13F-HR 1 d932761_13f-hr.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 September 30, 2008 Check here if Amendment: |_|; Amendment Number: ____ This Amendment (Check only one): |_| 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: 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: /s/ Diana Crumay Lancaster, PA November 14, 2008 ----------------------- -------------------------- ---------------------- [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: 115 Form 13F Information Table Value Total: $2,813,336 (in thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL 6 COLUMN 7 COLUMN 8 VALUE SHRS OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRTN MANAGERS SOLE SHARED NONE 3M CO COM 88579Y101 704 10,300 SH SOLE NONE 300 0 10,000 ABBOTT LABS COM 002824100 24,067 417,981 SH SOLE NONE 397,925 0 20,056 AES CORP COM 00130H105 655 56,000 SH SOLE NONE 27,000 0 29,000 AES TR III PFD CV 6.75% 00808N202 249 6,500 SH SOLE NONE 0 0 6,500 ALLEGHANY CORP DEL COM 017175100 322 882 SH SOLE NONE 657 0 225 ALLIANCE ONE INTL INC COM 018772103 68 18,000 SH SOLE NONE 18,000 0 0 ALTRIA GROUP INC COM 02209S103 146,925 7,405,509 SH SOLE NONE 6,704,061 0 701,447 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 220 4,750 SH SOLE NONE 4,750 0 0 AMERICAN EXPRESS CO COM 025816109 2,833 79,948 SH SOLE NONE 61,198 0 18,750 AMERICAN INTL GROUP INC COM 026874107 1,701 510,918 SH SOLE NONE 437,568 0 73,350 AMERICAN TOWER CORP CL A 029912201 2,806 78,000 SH SOLE NONE 78,000 0 0 ANHEUSER BUSCH COS INC COM 035229103 7,295 112,433 SH SOLE NONE 76,233 0 36,200 APTARGROUP INC COM 038336103 1,001 25,584 SH SOLE NONE 23,384 0 2,200 ARMSTRONG WORLD INDS INC NEW COM 04247X102 5,323 184,182 SH SOLE NONE 134,005 0 50,177 AT&T INC COM 00206R102 297 10,642 SH SOLE NONE 10,564 0 78 AUTOMATIC DATA PROCESSING IN COM 053015103 573 13,400 SH SOLE NONE 13,400 0 0 BANK OF AMERICA CORPORATION COM 060505104 1,694 48,400 SH SOLE NONE 47,400 0 1,000 BB&T CORP COM 054937107 573 15,150 SH SOLE NONE 15,150 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 454,227 3,478 SH SOLE NONE 3,150 0 328 BERKSHIRE HATHAWAY INC DEL CL B 084670207 106,741 24,287 SH SOLE NONE 21,714 0 2,573 BLOCK H & R INC COM 093671105 60,278 2,649,587 SH SOLE NONE 2,451,741 0 197,846 BP PLC SPONSORED ADR 055622104 629 12,528 SH SOLE NONE 11,178 0 1,350 BRITISH AMERN TOB PLC SPONSORED ADR 110448107 465 7,500 SH SOLE NONE 7,500 0 0 BROWN FORMAN CORP CL A 115637100 117,275 1,651,765 SH SOLE NONE 1,501,110 0 150,655 BROWN FORMAN CORP CL B 115637209 18,033 251,120 SH SOLE NONE 222,545 0 28,575 CADBURY PLC SPONS ADR 12721E102 451 11,014 SH SOLE NONE 10,118 0 896 CARLISLE COS INC COM 142339100 2,183 72,838 SH SOLE NONE 72,838 0 0 CEMEX SAB DE CV SPON ADR NEW 151290889 431 25,000 SH SOLE NONE 0 0 25,000 CHEVRON CORP NEW COM 166764100 2,839 34,416 SH SOLE NONE 23,831 0 10,585 CISCO SYS INC COM 17275R102 3,659 162,200 SH SOLE NONE 162,200 0 0 COCA COLA CO COM 191216100 1,187 22,446 SH SOLE NONE 20,945 0 1,501 COMCAST CORP NEW CL A 20030N101 791 40,311 SH SOLE NONE 40,067 0 244 COMCAST CORP NEW CL