13F-HR 1 d641355_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended December 31, 2005 Check here if Amendment: |_|; Amendment Number: ____ This Amendment (Check only one): |_| is a restatement |_| adds new holding entries. Institutional Manager Filing this Report: Name: Gardner Russo & Gardner Address: 223 East Chestnut Street Lancaster, PA 17602 13F File Number: 28-2635 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: J. Phil Gibson Title: Trader Phone: (717) 299-1385 Signature, Place and Date of Signing: /s/ J. Phil Gibson Lancaster, PA February 6, 2006 ----------------------- -------------------------- ---------------------- [Signature] [City, State] [Date] Report Type: (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report). [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting managers(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None. Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 452 Form 13F Information Table Value Total: 3,675,489 (in thousands) List of Other Included Managers: None Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] FORM 13F INFORMATION TABLE

TITLE VALUE SHRS OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (X1000) PRN AMT PRN CALL DISCRETN MGRS SOLE SHARED NONE -------------- -------- ----- ------- ------- --- ---- -------- ---- ---- ------ ---- 3I GROUP PLC COM G88473106 146 10,000 SH SOLE 0 0 10,000 3M CO COM 88579Y101 105 1,360 SH SOLE 0 0 1,360 A P MOLLER-MAERSK A/S COM K0514G135 251 25 SH SOLE 0 0 25 A T & T INC COM 00206R102 111 4,539 SH SOLE 4,539 0 0 ABBOTT LABS COM 002824100 16,726 424,202 SH SOLE 410,636 0 13,566 ACCENTURE LTD BERMUDA CL A G1150G111 58 2,000 SH SOLE 0 0 2,000 ACCO BRANDS CORP COM 00081T108 1 47 SH SOLE 47 0 0 ACE LTD ORD G0070K103 160 3,000 SH SOLE 3,000 0 0 ACNB CORP COM 868109 16 800 SH SOLE 300 0 500 AES CORP COM 00130H105 855 54,000 SH SOLE 26,000 0 28,000 AES TR III PED CV 6.75% 00808N202 289 6,500 SH SOLE 0 0 6,500 AGERE SYS INC COM 00845V308 1 49 SH SOLE 49 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 25 762 SH SOLE 0 0 762 AIR PRODS & CHEMS INC COM 009158106 30 500 SH SOLE 0 0 500 ALBERTSONS INC COM 013104104 678 31,750 SH SOLE 31,750 0 0 ALCOA INC COM 013817101 248 8,384 SH SOLE 7,472 0 912 ALCON INC SHS H01301102 52 400 SH SOLE 400 0 0 ALLEGHANY CORP DEL COM 017175100 298 1,050 SH SOLE 624 0 426 ALLIANCE ONE INTL INC COM 018772103 119 30,500 SH SOLE 30,500 0 0 ALLSTATE CORP COM 20002101 260 4,800 SH SOLE 4,600 0 200 ALTADIS SA COM A011040 5,942 130,826 SH SOLE 66,416 0 64,410 ALTRIA GROUP INC COM 02209S103 285,919 3,826,542 SH SOLE 3,355,057 0 471,485 AMBAC FINL GROUP INC COM 023139108 39 500 SH SOLE 0 0 500 AMERICA MOVIL SA DE CV SPON ADR L SHS 02364W105 39 1,323 SH SOLE 1,323 0 0 AMERICAN EXPRESS CO COM 025816109 3,302 64,172 SH SOLE 60,322 0 3,850 AMERICAN INTL GROUP INC COM 026874107 142,426 2,087,446 SH SOLE 1,823,166 0 264,280 AMERICAN ITALIAN PASTA CO CL A 027070101 3 500 SH SOLE 0 0 500 AMERICAN SATELLITE NETWORK 06/ WARRANT 02937P116 0 42,205 SH SOLE 40,131 0 2,074 AMERICAN TOWER CORP CL A 029912201 2,453 90,500 SH SOLE 88,000 0 2,500 AMERICAN WOODMARK CORP COM 030506109 25 1,000 SH SOLE 0 0 1,000 AMERIPRISE FINL INC COM 03076C106 515 12,573 SH SOLE 11,843 0 730 AMGEN INC COM 031162100 645 8,175 SH SOLE 2,825 0 5,350 AMSOUTH BANCORPORATION COM 032165102 56 2,150 SH SOLE 1,250 0 900 ANADARKO PETE CORP COM 032511107 79 836 SH SOLE 136 0 700 ANGLO AMERICAN PLC ADR 03485P102 340 10,000 SH SOLE 5,000 0 5,000 ANHEUSER-BUSCH COS INC COM 035229103 7,817 181,961 SH SOLE 152,111 0 29,850 AON CORP COM 037389103 18 500 SH SOLE 500 0 0 APPLE COMPUTER INC COM 037833100 47 650 SH SOLE 50 0 600 APPLERA CORP COM CE GEN GRP 038020202 7 600 SH SOLE 0 