HUTNER CAPITAL MANAGEMENT INC Activity Q3 2016-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc Cl B	$11,724,260	-1.8%	33,469	-4.4%	7.19%	+3.0%
COST	Sell	Costco Whsl Corp	$9,260,891	+4.0%	16,392	-0.8%	5.68%	+9.1%
PEP	Sell	PepsiCo Inc	$8,108,314	-9.2%	47,854	-0.7%	4.97%	-4.7%
MCD	Sell	McDonald's Corp	$8,044,221	-12.7%	30,535	-1.2%	4.93%	-8.5%
PG	Sell	Procter & Gamble Co	$7,598,372	-6.3%	52,094	-2.5%	4.66%	-1.7%
KO	Sell	Coca-Cola Company	$7,524,888	-8.5%	134,421	-1.6%	4.62%	-4.0%
JNJ	Sell	Johnson & Johnson	$6,986,152	-7.0%	44,855	-1.2%	4.28%	-2.5%
PM	Sell	Philip Morris International In	$6,728,339	-6.0%	72,676	-0.9%	4.13%	-1.4%
ABBV	Sell	AbbVie Inc	$5,946,073	+9.6%	39,890	-1.0%	3.65%	+14.9%
FNV	Buy	Franco-Nevada Corp	$4,530,382	-5.2%	33,938	+1.3%	2.78%	-0.5%
MO	Sell	Altria Group Inc	$4,295,186	-8.8%	102,145	-1.7%	2.63%	-4.3%
ABT	Sell	Abbott Labs	$4,199,005	-12.1%	43,356	-1.0%	2.58%	-7.8%
DEO	Sell	Diageo PLC Sponsored ADRadr	$3,744,056	-15.2%	25,098	-1.4%	2.30%	-11.0%
ENB	Sell	Enbridge Inc	$3,710,516	-10.7%	111,796	-0.0%	2.28%	-6.3%
WMT	Sell	Walmart Inc	$3,655,408	+0.7%	22,856	-1.0%	2.24%	+5.7%
AXP	Sell	American Express Company	$3,433,022	-15.7%	23,011	-1.5%	2.10%	-11.5%
GPC	Sell	Genuine Parts Co	$3,430,201	-14.9%	23,758	-0.2%	2.10%	-10.7%
UNP	Sell	Union Pacific Corp	$2,750,016	-1.9%	13,505	-1.4%	1.69%	+2.9%
EPD	Sell	Enterprise Prods Partners LP	$2,491,820	+3.8%	91,042	-0.1%	1.53%	+8.8%
ADI	Buy	Analog Devices Inc	$2,246,264	-9.8%	12,829	+0.4%	1.38%	-5.3%
QSR	Buy	Restaurant Brands Internationa	$1,916,932	-13.8%	28,774	+0.3%	1.18%	-9.5%
HSY	Buy	Hershey Company	$1,699,790	-18.2%	8,496	+2.2%	1.04%	-14.2%
O	Sell	Realty Income Corp	$1,675,244	-16.5%	33,545	-0.1%	1.03%	-12.4%
GOOG	Buy	Alphabet Inc Class C	$1,512,445	+62.2%	11,471	+48.8%	0.93%	+70.3%
ORLY	Buy	O'Reilly Automotive Inc	$1,507,018	-2.4%	1,658	+2.6%	0.92%	+2.4%
UPS	Sell	United Parcel Svc Inc Cl B	$1,387,052	-13.9%	8,899	-1.0%	0.85%	-9.7%
AMT	Sell	American Tower Systems Corp Cl	$869,680	-18.3%	5,288	-3.6%	0.53%	-14.3%
KHC	Sell	Kraft Heinz Co	$826,880	-14.4%	24,580	-9.7%	0.51%	-10.3%
OKE	New	Oneok, Inc	$736,486	–	11,611	–	0.45%	–
CVX	New	Chevron Corp	$736,532	–	4,368	–	0.45%	–
WFC	Buy	Wells Fargo & Co	$669,522	-4.3%	16,386	+0.0%	0.41%	+0.5%
YUM	Buy	Yum Brands Inc	$634,333	-8.0%	5,077	+2.1%	0.39%	-3.5%
WEC	Buy	WEC Energy Group Inc	$377,860	+5.7%	4,691	+15.8%	0.23%	+11.0%
MDLZ	Sell	Mondelez International Inc	$284,887	-6.2%	4,105	-1.4%	0.18%	-1.7%
ATVI	Sell	Activision Blizzard Inc	$238,756	-33.7%	2,550	-40.3%	0.15%	-30.5%
NVS	Sell	Novartis International AG ADRadr	$226,083	-1.7%	2,220	-2.6%	0.14%	+3.7%
MMP	Exit	Magellan Midstream Partners LP	$0	–	-17,411	–	-0.63%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$26,926,120	–	52	–	15.74%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$11,939,111	–	35,012	–	6.98%	–
MCD	New	McDonald's Corp	$9,219,249	–	30,895	–	5.39%	–
PEP	New	PepsiCo Inc	$8,925,356	–	48,188	–	5.22%	–
COST	New	Costco Whsl Corp	$8,900,548	–	16,532	–	5.20%	–
KO	New	Coca-Cola Company	$8,223,698	–	136,561	–	4.81%	–
PG	New	Procter & Gamble Co	$8,108,282	–	53,435	–	4.74%	–
JNJ	New	Johnson & Johnson	$7,513,486	–	45,393	–	4.39%	–
PM	New	Philip Morris International In	$7,157,800	–	73,323	–	4.18%	–
ABBV	New	AbbVie Inc	$5,427,446	–	40,284	–	3.17%	–
FNV	New	Franco-Nevada Corp	$4,778,317	–	33,509	–	2.79%	–
ABT	New	Abbott Labs	$4,776,777	–	43,816	–	2.79%	–
MO	New	Altria Group Inc	$4,708,724	–	103,945	–	2.75%	–
DEO	New	Diageo PLC Sponsored ADRadr	$4,414,993	–	25,450	–	2.58%	–
ENB	New	Enbridge Inc	$4,153,324	–	111,799	–	2.43%	–
AXP	New	American Express Company	$4,070,329	–	23,366	–	2.38%	–
GPC	New	Genuine Parts Co	$4,030,445	–	23,816	–	2.36%	–
WMT	New	Walmart Inc	$3,628,824	–	23,087	–	2.12%	–
AAPL	New	Apple Inc	$3,264,365	–	16,829	–	1.91%	–
VRSK	New	Verisk Analytics	$3,028,802	–	13,400	–	1.77%	–
UNP	New	Union Pacific Corp	$2,802,398	–	13,696	–	1.64%	–
ADI	New	Analog Devices Inc	$2,489,444	–	12,779	–	1.46%	–
EPD	New	Enterprise Prods Partners LP	$2,401,196	–	91,127	–	1.40%	–
QSR	New	Restaurant Brands Internationa	$2,223,429	–	28,682	–	1.30%	–
HSY	New	Hershey Company	$2,076,714	–	8,317	–	1.21%	–
O	New	Realty Income Corp	$2,007,107	–	33,569	–	1.17%	–
NSC	New	Norfolk Southern Corp	$1,723,366	–	7,600	–	1.01%	–
UPS	New	United Parcel Svc Inc Cl B	$1,610,679	–	8,986	–	0.94%	–
ORLY	New	O'Reilly Automotive Inc	$1,543,478	–	1,616	–	0.90%	–
MMP	New	Magellan Midstream Partners LP	$1,085,054	–	17,411	–	0.63%	–
AMT	New	American Tower Systems Corp Cl	$1,064,211	–	5,487	–	0.62%	–
KHC	New	Kraft Heinz Co	$966,357	–	27,221	–	0.56%	–
EXPD	New	Expeditors International	$958,276	–	7,911	–	0.56%	–
GOOG	New	Alphabet Inc Class C	$932,597	–	7,709	–	0.54%	–
WFC	New	Wells Fargo & Co	$699,313	–	16,385	–	0.41%	–
YUM	New	Yum Brands Inc	$689,247	–	4,975	–	0.40%	–
SHW	New	Sherwin-Williams Co.	$547,597	–	2,062	–	0.32%	–
ATVI	New	Activision Blizzard Inc	$359,961	–	4,270	–	0.21%	–
WEC	New	WEC Energy Group Inc	$357,460	–	4,051	–	0.21%	–
MCO	New	Moody's Corp	$342,156	–	984	–	0.20%	–
MDLZ	New	Mondelez International Inc	$303,795	–	4,165	–	0.18%	–
VZ	New	Verizon Communications Inc	$248,494	–	6,682	–	0.14%	–
NVS	New	Novartis International AG ADRadr	$230,029	–	2,280	–	0.13%	–
UNH	New	UnitedHealth Group Inc	$207,636	–	432	–	0.12%	–

