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	1,657	27,700	SH		SOLE		0	0	1,657
GRUPO TELEVISA SA-SPON ADR	COM	40049J206	515	15,000	SH		DFND		515	0	0
NESTLE SA-SPONS ADR	COM	641069406	601	7,750	SH		DFND		601	0	0
NICE SYSTEMS LTD-SPONS ADR	COM	653656108	408	10,000	SH		DFND		408	0	0
NIDEC CORPORATION-ADR	COM	654090109	431	28,000	SH		DFND		431	0	0
OLD MUTUAL PLC-UNSPON ADR	COM	680031309	356	13,125	SH		DFND		356	0	0
ROCHE HOLDINGS LTD-SPONS ADR	COM	771195104	596	16,000	SH		DFND		596	0	0
SIEMENS AG-SPONS ADR	COM	826197501	397	3,000	SH		DFND		397	0	0
TEVA PHARMACEUTICAL-SP ADR	COM	881624209	315	6,000	SH		DFND		315	0	0
UNILEVER N V -NY SHARES	COM	904784709	394	9,000	SH		DFND		394	0	0
3M CO	COM	88579Y101	325	12,838	SH		SOLE		0	0	325
AGCO CORP	COM	001084102	281	5,000	SH		DFND		281	0	0
ALMOST FAMILY INC	COM	020409108	3,537	53,656	SH		SOLE		0	0	3,537
ALTO PALERMO S.A.-ADR	COM	02151P107	240	11,500	SH		DFND		240	0	0
AMAZON.COM INC	COM	023135106	292	900	SH		DFND		292	0	0
AMERICAN BUSINESS BANK	ADR	02475L105	2,988	35,646	SH		SOLE		0	0	2,988
AMERICAN TOWER CORP	COM	03027X100	225	2,500	SH		DFND		225	0	0
AMGEN INC	COM	031162100	1,874	18,138	SH		SOLE		0	0	1,874
ANALOG DEVICES INC	COM	032654105	2,623	34,650	SH		SOLE		0	0	2,623
ARKEMA	ADR	41232109	403	4,130	SH		DFND		403	0	0
ARTESIAN RESOURCES CORP-CL A	COM	043113208	3,779	55,953	SH		SOLE		0	0	3,779
BANCO SANTANDER SA-SPON	ADR	05964H105	364	34,930	SH		DFND		364	0	0
BG GROUP PLC	ADR	055434203	214	10,000	SH		DFND		214	0	0
BHP BILLITON LTD-SPON ADR	ADR	088606108	10	26,535	SH		SOLE		0	0	10
BIG 5 SPORTING GOODS CORP	COM	08915P101	196	16,000	SH		DFND		196	0	0
BLACKROCK INTERNATIONAL GROW	COM	092524107	3,879	184,375	SH		SOLE		0	0	3,879
BOK FINANCIAL CORPORATION	COM	05561Q201	430	3,751	SH		SOLE		0	0	430
BOSTON PROPERTIES	COM	101121101	295	2,500	SH		DFND		295	0	0
BRITISH SKY BROADCAST-SP	ADR	111013108	251	4,000	SH		DFND		251	0	0
C.H. ROBINSON WORLDWIDE INC	COM	12541W209	255	4,000	SH		DFND		255	0	0
CALPINE CORP	COM	131347304	238	10,000	SH		DFND		238	0	0
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	95	11,000	SH		DFND		95	0	0
CEMEX SAB-ADR	COM	151290889	338	25,582	SH		DFND		338	0	0
CENTRICA PLC	ADR	15639K300	301	14,000	SH		DFND		301	0	0
CHASE CORP	ADR	16150R104	1,519	57,285	SH		SOLE		0	0	1,519
CIA CERVECERIAS UNIDAS	ADR	204429104	234	10,000	SH		DFND		234	0	0
CIMAREX ENERGY CO	COM	171798101	3,430	27,038	SH		SOLE		0	0	3,430
CLOUD PEAK ENERGY INC	COM	18911Q102	225	12,200	SH		DFND		225	0	0
COCA-COLA CO/THE	COM	191216100	3,104	7,668	SH		SOLE		0	0	3,104
CONMED CORP	COM	207410101	562	12,720	SH		DFND		562	0	0
CONSUMER DISCRETIONARY SELT	ADR	81369Y407	1,185	44,764	SH		SOLE		0	0	1,185
CONSUMER STAPLES SPDR	COM	81369Y308	3,173	107,935	SH		SOLE		0	0	3,173
DBS GROUP HOLDINGS-SPON	ADR	23304Y100	270	5,000	SH		DFND		270	0	0
DENTSPLY INTERNATIONAL INC	COM	249030107	412	8,700	SH		DFND		412	0	0
DIAGEO PLC-SPONSORED	ADR	25243Q205	255	2,000	SH		DFND		255	0	0
EBAY INC	COM	278642103	200	4,000	SH		DFND		200	0	0
ENERGY SELECT SECTOR SPDR	COM	81369Y506	1,055	37,750	SH		SOLE		0	0	1,055
