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 866 5,250 SH   DFND   4,750 0 500
AMAZON COM INC COM 023135106 1,187 3,190 SH   DFND   3,190 0 0
AMBEV SA SPONSORED ADS 02319V103 77 13,300 SH   DFND   13,300 0 0
APPLE INC COM 037833100 3,602 28,950 SH   DFND 1 28,950 0 0
APPLE INC COM 037833100 2,509 20,164 SH   DFND   18,080 0 2,084
APPLIED MATLS INC COM 038222105 166 7,347 SH   DFND 1 7,347 0 0
APPLIED MATLS INC COM 038222106 1,832 81,100 SH   DFND   81,100 0 0
ASML HOLDINGS N Y REGISTRY SHS N07059210 591 5,850 SH   DFND   5,850 0 0
BAIDU INC SPON ADR REP A 056752108 458 2,200 SH   DFND   2,200 0 0
BANK AMER CORP COM 060505104 1,503 97,633 SH   DFND 1 97,633 0 0
BANK AMER CORP COM 060505104 1,629 105,767 SH   DFND   85,950 0 19,817
BAXTER INTL INC COM 071813109 1,396 20,386 SH   DFND   19,667 0 719
BED BATH & BEYOND INC COM 075896100 1,529 20,000 SH   DFND 1 20,000 0 0
BED BATH & BEYOND INC COM 075896100 2,377 31,105 SH   DFND   30,805 0 300
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,935 20,333 SH   DFND   16,142 0 4,191
BIOGEN IDEC INC COM 09062X103 1,936 4,585 SH   DFND 1 4,585 0 0
CHECK POINT SOFTWARE TECH LT COM 001082411 1,529 18,650 SH   DFND 1 18,650 0 0
CHECK POINT SOFTWARE TECH LT COM 001082411 2,611 31,851 SH   DFND   30,851 0 1,000
CHEVRON CORP NEW COM 166764100 630 6,000 SH   DFND 1 6,000 0 0
CISCO SYS INC COM 17275R102 5,714 207,600 SH   DFND 1 207,600 0 0
CISCO SYS INC COM 17275R102 2,584 93,790 SH   DFND   89,400 0 4,390
CITIGROUP INC COM NEW 172967424 1,494 29,000 SH   DFND 1 29,000 0 0
CITIGROUP INC COM NEW 172967424 1,825 35,407 SH   DFND   33,201 0 2,206
COCA COLA CO COM 191216100 1,704 42,030 SH   DFND 1 42,030 0 0
COMCAST CORP NEW CL A SPL 20030N200 2,372 42,300 SH   DFND   40,900 0 1,400
CONOCOPHILLIPS COM 20825C104 623 10,000 SH   DFND   10,000 0 0
CORNING INC COM 219350105 490 21,600 SH   DFND   21,600 0 0
COSTCO WHOLESALE CORP NEW COM 22160K105 359 2,370 SH   DFND 1 2,370 0 0
COSTCO WHOLESALE CORP NEW COM 22160K105 814 5,370 SH   DFND   4,770 0 600
CVS HEALTH CORP COM 126650100 619 6,000 SH   DFND   6,000 0 0
DISNEY WALT CO COM DISNEY 254687106 1,277 12,176 SH   DFND 1 12,176 0 0
DSP GROUP INC COM 23332B106 408 34,016 SH   DFND 1 34,016 0 0
EBAY INC COM 278642103 2,364 40,965 SH   DFND   39,045 0 1,920
EGA EMERGING GLOBAL SHS TR EGS EMKTCONS ETF 268461779 214 8,103 SH   DFND   7,130 0 973
EOG REOURCES INC COM 26875P101 726 7,922 SH   DFND 1 7,922 0 0
EOG REOURCES INC COM 26875P101 1,386 15,120 SH   DFND   15,120 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 521 6,000 SH   DFND   6,000 0 0
EXXON MOBIL CORP COM 30231G102 2,363 27,800 SH   DFND 1 27,800 0 0
EXXON MOBIL CORP COM 30231G102 754 8,869 SH   DFND   7,700 0 1,169
FACEBOOK INC CL A 30303M102 768 9,337 SH   DFND   7,315 0 2,022
FEDEX CORP COM 31428X106 910 5,500 SH   DFND 1 5,500 0 0
FEDEX CORP COM 31428X106 1,597 9,653 SH   DFND   9,300 0 353
FIRST TR NAS100 EQ WEIGHTED SHS 337344105 876 20,000 SH   DFND   20,000 0 0
GENERAL ELECTRIC CO COM 369604103 4,754 191,600 SH   DFND 1 191,600 0 0
GENERAL ELECTRIC CO COM 369604103 1,656 66,660 SH   DFND   61,100 0 5,560
GILEAD SCIENCES INC COM 375558103 1,547 15,760 SH   DFND 1 15,760 0 0
GILEAD SCIENCES INC COM 375558103 2,386 24,305 SH   DFND   22,151 0 2,154
GOOGLE INC CL A 38259P508 67 120 SH   DFND 1 120 0 0
GOOGLE INC CL A 38259P508 222 401 SH   DFND   0 0 401
