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 646 3,930 SH   SOLE   0 0 3,930
ABBVIE INC COM 00287Y109 353 5,400 SH   SOLE   0 0 5,400
ACHILLION PHARMACEUTICALS COM 00448Q201 6,339 517,450 SH   SOLE   0 0 517,450
AIR LEASE CORP COM 00912X302 1,388 40,450 SH   SOLE   0 0 40,450
AIR PRODUCTS & CHEMICALS INC COM 009158106 406 2,817 SH   SOLE   0 0 2,817
ALLERGAN INC COM 018490102 451 2,122 SH   SOLE   0 0 2,122
ALTRIA GROUP (fka Philip Morri COM 02209S103 790 16,040 SH   SOLE   0 0 16,040
AMERICAN EXPRESS CO. COM 025816109 233 2,500 SH   SOLE   0 0 2,500
AMGEN INC. COM 031162100 1,315 8,255 SH   SOLE   0 0 8,255
ANALOG DEVICES INC COM 032654105 1,039 18,717 SH   SOLE   0 0 18,717
ANNALY CAPITAL MANAGEMENT INC COM 035710409 217 20,100 SH   SOLE   0 0 20,100
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,349 256,875 SH   SOLE   0 0 256,875
APPLE INC. COM 037833100 12,996 117,740 SH   SOLE   0 0 117,740
ASSOCIATED ESTATES REALTY CP COM 045604105 1,731 74,600 SH   SOLE   0 0 74,600
AT&T INC COM 00206R102 945 28,127 SH   SOLE   0 0 28,127
BELDEN INC. COM 077454106 258 3,275 SH   SOLE   0 0 3,275
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 785 5,225 SH   SOLE   0 0 5,225
BGC PARTNERS INC-CL A COM 05541T101 6,106 667,313 SH   SOLE   0 0 667,313
BJ'S RESTAURANTS INC COM 09180C106 481 9,583 SH   SOLE   0 0 9,583
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 2,156 56,559 SH   SOLE   0 0 56,559
BREITBURN ENERGY PARTNERS LP COM 106776107 191 27,300 SH   SOLE   0 0 27,300
BRISTOL MYERS SQUIBB COM COM 110122108 2,656 44,990 SH   SOLE   0 0 44,990
CALLIDUS SOFTWARE INC COM 13123E500 4,619 282,875 SH   SOLE   0 0 282,875
CANADIAN NATL RAILWAY CO COM 136375102 3,401 49,350 SH   SOLE   0 0 49,350
CATERPILLAR INC. COM 149123101 201 2,200 SH   SOLE   0 0 2,200
CELGENE CORP COM 151020104 7,188 64,259 SH   SOLE   0 0 64,259
CELLDEX THERAPEUTICS INC COM 15117B103 3,565 195,345 SH   SOLE   0 0 195,345
CHECK POINT SOFTWARE TECH COM M22465104 6,935 88,269 SH   SOLE   0 0 88,269
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,709 24,153 SH   SOLE   0 0 24,153
COCA COLA COMPANY COM 191216100 744 17,615 SH   SOLE   0 0 17,615
COMCAST CORP NEW CLASS A SPECI COM 20030N200 288 5,000 SH   SOLE   0 0 5,000
CONOCOPHILLIPS COM 20825C104 3,167 45,859 SH   SOLE   0 0 45,859
DOW CHEMICAL COMPANY COM 260543103 651 14,265 SH   SOLE   0 0 14,265
DU PONT E I DE NEMOURS COM COM 263534109 447 6,050 SH   SOLE   0 0 6,050
DUKE ENERGY CORP-NEW COM 26441C204 1,387 16,606 SH   SOLE   0 0 16,606
EAST WEST BANCORP INC COM 27579R104 1,404 36,275 SH   SOLE   0 0 36,275
ENANTA PHARMACEUTICALS COM 29251M106 221 4,350 SH   SOLE   0 0 4,350
ENERGOUS CORP COM 29272C103 5,188 473,374 SH   SOLE   0 0 473,374
EQUIFAX INC. COM 294429105 202 2,500 SH   SOLE   0 0 2,500
