Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle SA-Spons ADR	14,520,387	$1.066B	10.5%	$65.99	—	COM	641069406
BRK/A	Berkshire Hathaway Inc Cl A	5,078	$903M	8.9%	$165329.39	+4.9%	COM	084670108
PM	Philip Morris International In	9,971,107	$869M	8.6%	$49.67	-3.7%	COM	718172109
—	Mastercard Inc Cl A	990,747	$828M	8.2%	$576.65	—	COM	57636q104
—	Compagnie Financiere Richemont	6,912,947	$693M	6.8%	$100.19	—	COM	h25662182
WFC	Wells Fargo	14,534,770	$660M	6.5%	$27.58	+11.5%	COM	949746101
—	Heineken Holding NV	10,181,924	$645M	6.4%	$56.36	—	COM	n39338194
—	SABMiller PLC	11,037,653	$567M	5.6%	$48.10	—	COM	g77395104
—	Pernod Ricard	4,732,860	$540M	5.3%	$111.75	—	COM	f72027109
—	Anheuser-Busch InBev ADR	4,944,404	$526M	5.2%	$91.09	—	COM	03524a108
—	Unilever NV ADR	11,808,636	$475M	4.7%	$39.32	—	COM	904784709
BRK/B	Berkshire Hathaway Inc Cl B	2,317,684	$275M	2.7%	$110.22	+4.9%	COM	084670702
—	Altria Group Inc	7,075,151	$272M	2.7%	$34.98	—	COM	02209s103
—	Diageo PLC	8,092,869	$268M	2.7%	$28.79	—	COM	g42089113
—	British American Tobacco PLC	4,746,338	$255M	2.5%	$51.17	—	COM	g1510j102
—	Comcast Corp Special Cl A	4,753,215	$237M	2.3%	$39.71	—	COM	20030n200
BF/A	Brown-Forman Corp Cl A	2,868,913	$212M	2.1%	$17.20	+1.8%	COM	115637100
MLM	Martin Marietta Materials	1,931,562	$193M	1.9%	$92.59	-4.1%	COM	573284106
—	Scripps Networks Interactive C	1,400,871	$121M	1.2%	$66.76	—	COM	811065101
—	JC Decaux SA ACT	1,461,955	$60.37M	0.6%	$27.49	—	COM	f5333n100
—	Diageo PLC Sponsored ADR	413,704	$54.78M	0.5%	$114.95	—	COM	25243q205
GHC	Graham Holdings Co	75,845	$50.31M	0.5%	$339.79	0.0%	COM	384637104
—	The Swatch Group AG-BR	58,870	$39.15M	0.4%	$549.67	—	COM	h83949141
BF/B	Brown-Forman Corp Cl B	424,931	$32.11M	0.3%	$22.70	+5.1%	COM	115637209
—	Visa Inc Cl A	108,477	$24.16M	0.2%	$183.50	—	COM	92826c839
—	Exxon Mobil Corp	210,918	$21.34M	0.2%	$90.35	—	COM	30231g102
—	Crane	172,552	$11.6M	0.1%	$59.92	—	COM	224399105
AXP	American Express	126,595	$11.49M	0.1%	$59.93	+15.6%	COM	025816109
—	Swedish Match AB	346,062	$11.13M	0.1%	$35.28	—	COM	w92277115
MKL	Markel Corp	19,127	$11.1M	0.1%	$523.59	+3.6%	COM	570535104
FMX	Fomento Economico Mex Sp ADR	109,655	$10.73M	0.1%	$102.79	—	COM	344419106
MLKN	Herman Miller Inc	359,370	$10.61M	0.1%	$19.62	+14.5%	COM	600544100
—	Goldman Sachs Group Inc	56,975	$10.1M	0.1%	$151.25	—	COM	38141g104
PG	Procter & Gamble	123,962	$10.09M	0.1%	$55.00	+5.5%	COM	742718109
KO	Coca-Cola	203,323	$8.399M	0.1%	$27.72	-2.8%	COM	191216100
