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	1,506	10,545	SH		DFND		0	0	10,545
ABBOTT LABS	COM	002824100	1,101	27,008	SH		DFND		0	0	27,008
ABBVIE INC	COM	00287Y109	2,127	37,617	SH		DFND		0	0	37,617
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,065	38,005	SH		DFND		0	0	38,005
ACE LTD	SHS	H0023R105	237	2,277	SH		DFND		0	0	2,277
ACNB CORP	COM	000868109	302	15,659	SH		DFND		0	0	15,659
ACUITY BRANDS INC	COM	00508Y102	241	1,743	SH		DFND		0	0	1,743
AFFILIATED MANAGERS GROUP	COM	008252108	320	1,563	SH		DFND		0	0	1,563
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	24	17,000	PRN		DFND		0	0	17,000
AIR PRODS & CHEMS INC	COM	009158106	419	3,254	SH		DFND		0	0	3,254
ALTRIA GROUP INC	COM	02209S103	1,067	25,515	SH		DFND		0	0	25,515
AMAZON COM INC	COM	023135106	1,483	4,565	SH		DFND		0	0	4,565
AMERICAN EXPRESS CO	COM	025816109	2,224	23,479	SH		DFND		0	0	23,479
AMERICAN TOWER CORP NEW	COM	03027X100	2,395	26,642	SH		DFND		0	0	26,642
AMETEK INC NEW	COM	031100100	385	7,375	SH		DFND		0	0	7,375
AMGEN INC	COM	031162100	254	2,145	SH		DFND		0	0	2,145
AMPHENOL CORP NEW	CL A	032095101	436	4,542	SH		DFND		0	0	4,542
ANADARKO PETE CORP	COM	032511107	1,212	11,076	SH		DFND		0	0	11,076
ANSYS INC	COM	03662Q105	365	4,805	SH		DFND		0	0	4,805
ANTARES PHARMA INC	COM	036642106	135	50,550	SH		DFND		0	0	50,550
AON PLC	SHS CL A	G0408V102	260	2,876	SH		DFND		0	0	2,876
APACHE CORP	COM	037411105	844	8,410	SH		DFND		0	0	8,410
APCO OIL & GAS INTERNATIONAL	SHS	G0471F109	159	11,000	SH		DFND		0	0	11,000
APPLE INC	COM	037833100	13,660	146,728	SH		DFND		0	0	146,728
ARCHER DANIELS MIDLAND CO	COM	039483102	159	20,935	SH		DFND		0	0	20,935
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	10	10,000	PRN		DFND		0	0	10,000
AT&T INC	COM	00206R102	2,449	69,193	SH		DFND		0	0	69,193
AUTOMATIC DATA PROCESSING IN	COM	053015103	375	4,693	SH		DFND		0	0	4,693
AVALONBAY CMNTYS INC	COM	053484101	436	3,075	SH		DFND		0	0	3,075
BAIDU INC	SPON ADR REP A	056752108	497	2,651	SH		DFND		0	0	2,651
BANK OF AMERICA CORPORATION	COM	060505104	393	25,679	SH		DFND		0	0	25,679
BED BATH & BEYOND INC	COM	075896100	260	4,550	SH		DFND		0	0	4,550
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,527	35,747	SH		DFND		0	0	35,747
BHP BILLITON LTD	SPONSORED ADR	088606108	253	3,704	SH		DFND		0	0	3,704
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	24	24,000	PRN		DFND		0	0	24,000
BOEING CO	COM	097023105	235	1,820	SH		DFND		0	0	1,820
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	20	18,000	PRN		DFND		0	0	18,000
BP PLC	SPONSORED ADR	055622104	315	5,985	SH		DFND		0	0	5,985
BP PRUDHOE BAY RTY TR	UNIT BEN INT	055630107	495	5,000	SH		DFND		0	0	5,000
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	494	11,575	SH		DFND		0	0	11,575
