13F-HR 1 d823570_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, 2007 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, 2007 ----------------------- -------------------------- ---------------------- [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: 454 Form 13F Information Table Value Total: $5,160,747 (in thousands) List of Other Included Managers: None FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 TITLE VALUE SHRS OR SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETN MGRS SOLE SHARED NONE -------------- -------- ----- -------- ------- --- ---- -------- ---- ---- ------ ---- 3I GROUP PLC COM G88473148 156 7,650 SH SOLE NONE 0 0 7,650 3M CO COM 88579Y101 973 10,400 SH SOLE NONE 400 0 10,000 A P MOLLER-MAERSK A/S COM K0514G135 1,017 75 SH SOLE NONE 0 0 75 A T & T INC COM 00206R102 450 10,642 SH SOLE NONE 10,564 0 78 ABBOTT LABS COM 002824100 22,575 421,017 SH SOLE NONE 399,361 0 21,656 ACCO BRANDS CORP COM 00081T108 1 47 SH SOLE NONE 47 0 0 ACE LTD ORD G0070K103 151 2,500 SH SOLE NONE 2,500 0 0 ACNB CORP COM 000868109 14 840 SH SOLE NONE 840 0 0 ADELPHIA CONTINGENT VALUE CVV COM 00685R409 61 1,514,097 SH SOLE NONE 0 0 1,514,097 ADELPHIA RECOVERY TR CVV COM 00685R706 0 25,145,425 SH SOLE NONE 0 0 25,145,425 AES CORP COM 00130H105 1,122 56,000 SH SOLE NONE 27,000 0 29,000 AES TR III PFD CV 6.75% 00808N202 317 6,500 SH SOLE NONE 0 0 6,500 ALCATEL-LUCENT SPONSORED ADR 013904305 6 550 SH SOLE NONE 550 0 0 ALLEGHANY CORP DEL COM 017175100 394 971 SH SOLE NONE 646 0 325 ALLIANCE ONE INTL INC COM 018772103 118 18,000 SH SOLE NONE 18,000 0 0 ALLSTATE CORP COM 020002101 220 3,850 SH SOLE NONE 3,850 0 0 ALTADIS SA COM E0432C106 7,961 113,425 SH SOLE NONE 73,425 0 40,000 ALTRIA GROUP INC COM 02209S103 389,683 5,604,537 SH SOLE NONE 5,127,577 0 476,960 AMBAC FINL GROUP INC COM 023139108 14 225 SH SOLE NONE 0 0 225 AMER ITALIAN PASTA CO CL A COM 027070101 16 2,000 SH SOLE NONE 0 0 2,000 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 437 6,823 SH SOLE NONE 6,823 0 0 AMERICAN EXPRESS CO COM 025816109 3,130 52,713 SH SOLE NONE 48,088 0 4,625 AMERICAN INTL GROUP INC COM 026874107 193,783 2,864,490 SH SOLE NONE 2,606,304 0 258,186 AMERICAN SATELLITE NETWORK 06/ WARRANT 02937P116 0 42,205 SH SOLE NONE 40,131 0 2,074 AMERICAN TOWER CORP CL A 029912201 3,784 86,900 SH SOLE NONE 85,900 0 1,000 AMERIPRISE FINL INC COM 03076C106 153 2,423 SH SOLE NONE 2,423 0 0 AMGEN INC COM 031162100 42 740 SH SOLE NONE 740 0 0 ANADARKO PETE CORP COM 032511107 79 1,472 SH SOLE NONE 1,472 0 0 ANALOG DEVICES INC COM 032654105 43 1,200 SH SOLE NONE 1,200 0 0 ANGLO AMERICAN PLC COM G03764134 764 11,375 SH SOLE NONE 4,550 0 6,825 ANHEUSER-BUSCH COS INC COM 035229103 7,393 147,887 SH SOLE NONE 92,029 0 55,858 AON CORP COM 037389103 63 1,400 SH SOLE NONE 1,400 0 0 APPLE INC COM 037833100 4 25 SH SOLE NONE 25 0 0 APPLERA CORP COM CELERA GRP 038020202 8 600 SH SOLE NONE 600 0 0 APPLIED MATLS INC COM 038222105 17 800 SH SOLE NONE 800 0 0 APTARGROUP INC COM 038336103 969 25,584 SH SOLE NONE 23,584 0 2,000 ARCTIC CAT INC COM 039670104 160 9,750 SH SOLE NONE 2,250 0 7,500 AREVA-CI COM F84742109 30 30 SH SOLE NONE 30 0 0 ARIEL FD CALV ARIEL APP MUTUAL 040337206 5 95 SH SOLE NONE 95 0 0 ARIEL FD SH BEN INT MUTUAL 040337107 7 128 SH SOLE NONE 128 0 0 ARMSTRONG HOLDINGS COM 042384107 126 200,000 SH SOLE NONE 0 0 200,000 ARMSTRONG WORLD INDS INC NEW COM 04247X102 7,911 194,894 SH SOLE NONE 150,779 0 44,115 ARUBA NETWORKS INC COM 043176106 16 805 SH SOLE NONE 805 0 0 ASTROPOWER INC COM 04644A101 0 150 SH SOLE NONE 150 0 0 ATHEROS COMMUNICATIONS INC COM 04743P108 78 2,613 SH SOLE NONE 2,613 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 615 13,400 SH SOLE NONE 13,400 0 0 AVERY DENNISON CORP COM 053611109 4 75 SH SOLE NONE 75 0 0 AVISHUSET DAGBLADET NOK20 COM R50065102 15,836 116,554 SH SOLE NONE 101,954 0 14,600 AVISHUSET DAGBLADET PFD PREFERR R50065110 503 3,701 SH SOLE