13F-HR/A 1 d598604_13f-hra.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 June 30, 2005 Check here if Amendment: |X|; Amendment Number: 1 This Amendment (Check only one): |X| 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 September 1, 2005 ----------------------- -------------------------- ---------------------- [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: 504 Form 13F Information Table Value Total: $3,464,316 (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. GARDNER RUSSO & GARDNER 13F/HR-

(ITEM 1) (ITEM 2) (ITEM 3) (ITEM 4) (ITEM 5) (ITEM 6) (ITEM 7) (ITEM 8) INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) SHARED NAME TITLE FAIR OF OF CUSIP MARKET SHS/PR SOLE SHARED OTHER SOLE SHARED NONE ISSUER CLASS NUMBER VALUE AMT (A) (B) (C) MGR (A) (B) (C) ------ ----- ------ ----- --- --- --- ------- --- --- --- ALTADIS SA COM A011040 4,456,648 106,491 X 62,616 0 43,875 MICROPORE INC "D" CV PFD CONVERT BLANK BLA 21,000 1,000 X 1,000 0 0 FINTRONICS USA COM BLANK BLA 50,000 50,000 X 50,000 0 0 ARIEL CAPITAL MANAGEMENT COM BLANK BLA 372,647 771 X 771 0 0 GROUPE DANONE COM B018SX1 175,960 2,000 X 2,000 0 0 BAYERISCHE MOTOREN WERKE AG COM D12096109 34,373 750 X 500 0 250 PORSCHE AG-PFD PREFERR D61577108 602,680 800 X 625 0 175 JC DECAUS SA ACT COM F5333N100 25,350 1,000 X 0 0 1,000 SANOFI-AVENTIS COM F5548N101 24,651 300 X 0 0 300 PERNOD RICARD S A ORD COM F72027109 52,208,696 326,815 X 280,812 0 46,003 ACE LTD ORD G0070K103 134,550 3,000 X 3,000 0 0 ALLIED DOMECQ PLC COM G0187V109 4,169,055 344,550 X 219,550 0 125,000 ACCENTURE LTD BERMUDA CL A G1150G111 45,340 2,000 X 0 0 2,000 BRITISH AMER TOBACCO PLC COM G1510J102 5,118,602 265,350 X 173,725 0 91,625 CADBURY SCHWEPPES ORD COM G17444152 58,747,108 6,145,095 X 5,367,090 0 778,005 FIRST PAC LTD ORD COM G34804107 20,946 58,183 X 58,183 0 0 DIAGEO PLC COM G42089113 87,856,627 5,952,346 X 5,236,080 0 716,266 HELEN OF TROY CORP LTD COM G4388N106 2,546 100 X 0 0 100 3I GROUP PLC COM G4708P104 121,600 10,000 X 0 0 10,000 IPC HLDGS LTD ORD G4933P101 7,924 200 X 200 0 0 RECKITT BENCKISER PLC COM G7420A107 656,375 22,250 X 22,250 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 8,617 175 X 0 0 175 ROYAL BK SCOTLAND PLC SHS COM G76891111 45,647 1,510 X 0 0 1,510 WILLIS GROUP HOLDINGS LTD SHS G96655108 9,816 300 X 300 0 0 ALCON INC COM SHS H01301102 43,740 400 X 400 0 0 BARRY CALLEBAUT AG COM H05072105 76,032 300 X 100 0 200 EDIPRESSE S A - BEARER COM H20616126 76,031 150 X 150 0 0 PARGESA HOLDING AG - B COM H60477207 5,823,600 1,592 X 50,350 0 29,250 KAO CORP JPY COM JP3205800 365,490 15,500 X 15,500 0 0 NISSAN MOTOR CO LTD COM J57160129 9,900 1,000 X 0 0 1,000 VESTAS WIND SYSTEMS A/S COM K9773J128 61,420 3,700 X 0 0 3,700 SCHIBSTED A/S COM MS164618 1,690,590 61,409 X 55,034 0 6,375 HEINEKEN HLDG NV CL A COM N39338194 152,145,067 5,441,526 X 4,766,224 0 675,302 TELEGRAAF HOLDING CVA COM N41207114 111,290,735 5,051,781 X 4,403,371 0 648,410 HUNTER DOUGLAS NV COM N4327C122 50,020 1,000 X 1,000 0 0 WEGENER NV COM N5213D116 17,951,821 1,491,015 X 1,313,015 0 178,000 VNU N V COM N93612104 636,381 22,793 X 22,793 0 0 WAL-MART DE MEXICO S A COM P98180105 61,050 15,000 X 0 0 15,000 GAMBRO AB-A SHS COM W4308Q108 24,102 1,800 X 0 0 1,800 SWEDISH MATCH AB COM W92277115 10,402,743 914,125 X 676,375 0 237,750 PORTUGAL TELCM SGPS SA ORD COM X6769Q104 11,863 1,250 X 0 0 1,250 MORGAN STANLEY GOVT INC TR MUTUAL 0 71,920 8,000 X 8,000 0 0 LOREAL SA COM 12032 179,575 2,500 X 2,500 0 0 ACNB CORP COM 868109 18,400 800 X 300 0 500 ROCHE HOLDING AG COM 1203204 569,160 4,500 X 4,500 0 0 AES CORP COM 00130H105 810,810 49,500 X 24,000 0 25,500 AT&T CORP COM NEW 001957505 19,440 1,021 X 1,021 0 0 ABBOTT LABS COM 002824100 20,821,751 424,847 X 411,186 0 13,661 AES TR III PFD CV 6.75% 00808N202 313,950 6,500 X 0 0 6,500 