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 1,083 25,825 SH   SOLE   0 0 25,825
AllianceBernstein Holdings, LP COM 01881g106 512 23,400 SH   SOLE   0 0 23,400
Costamare Inc. COM y1771g102 419 26,339 SH   SOLE   0 0 26,339
Crestwood Midstream Partners L COM 226372100 353 14,819 SH   SOLE   0 0 14,819
DCP Midstream Partners, LP COM 23311P100 32,935 706,604 SH   SOLE   0 0 706,604
Dominion Resources COM 25746u109 311 5,350 SH   SOLE   0 0 5,350
Duke Realty COM 264411505 1,033 60,850 SH   SOLE   0 0 60,850
EV Energy Partners COM 26926v107 232 4,255 SH   SOLE   0 0 4,255
Eagle Rock Energy Partners, LP COM 26985r104 456 46,421 SH   SOLE   0 0 46,421
Enbridge Energy Mgmt. COM 29250x103 1,456 48,190 SH   SOLE   0 0 48,190
Enbridge Energy Partners L.P. COM 29250R106 473 15,700 SH   SOLE   0 0 15,700
Energy Transfer Equity LP COM 29273V100 28,758 491,755 SH   SOLE   0 0 491,755
Enterprise Prod Partners COM 293792107 58,392 968,524 SH   SOLE   0 0 968,524
Golar LNG Partners LP COM y2745c102 411 12,441 SH   SOLE   0 0 12,441
Inergy L.P. COM 456615103 1,426 69,802 SH   SOLE   0 0 69,802
Kinder Morgan Energy Partners COM 494550106 287 3,200 SH   SOLE   0 0 3,200
Kinder Morgan Mgmt COM 49455u100 4,231 48,158 SH   SOLE   0 0 48,158
Liberty Property Tr COM 531172104 2,893 72,783 SH   SOLE   0 0 72,783
Magellan Midstream Partners, L COM 559080106 52,136 975,790 SH   SOLE   0 0 975,790
MarkWest Energy Partners LP COM 570759100 2,025 33,340 SH   SOLE   0 0 33,340
NextEra Energy COM 65339F101 4,992 64,258 SH   SOLE   0 0 64,258
Northstar Realty Finance Corp. COM 66704r100 3,612 381,000 SH   SOLE   0 0 381,000
Nustar Energy LP COM 67058H102 907 17,006 SH   SOLE   0 0 17,006
Nustar GP Holdings LLC COM 67059l102 1,528 47,020 SH   SOLE   0 0 47,020
PVR Partners LP COM 693665101 1,028 42,618 SH   SOLE   0 0 42,618
Pioneer Southwest Energy Partn COM 72388B106 2,895 118,505 SH   SOLE   0 0 118,505
Plains All American Pipeline L COM 726503105 48,304 855,238 SH   SOLE   0 0 855,238
Resource Capital COM 76120W302 5,504 832,731 SH   SOLE   0 0 832,731
StoneMor Partners LP COM 86183q100 426 16,966 SH   SOLE   0 0 16,966
Surburban Propane Partners LP COM 864482104 1,151 25,873 SH   SOLE   0 0 25,873
Teekay Offshore Partners, L.P. COM y8565j101 1,648 54,591 SH   SOLE   0 0 54,591
Two Harbors Investment Corp. COM 90187B101 1,511 119,850 SH   SOLE   0 0 119,850
Vodafone Group PLC COM 92857w209 4,777 168,190 SH   SOLE   0 0 168,190
Williams Partners, LP COM 96950f104 697 13,456 SH   SOLE   0 0 13,456
3M Company COM 88579y101 1,632 15,356 SH   SOLE   0 0 15,356
ABB Ltd. COM 000375204 667 29,300 SH   SOLE   0 0 29,300
AbbVie, Inc. COM 00287y109 301 7,380 SH   SOLE   0 0 7,380
Abbott Laboratories COM 002824100 7,365 208,508 SH   SOLE   0 0 208,508
Advance Auto Parts COM 00751Y106 937 11,338 SH   SOLE   0 0 11,338
Airgas Inc. COM 009363102 448 4,522 SH   SOLE   0 0 4,522
Allergan Inc. COM 018490102 9,760 87,430 SH   SOLE   0 0 87,430
Amazon.com Inc. COM 023135106 457 1,715 SH   SOLE   0 0 1,715
American Express COM 025816109 617 9,150 SH   SOLE   0 0 9,150
American Intl. Group COM 026874784 41,096 1,058,637 SH   SOLE   0 0 1,058,637
