0001278249-12-000002.txt : 20120202 0001278249-12-000002.hdr.sgml : 20120202 20120202091424 ACCESSION NUMBER: 0001278249-12-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120202 DATE AS OF CHANGE: 20120202 EFFECTIVENESS DATE: 20120202 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: 12564487 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 sec13f12312011final.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: December 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 February 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: 180 Form 13f Information Table Value Total: $493,819,356 List of Other Included Managers: None TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F

AS OF DATE: 12/31/11 (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 8,447,267 103,356 X X 82,826 0 20,530 A T & T INC (NEW) COMMON 00206R102 7,880,865 260,611 X X 224,975 0 35,636 ABBOTT LABS COMMON 002824100 3,364,410 59,833 X X 44,798 0 15,035 ACCENTURE PLC COMMON G1151C101 2,883,256 54,166 X X 23,890 0 30,276 AETNA U S HEALTHCARE COMMON 00817Y108 202,512 4,800 X 4,800 0 0 AIR PRODS & CHEMS INC COMMON 009158106 4,854,382 56,983 X X 51,283 0 5,700 ALCOA INC COMMON 013817101 245,920 28,430 X X 20,180 0 8,250 ALLETE INC NEW COMMON 018522300 321,651 7,662 X X 7,562 0 100 ALTRIA GROUP INC COMMON 02209S103 634,451 21,398 X X 11,940 0 9,458 AMAZON COM INC COMMON 023135106 237,147 1,370 X 1,370 0 0 AMERICAN EXPRESS CO. COMMON 025816109 893,400 18,940 X X 10,690 0 8,250 AMGEN INC COMMON 031162100 1,303,014 20,293 X 16,825 0 3,468 ANADARKO PETROLEUM COMMON 032511107 657,201 8,610 X 6,660 0 1,950 APACHE CORP COMMON 037411105 863,680 9,535 X 7,650 0 1,885 APHTON CORP COMMON 03759P101 15 15,000 X 0 0 15,000 APPLE COMPUTER INC COMMON 037833100 3,297,105 8,141 X 7,126 0 1,015 AQUA AMERICA INC COMMON 03836W103 627,080 28,439 X 23,560 0 4,879 AUTOMATIC DATA PROCES COMMON 053015103 4,506,603 83,440 X X 63,515 0 19,925 BANK OF AMERICA CORP COMMON 060505104 179,316 32,251 X X 31,019 0 1,232 BAXTER INTERNATIONAL COMMON 071813109 885,791 17,902 X 17,902 0 0 BB&T CORP COMMON 054937107 208,357 8,278 X 7,000 0 1,278 BECTON DICKINSON & CO COMMON 075887109 8,569,781 114,692 X X 76,112 0 38,580 BERKSHIRE HATHAWAY IN COMMON 084670108 688,530 6 X 6 0 0 BERKSHIRE HATHAWAY IN COMMON 084670702 1,643,578 21,541 X 20,641 0 900 BLACKROCK NATL MUN FD MUTUAL 09253C744 106,800 10,181 X 10,181 0 0 BOARDWALK PIPELINE PA COMMON 096627104 1,522,680 55,030 X X 24,450 0 30,580 BOEING CO. COMMON 097023105 368,290 5,021 X 4,661 0 360 BP PLC ADR COMMON 055622104 1,094,913 25,618 X 25,618 0 0 BRANDYWINE RLTY TRUST COMMON 105368203 156,750 16,500 X 14,500 0 2,000 BRISTOL MYERS SQUIBB COMMON 110122108 1,221,630 34,666 X 34,666 0 0 BRYN MAWR BANK CORP COMMON 117665109 584,700 30,000 X 25,000 0 5,000 CAMPBELL SOUP CO COMMON 134429109 585,024 17,600 X 17,600 0 0 CARNIVAL CORP PAIRED COMMON 143658300 4,885,091 149,666 X X 104,671 0 44,995 CATERPILLAR INC COMMON 149123101 2,658,657 29,345 X X 21,285 0 8,060 CENOVUS ENERGY INC CO