The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGL Resources COM 001204106 1,309 25,500 SH   SOLE   0 0 25,500
AllianceBernstein Holdings, LP COM 01881g106 737 28,328 SH   SOLE   0 0 28,328
Altas Energy L.P. COM 04930a104 854 19,414 SH   SOLE   0 0 19,414
Atlas Pipeline Partners LP COM 049392103 977 26,785 SH   SOLE   0 0 26,785
Crestwood Equity Partners LP COM 226344109 384 36,336 SH   SOLE   0 0 36,336
Crestwood Midstream Partners L COM 226378107 356 15,698 SH   SOLE   0 0 15,698
DCP Midstream Partners, LP COM 23311P100 40,426 742,435 SH   SOLE   0 0 742,435
Dominion Resources COM 25746u109 231 3,350 SH   SOLE   0 0 3,350
Duke Realty COM 264411505 998 58,100 SH   SOLE   0 0 58,100
Enbridge Energy Mgmt. COM 29250x103 1,671 44,907 SH   SOLE   0 0 44,907
Enbridge Energy Partners L.P. COM 29250R106 594 15,300 SH   SOLE   0 0 15,300
Enbridge Inc. COM 29250n105 927 19,360 SH   SOLE   0 0 19,360
Energy Transfer Equity LP COM 29273V100 59,987 972,398 SH   SOLE   0 0 972,398
Enterprise Prod Partners COM 293792107 73,053 1,812,729 SH   SOLE   0 0 1,812,729
Golar LNG Partners LP COM y2745c102 449 12,941 SH   SOLE   0 0 12,941
Kinder Morgan Inc. COM 49456b101 804 20,963 SH   SOLE   0 0 20,963
Kinder Morgan Mgmt COM 49455u100 4,451 47,274 SH   SOLE   0 0 47,274
Liberty Property Tr COM 531172104 2,605 78,333 SH   SOLE   0 0 78,333
Magellan Midstream Partners, L COM 559080106 74,927 890,076 SH   SOLE   0 0 890,076
MarkWest Energy Partners LP COM 570759100 2,965 38,594 SH   SOLE   0 0 38,594
NextEra Energy COM 65339F101 5,783 61,596 SH   SOLE   0 0 61,596
Nordic Offshore Ltd. COM y6366t112 1,020 57,911 SH   SOLE   0 0 57,911
Northstar Realty Finance Corp. COM 66704r704 1,315 74,400 SH   SOLE   0 0 74,400
Nustar GP Holdings LLC COM 67059l102 387 8,900 SH   SOLE   0 0 8,900
Plains All American Pipeline L COM 726503105 50,552 858,854 SH   SOLE   0 0 858,854
Resource Capital COM 76120W302 4,613 947,221 SH   SOLE   0 0 947,221
SPDR Dow Jones REIT ETF COM 78464a607 763 9,560 SH   SOLE   0 0 9,560
Spectra Energy COM 847560109 326 8,300 SH   SOLE   0 0 8,300
StoneMor Partners LP COM 86183q100 587 22,776 SH   SOLE   0 0 22,776
Surburban Propane Partners LP COM 864482104 625 14,024 SH   SOLE   0 0 14,024
Teekay LNG Partners COM y8564m105 208 4,780 SH   SOLE   0 0 4,780
Teekay Offshore Partners, L.P. COM y8565j101 1,834 54,591 SH   SOLE   0 0 54,591
Two Harbors Investment Corp. COM 90187B101 1,159 119,850 SH   SOLE   0 0 119,850
Verizon Comm COM 92343V104 24,228 484,647 SH   SOLE   0 0 484,647
Williams Companies Inc COM 969457100 1,227 22,175 SH   SOLE   0 0 22,175
Williams Partners, LP COM 96950f104 778 14,665 SH   SOLE   0 0 14,665
3M Company COM 88579y101 2,128 15,017 SH   SOLE   0 0 15,017
ABB Ltd. COM 000375204 652 29,100 SH   SOLE   0 0 29,100
Abbott Laboratories COM 002824100 265 6,368 SH   SOLE   0 0 6,368
