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 461 822 SH   SOLE 0 0 0 822
AMERICAN MIDSTREAM PARTNERS LLP COM 02752P100 3,419 126,265 SH   SOLE 0 15,520 0 110,745
JPMORGAN CHASE & CO ALERIAN ML ETN CONV BONDS 46625H365 7,971 171,964 PRN   SOLE 0 89,110 0 82,854
AMERIPRISE FINL INC COM 03076C106 276 2,400 SH   SOLE 0 0 0 2,400
ALPINE TOTAL DYNAMIC DIVIDEND FUND CONV BONDS 021060108 11,783 2,812,250 PRN   SOLE 0 424,205 0 2,388,045
AMERICAN EXPRESS CO COM 025816109 1,161 12,800 SH   SOLE 0 0 0 12,800
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN COM 106776107 244 12,000 SH   SOLE 0 0 0 12,000
B & G FOODS INC NEW CL A COM 05508R106 5,879 173,375 SH   SOLE 0 30,695 0 142,680
POWERSHARES SENIOR LOAN CONV BONDS 73936Q769 26,151 1,051,101 PRN   SOLE 0 224,441 0 826,660
BRYN MAWR BANK CORP COM 117665109 3,658 121,210 SH   SOLE 0 20,340 0 100,870
BUCKEYE PARTNERS L P COM 118230101 568 8,005 SH   SOLE 0 0 0 8,005
CATERPILLAR INC COM 149123101 283 3,114 SH   SOLE 0 0 0 3,114
COMMUNITY BANK SYSTEM INC. COM 203607106 4,337 109,305 SH   SOLE 0 16,405 0 92,900
CELGENE CORP COM 151020104 509 3,010 SH   SOLE 0 0 0 3,010
CRESTWOOD EQUITY PARTNERS LP COM 226344109 650 46,966 SH   SOLE 0 0 0 46,966
CHERRY HILL MORTGAGE INVESTMENT COM 164651101 1,558 87,530 SH   SOLE 0 13,150 0 74,380
CRESTWOOD MIDSTREAM PARTNERS LP COM 226378107 485 19,505 SH   SOLE 0 0 0 19,505
COSTCO WHOLESALE CORP COM 22160K105 476 4,000 SH   SOLE 0 0 0 4,000
DOLLAR TREE INC COM 256746108 2,756 48,855 SH   SOLE 0 0 0 48,855
DCP MIDSTREAM PARTNERS LP UT LTD PTN COM 23311P100 252 5,000 SH   SOLE 0 0 0 5,000
E M C CORP MASS COM 268648102 221 8,800 SH   SOLE 0 0 0 8,800
EL PASO PIPELINE PARTNERS COM 283702108 699 19,425 SH   SOLE 0 0 0 19,425
ENTERPRISE PRODS PARTNERS L COM UNIT COM 293792107 20,824 314,086 SH   SOLE 0 26,860 0 287,226
ECOSPHERE TECH INC COM 27922X105 48 173,012 SH   SOLE 0 0 0 173,012
ENERGY TRANSFER EQUITY L P UT LTD PTN COM 29273V100 499 6,100 SH   SOLE 0 100 0 6,000
EV ENERGY PARTNERS LP COM 26926V107 339 10,000 SH   SOLE 0 0 0 10,000
FACEBOOK INC COM 30303M102 246 4,500 SH   SOLE 0 0 0 4,500
FERRELLGAS PARTNERS L P UNIT LTD PRTNRS COM 315293100 499 21,729 SH   SOLE 0 2,000 0 19,729
FEDERATED INVESTORS INC-CL B COM 314211103 4,553 158,078 SH   SOLE 0 29,175 0 128,903
FIVE BELOW COM 33829M101 432 10,000 SH   SOLE 0 0 0 10,000
GENESIS ENERGY LP COM 371927104 263 5,000 SH   SOLE 0 0 0 5,000
GENERAL MILLS INC COM 370334104 3,638 72,900 SH   SOLE 0 16,445 0 56,455
GOOGLE INC COM 38259P508 642 573 SH   SOLE 0 0 0 573
HOWARD BANCORP COM 442496105 289 31,045 SH   SOLE 0 0 0 31,045
HERITAGE FINANCIAL CORP COM 42722X106 3,987 233,160 SH   SOLE 0 44,305 0 188,855
HOME LOAN SERVICING SOLUTION LTD COM G6648D109 10,237 445,690 SH   SOLE 0 70,665 0 375,025
I B M COM 459200101 414 2,209 SH   SOLE 0 0 0 2,209
NUVEEN MULT CURR ST GV INCM COM CONV BONDS 67090N109 105 10,440 PRN   SOLE 0 0 0 10,440
JOHNSON & JOHNSON COM 478160104 866 9,452 SH   SOLE 0 0 0 9,452
KINDER MORGAN EGY PTNS L P UT LTD PT INT COM 494550106 1,123 13,929 SH   SOLE 0 0 0 13,929
KINDER MORGAN MANAGEMENT LLCSHS COM 49455U100 1,039 13,732 SH   SOLE 0 0 0 13,732
KRAFT FOOD GROUP COM 50076Q106 2,689 49,884 SH   SOLE 0 12,160 0 37,724
