0001278249-11-000008.txt : 20111021 0001278249-11-000008.hdr.sgml : 20111021 20111021094253 ACCESSION NUMBER: 0001278249-11-000008 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111021 DATE AS OF CHANGE: 20111021 EFFECTIVENESS DATE: 20111021 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: 111151337 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 sec13f093011final.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: September 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 October 21, 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: 172 Form 13f Information Table Value Total: $446,326,329 List of Other Included Managers: None TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F

AS OF DATE: 09/30/11 (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 6,555,487 91,315 X X 73,985 0 17,330 A T & T INC (NEW) COMMON 00206R102 7,596,825 266,368 X X 220,982 0 45,386 ABBOTT LABS COMMON 002824100 3,083,793 60,301 X X 43,366 0 16,935 ACCENTURE PLC COMMON G1151C101 2,839,241 53,896 X X 23,620 0 30,276 AIR PRODS & CHEMS INC COMMON 009158106 4,367,066 57,183 X X 51,483 0 5,700 ALCOA INC COMMON 013817101 346,769 36,235 X X 25,460 0 10,775 ALLETE INC NEW COMMON 018522300 273,333 7,462 X X 7,362 0 100 ALTRIA GROUP INC COMMON 02209S103 568,318 21,198 X X 11,740 0 9,458 AMERICAN EXPRESS CO. COMMON 025816109 922,246 20,540 X X 10,890 0 9,650 AMGEN INC COMMON 031162100 1,127,779 20,520 X 16,825 0 3,695 APACHE CORP COMMON 037411105 791,166 9,860 X 7,875 0 1,985 APHTON CORP COMMON 03759P101 15 15,000 X 0 0 15,000 APPLE COMPUTER INC COMMON 037833100 3,066,957 8,043 X 7,003 0 1,040 AQUA AMERICA INC COMMON 03836W103 631,397 29,272 X 23,560 0 5,712 AUTOMATIC DATA PROCES COMMON 053015103 3,776,015 80,085 X X 60,160 0 19,925 BANK OF AMERICA CORP COMMON 060505104 192,205 31,406 X X 30,174 0 1,232 BAXTER INTERNATIONAL COMMON 071813109 1,005,018 17,902 X 17,902 0 0 BB&T CORP COMMON 054937107 210,698 9,878 X 7,400 0 2,478 BECTON DICKINSON & CO COMMON 075887109 7,987,163 108,936 X X 71,231 0 37,705 BERKSHIRE HATHAWAY IN COMMON 084670108 640,800 6 X 6 0 0 BERKSHIRE HATHAWAY IN COMMON 084670702 1,498,305 21,091 X 20,191 0 900 BLACKROCK NATL MUN FD MUTUAL 09253C744 105,986 10,181 X 10,181 0 0 BOARDWALK PIPELINE PA COMMON 096627104 1,416,097 55,230 X X 24,450 0 30,780 BOEING CO. COMMON 097023105 727,391 12,021 X X 4,661 0 7,360 BP PLC ADR COMMON 055622104 924,041 25,618 X 25,618 0 0 BRISTOL MYERS SQUIBB COMMON 110122108 1,078,405 34,366 X 34,366 0 0 BRYN MAWR BANK CORP COMMON 117665109 497,100 30,000 X 25,000 0 5,000 CAMPBELL SOUP CO COMMON 134429109 569,712 17,600 X 17,600 0 0 CARNIVAL CORP PAIRED COMMON 143658300 5,825,259 192,253 X X 133,533 0 58,720 CATERPILLAR INC COMMON 149123101 2,380,971 32,245 X X 21,485 0 10,760 CENOVUS ENERGY INC CO COMMON 15135U109 6,696,807 218,066 X X 146,831 0 71,235 CHESAPEAKE ENERGY COR COMMON 165167107 374,052 14,640 X 13,340 0 1,300 