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 4,275 18,162 SH   SOLE   0 0 18,162
Aetna Inc COM 00817Y108 2,199 12,191 SH   SOLE   0 0 12,191
Alexandria Real COM 015271109 242 1,850 SH   DFND   1,850 0 0
Allstate Corp COM 020002101 2,515 24,022 SH   SOLE   0 0 24,022
Altria Group Inc COM 02209S103 209 2,925 SH   SOLE   0 0 2,925
Amazon.Com Inc COM 023135106 260 222 SH   SOLE   0 0 222
American Tower-A COM 03027X100 357 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 3,329 19,142 SH   SOLE   0 0 19,142
Annaly Capital M COM 035710409 161 13,500 SH   DFND   13,500 0 0
Apple Inc COM 037833100 699 4,128 SH   SOLE   0 0 4,128
Artesian Resource Corp COM 043113208 3,365 87,275 SH   SOLE   0 0 87,275
Astrazeneca-Adr ADR 046353108 278 8,000 SH   DFND   8,000 0 0
Avalonbay Commun COM 053484101 232 1,300 SH   DFND   1,300 0 0
Banco Santan-Adr ADR 05964H105 131 20,000 SH   DFND   20,000 0 0
Bank Of America Corporation COM 060505104 581 19,688 SH   SOLE   0 0 19,688
Blackrock Intern L Grth & Inc Common COM 092524107 3,283 503,515 SH   SOLE   0 0 503,515
Blackrock Muniyield Qty Iii COM 09254E103 1,117 80,918 SH   SOLE   0 0 80,918
Blue Capital Reisurance COM G1190F107 169 14,000 SH   DFND   14,000 0 0
Boston Propertie COM 101121101 319 2,450 SH   DFND   2,450 0 0
Bp Plc-Adr ADR 055622104 539 12,815 SH   DFND   12,815 0 0
Briggs & Strattn COM 109043109 254 10,000 SH   DFND   10,000 0 0
Chase Corp COM 16150R104 6,799 56,427 SH   SOLE   0 0 56,427
Chevron Corp COM 166764100 313 2,500 SH   DFND   2,500 0 0
Cimarex Energy Co COM 171798101 3,539 29,005 SH   SOLE   0 0 29,005
Coca-Cola Co COM 191216100 372 8,116 SH   SOLE   0 0 8,116
Compania Cervecerias -Adr ADR 204429104 426 14,401 SH   DFND   14,401 0 0
Consumer Discret Sel Sect Spdr(R) Etf ADR 81369Y407 4,088 41,424 SH   SOLE   0 0 41,424
Consumer Staples Select Sector Spdr(R) Etf COM 81369Y308 3,610 63,455 SH   SOLE   0 0 63,455
Copa Holdings Sa COM P31076105 201 1,500 SH   DFND   1,500 0 0
Covanta Holding Corp COM 22282E102 2,687 158,971 SH   SOLE   0 0 158,971
Crown Castle Int COM 22822V101 222 2,000 SH   DFND   2,000 0 0
Csx Corp COM 126408103 3,861 70,184 SH   SOLE   0 0 70,184
Cvs Health Corp COM 126650100 1,119 15,428 SH   SOLE   0 0 15,428
Dentsply Sirona Inc COM 24906P109 329 5,000 SH   DFND   5,000 0 0
Diageo Plc-Adr ADR 25243Q205 409 2,800 SH   DFND   2,800 0 0
Digital Realty COM 253868103 244 2,141 SH   DFND   2,141 0 0
Eastgroup Prop COM 277276101 265 3,000 SH   DFND   3,000 0 0
Energy Select Sector Spdr(R) Etf COM 81369Y506 2,835 39,232 SH   SOLE   0 0 39,232
Enterprise Products Partners Lp COM 293792107 1,985 74,882 SH   SOLE   0 0 74,882
Equinix Inc COM 29444U700 332 732 SH   DFND   732 0 0
Essex Property COM 297178105 217 900 SH   DFND   900 0 0
Ev Municipal Bond COM 27827X101 391 31,270 SH   SOLE   0 0 31,270