Q4 2022

			Value		Shares		↓ Weighting
NVS	Exit	Novartis International AG ADRadr	$0	–	-2,766	–	-0.15%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-432	–	-0.15%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-4,165	–	-0.16%	–
MCO	Exit	Moody's Corp	$0	–	-1,005	–	-0.17%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-3,807	–	-0.24%	–
SHW	Exit	Sherwin-Williams Co.	$0	–	-1,928	–	-0.28%	–
ATVI	Exit	Activision Blizzard Inc	$0	–	-6,570	–	-0.34%	–
VZ	Exit	Verizon Communications Inc	$0	–	-13,296	–	-0.35%	–
YUM	Exit	Yum Brands Inc	$0	–	-4,940	–	-0.37%	–
WFC	Exit	Wells Fargo & Co	$0	–	-16,434	–	-0.46%	–
EXPD	Exit	Expeditors International	$0	–	-8,085	–	-0.50%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-15,851	–	-0.53%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-8,758	–	-0.59%	–
KHC	Exit	Kraft Heinz Co	$0	–	-28,207	–	-0.66%	–
ADI	Exit	Analog Devices Inc	$0	–	-6,928	–	-0.68%	–
ORLY	Exit	O'Reilly Automotive Inc	$0	–	-1,397	–	-0.69%	–
AMT	Exit	American Tower Systems Corp Cl	$0	–	-5,162	–	-0.78%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-21,025	–	-0.78%	–
AAPL	Exit	Apple Inc	$0	–	-9,013	–	-0.87%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-8,906	–	-1.01%	–
O	Exit	Realty Income Corp	$0	–	-29,387	–	-1.20%	–
UNP	Exit	Union Pacific Corp	$0	–	-9,280	–	-1.26%	–
HSY	Exit	Hershey Company	$0	–	-8,323	–	-1.28%	–
EPD	Exit	Enterprise Prods Partners LP	$0	–	-90,828	–	-1.51%	–
VRSK	Exit	Verisk Analytics	$0	–	-13,490	–	-1.61%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-11,331	–	-1.66%	–
WMT	Exit	Walmart Inc	$0	–	-24,086	–	-2.18%	–
AXP	Exit	American Express Company	$0	–	-23,390	–	-2.21%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-27,560	–	-2.30%	–
GPC	Exit	Genuine Parts Co	$0	–	-23,502	–	-2.45%	–
ENB	Exit	Enbridge Inc	$0	–	-106,892	–	-2.79%	–
MO	Exit	Altria Group Inc	$0	–	-103,284	–	-2.92%	–
ABT	Exit	Abbott Labs	$0	–	-43,165	–	-2.92%	–
DEO	Exit	Diageo PLC Sponsored ADRadr	$0	–	-25,754	–	-3.06%	–
ABBV	Exit	AbbVie Inc	$0	–	-39,749	–	-3.73%	–
PM	Exit	Philip Morris International In	$0	–	-73,650	–	-4.28%	–
PG	Exit	Procter & Gamble Co	$0	–	-53,662	–	-4.74%	–
MCD	Exit	McDonald's Corp	$0	–	-31,288	–	-5.05%	–
JNJ	Exit	Johnson & Johnson	$0	–	-44,920	–	-5.13%	–
KO	Exit	Coca-Cola Company	$0	–	-137,140	–	-5.37%	–
PEP	Exit	PepsiCo Inc	$0	–	-48,905	–	-5.58%	–
COST	Exit	Costco Whsl Corp	$0	–	-17,249	–	-5.70%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-32,058	–	-5.99%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-54	–	-15.35%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKA	Sell	Berkshire Hathaway Inc Cl A	$21,949,000	-2.4%	54	-1.8%	15.35%	+4.0%
BRKB	Buy	Berkshire Hathaway Inc Cl B	$8,560,000	+2.4%	32,058	+4.7%	5.99%	+9.2%
COST	Sell	Costco Whsl Corp	$8,146,000	-5.9%	17,249	-4.5%	5.70%	+0.3%
PEP	Sell	PepsiCo Inc	$7,984,000	-6.1%	48,905	-4.1%	5.58%	+0.1%
KO	Buy	Coca-Cola Company	$7,683,000	-10.9%	137,140	+0.1%	5.37%	-5.0%
JNJ	Sell	Johnson & Johnson	$7,338,000	-8.7%	44,920	-0.8%	5.13%	-2.7%
MCD	Sell	McDonald's Corp	$7,219,000	-6.8%	31,288	-0.3%	5.05%	-0.7%
PG	Sell	Procter & Gamble Co	$6,775,000	-13.2%	53,662	-1.2%	4.74%	-7.5%
PM	Sell	Philip Morris International In	$6,114,000	-16.2%	73,650	-0.3%	4.28%	-10.7%
ABBV	Buy	AbbVie Inc	$5,335,000	-12.2%	39,749	+0.2%	3.73%	-6.4%
DEO	Sell	Diageo PLC Sponsored ADRadr	$4,373,000	-4.9%	25,754	-2.4%	3.06%	+1.4%
ABT	Buy	Abbott Labs	$4,177,000	-8.3%	43,165	+2.9%	2.92%	-2.3%
MO	Buy	Altria Group Inc	$4,171,000	-3.0%	103,284	+0.3%	2.92%	+3.4%
ENB	Buy	Enbridge Inc	$3,985,000	-8.7%	106,892	+3.2%	2.79%	-2.7%
GPC	Sell	Genuine Parts Co	$3,509,000	+4.8%	23,502	-6.6%	2.45%	+11.7%
FNV	Buy	Franco-Nevada Corp	$3,293,000	-7.0%	27,560	+2.4%	2.30%	-0.9%
WMT	Sell	Walmart Inc	$3,124,000	+5.7%	24,086	-0.9%	2.18%	+12.7%
NSC	Sell	Norfolk Southern Corp	$2,376,000	-9.9%	11,331	-2.3%	1.66%	-3.9%
EPD	Buy	Enterprise Prods Partners LP	$2,160,000	-2.1%	90,828	+0.4%	1.51%	+4.4%
HSY	Sell	Hershey Company	$1,835,000	+1.7%	8,323	-0.7%	1.28%	+8.4%
UNP	Sell	Union Pacific Corp	$1,808,000	-8.8%	9,280	-0.2%	1.26%	-2.8%
O	Buy	Realty Income Corp	$1,710,000	-14.4%	29,387	+0.4%	1.20%	-8.8%
UPS	Sell	United Parcel Svc Inc Cl B	$1,439,000	-24.5%	8,906	-14.7%	1.01%	-19.6%
AAPL	Buy	Apple Inc	$1,246,000	+8.6%	9,013	+7.5%	0.87%	+15.7%
QSR	Sell	Restaurant Brands Internationa	$1,118,000	+4.6%	21,025	-1.3%	0.78%	+11.6%
AMT	Buy	American Tower Systems Corp Cl	$1,108,000	-5.9%	5,162	+12.1%	0.78%	+0.4%
ORLY	Buy	O'Reilly Automotive Inc	$983,000	+16.9%	1,397	+5.0%	0.69%	+24.5%
ADI	Sell	Analog Devices Inc	$965,000	-5.3%	6,928	-0.6%	0.68%	+0.9%
KHC	Sell	Kraft Heinz Co	$941,000	-19.3%	28,207	-7.8%	0.66%	-14.0%
GOOG	Buy	Alphabet Inc Class C	$842,000	+18.1%	8,758	+2586.5%	0.59%	+25.9%
MMP	Sell	Magellan Midstream Partners LP	$753,000	-3.0%	15,851	-2.4%	0.53%	+3.5%
EXPD	Sell	Expeditors International	$714,000	-16.7%	8,085	-8.0%	0.50%	-11.2%
WFC	Sell	Wells Fargo & Co	$661,000	+0.8%	16,434	-1.8%	0.46%	+7.4%
YUM	Buy	Yum Brands Inc	$525,000	-6.4%	4,940	+0.0%	0.37%	-0.3%
VZ	Sell	Verizon Communications Inc	$505,000	-54.9%	13,296	-39.7%	0.35%	-51.9%
ATVI	New	Activision Blizzard Inc	$488,000	–	6,570	–	0.34%	–
SHW	Sell	Sherwin-Williams Co.	$395,000	-8.8%	1,928	-0.3%	0.28%	-2.8%
MCO	Sell	Moody's Corp	$244,000	-11.6%	1,005	-1.0%	0.17%	-5.5%
MDLZ	Sell	Mondelez International Inc	$228,000	-12.6%	4,165	-0.9%	0.16%	-7.0%
UNH	Buy	UnitedHealth Group Inc	$218,000	+6.3%	432	+8.0%	0.15%	+12.6%
NVS	Sell	Novartis International AG ADRadr	$210,000	-46.6%	2,766	-40.4%	0.15%	-43.0%

Q2 2022

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$22,492,000	–	55	–	14.76%	–
COST	New	Costco Whsl Corp	$8,657,000	–	18,063	–	5.68%	–
KO	New	Coca-Cola Company	$8,621,000	–	137,035	–	5.66%	–
PEP	New	PepsiCo Inc	$8,501,000	–	51,010	–	5.58%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$8,356,000	–	30,606	–	5.48%	–
JNJ	New	Johnson & Johnson	$8,034,000	–	45,261	–	5.27%	–
PG	New	Procter & Gamble Co	$7,807,000	–	54,295	–	5.12%	–
MCD	New	McDonald's Corp	$7,749,000	–	31,388	–	5.08%	–
PM	New	Philip Morris International In	$7,296,000	–	73,888	–	4.79%	–
ABBV	New	AbbVie Inc	$6,074,000	–	39,658	–	3.98%	–
DEO	New	Diageo PLC Sponsored ADRadr	$4,596,000	–	26,394	–	3.02%	–
ABT	New	Abbott Labs	$4,556,000	–	41,934	–	2.99%	–
ENB	New	Enbridge Inc	$4,367,000	–	103,608	–	2.86%	–
MO	New	Altria Group Inc	$4,299,000	–	102,931	–	2.82%	–
FNV	New	Franco-Nevada Corp	$3,542,000	–	26,922	–	2.32%	–
GPC	New	Genuine Parts Co	$3,348,000	–	25,174	–	2.20%	–
AXP	New	American Express Company	$3,242,000	–	23,390	–	2.13%	–
WMT	New	Walmart Inc	$2,955,000	–	24,304	–	1.94%	–
NSC	New	Norfolk Southern Corp	$2,636,000	–	11,596	–	1.73%	–
VRSK	New	Verisk Analytics	$2,335,000	–	13,490	–	1.53%	–
EPD	New	Enterprise Prods Partners LP	$2,206,000	–	90,505	–	1.45%	–
O	New	Realty Income Corp	$1,998,000	–	29,277	–	1.31%	–
UNP	New	Union Pacific Corp	$1,983,000	–	9,296	–	1.30%	–
UPS	New	United Parcel Svc Inc Cl B	$1,907,000	–	10,446	–	1.25%	–
HSY	New	Hershey Company	$1,804,000	–	8,383	–	1.18%	–
AMT	New	American Tower Systems Corp Cl	$1,177,000	–	4,603	–	0.77%	–
KHC	New	Kraft Heinz Co	$1,166,000	–	30,585	–	0.76%	–
AAPL	New	Apple Inc	$1,147,000	–	8,386	–	0.75%	–
VZ	New	Verizon Communications Inc	$1,119,000	–	22,045	–	0.73%	–
QSR	New	Restaurant Brands Internationa	$1,069,000	–	21,307	–	0.70%	–
ADI	New	Analog Devices Inc	$1,019,000	–	6,972	–	0.67%	–
EXPD	New	Expeditors International	$857,000	–	8,788	–	0.56%	–
ORLY	New	O'Reilly Automotive Inc	$841,000	–	1,331	–	0.55%	–
MMP	New	Magellan Midstream Partners LP	$776,000	–	16,241	–	0.51%	–
GOOG	New	Alphabet Inc Class C	$713,000	–	326	–	0.47%	–
WFC	New	Wells Fargo & Co	$656,000	–	16,739	–	0.43%	–
YUM	New	Yum Brands Inc	$561,000	–	4,939	–	0.37%	–
SHW	New	Sherwin-Williams Co.	$433,000	–	1,934	–	0.28%	–
NVS	New	Novartis International AG ADRadr	$393,000	–	4,644	–	0.26%	–
WEC	New	WEC Energy Group Inc	$383,000	–	3,807	–	0.25%	–
MCO	New	Moody's Corp	$276,000	–	1,015	–	0.18%	–
MDLZ	New	Mondelez International Inc	$261,000	–	4,201	–	0.17%	–
UNH	New	UnitedHealth Group Inc	$205,000	–	400	–	0.14%	–

