# EDGAR Filing Document

**Accession Number:** 0001317733
**File Stem:** 0001104659-23-008839
**Filing Date:** 2023-2
**Character Count:** 20907
**Document Hash:** e253b37b3f953d1a41052c644ae82dbd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-008839.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001104659-23-008839

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001317733
- **IRS NUMBER:** 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:** 23574425

**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:** 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:** 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  01-12-2023<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:** 161

**Form 13F Information Table Value Total:** $456081812

      (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 |  | 3043667 | 25381 | SH |  | SOLE |  | 0 | 0 | 25381 |
| Accenture PLC | SHS CLASS A | G1151C101 |  | 2095761 | 7854 | SH |  | SOLE |  | 0 | 0 | 7854 |
| Adobe Systems Inc | COM | 00724F101 |  | 3278307 | 9742 | SH |  | SOLE |  | 0 | 0 | 9742 |
| Alphabet Inc. CL A | CL A | 02079K305 |  | 10981723 | 124467 | SH |  | SOLE |  | 0 | 0 | 124467 |
| Alphabet Inc. CL C | CL C ADDED | 02079K107 |  | 523951 | 5905 | SH |  | SOLE |  | 0 | 0 | 5905 |
| Amazon.com Inc | COM | 023135106 |  | 8298276 | 98789 | SH |  | SOLE |  | 0 | 0 | 98789 |
| Amgen Inc | COM | 031162100 |  | 4958031 | 18878 | SH |  | SOLE |  | 0 | 0 | 18878 |
| Apple Inc | COM | 037833100 |  | 2974695 | 22895 | SH |  | SOLE |  | 0 | 0 | 22895 |
| Applied Materials Inc | COM | 038222105 |  | 1069048 | 10978 | SH |  | SOLE |  | 0 | 0 | 10978 |
| ASML Holding NV | N Y REGISTRY SHS | N07059210 |  | 816868 | 1495 | SH |  | SOLE |  | 0 | 0 | 1495 |
| Aspen Technology Inc | COM | 29109X106 |  | 324532 | 1580 | SH |  | SOLE |  | 0 | 0 | 1580 |
| AT Inc | COM | 00206R102 |  | 317297 | 17235 | SH |  | SOLE |  | 0 | 0 | 17235 |
| Bank of America Corporation | COM | 060505104 |  | 2349494 | 70939 | SH |  | SOLE |  | 0 | 0 | 70939 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 12616557 | 40844 | SH |  | SOLE |  | 0 | 0 | 40844 |
| Biogen Idec Inc | COM | 09062X103 |  | 5370725 | 19395 | SH |  | SOLE |  | 0 | 0 | 19395 |
| BlackRock Inc | COM | 09247X101 |  | 10082436 | 14228 | SH |  | SOLE |  | 0 | 0 | 14228 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 2737367 | 38045 | SH |  | SOLE |  | 0 | 0 | 38045 |
| Canadian National Railway Co | COM | 136375102 |  | 866160 | 7286 | SH |  | SOLE |  | 0 | 0 | 7286 |
| Caterpillar Inc | COM | 149123101 |  | 228301 | 953 | SH |  | SOLE |  | 0 | 0 | 953 |
