Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSRGY	Nestle SA-Spons ADR	16,092,009	$1.403B	10.4%	$66.55	—	COM	641069406
BRK/A	Berkshire Hathaway Inc Cl A	4,834	$1.231B	9.1%	$165329.39	+51.0%	COM	084670108
PM	Philip Morris International In	10,189,292	$1.197B	8.8%	$49.47	+50.1%	COM	718172109
—	Mastercard Inc Cl A	9,558,705	$1.161B	8.6%	$125.30	—	COM	57636q104
—	Heineken Holding NV	11,053,544	$1.012B	7.5%	$57.53	—	COM	n39338194
—	Compagnie Financiere Richemont	11,848,219	$977M	7.2%	$89.25	—	COM	h25662182
—	Pernod Ricard	6,273,056	$839M	6.2%	$112.15	—	COM	f72027109
—	Unilever NV ADR	15,081,382	$834M	6.2%	$39.70	—	COM	904784709
—	Anheuser-Busch InBev SA	7,030,534	$775M	5.7%	$106.48	—	COM	b639cj108
WFC	Wells Fargo	12,648,626	$701M	5.2%	$28.43	+48.4%	COM	949746101
BRK/B	Berkshire Hathaway Inc Cl B	2,509,718	$425M	3.1%	$111.89	+48.7%	COM	084670702
—	Altria Group Inc	5,346,297	$398M	2.9%	$35.00	—	COM	02209s103
MLM	Martin Marietta Materials	1,765,953	$393M	2.9%	$94.56	+124.3%	COM	573284106
—	The Swatch Group AG-BR	1,041,507	$385M	2.8%	$358.51	—	COM	h83949141
—	British American Tobacco PLC	5,071,308	$345M	2.5%	$51.54	—	COM	g1510j102
—	Comcast Corp New Cl A	7,082,067	$276M	2.0%	$47.08	—	COM	20030n101
—	Diageo PLC	9,158,652	$270M	2.0%	$28.85	—	COM	g42089113
—	JC Decaux SA ACT	7,176,682	$235M	1.7%	$34.56	—	COM	f5333n100
BF/A	Brown-Forman Corp Cl A	4,496,066	$222M	1.6%	$21.51	+18.0%	COM	115637100
—	Scripps Networks Interactive C	1,152,171	$78.7M	0.6%	$66.79	—	COM	811065101
BF/B	Brown-Forman Corp Cl B	1,448,495	$70.4M	0.5%	$29.63	+13.0%	COM	115637209
—	Diageo PLC Sponsored ADR	471,770	$56.53M	0.4%	$114.94	—	COM	25243q205
—	Visa Inc Cl A	562,186	$52.72M	0.4%	$90.66	—	COM	92826c839
AXP	American Express	164,812	$13.88M	0.1%	$61.63	+14.0%	COM	025816109
FMX	Fomento Economico Mex Sp ADR	133,860	$13.16M	0.1%	$99.74	—	COM	344419106
—	Exxon Mobil Corp	161,319	$13.02M	0.1%	$90.04	—	COM	30231g102
DANOY	Danone ADR	790,045	$11.86M	0.1%	$13.77	—	COM	23636T100
MKL	Markel Corp	11,112	$10.84M	0.1%	$523.59	+85.4%	COM	570535104
—	Crane	134,573	$10.68M	0.1%	$59.92	—	COM	224399105
—	Swedish Match AB	277,243	$9.753M	0.1%	$35.28	—	COM	w92277115
KO	Coca-Cola	169,527	$7.603M	0.1%	$27.86	+20.9%	COM	191216100
—	Outfront Media Inc	310,725	$7.184M	0.1%	$23.39	—	COM	69007j106
MLKN	Herman Miller Inc	205,516	$6.248M	0.0%	$19.62	+30.6%	COM	600544100
—	Anheuser-Busch InBev SA Restri	51,983	$5.733M	0.0%	$110.16	—	COM	b639cj116
PG	Procter & Gamble	64,392	$5.612M	0.0%	$55.04	+27.4%	COM	742718109
HRL	Hormel Foods Corp	155,849	$5.316M	0.0%	$22.56	+22.6%	COM	440452100
—	Heineken NV	49,688	$4.824M	0.0%	$63.62	—	COM	n39427211
DOV	Dover Corp	55,426	$4.446M	0.0%	$40.34	+40.8%	COM	260003108
PEP	Pepsico Inc	35,219	$4.067M	0.0%	$57.29	+53.9%	COM	713448108
—	JP Morgan Chase & Co WTS Exp 1	78,420	$3.944M	0.0%	$17.61	—	WTS	46634e114
—	Nestle SA-REG	41,000	$3.573M	0.0%	$67.33	—	COM	h57312649
MSFT	Microsoft Corp	49,400	$3.405M	0.0%	$26.97	+131.1%	COM	594918104
MKC	McCormick Inc	33,755	$3.291M	0.0%	$28.19	+52.3%	COM	579780206
—	M&T Bank Corp Wts Exp 12/23/1	34,930	$3.076M	0.0%	$44.15	—	WTS	55261f112
—	Du Pont E I De Nemours	37,553	$3.031M	0.0%	$53.97	—	COM	263534109
—	Wells Fargo WTS Exp 10/28/18	134,895	$2.995M	0.0%	$14.82	—	WTS	949746119
—	Royal Dutch Shell PLC ADR A	53,825	$2.863M	0.0%	$64.36	—	COM	780259206
PNC	PNC Bank Corp	22,890	$2.858M	0.0%	$52.43	+72.3%	COM	693475105
