13F-HR 1 d874542_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 March 31, 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 May 15, 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: 432 Form 13F Information Table Value Total: $4,820,750 (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/ INVSMT OTHR VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRTN MGRS SOLE SHARED NONE --------------- -------- ------ -------- ------- --- ---- ------ ---- ----------------------- 3I GROUP PLC COM G88473148 181 11,000 SH SOLE NONE 750 0 10,250 3M CO COM 88579Y101 823 10,400 SH SOLE NONE 400 0 10,000 A H BELO CORP COM CL A 001282102 21 1,800 SH SOLE NONE 1,800 0 0 A P MOLLER-MAERSK A/S COM K0514G135 887 80 SH SOLE NONE 3 0 77 A T & T INC COM 00206R102 408 10,642 SH SOLE NONE 10,564 0 78 ABBOTT LABS COM 002824100 23,054 418,031 SH SOLE NONE 397,975 0 20,056 ACCO BRANDS CORP COM 00081T108 0 14 SH SOLE NONE 14 0 0 ACE LTD COM G0070K103 138 2,500 SH SOLE NONE 2,500 0 0 ACNB CORP COM 000868109 13 881 SH SOLE NONE 881 0 0 ADELPHIA CONTINGENT VALUE CVV COM 00685R409 0 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 934 56,000 SH SOLE NONE 27,000 0 29,000 AES TR III PFD CV 6.75% 00808N202 302 6,500 SH SOLE NONE 0 0 6,500 ALCATEL-LUCENT SPONSORED ADR 013904305 3 550 SH SOLE NONE 550 0 0 ALLEGHANY CORP DEL COM 017175100 301 882 SH SOLE NONE 657 0 225 ALLIANCE ONE INTL INC COM 018772103 109 18,000 SH SOLE NONE 18,000 0 0 ALLSTATE CORP COM 020002101 161 3,350 SH SOLE NONE 3,350 0 0 ALTRIA GROUP INC COM 02209S103 127,541 5,745,085 SH SOLE NONE 5,191,559 0 553,526 AMBAC FINL GROUP INC COM 023139108 1 225 SH SOLE NONE 0 0 225 AMER ITALIAN PASTA CO CL A COM 027070101 11 2,000 SH SOLE NONE 0 0 2,000 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 303 4,750 SH SOLE NONE 4,750 0 0 AMERICAN EXPRESS CO COM 025816109 2,946 67,373 SH SOLE NONE 60,623 0 6,750 AMERICAN INTL GROUP INC COM 026874107 164,126 3,794,819 SH SOLE NONE 3,419,191 0 375,628 AMERICAN SATELLITE NETWORK 06/ WARRANT 02937P116 0 42,205 SH SOLE NONE 40,131 0 2,074 AMERICAN TOWER CORP CL A 029912201 3,058 78,000 SH SOLE NONE 78,000 0 0 AMERIPRISE FINL INC COM 03076C106 63 1,223 SH SOLE NONE 1,223 0 0 AMGEN INC COM 031162100 28 675 SH SOLE NONE 675 0 0 ANADARKO PETE CORP COM 032511107 76 1,200 SH SOLE NONE 1,200 0 0 ANGLO AMERICAN PLC COM G03764134 617 10,250 SH SOLE NONE 4,250 0 6,000 ANHEUSER-BUSCH COS INC COM 035229103 6,058 127,671 SH SOLE NONE 83,071 0 44,600 AON CORP COM 037389103 56 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 9 600 SH SOLE NONE 600 0 0 APPLIED MATLS INC COM 038222105 16 800 SH SOLE NONE 800 0 0 APTARGROUP INC COM 038336103 996 25,584 SH SOLE NONE 23,384 0 2,200 ARCTIC CAT INC COM 039670104 70 9,550 SH SOLE NONE 2,050 0 7,500 ARIEL FD CALV ARIEL APP MUTUAL 040337206 4 105 SH SOLE NONE 105 0 0 ARIEL FD SH BEN INT MUTUAL 040337107 6 141 SH SOLE NONE 141 0 0 ARMSTRONG WORLD INDS INC NEW COM 04247X102 7,013 196,650 SH SOLE NONE 147,780 0 48,870 ARUBA NETWORKS INC COM 043176106 3 500 SH SOLE NONE 500 0 0 ASTROPOWER INC COM 04644A101 0 150 SH SOLE NONE 150 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 568 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 14,876 116,354 SH SOLE NONE 102,004 0 14,350 AVISHUSET DAGBLADET PFD PREFERR R50065110 473 3,701 SH SOLE NONE 701 0 3,000 AVON PRODS INC COM 054303102 141 3,575 SH SOLE NONE 275 0 3,300 BAKER HUGHES INC COM 057224107 19 281 SH SOLE NONE 281 0 0 BANK OF AMERICA CORPORATION COM 060505104 3,891 102,630 SH SOLE NONE 101,400 0 1,230 BARRICK GOLD CORP COM 067901108 11 250 SH SOLE NONE 250 0 0 BARRY CALLEBAUT AG COM H05072105 260 300 SH SOLE