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 1,231 24,800 SH   SOLE   0 0 24,800
AT&T COM 00206r102 383 11,742 SH   SOLE   0 0 11,742
AllianceBernstein Holdings, LP COM 01881g106 837 27,128 SH   SOLE   0 0 27,128
Calumet Specialty Products Par COM 131476103 254 10,574 SH   SOLE   0 0 10,574
Crestwood Equity Partners LP COM 226344109 218 36,336 SH   SOLE   0 0 36,336
Crestwood Midstream Partners L COM 226378107 228 15,698 SH   SOLE   0 0 15,698
DCP Midstream Partners, LP COM 23311P100 18,537 501,667 SH   SOLE   0 0 501,667
Dominion Resources COM 25746u109 230 3,250 SH   SOLE   0 0 3,250
Duke Realty COM 264411505 1,176 54,000 SH   SOLE   0 0 54,000
Enbridge Energy Mgmt. COM 29250x103 1,684 46,291 SH   SOLE   0 0 46,291
Enbridge Energy Partners L.P. COM 29250R106 551 15,300 SH   SOLE   0 0 15,300
Enbridge Inc. COM 29250n105 703 14,495 SH   SOLE   0 0 14,495
Energy Transfer Equity LP COM 29273V100 62,562 987,398 SH   SOLE   0 0 987,398
Enterprise Prod Partners COM 293792107 61,392 1,864,318 SH   SOLE   0 0 1,864,318
Kinder Morgan Inc. COM 49456b101 11,944 283,976 SH   SOLE   0 0 283,976
Liberty Property Tr COM 531172104 3,259 91,283 SH   SOLE   0 0 91,283
Magellan Midstream Partners, L COM 559080106 71,364 930,303 SH   SOLE   0 0 930,303
MarkWest Energy Partners LP COM 570759100 2,086 31,564 SH   SOLE   0 0 31,564
Navios Maritime Partners, LP COM y62267102 611 54,865 SH   SOLE   0 0 54,865
NextEra Energy COM 65339F101 21,909 210,566 SH   SOLE   0 0 210,566
Northstar Realty Finance Corp. COM 66704r704 1,348 74,400 SH   SOLE   0 0 74,400
Nustar GP Holdings LLC COM 67059l102 315 8,900 SH   SOLE   0 0 8,900
Plains All American Pipeline L COM 726503105 40,317 826,675 SH   SOLE   0 0 826,675
Resource Capital COM 76120W302 4,369 962,371 SH   SOLE   0 0 962,371
SPDR Dow Jones REIT ETF COM 78464a607 452 4,780 SH   SOLE   0 0 4,780
Spectra Energy COM 847560109 300 8,300 SH   SOLE   0 0 8,300
StoneMor Partners LP COM 86183q100 921 31,966 SH   SOLE   0 0 31,966
Targa Resource Partners LP COM 87611x105 684 16,547 SH   SOLE   0 0 16,547
Targa Resources Corp COM 87612g101 331 3,452 SH   SOLE   0 0 3,452
Two Harbors Investment Corp. COM 90187B101 636 59,920 SH   SOLE   0 0 59,920
Verizon Comm COM 92343V104 3,635 74,742 SH   SOLE   0 0 74,742
Williams Companies Inc COM 969457100 855 16,900 SH   SOLE   0 0 16,900
Williams Partners, LP COM 96949l105 630 12,793 SH   SOLE   0 0 12,793
3M Company COM 88579y101 2,513 15,233 SH   SOLE   0 0 15,233
ABB Ltd. COM 000375204 531 25,100 SH   SOLE   0 0 25,100
Abbott Laboratories COM 002824100 319 6,893 SH   SOLE   0 0 6,893
Advance Auto Parts COM 00751Y106 14,913 99,629 SH   SOLE   0 0 99,629
Aegon COM 007924103 190 24,000 SH   SOLE   0 0 24,000
Affiliated Managers Group, Inc COM 008252108 10,483 48,810 SH   SOLE   0 0 48,810
Air Products COM 009158106 251 1,661 SH   SOLE   0 0 1,661
Airgas Inc. COM 009363102 202 1,907 SH   SOLE   0 0 1,907