| Cheniere Energy Inc | COM NEW | 16411R208 |  | 2927669 | 19523 | SH |  | SOLE |  | 0 | 0 | 19523 |
| Chevron Corp | COM | 166764100 |  | 734832 | 4094 | SH |  | SOLE |  | 0 | 0 | 4094 |
| Clorox Co | COM | 189054109 |  | 564267 | 4021 | SH |  | SOLE |  | 0 | 0 | 4021 |
| CME Group Inc | COM | 12572Q105 |  | 371802 | 2211 | SH |  | SOLE |  | 0 | 0 | 2211 |
| CMS Energy Corp | COM | 125896100 |  | 1820384 | 28744 | SH |  | SOLE |  | 0 | 0 | 28744 |
| Coca-Cola Co | COM | 191216100 |  | 1307182 | 20550 | SH |  | SOLE |  | 0 | 0 | 20550 |
| Comcast Corp | CL A | 20030N101 |  | 4387231 | 125457 | SH |  | SOLE |  | 0 | 0 | 125457 |
| Compass Minerals International Inc | COM | 20451N101 |  | 1597655 | 38967 | SH |  | SOLE |  | 0 | 0 | 38967 |
| Constellation Brands Inc | CL A | 21036P108 |  | 754941 | 3258 | SH |  | SOLE |  | 0 | 0 | 3258 |
| Consumer Discret Sel Sect SPDR(R) ETF | SBI CONS DISCR | 81369Y407 |  | 1099152 | 8510 | SH |  | SOLE |  | 0 | 0 | 8510 |
| Consumer Staples Select Sector SPDR(R) ETF | SBI CONS STPLS | 81369Y308 |  | 249221 | 3343 | SH |  | SOLE |  | 0 | 0 | 3343 |
| Corteva Inc com | COM | 22052L104 |  | 2824694 | 48055 | SH |  | SOLE |  | 0 | 0 | 48055 |
| Costco Wholesale Corp | COM | 22160K105 |  | 939477 | 2058 | SH |  | SOLE |  | 0 | 0 | 2058 |
| Dominion Resources Inc | COM | 25746U109 |  | 2304303 | 37578 | SH |  | SOLE |  | 0 | 0 | 37578 |
| Domino s Pizza Inc | COM | 25754A201 |  | 683794 | 1974 | SH |  | SOLE |  | 0 | 0 | 1974 |
| Ecolab Inc | COM | 278865100 |  | 231440 | 1590 | SH |  | SOLE |  | 0 | 0 | 1590 |
| Emerson Electric Co | COM | 291011104 |  | 6744768 | 70214 | SH |  | SOLE |  | 0 | 0 | 70214 |
| Equifax Inc | COM | 294429105 |  | 688812 | 3544 | SH |  | SOLE |  | 0 | 0 | 3544 |
| Etsy Inc com | COM | 29786A106 |  | 1425262 | 11899 | SH |  | SOLE |  | 0 | 0 | 11899 |
| Exxon Mobil Corporation | CL A | 30231G102 |  | 4034664 | 36579 | SH |  | SOLE |  | 0 | 0 | 36579 |
| Fidelity(R) MSCI Consumer Discret ETF | MSCI CONSM DIS | 316092204 |  | 1997731 | 35246 | SH |  | SOLE |  | 0 | 0 | 35246 |
| Fidelity(R) MSCI Consumer Staples ETF | CONSMR STAPLES | 316092303 |  | 1144362 | 25538 | SH |  | SOLE |  | 0 | 0 | 25538 |
| Fidelity(R) MSCI Financials ETF | MSCI FINLS IDX | 316092501 |  | 1991856 | 41549 | SH |  | SOLE |  | 0 | 0 | 41549 |
| Fidelity(R) MSCI Health Care ETF | MSCI HLTH CARE I | 316092600 |  | 3970353 | 62056 | SH |  | SOLE |  | 0 | 0 | 62056 |
| Fidelity(R) MSCI Industrials ETF | MSCI INDL INDX | 316092709 |  | 1838550 | 36256 | SH |  | SOLE |  | 0 | 0 | 36256 |