CHEVRON CORP COMMON 166764100 8,368,368 90,381 X X 70,354 0 20,027 CHUBB CORP COMMON 171232101 305,949 5,100 X X 2,400 0 2,700 CISCO SYSTEMS INC COMMON 17275R102 2,268,906 146,381 X X 109,334 0 37,047 COCA COLA CO. COMMON 191216100 2,136,382 31,622 X X 22,222 0 9,400 COLGATE PALMOLIVE CO COMMON 194162103 5,046,415 56,906 X X 26,527 0 30,379 CONOCOPHILLIPS COMMON 20825C104 2,498,037 39,451 X 32,326 0 7,125 CONSOLIDATED EDISON I COMMON 209115104 485,354 8,512 X X 5,306 0 3,206 CORNING INC COMMON 219350105 504,881 40,848 X 40,848 0 0 COSTCO WHOLESALE COMMON 22160K105 669,524 8,152 X X 5,100 0 3,052 CVS CORP COMMON 126650100 7,751,684 230,774 X X 142,039 0 88,735 D R HORTON INC COMMON 23331A109 1,018,808 112,700 X X 61,200 0 51,500 DANAHER CORP SHS BEN COMMON 235851102 1,072,993 25,584 X X 17,548 0 8,036 DENTSPLY INTL INC NEW COMMON 249030107 1,558,438 50,780 X 15,945 0 34,835 DEVON ENERGY CORP NEW COMMON 25179M103 1,066,887 19,244 X X 15,794 0 3,450 DIAGEO PLC ADR SPONSO COMMON 25243Q205 7,876,995 103,740 X X 73,765 0 29,975 DIGITAL RLTY TR INC C COMMON 253868103 5,304,186 96,160 X X 59,260 0 36,900 DISCOVERY COMMUNICATN COMMON 25470F104 6,661,674 177,078 X X 111,988 0 65,090 DISNEY WALT COMPANY COMMON 254687106 931,793 30,895 X X 26,905 0 3,990 DODGE & COX INCOME FD MUTUAL 256210105 198,727 14,987 X 14,987 0 0 DOMINION RES INC VA N COMMON 25746U109 1,778,067 35,022 X X 30,322 0 4,700 DU PONT E I DE NEMOUR COMMON 263534109 2,224,331 55,650 X X 46,850 0 8,800 DUKE ENERGY CORP COMMON 26441C105 536,652 26,846 X X 23,150 0 3,696 E M C CORP MASS COMMON 268648102 4,290,986 204,430 X X 141,855 0 62,575 EATON VANCE NATL MUNS MUTUAL 27826L249 103,138 11,019 X 11,019 0 0 ECOLAB INC COMMON 278865100 358,853 7,340 X 7,340 0 0 EMERSON ELECTRIC CO COMMON 291011104 4,598,464 111,316 X X 88,137 0 23,179 ENTERPRISE PRODS PART COMMON 293792107 3,354,189 83,541 X X 30,760 0 52,781 EOG RESOURCES INC COMMON 26875P101 924,195 13,015 X 10,030 0 2,985 EQT CORP COM COMMON 26884L109 585,466 10,972 X 4,100 0 6,872 EXELON CORP COMMON 30161N101 273,727 6,424 X 1,550 0 4,874 EXXON MOBIL COMMON 30231G102 26,593,425 366,149 X X 270,762 0 95,388 FEDEX CORP COMMON 31428X106 3,973,425 58,709 X X 40,044 0 18,665 FLUOR CORP NEW COM COMMON 343412102 2,163,411 46,475 X X 20,325 0 26,150 FORD MOTOR CO. DEL COMMON 345370860 118,941 12,300 X 11,300 0 1,000 FRANKLIN RESOURCES IN COMMON 354613101 2,736,643 28,614 X 14,014 0 14,600 FULTON FINL CORP PA COMMON 360271100 241,472 31,565 X 31,565 0 0 GENERAL ELECTRIC CO COMMON 369604103 11,081,192 728,068 X X 540,402 0 187,666 GENERAL MILLS INC COMMON 370334104 1,312,509 34,100 X 29,200 0 4,900 GENESEE & WYO INC CL COMMON 371559105 356,715 7,668 X 0 0 7,668 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,398,327 33,866 X X 27,760 0 6,106 GOLDMAN SACHS GROUP I COMMON 38141G104 2,907,507 30,751 X X 18,446 0 12,305 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,148,710 