UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
FORM I3F COVER PAGE
Report for the Calendar Year or Quarter Ended: 03/31/2008
Check here if Amendment [_]; Amendment Number:
------------
This Amendment (Check only one.); [_] is a restatement,
[_] adds new holdings entries.
Institutional Investment Manager Filing this Report: Ort & Co. (Nominee Name)
Name: Orrstown Financial Services, Inc.
Address: P.O. Box 250
77 E. King Street
Shippensburg, PA 17257
Form 13F File Number: 28-
---------------
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: Christopher J. Jackson
Title: Vice President & Portfolio Manager
Phone: 717-530-2655
Signature, Place, and Date of Signing:
/s/ Christopher J. Jackson Shippensburg, PA 05-14-2008
-------------------------- ---------------- ----------
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).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
NONE
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 560
Form 13F Information Table Value Total: 132,089
(thousands)
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.
NONE
FORM 13F INFORMATION TABLE - ORT & CO
March 31, 2008 Report
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- -------- --------- --------------- --------------------- -------- -------- -------------------------------
Shares SH/ PUT/ INV. OTHER VOTING AUTHORITY
Name of Issuer CLASS CUSIP No Market Value MKT Val PRN CALL DISC. MANGRS. SOLE Share NONE
------------------------- -------- --------- --------------- ------------ --- ---- -------- -------- ------------ ----- ------------
ACNB CORP COM COM 868109 48,932.07 3,533 SH SOLE 3,533
AFLAC INC COM COM 1055102 10,000.50 150 SH SOLE 150
AES CORP COM 00130H105 7,499.52 432 SH SOLE 432
AK STL HLDG CORP COM COM 1547108 6,278.00 100 SH SOLE 100
AT&T INC COM COM 00206R102 990,859.86 25,597 SH SOLE 25,597
A S DAMPSKIBSSELSKABET
TORM SPONS ADR ADR 00208W109 9,885.00 300 SH SOLE 300
ABBOTT LABS COM COM 2824100 245,709.50 4,658 SH SOLE 4,658
ABERDEEN AUSTRALIA EQTY
FD ICOM COM 3011103 14,679.00 900 SH SOLE 900
ACTIVISION INC NEW
COM NEW COM 4930202 463,907.49 17,150 SH SOLE 17,150
ADAMS EXPRESS CO COM COM 6212104 72,041.92 5,576 SH SOLE 5,576
ADOBE SYS INC COM COM 00724F101 11,336.16 304 SH SOLE 304
AECOM TECHNOLOGY CORP COM 00766T100 41,190.00 1,500 SH SOLE 1,500
AEROPOSTALE, INC COM 7865108 297,236.50 9,350 SH SOLE 9,350
AETNA INC NEW COM COM 00817Y108 13,080.00 300 SH SOLE 300
AIRGAS INC COM COM 9363102 20,936.55 435 SH SOLE 435
ALCATEL-LUCENT
SPONSORED ADR ADR 13904305 1,914.30 287 SH SOLE 287
ALEXION PHARMACEUTICALS
INC COM COM 15351109 7,671.42 109 SH SOLE 109
ALLEGHENY ENERGY INC COM COM 17361106 5,380.00 100 SH SOLE 100
ALLEGHENY TECHNOLOGIES
INC COM COM 01741R102 440,512.00 6,400 SH SOLE 6,400
ALLIANCE DATA SYSTEMS
CORP COM COM 18581108 22,217.67 387 SH SOLE 387
ALLIED IRISH BKS P L C
SPON ADR ORD ADR 19228402 14,197,793.61 333,047 SH SOLE 333,047
ALLSTATE CORP COM COM 20002101 342,448.00 6,800 SH SOLE 6,800
ALTRIA GROUP INC COM COM 02209S103 279,880.00 13,994 SH SOLE 13,994
AMERICAN CAPITAL
STRATEGIES COM COM 24937104 31,750.00 1,000 SH SOLE 1,000
AMERICAN ELECTRIC CO COM 25537101 26,778.00 600 SH SOLE 600
AMERICAN EXPRESS CO COM COM 25816109 49,700.70 1,035 SH SOLE 1,035
AMERICAN INTL GROUP
INC COM COM 26874107 101,640.00 2,200 SH SOLE 2,200
AMERICAN VANGUARD
CORP COM COM 30371108 1,992,959.99 115,200 SH SOLE 115,200
AMERON INTL INC COM COM 30710107 19,760.00 200 SH SOLE 200
AMERIPRISE FINL INC COM COM 03076C106 4,749.00 100 SH SOLE 100
AMGEN INC COM COM 31162100 364,269.00 8,700 SH SOLE 8,700
ANADARKO PETE CORP COM COM 32511107 45,260.80 680 SH SOLE 680
ANALOG DEVICES INC COM COM 32654105 8,052.50 250 SH SOLE 250
ANHEUSER BUSCH COS
INC COM COM 35229103 19,680.00 400 SH SOLE 400
ANNALY MTG MGMT INC COM COM 35710409 4,172.72 344 SH SOLE 344
ANSYS INC COM COM 03662Q105 16,293.15 405 SH SOLE 405
ANTHRACITE CAP INC COM COM 37023108 7,800.00 1,000 SH SOLE 1,000
APACHE CORP COM COM 37411105 206,060.40 1,530 SH SOLE 1,530
APPLE INC COM COM 37833100 278,320.00 1,600 SH SOLE 1,600
APPLIED DEVELOPMENT
HLDGS LTADR ADR 38173100 1,026.00 2,000 SH SOLE 2,000
APPLIED MATLS INC COM COM 38222105 5,598.00 300 SH SOLE 300
AQUA AMERICA INC COM COM 03836W103 42,997.19 2,333 SH SOLE 2,333
ARCH COAL INC COM COM 39380100 17,208.00 300 SH SOLE 300
ASHFORD HOSPITALITY TR
INC COM SHS COM 44103109 5,790.00 1,000 SH SOLE 1,000
ASHLAND INC NEW COM 44209104 34,993.20 660 SH SOLE 660
ATHEROS COMMUNICATIONS
INC COM COM 04743P108 11,100.54 417 SH SOLE 417
ATMOS ENERGY CORP COM COM 49560105 268,496.00 9,700 SH SOLE 9,700
AUTOMATIC DATA
PROCESSING INCOM COM 53015103 101,660.00 2,300 SH SOLE 2,300
AVANIR PHARMACEUTICALS
CL A NEW COM 05348P401 88.50 75 SH SOLE 75