EQUITY RESIDENTIAL- fka Equity COM 29476L107 216 3,000 SH   SOLE   0 0 3,000
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 307 3,628 SH   SOLE   0 0 3,628
EXXON MOBIL CORPORATION COM 30231G102 1,997 21,600 SH   SOLE   0 0 21,600
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 103 12,220 SH   SOLE   0 0 12,220
FIRST POTOMAC REALTY TRUST COM 33610f109 2,054 166,150 SH   SOLE   0 0 166,150
FRONTIER COMMUNICATIONS CORP COM 35906A108 3,126 468,682 SH   SOLE   0 0 468,682
GENERAL DYNAMICS CORP COM 369550108 275 2,000 SH   SOLE   0 0 2,000
GENERAL ELECTRIC CO COM 369604103 1,791 70,879 SH   SOLE   0 0 70,879
GFI GROUP INC. COM 361652209 3,210 589,000 SH   SOLE   0 0 589,000
GILEAD SCIENCES INC. COM 375558103 7,401 78,521 SH   SOLE   0 0 78,521
GLAXOSMITHKLINE PLC COM 37733W105 265 6,200 SH   SOLE   0 0 6,200
GOLAR LNG LTD COM G9456A100 4,045 110,905 SH   SOLE   0 0 110,905
GOOGLE INC - CL A COM 38259P508 3,170 5,973 SH   SOLE   0 0 5,973
GOOGLE INC - CL C COM 38259P706 3,494 6,638 SH   SOLE   0 0 6,638
HALLIBURTON CO. COM 406216101 3,924 99,762 SH   SOLE   0 0 99,762
HALOZYME THERAPEAUTICS INC COM 40637h109 792 82,055 SH   SOLE   0 0 82,055
HESS CORP (fmly Amerada Hess C COM 42809H107 1,604 21,725 SH   SOLE   0 0 21,725
HONEYWELL INTERNATL INC-Fmly A COM 438506106 400 4,000 SH   SOLE   0 0 4,000
INTEL CORP COM COM 458140100 1,878 51,744 SH   SOLE   0 0 51,744
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,132 7,054 SH   SOLE   0 0 7,054
JOHNSON & JOHNSON COM 478160104 4,789 45,796 SH   SOLE   0 0 45,796
KIMBERLY CLARK COM 494368103 696 6,020 SH   SOLE   0 0 6,020
KRAFT FOODS GROUP INC COM 50076Q106 1,465 23,380 SH   SOLE   0 0 23,380
LEXINGTON REALTY TRUST COM 529043101 4,760 433,501 SH   SOLE   0 0 433,501
LKQ CORP COM 501889208 253 9,000 SH   SOLE   0 0 9,000
LOCKHEED MARTIN CORPORATION COM 539830109 886 4,600 SH   SOLE   0 0 4,600
LOWES COMPANIES INC. COM 548661107 289 4,200 SH   SOLE   0 0 4,200
MARATHON OIL CORP COM 565849106 2,376 83,978 SH   SOLE   0 0 83,978
MARATHON PETROLEUM CORP COM 56585A102 2,186 24,220 SH   SOLE   0 0 24,220
MEAD JOHNSON NUTRITION CO COM 582839106 201 2,000 SH   SOLE   0 0 2,000
MERCK and CO INC COM 58933Y105 3,324 58,530 SH   SOLE   0 0 58,530
MICROCHIP TECHNOLOGY INC COM 595017104 5,297 117,420 SH   SOLE   0 0 117,420
MIDDLEBY CORP COM 596278101 357 3,600 SH   SOLE   0 0 3,600
MONDELEZ INTERNATIONAL -W/I COM 609207105 1,920 52,867 SH   SOLE   0 0 52,867
NESTLE SA - SPONS ADR FOR REG COM 641069406 294 4,000 SH   SOLE   0 0 4,000
NEW RESIDENTIAL COM 64828T201 1,685 131,917 SH   SOLE   0 0 131,917
NIKE INC CL B COM 654106103 499 5,185 SH   SOLE   0 0 5,185
NORDIC AMERICAN TANKERS LTD COM g65773106 952 94,500 SH   SOLE   0 0 94,500
NORTHROP GRUMMAN CORP COM 666807102 405 2,750 SH   SOLE   0 0 2,750
NOVARTIS AG-ADR COM 66987V109 762 8,225 SH   SOLE   0 0 8,225
