13F-HR 1 inftable.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: March 31, 2011 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: Gardner Russo & Gardner Address: 223 East Chestnut Street Lancaster, PA 17602 Form 13F File Number: 028-2635 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: Diana Crumay Title: Head Account Administrator Phone: (717) 299-1385 Signature, Place, and Date of Signing: Lancaster, PA May 5, 2011 ------------------------ ----------------------------- ------------------ [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: None FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 118 Form 13F Information Table Value Total: 4,985,397 (thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Berner Gruppen PFD PFD r10549112 201 3701 SH Sole 701 3000 Eaton Vance Sr Income TR SF SH BEN INT 27826s103 992 136239 SH Sole 136239 3M Company COM 88579y101 418 4475 SH Sole 475 4000 A T & T Inc COM 00206r102 240 7853 SH Sole 7775 78 Abbott Labs COM 002824100 21413 436545 SH Sole 389145 47400 AES Corp COM 00130h105 355 27300 SH Sole 27300 Altria Group Inc COM 02209s103 180652 6940152 SH Sole 6442280 497872 American Express COM 025816109 4176 92400 SH Sole 85950 6450 American Tower Corp Cl A COM 029912201 3700 71400 SH Sole 71400 Anheuser-Busch InBev ADR COM 03524a108 147414 2578514 SH Sole 2379314 199200 Aptargroup Inc COM 038336103 897 17884 SH Sole 16884 1000 BB&T Corp COM 054937107 690 25150 SH Sole 25150 Berkshire Hathaway Inc Cl A COM 084670108 445567 3556 SH Sole 3235 321 Berkshire Hathaway Inc Cl B COM 084670702 121148 1448623 SH Sole 1305896 142727 BP PLC ADR COM 055622104 376 8510 SH Sole 8110 400 British Amern Tob PLC ADR COM 110448107 484 5975 SH Sole 5775 200 Brown-Forman Corp Cl A COM 115637100 111264 1636952 SH Sole 1512598 124354 Brown-Forman Corp Cl B COM 115637209 7586 111062 SH Sole 98466 12596 Carlisle Inc COM 142339100 2300 51634 SH Sole 51634 Chevron Corp COM 166764100 7339 68276 SH Sole 67101 1175 CIE Financiere Richemont-Unsp COM 204319107 1036 178650 SH Sole 147900 30750 Cisco Sys Inc COM 17275r102 1088 63450 SH Sole 63450 Coca-Cola COM 191216100 3902 58811 SH Sole 43585 15226 Comcast Corp New Cl A COM 20030n101 741 29986 SH Sole 29742 244 Comcast Corp Special Cl A COM 20030n200 165247 7116579 SH Sole 6563315 553264 Conocophillips COM 20825c104 1916 23991 SH Sole 22791 1200 Costco Whsl Corp COM 22160k105 1890 25780 SH Sole 24980 800 Crane COM 224399105 9376 193597 SH Sole 172242 21355 Danaher Corp COM 235851102 364 7012 SH Sole 7012 Danone ADR COM 23636T100 2941 224800 SH Sole 146550 78250 Deere & Co COM 244199105 998 10300 SH Sole 10075 225 Diageo PLC Sponsored ADR COM 25243q205 36529 479262 SH Sole 425122 54140 Disney Walt Productions COM 254687106 611 14175 SH Sole 13325 850 Dover Corp COM 260003108 2298 34950 SH Sole 27650 7300 Du Pont E I De Nemours COM 263534109 945 17184 SH Sole 17184 Exxon Mobil Corp COM 30231g102 16461 195661 SH Sole 181764 13897 Fomento Economico Mex Sp ADR COM 344419106 5298 90250 SH Sole 55975 34275 Fulton Finl Corp COM 360271100 1130 101720 SH Sole 76110 25610 General Dynamics Corp COM 369550108 988 12900 SH Sole 12900 General Electric COM 369604103 363 18125 SH Sole 16955 1170 Goldman Sachs Group Inc COM 38141g104 9714 61250 SH Sole 55700 5550 Google Inc Cl A COM 38259p508 276 470 SH Sole 470 Hasbro Inc COM 418056107 43202 922321 SH Sole 852640 69681 Heartland Express Inc COM 422347104 403 22965 SH Sole 20765 2200 Heineken NV Unspons ADR COM 423012202 1115 40762 SH Sole 35162 5600 Herman Miller Inc COM 600544100 14072 511911 SH Sole 437311 74600 Hormel Foods Corp COM 440452100 6831 245366 SH Sole 198666 46700 I B M COM 459200101 1818 11147 SH Sole 6147 5000 J.P. Morgan Chase COM 46625h100 1116 24200 SH Sole 6200 18000 Johnson & Johnson COM 478160104 779 13151 SH Sole 12851 300 Lamar Advertising Cl A COM 512815101 245 6625 SH Sole 5515 1110 Leucadia Natl Corp COM 527288104 3987 106200 SH Sole 106000 200 Lexington Corp PPTYS TR COM 529043101 224 23957 SH Sole 23957 