BRISTOL MYERS SQUIBB CO	COM	110122108	1,122	23,061	SH		DFND		0	0	23,061
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	872	19,820	SH		DFND		0	0	19,820
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	523	12,592	SH		DFND		0	0	12,592
CANADIAN NAT RES LTD	COM	136385101	298	6,455	SH		DFND		0	0	6,455
CANADIAN NATL RY CO	COM	136375102	630	9,684	SH		DFND		0	0	9,684
CANADIAN PAC RY LTD	COM	13645T100	236	1,308	SH		DFND		0	0	1,308
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	536	15,800	SH		DFND		0	0	15,800
CATERPILLAR INC DEL	COM	149123101	1,362	12,528	SH		DFND		0	0	12,528
CEL SCI CORP	COM PAR $0.01	150837508	74	60,000	SH		DFND		0	0	60,000
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	23	17,000	PRN		DFND		0	0	17,000
CHESAPEAKE ENERGY CORP	NOTE 2.750%11/1	165167BW6	26	25,000	PRN		DFND		0	0	25,000
CHESAPEAKE ENERGY CORP	PFD CONV	165167842	405	4,150	SH		DFND		0	0	4,150
CHESAPEAKE GRANITE WASH TR	COM SH BEN INT	165185109	141	12,920	SH		DFND		0	0	12,920
CHEVRON CORP NEW	COM	166764100	2,389	18,323	SH		DFND		0	0	18,323
CHUBB CORP	COM	171232101	1,034	11,196	SH		DFND		0	0	11,196
CIGNA CORPORATION	COM	125509109	349	3,790	SH		DFND		0	0	3,790
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,227	25,548	SH		DFND		0	0	25,548
CIRRUS LOGIC INC	COM	172755100	531	23,375	SH		DFND		0	0	23,375
CISCO SYS INC	COM	17275R102	408	16,520	SH		DFND		0	0	16,520
CLOROX CO DEL	COM	189054109	414	4,534	SH		DFND		0	0	4,534
COCA COLA CO	COM	191216100	2,247	53,061	SH		DFND		0	0	53,061
COLFAX CORP	COM	194014106	508	6,837	SH		DFND		0	0	6,837
COLGATE PALMOLIVE CO	COM	194162103	1,003	14,742	SH		DFND		0	0	14,742
CONOCOPHILLIPS	COM	20825C104	655	7,611	SH		DFND		0	0	7,611
CONTINENTAL AIRLS INC	NOTE 4.500% 1/1	210795PU8	21	10,000	PRN		DFND		0	0	10,000
CORE LABORATORIES N V	COM	N22717107	540	3,230	SH		DFND		0	0	3,230
COSTCO WHSL CORP NEW	COM	22160K105	734	6,394	SH		DFND		0	0	6,394
COVANCE INC	COM	222816100	1,054	12,304	SH		DFND		0	0	12,304
CVS CAREMARK CORPORATION	COM	126650100	794	10,597	SH		DFND		0	0	10,597
DANAHER CORP DEL	COM	235851102	2,907	36,926	SH		DFND		0	0	36,926
DANAHER CORP DEL	NOTE 1/2	235851AF9	40	17,000	PRN		DFND		0	0	17,000
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	1,597	22,045	SH		DFND		0	0	22,045
DEERE & CO	COM	244199105	886	9,795	SH		DFND		0	0	9,795
DIAGEO P L C	SPON ADR NEW	25243Q205	1,514	11,933	SH		DFND		0	0	11,933
DISCOVERY COMMUNICATNS NEW	COM SER A	25470F104	449	6,053	SH		DFND		0	0	6,053
DISNEY WALT CO	COM DISNEY	254687106	1,553	18,112	SH		DFND		0	0	18,112
DOMINION RES INC VA NEW	COM	25746U109	920	12,881	SH		DFND		0	0	12,881
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	248	10,500	SH		DFND		0	0	10,500
DOW CHEM CO	COM	260543103	295	5,734	SH		DFND		0	0	5,734
