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 565 4,030 SH   SOLE   0 0 4,030
ACHILLION PHARMACEUTICALS COM 00448Q201 3,246 978,025 SH   SOLE   0 0 978,025
AIR LEASE CORP COM 00912X302 999 32,150 SH   SOLE   0 0 32,150
AIR PRODUCTS & CHEMICALS INC COM 009158106 307 2,750 SH   SOLE   0 0 2,750
ALTRIA GROUP (fka Philip Morri COM 02209S103 627 16,342 SH   SOLE   0 0 16,342
AMARIN CORP COM 023111206 30 15,000 SH   SOLE   0 0 15,000
AMERICAN EXPRESS CO. COM 025816109 227 2,500 SH   SOLE   0 0 2,500
ANALOG DEVICES INC COM 032654105 1,113 21,850 SH   SOLE   0 0 21,850
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,117 265,375 SH   SOLE   0 0 265,375
APPLE INC. COM 037833100 9,368 16,698 SH   SOLE   0 0 16,698
ASSOCIATED ESTATES REALTY CP COM 045604105 323 20,100 SH   SOLE   0 0 20,100
AT&T INC COM 00206R102 735 20,907 SH   SOLE   0 0 20,907
BELDEN INC. COM 077454106 236 3,350 SH   SOLE   0 0 3,350
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 273 2,300 SH   SOLE   0 0 2,300
BGC PARTNERS INC-CL A COM 05541T101 3,321 548,950 SH   SOLE   0 0 548,950
BIOMARIN PHARMACEUTICAL INC COM 09061g101 3,268 46,455 SH   SOLE   0 0 46,455
BJ'S RESTAURANTS INC COM 09180C106 368 11,850 SH   SOLE   0 0 11,850
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 3,059 62,925 SH   SOLE   0 0 62,925
BRISTOL MYERS SQUIBB COM COM 110122108 1,791 33,690 SH   SOLE   0 0 33,690
CALLIDUS SOFTWARE INC COM 13123E500 2,689 195,825 SH   SOLE   0 0 195,825
CANADIAN NATL RAILWAY CO COM 136375102 3,250 57,000 SH   SOLE   0 0 57,000
CELGENE CORP COM 151020104 5,065 29,975 SH   SOLE   0 0 29,975
CHECK POINT SOFTWARE TECH COM M22465104 5,965 92,486 SH   SOLE   0 0 92,486
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,577 20,631 SH   SOLE   0 0 20,631
COCA COLA COMPANY COM 191216100 886 21,440 SH   SOLE   0 0 21,440
CONOCOPHILLIPS COM 20825C104 3,356 47,497 SH   SOLE   0 0 47,497
DOW CHEMICAL COMPANY COM 260543103 684 15,415 SH   SOLE   0 0 15,415
DUKE ENERGY CORP-NEW COM 26441C204 1,318 19,095 SH   SOLE   0 0 19,095
EAST WEST BANCORP INC COM 27579R104 1,636 46,775 SH   SOLE   0 0 46,775
EMCORE CORP COM 290846203 159 31,150 SH   SOLE   0 0 31,150
ENCANA CORP COM 292505104 558 30,890 SH   SOLE   0 0 30,890
EURONET WORLDWIDE INC COM 298736109 1,503 31,410 SH   SOLE   0 0 31,410
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 638 9,088 SH   SOLE   0 0 9,088
EXXON MOBIL CORPORATION COM 30231G102 1,937 19,140 SH   SOLE   0 0 19,140
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 138 12,973 SH   SOLE   0 0 12,973
FIRST POTOMAC REALTY TRUST COM 33610f109 2,418 207,950 SH   SOLE   0 0 207,950
FREEPORT McMORAN COPPER - B COM 35671D857 300 7,950 SH   SOLE   0 0 7,950
FRONTIER COMMUNICATIONS CORP COM 35906A108 2,229 479,349 SH   SOLE   0 0 479,349
GENERAL ELECTRIC CO COM 369604103 2,249 80,229 SH   SOLE   0 0 80,229
GILEAD SCIENCES INC. COM 375558103 5,300 70,569 SH   SOLE   0 0 70,569
GLAXOSMITHKLINE PLC COM 37733W105 214 4,000 SH   SOLE   0 0 4,000
GOLAR LNG LTD COM G9456A100 6,549 180,475 SH   SOLE   0 0 180,475
GOOGLE INC - CL A COM 38259P508 6,934 6,187 SH   SOLE   0 0 6,187
HALLIBURTON CO. COM 406216101 3,391 66,816 SH   SOLE   0 0 66,816
HALOZYME THERAPEAUTICS INC COM 40637h109 1,482 98,855 SH   SOLE   0 0 98,855
HESS CORP (fmly Amerada Hess C COM 42809H107 3,036 36,575 SH   SOLE   0 0 36,575
INTEL CORP COM COM 458140100 1,349 51,985 SH   SOLE   0 0 51,985
