Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle SA-Spons ADR	15,877,268	$1.182B	10.1%	$66.55	—	COM	641069406
BRK/A	Berkshire Hathaway Inc Cl A	5,055	$1B	8.5%	$165329.39	+21.7%	COM	084670108
—	Mastercard Inc Cl A	9,701,294	$945M	8.1%	$125.30	—	COM	57636q104
PM	Philip Morris International In	10,565,901	$929M	7.9%	$49.47	+5.7%	COM	718172109
—	Heineken Holding NV	10,870,043	$838M	7.2%	$56.93	—	COM	n39338194
—	Anheuser-Busch InBev ADR	6,456,812	$807M	6.9%	$98.19	—	COM	03524a108
WFC	Wells Fargo	14,721,564	$800M	6.8%	$27.78	+47.0%	COM	949746101
—	Compagnie Financiere Richemont	10,149,409	$739M	6.3%	$93.64	—	COM	h25662182
—	Pernod Ricard	5,760,258	$658M	5.6%	$112.13	—	COM	f72027109
—	Unilever NV ADR	14,339,560	$621M	5.3%	$39.61	—	COM	904784709
—	Altria Group Inc	6,045,822	$352M	3.0%	$35.00	—	COM	02209s103
BRK/B	Berkshire Hathaway Inc Cl B	2,580,257	$341M	2.9%	$111.89	+19.9%	COM	084670702
—	SABMiller PLC	4,864,639	$292M	2.5%	$48.32	—	COM	g77395104
MLM	Martin Marietta Materials	2,102,473	$287M	2.5%	$94.56	+48.4%	COM	573284106
—	British American Tobacco PLC	5,076,584	$282M	2.4%	$51.45	—	COM	g1510j102
BF/A	Brown-Forman Corp Cl A	2,492,188	$274M	2.3%	$17.20	+64.8%	COM	115637100
—	The Swatch Group AG-BR	733,803	$260M	2.2%	$373.70	—	COM	h83949141
—	Diageo PLC	9,317,355	$255M	2.2%	$28.85	—	COM	g42089113
—	Comcast Corp New Cl A	3,913,103	$221M	1.9%	$56.31	—	COM	20030n101
—	JC Decaux SA ACT	4,968,357	$191M	1.6%	$34.26	—	COM	f5333n100
—	Scripps Networks Interactive C	1,243,250	$68.64M	0.6%	$66.79	—	COM	811065101
BF/B	Brown-Forman Corp Cl B	554,765	$55.08M	0.5%	$24.87	+40.0%	COM	115637209
—	Diageo PLC Sponsored ADR	470,910	$51.36M	0.4%	$114.93	—	COM	25243q205
—	Visa Inc Cl A	541,958	$42.03M	0.4%	$90.62	—	COM	92826c839
—	Exxon Mobil Corp	165,680	$12.91M	0.1%	$90.14	—	COM	30231g102
MKL	Markel Corp	14,557	$12.86M	0.1%	$523.59	+66.2%	COM	570535104
FMX	Fomento Economico Mex Sp ADR	121,020	$11.18M	0.1%	$100.47	—	COM	344419106
—	Swedish Match AB	305,699	$10.89M	0.1%	$35.28	—	COM	w92277115
AXP	American Express	150,018	$10.43M	0.1%	$61.59	+2.1%	COM	025816109
KO	Coca-Cola	206,327	$8.864M	0.1%	$27.86	+10.7%	COM	191216100
MLKN	Herman Miller Inc	298,077	$8.555M	0.1%	$19.62	+22.2%	COM	600544100
DANOY	Danone ADR	594,005	$8.037M	0.1%	$13.65	—	COM	23636T100
HRL	Hormel Foods Corp	99,089	$7.836M	0.1%	$15.25	+82.7%	COM	440452100
