Brown Advisory Securities 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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
3M CO	COM	88579Y101	1,071	8,931	SH		DFND		0	0	8,931
ABBOTT LABS	COM	002824100	955	28,761	SH		DFND		0	0	28,761
ABBVIE INC	COM	00287Y109	1,488	33,326	SH		DFND		0	0	33,326
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,273	44,439	SH		DFND		0	0	44,439
ACE LTD	SHS	H0023R105	209	2,232	SH		DFND		0	0	2,232
ACNB CORP	COM	000868109	264	15,659	SH		DFND		0	0	15,659
AFFILIATED MANAGERS GROUP	COM	008252108	290	1,592	SH		DFND		0	0	1,592
AIR PRODS & CHEMS INC	COM	009158106	354	3,321	SH		DFND		0	0	3,321
AKAMAI TECHNOLOGIES INC	COM	00971T101	250	4,815	SH		DFND		0	0	4,815
ALLEGHENY TECHNOLOGIES INC	NOTE 4.250% 6/0	01741RAD4	19	19,000	PRN		DFND		0	0	19,000
ALPS ETF TR	ALERIAN MLP	00162Q866	279	15,910	SH		DFND		0	0	15,910
ALTRIA GROUP INC	COM	02209S103	747	21,815	SH		DFND		0	0	21,815
AMAZON COM INC	COM	023135106	1,373	4,387	SH		DFND		0	0	4,387
AMERICAN EXPRESS CO	COM	025816109	1,832	24,234	SH		DFND		0	0	24,234
AMERICAN TOWER CORP NEW	COM	03027X100	1,679	22,644	SH		DFND		0	0	22,644
AMETEK INC NEW	COM	031100100	358	7,764	SH		DFND		0	0	7,764
AMGEN INC	COM	031162100	204	2,001	SH		DFND		0	0	2,001
AMPHENOL CORP NEW	CL A	032095101	314	4,094	SH		DFND		0	0	4,094
ANADARKO PETE CORP	COM	032511107	822	8,852	SH		DFND		0	0	8,852
ANNALY CAP MGMT INC	COM	035710409	468	40,389	SH		DFND		0	0	40,389
ANSYS INC	COM	03662Q105	489	5,644	SH		DFND		0	0	5,644
ANTARES PHARMA INC	COM	036642106	205	50,550	SH		DFND		0	0	50,550
APACHE CORP	COM	037411105	861	10,072	SH		DFND		0	0	10,072
APCO OIL & GAS INTERNATIONAL	SHS	G0471F109	157	11,000	SH		DFND		0	0	11,000
APPLE INC	COM	037833100	9,790	20,494	SH		DFND		0	0	20,494
ARENA PHARMACEUTICALS INC	COM	040047102	105	20,000	SH		DFND		0	0	20,000
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	11	11,000	PRN		DFND		0	0	11,000
AT&T INC	COM	00206R102	2,221	65,649	SH		DFND		0	0	65,649
AUTOMATIC DATA PROCESSING IN	COM	053015103	422	5,842	SH		DFND		0	0	5,842
AVALONBAY CMNTYS INC	COM	053484101	352	2,768	SH		DFND		0	0	2,768
BAIDU INC	SPON ADR REP A	056752108	399	2,574	SH		DFND		0	0	2,574
BANK OF AMERICA CORPORATION	COM	060505104	405	29,234	SH		DFND		0	0	29,234
BED BATH & BEYOND INC	COM	075896100	1,319	17,075	SH		DFND		0	0	17,075
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,176	36,818	SH		DFND		0	0	36,818
BHP BILLITON LTD	SPONSORED ADR	088606108	356	5,373	SH		DFND		0	0	5,373
BOARDWALK PIPELINE PARTNERS	UT LTD PARTNER	096627104	357	11,798	SH		DFND		0	0	11,798
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	22	21,000	PRN		DFND		0	0	21,000
BP PLC	SPONSORED ADR	055622104	256	6,081	SH		DFND		0	0	6,081
BRISTOL MYERS SQUIBB CO	COM	110122108	459	9,938	SH		DFND		0	0	9,938