ISHARES BARCLAYS MBS BOND CONV BONDS 464288588 854 8,165 PRN   SOLE 0 405 0 7,760
MEDLEY CAP CORP COM 58503F106 7,482 540,197 SH   SOLE 0 97,200 0 442,997
MONDELEZ INTERNATIONAL INC COM 609207105 2,913 82,509 SH   SOLE 0 0 0 82,509
MAGELLAN MIDSTREAM PARTNERS LP COM 559080106 10,976 173,485 SH   SOLE 0 15,520 0 157,965
MOBIQUITY TECHNOLOGIES INC. COM 60743F102 10 21,000 SH   SOLE 0 0 0 21,000
MERCK & COMPANY COM 58933Y105 232 4,634 SH   SOLE 0 2,100 0 2,534
MUENCHENER RUECKVERSICHE ADR COM 626188106 3,106 140,755 SH   SOLE 0 23,835 0 116,920
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN COM 570759100 298 4,500 SH   SOLE 0 0 0 4,500
NEWCASTLE INVESTMENT COM 65105M108 4,709 820,335 SH   SOLE 0 158,655 0 661,680
TARGA RESOURCES PARTNERS LP COM UNIT COM 87611X105 9,418 180,070 SH   SOLE 0 9,199 0 170,871
NEW RESIDENTIAL INVESTMENT CORP. COM 64828T102 6,874 1,029,078 SH   SOLE 0 162,788 0 866,290
NESTLE S A ADR SPON REG SH COM 641069406 6,132 83,520 SH   SOLE 0 13,895 0 69,625
Nuveen Dividend Advantage Municipal Income Fund CONV BONDS 67071L106 250 20,000 PRN   SOLE 0 0 0 20,000
OAKTREE CAPITAL GROUP LLC COM 674001201 3,156 53,635 SH   SOLE 0 9,570 0 44,065
ONEOK PARTNERS L P COM 68268N103 769 14,600 SH   SOLE 0 0 0 14,600
PLAINS ALL AMERN PIPELINE L UNIT L P INT COM 726503105 10,538 203,557 SH   SOLE 0 13,925 0 189,632
PLAINS GP HOLDINGS LP-CL A COM 72651A108 4,780 178,570 SH   SOLE 0 47,050 0 131,520
PFIZER INC COM 717081103 2,280 74,445 SH   SOLE 0 23,130 0 51,315
PROCTER & GAMBLE COMPANY COM 742718109 416 5,112 SH   SOLE 0 0 0 5,112
PVR PARTNERS LP COM 693665101 1,869 69,663 SH   SOLE 0 12,010 0 57,653
PLAYMATES HOLDINGS COM 034832960 513 410,000 SH   SOLE 0 0 0 410,000
RITE AID CORP COM 767754104 76 15,000 SH   SOLE 0 0 0 15,000
RAIT FINANCIAL TRUST COM 749227609 5,904 658,140 SH   SOLE 0 122,650 0 535,490
PROSHARES TR PSHS SHRT S&P5 CONV BONDS 74347R503 2,033 80,570 PRN   SOLE 0 14,000 0 66,570
SINGING MACH INC COM 829322304 101 372,500 SH   SOLE 0 0 0 372,500
SENIOR HSG PPTYS TR SH BEN INT COM 81721M109 2,168 97,505 SH   SOLE 0 2,000 0 95,505
STERLING BANCORP COM 85917A100 8,132 608,260 SH   SOLE 0 96,005 0 512,255
A T & T INC (NEW) COM 00206R102 241 6,843 SH   SOLE 0 0 0 6,843
TALLGRASS ENERGY PARTNERS LP COM 874697105 4,305 165,580 SH   SOLE 0 21,260 0 144,320
THORNBURG MTG INC NEW COM 885218800 0 100,000 SH   SOLE 0 0 0 100,000
TEEKAY OFFSHORE PARTNERS LP PARTNERSHIP UN COM Y8565J101 1,076 32,517 SH   SOLE 0 2,165 0 30,352
TOOTSIE ROLL INDUSTRIES, INC. COM 890516107 2,640 81,120 SH   SOLE 0 15,395 0 65,725
TIME WARNER INC COM COM 887317303 258 3,699 SH   SOLE 0 33 0 3,666
VERIZON COMMUNICATIONS COM 92343V104 528 10,735 SH   SOLE 0 500 0 10,235
WESTERN GAS PARTNERS LP UNIT LP IN COM 958254104 6,420 104,068 SH   SOLE 0 1,120 0 102,948
WESTWOOD HOLDINGS GROUP, INC. COM 961765104 2,858 46,156 SH   SOLE 0 9,325 0 36,831
WILLIAMS COS INC COM 969457100 7,468 193,610 SH   SOLE 0 38,085 0 155,525
WAL MART STORES INC COM 931142103 8,305 105,543 SH   SOLE 0 200 0 105,343
WILLIAMS PARTNERS LP COM 96950F104 1,626 31,967 SH   SOLE 0 0 0 31,967
XCEL ENERGY INC COM 98389B100 355 12,714 SH   SOLE 0 0 0 12,714
EXXON MOBIL CORP COM 30231G102 735 7,261 SH   SOLE 0 0 0 7,261
CROSSTEX ENERGY L P COM 22765U102 207 7,500 SH   SOLE 0 0 0 7,500