0001278249-12-000004.txt : 20120501 0001278249-12-000004.hdr.sgml : 20120501 20120501112052 ACCESSION NUMBER: 0001278249-12-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120501 DATE AS OF CHANGE: 20120501 EFFECTIVENESS DATE: 20120501 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: 12798647 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 sec13f03312012final.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, 2012 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 May 1, 2012 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: 184 Form 13f Information Table Value Total: $576,442,924 List of Other Included Managers: None TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F

AS OF DATE: 03/31/12 (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 9,817,158 109,861 X X 89,131 0 20,730 A T & T INC (NEW) COMMON 00206R102 11,188,806 339,982 X X 267,335 0 72,647 ABBOTT LABS COMMON 002824100 3,713,236 59,833 X X 44,798 0 15,035 ACCENTURE PLC COMMON G1151C101 3,446,637 53,066 X X 24,290 0 28,776 AETNA U S HEALTHCARE COMMON 00817Y108 211,392 4,800 X 4,800 0 0 AIR PRODS & CHEMS INC COMMON 009158106 4,858,653 56,833 X X 51,133 0 5,700 ALCOA INC COMMON 013817101 276,624 28,430 X X 20,180 0 8,250 ALLETE INC NEW COMMON 018522300 315,751 7,662 X X 7,562 0 100 ALTRIA GROUP INC COMMON 02209S103 689,230 21,398 X X 11,940 0 9,458 AMAZON COM INC COMMON 023135106 317,703 1,370 X 1,370 0 0 AMERICAN EXPRESS CO. COMMON 025816109 1,140,377 18,940 X X 10,690 0 8,250 AMGEN INC COMMON 031162100 1,379,036 19,393 X 16,025 0 3,368 ANADARKO PETROLEUM COMMON 032511107 792,132 10,820 X 7,285 0 3,535 APACHE CORP COMMON 037411105 610,178 6,360 X 4,725 0 1,635 APHTON CORP COMMON 03759P101 15 15,000 X 0 0 15,000 APPLE INC COMMON 037833100 8,544,211 14,631 X X 13,021 0 1,610 AQUA AMERICA INC COMMON 03836W103 645,850 28,439 X 23,560 0 4,879 AUTOMATIC DATA PROCES COMMON 053015103 4,549,169 81,790 X X 62,915 0 18,875 BANK OF AMERICA CORP COMMON 060505104 237,226 29,251 X X 28,019 0 1,232 BAXTER INTERNATIONAL COMMON 071813109 991,950 17,902 X 17,902 0 0 BB&T CORP COMMON 054937107 2,344,014 73,159 X 42,381 0 30,778 BECTON DICKINSON & CO COMMON 075887109 9,866,825 125,772 X X 86,217 0 39,555 BERKSHIRE HATHAWAY IN COMMON 084670108 724,800 6 X 6 0 0 BERKSHIRE HATHAWAY IN COMMON 084670702 1,724,928 21,441 X 20,541 0 900 BLACKROCK NATL MUN FD MUTUAL 09253C744 110,465 10,181 X 10,181 0 0 BOARDWALK PIPELINE PA COMMON 096627104 1,429,300 51,730 X X 22,850 0 28,880 BOEING CO. COMMON 097023105 385,613 5,021 X 4,661 0 360 BP PLC ADR COMMON 055622104 1,112,077 25,618 X 25,618 0 0 BRANDYWINE RLTY TRUST COMMON 105368203 195,690 16,500 X 14,500 0 2,000 BRISTOL MYERS SQUIBB COMMON 110122108 1,156,804 34,666 X 34,666 0 0 BRYN MAWR BANK CORP COMMON 117665109 644,700 30,000 X 25,000 0 5,000 CAMPBELL SOUP CO COMMON 134429109 595,408 17,600 X 17,600 0 0 CATERPILLAR INC COMMON 149123101 2,884,754 28,070 X X 20,110 0 7,960 CENOVUS ENERGY INC CO COMMON 15135U109 6,339,944 174,895 X X 106,485 0 68,410 CHEVRON CORP COMMON 166764100 9,754,812 91,543 X X 74,573 0 16,970 CHUBB CORP COMMON 