# EDGAR Filing Document

**Accession Number:** 0001317733
**File Stem:** 0001104659-25-069257
**Filing Date:** 2025-7
**Character Count:** 25820
**Document Hash:** a4f79ef3f37a5e3c305cfdcd6e62194b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-069257.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0001104659-25-069257

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001317733

**ORGANIZATION NAME:**
- **EIN:** 382901720
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11274
- **FILM NUMBER:** 251136607

**BUSINESS ADDRESS:**
- **STREET 1:** 303 DETROIT STREET
- **STREET 2:** SUITE #203
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48104
- **BUSINESS PHONE:** 734-761-6500

**MAIL ADDRESS:**
- **STREET 1:** 303 DETROIT STREET
- **STREET 2:** SUITE #203
- **CITY:** ANN ARBOR
- **STATE:** MI
- **ZIP:** 48104

### 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:** Exchange Capital Management Inc.<br>**Address:** 303 Detroit Street<br>Suite #203<br>Ann Arbor, MI 48104

**Form 13F File Number:** 028-11274

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:** Michael Reid<br>**Title:** CCO<br>**Phone:** 734-761-6500

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

/s/ Michael Reid  Ann Arbor, MI  07-17-2025<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:** 0

**Form 13F Information Table Entry Total:** 206

**Form 13F Information Table Value Total:** $670015969

      (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 |  | 590853 | 3881 | SH |  | SOLE |  | 0 | 0 | 3881 |
| Abbvie Inc | COM | 00287Y109 |  | 318524 | 1716 | SH |  | SOLE |  | 0 | 0 | 1716 |
| Accenture PLC | SHS CLASS A | G1151C101 |  | 1935014 | 6474 | SH |  | SOLE |  | 0 | 0 | 6474 |
| Adobe Systems Inc | COM | 00724F101 |  | 3595469 | 9294 | SH |  | SOLE |  | 0 | 0 | 9294 |
| Alphabet Inc. CL A | CL A | 02079K305 |  | 20531681 | 116505 | SH |  | SOLE |  | 0 | 0 | 116505 |
| Alphabet Inc. CL C | CL C ADDED | 02079K107 |  | 1837938 | 10361 | SH |  | SOLE |  | 0 | 0 | 10361 |
| Amazon.com Inc | COM | 023135106 |  | 21775116 | 99253 | SH |  | SOLE |  | 0 | 0 | 99253 |
| Amgen Inc | COM | 031162100 |  | 4597386 | 16466 | SH |  | SOLE |  | 0 | 0 | 16466 |
| Apple Inc | COM | 037833100 |  | 7211595 | 35149 | SH |  | SOLE |  | 0 | 0 | 35149 |
| Applied Materials Inc | COM | 038222105 |  | 1518585 | 8295 | SH |  | SOLE |  | 0 | 0 | 8295 |
| ASML Holding NV | N Y REGISTRY SHS | N07059210 |  | 996128 | 1243 | SH |  | SOLE |  | 0 | 0 | 1243 |
| AT Inc | COM | 00206R102 |  | 518916 | 17931 | SH |  | SOLE |  | 0 | 0 | 17931 |
| Autodesk Inc. | COM | 052769106 |  | 931187 | 3008 | SH |  | SOLE |  | 0 | 0 | 3008 |
| Bank of America Corporation | COM | 060505104 |  | 2276326 | 48105 | SH |  | SOLE |  | 0 | 0 | 48105 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 14909357 | 30692 | SH |  | SOLE |  | 0 | 0 | 30692 |
| BlackRock Inc | COM | 09290D101 |  | 12833459 | 12231 | SH |  | SOLE |  | 0 | 0 | 12231 |
