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 1,368 12,510 SH   SOLE   0 0 12,510
ACETO CORP COM 4446100 3,248 233,158 SH   SOLE   0 0 233,158
AECOM TECHNOLOGY CORP COM 00766T100 318 10,000 SH   DFND   10,000 0 0
AGCO CORP COM 1084102 251 5,000 SH   DFND   5,000 0 0
ALAMO GROUP INC COM 11311107 2,239 54,848 SH   SOLE   0 0 54,848
ALMOST FAMILY INC COM 20409108 1,015 53,056 SH   SOLE   0 0 53,056
ALTO PALERMO S.A.-ADR ADR 02151P107 182 11,500 SH   DFND   11,500 0 0
AMDOCS LTD ORD G02602103 371 10,000 SH   DFND   10,000 0 0
AMERICAN BUSINESS BANK COM 02475L105 989 35,646 SH   SOLE   0 0 35,646
AMGEN INC COM 31162100 1,972 19,988 SH   SOLE   0 0 19,988
ANALOG DEVICES INC COM 32654105 1,926 42,740 SH   SOLE   0 0 42,740
ANGLO AMERICAN PLC-UNSP ADR ADR 03485P201 114 11,830 SH   DFND   11,830 0 0
ARKEMA-SPONSORED ADR ADR 41232109 380 4,130 SH   DFND   4,130 0 0
ARTESIAN RESOURCES CORP-CL A COM 43113208 1,249 56,073 SH   SOLE   0 0 56,073
BANCO SANTANDER SA-SPON ADR ADR 05964H105 205 31,672 SH   DFND   31,672 0 0
BG GROUP PLC-SPON ADR ADR 55434203 170 10,000 SH   DFND   10,000 0 0
BOK FINANCIAL CORPORATION COM 05561Q201 240 3,751 SH   SOLE   0 0 3,751
BUNGE LTD COM G16962105 460 6,500 SH   DFND   6,500 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 260 24,598 SH   DFND   24,598 0 0
CHASE CORP COM 16150R104 1,388 62,060 SH   SOLE   0 0 62,060
CHEMED CORP COM 16359R103 304 4,200 SH   DFND   4,200 0 0
CHINA HOUSING & LAND DEVELOP COM 16939V103 70 40,000 SH   DFND   40,000 0 0
CIMAREX ENERGY CO COM 171798101 1,709 26,289 SH   SOLE   0 0 26,289
COCA-COLA CO/THE COM 191216100 376 9,373 SH   SOLE   0 0 9,373
COHU INC COM 192576106 1,547 123,735 SH   SOLE   0 0 123,735
CONMED CORP COM 207410101 491 15,720 SH   DFND   15,720 0 0
CONSUMER DISCRETIONARY SELT COM 81369Y407 2,485 44,060 SH   SOLE   0 0 44,060
CONSUMER STAPLES SPDR COM 81369Y308 4,805 121,124 SH   SOLE   0 0 121,124
DENTSPLY INTERNATIONAL INC COM 249030107 356 8,700 SH   DFND   8,700 0 0
DESARROLLADORA HOMEX-ADR ADR 25030W100 48 13,000 SH   DFND   13,000 0 0
DIAGEO PLC-SPONSORED ADR ADR 25243Q205 230 2,000 SH   DFND   2,000 0 0
EATON VANCE SHORT DUR DIV IN COM 27828V104 1,948 120,375 SH   SOLE   0 0 120,375
ENERGY SELECT SECTOR SPDR COM 81369Y506 2,983 38,101 SH   SOLE   0 0 38,101
ENTERPRISE PRODUCTS PARTNERS COM 293792107 2,420 38,934 SH   SOLE   0 0 38,934
EVEREST RE GROUP LTD COM G3223R108 2,260 17,624 SH   SOLE   0 0 17,624
EXTRA SPACE STORAGE INC COM 30225T102 394 9,400 SH   DFND   9,400 0 0
EXXON MOBIL CORP COM 30231G102 2,799 30,979 SH   SOLE   0 0 30,979
FIRST SEISMIC CORP COM 336397104 13 327,012 SH   SOLE   0 0 327,012
GAFISA SA-ADR ADR 362607301 30 12,000 SH   DFND   12,000 0 0
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 373 15,000 SH   DFND   15,000 0 0
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W106 3,906 63,752 SH   SOLE   0 0 63,752
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W841 2,359 25,085 SH   SOLE   0 0 25,085
