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 3,089 17,297 SH   SOLE   0 0 17,297
Aecom Technology COM 00766T100 309 8,500 SH   DFND   8,500 0 0
Aetna Inc COM 00817Y108 1,471 11,860 SH   SOLE   0 0 11,860
Alexandria Real COM 015271109 206 1,850 SH   DFND   1,850 0 0
Allstate Corp COM 020002101 1,858 25,061 SH   SOLE   0 0 25,061
American Tower-A COM 03027X100 264 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 2,594 17,744 SH   SOLE   0 0 17,744
Annaly Capital Management COM 035710409 135 13,500 SH   DFND   13,500 0 0
Artesian Resource Corp COM 043113208 2,522 78,964 SH   SOLE   0 0 78,964
Avalonbay Commun COM 053484101 239 1,347 SH   DFND   1,347 0 0
Bank Of America Corporation COM 060505104 398 17,988 SH   SOLE   0 0 17,988
Blackrock Intern L Grth & Inc Common COM 092524107 1,422 258,127 SH   SOLE   0 0 258,127
Blackrock Muniyield Qty Iii COM 09254E103 866 63,472 SH   SOLE   0 0 63,472
Blue Capital Reisurance COM G1190F107 258 14,000 SH   DFND   14,000 0 0
Bok Financial Corp COM 05561Q201 311 3,751 SH   SOLE   0 0 3,751
Boston Properties COM 101121101 308 2,450 SH   DFND   2,450 0 0
Bp Plc-Adr ADR 055622104 306 8,181 SH   DFND   8,181 0 0
Briggs & Strattn COM 109043109 223 10,000 SH   DFND   10,000 0 0
Brookfield Canada Office COM 112823109 194 10,000 SH   DFND   10,000 0 0
Cemex Sab-Sp Adr ADR 151290889 222 27,669 SH   DFND   27,669 0 0
Chase Corp COM 16150R104 5,072 60,712 SH   SOLE   0 0 60,712
Cimarex Energy Co COM 171798101 3,738 27,502 SH   SOLE   0 0 27,502
Coca-Cola Co COM 191216100 343 8,266 SH   SOLE   0 0 8,266
Compania Cervecerias -Adr ADR 204429104 302 14,401 SH   DFND   14,401 0 0
Consumer Discret Sel Sect Spdr Etf COM 81369Y407 3,133 38,483 SH   SOLE   0 0 38,483
Consumer Staples Select Sector Spdr Etf COM 81369Y308 3,281 63,449 SH   SOLE   0 0 63,449
Csx Corp COM 126408103 2,460 68,480 SH   SOLE   0 0 68,480
Cvs Health Corp COM 126650100 452 5,722 SH   SOLE   0 0 5,722
Dentsply Sirona Inc COM 24906P109 289 5,000 SH   DFND   5,000 0 0
Diageo Plc-Adr ADR 25243Q205 291 2,800 SH   DFND   2,800 0 0
Eastgroup Prop COM 277276101 222 3,000 SH   DFND   3,000 0 0
Energy Select Sector Spdr Etf COM 81369Y506 3,197 42,447 SH   SOLE   0 0 42,447
Enterprise Products Partners Lp COM 293792107 2,024 74,848 SH   SOLE   0 0 74,848
Essex Property COM 297178105 209 900 SH   DFND   900 0 0
Everest Re Group Ltd COM G3223R108 2,831 13,084 SH   SOLE   0 0 13,084
Extra Space Stor COM 30225T102 394 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 2,724 30,184 SH   SOLE   0 0 30,184
First Financial Bankshares Inc COM 32020R109 218 4,828 SH   SOLE   0 0 4,828
Flowers Foods Inc COM 343498101 1,521 76,170 SH   SOLE   0 0 76,170
Gafisa Sa-Adr ADR 362607301 22 20,000 SH   DFND   20,000 0 0
Georgetown Bancorp, Inc. COM 372591107 259 10,002 SH   DFND   10,002 0 0
Glaxosmithkl-Adr ADR 37733W105 250 6,500 SH   DFND   6,500 0 0
Global X Msci Nigeria Etf COM 37950E424 95 22,200 SH   DFND   22,200 0 0
Goldman Sachs Activebeta Intl Eq Etf COM 381430107 2,958 121,443 SH   SOLE   0 0 121,443
Grupo Televisa - Adr ADR 40049J206 313 15,000 SH   DFND   15,000 0 0
Guggenheim Bulletshrs2018 Corp Bd Etf COM 18383M530 481 22,726 SH   SOLE   0 0 22,726
