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 Company COM 88579Y101 476 3,159 SH   SOLE   3,159 0 0
ADT Corporation COM 00101j106 221 6,700 SH   SOLE   6,700 0 0
AIG Warrants Expire 1/19/2021 COM 026874156 623 26,226 SH   SOLE   26,226 0 0
AT&T, Inc. COM 00206R102 1,427 41,472 SH   SOLE   41,472 0 0
Aetna Inc New COM 00817Y108 449 4,151 SH   SOLE   4,151 0 0
Agilent Technologies Inc COM 00846U101 236 5,636 SH   SOLE   5,636 0 0
Alcatel-Lucent (ADR) COM 013904305 207 53,970 SH   SOLE   53,970 0 0
Alphabet Inc Cl A COM 02079k305 386 496 SH   SOLE   496 0 0
Alphabet Inc Cl C COM 02079k107 424 559 SH   SOLE   559 0 0
Altria Group Inc COM 02209S103 290 4,985 SH   SOLE   4,985 0 0
Amazon.com, Inc. COM 023135106 659 975 SH   SOLE   975 0 0
American Express Company COM 025816109 1,187 17,062 SH   SOLE   17,062 0 0
American International Group N COM 026874784 2,173 35,059 SH   SOLE   35,059 0 0
Amgen Inc. COM 031162100 639 3,936 SH   SOLE   3,936 0 0
Apollo Global Management LLC COM 037612306 943 62,100 SH   SOLE   62,100 0 0
Apple Inc COM 037833100 3,338 31,710 SH   SOLE   31,710 0 0
Applied Materials Inc COM 038222105 263 14,100 SH   SOLE   14,100 0 0
Avis Budget Group Inc COM 053774105 339 9,340 SH   SOLE   9,340 0 0
Banco Santander, S.A. (ADR) COM 05964h105 299 61,298 SH   SOLE   61,298 0 0
Bank of America Corp COM 060505104 3,098 184,053 SH   SOLE   184,053 0 0
Bank of America Corp Warrants COM 060505146 58 10,000 SH   SOLE   10,000 0 0
Becton Dickinson & Co COM 075887109 685 4,447 SH   SOLE   4,447 0 0
Berkshire Hathaway Cl B COM 084670702 1,326 10,045 SH   SOLE   10,045 0 0
Blackstone Group LP COM 09253U108 3,545 121,225 SH   SOLE   121,225 0 0
Boeing Co COM 097023105 842 5,820 SH   SOLE   5,820 0 0
Bristol-Myers Squibb Co. COM 110122108 1,189 17,280 SH   SOLE   17,280 0 0
CBS Corp Cl B New COM 124857202 245 5,190 SH   SOLE   5,190 0 0
CVS Caremark Corp COM 126650100 645 6,600 SH   SOLE   6,600 0 0
Carlyle Group COM 14309l102 3,996 255,850 SH   SOLE   255,850 0 0
Caterpillar Inc COM 149123101 475 6,995 SH   SOLE   6,995 0 0
Charles Schwab Corp. COM 808513105 1,529 46,446 SH   SOLE   46,446 0 0
Chesapeake Energy Corp COM 165167107 295 65,550 SH   SOLE   65,550 0 0
Chevron Corp COM 166764100 576 6,400 SH   SOLE   6,400 0 0
Cisco Systems Inc COM 17275R102 1,672 61,567 SH   SOLE   61,567 0 0
Citigroup Inc COM 172967424 2,124 41,039 SH   SOLE   41,039 0 0
Coach Inc COM 189754104 36,998 1,130,409 SH   SOLE   1,130,409 0 0
Coca-Cola Co. COM 191216100 230 5,349 SH   SOLE   5,349 0 0
Comcast Corp New Cl A COM 20030N101 2,061 36,522 SH   SOLE   36,522 0 0
ConocoPhillips COM 20825C104 735 15,736 SH   SOLE   15,736 0 0
Corning Inc COM 219350105 199 10,900 SH   SOLE   10,900 0 0
Costco Wholesale Corp New COM 22160K105 1,400 8,670 SH   SOLE   8,670 0 0
Diageo Plc New (ADR) COM 25243Q205 229 2,100 SH   SOLE   2,100 0 0
