VIG - Dividend Appreciation Index Fund

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Financial Statements

Statement of Net Assets
As of January 31, 2016

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

 Market Value • Shares($000)  Common Stocks (99.9%)1  

Basic Materials (4.0%)  

Ecolab Inc.1,726,509186,239

Praxair Inc.1,666,151166,615

Air Products &  Chemicals Inc.1,236,247156,645

PPG Industries Inc.1,569,884149,327

Airgas Inc.433,48360,688

International Flavors &  Fragrances Inc.467,23254,647

Westlake Chemical Corp.766,62334,866

Albemarle Corp.647,16734,067

RPM International Inc.771,72030,290

Compass Minerals  International Inc.194,00014,521

Royal Gold Inc.373,69311,132

HB Fuller Co.290,52910,814

Stepan Co.128,3685,771

 915,622

Consumer Goods (22.6%)  

Coca-Cola Co.23,066,263990,004

Procter & Gamble Co.11,732,220958,405

PepsiCo Inc.8,552,794849,292

NIKE Inc. Class B7,920,394491,144

Colgate-Palmolive Co.5,233,542353,421

Monsanto Co.2,790,205252,793

VF Corp.2,491,727155,982

Kellogg Co.2,057,663151,115

Archer-Daniels-Midland Co.3,660,311129,392

Hormel Foods Corp.1,521,035122,306

Clorox Co.757,01997,693

JM Smucker Co.690,44988,598

Stanley Black & Decker Inc.908,21785,681

Genuine Parts Co.881,08275,923

Brown-Forman Corp. Class B732,31571,650

Church & Dwight Co. Inc.753,36163,282

McCormick & Co. Inc.671,08159,035

Bunge Ltd.837,75051,949

Leggett & Platt Inc.798,35933,140

Polaris Industries Inc.382,69928,259

Flowers Foods Inc.1,208,39324,820

Lancaster Colony Corp.157,79416,045

J&J Snack Foods Corp.107,87411,648

Tootsie Roll Industries Inc.  221,1397,258

Andersons Inc.166,3454,876

  5,173,711

Consumer Services (18.1%)  

Wal-Mart Stores Inc.11,900,030789,686

CVS Health Corp.6,492,379627,099

Walgreens Boots  Alliance Inc.6,288,777501,341

Lowe’s Cos. Inc.5,538,875396,916

Costco Wholesale Corp.2,541,582384,084

TJX Cos. Inc.3,974,667283,155

Target Corp.3,693,765267,503

Yum! Brands Inc.2,498,894180,845

Cardinal Health Inc.1,904,687154,984

Ross Stores Inc.2,406,238135,375

AmerisourceBergen Corp. Class A1,266,951113,468

Gap Inc.2,443,86260,412

Best Buy Co. Inc.2,023,71156,522

Tiffany & Co.746,36847,648

FactSet Research Systems Inc.240,76636,283

Rollins Inc.1,261,68434,759

Casey’s General  Stores Inc.223,49026,984

Cracker Barrel Old Country Store Inc.138,03718,115

John Wiley & Sons Inc. Class A285,08411,917

Aaron’s Inc.417,9539,563

Matthews International  Corp. Class A190,3739,502

  4,146,161

Financials (5.2%)  

Chubb Ltd.1,903,446215,223

Aflac Inc.2,532,755146,798

McGraw Hill Financial Inc.1,578,270134,184

Franklin Resources Inc.3,588,403124,374

T. Rowe Price Group Inc.1,504,640106,754

Invesco Ltd.2,476,97574,136

SEI Investments Co.962,60237,772

WR Berkley Corp.725,88136,403

Assurant Inc.397,43132,315

Axis Capital Holdings Ltd.581,93131,372

RenaissanceRe Holdings Ltd.265,60929,921

StanCorp Financial  Group Inc.243,24527,890

Erie Indemnity Co. Class A266,57825,621

Brown & Brown Inc.827,99025,047

Commerce Bancshares Inc.584,40124,036

Bank of the Ozarks Inc.500,47122,191

Eaton Vance Corp.680,93519,516

Cullen/Frost Bankers Inc.364,18317,430

Prosperity Bancshares Inc.402,40117,062

RLI Corp.248,81314,755

UMB Financial Corp.264,05512,384

American Equity Investment 

Life Holding Co.502,3949,139

Infinity Property &  Casualty Corp.66,2955,263

BancFirst Corp.89,2344,992

First Financial Corp.74,2882,455

  1,197,033

Health Care (11.4%)  

