HughesLittle Investment Management Ltd.

#	Name	Shares	Value ($)	%
1	SCHWAB CHARLES CORP	631,110	24,910,982	16.72%
2	VISA INC	289,085	22,555,381	15.13%
3	FOMENTO ECONOMICO MEXICANO S	243,662	18,570,279	12.46%
4	CANADIAN NATL RY CO	267,080	17,974,518	12.06%
5	MASTERCARD INCORPORATED	121,347	12,529,616	8.41%
6	MOODYS CORP	110,268	10,395,411	6.98%
7	MONDELEZ INTL INC	217,367	9,636,293	6.47%
8	DIAGEO P L C	79,865	8,301,524	5.57%
9	BRITISH AMERN TOB PLC	70,160	7,905,267	5.30%
10	LAS VEGAS SANDS CORP	117,620	6,282,354	4.22%
11	COCA COLA FEMSA S A B DE C V	82,500	5,242,276	3.52%
12	COCA COLA CO	66,250	2,746,843	1.84%
13	BERKSHIRE HATHAWAY INC DEL	2	488,263	0.33%
14	BERKSHIRE HATHAWAY INC DEL	2,637	429,797	0.29%
15	WELLS FARGO CO NEW	5,200	286,584	0.19%
16	UNION PAC CORP	2,400	248,843	0.17%
17	HERSHEY CO	2,000	206,869	0.14%
18	COSTCO WHSL CORP NEW	1,250	200,146	0.13%
19	TORONTO DOMINION BK ONT	1,488	73,389	0.05%
20	HOWARD HUGHES CORP	187	21,338	0.01%
21	SYNTEL INC	625	12,370	0.01%
22	COLFAX CORP	275	9,881	0.01%

#	Name	Shares	Value ($)	%	Options	Notes
1	PHILIP MORRIS INTL INC	114,335	10,460,509	100.00%

#	Name	Shares	Value ($)	%
1	COSTCO WHSL CORP NEW	1,250	200,138	0.13%
2	HERSHEY CO	2,000	206,860	0.13%
3	UNION PAC CORP	2,400	248,832	0.16%
4	WELLS FARGO CO NEW	5,200	286,572	0.18%
5	BERKSHIRE HATHAWAY INC DEL	2,637	429,778	0.27%
6	BERKSHIRE HATHAWAY INC DEL	2	488,242	0.31%
7	COCA COLA CO	66,700	2,765,382	1.74%
8	COCA COLA FEMSA S A B DE C V	90,400	5,744,016	3.62%
9	LAS VEGAS SANDS CORP	127,575	6,813,780	4.29%
10	BRITISH AMERN TOB PLC	73,960	8,333,073	5.25%
11	DIAGEO P L C	86,365	8,976,778	5.65%
12	MONDELEZ INTL INC	229,167	10,158,973	6.40%
13	MOODYS CORP	116,868	11,017,146	6.94%
14	MASTERCARD INCORPORATED	129,385	13,359,001	8.41%
15	CANADIAN NATL RY CO	284,660	19,156,832	12.06%
16	FOMENTO ECONOMICO MEXICANO S	264,117	20,128,356	12.68%
17	VISA INC	305,608	23,843,536	15.02%
18	SCHWAB CHARLES CORP	674,800	26,634,356	16.77%