171232101 365,350 5,000 X X 2,300 0 2,700 CISCO SYSTEMS INC COMMON 17275R102 2,549,225 126,481 X X 101,834 0 24,647 COCA COLA CO. COMMON 191216100 2,191,605 28,716 X 26,404 0 2,312 COLGATE PALMOLIVE CO COMMON 194162103 5,292,885 53,496 X X 27,102 0 26,394 COMCAST CORP NEW A SP COMMON 20030N200 202,426 6,786 X 6,786 0 0 CONOCOPHILLIPS COMMON 20825C104 2,736,911 38,209 X 31,636 0 6,573 CONSOLIDATED EDISON I COMMON 209115104 602,645 10,137 X X 6,181 0 3,956 CORN PRODUCTS INTL IN COMMON 219023108 222,420 3,898 X 0 0 3,898 CORNING INC COMMON 219350105 586,169 40,848 X 40,848 0 0 COSTCO WHOLESALE COMMON 22160K105 694,594 7,877 X X 5,025 0 2,852 CVS CORP COMMON 126650100 9,319,046 208,854 X X 131,919 0 76,935 D R HORTON INC COMMON 23331A109 1,590,855 97,300 X X 53,700 0 43,600 DANAHER CORP SHS BEN COMMON 235851102 5,030,044 92,771 X X 76,605 0 16,166 DEERE & CO. COMMON 244199105 214,136 2,600 X 2,600 0 0 DENTSPLY INTL INC NEW COMMON 249030107 1,739,096 42,355 X 10,420 0 31,935 DEVON ENERGY CORP NEW COMMON 25179M103 8,624,139 123,467 X X 85,877 0 37,590 DIAGEO PLC ADR SPONSO COMMON 25243Q205 10,794,472 106,749 X X 78,949 0 27,800 DIGITAL RLTY TR INC C COMMON 253868103 6,892,591 91,791 X X 55,091 0 36,700 DISCOVERY COMMUNICATN COMMON 25470F104 10,580,267 194,383 X X 129,968 0 64,415 DISNEY WALT COMPANY COMMON 254687106 1,172,376 27,195 X X 24,505 0 2,690 DODGE & COX INCOME FD MUTUAL 256210105 230,495 16,874 X 16,874 0 0 DOMINION RES INC VA N COMMON 25746U109 1,749,513 33,522 X X 28,822 0 4,700 DU PONT E I DE NEMOUR COMMON 263534109 8,233,482 154,012 X X 124,487 0 29,525 DUKE ENERGY CORP COMMON 26441C105 575,310 26,846 X X 24,150 0 2,696 E M C CORP MASS COMMON 268648102 7,590,747 269,080 X X 185,680 0 83,400 EATON VANCE NATL MUNS MUTUAL 27826L249 109,309 11,019 X 11,019 0 0 ECOLAB INC COMMON 278865100 467,485 7,340 X 7,340 0 0 EMERSON ELECTRIC CO COMMON 291011104 9,068,719 172,606 X X 131,127 0 41,479 ENSCO INTERNATIONAL S COMMON 29358Q109 354,679 6,490 X 6,490 0 0 ENTERPRISE PRODS PART COMMON 293792107 4,336,386 84,136 X X 34,061 0 50,075 EOG RESOURCES INC COMMON 26875P101 1,883,022 17,148 X 13,473 0 3,675 EQT CORP COM COMMON 26884L109 440,907 8,850 X 2,850 0 6,000 EXELON CORP COMMON 30161N101 228,365 5,854 X 1,550 0 4,304 EXXON MOBIL COMMON 30231G102 30,124,619 348,907 X X 271,495 0 77,412 FEDEX CORP COMMON 31428X106 5,754,680 65,216 X X 44,951 0 20,265 FLUOR CORP NEW COM COMMON 343412102 2,392,294 41,425 X X 16,275 0 25,150 FRANKLIN RESOURCES IN COMMON 354613101 796,110 6,343 X 4,008 0 2,335 FULTON FINL CORP PA COMMON 360271100 252,689 24,100 X 24,100 0 0 GENERAL ELECTRIC CO COMMON 369604103 11,389,839 581,708 X X 465,636 0 116,072 GENERAL MILLS INC COMMON 370334104 1,326,149 34,100 X 29,200 0 4,900 GENESEE & WYO INC CL COMMON 371559105 323,352 5,998 X 0 0 5,998 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,510,149 32,666 X X 27,160 0 5,506 GOLDMAN SACHS GROUP I COMMON 38141G104 1,310,407 11,380 X X 7,650 0 3,730 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,678,917 186,180 X X 150,280 0 35,900 GOLDMAN SACHS GROUP I PREFERR 38144G804 755,820 