169,925 X X 132,725 0 37,200 GOLDMAN SACHS GROUP I PREFERR 38144G804 779,013 42,850 X 15,750 0 27,100 GOOGLE INC CL A COMMON 38259P508 8,483,739 16,472 X X 12,188 0 4,284 GRAINGER W W INC COMMON 384802104 1,665,876 11,140 X 10,685 0 455 HALLIBURTON CO. COMMON 406216101 1,103,298 36,150 X X 31,850 0 4,300 HCP INC COMMON 40414L109 286,580 8,174 X X 3,088 0 5,086 HEINZ H J CO. COMMON 423074103 969,216 19,200 X X 7,200 0 12,000 HERSHEY FOODS CORP COMMON 427866108 955,778 16,134 X 9,600 0 6,534 HESS CORP COM COMMON 42809H107 3,275,692 62,442 X 41,492 0 20,950 HEWLETT PACKARD CO. COMMON 428236103 1,372,660 61,143 X X 51,178 0 9,965 HOME DEPOT INC COMMON 437076102 1,104,268 33,595 X X 30,945 0 2,650 HUDSON CITY BANCORP C COMMON 443683107 524,739 92,710 X 92,185 0 525 ILLINOIS TOOL WORKS I COMMON 452308109 1,644,989 39,543 X X 31,626 0 7,917 INGERSOLL-RAND PLC COMMON G47791101 269,664 9,600 X 9,600 0 0 INT'L BUSINESS MACH. COMMON 459200101 15,721,338 89,903 X X 63,137 0 26,766 INTEL CORP COMMON 458140100 1,990,342 93,290 X X 74,510 0 18,780 INTERCONTINENTALEXCHA COMMON 45865V100 4,442,319 37,564 X X 29,139 0 8,425 J P MORGAN CHASE & CO COMMON 46625H100 5,624,583 186,739 X X 140,916 0 45,823 JOHNSON & JOHNSON COMMON 478160104 13,994,399 219,727 X X 175,511 0 44,216 JPMORGAN CHASE & CO PREFERR 46625H621 1,816,204 65,900 X 38,200 0 27,700 KBR INC COM COMMON 48242W106 833,572 35,276 X 26,826 0 8,450 KELLOGG CO. COMMON 487836108 6,465,564 121,556 X X 74,055 0 47,501 KIMBERLY CLARK CORP COMMON 494368103 1,996,446 28,115 X 28,115 0 0 KINDER MORGAN EGY PTN COMMON 494550106 3,854,239 56,365 X X 28,075 0 28,290 KRAFT FOODS INC CL A COMMON 50075N104 1,071,724 31,916 X X 17,707 0 14,209 LINCOLN NATL CORP COMMON 534187109 161,771 10,350 X 10,129 0 221 LOWE'S COS INC COMMON 548661107 1,181,674 61,100 X X 50,100 0 11,000 L-3 COMMUNICATIONS HO COMMON 502424104 1,271,315 20,515 X X 15,665 0 4,850 MAGELLAN MIDSTREAM PA COMMON 559080106 404,076 6,690 X 4,090 0 2,600 MAIRS & POWER GROWTH MUTUAL 560636102 236,911 3,722 X 3,722 0 0 MCDONALD'S CORP COMMON 580135101 8,032,307 91,463 X X 65,308 0 26,155 MEDTRONIC INC COMMON 585055106 2,664,878 80,171 X 59,161 0 21,010 MERCK & COMPANY COMMON 58933Y105 2,197,505 67,202 X X 45,179 0 22,023 MERITOR SVGS BK PA COMMON 590007100 92,620 22,000 X 0 0 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,315,160 98,100 X X 44,900 0 53,200 MICROSOFT CORP COMMON 594918104 4,129,499 165,910 X X 112,119 0 53,791 NESTLE S A REG ADR COMMON 641069406 211,035 3,826 X 3,826 0 0 NETAPP INC COM COMMON 64110D104 2,964,227 87,363 X 71,473 0 15,890 NEXTERA ENERGY INC CO COMMON 65339F101 1,119,835 20,730 X X 17,130 0 3,600 NIKE INC CL B COMMON 654106103 1,528,919 17,880 X X 7,580 0 10,300 NOBLE CORPORATION COMMON H5833N103 3,792,730 129,224 X 106,219 0 23,005 NOBLE ENERGY COMMON 655044105 503,034 7,105 X 3,905 0 3,200 NORFOLK SOUTHERN CORP COMMON 655844108 1,551,495 25,426 X