<SEC-DOCUMENT>0000909012-12-000415.txt : 20121025
<SEC-HEADER>0000909012-12-000415.hdr.sgml : 20121025
<ACCEPTANCE-DATETIME>20121025105919
ACCESSION NUMBER:		0000909012-12-000415
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121025
DATE AS OF CHANGE:		20121025
EFFECTIVENESS DATE:		20121025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American Research & Management Co.
		CENTRAL INDEX KEY:			0001506796
		IRS NUMBER:				132689952
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14133
		FILM NUMBER:		121160551

	BUSINESS ADDRESS:	
		STREET 1:		145 FRONT STREET
		CITY:			MARION
		STATE:			MA
		ZIP:			02738
		BUSINESS PHONE:		508-748-1665

	MAIL ADDRESS:	
		STREET 1:		145 FRONT STREET
		CITY:			MARION
		STATE:			MA
		ZIP:			02738
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>t306906.txt
<DESCRIPTION>ARM
<TEXT>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 13F-HR

                              FORM 13F COVER PAGE


Report for the Calendar Year of Quarter Ended: September 30, 2012

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:        AMERICAN RESEARCH & MANAGEMENT CO.
Address:     145 FRONT STREET, PO BOX 576
             MARION, MA 02738


Form 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 form.

Person Signing this Report on Behalf of Reporting Manager:

Name:        ERIC H. STRAND
Title:       PRESIDENT
Phone:       508 748 1665
Signature, Place, and Date of Signing:

/S/  ERIC H. STRAND                     MARION, MA
-------------------                    -------------
     [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 reported are 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).)







<PAGE>
                                       FORM 13F-HR SUMMARY PAGE




Report Summary:

Number of Other Included Managers:

Form 13F Information Table Entry Total:             352

Form 13F Information Table Value Total:           $197,812
                                                 (thousands)




List of Other Included Managers:       Eric H. Strand
                                       Andrew F. McIntire





