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 539 3,763 SH   SOLE   0 0 3,763
ACHILLION PHARMACEUTICALS COM 00448Q201 5,498 726,225 SH   SOLE   0 0 726,225
AIR LEASE CORP COM 00912X302 1,267 32,850 SH   SOLE   0 0 32,850
AIR PRODUCTS & CHEMICALS INC COM 009158106 362 2,817 SH   SOLE   0 0 2,817
ALTRIA GROUP (fka Philip Morri COM 02209S103 681 16,240 SH   SOLE   0 0 16,240
AMARIN CORP COM 023111206 26 15,000 SH   SOLE   0 0 15,000
AMERICAN EXPRESS CO. COM 025816109 237 2,500 SH   SOLE   0 0 2,500
AMGEN INC. COM 031162100 314 2,650 SH   SOLE   0 0 2,650
ANALOG DEVICES INC COM 032654105 1,120 20,717 SH   SOLE   0 0 20,717
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,353 262,275 SH   SOLE   0 0 262,275
APPLE INC. COM 037833100 10,877 117,040 SH   SOLE   0 0 117,040
ASSOCIATED ESTATES REALTY CP COM 045604105 1,335 74,100 SH   SOLE   0 0 74,100
AT&T INC COM 00206R102 736 20,807 SH   SOLE   0 0 20,807
BELDEN INC. COM 077454106 262 3,350 SH   SOLE   0 0 3,350
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 282 2,225 SH   SOLE   0 0 2,225
BGC PARTNERS INC-CL A COM 05541T101 4,969 667,896 SH   SOLE   0 0 667,896
BIOMARIN PHARMACEUTICAL INC COM 09061g101 684 11,000 SH   SOLE   0 0 11,000
BJ'S RESTAURANTS INC COM 09180C106 403 11,550 SH   SOLE   0 0 11,550
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 3,284 62,259 SH   SOLE   0 0 62,259
BRISTOL MYERS SQUIBB COM COM 110122108 1,559 32,140 SH   SOLE   0 0 32,140
CALLIDUS SOFTWARE INC COM 13123E500 4,458 373,375 SH   SOLE   0 0 373,375
CANADIAN NATL RAILWAY CO COM 136375102 2,967 45,633 SH   SOLE   0 0 45,633
CATERPILLAR INC. COM 149123101 239 2,200 SH   SOLE   0 0 2,200
CELGENE CORP COM 151020104 5,421 63,124 SH   SOLE   0 0 63,124
CHECK POINT SOFTWARE TECH COM M22465104 6,135 91,519 SH   SOLE   0 0 91,519
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,584 19,793 SH   SOLE   0 0 19,793
COCA COLA COMPANY COM 191216100 736 17,365 SH   SOLE   0 0 17,365
CONOCOPHILLIPS COM 20825C104 4,064 47,406 SH   SOLE   0 0 47,406
CROWN MEDIA HOLDINGS - CL A COM 228411104 54 15,000 SH   SOLE   0 0 15,000
DOW CHEMICAL COMPANY COM 260543103 690 13,415 SH   SOLE   0 0 13,415
DUKE ENERGY CORP-NEW COM 26441C204 1,296 17,472 SH   SOLE   0 0 17,472
EAST WEST BANCORP INC COM 27579R104 1,427 40,775 SH   SOLE   0 0 40,775
ENCANA CORP COM 292505104 201 8,490 SH   SOLE   0 0 8,490
ENERGOUS CORP COM 29272C103 3,824 252,925 SH   SOLE   0 0 252,925
ETFS GOLD TRUST COM 26922Y105 202 1,550 SH   SOLE   0 0 1,550
EURONET WORLDWIDE INC COM 298736109 227 4,710 SH   SOLE   0 0 4,710
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 577 8,323 SH   SOLE   0 0 8,323
EXXON MOBIL CORPORATION COM 30231G102 1,898 18,850 SH   SOLE   0 0 18,850
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 113 12,973 SH   SOLE   0 0 12,973
FIRST POTOMAC REALTY TRUST COM 33610f109 2,260 172,284 SH   SOLE   0 0 172,284
FREEPORT-MCMORAN,INC. COM 35671D857 281 7,700 SH   SOLE   0 0 7,700
FRONTIER COMMUNICATIONS CORP COM 35906A108 2,776 475,349 SH   SOLE   0 0 475,349
GENERAL ELECTRIC CO COM 369604103 2,077 79,029 SH   SOLE   0 0 79,029
GFI GROUP INC. COM 361652209 2,385 718,500 SH   SOLE   0 0 718,500
GILEAD SCIENCES INC. COM 375558103 6,672 80,471 SH   SOLE   0 0 80,471
GLAXOSMITHKLINE PLC COM 37733W105 241 4,500 SH   SOLE   0 0 4,500
GOLAR LNG LTD COM G9456A100 7,021 116,825 SH   SOLE   0 0 116,825
GOOGLE INC - CL A COM 38259P508 3,588 6,137 SH   SOLE   0 0 6,137
GOOGLE INC - CL C COM 38259P706 3,893 6,767 SH   SOLE   0 0 6,767
HALLIBURTON CO. COM 406216101 4,581 64,507 SH   SOLE   0 0 64,507
HALOZYME THERAPEAUTICS INC COM 40637h109 956 96,805 SH   SOLE   0 0 96,805
HESS CORP (fmly Amerada Hess C COM 42809H107 2,985 30,190 SH   SOLE   0 0 30,190
INTEL CORP COM COM 458140100 1,608 52,044 SH   SOLE   0 0 52,044
