0001278249-11-000006.txt : 20110808 0001278249-11-000006.hdr.sgml : 20110808 20110808111511 ACCESSION NUMBER: 0001278249-11-000006 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110808 DATE AS OF CHANGE: 20110808 EFFECTIVENESS DATE: 20110808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOWER BRIDGE ADVISORS CENTRAL INDEX KEY: 0001278249 IRS NUMBER: 233096014 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10708 FILM NUMBER: 111016089 BUSINESS ADDRESS: STREET 1: 200 BARR HARBOR DRIVE CITY: CONSHOHOCKEN STATE: PA ZIP: 19428 BUSINESS PHONE: 6102602200 MAIL ADDRESS: STREET 1: 4 TOWER BRIDGE 200 BARR HARBOR DRIVE STREET 2: STE 222 CITY: CONSHOHOCKEN STATE: PA ZIP: 19428 13F-HR 1 sec13f063011final.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: June 30, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement [ ] adds new holdings entires. Institutional Investment Manager Filing this Report: Name: Tower Bridge Advisors Address: 200 Barr Harbor Drive Suite 222 West Conshohocken, PA 19428 13F File Number: 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Jeffrey Kachel Title: Chief Financial Officer Phone: 610-260-2205 Signature, Place, and Date of Signing: Jeffrey Kachel, West Conshohocken, PA August 8, 2011 Report Type (Check only one): [X] 13F HOLDING REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT 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: 197 Form 13f Information Table Value Total: $548,931,124 List of Other Included Managers: None TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F

AS OF DATE: 06/30/11 (ITEM 1) (ITEM 2) (ITEM 3) (ITEM 4) (ITEM 5) (ITEM 6) (ITEM 7) (ITEM 8) INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) ----------------- --------------------------------------- NAME TITLE FAIR SHARES OR SHARED OF OF CUSIP MARKET PRINCIPAL SOLE SHARED OTHER SOLE SHARED NONE ISSUER CLASS NUMBER VALUE AMOUNT (A) (B) (C) MGR (A) (B) (C) ---------------------- ------ ---------- -------------- ------------ ----- ----- ----- -- ------------ ------------ ------------ 3M CO. COMMON 88579Y101 8,265,681 87,145 X X 69,615 0 17,530 A T & T INC (NEW) COMMON 00206R102 8,264,330 263,111 X X 216,725 0 46,386 ABBOTT LABS COMMON 002824100 3,267,755 62,101 X X 43,366 0 18,735 ACCENTURE PLC COMMON G1151C101 3,483,153 57,649 X X 26,173 0 31,476 AETNA U S HEALTHCARE COMMON 00817Y108 211,632 4,800 X 4,800 0 0 AIR PRODS & CHEMS INC COMMON 009158106 5,568,300 58,258 X X 52,558 0 5,700 ALCOA INC COMMON 013817101 619,095 39,035 X X 28,260 0 10,775 ALLETE INC NEW COMMON 018522300 306,240 7,462 X X 7,362 0 100 ALTRIA GROUP INC COMMON 02209S103 472,501 17,891 X X 11,740 0 6,151 AMERICAN EXPRESS CO. COMMON 025816109 1,072,258 20,740 X X 10,890 0 9,850 AMGEN INC COMMON 031162100 1,210,471 20,745 X 17,050 0 3,695 ANADARKO PETROLEUM COMMON 032511107 240,259 3,130 X 3,130 0 0 APACHE CORP COMMON 037411105 1,386,287 11,235 X 7,975 0 3,260 APHTON CORP COMMON 03759P101 15 15,000 X 0 0 15,000 APPLE COMPUTER INC COMMON 037833100 2,708,186 8,068 X 7,053 0 1,015 AQUA AMERICA INC COMMON 03836W103 773,938 35,211 X 29,499 0 5,712 ARTIO GLOBAL INVT FDS MUTUAL 04315J506 214,604 7,011 X 7,011 0 0 AUTOMATIC DATA PROCES COMMON 053015103 4,257,975 80,827 X X 60,752 0 20,075 AVON PRODUCTS INC COMMON 054303102 292,600 10,450 X X 1,800 0 8,650 BANK OF AMERICA CORP COMMON 060505104 583,730 53,260 X X 52,028 0 1,232 BAXTER INTERNATIONAL COMMON 071813109 1,068,570 17,902 X 17,902 0 0 BB&T CORP COMMON 054937107 265,126 9,878 X 7,400 0 2,478 BECTON DICKINSON & CO COMMON 075887109 9,603,519 111,449 X X 73,044 0 38,405 BERKSHIRE HATHAWAY IN COMMON 084670108 696,630 6 X 6 0 0 BERKSHIRE HATHAWAY IN COMMON 084670702 1,651,425 21,339 X 20,439 0 900 BLACKROCK MUN BD FD I MUTUAL 09253C504 103,066 13,947 X 13,947 0 0 BOARDWALK PIPELINE PA COMMON 096627104 1,737,463 59,830 X X 27,850 0 31,980 BOEING CO. COMMON 097023105 888,713 12,021 X X 4,661 0 7,360 BOSTON PROPERTIES INC COMMON 101121101 307,864 2,900 X 2,900 0 0 BP PLC ADR COMMON 055622104 1,152,337 26,018 X 26,018 0 0 BRISTOL MYERS SQUIBB COMMON 110122108 978,848 33,800 X 33,800 0 0 BRYN MAWR BANK CORP COMMON 117665109 607,500 30,000 X 25,000 0 5,000 CAMPBELL SOUP CO COMMON 134429109 608,080 17,600 X 17,600 0 0 CARNIVAL CORP PAIRED COMMON 143658300 7,343,938 195,162 X X 133,522 0 61,640 CATERPILLAR INC COMMON 149123101 10,619,066 99,747 X X 66,617 0 33,130 CENOVUS ENERGY INC CO COMMON 15135U109 8,304,482 220,512 X X 147,627 0 72,885 CHESAPEAKE ENERGY COR COMMON 165167107 353,311 11,900 X 10,600 0 1,300 CHEVRON CORP COMMON 166764100 9,627,769 93,619 X X 73,492 0 20,127 CHUBB CORP COMMON 171232101 300,528 4,800 X X 2,100 0 2,700 CISCO SYSTEMS INC COMMON 17275R102 4,013,269 257,096 X X 184,066 0 73,030 COCA COLA CO. COMMON 191216100 2,127,844 31,622 X X 22,222 0 9,400 COLGATE PALMOLIVE CO COMMON 194162103 5,065,925 57,956 X X 27,377 0 30,579 CONOCOPHILLIPS COMMON 20825C104 3,024,593 40,226 X 32,901 0 7,325 CONSOLIDATED EDISON I COMMON 209115104 371,189 6,972 X X 4,266 0 2,706 CORN PRODUCTS INTL IN COMMON 219023108 215,481 3,898 X 0 0 3,898 CORNING INC COMMON 219350105 748,651 41,248 X 40,848 0 400 COSTCO WHOLESALE COMMON 22160K105 674,454 8,302 X X 5,250 0 3,052 CVS CORP COMMON 126650100 10,436,325 277,710 X X 179,575 0 98,135 D R HORTON INC COMMON 23331A109 1,536,768 133,400 X X 75,400 0 58,000 DANAHER CORP SHS BEN COMMON 235851102 287,630 5,428 X 3,492 0 1,936 DEERE & CO. COMMON 244199105 247,350 3,000 X 3,000 0 0 DENTSPLY INTL INC NEW COMMON 249030107 2,026,998 53,230 X X 16,195 0 37,035 DEVON ENERGY CORP NEW COMMON 25179M103 1,509,369 19,152 X X 15,702 0 3,450 DIAGEO PLC ADR SPONSO COMMON 25243Q205 8,624,532 105,344 X X 74,869 0 30,475 DIGITAL RLTY TR INC C COMMON 253868103 6,144,639 99,460 X X 61,260 0 38,200 DISCOVERY COMMUNICATN COMMON 25470F104 7,302,636 178,287 X X 112,747 0 65,540 DISNEY WALT COMPANY COMMON 254687106 1,143,677 29,295 X X 25,305 0 3,990 DODGE & COX INCOME FD MUTUAL 256210105 200,375 14,987 X 14,987 0 0 DOMINION RES INC VA N COMMON 25746U109 1,704,993 35,322 X X 30,322 0 5,000 DOW CHEMICAL CORP COMMON 260543103 264,420 7,345 X 4,504 0 2,841 DU PONT E I DE NEMOUR COMMON 263534109 3,007,883 55,650 X X 46,850 0 8,800 DUKE ENERGY CORP COMMON 26441C105 526,223 27,946 X X 24,250 0 3,696 E M C CORP MASS COMMON 268648102 6,597,426 239,471 X X 168,496 0 70,975 EATON VANCE NATL MUNS MUTUAL 27826L249 100,273 11,019 X 11,019 0 0 ECOLAB INC COMMON 278865100 413,829 7,340 X 7,340 0 0 EMERSON ELECTRIC CO COMMON 291011104 3,090,319 54,939 X X 42,020 0 12,919 ENTERPRISE PRODS PART COMMON 293792107 3,657,974 84,656 X X 31,885 0 52,771 EOG RESOURCES INC COMMON 26875P101 1,375,878 13,160 X 9,845 0 3,315 EQT CORP COM COMMON 26884L109 576,249 10,972 X 4,100 0 6,872 EXELON CORP COMMON 30161N101 275,204 6,424 X 1,550 0 4,874 EXXON MOBIL COMMON 30231G102 30,410,184 373,681 X X 277,644 0 96,038 FEDEX CORP COMMON 31428X106 5,545,785 58,469 X X 39,779 0 18,690 FLUOR CORP NEW COM COMMON 343412102 4,031,939 62,356 X X 34,631 0 27,725 FORD MOTOR CO. DEL COMMON 345370860 