Guggenheim Bulletshrs2018 Hy Corpbd Etf COM 18383M381 4,656 184,893 SH   SOLE   0 0 184,893
Guggenheim Bulletshrs2019 Corp Bd Etf COM 18383M522 3,660 173,120 SH   SOLE   0 0 173,120
Guggenheim Bulletshrs2020 Corp Bd Etf COM 18383M514 463 21,823 SH   SOLE   0 0 21,823
Guggenheim Bulletshrs2021 Corp Bd Etf COM 18383M266 3,554 169,312 SH   SOLE   0 0 169,312
Guggenheim S&P 500 Eq Weight Hc Etf COM 78355W841 3,257 22,322 SH   SOLE   0 0 22,322
Guggenheim S&P 500 Equal Weight Etf COM 78355W106 3,635 41,951 SH   SOLE   0 0 41,951
Hdfc Bank Ltd - Adr ADR 40415F101 243 4,000 SH   DFND   4,000 0 0
Ingles Markets Inc COM 457030104 4,339 90,209 SH   SOLE   0 0 90,209
International Business Machines Corp COM 459200101 235 1,417 SH   SOLE   0 0 1,417
Invesco Muni Opps. Trust Common COM 46132C107 1,097 86,097 SH   SOLE   0 0 86,097
Ishares Cali Amt-Free Muni Bond COM 464288356 478 4,138 SH   SOLE   0 0 4,138
Ishares Cohen & Steers Reit COM 464287564 3,022 30,330 SH   SOLE   0 0 30,330
Ishares Core S&P Mid-Cap COM 464287507 3,443 20,826 SH   SOLE   0 0 20,826
Ishares Core Us Aggregate Bond COM 464287226 445 4,120 SH   SOLE   0 0 4,120
Ishares Floating Rate Bond COM 46429B655 4,738 93,397 SH   SOLE   0 0 93,397
Ishares Global Healthcare COM 464287325 2,607 27,493 SH   SOLE   0 0 27,493
Ishares Iboxx $ Invst Grade Crp Bond COM 464287242 308 2,629 SH   SOLE   0 0 2,629
Ishares Mbs COM 464288588 308 2,897 SH   SOLE   0 0 2,897
Ishares Msci Eafe COM 464287465 1,849 32,029 SH   SOLE   0 0 32,029
Ishares Msci Eafe Small-Cap COM 464288273 2,999 60,179 SH   SOLE   0 0 60,179
Ishares Msci Emu COM 464286608 2,473 71,487 SH   SOLE   0 0 71,487
Ishares National Amt-Free Muni Bond COM 464288414 1,184 10,941 SH   SOLE   0 0 10,941
Ishares Russell 1000 COM 464287622 1,068 8,581 SH   SOLE   0 0 8,581
Ishares Russell 2000 COM 464287655 1,168 8,665 SH   SOLE   0 0 8,665
Ishares Russell Mid-Cap COM 464287499 1,086 6,072 SH   SOLE   0 0 6,072
Ishares Select Dividend COM 464287168 3,161 35,694 SH   SOLE   0 0 35,694
James Hardie Ind Plc Adr ADR 47030M106 398 25,000 SH   DFND   25,000 0 0
Jh Financial Opportunities Common COM 409735206 3,853 106,243 SH   SOLE   0 0 106,243
Johnson & Johnson COM 478160104 2,359 20,476 SH   SOLE   0 0 20,476
Kvh Industries COM 482738101 354 30,000 SH   DFND   30,000 0 0
Lennox Intl Inc COM 526107107 260 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 284 5,000 SH   DFND   5,000 0 0
Lowe S Companies Inc COM 548661107 2,799 39,352 SH   SOLE   0 0 39,352
Luby'S Inc COM 549282101 141 32,994 SH   DFND   32,994 0 0
Maiden Holdings Ltd COM G5753U112 349 20,000 SH   DFND   20,000 0 0
Market Vectors Africa COM 92189F866 205 10,340 SH   DFND   10,340 0 0
Marriott International COM 571903202 416 5,035 SH   DFND   5,035 0 0
Metlife Inc COM 59156R108 1,856 34,447 SH   SOLE   0 0 34,447
Miller Ind Inc/Tenn COM 600551204 476 18,000 SH   DFND   18,000 0 0
National Western Life Insurance COM 638517102 3,320 10,683 SH   SOLE   0 0 10,683
Netapp Inc COM 64110D104 317 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 378 5,500 SH   DFND   5,500 0 0
Nobilis Health Corp. COM 65500B103 32 15,400 SH   DFND   15,400 0 0
Norfolk Southern COM 655844108 378 3,500 SH   DFND   3,500 0 0
Northwestern Corp COM 668074305 2,109 37,083 SH   SOLE   0 0 37,083
