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
Costamare Inc. COM y1771g102 1,133 51,614 SH   SOLE   0 0 51,614
DCP Midstream Partners, LP COM 23311P100 1,681 30,880 SH   SOLE   0 0 30,880
Energy Transfer Equity LP COM 29273V100 3,076 49,860 SH   SOLE   0 0 49,860
Enterprise Prod Partners COM 293792107 3,826 94,950 SH   SOLE   0 0 94,950
Magellan Midstream Partners, L COM 559080106 4,064 48,272 SH   SOLE   0 0 48,272
Northstar Realty Finance Corp. COM 66704r704 956 54,107 SH   SOLE   0 0 54,107
Oneok Inc. COM 682680103 580 8,850 SH   SOLE   0 0 8,850
Plains All American Pipeline L COM 726503105 2,017 34,276 SH   SOLE   0 0 34,276
Resource Capital COM 76120W302 967 198,581 SH   SOLE   0 0 198,581
Teekay Corp. COM y8564w103 1,222 18,420 SH   SOLE   0 0 18,420
Teekay Offshore Partners, L.P. COM y8565j101 1,195 35,560 SH   SOLE   0 0 35,560
Two Harbors Investment Corp. COM 90187B101 1,182 122,230 SH   SOLE   0 0 122,230
Verizon Comm COM 92343V104 1,747 34,940 SH   SOLE   0 0 34,940
Williams Companies Inc COM 969457100 1,403 25,340 SH   SOLE   0 0 25,340
Advance Auto Parts COM 00751Y106 1,286 9,870 SH   SOLE   0 0 9,870
Alaska Airlines COM 011659109 827 19,000 SH   SOLE   0 0 19,000
Alexion Pharmaceutical COM 015351109 862 5,200 SH   SOLE   0 0 5,200
American Airlines Group COM 02376r102 867 24,440 SH   SOLE   0 0 24,440
American Intl. Group COM 026874784 2,209 40,900 SH   SOLE   0 0 40,900
Anheuser-Busch InBev COM b5064a925 290 2,620 SH   SOLE   0 0 2,620
Anheuser-Busch Inbev ADR COM 03524A108 852 7,690 SH   SOLE   0 0 7,690
Apple Computer COM 037833100 3,745 37,170 SH   SOLE   0 0 37,170
Bancorp Inc COM 05969a105 978 113,813 SH   SOLE   0 0 113,813
Bank of America COM 060505104 492 28,880 SH   SOLE   0 0 28,880
BlackRock, Inc. COM 09247x101 1,064 3,240 SH   SOLE   0 0 3,240
CVS Health Corp COM 126650100 928 11,660 SH   SOLE   0 0 11,660
Capital One Financial COM 14040H105 719 8,810 SH   SOLE   0 0 8,810
Celgne Corp COM 151020104 906 9,560 SH   SOLE   0 0 9,560
Citigroup COM 172967424 289 5,570 SH   SOLE   0 0 5,570
Coca Cola Co. COM 191216100 1,037 24,320 SH   SOLE   0 0 24,320
Delta Airlines COM 247361702 1,014 28,040 SH   SOLE   0 0 28,040
Gilead Science COM 375558103 1,304 12,250 SH   SOLE   0 0 12,250
Google Cl A COM 38259P508 1,930 3,280 SH   SOLE   0 0 3,280
Google Cl C COM 38259P706 1,726 2,990 SH   SOLE   0 0 2,990
J.P. Morgan Chase COM 46625h100 2,653 44,040 SH   SOLE   0 0 44,040
Johnson & Johnson COM 478160104 3,318 31,130 SH   SOLE   0 0 31,130
Marriott Intl Class A COM 571903202 709 10,150 SH   SOLE   0 0 10,150
Micron Technology Inc. COM 595112103 1,141 33,292 SH   SOLE   0 0 33,292
Morgan Stanley COM 617446448 808 23,370 SH   SOLE   0 0 23,370
Nestle Spons ADR COM 641069406 2,565 34,885 SH   SOLE   0 0 34,885
Resource America COM 761195205 2,391 256,851 SH   SOLE   0 0 256,851
Roche Holding AG COM 771195104 1,322 35,700 SH   SOLE   0 0 35,700
Schlumberger COM 806857108 1,665 16,370 SH   SOLE   0 0 16,370
Twenty-First Century Fox COM 90130A101 425 12,399 SH   SOLE   0 0 12,399
UBS AG COM H89231338 175 10,093 SH   SOLE   0 0 10,093
Union Pacific COM 907818108 858 7,910 SH   SOLE   0 0 7,910
United Continental Holdings, I COM 910047109 1,709 36,520 SH   SOLE   0 0 36,520
Wells Fargo COM 949746101 262 5,060 SH   SOLE   0 0 5,060