| Fidelity(R) MSCI Information Tech ETF | MSCI INFO TECH I | 316092808 |  | 4770505 | 50476 | SH |  | SOLE |  | 0 | 0 | 50476 |
| Fidelity(R) MSCI Materials ETF | MSCI MATLS INDEX | 316092881 |  | 914906 | 20960 | SH |  | SOLE |  | 0 | 0 | 20960 |
| Fidelity(R) MSCI Telecommunication Svc ETF | MSCI COMMNTN SVC | 316092873 |  | 1302499 | 41935 | SH |  | SOLE |  | 0 | 0 | 41935 |
| Fidelity(R) MSCI Utilities ETF | MSCI UTILS INDEX | 316092865 |  | 526473 | 11551 | SH |  | SOLE |  | 0 | 0 | 11551 |
| Fifth Third Bancorp | COM | 316773100 |  | 200699 | 6117 | SH |  | SOLE |  | 0 | 0 | 6117 |
| Financial Select Sector SPDR(R) ETF | SBI INT-FINL | 81369Y605 |  | 431159 | 12607 | SH |  | SOLE |  | 0 | 0 | 12607 |
| Fortinet Inc. | COM | 34959E109 |  | 678593 | 13880 | SH |  | SOLE |  | 0 | 0 | 13880 |
| General Dynamics Corp | COM | 369550108 |  | 2899041 | 11685 | SH |  | SOLE |  | 0 | 0 | 11685 |
| General Electric Co | COM | 369604301 |  | 223133 | 2663 | SH |  | SOLE |  | 0 | 0 | 2663 |
| Gilead Sciences Inc | COM | 375558103 |  | 2932539 | 34159 | SH |  | SOLE |  | 0 | 0 | 34159 |
| Global X S 500(R) Catholic Values ETF | S 500 CATHOLIC | 37954Y889 |  | 265536 | 5708 | SH |  | SOLE |  | 0 | 0 | 5708 |
| Guidewire Software Inc | COM | 40171V100 |  | 3720287 | 59468 | SH |  | SOLE |  | 0 | 0 | 59468 |
| Health Care Select Sector SPDR(R) ETF | SBI HEALTHCARE | 81369Y209 |  | 486479 | 3581 | SH |  | SOLE |  | 0 | 0 | 3581 |
| Home Depot Inc | COM | 437076102 |  | 5856676 | 18542 | SH |  | SOLE |  | 0 | 0 | 18542 |
| Honeywell International Inc | COM | 438516106 |  | 3633064 | 16953 | SH |  | SOLE |  | 0 | 0 | 16953 |
| Industrial Select Sector SPDR(R) ETF | COM | 81369Y704 |  | 1179502 | 12010 | SH |  | SOLE |  | 0 | 0 | 12010 |
| Intel Corp | COM | 458140100 |  | 545542 | 20641 | SH |  | SOLE |  | 0 | 0 | 20641 |
| Invesco BulletShares 2023 Corp Bd ETF | BULSHS 2023 CB | 46138J866 |  | 8072859 | 384788 | SH |  | SOLE |  | 0 | 0 | 384788 |
| Invesco BulletShares 2024 Corp Bd ETF | BULSHS 2024 CB | 46138J841 |  | 4049006 | 197656 | SH |  | SOLE |  | 0 | 0 | 197656 |
| Invesco BulletShares 2025 Corp Bd ETF | BULSHS 2025 CB | 46138J825 |  | 3165850 | 157192 | SH |  | SOLE |  | 0 | 0 | 157192 |
| Invesco BulletShares 2026 Corp Bd ETF | BULSHS 2026 CB | 46138J791 |  | 1693374 | 89478 | SH |  | SOLE |  | 0 | 0 | 89478 |
| Invesco BulletShares 2027 Corp Bd ETF | BULSHS 2027 CB | 46138J783 |  | 1305117 | 68708 | SH |  | SOLE |  | 0 | 0 | 68708 |
| Invesco BulletShares 2028 Corp Bd ETF | INVSCO BLSH 28 | 46138J643 |  | 1646017 | 83916 | SH |  | SOLE |  | 0 | 0 | 83916 |