AXCELIS TECHNOLOGIES INC COM 54540109 2,862.00 530 SH SOLE 530
BK AM 7% 2/1/32 COM 55188205 56,465.00 2,300 SH SOLE 2,300
BAC CAP 7% 8/15/32 COM 5.52E+205 19,664.00 800 SH SOLE 800
BP AMOCO P L C
SPONSORED ADR ADR 55622104 300,768.28 4,132 SH SOLE 4,132
BRT RLTY TR SH BEN
INT NEW COM 55645303 6,032.00 400 SH SOLE 400
BRE PPTYS INC COM 5.56E+109 19,084.10 398 SH SOLE 398
BRE PROPERTIES INC
PFD C 6.75% COM 05564E502 15,232.00 700 SH SOLE 700
BANCO BILBAO VIZCAYA
ARGENTA SPONS ADR ADR 05946K101 28,925.04 1,262 SH SOLE 1,262
BANK OF AMERICA CORP COM 60505104 383,846.50 10,225 SH SOLE 10,225
BANK NEW YORK MELLON CORP COM 64058100 395,774.76 9,092 SH SOLE 9,092
BARE ESCENTUALS INC COM COM 67511105 12,773.60 560 SH SOLE 560
BAXTER INTL INC COM COM 71813109 15,330.72 246 SH SOLE 246
BEISTLE COMPANY COM 72001993 2,296,152.87 5,631 SH NONE 5,631
BE AEROSPACE INC COM COM 73302101 14,812.12 367 SH SOLE 367
BED BATH & BEYOND COM 75896100 10,562.50 325 SH SOLE 325
BENCHMARK BANKSHARES INC
COM NEW COM 8.16E+210 50,850.00 3,000 SH SOLE 3,000
BERKSHIRE HATHAWAY INC
DEL CL B COM 84670207 31,199.00 7 SH SOLE 7
BEST BUY INC COM COM 86516101 34,416.00 800 SH SOLE 800
BIOMARIN PHARMACEUTICAL
INC COM COM 09061G101 17,099.74 469 SH SOLE 469
BIOGEN IDEC INC COM 09062X103 10,013.85 165 SH SOLE 165
BIOTIME INC COM 09066L105 44.00 100 SH SOLE 100
BODYTEL SCIENTIFIC
INCORPORA COM 97000103 6,400.00 2,000 SH SOLE 2,000
BOEING CO COM COM 97023105 67,888.00 800 SH SOLE 800
BOSTON PROPERTIES INC COM COM 101121101 10,049.00 100 SH SOLE 100
BRISTOL MYERS SQUIBB
CO COM COM 110122108 107,653.00 4,900 SH SOLE 4,900
BROADCOM CORP CL A COM 111320107 10,669.56 411 SH SOLE 411
BROCADE COMMUNICATIONS
SYS ICOM NEW COM 111621306 9,923.76 1,386 SH SOLE 1,386
BUCYRUS INTL INC NEW CL A COM 118759109 16,244.97 129 SH SOLE 129
BUFFALO WILD WINGS
INC COM COM 119848109 119,925.00 3,900 SH SOLE 3,900
BURGER KING CORP COM 121208201 19,530.00 700 SH SOLE 700
BURLINGTON NORTHN SANTA
FE CCOM COM 12189T104 10,255.00 100 SH SOLE 100
CME GROUP INC COM COM 12572Q105 5,946.85 13 SH SOLE 13
CSX CORP COM COM 126408103 44,065.00 700 SH SOLE 700
CVS CORP COM COM 126650100 36,857.81 913 SH SOLE 913
CABOT OIL &
GAS CORPORATION COM 127097103 11,394.00 200 SH SOLE 200
CALAMOS STRATEGIC TOTL
RETN COM SH COM 128125101 15,276.00 1,200 SH SOLE 1,200
CAMERON INTERNATIONAL
CORP COM COM 13342B105 24,615.00 500 SH SOLE 500
CAMPBELL SOUP COM 134429109 13,920.00 400 SH SOLE 400
CANADIAN NATL RY CO COM COM 136375102 15,717.00 300 SH SOLE 300
CANTEL MEDICAL CORP COM 138098108 146,115.00 15,300 SH SOLE 15,300
CAPELLA EDUCATION CO COM 139594105 51,592.00 800 SH SOLE 800
CAPITAL TRUST INC MD
CL A NEW COM 14052H506 8,025.00 300 SH SOLE 300
CAPITALSOURCE INC COM COM 14055X102 4,215.00 300 SH SOLE 300
CARLISLE COS INC COM COM 142339100 179,056.00 6,200 SH SOLE 6,200
CATERPILLAR INC DEL COM COM 149123101 410,177.70 5,814 SH SOLE 5,814
CEDAR FAIR LP COM 150185106 14,148.00 600 SH SOLE 600
CELGENE CORP COM COM 151020104 397,696.00 6,400 SH SOLE 6,400
CENTERLINE HOLDINGS CO SH
BEN INT COM 15188T108 3,069.00 900 SH SOLE 900
CENTERPOINT ENERGY
INC COM COM 15189T107 45,660.00 3,000 SH SOLE 3,000
CEPHALON INC COM COM 156708109 7,426.79 119 SH SOLE 119
CERADYNE INC COM 156710105 3,896.00 100 SH SOLE 100
CHADMOORE WIRELESS
GROUP INCCOM COM 157259102 0.10 1,000 SH SOLE 1,000
CHARLES RIVER LABS COM 159864107 10,797.30 186 SH SOLE 186
CHESAPEAKE ENERGY
CORP COM COM 165167107 15,510.00 300 SH SOLE 300
CHEVRON CORP NEW COM COM 166764100 213,645.30 2,222 SH SOLE 2,222
CHICO'S FAS INC COM 168615102 989.80 140 SH SOLE 140
CHINA TELECOM CORP LTD
SPON ADR ADR 169426103 1,486.98 22 SH SOLE 22
CHURCH & DWIGHT INC COM COM 171340102 12,102.66 213 SH SOLE 213
CIENA CORP COM NEW COM 171779309 6,626.76 196 SH SOLE 196
CISCO SYS INC COM COM 17275R102 358,319.00 13,975 SH SOLE 13,975
CITIZENS & NORTHN
CORP COM COM 172922106 48,312.00 2,684 SH SOLE 2,684
CITIGROUP INC COM COM 172967101 262,024.64 10,369 SH SOLE 10,369
CITIGROUP CAP IX PFD
TR 6.00% COM 173066200 180,170.00 8,600 SH SOLE 8,600
CITIGROUP CAPITAL VII
TRUPS 7.125% COM 17306N203 24,150.00 1,000 SH SOLE 1,000
CITIZENS COMMUNICATIONS
CO COM COM 17453B101 61,104.00 5,700 SH SOLE 5,700
CITIZENS FINL SVCS
INC COM COM 174615104 23,175.00 1,030 SH SOLE 1,030
COACH INC COM COM 189754104 179,699.64 5,052 SH SOLE 5,052
COCA COLA CO COM COM 191216100 1,230,383.00 20,900 SH SOLE 20,900
CODORUS VY BANCORP
INC COM COM 192025104 11,424.00 714 SH SOLE 714
COGNIZANT TECHNOLOGY
SOLUTIOCL A COM 192446102 11,319.75 351 SH SOLE 351
COLDWATER CREEK INC COM COM 193068103 1,335.00 250 SH SOLE 250
COLGATE PALMOLIVE CO COM COM 194162103 1,034,906.60 14,638 SH SOLE 14,638
COLUMBIA FINANCIAL COM 197642101 24,374.70 1,533 SH SOLE 1,533
