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
3M Co (fmly Minnesota Mining & COM 88579Y101 544 4,553 SH   SOLE   0 0 4,553
ACHILLION PHARMACEUTICALS COM 00448Q201 204 67,650 SH   SOLE   0 0 67,650
AIR LEASE CORP COM 00912X302 939 33,950 SH   SOLE   0 0 33,950
AIR PRODUCTS & CHEMICALS INC COM 009158106 293 2,750 SH   SOLE   0 0 2,750
ALTRIA GROUP (fka Philip Morri COM 02209S103 561 16,342 SH   SOLE   0 0 16,342
AMARIN CORP COM 023111206 95 15,000 SH   SOLE   0 0 15,000
ANALOG DEVICES INC COM 032654105 1,113 23,650 SH   SOLE   0 0 23,650
ANWORTH MORTGAGE ASSET CORP COM 037347101 513 106,275 SH   SOLE   0 0 106,275
APPLE INC. COM 037833100 8,033 16,850 SH   SOLE   0 0 16,850
ASSOCIATED ESTATES REALTY CP COM 045604105 352 23,600 SH   SOLE   0 0 23,600
AT&T INC COM 00206R102 724 21,407 SH   SOLE   0 0 21,407
BELDEN INC. COM 077454106 247 3,850 SH   SOLE   0 0 3,850
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 261 2,300 SH   SOLE   0 0 2,300
BGC PARTNERS INC-CL A COM 05541T101 3,167 561,450 SH   SOLE   0 0 561,450
BIOMARIN PHARMACEUTICAL INC COM 09061g101 434 6,015 SH   SOLE   0 0 6,015
BJ'S RESTAURANTS INC COM 09180C106 469 16,350 SH   SOLE   0 0 16,350
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 3,366 80,090 SH   SOLE   0 0 80,090
BRISTOL MYERS SQUIBB COM COM 110122108 1,512 32,660 SH   SOLE   0 0 32,660
CALLIDUS SOFTWARE INC COM 13123E500 2,034 221,850 SH   SOLE   0 0 221,850
CANADIAN NATL RAILWAY CO COM 136375102 3,497 34,500 SH   SOLE   0 0 34,500
CATAMARAN CORP COM 148887102 1,009 21,960 SH   SOLE   0 0 21,960
CATERPILLAR INC. COM 149123101 217 2,600 SH   SOLE   0 0 2,600
CELGENE CORP COM 151020104 4,507 29,240 SH   SOLE   0 0 29,240
CHECK POINT SOFTWARE TECH COM M22465104 5,426 95,936 SH   SOLE   0 0 95,936
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,766 22,763 SH   SOLE   0 0 22,763
COCA COLA COMPANY COM 191216100 869 22,940 SH   SOLE   0 0 22,940
CONOCOPHILLIPS COM 20825C104 3,406 48,997 SH   SOLE   0 0 48,997
DOW CHEMICAL COMPANY COM 260543103 593 15,453 SH   SOLE   0 0 15,453
DUKE ENERGY CORP-NEW COM 26441C204 1,331 19,928 SH   SOLE   0 0 19,928
EAST WEST BANCORP INC COM 27579R104 1,654 51,775 SH   SOLE   0 0 51,775
EMCORE CORP COM 290846203 1,031 230,150 SH   SOLE   0 0 230,150
ETFS GOLD TRUST COM 26922Y105 203 1,550 SH   SOLE   0 0 1,550
EURONET WORLDWIDE INC COM 298736109 2,920 73,210 SH   SOLE   0 0 73,210
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 625 10,118 SH   SOLE   0 0 10,118
EXXON MOBIL CORPORATION COM 30231G102 1,749 20,330 SH   SOLE   0 0 20,330
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 136 13,073 SH   SOLE   0 0 13,073
FIRST POTOMAC REALTY TRUST COM 33610f109 2,643 210,250 SH   SOLE   0 0 210,250
FREEPORT McMORAN COPPER - B COM 35671D857 397 11,995 SH   SOLE   0 0 11,995
FRONTIER COMMUNICATIONS CORP COM 35906A108 2,158 516,349 SH   SOLE   0 0 516,349
GENERAL ELECTRIC CO COM 369604103 1,988 83,229 SH   SOLE   0 0 83,229
GILEAD SCIENCES INC. COM 375558103 2,728 43,396 SH   SOLE   0 0 43,396
GOLAR LNG LTD COM G9456A100 4,039 107,225 SH   SOLE   0 0 107,225
GOOGLE INC - CL A COM 38259P508 6,403 7,310 SH   SOLE   0 0 7,310
HALLIBURTON CO. COM 406216101 3,610 74,967 SH   SOLE   0 0 74,967
HALOZYME THERAPEAUTICS INC COM 40637h109 1,152 104,330 SH   SOLE   0 0 104,330
HESS CORP (fmly Amerada Hess C COM 42809H107 1,270 16,415 SH   SOLE   0 0 16,415
IMPAC MTG HLDGS INC (fka Imper COM 45254P508 2,956 310,530 SH   SOLE   0 0 310,530
INTEL CORP COM COM 458140100 1,198 52,285 SH   SOLE   0 0 52,285
INTERMUNE INC COM 45884X103 3,134 203,785 SH   SOLE   0 0 203,785
