Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle SA-Spons ADR	15,989,885	$1.23B	9.5%	$66.55	—	COM	641069406
BRK/A	Berkshire Hathaway Inc Cl A	4,882	$1.22B	9.4%	$165329.39	+51.7%	COM	084670108
PM	Philip Morris International In	10,313,815	$1.164B	9.0%	$49.47	+32.6%	COM	718172109
—	Mastercard Inc Cl A	9,525,546	$1.071B	8.3%	$125.30	—	COM	57636q104
—	Compagnie Financiere Richemont	11,914,401	$943M	7.3%	$89.25	—	COM	h25662182
—	Heineken Holding NV	11,150,922	$889M	6.9%	$57.53	—	COM	n39338194
—	Anheuser-Busch InBev SA	7,021,186	$773M	6.0%	$106.48	—	COM	b639cj108
WFC	Wells Fargo	13,653,885	$760M	5.9%	$28.43	+56.1%	COM	949746101
—	Unilever NV ADR	15,237,940	$757M	5.9%	$39.70	—	COM	904784709
—	Pernod Ricard	6,307,031	$748M	5.8%	$112.15	—	COM	f72027109
BRK/B	Berkshire Hathaway Inc Cl B	2,499,201	$417M	3.2%	$111.89	+49.5%	COM	084670702
MLM	Martin Marietta Materials	1,779,672	$388M	3.0%	$94.56	+118.3%	COM	573284106
—	Altria Group Inc	5,380,768	$384M	3.0%	$35.00	—	COM	02209s103
—	The Swatch Group AG-BR	1,044,510	$374M	2.9%	$358.51	—	COM	h83949141
—	British American Tobacco PLC	5,111,336	$339M	2.6%	$51.54	—	COM	g1510j102
—	Comcast Corp New Cl A	7,143,906	$269M	2.1%	$47.08	—	COM	20030n101
—	Diageo PLC	9,363,233	$267M	2.1%	$28.85	—	COM	g42089113
—	JC Decaux SA ACT	7,164,839	$253M	2.0%	$34.56	—	COM	f5333n100
BF/A	Brown-Forman Corp Cl A	4,543,152	$214M	1.7%	$21.51	+11.9%	COM	115637100
—	Scripps Networks Interactive C	1,152,605	$90.33M	0.7%	$66.79	—	COM	811065101
BF/B	Brown-Forman Corp Cl B	1,395,094	$64.42M	0.5%	$29.48	+7.2%	COM	115637209
—	Diageo PLC Sponsored ADR	473,651	$54.74M	0.4%	$114.94	—	COM	25243q205
—	Visa Inc Cl A	550,171	$48.89M	0.4%	$90.59	—	COM	92826c839
—	Exxon Mobil Corp	161,941	$13.28M	0.1%	$90.04	—	COM	30231g102
AXP	American Express	160,993	$12.74M	0.1%	$61.43	+12.6%	COM	025816109
FMX	Fomento Economico Mex Sp ADR	128,280	$11.36M	0.1%	$99.80	—	COM	344419106
MKL	Markel Corp	11,262	$10.99M	0.1%	$523.59	+80.5%	COM	570535104
—	Crane	134,973	$10.1M	0.1%	$59.92	—	COM	224399105
DANOY	Danone ADR	736,605	$10.05M	0.1%	$13.68	—	COM	23636T100
—	Swedish Match AB	278,868	$9.105M	0.1%	$35.28	—	COM	w92277115
—	Outfront Media Inc	285,225	$7.573M	0.1%	$23.42	—	COM	69007j106
KO	Coca-Cola	172,757	$7.332M	0.1%	$27.86	+13.1%	COM	191216100
MLKN	Herman Miller Inc	208,366	$6.574M	0.1%	$19.62	+26.2%	COM	600544100
PG	Procter & Gamble	64,402	$5.787M	0.0%	$55.04	+27.2%	COM	742718109
HRL	Hormel Foods Corp	156,649	$5.425M	0.0%	$22.56	+26.4%	COM	440452100
DOV	Dover Corp	57,301	$4.604M	0.0%	$40.34	+36.9%	COM	260003108
—	Heineken NV	49,788	$4.249M	0.0%	$63.62	—	COM	n39427211
PEP	Pepsico Inc	35,919	$4.018M	0.0%	$57.29	+43.0%	COM	713448108
—	JP Morgan Chase & Co WTS Exp 1	85,300	$3.95M	0.0%	$17.61	—	WTS	46634e114
—	Wells Fargo WTS Exp 10/28/18	151,500	$3.362M	0.0%	$14.82	—	WTS	949746119
MKC	McCormick Inc	33,805	$3.298M	0.0%	$28.19	+45.1%	COM	579780206
MSFT	Microsoft Corp	49,400	$3.253M	0.0%	$26.97	+114.4%	COM	594918104
—	M&T Bank Corp Wts Exp 12/23/1	40,000	$3.228M	0.0%	$44.15	—	WTS	55261f112
—	Nestle SA-REG	41,310	$3.172M	0.0%	$67.33	—	COM	h57312649
—	Anheuser-Busch InBev SA Restri	28,305	$3.115M	0.0%	$110.05	—	COM	b639cj116
—	Du Pont E I De Nemours	37,654	$3.025M	0.0%	$53.97	—	COM	263534109
CVX	Chevron Corp	27,022	$2.901M	0.0%	$71.30	+7.7%	COM	166764100
—	Royal Dutch Shell PLC ADR A	53,990	$2.847M	0.0%	$64.36	—	COM	780259206
PNC	PNC Bank Corp	23,090	$2.776M	0.0%	$52.43	+74.1%	COM	693475105