0 600 APPLIED MATLS INC COM 038222105 122 6,800 SH SOLE 0 0 6,800 APTARGROUP INC COM 038336103 1,183 22,659 SH SOLE 12,359 0 10,300 AREVA-CI COM F84742109 14 30 SH SOLE 30 0 0 ARIEL FD CALV ARIEL APP MUTUAL 40337206 4 88 SH SOLE 88 0 0 ARIEL FD SH BEN INT MUTUAL 40337107 3 60 SH SOLE 60 0 0 ARMSTRONG HOLDINGS COM 42384107 1 483 SH SOLE 483 0 0 ASTROPOWER INC COM 04644A101 0 150 SH SOLE 150 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 923 20,100 SH SOLE 20,100 0 0 AVERY DENNISON CORP COM 053611109 17 300 SH SOLE 300 0 0 AVISHUSET DAGBLADET NOK20 COM R50065102 11,324 116,554 SH SOLE 101,280 0 15,274 AVISHUSET DAGBLADET PFD PREFERR 5326057 382 3,939 SH SOLE 439 0 3,500 AVON PRODS INC COM 054303102 138 4,818 SH SOLE 4,818 0 0 BAKER HUGHES INC COM 057224107 6 100 SH SOLE 0 0 100 BANK OF AMER ICA CORPORATION COM 060505104 4,725 102,380 SH SOLE 97,000 0 5,380 BARRY CALLEBAUT AG COM H05072105 98 300 SH SOLE 100 0 200 BAYERISCHE MOTOREN WERKE AG COM D12096109 33 750 SH SOLE 500 0 250 BB&T CORP COM 054937107 455 10,850 SH SOLE 10,850 0 0 BELLSOUTH CORP COM 079860102 144 5,332 SH SOLE 4,832 0 500 BELO CORP COM SER A 080555105 1,076 50,250 SH SOLE 46,250 0 4,000 BENFIELD GROUP LTD COM G0985D103 476 77,015 SH SOLE 29,250 0 47,765 BERKSHIRE HATHAWAY INC DEL CL A 084670108 280,039 3,160 SH SOLE 2,649 0 511 BERKSHIRE HATHAWAY INC DEL CL B 084670207 58,138 19,805 SH SOLE 17,389 0 2,416 BIC COM 5298781 3,135 52,740 SH SOLE 23,150 0 29,590 BJ SVCS CO COM 055482103 117 3,200 SH SOLE 3,200 0 0 BLOCK H & R INC COM 093671105 98,603 4,016,402 SH SOLE 3,501,245 0 515,157 BOEING CO COM 097023105 7 100 SH SOLE 100 0 0 BP PLC SPONSORED ADR 055622104 2,595 59,183 SH SOLE 56,663 0 2,520 BRISTOL MYERS SQUIBB CO COM 110122108 290 12,600 SH SOLE 12,600 0 0 BRITISH AMER TOB ORD COM G1510J102 7,465 334,295 SH SOLE 179,125 0 155,170 BRITISH AMER TOB PLC SPONSORED ADR 110448107 338 7,500 SH SOLE 7,500 0 0 BROWN-FORMAN CORP CL A 115637100 105,885 1,492,606 SH SOLE 1,316,565 0 176,041 BROWN-FORMAN CORP CL B 115637209 22,628 326,423 SH SOLE 278,223 0 48,200 BURLINGTON RES INC COM 122014103 22 250 SH SOLE 250 0 0 BURNHAM HLDGS INC CLA COM 122295108 120 5,582 SH SOLE 5,582 0 0 CABLEVISION SYS CORP CLA NY CABLVS 12686C109 82 3,500 SH SOLE 3,500 0 0 CADBURY SCHWEPPES ORD COM G17444152 74,121 7,843,520 SH SOLE 6,886,340 0 957,180 CADBURY SCHWEPPES PLC ADR 127209302 1,369 37,750 SH SOLE 7,650 0 28,100 CALLAWAY GOLF CO COM 131193104 0 5 SH SOLE 5 0 0 CAMECO CORP COM 13321L108 16 250 SH SOLE 250 0 0 CAMPBELL SOUP CO COM 134429109 98 3,300 SH SOLE 3,300 0 0 CANADIAN OIL SANDS TRUST COM 13642L100 7,313 68,000 SH SOLE 68,000 0 0 CANON INC JPY COM 6132727 351 6,000 SH SOLE 6,000 0 0 CARLISLE COMPANIES INC COM 142339100 2,691 38,919 SH SOLE 38,919 0 0 CATERPILLAR INC DEL COM 149123101 29 500 SH SOLE 500 0 0 CENTERPOINT ENERGY INC COM 15189T107 3 200 SH SOLE 200 0 0 CENTRAL VT PUB SVC PFD PREFERR 155771306 4 50 SH SOLE 50 0 0 CEPHEID COM 15670R107 18 2,000 SH SOLE 0 0 2,000 CERTEGY INC COM 156880106 247 6,100 SH SOLE 5,550 0 550 CHEVRON CORP NEW COM 166764100 1,722 30,328 SH SOLE 28,718 0 1,610 CHOICEPOINT INC COM 170388102 36 800 SH SOLE 800 0 0 CHUBB CORP COM 171232101 76 775 SH SOLE 775 0 0 CHURCH & DWIGHT INC COM 171340102 5 150 SH SOLE 150 0 0 CIE FINANC RICHEMONT ADR COM 204318109 543 12,500 SH SOLE 12,500 0 0 CIE FINANC RICHEMONT A-SW COM 7151116 138,392 3,185,081 SH SOLE 2,783,800 0 401,281 CINCINNATI FINL CORP COM 172062101 9 200 SH SOLE 200 0 0 CISCO SYS INC COM 17275R102 3,121 182,307 SH SOLE 171,307 0 11,000 CITIGROUP INC COM 172967101 97,428 2,007,589 SH SOLE 1,742,949 0 264,640 CLIPPER FD INC MUTUAL 188850101 16 183 SH SOLE 183 0 0 COCA COLA CO COM 191216100 2,014 49,959 SH SOLE 45,626 0 4,333 