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 1,248 25,500 SH   SOLE   0 0 25,500
AllianceBernstein Holdings, LP COM 01881g106 707 28,328 SH   SOLE   0 0 28,328
Altas Energy L.P. COM 04930a104 836 19,414 SH   SOLE   0 0 19,414
Atlas Pipeline Partners LP COM 049392103 860 26,785 SH   SOLE   0 0 26,785
Costamare Inc. COM y1771g102 370 17,206 SH   SOLE   0 0 17,206
Crestwood Equity Partners LP COM 226344109 966 69,802 SH   SOLE   0 0 69,802
Crestwood Midstream Partners L COM 226378107 679 30,142 SH   SOLE   0 0 30,142
DCP Midstream Partners, LP COM 23311P100 38,395 766,365 SH   SOLE   0 0 766,365
Dominion Resources COM 25746u109 373 5,250 SH   SOLE   0 0 5,250
Duke Realty COM 264411505 981 58,100 SH   SOLE   0 0 58,100
Eagle Rock Energy Partners, LP COM 26985r104 294 55,874 SH   SOLE   0 0 55,874
Enbridge Energy Mgmt. COM 29250x103 1,417 51,123 SH   SOLE   0 0 51,123
Enbridge Energy Partners L.P. COM 29250R106 419 15,300 SH   SOLE   0 0 15,300
Enbridge Inc. COM 29250n105 881 19,360 SH   SOLE   0 0 19,360
Energy Transfer Equity LP COM 29273V100 47,176 1,009,108 SH   SOLE   0 0 1,009,108
Enterprise Prod Partners COM 293792107 64,725 933,174 SH   SOLE   0 0 933,174
Golar LNG Partners LP COM y2745c102 387 12,941 SH   SOLE   0 0 12,941
Kinder Morgan Mgmt COM 49455u100 3,272 45,650 SH   SOLE   0 0 45,650
Liberty Property Tr COM 531172104 2,895 78,333 SH   SOLE   0 0 78,333
Magellan Midstream Partners, L COM 559080106 64,299 921,986 SH   SOLE   0 0 921,986
MarkWest Energy Partners LP COM 570759100 2,252 34,475 SH   SOLE   0 0 34,475
NextEra Energy COM 65339F101 5,928 61,996 SH   SOLE   0 0 61,996
Northstar Realty Finance Corp. COM 66704r100 6,149 381,000 SH   SOLE   0 0 381,000
Nustar GP Holdings LLC COM 67059l102 371 10,900 SH   SOLE   0 0 10,900
Plains All American Pipeline L COM 726503105 49,524 898,474 SH   SOLE   0 0 898,474
Regency Energy Partners, LP COM 75885y107 1,444 53,036 SH   SOLE   0 0 53,036
Resource Capital COM 76120W302 5,276 947,221 SH   SOLE   0 0 947,221
SPDR Dow Jones REIT ETF COM 78464a607 746 9,560 SH   SOLE   0 0 9,560
Spectra Energy COM 847560109 307 8,300 SH   SOLE   0 0 8,300
StoneMor Partners LP COM 86183q100 549 21,841 SH   SOLE   0 0 21,841
Surburban Propane Partners LP COM 864482104 611 14,697 SH   SOLE   0 0 14,697
Teekay Offshore Partners, L.P. COM y8565j101 1,786 54,591 SH   SOLE   0 0 54,591
Two Harbors Investment Corp. COM 90187B101 1,228 119,850 SH   SOLE   0 0 119,850
Vodafone Group PLC COM 92857w308 437 11,882 SH   SOLE   0 0 11,882
WCI Communities, Inc. COM 92923c807 1,259 63,710 SH   SOLE   0 0 63,710
Williams Companies Inc COM 969457100 904 22,275 SH   SOLE   0 0 22,275
Williams Partners, LP COM 96950f104 747 14,665 SH   SOLE   0 0 14,665
3M Company COM 88579y101 1,958 14,434 SH   SOLE   0 0 14,434