Advance Auto Parts COM 00751Y106 13,842 106,228 SH   SOLE   0 0 106,228
Aegon COM 007924103 197 24,000 SH   SOLE   0 0 24,000
Air Products COM 009158106 216 1,661 SH   SOLE   0 0 1,661
Airgas Inc. COM 009363102 211 1,907 SH   SOLE   0 0 1,907
Alaska Airlines COM 011659109 5,201 119,450 SH   SOLE   0 0 119,450
Alexion Pharmaceutical COM 015351109 9,097 54,860 SH   SOLE   0 0 54,860
American Airlines Group COM 02376r102 11,832 333,493 SH   SOLE   0 0 333,493
American Express COM 025816109 766 8,754 SH   SOLE   0 0 8,754
American Intl. Group COM 026874784 30,254 560,054 SH   SOLE   0 0 560,054
Anheuser-Busch InBev COM b5064a925 11,351 102,439 SH   SOLE   0 0 102,439
Anheuser-Busch Inbev ADR COM 03524A108 10,890 98,241 SH   SOLE   0 0 98,241
Apache Corp COM 037411105 367 3,906 SH   SOLE   0 0 3,906
Apple Computer COM 037833100 52,425 520,348 SH   SOLE   0 0 520,348
Automatic Data Processing COM 053015103 2,504 30,136 SH   SOLE   0 0 30,136
Bancorp Inc COM 05969a105 5,742 668,449 SH   SOLE   0 0 668,449
Bank of America COM 060505104 4,750 278,590 SH   SOLE   0 0 278,590
Bayer AG COM 072730302 3,853 27,500 SH   SOLE   0 0 27,500
Becton Dickinson COM 075887109 1,325 11,643 SH   SOLE   0 0 11,643
BlackRock, Inc. COM 09247x101 17,568 53,508 SH   SOLE   0 0 53,508
Blackstone Group COM 09253U108 1,966 62,450 SH   SOLE   0 0 62,450
Brkshire Hathaway A COM 084670108 621 3 SH   SOLE   0 0 3
Brkshire Hathaway B COM 084670702 3,094 22,395 SH   SOLE   0 0 22,395
CVS Health Corp COM 126650100 13,160 165,344 SH   SOLE   0 0 165,344
Canadian Oil Sands Trust Ltd COM 13643E105 832 45,056 SH   SOLE   0 0 45,056
Capital One Financial COM 14040H105 9,199 112,708 SH   SOLE   0 0 112,708
Caterpillar COM 149123101 233 2,350 SH   SOLE   0 0 2,350
Celgne Corp COM 151020104 10,674 112,620 SH   SOLE   0 0 112,620
Chemtura Corporation COM 163893209 711 30,496 SH   SOLE   0 0 30,496
Chevron COM 166764100 3,481 29,172 SH   SOLE   0 0 29,172
Chubb COM 171232101 978 10,735 SH   SOLE   0 0 10,735
Cisco Systems COM 17275R102 402 15,959 SH   SOLE   0 0 15,959
Citigroup COM 172967424 4,644 89,626 SH   SOLE   0 0 89,626
Coca Cola Co. COM 191216100 14,235 333,686 SH   SOLE   0 0 333,686
Colgate Palmolive COM 194162103 4,512 69,177 SH   SOLE   0 0 69,177
Comcast Cl A COM 20030N101 256 4,762 SH   SOLE   0 0 4,762
ConocoPhillips COM 20825C104 3,708 48,462 SH   SOLE   0 0 48,462
Costco Wholesale COM 22160K105 2,897 23,117 SH   SOLE   0 0 23,117
DST Systems COM 233326107 809 9,645 SH   SOLE   0 0 9,645
Deere & Co. COM 244199105 329 4,008 SH   SOLE   0 0 4,008
Delta Airlines COM 247361702 12,984 359,179 SH   SOLE   0 0 359,179
Dentsply Intl COM 249030107 2,172 47,640 SH   SOLE   0 0 47,640
Diageo PLC Spon ADR COM 25243q205 202 1,753 SH   SOLE   0 0 1,753
Diebold COM 253651103 1,024 28,984 SH   SOLE   0 0 28,984
DirectTV COM 25490a309 881 10,182 SH   SOLE   0 0 10,182