COMCAST CORP NEW CL A COM 20030N101 56,779.66 2,763 SH SOLE 2,763
COMMERCIAL METALS CO COM COM 201723103 6,228.00 200 SH SOLE 200
COMMUNITY BK SYS INC COM COM 203607106 31,862.50 1,250 SH SOLE 1,250
COMPANHIA VALE INC COM 204412209 1,633,544.00 41,800 SH SOLE 41,800
CONAGRA INC COM COM 205887102 9,424.00 400 SH SOLE 400
CONOCOPHILLIPS COM COM 20825C104 134,738.60 1,564 SH SOLE 1,564
CONSOLIDATED EDISON
INC COM COM 209115104 93,600.00 2,250 SH SOLE 2,250
CONSTELLATION BRANDS INC COM 21036P108 1,836.00 100 SH SOLE 100
CORN PRODS INTL INC COM COM 219023108 15,166.26 327 SH SOLE 327
CORNING INC COM COM 219350105 205,667.00 7,700 SH SOLE 7,700
CORP BACKED TR CTFS
03-17SPRINT A1 PFD 21988K404 11,333.00 700 SH SOLE 700
GOLDMANSACHS 6.3%
2/15/2034 COM 21988K834 44,840.00 2,000 SH SOLE 2,000
CORP BACKED TR CTFS 04-4
CL A-1 6% PFD 21988K875 21,000.00 1,000 SH SOLE 1,000
CORRECTIONS CORP AMER NEW
COM NEW COM 22025Y407 20,323.50 797 SH SOLE 797
CORTS TR GE CAP CORP
NCORTS A 6% 32 PFD 22082X201 6,822.75 275 SH SOLE 275
COVANTA HLDG CORP COM COM 2.23E+106 5,805.34 218 SH SOLE 218
COVENTRY HEALTH CARE
INC COM COM 222862104 20,128.50 450 SH SOLE 450
CROCS INC COM 227046109 3,063.00 300 SH SOLE 300
CYPRESS SEMICONDUCTOR
CORP COM COM 232806109 9,898.24 352 SH SOLE 352
DTE ENERGY CO COM COM 233331107 20,155.00 500 SH SOLE 500
DANAHER CORP DEL COM COM 235851102 58,515.00 750 SH SOLE 750
DARDEN RESTAURANTS
INC COM COM 237194105 503,457.00 14,150 SH SOLE 14,150
DECKERS OUTDOOR CORP COM 243537107 13,807.00 100 SH SOLE 100
DEERE & CO COM COM 244199105 23,539.60 280 SH SOLE 280
DELAWARE INVTS DIV &
INCOME COM COM 245915103 8,144.00 800 SH SOLE 800
DELL INC COM 24702R101 81,972.00 4,400 SH SOLE 4,400
DENBURY RESOURCES INC COM 247916208 6,112.00 200 SH SOLE 200
DIAMONDS TRUST DOW
JONES INDETF COM 252787106 3,295,123.95 25,705 SH SOLE 25,705
DICKS SPORTING GOODS
INC COM COM 253393102 628,599.40 21,979 SH SOLE 21,979
DIRECTV GROUP INC COM 25459L106 8,328.32 338 SH SOLE 338
WALT DISNEY COMPANY
HOLDING CO. COM 254687106 748,808.70 23,090 SH SOLE 23,090
DISCOVER FINANCIAL
SERVICES COM 254709108 8,194.50 450 SH SOLE 450
DOLBY LABORATORIES
INC COM COM 25659T107 13,410.10 334 SH SOLE 334
DOLLAR TREE INC COM COM 256746108 5,751.20 182 SH SOLE 182
DOMINION RES INC VA
NEW COM COM 25746U109 184,320.72 4,248 SH SOLE 4,248
DOW CHEM CO COM COM 260543103 49,786.00 1,240 SH SOLE 1,240
DU PONT E I DE NEMOURS &
CO COM COM 263534109 129,269.13 2,643 SH SOLE 2,643
DUKE REALTY CORP PFD
1/10 L 6.6 PFD 264411745 10,900.00 500 SH SOLE 500
DUKE ENERGY CORP NEW COM COM 26441C105 1,014,374.00 55,400 SH SOLE 55,400
DUTCH GOLD RES INC COM COM 26702V107 2.00 2 SH SOLE 2
ECB BANCORP INC COM COM 268253101 25,495.00 1,000 SH SOLE 1,000
EMC CORPORATION COM 268648102 666,666.00 43,290 SH SOLE 43,290
E TRADE FINANCIAL
CORP COM COM 269246104 398.00 100 SH SOLE 100
EASTMAN KODAK CO COM COM 277461109 4,651.40 260 SH SOLE 260
EATON CORP COM COM 278058102 79,056.00 900 SH SOLE 900
EATON VANCE SH TM DR
DIVR INCOM COM 27828V104 9,510.00 600 SH SOLE 600
ELAN CORP PLC COM 284131208 13,145.00 500 SH SOLE 500
ELECTRONIC ARTS COM 285512109 16,110.11 313 SH SOLE 313
ELECTRONIC DATA SYS
NEW COM COM 285661104 2,784.00 150 SH SOLE 150
ELMIRA SVGS BK FSB
N Y COM COM 289660102 1,610.78 97 SH SOLE 97
EMCLAIRE FINL CORP COM COM 290828102 26,675.00 1,000 SH SOLE 1,000
EMCOR GROUP INC COM COM 29084Q100 5,663.56 226 SH SOLE 226
EMERSON ELEC CO COM COM 291011104 64,384.32 1,232 SH SOLE 1,232
ENCANA CORP COM COM 292505104 363,645.00 4,500 SH SOLE 4,500
ENERGY EAST CORP COM COM 29266M109 217,033.20 9,519 SH SOLE 9,519
ENDOVASC INC COM 29267B201 4.50 300 SH SOLE 300
EPHRATA NATL BK PA COM
PAR $1 COM 294209200 12,650.00 500 SH SOLE 500
EQUINIX INC COM 29444U502 5,606.04 62 SH SOLE 62
ESSEX PPTY TR INC COM COM 297178105 4,998.00 42 SH SOLE 42
EXELON CORP COM COM 30161N101 213,870.96 2,502 SH SOLE 2,502
EXPEDITORS INTL WASH
INC COM COM 302130109 22,549.56 484 SH SOLE 484
EXPRESS SCRIPTS INC COM COM 302182100 7,002.00 100 SH SOLE 100
EXTERRAN HLDGS INC COM COM 30225X103 10,419.24 156 SH SOLE 156
EXXON MOBIL CORP COM COM 30231G102 1,816,726.40 19,520 SH SOLE 19,520
FAO INC COM 30240S600 1.00 133 SH SOLE 133
FLIR SYS INC COM COM 302445101 11,122.92 324 SH SOLE 324
FNB CORP PA COM COM 302520101 53,337.00 3,450 SH SOLE 3,450
FPL GROUP INC COM COM 302571104 125,288.10 1,890 SH SOLE 1,890
FTI CONSULTING INC COM COM 302941109 13,632.00 213 SH SOLE 213
FACTSET RESEARCH SYSTM COM 303075105 13,686.84 228 SH SOLE 228
FAIRPOINT COMMUNICATIONS
INCCOM COM 305560104 6,483.86 704 SH SOLE 704
FARMERS & MERCHANTS COM 30810N106 30,650.00 1,000 SH SOLE 1,000
FEDERATED INVS INC PA
CL B COM 314211103 10,947.96 327 SH SOLE 327
FEDEX CORP COM COM 31428X106 6,231.55 65 SH SOLE 65
FERRELLGAS PARTNERS L.P.
