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
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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AGL ResourcesCOM0012041061,30925,500SH SOLE 0025,500
AllianceBernstein Holdings, LPCOM01881g10673728,328SH SOLE 0028,328
Altas Energy L.P.COM04930a10485419,414SH SOLE 0019,414
Atlas Pipeline Partners LPCOM04939210397726,785SH SOLE 0026,785
Crestwood Equity Partners LPCOM22634410938436,336SH SOLE 0036,336
Crestwood Midstream Partners LCOM22637810735615,698SH SOLE 0015,698
DCP Midstream Partners, LPCOM23311P10040,426742,435SH SOLE 00742,435
Dominion ResourcesCOM25746u1092313,350SH SOLE 003,350
Duke RealtyCOM26441150599858,100SH SOLE 0058,100
Enbridge Energy Mgmt.COM29250x1031,67144,907SH SOLE 0044,907
Enbridge Energy Partners L.P.COM29250R10659415,300SH SOLE 0015,300
Enbridge Inc.COM29250n10592719,360SH SOLE 0019,360
Energy Transfer Equity LPCOM29273V10059,987972,398SH SOLE 00972,398
Enterprise Prod PartnersCOM29379210773,0531,812,729SH SOLE 001,812,729
Golar LNG Partners LPCOMy2745c10244912,941SH SOLE 0012,941
Kinder Morgan Inc.COM49456b10180420,963SH SOLE 0020,963
Kinder Morgan MgmtCOM49455u1004,45147,274SH SOLE 0047,274
Liberty Property TrCOM5311721042,60578,333SH SOLE 0078,333
Magellan Midstream Partners, LCOM55908010674,927890,076SH SOLE 00890,076
MarkWest Energy Partners LPCOM5707591002,96538,594SH SOLE 0038,594
NextEra EnergyCOM65339F1015,78361,596SH SOLE 0061,596
Nordic Offshore Ltd.COMy6366t1121,02057,911SH SOLE 0057,911
Northstar Realty Finance Corp.COM66704r7041,31574,400SH SOLE 0074,400
Nustar GP Holdings LLCCOM67059l1023878,900SH SOLE 008,900
Plains All American Pipeline LCOM72650310550,552858,854SH SOLE 00858,854
Resource CapitalCOM76120W3024,613947,221SH SOLE 00947,221
SPDR Dow Jones REIT ETFCOM78464a6077639,560SH SOLE 009,560
Spectra EnergyCOM8475601093268,300SH SOLE 008,300
StoneMor Partners LPCOM86183q10058722,776SH SOLE 0022,776
Surburban Propane Partners LPCOM86448210462514,024SH SOLE 0014,024
Teekay LNG PartnersCOMy8564m1052084,780SH SOLE 004,780
Teekay Offshore Partners, L.P.COMy8565j1011,83454,591SH SOLE 0054,591
Two Harbors Investment Corp.COM90187B1011,159119,850SH SOLE 00119,850
Verizon CommCOM92343V10424,228484,647SH SOLE 00484,647
Williams Companies IncCOM9694571001,22722,175SH SOLE 0022,175
Williams Partners, LPCOM96950f10477814,665SH SOLE 0014,665
3M CompanyCOM88579y1012,12815,017SH SOLE 0015,017
ABB Ltd.COM00037520465229,100SH SOLE 0029,100
Abbott LaboratoriesCOM0028241002656,368SH SOLE 006,368
Advance Auto PartsCOM00751Y10613,842106,228SH SOLE 00106,228
AegonCOM00792410319724,000SH SOLE 0024,000
Air ProductsCOM0091581062161,661SH SOLE 001,661
Airgas Inc.COM0093631022111,907SH SOLE 001,907
Alaska AirlinesCOM0116591095,201119,450SH SOLE 00119,450
Alexion PharmaceuticalCOM0153511099,09754,860SH SOLE 0054,860
American Airlines GroupCOM02376r10211,832333,493SH SOLE 00333,493
American ExpressCOM0258161097668,754SH SOLE 008,754
American Intl. GroupCOM02687478430,254560,054SH SOLE 00560,054
Anheuser-Busch InBevCOMb5064a92511,351102,439SH SOLE 00102,439
Anheuser-Busch Inbev ADRCOM03524A10810,89098,241SH SOLE 0098,241
Apache CorpCOM0374111053673,906SH SOLE 003,906
Apple ComputerCOM03783310052,425520,348SH SOLE 00520,348
