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
1ST CENTURY BANCSHARES INC COM 31943X102 210 27,700 SH   SOLE   0 0 27,700
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 515 15,000 SH   DFND   15,000 0 0
NESTLE SA-SPONS ADR ADR 641069406 601 7,750 SH   DFND   7,750 0 0
NICE SYSTEMS LTD-SPONS ADR ADR 653656108 408 10,000 SH   DFND   10,000 0 0
NIDEC CORPORATION-ADR ADR 654090109 431 28,000 SH   DFND   28,000 0 0
OLD MUTUAL PLC-UNSPON ADR ADR 680031309 356 13,125 SH   DFND   13,125 0 0
ROCHE HOLDINGS LTD-SPONS ADR ADR 771195104 596 16,000 SH   DFND   16,000 0 0
SIEMENS AG-SPONS ADR ADR 826197501 397 3,000 SH   DFND   3,000 0 0
TEVA PHARMACEUTICAL-SP ADR ADR 881624209 315 6,000 SH   DFND   6,000 0 0
UNILEVER N V -NY SHARES COM 904784709 394 9,000 SH   DFND   9,000 0 0
3M CO COM 88579Y101 1,839 12,838 SH   SOLE   0 0 12,838
AGCO CORP COM 001084102 281 5,000 SH   DFND   5,000 0 0
ALMOST FAMILY INC COM 020409108 1,185 53,656 SH   SOLE   0 0 53,656
ALTO PALERMO S.A.-ADR ADR 02151P107 240 11,500 SH   DFND   11,500 0 0
AMAZON.COM INC COM 023135106 292 900 SH   DFND   900 0 0
AMERICAN BUSINESS BANK ADR 02475L105 1,055 35,646 SH   SOLE   0 0 35,646
AMERICAN TOWER CORP COM 03027X100 225 2,500 SH   DFND   2,500 0 0
AMGEN INC COM 031162100 2,147 18,138 SH   SOLE   0 0 18,138
ANALOG DEVICES INC COM 032654105 1,874 34,650 SH   SOLE   0 0 34,650
ARKEMA ADR 41232109 403 4,130 SH   DFND   4,130 0 0
ARTESIAN RESOURCES CORP-CL A COM 043113208 1,258 55,953 SH   SOLE   0 0 55,953
BANCO SANTANDER SA-SPON ADR 05964H105 364 34,930 SH   DFND   34,930 0 0
BG GROUP PLC COM 055434203 214 10,000 SH   DFND   10,000 0 0
BHP BILLITON LTD-SPON ADR ADR 088606108 1,816 26,535 SH   SOLE   0 0 26,535
BIG 5 SPORTING GOODS CORP COM 08915P101 196 16,000 SH   DFND   16,000 0 0
BLACKROCK INTERNATIONAL GROW COM 092524107 1,519 184,375 SH   SOLE   0 0 184,375
BOK FINANCIAL CORPORATION COM 05561Q201 250 3,751 SH   SOLE   0 0 3,751
BOSTON PROPERTIES COM 101121101 295 2,500 SH   DFND   2,500 0 0
BRITISH SKY BROADCAST-SP ADR 111013108 251 4,000 SH   DFND   4,000 0 0
C.H. ROBINSON WORLDWIDE INC COM 12541W209 255 4,000 SH   DFND   4,000 0 0
CALPINE CORP COM 131347304 238 10,000 SH   DFND   10,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 95 11,000 SH   DFND   11,000 0 0
CEMEX SAB-ADR ADR 151290889 338 25,582 SH   DFND   25,582 0 0
CENTRICA PLC COM 15639K300 301 14,000 SH   DFND   14,000 0 0
CHASE CORP COM 16150R104 1,956 57,285 SH   SOLE   0 0 57,285
CIA CERVECERIAS UNIDAS ADR 204429104 234 10,000 SH   DFND   10,000 0 0
