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
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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
HSBC Hldgs PLC 6.2% Ser A (Cal PFD 404280604 619 24,150 SH   SOLE   0 0 24,150
AB Svensk Ex Commodi COM 870297801 58 10,000 SH   SOLE   0 0 10,000
AB Svensk Ex Energy COM 870297306 50 14,000 SH   SOLE   0 0 14,000
AB Svensk Exportkred COM 870297603 95 14,000 SH   SOLE   0 0 14,000
ABB Ltd. COM 000375204 5,191 245,205 SH   SOLE   0 0 245,205
Abbott Laboratories COM 002824100 309 6,675 SH   SOLE   0 0 6,675
Aberdeen Glb-Asia Pacific Fd A COM LU0011963 2,775 37,585 SH   SOLE   0 0 37,585
Alken Euro Opp Fd COM G78994947 4,299 39,652 SH   SOLE   0 0 39,652
Allianz RCM Technology Fund Cl COM 018919464 3,417 56,188 SH   SOLE   0 0 56,188
American Express Inc. COM 025816109 372 4,758 SH   SOLE   0 0 4,758
Apollo Group, Inc. COM 037604105 241 12,720 SH   SOLE   0 0 12,720
Apple Computer COM 037833100 8,780 70,560 SH   SOLE   0 0 70,560
Avon Products, Inc. COM 054303102 2,075 259,724 SH   SOLE   0 0 259,724
BP p.l.c. ADR COM 055622104 5,460 139,597 SH   SOLE   0 0 139,597
Bank of America COM 060505104 768 49,930 SH   SOLE   0 0 49,930
Berkshire Hathaway, Inc. CL A COM 084670108 1,957 9 SH   SOLE   0 0 9
Berkshire Hathaway, Inc. CL B COM 084670702 9,723 67,374 SH   SOLE   0 0 67,374
BlackRock Global Funds, Alloca COM L10491972 953 18,624 SH   SOLE   0 0 18,624
Cadence Design Systems, Inc. COM 127387108 688 37,285 SH   SOLE   0 0 37,285
Chevron Corp. COM 166764100 7,793 74,231 SH   SOLE   0 0 74,231
Cisco Systems COM 17275r102 8,112 294,697 SH   SOLE   0 0 294,697
Citigroup Inc. COM 172967424 9,545 185,260 SH   SOLE   0 0 185,260
Coca-Cola Co. COM 191216100 431 10,630 SH   SOLE   0 0 10,630
Colgate Palmolive Co. COM 194162103 261 3,766 SH   SOLE   0 0 3,766
Conagra Inc. COM 205887102 759 20,771 SH   SOLE   0 0 20,771
Deutsche Global Real Estate Se COM 25159L109 166 17,745 SH   SOLE   0 0 17,745
Diageo PLC Spons. ADR COM 25243q205 748 6,768 SH   SOLE   0 0 6,768
Ebay Inc. COM 278642103 7,788 135,019 SH   SOLE   0 0 135,019
Exxon Mobil Corporation COM 30231g102 1,784 20,983 SH   SOLE   0 0 20,983
Facebook Inc. COM 30303m102 822 10,000 SH   SOLE   0 0 10,000
Fidelity Select Industrials Po COM 316390517 2,155 66,678 SH   SOLE   0 0 66,678
Franklin Income Fund - Class I COM L4058T635 1,044 53,738 SH   SOLE   0 0 53,738
General Dynamics Corporation COM 369550108 972 7,164 SH   SOLE   0 0 7,164
General Electric COM 369604103 5,225 210,586 SH   SOLE   0 0 210,586
General Motors Co COM 37045v100 8,895 237,187 SH   SOLE   0 0 237,187
Glencore Xstrata PLC - OTC US COM g39420107 3,556 837,825 SH   SOLE   0 0 837,825