| INVSC BLTSHRS 2029 CORP BND ETF | BULETSHS 2029 | 46138J577 |  | 1685169 | 94806 | SH |  | SOLE |  | 0 | 0 | 94806 |
| iShares 7-10 Year Treasury Bond | 7-10 YR TRSY BD | 464287440 |  | 221938 | 2317 | SH |  | SOLE |  | 0 | 0 | 2317 |
| iShares Core MSCI Emerging Markets | CORE MSCI EMKT | 46434G103 |  | 2829601 | 60591 | SH |  | SOLE |  | 0 | 0 | 60591 |
| iShares Core S 500 | CORE S SCP ETF | 464287200 |  | 1907967 | 4966 | SH |  | SOLE |  | 0 | 0 | 4966 |
| iShares Core S Mid-Cap | CORE S MCP ETF | 464287507 |  | 8418368 | 34802 | SH |  | SOLE |  | 0 | 0 | 34802 |
| iShares Core S Small-Cap | CORE S SCP ETF | 464287804 |  | 11768036 | 124345 | SH |  | SOLE |  | 0 | 0 | 124345 |
| iShares Core S Total US Stock Mkt | CORE S TTL STK | 464287150 |  | 207506 | 2447 | SH |  | SOLE |  | 0 | 0 | 2447 |
| iShares Core US Aggregate Bond | CORE US AGGBD ET | 464287226 |  | 6806890 | 70181 | SH |  | SOLE |  | 0 | 0 | 70181 |
| iShares Currency Hedged MSCI EAFE | HDG MSCI EAFE | 46434V803 |  | 7216538 | 267279 | SH |  | SOLE |  | 0 | 0 | 267279 |
| iShares Global Clean Energy | GL CLEAN ENE ETF | 464288224 |  | 360873 | 18180 | SH |  | SOLE |  | 0 | 0 | 18180 |
| iShares iBonds Dec 2023 Term Corporate | IBONDS DEC23 ETF | 46434VAX8 |  | 1305275 | 52148 | SH |  | SOLE |  | 0 | 0 | 52148 |
| iShares iBonds Dec 2023 Term Muni Bd ETF | IBONDS DEC2023 | 46435G318 |  | 608400 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| iShares iBonds Dec 2024 Term Corporate | IBONDS DEC24 ETF | 46434VBG4 |  | 905929 | 37098 | SH |  | SOLE |  | 0 | 0 | 37098 |
| iShares iBonds Dec 2025 Term Corporate | IBONDS DEC25 ETF | 46434VBD1 |  | 1070854 | 44032 | SH |  | SOLE |  | 0 | 0 | 44032 |
| iShares iBonds Dec 2026 Term Corporate | IBONDS DEC2026 | 46435GAA0 |  | 660475 | 28286 | SH |  | SOLE |  | 0 | 0 | 28286 |
| iShares iBonds Dec 2027 Term Corp ETF | IBONDS ETF | 46435UAA9 |  | 484863 | 20747 | SH |  | SOLE |  | 0 | 0 | 20747 |
| iShares iBoxx $ Invst Grade Crp Bond | IBOXX INV CP ETF | 464287242 |  | 1529433 | 14507 | SH |  | SOLE |  | 0 | 0 | 14507 |
| iShares MSCI Emerging Mkts ex China ETF | MSCI EMRG CHN | 46434G764 |  | 413464 | 8710 | SH |  | SOLE |  | 0 | 0 | 8710 |
| iShares Short-Term National Muni Bond | SHRT NAT MUN ETF | 464288158 |  | 3205729 | 30745 | SH |  | SOLE |  | 0 | 0 | 30745 |
| Ishares Tr Ibds Dec28 Etf | IBDS DEC28 ETF | 46435U515 |  | 266703 | 10980 | SH |  | SOLE |  | 0 | 0 | 10980 |
| Johnson  Johnson | COM | 478160104 |  | 5151460 | 29162 | SH |  | SOLE |  | 0 | 0 | 29162 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 4783997 | 35675 | SH |  | SOLE |  | 0 | 0 | 35675 |