CIMAREX ENERGY CO COM 171798101 3,879 27,038 SH   SOLE   0 0 27,038
CLOUD PEAK ENERGY INC COM 18911Q102 225 12,200 SH   DFND   12,200 0 0
COCA-COLA CO/THE COM 191216100 325 7,668 SH   SOLE   0 0 7,668
CONMED CORP COM 207410101 562 12,720 SH   DFND   12,720 0 0
CONSUMER DISCRETIONARY SELT COM 81369Y407 2,988 44,764 SH   SOLE   0 0 44,764
CONSUMER STAPLES SPDR COM 81369Y308 4,816 107,935 SH   SOLE   0 0 107,935
DBS GROUP HOLDINGS-SPON ADR 23304Y100 270 5,000 SH   DFND   5,000 0 0
DENTSPLY INTERNATIONAL INC COM 249030107 412 8,700 SH   DFND   8,700 0 0
DIAGEO PLC-SPONSORED ADR 25243Q205 255 2,000 SH   DFND   2,000 0 0
EATON VANCE SHORT DUR DIV IN COM 27828V104 2,965 193,293 SH   SOLE   0 0 193,293
EBAY INC COM 278642103 200 4,000 SH   DFND   4,000 0 0
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,779 37,750 SH   SOLE   0 0 37,750
ENTERPRISE PRODUCTS PARTNERS COM 293792107 3,032 38,732 SH   SOLE   0 0 38,732
EQUITY RESIDENTIAL COM 29476L107 359 5,700 SH   DFND   5,700 0 0
EVEREST RE GROUP LTD COM G3223R108 2,623 16,342 SH   SOLE   0 0 16,342
EXTRA SPACE STORAGE INC COM 30225T102 341 6,400 SH   DFND   6,400 0 0
EXXON MOBIL CORP COM 30231G102 3,104 30,831 SH   SOLE   0 0 30,831
FIRST FINANCIAL BANKSHARES COM 32020R109 298 9,500 SH   SOLE   0 0 9,500
GAFISA SA-ADR ADR 362607301 37 12,000 SH   DFND   12,000 0 0
GUGGENHEIM BULLETSHARES 2018 COM 18383M530 499 23,449 SH   SOLE   0 0 23,449
GUGGENHEIM BULLETSHARES 2020 COM 18383M514 372 17,513 SH   SOLE   0 0 17,513
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W106 4,135 53,906 SH   SOLE   0 0 53,906
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W841 3,173 25,697 SH   SOLE   0 0 25,697
HDFC BANK LTD ADR 40415F101 281 6,000 SH   DFND   6,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 337 15,317 SH   DFND   15,317 0 0
HUNTINGTON BANCSHARES INC COM 446150104 191 20,000 SH   DFND   20,000 0 0
INGLES MARKETS INC-CLASS A COM 457030104 3,537 134,243 SH   SOLE   0 0 134,243
INTEGRATED SILICON SOLUTION COM 45812P107 325 22,000 SH   DFND   22,000 0 0
INTEL CORP COM 458140100 2,354 76,184 SH   SOLE   0 0 76,184
INTERCONTINENTAL HOTELS ADR 45857P400 631 15,199 SH   DFND   15,199 0 0
INTL BUSINESS MACHINES CORP COM 459200101 248 1,369 SH   SOLE   0 0 1,369
ISHARES -3 YEAR INTERNATIONA COM 464288125 3,063 31,822 SH   SOLE   0 0 31,822
ISHARES CALIFORNIA AMT-FREE COM 464288356 302 2,610 SH   SOLE   0 0 2,610
ISHARES COHEN & STEERS REIT COM 464287564 2,190 25,080 SH   SOLE   0 0 25,080
ISHARES CORE S&P MIDCAP ETF COM 464287507 2,378 16,621 SH   SOLE   0 0 16,621