Johnson & Johnson 9,743,0941,017,569

Medtronic plc8,222,231624,232

Abbott Laboratories8,706,343329,535

Stryker Corp.2,185,220216,664

Becton Dickinson and Co.1,113,119161,814

Perrigo Co. plc812,238117,433

CR Bard Inc.428,54978,540

West Pharmaceutical  Services Inc.412,57923,608

Healthcare Services  Group Inc.410,90514,534

Owens & Minor Inc.363,77112,605

  2,596,534

Industrials (21.7%)  

3M Co.3,662,271553,003

United Technologies  Corp.5,234,044458,973

Lockheed Martin Corp.1,820,828384,195

General Dynamics Corp.1,913,783256,007

Automatic Data Processing Inc.2,741,409227,784

Raytheon Co.1,773,157227,390

Caterpillar Inc.3,497,301217,672

FedEx Corp.1,634,567217,201

Northrop Grumman Corp.1,144,661211,831

Illinois Tool Works Inc.2,189,248197,186

 Emerson Electric Co.3,953,397181,777

 Deere & Co.1,958,684150,838

 Sherwin-Williams Co.547,605140,006

 CSX Corp.5,716,244131,588

 Norfolk Southern Corp.1,773,656125,043

 Roper Technologies Inc.579,088101,728

 Republic Services Inc. Class A2,037,47189,038

 Parker-Hannifin Corp.821,93479,859

WW Grainger Inc.389,19876,551

Fastenal Co.1,704,89569,151

Cintas Corp.676,92458,161

 L-3 Communications Holdings Inc.476,18055,637

 Dover Corp.940,72954,986

 CH Robinson  Worldwide Inc.845,04854,734

 Expeditors International of Washington Inc.1,106,32749,917

 JB Hunt Transport Services Inc.672,26748,874

 Jack Henry &  Associates Inc.471,90938,310

 Valspar Corp.472,66737,024

 Robert Half International Inc.779,84734,134

 Carlisle Cos. Inc.375,11331,389

 AO Smith Corp.439,80530,720

 Bemis Co. Inc.562,40326,922

 AptarGroup Inc.359,68726,221

 Graco Inc.340,47924,746

 Toro Co.323,13524,080

 Lincoln Electric Holdings Inc.444,38923,659

 Donaldson Co. Inc.792,40122,330

 Nordson Corp.355,15321,462

 Silgan Holdings Inc.364,53219,273

 MSC Industrial Direct  Co. Inc. Class A280,36518,170

 ITT Corp.525,19417,043

 Ryder System Inc.305,58516,248

 Crane Co.335,48316,023

 Valmont Industries Inc.138,47814,760

 Regal Beloit Corp.257,77114,489

 CLARCOR Inc.289,65913,573

 ABM Industries Inc.322,6069,688

 MSA Safety Inc.216,1569,251

 Franklin Electric Co. Inc.273,9027,472

 Brady Corp. Class A275,1616,175

 Tennant Co.106,2195,748

Lindsay Corp.69,1684,865

Badger Meter Inc.83,4324,658

Gorman-Rupp Co.151,4933,851

McGrath RentCorp149,8333,657

Cass Information Systems Inc.66,5243,386

Raven Industries Inc.219,5393,295

Mesa Laboratories Inc.20,2852,110

VSE Corp.30,9141,855

NACCO Industries Inc.  

Class A32,9591,569

  4,957,286

Oil & Gas (1.1%)  

EOG Resources Inc.3,164,339224,731

Murphy Oil Corp.1,024,35820,088

  244,819

Technology (13.2%)  

Microsoft Corp.22,776,9551,254,782

International Business Machines Corp.5,702,862711,660

QUALCOMM Inc.9,517,480431,523

Texas Instruments Inc.6,041,695319,787

Analog Devices Inc.1,797,98696,840

Xilinx Inc.1,508,40275,827

Harris Corp.715,87062,259

Linear Technology Corp.1,380,03858,969

  3,011,647

Telecommunications (0.1%)  

Telephone & Data  

Systems Inc.580,88813,471

Atlantic Tele-Network Inc.91,8457,071

  20,542

Utilities (2.5%)  

NextEra Energy Inc.2,558,498285,810

Edison International1,880,237116,198

Atmos Energy Corp.582,01140,287

UGI Corp.996,93233,896

Aqua America Inc.1,020,26232,169

National Fuel Gas Co.486,42322,049

New Jersey Resources Corp.492,65617,351

American States Water Co.220,2169,998

MGE Energy Inc.200,1259,696

California Water Service Group275,6746,917

Chesapeake Utilities Corp.84,2275,304

SJW Corp.

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