Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle SA-Spons ADR	14,079,392	$985M	10.5%	$65.76	—	COM	641069406
BRK/A	Berkshire Hathaway Inc Cl A	4,953	$844M	9.0%	$165123.55	+4.8%	COM	084670108
PM	Philip Morris International In	9,616,739	$833M	8.8%	$49.74	-4.7%	COM	718172109
—	Compagnie Financiere Richemont	6,800,276	$681M	7.2%	$100.19	—	COM	h25662182
—	Mastercard Inc Cl A	1,001,935	$674M	7.2%	$576.65	—	COM	57636q104
—	Heineken Holding NV	9,972,655	$631M	6.7%	$56.21	—	COM	n39338194
WFC	Wells Fargo	13,908,732	$575M	6.1%	$27.44	+10.0%	COM	949746101
—	Pernod Ricard	4,426,700	$550M	5.8%	$111.59	—	COM	f72027109
—	SABMiller PLC	10,650,538	$542M	5.8%	$47.98	—	COM	g77395104
—	Anheuser-Busch InBev ADR	4,833,827	$480M	5.1%	$90.74	—	COM	03524a108
—	Unilever NV ADR	10,661,578	$402M	4.3%	$39.22	—	COM	904784709
—	Altria Group Inc	7,708,331	$265M	2.8%	$34.98	—	COM	02209s103
—	British American Tobacco PLC	4,963,955	$263M	2.8%	$51.17	—	COM	g1510j102
BRK/B	Berkshire Hathaway Inc Cl B	2,262,253	$257M	2.7%	$110.09	+4.8%	COM	084670702
—	Diageo PLC	7,905,573	$252M	2.7%	$28.69	—	COM	g42089113
—	Comcast Corp Special Cl A	4,747,143	$206M	2.2%	$39.71	—	COM	20030n200
BF/A	Brown-Forman Corp Cl A	2,817,510	$186M	2.0%	$17.20	-1.2%	COM	115637100
MLM	Martin Marietta Materials	1,786,060	$175M	1.9%	$92.90	-3.8%	COM	573284106
—	Scripps Networks Interactive C	1,393,439	$109M	1.2%	$66.76	—	COM	811065101
—	JC Decaux SA ACT	1,484,160	$54.68M	0.6%	$27.49	—	COM	f5333n100
—	Diageo PLC Sponsored ADR	412,072	$52.37M	0.6%	$114.95	—	COM	25243q205
—	Washington Post Cl B	80,868	$49.44M	0.5%	$483.78	—	COM	939640108
—	The Swatch Group AG-BR	59,024	$37.99M	0.4%	$549.67	—	COM	h83949141
HAS	Hasbro Inc	626,021	$29.51M	0.3%	$30.22	+3.4%	COM	418056107
BF/B	Brown-Forman Corp Cl B	427,628	$29.13M	0.3%	$22.70	+0.5%	COM	115637209
—	Visa Inc Cl A	106,458	$20.34M	0.2%	$182.75	—	COM	92826c839
—	Exxon Mobil Corp	212,224	$18.26M	0.2%	$90.35	—	COM	30231g102
—	Swedish Match AB	364,712	$12.88M	0.1%	$35.28	—	COM	w92277115
FMX	Fomento Economico Mex Sp ADR	118,220	$11.48M	0.1%	$102.79	—	COM	344419106
MLKN	Herman Miller Inc	379,470	$11.07M	0.1%	$19.62	+5.7%	COM	600544100
—	Crane	179,202	$11.05M	0.1%	$59.92	—	COM	224399105
MKL	Markel Corp	19,777	$10.24M	0.1%	$523.59	+0.3%	COM	570535104
PG	Procter & Gamble	126,912	$9.593M	0.1%	$55.00	+2.2%	COM	742718109
AXP	American Express	126,965	$9.588M	0.1%	$59.93	+5.5%	COM	025816109
—	Goldman Sachs Group Inc	57,575	$9.109M	0.1%	$151.25	—	COM	38141g104
CVX	Chevron Corp	65,471	$7.955M	0.1%	$71.30	+2.5%	COM	166764100
