Shelter Mutual Insurance Co Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	31,896 (+188.1%)	$21,847 (+194.9%)	4.9%	$601.66	—	COM	464287200
GOVT	ISHARES TR	137,620 (+10.5%)	$3,169 (+10.1%)	0.7%	$22.87	—	COM	46429B267
IXUS	ISHARES TR	50,780 (+4.6%)	$4,296 (+7.1%)	1.0%	$65.84	—	COM	46432F834
MBB	ISHARES TR	109,570 (+1.4%)	$10,433 (+1.4%)	2.3%	$95.59	—	COM	464288588
USIG	ISHARES TR	273,990 (+1.2%)	$14,182 (+0.3%)	3.2%	$54.03	—	COM	464288620
IWR	ISHARES TR	3,980 (+8.7%)	$383 (+8.4%)	0.1%	$92.32	—	COM	464287499
TLH	ISHARES TR	3,770 (+9.6%)	$383 (+8.2%)	0.1%	$108.96	—	COM	464288653
BN	BROOKFIELD CORP	84,196 (+50.0%)	$3,864 (+0.4%)	0.9%	$29.78	+52.9%	COM	11271J107

Decreased Positions (4)

WMT WALMART INC 3.0%

Value ($000) $13,567 (-20.5%) Shares 121,766 (-26.5%) Est. Cost $44.02 Unrealized +143.5%

CAT CATERPILLAR INC 2.6%

Value ($000) $11,876 (-19.1%) Shares 20,730 (-32.7%) Est. Cost $61.55 Unrealized +802.5%

AXP AMERICAN EXPRESS CO 2.4%

Value ($000) $10,631 (-19.8%) Shares 28,735 (-28.0%) Est. Cost $59.62 Unrealized +498.7%

ABBV ABBVIE INC 2.9%

Value ($000) $13,007 (-2.4%) Shares 56,925 (-1.1%) Est. Cost $26.55 Unrealized +757.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMT	WALMART INC	121,766 (-26.5%)	$13,567 (-20.5%)	3.0%	$44.02	+143.5%	COM	931142103
CAT	CATERPILLAR INC	20,730 (-32.7%)	$11,876 (-19.1%)	2.6%	$61.55	+802.5%	COM	149123101
AXP	AMERICAN EXPRESS CO	28,735 (-28.0%)	$10,631 (-19.8%)	2.4%	$59.62	+498.7%	COM	025816109
ABBV	ABBVIE INC	56,925 (-1.1%)	$13,007 (-2.4%)	2.9%	$26.55	+757.0%	COM	00287Y109

Unchanged Positions (46)