COLGATE PALMOLIVE CO COM 194162103 40 722 SH SOLE 0 0 722 COLUMBIA ACORN TR INTL CL Z MUTUAL 197199813 3 91 SH SOLE 91 0 0 COMCAST CORP CL A 20030N101 1,130 43,591 SH SOLE 37,341 0 6,250 COMCAST CORP NEW CL A SPL 20030N200 125,048 4,867,574 SH SOLE 4,231,334 0 636,240 COMMNTY BKS INC MILLERSBUR COM 203628102 249 8,902 SH SOLE 8,902 0 0 COMMONWEALTH TEL ENTERPRISES COM 203349105 49 1,440 SH SOLE 240 0 1,200 CONOCOPHILLIPS COM 20825C104 1,498 25,740 SH SOLE 23,606 0 2,134 CONSTELLATION BRANDS INC CL A 21036P108 10 400 SH SOLE 400 0 0 CORNING INC COM 219350105 57 2,900 SH SOLE 2,900 0 0 CORTEX PHARMACEUTICALS INC COM NEW 220524300 14 6,000 SH SOLE 0 0 6,000 COSTCO WHSL CORP NEW COM 22160K105 740 14,950 SH SOLE 11,150 0 3,800 COUSINS PPTYS INC COM 222795106 42 1,500 SH SOLE 0 0 1,500 CRANE CO COM 224399105 7,424 210,479 SH SOLE 172,029 0 38,450 CRESCENT FINL CORP COM 225744101 6 400 SH SOLE 400 0 0 CRH PLC ADR 12626K203 715 24,335 SH SOLE 8,725 0 15,610 CVS CORP COM 126650100 106 4,000 SH SOLE 4,000 0 0 D & E COMMUNICATIONS INC COM 232860106 3 400 SH SOLE 400 0 0 DAILY MAIL & GEN TST-A COM 945736BLA 779 57,500 SH SOLE 47,500 0 10,000 DANAHER CORP DEL COM 235851102 24 436 SH SOLE 436 0 0 DEAN FOODS CO NEW COM 242370104 56 1,500 SH SOLE 1,500 0 0 DEERE & CO COM 244199105 3,468 50,917 SH SOLE 40,017 0 10,900 DEL MONTE FOODS CO COM 24522P103 28 2,679 SH SOLE 2,679 0 0 DELPHI FINL GROUP INC CL A 247131105 173 3,750 SH SOLE 3,750 0 0 DENTSPLY INTL INC NEW COM 249030107 27 500 SH SOLE 500 0 0 DEVON ENERGY CORP NEW COM 25179M103 7,086 113,300 SH SOLE 110,000 0 3,300 DIAGEO PLC COM G42089113 91,014 6,285,477 SH SOLE 5,496,221 0 789,256 DIAGEO PLC SPON ADR NEW 25243Q205 26,389 452,638 SH SOLE 380,676 0 71,962 DISCOVERY HOLDING CO CL A COM 25468Y107 2 150 SH SOLE 150 0 0 DISNEY WALT CO COM DISNEY 254687106 902 37,631 SH SOLE 33,631 0 4,000 DOVER CORP COM 260003108 2,660 65,690 SH SOLE 57,190 0 8,500 DOW JONES & CO INC COM 260561105 28 800 SH SOLE 800 0 0 DRUGSTORE COM INC COM 262241102 14 5,000 SH SOLE 0 0 5,000 DU PONT E I DE NEMOURS & CO COM 263534109 322 7,577 SH SOLE 7,577 0 0 E M C CORP MASS COM 268648102 30 2,200 SH SOLE 0 0 2,200 E W SCRIPPS CO OHIO CL A 811054204 125,370 2,610,786 SH SOLE 2,272,950 0 337,836 EATON VANCE PRIME RATE RESVS MUTUAL 277913109 17 1,796 SH SOLE 1,796 0 0 ECHOSTAR COMMUNICATIONS NEW CL A 278762109 544 20,000 SH SOLE 20,000 0 0 EDIPRESSE S A - BEARER COM H20616126 61 150 SH SOLE 150 0 0 ENCANA CORP COM 292505104 5,848 129,500 SH SOLE 129,500 0 0 ENCORE WIRE CORP COM 292562105 512 22,500 SH SOLE 22,500 0 0 ENTERGY CORP NEW COM 29364G103 9 133 SH SOLE 133 0 0 EOG RES INC COM 26875P101 440 6,000 SH SOLE 0 0 6,000 EP MEDSYSTEMS INC COM 26881P103 44 15,000 SH SOLE 0 0 15,000 EQUIFAX INC COM 294429105 530 13,940 SH SOLE 12,840 0 1,100 ESCO TECHNOLOGIES INC COM 296315104 44 1,000 SH SOLE 1,000 0 0 EVERGREEN TR STRAT GRT CL I MUTUAL 299909408 59 2,110 SH SOLE 2,110 0 0 EXPEDIA INC DEL COM 30212P105 36 1,500 SH SOLE 1,500 0 0 EXPEDITORS INTL WASH INC COM 302130109 1,448 21,450 SH SOLE 16,850 0 4,600 EXXON MOBIL CORPORATION COM 30231G102 19,373 344,899 SH SOLE 291,767 0 53,132 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 29 200 SH SOLE 0 0 200 FAIRHOLME FDS INC MUTUAL 304871106 3 129 SH SOLE 129 0 0 FASTENAL CO COM 311900104 74 1,900 SH SOLE 1,900 0 0 FEDERAL HOME LN MTG CORP COM 313400301 14,109 215,900 SH SOLE 174,065 0 41,835 FEDEX CORP COM 31428X106 127 1,228 SH SOLE 1,228 0 0 FIDELITY NAT FINL INC COM 316326107 86 2,336 SH SOLE 2,336 0 0 FIDELITY NATL TITLE GROUP INC CL A 31620R105 10 408 SH SOLE 408 0 0 FIFTH THIRD BANCORP COM 316773100 1,634 43,325 SH SOLE 19,725 0 23,600 FIRST CHESTER CNTY CORP COM 31947W100 53 2,750 SH SOLE 2,750 0 0 