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	267	38,732	SH		SOLE		0	0	267
EQUITY RESIDENTIAL	COM	29476L107	359	5,700	SH		DFND		359	0	0
EVEREST RE GROUP LTD	COM	G3223R108	2,036	16,342	SH		SOLE		0	0	2,036
EXTRA SPACE STORAGE INC	COM	30225T102	341	6,400	SH		DFND		341	0	0
EXXON MOBIL CORP	COM	30231G102	2,349	30,831	SH		SOLE		0	0	2,349
FIRST FINANCIAL BANKSHARES	COM	32020R109	1,771	9,500	SH		SOLE		0	0	1,771
FIRST SEISMIC CORP	COM	336397104	1,749	327,012	SH		SOLE		0	0	1,749
GAFISA SA-ADR	COM	362607301	37	12,000	SH		DFND		37	0	0
GUGGENHEIM S&P 500 EQUAL WEI	COM	78355W841	822	25,697	SH		SOLE		0	0	822
GUGGENHEIM S&P 500 EQUAL WEI	COM	78355W106	3,689	53,906	SH		SOLE		0	0	3,689
HDFC BANK LTD	ADR	40415F101	281	6,000	SH		DFND		281	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	337	15,317	SH		DFND		337	0	0
HUNTINGTON BANCSHARES INC	COM	446150104	191	20,000	SH		DFND		191	0	0
INGLES MARKETS INC-CLASS A	ADR	457030104	298	134,243	SH		SOLE		0	0	298
INTEGRATED SILICON SOLUTION	COM	45812P107	325	22,000	SH		DFND		325	0	0
INTEL CORP	COM	458140100	1,258	76,184	SH		SOLE		0	0	1,258
INTERCONTINENTAL HOTELS	ADR	45857P400	631	15,199	SH		DFND		15,199	0	0
INTL BUSINESS MACHINES CORP	COM	459200101	4,845	1,369	SH		SOLE		0	0	4,845
ISHARES COHEN & STEERS REIT	COM	464287564	285	25,080	SH		SOLE		0	0	285
ISHARES CORE S&P MIDCAP ETF	COM	464287507	2,694	16,621	SH		SOLE		0	0	2,694
ISHARES GLOBAL HEALTHCARE ET	COM	464287325	2,147	36,360	SH		SOLE		0	0	2,147
ISHARES MSCI EAFE ETF	COM	464287465	250	97,356	SH		SOLE		0	0	250
ISHARES MSCI EAFE SMALL-CAP	COM	464288273	1,956	47,020	SH		SOLE		0	0	1,956
ISHARES MSCI EMERGING MARKET	COM	464287234	248	64,135	SH		SOLE		0	0	248
ISHARES MSCI EMU ETF	COM	464286608	1,730	9,518	SH		SOLE		0	0	1,730
ISHARES MSCI JAPAN ETF	COM	464286848	132	11,000	SH		DFND		132	0	0
ISHARES MSCI SOUTH AFRICA ET	COM	464286780	254	3,700	SH		DFND		254	0	0
ISHARES RUSSELL 1000 ETF	COM	464287622	2,354	7,500	SH		SOLE		0	0	2,354
ISHARES RUSSELL 2000 ETF	ADR	464287655	2,476	6,922	SH		SOLE		0	0	2,476
ISHARES RUSSELL MID-CAP ETF	COM	464287499	2,488	5,683	SH		SOLE		0	0	2,488
ISHARES SELECT DIVIDEND ETF	COM	464287168	4,530	37,195	SH		SOLE		0	0	4,530
ITC HOLDINGS CORP	COM	465685105	219	6,000	SH		DFND		219	0	0
J.C PENNEY CO	COM	708160106	199	22,000	SH		DFND		199	0	0
JAMES HARDIE IND PLC-SP ADR	COM	47030M106	327	5,000	SH		DFND		327	0	0
JOHN HANCOCK FINANCIAL OPPOR	COM	409735206	210	106,996	SH		SOLE		0	0	210
JOHN HANCOCK PFD INCOME FD	COM	41013W108	4,413	143,238	SH		SOLE		0	0	4,413
JOHNSON & JOHNSON	ADR	478160104	2,233	24,805	SH		SOLE		0	0	2,233
JOHNSON CONTROLS INC	COM	478366107	300	6,000	SH		DFND		300	0	0
KINGFISHER PLC-SPONS ADR	COM	495724403	246	20,000	SH		DFND		246	0	0
KMG CHEMICALS INC	COM	482564101	2,595	113,249	SH		SOLE		0	0	2,595
KVH INDUSTRIES INC	COM	482738101	391	30,000	SH		DFND		391	0	0
LASALLE HOTEL PROPERTIES	COM	517942108	388	11,000	SH		DFND		388	0	0
LIFEPOINT HOSPITALS INC	COM	53219L109	279	4,500	SH		DFND		279	0	0
LLOYDS BANKING GROUP PLC	ADR	539439109	108	21,000	SH		DFND		108	0	0
