0001278249-11-000004.txt : 20110504 0001278249-11-000004.hdr.sgml : 20110504 20110504120054 ACCESSION NUMBER: 0001278249-11-000004 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110504 DATE AS OF CHANGE: 20110504 EFFECTIVENESS DATE: 20110504 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: 11808959 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 sec13f033111final.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, 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 May 4, 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: 202 Form 13f Information Table Value Total: $559,961,953 List of Other Included Managers: None TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F

AS OF DATE: 03/31/11 (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 8,225,547 87,974 X X 70,340 0 17,634 A T & T INC (NEW) COMMON 00206R102 8,095,088 264,459 X X 218,573 0 45,886 ABBOTT LABS COMMON 002824100 3,098,636 63,173 X X 44,438 0 18,735 ACCENTURE PLC COMMON G1151C101 3,215,690 58,499 X X 25,573 0 32,926 ADOBE SYS INC COMMON 00724F101 2,599,744 78,400 X X 30,675 0 47,725 AIR PRODS & CHEMS INC COMMON 009158106 5,393,485 59,808 X X 54,108 0 5,700 ALCOA INC COMMON 013817101 518,056 29,335 X X 28,560 0 775 ALLETE INC NEW COMMON 018522300 290,794 7,462 X X 7,362 0 100 ALTRIA GROUP INC COMMON 02209S103 465,703 17,891 X X 11,740 0 6,151 AMERICAN EXPRESS CO. COMMON 025816109 937,448 20,740 X X 10,890 0 9,850 AMGEN INC COMMON 031162100 1,108,820 20,745 X 17,050 0 3,695 ANADARKO PETROLEUM COMMON 032511107 256,410 3,130 X 3,130 0 0 APACHE CORP COMMON 037411105 1,546,820 11,815 X 8,535 0 3,280 APHTON CORP COMMON 03759P101 0 15,000 X 0 0 15,000 APPLE COMPUTER INC COMMON 037833100 2,711,388 7,780 X 6,815 0 965 AQUA AMERICA INC COMMON 03836W103 805,980 35,211 X 29,499 0 5,712 ARTIO GLOBAL INVT FDS MUTUAL 04315J506 291,743 9,463 X 9,463 0 0 AUTOMATIC DATA PROCES COMMON 053015103 4,166,321 81,199 X X 61,024 0 20,175 AVON PRODUCTS INC COMMON 054303102 5,775,635 213,596 X X 131,746 0 81,850 BANK OF AMERICA CORP COMMON 060505104 733,630 55,036 X X 53,804 0 1,232 BARRICK GOLD CORP COMMON 067901108 217,711 4,194 X X 200 0 3,994 BAXTER INTERNATIONAL COMMON 071813109 962,591 17,902 X 17,902 0 0 BB&T CORP COMMON 054937107 284,948 10,381 X 7,903 0 2,478 BECKMAN COULTER INC COMMON 075811109 386,276 4,650 X 4,650 0 0 BECTON DICKINSON & CO COMMON 075887109 8,934,241 112,211 X X 73,166 0 39,045 BERKSHIRE HATHAWAY IN COMMON 084670108 1,378,300 11 X 11 0 0 BERKSHIRE HATHAWAY IN COMMON 084670702 1,186,626 14,189 X 13,289 0 900 BLACKROCK MUN BD FD I MUTUAL 09253C504 99,439 13,947 X 13,947 0 0 BOARDWALK PIPELINE PA COMMON 096627104 4,374,480 133,940 X X 72,910 0 61,030 BOEING CO. COMMON 097023105 888,713 12,021 X X 4,661 0 7,360 BOSTON PROPERTIES INC COMMON 101121101 218,155 2,300 X 2,300 0 0 BP PLC ADR COMMON 055622104 1,148,435 26,018 X 26,018 0 0 BRISTOL MYERS SQUIBB COMMON 110122108 898,620 34,000 X 34,000 0 0 BRYN MAWR BANK CORP COMMON 117665109 617,100 30,000 X 25,000 0 5,000 CAMPBELL SOUP CO COMMON 134429109 582,736 17,600 X 17,600 0 0 CARNIVAL CORP PAIRED COMMON 143658300 5,956,694 155,284 X X 112,534 0 42,750 CATERPILLAR INC COMMON 149123101 12,231,798 109,850 X X 74,405 0 35,445 CENOVUS ENERGY INC CO COMMON 15135U109 8,120,156 206,200 X X 133,315 0 72,885 CHESAPEAKE ENERGY COR COMMON 165167107 462,576 13,800 X 12,300 0 1,500 CHEVRON CORP COMMON 166764100 