Glencore Xstrata PLC(ADR) COM 37827x100 977 115,320 SH   SOLE   0 0 115,320
Goldman Sachs Group, Inc. COM 38141g104 6,276 33,386 SH   SOLE   0 0 33,386
Google Inc. Cl A COM 38259P508 3,074 5,542 SH   SOLE   0 0 5,542
Google Inc. Cl C COM 38259P706 6,778 12,368 SH   SOLE   0 0 12,368
Health Care Select Sector SPDR COM 81369Y209 7,118 98,179 SH   SOLE   0 0 98,179
Heineken N V S ADR COM 423012301 5,971 156,770 SH   SOLE   0 0 156,770
Home Depot COM 437076102 971 8,545 SH   SOLE   0 0 8,545
Honeywell, Inc. COM 438516106 6,496 62,278 SH   SOLE   0 0 62,278
IShares Russell Midcap Index F COM 464287499 4,359 25,177 SH   SOLE   0 0 25,177
Intel Corp. COM 458140100 5,723 183,020 SH   SOLE   0 0 183,020
Invesco Asia Pacific Growth Fu COM 008882581 2,242 69,548 SH   SOLE   0 0 69,548
Ishares US Aerospace and Defen COM 464288760 3,192 25,790 SH   SOLE   0 0 25,790
JPMorgan Chase & Co. COM 46625h100 10,515 173,567 SH   SOLE   0 0 173,567
Janus Cap Global Life Sciences COM 520456914 6,114 174,930 SH   SOLE   0 0 174,930
Johnson & Johnson COM 478160104 868 8,631 SH   SOLE   0 0 8,631
Lazard Emerging Mkts Equity Po COM 52106n889 5,323 315,695 SH   SOLE   0 0 315,695
Lockheed Martin Corp. COM 539830109 1,046 5,156 SH   SOLE   0 0 5,156
Lowes Companies, Inc. COM 548661107 697 9,370 SH   SOLE   0 0 9,370
M&T Bank Corporation COM 55261f104 471 3,705 SH   SOLE   0 0 3,705
MFS Global Total Return Fund C COM 552986853 473 28,725 SH   SOLE   0 0 28,725
MFS Meridan Global Total Retur COM L63667874 533 35,421 SH   SOLE   0 0 35,421
Market Vectors Oil Services ET COM 57060u191 3,008 89,245 SH   SOLE   0 0 89,245
Market Vectors Pharmaceutical COM 57060u217 401 5,704 SH   SOLE   0 0 5,704
Marsh & McLennan Companies, In COM 571748102 827 14,751 SH   SOLE   0 0 14,751
Merck & Co, Inc. COM 58933y105 10,804 187,966 SH   SOLE   0 0 187,966
Microsoft Corp. COM 594918104 6,429 158,124 SH   SOLE   0 0 158,124
NCR Corporation COM 62886E108 4,650 157,575 SH   SOLE   0 0 157,575
Newell Rubbermaid Inc COM 651229106 710 18,176 SH   SOLE   0 0 18,176
Oakmark International Fund Cla COM 413838202 8,789 353,538 SH   SOLE   0 0 353,538
Orbital ATK Inc COM 68557N103 400 5,225 SH   SOLE   0 0 5,225
Orexigen Theraputics Inc COM 686164104 211 27,000 SH   SOLE   0 0 27,000
PIMCO Unconstrained Bond Fund COM 72201M453 1,310 117,161 SH   SOLE   0 0 117,161
PNC Bank Corp. COM 693475105 283 3,036 SH   SOLE   0 0 3,036
Pepsico Inc. COM 713448108 615 6,435 SH   SOLE   0 0 6,435
Pfizer Inc. COM 717081103 15,448 444,048 SH   SOLE   0 0 444,048
Philip Morris International In COM 718172109 1,556 20,661 SH   SOLE   0 0 20,661
Procter & Gamble COM 742718109 7,243 88,398 SH   SOLE   0 0 88,398
Raytheon Co. COM 755111507 6,130 56,106 SH   SOLE   0 0 56,106
