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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1ST CENTURY BANCSHARES INC COM 31943X102 210 27,700 SH   SOLE   0 0 27,700
3M CO COM 88579Y101 1,518 12,701 SH   SOLE   0 0 12,701
ACETO CORP COM 004446100 3,656 233,711 SH   SOLE   0 0 233,711
AECOM TECHNOLOGY CORP COM 00766T100 313 10,000 SH   DFND   10,000 0 0
AGCO CORP COM 001084102 302 5,000 SH   DFND   5,000 0 0
ALMOST FAMILY INC COM 020409108 1,039 53,356 SH   SOLE   0 0 53,356
ALTO PALERMO S.A.-ADR ADR 02151P107 218 11,500 SH   DFND   11,500 0 0
AMDOCS LTD ORD G02602103 366 10,000 SH   DFND   10,000 0 0
AMERICAN BUSINESS BANK COM 02475L105 1,027 35,646 SH   SOLE   0 0 35,646
AMGEN INC COM 031162100 2,348 20,939 SH   SOLE   0 0 20,939
ANALOG DEVICES INC COM 032654105 2,040 43,370 SH   SOLE   0 0 43,370
APPLE INC COM 037833100 343 715 SH   SOLE   0 0 715
ARKEMA-SPONSORED ADR ADR 041232109 459 4,130 SH   DFND   4,130 0 0
ARTESIAN RESOURCES CORP-CL A COM 043113208 1,250 56,173 SH   SOLE   0 0 56,173
AT&T INC COM 00206R102 209 6,185 SH   SOLE   0 0 6,185
AUTOMATIC DATA PROCESSING COM 053015103 223 3,075 SH   SOLE   0 0 3,075
BANCO SANTANDER SA-SPON ADR ADR 05964H105 267 32,631 SH   DFND   32,631 0 0
BG GROUP PLC-SPON ADR ADR 055434203 191 10,000 SH   DFND   10,000 0 0
BOK FINANCIAL CORPORATION COM 05561Q201 238 3,751 SH   SOLE   0 0 3,751
BUNGE LTD COM G16962105 493 6,500 SH   DFND   6,500 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 275 24,598 SH   DFND   24,598 0 0
CHASE CORP COM 16150R104 1,841 62,560 SH   SOLE   0 0 62,560
CHEMED CORP COM 16359R103 300 4,200 SH   DFND   4,200 0 0
CHINA HOUSING & LAND DEVELOP COM 16939V103 89 40,000 SH   DFND   40,000 0 0
CIMAREX ENERGY CO COM 171798101 2,534 26,289 SH   SOLE   0 0 26,289
COCA-COLA CO/THE COM 191216100 371 9,773 SH   SOLE   0 0 9,773
COHU INC COM 192576106 1,354 124,085 SH   SOLE   0 0 124,085
CONMED CORP COM 207410101 534 15,720 SH   DFND   15,720 0 0
CONSUMER DISCRETIONARY SELT COM 81369Y407 2,681 44,210 SH   SOLE   0 0 44,210
CONSUMER STAPLES SPDR COM 81369Y308 4,871 122,267 SH   SOLE   0 0 122,267
DENTSPLY INTERNATIONAL INC COM 249030107 378 8,700 SH   DFND   8,700 0 0
DESARROLLADORA HOMEX-ADR ADR 25030W100 28 13,000 SH   DFND   13,000 0 0
DIAGEO PLC-SPONSORED ADR ADR 25243Q205 254 2,000 SH   DFND   2,000 0 0
EATON VANCE SHORT DUR DIV IN COM 27828V104 1,905 123,075 SH   SOLE   0 0 123,075
ENBRIDGE INC COM 29250N105 209 5,000 SH   DFND   5,000 0 0
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,175 38,251 SH   SOLE   0 0 38,251
ENTERPRISE PRODUCTS PARTNERS COM 293792107 2,371 38,854 SH   SOLE   0 0 38,854
EVEREST RE GROUP LTD COM G3223R108 2,648 18,214 SH   SOLE   0 0 18,214
EXTRA SPACE STORAGE INC COM 30225T102 430 9,400 SH   DFND   9,400 0 0
EXXON MOBIL CORP COM 30231G102 2,743 31,865 SH   SOLE   0 0 31,865
GAFISA SA-ADR ADR 362607301 39 12,000 SH   DFND   12,000 0 0
GLOBAL TELECOM HOLDING-GDR COM 37953P202 63 20,000 SH   DFND   20,000 0 0
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 419 15,000 SH   DFND   15,000 0 0
GUGGENHEIM BULLETSHARES 2018 COM 18383M530 3,920 187,720 SH   SOLE   0 0 187,720
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W106 4,109 63,002 SH   SOLE   0 0 63,002
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W841 2,522 25,090 SH   SOLE   0 0 25,090