| BNDBLXX BLMBRG 1 YR TRG US TR ETF | COM | 09789C861 |  | 2528611 | 50949 | SH |  | SOLE |  | 0 | 0 | 50949 |
| BNDBLXX BLMBRG 2 YR TRG US TR ETF | BLOOMBERG TWO YR | 09789C853 |  | 2864733 | 57821 | SH |  | SOLE |  | 0 | 0 | 57821 |
| BNDBLXX BLMBRG 3 YR TRG US TR ETF | BLOOMBERG THREE | 09789C846 |  | 1138725 | 22875 | SH |  | SOLE |  | 0 | 0 | 22875 |
| BNDBLXX BLMBRG 6 MNTH TRG US TR ETF | BLOOMBERG SIX MN | 09789C788 |  | 588594 | 11692 | SH |  | SOLE |  | 0 | 0 | 11692 |
| BONDBLOXX BBB 1 5 YR COR BND ETF | BBB RATED 1 5 YE | 09789C754 |  | 6094865 | 118577 | SH |  | SOLE |  | 0 | 0 | 118577 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 2541016 | 54893 | SH |  | SOLE |  | 0 | 0 | 54893 |
| Broadcom Inc Com | COM | 11135F101 |  | 611734 | 2219 | SH |  | SOLE |  | 0 | 0 | 2219 |
| Canadian National Railway Co | COM | 136375102 |  | 732234 | 7038 | SH |  | SOLE |  | 0 | 0 | 7038 |
| Caterpillar Inc | COM | 149123101 |  | 392480 | 1011 | SH |  | SOLE |  | 0 | 0 | 1011 |
| Charles Schwab Corp | COM | 808513105 |  | 671983 | 7365 | SH |  | SOLE |  | 0 | 0 | 7365 |
| Cheniere Energy Inc | COM NEW | 16411R208 |  | 4845804 | 19899 | SH |  | SOLE |  | 0 | 0 | 19899 |
| Chevron Corp | COM | 166764100 |  | 458208 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| Clorox Co | COM | 189054109 |  | 1305281 | 10871 | SH |  | SOLE |  | 0 | 0 | 10871 |
| CME Group Inc | COM | 12572Q105 |  | 1039363 | 3771 | SH |  | SOLE |  | 0 | 0 | 3771 |
| CMS Energy Corp | COM | 125896100 |  | 579210 | 8360 | SH |  | SOLE |  | 0 | 0 | 8360 |
| Coca-Cola Co | COM | 191216100 |  | 801419 | 11327 | SH |  | SOLE |  | 0 | 0 | 11327 |
| Comcast Corp | CL A | 20030N101 |  | 4770611 | 133668 | SH |  | SOLE |  | 0 | 0 | 133668 |
| Comerica Inc | COM | 200340107 |  | 388799 | 6518 | SH |  | SOLE |  | 0 | 0 | 6518 |
| Consumer Discret Sel Sect SPDR ETF | SBI CONS DISCR | 81369Y407 |  | 1332233 | 6130 | SH |  | SOLE |  | 0 | 0 | 6130 |
| Core Laboratories NV | COM | 21867A105 |  | 408833 | 35489 | SH |  | SOLE |  | 0 | 0 | 35489 |
| Corteva Inc com | COM | 22052L104 |  | 4240860 | 56901 | SH |  | SOLE |  | 0 | 0 | 56901 |
| Costco Wholesale Corp | COM | 22160K105 |  | 4110231 | 4152 | SH |  | SOLE |  | 0 | 0 | 4152 |
| DIMENSIONAL U S CORE EQUITY 2 ETF | US CORE EQUITY 2 | 25434V708 |  | 408110 | 11387 | SH |  | SOLE |  | 0 | 0 | 11387 |
| Domino s Pizza Inc | COM | 25754A201 |  | 1208509 | 2682 | SH |  | SOLE |  | 0 | 0 | 2682 |
| Ecolab Inc | COM | 278865100 |  | 1946435 | 7224 | SH |  | SOLE |  | 0 | 0 | 7224 |
| Eli Lilly and Co | COM | 532457108 |  | 1326493 | 1702 | SH |  | SOLE |  | 0 | 0 | 1702 |
| Emerson Electric Co | COM | 291011104 |  | 8428077 | 63212 | SH |  | SOLE |  | 0 | 0 | 63212 |
| Equifax Inc | COM | 294429105 |  | 2037870 | 7857 | SH |  | SOLE |  | 0 | 0 | 7857 |
| Exxon Mobil Corporation | CL A | 30231G102 |  | 3487331 | 32350 | SH |  | SOLE |  | 0 | 0 | 32350 |