A SPL 20030N200 193,543 9,814,578 SH SOLE NONE 8,912,365 0 902,213 CONOCOPHILLIPS COM 20825C104 2,638 36,008 SH SOLE NONE 25,699 0 10,309 COSTCO WHSL CORP NEW COM 22160K105 792 12,200 SH SOLE NONE 9,900 0 2,300 CRANE CO COM 224399105 6,335 213,224 SH SOLE NONE 183,429 0 29,795 DEERE & CO COM 244199105 1,089 22,000 SH SOLE NONE 20,575 0 1,425 DEVON ENERGY CORP NEW COM 25179M103 3,648 40,000 SH SOLE NONE 40,000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 29,626 430,228 SH SOLE NONE 383,796 0 46,432 DISCOVER FINL SVCS COM 254709108 745 53,900 SH SOLE NONE 53,900 0 0 DISNEY WALT CO COM DISNEY 254687106 679 22,129 SH SOLE NONE 21,379 0 750 DOVER CORP COM 260003108 2,583 63,690 SH SOLE NONE 56,190 0 7,500 DU PONT E I DE NEMOURS & CO COM 263534109 394 9,766 SH SOLE NONE 9,666 0 100 ENCANA CORP COM 292505104 4,059 61,750 SH SOLE NONE 61,750 0 0 EXXON MOBIL CORP COM 30231G102 19,411 249,946 SH SOLE NONE 212,124 0 37,822 FPL GROUP INC COM 302571104 367 7,300 SH SOLE NONE 5,900 0 1,400 FULTON FINL CORP PA COM 360271100 1,468 134,575 SH SOLE NONE 63,774 0 70,801 GANNETT INC COM 364730101 679 40,125 SH SOLE NONE 24,025 0 16,100 GENERAL DYNAMICS CORP COM 369550108 1,060 14,400 SH SOLE NONE 14,400 0 0 GENERAL ELECTRIC CO COM 369604103 3,194 125,260 SH SOLE NONE 85,540 0 39,720 HARTE-HANKS INC COM 416196103 233 22,500 SH SOLE NONE 22,500 0 0 HASBRO INC COM 418056107 75,983 2,188,441 SH SOLE NONE 2,015,800 0 172,641 HEARTLAND EXPRESS INC COM 422347104 1,292 83,256 SH SOLE NONE 76,990 0 6,266 HORMEL FOODS CORP COM 440452100 14,854 409,425 SH SOLE NONE 371,225 0 38,200 INTERNATIONAL BUSINESS MACHS COM 459200101 2,622 22,420 SH SOLE NONE 2,345 0 20,075 INTERNATIONAL SPEEDWAY CORP CL A 460335201 28,699 737,581 SH SOLE NONE 670,432 0 67,149 JOHNSON & JOHNSON COM 478160104 4,686 67,642 SH SOLE NONE 56,542 0 11,100 JPMORGAN & CHASE & CO COM 46625H100 1,716 36,750 SH SOLE NONE 0 0 36,750 KRAFT FOODS INC CL A 50075N104 6,949 212,171 SH SOLE NONE 193,200 0 18,971 LAMAR ADVERTISING CO CL A 512815101 205 6,625 SH SOLE NONE 5,225 0 1,400 LEE ENTERPRISES INC COM 523768109 257 73,410 SH SOLE NONE 60,235 0 13,175 LEUCADIA NATL CORP COM 527288104 4,143 91,186 SH SOLE NONE 89,186 0 2,000 LEXINGTON REALTY TRUST COM 529043101 844 49,000 SH SOLE NONE 36,000 0 13,000 MARKEL CORP COM 570535104 24,547 69,834 SH SOLE NONE 58,864 0 10,970 MARTIN MARIETTA MATLS INC COM 573284106 215,416 1,923,698 SH SOLE NONE 1,735,506 0 188,192 MASTERCARD INC CL A 57636Q104 5,219 29,430 SH SOLE NONE 26,370 0 3,060 MATTEL INC COM 577081102 1,051 58,250 SH SOLE NONE 48,750 0 9,500 MCCLATCHY CO CL A 579489105 20,010 4,547,631 SH SOLE NONE 4,128,026 0 419,605 MCCORMICK & CO INC COM NON VTG 579780206 2,518 65,500 SH SOLE NONE 58,500 0 7,000 MCDONALDS CORP COM 580135101 1,629 26,395 SH SOLE NONE 25,425 0 970 MERCK & CO INC COM 589331107 239 7,586 SH SOLE NONE 5,586 0 2,000 MESA RTY TR UNIT BEN INT 590660106 1,443 23,000 SH SOLE NONE 23,000 0 0 MICROSOFT CORP COM 594918104 3,335 124,952 SH SOLE NONE 124,122 0 830 MILLER HERMAN INC COM 600544100 24,043 982,556 SH SOLE NONE 860,956 0 