Q4 2021

			Value		Shares		↓ Weighting
KMI	Exit	Kinder Morgan Inc	$0	–	-11,888	–	-0.13%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-3,807	–	-0.22%	–
MCO	Exit	Moody's Corp	$0	–	-1,037	–	-0.24%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-6,916	–	-0.26%	–
ADI	Exit	Analog Devices Inc	$0	–	-3,055	–	-0.34%	–
SHW	Exit	Sherwin-Williams Co.	$0	–	-1,931	–	-0.35%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-3,439	–	-0.37%	–
NVS	Exit	Novartis International AG ADRadr	$0	–	-7,090	–	-0.38%	–
ORLY	Exit	O'Reilly Automotive Inc	$0	–	-1,032	–	-0.41%	–
YUM	Exit	Yum Brands Inc	$0	–	-5,422	–	-0.43%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-16,241	–	-0.48%	–
WFC	Exit	Wells Fargo & Co	$0	–	-16,739	–	-0.51%	–
UL	Exit	Unilever PLCadr	$0	–	-14,631	–	-0.52%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-333	–	-0.58%	–
EXPD	Exit	Expeditors International	$0	–	-8,132	–	-0.63%	–
AMT	Exit	American Tower Systems Corp Cl	$0	–	-3,675	–	-0.64%	–
AAPL	Exit	Apple Inc	$0	–	-7,164	–	-0.66%	–
HSY	Exit	Hershey Company	$0	–	-8,371	–	-0.93%	–
KHC	Exit	Kraft Heinz Co	$0	–	-41,465	–	-1.00%	–
O	Exit	Realty Income Corp	$0	–	-27,826	–	-1.18%	–
UNP	Exit	Union Pacific Corp	$0	–	-9,532	–	-1.22%	–
EPD	Exit	Enterprise Prods Partners LP	$0	–	-87,235	–	-1.24%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-10,582	–	-1.26%	–
VZ	Exit	Verizon Communications Inc	$0	–	-35,796	–	-1.26%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-41,270	–	-1.65%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-20,643	–	-1.76%	–
VRSK	Exit	Verisk Analytics	$0	–	-13,635	–	-1.79%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-12,718	–	-1.99%	–
GPC	Exit	Genuine Parts Co	$0	–	-25,400	–	-2.02%	–
WMT	Exit	Walmart Inc	$0	–	-23,742	–	-2.16%	–
ENB	Exit	Enbridge Inc	$0	–	-92,493	–	-2.41%	–
AXP	Exit	American Express Company	$0	–	-23,535	–	-2.58%	–
ABBV	Exit	AbbVie Inc	$0	–	-40,292	–	-2.84%	–
MO	Exit	Altria Group Inc	$0	–	-100,292	–	-2.99%	–
ABT	Exit	Abbott Labs	$0	–	-41,953	–	-3.24%	–
DEO	Exit	Diageo PLC Sponsored ADRadr	$0	–	-27,665	–	-3.49%	–
PM	Exit	Philip Morris International In	$0	–	-74,353	–	-4.61%	–
KO	Exit	Coca-Cola Company	$0	–	-135,557	–	-4.65%	–
JNJ	Exit	Johnson & Johnson	$0	–	-45,146	–	-4.77%	–
MCD	Exit	McDonald's Corp	$0	–	-31,563	–	-4.98%	–
PG	Exit	Procter & Gamble Co	$0	–	-55,828	–	-5.11%	–
PEP	Exit	PepsiCo Inc	$0	–	-53,405	–	-5.26%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-31,417	–	-5.61%	–
COST	Exit	Costco Whsl Corp	$0	–	-20,480	–	-6.02%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-55	–	-14.80%	–

Q3 2021

			Value		Shares		↓ Weighting
COST	Sell	Costco Whsl Corp	$9,203,000	+13.1%	20,480	-0.4%	6.02%	+15.7%
BRKB	Sell	Berkshire Hathaway Inc Cl B	$8,575,000	-2.9%	31,417	-1.1%	5.61%	-0.7%
PEP	Sell	PepsiCo Inc	$8,033,000	+1.1%	53,405	-0.4%	5.26%	+3.3%
PG	Sell	Procter & Gamble Co	$7,805,000	+0.9%	55,828	-2.7%	5.11%	+3.1%
MCD	Sell	McDonald's Corp	$7,610,000	+3.3%	31,563	-1.0%	4.98%	+5.6%
JNJ	Sell	Johnson & Johnson	$7,291,000	-8.0%	45,146	-6.1%	4.77%	-5.9%
KO	Sell	Coca-Cola Company	$7,113,000	-3.6%	135,557	-0.6%	4.65%	-1.5%
PM	Buy	Philip Morris International In	$7,048,000	-4.1%	74,353	+0.2%	4.61%	-2.0%
DEO	Sell	Diageo PLC Sponsored ADRadr	$5,339,000	-0.1%	27,665	-0.7%	3.49%	+2.2%
ABT	Sell	Abbott Labs	$4,956,000	+1.4%	41,953	-0.5%	3.24%	+3.7%
MO	Buy	Altria Group Inc	$4,565,000	-4.5%	100,292	+0.0%	2.99%	-2.4%
ABBV	Buy	AbbVie Inc	$4,346,000	-3.8%	40,292	+0.5%	2.84%	-1.7%
AXP	Sell	American Express Company	$3,943,000	+1.0%	23,535	-0.4%	2.58%	+3.2%
ENB	Buy	Enbridge Inc	$3,685,000	+0.9%	92,493	+1.5%	2.41%	+3.1%
WMT	Sell	Walmart Inc	$3,309,000	-1.3%	23,742	-0.1%	2.16%	+0.9%
GPC	Sell	Genuine Parts Co	$3,079,000	-4.7%	25,400	-0.5%	2.02%	-2.6%
NSC	Sell	Norfolk Southern Corp	$3,043,000	-10.8%	12,718	-1.1%	1.99%	-8.9%
VRSK	Sell	Verisk Analytics	$2,731,000	+14.3%	13,635	-0.3%	1.79%	+16.9%
FNV	Buy	Franco-Nevada Corp	$2,682,000	+16.6%	20,643	+30.2%	1.76%	+19.1%
QSR	Sell	Restaurant Brands Internationa	$2,525,000	-28.9%	41,270	-25.1%	1.65%	-27.4%
VZ	Buy	Verizon Communications Inc	$1,933,000	+3.8%	35,796	+7.7%	1.26%	+6.1%
UPS	Sell	United Parcel Svc Inc Cl B	$1,927,000	-18.5%	10,582	-6.9%	1.26%	-16.7%
EPD	Buy	Enterprise Prods Partners LP	$1,888,000	-10.3%	87,235	+0.0%	1.24%	-8.3%
UNP	Sell	Union Pacific Corp	$1,868,000	-11.0%	9,532	-0.2%	1.22%	-9.1%
O	Sell	Realty Income Corp	$1,805,000	-3.0%	27,826	-0.2%	1.18%	-0.8%
KHC	Sell	Kraft Heinz Co	$1,527,000	-25.2%	41,465	-17.2%	1.00%	-23.5%
HSY	Sell	Hershey Company	$1,417,000	-2.9%	8,371	-0.1%	0.93%	-0.9%
AAPL	Buy	Apple Inc	$1,014,000	+3.4%	7,164	+0.0%	0.66%	+5.7%
AMT	Buy	American Tower Systems Corp Cl	$975,000	+2.0%	3,675	+3.8%	0.64%	+4.2%
EXPD	Buy	Expeditors International	$969,000	-5.2%	8,132	+0.7%	0.63%	-3.1%
UL	Sell	Unilever PLCadr	$793,000	-10.2%	14,631	-3.0%	0.52%	-8.1%
WFC	Sell	Wells Fargo & Co	$777,000	+0.3%	16,739	-2.2%	0.51%	+2.4%
MMP	Sell	Magellan Midstream Partners LP	$740,000	-7.3%	16,241	-0.4%	0.48%	-5.3%
ORLY	Buy	O'Reilly Automotive Inc	$631,000	+26.7%	1,032	+17.4%	0.41%	+29.5%
NVS	Sell	Novartis International AG ADRadr	$580,000	-43.9%	7,090	-37.4%	0.38%	-42.6%
JPM	Sell	JPMorgan Chase & Co	$563,000	-8.6%	3,439	-13.2%	0.37%	-6.6%
SHW	Sell	Sherwin-Williams Co.	$540,000	+2.7%	1,931	-0.1%	0.35%	+4.7%
ADI	Buy	Analog Devices Inc	$512,000	+109.0%	3,055	+114.8%	0.34%	+113.4%
MDLZ	Sell	Mondelez International Inc	$402,000	-7.8%	6,916	-0.9%	0.26%	-5.7%
MCO	Sell	Moody's Corp	$368,000	-3.7%	1,037	-1.7%	0.24%	-1.6%
WEC	Sell	WEC Energy Group Inc	$336,000	-1.2%	3,807	-0.5%	0.22%	+0.9%
KMI	Sell	Kinder Morgan Inc	$199,000	-20.1%	11,888	-12.9%	0.13%	-18.2%
BTI	Exit	British American Tobaccoadr	$0	–	-5,302	–	-0.13%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$23,023,000	–	55	–	14.74%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$8,830,000	–	31,770	–	5.65%	–
COST	New	Costco Whsl Corp	$8,135,000	–	20,561	–	5.21%	–
PEP	New	PepsiCo Inc	$7,947,000	–	53,637	–	5.09%	–
JNJ	New	Johnson & Johnson	$7,924,000	–	48,103	–	5.07%	–
PG	New	Procter & Gamble Co	$7,739,000	–	57,352	–	4.95%	–
KO	New	Coca-Cola Company	$7,381,000	–	136,403	–	4.72%	–
MCD	New	McDonald's Corp	$7,368,000	–	31,896	–	4.72%	–
PM	New	Philip Morris International In	$7,353,000	–	74,186	–	4.71%	–
DEO	New	Diageo PLC Sponsored ADRadr	$5,342,000	–	27,866	–	3.42%	–
ABT	New	Abbott Labs	$4,886,000	–	42,144	–	3.13%	–
MO	New	Altria Group Inc	$4,781,000	–	100,264	–	3.06%	–
ABBV	New	AbbVie Inc	$4,518,000	–	40,106	–	2.89%	–
AXP	New	American Express Company	$3,905,000	–	23,636	–	2.50%	–
ENB	New	Enbridge Inc	$3,652,000	–	91,106	–	2.34%	–
QSR	New	Restaurant Brands Internationa	$3,553,000	–	55,133	–	2.27%	–
NSC	New	Norfolk Southern Corp	$3,413,000	–	12,861	–	2.18%	–
WMT	New	Walmart Inc	$3,352,000	–	23,770	–	2.15%	–
GPC	New	Genuine Parts Co	$3,230,000	–	25,540	–	2.07%	–
VRSK	New	Verisk Analytics	$2,389,000	–	13,673	–	1.53%	–
UPS	New	United Parcel Svc Inc Cl B	$2,364,000	–	11,367	–	1.51%	–
FNV	New	Franco-Nevada Corp	$2,301,000	–	15,859	–	1.47%	–
EPD	New	Enterprise Prods Partners LP	$2,104,000	–	87,203	–	1.35%	–
UNP	New	Union Pacific Corp	$2,100,000	–	9,550	–	1.34%	–
KHC	New	Kraft Heinz Co	$2,041,000	–	50,057	–	1.31%	–
VZ	New	Verizon Communications Inc	$1,862,000	–	33,239	–	1.19%	–
O	New	Realty Income Corp	$1,861,000	–	27,883	–	1.19%	–
HSY	New	Hershey Company	$1,460,000	–	8,382	–	0.94%	–
NVS	New	Novartis International AG ADRadr	$1,034,000	–	11,333	–	0.66%	–
EXPD	New	Expeditors International	$1,022,000	–	8,073	–	0.65%	–
AAPL	New	Apple Inc	$981,000	–	7,161	–	0.63%	–
AMT	New	American Tower Systems Corp Cl	$956,000	–	3,540	–	0.61%	–
UL	New	Unilever PLCadr	$883,000	–	15,090	–	0.56%	–
GOOG	New	Alphabet Inc Class C	$835,000	–	333	–	0.53%	–
MMP	New	Magellan Midstream Partners LP	$798,000	–	16,310	–	0.51%	–
WFC	New	Wells Fargo & Co	$775,000	–	17,114	–	0.50%	–
YUM	New	Yum Brands Inc	$624,000	–	5,422	–	0.40%	–
JPM	New	JPMorgan Chase & Co	$616,000	–	3,962	–	0.39%	–
SHW	New	Sherwin-Williams Co.	$526,000	–	1,932	–	0.34%	–
ORLY	New	O'Reilly Automotive Inc	$498,000	–	879	–	0.32%	–
MDLZ	New	Mondelez International Inc	$436,000	–	6,979	–	0.28%	–
MCO	New	Moody's Corp	$382,000	–	1,055	–	0.24%	–
WEC	New	WEC Energy Group Inc	$340,000	–	3,825	–	0.22%	–
KMI	New	Kinder Morgan Inc	$249,000	–	13,656	–	0.16%	–
ADI	New	Analog Devices Inc	$245,000	–	1,422	–	0.16%	–
BTI	New	British American Tobaccoadr	$208,000	–	5,302	–	0.13%	–

