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    <nameOfIssuer>3M Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>3304</value>
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    <nameOfIssuer>Alexandria Real</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>015271109</cusip>
    <value>213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1850</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>Allegiance Bancshares Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>01748H107</cusip>
    <value>173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5334</sshPrnamt>
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      <None>5334</None>
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    <nameOfIssuer>Allstate Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020002101</cusip>
    <value>1866</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22578</sshPrnamt>
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    <nameOfIssuer>Amazon.com Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88</sshPrnamt>
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    <nameOfIssuer>American Business Bank</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02475L105</cusip>
    <value>392</value>
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      <sshPrnamt>12427</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>American Tower-A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03027X100</cusip>
    <value>395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500</sshPrnamt>
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    <votingAuthority>
      <Sole>2500</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>Amgen Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031162100</cusip>
    <value>3475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17850</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>Annaly Capital M</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>035710409</cusip>
    <value>130</value>
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      <sshPrnamt>13200</sshPrnamt>
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    <votingAuthority>
      <Sole>13200</Sole>
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      <None>0</None>
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    <nameOfIssuer>Apple Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>417</value>
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      <sshPrnamt>2643</sshPrnamt>
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    <nameOfIssuer>Apple Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>3000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Arkema Sa - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>041232109</cusip>
    <value>351</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4130</sshPrnamt>
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    <nameOfIssuer>Artesian Resource Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>043113208</cusip>
    <value>2929</value>
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    <nameOfIssuer>Astrazeneca-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>046353108</cusip>
    <value>304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
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      <Sole>8000</Sole>
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      <None>0</None>
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    <nameOfIssuer>AT&amp;T Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00206R102</cusip>
    <value>177</value>
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      <sshPrnamt>6198</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>Automatic Data Processing</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053015103</cusip>
    <value>194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Avalonbay Commun</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053484101</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>1300</Sole>
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      <None>0</None>
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    <nameOfIssuer>Banco Santan-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>05964H105</cusip>
    <value>90</value>
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    <nameOfIssuer>Bank of America Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>443</value>
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    <nameOfIssuer>Beasley Broadcast Grp Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>074014101</cusip>
    <value>83</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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    <nameOfIssuer>BlackRock Intern l Grth &amp; Inc Common</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>092524107</cusip>
    <value>2308</value>
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    <nameOfIssuer>Blue Capital Reisurance</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G1190F107</cusip>
    <value>77</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>14000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Boston Propertie</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101121101</cusip>
    <value>163</value>
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      <sshPrnamt>1450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Bp Plc-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>055622104</cusip>
    <value>500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13195</sshPrnamt>
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    <votingAuthority>
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    <nameOfIssuer>Bridgestone Corp Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>108441205</cusip>
    <value>365</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>19000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Briggs &amp; Strattn</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>109043109</cusip>
    <value>131</value>
    <shrsOrPrnAmt>
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      <Sole>10000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Bushveld Minerals Ltd Ord Gbp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G1340T106</cusip>
    <value>72</value>
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    <nameOfIssuer>Cal-Maine Foods</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>128030202</cusip>
    <value>127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Chase Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16150R104</cusip>
    <value>5288</value>
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      <sshPrnamt>52853</sshPrnamt>
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    <votingAuthority>
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      <None>52853</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>272</value>
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      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>2500</Sole>
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      <None>0</None>
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    <nameOfIssuer>Cimarex Energy Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171798101</cusip>
    <value>1881</value>
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      <sshPrnamt>30505</sshPrnamt>
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    <nameOfIssuer>Coca-Cola Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>371</value>
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      <sshPrnamt>7838</sshPrnamt>
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    <votingAuthority>
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      <None>7838</None>
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    <nameOfIssuer>Compania Cervecerias -Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
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    <value>362</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>14401</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Connectone Bancorp Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20786W107</cusip>
    <value>124</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>6700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ConocoPhillips</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2245</sshPrnamt>
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    <votingAuthority>
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      <None>2245</None>
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    <nameOfIssuer>Consumer Discret Sel Sect SPDR(R) ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369Y407</cusip>
    <value>4014</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40540</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>40540</None>
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    <nameOfIssuer>Consumer Staples Select Sector SPDR(R) ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369Y308</cusip>
    <value>3138</value>
