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 3,967 18,072 SH   SOLE   0 0 18,072
Aetna Inc COM 00817Y108 2,035 12,041 SH   SOLE   0 0 12,041
Alexandria Real COM 015271109 231 1,850 SH   DFND   1,850 0 0
Allegiance Bancshares Inc COM 01748H107 209 5,334 SH   SOLE   0 0 5,334
Allstate Corp COM 020002101 2,246 23,687 SH   SOLE   0 0 23,687
American Tower-A COM 03027X100 363 2,500 SH   DFND   2,500 0 0
Amgen Inc COM 031162100 3,139 18,410 SH   SOLE   0 0 18,410
Annaly Capital Management COM 035710409 141 13,500 SH   DFND   13,500 0 0
Apple Inc COM 037833100 525 3,129 SH   SOLE   0 0 3,129
Apple Inc COM 037833100 503 3,000 SH   DFND   3,000 0 0
Artesian Resource Corp COM 043113208 3,157 86,552 SH   SOLE   0 0 86,552
Astrazeneca-Adr ADR 046353108 280 8,000 SH   DFND   8,000 0 0
Avalonbay Communities COM 053484101 214 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 539 17,988 SH   SOLE   0 0 17,988
BlackRock Intern l Grth & Inc Common COM 092524107 3,105 509,926 SH   SOLE   0 0 509,926
BlackRock MuniYield Qty III COM 09254E103 1,443 114,196 SH   SOLE   0 0 114,196
Blue Capital Reisurance COM G1190F107 171 14,000 SH   DFND   14,000 0 0
Bp Plc-Adr ADR 055622104 520 12,815 SH   DFND   12,815 0 0
Briggs & Strattn COM 109043109 214 10,000 SH   DFND   10,000 0 0
Cemex Sab-Sp Adr ADR 151290889 190 28,775 SH   DFND   28,775 0 0
Chase Corp COM 16150R104 6,475 55,604 SH   SOLE   0 0 55,604
Chevron Corp COM 166764100 285 2,500 SH   DFND   2,500 0 0
Cimarex Energy Co COM 171798101 2,712 29,005 SH   SOLE   0 0 29,005
Coca-Cola Co COM 191216100 340 7,838 SH   SOLE   0 0 7,838
Compania Cervecerias -Adr ADR 204429104 424 14,401 SH   DFND   14,401 0 0
Consumer Discret Sel Sect SPDR(R) ETF COM 81369Y407 4,196 41,426 SH   SOLE   0 0 41,426
Consumer Staples Select Sector SPDR(R) ETF COM 81369Y308 3,346 63,579 SH   SOLE   0 0 63,579
Covanta Holding Corp COM 22282E102 2,324 160,264 SH   SOLE   0 0 160,264
Crown Castle Int COM 22822V101 219 2,000 SH   DFND   2,000 0 0
CSX Corp COM 126408103 3,872 69,496 SH   SOLE   0 0 69,496
CVS Health Corp COM 126650100 944 15,173 SH   SOLE   0 0 15,173
Dentsply Sirona Inc COM 24906P109 252 5,000 SH   DFND   5,000 0 0
Diageo Plc-Adr COM 25243Q205 379 2,800 SH   DFND   2,800 0 0
Digital Realty COM 253868103 226 2,141 SH   DFND   2,141 0 0
Energy Select Sector SPDR(R) ETF COM 81369Y506 2,629 39,005 SH   SOLE   0 0 39,005
Enterprise Products Partners LP COM 293792107 1,825 74,556 SH   SOLE   0 0 74,556
Equinix Inc COM 29444U700 306 732 SH   DFND   732 0 0
Essex Property COM 297178105 217 900 SH   DFND   900 0 0
EV Municipal Bond COM 27827X101 556 47,070 SH   SOLE   0 0 47,070
Everest Re Group Ltd COM G3223R108 3,215 12,519 SH   SOLE   0 0 12,519
Extra Space Stor COM 30225T102 218 2,500 SH   DFND   2,500 0 0
