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
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