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    <nameOfIssuer>Covanta Holding Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2102</value>
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      <None>156645</None>
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    <nameOfIssuer>Crown Castle Int</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22822V101</cusip>
    <value>217</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CSX Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126408103</cusip>
    <value>4025</value>
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      <sshPrnamt>64777</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>64777</None>
    </votingAuthority>
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    <nameOfIssuer>CVS Health Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126650100</cusip>
    <value>1245</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19003</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>19003</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Danske Bank A/S - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>236363206</cusip>
    <value>150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Dentsply Sirona Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>24906P109</cusip>
    <value>186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Diageo Plc-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>25243Q205</cusip>
    <value>397</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Digital Realty</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>253868103</cusip>
    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2141</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2141</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Douglas Emmett</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25960P109</cusip>
    <value>102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Dowdupont Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26078J100</cusip>
    <value>108</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2014</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2014</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Duke Energy Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26441C204</cusip>
    <value>195</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2254</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2254</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Eastgroup Prop</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>277276101</cusip>
    <value>110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Electronic Arts</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>285512109</cusip>
    <value>158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Energy Select Sector SPDR(R) ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>2205</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38446</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>38446</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Enterprise Products Partners LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>1706</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69387</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>69387</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Essex Property</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>297178105</cusip>
    <value>221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Everest Re Group Ltd</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3223R108</cusip>
    <value>2681</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12311</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12311</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Extra Space Stor</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30225T102</cusip>
    <value>226</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Exxon Mobil Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>1846</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27072</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>27072</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>F N B Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302520101</cusip>
    <value>711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72205</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>72205</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>First Financial Bankshares Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32020R109</cusip>
    <value>130</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2252</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2252</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>First Seismic Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>336397104</cusip>
    <value>6</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101267</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>101267</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Fs Bancorp Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30263Y104</cusip>
    <value>120</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2791</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2791</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Genesee &amp; Wyomin</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>371559105</cusip>
    <value>167</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Gjensidige Forsikring</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>37636X101</cusip>
    <value>311</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Gladstone Land Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>376549101</cusip>
    <value>111</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>9700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Glaxosmithkl-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>37733W105</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>6500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Global Self Storage Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37955N106</cusip>
    <value>102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>26000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Gold Fields-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>38059T106</cusip>
    <value>35</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Goldman Sachs ActiveBeta(R) Intl Eq ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>381430107</cusip>
    <value>5764</value>
    <shrsOrPrnAmt>
      <sshPrnamt>227289</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>227289</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Goldman Sachs ActiveBeta(R) US LgCp Eq ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>381430503</cusip>
    <value>1810</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35997</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>35997</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Granite Point Mortgage</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38741L107</cusip>
    <value>216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Group 1 Automoti</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>398905109</cusip>
    <value>211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Grupo Aeroportuario - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>40051E202</cusip>
    <value>196</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Grupo Televisa - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>40049J206</cusip>
    <value>189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Halliburton Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>406216101</cusip>
    <value>159</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>6000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Hannon Armstrong</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>41068X100</cusip>
    <value>145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Harleysville Financial</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>41284E100</cusip>
    <value>202</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>8675</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Hdfc Bank Ltd - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>40415F101</cusip>
    <value>414</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Host Hotels &amp; Re</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44107P104</cusip>
    <value>129</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7717</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7717</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ing Groep-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>456837103</cusip>
    <value>107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ingles Markets Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>457030104</cusip>
    <value>2363</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86807</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>86807</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Inseego Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45782B104</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Intercontinental Hotels</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>45857P707</cusip>