AGERE SYS INC COM 00845V308 588 49 X 49 0 0 ALBERTSONS INC COM 013104104 822,030 39,750 X 39,750 0 0 ALCOA INC COM 013817101 236,686 9,058 X 8,146 0 912 ALLEGHANY CORP DEL COM 017175100 311,850 1,050 X 624 0 426 ALLIANCE ONE INTL INC COM 018772103 1,911,180 318,000 X 310,500 0 7,500 ALLIED DOMECQ PLC SPON ADR NEW 019121201 484,700 10,000 X 10,000 0 0 ALLSTATE CORP COM 020002101 334,600 5,600 X 5,100 0 500 ALTRIA GROUP INC COM 02209S103 239,019,958 3,696,566 X 3,282,391 0 414,175 AMBAC FINL GROUP INC COM 023139108 34,880 500 X 0 0 500 AMERICA MOVIL S A DE C V SPON ADR L SHS 02364W105 26,288 1,323 X 1,323 0 0 AMERICAN EXPRESS CO COM 025816109 3,488,268 65,532 X 61,882 0 3,650 AMERICAN INTL GROUP INC COM 026874107 111,633,224 1,921,398 X 1,679,268 0 242,130 AMERICAN ITALIAN PASTA CO CL A 027070101 10,510 500 X 0 0 500 AMERICAN OIL & GAS INC NEW COM 028723104 50,800 10,000 X 0 0 10,000 AMERICAN SATELLITE NETWORK 06/ WARRANT 02937P116 0 42,205 X 40,131 0 2,074 AMERICAN TOWER CORP CL A 029912201 1,902,310 90,500 X 88,000 0 2,500 AMERICAN WOODMARK CORP COM 030506109 30,010 1,000 X 0 0 1,000 AMGEN INC COM 031162100 267,536 4,425 X 3,675 0 750 AMSOUTH BANCORPORATION COM 032165102 74,100 2,850 X 1,250 0 1,600 ANADARKO PETE CORP COM 032511107 39,925 486 X 486 0 0 ANHEUSER BUSCH COS INC COM 035229103 8,271,188 180,791 X 138,041 0 42,750 AON CORP COM 037389103 15,024 600 X 600 0 0 APPLE COMPUTER INC COM 037833100 7,362 200 X 200 0 0 APPLERA CORP COM CE GEN GRP 038020202 6,582 600 X 0 0 600 APPLIED MATLS INC COM 038222105 72,810 4,500 X 0 0 4,500 APTARGROUP INC COM 038336103 1,682,801 33,126 X 13,526 0 19,600 ARCTIC CAT INC COM 039670104 237,122 11,550 X 3,050 0 8,500 ARIEL FD SH BEN INT MUTUAL 40337107 2,978 56 X 56 0 0 ARIEL FD CALV ARIEL APP MUTUAL 40337206 2,765 58 X 58 0 0 ARKANSAS BEST CORP DEL COM 040790107 3,181 100 X 0 0 100 ARMSTRONG HOLDINGS COM 42384107 594,069 245,483 X 483 0 245,000 IMPERIAL TOBACCO GROUP PLC COM 454492 107,800 4,000 X 4,000 0 0 ASTROPOWER INC COM 04644A101 0 150 X 150 0 0 ANGLO AMERN PLC ADR 490151 117,350 5,000 X 5,000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 885,567 21,100 X 21,100 0 0 AVERY DENNISON CORP COM 053611109 133,724 2,525 X 2,525 0 0 HSBC HOLDINGS PLC ORD COM 540528 359,100 22,500 X 22,500 0 0 AVON PRODS INC COM 054303102 151,400 4,000 X 4,000 0 0 BB&T CORP COM 054937107 433,675 10,850 X 10,850 0 0 BJ SVCS CO COM 055482103 83,968 1,600 X 1,600 0 0 BP PLC SPONSORED ADR 55622104 2,494,140 39,983 X 35,763 0 4,220 BAKER HUGHES INC COM 57224107 5,116 100 X 0 0 100 BANK AMER CORP COM 60505104 4,487,112 98,380 X 97,000 0 1,380 BAXTER INTL INC COM 71813109 9,275 250 X 250 0 0 BP PLC ORD COM 798059 234,450 22,500 X 22,500 0 0 BELLSOUTH CORP COM 079860102 136,357 5,132 X 5,132 0 0 SHELL TRANS & TRDG PLC COM 803414 160,710 16,500 X 16,500 0 0 BELO CORP COM SER A 080555105 1,239,249 51,700 X 47,700 0 4,000 BERKSHIRE HATHAWAY INC DEL CL A 84670108 249,748,500 2,991 X 2,494 0 497 BERKSHIRE HATHAWAY INC DEL CL B 84670207 51,311,039 18,434 X 16,196 0 2,238 SMITH & NEPHEW PLC COM 922320 74,100 7,500 X 7,500 0 0 BLOCK H & R INC COM 093671105 123,109,339 2,109,843 X 1,819,510 0 290,333 BOEING CO COM 097023105 13,200 200 X 200 0 0 WPP GROUP PLC SPON ADR NEW 0929309300 2,225,558 215,864 X 215,864 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 377,198 15,100 X 15,100 0 0 BRITISH AMERN TOB PLC SPONSORED ADR 110448107 271,740 7,000 X 7,000 0 0 BROWN & BROWN INC COM 115236101 67,410 1,500 X 0 0 1,500 BROWN FORMAN CORP CL A 115637100 93,750,144 1,464,846 X 1,293,110 0 171,736 BROWN FORMAN CORP CL B 115637209 19,920,965 329,490 X 281,690 0 47,800 BURLINGTON RES INC COM 122014103 16,572 300 X 300 0 0 CVS CORP COM 126650100 160,525 5,522 X 5,522 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 112,700 3,500 X 3,500 0 0 CACI INTL INC CL