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 Bancshares Inc COM 31943X102 198 25,000 SH   SOLE   0 0 198
3M Co COM 88579Y101 2,224 15,687 SH   SOLE   0 0 2,224
Abb Ltd-Spon Adr ADR 375204 1,710 96,751 SH   SOLE   0 0 1,710
Aecom COM 00766T100 220 8,000 SH   DFND   220 0 0
Agco Corp COM 1084102 233 5,000 SH   DFND   233 0 0
Allstate Corp COM 20002101 1,646 28,266 SH   SOLE   0 0 1,646
American Tower Corp COM 03027X100 220 2,500 SH   DFND   220 0 0
Amgen Inc COM 31162100 2,605 18,832 SH   SOLE   0 0 2,605
Analog Devices Inc ADR 32654105 1,838 32,587 SH   SOLE   0 0 1,838
Artesian Resources Corp-Cl A COM 43113208 1,801 74,617 SH   SOLE   0 0 1,801
Avalonbay Communities Inc COM 53484101 235 1,347 SH   DFND   235 0 0
Bank Of America Corp COM 60505104 280 17,988 SH   SOLE   0 0 280
Big 5 Sporting Goods Corp COM 08915P101 249 24,000 SH   DFND   249 0 0
Blackrock International Growth COM 92524107 1,514 249,342 SH   SOLE   0 0 1,514
Blackrock Muni high Yield COM 09254E103 1,017 72,826 SH   SOLE   0 0 1,017
Bok Financial Corporation COM 05561Q201 243 3,751 SH   SOLE   0 0 243
Boston Properties Inc COM 101121101 296 2,500 SH   DFND   296 0 0
Calpine Corp COM 131347304 219 15,000 SH   DFND   219 0 0
Campus Crest Communities Inc COM 13466Y105 59 11,000 SH   DFND   59 0 0
Cemex Sab-Spons Adr Part Cer ADR 151290889 186 26,605 SH   DFND   186 0 0
Chase Corp COM 16150R104 3,216 81,639 SH   SOLE   0 0 3,216
Coca-Cola Co/The COM 191216100 345 8,588 SH   SOLE   0 0 345
Conmed Corp COM 207410101 358 7,500 SH   DFND   358 0 0
Consumer Discretionary Selt COM 81369Y407 3,373 45,421 SH   SOLE   0 0 3,373
Consumer Staples Spdr COM 81369Y308 4,295 91,021 SH   SOLE   0 0 4,295
Csi Compressco Lp COM 12637A103 983 78,560 SH   SOLE   0 0 983
Dentsply International Inc COM 249030107 440 8,700 SH   DFND   440 0 0
Eaton Vance Short Duration COM 27828V104 3,066 231,729 SH   SOLE   0 0 3,066
Energy Select Sector Spdr COM 81369Y506 2,423 39,586 SH   SOLE   0 0 2,423
Enterprise Products Partners COM 293792107 2,124 85,282 SH   SOLE   0 0 2,124
Equity Residential COM 29476L107 240 3,200 SH   DFND   240 0 0
Essex Property Trust Inc COM 297178105 201 900 SH   DFND   201 0 0
Everest Re Group Ltd COM G3223R108 2,204 12,713 SH   SOLE   0 0 2,204
Extra Space Storage Inc COM 30225T102 394 5,100 SH   DFND   394 0 0
Exxon Mobil Corp COM 30231G102 2,413 32,452 SH   SOLE   0 0 2,413
First Finl Bankshares Inc COM 32020R109 219 6,900 SH   SOLE   0 0 219
Ford Motor Co COM 345370860 1,298 95,683 SH   SOLE   0 0 1,298
Gafisa Sa-Adr ADR 362607301 12 12,000 SH   DFND   12 0 0
Georgetown Bancorp Inc COM 372591107 185 10,002 SH   DFND   185 0 0
Global Power Equipment Group COM 37941P306 111 30,200 SH   DFND   111 0 0
Global Telecom Holding ADR BF8HVZ9 23 20,000 SH   DFND   23 0 0
Gugg S&P 500 Eq Wgt Health Com 78355W841 3,202 22,788 SH   SOLE   0 0 3,202
Guggenheim Bulletshares 2018 COM 18383M381 4,003 162,471 SH   SOLE   0 0 4,003
Guggenheim Bulletshares 2018 COM 18383M530 606 28,576 SH   SOLE   0 0 606
Guggenheim Bulletshares 2020 COM 18383M514 521 24,490 SH   SOLE   0 0 521