NONE 701 0 3,000 AVON PRODS INC COM 054303102 10 275 SH SOLE NONE 275 0 0 BAIDU COM INC SPON ADR REP A 056752108 62 215 SH SOLE NONE 215 0 0 BANK OF AMERICA CORPORATION COM 060505104 5,232 104,080 SH SOLE NONE 102,850 0 1,230 BANK OF NEW YORK MELLON CORP COM 064058100 46 1,037 SH SOLE NONE 1,037 0 0 BARRICK GOLD CORP COM 067901108 22 550 SH SOLE NONE 550 0 0 BARRY CALLEBAUT AG COM H05072105 220 300 SH SOLE NONE 100 0 200 BAXTER INTL INC COM 071813109 82 1,450 SH SOLE NONE 1,450 0 0 BAYERISCHE MOTOREN WERKE AG COM D12096109 48 750 SH SOLE NONE 500 0 250 BB&T CORP COM 054937107 410 10,145 SH SOLE NONE 10,145 0 0 BED BATH & BEYOND INC COM 075896100 27 800 SH SOLE NONE 800 0 0 BELO CORP COM SER A 080555105 156 9,000 SH SOLE NONE 9,000 0 0 BENFIELD GROUP LTD COM G0985D103 2,369 400,150 SH SOLE NONE 344,150 0 56,000 BERKSHIRE HATHAWAY INC DEL CL A 084670108 420,592 3,549 SH SOLE NONE 3,224 0 325 BERKSHIRE HATHAWAY INC DEL CL B 084670207 95,247 24,101 SH SOLE NONE 21,510 5 2,586 BIC COM F10080103 4,506 52,650 SH SOLE NONE 32,650 0 20,000 BJ SVCS CO COM 055482103 80 3,000 SH SOLE NONE 3,000 0 0 BLOCK H & R INC COM 093671105 86,664 4,091,763 SH SOLE NONE 3,758,008 0 333,755 BOEING CO COM 097023105 31 300 SH SOLE NONE 100 0 200 BP PLC SPONSORED ADR 055622104 952 13,728 SH SOLE NONE 11,808 0 1,920 BP PLC ORD COM 0798059 232 20,000 SH SOLE NONE 20,000 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 190 6,600 SH SOLE NONE 6,600 0 0 BRITISH AMER TOBACCO PLC COM G1510J102 11,717 327,645 SH SOLE NONE 249,145 0 78,500 BRITISH AMERN TOB PLC SPONSORED ADR 110448107 540 7,500 SH SOLE NONE 7,500 0 0 BROADRIDGE FINL SOLUTIONS IN COM 11133T103 81 4,300 SH SOLE NONE 4,300 0 0 BROWN & BROWN INC COM 115236101 79 3,000 SH SOLE NONE 3,000 0 0 BROWN FORMAN CORP CL A 115637100 128,344 1,645,433 SH SOLE NONE 1,506,310 0 139,123 BROWN FORMAN CORP CL B 115637209 21,203 283,045 SH SOLE NONE 245,995 0 37,050 BURNHAM HLDGS INC CL A COM 122295108 16 1,082 SH SOLE NONE 0 0 1,082 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 52 1,500 SH SOLE NONE 1,500 0 0 CADBURY SCHWEPPES ORD COM G17444152 119,340 10,314,635 SH SOLE NONE 9,367,894 0 946,741 CADBURY SCHWEPPES PLC ADR 127209302 435 9,350 SH SOLE NONE 8,350 0 1,000 CAMECO CORP COM 13321L108 55 1,200 SH SOLE NONE 1,200 0 0 CAMPBELL SOUP CO COM 134429109 105 2,850 SH SOLE NONE 2,850 0 0 CANADIAN OIL SANDS TRUST COM 13642L100 10,989 330,000 SH SOLE NONE 330,000 0 0 CANON INC JPY COM 6172323 355 6,500 SH SOLE NONE 6,500 0 0 CAPITAL ONE FINL CORP COM 14040H105 5 73 SH SOLE NONE 73 0 0 CARLISLE COS INC COM 142339100 3,618 74,438 SH SOLE NONE 74,438 0 0 CARNIVAL CORP PAIRED CTF 143658300 5 110 SH SOLE NONE 110 0 0 CATERPILLAR INC DEL COM 149123101 31 400 SH SOLE NONE 400 0 0 CBS CORP NEW CL B 124857202 35 1,125 SH SOLE NONE 1,125 0 0 CELGENE CORP COM 151020104 71 1,000 SH SOLE NONE 1,000 0 0 CENTERPOINT ENERGY INC COM 15189T107 3 200 SH SOLE NONE 200 0 0 CENTRAL VT PUB SVC PFD PREFERR 155771306 4 50 SH SOLE NONE 50 0 0 CEPHEID COM 15670R107 91 4,000 SH SOLE NONE 0 0 4,000 CHARLES RIV LABS INTL INC COM 159864107 3 62 SH SOLE NONE 62 0 0 CHATTEM INC COM 162456107 97 1,380 SH SOLE NONE 1,380 0 0 CHEVRON CORP NEW COM 166764100 2,252 24,070 SH SOLE NONE 22,460 0 1,610 CHINA SHENHUA ENERGY CO-H COM Y1504C113 165 27,500 SH SOLE NONE 27,500 0 0 CHOICEPOINT INC COM 170388102 30 800 SH SOLE NONE 800 0 0 CHURCH & DWIGHT INC COM 171340102 7 150 SH SOLE NONE 150 0 0 CIE FINANC RICHEMONT A-SW COM H25662141 215,700 3,261,758 SH SOLE NONE 2,981,129 0 280,629 CINCINNATI FINL CORP COM 172062101 6 150 SH SOLE NONE 150 0 0 CISCO SYS INC COM 17275R102 5,374 162,200 SH SOLE NONE 162,200 0 0 CITADEL BROADCASTING CORP COM 17285T106 6 1,332 SH SOLE NONE 1,275 0 57 CITIGROUP INC COM 172967101 112,622 2,413,151 SH SOLE NONE 2,200,684 0 212,467 CITIZENS COMMUNICATIONS CO COM 17453B101 3 184 SH SOLE NONE 184 0 0 CLIPPER FD INC MUTUAL 188850101 19 206 SH SOLE NONE 206 0 