A 127190304 37,896 600 X 600 0 0 CADBURY SCHWEPPES PLC ADR 127209302 845,368 22,055 X 7,055 0 15,000 CALLAWAY GOLF CO COM 131193104 77 5 X 5 0 0 CAMPBELL SOUP CO COM 134429109 101,541 3,300 X 3,300 0 0 CANADIAN NAT RES LTD COM 136385101 72,760 2,000 X 0 0 2,000 CANADIAN OIL SANDS TRUST COM 13642L100 4,970,120 68,000 X 68,000 0 0 CANFOR CORPORATION COM 137902102 171,456 14,100 X 0 0 14,100 CARLISLE COS INC COM 142339100 2,671,011 38,919 X 38,919 0 0 CATERPILLAR INC DEL COM 149123101 23,828 500 X 500 0 0 CENTERPOINT ENERGY INC COM 15189T107 2,642 200 X 200 0 0 CENTRAL VT PUB SVC PFD PREFERR 155771306 3,300 50 X 50 0 0 CEPHEID COM 15670R107 14,680 2,000 X 0 0 2,000 CERTEGY INC COM 156880106 340,158 8,900 X 8,525 0 375 CHEVRON CORP NEW COM 166764100 1,861,129 33,282 X 29,422 0 3,860 CHOICEPOINT INC COM 170388102 35,044 875 X 875 0 0 CHUBB CORP COM 171232101 59,927 700 X 700 0 0 CHURCH & DWIGHT INC COM 171340102 5,430 150 X 0 0 150 CIMAREX ENERGY CO COM 171798101 41,322 1,062 X 1,062 0 0 CINCINNATI FINL CORP COM 172062101 12,461 315 X 315 0 0 CISCO SYS INC COM 17275R102 3,497,498 183,307 X 183,307 0 0 CITIGROUP INC COM 172967101 86,103,745 1,862,508 X 1,630,596 0 231,912 CLIPPER FD INC MUTUAL 188850101 16,100 183 X 183 0 0 COCA COLA CO COM 191216100 2,363,468 56,610 X 52,134 0 4,476 COLGATE PALMOLIVE CO COM 194162103 57,397 1,150 X 400 0 750 COLUMBIA ACORN TR INTL CL Z MUTUAL 197199813 2,651 90 X 90 0 0 COMCAST CORP NEW CL A 20030N101 573,222 18,690 X 18,690 0 0 COMCAST CORP NEW CL A SPL 20030N200 137,875,035 4,603,507 X 3,976,732 0 626,775 COMMONWEALTH TEL ENTERPRISES COM 203349105 60,350 1,440 X 240 0 1,200 CIE FINANC RICHEMONT ADR COM 204318109 420,538 12,500 X 12,500 0 0 CONOCOPHILLIPS COM 20825C104 1,537,283 26,740 X 20,856 0 5,884 CONSTELLATION BRANDS INC CL A 21036P108 11,800 400 X 200 0 200 COOLBRANDS INTL INC COM 21639P208 42,250 12,500 X 0 0 12,500 CORNING INC COM 219350105 48,198 2,900 X 2,900 0 0 CORTEX PHARMACEUTICALS INC COM NEW 220524300 14,100 6,000 X 0 0 6,000 COSTCO WHSL CORP NEW COM 22160K105 749,675 16,760 X 12,260 0 4,500 COUSINS PPTYS INC COM 222795106 44,370 1,500 X 0 0 1,500 CRANE CO COM 224399105 5,171,343 196,629 X 158,329 0 38,300 CRESCENT FINL CORP COM 225744101 6,400 400 X 400 0 0 D & E COMMUNICATIONS INC COM 232860106 77,262 7,900 X 400 0 7,500 DANAHER CORP DEL COM 235851102 22,820 436 X 436 0 0 DEAN FOODS CO NEW COM 242370104 79,290 2,250 X 2,250 0 0 DEERE & CO COM 244199105 2,820,458 43,067 X 32,667 0 10,400 DEL MONTE FOODS CO COM 24522P103 28,853 2,679 X 2,679 0 0 DELAWARE GROUP DEL FD INC MUTUAL 246093108 34,499 2,110 X 2,110 0 0 DELL INC COM 24702R101 92,731 2,350 X 1,850 0 500 DELPHI FINL GROUP INC CL A 247131105 165,563 3,750 X 3,750 0 0 DENTSPLY INTL INC NEW COM 249030107 27,000 500 X 500 0 0 DEVON ENERGY CORP NEW COM 25179M103 8,108,800 160,000 X 160,000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 23,046,589 388,644 X 325,518 0 63,126 DIEBOLD INC COM 253651103 22,555 500 X 500 0 0 DISNEY WALT CO COM DISNEY 254687106 985,319 39,131 X 37,131 0 2,000 DOVER CORP COM 260003108 2,414,359 66,365 X 57,865 0 8,500 DOW JONES & CO INC COM 260561105 28,360 800 X 800 0 0 DRUGSTORE COM INC COM 262241102 20,850 5,000 X 0 0 5,000 DU PONT E I DE NEMOURS & CO COM 263534109 327,951 7,625 X 7,625 0 0 EP MEDSYSTEMS INC COM 26881P103 46,650 15,000 X 0 0 15,000 ECHOSTAR COMMUNICATIONS NEW CL A 278762109 904,800 30,000 X 30,000 0 0 ENCANA CORP COM 292505104 6,492,918 164,004 X 162,004 0 2,000 ENCORE WIRE CORP COM 292562105 226,005 19,500 X 19,500 0 0 ENTERGY CORP NEW COM 29364G103 10,048 133 X 133 0 0 EQUIFAX INC COM 294429105 707,058 19,800 X 19,050 0 750 ESCO TECHNOLOGIES INC COM 296315104 151,200 1,500 X 1,500 0 0 EVERGREEN TR STRAT GRT CL I MUTUAL 299909408 55,113 2,110 X 2,110 0 0 EXPEDITORS INTL WASH INC COM 302130109 1,342,380 26,950 X 