Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PEP	PepsiCo Inc	66,492 (+2.0%)	$10.33M (+10.3%)	4.2%	$100.94	+53.3%	COM	713448108
—	Chubb Limited	11,839 (+5.0%)	$3.859M (+9.6%)	1.6%	$288.85	—	COM	h1467j104
O	Realty Income Corp	52,954 (+2.7%)	$3.24M (+11.5%)	1.3%	$45.96	+24.7%	COM	756109104
VRSK	Verisk Analytics	11,758 (+5.0%)	$2.231M (-10.9%)	0.9%	$84.99	+139.7%	COM	92345Y106
UNP	Union Pacific Corp	12,515 (+1.9%)	$3.036M (+6.9%)	1.2%	$144.90	+67.9%	COM	907818108
V	Visa Inc	7,523 (+8.7%)	$2.274M (-6.3%)	0.9%	$339.98	-3.2%	COM	92826C839
YUM	Yum Brands Inc	10,317 (+5.3%)	$1.604M (+8.2%)	0.7%	$118.08	+33.3%	COM	988498101
QSR	Restaurant Brands Internationa	17,997 (+1.2%)	$1.33M (+9.6%)	0.5%	$66.98	+2.1%	COM	76131D103
SHW	Sherwin-Williams Co.	3,731 (+3.5%)	$1.196M (+2.4%)	0.5%	$284.24	+25.0%	COM	824348106

Decreased Positions (6)

ABBV AbbVie Inc 3.6%

Value $8.701M (-9.1%) Shares 40,006 (-4.5%) Est. Cost $78.23 Unrealized +184.5%

DEO Diageo PLC Sponsored ADR 0.3%

Value $703K (-50.9%) Shares 9,444 (-43.1%) Est. Cost $118.45 Unrealized —

GPC Genuine Parts Co 1.0%

Value $2.501M (-18.7%) Shares 23,653 (-5.5%) Est. Cost $83.57 Unrealized +59.8%

UPS United Parcel Svc Inc Cl B 0.1%

Value $240K (-44.2%) Shares 2,444 (-43.7%) Est. Cost $87.87 Unrealized +25.0%

PM Philip Morris International In 4.9%

Value $11.92M (+1.0%) Shares 72,083 (-2.1%) Est. Cost $68.52 Unrealized +156.7%

AMT American Tower Systems Corp Cl 0.1%

Value $214K (-17.2%) Shares 1,237 (-15.7%) Est. Cost $214.08 Unrealized -18.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABBV	AbbVie Inc	40,006 (-4.5%)	$8.701M (-9.1%)	3.6%	$78.23	+184.5%	COM	00287Y109
DEO	Diageo PLC Sponsored ADR	9,444 (-43.1%)	$703K (-50.9%)	0.3%	$118.45	—	ADR	25243Q205
GPC	Genuine Parts Co	23,653 (-5.5%)	$2.501M (-18.7%)	1.0%	$83.57	+59.8%	COM	372460105
UPS	United Parcel Svc Inc Cl B	2,444 (-43.7%)	$240K (-44.2%)	0.1%	$87.87	+25.0%	COM	911312106
PM	Philip Morris International In	72,083 (-2.1%)	$11.92M (+1.0%)	4.9%	$68.52	+156.7%	COM	718172109
AMT	American Tower Systems Corp Cl	1,237 (-15.7%)	$214K (-17.2%)	0.1%	$214.08	-18.3%	COM	03027X100

Unchanged Positions (29)

