# EDGAR Filing Document

**Accession Number:** 0000944733
**File Stem:** 0000944733-25-000004
**Filing Date:** 2025-8
**Character Count:** 35546
**Document Hash:** 0269279d2be6fec0c3a4d46013ec5b82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000944733-25-000004.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000944733-25-000004

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUTNER CAPITAL MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000944733

**ORGANIZATION NAME:**
- **EIN:** 133888984

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17568
- **FILM NUMBER:** 251279618

**BUSINESS ADDRESS:**
- **STREET 1:** 3546 MAIN STREET BOX 379
- **CITY:** MANCHESTER
- **STATE:** VT
- **ZIP:** 05254
- **BUSINESS PHONE:** 8023668157

**MAIL ADDRESS:**
- **STREET 1:** 3546 MAIN STREET BOX 379
- **CITY:** MANCHESTER
- **STATE:** VT
- **ZIP:** 05254

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000944733

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** HUTNER CAPITAL MANAGEMENT INC

**Address:** 3546 MAIN STREET BOX 379, MANCHESTER, VT 05254

**Telephone number:** 802-366-8157

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-17568

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                       | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                 | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| ABBOTT LABORATORIES                  | 002824100 | 4/25/2025      | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          37197 |                0 | FOR         | 37197                                    | FOR                         |  |
| ABBVIE INC.                          | 00287Y109 | 5/9/2025       | Say on Pay - An advisory vote on the approval of executive compensation                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          37882 |                0 | FOR         | 37882                                    | FOR                         |  |
| ALCON INC.                           | H01301128 | 5/6/2025       | Binding vote on the maximum aggregate amount of compensation of the Board of Directors for the next term of office, i.e. from the 2025 Annual General Meeting to the 2026 Annual General Meeting | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| ALCON INC.                           | H01301128 | 5/6/2025       | Binding vote on the maximum aggregate amount of compensation of the Executive Committee for the following financial year, i.e. 2026                                                              | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| ALTRIA GROUP, INC.                   | 02209S103 | 5/15/2025      | Non-Binding Advisory Vote to Approve the Compensation of Altria's Named Executive Officers                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          91296 |                0 | FOR         | 91296                                    | FOR                         |  |
| AMERICAN EXPRESS COMPANY             | 025816109 | 4/29/2025      | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          20986 |                0 | FOR         | 20986                                    | FOR                         |  |
| AMERICAN INTERNATIONAL GROUP, INC.   | 026874784 | 5/14/2025      | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2095 |                0 | FOR         | 2095                                     | FOR                         |  |
| AMERICAN INTERNATIONAL GROUP, INC.   | 026874784 | 5/14/2025      | Advisory Vote on the Frequency of Future Executive Compensation Votes.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           2095 |                0 | 2 YEARS     | 2095                                     | AGAINST                     |  |
| AMERICAN TOWER CORPORATION           | 03027X100 | 5/14/2025      | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            921 |                0 | FOR         | 921                                      | FOR                         |  |
| ANALOG DEVICES, INC.                 | 032654105 | 3/12/2025      | Advisory vote to approve the compensation of our named executive officers.                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           9970 |                0 | FOR         | 9970                                     | FOR                         |  |
| APPLE INC.                           | 037833100 | 2/25/2025      | Advisory vote to approve executive compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          11555 |                0 | FOR         | 11555                                    | FOR                         |  |
| AT INC.                              | 00206R102 | 5/15/2025      | Advisory Approval of Executive Compensation                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1319 |                0 | FOR         | 1319                                     | FOR                         |  |
| AVIS BUDGET GROUP, INC.              | 053774105 | 5/14/2025      | Advisory approval of the compensation of our named executive officers.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |             45 |                0 | FOR         | 45                                       | FOR                         |  |
| BANK OF AMERICA CORPORATION          | 060505104 | 4/22/2025      | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           1202 |                0 | FOR         | 1202                                     | FOR                         |  |
| BAXTER INTERNATIONAL INC.            | 071813109 | 5/6/2025       | Advisory Vote to Approve Named Executive Officer Compensation for 2024                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            483 |                0 | FOR         | 483                                      | FOR                         |  |
| BRISTOL-MYERS SQUIBB COMPANY         | 110122108 | 5/6/2025       | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            390 |                0 | FOR         | 390                                      | FOR                         |  |