| KLA-Tencor Corp | COM | 482480100 |  | 8681304 | 23026 | SH |  | SOLE |  | 0 | 0 | 23026 |
| Lam Research Corp | COM | 512807108 |  | 1286549 | 3061 | SH |  | SOLE |  | 0 | 0 | 3061 |
| Linde plc | COM | G5494J103 |  | 656600 | 2013 | SH |  | SOLE |  | 0 | 0 | 2013 |
| Lockheed Martin Corp | SHS - A - | 539830109 |  | 3063914 | 6298 | SH |  | SOLE |  | 0 | 0 | 6298 |
| Lowe s Companies Inc | COM | 548661107 |  | 2592909 | 13014 | SH |  | SOLE |  | 0 | 0 | 13014 |
| Materials Select Sector SPDR(R) ETF | SBI MATERIALS | 81369Y100 |  | 339151 | 4366 | SH |  | SOLE |  | 0 | 0 | 4366 |
| McDonald s Corp | COM | 580135101 |  | 2983160 | 11320 | SH |  | SOLE |  | 0 | 0 | 11320 |
| Medtronic Inc | SHS | G5960L103 |  | 2493452 | 32083 | SH |  | SOLE |  | 0 | 0 | 32083 |
| Merck  Co Inc | COM | 58933Y105 |  | 7078656 | 63800 | SH |  | SOLE |  | 0 | 0 | 63800 |
| Microchip Technology Inc | COM | 595017104 |  | 3466237 | 49341 | SH |  | SOLE |  | 0 | 0 | 49341 |
| Microsoft Corp | COM | 594918104 |  | 17881599 | 74563 | SH |  | SOLE |  | 0 | 0 | 74563 |
| Moody s Corporation | COM | 615369105 |  | 1751684 | 6287 | SH |  | SOLE |  | 0 | 0 | 6287 |
| NextEra Energy Inc | COM | 65339F101 |  | 975361 | 11667 | SH |  | SOLE |  | 0 | 0 | 11667 |
| Nike Inc | CL B | 654106103 |  | 1496803 | 12792 | SH |  | SOLE |  | 0 | 0 | 12792 |
| PepsiCo Inc | COM | 713448108 |  | 4882357 | 27025 | SH |  | SOLE |  | 0 | 0 | 27025 |
| Pfizer Inc | COM | 717081103 |  | 3897739 | 76068 | SH |  | SOLE |  | 0 | 0 | 76068 |
| PowerShares Build America Bond ETF | TAXABLE MUN BD | 46138G805 |  | 2756439 | 107213 | SH |  | SOLE |  | 0 | 0 | 107213 |
| PowerShares Dynamic Large Cap Growth ETF | DYNMC LRG GWTH | 46137V746 |  | 231791 | 3880 | SH |  | SOLE |  | 0 | 0 | 3880 |
| Procter  Gamble Co | COM | 742718109 |  | 4981379 | 32867 | SH |  | SOLE |  | 0 | 0 | 32867 |
| QCR Holdings Inc | COM | 74727A104 |  | 905930 | 18250 | SH |  | SOLE |  | 0 | 0 | 18250 |
| Raytheon Technologies Ord | COM | 75513E101 |  | 3999319 | 39629 | SH |  | SOLE |  | 0 | 0 | 39629 |
| Roper Industries Inc | COM | 776696106 |  | 872822 | 2020 | SH |  | SOLE |  | 0 | 0 | 2020 |
| S Inc Com | COM | 78409V104 |  | 1019892 | 3045 | SH |  | SOLE |  | 0 | 0 | 3045 |
| Salesforce.com Inc | COM | 79466L302 |  | 6159866 | 46458 | SH |  | SOLE |  | 0 | 0 | 46458 |
| Schwab Short-Term US Treasury ETF(TM) | SHT TM US TRES | 808524862 |  | 274823 | 5697 | SH |  | SOLE |  | 0 | 0 | 5697 |
| Schwab US Aggregate Bond ETF(TM) | US AGGREGATE B | 808524839 |  | 1548311 | 33917 | SH |  | SOLE |  | 0 | 0 | 33917 |