NONE 100 0 200 BASIN WTR INC COM 07011T306 17 3,000 SH SOLE NONE 0 0 3,000 BAYERISCHE MOTOREN WERKE AG COM D12096109 41 750 SH SOLE NONE 500 0 250 BB&T CORP COM 054937107 486 15,150 SH SOLE NONE 15,150 0 0 BED BATH & BEYOND INC COM 075896100 24 800 SH SOLE NONE 800 0 0 BELO CORP COM SER A 080555105 95 9,000 SH SOLE NONE 9,000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 472,103 3,539 SH SOLE NONE 3,202 0 337 BERKSHIRE HATHAWAY INC DEL CL B 084670207 107,470 24,027 SH SOLE NONE 21,459 0 2,568 BEST BUY INC COM 086516101 83 2,000 SH SOLE NONE 0 0 2,000 BIC COM F10080103 3,373 54,625 SH SOLE NONE 34,425 0 20,200 BJ SVCS CO COM 055482103 86 3,000 SH SOLE NONE 3,000 0 0 BLOCK H & R INC COM 093671105 69,462 3,345,948 SH SOLE NONE 3,080,308 0 265,640 BOEING CO COM 097023105 7 100 SH SOLE NONE 100 0 0 BP PLC SPONSORED ADR 055622104 796 13,117 SH SOLE NONE 11,167 0 1,950 BP PLC ORD COM 0798059 203 20,000 SH SOLE NONE 20,000 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 251 11,800 SH SOLE NONE 6,600 0 5,200 BRITISH AMER TOBACCO PLC COM G1510J102 11,039 293,820 SH SOLE NONE 214,845 0 78,975 BRITISH AMERN TOB PLC SPONSORED ADR 110448107 568 7,500 SH SOLE NONE 7,500 0 0 BROWN FORMAN CORP CL A 115637100 116,475 1,682,190 SH SOLE NONE 1,527,699 0 154,491 BROWN FORMAN CORP CL B 115637209 17,096 258,170 SH SOLE NONE 227,920 0 30,250 BURNHAM HLDGS INC CL A COM 122295108 24 1,682 SH SOLE NONE 0 0 1,682 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 32 1,500 SH SOLE NONE 1,500 0 0 CADBURY SCHWEPPES ORD COM G17444152 122,612 11,136,436 SH SOLE NONE 10,012,656 0 1,123,780 CADBURY SCHWEPPES PLC ADR 127209302 528 11,950 SH SOLE NONE 8,550 0 3,400 CAMPBELL SOUP CO COM 134429109 97 2,850 SH SOLE NONE 2,850 0 0 CANADIAN OIL SANDS TRUST COM 13642L100 12,036 300,000 SH SOLE NONE 300,000 0 0 CANON INC JPY COM 6172323 299 6,500 SH SOLE NONE 6,500 0 0 CAPITAL ONE FINL CORP COM 14040H105 4 73 SH SOLE NONE 73 0 0 CARLISLE COS INC COM 142339100 2,489 74,438 SH SOLE NONE 74,438 0 0 CARNIVAL CORP PAIRED CTF 143658300 2 55 SH SOLE NONE 55 0 0 CATERPILLAR INC DEL COM 149123101 31 400 SH SOLE NONE 400 0 0 CBS CORP NEW CL B 124857202 24 1,100 SH SOLE NONE 1,100 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 61 2,500 SH SOLE NONE 0 0 2,500 CHARLES RIV LABS INTL INC COM 159864107 8 132 SH SOLE NONE 132 0 0 CHATTEM INC COM 162456107 66 1,000 SH SOLE NONE 1,000 0 0 CHEVRON CORP NEW COM 166764100 2,061 24,146 SH SOLE NONE 22,561 0 1,585 CHURCH & DWIGHT INC COM 171340102 8 150 SH SOLE NONE 150 0 0 CHURCHILL DOWNS INC COM 171484108 5 100 SH SOLE NONE 0 0 100 CIE FINANC RICHEMONT A-SW COM H25662141 193,105 3,439,700 SH SOLE NONE 3,117,405 0 322,295 CINCINNATI FINL CORP COM 172062101 6 150 SH SOLE NONE 150 0 0 CISCO SYS INC COM 17275R102 3,907 162,200 SH SOLE NONE 162,200 0 0 CITADEL BROADCASTING CORP COM 17285T106 2 1,313 SH SOLE NONE 1,256 0 57 CITIGROUP INC COM 172967101 84 3,900 SH SOLE NONE 3,500 0 400 CITIZENS COMMUNICATIONS CO COM 17453B101 2 184 SH SOLE NONE 184 0 0 CLIPPER FD INC MUTUAL 188850101 16 234 SH SOLE NONE 234 0 0 COCA-COLA CO COM 191216100 1,383 22,721 SH SOLE NONE 20,945 0 1,776 COLUMBIA ACORN TR INTL CL Z MUTUAL 197199813 9 230 SH SOLE NONE 230 0 0 COMCAST CORP NEW CL A 20030N101 782 40,419 SH SOLE NONE 40,175 0 244 COMCAST CORP NEW CL A SPL 20030N200 188,642 9,944,223 SH SOLE NONE 9,000,621 0 943,602 CONAGRA FOODS INC COM 205887102 86 3,600 SH SOLE NONE 0 0 3,600 CONOCOPHILLIPS COM 20825C104 1,974 25,908 SH SOLE NONE 24,699 0 1,209 CONSTELLATION BRANDS INC CL A 21036P108 7 400 SH SOLE NONE 400 0 0 CORNING INC COM 219350105 42 1,750 SH SOLE NONE 1,750 0 0 COSTCO WHSL CORP NEW COM 