<PAGE>








<TABLE>
<CAPTION>
                                                    MARKET
                                   TITLE            VALUE      SHARE/
                                   OF               (USD)       PRN     SHARE/ PUT/   INVESTMENT   OTHER     VOTING AUTHORITY
NAME OF ISSUER                     CLASS CUSIP      (X 1000)   AMOUNT    PRN    CALL  DISCRETION  MANAGERS  SOLE  SHARED  NONE
-------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>   <C>        <C>      <C>       <C>          <C>           <C>       <C>             <C>
3d Systems Corp                     com  88554D205       3      100       Sh            sole      01 02         100
3M Company                          com  88579Y101      97     1045       Sh            sole      01 02        1045
A G L Resources Inc                 com  001204106      16      400       Sh            sole      01 02         400
Abb, Ltd  ADR                       adr  000375204      41     2200       Sh            sole      01 02        2200
Abbott Laboratories                 com  002824100     265     3870       Sh            sole      01 02        3870
Accenture Ltd Cl A                  com  G1150G111      39      558       Sh            sole      01 02         558
Acco Brands Corp                    com  00081T108      27     4228       Sh            sole      01 02        4228
Accuray Inc                         com  004397105       4      500       Sh            sole      01 02         500
Adobe Systems                       com  00724F101     711    21920       Sh            sole      01 02       21720           200
Adt Corp                            com  00101J106      13      362       Sh            sole      01 02         362
AerCap Holdings N.V.                com  N00985106      13     1000       Sh            sole      01 02        1000
Air Prod & Chemicals Inc            com  009158106       4       50       Sh            sole      01 02          50
Alcatel Lucent ADR                  adr  013904305       1      638       Sh            sole      01 02         638
Alcoa                               com  013817101       3      300       Sh            sole      01 02         300
Alliance Res Partners LP            lp   01877R108      72     1200       Sh            sole      01 02        1200
Allstate Corporation                com  020002101      20      500       Sh            sole      01 02         500
Altria Group Inc                    com  02209S103    3335    99869       Sh            sole      01 02       97769          2100
American Ecology Cp New             com  025533407      13      600       Sh            sole      01 02         600
American Electric Power Co Inc      com  025537101       5      120       Sh            sole      01 02         120
Amerigas Partners Lp                lp   030975106      13      300       Sh            sole      01 02         300
Amgen                               com  031162100     663     7860       Sh            sole      01 02        7860
Analog Devices                      com  032654105    6111   155985       Sh            sole      01 02      154485          1500
Andersons Inc                       com  034164103      11      300       Sh            sole      01 02         300
Anglo American PLC  ADR             adr  669947889       8      546       Sh            sole      01 02         546
Annaly Capital Management Inc       com  035710409      89     5282       Sh            sole      01 02        5282
Apache Corp                         com  037411105      38      440       Sh            sole      01 02         440
Apple Computer Inc                  com  037833100     193      289       Sh            sole      01 02         289
Apt Invt & Mgmt A                   com  03748R101      13      500       Sh            sole      01 02         500
Archer Daniels Midland Company      com  039483102      23      830       Sh            sole      01 02         830
AT&T Inc.                           com  00206R102    1247    33090       Sh            sole      01 02       33090
Australia & New Zealand Bkg Gr      com  052528304      13      500       Sh            sole      01 02         500
Automatic Data Processing           com  053015103    2183    37216       Sh            sole      01 02       35216          2000
Avalonbay Cmntys Inc                com  053484101     145     1068       Sh            sole      01 02        1068
Ball Corporation                    com  058498106      68     1600       Sh            sole      01 02        1600
Bank of America Corp                com  060505104     230    26013       Sh            sole      01 02       26013
Bank of New York Mellon Corp        com  064058100     442    19556       Sh            sole      01 02       19556
Barclays 1-3 year Credit Bd ET      com  464288646    1182    11177       Sh            sole      01 02       11177
Barclays High Yield Bond ETF-S      com  78464A417       6      148       Sh            sole      01 02         148
Beam Inc                            com  073730103    1878    32641       Sh            sole      01 02       31641          1000
Becton Dickinson Co                 com  075887109      91     1157       Sh            sole      01 02        1157
Bemis                               com  081437105      19      600       Sh            sole      01 02           0           600
Berkshire Hathaway Cl B             com  084670702    1442    16345       Sh            sole      01 02       16345
BHP Billiton LTD ADR                adr  088606108     240     3500       Sh            sole      01 02        3500
Biogen Idec Inc                     com  09062X103      45      300       Sh            sole      01 02         300
Boardwalk Pipeline Ptnrs LP         lp   096627104     227     8125       Sh            sole      01 02        7325           800
Boston Scientific Corp              com  101137107      16     2839       Sh            sole      01 02        2839