Anadarko Petroleum COM 032511107 249 2,850 SH   SOLE   0 0 2,850
Anheuser-Busch InBev COM b5064a925 13,599 137,014 SH   SOLE   0 0 137,014
Anheuser-Busch Inbev ADR COM 03524A108 31,383 315,250 SH   SOLE   0 0 315,250
Apple Computer COM 037833100 3,901 8,813 SH   SOLE   0 0 8,813
Arch Capital Group COM g0450a105 237 4,500 SH   SOLE   0 0 4,500
Automatic Data Processing COM 053015103 2,132 32,786 SH   SOLE   0 0 32,786
Bancorp Inc COM 05969a105 9,329 673,548 SH   SOLE   0 0 673,548
Bank of America COM 060505104 9,957 817,500 SH   SOLE   0 0 817,500
Baxter Intl. COM 071813109 209 2,880 SH   SOLE   0 0 2,880
Becton Dickinson COM 075887109 1,132 11,843 SH   SOLE   0 0 11,843
Biogen Idec Inc. COM 09062X103 539 2,800 SH   SOLE   0 0 2,800
Boeing Company COM 097023105 470 5,478 SH   SOLE   0 0 5,478
Brkshire Hathaway A COM 084670108 469 3 SH   SOLE   0 0 3
Brkshire Hathaway B COM 084670702 2,615 25,095 SH   SOLE   0 0 25,095
CVS/Caremark COM 126650100 20,850 379,157 SH   SOLE   0 0 379,157
Canadian Oil Sands Trust Ltd COM 13643E105 2,049 99,406 SH   SOLE   0 0 99,406
Caterpillar COM 149123101 204 2,350 SH   SOLE   0 0 2,350
Celgne Corp COM 151020104 220 1,900 SH   SOLE   0 0 1,900
Chevron COM 166764100 4,234 35,630 SH   SOLE   0 0 35,630
Chubb COM 171232101 996 11,374 SH   SOLE   0 0 11,374
Cisco Systems COM 17275R102 358 17,157 SH   SOLE   0 0 17,157
Citigroup COM 172967424 39,666 896,600 SH   SOLE   0 0 896,600
Coca Cola Co. COM 191216100 1,520 37,576 SH   SOLE   0 0 37,576
Colgate Palmolive COM 194162103 4,758 40,314 SH   SOLE   0 0 40,314
Comcast Cl A COM 20030N101 597 14,213 SH   SOLE   0 0 14,213
Comerica Inc. COM 200340107 449 12,480 SH   SOLE   0 0 12,480
ConocoPhillips COM 20825C104 3,743 62,285 SH   SOLE   0 0 62,285
Costco Wholesale COM 22160K105 2,453 23,117 SH   SOLE   0 0 23,117
Covidien Ltd. COM g2554f113 434 6,400 SH   SOLE   0 0 6,400
Crown Holdings Inc . COM 228368106 8,140 195,621 SH   SOLE   0 0 195,621
Cummins Inc. COM 231021106 395 3,410 SH   SOLE   0 0 3,410
DST Systems COM 233326107 687 9,645 SH   SOLE   0 0 9,645
Deere & Co. COM 244199105 307 3,575 SH   SOLE   0 0 3,575
Delta Airlines COM 247361702 19,889 1,204,690 SH   SOLE   0 0 1,204,690
Dentsply Intl COM 249030107 2,086 49,140 SH   SOLE   0 0 49,140
DirectTV COM 25490a309 592 10,466 SH   SOLE   0 0 10,466
Discovery Comm C COM 25470f302 799 11,483 SH   SOLE   0 0 11,483
Discovery Holding A COM 25470f104 858 10,894 SH   SOLE   0 0 10,894
Eastern Insurance Holdings COM 276534104 826 44,032 SH   SOLE   0 0 44,032
Edwards Lifesciences COM 28176E108 481 5,850 SH   SOLE   0 0 5,850
Emerson Electric Co. COM 291011104 696 12,450 SH   SOLE   0 0 12,450
Estee Lauder COM 518439104 902 14,080 SH   SOLE   0 0 14,080
Express Scripts Holding COM 30219G108 204 3,532 SH   SOLE   0 0 3,532
Exxon Mobil COM 30231G102 3,689 40,944 SH   SOLE   0 0 40,944
F.N.B. Corp. COM 302520101 423 34,968 SH   SOLE   0 0 34,968
Fedex COM 31428x106 262 2,663 SH   SOLE   0 0 2,663
Fifth Third Bancorp COM 316773100 229 14,010 SH   SOLE   0 0 14,010
Fomento Economico Mexicano SA COM 344419106 5,652 49,800 SH   SOLE   0 0 49,800
