# EDGAR Filing Document

**Accession Number:** 0001278249
**File Stem:** 0001278249-25-000005
**Filing Date:** 2025-8
**Character Count:** 22238
**Document Hash:** b1225bc62b07ecdcbe9dea23e4f9c4dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001278249-25-000005.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001278249-25-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOWER BRIDGE ADVISORS
- **CENTRAL INDEX KEY:** 0001278249

**ORGANIZATION NAME:**
- **EIN:** 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:** 251200753

**BUSINESS ADDRESS:**
- **STREET 1:** 101 WEST ELM STREET
- **STREET 2:** SUITE 355
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 6102602200

**MAIL ADDRESS:**
- **STREET 1:** 101 WEST ELM STREET
- **STREET 2:** STE 355
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** TOWER BRIDGE ADVISORS<br>**Address:** 101 WEST ELM STREET<br>STE 355<br>CONSHOHOCKEN, PA 19428

**Form 13F File Number:** 028-10708

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 form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jeffrey Kachel<br>**Title:** CFO Principal CTO<br>**Phone:** 610-260-2205

**Signature, Place, and Date of Signing:**

Jeffrey Kachel  W. Conshohocken, PA  08-11-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 191

**Form 13F Information Table Value Total:** $930239156

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO. | COMMON | 88579Y101 |  | 326250 | 2143 | SH |  | SOLE |  | 2143 | 0 | 0 |
| A T  T INC (NEW) | COMMON | 00206R102 |  | 616596 | 21306 | SH |  | SOLE |  | 21306 | 0 | 0 |
| ABBOTT LABS | COMMON | 002824100 |  | 6333714 | 46568 | SH |  | SOLE |  | 46568 | 0 | 0 |
| ABBVIE INC | COMMON | 00287Y109 |  | 7446703 | 40118 | SH |  | SOLE |  | 40118 | 0 | 0 |
| ACCENTURE PLC | COMMON | G1151C101 |  | 18438524 | 61690 | SH |  | SOLE |  | 61690 | 0 | 0 |
| ADOBE SYS INC | COMMON | 00724F101 |  | 4538876 | 11732 | SH |  | SOLE |  | 11732 | 0 | 0 |
| AFLAC INC | COMMON | 001055102 |  | 1714252 | 16255 | SH |  | SOLE |  | 16255 | 0 | 0 |
| AGNICO EAGLE MINES LT | COMMON | 008474108 |  | 297325 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| AIR PRODS  CHEMS INC | COMMON | 009158106 |  | 4016252 | 14239 | SH |  | SOLE |  | 14239 | 0 | 0 |
| ALAMOS GOLD INC NEW C | COMMON | 011532108 |  | 265600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALLSTATE CORP | COMMON | 020002101 |  | 1258791 | 6253 | SH |  | SOLE |  | 6253 | 0 | 0 |
| ALPHABET CLASS A | COMMON | 02079K305 |  | 10335008 | 58645 | SH |  | SOLE |  | 58645 | 0 | 0 |
| ALPHABET CLASS C | COMMON | 02079K107 |  | 34719744 | 195725 | SH |  | SOLE |  | 195725 | 0 | 0 |
| ALTRIA GROUP INC | COMMON | 02209S103 |  | 553115 | 9434 | SH |  | SOLE |  | 9434 | 0 | 0 |
| AMAZON COM INC | COMMON | 023135106 |  | 10833917 | 49382 | SH |  | SOLE |  | 49382 | 0 | 0 |
