Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle SA-Spons ADR	15,778,992	$1.183B	10.7%	$66.55	—	COM	641069406
BRK/A	Berkshire Hathaway Inc Cl A	5,035	$983M	8.9%	$165329.39	+24.6%	COM	084670108
—	Mastercard Inc Cl A	9,930,607	$895M	8.1%	$125.30	—	COM	57636q104
PM	Philip Morris International In	10,479,882	$831M	7.5%	$49.47	-1.2%	COM	718172109
—	Heineken Holding NV	10,854,321	$771M	7.0%	$56.93	—	COM	n39338194
WFC	Wells Fargo	14,575,503	$748M	6.8%	$27.64	+48.6%	COM	949746101
—	Compagnie Financiere Richemont	8,858,871	$686M	6.2%	$96.68	—	COM	h25662182
—	SABMiller PLC	12,037,017	$681M	6.2%	$48.32	—	COM	g77395104
—	Unilever NV ADR	14,145,516	$569M	5.1%	$39.56	—	COM	904784709
—	Pernod Ricard	5,648,600	$569M	5.1%	$112.09	—	COM	f72027109
—	Anheuser-Busch InBev ADR	5,173,285	$550M	5.0%	$91.53	—	COM	03524a108
—	Altria Group Inc	6,422,309	$349M	3.2%	$35.00	—	COM	02209s103
BRK/B	Berkshire Hathaway Inc Cl B	2,512,042	$328M	3.0%	$111.28	+23.1%	COM	084670702
MLM	Martin Marietta Materials	2,070,527	$315M	2.8%	$93.85	+59.2%	COM	573284106
BF/A	Brown-Forman Corp Cl A	2,596,956	$278M	2.5%	$17.20	+61.9%	COM	115637100
—	British American Tobacco PLC	4,971,592	$274M	2.5%	$51.36	—	COM	g1510j102
—	Diageo PLC	9,284,318	$249M	2.2%	$28.85	—	COM	g42089113
—	Comcast Corp Special Cl A	4,054,956	$232M	2.1%	$39.71	—	COM	20030n200
—	JC Decaux SA ACT	3,868,070	$140M	1.3%	$33.10	—	COM	f5333n100
—	Scripps Networks Interactive C	1,245,833	$61.28M	0.6%	$66.79	—	COM	811065101
BF/B	Brown-Forman Corp Cl B	530,935	$51.45M	0.5%	$24.43	+38.8%	COM	115637209
—	Diageo PLC Sponsored ADR	468,851	$50.54M	0.5%	$114.93	—	COM	25243q205
—	The Swatch Group AG-BR	107,524	$39.73M	0.4%	$490.46	—	COM	h83949141
—	Visa Inc Cl A	523,941	$36.5M	0.3%	$91.07	—	COM	92826c839
MKL	Markel Corp	15,621	$12.53M	0.1%	$523.59	+61.6%	COM	570535104
—	Exxon Mobil Corp	166,346	$12.37M	0.1%	$90.14	—	COM	30231g102
AXP	American Express	145,228	$10.77M	0.1%	$61.55	+7.6%	COM	025816109
FMX	Fomento Economico Mex Sp ADR	118,615	$10.59M	0.1%	$100.63	—	COM	344419106
—	Swedish Match AB	312,549	$9.417M	0.1%	$35.28	—	COM	w92277115
MLKN	Herman Miller Inc	310,227	$8.947M	0.1%	$19.62	+11.2%	COM	600544100
KO	Coca-Cola	220,237	$8.836M	0.1%	$27.86	+3.5%	COM	191216100
—	Crane	164,591	$7.672M	0.1%	$59.92	—	COM	224399105
—	Precision Castparts Corp	30,820	$7.08M	0.1%	$227.33	—	COM	740189105