X 23,076 0 2,350 NOVARTIS AG SPONSORED COMMON 66987V109 7,230,209 129,643 X X 91,448 0 38,195 OMNICOM GROUP COMMON 681919106 260,643 7,075 X 4,425 0 2,650 ONEOK INC NEW COM COMMON 682680103 264,160 4,000 X 1,000 0 3,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 102,848 16,351 X 16,351 0 0 ORACLE SYS CORP COMMON 68389X105 9,162,484 318,806 X X 197,256 0 121,550 PEPSICO INC COMMON 713448108 9,163,657 148,040 X X 102,042 0 45,998 PETROLEO BRASILEIRO S COMMON 71654V101 715,876 34,550 X X 13,450 0 21,100 PFIZER INC COMMON 717081103 4,302,428 243,350 X X 198,077 0 45,273 PHILIP MORRIS INTL IN COMMON 718172109 2,993,850 47,994 X X 29,443 0 18,551 PIEDMONT NAT GAS INC COMMON 720186105 482,463 16,700 X 8,000 0 8,700 PNC FINANCIAL CORP COMMON 693475105 429,710 8,917 X 6,005 0 2,912 PPG INDUSTRIES INC COMMON 693506107 1,118,336 15,827 X X 15,090 0 737 PPL CORP COMMON 69351T106 379,753 13,306 X 10,806 0 2,500 PRAXAIR INC COMMON 74005P104 3,771,077 40,341 X X 28,796 0 11,545 PROCTER & GAMBLE CO COMMON 742718109 7,424,471 117,513 X X 98,174 0 19,339 PROGRESS ENERGY INC C COMMON 743263105 787,437 15,225 X X 7,125 0 8,100 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,875 15,000 X 15,000 0 0 QNB CORP COMMON 74726N107 440,664 20,496 X 18,424 0 2,072 QUALCOMM INC COMMON 747525103 8,830,868 181,593 X X 120,718 0 60,875 QUEST DIAGNOSTICS INC COMMON 74834L100 3,506,436 71,038 X X 39,323 0 31,715 RANGE RES CORP COM COMMON 75281A109 1,881,535 32,185 X 13,679 0 18,506 RAYMOND JAMES FINANCI COMMON 754730109 1,976,205 76,125 X X 32,875 0 43,250 RAYONIER INC COM COMMON 754907103 215,222 5,850 X 5,850 0 0 RIVERBED TECHNOLOGY I COMMON 768573107 297,204 14,890 X 9,865 0 5,025 ROYAL DUTCH SHELL PLC COMMON 780259206 993,548 16,150 X X 14,650 0 1,500 SBM OFFSHORE NV COMMON N7752F148 571,893 32,365 X X 30,719 0 1,646 SCHLUMBERGER LTD COMMON 806857108 6,903,832 115,584 X X 81,889 0 33,695 SIMON PPTY GROUP INC COMMON 828806109 252,954 2,300 X 2,300 0 0 SPECTRA ENERGY CORP COMMON 847560109 3,860,973 157,398 X X 67,150 0 90,248 STATE STREET CORP COMMON 857477103 6,207,491 193,019 X X 134,219 0 58,800 SYSCO CORP COMMON 871829107 466,718 18,020 X 14,520 0 3,500 TARGET CORP COMMON 87612E106 205,968 4,200 X X 800 0 3,400 TELEFONICA S A ADR COMMON 879382208 256,284 13,404 X X 0 0 13,404 TEVA PHARMACEUTICAL COMMON 881624209 7,920,271 212,796 X X 124,690 0 88,106 TEXAS INSTRUMENTS INC COMMON 882508104 705,106 26,458 X 26,458 0 0 THERMO FISHER SCIENTI COMMON 883556102 1,074,024 21,209 X 21,209 0 0 TRACTOR SUPPLY CO COMMON 892356106 276,695 4,425 X 625 0 3,800 TRANSOCEAN LTD COMMON H8817H100 389,176 8,152 X 6,652 0 1,500 UNILEVER N V COMMON 904784709 341,604 10,848 X X 4,000 0 6,848 UNILEVER PLC SPON ADR COMMON 904767704 6,715,394 215,306 X X 144,411 0 70,895 UNION PACIFIC CORP COMMON 907818108 558,296 6,836 X X 1,472 0 5,364 UNITED TECHNOLOGIES C COMMON 913017109 6,462,162 91,844 X X 75,612 0 16,232 