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	832	22,289	SH		DFND		0	0	22,289
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	326	8,571	SH		DFND		0	0	8,571
CANADIAN NAT RES LTD	COM	136385101	495	15,758	SH		DFND		0	0	15,758
CANADIAN NATL RY CO	COM	136375102	496	4,891	SH		DFND		0	0	4,891
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	373	14,500	SH		DFND		0	0	14,500
CATAMARAN CORP	COM	148887102	321	6,999	SH		DFND		0	0	6,999
CATERPILLAR INC DEL	COM	149123101	1,162	13,870	SH		DFND		0	0	13,870
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	39	20,000	PRN		DFND		0	0	20,000
CHESAPEAKE ENERGY CORP	COM	165167107	274	10,593	SH		DFND		0	0	10,593
CHESAPEAKE ENERGY CORP	PFD CONV	165167842	367	4,150	SH		DFND		0	0	4,150
CHESAPEAKE GRANITE WASH TR	COM SH BEN INT	165185109	160	11,920	SH		DFND		0	0	11,920
CHEVRON CORP NEW	COM	166764100	2,155	17,749	SH		DFND		0	0	17,749
CHUBB CORP	COM	171232101	911	10,217	SH		DFND		0	0	10,217
CIGNA CORPORATION	COM	125509109	373	4,855	SH		DFND		0	0	4,855
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,057	25,058	SH		DFND		0	0	25,058
CIRRUS LOGIC INC	COM	172755100	565	24,925	SH		DFND		0	0	24,925
CISCO SYS INC	COM	17275R102	443	19,078	SH		DFND		0	0	19,078
CITRIX SYS INC	COM	177376100	563	7,988	SH		DFND		0	0	7,988
CLOROX CO DEL	COM	189054109	318	3,875	SH		DFND		0	0	3,875
CME GROUP INC	COM	12572Q105	376	5,095	SH		DFND		0	0	5,095
COBALT INTL ENERGY INC	NOTE 2.625%12/0	19075FAA4	21	21,000	PRN		DFND		0	0	21,000
COCA COLA CO	COM	191216100	1,805	47,627	SH		DFND		0	0	47,627
COLGATE PALMOLIVE CO	COM	194162103	698	11,713	SH		DFND		0	0	11,713
CONOCOPHILLIPS	COM	20825C104	450	6,478	SH		DFND		0	0	6,478
CONTINENTAL AIRLS INC	NOTE 4.500% 1/1	210795PU8	20	11,000	PRN		DFND		0	0	11,000
CORE LABORATORIES N V	COM	N22717107	464	2,740	SH		DFND		0	0	2,740
COSTCO WHSL CORP NEW	COM	22160K105	589	5,115	SH		DFND		0	0	5,115
COVANCE INC	COM	222816100	1,101	12,716	SH		DFND		0	0	12,716
COVANTA HLDG CORP	NOTE 3.250% 6/0	22282EAC6	29	20,000	PRN		DFND		0	0	20,000
CROWN CASTLE INTL CORP	COM	228227104	365	5,000	SH		DFND		0	0	5,000
CVS CAREMARK CORPORATION	COM	126650100	643	11,350	SH		DFND		0	0	11,350
DANAHER CORP DEL	COM	235851102	2,688	38,718	SH		DFND		0	0	38,718
DANAHER CORP DEL	NOTE 1/2	235851AF9	38	19,000	PRN		DFND		0	0	19,000
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	1,118	19,602	SH		DFND		0	0	19,602
DEERE & CO	COM	244199105	809	9,925	SH		DFND		0	0	9,925
DIAGEO P L C	SPON ADR NEW	25243Q205	1,571	12,389	SH		DFND		0	0	12,389
DISNEY WALT CO	COM DISNEY	254687106	1,139	17,675	SH		DFND		0	0	17,675
DOMINION RES INC VA NEW	COM	25746U109	738	11,857	SH		DFND		0	0	11,857
DU PONT E I DE NEMOURS & CO	COM	263534109	1,018	17,348	SH		DFND		0	0	17,348
DUKE ENERGY CORP NEW	COM NEW	26441C204	947	14,239	SH		DFND		0	0	14,239