COMMON 15135U109 7,053,539 212,456 X X 143,421 0 69,035 CHESAPEAKE ENERGY COR COMMON 165167107 298,463 13,390 X 12,090 0 1,300 CHEVRON CORP COMMON 166764100 9,315,098 87,548 X X 70,428 0 17,120 CHUBB CORP COMMON 171232101 353,022 5,100 X X 2,400 0 2,700 CISCO SYSTEMS INC COMMON 17275R102 2,447,688 135,381 X X 105,184 0 30,197 COCA COLA CO. COMMON 191216100 2,053,899 29,354 X 27,354 0 2,000 COLGATE PALMOLIVE CO COMMON 194162103 5,044,115 54,596 X X 27,302 0 27,294 CONOCOPHILLIPS COMMON 20825C104 2,803,892 38,478 X 31,905 0 6,573 CONSOLIDATED EDISON I COMMON 209115104 566,768 9,137 X X 5,531 0 3,606 CORN PRODUCTS INTL IN COMMON 219023108 204,996 3,898 X 0 0 3,898 CORNING INC COMMON 219350105 530,207 40,848 X 40,848 0 0 COSTCO WHOLESALE COMMON 22160K105 656,312 7,877 X X 5,025 0 2,852 CVS CORP COMMON 126650100 8,958,328 219,675 X X 139,790 0 79,885 D R HORTON INC COMMON 23331A109 1,341,704 106,400 X X 59,900 0 46,500 DANAHER CORP SHS BEN COMMON 235851102 3,379,212 71,837 X X 61,121 0 10,716 DENTSPLY INTL INC NEW COMMON 249030107 1,598,343 45,680 X 12,745 0 32,935 DEVON ENERGY CORP NEW COMMON 25179M103 754,540 12,170 X X 8,770 0 3,400 DIAGEO PLC ADR SPONSO COMMON 25243Q205 8,946,574 102,340 X X 74,190 0 28,150 DIGITAL RLTY TR INC C COMMON 253868103 6,399,320 95,985 X X 59,285 0 36,700 DISCOVERY COMMUNICATN COMMON 25470F104 7,309,744 178,417 X X 113,852 0 64,565 DISNEY WALT COMPANY COMMON 254687106 1,132,313 30,195 X X 26,505 0 3,690 DODGE & COX INCOME FD MUTUAL 256210105 224,420 16,874 X 16,874 0 0 DOMINION RES INC VA N COMMON 25746U109 1,832,428 34,522 X X 29,822 0 4,700 DU PONT E I DE NEMOUR COMMON 263534109 2,547,657 55,650 X X 46,850 0 8,800 DUKE ENERGY CORP COMMON 26441C105 573,012 26,046 X X 23,350 0 2,696 E M C CORP MASS COMMON 268648102 4,390,692 203,839 X X 144,964 0 58,875 EATON VANCE NATL MUNS MUTUAL 27826L249 103,689 11,019 X 11,019 0 0 ECOLAB INC COMMON 278865100 424,325 7,340 X 7,340 0 0 EMERSON ELECTRIC CO COMMON 291011104 6,881,436 147,702 X X 110,053 0 37,649 ENTERPRISE PRODS PART COMMON 293792107 3,971,523 85,630 X X 33,014 0 52,616 EOG RESOURCES INC COMMON 26875P101 1,757,911 17,845 X 14,090 0 3,755 EQT CORP COM COMMON 26884L109 601,156 10,972 X 4,100 0 6,872 EXELON CORP COMMON 30161N101 213,554 4,924 X 1,550 0 3,374 EXXON MOBIL COMMON 30231G102 29,675,504 350,112 X X 269,988 0 80,124 FEDEX CORP COMMON 31428X106 5,301,131 63,479 X X 43,164 0 20,315 FLUOR CORP NEW COM COMMON 343412102 2,182,106 43,425 X X 18,175 0 25,250 FRANKLIN RESOURCES IN COMMON 354613101 2,562,304 26,674 X 12,974 0 13,700 FULTON FINL CORP PA COMMON 360271100 236,421 24,100 X 24,100 0 0 GENERAL ELECTRIC CO COMMON 369604103 10,372,680 579,156 X X 464,834 0 114,322 GENERAL MILLS INC COMMON 370334104 1,377,981 34,100 X 29,200 0 4,900 GENESEE & WYO INC CL COMMON 371559105 413,943 6,833 X 0 0 6,833 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,499,676 32,866 X X 27,160 0 5,706 GOLDMAN SACHS GROUP I COMMON 38141G104 1,051,791 11,631 X X 7,861 0 3,770 GOLDMAN SACHS GROUP I PREFERR 38143Y665 2,541,758 