UNIT LTD PART COM 315293100 10,505.00 500 SH SOLE 500
FIFTH THIRD BANCORP COM 316773100 9,064.89 423 SH SOLE 423
FIRST COMWLTH FINL CORP
PA COM COM 319829107 46,563.00 3,740 SH SOLE 3,740
FIRST INDUSTRIAL
REALTY TRUSCOM COM 32054K103 7,552.50 250 SH SOLE 250
FIRST SOLAR INC COM COM 336433107 8,467.71 29 SH SOLE 29
FIRST UTD CORP COM COM 33741H107 18,750.00 1,000 SH SOLE 1,000
FIRSTBANK FINL SVCS COM 33764G101 2,772.00 1,584 SH SOLE 1,584
FISERV INC COM 337738108 17,793.60 352 SH SOLE 352
FIRSTMERIT CORP COM 337915102 41,040.00 2,000 SH SOLE 2,000
FIRSTENERGY CORP COM COM 337932107 6,731.96 89 SH SOLE 89
FLOWSERVE CORP COM COM 34354P105 37,227.00 300 SH SOLE 300
FONAR CORP COM 344437405 235.20 80 SH SOLE 80
FORCE PROTECTION INC
COM NEW COM 345203202 598.00 200 SH SOLE 200
FORTEL INC CALIF COM COM 349550103 0.14 150 SH SOLE 150
FORTUNE BRANDS INC COM COM 349631101 62,548.50 925 SH SOLE 925
FOSTER L B CO COM COM 350060109 3,210.00 100 SH SOLE 100
FRANKLIN FINL SVCS
CORP COM COM 353525108 1,554,259.00 65,305 SH SOLE 65,305
FRANKLIN RES INC COM COM 354613101 3,901.15 41 SH SOLE 41
FRESENIUS MED CARE COM 358029106 11,060.28 209 SH SOLE 209
FRONTIER OIL CORP COM COM 35914P105 8,573.25 345 SH SOLE 345
FULTON FINL CORP PA COM COM 360271100 73,535.60 5,897 SH SOLE 5,897
FUTUREBIOTICS INC COM NEW COM 36114L308 10.00 50 SH SOLE 50
GATX CORP COM COM 361448103 35,200.00 800 SH SOLE 800
GABELLI GLOBAL
MULTIMEDIA TRCOM COM 36239Q109 536.52 51 SH SOLE 51
GEN-PROBE INC NEW COM COM 36866T103 3,268.88 58 SH SOLE 58
GENENTECH INC COM NEW COM 368710406 387,376.00 5,680 SH SOLE 5,680
GENERAL ELEC CO COM COM 369604103 1,749,875.10 53,513 SH SOLE 53,513
GENERAL ELEC CAP CORP
PINES 4.50% 35 PFD 369622485 19,352.00 800 SH SOLE 800
GENERAL ELEC CAP CORP
NT 5.875%2033 PFD 369622493 79,808.00 3,200 SH SOLE 3,200
GENERAL MTRS CORP COM COM 370442105 16,240.00 700 SH SOLE 700
GENESCO INC COM COM 371532102 110.80 5 SH SOLE 5
GENESEE & WYO INC CL A COM 371559105 7,136.00 200 SH SOLE 200
GENTEX CORP COM COM 371901109 7,042.36 377 SH SOLE 377
GILEAD SCIENCES INC COM COM 375558103 18,116.00 350 SH SOLE 350
GOLDMAN SACHS GROUP
INC COM COM 38141G104 9,568.50 50 SH SOLE 50
GOODYEAR TIRE & RUBR
CO COM COM 382550101 5,463.12 204 SH SOLE 204
GOOGLE INC CL A COM 38259P508 1,266,309.45 2,205 SH SOLE 2,205
W R GRACE & CO NEW COM 38388F108 5,072.00 200 SH SOLE 200
GRAMERCY CAPITAL CORP. COM 384871109 7,600.00 400 SH SOLE 400
GREENBRIER COS INC COM COM 393657101 4,550.00 200 SH SOLE 200
GREIF INC CLASS A COM 397624107 7,622.80 118 SH SOLE 118
GUESS INC COM COM 401617105 6,966.96 182 SH SOLE 182
HRPT PPTYS TR COM SH
BEN INT COM 40426W101 6,930.00 1,000 SH SOLE 1,000
HSBC HLDGS PLC ADR A
1/40PF A COM 404280604 18,000.00 800 SH SOLE 800
HANESBRANDS INC COM 410345102 1,505.86 43 SH SOLE 43
HANOVER INS GROUP COM 410867105 6,597.36 147 SH SOLE 147
HANSEN NAT CORP COM COM 411310105 351,564.26 9,934 SH SOLE 9,934
HARLEY DAVIDSON INC COM COM 412822108 30,408.75 795 SH SOLE 795
HARLEYSVILLE
NATIONAL CORPORATION COM 412850109 28,688.64 1,984 SH SOLE 1,984
HARMONY GOLD MNG LTD
SPONS ADR ADR 413216300 3,027.71 259 SH SOLE 259
HARRIS CORP DEL COM COM 413875105 20,207.22 374 SH SOLE 374
HARSCO CORP COM COM 415864107 271,019.44 4,568 SH SOLE 4,568
HARTFORD FINL SVCS
GROUP INCCOM COM 416515104 173,827.53 2,439 SH SOLE 2,439
HARVEST COMM BK COM 41752W103 13,725.00 1,500 SH SOLE 1,500
HASBRO INC COM COM 418056107 9,850.12 277 SH SOLE 277
HEALTHCARE SERVICES COM 421906108 2,289.00 150 SH SOLE 150
HEALTHEXTRAS INC COM COM 422211102 2,822.00 100 SH SOLE 100
HEICO CORPORATION COM 422806109 36,057.00 700 SH SOLE 700
HEINZ H J CO COM COM 423074103 162,347.56 3,452 SH SOLE 3,452
HELIX ENERGY SOLUTIONS
GROUP INC COM 42330P107 8,153.80 236 SH SOLE 236
HELMERICH & PAYNE INC COM COM 423452101 38,216.25 711 SH SOLE 711
HERITAGE FINL CORP
WASH COM COM 42722X106 19,698.00 1,050 SH SOLE 1,050
HERSHEY FOODS CORP COM COM 427866108 725,172.00 19,400 SH SOLE 19,400
HEWLETT PACKARD CO COM COM 428236103 361,530.00 7,800 SH SOLE 7,800
HOLOGIC INC COM COM 436440101 93,408.00 3,200 SH SOLE 3,200
HOME DEPOT INC COM COM 437076102 25,142.40 873 SH SOLE 873
HONDA MOTOR CO LTD COM 438128308 3,175.00 100 SH SOLE 100
HONEYWELL INTL INC COM COM 438516106 895,633.20 15,078 SH SOLE 15,078
HOSPITALITY PROPERTIES
TRUSTSH BEN INT COM 44106M102 9,639.00 300 SH SOLE 300
HUMANA INC COM 444859102 4,779.00 100 SH SOLE 100
HUNTINGTON BANCSHARES
INC COM COM 446150104 10,310.22 1,098 SH SOLE 1,098
IAC INTERACTIVE NEW COM 44919P300 10,405.00 500 SH SOLE 500
IHOP CORP COM COM 449623107 16,090.80 345 SH SOLE 345
IMP INC COM 449693308 0.14 4 SH SOLE 4
ING PRIME RATE TR COM 44977W106 5,940.00 1,000 SH SOLE 1,000