E M C CORP MASS	COM	268648102	712	27,892	SH		DFND		0	0	27,892
E M C CORP MASS	NOTE 1.750%12/0	268648AM4	31	20,000	PRN		DFND		0	0	20,000
EATON CORP PLC	SHS	G29183103	448	6,484	SH		DFND		0	0	6,484
EBAY INC	COM	278642103	271	4,842	SH		DFND		0	0	4,842
EMERSON ELEC CO	COM	291011104	901	13,954	SH		DFND		0	0	13,954
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,972	32,249	SH		DFND		0	0	32,249
EQUIFAX INC	COM	294429105	1,679	28,064	SH		DFND		0	0	28,064
EXELON CORP	COM	30161N101	320	10,794	SH		DFND		0	0	10,794
EXPRESS SCRIPTS HLDG CO	COM	30219G108	2,421	39,131	SH		DFND		0	0	39,131
EXXON MOBIL CORP	COM	30231G102	7,431	86,355	SH		DFND		0	0	86,355
FACEBOOK INC	CL A	30303M102	1,000	19,959	SH		DFND		0	0	19,959
FAIR ISAAC CORP	COM	303250104	261	4,685	SH		DFND		0	0	4,685
FIDELITY NATL INFORMATION SV	COM	31620M106	827	17,801	SH		DFND		0	0	17,801
FIFTH STREET FINANCE CORP	COM	31678A103	463	45,083	SH		DFND		0	0	45,083
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	180	10,026	SH		DFND		0	0	10,026
FLUOR CORP NEW	COM	343412102	718	10,162	SH		DFND		0	0	10,162
FMC TECHNOLOGIES INC	COM	30249U101	505	9,156	SH		DFND		0	0	9,156
FORD MTR CO DEL	COM PAR $0.01	345370860	175	10,385	SH		DFND		0	0	10,385
FORD MTR CO DEL	NOTE 4.250%11/1	345370CN8	24	12,000	PRN		DFND		0	0	12,000
GALLAGHER ARTHUR J & CO	COM	363576109	1,711	39,210	SH		DFND		0	0	39,210
GENERAL DYNAMICS CORP	COM	369550108	380	4,336	SH		DFND		0	0	4,336
GENERAL ELECTRIC CO	COM	369604103	2,959	123,753	SH		DFND		0	0	123,753
GENERAL MLS INC	COM	370334104	620	12,954	SH		DFND		0	0	12,954
GILEAD SCIENCES INC	NOTE 1.000% 5/0	375558AN3	60	21,000	PRN		DFND		0	0	21,000
GOLUB CAP BDC INC	COM	38173M102	504	29,069	SH		DFND		0	0	29,069
GOOGLE INC	CL A	38259P508	4,792	5,458	SH		DFND		0	0	5,458
HAMILTON BANCORP INC MD	COM	407015106	149	10,000	SH		DFND		0	0	10,000
HD SUPPLY HLDGS INC	COM	40416M105	831	37,845	SH		DFND		0	0	37,845
HEALTH CARE REIT INC	COM	42217K106	395	6,327	SH		DFND		0	0	6,327
HELMERICH & PAYNE INC	COM	423452101	302	4,400	SH		DFND		0	0	4,400
HOLLYFRONTIER CORP	COM	436106108	201	4,783	SH		DFND		0	0	4,783
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	19	19,000	PRN		DFND		0	0	19,000
HOME DEPOT INC	COM	437076102	528	6,973	SH		DFND		0	0	6,973
HONEYWELL INTL INC	COM	438516106	477	5,747	SH		DFND		0	0	5,747
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	374	27,994	SH		DFND		0	0	27,994
HOSPIRA INC	COM	441060100	238	6,068	SH		DFND		0	0	6,068
ING U S INC	COM	45685E106	445	15,300	SH		DFND		0	0	15,300
INGERSOLL-RAND PLC	SHS	G47791101	447	6,866	SH		DFND		0	0	6,866
INTEL CORP	COM	458140100	2,105	91,965	SH		DFND		0	0	91,965
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,876	20,893	SH		DFND		0	0	20,893
INTERNATIONAL GAME TECHNOLOG	NOTE 3.250% 5/0	459902AQ5	20	19,000	PRN		DFND		0	0	19,000
