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
3M Co COM 88579Y101 3,708 17,811 SH   SOLE   0 0 17,811
Aetna Inc COM 00817Y108 1,857 12,230 SH   SOLE   0 0 12,230
Alexandria Real COM 015271109 223 1,850 SH   DFND   1,850 0 0
Allstate Corp COM 020002101 2,211 25,002 SH   SOLE   0 0 25,002
American Tower COM 03027X100 331 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 3,155 18,316 SH   SOLE   0 0 18,316
Annaly Capital Management COM 035710409 163 13,500 SH   DFND   13,500 0 0
Apple Inc COM 037833100 257 1,782 SH   SOLE   0 0 1,782
Artesian Resource Corp COM 043113208 3,116 82,774 SH   SOLE   0 0 82,774
Astrazeneca-Adr ADR 046353108 273 8,000 SH   DFND   8,000 0 0
Avalonbay Communities COM 053484101 250 1,300 SH   DFND   1,300 0 0
Bank Of America Corporation COM 060505104 478 19,688 SH   SOLE   0 0 19,688
Blackrock Intern L Grth & Inc Common COM 092524107 2,896 461,203 SH   SOLE   0 0 461,203
Blackrock Muniyield Qty Iii COM 09254E103 1,144 80,022 SH   SOLE   0 0 80,022
Blue Capital Reisurance COM G1190F107 256 14,000 SH   DFND   14,000 0 0
Bok Financial Corp COM 05561Q201 316 3,751 SH   SOLE   0 0 3,751
Boston Properties COM 101121101 301 2,450 SH   DFND   2,450 0 0
Bp Plc-Adr ADR 055622104 575 16,599 SH   DFND   16,599 0 0
Briggs & Strattn COM 109043109 241 10,000 SH   DFND   10,000 0 0
Cemex Sab-Sp Adr ADR 151290889 271 28,775 SH   DFND   28,775 0 0
Chase Corp COM 16150R104 6,362 59,628 SH   SOLE   0 0 59,628
Chevron Corp COM 166764100 261 2,500 SH   DFND   2,500 0 0
Cimarex Energy Co COM 171798101 2,727 29,005 SH   SOLE   0 0 29,005
Coca-Cola Co COM 191216100 361 8,052 SH   SOLE   0 0 8,052
Compania Cervecerias -Adr ADR 204429104 378 14,401 SH   DFND   14,401 0 0
Consumer Discret Sel Sect Spdr Etf COM 81369Y407 3,659 40,821 SH   SOLE   0 0 40,821
Consumer Staples Select Sector Spdr Etf COM 81369Y308 3,497 63,652 SH   SOLE   0 0 63,652
Covanta Holding Corp COM 22282E102 1,966 148,960 SH   SOLE   0 0 148,960
Crown Castle Int COM 22822V101 200 2,000 SH   DFND   2,000 0 0
Csx Corp COM 126408103 3,781 69,301 SH   SOLE   0 0 69,301
Cvs Health Corp COM 126650100 1,258 15,639 SH   SOLE   0 0 15,639
Dentsply Sirona Inc COM 24906P109 324 5,000 SH   DFND   5,000 0 0
Diageo Plc-Adr ADR 25243Q205 336 2,800 SH   DFND   2,800 0 0
Eastgroup Prop COM 277276101 251 3,000 SH   DFND   3,000 0 0
Energy Select Sector Spdr Etf COM 81369Y506 2,856 43,995 SH   SOLE   0 0 43,995
Enterprise Products Partners Lp COM 293792107 2,043 75,459 SH   SOLE   0 0 75,459
Essex Property COM 297178105 232 900 SH   DFND   900 0 0
Everest Re Group Ltd COM G3223R108 3,139 12,331 SH   SOLE   0 0 12,331
Extra Space Stor COM 30225T102 398 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 2,466 30,543 SH   SOLE   0 0 30,543
First Financial Bankshares Inc COM 32020R109 213 4,828 SH   SOLE   0 0 4,828
Flowers Foods Inc COM 343498101 1,345 77,717 SH   SOLE   0 0 77,717
Glaxosmithkl-Adr ADR 37733W105 280 6,500 SH   DFND   6,500 0 0
Goldman Sachs Activebeta Intl Eq Etf COM 381430107 3,968 143,351 SH   SOLE   0 0 143,351
Grupo Aeroportuario - Adr ADR 40051E202 274 1,300 SH   DFND   1,300 0 0
Grupo Televisa - Adr ADR 40049J206 366 15,000 SH   DFND   15,000 0 0
Guggenheim Bulletshrs 2022 Corp Bd Etf COM 18383M258 501 23,481 SH   SOLE   0 0 23,481
Guggenheim Bulletshrs 2018 Corp Bd Etf COM 18383M530 555 26,107 SH   SOLE   0 0 26,107
Guggenheim Bulletshrs 2018 Hy Corpbd Etf COM 18383M381 4,925 193,988 SH   SOLE   0 0 193,988
Guggenheim Bulletshrs 2019 Corp Bd Etf COM 18383M522 3,884 182,695 SH   SOLE   0 0 182,695
