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 621 24,150 SH   SOLE   0 0 24,150
AB Svensk Ex Commodi COM 870297801 63 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 103 14,000 SH   SOLE   0 0 14,000
ABB Ltd. COM 000375204 5,013 237,030 SH   SOLE   0 0 237,030
Abbott Laboratories COM 002824100 315 7,001 SH   SOLE   0 0 7,001
Abbvie Inc. COM 00287Y109 217 3,323 SH   SOLE   0 0 3,323
Aberdeen Glb-Asia Pacific Fd A COM LU0011963 2,693 37,585 SH   SOLE   0 0 37,585
Alken European Opportunity Fun COM 016421919 4,144 16,819 SH   SOLE   0 0 16,819
Alliant Techsystems Inc. COM 018804104 607 5,225 SH   SOLE   0 0 5,225
Allianz RCM Technology Fund Cl COM 018919464 2,723 45,796 SH   SOLE   0 0 45,796
American Express Inc. COM 025816109 647 6,958 SH   SOLE   0 0 6,958
Apollo Group, Inc. COM 037604105 7,841 229,879 SH   SOLE   0 0 229,879
Apple Computer COM 037833100 7,713 69,878 SH   SOLE   0 0 69,878
Avon Products, Inc. COM 054303102 2,247 239,322 SH   SOLE   0 0 239,322
BP p.l.c. ADR COM 055622104 5,262 138,047 SH   SOLE   0 0 138,047
Bank of America COM 060505104 763 42,677 SH   SOLE   0 0 42,677
Berkshire Hathaway, Inc. CL A COM 084670108 2,034 9 SH   SOLE   0 0 9
Berkshire Hathaway, Inc. CL B COM 084670702 9,944 66,227 SH   SOLE   0 0 66,227
BlackRock Global Funds, Alloca COM L10491972 935 18,624 SH   SOLE   0 0 18,624
Cadence Design Systems, Inc. COM 127387108 713 37,600 SH   SOLE   0 0 37,600
Chevron Corp. COM 166764100 8,278 73,796 SH   SOLE   0 0 73,796
Cisco Systems COM 17275r102 8,169 293,674 SH   SOLE   0 0 293,674
Citigroup Inc. COM 172967424 9,425 174,189 SH   SOLE   0 0 174,189
Coca-Cola Co. COM 191216100 449 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 719 19,829 SH   SOLE   0 0 19,829
Deutsche Global Real Estate Se COM 25159L109 160 17,745 SH   SOLE   0 0 17,745
Diageo PLC Spons. ADR COM 25243q205 610 5,343 SH   SOLE   0 0 5,343
Ebay Inc. COM 278642103 9,520 169,639 SH   SOLE   0 0 169,639
Exxon Mobil Corporation COM 30231g102 1,940 20,983 SH   SOLE   0 0 20,983
Facebook Inc. COM 30303m102 780 10,000 SH   SOLE   0 0 10,000
Fidelity Select Industrials Po COM 316390517 2,226 70,006 SH   SOLE   0 0 70,006
Franklin European Growth Fund COM L40594241 1,678 156,390 SH   SOLE   0 0 156,390
Franklin Income Fund - Class I COM L4058T635 574 29,706 SH   SOLE   0 0 29,706
General Dynamics Corporation COM 369550108 986 7,164 SH   SOLE   0 0 7,164
General Electric COM 369604103 5,024 198,815 SH   SOLE   0 0 198,815
General Motors Co COM 37045v100 8,056 230,771 SH   SOLE   0 0 230,771
Glencore Xstrata PLC - OTC US COM g39420107 3,903 837,825 SH   SOLE   0 0 837,825
Glencore Xstrata PLC(ADR) COM 37827x100 1,048 113,520 SH   SOLE   0 0 113,520