Everest Re Group Ltd COM G3223R108 2,754 12,446 SH   SOLE   0 0 12,446
Extra Space Stor COM 30225T102 446 5,100 SH   DFND   5,100 0 0
Exxon Mobil Corporation COM 30231G102 2,397 28,657 SH   SOLE   0 0 28,657
Flowers Foods Inc COM 343498101 1,491 77,220 SH   SOLE   0 0 77,220
Glaxosmithkl-Adr COM 37733W105 231 6,500 SH   DFND   6,500 0 0
Goldman Sachs Activebeta(R) Intl Eq Etf COM 381430107 5,523 184,107 SH   SOLE   0 0 184,107
Goldman Sachs Activebeta(R) Us Lgcp Eq Etf COM 381430503 894 16,756 SH   SOLE   0 0 16,756
Group 1 Automoti COM 398905109 284 4,000 SH   DFND   4,000 0 0
Grupo Televisa - Adr ADR 40049J206 280 15,000 SH   DFND   15,000 0 0
Guggenheim Bulletshrs 2022 Corp Bd Etf COM 18383M258 974 46,011 SH   SOLE   0 0 46,011
Guggenheim Bulletshrs(R)2018 Corp Bd Etf COM 18383M530 658 31,197 SH   SOLE   0 0 31,197
Guggenheim Bulletshrs(R)2018 Hy Corpbd Etf COM 18383M381 5,051 201,245 SH   SOLE   0 0 201,245
Guggenheim Bulletshrs(R)2019 Corp Bd Etf COM 18383M522 4,095 194,219 SH   SOLE   0 0 194,219
Guggenheim Bulletshrs(R)2020 Corp Bd Etf COM 18383M514 4,474 210,155 SH   SOLE   0 0 210,155
Guggenheim Bulletshrs(R)2021 Corp Bd Etf COM 18383M266 4,103 194,185 SH   SOLE   0 0 194,185
Guggenheim China COM 18383Q861 244 8,500 SH   DFND   8,500 0 0
Guggenheim S&P 500(R) Eq Weight Hc Etf COM 78355W841 3,921 21,832 SH   SOLE   0 0 21,832
Guggenheim S&P 500(R) Equal Weight Etf COM 78355W106 2,982 29,517 SH   SOLE   0 0 29,517
Guggenheim S&P Global Water Index Etf COM 18383Q507 1,998 56,219 SH   SOLE   0 0 56,219
Halliburton Co COM 406216101 293 6,000 SH   DFND   6,000 0 0
Hdfc Bank Ltd - Adr ADR 40415F101 407 4,000 SH   DFND   4,000 0 0
Ingles Markets Inc COM 457030104 3,044 87,989 SH   SOLE   0 0 87,989
International Business Machines Corp COM 459200101 217 1,417 SH   SOLE   0 0 1,417
Invesco Muni Opps. Trust Common COM 46132C107 1,119 90,219 SH   SOLE   0 0 90,219
Ishares 0-5 Year High Yield Corp Bd COM 46434V407 2,300 48,791 SH   SOLE   0 0 48,791
Ishares Cali Amt-Free Muni Bond COM 464288356 572 9,676 SH   SOLE   0 0 9,676
Ishares Cohen & Steers Reit COM 464287564 2,850 28,132 SH   SOLE   0 0 28,132
Ishares Core S&P Mid-Cap COM 464287507 4,124 21,731 SH   SOLE   0 0 21,731
Ishares Core Us Aggregate Bond COM 464287226 652 5,962 SH   SOLE   0 0 5,962
Ishares Floating Rate Bond COM 46429B655 4,998 98,350 SH   SOLE   0 0 98,350
Ishares Global Healthcare COM 464287325 3,347 29,747 SH   SOLE   0 0 29,747
Ishares Iboxx $ Invst Grade Crp Bond COM 464287242 595 4,892 SH   SOLE   0 0 4,892
Ishares Mbs COM 464288588 527 4,947 SH   SOLE   0 0 4,947
Ishares Msci Eafe COM 464287465 1,557 22,151 SH   SOLE   0 0 22,151
Ishares Msci Eafe Small-Cap COM 464288273 4,317 66,926 SH   SOLE   0 0 66,926
Ishares Msci Emu COM 464286608 3,641 83,937 SH   SOLE   0 0 83,937