Exxon Mobil Corporation COM 30231G102 2,118 28,383 SH   SOLE   0 0 28,383
Glaxosmithkl-Adr ADR 37733W105 254 6,500 SH   DFND   6,500 0 0
Goldman Sachs ActiveBeta(R) Intl Eq ETF COM 381430107 5,796 194,243 SH   SOLE   0 0 194,243
Goldman Sachs ActiveBeta(R) US LgCp Eq ETF COM 381430503 1,036 19,406 SH   SOLE   0 0 19,406
Group 1 Automoti COM 398905109 261 4,000 SH   DFND   4,000 0 0
Grupo Aeroportuario - Adr ADR 40051E202 222 1,300 SH   DFND   1,300 0 0
Grupo Televisa - Adr ADR 40049J206 239 15,000 SH   DFND   15,000 0 0
Guggenheim BulletShrs 2022 Corp Bd ETF COM 73939W888 1,178 56,706 SH   SOLE   0 0 56,706
Guggenheim BulletShrs 2022 HY CorpBd ETF COM 73939W870 3,458 141,090 SH   SOLE   0 0 141,090
Guggenheim BulletShrs(R)2018 Corp Bd ETF COM 73939W102 702 33,226 SH   SOLE   0 0 33,226
Guggenheim BulletShrs(R)2018 HY CorpBd ETF COM 73939W201 5,162 205,494 SH   SOLE   0 0 205,494
Guggenheim BulletShrs(R)2019 Corp Bd ETF COM 73939W300 4,151 197,838 SH   SOLE   0 0 197,838
Guggenheim BulletShrs(R)2020 Corp Bd ETF COM 73939W508 4,617 219,214 SH   SOLE   0 0 219,214
Guggenheim BulletShrs(R)2021 Corp Bd ETF COM 73939W706 4,071 195,524 SH   SOLE   0 0 195,524
Guggenheim China COM 18383Q861 257 8,500 SH   DFND   8,500 0 0
Guggenheim S&P 500(R) Eq Weight HC ETF COM 739371789 3,929 21,863 SH   SOLE   0 0 21,863
Guggenheim S&P 500(R) Equal Weight ETF COM 739371813 3,015 30,311 SH   SOLE   0 0 30,311
Guggenheim S&P Global Water Index ETF COM 73936Q546 1,951 57,239 SH   SOLE   0 0 57,239
Halliburton Co COM 406216101 282 6,000 SH   DFND   6,000 0 0
Hdfc Bank Ltd - Adr ADR 40415F101 395 4,000 SH   DFND   4,000 0 0
Ingles Markets Inc COM 457030104 2,984 88,139 SH   SOLE   0 0 88,139
Inseego Corp COM 149123101 21 12,000 SH   SOLE   0 0 12,000
Intercontinental Hotels COM 45857P707 264 4,319 SH   DFND   4,319 0 0
International Business Machines Corp COM 459200101 217 1,417 SH   SOLE   0 0 1,417
Invesco Muni Opps. Trust Common COM 46132C107 1,130 96,443 SH   SOLE   0 0 96,443
Iron Mountain Inc. COM 46284V101 237 7,200 SH   DFND   7,200 0 0
iShares 0-5 Year High Yield Corp Bd COM 46434V407 2,546 54,406 SH   SOLE   0 0 54,406
iShares Cali AMT-Free Muni Bond COM 464288356 553 9,476 SH   SOLE   0 0 9,476
iShares Cohen & Steers REIT COM 464287564 2,429 26,040 SH   SOLE   0 0 26,040
iShares Core S&P Mid-Cap COM 464287507 4,064 21,667 SH   SOLE   0 0 21,667
iShares Core US Aggregate Bond COM 464287226 691 6,442 SH   SOLE   0 0 6,442
iShares Floating Rate Bond COM 46429B655 5,666 111,247 SH   SOLE   0 0 111,247
iShares Global Healthcare COM 464287325 3,305 29,687 SH   SOLE   0 0 29,687
iShares iBoxx $ Invst Grade Crp Bond COM 464287242 739 6,296 SH   SOLE   0 0 6,296
iShares MBS COM 464288588 568 5,431 SH   SOLE   0 0 5,431
iShares MSCI EAFE COM 464287465 1,347 19,334 SH   SOLE   0 0 19,334