| AMENTUM HOLDINGS INC | COMMON | 023939101 |  | 851329 | 36058 | SH |  | SOLE |  | 36058 | 0 | 0 |
| AMERICAN BALANCED FD | MUTUAL | 024071102 |  | 307800 | 8389 | SH |  | SOLE |  | 8389 | 0 | 0 |
| AMERICAN ELECTRIC POW | COMMON | 025537101 |  | 516206 | 4975 | SH |  | SOLE |  | 4975 | 0 | 0 |
| AMERICAN EXPRESS CO. | COMMON | 025816109 |  | 5329837 | 16709 | SH |  | SOLE |  | 16709 | 0 | 0 |
| AMERICAN FUNDS WASHIN | MUTUAL | 939330825 |  | 316368 | 4960 | SH |  | SOLE |  | 4960 | 0 | 0 |
| AMERIPRISE FINL INC | COMMON | 03076C106 |  | 3975755 | 7449 | SH |  | SOLE |  | 7449 | 0 | 0 |
| AMGEN INC | COMMON | 031162100 |  | 4127841 | 14784 | SH |  | SOLE |  | 14784 | 0 | 0 |
| AMPHENOL CORP CL A | COMMON | 032095101 |  | 970219 | 9825 | SH |  | SOLE |  | 9825 | 0 | 0 |
| ANALOG DEVICES INC | COMMON | 032654105 |  | 4882742 | 20514 | SH |  | SOLE |  | 20514 | 0 | 0 |
| AON PLC SHS CL A | COMMON | G0403H108 |  | 14488024 | 40610 | SH |  | SOLE |  | 40610 | 0 | 0 |
| APPLE INC | COMMON | 037833100 |  | 45702397 | 222754 | SH |  | SOLE |  | 222754 | 0 | 0 |
| APPLIED MATLS INC | COMMON | 038222105 |  | 781343 | 4268 | SH |  | SOLE |  | 4268 | 0 | 0 |
| ASML HOLDING N V N Y | COMMON | N07059210 |  | 282089 | 352 | SH |  | SOLE |  | 352 | 0 | 0 |
| AUTOMATIC DATA PROCES | COMMON | 053015103 |  | 1728274 | 5604 | SH |  | SOLE |  | 5604 | 0 | 0 |
| BANK OF AMERICA CORP | COMMON | 060505104 |  | 3478872 | 73518 | SH |  | SOLE |  | 73518 | 0 | 0 |
| BANK OF AMERICA PFD D | PREFERR | 060505625 |  | 1881340 | 94020 | SH |  | SOLE |  | 94020 | 0 | 0 |
| BECTON DICKINSON  CO | COMMON | 075887109 |  | 7679381 | 44583 | SH |  | SOLE |  | 44583 | 0 | 0 |
| BERKSHIRE HATHAWAY IN | COMMON | 084670702 |  | 6619102 | 13626 | SH |  | SOLE |  | 13626 | 0 | 0 |
| BERKSHIRE HATHAWAY IN | COMMON | 084670108 |  | 728800 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| BK OF AMERICA CORP PF | PREFERR | 060505633 |  | 622652 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| BLACKROCK INC COM | COMMON | 09290D101 |  | 955867 | 911 | SH |  | SOLE |  | 911 | 0 | 0 |
| BLACKSTONE GROUP INC | COMMON | 09260D107 |  | 315464 | 2109 | SH |  | SOLE |  | 2109 | 0 | 0 |
| BRISTOL MYERS SQUIBB | COMMON | 110122108 |  | 1591080 | 34372 | SH |  | SOLE |  | 34372 | 0 | 0 |
| BROADCOM INC COM | COMMON | 11135F101 |  | 38577218 | 139950 | SH |  | SOLE |  | 139950 | 0 | 0 |
| BROWN  BROWN INC | COMMON | 115236101 |  | 5065983 | 45693 | SH |  | SOLE |  | 45693 | 0 | 0 |
| CAPITAL WORLD GROWTH | MUTUAL | 140543109 |  | 203934 | 2867 | SH |  | SOLE |  | 2867 | 0 | 0 |
| CARRIER GLOBAL CORPOR | COMMON | 14448C104 |  | 886258 | 12109 | SH |  | SOLE |  | 12109 | 0 | 0 |
| CATERPILLAR INC | COMMON | 149123101 |  | 1552840 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CDN IMPERIAL BK COMM | COMMON | 136069101 |  | 539300 | 7614 | SH |  | SOLE |  | 7614 | 0 | 0 |
| CDW CORP | COMMON | 12514G108 |  | 2856904 | 15997 | SH |  | SOLE |  | 15997 | 0 | 0 |