DRIL-QUIP INC	COM	262037104	318	2,900	SH		DFND		0	0	2,900
DU PONT E I DE NEMOURS & CO	COM	263534109	1,078	16,485	SH		DFND		0	0	16,485
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,238	16,720	SH		DFND		0	0	16,720
EATON CORP PLC	SHS	G29183103	515	6,689	SH		DFND		0	0	6,689
EATON VANCE TAX MNGD GBL DV	COM	27829F108	149	14,340	SH		DFND		0	0	14,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	119	10,245	SH		DFND		0	0	10,245
EBAY INC	COM	278642103	1,062	21,211	SH		DFND		0	0	21,211
EMERSON ELEC CO	COM	291011104	1,050	15,761	SH		DFND		0	0	15,761
ENSCO PLC	SHS CLASS A	G3157S106	1,056	18,991	SH		DFND		0	0	18,991
ENTERPRISE PRODS PARTNERS L	COM	293792107	2,632	33,682	SH		DFND		0	0	33,682
EQUIFAX INC	COM	294429105	2,032	28,006	SH		DFND		0	0	28,006
EXELIXIS INC	COM	30161Q104	34	10,000	SH		DFND		0	0	10,000
EXELON CORP	COM	30161N101	397	10,939	SH		DFND		0	0	10,939
EXPRESS SCRIPTS HLDG CO	COM	30219G108	3,433	49,461	SH		DFND		0	0	49,461
EXXON MOBIL CORP	COM	30231G102	8,678	86,218	SH		DFND		0	0	86,218
FACEBOOK INC	CL A	30303M102	1,002	14,838	SH		DFND		0	0	14,838
FAIR ISAAC CORP	COM	303250104	648	10,215	SH		DFND		0	0	10,215
FIDELITY NATL INFORMATION SV	COM	31620M106	971	17,741	SH		DFND		0	0	17,741
FIFTH STREET FINANCE CORP	COM	31678A103	471	47,752	SH		DFND		0	0	47,752
FIRST TR EXCHANGE TRADED FD	DJ GLBL DIVID	33734X200	296	10,100	SH		DFND		0	0	10,100
FIRST TR LRG CP VL ALPHADEX	COM SHS	33735J101	281	4,325	SH		DFND		0	0	4,325
FLUIDIGM CORP DEL	NOTE 2.750% 2/0	34385PAA6	11	11,000	PRN		DFND		0	0	11,000
FLUOR CORP NEW	COM	343412102	283	3,679	SH		DFND		0	0	3,679
FMC TECHNOLOGIES INC	COM	30249U101	2,080	34,073	SH		DFND		0	0	34,073
FORD MTR CO DEL	COM PAR $0.01	345370860	188	10,772	SH		DFND		0	0	10,772
FORD MTR CO DEL	NOTE 4.250%11/1	345370CN8	26	13,000	PRN		DFND		0	0	13,000
GALLAGHER ARTHUR J & CO	COM	363576109	1,315	28,210	SH		DFND		0	0	28,210
GAMESTOP CORP NEW	CL A	36467W109	781	19,376	SH		DFND		0	0	19,376
GENERAL DYNAMICS CORP	COM	369550108	505	4,336	SH		DFND		0	0	4,336
GENERAL ELECTRIC CO	COM	369604103	3,646	138,798	SH		DFND		0	0	138,798
GENERAL MLS INC	COM	370334104	643	12,222	SH		DFND		0	0	12,222
GILEAD SCIENCES INC	COM	375558103	480	5,759	SH		DFND		0	0	5,759
GOLUB CAP BDC INC	COM	38173M102	554	31,283	SH		DFND		0	0	31,283
GOOGLE INC	CL A	38259P508	3,230	5,513	SH		DFND		0	0	5,513
GOOGLE INC	CL C	38259P706	3,116	5,396	SH		DFND		0	0	5,396
HCP INC	COM	40414L109	227	5,483	SH		DFND		0	0	5,483
HD SUPPLY HLDGS INC	COM	40416M105	975	34,345	SH		DFND		0	0	34,345
HEALTH CARE REIT INC	COM	42217K106	542	8,680	SH		DFND		0	0	8,680
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	28	20,000	PRN		DFND		0	0	20,000
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	20	19,000	PRN		DFND		0	0	19,000