Markel Corp COM 570535104 10228 24679 SH Sole 22799 1880 Martin Marietta Materials COM 573284106 137749 1536172 SH Sole 1425051 111122 Mastercard Inc Cl A COM 57636q104 173431 688985 SH Sole 631377 57608 Mattel Inc COM 577081102 564 22625 SH Sole 21125 1500 McCormick Inc COM 579780206 6782 141800 SH Sole 113750 28050 McDonalds Corp COM 580135101 587 7710 SH Sole 7560 150 Merck Inc COM 58933Y105 217 6586 SH Sole 4586 2000 Microsoft Corp COM 594918104 4113 161997 SH Sole 149467 12530 Monsanto COM 61166w101 231 3190 SH Sole 2725 465 Nestle SA-Spons. ADR COM 641069406 561834 9762471 SH Sole 8937125 825346 Northern Trust Corp COM 665859104 254 5000 SH Sole 5000 Occidental Petroleum Corp COM 674599105 222 2125 SH Sole 2125 Pepsico Inc COM 713448108 8218 127588 SH Sole 120288 7300 Pernod-Ricard SA-Unspon ADR COM 714264207 854 45655 SH Sole 38155 7500 Philip Morris International In COM 718172109 524544 7992441 SH Sole 7349965 642476 Pioneer Nat Res COM 723787107 662 6500 SH Sole 6500 PNC Bank Corp COM 693475105 1088 17274 SH Sole 16674 600 Praxair Inc COM 74005p104 3523 34675 SH Sole 29375 5300 Precision Castparts Corp COM 740189105 971 6600 SH Sole 6600 Procter & Gamble COM 742718109 11196 181756 SH Sole 160706 21050 Progressive Corp Ohio COM 743315103 2707 128129 SH Sole 106614 21515 Royal Dutch Shell PLC ADR A COM 780259206 3810 52294 SH Sole 35944 16350 SABMiller PLC Sponsored ADR COM 78572m105 959 27100 SH Sole 22500 4600 Schlumberger LTD COM 806857108 613 6575 SH Sole 6575 Scotts Miracle-Gro Cl A COM 810186106 325 5625 SH Sole 2450 3175 Scripps Networks Interactive C COM 811065101 86955 1735979 SH Sole 1601616 134363 Staples Inc COM 855030102 4666 240280 SH Sole 216630 23650 Susquehanna Bancshrs Inc COM 869099101 183 19581 SH Sole 19581 Swiss Helvetia FD Inc COM 870875101 276 20000 SH Sole 20000 Tigerlogic Corp COM 8867eq101 45 10000 SH Sole 10000 Unilever NV ADR COM 904784709 194073 6188552 SH Sole 5667727 520825 Unum Group COM 91529y106 201 7650 SH Sole 7650 Visa Inc Cl A COM 92826c839 3633 49350 SH Sole 48025 1325 Vornado RLTY TR COM 929042109 875 10000 SH Sole 10000 Vulcan Materials COM 929160109 606 13300 SH Sole 12100 1200 Wal Mart Stores Inc COM 931142103 1253 24078 SH Sole 21824 2254 Washington Post Cl B COM 939640108 57348 131063 SH Sole 122204 8859 Wells Fargo COM 949746101 217566 6861117 SH Sole 6302592 558526 Yum Brands Inc COM 988498101 241 4700 SH Sole 4700 A P Moller-Maersk A/S COM k0514g135 1528 166 SH Sole 36 130 Anglo American PLC COM g03764134 540 10500 SH Sole 3000 7500 Barry Callebaut AG COM h05072105 246 300 SH Sole 100 200 Berner Gruppen COM r10549104 7367 116454 SH Sole 102104 14350 BIC COM f10080103 2595 29150 SH Sole 10350 18800 British American Tobacco PLC COM g1510j102 161638 4030295 SH Sole 3712711 317584 Cir SPA COM t28980125 183 81500 SH Sole 81500 Compagnie Financiere Richemont COM h25662158 341514 5889428 SH Sole 5411585 477843 Diageo PLC COM g42089113 118936 6261479 SH Sole 5762726 498753 Groupe Danone COM f12033134 294 4500 SH Sole 4500 Heineken Holding NV COM n39338194 330337 6862582 SH Sole 6315312 547270 Heineken NV COM n39427211 4935 90203 SH Sole 35851 54352 Imperial Tobacco Group PLC COM g4721w102 239 7750 SH Sole 7000 750 JC Decaux SA ACT COM f5333n100 31473 936576 SH Sole 788741 147835 Lindt & Spruengli AG - Reg COM h49983176 1175 36 SH Sole 6 30 NHST Media Group COM r4700l117 1993 19009 SH Sole 18677 332 Pargesa Holding AG - B COM h60477207 3605 37475 SH Sole 15025 22450 Pernod Ricard COM f72027109 251195 2686029 SH Sole 2480690 205339 Reckitt Benckiser Group PLC COM g74079107 287 5600 SH Sole 5600 Roche Holding AG COM 001203204 226 1575 SH Sole 1575 SABMiller PLC COM g77395104 273994 7743191 SH Sole 7150805 592386 Suncor Energy Inc COM 867224107 237 5300 SH Sole 5300 Swedish Match AB COM w92277115 14985 450370 SH Sole 345070 105300 Syngenta AG COM h84140112 237 725 SH Sole 725 The Swatch Group AG-BR COM h83949141 16850 37959 SH Sole 29819 8140 Wal-Mart De Mexico S A COM p98180105 68 22650 SH Sole 22650