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
Alerian MLP COM 00162Q866 1,644 92,100 SH   SOLE   0 0 92,100
DCP Midstream Partners, LP COM 23311P100 1,671 30,880 SH   SOLE   0 0 30,880
Energy Transfer Equity LP COM 29273V100 1,491 24,930 SH   SOLE   0 0 24,930
Enterprise Prod Partners COM 293792107 2,951 47,475 SH   SOLE   0 0 47,475
Magellan Midstream Partners, L COM 559080106 2,631 48,272 SH   SOLE   0 0 48,272
Northstar Realty Finance Corp. COM 66704r100 1,701 186,895 SH   SOLE   0 0 186,895
Plains All American Pipeline L COM 726503105 1,913 34,276 SH   SOLE   0 0 34,276
Resource Capital COM 76120W302 721 117,207 SH   SOLE   0 0 117,207
Teekay Offshore Partners, L.P. COM y8565j101 1,155 35,560 SH   SOLE   0 0 35,560
Two Harbors Investment Corp. COM 90187B101 1,253 122,230 SH   SOLE   0 0 122,230
Abbott Laboratories COM 002824100 594 17,030 SH   SOLE   0 0 17,030
Allergan Inc. COM 018490102 935 11,100 SH   SOLE   0 0 11,100
American Intl. Group COM 026874784 3,309 74,020 SH   SOLE   0 0 74,020
Anheuser-Busch InBev COM b5064a925 237 2,620 SH   SOLE   0 0 2,620
Anheuser-Busch Inbev ADR COM 03524A108 1,123 12,440 SH   SOLE   0 0 12,440
Bancorp Inc COM 05969a105 1,706 113,813 SH   SOLE   0 0 113,813
Bank of America COM 060505104 1,494 116,200 SH   SOLE   0 0 116,200
BlackRock, Inc. COM 09247x101 1,544 6,010 SH   SOLE   0 0 6,010
CVS/Caremark COM 126650100 1,446 25,280 SH   SOLE   0 0 25,280
Capital One Financial COM 14040H105 759 12,080 SH   SOLE   0 0 12,080
Citigroup COM 172967424 3,554 74,080 SH   SOLE   0 0 74,080
Crown Holdings Inc . COM 228368106 1,067 25,940 SH   SOLE   0 0 25,940
Delta Airlines COM 247361702 1,887 100,870 SH   SOLE   0 0 100,870
Ford Motor Co. COM 345370860 826 53,400 SH   SOLE   0 0 53,400
General Electric COM 369604103 372 16,020 SH   SOLE   0 0 16,020
Goldman Sachs Inc. COM 38141G104 976 6,450 SH   SOLE   0 0 6,450
Google COM 38259P508 1,699 1,930 SH   SOLE   0 0 1,930
J.P. Morgan Chase COM 46625h100 2,039 38,630 SH   SOLE   0 0 38,630
Johnson & Johnson COM 478160104 3,375 39,310 SH   SOLE   0 0 39,310
Kunlun Energy COM g5320c108 578 344,000 SH   SOLE   0 0 344,000
MasterCard Inc. COM 57636q104 615 1,070 SH   SOLE   0 0 1,070
McCormick & Co. COM 579780206 972 13,820 SH   SOLE   0 0 13,820
Mondelez International Inc. COM 609207105 358 12,550 SH   SOLE   0 0 12,550
Nestle Spons ADR COM 641069406 1,481 22,625 SH   SOLE   0 0 22,625
Philip Morris COM 718172109 688 7,945 SH   SOLE   0 0 7,945
Resource America COM 761195205 233 27,439 SH   SOLE   0 0 27,439
Roche Holding AG COM 771195104 1,172 18,880 SH   SOLE   0 0 18,880
United Continental Holdings, I COM 910047109 1,906 60,930 SH   SOLE   0 0 60,930
Visa COM 92826c839 1,162 6,360 SH   SOLE   0 0 6,360
Wells Fargo COM 949746101 2,024 49,040 SH   SOLE   0 0 49,040