FIRST DATA CORP COM 319963104 372 8,650 SH SOLE 6,650 0 2,000 FIRST PAC LTD ORD COM G34804107 23 58,183 SH SOLE 58,183 0 0 FORTUNE BRANDS INC COM 349631101 16 200 SH SOLE 200 0 0 FPA FDS TR FPA CRESC INSTL MUTUAL 30254T759 4 161 SH SOLE 161 0 0 FPL GROUP INC COM 302571104 374 9,000 SH SOLE 5,000 0 4,000 FULLER H B CO COM 359694106 32 1,000 SH SOLE 1,000 0 0 FULTON FINL CORP PA COM 360271100 1,381 78,452 SH SOLE 52,866 0 25,586 GALLAHER GROUP PLC SPONSORED ADR 363595109 72 1,200 SH SOLE 900 0 300 GANNETT INC COM 364730101 9,575 158,077 SH SOLE 120,777 0 37,300 GENERAL DYNAMICS CORP COM 369550108 1,129 9,900 SH SOLE 8,900 0 1,000 GENERAL ELECTRIC CO COM 369604103 10,359 295,535 SH SOLE 187,435 0 108,100 GENESEE & WYO INC CL A 371559105 13 350 SH SOLE 350 0 0 GLATFELTER COM 377316104 17 1,200 SH SOLE 400 0 800 GLAXOSMITHKLINE PLC COM 37733W105 32 625 SH SOLE 625 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 26 400 SH SOLE 0 0 400 GOLDMAN SACHS GROUP INC COM 38141G104 13 100 SH SOLE 100 0 0 GROUPE DANONE COM B018SX1 209 2,000 SH SOLE 2,000 0 0 GROUPE DANONE SPONSORED ADR 399449107 5,732 272,425 SH SOLE 180,400 0 92,025 HARLEY DAVIDSON INC COM 412822108 54 1,055 SH SOLE 1,055 0 0 HARLEYSVILLE NATL CORP PA COM 412850109 3 165 SH SOLE 0 0 165 HARTE HANKS INC COM 416196103 627 23,750 SH SOLE 23,750 0 0 HASBRO INC COM 418056107 94,198 4,667,909 SH SOLE 4,084,523 0 583,386 HCA INC COM 404119109 699 13,838 SH SOLE 10,338 0 3,500 HCC INS HLDGS INC COM 404132102 30 1,000 SH SOLE 1,000 0 0 HEALTH MGMT ASSOC INC NEW CL A 421933102 16 750 SH SOLE 750 0 0 HEALTHEXTRAS INC COM 422211102 100 4,000 SH SOLE 4,000 0 0 HEALTHSOUTH CORP COM 421924101 195 39,881 SH SOLE 0 0 39,881 HEARTLAND EXPRESS INC COM 422347104 2,011 99,100 SH SOLE 91,750 0 7,350 HEINEKEN HLDG NV COM N39338194 167,429 5,702,624 SH SOLE 4,978,341 0 724,283 HEINEKEN NV COM 7108048 36 1,125 SH SOLE 0 0 1,125 HEINEKEN NV UNSPONS ADR COM 423012202 3,397 107,523 SH SOLE 42,665 0 64,858 HEINZ H J CO COM 423074103 91 2,700 SH SOLE 2,700 0 0 HERSHEY CO COM 427866108 261 4,720 SH SOLE 4,720 0 0 HEWLETT PACKARD CO COM 428236103 115 4,000 SH SOLE 0 0 4,000 HOME DEPOT INC COM 437076102 371 9,176 SH SOLE 7,876 0 1,300 HOMEFED CORP PAR $ .01 COM 43739D307 34 500 SH SOLE 500 0 0 HORMEL FOODS CORP COM 440452100 17,178 525,636 SH SOLE 420,750 0 104,886 HSBC HLDGS PLC SPON ADR NEW 404280406 361 22,500 SH SOLE 22,500 0 0 HUDSON HIGHLAND GROUP INC COM 443792106 9 524 SH SOLE 0 0 524 HUDSON UNITED BANCORP COM 444165104 94 2,250 SH SOLE 2,250 0 0 HUNTER DOUGLAS NV COM N4327C122 38 700 SH SOLE 700 0 0 IAC INTERACTIVECORP COM NEW 44919P300 42 1,500 SH SOLE 1,500 0 0 ILLINOIS TOOL WORKS INC COM 452308109 106 1,200 SH SOLE 0 0 1,200 IMPERIAL TOBACCO GROUP PLC SPONSORED ADR 453142101 148 4,470 SH SOLE 4,470 0 0 INTEL CORP COM 458140100 471 18,860 SH SOLE 14,750 0 4,110 INTERNATIONAL BUSINESS MACHS COM 459200101 2,771 33,713 SH SOLE 1,913 0 31,800 INTERNATIONAL SPEEDWAY CORP CL A 460335201 31,761 663,079 SH SOLE 550,640 0 112,439 INTERNAT'L SPEEDWAY CL B COM 460335300 17,248 363,108 SH SOLE 334,208 0 28,900 IPC HLDGS LTD ORD G4933P101 5 200 SH SOLE 200 0 0 IPRINT TECHNOLOGIES INC COM 462628108 0 600 SH SOLE 600 0 0 ISHARES TR S&P S&P MIDCAP 400 464287507 15 200 SH SOLE 200 0 0 ISHARES TR S&P S&P MIDCAP 600 464287804 17 300 SH SOLE 300 0 0 J.P. MORGAN CHASE & CO COM 46625H100 101 2,555 SH SOLE 2,355 0 200 JACOBS ENGR GROUP INC DEL COM 469814107 339 5,000 SH SOLE 3,700 0 1,300 JAMES HALSTEAD PLC COM XXH084884 61 5,000 SH SOLE 5,000 0 0 JC DECAUS SA ACT COM F5333N100 17 750 SH SOLE 0 0 750 JOHNSON & JOHNSON COM 478160104 7,257 120,755 SH SOLE 111,905 0 8,850 KAO CORP JPY COM 654744408 415 15,500 SH SOLE 15,500 0 0 KELLOGG CO COM 487836108 