| FIDELITY WISE ORIGIN BITCOIN FUND | SHS | 315948109 |  | 404157 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| Fidelity MSCI Consumer Discret ETF | MSCI CONSM DIS | 316092204 |  | 2667534 | 28357 | SH |  | SOLE |  | 0 | 0 | 28357 |
| Fidelity MSCI Consumer Staples ETF | CONSMR STAPLES | 316092303 |  | 1051736 | 20562 | SH |  | SOLE |  | 0 | 0 | 20562 |
| Fidelity MSCI Financials ETF | MSCI FINLS IDX | 316092501 |  | 2365957 | 31955 | SH |  | SOLE |  | 0 | 0 | 31955 |
| Fidelity MSCI Health Care ETF | MSCI HLTH CARE I | 316092600 |  | 3171859 | 49599 | SH |  | SOLE |  | 0 | 0 | 49599 |
| Fidelity MSCI Industrials ETF | MSCI INDL INDX | 316092709 |  | 2337969 | 30156 | SH |  | SOLE |  | 0 | 0 | 30156 |
| Fidelity MSCI Information Tech ETF | MSCI INFO TECH I | 316092808 |  | 6888361 | 34927 | SH |  | SOLE |  | 0 | 0 | 34927 |
| Fidelity MSCI Materials ETF | MSCI MATLS INDEX | 316092881 |  | 824979 | 16543 | SH |  | SOLE |  | 0 | 0 | 16543 |
| Fidelity MSCI Telecommunication Svc ETF | MSCI COMMNTN SVC | 316092873 |  | 2001276 | 30879 | SH |  | SOLE |  | 0 | 0 | 30879 |
| Fidelity MSCI Utilities ETF | MSCI UTILS INDEX | 316092865 |  | 486148 | 9242 | SH |  | SOLE |  | 0 | 0 | 9242 |
| Financial Select Sector SPDR ETF | SBI INT-FINL | 81369Y605 |  | 396389 | 7569 | SH |  | SOLE |  | 0 | 0 | 7569 |
| Ford Motor Co | COM | 345370860 |  | 203886 | 18791 | SH |  | SOLE |  | 0 | 0 | 18791 |
| Fortinet Inc. | COM | 34959E109 |  | 1859403 | 17588 | SH |  | SOLE |  | 0 | 0 | 17588 |
| Ge Vernova Llc Com | COM | 36828A101 |  | 334952 | 633 | SH |  | SOLE |  | 0 | 0 | 633 |
| General Dynamics Corp | COM | 369550108 |  | 3070451 | 10528 | SH |  | SOLE |  | 0 | 0 | 10528 |
| General Electric Co | COM | 369604301 |  | 672560 | 2613 | SH |  | SOLE |  | 0 | 0 | 2613 |
| Gilead Sciences Inc | COM | 375558103 |  | 5116308 | 46147 | SH |  | SOLE |  | 0 | 0 | 46147 |
| GlaxoSmithKline PLC | SPONSORED ADR | 37733W204 |  | 1286515 | 33503 | SH |  | SOLE |  | 0 | 0 | 33503 |
| Global X S 500 Catholic Values ETF | S 500 CATHOLIC | 37954Y889 |  | 463867 | 6148 | SH |  | SOLE |  | 0 | 0 | 6148 |
| Guidewire Software Inc | COM | 40171V100 |  | 6489826 | 27564 | SH |  | SOLE |  | 0 | 0 | 27564 |
| Health Care Select Sector SPDR ETF | SBI HEALTHCARE | 81369Y209 |  | 344928 | 2559 | SH |  | SOLE |  | 0 | 0 | 2559 |
| Home Depot Inc | COM | 437076102 |  | 5113804 | 13948 | SH |  | SOLE |  | 0 | 0 | 13948 |
| Honeywell International Inc | COM | 438516106 |  | 5839281 | 25074 | SH |  | SOLE |  | 0 | 0 | 25074 |
| Industrial Select Sector SPDR ETF | COM | 81369Y704 |  | 1324592 | 8979 | SH |  | SOLE |  | 0 | 0 | 8979 |
| Intercontinental Exchange Inc | COM | 45866F104 |  | 1491978 | 8132 | SH |  | SOLE |  | 0 | 0 | 8132 |
| Invesco BulletShares 2025 Corp Bond ETF | BULSHS 2025 CB | 46138J825 |  | 1739082 | 84095 | SH |  | SOLE |  | 0 | 0 | 84095 |
| Invesco BulletShares 2026 Corp Bond ETF | BULSHS 2026 CB | 46138J791 |  | 583316 | 29883 | SH |  | SOLE |  | 0 | 0 | 29883 |