iShares MSCI EAFE Small-Cap COM 464288273 4,384 67,252 SH   SOLE   0 0 67,252
iShares MSCI EMU COM 464286608 3,646 84,113 SH   SOLE   0 0 84,113
iShares MSCI Japan COM 46434G822 1,555 25,620 SH   SOLE   0 0 25,620
iShares National AMT-Free Muni Bond COM 464288414 1,395 12,809 SH   SOLE   0 0 12,809
iShares Russell 1000 COM 464287622 1,784 12,149 SH   SOLE   0 0 12,149
iShares Russell 2000 COM 464287655 783 5,155 SH   SOLE   0 0 5,155
iShares Russell Mid-Cap COM 464287499 1,346 6,521 SH   SOLE   0 0 6,521
iShares Select Dividend COM 464287168 3,431 36,073 SH   SOLE   0 0 36,073
iShares Short-Term National Muni Bond COM 464288158 642 6,120 SH   SOLE   0 0 6,120
James Hardie Ind Plc Adr ADR 47030M106 447 25,000 SH   DFND   25,000 0 0
JH Financial Opportunities Common COM 409735206 3,952 103,044 SH   SOLE   0 0 103,044
JHancock Multifactor Large Cap ETF COM 47804J107 685 19,833 SH   SOLE   0 0 19,833
Johnson & Johnson COM 478160104 2,559 19,968 SH   SOLE   0 0 19,968
Kvh Industries COM 482738101 311 30,000 SH   DFND   30,000 0 0
Lennox Intl Inc COM 526107107 347 1,700 SH   DFND   1,700 0 0
Lifepoint Hospital COM 53219L109 235 5,000 SH   DFND   5,000 0 0
Lowe s Companies Inc COM 548661107 1,911 21,779 SH   SOLE   0 0 21,779
Lowe'S Cos Inc COM 548661107 228 2,600 SH   DFND   2,600 0 0
Maiden Holdings Ltd COM G5753U112 130 20,000 SH   DFND   20,000 0 0
Market Vectors Africa COM 92189F866 265 10,340 SH   DFND   10,340 0 0
MetLife Inc COM 59156R108 1,630 35,530 SH   SOLE   0 0 35,530
Miller Ind Inc/Tenn COM 600551204 450 18,000 SH   DFND   18,000 0 0
Mohawk Inds COM 608190104 221 950 SH   DFND   950 0 0
National Western Life Insurance COM 638517102 3,410 11,184 SH   SOLE   0 0 11,184
Netapp Inc COM 64110D104 555 9,000 SH   DFND   9,000 0 0
Nice Systems-Adr ADR 653656108 517 5,500 SH   DFND   5,500 0 0
Norfolk Southern COM 655844108 475 3,500 SH   DFND   3,500 0 0
Novartis AG ADR 001200526 1,958 24,217 SH   SOLE   0 0 24,217
Nuveen Intermediate Duration Muni Term COM 670671106 1,471 117,132 SH   SOLE   0 0 117,132
Old Republic International Corp COM 680223104 1,477 68,853 SH   SOLE   0 0 68,853
Pearson Plc COM 705015105 211 20,000 SH   DFND   20,000 0 0
Phillips 66 Com COM 718546104 1,591 16,590 SH   SOLE   0 0 16,590
Pilgrim'S Pride Corp COM 72147K108 212 8,600 SH   DFND   8,600 0 0
PIMCO Enhanced Short Maturity ETF COM 72201R833 5,759 56,707 SH   SOLE   0 0 56,707
Procter & Gamble COM 742718109 277 3,500 SH   DFND   3,500 0 0
Qualcomm Inc COM 747525103 278 5,010 SH   SOLE   0 0 5,010
Regions Financial Corp COM 7591EP100 334 18,000 SH   DFND   18,000 0 0
RGC Resources COM 74955L103 870 34,269 SH   SOLE   0 0 34,269
Royce Micro Cap Trust Common COM 780915104 3,175 339,209 SH   SOLE   0 0 339,209
Royce Value Trust Common COM 780910105 190 12,191 SH   SOLE   0 0 12,191