Alaska Airlines COM 011659109 15,538 234,790 SH   SOLE   0 0 234,790
Alexion Pharmaceutical COM 015351109 11,699 67,510 SH   SOLE   0 0 67,510
American Airlines Group COM 02376r102 16,900 320,190 SH   SOLE   0 0 320,190
American Express COM 025816109 672 8,604 SH   SOLE   0 0 8,604
American Intl. Group COM 026874784 10,037 183,194 SH   SOLE   0 0 183,194
Anheuser-Busch InBev COM b5064a925 12,437 101,939 SH   SOLE   0 0 101,939
Anheuser-Busch Inbev ADR COM 03524A108 22,616 185,511 SH   SOLE   0 0 185,511
Apple Computer COM 037833100 64,541 518,695 SH   SOLE   0 0 518,695
Automatic Data Processing COM 053015103 1,915 22,360 SH   SOLE   0 0 22,360
Bancorp Inc COM 05969a105 6,326 700,509 SH   SOLE   0 0 700,509
Bayer AG COM 072730302 4,133 27,500 SH   SOLE   0 0 27,500
Becton Dickinson COM 075887109 1,668 11,618 SH   SOLE   0 0 11,618
BlackRock, Inc. COM 09247x101 23,578 64,448 SH   SOLE   0 0 64,448
Blackstone Group COM 09253U108 2,129 54,750 SH   SOLE   0 0 54,750
Boeing Company COM 097023105 365 2,435 SH   SOLE   0 0 2,435
Breeze Eastern COM 106764103 120 11,704 SH   SOLE   0 0 11,704
Brkshire Hathaway A COM 084670108 652 3 SH   SOLE   0 0 3
Brkshire Hathaway B COM 084670702 3,232 22,395 SH   SOLE   0 0 22,395
CVS Health Corp COM 126650100 30,004 290,704 SH   SOLE   0 0 290,704
Capital One Financial COM 14040H105 1,994 25,298 SH   SOLE   0 0 25,298
Celgne Corp COM 151020104 13,922 120,770 SH   SOLE   0 0 120,770
Centurylink Inc COM 156700106 489 14,144 SH   SOLE   0 0 14,144
Chevron COM 166764100 3,044 28,997 SH   SOLE   0 0 28,997
Chubb COM 171232101 1,085 10,735 SH   SOLE   0 0 10,735
Cisco Systems COM 17275R102 472 17,159 SH   SOLE   0 0 17,159
Citigroup COM 172967424 13,832 268,477 SH   SOLE   0 0 268,477
Coca Cola Co. COM 191216100 724 17,866 SH   SOLE   0 0 17,866
Colgate Palmolive COM 194162103 9,931 143,217 SH   SOLE   0 0 143,217
Comcast Cl A COM 20030N101 269 4,762 SH   SOLE   0 0 4,762
ConocoPhillips COM 20825C104 3,017 48,462 SH   SOLE   0 0 48,462
Costco Wholesale COM 22160K105 3,472 22,917 SH   SOLE   0 0 22,917
DST Systems COM 233326107 1,068 9,645 SH   SOLE   0 0 9,645
Deere & Co. COM 244199105 351 4,008 SH   SOLE   0 0 4,008
Delta Airlines COM 247361702 14,533 323,250 SH   SOLE   0 0 323,250
Dentsply Intl COM 249030107 2,424 47,640 SH   SOLE   0 0 47,640
Diebold COM 253651103 1,088 30,684 SH   SOLE   0 0 30,684
DirectTV COM 25490a309 858 10,082 SH   SOLE   0 0 10,082
Discovery Comm C COM 25470f302 981 33,290 SH   SOLE   0 0 33,290
Discovery Holding A COM 25470f104 329 10,704 SH   SOLE   0 0 10,704
Dow Chemical COM 260543103 857 17,870 SH   SOLE   0 0 17,870
Emerson Electric Co. COM 291011104 775 13,687 SH   SOLE   0 0 13,687
Estee Lauder COM 518439104 682 8,200 SH   SOLE   0 0 8,200
Exact Sciences Corporation COM 30063p105 409 18,575 SH   SOLE   0 0 18,575
Exelon Corp. COM 30161N101 770 22,898 SH   SOLE   0 0 22,898
Exxon Mobil COM 30231G102 3,080 36,241 SH   SOLE   0 0 36,241