INTERMUNE INC COM 45884X103 752 51,050 SH   SOLE   0 0 51,050
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,531 8,164 SH   SOLE   0 0 8,164
ISHARES Trust/U.S.Preferred St COM 464288687 207 5,625 SH   SOLE   0 0 5,625
JOHNSON & JOHNSON COM 478160104 4,525 49,400 SH   SOLE   0 0 49,400
KIMBERLY CLARK COM 494368103 652 6,245 SH   SOLE   0 0 6,245
KINDER MORGAN ENERGY PARTNERS COM 494550106 801 9,925 SH   SOLE   0 0 9,925
KRAFT FOODS GROUP INC COM 50076Q106 1,422 26,380 SH   SOLE   0 0 26,380
LEXINGTON REALTY TRUST COM 529043101 4,518 442,500 SH   SOLE   0 0 442,500
LOWES COMPANIES INC. COM 548661107 273 5,500 SH   SOLE   0 0 5,500
MARATHON OIL CORP COM 565849106 3,061 86,720 SH   SOLE   0 0 86,720
MARATHON PETROLEUM CORP COM 56585A102 2,508 27,337 SH   SOLE   0 0 27,337
MERCK and CO INC COM 58933Y105 3,002 59,975 SH   SOLE   0 0 59,975
MICROCHIP TECHNOLOGY INC COM 595017104 5,529 123,545 SH   SOLE   0 0 123,545
MONDELEZ INTERNATIONAL -W/I COM 609207105 2,007 56,867 SH   SOLE   0 0 56,867
NEW RESIDENTIAL INVESTMENT COR COM 64828T102 2,898 433,820 SH   SOLE   0 0 433,820
NEWCASTLE INVESTMENT CORP COM 65105M108 1,236 215,400 SH   SOLE   0 0 215,400
NIKE INC CL B COM 654106103 833 10,595 SH   SOLE   0 0 10,595
NORDIC AMERICAN TANKERS LTD COM g65773106 4,075 420,100 SH   SOLE   0 0 420,100
NORTHROP GRUMMAN CORP COM 666807102 315 2,750 SH   SOLE   0 0 2,750
ORACLE CORP COM 68389X105 915 23,926 SH   SOLE   0 0 23,926
PEOPLE'S UNITED FINANCIAL INC. COM 712704105 249 16,500 SH   SOLE   0 0 16,500
PEPSICO INC COM COM 713448108 637 7,677 SH   SOLE   0 0 7,677
PFIZER INC. COM 717081103 1,870 61,053 SH   SOLE   0 0 61,053
PHILLIP MORRIS INTERNATIONAL COM 718172109 658 7,550 SH   SOLE   0 0 7,550
PHILLIPS 66 COM 718546104 2,744 35,570 SH   SOLE   0 0 35,570
PROCTER & GAMBLE CO. COM 742718109 1,097 13,470 SH   SOLE   0 0 13,470
PUBLIC STORAGE COM 74460D109 354 2,350 SH   SOLE   0 0 2,350
QUALCOMM INC COM 747525103 882 11,875 SH   SOLE   0 0 11,875
RAYTHEON COMPANY COM 755111507 202 2,223 SH   SOLE   0 0 2,223
REDWOOD TRUST INC COM 758075402 2,272 117,300 SH   SOLE   0 0 117,300
SCHLUMBERGER LTD COM COM 806857108 607 6,735 SH   SOLE   0 0 6,735
SCHWAB (CHARLES) CORP COM 808513105 294 11,300 SH   SOLE   0 0 11,300
SCORPIO TANKERS INC COM Y7542C106 3,327 282,160 SH   SOLE   0 0 282,160
SHIP FINANCE INTL LTD COM G81075106 9,492 579,460 SH   SOLE   0 0 579,460
SPECTRA ENERGY CORP COM 847560109 2,550 71,600 SH   SOLE   0 0 71,600
STANLEY BLACK & DECKER INC COM 854502101 209 2,587 SH   SOLE   0 0 2,587
STARBUCKS CORP COM 855244109 2,511 32,035 SH   SOLE   0 0 32,035
TEVA PHARMACEUTICAL-SP ADR COM 881624209 630 15,715 SH   SOLE   0 0 15,715
TEXAS INSTRUMENTS INC. COM 882508104 595 13,560 SH   SOLE   0 0 13,560
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 617 12,553 SH   SOLE   0 0 12,553
WALT DISNEY COMPANY, THE COM 254687106 481 6,300 SH   SOLE   0 0 6,300
WELLS FARGO COMPANY COM 949746101 255 5,625 SH   SOLE   0 0 5,625
WHOLE FOODS MARKET INC COM 966837106 4,547 78,630 SH   SOLE   0 0 78,630
COUNTRYWIDE CAPITAL V PFD 222388209 2,783 109,775 SH   SOLE   0 0 109,775
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 6,651 277,250 SH   SOLE   0 0 277,250
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,431 143,025 SH   SOLE   0 0 143,025
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140