HOME INNS & HOTELS MANAG-ADR ADR 43713W107 282 8,500 SH   DFND   8,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 165 20,000 SH   DFND   20,000 0 0
ING ASIA PACIFIC HIGH DIVIDE COM 44983J107 983 73,250 SH   SOLE   0 0 73,250
INGLES MARKETS INC-CLASS A COM 457030104 4,218 146,977 SH   SOLE   0 0 146,977
INTEGRATED SILICON SOLUTION COM 45812P107 240 22,000 SH   DFND   22,000 0 0
INTEL CORP COM 458140100 892 38,894 SH   SOLE   0 0 38,894
INTERCONTINENTAL HOTELS-ADR ADR 45857P400 273 9,333 SH   DFND   9,333 0 0
INTEROIL CORP COM 460951106 285 4,000 SH   DFND   4,000 0 0
INTL BUSINESS MACHINES CORP COM 459200101 314 1,697 SH   SOLE   0 0 1,697
ISHARES -3 YEAR INTERNATIONA COM 464288125 1,867 19,602 SH   SOLE   0 0 19,602
ISHARES 7-10 YEAR TREASURY B COM 464287440 328 3,215 SH   SOLE   0 0 3,215
ISHARES CALIFORNIA AMT-FREE COM 464288356 284 2,610 SH   SOLE   0 0 2,610
ISHARES COHEN & STEERS REIT COM 464287564 1,431 18,561 SH   SOLE   0 0 18,561
ISHARES CORE S&P MIDCAP ETF COM 464287507 2,497 20,115 SH   SOLE   0 0 20,115
ISHARES FLOATING RATE BOND E COM 46429B655 2,452 48,380 SH   SOLE   0 0 48,380
ISHARES GLOBAL HEALTHCARE ET COM 464287325 2,964 37,285 SH   SOLE   0 0 37,285
ISHARES GLOBAL NUCLEAR ENERG COM 464288232 1,138 32,870 SH   SOLE   0 0 32,870
ISHARES GLOBAL TELECOM ETF COM 464287275 226 3,525 SH   SOLE   0 0 3,525
ISHARES IBOXX INVESTMENT GRA COM 464287242 597 5,260 SH   SOLE   0 0 5,260
ISHARES INTERNATIONAL TREASU COM 464288117 3,816 37,870 SH   SOLE   0 0 37,870
ISHARES LATIN AMERICA 40 ETF COM 464287390 398 10,394 SH   SOLE   0 0 10,394
ISHARES MSCI EAFE ETF COM 464287465 5,169 80,966 SH   SOLE   0 0 80,966
ISHARES MSCI EAFE SMALL-CAP COM 464288273 2,332 48,070 SH   SOLE   0 0 48,070
ISHARES MSCI EMERGING MARKET COM 464287234 1,708 41,855 SH   SOLE   0 0 41,855
ISHARES MSCI SOUTH AFRICA ET COM 464286780 234 3,700 SH   DFND   3,700 0 0
ISHARES SELECT DIVIDEND ETF COM 464287168 3,333 50,240 SH   SOLE   0 0 50,240
J.C. PENNEY CO INC COM 708160106 88 10,000 SH   DFND   10,000 0 0
JAMES HARDIE IND PLC-SP ADR ADR 47030M106 395 8,000 SH   DFND   8,000 0 0
JOHN HANCOCK FINANCIAL OPPOR COM 409735206 1,895 88,376 SH   SOLE   0 0 88,376
JOHNSON & JOHNSON COM 478160104 2,620 30,215 SH   SOLE   0 0 30,215
JOHNSON CONTROLS INC COM 478366107 249 6,000 SH   DFND   6,000 0 0
KINGFISHER PLC-SPONS ADR ADR 495724403 250 20,000 SH   DFND   20,000 0 0
KMG CHEMICALS INC COM 482564101 2,463 111,949 SH   SOLE   0 0 111,949
KVH INDUSTRIES INC COM 482738101 414 30,000 SH   DFND   30,000 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 210 4,500 SH   DFND   4,500 0 0
LOWE'S COS INC COM 548661107 414 8,673 SH   SOLE   0 0 8,673
MARKET VECTORS AFRICA INDEX COM 57060U787 250 8,340 SH   DFND   8,340 0 0
MARKET VECTORS INDIA S/C COM 57061R551 270 10,752 SH   SOLE   0 0 10,752
MARRIOTT INTERNATIONAL -CL A COM 571903202 212 5,035 SH   DFND   5,035 0 0
MERCK & CO. INC. COM 58933Y105 216 4,525 SH   SOLE   0 0 4,525
METLIFE INC COM 59156R108 2,193 46,684 SH   SOLE   0 0 46,684
MICROFINANCIAL INC COM 595072109 3,418 434,154 SH   SOLE   0 0 434,154
MILLER INDUSTRIES INC/TENN COM 600551204 238 14,000 SH   DFND   14,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 234 3,000 SH   DFND   3,000 0 0