Goldman Sachs Group, Inc. COM 38141g104 5,738 29,605 SH   SOLE   0 0 29,605
Google Inc. Cl A COM 38259P508 2,941 5,542 SH   SOLE   0 0 5,542
Google Inc. Cl C COM 38259P706 6,221 11,818 SH   SOLE   0 0 11,818
Health Care Select Sector SPDR COM 81369Y209 6,035 88,258 SH   SOLE   0 0 88,258
Heineken N V S ADR COM 423012301 5,462 154,820 SH   SOLE   0 0 154,820
Home Depot COM 437076102 897 8,545 SH   SOLE   0 0 8,545
Honeywell, Inc. COM 438516106 6,170 61,753 SH   SOLE   0 0 61,753
IShares Russell Midcap Index F COM 464287499 4,206 25,177 SH   SOLE   0 0 25,177
Intel Corp. COM 458140100 6,574 181,151 SH   SOLE   0 0 181,151
Invesco Asia Pacific Growth Fu COM 008882581 1,689 53,828 SH   SOLE   0 0 53,828
Invesco European Growth Fund C COM 008882573 2,211 63,673 SH   SOLE   0 0 63,673
Ishares US Aerospace and Defen COM 464288760 2,374 20,695 SH   SOLE   0 0 20,695
JPMorgan Chase & Co. COM 46625h100 10,519 168,090 SH   SOLE   0 0 168,090
Janus Cap Global Life Sciences COM 520456914 5,440 174,930 SH   SOLE   0 0 174,930
Johnson & Johnson COM 478160104 1,047 10,014 SH   SOLE   0 0 10,014
Lazard Emerging Mkts Equity Po COM 52106n889 4,751 276,411 SH   SOLE   0 0 276,411
Lockheed Martin Corp. COM 539830109 993 5,156 SH   SOLE   0 0 5,156
Lowes Companies, Inc. COM 548661107 645 9,370 SH   SOLE   0 0 9,370
M&T Bank Corporation COM 55261f104 403 3,205 SH   SOLE   0 0 3,205
MFS Global Total Return Fund C COM 552986853 363 22,286 SH   SOLE   0 0 22,286
MFS Meridan Global Total Retur COM L63667874 275 18,311 SH   SOLE   0 0 18,311
Market Vectors Oil Services ET COM 57060u191 2,381 66,275 SH   SOLE   0 0 66,275
Market Vectors Pharmaceutical COM 57060u217 375 5,829 SH   SOLE   0 0 5,829
Marsh & McLennan Companies, In COM 571748102 847 14,793 SH   SOLE   0 0 14,793
Merck & Co, Inc. COM 58933y105 10,563 185,998 SH   SOLE   0 0 185,998
Microsoft Corp. COM 594918104 11,059 238,092 SH   SOLE   0 0 238,092
NCR Corporation COM 62886E108 3,537 121,365 SH   SOLE   0 0 121,365
Newell Rubbermaid Inc COM 651229106 683 17,926 SH   SOLE   0 0 17,926
Oakmark International Fund Cla COM 413838202 7,661 328,254 SH   SOLE   0 0 328,254
Orexigen Theraputics Inc COM 686164104 164 27,000 SH   SOLE   0 0 27,000
PIMCO Unconstrained Bond Fund COM 72201M453 200 17,875 SH   SOLE   0 0 17,875
Pepsico Inc. COM 713448108 598 6,325 SH   SOLE   0 0 6,325
Pfizer Inc. COM 717081103 13,831 443,997 SH   SOLE   0 0 443,997
Philip Morris International In COM 718172109 1,321 16,224 SH   SOLE   0 0 16,224
Polar Capital Funds PLC COM 97151n920 2,226 124,000 SH   SOLE   0 0 124,000
Procter & Gamble COM 742718109 5,751 63,136 SH   SOLE   0 0 63,136
Raytheon Co. COM 755111507 5,849 54,071 SH   SOLE   0 0 54,071