22,350 0 4,600 EXXON MOBIL CORP COM 30231G102 21,452,057 373,274 X 322,612 0 50,662 FPA FDS TR FPA CRESC INSTL MUTUAL 30254T759 2,678 109 X 109 0 0 FPL GROUP INC COM 302571104 269,184 6,400 X 5,000 0 1,400 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 33,200 200 X 0 0 200 FAIRHOLME FDS INC MUTUAL 304871106 3,111 129 X 129 0 0 FASTENAL CO COM 311900104 58,188 950 X 950 0 0 FEDERAL HOME LN MTG CORP COM 313400301 14,569,251 223,352 X 182,347 0 41,005 FEDEX CORP COM 31428X106 99,480 1,228 X 1,228 0 0 FIDELITY NATL FINL INC COM 316326107 83,372 2,336 X 2,336 0 0 FID-LOW PRICED STOCK MUTUAL 316345305 13,070 318 X 318 0 0 FID-SELECT HEALTH CARE MUTUAL 316390301 13,660 100 X 100 0 0 FID-SELECT NAT GAS MUTUAL 316390525 27,407 814 X 814 0 0 FID-SELECT BANKING PORT MUTUAL 316390640 10,694 287 X 287 0 0 FID-SELECT BIOTECH MUTUAL 316390772 17,719 325 X 325 0 0 FIFTH THIRD BANCORP COM 316773100 3,384,174 82,200 X 58,425 0 23,775 FIRST CHESTER CNTY CORP COM 31947W100 58,850 2,750 X 2,750 0 0 FIRST DATA CORP COM 319963104 284,994 7,100 X 7,100 0 0 FISHER SCIENTIFIC INTL INC COM NEW 338032204 10,644 164 X 164 0 0 FORTUNE BRANDS INC COM 349631101 17,760 200 X 200 0 0 FULLER H B CO COM 359694106 34,060 1,000 X 1,000 0 0 FULTON FINL CORP PA COM 360271100 1,930,464 107,248 X 56,082 0 51,166 GALLAHER GROUP PLC SPONSORED ADR 363595109 71,160 1,200 X 900 0 300 GANNETT INC COM 364730101 12,825,593 180,312 X 142,612 0 37,700 GENERAL DYNAMICS CORP COM 369550108 1,303,526 11,900 X 11,900 0 0 GENERAL ELEC CO COM 369604103 11,489,663 331,592 X 236,592 0 95,000 GENERAL MTRS CORP COM 370442105 6,800 200 X 200 0 0 GENERAL MTRS CORP 7.375% SR NT PREFERR 370442766 10,505 500 X 500 0 0 GENERAL MTRS CORP 7.25% SR NT PREFERR 370442774 10,155 500 X 500 0 0 GENESEE & WYO INC CL A 371559105 12,245 450 X 150 0 300 GILLETTE CO COM 375766102 825,674 16,308 X 15,708 0 600 GLATFELTER COM 377316104 14,880 1,200 X 400 0 800 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 59,425 1,225 X 625 0 600 GOLDCORP INC NEW COM 380956409 45,368 2,875 X 0 0 2,875 GOLDEN WEST FINL CORP DEL COM 381317106 25,752 400 X 0 0 400 GOLDMAN SACHS GROUP INC COM 38141G104 10,202 100 X 100 0 0 GROUPE DANONE SPONSORED ADR 399449107 4,228,875 241,650 X 159,650 0 82,000 HCA INC COM 404119109 908,307 16,028 X 12,528 0 3,500 HCC INS HLDGS INC COM 404132102 28,403 1,125 X 1,125 0 0 HARLEY DAVIDSON INC COM 412822108 52,328 1,055 X 1,055 0 0 HARLEYSVILLE NATL CORP PA COM 412850109 3,659 158 X 0 0 158 OAKMARK FUND - CLASS I MUTUAL 413838103 3,030 74 X 74 0 0 HARTE-HANKS INC COM 416196103 706,088 23,750 X 23,750 0 0 HASBRO INC COM 418056107 96,287,450 4,631,431 X 4,027,719 0 603,712 HEALTHSOUTH CORP COM 421924101 223,334 39,881 X 0 0 39,881 HEALTHEXTRAS INC COM 422211102 120,420 6,000 X 5,000 0 1,000 HEARTLAND EXPRESS INC COM 422347104 1,951,744 100,450 X 92,650 0 7,800 HEINEKEN NV UNSPONS ADR COM 423012202 3,283,753 106,204 X 41,346 0 64,858 HEINZ H J CO COM 423074103 95,634 2,700 X 2,700 0 0 HELMERICH & PAYNE INC COM 423452101 140,760 3,000 X 3,000 0 0 AVISHUSET DAGBLADET NOK20 COM 4250135 11,524,104 115,925 X 100,451 0 15,474 HERSHEY CO COM 427866108 296,217 4,770 X 4,770 0 0 SYNGENTA AG COM 4356646 154,290 1,500 X 1,500 0 0 HOME DEPOT INC COM 437076102 358,425 9,214 X 7,764 0 1,450 HOMEFED CORP PAR $.01 COM 43739D307 31,500 500 X 500 0 0 HORMEL FOODS CORP COM 440452100 15,737,012 536,550 X 430,450 0 106,100 HUDSON HIGHLAND GROUP INC COM 443792106 8,169 524 X 0 0 524 HUDSON UNITED BANCORP COM 444165104 81,225 2,250 X 2,250 0 0 IAC INTERACTIVECORP COM 44919P102 72,060 3,000 X 3,000 0 0 TAMEDIA AG COM 4498816 3,103,072 34,010 X 21,110 0 12,900 IMPERIAL TOBACCO GROUP PLC SPONSORED ADR 453142101 25,573 470 X 470 0 0 INDEPENDENT ENERGY HLDGS PLCAD COM 45384X108 6 4,000 X 0 0 4,000 NEUE ZUERCHER ZEITUNG COM 4575827 341,552 6 X 3 0 3 