Guggenheim Bulletshrs 2020 Corp Bd Etf COM 18383M514 4,056 188,847 SH   SOLE   0 0 188,847
Guggenheim Bulletshrs 2021 Corp Bd Etf COM 18383M266 3,845 180,503 SH   SOLE   0 0 180,503
Guggenheim China COM 18383Q861 214 8,500 SH   DFND   8,500 0 0
Guggenheim S&P 500 Eq Weight Hc Etf COM 78355W841 4,095 23,529 SH   SOLE   0 0 23,529
Guggenheim S&P 500 Equal Weight Etf COM 78355W106 2,237 24,142 SH   SOLE   0 0 24,142
Halliburton Co COM 406216101 256 6,000 SH   DFND   6,000 0 0
Hdfc Bank Ltd - Adr ADR 40415F101 348 4,000 SH   DFND   4,000 0 0
Ingles Markets Inc COM 457030104 2,883 86,587 SH   SOLE   0 0 86,587
Inseego Corp COM 149123101 15 12,000 SH   SOLE   0 0 12,000
Intercontinental Hotels COM 45857P707 240 4,319 SH   DFND   4,319 0 0
International Business Machines Corp COM 459200101 218 1,417 SH   SOLE   0 0 1,417
Invesco Muni Opps. Trust Common COM 46132C107 1,158 88,467 SH   SOLE   0 0 88,467
Ishares 0-5 Year High Yield Corp Bd COM 46434V407 2,153 44,990 SH   SOLE   0 0 44,990
Ishares Cali Amt-Free Muni Bond COM 464288356 487 4,138 SH   SOLE   0 0 4,138
Ishares Cohen & Steers Reit COM 464287564 3,204 31,686 SH   SOLE   0 0 31,686
Ishares Core S&P Mid-Cap COM 464287507 3,748 21,547 SH   SOLE   0 0 21,547
Ishares Core Us Aggregate Bond COM 464287226 580 5,297 SH   SOLE   0 0 5,297
Ishares Floating Rate Bond COM 46429B655 4,986 97,915 SH   SOLE   0 0 97,915
Ishares Global Healthcare COM 464287325 3,183 29,113 SH   SOLE   0 0 29,113
Ishares Iboxx $ Invst Grade Crp Bond COM 464287242 441 3,658 SH   SOLE   0 0 3,658
Ishares Mbs COM 464288588 406 3,802 SH   SOLE   0 0 3,802
Ishares Msci Eafe COM 464287465 2,050 31,436 SH   SOLE   0 0 31,436
Ishares Msci Eafe Small-Cap COM 464288273 3,718 64,274 SH   SOLE   0 0 64,274
Ishares Msci Emu COM 464286608 3,087 76,557 SH   SOLE   0 0 76,557
Ishares Msci Uk Etf COM 46435G334 250 7,500 SH   DFND   7,500 0 0
Ishares National Amt-Free Muni Bond COM 464288414 1,262 11,456 SH   SOLE   0 0 11,456
Ishares Russell 1000 COM 464287622 1,412 10,439 SH   SOLE   0 0 10,439
Ishares Russell 2000 COM 464287655 1,453 10,312 SH   SOLE   0 0 10,312
Ishares Russell Mid-Cap COM 464287499 1,400 7,288 SH   SOLE   0 0 7,288
Ishares Select Dividend COM 464287168 3,410 36,985 SH   SOLE   0 0 36,985
James Hardie Ind Plc Adr ADR 47030M106 394 25,000 SH   DFND   25,000 0 0
Jh Financial Opportunities Common COM 409735206 3,882 107,736 SH   SOLE   0 0 107,736
Jhancock Multifactor Large Cap Etf COM 47804J107 264 8,344 SH   SOLE   0 0 8,344
Johnson & Johnson COM 478160104 2,707 20,466 SH   SOLE   0 0 20,466
Kvh Industries COM 482738101 285 30,000 SH   DFND   30,000 0 0
Lennox Intl Inc COM 526107107 312 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 336 5,000 SH   DFND   5,000 0 0
Lowe S Companies Inc COM 548661107 3,051 39,352 SH   SOLE   0 0 39,352
Lowe'S Cos Inc COM 548661107 202 2,600 SH   DFND   2,600 0 0
Luby'S Inc COM 549282101 93 32,994 SH   DFND   32,994 0 0
Maiden Holdings Ltd COM G5753U112 222 20,000 SH   DFND   20,000 0 0
Market Vectors Africa COM 92189F866 223 10,340 SH   DFND   10,340 0 0
Metlife Inc COM 59156R108 1,952 35,535 SH   SOLE   0 0 35,535
Miller Ind Inc/Tenn COM 600551204 447 18,000 SH   DFND   18,000 0 0
National Western Life Insurance COM 638517102 3,506 10,969 SH   SOLE   0 0 10,969
Netapp Inc COM 64110D104 360 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 433 5,500 SH   DFND   5,500 0 0
Norfolk Southern COM 655844108 426 3,500 SH   DFND   3,500 0 0
