Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/A	Berkshire Hathaway Inc Cl A	5,060	$1.144B	10.4%	$165329.39	+30.9%	COM	084670108
NSRGY	Nestle SA-Spons ADR	15,379,148	$1.129B	10.3%	$66.33	—	COM	641069406
—	Mastercard Inc Cl A	9,982,281	$860M	7.8%	$125.30	—	COM	57636q104
PM	Philip Morris International In	9,873,952	$804M	7.3%	$49.56	-0.7%	COM	718172109
WFC	Wells Fargo	14,607,509	$801M	7.3%	$27.64	+40.2%	COM	949746101
—	Compagnie Financiere Richemont	7,914,743	$711M	6.5%	$98.76	—	COM	h25662182
—	Heineken Holding NV	10,729,489	$674M	6.1%	$56.80	—	COM	n39338194
—	SABMiller PLC	11,667,753	$611M	5.6%	$48.17	—	COM	g77395104
—	Pernod Ricard	5,296,807	$591M	5.4%	$111.98	—	COM	f72027109
—	Anheuser-Busch InBev ADR	5,147,302	$578M	5.3%	$91.53	—	COM	03524a108
—	Unilever NV ADR	14,000,433	$547M	5.0%	$39.51	—	COM	904784709
BRK/B	Berkshire Hathaway Inc Cl B	2,449,094	$368M	3.3%	$110.87	+30.2%	COM	084670702
—	Altria Group Inc	6,943,963	$342M	3.1%	$35.00	—	COM	02209s103
—	Comcast Corp Special Cl A	4,646,790	$267M	2.4%	$39.71	—	COM	20030n200
—	British American Tobacco PLC	4,889,618	$267M	2.4%	$51.35	—	COM	g1510j102
—	Diageo PLC	8,628,560	$249M	2.3%	$28.91	—	COM	g42089113
BF/A	Brown-Forman Corp Cl A	2,816,975	$247M	2.3%	$17.20	+28.1%	COM	115637100
MLM	Martin Marietta Materials	2,047,918	$226M	2.1%	$93.49	+15.7%	COM	573284106
—	Scripps Networks Interactive C	1,255,149	$94.47M	0.9%	$66.76	—	COM	811065101
GHC	Graham Holdings Co	59,404	$51.31M	0.5%	$339.79	+29.1%	COM	384637104
—	JC Decaux SA ACT	1,473,971	$50.95M	0.5%	$27.49	—	COM	f5333n100
—	Diageo PLC Sponsored ADR	433,253	$49.43M	0.5%	$115.21	—	COM	25243q205
BF/B	Brown-Forman Corp Cl B	426,850	$37.49M	0.3%	$22.79	+30.8%	COM	115637209
—	The Swatch Group AG-BR	72,971	$32.79M	0.3%	$537.44	—	COM	h83949141
—	Visa Inc Cl A	114,624	$30.05M	0.3%	$185.72	—	COM	92826c839
—	Exxon Mobil Corp	162,014	$14.98M	0.1%	$90.49	—	COM	30231g102
AXP	American Express	127,999	$11.91M	0.1%	$60.27	+26.8%	COM	025816109
MKL	Markel Corp	16,521	$11.28M	0.1%	$523.59	+29.5%	COM	570535104
—	Swedish Match AB	328,024	$10.36M	0.1%	$35.28	—	COM	w92277115
PG	Procter & Gamble	112,437	$10.24M	0.1%	$55.04	+17.4%	COM	742718109
—	Crane	168,152	$9.871M	0.1%	$59.92	—	COM	224399105
MLKN	Herman Miller Inc	333,204	$9.806M	0.1%	$19.62	+18.5%	COM	600544100
FMX	Fomento Economico Mex Sp ADR	107,740	$9.484M	0.1%	$102.70	—	COM	344419106
KO	Coca-Cola	203,967	$8.611M	0.1%	$27.70	+8.5%	COM	191216100
