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
MACQUARIE INFRASTRUCTURE Convertible Bonds 55608BAA3 114 100,000 PRN   SOLE 0 0 0 100,000
APPLE COMPUTER INC Common Stocks 037833100 822 7,449 SH   SOLE 0 0 0 7,449
AMERICAN CAPITAL AGENCY CORP Common Stocks 02503X105 8,943 409,676 SH   SOLE 0 108,794 0 300,882
AMERICAN MIDSTREAM PARTNERS LLP Common Stocks 02752P100 513 26,050 SH   SOLE 0 0 0 26,050
JPMORGAN CHASE & CO ALERIAN ML ETN Equity ETFs 46625H365 4,717 102,651 PRN   SOLE 0 27,973 0 74,678
AMERIPRISE FINL INC Common Stocks 03076C106 317 2,400 SH   SOLE 0 0 0 2,400
ALPINE TOTAL DYNAMIC DIVIDEND FUND Equity ETFs 021060207 13,726 1,616,686 PRN   SOLE 0 464,057 0 1,152,630
AMERICAN EXPRESS CO Common Stocks 025816109 1,163 12,500 SH   SOLE 0 0 0 12,500
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN Common Stocks 106776107 137 19,500 SH   SOLE 0 0 0 19,500
B & G FOODS INC NEW CL A Common Stocks 05508R106 6,871 229,814 SH   SOLE 0 71,341 0 158,473
POWERSHARES SENIOR LOAN Fixed Income ETF 73936Q769 1,114 46,350 PRN   SOLE 0 0 0 46,350
BRYN MAWR BANK CORP Common Stocks 117665109 5,265 168,215 SH   SOLE 0 45,326 0 122,889
BUCKEYE PARTNERS L P Common Stocks 118230101 200 2,648 SH   SOLE 0 0 0 2,648
Anheuser Busch SA NV sponsored ADR Common Stocks 03524A108 1,123 10,000 SH   SOLE 0 10,000 0 0
BOARDWALK PIPELINE PARTNER Common Stocks 096627104 3,794 213,480 SH   SOLE 0 57,760 0 155,720
CATERPILLAR INC Common Stocks 149123101 231 2,525 SH   SOLE 0 0 0 2,525
COMMUNITY BANK SYSTEM INC. Common Stocks 203607106 404 10,600 SH   SOLE 0 0 0 10,600
CELGENE CORP Common Stocks 151020104 772 6,905 SH   SOLE 0 0 0 6,905
CHERRY HILL MORTGAGE INVESTMENT Common Stocks 164651101 5,615 303,672 SH   SOLE 0 93,475 0 210,197
COSI INC COM NEW Common Stocks 22122P200 215 134,974 SH   SOLE 0 134,974 0 0
COSTCO WHOLESALE CORP Common Stocks 22160K105 284 2,000 SH   SOLE 0 0 0 2,000
CANADIAN PAC RY LTD COM Common Stocks 13645T100 963 5,000 SH   SOLE 0 5,000 0 0
DAKOTA PLAINS HOLDINGS INC. Common Stocks 234255107 799 453,900 SH   SOLE 0 453,900 0 0
DOUBLELINE OPPORTUNISTIC CREDIT FUND Fixed Income Closed-End Fund 258623107 2,837 115,503 PRN   SOLE 0 60,103 0 55,400
DISNEY WALT PRODTNS Common Stocks 254687106 514 5,455 SH   SOLE 0 0 0 5,455
DOLLAR TREE INC Common Stocks 256746108 704 10,000 SH   SOLE 0 0 0 10,000
PROSHARES SHORT DOW 30 Equity ETFs 74347R701 210 9,000 PRN   SOLE 0 0 0 9,000
DCP MIDSTREAM PARTNERS LP UT LTD PTN Common Stocks 23311P100 409 9,000 SH   SOLE 0 0 0 9,000
ENABLE MIDSTREAM PARTNERS LP Common Stocks 292480100 3,495 180,237 SH   SOLE 0 62,459 0 117,778
ENLINK MIDSTREAM PARTNERS LP Common Stocks 29336U107 218 7,500 SH   SOLE 0 0 0 7,500
GLOBAL EAGLE ENTERTAINMENT INC Common Stocks 37951D102 136 10,000 SH   SOLE 0 0 0 10,000
ENTERPRISE PRODS PARTNERS L COM UNIT Common Stocks 293792107 23,381 647,318 SH   SOLE 0 121,264 0 526,054
ECOSPHERE TECH INC Common Stocks 27922X105 13 173,012 SH   SOLE 0 0 0 173,012
ENERGY TRANSFER EQUITY L P UT LTD PTN Common Stocks 29273V100 803 14,000 SH   SOLE 0 0 0 14,000
