# EDGAR Filing Document

**Accession Number:** 0001366838
**File Stem:** 0001085146-23-000273
**Filing Date:** 2023-1
**Character Count:** 17550
**Document Hash:** c0c674b390284ea6e58c4523837e4459
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000273.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001085146-23-000273

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**EFFECTIVENESS DATE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Liberty Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001366838
- **IRS NUMBER:** 383088816
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11958
- **FILM NUMBER:** 23542528

**BUSINESS ADDRESS:**
- **STREET 1:** 401 SOUTH OLD WOODWARD
- **STREET 2:** SUITE 430
- **CITY:** BIRMINGHAM
- **STATE:** MI
- **ZIP:** 48009
- **BUSINESS PHONE:** 248.258.9290

**MAIL ADDRESS:**
- **STREET 1:** 401 SOUTH OLD WOODWARD
- **STREET 2:** SUITE 430
- **CITY:** BIRMINGHAM
- **STATE:** MI
- **ZIP:** 48009

### 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:** Liberty Capital Management Inc.<br>**Address:** 401 SOUTH OLD WOODWARD<br>SUITE 430<br>BIRMINGHAM, MI 48009

**Form 13F File Number:** 028-11958

**CRD Number (if applicable):** 000106063

**SEC File Number (if applicable):** 801-42852

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:** Kenneth Carbaugh<br>**Title:** President  CEO<br>**Phone:** 248 258-9290

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

/s/Kenneth Carbaugh  Birmingham, MI  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:** 141