37,050 X 14,550 0 22,500 GOOGLE INC CL A COMMON 38259P508 11,161,297 18,453 X X 13,916 0 4,537 GRAINGER W W INC COMMON 384802104 2,077,992 9,999 X 9,544 0 455 HALLIBURTON CO. COMMON 406216101 1,063,729 31,085 X X 27,785 0 3,300 HCP INC COMMON 40414L109 334,667 8,074 X X 3,088 0 4,986 HEINZ H J CO. COMMON 423074103 653,048 12,250 X X 8,850 0 3,400 HERSHEY FOODS CORP COMMON 427866108 776,311 11,585 X 5,185 0 6,400 HESS CORP COM COMMON 42809H107 943,538 18,096 X X 13,526 0 4,570 HEWLETT PACKARD CO. COMMON 428236103 623,556 25,184 X X 22,969 0 2,215 HOME DEPOT INC COMMON 437076102 1,489,998 28,770 X X 26,120 0 2,650 HONEYWELL INTL INC COMMON 438516106 236,089 3,892 X 2,392 0 1,500 HUDSON CITY BANCORP C COMMON 443683107 880,629 124,735 X 124,210 0 525 ILLINOIS TOOL WORKS I COMMON 452308109 2,446,855 42,643 X X 34,826 0 7,817 INT'L BUSINESS MACH. COMMON 459200101 17,153,058 82,833 X X 60,172 0 22,661 INTEL CORP COMMON 458140100 2,648,686 93,280 X X 74,500 0 18,780 INTERCONTINENTALEXCHA COMMON 45865V100 6,147,645 46,209 X X 35,739 0 10,470 ISHARES TR S&P 500 IN MUTUAL 464287200 202,284 1,442 X 1,442 0 0 ISHARES TR S&P MIDCAP MUTUAL 464287507 237,659 2,404 X 2,404 0 0 J P MORGAN CHASE & CO COMMON 46625H100 8,727,161 203,052 X X 157,404 0 45,648 JOHNSON CONTROLS INC COMMON 478366107 8,416,000 263,247 X X 201,097 0 62,150 JOHNSON & JOHNSON COMMON 478160104 13,609,271 209,052 X X 172,521 0 36,531 JPMORGAN CHASE & CO PREFERR 46625H621 1,753,599 65,900 X 38,200 0 27,700 KBR INC COM COMMON 48242W106 1,443,960 42,645 X 17,775 0 24,870 KELLOGG CO. COMMON 487836108 4,412,825 87,262 X X 44,761 0 42,501 KEYCORP NEW COMMON 493267108 6,715,297 835,236 X X 589,011 0 246,225 KIMBERLY CLARK CORP COMMON 494368103 2,206,184 28,115 X 28,115 0 0 KINDER MORGAN EGY PTN COMMON 494550106 4,459,922 54,099 X X 27,934 0 26,165 KRAFT FOODS INC CL A COMMON 50075N104 659,592 16,544 X X 13,707 0 2,837 LINCOLN NATL CORP COMMON 534187109 256,370 10,350 X 10,129 0 221 LOWE'S COS INC COMMON 548661107 1,973,169 62,700 X X 51,700 0 11,000 L-3 COMMUNICATIONS HO COMMON 502424104 2,146,633 29,190 X X 24,440 0 4,750 MAGELLAN MIDSTREAM PA COMMON 559080106 460,330 6,500 X 3,900 0 2,600 MAIRS & PWR FDS TR CO MUTUAL 56064V205 301,425 3,744 X 3,744 0 0 MCDONALD'S CORP COMMON 580135101 8,157,374 83,708 X X 61,628 0 22,080 MEDTRONIC INC COMMON 585055106 1,179,616 30,880 X 26,180 0 4,700 MERCK & COMPANY COMMON 58933Y105 2,430,996 61,952 X X 48,179 0 13,773 MERITOR SVGS BK PA COMMON 590007100 76,500 18,000 X 0 0 18,000 METLIFE INC PFD A FLT PREFERR 59156R504 3,512,404 142,955 X X 92,055 0 50,900 MICROSOFT CORP COMMON 594918104 5,604,706 175,065 X X 121,124 0 53,941 NATIONAL OILWELL VARC COMMON 637071101 304,176 4,015 X 4,015 0 0 NESTLE S A REG ADR COMMON 641069406 234,370 3,826 X 3,826 0 0 NETAPP INC COM COMMON 64110D104 2,819,860 72,630 X X 53,240 0 19,390 NEXTERA ENERGY INC CO COMMON 65339F101 1,195,623 18,580 X 17,230 0 1,350 NIKE INC CL B COMMON 654106103 3,139,967 28,068 X X 15,693 0 12,375 NOBLE CORPORATION COMMON H5833N103 3,923,045 103,075 X 86,870 0 16,205 NOBLE ENERGY COMMON 655044105 1,613,950 