121,600 MOHAWK INDS INC COM 608190104 263 3,900 SH SOLE NONE 1,900 0 2,000 MONSANTO CO NEW COM 61166W101 797 8,050 SH SOLE NONE 7,650 0 400 NEW YORK TIMES CO CL A 650111107 198 13,850 SH SOLE NONE 13,850 0 0 NEWS CORP CL B 65248E203 149 12,250 SH SOLE NONE 12,000 0 250 NOKIA CORP SPONSORED ADR 654902204 242 12,965 SH SOLE NONE 12,750 0 215 NORTHERN TR CORP COM 665859104 365 5,050 SH SOLE NONE 5,000 0 50 OMNICOM GROUP INC COM 681919106 235 6,100 SH SOLE NONE 5,600 0 500 OWENS CORNING NEW COM 690742101 598 25,000 SH SOLE NONE 0 0 25,000 PEPSICO INC COM 713448108 7,854 110,195 SH SOLE NONE 104,570 0 5,625 PFIZER INC COM 717081103 1,437 77,926 SH SOLE NONE 64,176 0 13,750 PHILIP MORRIS INTL INC COM 718172109 304,240 6,325,150 SH SOLE NONE 5,732,266 0 592,884 PIONEER NAT RES CO COM 723787107 606 11,600 SH SOLE NONE 6,400 0 5,200 PNC FINL SVCS GROUP INC COM 693475105 864 11,560 SH SOLE NONE 2,760 0 8,800 PROCTER & GAMBLE CO COM 742718109 5,018 72,010 SH SOLE NONE 56,160 0 15,850 PROGRESSIVE CORP OHIO COM 743315103 7,953 457,059 SH SOLE NONE 427,854 0 29,205 ROYAL DUTCH SHELL PLC SPON ADR B 780259107 346 6,062 SH SOLE NONE 6,062 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 4,273 72,419 SH SOLE NONE 50,469 0 21,950 SCHLUMBERGER LTD COM 806857108 882 11,300 SH SOLE NONE 11,300 0 0 SCHWEITZER-MAUDUIT INTL INC COM 808541106 23,106 1,216,737 SH SOLE NONE 1,121,111 0 95,626 SCOTTS MIRACLE GRO CO CL A 810186106 975 41,250 SH SOLE NONE 28,575 0 12,675 SCRIPPS E W CO OHIO CL A NEW 811054402 7,453 1,054,223 SH SOLE NONE 973,537 0 80,686 SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 115,209 3,172,927 SH SOLE NONE 2,879,015 0 293,912 STAPLES INC COM 855030102 4,257 189,187 SH SOLE NONE 172,737 0 16,450 SUN MICROSYSTEMS INC COM 866810203 1,900 250,000 SH SOLE NONE 250,000 0 0 SUNCOR ENERGY INC COM 867229106 259 6,150 SH SOLE NONE 6,150 0 0 SUSQUEHANNA BANCSHARES INC P COM 869099101 493 25,266 SH SOLE NONE 21,581 0 3,685 TEXAS INSTRS INC COM 882508104 241 11,200 SH SOLE NONE 10,700 0 500 TIFFANY & CO NEW COM 886547108 231 6,500 SH SOLE NONE 6,500 0 0 TIGERLOGIC CORPORATION COM 8867EQ101 95 25,000 SH SOLE NONE 10,000 0 15,000 TIME WARNER CABLE INC CL A 88732J108 981 40,530 SH SOLE NONE 0 0 40,530 TIME WARNER INC COM 887317105 343 26,150 SH SOLE NONE 6,150 0 20,000 TOTAL S A SPONSORED ADR 89151E109 249 4,100 SH SOLE NONE 4,100 0 0 UNILEVER N V N Y SHS NEW 904784709 108,234 3,843,548 SH SOLE NONE 3,484,596 0 358,952 UNUM GROUP COM 91529Y106 245 9,775 SH SOLE NONE 9,500 0 275 UST INC COM 902911106 167,178 2,512,444 SH SOLE NONE 2,290,126 0 222,318 VORNADO RLTY TR SH BEN INT 929042109 1,546 17,000 SH SOLE NONE 0 0 17,000 VULCAN MATLS CO COM 929160109 5,913 79,375 SH SOLE NONE 58,525 0 20,850 WAL MART STORES INC COM 931142103 2,744 45,818 SH SOLE NONE 25,093 0 20,725 WASHINGTON POST CO CL B 939640108 107,508 193,096 SH SOLE NONE 174,119 0 18,977 WELLS FARGO & CO NEW COM 949746101 246,864 6,577,773 SH SOLE NONE 5,956,929 0 620,844 WESCO FINL CORP COM 950817106 257 720 SH SOLE NONE 570 0 150

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