HOME DEPOT INC	COM	437076102	657	8,108	SH		DFND		0	0	8,108
HOMEAWAY INC	COM	43739Q100	239	6,900	SH		DFND		0	0	6,900
HONEYWELL INTL INC	COM	438516106	512	5,501	SH		DFND		0	0	5,501
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	399	27,341	SH		DFND		0	0	27,341
HORNBECK OFFSHORE SVCS INC N	NOTE 1.500% 9/0	440543AN6	21	19,000	PRN		DFND		0	0	19,000
HOSPIRA INC	COM	441060100	362	7,057	SH		DFND		0	0	7,057
HUBBELL INC	CL A	443510102	218	1,750	SH		DFND		0	0	1,750
INGERSOLL-RAND PLC	SHS	G47791101	424	6,754	SH		DFND		0	0	6,754
INTEL CORP	COM	458140100	2,615	84,706	SH		DFND		0	0	84,706
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,638	20,066	SH		DFND		0	0	20,066
INTUITIVE SURGICAL INC	COM NEW	46120E602	401	979	SH		DFND		0	0	979
ISHARES	10-20 YR TRS ETF	464288653	210	1,620	SH		DFND		0	0	1,620
ISHARES	1-3 YR TR BD ETF	464287457	622	7,357	SH		DFND		0	0	7,357
ISHARES	20+ YR TR BD ETF	464287432	323	2,850	SH		DFND		0	0	2,850
ISHARES	CORE S&P MCP ETF	464287507	445	3,101	SH		DFND		0	0	3,101
ISHARES	CORE S&P SCP ETF	464287804	334	2,972	SH		DFND		0	0	2,972
ISHARES	CORE S&P500 ETF	464287200	649	3,300	SH		DFND		0	0	3,300
ISHARES	CORE TOTUSBD ETF	464287226	717	6,562	SH		DFND		0	0	6,562
ISHARES	IBOXX HI YD ETF	464288513	1,559	16,327	SH		DFND		0	0	16,327
ISHARES	IBOXX INV CP ETF	464287242	659	5,519	SH		DFND		0	0	5,519
ISHARES	MSCI EAFE ETF	464287465	243	3,564	SH		DFND		0	0	3,564
ISHARES	MSCI EMG MKT ETF	464287234	617	14,285	SH		DFND		0	0	14,285
ISHARES	NASDQ BIOTEC ETF	464287556	272	1,056	SH		DFND		0	0	1,056
ISHARES	RUS 1000 GRW ETF	464287614	1,232	13,548	SH		DFND		0	0	13,548
ISHARES	RUS 1000 VAL ETF	464287598	1,040	10,256	SH		DFND		0	0	10,256
ISHARES	RUS MID-CAP ETF	464287499	243	1,496	SH		DFND		0	0	1,496
ISHARES	RUSSELL 2000 ETF	464287655	324	2,716	SH		DFND		0	0	2,716
ISHARES	SELECT DIVID ETF	464287168	1,019	13,238	SH		DFND		0	0	13,238
ISHARES	TIPS BD ETF	464287176	304	2,628	SH		DFND		0	0	2,628
ISHARES GOLD TRUST	ISHARES	464285105	312	24,302	SH		DFND		0	0	24,302
ISHARES SILVER TRUST	ISHARES	46428Q109	200	9,923	SH		DFND		0	0	9,923
IXIA	NOTE 3.000%12/1	45071RAB5	10	10,000	PRN		DFND		0	0	10,000
JARDEN CORP	NOTE 1.875% 9/1	471109AH1	37	27,000	PRN		DFND		0	0	27,000
JOHNSON & JOHNSON	COM	478160104	6,407	61,260	SH		DFND		0	0	61,260
JOHNSON CTLS INC	COM	478366107	257	5,160	SH		DFND		0	0	5,160
JPMORGAN CHASE & CO	COM	46625H100	1,945	33,717	SH		DFND		0	0	33,717
KAYNE ANDERSON MLP INVT CO	COM	486606106	2,178	55,289	SH		DFND		0	0	55,289
KELLOGG CO	COM	487836108	224	3,433	SH		DFND		0	0	3,433
KIMBERLY CLARK CORP	COM	494368103	498	4,473	SH		DFND		0	0	4,473
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,224	14,893	SH		DFND		0	0	14,893
KINDER MORGAN INC DEL	COM	49456B101	2,198	60,624	SH		DFND		0	0	60,624
