The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Co COM 88579Y101 68 415 SH   DFND 1 415 0 0
3M Co COM 88579Y101 781 5,250 SH   DFND   4,750 0 500
AMAZON COM INC COM 023135106 639 2,060 SH   DFND   2,060 0 0
Apple Inc COM 037833100 293 20,436 SH   DFND   17,780 0 2,656
Apple Inc COM 037833100 3,196 28,950 SH   DFND 1 28,950 0 0
APPLIED MATLS INC COM 038222105 183 7,347 SH   DFND 1 7,347 0 0
APPLIED MATLS INC COM 038222105 1,782 71,400 SH   DFND   71,400 0 0
ASML HOLDINGS N Y REGISTRY SHS N07059210 631 5,850 SH   DFND   5,850 0 0
BAIDU INC SPON ADR REP A 056752108 46 2,400 SH   DFND   2,200 0 200
BANK AMER CORP COM 060505104 459 110,346 SH   DFND   84,700 0 25,646
BANK AMER CORP COM 060505104 1,725 96,433 SH   DFND 1 96,433 0 0
BAXTER INTL INC COM 071813109 53 18,971 SH   DFND   18,252 0 719
BED BATH & BEYOND INC COM 075896100 1,523 20,000 SH   DFND 1 20,000 0 0
BED BATH & BEYOND INC COM 075896100 2,282 29,995 SH   DFND   29,995 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670207 3,809 25,370 SH   DFND 1 25,370 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,614 15,442 SH   DFND   10,742 0 4,700
BIOGEN IDEC INC COM 09062X103 255 752 SH   DFND 1 752 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,370 16,600 SH   DFND   16,600 0 0
Check Point Software Technolog COM 001082411 59 32,076 SH   DFND   31,326 0 750
CHECK POINT SOFTWARE TECH LT COM M22465104 1,465 18,650 SH   DFND 1 18,650 0 0
Chevron Corp NEW COM 166764100 673 6,000 SH   DFND 1 6,000 0 0
Cisco Systems Inc COM 17275R102 5,774 207,600 SH   DFND 1 207,600 0 0
CISCO SYS INC COM 17275R102 2,515 93,445 SH   DFND   89,950 0 3,495
Citigroup Inc COM 172967424 1,499 27,700 SH   DFND 1 27,700 0 0
Citigroup Inc COM 172967424 1,529 30,861 SH   DFND   28,201 0 2,660
Coca-Cola Co COM 191216100 1,775 42,030 SH   DFND 1 42,030 0 0
COCA COLA CO COM 191216100 70 1,658 SH   DFND   0 0 1,658
COMCAST CORP NEW CL A SPL 20030N200 2,182 39,240 SH   DFND   37,900 0 1,340
CONOCOPHILLIPS COM 20825C104 1,036 15,000 SH   DFND   15,000 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 217 3,000 SH   DFND   3,000 0 0
Consumer Staples Select Sector TR UNIT 81369Y308 664 13,700 SH   DFND 1 13,700 0 0
Consumer Staples Select Sector TR UNIT 81369Y308 70 20,440 SH   DFND   19,000 0 1,440
CORNING INC COM 219350105 495 21,600 SH   DFND   21,600 0 0
COSTCO WHSL CORP NEW COM 22160K105 676 5,270 SH   DFND   4,770 0 500
COSTCO WHOLESALE CORP NEW COM 22160K105 336 2,370 SH   DFND 1 2,370 0 0
CVS HEALTH CORP COM 126650100 578 6,000 SH   DFND   6,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 491 8,016 SH   DFND   8,016 0 0
DIAMONDS Trust Series I TR UNIT 78467x109 13,579 76,337 SH   DFND 1 76,337 0 0
DISNEY WALT CO COM 254687106 1,147 12,176 SH   DFND 1 12,176 0 0
DSP Group Inc COM 23332B106 99 10,000 SH   DFND   9,000 0 1,000
DSP Group Inc COM 23332B106 370 34,016 SH   DFND 1 34,016 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 7 9,088 SH   DFND   9,000 0 88
EBAY INC COM 278642103 108 34,414 SH   DFND   32,494 0 1,920
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369y506 40 501 SH   DFND   0 0 501
Energy Select Sector SPDR Fund TR UNIT 81369Y506 66 840 SH   DFND 1 840 0 0
EOG REOURCES INC COM 26875P101 729 7,922 SH   DFND 1 7,922 0 0
EOG REOURCES INC COM 26875P101 1,257 13,650 SH   DFND   13,650 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 636 7,512 SH   DFND   7,512 0 0
Exxon Mobil Corp COM 30231G102 2,570 27,800 SH   DFND 1 27,800 0 0
Exxon Mobil Corp COM 30231g102 121 2,838 SH   DFND   1,530 0 1,308
