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 176 27,700 SH   SOLE   0 0 27,700
3M CO COM 88579Y101 2,029 12,348 SH   SOLE   0 0 12,348
ABB Ltd ADR 000375204 1,235 58,410 SH   SOLE   0 0 58,410
AGCO CORP COM 001084102 226 5,000 SH   DFND   5,000 0 0
ALTO PALERMO S.A.-ADR ADR 02151P107 250 11,500 SH   DFND   11,500 0 0
AMAZON.COM INC COM 023135106 279 900 SH   DFND   900 0 0
AMERICAN TOWER CORP COM 03027X100 247 2,500 SH   DFND   2,500 0 0
AMGEN INC COM 031162100 2,721 17,080 SH   SOLE   0 0 17,080
ANALOG DEVICES INC ADR 032654105 1,768 31,840 SH   SOLE   0 0 31,840
ARTESIAN RESOURCES CORP-CL A COM 043113208 1,309 57,933 SH   SOLE   0 0 57,933
AVALONBAY COMMUNITIES INC COM 053484101 220 1,347 SH   DFND   1,347 0 0
BANCO SANTANDER SA-SPON ADR ADR 05964H105 297 35,642 SH   DFND   35,642 0 0
BHP BILLITON ADR 088606108 1,235 26,105 SH   SOLE   0 0 26,105
BIG 5 SPORTING GOODS CORP COM 08915P101 234 16,000 SH   DFND   16,000 0 0
BLACKROCK INTERNATIONAL GROWTH AND INCOME TRUST COM 092524107 1,399 207,580 SH   SOLE   0 0 207,580
BOK FINANCIAL CORPORATION COM 05561Q201 225 3,751 SH   SOLE   0 0 3,751
BOSTON PROPERTIES INC COM 101121101 322 2,500 SH   DFND   2,500 0 0
CALPINE CORP COM 131347304 221 10,000 SH   DFND   10,000 0 0
CAMPUS CREST COMMUNITIES INC COM 13466Y105 80 11,000 SH   DFND   11,000 0 0
CEMEX SAB-SPONS ADR PART CER ADR 151290889 261 25,582 SH   DFND   25,582 0 0
CHASE CORP COM 16150R104 2,067 57,441 SH   SOLE   0 0 57,441
CIA CERVECERIAS UNI-SPON ADR ADR 204429104 278 15,000 SH   DFND   15,000 0 0
CIMAREX ENERGY CO COM 171798101 2,866 27,038 SH   SOLE   0 0 27,038
COCA-COLA CO/THE COM 191216100 391 9,268 SH   SOLE   0 0 9,268
CONMED CORP COM 207410101 572 12,720 SH   DFND   12,720 0 0
CONSUMER DISCRETIONARY SELT COM 81369Y407 3,144 43,575 SH   SOLE   0 0 43,575
CONSUMER STAPLES SPDR ADR 81369Y308 4,746 97,884 SH   SOLE   0 0 97,884
CSI COMPRESSCO LP COM UNIT COM 12637A103 932 70,983 SH   SOLE   0 0 70,983
DENTSPLY INTERNATIONAL INC COM 249030107 463 8,700 SH   DFND   8,700 0 0
DIAGEO PLC-SPONSORED ADR ADR 25243Q205 228 2,000 SH   DFND   2,000 0 0
EATON VANCE SHORT DUR DIV IN COM 27828V104 2,948 208,354 SH   SOLE   0 0 208,354
EBAY INC COM 278642103 224 4,000 SH   DFND   4,000 0 0
ENCANA CORP ADR 292505104 139 10,000 SH   DFND   10,000 0 0
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,095 39,097 SH   SOLE   0 0 39,097
ENTERPRISE PRODUCTS PARTNERS COM 293792107 2,693 74,564 SH   SOLE   0 0 74,564
EQUITY RESIDENTIAL COM 29476L107 409 5,700 SH   DFND   5,700 0 0
EVEREST RE GROUP LTD COM G3223R108 2,802 16,451 SH   SOLE   0 0 16,451
EXTRA SPACE STORAGE INC COM 30225T102 375 6,400 SH   DFND   6,400 0 0
EXXON MOBIL CORP COM 30231G102 2,842 30,741 SH   SOLE   0 0 30,741
FIRST FINANCIAL BANKSHARES COM 32020R109 284 9,500 SH   SOLE   0 0 9,500
GAFISA SA-ADR ADR 362607301 18 12,000 SH   DFND   12,000 0 0
GOODRICH PETROLEUM CORP COM 382410405 89 20,000 SH   DFND   20,000 0 0
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 511 15,000 SH   DFND   15,000 0 0
GUGGENHEIM BULLETSHARES 2018 COM 18383M530 568 26,887 SH   SOLE   0 0 26,887
GUGGENHEIM BULLETSHARES 2020 COM 18383M514 527 24,994 SH   SOLE   0 0 24,994
