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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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
Costamare Inc. COM y1771g102 1,313 71,860 SH   SOLE   0 0 71,860
DCP Midstream Partners, LP COM 23311P100 1,555 30,880 SH   SOLE   0 0 30,880
Energy Transfer Equity LP COM 29273V100 2,038 24,930 SH   SOLE   0 0 24,930
Enterprise Prod Partners COM 293792107 3,148 47,475 SH   SOLE   0 0 47,475
Magellan Midstream Partners, L COM 559080106 3,054 48,272 SH   SOLE   0 0 48,272
Northstar Realty Finance Corp. COM 66704r100 2,514 186,895 SH   SOLE   0 0 186,895
Oneok Inc. COM 682680103 430 6,920 SH   SOLE   0 0 6,920
Plains All American Pipeline L COM 726503105 1,774 34,276 SH   SOLE   0 0 34,276
Resource Capital COM 76120W302 1,178 198,581 SH   SOLE   0 0 198,581
Teekay Offshore Partners, L.P. COM y8565j101 1,177 35,560 SH   SOLE   0 0 35,560
Two Harbors Investment Corp. COM 90187B101 1,134 122,230 SH   SOLE   0 0 122,230
WCI Communities, Inc. COM 92923c807 1,248 65,390 SH   SOLE   0 0 65,390
Williams Companies Inc COM 969457100 1,955 50,680 SH   SOLE   0 0 50,680
Abbott Laboratories COM 002824100 390 10,170 SH   SOLE   0 0 10,170
American Airlines Group COM 02376r102 1,228 48,640 SH   SOLE   0 0 48,640
American Intl. Group COM 026874784 2,371 46,450 SH   SOLE   0 0 46,450
Anheuser-Busch InBev COM b5064a925 278 2,620 SH   SOLE   0 0 2,620
Anheuser-Busch Inbev ADR COM 03524A108 819 7,690 SH   SOLE   0 0 7,690
Bancorp Inc COM 05969a105 2,038 113,813 SH   SOLE   0 0 113,813
Bayerische Motoren Werke AG COM d12096109 802 6,750 SH   SOLE   0 0 6,750
BlackRock, Inc. COM 09247x101 1,282 4,050 SH   SOLE   0 0 4,050
Boeing Company COM 097023105 1,803 13,210 SH   SOLE   0 0 13,210
CVS/Caremark COM 126650100 1,809 25,280 SH   SOLE   0 0 25,280
Capital One Financial COM 14040H105 925 12,080 SH   SOLE   0 0 12,080
Chicago Bridge & Iron COM 167250109 861 10,360 SH   SOLE   0 0 10,360
Citigroup COM 172967424 2,317 44,470 SH   SOLE   0 0 44,470
Delta Airlines COM 247361702 3,675 133,770 SH   SOLE   0 0 133,770
General Electric COM 369604103 832 29,670 SH   SOLE   0 0 29,670
Google COM 38259P508 3,676 3,280 SH   SOLE   0 0 3,280
Home Depot COM 437076102 817 9,920 SH   SOLE   0 0 9,920
J.P. Morgan Chase COM 46625h100 1,651 28,240 SH   SOLE   0 0 28,240
Jacobs Engineering Group COM 469814107 770 12,220 SH   SOLE   0 0 12,220
Johnson & Johnson COM 478160104 2,851 31,130 SH   SOLE   0 0 31,130
MasterCard Inc. COM 57636q104 894 1,070 SH   SOLE   0 0 1,070
MetLife COM 59156R108 1,180 21,890 SH   SOLE   0 0 21,890
Micron Technology Inc. COM 595112103 1,515 69,660 SH   SOLE   0 0 69,660
Morgan Stanley COM 617446448 1,224 39,040 SH   SOLE   0 0 39,040
National Oilwell Varco COM 637071101 738 9,280 SH   SOLE   0 0 9,280
Nestle Spons ADR COM 641069406 1,661 22,625 SH   SOLE   0 0 22,625
Qualcomm COM 747525103 1,187 15,990 SH   SOLE   0 0 15,990
Resource America COM 761195205 257 27,439 SH   SOLE   0 0 27,439
Roche Holding AG COM 771195104 1,562 22,300 SH   SOLE   0 0 22,300
Schlumberger COM 806857108 1,523 16,900 SH   SOLE   0 0 16,900
Union Pacific COM 907818108 402 2,390 SH   SOLE   0 0 2,390
United Continental Holdings, I COM 910047109 2,400 63,430 SH   SOLE   0 0 63,430
Visa COM 92826c839 1,416 6,360 SH   SOLE   0 0 6,360
Volkswagen AG Pref COM d94523103 884 3,140 SH   SOLE   0 0 3,140
Wells Fargo COM 949746101 1,533 33,770 SH   SOLE   0 0 33,770