FEDEX CORP COM 31428X106 955 5,500 SH   DFND 1 5,500 0 0
FEDEX CORP COM 31428X106 61 8,453 SH   DFND   8,100 0 353
Financial Select Sector SPDR F TR UNIT 81369Y605 1,081 46,415 SH   DFND   43,660 0 2,755
Financial Select Sector SPDR F TR UNIT 81369Y605 211 8,530 SH   DFND 1 8,530 0 0
General Electric Co COM 369604103 141 52,760 SH   DFND   47,200 0 5,560
General Electric Co COM 369604103 4,842 191,600 SH   DFND 1 191,600 0 0
GILEAD SCIENCES INC COM 375558103 2,001 23,204 SH   DFND   21,226 0 1,978
GILEAD SCIENCES INC COM 375558103 1,448 15,360 SH   DFND 1 15,360 0 0
Google Inc CL A 38259P508 64 120 SH   DFND 1 120 0 0
GOOGLE INC CLAS C CL C 38259p706 140 7,468 SH   DFND   7,202 0 266
Google Inc CL A 38259P508 230 433 SH   DFND   0 0 433
GOOGLE INC CLAS C CL C 38259P706 1,402 2,664 SH   DFND 1 2,664 0 0
Health Care Select Sector SPDR TR UNIT 81369y209 19 282 SH   DFND   0 0 282
Health Care Select Sector SPDR TR UNIT 81369Y209 2,543 37,190 SH   DFND 1 37,190 0 0
HEWLETT PACKARD CO COM 428236103 795 19,800 SH   DFND   19,800 0 0
HONEYWELL INTL INC COM 438516106 114 2,516 SH   DFND   1,376 0 1,140
INTERNATIONAL BUSINESS MACHS COM 459200101 168 8,169 SH   DFND   7,123 0 1,046
Industrial Select Sector SPDR TR UNIT 81369Y704 1,194 23,485 SH   DFND   21,100 0 2,385
Industrial Select Sector SPDR TR UNIT 81369Y704 1,774 31,350 SH   DFND 1 31,350 0 0
Intel Corp COM 458140100 5,269 145,200 SH   DFND 1 145,200 0 0
Intel Corp COM 458140100 75 33,007 SH   DFND   2,057 0 30,950
International Business Machine COM 459200101 83 520 SH   DFND 1 520 0 0
ISHARES TR CORE S&P500 ETF 464287200 20,165 97,475 SH   DFND 1 97,475 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 17 400 SH   DFND   0 0 400
ISHARES TR CHINA LG-CAP ETF 464287184 1,677 40,300 SH   DFND 1 40,300 0 0
ISHARES IBOXX HI YD ETF 464288513 224 4,914 SH   DFND   2,500 0 2,414
ISHARES MSCI BRZ CAP ETF 464286400 17 470 SH   DFND   0 0 470
ISHARES MSCI BRZ CAP ETF 464286400 1,922 52,550 SH   DFND 1 52,550 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 6,104 155,357 SH   DFND 1 155,357 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 50 1,262 SH   DFND   0 0 1,262
ISHARES MSCI JAPAN ETF 464286848 1,354 120,500 SH   DFND 1 120,500 0 0
ISHARES MSCI STH KOR ETF 464286772 807 14,600 SH   DFND 1 14,600 0 0
ISHARES MSCI SPAN CP ETF 464286764 270 7,700 SH   DFND   7,700 0 0
ISHARES TR MSCI UK ETF 464286699 15 815 SH   DFND   0 0 815
ISHARES TR MSCI UK ETF 464286699 1,562 86,635 SH   DFND 1 86,635 0 0
ISHARES MSCI JAPAN ETF 464286848 179 15,935 SH   DFND   15,935 0 0
JPMORGAN CHASE & CO COM 46625H100 95 1,500 SH   DFND   1,500 0 0
Johnson & Johnson COM 478160104 2,395 22,900 SH   DFND 1 22,900 0 0
Johnson & Johnson COM 478160104 70 6,669 SH   DFND   6,000 0 669
JP MORGAN CHASE & CO COM 46625H100 79 1,260 SH   DFND 1 1,260 0 0
JP MORGAN CHASE & CO COM 46625h100 80 1,279 SH   DFND   0 0 1,279
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 577 19,904 SH   DFND   19,904 0 0
LAS VEGAS SANDS CORP COM 517834107 349 6,000 SH   DFND   0 0 6,000
LLOYDS BANKING GROUP PLC ADR 539439109 59 12,773 SH   DFND   12,773 0 0
Market Vectors - Russia ETF TR UNIT 57060U506 535 36,600 SH   DFND 1 36,600 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 399 27,500 SH   DFND   27,500 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,001 20,600 SH   DFND   20,600 0 0
Mellanox Technologies Ltd SHS M51363113 182 5,768 SH   DFND   1,500 0 4,268
Mellanox Technologies Ltd SHS M51363113 2,433 56,935 SH   DFND 1 56,935 0 0
Microsoft Corp COM 594918104 1,403 30,200 SH   DFND 1 30,200 0 0
