Fca 13F-HR Quarterly holdings report by institutional manager

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

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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