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
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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
3M Co COM 88579Y101 2,956 16,772 SH   SOLE   0 0 16,772
Aecom Technology COM 00766T100 253 8,500 SH   DFND   8,500 0 0
Aetna Inc COM 00817Y108 1,355 11,740 SH   SOLE   0 0 11,740
Alexandria Real COM 015271109 201 1,850 SH   DFND   1,850 0 0
Allstate Corp COM 020002101 1,723 24,901 SH   SOLE   0 0 24,901
American Tower-A COM 03027X100 283 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 2,912 17,460 SH   SOLE   0 0 17,460
Annaly Capital Management COM 35710409 142 13,500 SH   DFND   13,500 0 0
Artesian Resource Corp COM 043113208 2,213 77,524 SH   SOLE   0 0 77,524
Avalonbay Commun COM 053484101 240 1,347 SH   DFND   1,347 0 0
Bank Of America Corporation COM 060505104 282 17,988 SH   SOLE   0 0 17,988
Blackrock Intern L Grth & Inc Common COM 092524107 2,365 398,810 SH   SOLE   0 0 398,810
Blackrock Muniyield Qty Iii COM 09254E103 1,179 77,438 SH   SOLE   0 0 77,438
Bok Financial Corp COM 05561Q201 259 3,751 SH   SOLE   0 0 3,751
Boston Propertie COM 101121101 341 2,500 SH   DFND   2,500 0 0
Briggs & Strattn COM 109043109 187 10,000 SH   DFND   10,000 0 0
Calpine Corp COM 131347304 253 20,000 SH   DFND   20,000 0 0
Cemex Sab-Sp Adr ADR 151290889 220 27,669 SH   DFND   27,669 0 0
Chase Corp COM 16150R104 4,297 62,168 SH   SOLE   0 0 62,168
Cimarex Energy Co COM 171798101 3,964 29,502 SH   SOLE   0 0 29,502
Coca-Cola Co COM 191216100 350 8,266 SH   SOLE   0 0 8,266
Consumer Discret Sel Sect Spdr Etf COM 81369Y407 2,990 37,357 SH   SOLE   0 0 37,357
Consumer Staples Select Sector Spdr Etf COM 81369Y308 3,432 64,490 SH   SOLE   0 0 64,490
Csx Corp COM 126408103 1,990 65,260 SH   SOLE   0 0 65,260
Cvs Health Corp COM 126650100 1,071 12,039 SH   SOLE   0 0 12,039
Dentsply Sirona Inc COM 24906P109 297 5,000 SH   DFND   5,000 0 0
Eastgroup Prop COM 277276101 221 3,000 SH   DFND   3,000 0 0
Energy Select Sector Spdr Etf COM 81369Y506 3,027 42,864 SH   SOLE   0 0 42,864
Enterprise Products Partners Lp COM 293792107 2,065 74,741 SH   SOLE   0 0 74,741
Essex Property COM 297178105 200 900 SH   DFND   900 0 0
Everest Re Group Ltd COM G3223R108 2,470 13,004 SH   SOLE   0 0 13,004
Extra Space Stor COM 30225T102 405 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 2,667 30,555 SH   SOLE   0 0 30,555
Flowers Foods Inc COM 343498101 1,146 75,775 SH   SOLE   0 0 75,775
Gafisa Sa-Adr ADR 362607301 19 12,000 SH   DFND   12,000 0 0
Georgetown Bancorp, Inc. COM 372591107 209 10,002 SH   DFND   10,002 0 0
Global X Msci Nigeria Etf COM 37950E424 106 22,200 SH   DFND   22,200 0 0
Guggenheim Bulletshrs2018 Corp Bd Etf COM 18383M530 518 24,300 SH   SOLE   0 0 24,300
Guggenheim Bulletshrs2018 Hy Corpbd Etf COM 18383M381 4,625 182,747 SH   SOLE   0 0 182,747
Guggenheim Bulletshrs2019 Corp Bd Etf COM 18383M522 3,633 169,779 SH   SOLE   0 0 169,779
Guggenheim Bulletshrs2020 Corp Bd Etf COM 18383M514 508 23,383 SH   SOLE   0 0 23,383
Guggenheim Bulletshrs2021 Corp Bd Etf COM 18383M266 3,584 165,946 SH   SOLE   0 0 165,946
