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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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 3,793 18,069 SH   SOLE   0 0 18,069
Aetna Inc COM 00817Y108 1,992 12,530 SH   SOLE   0 0 12,530
Alexandria Real COM 015271109 220 1,850 SH   DFND   1,850 0 0
Allstate Corp ADR 020002101 2,246 24,433 SH   SOLE   0 0 24,433
American Tower-A COM 03027X100 342 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 3,524 18,903 SH   SOLE   0 0 18,903
Annaly Capital M COM 035710409 165 13,500 SH   DFND   13,500 0 0
Apple Inc COM 037833100 275 1,783 SH   SOLE   0 0 1,783
Artesian Resource Corp COM 043113208 3,294 87,149 SH   SOLE   0 0 87,149
Astrazeneca-Adr ADR 046353108 271 8,000 SH   DFND   8,000 0 0
Avalonbay Commun COM 053484101 232 1,300 SH   DFND   1,300 0 0
Bank Of America Corporation COM 060505104 499 19,688 SH   SOLE   0 0 19,688
Blackrock Intern L Grth & Inc Common COM 092524107 3,293 501,912 SH   SOLE   0 0 501,912
Blackrock Muniyield Qty Iii COM 09254E103 1,155 80,576 SH   SOLE   0 0 80,576
Blue Capital Reisurance COM G1190F107 230 14,000 SH   DFND   14,000 0 0
Bok Financial Corp COM 05561Q201 334 3,751 SH   SOLE   0 0 3,751
Boston Propertie COM 101121101 301 2,450 SH   DFND   2,450 0 0
Bp Plc-Adr ADR 055622104 492 12,815 SH   DFND   12,815 0 0
Briggs & Strattn COM 109043109 235 10,000 SH   DFND   10,000 0 0
Cemex Sab-Sp Adr ADR 151290889 261 28,775 SH   DFND   28,775 0 0
Chase Corp COM 16150R104 6,302 56,569 SH   SOLE   0 0 56,569
Chevron Corp COM 166764100 294 2,500 SH   DFND   2,500 0 0
Cimarex Energy Co COM 171798101 3,297 29,005 SH   SOLE   0 0 29,005
Coca-Cola Co COM 191216100 362 8,052 SH   SOLE   0 0 8,052
Compania Cervecerias -Adr ADR 204429104 388 14,401 SH   DFND   14,401 0 0
Consumer Discret Sel Sect Spdr ETF COM 81369Y407 3,726 41,358 SH   SOLE   0 0 41,358
Consumer Staples Select Sector Spdr ETF COM 81369Y308 3,451 63,940 SH   SOLE   0 0 63,940
Covanta Holding Corp COM 22282E102 2,365 159,226 SH   SOLE   0 0 159,226
Csx Corp COM 126408103 3,814 70,292 SH   SOLE   0 0 70,292
Cvs Health Corp COM 126650100 1,301 15,993 SH   SOLE   0 0 15,993
Dentsply Sirona Inc COM 24906P109 299 5,000 SH   DFND   5,000 0 0
Diageo Plc-Adr ADR 25243Q205 370 2,800 SH   DFND   2,800 0 0
Eastgroup Prop COM 277276101 264 3,000 SH   DFND   3,000 0 0
Energy Select Sector Spdr ETF COM 81369Y506 3,070 44,824 SH   SOLE   0 0 44,824
Enterprise Products Partners Lp COM 293792107 1,964 75,325 SH   SOLE   0 0 75,325
Essex Property COM 297178105 229 900 SH   DFND   900 0 0
Everest Re Group Ltd COM G3223R108 2,842 12,444 SH   SOLE   0 0 12,444
Extra Space Stor COM 30225T102 408 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 2,396 29,224 SH   SOLE   0 0 29,224