GOOGLE INC CL C 38259P706 1,460 2,664 SH   DFND 1 2,664 0 0
GOOGLE INC CL C 38259P706 4,208 7,678 SH   DFND   7,502 0 176
HEWLETT PACKARD CO COM 428236103 701 22,500 SH   DFND   21,000 0 1,500
HONEYWELL INTL INC COM 438516106 309 2,966 SH   DFND   1,726 0 1,240
INTEL CORP COM 458140100 4,540 145,200 SH   DFND 1 145,200 0 0
INTEL CORP COM 458140100 1,048 33,507 SH   DFND   30,950 0 2,557
INTERNATIONAL BUSINESS MACHS COM 459200101 83 520 SH   DFND 1 520 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 768 4,782 SH   DFND   3,825 0 957
ISHARES MSCI AC ASIA ETF 464288182 1,670 26,100 SH   DFND 1 26,100 0 0
ISHARES MSCI AC ASIA ETF 464288182 243 3,792 SH   DFND   3,115 0 677
ISHARES MSCI SPAN CP ETF 464286764 263 7,500 SH   DFND   7,500 0 0
ISHARES IBOXX HI YD ETF 464288513 319 3,525 SH   DFND   1,500 0 2,025
ISHARES MSCI BRZ CAP ETF 464286400 832 26,521 SH   DFND 1 26,521 0 0
ISHARES MSCI STH KOR ETF 464286772 836 14,600 SH   DFND 1 14,600 0 0
ISHARES MSCI JAPAN ETF 464286848 1,510 120,500 SH   DFND 1 120,500 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 448 4,130 SH   DFND   0 0 4,130
ISHARES TR RUSSELL 2000 ETF 464287655 403 3,240 SH   DFND 1 3,240 0 0
ISHARES TR MSCI UK ETF 464286699 1,560 86,635 SH   DFND 1 86,635 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,789 40,300 SH   DFND 1 40,300 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,428 135,257 SH   DFND 1 135,257 0 0
ISHARES TR CORE S&P500 ETF 464287200 14,857 71,488 SH   DFND 1 71,488 0 0
JOHNSON & JOHNSON COM 478160104 1,901 18,900 SH   DFND 1 1,901 0 0
JOHNSON & JOHNSON COM 478160104 963 9,569 SH   DFND   8,500 0 1,069
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 593 20,927 SH   DFND   20,804 0 123
LAS VEGAS SANDS CORP COM 517834107 330 6,000 SH   DFND   0 0 6,000
LLOYDS BANKING GROUP PLC ADR 539439109 70 14,973 SH   DFND   14,973 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 623 36,600 SH   DFND 1 36,600 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 404 27,500 SH   DFND   27,500 0 0
MELLANOX TECHNOLOGIES LTD SHS 001101732 2,660 56,935 SH   DFND 1 56,935 0 0
MICROSOFT CORP COM 594918104 1,228 30,200 SH   DFND 1 30,200 0 0
MICROSOFT CORP COM 594918104 2,765 67,984 SH   DFND   63,161 0 4,823
NICE SYS LTD SPONSORED ADR 653656108 219 3,600 SH   DFND 1 3,600 0 0
NOVARTIS A G ADR 66987V109 7,134 72,350 SH   DFND 1 72,350 0 0
NOVARTIS A G ADR 66987V109 2,499 25,342 SH   DFND   21,860 0 3,482
NVIDIA CORP COM 67066G104 356 17,000 SH   DFND   17,000 0 0
ORACLE CORP COM 68389x105 2,909 67,400 SH   DFND   65,150 0 2,250
ORBOTECH LTD ORD 001082338 6,649 416,111 SH   DFND 1 416,111 0 0
ORBOTECH LTD ORD 001082338 4,031 252,036 SH   DFND   241,986 0 10,050
PEPSICO INC. COM 713448108 1,698 17,754 SH   DFND   16,930 0 824
PFIZER INC COM 717081103 5,005 143,850 SH   DFND 1 143,850 0 0
PFIZER INC COM 717081103 1,563 44,898 SH   DFND   38,330 0 6,568
POTASH CORP SASK INC COM 73755L107 345 10,700 SH   DFND 1 10,700 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935a104 17,314 163,960 SH   DFND 1 163,960 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935a104 324 3,066 SH   DFND   0 0 3,066
PRICELINE GRP INC COM NEW 741503403 1,595 1,370 SH   DFND   1,370 0 0
PROCTER & GAMBLE CO COM 742718109 1,145 13,970 SH   DFND 1 13,970 0 0
PROCTER & GAMBLE CO COM 742718109 2,437 29,738 SH   DFND   27,791 0 1,947