Ford Motor Co. COM 345370860 4,192 318,820 SH   SOLE   0 0 318,820
Franklin Resources COM 354613101 1,982 13,143 SH   SOLE   0 0 13,143
Gamco Investors A COM 361438104 801 15,088 SH   SOLE   0 0 15,088
General Electric COM 369604103 18,230 788,484 SH   SOLE   0 0 788,484
General Mills COM 370334104 234 4,744 SH   SOLE   0 0 4,744
Genuine Parts COM 372460105 800 10,261 SH   SOLE   0 0 10,261
Gilead Science COM 375558103 625 12,780 SH   SOLE   0 0 12,780
Goldman Sachs Inc. COM 38141G104 12,169 82,700 SH   SOLE   0 0 82,700
Google COM 38259P508 21,121 26,595 SH   SOLE   0 0 26,595
H. J. Heinz COM 423074103 383 5,300 SH   SOLE   0 0 5,300
Henry Schein COM 806407102 3,948 42,660 SH   SOLE   0 0 42,660
IBM COM 459200101 7,381 34,603 SH   SOLE   0 0 34,603
Illinois Tool Works COM 452308109 418 6,859 SH   SOLE   0 0 6,859
Intel Corp. COM 458140100 426 19,504 SH   SOLE   0 0 19,504
Invesco COM G491BT108 892 30,796 SH   SOLE   0 0 30,796
Itau Unibanco Holding S.A. COM 465562106 6,556 368,310 SH   SOLE   0 0 368,310
J.P. Morgan Chase COM 46625h100 17,743 373,859 SH   SOLE   0 0 373,859
JF China Region Fund COM 46614T107 1,151 79,909 SH   SOLE   0 0 79,909
Jabil Circuits Inc. COM 466313103 338 18,299 SH   SOLE   0 0 18,299
Johnson & Johnson COM 478160104 44,305 543,422 SH   SOLE   0 0 543,422
Kimberly Clark COM 494368103 2,121 21,648 SH   SOLE   0 0 21,648
Kraft Foods Group, Inc. COM 50076q106 373 7,248 SH   SOLE   0 0 7,248
Kunlun Energy COM g5320c108 995 476,000 SH   SOLE   0 0 476,000
LKQ Corporation COM 501889208 572 26,300 SH   SOLE   0 0 26,300
Lehman Note COM 524ESC100 0 12,800 SH   SOLE   0 0 12,800
Liberty Media COM 531229102 423 3,785 SH   SOLE   0 0 3,785
LinkedIn COM 53578A108 787 4,470 SH   SOLE   0 0 4,470
MasterCard Inc. COM 57636q104 8,466 15,645 SH   SOLE   0 0 15,645
McCormick & Co. COM 579780206 515 7,000 SH   SOLE   0 0 7,000
McDonald's Corp. COM 580135101 544 5,457 SH   SOLE   0 0 5,457
Medtronic COM 585055106 480 10,219 SH   SOLE   0 0 10,219
Merck COM 58933y105 2,730 61,763 SH   SOLE   0 0 61,763
MetLife COM 59156R108 384 10,100 SH   SOLE   0 0 10,100
Micron Technology Inc. COM 595112103 405 40,639 SH   SOLE   0 0 40,639
Microsoft COM 594918104 367 12,840 SH   SOLE   0 0 12,840
Mondelez International Inc. COM 609207105 9,219 301,122 SH   SOLE   0 0 301,122
Monsanto COM 61166W101 509 4,820 SH   SOLE   0 0 4,820
Morgan Stanley COM 617446448 12,972 590,180 SH   SOLE   0 0 590,180
Nestle Spons ADR COM 641069406 33,149 457,249 SH   SOLE   0 0 457,249
Noble Energy COM 655044105 3,784 32,715 SH   SOLE   0 0 32,715
Northrup Grumman COM 666807102 341 4,858 SH   SOLE   0 0 4,858
Novartis COM 66987V109 2,346 32,936 SH   SOLE   0 0 32,936
Occidental Petroleum COM 674599105 1,466 18,710 SH   SOLE   0 0 18,710
Oracle COM 68389X105 638 19,745 SH   SOLE   0 0 19,745
Pepsico COM 713448108 3,326 42,046 SH   SOLE   0 0 42,046
Pfizer COM 717081103 4,193 145,295 SH   SOLE   0 0 145,295
Philip Morris COM 718172109 17,648 190,360 SH   SOLE   0 0 190,360
Phillips 66 COM 718546104 2,059 29,432 SH   SOLE   0 0 29,432
Praxair COM 74005P104 3,207 28,751 SH   SOLE   0 0 28,751