INTUITIVE SURGICAL INC	COM NEW	46120E602	351	928	SH		DFND		0	0	928
ISHARES	SELECT DIVID ETF	464287168	818	12,358	SH		DFND		0	0	12,358
ISHARES	TIPS BD ETF	464287176	429	3,811	SH		DFND		0	0	3,811
ISHARES	CORE S&P500 ETF	464287200	496	2,937	SH		DFND		0	0	2,937
ISHARES	CORE TOTUSBD ETF	464287226	559	5,219	SH		DFND		0	0	5,219
ISHARES	MSCI EMG MKT ETF	464287234	716	17,582	SH		DFND		0	0	17,582
ISHARES	IBOXX INV CP ETF	464287242	613	5,404	SH		DFND		0	0	5,404
ISHARES	20+ YR TR BD ETF	464287432	407	3,845	SH		DFND		0	0	3,845
ISHARES	1-3 YR TR BD ETF	464287457	718	8,527	SH		DFND		0	0	8,527
ISHARES	MSCI EAFE ETF	464287465	462	7,224	SH		DFND		0	0	7,224
ISHARES	RUS MID-CAP ETF	464287499	239	1,721	SH		DFND		0	0	1,721
ISHARES	CORE S&P MCP ETF	464287507	339	2,739	SH		DFND		0	0	2,739
ISHARES	RUS 1000 VAL ETF	464287598	815	9,467	SH		DFND		0	0	9,467
ISHARES	RUS 1000 GRW ETF	464287614	1,042	13,324	SH		DFND		0	0	13,324
ISHARES	RUSSELL 2000 ETF	464287655	303	2,846	SH		DFND		0	0	2,846
ISHARES	CORE S&P SCP ETF	464287804	309	3,091	SH		DFND		0	0	3,091
ISHARES	IBOXX HI YD ETF	464288513	1,704	18,632	SH		DFND		0	0	18,632
ISHARES	10-20 YR TRS ETF	464288653	202	1,610	SH		DFND		0	0	1,610
ISHARES GOLD TRUST	ISHARES	464285105	666	51,620	SH		DFND		0	0	51,620
IXIA	NOTE 3.000%12/1	45071RAB5	12	11,000	PRN		DFND		0	0	11,000
JOHNSON & JOHNSON	COM	478160104	5,165	59,573	SH		DFND		0	0	59,573
JPMORGAN CHASE & CO	COM	46625H100	1,298	25,138	SH		DFND		0	0	25,138
KAYNE ANDERSON MLP INVSMNT C	COM	486606106	2,186	60,895	SH		DFND		0	0	60,895
KIMBERLY CLARK CORP	COM	494368103	373	3,960	SH		DFND		0	0	3,960
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,237	15,475	SH		DFND		0	0	15,475
KINDER MORGAN INC DEL	COM	49456B101	2,086	58,637	SH		DFND		0	0	58,637
KINDER MORGAN MANAGEMENT LLC	SHS	49455U100	689	9,178	SH		DFND		0	0	9,178
KRAFT FOODS GROUP INC	COM	50076Q106	455	8,680	SH		DFND		0	0	8,680
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	208	2,102	SH		DFND		0	0	2,102
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	24	21,000	PRN		DFND		0	0	21,000
LAUDER ESTEE COS INC	CL A	518439104	543	7,787	SH		DFND		0	0	7,787
LENDER PROCESSING SVCS INC	COM	52602E102	295	8,853	SH		DFND		0	0	8,853
M & T BK CORP	COM	55261F104	1,236	11,038	SH		DFND		0	0	11,038
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	305	5,431	SH		DFND		0	0	5,431
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	892	35,135	SH		DFND		0	0	35,135
MARKWEST ENERGY PARTNERS L P	UNIT LTD PARTN	570759100	216	3,026	SH		DFND		0	0	3,026
MASIMO CORP	COM	574795100	300	11,250	SH		DFND		0	0	11,250
MASTERCARD INC	CL A	57636Q104	5,354	7,966	SH		DFND		0	0	7,966
MCCORMICK & CO INC	COM VTG	579780107	882	13,571	SH		DFND		0	0	13,571
MCCORMICK & CO INC	COM NON VTG	579780206	1,209	18,708	SH		DFND		0	0	18,708