16,250 X X 9,475 0 6,775 NORFOLK SOUTHERN CORP COMMON 655844108 1,960,067 26,876 X X 23,526 0 3,350 NOVARTIS AG SPONSORED COMMON 66987V109 8,655,916 156,895 X X 112,480 0 44,415 OMNICOM GROUP COMMON 681919106 343,264 6,690 X 4,840 0 1,850 ONEOK INC NEW COM COMMON 682680103 296,321 3,450 X 1,000 0 2,450 OPPENHEIMER INTL BD F MUTUAL 68380T509 104,320 16,351 X 16,351 0 0 ORACLE SYS CORP COMMON 68389X105 10,597,818 360,470 X X 256,945 0 103,525 PENTAIR INC COMMON 709631105 250,289 5,775 X 2,375 0 3,400 PEPSICO INC COMMON 713448108 11,122,102 168,517 X X 121,322 0 47,195 PFIZER INC COMMON 717081103 5,197,063 226,946 X X 203,726 0 23,220 PHILIP MORRIS INTL IN COMMON 718172109 3,571,695 39,903 X X 32,552 0 7,351 PIEDMONT NAT GAS INC COMMON 720186105 472,440 15,500 X 8,000 0 7,500 PIMCO FDS PAC INVT MG MUTUAL 722005626 191,337 15,645 X 15,645 0 0 PLUM CREEK TIMBER CO. COMMON 729251108 227,605 5,414 X 5,414 0 0 PNC FINANCIAL CORP COMMON 693475105 521,076 7,857 X 6,005 0 1,852 PPG INDUSTRIES INC COMMON 693506107 1,655,109 15,727 X X 15,090 0 637 PPL CORP COMMON 69351T106 363,919 13,306 X 10,806 0 2,500 PRAXAIR INC COMMON 74005P104 4,711,883 40,725 X X 30,330 0 10,395 PROCTER & GAMBLE CO COMMON 742718109 8,174,622 128,451 X X 111,462 0 16,989 PROGRESS ENERGY INC C COMMON 743263105 509,422 9,572 X X 8,372 0 1,200 QNB CORP COMMON 74726N107 471,274 19,394 X 18,424 0 970 QUALCOMM INC COMMON 747525103 12,646,446 198,127 X X 132,377 0 65,750 RANGE RES CORP COM COMMON 75281A109 1,970,936 29,567 X 13,179 0 16,388 RAYMOND JAMES FINANCI COMMON 754730109 2,582,626 70,525 X X 32,275 0 38,250 RAYONIER INC COM COMMON 754907103 265,298 5,850 X 5,850 0 0 RIVERBED TECHNOLOGY I COMMON 768573107 1,457,362 73,884 X X 60,234 0 13,650 ROCHE HLDG LTD ADR COMMON 771195104 5,065,428 110,920 X 85,275 0 25,645 ROYAL DUTCH SHELL PLC COMMON 780259206 1,150,006 16,075 X X 14,575 0 1,500 SCHLUMBERGER LTD COMMON 806857108 9,198,772 124,073 X X 91,353 0 32,720 SIMON PPTY GROUP INC COMMON 828806109 357,880 2,300 X 2,300 0 0 SPECTRA ENERGY CORP COMMON 847560109 4,799,375 156,128 X X 66,580 0 89,548 STARWOOD HOTELS&RESOR COMMON 85590A401 414,400 7,000 X 4,850 0 2,150 STATE STREET CORP COMMON 857477103 10,379,810 224,574 X X 159,354 0 65,220 SYSCO CORP COMMON 871829107 520,778 18,020 X 14,520 0 3,500 T ROWE PRICE GROUP IN COMMON 74144T108 6,237,719 98,831 X X 68,891 0 29,940 TELEFONICA S A ADR COMMON 879382208 210,731 14,404 X X 1,000 0 13,404 TEVA PHARMACEUTICAL COMMON 881624209 9,275,878 202,685 X X 137,785 0 64,900 TEXAS INSTRUMENTS INC COMMON 882508104 845,069 26,458 X 26,458 0 0 THERMO FISHER SCIENTI COMMON 883556102 1,154,960 20,754 X 20,754 0 0 TRACTOR SUPPLY CO COMMON 892356106 435,464 4,425 X 625 0 3,800 UNILEVER N V COMMON 904784709 364,591 10,614 X X 4,000 0 6,614 UNILEVER PLC SPON ADR COMMON 904767704 9,001,278 262,275 X X 181,515 0 80,760 UNION PACIFIC CORP COMMON 907818108 802,372 7,136 X X 1,772 0 5,364 UNITED TECHNOLOGIES C COMMON 913017109 7,692,306 94,222 X X 77,212 0 17,010 UNIVEST CORP PA COMMON 915271100 419,486 26,055 X 26,055 0 0 US BANCORP DEL PFD B PREFERR 902973155 