10,316,020 95,972 X X 75,712 0 20,260 CHUBB CORP COMMON 171232101 294,288 4,800 X X 2,100 0 2,700 CISCO SYSTEMS INC COMMON 17275R102 5,152,975 300,465 X X 203,341 0 97,124 CITIGROUP INC COMMON 172967101 303,597 68,687 X X 31,687 0 37,000 COCA COLA CO. COMMON 191216100 2,202,753 33,204 X X 23,804 0 9,400 COLGATE PALMOLIVE CO COMMON 194162103 4,674,455 57,881 X X 27,402 0 30,479 CONOCOPHILLIPS COMMON 20825C104 3,208,455 40,176 X 32,851 0 7,325 CONSOLIDATED EDISON I COMMON 209115104 353,620 6,972 X X 4,266 0 2,706 CORN PRODUCTS INTL IN COMMON 219023108 201,994 3,898 X 0 0 3,898 CORNING INC COMMON 219350105 850,946 41,248 X 40,848 0 400 COSTCO WHOLESALE COMMON 22160K105 616,035 8,402 X X 5,350 0 3,052 CVS CORP COMMON 126650100 9,601,520 279,765 X X 179,730 0 100,035 D R HORTON INC COMMON 23331A109 1,954,870 167,800 X X 88,600 0 79,200 DANAHER CORP SHS BEN COMMON 235851102 281,713 5,428 X 3,492 0 1,936 DEERE & CO. COMMON 244199105 290,670 3,000 X 3,000 0 0 DENTSPLY INTL INC NEW COMMON 249030107 1,993,021 53,880 X X 16,295 0 37,585 DEVON ENERGY CORP NEW COMMON 25179M103 1,830,261 19,944 X X 16,194 0 3,750 DIAGEO PLC ADR SPONSO COMMON 25243Q205 8,008,249 105,068 X X 73,643 0 31,425 DIGITAL RLTY TR INC C COMMON 253868103 5,866,907 100,910 X X 62,260 0 38,650 DISCOVERY COMMUNICATN COMMON 25470F104 6,073,977 152,230 X X 88,240 0 63,990 DISNEY WALT COMPANY COMMON 254687106 1,347,898 31,281 X X 27,291 0 3,990 DODGE & COX INCOME FD MUTUAL 256210105 198,877 14,987 X 14,987 0 0 DOMINION RES INC VA N COMMON 25746U109 1,587,833 35,522 X X 30,522 0 5,000 DOW CHEMICAL CORP COMMON 260543103 277,274 7,345 X 4,504 0 2,841 DU PONT E I DE NEMOUR COMMON 263534109 3,070,075 55,850 X X 47,050 0 8,800 DUKE ENERGY CORP COMMON 26441C105 507,220 27,946 X X 24,250 0 3,696 E M C CORP MASS COMMON 268648102 6,784,779 255,451 X X 183,276 0 72,175 EATON VANCE NATL MUNS MUTUAL 27826L249 95,315 11,019 X 11,019 0 0 ECOLAB INC COMMON 278865100 382,650 7,500 X 7,500 0 0 EMERSON ELECTRIC CO COMMON 291011104 3,089,136 52,869 X X 41,200 0 11,669 ENTERPRISE PRODS PART COMMON 293792107 4,428,156 102,837 X X 44,868 0 57,969 EOG RESOURCES INC COMMON 26875P101 1,402,566 11,835 X 9,045 0 2,790 EQT CORP COM COMMON 26884L109 547,503 10,972 X 4,100 0 6,872 EXELON CORP COMMON 30161N101 310,290 7,524 X X 1,550 0 5,974 EXXON MOBIL COMMON 30231G102 32,814,949 390,051 X X 292,688 0 97,363 FEDEX CORP COMMON 31428X106 5,090,149 54,411 X X 36,721 0 17,690 FLUOR CORP NEW COM COMMON 343412102 6,305,812 85,607 X X 39,782 0 45,825 FRANKLIN RESOURCES IN COMMON 354613101 5,940,049 47,490 X 22,525 0 24,965 FULTON FINL CORP PA COMMON 360271100 350,687 31,565 X 31,565 0 0 GENERAL ELECTRIC CO COMMON 369604103 14,473,375 721,864 X X 531,668 0 190,196 GENERAL MILLS INC COMMON 370334104 1,246,355 34,100 X 29,200 0 4,900 GENESEE & WYO INC CL COMMON 371559105 446,278 7,668 X 0 0 7,668 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,300,793 33,866 X X 27,760 0 6,106 GOLDMAN SACHS GROUP I COMMON 38141G104 4,691,071 29,578 X X 20,038 0 9,540 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,879,014 173,325 X X 137,725 0 35,600 GOLDMAN SACHS GROUP I PREFERR 38144G804 962,804 43,350 X 15,750 0 27,600 GOOGLE INC CL A COMMON 38259P508 9,053,707 15,430 X X 11,501 0 3,929 GRAINGER W W INC COMMON 384802104 1,568,175 11,390 X 9,935 0 1,455 HALLIBURTON CO. COMMON 406216101 1,743,154 34,975 X X 30,875 0 4,100 