Doheny Asset Management 13F-HR Quarterly holdings report by institutional manager

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

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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	498	4,553	SH		SOLE		0	0	4,553
ACHILLION PHARMACEUTICALS	COM	00448Q201	385	47,005	SH		SOLE		0	0	47,005
AG MORTGAGE INVESTMENT TRUST	COM	001228105	3,793	201,655	SH		SOLE		0	0	201,655
AIR LEASE CORP	COM	00912X302	1,312	47,550	SH		SOLE		0	0	47,550
AIR PRODUCTS & CHEMICALS INC	COM	009158106	252	2,750	SH		SOLE		0	0	2,750
ALTRIA GROUP (fka Philip Morri	COM	02209S103	572	16,342	SH		SOLE		0	0	16,342
AMARIN CORP	COM	023111206	87	15,000	SH		SOLE		0	0	15,000
AMERICAN CAPITAL AGENCY CORP	COM	02503X105	1,458	63,380	SH		SOLE		0	0	63,380
AMERICAN CAPITAL MORTGAGE IN	COM	02504A104	638	35,500	SH		SOLE		0	0	35,500
ANALOG DEVICES	COM	032654105	1,066	23,650	SH		SOLE		0	0	23,650
ANWORTH MORTGAGE ASSET CORP	COM	037347101	1,609	287,325	SH		SOLE		0	0	287,325
APPLE COMPUTER INC.	COM	037833100	6,741	17,000	SH		SOLE		0	0	17,000
ASSOCIATED ESTATES REALTY CP	COM	045604105	2,576	160,200	SH		SOLE		0	0	160,200
AT&T INC	COM	00206R102	779	22,007	SH		SOLE		0	0	22,007
BERKSHIRE HATHAWAY INC - CLASS	COM	084670702	257	2,300	SH		SOLE		0	0	2,300
BGC PARTNERS INC-CL A	COM	05541T101	3,325	564,450	SH		SOLE		0	0	564,450
BJ'S RESTAURANTS INC	COM	09180C106	1,560	42,050	SH		SOLE		0	0	42,050
BP P.L.C. ADR (fmly BP Amoco P	COM	055622104	3,444	82,515	SH		SOLE		0	0	82,515
BRISTOL MYERS SQUIBB COM	COM	110122108	1,453	32,510	SH		SOLE		0	0	32,510
BROADCOM CORP-CL A	COM	111320107	1,487	44,012	SH		SOLE		0	0	44,012
CALLIDUS SOFTWARE INC	COM	13123E500	2,026	307,500	SH		SOLE		0	0	307,500
CANADIAN NATL RAILWAY CO	COM	136375102	3,414	35,100	SH		SOLE		0	0	35,100
CATAMARAN CORP	COM	148887102	746	15,300	SH		SOLE		0	0	15,300
CATERPILLAR INC.	COM	149123101	214	2,600	SH		SOLE		0	0	2,600
CELGENE CORP	COM	151020104	2,964	25,335	SH		SOLE		0	0	25,335
CHECK POINT SOFTWARE TECH	COM	M22465104	4,872	98,061	SH		SOLE		0	0	98,061
CHEVRON CORP (fmly ChevronTexa	COM	166764100	2,777	23,463	SH		SOLE		0	0	23,463
COCA COLA COMPANY	COM	191216100	1,146	28,560	SH		SOLE		0	0	28,560
CONOCOPHILLIPS	COM	20825C104	2,982	49,297	SH		SOLE		0	0	49,297
DIANA CONTAINERSHIPS INC	COM	Y2069P101	539	126,150	SH		SOLE		0	0	126,150
DISNEY WALT CO DEL COM	COM	254687106	493	7,800	SH		SOLE		0	0	7,800
DOW CHEMICAL COMPANY	COM	260543103	529	16,453	SH		SOLE		0	0	16,453
DUKE ENERGY CORP-NEW	COM	26441C204	2,031	30,094	SH		SOLE		0	0	30,094
EAST WEST BANCORP INC	COM	27579R104	1,383	50,275	SH		SOLE		0	0	50,275
EMERALD OIL INC	COM	29101U209	461	67,210	SH		SOLE		0	0	67,210
EURONET WORLDWIDE INC	COM	298736109	1,614	50,660	SH		SOLE		0	0	50,660
EXPRESS SCRIPTS HOLDING COMPAN	COM	30219G108	686	11,118	SH		SOLE		0	0	11,118
EXXON MOBIL CORPORATION	COM	30231G102	1,855	20,530	SH		SOLE		0	0	20,530
FIRST NIAGARA FINANCIAL GROUP,	COM	33582V108	132	13,073	SH		SOLE		0	0	13,073
FIRST POTOMAC REALTY TRUST	COM	33610f109	3,326	254,680	SH		SOLE		0	0	254,680
FREEPORT McMORAN COPPER - B	COM	35671D857	304	10,995	SH		SOLE		0	0	10,995
FRONTIER COMMUNICATIONS CORP	COM	35906A108	2,099	518,349	SH		SOLE		0	0	518,349
GENERAL ELECTRIC CO COM	COM	369604103	1,941	83,679	SH		SOLE		0	0	83,679
GILEAD SCIENCES INC.	COM	375558103	1,265	24,666	SH		SOLE		0	0	24,666
GOLAR LNG LTD	COM	G9456A100	2,776	87,050	SH		SOLE		0	0	87,050
GOOGLE INC - CL A	COM	38259P508	6,453	7,330	SH		SOLE		0	0	7,330
