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
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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 198 27,700 SH   SOLE   0 0 27,700
ENBRIDGE INC COM 29250N105 216 5,000 SH   DFND   5,000 0 0
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 446 15,000 SH   DFND   15,000 0 0
NESTLE SA-SPONS ADR ADR 641069406 564 7,750 SH   DFND   7,750 0 0
NICE SYSTEMS LTD-SPONS ADR ADR 653656108 401 10,000 SH   DFND   10,000 0 0
NIDEC CORPORATION-ADR ADR 654090109 339 14,000 SH   DFND   14,000 0 0
OLD MUTUAL PLC-UNSPON ADR ADR 680031309 331 13,125 SH   DFND   13,125 0 0
PENTAIR LTD-REGISTERED COM H6169Q108 827 10,760 SH   DFND   10,760 0 0
ROCHE HOLDINGS LTD-SPONS ADR ADR 771195104 549 8,000 SH   DFND   8,000 0 0
SIEMENS AG-SPONS ADR ADR 826197501 407 3,000 SH   DFND   3,000 0 0
TEVA PHARMACEUTICAL-SP ADR ADR 881624209 241 6,000 SH   DFND   6,000 0 0
TOTAL SA-SPON ADR ADR 89151E109 312 5,200 SH   DFND   5,200 0 0
UNILEVER N V -NY SHARES COM 904784709 355 9,000 SH   DFND   9,000 0 0
VODAFONE GROUP PLC-SP ADR ADR 92857W209 306 7,875 SH   DFND   7,875 0 0
3M CO COM 88579Y101 1,743 12,426 SH   SOLE   0 0 1,743
AECOM TECHNOLOGY CORP COM 00766T100 292 10,000 SH   DFND   10,000 0 0
AGCO CORP COM 001084102 288 5,000 SH   DFND   5,000 0 0
ALMOST FAMILY INC COM 020409108 1,699 52,481 SH   SOLE   0 0 1,699
ALTO PALERMO S.A.-ADR ADR 02151P107 263 11,500 SH   DFND   11,500 0 0
AMERICAN BUSINESS BANK COM 02475L105 1,079 35,646 SH   SOLE   0 0 1,079
AMGEN INC COM 031162100 2,289 20,061 SH   SOLE   0 0 2,289
ANALOG DEVICES INC COM 032654105 2,173 42,670 SH   SOLE   0 0 2,173
ARTESIAN RESOURCES CORP-CL A COM 043113208 1,286 56,023 SH   SOLE   0 0 1,286
BOK FINANCIAL CORPORATION COM 05561Q201 249 3,751 SH   SOLE   0 0 249
BUNGE LTD COM G16962105 532 6,500 SH   DFND   6,500 0 0
CEMEX SAB-ADR ADR US1512908 283 24,598 SH   DFND   24,598 0 0
CHASE CORP COM 16150R104 2,098 59,445 SH   SOLE   0 0 2,098
CHEMED CORP COM 16359R103 314 4,200 SH   DFND   4,200 0 0
CHINA HOUSING & LAND DEVELOP COM 16939V103 96 40,000 SH   DFND   40,000 0 0
CIMAREX ENERGY CO COM 171798101 2,758 26,289 SH   SOLE   0 0 2,758
COCA-COLA CO/THE COM 191216100 391 9,473 SH   SOLE   0 0 391
COHU INC COM 192576106 1,315 124,535 SH   SOLE   0 0 1,315
CONMED CORP COM 207410101 673 15,720 SH   DFND   15,720 0 0
CONSUMER DISCRETIONARY SELT COM 81369Y407 2,881 43,114 SH   SOLE   0 0 2,881
CONSUMER STAPLES SPDR COM 81369Y308 5,206 121,136 SH   SOLE   0 0 5,206
DENTSPLY INTERNATIONAL INC COM 249030107 417 8,700 SH   DFND   8,700 0 0
EATON VANCE SHORT DUR DIV IN COM 27828V104 2,050 134,228 SH   SOLE   0 0 2,050
EBAY011814C45 CALL 278642903 38 40 SH Call DFND   40 0 0
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,415 38,586 SH   SOLE   0 0 3,415
ENTERPRISE PRODUCTS PARTNERS COM 293792107 2,551 38,484 SH   SOLE   0 0 2,551
EVEREST RE GROUP LTD COM G3223R108 2,710 17,385 SH   SOLE   0 0 2,710