ABB Ltd. COM 000375204 750 29,100 SH   SOLE   0 0 29,100
Abbott Laboratories COM 002824100 245 6,368 SH   SOLE   0 0 6,368
Advance Auto Parts COM 00751Y106 1,434 11,338 SH   SOLE   0 0 11,338
Aegon COM 007924103 221 24,000 SH   SOLE   0 0 24,000
Airgas Inc. COM 009363102 203 1,907 SH   SOLE   0 0 1,907
Amazon.com Inc. COM 023135106 5,059 15,040 SH   SOLE   0 0 15,040
American Airlines Group COM 02376r102 31,750 867,490 SH   SOLE   0 0 867,490
American Express COM 025816109 776 8,621 SH   SOLE   0 0 8,621
American Intl. Group COM 026874784 28,721 574,314 SH   SOLE   0 0 574,314
Anheuser-Busch InBev COM b5064a925 10,882 103,539 SH   SOLE   0 0 103,539
Anheuser-Busch Inbev ADR COM 03524A108 10,402 98,781 SH   SOLE   0 0 98,781
Apache Corp COM 037411105 666 8,031 SH   SOLE   0 0 8,031
Apple Computer COM 037833100 4,424 8,242 SH   SOLE   0 0 8,242
Automatic Data Processing COM 053015103 2,375 30,736 SH   SOLE   0 0 30,736
Baker Hughes Inc. COM 057224107 10,640 163,640 SH   SOLE   0 0 163,640
Bancorp Inc COM 05969a105 12,605 670,148 SH   SOLE   0 0 670,148
Bayer AG COM 072730302 3,721 27,500 SH   SOLE   0 0 27,500
Becton Dickinson COM 075887109 1,363 11,643 SH   SOLE   0 0 11,643
BlackRock, Inc. COM 09247x101 17,525 55,728 SH   SOLE   0 0 55,728
Boeing Company COM 097023105 20,821 165,918 SH   SOLE   0 0 165,918
Brkshire Hathaway A COM 084670108 562 3 SH   SOLE   0 0 3
Brkshire Hathaway B COM 084670702 2,736 21,895 SH   SOLE   0 0 21,895
CVS/Caremark COM 126650100 19,619 262,075 SH   SOLE   0 0 262,075
Canadian Oil Sands Trust Ltd COM 13643E105 944 45,056 SH   SOLE   0 0 45,056
Capital One Financial COM 14040H105 15,590 202,048 SH   SOLE   0 0 202,048
Caterpillar COM 149123101 234 2,350 SH   SOLE   0 0 2,350
Chemtura Corporation COM 163893209 1,223 48,348 SH   SOLE   0 0 48,348
Chevron COM 166764100 3,694 31,069 SH   SOLE   0 0 31,069
Chicago Bridge & Iron COM 167250109 13,698 157,176 SH   SOLE   0 0 157,176
Chubb COM 171232101 944 10,569 SH   SOLE   0 0 10,569
Cisco Systems COM 17275R102 358 15,959 SH   SOLE   0 0 15,959
Citigroup COM 172967424 10,890 228,776 SH   SOLE   0 0 228,776
Coca Cola Co. COM 191216100 1,080 27,933 SH   SOLE   0 0 27,933
Colgate Palmolive COM 194162103 4,548 70,117 SH   SOLE   0 0 70,117
Comcast Cl A COM 20030N101 238 4,762 SH   SOLE   0 0 4,762
ConocoPhillips COM 20825C104 3,644 51,792 SH   SOLE   0 0 51,792
Costco Wholesale COM 22160K105 2,582 23,117 SH   SOLE   0 0 23,117
DST Systems COM 233326107 914 9,645 SH   SOLE   0 0 9,645
Deere & Co. COM 244199105 337 3,709 SH   SOLE   0 0 3,709
Delta Airlines COM 247361702 46,042 1,328,784 SH   SOLE   0 0 1,328,784
Dentsply Intl COM 249030107 2,193 47,640 SH   SOLE   0 0 47,640
Diebold COM 253651103 1,156 28,984 SH   SOLE   0 0 28,984
DirectTV COM 25490a309 778 10,182 SH   SOLE   0 0 10,182
Discovery Comm C COM 25470f302 870 11,293 SH   SOLE   0 0 11,293