22160K105 806 12,400 SH SOLE NONE 10,100 0 2,300 COUSINS PPTYS INC COM 222795106 37 1,500 SH SOLE NONE 0 0 1,500 COVIDIEN LTD COM G2552X108 55 1,239 SH SOLE NONE 14 0 1,225 CRANE CO COM 224399105 8,567 212,324 SH SOLE NONE 182,529 0 29,795 CRESCENT FINL CORP COM 225744101 4 440 SH SOLE NONE 440 0 0 CRH PLC COM G25508105 6,324 166,125 SH SOLE NONE 132,925 0 33,200 CROWN CASTLE INTL CORP COM 228227104 57 1,650 SH SOLE NONE 1,650 0 0 CVS CAREMARK CORPORATION COM 126650100 41 1,000 SH SOLE NONE 1,000 0 0 D & E COMMUNICATIONS INC COM 232860106 70 7,900 SH SOLE NONE 400 0 7,500 DAILY MAIL & GEN TST-A COM G26236128 216 25,214 SH SOLE NONE 22,214 0 3,000 DAIMLER AG REG SHS D1668R123 77 902 SH SOLE NONE 902 0 0 DANAHER CORP DEL COM 235851102 33 436 SH SOLE NONE 436 0 0 DAVIS NY VENTURE FD INC MUTUAL 239080401 52 1,421 SH SOLE NONE 1,421 0 0 DEL MONTE FOODS CO COM 24522P103 26 2,679 SH SOLE NONE 2,679 0 0 DELL INC COM 24702R101 88 4,400 SH SOLE NONE 0 0 4,400 DELPHI FINL GROUP INC CL A 247131105 47 1,625 SH SOLE NONE 1,625 0 0 DENTSPLY INTL INC NEW COM 249030107 39 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 4,173 40,000 SH SOLE NONE 40,000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 34,893 429,085 SH SOLE NONE 382,603 0 46,482 DIAGEO PLC COM G42089113 137,493 6,809,959 SH SOLE NONE 6,164,672 0 645,287 DISCOVER FINL SVCS COM 254709108 1,056 64,498 SH SOLE NONE 60,344 0 4,154 DISNEY WALT CO COM DISNEY 254687106 704 22,429 SH SOLE NONE 21,679 0 750 DOVER CORP COM 260003108 2,705 64,740 SH SOLE NONE 57,240 0 7,500 DU PONT E I DE NEMOURS & CO COM 263534109 450 9,633 SH SOLE NONE 9,633 0 0 EATON VANCE FLTG-RT ADV FD CL MUTUAL 277923652 15 1,466 SH SOLE NONE 1,466 0 0 EDIPRESSE S A - BEARER COM H20616126 58 150 SH SOLE NONE 150 0 0 ENCANA CORP COM 292505104 5,537 73,100 SH SOLE NONE 72,000 0 1,100 ENCORE WIRE CORP COM 292562105 91 5,000 SH SOLE NONE 5,000 0 0 ENERGIZER HLDGS INC COM 29266R108 14 150 SH SOLE NONE 150 0 0 ENTERGY CORP NEW COM 29364G103 15 133 SH SOLE NONE 133 0 0 EP MEDSYSTEMS INC COM 26881P103 38 25,000 SH SOLE NONE 0 0 25,000 EPHRATA NATIONAL BANK COM 294209200 11 450 SH SOLE NONE 450 0 0 EQUIFAX INC COM 294429105 52 1,500 SH SOLE NONE 1,500 0 0 EVERGREEN INTL EQTY CL I MUTUAL 299924704 13 1,343 SH SOLE NONE 1,343 0 0 EVERGREEN TR STRAT GRT CL I MUTUAL 299909408 63 2,091 SH SOLE NONE 2,091 0 0 EXPEDIA INC DEL COM 30212P105 5 250 SH SOLE NONE 250 0 0 EXPEDITORS INTL WASH INC COM 302130109 136 3,000 SH SOLE NONE 3,000 0 0 EXXON MOBIL CORP COM 30231G102 22,596 267,160 SH SOLE NONE 228,838 0 38,322 FAIRHOLME FDS INC MUTUAL 304871106 8 276 SH SOLE NONE 276 0 0 FASTENAL CO COM 311900104 103 2,250 SH SOLE NONE 2,250 0 0 FEDERAL HOME LN MTG CORP COM 313400301 16 630 SH SOLE NONE 630 0 0 FEDEX CORP COM 31428X106 22 240 SH SOLE NONE 240 0 0 FIDELITY NATIONAL FINANCIAL CL A 31620R105 52 2,853 SH SOLE NONE 2,853 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 156 4,103 SH SOLE NONE 4,028 0 75 FIRST PAC LTD ORD COM G34804107 13 20,000 SH SOLE NONE 20,000 0 0 FISERV INC COM 337738108 2 50 SH SOLE NONE 50 0 0 FMC TECHNOLOGIES INC COM 30249U101 17 300 SH SOLE NONE 300 0 0 FORTUNE BRANDS INC COM 349631101 14 200 SH SOLE NONE 200 0 0 FPA FDS TR FPA CRESC INSTL MUTUAL 30254T759 10 397 SH SOLE NONE 397 0 0 FPL GROUP INC COM 302571104 458 7,300 SH SOLE NONE 5,900 0 1,400 FULLER H B CO COM 359694106 17 850 SH SOLE NONE 850 0 0 FULTON FINL CORP PA COM 360271100 1,725 140,368 SH SOLE NONE 69,567 0 70,801 GANNETT INC COM 364730101 1,049 36,125 SH SOLE NONE 24,025 0 12,100 GENERAL DYNAMICS CORP COM 369550108 1,326 15,900 SH SOLE NONE 15,900 0 0 GENERAL ELECTRIC CO COM 369604103 7,538 