| Invesco BulletShares 2027 Corp  Bond ETF | BULSHS 2027 CB | 46138J783 |  | 552755 | 28130 | SH |  | SOLE |  | 0 | 0 | 28130 |
| Invesco BulletShares 2028 Corp Bond ETF | INVSCO BLSH 28 | 46138J643 |  | 662257 | 32321 | SH |  | SOLE |  | 0 | 0 | 32321 |
| Invesco BulletShares 2029 Corp Bond ETF | BULETSHS 2029 | 46138J577 |  | 838321 | 44830 | SH |  | SOLE |  | 0 | 0 | 44830 |
| Invesco BulletShares 2030 Corp Bond ETF | INVSCO 30 CORP | 46138J460 |  | 1429606 | 85197 | SH |  | SOLE |  | 0 | 0 | 85197 |
| Invesco BulletShares 2031 Corp Bond ETF | BULETSHS 2031 CP | 46138J429 |  | 3123472 | 188958 | SH |  | SOLE |  | 0 | 0 | 188958 |
| Invesco BulletShares 2032 Corp Bond ETF | BULLETSHS 2032 | 46139W858 |  | 3057063 | 148401 | SH |  | SOLE |  | 0 | 0 | 148401 |
| Invesco BulletShares 2033 Corp Bond ETF | INVESCO BULLETSH | 46139W825 |  | 3423917 | 161506 | SH |  | SOLE |  | 0 | 0 | 161506 |
| Invesco FTSE RAFI US 1000 ETF | FTSE RAFI 1000 | 46137V613 |  | 316391 | 7485 | SH |  | SOLE |  | 0 | 0 | 7485 |
| iShares Core MSCI Emerging Markets | CORE MSCI EMKT | 46434G103 |  | 4236368 | 70571 | SH |  | SOLE |  | 0 | 0 | 70571 |
| iShares Core S 500 | CORE S SCP ETF | 464287200 |  | 1672303 | 2693 | SH |  | SOLE |  | 0 | 0 | 2693 |
| iShares Core S Mid-Cap | CORE S MCP ETF | 464287507 |  | 5449007 | 87859 | SH |  | SOLE |  | 0 | 0 | 87859 |
| iShares Core S Small-Cap | CORE S SCP ETF | 464287804 |  | 9688249 | 88647 | SH |  | SOLE |  | 0 | 0 | 88647 |
| iShares Core US Aggregate Bond | CORE US AGGBD ET | 464287226 |  | 6835921 | 68910 | SH |  | SOLE |  | 0 | 0 | 68910 |
| iShares Currency Hedged MSCI EAFE | HDG MSCI EAFE | 46434V803 |  | 12356924 | 325525 | SH |  | SOLE |  | 0 | 0 | 325525 |
| iShares Global Clean Energy | GL CLEAN ENE ETF | 464288224 |  | 802106 | 61183 | SH |  | SOLE |  | 0 | 0 | 61183 |
| iShares iBonds 2025 Corp Bond ETF | IBONDS DEC25 ETF | 46434VBD1 |  | 1186349 | 47115 | SH |  | SOLE |  | 0 | 0 | 47115 |
| iShares iBonds 2025 Muni Bond ETF | IBONDS DEC 25 | 46435U432 |  | 607799 | 22710 | SH |  | SOLE |  | 0 | 0 | 22710 |
| iShares iBonds 2026 Corp Bond ETF | IBONDS DEC2026 | 46435GAA0 |  | 206634 | 8521 | SH |  | SOLE |  | 0 | 0 | 8521 |
| iShares iBonds 2026 Muni Bond ETF | IBONDS DEC 26 | 46435U259 |  | 381757 | 14899 | SH |  | SOLE |  | 0 | 0 | 14899 |
| iShares iBonds 2027 Corp Bond ETF | IBONDS ETF | 46435UAA9 |  | 204936 | 8444 | SH |  | SOLE |  | 0 | 0 | 8444 |
| iShares iBonds 2027 Muni Bond ETF | IBONDS DEC 27 | 46435U283 |  | 353658 | 13951 | SH |  | SOLE |  | 0 | 0 | 13951 |
| iShares iBonds 2028 Muni Bond ETF | IBONDS DEC 28 | 46435U325 |  | 368038 | 14484 | SH |  | SOLE |  | 0 | 0 | 14484 |
| iShares iBonds 2029 Muni Bond ETF | IBONDS DEC 2029 | 46436E163 |  | 394320 | 15629 | SH |  | SOLE |  | 0 | 0 | 15629 |
| ISHARES IBONDS DEC 2030 TRM TRSY ETF | IBOND DEC 2030 | 46436E593 |  | 322182 | 16239 | SH |  | SOLE |  | 0 | 0 | 16239 |