Ishares National Amt-Free Muni Bond COM 464288414 1,426 12,875 SH   SOLE   0 0 12,875
Ishares Russell 1000 COM 464287622 1,621 10,908 SH   SOLE   0 0 10,908
Ishares Russell 2000 COM 464287655 728 4,773 SH   SOLE   0 0 4,773
Ishares Russell Mid-Cap COM 464287499 1,238 5,946 SH   SOLE   0 0 5,946
Ishares Select Dividend COM 464287168 3,558 36,100 SH   SOLE   0 0 36,100
Ishares Short-Term National Muni Bond COM 464288158 633 6,040 SH   SOLE   0 0 6,040
Jh Financial Opportunities Common COM 409735206 4,107 104,417 SH   SOLE   0 0 104,417
Jhancock Multifactor Large Cap Etf COM 47804J107 595 17,106 SH   SOLE   0 0 17,106
Johnson & Johnson COM 478160104 3,003 21,496 SH   SOLE   0 0 21,496
Kvh Industries COM 482738101 311 30,000 SH   DFND   30,000 0 0
Lennox Intl Inc COM 526107107 354 1,700 SH   DFND   1,700 0 0
Lifepoint Hospit COM 53219L109 249 5,000 SH   DFND   5,000 0 0
Lowe S Companies Inc COM 548661107 2,210 23,779 SH   SOLE   0 0 23,779
Lowe'S Cos Inc COM 548661107 242 2,600 SH   DFND   2,600 0 0
Maiden Holdings Ltd COM G5753U112 132 20,000 SH   DFND   20,000 0 0
Market Vectors Africa COM 92189F866 257 10,340 SH   DFND   10,340 0 0
Metlife Inc COM 59156R108 1,807 35,732 SH   SOLE   0 0 35,732
Miller Ind Inc/Tenn COM 600551204 464 18,000 SH   DFND   18,000 0 0
National Western Life Insurance COM 638517102 3,682 11,124 SH   SOLE   0 0 11,124
Netapp Inc COM 64110D104 498 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 506 5,500 SH   DFND   5,500 0 0
Norfolk Southern COM 655844108 507 3,500 SH   DFND   3,500 0 0
Northwestern Corp COM 668074305 2,323 38,909 SH   SOLE   0 0 38,909
Novartis Ag COM 66987V109 2,052 24,437 SH   SOLE   0 0 24,437
Nuveen Intermediate Duration Muni Term COM 670671106 1,526 117,472 SH   SOLE   0 0 117,472
Old Republic International Corp COM 680223104 1,456 68,117 SH   SOLE   0 0 68,117
Pearson Plc COM 705015105 196 20,000 SH   DFND   20,000 0 0
Philip Morris International Inc ADR 718172109 203 1,925 SH   SOLE   0 0 1,925
Phillips 66 Com COM 718546104 1,677 16,578 SH   SOLE   0 0 16,578
Pilgrim'S Pride Corp COM 72147K108 267 8,600 SH   DFND   8,600 0 0
Pimco Enhanced Short Maturity Etf COM 72201R833 5,169 50,900 SH   SOLE   0 0 50,900
Powershares International Corp Bd Etf COM 73936Q835 4,305 156,047 SH   SOLE   0 0 156,047
Procter & Gamble COM 742718109 322 3,500 SH   DFND   3,500 0 0
Qualcomm Inc COM 747525103 318 4,962 SH   SOLE   0 0 4,962
Regions Financial Corp COM 7591EP100 311 18,000 SH   DFND   18,000 0 0
Rgc Resources COM 74955L103 928 34,269 SH   SOLE   0 0 34,269
Royce Micro Cap Trust Common COM 780915104 3,229 342,022 SH   SOLE   0 0 342,022
Royce Value Trust Common COM 780910105 207 12,822 SH   SOLE   0 0 12,822
Ryman Hospitality Prop COM 78377T107 209 3,024 SH   DFND   3,024 0 0
Sba Communications Corp COM 78410G104 327 2,000 SH   DFND   2,000 0 0