    <value>236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4319</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4319</Sole>
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    <cusip>459200101</cusip>
    <value>161</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1417</None>
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    <nameOfIssuer>Invesco China Real Estate</nameOfIssuer>
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    <cusip>46138E602</cusip>
    <value>207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>8500</Sole>
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      <None>0</None>
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    <nameOfIssuer>Invesco S&amp;P 500(R) Eq Weight HC ETF</nameOfIssuer>
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    <cusip>46137V332</cusip>
    <value>3709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20890</None>
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    <nameOfIssuer>Invesco S&amp;P 500(R) Equal Weight ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46137V357</cusip>
    <value>3229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35331</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>35331</None>
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    <nameOfIssuer>Invesco S&amp;P Global Water Index ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46138E263</cusip>
    <value>1767</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56729</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>56729</None>
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    <nameOfIssuer>Iron Mountain Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46284V101</cusip>
    <value>233</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7200</Sole>
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      <None>0</None>
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    <nameOfIssuer>iShares Cohen &amp; Steers REIT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287564</cusip>
    <value>2336</value>
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      <sshPrnamt>24408</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>24408</None>
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    <nameOfIssuer>iShares Core S&amp;P Mid-Cap</nameOfIssuer>
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    <cusip>464287507</cusip>
    <value>3434</value>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20681</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>464287325</cusip>
    <value>3299</value>
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      <sshPrnamt>58226</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>58226</None>
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    <nameOfIssuer>iShares Global Tech ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287291</cusip>
    <value>1599</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11100</None>
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    <nameOfIssuer>iShares MSCI EAFE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287465</cusip>
    <value>870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14798</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>14798</None>
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    <nameOfIssuer>iShares MSCI EAFE Small-Cap</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464288273</cusip>
    <value>3402</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65659</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>65659</None>
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    <nameOfIssuer>iShares MSCI EMU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464286608</cusip>
    <value>2903</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82792</sshPrnamt>
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      <Shared>0</Shared>
      <None>82792</None>
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    <nameOfIssuer>iShares MSCI Japan</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46434G822</cusip>
    <value>1260</value>
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      <sshPrnamt>24850</sshPrnamt>
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      <Sole>0</Sole>
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      <None>24850</None>
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    <nameOfIssuer>Ishares Msci Japan Index</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46434G822</cusip>
    <value>101</value>
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    <votingAuthority>
      <Sole>2000</Sole>
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      <None>0</None>
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    <nameOfIssuer>iShares MSCI USA Minimum Volatility</nameOfIssuer>
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    <cusip>46429B697</cusip>
    <value>162</value>
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      <None>3085</None>
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    <nameOfIssuer>iShares Russell 1000</nameOfIssuer>
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    <cusip>464287622</cusip>
    <value>2839</value>
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      <Shared>0</Shared>
      <None>20469</None>
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    <nameOfIssuer>iShares Russell 2000</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>464287655</cusip>
    <value>968</value>
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    <votingAuthority>
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      <None>7231</None>
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    <nameOfIssuer>iShares Russell Mid-Cap</nameOfIssuer>
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    <cusip>464287499</cusip>
    <value>1954</value>
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      <None>42043</None>
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    <nameOfIssuer>iShares Select Dividend</nameOfIssuer>
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    <cusip>464287168</cusip>
    <value>3133</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>35085</None>
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    <nameOfIssuer>James Hardie Ind Plc Adr</nameOfIssuer>
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    <cusip>47030M106</cusip>
    <value>294</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Jernigan Capital Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>476405105</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>5500</Sole>
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      <None>0</None>
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    <nameOfIssuer>JH Financial Opportunities Common</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>409735206</cusip>
    <value>2746</value>
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      <None>98328</None>
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    <nameOfIssuer>JHancock Multifactor Large Cap ETF</nameOfIssuer>
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    <cusip>47804J107</cusip>
    <value>910</value>
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      <sshPrnamt>28380</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>28380</None>
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    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
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    <cusip>478160104</cusip>
    <value>2389</value>
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      <sshPrnamt>18510</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18510</None>
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    <nameOfIssuer>Kajima Corp - Adr</nameOfIssuer>
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    <cusip>483111209</cusip>
    <value>130</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Kvh Industries</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>482738101</cusip>
    <value>309</value>
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      <sshPrnamt>30000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Ladder Capital Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>505743104</cusip>
    <value>140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9034</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>9034</Sole>
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      <None>0</None>
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    <nameOfIssuer>Lend Lease Corp Ltd - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>526023205</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>11900</Sole>
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      <None>0</None>
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    <nameOfIssuer>Lennox Intl Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>526107107</cusip>
    <value>372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1700</Sole>
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      <None>0</None>