Q4 2020

			Value		Shares		↓ Weighting
GOOG	Exit	Alphabet Inc Class C	$0	–	-160	–	-0.18%	–
AMT	Exit	American Tower Systems Corp Cl	$0	–	-1,030	–	-0.18%	–
DIS	Exit	Walt Disney Company	$0	–	-2,207	–	-0.20%	–
KMI	Exit	Kinder Morgan Inc	$0	–	-24,577	–	-0.22%	–
MCO	Exit	Moody's Corp	$0	–	-1,085	–	-0.23%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-3,825	–	-0.28%	–
BTI	Exit	British American Tobaccoadr	$0	–	-11,020	–	-0.30%	–
WFC	Exit	Wells Fargo & Co	$0	–	-17,223	–	-0.30%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-7,149	–	-0.30%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-4,264	–	-0.30%	–
SHW	Exit	Sherwin-Williams Co.	$0	–	-654	–	-0.34%	–
YUM	Exit	Yum Brands Inc	$0	–	-5,445	–	-0.37%	–
AAPL	Exit	Apple Inc	$0	–	-4,600	–	-0.40%	–
EXPD	Exit	Expeditors International	$0	–	-5,923	–	-0.40%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-16,955	–	-0.43%	–
HSY	Exit	Hershey Company	$0	–	-8,515	–	-0.91%	–
UL	Exit	Unilever PLCadr	$0	–	-20,635	–	-0.95%	–
NVS	Exit	Novartis International AG ADRadr	$0	–	-16,635	–	-1.08%	–
EPD	Exit	Enterprise Prods Partners LP	$0	–	-95,689	–	-1.12%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-12,794	–	-1.33%	–
O	Exit	Realty Income Corp	$0	–	-30,424	–	-1.37%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-11,706	–	-1.45%	–
UNP	Exit	Union Pacific Corp	$0	–	-10,247	–	-1.50%	–
KHC	Exit	Kraft Heinz Co	$0	–	-70,444	–	-1.57%	–
AXP	Exit	American Express Company	$0	–	-23,739	–	-1.77%	–
ENB	Exit	Enbridge Inc	$0	–	-84,580	–	-1.84%	–
VRSK	Exit	Verisk Analytics	$0	–	-13,778	–	-1.90%	–
GPC	Exit	Genuine Parts Co	$0	–	-27,541	–	-1.95%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-14,201	–	-2.26%	–
ABBV	Exit	AbbVie Inc	$0	–	-38,314	–	-2.49%	–
WMT	Exit	Walmart Inc	$0	–	-24,329	–	-2.53%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-62,168	–	-2.66%	–
MO	Exit	Altria Group Inc	$0	–	-101,619	–	-2.92%	–
DEO	Exit	Diageo PLC Sponsored ADRadr	$0	–	-29,113	–	-2.98%	–
ABT	Exit	Abbott Labs	$0	–	-44,414	–	-3.59%	–
PM	Exit	Philip Morris International In	$0	–	-76,101	–	-4.24%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-33,970	–	-5.38%	–
KO	Exit	Coca-Cola Company	$0	–	-146,685	–	-5.38%	–
COST	Exit	Costco Whsl Corp	$0	–	-20,670	–	-5.45%	–
JNJ	Exit	Johnson & Johnson	$0	–	-49,563	–	-5.48%	–
PEP	Exit	PepsiCo Inc	$0	–	-56,201	–	-5.79%	–
MCD	Exit	McDonald's Corp	$0	–	-37,818	–	-6.17%	–
PG	Exit	Procter & Gamble Co	$0	–	-62,397	–	-6.44%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-55	–	-13.08%	–

Q3 2020

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble Co	$8,673,000	+14.7%	62,397	-1.3%	6.44%	+0.8%
MCD	Sell	McDonald's Corp	$8,301,000	+17.9%	37,818	-0.9%	6.17%	+3.6%
PEP	Buy	PepsiCo Inc	$7,790,000	+5.1%	56,201	+0.3%	5.79%	-7.6%
JNJ	Buy	Johnson & Johnson	$7,379,000	+8.0%	49,563	+2.0%	5.48%	-5.1%
KO	Buy	Coca-Cola Company	$7,242,000	+12.9%	146,685	+2.2%	5.38%	-0.8%
BRKB	Buy	Berkshire Hathaway Inc Cl B	$7,234,000	+19.4%	33,970	+0.1%	5.38%	+4.9%
PM	Buy	Philip Morris International In	$5,707,000	+10.7%	76,101	+3.4%	4.24%	-2.7%
ABT	Sell	Abbott Labs	$4,834,000	+17.8%	44,414	-1.1%	3.59%	+3.5%
DEO	Buy	Diageo PLC Sponsored ADRadr	$4,008,000	+5.1%	29,113	+2.6%	2.98%	-7.6%
MO	Buy	Altria Group Inc	$3,927,000	+0.8%	101,619	+2.4%	2.92%	-11.4%
QSR	Buy	Restaurant Brands Internationa	$3,575,000	+13.0%	62,168	+7.4%	2.66%	-0.6%
WMT	Buy	Walmart Inc	$3,404,000	+17.9%	24,329	+1.0%	2.53%	+3.7%
ABBV	Buy	AbbVie Inc	$3,356,000	+0.4%	38,314	+12.5%	2.49%	-11.7%
NSC	Sell	Norfolk Southern Corp	$3,039,000	+19.1%	14,201	-2.3%	2.26%	+4.6%
GPC	Buy	Genuine Parts Co	$2,621,000	+12.1%	27,541	+2.4%	1.95%	-1.5%
ENB	Buy	Enbridge Inc	$2,470,000	+7.1%	84,580	+11.6%	1.84%	-5.8%
AXP	Sell	American Express Company	$2,380,000	+3.3%	23,739	-1.9%	1.77%	-9.2%
KHC	Buy	Kraft Heinz Co	$2,110,000	+6.5%	70,444	+13.3%	1.57%	-6.4%
UNP	Buy	Union Pacific Corp	$2,017,000	+21.2%	10,247	+4.1%	1.50%	+6.5%
UPS	Buy	United Parcel Svc Inc Cl B	$1,951,000	+73.7%	11,706	+15.8%	1.45%	+52.8%
O	Buy	Realty Income Corp	$1,848,000	+2.7%	30,424	+0.6%	1.37%	-9.7%
FNV	Buy	Franco-Nevada Corp	$1,786,000	+6.7%	12,794	+6.7%	1.33%	-6.2%
EPD	Buy	Enterprise Prods Partners LP	$1,511,000	-12.2%	95,689	+1.0%	1.12%	-22.8%
NVS	Buy	Novartis International AG ADRadr	$1,447,000	+13.5%	16,635	+14.0%	1.08%	-0.3%
UL	Buy	Unilever PLCadr	$1,273,000	+108.7%	20,635	+85.7%	0.95%	+83.3%
HSY	Buy	Hershey Company	$1,221,000	+40.8%	8,515	+27.3%	0.91%	+23.7%
MMP	Buy	Magellan Midstream Partners LP	$580,000	-5.7%	16,955	+19.1%	0.43%	-17.1%
EXPD	Buy	Expeditors International	$536,000	+51.0%	5,923	+27.0%	0.40%	+32.7%
AAPL	Buy	Apple Inc	$533,000	+26.9%	4,600	+300.0%	0.40%	+11.5%
YUM	New	Yum Brands Inc	$497,000	–	5,445	–	0.37%	–
SHW	New	Sherwin-Williams Co.	$456,000	–	654	–	0.34%	–
JPM	New	JPMorgan Chase & Co	$410,000	–	4,264	–	0.30%	–
WFC	Sell	Wells Fargo & Co	$405,000	-74.5%	17,223	-72.3%	0.30%	-77.6%
KMI	Sell	Kinder Morgan Inc	$303,000	-26.5%	24,577	-9.5%	0.22%	-35.3%
DIS	Buy	Walt Disney Company	$274,000	+11.4%	2,207	+0.2%	0.20%	-1.9%
AMT	New	American Tower Systems Corp Cl	$249,000	–	1,030	–	0.18%	–
GOOG	New	Alphabet Inc Class C	$235,000	–	160	–	0.18%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$14,701,000	–	55	–	12.43%	–
PG	New	Procter & Gamble Co	$7,560,000	–	63,224	–	6.39%	–
PEP	New	PepsiCo Inc	$7,414,000	–	56,057	–	6.27%	–
MCD	New	McDonald's Corp	$7,043,000	–	38,178	–	5.96%	–
JNJ	New	Johnson & Johnson	$6,832,000	–	48,584	–	5.78%	–
KO	New	Coca-Cola Company	$6,416,000	–	143,591	–	5.42%	–
COST	New	Costco Whsl Corp	$6,267,000	–	20,670	–	5.30%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$6,061,000	–	33,952	–	5.12%	–
PM	New	Philip Morris International In	$5,154,000	–	73,564	–	4.36%	–
ABT	New	Abbott Labs	$4,105,000	–	44,898	–	3.47%	–
MO	New	Altria Group Inc	$3,897,000	–	99,285	–	3.30%	–
DEO	New	Diageo PLC Sponsored ADRadr	$3,813,000	–	28,369	–	3.22%	–
ABBV	New	AbbVie Inc	$3,343,000	–	34,049	–	2.83%	–
QSR	New	Restaurant Brands Internationa	$3,163,000	–	57,907	–	2.67%	–
WMT	New	Walmart Inc	$2,886,000	–	24,092	–	2.44%	–
NSC	New	Norfolk Southern Corp	$2,552,000	–	14,536	–	2.16%	–
VRSK	New	Verisk Analytics	$2,345,000	–	13,778	–	1.98%	–
GPC	New	Genuine Parts Co	$2,338,000	–	26,890	–	1.98%	–
ENB	New	Enbridge Inc	$2,306,000	–	75,790	–	1.95%	–
AXP	New	American Express Company	$2,304,000	–	24,202	–	1.95%	–
KHC	New	Kraft Heinz Co	$1,982,000	–	62,150	–	1.68%	–
O	New	Realty Income Corp	$1,799,000	–	30,234	–	1.52%	–
EPD	New	Enterprise Prods Partners LP	$1,721,000	–	94,699	–	1.46%	–
FNV	New	Franco-Nevada Corp	$1,674,000	–	11,986	–	1.42%	–
UNP	New	Union Pacific Corp	$1,664,000	–	9,842	–	1.41%	–
WFC	New	Wells Fargo & Co	$1,589,000	–	62,083	–	1.34%	–
NVS	New	Novartis International AG ADRadr	$1,275,000	–	14,595	–	1.08%	–
UPS	New	United Parcel Svc Inc Cl B	$1,123,000	–	10,105	–	0.95%	–
HSY	New	Hershey Company	$867,000	–	6,690	–	0.73%	–
MMP	New	Magellan Midstream Partners LP	$615,000	–	14,240	–	0.52%	–
UL	New	Unilever PLCadr	$610,000	–	11,110	–	0.52%	–
BTI	New	British American Tobaccoadr	$428,000	–	11,020	–	0.36%	–
AAPL	New	Apple Inc	$420,000	–	1,150	–	0.36%	–
KMI	New	Kinder Morgan Inc	$412,000	–	27,161	–	0.35%	–
MDLZ	New	Mondelez International Inc	$366,000	–	7,149	–	0.31%	–
EXPD	New	Expeditors International	$355,000	–	4,665	–	0.30%	–
WEC	New	WEC Energy Group Inc	$335,000	–	3,825	–	0.28%	–
MCO	New	Moody's Corp	$298,000	–	1,085	–	0.25%	–
DIS	New	Walt Disney Company	$246,000	–	2,203	–	0.21%	–