0 COCA-COLA CO COM 191216100 1,343 23,371 SH SOLE NONE 21,745 0 1,626 COLUMBIA ACORN TR INTL CL Z MUTUAL 197199813 10 214 SH SOLE NONE 214 0 0 COMCAST CORP NEW CL A 20030N101 941 38,919 SH SOLE NONE 38,675 0 244 COMCAST CORP NEW CL A SPL 20030N200 221,385 9,239,801 SH SOLE NONE 8,398,543 0 841,258 CONOCOPHILLIPS COM 20825C104 2,337 26,624 SH SOLE NONE 25,390 0 1,234 CONSTELLATION BRANDS INC CL A 21036P108 10 400 SH SOLE NONE 400 0 0 CORNING INC COM 219350105 43 1,750 SH SOLE NONE 1,750 0 0 COSTCO WHSL CORP NEW COM 22160K105 838 13,650 SH SOLE NONE 11,350 0 2,300 COUSINS PPTYS INC COM 222795106 44 1,500 SH SOLE NONE 0 0 1,500 COVIDIEN LTD COM G2552X108 1 14 SH SOLE NONE 14 0 0 CRANE CO COM 224399105 10,279 214,274 SH SOLE NONE 186,679 0 27,595 CRESCENT FINL CORP COM 225744101 5 440 SH SOLE NONE 440 0 0 CRH PLC COM G25508105 5,741 144,800 SH SOLE NONE 118,000 0 26,800 CROWN CASTLE INTL CORP COM 228227104 67 1,650 SH SOLE NONE 1,650 0 0 CVS CAREMARK CORPORATION COM 126650100 79 2,000 SH SOLE NONE 2,000 0 0 D & E COMMUNICATIONS INC COM 232860106 112 7,900 SH SOLE NONE 400 0 7,500 DAILY MAIL & GEN TST-A COM G26236128 417 32,464 SH SOLE NONE 28,964 0 3,500 DAIMLERCHRYSLER COM D1668R123 90 902 SH SOLE NONE 902 0 0 DANAHER CORP DEL COM 235851102 36 436 SH SOLE NONE 436 0 0 DAVIS NY VENTURE FD INC MUTUAL 239080401 59 1,421 SH SOLE NONE 1,421 0 0 DEERE & CO COM 244199105 5,579 37,592 SH SOLE NONE 36,192 0 1,400 DEL MONTE FOODS CO COM 24522P103 28 2,679 SH SOLE NONE 2,679 0 0 DELPHI FINL GROUP INC CL A 247131105 96 2,375 SH SOLE NONE 2,375 0 0 DENTSPLY INTL INC NEW COM 249030107 42 1,000 SH SOLE NONE 1,000 0 0 DENVER & EPHRATA TEL & TELEG P PREFERR 249055203 2 40 SH SOLE NONE 40 0 0 DEVON ENERGY CORP NEW COM 25179M103 3,744 45,000 SH SOLE NONE 45,000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 37,829 431,194 SH SOLE NONE 386,512 0 44,682 DIAGEO PLC COM G42089113 149,613 6,825,392 SH SOLE NONE 6,231,268 0 594,124 DISCOVER FINL SVCS COM 254709108 7 344 SH SOLE NONE 344 0 0 DISNEY WALT CO COM DISNEY 254687106 791 23,004 SH SOLE NONE 22,254 0 750 DOVER CORP COM 260003108 3,357 65,890 SH SOLE NONE 58,390 0 7,500 DOW JONES & CO INC COM 260561105 12 200 SH SOLE NONE 200 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 359 7,250 SH SOLE NONE 7,250 0 0 EATON VANCE PRIME RATE RESVS MUTUAL 277913109 17 1,796 SH SOLE NONE 1,796 0 0 EDIPRESSE S A - BEARER COM H20616126 72 150 SH SOLE NONE 150 0 0 ENCANA CORP COM 292505104 5,072 82,000 SH SOLE NONE 82,000 0 0 ENCORE WIRE CORP COM 292562105 126 5,000 SH SOLE NONE 5,000 0 0 ENTERGY CORP NEW COM 29364G103 14 133 SH SOLE NONE 133 0 0 EP MEDSYSTEMS INC COM 26881P103 46 25,000 SH SOLE NONE 0 0 25,000 EPHRATA NATIONAL BANK COM 294209200 13 450 SH SOLE NONE 450 0 0 EQUIFAX INC COM 294429105 57 1,500 SH SOLE NONE 1,500 0 0 ESCO TECHNOLOGIES INC COM 296315104 33 1,000 SH SOLE NONE 1,000 0 0 EVERGREEN TR STRAT GRT CL I MUTUAL 299909408 72 2,091 SH SOLE NONE 2,091 0 0 EXPEDIA INC DEL COM 30212P105 8 250 SH SOLE NONE 250 0 0 EXPEDITORS INTL WASH INC COM 302130109 142 3,000 SH SOLE NONE 3,000 0 0 EXXON MOBIL CORP COM 30231G102 25,566 276,205 SH SOLE NONE 236,551 0 39,654 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 49 200 SH SOLE NONE 0 0 200 FAIRHOLME FDS INC MUTUAL 304871106 9 270 SH SOLE NONE 270 0 0 FASTENAL CO COM 311900104 102 2,250 SH SOLE NONE 2,250 0 0 FEDERAL HOME LN MTG CORP COM 313400301 37 630 SH SOLE NONE 630 0 0 FEDERAL NATL MTG ASSN COM 313586109 55 900 SH SOLE NONE 900 0 0 FEDEX CORP COM 31428X106 125 1,190 SH SOLE NONE 1,190 0 0 FIDELITY NATIONAL FINANCIAL CL A 31620R105 50 2,853 SH SOLE NONE 2,853 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 280 6,303 SH SOLE NONE 6,228 0 75 FIRST PAC LTD ORD COM G34804107 44 58,183 SH SOLE NONE 58,183 0 0 FORTUNE BRANDS INC COM 349631101 16 200 SH SOLE NONE 200 0 0 FPA FDS TR FPA CRESC INSTL MUTUAL 30254T759 10 370 SH SOLE NONE 370 0 0 FPL GROUP INC COM 302571104 