ORCL ORACLE CORP 3.6%

Value ($000) $16,121 Shares 82,710 Est. Cost $27.58 Unrealized +763.0%

VRTX VERTEX PHARMACEUTICALS INC 2.8%

Value ($000) $12,513 Shares 27,600 Est. Cost $219.65 Unrealized +96.2%

LIN LINDE PLC 2.5%

Value ($000) $11,274 Shares 26,440 Est. Cost $322.30 Unrealized +32.6%

VRSK VERISK ANALYTICS INC 2.0%

Value ($000) $8,880 Shares 39,700 Est. Cost $57.10 Unrealized +294.5%

VXUS VANGUARD STAR FDS 5.3%

Value ($000) $23,750 Shares 314,823 Est. Cost $49.17 Unrealized —

PG PROCTER AND GAMBLE CO 1.9%

Value ($000) $8,555 Shares 59,695 Est. Cost $55.00 Unrealized +167.6%

IBM INTERNATIONAL BUSINESS MACHS 2.5%

Value ($000) $11,401 Shares 38,491 Est. Cost $118.94 Unrealized +151.2%

ITW ILLINOIS TOOL WKS INC 2.0%

Value ($000) $8,827 Shares 35,840 Est. Cost $49.85 Unrealized +396.6%

XOM EXXON MOBIL CORP 1.7%

Value ($000) $7,841 Shares 65,160 Est. Cost $54.65 Unrealized +111.3%

BMY BRISTOL-MYERS SQUIBB CO 0.6%

Value ($000) $2,902 Shares 53,800 Est. Cost $49.41 Unrealized -3.8%

BHP BHP GROUP LTD 1.3%

Value ($000) $5,716 Shares 94,680 Est. Cost $47.95 Unrealized —

LOW LOWES COS INC 2.2%

Value ($000) $9,916 Shares 41,120 Est. Cost $32.16 Unrealized +645.8%

NEE NEXTERA ENERGY INC 1.5%

Value ($000) $6,625 Shares 82,520 Est. Cost $57.34 Unrealized +43.9%

TGT TARGET CORP 1.0%

Value ($000) $4,652 Shares 47,590 Est. Cost $47.95 Unrealized +91.1%

V VISA INC 3.2%

Value ($000) $14,242 Shares 40,610 Est. Cost $56.13 Unrealized +506.5%

GILD GILEAD SCIENCES INC 0.9%

Value ($000) $3,941 Shares 32,110 Est. Cost $58.49 Unrealized +106.7%

IEFA ISHARES TR 3.2%

Value ($000) $14,365 Shares 160,575 Est. Cost $74.84 Unrealized —

VTI VANGUARD INDEX FDS 3.3%

Value ($000) $14,702 Shares 43,850 Est. Cost $156.54 Unrealized —

MKL MARKEL GROUP INC 0.6%

Value ($000) $2,580 Shares 1,200 Est. Cost $1143.50 Unrealized +77.2%

QCOM QUALCOMM INC 1.9%

Value ($000) $8,738 Shares 51,085 Est. Cost $123.55 Unrealized +38.2%

SHEL SHELL PLC 1.9%

Value ($000) $8,358 Shares 113,750 Est. Cost $54.94 Unrealized —

JPM JPMORGAN CHASE & CO. 2.1%

Value ($000) $9,344 Shares 29,000 Est. Cost $98.14 Unrealized +215.4%

UNP UNION PAC CORP 1.8%

Value ($000) $8,217 Shares 35,523 Est. Cost $64.65 Unrealized +251.6%

DE DEERE & CO 2.1%

Value ($000) $9,458 Shares 20,315 Est. Cost $66.30 Unrealized +605.4%

PEP PEPSICO INC 1.6%

Value ($000) $7,322 Shares 51,020 Est. Cost $56.00 Unrealized +160.6%

HAS HASBRO INC 0.4%

Value ($000) $1,943 Shares 23,700 Est. Cost $58.06 Unrealized +34.4%

CME CME GROUP INC 2.8%

Value ($000) $12,540 Shares 45,920 Est. Cost $39.16 Unrealized +591.4%

OTIS OTIS WORLDWIDE CORP 0.6%

Value ($000) $2,725 Shares 31,200 Est. Cost $47.48 Unrealized +88.0%

LQD ISHARES TR 2.3%

Value ($000) $10,490 Shares 95,196 Est. Cost $108.19 Unrealized —

IEMG ISHARES INC 1.2%

Value ($000) $5,184 Shares 77,114 Est. Cost $66.73 Unrealized —

PFE PFIZER INC 0.8%

Value ($000) $3,631 Shares 145,820 Est. Cost $16.46 Unrealized +52.1%

BLV VANGUARD BD INDEX FDS 0.6%

Value ($000) $2,642 Shares 38,000 Est. Cost $98.13 Unrealized —

BKNG BOOKING HOLDINGS INC 1.3%

Value ($000) $5,891 Shares 1,100 Est. Cost $1497.60 Unrealized +243.1%

STZ CONSTELLATION BRANDS INC 0.3%

Value ($000) $1,421 Shares 10,300 Est. Cost $151.89 Unrealized -9.9%

BND VANGUARD BD INDEX FDS 1.3%

Value ($000) $5,673 Shares 76,583 Est. Cost $72.68 Unrealized —

AGG ISHARES TR 1.3%

Value ($000) $5,759 Shares 57,660 Est. Cost $97.95 Unrealized —

IGIB ISHARES TR 1.2%

Value ($000) $5,237 Shares 97,200 Est. Cost $50.52 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 5.7%

Value ($000) $25,663 Shares 34 Est. Cost $214536.25 Unrealized +247.9%

BAB INVESCO EXCH TRADED FD TR II 1.2%

Value ($000) $5,402 Shares 198,589 Est. Cost $26.49 Unrealized —

VCIT VANGUARD SCOTTSDALE FDS 0.2%

Value ($000) $914 Shares 10,917 Est. Cost $79.01 Unrealized —

QLTA ISHARES TR 0.1%

Value ($000) $481 Shares 10,000 Est. Cost $47.21 Unrealized —

SPAB SPDR SERIES TRUST 0.2%

Value ($000) $847 Shares 32,900 Est. Cost $25.37 Unrealized —

BBAG J P MORGAN EXCHANGE TRADED F 0.1%

Value ($000) $483 Shares 10,400 Est. Cost $46.18 Unrealized —

VCSH VANGUARD SCOTTSDALE FDS 0.2%

Value ($000) $938 Shares 11,762 Est. Cost $75.67 Unrealized —

BIV VANGUARD BD INDEX FDS 0.2%

Value ($000) $849 Shares 10,900 Est. Cost $75.23 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.4%