Ryman Hospitality Prop COM 78377T107 234 3,024 SH   DFND   3,024 0 0
Sba Communications Corp COM 78410G104 342 2,000 SH   DFND   2,000 0 0
Schwab Emerging Markets Equity ETF(TM) COM 808524706 295 10,272 SH   SOLE   0 0 10,272
Schwab Fundamental US Large Company ETF COM 808524771 985 27,096 SH   SOLE   0 0 27,096
Schwab International Equity ETF(TM) COM 808524805 1,156 34,299 SH   SOLE   0 0 34,299
Schwab US Aggregate Bond ETF(TM) COM 808524839 2,493 48,869 SH   SOLE   0 0 48,869
Schwab US Mid-Cap ETF(TM) COM 808524508 1,308 24,727 SH   SOLE   0 0 24,727
Schwab US Small-Cap ETF(TM) COM 808524607 1,272 18,404 SH   SOLE   0 0 18,404
Skyworks Solutions COM 83088M102 401 4,000 SH   DFND   4,000 0 0
Sl Green Realty COM 78440X101 263 2,720 SH   DFND   2,720 0 0
Sony Corp Adr ADR 835699307 242 5,000 SH   DFND   5,000 0 0
SPDR(R) Blmbg Barclays ST Corp Bd ETF COM 78464A474 5,370 177,820 SH   SOLE   0 0 177,820
SPDR(R) S&P MidCap 400 ETF COM 78467Y107 472 1,380 SH   SOLE   0 0 1,380
Stryker Corporation COM 863667101 2,833 17,607 SH   SOLE   0 0 17,607
Teva Pharm-Adr ADR 881624209 273 16,000 SH   DFND   16,000 0 0
Texas Instruments Inc COM 882508104 260 2,500 SH   SOLE   0 0 2,500
Thermo Fisher COM 883556102 413 2,000 SH   DFND   2,000 0 0
Twenty-First Century Fox Inc COM 90130A101 506 13,788 SH   SOLE   0 0 13,788
Tyson Foods Inc COM 902494103 1,594 21,782 SH   SOLE   0 0 21,782
UDR Inc COM 902653104 354 9,951 SH   SOLE   0 0 9,951
Unilever Nv-Nys COM 904784709 508 9,000 SH   DFND   9,000 0 0
United Therapeutics COM 91307C102 309 2,750 SH   DFND   2,750 0 0
Valmont Industries Inc COM 920253101 3,513 24,009 SH   SOLE   0 0 24,009
Vanguard FTSE Developed Markets ETF COM 921943858 6,496 146,809 SH   SOLE   0 0 146,809
Vanguard FTSE Emerging Markets ETF COM 922042858 555 11,805 SH   SOLE   0 0 11,805
Vanguard High Dividend Yield ETF COM 921946406 449 5,444 SH   SOLE   0 0 5,444
Vanguard Information Technology ETF COM 92204A702 7,711 45,093 SH   SOLE   0 0 45,093
Vanguard S&P 500 ETF COM 922908363 293 1,210 SH   SOLE   0 0 1,210
Vanguard Total Bond Market ETF COM 921937835 359 4,490 SH   SOLE   0 0 4,490
Voya Asia Pacific High Dividend Eq Inc COM 92912J102 1,692 157,704 SH   SOLE   0 0 157,704
Voya Financial Inc COM 929089100 2,637 52,210 SH   SOLE   0 0 52,210
Vulcan Materials COM 929160109 206 1,800 SH   DFND   1,800 0 0
Wells Fargo & Co COM 949746101 218 4,161 SH   DFND   4,161 0 0
Western Asset Glb Corp Def Opp Common COM 95790C107 4,371 261,274 SH   SOLE   0 0 261,274
Western Asset High Income Opp COM 95766K109 4,574 950,928 SH   SOLE   0 0 950,928
WGL Holdings Inc COM 92924F106 4,070 48,649 SH   SOLE   0 0 48,649
Williams Companies Inc COM 969457100 1,221 49,110 SH   SOLE   0 0 49,110
Wp Carey Inc COM 92936U109 277 4,470 SH   DFND   4,470 0 0
Wpx Energy Inc COM 98212B103 339 22,944 SH   SOLE   0 0 22,944