UNIVEST CORP PA COMMON 915271100 347,313 26,055 X 26,055 0 0 VANGUARD INDEX FDS LA MUTUAL 922908637 575,898 11,150 X 11,150 0 0 VANGUARD INDEX FDS SM MUTUAL 922908751 463,834 7,558 X 7,558 0 0 VANGUARD INDEX TR MID MUTUAL 922908629 776,969 11,935 X 11,835 0 100 VANGUARD SHORT-TERM T MUTUAL 922907100 250,755 15,741 X 15,741 0 0 VERIZON COMMUNICATION COMMON 92343V104 1,974,063 53,643 X X 44,046 0 9,597 VERTEX PHARMACEUTICAL COMMON 92532F100 204,516 4,600 X 4,600 0 0 VISA INC COM CL A COMMON 92826C839 9,720,895 113,403 X X 74,433 0 38,970 VODAFONE GROUP PLC NE COMMON 92857W209 306,175 11,932 X 10,632 0 1,300 WAL MART STORES INC COMMON 931142103 503,690 9,705 X 8,705 0 1,000 WELLS FARGO & CO NEW COMMON 949746101 954,356 39,567 X X 26,567 0 13,000 WHIRLPOOL CORP COMMON 963320106 922,586 18,485 X X 12,100 0 6,385 WILLIS GROUP HOLDINGS COMMON G96666105 3,570,871 103,895 X X 63,140 0 40,755 YUM BRANDS INC COMMON 988498101 2,237,614 45,305 X X 21,375 0 23,930

TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F AS OF DATE: 09/30/11 (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 6,555,487 91,315 88,615 2,700 A T & T INC (NEW) COMMON 00206R102 7,596,825 266,368 250,556 15,812 ABBOTT LABS COMMON 002824100 3,083,793 60,301 47,121 13,180 ACCENTURE PLC COMMON G1151C101 2,839,241 53,896 48,696 5,200 AIR PRODS & CHEMS INC COMMON 009158106 4,367,066 57,183 55,983 1,200 ALCOA INC COMMON 013817101 346,769 36,235 25,710 10,525 ALLETE INC NEW COMMON 018522300 273,333 7,462 7,362 100 ALTRIA GROUP INC COMMON 02209S103 568,318 21,198 13,040 8,158 AMERICAN EXPRESS CO. COMMON 025816109 922,246 20,540 19,940 600 AMGEN INC COMMON 031162100 1,127,779 20,520 20,520 APACHE CORP COMMON 037411105 791,166 9,860 9,860 APHTON CORP COMMON 03759P101 15 15,000 15,000 APPLE COMPUTER INC COMMON 037833100 3,066,957 8,043 8,043 AQUA AMERICA INC COMMON 03836W103 631,397 29,272 29,272 AUTOMATIC DATA PROCES COMMON 053015103 3,776,015 80,085 72,985 7,100 BANK OF AMERICA CORP COMMON 060505104 192,205 31,406 30,176 1,230 BAXTER INTERNATIONAL COMMON 071813109 1,005,018 17,902 17,902 BB&T CORP COMMON 054937107 210,698 9,878 9,878 BECTON DICKINSON & CO COMMON 075887109 7,987,163 108,936 105,436 3,500 BERKSHIRE HATHAWAY IN COMMON 084670108 640,800 6 6 BERKSHIRE HATHAWAY IN COMMON 084670702 1,498,305 21,091 21,091 BLACKROCK NATL MUN FD MUTUAL 09253C744 105,986 10,181 10,181 BOARDWALK PIPELINE PA COMMON 096627104 1,416,097 55,230 53,680 1,550 BOEING CO. COMMON 097023105 727,391 12,021 5,021 7,000 BP PLC ADR COMMON 055622104 924,041 25,618 25,618 BRISTOL MYERS SQUIBB COMMON 110122108 1,078,405 34,366 34,366 BRYN MAWR BANK CORP COMMON 117665109 497,100 30,000 30,000 CAMPBELL SOUP CO COMMON 134429109 569,712 17,600 17,600 CARNIVAL CORP PAIRED COMMON 143658300 5,825,259 192,253 187,553 4,700 CATERPILLAR INC COMMON 149123101 2,380,971 32,245 26,945 5,300 CENOVUS ENERGY INC CO COMMON 15135U109 6,696,807 218,066 217,366 700 