INTEL CORP COM 458140100 482,931 18,560 X 18,560 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 2,420,775 32,625 X 2,125 0 30,500 INTL FLAVORS&FRAGRA COM 459506101 18,110 500 X 500 0 0 INTERNAT'L SPEEDWAY CORP CL A 460335201 29,897,072 531,598 X 435,348 0 96,250 INTERNAT'L SPEEDWAY CORP COM 460335300 20,169,306 358,247 X 330,747 0 27,500 INTUIT COM 461202103 890,923 19,750 X 19,750 0 0 IPRINT TECHNOLOGIES INC COM 462628108 2 600 X 600 0 0 ISHARES INC MSCI JAPAN 464286848 81,627 8,050 X 0 0 8,050 ISHARES TR S&P MIDCAP 400 464287507 13,700 200 X 200 0 0 ISHARES TR S&P SMLCAP 600 464287804 16,506 300 X 300 0 0 ISIS PHARMACEUTICALS INC COM 464330109 3,910 1,000 X 1,000 0 0 JPMORGAN & CHASE & CO COM 46625H100 107,903 3,055 X 855 0 2,200 JOHNSON & JOHNSON COM 478160104 8,463,000 130,200 X 123,350 0 6,850 KT CORP SPONSORED ADR 48268K101 21,500 1,000 X 0 0 1,000 PHILIP MORRIS CR AS COM 4874546 7,986,234 11,178 X 10,323 0 855 KELLOGG CO COM 487836108 137,764 3,100 X 2,350 0 750 TOTAL SA COM 4905413 176,355 750 X 750 0 0 KEYCORP NEW COM 493267108 3,315 100 X 100 0 0 KIMBERLY CLARK CORP COM 494368103 328,598 5,250 X 5,250 0 0 KINROSS GOLD CORP COM NO PAR 496902404 120,475 19,750 X 0 0 19,750 KNIGHT RIDDER INC COM 499040103 24,536 400 X 0 0 400 KRAFT FOODS INC CL A 50075N104 64,877,926 2,039,545 X 1,785,189 0 254,356 KROGER CO COM 501044101 67,557 3,550 X 3,550 0 0 LA QUINTA CORP PAIRED CTF 50419U202 27,990 3,000 X 0 0 3,000 LACLEDE GROUP INC COM 505597104 12,895 406 X 0 0 406 NORGES HANDELS OG SJOF COM 5068627 1,969,628 17,172 X 16,772 0 400 LANCASTER COLONY CORP COM 513847103 21,470 500 X 0 0 500 LEE ENTERPRISES INC COM 523768109 2,222,991 55,450 X 35,700 0 19,750 LEUCADIA NATL CORP COM 527288104 1,881,976 48,718 X 44,218 0 4,500 LEVEL 3 COMMUNICATIONS INC COM 52729N100 203 100 X 100 0 0 LEXINGTON CORP PPTYS TR COM 529043101 1,288,430 53,000 X 39,000 0 14,000 MUENCHENER RUECKVER AG-REG COM 5294121 117,414 1,100 X 1,100 0 0 BIC COM 5298781 2,468,846 41,375 X 21,375 0 20,000 LIBERTY GLOBAL INC SER A COM 530555101 6,292 135 X 135 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 25,475 2,500 X 2,500 0 0 LILLY ELI AND CO COM 532457108 746,514 13,400 X 13,400 0 0 AVISHUSET DAGBLADET PFD PREFERR 5326057 391,576 3,939 X 439 0 3,500 LOCKHEED MARTIN CORP COM 539830109 109,890 1,694 X 1,694 0 0 LONGLEAF PARTNERS FUND MUTUAL 543069108 34,109 1,101 X 1,101 0 0 LONGLEAF PARTNERS FDS MUTUAL 543069405 3,298 209 X 209 0 0 LOWES COS INC COM 548661107 37,843 650 X 0 0 650 LUCENT TECHNOLOGIES INC COM 549463107 37,306 12,820 X 2,820 0 10,000 M & T BK CORP COM 55261F104 220,731 2,099 X 2,099 0 0 MBNA CORP COM 55262L100 39,240 1,500 X 1,500 0 0 MGI PHARMA INC COM 552880106 89,175 4,100 X 2,500 0 1,600 MANPOWER INC COM 56418H100 196,911 4,950 X 4,950 0 0 MARKEL CORP COM 570535104 25,458,900 75,100 X 58,230 0 16,870 MARSH MCLENNAN COS INC COM 571748102 236,835 8,550 X 6,550 0 2,000 MARSHALL & ILSLEY CORP COM 571834100 66,675 1,500 X 1,500 0 0 MARSHALL INTER BOND FUND MUTUAL 572353506 23,908 2,538 X 2,538 0 0 MARSHALL GOVT INC FUND MUTUAL 572353605 24,422 2,536 X 2,536 0 0 MARTIN MARIETTA MATLS INC COM 573284106 147,554,404 2,134,757 X 1,859,394 0 275,363 MASCO CORP COM 574599106 9,210 290 X 0 0 290 MASSBANK CORP READ MASS COM 576152102 6,942 200 X 200 0 0 MASTERS SELECT EQUITY FUND MUTUAL 576417109 49,455 3,385 X 3,385 0 0 MASTERS SELECT INT'L FUND MUTUAL 576417208 26,120 1,502 X 1,502 0 0 MASTERS SELECT SMALLER FD MUTUAL 576417307 3,392 243 X 243 0 0 MASTERS SELECT FDS VALUE FD MUTUAL 576417406 3,378 232 X 232 0 0 MATTEL INC COM 577081102 1,169,315 63,897 X 39,897 0 24,000 MCCLATCHY CO CL A 579489105 72,531,798 1,108,371 X 952,023 0 156,348 MCCORMICK & CO INC COM NON VTG 579780206 4,067,026 124,450 X 87,450 0 37,000 MCDONALDS CORP COM 580135101 2,061,908 74,303 X 68,203 0 6,100 MCGRAW