152,475 X X 116,575 0 35,900 GOLDMAN SACHS GROUP I PREFERR 38144G804 657,135 38,250 X 15,750 0 22,500 GOOGLE INC CL A COMMON 38259P508 10,564,340 16,356 X X 12,199 0 4,157 GRAINGER W W INC COMMON 384802104 2,051,602 10,960 X 10,505 0 455 HALLIBURTON CO. COMMON 406216101 1,128,477 32,700 X X 29,400 0 3,300 HCP INC COMMON 40414L109 338,649 8,174 X X 3,088 0 5,086 HEINZ H J CO. COMMON 423074103 837,620 15,500 X X 10,900 0 4,600 HERSHEY FOODS CORP COMMON 427866108 849,475 13,750 X 7,350 0 6,400 HESS CORP COM COMMON 42809H107 1,957,027 34,455 X X 23,830 0 10,625 HEWLETT PACKARD CO. COMMON 428236103 865,768 33,609 X X 30,144 0 3,465 HOME DEPOT INC COMMON 437076102 1,411,283 33,570 X X 30,920 0 2,650 HONEYWELL INTL INC COMMON 438516106 211,530 3,892 X 2,392 0 1,500 HUDSON CITY BANCORP C COMMON 443683107 445,844 71,335 X 70,810 0 525 ILLINOIS TOOL WORKS I COMMON 452308109 2,005,868 42,943 X X 35,026 0 7,917 INT'L BUSINESS MACH. COMMON 459200101 15,783,340 85,835 X X 62,554 0 23,281 INTEL CORP COMMON 458140100 2,262,283 93,290 X X 74,510 0 18,780 INTERCONTINENTALEXCHA COMMON 45865V100 5,003,669 41,507 X X 31,112 0 10,395 ISHARES TR S&P MIDCAP MUTUAL 464287507 210,614 2,404 X 2,404 0 0 J P MORGAN CHASE & CO COMMON 46625H100 5,350,023 160,903 X X 126,065 0 34,838 JOHNSON CONTROLS INC COMMON 478366107 5,482,441 175,382 X 140,332 0 35,050 JOHNSON & JOHNSON COMMON 478160104 14,030,761 213,949 X X 177,178 0 36,771 JPMORGAN CHASE & CO PREFERR 46625H621 1,818,840 65,900 X 38,200 0 27,700 KBR INC COM COMMON 48242W106 464,175 16,655 X 9,705 0 6,950 KELLOGG CO. COMMON 487836108 5,279,708 104,404 X X 60,303 0 44,101 KEYCORP NEW COMMON 493267108 2,609,217 339,300 X X 223,300 0 116,000 KIMBERLY CLARK CORP COMMON 494368103 2,068,139 28,115 X 28,115 0 0 KINDER MORGAN EGY PTN COMMON 494550106 4,727,043 55,645 X X 28,780 0 26,865 KRAFT FOODS INC CL A COMMON 50075N104 988,791 26,467 X X 22,707 0 3,760 LINCOLN NATL CORP COMMON 534187109 200,997 10,350 X 10,129 0 221 LOWE'S COS INC COMMON 548661107 1,540,566 60,700 X X 49,700 0 11,000 L-3 COMMUNICATIONS HO COMMON 502424104 1,364,606 20,465 X X 15,615 0 4,850 MAGELLAN MIDSTREAM PA COMMON 559080106 460,969 6,692 X 4,092 0 2,600 MAIRS & POWER GROWTH MUTUAL 560636102 264,996 3,744 X 3,744 0 0 MCDONALD'S CORP COMMON 580135101 8,794,255 87,653 X X 64,073 0 23,580 MEDTRONIC INC COMMON 585055106 2,747,806 71,838 X 52,868 0 18,970 MERCK & COMPANY COMMON 58933Y105 2,335,590 61,952 X X 48,179 0 13,773 MERITOR SVGS BK PA COMMON 590007100 95,700 22,000 X 0 0 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,490,950 113,225 X X 61,025 0 52,200 MICROSOFT CORP COMMON 594918104 4,252,507 163,810 X X 111,319 0 52,491 NATIONAL OILWELL VARC COMMON 637071101 275,360 4,050 X 4,050 0 0 NESTLE S A REG ADR COMMON 641069406 220,943 3,826 X 3,826 0 0 NETAPP INC COM COMMON 64110D104 3,402,090 93,799 X X 73,984 0 19,815 NEXTERA ENERGY INC CO COMMON 65339F101 1,176,810 19,330 X 17,730 0 1,600 NIKE INC CL B COMMON 654106103 2,280,307 23,662 X X 12,962 0 10,700 NOBLE CORPORATION COMMON H5833N103 