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 1,189 25,824 SH   SOLE   0 0 25,824
AllianceBernstein Holdings, LP COM 01881g106 524 26,402 SH   SOLE   0 0 26,402
Atlas Pipeline Partners LP COM 049392103 398 10,259 SH   SOLE   0 0 10,259
Costamare Inc. COM y1771g102 501 28,404 SH   SOLE   0 0 28,404
DCP Midstream Partners, LP COM 23311P100 36,635 737,724 SH   SOLE   0 0 737,724
Dominion Resources COM 25746u109 328 5,250 SH   SOLE   0 0 5,250
Duke Realty COM 264411505 940 60,850 SH   SOLE   0 0 60,850
Eagle Rock Energy Partners, LP COM 26985r104 462 65,038 SH   SOLE   0 0 65,038
Enbridge Energy Mgmt. COM 29250x103 1,436 49,911 SH   SOLE   0 0 49,911
Enbridge Energy Partners L.P. COM 29250R106 478 15,700 SH   SOLE   0 0 15,700
Energy Transfer Equity LP COM 29273V100 33,857 514,705 SH   SOLE   0 0 514,705
Enterprise Prod Partners COM 293792107 59,879 980,974 SH   SOLE   0 0 980,974
Golar LNG Partners LP COM y2745c102 404 12,441 SH   SOLE   0 0 12,441
Inergy L.P. COM 456615103 961 69,802 SH   SOLE   0 0 69,802
Inergy Midstream LP COM 45671u106 665 30,140 SH   SOLE   0 0 30,140
Kinder Morgan Energy Partners COM 494550106 265 3,315 SH   SOLE   0 0 3,315
Kinder Morgan Mgmt COM 49455u100 3,717 49,583 SH   SOLE   0 0 49,583
Liberty Property Tr COM 531172104 1,701 47,783 SH   SOLE   0 0 47,783
Magellan Midstream Partners, L COM 559080106 56,876 1,007,900 SH   SOLE   0 0 1,007,900
MarkWest Energy Partners LP COM 570759100 2,409 33,353 SH   SOLE   0 0 33,353
NextEra Energy COM 65339F101 5,161 64,388 SH   SOLE   0 0 64,388
Northstar Realty Finance Corp. COM 66704r100 3,536 381,000 SH   SOLE   0 0 381,000
Nustar Energy LP COM 67058H102 343 8,550 SH   SOLE   0 0 8,550
Nustar GP Holdings LLC COM 67059l102 1,013 45,136 SH   SOLE   0 0 45,136
PVR Partners LP COM 693665101 1,341 58,003 SH   SOLE   0 0 58,003
Pioneer Southwest Energy Partn COM 72388B106 2,381 53,840 SH   SOLE   0 0 53,840
Plains All American Pipeline L COM 726503105 46,748 887,728 SH   SOLE   0 0 887,728
Resource Capital COM 76120W302 6,314 1,062,971 SH   SOLE   0 0 1,062,971
Spectra Energy COM 847560109 284 8,300 SH   SOLE   0 0 8,300
StoneMor Partners LP COM 86183q100 517 21,841 SH   SOLE   0 0 21,841
Surburban Propane Partners LP COM 864482104 688 14,697 SH   SOLE   0 0 14,697
Teekay LNG Partners COM y8564m105 211 4,780 SH   SOLE   0 0 4,780
Teekay Offshore Partners, L.P. COM y8565j101 1,821 54,591 SH   SOLE   0 0 54,591
Two Harbors Investment Corp. COM 90187B101 1,164 119,850 SH   SOLE   0 0 119,850
Vodafone Group PLC COM 92857w209 5,917 168,190 SH   SOLE   0 0 168,190
WCI Communities, Inc. COM 92923c807 1,100 63,710 SH   SOLE   0 0 63,710
Williams Companies Inc COM 969457100 810 22,275 SH   SOLE   0 0 22,275
Williams Partners, LP COM 96950f104 775 14,665 SH   SOLE   0 0 14,665