ITT EDUCATIONAL
SERVICES INC COM 45068B109 15,332.00 200 SH SOLE 200
ITT INDS INC IND COM COM 450911102 18,048.00 282 SH SOLE 282
IDEARC INC COM COM 451663108 693.00 210 SH SOLE 210
IDEXX LABORATORIES INC COM 45168D104 13,832.00 260 SH SOLE 260
IHS INC CL A COM 451734107 14,137.78 206 SH SOLE 206
ILLUMINA INC COM 452327109 6,932.21 89 SH SOLE 89
IMATION CORP COM COM 45245A107 468.80 20 SH SOLE 20
IMMUCOR INC COM 452526106 13,490.00 500 SH SOLE 500
INTEL CORP COM COM 458140100 306,075.00 13,750 SH SOLE 13,750
INTERACTIVE BROKERS
GROUP INCOM COM 45841N107 12,785.85 405 SH SOLE 405
INTERCONTINENTALEXCHANGE
INCCOM COM 45865V100 10,705.35 69 SH SOLE 69
INTERNATIONAL BUSINESS
MACHSCOM COM 459200101 791,188.50 6,555 SH SOLE 6,555
INTL PAPER CO COM COM 460146103 4,736.77 181 SH SOLE 181
IRON & GLASS BANCORP
INC COM COM 462735101 58,800.00 800 SH SOLE 800
ISHARES MSCI EMERGING
MKT ETF ETF 464287234 769,965.00 5,250 SH SOLE 5,250
ISHARES MSCI EAFE INDEX ETF 464287465 1,241,009.70 16,370 SH SOLE 16,370
ISHARES RUSSELL 1000
LARGE CAP VALUE ETF 464287598 153,020.00 2,000 SH SOLE 2,000
ISHARES RUSSELL 1000
LARGE CAP GROWTH ETF 464287614 758,472.00 13,200 SH SOLE 13,200
ISHARES TR RUSSELL 2000 ETF 464287655 142,800.00 2,000 SH SOLE 2,000
ISHARES SP EUR 350
TR FUNDS ETF 464287861 1,069,185.00 9,750 SH SOLE 9,750
ITRON, INC. COM 465741106 12,472.72 134 SH SOLE 134
JP MORGAN CHASE CAP X PFD
TR SECS 7% COM 46623D200 10,004.00 400 SH SOLE 400
JPMORGAN CHASE & CO COM COM 46625H100 357,422.65 7,501 SH SOLE 7,501
JACOBS ENGR GROUP INC
DEL COM COM 469814107 2,033,071.50 23,550 SH SOLE 23,550
JARDEN CORP COM 471109108 4,434.56 208 SH SOLE 208
JOHNSON & JOHNSON COM COM 478160104 2,140,506.45 31,905 SH SOLE 31,905
JOHNSON CTLS INC COM COM 478366107 142,803.00 4,050 SH SOLE 4,050
JONES SODA CO COM COM 48023P106 259,200.00 80,000 SH SOLE 80,000
JOY GLOBAL INC COM COM 481165108 40,837.50 550 SH SOLE 550
KANSAS CITY SOUTHERN COM 485170302 45,080.00 1,000 SH SOLE 1,000
KENDLE INTERNATIONAL
INC COM COM 48880L107 12,807.00 300 SH SOLE 300
KENNAMETAL INC COM COM 489170100 5,876.13 169 SH SOLE 169
KIMBERLY CLARK CORP COM COM 494368103 383,940.00 6,000 SH SOLE 6,000
KIMCO REALTY CORP COM COM 49446R109 1,802.00 50 SH SOLE 50
KONINKLIJKE AHOLD N V
SPON ADR 2007 ADR 500467402 1,185.76 80 SH SOLE 80
KRAFT FOODS INC CL A COM 50075N104 246,081.40 7,780 SH SOLE 7,780
L-3 COMMUNICATIONS
HLDGS INCCOM COM 502424104 635,265.00 5,700 SH SOLE 5,700
LABORATORY CORP AMER
HLDGS COM NEW COM 50540R409 5,217.78 69 SH SOLE 69
LANDSTAR SYS INC COM COM 515098101 12,262.56 236 SH SOLE 236
LATIN AMERN DISCOVERY
FD INCCOM COM 51828C106 8,967.00 300 SH SOLE 300
LEGG MASON INC COM COM 524901105 8,137.80 135 SH SOLE 135
LIFECELL CORP COM COM 531927101 10,156.00 200 SH SOLE 200
LILLY ELI & CO COM COM 532457108 275,312.66 5,719 SH SOLE 5,719
LIONS GATE
ENTERTAINMENT COR COM 535919203 40,053.00 3,900 SH SOLE 3,900
LOCKHEED MARTIN CORP COM COM 539830109 400,301.00 3,775 SH SOLE 3,775
LOUISIANA PAC CORP COM COM 546347105 4,604.00 400 SH SOLE 400
LOWES COS INC COM COM 548661107 437,046.50 17,350 SH SOLE 17,350
LUCENT RIGHTS COM 54946399A 0.00 188 SH SOLE 188
M & T BK CORP COM COM 55261F104 1,506,410.36 16,158 SH SOLE 16,158
MDU RES GROUP INC COM COM 552690109 77,949.00 2,700 SH SOLE 2,700
MEMC ELECTR MATLS INC COM COM 552715104 8,941.74 142 SH SOLE 142
MSCI INC CL A COM 55354G100 5,776.68 182 SH SOLE 182
MAGELLAN HEALTH SERVICES
INC (NEW) COM 559079140 96.60 8 SH SOLE 8
MAGELLAN HEALTH SERVICES
INC (NEW) COM 559079207 308.72 8 SH SOLE 8
MAGNETEK INC COM COM 559424106 1,750.00 500 SH SOLE 500
MANITOWOC INC COM COM 563571108 30,256.00 800 SH SOLE 800
MANULIFE FINL CORP COM 56501R106 35,400.64 904 SH SOLE 904
MARATHON OIL CORP COM COM 565849106 14,217.84 312 SH SOLE 312
MARKET VECTORS ETF TR
AGRIBUS ETF ETF 57060U605 311,375.00 5,300 SH SOLE 5,300
MARVEL ENTERTAINMENT
INC COM COM 57383T103 6,570.01 229 SH SOLE 229
MASCO CORP COM COM 574599106 11,836.50 650 SH SOLE 650
MASTERCARD INCORPORATED COM 57636Q104 8,344.80 30 SH SOLE 30
MCDERMOTT INTL INC COM COM 580037109 5,733.06 107 SH SOLE 107
MCDONALDS CORP COM COM 580135101 109,627.20 1,840 SH SOLE 1,840
MCGRAW HILL COS INC COM COM 580645109 3,115.24 76 SH SOLE 76
MEDCO HEALTH SOLUTIONS
INC COM COM 58405U102 51,868.38 1,047 SH SOLE 1,047
MEDICAL PPTYS TRUST
INC COM COM 58463J304 9,720.00 800 SH SOLE 800
MERCK & CO INC COM COM 589331107 10,613.16 279 SH SOLE 279
MERRILL LYNCH & CO
INC COM COM 590188108 44,847.00 900 SH SOLE 900
MERRILL LYNCH PFD CAP TR
IIITOPRS 7% PFD 59021F206 8,952.00 400 SH SOLE 400
MESABI TR CTF BEN INT COM 590672101 2,469.00 100 SH SOLE 100
METLIFE INC COM 59156R108 76,366.75 1,255 SH SOLE 1,255
