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 Bancshrs Inc COM 31943X102 199 18,150 SH   SOLE   0 0 18,150
3M Co COM 88579Y101 2,716 16,301 SH   SOLE   0 0 16,301
ABB Ltd ADR 000375204 2,018 103,924 SH   SOLE   0 0 103,924
Aecom Technology COM 00766T100 216 7,000 SH   DFND   7,000 0 0
Aetna Inc COM 00817Y108 1,153 10,260 SH   SOLE   0 0 10,260
Agco Corp COM 001084102 249 5,000 SH   DFND   5,000 0 0
Allstate Corp COM 020002101 1,747 25,927 SH   SOLE   0 0 25,927
American Tower-A COM 03027X100 256 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 2,729 18,202 SH   SOLE   0 0 18,202
Analog Devices Inc ADR 032654105 276 4,655 SH   SOLE   0 0 4,655
Apple Inc COM 037833100 215 1,976 SH   SOLE   0 0 1,976
Artesian Resource Corp COM 043113208 2,081 74,444 SH   SOLE   0 0 74,444
Avalonbay Commun COM 053484101 256 1,347 SH   DFND   1,347 0 0
Bank of America Corporation COM 060505104 243 17,988 SH   SOLE   0 0 17,988
Big 5 Sporting Goods Corp COM 08915P101 444 40,000 SH   DFND   40,000 0 0
BlackRock Intern l Grth & Inc Common COM 092524107 1,862 314,530 SH   SOLE   0 0 314,530
BlackRock MuniYield Qty III COM 09254E103 1,229 81,498 SH   SOLE   0 0 81,498
BOK Financial Corp COM 05561Q201 205 3,751 SH   SOLE   0 0 3,751
Boston Propertie COM 101121101 318 2,500 SH   DFND   2,500 0 0
Bp Plc-Adr ADR 055622104 238 7,883 SH   DFND   7,883 0 0
Bunge Ltd COM G16962105 1,219 21,510 SH   SOLE   0 0 21,510
Cal-Maine Foods COM 128030202 301 5,800 SH   DFND   5,800 0 0
Calpine Corp COM 131347304 303 20,000 SH   DFND   20,000 0 0
Cemex Sab-Sp Adr ADR 151290889 194 26,605 SH   DFND   26,605 0 0
Chase Corp COM 16150R104 4,694 89,254 SH   SOLE   0 0 89,254
Cimarex Energy Co COM 171798101 2,691 27,661 SH   SOLE   0 0 27,661
Coca-Cola Co COM 191216100 352 7,588 SH   SOLE   0 0 7,588
Compania Cervecerias -Adr ADR 204429104 323 14,401 SH   DFND   14,401 0 0
Conmed Corporation COM 207410101 210 5,000 SH   DFND   5,000 0 0
Consumer Discret Sel Sect SPDR® ETF COM 81369Y407 3,454 43,667 SH   SOLE   0 0 43,667
Consumer Staples Select Sector SPDR® ETF COM 81369Y308 4,485 84,530 SH   SOLE   0 0 84,530
Danaos Corp COM Y1968P105 57 15,000 SH   DFND   15,000 0 0
Dentsply Sirona Inc COM 24906P109 370 6,000 SH   DFND   6,000 0 0
Diageo Plc-Adr ADR 25243Q205 302 2,800 SH   DFND   2,800 0 0
Energy Select Sector SPDR® ETF COM 81369Y506 2,881 46,545 SH   SOLE   0 0 46,545
Enterprise Products Partners LP COM 293792107 2,109 85,669 SH   SOLE   0 0 85,669
Essex Property COM 297178105 210 900 SH   DFND   900 0 0
Everest Re Group Ltd COM G3223R108 2,468 12,499 SH   SOLE   0 0 12,499
Extra Space Stor COM 30225T102 477 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 3,063 36,643 SH   SOLE   0 0 36,643
First Financial Bankshares Inc COM 32020R109 204 6,900 SH   SOLE   0 0 6,900
Ford Motor Co COM 345370860 1,349 99,948 SH   SOLE   0 0 99,948
Gafisa Sa-Adr ADR 362607301 17 12,000 SH   DFND   12,000 0 0
Georgetown Bancorp, Inc. ADR 372591107 200 10,002 SH   DFND   10,002 0 0
Glaxosmithkl-Adr ADR 37733W105 223 5,500 SH   DFND   5,500 0 0
Global X Msci Nigeria Etf COM 37950E424 87 14,200 SH   DFND   14,200 0 0
Grupo Televisa - Adr ADR 40049J206 412 15,000 SH   DFND   15,000 0 0
Guggenheim BulletShrs®2018 Corp Bd ETF COM 18383M530 589 27,869 SH   SOLE   0 0 27,869
Guggenheim BulletShrs®2018 HY CorpBd ETF COM 18383M381 4,432 183,663 SH   SOLE   0 0 183,663
Guggenheim BulletShrs®2019 Corp Bd ETF COM 18383M522 588 27,701 SH   SOLE   0 0 27,701
