Fca 13F-HR Quarterly holdings report by institutional manager

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

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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