13F-HR 1 submission.txt 13F SUBMISSION 2ND QUARTER 2005 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 [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Fairholme Capital Management, L.L.C. Address: 51 JFK Parkway Short Hills, NJ 07078 Form 13F File Number: 28-6994 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: Bruce R. Berkowitz Title: Managing Member Phone: 973-379-6557 Signature, Place, and Date of Signing: /s/Bruce R. Berkowitz Short Hills, NJ 07-12-05 --------------------- ------------- ---------- [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: Form 13F Information Table Entry Total: 38 Form 13F Information Table Value Total: $1,476,711 ----------- (thousands) List of Other Included Managers: NONE Profice a numbered list of the names(s) and Form 13F file numbers(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 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ALLEGHANY CORP DEL COM 017175100 471 1585.0000SH SOLE 1.0000 1584.0000 AMERICAN INTL GROUP COM COM 026874107 39818 685330.0000SH SOLE 448705.0000 264125.000 AT&T CORP COM COM 001957505 21778 1143800.0000SH SOLE 805300.0000 338500.000 BERKSHIRE HATHAWAY CL A COM 084670108 286655 3433.0000SH SOLE 1781.0000 1680.0000 BERKSHIRE HATHAWAY CL B COM 084670207 119056 42772.0000SH SOLE 14257.0000 28875.0000 CANADIAN NAT RES LTD COM COM 136385101 127737 3511200.0000SH SOLE 2045200.0000 1578000.00 CITIBANK WEST FSB-SCLP COM 17306J202 2 12000.0000SH SOLE 12000.0000 CITIGROUP COM 172967101 278 6005.0000SH SOLE 5.0000 6000.0000 COCA COLA CO COM 191216100 726 17397.0000SH SOLE 77.0000 17320.0000 DAILY JOURNAL CORP COM COM 233912104 1700 44675.0000SH SOLE 35675.0000 9000.0000 ECHOSTAR COMMNTNS NEW CL A COM 278762109 95865 3178556.0000SH SOLE 1887206.0000 1407950.00 ENCORE ACQUISITION CO COM COM 29255W100 1345 32800.0000SH SOLE 32800.0000 ETHAN ALLEN INTERIORS COM COM 297602104 13843 413100.0000SH SOLE 406100.0000 7000.0000 FIRST UNION REAL ESTATE EQUITY COM 337400105 3964 1043165.000SH SOLE 584734.0000 458431.000 GOLDEN WEST FINL DEL COM COM 381317106 506 7852.0000SH SOLE 266.0000 7586.0000 GYRODYNE CO AMER INC COM COM 403820103 482 11026.0000SH SOLE 770.0000 10256.0000 HOMEFED CORP COM 43739D307 20186 320412.0000SH SOLE 241295.0000 79117.0000 HSBC HLDGS PLC SPON ADR NEW COM 404280406 2521 31657.0000SH SOLE 133.0000 31524.0000 IDT CORP CL B COM 448947309 14681 1115600.0000SH SOLE 1115600.0000 LEUCADIA NATL COM 527288104 304547 7883704.0000SH SOLE 4038571.0000 3983033.00 MARKEL CORP COM 570535104 556 1641.0000SH SOLE 1.0000 1640.0000 MARSH & MCLENNAN COS COM COM 571748102 21207 765600.0000SH SOLE 681700.0000 83900.0000 MCI INC COM COM 552691107 144048 5602814.0000SH SOLE 3470589.0000 2132225.00 MERCURY GENL CORP NEW COM 589400100 65782 1206560.0000SH SOLE 307352.0000 899208.000 MERITOR SVGS BK PA COM COM 590007100 177 43645.0000SH SOLE 5000.0000 38645.0000 MICRON TECHNOLOGY INC COM 595112103 204 20000.0000SH SOLE 20000.0000 MORGAN STAN DEAN WITTR NEW COM 617446448 210 4010.0000SH SOLE 10.0000 4000.0000 OVERSTOCK COM INC DEL COM COM 690370101 7209 202500.0000SH SOLE 202500.0000 20000.0000 POSCO SPONSORED ADR COM 693483109 13191 300000.0000SH SOLE 300000.0000 RLI CORP COM 749607107 223 5002.0000SH SOLE 2.0000 5000.0000 SAFETY INS GROUP INC COM COM 78648T100 42920 1271313.0000SH SOLE 1271313.0000 SBC COMMUNICATIONS INC COM COM 78387G103 1187 50000.0000SH SOLE 50000.0000 SYSTEMAX INC COM 871851101 252 37500.0000SH SOLE 37500.0000 USA MOBILITY INC COM 90341G103 56577 1927025.0000SH SOLE 1927025.0000 93805.0000 WELLS FARGO & CO COM 949746101 6784 110160.0000SH SOLE 50.0000 110110.000 WELLSFORD REAL PPTYS COM COM 950240101 201 11331.0000SH SOLE 275.0000 11056.0000 WESCO FINL CORP COM COM 950817106 541 1502.0000SH SOLE 2.0000 1500.0000 WHITE MTNS INS GROUP LTD COM G9618E107 59281 93963.0000SH SOLE 83500.0000 10463.0000