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
Abbott Laboratories COMMON 002824100 4,494 91,559 SH   SOLE   78,174 0 13,385
Activision Blizzard COMMON 00507V109 8,122 335,488 SH   SOLE   276,013 0 59,475
Aetna COMMON 00817Y108 13,197 103,536 SH   SOLE   86,145 0 17,391
Agrium COMMON 008916108 1,336 12,610 SH   SOLE   12,139 0 471
Allstate COMMON 020002101 1,522 23,468 SH   SOLE   22,535 0 933
American Eagle Outfitters COMMON 02553E106 6,994 406,129 SH   SOLE   346,436 0 59,693
American Railcar COMMON 02916P103 1,030 21,172 SH   SOLE   20,504 0 668
Amgen COMMON 031162100 8,974 58,453 SH   SOLE   49,751 0 8,702
Anworth Mortgage Asset Corp COMMON 037347101 1,501 304,404 SH   SOLE   277,884 0 26,520
Apache COMMON 037411105 2,850 49,448 SH   SOLE   43,387 0 6,060
Apple Computer COMMON 037833100 12,245 97,631 SH   SOLE   84,386 0 13,245
Archer-Daniels-Midland COMMON 039483102 9,205 190,891 SH   SOLE   163,126 0 27,765
AT&T Inc Com COMMON 00206r102 1,258 35,430 SH   SOLE   34,469 0 961
AVX Corp COMMON 002444107 1,862 138,309 SH   SOLE   128,644 0 9,665
Axis Capital COMMON G0692U109 5,907 110,687 SH   SOLE   92,335 0 18,352
Baker Hughes COMMON 057224107 5,958 96,571 SH   SOLE   80,265 0 16,306
Bank of NY Mellon Corp. COMMON 064058100 6,910 164,643 SH   SOLE   136,007 0 28,635
Barrick Gold COMMON 067901108 2,079 195,074 SH   SOLE   161,550 0 33,524
Baxter International COMMON 071813109 7,294 104,306 SH   SOLE   89,382 0 14,924
BB&T Corporation COMMON 054937107 5,158 127,964 SH   SOLE   107,554 0 20,410
Benchmark Electronics COMMON 08160h101 5,689 261,211 SH   SOLE   218,907 0 42,304
BHP Billiton COMMON 088606108 1,728 42,455 SH   SOLE   39,812 0 2,642
BioMed Realty COMMON 09063H107 6,536 337,975 SH   SOLE   290,020 0 47,956
Bristow Group Inc COMMON 110394103 5,511 103,400 SH   SOLE   85,273 0 18,127
Brocade Communications Systems COMMON 111621306 5,681 478,192 SH   SOLE   380,516 0 97,676
CA Inc. COMMON 12673P105 6,079 207,544 SH   SOLE   179,349 0 28,195
California Water Service COMMON 130788102 3,426 149,945 SH   SOLE   116,732 0 33,213
Canadian Imperial Bank of Commerce (CIBC) COMMON 136069101 4,497 61,007 SH   SOLE   51,837 0 9,170
Capital One Financial COMMON 14040H105 6,802 77,319 SH   SOLE   64,186 0 13,133
Cardinal Health COMMON 14149Y108 1,100 13,147 SH   SOLE   12,312 0 835
Caterpillar COMMON 149123101 5,707 67,288 SH   SOLE   57,643 0 9,645
Celanese Corp COMMON 150870103 8,636 120,145 SH   SOLE   100,260 0 19,885
Chesapeake Energy COMMON 165167107 1,246 111,565 SH   SOLE   91,103 0 20,462
Cisco Systems COMMON 17275R102 8,876 323,240 SH   SOLE   271,809 0 51,431
Coach COMMON 189754104 6,431 185,816 SH   SOLE   158,183 0 27,633
Comcast Corp CL A COMMON 20030N101 8,641 143,676 SH   SOLE   118,964 0 24,711
Corning COMMON 219350105 7,430 376,580 SH   SOLE   329,394 0 47,186
Credit Suisse Group COMMON 225401108 2,612 94,637 SH   SOLE   75,466 0 19,172