3,126,616 103,462 X 87,257 0 16,205 NOBLE ENERGY COMMON 655044105 1,534,309 16,255 X 10,080 0 6,175 NORFOLK SOUTHERN CORP COMMON 655844108 1,808,822 24,826 X X 22,476 0 2,350 NOVARTIS AG SPONSORED COMMON 66987V109 7,688,469 134,484 X X 95,794 0 38,690 OMNICOM GROUP COMMON 681919106 327,217 7,340 X 4,990 0 2,350 ONEOK INC NEW COM COMMON 682680103 346,760 4,000 X 1,000 0 3,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 101,377 16,351 X 16,351 0 0 ORACLE SYS CORP COMMON 68389X105 8,729,593 340,335 X X 234,736 0 105,599 PEPSICO INC COMMON 713448108 10,549,298 158,995 X X 112,575 0 46,420 PETROLEO BRASILEIRO S COMMON 71654V101 523,827 22,300 X X 9,250 0 13,050 PFIZER INC COMMON 717081103 5,010,655 231,546 X X 206,926 0 24,620 PHILIP MORRIS INTL IN COMMON 718172109 3,292,452 41,953 X X 34,202 0 7,751 PIEDMONT NAT GAS INC COMMON 720186105 526,690 15,500 X 8,000 0 7,500 PNC FINANCIAL CORP COMMON 693475105 468,107 8,117 X 6,005 0 2,112 PPG INDUSTRIES INC COMMON 693506107 1,313,047 15,727 X X 15,090 0 637 PPL CORP COMMON 69351T106 391,463 13,306 X 10,806 0 2,500 PRAXAIR INC COMMON 74005P104 4,458,906 41,711 X X 30,666 0 11,045 PROCTER & GAMBLE CO COMMON 742718109 7,853,368 117,724 X X 99,785 0 17,939 PROGRESS ENERGY INC C COMMON 743263105 632,858 11,297 X X 10,097 0 1,200 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,875 15,000 X 15,000 0 0 QNB CORP COMMON 74726N107 426,668 19,394 X 18,424 0 970 QUALCOMM INC COMMON 747525103 10,204,121 186,547 X X 123,272 0 63,275 RANGE RES CORP COM COMMON 75281A109 1,947,517 31,442 X 13,854 0 17,588 RAYMOND JAMES FINANCI COMMON 754730109 2,177,262 70,325 X X 31,875 0 38,450 RAYONIER INC COM COMMON 754907103 261,086 5,850 X 5,850 0 0 RIVERBED TECHNOLOGY I COMMON 768573107 958,495 40,787 X 35,737 0 5,050 ROYAL DUTCH SHELL PLC COMMON 780259206 1,174,922 16,075 X X 14,575 0 1,500 SCHLUMBERGER LTD COMMON 806857108 8,228,896 120,464 X X 87,219 0 33,245 SIMON PPTY GROUP INC COMMON 828806109 296,562 2,300 X 2,300 0 0 SPECTRA ENERGY CORP COMMON 847560109 4,830,125 157,077 X X 67,229 0 89,848 STATE STREET CORP COMMON 857477103 7,259,307 180,087 X X 130,362 0 49,725 SYSCO CORP COMMON 871829107 528,527 18,020 X 14,520 0 3,500 T ROWE PRICE GROUP IN COMMON 74144T108 4,179,561 73,390 X X 49,005 0 24,385 TARGET CORP COMMON 87612E106 215,124 4,200 X X 800 0 3,400 TELEFONICA S A ADR COMMON 879382208 247,605 14,404 X X 1,000 0 13,404 TEVA PHARMACEUTICAL COMMON 881624209 7,510,513 186,088 X X 120,788 0 65,300 TEXAS INSTRUMENTS INC COMMON 882508104 770,192 26,458 X 26,458 0 0 THERMO FISHER SCIENTI COMMON 883556102 933,307 20,754 X 20,754 0 0 TRACTOR SUPPLY CO COMMON 892356106 310,414 4,425 X 625 0 3,800 TRANSOCEAN LTD COMMON H8817H100 265,275 6,910 X X 4,760 0 2,150 UNILEVER N V COMMON 904784709 383,157 11,148 X X 4,000 0 7,148 UNILEVER PLC SPON ADR COMMON 904767704 7,454,882 222,401 X X 149,106 0 73,295 UNION PACIFIC CORP COMMON 907818108 755,988 7,136 X X 1,772 0 5,364 UNITED TECHNOLOGIES C COMMON 913017109 6,795,489 92,974 X X 77,139 0 15,835 UNIVEST CORP PA COMMON 