| Ishares Ibonds Dec 2033 Term Treasury ETF | IBONDS DEC 2033 | 46436E148 |  | 1204692 | 49151 | SH |  | SOLE |  | 0 | 0 | 49151 |
| ISHARES IBONDS TERM TREASURY ETF | IBONDS 28 TRM TS | 46436E833 |  | 249962 | 11179 | SH |  | SOLE |  | 0 | 0 | 11179 |
| iShares MSCI ACWI ETF | MSCI ACWI ETF | 464288257 |  | 239805 | 1865 | SH |  | SOLE |  | 0 | 0 | 1865 |
| iShares MSCI Emerging Mkts ex China ETF | MSCI EMRG CHN | 46434G764 |  | 467299 | 7401 | SH |  | SOLE |  | 0 | 0 | 7401 |
| iShares National AMT-Free Muni Bond | NATIONAL MUN ETF | 464288414 |  | 869692 | 8324 | SH |  | SOLE |  | 0 | 0 | 8324 |
| iShares Russell 1000 Growth | RUS 1000 GRW ETF | 464287614 |  | 277251 | 653 | SH |  | SOLE |  | 0 | 0 | 653 |
| iShares Russell Mid-Cap | RUS MID CAP ETF | 464287499 |  | 256964 | 2794 | SH |  | SOLE |  | 0 | 0 | 2794 |
| iShares S 500 Growth | S 500 GRWT ETF | 464287309 |  | 237266 | 2155 | SH |  | SOLE |  | 0 | 0 | 2155 |
| iShares Short-Term National Muni Bond | SHRT NAT MUN ETF | 464288158 |  | 1221474 | 11487 | SH |  | SOLE |  | 0 | 0 | 11487 |
| Johnson  Johnson | COM | 478160104 |  | 3776670 | 24725 | SH |  | SOLE |  | 0 | 0 | 24725 |
| Johnson Controls Inc | COM | G51502105 |  | 264789 | 2507 | SH |  | SOLE |  | 0 | 0 | 2507 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 9497960 | 32762 | SH |  | SOLE |  | 0 | 0 | 32762 |
| Kenvue | COM | 49177J102 |  | 3921575 | 187366 | SH |  | SOLE |  | 0 | 0 | 187366 |
| KLA-Tencor Corp | COM | 482480100 |  | 11360677 | 12683 | SH |  | SOLE |  | 0 | 0 | 12683 |
| Lam Research Corp | COM | 512807306 |  | 2680865 | 27541 | SH |  | SOLE |  | 0 | 0 | 27541 |
| Linde plc | SHS | G54950103 |  | 880182 | 1876 | SH |  | SOLE |  | 0 | 0 | 1876 |
| Lockheed Martin Corp | SHS - A - | 539830109 |  | 3061362 | 6610 | SH |  | SOLE |  | 0 | 0 | 6610 |
| Lowe s Companies Inc | COM | 548661107 |  | 2334294 | 10521 | SH |  | SOLE |  | 0 | 0 | 10521 |
| MarketAxess Holdings Inc | COM | 57060D108 |  | 506982 | 2270 | SH |  | SOLE |  | 0 | 0 | 2270 |
| Masco Corp | COM | 574599106 |  | 1034844 | 16079 | SH |  | SOLE |  | 0 | 0 | 16079 |
| Mastercard Inc A | CL A | 57636Q104 |  | 232081 | 413 | SH |  | SOLE |  | 0 | 0 | 413 |
| Materials Select Sector SPDR ETF | SBI MATERIALS | 81369Y100 |  | 327145 | 3726 | SH |  | SOLE |  | 0 | 0 | 3726 |
| McDonald s Corp | COM | 580135101 |  | 3285452 | 11245 | SH |  | SOLE |  | 0 | 0 | 11245 |
| Medtronic Inc | SHS | G5960L103 |  | 3576193 | 41026 | SH |  | SOLE |  | 0 | 0 | 41026 |
| Merck  Co Inc | COM | 58933Y105 |  | 4402596 | 55616 | SH |  | SOLE |  | 0 | 0 | 55616 |
| Microchip Technology Inc | COM | 595017104 |  | 2452852 | 34857 | SH |  | SOLE |  | 0 | 0 | 34857 |
| Microsoft Corp | COM | 594918104 |  | 35797250 | 71967 | SH |  | SOLE |  | 0 | 0 | 71967 |
| Monster Beverage Corp | COM | 61174X109 |  | 7817723 | 124804 | SH |  | SOLE |  | 0 | 0 | 124804 |
| Moody s Corporation | COM | 615369105 |  | 2281233 | 4548 | SH |  | SOLE |  | 0 | 0 | 4548 |
