-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BfS7hw2bUw0m0YZoppooBOayB1NsXghWYwkn0MhQLl7XJpytlEsTvKFWBcrbpg57
 FoGZCabLAv/B1C+OX6gC9g==

<SEC-DOCUMENT>0001125243-04-000002.txt : 20040202
<SEC-HEADER>0001125243-04-000002.hdr.sgml : 20040202
<ACCEPTANCE-DATETIME>20040202114124
ACCESSION NUMBER:		0001125243-04-000002
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040202
EFFECTIVENESS DATE:		20040202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WEDGEWOOD INVESTORS INC /PA/
		CENTRAL INDEX KEY:			0001125243
		IRS NUMBER:				251536717
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-05937
		FILM NUMBER:		04558149

	BUSINESS ADDRESS:	
		STREET 1:		333 STATE ST
		STREET 2:		STE 202
		CITY:			ERIE
		STATE:			PA
		ZIP:			16507
		BUSINESS PHONE:		8144563651

	MAIL ADDRESS:	
		STREET 1:		333 STATE ST
		STREET 2:		STE 202
		CITY:			ERIE
		STATE:			PA
		ZIP:			16507
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>a13f1203.txt
<TEXT>
<TABLE>
                                                                  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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
3 Com Corp.                    COM              885535104      693    84800 SH       SOLE                    26500             58300
AVX Corp.                      COM              002444107      214    12900 SH       SOLE                     3800              9100
Advanced Neuromodulation Sys   COM              00757t101      212     4600 SH       SOLE                     1200              3400
Altria Group Inc.              COM              02209S103     2898    53250 SH       SOLE                    22200             31050
American Express Co.           COM              025816109      540    11200 SH       SOLE                     1900              9300
American International Group   COM              026874107     1087    16395 SH       SOLE                     7095              9300
Amgen Inc.                     COM              031162100     1590    25727 SH       SOLE                    11405             14322
Anheuser Busch Companies Inc.  COM              035229103     1341    25455 SH       SOLE                    11355             14100
Atmel Corp.                    COM              049513104      108    17900 SH       SOLE                     4300             13600
BP-Amoco                       COM              055622104     1351    27366 SH       SOLE                     1714             25652
Boeing Company                 COM              097023105      801    19000 SH       SOLE                     6200             12800
Bristol-Myers Squibb           COM              110122108      478    16708 SH       SOLE                     8433              8275
ChevronTexaco Corp             COM              166764100      558     6455 SH       SOLE                     1204              5251
Citigroup Inc.                 COM              172967101     1539    31696 SH       SOLE                    10300             21396
ConocoPhillips                 COM              20825c104      406     6195 SH       SOLE                     2050              4145
Constellation Brands Inc.      COM              21036P108     1087    33000 SH       SOLE                    11500             21500
Corning Inc.                   COM              219350105      810    77700 SH       SOLE                    23400             54300
Corporate Executive Board Co.  COM              21988r102      233     5000 SH       SOLE                     3300              1700
Countrywide Financial Corp.    COM              222372104      786    10359 SH       SOLE                     5397              4962
Dow Chemical                   COM              260543103      201     4832 SH       SOLE                      632              4200
E. W. Scripps                  COM              811054204     1064    11300 SH       SOLE                     5400              5900
Eastman Kodak                  COM              277461109     1411    54950 SH       SOLE                    20200             34750
Erie Family Life               COM              295242101      328    11313 SH       SOLE                     1375              9938
Erie Indemnity                 COM              29530P102     1465    34567 SH       SOLE                    23356             11211
Express Scripts Inc.           COM              302182100      518     7800 SH       SOLE                     2700              5100
Exxon Mobil Corporation        COM              30231G102     4092    99812 SH       SOLE                     3464             96348
Fannie Mae                     COM              313586109      490     6530 SH       SOLE                     2530              4000
Federal Express                COM              31428X106      324     4800 SH       SOLE                     1800              3000
FleetBoston Financial Corp.    COM              339030108      594    13600 SH       SOLE                     5100              8500
Ford Motor Co.                 COM              345370860      263    16410 SH       SOLE                     3715             12695
