Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	POWERSHARES SENIOR LOAN	1,120,420	$27.8M	10.8%	$24.78	—	CONV BONDS	73936Q769
EPD	ENTERPRISE PRODS PARTNERS L COM UNIT	311,094	$21.58M	8.4%	$62.15	—	COM	293792107
—	MAGELLAN MIDSTREAM PARTNERS LP	169,156	$11.8M	4.6%	$55.14	—	COM	559080106
—	ALPINE TOTAL DYNAMIC DIVIDEND FUND	1,389,278	$11.66M	4.5%	$8.39	—	CONV BONDS	021060207
—	TARGA RESOURCES PARTNERS LP COM UNIT	174,111	$9.795M	3.8%	$50.45	—	COM	87611X105
—	STERLING BANCORP	694,220	$8.789M	3.4%	$13.28	—	COM	85917A100
PAA	PLAINS ALL AMERN PIPELINE L UNIT L P INT	158,743	$8.75M	3.4%	$55.81	—	COM	726503105
—	JPMORGAN CHASE & CO ALERIAN ML ETN	187,554	$8.729M	3.4%	$46.35	—	CONV BONDS	46625H365
WMB	WILLIAMS COS INC	206,680	$8.387M	3.3%	$18.27	+14.5%	COM	969457100
—	RAIT FINANCIAL TRUST	905,573	$7.688M	3.0%	$7.77	—	COM	749227609
—	MEDLEY CAP CORP	542,387	$7.382M	2.9%	$13.59	—	COM	58503F106
—	AMERICAN MIDSTREAM PARTNERS LLP	273,830	$6.972M	2.7%	$26.21	—	COM	02752P100
—	TWO HBRS INVT CORP	629,085	$6.448M	2.5%	$10.25	—	COM	90187B101
—	WESTERN GAS PARTNERS LP UNIT LP IN	95,793	$6.341M	2.5%	$64.89	—	COM	958254104
—	TALLGRASS ENERGY PARTNERS LP	172,620	$6.285M	2.5%	$22.76	—	COM	874697105
—	PLAINS GP HOLDINGS LP-CL A	196,595	$5.501M	2.1%	$26.88	—	COM	72651A108
BGS	B & G FOODS INC NEW CL A	179,870	$5.416M	2.1%	$14.09	-6.9%	COM	05508R106
HFWA	HERITAGE FINANCIAL CORP	318,415	$5.388M	2.1%	$16.67	+4.8%	COM	42722X106
FHI	FEDERATED INVESTORS INC-CL B	164,023	$5.009M	2.0%	$16.38	+0.8%	COM	314211103
—	HOME LOAN SERVICING SOLUTION LTD	219,940	$4.751M	1.9%	$23.79	—	COM	G6648D109
CBU	COMMUNITY BANK SYSTEM INC.	113,365	$4.424M	1.7%	$23.29	+10.1%	COM	203607106
WMT	WAL MART STORES INC	57,543	$4.398M	1.7%	$19.98	-0.4%	COM	931142103
—	BRYN MAWR BANK CORP	150,940	$4.337M	1.7%	$29.89	—	COM	117665109
—	NEWCASTLE INVESTMENT	890,680	$4.186M	1.6%	$5.39	—	COM	65105M108
—	NEW MEDIA INVESTMENT GROUP	259,656	$3.9M	1.5%	$15.02	—	COM	64704V106
WHG	WESTWOOD HOLDINGS GROUP, INC.	57,593	$3.611M	1.4%	$55.31	+6.0%	COM	961765104
—	OAKTREE CAPITAL GROUP LLC	56,535	$3.288M	1.3%	$58.81	—	COM	674001201
MURGY	MUENCHENER RUECKVERSICHE ADR	150,125	$3.282M	1.3%	$22.05	—	COM	626188106
—	KRAFT FOOD GROUP	54,855	$3.077M	1.2%	$54.94	—	COM	50076Q106
TR	TOOTSIE ROLL INDUSTRIES, INC.	94,417	$2.827M	1.1%	$23.57	-3.9%	COM	890516107
PFE	PFIZER INC	86,865	$2.79M	1.1%	$17.47	+4.2%	COM	717081103
—	ALTISOURCE RESIDENTIAL CORP	78,045	$2.463M	1.0%	$31.56	—	COM	02153W100
MDLZ	MONDELEZ INTERNATIONAL INC	59,634	$2.06M	0.8%	$23.16	+13.8%	COM	609207105
—	PROSHARES TR PSHS SHRT S&P5	73,420	$1.811M	0.7%	$29.69	—	CONV BONDS	74347R503
CHMI	CHERRY HILL MORTGAGE INVESTMENT	85,325	$1.6M	0.6%	$17.80	—	COM	164651101
—	WILLIAMS PARTNERS LP	30,869	$1.572M	0.6%	$51.60	—	COM	96950F104
DLTR	DOLLAR TREE INC	28,700	$1.498M	0.6%	$48.73	+9.2%	COM	256746108
AXP	AMERICAN EXPRESS CO	12,800	$1.152M	0.4%	$63.24	+19.4%	COM	025816109
—	TEEKAY OFFSHORE PARTNERS LP PARTNERSHIP UN	32,352	$1.059M	0.4%	$32.46	—	COM	Y8565J101
JNJ	JOHNSON & JOHNSON	9,452	$928K	0.4%	$59.70	+11.6%	COM	478160104
—	NEW RESIDENTIAL INVESTMENT CORP.	122,018	$789K	0.3%	$6.68	—	COM	64828T102
—	ONEOK PARTNERS L P	14,600	$782K	0.3%	$51.65	—	COM	68268N103
—	KINDER MORGAN MANAGEMENT LLCSHS	10,662	$764K	0.3%	$83.47	—	COM	49455U100