Guggenheim S&P 500 Equal Wei COM 78355W106 3,354 45,594 SH   SOLE   0 0 3,354
HSBC Holdings PLC ADR 40428H805 387 18,000 SH   DFND   387 0 0
Ingles Markets Inc-Class A COM 457030104 4,438 92,780 SH   SOLE   0 0 4,438
Invesco Municipal Oppo Fund COM 46132C107 904 71,896 SH   SOLE   0 0 904
Ishares -3 Year Internationa COM 464288125 2,739 34,543 SH   SOLE   0 0 2,739
Ishares California Amt-Free COM 464288356 510 4,344 SH   SOLE   0 0 510
Ishares Cohen & Steers Reit COM 464287564 2,927 31,605 SH   SOLE   0 0 2,927
Ishares Core S&P Midcap Etf COM 464287507 2,401 17,573 SH   SOLE   0 0 2,401
Ishares Core U.S. Aggregate COM 464287226 435 3,968 SH   SOLE   0 0 435
Ishares Floating Rate Bond E COM 46429B655 4,815 95,438 SH   SOLE   0 0 4,815
Ishares Global Healthcare Et COM 464287325 3,300 33,516 SH   SOLE   0 0 3,300
Ishares Iboxx Investment Gra COM 464287242 309 2,660 SH   SOLE   0 0 309
Ishares Mbs Etf COM 464288588 309 2,821 SH   SOLE   0 0 309
Ishares Msci All Country Asi COM 464288182 211 4,000 SH   DFND   211 0 0
Ishares Msci Eafe Etf COM 464287465 7,309 127,506 SH   SOLE   0 0 7,309
Ishares Msci Eafe Small-Cap COM 464288273 2,524 52,846 SH   SOLE   0 0 2,524
Ishares Msci Emerging Market COM 464287234 3,266 99,627 SH   SOLE   0 0 3,266
Ishares Msci Eurozone Etf COM 464286608 1,239 36,078 SH   SOLE   0 0 1,239
Ishares Msci Japan Etf COM 464286848 194 17,000 SH   DFND   194 0 0
Ishares National Amt-Free Mu COM 464288414 1,166 10,645 SH   SOLE   0 0 1,166
Ishares Russell 1000 Etf COM 464287622 1,101 10,289 SH   SOLE   0 0 1,101
Ishares Russell 2000 Etf COM 464287655 1,058 9,692 SH   SOLE   0 0 1,058
Ishares Russell Mid-Cap Etf COM 464287499 1,118 7,185 SH   SOLE   0 0 1,118
Ishares Select Dividend Etf COM 464287168 2,716 37,337 SH   SOLE   0 0 2,716
J.C. Penney Co Inc COM 708160106 204 22,000 SH   DFND   204 0 0
James Hardie Ind Plc-Sp Adr ADR 47030M106 301 25,000 SH   DFND   301 0 0
John Hancock Financial Opp COM 409735206 2,884 113,986 SH   SOLE   0 0 2,884
Johnson & Johnson COM 478160104 2,616 28,028 SH   SOLE   0 0 2,616
Kingfisher Plc-Spons Adr ADR 495724403 219 20,000 SH   DFND   219 0 0
Kvh Industries Inc ADR 482738101 300 30,000 SH   DFND   300 0 0
Lasalle Hotel Properties COM 517942108 273 9,600 SH   DFND   273 0 0
Lifepoint Health Inc COM 53219L109 248 3,500 SH   DFND   248 0 0
Lloyds Banking Group Plc-Adr ADR 539439109 97 21,000 SH   DFND   97 0 0
Lowe'S Cos Inc COM 548661107 2,801 40,636 SH   SOLE   0 0 2,801
Luby'S Inc COM 549282101 164 32,994 SH   DFND   164 0 0
Market Vectors Africa Index COM 57060U787 204 10,340 SH   DFND   204 0 0
Marriott International -Cl A COM 571903202 343 5,035 SH   DFND   343 0 0
Martin Marietta Materials COM 573284106 217 1,430 SH   DFND   217 0 0
Metlife Inc COM 59156R108 1,813 38,445 SH   SOLE   0 0 1,813
Miller Industries Inc/Tenn COM 600551204 205 10,500 SH   DFND   205 0 0
Msc Industrial Direct Co-A COM 553530106 305 5,000 SH   DFND   305 0 0
National Oilwell Varco Inc COM 637071101 301 8,000 SH   DFND   301 0 0
National Western Life Grou-A COM 638517102 2,254 10,123 SH   SOLE   0 0 2,254
Netapp Inc ADR 64110D104 266 9,000 SH   DFND   266 0 0