PG	Procter & Gamble	97,027	$6.98M	0.1%	$55.04	+2.4%	COM	742718109
HRL	Hormel Foods Corp	104,069	$6.589M	0.1%	$15.25	+53.4%	COM	440452100
DANOY	Danone ADR	517,905	$6.523M	0.1%	$13.67	—	COM	23636T100
ABBV	AbbVie Inc	86,718	$4.718M	0.0%	$26.55	+60.2%	COM	00287Y109
DOV	Dover Corp	70,606	$4.037M	0.0%	$39.99	+5.5%	COM	260003108
—	Heineken NV	49,788	$4.015M	0.0%	$63.62	—	COM	n39427211
—	JP Morgan Chase & Co WTS Exp 1	200,750	$3.997M	0.0%	$17.19	—	WTS	46634e114
PEP	Pepsico Inc	39,793	$3.752M	0.0%	$56.00	+24.1%	COM	713448108
—	Wells Fargo WTS Exp 10/28/18	202,750	$3.668M	0.0%	$14.76	—	WTS	949746119
—	M&T Bank Corp Wts Exp 12/23/1	70,000	$3.445M	0.0%	$45.23	—	WTS	55261f112
MKC	McCormick Inc	41,855	$3.44M	0.0%	$28.19	+18.3%	COM	579780206
ABT	Abbott Labs	85,400	$3.435M	0.0%	$28.85	+34.5%	COM	002824100
CVX	Chevron Corp	41,510	$3.274M	0.0%	$71.30	-24.5%	COM	166764100
—	Nestle SA-REG	41,310	$3.097M	0.0%	$67.33	—	COM	h57312649
—	Royal Dutch Shell PLC ADR A	63,745	$3.021M	0.0%	$64.36	—	COM	780259206
—	BIC	19,390	$3.004M	0.0%	$101.97	—	COM	f10080103
—	Reckitt Benckiser Group PLC	30,567	$2.772M	0.0%	$76.19	—	COM	g74079107
—	Lindt & Spruengli AG - Reg	33	$2.335M	0.0%	$43512.82	—	COM	h49983176
MSFT	Microsoft Corp	49,450	$2.189M	0.0%	$26.70	+45.8%	COM	594918104
—	Outfront Media Inc	103,592	$2.155M	0.0%	$24.98	—	COM	69007j106
—	Du Pont E I De Nemours	40,408	$1.948M	0.0%	$53.97	—	COM	263534109
—	Comcast Corp New Cl A	32,405	$1.843M	0.0%	$41.98	—	COM	20030n101
—	Goldman Sachs Group Inc	10,393	$1.806M	0.0%	$151.25	—	COM	38141g104
HEINY	Heineken NV Spons ADR	43,037	$1.735M	0.0%	$32.53	—	COM	423012301
—	Eaton Vance Sr Income TR SF	282,100	$1.656M	0.0%	$7.52	—	SH BEN INT	27826s103
—	BB&T Corp	46,260	$1.647M	0.0%	$34.03	—	COM	054937107
PNC	PNC Bank Corp	17,944	$1.601M	0.0%	$47.34	+43.0%	COM	693475105
—	Anheuser-Busch InBev	15,000	$1.589M	0.0%	$88.87	—	COM	b6399c107
—	SABMiller PLC Sponsored ADR	26,625	$1.507M	0.0%	$48.61	—	COM	78572m105
—	Unilever NV	37,500	$1.502M	0.0%	$39.64	—	COM	n8981f271
IBM	I B M	9,290	$1.347M	0.0%	$118.74	-19.7%	COM	459200101
CFRUY	CIE Financiere Richemont-Unsp	173,300	$1.343M	0.0%	$8.82	—	COM	204319107
WMT	Wal Mart Stores Inc	19,474	$1.263M	0.0%	$19.98	-5.4%	COM	931142103
—	Pargesa Holding AG - B	19,690	$1.152M	0.0%	$66.63	—	COM	h60477207