—	Crane	160,741	$7.69M	0.1%	$59.92	—	COM	224399105
PG	Procter & Gamble	86,347	$6.857M	0.1%	$55.04	+5.3%	COM	742718109
ABBV	AbbVie Inc	86,718	$5.137M	0.0%	$26.55	+43.0%	COM	00287Y109
—	JP Morgan Chase & Co WTS Exp 1	200,350	$4.746M	0.0%	$17.19	—	WTS	46634e114
—	Heineken NV	49,788	$4.26M	0.0%	$63.62	—	COM	n39427211
—	Wells Fargo WTS Exp 10/28/18	201,500	$4.129M	0.0%	$14.76	—	WTS	949746119
DOV	Dover Corp	65,126	$3.993M	0.0%	$39.99	+6.4%	COM	260003108
PEP	Pepsico Inc	39,111	$3.908M	0.0%	$56.00	+31.2%	COM	713448108
ABT	Abbott Labs	85,400	$3.835M	0.0%	$28.85	+26.7%	COM	002824100
CVX	Chevron Corp	41,460	$3.73M	0.0%	$71.30	-18.0%	COM	166764100
—	BIC	21,625	$3.562M	0.0%	$108.46	—	COM	f10080103
MKC	McCormick Inc	41,155	$3.521M	0.0%	$28.19	+23.5%	COM	579780206
—	Outfront Media Inc	160,857	$3.512M	0.0%	$23.86	—	COM	69007j106
—	M&T Bank Corp Wts Exp 12/23/1	70,000	$3.41M	0.0%	$45.23	—	WTS	55261f112
—	Nestle SA-REG	41,310	$3.11M	0.0%	$67.33	—	COM	h57312649
—	Reckitt Benckiser Group PLC	30,512	$2.825M	0.0%	$76.19	—	COM	g74079107
—	Royal Dutch Shell PLC ADR A	61,065	$2.796M	0.0%	$64.36	—	COM	780259206
MSFT	Microsoft Corp	49,450	$2.743M	0.0%	$26.70	+72.0%	COM	594918104
—	Du Pont E I De Nemours	38,084	$2.536M	0.0%	$53.97	—	COM	263534109
—	Lindt & Spruengli AG - Reg	33	$2.487M	0.0%	$43512.82	—	COM	h49983176
—	Goldman Sachs Group Inc	10,393	$1.873M	0.0%	$151.25	—	COM	38141g104
—	Anheuser-Busch InBev	15,000	$1.864M	0.0%	$88.87	—	COM	b6399c107
HEINY	Heineken NV Spons ADR	41,162	$1.761M	0.0%	$32.53	—	COM	423012301
PNC	PNC Bank Corp	17,944	$1.71M	0.0%	$47.34	+41.9%	COM	693475105
—	Unilever NV	37,500	$1.634M	0.0%	$39.64	—	COM	n8981f271
—	Eaton Vance Sr Income TR SF	282,729	$1.631M	0.0%	$7.52	—	SH BEN INT	27826s103
—	BB&T Corp	40,878	$1.546M	0.0%	$34.03	—	COM	054937107
CFRUY	CIE Financiere Richemont-Unsp	207,100	$1.492M	0.0%	$8.56	—	COM	204319107
—	Pernod-Ricard SA-Unspon ADR	56,600	$1.294M	0.0%	$22.49	—	COM	714264207
IBM	I B M	9,134	$1.257M	0.0%	$118.74	-26.3%	COM	459200101
—	Pargesa Holding AG - B	18,373	$1.178M	0.0%	$66.63	—	COM	h60477207
WMT	Wal Mart Stores Inc	18,774	$1.151M	0.0%	$19.98	-16.8%	COM	931142103
—	Alphabet Inc Cl C	1,480	$1.123M	0.0%	$646.31	—	COM	02079k107
—	Loreal SA	6,400	$1.08M	0.0%	$170.79	—	COM	f58149133
—	Costco Whsl Corp	6,295	$1.017M	0.0%	$114.13	—	COM	22160k105
