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 204 27,700 SH   SOLE   0 0 27,700
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 508 15,000 SH   DFND   15,000 0 0
NESTLE SA-SPONS ADR ADR 641069406 571 7,750 SH   DFND   7,750 0 0
SIEMENS AG-SPONS ADR ADR 826197501 357 3,000 SH   DFND   3,000 0 0
UNILEVER N V -NY SHARES COM 904784709 357 9,000 SH   DFND   9,000 0 0
3M CO COM 88579Y101 1,766 12,464 SH   SOLE   0 0 12,464
AGCO CORP COM 001084102 227 5,000 SH   DFND   5,000 0 0
ALMOST FAMILY INC COM 020409108 1,458 53,556 SH   SOLE   0 0 53,556
ALTO PALERMO S.A.-ADR ADR 02151P107 257 11,500 SH   DFND   11,500 0 0
ALUMINA LTD COM 022205108 118 20,000 SH   DFND   20,000 0 0
AMAZON.COM INC COM 023135106 290 900 SH   DFND   900 0 0
AMERICAN BUSINESS BANK ADR 02475L105 1,094 35,646 SH   SOLE   0 0 35,646
AMERICAN TOWER CORP COM 03027X100 234 2,500 SH   DFND   2,500 0 0
AMGEN INC COM 031162100 2,639 18,790 SH   SOLE   0 0 18,790
ANALOG DEVICES INC COM 032654105 1,699 34,340 SH   SOLE   0 0 34,340
ARKEMA ADR 041232109 275 4,130 SH   DFND   4,130 0 0
ARTESIAN RESOURCES CORP-CL A COM 043113208 1,128 56,003 SH   SOLE   0 0 56,003
BANCO SANTANDER SA-SPON ADR 05964H105 339 35,642 SH   DFND   35,642 0 0
BG GROUP PLC ADR ADR 055434203 185 10,000 SH   DFND   10,000 0 0
BHP BILLITON ADR 088606108 1,556 26,435 SH   SOLE   0 0 26,435
BIG 5 SPORTING GOODS CORP COM 08915P101 150 16,000 SH   DFND   16,000 0 0
BLACKROCK INTERNATIONAL GROWTH AND INCOME TRUST COM 092524107 1,506 200,025 SH   SOLE   0 0 200,025
BOK FINANCIAL CORPORATION COM 05561Q201 249 3,751 SH   SOLE   0 0 3,751
BOSTON PROPERTIES COM 101121101 289 2,500 SH   DFND   2,500 0 0
BRITISH SKY BROADCAST-SP ADR 111013108 231 4,000 SH   DFND   4,000 0 0
C.H. ROBINSON WORLDWIDE INC COM 12541W209 265 4,000 SH   DFND   4,000 0 0
CALPINE CORP COM 131347304 217 10,000 SH   DFND   10,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 70 11,000 SH   DFND   11,000 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 334 25,582 SH   DFND   25,582 0 0
CENTRICA PLC COM 15639K300 281 14,000 SH   DFND   14,000 0 0
CHASE CORP COM 16150R104 1,822 58,555 SH   SOLE   0 0 58,555
CIA CERVECERIAS UNIDAS ADR 204429104 220 10,000 SH   DFND   10,000 0 0
CIMAREX ENERGY CO COM 171798101 3,421 27,038 SH   SOLE   0 0 27,038
CLOUD PEAK ENERGY INC COM 18911Q102 154 12,200 SH   DFND   12,200 0 0
COCA-COLA CO/THE COM 191216100 424 9,868 SH   SOLE   0 0 9,868
CONMED CORP COM 207410101 469 12,720 SH   DFND   12,720 0 0
CONSUMER DISCRETIONARY SELT COM 81369Y407 2,985 44,754 SH   SOLE   0 0 44,754
CONSUMER STAPLES SPDR COM 81369Y308 4,782 106,001 SH   SOLE   0 0 106,001