140 3,250 SH SOLE 2,500 0 750 KEYCORP NEW COM 493267108 3 100 SH SOLE 100 0 0 KIMBERLY CLARK CORP COM 494368103 253 4,243 SH SOLE 4,243 0 0 KINGSPAN GROUP PLC COM G52654103 98 7,750 SH SOLE 0 0 7,750 KIRIN BREWERY LTD SPONSORED ADR 497350306 140 12,000 SH SOLE 12,000 0 0 KNIGHT RIDDER INC COM 499040103 25 400 SH SOLE 0 0 400 KRAFT FOODS INC CL A 50075N104 55,671 1,976,255 SH SOLE 1,756,769 0 219,486 KROGER CO COM 501044101 47 2,500 SH SOLE 2,500 0 0 KT CORP SPONSORED ADR 48268K101 11 500 SH SOLE 0 0 500 LACLEDE GROUP INC COM 505597104 12 406 SH SOLE 0 0 406 LANCASTER COLONY CORP COM 513847103 19 500 SH SOLE 0 0 500 LEE ENTERPRISES INC COM 523768109 2,132 57,760 SH SOLE 50,360 0 7,400 LEUCADIA NATL CORP COM 527288104 2,309 48,643 SH SOLE 44,143 0 4,500 LEVEL 3 COMMUNICATIONS INC COM 52729N100 0 100 SH SOLE 100 0 0 LEXINGTON CORP PPTYS TR COM 529043101 1,108 52,000 SH SOLE 38,000 0 14,000 LIBERTY GLOBAL INC COM SER C 530555309 2 75 SH SOLE 75 0 0 LIBERTY GLOBAL INC COM SER A 530555101 2 75 SH SOLE 75 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 20 2,500 SH SOLE 2,500 0 0 LILLY, ELI AND CO COM 532457108 758 13,400 SH SOLE 13,400 0 0 LINDT & SPRUENGLI AG-REG COM H49983176 333 20 SH SOLE 0 0 20 LOCKHEED MARTIN CORP COM 539830109 108 1,694 SH SOLE 1,694 0 0 LONGLEAF INT PARTNERS FD MUTUAL 543069405 4 211 SH SOLE 211 0 0 LONGLEAF PARTNERS FUND MUTUAL 543069108 36 1,152 SH SOLE 1,152 0 0 LOREAL SA COM 12032 186 2,500 SH SOLE 2,500 0 0 LOWES COS INC COM 548661107 273 4,100 SH SOLE 0 0 4,100 LUCENT TECHNOLOGIES INC COM 549463107 61 22,820 SH SOLE 12,820 0 10,000 LUCENT TECHS INC WT EXP 12/10/ WARRANT 549463131 0 103 SH SOLE 0 0 103 M & T BK CORP COM 55261F104 229 2,099 SH SOLE 2,099 0 0 MANPOWER INC COM 56418H100 230 4,950 SH SOLE 4,950 0 0 MARATHON OIL CORP COM 565849106 146 2,400 SH SOLE 0 0 2,400 MARKEL CORP COM 570535104 23,604 74,450 SH SOLE 58,280 0 16,170 MARSH MCLENNAN COS INC COM 571748102 268 8,450 SH SOLE 6,450 0 2,000 MARSHALL & ILSLEY CORP COM 571834100 65 1,500 SH SOLE 1,500 0 0 MARTIN MARIETTA MTLS INC COM 573284106 157,534 2,053,359 SH SOLE 1,793,459 0 259,900 MASCO CORP COM 574599106 30 1,000 SH SOLE 0 0 1,000 MASTERS SELECT EQUITY FUND MUTUAL 576417109 52 3,396 SH SOLE 3,396 0 0 MASTERS SELECT FDS VALUE FD MUTUAL 576417406 4 245 SH SOLE 245 0 0 MASTERS SELECT INT'L FUND MUTUAL 576417208 27 1,537 SH SOLE 1,537 0 0 MASTERS SELECT SMALLER FD MUTUAL 576417307 4 251 SH SOLE 251 0 0 MATTEL INC COM 577081102 1,058 66,897 SH SOLE 50,397 0 16,500 MCCLATCHY CO CL A 579489105 76,931 1,301,703 SH SOLE 1,133,875 0 167,828 MCCORMICK & CO INC COM NON VTG 579780206 4,139 133,850 SH SOLE 94,850 0 39,000 MCDONALDS CORP COM 580135101 2,419 71,728 SH SOLE 70,628 0 1,100 MCGRAW HILL CO INC COM 580645109 374 7,250 SH SOLE 0 0 7,250 MCKESSON CORP COM 58155Q103 31 600 SH SOLE 600 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 20 354 SH SOLE 354 0 0 MEDIMMUNE INC COM 584699102 3,432 98,000 SH SOLE 98,000 0 0 MEDTRONIC INC COM 585055106 296 5,150 SH SOLE 5,150 0 0 MELLON FINL CORP COM 58551A108 2,188 63,872 SH SOLE 55,752 0 8,120 MERCK & CO INC COM 589331107 661 20,786 SH SOLE 15,586 0 5,200 MERCURY GEN CORP NEW COM 589400100 3,632 62,380 SH SOLE 50,130 0 12,250 MERITOR SVGS BK PA COM 590007100 13 3,000 SH SOLE 0 0 3,000 MESA RTY TR UNIT BEN INT 590660106 1,604 23,000 SH SOLE 23,000 0 0 MGI PHARMA INC COM 552880106 70 4,100 SH SOLE 2,500 0 1,600 MICROPORE INC "A" CV PFD CONVERT 9129231 67 3,200 SH SOLE 3,200 0 0 MICROPORE INC "C" CV PFD CONVERT 9057213 12 550 SH SOLE 550 0 0 MICROSOFT CORP COM 594918104 3,827 146,332 SH SOLE 131,924 0 14,408 MILLER HERMAN INC COM 600544100 19,147 679,203 SH SOLE 530,703 0 148,500 MIRANT CORP COM 604675108 1 500 SH SOLE 500 0 0 