| NextEra Energy Inc | COM | 65339F101 |  | 775421 | 11170 | SH |  | SOLE |  | 0 | 0 | 11170 |
| Nike Inc | CL B | 654106103 |  | 899728 | 12665 | SH |  | SOLE |  | 0 | 0 | 12665 |
| NVIDIA Corp | COM | 67066G104 |  | 250578 | 1586 | SH |  | SOLE |  | 0 | 0 | 1586 |
| Oracle Corporation | COM | 68389X105 |  | 821174 | 3756 | SH |  | SOLE |  | 0 | 0 | 3756 |
| Palo Alto Networks Inc | COM | 697435105 |  | 249047 | 1217 | SH |  | SOLE |  | 0 | 0 | 1217 |
| PepsiCo Inc | COM | 713448108 |  | 2442958 | 18502 | SH |  | SOLE |  | 0 | 0 | 18502 |
| Pfizer Inc | COM | 717081103 |  | 801826 | 33079 | SH |  | SOLE |  | 0 | 0 | 33079 |
| PowerShares Dynamic Large Cap Growth ETF | DYNMC LRG GWTH | 46137V746 |  | 297358 | 2532 | SH |  | SOLE |  | 0 | 0 | 2532 |
| Procter  Gamble Co | COM | 742718109 |  | 4474561 | 28085 | SH |  | SOLE |  | 0 | 0 | 28085 |
| QCR Holdings Inc | COM | 74727A104 |  | 1239175 | 18250 | SH |  | SOLE |  | 0 | 0 | 18250 |
| Raytheon Technologies Ord | COM | 75513E101 |  | 6331668 | 43362 | SH |  | SOLE |  | 0 | 0 | 43362 |
| Roper Industries Inc | COM | 776696106 |  | 1769674 | 3122 | SH |  | SOLE |  | 0 | 0 | 3122 |
| S Inc Com | COM | 78409V104 |  | 1326664 | 2516 | SH |  | SOLE |  | 0 | 0 | 2516 |
| Salesforce.com Inc | COM | 79466L302 |  | 10663270 | 39104 | SH |  | SOLE |  | 0 | 0 | 39104 |
| Schwab Fundamental US Small Company ETF | SCHWAB FDT US SC | 808524763 |  | 221636 | 7736 | SH |  | SOLE |  | 0 | 0 | 7736 |
| Schwab Short-Term US Treasury ETF | SHT TM US TRES | 808524862 |  | 259664 | 10651 | SH |  | SOLE |  | 0 | 0 | 10651 |
| Schwab US Broad Market ETF | US BRD MKT ETF | 808524102 |  | 949433 | 39842 | SH |  | SOLE |  | 0 | 0 | 39842 |
| Schwab US Large-Cap ETF | US LRG CAP ETF | 808524201 |  | 3706705 | 151666 | SH |  | SOLE |  | 0 | 0 | 151666 |
| Schwab US Mid-Cap ETF | US MID-CAP ETF | 808524508 |  | 2546752 | 90793 | SH |  | SOLE |  | 0 | 0 | 90793 |
| Schwab US Small-Cap ETF | US SML CAP ETF | 808524607 |  | 1605959 | 63477 | SH |  | SOLE |  | 0 | 0 | 63477 |
| ServiceNow Inc | COM | 81762P102 |  | 11625529 | 11308 | SH |  | SOLE |  | 0 | 0 | 11308 |
| Southern Co | COM | 842587107 |  | 286510 | 3120 | SH |  | SOLE |  | 0 | 0 | 3120 |
| SPDR SSGA MY2026 CORP BND ETF | SPDR SSGA MY2026 | 78470P820 |  | 2558603 | 101977 | SH |  | SOLE |  | 0 | 0 | 101977 |
| SPDR SSGA MY2026 MUNI BND ETF IV | SPDR SSGA MY2026 | 78470P721 |  | 936863 | 37678 | SH |  | SOLE |  | 0 | 0 | 37678 |
| SPDR SSGA MY2027 CORP BND ETF | SPDR SSGA MY2027 | 78470P812 |  | 2601111 | 104012 | SH |  | SOLE |  | 0 | 0 | 104012 |
| SPDR SSGA MY2027 MUNI BND ETF NV | SPDR SSGA MY2027 | 78470P713 |  | 860880 | 34988 | SH |  | SOLE |  | 0 | 0 | 34988 |
| SPDR SSGA MY2028 CORP BND ETF | SPDR SSGA MY2028 | 78470P796 |  | 4984857 | 199036 | SH |  | SOLE |  | 0 | 0 | 199036 |
| SPDR SSGA MY2028 MUNI BND ETF | SPDR SSGA MY2028 | 78470P697 |  | 688115 | 28138 | SH |  | SOLE |  | 0 | 0 | 28138 |