Q4 2019

			Value		Shares		↓ Weighting
MCO	Exit	Moodys Corp	$0	–	-1,085	–	-0.16%	–
UL	Exit	Unilever PLCadr	$0	–	-4,148	–	-0.18%	–
AAPL	Exit	Apple Computer Inc	$0	–	-1,150	–	-0.18%	–
BAX	Exit	Baxter International	$0	–	-3,056	–	-0.19%	–
EXPD	Exit	Expeditors International	$0	–	-4,580	–	-0.24%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-3,825	–	-0.26%	–
BTI	Exit	British American Tobaccoadr	$0	–	-11,020	–	-0.29%	–
HSY	Exit	Hershey Food Corp	$0	–	-2,932	–	-0.32%	–
JPM	Exit	J.P. Morgan Chase & Co	$0	–	-4,574	–	-0.38%	–
KMI	Exit	Kinder Morgan Inc	$0	–	-32,002	–	-0.47%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-12,221	–	-0.48%	–
STOR	Exit	Store Capital	$0	–	-22,640	–	-0.60%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-14,135	–	-0.66%	–
FNV	Exit	Franco-Nevada Corp	$0	–	-11,638	–	-0.75%	–
UNP	Exit	Union Pacific Corp	$0	–	-7,364	–	-0.84%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-10,360	–	-0.88%	–
NVS	Exit	Novartis ADRadr	$0	–	-15,380	–	-0.95%	–
KHC	Exit	Kraft Heinz Co	$0	–	-58,822	–	-1.16%	–
ABBV	Exit	AbbVie Inc	$0	–	-25,053	–	-1.34%	–
VRSK	Exit	Verisk Analytics	$0	–	-15,168	–	-1.70%	–
ENB	Exit	Enbridge Inc	$0	–	-70,456	–	-1.75%	–
O	Exit	Realty Income Corp	$0	–	-32,329	–	-1.75%	–
EPD	Exit	Enterprise Prods Partners LP	$0	–	-96,124	–	-1.94%	–
GPC	Exit	Genuine Parts Co	$0	–	-28,262	–	-1.99%	–
BUD	Exit	Anheuser-Busch Inbev SA/NVadr	$0	–	-33,482	–	-2.26%	–
WMT	Exit	Wal Mart Stores Inc	$0	–	-28,114	–	-2.36%	–
WFC	Exit	Wells Fargo & Co	$0	–	-71,335	–	-2.55%	–
AXP	Exit	American Express Company	$0	–	-30,619	–	-2.56%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-20,206	–	-2.57%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-52,081	–	-2.62%	–
ABT	Exit	Abbott Labs	$0	–	-47,190	–	-2.79%	–
MO	Exit	Altria Group Inc	$0	–	-97,737	–	-2.83%	–
DEO	Exit	Diageo PLC Sponsored ADR Newadr	$0	–	-28,760	–	-3.33%	–
PM	Exit	Philip Morris International In	$0	–	-72,094	–	-3.87%	–
COST	Exit	Costco Whsl Corp	$0	–	-22,078	–	-4.50%	–
JNJ	Exit	Johnson & Johnson	$0	–	-53,494	–	-4.90%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-36,327	–	-5.35%	–
KO	Exit	Coca-Cola Company	$0	–	-162,054	–	-6.24%	–
PG	Exit	Procter & Gamble Co	$0	–	-71,216	–	-6.27%	–
PEP	Exit	Pepsico Inc	$0	–	-64,732	–	-6.28%	–
MCD	Exit	McDonald's Corp	$0	–	-46,850	–	-7.12%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-55	–	-12.14%	–

Q3 2019

			Value		Shares		↓ Weighting
MCD	Sell	McDonald's Corp	$10,059,000	-0.8%	46,850	-4.0%	7.12%	-1.3%
PEP	Sell	Pepsico Inc	$8,875,000	+3.6%	64,732	-0.9%	6.28%	+3.1%
PG	Sell	Procter & Gamble Co	$8,858,000	+12.0%	71,216	-1.2%	6.27%	+11.5%
KO	Sell	Coca-Cola Company	$8,822,000	+5.7%	162,054	-1.1%	6.24%	+5.2%
BRKB	Sell	Berkshire Hathaway Inc Cl B	$7,557,000	-4.9%	36,327	-2.5%	5.35%	-5.4%
JNJ	Sell	Johnson & Johnson	$6,921,000	-7.4%	53,494	-0.4%	4.90%	-7.9%
PM	Buy	Philip Morris International In	$5,474,000	-2.8%	72,094	+0.5%	3.87%	-3.3%
DEO	Sell	Diageo PLC Sponsored ADR Newadr	$4,703,000	-6.4%	28,760	-1.4%	3.33%	-6.9%
MO	Buy	Altria Group Inc	$3,997,000	-12.8%	97,737	+1.0%	2.83%	-13.2%
ABT	Sell	Abbott Labs	$3,948,000	-2.2%	47,190	-1.7%	2.79%	-2.7%
QSR	Sell	Restaurant Brands Internationa	$3,705,000	+2.1%	52,081	-0.2%	2.62%	+1.6%
NSC	Sell	Norfolk Southern Corp	$3,630,000	-12.6%	20,206	-3.0%	2.57%	-13.0%
WFC	Sell	Wells Fargo & Co	$3,598,000	+5.1%	71,335	-1.4%	2.55%	+4.6%
WMT	Sell	Wal Mart Stores Inc	$3,337,000	+7.0%	28,114	-0.4%	2.36%	+6.4%
BUD	Buy	Anheuser-Busch Inbev SA/NVadr	$3,186,000	+7.9%	33,482	+0.4%	2.26%	+7.4%
GPC	Buy	Genuine Parts Co	$2,815,000	-3.1%	28,262	+0.8%	1.99%	-3.6%
EPD	Buy	Enterprise Prods Partners LP	$2,747,000	-0.8%	96,124	+0.2%	1.94%	-1.3%
ENB	Buy	Enbridge Inc	$2,472,000	-1.4%	70,456	+1.4%	1.75%	-2.0%
VRSK	Sell	Verisk Analytics	$2,399,000	+5.8%	15,168	-2.1%	1.70%	+5.3%
KHC	Buy	Kraft Heinz Co	$1,643,000	-6.6%	58,822	+3.8%	1.16%	-7.1%
NVS	Buy	Novartis ADRadr	$1,337,000	+10.7%	15,380	+16.3%	0.95%	+10.1%
UPS	Sell	United Parcel Svc Inc Cl B	$1,241,000	+9.5%	10,360	-5.6%	0.88%	+8.9%
UNP	Buy	Union Pacific Corp	$1,193,000	+5.0%	7,364	+9.6%	0.84%	+4.5%
MMP	Buy	Magellan Midstream Partners LP	$937,000	+4.3%	14,135	+0.7%	0.66%	+3.8%
JPM	Buy	J.P. Morgan Chase & Co	$538,000	+26.6%	4,574	+20.4%	0.38%	+26.2%
BTI	Sell	British American Tobaccoadr	$407,000	+0.5%	11,020	-5.1%	0.29%	0.0%
BAX	Buy	Baxter International	$267,000	+6.8%	3,056	+0.0%	0.19%	+6.2%
UL	Buy	Unilever PLCadr	$249,000	-3.1%	4,148	+0.0%	0.18%	-3.8%

Q2 2019

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$17,509,000	–	55	–	12.45%	–
MCD	New	McDonald's Corp	$10,136,000	–	48,812	–	7.21%	–
PEP	New	Pepsico Inc	$8,564,000	–	65,307	–	6.09%	–
KO	New	Coca-Cola Company	$8,347,000	–	163,933	–	5.94%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$7,946,000	–	37,276	–	5.65%	–
PG	New	Procter & Gamble Co	$7,906,000	–	72,100	–	5.62%	–
JNJ	New	Johnson & Johnson	$7,477,000	–	53,684	–	5.32%	–
COST	New	Costco Whsl Corp	$5,834,000	–	22,078	–	4.15%	–
PM	New	Philip Morris International In	$5,634,000	–	71,744	–	4.01%	–
DEO	New	Diageo PLC Sponsored ADR Newadr	$5,026,000	–	29,165	–	3.58%	–
MO	New	Altria Group Inc	$4,583,000	–	96,786	–	3.26%	–
NSC	New	Norfolk Southern Corp	$4,153,000	–	20,836	–	2.95%	–
ABT	New	Abbott Labs	$4,036,000	–	47,995	–	2.87%	–
AXP	New	American Express Company	$3,780,000	–	30,619	–	2.69%	–
QSR	New	Restaurant Brands Internationa	$3,628,000	–	52,176	–	2.58%	–
WFC	New	Wells Fargo & Co	$3,422,000	–	72,315	–	2.43%	–
WMT	New	Wal Mart Stores Inc	$3,120,000	–	28,239	–	2.22%	–
BUD	New	Anheuser-Busch Inbev SA/NVadr	$2,953,000	–	33,362	–	2.10%	–
GPC	New	Genuine Parts Co	$2,904,000	–	28,037	–	2.07%	–
EPD	New	Enterprise Prods Partners LP	$2,770,000	–	95,944	–	1.97%	–
ENB	New	Enbridge Inc	$2,508,000	–	69,515	–	1.78%	–
VRSK	New	Verisk Analytics	$2,268,000	–	15,488	–	1.61%	–
O	New	Realty Income Corp	$2,230,000	–	32,329	–	1.59%	–
ABBV	New	AbbVie Inc	$1,822,000	–	25,053	–	1.30%	–
KHC	New	Kraft Heinz Co	$1,760,000	–	56,692	–	1.25%	–
NVS	New	Novartis ADRadr	$1,208,000	–	13,228	–	0.86%	–
UNP	New	Union Pacific Corp	$1,136,000	–	6,719	–	0.81%	–
UPS	New	United Parcel Svc Inc Cl B	$1,133,000	–	10,969	–	0.81%	–
FNV	New	Franco-Nevada Corp	$988,000	–	11,638	–	0.70%	–
MMP	New	Magellan Midstream Partners LP	$898,000	–	14,030	–	0.64%	–
STOR	New	Store Capital	$751,000	–	22,640	–	0.53%	–
KMI	New	Kinder Morgan Inc	$668,000	–	32,002	–	0.48%	–
MDLZ	New	Mondelez International Inc	$659,000	–	12,221	–	0.47%	–
JPM	New	J.P. Morgan Chase & Co	$425,000	–	3,799	–	0.30%	–
BTI	New	British American Tobaccoadr	$405,000	–	11,615	–	0.29%	–
HSY	New	Hershey Food Corp	$393,000	–	2,932	–	0.28%	–
EXPD	New	Expeditors International	$347,000	–	4,580	–	0.25%	–
WEC	New	WEC Energy Group Inc	$319,000	–	3,825	–	0.23%	–
UL	New	Unilever PLCadr	$257,000	–	4,147	–	0.18%	–
BAX	New	Baxter International	$250,000	–	3,055	–	0.18%	–
AAPL	New	Apple Computer Inc	$222,000	–	1,150	–	0.16%	–
MCO	New	Moodys Corp	$212,000	–	1,085	–	0.15%	–