203,668 SH SOLE NONE 121,398 0 82,270 GENERAL GROWTH PPTYS INC COM 370021107 8 215 SH SOLE NONE 0 0 215 GENESEE & WYO INC CL A 371559105 15 450 SH SOLE NONE 450 0 0 GLATFELTER COM 377316104 17 1,100 SH SOLE NONE 400 0 700 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 16 375 SH SOLE NONE 375 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 17 100 SH SOLE NONE 100 0 0 GROUPE DANONE COM B018SX1 358 4,000 SH SOLE NONE 4,000 0 0 GROUPE DANONE ADR COM 399449107 8,199 456,750 SH SOLE NONE 353,250 0 103,500 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 13 516 SH SOLE NONE 516 0 0 HAIN CELESTIAL GROUP INC COM 405217100 3 100 SH SOLE NONE 100 0 0 HARLEY DAVIDSON INC COM 412822108 71 1,900 SH SOLE NONE 0 0 1,900 HARLEYSVILLE NATL CORP PA COM 412850109 2 173 SH SOLE NONE 0 0 173 HARTE HANKS INC COM 416196103 308 22,500 SH SOLE NONE 22,500 0 0 HASBRO INC COM 418056107 85,510 3,064,868 SH SOLE NONE 2,806,028 0 258,840 HCC INS HLDGS INC COM 404132102 10 450 SH SOLE NONE 450 0 0 HEALTHSOUTH CORP COM NEW 421924309 96 5,400 SH SOLE NONE 0 0 5,400 HEARTLAND EXPRESS INC COM 422347104 1,480 103,786 SH SOLE NONE 97,520 0 6,266 HEINEKEN HLDG NV COM N39338194 328,908 6,532,426 SH SOLE NONE 5,925,763 0 606,663 HEINEKEN NV COM N39427211 65 1,125 SH SOLE NONE 0 0 1,125 HEINEKEN NV UNSPONS ADR COM 423012202 6,058 207,841 SH SOLE NONE 82,087 0 125,754 HEINZ H J CO COM 423074103 75 1,600 SH SOLE NONE 1,600 0 0 HERSHEY CO COM 427866108 118 3,120 SH SOLE NONE 3,120 0 0 HEWLETT PACKARD CO COM 428236103 178 3,900 SH SOLE NONE 1,500 0 2,400 HILLENBRAND INDS INC COM 431573104 72 1,500 SH SOLE NONE 0 0 1,500 HOME DEPOT INC COM 437076102 53 1,900 SH SOLE NONE 1,900 0 0 HORMEL FOODS CORP COM 440452100 17,507 420,225 SH SOLE NONE 382,025 0 38,200 HSBC HLDGS PLC ORD COM 0540528 165 10,000 SH SOLE NONE 10,000 0 0 HUDSON HIGHLAND GROUP INC COM 443792106 4 524 SH SOLE NONE 0 0 524 HUNTER DOUGLAS NV COM N4327C122 29 425 SH SOLE NONE 425 0 0 IDEARC INC COM 451663108 0 136 SH SOLE NONE 136 0 0 IMPERIAL TOBACCO GROUP PLC COM G4721W102 824 17,900 SH SOLE NONE 17,675 0 225 IMPERIAL TOBACCO GROUP PLC SPONSORED ADR 453142101 18 200 SH SOLE NONE 200 0 0 INTEL CORP COM 458140100 278 13,110 SH SOLE NONE 7,110 0 6,000 INTERNATIONAL BUSINESS MACHS COM 459200101 3,053 26,512 SH SOLE NONE 2,337 0 24,175 INTERNATIONAL RECTIFIER CORP COM 460254105 54 2,500 SH SOLE NONE 0 0 2,500 INTERNATIONAL SPEEDWAY CORP CL A 460335201 33,059 802,391 SH SOLE NONE 723,136 0 79,255 INTERNAT'L SPEEDWAY CL B COM 460335300 13,780 338,998 SH SOLE NONE 314,473 0 24,525 INTERPUBLIC GROUP COS INC COM 460690100 0 9 SH SOLE NONE 9 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 ITT CORP NEW COM 450911102 2 40 SH SOLE NONE 40 0 0 JAMES HALSTEAD PLC COM G4253G129 101 10,000 SH SOLE NONE 10,000 0 0 JAPAN TOBACCO INC COM 6474535 75 15 SH SOLE NONE 15 0 0 JC DECAUX SA ACT COM F5333N100 7,360 250,100 SH SOLE NONE 212,150 0 37,950 JOHNSON & JOHNSON COM 478160104 3,897 60,073 SH SOLE NONE 57,573 0 2,500 JP MORGAN CHASE & CO COM 46625H100 1,374 32,000 SH SOLE NONE 0 0 32,000 KAO CORP JPY COM JP3205800 275 9,700 SH SOLE NONE 9,700 0 0 KELLOGG CO COM 487836108 54 1,025 SH SOLE NONE 925 0 100 KEYCORP NEW COM 493267108 2 100 SH SOLE NONE 100 0 0 KIMBERLY CLARK CORP COM 494368103 39 600 SH SOLE NONE 600 0 0 KINGSPAN GROUP PLC COM G52654103 3,911 292,750 SH SOLE NONE 216,150 0 76,600 KIRIN HOLDINGS CO LTD COM 6493745 142 7,500 SH SOLE NONE 7,500 0 0 KRAFT FOODS INC CL A 50075N104 54,473 1,756,615 SH SOLE NONE 1,601,824 0 154,791 KROGER CO COM 501044101 44 1,750 SH SOLE NONE 1,750 0 0 LAMAR ADVERTISING CO CL A 512815101 1,081 30,100 SH SOLE NONE 28,700 0 