475 7,800 SH SOLE NONE 6,400 0 1,400 FULLER H B CO COM 359694106 25 850 SH SOLE NONE 850 0 0 FULTON FINL CORP PA COM 360271100 1,702 118,365 SH SOLE NONE 68,742 0 49,623 GANNETT INC COM 364730101 1,469 33,625 SH SOLE NONE 21,200 0 12,425 GENERAL DYNAMICS CORP COM 369550108 1,385 16,400 SH SOLE NONE 16,400 0 0 GENERAL ELECTRIC CO COM 369604103 8,590 207,481 SH SOLE NONE 125,881 0 81,600 GENERAL GROWTH PPTYS INC COM 370021107 12 215 SH SOLE NONE 0 0 215 GENESEE & WYO INC CL A 371559105 13 450 SH SOLE NONE 450 0 0 GILEAD SCIENCES INC COM 375558103 61 1,500 SH SOLE NONE 1,500 0 0 GLATFELTER COM 377316104 16 1,100 SH SOLE NONE 400 0 700 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 20 375 SH SOLE NONE 375 0 0 GLOBALSANTAFE CORP SHS G3930E101 46 600 SH SOLE NONE 600 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 22 100 SH SOLE NONE 100 0 0 GOOGLE INC CL A 38259P508 68 120 SH SOLE NONE 120 0 0 GROUPE DANONE COM B018SX1 314 4,000 SH SOLE NONE 4,000 0 0 GROUPE DANONE SPONSORED ADR 399449107 8,073 514,190 SH SOLE NONE 410,690 0 103,500 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 25 1,016 SH SOLE NONE 0 0 1,016 HAIN CELESTIAL GROUP INC COM 405217100 5 150 SH SOLE NONE 150 0 0 HARLEYSVILLE NATL CORP PA COM 412850109 3 173 SH SOLE NONE 0 0 173 HARTE HANKS INC COM 416196103 443 22,500 SH SOLE NONE 22,500 0 0 HASBRO INC COM 418056107 87,224 3,128,538 SH SOLE NONE 2,890,811 0 237,727 HCC INS HLDGS INC COM 404132102 21 750 SH SOLE NONE 750 0 0 HEALTHSOUTH CORP COM NEW 421924309 95 5,400 SH SOLE NONE 0 0 5,400 HEARTLAND EXPRESS INC COM 422347104 1,527 106,952 SH SOLE NONE 100,886 0 6,066 HEINEKEN HLDG NV COM N39338194 368,846 6,444,975 SH SOLE NONE 5,888,252 0 556,723 HEINEKEN NV COM N39427211 74 1,125 SH SOLE NONE 0 0 1,125 HEINEKEN NV UNSPONS ADR COM 423012202 6,566 200,641 SH SOLE NONE 83,237 0 117,404 HEINZ H J CO COM 423074103 74 1,600 SH SOLE NONE 1,600 0 0 HERSHEY CO COM 427866108 145 3,120 SH SOLE NONE 3,120 0 0 HEWLETT PACKARD CO COM 428236103 119 2,400 SH SOLE NONE 2,400 0 0 HILLENBRAND INDS INC COM 431573104 83 1,500 SH SOLE NONE 0 0 1,500 HOME DEPOT INC COM 437076102 133 4,115 SH SOLE NONE 4,115 0 0 HONEYWELL INTL INC COM 438516106 72 1,210 SH SOLE NONE 1,210 0 0 HORMEL FOODS CORP COM 440452100 15,506 433,365 SH SOLE NONE 393,165 0 40,200 HSBC HLDGS PLC ORD COM 0540528 259 14,000 SH SOLE NONE 14,000 0 0 HUDSON HIGHLAND GROUP INC COM 443792106 7 524 SH SOLE NONE 0 0 524 HUNTER DOUGLAS NV COM N4327C122 38 425 SH SOLE NONE 425 0 0 IDEARC INC COM 451663108 6 186 SH SOLE NONE 186 0 0 IMPERIAL OIL LTD COM NEW 453038408 198 4,000 SH SOLE NONE 4,000 0 0 IMPERIAL TOBACCO GROUP PLC COM G4721W102 160 3,500 SH SOLE NONE 3,500 0 0 IMPERIAL TOBACCO GROUP PLC SPONSORED ADR 453142101 43 470 SH SOLE NONE 470 0 0 INTEL CORP COM 458140100 197 7,610 SH SOLE NONE 7,610 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 3,122 26,500 SH SOLE NONE 2,325 0 24,175 INTERNATIONAL SPEEDWAY COR CL A 460335201 34,850 759,919 SH SOLE NONE 689,984 0 69,935 INTERNAT'L SPEEDWAY CL B COM 460335300 15,492 340,486 SH SOLE NONE 313,586 0 26,900 INTERPUBLIC GROUP COS INC COM 460690100 0 15 SH SOLE NONE 15 0 0 IPC HLDGS LTD ORD G4933P101 6 200 SH SOLE NONE 200 0 0 IPRINT TECHNOLOGIES INC COM 462628108 0 600 SH SOLE NONE 600 0 0 ISHARES TR S&P MIDCP VALU 464287705 1 16 SH SOLE NONE 16 0 0 ISHARES TR S&P SMLCAP 600 464287804 7 100 SH SOLE NONE 100 0 0 ITT CORP NEW COM 450911102 13 190 SH SOLE NONE 190 0 0 JAMES HALSTEAD PLC COM G4253G129 117 10,000 SH SOLE NONE 10,000 0 0 JAPAN TOBACCO INC COM 6474535 60 11 SH SOLE NONE 11 0 0 JC DECAUS SA ACT COM F5333N100 26 750 SH SOLE NONE 0 0 750 JOHNSON & JOHNSON COM 478160104 5,614 85,445 SH SOLE NONE 81,748 0 3,697 JP MORGAN CHASE & CO COM 46625H100 1,848 40,327 SH SOLE NONE 10,327 0 30,000 KAO CORP JPY COM JP3205800 290 9,700 SH SOLE NONE 9,700 0 0 KELLOGG CO COM 487836108 101 1,800 SH SOLE NONE 1,700 0 100 KEYCORP NEW COM 493267108 3 