3M Company COM 88579y101 1,834 15,356 SH   SOLE   0 0 15,356
ABB Ltd. COM 000375204 691 29,300 SH   SOLE   0 0 29,300
Abbott Laboratories COM 002824100 1,617 48,708 SH   SOLE   0 0 48,708
Advance Auto Parts COM 00751Y106 937 11,338 SH   SOLE   0 0 11,338
Aegon COM 007924103 178 24,000 SH   SOLE   0 0 24,000
Airgas Inc. COM 009363102 367 3,457 SH   SOLE   0 0 3,457
American Express COM 025816109 670 8,871 SH   SOLE   0 0 8,871
American Intl. Group COM 026874784 32,318 664,577 SH   SOLE   0 0 664,577
Anadarko Petroleum COM 032511107 265 2,850 SH   SOLE   0 0 2,850
Anheuser-Busch InBev COM b5064a925 10,738 108,389 SH   SOLE   0 0 108,389
Anheuser-Busch Inbev ADR COM 03524A108 8,340 84,075 SH   SOLE   0 0 84,075
Apache Corp COM 037411105 684 8,031 SH   SOLE   0 0 8,031
Apple Computer COM 037833100 3,929 8,242 SH   SOLE   0 0 8,242
Arch Capital Group COM g0450a105 217 4,000 SH   SOLE   0 0 4,000
Automatic Data Processing COM 053015103 2,373 32,786 SH   SOLE   0 0 32,786
Bancorp Inc COM 05969a105 11,881 671,648 SH   SOLE   0 0 671,648
Bank of America COM 060505104 17,406 1,261,340 SH   SOLE   0 0 1,261,340
Bayer AG COM 072730302 3,374 28,600 SH   SOLE   0 0 28,600
Becton Dickinson COM 075887109 1,185 11,843 SH   SOLE   0 0 11,843
BlackRock, Inc. COM 09247x101 9,474 35,010 SH   SOLE   0 0 35,010
Boeing Company COM 097023105 16,032 136,442 SH   SOLE   0 0 136,442
Brkshire Hathaway A COM 084670108 511 3 SH   SOLE   0 0 3
Brkshire Hathaway B COM 084670702 2,559 22,541 SH   SOLE   0 0 22,541
CVS/Caremark COM 126650100 18,248 321,557 SH   SOLE   0 0 321,557
Canadian Oil Sands Trust Ltd COM 13643E105 1,928 99,406 SH   SOLE   0 0 99,406
Capital One Financial COM 14040H105 13,502 196,420 SH   SOLE   0 0 196,420
Chevron COM 166764100 4,342 35,733 SH   SOLE   0 0 35,733
Chubb COM 171232101 1,015 11,374 SH   SOLE   0 0 11,374
Cisco Systems COM 17275R102 402 17,157 SH   SOLE   0 0 17,157
Citigroup COM 172967424 25,785 531,535 SH   SOLE   0 0 531,535
Coca Cola Co. COM 191216100 1,134 29,933 SH   SOLE   0 0 29,933
Colgate Palmolive COM 194162103 4,349 73,335 SH   SOLE   0 0 73,335
Comcast Cl A COM 20030N101 443 9,819 SH   SOLE   0 0 9,819
ConocoPhillips COM 20825C104 3,782 54,412 SH   SOLE   0 0 54,412
Costco Wholesale COM 22160K105 2,662 23,117 SH   SOLE   0 0 23,117
Crown Holdings Inc . COM 228368106 10,864 256,961 SH   SOLE   0 0 256,961
DST Systems COM 233326107 727 9,645 SH   SOLE   0 0 9,645
Deere & Co. COM 244199105 302 3,709 SH   SOLE   0 0 3,709
Delta Airlines COM 247361702 37,686 1,597,550 SH   SOLE   0 0 1,597,550
Dentsply Intl COM 249030107 2,133 49,140 SH   SOLE   0 0 49,140
DirectTV COM 25490a309 626 10,465 SH   SOLE   0 0 10,465
Discovery Comm C COM 25470f302 897 11,479 SH   SOLE   0 0 11,479
Discovery Holding A COM 25470f104 919 10,890 SH   SOLE   0 0 10,890
