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 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 1,155 24,800 SH   SOLE   0 0 24,800
AT&T COM 00206r102 417 11,742 SH   SOLE   0 0 11,742
AllianceBernstein Holdings, LP COM 01881g106 801 27,128 SH   SOLE   0 0 27,128
BioMed Realty Trust COM 09063H107 1,195 61,800 SH   SOLE   0 0 61,800
Brandywine Realty COM 105368203 1,934 145,600 SH   SOLE   0 0 145,600
CONE Midstream Partners LP COM 206812109 677 38,247 SH   SOLE   0 0 38,247
Calumet Specialty Products Par COM 131476103 269 10,574 SH   SOLE   0 0 10,574
Crestwood Equity Partners LP COM 226344109 150 36,336 SH   SOLE   0 0 36,336
Crestwood Midstream Partners L COM 226378107 176 15,698 SH   SOLE   0 0 15,698
DCP Midstream Partners, LP COM 23311P100 15,396 501,667 SH   SOLE   0 0 501,667
Dominion Resources COM 25746u109 217 3,250 SH   SOLE   0 0 3,250
Duke Realty COM 264411505 1,003 54,000 SH   SOLE   0 0 54,000
Enbridge Energy Mgmt. COM 29250x103 1,551 46,996 SH   SOLE   0 0 46,996
Enbridge Energy Partners L.P. COM 29250R106 510 15,300 SH   SOLE   0 0 15,300
Enbridge Inc. COM 29250n105 3,589 76,703 SH   SOLE   0 0 76,703
Energy Transfer Equity LP COM 29273V100 63,361 987,398 SH   SOLE   0 0 987,398
Enterprise Prod Partners COM 293792107 55,835 1,868,018 SH   SOLE   0 0 1,868,018
Hersha Hospitality Trust Class COM 427825500 3,797 148,107 SH   SOLE   0 0 148,107
Kinder Morgan Inc. COM 49456b101 11,033 287,385 SH   SOLE   0 0 287,385
Liberty Property Tr COM 531172104 3,486 108,183 SH   SOLE   0 0 108,183
Magellan Midstream Partners, L COM 559080106 68,266 930,303 SH   SOLE   0 0 930,303
MarkWest Energy Partners LP COM 570759100 1,780 31,564 SH   SOLE   0 0 31,564
Next Era Energy Partners COM 65341b106 3,318 83,739 SH   SOLE   0 0 83,739
NextEra Energy, Inc. COM 65339F101 20,199 206,046 SH   SOLE   0 0 206,046
Northstar Realty Finance Corp. COM 66704r704 1,614 101,535 SH   SOLE   0 0 101,535
Nustar GP Holdings LLC COM 67059l102 497 13,052 SH   SOLE   0 0 13,052
Plains All American Pipeline L COM 726503105 35,406 812,626 SH   SOLE   0 0 812,626
Resource Capital COM 76120W302 3,724 962,371 SH   SOLE   0 0 962,371
SPDR Dow Jones REIT ETF COM 78464a607 403 4,780 SH   SOLE   0 0 4,780
Spectra Energy COM 847560109 271 8,300 SH   SOLE   0 0 8,300
StoneMor Partners LP COM 86183q100 964 31,966 SH   SOLE   0 0 31,966
Targa Resource Partners LP COM 87611x105 639 16,547 SH   SOLE   0 0 16,547
Targa Resources Corp COM 87612g101 2,438 27,330 SH   SOLE   0 0 27,330
Teekay LNG Partners COM y8564m105 629 19,530 SH   SOLE   0 0 19,530
Two Harbors Investment Corp. COM 90187B101 584 59,920 SH   SOLE   0 0 59,920
Verizon Comm COM 92343V104 3,619 77,642 SH   SOLE   0 0 77,642
Williams Companies Inc COM 969457100 1,355 23,609 SH   SOLE   0 0 23,609
Williams Partners, LP COM 96949l105 620 12,793 SH   SOLE   0 0 12,793
3M Company COM 88579y101 2,377 15,403 SH   SOLE   0 0 15,403
ABB Ltd. COM 000375204 507 24,300 SH   SOLE   0 0 24,300
Abbott Laboratories COM 002824100 338 6,893 SH   SOLE   0 0 6,893
