13F-HR 1 burg_81224.txt HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F 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 holdings entries. Institutional Investment Manager Filing this Report: Name: Burgundy Asset Management Ltd. Address: 181 Bay Street, Suite 4510 Bay Wellington Tower, BCE Place Toronto, Ontario M5J 2T3 Form 13F File Number: 28-11129 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: James Meadows Title: Vice President Phone: (416) 868-3570 Signature, Place, and Date of Signing: /s/ James Meadows Toronto, Ontario, Canada November 9, 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 manager(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: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28- ____________________ ______________________________________ [Repeat as necessary.] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: NONE Form 13F Information Table Entry Total: 91 Form 13F Information Table Value Total: 2,273,991 ----------- (thousands) List of Other Included Managers: 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.] NONE FORM 13F INFORMATION TABLE - DECEMBER 31, 2005

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 Title of Market Total Investment Other Voting Name of Issuer Class Cusip Value Shares Decision Managers Authority (x$1000) ---------------------------------------------------------------------------------------------------------------------------------- Abercrombie & Fitch Co. CL A 002896 20 7 18726 287300 SH SOLE 287300 ACE Cash Express, Inc. COM 004403 10 1 23196 993400 SH SOLE 993400 Affiliated Computer Services Inc. CL A 008190 10 0 60426 1021060 SH SOLE 1021060 Altria Group Inc. COM 02209S103 64117 858099 SH SOLE 858099 ANHEUSER BUSCH COS COM 035229 10 3 34 800 SH SOLE 800 Apria Healthcare Group Inc. COM 037933 10 8 21123 876100 SH SOLE 876100 Ares Capital Corporation COM 04010L103 14468 900300 SH SOLE 900300 AutoNation Inc. COM 05329W102 4105 188900 SH SOLE 188900 Belo Corp. COM SER A 080555 10 5 2584 120700 SH SOLE 120700 Berkshire Hathaway Inc. CL A 084670 10 8 44664 504 SH SOLE 504 Berkshire Hathaway Inc. CL B 084670 20 7 1033 352 SH SOLE 352 Bioscrip Inc. COM 09069N108 16878 2238520 SH SOLE 2238520 Boston Scientific Corporation COM 101137 10 7 52958 2162440 SH SOLE 2162440 Briggs & Stratton Corporation COM 109043 10 9 36406 938550 SH SOLE 938550 Cardinal Health Inc. COM 14149Y108 95193 1384625 SH SOLE 1384625 Career Education Corporation COM 141665 10 9 2357 69900 SH SOLE 69900 Citigroup Financial Canada Inc. COM 172967 10 1 78 1600 SH SOLE 1600 COMCAST CORP CL A SPL 20030N200 0 2 SH SOLE 2 CONAGRA FOODS INC COM 205887 10 2 41 2000 SH SOLE 2000 Digital Theater Systems Inc. COM 23335C101 23141 1563552 SH SOLE 1563552 Deckers Outdoor Corporation COM 243537 10 7 28799 1042700 SH SOLE 1042700 Dell Inc. COM 24702R101 61992 2069850 SH SOLE 2069850 WALT DISNEY CO COMMOM COM 254687 10 6 48 2000 SH SOLE 2000 Discovery Holding CL A 25468Y107 3348 221016 SH SOLE 221016 Dollar Financial Corporation COM 256664 10 3 5172 431400 SH SOLE 431400 EMERSON ELEC CO COMMON COM 291011 10 4 75 1000 SH SOLE 1000 Federated Investors Inc. CL B 314211 10 3 4152 112100 SH SOLE 112100 Fidelity National Title Group, Inc. COM 31620R105 321 13177 SH SOLE 13177 Fidelity National Financial, Inc. COM 316326 10 7 2765 75150 SH SOLE 75150 First Data Corporation COM 319963 10 4 49821 1158362 SH SOLE 1158362 Fossil, Inc. COM 349882 10 0 23470 1091132 SH SOLE 1091132 Furniture Brands International Inc. COM 360921 10 0 25851 1157700 SH SOLE 1157700 Arthur J. Gallagher & Co. COM 363576 10 9 22691 734800 SH SOLE 734800 Gannett Co., Inc. COM 364730 10 1 19666 324681 SH SOLE 324681 Gladstone