| CHEVRON CORP | COMMON | 166764100 |  | 8287113 | 57875 | SH |  | SOLE |  | 57875 | 0 | 0 |
| CHUBB LIMITED | COMMON | H1467J104 |  | 502664 | 1735 | SH |  | SOLE |  | 1735 | 0 | 0 |
| CHURCH  DWIGHT CO. | COMMON | 171340102 |  | 345996 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| CIGNA CORP NEW COM | COMMON | 125523100 |  | 901492 | 2727 | SH |  | SOLE |  | 2727 | 0 | 0 |
| CISCO SYSTEMS INC | COMMON | 17275R102 |  | 4013860 | 57853 | SH |  | SOLE |  | 57853 | 0 | 0 |
| CME GROUP INC COM | COMMON | 12572Q105 |  | 7120980 | 25836 | SH |  | SOLE |  | 25836 | 0 | 0 |
| COCA COLA CO. | COMMON | 191216100 |  | 10689250 | 151085 | SH |  | SOLE |  | 151085 | 0 | 0 |
| COLGATE PALMOLIVE CO | COMMON | 194162103 |  | 2125878 | 23387 | SH |  | SOLE |  | 23387 | 0 | 0 |
| COMCAST CORP NEW CL A | COMMON | 20030N101 |  | 537027 | 15047 | SH |  | SOLE |  | 15047 | 0 | 0 |
| CONOCOPHILLIPS | COMMON | 20825C104 |  | 563298 | 6277 | SH |  | SOLE |  | 6277 | 0 | 0 |
| CONSTELLATION BRANDS | COMMON | 21036P108 |  | 1490637 | 9163 | SH |  | SOLE |  | 9163 | 0 | 0 |
| COSTCO WHOLESALE | COMMON | 22160K105 |  | 9609348 | 9707 | SH |  | SOLE |  | 9707 | 0 | 0 |
| CSX CORP | COMMON | 126408103 |  | 2555941 | 78331 | SH |  | SOLE |  | 78331 | 0 | 0 |
| CVS HEALTH CORP. | COMMON | 126650100 |  | 376079 | 5452 | SH |  | SOLE |  | 5452 | 0 | 0 |
| DANAHER CORP | COMMON | 235851102 |  | 9027066 | 45697 | SH |  | SOLE |  | 45697 | 0 | 0 |
| DARDEN RESTAURANTS IN | COMMON | 237194105 |  | 326955 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| DEERE  CO. | COMMON | 244199105 |  | 4144702 | 8151 | SH |  | SOLE |  | 8151 | 0 | 0 |
| DIAGEO PLC | COMMON | 25243Q205 |  | 329776 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| DIAMONDBACK ENERGY IN | COMMON | 25278X109 |  | 1320414 | 9610 | SH |  | SOLE |  | 9610 | 0 | 0 |
| DOVER CORP | COMMON | 260003108 |  | 433705 | 2367 | SH |  | SOLE |  | 2367 | 0 | 0 |
| DUKE ENERGY CORPORATI | COMMON | 26441C204 |  | 1852954 | 15703 | SH |  | SOLE |  | 15703 | 0 | 0 |
| EATON CORP PLC SHS | COMMON | G29183103 |  | 12982298 | 36366 | SH |  | SOLE |  | 36366 | 0 | 0 |
| EMERA INC COM | COMMON | 290876101 |  | 218607 | 4771 | SH |  | SOLE |  | 4771 | 0 | 0 |
| EMERSON ELECTRIC CO | COMMON | 291011104 |  | 915710 | 6868 | SH |  | SOLE |  | 6868 | 0 | 0 |
| ENBRIDGE INC | COMMON | 29250N105 |  | 2777164 | 61279 | SH |  | SOLE |  | 61279 | 0 | 0 |
| ENTERPRISE PRODS PART | COMMON | 293792107 |  | 4261859 | 137435 | SH |  | SOLE |  | 137435 | 0 | 0 |
| EXXON MOBIL | COMMON | 30231G102 |  | 10708415 | 99336 | SH |  | SOLE |  | 99336 | 0 | 0 |
| F M C CORP COM | COMMON | 302491303 |  | 205243 | 4916 | SH |  | SOLE |  | 4916 | 0 | 0 |
| FACTSET RESH SYS | COMMON | 303075105 |  | 201276 | 450 | SH |  | SOLE |  | 450 | 0 | 0 |
| FEDEX CORP | COMMON | 31428X106 |  | 1421142 | 6252 | SH |  | SOLE |  | 6252 | 0 | 0 |