Q4 2018

			Value		Shares		↓ Weighting
IBM	Exit	International Business Machine	$0	–	-1,455	–	-0.16%	–
EEQ	Exit	Enbridge Energy Management LLC	$0	–	-22,256	–	-0.18%	–
BAX	Exit	Baxter International	$0	–	-3,160	–	-0.18%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-2,948	–	-0.18%	–
UL	Exit	Unilever PLCadr	$0	–	-4,615	–	-0.18%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-3,825	–	-0.18%	–
HSY	Exit	Hershey Food Corp	$0	–	-2,541	–	-0.19%	–
AAPL	Exit	Apple Computer Inc	$0	–	-1,150	–	-0.19%	–
NGG	Exit	National Grid PLC Sponsored ADadr	$0	–	-6,114	–	-0.23%	–
WFCWS	Exit	Wells Fargo & Co Warrant Exp 1wt	$0	–	-17,455	–	-0.24%	–
EXPD	Exit	Expeditors International	$0	–	-4,580	–	-0.24%	–
MTB	Exit	M & T Bank Corp	$0	–	-2,086	–	-0.25%	–
STOR	Exit	Store Capital	$0	–	-16,945	–	-0.34%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-7,785	–	-0.38%	–
KMIPRA	Exit	Kinder Morgan Srs A Mandatorypfd	$0	–	-19,043	–	-0.46%	–
ENB	Exit	Enbridge Inc	$0	–	-21,811	–	-0.51%	–
BTI	Exit	British American Tobaccoadr	$0	–	-15,465	–	-0.52%	–
UNP	Exit	Union Pacific Corp	$0	–	-4,671	–	-0.55%	–
EEP	Exit	Enbridge Energy Partners LP	$0	–	-76,277	–	-0.61%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-21,811	–	-0.68%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-13,617	–	-1.15%	–
O	Exit	Realty Income Corp	$0	–	-30,418	–	-1.26%	–
VRSK	Exit	Verisk Analytics	$0	–	-16,153	–	-1.41%	–
ABBV	Exit	AbbVie Inc	$0	–	-25,265	–	-1.73%	–
EPD	Exit	Enterprise Prods Partners LP	$0	–	-91,524	–	-1.91%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-46,320	–	-1.99%	–
GPC	Exit	Genuine Parts Co	$0	–	-28,071	–	-2.02%	–
WMT	Exit	Wal Mart Stores Inc	$0	–	-29,791	–	-2.03%	–
AXP	Exit	American Express Company	$0	–	-31,239	–	-2.41%	–
ABT	Exit	Abbott Labs	$0	–	-49,310	–	-2.62%	–
KHC	Exit	Kraft Heinz Co	$0	–	-65,856	–	-2.63%	–
BUD	Exit	Anheuser-Busch Inbev SA/NVadr	$0	–	-43,106	–	-2.74%	–
DEO	Exit	Diageo PLC Sponsored ADR Newadr	$0	–	-30,687	–	-3.15%	–
WFC	Exit	Wells Fargo & Co	$0	–	-85,326	–	-3.25%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-26,216	–	-3.43%	–
COST	Exit	Costco Whsl Corp	$0	–	-22,488	–	-3.83%	–
PM	Exit	Philip Morris International In	$0	–	-71,012	–	-4.20%	–
MO	Exit	Altria Group Inc	$0	–	-97,452	–	-4.26%	–
PG	Exit	Procter & Gamble Co	$0	–	-76,403	–	-4.61%	–
PEP	Exit	Pepsico Inc	$0	–	-68,923	–	-5.59%	–
KO	Exit	Coca-Cola Company	$0	–	-176,590	–	-5.92%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-38,712	–	-6.02%	–
JNJ	Exit	Johnson & Johnson	$0	–	-61,665	–	-6.18%	–
MCD	Exit	McDonald's Corp	$0	–	-52,546	–	-6.38%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-55	–	-12.77%	–

Q3 2018

			Value		Shares		↓ Weighting
MCD	Buy	McDonald's Corp	$8,790,000	+8.2%	52,546	+1.3%	6.38%	+0.5%
JNJ	Sell	Johnson & Johnson	$8,520,000	+13.6%	61,665	-0.2%	6.18%	+5.5%
BRKB	Sell	Berkshire Hathaway Inc Cl B	$8,289,000	+14.7%	38,712	-0.0%	6.02%	+6.5%
KO	Sell	Coca-Cola Company	$8,157,000	+4.6%	176,590	-0.7%	5.92%	-2.8%
PEP	Buy	Pepsico Inc	$7,706,000	+2.7%	68,923	+0.0%	5.59%	-4.6%
PG	Buy	Procter & Gamble Co	$6,359,000	+7.0%	76,403	+0.4%	4.61%	-0.6%
MO	Buy	Altria Group Inc	$5,877,000	+8.0%	97,452	+1.7%	4.26%	+0.3%
PM	Buy	Philip Morris International In	$5,790,000	+6.4%	71,012	+5.4%	4.20%	-1.2%
COST	Sell	Costco Whsl Corp	$5,282,000	+12.3%	22,488	-0.1%	3.83%	+4.3%
WFC	Buy	Wells Fargo & Co	$4,485,000	-5.1%	85,326	+0.1%	3.25%	-11.9%
DEO	Sell	Diageo PLC Sponsored ADR Newadr	$4,347,000	-1.8%	30,687	-0.1%	3.15%	-8.7%
BUD	Buy	Anheuser-Busch Inbev SA/NVadr	$3,775,000	-12.7%	43,106	+0.5%	2.74%	-18.9%
KHC	Buy	Kraft Heinz Co	$3,629,000	-10.2%	65,856	+2.4%	2.63%	-16.6%
ABT	Sell	Abbott Labs	$3,617,000	+20.0%	49,310	-0.2%	2.62%	+11.5%
AXP	Sell	American Express Company	$3,327,000	+8.5%	31,239	-0.2%	2.41%	+0.8%
WMT	Sell	Wal Mart Stores Inc	$2,798,000	+9.3%	29,791	-0.3%	2.03%	+1.6%
GPC	Buy	Genuine Parts Co	$2,790,000	+12.1%	28,071	+3.5%	2.02%	+4.1%
QSR	Buy	Restaurant Brands Internationa	$2,746,000	+55.1%	46,320	+57.7%	1.99%	+44.1%
EPD	Buy	Enterprise Prods Partners LP	$2,629,000	+7.4%	91,524	+3.5%	1.91%	-0.2%
O	Buy	Realty Income Corp	$1,730,000	+48.4%	30,418	+40.3%	1.26%	+37.8%
UPS	Buy	United Parcel Svc Inc Cl B	$1,590,000	+11.4%	13,617	+1.4%	1.15%	+3.5%
MDLZ	Sell	Mondelez International Inc	$937,000	+4.3%	21,811	-0.5%	0.68%	-3.0%
BTI	Buy	British American Tobaccoadr	$721,000	-6.5%	15,465	+1.2%	0.52%	-13.1%
ENB	New	Enbridge Inc	$704,000	–	21,811	–	0.51%	–
KMIPRA	Sell	Kinder Morgan Srs A Mandatorypfd	$633,000	-5.9%	19,043	-1.9%	0.46%	-12.7%
MMP	Buy	Magellan Midstream Partners LP	$527,000	+69.5%	7,785	+73.0%	0.38%	+57.2%
STOR	Buy	Store Capital	$471,000	+97.1%	16,945	+94.4%	0.34%	+82.9%
NGG	Sell	National Grid PLC Sponsored ADadr	$317,000	-71.2%	6,114	-68.9%	0.23%	-73.2%
HSY	New	Hershey Food Corp	$259,000	–	2,541	–	0.19%	–
XOM	Sell	Exxon Mobil Corp	$251,000	+2.4%	2,948	-0.5%	0.18%	-4.7%
EEQ	Buy	Enbridge Energy Management LLC	$243,000	+10.0%	22,256	+3.3%	0.18%	+1.7%
IBM	Sell	International Business Machine	$220,000	-73.4%	1,455	-75.4%	0.16%	-75.2%
VVC	Exit	Vectren Corp	$0	–	-7,490	–	-0.42%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$15,512,000	–	55	–	12.12%	–
MCD	New	McDonald's Corp	$8,125,000	–	51,855	–	6.35%	–
KO	New	Coca-Cola Company	$7,798,000	–	177,787	–	6.09%	–
PEP	New	Pepsico Inc	$7,502,000	–	68,908	–	5.86%	–
JNJ	New	Johnson & Johnson	$7,498,000	–	61,791	–	5.86%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$7,228,000	–	38,723	–	5.65%	–
PG	New	Procter & Gamble Co	$5,942,000	–	76,118	–	4.64%	–
MO	New	Altria Group Inc	$5,443,000	–	95,847	–	4.25%	–
PM	New	Philip Morris International In	$5,441,000	–	67,387	–	4.25%	–
WFC	New	Wells Fargo & Co	$4,728,000	–	85,281	–	3.69%	–
COST	New	Costco Whsl Corp	$4,705,000	–	22,513	–	3.68%	–
DEO	New	Diageo PLC Sponsored ADR Newadr	$4,425,000	–	30,727	–	3.46%	–
BUD	New	Anheuser-Busch Inbev SA/NVadr	$4,324,000	–	42,910	–	3.38%	–
KHC	New	Kraft Heinz Co	$4,042,000	–	64,343	–	3.16%	–
NSC	New	Norfolk Southern Corp	$3,955,000	–	26,216	–	3.09%	–
AXP	New	American Express Company	$3,066,000	–	31,289	–	2.40%	–
ABT	New	Abbott Labs	$3,013,000	–	49,399	–	2.35%	–
WMT	New	Wal Mart Stores Inc	$2,559,000	–	29,874	–	2.00%	–
GPC	New	Genuine Parts Co	$2,489,000	–	27,111	–	1.94%	–
EPD	New	Enterprise Prods Partners LP	$2,447,000	–	88,434	–	1.91%	–
ABBV	New	AbbVie Inc	$2,341,000	–	25,265	–	1.83%	–
QSR	New	Restaurant Brands Internationa	$1,770,000	–	29,365	–	1.38%	–
VRSK	New	Verisk Analytics	$1,739,000	–	16,153	–	1.36%	–
UPS	New	United Parcel Svc Inc Cl B	$1,427,000	–	13,431	–	1.12%	–
O	New	Realty Income Corp	$1,166,000	–	21,675	–	0.91%	–
NGG	New	National Grid PLC Sponsored ADadr	$1,099,000	–	19,685	–	0.86%	–
MDLZ	New	Mondelez International Inc	$898,000	–	21,911	–	0.70%	–
EEP	New	Enbridge Energy Partners LP	$834,000	–	76,277	–	0.65%	–
IBM	New	International Business Machine	$827,000	–	5,917	–	0.65%	–
BTI	New	British American Tobaccoadr	$771,000	–	15,275	–	0.60%	–
KMIPRA	New	Kinder Morgan Srs A Mandatorypfd	$673,000	–	19,403	–	0.53%	–
UNP	New	Union Pacific Corp	$662,000	–	4,671	–	0.52%	–
VVC	New	Vectren Corp	$535,000	–	7,490	–	0.42%	–
WFCWS	New	Wells Fargo & Co Warrant Exp 1wt	$384,000	–	17,455	–	0.30%	–
MTB	New	M & T Bank Corp	$355,000	–	2,086	–	0.28%	–
EXPD	New	Expeditors International	$335,000	–	4,580	–	0.26%	–
MMP	New	Magellan Midstream Partners LP	$311,000	–	4,500	–	0.24%	–
UL	New	Unilever PLCadr	$255,000	–	4,615	–	0.20%	–
WEC	New	WEC Energy Group Inc	$247,000	–	3,825	–	0.19%	–
XOM	New	Exxon Mobil Corp	$245,000	–	2,963	–	0.19%	–
STOR	New	Store Capital	$239,000	–	8,715	–	0.19%	–
BAX	New	Baxter International	$233,000	–	3,160	–	0.18%	–
EEQ	New	Enbridge Energy Management LLC	$221,000	–	21,552	–	0.17%	–
AAPL	New	Apple Computer Inc	$213,000	–	1,150	–	0.17%	–

