Gardner Russo & Gardner 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Bank of America Corp 7.2500 C	CONV	060505682	28	21	SH		SOLE		21	0	0
Micropore Inc C CV PFD	CONV	595998816	14	2,750	SH		SOLE		2,750	0	0
Wells Fargo 7.5000 Conv Pfd S	CONV	949746804	24	18	SH		SOLE		18	0	0
Eaton Vance Sr Income TR SF	SH BEN INT	27826s103	1,887	289,387	SH		SOLE		289,387	0	0
Pimco Total Return Fund-Inst	SH BEN INT	693390700	17	1,623	SH		SOLE		1,623	0	0
Templeton Global Bond FD	SH BEN INT	880208400	16	1,373	SH		SOLE		1,373	0	0
3M Company	COM	88579y101	353	1,500	SH		SOLE		1,500	0	0
A T & T Inc	COM	00206r102	58	1,500	SH		SOLE		1,500	0	0
Abbott Labs	COM	002824100	730	12,800	SH		SOLE		10,800	0	2,000
AbbVie Inc	COM	00287Y109	1,364	14,100	SH		SOLE		12,100	0	2,000
ACNB Corp	COM	000868109	26	881	SH		SOLE		330	0	551
Alleghany Corp	COM	017175100	193	324	SH		SOLE		117	0	207
Alphabet Inc Cl A	COM	02079k305	2,188	2,077	SH		SOLE		2,027	0	50
Alphabet Inc Cl C	COM	02079k107	2,590	2,475	SH		SOLE		2,425	0	50
Altria Group Inc	COM	02209s103	399,264	5,591,153	SH		SOLE		5,385,121	0	206,032
Amazon.com Inc	COM	023135106	88	75	SH		SOLE		75	0	0
American Express	COM	025816109	16,366	164,801	SH		SOLE		134,267	0	30,534
American Intl Group Inc	COM	026874784	342	5,735	SH		SOLE		5,735	0	0
Anheuser-Busch InBev ADR	COM	03524a108	74	665	SH		SOLE		665	0	0
Anthem Inc	COM	036752103	23	100	SH		SOLE		100	0	0
Apple Computer Inc	COM	037833100	245	1,450	SH		SOLE		1,450	0	0
Bank Amer Corp	COM	060505104	1,416	47,975	SH		SOLE		47,975	0	0
Bank Mutual Corp	COM	063750103	16	1,467	SH		SOLE		1,467	0	0
Bank of New York Mellon	COM	064058100	81	1,500	SH		SOLE		1,500	0	0
BB&T Corp	COM	054937107	1,348	27,105	SH		SOLE		27,105	0	0
Berkshire Hathaway Inc Cl A	COM	084670108	1,392,768	4,680	SH		SOLE		4,372	0	308
Berkshire Hathaway Inc Cl B	COM	084670702	495,549	2,499,995	SH		SOLE		2,354,728	0	145,267
Boeing	COM	097023105	103	350	SH		SOLE		350	0	0
BP PLC ADR	COM	055622104	188	4,475	SH		SOLE		4,475	0	0
British Amern Tob PLC ADR	COM	110448107	733	10,947	SH		SOLE		10,947	0	0
Brown-Forman Corp Cl A	COM	115637100	290,838	4,325,375	SH		SOLE		4,139,858	0	185,518
Brown-Forman Corp Cl B	COM	115637209	101,664	1,480,467	SH		SOLE		1,338,623	0	141,844
Cable One Inc	COM	12685j105	97	139	SH		SOLE		139	0	0
Campbell Soup	COM	134429109	63	1,300	SH		SOLE		1,300	0	0
Carlisle Inc	COM	142339100	102	900	SH		SOLE		900	0	0
Caterpillar Inc	COM	149123101	102	650	SH		SOLE		650	0	0
Celgene Corp	COM	151020104	52	500	SH		SOLE		500	0	0
Centerstate BKS FLA Inc	COM	15201p109	219	8,504	SH		SOLE		8,504	0	0
Chemours Co	COM	163851108	320	6,388	SH		SOLE		6,388	0	0