CVX	Chevron Corp	64,761	$8.089M	0.1%	$71.30	+1.7%	COM	166764100
DOV	Dover Corp	81,075	$7.827M	0.1%	$39.99	+23.2%	COM	260003108
—	Royal Dutch Shell PLC ADR A	74,915	$5.339M	0.1%	$63.94	—	COM	780259206
HRL	Hormel Foods Corp	116,900	$5.28M	0.1%	$15.25	+8.7%	COM	440452100
PEP	Pepsico Inc	58,221	$4.829M	0.0%	$56.00	+3.1%	COM	713448108
—	Berner Gruppen	116,554	$4.801M	0.0%	$52.40	—	COM	r10549104
ABBV	AbbVie Inc	86,777	$4.583M	0.0%	$26.55	+14.5%	COM	00287Y109
—	Praxair Inc	29,525	$3.839M	0.0%	$115.15	—	COM	74005p104
—	Heineken NV	52,191	$3.53M	0.0%	$63.62	—	COM	n39427211
ABT	Abbott Labs	86,503	$3.316M	0.0%	$28.85	+1.3%	COM	002824100
MKC	McCormick Inc	45,900	$3.163M	0.0%	$28.19	-4.2%	COM	579780206
IBM	I B M	16,668	$3.126M	0.0%	$118.74	-10.4%	COM	459200101
—	Precision Castparts Corp	11,325	$3.05M	0.0%	$226.16	—	COM	740189105
—	Nestle SA-REG	40,310	$2.97M	0.0%	$65.47	—	COM	h57312649
—	JP Morgan Chase & Co WTS Exp 1	150,750	$2.923M	0.0%	$15.60	—	WTS	46634e114
DANOY	Danone ADR	198,475	$2.862M	0.0%	$14.99	—	COM	23636T100
—	Du Pont E I De Nemours	43,591	$2.832M	0.0%	$52.65	—	COM	263534109
—	Wells Fargo WTS Exp 10/28/18	177,750	$2.826M	0.0%	$13.67	—	WTS	949746119
—	Comcast Corp New Cl A	52,746	$2.741M	0.0%	$41.76	—	COM	20030n101
DE	Deere & Co	29,915	$2.732M	0.0%	$66.85	+0.9%	COM	244199105
—	BIC	20,285	$2.489M	0.0%	$100.09	—	COM	f10080103
MSFT	Microsoft Corp	61,744	$2.31M	0.0%	$26.70	+12.4%	COM	594918104
PNC	PNC Bank Corp	25,644	$1.989M	0.0%	$47.34	+9.6%	COM	693475105
—	Reckitt Benckiser Group PLC	24,665	$1.958M	0.0%	$73.71	—	COM	g74079107
—	Lindt & Spruengli AG - Reg	36	$1.954M	0.0%	$43512.82	—	COM	h49983176
—	Pargesa Holding AG - B	23,950	$1.943M	0.0%	$66.63	—	COM	h60477207
—	Eaton Vance Sr Income TR SF	268,256	$1.854M	0.0%	$7.52	—	SH BEN INT	27826s103
WMT	Wal Mart Stores Inc	22,509	$1.771M	0.0%	$19.98	+1.8%	COM	931142103
—	Anheuser-Busch InBev	15,000	$1.597M	0.0%	$88.87	—	COM	b6399c107
CFRUY	CIE Financiere Richemont-Unsp	155,125	$1.549M	0.0%	$8.83	—	COM	204319107
—	BB&T Corp	40,829	$1.524M	0.0%	$33.89	—	COM	054937107
HEINY	Heineken NV Spons ADR	43,246	$1.462M	0.0%	$31.81	—	COM	423012301
BTI	British Amern Tob PLC ADR	13,550	$1.456M	0.0%	$105.23	—	COM	110448107
—	NHST Media Group	19,772	$1.401M	0.0%	$65.50	—	COM	r4700l117
—	SABMiller PLC Sponsored ADR	26,060	$1.338M	0.0%	$47.90	—	COM	78572m105
—	Unilever NV	32,500	$1.311M	0.0%	$39.41	—	COM	n8981f271
—	A P Moller-Maersk A/S	125	$1.294M	0.0%	$6735.71	—	COM	k0514g135