MCDONALDS CORP	COM	580135101	1,965	20,491	SH		DFND		0	0	20,491
MCGRAW HILL FINL INC	COM	580645109	308	4,701	SH		DFND		0	0	4,701
MCKESSON CORP	COM	58155Q103	281	2,213	SH		DFND		0	0	2,213
MELCO CROWN ENTMT LTD	ADR	585464100	593	18,600	SH		DFND		0	0	18,600
MERCK & CO INC NEW	COM	58933Y105	2,596	54,440	SH		DFND		0	0	54,440
METLIFE INC	COM	59156R108	1,255	26,748	SH		DFND		0	0	26,748
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	11	10,000	PRN		DFND		0	0	10,000
MICROCHIP TECHNOLOGY INC	COM	595017104	771	19,129	SH		DFND		0	0	19,129
MICROSOFT CORP	COM	594918104	3,339	100,354	SH		DFND		0	0	100,354
MIMEDX GROUP INC	COM	602496101	104	25,000	SH		DFND		0	0	25,000
MOLYCORP INC DEL	COM	608753109	302	45,650	SH		DFND		0	0	45,650
MONDELEZ INTL INC	CL A	609207105	1,651	52,580	SH		DFND		0	0	52,580
NATIONAL OILWELL VARCO INC	COM	637071101	715	9,151	SH		DFND		0	0	9,151
NEXTERA ENERGY INC	COM	65339F101	387	4,844	SH		DFND		0	0	4,844
NORFOLK SOUTHERN CORP	COM	655844108	237	3,062	SH		DFND		0	0	3,062
NORTHERN TIER ENERGY LP	COM UN REPR PART	665826103	197	10,000	SH		DFND		0	0	10,000
NOVARTIS A G	SPONSORED ADR	66987V109	409	5,319	SH		DFND		0	0	5,319
NOVELLUS SYS INC	NOTE 2.625% 5/1	670008AD3	19	11,000	PRN		DFND		0	0	11,000
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	25	25,000	PRN		DFND		0	0	25,000
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	430	19,233	SH		DFND		0	0	19,233
NUVEEN MUN VALUE FD INC	COM	670928100	121	13,322	SH		DFND		0	0	13,322
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	147	11,643	SH		DFND		0	0	11,643
OAKTREE CAP GROUP LLC	UNIT 99/99/9999	674001201	334	6,400	SH		DFND		0	0	6,400
OCCIDENTAL PETE CORP DEL	COM	674599105	500	5,362	SH		DFND		0	0	5,362
OMNICARE INC	NOTE 3.750%12/1	681904AN8	41	20,000	PRN		DFND		0	0	20,000
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	20	19,000	PRN		DFND		0	0	19,000
ORACLE CORP	COM	68389X105	1,520	45,870	SH		DFND		0	0	45,870
PEPSICO INC	COM	713448108	3,689	46,274	SH		DFND		0	0	46,274
PFIZER INC	COM	717081103	1,203	41,971	SH		DFND		0	0	41,971
PHILIP MORRIS INTL INC	COM	718172109	1,025	11,841	SH		DFND		0	0	11,841
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	373	7,070	SH		DFND		0	0	7,070
PLUM CREEK TIMBER CO INC	COM	729251108	378	8,100	SH		DFND		0	0	8,100
PNC FINL SVCS GROUP INC	COM	693475105	1,074	14,818	SH		DFND		0	0	14,818
POWERSHARES ETF TRUST	DWA TECH LDRS	73935X153	304	9,000	SH		DFND		0	0	9,000
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	208	2,631	SH		DFND		0	0	2,631
POWERSHS DB US DOLLAR INDEX	DOLL INDX BULL	73936D107	365	16,970	SH		DFND		0	0	16,970
PRAXAIR INC	COM	74005P104	450	3,746	SH		DFND		0	0	3,746
PRICE T ROWE GROUP INC	COM	74144T108	2,560	35,605	SH		DFND		0	0	35,605
PRICELINE COM INC	DEBT 1.000% 3/1	741503AQ9	13	11,000	PRN		DFND		0	0	11,000