HCP INC COMMON 40414L109 310,122 8,174 X X 3,088 0 5,086 HEINZ H J CO. COMMON 423074103 937,344 19,200 X X 7,200 0 12,000 HERSHEY FOODS CORP COMMON 427866108 876,883 16,134 X 9,600 0 6,534 HESS CORP COM COMMON 42809H107 4,815,574 56,514 X 38,914 0 17,600 HEWLETT PACKARD CO. COMMON 428236103 5,588,407 136,402 X X 100,009 0 36,393 HOME DEPOT INC COMMON 437076102 2,110,392 56,945 X X 49,245 0 7,700 HONEYWELL INTL INC COMMON 438516106 281,712 4,718 X 2,118 0 2,600 HUDSON CITY BANCORP C COMMON 443683107 1,318,368 136,195 X X 122,170 0 14,025 ILLINOIS TOOL WORKS I COMMON 452308109 2,233,570 41,578 X X 33,276 0 8,302 INGERSOLL-RAND PLC COMMON G47791101 513,342 10,626 X 10,626 0 0 INT'L BUSINESS MACH. COMMON 459200101 14,435,119 88,521 X X 65,088 0 23,433 INTEL CORP COMMON 458140100 1,954,736 96,865 X X 77,085 0 19,780 INTERCONTINENTALEXCHA COMMON 45865V100 4,340,578 35,135 X X 27,640 0 7,495 J P MORGAN CHASE & CO COMMON 46625H100 8,917,559 193,439 X X 146,016 0 47,423 JANUS OVERSEAS FD MUTUAL 471023846 260,559 5,080 X 5,080 0 0 JOHNSON & JOHNSON COMMON 478160104 13,579,850 229,196 X X 184,680 0 44,516 JPMORGAN CHASE & CO PREFERR 46625H621 1,846,318 66,200 X X 39,300 0 26,900 KELLOGG CO. COMMON 487836108 6,710,516 124,315 X X 76,614 0 47,701 KIMBERLY CLARK CORP COMMON 494368103 1,838,330 28,165 X 28,165 0 0 KINDER MORGAN EGY PTN COMMON 494550106 4,835,854 65,270 X X 34,230 0 31,040 KOHLS CORP COMMON 500255104 4,162,208 78,473 X 60,803 0 17,670 KRAFT FOODS INC CL A COMMON 50075N104 999,976 31,887 X X 17,678 0 14,209 LINCOLN NATL CORP COMMON 534187109 327,015 10,886 X 10,665 0 221 LOWE'S COS INC COMMON 548661107 6,265,204 237,049 X X 145,499 0 91,550 LUBRIZOL CORP COM COMMON 549271104 401,880 3,000 X 0 0 3,000 L-3 COMMUNICATIONS HO COMMON 502424104 783,100 10,000 X X 4,150 0 5,850 MAGELLAN MIDSTREAM PA COMMON 559080106 1,436,640 24,000 X 7,900 0 16,100 MAIRS & POWER GROWTH MUTUAL 560636102 282,618 3,722 X 3,722 0 0 MARRIOTT INTL INC NEW COMMON 571903202 277,580 7,802 X 5,942 0 1,860 MCDONALD'S CORP COMMON 580135101 7,311,130 96,085 X X 68,608 0 27,477 MEDCO HEALTH SOLUTION COMMON 58405U102 397,106 7,071 X X 3,123 0 3,948 MEDTRONIC INC COMMON 585055106 6,686,979 169,936 X X 125,851 0 44,085 MERCK & COMPANY COMMON 58933Y105 2,315,718 70,152 X X 45,729 0 24,423 MERITOR SVGS BK PA COMMON 590007100 70,840 22,000 X 0 0 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,077,038 86,500 X X 40,400 0 46,100 MICROSOFT CORP COMMON 594918104 6,119,608 241,024 X X 161,449 0 79,575 MORGAN STANLEY PFD A PREFERR 61747S504 432,421 20,900 X 11,700 0 9,200 NESTLE S A REG ADR COMMON 641069406 220,188 3,826 X 3,826 0 0 NEXTERA ENERGY INC CO COMMON 65339F101 1,186,734 21,530 X X 17,930 0 3,600 NIKE INC CL B COMMON 654106103 1,397,044 18,455 X X 7,505 0 10,950 NOBLE CORPORATION COMMON H5833N103 583,024 12,780 X 12,250 0 530 NOBLE ENERGY COMMON 655044105 473,585 4,900 X 300 0 4,600 NOKIA CORP ADR COMMON 654902204 422,096 49,600 X X 23,100 0 26,500 NORFOLK SOUTHERN CORP COMMON 655844108 1,849,578 26,701 X X 24,351 0 2,350 NOVARTIS AG SPONSORED COMMON 66987V109 6,650,067 122,356 X X 87,686 0 34,670 NUCOR CORP COMMON 670346105 541,886 11,775 X X 6,925 0 4,850 OMNICOM GROUP COMMON 681919106 425,596 8,675 X 5,925 0 2,750 ONEOK INC NEW COM COMMON 682680103 267,520 4,000 X 1,000 0 3,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 107,099 16,351 X 16,351 0 0 ORACLE SYS