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,429 7,718 SH   SOLE   0 0 7,718
ISHARES Trust/U.S.Preferred St COM 464288687 252 6,625 SH   SOLE   0 0 6,625
JDS UNIPHASE CORP COM 46612j507 1,601 108,825 SH   SOLE   0 0 108,825
JOHNSON & JOHNSON COM 478160104 4,415 50,930 SH   SOLE   0 0 50,930
KIMBERLY CLARK COM 494368103 588 6,245 SH   SOLE   0 0 6,245
KINDER MORGAN ENERGY PARTNERS COM 494550106 792 9,925 SH   SOLE   0 0 9,925
KRAFT FOODS GROUP INC COM 50076Q106 1,437 27,379 SH   SOLE   0 0 27,379
LEXINGTON REALTY TRUST COM 529043101 5,082 452,500 SH   SOLE   0 0 452,500
LOWES COMPANIES INC. COM 548661107 263 5,525 SH   SOLE   0 0 5,525
MARATHON OIL CORP COM 565849106 3,095 88,720 SH   SOLE   0 0 88,720
MARATHON PETROLEUM CORP COM 56585A102 1,829 28,437 SH   SOLE   0 0 28,437
MERCK and CO INC COM 58933Y105 2,873 60,355 SH   SOLE   0 0 60,355
MICROCHIP TECHNOLOGY INC COM 595017104 5,143 127,645 SH   SOLE   0 0 127,645
MONDELEZ INTERNATIONAL -W/I COM 609207105 1,850 58,867 SH   SOLE   0 0 58,867
MONSANTO CO COM 61166W101 263 2,521 SH   SOLE   0 0 2,521
NETFLIX INC COM 64110L106 203 655 SH   SOLE   0 0 655
NEW RESIDENTIAL INVESTMENT COR COM 64828T102 3,405 514,320 SH   SOLE   0 0 514,320
NEWCASTLE INVESTMENT CORP COM 65105M108 1,567 278,900 SH   SOLE   0 0 278,900
NORDIC AMERICAN TANKERS LTD COM g65773106 4,376 531,100 SH   SOLE   0 0 531,100
NORTHROP GRUMMAN CORP COM 666807102 262 2,750 SH   SOLE   0 0 2,750
ORACLE CORP COM 68389X105 823 24,826 SH   SOLE   0 0 24,826
PEOPLE'S UNITED FINANCIAL INC. COM 712704105 295 20,500 SH   SOLE   0 0 20,500
PEPSICO INC COM COM 713448108 610 7,677 SH   SOLE   0 0 7,677
PFIZER INC. COM 717081103 1,824 63,515 SH   SOLE   0 0 63,515
PHILLIP MORRIS INTERNATIONAL COM 718172109 683 7,890 SH   SOLE   0 0 7,890
PHILLIPS 66 COM 718546104 2,088 36,120 SH   SOLE   0 0 36,120
PROCTER & GAMBLE CO. COM 742718109 1,018 13,470 SH   SOLE   0 0 13,470
PUBLIC STORAGE COM 74460D109 409 2,550 SH   SOLE   0 0 2,550
QUALCOMM INC COM 747525103 798 11,861 SH   SOLE   0 0 11,861
REDWOOD TRUST INC COM 758075402 2,398 121,800 SH   SOLE   0 0 121,800
SCHLUMBERGER LTD COM COM 806857108 595 6,735 SH   SOLE   0 0 6,735
SCHWAB (CHARLES) CORP COM 808513105 218 10,300 SH   SOLE   0 0 10,300
SCORPIO TANKERS INC COM Y7542C106 2,776 284,460 SH   SOLE   0 0 284,460
SHIP FINANCE INTL LTD COM G81075106 9,021 590,785 SH   SOLE   0 0 590,785
SPECTRA ENERGY CORP COM 847560109 2,502 73,100 SH   SOLE   0 0 73,100
STANLEY BLACK & DECKER INC COM 854502101 234 2,587 SH   SOLE   0 0 2,587
STARBUCKS CORP COM 855244109 2,567 33,355 SH   SOLE   0 0 33,355
TEVA PHARMACEUTICAL-SP ADR COM 881624209 594 15,715 SH   SOLE   0 0 15,715
TEXAS INSTRUMENTS INC. COM 882508104 550 13,645 SH   SOLE   0 0 13,645
TRANSTEXAS GAS CORP - CLASS A COM 893895201 0 15,041 SH   SOLE   0 0 15,041
TVI CORP COM 872916101 0 17,500 SH   SOLE   0 0 17,500
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 586 12,553 SH   SOLE   0 0 12,553
WALT DISNEY COMPANY, THE COM 254687106 471 7,300 SH   SOLE   0 0 7,300
WELLS FARGO COMPANY COM 949746101 232 5,625 SH   SOLE   0 0 5,625
WHOLE FOODS MARKET INC COM 966837106 3,775 64,535 SH   SOLE   0 0 64,535
XILINX INC COM 983919101 201 4,300 SH   SOLE   0 0 4,300
CITIGROUP CAP X 6.1% 9/30/3 PFD 173064205 2,178 87,100 SH   SOLE   0 0 87,100
COUNTRYWIDE CAPITAL V PFD 222388209 2,832 112,275 SH   SOLE   0 0 112,275
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 6,724 283,250 SH   SOLE   0 0 283,250
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,599 145,525 SH   SOLE   0 0 145,525
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140