PROCTER & GAMBLE CO	COM	742718109	6,578	87,007	SH		DFND		0	0	87,007
PROS HOLDINGS INC	COM	74346Y103	286	8,369	SH		DFND		0	0	8,369
QUALCOMM INC	COM	747525103	4,737	70,419	SH		DFND		0	0	70,419
QUANTA SVCS INC	COM	74762E102	548	19,745	SH		DFND		0	0	19,745
REGIONS FINL CORP NEW	COM	7591EP100	181	19,450	SH		DFND		0	0	19,450
REVENUESHARES ETF TR	MID CAP FD	761396209	207	5,000	SH		DFND		0	0	5,000
ROBERT HALF INTL INC	COM	770323103	267	6,819	SH		DFND		0	0	6,819
ROWAN COMPANIES PLC	SHS CL A	G7665A101	272	7,400	SH		DFND		0	0	7,400
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	245	4,740	SH		DFND		0	0	4,740
RTI INTL METALS INC	NOTE 1.625%10/1	74973WAB3	11	11,000	PRN		DFND		0	0	11,000
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	3,740	57,346	SH		DFND		0	0	57,346
RYDEX ETF TRUST	GUG RUSS TOP 50	78355W205	416	3,545	SH		DFND		0	0	3,545
RYLAND GROUP INC	NOTE 0.250% 6/0	783764AS2	12	12,000	PRN		DFND		0	0	12,000
SALESFORCE COM INC	COM	79466L302	350	6,740	SH		DFND		0	0	6,740
SALIX PHARMACEUTICALS INC	NOTE 1.500% 3/1	795435AE6	24	21,000	PRN		DFND		0	0	21,000
SBA COMMUNICATIONS CORP	COM	78388J106	460	5,762	SH		DFND		0	0	5,762
SCHLUMBERGER LTD	COM	806857108	3,285	37,146	SH		DFND		0	0	37,146
SCHWAB CHARLES CORP NEW	COM	808513105	1,524	72,046	SH		DFND		0	0	72,046
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	1,037	25,230	SH		DFND		0	0	25,230
SCRIPPS NETWORKS INTERACT IN	CL A COM	811065101	396	5,073	SH		DFND		0	0	5,073
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	519	11,843	SH		DFND		0	0	11,843
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	279	14,065	SH		DFND		0	0	14,065
SIGMA ALDRICH CORP	COM	826552101	553	6,475	SH		DFND		0	0	6,475
SOLTA MED INC	COM	83438K103	83	40,000	SH		DFND		0	0	40,000
SOUTHWESTERN ENERGY CO	COM	845467109	300	8,300	SH		DFND		0	0	8,300
SPDR GOLD TRUST	GOLD SHS	78463V107	582	4,549	SH		DFND		0	0	4,549
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	388	10,085	SH		DFND		0	0	10,085
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	737	16,220	SH		DFND		0	0	16,220
SPDR SERIES TRUST	S&P 600 SMCP VAL	78464A300	206	2,100	SH		DFND		0	0	2,100
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	336	8,460	SH		DFND		0	0	8,460
SPECTRA ENERGY CORP	COM	847560109	1,063	31,080	SH		DFND		0	0	31,080
STANLEY BLACK & DECKER INC	COM	854502101	476	5,239	SH		DFND		0	0	5,239
STAPLES INC	COM	855030102	164	11,221	SH		DFND		0	0	11,221
STARBUCKS CORP	COM	855244109	602	7,816	SH		DFND		0	0	7,816
STARWOOD HOTELS&RESORTS WRLD	COM	85590A401	249	3,736	SH		DFND		0	0	3,736
STEEL DYNAMICS INC	NOTE 5.125% 6/1	858119AP5	21	20,000	PRN		DFND		0	0	20,000
STERICYCLE INC	COM	858912108	361	3,114	SH		DFND		0	0	3,114
STRYKER CORP	COM	863667101	851	12,587	SH		DFND		0	0	12,587