CHESAPEAKE ENERGY COR COMMON 165167107 374,052 14,640 14,640 CHEVRON CORP COMMON 166764100 8,368,368 90,381 81,036 9,345 CHUBB CORP COMMON 171232101 305,949 5,100 3,040 2,060 CISCO SYSTEMS INC COMMON 17275R102 2,268,906 146,381 137,181 9,200 COCA COLA CO. COMMON 191216100 2,136,382 31,622 24,222 7,400 COLGATE PALMOLIVE CO COMMON 194162103 5,046,415 56,906 54,106 2,800 CONOCOPHILLIPS COMMON 20825C104 2,498,037 39,451 39,451 CONSOLIDATED EDISON I COMMON 209115104 485,354 8,512 6,206 2,306 CORNING INC COMMON 219350105 504,881 40,848 40,848 COSTCO WHOLESALE COMMON 22160K105 669,524 8,152 6,950 1,202 CVS CORP COMMON 126650100 7,751,684 230,774 219,274 11,500 D R HORTON INC COMMON 23331A109 1,018,808 112,700 110,600 2,100 DANAHER CORP SHS BEN COMMON 235851102 1,072,993 25,584 24,584 1,000 DENTSPLY INTL INC NEW COMMON 249030107 1,558,438 50,780 50,780 DEVON ENERGY CORP NEW COMMON 25179M103 1,066,887 19,244 18,844 400 DIAGEO PLC ADR SPONSO COMMON 25243Q205 7,876,995 103,740 99,240 4,500 DIGITAL RLTY TR INC C COMMON 253868103 5,304,186 96,160 92,660 3,500 DISCOVERY COMMUNICATN COMMON 25470F104 6,661,674 177,078 175,778 1,300 DISNEY WALT COMPANY COMMON 254687106 931,793 30,895 29,295 1,600 DODGE & COX INCOME FD MUTUAL 256210105 198,727 14,987 14,987 DOMINION RES INC VA N COMMON 25746U109 1,778,067 35,022 30,322 4,700 DU PONT E I DE NEMOUR COMMON 263534109 2,224,331 55,650 50,550 5,100 DUKE ENERGY CORP COMMON 26441C105 536,652 26,846 24,150 2,696 E M C CORP MASS COMMON 268648102 4,290,986 204,430 194,730 9,700 EATON VANCE NATL MUNS MUTUAL 27826L249 103,138 11,019 11,019 ECOLAB INC COMMON 278865100 358,853 7,340 7,340 EMERSON ELECTRIC CO COMMON 291011104 4,598,464 111,316 106,016 5,300 ENTERPRISE PRODS PART COMMON 293792107 3,354,189 83,541 81,141 2,400 EOG RESOURCES INC COMMON 26875P101 924,195 13,015 13,015 EQT CORP COM COMMON 26884L109 585,466 10,972 10,972 EXELON CORP COMMON 30161N101 273,727 6,424 6,424 EXXON MOBIL COMMON 30231G102 26,593,425 366,149 346,800 19,349 FEDEX CORP COMMON 31428X106 3,973,425 58,709 57,709 1,000 FLUOR CORP NEW COM COMMON 343412102 2,163,411 46,475 44,875 1,600 FORD MOTOR CO. DEL COMMON 345370860 118,941 12,300 12,300 FRANKLIN RESOURCES IN COMMON 354613101 2,736,643 28,614 28,614 FULTON FINL CORP PA COMMON 360271100 241,472 31,565 31,565 GENERAL ELECTRIC CO COMMON 369604103 11,081,192 728,068 676,661 51,407 GENERAL MILLS INC COMMON 370334104 1,312,509 34,100 34,100 GENESEE & WYO INC CL COMMON 371559105 356,715 7,668 7,668 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,398,327 33,866 32,466 1,400 GOLDMAN SACHS GROUP I COMMON 38141G104 2,907,507 30,751 28,876 1,875 GOLDMAN SACHS GROUP I PREFERR 38143Y665 3,148,710 169,925 167,925 2,000 GOLDMAN SACHS GROUP I PREFERR 38144G804 779,013 42,850 42,850 GOOGLE INC CL A COMMON 38259P508 8,483,739 16,472 16,172 300 GRAINGER W W INC COMMON 384802104 1,665,876 11,140 11,140 HALLIBURTON CO. COMMON 406216101 