EV ENERGY PARTNERS LP Common Stocks 26926V107 260 13,500 SH   SOLE 0 0 0 13,500
FACEBOOK INC Common Stocks 30303M102 351 4,500 SH   SOLE 0 0 0 4,500
FIVE BELOW Common Stocks 33829M101 204 5,000 SH   SOLE 0 0 0 5,000
FEDERAL NAT MORTGAGE ASSN Common Stocks 313586109 123 60,000 SH   SOLE 0 0 0 60,000
WINTHROP REALTY TRUST Common Stocks 976391300 10,422 668,490 SH   SOLE 0 216,330 0 452,160
GENERAL ELEC CO Common Stocks 369604103 912 36,101 SH   SOLE 0 34,000 0 2,101
GENESIS ENERGY LP Common Stocks 371927104 212 5,000 SH   SOLE 0 0 0 5,000
GOOGLE INC CL C Common Stocks 38259P706 503 956 SH   SOLE 0 0 0 956
GOOGLE INC Common Stocks 38259P508 356 671 SH   SOLE 0 0 0 671
GRAMERCY PROPERTY TRUST INC Common Stocks 38489R100 9,434 1,367,281 SH   SOLE 0 405,221 0 962,060
HOWARD BANCORP Common Stocks 442496105 585 51,300 SH   SOLE 0 0 0 51,300
HARDINGE INC COM Common Stocks 412324303 143 12,000 SH   SOLE 0 12,000 0 0
HERITAGE FINANCIAL CORP Common Stocks 42722X106 5,844 332,994 SH   SOLE 0 100,177 0 232,817
I B M Common Stocks 459200101 228 1,419 SH   SOLE 0 0 0 1,419
IMAX CORP COM Common Stocks 45245E109 541 17,500 SH   SOLE 0 17,500 0 0
INDEPENDENCE REALTY TRUST Common Stocks 45378A106 5,759 618,623 SH   SOLE 0 183,785 0 434,838
INVESCO MORTGAGE CAPITAL INCCOM Common Stocks 46131B100 174 11,250 SH   SOLE 0 1,500 0 9,750
NUVEEN MORTGAGE OPPORTUNITY OPPORTUNITY FUND Fixed Income Closed-End Fund 670735109 7,888 340,748 PRN   SOLE 0 101,523 0 239,225
JOHNSON & JOHNSON Common Stocks 478160104 977 9,339 SH   SOLE 0 0 0 9,339
JP ENERGY PARTNERS LP Common Stocks 46643C109 159 13,000 SH   SOLE 0 0 0 13,000
KINDER MORGAN INC Common Stocks 49456B101 1,293 30,567 SH   SOLE 0 0 0 30,567
COCA COLA CO Common Stocks 191216100 1,156 27,372 SH   SOLE 0 25,925 0 1,447
Konared Corp Common Stocks 50048Y104 5 35,000 SH   SOLE 0 0 0 35,000
KRAFT FOOD GROUP Common Stocks 50076Q106 6,384 101,878 SH   SOLE 0 32,545 0 69,333
SPARK NETWORKS INC COM Common Stocks 84651P100 162 45,000 SH   SOLE 0 45,000 0 0
ISHARES IBOXX INVESTMENT GRADE CORP BOND Fixed Income ETF 464287242 12,146 101,713 PRN   SOLE 0 28,729 0 72,984
MACYS INC COM Common Stocks 55616P104 625 9,500 SH   SOLE 0 9,500 0 0
MEDLEY CAP CORP Common Stocks 58503F106 9,772 1,057,601 SH   SOLE 0 348,044 0 709,557
MCDONALDS CORP Common Stocks 580135101 10,470 111,740 SH   SOLE 0 41,522 0 70,218
MEDLEY MANAGEMENT INC Common Stocks 58503T106 7,771 528,609 SH   SOLE 0 172,796 0 355,813
MONDELEZ INTERNATIONAL INC Common Stocks 609207105 949 26,125 SH   SOLE 0 0 0 26,125
MAGELLAN MIDSTREAM PARTNERS LP Common Stocks 559080106 16,421 198,663 SH   SOLE 0 47,567 0 151,096
MOBIQUITY TECHNOLOGIES INC. Common Stocks 60743F102 7 21,000 SH   SOLE 0 0 0 21,000
MERCK & COMPANY Common Stocks 58933Y105 264 4,643 SH   SOLE 0 2,100 0 2,543
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN Common Stocks 570759100 437 6,500 SH   SOLE 0 0 0 6,500
TARGA RESOURCES PARTNERS LP COM UNIT Common Stocks 87611X105 7,826 163,456 SH   SOLE 0 9,120 0 154,336