Q4 2017

			Value		Shares		↓ Weighting
BAX	Exit	Baxter International	$0	–	-3,230	–	-0.15%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-3,825	–	-0.18%	–
WFCWS	Exit	Wells Fargo & Co Warrant Exp 1wt	$0	–	-11,975	–	-0.20%	–
EXPD	Exit	Expeditors International	$0	–	-4,580	–	-0.21%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-4,500	–	-0.24%	–
EEQ	Exit	Enbridge Energy Management LLC	$0	–	-22,574	–	-0.26%	–
UL	Exit	Unilever PLCadr	$0	–	-6,843	–	-0.30%	–
CVS	Exit	CVS Health	$0	–	-5,042	–	-0.31%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-5,193	–	-0.32%	–
VVC	Exit	Vectren Corp	$0	–	-7,345	–	-0.37%	–
MTB	Exit	M & T Bank Corp	$0	–	-3,181	–	-0.39%	–
UNP	Exit	Union Pacific Corp	$0	–	-4,671	–	-0.41%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-10,290	–	-0.50%	–
O	Exit	Realty Income Corp	$0	–	-12,055	–	-0.52%	–
BTI	Exit	British American Tobaccoadr	$0	–	-14,980	–	-0.71%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-29,366	–	-0.90%	–
EEP	Exit	Enbridge Energy Partners LP	$0	–	-82,412	–	-1.00%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-11,656	–	-1.06%	–
VRSK	Exit	Verisk Analytics	$0	–	-17,123	–	-1.08%	–
KMIPRA	Exit	Kinder Morgan Srs A Mandatorypfd	$0	–	-33,593	–	-1.08%	–
NGG	Exit	National Grid PLC Sponsored ADadr	$0	–	-26,572	–	-1.26%	–
EPD	Exit	Enterprise Prods Partners LP	$0	–	-81,834	–	-1.62%	–
GPC	Exit	Genuine Parts Co	$0	–	-23,845	–	-1.73%	–
ABBV	Exit	AbbVie Inc	$0	–	-25,835	–	-1.74%	–
WMT	Exit	Wal Mart Stores Inc	$0	–	-30,264	–	-1.79%	–
ABT	Exit	Abbott Labs	$0	–	-47,508	–	-1.92%	–
IBM	Exit	International Business Machine	$0	–	-17,775	–	-1.95%	–
AXP	Exit	American Express Company	$0	–	-34,034	–	-2.33%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-26,610	–	-2.66%	–
COST	Exit	Costco Whsl Corp	$0	–	-22,678	–	-2.82%	–
DEO	Exit	Diageo PLC Sponsored ADR Newadr	$0	–	-31,182	–	-3.12%	–
KHC	Exit	Kraft Heinz Co	$0	–	-54,798	–	-3.22%	–
BUD	Exit	Anheuser-Busch Inbev SA/NVadr	$0	–	-41,250	–	-3.73%	–
WFC	Exit	Wells Fargo & Co	$0	–	-93,070	–	-3.89%	–
MO	Exit	Altria Group Inc	$0	–	-90,712	–	-4.36%	–
PM	Exit	Philip Morris International In	$0	–	-58,262	–	-4.90%	–
PG	Exit	Procter & Gamble Co	$0	–	-72,917	–	-5.02%	–
PEP	Exit	Pepsico Inc	$0	–	-65,193	–	-5.50%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-41,029	–	-5.69%	–
JNJ	Exit	Johnson & Johnson	$0	–	-61,660	–	-6.07%	–
MCD	Exit	McDonald's Corp	$0	–	-52,675	–	-6.25%	–
KO	Exit	Coca-Cola Company	$0	–	-193,812	–	-6.60%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-56	–	-11.65%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKA	Sell	Berkshire Hathaway Inc Cl A	$15,385,000	+6.0%	56	-1.8%	11.65%	+4.1%
KO	Sell	Coca-Cola Company	$8,723,000	-1.0%	193,812	-1.3%	6.60%	-2.7%
MCD	Sell	McDonald's Corp	$8,253,000	+2.3%	52,675	-0.0%	6.25%	+0.4%
JNJ	Buy	Johnson & Johnson	$8,016,000	-1.5%	61,660	+0.3%	6.07%	-3.2%
BRKB	Buy	Berkshire Hathaway Inc Cl B	$7,521,000	+11.7%	41,029	+3.2%	5.69%	+9.7%
PEP	Buy	Pepsico Inc	$7,264,000	-3.4%	65,193	+0.1%	5.50%	-5.2%
PG	Buy	Procter & Gamble Co	$6,634,000	+4.7%	72,917	+0.3%	5.02%	+2.8%
PM	Buy	Philip Morris International In	$6,468,000	-5.2%	58,262	+0.2%	4.90%	-7.0%
MO	Buy	Altria Group Inc	$5,753,000	-12.5%	90,712	+2.7%	4.36%	-14.1%
WFC	Buy	Wells Fargo & Co	$5,133,000	-0.2%	93,070	+0.2%	3.89%	-2.0%
BUD	Buy	Anheuser-Busch Inbev SA/NVadr	$4,921,000	+8.6%	41,250	+0.4%	3.73%	+6.6%
KHC	Buy	Kraft Heinz Co	$4,250,000	-4.8%	54,798	+5.2%	3.22%	-6.5%
DEO	Buy	Diageo PLC Sponsored ADR Newadr	$4,120,000	+11.4%	31,182	+1.0%	3.12%	+9.3%
COST	Sell	Costco Whsl Corp	$3,726,000	+2.4%	22,678	-0.4%	2.82%	+0.5%
NSC	Sell	Norfolk Southern Corp	$3,519,000	+7.9%	26,610	-0.7%	2.66%	+5.9%
IBM	Sell	International Business Machine	$2,579,000	-17.0%	17,775	-12.0%	1.95%	-18.5%
ABT	Buy	Abbott Labs	$2,535,000	+23.3%	47,508	+12.3%	1.92%	+21.1%
WMT	Sell	Wal Mart Stores Inc	$2,365,000	+0.2%	30,264	-3.0%	1.79%	-1.6%
GPC	Buy	Genuine Parts Co	$2,281,000	+3.4%	23,845	+0.2%	1.73%	+1.5%
EPD	Sell	Enterprise Prods Partners LP	$2,133,000	-5.4%	81,834	-1.7%	1.62%	-7.1%
NGG	Sell	National Grid PLC Sponsored ADadr	$1,666,000	-1.8%	26,572	-1.6%	1.26%	-3.6%
KMIPRA	Sell	Kinder Morgan Srs A Mandatorypfd	$1,429,000	-4.7%	33,593	-1.6%	1.08%	-6.4%
VRSK	Sell	Verisk Analytics	$1,424,000	-9.5%	17,123	-8.2%	1.08%	-11.1%
UPS	Buy	United Parcel Svc Inc Cl B	$1,400,000	+13.1%	11,656	+4.1%	1.06%	+11.1%
EEP	Sell	Enbridge Energy Partners LP	$1,317,000	-0.5%	82,412	-0.4%	1.00%	-2.4%
MDLZ	Sell	Mondelez International Inc	$1,194,000	-7.3%	29,366	-1.5%	0.90%	-9.0%
O	Buy	Realty Income Corp	$689,000	+111.3%	12,055	+104.3%	0.52%	+108.0%
UNP	Buy	Union Pacific Corp	$542,000	+19.4%	4,671	+12.1%	0.41%	+17.1%
XOM	Sell	Exxon Mobil Corp	$426,000	-8.4%	5,193	-9.9%	0.32%	-9.8%
CVS	Sell	CVS Health	$410,000	-8.3%	5,042	-9.2%	0.31%	-10.1%
UL	Buy	Unilever PLCadr	$397,000	+7.3%	6,843	+0.0%	0.30%	+5.6%
EEQ	Buy	Enbridge Energy Management LLC	$349,000	+2.6%	22,574	+2.3%	0.26%	+0.8%
WFCWS	Buy	Wells Fargo & Co Warrant Exp 1wt	$258,000	-1.9%	11,975	+1.3%	0.20%	-3.9%
BAX	New	Baxter International	$203,000	–	3,230	–	0.15%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$14,518,000	–	57	–	11.19%	–
KO	New	Coca-Cola Company	$8,807,000	–	196,356	–	6.79%	–
JNJ	New	Johnson & Johnson	$8,134,000	–	61,488	–	6.27%	–
MCD	New	McDonald's Corp	$8,071,000	–	52,700	–	6.22%	–
PEP	New	Pepsico Inc	$7,523,000	–	65,140	–	5.80%	–
PM	New	Philip Morris International In	$6,826,000	–	58,119	–	5.26%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$6,733,000	–	39,754	–	5.19%	–
MO	New	Altria Group Inc	$6,577,000	–	88,312	–	5.07%	–
PG	New	Procter & Gamble Co	$6,338,000	–	72,727	–	4.89%	–
WFC	New	Wells Fargo & Co	$5,144,000	–	92,840	–	3.97%	–
BUD	New	Anheuser-Busch Inbev SA/NVadr	$4,533,000	–	41,075	–	3.50%	–
KHC	New	Kraft Heinz Co	$4,463,000	–	52,113	–	3.44%	–
DEO	New	Diageo PLC Sponsored ADR Newadr	$3,700,000	–	30,877	–	2.85%	–
COST	New	Costco Whsl Corp	$3,640,000	–	22,763	–	2.81%	–
NSC	New	Norfolk Southern Corp	$3,262,000	–	26,805	–	2.52%	–
IBM	New	International Business Machine	$3,109,000	–	20,209	–	2.40%	–
AXP	New	American Express Company	$2,867,000	–	34,034	–	2.21%	–
WMT	New	Wal Mart Stores Inc	$2,361,000	–	31,199	–	1.82%	–
EPD	New	Enterprise Prods Partners LP	$2,254,000	–	83,229	–	1.74%	–
GPC	New	Genuine Parts Co	$2,207,000	–	23,789	–	1.70%	–
ABT	New	Abbott Labs	$2,056,000	–	42,298	–	1.58%	–
ABBV	New	AbbVie Inc	$1,873,000	–	25,835	–	1.44%	–
NGG	New	National Grid PLC Sponsored ADadr	$1,697,000	–	27,012	–	1.31%	–
VRSK	New	Verisk Analytics	$1,573,000	–	18,643	–	1.21%	–
KMIPRA	New	Kinder Morgan Srs A Mandatorypfd	$1,499,000	–	34,152	–	1.16%	–
EEP	New	Enbridge Energy Partners LP	$1,324,000	–	82,740	–	1.02%	–
MDLZ	New	Mondelez International Inc	$1,288,000	–	29,826	–	0.99%	–
UPS	New	United Parcel Svc Inc Cl B	$1,238,000	–	11,196	–	0.95%	–
BTI	New	British American Tobaccoadr	$1,027,000	–	14,980	–	0.79%	–
QSR	New	Restaurant Brands Internationa	$643,000	–	10,290	–	0.50%	–
MTB	New	M & T Bank Corp	$515,000	–	3,181	–	0.40%	–
XOM	New	Exxon Mobil Corp	$465,000	–	5,763	–	0.36%	–
UNP	New	Union Pacific Corp	$454,000	–	4,166	–	0.35%	–
CVS	New	CVS Health	$447,000	–	5,552	–	0.34%	–
VVC	New	Vectren Corp	$429,000	–	7,345	–	0.33%	–
UL	New	Unilever PLCadr	$370,000	–	6,842	–	0.28%	–
EEQ	New	Enbridge Energy Management LLC	$340,000	–	22,076	–	0.26%	–
O	New	Realty Income Corp	$326,000	–	5,900	–	0.25%	–
MMP	New	Magellan Midstream Partners LP	$321,000	–	4,500	–	0.25%	–
WFCWS	New	Wells Fargo & Co Warrant Exp 1wt	$263,000	–	11,825	–	0.20%	–
EXPD	New	Expeditors International	$259,000	–	4,580	–	0.20%	–
WEC	New	WEC Energy Group Inc	$235,000	–	3,825	–	0.18%	–