OCCIDENTAL PETE CP DEL COM COM 674599105 584 7,250 SH   SOLE   0 0 7,250
ORACLE CORP COM 68389X105 490 10,900 SH   SOLE   0 0 10,900
PEOPLE'S UNITED FINANCIAL INC. COM 712704105 225 14,833 SH   SOLE   0 0 14,833
PEPSICO INC COM COM 713448108 1,112 11,762 SH   SOLE   0 0 11,762
PFIZER INC. COM 717081103 1,828 58,686 SH   SOLE   0 0 58,686
PHILLIP MORRIS INTERNATIONAL COM 718172109 615 7,550 SH   SOLE   0 0 7,550
PHILLIPS 66 COM 718546104 2,630 36,675 SH   SOLE   0 0 36,675
POWER SHARES DB GOLD DOUBLE LO COM BBG000BB2 477 20,300 SH   SOLE   0 0 20,300
PROCTER & GAMBLE CO. COM 742718109 1,141 12,530 SH   SOLE   0 0 12,530
PUBLIC STORAGE COM 74460D109 397 2,150 SH   SOLE   0 0 2,150
PUMA BIOTECHNOLOGY INC COM 74587V107 582 3,075 SH   SOLE   0 0 3,075
QUALCOMM INC COM 747525103 895 12,038 SH   SOLE   0 0 12,038
RAYTHEON COMPANY COM 755111507 240 2,223 SH   SOLE   0 0 2,223
REDWOOD TRUST INC COM 758075402 2,314 117,467 SH   SOLE   0 0 117,467
ROCHE HOLDINGS-SPONS ADR COM 771195104 238 7,000 SH   SOLE   0 0 7,000
SCHLUMBERGER LTD COM COM 806857108 572 6,702 SH   SOLE   0 0 6,702
SCHWAB (CHARLES) CORP COM 808513105 353 11,700 SH   SOLE   0 0 11,700
SHIP FINANCE INTL LTD COM G81075106 8,630 611,164 SH   SOLE   0 0 611,164
SPECTRA ENERGY CORP COM 847560109 2,393 65,917 SH   SOLE   0 0 65,917
STANLEY BLACK & DECKER INC COM 854502101 245 2,546 SH   SOLE   0 0 2,546
STARBUCKS CORP COM 855244109 3,413 41,595 SH   SOLE   0 0 41,595
STARWOOD PROPERTY TRUST INC COM 85571B105 232 10,000 SH   SOLE   0 0 10,000
SYNTEL INC COM 87162H103 270 6,000 SH   SOLE   0 0 6,000
T-MOBILE US INC COM 872590104 208 7,710 SH   SOLE   0 0 7,710
TEVA PHARMACEUTICAL-SP ADR COM 881624209 742 12,900 SH   SOLE   0 0 12,900
TEXAS INSTRUMENTS INC. COM 882508104 725 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
US BANCORP - NEW COM 902973304 202 4,500 SH   SOLE   0 0 4,500
VALEANT PHARMACEUTICALS INTE COM 91911K102 286 2,000 SH   SOLE   0 0 2,000
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 911 19,477 SH   SOLE   0 0 19,477
VF CORP COM 918204108 300 4,000 SH   SOLE   0 0 4,000
VISA INC-CLASS COM 92826C839 225 860 SH   SOLE   0 0 860
WABTEC CORP COM 929740108 348 4,000 SH   SOLE   0 0 4,000
WALT DISNEY COMPANY, THE COM 254687106 593 6,300 SH   SOLE   0 0 6,300
WELLS FARGO COMPANY COM 949746101 949 17,305 SH   SOLE   0 0 17,305
WHOLE FOODS MARKET INC COM 966837106 1,762 34,940 SH   SOLE   0 0 34,940
WYNN RESORTS LTD COM 983134107 231 1,550 SH   SOLE   0 0 1,550
COUNTRYWIDE CAPITAL V PFD 222388209 2,796 108,576 SH   SOLE   0 0 108,576
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 5,776 291,417 SH   SOLE   0 0 291,417
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,556 139,525 SH   SOLE   0 0 139,525
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140