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
APPLE COMPUTER INC COM 037833100 705 1,478 SH   SOLE 0 0 0 1,478
JPMORGAN CHASE & CO ALERIAN ML ETN CONV BONDS 46625H365 2,495 55,947 PRN   SOLE 0 8,875 0 47,072
ACE MARKETING & PROMOTIONS COM 004409108 8 21,000 SH   SOLE 0 0 0 21,000
AMERIPRISE FINL INC COM 03076C106 219 2,400 SH   SOLE 0 0 0 2,400
ALPINE TOTAL DYNAMIC DIVIDEND FUND CONV BONDS 021060108 9,868 2,454,680 PRN   SOLE 0 161,555 0 2,293,125
AMERICAN EXPRESS CO COM 025816109 967 12,800 SH   SOLE 0 0 0 12,800
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN COM 106776107 220 12,000 SH   SOLE 0 0 0 12,000
B & G FOODS INC NEW CL A COM 05508R106 552 15,990 SH   SOLE 0 6,310 0 9,680
POWERSHARES SENIOR LOAN CONV BONDS 73936Q769 17,796 721,056 PRN   SOLE 0 65,551 0 655,505
BUCKEYE PARTNERS L P COM 118230101 1,780 27,157 SH   SOLE 0 0 0 27,157
CATERPILLAR INC COM 149123101 260 3,114 SH   SOLE 0 0 0 3,114
COMMUNITY BANK SYSTEM INC. COM 203607106 3,117 91,360 SH   SOLE 0 6,255 0 85,105
CELGENE CORP COM 151020104 462 3,000 SH   SOLE 0 0 0 3,000
COSTCO WHOLESALE CORP COM 22160K105 461 4,000 SH   SOLE 0 0 0 4,000
CYPRESS SHARPRIDGE INVTS INCCOM COM 12673A108 120 14,700 SH   SOLE 0 0 0 14,700
DOLLAR TREE INC COM 256746108 4,530 79,245 SH   SOLE 0 0 0 79,245
DCP MIDSTREAM PARTNERS LP UT LTD PTN COM 23311P100 546 11,000 SH   SOLE 0 0 0 11,000
DR PEPPER SNAPPLE GROUP INC. COM 26138E109 3,248 72,475 SH   SOLE 0 5,075 0 67,400
DOUBLELINE INCOME SOLUTIONS FUND CONV BONDS 258622109 590 26,900 PRN   SOLE 0 0 0 26,900
E M C CORP MASS COM 268648102 220 8,600 SH   SOLE 0 0 0 8,600
EL PASO PIPELINE PARTNERS COM 283702108 839 19,875 SH   SOLE 0 0 0 19,875
ENTERPRISE PRODS PARTNERS L COM UNIT COM 293792107 19,225 314,961 SH   SOLE 0 21,080 0 293,881
ECOSPHERE TECH INC COM 27922X105 52 173,012 SH   SOLE 0 0 0 173,012
ENERGY TRANSFER EQUITY L P UT LTD PTN COM 29273V100 395 6,000 SH   SOLE 0 0 0 6,000
EV ENERGY PARTNERS LP COM 26926V107 371 10,000 SH   SOLE 0 0 0 10,000
FACEBOOK INC COM 30303M102 226 4,500 SH   SOLE 0 0 0 4,500
FERRELLGAS PARTNERS L P UNIT LTD PRTNRS COM 315293100 510 22,872 SH   SOLE 0 2,000 0 20,872
FEDERATED INVESTORS INC-CL B COM 314211103 3,575 131,615 SH   SOLE 0 10,805 0 120,810
FIVE BELOW COM 33829M101 656 15,000 SH   SOLE 0 0 0 15,000
GENESIS ENERGY LP COM 371927104 250 5,000 SH   SOLE 0 0 0 5,000
GENERAL MILLS INC COM 370334104 2,621 54,705 SH   SOLE 0 4,020 0 50,685
GOOGLE INC COM 38259P508 434 496 SH   SOLE 0 0 0 496
GOVERNMENT PROPERTIES INCO COM 38376A103 287 12,000 SH   SOLE 0 0 0 12,000
HOWARD BANCORP COM 442496105 237 27,400 SH   SOLE 0 0 0 27,400
HOME LOAN SERVICING SOLUTION LTD COM G6648D109 8,715 395,935 SH   SOLE 0 25,565 0 370,370
I B M COM 459200101 414 2,236 SH   SOLE 0 0 0 2,236
NUVEEN MULT CURR ST GV INCM COM CONV BONDS 67090N109 109 10,440 PRN   SOLE 0 0 0 10,440
JOHNSON & JOHNSON COM 478160104 856 9,872 SH   SOLE 0 0 0 9,872
KINDER MORGAN INC/DELAWARE COM 49456B101 208 5,850 SH   SOLE 0 370 0 5,480
KINDER MORGAN EGY PTNS L P UT LTD PT INT COM 494550106 1,129 14,139 SH   SOLE 0 0 0 14,139
KINDER MORGAN MANAGEMENT LLCSHS COM 49455U100 1,394 18,596 SH   SOLE 0 0 0 18,596
KRAFT FOOD GROUP COM 50076Q106 1,557 29,674 SH   SOLE 0 3,816 0 25,858