Discovery Communications Ser C COM 25470F302 481 19,062 SH   SOLE   19,062 0 0
Dupont E.I. Denemours COM 263534109 220 3,297 SH   SOLE   3,297 0 0
EMC Corp. COM 268648102 919 35,790 SH   SOLE   35,790 0 0
Expedia Inc COM 30212p303 286 2,300 SH   SOLE   2,300 0 0
Exxon Mobil Corp COM 30231G102 678 8,699 SH   SOLE   8,699 0 0
FedEx Corp. COM 31428X106 1,781 11,955 SH   SOLE   11,955 0 0
Federal Realty Investment Trus COM 313747206 318 2,175 SH   SOLE   2,175 0 0
General Electric Company COM 369604103 4,466 143,381 SH   SOLE   143,381 0 0
GlaxoSmithKline Plc (ADR) COM 37733W105 441 10,932 SH   SOLE   10,932 0 0
Goldman Sachs Group Inc COM 38141G104 357 1,980 SH   SOLE   1,980 0 0
HP Inc. COM 40434l105 836 70,567 SH   SOLE   70,567 0 0
HSBC Hldgs PLC (ADR)New COM 404280406 239 6,049 SH   SOLE   6,049 0 0
Hewlett Packard Enterprise Com COM 42824c109 1,073 70,566 SH   SOLE   70,566 0 0
Home Depot Inc COM 437076102 2,983 22,558 SH   SOLE   22,558 0 0
Honda Motor Co Ltd (ADR) COM 438128308 286 8,968 SH   SOLE   8,968 0 0
Honeywell International COM 438516106 1,334 12,882 SH   SOLE   12,882 0 0
Host Hotels & Resorts, Inc. COM 44107P104 537 35,027 SH   SOLE   35,027 0 0
Humana Inc COM 444859102 652 3,650 SH   SOLE   3,650 0 0
Intel Corp COM 458140100 2,224 64,567 SH   SOLE   64,567 0 0
International Bancshares Corp. COM 459044103 12,606 490,525 SH   SOLE   490,525 0 0
International Business Machine COM 459200101 1,041 7,565 SH   SOLE   7,565 0 0
JP Morgan Warrants Exp. 10/28/ COM 46634e114 615 25,950 SH   SOLE   25,950 0 0
JPMorgan Chase & Co COM 46625H100 2,277 34,482 SH   SOLE   34,482 0 0
Johnson & Johnson COM 478160104 1,501 14,616 SH   SOLE   14,616 0 0
KKR & Co. LP Del Com Units COM 48248m102 3,666 235,175 SH   SOLE   235,175 0 0
Koninklijke Philips Electronic COM 500472303 992 38,961 SH   SOLE   38,961 0 0
Level 3 Communications COM 52729n308 525 9,664 SH   SOLE   9,664 0 0
Lockheed Martin Corp COM 539830109 916 4,220 SH   SOLE   4,220 0 0
Lowe's Companies, Inc. COM 548661107 924 12,150 SH   SOLE   12,150 0 0
Marsh & McLennan Companies, In COM 571748102 485 8,750 SH   SOLE   8,750 0 0
McDonald's Corp. COM 580135101 1,493 12,641 SH   SOLE   12,641 0 0
McKesson Corp. COM 58155Q103 499 2,528 SH   SOLE   2,528 0 0
Medtronic Inc. COM g5960L103 384 4,990 SH   SOLE   4,990 0 0
Merck & Co Inc New COM 58933Y105 342 6,475 SH   SOLE   6,475 0 0
Microsoft Corp COM 594918104 3,054 55,042 SH   SOLE   55,042 0 0
Monsanto Company COM 61166W101 454 4,610 SH   SOLE   4,610 0 0
Morgan Stanley COM 617446448 227 7,140 SH   SOLE   7,140 0 0
Movado Group Inc. COM 624580106 257 10,000 SH   SOLE   10,000 0 0
Newmont Mining Corp COM 651639106 183 10,150 SH   SOLE   10,150 0 0
Nike Inc Cl B COM 654106103 290 4,636 SH   SOLE   4,636 0 0
Nokia Corp (ADR) COM 654902204 98 13,998 SH   SOLE   13,998 0 0