| SPDR SSGA MY2029 CORP BND ETF | SPDR SSGA MY2029 | 78470P788 |  | 5328666 | 213531 | SH |  | SOLE |  | 0 | 0 | 213531 |
| SPDR SSGA My2029 Municipal Bond ETF | SPDR SSGA MY2029 | 78470P689 |  | 589990 | 24170 | SH |  | SOLE |  | 0 | 0 | 24170 |
| SPDR SSGA MY2030 CORP BND ETF | SPDR SSGA MY2030 | 78470P770 |  | 3378897 | 135739 | SH |  | SOLE |  | 0 | 0 | 135739 |
| SPDR SSGA My2030 Municipal Bond ETF | SPDR SSGA MY2030 | 78470P671 |  | 775110 | 31663 | SH |  | SOLE |  | 0 | 0 | 31663 |
| SPDR SSGA MY2031 CORP BND ETF | SPDR SSGA MY2031 | 78470P762 |  | 1358794 | 54542 | SH |  | SOLE |  | 0 | 0 | 54542 |
| SPDR SSGA MY2032 CORP BND ETF | SPDR SSGA MY2032 | 78470P754 |  | 1466252 | 59411 | SH |  | SOLE |  | 0 | 0 | 59411 |
| SPDR SSGA MY2033 CORP BND ETF NV | SPDR SSGA MY2033 | 78470P747 |  | 1633855 | 66095 | SH |  | SOLE |  | 0 | 0 | 66095 |
| SPDR SSGA MY2034 CORP BND ETF | SPDR SSGA MY2034 | 78470P739 |  | 3405506 | 138616 | SH |  | SOLE |  | 0 | 0 | 138616 |
| SPDR Kensho Clean Power ETF | S KENSHO CLEAN | 78468R655 |  | 2159885 | 36344 | SH |  | SOLE |  | 0 | 0 | 36344 |
| SPDR Portfolio S 400 Mid Cap ETF | PORTFOLIO S | 78464A847 |  | 12102251 | 222550 | SH |  | SOLE |  | 0 | 0 | 222550 |
| SPDR S 1500 ETF | PORTFOLI S | 78464A805 |  | 7679629 | 102545 | SH |  | SOLE |  | 0 | 0 | 102545 |
| SPDR S 500 ETF | TR UNIT | 78462F103 |  | 1742955 | 2821 | SH |  | SOLE |  | 0 | 0 | 2821 |
| SPDR S 600 Small Cap ETF | PORTFOLIO S | 78468R853 |  | 8034762 | 188609 | SH |  | SOLE |  | 0 | 0 | 188609 |
| SPDR S Bank ETF | S BK ETF | 78464A797 |  | 306401 | 5495 | SH |  | SOLE |  | 0 | 0 | 5495 |
| SPDR S MidCap 400 ETF | UTSER1 S | 78467Y107 |  | 11245761 | 19852 | SH |  | SOLE |  | 0 | 0 | 19852 |
| Starbucks Corp | COM | 855244109 |  | 3688386 | 40253 | SH |  | SOLE |  | 0 | 0 | 40253 |
| Stryker Corporation | COM | 863667101 |  | 298305 | 754 | SH |  | SOLE |  | 0 | 0 | 754 |
| Technology Select Sector SPDR ETF | COM | 81369Y803 |  | 3824026 | 15101 | SH |  | SOLE |  | 0 | 0 | 15101 |
| Teradyne Inc | COM | 880770102 |  | 469832 | 5225 | SH |  | SOLE |  | 0 | 0 | 5225 |
| U.S. Bancorp | COM | 902973304 |  | 2775137 | 61329 | SH |  | SOLE |  | 0 | 0 | 61329 |
| Unilever PLC | SPON ADR NEW | 904767704 |  | 1137028 | 18588 | SH |  | SOLE |  | 0 | 0 | 18588 |
| Union Pacific Corp | COM | 907818108 |  | 1125436 | 4892 | SH |  | SOLE |  | 0 | 0 | 4892 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 261431 | 838 | SH |  | SOLE |  | 0 | 0 | 838 |
| Valero Energy Corp | COM | 91913Y100 |  | 1717216 | 12775 | SH |  | SOLE |  | 0 | 0 | 12775 |
| Vanguard 500 ETF | S 500 ETF SHS | 922908363 |  | 341954 | 602 | SH |  | SOLE |  | 0 | 0 | 602 |
| Vanguard Consumer Discretionary ETF | CONSUM DIS ETF | 92204A108 |  | 9945464 | 27449 | SH |  | SOLE |  | 0 | 0 | 27449 |
| Vanguard Consumer Staples ETF | CONSUM STP ETF | 92204A207 |  | 4417246 | 20170 | SH |  | SOLE |  | 0 | 0 | 20170 |
| Vanguard Financials ETF | FINANCIALS ETF | 92204A405 |  | 12732893 | 100023 | SH |  | SOLE |  | 0 | 0 | 100023 |