| Schwab US Broad Market ETF(TM) | US BRD MKT ETF | 808524102 |  | 814220 | 18171 | SH |  | SOLE |  | 0 | 0 | 18171 |
| Schwab US Large-Cap ETF(TM) | US LRG CAP ETF | 808524201 |  | 5418858 | 120019 | SH |  | SOLE |  | 0 | 0 | 120019 |
| Schwab US Mid-Cap ETF(TM) | US MID-CAP ETF | 808524508 |  | 6072957 | 92561 | SH |  | SOLE |  | 0 | 0 | 92561 |
| Schwab US Small-Cap ETF(TM) | US SML CAP ETF | 808524607 |  | 4222417 | 104231 | SH |  | SOLE |  | 0 | 0 | 104231 |
| ServiceNow Inc | COM | 81762P102 |  | 5475772 | 14103 | SH |  | SOLE |  | 0 | 0 | 14103 |
| SHYFT GROUP ORD | COM | 825698103 |  | 745800 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| SPDR(R) Kensho Clean Power ETF | S KENSHO CLEAN | 78468R655 |  | 2207268 | 26916 | SH |  | SOLE |  | 0 | 0 | 26916 |
| SPDR(R) Nuveen Barclays ST Muni Bd ETF | NUVN BR SHT MUNI | 78468R739 |  | 331914 | 7065 | SH |  | SOLE |  | 0 | 0 | 7065 |
| SPDR(R) Nuveen Blmbg Barclays Muni Bd ETF | NUVEEN BRC MUNIC | 78468R721 |  | 296530 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| SPDR(R) Portfolio Mortgage Backed Bond ETF | PORTFLI MORTGAGE | 78464A383 |  | 1699143 | 78302 | SH |  | SOLE |  | 0 | 0 | 78302 |
| SPDR(R) S 1500 ETF | PORTFOLI S | 78464A805 |  | 2412499 | 51015 | SH |  | SOLE |  | 0 | 0 | 51015 |
| SPDR(R) S 500 ETF | TR UNIT | 78462F103 |  | 1113254 | 2911 | SH |  | SOLE |  | 0 | 0 | 2911 |
| SPDR(R) S Bank ETF | S BK ETF | 78464A797 |  | 608351 | 13474 | SH |  | SOLE |  | 0 | 0 | 13474 |
| SPDR(R) S MidCap 400 ETF | UTSER1 S | 78467Y107 |  | 10358629 | 23394 | SH |  | SOLE |  | 0 | 0 | 23394 |
| Starbucks Corp | COM | 855244109 |  | 4819065 | 48579 | SH |  | SOLE |  | 0 | 0 | 48579 |
| Stryker Corporation | COM | 863667101 |  | 211239 | 864 | SH |  | SOLE |  | 0 | 0 | 864 |
| Technology Select Sector SPDR(R) ETF | COM | 81369Y803 |  | 2846565 | 22875 | SH |  | SOLE |  | 0 | 0 | 22875 |
| U.S. Bancorp | COM | 902973304 |  | 2294976 | 52625 | SH |  | SOLE |  | 0 | 0 | 52625 |
| Unilever PLC | SPON ADR NEW | 904767704 |  | 696945 | 13842 | SH |  | SOLE |  | 0 | 0 | 13842 |
| Union Pacific Corp | COM | 907818108 |  | 1189099 | 5743 | SH |  | SOLE |  | 0 | 0 | 5743 |
| Valero Energy Corp | COM | 91913Y100 |  | 1855328 | 14625 | SH |  | SOLE |  | 0 | 0 | 14625 |
| Vanguard Consumer Discretionary ETF | CONSUM DIS ETF | 92204A108 |  | 4900573 | 22375 | SH |  | SOLE |  | 0 | 0 | 22375 |
| Vanguard Consumer Staples ETF | CONSUM STP ETF | 92204A207 |  | 3179743 | 16598 | SH |  | SOLE |  | 0 | 0 | 16598 |