Automatic Data ProcessingCOM0530151032,50430,136SH SOLE 0030,136
Bancorp IncCOM05969a1055,742668,449SH SOLE 00668,449
Bank of AmericaCOM0605051044,750278,590SH SOLE 00278,590
Bayer AGCOM0727303023,85327,500SH SOLE 0027,500
Becton DickinsonCOM0758871091,32511,643SH SOLE 0011,643
BlackRock, Inc.COM09247x10117,56853,508SH SOLE 0053,508
Blackstone GroupCOM09253U1081,96662,450SH SOLE 0062,450
Brkshire Hathaway ACOM0846701086213SH SOLE 003
Brkshire Hathaway BCOM0846707023,09422,395SH SOLE 0022,395
CVS Health CorpCOM12665010013,160165,344SH SOLE 00165,344
Canadian Oil Sands Trust LtdCOM13643E10583245,056SH SOLE 0045,056
Capital One FinancialCOM14040H1059,199112,708SH SOLE 00112,708
CaterpillarCOM1491231012332,350SH SOLE 002,350
Celgne CorpCOM15102010410,674112,620SH SOLE 00112,620
Chemtura CorporationCOM16389320971130,496SH SOLE 0030,496
ChevronCOM1667641003,48129,172SH SOLE 0029,172
ChubbCOM17123210197810,735SH SOLE 0010,735
Cisco SystemsCOM17275R10240215,959SH SOLE 0015,959
CitigroupCOM1729674244,64489,626SH SOLE 0089,626
Coca Cola Co.COM19121610014,235333,686SH SOLE 00333,686
Colgate PalmoliveCOM1941621034,51269,177SH SOLE 0069,177
Comcast Cl ACOM20030N1012564,762SH SOLE 004,762
ConocoPhillipsCOM20825C1043,70848,462SH SOLE 0048,462
Costco WholesaleCOM22160K1052,89723,117SH SOLE 0023,117
DST SystemsCOM2333261078099,645SH SOLE 009,645
Deere & Co.COM2441991053294,008SH SOLE 004,008
Delta AirlinesCOM24736170212,984359,179SH SOLE 00359,179
Dentsply IntlCOM2490301072,17247,640SH SOLE 0047,640
Diageo PLC Spon ADRCOM25243q2052021,753SH SOLE 001,753
DieboldCOM2536511031,02428,984SH SOLE 0028,984
DirectTVCOM25490a30988110,182SH SOLE 0010,182
Discovery Comm CCOM25470f3021,24133,290SH SOLE 0033,290
Discovery Holding ACOM25470f10440510,704SH SOLE 0010,704
Dow ChemicalCOM2605431035,16098,405SH SOLE 0098,405
Emerson Electric Co.COM29101110470011,187SH SOLE 0011,187
Energy XXI LimitedCOMg1008214061153,869SH SOLE 0053,869
Estee LauderCOM5184391046138,200SH SOLE 008,200
Exact Sciences CorporationCOM30063p10532816,925SH SOLE 0016,925
Exelon Corp.COM30161N10173721,632SH SOLE 0021,632
Exxon MobilCOM30231G1023,52137,442SH SOLE 0037,442
F.N.B. Corp.COM30252010141934,968SH SOLE 0034,968
Ferro CorpCOM3154051001,631112,544SH SOLE 00112,544
Fomento Economico Mexicano SACOM3444191063,90942,470SH SOLE 0042,470
Franklin ResourcesCOM3546131011,77432,490SH SOLE 0032,490
Gamco Investors ACOM36143810492613,088SH SOLE 0013,088
General ElectricCOM3696041034,874190,257SH SOLE 00190,257
General MillsCOM3703341042394,744SH SOLE 004,744
Genuine PartsCOM37246010593210,627SH SOLE 0010,627
Gilead ScienceCOM37555810314,740138,470SH SOLE 00138,470
GlaxoSmithkline PLCCOM37733w1051,68036,550SH SOLE 0036,550
Google Cl ACOM38259P50819,39532,961SH SOLE 0032,961
Google Cl CCOM38259P70621,46337,175SH SOLE 0037,175
Henry ScheinCOM8064071023,71831,925SH SOLE 0031,925
IBMCOM4592001013,77919,905SH SOLE 0019,905
Illinois Tool WorksCOM4523081095546,559SH SOLE 006,559
Intel Corp.COM45814010053315,304SH SOLE 0015,304
InvescoCOMG491BT1081,35434,296SH SOLE 0034,296
J.P. Morgan ChaseCOM46625h10038,430637,941SH SOLE 00637,941
JPMorgan China Region FundCOM48126T10485256,009SH SOLE 0056,009
Johnson & JohnsonCOM47816010447,359444,308SH SOLE 00444,308