**Form 13F Information Table Value Total:** $288388892

      (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 |  | 238161 | 1986 | SH |  | SOLE |  | 1986 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 4039064 | 36789 | SH |  | SOLE |  | 36789 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 5188004 | 32102 | SH |  | SOLE |  | 32102 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 1167423 | 3469 | SH |  | SOLE |  | 3469 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 6054470 | 84160 | SH |  | SOLE |  | 84160 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 322132 | 1045 | SH |  | SOLE |  | 1045 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5935850 | 67277 | SH |  | SOLE |  | 67277 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2438300 | 27480 | SH |  | SOLE |  | 27480 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 5292168 | 63002 | SH |  | SOLE |  | 63002 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 496114 | 5225 | SH |  | SOLE |  | 5225 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 4368129 | 20618 | SH |  | SOLE |  | 20618 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 13302186 | 102380 | SH |  | SOLE |  | 102379 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 705402 | 1291 | SH |  | SOLE |  | 1291 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 212912 | 11565 | SH |  | SOLE |  | 11565 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1333794 | 5584 | SH |  | SOLE |  | 5584 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 1048912 | 20579 | SH |  | SOLE |  | 20579 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1021841 | 3308 | SH |  | SOLE |  | 3308 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 1639770 | 2314 | SH |  | SOLE |  | 2314 | 0 | 0 |
| BLACKROCK MUNIYIELD MICH QU | COM | 09254V105 |  | 142307 | 12832 | SH |  | SOLE |  | 12832 | 0 | 0 |
| BLACKROCK UTILS INFRASTRUCTU | COM | 09248D104 |  | 529220 | 25480 | SH |  | SOLE |  | 25480 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 219666 | 109 | SH |  | SOLE |  | 109 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 780068 | 4856 | SH |  | SOLE |  | 4856 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 868148 | 21046 | SH |  | SOLE |  | 21046 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 291671 | 1625 | SH |  | SOLE |  | 1625 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 3847485 | 17441 | SH |  | SOLE |  | 17441 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 3823735 | 47435 | SH |  | SOLE |  | 47435 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 6035901 | 13365 | SH |  | SOLE |  | 13365 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 826745 | 17354 | SH |  | SOLE |  | 17354 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 328482 | 5164 | SH |  | SOLE |  | 5164 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1353687 | 23670 | SH |  | SOLE |  | 23670 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 200550 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 320016 | 2712 | SH |  | SOLE |  | 2712 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 4932348 | 21283 | SH |  | SOLE |  | 21283 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 7879190 | 17260 | SH |  | SOLE |  | 17260 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 206882 | 2220 | SH |  | SOLE |  | 2220 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 9358709 | 35260 | SH |  | SOLE |  | 35260 | 0 | 0 |
| DIMENSIONAL ETF TRUST | NATL MUN BD ETF | 25434V849 |  | 2240903 | 46871 | SH |  | SOLE |  | 46871 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US SMALL CAP VAL | 25434V815 |  | 784020 | 31652 | SH |  | SOLE |  | 31652 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 2113790 | 24330 | SH |  | SOLE |  | 24330 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 2290618 | 9302 | SH |  | SOLE |  | 9302 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 211130 | 2050 | SH |  | SOLE |  | 2050 | 0 | 0 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 175050 | 23340 | SH |  | SOLE |  | 23340 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 3004358 | 20640 | SH |  | SOLE |  | 20640 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 376034 | 5040 | SH |  | SOLE |  | 5040 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 602008 | 6267 | SH |  | SOLE |  | 6267 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 594654 | 24654 | SH |  | SOLE |  | 24654 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 343585 | 3115 | SH |  | SOLE |  | 3115 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 2983621 | 63052 | SH |  | SOLE |  | 63052 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 5460509 | 54027 | SH |  | SOLE |  | 54027 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 215364 | 18518 | SH |  | SOLE |  | 18518 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 2689292 | 55007 | SH |  | SOLE |  | 55007 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 2295267 | 35724 | SH |  | SOLE |  | 35724 | 0 | 0 |
| GABELLI UTIL TR | COM | 36240A101 |  | 75100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 542530 | 1614 | SH |  | SOLE |  | 1614 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1634832 | 4761 | SH |  | SOLE |  | 4761 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 7401863 | 23434 | SH |  | SOLE |  | 23434 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 5057868 | 22959 | SH |  | SOLE |  | 22959 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 562536 | 21284 | SH |  | SOLE |  | 21284 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 1546955 | 15079 | SH |  | SOLE |  | 15079 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 8897958 | 22861 | SH |  | SOLE |  | 22861 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 210874 | 792 | SH |  | SOLE |  | 791 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2217276 | 5771 | SH |  | SOLE |  | 5771 | 0 | 0 |
| ISHARES TR | MORNINGSTR US EQ | 464287127 |  | 645366 | 12260 | SH |  | SOLE |  | 12260 | 0 | 0 |
| ISHARES TR | MRGSTR MD CP ETF | 464288208 |  | 598434 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 6133263 | 200893 | SH |  | SOLE |  | 200893 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 232450 | 1085 | SH |  | SOLE |  | 1085 | 0 | 0 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 379210 | 4536 | SH |  | SOLE |  | 4536 | 0 | 0 |