Guggenheim S&P 500 Eq Weight Hc Etf COM 78355W841 3,410 21,916 SH   SOLE   0 0 21,916
Guggenheim S&P 500 Equal Weight Etf COM 78355W106 3,472 41,533 SH   SOLE   0 0 41,533
Ingles Markets Inc COM 457030104 3,594 90,899 SH   SOLE   0 0 90,899
International Business Machines Corp COM 459200101 209 1,317 SH   SOLE   0 0 1,317
Invesco Muni Opps. Trust Common COM 46132C107 1,230 86,301 SH   SOLE   0 0 86,301
Ishares Cali Amt-Free Muni Bond COM 464288356 448 3,708 SH   SOLE   0 0 3,708
Ishares Cohen & Steers Reit COM 464287564 3,117 29,712 SH   SOLE   0 0 29,712
Ishares Core S&P Mid-Cap COM 464287507 3,184 20,583 SH   SOLE   0 0 20,583
Ishares Core Us Aggregate Bond COM 464287226 456 4,060 SH   SOLE   0 0 4,060
Ishares Floating Rate Bond COM 46429B655 4,737 93,338 SH   SOLE   0 0 93,338
Ishares Global Healthcare COM 464287325 2,737 27,166 SH   SOLE   0 0 27,166
Ishares Iboxx $ Invst Grade Crp Bond COM 464287242 318 2,585 SH   SOLE   0 0 2,585
Ishares Mbs COM 464288588 321 2,912 SH   SOLE   0 0 2,912
Ishares Msci Eafe COM 464287465 4,893 82,741 SH   SOLE   0 0 82,741
Ishares Msci Eafe Small-Cap COM 464288273 3,013 57,489 SH   SOLE   0 0 57,489
Ishares Msci Emu COM 464286608 2,304 66,805 SH   SOLE   0 0 66,805
Ishares National Amt-Free Muni Bond COM 464288414 1,236 10,961 SH   SOLE   0 0 10,961
Ishares Russell 1000 COM 464287622 1,046 8,685 SH   SOLE   0 0 8,685
Ishares Russell 2000 COM 464287655 1,106 8,902 SH   SOLE   0 0 8,902
Ishares Russell Mid-Cap COM 464287499 1,065 6,109 SH   SOLE   0 0 6,109
Ishares Select Dividend COM 464287168 3,017 35,211 SH   SOLE   0 0 35,211
James Hardie Ind Plc Adr ADR 47030M106 393 25,000 SH   DFND   25,000 0 0
Jh Financial Opportunities Common COM 409735206 2,939 105,883 SH   SOLE   0 0 105,883
Johnson & Johnson COM 478160104 2,447 20,715 SH   SOLE   0 0 20,715
Kingfisher Plc - Adr ADR 495724403 196 20,000 SH   DFND   20,000 0 0
Kroger Co COM 501044101 297 10,000 SH   DFND   10,000 0 0
Kvh Industries ADR 482738101 264 30,000 SH   DFND   30,000 0 0
Lend Lease Corp Ltd - Adr ADR 526023205 128 11,900 SH   DFND   11,900 0 0
Lennox Intl Inc COM 526107107 267 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 296 5,000 SH   DFND   5,000 0 0
Lowe S Companies Inc COM 548661107 2,854 39,519 SH   SOLE   0 0 39,519
Luby'S Inc COM 549282101 142 32,994 SH   DFND   32,994 0 0
Market Vectors Africa COM 92189F866 214 10,340 SH   DFND   10,340 0 0
Marriott International COM 571903202 339 5,035 SH   DFND   5,035 0 0
Metlife Inc COM 59156R108 1,538 34,617 SH   SOLE   0 0 34,617
Miller Ind Inc/Tenn COM 600551204 410 18,000 SH   DFND   18,000 0 0
National Retail COM 637417106 203 4,000 SH   DFND   4,000 0 0
National Western Life Insurance COM 638517102 2,163 10,533 SH   SOLE   0 0 10,533
Netapp Inc COM 64110D104 322 9,000 SH   DFND   9,000 0 0
Nobilis Health Corp. COM 65500B103 52 15,400 SH   DFND   15,400 0 0
Norfolk Southern COM 655844108 340 3,500 SH   DFND   3,500 0 0
Northwestern Corp COM 668074305 2,112 36,713 SH   SOLE   0 0 36,713
Novartis Ag ADR 66987V109 1,870 23,678 SH   SOLE   0 0 23,678
Novatel Wireless Inc COM 66987M604 38 12,000 SH   SOLE   0 0 12,000