185,062 13,420 X 12,420 0 1,000 FRANKLIN RESOURCES IN COMMON 354613101 6,270,148 47,758 X 23,368 0 24,390 FULTON FINL CORP PA COMMON 360271100 338,061 31,565 X 31,565 0 0 GENERAL ELECTRIC CO COMMON 369604103 13,829,059 733,248 X X 544,852 0 188,396 GENERAL MILLS INC COMMON 370334104 1,269,202 34,100 X 29,200 0 4,900 GENESEE & WYO INC CL COMMON 371559105 449,652 7,668 X 0 0 7,668 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,452,851 33,866 X X 27,760 0 6,106 GOLDMAN SACHS GROUP I COMMON 38141G104 5,252,530 39,466 X X 23,861 0 15,605 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,815,023 179,025 X X 141,425 0 37,600 GOLDMAN SACHS GROUP I PREFERR 38144G804 964,104 43,350 X 15,750 0 27,600 GOOGLE INC CL A COMMON 38259P508 8,198,799 16,191 X X 11,917 0 4,274 GRAINGER W W INC COMMON 384802104 2,306,287 15,010 X 13,255 0 1,755 HALLIBURTON CO. COMMON 406216101 1,879,350 36,850 X X 32,750 0 4,100 HCP INC COMMON 40414L109 299,904 8,174 X X 3,088 0 5,086 HEALTHZONE LTD SYDNEY COMMON AU000HZL2 70,672 183,372 X 183,372 0 0 HEINZ H J CO. COMMON 423074103 1,022,976 19,200 X X 7,200 0 12,000 HERSHEY FOODS CORP COMMON 427866108 917,218 16,134 X 9,600 0 6,534 HESS CORP COM COMMON 42809H107 4,575,866 61,207 X 41,682 0 19,525 HEWLETT PACKARD CO. COMMON 428236103 3,404,274 93,524 X X 64,756 0 28,768 HOME DEPOT INC COMMON 437076102 1,392,478 38,445 X X 33,545 0 4,900 HONEYWELL INTL INC COMMON 438516106 281,146 4,718 X 2,368 0 2,350 HUDSON CITY BANCORP C COMMON 443683107 790,212 96,485 X 95,960 0 525 ILLINOIS TOOL WORKS I COMMON 452308109 2,327,557 41,203 X X 32,626 0 8,577 INGERSOLL-RAND PLC COMMON G47791101 482,527 10,626 X 10,626 0 0 INT'L BUSINESS MACH. COMMON 459200101 15,705,231 91,549 X X 64,638 0 26,911 INTEL CORP COMMON 458140100 2,133,786 96,290 X X 77,510 0 18,780 INTERCONTINENTALEXCHA COMMON 45865V100 4,578,104 36,710 X X 28,715 0 7,995 ISHARES TR S&P MIDCAP MUTUAL 464287507 234,871 2,404 X 2,404 0 0 J P MORGAN CHASE & CO COMMON 46625H100 8,006,089 195,557 X X 146,159 0 49,398 JANUS OVERSEAS FD MUTUAL 471023846 204,397 4,346 X 4,346 0 0 JOHNSON & JOHNSON COMMON 478160104 14,772,481 222,076 X X 178,060 0 44,016 JPMORGAN CHASE & CO PREFERR 46625H621 1,965,568 70,400 X 41,700 0 28,700 KELLOGG CO. COMMON 487836108 6,780,313 122,565 X X 75,064 0 47,501 KIMBERLY CLARK CORP COMMON 494368103 1,874,662 28,165 X 28,165 0 0 KINDER MORGAN EGY PTN COMMON 494550106 4,144,734 57,090 X X 28,050 0 29,040 KOHLS CORP COMMON 500255104 4,052,960 81,043 X 61,623 0 19,420 KRAFT FOODS INC CL A COMMON 50075N104 1,124,385 31,916 X X 17,707 0 14,209 LINCOLN NATL CORP COMMON 534187109 310,142 10,886 X 10,665 0 221 LOWE'S COS INC COMMON 548661107 1,573,425 67,500 X X 50,900 0 16,600 LUBRIZOL CORP COM COMMON 549271104 402,810 3,000 X 0 0 3,000 L-3 COMMUNICATIONS HO COMMON 502424104 874,500 10,000 X X 4,300 0 5,700 MAGELLAN MIDSTREAM PA COMMON 559080106 388,245 6,500 X 3,900 0 2,600 MAIRS & POWER GROWTH MUTUAL 560636102 282,395 3,722 X 3,722 0 0 MARRIOTT INTL INC NEW COMMON 571903202 209,234 5,896 X 5,240 0 656 MCDONALD'S CORP COMMON 580135101 7,971,469 94,538 X X 67,883 0 26,655 MEDCO HEALTH SOLUTION COMMON 58405U102 4,586,709 81,152 X X 56,529 0 24,623 MEDTRONIC INC COMMON 585055106 5,431,483 140,968 X X 102,908 0 38,060 MERCK & COMPANY COMMON 58933Y105 2,371,559 67,202 X X 45,179 0 22,023 MERITOR SVGS BK PA COMMON 590007100 93,940 22,000 X 0 0 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,306,484 94,800 X X 43,900 0 50,900 MICROSOFT CORP COMMON 594918104 4,377,358 168,360 