209,206 9,261 X 5,000 0 4,261 VANGUARD FIXED INCOME MUTUAL 922031760 200,493 34,156 X 34,156 0 0 VANGUARD INDEX FDS LA MUTUAL 922908637 717,248 11,200 X 11,200 0 0 VANGUARD INDEX FDS SM MUTUAL 922908751 588,919 7,558 X 7,558 0 0 VANGUARD INDEX TR MID MUTUAL 922908629 1,028,375 12,685 X 12,185 0 500 VANGUARD SHORT-TERM T MUTUAL 922907100 251,661 15,798 X 15,798 0 0 VERIZON COMMUNICATION COMMON 92343V104 2,106,101 52,157 X X 46,196 0 5,961 VISA INC COM CL A COMMON 92826C839 12,608,614 102,526 X X 66,606 0 35,920 VODAFONE GROUP PLC NE COMMON 92857W209 331,948 11,932 X 10,632 0 1,300 WAL MART STORES INC COMMON 931142103 548,158 9,305 X 8,305 0 1,000 WELLS FARGO & CO NEW COMMON 949746101 1,116,963 33,427 X X 20,927 0 12,500 WHIRLPOOL CORP COMMON 963320106 3,625,773 56,635 X X 42,025 0 14,610 WILLIS GROUP HOLDINGS COMMON G96666105 3,141,758 86,170 X X 54,145 0 32,025 XILINX INC COM COMMON 983919101 236,470 6,500 X 6,500 0 0 YUM BRANDS INC COMMON 988498101 2,993,203 41,155 X X 20,875 0 20,280

TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F AS OF DATE: 03/31/12 (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 9,817,158 109,861 107,061 2,800 A T & T INC (NEW) COMMON 00206R102 11,188,806 339,982 333,270 6,712 ABBOTT LABS COMMON 002824100 3,713,236 59,833 46,653 13,180 ACCENTURE PLC COMMON G1151C101 3,446,637 53,066 47,866 5,200 AETNA U S HEALTHCARE COMMON 00817Y108 211,392 4,800 4,800 AIR PRODS & CHEMS INC COMMON 009158106 4,858,653 56,833 55,633 1,200 ALCOA INC COMMON 013817101 276,624 28,430 20,430 8,000 ALLETE INC NEW COMMON 018522300 315,751 7,662 7,562 100 ALTRIA GROUP INC COMMON 02209S103 689,230 21,398 13,240 8,158 AMAZON COM INC COMMON 023135106 317,703 1,370 1,370 AMERICAN EXPRESS CO. COMMON 025816109 1,140,377 18,940 18,640 300 AMGEN INC COMMON 031162100 1,379,036 19,393 19,393 ANADARKO PETROLEUM COMMON 032511107 792,132 10,820 10,820 APACHE CORP COMMON 037411105 610,178 6,360 6,360 APHTON CORP COMMON 03759P101 15 15,000 15,000 APPLE INC COMMON 037833100 8,544,211 14,631 14,431 200 AQUA AMERICA INC COMMON 03836W103 645,850 28,439 28,439 AUTOMATIC DATA PROCES COMMON 053015103 4,549,169 81,790 75,990 5,800 BANK OF AMERICA CORP COMMON 060505104 237,226 29,251 28,021 1,230 BAXTER INTERNATIONAL COMMON 071813109 991,950 17,902 17,902 BB&T CORP COMMON 054937107 2,344,014 73,159 73,159 BECTON DICKINSON & CO COMMON 075887109 9,866,825 125,772 122,272 3,500 BERKSHIRE HATHAWAY IN COMMON 084670108 724,800 6 6 BERKSHIRE HATHAWAY IN COMMON 084670702 1,724,928 21,441 21,441 BLACKROCK NATL MUN FD MUTUAL 09253C744 110,465 10,181 10,181 BOARDWALK PIPELINE PA COMMON 096627104 1,429,300 51,730 50,180 1,550 BOEING CO. COMMON 097023105 385,613 5,021 5,021 BP PLC ADR COMMON 055622104 1,112,077 25,618 25,618 BRANDYWINE RLTY TRUST COMMON 105368203 195,690 16,500 16,500 BRISTOL MYERS SQUIBB COMMON 110122108 1,156,804 34,666 34,666 BRYN MAWR BANK CORP COMMON 117665109 644,700 30,000 30,000 CAMPBELL SOUP CO COMMON 134429109 595,408 17,600 17,600 CATERPILLAR INC COMMON 149123101 2,884,754 28,070 24,670 3,400 CENOVUS ENERGY INC CO COMMON 15135U109 6,339,944 174,895 