| FIDELITY 500 INDEX FU | MUTUAL | 315911750 |  | 216952 | 1004 | SH |  | SOLE |  | 1004 | 0 | 0 |
| FIDELITY NATIONAL FIN | COMMON | 31620R303 |  | 452628 | 8074 | SH |  | SOLE |  | 8074 | 0 | 0 |
| FRANKLIN CUSTODIAN FD | MUTUAL | 353496631 |  | 237058 | 98774 | SH |  | SOLE |  | 98774 | 0 | 0 |
| FRANKLIN MANAGED TR R | MUTUAL | 353825805 |  | 275020 | 2925 | SH |  | SOLE |  | 2925 | 0 | 0 |
| FS KKR CAPITAL CORP C | COMMON | 302635206 |  | 230823 | 11124 | SH |  | SOLE |  | 11124 | 0 | 0 |
| GE AEROSPACE | COMMON | 369604301 |  | 712456 | 2768 | SH |  | SOLE |  | 2768 | 0 | 0 |
| GE VERNOVA INC | COMMON | 36828A101 |  | 369876 | 699 | SH |  | SOLE |  | 699 | 0 | 0 |
| GLOBE LIFE INC | COMMON | 37959E102 |  | 372870 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| GOLDMAN SACHS GROUP I | COMMON | 38141G104 |  | 866994 | 1225 | SH |  | SOLE |  | 1225 | 0 | 0 |
| GOLDMAN SACHS GROUP I | PREFERR | 38144G804 |  | 494888 | 23850 | SH |  | SOLE |  | 23850 | 0 | 0 |
| GOLDMAN SACHS GROUP I | PREFERR | 38143Y665 |  | 3904676 | 184531 | SH |  | SOLE |  | 184531 | 0 | 0 |
| HERSHEY FOODS CORP | COMMON | 427866108 |  | 448065 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| HOME DEPOT INC | COMMON | 437076102 |  | 7689541 | 20973 | SH |  | SOLE |  | 20973 | 0 | 0 |
| HONEYWELL INTL INC | COMMON | 438516106 |  | 7055565 | 30297 | SH |  | SOLE |  | 30297 | 0 | 0 |
| ILLINOIS TOOL WORKS I | COMMON | 452308109 |  | 621587 | 2514 | SH |  | SOLE |  | 2514 | 0 | 0 |
| INTERCONTINENTAL EXCH | COMMON | 45866F104 |  | 7968102 | 43430 | SH |  | SOLE |  | 43430 | 0 | 0 |
| INTERNATIONAL PAPER C | COMMON | 460146103 |  | 272785 | 5825 | SH |  | SOLE |  | 5825 | 0 | 0 |
| INT'L BUSINESS MACHIN | COMMON | 459200101 |  | 3597200 | 12203 | SH |  | SOLE |  | 12203 | 0 | 0 |
| IQVIA HOLDINGS INC | COMMON | 46266C105 |  | 10790660 | 68473 | SH |  | SOLE |  | 68473 | 0 | 0 |
| J P MORGAN CHASE  CO | COMMON | 46625H100 |  | 36766700 | 126821 | SH |  | SOLE |  | 126821 | 0 | 0 |
| JACOBS SOLUTIONS INC | COMMON | 46982L108 |  | 16054251 | 122132 | SH |  | SOLE |  | 122132 | 0 | 0 |
| JOHNSON  JOHNSON | COMMON | 478160104 |  | 14110055 | 92374 | SH |  | SOLE |  | 92374 | 0 | 0 |
| KIMBERLY CLARK CORP | COMMON | 494368103 |  | 561447 | 4355 | SH |  | SOLE |  | 4355 | 0 | 0 |
| L3 HARRIS TECHNOLOGIE | COMMON | 502431109 |  | 5438964 | 21683 | SH |  | SOLE |  | 21683 | 0 | 0 |
| LAM RESEARCH CORP | COMMON | 512807306 |  | 13486554 | 138551 | SH |  | SOLE |  | 138551 | 0 | 0 |
| LEIDOS HLDGS INC | COMMON | 525327102 |  | 2861293 | 18137 | SH |  | SOLE |  | 18137 | 0 | 0 |
| LENNAR CORP | COMMON | 526057104 |  | 6548320 | 59202 | SH |  | SOLE |  | 59202 | 0 | 0 |
| LILLY ELI AND CO | COMMON | 532457108 |  | 5317174 | 6821 | SH |  | SOLE |  | 6821 | 0 | 0 |
| LINDE PLC SHS | COMMON | G54950103 |  | 948213 | 2021 | SH |  | SOLE |  | 2021 | 0 | 0 |