Eastern Insurance Holdings COM 276534104 1,075 44,032 SH   SOLE   0 0 44,032
Emerson Electric Co. COM 291011104 721 11,149 SH   SOLE   0 0 11,149
Estee Lauder COM 518439104 573 8,200 SH   SOLE   0 0 8,200
Exxon Mobil COM 30231G102 3,595 41,787 SH   SOLE   0 0 41,787
F.N.B. Corp. COM 302520101 424 34,968 SH   SOLE   0 0 34,968
Ferro Corp COM 315405100 1,533 168,298 SH   SOLE   0 0 168,298
Fomento Economico Mexicano SA COM 344419106 4,240 43,670 SH   SOLE   0 0 43,670
Ford Motor Co. COM 345370860 14,110 836,420 SH   SOLE   0 0 836,420
Franklin Resources COM 354613101 1,690 33,429 SH   SOLE   0 0 33,429
Gamco Investors A COM 361438104 1,146 15,088 SH   SOLE   0 0 15,088
General Electric COM 369604103 3,652 152,857 SH   SOLE   0 0 152,857
General Mills COM 370334104 227 4,744 SH   SOLE   0 0 4,744
Genuine Parts COM 372460105 860 10,627 SH   SOLE   0 0 10,627
GlaxoSmithkline PLC COM 37733w105 1,245 24,823 SH   SOLE   0 0 24,823
Google COM 38259P508 31,534 36,001 SH   SOLE   0 0 36,001
Henry Schein COM 806407102 3,541 34,125 SH   SOLE   0 0 34,125
IBM COM 459200101 4,484 24,213 SH   SOLE   0 0 24,213
Illinois Tool Works COM 452308109 523 6,859 SH   SOLE   0 0 6,859
Intel Corp. COM 458140100 447 19,504 SH   SOLE   0 0 19,504
Invesco COM G491BT108 982 30,796 SH   SOLE   0 0 30,796
J.P. Morgan Chase COM 46625h100 3,642 70,468 SH   SOLE   0 0 70,468
JF China Region Fund COM 46614T107 1,170 79,909 SH   SOLE   0 0 79,909
Jabil Circuits Inc. COM 466313103 397 18,299 SH   SOLE   0 0 18,299
Johnson & Johnson COM 478160104 47,553 548,543 SH   SOLE   0 0 548,543
KKR & Co. LP COM 48248M102 926 45,000 SH   SOLE   0 0 45,000
Kimberly Clark COM 494368103 1,837 19,498 SH   SOLE   0 0 19,498
Kulicke & Soffa Industries, In COM 501242101 404 35,020 SH   SOLE   0 0 35,020
LKQ Corporation COM 501889208 838 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 557 3,782 SH   SOLE   0 0 3,782
MasterCard Inc. COM 57636q104 14,643 21,765 SH   SOLE   0 0 21,765
McDonald's Corp. COM 580135101 525 5,457 SH   SOLE   0 0 5,457
Medtronic COM 585055106 518 9,719 SH   SOLE   0 0 9,719
Merck COM 58933y105 2,633 55,313 SH   SOLE   0 0 55,313
MetLife COM 59156R108 11,712 249,460 SH   SOLE   0 0 249,460
Micron Technology Inc. COM 595112103 1,814 103,858 SH   SOLE   0 0 103,858
Microsoft COM 594918104 427 12,840 SH   SOLE   0 0 12,840
Mondelez International Inc. COM 609207105 2,798 89,042 SH   SOLE   0 0 89,042
Morgan Stanley COM 617446448 3,429 127,220 SH   SOLE   0 0 127,220
National Oilwell Varco COM 637071101 9,258 118,520 SH   SOLE   0 0 118,520
Nestle Spons ADR COM 641069406 26,144 373,769 SH   SOLE   0 0 373,769
Noble Energy COM 655044105 4,163 62,130 SH   SOLE   0 0 62,130
Novartis COM 66987V109 2,219 28,933 SH   SOLE   0 0 28,933