Investment Corporation COM 376546 10 7 20156 1483173 SH SOLE 1483173 Global Imaging Systems, Inc. COM 37934A100 41961 1211700 SH SOLE 1211700 Golden West Financial Corporation COM 381317 10 6 56109 850130 SH SOLE 850130 Greenfield Online Inc COM 395150 10 5 13906 2373100 SH SOLE 2373100 HCC Insurance Holdings Inc. COM 404132 10 2 46360 1562000 SH SOLE 1562000 HEWLETT PACKARD CO COM 428236 10 3 86 3000 SH SOLE 3000 Home Depot Inc. COM 437076 10 2 55757 1377394 SH SOLE 1377394 Hudson City Bancorp Inc. COM 443683 10 7 81310 6708760 SH SOLE 6708760 IVCI CORP CL B 450704 10 1 0 10000 SH SOLE 10000 infoUSA Inc. COM 456818 30 1 19998 1829624 SH SOLE 1829624 INTEL CORP COM 458140 10 0 50 2000 SH SOLE 2000 Interactive Data Corporation COM 45840J107 55083 2425490 SH SOLE 2425490 Interpublic Group of Companies, Inc. COM 460690 10 0 34192 3543260 SH SOLE 3543260 J P MORGAN CHASE&CO COM 46625H100 79 2000 SH SOLE 2000 Jackson Hewitt Tax Service Inc. COM 468202 10 6 40102 1447200 SH SOLE 1447200 Johnson & Johnson COM 478160 10 4 54441 905846 SH SOLE 905846 KKR Financial Corp. REIT 482476 30 6 3759 156700 SH SOLE 156700 K-Swiss Inc. CL A 482686 10 2 36957 1139244 SH SOLE 1139244 Kimberly-Clark Corporation COM 494368 10 3 36 600 SH SOLE 600 Laboratory Corporation of America Holdings COM 50540R409 3613 67100 SH SOLE 67100 Liberty Media Corporation COM SER A 530718 10 5 13388 1701082 SH SOLE 1701082 Liz Claiborne, Inc. COM 539320 10 1 3185 88930 SH SOLE 88930 M&T Bank Corporation COM 55261F104 36959 338914 SH SOLE 338914 Macrovision Corporation COM 555904 10 1 33261 1988100 SH SOLE 1988100 Marsh & McLennan Companies Inc. COM 571748 10 2 90382 2845790 SH SOLE 2845790 McDonald's Corporation COM 580135 10 1 52188 1547680 SH SOLE 1547680 Merck & Co., Inc. COM 589331 10 7 2166 68100 SH SOLE 68100 Merit Medical Systems, Inc. COM 589889 10 4 19469 1603733 SH SOLE 1603733 Metrologic Instruments, Inc. COM 591676 10 1 38017 1973900 SH SOLE 1973900 NBTY Inc. COM 628782 10 4 24281 1494200 SH SOLE 1494200 NU Skin Enterprises Inc. CL A 67018T105 20989 1193900 SH SOLE 1193900 Nutraceutical International Corporation COM 67060Y101 15100 1118490 SH SOLE 1118490 Pfizer Inc. COM 717081 10 3 46118 1977612 SH SOLE 1977612 Price T. Rowe Group COM 74144T108 32 450 SH SOLE 450 Quest Diagnostics Incorporated COM 74834L100 42518 825920 SH SOLE 825920 RC2 Corporation COM 749388 10 4 42797 1204860 SH SOLE 1204860 RLI Corp. COM 749607 10 7 24850 498295 SH SOLE 498295 Radio One, Inc. CL D 75040P405 25446 2458523 SH SOLE 2458523 Rent-A-Center Inc. COM 76009N100 1525 80875 SH SOLE 80875 Rewards Network Inc. COM 761557 10 7 15871 2479900 SH SOLE 2479900 Safenet Inc. COM 78645R107 27255 845900 SH SOLE 845900 SCHLUMBERGER LTD COM 806857 10 8 0 400 SH SOLE 400 School Specialty Inc. COM 807863 10 5 18634 511354 SH SOLE 511354 E.W. Scripps Company CL A 811054 20 4 25715 535508 SH SOLE 535508 Select Comfort Corporation COM 81616X103 29232 1068800 SH SOLE 1068800 Stratasys, Inc. COM 862685 10 4 18810 752100 SH SOLE 752100 Tempur-Pedic International Inc. COM 88023U101 31911 2774900 SH SOLE 2774900 3M Co. COM 88579Y101 53942 696020 SH SOLE 696020 Time Warner Inc. COM 887317 10 5 53837 3086969 SH SOLE 3086969 UST INC. COM 902911 10 6 204 5000 SH SOLE 5000 United Auto Group Inc. COM 909440 10 9 26155 684690 SH SOLE 684690 Viacom Inc COM 925524 10 0 12324 376200 SH SOLE 376200 Wal-Mart Stores, Inc. COM 931142 10 3 46167 986480 SH SOLE 986480 Wendy's International Inc. COM 950590 10 9 5145 93100 SH SOLE 93100 Wesco Financial Corporation COM 950817 10 6 39 100 SH SOLE 100 Wyeth COM 983024 10 0 45419 985880 SH SOLE 985880 Yankee Candle Company Inc. COM 984757 10 4 37002 1445400 SH SOLE 1445400