HUTNER CAPITAL MANAGEMENT INC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	Johnson & Johnson	45,214 (+2.4%)	$9,357 (+14.3%)	3.9%	$104.67	+88.2%	COM	478160104
V	Visa Inc	6,923 (+37.9%)	$2,428 (+41.7%)	1.0%	$340.92	-0.2%	COM	92826C839
PEP	PepsiCo Inc	65,214 (+4.4%)	$9,360 (+6.7%)	3.9%	$99.88	+46.1%	COM	713448108
—	Chubb Limited	11,278 (+7.7%)	$3,520 (+19.1%)	1.5%	$287.01	—	COM	h1467j104
ADI	Analog Devices Inc	11,741 (+4.1%)	$3,184 (+14.9%)	1.3%	$170.01	+47.4%	COM	032654105
ORLY	O'Reilly Automotive Inc	29,395 (+2.8%)	$2,681 (-13.0%)	1.1%	$88.26	+10.7%	COM	67103H107
YUM	Yum Brands Inc	9,801 (+27.2%)	$1,483 (+26.6%)	0.6%	$116.01	+27.3%	COM	988498101
ABT	Abbott Labs	43,996 (+1.9%)	$5,512 (-4.7%)	2.3%	$47.35	+168.9%	COM	002824100
QSR	Restaurant Brands Internationa	17,788 (+12.7%)	$1,214 (+19.9%)	0.5%	$66.97	+2.9%	COM	76131D103
ENB	Enbridge Inc	159,798 (+3.3%)	$7,643 (-2.1%)	3.2%	$29.56	+59.4%	COM	29250N105
NVS	Novartis International AG ADR	6,832 (+6.2%)	$942 (+14.2%)	0.4%	$106.77	—	ADR	66987V109
HSY	Hershey Company	9,284 (+9.0%)	$1,689 (+6.0%)	0.7%	$124.57	+46.2%	COM	427866108
SHW	Sherwin-Williams Co.	3,605 (+15.9%)	$1,168 (+8.4%)	0.5%	$281.76	+18.6%	COM	824348106
O	Realty Income Corp	51,541 (+6.9%)	$2,905 (-0.9%)	1.2%	$45.65	+25.6%	COM	756109104
PGR	Progressive Corp	6,039 (+9.0%)	$1,375 (+0.5%)	0.6%	$245.94	-13.7%	COM	743315103

Exited Positions (1)

MDLZ Mondelez International Inc 0.1%

Value ($000) $212 Shares 3,398 Est. Cost $35.22 Unrealized +62.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDLZ	Mondelez International Inc	3,398	$212	0.1%	$35.22	+62.0%	—	609207105

Decreased Positions (6)

AXP American Express Company 3.2%

Value ($000) $7,550 (+10.0%) Shares 20,409 (-1.2%) Est. Cost $56.58 Unrealized +530.9%

OKE Oneok, Inc 0.2%

Value ($000) $512 (-56.3%) Shares 6,962 (-56.6%) Est. Cost $60.95 Unrealized +15.6%

WMT Walmart Inc 2.7%

Value ($000) $6,482 (+5.1%) Shares 58,185 (-2.8%) Est. Cost $44.53 Unrealized +140.7%

UPS United Parcel Svc Inc Cl B 0.2%

Value ($000) $431 (+17.5%) Shares 4,340 (-1.1%) Est. Cost $87.87 Unrealized +5.6%

WEC WEC Energy Group Inc 0.2%

Value ($000) $565 (-9.2%) Shares 5,356 (-1.3%) Est. Cost $55.90 Unrealized +97.2%

AMT American Tower Systems Corp Cl 0.1%

Value ($000) $258 (-11.2%) Shares 1,468 (-2.8%) Est. Cost $214.08 Unrealized -15.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXP	American Express Company	20,409 (-1.2%)	$7,550 (+10.0%)	3.2%	$56.58	+530.9%	COM	025816109
OKE	Oneok, Inc	6,962 (-56.6%)	$512 (-56.3%)	0.2%	$60.95	+15.6%	COM	682680103
WMT	Walmart Inc	58,185 (-2.8%)	$6,482 (+5.1%)	2.7%	$44.53	+140.7%	COM	931142103
UPS	United Parcel Svc Inc Cl B	4,340 (-1.1%)	$431 (+17.5%)	0.2%	$87.87	+5.6%	COM	911312106
WEC	WEC Energy Group Inc	5,356 (-1.3%)	$565 (-9.2%)	0.2%	$55.90	+97.2%	COM	92939U106
AMT	American Tower Systems Corp Cl	1,468 (-2.8%)	$258 (-11.2%)	0.1%	$214.08	-15.8%	COM	03027X100

Unchanged Positions (22)

