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 479 3,530 SH   SOLE   0 0 3,530
ACHILLION PHARMACEUTICALS COM 00448Q201 3,692 1,122,325 SH   SOLE   0 0 1,122,325
AIR LEASE CORP COM 00912X302 1,236 33,150 SH   SOLE   0 0 33,150
AIR PRODUCTS & CHEMICALS INC COM 009158106 327 2,750 SH   SOLE   0 0 2,750
ALTRIA GROUP (fka Philip Morri COM 02209S103 612 16,342 SH   SOLE   0 0 16,342
AMARIN CORP COM 023111206 27 15,000 SH   SOLE   0 0 15,000
AMERICAN EXPRESS CO. COM 025816109 225 2,500 SH   SOLE   0 0 2,500
AMGEN INC. COM 031162100 327 2,650 SH   SOLE   0 0 2,650
ANALOG DEVICES INC COM 032654105 1,092 20,550 SH   SOLE   0 0 20,550
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,301 262,375 SH   SOLE   0 0 262,375
APPLE INC. COM 037833100 8,944 16,663 SH   SOLE   0 0 16,663
ASSOCIATED ESTATES REALTY CP COM 045604105 340 20,100 SH   SOLE   0 0 20,100
AT&T INC COM 00206R102 730 20,807 SH   SOLE   0 0 20,807
BELDEN INC. COM 077454106 233 3,350 SH   SOLE   0 0 3,350
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 287 2,300 SH   SOLE   0 0 2,300
BGC PARTNERS INC-CL A COM 05541T101 4,326 661,430 SH   SOLE   0 0 661,430
BIOMARIN PHARMACEUTICAL INC COM 09061g101 2,927 42,915 SH   SOLE   0 0 42,915
BJ'S RESTAURANTS INC COM 09180C106 378 11,550 SH   SOLE   0 0 11,550
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 2,979 61,925 SH   SOLE   0 0 61,925
BRISTOL MYERS SQUIBB COM COM 110122108 1,763 33,940 SH   SOLE   0 0 33,940
CALLIDUS SOFTWARE INC COM 13123E500 2,022 161,525 SH   SOLE   0 0 161,525
CANADIAN NATL RAILWAY CO COM 136375102 2,609 46,400 SH   SOLE   0 0 46,400
CATERPILLAR INC. COM 149123101 209 2,100 SH   SOLE   0 0 2,100
CELGENE CORP COM 151020104 4,418 31,645 SH   SOLE   0 0 31,645
CHECK POINT SOFTWARE TECH COM M22465104 6,160 91,086 SH   SOLE   0 0 91,086
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,340 19,681 SH   SOLE   0 0 19,681
COCA COLA COMPANY COM 191216100 786 20,340 SH   SOLE   0 0 20,340
CONOCOPHILLIPS COM 20825C104 3,320 47,197 SH   SOLE   0 0 47,197
DOW CHEMICAL COMPANY COM 260543103 749 15,415 SH   SOLE   0 0 15,415
DUKE ENERGY CORP-NEW COM 26441C204 1,301 18,262 SH   SOLE   0 0 18,262
EAST WEST BANCORP INC COM 27579R104 1,525 41,775 SH   SOLE   0 0 41,775
EMCORE CORP COM 290846203 157 31,150 SH   SOLE   0 0 31,150
EURONET WORLDWIDE INC COM 298736109 202 4,860 SH   SOLE   0 0 4,860
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 682 9,088 SH   SOLE   0 0 9,088
EXXON MOBIL CORPORATION COM 30231G102 1,858 19,020 SH   SOLE   0 0 19,020
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 123 12,973 SH   SOLE   0 0 12,973
FIRST POTOMAC REALTY TRUST COM 33610f109 2,315 179,150 SH   SOLE   0 0 179,150
FREEPORT McMORAN COPPER - B COM 35671D857 263 7,950 SH   SOLE   0 0 7,950
FRONTIER COMMUNICATIONS CORP COM 35906A108 2,700 473,349 SH   SOLE   0 0 473,349
GENERAL ELECTRIC CO COM 369604103 2,033 78,529 SH   SOLE   0 0 78,529
GFI GROUP INC. COM 361652209 2,134 601,000 SH   SOLE   0 0 601,000
GILEAD SCIENCES INC. COM 375558103 5,763 81,334 SH   SOLE   0 0 81,334
GLAXOSMITHKLINE PLC COM 37733W105 240 4,500 SH   SOLE   0 0 4,500
GOLAR LNG LTD COM G9456A100 5,096 122,225 SH   SOLE   0 0 122,225
GOOGLE INC - CL C COM 38259P706 6,832 6,130 SH   SOLE   0 0 6,130
HALLIBURTON CO. COM 406216101 3,776 64,116 SH   SOLE   0 0 64,116
HALOZYME THERAPEAUTICS INC COM 40637h109 1,255 98,755 SH   SOLE   0 0 98,755
HESS CORP (fmly Amerada Hess C COM 42809H107 2,986 36,025 SH   SOLE   0 0 36,025
INTEL CORP COM COM 458140100 1,344 52,060 SH   SOLE   0 0 52,060
INTERMUNE INC COM 45884X103 1,279 38,210 SH   SOLE   0 0 38,210