1,103,298 36,150 32,050 4,100 HCP INC COMMON 40414L109 286,580 8,174 6,574 1,600 HEINZ H J CO. COMMON 423074103 969,216 19,200 10,800 8,400 HERSHEY FOODS CORP COMMON 427866108 955,778 16,134 16,134 HESS CORP COM COMMON 42809H107 3,275,692 62,442 62,442 HEWLETT PACKARD CO. COMMON 428236103 1,372,660 61,143 54,243 6,900 HOME DEPOT INC COMMON 437076102 1,104,268 33,595 31,395 2,200 HUDSON CITY BANCORP C COMMON 443683107 524,739 92,710 92,710 ILLINOIS TOOL WORKS I COMMON 452308109 1,644,989 39,543 37,743 1,800 INGERSOLL-RAND PLC COMMON G47791101 269,664 9,600 9,600 INT'L BUSINESS MACH. COMMON 459200101 15,721,338 89,903 82,703 7,200 INTEL CORP COMMON 458140100 1,990,342 93,290 78,710 14,580 INTERCONTINENTALEXCHA COMMON 45865V100 4,442,319 37,564 37,414 150 J P MORGAN CHASE & CO COMMON 46625H100 5,624,583 186,739 168,274 18,465 JOHNSON & JOHNSON COMMON 478160104 13,994,399 219,727 203,257 16,470 JPMORGAN CHASE & CO PREFERR 46625H621 1,816,204 65,900 65,900 KBR INC COM COMMON 48242W106 833,572 35,276 35,276 KELLOGG CO. COMMON 487836108 6,465,564 121,556 119,406 2,150 KIMBERLY CLARK CORP COMMON 494368103 1,996,446 28,115 28,115 KINDER MORGAN EGY PTN COMMON 494550106 3,854,239 56,365 51,215 5,150 KRAFT FOODS INC CL A COMMON 50075N104 1,071,724 31,916 20,014 11,902 LINCOLN NATL CORP COMMON 534187109 161,771 10,350 10,350 LOWE'S COS INC COMMON 548661107 1,181,674 61,100 54,600 6,500 L-3 COMMUNICATIONS HO COMMON 502424104 1,271,315 20,515 20,165 350 MAGELLAN MIDSTREAM PA COMMON 559080106 404,076 6,690 6,690 MAIRS & POWER GROWTH MUTUAL 560636102 236,911 3,722 3,722 MCDONALD'S CORP COMMON 580135101 8,032,307 91,463 90,663 800 MEDTRONIC INC COMMON 585055106 2,664,878 80,171 80,171 MERCK & COMPANY COMMON 58933Y105 2,197,505 67,202 51,202 16,000 MERITOR SVGS BK PA COMMON 590007100 92,620 22,000 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,315,160 98,100 96,000 2,100 MICROSOFT CORP COMMON 594918104 4,129,499 165,910 159,810 6,100 NESTLE S A REG ADR COMMON 641069406 211,035 3,826 3,826 NETAPP INC COM COMMON 64110D104 2,964,227 87,363 87,363 NEXTERA ENERGY INC CO COMMON 65339F101 1,119,835 20,730 18,730 2,000 NIKE INC CL B COMMON 654106103 1,528,919 17,880 17,380 500 NOBLE CORPORATION COMMON H5833N103 3,792,730 129,224 129,224 NOBLE ENERGY COMMON 655044105 503,034 7,105 7,105 NORFOLK SOUTHERN CORP COMMON 655844108 1,551,495 25,426 24,076 1,350 NOVARTIS AG SPONSORED COMMON 66987V109 7,230,209 129,643 127,043 2,600 OMNICOM GROUP COMMON 681919106 260,643 7,075 7,075 ONEOK INC NEW COM COMMON 682680103 264,160 4,000 4,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 102,848 16,351 16,351 ORACLE SYS CORP COMMON 68389X105 9,162,484 318,806 288,806 30,000 PEPSICO INC COMMON 713448108 9,163,657 148,040 136,040 12,000 PETROLEO BRASILEIRO S COMMON 71654V101 715,876 34,550 32,750 1,800 PFIZER INC COMMON 717081103 4,302,428 243,350 207,610 35,740 PHILIP MORRIS INTL IN COMMON 718172109 2,993,850 