Boswell J G Co                      com  101205102    3420     3864       Sh            sole      01 02        3264           600
BP PLC  ADR                         adr  055622104     553    13061       Sh            sole      01 02       13061
Bristol-Myers Squibb                com  110122108     138     4098       Sh            sole      01 02        4098
Broadridge Financial Solutions      com  11133T103       1       39       Sh            sole      01 02          39
C H Robinson Worldwide              com  12541W209      24      410       Sh            sole      01 02         410
Cambridge Bancorp                   com  132152103     270     7608       Sh            sole      01 02           0          7608
Canada Bond Index ETF-Pimco         com  72201R759      16      150       Sh            sole      01 02         150
Canadian Dollar ETF-CurrencySh      com  23129X105      15      150       Sh            sole      01 02         150
Canadian Imperial Bank of Comm      com  136069101     174     2220       Sh            sole      01 02        2220
Canadian National Railroad          com  136375102      13      145       Sh            sole      01 02         145
Canadian Oil Sands New              com  13642L100       9      400       Sh            sole      01 02         400
Canadian Pacific Railway Ltd        com  13645T100     223     2688       Sh            sole      01 02        2688
Canadian Western Bank               com  13677F101     183     6050       Sh            sole      01 02        6050
Capella Education Co                com  139594105      35     1000       Sh            sole      01 02        1000
Carmax Inc                          com  143130102      37     1300       Sh            sole      01 02        1300
Caterpillar                         com  149123101      40      460       Sh            sole      01 02         460
Cenovus Energy Inc                  com  15135U109    5152   147825       Sh            sole      01 02      145675          2150
Centurylink Inc                     com  156700106       4      104       Sh            sole      01 02         104
Chesapeake Energy Corp              com  165167107      17      900       Sh            sole      01 02         900
ChevronTexaco                       com  166764100    4104    35208       Sh            sole      01 02       34708           500
Chicago Mercantile Exchange         com  167760107     363     6335       Sh            sole      01 02        6335
Childrens Place Retail              com  168905107       3       45       Sh            sole      01 02          45
Chipotle Mexican Grill              com  169656105       5       15       Sh            sole      01 02          15
Church & Dwight                     com  171340102    4918    91097       Sh            sole      01 02       89897          1200
Cisco Systems                       com  17275R102     268    14015       Sh            sole      01 02       13015          1000
Citigroup                           com  172967101       1       40       Sh            sole      01 02          40
Cleantech ETF-PowerShares           com  73935X278       3      125       Sh            sole      01 02         125
Clearwire Corp Cl A                 com  18538Q105       4     3000       Sh            sole      01 02        3000
Cliffs Natural Res Inc              com  18683K101       8      200       Sh            sole      01 02         200
Coach Inc                           com  189754104     356     6360       Sh            sole      01 02        6360
Coca Cola Company                   com  191216100    1458    38436       Sh            sole      01 02       38436
Cohen & Steers Reit                 com  19247X100      16      900       Sh            sole      01 02         900
Colgate-Palmolive Co                com  194162103      37      345       Sh            sole      01 02         345
Comcast Corp Class A                com  20030N101      46     1273       Sh            sole      01 02        1273
Comerica Incorporated               com  200340107      23      750       Sh            sole      01 02         750
Compania De Minas ADR               adr  204448104       4      100       Sh            sole      01 02         100
Conocophillips                      com  20825C104     242     4235       Sh            sole      01 02        4235
Costar Grp Inc                      com  22160N109       1       11       Sh            sole      01 02          11
Costco Whsl Corp New                com  22160K105      10      100       Sh            sole      01 02         100
Covidien LTD                        com  G2552X108      43      725       Sh            sole      01 02         725
Cree Inc                            com  225447101      94     3700       Sh            sole      01 02        3700
CVS  Corp Del                       com  126650100      16      325       Sh            sole      01 02         325
D T E Energy Company                com  233331107       6      100       Sh            sole      01 02         100
Deere & Co                          com  244199105     854    10350       Sh            sole      01 02       10350
Devon Energy Corp New               com  25179M103       9      150       Sh            sole      01 02         150
Diageo Plc New Adr                  adr  25243Q205       2       15       Sh            sole      01 02          15
Dividend Ex Financials ETF-Wis      com  97717W406      14      252       Sh            sole      01 02         252
DJ-AIG Commodity Index ETN          com  06738C778     203     4585       Sh            sole      01 02        4585
Dominion Res Inc VA New             com  25746U109      29      548       Sh            sole      01 02         548
Dover                               com  260003108    5645    94897       Sh            sole      01 02       92697          2200
Du Pont E I De Nemour               com  263534109    1823    36260       Sh            sole      01 02       35260          1000