X X 114,569 0 53,791 MORGAN STANLEY PFD A PREFERR 61747S504 432,630 20,900 X 11,700 0 9,200 NESTLE S A REG ADR COMMON 641069406 237,421 3,826 X 3,826 0 0 NETAPP INC COM COMMON 64110D104 3,439,514 65,167 X 51,367 0 13,800 NEXTERA ENERGY INC CO COMMON 65339F101 1,214,130 21,130 X X 17,530 0 3,600 NIKE INC CL B COMMON 654106103 1,660,581 18,455 X X 7,655 0 10,800 NOBLE CORPORATION COMMON H5833N103 4,763,644 120,874 X 98,519 0 22,355 NOBLE ENERGY COMMON 655044105 607,243 6,775 X 3,575 0 3,200 NOKIA CORP ADR COMMON 654902204 277,665 43,250 X X 23,550 0 19,700 NORFOLK SOUTHERN CORP COMMON 655844108 1,927,649 25,726 X X 23,376 0 2,350 NOVARTIS AG SPONSORED COMMON 66987V109 7,694,258 125,908 X X 89,588 0 36,320 NUCOR CORP COMMON 670346105 477,122 11,575 X X 7,125 0 4,450 OMNICOM GROUP COMMON 681919106 386,484 8,025 X 5,275 0 2,750 ONEOK INC NEW COM COMMON 682680103 296,040 4,000 X 1,000 0 3,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 110,206 16,351 X 16,351 0 0 ORACLE SYS CORP COMMON 68389X105 10,717,339 325,656 X X 202,936 0 122,720 OWENS & MINOR INC NEW COMMON 690732102 206,940 6,000 X 0 0 6,000 PAC MERCANTILE BANCOR COMMON 694552100 51,120 12,000 X 12,000 0 0 PENTAIR INC COMMON 709631105 233,079 5,775 X 2,375 0 3,400 PEPSICO INC COMMON 713448108 7,177,570 101,911 X X 73,033 0 28,878 PETROHAWK ENERGY CORP COMMON 716495106 277,513 11,249 X 11,249 0 0 PETROLEO BRASILEIRO S COMMON 71654V101 1,300,832 42,400 X X 13,700 0 28,700 PFIZER INC COMMON 717081103 5,028,687 244,111 X X 198,838 0 45,273 PHILIP MORRIS INTL IN COMMON 718172109 3,217,897 48,194 X X 29,643 0 18,551 PIEDMONT NAT GAS INC COMMON 720186105 505,342 16,700 X 8,000 0 8,700 PLUM CREEK TIMBER CO. COMMON 729251108 202,700 5,000 X 5,000 0 0 PNC FINANCIAL CORP COMMON 693475105 549,425 9,217 X 6,005 0 3,212 PPG INDUSTRIES INC COMMON 693506107 1,436,933 15,827 X X 15,090 0 737 PPL CORP COMMON 69351T106 370,306 13,306 X 10,806 0 2,500 PRAXAIR INC COMMON 74005P104 4,421,445 40,792 X X 28,847 0 11,945 PROCTER & GAMBLE CO COMMON 742718109 7,556,184 118,864 X X 99,225 0 19,639 PROGRESS ENERGY INC C COMMON 743263105 730,952 15,225 X X 7,125 0 8,100 PROTECTED BUY-WRITE 0 PREFERR 61747S850 248,125 25,000 X 25,000 0 0 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,575 15,000 X 15,000 0 0 QNB CORP COMMON 74726N107 458,086 20,496 X 18,424 0 2,072 QUALCOMM INC COMMON 747525103 11,892,415 209,410 X X 137,110 0 72,300 QUEST DIAGNOSTICS INC COMMON 74834L100 4,209,989 71,235 X X 39,220 0 32,015 RANGE RES CORP COM COMMON 75281A109 2,195,025 39,550 X 20,294 0 19,256 RAYMOND JAMES FINANCI COMMON 754730109 2,529,401 78,675 X X 35,125 0 43,550 RAYONIER INC COM COMMON 754907103 254,865 3,900 X 3,900 0 0 ROYAL DUTCH SHELL PLC COMMON 780259206 1,148,750 16,150 X X 14,650 0 1,500 SBM OFFSHORE NV COMMON N7752F148 855,899 32,365 X X 30,719 0 1,646 SCHLUMBERGER LTD COMMON 806857108 10,156,838 117,556 X X 82,811 0 34,745 SIMON PPTY GROUP INC COMMON 828806109 267,329 2,300 X 2,300 0 0 SPECTRA ENERGY CORP COMMON 847560109 1,687,031 61,548 X X 23,850 0 37,698 STATE STREET CORP COMMON 857477103 8,684,920 192,613 X X 135,138 0 57,475 SYSCO CORP COMMON 871829107 561,864 18,020 X 14,520 0 3,500 TELEFONICA S A ADR COMMON 879382208 328,264 13,404 X X 0 0 13,404 TEMPLETON DRAGON MUTUAL 88018T101 212,520 7,000 X 7,000 0 0 TEVA PHARMACEUTICAL COMMON 881624209 10,747,131 222,877 X X 131,521 0 91,356 TEXAS INSTRUMENTS INC COMMON 882508104 885,031 26,958 X 26,958 0 0 THERMO FISHER SCIENTI COMMON 883556102 1,365,648 21,209 X 21,209 