Chevron Corp	COM	166764100	2,156	17,219	SH		SOLE		16,819	0	400
CIE Financiere Richemont-Unsp	COM	204319107	1,773	195,665	SH		SOLE		195,665	0	0
Coca-Cola	COM	191216100	5,983	130,412	SH		SOLE		111,662	0	18,750
Colgate Palmolive	COM	194162103	158	2,100	SH		SOLE		2,100	0	0
Comcast Corp New Cl A	COM	20030n101	285,156	7,120,002	SH		SOLE		6,712,791	0	407,210
Conocophillips	COM	20825c104	227	4,138	SH		SOLE		3,538	0	600
Constellation Brands Inc	COM	21036p108	46	200	SH		SOLE		200	0	0
Costco Whsl Corp	COM	22160k105	990	5,318	SH		SOLE		5,318	0	0
Coty Inc-CL A	COM	222070203	826	41,543	SH		SOLE		38,091	0	3,452
Crane	COM	224399105	11,486	128,743	SH		SOLE		118,143	0	10,600
CSX Corp	COM	126408103	77	1,400	SH		SOLE		1,400	0	0
Daily Journal Corp	COM	233912104	23	100	SH		SOLE		100	0	0
Danaher Corp	COM	235851102	130	1,400	SH		SOLE		1,400	0	0
Danone ADR	COM	23636T100	12,119	721,410	SH		SOLE		620,745	0	100,665
Deere & Co	COM	244199105	10	65	SH		SOLE		65	0	0
Diageo PLC Sponsored ADR	COM	25243q205	62,607	428,725	SH		SOLE		395,055	0	33,670
Disney Walt Productions	COM	254687106	495	4,603	SH		SOLE		3,635	0	968
Dover Corp	COM	260003108	5,354	53,016	SH		SOLE		43,516	0	9,500
DowDupont Inc	COM	26078j100	3,369	47,305	SH		SOLE		47,305	0	0
Estee Lauder Cos Inc Cl A	COM	518439104	24	190	SH		SOLE		190	0	0
Exxon Mobil Corp	COM	30231g102	13,251	158,428	SH		SOLE		147,484	0	10,944
Fastenal	COM	311900104	70	1,275	SH		SOLE		1,275	0	0
FedEx Corp	COM	31428x106	92	370	SH		SOLE		370	0	0
Fomento Economico Mex Sp ADR	COM	344419106	12,924	137,640	SH		SOLE		113,810	0	23,830
Fortive Corp	COM	34959j108	36	500	SH		SOLE		500	0	0
Franklin Resources Inc	COM	354613101	34	775	SH		SOLE		775	0	0
Fulton Finl Corp	COM	360271100	2,091	116,822	SH		SOLE		41,379	0	75,443
Gannet Co Inc	COM	36473h104	32	2,750	SH		SOLE		0	0	2,750
General Electric	COM	369604103	124	7,080	SH		SOLE		7,080	0	0
Genesee & Wyo Inc Cl A	COM	371559105	18	225	SH		SOLE		225	0	0
Graham Holdings Co	COM	384637104	77	138	SH		SOLE		138	0	0
Hain Celestial Group Inc	COM	405217100	4	100	SH		SOLE		100	0	0
Hasbro Inc	COM	418056107	137	1,507	SH		SOLE		1,507	0	0
Heartland Express Inc	COM	422347104	152	6,499	SH		SOLE		6,499	0	0
Heineken NV Spons ADR	COM	423012301	1,852	35,482	SH		SOLE		35,482	0	0
Herman Miller Inc	COM	600544100	8,178	204,191	SH		SOLE		185,241	0	18,950
Hershey Foods Corp	COM	427866108	77	676	SH		SOLE		676	0	0
Home Depot Inc	COM	437076102	85	450	SH		SOLE		450	0	0
Hormel Foods Corp	COM	440452100	5,761	158,314	SH		SOLE		138,774	0	19,540
I B M	COM	459200101	1,164	7,588	SH		SOLE		5,293	0	2,295