CSX COMMON 126408103 1,077 32,974 SH   SOLE   32,250 0 724
Deere & Co. COMMON 244199105 6,769 69,751 SH   SOLE   58,986 0 10,765
Denbury Resources COMMON 247916208 73 11,405 SH   SOLE   9,331 0 2,074
Diamond Offshore COMMON 25271c102 1,353 52,423 SH   SOLE   44,895 0 7,528
Diodes COMMON 254543101 430 17,855 SH   SOLE   12,090 0 5,765
Direxion Daily Dev Mkts Bull 3X Shrs ETF 25459W789 480 7,343 SH   SOLE   7,343 0 0
Direxion Daily Emrg Mkts Bull 3X Shares ETF 25459Y686 307 13,456 SH   SOLE   13,456 0 0
Direxion Daily S&P500 Bull 3X Shares ETF 25459W862 370 4,206 SH   SOLE   4,206 0 0
Disney, Walt COMMON 254687106 12,671 111,011 SH   SOLE   93,372 0 17,639
Eaton Corp PLC COMMON G29183103 8,450 125,210 SH   SOLE   108,682 0 16,528
Energy Select Sector SPDR ETF 81369y506 3,728 49,603 SH   SOLE   48,940 0 663
ENI SPA ADR COMMON 26874r108 1,224 34,399 SH   SOLE   30,231 0 4,168
Ensco PLC COMMON G3157S106 2,876 129,144 SH   SOLE   114,305 0 14,839
Entergy COMMON 29364G103 3,982 56,486 SH   SOLE   49,287 0 7,199
Ericsson COMMON 294821608 5,375 514,844 SH   SOLE   436,471 0 78,373
Exxon Mobil COMMON 30231G102 5,264 63,268 SH   SOLE   55,375 0 7,893
First Trust Enhanced Short Maturity ETF 33739Q408 3,651 60,837 SH   SOLE   60,837 0 0
First Trust Switzerland AlphaDEX Fund ETF 33737J232 353 8,790 SH   SOLE   8,790 0 0
First Trust Tactical High Yield ETF 33738D408 5,455 109,162 SH   SOLE   109,162 0 0
First Trust Taiwan AlphaDEX Fund ETF 33737J257 355 9,362 SH   SOLE   9,362 0 0
First Trust Technology ETF 33734X176 630 17,826 SH   SOLE   17,826 0 0
Fluor COMMON 343412102 4,154 78,370 SH   SOLE   67,692 0 10,678
Foot Locker COMMON 344849104 3,187 47,566 SH   SOLE   42,186 0 5,380
Freeport McMoran Copper & Gold COMMON 35671D857 3,274 175,806 SH   SOLE   147,646 0 28,160
General Electric Co. COMMON 369604103 2,068 77,842 SH   SOLE   71,093 0 6,749
Gilead Sciences COMMON 375558103 6,714 57,343 SH   SOLE   49,389 0 7,954
Global X FTSE Colombia 20 ETF ETF 37950e200 2,873 269,001 SH   SOLE   269,001 0 0
Goldman Sachs Group COMMON 38141G104 4,085 19,563 SH   SOLE   15,604 0 3,959
Goodyear Tire COMMON 382550101 6,741 223,592 SH   SOLE   187,193 0 36,400
Halliburton Co. COMMON 406216101 3,582 83,165 SH   SOLE   65,191 0 17,974
HollyFrontier Corp COMMON 436106108 6,364 149,081 SH   SOLE   126,875 0 22,206
Honda Motor COMMON 438128308 1,519 46,873 SH   SOLE   42,720 0 4,153
HSBC Holdings PLC COMMON 404280406 2,072 46,250 SH   SOLE   40,006 0 6,244
Ingram Micro COMMON 457153104 4,376 174,817 SH   SOLE   137,944 0 36,873
Intel COMMON 458140100 7,977 262,284 SH   SOLE   226,159 0 36,125
Int'l Business Machines COMMON 459200101 6,101 37,506 SH   SOLE   32,116 0 5,390
iShares Barclays MBS Bond ETF 464288588 11,599 106,782 SH   SOLE   97,999 0 8,783
iShares Barclays TIPS Bond ETF 464287176 598 5,340 SH   SOLE   5,285 0 55
iShares Emerging Markets High Yield Bond ETF 464286285 6,485 135,142 SH   SOLE   125,039 0 10,103