S&P 400 Mid-Cap Dep. Recpt. COM 78467y107 2,050 7,767 SH   SOLE   0 0 7,767
S&P 500 Depository Receipt COM 78462f103 2,710 13,183 SH   SOLE   0 0 13,183
SPDR DJIA Trust COM 78467x109 3,373 18,964 SH   SOLE   0 0 18,964
SPDR S&P China ETF COM 78463x400 4,098 51,460 SH   SOLE   0 0 51,460
SPDR S&P Homebuilders COM 78464A888 778 22,800 SH   SOLE   0 0 22,800
SPDR S&P Oil & Gas Equipment & COM 78464A748 879 31,145 SH   SOLE   0 0 31,145
SPDR S&P Regional Banking COM 78464a698 3,711 91,174 SH   SOLE   0 0 91,174
Select Sector SPDR Consumer Di COM 81369y407 321 4,450 SH   SOLE   0 0 4,450
Select Sector SPDR Energy COM 81369Y506 5,268 66,546 SH   SOLE   0 0 66,546
Select Sector SPDR Financial COM 81369y605 2,554 103,258 SH   SOLE   0 0 103,258
Select Sector SPDR Industrial COM 81369y704 7,164 126,622 SH   SOLE   0 0 126,622
Select Sector SPDR Materials COM 81369y100 2,664 54,828 SH   SOLE   0 0 54,828
Select Sector SPDR Technology COM 81369y803 11,256 272,221 SH   SOLE   0 0 272,221
Strayer Education, Inc. COM 863236105 1,439 19,375 SH   SOLE   0 0 19,375
Templeton Growth Fund, Inc ClA COM 880199104 238 10,000 SH   SOLE   0 0 10,000
The Brink's Company COM 109696104 480 19,669 SH   SOLE   0 0 19,669
Toll Brothers, Inc COM 889478103 4,553 132,850 SH   SOLE   0 0 132,850
Toyota Motor Corp ADR COM 892331307 7,198 57,360 SH   SOLE   0 0 57,360
Union Pacific Corp. COM 907818108 230 1,931 SH   SOLE   0 0 1,931
Vanguard Emerging Market COM 922042858 3,970 99,208 SH   SOLE   0 0 99,208
Visa Inc COM 92826c839 4,534 17,293 SH   SOLE   0 0 17,293
Vodafone Group ADR (NEW) COM 92857w308 9,505 278,172 SH   SOLE   0 0 278,172
Volkswagen AG Pfd COM DE0007664 1,068 4,745 SH   SOLE   0 0 4,745
WPX Energy Inc. COM 98212b103 3,166 272,250 SH   SOLE   0 0 272,250
Wal-Mart Stores COM 931142103 266 3,100 SH   SOLE   0 0 3,100
Walt Disney Company COM 254687106 787 8,357 SH   SOLE   0 0 8,357
Wisdom Tree Europe Hedged Equi COM 97717X701 744 13,375 SH   SOLE   0 0 13,375
Wisdomtree TR Japan Total Div COM 97717W851 1,647 33,458 SH   SOLE   0 0 33,458
Zoetis Inc COM 98978v103 6,194 143,956 SH   SOLE   0 0 143,956
iShares DJ Select Dividend Ind COM 464287168 786 9,900 SH   SOLE   0 0 9,900
iShares DJ US Oil Equip & Serv COM 464288844 1,565 31,325 SH   SOLE   0 0 31,325
iShares MSCI All Country Asia COM 464288182 2,035 33,405 SH   SOLE   0 0 33,405
iShares MSCI Mexico Capped COM 464286822 1,824 30,714 SH   SOLE   0 0 30,714
iShares Naftrac COM 54555P910 2,457 841,501 SH   SOLE   0 0 841,501
iShares Russell 2000 Growth COM 464287648 1,600 11,241 SH   SOLE   0 0 11,241
iShares S&P MidCap 400 Index F COM 464287507 4,691 32,399 SH   SOLE   0 0 32,399