Discovery Comm C COM 25470f302 1,241 33,290 SH   SOLE   0 0 33,290
Discovery Holding A COM 25470f104 405 10,704 SH   SOLE   0 0 10,704
Dow Chemical COM 260543103 5,160 98,405 SH   SOLE   0 0 98,405
Emerson Electric Co. COM 291011104 700 11,187 SH   SOLE   0 0 11,187
Energy XXI Limited COM g10082140 611 53,869 SH   SOLE   0 0 53,869
Estee Lauder COM 518439104 613 8,200 SH   SOLE   0 0 8,200
Exact Sciences Corporation COM 30063p105 328 16,925 SH   SOLE   0 0 16,925
Exelon Corp. COM 30161N101 737 21,632 SH   SOLE   0 0 21,632
Exxon Mobil COM 30231G102 3,521 37,442 SH   SOLE   0 0 37,442
F.N.B. Corp. COM 302520101 419 34,968 SH   SOLE   0 0 34,968
Ferro Corp COM 315405100 1,631 112,544 SH   SOLE   0 0 112,544
Fomento Economico Mexicano SA COM 344419106 3,909 42,470 SH   SOLE   0 0 42,470
Franklin Resources COM 354613101 1,774 32,490 SH   SOLE   0 0 32,490
Gamco Investors A COM 361438104 926 13,088 SH   SOLE   0 0 13,088
General Electric COM 369604103 4,874 190,257 SH   SOLE   0 0 190,257
General Mills COM 370334104 239 4,744 SH   SOLE   0 0 4,744
Genuine Parts COM 372460105 932 10,627 SH   SOLE   0 0 10,627
Gilead Science COM 375558103 14,740 138,470 SH   SOLE   0 0 138,470
GlaxoSmithkline PLC COM 37733w105 1,680 36,550 SH   SOLE   0 0 36,550
Google Cl A COM 38259P508 19,395 32,961 SH   SOLE   0 0 32,961
Google Cl C COM 38259P706 21,463 37,175 SH   SOLE   0 0 37,175
Henry Schein COM 806407102 3,718 31,925 SH   SOLE   0 0 31,925
IBM COM 459200101 3,779 19,905 SH   SOLE   0 0 19,905
Illinois Tool Works COM 452308109 554 6,559 SH   SOLE   0 0 6,559
Intel Corp. COM 458140100 533 15,304 SH   SOLE   0 0 15,304
Invesco COM G491BT108 1,354 34,296 SH   SOLE   0 0 34,296
J.P. Morgan Chase COM 46625h100 38,430 637,941 SH   SOLE   0 0 637,941
JPMorgan China Region Fund COM 48126T104 852 56,009 SH   SOLE   0 0 56,009
Johnson & Johnson COM 478160104 47,359 444,308 SH   SOLE   0 0 444,308
KKR & Co. LP COM 48248M102 1,969 88,300 SH   SOLE   0 0 88,300
Kimberly Clark COM 494368103 2,137 19,866 SH   SOLE   0 0 19,866
LKQ Corporation COM 501889208 803 30,200 SH   SOLE   0 0 30,200
Lehman Note COM 524ESC100 0 12,800 SH   SOLE   0 0 12,800
Liberty Media Series C COM 531229300 348 7,412 SH   SOLE   0 0 7,412
Marriott Intl Class A COM 571903202 8,312 118,910 SH   SOLE   0 0 118,910
McDonald's Corp. COM 580135101 511 5,386 SH   SOLE   0 0 5,386
Medtronic COM 585055106 580 9,369 SH   SOLE   0 0 9,369
Merck COM 58933y105 3,315 55,928 SH   SOLE   0 0 55,928
MetLife COM 59156R108 4,392 81,753 SH   SOLE   0 0 81,753
Micron Technology Inc. COM 595112103 6,037 176,211 SH   SOLE   0 0 176,211
Microsoft COM 594918104 537 11,590 SH   SOLE   0 0 11,590
Mondelez International Inc. COM 609207105 483 14,083 SH   SOLE   0 0 14,083
Morgan Stanley COM 617446448 11,879 343,626 SH   SOLE   0 0 343,626
Nestle Spons ADR COM 641069406 37,628 511,797 SH   SOLE   0 0 511,797