—	Pernod-Ricard SA-Unspon ADR	55,550	$1.118M	0.0%	$22.48	—	COM	714264207
—	Loreal SA	6,400	$1.108M	0.0%	$170.79	—	COM	f58149133
—	Praxair Inc	10,850	$1.105M	0.0%	$115.15	—	COM	74005p104
—	Costco Whsl Corp	6,295	$910K	0.0%	$114.13	—	COM	22160k105
LAMR	Lamar Advertising Co-A	16,960	$885K	0.0%	$54.56	—	COM	512816109
—	A P Moller-Maersk A/S	554	$832K	0.0%	$3208.82	—	COM	k0514g135
—	Alphabet Inc Cl A	1,268	$809K	0.0%	$638.01	—	COM	02079k305
BAC	Bank Amer Corp	51,100	$796K	0.0%	$10.11	+33.0%	COM	060505104
BTI	British Amern Tob PLC ADR	6,146	$677K	0.0%	$105.40	—	COM	110448107
—	Alphabet Inc Cl C	1,105	$672K	0.0%	$608.14	—	COM	02079k107
DIS	Disney Walt Productions	4,850	$496K	0.0%	$57.16	+74.5%	COM	254687106
FULT	Fulton Finl Corp	39,030	$472K	0.0%	$7.26	+17.3%	COM	360271100
—	Chicago Bridge & Iron Co NV	10,575	$419K	0.0%	$67.80	—	COM	167250109
MCD	McDonalds Corp	3,645	$359K	0.0%	$71.80	+4.9%	COM	580135101
—	Conocophillips	7,288	$350K	0.0%	$60.52	—	COM	20825c104
AIG	American Intl Group Inc	6,000	$341K	0.0%	$32.51	+45.2%	COM	026874784
—	Pioneer Nat Res	2,700	$328K	0.0%	$144.67	—	COM	723787107
—	General Electric	10,546	$266K	0.0%	$23.40	—	COM	369604103
CSL	Carlisle Inc	3,000	$262K	0.0%	$55.89	+56.8%	COM	142339100
HTLD	Heartland Express Inc	12,499	$249K	0.0%	$13.77	+48.7%	COM	422347104
USB	US Bancorp	6,000	$246K	0.0%	$29.81	0.0%	COM	902973304
—	Nielsen Holdings plc ordinary	5,450	$242K	0.0%	$44.40	—	COM	g6518l108
—	Mylan NV	5,850	$236K	0.0%	$59.32	—	COM	n59465109
—	Groupe Danone	3,700	$233K	0.0%	$74.51	—	COM	f12033134
—	3M Company	1,600	$227K	0.0%	$141.88	—	COM	88579y101
UNP	Union Pac Corp	2,510	$222K	0.0%	$74.77	-3.5%	COM	907818108
GD	General Dynamics Corp	1,600	$221K	0.0%	$56.44	+104.6%	COM	369550108
BP	BP PLC ADR	7,096	$217K	0.0%	$41.74	—	COM	055622104
—	Schibsted A/S CL A	6,150	$208K	0.0%	$33.82	—	COM	r75677105
—	Hanjaya Mandala Sampoerna	34,500	$179K	0.0%	$5.47	—	COM	y7121z146
—	Centerstate BKS FLA Inc	11,004	$162K	0.0%	$9.72	—	COM	15201p109
—	Bollore	30,000	$146K	0.0%	$4.57	—	COM	f10659260
—	Cir SPA	125,000	$125K	0.0%	$1.13	—	COM	t28980125
—	Indivior PLC	27,982	$96,000	0.0%	$2.34	—	COM	g4766e108
PHIYX	Pimco High Yield Fun-Instl	11,116	$96,000	0.0%	$9.45	—	SH BEN INT	693390841
—	PZ Cussons PLC	15,000	$66,000	0.0%	$5.27	—	COM	g6850s109
—	LT Group Inc	150,000	$32,000	0.0%	$0.34	—	COM	y5342m100