1,400 LANCASTER COLONY CORP COM 513847103 14 350 SH SOLE NONE 0 0 350 LAUDER ESTEE COS INC CL A 518439104 34 750 SH SOLE NONE 750 0 0 LEE ENTERPRISES INC COM 523768109 786 78,560 SH SOLE NONE 66,060 0 12,500 LEUCADIA NATL CORP COM 527288104 4,273 94,486 SH SOLE NONE 92,486 0 2,000 LEVEL 3 COMMUNICATIONS INC COM 52729N100 0 100 SH SOLE NONE 100 0 0 LEXINGTON REALTY TRUST COM 529043101 706 49,000 SH SOLE NONE 36,000 0 13,000 LIBERTY MEDIA CORP NEW INT COM SER A 53071M104 49 3,025 SH SOLE NONE 250 0 2,775 LIBERTY MEDIA CORP NEW CAP COM SER A 53071M302 10 605 SH SOLE NONE 50 0 555 LIBERTY MEDIA CORP NEW ENT COM SER A 53071M500 55 2,420 SH SOLE NONE 200 0 2,220 LILLY ELI & CO COM 532457108 10 200 SH SOLE NONE 200 0 0 LINDT & SPRUENGLI AG-REG COM H49983176 1,135 32 SH SOLE NONE 6 0 26 LOEWS CORP CAROLNA GP STK 540424207 163 2,250 SH SOLE NONE 2,250 0 0 LONGLEAF INT PARTNERS FD MUTUAL 543069405 9 501 SH SOLE NONE 501 0 0 LONGLEAF PARTNERS FUND MUTUAL 543069108 7 240 SH SOLE NONE 240 0 0 LOREAL SA COM 4057808 210 1,650 SH SOLE NONE 1,650 0 0 LOWES COS INC COM 548661107 134 5,850 SH SOLE NONE 5,000 0 850 LSI CORPORATION COM 502161102 1 105 SH SOLE NONE 105 0 0 LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 3 100 SH SOLE NONE 100 0 0 M D C HLDGS INC COM 552676108 4 100 SH SOLE NONE 0 0 100 MARKEL CORP COM 570535104 31,339 71,230 SH SOLE NONE 60,150 0 11,080 MARSH & MCLENNAN COS INC COM 571748102 85 3,475 SH SOLE NONE 3,475 0 0 MARSHALL & ILSLEY CORP NEW COM 571837103 35 1,500 SH SOLE NONE 1,500 0 0 MARTIN MARIETTA MTLS INC COM 573284106 214,265 2,018,134 SH SOLE NONE 1,821,701 0 196,433 MASTERS SELECT EQUITY FUND MUTUAL 576417109 43 3,108 SH SOLE NONE 3,108 0 0 MASTERS SELECT FDS VALUE FD MUTUAL 576417406 7 543 SH SOLE NONE 543 0 0 MASTERS SELECT INT'L FUND MUTUAL 576417208 29 1,728 SH SOLE NONE 1,728 0 0 MASTERS SELECT SMALLER FD MUTUAL 576417307 7 591 SH SOLE NONE 591 0 0 MATTEL INC COM 577081102 1,164 58,500 SH SOLE NONE 49,000 0 9,500 MATTHEWS INTL FDS PAC TIGER FD MUTUAL 577130107 5 188 SH SOLE NONE 188 0 0 MCCLATCHY CO CL A 579489105 55,657 5,201,615 SH SOLE NONE 4,716,229 0 485,386 MCCORMICK & CO INC COM NON VTG 579780206 2,569 69,500 SH SOLE NONE 62,500 0 7,000 MCDONALDS CORP COM 580135101 1,680 30,120 SH SOLE NONE 26,450 0 3,670 MCKESSON CORP COM 58155Q103 26 500 SH SOLE NONE 500 0 0 MEADWESTVACO CORP COM 583334107 63 2,300 SH SOLE NONE 0 0 2,300 MEDTRONIC INC COM 585055106 249 5,150 SH SOLE NONE 3,250 0 1,900 MERCK & CO INC COM 589331107 337 8,870 SH SOLE NONE 6,870 0 2,000 MERITOR SVGS BK PA COM 590007100 12 3,000 SH SOLE NONE 3,000 0 0 MESA RTY TR UNIT BEN INT 590660106 1,569 23,000 SH SOLE NONE 23,000 0 0 METAVANTE TECHNOLOGIES INC COM 591407101 10 500 SH SOLE NONE 500 0 0 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 3,716 130,952 SH SOLE NONE 130,122 0 830 MILLER HERMAN INC COM 600544100 24,650 1,003,256 SH SOLE NONE 882,656 0 120,600 MIRANT CORP ESCROW SHARES COM 604675991 0 500 SH SOLE NONE 500 0 0 MIRANT CORP NEW COM 60467R100 0 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 72 5,000 SH SOLE NONE 5,000 0 0 MOHAWK INDS INC COM 608190104 387 5,400 SH SOLE NONE 3,400 0 2,000 MOLEX INC CL A 608554200 26 1,200 SH SOLE NONE 1,200 0 0 MONSANTO CO NEW COM 61166W101 1,232 11,050 SH SOLE NONE 10,650 0 400 MONSTER WORLDWIDE INC COM 611742107 30 1,250 SH SOLE NONE 0 0 1,250 MORGAN STANLEY COM NEW 617446448 73 1,600 SH SOLE NONE 200 0 1,400 MURPHY OIL CORP COM 626717102 123 1,500 SH SOLE NONE 1,500 0 0 MYLAN INC COM 628530107 46 4,000 SH SOLE NONE 4,000 0 0 NATIONAL CITY CORP COM 635405103 6 600 SH SOLE NONE 600 0 0 NATIONAL PENN BANCSHARES INC COM 637138108 84 4,644 