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,571 8,164 SH   SOLE   0 0 8,164
ISHARES Trust/U.S.Preferred St COM 464288687 220 5,625 SH   SOLE   0 0 5,625
JOHNSON & JOHNSON COM 478160104 4,797 48,830 SH   SOLE   0 0 48,830
KIMBERLY CLARK COM 494368103 675 6,120 SH   SOLE   0 0 6,120
KINDER MORGAN ENERGY PARTNERS COM 494550106 734 9,925 SH   SOLE   0 0 9,925
KRAFT FOODS GROUP INC COM 50076Q106 1,452 25,880 SH   SOLE   0 0 25,880
LEXINGTON REALTY TRUST COM 529043101 4,964 455,000 SH   SOLE   0 0 455,000
LOCKHEED MARTIN CORPORATION COM 539830109 1,060 6,495 SH   SOLE   0 0 6,495
LOWES COMPANIES INC. COM 548661107 269 5,500 SH   SOLE   0 0 5,500
MARATHON OIL CORP COM 565849106 3,058 86,095 SH   SOLE   0 0 86,095
MARATHON PETROLEUM CORP COM 56585A102 2,358 27,087 SH   SOLE   0 0 27,087
MERCK and CO INC COM 58933Y105 3,373 59,420 SH   SOLE   0 0 59,420
MICROCHIP TECHNOLOGY INC COM 595017104 5,824 121,945 SH   SOLE   0 0 121,945
MONDELEZ INTERNATIONAL -W/I COM 609207105 1,930 55,867 SH   SOLE   0 0 55,867
NAVIOS MARITIME HOLDINGS INC COM Y62196103 4,943 501,800 SH   SOLE   0 0 501,800
NEW MEDIA INVESTMENT GROUP COM 64704V106 230 15,295 SH   SOLE   0 0 15,295
NEW RESIDENTIAL INVESTMENT COR COM 64828T102 2,525 390,270 SH   SOLE   0 0 390,270
NEWCASTLE INVESTMENT CORP COM 65105M108 238 50,650 SH   SOLE   0 0 50,650
NIKE INC CL B COM 654106103 771 10,445 SH   SOLE   0 0 10,445
NORDIC AMERICAN TANKERS LTD COM g65773106 4,126 419,300 SH   SOLE   0 0 419,300
NORTHROP GRUMMAN CORP COM 666807102 339 2,750 SH   SOLE   0 0 2,750
OCCIDENTAL PETE CP DEL COM COM 674599105 1,139 11,950 SH   SOLE   0 0 11,950
ORACLE CORP COM 68389X105 969 23,676 SH   SOLE   0 0 23,676
PEOPLE'S UNITED FINANCIAL INC. COM 712704105 193 13,000 SH   SOLE   0 0 13,000
PEPSICO INC COM COM 713448108 641 7,677 SH   SOLE   0 0 7,677
PFIZER INC. COM 717081103 1,939 60,371 SH   SOLE   0 0 60,371
PHILLIP MORRIS INTERNATIONAL COM 718172109 618 7,550 SH   SOLE   0 0 7,550
PHILLIPS 66 COM 718546104 2,845 36,920 SH   SOLE   0 0 36,920
PROCTER & GAMBLE CO. COM 742718109 1,086 13,470 SH   SOLE   0 0 13,470
PUBLIC STORAGE COM 74460D109 371 2,200 SH   SOLE   0 0 2,200
QUALCOMM INC COM 747525103 940 11,925 SH   SOLE   0 0 11,925
RAYTHEON COMPANY COM 755111507 220 2,223 SH   SOLE   0 0 2,223
REDWOOD TRUST INC COM 758075402 2,338 115,300 SH   SOLE   0 0 115,300
SCHLUMBERGER LTD COM COM 806857108 647 6,635 SH   SOLE   0 0 6,635
SCHWAB (CHARLES) CORP COM 808513105 320 11,700 SH   SOLE   0 0 11,700
SCORPIO TANKERS INC COM Y7542C106 888 89,050 SH   SOLE   0 0 89,050
SHIP FINANCE INTL LTD COM G81075106 10,673 593,960 SH   SOLE   0 0 593,960
SPECTRA ENERGY CORP COM 847560109 2,595 70,250 SH   SOLE   0 0 70,250
STANLEY BLACK & DECKER INC COM 854502101 210 2,587 SH   SOLE   0 0 2,587
STARBUCKS CORP COM 855244109 2,389 32,560 SH   SOLE   0 0 32,560
TEVA PHARMACEUTICAL-SP ADR COM 881624209 778 14,715 SH   SOLE   0 0 14,715
TEXAS INSTRUMENTS INC. COM 882508104 639 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 593 12,461 SH   SOLE   0 0 12,461
WALT DISNEY COMPANY, THE COM 254687106 504 6,300 SH   SOLE   0 0 6,300
WELLS FARGO COMPANY COM 949746101 280 5,625 SH   SOLE   0 0 5,625
WHOLE FOODS MARKET INC COM 966837106 3,149 62,105 SH   SOLE   0 0 62,105
WYNN RESORTS LTD COM 983134107 222 1,000 SH   SOLE   0 0 1,000
XILINX INC COM 983919101 233 4,300 SH   SOLE   0 0 4,300
COUNTRYWIDE CAPITAL V PFD 222388209 2,737 107,325 SH   SOLE   0 0 107,325
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 6,711 272,250 SH   SOLE   0 0 272,250
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,541 141,025 SH   SOLE   0 0 141,025
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140