Northwestern Corp COM 668074305 2,331 38,193 SH   SOLE   0 0 38,193
Novartis Ag ADR 66987V109 2,057 24,643 SH   SOLE   0 0 24,643
Nuveen Intermediate Duration Muni Term COM 670671106 1,591 119,262 SH   SOLE   0 0 119,262
Old Republic International Corp COM 680223104 1,280 65,530 SH   SOLE   0 0 65,530
Pearson Plc ADR 705015105 179 20,000 SH   DFND   20,000 0 0
Phillips 66 Company COM 718546104 1,100 13,300 SH   SOLE   0 0 13,300
Pimco Enhanced Short Maturity Etf COM 72201R833 5,029 49,439 SH   SOLE   0 0 49,439
Powershares International Corp Bd Etf COM 73936Q835 3,927 149,475 SH   SOLE   0 0 149,475
Procter & Gamble COM 742718109 305 3,500 SH   DFND   3,500 0 0
Pub Serv Enterp COM 744573106 344 8,000 SH   DFND   8,000 0 0
Qualcomm Inc COM 747525103 269 4,866 SH   SOLE   0 0 4,866
Regions Financial Corp COM 7591EP100 264 18,000 SH   DFND   18,000 0 0
Rgc Resources COM 74955L103 1,003 35,415 SH   SOLE   0 0 35,415
Royce Micro Cap Trust Common COM 780915104 2,873 332,128 SH   SOLE   0 0 332,128
Royce Value Trust Common COM 780910105 222 15,241 SH   SOLE   0 0 15,241
Sba Communications Corp COM 78410G104 270 2,000 SH   DFND   2,000 0 0
Schwab Emerging Markets Equity Etf COM 808524706 265 10,647 SH   SOLE   0 0 10,647
Schwab International Equity Et COM 808524805 1,107 34,819 SH   SOLE   0 0 34,819
Schwab Us Aggregate Bond Et COM 808524839 2,243 42,936 SH   SOLE   0 0 42,936
Schwab Us Mid-Cap Et COM 808524508 1,214 25,211 SH   SOLE   0 0 25,211
Schwab Us Small-Cap Et COM 808524607 1,192 18,644 SH   SOLE   0 0 18,644
Skyworks Solutions COM 83088M102 384 4,000 SH   DFND   4,000 0 0
Sl Green Realty COM 78440X101 288 2,720 SH   DFND   2,720 0 0
Spdr Barclays Short Term Corp Bd Etf COM 78464A474 5,105 166,613 SH   SOLE   0 0 166,613
Spdr S&P Midcap 400 Etf COM 78467Y107 452 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,547 18,350 SH   SOLE   0 0 18,350
Teva Pharm-Adr ADR 881624209 266 8,000 SH   DFND   8,000 0 0
Thermo Fisher COM 883556102 349 2,000 SH   DFND   2,000 0 0
Twenty-First Century Fox Inc COM 90130A101 391 13,788 SH   SOLE   0 0 13,788
Tyson Foods Inc COM 902494103 1,342 21,429 SH   SOLE   0 0 21,429
Udr Inc COM 902653104 388 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 497 9,000 SH   DFND   9,000 0 0
United Therapeut COM 91307C102 357 2,750 SH   DFND   2,750 0 0
Valmont Industries Inc COM 920253101 3,532 23,611 SH   SOLE   0 0 23,611
Vaneck Vectors Gm Etf COM 92189F106 221 10,000 SH   DFND   10,000 0 0
Vanguard Ftse Developed Markets Etf COM 921943858 4,546 110,022 SH   SOLE   0 0 110,022
Vanguard Information Technology Etf COM 92204A702 6,349 45,080 SH   SOLE   0 0 45,080
Vanguard S&P 500 Etf COM 922908363 269 1,210 SH   SOLE   0 0 1,210
Vanguard Total Bond Market Etf COM 921937835 367 4,490 SH   SOLE   0 0 4,490
Verizon Communications Inc COM 92343V104 1,915 42,873 SH   SOLE   0 0 42,873
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,585 150,639 SH   SOLE   0 0 150,639
Voya Financial Inc COM 929089100 1,975 53,550 SH   SOLE   0 0 53,550
Wells Fargo & Co COM 949746101 452 8,161 SH   DFND   8,161 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,485 251,837 SH   SOLE   0 0 251,837
Western Asset High Income Opp COM 95766K109 4,588 905,019 SH   SOLE   0 0 905,019
Wgl Holdings Inc COM 92924F106 4,140 49,617 SH   SOLE   0 0 49,617
Williams Companies Inc COM 969457100 1,487 49,110 SH   SOLE   0 0 49,110
Wp Carey Inc COM 92936U109 295 4,470 SH   DFND   4,470 0 0
Wpx Energy Inc COM 98212B103 222 22,944 SH   SOLE   0 0 22,944