SH SOLE NONE 4,644 0 0 NATIONAL SEMICONDUCTOR CORP COM 637640103 93 5,100 SH SOLE NONE 0 0 5,100 NATURAL RESOURCE PARTNERS L COM UNIT L P 63900P103 102 3,600 SH SOLE NONE 0 0 3,600 NESTLE REG ADR COM 641069406 510,491 4,082,622 SH SOLE NONE 3,685,502 0 397,120 NEUBERGER & BERMAN EQUITY TR P MUTUAL 640917407 14 631 SH SOLE NONE 631 0 0 NEUE ZUERCHER ZEITUNG COM H57512107 454 6 SH SOLE NONE 3 0 3 NEW YORK TIMES CO CL A 650111107 261 13,850 SH SOLE NONE 13,850 0 0 NEWELL RUBBERMAID INC. COM 651229106 6 250 SH SOLE NONE 250 0 0 NEWS CORP CL A 65248E104 176 9,400 SH SOLE NONE 9,200 0 200 NOBLE ENERGY INC COM 655044105 175 2,400 SH SOLE NONE 2,400 0 0 NOKIA CORP SPONSORED ADR 654902204 413 12,965 SH SOLE NONE 12,750 0 215 NORGES HANDELS OG SJOF COM R51385103 3,719 17,172 SH SOLE NONE 16,872 0 300 NORTHERN TR CORP COM 665859104 336 5,050 SH SOLE NONE 5,000 0 50 NUANCE COMMUNICATIONS INC COM 67020Y100 35 2,000 SH SOLE NONE 0 0 2,000 NUVEEN PA INVT QUALITY MUN F COM 670972108 21 1,630 SH SOLE NONE 1,630 0 0 OAK VALUE TR MUTUAL 67181Q102 8 375 SH SOLE NONE 375 0 0 OAKMARK FUND - CLASS I MUTUAL 413838103 9 229 SH SOLE NONE 229 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 146 2,000 SH SOLE NONE 2,000 0 0 OMNICARE INC COM 681904108 51 2,800 SH SOLE NONE 0 0 2,800 OMNICOM GROUP INC COM 681919106 5,255 118,950 SH SOLE NONE 109,750 0 9,200 ORACLE CORP COM 68389X105 10 500 SH SOLE NONE 500 0 0 OWENS CORNING NEW COM 690742101 363 20,000 SH SOLE NONE 0 0 20,000 PARGESA HOLDING AG - B COM H60477207 10,011 89,725 SH SOLE NONE 60,550 0 29,175 PARKER HANNIFIN CORP COM 701094104 52 750 SH SOLE NONE 750 0 0 PEABODY ENERGY CORP COM 704549104 15 300 SH SOLE NONE 300 0 0 PENTAIR INC COM 709631105 3 100 SH SOLE NONE 100 0 0 PEPSICO INC COM 713448108 8,949 123,947 SH SOLE NONE 118,272 0 5,675 PERNOD RICARD S A ORD COM F72027109 114,136 1,108,115 SH SOLE NONE 993,794 0 114,321 PETROCHINA CO LTD SPONSORED ADR 71646E100 16 125 SH SOLE NONE 125 0 0 PFIZER INC COM 717081103 1,708 81,601 SH SOLE NONE 66,951 0 14,650 PHILIP MORRIS CR AS COM X6547B106 6,299 13,975 SH SOLE NONE 13,130 0 845 PHILIP MORRIS INTL INC COM 718172109 290,586 5,745,085 SH SOLE NONE 5,191,559 0 553,526 PICO HLDGS INC OM NEW 693366205 2 55 SH SOLE NONE 55 0 0 PIEDMONT NAT GAS INC COM 720186105 42 1,600 SH SOLE NONE 1,600 0 0 PIMCO FDS PAC INVT MGMT SER TO MUTUAL 693390445 224 20,527 SH SOLE NONE 20,527 0 0 PIONEER NAT RES CO COM 723787107 604 12,300 SH SOLE NONE 7,100 0 5,200 PNC FINL SVCS GROUP INC COM 693475105 837 12,760 SH SOLE NONE 3,960 0 8,800 POZEN INC COM 73941U102 78 7,500 SH SOLE NONE 0 0 7,500 PPG INDS INC COM 693506107 54 900 SH SOLE NONE 0 0 900 PRAXAIR INC COM 74005P104 152 1,800 SH SOLE NONE 1,800 0 0 PROCTER & GAMBLE CO COM 742718109 4,205 60,010 SH SOLE NONE 57,760 0 2,250 PROGRESSIVE CORP OHIO COM 743315103 8,621 536,438 SH SOLE NONE 496,704 0 39,734 PROLOGIS SH BEN INT 743410102 65 1,100 SH SOLE NONE 0 0 1,100 PTV INC PFD 10% PREFERR 69367F306 0 1 SH SOLE NONE 0 0 1 PUBLIC SVC ENTERPRISE GROUP COM 744573106 17 422 SH SOLE NONE 0 0 422 RAINING DATA CORP COM 75087R108 150 25,000 SH SOLE NONE 10,000 0 15,000 RAYTHEON CO COM NEW 755111507 10 156 SH SOLE NONE 156 0 0 RECKITT BENCKISER GROUP PLC COM G74079107 846 15,250 SH SOLE NONE 15,250 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 9 175 SH SOLE NONE 90 0 85 RITE AID CORP COM 767754104 14 4,650 SH SOLE NONE 3,500 0 1,150 ROCHE HLDG LTD SPON ADR COM 771195104 19 200 SH SOLE NONE 0 0 200 ROCHE HOLDING AG COM 001203204 673 3,575 SH SOLE NONE 3,575 0 0 ROWE T PRICE EQUITY FD MUTUAL 779547108 51 2,026 SH SOLE NONE 2,026 0 0 ROYAL DUTCH SHELL PLC SPON ADR B 780259107 442 