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    <nameOfIssuer>Lowe s Companies Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>1999</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21646</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21646</None>
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    <nameOfIssuer>Lowe'S Cos Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2600</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Market Vectors Africa</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92189F866</cusip>
    <value>183</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9295</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>9295</Sole>
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      <None>0</None>
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    <nameOfIssuer>MetLife Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59156R108</cusip>
    <value>1411</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>34375</None>
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    <nameOfIssuer>Microsoft Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>203</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2000</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Miller Ind Inc/Tenn</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>600551204</cusip>
    <value>486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>18000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>National Retail</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637417106</cusip>
    <value>194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>National Western Life Insurance</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>638517102</cusip>
    <value>3259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10838</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10838</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Nestle-Adr (Reg)</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>641069406</cusip>
    <value>466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5750</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Netapp Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64110D104</cusip>
    <value>537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>9000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>New Residential Invmt</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64828T201</cusip>
    <value>142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Nice Systems-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>653656108</cusip>
    <value>595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nidec Corp-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>654090109</cusip>
    <value>421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Norfolk Southern</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655844108</cusip>
    <value>523</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Northwest Natural Hldg Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>66765N105</cusip>
    <value>181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Novartis AG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>66987V109</cusip>
    <value>2009</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23417</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>23417</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nvr Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62944T105</cusip>
    <value>122</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>50</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Old Republic International Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>680223104</cusip>
    <value>1375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66826</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>66826</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Orbcomm Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68555P100</cusip>
    <value>165</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pearson Plc</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>705015105</cusip>
    <value>239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pebblebrook Hotel Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70509V100</cusip>
    <value>142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Phillips 66 Com</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718546104</cusip>
    <value>1375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15958</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15958</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Porsche Automobil Hldg</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>73328P106</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>322</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Prologis Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74340W103</cusip>
    <value>117</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Qualcomm Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5160</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Regions Financial Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>7591EP100</cusip>
    <value>241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>18000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RGC Resources</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74955L103</cusip>
    <value>1017</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33944</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>33944</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Roche Hldgs-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>771195104</cusip>
    <value>373</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Royce Micro Cap Trust Common</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780915104</cusip>
    <value>2369</value>
    <shrsOrPrnAmt>
      <sshPrnamt>319302</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>319302</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Royce Value Trust Common</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780910105</cusip>
    <value>132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11213</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11213</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ryman Hospitality Prop</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78377T107</cusip>
    <value>202</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3024</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3024</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sba Communications Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78410G104</cusip>
    <value>324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schwab Emerging Markets Equity ETF(TM)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808524706</cusip>
    <value>257</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10910</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10910</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schwab Fundamental US Large Company ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808524771</cusip>
    <value>1777</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52302</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>52302</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schwab International Equity ETF(TM)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808524805</cusip>
    <value>1039</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36647</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>36647</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schwab US Mid-Cap ETF(TM)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808524508</cusip>
    <value>1242</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25912</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25912</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Schwab US Small-Cap ETF(TM)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808524607</cusip>
    <value>1173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19324</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>19324</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Shoprite Holdings - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>82510E209</cusip>
    <value>319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>24000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Siemens Ag-Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>826197501</cusip>
    <value>393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Skyworks Solutio</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83088M102</cusip>
    <value>268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sl Green Realty</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X101</cusip>
    <value>215</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2720</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2720</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sony Corp Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>835699307</cusip>
    <value>241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sony Corp Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>835699307</cusip>