METTLER TOLEDO
INTERNATIONALCOM COM 592688105 12,383.80 130 SH SOLE 130
MICROS SYS INC COM COM 594901100 10,837.60 304 SH SOLE 304
MICROSOFT CORP COM COM 594918104 513,360.00 18,000 SH SOLE 18,000
MIDCAP SPDR S & P 400 ETF COM 595635103 1,010,014.20 6,630 SH SOLE 6,630
MIDDLEBY CORP COM COM 596278101 1,725,625.00 27,500 SH SOLE 27,500
MIDDLESEX WATER CO COM COM 596680108 5,756.07 313 SH SOLE 313
MINE SAFETY APPLIANCES
CO COM COM 602720104 137,529.00 3,700 SH SOLE 3,700
MONACO COACH CORP COM COM 60886R103 1,139.40 180 SH SOLE 180
MONEYGRAM INTL INC COM COM 60935Y109 310.00 200 SH SOLE 200
MONSANTO CO NEW COM COM 61166W101 34,434.04 302 SH SOLE 302
MOSAIC CO COM COM 61945A107 7,595.62 62 SH SOLE 62
MOTOROLA INC COM COM 620076109 23,645.04 2,374 SH SOLE 2,374
NCR CORP NEW COM COM 6.29E+112 738.90 30 SH SOLE 30
NII HLDGS INC CL B NEW COM 62913F201 6,129.16 134 SH SOLE 134
NVF COMPANY COM 629449109 0.01 135 SH SOLE 135
NYSE EURONEXT COM COM 629491101 2,158,165.00 32,650 SH SOLE 32,650
NATIONAL CITY CORP COM COM 635405103 13,608.00 2,160 SH SOLE 2,160
NATIONAL-OILWELL INC COM 637071101 20,192.75 295 SH SOLE 295
NATIONAL PENN
BANCSHARES INCCOM COM 637138108 24,167.12 1,448 SH SOLE 1,448
NATIONAL RETAIL
PROPERTIES ICOM COM 637417106 13,746.00 600 SH SOLE 600
NATIONWIDE FINL SVCS INC
CL A COM 638612101 7,718.48 154 SH SOLE 154
NETAPP INC COM COM 64110D104 5,735.40 237 SH SOLE 237
NEUSTAR INC COM 64126X201 5,612.04 204 SH SOLE 204
NOKIA CORP SPONSORED ADR ADR 654902204 15,035.00 500 SH SOLE 500
NORFOLK SOUTHERN CORP COM COM 655844108 21,329.64 358 SH SOLE 358
NORTHEAST UTILS COM COM 664397106 2,684.64 102 SH SOLE 102
NORTHGATE MINERALS CORP COM 666416102 78,030.00 27,000 SH SOLE 27,000
NORTHROP GRUMMAN CORP COM COM 666807102 15,743.98 214 SH SOLE 214
NOVELL INC COM COM 670006105 2,826.00 450 SH SOLE 450
NOVELLUS SYS INC COM COM 670008101 1,967.40 90 SH SOLE 90
NSTAR COM COM 6.70E+111 1,997.02 62 SH SOLE 62
NUCOR CORP COM COM 670346105 6,795.00 90 SH SOLE 90
NVIDIA CORP COM COM 67066G104 11,754.60 572 SH SOLE 572
OLD HARBOR BANK FL COM 679785105 21,950.00 2,000 SH SOLE 2,000
OLD LINE BANCSHARES COM 67984M100 20,312.50 2,500 SH SOLE 2,500
ORACLE CORP COM COM 68389X105 24,394.50 1,170 SH SOLE 1,170
ORRSTOWN FINL SVCS
INC COM COM 687380105 20,705,858.25 684,491.1790 SH SOLE 684,491.1790
ORRSTOWN FINANCIAL
SERVICES REINVEST COM 687OFS993 4,840,840.81 160,027.7959 SH SOLE 160,027.7959
OSKOSH TRUCK CORP COM 688239201 8,120.00 200 SH SOLE 200
OTTER TAIL CORP COM COM 689648103 18,540.00 500 SH SOLE 500
P & F INDS INC CL A NEW COM 692830508 14,875.00 3,500 SH SOLE 3,500
PNC FINANCIAL
SERVICES GROUPCOM COM 693475105 591,624.85 8,531 SH SOLE 8,531
PPG INDS INC COM COM 693506107 58,301.50 950 SH SOLE 950
P P & L RES INC COM COM 69351T106 276,499.16 5,758 SH SOLE 5,758
PS BUSINESS PKS INC CALIF
PFD H DEP 7.00 PFD 69360J875 10,900.00 500 SH SOLE 500
PARAGON SHIPPING INC CL A COM 69913R309 3,438.00 200 SH SOLE 200
PARKER HANNIFIN CORP COM COM 701094104 52,101.00 700 SH SOLE 700
PARKVALE FINL CORP COM COM 701492100 20,306.00 781 SH SOLE 781
PEABODY ENERGY CORP COM COM 704549104 12,715.04 208 SH SOLE 208
PEETS COFFEE & TEA INC COM 705560100 4,646.00 200 SH SOLE 200
PENN NATL GAMING INC COM COM 707569109 363,974.40 8,520 SH SOLE 8,520
PENN VA RESOURCES
PARTNERS LCOM COM 707884102 16,476.00 600 SH SOLE 600
PEPSICO INC COM COM 713448108 1,633,618.14 23,838 SH SOLE 23,838
PETMED EXPRESS COM 716382106 1,122.00 100 SH SOLE 100
PETROHAWK ENERGY CORP COM COM 716495106 13,711.20 580 SH SOLE 580
PETROLEUM & RES CORP COM COM 716549100 58,428.55 1,451 SH SOLE 1,451
PFIZER INC COM COM 717081103 471,378.40 23,440 SH SOLE 23,440
PHARMACEUTICAL PROD DEV
INC COM COM 717124101 37,153.74 897 SH SOLE 897
PHILIP MORRIS INTL
INC COM COM 718172109 711,562.32 13,944 SH SOLE 13,944
PHILIPPINE LONG DIST COM 718252604 30,550.00 500 SH SOLE 500
PINE BROOK CAPITAL INC
CL A COM 72246F109 1.00 10,908 SH SOLE 10,908
PINNACLE BANCSHARES COM 7.23E+106 18,575.00 1,000 SH SOLE 1,000
PIONEER FLOATING RATE
TR COM COM 72369J102 16,412.00 1,100 SH SOLE 1,100
POWERSHARES QQQ TR ETF 73935A104 1,425,742.00 30,200 SH SOLE 30,200
POWERSHARES WATER
RESOURCE ETF ETF 73935X575 911,203.00 43,850 SH SOLE 43,850
POWERSHARES ETF TRUST
INTL DIV ACHV ETF 73935X716 939,350.50 47,975 SH SOLE 47,975
PRAXAIR INC COM COM 74005P104 28,488.73 312 SH SOLE 312
PRECISION CASTPARTS
CORP COM COM 740189105 8,346.76 71 SH SOLE 71
PRICE T ROWE GROUP
INC COM COM 74144T108 456,768.00 7,800 SH SOLE 7,800
PROCTER & GAMBLE CO COM COM 742718109 274,905.00 4,100 SH SOLE 4,100
PROGRESS ENERGY INC COM COM 743263105 41,990.00 1,000 SH SOLE 1,000
PROGRESS ENERGY-CONTG.
