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
DCP Midstream Partners, LP COM 23311P100 1,141 30,880 SH   SOLE   0 0 30,880
Energy Transfer Equity LP COM 29273V100 3,159 49,860 SH   SOLE   0 0 49,860
Enterprise Prod Partners COM 293792107 3,127 94,950 SH   SOLE   0 0 94,950
Kinder Morgan Inc. COM 49456b101 1,608 38,240 SH   SOLE   0 0 38,240
Magellan Midstream Partners, L COM 559080106 3,703 48,272 SH   SOLE   0 0 48,272
NextEra Energy COM 65339F101 1,324 12,720 SH   SOLE   0 0 12,720
Northstar Realty Finance Corp. COM 66704r704 980 54,107 SH   SOLE   0 0 54,107
Oneok Inc. COM 682680103 427 8,850 SH   SOLE   0 0 8,850
Plains All American Pipeline L COM 726503105 1,672 34,276 SH   SOLE   0 0 34,276
Resource Capital COM 76120W302 902 198,581 SH   SOLE   0 0 198,581
Two Harbors Investment Corp. COM 90187B101 649 61,110 SH   SOLE   0 0 61,110
Williams Companies Inc COM 969457100 1,634 32,290 SH   SOLE   0 0 32,290
Advance Auto Parts COM 00751Y106 1,171 7,820 SH   SOLE   0 0 7,820
Affiliated Managers Group, Inc COM 008252108 881 4,100 SH   SOLE   0 0 4,100
Alaska Airlines COM 011659109 1,257 19,000 SH   SOLE   0 0 19,000
Alexion Pharmaceutical COM 015351109 882 5,090 SH   SOLE   0 0 5,090
American Airlines Group COM 02376r102 1,475 27,950 SH   SOLE   0 0 27,950
American Intl. Group COM 026874784 486 8,870 SH   SOLE   0 0 8,870
Anheuser-Busch InBev COM b5064a925 320 2,620 SH   SOLE   0 0 2,620
Anheuser-Busch Inbev ADR COM 03524A108 1,674 13,730 SH   SOLE   0 0 13,730
Apple Computer COM 037833100 4,623 37,150 SH   SOLE   0 0 37,150
Bancorp Inc COM 05969a105 1,028 113,813 SH   SOLE   0 0 113,813
BlackRock, Inc. COM 09247x101 1,793 4,900 SH   SOLE   0 0 4,900
CVS Health Corp COM 126650100 1,876 18,180 SH   SOLE   0 0 18,180
Capital One Financial COM 14040H105 447 5,670 SH   SOLE   0 0 5,670
Celgne Corp COM 151020104 1,102 9,560 SH   SOLE   0 0 9,560
Citigroup COM 172967424 1,027 19,930 SH   SOLE   0 0 19,930
Colgate Palmolive COM 194162103 473 6,820 SH   SOLE   0 0 6,820
Delta Airlines COM 247361702 1,144 25,440 SH   SOLE   0 0 25,440
General Motors COM 37045v100 886 23,640 SH   SOLE   0 0 23,640
Gilead Science COM 375558103 601 6,120 SH   SOLE   0 0 6,120
J.P. Morgan Chase COM 46625h100 1,049 17,320 SH   SOLE   0 0 17,320
Johnson & Johnson COM 478160104 2,647 26,310 SH   SOLE   0 0 26,310
Lockheed Martin Corp. COM 539830109 1,037 5,110 SH   SOLE   0 0 5,110
MasterCard Inc. COM 57636q104 1,018 11,780 SH   SOLE   0 0 11,780
McCormick & Co. COM 579780206 945 12,250 SH   SOLE   0 0 12,250
Medtronic COM G5960L103 2,788 35,750 SH   SOLE   0 0 35,750
Microsoft COM 594918104 1,035 25,450 SH   SOLE   0 0 25,450
Morgan Stanley COM 617446448 703 19,710 SH   SOLE   0 0 19,710
Nestle Spons ADR COM 641069406 2,824 37,365 SH   SOLE   0 0 37,365
Nielsen, N.V. COM n63218106 864 19,380 SH   SOLE   0 0 19,380
Resource America COM 761195205 2,337 256,851 SH   SOLE   0 0 256,851
Roche Holding AG COM 771195104 433 12,560 SH   SOLE   0 0 12,560
Southwest Airlines COM 844741108 1,104 24,920 SH   SOLE   0 0 24,920
SunEdison Semiconductor, Inc. COM y8213l102 740 28,675 SH   SOLE   0 0 28,675
Sysco COM 871829107 380 10,080 SH   SOLE   0 0 10,080
Thermo Fisher Scientific COM 883556102 1,388 10,330 SH   SOLE   0 0 10,330
United Continental Holdings, I COM 910047109 2,456 36,520 SH   SOLE   0 0 36,520
United Parcel Service Inc. COM 911312106 679 7,000 SH   SOLE   0 0 7,000