iShares Floating Rate Note ETF 46429B655 7,606 150,193 SH   SOLE   140,421 0 9,772
iShares JPMorgan USD Emerg Markets Bond ETF 464288281 5,923 53,884 SH   SOLE   49,279 0 4,605
iShares MSCI All Peru Capped Index Fund ETF 464289842 3,293 112,940 SH   SOLE   112,940 0 0
iShares MSCI Frontier 100 ETF 464286145 628 21,459 SH   SOLE   21,222 0 237
iShares MSCI Hong Kong Index ETF 464286871 5,953 263,861 SH   SOLE   256,782 0 7,079
iShares MSCI Malaysia Index Fund ETF 464286830 2,899 239,426 SH   SOLE   233,499 0 5,927
iShares MSCI Singapore Index ETF 464286673 2,997 238,432 SH   SOLE   232,222 0 6,210
iShares MSCI South Korea Index ETF 464286772 6,009 109,040 SH   SOLE   106,293 0 2,747
iShares MSCI Spain Capped Index ETF 464286764 5,875 175,103 SH   SOLE   170,598 0 4,505
iShares MSCI Switzerland Index ETF 464286749 5,552 169,534 SH   SOLE   165,038 0 4,496
iShares MSCI Taiwan Index ETF 464286731 5,771 365,701 SH   SOLE   355,883 0 9,818
Jabil Circuit COMMON 466313103 1,941 91,186 SH   SOLE   85,462 0 5,724
Johnson & Johnson COMMON 478160104 6,183 63,439 SH   SOLE   54,820 0 8,619
JP Morgan Chase COMMON 46625H100 9,265 136,733 SH   SOLE   116,037 0 20,696
Keycorp COMMON 493267108 1,744 116,097 SH   SOLE   103,281 0 12,816
Kimberly Clark COMMON 494368103 1,529 14,424 SH   SOLE   13,051 0 1,373
Kohl's COMMON 500255104 5,930 94,718 SH   SOLE   77,232 0 17,486
Lexmark International COMMON 529771107 5,164 116,842 SH   SOLE   105,445 0 11,397
Manpower Inc. COMMON 56418H100 9,921 110,998 SH   SOLE   91,811 0 19,188
Marathon Oil COMMON 565849106 3,338 125,758 SH   SOLE   106,141 0 19,617
Market Vectors Emerging Markets High Yield Bond ETF ETF 57061R403 12,892 534,952 SH   SOLE   495,124 0 39,828
Market Vectors Russia ETF ETF 57060U506 5,592 305,900 SH   SOLE   298,344 0 7,556
Marvell Tech COMMON g5876h105 3,861 292,858 SH   SOLE   241,018 0 51,840
MDC Holdings COMMON 552676108 8,122 271,020 SH   SOLE   230,352 0 40,668
Medtronic PLC COMMON g5960l103 1,508 20,357 SH   SOLE   19,501 0 856
Metlife COMMON 59156r108 6,188 110,516 SH   SOLE   94,187 0 16,329
Microsoft COMMON 594918104 8,991 203,645 SH   SOLE   176,876 0 26,768
Mosaic Company New COMMON 61945c103 5,490 117,178 SH   SOLE   95,812 0 21,367
Navios Maritime Holdings Inc. COMMON Y62196103 4,575 1,229,963 SH   SOLE   1,064,109 0 165,854
Newmont Mining Corp Holding Co. COMMON 651639106 1,023 43,804 SH   SOLE   39,407 0 4,397
Nippon Telegraph and Telephone COMMON 654624105 7,978 219,840 SH   SOLE   182,261 0 37,580
Norfolk Southern COMMON 655844108 7,390 84,593 SH   SOLE   70,610 0 13,983
Nvidia COMMON 67066G104 6,898 343,028 SH   SOLE   284,781 0 58,247
Old National Bancorp COMMON 680033107 4,913 339,787 SH   SOLE   289,557 0 50,230
Oracle COMMON 68389X105 6,380 158,308 SH   SOLE   129,800 0 28,509
Paragon Offshore COMMON g6s01w108 458 419,770 SH   SOLE   354,790 0 64,980
PetMed Express COMMON 716382106 2,447 141,715 SH   SOLE   133,234 0 8,481