Duke Energy New                     com  26441C105      99     1527       Sh            sole      01 02        1527
Dunkin Brands Group Inc             com  265504100       6      200       Sh            sole      01 02         200
Dynamic Oil & Gas Services ETF      com  73935X625       1       50       Sh            sole      01 02          50
Dynex Capital Inc New               com  26817Q506      11     1000       Sh            sole      01 02        1000
Eastman Chemical Co                 com  277432100      17      300       Sh            sole      01 02         300
Ecolab                              com  278865100      32      500       Sh            sole      01 02           0           500
Electronic Arts Inc                 com  285512109       2      130       Sh            sole      01 02         130
Eli Lilly & Company                 com  532457108      69     1450       Sh            sole      01 02        1300           150
EMC Corp                            com  268648102    2688    98565       Sh            sole      01 02       98265           300
Emer Mkts Lcl Curr Bd ETF-Mark      com  57060U522    1768    66650       Sh            sole      01 02       66650
Emerson Electric Co                 com  291011104     113     2345       Sh            sole      01 02        2345
Enbridge Energy Partners LP         lp   29250R106      24      800       Sh            sole      01 02         800
Enbridge Inc                        com  29250N105      47     1200       Sh            sole      01 02        1200
Encana                              com  292505104    4396   200541       Sh            sole      01 02      197591          2950
Energy Transfer Partners LP         lp   29273R109    1084    25470       Sh            sole      01 02       24970           500
Enterprise Products Partners LP     lp   293792107      38      700       Sh            sole      01 02         700
Equifax Inc                         com  294429105      33      700       Sh            sole      01 02         700
Exact Sciences Corp                 com  30063P105       8      700       Sh            sole      01 02         700
Expeditors Intl Wash                com  302130109    2361    64960       Sh            sole      01 02       64510           450
Express Scripts Inc                 com  302182100      10      166       Sh            sole      01 02         166
Exxon Mobil                         com  30231G102   10269   112288       Sh            sole      01 02      103488          8800
F5 Networks Inc                     com  315616102    1718    16420       Sh            sole      01 02       16420
Facebook, Inc.                      com  30303M102      37     1705       Sh            sole      01 02        1705
Factset Research Systems            com  303075105      14      150       Sh            sole      01 02         150
Fast Retailing Co Ord               com  J1346E100       9       40       Sh            sole      01 02          40
Fastenal Co                         com  311900104      19      440       Sh            sole      01 02         440
Female Health Co Com                com  314462102       7     1000       Sh            sole      01 02        1000
Fidelity Natl Info Svcs             com  31620M106      16      500       Sh            sole      01 02         500
First Potomac Realty Tr             com  33610F109    2393   185828       Sh            sole      01 02      185828
Fiserv                              com  337738108    2680    36201       Sh            sole      01 02       36001           200
Flowers Foods Inc                   com  343498101     202    10000       Sh            sole      01 02       10000
Ford Motor Company New              com  345370860       6      600       Sh            sole      01 02         600
Forest Laboratories Inc             com  345838106       8      216       Sh            sole      01 02         216
Fortune Brands Home & Security      com  34964C106     771    28540       Sh            sole      01 02       28540
Freeport-McMoRan Copper & Gold      com  35671D857      20      500       Sh            sole      01 02         500
Frontier Communications Corp        com  35906A108       6     1266       Sh            sole      01 02        1266
Ftse China ETF-iShares              com  464288190       4      100       Sh            sole      01 02         100
Fusion-io Inc                       com  36112J107    1106    36535       Sh            sole      01 02       36535
Gabelli Equity Trust                com  362397101       6     1000       Sh            sole      01 02        1000
Gabelli Utility Trust               com  36240A101       6      800       Sh            sole      01 02         800
General Electric                    com  369604103    3677   161932       Sh            sole      01 02      161382           550
Gentex Corp                         com  371901109    1155    68000       Sh            sole      01 02       67700           300
Glacier Bancorp Inc New             com  37637Q105    2360   151361       Sh            sole      01 02      150561           800
Glaxosmithkline PLC ADRF            adr  37733W105       6      125       Sh            sole      01 02         125
Global Water Portfolio ETF-Pow      com  73936T623       1       70       Sh            sole      01 02          70
Gold Miners ETF-Market Vectors      com  57060U100     129     2400       Sh            sole      01 02        2400
Gold Shares ETF-SPDR                com  863307104      90      521       Sh            sole      01 02         521
Goldman Sachs 6.20% Pfd             com  38144X500    3384   133705       Sh            sole      01 02      128855          4850
Goldman Sachs Group Inc             com  38141G104       3       30       Sh            sole      01 02          30
Google Inc Cl A                     com  38259P508      41       55       Sh            sole      01 02          55
H C P Inc                           com  40414L109      39      866       Sh            sole      01 02         866