HALLIBURTON CO.	COM	406216101	3,112	74,592	SH		SOLE		0	0	74,592
HALOZYME THERAPEAUTICS INC	COM	40637h109	806	101,330	SH		SOLE		0	0	101,330
HESS CORP (fmly Amerada Hess C	COM	42809H107	460	6,920	SH		SOLE		0	0	6,920
IMPAC MTG HLDGS INC (fka Imper	COM	45254P508	2,707	266,670	SH		SOLE		0	0	266,670
INTEL CORP COM	COM	458140100	1,272	52,485	SH		SOLE		0	0	52,485
INTERMUNE INC	COM	45884X103	284	29,550	SH		SOLE		0	0	29,550
INTERNATIONAL BUSINESS MACHINE	COM	459200101	1,351	7,068	SH		SOLE		0	0	7,068
JOHNSON & JOHNSON COM	COM	478160104	4,506	52,480	SH		SOLE		0	0	52,480
KIMBERLY CLARK	COM	494368103	616	6,345	SH		SOLE		0	0	6,345
KINDER MORGAN ENERGY PARTNERS	COM	494550106	762	8,925	SH		SOLE		0	0	8,925
KRAFT FOODS, INC.	COM	50076Q106	1,530	27,379	SH		SOLE		0	0	27,379
LEXINGTON CORPORATE PPTYS TR	COM	529043101	5,379	460,500	SH		SOLE		0	0	460,500
LOWES COMPANIES INC.	COM	548661107	226	5,525	SH		SOLE		0	0	5,525
MARATHON OIL CORP	COM	565849106	3,109	89,920	SH		SOLE		0	0	89,920
MARATHON PETROLEUM CORP	COM	56585A102	2,031	28,587	SH		SOLE		0	0	28,587
MERCK and CO INC	COM	58933Y105	2,849	61,345	SH		SOLE		0	0	61,345
MICROCHIP TECHNOLOGY INC	COM	595017104	4,805	128,995	SH		SOLE		0	0	128,995
MONDELEZ INTERNATIONAL -W/I	COM	609207105	1,679	58,867	SH		SOLE		0	0	58,867
NEW RESIDENTIAL INVESTMENT COR	COM	64828T102	3,671	544,620	SH		SOLE		0	0	544,620
NEWCASTLE INVESTMENT CORP	COM	65105M108	2,222	424,870	SH		SOLE		0	0	424,870
NORTHROP GRUMMAN CORP	COM	666807102	253	3,050	SH		SOLE		0	0	3,050
NUSTAR ENERGY LP	COM	67058H102	913	20,000	SH		SOLE		0	0	20,000
ORACLE SYSTEM CORP	COM	68389X105	762	24,826	SH		SOLE		0	0	24,826
PEOPLE'S UNITED FINANCIAL INC.	COM	712704105	315	21,125	SH		SOLE		0	0	21,125
PEPSICO INC COM	COM	713448108	630	7,702	SH		SOLE		0	0	7,702
PFIZER INC.	COM	717081103	1,771	63,215	SH		SOLE		0	0	63,215
PHILLIP MORRIS INTERNATIONAL	COM	718172109	683	7,890	SH		SOLE		0	0	7,890
PHILLIPS 66	COM	718546104	2,720	46,170	SH		SOLE		0	0	46,170
PROCTER & GAMBLE CO.	COM	742718109	1,074	13,945	SH		SOLE		0	0	13,945
PUBLIC STORAGE	COM	74460D109	399	2,600	SH		SOLE		0	0	2,600
QUALCOMM INC	COM	747525103	725	11,861	SH		SOLE		0	0	11,861
REDWOOD TRUST INC	COM	758075402	2,071	121,800	SH		SOLE		0	0	121,800
SCHLUMBERGER LTD COM	COM	806857108	447	6,235	SH		SOLE		0	0	6,235
SCORPIO TANKERS INC	COM	Y7542C106	1,291	143,760	SH		SOLE		0	0	143,760
SHIP FINANCE INTL LTD	COM	G81075106	6,662	448,935	SH		SOLE		0	0	448,935
SPECTRA ENERGY CORP	COM	847560109	2,567	74,500	SH		SOLE		0	0	74,500
SPRINT NEXTEL CORP (Fmly Sprin	COM	852061100	122	17,376	SH		SOLE		0	0	17,376
STARBUCKS CORP	COM	855244109	2,185	33,355	SH		SOLE		0	0	33,355
TEVA PHARMACEUTICAL-SP ADR	COM	881624209	1,603	40,895	SH		SOLE		0	0	40,895
TEXAS INSTRUMENTS INC.	COM	882508104	476	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
TWO HARBORS INVESTMENT	COM	90187b101	769	75,000	SH		SOLE		0	0	75,000
VERIZON COMMUNICATIONS-fmly Be	COM	92343V104	632	12,553	SH		SOLE		0	0	12,553
WELLS FARGO COMPANY	COM	949746101	1,125	27,270	SH		SOLE		0	0	27,270
WHOLE FOODS MARKET INC	COM	966837106	3,336	64,810	SH		SOLE		0	0	64,810
CITIGROUP CAP X 6.1% 9/30/3	PFD	173064205	2,508	100,350	SH		SOLE		0	0	100,350
COUNTRYWIDE CAPITAL V	PFD	222388209	2,875	114,275	SH		SOLE		0	0	114,275
GASTAR EXPLORAT 8.6250% SERIES	PFD	36729P207	6,884	281,450	SH		SOLE		0	0	281,450
MORGAN STANLEY CAP TR III 6.25	PFD	617460209	3,651	146,525	SH		SOLE		0	0	146,525
TRANSTEXAS GAS CORP SR PFD SER	PFD	893895607	0	41,140	SH		SOLE		0	0	41,140