100 SH SOLE NONE 100 0 0 KIMBERLY CLARK CORP COM 494368103 193 2,750 SH SOLE NONE 2,750 0 0 KINGSPAN GROUP PLC COM G52654103 5,088 232,950 SH SOLE NONE 194,800 0 38,150 KIRIN HOLDINGS CO LTD COM 6493745 99 7,500 SH SOLE NONE 7,500 0 0 KONINKLIJKE WEGENER NV COM N5213D116 21,633 858,440 SH SOLE NONE 746,790 0 111,650 KRAFT FOODS INC CL A 50075N104 61,813 1,791,156 SH SOLE NONE 1,651,331 0 139,825 KROGER CO COM 501044101 50 1,750 SH SOLE NONE 1,750 0 0 LANCASTER COLONY CORP COM 513847103 14 375 SH SOLE NONE 0 0 375 LAUDER ESTEE COS INC CL A 518439104 32 750 SH SOLE NONE 750 0 0 LEE ENTERPRISES INC COM 523768109 1,432 91,985 SH SOLE NONE 78,285 0 13,700 LEUCADIA NATL CORP COM 527288104 4,952 102,686 SH SOLE NONE 100,686 0 2,000 LEVEL 3 COMMUNICATIONS INC COM 52729N100 0 100 SH SOLE NONE 100 0 0 LEXINGTON REALTY TRUST COM 529043101 970 48,500 SH SOLE NONE 36,000 0 12,500 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 5 250 SH SOLE NONE 250 0 0 LIBERTY MEDIA HLDG CORP CAP COM SER A 53071M302 6 50 SH SOLE NONE 50 0 0 LILLY ELI & CO COM 532457108 11 200 SH SOLE NONE 200 0 0 LINDT & SPRUENGLI AG-REG COM H49983176 945 25 SH SOLE NONE 0 0 25 LOEWS CORP CAROLNA GP STK 540424207 206 2,500 SH SOLE NONE 2,500 0 0 LONGLEAF INT PARTNERS FD MUTUAL 543069405 10 454 SH SOLE NONE 454 0 0 LONGLEAF PARTNERS FUND MUTUAL 543069108 9 229 SH SOLE NONE 229 0 0 LOREAL SA COM 4057808 216 1,650 SH SOLE NONE 1,650 0 0 LOWES COS INC COM 548661107 226 8,050 SH SOLE NONE 7,200 0 850 LSI CORPORATION COM 502161102 1 105 SH SOLE NONE 105 0 0 LUCENT TECHS INC WT EXP 12/10/ WARRANT 549463131 0 103 SH SOLE NONE 103 0 0 M D C HLDGS INC COM 552676108 4 100 SH SOLE NONE 0 0 100 MARKEL CORP COM 570535104 33,880 70,000 SH SOLE NONE 59,030 0 10,970 MARSH & MCLENNAN COS INC COM 571748102 115 4,500 SH SOLE NONE 3,500 0 1,000 MARSHALL & ILSLEY CORP COM 571834100 66 1,500 SH SOLE NONE 1,500 0 0 MARTIN MARIETTA MTLS INC COM 573284106 264,730 1,982,255 SH SOLE NONE 1,801,084 0 181,171 MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 15 900 SH SOLE NONE 900 0 0 MASTERS SELECT EQUITY FUND MUTUAL 576417109 49 2,874 SH SOLE NONE 2,874 0 0 MASTERS SELECT FDS VALUE FD MUTUAL 576417406 9 514 SH SOLE NONE 514 0 0 MASTERS SELECT INT'L FUND MUTUAL 576417208 34 1,427 SH SOLE NONE 1,427 0 0 MASTERS SELECT SMALLER FD MUTUAL 576417307 8 523 SH SOLE NONE 523 0 0 MATTEL INC COM 577081102 1,390 59,250 SH SOLE NONE 49,750 0 9,500 MCCLATCHY CO CL A 579489105 73,998 3,703,602 SH SOLE NONE 3,403,770 0 299,832 MCCORMICK & CO INC COM NON VTG 579780206 2,547 70,800 SH SOLE NONE 63,800 0 7,000 MCDONALDS CORP COM 580135101 1,502 27,573 SH SOLE NONE 26,603 0 970 MCKESSON CORP COM 58155Q103 35 600 SH SOLE NONE 600 0 0 MEADWESTVACO CORP COM 583334107 68 2,300 SH SOLE NONE 0 0 2,300 MEDTRONIC INC COM 585055106 195 3,450 SH SOLE NONE 3,450 0 0 MERCK & CO INC COM 589331107 539 10,435 SH SOLE NONE 7,645 0 2,790 MERCURY GENL CORP NEW COM 589400100 1,807 33,500 SH SOLE NONE 29,250 0 4,250 MERITOR SVGS BK PA COM 590007100 13 3,000 SH SOLE NONE 3,000 0 0 MESA RTY TR UNIT BEN INT 590660106 1,403 23,000 SH SOLE NONE 23,000 0 0 MGI PHARMA INC COM 552880106 44 1,600 SH SOLE NONE 0 0 1,600 MICROPORE INC "A" CV PFD CONVERT 595995002 99 3,200 SH SOLE NONE 3,200 0 0 MICROPORE INC "C" CV PFD CONVERT 595998816 17 550 SH SOLE NONE 550 0 0 MICROSOFT CORP COM 594918104 3,977 134,986 SH SOLE NONE 134,586 0 400 MILLER HERMAN INC COM 600544100 26,441 974,256 SH SOLE NONE 854,306 0 119,950 MIRANT CORP ESCROW SHARES COM 604675991 0 500 SH SOLE NONE 500 0 0 MIRANT CORP NEW COM 60467R100 1 13 SH SOLE NONE 13 0 0 MIRANT CORP NEW W EXP 01/03/201 60467R118 1 43 SH SOLE NONE 43 0 0 MODINE MFG CO COM 607828100 146 5,500 SH SOLE NONE 5,500 0 0 MOHAWK INDS INC COM 608190104 439 5,400 SH SOLE NONE 3,400 0 2,000 MOLEX INC CL A 608554200 30 1,200 SH SOLE NONE 1,200 0 0 MONEYGRAM INTL INC COM 60935Y109 11 500 SH SOLE NONE 500 0 0 MONSANTO CO NEW COM 61166W101 1,093 