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 204 18,150 SH   SOLE   0 0 18,150
3M Co COM 88579Y101 3,037 17,342 SH   SOLE   0 0 17,342
Abb Ltd ADR 000375204 2,067 104,224 SH   SOLE   0 0 104,224
Aecom Technology COM 00766T100 270 8,500 SH   DFND   8,500 0 0
Aetna Inc COM 00817Y108 1,439 11,780 SH   SOLE   0 0 11,780
Alexandria Real COM 015271109 207 2,000 SH   DFND   2,000 0 0
Allstate Corp COM 020002101 1,771 25,316 SH   SOLE   0 0 25,316
American Tower-A COM 03027X100 284 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 2,674 17,574 SH   SOLE   0 0 17,574
Apple Inc COM 037833100 287 3,000 SH   DFND   3,000 0 0
Artesian Resource Corp COM 043113208 2,506 73,874 SH   SOLE   0 0 73,874
Avalonbay Commun COM 053484101 243 1,347 SH   DFND   1,347 0 0
Bank Of America Corporation COM 060505104 239 17,988 SH   SOLE   0 0 17,988
Blackrock Intern L Grth & Inc Common COM 092524107 2,120 368,740 SH   SOLE   0 0 368,740
Blackrock Muniyield Qty Iii COM 09254E103 1,215 77,598 SH   SOLE   0 0 77,598
Bok Financial Corp COM 05561Q201 235 3,751 SH   SOLE   0 0 3,751
Boston Propertie COM 101121101 330 2,500 SH   DFND   2,500 0 0
Bp Plc-Adr ADR 055622104 285 8,035 SH   DFND   8,035 0 0
Briggs & Strattn COM 109043109 212 10,000 SH   DFND   10,000 0 0
Cal-Maine Foods COM 128030202 301 6,800 SH   DFND   6,800 0 0
Calpine Corp COM 131347304 295 20,000 SH   DFND   20,000 0 0
Cemex Sab-Sp Adr ADR 151290889 171 27,669 SH   DFND   27,669 0 0
Chase Corp COM 16150R104 4,904 83,013 SH   SOLE   0 0 83,013
Cimarex Energy Co COM 171798101 3,520 29,502 SH   SOLE   0 0 29,502
Coca-Cola Co COM 191216100 375 8,266 SH   SOLE   0 0 8,266
Compania Cervecerias -Adr ADR 204429104 336 14,401 SH   DFND   14,401 0 0
Consumer Discret Sel Sect Spdr Etf COM 81369Y407 2,757 35,317 SH   SOLE   0 0 35,317
Consumer Staples Select Sector Spdr Etf COM 81369Y308 3,958 71,764 SH   SOLE   0 0 71,764
Csx Corp COM 126408103 1,602 61,420 SH   SOLE   0 0 61,420
Danaos Corp COM Y1968P105 118 43,245 SH   DFND   43,245 0 0
Dentsply Sirona Inc COM 24906P109 310 5,000 SH   DFND   5,000 0 0
Diageo Plc-Adr ADR 25243Q205 316 2,800 SH   DFND   2,800 0 0
Duke Energy Corporation COM 26441C204 207 2,407 SH   SOLE   0 0 2,407
Eastgroup Prop COM 277276101 207 3,000 SH   DFND   3,000 0 0
Energy Select Sector Spdr Etf COM 81369Y506 3,017 44,211 SH   SOLE   0 0 44,211
Enterprise Products Partners Lp COM 293792107 2,269 77,541 SH   SOLE   0 0 77,541
Essex Property COM 297178105 205 900 SH   DFND   900 0 0
Everest Re Group Ltd COM G3223R108 2,338 12,798 SH   SOLE   0 0 12,798
Extra Space Stor COM 30225T102 472 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 3,050 32,536 SH   SOLE   0 0 32,536
First Financial Bankshares Inc COM 32020R109 226 6,900 SH   SOLE   0 0 6,900
Flowers Foods Inc COM 343498101 1,431 76,330 SH   SOLE   0 0 76,330
Ford Motor Co COM 345370860 1,255 99,866 SH   SOLE   0 0 99,866
Gafisa Sa-Adr ADR 362607301 15 12,000 SH   DFND   12,000 0 0
Genesee & Wyomin COM 371559105 221 3,750 SH   DFND   3,750 0 0
Georgetown Bancorp, Inc. COM 372591107 204 10,002 SH   DFND   10,002 0 0
Glaxosmithkl-Adr ADR 37733W105 282 6,500 SH   DFND   6,500 0 0
Global X Msci Nigeria Etf COM 37950E424 120 22,200 SH   DFND   22,200 0 0
Global X Msci Nigeria Etf COM 37950E424 120 22,200 SH   DFND   22,200 0 0
Grupo Aeroportuario - Adr ADR 40051E202 207 1,300 SH   DFND   1,300 0 0
Grupo Televisa - Adr ADR 40049J206 391 15,000 SH   DFND   15,000 0 0
Guggenheim Bulletshrs2018 Corp Bd Etf COM 18383M530 614 28,725 SH   SOLE   0 0 28,725