KINDER MORGAN MANAGEMENT LLC	SHS	49455U100	671	8,488	SH		DFND		0	0	8,488
KRAFT FOODS GROUP INC	COM	50076Q106	433	7,192	SH		DFND		0	0	7,192
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	26	19,000	PRN		DFND		0	0	19,000
LAS VEGAS SANDS CORP	COM	517834107	202	2,656	SH		DFND		0	0	2,656
LAUDER ESTEE COS INC	CL A	518439104	568	7,661	SH		DFND		0	0	7,661
LAZARD LTD	SHS A	G54050102	357	6,895	SH		DFND		0	0	6,895
LILLY ELI & CO	COM	532457108	315	5,069	SH		DFND		0	0	5,069
LKQ CORP	COM	501889208	242	9,078	SH		DFND		0	0	9,078
LOCKHEED MARTIN CORP	COM	539830109	209	1,301	SH		DFND		0	0	1,301
M & T BK CORP	COM	55261F104	1,359	10,943	SH		DFND		0	0	10,943
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	589	6,997	SH		DFND		0	0	6,997
MARKEL CORP	COM	570535104	390	592	SH		DFND		0	0	592
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	658	24,865	SH		DFND		0	0	24,865
MARKWEST ENERGY PARTNERS L P	UNIT LTD PARTN	570759100	241	3,401	SH		DFND		0	0	3,401
MASTERCARD INC	CL A	57636Q104	4,987	67,902	SH		DFND		0	0	67,902
MCCORMICK & CO INC	COM NON VTG	579780206	1,264	17,683	SH		DFND		0	0	17,683
MCCORMICK & CO INC	COM VTG	579780107	967	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	1,780	17,713	SH		DFND		0	0	17,713
MCGRAW HILL FINL INC	COM	580645109	390	4,701	SH		DFND		0	0	4,701
MCKESSON CORP	COM	58155Q103	477	2,573	SH		DFND		0	0	2,573
MEAD JOHNSON NUTRITION CO	COM	582839106	222	2,381	SH		DFND		0	0	2,381
MELCO CROWN ENTMT LTD	ADR	585464100	665	18,600	SH		DFND		0	0	18,600
MERCK & CO INC NEW	COM	58933Y105	3,484	60,233	SH		DFND		0	0	60,233
METLIFE INC	COM	59156R108	1,514	27,252	SH		DFND		0	0	27,252
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	24	17,000	PRN		DFND		0	0	17,000
MICROCHIP TECHNOLOGY INC	COM	595017104	957	19,613	SH		DFND		0	0	19,613
MICROSOFT CORP	COM	594918104	3,521	84,336	SH		DFND		0	0	84,336
MIMEDX GROUP INC	COM	602496101	177	25,000	SH		DFND		0	0	25,000
MOLYCORP INC DEL	COM	608753109	101	37,950	SH		DFND		0	0	37,950
MONDELEZ INTL INC	CL A	609207105	2,000	53,099	SH		DFND		0	0	53,099
NATIONAL OILWELL VARCO INC	COM	637071101	933	11,333	SH		DFND		0	0	11,333
NETFLIX INC	COM	64110L106	224	509	SH		DFND		0	0	509
NEXTERA ENERGY INC	COM	65339F101	572	5,588	SH		DFND		0	0	5,588
NORFOLK SOUTHERN CORP	COM	655844108	261	2,518	SH		DFND		0	0	2,518
NOVARTIS A G	SPONSORED ADR	66987V109	541	5,980	SH		DFND		0	0	5,980
NOVELLUS SYS INC	NOTE 2.625% 5/1	670008AD3	20	10,000	PRN		DFND		0	0	10,000
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	27	27,000	PRN		DFND		0	0	27,000
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	794	20,278	SH		DFND		0	0	20,278
NUVEEN MD PREM INCOME MUN FD	COM	67061Q107	167	12,968	SH		DFND		0	0	12,968
NUVEEN MUN VALUE FD INC	COM	670928100	122	12,655	SH		DFND		0	0	12,655