| CANOPY GROWTH CORPORATION            | 138035704 | 9/24/2024      | To adopt, on an advisory (non-binding) basis, a resolution approving the compensation of the Company's named executive officers, as described in the proxy statement.                            | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| CARRIER GLOBAL CORPORATION           | 14448C104 | 4/9/2025       | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             61 |                0 | FOR         | 61                                       | FOR                         |  |
| CHEVRON CORPORATION                  | 166764100 | 5/28/2025      | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1828 |                0 | FOR         | 1828                                     | FOR                         |  |
| CHUBB LIMITED                        | h1467j104 | 5/15/2025      | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           6909 |                0 | FOR         | 6909                                     | FOR                         |  |
| CITIGROUP INC.                       | 172967424 | 4/29/2025      | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              3 |                0 | FOR         | 3                                        | FOR                         |  |
| COSTCO WHOLESALE CORPORATION         | 22160K105 | 1/23/2025      | Approval, on an advisory basis, of executive compensation.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          13384 |                0 | FOR         | 13384                                    | FOR                         |  |
| CVS HEALTH CORPORATION               | 126650100 | 5/15/2025      | Say on Pay, a Proposal to Approve, on an Advisory Basis, the Company's Executive Compensation.                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |             69 |                0 | FOR         | 69                                       | FOR                         |  |
| DEVON ENERGY CORPORATION             | 25179M103 | 6/4/2025       | Advisory Vote to Approve Executive Compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             24 |                0 | FOR         | 24                                       | FOR                         |  |
| DOMINION ENERGY, INC.                | 25746U109 | 5/7/2025       | Advisory Vote on Approval of Executive Compensation (Say on Pay)                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            405 |                0 | FOR         | 405                                      | FOR                         |  |
| ENBRIDGE INC.                        | 29250N105 | 5/7/2025       | Accept Enbridge's approach to executive compensation, as disclosed in the Management Information Circular.                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| EXPEDITORS INT'L OF WASHINGTON, INC. | 302130109 | 5/6/2025       | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           6570 |                0 | FOR         | 6570                                     | FOR                         |  |
| EXXON MOBIL CORPORATION              | 30231G102 | 5/28/2025      | Advisory Vote to Approve Executive Compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            456 |                0 | FOR         | 456                                      | FOR                         |  |
| FRANCO-NEVADA CORPORATION            | 351858105 | 5/8/2025       | Say-on-Pay Advisory Resolution Acceptance of the Corporation's approach to executive compensation.                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| GENUINE PARTS COMPANY                | 372460105 | 4/28/2025      | Advisory Vote On Executive Compensation                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          20013 |                0 | FOR         | 20013                                    | FOR                         |  |
| JOHNSON  JOHNSON                     | 478160104 | 4/24/2025      | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          41702 |                0 | FOR         | 41702                                    | FOR                         |  |
| KINDER MORGAN, INC.                  | 49456B101 | 5/15/2025      | Approval, on an advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement                                                                         | SECTION 14A SAY-ON-PAY VOTES |            949 |                0 | FOR         | 949                                      | FOR                         |  |
| LUMEN TECHNOLOGIES, INC.             | 550241103 | 5/13/2025      | Advisory vote to approve executive compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            579 |                0 | FOR         | 579                                      | FOR                         |  |
| M BANK CORPORATION                   | 55261F104 | 4/15/2025      | TO APPROVE THE 2024 COMPENSATION OF M BANK CORPORATION'S NAMED EXECUTIVE OFFICERS.                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |             77 |                0 | FOR         | 77                                       | FOR                         |  |
| MASTERCARD INCORPORATED              | 57636Q104 | 6/24/2025      | Advisory approval of Mastercard's executive compensation                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |             30 |                0 | FOR         | 30                                       | FOR                         |  |
| MCDONALD'S CORPORATION               | 580135101 | 5/20/2025      | Advisory Vote to Approve Executive Compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          30474 |                0 | FOR         | 30474                                    | FOR                         |  |
| MICROSOFT CORPORATION                | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |             33 |                0 | FOR         | 33                                       | FOR                         |  |
| MONDELEZ INTERNATIONAL, INC.         | 609207105 | 5/21/2025      | Advisory vote to approve executive compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2919 |                0 | FOR         | 2919                                     | FOR                         |  |
| MOODY'S CORPORATION                  | 615369105 | 4/15/2025      | Advisory resolution approving executive compensation.                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            959 |                0 | FOR         | 959                                      | FOR                         |  |