Guggenheim Bulletshrs2018 Hy Corpbd Etf COM 18383M381 4,525 182,179 SH   SOLE   0 0 182,179
Guggenheim Bulletshrs2019 Corp Bd Etf COM 18383M522 3,438 160,406 SH   SOLE   0 0 160,406
Guggenheim Bulletshrs2020 Corp Bd Etf COM 18383M514 564 25,984 SH   SOLE   0 0 25,984
Guggenheim Bulletshrs2021 Corp Bd Etf COM 18383M266 3,346 155,490 SH   SOLE   0 0 155,490
Guggenheim S&P 500 Eq Weight Hc Etf COM 78355W841 3,320 22,012 SH   SOLE   0 0 22,012
Guggenheim S&P 500 Equal Weight Etf COM 78355W106 3,269 40,687 SH   SOLE   0 0 40,687
Hdfc Bank Ltd - Adr ADR 40415F101 265 4,000 SH   DFND   4,000 0 0
Ibm COM 459200101 258 1,700 SH   DFND   1,700 0 0
Ingles Markets Inc COM 457030104 3,400 91,159 SH   SOLE   0 0 91,159
Invesco Muni Opps. Trust Common COM 46132C107 1,252 84,021 SH   SOLE   0 0 84,021
Ishares Cali Amt-Free Muni Bond COM 464288356 453 3,708 SH   SOLE   0 0 3,708
Ishares Cohen & Steers Reit COM 464287564 3,280 30,310 SH   SOLE   0 0 30,310
Ishares Core S&P Mid-Cap COM 464287507 3,105 20,782 SH   SOLE   0 0 20,782
Ishares Core Us Aggregate Bond COM 464287226 499 4,434 SH   SOLE   0 0 4,434
Ishares Floating Rate Bond COM 46429B655 4,685 92,555 SH   SOLE   0 0 92,555
Ishares Global Healthcare COM 464287325 2,718 26,911 SH   SOLE   0 0 26,911
Ishares Iboxx $ Invst Grade Crp Bond COM 464287242 330 2,688 SH   SOLE   0 0 2,688
Ishares Mbs COM 464288588 351 3,188 SH   SOLE   0 0 3,188
Ishares Msci Eafe COM 464287465 4,801 86,004 SH   SOLE   0 0 86,004
Ishares Msci Eafe Small-Cap COM 464288273 2,614 54,159 SH   SOLE   0 0 54,159
Ishares Msci Emu COM 464286608 1,956 60,615 SH   SOLE   0 0 60,615
Ishares National Amt-Free Muni Bond COM 464288414 1,265 11,101 SH   SOLE   0 0 11,101
Ishares Russell 1000 COM 464287622 1,114 9,528 SH   SOLE   0 0 9,528
Ishares Russell 2000 COM 464287655 1,121 9,749 SH   SOLE   0 0 9,749
Ishares Russell Mid-Cap COM 464287499 1,117 6,644 SH   SOLE   0 0 6,644
Ishares Select Dividend COM 464287168 3,118 36,563 SH   SOLE   0 0 36,563
James Hardie Ind Plc Adr ADR 47030M106 384 25,000 SH   DFND   25,000 0 0
Jh Financial Opportunities Common COM 409735206 2,732 106,560 SH   SOLE   0 0 106,560
Johnson & Johnson COM 478160104 2,573 21,214 SH   SOLE   0 0 21,214
Kroger Co COM 501044101 368 10,000 SH   DFND   10,000 0 0
Kvh Industries ADR 482738101 231 30,000 SH   DFND   30,000 0 0
Lennox Intl Inc COM 526107107 242 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 327 5,000 SH   DFND   5,000 0 0
Lloyds Banking Group Plc COM 539439109 62 21,000 SH   DFND   21,000 0 0
Lowe S Companies Inc COM 548661107 3,129 39,519 SH   SOLE   0 0 39,519
Luby'S Inc COM 549282101 166 32,994 SH   DFND   32,994 0 0
Maiden Holdings Ltd COM G5753U112 306 25,000 SH   DFND   25,000 0 0
Market Vectors Africa COM 92189F866 207 10,340 SH   DFND   10,340 0 0
Market Vectors Africa COM 92189F866 207 10,340 SH   DFND   10,340 0 0
Marriott International COM 571903202 335 5,035 SH   DFND   5,035 0 0
Martin Mar Mtls COM 573284106 275 1,430 SH   DFND   1,430 0 0
Metlife Inc COM 59156R108 1,395 35,036 SH   SOLE   0 0 35,036
Miller Ind Inc/Tenn COM 600551204 268 13,000 SH   DFND   13,000 0 0
National Retail COM 637417106 207 4,000 SH   DFND   4,000 0 0
National Western Life Insurance COM 638517102 1,991 10,198 SH   SOLE   0 0 10,198
Netapp Inc COM 64110D104 221 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 351 5,500 SH   DFND   5,500 0 0
Nobilis Health Corp. COM 65500B103 25 11,200 SH   DFND   11,200 0 0
Norfolk Southern COM 655844108 298 3,500 SH   DFND   3,500 0 0