LEXINGTON REALTY TRUST COM 529043101 3,865 344,205 SH   SOLE 0 30,445 0 313,760
ISHARES BARCLAYS MBS BOND CONV BONDS 464288588 2,710 25,585 PRN   SOLE 0 1,490 0 24,095
MEDLEY CAP CORP COM 58503F106 7,689 557,552 SH   SOLE 0 34,795 0 522,757
MONDELEZ INTERNATIONAL INC COM 609207105 2,975 94,674 SH   SOLE 0 5,000 0 89,674
MAGELLAN MIDSTGREAM PARTNERS L COM 559080106 9,070 160,730 SH   SOLE 0 8,810 0 151,920
MERCK & COMPANY COM 58933Y105 221 4,634 SH   SOLE 0 2,100 0 2,534
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN COM 570759100 325 4,500 SH   SOLE 0 0 0 4,500
NEWCASTLE INVESTMENT COM 65105M108 2,953 525,410 SH   SOLE 0 34,200 0 491,210
TARGA RESOURCES PARTNERS LP COM UNIT COM 87611X105 9,339 181,445 SH   SOLE 0 9,199 0 172,246
INERGY MIDSTREAM LP COM 45671U106 564 25,561 SH   SOLE 0 0 0 25,561
INERGY L P UNIT LTD PAR COM 456615103 834 60,586 SH   SOLE 0 0 0 60,586
NEW RESIDENTIAL INVESTMENT CORP. COM 64828T102 5,979 903,150 SH   SOLE 0 60,470 0 842,680
NESTLE S A ADR SPON REG SH COM 641069406 367 5,250 SH   SOLE 0 0 0 5,250
Nuveen Dividend Advantage Municipal Income Fund CONV BONDS 67071L106 389 30,650 PRN   SOLE 0 0 0 30,650
Nuveen Dividend Advantage Municipal Fund 2 CONV BONDS 67070F100 300 23,150 PRN   SOLE 0 0 0 23,150
ONEOK PARTNERS L P COM 68268N103 774 14,600 SH   SOLE 0 0 0 14,600
PLAINS ALL AMERN PIPELINE L UNIT L P INT COM 726503105 11,354 215,613 SH   SOLE 0 13,395 0 202,218
PROVIDENT NEW YORK BANCORP COM 744028101 5,413 497,030 SH   SOLE 0 32,550 0 464,480
PFIZER INC COM 717081103 511 17,775 SH   SOLE 0 4,565 0 13,210
PROCTER & GAMBLE COMPANY COM 742718109 400 5,292 SH   SOLE 0 0 0 5,292
PROSPECT CAPITAL CORPORATIONCOM COM 74348T102 357 32,000 SH   SOLE 0 0 0 32,000
PVR PARTNERS LP COM 693665101 2,428 104,998 SH   SOLE 0 12,010 0 92,988
PLAYMATES HOLDINGS COM 034832960 443 410,000 SH   SOLE 0 0 0 410,000
RAIT FINANCIAL TRUST COM 749227609 5,775 815,690 SH   SOLE 0 46,060 0 769,630
SIGNATURE GROUP HOLDINGS COM 82670C100 32 27,050 SH   SOLE 0 16,800 0 10,250
PROSHARES TR PSHS SHRT S&P5 CONV BONDS 74347R503 5,252 187,491 PRN   SOLE 0 5,365 0 182,126
SINGING MACH INC COM 829322304 90 375,500 SH   SOLE 0 0 0 375,500
SENIOR HSG PPTYS TR SH BEN INT COM 81721M109 2,528 108,305 SH   SOLE 0 2,000 0 106,305
SUBURBAN PROPANE PARTNERS LPUT LTD PT INT COM 864482104 304 6,494 SH   SOLE 0 0 0 6,494
SYSCO CORP COM 871829107 3,947 124,015 SH   SOLE 0 11,465 0 112,550
A T & T INC (NEW) COM 00206R102 228 6,743 SH   SOLE 0 0 0 6,743
TALLGRASS ENERGY PARTNERS LP COM 874697105 3,047 130,770 SH   SOLE 0 10,380 0 120,390
THORNBURG MTG INC NEW COM 885218800 0 100,000 SH   SOLE 0 0 0 100,000
TEEKAY OFFSHORE PARTNERS LP PARTNERSHIP UN COM Y8565J101 1,108 33,207 SH   SOLE 0 2,555 0 30,652
TIME WARNER INC COM COM 887317303 241 3,666 SH   SOLE 0 0 0 3,666
VERIZON COMMUNICATIONS COM 92343V104 494 10,575 SH   SOLE 0 500 0 10,075
WESTERN GAS PARTNERS LP UNIT LP IN COM 958254104 6,419 106,753 SH   SOLE 0 5,955 0 100,798
WILLIAMS COS INC COM 969457100 5,404 148,635 SH   SOLE 0 9,915 0 138,720
WAL MART STORES INC COM 931142103 7,858 106,243 SH   SOLE 0 0 0 106,243
WILLIAMS PARTNERS LP COM 96950F104 5,263 99,522 SH   SOLE 0 5,390 0 94,132
XCEL ENERGY INC COM 98389B100 346 12,514 SH   SOLE 0 0 0 12,514
EXXON MOBIL CORP COM 30231G102 654 7,606 SH   SOLE 0 0 0 7,606