| NORFOLK SOUTHERN CORPORATION         | 655844108 | 5/8/2025       | Approval of the advisory resolution on executive compensation, as disclosed in the proxy statement for the 2025 Annual Meeting of Shareholders.                                                  | SECTION 14A SAY-ON-PAY VOTES |           7181 |                0 | FOR         | 7181                                     | FOR                         |  |
| O'REILLY AUTOMOTIVE, INC.            | 67103H107 | 5/15/2025      | Advisory vote to approve executive compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           1494 |                0 | FOR         | 1494                                     | FOR                         |  |
| ONEOK, INC.                          | 682680103 | 5/21/2025      | An advisory vote to approve ONEOK, Inc.'s executive compensation.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          17266 |                0 | FOR         | 17266                                    | FOR                         |  |
| OTIS WORLDWIDE CORPORATION           | 68902V107 | 5/15/2025      | Advisory Vote to Approve Executive Compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |             29 |                0 | FOR         | 29                                       | FOR                         |  |
| PEPSICO, INC.                        | 713448108 | 5/7/2025       | Advisory approval of the Company's executive compensation.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          47413 |                0 | FOR         | 47413                                    | FOR                         |  |
| PHILIP MORRIS INTERNATIONAL INC.     | 718172109 | 5/7/2025       | Advisory Vote Approving Executive Compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          68853 |                0 | FOR         | 68853                                    | FOR                         |  |
| PHILLIPS 66                          | 718546104 | 5/21/2025      | THE COMPANY'S PROPOSAL TO APPROVE, ON AN ADVISORY BASIS, THE COMPANY'S NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| PHILLIPS 66                          | 718546104 | 5/21/2025      | THE COMPANY'S PROPOSAL TO APPROVE, ON AN ADVISORY BASIS, THE FREQUENCY OF FUTURE SHAREHOLDER ADVISORY VOTES TO APPROVE EXECUTIVE COMPENSATION.                                                   | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| PIPER SANDLER COMPANIES              | 724078100 | 5/22/2025      | An advisory (non-binding) vote to approve the compensation of the officers disclosed in the enclosed proxy statement, or say-on-pay vote.                                                        | SECTION 14A SAY-ON-PAY VOTES |            155 |                0 | FOR         | 155                                      | FOR                         |  |
| REALTY INCOME CORPORATION            | 756109104 | 5/13/2025      | A non-binding advisory proposal to approve the compensation of our named executive officers as described in the Proxy Statement.                                                                 | SECTION 14A SAY-ON-PAY VOTES |          37318 |                0 | FOR         | 37318                                    | FOR                         |  |
| RESTAURANT BRANDS INTERNATIONAL INC. | 76131D103 | 6/3/2025       | Say-On-Pay: Approval, on a non-binding advisory basis, of the compensation paid to named executive officers.                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          16267 |                0 | FOR         | 16267                                    | FOR                         |  |
| RTX CORPORATION                      | 75513E105 | 5/1/2025       | Advisory Vote to Approve Executive Compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             61 |                0 | FOR         | 61                                       | FOR                         |  |
| S GLOBAL INC.                        | 78409V104 | 5/7/2025       | Approve, on an advisory basis, the executive compensation program for the Company's named executive officers, as described in the Proxy Statement.                                               | SECTION 14A SAY-ON-PAY VOTES |             13 |                0 | FOR         | 13                                       | FOR                         |  |
| SITE CENTERS CORP.                   | 82981J851 | 5/14/2025      | Approval, on an Advisory Basis, of the Compensation of the Company's Named Executive Officers                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             20 |                0 | FOR         | 20                                       | FOR                         |  |
| THE COCA-COLA COMPANY                | 191216100 | 4/30/2025      | Advisory vote to approve executive compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         133734 |                0 | FOR         | 133734                                   | FOR                         |  |
| THE HERSHEY COMPANY                  | 427866108 | 5/6/2025       | Approve named executive officer compensation on a non-binding advisory basis.                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           7092 |                0 | FOR         | 7092                                     | FOR                         |  |
| THE KRAFT HEINZ COMPANY              | 500754106 | 5/8/2025       | Advisory vote to approve executive compensation.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          13332 |                0 | FOR         | 13332                                    | FOR                         |  |
| THE PROCTER  GAMBLE COMPANY          | 742718109 | 10/8/2024      | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote).                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          40771 |                0 | FOR         | 40771                                    | FOR                         |  |
| THE PROGRESSIVE CORPORATION          | 743315103 | 5/9/2025       | Cast an advisory vote to approve our executive compensation program.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           2425 |                0 | FOR         | 2425                                     | FOR                         |  |