0 0 TRACTOR SUPPLY CO COMMON 892356106 327,712 4,900 X 1,100 0 3,800 TRANSOCEAN LTD COMMON H8817H100 581,298 9,004 X 7,504 0 1,500 ULTRA PETROLEUM CORP COMMON 903914109 386,552 8,440 X 8,190 0 250 UNILEVER N V COMMON 904784709 356,357 10,848 X X 4,000 0 6,848 UNILEVER PLC SPON ADR COMMON 904767704 5,991,988 184,995 X X 120,450 0 64,545 UNION PACIFIC CORP COMMON 907818108 713,678 6,836 X X 1,472 0 5,364 UNITED TECHNOLOGIES C COMMON 913017109 8,304,209 93,822 X X 77,565 0 16,257 UNIVEST CORP PA COMMON 915271100 407,240 26,055 X 26,055 0 0 VANGUARD INDEX FDS LA MUTUAL 922908637 697,694 11,515 X 11,515 0 0 VANGUARD INDEX FDS SM MUTUAL 922908751 667,952 8,558 X X 7,558 0 1,000 VANGUARD INDEX TR MID MUTUAL 922908629 1,120,653 13,935 X X 12,635 0 1,300 VANGUARD SHORT-TERM T MUTUAL 922907100 249,973 15,712 X 15,712 0 0 VERIZON COMMUNICATION COMMON 92343V104 2,010,123 53,992 X X 44,395 0 9,597 VERTEX PHARMACEUTICAL COMMON 92532F100 239,154 4,600 X 4,600 0 0 VISA INC COM CL A COMMON 92826C839 10,124,136 120,154 X X 77,784 0 42,370 VODAFONE GROUP PLC NE COMMON 92857W209 318,823 11,932 X 10,632 0 1,300 WAL MART STORES INC COMMON 931142103 536,980 10,105 X 9,105 0 1,000 WELLS FARGO & CO NEW COMMON 949746101 1,131,548 40,326 X X 26,926 0 13,400 WHIRLPOOL CORP COMMON 963320106 5,953,031 73,205 X X 45,295 0 27,910 WILLIS GROUP HOLDINGS COMMON G96666105 4,393,755 106,878 X X 64,523 0 42,355 XILINX INC COM COMMON 983919101 237,055 6,500 X 6,500 0 0 YUM BRANDS INC COMMON 988498101 2,604,842 47,155 X X 22,225 0 24,930

TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F AS OF DATE: 06/30/11 (ITEM 1) (ITEM 2) (ITEM 3) (ITEM 4) (ITEM 5) (ITEM 6) INVESTMENT DISCRETION --------------------------------------------- NAME TITLE FAIR SHARES OR SHARED OF OF CUSIP MARKET PRINCIPAL SOLE SHARED OTHER ISSUER CLASS NUMBER VALUE AMOUNT (A) (B) (C) ---------------------- ------ ---------- -------------- ------------ ---------- ---------- ---------- 3M CO. COMMON 88579Y101 8,265,681 87,145 84,445 2,700 A T & T INC (NEW) COMMON 00206R102 8,264,330 263,111 247,299 15,812 ABBOTT LABS COMMON 002824100 3,267,755 62,101 48,321 13,780 ACCENTURE PLC COMMON G1151C101 3,483,153 57,649 52,449 5,200 AETNA U S HEALTHCARE COMMON 00817Y108 211,632 4,800 4,800 AIR PRODS & CHEMS INC COMMON 009158106 5,568,300 58,258 57,058 1,200 ALCOA INC COMMON 013817101 619,095 39,035 28,510 10,525 ALLETE INC NEW COMMON 018522300 306,240 7,462 7,362 100 ALTRIA GROUP INC COMMON 02209S103 472,501 17,891 13,040 4,851 AMERICAN EXPRESS CO. COMMON 025816109 1,072,258 20,740 20,140 600 AMGEN INC COMMON 031162100 1,210,471 20,745 20,745 ANADARKO PETROLEUM COMMON 032511107 240,259 3,130 3,130 APACHE CORP COMMON 037411105 1,386,287 11,235 11,235 APHTON CORP COMMON 03759P101 15 15,000 15,000 APPLE COMPUTER INC COMMON 037833100 2,708,186 8,068 8,068 AQUA AMERICA INC COMMON 03836W103 773,938 35,211 35,211 ARTIO GLOBAL INVT FDS MUTUAL 04315J506 214,604 7,011 7,011 AUTOMATIC DATA PROCES COMMON 053015103 4,257,975 80,827 73,577 7,250 AVON PRODUCTS INC COMMON 054303102 292,600 10,450 4,950 5,500 BANK OF AMERICA CORP COMMON 060505104 583,730 53,260 52,030 1,230 BAXTER INTERNATIONAL COMMON 071813109 1,068,570 17,902 17,902 BB&T CORP COMMON 054937107 265,126 9,878 9,878 BECTON DICKINSON & CO COMMON 075887109 9,603,519 111,449 107,949 3,500 BERKSHIRE HATHAWAY IN COMMON 084670108 696,630 6 6 BERKSHIRE HATHAWAY IN COMMON 084670702 1,651,425 21,339 21,339 BLACKROCK MUN BD FD I MUTUAL 09253C504 103,066 13,947 13,947 BOARDWALK PIPELINE PA COMMON 