Guggenheim BulletShrs®2020 Corp Bd ETF COM 18383M514 525 24,525 SH   SOLE   0 0 24,525
Guggenheim BulletShrs®2021 Corp Bd ETF COM 18383M266 558 26,443 SH   SOLE   0 0 26,443
Guggenheim S&P 500® Eq Weight HC ETF COM 78355W841 3,213 22,262 SH   SOLE   0 0 22,262
Guggenheim S&P 500® Equal Weight ETF COM 78355W106 3,625 46,159 SH   SOLE   0 0 46,159
Hdfc Bank Ltd - Adr ADR 40415F101 247 4,000 SH   DFND   4,000 0 0
Ingles Markets Inc COM 457030104 3,567 95,109 SH   SOLE   0 0 95,109
Intercontinental Hotels ADR 45857P509 223 5,414 SH   DFND   5,414 0 0
Intercontinental Hotels ADR 45857P509 356 8,615 SH   DFND   8,615 0 0
Invesco Muni Opps. Trust Common COM 46132C107 1,211 86,755 SH   SOLE   0 0 86,755
iShares Cali AMT-Free Muni Bond COM 464288356 521 4,364 SH   SOLE   0 0 4,364
iShares Cohen & Steers REIT COM 464287564 3,273 31,729 SH   SOLE   0 0 31,729
iShares Core S&P Mid-Cap COM 464287507 2,866 19,880 SH   SOLE   0 0 19,880
iShares Core US Aggregate Bond COM 464287226 461 4,159 SH   SOLE   0 0 4,159
iShares Floating Rate Bond COM 46429B655 4,907 97,321 SH   SOLE   0 0 97,321
iShares Global Healthcare COM 464287325 3,025 31,411 SH   SOLE   0 0 31,411
iShares iBoxx $ Invst Grade Crp Bond COM 464287242 293 2,463 SH   SOLE   0 0 2,463
iShares MBS COM 464288588 312 2,848 SH   SOLE   0 0 2,848
iShares MSCI EAFE COM 464287465 8,471 148,196 SH   SOLE   0 0 148,196
iShares MSCI EAFE Small-Cap COM 464288273 2,769 55,609 SH   SOLE   0 0 55,609
iShares MSCI EMU COM 464286608 1,724 50,145 SH   SOLE   0 0 50,145
iShares National AMT-Free Muni Bond COM 464288414 1,286 11,517 SH   SOLE   0 0 11,517
iShares Russell 1000 COM 464287622 1,085 9,510 SH   SOLE   0 0 9,510
iShares Russell 2000 COM 464287655 1,040 9,405 SH   SOLE   0 0 9,405
iShares Russell Mid-Cap COM 464287499 1,083 6,649 SH   SOLE   0 0 6,649
iShares Select Dividend COM 464287168 3,450 42,238 SH   SOLE   0 0 42,238
J.C. Penney Co COM 708160106 216 19,500 SH   DFND   19,500 0 0
James Hardie Ind Plc Adr ADR 47030M106 341 25,000 SH   DFND   25,000 0 0
JH Financial Opportunities Common COM 409735206 2,878 118,420 SH   SOLE   0 0 118,420
Johnson & Johnson COM 478160104 2,624 24,251 SH   SOLE   0 0 24,251
Kvh Industries ADR 482738101 287 30,000 SH   DFND   30,000 0 0
Lannett Co Inc COM 516012101 215 12,000 SH   DFND   12,000 0 0
Lasalle Hotel Properties COM 517942108 243 9,600 SH   DFND   9,600 0 0
Lennox Intl Inc COM 526107107 230 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 346 5,000 SH   DFND   5,000 0 0
Lloyds Banking Group Plc COM 539439109 83 21,000 SH   DFND   21,000 0 0
Lowe s Companies Inc COM 548661107 2,994 39,519 SH   SOLE   0 0 39,519
Luby'S Inc COM 549282101 160 32,994 SH   DFND   32,994 0 0
Maiden Holdings Ltd COM G5753U112 259 20,000 SH   DFND   20,000 0 0
Market Vectors Africa COM 57060U787 198 10,340 SH   DFND   10,340 0 0
Marriott International COM 571903202 358 5,035 SH   DFND   5,035 0 0
Martin Mar Mtls COM 573284106 228 1,430 SH   DFND   1,430 0 0
MetLife Inc COM 59156R108 1,722 39,183 SH   SOLE   0 0 39,183
Miller Ind Inc/Tenn COM 600551204 264 13,000 SH   DFND   13,000 0 0
National Western Life Insurance COM 638517102 2,210 9,583 SH   SOLE   0 0 9,583
Netapp Inc COM 64110D104 246 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 356 5,500 SH   DFND   5,500 0 0
Norfolk Southern COM 655844108 291 3,500 SH   DFND   3,500 0 0
Northwest Nat Gs COM 667655104 377 7,000 SH   DFND   7,000 0 0