NESTLE SA-SPONS ADR ADR 641069406 539 7,750 SH   DFND   7,750 0 0
NESTLE SA-SPONS ADR ADR 641069406 2,392 34,340 SH   SOLE   0 0 34,340
NEW YORK COMMUNITY BANCORP COM 649445103 151 10,000 SH   DFND   10,000 0 0
NEXTERA ENERGY INC COM 65339F101 2,037 25,415 SH   SOLE   0 0 25,415
NICE SYSTEMS LTD-SPONS ADR ADR 653656108 414 10,000 SH   DFND   10,000 0 0
NIDEC CORPORATION-ADR ADR 654090109 296 14,000 SH   DFND   14,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 309 4,000 SH   DFND   4,000 0 0
NORTHWEST NATURAL GAS CO COM 667655104 210 5,000 SH   DFND   5,000 0 0
NOVARTIS AG-ADR ADR 66987V109 2,059 26,823 SH   SOLE   0 0 26,823
NUVEEN TEXAS QUALITY INC MUN COM 670983105 625 62,500 SH   SOLE   0 0 62,500
OLD MUTUAL PLC-UNSPON ADR ADR 680031309 321 13,125 SH   DFND   13,125 0 0
PENTAIR LTD-REGISTERED COM H6169Q108 698 10,760 SH   DFND   10,760 0 0
PHILIP MORRIS INTERNATIONAL COM 718172109 255 2,925 SH   SOLE   0 0 2,925
PIMCO ENHANCED SHORT MATURIT COM 72201R833 3,126 30,830 SH   SOLE   0 0 30,830
POWERSHARES GLOBAL WATER COM 73936T623 2,425 114,823 SH   SOLE   0 0 114,823
PPC LTD-UNSPON ADR ADR 69354A104 75 12,500 SH   DFND   12,500 0 0
PROTECTIVE LIFE CORP COM 743674103 3,035 71,194 SH   SOLE   0 0 71,194
RGC RESOURCES INC COM 74955L103 535 27,824 SH   SOLE   0 0 27,824
RHINO RESOURCE PARTNERS LP COM 76218Y103 1,553 126,620 SH   SOLE   0 0 126,620
ROCHE HOLDINGS LTD-SPONS ADR ADR 771195104 540 8,000 SH   DFND   8,000 0 0
ROYCE MICRO-CAP TRUST INC COM 780915104 1,394 119,049 SH   SOLE   0 0 119,049
ROYCE VALUE TRUST COM 780910105 4,229 262,137 SH   SOLE   0 0 262,137
SBA COMMUNICATIONS CORP-CL A COM 78388J106 241 3,000 SH   DFND   3,000 0 0
SIEMENS AG-SPONS ADR ADR 826197501 362 3,000 SH   DFND   3,000 0 0
SPDR BARCLAYS INTERMEDIATE COM 78464A375 359 10,650 SH   SOLE   0 0 10,650
SPDR BARCLAYS SHORT TERM COR COM 78464A474 3,588 116,750 SH   SOLE   0 0 116,750
SPDR MORGAN STANLEY TECHNOLO COM 78464A102 2,241 27,385 SH   SOLE   0 0 27,385
SPDR S&P MIDCAP 400 ETF TRST COM 78467Y107 373 1,650 SH   SOLE   0 0 1,650
SPDR S&P OIL & GAS EXP & PR COM 78464A730 2,835 43,030 SH   SOLE   0 0 43,030
STARWOOD HOTELS & RESORTS COM 85590A401 332 5,000 SH   DFND   5,000 0 0
STRYKER CORP COM 863667101 1,281 18,950 SH   SOLE   0 0 18,950
TENNECO INC COM 880349105 303 6,000 SH   DFND   6,000 0 0
TEVA PHARMACEUTICAL-SP ADR ADR 881624209 227 6,000 SH   DFND   6,000 0 0
TORTOISE ENERGY INFRASTRUCTU COM 89147L100 2,933 63,705 SH   SOLE   0 0 63,705
TOTAL SA-SPON ADR ADR 89151E109 301 5,200 SH   DFND   5,200 0 0
UDR INC COM 902653104 282 11,852 SH   SOLE   0 0 11,852
UNILEVER N V -NY SHARES COM 904784709 339 9,000 SH   DFND   9,000 0 0
UNITED FIRE GROUP INC COM 910340108 1,905 62,536 SH   SOLE   0 0 62,536
VALE SA-SP ADR ADR 91912E105 187 12,000 SH   DFND   12,000 0 0
VALMONT INDUSTRIES COM 920253101 2,393 17,190 SH   SOLE   0 0 17,190
VERIZON COMMUNICATIONS INC COM 92343V104 327 6,985 SH   SOLE   0 0 6,985
VODAFONE GROUP PLC-SP ADR ADR 92857W209 277 7,875 SH   DFND   7,875 0 0
WESTERN ASSET GL CORP DEF OP COM 95790C107 3,166 177,920 SH   SOLE   0 0 177,920
WGL HOLDINGS INC COM 92924F106 1,801 42,174 SH   SOLE   0 0 42,174
WILLIAMS COS INC COM 969457100 3,305 90,891 SH   SOLE   0 0 90,891
WPX ENERGY INC COM 98212B103 446 23,163 SH   SOLE   0 0 23,163