Hawkins Inc                         com  420261109     145     3500       Sh            sole      01 02        3500
Health Care Reit Inc                com  42217K106      54      930       Sh            sole      01 02         930
Hecla Mining Company                com  422704106     119    18200       Sh            sole      01 02       18200
Heinz H J Co                        com  423074103      11      200       Sh            sole      01 02         200
Hershey Foods Corp                  com  427866108      39      550       Sh            sole      01 02         550
Hewlett-Packard Company             com  428236103       5      300       Sh            sole      01 02         300
Hologic Inc                         com  436440101       8      400       Sh            sole      01 02         400
Home Depot                          com  437076102      18      300       Sh            sole      01 02         300
Home Properties Inc                 com  437306103      58      950       Sh            sole      01 02         950
Honda Motor Co Ltd Adr              adr  438128308      35     1125       Sh            sole      01 02        1125
Hospitality Ppty                    com  44106M508       6      237       Sh            sole      01 02         237
Hospitality Properties Trust        com  44106M102      21      900       Sh            sole      01 02         900
Host Hotels & Resorts Inc Com       com  44107P104       1       45       Sh            sole      01 02          45
Hudson Valley Holding Corp          com  444172100      21     1252       Sh            sole      01 02        1252
Huntington Bancshares               com  446150104      62     8921       Sh            sole      01 02        8921
Iboxx $ High Yield Corp Bd ETF      com  464288513     859     9310       Sh            sole      01 02        9310
Iboxx $ Inv Grade Corp Bd ETF-      com  464287242    2836    23290       Sh            sole      01 02       23290
Illinois Tool Works Inc             com  452308109    2805    47170       Sh            sole      01 02       46370           800
Illumina Inc                        com  452327109      17      350       Sh            sole      01 02         350
Imperial Oil LTD Com New            com  453038408    1072    23280       Sh            sole      01 02       22580           700
Independent Bank (MA) Corporat      com  453836108      66     2179       Sh            sole      01 02        2179
Integrys Energy Group               com  45822P105       7      125       Sh            sole      01 02         125
Intel                               com  458140100      71     3142       Sh            sole      01 02        3142
International Assets Hldg Corp      com  459028106     876    45946       Sh            sole      01 02       45946
International Business Machine      com  459200101    5782    27874       Sh            sole      01 02       26799          1075
International Flavors & Fragra      com  459506101      60     1000       Sh            sole      01 02        1000
Invesco Quality Municipal Inco      com  61745P734      22     1461       Sh            sole      01 02        1461
Investors Bancorp Inc               com  46146P102      18     1000       Sh            sole      01 02        1000
Iron Mountain Inc New               com  462846106      20      600       Sh            sole      01 02           0           600
ITT Corp                            com  450911201       9      429       Sh            sole      01 02         429
J M Smuckers Co New                 com  832696405      10      113       Sh            sole      01 02         113
J P Morgan Chase &  Co              com  46625H100     165     4067       Sh            sole      01 02        4067
Jarden Corp                         com  471109108      12      225       Sh            sole      01 02         225
Jardine Matheson Adr                adr  471115402       8      135       Sh            sole      01 02         135
Jefferies Group Inc                 com  472319102     936    68375       Sh            sole      01 02       68375
Johnson & Johnson                   com  478160104    7079   102729       Sh            sole      01 02      101379          1350
Joy Global Inc                      com  481165108      49      875       Sh            sole      01 02         875
JP Morgan Chase Cap X Pfd 7% 0      com  46623D200    3424   133350       Sh            sole      01 02      129250          4100
JP Morgan USD Emer Mkt Bd ETF-      com  464288281     669     5520       Sh            sole      01 02        5520
Kellogg Company                     com  487836108       8      150       Sh            sole      01 02         150
Keweenaw Land Assn LTD              com  493026108     535     6692       Sh            sole      01 02        6692
Kimco Realty Corp                   com  49446R109       6      300       Sh            sole      01 02         300
Kinder Morgan Energy Partners LP    lp   494550106     891    10795       Sh            sole      01 02       10445           350
Kraft Foods Inc                     com  50075N104     493    11913       Sh            sole      01 02       11913
Leucadia National                   com  527288104    2032    89320       Sh            sole      01 02       89320
Liberty Property Trust              com  531172104      51     1400       Sh            sole      01 02        1400
Lincoln National Corp               com  534187109      36     1500       Sh            sole      01 02        1500
Lindsay Corp Com                    com  535555106       6       80       Sh            sole      01 02          80
Lionbridge Tech Inc                 com  536252109      11     3000       Sh            sole      01 02        3000
Magellan Midstream Partners LP      lp   559080106     962    11000       Sh            sole      01 02       10200           800
Marathon Oil Corp                   com  565849106      21      705       Sh            sole      01 02         705
