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
Costamare Inc. COM y1771g102 1,676 71,860 SH   SOLE   0 0 71,860
DCP Midstream Partners, LP COM 23311P100 1,760 30,880 SH   SOLE   0 0 30,880
Energy Transfer Equity LP COM 29273V100 2,939 49,860 SH   SOLE   0 0 49,860
Enterprise Prod Partners COM 293792107 3,717 47,475 SH   SOLE   0 0 47,475
Magellan Midstream Partners, L COM 559080106 4,057 48,272 SH   SOLE   0 0 48,272
Northstar Realty Finance Corp. COM 66704r704 1,881 108,215 SH   SOLE   0 0 108,215
Oneok Inc. COM 682680103 603 8,850 SH   SOLE   0 0 8,850
Plains All American Pipeline L COM 726503105 2,058 34,276 SH   SOLE   0 0 34,276
Resource Capital COM 76120W302 1,118 198,581 SH   SOLE   0 0 198,581
Teekay Corp. COM y8564w103 616 9,900 SH   SOLE   0 0 9,900
Teekay Offshore Partners, L.P. COM y8565j101 1,284 35,560 SH   SOLE   0 0 35,560
Two Harbors Investment Corp. COM 90187B101 1,281 122,230 SH   SOLE   0 0 122,230
WCI Communities, Inc. COM 92923c807 1,263 65,390 SH   SOLE   0 0 65,390
Williams Companies Inc COM 969457100 1,475 25,340 SH   SOLE   0 0 25,340
American Airlines Group COM 02376r102 2,664 62,010 SH   SOLE   0 0 62,010
American Intl. Group COM 026874784 2,232 40,900 SH   SOLE   0 0 40,900
Anheuser-Busch InBev COM b5064a925 301 2,620 SH   SOLE   0 0 2,620
Anheuser-Busch Inbev ADR COM 03524A108 884 7,690 SH   SOLE   0 0 7,690
Apple Computer COM 037833100 2,777 29,880 SH   SOLE   0 0 29,880
Baker Hughes Inc. COM 057224107 847 11,380 SH   SOLE   0 0 11,380
Bancorp Inc COM 05969a105 1,356 113,813 SH   SOLE   0 0 113,813
Bank of America COM 060505104 444 28,880 SH   SOLE   0 0 28,880
BlackRock, Inc. COM 09247x101 1,819 5,690 SH   SOLE   0 0 5,690
Blackstone Group COM 09253U108 642 19,200 SH   SOLE   0 0 19,200
Boeing Company COM 097023105 1,029 8,090 SH   SOLE   0 0 8,090
CVS/Caremark COM 126650100 879 11,660 SH   SOLE   0 0 11,660
Capital One Financial COM 14040H105 728 8,810 SH   SOLE   0 0 8,810
Chicago Bridge & Iron COM 167250109 634 9,300 SH   SOLE   0 0 9,300
Citigroup COM 172967424 436 9,250 SH   SOLE   0 0 9,250
Delta Airlines COM 247361702 1,791 46,250 SH   SOLE   0 0 46,250
General Electric COM 369604103 608 23,130 SH   SOLE   0 0 23,130
Gilead Science COM 375558103 1,016 12,250 SH   SOLE   0 0 12,250
Google Cl A COM 38259P508 1,918 3,280 SH   SOLE   0 0 3,280
Google Cl C COM 38259P706 938 1,630 SH   SOLE   0 0 1,630
J.P. Morgan Chase COM 46625h100 540 9,370 SH   SOLE   0 0 9,370
Jacobs Engineering Group COM 469814107 576 10,820 SH   SOLE   0 0 10,820
Johnson & Johnson COM 478160104 3,257 31,130 SH   SOLE   0 0 31,130
KKR & Co. LP COM 48248M102 632 25,980 SH   SOLE   0 0 25,980
Marriott Intl Class A COM 571903202 651 10,150 SH   SOLE   0 0 10,150
MetLife COM 59156R108 1,216 21,890 SH   SOLE   0 0 21,890
Micron Technology Inc. COM 595112103 1,147 34,820 SH   SOLE   0 0 34,820
Morgan Stanley COM 617446448 907 28,060 SH   SOLE   0 0 28,060
Nestle Spons ADR COM 641069406 2,703 34,885 SH   SOLE   0 0 34,885
Norfolk Southern COM 655844108 927 9,000 SH   SOLE   0 0 9,000
Qualcomm COM 747525103 1,068 13,480 SH   SOLE   0 0 13,480
Republic Airways Holdings Inc. COM 760276105 936 86,310 SH   SOLE   0 0 86,310
Resource America COM 761195205 257 27,439 SH   SOLE   0 0 27,439
Roche Holding AG COM 771195104 1,331 35,700 SH   SOLE   0 0 35,700
Schlumberger COM 806857108 1,185 10,050 SH   SOLE   0 0 10,050
UBS AG COM H89231338 185 10,093 SH   SOLE   0 0 10,093
Union Pacific COM 907818108 1,021 10,240 SH   SOLE   0 0 10,240
United Continental Holdings, I COM 910047109 1,974 48,070 SH   SOLE   0 0 48,070
Verizon Comm COM 92343V104 875 17,880 SH   SOLE   0 0 17,880
Volkswagen AG Pref COM d94523103 258 1,000 SH   SOLE   0 0 1,000
Wells Fargo COM 949746101 1,651 31,410 SH   SOLE   0 0 31,410