Advance Auto Parts COM 00751Y106 8,732 54,819 SH   SOLE   0 0 54,819
Aegon COM 007924103 178 24,000 SH   SOLE   0 0 24,000
Affiliated Managers Group, Inc COM 008252108 13,892 63,550 SH   SOLE   0 0 63,550
Air Products COM 009158106 227 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 15,128 234,790 SH   SOLE   0 0 234,790
Alexion Pharmaceutical COM 015351109 12,916 71,450 SH   SOLE   0 0 71,450
American Airlines Group COM 02376r102 10,244 256,521 SH   SOLE   0 0 256,521
American Express COM 025816109 669 8,604 SH   SOLE   0 0 8,604
American Intl. Group COM 026874784 17,937 290,144 SH   SOLE   0 0 290,144
Anheuser-Busch InBev COM b5064a925 12,256 100,789 SH   SOLE   0 0 100,789
Anheuser-Busch Inbev ADR COM 03524A108 4,821 39,951 SH   SOLE   0 0 39,951
Apple Computer COM 037833100 49,655 395,895 SH   SOLE   0 0 395,895
Automatic Data Processing COM 053015103 1,794 22,360 SH   SOLE   0 0 22,360
Bancorp Inc COM 05969a105 6,501 700,509 SH   SOLE   0 0 700,509
Bayer AG COM 072730302 3,847 27,500 SH   SOLE   0 0 27,500
Becton Dickinson COM 075887109 1,646 11,618 SH   SOLE   0 0 11,618
Blackstone Group COM 09253U108 2,258 55,250 SH   SOLE   0 0 55,250
Boeing Company COM 097023105 329 2,369 SH   SOLE   0 0 2,369
Breeze Eastern COM 106764103 135 11,704 SH   SOLE   0 0 11,704
Brkshire Hathaway A COM 084670108 615 3 SH   SOLE   0 0 3
Brkshire Hathaway B COM 084670702 3,048 22,395 SH   SOLE   0 0 22,395
CVS Health Corp COM 126650100 34,295 326,994 SH   SOLE   0 0 326,994
Capital One Financial COM 14040H105 2,225 25,298 SH   SOLE   0 0 25,298
Celgne Corp COM 151020104 14,481 125,120 SH   SOLE   0 0 125,120
Centurylink Inc COM 156700106 416 14,144 SH   SOLE   0 0 14,144
Chevron COM 166764100 2,787 28,894 SH   SOLE   0 0 28,894
Chubb COM 171232101 1,021 10,735 SH   SOLE   0 0 10,735
Cisco Systems COM 17275R102 740 26,959 SH   SOLE   0 0 26,959
Citigroup COM 172967424 22,055 399,260 SH   SOLE   0 0 399,260
Coca Cola Co. COM 191216100 701 17,866 SH   SOLE   0 0 17,866
Colgate Palmolive COM 194162103 4,449 68,017 SH   SOLE   0 0 68,017
Comcast Cl A COM 20030N101 286 4,762 SH   SOLE   0 0 4,762
ConocoPhillips COM 20825C104 2,976 48,462 SH   SOLE   0 0 48,462
Costco Wholesale COM 22160K105 3,095 22,917 SH   SOLE   0 0 22,917
DST Systems COM 233326107 1,215 9,645 SH   SOLE   0 0 9,645
Deere & Co. COM 244199105 389 4,008 SH   SOLE   0 0 4,008
Delta Airlines COM 247361702 10,371 252,448 SH   SOLE   0 0 252,448
Dentsply Intl COM 249030107 2,456 47,640 SH   SOLE   0 0 47,640
Diageo PLC Spon ADR COM 25243q205 203 1,753 SH   SOLE   0 0 1,753
Diebold COM 253651103 969 27,684 SH   SOLE   0 0 27,684
DirectTV COM 25490a309 936 10,082 SH   SOLE   0 0 10,082
Discovery Comm C COM 25470f302 1,035 33,290 SH   SOLE   0 0 33,290
Discovery Holding A COM 25470f104 356 10,704 SH   SOLE   0 0 10,704
Dow Chemical COM 260543103 3,965 77,490 SH   SOLE   0 0 77,490
Eli Lilly COM 532457108 7,091 84,930 SH   SOLE   0 0 84,930
Emerson Electric Co. COM 291011104 759 13,687 SH   SOLE   0 0 13,687