First Financial Bankshares Inc ADR 32020R109 218 4,828 SH   SOLE   0 0 4,828
Flowers Foods Inc COM 343498101 1,478 78,595 SH   SOLE   0 0 78,595
Glaxosmithkl-Adr ADR 37733W105 264 6,500 SH   DFND   6,500 0 0
Global X Msci Nigeria ETF ADR 37954Y665 235 11,100 SH   DFND   11,100 0 0
Goldman Sachs Activebeta Intl Eq ETF COM 381430107 4,440 153,040 SH   SOLE   0 0 153,040
Group 1 Automoti COM 398905109 290 4,000 SH   DFND   4,000 0 0
Grupo Aeroportuario - Adr ADR 40051E202 248 1,300 SH   DFND   1,300 0 0
Grupo Televisa - Adr ADR 40049J206 370 15,000 SH   DFND   15,000 0 0
Guggenheim Bulletshrs 2022 Corp Bd ETF COM 18383M258 958 44,736 SH   SOLE   0 0 44,736
Guggenheim Bulletshrs2018 Corp Bd ETF COM 18383M530 580 27,353 SH   SOLE   0 0 27,353
Guggenheim Bulletshrs2018 Hy Corpbd ETF COM 18383M381 4,982 196,677 SH   SOLE   0 0 196,677
Guggenheim Bulletshrs2019 Corp Bd ETF COM 18383M522 4,107 193,257 SH   SOLE   0 0 193,257
Guggenheim Bulletshrs2020 Corp Bd ETF ADR 18383M514 4,468 207,709 SH   SOLE   0 0 207,709
Guggenheim Bulletshrs2021 Corp Bd ETF COM 18383M266 4,089 191,420 SH   SOLE   0 0 191,420
Guggenheim China COM 18383Q861 252 8,500 SH   DFND   8,500 0 0
Guggenheim S&P 500 Eq Weight Hc ETF COM 78355W841 4,166 23,776 SH   SOLE   0 0 23,776
Guggenheim S&P 500 Equal Weight ETF COM 78355W106 2,448 25,622 SH   SOLE   0 0 25,622
Guggenheim S&P Global Water Index ETF COM 18383Q507 1,934 56,199 SH   SOLE   0 0 56,199
Halliburton Co COM 406216101 276 6,000 SH   DFND   6,000 0 0
Hdfc Bank Ltd - Adr ADR 40415F101 385 4,000 SH   DFND   4,000 0 0
Ingles Markets Inc COM 457030104 2,280 88,727 SH   SOLE   0 0 88,727
Inseego Corp COM 149123101 18 12,000 SH   SOLE   0 0 12,000
Intercontinental Hotels COM 45857P707 228 4,319 SH   DFND   4,319 0 0
International Business Machines Corp COM 459200101 206 1,417 SH   SOLE   0 0 1,417
Invesco Muni Opps. Trust Common COM 46132C107 1,168 89,772 SH   SOLE   0 0 89,772
Ishares 0-5 Year High Yield Corp Bd ADR 46434V407 2,298 48,040 SH   SOLE   0 0 48,040
Ishares Cali Amt-Free Muni Bond ADR 464288356 490 4,138 SH   SOLE   0 0 4,138
Ishares Cohen & Steers Reit ADR 464287564 3,256 32,354 SH   SOLE   0 0 32,354
Ishares Core S&P Mid-Cap COM 464287507 3,898 21,788 SH   SOLE   0 0 21,788
Ishares Core Us Aggregate Bond COM 464287226 598 5,460 SH   SOLE   0 0 5,460
Ishares Floating Rate Bond COM 46429B655 5,035 98,839 SH   SOLE   0 0 98,839
Ishares Global Healthcare COM 464287325 3,387 30,115 SH   SOLE   0 0 30,115
Ishares Iboxx $ Invst Grade Crp Bond COM 464287242 495 4,081 SH   SOLE   0 0 4,081
Ishares Mbs COM 464288588 429 4,003 SH   SOLE   0 0 4,003
Ishares Msci Eafe COM 464287465 2,169 31,674 SH   SOLE   0 0 31,674
Ishares Msci Eafe Small-Cap COM 464288273 4,140 66,775 SH   SOLE   0 0 66,775
