The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACCENTURE PLC-CL A ACN US COM 0B4BNMY34 2,041 16,500 SH   SOLE   16,500 0 0
ALPHABET INC-CL A COM 2079K3059 18,412 19,805 SH   SOLE   19,805 0 0
ALTRIA GROUP INC COM 2209S1033 269,109 3,613,650 SH   SOLE   3,613,650 0 0
AMERICAN EXPRESS CO COM 258161092 133,079 1,579,761 SH   SOLE   1,579,761 0 0
BECTON DICKINSON AND CO COM 758871091 115,642 592,700 SH   SOLE   592,700 0 0
BERKSHIRE HATHAWAY-A SHS COM 846701086 126,841 498 SH   SOLE   498 0 0
CISCO SYSTEMS INC COM 7275R1023 3,193 102,000 SH   SOLE   102,000 0 0
COCA-COLA CO COM 912161007 258,785 5,770,009 SH   SOLE   5,770,009 0 0
COLGATE-PALMOLIVE CO COM 941621039 106,814 1,440,900 SH   SOLE   1,440,900 0 0
DR PEPPER SNAPPLE GROUP INC COM 6138E1091 105,141 1,154,000 SH   SOLE   1,154,000 0 0
EBAY INC COM 786421030 19,629 562,126 SH   SOLE   562,126 0 0
EMERSON ELECTRIC CO COM 910111044 2,176 36,500 SH   SOLE   36,500 0 0
EVERSOURCE ENERGY COM 0040W1080 2,944 48,500 SH   SOLE   48,500 0 0
EXXON MOBIL CORP COM 0231G1022 646 8,000 SH   SOLE   8,000 0 0
FISERV INC COM 377381088 13,861 113,300 SH   SOLE   113,300 0 0
FRANCO-NEVADA CORP (US) COM 518581051 57,477 796,521 SH   SOLE   796,521 0 0
GENERAL ELECTRIC CO COM 696041033 15 560 SH   SOLE   560 0 0
HERSHEY CO/THE COM 278661081 29,547 275,188 SH   SOLE   275,188 0 0
INTUIT INC COM 612021034 8,633 65,000 SH   SOLE   65,000 0 0
JOHNSON & JOHNSON COM 781601046 20,538 155,250 SH   SOLE   155,250 0 0
KRAFT HEINZ CO COM 007541064 49 576 SH   SOLE   576 0 0
L BRANDS INC LB US COM 017971046 1,832 34,000 SH   SOLE   34,000 0 0
MCDONALD'S CORP COM 801351017 3,201 20,900 SH   SOLE   20,900 0 0
MEDTRONIC INC COM 0BTN1Y115 17,859 201,232 SH   SOLE   201,232 0 0
MICROSOFT CORP COM 949181045 238,478 3,459,719 SH   SOLE   3,459,719 0 0
MONDELEZ INTERNATIONAL INC-A COM 092071058 1,994 46,175 SH   SOLE   46,175 0 0
NEWS CORP-CL A COM 5249B1098 907 66,212 SH   SOLE   66,212 0 0
PAYCHEX INC COM 043261079 3,035 53,300 SH   SOLE   53,300 0 0
PAYPAL HOLDINGS INC COM 0450Y1038 17,431 324,776 SH   SOLE   324,776 0 0
PEPSICO INC COM 134481081 6,915 59,874 SH   SOLE   59,874 0 0
PFIZER INC COM 170811035 1,108 33,000 SH   SOLE   33,000 0 0
PHILIP MORRIS INT COM 181721090 256,663 2,185,294 SH   SOLE   2,185,294 0 0
PROCTER & GAMBLE COM 427181091 73,703 845,700 SH   SOLE   845,700 0 0
REYNOLDS AMERICAN COM 617131062 247,867 3,811,000 SH   SOLE   3,811,000 0 0
SYSCO CORP COM 718291078 3,221 64,000 SH   SOLE   64,000 0 0
THOMSON REUTERS CORP COM 849031056 5,507 91,725 SH   SOLE   91,725 0 0
TWENTY-FIRST CENTURY FOX-A COM 0130A1016 7,506 264,850 SH   SOLE   264,850 0 0
UNITED TECHNOLOGIES CORP COM 130171096 1,465 12,000 SH   SOLE   12,000 0 0
VERIZON COMMUNICATIONS INC COM 2343V1044 62,129 1,391,161 SH   SOLE   1,391,161 0 0
VISA INC-CLASS A SHARES COM 2826C8394 8,119 86,577 SH   SOLE   86,577 0 0
WELLS FARGO & CO COM 497461015 111,530 2,012,817 SH   SOLE   2,012,817 0 0
WESTERN UNION CO COM 598021098 2,267 119,000 SH   SOLE   119,000 0 0
WHITE MOUNTAINS INSURANCE GP COM 9618E1075 578 665 SH   SOLE   665 0 0