—	BIC	20,725	$2.589M	0.0%	$111.58	—	COM	f10080103
—	Reckitt Benckiser Group PLC	26,317	$2.398M	0.0%	$76.19	—	COM	g74079107
—	Alphabet Inc Cl C	2,500	$2.074M	0.0%	$695.03	—	COM	02079k107
KHC	Kraft Heinz Co	22,225	$2.018M	0.0%	$48.78	+22.8%	COM	500754106
—	Unilever NV	39,000	$1.943M	0.0%	$39.70	—	COM	n8981f271
—	Eaton Vance Sr Income TR SF	283,390	$1.921M	0.0%	$7.50	—	SH BEN INT	27826s103
HEINY	Heineken NV Spons ADR	44,395	$1.895M	0.0%	$34.30	—	COM	423012301
CFRUY	CIE Financiere Richemont-Unsp	237,105	$1.876M	0.0%	$8.30	—	COM	204319107
—	Lindt & Spruengli AG - Reg	26	$1.728M	0.0%	$44334.24	—	COM	h49983176
IBM	I B M	9,159	$1.595M	0.0%	$113.30	+1.0%	COM	459200101
FULT	Fulton Finl Corp	86,843	$1.55M	0.0%	$8.89	+47.3%	COM	360271100
—	Pernod-Ricard SA-Unspon ADR	64,945	$1.541M	0.0%	$22.65	—	COM	714264207
—	Alphabet Inc Cl A	1,812	$1.536M	0.0%	$685.65	—	COM	02079k305
—	Loreal SA	7,405	$1.427M	0.0%	$173.83	—	COM	f58149133
BAC	Bank Amer Corp	48,500	$1.144M	0.0%	$10.11	+91.7%	COM	060505104
—	Costco Whsl Corp	6,643	$1.114M	0.0%	$116.47	—	COM	22160k105
ABBV	AbbVie Inc	16,200	$1.056M	0.0%	$26.55	+63.8%	COM	00287Y109
—	BB&T Corp	23,536	$1.052M	0.0%	$34.03	—	COM	054937107
—	Pargesa Holding AG - B	14,601	$1.033M	0.0%	$66.60	—	COM	h60477207
LAMR	Lamar Advertising Co-A	13,500	$1.009M	0.0%	$54.56	—	COM	512816109
COTY	Coty Inc-CL A	44,210	$802K	0.0%	$18.17	-7.7%	COM	222070203
BTI	British Amern Tob PLC ADR	11,912	$790K	0.0%	$84.58	—	COM	110448107
—	A P Moller-Maersk A/S	459	$743K	0.0%	$3134.14	—	COM	k0514g135
SWGAY	The Swatch Group AG ADR	41,010	$735K	0.0%	$17.46	—	COM	870123106
ABT	Abbott Labs	16,400	$728K	0.0%	$28.85	+28.0%	COM	002824100
WMT	Wal Mart Stores Inc	10,019	$722K	0.0%	$19.84	-0.3%	COM	931142103
VMC	Vulcan Materials	4,950	$596K	0.0%	$108.72	+4.1%	COM	929160109
—	Nielsen Holdings PLC ORD	14,091	$582K	0.0%	$46.71	—	COM	g6518l108
DIS	Disney Walt Productions	4,703	$533K	0.0%	$61.24	+68.2%	COM	254687106
—	Pioneer Nat Res	2,700	$503K	0.0%	$144.67	—	COM	723787107
MCD	McDonalds Corp	3,630	$470K	0.0%	$71.80	+41.7%	COM	580135101
—	Anheuser-Busch InBev ADR	3,720	$408K	0.0%	$98.19	—	COM	03524a108
SLB	Schlumberger LTD	5,140	$401K	0.0%	$60.67	+4.4%	COM	806857108
AIG	American Intl Group Inc	6,000	$375K	0.0%	$32.51	+57.4%	COM	026874784
—	Roche Holding AG	1,429	$365K	0.0%	$255.42	—	COM	001203204
—	O Reilly Automotive Inc	1,100	$297K	0.0%	$273.88	—	COM	67103h107
—	3M Company	1,525	$292K	0.0%	$144.05	—	COM	88579y101
—	Monsanto	2,425	$275K	0.0%	$113.40	—	COM	61166w101
CC	Chemours Co	6,779	$261K	0.0%	$22.02	0.0%	COM	163851108
UNP	Union Pac Corp	2,410	$255K	0.0%	$68.24	+28.4%	COM	907818108
—	Groupe Danone	3,575	$244K	0.0%	$74.51	—	COM	f12033134
—	Conocophillips	4,888	$244K	0.0%	$60.52	—	COM	20825c104
—	Alleghany Corp	391	$240K	0.0%	$477.43	—	COM	017175100
HTLD	Heartland Express Inc	11,899	$239K	0.0%	$13.77	+47.4%	COM	422347104
—	Centerstate BKS FLA Inc	9,004	$233K	0.0%	$9.72	—	COM	15201p109
—	General Electric	7,080	$211K	0.0%	$23.40	—	COM	369604103
—	Unum Group	4,500	$211K	0.0%	$46.89	—	COM	91529y106
—	Hanjaya Mandala Sampoerna	687,500	$201K	0.0%	$0.50	—	COM	y7121z146
—	Cir SPA	125,000	$191K	0.0%	$1.13	—	COM	t28980125
—	Bollore	30,000	$117K	0.0%	$4.57	—	COM	f10659260
—	Indivior PLC	24,037	$97,000	0.0%	$2.34	—	COM	g4766e108
—	PZ Cussons PLC	15,000	$60,000	0.0%	$5.27	—	COM	g6850s109
—	LT Group Inc	150,000	$48,000	0.0%	$0.34	—	COM	y5342m100