GUGGENHEIM S&P 500 EQUAL WEIGHT COM 78355W106 3,806 47,545 SH   SOLE   0 0 47,545
GUGGENHEIM S&P 500 EQUAL WEIGHT HEALTHCARE COM 78355W841 3,414 23,946 SH   SOLE   0 0 23,946
HDFC BANK LTD-ADR ADR 40415F101 305 6,000 SH   DFND   6,000 0 0
HOST HOTELS & RESORTS INC COM 44107P104 364 15,317 SH   DFND   15,317 0 0
HUNTINGTON BANCSHARES INC COM 446150104 210 20,000 SH   DFND   20,000 0 0
INGLES MARKETS INC-CLASS A COM 457030104 4,846 130,651 SH   SOLE   0 0 130,651
INTEGRATED SILICON SOLUTION COM 45812P107 365 22,000 SH   DFND   22,000 0 0
INTEL CORP COM 458140100 552 15,205 SH   SOLE   0 0 15,205
INTERCONTINENTAL HOTELS-ADR ADR 45857P509 345 8,615 SH   DFND   8,615 0 0
INTERCONTINENTAL HOTELS-ADR ADR 45857P509 217 5,414 SH   DFND   5,414 0 0
INTL BUSINESS MACHINES CORP COM 459200101 322 2,006 SH   SOLE   0 0 2,006
ISHARES -3 YEAR INTERNATIONA COM 464288125 2,806 33,208 SH   SOLE   0 0 33,208
ISHARES CALIFORNIA AMT-FREE COM 464288356 402 3,410 SH   SOLE   0 0 3,410
ISHARES COHEN & STEERS REIT COM 464287564 2,592 26,762 SH   SOLE   0 0 26,762
ISHARES CORE S&P MIDCAP ETF COM 464287507 1,938 13,383 SH   SOLE   0 0 13,383
ISHARES FLOATING RATE BOND E COM 46429B655 4,811 95,197 SH   SOLE   0 0 95,197
ISHARES GLOBAL HEALTHCARE ET COM 464287325 3,577 35,928 SH   SOLE   0 0 35,928
ISHARES IBOXX INVESTMENT GRA COM 464287242 614 5,142 SH   SOLE   0 0 5,142
ISHARES INTERNATIONAL TREASU COM 464288117 3,784 39,103 SH   SOLE   0 0 39,103
ISHARES MSCI ALL COUNTRY ASI COM 464288182 244 4,000 SH   DFND   4,000 0 0
ISHARES MSCI EAFE ETF COM 464287465 6,446 105,958 SH   SOLE   0 0 105,958
ISHARES MSCI EAFE SMALL-CAP COM 464288273 2,285 48,925 SH   SOLE   0 0 48,925
ISHARES MSCI EMERGING MARKET COM 464287234 2,840 72,274 SH   SOLE   0 0 72,274
ISHARES MSCI EMU ETF COM 464286608 538 14,809 SH   SOLE   0 0 14,809
ISHARES MSCI GLOBAL METALS & MINING COM 464286368 1,242 79,395 SH   SOLE   0 0 79,395
ISHARES MSCI SOUTH AFRICA ET COM 464286780 240 3,700 SH   DFND   3,700 0 0
ISHARES RUSSELL 1000 ETF COM 464287622 1,310 11,431 SH   SOLE   0 0 11,431
ISHARES RUSSELL 2000 ETF COM 464287655 1,271 10,624 SH   SOLE   0 0 10,624
ISHARES RUSSELL MID-CAP ETF COM 464287499 1,273 7,622 SH   SOLE   0 0 7,622
ISHARES SELECT DIVIDEND ETF COM 464287168 3,119 39,279 SH   SOLE   0 0 39,279
J.C. PENNEY CO INC COM 708160106 143 22,000 SH   DFND   22,000 0 0
JAMES HARDIE IND PLC-SP ADR ADR 47030M106 272 5,000 SH   DFND   5,000 0 0
JOHN HANCOCK FINANCIAL OPPOR COM 409735206 2,568 109,002 SH   SOLE   0 0 109,002
JOHNSON & JOHNSON COM 478160104 2,827 27,039 SH   SOLE   0 0 27,039
JOHNSON CONTROLS INC COM 478366107 290 6,000 SH   DFND   6,000 0 0
KVH INDUSTRIES INC ADR 482738101 380 30,000 SH   DFND   30,000 0 0
LASALLE HOTEL PROPERTIES COM 517942108 445 11,000 SH   DFND   11,000 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 324 4,500 SH   DFND   4,500 0 0
LLOYDS BANKING GROUP PLC-ADR ADR 539439109 97 21,000 SH   DFND   21,000 0 0
LOWE'S COS INC COM 548661107 250 3,636 SH   SOLE   0 0 3,636
MARKET VECTORS AFRICA INDEX COM 57060U787 268 10,340 SH   DFND   10,340 0 0
MARRIOTT INTERNATIONAL -CL A CL A 571903202 393 5,035 SH   DFND   5,035 0 0
METLIFE INC COM 59156R108 2,510 46,407 SH   SOLE   0 0 46,407
MICROFINANCIAL INC COM 595072109 3,163 309,927 SH   SOLE   0 0 309,927
