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
HSBC Hldgs PLC 6.2% Ser A (Cal PFD 404280604 609 24,150 SH   SOLE   0 0 24,150
AB Svensk Ex Commodi COM 870297801 62 10,000 SH   SOLE   0 0 10,000
AB Svensk Ex Energy COM 870297306 56 14,000 SH   SOLE   0 0 14,000
AB Svensk Exportkred COM 870297603 102 14,000 SH   SOLE   0 0 14,000
ABB Ltd. COM 000375204 5,029 240,855 SH   SOLE   0 0 240,855
Abbott Laboratories COM 002824100 328 6,675 SH   SOLE   0 0 6,675
Abbvie Inc. COM 00287Y109 215 3,198 SH   SOLE   0 0 3,198
Alibaba Group Holding Ltd COM 01609W102 4,059 49,335 SH   SOLE   0 0 49,335
Alken Euro Opp Fd COM G78994947 4,387 39,652 SH   SOLE   0 0 39,652
Allianz RCM Technology Fund Cl COM 018919464 3,842 61,489 SH   SOLE   0 0 61,489
American Express Inc. COM 025816109 370 4,758 SH   SOLE   0 0 4,758
Apollo Group, Inc. COM 037604105 151 11,690 SH   SOLE   0 0 11,690
Apple Computer COM 037833100 8,745 69,720 SH   SOLE   0 0 69,720
Avon Products, Inc. COM 054303102 1,599 255,360 SH   SOLE   0 0 255,360
BP p.l.c. ADR COM 055622104 5,495 137,503 SH   SOLE   0 0 137,503
Bank of America COM 060505104 843 49,527 SH   SOLE   0 0 49,527
Barclays PLC (GBP Denominated) COM OL1399446 106 25,811 SH   SOLE   0 0 25,811
Berkshire Hathaway, Inc. CL A COM 084670108 1,844 9 SH   SOLE   0 0 9
Berkshire Hathaway, Inc. CL B COM 084670702 9,267 68,088 SH   SOLE   0 0 68,088
BlackRock Global Funds, Alloca COM L10491972 1,003 19,587 SH   SOLE   0 0 19,587
Cadence Design Systems, Inc. COM 127387108 395 20,085 SH   SOLE   0 0 20,085
Chevron Corp. COM 166764100 7,459 77,321 SH   SOLE   0 0 77,321
Cisco Systems COM 17275r102 7,853 285,996 SH   SOLE   0 0 285,996
Citigroup Inc. COM 172967424 11,701 211,829 SH   SOLE   0 0 211,829
Coca-Cola Co. COM 191216100 346 8,830 SH   SOLE   0 0 8,830
Colgate Palmolive Co. COM 194162103 246 3,766 SH   SOLE   0 0 3,766
Comerica Inc. COM 200340107 228 4,435 SH   SOLE   0 0 4,435
Conagra Inc. COM 205887102 909 20,781 SH   SOLE   0 0 20,781
Deutsche Global Real Estate Se COM 25159L109 153 17,745 SH   SOLE   0 0 17,745
Diageo PLC Spons. ADR COM 25243q205 786 6,772 SH   SOLE   0 0 6,772
Ebay Inc. COM 278642103 7,950 131,979 SH   SOLE   0 0 131,979
Exxon Mobil Corporation COM 30231g102 1,746 20,983 SH   SOLE   0 0 20,983
Facebook Inc. COM 30303m102 858 10,000 SH   SOLE   0 0 10,000
Fidelity Select Industrials Po COM 316390517 1,514 48,154 SH   SOLE   0 0 48,154
Franklin Income Fund - Class I COM L4058T635 1,117 58,476 SH   SOLE   0 0 58,476
Franklin India Fund Cl Z COM L4059C490 842 64,658 SH   SOLE   0 0 64,658
General Dynamics Corporation COM 369550108 1,015 7,164 SH   SOLE   0 0 7,164
General Electric COM 369604103 5,455 205,296 SH   SOLE   0 0 205,296
General Motors Co COM 37045v100 6,861 205,841 SH   SOLE   0 0 205,841
Glencore Xstrata PLC - OTC US COM g39420107 3,292 819,825 SH   SOLE   0 0 819,825