J.P. Morgan Chase	COM	46625h100	214	2,000	SH		SOLE		2,000	0	0
John Wiley & Son Inc Cl A	COM	968223206	82	1,250	SH		SOLE		0	0	1,250
Johnson & Johnson	COM	478160104	184	1,315	SH		SOLE		1,065	0	250
Knowles Corp	COM	49926d109	4	300	SH		SOLE		300	0	0
Kraft Heinz Co	COM	500754106	1,752	22,535	SH		SOLE		22,535	0	0
Lamar Advertising Co-A	COM	512816109	904	12,170	SH		SOLE		12,170	0	0
Lockheed Martin Corp	COM	539830109	55	170	SH		SOLE		170	0	0
Lowes Inc	COM	548661107	28	300	SH		SOLE		0	0	300
Luxottica Group SPA ADR	COM	55068r202	29	466	SH		SOLE		466	0	0
LVMH Moet Hennessy Louis Vuitt	COM	502441306	88	1,500	SH		SOLE		1,500	0	0
Manpowergroup	COM	56418h100	27	215	SH		SOLE		215	0	0
Markel Corp	COM	570535104	9,492	8,333	SH		SOLE		7,183	0	1,150
Martin Marietta Materials	COM	573284106	444,679	2,011,757	SH		SOLE		1,886,438	0	125,319
Mastercard Inc Cl A	COM	57636q104	1,384,385	9,146,308	SH		SOLE		8,634,960	0	511,348
Mattel Inc	COM	577081102	102	6,625	SH		SOLE		5,125	0	1,500
McClatchy Company Cl A	COM	579489303	22	2,500	SH		SOLE		0	0	2,500
McCormick Inc	COM	579780206	3,425	33,605	SH		SOLE		29,305	0	4,300
McDonalds Corp	COM	580135101	557	3,235	SH		SOLE		3,235	0	0
McKesson HBOC Inc	COM	58155q103	15	95	SH		SOLE		95	0	0
Merck Inc	COM	58933Y105	162	2,886	SH		SOLE		2,886	0	0
Microsoft Corp	COM	594918104	376	4,400	SH		SOLE		3,200	0	1,200
Mirant Corp Escrow Shares	COM	604675991	0	500	SH		SOLE		500	0	0
Mohawk Inds Inc	COM	608190104	83	300	SH		SOLE		300	0	0
Monsanto	COM	61166w101	283	2,425	SH		SOLE		2,425	0	0
Murphy Oil Corp	COM	626717102	30	975	SH		SOLE		975	0	0
Murphy USA Inc	COM	626755102	20	250	SH		SOLE		250	0	0
Nestle SA-Spons ADR	COM	641069406	1,365,816	15,887,125	SH		SOLE		15,013,950	0	873,175
Newell Brands Inc	COM	651229106	5	150	SH		SOLE		150	0	0
Nextera Energy Inc	COM	65339F101	86	550	SH		SOLE		550	0	0
Nike Inc - Cl B	COM	654106103	147	2,350	SH		SOLE		2,350	0	0
Northern Trust Corp	COM	665859104	113	1,129	SH		SOLE		1,129	0	0
Novartis AG ADR Sponsored	COM	66987v109	10	125	SH		SOLE		125	0	0
O Reilly Automotive Inc	COM	67103h107	265	1,100	SH		SOLE		1,100	0	0
Oracle Corp	COM	68389x105	203	4,300	SH		SOLE		4,300	0	0
Outfront Media Inc	COM	69007j106	7,572	326,359	SH		SOLE		276,024	0	50,335
Pepsico Inc	COM	713448108	4,098	34,175	SH		SOLE		30,875	0	3,300
Pernod-Ricard SA-Unspon ADR	COM	714264207	1,622	51,200	SH		SOLE		51,200	0	0
Pfizer Inc	COM	717081103	69	1,900	SH		SOLE		0	0	1,900
Philip Morris International In	COM	718172109	1,071,609	10,143,009	SH		SOLE		9,683,355	0	459,654
Phillips 66	COM	718546104	179	1,770	SH		SOLE		1,470	0	300
Pioneer Nat Res	COM	723787107	467	2,700	SH		SOLE		2,700	0	0
