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 COM G1151C101 6,012 28,000 SH   SOLE   28,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 167,090 1,890,796 SH   SOLE   1,890,796 0 0
ALPHABET INC-CL A COM 02079K305 370,000 260,922 SH   SOLE   260,922 0 0
ALTRIA GROUP INC COM 02209S103 1,423 36,244 SH   SOLE   36,244 0 0
AMERICAN EXPRESS CO COM 025816109 169,777 1,783,375 SH   SOLE   1,783,375 0 0
AUTOMATIC DATA PROCESSING COM 053015103 10,571 71,000 SH   SOLE   71,000 0 0
BECTON DICKINSON AND CO COM 075887109 19,067 79,689 SH   SOLE   79,689 0 0
BERKSHIRE HATHAWAY-A SHS COM 084670108 180,695 676 SH   SOLE   676 0 0
BOOKING HOLDINGS INC COM 09857L108 11,158 7,007 SH   SOLE   7,007 0 0
CISCO SYSTEMS INC COM 17275R102 12,266 263,000 SH   SOLE   263,000 0 0
CLOROX COMPANY CLX US COM 189054109 7,678 35,000 SH   SOLE   35,000 0 0
CME GROUP INC COM 12572Q105 7,964 49,000 SH   SOLE   49,000 0 0
COCA-COLA CO COM 191216100 123,660 2,767,671 SH   SOLE   2,767,671 0 0
COLGATE-PALMOLIVE CO COM 194162103 118,237 1,613,934 SH   SOLE   1,613,934 0 0
EBAY INC COM 278642103 10,484 199,878 SH   SOLE   199,878 0 0
EMERSON ELECTRIC CO COM 291011104 7,009 113,000 SH   SOLE   113,000 0 0
EXXON MOBIL CORP COM 30231G102 358 8,000 SH   SOLE   8,000 0 0
FACEBOOK INC-A COM 30303M102 19,640 86,494 SH   SOLE   86,494 0 0
FISERV INC COM 337738108 13,770 141,056 SH   SOLE   141,056 0 0
FRANCO-NEVADA CORP (US) COM 351858105 191,306 1,369,997 SH   SOLE   1,369,997 0 0
GENERAL ELECTRIC CO COM 369604103 4 560 SH   SOLE   560 0 0
HERSHEY CO/THE COM 427866108 6,740 52,000 SH   SOLE   52,000 0 0
INTUIT INC COM 461202103 17,609 59,452 SH   SOLE   59,452 0 0
JOHNSON & JOHNSON COM 478160104 17,795 126,537 SH   SOLE   126,537 0 0
KRAFT HEINZ CO COM 50075N104 18 576 SH   SOLE   576 0 0
MASTERCARD INC - A COM 57636Q104 19,036 64,377 SH   SOLE   64,377 0 0
MCDONALD'S CORP COM 580135101 5,165 28,000 SH   SOLE   28,000 0 0
MEDTRONIC INC COM 585055106 352,604 3,845,193 SH   SOLE   3,845,193 0 0
MICROSOFT CORP COM 594918104 559,813 2,750,788 SH   SOLE   2,750,788 0 0
MONDELEZ INTERNATIONAL INC-A COM 609207105 88 1,730 SH   SOLE   1,730 0 0
NEWS CORP-CL A COM 65249B109 711 59,962 SH   SOLE   59,962 0 0
PAYCHEX INC COM 704326107 177,728 2,346,240 SH   SOLE   2,346,240 0 0
PAYPAL HOLDINGS INC COM 70450Y103 41,363 237,407 SH   SOLE   237,407 0 0
PEPSICO INC COM 713448108 17,878 135,174 SH   SOLE   135,174 0 0
PFIZER INC COM 717081103 1,079 33,000 SH   SOLE   33,000 0 0
PHILIP MORRIS INT COM 718172109 255,224 3,642,929 SH   SOLE   3,642,929 0 0
PROCTER & GAMBLE COM 742718109 313,489 2,621,802 SH   SOLE   2,621,802 0 0
S&P GLOBAL INC COM 78409V104 8,579 26,037 SH   SOLE   26,037 0 0
THOMSON REUTERS CORP COM 884903105 3,714 40,264 SH   SOLE   40,264 0 0
UNITED TECHNOLOGIES CORP COM 92826C839 516 6,000 SH   SOLE   6,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 6,872 124,659 SH   SOLE   124,659 0 0
VISA INC-CLASS A SHARES COM 92826C839 282,745 1,463,709 SH   SOLE   1,463,709 0 0
WALT DISNEY CO/THE DIS US COM 254687106 6,927 62,119 SH   SOLE   62,119 0 0
WELLS FARGO & CO COM 949746101 410 16,000 SH   SOLE   16,000 0 0
WESTERN UNION CO COM 959802109 6,983 323,000 SH   SOLE   323,000 0 0