HILL COS INC COM 580645109 320,813 7,250 X 0 0 7,250 MCKESSON CORP COM 58155Q103 26,874 600 X 600 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 22,571 423 X 423 0 0 MEDIMMUNE INC COM 584699102 3,473,600 130,000 X 130,000 0 0 MEDTRONIC INC COM 585055106 266,719 5,150 X 5,150 0 0 MELLON FINL CORP COM 58551A108 1,869,785 65,172 X 57,152 0 8,020 MERCK & CO INC COM 589331107 832,709 27,036 X 24,836 0 2,200 MERCURY GENL CORP NEW COM 589400100 3,733,257 68,475 X 55,225 0 13,250 MERITOR SVGS BK PA COM 590007100 12,150 3,000 X 0 0 3,000 ML BALANCED CAPITAL FD CL A MUTUAL 590192407 8,334 314 X 314 0 0 MESA RTY TR UNIT BEN INT 590660106 1,486,950 23,000 X 23,000 0 0 MICROSOFT CORP COM 594918104 3,276,446 131,902 X 131,732 0 170 MILLER HERMAN INC COM 600544100 21,180,665 686,792 X 537,892 0 148,900 MIRANT CORP COM 604675108 358 700 X 500 0 200 MOHAWK INDS INC COM 608190104 1,674,750 20,300 X 14,800 0 5,500 MOLEX INC CL A 608554200 58,700 2,500 X 2,500 0 0 MONEYGRAM INTL INC COM 60935Y109 9,560 500 X 500 0 0 MONSANTO CO NEW COM 61166W101 476,806 7,584 X 7,584 0 0 MONSTER WORLDWIDE INC COM 611742107 43,020 1,500 X 0 0 1,500 CANON INC JPY COM 6132727 315,900 6,000 X 6,000 0 0 MORGAN STANLEY COM NEW 617446448 58,399 1,113 X 1,113 0 0 MORGAN STANLEY CAP TR III 6.25 PREFERR 617460209 12,570 500 X 500 0 0 MUNIHOLDINGS FLA INSD FD COM 62624W105 81,865 5,211 X 5,211 0 0 MURPHY OIL CORP COM 626717102 2,115,315 40,500 X 40,500 0 0 MYLAN LABS INC COM 628530107 79,365 4,125 X 4,125 0 0 NATIONAL CITY CORP COM 635405103 672,164 19,700 X 11,700 0 8,000 NATIONAL PENN BANCSHARES INC COM 637138108 87,505 3,503 X 3,503 0 0 NATIONAL WESTMINSTER BK PLC ADR REP PREF B 638539809 12,741 491 X 491 0 0 NEENAH PAPER INC COM 640079109 1,610 52 X 52 0 0 NESTLE REG ADR COM 641069406 183,923,218 2,876,497 X 2,486,022 0 390,475 KIRIN BREWERY CO LTD COM 6493745 116,160 12,000 X 12,000 0 0 NEW YORK TIMES CO CL A 650111107 655,708 21,050 X 11,600 0 9,450 NEWELL RUBBERMAID INC. COM 651229106 7,510 315 X 315 0 0 NEWMONT MINING CORP COM 651639106 124,896 3,200 X 3,200 0 0 NEWS CORP CL A 65248E104 119,732 7,400 X 0 0 7,400 NEWS CORP CL B 65248E203 50,580 3,000 X 3,000 0 0 NOKIA CORP SPONOSORED ADR 654902204 333,050 20,015 X 19,015 0 1,000 NOBLE ENERGY INC COM 655044105 90,780 1,200 X 1,200 0 0 NORFOLK SOUTHERN CORP COM 655844108 27,864 900 X 900 0 0 NORTH FORK BANCORPORATION NY COM 659424105 5,618 200 X 200 0 0 RINKER GROUP LTD COM 6599386 2,734,290 256,500 X 131,500 0 125,000 NORTHERN TR CORP COM 665859104 243,907 5,350 X 5,250 0 100 NUVEEN PA INVT QUALITY MUN F COM 670972108 24,711 1,630 X 1,630 0 0 OAK VALUE TR MUTUAL 67181Q102 3,606 117 X 117 0 0 PARTRIDGE FINE ART ORD COM 673231BLA 549,007 494,601 X 491,601 0 3,000 OCCIDENTAL PETE CORP DEL COM 674599105 123,088 1,600 X 1,600 0 0 OFFICE DEPOT INC COM 676220106 6,804,036 297,900 X 239,100 0 58,800 OMNICOM GROUP INC COM 681919106 5,982,313 74,910 X 67,960 0 6,950 ORACLE CORP COM 68389X105 9,900 750 X 750 0 0 ORBITAL CORP LTD SP ADR COM 685563405 640 200 X 200 0 0 TOYOTA MOTOR CORP JPY50 COM 6900643 178,950 5,000 X 5,000 0 0 PIMCO FD PAC INVT MGMT CL B MUTUAL 693390437 205,714 19,030 X 19,030 0 0 PNC FINL SVCS GROUP INC COM 693475105 591,436 10,860 X 8,860 0 2,000 PPL CORP COM 69351T106 65,318 1,100 X 600 0 500 PTV INC PFD 10% PREFERR 69367F306 2 1 X 0 0 1 PARKER HANNIFIN CORP COM 701094104 31,005 500 X 500 0 0 PEABODY ENERGY CORP COM 704549104 104,080 2,000 X 0 0 2,000 PENNROCK FINL SVCS CORP COM 708352109 227,334 6,359 X 6,359 0 0 PENTAIR INC COM 709631105 4,281 100 X 100 0 0 HEINEKEN NV COM 7108048 34,774 1,125 X 0 0 1,125 PEPSICO INC COM 713448108 8,920,669 165,412 X 141,437 0 23,975 PERNOD RICARD S A ADR COM 714264108 279,654 7,000 X 7,000 0 0 CIE FINANC RICHEMONT A-SW COM 7151116 107,334,678 3,193,534 X 2,801,724 0 391,810 PETRO-CDA COM 71646E100 