Nuveen Intermediate Duration Muni Term COM 670671106 1,617 116,702 SH   SOLE   0 0 116,702
Pimco Enhanced Short Maturity Etf COM 72201R833 4,821 47,544 SH   SOLE   0 0 47,544
Powershares International Corp Bd Etf COM 73936Q835 3,695 138,839 SH   SOLE   0 0 138,839
Procter & Gamble COM 742718109 314 3,500 SH   DFND   3,500 0 0
Pub Serv Enterp COM 744573106 335 8,000 SH   DFND   8,000 0 0
Qualcomm Inc COM 747525103 325 4,738 SH   SOLE   0 0 4,738
Regions Financial Corp COM 7591EP100 178 18,000 SH   DFND   18,000 0 0
Rgc Resources COM 74955L103 555 23,310 SH   SOLE   0 0 23,310
Royce Micro Cap Trust Common COM 780915104 2,472 316,563 SH   SOLE   0 0 316,563
Royce Value Trust Common COM 780910105 3,252 256,885 SH   SOLE   0 0 256,885
Sba Communications Corp COM 78388J106 224 2,000 SH   DFND   2,000 0 0
Schwab International Equity Etf COM 808524805 524 18,194 SH   SOLE   0 0 18,194
Schwab Us Aggregate Bond Etf COM 808524839 1,101 20,516 SH   SOLE   0 0 20,516
Schwab Us Mid-Cap Etf COM 808524508 615 14,131 SH   SOLE   0 0 14,131
Schwab Us Small-Cap Etf COM 808524607 616 10,701 SH   SOLE   0 0 10,701
Skyworks Solution COM 83088M102 305 4,000 SH   DFND   4,000 0 0
Sl Green Realty COM 78440X101 324 3,000 SH   DFND   3,000 0 0
Southern Co COM 842587107 2,510 48,936 SH   SOLE   0 0 48,936
Spdr Barclays Short Term Corp Bd Etf COM 78464A474 4,875 158,441 SH   SOLE   0 0 158,441
Spdr S&P Midcap 400 Etf COM 78467Y107 402 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,144 18,419 SH   SOLE   0 0 18,419
Stuart Olson Inc ADR 863834107 138 30,000 SH   DFND   30,000 0 0
Thermo Fisher COM 883556102 318 2,000 SH   DFND   2,000 0 0
Twenty-First Century Fox Inc COM 90130A101 334 13,788 SH   SOLE   0 0 13,788
Tyson Foods Inc COM 902494103 1,543 20,663 SH   SOLE   0 0 20,663
Udr Inc COM 902653104 358 9,951 SH   SOLE   0 0 9,951
United Therapeut COM 91307C102 325 2,750 SH   DFND   2,750 0 0
Valmont Industries Inc COM 920253101 2,962 22,014 SH   SOLE   0 0 22,014
Vanguard Energy Etf COM 92204A306 208 2,130 SH   SOLE   0 0 2,130
Vanguard Ftse Developed Markets Etf COM 921943858 4,035 107,862 SH   SOLE   0 0 107,862
Vanguard Information Technology Etf COM 92204A702 4,705 39,091 SH   SOLE   0 0 39,091
Vanguard S&P 500 Etf COM 922908363 240 1,210 SH   SOLE   0 0 1,210
Vanguard Total Bond Market Etf COM 921937835 378 4,490 SH   SOLE   0 0 4,490
Verizon Communications Inc COM 92343V104 2,049 39,409 SH   SOLE   0 0 39,409
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,916 194,739 SH   SOLE   0 0 194,739
Voya Financial Inc COM 929089100 1,525 52,925 SH   SOLE   0 0 52,925
Wells Fargo & Co COM 949746101 361 8,161 SH   DFND   8,161 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,259 240,756 SH   SOLE   0 0 240,756
Western Asset High Income Opp COM 95766K109 4,396 870,430 SH   SOLE   0 0 870,430
Wgl Holdings Inc COM 92924F106 2,985 47,606 SH   SOLE   0 0 47,606
Williams Companies Inc COM 969457100 2,496 81,233 SH   SOLE   0 0 81,233
Wp Carey Inc COM 92936U109 323 5,000 SH   DFND   5,000 0 0
Wpx Energy Inc COM 98212B103 303 22,944 SH   SOLE   0 0 22,944