Microsoft Corp COM 594918104 2,687 60,995 SH   DFND   57,811 0 3,184
POWERSHARES QQQ TRUST UNIT SER 1 73935a104 301 2,920 SH   DFND   0 0 2,920
Novartis AG ADR 66987V109 398 27,243 SH   DFND   22,950 0 4,293
Novartis AG ADR 66987V109 6,704 72,350 SH   DFND 1 72,350 0 0
NVIDIA CORP COM 67066G104 341 17,000 SH   DFND   17,000 0 0
ORACLE CORP COM 68389x105 101 56,750 SH   DFND   54,500 0 2,250
ORBOTECH LTD ORD M75253100 234 278,208 SH   DFND   262,408 0 15,800
ORBOTECH LTD ORD M75253100 7,178 484,991 SH   DFND 1 484,991 0 0
PEPSICO INC COM 713448108 97 13,654 SH   DFND   12,630 0 1,024
Pfizer Inc COM 717081103 4,444 142,650 SH   DFND 1 142,650 0 0
Pfizer Inc COM 717081103 213 44,773 SH   DFND   37,930 0 6,843
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 4 123 SH   DFND   0 0 123
POTASH CORP SASK INC COM 73755L107 378 10,700 SH   DFND 1 10,700 0 0
Powershares QQQ TR UNIT 73935A104 18,148 175,765 SH   DFND 1 175,765 0 0
PRICELINE GRP INC COM NEW 741503403 1,562 1,370 SH   DFND   1,370 0 0
Procter & Gamble Co COM 742718109 1,273 13,970 SH   DFND 1 13,970 0 0
Procter & Gamble Co COM 742718109 200 19,330 SH   DFND   17,131 0 2,199
QUALCOMM INC COM 747525103 86 25,937 SH   DFND   24,780 0 1,157
RRSAT GLOBAL COMM NTWRK LTD SHS M8183P102 204 27,989 SH   DFND   27,989 0 0
SANOFY ADR 80105N105 1,138 26,349 SH   DFND   24,960 0 1,389
SANOFY ADR 80105N105 249 5,460 SH   DFND 1 5,460 0 0
Schlumberger Ltd COM 806857108 136 16,758 SH   DFND   15,166 0 1,592
Schlumberger Ltd COM 806857108 657 7,688 SH   DFND 1 7,688 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 320 4,015 SH   DFND   4,015 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y407 32 440 SH   DFND   0 0 440
SPDR S&P 500 ETF TR TR UNIT 78462F103 21,204 103,163 SH   DFND 1 103,163 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 162 787 SH   DFND   0 0 787
SYMANTEC CORP COM 871503108 590 23,000 SH   DFND   23,000 0 0
TARGET CORP COM 87612E106 89 3,052 SH   DFND   1,881 0 1,171
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 1,585 10,698 SH   DFND   10,698 0 0
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 3,761 25,380 SH   DFND 1 25,380 0 0
Teva Pharmaceutical Industries ADR 881624209 20 18,251 SH   DFND   17,900 0 351
Teva Pharmaceutical Industries ADR 881624209 380 6,600 SH   DFND 1 6,600 0 0
DISNEY WALT CO COM DISNEY 254687106 137 1,459 SH   DFND   0 0 1,459
TJX COS INC NEW COM 872540109 138 28,049 SH   DFND   26,031 0 2,018
TOTAL S A ADR 89151E109 455 10,605 SH   DFND   8,885 0 1,720
TWENTY FIRST CENTY FOX INC CL A 90130A101 922 24,000 SH   DFND   24,000 0 0
UNION PACIFIC CORP COM 907818108 107 900 SH   DFND 1 900 0 0
UNION PACIFIC CORP COM 907818108 166 10,096 SH   DFND   8,700 0 1,396
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 466 14,207 SH   DFND   11,632 0 2,575
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 281 1,490 SH   DFND 1 1,490 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 751 21,950 SH   DFND   21,950 0 0
Wal-Mart Stores Inc COM 931142103 301 3,500 SH   DFND 1 3,500 0 0
Wal-Mart Stores Inc COM 931142103 111 5,298 SH   DFND   4,000 0 1,298
WELLS FARGO & CO COM 949746101 15 270 SH   DFND 1 270 0 0
WELLS FARGO & CO COM 949746101 198 30,754 SH   DFND   27,137 0 3,617
WISDOMTREE TR JAPN HEDGE EQT 97717W851 1,417 28,785 SH   DFND 1 28,785 0 0
Yahoo Inc COM 984332106 62 36,036 SH   DFND   34,801 0 1,235
Yahoo Inc COM 984332106 1,187 23,500 SH   DFND 1 23,500 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 230 1,920 SH   DFND 1 1,920 0 0