The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| DCP Midstream Partners, LP | COM | 23311P100 | 948 | 30,880 | SH | SOLE | 0 | 0 | 30,880 | ||
| Enbridge Inc. | COM | 29250n105 | 771 | 16,480 | SH | SOLE | 0 | 0 | 16,480 | ||
| Energy Transfer Equity LP | COM | 29273V100 | 3,200 | 49,860 | SH | SOLE | 0 | 0 | 49,860 | ||
| Enterprise Prod Partners | COM | 293792107 | 2,838 | 94,950 | SH | SOLE | 0 | 0 | 94,950 | ||
| Hersha Hospitality Trust Class | COM | 427825500 | 2,348 | 91,579 | SH | SOLE | 0 | 0 | 91,579 | ||
| Kinder Morgan Inc. | COM | 49456b101 | 1,468 | 38,240 | SH | SOLE | 0 | 0 | 38,240 | ||
| Magellan Midstream Partners, L | COM | 559080106 | 3,542 | 48,272 | SH | SOLE | 0 | 0 | 48,272 | ||
| Next Era Energy Partners | COM | 65341b106 | 879 | 22,190 | SH | SOLE | 0 | 0 | 22,190 | ||
| NextEra Energy, Inc. | COM | 65339F101 | 1,247 | 12,720 | SH | SOLE | 0 | 0 | 12,720 | ||
| Northstar Realty Finance Corp. | COM | 66704r704 | 845 | 53,117 | SH | SOLE | 0 | 0 | 53,117 | ||
| Oneok Inc. | COM | 682680103 | 349 | 8,850 | SH | SOLE | 0 | 0 | 8,850 | ||
| Plains All American Pipeline L | COM | 726503105 | 1,493 | 34,276 | SH | SOLE | 0 | 0 | 34,276 | ||
| Resource Capital | COM | 76120W302 | 769 | 198,581 | SH | SOLE | 0 | 0 | 198,581 | ||
| Targa Resources Corp | COM | 87612g101 | 263 | 2,950 | SH | SOLE | 0 | 0 | 2,950 | ||
| Two Harbors Investment Corp. | COM | 90187B101 | 595 | 61,110 | SH | SOLE | 0 | 0 | 61,110 | ||
| Williams Companies Inc | COM | 969457100 | 1,853 | 32,290 | SH | SOLE | 0 | 0 | 32,290 | ||
| Advance Auto Parts | COM | 00751Y106 | 610 | 3,830 | SH | SOLE | 0 | 0 | 3,830 | ||
| Affiliated Managers Group, Inc | COM | 008252108 | 1,124 | 5,140 | SH | SOLE | 0 | 0 | 5,140 | ||
| Alaska Airlines | COM | 011659109 | 1,224 | 19,000 | SH | SOLE | 0 | 0 | 19,000 | ||
| Alexion Pharmaceutical | COM | 015351109 | 1,074 | 5,940 | SH | SOLE | 0 | 0 | 5,940 | ||
| American Airlines Group | COM | 02376r102 | 855 | 21,410 | SH | SOLE | 0 | 0 | 21,410 | ||
| American Intl. Group | COM | 026874784 | 1,101 | 17,810 | SH | SOLE | 0 | 0 | 17,810 | ||
| Anheuser-Busch InBev | COM | b5064a925 | 319 | 2,620 | SH | SOLE | 0 | 0 | 2,620 | ||
| Anheuser-Busch Inbev ADR | COM | 03524A108 | 440 | 3,650 | SH | SOLE | 0 | 0 | 3,650 | ||
| Apple Computer | COM | 037833100 | 3,403 | 27,130 | SH | SOLE | 0 | 0 | 27,130 | ||
| Bancorp Inc | COM | 05969a105 | 1,056 | 113,813 | SH | SOLE | 0 | 0 | 113,813 | ||
| CVS Health Corp | COM | 126650100 | 2,600 | 24,790 | SH | SOLE | 0 | 0 | 24,790 | ||
| Capital One Financial | COM | 14040H105 | 499 | 5,670 | SH | SOLE | 0 | 0 | 5,670 | ||
| Celgne Corp | COM | 151020104 | 1,162 | 10,040 | SH | SOLE | 0 | 0 | 10,040 | ||
| Citigroup | COM | 172967424 | 1,364 | 24,700 | SH | SOLE | 0 | 0 | 24,700 | ||
| Delta Airlines | COM | 247361702 | 871 | 21,200 | SH | SOLE | 0 | 0 | 21,200 | ||
| Dow Chemical | COM | 260543103 | 284 | 5,550 | SH | SOLE | 0 | 0 | 5,550 | ||
| Eli Lilly | COM | 532457108 | 508 | 6,080 | SH | SOLE | 0 | 0 | 6,080 | ||
| COM | 30303M102 | 1,164 | 13,570 | SH | SOLE | 0 | 0 | 13,570 | |||
| Gilead Science | COM | 375558103 | 717 | 6,120 | SH | SOLE | 0 | 0 | 6,120 | ||
| J.P. Morgan Chase | COM | 46625h100 | 2,519 | 37,180 | SH | SOLE | 0 | 0 | 37,180 | ||
| Johnson & Johnson | COM | 478160104 | 2,564 | 26,310 | SH | SOLE | 0 | 0 | 26,310 | ||
| MasterCard Inc. | COM | 57636q104 | 1,106 | 11,830 | SH | SOLE | 0 | 0 | 11,830 | ||
| McCormick & Co. | COM | 579780206 | 992 | 12,250 | SH | SOLE | 0 | 0 | 12,250 | ||
| Medtronic | COM | G5960L103 | 2,649 | 35,750 | SH | SOLE | 0 | 0 | 35,750 | ||
| Microsoft | COM | 594918104 | 480 | 10,870 | SH | SOLE | 0 | 0 | 10,870 | ||
| Morgan Stanley | COM | 617446448 | 765 | 19,710 | SH | SOLE | 0 | 0 | 19,710 | ||
| NVR, Inc. | COM | 62944t105 | 295 | 220 | SH | SOLE | 0 | 0 | 220 | ||
| Nestle Spons ADR | COM | 641069406 | 2,699 | 37,365 | SH | SOLE | 0 | 0 | 37,365 | ||
| Nielsen, N.V. | COM | n63218106 | 868 | 19,380 | SH | SOLE | 0 | 0 | 19,380 | ||
| Resource America | COM | 761195205 | 2,160 | 256,851 | SH | SOLE | 0 | 0 | 256,851 | ||
| Roche Holding AG | COM | 771195104 | 440 | 12,560 | SH | SOLE | 0 | 0 | 12,560 | ||
| Southwest Airlines | COM | 844741108 | 825 | 24,920 | SH | SOLE | 0 | 0 | 24,920 | ||
| SunEdison Semiconductor, Inc. | COM | y8213l102 | 495 | 28,675 | SH | SOLE | 0 | 0 | 28,675 | ||
| Thermo Fisher Scientific | COM | 883556102 | 1,340 | 10,330 | SH | SOLE | 0 | 0 | 10,330 | ||
| UBS Group AG | COM | H42097107 | 863 | 40,690 | SH | SOLE | 0 | 0 | 40,690 | ||
| Unilever NV NY | COM | 904784709 | 282 | 6,740 | SH | SOLE | 0 | 0 | 6,740 | ||
| United Continental Holdings, I | COM | 910047109 | 967 | 18,250 | SH | SOLE | 0 | 0 | 18,250 | ||
| Volkswagen AG Pref | COM | de0007664 | 816 | 3,560 | SH | SOLE | 0 | 0 | 3,560 | ||