| ISHARES TR | S SML 600 GWT | 464287887 |  | 365338 | 3381 | SH |  | SOLE |  | 3380 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 3529302 | 38652 | SH |  | SOLE |  | 38651 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1073325 | 6076 | SH |  | SOLE |  | 6076 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3366715 | 25106 | SH |  | SOLE |  | 25106 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 744082 | 2999 | SH |  | SOLE |  | 2999 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 859724 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 448057 | 921 | SH |  | SOLE |  | 921 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 769066 | 3860 | SH |  | SOLE |  | 3860 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1449686 | 4169 | SH |  | SOLE |  | 4169 | 0 | 0 |
| MAXIMUS INC | COM | 577933104 |  | 649410 | 8856 | SH |  | SOLE |  | 8856 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 4049402 | 15366 | SH |  | SOLE |  | 15366 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 497389 | 4483 | SH |  | SOLE |  | 4483 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 278331 | 3962 | SH |  | SOLE |  | 3962 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6278967 | 26182 | SH |  | SOLE |  | 26182 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 3237661 | 38728 | SH |  | SOLE |  | 38728 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 213153 | 865 | SH |  | SOLE |  | 865 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 366172 | 4138 | SH |  | SOLE |  | 4138 | 0 | 0 |
| NUSTAR ENERGY LP | UNIT COM | 67058H102 |  | 175392 | 10962 | SH |  | SOLE |  | 10962 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2024185 | 13851 | SH |  | SOLE |  | 13851 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 1933004 | 24684 | SH |  | SOLE |  | 24684 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 |  | 2689819 | 21029 | SH |  | SOLE |  | 21029 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 2546222 | 14094 | SH |  | SOLE |  | 14094 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 376050 | 7339 | SH |  | SOLE |  | 7339 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 239592 | 2302 | SH |  | SOLE |  | 2302 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 286944 | 24400 | SH |  | SOLE |  | 24400 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 376088 | 2991 | SH |  | SOLE |  | 2991 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 254001 | 2329 | SH |  | SOLE |  | 2329 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 668683 | 4412 | SH |  | SOLE |  | 4412 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 1565729 | 12071 | SH |  | SOLE |  | 12071 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 3040013 | 30123 | SH |  | SOLE |  | 30123 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 1489455 | 46242 | SH |  | SOLE |  | 46242 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWAB FDT US LG | 808524771 |  | 455095 | 8516 | SH |  | SOLE |  | 8516 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWAB FDT US SC | 808524763 |  | 245140 | 5247 | SH |  | SOLE |  | 5247 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT EMK LG | 808524730 |  | 277957 | 11217 | SH |  | SOLE |  | 11217 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT INT LG | 808524755 |  | 268287 | 9229 | SH |  | SOLE |  | 9229 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT INT SC | 808524748 |  | 213631 | 6834 | SH |  | SOLE |  | 6834 | 0 | 0 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 820102 | 17965 | SH |  | SOLE |  | 17965 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 4118666 | 91914 | SH |  | SOLE |  | 91914 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 1984738 | 26274 | SH |  | SOLE |  | 26274 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1689135 | 30402 | SH |  | SOLE |  | 30402 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 302370 | 6697 | SH |  | SOLE |  | 6697 | 0 | 0 |
| SCHWAB STRATEGIC TR | US REIT ETF | 808524847 |  | 534410 | 27704 | SH |  | SOLE |  | 27704 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 1302397 | 32150 | SH |  | SOLE |  | 32150 | 0 | 0 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 367813 | 7102 | SH |  | SOLE |  | 7102 | 0 | 0 |
| SIRIUS XM HOLDINGS INC | COM | 82968B103 |  | 146500 | 25086 | SH |  | SOLE |  | 25085 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 707191 | 1849 | SH |  | SOLE |  | 1849 | 0 | 0 |
| SPDR SER TR | S 600 SMCP VAL | 78464A300 |  | 1266342 | 17062 | SH |  | SOLE |  | 17062 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 263872 | 2660 | SH |  | SOLE |  | 2660 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1880373 | 7691 | SH |  | SOLE |  | 7691 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 481100 | 6293 | SH |  | SOLE |  | 6293 | 0 | 0 |
| TEREX CORP NEW | COM | 880779103 |  | 1148356 | 26881 | SH |  | SOLE |  | 26881 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 9436073 | 17135 | SH |  | SOLE |  | 17135 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 1109102 | 4930 | SH |  | SOLE |  | 4930 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 230613 | 1230 | SH |  | SOLE |  | 1230 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 3366984 | 7178 | SH |  | SOLE |  | 7178 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 635211 | 3654 | SH |  | SOLE |  | 3654 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 7752292 | 14622 | SH |  | SOLE |  | 14622 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 2692874 | 61749 | SH |  | SOLE |  | 61749 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 1721717 | 23966 | SH |  | SOLE |  | 23966 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 2470184 | 29949 | SH |  | SOLE |  | 29948 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 12965465 | 67815 | SH |  | SOLE |  | 67814 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1013480 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 963863 | 17386 | SH |  | SOLE |  | 17385 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 |  | 820527 | 12751 | SH |  | SOLE |  | 12750 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 540267 | 5255 | SH |  | SOLE |  | 5255 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 500638 | 10718 | SH |  | SOLE |  | 10718 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 2779556 | 56164 | SH |  | SOLE |  | 56164 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 247877 | 3198 | SH |  | SOLE |  | 3198 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 1036521 | 20041 | SH |  | SOLE |  | 20041 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 3377410 | 80472 | SH |  | SOLE |  | 80472 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1260879 | 32002 | SH |  | SOLE |  | 32002 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 7538987 | 36287 | SH |  | SOLE |  | 36287 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 990829 | 6988 | SH |  | SOLE |  | 6988 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 1356951 | 20701 | SH |  | SOLE |  | 20701 | 0 | 0 |

---