CORP COMMON 68389X105 11,262,473 336,872 X X 207,052 0 129,820 PENNSYLVANIA REIT COMMON 709102107 1,399,715 98,088 X X 85,682 0 12,406 PENTAIR INC COMMON 709631105 218,237 5,775 X 2,375 0 3,400 PEPSICO INC COMMON 713448108 6,644,902 103,166 X X 73,288 0 29,878 PETROHAWK ENERGY CORP COMMON 716495106 276,050 11,249 X 11,249 0 0 PETROLEO BRASIL SPONS COMMON 71654V408 200,533 4,960 X 4,760 0 200 PETROLEO BRASILEIRO S COMMON 71654V101 3,822,789 107,563 X X 49,963 0 57,600 PFIZER INC COMMON 717081103 4,947,414 243,595 X X 198,322 0 45,273 PHILIP MORRIS INTL IN COMMON 718172109 3,171,307 48,321 X X 29,770 0 18,551 PIEDMONT NAT GAS INC COMMON 720186105 506,845 16,700 X 8,000 0 8,700 PLUM CREEK TIMBER CO. COMMON 729251108 218,050 5,000 X 5,000 0 0 PNC FINANCIAL CORP COMMON 693475105 580,579 9,217 X 6,005 0 3,212 PPG INDUSTRIES INC COMMON 693506107 1,506,889 15,827 X X 15,090 0 737 PPL CORP COMMON 69351T106 361,942 14,306 X 11,806 0 2,500 PRAXAIR INC COMMON 74005P104 4,111,244 40,465 X X 28,470 0 11,995 PROCTER & GAMBLE CO COMMON 742718109 7,431,978 120,649 X X 100,710 0 19,939 PROGRESS ENERGY INC C COMMON 743263105 702,482 15,225 X X 7,125 0 8,100 PROTECTED BUY-WRITE 0 PREFERR 61747S850 247,625 25,000 X 25,000 0 0 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,125 15,000 X 15,000 0 0 QNB CORP COMMON 74726N107 472,433 20,496 X 18,424 0 2,072 QUALCOMM INC COMMON 747525103 11,494,077 209,631 X X 135,906 0 73,725 QUEST DIAGNOSTICS INC COMMON 74834L100 3,823,200 66,237 X X 36,287 0 29,950 RANGE RES CORP COM COMMON 75281A109 2,235,218 38,235 X 18,829 0 19,406 RAYMOND JAMES FINANCI COMMON 754730109 3,107,956 81,275 X X 33,875 0 47,400 RAYONIER INC COM COMMON 754907103 243,009 3,900 X 3,900 0 0 ROYAL DUTCH SHELL PLC COMMON 780259206 1,202,190 16,500 X X 15,000 0 1,500 SBM OFFSHORE NV COMMON N7752F148 1,035,169 35,451 X X 33,805 0 1,646 SCHLUMBERGER LTD COMMON 806857108 10,848,283 116,323 X X 80,728 0 35,595 SEALED AIR CORP NEW COMMON 81211K100 213,280 8,000 X 8,000 0 0 SOUTHWESTERN ENERGY C COMMON 845467109 242,781 5,650 X X 150 0 5,500 STAPLES INC COMMON 855030102 213,620 11,000 X 11,000 0 0 STATE STREET CORP COMMON 857477103 8,528,848 189,783 X X 132,108 0 57,675 SUNTRUST BKS INC COMMON 867914103 204,245 7,082 X X 2,250 0 4,832 SYSCO CORP COMMON 871829107 499,290 18,025 X 14,525 0 3,500 TARGET CORP COMMON 87612E106 210,042 4,200 X X 800 0 3,400 TELEFONICA S A ADR COMMON 879382208 338,049 13,404 X X 0 0 13,404 TEMPLETON DRAGON MUTUAL 88018T101 217,000 7,000 X 7,000 0 0 TEVA PHARMACEUTICAL COMMON 881624209 10,595,010 211,182 X X 119,051 0 92,131 TEXAS INSTRUMENTS INC COMMON 882508104 927,521 26,838 X 26,838 0 0 THERMO FISHER SCIENTI COMMON 883556102 1,178,160 21,209 X 21,209 0 0 TRACTOR SUPPLY CO COMMON 892356106 293,314 4,900 X 1,100 0 3,800 TRANSOCEAN LTD COMMON H8817H100 887,071 11,380 X 9,880 0 1,500 ULTRA PETROLEUM CORP COMMON 903914109 1,420,616 28,845 X 20,785 0 8,060 UNILEVER N V COMMON 904784709 340,193 10,848 X X 4,000 0 6,848 UNILEVER PLC SPON ADR COMMON 904767704 5,473,325 178,750 X X 114,625 0 64,125 UNION PACIFIC CORP COMMON 907818108 701,683 7,136 X X 1,772 0 5,364 UNITED TECHNOLOGIES C COMMON 913017109 8,001,818 94,528 X X 78,271 0 16,257 UNIVEST CORP PA COMMON 915271100 461,695 26,055 X 26,055 0 0 VANGUARD INDEX FDS LA MUTUAL 922908637 635,654 10,460 X 10,460 0 0 VANGUARD INDEX FDS SM MUTUAL 922908751 675,996 8,558 X X 7,558 0 