Novartis AG (ADR) COM 66987V109 378 4,395 SH   SOLE   4,395 0 0
Oaktree Capital COM 674001201 957 20,050 SH   SOLE   20,050 0 0
Oracle Corp COM 68389X105 1,945 53,250 SH   SOLE   53,250 0 0
PNC Financial Services Group, COM 693475105 334 3,500 SH   SOLE   3,500 0 0
Paypal COM 70450y103 940 25,975 SH   SOLE   25,975 0 0
Pepsico, Inc. COM 713448108 564 5,645 SH   SOLE   5,645 0 0
Petroleo Brasileiro SA (ADR) COM 71654V408 90 20,900 SH   SOLE   20,900 0 0
Pfizer, Inc. COM 717081103 1,631 50,523 SH   SOLE   50,523 0 0
Philip Morris International In COM 718172109 569 6,478 SH   SOLE   6,478 0 0
Procter & Gamble COM 742718109 1,807 22,753 SH   SOLE   22,753 0 0
Qualcomm Inc COM 747525103 439 8,778 SH   SOLE   8,778 0 0
SAP AG (ADR) COM 803054204 681 8,609 SH   SOLE   8,609 0 0
Sanofi Aventis (ADR) COM 80105N105 279 6,550 SH   SOLE   6,550 0 0
Schlumberger Ltd F COM 806857108 300 4,296 SH   SOLE   4,296 0 0
Sony Corp. (ADR) COM 835699307 1,024 41,597 SH   SOLE   41,597 0 0
State Street Corp COM 857477103 212 3,200 SH   SOLE   3,200 0 0
TE Connectivity Ltd. F COM h84989104 1,013 15,675 SH   SOLE   15,675 0 0
Telefonica SA (ADR) COM 879382208 561 50,689 SH   SOLE   50,689 0 0
Teva Pharmaceutical Industries COM 881624209 2,148 32,717 SH   SOLE   32,717 0 0
The Walt Disney Co. COM 254687106 1,839 17,499 SH   SOLE   17,499 0 0
Thermo Fisher Scientific COM 883556102 461 3,250 SH   SOLE   3,250 0 0
Time Warner, Inc. COM 887317303 1,484 22,940 SH   SOLE   22,940 0 0
Toyota Motor Corp. (ADR) COM 892331307 477 3,880 SH   SOLE   3,880 0 0
Tyco International PLC Shares COM g91442106 410 12,870 SH   SOLE   12,870 0 0
UBS Group CHF0.10 COM H42097107 1,016 52,435 SH   SOLE   52,435 0 0
United Technologies Corp COM 913017109 465 4,836 SH   SOLE   4,836 0 0
UnitedHealth Group, Inc. COM 91324P102 3,001 25,511 SH   SOLE   25,511 0 0
Vale S.A. American Depositary COM 91912e105 76 23,000 SH   SOLE   23,000 0 0
Verizon Communications COM 92343V104 600 12,976 SH   SOLE   12,976 0 0
Viacom Inc Cl B New COM 92553P201 512 12,449 SH   SOLE   12,449 0 0
Visa, Inc. Cl A COM 92826C839 411 5,300 SH   SOLE   5,300 0 0
Vishay Intertechnology COM 928298108 367 30,440 SH   SOLE   30,440 0 0
WPP Plc (ADR) COM 92937A102 304 2,650 SH   SOLE   2,650 0 0
Wal-Mart Stores Inc COM 931142103 481 7,848 SH   SOLE   7,848 0 0
Waste Management Inc. COM 94106L109 320 6,000 SH   SOLE   6,000 0 0
Wells Fargo & Co New COM 949746101 1,924 35,397 SH   SOLE   35,397 0 0
Whole Foods Market Inc COM 966837106 223 6,650 SH   SOLE   6,650 0 0
Yahoo! Inc. COM 984332106 472 14,190 SH   SOLE   14,190 0 0
Yum! Brands, Inc. COM 988498101 1,228 16,814 SH   SOLE   16,814 0 0
eBay, Inc. COM 278642103 714 25,975 SH   SOLE   25,975 0 0
DB X-Trackers MSCI Europe UCIT COM 233051853 677 12,350 SH   SOLE   12,350 0 0
Direxion Daily Financial Bull COM 25459y694 349 12,000 SH   SOLE   12,000 0 0