—	Precision Castparts Corp	24,690	$5.947M	0.1%	$232.02	—	COM	740189105
ABBV	AbbVie Inc	86,718	$5.675M	0.1%	$26.55	+51.6%	COM	00287Y109
HRL	Hormel Foods Corp	107,357	$5.593M	0.1%	$15.25	+33.1%	COM	440452100
DOV	Dover Corp	75,756	$5.433M	0.0%	$39.99	+27.1%	COM	260003108
CVX	Chevron Corp	44,630	$5.007M	0.0%	$71.30	-1.1%	COM	166764100
—	Royal Dutch Shell PLC ADR A	70,045	$4.69M	0.0%	$64.41	—	COM	780259206
PEP	Pepsico Inc	42,264	$3.997M	0.0%	$56.00	+22.5%	COM	713448108
ABT	Abbott Labs	85,400	$3.845M	0.0%	$28.85	+22.4%	COM	002824100
—	Wells Fargo WTS Exp 10/28/18	177,750	$3.797M	0.0%	$13.67	—	WTS	949746119
—	Nestle SA-REG	51,310	$3.786M	0.0%	$67.33	—	COM	h57312649
—	JP Morgan Chase & Co WTS Exp 1	180,750	$3.76M	0.0%	$16.35	—	WTS	46634e114
—	Heineken NV	51,991	$3.709M	0.0%	$63.62	—	COM	n39427211
—	Goldman Sachs Group Inc	18,868	$3.657M	0.0%	$151.25	—	COM	38141g104
—	M&T Bank Corp Wts Exp 12/23/1	61,500	$3.178M	0.0%	$44.37	—	WTS	55261f112
MKC	McCormick Inc	42,755	$3.177M	0.0%	$28.19	+2.6%	COM	579780206
MSFT	Microsoft Corp	59,550	$2.766M	0.0%	$26.70	+49.3%	COM	594918104
—	BIC	20,125	$2.675M	0.0%	$101.97	—	COM	f10080103
DANOY	Danone ADR	202,350	$2.666M	0.0%	$14.90	—	COM	23636T100
—	Du Pont E I De Nemours	35,852	$2.651M	0.0%	$54.03	—	COM	263534109
—	Reckitt Benckiser Group PLC	30,402	$2.47M	0.0%	$76.05	—	COM	g74079107
—	Comcast Corp New Cl A	36,131	$2.096M	0.0%	$41.76	—	COM	20030n101
—	Lindt & Spruengli AG - Reg	34	$1.966M	0.0%	$43512.82	—	COM	h49983176
HEINY	Heineken NV Spons ADR	51,937	$1.852M	0.0%	$32.53	—	COM	423012301
WMT	Wal Mart Stores Inc	20,609	$1.77M	0.0%	$19.98	+9.2%	COM	931142103
PNC	PNC Bank Corp	18,944	$1.728M	0.0%	$47.34	+29.6%	COM	693475105
—	Eaton Vance Sr Income TR SF	275,982	$1.722M	0.0%	$7.52	—	SH BEN INT	27826s103
—	Anheuser-Busch InBev	15,000	$1.704M	0.0%	$88.87	—	COM	b6399c107
CFRUY	CIE Financiere Richemont-Unsp	188,300	$1.683M	0.0%	$8.86	—	COM	204319107
—	BB&T Corp	41,860	$1.628M	0.0%	$33.89	—	COM	054937107
IBM	I B M	9,849	$1.58M	0.0%	$118.74	-15.4%	COM	459200101
—	Pargesa Holding AG - B	20,250	$1.578M	0.0%	$66.63	—	COM	h60477207
—	SABMiller PLC Sponsored ADR	29,950	$1.57M	0.0%	$48.52	—	COM	78572m105
—	Praxair Inc	11,900	$1.542M	0.0%	$115.15	—	COM	74005p104
BTI	British Amern Tob PLC ADR	13,855	$1.494M	0.0%	$105.40	—	COM	110448107
—	Unilever NV	37,500	$1.481M	0.0%	$39.64	—	COM	n8981f271
—	Pernod-Ricard SA-Unspon ADR	64,250	$1.435M	0.0%	$22.45	—	COM	714264207
—	Loreal SA	7,120	$1.2M	0.0%	$170.79	—	COM	f58149133