1,000 VANGUARD INDEX TR MID MUTUAL 922908629 1,122,464 13,935 X X 12,635 0 1,300 VANGUARD INTERM-TERM MUTUAL 922907878 244,766 18,515 X 0 0 18,515 VANGUARD MUN BD FD IN MUTUAL 922907803 269,621 17,000 X 17,000 0 0 VANGUARD SHORT-TERM T MUTUAL 922907100 248,684 15,680 X 15,680 0 0 VERIZON COMMUNICATION COMMON 92343V104 2,096,269 54,392 X X 44,795 0 9,597 VERTEX PHARMACEUTICAL COMMON 92532F100 220,478 4,600 X 4,600 0 0 VISA INC COM CL A COMMON 92826C839 7,207,998 97,908 X X 68,338 0 29,570 VODAFONE GROUP PLC NE COMMON 92857W209 343,045 11,932 X 10,632 0 1,300 WAL MART STORES INC COMMON 931142103 516,857 9,930 X 8,930 0 1,000 WELLS FARGO & CO NEW COMMON 949746101 1,277,786 40,296 X X 26,896 0 13,400 WEYERHAEUSER CO COMMON 962166104 210,355 8,551 X 8,551 0 0 WHIRLPOOL CORP COMMON 963320106 5,339,268 62,550 X X 34,265 0 28,285 WILLIS GROUP HOLDINGS COMMON G96666105 4,406,586 109,182 X X 64,977 0 44,205 XILINX INC COM COMMON 983919101 213,200 6,500 X 6,500 0 0 YUM BRANDS INC COMMON 988498101 2,429,246 47,280 X X 21,200 0 26,080

TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F AS OF DATE: 03/31/11 (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 8,225,547 87,974 85,274 2,700 A T & T INC (NEW) COMMON 00206R102 8,095,088 264,459 247,447 17,012 ABBOTT LABS COMMON 002824100 3,098,636 63,173 49,393 13,780 ACCENTURE PLC COMMON G1151C101 3,215,690 58,499 53,299 5,200 ADOBE SYS INC COMMON 00724F101 2,599,744 78,400 77,700 700 AIR PRODS & CHEMS INC COMMON 009158106 5,393,485 59,808 58,608 1,200 ALCOA INC COMMON 013817101 518,056 29,335 28,810 525 ALLETE INC NEW COMMON 018522300 290,794 7,462 7,362 100 ALTRIA GROUP INC COMMON 02209S103 465,703 17,891 13,040 4,851 AMERICAN EXPRESS CO. COMMON 025816109 937,448 20,740 20,140 600 AMGEN INC COMMON 031162100 1,108,820 20,745 20,745 ANADARKO PETROLEUM COMMON 032511107 256,410 3,130 3,130 APACHE CORP COMMON 037411105 1,546,820 11,815 11,815 APHTON CORP COMMON 03759P101 0 15,000 15,000 APPLE COMPUTER INC COMMON 037833100 2,711,388 7,780 7,780 AQUA AMERICA INC COMMON 03836W103 805,980 35,211 35,211 ARTIO GLOBAL INVT FDS MUTUAL 04315J506 291,743 9,463 9,463 AUTOMATIC DATA PROCES COMMON 053015103 4,166,321 81,199 73,849 7,350 AVON PRODUCTS INC COMMON 054303102 5,775,635 213,596 206,996 6,600 BANK OF AMERICA CORP COMMON 060505104 733,630 55,036 53,806 1,230 BARRICK GOLD CORP COMMON 067901108 217,711 4,194 4,167 27 BAXTER INTERNATIONAL COMMON 071813109 962,591 17,902 17,902 BB&T CORP COMMON 054937107 284,948 10,381 10,381 BECKMAN COULTER INC COMMON 075811109 386,276 4,650 4,650 BECTON DICKINSON & CO COMMON 075887109 8,934,241 112,211 108,711 3,500 BERKSHIRE HATHAWAY IN COMMON 084670108 1,378,300 11 11 BERKSHIRE HATHAWAY IN COMMON 084670702 1,186,626 14,189 14,189 BLACKROCK MUN BD FD I MUTUAL 09253C504 99,439 13,947 13,947 BOARDWALK PIPELINE PA COMMON 096627104 4,374,480 133,940 132,390 1,550 BOEING CO. COMMON 097023105 888,713 12,021 5,021 7,000 BOSTON PROPERTIES INC COMMON 101121101 218,155 2,300 2,300 BP PLC ADR COMMON 055622104 1,148,435 26,018 26,018 BRISTOL MYERS SQUIBB COMMON 110122108 898,620 34,000 34,000 BRYN MAWR BANK CORP COMMON 117665109 617,100 30,000 30,000 CAMPBELL SOUP CO COMMON 134429109 582,736 17,600 17,600 CARNIVAL CORP PAIRED COMMON 143658300 5,956,694 155,284 151,284 4,000 CATERPILLAR INC COMMON 149123101 12,231,798 109,850 103,550 6,300 CENOVUS ENERGY INC CO COMMON 15135U109 