NorthWestern Corp COM 668074305 2,546 41,226 SH   SOLE   0 0 41,226
Novartis AG ADR 66987V109 2,014 27,802 SH   SOLE   0 0 27,802
Novatel Wireless Inc COM 66987M604 21 12,000 SH   SOLE   0 0 12,000
Nuveen Intermediate Duration Muni Term COM 670671106 1,621 121,662 SH   SOLE   0 0 121,662
PIMCO Enhanced Short Maturity ETF COM 72201R833 5,187 51,471 SH   SOLE   0 0 51,471
PowerShares Global Water ETF COM 73936T623 2,683 127,570 SH   SOLE   0 0 127,570
Procter & Gamble COM 742718109 288 3,500 SH   DFND   3,500 0 0
Pub Serv Enterp COM 744573106 377 8,000 SH   DFND   8,000 0 0
Qualcomm Inc COM 747525103 238 4,652 SH   SOLE   0 0 4,652
Regions Financial Corp COM 7591EP100 141 18,000 SH   DFND   18,000 0 0
RGC Resources COM 74955L103 530 24,510 SH   SOLE   0 0 24,510
Royce Micro Cap Trust Common COM 780915104 1,949 278,429 SH   SOLE   0 0 278,429
Royce Value Trust Common COM 780910105 2,780 237,441 SH   SOLE   0 0 237,441
Sba Communications Corp ADR 78388J106 200 2,000 SH   DFND   2,000 0 0
Schwab International Equity ETF™ COM 808524805 340 12,530 SH   SOLE   0 0 12,530
Schwab US Aggregate Bond ETF™ COM 808524839 644 12,191 SH   SOLE   0 0 12,191
Schwab US Mid-Cap ETF™ COM 808524508 424 10,434 SH   SOLE   0 0 10,434
Schwab US Small-Cap ETF™ COM 808524607 413 7,945 SH   SOLE   0 0 7,945
Sk Telecom-Adr ADR 78440P108 252 12,500 SH   DFND   12,500 0 0
Sl Green Realty COM 78440X101 291 3,000 SH   DFND   3,000 0 0
Southern Co COM 842587107 2,656 51,336 SH   SOLE   0 0 51,336
SPDR® Barclays Short Term Corp Bd ETF COM 78464A474 5,240 171,068 SH   SOLE   0 0 171,068
SPDR® Morgan Stanley Technology ETF COM 78464A102 2,869 54,442 SH   SOLE   0 0 54,442
SPDR® S&P 500 ETF COM 78462F103 304 1,480 SH   SOLE   0 0 1,480
SPDR® S&P MidCap 400 ETF COM 78467Y107 374 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,398 22,348 SH   SOLE   0 0 22,348
Thermo Fisher COM 883556102 212 1,500 SH   DFND   1,500 0 0
Twenty-First Century Fox Inc COM 90130A101 298 10,674 SH   SOLE   0 0 10,674
UDR Inc COM 902653104 383 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 402 9,000 SH   DFND   9,000 0 0
United Therapeut COM 91307C102 223 2,000 SH   DFND   2,000 0 0
Valmont Industries Inc COM 920253101 2,501 20,194 SH   SOLE   0 0 20,194
Vanguard Energy ETF COM 92204A306 250 2,918 SH   SOLE   0 0 2,918
Vanguard FTSE Emerging Markets ETF COM 922042858 404 11,670 SH   SOLE   0 0 11,670
Vanguard FTSE Europe ETF COM 922042874 1,910 39,360 SH   SOLE   0 0 39,360
Vanguard Information Technology ETF COM 92204A702 2,764 25,233 SH   SOLE   0 0 25,233
Vanguard S&P 500 ETF COM 922908363 285 1,514 SH   SOLE   0 0 1,514
Vanguard Total Bond Market ETF COM 921937835 397 4,790 SH   SOLE   0 0 4,790
Verizon Communic COM 92343V104 274 32,594 SH   DFND   32,594 0 0
Verizon Communications Inc COM 92343V104 1,763 32,594 SH   SOLE   0 0 32,594
Vodafone Grp-Adr ADR 92857W308 298 9,295 SH   DFND   9,295 0 0
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,496 161,861 SH   SOLE   0 0 161,861
Wells Fargo & Co COM 949746101 290 6,000 SH   DFND   6,000 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,079 247,360 SH   SOLE   0 0 247,360
Western Asset High Income Opp COM 95766K109 3,888 829,010 SH   SOLE   0 0 829,010
WGL Holdings Inc COM 92924F106 3,483 48,134 SH   SOLE   0 0 48,134
Williams Companies Inc COM 969457100 1,305 81,233 SH   SOLE   0 0 81,233
Wp Carey Inc COM 92936U109 311 5,000 SH   DFND   5,000 0 0
Wpx Energy Inc COM 98212B103 160 22,944 SH   SOLE   0 0 22,944