Ishares Msci Emu ADR 464286608 3,608 83,278 SH   SOLE   0 0 83,278
Ishares National Amt-Free Muni Bond COM 464288414 1,300 11,726 SH   SOLE   0 0 11,726
Ishares Russell 1000 COM 464287622 1,525 10,900 SH   SOLE   0 0 10,900
Ishares Russell 2000 COM 464287655 1,521 10,266 SH   SOLE   0 0 10,266
Ishares Russell Mid-Cap COM 464287499 1,515 7,682 SH   SOLE   0 0 7,682
Ishares Select Dividend COM 464287168 3,389 36,187 SH   SOLE   0 0 36,187
Ishares Short-Term National Muni Bond COM 464288158 654 6,170 SH   SOLE   0 0 6,170
James Hardie Ind Plc Adr ADR 47030M106 352 25,000 SH   DFND   25,000 0 0
Jh Financial Opportunities Common ADR 409735206 3,977 106,745 SH   SOLE   0 0 106,745
Jhancock Multifactor Large Cap ETF COM 47804J107 533 16,240 SH   SOLE   0 0 16,240
Johnson & Johnson COM 478160104 2,604 20,028 SH   SOLE   0 0 20,028
Kvh Industries COM 482738101 359 30,000 SH   DFND   30,000 0 0
Lennox Intl Inc COM 526107107 304 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 290 5,000 SH   DFND   5,000 0 0
Lowe S Companies Inc COM 548661107 2,038 25,500 SH   SOLE   0 0 25,500
Lowe'S Cos Inc COM 548661107 208 2,600 SH   DFND   2,600 0 0
Luby'S Inc COM 549282101 87 32,994 SH   DFND   32,994 0 0
Maiden Holdings Ltd COM G5753U112 159 20,000 SH   DFND   20,000 0 0
Market Vectors Africa COM 92189F866 240 10,340 SH   DFND   10,340 0 0
Metlife Inc COM 59156R108 1,853 35,678 SH   SOLE   0 0 35,678
Miller Ind Inc/Tenn COM 600551204 503 18,000 SH   DFND   18,000 0 0
National Western Life Insurance ADR 638517102 3,872 11,095 SH   SOLE   0 0 11,095
Netapp Inc COM 64110D104 394 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 447 5,500 SH   DFND   5,500 0 0
Norfolk Southern COM 655844108 463 3,500 SH   DFND   3,500 0 0
Northwestern Corp ADR 668074305 2,257 39,635 SH   SOLE   0 0 39,635
Novartis Ag COM 66987V109 2,107 24,547 SH   SOLE   0 0 24,547
Nuveen Intermediate Duration Muni Term ADR 670671106 1,603 119,802 SH   SOLE   0 0 119,802
Old Republic International Corp COM 680223104 1,369 69,548 SH   SOLE   0 0 69,548
Pearson Plc COM 705015105 163 20,000 SH   DFND   20,000 0 0
Phillips 66 Com COM 718546104 1,516 16,550 SH   SOLE   0 0 16,550
Pilgrim'S Pride Corp COM 72147K108 244 8,600 SH   DFND   8,600 0 0
Pimco Enhanced Short Maturity ETF COM 72201R833 5,178 50,860 SH   SOLE   0 0 50,860
Powershares International Corp Bd ETF COM 73936Q835 4,200 155,290 SH   SOLE   0 0 155,290
Procter & Gamble COM 742718109 318 3,500 SH   DFND   3,500 0 0
Pub Serv Enterp COM 744573106 370 8,000 SH   DFND   8,000 0 0
Qualcomm Inc COM 747525103 255 4,919 SH   SOLE   0 0 4,919
Regions Financial Corp COM 7591EP100 274 18,000 SH   DFND   18,000 0 0
Rgc Resources COM 74955L103 1,012 35,415 SH   SOLE   0 0 35,415