8,120,156 206,200 205,500 700 CHESAPEAKE ENERGY COR COMMON 165167107 462,576 13,800 13,800 CHEVRON CORP COMMON 166764100 10,316,020 95,972 86,627 9,345 CHUBB CORP COMMON 171232101 294,288 4,800 2,740 2,060 CISCO SYSTEMS INC COMMON 17275R102 5,152,975 300,465 280,815 19,650 CITIGROUP INC COMMON 172967101 303,597 68,687 43,687 25,000 COCA COLA CO. COMMON 191216100 2,202,753 33,204 25,804 7,400 COLGATE PALMOLIVE CO COMMON 194162103 4,674,455 57,881 55,081 2,800 CONOCOPHILLIPS COMMON 20825C104 3,208,455 40,176 40,176 CONSOLIDATED EDISON I COMMON 209115104 353,620 6,972 4,666 2,306 CORN PRODUCTS INTL IN COMMON 219023108 201,994 3,898 3,898 CORNING INC COMMON 219350105 850,946 41,248 41,248 COSTCO WHOLESALE COMMON 22160K105 616,035 8,402 7,200 1,202 CVS CORP COMMON 126650100 9,601,520 279,765 268,165 11,600 D R HORTON INC COMMON 23331A109 1,954,870 167,800 159,700 8,100 DANAHER CORP SHS BEN COMMON 235851102 281,713 5,428 5,428 DEERE & CO. COMMON 244199105 290,670 3,000 3,000 DENTSPLY INTL INC NEW COMMON 249030107 1,993,021 53,880 51,680 2,200 DEVON ENERGY CORP NEW COMMON 25179M103 1,830,261 19,944 19,544 400 DIAGEO PLC ADR SPONSO COMMON 25243Q205 8,008,249 105,068 100,568 4,500 DIGITAL RLTY TR INC C COMMON 253868103 5,866,907 100,910 97,410 3,500 DISCOVERY COMMUNICATN COMMON 25470F104 6,073,977 152,230 150,930 1,300 DISNEY WALT COMPANY COMMON 254687106 1,347,898 31,281 29,681 1,600 DODGE & COX INCOME FD MUTUAL 256210105 198,877 14,987 14,987 DOMINION RES INC VA N COMMON 25746U109 1,587,833 35,522 30,522 5,000 DOW CHEMICAL CORP COMMON 260543103 277,274 7,345 7,345 DU PONT E I DE NEMOUR COMMON 263534109 3,070,075 55,850 50,750 5,100 DUKE ENERGY CORP COMMON 26441C105 507,220 27,946 25,250 2,696 E M C CORP MASS COMMON 268648102 6,784,779 255,451 245,751 9,700 EATON VANCE NATL MUNS MUTUAL 27826L249 95,315 11,019 11,019 ECOLAB INC COMMON 278865100 382,650 7,500 7,500 EMERSON ELECTRIC CO COMMON 291011104 3,089,136 52,869 48,569 4,300 ENTERPRISE PRODS PART COMMON 293792107 4,428,156 102,837 100,337 2,500 EOG RESOURCES INC COMMON 26875P101 1,402,566 11,835 11,835 EQT CORP COM COMMON 26884L109 547,503 10,972 10,972 EXELON CORP COMMON 30161N101 310,290 7,524 6,424 1,100 EXXON MOBIL COMMON 30231G102 32,814,949 390,051 370,702 19,349 FEDEX CORP COMMON 31428X106 5,090,149 54,411 52,311 2,100 FLUOR CORP NEW COM COMMON 343412102 6,305,812 85,607 84,007 1,600 FRANKLIN RESOURCES IN COMMON 354613101 5,940,049 47,490 47,490 FULTON FINL CORP PA COMMON 360271100 350,687 31,565 31,565 GENERAL ELECTRIC CO COMMON 369604103 14,473,375 721,864 670,457 51,407 GENERAL MILLS INC COMMON 370334104 1,246,355 34,100 34,100 GENESEE & WYO INC CL COMMON 371559105 446,278 7,668 7,668 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,300,793 33,866 32,466 1,400 GOLDMAN SACHS GROUP I COMMON 38141G104 4,691,071 29,578 28,053 1,525 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,879,014 173,325 171,825 1,500 GOLDMAN SACHS GROUP I PREFERR 38144G804 962,804 43,350 43,350 GOOGLE INC CL A COMMON 38259P508 9,053,707 15,430 15,130 300 GRAINGER W W INC COMMON 384802104 1,568,175 11,390 11,390 HALLIBURTON CO. COMMON 406216101 1,743,154 34,975 30,875 4,100 HCP INC COMMON 40414L109 310,122 8,174 6,574 1,600 HEINZ H J CO. COMMON 423074103 937,344 19,200 10,800 8,400 HERSHEY FOODS CORP COMMON 427866108 876,883 16,134 16,134 HESS CORP COM COMMON 42809H107 4,815,574 56,514 56,514 HEWLETT