MARKET VECTORS AFRICA INDEX	COM	57060U787	341	10,340	SH		DFND		341	0	0
MARRIOTT INTERNATIONAL -CL A	COM	571903202	323	5,035	SH		DFND		323	0	0
METLIFE INC	COM	59156R108	2,587	45,668	SH		SOLE		0	0	2,587
MICROFINANCIAL INC	COM	595072109	2,252	303,927	SH		SOLE		0	0	2,252
MILLER INDUSTRIES INC/TENN	COM	600551204	288	14,000	SH		DFND		288	0	0
NATIONAL OILWELL VARCO INC	COM	637071101	247	3,000	SH		DFND		247	0	0
NEW YORK COMMUNITY BANCORP	COM	649445103	160	10,000	SH		DFND		160	0	0
NORFOLK SOUTHERN CORP	COM	655844108	412	4,000	SH		DFND		412	0	0
NORTHWEST NATURAL GAS CO	COM	667655104	236	5,000	SH		DFND		236	0	0
NOVARTIS AG-ADR	COM	66987V109	1,816	24,878	SH		SOLE		0	0	1,816
PENTAIR PLC	COM	G7S00T104	560	7,760	SH		DFND		560	0	0
POSCO	ADR	693483109	357	4,800	SH		DFND		357	0	0
POWERSHARES GLOBAL WATER	ADR	73936T623	546	122,267	SH		SOLE		0	0	546
PPC LTD-UNSPON ADR	COM	69354A104	74	12,500	SH		DFND		74	0	0
PROTECTIVE LIFE CORP	COM	743674103	2,190	65,338	SH		SOLE		0	0	2,190
RGC RESOURCES INC	COM	74955L103	549	28,284	SH		SOLE		0	0	549
ROYCE MICRO-CAP TRUST INC	COM	780915104	1,464	131,326	SH		SOLE		0	0	1,464
ROYCE VALUE TRUST	COM	780910105	3,032	227,332	SH		SOLE		0	0	3,032
SAMSUNG ELECTR	GDR	4942818	258	400	SH		DFND		258	0	0
SBA COMMUNICATIONS CORP-CL	COM	78388J106	205	2,000	SH		DFND		205	0	0
SHOPRITE HOLDINGS	ADR	82510E209	146	10,000	SH		DFND		146	0	0
SL GREEN REALTY CORP	COM	78440X101	328	3,000	SH		DFND		328	0	0
SOUTHERN CO	ADR	842587107	1,519	32,260	SH		SOLE		0	0	1,519
SPDR BARCLAYS HIGH YIELD BD	COM	78464A417	499	23,449	SH		SOLE		0	0	499
SPDR MORGAN STANLEY TECHNOLO	ADR	78464A102	403	27,082	SH		SOLE		0	0	403
SPDR NUVEEN BARCLAYS MUNI	COM	78464A458	3,880	207,610	SH		SOLE		0	0	3,880
SPDR S&P EMER MKTS DIVIDEND	COM	78463X533	1,839	55,700	SH		SOLE		0	0	1,839
SPDR S&P MIDCAP 400 ETF TRST	ADR	78467Y107	2,863	1,650	SH		SOLE		0	0	2,863
SPDR S&P OIL & GAS EXP & PR	COM	78464A730	1,195	44,835	SH		SOLE		0	0	1,195
STARWOOD HOTELS & RESORTS	COM	85590A401	404	5,000	SH		DFND		404	0	0
STRYKER CORP	ADR	863667101	3,637	18,015	SH		SOLE		0	0	3,637
TORTOISE ENERGY INFRASTRUCTU	ADR	89147L100	4,816	5,409	SH		SOLE		0	0	4,816
UDR INC	COM	902653104	4,135	9,951	SH		SOLE		0	0	4,135
ULTRA PETROLEUM CORP	COM	903914109	297	10,000	SH		DFND		297	0	0
UNITED FIRE GROUP INC	COM	910340108	826	60,396	SH		SOLE		0	0	826
VALE US	ADR	91912E105	291	22,000	SH		DFND		291	0	0
VALMONT INDUSTRIES	COM	920253101	2,773	17,730	SH		SOLE		0	0	2,773
VANGUARD FTSE EUROPE ETF	COM	922042874	924	29,170	SH		SOLE		0	0	924
VODAFONE GROUP PLC-SP	ADR	92857W308	210	6,295	SH		DFND		210	0	0
VOYA ASIA PACIFIC HIGH DIVID	COM	92912J102	3,002	89,500	SH		SOLE		0	0	3,002
WELLS FARGO & CO	COM	949746101	210	4,000	SH		DFND		210	0	0
WGL HOLDINGS INC	COM	92924F106	2,378	40,147	SH		SOLE		0	0	2,378
WILLIAMS COS INC	COM	969457100	6,656	83,233	SH		SOLE		0	0	6,656
WISDOMTREE EMRG MKTS DEBT	COM	97717X867	4,107	39,015	SH		SOLE		0	0	4,107
WP CAREY INC	COM	92936U109	322	5,000	SH		DFND		322	0	0
WPX ENERGY INC	ADR	98212B103	2,537	22,944	SH		SOLE		0	0	2,537