VALUE COM 743263AA3 1.00 400 SH SOLE 400
PROLOGIS SH BEN INT COM 743410102 2,379.18 38 SH SOLE 38
PRUDENTIAL FINL INC COM COM 744320102 47,015.91 621 SH SOLE 621
PSYCHEMEDICS CORP COM NEW COM 744375205 647.90 38 SH SOLE 38
PSYCHIATRIC SOLUTIONS
INC COM COM 74439H108 292,813.56 8,436 SH SOLE 8,436
PUBLIC SVC ENTERPRISE
GROUP COM COM 744573106 70,256.00 1,600 SH SOLE 1,600
QUANTA SVCS INC COM COM 7.48E+106 8,519.34 321 SH SOLE 321
QUESTAR CORP COM COM 748356102 12,406.00 200 SH SOLE 200
QUICKSILVER RESOURCES INC COM 74837R104 13,650.21 329 SH SOLE 329
RAVEN INDS INC COM COM 754212108 2,196,888.00 71,700 SH SOLE 71,700
RAYONIER INC COM COM 754907103 11,137.96 265 SH SOLE 265
REGIONS FINANCIAL CORP
NEW COM COM 7591EP100 17,536.00 800 SH SOLE 800
REYNOLDS AMERICAN INC COM COM 761713106 36,294.90 674 SH SOLE 674
RITE AID CORP COM COM 767754104 2,430.00 900 SH SOLE 900
ROFIN SINAR
TECHNOLOGIES INCCOM COM 775043102 2,037,280.00 53,500 SH SOLE 53,500
ROHM & HAAS CO COM 775371107 8,284.75 155 SH SOLE 155
ROSS STORES INC COM COM 778296103 8,171.56 244 SH SOLE 244
ROYAL BANCSHARES
OF PENNSYLVANIA COM 780081105 82,839.74 7,635 SH SOLE 7,635
ROYCE VALUE TR INC PFD
STK 5.90% PFD 780910402 16,590.00 700 SH SOLE 700
SBA COMMUNICATIONS
CORP COM COM 78388J106 10,219.44 316 SH SOLE 316
SPDR S & P 500 INDEX ETF ETF 78462F103 2,094,639.00 15,150 SH SOLE 15,150
SPDR S&P OIL & GAS
EQUIPMENT& SVCS ETF ETF 78464A748 414,193.50 9,450 SH SOLE 9,450
ST JUDE MEDICAL INC COM 790849103 21,890.00 500 SH SOLE 500
ST LAWRENCE
ENERGY CORPORATICOM COM 791120108 4.55 7 SH SOLE 7
SARA LEE CORP COM COM 803111103 5,078.50 350 SH SOLE 350
SCHERING PLOUGH CORP COM COM 806605101 27,615.00 1,500 SH SOLE 1,500
SCHLUMBERGER LTD COM COM 806857108 20,110.00 200 SH SOLE 200
SCHNITZER STL INDS CL A COM 806882106 26,400.00 300 SH SOLE 300
ESCROW SEAGATE TECH COM 811804988 1.00 500 SH SOLE 500
SEARS HLDGS CORP COM COM 812350106 7,691.58 78 SH SOLE 78
SEMPRA ENERGY COM COM 816851109 28,335.00 500 SH SOLE 500
SENIOR HSG PPTYS TR SH
BEN INT COM 81721M109 2,395.00 100 SH SOLE 100
SHERWIN WILLIAMS CO COM COM 824348106 11,064.00 200 SH SOLE 200
SIFCO INDS INC COM COM 826546103 1,758.00 120 SH SOLE 120
SILVER WHEATON CORP COM COM 828336107 4,392.37 331 SH SOLE 331
SIMON PROPERTY GROUP INC COM 828806109 12,881.94 129 SH SOLE 129
SIRIUS SATELLITE
RADIO INC COM 82966U103 2,570.00 1,000 SH SOLE 1,000
SKYWORKS SOLUTIONS
INC COM COM 83088M102 4,345.00 500 SH SOLE 500
SMITH INTERNATIONAL INC COM 832110100 6,809.39 89 SH SOLE 89
SMUCKER J M CO COM NEW COM 832696405 1,147.24 23 SH SOLE 23
SOUTHERN CO COM COM 842587107 48,399.00 1,300 SH SOLE 1,300
SOUTHWEST AIRLS CO COM COM 844741108 13,398.88 1,012 SH SOLE 1,012
SOUTHWESTERN ENERGY
CO COM COM 845467109 8,462.00 200 SH SOLE 200
SOVEREIGN BANCORP INC COM COM 845905108 45,290.61 6,063 SH SOLE 6,063
SPECTRA ENERGY CORP COM COM 847560109 2,470.00 100 SH SOLE 100
SPHERION CORPORATION COM 848420105 2,470.00 500 SH SOLE 500
SPICY PICKLE
FRANCHISING COM COM 84844T100 435.00 500 SH SOLE 500
SPRINT NEXTEL GROUP COM
FON GROUP COM 852061100 23,354.77 2,923 SH SOLE 2,923
STAMPS.COM INC COM 852857200 1,371.00 100 SH SOLE 100
STARBUCKS CORP COM COM 855244109 262,974.69 16,203 SH SOLE 16,203
STATE STR CORP COM COM 857477103 205,599.00 2,850 SH SOLE 2,850
STEEL DYNAMICS INC COM COM 858119100 89,216.00 2,560 SH SOLE 2,560
STERICYCLE INC COM 858912108 7,793.48 146 SH SOLE 146
STRATEGIC HOTELS &
RESORTS ICOM COM 86272T106 1,441.00 100 SH SOLE 100
STRATS TR BOEING SECS
STRATS 6% A-1 COM 863110201 9,700.00 400 SH SOLE 400
STRAYER ED INC COM COM 863236105 18,569.00 100 SH SOLE 100
STREETTRACKS GOLD
TRACKING ETF COM 863307104 658,540.00 7,600 SH SOLE 7,600
STRYKER CORP COM COM 863667101 6,353.34 98 SH SOLE 98
SUBURBAN PROPANE PARTNERS
LLP PARTN COM 864482104 28,623.00 700 SH SOLE 700
SUMMIT FINANCIAL GROUP
INC COM COM 86606G101 12,760.00 1,000 SH SOLE 1,000
SUN LIFE FINL SVCS CDA
INC COM COM 866796105 161,201.34 3,321 SH SOLE 3,321
SUN MICROSYSTEMS INC
COM NEW COM 866810203 4,698.00 300 SH SOLE 300
SUN HYDRAULICS CORP COM COM 866942105 3,018.00 100 SH SOLE 100
SUNOCO INC COM 86764P109 4,641.00 100 SH SOLE 100
SUNTRUST BANKS INC COM 867914103 11,150.00 200 SH SOLE 200
SUPERIOR ENERGY SVCS
INC COM COM 868157108 79,884.00 1,800 SH SOLE 1,800
SUPERVALU INC COM COM 868536103 1,787.40 54 SH SOLE 54
SUSQUEHANNA BANCSHARES
INC PCOM COM 869099101 605,630.62 30,449 SH SOLE 30,449
TARGET CORP COM COM 8.76E+110 13,441.89 253 SH SOLE 253
TASER INTL INC COM COM 87651B104 7,460.00 1,000 SH SOLE 1,000
TEAM INC COM 878155100 2,039,478.00 68,600 SH SOLE 68,600
TEMPLETON EMERGING MKTS
FD ICOM COM 880191101 23,881.00 1,100 SH SOLE 1,100
TERADATA CORPORATION COM 88076W103 638.70 30 SH SOLE 30
TESCO CORP COM COM 88157K101 2,777.00 100 SH SOLE 100
THERMO FISHER
