISVFiserv Inc	90,680	$4.1B	0.35%
40	NFLXNetflix Inc.	58,100	$4.0B	0.35%
41	VNQVanguard Real Estate Index ETF	43,121	$3.9B	0.33%
42	BMYBristol Myers Squibb Co	60,913	$3.8B	0.33%
43	SFMSprouts Farmers Market Inc	56,227	$3.7B	0.32%
44	CMCSAComcast Corp Class A	170,576	$3.7B	0.32%
45	DALDelta Air Lines Inc	44,036	$3.7B	0.31%
46	PYPLPaypal Holdings Inc	69,520	$3.7B	0.31%
47	KMBKimberly Clark Corp	34,091	$3.3B	0.28%
48	EVRGEvergy Inc	40,709	$3.2B	0.27%
49	BKHBlack Hills Corp	44,158	$3.1B	0.26%
50	VOVanguard Morningstar Mid-Cap Index ETF	38,460	$3.0B	0.26%
51	NJRNew Jersey Resources Corp	54,159	$2.7B	0.23%
52	OTISOtis Worldwide Corp	39,809	$2.6B	0.22%
53	EEMiShares MSCI Emerging Mkts Index Fd	37,411	$2.5B	0.21%
54	CLColgate Palmolive Co	27,220	$2.3B	0.20%
55	CLXClorox Co Common	27,657	$2.2B	0.19%
56	FTVFortive Corp	39,161	$2.1B	0.18%
57	CSXCSX Corp	45,092	$2.1B	0.18%
58	UPSUnited Parcel Service - Cl B	22,067	$2.1B	0.18%
59	VUGVanguard Morningstar Growth ETF	18,246	$1.6B	0.14%
60	GISGeneral Mills, Inc.	50,595	$1.6B	0.14%
61	AMCRAmcor PLC	38,279	$1.6B	0.14%
62	TAT&T Inc	56,667	$1.4B	0.12%
63	SCHDSchwab US Dividend Equity ETF	41,456	$1.3B	0.12%
64	PRFInvesco RAFI US 1000 ETF	23,831	$1.3B	0.11%
65	DDominion Energy Inc	19,493	$1.2B	0.10%
66	IAU*iShares Gold Trust ETF	14,230	$1.1B	0.10%
67	SOSouthern Co	13,014	$1.1B	0.09%
68	RALRalliant Corp	13,167	$910.8M	0.08%
69	ZTSZoetis Inc	12,946	$904.0M	0.08%
70	MOAltria Group Inc	13,005	$875.8M	0.07%
71	CARRCarrier Global Corp	15,840	$869.0M	0.07%
72	KVUEKenvue Inc	49,035	$866.0M	0.07%
73	WMBThe Williams Companies, Inc.	12,644	$859.4M	0.07%
74	KHCKraft Heinz Co	35,274	$801.4M	0.07%
75	SHELShell PLC	8,279	$786.9M	0.07%
76	AQLTiShares Core MSCI EAFE ETF	8,053	$780.2M	0.07%
77	SCHGSchwab U.S. Large-Cap Growth ETF	21,304	$765.5M	0.07%
78	ZBHZimmer Biomet Holdings Inc	8,001	$710.7M	0.06%
79	DOWDow Inc	25,560	$703.9M	0.06%
80	SOLSSolstice Advanced Materials Inc	12,138	$683.6M	0.06%
81	SUSuncor Energy, Inc	9,915	$672.9M	0.06%
82	TEXTerex Corporation	12,276	$645.7M	0.06%
83	OMCOmnicom Group Inc	8,324	$612.9M	0.05%
84	XLEState Street Energy Select Sector SPDR ETF	8,918	$548.5M	0.05%
85	PAYXPaychex Inc	5,415	$533.4M	0.05%
86	TFCTruist Financial Corp	11,090	$513.5M	0.04%
87	FITBFifth Third Bancorp	9,685	$489.9M	0.04%
88	SAFESafehold Inc REIT	40,057	$471.5M	0.04%
89	KNXKnight-Swift Transportation Holdings Inc	7,140	$454.0M	0.04%
90	ETEnergy Transfer L.P.	22,546	$445.7M	0.04%
91	WERNWerner Enterprises, Inc.	13,113	$445.6M	0.04%
92	VLTOVeralto Corp	4,371	$412.3M	0.04%
93	VKTXViking Therapeutics Inc	12,625	$411.6M	0.04%
94	MPLXMPLX LP	7,293	$410.7M	0.04%
95	SCHXSchwab U.S. Large-Cap ETF	12,921	$387.6M	0.03%
96	INGRIngredion Inc	4,039	$387.0M	0.03%
97	XLFState Street Financial Select Sector SPDR ETF	7,110	$379.7M	0.03%
98	CGXUCapital Group International Focus Equity ETF	10,855	$372.2M	0.03%
99	MFCManulife Financial Corp	8,593	$366.0M	0.03%
100	RFRegions Financial Corp	13,607	$365.8M	0.03%

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