EXTRA SPACE STORAGE INC COM 30225T102 393 9,400 SH   DFND   9,400 0 0
EXXON MOBIL CORP COM 30231G102 3,137 30,995 SH   SOLE   0 0 3,137
FIRST SEISMIC CORP COM 336397104 15 327,012 SH   SOLE   0 0 15
GAFISA SA-ADR ADR 362607301 35 12,000 SH   DFND   12,000 0 0
GUGGENHEIM BULLETSHARES 2018 COM 18383M530 3,920 186,991 SH   SOLE   0 0 3,920
GUGGENHEIM BULLETSHARES 2020 COM 18383M514 2,905 141,080 SH   SOLE   0 0 2,905
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W106 4,484 62,935 SH   SOLE   0 0 4,484
GUGGENHEIM S&P 500 EQUAL WEI COM 78355W841 2,781 25,189 SH   SOLE   0 0 2,781
HOME INNS & HOTELS MANAG-ADR ADR 43713W107 370 8,500 SH   DFND   8,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 191 20,000 SH   DFND   20,000 0 0
ING ASIA PACIFIC HIGH DIVIDE COM 44983J107 963 73,750 SH   SOLE   0 0 963
INGLES MARKETS INC-CLASS A COM 457030104 3,914 144,420 SH   SOLE   0 0 3,914
INTEGRATED SILICON SOLUTION COM 45812P107 262 22,000 SH   DFND   22,000 0 0
INTEL CORP COM 458140100 729 28,106 SH   SOLE   0 0 729
INTL BUSINESS MACHINES CORP COM 459200101 388 2,069 SH   SOLE   0 0 388
ISHARES -3 YEAR INTERNATIONA COM 464288125 2,109 22,332 SH   SOLE   0 0 2,109
ISHARES 7-10 YEAR TREASURY B COM 464287440 275 2,765 SH   SOLE   0 0 275
ISHARES CALIFORNIA AMT-FREE COM 464288356 285 2,610 SH   SOLE   0 0 285
ISHARES COHEN & STEERS REIT COM 464287564 1,369 18,322 SH   SOLE   0 0 1,369
ISHARES CORE S&P MIDCAP ETF COM 464287507 2,688 20,089 SH   SOLE   0 0 2,688
ISHARES FLOATING RATE BOND E COM 46429B655 2,529 49,840 SH   SOLE   0 0 2,529
ISHARES GLOBAL HEALTHCARE ET COM 464287325 3,144 36,515 SH   SOLE   0 0 3,144
ISHARES GLOBAL TELECOM ETF COM 464287275 241 3,525 SH   SOLE   0 0 241
ISHARES IBOXX INVESTMENT GRA COM 464287242 592 5,167 SH   SOLE   0 0 592
ISHARES INTERNATIONAL TREASU COM 464288117 3,678 36,665 SH   SOLE   0 0 3,678
ISHARES MSCI EAFE ETF COM 464287465 5,530 82,417 SH   SOLE   0 0 5,530
ISHARES MSCI EAFE SMALL-CAP COM 464288273 2,433 47,720 SH   SOLE   0 0 2,433
ISHARES MSCI EMERGING MARKET COM 464287234 1,804 43,167 SH   SOLE   0 0 1,804
ISHARES MSCI SOUTH AFRICA ET COM 464286780 229 3,700 SH   DFND   3,700 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 217 1,881 SH   SOLE   0 0 217
ISHARES RUSSELL MID-CAP ETF COM 464287499 207 1,378 SH   SOLE   0 0 207
ISHARES SELECT DIVIDEND ETF COM 464287168 3,592 50,340 SH   SOLE   0 0 3,592
J.C PENNEY CO COM 708160106 195 22,000 SH   DFND   22,000 0 0
JAMES HARDIE IND PLC-SP ADR ADR 47030M106 452 8,000 SH   DFND   8,000 0 0
JOHN HANCOCK FINANCIAL OPPOR COM 409735206 2,085 88,527 SH   SOLE   0 0 2,085
JOHNSON & JOHNSON COM 478160104 2,377 25,950 SH   SOLE   0 0 2,377
JOHNSON CONTROLS INC COM 478366107 305 6,000 SH   DFND   6,000 0 0
KINGFISHER PLC-SPONS ADR ADR 495724403 256 20,000 SH   DFND   20,000 0 0
KMG CHEMICALS INC COM 482564101 1,857 109,749 SH   SOLE   0 0 1,857