    <value>145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR(R) S&amp;P MidCap 400 ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78467Y107</cusip>
    <value>418</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1380</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1380</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Stag Industrial Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85254J102</cusip>
    <value>149</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>6000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Standard Bank Group - Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>853118206</cusip>
    <value>112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>8800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Store Capital</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>862121100</cusip>
    <value>215</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>7600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Stryker Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863667101</cusip>
    <value>2514</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16040</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>16040</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Summit Hotel Properties</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>866082100</cusip>
    <value>114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>11700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Summit Materials, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86614U100</cusip>
    <value>106</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>8535</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2500</None>
    </votingAuthority>
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    <nameOfIssuer>Thermo Fisher</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>448</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Toll Brothers</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>889478103</cusip>
    <value>148</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Toyota Motor -Spon Adr</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>892331307</cusip>
    <value>116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Twenty-First Century Fox Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90130A101</cusip>
    <value>567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11788</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11788</None>
    </votingAuthority>
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    <nameOfIssuer>Tyson Foods Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902494103</cusip>
    <value>1128</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21133</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21133</None>
    </votingAuthority>
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    <nameOfIssuer>UDR Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902653104</cusip>
    <value>394</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9951</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>9951</None>
    </votingAuthority>
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    <nameOfIssuer>Umpqua Holdings</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904214103</cusip>
    <value>127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>8000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Unilever Nv-Nys</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>904784709</cusip>
    <value>484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>9000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>United Therapeut</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91307C102</cusip>
    <value>299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Valmont Industries Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>920253101</cusip>
    <value>2609</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23514</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>23514</None>
    </votingAuthority>
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    <nameOfIssuer>Vanguard Energy ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92204A306</cusip>
    <value>164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2130</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2130</None>
    </votingAuthority>
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    <nameOfIssuer>Vanguard FTSE Developed Markets ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921943858</cusip>
    <value>7214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>194444</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>194444</None>
    </votingAuthority>
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    <nameOfIssuer>Vanguard FTSE Emerging Markets ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922042858</cusip>
    <value>836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21935</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21935</None>
    </votingAuthority>
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    <nameOfIssuer>Vanguard High Dividend Yield ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921946406</cusip>
    <value>791</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10138</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10138</None>
    </votingAuthority>
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    <nameOfIssuer>Vanguard Information Technology ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92204A702</cusip>
    <value>7258</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43504</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>43504</None>
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    <nameOfIssuer>Vanguard S&amp;P 500 ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922908363</cusip>
    <value>301</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1310</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1310</None>
    </votingAuthority>
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    <nameOfIssuer>Ventas Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92276F100</cusip>
    <value>161</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2750</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Verizon Communications Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3631</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3631</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Visa Inc Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826C839</cusip>
    <value>239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1811</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1811</None>
    </votingAuthority>
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    <nameOfIssuer>Voya Asia Pacific High Dividend Eq Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92912J102</cusip>
    <value>1315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>154120</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>154120</None>
    </votingAuthority>
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    <nameOfIssuer>Voya Financial Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929089100</cusip>
    <value>1986</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49485</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Shared>0</Shared>
      <None>49485</None>
    </votingAuthority>
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    <nameOfIssuer>Washington Reit</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>939653101</cusip>
    <value>138</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>6000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Wells Fargo &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>192</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4161</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>4161</Sole>
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      <None>0</None>
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    <nameOfIssuer>Weyerhaeuser Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>962166104</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Williams Companies Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>969457100</cusip>
    <value>1083</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49110</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Shared>0</Shared>
      <None>49110</None>
    </votingAuthority>
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    <nameOfIssuer>Wp Carey Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92936U109</cusip>
    <value>292</value>
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      <sshPrnamt>4470</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>4470</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Wpx Energy Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98212B103</cusip>
    <value>260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22944</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>22944</None>
    </votingAuthority>
  </infoTable>
</informationTable>