174,195 700 CHEVRON CORP COMMON 166764100 9,754,812 91,543 83,738 7,805 CHUBB CORP COMMON 171232101 365,350 5,000 2,940 2,060 CISCO SYSTEMS INC COMMON 17275R102 2,549,225 126,481 124,881 1,600 COCA COLA CO. COMMON 191216100 2,191,605 28,716 28,716 COLGATE PALMOLIVE CO COMMON 194162103 5,292,885 53,496 51,546 1,950 COMCAST CORP NEW A SP COMMON 20030N200 202,426 6,786 6,786 CONOCOPHILLIPS COMMON 20825C104 2,736,911 38,209 38,209 CONSOLIDATED EDISON I COMMON 209115104 602,645 10,137 7,831 2,306 CORN PRODUCTS INTL IN COMMON 219023108 222,420 3,898 3,898 CORNING INC COMMON 219350105 586,169 40,848 40,848 COSTCO WHOLESALE COMMON 22160K105 694,594 7,877 6,675 1,202 CVS CORP COMMON 126650100 9,319,046 208,854 199,354 9,500 D R HORTON INC COMMON 23331A109 1,590,855 97,300 95,200 2,100 DANAHER CORP SHS BEN COMMON 235851102 5,030,044 92,771 89,771 3,000 DEERE & CO. COMMON 244199105 214,136 2,600 2,600 DENTSPLY INTL INC NEW COMMON 249030107 1,739,096 42,355 42,355 DEVON ENERGY CORP NEW COMMON 25179M103 8,624,139 123,467 122,067 1,400 DIAGEO PLC ADR SPONSO COMMON 25243Q205 10,794,472 106,749 103,249 3,500 DIGITAL RLTY TR INC C COMMON 253868103 6,892,591 91,791 88,291 3,500 DISCOVERY COMMUNICATN COMMON 25470F104 10,580,267 194,383 192,083 2,300 DISNEY WALT COMPANY COMMON 254687106 1,172,376 27,195 25,595 1,600 DODGE & COX INCOME FD MUTUAL 256210105 230,495 16,874 16,874 DOMINION RES INC VA N COMMON 25746U109 1,749,513 33,522 28,822 4,700 DU PONT E I DE NEMOUR COMMON 263534109 8,233,482 154,012 148,912 5,100 DUKE ENERGY CORP COMMON 26441C105 575,310 26,846 24,150 2,696 E M C CORP MASS COMMON 268648102 7,590,747 269,080 253,980 15,100 EATON VANCE NATL MUNS MUTUAL 27826L249 109,309 11,019 11,019 ECOLAB INC COMMON 278865100 467,485 7,340 7,340 EMERSON ELECTRIC CO COMMON 291011104 9,068,719 172,606 165,206 7,400 ENSCO INTERNATIONAL S COMMON 29358Q109 354,679 6,490 6,490 ENTERPRISE PRODS PART COMMON 293792107 4,336,386 84,136 81,736 2,400 EOG RESOURCES INC COMMON 26875P101 1,883,022 17,148 17,148 EQT CORP COM COMMON 26884L109 440,907 8,850 8,850 EXELON CORP COMMON 30161N101 228,365 5,854 5,854 EXXON MOBIL COMMON 30231G102 30,124,619 348,907 339,548 9,359 FEDEX CORP COMMON 31428X106 5,754,680 65,216 64,216 1,000 FLUOR CORP NEW COM COMMON 343412102 2,392,294 41,425 39,825 1,600 FRANKLIN RESOURCES IN COMMON 354613101 796,110 6,343 6,343 FULTON FINL CORP PA COMMON 360271100 252,689 24,100 24,100 GENERAL ELECTRIC CO COMMON 369604103 11,389,839 581,708 555,861 25,847 GENERAL MILLS INC COMMON 370334104 1,326,149 34,100 34,100 GENESEE & WYO INC CL COMMON 371559105 323,352 5,998 5,998 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,510,149 32,666 31,266 1,400 GOLDMAN SACHS GROUP I COMMON 38141G104 1,310,407 11,380 11,255 125 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,678,917 186,180 184,180 2,000 GOLDMAN SACHS GROUP I PREFERR 38144G804 755,820 37,050 37,050 GOOGLE INC CL A COMMON 38259P508 11,161,297 18,453 18,103 350 GRAINGER W W INC COMMON 384802104 2,077,992 9,999 9,999 HALLIBURTON CO. COMMON 406216101 1,063,729 31,085 27,985 3,100 HCP INC COMMON 40414L109 