INTERMUNE INC COM 45884X103 1,565 35,445 SH   SOLE   0 0 35,445
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,382 7,624 SH   SOLE   0 0 7,624
ISHARES Trust/U.S.Preferred St COM 464288687 224 5,625 SH   SOLE   0 0 5,625
JASON INDUSTRIES, INC COM 471172106 1,123 107,100 SH   SOLE   0 0 107,100
JOHNSON & JOHNSON COM 478160104 4,931 47,129 SH   SOLE   0 0 47,129
KIMBERLY CLARK COM 494368103 670 6,020 SH   SOLE   0 0 6,020
KINDER MORGAN ENERGY PARTNERS COM 494550106 812 9,875 SH   SOLE   0 0 9,875
KNIGHTSBRIDGE TANKERS LTD COM G5299G106 4,225 297,735 SH   SOLE   0 0 297,735
KRAFT FOODS GROUP INC COM 50076Q106 1,382 23,047 SH   SOLE   0 0 23,047
LEXINGTON REALTY TRUST COM 529043101 5,017 455,667 SH   SOLE   0 0 455,667
LOCKHEED MARTIN CORPORATION COM 539830109 739 4,600 SH   SOLE   0 0 4,600
LORILLARD INC COM 544147101 683 11,210 SH   SOLE   0 0 11,210
LOWES COMPANIES INC. COM 548661107 263 5,475 SH   SOLE   0 0 5,475
MARATHON OIL CORP COM 565849106 3,376 84,561 SH   SOLE   0 0 84,561
MARATHON PETROLEUM CORP COM 56585A102 2,121 27,170 SH   SOLE   0 0 27,170
MERCK and CO INC COM 58933Y105 3,432 59,320 SH   SOLE   0 0 59,320
MICROCHIP TECHNOLOGY INC COM 595017104 5,925 121,395 SH   SOLE   0 0 121,395
MONDELEZ INTERNATIONAL -W/I COM 609207105 2,114 56,200 SH   SOLE   0 0 56,200
NEW RESIDENTIAL INVESTMENT COR COM 64828T102 2,321 368,353 SH   SOLE   0 0 368,353
NEWCASTLE INVESTMENT CORP COM 65105M108 158 32,984 SH   SOLE   0 0 32,984
NIKE INC CL B COM 654106103 722 9,305 SH   SOLE   0 0 9,305
NORDIC AMERICAN TANKERS LTD COM g65773106 3,119 327,300 SH   SOLE   0 0 327,300
NORTHROP GRUMMAN CORP COM 666807102 329 2,750 SH   SOLE   0 0 2,750
OCCIDENTAL PETE CP DEL COM COM 674599105 667 6,500 SH   SOLE   0 0 6,500
ORACLE CORP COM 68389X105 911 22,476 SH   SOLE   0 0 22,476
PEOPLE'S UNITED FINANCIAL INC. COM 712704105 205 13,500 SH   SOLE   0 0 13,500
PEPSICO INC COM COM 713448108 695 7,777 SH   SOLE   0 0 7,777
PFIZER INC. COM 717081103 1,717 57,865 SH   SOLE   0 0 57,865
PHILLIP MORRIS INTERNATIONAL COM 718172109 637 7,550 SH   SOLE   0 0 7,550
PHILLIPS 66 COM 718546104 2,945 36,620 SH   SOLE   0 0 36,620
PROCTER & GAMBLE CO. COM 742718109 1,065 13,545 SH   SOLE   0 0 13,545
PUBLIC STORAGE COM 74460D109 368 2,150 SH   SOLE   0 0 2,150
PUMA BIOTECHNOLOGY INC COM 74587V107 1,494 22,630 SH   SOLE   0 0 22,630
QUALCOMM INC COM 747525103 943 11,908 SH   SOLE   0 0 11,908
RAYTHEON COMPANY COM 755111507 205 2,223 SH   SOLE   0 0 2,223
REDWOOD TRUST INC COM 758075402 2,258 115,967 SH   SOLE   0 0 115,967
SCHLUMBERGER LTD COM COM 806857108 791 6,702 SH   SOLE   0 0 6,702
SCHWAB (CHARLES) CORP COM 808513105 315 11,700 SH   SOLE   0 0 11,700
SHIP FINANCE INTL LTD COM G81075106 11,102 597,193 SH   SOLE   0 0 597,193
SPECTRA ENERGY CORP COM 847560109 2,885 67,917 SH   SOLE   0 0 67,917
STANLEY BLACK & DECKER INC COM 854502101 227 2,587 SH   SOLE   0 0 2,587
STARBUCKS CORP COM 855244109 3,365 43,485 SH   SOLE   0 0 43,485
TEVA PHARMACEUTICAL-SP ADR COM 881624209 766 14,615 SH   SOLE   0 0 14,615
TEXAS INSTRUMENTS INC. COM 882508104 648 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 610 12,461 SH   SOLE   0 0 12,461
WALT DISNEY COMPANY, THE COM 254687106 540 6,300 SH   SOLE   0 0 6,300
WELLS FARGO COMPANY COM 949746101 301 5,725 SH   SOLE   0 0 5,725
WHOLE FOODS MARKET INC COM 966837106 1,073 27,770 SH   SOLE   0 0 27,770
WYNN RESORTS LTD COM 983134107 208 1,000 SH   SOLE   0 0 1,000
XILINX INC COM 983919101 203 4,300 SH   SOLE   0 0 4,300
COUNTRYWIDE CAPITAL V PFD 222388209 2,801 107,742 SH   SOLE   0 0 107,742
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 6,918 272,250 SH   SOLE   0 0 272,250
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,574 141,525 SH   SOLE   0 0 141,525
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140