Energy Select Sector SPDR COM 81369Y506 1,769 29,335 SH   SOLE   29,335 0 0
Financial Select Sector SPDR COM 81369Y605 584 24,500 SH   SOLE   24,500 0 0
First Trust ISE-Revere Natural COM 33734j102 5,105 1,144,575 SH   SOLE   1,144,575 0 0
Global X Silver Miners ETF COM 37954y848 1,253 67,683 SH   SOLE   67,683 0 0
Health Care Sector Select SPDR COM 81369Y209 504 7,000 SH   SOLE   7,000 0 0
IShares Core S&P ETF Midcap COM 464287507 471 3,381 SH   SOLE   3,381 0 0
IShares S&P Global Technology COM 464287291 5,452 55,905 SH   SOLE   55,905 0 0
Industrial Select Sector SPDR COM 81369y704 1,066 20,100 SH   SOLE   20,100 0 0
Market Vectors Gold Miners ETF COM 57060u100 713 52,000 SH   SOLE   52,000 0 0
Materials Select Sector SPDR E COM 81369Y100 978 22,515 SH   SOLE   22,515 0 0
Mexico Fund Inc COM 592835102 200 12,004 SH   SOLE   12,004 0 0
PowerShares Global Listed Priv COM 73935x195 300 28,500 SH   SOLE   28,500 0 0
PowerShares KBW Bank ETF COM 73937b746 9,118 242,560 SH   SOLE   242,560 0 0
PowerShares KBW Regional Banki COM 73937b712 1,212 29,475 SH   SOLE   29,475 0 0
PowerShares Water Resources COM 73935X575 308 14,200 SH   SOLE   14,200 0 0
Powershares QQQ Trust Series 1 COM 73935A104 11,905 106,426 SH   SOLE   106,426 0 0
ProShares Ultra Pro S&P500 COM 74347x864 376 6,000 SH   SOLE   6,000 0 0
Royce Value Trust Inc COM 780910105 121 10,311 SH   SOLE   10,311 0 0
SPDR DJ Euro Stoxx 50 ETF COM 78463x202 306 8,900 SH   SOLE   8,900 0 0
SPDR Dow Jones Global Real Est COM 78463x749 784 16,753 SH   SOLE   16,753 0 0
SPDR Dow Jones Industrial Aver COM 78467x109 958 5,505 SH   SOLE   5,505 0 0
SPDR KBW Bank ETF COM 78464A797 432 12,762 SH   SOLE   12,762 0 0
SPDR KBW Regional Banking ETF COM 78464A698 736 17,550 SH   SOLE   17,550 0 0
SPDR S&P 500 Index ETF COM 78462F103 1,243 6,096 SH   SOLE   6,096 0 0
SPDR S&P Global Natural Resour COM 78463X541 1,111 34,619 SH   SOLE   34,619 0 0
SPDR S&P Homebuilders ETF COM 78464a888 946 27,665 SH   SOLE   27,665 0 0
SPDR S&P Metals and Mining ETF COM 78464A755 252 16,850 SH   SOLE   16,850 0 0
SPDR S&P MidCap 400 ETF COM 78467Y107 330 1,300 SH   SOLE   1,300 0 0
SPDR S&P Oil & Gas Explor & Pr COM 78464A730 3,466 114,695 SH   SOLE   114,695 0 0
Schwab Emerging Markets Equity COM 808524706 312 15,996 SH   SOLE   15,996 0 0
Schwab Fundamental Intl. Large COM 808524755 286 12,025 SH   SOLE   12,025 0 0
Schwab Fundamental US Broad Mk COM 808524789 853 29,887 SH   SOLE   29,887 0 0
Schwab U.S. Broad Market ETF COM 808524102 208 4,246 SH   SOLE   4,246 0 0
Schwab US Large-Cap ETF COM 808524201 353 7,278 SH   SOLE   7,278 0 0
Swiss Helvetia Fund COM 870875101 132 12,501 SH   SOLE   12,501 0 0
Technology Select Sector SPDR COM 81369Y803 466 10,888 SH   SOLE   10,888 0 0
Vanguard Emerging Markets ETF COM 922042858 2,226 68,056 SH   SOLE   68,056 0 0