47,994 31,143 16,851 PIEDMONT NAT GAS INC COMMON 720186105 482,463 16,700 16,700 PNC FINANCIAL CORP COMMON 693475105 429,710 8,917 8,917 PPG INDUSTRIES INC COMMON 693506107 1,118,336 15,827 15,090 737 PPL CORP COMMON 69351T106 379,753 13,306 13,306 PRAXAIR INC COMMON 74005P104 3,771,077 40,341 39,141 1,200 PROCTER & GAMBLE CO COMMON 742718109 7,424,471 117,513 109,581 7,932 PROGRESS ENERGY INC C COMMON 743263105 787,437 15,225 7,125 8,100 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,875 15,000 15,000 QNB CORP COMMON 74726N107 440,664 20,496 20,496 QUALCOMM INC COMMON 747525103 8,830,868 181,593 177,893 3,700 QUEST DIAGNOSTICS INC COMMON 74834L100 3,506,436 71,038 68,038 3,000 RANGE RES CORP COM COMMON 75281A109 1,881,535 32,185 32,185 RAYMOND JAMES FINANCI COMMON 754730109 1,976,205 76,125 74,725 1,400 RAYONIER INC COM COMMON 754907103 215,222 5,850 5,850 RIVERBED TECHNOLOGY I COMMON 768573107 297,204 14,890 14,890 ROYAL DUTCH SHELL PLC COMMON 780259206 993,548 16,150 14,950 1,200 SBM OFFSHORE NV COMMON N7752F148 571,893 32,365 31,439 926 SCHLUMBERGER LTD COMMON 806857108 6,903,832 115,584 111,784 3,800 SIMON PPTY GROUP INC COMMON 828806109 252,954 2,300 2,300 SPECTRA ENERGY CORP COMMON 847560109 3,860,973 157,398 153,150 4,248 STATE STREET CORP COMMON 857477103 6,207,491 193,019 182,619 10,400 SYSCO CORP COMMON 871829107 466,718 18,020 18,020 TARGET CORP COMMON 87612E106 205,968 4,200 2,600 1,600 TELEFONICA S A ADR COMMON 879382208 256,284 13,404 3,795 9,609 TEVA PHARMACEUTICAL COMMON 881624209 7,920,271 212,796 196,740 16,056 TEXAS INSTRUMENTS INC COMMON 882508104 705,106 26,458 26,458 THERMO FISHER SCIENTI COMMON 883556102 1,074,024 21,209 21,209 TRACTOR SUPPLY CO COMMON 892356106 276,695 4,425 4,425 TRANSOCEAN LTD COMMON H8817H100 389,176 8,152 8,152 UNILEVER N V COMMON 904784709 341,604 10,848 9,777 1,071 UNILEVER PLC SPON ADR COMMON 904767704 6,715,394 215,306 206,156 9,150 UNION PACIFIC CORP COMMON 907818108 558,296 6,836 3,748 3,088 UNITED TECHNOLOGIES C COMMON 913017109 6,462,162 91,844 86,844 5,000 UNIVEST CORP PA COMMON 915271100 347,313 26,055 26,055 VANGUARD INDEX FDS LA MUTUAL 922908637 575,898 11,150 11,150 VANGUARD INDEX FDS SM MUTUAL 922908751 463,834 7,558 7,558 VANGUARD INDEX TR MID MUTUAL 922908629 776,969 11,935 11,935 VANGUARD SHORT-TERM T MUTUAL 922907100 250,755 15,741 15,741 VERIZON COMMUNICATION COMMON 92343V104 1,974,063 53,643 46,046 7,597 VERTEX PHARMACEUTICAL COMMON 92532F100 204,516 4,600 4,600 VISA INC COM CL A COMMON 92826C839 9,720,895 113,403 109,203 4,200 VODAFONE GROUP PLC NE COMMON 92857W209 306,175 11,932 11,932 WAL MART STORES INC COMMON 931142103 503,690 9,705 9,705 WELLS FARGO & CO NEW COMMON 949746101 954,356 39,567 27,067 12,500 WHIRLPOOL CORP COMMON 963320106 922,586 18,485 18,185 300 WILLIS GROUP HOLDINGS COMMON G96666105 3,570,871 103,895 101,795 2,100 YUM BRANDS INC COMMON 988498101 2,237,614 45,305 41,425 3,880