12,750 SH SOLE NONE 12,350 0 400 MONSTER WORLDWIDE INC COM 611742107 43 1,250 SH SOLE NONE 0 0 1,250 MORGAN STANLEY COM NEW 617446448 43 688 SH SOLE NONE 688 0 0 MURPHY OIL CORP COM 626717102 105 1,500 SH SOLE NONE 1,500 0 0 MYLAN LABS INC COM 628530107 64 4,000 SH SOLE NONE 4,000 0 0 NATIONAL CITY CORP COM 635405103 15 600 SH SOLE NONE 600 0 0 NATIONAL PENN BANCSHARES INC COM 637138108 76 4,644 SH SOLE NONE 4,644 0 0 NATURAL RESOURCE PARTNERS L COM UNIT L P 63900P103 44 1,400 SH SOLE NONE 0 0 1,400 NESTLE REG ADR COM 641069406 455,692 4,065,778 SH SOLE NONE 3,690,996 0 374,782 NEUBERGER & BERMAN EQUITY TR P MUTUAL 640917407 16 631 SH SOLE NONE 631 0 0 NEUE ZUERCHER ZEITUNG COM H57512107 417 6 SH SOLE NONE 3 0 3 NEW YORK TIMES CO CL A 650111107 275 13,900 SH SOLE NONE 13,900 0 0 NEWELL RUBBERMAID INC. COM 651229106 7 250 SH SOLE NONE 250 0 0 NEWS CORP CL A 65248E104 205 9,300 SH SOLE NONE 9,100 0 200 NOBLE ENERGY INC COM 655044105 168 2,400 SH SOLE NONE 2,400 0 0 NOKIA CORP SPONSORED ADR 654902204 681 17,965 SH SOLE NONE 16,965 0 1,000 NORFOLK SOUTHERN CORP COM 655844108 26 500 SH SOLE NONE 500 0 0 NORGES HANDELS OG SJOF COM R51385103 3,397 17,172 SH SOLE NONE 16,872 0 300 NORTHERN TR CORP COM 665859104 335 5,050 SH SOLE NONE 5,000 0 50 NUANCE COMMUNICATIONS INC COM 67020Y100 39 2,000 SH SOLE NONE 0 0 2,000 NUVEEN PA INVT QUALITY MUN F COM 670972108 22 1,630 SH SOLE NONE 1,630 0 0 OAK VALUE TR MUTUAL 67181Q102 9 344 SH SOLE NONE 344 0 0 OAKMARK FUND - CLASS I MUTUAL 413838103 10 209 SH SOLE NONE 209 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 128 2,000 SH SOLE NONE 2,000 0 0 OMNICOM GROUP INC COM 681919106 6,398 133,050 SH SOLE NONE 122,450 0 10,600 ORACLE CORP COM 68389X105 42 1,950 SH SOLE NONE 1,950 0 0 OWENS CORNING NEW COM 690742101 313 12,500 SH SOLE NONE 0 0 12,500 PARGESA HOLDING AG - B COM H60477207 9,370 85,200 SH SOLE NONE 56,200 0 29,000 PARKER HANNIFIN CORP COM 701094104 56 750 SH SOLE NONE 750 0 0 PEABODY ENERGY CORP COM 704549104 14 300 SH SOLE NONE 300 0 0 PENNEY J C INC COM 708160106 52 825 SH SOLE NONE 825 0 0 PENTAIR INC COM 709631105 3 100 SH SOLE NONE 100 0 0 PEPSICO INC COM 713448108 10,729 146,447 SH SOLE NONE 140,922 0 5,525 PERNOD RICARD S A ORD COM F72027109 118,313 543,045 SH SOLE NONE 491,012 0 52,033 PETROCHINA CO LTD SPONSORED ADR 71646E100 143 775 SH SOLE NONE 775 0 0 PFIZER INC COM 717081103 2,026 82,926 SH SOLE NONE 68,276 0 14,650 PHILIP MORRIS CR AS COM X6547B106 7,274 14,158 SH SOLE NONE 13,313 0 845 PICO HLDGS INC COM NEW 693366205 13 305 SH SOLE NONE 305 0 0 PIEDMONT NAT GAS INC COM 720186105 40 1,600 SH SOLE NONE 1,600 0 0 PIMCO FDS PAC INVT MGMT SER TO MUTUAL 693390445 209 19,929 SH SOLE NONE 19,929 0 0 PIONEER NAT RES CO COM 723787107 567 12,600 SH SOLE NONE 7,400 0 5,200 PITNEY BOWES INC COM 724479100 65 1,440 SH SOLE NONE 1,440 0 0 PNC FINL SVCS GROUP INC COM 693475105 876 12,860 SH SOLE NONE 4,060 0 8,800 POZEN INC COM 73941U102 66 6,000 SH SOLE NONE 0 0 6,000 PPG INDS INC COM 693506107 68 900 SH SOLE NONE 0 0 900 PRAXAIR INC COM 74005P104 151 1,800 SH SOLE NONE 1,800 0 0 PROCTER & GAMBLE CO COM 742718109 4,557 64,790 SH SOLE NONE 61,890 0 2,900 PROGRESSIVE CORP OHIO COM 743315103 15,528 799,980 SH SOLE NONE 663,075 0 136,905 PROLOGIS SH BEN INT 743410102 73 1,100 SH SOLE NONE 0 0 1,100 PRUDENTIAL FINL INC COM 744320102 81 825 SH SOLE NONE 825 0 0 PTV INC PFD 10% PREFERR 69367F306 0 1 SH SOLE NONE 0 0 1 PUBLIC SVC ENTERPRISE GRP COM 744573106 19 211 SH SOLE NONE 0 0 211 QUALCOMM INC COM 747525103 38 900 SH SOLE NONE 900 0 0 RAINING DATA CORP COM 75087R108 115 25,000 SH SOLE NONE 10,000 0 15,000 RAYTHEON CO COM NEW 755111507 10 156 SH SOLE NONE 156 0 0 READYMIX ORD COM G74049100 3,027 1,201,325 SH SOLE NONE 1,088,825 0 112,500 RECKITT BENCKISER PLC COM G7420A107 894 15,250 SH SOLE NONE 15,250 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 11 175 SH SOLE NONE 175 0 0 RINKER GROUP LTD COM Q8142Y109 