—	A P Moller-Maersk A/S	571	$1.115M	0.0%	$3208.82	—	COM	k0514g135
BAC	Bank Amer Corp	49,500	$886K	0.0%	$10.03	+35.2%	COM	060505104
—	Costco Whsl Corp	5,655	$802K	0.0%	$110.68	—	COM	22160k105
LAMR	Lamar Advertising Co-A	14,860	$797K	0.0%	$53.63	—	COM	512816109
—	Swiss Helvetia FD Inc	71,097	$792K	0.0%	$12.89	—	COM	870875101
FULT	Fulton Finl Corp	53,688	$664K	0.0%	$7.19	+8.4%	COM	360271100
—	Google Inc Cl A	1,209	$642K	0.0%	$786.20	—	COM	38259p508
DIS	Disney Walt Productions	6,600	$622K	0.0%	$57.16	+42.2%	COM	254687106
—	Google Inc Cl C	1,169	$615K	0.0%	$562.94	—	COM	38259p706
—	Conocophillips	8,356	$577K	0.0%	$60.52	—	COM	20825c104
—	Chicago Bridge & Iron Co NV	12,025	$505K	0.0%	$67.80	—	COM	167250109
—	Oracle Corp	10,000	$450K	0.0%	$30.70	—	COM	68389x105
GD	General Dynamics Corp	3,000	$413K	0.0%	$56.44	+89.6%	COM	369550108
—	Pioneer Nat Res	2,700	$402K	0.0%	$144.67	—	COM	723787107
—	Schibsted A/S	6,150	$393K	0.0%	$42.93	—	COM	r75677105
HTLD	Heartland Express Inc	14,499	$392K	0.0%	$13.77	+83.7%	COM	422347104
MCD	McDonalds Corp	3,670	$344K	0.0%	$71.80	-1.7%	COM	580135101
AIG	American Intl Group Inc	6,000	$336K	0.0%	$32.51	+26.5%	COM	026874784
—	Outfront Media Inc	12,453	$334K	0.0%	$26.82	—	COM	69007j106
UNP	Union Pac Corp	2,730	$325K	0.0%	$74.77	+19.6%	COM	907818108
CSL	Carlisle Inc	3,500	$316K	0.0%	$55.89	+34.4%	COM	142339100
BP	BP PLC ADR	7,925	$302K	0.0%	$41.74	—	COM	055622104
—	General Electric	11,661	$295K	0.0%	$23.40	—	COM	369604103
SLB	Schlumberger LTD	2,875	$246K	0.0%	$53.36	+26.2%	COM	806857108
MRK	Merck Inc	4,336	$246K	0.0%	$30.02	+31.1%	COM	58933Y105
—	Groupe Danone	3,700	$244K	0.0%	$74.51	—	COM	f12033134
NTRS	Northern Trust Corp	3,432	$231K	0.0%	$40.35	+22.9%	COM	665859104
TGBAX	Templeton Global Bond FD	18,537	$230K	0.0%	$13.05	—	SH BEN INT	880208400
—	Nielsen NV	4,900	$219K	0.0%	$44.56	—	COM	n63218106
MAT	Mattel Inc	6,625	$205K	0.0%	$44.76	-31.3%	COM	577081102
—	Susquehanna Bancshrs Inc	14,000	$188K	0.0%	$12.85	—	COM	869099101
—	Hanjaya Mandala Sampoerna	30,000	$165K	0.0%	$5.48	—	COM	y7121z146
—	Bollore	30,000	$137K	0.0%	$4.57	—	COM	f10659260
—	Cir SPA	125,000	$132K	0.0%	$1.13	—	COM	t28980125
—	Centerstate BKS FLA Inc	11,004	$131K	0.0%	$9.72	—	COM	15201p109
PHIYX	Pimco High Yield Fun-Instl	11,116	$102K	0.0%	$9.45	—	SH BEN INT	693390841
—	PZ Cussons PLC	15,000	$72,000	0.0%	$5.27	—	COM	g6850s109
—	Indivior PLC	30,357	$71,000	0.0%	$2.34	—	COM	g4766e108
—	LT Group Inc	150,000	$41,000	0.0%	$0.34	—	COM	y5342m100