ML BALANCED CAPITAL FD CLA MUTUAL 590192407 8 314 SH SOLE 314 0 0 MOHAWK INDS INC COM 608190104 1,835 21,100 SH SOLE 15,700 0 5,400 MOLEX INC CL A 608554200 55 2,250 SH SOLE 2,250 0 0 MONEYGRAM INTL INC COM 60935Y109 13 500 SH SOLE 500 0 0 MONSANTO CO NEW COM 61166W101 582 7,509 SH SOLE 7,309 0 200 MONSTER WORLDWIDE INC COM 611742107 61 1,500 SH SOLE 0 0 1,500 MORGAN STANLEY COM NEW 617446448 63 1,113 SH SOLE 1,113 0 0 MORGAN STANLEY CAP TR III 6.25 PREFERR 617460209 6 250 SH SOLE 250 0 0 MUENCHENER RUECKVER AG-REG COM 5294121 149 1,100 SH SOLE 1,100 0 0 MUNIHOLDINGS FLA INSD FD COM 62624W105 76 5,211 SH SOLE 5,211 0 0 MURPHY OIL CORP COM 626717102 2,203 40,800 SH SOLE 40,500 0 300 MYLAN LABS INC COM 628530107 82 4,125 SH SOLE 4,125 0 0 NATIONAL CITY CORP COM 635405103 658 19,600 SH SOLE 11,600 0 8,000 NATIONAL PENN BANCSHARES INC COM 637138108 83 4,378 SH SOLE 4,378 0 0 NATL WESTMIN BK PLC PFD 7.875% PREFERR 638539809 12 491 SH SOLE 491 0 0 NEENAH PAPER INC COM 640079109 1 37 SH SOLE 37 0 0 NESTLE REG ADR COM 641069406 232,399 3,114,013 SH SOLE 2,682,639 0 431,374 NEUE ZUERCHER ZEITUNG COM 4575827 326 6 SH SOLE 3 0 3 NEW YORK TIMES CO CL A 650111107 454 17,150 SH SOLE 15,450 0 1,700 NEWELL RUBBERMAID INC. COM 651229106 7 315 SH SOLE 315 0 0 NEWMONT MINING CORP COM 651639106 171 3,200 SH SOLE 3,200 0 0 NEWS CORP CL A 6.52E+108 187 12,050 SH SOLE 11,750 0 300 NEWS CORP CL B 6.52E+207 50 3,000 SH SOLE 3,000 0 0 NISSAN MOTORS SPONSORED ADR J57160129 8 800 SH SOLE 0 0 800 NOBLE ENERGY INC COM 655044105 97 2,400 SH SOLE 2,400 0 0 NOKIA CORP SPONSORED ADR 654902204 348 19,015 SH SOLE 18,015 0 1,000 NORFOLK SOUTHN CORP COM 655844108 29 643 SH SOLE 643 0 0 NORGES HANDELS OG SJOF COM 5068627 2,174 17,172 SH SOLE 16,872 0 300 NORTH FORK BANCORPORATION NY COM 659424105 5 200 SH SOLE 200 0 0 NORTHERN TR CORP COM 665859104 277 5,350 SH SOLE 5,250 0 100 NUVEEN PA INVT QUAL MUN FD COM 670972108 22 1,630 SH SOLE 1,630 0 0 OAK VALUE TR MUTUAL 67181Q102 4 117 SH SOLE 117 0 0 OAKMARK FUND - CLASS I MUTUAL 413838103 4 98 SH SOLE 98 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 80 1,000 SH SOLE 1,000 0 0 OMNICOM GROUP INC COM 681919106 6,326 74,310 SH SOLE 67,560 0 6,750 ORACLE CORP COM 68389X105 9 750 SH SOLE 750 0 0 PARGESA HOLDING AG - B COM H60477207 7,780 91,285 SH SOLE 53,100 0 38,185 PARKER HANNIFIN CORP COM 701094104 33 500 SH SOLE 500 0 0 PARTRIDGE FINE ART ORD COM 673231BLA 371 494,601 SH SOLE 491,601 0 3,000 PENTAIR INC COM 709631105 3 100 SH SOLE 100 0 0 PEPSICO INC COM 713448108 9,872 167,097 SH SOLE 145,272 0 21,825 PERNOD RICARD S A ADR COM 714264108 452 10,388 SH SOLE 10,388 0 0 PERNOD RICARD S A ORD COM F72027109 63,441 363,828 SH SOLE 310,024 0 53,804 PETROCHINA CO LTD SPONSORED ADR 7.16E+104 77 935 SH SOLE 935 0 0 PFIZER INC COM 717081103 3,119 133,729 SH SOLE 122,729 0 11,000 PHILIP MORRIS CR AS COM 4874546 9,427 12,708 SH SOLE 10,943 0 1,765 PIONEER NAT RES CO COM 723787107 528 10,300 SH SOLE 4,000 0 6,300 PITNEY BOWES INC COM 724479100 61 1,440 SH SOLE 1,440 0 0 PLACER DOME INC COM 725906101 5 200 SH SOLE 200 0 0 PNC FINL SVCS GROUP INC COM 693475105 597 9,660 SH SOLE 7,660 0 2,000 PONTIAC BANCORP INC COM 732490107 15 55 SH SOLE 55 0 0 PORTUGAL TELECOM SGPS SA SPONSORED ADR 737273102 8 750 SH SOLE 0 0 750 POZEN INC COM 73941U102 13 1,400 SH SOLE 0 0 1,400 PPL CORP COM 69351T106 50 1,700 SH SOLE 1,200 0 500 PRAXAIR INC COM 74005P104 148 2,800 SH SOLE 1,800 0 1,000 PRICE T ROWE GROUP INC COM 74144T108 40 558 SH SOLE 0 0 558 PROCTER & GAMBLE CO COM 742718109 3,967 68,538 SH SOLE 62,026 0 6,512 PROGRESSIVE CORP OHIO COM 743315103 31,053 265,912 SH SOLE 208,262 0 57,650 PROLOGIS SH BEN INT 743410102 109 2,337 SH SOLE 1,237 0 1,100 PROTECTIVE LIFE CORP COM 