Royce Micro Cap Trust Common COM 780915104 3,204 341,561 SH   SOLE   0 0 341,561
Royce Value Trust Common COM 780910105 225 14,224 SH   SOLE   0 0 14,224
Sba Communications Corp COM 78410G104 288 2,000 SH   DFND   2,000 0 0
Schwab Emerging Markets Equity ETF COM 808524706 307 11,423 SH   SOLE   0 0 11,423
Schwab International Equity ETF COM 808524805 1,269 37,903 SH   SOLE   0 0 37,903
Schwab Us Aggregate Bond ETF COM 808524839 2,531 48,339 SH   SOLE   0 0 48,339
Schwab Us Mid-Cap ETF COM 808524508 1,383 27,602 SH   SOLE   0 0 27,602
Schwab Us Small-Cap ETF COM 808524607 1,381 20,506 SH   SOLE   0 0 20,506
Skyworks Solutio COM 83088M102 408 4,000 SH   DFND   4,000 0 0
Sl Green Realty COM 78440X101 276 2,720 SH   DFND   2,720 0 0
Spdr Barclays Short Term Corp Bd ETF COM 78464A474 5,193 169,325 SH   SOLE   0 0 169,325
Spdr S&P Midcap 400 ETF COM 78467Y107 464 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,529 17,804 SH   SOLE   0 0 17,804
Teva Pharm-Adr ADR 881624209 282 16,000 SH   DFND   16,000 0 0
Texas Instruments Inc COM 882508104 224 2,500 SH   SOLE   0 0 2,500
Thermo Fisher COM 883556102 378 2,000 SH   DFND   2,000 0 0
Twenty-First Century Fox Inc COM 90130A101 364 13,788 SH   SOLE   0 0 13,788
Tyson Foods Inc COM 902494103 1,534 21,776 SH   SOLE   0 0 21,776
Udr Inc COM 902653104 378 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 531 9,000 SH   DFND   9,000 0 0
United Therapeut COM 91307C102 322 2,750 SH   DFND   2,750 0 0
Valmont Industries Inc COM 920253101 3,792 23,987 SH   SOLE   0 0 23,987
Vanguard Ftse Developed Markets ETF COM 921943858 4,749 109,398 SH   SOLE   0 0 109,398
Vanguard Ftse Emerging Markets ETF COM 922042858 220 5,049 SH   SOLE   0 0 5,049
Vanguard Information Technology ETF COM 92204A702 7,155 47,074 SH   SOLE   0 0 47,074
Vanguard S&P 500 ETF COM 922908363 279 1,210 SH   SOLE   0 0 1,210
Vanguard Total Bond Market ETF COM 921937835 368 4,490 SH   SOLE   0 0 4,490
Verizon Communications Inc COM 92343V104 2,183 44,111 SH   SOLE   0 0 44,111
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,673 156,238 SH   SOLE   0 0 156,238
Voya Financial Inc COM 929089100 2,117 53,080 SH   SOLE   0 0 53,080
Vulcan Materials COM 929160109 215 1,800 SH   DFND   1,800 0 0
Wells Fargo & Co COM 949746101 450 8,161 SH   DFND   8,161 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,689 257,202 SH   SOLE   0 0 257,202
Western Asset High Income Opp COM 95766K109 4,771 930,091 SH   SOLE   0 0 930,091
Wgl Holdings Inc COM 92924F106 4,195 49,818 SH   SOLE   0 0 49,818
Williams Companies Inc COM 969457100 1,474 49,110 SH   SOLE   0 0 49,110
Wp Carey Inc COM 92936U109 301 4,470 SH   DFND   4,470 0 0
Wpx Energy Inc COM 98212B103 264 22,944 SH   SOLE   0 0 22,944