Q4 2016

			Value		Shares		↓ Weighting
KMIWS	Exit	Kinder Morgan Inc Del Wt Exp 5wt	$0	–	-51,950	–	-0.00%	–
WFCWS	Exit	Wells Fargo & Co Warrant Exp 1wt	$0	–	-11,225	–	-0.12%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-4,165	–	-0.21%	–
EXPD	Exit	Expeditors International	$0	–	-5,030	–	-0.22%	–
MMP	Exit	Magellan Midstream Partners LP	$0	–	-4,500	–	-0.27%	–
UL	Exit	Unilever PLCadr	$0	–	-6,841	–	-0.28%	–
VVC	Exit	Vectren Corp Com	$0	–	-7,345	–	-0.31%	–
O	Exit	Realty Income Corp	$0	–	-5,900	–	-0.34%	–
MTB	Exit	M & T Bank Corp	$0	–	-3,422	–	-0.34%	–
QSR	Exit	Restaurant Brands Internationa	$0	–	-9,555	–	-0.36%	–
CVS	Exit	CVS Health	$0	–	-6,161	–	-0.46%	–
EEQ	Exit	Enbridge Energy Management LLC	$0	–	-22,031	–	-0.48%	–
UPS	Exit	United Parcel Svc Inc Cl B	$0	–	-6,583	–	-0.61%	–
XOM	Exit	Exxon Mobil Corp Com	$0	–	-8,558	–	-0.63%	–
BTI	Exit	British American Tobaccoadr	$0	–	-6,820	–	-0.74%	–
KMIPRA	Exit	Kinder Morgan 9.75% Srs A Mandpfd	$0	–	-27,025	–	-1.15%	–
MDLZ	Exit	Mondelez International Inc	$0	–	-30,844	–	-1.15%	–
ABBV	Exit	AbbVie Inc	$0	–	-28,342	–	-1.52%	–
VRSK	Exit	Verisk Analytics	$0	–	-22,003	–	-1.52%	–
ABT	Exit	Abbott Labs	$0	–	-44,115	–	-1.58%	–
EEP	Exit	Enbridge Energy Partners LP Co	$0	–	-79,900	–	-1.72%	–
NGG	Exit	National Grid PLC Sponsored ADadr	$0	–	-29,927	–	-1.81%	–
EPD	Exit	Enterprise Prods Partners LP C	$0	–	-78,579	–	-1.84%	–
GPC	Exit	Genuine Parts Co	$0	–	-22,490	–	-1.92%	–
AXP	Exit	American Express Company	$0	–	-36,187	–	-1.97%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-27,532	–	-2.27%	–
WMT	Exit	Wal Mart Stores Inc	$0	–	-39,599	–	-2.42%	–
IBM	Exit	International Business Machine	$0	–	-19,933	–	-2.69%	–
DEO	Exit	Diageo PLC Sponsored ADR Newadr	$0	–	-29,047	–	-2.86%	–
COST	Exit	Costco Whsl Corp New Com	$0	–	-23,447	–	-3.04%	–
KHC	Exit	Kraft Heinz Co	$0	–	-42,377	–	-3.22%	–
WFC	Exit	Wells Fargo & Co New Com	$0	–	-91,527	–	-3.44%	–
BUD	Exit	Anheuser-Busch Inbev SA/NVadr	$0	–	-31,717	–	-3.54%	–
PM	Exit	Philip Morris International In	$0	–	-56,050	–	-4.62%	–
MO	Exit	Altria Group Inc Com	$0	–	-87,760	–	-4.71%	–
MCD	Exit	McDonald's Corp	$0	–	-51,691	–	-5.06%	–
BRKB	Exit	Berkshire Hathaway Inc Cl B	$0	–	-41,316	–	-5.07%	–
PG	Exit	Procter & Gamble Co	$0	–	-75,803	–	-5.77%	–
PEP	Exit	Pepsico Inc	$0	–	-64,268	–	-5.93%	–
JNJ	Exit	Johnson & Johnson Com	$0	–	-60,492	–	-6.06%	–
KO	Exit	Coca-Cola Company	$0	–	-202,888	–	-7.29%	–
BRKA	Exit	Berkshire Hathaway Inc Cl A	$0	–	-57	–	-10.46%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKA	New	Berkshire Hathaway Inc Cl A	$12,325,000	–	57	–	10.46%	–
KO	New	Coca-Cola Company	$8,586,000	–	202,888	–	7.29%	–
JNJ	New	Johnson & Johnson Com	$7,146,000	–	60,492	–	6.06%	–
PEP	New	Pepsico Inc	$6,990,000	–	64,268	–	5.93%	–
PG	New	Procter & Gamble Co	$6,803,000	–	75,803	–	5.77%	–
BRKB	New	Berkshire Hathaway Inc Cl B	$5,969,000	–	41,316	–	5.07%	–
MCD	New	McDonald's Corp	$5,963,000	–	51,691	–	5.06%	–
MO	New	Altria Group Inc Com	$5,549,000	–	87,760	–	4.71%	–
PM	New	Philip Morris International In	$5,449,000	–	56,050	–	4.62%	–
BUD	New	Anheuser-Busch Inbev SA/NVadr	$4,168,000	–	31,717	–	3.54%	–
WFC	New	Wells Fargo & Co New Com	$4,053,000	–	91,527	–	3.44%	–
KHC	New	Kraft Heinz Co	$3,793,000	–	42,377	–	3.22%	–
COST	New	Costco Whsl Corp New Com	$3,576,000	–	23,447	–	3.04%	–
DEO	New	Diageo PLC Sponsored ADR Newadr	$3,371,000	–	29,047	–	2.86%	–
IBM	New	International Business Machine	$3,166,000	–	19,933	–	2.69%	–
WMT	New	Wal Mart Stores Inc	$2,856,000	–	39,599	–	2.42%	–
NSC	New	Norfolk Southern Corp	$2,672,000	–	27,532	–	2.27%	–
AXP	New	American Express Company	$2,317,000	–	36,187	–	1.97%	–
GPC	New	Genuine Parts Co	$2,259,000	–	22,490	–	1.92%	–
EPD	New	Enterprise Prods Partners LP C	$2,171,000	–	78,579	–	1.84%	–
NGG	New	National Grid PLC Sponsored ADadr	$2,128,000	–	29,927	–	1.81%	–
EEP	New	Enbridge Energy Partners LP Co	$2,032,000	–	79,900	–	1.72%	–
ABT	New	Abbott Labs	$1,866,000	–	44,115	–	1.58%	–
VRSK	New	Verisk Analytics	$1,788,000	–	22,003	–	1.52%	–
ABBV	New	AbbVie Inc	$1,788,000	–	28,342	–	1.52%	–
MDLZ	New	Mondelez International Inc	$1,354,000	–	30,844	–	1.15%	–
KMIPRA	New	Kinder Morgan 9.75% Srs A Mandpfd	$1,353,000	–	27,025	–	1.15%	–
BTI	New	British American Tobaccoadr	$871,000	–	6,820	–	0.74%	–
XOM	New	Exxon Mobil Corp Com	$747,000	–	8,558	–	0.63%	–
UPS	New	United Parcel Svc Inc Cl B	$720,000	–	6,583	–	0.61%	–
EEQ	New	Enbridge Energy Management LLC	$560,000	–	22,031	–	0.48%	–
CVS	New	CVS Health	$548,000	–	6,161	–	0.46%	–
QSR	New	Restaurant Brands Internationa	$425,000	–	9,555	–	0.36%	–
MTB	New	M & T Bank Corp	$397,000	–	3,422	–	0.34%	–
O	New	Realty Income Corp	$395,000	–	5,900	–	0.34%	–
VVC	New	Vectren Corp Com	$369,000	–	7,345	–	0.31%	–
UL	New	Unilever PLCadr	$324,000	–	6,841	–	0.28%	–
MMP	New	Magellan Midstream Partners LP	$318,000	–	4,500	–	0.27%	–
EXPD	New	Expeditors International	$259,000	–	5,030	–	0.22%	–
WEC	New	WEC Energy Group Inc	$249,000	–	4,165	–	0.21%	–
WFCWS	New	Wells Fargo & Co Warrant Exp 1wt	$140,000	–	11,225	–	0.12%	–
KMIWS	New	Kinder Morgan Inc Del Wt Exp 5wt	$1,000	–	51,950	–	0.00%	–

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