Vanguard European ETF COM 922042874 1,224 24,533 SH   SOLE   24,533 0 0
Vanguard Extended Market Index COM 922908652 2,777 33,135 SH   SOLE   33,135 0 0
Vanguard FTSE All World Ex-US COM 922042775 3,180 73,255 SH   SOLE   73,255 0 0
Vanguard FTSE All-World ex-US COM 922042718 288 3,100 SH   SOLE   3,100 0 0
Vanguard FTSE Developed Market COM 921943858 261 7,110 SH   SOLE   7,110 0 0
Vanguard Financials ETF COM 92204A405 4,348 89,736 SH   SOLE   89,736 0 0
Vanguard Growth ETF COM 922908736 886 8,325 SH   SOLE   8,325 0 0
Vanguard High Dividend Yield E COM 921946406 454 6,800 SH   SOLE   6,800 0 0
Vanguard Mega Cap 300 Index ET COM 921910873 4,669 66,925 SH   SOLE   66,925 0 0
Vanguard MegaCap 300 Value Ind COM 921910840 3,362 56,950 SH   SOLE   56,950 0 0
Vanguard MegaCap300 Growth Ind COM 921910816 6,291 75,756 SH   SOLE   75,756 0 0
Vanguard Mid-Cap ETF COM 922908629 5,303 44,155 SH   SOLE   44,155 0 0
Vanguard Mid-Cap Growth ETF COM 922908538 1,191 11,940 SH   SOLE   11,940 0 0
Vanguard Mid-Cap Value ETF COM 922908512 1,578 18,360 SH   SOLE   18,360 0 0
Vanguard REIT ETF COM 922908553 461 5,780 SH   SOLE   5,780 0 0
Vanguard Small-Cap ETF COM 922908751 722 6,525 SH   SOLE   6,525 0 0
Vanguard Total Stock Mkt COM 922908769 1,554 14,900 SH   SOLE   14,900 0 0
Vanguard Total World Stock ETF COM 922042742 312 5,417 SH   SOLE   5,417 0 0
Vanguard Value ETF COM 922908744 881 10,812 SH   SOLE   10,812 0 0
WisdomTree Dividend Ex-Financi COM 97717W406 277 3,945 SH   SOLE   3,945 0 0
WisdomTree Equity Income ETF COM 97717W208 266 4,500 SH   SOLE   4,500 0 0
WisdomTree Mid-Cap Dividend Fu COM 97717w505 201 2,500 SH   SOLE   2,500 0 0
iShares DJ US Home Constructio COM 464288752 6,366 234,901 SH   SOLE   234,901 0 0
iShares MSCI Brazil Index ETF COM 464286400 2,844 137,530 SH   SOLE   137,530 0 0
iShares MSCI EAFE Value Index COM 464288877 1,006 21,630 SH   SOLE   21,630 0 0
iShares MSCI EMU Index Fund ET COM 464286608 967 27,600 SH   SOLE   27,600 0 0
iShares MSCI Emerging Markets COM 464287234 439 13,650 SH   SOLE   13,650 0 0
iShares MSCI Japan Index ETF COM 464286848 882 72,750 SH   SOLE   72,750 0 0
iShares Russell 1000 Growth In COM 464287614 1,098 11,034 SH   SOLE   11,034 0 0
iShares Russell 1000 Value Ind COM 464287598 1,830 18,700 SH   SOLE   18,700 0 0
iShares Russell 2000 Index ETF COM 464287655 240 2,130 SH   SOLE   2,130 0 0
iShares Russell 2000 Value Ind COM 464287630 529 5,755 SH   SOLE   5,755 0 0
iShares Russell 3000 Index Fun COM 464287689 352 2,925 SH   SOLE   2,925 0 0
iShares Russell Midcap Growth COM 464287481 554 6,030 SH   SOLE   6,030 0 0
iShares Russell Midcap Value I COM 464287473 724 10,550 SH   SOLE   10,550 0 0
iShares S&P 100 Index ETF COM 464287101 973 10,675 SH   SOLE   10,675 0 0
iShares S&P Euro 350 Index Fun COM 464287861 349 8,700 SH   SOLE   8,700 0 0