KO	Coca-Cola	206,778	$7.833M	0.1%	$27.72	-3.4%	COM	191216100
—	Berner Gruppen	116,554	$7.751M	0.1%	$52.40	—	COM	r10549104
DOV	Dover Corp	83,520	$7.503M	0.1%	$39.99	+15.6%	COM	260003108
—	Royal Dutch Shell PLC ADR A	80,960	$5.317M	0.1%	$63.94	—	COM	780259206
HRL	Hormel Foods Corp	123,050	$5.183M	0.1%	$15.25	+3.9%	COM	440452100
PEP	Pepsico Inc	59,228	$4.709M	0.0%	$56.00	+1.4%	COM	713448108
ABBV	AbbVie Inc	86,777	$3.882M	0.0%	$26.55	+2.3%	COM	00287Y109
—	Heineken NV	54,488	$3.864M	0.0%	$63.62	—	COM	n39427211
—	Praxair Inc	29,575	$3.555M	0.0%	$115.15	—	COM	74005p104
MKC	McCormick Inc	47,780	$3.091M	0.0%	$28.19	-2.1%	COM	579780206
IBM	I B M	16,668	$3.087M	0.0%	$118.74	-6.1%	COM	459200101
DANOY	Danone ADR	203,050	$3.059M	0.0%	$14.99	—	COM	23636T100
ABT	Abbott Labs	86,503	$2.871M	0.0%	$28.85	-4.0%	COM	002824100
—	Nestle SA-REG	40,000	$2.798M	0.0%	$65.47	—	COM	h57312649
—	BIC	22,700	$2.641M	0.0%	$100.09	—	COM	f10080103
—	Precision Castparts Corp	11,325	$2.573M	0.0%	$226.16	—	COM	740189105
—	JP Morgan Chase & Co WTS Exp 1	150,750	$2.527M	0.0%	$15.60	—	WTS	46634e114
—	Du Pont E I De Nemours	43,026	$2.52M	0.0%	$52.49	—	COM	263534109
—	Wells Fargo WTS Exp 10/28/18	177,750	$2.496M	0.0%	$13.67	—	WTS	949746119
DE	Deere & Co	29,915	$2.435M	0.0%	$66.85	-1.3%	COM	244199105
—	Comcast Corp New Cl A	52,773	$2.381M	0.0%	$41.76	—	COM	20030n101
PGR	Progressive Corp Ohio	86,986	$2.369M	0.0%	$17.04	+2.6%	COM	743315103
MSFT	Microsoft Corp	62,558	$2.082M	0.0%	$26.70	+1.1%	COM	594918104
—	Pargesa Holding AG - B	27,200	$2.041M	0.0%	$66.63	—	COM	h60477207
—	Eaton Vance Sr Income TR SF	267,960	$1.884M	0.0%	$7.52	—	SH BEN INT	27826s103
PNC	PNC Bank Corp	25,644	$1.858M	0.0%	$47.34	+8.4%	COM	693475105
—	Lindt & Spruengli AG - Reg	39	$1.855M	0.0%	$43512.82	—	COM	h49983176
WMT	Wal Mart Stores Inc	22,559	$1.668M	0.0%	$19.98	-1.0%	COM	931142103
CFRUY	CIE Financiere Richemont-Unsp	156,500	$1.568M	0.0%	$8.83	—	COM	204319107
HEINY	Heineken NV Spons ADR	43,346	$1.537M	0.0%	$31.81	—	COM	423012301
—	Anheuser-Busch InBev	15,000	$1.494M	0.0%	$88.87	—	COM	b6399c107
—	BB&T Corp	41,556	$1.403M	0.0%	$33.89	—	COM	054937107
—	NHST Media Group	19,772	$1.315M	0.0%	$65.50	—	COM	r4700l117
—	Reckitt Benckiser Group PLC	17,800	$1.303M	0.0%	$71.52	—	COM	g74079107
—	SABMiller PLC Sponsored ADR	25,450	$1.296M	0.0%	$47.82	—	COM	78572m105
—	Pernod-Ricard SA-Unspon ADR	49,450	$1.229M	0.0%	$22.22	—	COM	714264207
—	A P Moller-Maersk A/S	140	$1.212M	0.0%	$6735.71	—	COM	k0514g135