—	Praxair Inc	9,700	$993K	0.0%	$115.15	—	COM	74005p104
—	Alphabet Inc Cl A	1,268	$987K	0.0%	$638.01	—	COM	02079k305
LAMR	Lamar Advertising Co-A	15,510	$930K	0.0%	$54.56	—	COM	512816109
BAC	Bank Amer Corp	51,100	$860K	0.0%	$10.11	+34.1%	COM	060505104
—	Precision Castparts Corp	3,395	$788K	0.0%	$227.33	—	COM	740189105
—	A P Moller-Maersk A/S	554	$719K	0.0%	$3208.82	—	COM	k0514g135
BTI	British Amern Tob PLC ADR	6,061	$669K	0.0%	$105.40	—	COM	110448107
—	SABMiller PLC Sponsored ADR	10,035	$602K	0.0%	$48.61	—	COM	78572m105
DIS	Disney Walt Productions	5,250	$552K	0.0%	$60.59	+68.7%	COM	254687106
SWGAY	The Swatch Group AG ADR	30,850	$540K	0.0%	$17.50	—	COM	870123106
MCD	McDonalds Corp	3,645	$431K	0.0%	$71.80	+21.5%	COM	580135101
FULT	Fulton Finl Corp	31,530	$410K	0.0%	$7.26	+26.0%	COM	360271100
AIG	American Intl Group Inc	6,000	$372K	0.0%	$32.51	+45.6%	COM	026874784
—	Pioneer Nat Res	2,700	$339K	0.0%	$144.67	—	COM	723787107
—	Mylan NV	5,850	$316K	0.0%	$59.32	—	COM	n59465109
—	Chicago Bridge & Iron Co NV	7,725	$301K	0.0%	$67.80	—	COM	167250109
—	Conocophillips	6,288	$294K	0.0%	$60.52	—	COM	20825c104
—	General Electric	9,246	$288K	0.0%	$23.40	—	COM	369604103
CSL	Carlisle Inc	3,000	$266K	0.0%	$55.89	+39.2%	COM	142339100
USB	US Bancorp	6,000	$256K	0.0%	$29.81	-0.7%	COM	902973304
—	Nielsen Holdings plc ordinary	5,450	$254K	0.0%	$44.40	—	COM	g6518l108
—	Groupe Danone	3,700	$250K	0.0%	$74.51	—	COM	f12033134
—	WABCO Holdings Inc	2,418	$247K	0.0%	$102.15	—	COM	92927k102
—	3M Company	1,600	$241K	0.0%	$141.88	—	COM	88579y101
GD	General Dynamics Corp	1,600	$220K	0.0%	$56.44	+103.1%	COM	369550108
HTLD	Heartland Express Inc	12,499	$213K	0.0%	$13.77	+39.2%	COM	422347104
—	Schibsted A/S CL A	6,150	$204K	0.0%	$33.82	—	COM	r75677105
—	Spectrum Brands Hldgs Inc	2,000	$204K	0.0%	$102.00	—	COM	84763r101
MRK	Merck Inc	3,836	$203K	0.0%	$36.77	0.0%	COM	58933Y105
—	Alleghany Corp	421	$201K	0.0%	$477.43	—	COM	017175100
—	Hanjaya Mandala Sampoerna	27,500	$188K	0.0%	$5.47	—	COM	y7121z146
—	Centerstate BKS FLA Inc	11,004	$172K	0.0%	$9.72	—	COM	15201p109
—	Bollore	30,000	$140K	0.0%	$4.57	—	COM	f10659260
—	Cir SPA	125,000	$132K	0.0%	$1.13	—	COM	t28980125
—	Indivior PLC	27,927	$77,000	0.0%	$2.34	—	COM	g4766e108
—	PZ Cussons PLC	15,000	$63,000	0.0%	$5.27	—	COM	g6850s109
—	LT Group Inc	150,000	$47,000	0.0%	$0.34	—	COM	y5342m100