Pfizer COMMON 717081103 2,450 73,071 SH   SOLE   62,770 0 10,301
PIMCO 0-5 Year High Yield Corporate Bond Index ETF ETF 72201R783 11,364 113,786 SH   SOLE   104,243 0 9,543
PNC Bank COMMON 693475105 5,738 59,988 SH   SOLE   51,051 0 8,937
PowerShares DB Commodity Fund ETF 73935S105 1,186 65,862 SH   SOLE   65,125 0 737
ProShares Short Russell2000 ETF 74347R826 623 10,750 SH   SOLE   10,750 0 0
Prudential COMMON 744320102 8,342 95,317 SH   SOLE   81,482 0 13,835
Qualcomm COMMON 747525103 2,036 32,510 SH   SOLE   29,977 0 2,533
Rayonier COMMON 754907103 869 34,007 SH   SOLE   30,194 0 3,813
Rayonier Advanced Materials COMMON 75508b104 178 10,918 SH   SOLE   9,702 0 1,216
Royal Caribbean Cruises COMMON v7780t103 11,429 145,235 SH   SOLE   117,521 0 27,714
Royal Dutch Shell A COMMON 780259206 3,319 58,217 SH   SOLE   48,118 0 10,100
Sanofi COMMON 80105n105 6,547 132,190 SH   SOLE   112,692 0 19,498
Seagate Tech COMMON g7945m107 5,987 126,039 SH   SOLE   107,042 0 18,997
Ship Finance Int'l COMMON G81075106 3,699 226,663 SH   SOLE   194,208 0 32,455
South32 Ltd COMMON 84473L105 111 16,523 SH   SOLE   15,470 0 1,053
SPDR Barclays Short Term High Yield Bond ETF 78468R408 23,394 809,193 SH   SOLE   743,155 0 66,038
Staples COMMON 855030102 5,260 343,592 SH   SOLE   289,587 0 54,005
Symantec COMMON 871503108 7,149 307,492 SH   SOLE   265,787 0 41,705
Target COMMON 87612E106 6,454 79,070 SH   SOLE   64,499 0 14,571
Technology Select Sector SPDR ETF 81369Y803 3,099 74,857 SH   SOLE   73,655 0 1,202
The Travelers Companies COMMON 89417e109 1,601 16,565 SH   SOLE   14,746 0 1,819
Tidewater COMMON 886423102 907 39,906 SH   SOLE   32,878 0 7,028
Total SA ADR COMMON 89151e109 3,002 61,051 SH   SOLE   53,890 0 7,161
Trinity Industries COMMON 896522109 3,549 134,289 SH   SOLE   113,098 0 21,191
Tsakos Energy COMMON G9108L108 1,818 190,729 SH   SOLE   160,333 0 30,395
Tutor Perini Corp COMMON 901109108 5,075 235,178 SH   SOLE   194,588 0 40,590
Tyson Foods COMMON 902494103 7,138 167,436 SH   SOLE   141,904 0 25,532
Universal Corp. COMMON 913456109 1,433 24,996 SH   SOLE   24,085 0 911
Utilities Select Sector SPDR ETF 81369y886 3,775 91,046 SH   SOLE   89,860 0 1,186
Vanguard Global ex-U.S. Real Estate ETF ETF 922042676 637 11,493 SH   SOLE   11,362 0 131
Vanguard Interm-Tm Corp Bond Index ETF ETF 92206C870 17,137 200,901 SH   SOLE   183,729 0 17,172
Vanguard Short-Term Bond ETF ETF 921937827 7,242 90,312 SH   SOLE   84,427 0 5,885
Vanguard Total Bond Market ETF ETF 921937835 15,765 194,008 SH   SOLE   178,486 0 15,522
Wal-Mart Stores COMMON 931142103 5,680 80,078 SH   SOLE   69,922 0 10,156
Waste Management COMMON 94106L109 7,292 157,331 SH   SOLE   133,080 0 24,250
Wells Fargo & Co. COMMON 949746101 6,457 114,805 SH   SOLE   97,915 0 16,890
Whirpool COMMON 963320106 5,936 34,300 SH   SOLE   29,375 0 4,925
Yamana Gold COMMON 98462Y100 3,273 1,090,955 SH   SOLE   954,079 0 136,876