Marathon Petroleum Corp             com  56585A102      19      352       Sh            sole      01 02         352
Marriott Intl       Inc Cl A        com  571903202      14      359       Sh            sole      01 02         359
Marriott Vacations Worldwide C      com  57164Y107       1       35       Sh            sole      01 02          35
McDonalds Corp                      com  580135101      14      150       Sh            sole      01 02         150
Mcewen Mining Inc                   com  58039P107     140    30595       Sh            sole      01 02       30595
McGraw-Hill                         com  580645109      44      800       Sh            sole      01 02         800
Meadwestvaco Corporation            com  583334107     389    12700       Sh            sole      01 02       12700
Medtronic                           com  585055106      56     1290       Sh            sole      01 02        1290
Merck                               com  58933Y105    1814    40220       Sh            sole      01 02       38870          1350
Metlife Inc                         com  59156R108      34     1000       Sh            sole      01 02        1000
Microsoft                           com  594918104    1038    34890       Sh            sole      01 02       34890
Mid Amer Apt Cmntys Inc             com  59522J103     104     1600       Sh            sole      01 02        1600
Monsanto Co New Del                 com  61166W101       7       80       Sh            sole      01 02          80
Mosaic Company                      com  61945A107     943    16375       Sh            sole      01 02       16125           250
MSC Industrial Direct               com  553530106     621     9209       Sh            sole      01 02        8034          1175
MSCI EAFE ETF-iShares               com  464287465       5      100       Sh            sole      01 02         100
MSCI EAFE ETF-Vanguard              com  921943858      11      349       Sh            sole      01 02         349
MSCI Emer Mkts ETF-iShares          com  464287234       6      150       Sh            sole      01 02         150
MSCI Emer Mkts ETF-Vanguard         com  922042858     367     8793       Sh            sole      01 02        8793
Mylan Laboratories Inc              com  628530107      65     2687       Sh            sole      01 02        2687
Natural Resource Ptnr LP            lp   63900P103     397    19140       Sh            sole      01 02       19140
Nestle S A Reg B ADR                adr  641069406    2580    40819       Sh            sole      01 02       40819
Newmont Mining Corp                 com  651639106     138     2462       Sh            sole      01 02        2462
NextEra Energy, Inc.                com  302571104      21      300       Sh            sole      01 02         300
Norfolk Southern Corp               com  655844108      38      600       Sh            sole      01 02         600
Northeast Utilities                 com  664397106      46     1207       Sh            sole      01 02        1207
Northern Dynasty Minerals LTD       com  66510M204      42     9100       Sh            sole      01 02        9100
Northern Oil & Gas  Inc Nev         com  665531109     216    12725       Sh            sole      01 02       12725
Northrop Grumman Corp               com  666807102       5       70       Sh            sole      01 02          70
Novartis A G Spon ADR               adr  66987V109    3658    59707       Sh            sole      01 02       58907           800
Novo-Nordisk A-S Adr                adr  670100205    1578    10000       Sh            sole      01 02       10000
Nucor Corp                          com  670346105       3       80       Sh            sole      01 02          80
Nvidia Corp                         com  67066G104       8      600       Sh            sole      01 02         600
Nxp Semiconductors Nv               com  N6596X109      23      900       Sh            sole      01 02         900
Occidental Pete Corp                com  674599105    1058    12290       Sh            sole      01 02       12140           150
Ocean Spray                         com  675022206      13     1323       Sh            sole      01 02        1323
Odyssey Marine Exploration Inc      com  676118102       1      225       Sh            sole      01 02         225
Oracle Corporation                  com  68389X105      31      982       Sh            sole      01 02         982
Paychex Inc                         com  704326107    1353    40630       Sh            sole      01 02       40630
Peabody Energy Corp                 com  704549104     218     9802       Sh            sole      01 02        9802
Peets Coffee & Tea Inc              com  705560100      73     1000       Sh            sole      01 02        1000
Penn VA Resource Partners LP        lp   707884102      67     2650       Sh            sole      01 02        2650
Pentair Ltd                         com  H6169Q108       7      172       Sh            sole      01 02         172
Pepsico                             com  713448108    4281    60494       Sh            sole      01 02       59194          1300
Petroleo Brasileiro Sa Petrobr      com  71654V408       5      200       Sh            sole      01 02         200
Pfizer                              com  717081103     568    22855       Sh            sole      01 02       22855
Philip Morris Intl Inc              com  718172109    4301    47822       Sh            sole      01 02       46922           900
Phillips 66                         com  718546104      98     2117       Sh            sole      01 02        2117
Piedmont Natural Gas Co             com  720186105      60     1850       Sh            sole      01 02        1850
Pitney Bowes Inc                    com  724479100      15     1064       Sh            sole      01 02        1064
Plug Power, Inc                     com  72919P202       8    10000       Sh            sole      01 02       10000