General Electric               COM              369604103     1179    38049 SH       SOLE                    11839             26210
Genesee & Wyoming Inc. Class A COM              371559105      306     9700 SH       SOLE                     5600              4100
H & R Block Inc                COM              093671105      244     4398 SH       SOLE                     2750              1648
H.J. Heinz Company             COM              423074103     1352    37105 SH       SOLE                    15505             21600
Hartford Financial Svcs. Group COM              416515104      254     4300 SH       SOLE                     1400              2900
Home Depot                     COM              437076102     1076    30306 SH       SOLE                    14806             15500
Honeywell International        COM              438516106     1559    46640 SH       SOLE                    19590             27050
IPC Holdings                   COM              G4933P101      751    19300 SH       SOLE                     7800             11500
Intel Corp.                    COM              458140100      989    30850 SH       SOLE                     3400             27450
International Multifoods Corp. COM              460043102      207    11500 SH       SOLE                     9000              2500
J P Morgan Chase & Co.         COM              46625H100      933    25400 SH       SOLE                    11250             14150
Kemet Corp                     COM              488360108      208    15200 SH       SOLE                     4700             10500
L-3 Communications Hlds        COM              502424104      791    15400 SH       SOLE                     5700              9700
LSI Logic Corp.                COM              502161102      114    12895 SH       SOLE                     5100              7795
Legg Mason Inc.                COM              524901105      445     5762 SH       SOLE                     2032              3730
Level 3 Communications Inc.    COM              52729N100      137    24100 SH       SOLE                    11000             13100
Merck & Co.                    COM              589331107      822    17782 SH       SOLE                     9060              8722
Michaels Stores Inc            COM              594087108      318     7200 SH       SOLE                     1400              5800
Microsoft                      COM              594918104     1331    48630 SH       SOLE                    20250             28380
National City Corp.            COM              635405103      437    12890 SH       SOLE                      300             12590
New York Community Bancorp     COM              649445103      525    13800 SH       SOLE                     6800              7000
North Fork Bancorp             COM              659424105      591    14600 SH       SOLE                    11300              3300
Oracle Corporation             COM              68389X105      170    12824 SH       SOLE                     3470              9354
Pacific Energy Partners L.P.   COM              69422R105      525    17900 SH       SOLE                     4500             13400
Patterson Dental Company       COM              703412106      921    14400 SH       SOLE                     3800             10600
Pfizer Inc.                    COM              717081103     1616    45732 SH       SOLE                     9537             36195
SBC Communications Inc.        COM              78387G103      206     7915 SH       SOLE                     2867              5048
Schering Plough Corp.          COM              806605101      517    29750 SH       SOLE                    10600             19150
Schlumberger Ltd.              COM              806857108      219     4000 SH       SOLE                     1000              3000
Scottish Re Group LTD          COM              013392862      351    16900 SH       SOLE                     6200             10700
Southern Company               COM              842587107      309    10220 SH       SOLE                     3720              6500
St. Paul Companies Inc.        COM              792860108     1118    28200 SH       SOLE                    10500             17700
Time Warner, Inc.              COM              883717105      438    24350 SH       SOLE                     9750             14600
United Parcel Service, Class B COM              911312106      373     5000 SH       SOLE                     1900              3100
Valero Energy Corp             COM              91913y100      361     7800 SH       SOLE                     2700              5100
Varian Medical Systems Inc.    COM              92220P105      325     4700 SH       SOLE                     2200              2500
Verizon Communications         COM              92343V104      755    21512 SH       SOLE                     8024             13488
Viacom Inc., Class B           COM              925524308      272     6127 SH       SOLE                     1928              4199
W. R. Berkley Corp             COM              084423102      488    13950 SH       SOLE                     7200              6750