915271100 381,445 26,055 X 26,055 0 0 US BANCORP DEL PFD B COMMON 902973155 202,590 9,261 X 5,000 0 4,261 VANGUARD INDEX FDS LA MUTUAL 922908637 638,895 11,150 X 11,150 0 0 VANGUARD INDEX FDS SM MUTUAL 922908751 526,566 7,558 X 7,558 0 0 VANGUARD INDEX TR MID MUTUAL 922908629 869,395 12,085 X 11,985 0 100 VANGUARD SHORT-TERM T MUTUAL 922907100 251,062 15,770 X 15,770 0 0 VERIZON COMMUNICATION COMMON 92343V104 2,081,948 51,893 X X 46,196 0 5,697 VISA INC COM CL A COMMON 92826C839 11,405,204 112,333 X X 74,363 0 37,970 VODAFONE GROUP PLC NE COMMON 92857W209 334,454 11,932 X 10,632 0 1,300 WAL MART STORES INC COMMON 931142103 579,971 9,705 X 8,705 0 1,000 WELLS FARGO & CO NEW COMMON 949746101 1,010,653 36,671 X X 24,171 0 12,500 WHIRLPOOL CORP COMMON 963320106 2,161,822 45,560 X X 32,375 0 13,185 WILLIS GROUP HOLDINGS COMMON G96666105 3,920,197 101,036 X X 63,181 0 37,855 XILINX INC COM COMMON 983919101 208,390 6,500 X 6,500 0 0 YUM BRANDS INC COMMON 988498101 2,525,923 42,805 X X 21,375 0 21,430

TOWER BRIDGE ADVISORS DISCRETIONARY OWNERSHIP FOR 13F AS OF DATE: 12/31/11 (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 8,447,267 103,356 100,956 2,400 A T & T INC (NEW) COMMON 00206R102 7,880,865 260,611 254,299 6,312 ABBOTT LABS COMMON 002824100 3,364,410 59,833 46,653 13,180 ACCENTURE PLC COMMON G1151C101 2,883,256 54,166 48,966 5,200 AETNA U S HEALTHCARE COMMON 00817Y108 202,512 4,800 4,800 AIR PRODS & CHEMS INC COMMON 009158106 4,854,382 56,983 55,783 1,200 ALCOA INC COMMON 013817101 245,920 28,430 20,430 8,000 ALLETE INC NEW COMMON 018522300 321,651 7,662 7,562 100 ALTRIA GROUP INC COMMON 02209S103 634,451 21,398 13,240 8,158 AMAZON COM INC COMMON 023135106 237,147 1,370 1,370 AMERICAN EXPRESS CO. COMMON 025816109 893,400 18,940 18,640 300 AMGEN INC COMMON 031162100 1,303,014 20,293 20,293 ANADARKO PETROLEUM COMMON 032511107 657,201 8,610 8,610 APACHE CORP COMMON 037411105 863,680 9,535 9,535 APHTON CORP COMMON 03759P101 15 15,000 15,000 APPLE COMPUTER INC COMMON 037833100 3,297,105 8,141 8,141 AQUA AMERICA INC COMMON 03836W103 627,080 28,439 28,439 AUTOMATIC DATA PROCES COMMON 053015103 4,506,603 83,440 77,640 5,800 BANK OF AMERICA CORP COMMON 060505104 179,316 32,251 31,021 1,230 BAXTER INTERNATIONAL COMMON 071813109 885,791 17,902 17,902 BB&T CORP COMMON 054937107 208,357 8,278 8,278 BECTON DICKINSON & CO COMMON 075887109 8,569,781 114,692 111,192 3,500 BERKSHIRE HATHAWAY IN COMMON 084670108 688,530 6 6 BERKSHIRE HATHAWAY IN COMMON 084670702 1,643,578 21,541 21,541 BLACKROCK NATL MUN FD MUTUAL 09253C744 106,800 10,181 10,181 BOARDWALK PIPELINE PA COMMON 096627104 1,522,680 55,030 53,480 1,550 BOEING CO. COMMON 097023105 368,290 5,021 5,021 BP PLC ADR COMMON 055622104 1,094,913 25,618 25,618 BRANDYWINE RLTY TRUST COMMON 105368203 156,750 16,500 16,500 BRISTOL MYERS SQUIBB COMMON 110122108 1,221,630 34,666 34,666 BRYN MAWR BANK CORP COMMON 117665109 584,700 30,000 30,000 CAMPBELL SOUP CO COMMON 134429109 585,024 17,600 17,600 CARNIVAL CORP PAIRED COMMON 143658300 4,885,091 149,666 