NYMOX PHARMACEUTICAL CORP	COM	67076P102	55	11,000	SH		DFND		0	0	11,000
OAKTREE CAP GROUP LLC	UNIT CL A	674001201	335	6,700	SH		DFND		0	0	6,700
OCCIDENTAL PETE CORP DEL	COM	674599105	552	5,357	SH		DFND		0	0	5,357
OCEANEERING INTL INC	COM	675232102	201	2,570	SH		DFND		0	0	2,570
OMNICARE INC	NOTE 3.500% 2/1	681904AQ1	46	39,000	PRN		DFND		0	0	39,000
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	20	18,000	PRN		DFND		0	0	18,000
ONEOK INC NEW	COM	682680103	275	4,050	SH		DFND		0	0	4,050
ORACLE CORP	COM	68389X105	1,340	33,063	SH		DFND		0	0	33,063
PACCAR INC	COM	693718108	200	3,182	SH		DFND		0	0	3,182
PALL CORP	COM	696429307	201	2,355	SH		DFND		0	0	2,355
PEPCO HOLDINGS INC	COM	713291102	292	10,644	SH		DFND		0	0	10,644
PEPSICO INC	COM	713448108	4,076	45,559	SH		DFND		0	0	45,559
PFIZER INC	COM	717081103	1,365	45,869	SH		DFND		0	0	45,869
PHILIP MORRIS INTL INC	COM	718172109	1,103	13,083	SH		DFND		0	0	13,083
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	469	7,799	SH		DFND		0	0	7,799
PLAINS GP HLDGS L P	SHS A REP LTPN	72651A108	852	26,658	SH		DFND		0	0	26,658
PLUM CREEK TIMBER CO INC	COM	729251108	384	8,468	SH		DFND		0	0	8,468
PNC FINL SVCS GROUP INC	COM	693475105	1,360	15,242	SH		DFND		0	0	15,242
POTASH CORP SASK INC	COM	73755L107	452	11,939	SH		DFND		0	0	11,939
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	792	20,300	SH		DFND		0	0	20,300
POWERSHS DB US DOLLAR INDEX	DOLL INDX BULL	73936D107	233	10,900	SH		DFND		0	0	10,900
PRAXAIR INC	COM	74005P104	1,268	9,540	SH		DFND		0	0	9,540
PRICE T ROWE GROUP INC	COM	74144T108	2,973	35,304	SH		DFND		0	0	35,304
PRICELINE GRP INC	DEBT 1.000% 3/1	741503AQ9	12	10,000	PRN		DFND		0	0	10,000
PRICESMART INC	COM	741511109	238	2,745	SH		DFND		0	0	2,745
PROCTER & GAMBLE CO	COM	742718109	6,936	88,159	SH		DFND		0	0	88,159
PROS HOLDINGS INC	COM	74346Y103	201	7,619	SH		DFND		0	0	7,619
PROTECTIVE LIFE CORP	COM	743674103	251	3,616	SH		DFND		0	0	3,616
QUALCOMM INC	COM	747525103	5,763	72,653	SH		DFND		0	0	72,653
QUANTA SVCS INC	COM	74762E102	604	17,445	SH		DFND		0	0	17,445
REGENCY ENERGY PARTNERS L P	COM UNITS L P	75885Y107	251	7,790	SH		DFND		0	0	7,790
REGIONS FINL CORP NEW	COM	7591EP100	290	27,401	SH		DFND		0	0	27,401
ROBERT HALF INTL INC	COM	770323103	325	6,819	SH		DFND		0	0	6,819
ROCKWOOD HLDGS INC	COM	774415103	421	5,550	SH		DFND		0	0	5,550
ROGERS COMMUNICATIONS INC	CL B	775109200	703	17,534	SH		DFND		0	0	17,534
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	247	4,028	SH		DFND		0	0	4,028
RPM INTL INC	NOTE 2.250%12/1	749685AT0	12	11,000	PRN		DFND		0	0	11,000
RTI INTL METALS INC	NOTE 1.625%10/1	74973WAB3	10	10,000	PRN		DFND		0	0	10,000
RYDEX ETF TRUST	GUG RUSS TOP 50	78355W205	383	2,845	SH		DFND		0	0	2,845