PNC Bank Corp	COM	693475105	3,043	21,090	SH		SOLE		11,890	0	9,200
Procter & Gamble	COM	742718109	5,552	60,424	SH		SOLE		55,409	0	5,015
Rite Aid Corp	COM	767754104	1	500	SH		SOLE		500	0	0
Royal Dutch Shell PLC ADR A	COM	780259206	3,469	52,005	SH		SOLE		43,500	0	8,505
Royal Dutch Shell PLC ADR B	COM	780259107	22	325	SH		SOLE		325	0	0
Schlumberger LTD	COM	806857108	285	4,225	SH		SOLE		1,225	0	3,000
Scripps Networks Interactive C	COM	811065101	5,224	61,183	SH		SOLE		58,333	0	2,850
Tencent Holdings LTD ADR	COM	88032q109	87	1,675	SH		SOLE		1,675	0	0
The Swatch Group AG ADR	COM	870123106	783	38,385	SH		SOLE		38,385	0	0
UGI Corp	COM	902681105	70	1,500	SH		SOLE		1,500	0	0
Unilever NV ADR	COM	904784709	832,520	14,781,958	SH		SOLE		13,955,310	0	826,648
Unilever PLC ADR	COM	904767704	152	2,749	SH		SOLE		2,749	0	0
Union Pac Corp	COM	907818108	323	2,410	SH		SOLE		2,410	0	0
Unum Group	COM	91529y106	247	4,500	SH		SOLE		4,500	0	0
US Bancorp	COM	902973304	150	2,800	SH		SOLE		800	0	2,000
Vectren Corp	COM	92240g101	104	1,599	SH		SOLE		1,599	0	0
Verizon Communications	COM	92343v104	9	175	SH		SOLE		175	0	0
Visa Inc Cl A	COM	92826c839	65,492	574,391	SH		SOLE		496,947	0	77,444
Vulcan Materials	COM	929160109	1,891	14,730	SH		SOLE		9,055	0	5,675
WABCO Holdings Inc	COM	92927k102	179	1,250	SH		SOLE		1,250	0	0
Wal Mart Stores Inc	COM	931142103	555	5,619	SH		SOLE		4,669	0	950
Walgreens Boots Alliance Inc	COM	931427108	9	125	SH		SOLE		125	0	0
Wells Fargo	COM	949746101	756,606	12,470,839	SH		SOLE		11,776,216	0	694,623
Weyco Group Inc	COM	962149100	67	2,250	SH		SOLE		2,250	0	0
Yum Brands Inc	COM	988498101	98	1,200	SH		SOLE		1,200	0	0
Yum China Holdings, Inc.	COM	98850P109	48	1,200	SH		SOLE		1,200	0	0
Bank of America Corp WTS Exp 1	WTS	060505153	4	2,000	SH		SOLE		2,000	0	0
Citigroup Inc A WTS Exp 1/4/19	WTS	172967226	0	2,000	SH		SOLE		2,000	0	0
Hostess Brands Inc Wts Exp 11/	WTS	44109j114	134	57,500	SH		SOLE		57,500	0	0
JP Morgan Chase & Co WTS Exp 1	WTS	46634e114	3,840	57,800	SH		SOLE		57,800	0	0
M&T Bank Corp Wts Exp 12/23/1	WTS	55261f112	2,928	30,000	SH		SOLE		30,000	0	0
Wells Fargo WTS Exp 10/28/18	WTS	949746119	3,497	127,195	SH		SOLE		127,195	0	0
A P Moller-Maersk A/S	COM	k0514g135	708	424	SH		SOLE		399	0	25
Anheuser-Busch InBev SA	COM	b639cj108	799,868	7,152,503	SH		SOLE		6,764,236	0	388,267
Anheuser-Busch InBev SA Restri	COM	b639cj116	5,813	51,983	SH		SOLE		51,983	0	0
Bayerische Motoren Werke AG	COM	d12096109	52	500	SH		SOLE		500	0	0
BIC	COM	f10080103	2,386	21,680	SH		SOLE		21,245	0	435
Bollore	COM	f10659260	163	30,000	SH		SOLE		30,000	0	0