144,766 4,900 CATERPILLAR INC COMMON 149123101 2,658,657 29,345 25,945 3,400 CENOVUS ENERGY INC CO COMMON 15135U109 7,053,539 212,456 211,756 700 CHESAPEAKE ENERGY COR COMMON 165167107 298,463 13,390 13,390 CHEVRON CORP COMMON 166764100 9,315,098 87,548 79,743 7,805 CHUBB CORP COMMON 171232101 353,022 5,100 3,040 2,060 CISCO SYSTEMS INC COMMON 17275R102 2,447,688 135,381 129,281 6,100 COCA COLA CO. COMMON 191216100 2,053,899 29,354 29,354 COLGATE PALMOLIVE CO COMMON 194162103 5,044,115 54,596 52,646 1,950 CONOCOPHILLIPS COMMON 20825C104 2,803,892 38,478 38,478 CONSOLIDATED EDISON I COMMON 209115104 566,768 9,137 6,831 2,306 CORN PRODUCTS INTL IN COMMON 219023108 204,996 3,898 3,898 CORNING INC COMMON 219350105 530,207 40,848 40,848 COSTCO WHOLESALE COMMON 22160K105 656,312 7,877 6,675 1,202 CVS CORP COMMON 126650100 8,958,328 219,675 210,175 9,500 D R HORTON INC COMMON 23331A109 1,341,704 106,400 104,300 2,100 DANAHER CORP SHS BEN COMMON 235851102 3,379,212 71,837 68,837 3,000 DENTSPLY INTL INC NEW COMMON 249030107 1,598,343 45,680 45,680 DEVON ENERGY CORP NEW COMMON 25179M103 754,540 12,170 11,770 400 DIAGEO PLC ADR SPONSO COMMON 25243Q205 8,946,574 102,340 98,840 3,500 DIGITAL RLTY TR INC C COMMON 253868103 6,399,320 95,985 92,485 3,500 DISCOVERY COMMUNICATN COMMON 25470F104 7,309,744 178,417 176,117 2,300 DISNEY WALT COMPANY COMMON 254687106 1,132,313 30,195 28,595 1,600 DODGE & COX INCOME FD MUTUAL 256210105 224,420 16,874 16,874 DOMINION RES INC VA N COMMON 25746U109 1,832,428 34,522 29,822 4,700 DU PONT E I DE NEMOUR COMMON 263534109 2,547,657 55,650 50,550 5,100 DUKE ENERGY CORP COMMON 26441C105 573,012 26,046 23,350 2,696 E M C CORP MASS COMMON 268648102 4,390,692 203,839 194,539 9,300 EATON VANCE NATL MUNS MUTUAL 27826L249 103,689 11,019 11,019 ECOLAB INC COMMON 278865100 424,325 7,340 7,340 EMERSON ELECTRIC CO COMMON 291011104 6,881,436 147,702 140,302 7,400 ENTERPRISE PRODS PART COMMON 293792107 3,971,523 85,630 83,230 2,400 EOG RESOURCES INC COMMON 26875P101 1,757,911 17,845 17,845 EQT CORP COM COMMON 26884L109 601,156 10,972 10,972 EXELON CORP COMMON 30161N101 213,554 4,924 4,924 EXXON MOBIL COMMON 30231G102 29,675,504 350,112 340,753 9,359 FEDEX CORP COMMON 31428X106 5,301,131 63,479 62,479 1,000 FLUOR CORP NEW COM COMMON 343412102 2,182,106 43,425 41,825 1,600 FRANKLIN RESOURCES IN COMMON 354613101 2,562,304 26,674 26,674 FULTON FINL CORP PA COMMON 360271100 236,421 24,100 24,100 GENERAL ELECTRIC CO COMMON 369604103 10,372,680 579,156 553,309 25,847 GENERAL MILLS INC COMMON 370334104 1,377,981 34,100 34,100 GENESEE & WYO INC CL COMMON 371559105 413,943 6,833 6,833 GLAXOSMITHKLINE PLC A COMMON 37733W105 1,499,676 32,866 31,466 1,400 GOLDMAN SACHS GROUP I COMMON 38141G104 1,051,791 11,631 11,506 125 GOLDMAN SACHS GROUP I PREFERR 38143Y665 2,541,758 152,475 150,475 2,000 GOLDMAN SACHS GROUP I PREFERR 38144G804 657,135 38,250 38,250 GOOGLE INC CL A COMMON 38259P508 10,564,340 16,356 16,006 350 GRAINGER W W INC COMMON 384802104 2,051,602 10,960 10,960 HALLIBURTON CO. COMMON 