Plum Creek Timber Co                com  729251108    4277    97560       Sh            sole      01 02       95710          1850
Portfolio Recovery  Associates      com  73640Q105     824     7895       Sh            sole      01 02        7795           100
Potash Corp of Saskatchewan         com  73755L107     777    17900       Sh            sole      01 02       17650           250
Potlatch Corporation New            com  737630103     146     3900       Sh            sole      01 02        3900
Praxair Inc                         com  74005P104      19      180       Sh            sole      01 02         180
Privatebancorp Cap  Tr Iv Gtd       com  74272L208    3152   120781       Sh            sole      01 02      118581          2200
Privatebancorp Inc                  com  742962103     123     7700       Sh            sole      01 02        7700
Procter & Gamble                    com  742718109    6033    86977       Sh            sole      01 02       85187          1790
Prologis Inc New                    com  74340W103       2       50       Sh            sole      01 02          50
Pub Svc Ent Group                   com  744573106       3      100       Sh            sole      01 02         100
Qualcomm Inc                        com  747525103     161     2584       Sh            sole      01 02        2584
Quest Diagnostic Inc                com  74834L100      13      200       Sh            sole      01 02         200
Rare Earth/Str Metals ETF-Mark      com  57060U472       3      200       Sh            sole      01 02         200
Rayonier Inc                        com  754907103     380     7750       Sh            sole      01 02        7750
Realty Income Corp                  com  756109104    3049    74570       Sh            sole      01 02       74020           550
REIT Index ETF-Vanguard             com  922908553       8      116       Sh            sole      01 02         116
Rio Tinto PLC ADR                   adr  204412209     142     3040       Sh            sole      01 02        2640           400
Ritchie Bros Auctioneerf            com  767744105       2      125       Sh            sole      01 02         125
Robert Half International           com  770323103       5      200       Sh            sole      01 02         200
Roche Hldg Ltd Spon Adrf            adr  771195104      11      240       Sh            sole      01 02         240
Rockwell Automation Inc             com  773903109       3       50       Sh            sole      01 02          50
Royal Dutch Shell A Adrf            adr  780259206      64      916       Sh            sole      01 02         916
Royal Dutch Shell B Adrf            adr  780259107    1888    26475       Sh            sole      01 02       26475
RTI Intl Metals Inc                 com  74973W107       2      100       Sh            sole      01 02         100
Russell  Midcap Growth Index E      com  464287481       9      142       Sh            sole      01 02         142
Russell 1000 Growth ETF-iShare      com  464287614      25      368       Sh            sole      01 02         368
Russell 1000 Value Index ETF-i      com  464287598      25      343       Sh            sole      01 02         343
Russell 2000 Value Index ETF-i      com  464287630       6       80       Sh            sole      01 02          80
Russell Midcap ETF-iShares          com  464287499      17      150       Sh            sole      01 02         150
S A P Aktiengesell Adr              adr  803054204      18      250       Sh            sole      01 02         250
S&P 500 ETF-SPDR                    com  78462F103      37      260       Sh            sole      01 02         260
S&P 500 ETF-Vanguard                com  922908413       2       36       Sh            sole      01 02          35
S&P Global Healthcare ETF-iSha      com  464287325       4       62       Sh            sole      01 02          62
S&P U.S. Pref Stock ETF-iShare      com  464288687      12      300       Sh            sole      01 02         300
Safeguard Scientific                com  786449207    1307    83273       Sh            sole      01 02       83273
Schlumberger LTD                    com  806857108      66      910       Sh            sole      01 02         910
Seaboard Corp                       com  811543107       5        2       Sh            sole      01 02           2
Seabridge Gold Inc                  com  811916105      31     1600       Sh            sole      01 02        1600
Siemens Ag ADR                      adr  826197501      44      440       Sh            sole      01 02         440
Smith & Wesson Hldg Corp            com  831756101      18     1600       Sh            sole      01 02        1600
Sonoco Prods Co                     com  835495102      43     1400       Sh            sole      01 02        1400
Southern Copper Corp                com  84265V105      35     1010       Sh            sole      01 02        1010
Spectra Energy Corp                 com  847560109      19      650       Sh            sole      01 02         650
St Mary Land & Expl Co              com  792228108     103     1900       Sh            sole      01 02        1900
Staples                             com  855030102       9      750       Sh            sole      01 02         750
State Street Corp                   com  857477103      57     1355       Sh            sole      01 02        1355
Stratasys Inc                       com  862685104       4       75       Sh            sole      01 02          75
Stryker Corp                        com  863667101    1410    25340       Sh            sole      01 02       25340
Sturm Ruger & Co Inc                com  864159108       5      100       Sh            sole      01 02         100
Suburban Propane Prt LP             lp   864482104       8      200       Sh            sole      01 02         200
Suncoke Energy Inc                  com  86722A103       8      477       Sh            sole      01 02         477
Suntrust Banks Inc                  com  867914103     117     4150       Sh            sole      01 02        4150