Norfolk Southern Corp COM 655844108 344 4,500 SH   DFND   344 0 0
Northwest Natural Gas Co COM 667655104 321 7,000 SH   DFND   321 0 0
Northwestern Corp COM 668074305 2,168 40,269 SH   SOLE   0 0 2,168
Novartis Ag-Sponsored Adr ADR 66987V109 2,322 25,259 SH   SOLE   0 0 2,322
Pentair Plc COM G7S00T104 396 7,760 SH   DFND   396 0 0
Pimco Enhanced Short Maturit COM 72201R833 5,017 49,797 SH   SOLE   0 0 5,017
Powershares Global Water COM 73936T623 2,584 128,509 SH   SOLE   0 0 2,584
Public Service Enterprise Gp COM 744573106 211 5,000 SH   DFND   211 0 0
Qualcomm Inc COM 747525103 245 4,564 SH   SOLE   0 0 245
Regions Financial Corp COM 7591EP100 162 18,000 SH   DFND   162 0 0
Rgc Resources Inc COM 74955L103 521 25,770 SH   SOLE   0 0 521
Royce Micro Cap trust COM 780915104 1,569 202,669 SH   SOLE   0 0 1,569
Royce Value Trust COM 780910105 2,398 208,532 SH   SOLE   0 0 2,398
Sba Communications Corp-Cl A ADR 78388J106 209 2,000 SH   DFND   209 0 0
Schwab Intl Equity Etf COM 808524805 264 9,662 SH   SOLE   0 0 264
Schwab Us Aggregate Bond Etf COM 808524839 539 10,332 SH   SOLE   0 0 539
Schwab Us Mid Cap Etf COM 808524508 327 8,399 SH   SOLE   0 0 327
Schwab Us Small-Cap Etf COM 808524607 310 6,109 SH   SOLE   0 0 310
Sl Green Realty Corp COM 78440X101 324 3,000 SH   DFND   324 0 0
Southern Co/The COM 842587107 2,363 52,863 SH   SOLE   0 0 2,363
Spdr Barclays Short Term Cor COM 78464A474 4,792 157,009 SH   SOLE   0 0 4,792
Spdr Morgan Stanley Technolo COM 78464A102 2,523 50,893 SH   SOLE   0 0 2,523
Spdr S&P 500 Etf Trust COM 78462F103 230 1,200 SH   SOLE   0 0 230
Spdr S&P Emerging Markets Di COM 78463X533 1,427 57,076 SH   SOLE   0 0 1,427
SPDR S&P Midcap 400 COM 78467Y107 354 1,423 SH   SOLE   0 0 354
Spdr S&P Oil & Gas Exp & Pr COM 78464A730 1,463 44,540 SH   SOLE   0 0 1,463
Stryker Corp COM 863667101 1,543 16,395 SH   SOLE   0 0 1,543
Stuart Olson Inc ADR 863834107 126 30,000 SH   DFND   126 0 0
Udr Inc COM 902653104 343 9,951 SH   SOLE   0 0 343
Valmont Industries COM 920253101 1,898 20,005 SH   SOLE   0 0 1,898
Vanguard Consumer Discre Etf COM 92204A108 246 2,087 SH   SOLE   0 0 246
Vanguard Energy Etf COM 92204A306 253 2,990 SH   SOLE   0 0 253
Vanguard Ftse Developed Etf COM 921943858 206 5,771 SH   SOLE   0 0 206
Vanguard Ftse Emerging Marke COM 922042858 462 13,970 SH   SOLE   0 0 462
Vanguard Ftse Europe Etf COM 922042874 1,601 32,559 SH   SOLE   0 0 1,601
Vanguard Info Tech Etf COM 92204A702 2,280 22,801 SH   SOLE   0 0 2,280
Vanguard S&P 500 Etf COM 922908363 270 1,539 SH   SOLE   0 0 270
Vanguard Total Bond Market COM 921937835 392 4,790 SH   SOLE   0 0 392
Voya Asia Pacific High Dividend COM 92912J102 1,076 125,671 SH   SOLE   0 0 1,076
Wells Fargo & Co COM 949746101 308 6,000 SH   DFND   308 0 0
Western Asset Global Corp COM 95790C107 3,569 225,478 SH   SOLE   0 0 3,569
Wgl Holdings Inc COM 92924F106 2,784 48,266 SH   SOLE   0 0 2,784
Williams Cos Inc COM 969457100 2,993 81,233 SH   SOLE   0 0 2,993
Wp Carey Inc COM 92936U109 289 5,000 SH   DFND   289 0 0
Wpx Energy Inc COM 98212B103 152 22,944 SH   SOLE   0 0 152