Northwestern Corp COM 668074305 2,344 37,171 SH   SOLE   0 0 37,171
Novartis Ag ADR 66987V109 2,014 24,408 SH   SOLE   0 0 24,408
Novatel Wireless Inc COM 66987M604 18 12,000 SH   SOLE   0 0 12,000
Nuveen Intermediate Duration Muni Term COM 670671106 1,688 119,052 SH   SOLE   0 0 119,052
Pimco Enhanced Short Maturity Etf COM 72201R833 4,891 48,342 SH   SOLE   0 0 48,342
Procter & Gamble COM 742718109 296 3,500 SH   DFND   3,500 0 0
Pub Serv Enterp COM 744573106 373 8,000 SH   DFND   8,000 0 0
Qualcomm Inc COM 747525103 252 4,698 SH   SOLE   0 0 4,698
Regions Financial Corp COM 7591EP100 153 18,000 SH   DFND   18,000 0 0
Rgc Resources COM 74955L103 566 23,310 SH   SOLE   0 0 23,310
Royce Micro Cap Trust Common COM 780915104 2,235 304,527 SH   SOLE   0 0 304,527
Royce Value Trust Common COM 780910105 2,954 251,016 SH   SOLE   0 0 251,016
Sba Communications Corp COM 78388J106 216 2,000 SH   DFND   2,000 0 0
Schwab International Equity Etf COM 808524805 478 17,648 SH   SOLE   0 0 17,648
Schwab Us Aggregate Bond Etf COM 808524839 964 17,952 SH   SOLE   0 0 17,952
Schwab Us Mid-Cap Etf COM 808524508 587 13,963 SH   SOLE   0 0 13,963
Schwab Us Small-Cap Etf COM 808524607 581 10,754 SH   SOLE   0 0 10,754
Sk Telecom-Adr ADR 78440P108 314 15,000 SH   DFND   15,000 0 0
Sl Green Realty COM 78440X101 319 3,000 SH   DFND   3,000 0 0
Southern Co COM 842587107 2,647 49,363 SH   SOLE   0 0 49,363
Spdr Barclays Short Term Corp Bd Etf COM 78464A474 4,923 159,941 SH   SOLE   0 0 159,941
Spdr S&P Midcap 400 Etf COM 78467Y107 387 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,323 19,389 SH   SOLE   0 0 19,389
Thermo Fisher COM 883556102 296 2,000 SH   DFND   2,000 0 0
Toyota Motor -Spon Adr ADR 892331307 250 2,500 SH   DFND   2,500 0 0
Twenty-First Century Fox Inc COM 90130A101 289 10,674 SH   SOLE   0 0 10,674
Tyson Foods Inc COM 902494103 1,431 21,424 SH   SOLE   0 0 21,424
Udr Inc COM 902653104 367 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 422 9,000 SH   DFND   9,000 0 0
United Therapeut COM 91307C102 291 2,750 SH   DFND   2,750 0 0
Valero Energy COM 91913Y100 306 6,000 SH   DFND   6,000 0 0
Valmont Industries Inc COM 920253101 2,908 21,499 SH   SOLE   0 0 21,499
Vanguard Energy Etf COM 92204A306 203 2,130 SH   SOLE   0 0 2,130
Vanguard Ftse Developed Markets Etf COM 921943858 3,494 98,820 SH   SOLE   0 0 98,820
Vanguard Ftse Europe Etf COM 922042874 2,059 44,135 SH   SOLE   0 0 44,135
Vanguard Information Technology Etf COM 92204A702 3,663 34,204 SH   SOLE   0 0 34,204
Vanguard S&P 500 Etf COM 922908363 233 1,210 SH   SOLE   0 0 1,210
Vanguard Total Bond Market Etf COM 921937835 379 4,490 SH   SOLE   0 0 4,490
Ventas Inc COM 92276F100 200 2,750 SH   DFND   2,750 0 0
Verizon Communic COM 92343V104 339 6,071 SH   DFND   6,071 0 0
Verizon Communic COM 92343V104 2,185 39,129 SH   SOLE   0 0 39,129
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,642 185,524 SH   SOLE   0 0 185,524
Voya Financial Inc COM 929089100 1,272 51,370 SH   SOLE   0 0 51,370
Wells Fargo & Co COM 949746101 331 7,000 SH   DFND   7,000 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,056 238,050 SH   SOLE   0 0 238,050
Western Asset High Income Opp COM 95766K109 4,181 853,290 SH   SOLE   0 0 853,290
Wgl Holdings Inc COM 92924F106 3,317 46,851 SH   SOLE   0 0 46,851
Williams Companies Inc COM 969457100 1,757 81,233 SH   SOLE   0 0 81,233
Wp Carey Inc COM 92936U109 347 5,000 SH   DFND   5,000 0 0
Wpx Energy Inc COM 98212B103 214 22,944 SH   SOLE   0 0 22,944