Novartis Ag ADR 66987V109 1,731 23,763 SH   SOLE   0 0 23,763
Nuveen Intermediate Duration Muni Term COM 670671106 1,487 117,012 SH   SOLE   0 0 117,012
Pimco Enhanced Short Maturity Etf COM 72201R833 4,824 47,607 SH   SOLE   0 0 47,607
Powershares International Corp Bd Etf COM 73936Q835 2,438 99,560 SH   SOLE   0 0 99,560
Procter & Gamble COM 742718109 294 3,500 SH   DFND   3,500 0 0
Pub Serv Enterp COM 744573106 351 8,000 SH   DFND   8,000 0 0
Qualcomm Inc COM 747525103 311 4,774 SH   SOLE   0 0 4,774
Regions Financial Corp COM 7591EP100 258 18,000 SH   DFND   18,000 0 0
Rgc Resources COM 74955L103 582 23,310 SH   SOLE   0 0 23,310
Royce Micro Cap Trust Common COM 780915104 2,608 319,567 SH   SOLE   0 0 319,567
Royce Value Trust Common COM 780910105 3,466 258,885 SH   SOLE   0 0 258,885
Sba Communications Corp COM 78388J106 207 2,000 SH   DFND   2,000 0 0
Schwab International Equity Etf COM 808524805 808 29,208 SH   SOLE   0 0 29,208
Schwab Us Aggregate Bond Etf COM 808524839 1,945 37,771 SH   SOLE   0 0 37,771
Schwab Us Mid-Cap Etf COM 808524508 966 21,386 SH   SOLE   0 0 21,386
Schwab Us Small-Cap Etf COM 808524607 982 15,972 SH   SOLE   0 0 15,972
Sk Telecom-Adr ADR 78440P108 314 15,000 SH   DFND   15,000 0 0
Skyworks Solutions COM 83088M102 299 4,000 SH   DFND   4,000 0 0
Sl Green Realty COM 78440X101 293 2,720 SH   DFND   2,720 0 0
Southern Co COM 842587107 2,416 49,117 SH   SOLE   0 0 49,117
Spdr Barclays Short Term Corp Bd Etf COM 78464A474 4,854 158,975 SH   SOLE   0 0 158,975
Spdr S&P Midcap 400 Etf COM 78467Y107 429 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,207 18,420 SH   SOLE   0 0 18,420
Thermo Fisher COM 883556102 282 2,000 SH   DFND   2,000 0 0
Twenty-First Century Fox Inc COM 90130A101 387 13,788 SH   SOLE   0 0 13,788
Tyson Foods Inc COM 902494103 1,268 20,554 SH   SOLE   0 0 20,554
Udr Inc COM 902653104 363 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 370 9,000 SH   DFND   9,000 0 0
United Therapeut COM 91307C102 394 2,750 SH   DFND   2,750 0 0
Valmont Industries Inc COM 920253101 3,202 22,726 SH   SOLE   0 0 22,726
Vanguard Energy Etf COM 92204A306 223 2,130 SH   SOLE   0 0 2,130
Vanguard Ftse Developed Markets Etf COM 921943858 4,078 111,591 SH   SOLE   0 0 111,591
Vanguard Information Technology Etf COM 92204A702 5,027 41,377 SH   SOLE   0 0 41,377
Vanguard S&P 500 Etf COM 922908363 269 1,310 SH   SOLE   0 0 1,310
Vanguard Total Bond Market Etf COM 921937835 363 4,490 SH   SOLE   0 0 4,490
Verizon Communications Inc COM 92343V104 2,135 39,989 SH   SOLE   0 0 39,989
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,400 160,746 SH   SOLE   0 0 160,746
Voya Financial Inc COM 929089100 2,089 53,265 SH   SOLE   0 0 53,265
Wells Fargo & Co COM 949746101 450 8,161 SH   DFND   8,161 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,134 241,483 SH   SOLE   0 0 241,483
Western Asset High Income Opp COM 95766K109 4,380 877,728 SH   SOLE   0 0 877,728
Wgl Holdings Inc COM 92924F106 3,692 48,401 SH   SOLE   0 0 48,401
Williams Companies Inc COM 969457100 1,776 57,033 SH   SOLE   0 0 57,033
Wp Carey Inc COM 92936U109 264 4,470 SH   DFND   4,470 0 0
Wpx Energy Inc COM 98212B103 334 22,944 SH   SOLE   0 0 22,944