Glencore Xstrata PLC(ADR) COM 37827x100 915 113,870 SH   SOLE   0 0 113,870
Goldman Sachs Group, Inc. COM 38141g104 4,651 22,275 SH   SOLE   0 0 22,275
Google Inc. Cl A COM 38259P508 2,911 5,390 SH   SOLE   0 0 5,390
Google Inc. Cl C COM 38259P706 6,474 12,437 SH   SOLE   0 0 12,437
Health Care Select Sector SPDR COM 81369Y209 7,956 106,945 SH   SOLE   0 0 106,945
Heineken N V S ADR COM 423012301 5,858 153,470 SH   SOLE   0 0 153,470
Home Depot COM 437076102 950 8,545 SH   SOLE   0 0 8,545
Honeywell, Inc. COM 438516106 6,178 60,583 SH   SOLE   0 0 60,583
IShares Russell Midcap Index F COM 464287499 4,288 25,177 SH   SOLE   0 0 25,177
Intel Corp. COM 458140100 5,524 181,633 SH   SOLE   0 0 181,633
Invesco Asia Pacific Growth Fu COM 008882581 2,388 74,125 SH   SOLE   0 0 74,125
Ishares US Aerospace and Defen COM 464288760 3,355 28,161 SH   SOLE   0 0 28,161
JPMorgan Chase & Co. COM 46625h100 11,499 169,697 SH   SOLE   0 0 169,697
Janus Cap Global Life Sciences COM 520456914 6,270 174,930 SH   SOLE   0 0 174,930
Johnson & Johnson COM 478160104 729 7,481 SH   SOLE   0 0 7,481
Lazard Emerging Mkts Equity Po COM 52106n889 5,363 315,270 SH   SOLE   0 0 315,270
Lockheed Martin Corp. COM 539830109 959 5,156 SH   SOLE   0 0 5,156
Lowes Companies, Inc. COM 548661107 628 9,370 SH   SOLE   0 0 9,370
M&T Bank Corporation COM 55261f104 482 3,855 SH   SOLE   0 0 3,855
MFS Global Total Return Fund C COM 552986853 496 30,365 SH   SOLE   0 0 30,365
MFS Meridan Global Total Retur COM L63667874 610 40,828 SH   SOLE   0 0 40,828
Market Vectors Oil Services ET COM 57060u191 3,084 88,380 SH   SOLE   0 0 88,380
Market Vectors Pharmaceutical COM 57060u217 395 5,579 SH   SOLE   0 0 5,579
Marsh & McLennan Companies, In COM 571748102 837 14,758 SH   SOLE   0 0 14,758
Matthews India Fund COM 577130859 530 18,823 SH   SOLE   0 0 18,823
Merck & Co, Inc. COM 58933y105 10,014 175,905 SH   SOLE   0 0 175,905
Microsoft Corp. COM 594918104 6,712 152,035 SH   SOLE   0 0 152,035
NCR Corporation COM 62886E108 3,358 111,560 SH   SOLE   0 0 111,560
Newell Rubbermaid Inc COM 651229106 731 17,776 SH   SOLE   0 0 17,776
Oakmark International Fund Cla COM 413838202 8,742 355,662 SH   SOLE   0 0 355,662
Orbital ATK Inc COM 68557N103 383 5,225 SH   SOLE   0 0 5,225
Orexigen Theraputics Inc COM 686164104 134 27,000 SH   SOLE   0 0 27,000
PIMCO Unconstrained Bond Fund COM 72201M453 1,418 127,323 SH   SOLE   0 0 127,323
Pepsico Inc. COM 713448108 557 5,968 SH   SOLE   0 0 5,968
Pfizer Inc. COM 717081103 14,541 433,670 SH   SOLE   0 0 433,670
Philip Morris International In COM 718172109 1,657 20,673 SH   SOLE   0 0 20,673
Pictet - Water Held by Eurocle COM 255787939 1,263 4,359 SH   SOLE   0 0 4,359
Pinebridge Invest India Eqty COM 452099914 1,308 3,336 SH   SOLE   0 0 3,336
Procter & Gamble COM 742718109 6,964 89,013 SH   SOLE   0 0 89,013
Raytheon Co. COM 755111507 5,297 55,366 SH   SOLE   0 0 55,366