334,667 8,074 6,474 1,600 HEINZ H J CO. COMMON 423074103 653,048 12,250 11,250 1,000 HERSHEY FOODS CORP COMMON 427866108 776,311 11,585 11,585 HESS CORP COM COMMON 42809H107 943,538 18,096 17,096 1,000 HEWLETT PACKARD CO. COMMON 428236103 623,556 25,184 23,784 1,400 HOME DEPOT INC COMMON 437076102 1,489,998 28,770 26,570 2,200 HONEYWELL INTL INC COMMON 438516106 236,089 3,892 3,892 HUDSON CITY BANCORP C COMMON 443683107 880,629 124,735 124,735 ILLINOIS TOOL WORKS I COMMON 452308109 2,446,855 42,643 40,843 1,800 INT'L BUSINESS MACH. COMMON 459200101 17,153,058 82,833 78,233 4,600 INTEL CORP COMMON 458140100 2,648,686 93,280 78,700 14,580 INTERCONTINENTALEXCHA COMMON 45865V100 6,147,645 46,209 46,059 150 ISHARES TR S&P 500 IN MUTUAL 464287200 202,284 1,442 1,442 ISHARES TR S&P MIDCAP MUTUAL 464287507 237,659 2,404 2,404 J P MORGAN CHASE & CO COMMON 46625H100 8,727,161 203,052 191,822 11,230 JOHNSON CONTROLS INC COMMON 478366107 8,416,000 263,247 260,547 2,700 JOHNSON & JOHNSON COMMON 478160104 13,609,271 209,052 197,442 11,610 JPMORGAN CHASE & CO PREFERR 46625H621 1,753,599 65,900 65,900 KBR INC COM COMMON 48242W106 1,443,960 42,645 42,645 KELLOGG CO. COMMON 487836108 4,412,825 87,262 85,112 2,150 KEYCORP NEW COMMON 493267108 6,715,297 835,236 832,136 3,100 KIMBERLY CLARK CORP COMMON 494368103 2,206,184 28,115 28,115 KINDER MORGAN EGY PTN COMMON 494550106 4,459,922 54,099 49,949 4,150 KRAFT FOODS INC CL A COMMON 50075N104 659,592 16,544 15,091 1,453 LINCOLN NATL CORP COMMON 534187109 256,370 10,350 10,350 LOWE'S COS INC COMMON 548661107 1,973,169 62,700 56,200 6,500 L-3 COMMUNICATIONS HO COMMON 502424104 2,146,633 29,190 28,840 350 MAGELLAN MIDSTREAM PA COMMON 559080106 460,330 6,500 6,500 MAIRS & PWR FDS TR CO MUTUAL 56064V205 301,425 3,744 3,744 MCDONALD'S CORP COMMON 580135101 8,157,374 83,708 82,908 800 MEDTRONIC INC COMMON 585055106 1,179,616 30,880 30,880 MERCK & COMPANY COMMON 58933Y105 2,430,996 61,952 53,952 8,000 MERITOR SVGS BK PA COMMON 590007100 76,500 18,000 18,000 METLIFE INC PFD A FLT PREFERR 59156R504 3,512,404 142,955 140,855 2,100 MICROSOFT CORP COMMON 594918104 5,604,706 175,065 170,065 5,000 NATIONAL OILWELL VARC COMMON 637071101 304,176 4,015 4,015 NESTLE S A REG ADR COMMON 641069406 234,370 3,826 3,826 NETAPP INC COM COMMON 64110D104 2,819,860 72,630 70,630 2,000 NEXTERA ENERGY INC CO COMMON 65339F101 1,195,623 18,580 18,580 NIKE INC CL B COMMON 654106103 3,139,967 28,068 26,768 1,300 NOBLE CORPORATION COMMON H5833N103 3,923,045 103,075 103,075 NOBLE ENERGY COMMON 655044105 1,613,950 16,250 15,450 800 NORFOLK SOUTHERN CORP COMMON 655844108 1,960,067 26,876 25,526 1,350 NOVARTIS AG SPONSORED COMMON 66987V109 8,655,916 156,895 154,895 2,000 OMNICOM GROUP COMMON 681919106 343,264 6,690 6,690 ONEOK INC NEW COM COMMON 682680103 296,321 3,450 3,450 OPPENHEIMER INTL BD F MUTUAL 68380T509 104,320 16,351 16,351 ORACLE SYS CORP COMMON 68389X105 10,597,818 360,470 344,970 15,500 PENTAIR INC COMMON 709631105 250,289 5,775 5,775 PEPSICO INC COMMON 713448108 11,122,102 168,517 157,517 11,000 PFIZER INC COMMON 717081103 5,197,063 226,946 210,406 