Precision Castparts COM 740189105 607 3,200 SH   SOLE   0 0 3,200
ProShares UltraShort 20+ Year COM 74347B201 321 4,880 SH   SOLE   0 0 4,880
Procter & Gamble COM 742718109 8,571 111,228 SH   SOLE   0 0 111,228
Qualcomm COM 747525103 358 5,350 SH   SOLE   0 0 5,350
Resource America COM 761195205 2,856 286,765 SH   SOLE   0 0 286,765
Roche Holding AG COM 771195104 22,330 382,715 SH   SOLE   0 0 382,715
Rockwell International COM 773903109 511 5,920 SH   SOLE   0 0 5,920
Royal Dutch Shell COM 780259206 2,377 36,482 SH   SOLE   0 0 36,482
SAB Miller ADR COM 78572M105 985 18,730 SH   SOLE   0 0 18,730
SAB Miller PLC/GBP/ COM G77395104 1,248 23,719 SH   SOLE   0 0 23,719
SPDR Index Shs S&P China COM 78463X400 1,882 26,900 SH   SOLE   0 0 26,900
SPDR S&P 500 ETF COM 78462F103 1,670 10,660 SH   SOLE   0 0 10,660
Schlumberger COM 806857108 349 4,662 SH   SOLE   0 0 4,662
Silicon Motion Technologies Co COM 82706c108 552 47,118 SH   SOLE   0 0 47,118
Staples COM 855030102 787 58,659 SH   SOLE   0 0 58,659
Starbucks Corp. COM 855244109 398 6,990 SH   SOLE   0 0 6,990
State Street Corp COM 857477103 347 5,864 SH   SOLE   0 0 5,864
Stryker Corp COM 863667101 875 13,412 SH   SOLE   0 0 13,412
Suncor Energy Inc. COM 867224107 486 16,200 SH   SOLE   0 0 16,200
Sysco COM 871829107 3,453 98,191 SH   SOLE   0 0 98,191
Tellabs COM 879664100 32 15,200 SH   SOLE   0 0 15,200
Thermo Fisher Scientific COM 883556102 2,654 34,697 SH   SOLE   0 0 34,697
Tiffany & Co. COM 886547108 603 8,669 SH   SOLE   0 0 8,669
Time Warner Cable, Inc. COM 88732j207 413 4,295 SH   SOLE   0 0 4,295
Time Warner Inc. COM 887317303 1,688 29,299 SH   SOLE   0 0 29,299
Tompkins Financial Corp COM 890110109 305 7,203 SH   SOLE   0 0 7,203
Toronto Dominion Bank COM 891160509 2,657 31,910 SH   SOLE   0 0 31,910
Total SA COM 89151e109 346 7,209 SH   SOLE   0 0 7,209
Tronox Inc. COM Q9235V101 2,373 119,766 SH   SOLE   0 0 119,766
Tyco International COM h89128104 211 6,600 SH   SOLE   0 0 6,600
Unilever NV NY COM 904784709 4,998 121,910 SH   SOLE   0 0 121,910
Union Pacific COM 907818108 5,428 38,113 SH   SOLE   0 0 38,113
United Continental Holdings, I COM 910047109 18,175 567,790 SH   SOLE   0 0 567,790
United Technologies COM 913017109 443 4,745 SH   SOLE   0 0 4,745
UnitedHealth Group COM 91324P102 745 13,020 SH   SOLE   0 0 13,020
Vanguard FTSE Emerging Markets COM 922042858 440 10,254 SH   SOLE   0 0 10,254
Viacom Class B COM 92553p201 499 8,116 SH   SOLE   0 0 8,116
Visa COM 92826c839 11,051 65,065 SH   SOLE   0 0 65,065
W. W. Grainger COM 384802104 476 2,116 SH   SOLE   0 0 2,116
Walgreen COM 931422109 205 4,300 SH   SOLE   0 0 4,300
Walt Disney COM 254687106 749 13,194 SH   SOLE   0 0 13,194
Wells Fargo COM 949746101 12,269 331,696 SH   SOLE   0 0 331,696
Williams Companies Inc COM 969457100 253 6,762 SH   SOLE   0 0 6,762
Xinhua China 25 Index Fund COM 464287184 1,685 45,624 SH   SOLE   0 0 45,624
ZAGG Inc. COM 98884u108 554 76,145 SH   SOLE   0 0 76,145
duPont COM 263534109 2,746 55,849 SH   SOLE   0 0 55,849
iShr MSCI Emerg Mkts ET COM 464287234 11,990 280,340 SH   SOLE   0 0 280,340