096627104 1,737,463 59,830 58,280 1,550 BOEING CO. COMMON 097023105 888,713 12,021 5,021 7,000 BOSTON PROPERTIES INC COMMON 101121101 307,864 2,900 2,900 BP PLC ADR COMMON 055622104 1,152,337 26,018 26,018 BRISTOL MYERS SQUIBB COMMON 110122108 978,848 33,800 33,800 BRYN MAWR BANK CORP COMMON 117665109 607,500 30,000 30,000 CAMPBELL SOUP CO COMMON 134429109 608,080 17,600 17,600 CARNIVAL CORP PAIRED COMMON 143658300 7,343,938 195,162 190,462 4,700 CATERPILLAR INC COMMON 149123101 10,619,066 99,747 93,447 6,300 CENOVUS ENERGY INC CO COMMON 15135U109 8,304,482 220,512 219,812 700 CHESAPEAKE ENERGY COR COMMON 165167107 353,311 11,900 11,900 CHEVRON CORP COMMON 166764100 9,627,769 93,619 84,274 9,345 CHUBB CORP COMMON 171232101 300,528 4,800 2,740 2,060 CISCO SYSTEMS INC COMMON 17275R102 4,013,269 257,096 241,346 15,750 COCA COLA CO. COMMON 191216100 2,127,844 31,622 24,222 7,400 COLGATE PALMOLIVE CO COMMON 194162103 5,065,925 57,956 55,156 2,800 CONOCOPHILLIPS COMMON 20825C104 3,024,593 40,226 40,226 CONSOLIDATED EDISON I COMMON 209115104 371,189 6,972 4,666 2,306 CORN PRODUCTS INTL IN COMMON 219023108 215,481 3,898 3,898 CORNING INC COMMON 219350105 748,651 41,248 41,248 COSTCO WHOLESALE COMMON 22160K105 674,454 8,302 7,100 1,202 CVS CORP COMMON 126650100 10,436,325 277,710 266,210 11,500 D R HORTON INC COMMON 23331A109 1,536,768 133,400 125,300 8,100 DANAHER CORP SHS BEN COMMON 235851102 287,630 5,428 5,428 DEERE & CO. COMMON 244199105 247,350 3,000 3,000 DENTSPLY INTL INC NEW COMMON 249030107 2,026,998 53,230 51,030 2,200 DEVON ENERGY CORP NEW COMMON 25179M103 1,509,369 19,152 18,752 400 DIAGEO PLC ADR SPONSO COMMON 25243Q205 8,624,532 105,344 100,844 4,500 DIGITAL RLTY TR INC C COMMON 253868103 6,144,639 99,460 95,960 3,500 DISCOVERY COMMUNICATN COMMON 25470F104 7,302,636 178,287 176,987 1,300 DISNEY WALT COMPANY COMMON 254687106 1,143,677 29,295 27,695 1,600 DODGE & COX INCOME FD MUTUAL 256210105 200,375 14,987 14,987 DOMINION RES INC VA N COMMON 25746U109 1,704,993 35,322 30,322 5,000 DOW CHEMICAL CORP COMMON 260543103 264,420 7,345 7,345 DU PONT E I DE NEMOUR COMMON 263534109 3,007,883 55,650 50,550 5,100 DUKE ENERGY CORP COMMON 26441C105 526,223 27,946 25,250 2,696 E M C CORP MASS COMMON 268648102 6,597,426 239,471 229,771 9,700 EATON VANCE NATL MUNS MUTUAL 27826L249 100,273 11,019 11,019 ECOLAB INC COMMON 278865100 413,829 7,340 7,340 EMERSON ELECTRIC CO COMMON 291011104 3,090,319 54,939 50,639 4,300 ENTERPRISE PRODS PART COMMON 293792107 3,657,974 84,656 82,256 2,400 EOG RESOURCES INC COMMON 26875P101 1,375,878 13,160 13,160 EQT CORP COM COMMON 26884L109 576,249 10,972 10,972 EXELON CORP COMMON 30161N101 275,204 6,424 6,424 EXXON MOBIL COMMON 30231G102 30,410,184 373,681 354,332 19,349 FEDEX CORP COMMON 31428X106 5,545,785 58,469 56,469 2,000 FLUOR CORP NEW COM COMMON 343412102 4,031,939 62,356 60,756 1,600 FORD MOTOR CO. DEL COMMON 345370860 185,062 13,420 13,420 FRANKLIN RESOURCES IN COMMON 354613101 6,270,148 47,758 47,758 FULTON FINL CORP PA COMMON 360271100 338,061 31,565 31,565 GENERAL ELECTRIC CO COMMON 369604103 13,829,059 733,248 681,841 51,407 GENERAL MILLS INC COMMON 370334104 1,269,202 34,100 34,100 GENESEE & WYO INC CL COMMON 371559105 449,652 7,668 7,668 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,452,851 33,866 32,466 1,400 GOLDMAN SACHS GROUP I COMMON 38141G104 5,252,530 39,466 37,141 2,325 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,815,023 179,025 177,025 2,000 GOLDMAN SACHS GROUP I PREFERR 38144G804 964,104 