KVH INDUSTRIES INC COM 482738101 390 30,000 SH   DFND   30,000 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 238 4,500 SH   DFND   4,500 0 0
LOWE'S COS INC COM 548661107 419 8,460 SH   SOLE   0 0 419
MARKET VECTORS AFRICA INDEX COM 57060U787 254 8,340 SH   DFND   8,340 0 0
MARKET VECTORS INDIA S/C COM 57061R551 361 11,382 SH   SOLE   0 0 361
MARMION INDUSTRIES CORP COM 571303403 4,124 4,124,042 SH   SOLE   0 0 4,124
MARRIOTT INTERNATIONAL -CL A COM 571903202 247 5,035 SH   DFND   5,035 0 0
METLIFE INC COM 59156R108 2,493 46,234 SH   SOLE   0 0 2,493
MICROFINANCIAL INC COM 595072109 3,135 366,627 SH   SOLE   0 0 3,135
MILLER INDUSTRIES INC/TENN COM 600551204 257 14,000 SH   DFND   14,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 237 3,000 SH   DFND   3,000 0 0
NESTLE SA-SPONS ADR ADR 641069406 2,524 34,305 SH   SOLE   0 0 2,524
NEW YORK COMMUNITY BANCORP COM 649445103 166 10,000 SH   DFND   10,000 0 0
NEXTERA ENERGY INC COM 65339F101 2,146 25,065 SH   SOLE   0 0 2,146
NORFOLK SOUTHERN CORP COM 655844108 365 4,000 SH   DFND   4,000 0 0
NORTHWEST NATURAL GAS CO COM 667655104 211 5,000 SH   DFND   5,000 0 0
NOVARTIS AG-ADR ADR 66987V109 2,124 26,423 SH   SOLE   0 0 2,124
PIMCO ENHANCED SHORT MATURIT COM 72201R833 3,180 31,365 SH   SOLE   0 0 3,180
POWERSHARES GLOBAL WATER COM 73936T623 2,647 114,568 SH   SOLE   0 0 2,647
PPC LTD-UNSPON ADR ADR 69354A104 74 12,500 SH   DFND   12,500 0 0
PROTECTIVE LIFE CORP COM 743674103 3,610 71,254 SH   SOLE   0 0 3,610
RGC RESOURCES INC COM 74955L103 529 27,824 SH   SOLE   0 0 529
RHINO RESOURCE PARTNERS LP COM 76218Y103 1,452 127,620 SH   SOLE   0 0 1,452
ROYCE GLOBAL VALUE TRUST COM 78081T104 299 33,669 SH   SOLE   0 0 299
ROYCE MICRO-CAP TRUST INC COM 780915104 1,501 119,020 SH   SOLE   0 0 1,501
ROYCE VALUE TRUST COM 780910105 3,958 247,217 SH   SOLE   0 0 3,958
SPDR BARCLAYS INTERMEDIATE COM 78464A375 309 9,150 SH   SOLE   0 0 309
SPDR BARCLAYS SHORT TERM COR COM 78464A474 3,603 117,131 SH   SOLE   0 0 3,603
SPDR MORGAN STANLEY TECHNOLO COM 78464A102 2,458 27,433 SH   SOLE   0 0 2,458
SPDR S&P MIDCAP 400 ETF TRST COM 78467Y107 404 1,650 SH   SOLE   0 0 404
SPDR S&P OIL & GAS EXP & PR COM 78464A730 2,982 43,510 SH   SOLE   0 0 2,982
STARWOOD HOTELS & RESORTS COM 85590A401 395 5,000 SH   DFND   5,000 0 0
STRYKER CORP COM 863667101 1,432 18,980 SH   SOLE   0 0 1,432
TENNECO INC COM 880349105 333 6,000 SH   DFND   6,000 0 0
TORTOISE ENERGY INFRASTRUCTU COM 89147L100 3,030 63,571 SH   SOLE   0 0 3,030
UDR INC COM 902653104 277 11,852 SH   SOLE   0 0 277
UNITED FIRE GROUP INC COM 910340108 1,757 61,290 SH   SOLE   0 0 1,757
VALMONT INDUSTRIES COM 920253101 2,585 17,305 SH   SOLE   0 0 2,585
WESTERN ASSET GL CORP DEF OP COM 95790C107 3,209 177,576 SH   SOLE   0 0 3,209
WGL HOLDINGS INC COM 92924F106 1,659 41,424 SH   SOLE   0 0 1,659
WILLIAMS COS INC COM 969457100 3,506 90,891 SH   SOLE   0 0 3,506
WPX ENERGY INC COM 98212B103 472 23,163 SH   SOLE   0 0 472