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	4,511	58,820	SH		DFND		0	0	58,820
SALESFORCE COM INC	COM	79466L302	515	8,886	SH		DFND		0	0	8,886
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	25	23,000	PRN		DFND		0	0	23,000
SALIX PHARMACEUTICALS INC	NOTE 1.500% 3/1	795435AE6	34	17,000	PRN		DFND		0	0	17,000
SBA COMMUNICATIONS CORP	COM	78388J106	642	6,259	SH		DFND		0	0	6,259
SCHLUMBERGER LTD	COM	806857108	4,633	39,290	SH		DFND		0	0	39,290
SCHWAB CHARLES CORP NEW	COM	808513105	2,537	94,209	SH		DFND		0	0	94,209
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	1,939	40,630	SH		DFND		0	0	40,630
SCRIPPS NETWORKS INTERACT IN	CL A COM	811065101	310	3,815	SH		DFND		0	0	3,815
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	323	5,700	SH		DFND		0	0	5,700
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	313	13,726	SH		DFND		0	0	13,726
SIGMA ALDRICH CORP	COM	826552101	624	6,165	SH		DFND		0	0	6,165
SPDR GOLD TRUST	GOLD SHS	78463V107	476	3,728	SH		DFND		0	0	3,728
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	864	17,129	SH		DFND		0	0	17,129
SPDR S&P 500 ETF TR	TR UNIT	78462F103	212	1,084	SH		DFND		0	0	1,084
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	342	8,200	SH		DFND		0	0	8,200
SPECTRA ENERGY CORP	COM	847560109	1,245	29,349	SH		DFND		0	0	29,349
STANLEY BLACK & DECKER INC	COM	854502101	552	6,278	SH		DFND		0	0	6,278
STARBUCKS CORP	COM	855244109	835	10,828	SH		DFND		0	0	10,828
STERICYCLE INC	COM	858912108	761	6,404	SH		DFND		0	0	6,404
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	13	11,000	PRN		DFND		0	0	11,000
STRYKER CORP	COM	863667101	1,051	12,466	SH		DFND		0	0	12,466
SUNTRUST BKS INC	COM	867914103	412	10,329	SH		DFND		0	0	10,329
SUSSER PETE PARTNERS LP	COM U REP LP	869239103	401	8,553	SH		DFND		0	0	8,553
SYSCO CORP	COM	871829107	226	6,055	SH		DFND		0	0	6,055
TARGET CORP	COM	87612E106	501	8,608	SH		DFND		0	0	8,608
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	50	29,000	PRN		DFND		0	0	29,000
TESLA MTRS INC	COM	88160R101	271	1,129	SH		DFND		0	0	1,129
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	23	17,000	PRN		DFND		0	0	17,000
TEXAS INSTRS INC	COM	882508104	298	6,260	SH		DFND		0	0	6,260
TOTAL S A	SPONSORED ADR	89151E109	336	4,641	SH		DFND		0	0	4,641
TOWERS WATSON & CO	CL A	891894107	286	2,745	SH		DFND		0	0	2,745
TRANSDIGM GROUP INC	COM	893641100	217	1,292	SH		DFND		0	0	1,292
TRAVELERS COMPANIES INC	COM	89417E109	237	2,523	SH		DFND		0	0	2,523
TRIMBLE NAVIGATION LTD	COM	896239100	1,076	29,128	SH		DFND		0	0	29,128
TTM TECHNOLOGIES INC	NOTE 3.250% 5/1	87305RAC3	18	18,000	PRN		DFND		0	0	18,000
TWENTY FIRST CENTY FOX INC	CL A	90130A101	314	8,944	SH		DFND		0	0	8,944
TWO HBRS INVT CORP	COM	90187B101	122	11,865	SH		DFND		0	0	11,865