Regions Financial Corp. COM 7591EP100 232 22,430 SH   SOLE   0 0 22,430
S&P 400 Mid-Cap Dep. Recpt. COM 78467y107 2,294 8,397 SH   SOLE   0 0 8,397
S&P 500 Depository Receipt COM 78462f103 4,623 22,460 SH   SOLE   0 0 22,460
SPDR DJIA Trust COM 78467x109 7,540 42,885 SH   SOLE   0 0 42,885
SPDR S&P China ETF COM 78463x400 3,230 36,320 SH   SOLE   0 0 36,320
SPDR S&P Homebuilders COM 78464A888 1,033 28,200 SH   SOLE   0 0 28,200
SPDR S&P Regional Banking COM 78464a698 5,275 119,448 SH   SOLE   0 0 119,448
Select Sector SPDR Consumer Di COM 81369y407 9,827 128,495 SH   SOLE   0 0 128,495
Select Sector SPDR Energy COM 81369Y506 8,296 110,379 SH   SOLE   0 0 110,379
Select Sector SPDR Financial COM 81369y605 2,706 110,998 SH   SOLE   0 0 110,998
Select Sector SPDR Industrial COM 81369y704 4,291 79,378 SH   SOLE   0 0 79,378
Select Sector SPDR Materials COM 81369y100 844 17,433 SH   SOLE   0 0 17,433
Select Sector SPDR Technology COM 81369y803 13,301 321,287 SH   SOLE   0 0 321,287
Strayer Education, Inc. COM 863236105 785 18,202 SH   SOLE   0 0 18,202
Templeton Growth Fund, Inc ClA COM 880199104 240 10,000 SH   SOLE   0 0 10,000
The Brink's Company COM 109696104 612 20,786 SH   SOLE   0 0 20,786
Toll Brothers, Inc COM 889478103 4,932 129,145 SH   SOLE   0 0 129,145
Toyota Motor Corp ADR COM 892331307 6,431 48,080 SH   SOLE   0 0 48,080
Vanguard Emerging Market COM 922042858 3,925 96,008 SH   SOLE   0 0 96,008
Veritas Asian Fd COM G9336H929 2,790 11,981 SH   SOLE   0 0 11,981
Visa Inc COM 92826c839 4,621 68,818 SH   SOLE   0 0 68,818
Vista Outdoor Inc COM 928377100 478 10,650 SH   SOLE   0 0 10,650
Vodafone Group ADR (NEW) COM 92857w308 11,475 314,822 SH   SOLE   0 0 314,822
Vodafone Group(British Pounds COM GB00BH4HK 62 17,250 SH   SOLE   0 0 17,250
WPX Energy Inc. COM 98212b103 3,383 275,527 SH   SOLE   0 0 275,527
Wal-Mart Stores COM 931142103 452 6,375 SH   SOLE   0 0 6,375
Walt Disney Company COM 254687106 954 8,357 SH   SOLE   0 0 8,357
Wisdom Tree Europe Hedged Equi COM 97717X701 8,948 145,282 SH   SOLE   0 0 145,282
Wisdomtree Germany Hedged Equi COM 97717W448 3,045 107,030 SH   SOLE   0 0 107,030
Wisdomtree TR Japan Total Div COM 97717W851 5,729 100,162 SH   SOLE   0 0 100,162
Zoetis Inc COM 98978v103 6,732 139,604 SH   SOLE   0 0 139,604
iShares DJ Select Dividend Ind COM 464287168 744 9,900 SH   SOLE   0 0 9,900
iShares DJ US Oil Equip & Serv COM 464288844 1,422 29,625 SH   SOLE   0 0 29,625
iShares MSCI All Country Asia COM 464288182 3,567 56,625 SH   SOLE   0 0 56,625
iShares MSCI Mexico Capped COM 464286822 3,878 67,898 SH   SOLE   0 0 67,898
iShares Naftrac COM 54555P910 2,416 841,501 SH   SOLE   0 0 841,501
iShares Russell 2000 Growth COM 464287648 2,171 14,044 SH   SOLE   0 0 14,044
iShares S&P MidCap 400 Index F COM 464287507 5,691 37,942 SH   SOLE   0 0 37,942
iShares US Preferred Stock COM 464288687 3,769 96,227 SH   SOLE   0 0 96,227