| LOCKHEED MARTIN CORP | COMMON | 539830109 |  | 3181309 | 6869 | SH |  | SOLE |  | 6869 | 0 | 0 |
| LOWE'S COS INC | COMMON | 548661107 |  | 10376421 | 46768 | SH |  | SOLE |  | 46768 | 0 | 0 |
| MARATHON PETE CORP | COMMON | 56585A102 |  | 960116 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| MARSH  MCLENNAN COS | COMMON | 571748102 |  | 464173 | 2123 | SH |  | SOLE |  | 2123 | 0 | 0 |
| MCCORMICK  CO INC | COMMON | 579780206 |  | 838645 | 11061 | SH |  | SOLE |  | 11061 | 0 | 0 |
| MCCORMICK  CO INC CO | COMMON | 579780107 |  | 302038 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| MCDONALD'S CORP | COMMON | 580135101 |  | 19592341 | 67058 | SH |  | SOLE |  | 67058 | 0 | 0 |
| MEDTRONIC PLC | COMMON | G5960L103 |  | 3572924 | 40988 | SH |  | SOLE |  | 40988 | 0 | 0 |
| MERCK  COMPANY | COMMON | 58933Y105 |  | 3110434 | 39293 | SH |  | SOLE |  | 39293 | 0 | 0 |
| META PLATFORMS INC | COMMON | 30303M102 |  | 14403088 | 19514 | SH |  | SOLE |  | 19514 | 0 | 0 |
| METLIFE INC 4.0 percent PFD | PREFERR | 59156R504 |  | 2436867 | 105128 | SH |  | SOLE |  | 105128 | 0 | 0 |
| MICROSOFT CORP | COMMON | 594918104 |  | 76000197 | 152792 | SH |  | SOLE |  | 152792 | 0 | 0 |
| MILLROSE PROPERTIES I | COMMON | 601137102 |  | 687633 | 24119 | SH |  | SOLE |  | 24119 | 0 | 0 |
| MONDELEZ INTL INC | COMMON | 609207105 |  | 4370247 | 64802 | SH |  | SOLE |  | 64802 | 0 | 0 |
| MOODYS CORP | COMMON | 615369105 |  | 8608182 | 17162 | SH |  | SOLE |  | 17162 | 0 | 0 |
| MORGAN STANLEY PFD A | PREFERR | 61747S504 |  | 784837 | 36795 | SH |  | SOLE |  | 36795 | 0 | 0 |
| NETFLIX COM INC | COMMON | 64110L106 |  | 1726139 | 1289 | SH |  | SOLE |  | 1289 | 0 | 0 |
| NEXTERA ENERGY INC | COMMON | 65339F101 |  | 6719092 | 96789 | SH |  | SOLE |  | 96789 | 0 | 0 |
| NISOURCE INC | COMMON | 65473P105 |  | 843106 | 20900 | SH |  | SOLE |  | 20900 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COMMON | 655844108 |  | 2135046 | 8341 | SH |  | SOLE |  | 8341 | 0 | 0 |
| NOVARTIS ADR | COMMON | 66987V109 |  | 8996367 | 74344 | SH |  | SOLE |  | 74344 | 0 | 0 |
| NVIDIA CORP | COMMON | 67066G104 |  | 7462658 | 47235 | SH |  | SOLE |  | 47235 | 0 | 0 |
| NXP SEMICONDUCTORS N | COMMON | N6596X109 |  | 920935 | 4215 | SH |  | SOLE |  | 4215 | 0 | 0 |
| ONEOK INC NEW | COMMON | 682680103 |  | 7401882 | 90676 | SH |  | SOLE |  | 90676 | 0 | 0 |
| ORACLE SYS CORP | COMMON | 68389X105 |  | 38409069 | 175681 | SH |  | SOLE |  | 175681 | 0 | 0 |
| OTIS WORLDWIDE CORP C | COMMON | 68902V107 |  | 331321 | 3346 | SH |  | SOLE |  | 3346 | 0 | 0 |
| PARKER HANNIFIN CORP | COMMON | 701094104 |  | 6685056 | 9571 | SH |  | SOLE |  | 9571 | 0 | 0 |
| PEPSICO INC | COMMON | 713448108 |  | 12085584 | 91530 | SH |  | SOLE |  | 91530 | 0 | 0 |
| PFIZER INC | COMMON | 717081103 |  | 1379571 | 56913 | SH |  | SOLE |  | 56913 | 0 | 0 |