6,562 SH SOLE NONE 6,562 0 0 ROYAL DUTCH SHELL PLC SPON ADR A 780259206 5,135 74,444 SH SOLE NONE 53,144 0 21,300 RYDEX SER FDS DYN WEAKENING DO MUTUAL 78356A863 139 4,740 SH SOLE NONE 0 0 4,740 RYDEX SER TR JUNO FD MUTUAL 783554702 259 15,406 SH SOLE NONE 0 0 15,406 SABMILLER PLC COM G77395104 5,331 243,000 SH SOLE NONE 185,375 0 57,625 SABMILLER PLC SPONSORED ADR COM 78572M105 121 5,500 SH SOLE NONE 1,750 0 3,750 SAFEWAY INC COM NEW 786514208 15 500 SH SOLE NONE 500 0 0 SAMSUNG ELECTRONICS LTD COM 796050888 24 75 SH SOLE NONE 0 0 75 SANOFI-AVENTIS COM F5548N101 13 175 SH SOLE NONE 0 0 175 SCHERING PLOUGH CORP COM 806605101 107 7,400 SH SOLE NONE 0 0 7,400 SCHIBSTED A/S COM R75677105 1,064 35,587 SH SOLE NONE 31,337 0 4,250 SCHLUMBERGER LTD COM 806857108 987 11,350 SH SOLE NONE 11,350 0 0 SCHULMAN A INC COM 808194104 114 5,530 SH SOLE NONE 5,530 0 0 SCHWAB CHARLES CORP NEW COM 808513105 41 2,200 SH SOLE NONE 700 0 1,500 SCHWEITZER-MAUDUIT INTL INC COM 808541106 32,033 1,384,319 SH SOLE NONE 1,270,745 0 113,574 SCOTTS MIRACLE GRO CO CL A 810186106 1,384 42,700 SH SOLE NONE 30,025 0 12,675 SCRIPPS E W CO OHIO CL A 811054204 135,734 3,230,995 SH SOLE NONE 2,922,962 0 308,033 SEAGATE TECGBIKIGT INC ESCROW WARRANT 811804988 0 200 SH SOLE NONE 0 0 200 SEQUOIA FD INC MUTUAL 817418106 13 101 SH SOLE NONE 101 0 0 SHIRE PLC SPONSORED ADR 82481R106 6 100 SH SOLE NONE 100 0 0 SMITHFIELD FOODS INC COM 832248108 8 300 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 6 250 SH SOLE NONE 250 0 0 SOVEREIGN BANCORP INC COM 845905108 50 5,414 SH SOLE NONE 914 0 4,500 STAPLES INC COM 855030102 4,449 201,237 SH SOLE NONE 184,787 0 16,450 STEPAN CO COM 858586100 49 1,284 SH SOLE NONE 1,284 0 0 STERLING FINL CORP COM 859317109 356 20,393 SH SOLE NONE 20,393 0 0 STREETTRACKS GOLD TR GOLD SHS 863307104 45 500 SH SOLE NONE 500 0 0 SUN MICROSYSTEMS INC COM NEW 866810203 3,883 250,000 SH SOLE NONE 250,000 0 0 SUNCOR ENERGY INC COM 867229106 309 3,210 SH SOLE NONE 3,210 0 0 SUNTRUST BKS INC COM 867914103 45 825 SH SOLE NONE 825 0 0 SUPERVALU INC COM 868536103 27 910 SH SOLE NONE 910 0 0 SUSQUEHANNA BANCSHARES INC P COM 869099101 560 27,472 SH SOLE NONE 23,787 0 3,685 SWEDISH MATCH AB COM W92277115 14,917 683,650 SH SOLE NONE 490,500 0 193,150 SYNGENTA AG COM 4356646 286 975 SH SOLE NONE 975 0 0 SYSCO CORP COM 871829107 10 350 SH SOLE NONE 150 0 200 TAMEDIA AG COM H84391103 4,517 39,275 SH SOLE NONE 25,925 0 13,350 TARGET CORP COM 87612E106 82 1,624 SH SOLE NONE 1,275 0 349 TELEFONICA S A SPONSORED ADR 879382208 0 1 SH SOLE NONE 1 0 0 TELEGRAAF MEDIA GROEP NV COM N8502L104 129,053 3,981,891 SH SOLE NONE 3,619,531 0 362,360 TEMPLETON GLOBAL INCOME FD COM 880198106 7 702 SH SOLE NONE 702 0 0 TEXAS INSTRS INC COM 882508104 353 12,500 SH SOLE NONE 12,000 0 500 THE SWATCH GROUP AG-BR COM H83949141 644 2,405 SH SOLE NONE 1,790 0 615 THIRD AVE FD REAL ESTATE MUTUAL 884116401 12 459 SH SOLE NONE 368 0 91 THIRD AVE SM CAP VALUE FD MUTUAL 884116203 9 378 SH SOLE NONE 378 0 0 THIRD AVE VALUE FD INC MUTUAL 884116104 11 188 SH SOLE NONE 188 0 0 THIRD AVENUE INT VALUE FD MUTUAL 884116500 11 580 SH SOLE NONE 580 0 0 THOMSON CORP COM 884903105 40 1,200 SH SOLE NONE 1,200 0 0 TIFFANY & CO NEW COM 886547108 262 6,250 SH SOLE NONE 6,250 0 0 TIM HORTONS INC COM 88706M103 7 200 SH SOLE NONE 0 0 200 TIME WARNER CABLE INC CL A 88732J108 1,005 40,219 SH SOLE NONE 0 0 40,219 TIME WARNER INC COM 887317105 421 30,050 SH SOLE NONE 4,950 0 25,100 TJX COS INC NEW COM 872540109 1,328 40,150 SH SOLE NONE 40,000 0 150 TOOTSIE ROLL INDS INC COM 890516107 36 1,417 SH SOLE NONE 0 0 1,417 TOTAL S A COM 4905413 223 3,000 SH SOLE NONE 3,000 0 0 