Sysco Corporation                   com  871829107     280     8945       Sh            sole      01 02        8945
Target Corporation                  com  87612E106      13      200       Sh            sole      01 02         200
Tata Motors Ltd Adr                 adr  876568502       4      150       Sh            sole      01 02         150
Teleflex                            com  879369106     787    11433       Sh            sole      01 02       11333           100
Tesla Motors, Inc                   com  88160R101       9      300       Sh            sole      01 02         300
Tetra Tech Inc New                  com  88162G103      11      400       Sh            sole      01 02         400
Teva Pharm Inds LTD ADRF            adr  881624209      14      330       Sh            sole      01 02         330
Texas Instruments                   com  882508104      10      350       Sh            sole      01 02           0           350
Textron Incorporated                com  883203101      10      400       Sh            sole      01 02         400
The Charles Schwab Corp             com  808513105     488    38200       Sh            sole      01 02       38200
The Southern Company                com  842587107     134     2911       Sh            sole      01 02        2911
TJX Cos                             com  872540109      90     2000       Sh            sole      01 02        2000
Toronto Dominion Bank               com  891160509    1992    23902       Sh            sole      01 02       23902
Total S A Adr                       adr  89151E109      44      874       Sh            sole      01 02         874
Transcanada Corp                    com  89353D107    3203    70403       Sh            sole      01 02       66303          4100
Travelers Companies Inc             com  89417E109       2       22       Sh            sole      01 02          22
Tyco Electronics LTD                com  G9144P105      25      725       Sh            sole      01 02         725
Tyco Intl Ltd New                   com  H89128104      41      725       Sh            sole      01 02         725
U S Bancorp Del New                 com  902973304     240     7002       Sh            sole      01 02        7002
U.S. Broad Market ETF-Schwab        com  808524102       4      115       Sh            sole      01 02         115
U-Blox Holding Ag Ord               com  H89210100      16      350       Sh            sole      01 02         350
Unilever NV ADR                     adr  904784709      22      608       Sh            sole      01 02         608
Union Pacific Corp                  com  907818108      12      100       Sh            sole      01 02         100
United Parcel Service B             com  911312106      17      235       Sh            sole      01 02         235
United Technologies Corp            com  913017109     414     5284       Sh            sole      01 02        3934          1350
Unitedhealth Group Inc              com  91324P102      11      200       Sh            sole      01 02         200
Unitil Corp                         com  913259107      27     1000       Sh            sole      01 02           0          1000
Verizon Communications              com  92343V104     297     6509       Sh            sole      01 02        6509
Vertex Pharmaceuticals              com  92532F100     285     5100       Sh            sole      01 02        5100
Vodafone Group PLC ADR              adr  92857W209      74     2589       Sh            sole      01 02        2589
Volkswagen AG Spon ADRF             adr  928662303      20      600       Sh            sole      01 02         600
Vornado Realty Trust                com  929042109      71      879       Sh            sole      01 02         879
Walgreen Company                    com  931422109      42     1150       Sh            sole      01 02        1150
Wal-Mart                            com  931142103      30      400       Sh            sole      01 02         400
Walt Disney Co                      com  254687106     318     6090       Sh            sole      01 02        6090
Washington Trust Bancorp            com  940610108     101     3836       Sh            sole      01 02        3836
Water Resources Portfolio ETF-      com  73935X575       1       70       Sh            sole      01 02          70
Waterfurnace Renewable Energy       com  9415EQ108      11      650       Sh            sole      01 02         650
Waters Corp                         com  941848103    3641    43690       Sh            sole      01 02       42890           800
Webmd Health Corp   Cl A            com  94770V102       1       90       Sh            sole      01 02          90
Weingarten Rlty Investors           com  948741103      77     2750       Sh            sole      01 02        2750
Wells Fargo & Co New                com  949746101     218     6322       Sh            sole      01 02        5822           500
Wells Fargo Pref Stock ETF-SPD      com  78464A292    3108    68150       Sh            sole      01 02       66900          1250
Weyerhaeuser Co                     com  962166104      11      426       Sh            sole      01 02         426
Whole Foods Market                  com  966837106       6       60       Sh            sole      01 02          60
WilderHill Clean Energy ETF-Po      com  73935X500       1      175       Sh            sole      01 02         175
Wiley John & Son Cl A               com  968223206    2615    56910       Sh            sole      01 02       55310          1600
WW Grainger Inc                     com  384802104      63      300       Sh            sole      01 02           0           300
Xcel Energy Inc                     com  98389B100       3      100       Sh            sole      01 02         100
Yum Brands Inc                      com  988498101      10      150       Sh            sole      01 02         150
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>