NUSTAR GP HOLDINGS LLC UNITS Common Stocks 67059L102 202 5,869 SH   SOLE 0 0 0 5,869
Nuveen Dividend Advantage Municipal Income Fund Fixed Income Closed End Fund 67071L106 282 20,000 PRN   SOLE 0 0 0 20,000
NOVARTIS AG SPONSORED ADR Common Stocks 66987V109 8,032 86,680 SH   SOLE 0 24,857 0 61,823
OWENS ILLINOIS INC Common Stocks 690768403 529 19,600 SH   SOLE 0 19,600 0 0
PLAINS ALL AMERN PIPELINE L UNIT L P INT Common Stocks 726503105 7,454 145,236 SH   SOLE 0 9,780 0 135,456
PLAINS GP HOLDINGS LP-CL A Common Stocks 72651A108 1,180 45,961 SH   SOLE 0 26,000 0 19,961
Pure Cycle Corp Common Stocks 746228303 412 63,500 SH   SOLE 0 63,500 0 0
PIMCO DYNAMIC INC FUND Fixed Income Closed-End Fund 72201Y101 9,804 318,921 PRN   SOLE 0 88,033 0 230,888
PFIZER INC Common Stocks 717081103 4,668 149,871 SH   SOLE 0 60,294 0 89,577
PROCTER & GAMBLE COMPANY Common Stocks 742718109 435 4,777 SH   SOLE 0 0 0 4,777
PERFORMANCE SPORTS GROUP LTD COM Common Stocks 71377G100 387 21,500 SH   SOLE 0 21,500 0 0
RITE AID CORP Common Stocks 767754104 113 15,000 SH   SOLE 0 0 0 15,000
RAIT FINANCIAL TRUST Common Stocks 749227609 366 47,700 SH   SOLE 0 0 0 47,700
REGENCY ENERGY PARTNERS LP Common Stocks 75885Y107 430 17,911 SH   SOLE 0 0 0 17,911
REALD INC COM Common Stocks 75604L105 190 16,100 SH   SOLE 0 16,100 0 0
RENTECH NITROGEN PARTNERS L P COM UNIT Common Stocks 760113100 368 35,000 SH   SOLE 0 35,000 0 0
PROSHARES TR PSHS SHRT S&P5 Equity ETFs 74347R503 2,880 132,230 PRN   SOLE 0 41,557 0 90,673
SINGING MACH INC Common Stocks 829322304 61 358,500 SH   SOLE 0 0 0 358,500
SENIOR HSG PPTYS TR SH BEN INT Common Stocks 81721M109 210 9,500 SH   SOLE 0 0 0 9,500
STERLING BANCORP Common Stocks 85917A100 10,006 695,839 SH   SOLE 0 190,439 0 505,400
A T & T INC (NEW) Common Stocks 00206R102 230 6,843 SH   SOLE 0 0 0 6,843
TALLGRASS ENERGY PARTNERS LP Common Stocks 874697105 9,349 209,147 SH   SOLE 0 58,512 0 150,635
THORNBURG MTG INC NEW Common Stocks 885218800 0 100,000 SH   SOLE 0 0 0 100,000
TOOTSIE ROLL INDUSTRIES, INC. Common Stocks 890516107 3,906 127,440 SH   SOLE 0 39,942 0 87,499
THESTREET INC COM Common Stocks 88368Q103 206 86,693 SH   SOLE 0 86,693 0 0
TWO HBRS INVT CORP Common Stocks 90187B101 7,780 776,493 SH   SOLE 0 228,406 0 548,087
TIME WARNER INC COM Common Stocks 887317303 316 3,699 SH   SOLE 0 33 0 3,666
VERIZON COMMUNICATIONS Common Stocks 92343V104 489 10,445 SH   SOLE 0 500 0 9,945
WESTERN GAS PARTNERS LP UNIT LP IN Common Stocks 958254104 6,052 82,850 SH   SOLE 0 500 0 82,350
WESTWOOD HOLDINGS GROUP, INC. Common Stocks 961765104 4,133 66,852 SH   SOLE 0 20,453 0 46,399
WHEELER REAL ESTATE INV. TRUST INC. Common Stocks 963025101 79 20,000 SH   SOLE 0 0 0 20,000
WAL MART STORES INC Common Stocks 931142103 12,832 149,418 SH   SOLE 0 55,499 0 93,919
WILLIAMS PARTNERS LP Common Stocks 96950F104 1,214 27,119 SH   SOLE 0 0 0 27,119
EXXON MOBIL CORP Common Stocks 30231G102 626 6,775 SH   SOLE 0 0 0 6,775
YUM BRANDS INC. Common Stocks 988498101 1,226 16,830 SH   SOLE 0 15,700 0 1,130