UBS AG JERSEY BRH	CMCI ETN 38	902641778	820	37,976	SH		DFND		0	0	37,976
UNDER ARMOUR INC	CL A	904311107	2,938	49,265	SH		DFND		0	0	49,265
UNILEVER N V	N Y SHS NEW	904784709	229	5,226	SH		DFND		0	0	5,226
UNILEVER PLC	SPON ADR NEW	904767704	680	14,955	SH		DFND		0	0	14,955
UNION PAC CORP	COM	907818108	385	3,852	SH		DFND		0	0	3,852
UNITED MICROELECTRONICS CORP	SPON ADR NEW	910873405	72	29,700	SH		DFND		0	0	29,700
UNITED STATES STL CORP NEW	NOTE 2.750% 4/0	912909AH1	12	11,000	PRN		DFND		0	0	11,000
UNITED TECHNOLOGIES CORP	COM	913017109	558	4,805	SH		DFND		0	0	4,805
UNITEDHEALTH GROUP INC	COM	91324P102	339	4,166	SH		DFND		0	0	4,166
UNIVERSAL DISPLAY CORP	COM	91347P105	610	19,000	SH		DFND		0	0	19,000
VALERO ENERGY PARTNERS LP	COM UNT REP LP	91914J102	400	7,950	SH		DFND		0	0	7,950
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	202	2,322	SH		DFND		0	0	2,322
VANGUARD INDEX FDS	REIT ETF	922908553	328	4,372	SH		DFND		0	0	4,372
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	280	6,528	SH		DFND		0	0	6,528
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	307	3,814	SH		DFND		0	0	3,814
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	321	4,123	SH		DFND		0	0	4,123
VANGUARD WORLD FD	EXTENDED DUR	921910709	378	3,650	SH		DFND		0	0	3,650
VERISK ANALYTICS INC	CL A	92345Y106	555	9,178	SH		DFND		0	0	9,178
VERIZON COMMUNICATIONS INC	COM	92343V104	4,773	97,484	SH		DFND		0	0	97,484
VISA INC	COM CL A	92826C839	1,579	7,502	SH		DFND		0	0	7,502
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	18	18,000	PRN		DFND		0	0	18,000
VOYA FINL INC	COM	929089100	499	13,724	SH		DFND		0	0	13,724
VULCAN MATLS CO	COM	929160109	255	4,000	SH		DFND		0	0	4,000
W P CAREY INC	COM	92936U109	845	13,128	SH		DFND		0	0	13,128
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	23	17,000	PRN		DFND		0	0	17,000
WABTEC CORP	COM	929740108	357	4,312	SH		DFND		0	0	4,312
WAL-MART STORES INC	COM	931142103	725	9,634	SH		DFND		0	0	9,634
WASTE CONNECTIONS INC	COM	941053100	796	16,362	SH		DFND		0	0	16,362
WATERS CORP	COM	941848103	415	3,977	SH		DFND		0	0	3,977
WELLPOINT INC	COM	94973V107	200	1,851	SH		DFND		0	0	1,851
WELLS FARGO & CO NEW	COM	949746101	1,813	34,430	SH		DFND		0	0	34,430
WESTERN ASSET MUN HI INCM FD	COM	95766N103	131	17,685	SH		DFND		0	0	17,685
WHOLE FOODS MKT INC	COM	966837106	283	7,321	SH		DFND		0	0	7,321
WILLIAMS COS INC DEL	COM	969457100	1,313	22,555	SH		DFND		0	0	22,555
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	223	4,563	SH		DFND		0	0	4,563
WYNN RESORTS LTD	COM	983134107	377	1,816	SH		DFND		0	0	1,816
XILINX INC	NOTE 2.625% 6/1	983919AF8	31	19,000	PRN		DFND		0	0	19,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	27	14,000	PRN		DFND		0	0	14,000
YUM BRANDS INC	COM	988498101	484	5,975	SH		DFND		0	0	5,975