175,878 2,700 X 0 0 2,700 PETROCHINA CO LTD SPONOSORED ADR 71644E102 177,015 2,410 X 935 0 1,475 PFIZER INC COM 717081103 3,761,333 136,379 X 130,879 0 5,500 PIONEER NAT RES CO COM 723787107 277,728 6,600 X 4,000 0 2,600 PITNEY BOWES INC COM 724479100 73,164 1,680 X 1,680 0 0 PLACER DOME INC COM 725906101 29,991 1,950 X 200 0 1,750 READYMIX ORD COM 726782BLA 5,333,026 2,159,120 X 1,927,750 0 231,370 PONTIAC BANCORP INC COM 732490107 13,475 55 X 55 0 0 PRAXAIR INC COM 74005P104 83,880 1,800 X 1,800 0 0 PRICE T ROWE GROUP INC COM 74144T108 84,510 1,350 X 0 0 1,350 PROCTER & GAMBLE CO COM 742718109 3,008,333 57,030 X 54,680 0 2,350 PROGRESSIVE CORP OHIO COM 743315103 26,699,252 270,208 X 212,558 0 57,650 PROLOGIS SH BEN INT 743410102 94,041 2,337 X 1,237 0 1,100 PROTECTIVE LIFE CORP COM 743674103 10,555 250 X 250 0 0 QUALCOMM INC COM 747525103 30,534 925 X 925 0 0 RAINING DATA CORP COM 75087R108 37,500 15,000 X 10,000 0 5,000 RAYTHEON CO COM 755111507 6,103 156 X 156 0 0 RELIANT ENERGY INC COM 75952B105 10,709 865 X 865 0 0 RITE AID CORP COM 767754104 18,810 4,500 X 4,500 0 0 ROBBINS & MYERS NOTE 8.00% 1/3 770196AB9 8,200 8,000 X 8,000 0 0 ROSS STORES INC COM 778296103 3,382,470 117,000 X 117,000 0 0 ROWE T PRICE EQUITY FD MUTUAL 779547108 55,202 2,115 X 2,115 0 0 ROYAL BK SCOTLAND GROUP PLC SP ADR PREF D 780097606 51,680 2,000 X 0 0 2,000 ROYAL DUTCH PETRO-NY SHRS COM 780990305 4,830,896 74,436 X 48,786 0 25,650 SBC COMMUNICATIONS INC COM 78387G103 96,045 4,044 X 4,044 0 0 SLM CORP COM 78442P106 25,400 500 X 0 0 500 SAFEWAY INC COM NEW 786514208 15,813 700 X 500 0 200 ST JOE CO COM 790148100 1,630,800 20,000 X 20,000 0 0 ST PAUL TRAVELERS INC COM 792860108 659,242 16,677 X 15,525 0 1,152 SAMSUNG ELECTRONICS LTD COM 796050888 35,849 150 X 0 0 150 SCHERING PLOUGH CORP COM 806605101 78,375 4,112 X 4,112 0 0 SCHLUMBERGER LTD COM 806857108 900,269 11,855 X 9,855 0 2,000 SCHULMAN A INC COM 808194104 169,400 9,469 X 9,469 0 0 SCHWAB CHARLES CORP NEW COM 808513105 838,668 74,350 X 71,350 0 3,000 SCHWEITZER-MAUDUIT INTL INC COM 808541106 57,852,988 1,858,432 X 1,670,915 0 187,517 SCIENT INC COM 808649305 0 125 X 0 0 125 SCOTTS MIRACLE-GRO CO CL A 810186106 10,674,237 149,898 X 121,585 0 28,313 SCRIPPS E W CO OHIO CL A 811054204 123,268,263 2,525,989 X 2,196,383 0 329,606 SEAGATE TECGBIKIGT INC ESCROW WARRANT 811804988 0 200 X 0 0 200 SEALED AIR CORP NEW COM 81211K100 199,160 4,000 X 4,000 0 0 SHELL TRANS & TRADING PLC ADR NY SHS NEW 822703609 579,439 9,980 X 9,980 0 0 SMITHFIELD FOODS INC COM 832248108 220,887 8,100 X 7,100 0 1,000 SMUCKER J M CO COM NEW 832696405 282 6 X 6 0 0 SOUTHERN UN CO NEW COM 844030106 47,701 1,943 X 1,943 0 0 SOVEREIGN BANCORP INC COM 845905108 23,926 1,071 X 200 0 871 STAPLES INC COM 855030102 157,269 7,387 X 7,387 0 0 STARBUCKS CORP COM 855244109 103 2 X 0 0 2 STEPAN CO COM 858586100 50,476 2,284 X 2,284 0 0 STERLING FINL CORP COM 859317109 126,177 5,921 X 5,921 0 0 SUN MICROSYSTEMS INC COM 866810104 5,480,094 1,469,194 X 1,469,194 0 0 SUNCOR ENERGY INC COM 867229106 695,604 14,700 X 900 0 13,800 SUNTRUST BKS INC COM 867914103 59,598 825 X 825 0 0 SUSQUEHANNA BANCSHARES INC P COM 869099101 290,113 11,798 X 8,113 0 3,685 SYSCO CORP COM 871829107 94,094 2,600 X 1,600 0 1,000 TJX COS INC NEW COM 872540109 2,168,635 89,061 X 81,561 0 7,500 TXU CORP COM 873168108 50,685 610 X 160 0 450 TARGET CORP COM 87612E106 206,758 3,800 X 3,650 0 150 TELEFONICA S A SPONSORED ADR 879382208 49 1 X 1 0 0 TEMPLETON DRAGON FD INC COM 88018T101 18,080 1,000 X 1,000 0 0 TEMPLETON GLOBAL INCOME FD COM 880198106 6,234 702 X 702 0 0 THIRD AVE VALUE FD INC MUTUAL 884116104 4,318 78 X 78 0 0 THIRD AVE SM CAP VALUE FD MUTUAL 884116203 3,660 156 X 156 0 0 3M CO COM 88579Y101 26,028 360 X 0 0 360 TIFFANY & CO NEW COM 886547108 280,098 8,550 X 8,550 0 0 TIME WARNER INC COM 887317105 