SCIENTIFIC INCCOM COM 883556102 6,539.31 113 SH SOLE 113
THOMAS & BETTS CORP COM COM 884315102 101,142.00 2,700 SH SOLE 2,700
3M CO COM COM 88579Y101 1,578,603.20 20,528 SH SOLE 20,528
TIM HORTONS INC COM COM 88706M103 2,036,955.00 59,300 SH SOLE 59,300
TIME WARNER INC COM COM 887317105 8,167.50 550 SH SOLE 550
TOWER BANCORP INC COM COM 891709107 1,610,471.60 41,507 SH SOLE 41,507
TOWER GROUP INC COM COM 891777104 2,349.00 100 SH SOLE 100
TOYOTA MOTOR CORP SP ADR
REP 2COM ADR 892331307 10,150.00 100 SH SOLE 100
TRUMP HOTELS & CASIN COM 898168109 1.00 60 SH SOLE 60
TRUMP ENTMT RESORTS
INC COM COM 89816T103 2.79 1 SH SOLE 1
UST INC COM COM 902911106 26,035.00 500 SH SOLE 500
US BANCORP DEL COM NEW COM 902973304 956,579.14 28,226 SH SOLE 28,226
U M H PROPERTIES INC COM COM 903002103 6,030.00 600 SH SOLE 600
ULTRA PETROLEUM CORP COM COM 903914109 6,645.60 80 SH SOLE 80
UNDER ARMOUR INC CL A COM 904311107 296,637.00 8,900 SH SOLE 8,900
UNION PAC CORP COM COM 907818108 81,306.40 560 SH SOLE 560
UNIT CORP COM COM 909218109 831,981.00 13,100 SH SOLE 13,100
UNITED TECHNOLOGIES
CORP COM COM 913017109 86,964.00 1,200 SH SOLE 1,200
UNITEDHEALTH GROUP
INC COM COM 91324P102 150,098.00 4,600 SH SOLE 4,600
URBAN OUTFITTERS INC COM COM 917047102 82,850.75 2,419 SH SOLE 2,419
VCA ANTECH INC COM COM 918194101 65,711.10 2,030 SH SOLE 2,030
VANGUARD HEALTHCARE
VIPER ETF ETF 92204A504 176,767.50 3,250 SH SOLE 3,250
VANGUARD SM CAP VAL VIPER ETF 922908611 81,955.90 1,300 SH SOLE 1,300
VERIZON COMMUNICATIONS COM 92343V104 417,700.40 10,855 SH SOLE 10,855
VIAD CORP COM NEW COM 92552R406 11,011.00 350 SH SOLE 350
VISA INC COM CL A COM 92826C839 147,372.70 1,766 SH SOLE 1,766
VODAFONE GROUP PLC NEW
SPONS ADR ADR 92857W209 103,749.82 3,277 SH SOLE 3,277
WI-LAN INC COM COM 928972108 275.37 146 SH SOLE 146
VORNADO RLTY TR PFD
G 6.625% PFD 929042802 10,745.00 500 SH SOLE 500
W HOLDING COMPANY INC COM 929251106 6,360.00 6,000 SH SOLE 6,000
WVS FINL CORP COM COM 929358109 9,720.00 600 SH SOLE 600
WABTEC CORP COM COM 929740108 6,303.36 147 SH SOLE 147
WACHOVIA CORP 2ND NEW COM COM 929903102 513,593.85 17,619 SH SOLE 17,619
WAL MART STORES INC COM COM 931142103 267,519.72 4,614 SH SOLE 4,614
WASHINGTON MUT INC COM COM 939322103 14,748.00 1,200 SH SOLE 1,200
WEBSTER FINL CORP
CONN COM COM 947890109 3,699.10 142 SH SOLE 142
WELLPOINT INC COM COM 94973V107 2,786.00 56 SH SOLE 56
WELLS FARGO & CO NEW COM COM 949746101 14,875.00 500 SH SOLE 500
WELLS FARGO CAPITAL
TRUST IV PFD 94976Y207 10,016.00 400 SH SOLE 400
WEYERHAEUSER CO COM COM 962166104 6,388.00 100 SH SOLE 100
WILLIAMS COS INC DEL COM COM 969457100 23,643.00 666 SH SOLE 666
WILMINGTON TRUST CORP NEW COM 971807102 39,456.00 1,200 SH SOLE 1,200
WILSHIRE BANCORP INC COM COM 97186T108 1,648.00 200 SH SOLE 200
WINDSTREAM CORP COM COM 97381W104 20,908.94 1,781 SH SOLE 1,781
WYETH COM COM 983024100 111,175.00 2,500 SH SOLE 2,500
XCL LTD DEL COM COM 983701103 0.04 66 SH SOLE 66
XCEL ENERGY INC COM COM 98389B100 201,760.00 9,700 SH SOLE 9,700
YORK TRADITIONS BANK COM 987159100 50,000.00 6,250 SH SOLE 6,250
ZIMMER HLDGS INC COM COM 98956P102 45,979.20 620 SH SOLE 620
ZIONS BANCORP COM 989701107 3,059.10 66 SH SOLE 66
AGWAY INC COM AG1987993 0.00 1 SH SOLE 1
CV CO-OP ASSOCIATION COM CVC675997 1.00 18 SH SOLE 18
ARLINGTON TANKERS LTD COM COM G04899103 8,948.00 400 SH SOLE 400
ASSURED GUARANTY LTD COM COM G0585R106 8,269.83 327 SH SOLE 327
CHINA YUCHAI
INTERNATIONAL LTD COM G21082105 3,764.00 400 SH SOLE 400
COVIDIEN LTD COM COM G2552X108 33,710.19 722 SH SOLE 722
ASA LIMITED COM COM G3156P103 4,915.89 63 SH SOLE 63
GARMIN LTD ORD COM G37260109 245,400.00 6,000 SH SOLE 6,000
INGERSOLL-RAND COMPANY
LTD CL A COM G4776G101 1,038,492.00 23,400 SH SOLE 23,400
MARVELL TECHNOLOGY
GROUP LTDORD COM G5876H105 387,205.00 29,900 SH SOLE 29,900
NOBLE CORPORATION SHS COM G65422100 20,137.36 302 SH SOLE 302
PRUDENTIAL PLC PER
SUB 6.50% PFD G7293H189 15,414.00 700 SH SOLE 700
RENAISSANCERE HOLDINGS
LTD PFD C 6.08% PFD G7498P309 9,670.00 500 SH SOLE 500
TRANSOCEAN INC NEW SHS COM G90073100 255,400.72 1,732 SH SOLE 1,732
TYCO INTERNATIONAL LTD COM G9143X208 33,782.39 722 SH SOLE 722
TYCO ELECTRONICS LTD
COM NEW COM G9144P105 45,715.03 1,222 SH SOLE 1,222
MILLICOM INTL CELLULAR COM L6388F110 2,376.22 22 SH SOLE 22
AEGON NV PFD PER 6.875% PFD N00927306 4,566.00 200 SH SOLE 200
ASML HOLDING N V NY
REG SHS COM N07059186 10,067.80 355 SH SOLE 355
DIANA SHIPPING INC COM COM Y2066G104 3,036.00 100 SH SOLE 100
DRYSHIPS INC COM Y2109Q101 5,280.00 64 SH SOLE 64
DOUBLE HULL TANKERS
INC COM COM Y21110104 7,175.00 700 SH SOLE 700
GENERAL MARITIME CORP SHS COM Y2692M103 7,839.00 300 SH SOLE 300
Total Holdings = 560 $132,099,249.24 3,520,421.89 2,670,271.92 850,149.9749
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