| PHILLIPS 66 | COMMON | 718546104 |  | 1222706 | 10249 | SH |  | SOLE |  | 10249 | 0 | 0 |
| PNC FINANCIAL CORP | COMMON | 693475105 |  | 2761433 | 14813 | SH |  | SOLE |  | 14813 | 0 | 0 |
| PPG INDUSTRIES INC | COMMON | 693506107 |  | 500500 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| PPL CORP | COMMON | 69351T106 |  | 246177 | 7264 | SH |  | SOLE |  | 7264 | 0 | 0 |
| PROCTER  GAMBLE CO | COMMON | 742718109 |  | 12901107 | 80976 | SH |  | SOLE |  | 80976 | 0 | 0 |
| PROLOGIS INC COM | COMMON | 74340W103 |  | 576583 | 5485 | SH |  | SOLE |  | 5485 | 0 | 0 |
| PRUDENTIAL FINL INC | COMMON | 744320102 |  | 821932 | 7650 | SH |  | SOLE |  | 7650 | 0 | 0 |
| QUALCOMM INC | COMMON | 747525103 |  | 2476812 | 15552 | SH |  | SOLE |  | 15552 | 0 | 0 |
| RAYMOND JAMES FINANCI | COMMON | 754730109 |  | 1488302 | 9704 | SH |  | SOLE |  | 9704 | 0 | 0 |
| REGIONS FINANCIAL COR | COMMON | 7591EP100 |  | 207188 | 8809 | SH |  | SOLE |  | 8809 | 0 | 0 |
| ROCHE HLDG LTD ADR | COMMON | 771195104 |  | 2503494 | 61696 | SH |  | SOLE |  | 61696 | 0 | 0 |
| ROPER INDS INC NEW CO | COMMON | 776696106 |  | 617856 | 1090 | SH |  | SOLE |  | 1090 | 0 | 0 |
| RTX CORPORATION | COMMON | 75513E101 |  | 15570815 | 106635 | SH |  | SOLE |  | 106635 | 0 | 0 |
| S GLOBAL INC COM | COMMON | 78409V104 |  | 4563079 | 8654 | SH |  | SOLE |  | 8654 | 0 | 0 |
| SANDOZ GROUP AG SPONS | COMMON | 799926100 |  | 242301 | 4442 | SH |  | SOLE |  | 4442 | 0 | 0 |
| SCHWAB CHARLES CORP | COMMON | 808513105 |  | 11316315 | 124028 | SH |  | SOLE |  | 124028 | 0 | 0 |
| SCHWAB S 500 INDEX | MUTUAL | 808509855 |  | 347194 | 3622 | SH |  | SOLE |  | 3622 | 0 | 0 |
| SIMON PPTY GROUP INC | COMMON | 828806109 |  | 2001462 | 12450 | SH |  | SOLE |  | 12450 | 0 | 0 |
| SOUTHERN CO | COMMON | 842587107 |  | 1078452 | 11744 | SH |  | SOLE |  | 11744 | 0 | 0 |
| SPROTT PHYSICAL GOLD | COMMON | 85207H104 |  | 253500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| STARBUCKS CORP | COMMON | 855244109 |  | 490679 | 5355 | SH |  | SOLE |  | 5355 | 0 | 0 |
| STATE STREET CORP | COMMON | 857477103 |  | 233948 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| T MOBILE US INC | COMMON | 872590104 |  | 12717128 | 53375 | SH |  | SOLE |  | 53375 | 0 | 0 |
| TEXAS INSTRUMENTS INC | COMMON | 882508104 |  | 561404 | 2704 | SH |  | SOLE |  | 2704 | 0 | 0 |
| TEXAS PACIFIC LAND CO | COMMON | 88262P102 |  | 4507616 | 4267 | SH |  | SOLE |  | 4267 | 0 | 0 |
| THERMO FISHER SCIENTI | COMMON | 883556102 |  | 10754560 | 26524 | SH |  | SOLE |  | 26524 | 0 | 0 |
| TOLL BROTHERS INC | COMMON | 889478103 |  | 9032476 | 79142 | SH |  | SOLE |  | 79142 | 0 | 0 |
| TORONTO DOMINION BK O | COMMON | 891160509 |  | 372024 | 5065 | SH |  | SOLE |  | 5065 | 0 | 0 |
| TRACTOR SUPPLY CO | COMMON | 892356106 |  | 217676 | 4125 | SH |  | SOLE |  | 4125 | 0 | 0 |
| TRANE TECHNOLOGIES PL | COMMON | G8994E103 |  | 1818751 | 4158 | SH |  | SOLE |  | 4158 | 0 | 0 |