TOTAL S A SPONSORED ADR 89151E109 377 5,100 SH SOLE NONE 5,100 0 0 TOUCHSTONE MID CAP FD CL Y MUTUAL 89155H793 5 317 SH SOLE NONE 317 0 0 TOYOTA MOTOR CORP JPY50 COM 6900643 127 2,550 SH SOLE NONE 2,550 0 0 TRAVELERS COMPANIES INC COM 89417E109 314 6,560 SH SOLE NONE 6,028 0 532 TWEEDY BROWNE FD AMERICAN MUTUAL 901165209 7 335 SH SOLE NONE 335 0 0 TWEEDY BROWNE FD GLOBAL MUTUAL 901165100 14 517 SH SOLE NONE 517 0 0 TYCO ELECTRONICS LTD COM NEW G9144P105 43 1,239 SH SOLE NONE 14 0 1,225 TYCO INTL LTD BERMUDA SHS G9143X208 55 1,239 SH SOLE NONE 14 0 1,225 U S GLOBAL INVS INC CL A 902952100 91 6,750 SH SOLE NONE 6,750 0 0 UBS AG-REGISTERED COM B18YFJ4 20 700 SH SOLE NONE 700 0 0 UNB CORP PA COM 903057107 11 105 SH SOLE NONE 105 0 0 UNILEVER N V N Y SHS NEW 904784709 127,594 3,782,819 SH SOLE NONE 3,416,764 0 366,055 UNILEVER PLC SPON ADR NEW 904767704 4 126 SH SOLE NONE 0 0 126 UNION NATL FINL CORP COM 907647101 83 8,660 SH SOLE NONE 8,660 0 0 UNION PAC CORP COM 907818108 50 400 SH SOLE NONE 400 0 0 UNITED OVERSEAS BK LTD ADR COM 911271302 11 400 SH SOLE NONE 400 0 0 UNITED TECHNOLOGIES CORP COM 913017109 86 1,250 SH SOLE NONE 1,250 0 0 UNITEDHEALTH GROUP INC COM 91324P102 24 700 SH SOLE NONE 0 0 700 UNIVERSAL CORP VA COM 913456109 33 500 SH SOLE NONE 500 0 0 UNIVERSAL DISPLAY CORP COM 91347P105 136 9,500 SH SOLE NONE 0 0 9,500 UNUM GROUP COM 91529Y106 215 9,775 SH SOLE NONE 9,500 0 275 USA MOBILITY INC COM 90341G103 145 20,300 SH SOLE NONE 19,400 0 900 UST INC COM 902911106 178,680 3,277,329 SH SOLE NONE 2,979,420 0 297,909 VALENCE TECHNOLOGY INC COM 918914102 13 3,000 SH SOLE NONE 0 0 3,000 VANGUARD INDEX TR MUTUAL 922908207 19 523 SH SOLE NONE 523 0 0 VECTREN CORP COM 92240G101 145 5,398 SH SOLE NONE 4,398 0 1,000 VEOLIA ENVIRONNEMENT SPONSORED ADR 92334N103 2 35 SH SOLE NONE 35 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 123 3,380 SH SOLE NONE 3,380 0 0 VIACOM INC NEW CL B 92553P201 46 1,150 SH SOLE NONE 1,150 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 3 100 SH SOLE NONE 100 0 0 VORNADO RLTY TR SH BEN INT 929042109 1,466 17,000 SH SOLE NONE 0 0 17,000 VULCAN MATLS CO COM 929160109 5,310 79,975 SH SOLE NONE 59,125 0 20,850 WACHOVIA CORP NEW COM 929903102 1,487 55,080 SH SOLE NONE 43,123 0 11,957 WACHOVIA CORP PFD PREFERR 929903201 0 800 SH SOLE NONE 800 0 0 WAL MART STORES INC COM 931142103 2,451 46,518 SH SOLE NONE 25,818 0 20,700 WALGREEN CO COM 931422109 273 7,160 SH SOLE NONE 6,960 0 200 WAL-MART DE MEXICO S A COM P98180105 81 19,200 SH SOLE NONE 0 0 19,200 WASHINGTON POST CO CL B 939640108 129,215 195,337 SH SOLE NONE 175,900 0 19,437 WELLPOINT INC COM 94973V107 31 704 SH SOLE NONE 704 0 0 WELLS FARGO & CO NEW COM 949746101 202,471 6,957,763 SH SOLE NONE 6,295,285 0 662,478 WESCO FINL CORP COM 950817106 331 820 SH SOLE NONE 670 0 150 WESTERN UN CO COM 959802109 32 1,500 SH SOLE NONE 1,500 0 0 WHOLE FOODS MKT INC COM 966837106 16 500 SH SOLE NONE 500 0 0 WILEY JOHN & SONS INC CL A 968223206 42 1,050 SH SOLE NONE 1,050 0 0 WPP GROUP PLC COM G9787H105 1,075 90,000 SH SOLE NONE 90,000 0 0 WRIGLEY WM JR CO COM 982526105 159 2,537 SH SOLE NONE 2,237 0 300 WYETH COM 983024100 261 6,250 SH SOLE NONE 6,250 0 0 XTO ENERGY INC COM 98385X106 147 2,375 SH SOLE NONE 0 0 2,375 YACKTMAN FD INC MUTUAL 984281105 9 702 SH SOLE NONE 702 0 0 YAHOO INC COM 984332106 6 200 SH SOLE NONE 200 0 0 YORK WTR CO COM 987184108 137 9,120 SH SOLE NONE 9,120 0 0 YUM BRANDS INC COM 988498101 164 4,400 SH SOLE NONE 0 0 4,400 ZALE CORP NEW COM 988858106 73 3,700 SH SOLE NONE 0 0 3,700 ZIMMER HLDGS INC COM 98956P102 9 120 SH SOLE NONE 120 0 0

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