Value ($000) $1,746 Shares 3,474 Est. Cost $166.27 Unrealized +199.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	82,710	$16,121	3.6%	$27.58	+763.0%	COM	68389X105
VRTX	VERTEX PHARMACEUTICALS INC	27,600	$12,513	2.8%	$219.65	+96.2%	COM	92532F100
LIN	LINDE PLC	26,440	$11,274	2.5%	$322.30	+32.6%	COM	G54950103
VRSK	VERISK ANALYTICS INC	39,700	$8,880	2.0%	$57.10	+294.5%	COM	92345Y106
VXUS	VANGUARD STAR FDS	314,823	$23,750	5.3%	$49.17	—	COM	921909768
PG	PROCTER AND GAMBLE CO	59,695	$8,555	1.9%	$55.00	+167.6%	COM	742718109
IBM	INTERNATIONAL BUSINESS MACHS	38,491	$11,401	2.5%	$118.94	+151.2%	COM	459200101
ITW	ILLINOIS TOOL WKS INC	35,840	$8,827	2.0%	$49.85	+396.6%	COM	452308109
XOM	EXXON MOBIL CORP	65,160	$7,841	1.7%	$54.65	+111.3%	COM	30231G102
BMY	BRISTOL-MYERS SQUIBB CO	53,800	$2,902	0.6%	$49.41	-3.8%	COM	110122108
BHP	BHP GROUP LTD	94,680	$5,716	1.3%	$47.95	—	COM	088606108
LOW	LOWES COS INC	41,120	$9,916	2.2%	$32.16	+645.8%	COM	548661107
NEE	NEXTERA ENERGY INC	82,520	$6,625	1.5%	$57.34	+43.9%	COM	65339F101
TGT	TARGET CORP	47,590	$4,652	1.0%	$47.95	+91.1%	COM	87612E106
V	VISA INC	40,610	$14,242	3.2%	$56.13	+506.5%	COM	92826C839
GILD	GILEAD SCIENCES INC	32,110	$3,941	0.9%	$58.49	+106.7%	COM	375558103
IEFA	ISHARES TR	160,575	$14,365	3.2%	$74.84	—	COM	46432F842
VTI	VANGUARD INDEX FDS	43,850	$14,702	3.3%	$156.54	—	COM	922908769
MKL	MARKEL GROUP INC	1,200	$2,580	0.6%	$1143.50	+77.2%	COM	570535104
QCOM	QUALCOMM INC	51,085	$8,738	1.9%	$123.55	+38.2%	COM	747525103
SHEL	SHELL PLC	113,750	$8,358	1.9%	$54.94	—	COM	780259305
JPM	JPMORGAN CHASE & CO.	29,000	$9,344	2.1%	$98.14	+215.4%	COM	46625H100
UNP	UNION PAC CORP	35,523	$8,217	1.8%	$64.65	+251.6%	COM	907818108
DE	DEERE & CO	20,315	$9,458	2.1%	$66.30	+605.4%	COM	244199105
PEP	PEPSICO INC	51,020	$7,322	1.6%	$56.00	+160.6%	COM	713448108
HAS	HASBRO INC	23,700	$1,943	0.4%	$58.06	+34.4%	COM	418056107
CME	CME GROUP INC	45,920	$12,540	2.8%	$39.16	+591.4%	COM	12572Q105
OTIS	OTIS WORLDWIDE CORP	31,200	$2,725	0.6%	$47.48	+88.0%	COM	68902V107
LQD	ISHARES TR	95,196	$10,490	2.3%	$108.19	—	COM	464287242
IEMG	ISHARES INC	77,114	$5,184	1.2%	$66.73	—	COM	46434G103
PFE	PFIZER INC	145,820	$3,631	0.8%	$16.46	+52.1%	COM	717081103
BLV	VANGUARD BD INDEX FDS	38,000	$2,642	0.6%	$98.13	—	COM	921937793
BKNG	BOOKING HOLDINGS INC	1,100	$5,891	1.3%	$1497.60	+243.1%	COM	09857L108
STZ	CONSTELLATION BRANDS INC	10,300	$1,421	0.3%	$151.89	-9.9%	COM	21036P108
BND	VANGUARD BD INDEX FDS	76,583	$5,673	1.3%	$72.68	—	COM	921937835
AGG	ISHARES TR	57,660	$5,759	1.3%	$97.95	—	COM	464287226
IGIB	ISHARES TR	97,200	$5,237	1.2%	$50.52	—	COM	464288638
BRK/A	BERKSHIRE HATHAWAY INC DEL	34	$25,663	5.7%	$214536.25	+247.9%	COM	084670108
BAB	INVESCO EXCH TRADED FD TR II	198,589	$5,402	1.2%	$26.49	—	COM	46138G805
VCIT	VANGUARD SCOTTSDALE FDS	10,917	$914	0.2%	$79.01	—	COM	92206C870
QLTA	ISHARES TR	10,000	$481	0.1%	$47.21	—	COM	46429B291
SPAB	SPDR SERIES TRUST	32,900	$847	0.2%	$25.37	—	COM	78464A649
BBAG	J P MORGAN EXCHANGE TRADED F	10,400	$483	0.1%	$46.18	—	COM	46641Q241
VCSH	VANGUARD SCOTTSDALE FDS	11,762	$938	0.2%	$75.67	—	COM	92206C409
BIV	VANGUARD BD INDEX FDS	10,900	$849	0.2%	$75.23	—	COM	921937819
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,474	$1,746	0.4%	$166.27	+199.2%	COM	084670702