4,215 261,300 SH SOLE NONE 151,300 0 110,000 RITE AID CORP COM 767754104 21 4,650 SH SOLE NONE 3,500 0 1,150 ROBBINS & MYERS INC COM 770196103 15 266 SH SOLE NONE 266 0 0 ROCHE HLDG LTD SPON ADR COM 771195104 18 200 SH SOLE NONE 0 0 200 ROCHE HOLDING AG COM 001203204 647 3,575 SH SOLE NONE 3,575 0 0 ROWE T PRICE EQUITY FD MUTUAL 779547108 62 2,026 SH SOLE NONE 2,026 0 0 ROYAL DUTCH SHELL PLC SPON ADR B 780259107 566 6,894 SH SOLE NONE 6,894 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 6,570 79,941 SH SOLE NONE 58,291 0 21,650 RYDEX SER FDS DYN WEAKENING DO MUTUAL 78356A863 119 4,000 SH SOLE NONE 0 0 4,000 RYDEX SER TR JUNO FD MUTUAL 783554702 127 6,476 SH SOLE NONE 0 0 6,476 SABMILLER PLC COM G77395104 27 950 SH SOLE NONE 950 0 0 SABMILLER PLC SPONSORED ADR COM 78572M105 18 650 SH SOLE NONE 650 0 0 SAFEWAY INC COM NEW 786514208 17 500 SH SOLE NONE 500 0 0 SAMSUNG ELECTRONICS LTD COM 796050888 31 100 SH SOLE NONE 0 0 100 SANOFI-AVENTIS COM F5548N101 17 200 SH SOLE NONE 0 0 200 SCHERING PLOUGH CORP COM 806605101 82 2,600 SH SOLE NONE 0 0 2,600 SCHIBSTED A/S COM R75677105 1,879 35,787 SH SOLE NONE 31,537 0 4,250 SCHLUMBERGER LTD COM 806857108 1,176 11,200 SH SOLE NONE 11,200 0 0 SCHULMAN A INC COM 808194104 113 5,730 SH SOLE NONE 5,730 0 0 SCHWAB CHARLES CORP NEW COM 808513105 55 2,550 SH SOLE NONE 1,050 0 1,500 SCHWEITZER-MAUDUIT INTL INC COM 808541106 38,324 1,644,801 SH SOLE NONE 1,529,468 0 115,333 SCOTTS MIRACLE GRO CO CL A 810186106 2,640 61,750 SH SOLE NONE 49,500 0 12,250 SCRIPPS E W CO OHIO CL A 811054204 133,361 3,175,251 SH SOLE NONE 2,892,367 0 282,884 SEAGATE TECGBIKIGT INC ESCROW WARRANT 811804988 0 200 SH SOLE NONE 0 0 200 SEQUOIA FD INC MUTUAL 817418106 14 88 SH SOLE NONE 88 0 0 SHIRE PLC SPONSORED ADR 82481R106 7 100 SH SOLE NONE 100 0 0 SIRF TECHNOLOGY HLDGS INC COM 82967H101 28 1,325 SH SOLE NONE 1,325 0 0 SMITH & NEPHEW PLC COM 0922320 37 3,000 SH SOLE NONE 3,000 0 0 SMITHFIELD FOODS INC COM 832248108 9 300 SH SOLE NONE 0 0 300 SMUCKER J M CO COM NEW 832696405 0 6 SH SOLE NONE 6 0 0 SOUTHERN UN CO NEW COM 844030106 8 250 SH SOLE NONE 250 0 0 SOVEREIGN BANCORP INC COM 845905108 16 914 SH SOLE NONE 914 0 0 SPDR TR UNIT SER 1 78462F103 31 200 SH SOLE NONE 200 0 0 STAPLES INC COM 855030102 4,265 198,487 SH SOLE NONE 182,287 0 16,200 STATOIL ASA SPONSORED ADR 85771P102 41 1,200 SH SOLE NONE 1,200 0 0 STEPAN CO COM 858586100 40 1,284 SH SOLE NONE 1,284 0 0 STERLING FINL CORP COM 859317109 218 12,697 SH SOLE NONE 12,697 0 0 STREETTRACKS GOLD TR GOLD SHS 863307104 37 500 SH SOLE NONE 500 0 0 SUN MICROSYSTEMS INC COM 866810104 5,620 1,000,000 SH SOLE NONE 1,000,000 0 0 SUNCOR ENERGY INC COM 867229106 368 3,885 SH SOLE NONE 3,885 0 0 SUNTRUST BKS INC COM 867914103 62 825 SH SOLE NONE 825 0 0 SUPERVALU INC COM 868536103 35 910 SH SOLE NONE 910 0 0 SUSQUEHANNA BANCSHRS INC COM 869099101 552 27,472 SH SOLE NONE 23,787 0 3,685 SWEDISH MATCH AB COM W92277115 15,084 727,625 SH SOLE NONE 535,125 0 192,500 SYNGENTA AG COM 4356646 210 975 SH SOLE NONE 975 0 0 SYSCO CORP COM 871829107 86 2,425 SH SOLE NONE 2,225 0 200 TAMEDIA AG COM H84391103 4,729 37,300 SH SOLE NONE 24,525 0 12,775 TARGET CORP COM 87612E106 102 1,605 SH SOLE NONE 1,400 0 205 TELEFONICA S A SPONSORED ADR 879382208 0 1 SH SOLE NONE 1 0 0 TELEGRAAF MEDIA GROEP NV COM N8502L104 163,543 4,851,471 SH SOLE NONE 4,426,748 0 424,723 TEMPLETON GLOBAL INCOME FD COM 880198106 7 702 SH SOLE NONE 702 0 0 TEXAS INSTRS INC COM 882508104 487 13,300 SH SOLE NONE 12,800 0 500 THIRD AVE FD REAL ESTATE MUTUAL 884116401 14 401 SH SOLE NONE 322 0 79 THIRD AVE SM CAP VALUE FD MUTUAL 884116203 9 338 SH SOLE NONE 338 0 0 THIRD AVE VALUE FD INC MUTUAL 884116104 12 182 SH SOLE NONE 182 0 0 THIRD AVENUE INT VALUE FD MUTUAL 884116500 11 479 SH SOLE NONE 479 0 0 THOMSON CORP COM 884903105 50 1,200 SH SOLE NONE 1,200 0 0 TIFFANY & CO NEW COM 886547108 291 5,550 SH SOLE NONE 5,550 0 0 TIM HORTONS INC COM 88706M103 7 