PACKARD CO. COMMON 428236103 5,588,407 136,402 120,877 15,525 HOME DEPOT INC COMMON 437076102 2,110,392 56,945 52,745 4,200 HONEYWELL INTL INC COMMON 438516106 281,712 4,718 4,718 HUDSON CITY BANCORP C COMMON 443683107 1,318,368 136,195 122,695 13,500 ILLINOIS TOOL WORKS I COMMON 452308109 2,233,570 41,578 39,778 1,800 INGERSOLL-RAND PLC COMMON G47791101 513,342 10,626 10,626 INT'L BUSINESS MACH. COMMON 459200101 14,435,119 88,521 85,274 3,247 INTEL CORP COMMON 458140100 1,954,736 96,865 82,285 14,580 INTERCONTINENTALEXCHA COMMON 45865V100 4,340,578 35,135 34,985 150 J P MORGAN CHASE & CO COMMON 46625H100 8,917,559 193,439 174,974 18,465 JANUS OVERSEAS FD MUTUAL 471023846 260,559 5,080 5,080 JOHNSON & JOHNSON COMMON 478160104 13,579,850 229,196 212,726 16,470 JPMORGAN CHASE & CO PREFERR 46625H621 1,846,318 66,200 65,200 1,000 KELLOGG CO. COMMON 487836108 6,710,516 124,315 122,165 2,150 KIMBERLY CLARK CORP COMMON 494368103 1,838,330 28,165 28,165 KINDER MORGAN EGY PTN COMMON 494550106 4,835,854 65,270 60,120 5,150 KOHLS CORP COMMON 500255104 4,162,208 78,473 78,473 KRAFT FOODS INC CL A COMMON 50075N104 999,976 31,887 19,985 11,902 LINCOLN NATL CORP COMMON 534187109 327,015 10,886 10,886 LOWE'S COS INC COMMON 548661107 6,265,204 237,049 226,149 10,900 LUBRIZOL CORP COM COMMON 549271104 401,880 3,000 3,000 L-3 COMMUNICATIONS HO COMMON 502424104 783,100 10,000 8,850 1,150 MAGELLAN MIDSTREAM PA COMMON 559080106 1,436,640 24,000 24,000 MAIRS & POWER GROWTH MUTUAL 560636102 282,618 3,722 3,722 MARRIOTT INTL INC NEW COMMON 571903202 277,580 7,802 7,802 MCDONALD'S CORP COMMON 580135101 7,311,130 96,085 94,773 1,312 MEDCO HEALTH SOLUTION COMMON 58405U102 397,106 7,071 5,571 1,500 MEDTRONIC INC COMMON 585055106 6,686,979 169,936 163,436 6,500 MERCK & COMPANY COMMON 58933Y105 2,315,718 70,152 51,752 18,400 MERITOR SVGS BK PA COMMON 590007100 70,840 22,000 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,077,038 86,500 85,600 900 MICROSOFT CORP COMMON 594918104 6,119,608 241,024 234,924 6,100 MORGAN STANLEY PFD A PREFERR 61747S504 432,421 20,900 20,900 NESTLE S A REG ADR COMMON 641069406 220,188 3,826 3,826 NEXTERA ENERGY INC CO COMMON 65339F101 1,186,734 21,530 19,530 2,000 NIKE INC CL B COMMON 654106103 1,397,044 18,455 17,955 500 NOBLE CORPORATION COMMON H5833N103 583,024 12,780 12,780 NOBLE ENERGY COMMON 655044105 473,585 4,900 4,900 NOKIA CORP ADR COMMON 654902204 422,096 49,600 49,200 400 NORFOLK SOUTHERN CORP COMMON 655844108 1,849,578 26,701 25,351 1,350 NOVARTIS AG SPONSORED COMMON 66987V109 6,650,067 122,356 119,756 2,600 NUCOR CORP COMMON 670346105 541,886 11,775 11,275 500 OMNICOM GROUP COMMON 681919106 425,596 8,675 8,675 ONEOK INC NEW COM COMMON 682680103 267,520 4,000 4,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 107,099 16,351 16,351 ORACLE SYS CORP COMMON 68389X105 11,262,473 336,872 303,172 33,700 PENNSYLVANIA REIT COMMON 709102107 1,399,715 98,088 97,888 200 PENTAIR INC COMMON 709631105 218,237 5,775 5,775 PEPSICO INC COMMON 713448108 6,644,902 103,166 91,166 12,000 PETROHAWK ENERGY CORP COMMON 716495106 276,050 11,249 11,249 PETROLEO BRASIL SPONS COMMON 71654V408 200,533 4,960 4,960 PETROLEO BRASILEIRO S COMMON 71654V101 3,822,789 107,563 100,763 6,800 PFIZER INC COMMON 717081103 4,947,414 243,595 207,855 35,740 PHILIP MORRIS INTL IN COMMON 718172109 3,171,307 48,321 31,470 16,851 PIEDMONT NAT GAS INC COMMON 720186105 