DBS GROUP HOLDINGS-SPON ADR 23304Y100 289 5,000 SH   DFND   5,000 0 0
DENTSPLY INTERNATIONAL INC COM 249030107 397 8,700 SH   DFND   8,700 0 0
DIAGEO PLC-SPONSORED ADR 25243Q205 231 2,000 SH   DFND   2,000 0 0
EATON VANCE SHORT DUR DIV IN COM 27828V104 2,889 196,947 SH   SOLE   0 0 196,947
EBAY INC COM 278642103 227 4,000 SH   DFND   4,000 0 0
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,603 39,763 SH   SOLE   0 0 39,763
ENTERPRISE PRODUCTS PARTNERS COM 293792107 3,121 77,444 SH   SOLE   0 0 77,444
EQUITY RESIDENTIAL COM 29476L107 351 5,700 SH   DFND   5,700 0 0
EVEREST RE GROUP LTD COM G3223R108 2,739 16,907 SH   SOLE   0 0 16,907
EXTRA SPACE STORAGE INC COM 30225T102 330 6,400 SH   DFND   6,400 0 0
EXXON MOBIL CORP COM 30231G102 2,995 31,845 SH   SOLE   0 0 31,845
FIRST FINANCIAL BANKSHARES COM 32020R109 265 9,500 SH   SOLE   0 0 9,500
FIRST SEISMIC CORP COM 336397104 16 327,012 SH   SOLE   0 0 327,012
GAFISA SA-ADR ADR 362607301 29 12,000 SH   DFND   12,000 0 0
GLOBAL TELECOM COM 00BF8HVZ9 65 20,000 SH   DFND   20,000 0 0
GUGGENHEIM BULLETSHARES 2014 COM 18383M571 928 44,000 SH   SOLE   0 0 44,000
GUGGENHEIM BULLETSHARES 2018 COM 18383M530 547 25,879 SH   SOLE   0 0 25,879
GUGGENHEIM BULLETSHARES 2020 COM 18383M514 434 20,587 SH   SOLE   0 0 20,587
GUGGENHEIM S&P 500 EQUAL WEIGHT COM 78355W106 4,146 54,710 SH   SOLE   0 0 54,710
GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTHCARE COM 78355W841 3,286 25,463 SH   SOLE   0 0 25,463
HDFC BANK LTD ADR 40415F101 279 6,000 SH   DFND   6,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 327 15,317 SH   DFND   15,317 0 0
HUNTINGTON BANCSHARES INC COM 446150104 195 20,000 SH   DFND   20,000 0 0
INGLES MARKETS INC-CLASS A COM 457030104 3,173 133,943 SH   SOLE   0 0 133,943
INTEGRATED SILICON SOLUTION COM 45812P107 302 22,000 SH   DFND   22,000 0 0
INTEL CORP COM 458140100 2,972 85,354 SH   SOLE   0 0 85,354
INTERCONTINENTAL HOTELS-ADR ADR 45857P509 542 14,029 SH   DFND   14,029 0 0
INTL BUSINESS MACHINES CORP COM 459200101 380 2,002 SH   SOLE   0 0 2,002
ISHARES -3 YEAR INTERNATIONA COM 464288125 2,839 31,797 SH   SOLE   0 0 31,797
ISHARES CALIFORNIA AMT-FREE COM 464288356 305 2,610 SH   SOLE   0 0 2,610
ISHARES COHEN & STEERS REIT COM 464287564 2,182 25,836 SH   SOLE   0 0 25,836
ISHARES CORE S&P MIDCAP ETF COM 464287507 2,286 16,718 SH   SOLE   0 0 16,718
ISHARES FLOATING RATE BOND E COM 46429B655 3,582 70,478 SH   SOLE   0 0 70,478
ISHARES GLOBAL HEALTHCARE ET COM 464287325 3,562 36,460 SH   SOLE   0 0 36,460
ISHARES IBOXX INVESTMENT GRA COM 464287242 610 5,157 SH   SOLE   0 0 5,157