MILLER INDUSTRIES INC/TENN COM 600551204 291 14,000 SH   DFND   14,000 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 241 20,000 SH   DFND   20,000 0 0
NATL WESTERN LIFE INS-CL A COM 638522102 1,696 6,300 SH   SOLE   0 0 6,300
NEW YORK COMMUNITY BANCORP COM 649445103 160 10,000 SH   DFND   10,000 0 0
NICE SYSTEMS LTD-SPONS ADR ADR 653656108 355 7,000 SH   DFND   7,000 0 0
NIDEC CORPORATION-SPON ADR ADR 654090109 454 28,000 SH   DFND   28,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 438 4,000 SH   DFND   4,000 0 0
NORTHWEST NATURAL GAS CO COM 667655104 250 5,000 SH   DFND   5,000 0 0
NORTHWESTERN CORP COM 668074305 1,994 35,240 SH   SOLE   0 0 35,240
NOVARTIS AG-ADR ADR 66987V109 2,279 24,590 SH   SOLE   0 0 24,590
PEBBLEBROOK HOTEL TRUST COM 70509V100 228 5,000 SH   DFND   5,000 0 0
PENTAIR PLC COM G7S00T104 515 7,760 SH   DFND   7,760 0 0
PIMCO ENHANCED SHORT MATURIT COM 72201R833 5,252 51,966 SH   SOLE   0 0 51,966
POSCO- SPON ADR ADR 693483109 306 4,800 SH   DFND   4,800 0 0
POWERSHARES GLOBAL WATER COM 73936T623 3,041 132,452 SH   SOLE   0 0 132,452
REGIONS FINANCIAL CORP COM 7591EP100 190 18,000 SH   DFND   18,000 0 0
RGC RESOURCES INC COM 74955L103 578 26,284 SH   SOLE   0 0 26,284
ROYCE MICRO-CAP TRUST INC COM 780915104 1,458 144,667 SH   SOLE   0 0 144,667
ROYCE VALUE TRUST COM 780910105 3,265 227,866 SH   SOLE   0 0 227,866
SBA COMMUNICATIONS CORP-CL A ADR 78388J106 222 2,000 SH   DFND   2,000 0 0
SL GREEN REALTY CORP COM 78440X101 357 3,000 SH   DFND   3,000 0 0
SOUTHERN CO COM 842587107 1,693 34,465 SH   SOLE   0 0 34,465
SPDR BARCLAYS SHORT TERM COR COM 78464A474 5,063 165,608 SH   SOLE   0 0 165,608
SPDR MORGAN STANLEY TECHNOLO COM 78464A102 2,640 25,937 SH   SOLE   0 0 25,937
SPDR S&P EMER MKTS DIVIDEND COM 78463X533 1,920 56,299 SH   SOLE   0 0 56,299
SPDR S&P MIDCAP 400 ETF TRST COM 78467Y107 415 1,573 SH   SOLE   0 0 1,573
SPDR S&P OIL & GAS EXP & PR COM 78464A730 2,174 45,419 SH   SOLE   0 0 45,419
STRYKER CORP COM 863667101 1,672 17,720 SH   SOLE   0 0 17,720
SYNCHRONY FINANCIAL COM 87165B103 238 8,000 SH   DFND   8,000 0 0
TORTOISE ENERGY INFRASTRUCTU COM 89147L100 230 5,250 SH   SOLE   0 0 5,250
UDR INC COM 902653104 307 9,951 SH   SOLE   0 0 9,951
ULTRA PETROLEUM CORP COM 903914109 132 10,000 SH   DFND   10,000 0 0
UNILEVER N V -NY SHARES COM 904784709 351 9,000 SH   DFND   9,000 0 0
VALE SA-SP ADR ADR 91912E105 180 22,000 SH   DFND   22,000 0 0
VALMONT INDUSTRIES COM 920253101 2,218 17,463 SH   SOLE   0 0 17,463
VANGUARD FTSE EUROPE ETF COM 922042874 1,632 31,145 SH   SOLE   0 0 31,145
VERIZON COMMUNICATIONS INC COM 92343V104 322 6,874 SH   SOLE   0 0 6,874
VODAFONE GROUP PLC-SP ADR ADR 92857W308 215 6,295 SH   DFND   6,295 0 0
VOYA ASIA PACIFIC HIGH DIVID COM 92912J102 1,143 100,018 SH   SOLE   0 0 100,018
WELLS FARGO & CO COM 949746101 219 4,000 SH   DFND   4,000 0 0
WESTERN ASSET GL CORP DEF OP COM 95790C107 3,823 215,008 SH   SOLE   0 0 215,008
WGL HOLDINGS INC COM 92924F106 2,346 42,947 SH   SOLE   0 0 42,947
WILLIAMS COS INC COM 969457100 3,651 81,233 SH   SOLE   0 0 81,233
WP CAREY INC COM 92936U109 351 5,000 SH   DFND   5,000 0 0
WPX ENERGY INC COM 98212B103 267 22,944 SH   SOLE   0 0 22,944