| Vanguard Financials ETF | FINANCIALS ETF | 92204A405 |  | 7102274 | 85849 | SH |  | SOLE |  | 0 | 0 | 85849 |
| Vanguard FTSE Developed Markets ETF | VAN FTSE DEV MKT | 921943858 |  | 194825 | 4642 | SH |  | SOLE |  | 0 | 0 | 4642 |
| Vanguard FTSE Emerging Markets ETF | FTSE EMR MKT ETF | 922042858 |  | 1649751 | 42323 | SH |  | SOLE |  | 0 | 0 | 42323 |
| Vanguard Health Care ETF | HEALTH CAR ETF | 92204A504 |  | 6403802 | 25817 | SH |  | SOLE |  | 0 | 0 | 25817 |
| Vanguard Industrials ETF | INDUSTRIAL ETF | 92204A603 |  | 4289518 | 23486 | SH |  | SOLE |  | 0 | 0 | 23486 |
| Vanguard Materials ETF | MATERIALS ETF | 92204A801 |  | 3568969 | 20969 | SH |  | SOLE |  | 0 | 0 | 20969 |
| Vanguard Sector Index Fds Vanguard Information Tec | INF TECH ETF | 92204A702 |  | 10373353 | 32477 | SH |  | SOLE |  | 0 | 0 | 32477 |
| Vanguard Small-Cap ETF | SMALL CP ETF | 922908751 |  | 623485 | 3397 | SH |  | SOLE |  | 0 | 0 | 3397 |
| Vanguard Telecommunication Services ETF | TELCOMM ETF | 92204A884 |  | 4353575 | 52931 | SH |  | SOLE |  | 0 | 0 | 52931 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 2025078 | 10592 | SH |  | SOLE |  | 0 | 0 | 10592 |
| Vanguard Utilities ETF | UTILITIES ETF | 92204A876 |  | 1368503 | 8923 | SH |  | SOLE |  | 0 | 0 | 8923 |
| Veeva Systems Inc | CL A COM | 922475108 |  | 3937349 | 24398 | SH |  | SOLE |  | 0 | 0 | 24398 |
| Verizon Communications Inc | COM | 92343V104 |  | 244363 | 6202 | SH |  | SOLE |  | 0 | 0 | 6202 |
| Visa Inc | COM CL A | 92826C839 |  | 4287231 | 20636 | SH |  | SOLE |  | 0 | 0 | 20636 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 312151 | 2202 | SH |  | SOLE |  | 0 | 0 | 2202 |
| Walt Disney Co | COM DISNEY | 254687106 |  | 4273323 | 49187 | SH |  | SOLE |  | 0 | 0 | 49187 |
| Wisconsin Energy Corp | COM | 92939U106 |  | 210585 | 2246 | SH |  | SOLE |  | 0 | 0 | 2246 |
| WisdomTree Dyn Ccy Hdgd Intl SmCp Eq ETF | DYNAMIC INT EQ | 97717X271 |  | 466392 | 15572 | SH |  | SOLE |  | 0 | 0 | 15572 |
| WisdomTree Dynamic Ccy Hdgd Intl Eq ETF | CURRNCY INT EQ | 97717X263 |  | 14243674 | 486963 | SH |  | SOLE |  | 0 | 0 | 486963 |
| WisdomTree EmMkts ex-Stt-Ownd EntrprsETF | EM EX ST-OWNED | 97717X578 |  | 650995 | 24400 | SH |  | SOLE |  | 0 | 0 | 24400 |
| WisdomTree International Hedged Quality Dividend G | ITL HDG QTLY DIV | 97717X594 |  | 656697 | 18431 | SH |  | SOLE |  | 0 | 0 | 18431 |
| Workday Inc | CL A | 98138H101 |  | 443926 | 2653 | SH |  | SOLE |  | 0 | 0 | 2653 |
| Zimmer Biomet Holdings INC | COM | 98956P102 |  | 2476879 | 19427 | SH |  | SOLE |  | 0 | 0 | 19427 |

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