GOOG Alphabet Inc Class C 5.2%

Value ($000) $12,444 Shares 39,654 Est. Cost $150.16 Unrealized +90.7%

MO Altria Group Inc 2.7%

Value ($000) $6,546 Shares 113,534 Est. Cost $36.99 Unrealized +60.5%

COST Costco Whsl Corp 5.1%

Value ($000) $12,153 Shares 14,094 Est. Cost $136.95 Unrealized +561.3%

FNV Franco-Nevada Corp 4.1%

Value ($000) $9,791 Shares 47,233 Est. Cost $119.70 Unrealized +69.4%

PG Procter & Gamble Co 3.2%

Value ($000) $7,712 Shares 53,814 Est. Cost $79.96 Unrealized +84.0%

KO Coca-Cola Company 4.5%

Value ($000) $10,763 Shares 153,961 Est. Cost $38.48 Unrealized +80.3%

GPC Genuine Parts Co 1.3%

Value ($000) $3,077 Shares 25,028 Est. Cost $83.57 Unrealized +54.0%

AAPL Apple Inc 2.5%

Value ($000) $6,004 Shares 22,085 Est. Cost $147.71 Unrealized +81.7%

VRSK Verisk Analytics 1.0%

Value ($000) $2,505 Shares 11,200 Est. Cost $79.08 Unrealized +184.9%

PM Philip Morris International In 4.9%

Value ($000) $11,806 Shares 73,603 Est. Cost $68.52 Unrealized +124.1%

ABBV AbbVie Inc 4.0%

Value ($000) $9,567 Shares 41,872 Est. Cost $78.23 Unrealized +190.8%

EXPD Expeditors International 0.4%

Value ($000) $967 Shares 6,492 Est. Cost $66.54 Unrealized +103.8%

DEO Diageo PLC Sponsored ADR 0.6%

Value ($000) $1,433 Shares 16,606 Est. Cost $118.45 Unrealized —

MCD McDonald's Corp 4.5%

Value ($000) $10,683 Shares 34,955 Est. Cost $119.00 Unrealized +156.4%

BRK/B Berkshire Hathaway Inc Cl B 8.8%

Value ($000) $21,071 Shares 41,919 Est. Cost $248.50 Unrealized +100.2%

WFC Wells Fargo & Co 0.6%

Value ($000) $1,406 Shares 15,087 Est. Cost $36.86 Unrealized +135.0%

NSC Norfolk Southern Corp 0.9%

Value ($000) $2,152 Shares 7,454 Est. Cost $78.12 Unrealized +269.5%

EPD Enterprise Prods Partners LP 1.8%

Value ($000) $4,394 Shares 137,053 Est. Cost $28.93 Unrealized —

UNP Union Pacific Corp 1.2%

Value ($000) $2,840 Shares 12,276 Est. Cost $142.98 Unrealized +59.0%

— Zoetis Inc Cl A 0.1%

Value ($000) $343 Shares 2,729 Est. Cost $159.59 Unrealized —

MCO Moody's Corp 0.2%

Value ($000) $483 Shares 945 Est. Cost $179.45 Unrealized +171.6%

BRK/A Berkshire Hathaway Inc Cl A 12.9%

Value ($000) $30,947 Shares 41 Est. Cost $219349.66 Unrealized +240.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc Class C	39,654	$12,444	5.2%	$150.16	+90.7%	COM	02079K107
MO	Altria Group Inc	113,534	$6,546	2.7%	$36.99	+60.5%	COM	02209S103
COST	Costco Whsl Corp	14,094	$12,153	5.1%	$136.95	+561.3%	COM	22160K105
FNV	Franco-Nevada Corp	47,233	$9,791	4.1%	$119.70	+69.4%	COM	351858105
PG	Procter & Gamble Co	53,814	$7,712	3.2%	$79.96	+84.0%	COM	742718109
KO	Coca-Cola Company	153,961	$10,763	4.5%	$38.48	+80.3%	COM	191216100
GPC	Genuine Parts Co	25,028	$3,077	1.3%	$83.57	+54.0%	COM	372460105
AAPL	Apple Inc	22,085	$6,004	2.5%	$147.71	+81.7%	COM	037833100
VRSK	Verisk Analytics	11,200	$2,505	1.0%	$79.08	+184.9%	COM	92345Y106
PM	Philip Morris International In	73,603	$11,806	4.9%	$68.52	+124.1%	COM	718172109
ABBV	AbbVie Inc	41,872	$9,567	4.0%	$78.23	+190.8%	COM	00287Y109
EXPD	Expeditors International	6,492	$967	0.4%	$66.54	+103.8%	COM	302130109
DEO	Diageo PLC Sponsored ADR	16,606	$1,433	0.6%	$118.45	—	ADR	25243Q205
MCD	McDonald's Corp	34,955	$10,683	4.5%	$119.00	+156.4%	COM	580135101
BRK/B	Berkshire Hathaway Inc Cl B	41,919	$21,071	8.8%	$248.50	+100.2%	COM	084670702
WFC	Wells Fargo & Co	15,087	$1,406	0.6%	$36.86	+135.0%	COM	949746101
NSC	Norfolk Southern Corp	7,454	$2,152	0.9%	$78.12	+269.5%	COM	655844108
EPD	Enterprise Prods Partners LP	137,053	$4,394	1.8%	$28.93	—	COM	293792107
UNP	Union Pacific Corp	12,276	$2,840	1.2%	$142.98	+59.0%	COM	907818108
—	Zoetis Inc Cl A	2,729	$343	0.1%	$159.59	—	COM	98978v103
MCO	Moody's Corp	945	$483	0.2%	$179.45	+171.6%	COM	615369105
BRK/A	Berkshire Hathaway Inc Cl A	41	$30,947	12.9%	$219349.66	+240.3%	COM	084670108