| TRAVELERS COMPANIES I | COMMON | 89417E109 |  | 3521629 | 13163 | SH |  | SOLE |  | 13163 | 0 | 0 |
| TRUIST FINANCIAL CORP | COMMON | 89832Q109 |  | 498254 | 11590 | SH |  | SOLE |  | 11590 | 0 | 0 |
| UBER TECHNOLOGIES INC | COMMON | 90353T100 |  | 419850 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| UNILEVER PLC ADR | COMMON | 904767704 |  | 1057935 | 17295 | SH |  | SOLE |  | 17295 | 0 | 0 |
| UNION PACIFIC CORP | COMMON | 907818108 |  | 4898863 | 21292 | SH |  | SOLE |  | 21292 | 0 | 0 |
| UNITED PARCEL SVC INC | COMMON | 911312106 |  | 3316989 | 32861 | SH |  | SOLE |  | 32861 | 0 | 0 |
| UNITEDHEALTH GROUP IN | COMMON | 91324P102 |  | 7315023 | 23448 | SH |  | SOLE |  | 23448 | 0 | 0 |
| US BANCORP DEL 5.56 percent | PREFERR | 902973155 |  | 2824834 | 140679 | SH |  | SOLE |  | 140679 | 0 | 0 |
| VANGUARD BD INDEX FDS | MUTUAL | 921937736 |  | 206857 | 4956 | SH |  | SOLE |  | 4956 | 0 | 0 |
| VANGUARD BD INDEX FDS | MUTUAL | 921937686 |  | 231364 | 2761 | SH |  | SOLE |  | 2761 | 0 | 0 |
| VANGUARD CHARLOTTE FD | MUTUAL | 92203J308 |  | 212972 | 10789 | SH |  | SOLE |  | 10789 | 0 | 0 |
| VANGUARD INT-TERM INV | MUTUAL | 922031810 |  | 154920 | 17585 | SH |  | SOLE |  | 17585 | 0 | 0 |
| VANGUARD MUN BD FD IN | MUTUAL | 922907860 |  | 209891 | 19990 | SH |  | SOLE |  | 19990 | 0 | 0 |
| VANGUARD PA TAX FREE | MUTUAL | 92204L302 |  | 175552 | 16815 | SH |  | SOLE |  | 16815 | 0 | 0 |
| VANGUARD US GROWTH FU | MUTUAL | 921910600 |  | 290577 | 1448 | SH |  | SOLE |  | 1448 | 0 | 0 |
| VANGUARD/WELLINGTON F | MUTUAL | 921935201 |  | 551580 | 7067 | SH |  | SOLE |  | 7067 | 0 | 0 |
| VERALTO CORP | COMMON | 92338C103 |  | 594818 | 5892 | SH |  | SOLE |  | 5892 | 0 | 0 |
| VERIZON COMMUNICATION | COMMON | 92343V104 |  | 884482 | 20441 | SH |  | SOLE |  | 20441 | 0 | 0 |
| VICTORY PORTFOLIOS II | MUTUAL | 903287407 |  | 558508 | 19735 | SH |  | SOLE |  | 19735 | 0 | 0 |
| VISA INC | COMMON | 92826C839 |  | 22206602 | 62545 | SH |  | SOLE |  | 62545 | 0 | 0 |
| VULCAN MATLS CO COM | COMMON | 929160109 |  | 1287408 | 4936 | SH |  | SOLE |  | 4936 | 0 | 0 |
| WAL MART STORES INC | COMMON | 931142103 |  | 6250587 | 63925 | SH |  | SOLE |  | 63925 | 0 | 0 |
| WALT DISNEY COMPANY | COMMON | 254687106 |  | 1085460 | 8753 | SH |  | SOLE |  | 8753 | 0 | 0 |
| WASTE MGMT INC DEL | COMMON | 94106L109 |  | 4791491 | 20940 | SH |  | SOLE |  | 20940 | 0 | 0 |
| WATSCO INC | COMMON | 942622200 |  | 7086351 | 16046 | SH |  | SOLE |  | 16046 | 0 | 0 |
| WELLS FARGO  CO | COMMON | 949746101 |  | 3114730 | 38876 | SH |  | SOLE |  | 38876 | 0 | 0 |
| WELLTOWER INC | COMMON | 95040Q104 |  | 680255 | 4425 | SH |  | SOLE |  | 4425 | 0 | 0 |
| ZETA GLOBAL HOLDINGS | COMMON | 98956A105 |  | 195174 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |

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