QUALCOMM INC COM 747525103 1,297 18,828 SH   DFND   17,980 0 848
SANOFY ADR 80105N105 270 5,460 SH   DFND 1 5,460 0 0
SANOFY ADR 80105N105 1,242 25,115 SH   DFND   24,210 0 905
SCHLUMBERGER LTD COM 806857108 641 7,688 SH   DFND 1 7,688 0 0
SCHLUMBERGER LTD COM 806857108 1,490 17,849 SH   DFND   16,596 0 1,253
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y407 338 4,482 SH   DFND   4,000 0 482
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1,887 24,180 SH   DFND 1 24,180 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 439 5,622 SH   DFND   4,711 0 911
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,726 30,950 SH   DFND 1 30,950 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 780 13,968 SH   DFND   11,100 0 2,868
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 182 7,530 SH   DFND 1 7,530 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 821 34,043 SH   DFND   30,600 0 3,443
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 668 13,700 SH   DFND 1 13,700 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 832 17,079 SH   DFND   16,000 0 1,079
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 1,566 32,100 SH   DFND   32,000 0 100
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,817 38,860 SH   DFND 1 38,860 0 0
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 571 16,700 SH   DFND   16,700 0 0
SPDR DOW JONES INDL AVRG ETF UT SER 1 78467x109 12,011 67,637 SH   DFND 1 67,637 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 20,159 97,653 SH   DFND 1 97,653 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 222 1,076 SH   DFND   279 0 797
SYMANTEC CORP COM 871503108 537 23,000 SH   DFND   23,000 0 0
TARGET CORP COM 87612E106 278 3,392 SH   DFND   2,221 0 1,171
TARO PHARMACEUTICAL INDS LTD SHS 001082718 1,086 7,698 SH   DFND   7,698 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 411 6,600 SH   DFND 1 6,600 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 558 8,951 SH   DFND   8,600 0 351
TJX COS INC NEW COM 872540109 2,087 29,799 SH   DFND   27,481 0 2,318
TOTAL S A ADR 89151E109 527 10,605 SH   DFND   9,885 0 720
TWENTY FIRST CENTY FOX INC CL A 90130A101 1,861 55,000 SH   DFND 1 55,000 0 0
UNION PACIFIC CORP COM 907818108 97 900 SH   DFND 1 900 0 0
UNION PACIFIC CORP COM 907818108 1,195 11,035 SH   DFND   9,500 0 1,535
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 282 1,490 SH   DFND 1 1,490 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 2,392 58,525 SH   DFND 1 58,525 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 782 19,124 SH   DFND   16,120 0 3,004
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 3,297 60,800 SH   DFND 1 60,800 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 284 5,244 SH   DFND   4,200 0 1,044
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 732 22,400 SH   DFND   22,400 0 0
WAL-MART STORES INC COM 931142103 288 3,500 SH   DFND 1 3,500 0 0
WAL-MART STORES INC COM 931142103 430 5,228 SH   DFND   4,000 0 1,228
WELLS FARGO & CO COM 949746101 15 270 SH   DFND 1 270 0 0
WELLS FARGO & CO COM 949746101 1,651 30,340 SH   DFND   26,937 0 3,403
WISDOMTREE TR JAPN HEDGE EQT 97717W851 1,587 28,785 SH   DFND 1 28,785 0 0
YAHOO INC COM 984332106 1,933 43,500 SH   DFND 1 43,500 0 0
YAHOO INC COM 984332106 2,748 61,841 SH   DFND   59,606 0 2,235