406216101 1,128,477 32,700 29,600 3,100 HCP INC COMMON 40414L109 338,649 8,174 6,574 1,600 HEINZ H J CO. COMMON 423074103 837,620 15,500 14,500 1,000 HERSHEY FOODS CORP COMMON 427866108 849,475 13,750 13,750 HESS CORP COM COMMON 42809H107 1,957,027 34,455 33,455 1,000 HEWLETT PACKARD CO. COMMON 428236103 865,768 33,609 32,209 1,400 HOME DEPOT INC COMMON 437076102 1,411,283 33,570 31,370 2,200 HONEYWELL INTL INC COMMON 438516106 211,530 3,892 3,892 HUDSON CITY BANCORP C COMMON 443683107 445,844 71,335 71,335 ILLINOIS TOOL WORKS I COMMON 452308109 2,005,868 42,943 41,143 1,800 INT'L BUSINESS MACH. COMMON 459200101 15,783,340 85,835 81,235 4,600 INTEL CORP COMMON 458140100 2,262,283 93,290 78,710 14,580 INTERCONTINENTALEXCHA COMMON 45865V100 5,003,669 41,507 41,357 150 ISHARES TR S&P MIDCAP MUTUAL 464287507 210,614 2,404 2,404 J P MORGAN CHASE & CO COMMON 46625H100 5,350,023 160,903 149,673 11,230 JOHNSON CONTROLS INC COMMON 478366107 5,482,441 175,382 175,382 JOHNSON & JOHNSON COMMON 478160104 14,030,761 213,949 202,339 11,610 JPMORGAN CHASE & CO PREFERR 46625H621 1,818,840 65,900 65,900 KBR INC COM COMMON 48242W106 464,175 16,655 16,655 KELLOGG CO. COMMON 487836108 5,279,708 104,404 102,254 2,150 KEYCORP NEW COMMON 493267108 2,609,217 339,300 336,200 3,100 KIMBERLY CLARK CORP COMMON 494368103 2,068,139 28,115 28,115 KINDER MORGAN EGY PTN COMMON 494550106 4,727,043 55,645 51,495 4,150 KRAFT FOODS INC CL A COMMON 50075N104 988,791 26,467 25,014 1,453 LINCOLN NATL CORP COMMON 534187109 200,997 10,350 10,350 LOWE'S COS INC COMMON 548661107 1,540,566 60,700 54,200 6,500 L-3 COMMUNICATIONS HO COMMON 502424104 1,364,606 20,465 20,115 350 MAGELLAN MIDSTREAM PA COMMON 559080106 460,969 6,692 6,692 MAIRS & POWER GROWTH MUTUAL 560636102 264,996 3,744 3,744 MCDONALD'S CORP COMMON 580135101 8,794,255 87,653 86,853 800 MEDTRONIC INC COMMON 585055106 2,747,806 71,838 71,838 MERCK & COMPANY COMMON 58933Y105 2,335,590 61,952 53,952 8,000 MERITOR SVGS BK PA COMMON 590007100 95,700 22,000 22,000 METLIFE INC PFD A FLT PREFERR 59156R504 2,490,950 113,225 111,125 2,100 MICROSOFT CORP COMMON 594918104 4,252,507 163,810 158,810 5,000 NATIONAL OILWELL VARC COMMON 637071101 275,360 4,050 4,050 NESTLE S A REG ADR COMMON 641069406 220,943 3,826 3,826 NETAPP INC COM COMMON 64110D104 3,402,090 93,799 91,799 2,000 NEXTERA ENERGY INC CO COMMON 65339F101 1,176,810 19,330 19,330 NIKE INC CL B COMMON 654106103 2,280,307 23,662 23,162 500 NOBLE CORPORATION COMMON H5833N103 3,126,616 103,462 103,462 NOBLE ENERGY COMMON 655044105 1,534,309 16,255 16,255 NORFOLK SOUTHERN CORP COMMON 655844108 1,808,822 24,826 23,476 1,350 NOVARTIS AG SPONSORED COMMON 66987V109 7,688,469 134,484 132,484 2,000 OMNICOM GROUP COMMON 681919106 327,217 7,340 7,340 ONEOK INC NEW COM COMMON 682680103 346,760 4,000 4,000 OPPENHEIMER INTL BD F MUTUAL 68380T509 101,377 16,351 16,351 ORACLE SYS CORP COMMON 68389X105 8,729,593 340,335 325,311 15,024 PEPSICO INC COMMON 713448108 10,549,298 158,995 147,995 11,000 PETROLEO BRASILEIRO S COMMON 71654V101 523,827 