506,845 16,700 16,700 PLUM CREEK TIMBER CO. COMMON 729251108 218,050 5,000 5,000 PNC FINANCIAL CORP COMMON 693475105 580,579 9,217 9,217 PPG INDUSTRIES INC COMMON 693506107 1,506,889 15,827 15,090 737 PPL CORP COMMON 69351T106 361,942 14,306 14,306 PRAXAIR INC COMMON 74005P104 4,111,244 40,465 39,265 1,200 PROCTER & GAMBLE CO COMMON 742718109 7,431,978 120,649 112,717 7,932 PROGRESS ENERGY INC C COMMON 743263105 702,482 15,225 7,125 8,100 PROTECTED BUY-WRITE 0 PREFERR 61747S850 247,625 25,000 25,000 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,125 15,000 15,000 QNB CORP COMMON 74726N107 472,433 20,496 20,496 QUALCOMM INC COMMON 747525103 11,494,077 209,631 205,931 3,700 QUEST DIAGNOSTICS INC COMMON 74834L100 3,823,200 66,237 63,237 3,000 RANGE RES CORP COM COMMON 75281A109 2,235,218 38,235 38,235 RAYMOND JAMES FINANCI COMMON 754730109 3,107,956 81,275 79,875 1,400 RAYONIER INC COM COMMON 754907103 243,009 3,900 3,900 ROYAL DUTCH SHELL PLC COMMON 780259206 1,202,190 16,500 15,300 1,200 SBM OFFSHORE NV COMMON N7752F148 1,035,169 35,451 34,525 926 SCHLUMBERGER LTD COMMON 806857108 10,848,283 116,323 112,523 3,800 SEALED AIR CORP NEW COMMON 81211K100 213,280 8,000 8,000 SOUTHWESTERN ENERGY C COMMON 845467109 242,781 5,650 150 5,500 STAPLES INC COMMON 855030102 213,620 11,000 11,000 STATE STREET CORP COMMON 857477103 8,528,848 189,783 179,383 10,400 SUNTRUST BKS INC COMMON 867914103 204,245 7,082 5,322 1,760 SYSCO CORP COMMON 871829107 499,290 18,025 18,025 TARGET CORP COMMON 87612E106 210,042 4,200 2,600 1,600 TELEFONICA S A ADR COMMON 879382208 338,049 13,404 3,795 9,609 TEMPLETON DRAGON MUTUAL 88018T101 217,000 7,000 7,000 TEVA PHARMACEUTICAL COMMON 881624209 10,595,010 211,182 195,126 16,056 TEXAS INSTRUMENTS INC COMMON 882508104 927,521 26,838 26,838 THERMO FISHER SCIENTI COMMON 883556102 1,178,160 21,209 21,209 TRACTOR SUPPLY CO COMMON 892356106 293,314 4,900 4,900 TRANSOCEAN LTD COMMON H8817H100 887,071 11,380 11,380 ULTRA PETROLEUM CORP COMMON 903914109 1,420,616 28,845 28,845 UNILEVER N V COMMON 904784709 340,193 10,848 9,777 1,071 UNILEVER PLC SPON ADR COMMON 904767704 5,473,325 178,750 169,800 8,950 UNION PACIFIC CORP COMMON 907818108 701,683 7,136 4,048 3,088 UNITED TECHNOLOGIES C COMMON 913017109 8,001,818 94,528 89,528 5,000 UNIVEST CORP PA COMMON 915271100 461,695 26,055 26,055 VANGUARD INDEX FDS LA MUTUAL 922908637 635,654 10,460 10,460 VANGUARD INDEX FDS SM MUTUAL 922908751 675,996 8,558 7,558 1,000 VANGUARD INDEX TR MID MUTUAL 922908629 1,122,464 13,935 12,735 1,200 VANGUARD INTERM-TERM MUTUAL 922907878 244,766 18,515 18,515 VANGUARD MUN BD FD IN MUTUAL 922907803 269,621 17,000 17,000 VANGUARD SHORT-TERM T MUTUAL 922907100 248,684 15,680 15,680 VERIZON COMMUNICATION COMMON 92343V104 2,096,269 54,392 46,795 7,597 VERTEX PHARMACEUTICAL COMMON 92532F100 220,478 4,600 4,600 VISA INC COM CL A COMMON 92826C839 7,207,998 97,908 95,008 2,900 VODAFONE GROUP PLC NE COMMON 92857W209 343,045 11,932 11,932 WAL MART STORES INC COMMON 931142103 516,857 9,930 9,930 WELLS FARGO & CO NEW COMMON 949746101 1,277,786 40,296 27,396 12,900 WEYERHAEUSER CO COMMON 962166104 210,355 8,551 8,551 WHIRLPOOL CORP COMMON 963320106 5,339,268 62,550 61,650 900 WILLIS GROUP HOLDINGS COMMON G96666105 4,406,586 109,182 107,082 2,100 XILINX INC COM COMMON 983919101 213,200 6,500 6,500 YUM BRANDS INC COMMON 988498101 2,429,246 47,280 43,400 3,880