SUNCOR ENERGY INC NEW	COM	867224107	285	8,010	SH		DFND		0	0	8,010
SUNTRUST BKS INC	COM	867914103	271	8,400	SH		DFND		0	0	8,400
TARGET CORP	COM	87612E106	225	3,484	SH		DFND		0	0	3,484
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	38	28,000	PRN		DFND		0	0	28,000
TESLA MTRS INC	COM	88160R101	290	1,501	SH		DFND		0	0	1,501
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	20	20,000	PRN		DFND		0	0	20,000
TEXAS INSTRS INC	COM	882508104	249	6,215	SH		DFND		0	0	6,215
TJX COS INC NEW	COM	872540109	211	3,730	SH		DFND		0	0	3,730
TOTAL S A	SPONSORED ADR	89151E109	983	16,985	SH		DFND		0	0	16,985
TRAVELERS COMPANIES INC	COM	89417E109	207	2,433	SH		DFND		0	0	2,433
TRIMBLE NAVIGATION LTD	COM	896239100	759	25,520	SH		DFND		0	0	25,520
TTM TECHNOLOGIES INC	NOTE 3.250% 5/1	87305RAC3	19	19,000	PRN		DFND		0	0	19,000
TWENTY FIRST CENTY FOX INC	CL A	90130A101	247	7,402	SH		DFND		0	0	7,402
UBS AG JERSEY BRH	CMCI ETN 38	902641778	950	46,079	SH		DFND		0	0	46,079
UNDER ARMOUR INC	CL A	904311107	1,775	22,240	SH		DFND		0	0	22,240
UNILEVER PLC	SPON ADR NEW	904767704	639	16,529	SH		DFND		0	0	16,529
UNION PAC CORP	COM	907818108	292	1,885	SH		DFND		0	0	1,885
UNITED TECHNOLOGIES CORP	COM	913017109	494	4,604	SH		DFND		0	0	4,604
UNITEDHEALTH GROUP INC	COM	91324P102	291	4,078	SH		DFND		0	0	4,078
UNIVERSAL DISPLAY CORP	COM	91347P105	609	19,000	SH		DFND		0	0	19,000
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	312	3,850	SH		DFND		0	0	3,850
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	317	3,987	SH		DFND		0	0	3,987
VANGUARD WHITEHALL FDS INC	HIGH DIV YLD	921946406	204	3,556	SH		DFND		0	0	3,556
VERISK ANALYTICS INC	CL A	92345Y106	684	10,574	SH		DFND		0	0	10,574
VERIZON COMMUNICATIONS INC	COM	92343V104	4,543	97,309	SH		DFND		0	0	97,309
VISA INC	COM CL A	92826C839	469	2,464	SH		DFND		0	0	2,464
VODAFONE GROUP PLC NEW	SPONS ADR NEW	92857W209	208	5,974	SH		DFND		0	0	5,974
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	21	21,000	PRN		DFND		0	0	21,000
VULCAN MATLS CO	COM	929160109	207	4,000	SH		DFND		0	0	4,000
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	28	20,000	PRN		DFND		0	0	20,000
WABTEC CORP	COM	929740108	271	4,312	SH		DFND		0	0	4,312
WAL-MART STORES INC	COM	931142103	767	10,376	SH		DFND		0	0	10,376
WASHINGTON REAL ESTATE INVT	SH BEN INT	939653101	200	7,800	SH		DFND		0	0	7,800
WASTE CONNECTIONS INC	COM	941053100	464	10,215	SH		DFND		0	0	10,215
WATERS CORP	COM	941848103	424	3,977	SH		DFND		0	0	3,977
WELLS FARGO & CO NEW	COM	949746101	1,130	27,395	SH		DFND		0	0	27,395
WILLIAMS COS INC DEL	COM	969457100	883	24,337	SH		DFND		0	0	24,337
WYNN RESORTS LTD	COM	983134107	370	2,343	SH		DFND		0	0	2,343
XILINX INC	NOTE 2.625% 6/1	983919AF8	31	20,000	PRN		DFND		0	0	20,000
YUM BRANDS INC	COM	988498101	472	6,585	SH		DFND		0	0	6,585