KKR & Co. LPCOM48248M1021,96988,300SH SOLE 0088,300
Kimberly ClarkCOM4943681032,13719,866SH SOLE 0019,866
LKQ CorporationCOM50188920880330,200SH SOLE 0030,200
Lehman NoteCOM524ESC100012,800SH SOLE 0012,800
Liberty Media Series CCOM5312293003487,412SH SOLE 007,412
Marriott Intl Class ACOM5719032028,312118,910SH SOLE 00118,910
McDonald's Corp.COM5801351015115,386SH SOLE 005,386
MedtronicCOM5850551065809,369SH SOLE 009,369
MerckCOM58933y1053,31555,928SH SOLE 0055,928
MetLifeCOM59156R1084,39281,753SH SOLE 0081,753
Micron Technology Inc.COM5951121036,037176,211SH SOLE 00176,211
MicrosoftCOM59491810453711,590SH SOLE 0011,590
Mondelez International Inc.COM60920710548314,083SH SOLE 0014,083
Morgan StanleyCOM61744644811,879343,626SH SOLE 00343,626
Nestle Spons ADRCOM64106940637,628511,797SH SOLE 00511,797
Noble EnergyCOM6550441053,57752,330SH SOLE 0052,330
NovartisCOM66987V1092,50926,654SH SOLE 0026,654
Occidental PetroleumCOM6745991051,46715,259SH SOLE 0015,259
OracleCOM68389X1053639,495SH SOLE 009,495
PepsicoCOM7134481083,68539,585SH SOLE 0039,585
PfizerCOM7170811033,421115,693SH SOLE 00115,693
Phillips 66COM7185461041,67520,600SH SOLE 0020,600
PraxairCOM74005P1043,72228,851SH SOLE 0028,851
ProShares UltrShort S&P 500COM74348a4422,03344,806SH SOLE 0044,806
ProShares UltraShort Russell 2COM74348a3193,19864,971SH SOLE 0064,971
Procter & GambleCOM7427181098,35199,722SH SOLE 0099,722
Resource AmericaCOM7611952057,316785,779SH SOLE 00785,779
Roche Holding AGCOM77119510420,418551,303SH SOLE 00551,303
Royal Dutch ShellCOM7802592062,09427,512SH SOLE 0027,512
SAB Miller PLC/GBP/COMG773951041,27322,899SH SOLE 0022,899
SPDR Index Shs S&P ChinaCOM78463X4002,52933,000SH SOLE 0033,000
SPDR S&P 500 ETFCOM78462F1031,8349,310SH SOLE 009,310
SchlumbergerCOM80685710819,146188,280SH SOLE 00188,280
Silicon Motion Technologies CoCOM82706c1081,57058,288SH SOLE 0058,288
State Street CorpCOM8574771036458,764SH SOLE 008,764
Stryker CorpCOM8636671011,08313,412SH SOLE 0013,412
SunEdison Semiconductor, Inc.COMy8213l10250926,322SH SOLE 0026,322
Suncor Energy Inc.COM86722410798627,277SH SOLE 0027,277
SyscoCOM8718291071,93851,068SH SOLE 0051,068
Thermo Fisher ScientificCOM8835561024,06333,387SH SOLE 0033,387
Tiffany & Co.COM8865471088168,469SH SOLE 008,469
Time Warner Cable, Inc.COM88732j2075483,818SH SOLE 003,818
Time Warner Inc.COM8873173032,24929,898SH SOLE 0029,898
TriQuint Semiconductor Inc.COM89674k1031,06555,836SH SOLE 0055,836
Tronox Inc.COMQ9235V10139815,274SH SOLE 0015,274
Twenty-First Century FoxCOM90130A1016,979203,528SH SOLE 00203,528
UBS AGCOMH892313384,164239,740SH SOLE 00239,740
Unilever NV NYCOM9047847094,430111,645SH SOLE 00111,645
Union PacificCOM90781810811,272103,962SH SOLE 00103,962
United Continental Holdings, ICOM91004710921,873467,480SH SOLE 00467,480
United TechnologiesCOM9130171093413,233SH SOLE 003,233
UnitedHealth GroupCOM91324P1022593,000SH SOLE 003,000
Viacom Class BCOM92553p2016248,116SH SOLE 008,116
W. W. GraingerCOM3848021045202,066SH SOLE 002,066
Walt DisneyCOM2546871061,17513,194SH SOLE 0013,194
Wells FargoCOM9497461016,118117,946SH SOLE 00117,946
Xinhua China 25 Index FundCOM46428718452813,792SH SOLE 0013,792
duPontCOM2635341094,05356,476SH SOLE 0056,476