Estee Lauder COM 518439104 711 8,200 SH   SOLE   0 0 8,200
Exact Sciences Corporation COM 30063p105 552 18,575 SH   SOLE   0 0 18,575
Exelon Corp. COM 30161N101 719 22,898 SH   SOLE   0 0 22,898
Exxon Mobil COM 30231G102 3,057 36,741 SH   SOLE   0 0 36,741
F M C Corp COM 302491303 267 5,079 SH   SOLE   0 0 5,079
Facebook COM 30303M102 14,334 167,130 SH   SOLE   0 0 167,130
Ferro Corp COM 315405100 1,013 60,357 SH   SOLE   0 0 60,357
Fomento Economico Mexicano SA COM 344419106 3,775 42,370 SH   SOLE   0 0 42,370
Franklin Resources COM 354613101 1,428 29,130 SH   SOLE   0 0 29,130
Gamco Investors A COM 361438104 817 11,888 SH   SOLE   0 0 11,888
General Electric COM 369604103 4,770 179,532 SH   SOLE   0 0 179,532
General Mills COM 370334104 253 4,544 SH   SOLE   0 0 4,544
General Motors COM 37045v100 1,273 38,190 SH   SOLE   0 0 38,190
Genuine Parts COM 372460105 983 10,977 SH   SOLE   0 0 10,977
Gilead Science COM 375558103 8,875 75,800 SH   SOLE   0 0 75,800
GlaxoSmithKline PLC COM 37733w105 737 17,700 SH   SOLE   0 0 17,700
Henry Schein COM 806407102 4,495 31,625 SH   SOLE   0 0 31,625
IBM COM 459200101 2,398 14,744 SH   SOLE   0 0 14,744
Illinois Tool Works COM 452308109 602 6,559 SH   SOLE   0 0 6,559
Intel Corp. COM 458140100 453 14,904 SH   SOLE   0 0 14,904
Invesco COM G491BT108 1,312 34,996 SH   SOLE   0 0 34,996
J.P. Morgan Chase COM 46625h100 31,561 465,771 SH   SOLE   0 0 465,771
JPMorgan China Region Fund COM 48126T104 1,055 56,009 SH   SOLE   0 0 56,009
Johnson & Johnson COM 478160104 36,792 377,512 SH   SOLE   0 0 377,512
KKR & Co. LP COM 48248M102 1,837 80,400 SH   SOLE   0 0 80,400
Kimberly Clark COM 494368103 2,105 19,866 SH   SOLE   0 0 19,866
LKQ Corporation COM 501889208 2,091 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 266 7,412 SH   SOLE   0 0 7,412
MFC Ishares TR MSCI Emerging M COM 464287234 255 6,430 SH   SOLE   0 0 6,430
Marriott Intl Class A COM 571903202 5,659 76,070 SH   SOLE   0 0 76,070
MasterCard Inc. COM 57636q104 12,563 134,390 SH   SOLE   0 0 134,390
McCormick & Co. COM 579780206 11,097 137,080 SH   SOLE   0 0 137,080
McDonald's Corp. COM 580135101 391 4,115 SH   SOLE   0 0 4,115
Medtronic COM G5960L103 33,204 448,099 SH   SOLE   0 0 448,099
Merck COM 58933y105 3,378 59,328 SH   SOLE   0 0 59,328
MetLife COM 59156R108 4,158 74,258 SH   SOLE   0 0 74,258
Microsoft COM 594918104 6,462 146,364 SH   SOLE   0 0 146,364
Mondelez International Inc. COM 609207105 563 13,683 SH   SOLE   0 0 13,683
Morgan Stanley COM 617446448 8,290 213,706 SH   SOLE   0 0 213,706
NVR, Inc. COM 62944t105 3,042 2,270 SH   SOLE   0 0 2,270
Nestle Spons ADR COM 641069406 37,956 525,514 SH   SOLE   0 0 525,514
Nielsen, N.V. COM n63218106 10,081 225,163 SH   SOLE   0 0 225,163
Noble Energy COM 655044105 2,225 52,130 SH   SOLE   0 0 52,130
Novartis COM 66987V109 2,621 26,650 SH   SOLE   0 0 26,650
OM Group Inc. COM 670872100 715 21,293 SH   SOLE   0 0 21,293
Occidental Petroleum COM 674599105 374 4,809 SH   SOLE   0 0 4,809
Ohr Pharmaceutical Inc. COM 67778h200 64 25,561 SH   SOLE   0 0 25,561