| THE SHERWIN-WILLIAMS COMPANY         | 824348106 | 4/16/2025      | Advisory approval of the compensation of the named executive officers.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           2184 |                0 | FOR         | 2184                                     | FOR                         |  |
| THE WALT DISNEY COMPANY              | 254687106 | 3/20/2025      | Consideration of an advisory vote to approve executive compensation.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             42 |                0 | FOR         | 42                                       | FOR                         |  |
| THE WILLIAMS COMPANIES, INC.         | 969457100 | 4/29/2025      | Approve, on an Advisory Basis, the Compensation of our Named Executive Officers.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            228 |                0 | FOR         | 228                                      | FOR                         |  |
| TRAVEL + LEISURE CO.                 | 894164102 | 5/21/2025      | A non-binding, advisory resolution to approve our executive compensation program.                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |             90 |                0 | FOR         | 90                                       | FOR                         |  |
| UNION PACIFIC CORPORATION            | 907818108 | 5/8/2025       | Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          10966 |                0 | FOR         | 10966                                    | FOR                         |  |
| UNITED PARCEL SERVICE, INC.          | 911312106 | 5/8/2025       | To approve on an advisory basis named executive officer compensation.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           3413 |                0 | FOR         | 3413                                     | FOR                         |  |
| VERISK ANALYTICS, INC.               | 92345Y106 | 5/20/2025      | To approve executive compensation on an advisory, non-binding basis.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          11982 |                0 | FOR         | 11982                                    | FOR                         |  |
| VERIZON COMMUNICATIONS INC.          | 92343V104 | 5/22/2025      | Advisory vote to approve executive compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           1657 |                0 | FOR         | 1657                                     | FOR                         |  |
| VISA INC.                            | 92826C839 | 1/28/2025      | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |             57 |                0 | FOR         | 57                                       | FOR                         |  |
| WALMART INC.                         | 931142103 | 6/5/2025       | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          51018 |                0 | FOR         | 51018                                    | FOR                         |  |
| WARNER BROS. DISCOVERY, INC.         | 934423104 | 6/2/2025       | To vote on an advisory resolution to approve the 2024 compensation of Warner Bros. Discovery, Inc.'s named executive officers, commonly referred to as a "Say-on-Pay" vote.                      | SECTION 14A SAY-ON-PAY VOTES |            319 |                0 | FOR         | 319                                      | FOR                         |  |
| WEC ENERGY GROUP, INC.               | 92939U106 | 5/8/2025       | Advisory vote to approve executive compensation of the named executive officers                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           4710 |                0 | FOR         | 4710                                     | FOR                         |  |
| WELLS FARGO  COMPANY                 | 949746101 | 4/29/2025      | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          13590 |                0 | FOR         | 13590                                    | FOR                         |  |
| WYNDHAM HOTELS  RESORTS, INC.        | 98311A105 | 5/15/2025      | To vote on an advisory resolution to approve our executive compensation program.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             90 |                0 | FOR         | 90                                       | FOR                         |  |
| WYNDHAM HOTELS  RESORTS, INC.        | 98311A105 | 5/15/2025      | To vote on an advisory resolution on the frequency of the advisory vote on named executive officer compensation.                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             90 |                0 | 2 YEARS     | 90                                       | AGAINST                     |  |
| YUM CHINA HOLDINGS, INC.             | 98850P109 | 5/23/2025      | Advisory Vote to Approve Executive Compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            257 |                0 | FOR         | 257                                      | FOR                         |  |
| YUM! BRANDS, INC.                    | 988498101 | 5/15/2025      | Advisory Vote on Executive Compensation.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           4387 |                0 | FOR         | 4387                                     | FOR                         |  |
| ZIMMER BIOMET HOLDINGS, INC.         | 98956P102 | 5/29/2025      | Approve, on a non-binding advisory basis, named executive officer compensation ("Say on Pay").                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            116 |                0 | FOR         | 116                                      | FOR                         |  |
| ZIMVIE INC.                          | 98888T107 | 5/7/2025       | Approve, on a non-binding advisory basis, named executive officer compensation ("Say on Pay").                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |             11 |                0 | FOR         | 11                                       | FOR                         |  |
| ZOETIS INC.                          | 98978v103 | 5/21/2025      | Advisory vote to approve our executive compensation.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           1825 |                0 | FOR         | 1825                                     | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** HUTNER CAPITAL MANAGEMENT INC

**By (Signature):** Daniel E. Hutner, Jr.

**By (Printed Signature):** Daniel E. Hutner, Jr.

**By (Title):** Vice President and Chief Compliance Officer

**Date:** 08/29/2025