| Vanguard FTSE Developed Markets ETF | VAN FTSE DEV MKT | 921943858 |  | 269621 | 4729 | SH |  | SOLE |  | 0 | 0 | 4729 |
| Vanguard FTSE Emerging Markets ETF | FTSE EMR MKT ETF | 922042858 |  | 2036610 | 41177 | SH |  | SOLE |  | 0 | 0 | 41177 |
| Vanguard Health Care ETF | HEALTH CAR ETF | 92204A504 |  | 10944213 | 44069 | SH |  | SOLE |  | 0 | 0 | 44069 |
| Vanguard Industrials ETF | INDUSTRIAL ETF | 92204A603 |  | 9948946 | 35523 | SH |  | SOLE |  | 0 | 0 | 35523 |
| Vanguard Materials ETF | MATERIALS ETF | 92204A801 |  | 4879526 | 25045 | SH |  | SOLE |  | 0 | 0 | 25045 |
| Vanguard Sector Index Fds Vanguard Energy Etf | ENERGY ETF | 92204A306 |  | 781019 | 6557 | SH |  | SOLE |  | 0 | 0 | 6557 |
| Vanguard Sector Index Fds Vanguard Information Tec | INF TECH ETF | 92204A702 |  | 24600913 | 37090 | SH |  | SOLE |  | 0 | 0 | 37090 |
| Vanguard Small-Cap ETF | SMALL CP ETF | 922908751 |  | 814292 | 3436 | SH |  | SOLE |  | 0 | 0 | 3436 |
| Vanguard Tax-Exempt Bond ETF | TAX EXEMPT BD | 922907746 |  | 670191 | 13669 | SH |  | SOLE |  | 0 | 0 | 13669 |
| Vanguard Telecommunication Services ETF | TELCOMM ETF | 92204A884 |  | 8604992 | 50313 | SH |  | SOLE |  | 0 | 0 | 50313 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 2467912 | 8120 | SH |  | SOLE |  | 0 | 0 | 8120 |
| Vanguard Utilities ETF | UTILITIES ETF | 92204A876 |  | 5722898 | 32423 | SH |  | SOLE |  | 0 | 0 | 32423 |
| Veeva Systems Inc | CL A COM | 922475108 |  | 8430902 | 29276 | SH |  | SOLE |  | 0 | 0 | 29276 |
| Verizon Communications Inc | COM | 92343V104 |  | 362372 | 8375 | SH |  | SOLE |  | 0 | 0 | 8375 |
| Visa Inc | COM CL A | 92826C839 |  | 4644270 | 13081 | SH |  | SOLE |  | 0 | 0 | 13081 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 589998 | 6034 | SH |  | SOLE |  | 0 | 0 | 6034 |
| Walt Disney Co | COM DISNEY | 254687106 |  | 4475645 | 36091 | SH |  | SOLE |  | 0 | 0 | 36091 |
| WisdomTree Dyn Ccy Hdgd Intl SmCp Eq ETF | DYNAMIC INT EQ | 97717X271 |  | 2764792 | 69995 | SH |  | SOLE |  | 0 | 0 | 69995 |
| WisdomTree Dynamic Ccy Hdgd Intl Eq ETF | CURRNCY INT EQ | 97717X263 |  | 17515257 | 441635 | SH |  | SOLE |  | 0 | 0 | 441635 |
| WisdomTree Emerging Markets SmCp Div ETF | EMG MKTS SMCAP | 97717W281 |  | 1006749 | 18225 | SH |  | SOLE |  | 0 | 0 | 18225 |
| WisdomTree Emerging Mkts Qual Div Gr ETF | EM MKTS QTLY DIV | 97717W323 |  | 1072724 | 38909 | SH |  | SOLE |  | 0 | 0 | 38909 |
| WisdomTree EmMkts ex-Stt-Ownd EntrprsETF | EM EX ST-OWNED | 97717X578 |  | 1582672 | 45901 | SH |  | SOLE |  | 0 | 0 | 45901 |
| WisdomTree International Hedged Quality Dividend G | ITL HDG QTLY DIV | 97717X594 |  | 3499246 | 77675 | SH |  | SOLE |  | 0 | 0 | 77675 |
| Workday Inc | CL A | 98138H101 |  | 1083840 | 4516 | SH |  | SOLE |  | 0 | 0 | 4516 |
| Zimmer Biomet Holdings INC | COM | 98956P102 |  | 1942819 | 21301 | SH |  | SOLE |  | 0 | 0 | 21301 |

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