HOME INNS & HOTELS MANAG-ADR ADR 43713W107 227 8,500 SH   DFND   8,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 158 20,000 SH   DFND   20,000 0 0
INGLES MARKETS INC-CLASS A COM 457030104 3,692 146,177 SH   SOLE   0 0 146,177
INTEGRATED SILICON SOLUTION COM 45812P107 241 22,000 SH   DFND   22,000 0 0
INTEL CORP COM 458140100 721 29,736 SH   SOLE   0 0 29,736
INTERCONTINENTAL HOTELS-ADR ADR 45857P400 256 9,333 SH   DFND   9,333 0 0
INTEROIL CORP COM 460951106 278 4,000 SH   DFND   4,000 0 0
ISHARES -3 YEAR INTERNATIONA COM 464288125 1,766 19,252 SH   SOLE   0 0 19,252
ISHARES 7-10 YEAR TREASURY B COM 464287440 340 3,315 SH   SOLE   0 0 3,315
ISHARES CALIFORNIA AMT-FREE COM 464288356 282 2,610 SH   SOLE   0 0 2,610
ISHARES CHINA LARGE-CAP ETF COM 464287184 241 7,426 SH   SOLE   0 0 7,426
ISHARES COHEN & STEERS REIT COM 464287564 1,451 17,999 SH   SOLE   0 0 17,999
ISHARES CORE S&P MIDCAP ETF COM 464287507 2,310 20,003 SH   SOLE   0 0 20,003
ISHARES CORE TOTAL US BOND M COM 464287226 3,300 30,780 SH   SOLE   0 0 30,780
ISHARES FLOATING RATE BOND E COM 46429B655 2,373 46,890 SH   SOLE   0 0 46,890
ISHARES GLOBAL HEALTHCARE ET COM 464287325 2,762 37,215 SH   SOLE   0 0 37,215
ISHARES GLOBAL NUCLEAR ENERG COM 464288232 1,087 32,970 SH   SOLE   0 0 32,970
ISHARES GLOBAL TELECOM ETF COM 464287275 209 3,525 SH   SOLE   0 0 3,525
ISHARES IBOXX INVESTMENT GRA COM 464287242 575 5,060 SH   SOLE   0 0 5,060
ISHARES INTERNATIONAL TREASU COM 464288117 3,644 37,770 SH   SOLE   0 0 37,770
ISHARES LATIN AMERICA 40 ETF COM 464287390 381 10,364 SH   SOLE   0 0 10,364
ISHARES MBS ETF COM 464288588 4,741 45,055 SH   SOLE   0 0 45,055
ISHARES MSCI EAFE ETF COM 464287465 4,438 77,454 SH   SOLE   0 0 77,454
ISHARES MSCI EAFE SMALL-CAP COM 464288273 2,006 47,820 SH   SOLE   0 0 47,820
ISHARES MSCI EMERGING MARKET COM 464287234 1,581 41,071 SH   SOLE   0 0 41,071
ISHARES SELECT DIVIDEND ETF COM 464287168 3,150 49,215 SH   SOLE   0 0 49,215
JAMES HARDIE IND PLC-SP ADR ADR 47030M106 345 8,000 SH   DFND   8,000 0 0
JOHN HANCOCK FINANCIAL OPPOR COM 409735206 1,876 87,726 SH   SOLE   0 0 87,726
JOHNSON & JOHNSON COM 478160104 2,293 26,710 SH   SOLE   0 0 26,710
JOHNSON CONTROLS INC COM 478366107 215 6,000 SH   DFND   6,000 0 0
KINGFISHER PLC-SPONS ADR ADR 495724403 209 20,000 SH   DFND   20,000 0 0
KMG CHEMICALS INC COM 482564101 2,341 110,949 SH   SOLE   0 0 110,949
KVH INDUSTRIES INC COM 482738101 399 30,000 SH   DFND   30,000 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 220 4,500 SH   DFND   4,500 0 0
LOWE'S COS INC COM 548661107 396 9,673 SH   SOLE   0 0 9,673
MARKET VECTORS INDIA S/C COM 57061R551 267 37,820 SH   SOLE   0 0 37,820
MARRIOTT INTERNATIONAL -CL A COM 571903202 203 5,035 SH   DFND   5,035 0 0
METLIFE INC COM 59156R108 2,118 46,293 SH   SOLE   0 0 46,293
MICROFINANCIAL INC COM 595072109 3,333 424,554 SH   SOLE   0 0 424,554
MILLER INDUSTRIES INC/TENN COM 600551204 215 14,000 SH   DFND   14,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 207 3,000 SH   DFND   3,000 0 0
NESTLE SA-SPONS ADR ADR 641069406 2,169 32,995 SH   SOLE   0 0 32,995