CVX	Chevron Corp	25,856	$2.698M	0.0%	$71.30	+2.7%	COM	166764100
—	Reckitt Benckiser Group PLC	26,367	$2.666M	0.0%	$76.19	—	COM	g74079107
—	BIC	20,605	$2.442M	0.0%	$111.58	—	COM	f10080103
—	Alphabet Inc Cl C	2,470	$2.245M	0.0%	$695.03	—	COM	02079k107
—	Unilever NV	39,000	$2.149M	0.0%	$39.70	—	COM	n8981f271
HEINY	Heineken NV Spons ADR	44,160	$2.144M	0.0%	$34.30	—	COM	423012301
CFRUY	CIE Financiere Richemont-Unsp	237,640	$1.96M	0.0%	$8.30	—	COM	204319107
—	Alphabet Inc Cl A	2,102	$1.954M	0.0%	$719.30	—	COM	02079k305
KHC	Kraft Heinz Co	22,535	$1.93M	0.0%	$48.94	+24.1%	COM	500754106
—	Eaton Vance Sr Income TR SF	285,330	$1.897M	0.0%	$7.50	—	SH BEN INT	27826s103
—	Lindt & Spruengli AG - Reg	27	$1.885M	0.0%	$45277.97	—	COM	h49983176
—	Pernod-Ricard SA-Unspon ADR	64,625	$1.728M	0.0%	$22.65	—	COM	714264207
FULT	Fulton Finl Corp	84,843	$1.612M	0.0%	$8.89	+45.4%	COM	360271100
IBM	I B M	8,934	$1.374M	0.0%	$113.30	-8.4%	COM	459200101
BAC	Bank Amer Corp	49,100	$1.191M	0.0%	$10.22	+86.9%	COM	060505104
ABBV	AbbVie Inc	16,200	$1.175M	0.0%	$26.55	+76.9%	COM	00287Y109
VMC	Vulcan Materials	8,985	$1.138M	0.0%	$112.17	+3.8%	COM	929160109
—	Loreal SA	5,225	$1.087M	0.0%	$173.83	—	COM	f58149133
—	BB&T Corp	23,676	$1.075M	0.0%	$34.03	—	COM	054937107
—	Costco Whsl Corp	6,643	$1.062M	0.0%	$116.47	—	COM	22160k105
—	Pargesa Holding AG - B	13,026	$992K	0.0%	$66.60	—	COM	h60477207
LAMR	Lamar Advertising Co-A	13,240	$974K	0.0%	$54.56	—	COM	512816109
BTI	British Amern Tob PLC ADR	12,122	$831K	0.0%	$84.30	—	COM	110448107
COTY	Coty Inc-CL A	44,202	$829K	0.0%	$18.17	-9.0%	COM	222070203
—	A P Moller-Maersk A/S	425	$810K	0.0%	$3134.14	—	COM	k0514g135
ABT	Abbott Labs	16,600	$807K	0.0%	$28.97	+34.3%	COM	002824100
SWGAY	The Swatch Group AG ADR	41,910	$775K	0.0%	$17.49	—	COM	870123106
WMT	Wal Mart Stores Inc	10,019	$758K	0.0%	$19.84	+11.0%	COM	931142103
—	Nielsen Holdings PLC ORD	19,341	$748K	0.0%	$44.53	—	COM	g6518l108
MCD	McDonalds Corp	3,380	$518K	0.0%	$71.80	+64.2%	COM	580135101
DIS	Disney Walt Productions	4,703	$500K	0.0%	$61.24	+67.3%	COM	254687106
—	Pioneer Nat Res	2,700	$431K	0.0%	$144.67	—	COM	723787107
—	Anheuser-Busch InBev ADR	3,845	$424K	0.0%	$98.58	—	COM	03524a108
AIG	American Intl Group Inc	6,000	$375K	0.0%	$32.51	+53.2%	COM	026874784
—	3M Company	1,525	$317K	0.0%	$144.05	—	COM	88579y101
—	Roche Holding AG	1,179	$301K	0.0%	$255.42	—	COM	001203204
SLB	Schlumberger LTD	4,390	$289K	0.0%	$60.67	-8.0%	COM	806857108
—	Monsanto	2,425	$287K	0.0%	$113.40	—	COM	61166w101
—	Groupe Danone	3,575	$268K	0.0%	$74.51	—	COM	f12033134
UNP	Union Pac Corp	2,410	$262K	0.0%	$68.24	+32.0%	COM	907818108
CC	Chemours Co	6,779	$257K	0.0%	$22.02	+31.2%	COM	163851108
—	O Reilly Automotive Inc	1,100	$241K	0.0%	$273.88	—	COM	67103h107
—	Alleghany Corp	391	$233K	0.0%	$477.43	—	COM	017175100
—	Oracle Corp	4,300	$216K	0.0%	$50.23	—	COM	68389x105
—	Conocophillips	4,888	$215K	0.0%	$60.52	—	COM	20825c104
—	Centerstate BKS FLA Inc	8,504	$211K	0.0%	$9.72	—	COM	15201p109
—	Unum Group	4,500	$210K	0.0%	$46.89	—	COM	91529y106
—	Shiseido Co Ltd	5,800	$206K	0.0%	$35.52	—	COM	001228935
—	Hanjaya Mandala Sampoerna	687,500	$198K	0.0%	$0.50	—	COM	y7121z146
—	Cir SPA	125,000	$175K	0.0%	$1.13	—	COM	t28980125
—	Bollore	30,000	$136K	0.0%	$4.57	—	COM	f10659260
—	Indivior PLC	24,037	$98,000	0.0%	$2.34	—	COM	g4766e108
—	PZ Cussons PLC	15,000	$67,000	0.0%	$5.27	—	COM	g6850s109
—	LT Group Inc	150,000	$44,000	0.0%	$0.34	—	COM	y5342m100