43,350 43,350 GOOGLE INC CL A COMMON 38259P508 8,198,799 16,191 15,891 300 GRAINGER W W INC COMMON 384802104 2,306,287 15,010 15,010 HALLIBURTON CO. COMMON 406216101 1,879,350 36,850 32,750 4,100 HCP INC COMMON 40414L109 299,904 8,174 6,574 1,600 HEALTHZONE LTD SYDNEY COMMON AU000HZL2 70,672 183,372 183,372 HEINZ H J CO. COMMON 423074103 1,022,976 19,200 10,800 8,400 HERSHEY FOODS CORP COMMON 427866108 917,218 16,134 16,134 HESS CORP COM COMMON 42809H107 4,575,866 61,207 61,207 HEWLETT PACKARD CO. COMMON 428236103 3,404,274 93,524 77,999 15,525 HOME DEPOT INC COMMON 437076102 1,392,478 38,445 34,245 4,200 HONEYWELL INTL INC COMMON 438516106 281,146 4,718 4,718 HUDSON CITY BANCORP C COMMON 443683107 790,212 96,485 96,485 ILLINOIS TOOL WORKS I COMMON 452308109 2,327,557 41,203 39,403 1,800 INGERSOLL-RAND PLC COMMON G47791101 482,527 10,626 10,626 INT'L BUSINESS MACH. COMMON 459200101 15,705,231 91,549 84,349 7,200 INTEL CORP COMMON 458140100 2,133,786 96,290 81,710 14,580 INTERCONTINENTALEXCHA COMMON 45865V100 4,578,104 36,710 36,560 150 ISHARES TR S&P MIDCAP MUTUAL 464287507 234,871 2,404 2,404 J P MORGAN CHASE & CO COMMON 46625H100 8,006,089 195,557 177,092 18,465 JANUS OVERSEAS FD MUTUAL 471023846 204,397 4,346 4,346 JOHNSON & JOHNSON COMMON 478160104 14,772,481 222,076 205,606 16,470 JPMORGAN CHASE & CO PREFERR 46625H621 1,965,568 70,400 70,400 KELLOGG CO. COMMON 487836108 6,780,313 122,565 120,415 2,150 KIMBERLY CLARK CORP COMMON 494368103 1,874,662 28,165 28,165 KINDER MORGAN EGY PTN COMMON 494550106 4,144,734 57,090 51,940 5,150 KOHLS CORP COMMON 500255104 4,052,960 81,043 81,043 KRAFT FOODS INC CL A COMMON 50075N104 1,124,385 31,916 20,014 11,902 LINCOLN NATL CORP COMMON 534187109 310,142 10,886 10,886 LOWE'S COS INC COMMON 548661107 1,573,425 67,500 57,600 9,900 LUBRIZOL CORP COM COMMON 549271104 402,810 3,000 3,000 L-3 COMMUNICATIONS HO COMMON 502424104 874,500 10,000 8,850 1,150 MAGELLAN MIDSTREAM PA COMMON 559080106 388,245 6,500 6,500 MAIRS & POWER GROWTH MUTUAL 560636102 282,395 3,722 3,722 MARRIOTT INTL INC NEW COMMON 571903202 209,234 5,896 5,896 MCDONALD'S CORP COMMON 580135101 7,971,469 94,538 93,738 800 MEDCO HEALTH SOLUTION COMMON 58405U102 4,586,709 81,152 79,652 1,500 MEDTRONIC INC COMMON 585055106 5,431,483 140,968 134,468 6,500 MERCK & COMPANY COMMON 58933Y105 2,371,559 67,202 51,202 16,000 MERITOR SVGS BK PA COMMON 590007100 93,940 22,000 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,306,484 94,800 92,700 2,100 MICROSOFT CORP COMMON 594918104 4,377,358 168,360 162,260 6,100 MORGAN STANLEY PFD A PREFERR 61747S504 432,630 20,900 20,900 NESTLE S A REG ADR COMMON 641069406 237,421 3,826 3,826 NETAPP INC COM COMMON 64110D104 3,439,514 65,167 65,167 NEXTERA ENERGY INC CO COMMON 65339F101 1,214,130 21,130 19,130 2,000 NIKE INC CL B COMMON 654106103 1,660,581 18,455 17,955 500 NOBLE CORPORATION COMMON H5833N103 4,763,644 120,874 120,874 NOBLE ENERGY COMMON 655044105 607,243 6,775 6,775 NOKIA CORP ADR COMMON 654902204 277,665 43,250 42,850 400 NORFOLK SOUTHERN CORP COMMON 655844108 1,927,649 25,726 24,376 1,350 NOVARTIS AG SPONSORED COMMON 66987V109 7,694,258 125,908 123,308 2,600 NUCOR CORP COMMON 670346105 477,122 11,575 11,075 500 OMNICOM GROUP COMMON 681919106 386,484 8,025 8,025 ONEOK INC NEW COM COMMON 682680103 296,040 4,000 4,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 110,206 16,351 16,351 ORACLE SYS CORP COMMON 68389X105 10,717,339 325,656 295,656 30,000 OWENS & MINOR INC NEW COMMON 690732102 206,940 6,000 6,000 PAC