743674103 11 250 SH SOLE 250 0 0 RAINING DATA CORP COM 75087R108 70 20,000 SH SOLE 10,000 0 10,000 RAYTHEON CO COM NEW 755111507 6 156 SH SOLE 156 0 0 READYMIX ORD COM 726782BLA 5,488 1,974,000 SH SOLE 1,809,000 0 165,000 RECKITT BENCKISER PLC COM G7420A107 701 21,250 SH SOLE 21,250 0 0 RELIANT ENERGY INC COM 75952B105 9 865 SH SOLE 865 0 0 RENAISSANCERE HLDGS LTD COM G7496G103 8 175 SH SOLE 0 0 175 RINKER GROUP LTD SPONSORED ADR 76687M101 4,056 336,565 SH SOLE 144,000 0 192,565 RITE AID CORP COM 767754104 12 3,500 SH SOLE 3,500 0 0 ROBBINS & MYERS INC NOTE 8.000% 1/3 770196AB9 8 8,000 SH SOLE 8,000 0 0 ROCHE HOLDING AG COM 1203204 674 4,500 SH SOLE 4,500 0 0 ROSS STORES INC COM 778296103 3,381 117,000 SH SOLE 117,000 0 0 ROWE T PRICE EQUITY FD MUTUAL 779547108 55 2,115 SH SOLE 2,115 0 0 ROYAL BK SCOTLAND PLC SHS COM G76891111 15 500 SH SOLE 0 0 500 ROYAL DUTCH SHELL PLC SPONSORED ADR B 780259107 583 9,031 SH SOLE 9,031 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR A 780259206 5,134 83,491 SH SOLE 61,291 0 22,200 ROYAL DUTCH SHELL PLC B COM BLANK BLA 0 4,740 SH SOLE 4,740 0 0 SAFEWAY INC COM NEW 786514208 17 700 SH SOLE 500 0 200 SAMSUNG ELECTRONICS LTD COM 796050888 41 125 SH SOLE 0 0 125 SANOFI-AVENTIS COM F5548N101 26 300 SH SOLE 0 0 300 SCHERING PLOUGH CORP COM 806605101 42 2,000 SH SOLE 2,000 0 0 SCHIBSTED A/S COM MS164618 1,690 56,762 SH SOLE 50,387 0 6,375 SCHLUMBERGER LTD COM 806857108 534 5,500 SH SOLE 5,500 0 0 SCHULMAN A INC COM 808194104 194 8,999 SH SOLE 8,999 0 0 SCHWAB CHARLES CORP NEW COM 808513105 64 4,350 SH SOLE 1,350 0 3,000 SCHWEITZER-MAUDUIT INTL INC COM 808541106 45,612 1,840,688 SH SOLE 1,655,258 0 185,430 SCOTTS MIRACLE-GRO CO CL A 810186106 6,375 140,915 SH SOLE 113,800 0 27,115 SEAGATE TECGBIKIGT INC ESCROW WARRANT 811804988 0 200 SH SOLE 0 0 200 SLM CORP COM 78442P106 28 500 SH SOLE 0 0 500 SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 69 7,500 SH SOLE 7,500 0 0 SMITHFIELD FOODS INC COM 832248108 248 8,100 SH SOLE 7,100 0 1,000 SMUCKER J M CO COM NEW 832696405 0 6 SH SOLE 6 0 0 SOUTHERN UNION CO NEW COM 844030106 33 1,408 SH SOLE 1,408 0 0 SOVEREIGN BANCORP INC COM 845905108 23 1,071 SH SOLE 200 0 871 ST JOE CO COM 790148100 1,344 20,000 SH SOLE 20,000 0 0 ST PAUL TRAVELERS INC COM 792860108 701 15,691 SH SOLE 14,451 0 1,240 STAPLES INC COM 855030102 343 15,087 SH SOLE 7,387 0 7,700 STARBUCKS CORP COM 855244109 0 4 SH SOLE 0 0 4 STEPAN CO COM 858586100 61 2,284 SH SOLE 2,284 0 0 STERLING FINL CORP COM 859317109 97 4,921 SH SOLE 4,921 0 0 SUN MICROSYSTEMS INC COM 866810104 6,156 1,469,194 SH SOLE 1,469,194 0 0 SUNCOR ENERGY INC COM 867229106 928 14,700 SH SOLE 900 0 13,800 SUNTRUST BKS INC COM 867914103 60 825 SH SOLE 825 0 0 SUSQUEHANNA BANCSHRS INC COM 869099101 279 11,798 SH SOLE 8,113 0 3,685 SWEDISH MATCH AB COM W92277115 11,016 936,775 SH SOLE 652,900 0 283,875 SYNGENTA AG SPONSORED ADR 87160A100 186 1,500 SH SOLE 1,500 0 0 SYSCO CORP COM 871829107 146 4,700 SH SOLE 350 0 4,350 TAMEDIA AG COM 4498816 3,603 37,550 SH SOLE 21,650 0 15,900 TARGET CORP COM 87612E106 451 8,200 SH SOLE 4,550 0 3,650 TELEFONICA S A SPONSORED ADR 879382208 0 1 SH SOLE 1 0 0 TELEGRAAF MEDIA GROEP NV COM N8502L104 108,338 5,017,976 SH SOLE 4,350,150 0 667,826 TEMPLETON GLOBAL INCOME FD COM 880198106 6 702 SH SOLE 702 0 0 TEXAS INSTRS INC COM 882508104 19 600 SH SOLE 100 0 500 THIRD AVE FD REAL ESTATE MUTUAL 884116401 4 139 SH SOLE 139 0 0 THIRD AVE SM CAP VALUE FD MUTUAL 884116203 4 156 SH SOLE 156 0 0 THIRD AVE VALUE FD INC MUTUAL 884116104 4 78 SH SOLE 78 0 0 THIRD AVENUE INT VALUE FD MUTUAL BLANK BLA 4 207 SH SOLE 207 0 0 TIFFANY & CO NEW COM 886547108 193 5,050 SH SOLE 5,050 0 0 TIME WARNER INC COM 887317105 703 40,308 SH SOLE 22,608 