NESTLE SA-SPONS ADR ADR 641069406 510 7,750 SH   DFND   7,750 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 140 10,000 SH   DFND   10,000 0 0
NEXTERA ENERGY INC COM 65339F101 2,046 25,115 SH   SOLE   0 0 25,115
NICE SYSTEMS LTD-SPONS ADR ADR 653656108 369 10,000 SH   DFND   10,000 0 0
NIDEC CORPORATION-ADR ADR 654090109 245 14,000 SH   DFND   14,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 291 4,000 SH   DFND   4,000 0 0
NORTHWEST NATURAL GAS CO COM 667655104 212 5,000 SH   DFND   5,000 0 0
NOVARTIS AG-ADR ADR 66987V109 1,908 26,978 SH   SOLE   0 0 26,978
OLD MUTUAL PLC-UNSPON ADR ADR 680031309 288 13,125 SH   DFND   13,125 0 0
PENTAIR LTD-REGISTERED COM H6169Q108 621 10,760 SH   DFND   10,760 0 0
PIMCO ENHANCED SHORT MATURIT COM 72201R833 3,023 29,850 SH   SOLE   0 0 29,850
POWERSHARES GLOBAL WATER COM 73936T623 2,001 106,372 SH   SOLE   0 0 106,372
PPC LTD-UNSPON ADR ADR 69354A104 74 12,500 SH   DFND   12,500 0 0
PROTECTIVE LIFE CORP COM 743674103 2,746 71,494 SH   SOLE   0 0 71,494
PRUDENTIAL PLC-ADR ADR 74435K204 442 13,500 SH   DFND   13,500 0 0
RGC RESOURCES INC COM 74955L103 572 28,224 SH   SOLE   0 0 28,224
RHINO RESOURCE PARTNERS LP COM 76218Y103 1,623 125,550 SH   SOLE   0 0 125,550
ROCHE HOLDINGS LTD-SPONS ADR ADR 771195104 495 8,000 SH   DFND   8,000 0 0
ROYCE MICRO-CAP TRUST INC COM 780915104 1,227 113,461 SH   SOLE   0 0 113,461
ROYCE VALUE TRUST COM 780910105 3,934 259,467 SH   SOLE   0 0 259,467
SBA COMMUNICATIONS CORP-CL A COM 78388J106 222 3,000 SH   DFND   3,000 0 0
SIEMENS AG-SPONS ADR ADR 826197501 304 3,000 SH   DFND   3,000 0 0
SPDR BARCLAYS INTERMEDIATE COM 78464A375 368 10,950 SH   SOLE   0 0 10,950
SPDR BARCLAYS SHORT TERM COR COM 78464A474 3,541 115,755 SH   SOLE   0 0 115,755
SPDR MORGAN STANLEY TECHNOLO COM 78464A102 1,972 26,535 SH   SOLE   0 0 26,535
SPDR S&P MIDCAP 400 ETF TRST COM 78467Y107 347 1,650 SH   SOLE   0 0 1,650
SPDR S&P OIL & GAS EXP & PR COM 78464A730 2,491 42,820 SH   SOLE   0 0 42,820
STARWOOD HOTELS & RESORTS COM 85590A401 316 5,000 SH   DFND   5,000 0 0
STRYKER CORP COM 863667101 1,216 18,800 SH   SOLE   0 0 18,800
TENNECO INC COM 880349105 272 6,000 SH   DFND   6,000 0 0
TEVA PHARMACEUTICAL-SP ADR ADR 881624209 235 6,000 SH   DFND   6,000 0 0
TORTOISE ENERGY INFRASTRUCTU COM 89147L100 2,934 63,095 SH   SOLE   0 0 63,095
TOTAL SA-SPON ADR ADR 89151E109 253 5,200 SH   DFND   5,200 0 0
UDR INC COM 902653104 302 11,852 SH   SOLE   0 0 11,852
UNILEVER N V -NY SHARES COM 904784709 354 9,000 SH   DFND   9,000 0 0
UNITED FIRE GROUP INC COM 910340108 1,533 61,754 SH   SOLE   0 0 61,754
VALMONT INDUSTRIES COM 920253101 2,390 16,700 SH   SOLE   0 0 16,700
VODAFONE GROUP PLC-SP ADR ADR 92857W209 226 7,875 SH   DFND   7,875 0 0
WESTERN ASSET GL CORP DEF OP COM 95790C107 3,172 174,504 SH   SOLE   0 0 174,504
WGL HOLDINGS INC COM 92924F106 1,804 41,734 SH   SOLE   0 0 41,734
WILLIAMS COS INC COM 969457100 3,211 98,891 SH   SOLE   0 0 98,891
WPX ENERGY INC COM 98212B103 439 23,163 SH   SOLE   0 0 23,163