—	Unilever NV	30,000	$1.168M	0.0%	$39.33	—	COM	n8981f271
—	M&T Bank Corp Wts Exp 12/23/1	30,000	$1.148M	0.0%	$38.00	—	WTS	55261f112
—	Chicago Bridge & Iron Co NV	15,325	$1.039M	0.0%	$67.80	—	COM	167250109
—	General Electric	43,501	$1.039M	0.0%	$23.19	—	COM	369604103
—	Conocophillips	14,856	$1.033M	0.0%	$60.52	—	COM	20825c104
—	Lamar Advertising Cl A	20,525	$965K	0.0%	$43.38	—	COM	512815101
BP	BP PLC ADR	22,707	$954K	0.0%	$41.74	—	COM	055622104
FULT	Fulton Finl Corp	80,298	$938K	0.0%	$7.19	+8.6%	COM	360271100
—	Google Inc Cl A	1,036	$907K	0.0%	$880.01	—	COM	38259p508
—	Swiss Helvetia FD Inc	51,025	$726K	0.0%	$12.33	—	COM	870875101
BTI	British Amern Tob PLC ADR	6,600	$694K	0.0%	$102.88	—	COM	110448107
CSL	Carlisle Inc	9,784	$688K	0.0%	$55.89	+3.4%	COM	142339100
BAC	Bank Amer Corp	49,500	$683K	0.0%	$10.03	+12.0%	COM	060505104
—	Costco Whsl Corp	5,855	$674K	0.0%	$110.50	—	COM	22160k105
—	Pioneer Nat Res	2,700	$510K	0.0%	$144.67	—	COM	723787107
—	Leucadia Natl Corp	18,100	$493K	0.0%	$26.23	—	COM	527288104
—	Loreal SA	2,665	$458K	0.0%	$163.98	—	COM	f58149133
—	Oracle Corp	12,500	$415K	0.0%	$30.70	—	COM	68389x105
DIS	Disney Walt Productions	6,375	$411K	0.0%	$56.11	+1.5%	COM	254687106
MCD	McDonalds Corp	4,091	$394K	0.0%	$71.80	-1.7%	COM	580135101
—	Schibsted A/S	6,150	$317K	0.0%	$42.93	—	COM	r75677105
SLB	Schlumberger LTD	3,350	$296K	0.0%	$52.90	+11.5%	COM	806857108
AIG	American Intl Group Inc	6,000	$292K	0.0%	$32.51	+10.8%	COM	026874784
DHR	Danaher Corp	4,151	$288K	0.0%	$25.01	+9.6%	COM	235851102
BA	Boeing	2,430	$286K	0.0%	$80.37	+13.9%	COM	097023105
MAT	Mattel Inc	6,625	$277K	0.0%	$44.76	-4.4%	COM	577081102
MRK	Merck Inc	5,736	$273K	0.0%	$30.02	+3.2%	COM	58933Y105
—	Groupe Danone	3,500	$264K	0.0%	$74.93	—	COM	f12033134
GD	General Dynamics Corp	3,000	$263K	0.0%	$56.44	+15.0%	COM	369550108
—	Syngenta AG	600	$245K	0.0%	$390.00	—	COM	h84140112
NTRS	Northern Trust Corp	4,415	$240K	0.0%	$40.35	+3.3%	COM	665859104
—	Berner Gruppen PFD	3,501	$239K	0.0%	$68.27	—	PFD	r10549112
—	Susquehanna Bancshrs Inc	17,429	$218K	0.0%	$12.85	—	COM	869099101
HTLD	Heartland Express Inc	14,499	$206K	0.0%	$13.77	+4.2%	COM	422347104
—	Cir SPA	125,000	$198K	0.0%	$1.13	—	COM	t28980125
—	Centerstate BKS FLA Inc	11,004	$107K	0.0%	$9.72	—	COM	15201p109
PHIYX	Pimco High Yield Fun-Instl	11,116	$105K	0.0%	$9.45	—	SH BEN INT	693390841
—	PZ Cussons PLC	15,000	$101K	0.0%	$5.27	—	COM	g6850s109
—	Hanjaya Mandala Sampoerna	12,500	$70,000	0.0%	$5.60	—	COM	y7121z146
—	Wal-Mart De Mexico S A	10,000	$26,000	0.0%	$2.80	—	COM	p98180105