F M C Corp COM 302491303 1,060 18,512 SH   SOLE   0 0 18,512
Ferro Corp COM 315405100 1,473 117,369 SH   SOLE   0 0 117,369
Fomento Economico Mexicano SA COM 344419106 3,971 42,470 SH   SOLE   0 0 42,470
Franklin Resources COM 354613101 1,546 30,130 SH   SOLE   0 0 30,130
Gamco Investors A COM 361438104 933 11,888 SH   SOLE   0 0 11,888
General Electric COM 369604103 4,541 183,032 SH   SOLE   0 0 183,032
General Mills COM 370334104 257 4,544 SH   SOLE   0 0 4,544
General Motors COM 37045v100 11,117 296,455 SH   SOLE   0 0 296,455
Genuine Parts COM 372460105 990 10,627 SH   SOLE   0 0 10,627
Gilead Science COM 375558103 7,828 79,770 SH   SOLE   0 0 79,770
GlaxoSmithKline PLC COM 37733w105 838 18,150 SH   SOLE   0 0 18,150
Henry Schein COM 806407102 4,415 31,625 SH   SOLE   0 0 31,625
Hertz Global Hldgs Inc COM 42805T105 415 19,130 SH   SOLE   0 0 19,130
IBM COM 459200101 2,380 14,827 SH   SOLE   0 0 14,827
Illinois Tool Works COM 452308109 637 6,559 SH   SOLE   0 0 6,559
Intel Corp. COM 458140100 466 14,904 SH   SOLE   0 0 14,904
Invesco COM G491BT108 1,361 34,296 SH   SOLE   0 0 34,296
J.P. Morgan Chase COM 46625h100 16,764 276,731 SH   SOLE   0 0 276,731
JPMorgan China Region Fund COM 48126T104 1,012 56,009 SH   SOLE   0 0 56,009
Johnson & Johnson COM 478160104 42,075 418,238 SH   SOLE   0 0 418,238
KKR & Co. LP COM 48248M102 1,777 77,900 SH   SOLE   0 0 77,900
Kimberly Clark COM 494368103 2,090 19,516 SH   SOLE   0 0 19,516
LKQ Corporation COM 501889208 1,767 69,150 SH   SOLE   0 0 69,150
Lehman Note COM 524ESC100 0 12,800 SH   SOLE   0 0 12,800
Liberty Media Series C COM 531229300 283 7,412 SH   SOLE   0 0 7,412
Lockheed Martin Corp. COM 539830109 14,461 71,250 SH   SOLE   0 0 71,250
Marriott Intl Class A COM 571903202 6,110 76,070 SH   SOLE   0 0 76,070
MasterCard Inc. COM 57636q104 11,011 127,460 SH   SOLE   0 0 127,460
McCormick & Co. COM 579780206 10,546 136,770 SH   SOLE   0 0 136,770
McDonald's Corp. COM 580135101 377 3,865 SH   SOLE   0 0 3,865
Medtronic COM G5960L103 38,808 497,599 SH   SOLE   0 0 497,599
Merck COM 58933y105 3,238 56,328 SH   SOLE   0 0 56,328
MetLife COM 59156R108 3,754 74,258 SH   SOLE   0 0 74,258
Micron Technology Inc. COM 595112103 989 36,446 SH   SOLE   0 0 36,446
Microsoft COM 594918104 13,588 334,239 SH   SOLE   0 0 334,239
Mondelez International Inc. COM 609207105 508 14,083 SH   SOLE   0 0 14,083
Morgan Stanley COM 617446448 7,627 213,706 SH   SOLE   0 0 213,706
Nestle Spons ADR COM 641069406 39,725 525,677 SH   SOLE   0 0 525,677
Nielsen, N.V. COM n63218106 9,616 215,753 SH   SOLE   0 0 215,753
Noble Energy COM 655044105 2,549 52,130 SH   SOLE   0 0 52,130
Novartis COM 66987V109 2,628 26,650 SH   SOLE   0 0 26,650
OM Group Inc. COM 670872100 478 15,923 SH   SOLE   0 0 15,923
Occidental Petroleum COM 674599105 351 4,809 SH   SOLE   0 0 4,809
Ohr Pharmaceutical Inc. COM 67778h200 65 25,561 SH   SOLE   0 0 25,561