Regions Financial Corp. COM 7591EP100 210 22,199 SH   SOLE   0 0 22,199
S&P 400 Mid-Cap Dep. Recpt. COM 78467y107 2,151 7,757 SH   SOLE   0 0 7,757
S&P 500 Depository Receipt COM 78462f103 3,655 17,705 SH   SOLE   0 0 17,705
SPDR DJIA Trust COM 78467x109 6,925 38,994 SH   SOLE   0 0 38,994
SPDR S&P China ETF COM 78463x400 4,330 51,160 SH   SOLE   0 0 51,160
SPDR S&P Homebuilders COM 78464A888 1,039 28,200 SH   SOLE   0 0 28,200
SPDR S&P Regional Banking COM 78464a698 4,546 111,343 SH   SOLE   0 0 111,343
Select Sector SPDR Consumer Di COM 81369y407 7,564 100,389 SH   SOLE   0 0 100,389
Select Sector SPDR Energy COM 81369Y506 8,362 107,781 SH   SOLE   0 0 107,781
Select Sector SPDR Financial COM 81369y605 2,726 113,068 SH   SOLE   0 0 113,068
Select Sector SPDR Industrial COM 81369y704 5,033 90,253 SH   SOLE   0 0 90,253
Select Sector SPDR Materials COM 81369y100 2,796 57,317 SH   SOLE   0 0 57,317
Select Sector SPDR Technology COM 81369y803 12,824 309,467 SH   SOLE   0 0 309,467
Strayer Education, Inc. COM 863236105 997 18,672 SH   SOLE   0 0 18,672
Templeton Growth Fund, Inc ClA COM 880199104 242 10,000 SH   SOLE   0 0 10,000
The Brink's Company COM 109696104 577 20,878 SH   SOLE   0 0 20,878
Toll Brothers, Inc COM 889478103 5,238 133,150 SH   SOLE   0 0 133,150
Toyota Motor Corp ADR COM 892331307 8,024 57,360 SH   SOLE   0 0 57,360
Vanguard Emerging Market COM 922042858 3,945 96,533 SH   SOLE   0 0 96,533
Visa Inc COM 92826c839 4,821 73,708 SH   SOLE   0 0 73,708
Vista Outdoor Inc COM 928377100 456 10,650 SH   SOLE   0 0 10,650
Vodafone Group ADR (NEW) COM 92857w308 9,537 291,838 SH   SOLE   0 0 291,838
Volkswagen AG Pfd COM DE0007664 1,270 4,745 SH   SOLE   0 0 4,745
WPX Energy Inc. COM 98212b103 3,075 281,320 SH   SOLE   0 0 281,320
Wal-Mart Stores COM 931142103 251 3,050 SH   SOLE   0 0 3,050
Walt Disney Company COM 254687106 877 8,357 SH   SOLE   0 0 8,357
Wisdom Tree Europe Hedged Equi COM 97717X701 6,875 103,952 SH   SOLE   0 0 103,952
Wisdomtree TR Japan Total Div COM 97717W851 5,311 96,354 SH   SOLE   0 0 96,354
Zoetis Inc COM 98978v103 6,519 140,837 SH   SOLE   0 0 140,837
iShares DJ Select Dividend Ind COM 464287168 772 9,900 SH   SOLE   0 0 9,900
iShares DJ US Oil Equip & Serv COM 464288844 1,393 29,625 SH   SOLE   0 0 29,625
iShares MSCI All Country Asia COM 464288182 3,342 52,213 SH   SOLE   0 0 52,213
iShares MSCI Mexico Capped COM 464286822 3,585 61,859 SH   SOLE   0 0 61,859
iShares Naftrac COM 54555P910 2,415 841,501 SH   SOLE   0 0 841,501
iShares Russell 2000 Growth COM 464287648 2,003 13,219 SH   SOLE   0 0 13,219
iShares S&P MidCap 400 Index F COM 464287507 5,361 35,277 SH   SOLE   0 0 35,277
iShares US Preferred Stock COM 464288687 3,504 87,357 SH   SOLE   0 0 87,357