Discovery Holding A COM 25470f104 885 10,704 SH   SOLE   0 0 10,704
Dow Chemical COM 260543103 853 17,560 SH   SOLE   0 0 17,560
Emerson Electric Co. COM 291011104 731 10,949 SH   SOLE   0 0 10,949
Estee Lauder COM 518439104 548 8,200 SH   SOLE   0 0 8,200
Exelon Corp. COM 30161N101 719 21,432 SH   SOLE   0 0 21,432
Exxon Mobil COM 30231G102 3,637 37,236 SH   SOLE   0 0 37,236
F.N.B. Corp. COM 302520101 469 34,968 SH   SOLE   0 0 34,968
Ferro Corp COM 315405100 2,269 166,103 SH   SOLE   0 0 166,103
Fomento Economico Mexicano SA COM 344419106 4,053 43,470 SH   SOLE   0 0 43,470
Franklin Resources COM 354613101 1,760 32,490 SH   SOLE   0 0 32,490
Gamco Investors A COM 361438104 1,172 15,088 SH   SOLE   0 0 15,088
General Electric COM 369604103 21,381 825,841 SH   SOLE   0 0 825,841
General Mills COM 370334104 246 4,744 SH   SOLE   0 0 4,744
Genuine Parts COM 372460105 923 10,627 SH   SOLE   0 0 10,627
Gilead Science COM 375558103 5,189 73,225 SH   SOLE   0 0 73,225
GlaxoSmithkline PLC COM 37733w105 1,957 36,623 SH   SOLE   0 0 36,623
Google Cl C COM 38259P706 37,522 33,667 SH   SOLE   0 0 33,667
Henry Schein COM 806407102 3,883 32,525 SH   SOLE   0 0 32,525
Home Depot COM 437076102 15,096 190,774 SH   SOLE   0 0 190,774
IBM COM 459200101 3,936 20,446 SH   SOLE   0 0 20,446
Illinois Tool Works COM 452308109 533 6,559 SH   SOLE   0 0 6,559
Intel Corp. COM 458140100 503 19,504 SH   SOLE   0 0 19,504
Invesco COM G491BT108 1,269 34,296 SH   SOLE   0 0 34,296
J.P. Morgan Chase COM 46625h100 34,182 563,042 SH   SOLE   0 0 563,042
JPMorgan China Region Fund COM 48126T104 1,081 75,909 SH   SOLE   0 0 75,909
Jacobs Engineering Group COM 469814107 13,484 212,351 SH   SOLE   0 0 212,351
Johnson & Johnson COM 478160104 43,874 446,642 SH   SOLE   0 0 446,642
KKR & Co. LP COM 48248M102 1,048 45,900 SH   SOLE   0 0 45,900
Kimberly Clark COM 494368103 2,117 19,200 SH   SOLE   0 0 19,200
LKQ Corporation COM 501889208 796 30,200 SH   SOLE   0 0 30,200
Lehman Note COM 524ESC100 0 12,800 SH   SOLE   0 0 12,800
Liberty Media COM 531229102 484 3,706 SH   SOLE   0 0 3,706
MasterCard Inc. COM 57636q104 15,870 212,446 SH   SOLE   0 0 212,446
McDonald's Corp. COM 580135101 511 5,210 SH   SOLE   0 0 5,210
Medtronic COM 585055106 577 9,369 SH   SOLE   0 0 9,369
Merck COM 58933y105 3,124 55,028 SH   SOLE   0 0 55,028
MetLife COM 59156R108 21,333 404,033 SH   SOLE   0 0 404,033
Micron Technology Inc. COM 595112103 1,622 68,548 SH   SOLE   0 0 68,548
Microsoft COM 594918104 526 12,840 SH   SOLE   0 0 12,840
Mondelez International Inc. COM 609207105 466 13,483 SH   SOLE   0 0 13,483
Morgan Stanley COM 617446448 4,739 152,036 SH   SOLE   0 0 152,036
Nestle Spons ADR COM 641069406 29,313 389,087 SH   SOLE   0 0 389,087
Noble Energy COM 655044105 3,938 55,430 SH   SOLE   0 0 55,430