0 17,700 TJX COS INC NEW COM 872540109 2,087 89,861 SH SOLE 82,361 0 7,500 TOKHEIM CORP WT SER C 49.50 WARRANT 889073136 0 200 SH SOLE 200 0 0 TOOTSIE ROLL INDS INC COM 890516107 38 1,298 SH SOLE 0 0 1,298 TORCHMARK CORP COM 891027104 178 3,200 SH SOLE 1,400 0 1,800 TOTAL S A SPONSORED ADR 89151E109 567 3,750 SH SOLE 3,750 0 0 TOYOTA MOTOR CORP JPY50 COM 6900643 259 5,000 SH SOLE 5,000 0 0 TREEHOUSE FOODS INC COM 89469A104 8 450 SH SOLE 450 0 0 TRIBUNE CO NEW COM 896047107 112 3,710 SH SOLE 3,610 0 100 TWEEDY BROWNE FD AMERICAN MUTUAL 901165209 3 126 SH SOLE 126 0 0 TWEEDY BROWNE FD GLOBAL MUTUAL 901165100 6 224 SH SOLE 224 0 0 TXU CORP COM 873168108 61 1,220 SH SOLE 320 0 900 TYCO INTL LTD COM 902124106 2 58 SH SOLE 58 0 0 U S GLOBAL INVS INC CL A 902952100 56 4,000 SH SOLE 4,000 0 0 UNB CORP PA COM 903057107 17 105 SH SOLE 105 0 0 UNILEVER N V N Y SHS NEW 904784709 63,697 927,856 SH SOLE 803,866 0 123,990 UNILEVER PLC SPON ADR NEW 904767704 23 573 SH SOLE 573 0 0 UNION NATL FINL CORP COM 907647101 170 7,820 SH SOLE 7,820 0 0 UNION PAC CORP COM 907818108 34 421 SH SOLE 421 0 0 UNITED OVERSEAS BK LTD ADR COM 911271302 15 875 SH SOLE 875 0 0 UNITED PARCEL SVC INC CL B 911312106 11 150 SH SOLE 150 0 0 UNITED TECHNOLOGIES CORP COM 913017109 6 100 SH SOLE 100 0 0 UNIVERSAL CORP VA COM 913456109 6,420 148,062 SH SOLE 124,912 0 23,150 UNIVERSAL DISPLAY CORP COM 91347P105 74 7,000 SH SOLE 0 0 7,000 UNUMPROVIDENT CORP COM 91529Y106 237 10,400 SH SOLE 10,000 0 400 UST INC COM 902911106 106,896 2,618,077 SH SOLE 2,303,712 0 314,365 VALASSIS COMMUNICATIONS INC COM 918866104 276 9,500 SH SOLE 9,000 0 500 VALUE LINE INC COM 920437100 254 7,200 SH SOLE 7,200 0 0 VANGUARD INDEX TR MUTUAL 922908207 35 1,009 SH SOLE 1,009 0 0 VECTREN CORP COM 92240G101 169 6,216 SH SOLE 4,797 0 1,419 VERIZON COMMUNICATIONS COM 92343V104 82 2,730 SH SOLE 2,120 0 610 VIACOM INC CL B 925524308 209 6,400 SH SOLE 2,400 0 4,000 VIAD CORP COM NEW 92552R406 4 125 SH SOLE 125 0 0 VNU N V COM N93612104 755 22,793 SH SOLE 22,793 0 0 VNU N V ADR SPONSORED COM 92856P106 33 1,000 SH SOLE 1,000 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 17 800 SH SOLE 800 0 0 VORNADO RLTY TR SH BEN INT 929042109 1,836 22,000 SH SOLE 0 0 22,000 VULCAN MATLS CO COM 929160109 7,361 108,650 SH SOLE 68,300 0 40,350 WACHOVIA CORP 2ND NEW COM 929903102 7,939 150,190 SH SOLE 107,984 0 42,206 WACHOVIA CORP PFD PREFERR 929903201 0 800 SH SOLE 800 0 0 WAL MART STORES INC COM 931142103 1,665 35,573 SH SOLE 32,273 0 3,300 WALGREEN CO COM 931422109 665 15,026 SH SOLE 12,826 0 2,200 WAL-MART DE MEXICO S A COM P98180105 82 15,000 SH SOLE 0 0 15,000 WASHINGTON MUT INC COM 939322103 109 2,500 SH SOLE 0 0 2,500 WASHINGTON POST CO CL B 939640108 124,219 162,378 SH SOLE 140,210 0 22,168 WAUWATOSA HLDGS INC COM 94348P108 12 1,062 SH SOLE 1,062 0 0 WEGENER CORP COM 948585104 16,707 1,412,265 SH SOLE 1,264,515 0 147,750 WELLPOINT INC COM 94973V107 176 2,204 SH SOLE 2,204 0 0 WELLS FARGO & CO NEW COM 949746101 153,396 2,441,440 SH SOLE 2,141,641 0 299,799 WESCO FINL CORP COM 950817106 362 941 SH SOLE 741 0 200 WHOLE FOODS MKT INC COM 966837106 62 800 SH SOLE 800 0 0 WILEY JOHN & SON INC CL A 968223206 41 1,050 SH SOLE 1,050 0 0 WILLIS GROUP HOLDINGS LTD SHS G96655108 48 1,300 SH SOLE 300 0 1,000 WPP GROUP PLC COM BOJ6N10 2,331 215,864 SH SOLE 215,864 0 0 WRIGLEY WM JR CO COM 982526105 171 2,570 SH SOLE 2,220 0 350 WYETH COM 983024100 603 13,082 SH SOLE 11,082 0 2,000 YACKTMAN FD INC MUTUAL 984281105 4 259 SH SOLE 259 0 0 YORK WTR CO COM 987184108 157 6,080 SH SOLE 6,080 0 0 YUM BRANDS INC COM 988498101 281 6,000 SH SOLE 0 0 6,000 ZIMMER HLDGS INC COM 98956P102 30 450 SH SOLE 330 0 120

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