16,540 PHILIP MORRIS INTL IN COMMON 718172109 3,571,695 39,903 33,852 6,051 PIEDMONT NAT GAS INC COMMON 720186105 472,440 15,500 15,500 PIMCO FDS PAC INVT MG MUTUAL 722005626 191,337 15,645 15,645 PLUM CREEK TIMBER CO. COMMON 729251108 227,605 5,414 5,414 PNC FINANCIAL CORP COMMON 693475105 521,076 7,857 7,857 PPG INDUSTRIES INC COMMON 693506107 1,655,109 15,727 15,090 637 PPL CORP COMMON 69351T106 363,919 13,306 13,306 PRAXAIR INC COMMON 74005P104 4,711,883 40,725 39,825 900 PROCTER & GAMBLE CO COMMON 742718109 8,174,622 128,451 120,069 8,382 PROGRESS ENERGY INC C COMMON 743263105 509,422 9,572 8,372 1,200 QNB CORP COMMON 74726N107 471,274 19,394 19,394 QUALCOMM INC COMMON 747525103 12,646,446 198,127 191,927 6,200 RANGE RES CORP COM COMMON 75281A109 1,970,936 29,567 29,567 RAYMOND JAMES FINANCI COMMON 754730109 2,582,626 70,525 69,125 1,400 RAYONIER INC COM COMMON 754907103 265,298 5,850 5,850 RIVERBED TECHNOLOGY I COMMON 768573107 1,457,362 73,884 71,884 2,000 ROCHE HLDG LTD ADR COMMON 771195104 5,065,428 110,920 110,920 ROYAL DUTCH SHELL PLC COMMON 780259206 1,150,006 16,075 14,875 1,200 SCHLUMBERGER LTD COMMON 806857108 9,198,772 124,073 119,073 5,000 SIMON PPTY GROUP INC COMMON 828806109 357,880 2,300 2,300 SPECTRA ENERGY CORP COMMON 847560109 4,799,375 156,128 150,380 5,748 STARWOOD HOTELS&RESOR COMMON 85590A401 414,400 7,000 7,000 STATE STREET CORP COMMON 857477103 10,379,810 224,574 216,174 8,400 SYSCO CORP COMMON 871829107 520,778 18,020 18,020 T ROWE PRICE GROUP IN COMMON 74144T108 6,237,719 98,831 96,831 2,000 TELEFONICA S A ADR COMMON 879382208 210,731 14,404 4,795 9,609 TEVA PHARMACEUTICAL COMMON 881624209 9,275,878 202,685 196,085 6,600 TEXAS INSTRUMENTS INC COMMON 882508104 845,069 26,458 26,458 THERMO FISHER SCIENTI COMMON 883556102 1,154,960 20,754 20,754 TRACTOR SUPPLY CO COMMON 892356106 435,464 4,425 4,425 UNILEVER N V COMMON 904784709 364,591 10,614 9,943 671 UNILEVER PLC SPON ADR COMMON 904767704 9,001,278 262,275 255,125 7,150 UNION PACIFIC CORP COMMON 907818108 802,372 7,136 4,048 3,088 UNITED TECHNOLOGIES C COMMON 913017109 7,692,306 94,222 89,222 5,000 UNIVEST CORP PA COMMON 915271100 419,486 26,055 26,055 US BANCORP DEL PFD B PREFERR 902973155 209,206 9,261 9,261 VANGUARD FIXED INCOME MUTUAL 922031760 200,493 34,156 34,156 VANGUARD INDEX FDS LA MUTUAL 922908637 717,248 11,200 11,200 VANGUARD INDEX FDS SM MUTUAL 922908751 588,919 7,558 7,558 VANGUARD INDEX TR MID MUTUAL 922908629 1,028,375 12,685 12,685 VANGUARD SHORT-TERM T MUTUAL 922907100 251,661 15,798 15,798 VERIZON COMMUNICATION COMMON 92343V104 2,106,101 52,157 48,460 3,697 VISA INC COM CL A COMMON 92826C839 12,608,614 102,526 98,326 4,200 VODAFONE GROUP PLC NE COMMON 92857W209 331,948 11,932 11,932 WAL MART STORES INC COMMON 931142103 548,158 9,305 9,305 WELLS FARGO & CO NEW COMMON 949746101 1,116,963 33,427 20,927 12,500 WHIRLPOOL CORP COMMON 963320106 3,625,773 56,635 54,635 2,000 WILLIS GROUP HOLDINGS COMMON G96666105 3,141,758 86,170 84,070 2,100 XILINX INC COM COMMON 983919101 236,470 6,500 6,500 YUM BRANDS INC COMMON 988498101 2,993,203 41,155 37,275 3,880