Norfolk Southern COM 655844108 5,970 61,440 SH   SOLE   0 0 61,440
Novartis COM 66987V109 2,294 26,979 SH   SOLE   0 0 26,979
Occidental Petroleum COM 674599105 1,454 15,259 SH   SOLE   0 0 15,259
Oracle COM 68389X105 388 9,495 SH   SOLE   0 0 9,495
Pepsico COM 713448108 3,447 41,287 SH   SOLE   0 0 41,287
Pfizer COM 717081103 3,695 115,037 SH   SOLE   0 0 115,037
Phillips 66 COM 718546104 1,579 20,486 SH   SOLE   0 0 20,486
Praxair COM 74005P104 3,766 28,751 SH   SOLE   0 0 28,751
Procter & Gamble COM 742718109 8,057 99,967 SH   SOLE   0 0 99,967
Qualcomm COM 747525103 18,895 239,598 SH   SOLE   0 0 239,598
Resource America COM 761195205 2,458 286,760 SH   SOLE   0 0 286,760
Roche Holding AG COM 771195104 32,419 864,532 SH   SOLE   0 0 864,532
Royal Dutch Shell COM 780259206 2,142 29,312 SH   SOLE   0 0 29,312
SAB Miller PLC/GBP/ COM G77395104 1,143 22,899 SH   SOLE   0 0 22,899
SPDR Index Shs S&P China COM 78463X400 2,399 33,000 SH   SOLE   0 0 33,000
SPDR S&P 500 ETF COM 78462F103 1,994 10,660 SH   SOLE   0 0 10,660
Schlumberger COM 806857108 16,976 174,110 SH   SOLE   0 0 174,110
Silicon Motion Technologies Co COM 82706c108 1,461 87,063 SH   SOLE   0 0 87,063
State Street Corp COM 857477103 610 8,764 SH   SOLE   0 0 8,764
Stryker Corp COM 863667101 1,093 13,412 SH   SOLE   0 0 13,412
Suncor Energy Inc. COM 867224107 1,463 41,842 SH   SOLE   0 0 41,842
Sysco COM 871829107 2,273 62,912 SH   SOLE   0 0 62,912
Thermo Fisher Scientific COM 883556102 4,079 33,927 SH   SOLE   0 0 33,927
Tiffany & Co. COM 886547108 730 8,469 SH   SOLE   0 0 8,469
Time Warner Cable, Inc. COM 88732j207 524 3,818 SH   SOLE   0 0 3,818
Time Warner Inc. COM 887317303 1,953 29,899 SH   SOLE   0 0 29,899
TriQuint Semiconductor Inc. COM 89674k103 992 74,053 SH   SOLE   0 0 74,053
Tronox Inc. COM Q9235V101 1,110 46,686 SH   SOLE   0 0 46,686
Unilever NV NY COM 904784709 4,591 111,645 SH   SOLE   0 0 111,645
Union Pacific COM 907818108 12,445 66,316 SH   SOLE   0 0 66,316
United Continental Holdings, I COM 910047109 21,070 472,100 SH   SOLE   0 0 472,100
United Technologies COM 913017109 298 2,550 SH   SOLE   0 0 2,550
UnitedHealth Group COM 91324P102 246 3,000 SH   SOLE   0 0 3,000
Verizon Comm COM 92343V104 369 7,759 SH   SOLE   0 0 7,759
Viacom Class B COM 92553p201 690 8,116 SH   SOLE   0 0 8,116
Visa COM 92826c839 19,958 92,460 SH   SOLE   0 0 92,460
Volkswagen AG Pref COM d94523103 3,853 14,770 SH   SOLE   0 0 14,770
W. W. Grainger COM 384802104 522 2,066 SH   SOLE   0 0 2,066
Walgreen COM 931422109 215 3,258 SH   SOLE   0 0 3,258
Walt Disney COM 254687106 1,056 13,194 SH   SOLE   0 0 13,194
Wells Fargo COM 949746101 14,138 284,246 SH   SOLE   0 0 284,246
Xinhua China 25 Index Fund COM 464287184 1,367 38,194 SH   SOLE   0 0 38,194
duPont COM 263534109 3,779 56,326 SH   SOLE   0 0 56,326