British American Tobacco PLC	COM	g1510j102	353,891	5,213,405	SH		SOLE		5,027,558	0	185,847
Canadian Natl Railway Co	COM	136375102	17	200	SH		SOLE		200	0	0
Cir SPA	COM	t28980125	175	125,000	SH		SOLE		125,000	0	0
Compagnie Financiere Richemont	COM	h25662182	1,050,114	11,589,314	SH		SOLE		10,986,165	0	603,149
Daimler	COM	d1668r123	77	902	SH		SOLE		902	0	0
Davide Campari-Milano SPA	COM	t3490m150	14	1,825	SH		SOLE		1,825	0	0
Diageo PLC	COM	g42089113	327,656	8,888,628	SH		SOLE		8,459,084	0	429,544
Essilor International	COM	001179764	191	1,385	SH		SOLE		1,385	0	0
Groupe Danone	COM	f12033134	275	3,275	SH		SOLE		3,275	0	0
Hanjaya Mandala Sampoerna	COM	y7121z146	240	687,500	SH		SOLE		687,500	0	0
Heineken Holding NV	COM	n39338194	1,066,556	10,767,419	SH		SOLE		10,201,898	0	565,521
Heineken NV	COM	n39427211	5,187	49,688	SH		SOLE		45,663	0	4,025
Indivior PLC	COM	g4766e108	128	23,192	SH		SOLE		15,717	0	7,475
Ingersoll-Rand PLC	COM	g47791101	78	875	SH		SOLE		875	0	0
JC Decaux SA ACT	COM	f5333n100	312,091	7,734,042	SH		SOLE		7,294,135	0	439,907
Lindt & Spruengli AG - Reg	COM	h49983176	1,953	27	SH		SOLE		27	0	0
Loreal SA	COM	f58149133	1,142	5,140	SH		SOLE		4,960	0	180
LT Group Inc	COM	y5342m100	225	600,000	SH		SOLE		600,000	0	0
LVMH Moet Hennessy Louis Vuitt	COM	f58485115	198	671	SH		SOLE		671	0	0
Mylan NV	COM	n59465109	107	2,540	SH		SOLE		2,540	0	0
Nestle SA-REG	COM	h57312649	3,526	41,000	SH		SOLE		41,000	0	0
Nielsen Holdings PLC ORD	COM	g6518l108	740	20,341	SH		SOLE		18,841	0	1,500
Pargesa Holding AG - B	COM	h60477207	1,021	11,776	SH		SOLE		11,526	0	250
Pernod Ricard	COM	f72027109	965,885	6,096,008	SH		SOLE		5,797,940	0	298,068
PZ Cussons PLC	COM	g6850s109	66	15,000	SH		SOLE		15,000	0	0
Reckitt Benckiser Group PLC	COM	g74079107	2,430	25,967	SH		SOLE		18,417	0	7,550
Remy Cointreau	COM	f7725a100	135	975	SH		SOLE		975	0	0
Roche Holding AG	COM	001203204	298	1,179	SH		SOLE		1,179	0	0
Schibsted A/S CL A	COM	r75677105	98	3,400	SH		SOLE		3,400	0	0
Schibsted A/S CL B	COM	r75677147	91	3,400	SH		SOLE		3,400	0	0
Shiseido Co Ltd	COM	001228935	280	5,800	SH		SOLE		5,800	0	0
Strauss Group LTD	COM	M8553H110	107	5,000	SH		SOLE		5,000	0	0
Suncor Energy Inc	COM	867224107	147	4,000	SH		SOLE		0	0	4,000
Swedish Match AB	COM	w92277115	10,885	275,753	SH		SOLE		270,503	0	5,250
The Swatch Group AG-BR	COM	h83949141	467,942	1,147,483	SH		SOLE		1,093,157	0	54,326
Unilever NV	COM	n8981f271	2,199	39,000	SH		SOLE		39,000	0	0
Wal-Mart De Mexico S A	COM	p98180188	10	4,025	SH		SOLE		0	0	4,025
Yoox S P A Shs Prive Di Valore	COM	t9846s106	52	1,500	SH		SOLE		1,500	0	0