ISHARES FLOATING RATE BOND E COM 46429B655 3,280 64,559 SH   SOLE   0 0 64,559
ISHARES GLOBAL HEALTHCARE ET COM 464287325 3,430 36,360 SH   SOLE   0 0 36,360
ISHARES IBOXX INVESTMENT GRA COM 464287242 576 4,827 SH   SOLE   0 0 4,827
ISHARES INTERNATIONAL TREASU COM 464288117 4,107 39,015 SH   SOLE   0 0 39,015
ISHARES MSCI EAFE ETF COM 464287465 6,656 97,356 SH   SOLE   0 0 97,356
ISHARES MSCI EAFE SMALL-CAP COM 464288273 2,488 47,020 SH   SOLE   0 0 47,020
ISHARES MSCI EMERGING MARKET COM 464287234 2,773 64,135 SH   SOLE   0 0 64,135
ISHARES MSCI EMU ETF COM 464286608 403 9,518 SH   SOLE   0 0 9,518
ISHARES MSCI JAPAN ETF COM 464286848 132 11,000 SH   DFND   11,000 0 0
ISHARES MSCI SOUTH AFRICA ET COM 464286780 254 3,700 SH   DFND   3,700 0 0
ISHARES RUSSELL 1000 ETF COM 464287622 826 7,500 SH   SOLE   0 0 7,500
ISHARES RUSSELL 2000 ETF COM 464287655 822 6,922 SH   SOLE   0 0 6,922
ISHARES RUSSELL MID-CAP ETF COM 464287499 924 5,683 SH   SOLE   0 0 5,683
ISHARES SELECT DIVIDEND ETF COM 464287168 2,863 37,195 SH   SOLE   0 0 37,195
ITC HOLDINGS CORP COM 465685105 219 6,000 SH   DFND   6,000 0 0
J.C PENNEY CO COM 708160106 199 22,000 SH   DFND   22,000 0 0
JAMES HARDIE IND PLC-SP ADR ADR 47030M106 327 5,000 SH   DFND   5,000 0 0
JOHN HANCOCK FINANCIAL OPPOR COM 409735206 2,476 106,996 SH   SOLE   0 0 106,996
JOHNSON & JOHNSON COM 478160104 2,595 24,805 SH   SOLE   0 0 24,805
JOHNSON CONTROLS INC COM 478366107 300 6,000 SH   DFND   6,000 0 0
KINGFISHER PLC-SPONS ADR ADR 495724403 246 20,000 SH   DFND   20,000 0 0
KMG CHEMICALS INC COM 482564101 2,036 113,249 SH   SOLE   0 0 113,249
KVH INDUSTRIES INC COM 482738101 391 30,000 SH   DFND   30,000 0 0
LASALLE HOTEL PROPERTIES COM 517942108 388 11,000 SH   DFND   11,000 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 279 4,500 SH   DFND   4,500 0 0
LLOYDS BANKING GROUP PLC ADR 539439109 108 21,000 SH   DFND   21,000 0 0
MARKET VECTORS AFRICA INDEX COM 57060U787 341 10,340 SH   DFND   10,340 0 0
MARRIOTT INTERNATIONAL -CL A COM 571903202 323 5,035 SH   DFND   5,035 0 0
METLIFE INC COM 59156R108 2,537 45,668 SH   SOLE   0 0 45,668
MICROFINANCIAL INC COM 595072109 2,349 303,927 SH   SOLE   0 0 303,927
MILLER INDUSTRIES INC/TENN COM 600551204 288 14,000 SH   DFND   14,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 247 3,000 SH   DFND   3,000 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 160 10,000 SH   DFND   10,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 412 4,000 SH   DFND   4,000 0 0
NORTHWEST NATURAL GAS CO COM 667655104 236 5,000 SH   DFND   5,000 0 0