Occidental Petroleum COM 674599105 1,549 16,559 SH   SOLE   0 0 16,559
Oracle COM 68389X105 315 9,495 SH   SOLE   0 0 9,495
Pepsico COM 713448108 3,311 41,654 SH   SOLE   0 0 41,654
Pfizer COM 717081103 3,304 115,037 SH   SOLE   0 0 115,037
Phillips 66 COM 718546104 1,705 29,495 SH   SOLE   0 0 29,495
Praxair COM 74005P104 3,456 28,751 SH   SOLE   0 0 28,751
Procter & Gamble COM 742718109 7,822 103,482 SH   SOLE   0 0 103,482
Qualcomm COM 747525103 15,413 228,957 SH   SOLE   0 0 228,957
Resource America COM 761195205 2,303 286,765 SH   SOLE   0 0 286,765
Roche Holding AG COM 771195104 25,669 380,668 SH   SOLE   0 0 380,668
Royal Dutch Shell COM 780259206 1,961 29,862 SH   SOLE   0 0 29,862
SAB Miller PLC/GBP/ COM G77395104 1,207 23,719 SH   SOLE   0 0 23,719
SPDR Index Shs S&P China COM 78463X400 2,125 28,700 SH   SOLE   0 0 28,700
SPDR S&P 500 ETF COM 78462F103 1,791 10,660 SH   SOLE   0 0 10,660
Schlumberger COM 806857108 21,612 244,592 SH   SOLE   0 0 244,592
Silicon Motion Technologies Co COM 82706c108 1,137 87,063 SH   SOLE   0 0 87,063
Staples COM 855030102 846 57,769 SH   SOLE   0 0 57,769
State Street Corp COM 857477103 386 5,864 SH   SOLE   0 0 5,864
Stryker Corp COM 863667101 907 13,412 SH   SOLE   0 0 13,412
Suncor Energy Inc. COM 867224107 1,497 41,842 SH   SOLE   0 0 41,842
Sysco COM 871829107 2,119 66,557 SH   SOLE   0 0 66,557
Tellabs COM 879664100 35 15,200 SH   SOLE   0 0 15,200
Thermo Fisher Scientific COM 883556102 3,142 34,097 SH   SOLE   0 0 34,097
Tiffany & Co. COM 886547108 664 8,669 SH   SOLE   0 0 8,669
Time Warner Cable, Inc. COM 88732j207 443 3,968 SH   SOLE   0 0 3,968
Time Warner Inc. COM 887317303 1,928 29,299 SH   SOLE   0 0 29,299
TriQuint Semiconductor Inc. COM 89674k103 380 46,838 SH   SOLE   0 0 46,838
Tronox Inc. COM Q9235V101 2,388 97,606 SH   SOLE   0 0 97,606
Unilever NV NY COM 904784709 7,672 203,393 SH   SOLE   0 0 203,393
Union Pacific COM 907818108 901 5,803 SH   SOLE   0 0 5,803
United Continental Holdings, I COM 910047109 23,578 767,770 SH   SOLE   0 0 767,770
United Technologies COM 913017109 275 2,550 SH   SOLE   0 0 2,550
UnitedHealth Group COM 91324P102 215 3,000 SH   SOLE   0 0 3,000
Vanguard FTSE Emerging Markets COM 922042858 412 10,254 SH   SOLE   0 0 10,254
Viacom Class B COM 92553p201 678 8,116 SH   SOLE   0 0 8,116
Visa COM 92826c839 18,780 98,275 SH   SOLE   0 0 98,275
W. W. Grainger COM 384802104 554 2,116 SH   SOLE   0 0 2,116
Walgreen COM 931422109 231 4,300 SH   SOLE   0 0 4,300
Walt Disney COM 254687106 851 13,194 SH   SOLE   0 0 13,194
Wells Fargo COM 949746101 12,963 313,726 SH   SOLE   0 0 313,726
Xinhua China 25 Index Fund COM 464287184 1,416 38,194 SH   SOLE   0 0 38,194
ZAGG Inc. COM 98884u108 334 74,257 SH   SOLE   0 0 74,257
duPont COM 263534109 3,282 56,037 SH   SOLE   0 0 56,037