ISHARES INTERNATIONAL TREASU COM 464288117 3,884 39,130 SH   SOLE   0 0 39,130
ISHARES MSCI EAFE ETF COM 464287465 6,429 100,264 SH   SOLE   0 0 100,264
ISHARES MSCI EAFE SMALL-CAP COM 464288273 2,382 49,105 SH   SOLE   0 0 49,105
ISHARES MSCI EMERGING MARKET COM 464287234 2,819 67,818 SH   SOLE   0 0 67,818
ISHARES MSCI EMU ETF COM 464286608 416 10,818 SH   SOLE   0 0 10,818
ISHARES MSCI GLOBAL METALS & MINING COM 464286368 1,436 78,738 SH   SOLE   0 0 78,738
ISHARES MSCI SOUTH AFRICA ET COM 464286780 237 3,700 SH   DFND   3,700 0 0
ISHARES RUSSELL 1000 ETF COM 464287622 997 9,074 SH   SOLE   0 0 9,074
ISHARES RUSSELL 2000 ETF COM 464287655 987 9,022 SH   SOLE   0 0 9,022
ISHARES RUSSELL MID-CAP ETF COM 464287499 1,074 6,780 SH   SOLE   0 0 6,780
ISHARES SELECT DIVIDEND ETF COM 464287168 2,862 38,745 SH   SOLE   0 0 38,745
ITC HOLDINGS CORP COM 465685105 214 6,000 SH   DFND   6,000 0 0
J.C. PENNEY CO INC COM 708160106 221 22,000 SH   DFND   22,000 0 0
JAMES HARDIE IND PLC-SP ADR ADR 47030M106 261 5,000 SH   DFND   5,000 0 0
JOHN HANCOCK FINANCIAL OPPOR COM 409735206 2,376 106,953 SH   SOLE   0 0 106,953
JOHNSON & JOHNSON COM 478160104 2,946 27,640 SH   SOLE   0 0 27,640
JOHNSON CONTROLS INC COM 478366107 264 6,000 SH   DFND   6,000 0 0
KINGFISHER PLC-SPONS ADR ADR 495724403 210 20,000 SH   DFND   20,000 0 0
KVH INDUSTRIES INC COM 482738101 340 30,000 SH   DFND   30,000 0 0
LASALLE HOTEL PROPERTIES COM 517942108 377 11,000 SH   DFND   11,000 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 311 4,500 SH   DFND   4,500 0 0
LLOYDS BANKING GROUP PLC ADR 539439109 106 21,000 SH   DFND   21,000 0 0
LOWE'S COS INC COM 548661107 220 4,162 SH   SOLE   0 0 4,162
MARKET VECTORS AFRICA INDEX COM 57060U787 325 10,340 SH   DFND   10,340 0 0
MARRIOTT INTERNATIONAL -CL A COM 571903202 352 5,035 SH   DFND   5,035 0 0
METLIFE INC COM 59156R108 2,462 45,835 SH   SOLE   0 0 45,835
MICROFINANCIAL INC COM 595072109 2,732 338,927 SH   SOLE   0 0 338,927
MILLER INDUSTRIES INC/TENN COM 600551204 237 14,000 SH   DFND   14,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 228 3,000 SH   DFND   3,000 0 0
NATL WESTERN LIFE INS-CL A COM 638522102 1,552 6,285 SH   SOLE   0 0 6,285
NEW YORK COMMUNITY BANCORP COM 649445103 159 10,000 SH   DFND   10,000 0 0
NICE SYSTEMS LTD-SPONS ADR ADR 653656108 408 10,000 SH   DFND   10,000 0 0
NIDEC CORPORATION-SPON ADR ADR 654090109 474 28,000 SH   DFND   28,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 446 4,000 SH   DFND   4,000 0 0
NORTHWEST NATURAL GAS CO COM 667655104 211 5,000 SH   DFND   5,000 0 0
NORTHWESTERN CORP COM 668074305 1,595 35,170 SH   SOLE   0 0 35,170