307,046 18,375 X 17,875 0 500 TOKHEIM CORP WT SER C 49.50 WARRANT 889073136 0 200 X 200 0 0 TOOTSIE ROLL INDS INC COM 890516107 37,967 1,298 X 0 0 1,298 TORCHMARK CORP COM 891027104 245,340 4,700 X 3,300 0 1,400 TOTAL S A SPONSORED ADR 89151E109 350,550 3,000 X 3,000 0 0 TOYS R US INC COM 892335100 10,407 393 X 393 0 0 TREEHOUSE FOODS INC COM 89469A104 12,830 450 X 450 0 0 TRIBUNE CO NEW COM 896047107 134,036 3,810 X 3,710 0 100 TWEEDY BROWNE FD GLOBAL MUTUAL 901165100 5,526 224 X 224 0 0 TWEEDY BROWNE FD AMERICAN MUTUAL 901165209 3,147 126 X 126 0 0 21ST CENTY INS GROUP COM 90130N103 578,760 39,000 X 0 0 39,000 TYCO INTL LTD NEW COM 902124106 1,694 58 X 58 0 0 UST INC COM 902911106 117,012,014 2,562,681 X 2,266,836 0 295,845 U S GLOBAL INVS INC CL A 902952100 19,000 4,000 X 4,000 0 0 UNB CORP PA COM 903057107 17,955 105 X 105 0 0 UNILEVER PLC SPON ADR NEW 904767704 2,720 70 X 70 0 0 UNILEVER N V WI N Y SHS NEW 904784709 53,500,828 825,248 X 716,583 0 108,665 UNIVERSITY GAMES CORP COM 9054532 14,756 40,988 X 40,988 0 0 MICROPORE INC "C" CV PFD CONVERT 9057213 74,550 3,550 X 3,550 0 0 IGNITE SALES INC COM 9058678 26,539 26,539 X 26,539 0 0 INNERLINK, INC. CONVERT 9058688 150,000 25,000 X 25,000 0 0 UNION NATL FINL CORP COM 907647101 164,220 7,820 X 7,820 0 0 UNION PAC CORP COM 907818108 27,281 421 X 421 0 0 UNITED OVERSEAS BK LTD ADR COM 911271302 14,728 875 X 875 0 0 UNITED PARCEL SERVICE INC CL B 911312106 51,870 750 X 600 0 150 MICROPORE INC "A" CV PFD CONVERT 9129231 168,000 8,000 X 8,000 0 0 MICROPORE INC "B" CV PFD CONVERT 9129267 39,375 1,875 X 1,875 0 0 UNITED TECHNOLOGIES CORP COM 913017109 10,270 200 X 200 0 0 UNIVERSAL CORP VA COM 913456109 6,793,211 155,167 X 129,417 0 25,750 UNIVERSAL DISPLAY CORP COM 91347P105 71,960 7,000 X 0 0 7,000 UNOCAL CORP COM 915STK974 22,768 350 X 0 0 350 UNUMPROVIDENT CORP COM 91529Y106 190,528 10,400 X 10,000 0 400 VALASSIS COMMUNICATIONS INC COM 918866104 389,025 10,500 X 10,000 0 500 VALUE LINE INC COM 920437100 282,600 7,200 X 7,200 0 0 VANGUARD BD INDEX FD INC MUTUAL 921937504 24,545 2,383 X 2,383 0 0 VANGUARD FIX INC-HY CP PTF MUTUAL 922031208 16,929 2,700 X 2,700 0 0 VECTREN CORP COM 92240G101 178,586 6,216 X 4,797 0 1,419 VANGUARD INDEX TR MUTUAL 922908207 38,696 1,210 X 1,210 0 0 VERIZON COMMUNICATIONS COM 92343V104 80,156 2,320 X 2,320 0 0 VIAD CORP COM NEW 92552R406 3,543 125 X 125 0 0 VIACOM INC CL B 925524308 76,848 2,400 X 2,400 0 0 VNU N V ADR SPONSORED COM 92856P106 27,929 1,000 X 1,000 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 19,456 800 X 800 0 0 VORNADO RLTY TR SH BEN INT 929042109 1,768,800 22,000 X 0 0 22,000 VULCAN MATLS CO COM 929160109 6,869,443 105,700 X 66,100 0 39,600 WACHOVIA CORP 2ND NEW COM 929903102 7,500,462 151,219 X 108,999 0 42,220 WACHOVIA CORP PFD PREFERR 929903201 192 800 X 800 0 0 WAL MART STORES INC COM 931142103 2,206,018 45,768 X 19,803 0 25,965 WALGREEN CO COM 931422109 695,645 15,126 X 12,626 0 2,500 WASHINGTON MUT INC COM 939322103 101,725 2,500 X 0 0 2,500 WASHINGTON POST CO CL B 939640108 130,263,845 155,999 X 134,497 0 21,502 DAILY MAIL & GEN TST-A COM 945736BLA 696,200 59,000 X 49,000 0 10,000 WELLPOINT INC COM 94973V107 153,487 2,204 X 2,204 0 0 WELLS FARGO & CO NEW COM 949746101 143,026,262 2,322,609 X 2,027,440 0 295,169 WESCO FINL CORP COM 950817106 347,760 966 X 816 0 150 WHOLE FOODS MKT INC COM 966837106 17,732 150 X 150 0 0 WILEY JOHN & SONS INC CL A 968223206 41,717 1,050 X 1,050 0 0 WRIGLEY WM JR CO COM 982526105 250,578 3,640 X 3,290 0 350 WYETH COM 983024100 502,049 11,282 X 11,282 0 0 YACKTMAN FD INC MUTUAL 984281105 3,921 259 X 259 0 0 YORK WTR CO COM 987184108 128,531 6,080 X 6,080 0 0 YUM BRANDS INC COM 988498101 312,480 6,000 X 0 0 6,000 ZIMMER HLDGS INC COM 98956P102 95,213 1,250 X 1,130 0 120

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