Oracle COM 68389X105 383 9,495 SH   SOLE   0 0 9,495
Pepsico COM 713448108 3,676 39,378 SH   SOLE   0 0 39,378
Pfizer COM 717081103 3,814 113,757 SH   SOLE   0 0 113,757
Phillips 66 COM 718546104 1,660 20,601 SH   SOLE   0 0 20,601
Praxair COM 74005P104 3,449 28,851 SH   SOLE   0 0 28,851
Procter & Gamble COM 742718109 7,750 99,052 SH   SOLE   0 0 99,052
Qorvo Inc. COM 74736k101 671 8,362 SH   SOLE   0 0 8,362
Resource America COM 761195205 6,618 786,879 SH   SOLE   0 0 786,879
Roche Holding AG COM 771195104 7,923 226,102 SH   SOLE   0 0 226,102
Royal Dutch Shell COM 780259206 1,568 27,512 SH   SOLE   0 0 27,512
SAB Miller PLC/GBP/ COM G77395104 1,190 22,899 SH   SOLE   0 0 22,899
SPDR Index Shs S&P China COM 78463X400 2,935 33,000 SH   SOLE   0 0 33,000
SPDR S&P 500 ETF COM 78462F103 2,985 14,500 SH   SOLE   0 0 14,500
Schlumberger COM 806857108 235 2,722 SH   SOLE   0 0 2,722
Silicon Motion Technologies Co COM 82706c108 439 12,675 SH   SOLE   0 0 12,675
Southwest Airlines COM 844741108 10,683 322,850 SH   SOLE   0 0 322,850
State Street Corp COM 857477103 521 6,764 SH   SOLE   0 0 6,764
Stryker Corp COM 863667101 1,325 13,862 SH   SOLE   0 0 13,862
SunEdison Semiconductor, Inc. COM y8213l102 2,014 116,615 SH   SOLE   0 0 116,615
Suncor Energy Inc. COM 867224107 462 16,800 SH   SOLE   0 0 16,800
Synaptics Incorporated COM 87157d109 631 7,277 SH   SOLE   0 0 7,277
Sysco COM 871829107 1,809 50,118 SH   SOLE   0 0 50,118
Thermo Fisher Scientific COM 883556102 19,964 153,857 SH   SOLE   0 0 153,857
Tiffany & Co. COM 886547108 777 8,469 SH   SOLE   0 0 8,469
Time Warner Inc. COM 887317303 2,613 29,899 SH   SOLE   0 0 29,899
Twenty-First Century Fox COM 90130A101 2,223 68,297 SH   SOLE   0 0 68,297
UBS Group AG COM H42097107 9,772 460,960 SH   SOLE   0 0 460,960
Unilever NV NY COM 904784709 7,682 183,605 SH   SOLE   0 0 183,605
Union Pacific COM 907818108 1,369 14,356 SH   SOLE   0 0 14,356
United Continental Holdings, I COM 910047109 10,748 202,762 SH   SOLE   0 0 202,762
United Technologies COM 913017109 400 3,608 SH   SOLE   0 0 3,608
UnitedHealth Group COM 91324P102 366 3,000 SH   SOLE   0 0 3,000
Univest Corporation COM 915271100 253 12,422 SH   SOLE   0 0 12,422
Viacom Class B COM 92553p201 525 8,116 SH   SOLE   0 0 8,116
Volkswagen AG Pref COM de0007664 4,744 20,690 SH   SOLE   0 0 20,690
W. W. Grainger COM 384802104 483 2,041 SH   SOLE   0 0 2,041
Walt Disney COM 254687106 1,553 13,604 SH   SOLE   0 0 13,604
Wells Fargo COM 949746101 1,010 17,956 SH   SOLE   0 0 17,956
WisdomTree Germany Hedged Equi COM 97717w448 1,339 47,050 SH   SOLE   0 0 47,050
Xinhua China 25 Index Fund COM 464287184 636 13,792 SH   SOLE   0 0 13,792
YUM Brands Inc. COM 988498101 214 2,380 SH   SOLE   0 0 2,380
duPont COM 263534109 3,586 56,076 SH   SOLE   0 0 56,076
iShares Russell 1000 Growth In COM 464287614 314 3,170 SH   SOLE   0 0 3,170
iShares Russell 2000 Value COM 464287630 212 2,080 SH   SOLE   0 0 2,080
iShares US Technology COM 464287721 523 5,000 SH   SOLE   0 0 5,000