COST Costco Whsl Corp 5.8%

Value $14.03M Shares 14,085 Est. Cost $136.95 Unrealized +603.7%

FNV Franco-Nevada Corp 4.8%

Value $11.67M Shares 47,226 Est. Cost $119.70 Unrealized +105.3%

JNJ Johnson & Johnson 4.5%

Value $11.02M Shares 45,062 Est. Cost $104.67 Unrealized +117.7%

BRK/A Berkshire Hathaway Inc Cl A 12.1%

Value $29.44M Shares 41 Est. Cost $219349.66 Unrealized +237.5%

AXP American Express Company 2.6%

Value $6.23M Shares 20,596 Est. Cost $56.58 Unrealized +529.5%

ENB Enbridge Inc 3.6%

Value $8.698M Shares 160,656 Est. Cost $29.56 Unrealized +64.3%

GOOG Alphabet Inc Class C 4.7%

Value $11.44M Shares 39,872 Est. Cost $150.16 Unrealized +115.5%

ABT Abbott Labs 1.9%

Value $4.52M Shares 44,022 Est. Cost $47.35 Unrealized +143.8%

BRK/B Berkshire Hathaway Inc Cl B 8.3%

Value $20.11M Shares 41,962 Est. Cost $248.50 Unrealized +98.6%

MO Altria Group Inc 3.1%

Value $7.479M Shares 113,334 Est. Cost $36.99 Unrealized +70.4%

KO Coca-Cola Company 4.8%

Value $11.69M Shares 153,656 Est. Cost $38.48 Unrealized +94.3%

EPD Enterprise Prods Partners LP 2.1%

Value $5.186M Shares 137,053 Est. Cost $28.93 Unrealized —

WMT Walmart Inc 3.0%

Value $7.21M Shares 58,016 Est. Cost $44.53 Unrealized +174.1%

ADI Analog Devices Inc 1.5%

Value $3.732M Shares 11,731 Est. Cost $170.01 Unrealized +86.0%

AAPL Apple Inc 2.3%

Value $5.601M Shares 22,071 Est. Cost $147.71 Unrealized +77.9%

HSY Hershey Company 0.8%

Value $1.931M Shares 9,287 Est. Cost $124.57 Unrealized +64.4%

MCD McDonald's Corp 4.5%

Value $10.91M Shares 35,104 Est. Cost $119.00 Unrealized +166.6%

WFC Wells Fargo & Co 0.5%

Value $1.193M Shares 14,987 Est. Cost $36.86 Unrealized +144.3%

PGR Progressive Corp 0.5%

Value $1.198M Shares 6,043 Est. Cost $245.94 Unrealized -16.0%

OKE Oneok, Inc 0.3%

Value $629K Shares 6,962 Est. Cost $60.95 Unrealized +28.9%

NVS Novartis International AG ADR 0.4%

Value $1.044M Shares 6,834 Est. Cost $106.77 Unrealized —

MCO Moody's Corp 0.2%

Value $412K Shares 945 Est. Cost $179.45 Unrealized +172.8%

WEC WEC Energy Group Inc 0.3%

Value $618K Shares 5,336 Est. Cost $55.90 Unrealized +96.6%

ORLY O'Reilly Automotive Inc 1.1%

Value $2.72M Shares 29,464 Est. Cost $88.26 Unrealized +7.6%

EXPD Expeditors International 0.4%

Value $929K Shares 6,485 Est. Cost $66.54 Unrealized +135.7%

— Zoetis Inc Cl A 0.1%

Value $323K Shares 2,729 Est. Cost $159.59 Unrealized —

GOOGL Alphabet Inc Class A 0.1%

Value $228K Shares 794 Est. Cost $285.60 Unrealized +13.2%

NSC Norfolk Southern Corp 0.9%

Value $2.139M Shares 7,454 Est. Cost $78.12 Unrealized +281.7%

PG Procter & Gamble Co 3.2%

Value $7.724M Shares 53,474 Est. Cost $79.96 Unrealized +89.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COST	Costco Whsl Corp	14,085	$14.03M	5.8%	$136.95	+603.7%	COM	22160K105
FNV	Franco-Nevada Corp	47,226	$11.67M	4.8%	$119.70	+105.3%	COM	351858105
JNJ	Johnson & Johnson	45,062	$11.02M	4.5%	$104.67	+117.7%	COM	478160104
BRK/A	Berkshire Hathaway Inc Cl A	41	$29.44M	12.1%	$219349.66	+237.5%	COM	084670108
AXP	American Express Company	20,596	$6.23M	2.6%	$56.58	+529.5%	COM	025816109
ENB	Enbridge Inc	160,656	$8.698M	3.6%	$29.56	+64.3%	COM	29250N105
GOOG	Alphabet Inc Class C	39,872	$11.44M	4.7%	$150.16	+115.5%	COM	02079K107
ABT	Abbott Labs	44,022	$4.52M	1.9%	$47.35	+143.8%	COM	002824100
BRK/B	Berkshire Hathaway Inc Cl B	41,962	$20.11M	8.3%	$248.50	+98.6%	COM	084670702
MO	Altria Group Inc	113,334	$7.479M	3.1%	$36.99	+70.4%	COM	02209S103
KO	Coca-Cola Company	153,656	$11.69M	4.8%	$38.48	+94.3%	COM	191216100
EPD	Enterprise Prods Partners LP	137,053	$5.186M	2.1%	$28.93	—	COM	293792107
WMT	Walmart Inc	58,016	$7.21M	3.0%	$44.53	+174.1%	COM	931142103
ADI	Analog Devices Inc	11,731	$3.732M	1.5%	$170.01	+86.0%	COM	032654105
AAPL	Apple Inc	22,071	$5.601M	2.3%	$147.71	+77.9%	COM	037833100
HSY	Hershey Company	9,287	$1.931M	0.8%	$124.57	+64.4%	COM	427866108
MCD	McDonald's Corp	35,104	$10.91M	4.5%	$119.00	+166.6%	COM	580135101
WFC	Wells Fargo & Co	14,987	$1.193M	0.5%	$36.86	+144.3%	COM	949746101
PGR	Progressive Corp	6,043	$1.198M	0.5%	$245.94	-16.0%	COM	743315103
OKE	Oneok, Inc	6,962	$629K	0.3%	$60.95	+28.9%	COM	682680103
NVS	Novartis International AG ADR	6,834	$1.044M	0.4%	$106.77	—	ADR	66987V109
MCO	Moody's Corp	945	$412K	0.2%	$179.45	+172.8%	COM	615369105
WEC	WEC Energy Group Inc	5,336	$618K	0.3%	$55.90	+96.6%	COM	92939U106
ORLY	O'Reilly Automotive Inc	29,464	$2.72M	1.1%	$88.26	+7.6%	COM	67103H107
EXPD	Expeditors International	6,485	$929K	0.4%	$66.54	+135.7%	COM	302130109
—	Zoetis Inc Cl A	2,729	$323K	0.1%	$159.59	—	COM	98978v103
GOOGL	Alphabet Inc Class A	794	$228K	0.1%	$285.60	+13.2%	COM	02079K305
NSC	Norfolk Southern Corp	7,454	$2.139M	0.9%	$78.12	+281.7%	COM	655844108
PG	Procter & Gamble Co	53,474	$7.724M	3.2%	$79.96	+89.8%	COM	742718109