Wells Fargo & Co               COM              949746101      218     3700 SH       SOLE                     1150              2550
Clipper Fund                   MF               188850101     1192    13548 SH       SOLE                    13447               101
Fidelity Adv Equity Growth Fd  MF               315805101      344     7397 SH       SOLE                     7397
Schwab Instl Select S&P 500    MF               808509798     5573   641260 SH       SOLE                   641260
Vanguard Windsor II            MF               922018205     1089    41112 SH       SOLE                    40677               435
Janus MC Value Fd              MF               471023598      937    45960 SH       SOLE                    44872              1088
Muhlenkamp Fund                MF               962096103     3234    50914 SH       SOLE                    50372               542
Oakmark Select Fund            MF               413838608     1234    40296 SH       SOLE                    40296
T Rowe MC Growth               MF               779556109     5321   124041 SH       SOLE                   122946              1095
Buffalo Small Cap              MF               119804102     2101    94735 SH       SOLE                    93810               925
Janus SC Value Fd              MF               083902205     1326    42648 SH       SOLE                    42648
Royce Low Priced Stk           MF               780905808      514    36782 SH       SOLE                    35699              1083
Artisan Int'l Fund             MF               04314H204     1389    73462 SH       SOLE                    73462
Julius Baer Intl Eqty A        MF               481370104      499    18845 SH       SOLE                    18071               774
ABN Amro Cap  VI 6.25%  Callab PFD              00080v203      202     7800 SH       SOLE                     4800              3000
ABN Amro Capital 5.90% Series  PFD              00372P203      386    15700 SH       SOLE                     6000              9700
Acceptance Insur. Cap. 9.00% T PFD              001338201        6    13300 SH       SOLE                     6600              6700
Bank of America Capital 7.00%  PFD              055187207      267    10000 SH       SOLE                                      10000
Citigroup Capital 6.10% TRUPS  PFD              173064205      369    14500 SH       SOLE                     5700              8800
Countrywide Capital IV 6.75%   PFD              22238E206      415    16100 SH       SOLE                     4700             11400
Fanniemae  4.75%               PFD              313586836      478    11000 SH       SOLE                     5300              5700
Fleet Capital 7.20% Series VII PFD              33889X203      346    13000 SH       SOLE                     1000             12000
Ford Motor 9.00% TOPrS Series  PFD              345343206      569    22800 SH       SOLE                     5900             16900
GE Capital Corp. 6.625% PINES  PFD              369622527      315    11800 SH       SOLE                     1000             10800
GMAC 7.375%                    PFD              370425308      415    16000 SH       SOLE                     1800             14200
Household Capital 10.00% TOPrS PFD              44180S207      437    15800 SH       SOLE                     6400              9400
Household Capital 8.25% Series PFD              44180T205      387    14200 SH       SOLE                     1700             12500
ING Groep N.V. Capital 7.70%   PFD              44978D107      230     9000 SH       SOLE                     2500              6500
International Paper 7.875% Ser PFD              460140205      209     8300 SH       SOLE                     3800              4500
J.P. Morgan Chase Capital 7.00 PFD              46623D200      277    10400 SH       SOLE                                      10400
J.P. Morgan Chase Capital XI 5 PFD              46626V207      475    19400 SH       SOLE                     7500             11900
Maytag Corp. 7.875% PINES      PFD              578592206      212     7900 SH       SOLE                     2500              5400
Provident Capital 10.25% Serie PFD              74386F303      245     8900 SH       SOLE                     4400              4500
Shaw Communications 8.45% COPr PFD              82028K606      273    10800 SH       SOLE                     5000              5800
Suntrust Capital 7.05% Series  PFD              86789N204      283    10600 SH       SOLE                                      10600
</TABLE>
FORM 13F-HR
FORM 13F COVER PAGE

Report for the Quarter Ended:  December 31, 2003

Investment Manager Filing this Report:

Name:		Wedgewood Investors, Inc.
Address:	333 State Street Suite 202
		Erie, PA 16507-1466

Person Signing This Report:

Name:		Dennis R. Marin
Title:		President
Phone:		814-456-3651

Signature, Place and Date of Signing:

	Dennis R. Marin, Erie, PA, February 2, 2004


FORM 13F SUMMARY PAGE

Number of Other Included Managers:	0

Form 13F Information Table Entry Total:	104

Form 13F Information Table Value Total:	$82777


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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