NOVARTIS AG-ADR ADR 66987V109 2,342 24,878 SH   SOLE   0 0 24,878
OLD MUTUAL PLC-UNSPON ADR ADR 680031309 312 13,125 SH   DFND   13,125 0 0
PENTAIR PLC COM G7S00T104 508 7,760 SH   DFND   7,760 0 0
PIMCO ENHANCED SHORT MATURIT COM 72201R833 4,173 41,149 SH   SOLE   0 0 41,149
POSCO ADR 693483109 364 4,800 SH   DFND   4,800 0 0
POWERSHARES GLOBAL WATER COM 73936T623 2,974 130,680 SH   SOLE   0 0 130,680
RGC RESOURCES INC COM 74955L103 523 26,284 SH   SOLE   0 0 26,284
ROCHE HOLDINGS LTD-SPONS ADR ADR 771195104 592 16,000 SH   DFND   16,000 0 0
ROYCE MICRO-CAP TRUST INC COM 780915104 1,536 130,470 SH   SOLE   0 0 130,470
ROYCE VALUE TRUST COM 780910105 3,261 224,863 SH   SOLE   0 0 224,863
SAMSUNG ELECTR GDR 4942818 224 400 SH   DFND   400 0 0
SBA COMMUNICATIONS CORP-CL COM 78388J106 222 2,000 SH   DFND   2,000 0 0
SHOPRITE HLDGS LTD COM 82510E209 124 10,000 SH   DFND   10,000 0 0
SL GREEN REALTY CORP COM 78440X101 304 3,000 SH   DFND   3,000 0 0
SOUTHERN CO COM 842587107 1,485 34,010 SH   SOLE   0 0 34,010
SPDR BARCLAYS SHORT TERM COR COM 78464A474 4,516 147,144 SH   SOLE   0 0 147,144
SPDR MORGAN STANLEY TECHNOLO COM 78464A102 2,615 26,948 SH   SOLE   0 0 26,948
SPDR S&P EMER MKTS DIVIDEND COM 78463X533 2,087 56,002 SH   SOLE   0 0 56,002
SPDR S&P MIDCAP 400 ETF TRST COM 78467Y107 412 1,650 SH   SOLE   0 0 1,650
SPDR S&P OIL & GAS EXP & PR COM 78464A730 3,089 44,875 SH   SOLE   0 0 44,875
STRYKER CORP COM 863667101 1,448 17,865 SH   SOLE   0 0 17,865
TEVA PHARMACEUTICAL-SP ADR ADR 881624209 323 6,000 SH   DFND   6,000 0 0
TORTOISE ENERGY INFRASTRUCTU COM 89147L100 251 5,215 SH   SOLE   0 0 5,215
UDR INC COM 902653104 271 9,951 SH   SOLE   0 0 9,951
ULTRA PETROLEUM CORP COM 903914109 233 10,000 SH   DFND   10,000 0 0
UNITED FIRE GROUP INC COM 910340108 1,676 60,349 SH   SOLE   0 0 60,349
VALE SA ADR 91912E105 242 22,000 SH   DFND   22,000 0 0
VALMONT INDUSTRIES COM 920253101 2,389 17,660 SH   SOLE   0 0 17,660
VANGUARD FTSE EUROPE ETF COM 922042874 1,713 31,030 SH   SOLE   0 0 31,030
VERIZON COMMUNICATIONS INC COM 92343V104 204 4,071 SH   DFND   4,071 0 0
VODAFONE GROUP PLC-SP ADR 92857W308 207 6,295 SH   DFND   6,295 0 0
VOYA ASIA PACIFIC HIGH DIVID COM 92912J102 1,198 94,800 SH   SOLE   0 0 94,800
WELLS FARGO & CO COM 949746101 207 4,000 SH   DFND   4,000 0 0
WESTERN ASSET GL CORP DEF OP COM 95790C107 3,804 209,136 SH   SOLE   0 0 209,136
WGL HOLDINGS INC COM 92924F106 1,779 42,247 SH   SOLE   0 0 42,247
WILLIAMS COS INC COM 969457100 4,496 81,233 SH   SOLE   0 0 81,233
WP CAREY INC COM 92936U109 319 5,000 SH   DFND   5,000 0 0
WPX ENERGY INC COM 98212B103 552 22,944 SH   SOLE   0 0 22,944