—	M&T Bank Corp Wts Exp 12/23/1	30,000	$1.29M	0.0%	$38.00	—	WTS	55261f112
—	Chicago Bridge & Iron Co NV	14,875	$1.237M	0.0%	$67.80	—	COM	167250109
—	General Electric	43,501	$1.219M	0.0%	$23.19	—	COM	369604103
—	Pernod-Ricard SA-Unspon ADR	51,985	$1.186M	0.0%	$22.24	—	COM	714264207
—	Google Inc Cl A	1,016	$1.139M	0.0%	$880.01	—	COM	38259p508
BP	BP PLC ADR	22,707	$1.104M	0.0%	$41.74	—	COM	055622104
—	Lamar Advertising Cl A	20,525	$1.072M	0.0%	$43.38	—	COM	512815101
FULT	Fulton Finl Corp	80,298	$1.051M	0.0%	$7.19	+11.9%	COM	360271100
—	Loreal SA	5,675	$999K	0.0%	$170.37	—	COM	f58149133
—	Conocophillips	12,856	$908K	0.0%	$60.52	—	COM	20825c104
—	Swiss Helvetia FD Inc	56,025	$782K	0.0%	$12.47	—	COM	870875101
BAC	Bank Amer Corp	49,500	$771K	0.0%	$10.03	+16.5%	COM	060505104
CSL	Carlisle Inc	9,700	$770K	0.0%	$55.89	+12.9%	COM	142339100
—	Costco Whsl Corp	5,855	$697K	0.0%	$110.50	—	COM	22160k105
—	Pioneer Nat Res	2,700	$497K	0.0%	$144.67	—	COM	723787107
DIS	Disney Walt Productions	6,375	$487K	0.0%	$56.11	+9.9%	COM	254687106
—	Oracle Corp	12,500	$478K	0.0%	$30.70	—	COM	68389x105
PGR	Progressive Corp Ohio	16,778	$458K	0.0%	$17.04	+6.7%	COM	743315103
—	Schibsted A/S	6,150	$406K	0.0%	$42.93	—	COM	r75677105
MCD	McDonalds Corp	3,960	$384K	0.0%	$71.80	-2.5%	COM	580135101
BA	Boeing	2,430	$332K	0.0%	$80.37	+38.0%	COM	097023105
DHR	Danaher Corp	4,151	$320K	0.0%	$25.01	+18.8%	COM	235851102
MAT	Mattel Inc	6,625	$315K	0.0%	$44.76	-0.4%	COM	577081102
AIG	American Intl Group Inc	6,000	$306K	0.0%	$32.51	+16.5%	COM	026874784
SLB	Schlumberger LTD	3,350	$302K	0.0%	$52.90	+23.0%	COM	806857108
GD	General Dynamics Corp	3,000	$287K	0.0%	$56.44	+21.7%	COM	369550108
HTLD	Heartland Express Inc	14,499	$284K	0.0%	$13.77	+19.0%	COM	422347104
NTRS	Northern Trust Corp	4,334	$268K	0.0%	$40.35	+3.6%	COM	665859104
—	Groupe Danone	3,500	$252K	0.0%	$74.93	—	COM	f12033134
MRK	Merck Inc	4,536	$227K	0.0%	$30.02	+4.2%	COM	58933Y105
—	Susquehanna Bancshrs Inc	17,429	$224K	0.0%	$12.85	—	COM	869099101
PSX	Phillips 66	2,720	$210K	0.0%	$43.41	0.0%	COM	718546104
—	Syngenta AG	521	$209K	0.0%	$390.00	—	COM	h84140112
—	Cir SPA	125,000	$197K	0.0%	$1.13	—	COM	t28980125
—	Hanjaya Mandala Sampoerna	25,000	$128K	0.0%	$5.36	—	COM	y7121z146
—	Centerstate BKS FLA Inc	11,004	$112K	0.0%	$9.72	—	COM	15201p109
PHIYX	Pimco High Yield Fun-Instl	11,116	$107K	0.0%	$9.45	—	SH BEN INT	693390841
—	PZ Cussons PLC	15,000	$94,000	0.0%	$5.27	—	COM	g6850s109