Noble Energy COM 655044105 3,577 52,330 SH   SOLE   0 0 52,330
Novartis COM 66987V109 2,509 26,654 SH   SOLE   0 0 26,654
Occidental Petroleum COM 674599105 1,467 15,259 SH   SOLE   0 0 15,259
Oracle COM 68389X105 363 9,495 SH   SOLE   0 0 9,495
Pepsico COM 713448108 3,685 39,585 SH   SOLE   0 0 39,585
Pfizer COM 717081103 3,421 115,693 SH   SOLE   0 0 115,693
Phillips 66 COM 718546104 1,675 20,600 SH   SOLE   0 0 20,600
Praxair COM 74005P104 3,722 28,851 SH   SOLE   0 0 28,851
ProShares UltrShort S&P 500 COM 74348a442 2,033 44,806 SH   SOLE   0 0 44,806
ProShares UltraShort Russell 2 COM 74348a319 3,198 64,971 SH   SOLE   0 0 64,971
Procter & Gamble COM 742718109 8,351 99,722 SH   SOLE   0 0 99,722
Resource America COM 761195205 7,316 785,779 SH   SOLE   0 0 785,779
Roche Holding AG COM 771195104 20,418 551,303 SH   SOLE   0 0 551,303
Royal Dutch Shell COM 780259206 2,094 27,512 SH   SOLE   0 0 27,512
SAB Miller PLC/GBP/ COM G77395104 1,273 22,899 SH   SOLE   0 0 22,899
SPDR Index Shs S&P China COM 78463X400 2,529 33,000 SH   SOLE   0 0 33,000
SPDR S&P 500 ETF COM 78462F103 1,834 9,310 SH   SOLE   0 0 9,310
Schlumberger COM 806857108 19,146 188,280 SH   SOLE   0 0 188,280
Silicon Motion Technologies Co COM 82706c108 1,570 58,288 SH   SOLE   0 0 58,288
State Street Corp COM 857477103 645 8,764 SH   SOLE   0 0 8,764
Stryker Corp COM 863667101 1,083 13,412 SH   SOLE   0 0 13,412
SunEdison Semiconductor, Inc. COM y8213l102 509 26,322 SH   SOLE   0 0 26,322
Suncor Energy Inc. COM 867224107 986 27,277 SH   SOLE   0 0 27,277
Sysco COM 871829107 1,938 51,068 SH   SOLE   0 0 51,068
Thermo Fisher Scientific COM 883556102 4,063 33,387 SH   SOLE   0 0 33,387
Tiffany & Co. COM 886547108 816 8,469 SH   SOLE   0 0 8,469
Time Warner Cable, Inc. COM 88732j207 548 3,818 SH   SOLE   0 0 3,818
Time Warner Inc. COM 887317303 2,249 29,898 SH   SOLE   0 0 29,898
TriQuint Semiconductor Inc. COM 89674k103 1,065 55,836 SH   SOLE   0 0 55,836
Tronox Inc. COM Q9235V101 398 15,274 SH   SOLE   0 0 15,274
Twenty-First Century Fox COM 90130A101 6,979 203,528 SH   SOLE   0 0 203,528
UBS AG COM H89231338 4,164 239,740 SH   SOLE   0 0 239,740
Unilever NV NY COM 904784709 4,430 111,645 SH   SOLE   0 0 111,645
Union Pacific COM 907818108 11,272 103,962 SH   SOLE   0 0 103,962
United Continental Holdings, I COM 910047109 21,873 467,480 SH   SOLE   0 0 467,480
United Technologies COM 913017109 341 3,233 SH   SOLE   0 0 3,233
UnitedHealth Group COM 91324P102 259 3,000 SH   SOLE   0 0 3,000
Viacom Class B COM 92553p201 624 8,116 SH   SOLE   0 0 8,116
W. W. Grainger COM 384802104 520 2,066 SH   SOLE   0 0 2,066
Walt Disney COM 254687106 1,175 13,194 SH   SOLE   0 0 13,194
Wells Fargo COM 949746101 6,118 117,946 SH   SOLE   0 0 117,946
Xinhua China 25 Index Fund COM 464287184 528 13,792 SH   SOLE   0 0 13,792
duPont COM 263534109 4,053 56,476 SH   SOLE   0 0 56,476