Oracle COM 68389X105 410 9,495 SH   SOLE   0 0 9,495
Pepsico COM 713448108 3,770 39,428 SH   SOLE   0 0 39,428
Pfizer COM 717081103 3,940 113,257 SH   SOLE   0 0 113,257
Phillips 66 COM 718546104 1,619 20,601 SH   SOLE   0 0 20,601
Praxair COM 74005P104 3,483 28,851 SH   SOLE   0 0 28,851
Procter & Gamble COM 742718109 8,075 98,552 SH   SOLE   0 0 98,552
Qorvo Inc. COM 74736k101 670 8,402 SH   SOLE   0 0 8,402
Resource America COM 761195205 7,161 786,879 SH   SOLE   0 0 786,879
Roche Holding AG COM 771195104 7,822 226,702 SH   SOLE   0 0 226,702
Royal Dutch Shell COM 780259206 1,641 27,512 SH   SOLE   0 0 27,512
SAB Miller PLC/GBP/ COM G77395104 1,203 22,899 SH   SOLE   0 0 22,899
SPDR Index Shs S&P China COM 78463X400 2,793 33,000 SH   SOLE   0 0 33,000
SPDR S&P 500 ETF COM 78462F103 3,028 14,666 SH   SOLE   0 0 14,666
Schlumberger COM 806857108 206 2,472 SH   SOLE   0 0 2,472
Silicon Motion Technologies Co COM 82706c108 1,411 52,506 SH   SOLE   0 0 52,506
Southwest Airlines COM 844741108 15,030 339,280 SH   SOLE   0 0 339,280
State Street Corp COM 857477103 608 8,264 SH   SOLE   0 0 8,264
Stryker Corp COM 863667101 1,237 13,412 SH   SOLE   0 0 13,412
SunEdison Semiconductor, Inc. COM y8213l102 2,265 87,718 SH   SOLE   0 0 87,718
Suncor Energy Inc. COM 867224107 491 16,800 SH   SOLE   0 0 16,800
Synaptics Incorporated COM 87157d109 592 7,277 SH   SOLE   0 0 7,277
Sysco COM 871829107 6,358 168,518 SH   SOLE   0 0 168,518
Thermo Fisher Scientific COM 883556102 21,897 162,997 SH   SOLE   0 0 162,997
Tiffany & Co. COM 886547108 745 8,469 SH   SOLE   0 0 8,469
Time Warner Cable, Inc. COM 88732j207 572 3,818 SH   SOLE   0 0 3,818
Time Warner Inc. COM 887317303 2,525 29,899 SH   SOLE   0 0 29,899
Trinity Industries Inc. COM 896522109 601 16,912 SH   SOLE   0 0 16,912
Tronox Inc. COM Q9235V101 429 21,110 SH   SOLE   0 0 21,110
Twenty-First Century Fox COM 90130A101 2,311 68,297 SH   SOLE   0 0 68,297
UBS Group AG COM H42097107 2,453 130,700 SH   SOLE   0 0 130,700
Unilever NV NY COM 904784709 4,641 111,145 SH   SOLE   0 0 111,145
Union Pacific COM 907818108 1,555 14,356 SH   SOLE   0 0 14,356
United Continental Holdings, I COM 910047109 32,109 477,460 SH   SOLE   0 0 477,460
United Parcel Service Inc. COM 911312106 4,148 42,794 SH   SOLE   0 0 42,794
United Technologies COM 913017109 367 3,133 SH   SOLE   0 0 3,133
UnitedHealth Group COM 91324P102 355 3,000 SH   SOLE   0 0 3,000
Viacom Class B COM 92553p201 554 8,116 SH   SOLE   0 0 8,116
W. W. Grainger COM 384802104 481 2,041 SH   SOLE   0 0 2,041
Walt Disney COM 254687106 1,405 13,394 SH   SOLE   0 0 13,394
Wells Fargo COM 949746101 977 17,956 SH   SOLE   0 0 17,956
WisdomTree Germany Hedged Equi COM 97717w448 1,426 45,550 SH   SOLE   0 0 45,550
Xinhua China 25 Index Fund COM 464287184 612 13,792 SH   SOLE   0 0 13,792
duPont COM 263534109 4,008 56,076 SH   SOLE   0 0 56,076
iShares US Technology COM 464287721 525 5,000 SH   SOLE   0 0 5,000