MERCANTILE BANCOR COMMON 694552100 51,120 12,000 12,000 PENTAIR INC COMMON 709631105 233,079 5,775 5,775 PEPSICO INC COMMON 713448108 7,177,570 101,911 89,911 12,000 PETROHAWK ENERGY CORP COMMON 716495106 277,513 11,249 11,249 PETROLEO BRASILEIRO S COMMON 71654V101 1,300,832 42,400 35,600 6,800 PFIZER INC COMMON 717081103 5,028,687 244,111 208,371 35,740 PHILIP MORRIS INTL IN COMMON 718172109 3,217,897 48,194 31,343 16,851 PIEDMONT NAT GAS INC COMMON 720186105 505,342 16,700 16,700 PLUM CREEK TIMBER CO. COMMON 729251108 202,700 5,000 5,000 PNC FINANCIAL CORP COMMON 693475105 549,425 9,217 9,217 PPG INDUSTRIES INC COMMON 693506107 1,436,933 15,827 15,090 737 PPL CORP COMMON 69351T106 370,306 13,306 13,306 PRAXAIR INC COMMON 74005P104 4,421,445 40,792 39,592 1,200 PROCTER & GAMBLE CO COMMON 742718109 7,556,184 118,864 110,932 7,932 PROGRESS ENERGY INC C COMMON 743263105 730,952 15,225 7,125 8,100 PROTECTED BUY-WRITE 0 PREFERR 61747S850 248,125 25,000 25,000 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,575 15,000 15,000 QNB CORP COMMON 74726N107 458,086 20,496 20,496 QUALCOMM INC COMMON 747525103 11,892,415 209,410 205,710 3,700 QUEST DIAGNOSTICS INC COMMON 74834L100 4,209,989 71,235 68,235 3,000 RANGE RES CORP COM COMMON 75281A109 2,195,025 39,550 39,550 RAYMOND JAMES FINANCI COMMON 754730109 2,529,401 78,675 77,275 1,400 RAYONIER INC COM COMMON 754907103 254,865 3,900 3,900 ROYAL DUTCH SHELL PLC COMMON 780259206 1,148,750 16,150 14,950 1,200 SBM OFFSHORE NV COMMON N7752F148 855,899 32,365 31,439 926 SCHLUMBERGER LTD COMMON 806857108 10,156,838 117,556 113,756 3,800 SIMON PPTY GROUP INC COMMON 828806109 267,329 2,300 2,300 SPECTRA ENERGY CORP COMMON 847560109 1,687,031 61,548 61,400 148 STATE STREET CORP COMMON 857477103 8,684,920 192,613 182,213 10,400 SYSCO CORP COMMON 871829107 561,864 18,020 18,020 TELEFONICA S A ADR COMMON 879382208 328,264 13,404 3,795 9,609 TEMPLETON DRAGON MUTUAL 88018T101 212,520 7,000 7,000 TEVA PHARMACEUTICAL COMMON 881624209 10,747,131 222,877 206,821 16,056 TEXAS INSTRUMENTS INC COMMON 882508104 885,031 26,958 26,958 THERMO FISHER SCIENTI COMMON 883556102 1,365,648 21,209 21,209 TRACTOR SUPPLY CO COMMON 892356106 327,712 4,900 4,900 TRANSOCEAN LTD COMMON H8817H100 581,298 9,004 9,004 ULTRA PETROLEUM CORP COMMON 903914109 386,552 8,440 8,440 UNILEVER N V COMMON 904784709 356,357 10,848 9,777 1,071 UNILEVER PLC SPON ADR COMMON 904767704 5,991,988 184,995 176,045 8,950 UNION PACIFIC CORP COMMON 907818108 713,678 6,836 3,748 3,088 UNITED TECHNOLOGIES C COMMON 913017109 8,304,209 93,822 88,822 5,000 UNIVEST CORP PA COMMON 915271100 407,240 26,055 26,055 VANGUARD INDEX FDS LA MUTUAL 922908637 697,694 11,515 11,515 VANGUARD INDEX FDS SM MUTUAL 922908751 667,952 8,558 7,558 1,000 VANGUARD INDEX TR MID MUTUAL 922908629 1,120,653 13,935 12,735 1,200 VANGUARD SHORT-TERM T MUTUAL 922907100 249,973 15,712 15,712 VERIZON COMMUNICATION COMMON 92343V104 2,010,123 53,992 46,395 7,597 VERTEX PHARMACEUTICAL COMMON 92532F100 239,154 4,600 4,600 VISA INC COM CL A COMMON 92826C839 10,124,136 120,154 115,954 4,200 VODAFONE GROUP PLC NE COMMON 92857W209 318,823 11,932 11,932 WAL MART STORES INC COMMON 931142103 536,980 10,105 10,105 WELLS FARGO & CO NEW COMMON 949746101 1,131,548 40,326 27,426 12,900 WHIRLPOOL CORP COMMON 963320106 5,953,031 73,205 72,305 900 WILLIS GROUP HOLDINGS COMMON G96666105 4,393,755 106,878 104,778 2,100 XILINX INC COM COMMON 983919101 237,055 6,500 6,500 YUM BRANDS INC COMMON 988498101 2,604,842 47,155 43,275 3,880