22,300 20,500 1,800 PFIZER INC COMMON 717081103 5,010,655 231,546 215,006 16,540 PHILIP MORRIS INTL IN COMMON 718172109 3,292,452 41,953 35,902 6,051 PIEDMONT NAT GAS INC COMMON 720186105 526,690 15,500 15,500 PNC FINANCIAL CORP COMMON 693475105 468,107 8,117 8,117 PPG INDUSTRIES INC COMMON 693506107 1,313,047 15,727 15,090 637 PPL CORP COMMON 69351T106 391,463 13,306 13,306 PRAXAIR INC COMMON 74005P104 4,458,906 41,711 40,811 900 PROCTER & GAMBLE CO COMMON 742718109 7,853,368 117,724 109,792 7,932 PROGRESS ENERGY INC C COMMON 743263105 632,858 11,297 10,097 1,200 PROTECTED BUY-WRITE 1 PREFERR 61750V840 148,875 15,000 15,000 QNB CORP COMMON 74726N107 426,668 19,394 19,394 QUALCOMM INC COMMON 747525103 10,204,121 186,547 182,247 4,300 RANGE RES CORP COM COMMON 75281A109 1,947,517 31,442 31,442 RAYMOND JAMES FINANCI COMMON 754730109 2,177,262 70,325 68,925 1,400 RAYONIER INC COM COMMON 754907103 261,086 5,850 5,850 RIVERBED TECHNOLOGY I COMMON 768573107 958,495 40,787 40,787 ROYAL DUTCH SHELL PLC COMMON 780259206 1,174,922 16,075 14,875 1,200 SCHLUMBERGER LTD COMMON 806857108 8,228,896 120,464 116,664 3,800 SIMON PPTY GROUP INC COMMON 828806109 296,562 2,300 2,300 SPECTRA ENERGY CORP COMMON 847560109 4,830,125 157,077 151,329 5,748 STATE STREET CORP COMMON 857477103 7,259,307 180,087 171,687 8,400 SYSCO CORP COMMON 871829107 528,527 18,020 18,020 T ROWE PRICE GROUP IN COMMON 74144T108 4,179,561 73,390 71,390 2,000 TARGET CORP COMMON 87612E106 215,124 4,200 2,600 1,600 TELEFONICA S A ADR COMMON 879382208 247,605 14,404 4,795 9,609 TEVA PHARMACEUTICAL COMMON 881624209 7,510,513 186,088 179,488 6,600 TEXAS INSTRUMENTS INC COMMON 882508104 770,192 26,458 26,458 THERMO FISHER SCIENTI COMMON 883556102 933,307 20,754 20,754 TRACTOR SUPPLY CO COMMON 892356106 310,414 4,425 4,425 TRANSOCEAN LTD COMMON H8817H100 265,275 6,910 5,910 1,000 UNILEVER N V COMMON 904784709 383,157 11,148 10,477 671 UNILEVER PLC SPON ADR COMMON 904767704 7,454,882 222,401 215,251 7,150 UNION PACIFIC CORP COMMON 907818108 755,988 7,136 4,048 3,088 UNITED TECHNOLOGIES C COMMON 913017109 6,795,489 92,974 87,974 5,000 UNIVEST CORP PA COMMON 915271100 381,445 26,055 26,055 US BANCORP DEL PFD B COMMON 902973155 202,590 9,261 9,261 VANGUARD INDEX FDS LA MUTUAL 922908637 638,895 11,150 11,150 VANGUARD INDEX FDS SM MUTUAL 922908751 526,566 7,558 7,558 VANGUARD INDEX TR MID MUTUAL 922908629 869,395 12,085 12,085 VANGUARD SHORT-TERM T MUTUAL 922907100 251,062 15,770 15,770 VERIZON COMMUNICATION COMMON 92343V104 2,081,948 51,893 48,196 3,697 VISA INC COM CL A COMMON 92826C839 11,405,204 112,333 108,133 4,200 VODAFONE GROUP PLC NE COMMON 92857W209 334,454 11,932 11,932 WAL MART STORES INC COMMON 931142103 579,971 9,705 9,705 WELLS FARGO & CO NEW COMMON 949746101 1,010,653 36,671 24,171 12,500 WHIRLPOOL CORP COMMON 963320106 2,161,822 45,560 43,560 2,000 WILLIS GROUP HOLDINGS COMMON G96666105 3,920,197 101,036 98,936 2,100 XILINX INC COM COMMON 983919101 208,390 6,500 6,500 YUM BRANDS INC COMMON 988498101 2,525,923 42,805 38,925 3,880