—	KINDER MORGAN EGY PTNS L P UT LTD PT INT	10,308	$762K	0.3%	$85.37	—	COM	494550106
XOM	EXXON MOBIL CORP	6,775	$662K	0.3%	$53.69	+8.2%	COM	30231G102
—	CRESTWOOD EQUITY PARTNERS LP	45,466	$629K	0.2%	$13.84	—	COM	226344109
—	PLAYMATES HOLDINGS	410,000	$582K	0.2%	$1.08	—	COM	034832960
ET	ENERGY TRANSFER EQUITY L P UT LTD PTN	12,000	$561K	0.2%	$53.58	—	COM	29273V100
—	EL PASO PIPELINE PARTNERS	18,275	$555K	0.2%	$43.65	—	COM	283702108
MBB	ISHARES BARCLAYS MBS BOND	4,965	$527K	0.2%	$105.23	—	CONV BONDS	464288588
VZ	VERIZON COMMUNICATIONS	10,588	$504K	0.2%	$27.03	-4.3%	COM	92343V104
—	FERRELLGAS PARTNERS L P UNIT LTD PRTNRS	21,229	$490K	0.2%	$21.64	—	COM	315293100
—	HOWARD BANCORP	42,400	$479K	0.2%	$9.17	—	COM	442496105
—	REGENCY ENERGY PARTNERS LP	17,412	$474K	0.2%	$27.22	—	COM	75885Y107
—	SENIOR HSG PPTYS TR SH BEN INT	20,500	$461K	0.2%	$25.93	—	COM	81721M109
—	DCP MIDSTREAM PARTNERS LP UT LTD PTN	9,000	$451K	0.2%	$51.00	—	COM	23311P100
AAPL	APPLE COMPUTER INC	830	$445K	0.2%	$14.28	+16.1%	COM	037833100
PM	PHILIP MORRIS INTL INC	5,380	$440K	0.2%	$44.74	0.0%	COM	718172109
IBM	I B M	2,209	$425K	0.2%	$118.94	-8.2%	COM	459200101
—	CRESTWOOD MIDSTREAM PARTNERS LP	18,857	$425K	0.2%	$24.87	—	COM	226378107
—	CELGENE CORP	3,010	$420K	0.2%	$117.00	—	COM	151020104
PG	PROCTER & GAMBLE COMPANY	5,112	$412K	0.2%	$55.00	+2.7%	COM	742718109
XEL	XCEL ENERGY INC	12,714	$386K	0.2%	$19.76	+0.6%	COM	98389B100
—	EV ENERGY PARTNERS LP	10,000	$335K	0.1%	$37.40	—	COM	26926V107
COST	COSTCO WHOLESALE CORP	2,800	$313K	0.1%	$86.56	+5.5%	COM	22160K105
CAT	CATERPILLAR INC	3,114	$309K	0.1%	$61.55	+13.2%	COM	149123101
—	MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN	4,500	$294K	0.1%	$66.89	—	COM	570759100
GEL	GENESIS ENERGY LP	5,000	$271K	0.1%	$51.80	—	COM	371927104
META	FACEBOOK INC	4,500	$271K	0.1%	$36.96	+70.3%	COM	30303M102
—	Nuveen Dividend Advantage Municipal Income Fund	20,000	$267K	0.1%	$13.34	—	CONV BONDS	67071L106
AMP	AMERIPRISE FINL INC	2,400	$264K	0.1%	$68.12	+25.2%	COM	03076C106
MRK	MERCK & COMPANY	4,634	$263K	0.1%	$30.02	+19.1%	COM	58933Y105
—	TIME WARNER INC COM	3,699	$242K	0.1%	$57.83	—	COM	887317303
BB	BLACKBERRY LTD	30,000	$242K	0.1%	$9.38	0.0%	COM	09228F103
—	E M C CORP MASS	8,800	$241K	0.1%	$23.64	—	COM	268648102
—	BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN	12,000	$240K	0.1%	$18.25	—	COM	106776107
T	A T & T INC (NEW)	6,843	$240K	0.1%	$11.39	-4.8%	COM	00206R102
PCYO	Pure Cycle Corp	38,900	$235K	0.1%	$6.27	0.0%	COM	746228303
—	CROSSTEX ENERGY L P	7,500	$228K	0.1%	$27.60	—	COM	22765U102
FIVE	FIVE BELOW	5,000	$212K	0.1%	$37.24	+3.1%	COM	33829M101
DVY	ISHARES DJ SELECT DIVIDEND INDEX FUND	2,750	$202K	0.1%	$73.45	—	CONV BONDS	464287168
ORCL	ORACLE SYS CORP	4,900	$200K	0.1%	$31.98	0.0%	COM	68389X105
—	GLOBAL EAGLE ENTERTAINMENT INC	10,000	$158K	0.1%	$15.80	—	COM	37951D102
—	RITE AID CORP	15,000	$94,000	0.0%	$5.07	—	COM	767754104
—	SINGING MACH INC	358,500	$61,000	0.0%	$0.22	—	COM	829322304
—	ECOSPHERE TECH INC	173,012	$36,000	0.0%	$0.35	—	COM	27922X105
KRED	Konared Corp	35,000	$25,000	0.0%	$0.84	0.0%	COM	50048Y104
—	MOBIQUITY TECHNOLOGIES INC.	21,000	$10,000	0.0%	$0.48	—	COM	60743F102
—	THORNBURG MTG INC NEW	100,000	$0	0.0%	—	—	COM	885218800