NOVARTIS AG-ADR ADR 66987V109 2,252 24,878 SH   SOLE   0 0 24,878
PENTAIR PLC COM G7S00T104 560 7,760 SH   DFND   7,760 0 0
PIMCO ENHANCED SHORT MATURIT COM 72201R833 3,729 36,779 SH   SOLE   0 0 36,779
POSCO ADR 693483109 357 4,800 SH   DFND   4,800 0 0
POWERSHARES GLOBAL WATER COM 73936T623 3,002 122,267 SH   SOLE   0 0 122,267
PPC LTD-UNSPON ADR ADR 69354A104 74 12,500 SH   DFND   12,500 0 0
PROTECTIVE LIFE CORP COM 743674103 4,530 65,338 SH   SOLE   0 0 65,338
RGC RESOURCES INC COM 74955L103 546 28,284 SH   SOLE   0 0 28,284
ROYCE MICRO-CAP TRUST INC COM 780915104 1,657 131,326 SH   SOLE   0 0 131,326
ROYCE VALUE TRUST COM 780910105 3,637 227,332 SH   SOLE   0 0 227,332
SAMSUNG ELECTR GDR 4942818 258 400 SH   DFND   400 0 0
SBA COMMUNICATIONS CORP-CL COM 78388J106 205 2,000 SH   DFND   2,000 0 0
SHOPRITE HOLDINGS COM 82510E209 146 10,000 SH   DFND   10,000 0 0
SL GREEN REALTY CORP COM 78440X101 328 3,000 SH   DFND   3,000 0 0
SOUTHERN CO COM 842587107 1,464 32,260 SH   SOLE   0 0 32,260
SPDR BARCLAYS SHORT TERM COR COM 78464A474 4,413 143,238 SH   SOLE   0 0 143,238
SPDR MORGAN STANLEY TECHNOLO COM 78464A102 2,587 27,082 SH   SOLE   0 0 27,082
SPDR S&P EMER MKTS DIVIDEND COM 78463X533 2,233 55,700 SH   SOLE   0 0 55,700
SPDR S&P MIDCAP 400 ETF TRST COM 78467Y107 430 1,650 SH   SOLE   0 0 1,650
SPDR S&P OIL & GAS EXP & PR COM 78464A730 3,689 44,835 SH   SOLE   0 0 44,835
STARWOOD HOTELS & RESORTS COM 85590A401 404 5,000 SH   DFND   5,000 0 0
STRYKER CORP COM 863667101 1,519 18,015 SH   SOLE   0 0 18,015
TORTOISE ENERGY INFRASTRUCTU COM 89147L100 267 5,409 SH   SOLE   0 0 5,409
UDR INC COM 902653104 285 9,951 SH   SOLE   0 0 9,951
ULTRA PETROLEUM CORP COM 903914109 297 10,000 SH   DFND   10,000 0 0
UNITED FIRE GROUP INC COM 910340108 1,771 60,396 SH   SOLE   0 0 60,396
VALE US COM 91912E105 291 22,000 SH   DFND   22,000 0 0
VALMONT INDUSTRIES COM 920253101 2,694 17,730 SH   SOLE   0 0 17,730
VANGUARD FTSE EUROPE ETF COM 922042874 1,749 29,170 SH   SOLE   0 0 29,170
VODAFONE GROUP PLC-SP ADR 92857W308 210 6,295 SH   DFND   6,295 0 0
VOYA ASIA PACIFIC HIGH DIVID COM 92912J102 1,195 89,500 SH   SOLE   0 0 89,500
WELLS FARGO & CO COM 949746101 210 4,000 SH   DFND   4,000 0 0
WESTERN ASSET GL CORP DEF OP COM 95790C107 3,841 205,485 SH   SOLE   0 0 205,485
WGL HOLDINGS INC COM 92924F106 1,730 40,147 SH   SOLE   0 0 40,147
WILLIAMS COS INC COM 969457100 4,845 83,233 SH   SOLE   0 0 83,233
WP CAREY INC COM 92936U109 322 5,000 SH   DFND   5,000 0 0
WPX ENERGY INC COM 98212B103 549 22,944 SH   SOLE   0 0 22,944