200 SH SOLE NONE 0 0 200 TIME WARNER CABLE INC CL A 88732J108 1,149 35,031 SH SOLE NONE 0 0 35,031 TIME WARNER INC COM 887317105 460 25,050 SH SOLE NONE 5,050 0 20,000 TJX COS INC NEW COM 872540109 1,281 44,050 SH SOLE NONE 44,050 0 0 TOOTSIE ROLL INDS INC COM 890516107 37 1,376 SH SOLE NONE 0 0 1,376 TOTAL S A COM 4905413 244 3,000 SH SOLE NONE 3,000 0 0 TOTAL S A SPONSORED ADR 89151E109 413 5,100 SH SOLE NONE 5,100 0 0 TOYOTA MOTOR CORP JPY50 COM 6900643 192 3,250 SH SOLE NONE 3,250 0 0 TRAVELERS COMPANIES INC COM 89417E109 379 7,532 SH SOLE NONE 6,894 0 638 TRIBUNE CO NEW COM 896047107 14 500 SH SOLE NONE 500 0 0 TVSL SA REG SHS COM L9340B102 0 785 SH SOLE NONE 0 0 785 TWEEDY BROWNE FD AMERICAN MUTUAL 901165209 8 301 SH SOLE NONE 301 0 0 TWEEDY BROWNE FD GLOBAL MUTUAL 901165100 16 465 SH SOLE NONE 465 0 0 TXU CORP COM 873168108 84 1,220 SH SOLE NONE 320 0 900 TYCO ELECTRONICS LTD COM NEW G9144P105 0 14 SH SOLE NONE 14 0 0 TYCO INTL LTD BERMUDA SHS G9143X208 1 14 SH SOLE NONE 14 0 0 U S GLOBAL INVS INC CL A 902952100 128 6,750 SH SOLE NONE 6,750 0 0 UBS AG-REGISTERED COM B18YFJ4 38 700 SH SOLE NONE 700 0 0 UNB CORP PA COM 903057107 14 105 SH SOLE NONE 105 0 0 UNILEVER N V N Y SHS NEW 904784709 115,254 3,735,942 SH SOLE NONE 3,407,914 0 328,028 UNILEVER PLC SPON ADR NEW 904767704 4 126 SH SOLE NONE 126 0 0 UNION NATL FINL CORP COM 907647101 122 8,660 SH SOLE NONE 8,660 0 0 UNION PAC CORP COM 907818108 45 400 SH SOLE NONE 400 0 0 UNITED OVERSEAS BK LTD ADR COM 911271302 26 875 SH SOLE NONE 875 0 0 UNITED TECHNOLOGIES CORP COM 913017109 101 1,250 SH SOLE NONE 1,250 0 0 UNITEDHEALTH GROUP INC COM 91324P102 44 900 SH SOLE NONE 0 0 900 UNIVERSAL CORP VA COM 913456109 24 500 SH SOLE NONE 500 0 0 UNIVERSAL DISPLAY CORP COM 91347P105 168 9,500 SH SOLE NONE 0 0 9,500 UNUM GROUP COM 91529Y106 239 9,775 SH SOLE NONE 9,500 0 275 USA MOBILITY INC COM 90341G103 616 36,535 SH SOLE NONE 33,635 0 2,900 UST INC COM 902911106 156,325 3,151,723 SH SOLE NONE 2,892,664 0 259,059 VANGUARD INDEX TR MUTUAL 922908207 29 700 SH SOLE NONE 700 0 0 VECTREN CORP COM 92240G101 147 5,398 SH SOLE NONE 4,398 0 1,000 VEOLIA ENVIRONNEMENT SPONSORED ADR 92334N103 37 435 SH SOLE NONE 435 0 0 VERIZON COMMUNICATIONS COM 92343V104 150 3,380 SH SOLE NONE 3,380 0 0 VIACOM INC NEW CL B 92553P201 48 1,225 SH SOLE NONE 1,225 0 0 VIAD CORP COM NEW 92552R406 5 125 SH SOLE NONE 125 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 13 362 SH SOLE NONE 362 0 0 VORNADO RLTY TR SH BEN INT 929042109 1,859 17,000 SH SOLE NONE 0 0 17,000 VULCAN MATLS CO COM 929160109 7,183 80,575 SH SOLE NONE 59,725 0 20,850 WACHOVIA CORP NEW COM 929903102 4,728 94,283 SH SOLE NONE 71,229 0 23,054 WACHOVIA CORP PFD PREFERR 929903201 0 800 SH SOLE NONE 800 0 0 WAL MART STORES INC COM 931142103 2,133 48,868 SH SOLE NONE 27,618 0 21,250 WALGREEN CO COM 931422109 559 11,825 SH SOLE NONE 11,625 0 200 WAL-MART DE MEXICO S A COM P98180105 83 22,500 SH SOLE NONE 0 0 22,500 WASHINGTON MUT INC COM 939322103 71 2,000 SH SOLE NONE 0 0 2,000 WASHINGTON POST CO CL B 939640108 154,270 192,165 SH SOLE NONE 174,292 0 17,873 WELLPOINT INC COM 94973V107 95 1,204 SH SOLE NONE 1,204 0 0 WELLS FARGO & CO NEW COM 949746101 212,087 5,954,163 SH SOLE NONE 5,470,205 0 483,958 WESCO FINL CORP COM 950817106 326 820 SH SOLE NONE 670 0 150 WESTERN UN CO COM 959802109 94 4,500 SH SOLE NONE 4,500 0 0 WHOLE FOODS MKT INC COM 966837106 28 575 SH SOLE NONE 575 0 0 WILEY JOHN & SONS INC CL A 968223206 47 1,050 SH SOLE NONE 1,050 0 0 WPP GROUP PLC COM G9787H105 2,027 150,000 SH SOLE NONE 150,000 0 0 WRIGLEY WM JR CO COM 982526105 182 2,837 SH SOLE NONE 2,537 0 300 WYETH COM 983024100 368 8,258 SH SOLE NONE 8,258 0 0 YACKTMAN FD INC MUTUAL 984281105 9 575 SH SOLE NONE 575 0 0 YAHOO INC COM 984332106 5 200 SH SOLE NONE 200 0 0 YORK WTR CO COM 987184108 154 9,120 SH SOLE NONE 9,120 0 0 ZIMMER HLDGS INC COM 98956P102 10 120 SH SOLE NONE 120 0 0

SK 70655 0160 823570