Schwab Emerging Markets Equity Etf(TM) COM 808524706 324 11,608 SH   SOLE   0 0 11,608
Schwab International Equity Etf(TM) ADR 808524805 1,316 38,638 SH   SOLE   0 0 38,638
Schwab Us Aggregate Bond Etf(TM) ADR 808524839 2,606 50,076 SH   SOLE   0 0 50,076
Schwab Us Mid-Cap Etf(TM) COM 808524508 1,488 27,927 SH   SOLE   0 0 27,927
Schwab Us Small-Cap Etf(TM) COM 808524607 1,448 20,760 SH   SOLE   0 0 20,760
Skyworks Solutio COM 83088M102 380 4,000 SH   DFND   4,000 0 0
Sl Green Realty COM 78440X101 275 2,720 SH   DFND   2,720 0 0
Sony Corp Adr COM 835699307 225 5,000 SH   DFND   5,000 0 0
Spdr(R) Blmbg Barclays St Corp Bd Etf COM 78464A474 5,204 171,072 SH   SOLE   0 0 171,072
Spdr(R) S&P Midcap 400 Etf COM 78467Y107 492 1,423 SH   SOLE   0 0 1,423
Stryker Corporation COM 863667101 2,750 17,761 SH   SOLE   0 0 17,761
Teva Pharm-Adr ADR 881624209 303 16,000 SH   DFND   16,000 0 0
Texas Instruments Inc COM 882508104 265 2,541 SH   SOLE   0 0 2,541
Thermo Fisher COM 883556102 380 2,000 SH   DFND   2,000 0 0
Toll Brothers COM 889478103 216 4,500 SH   DFND   4,500 0 0
Twenty-First Century Fox Inc COM 90130A101 476 13,788 SH   SOLE   0 0 13,788
Tyson Foods Inc COM 902494103 1,769 21,826 SH   SOLE   0 0 21,826
Udr Inc COM 902653104 383 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 507 9,000 SH   DFND   9,000 0 0
United Therapeut COM 91307C102 407 2,750 SH   DFND   2,750 0 0
Valmont Industries Inc COM 920253101 3,985 24,028 SH   SOLE   0 0 24,028
Vanguard Energy Etf COM 92204A306 211 2,130 SH   SOLE   0 0 2,130
Vanguard Ftse Developed Markets Etf COM 921943858 6,308 140,621 SH   SOLE   0 0 140,621
Vanguard Ftse Emerging Markets Etf COM 922042858 455 9,905 SH   SOLE   0 0 9,905
Vanguard High Dividend Yield Etf COM 921946406 406 4,746 SH   SOLE   0 0 4,746
Vanguard Information Technology Etf COM 92204A702 7,376 44,775 SH   SOLE   0 0 44,775
Vanguard S&P 500 Etf COM 922908363 297 1,210 SH   SOLE   0 0 1,210
Vanguard Total Bond Market Etf COM 921937835 366 4,490 SH   SOLE   0 0 4,490
Verizon Communications Inc COM 92343V104 348 6,573 SH   SOLE   0 0 6,573
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,634 155,941 SH   SOLE   0 0 155,941
Voya Financial Inc COM 929089100 2,624 53,050 SH   SOLE   0 0 53,050
Vulcan Materials COM 929160109 231 1,800 SH   DFND   1,800 0 0
Wells Fargo & Co COM 949746101 495 8,161 SH   DFND   8,161 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,675 259,738 SH   SOLE   0 0 259,738
Western Asset High Income Opp COM 95766K109 4,781 943,078 SH   SOLE   0 0 943,078
Wgl Holdings Inc COM 92924F106 4,191 48,818 SH   SOLE   0 0 48,818
Williams Companies Inc COM 969457100 1,500 49,209 SH   SOLE   0 0 49,209
Wp Carey Inc COM 92936U109 308 4,470 SH   DFND   4,470 0 0
Wpx Energy Inc COM 98212B103 323 22,944 SH   SOLE   0 0 22,944