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	1,491	10,544	SH		DFND		0	0	10,544
ABBOTT LABS	COM	002824100	1,174	28,295	SH		DFND		0	0	28,295
ABBVIE INC	COM	00287Y109	2,250	38,831	SH		DFND		0	0	38,831
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	2,960	36,544	SH		DFND		0	0	36,544
ACE LTD	SHS	H0023R105	209	1,995	SH		DFND		0	0	1,995
ACNB CORP	COM	000868109	298	15,659	SH		DFND		0	0	15,659
ACUITY BRANDS INC	COM	00508Y102	206	1,743	SH		DFND		0	0	1,743
AFFILIATED MANAGERS GROUP	COM	008252108	303	1,516	SH		DFND		0	0	1,516
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	23	17,000	PRN		DFND		0	0	17,000
AIR PRODS & CHEMS INC	COM	009158106	411	3,150	SH		DFND		0	0	3,150
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	295	3,318	SH		DFND		0	0	3,318
ALTRIA GROUP INC	COM	02209S103	1,191	25,924	SH		DFND		0	0	25,924
AMAZON COM INC	COM	023135106	1,573	4,873	SH		DFND		0	0	4,873
AMERICAN EXPRESS CO	COM	025816109	2,065	23,578	SH		DFND		0	0	23,578
AMERICAN TOWER CORP NEW	COM	03027X100	2,259	24,142	SH		DFND		0	0	24,142
AMETEK INC NEW	COM	031100100	343	6,829	SH		DFND		0	0	6,829
AMGEN INC	COM	031162100	344	2,458	SH		DFND		0	0	2,458
AMPHENOL CORP NEW	CL A	032095101	471	4,727	SH		DFND		0	0	4,727
ANADARKO PETE CORP	COM	032511107	1,019	10,076	SH		DFND		0	0	10,076
ANSYS INC	COM	03662Q105	269	3,539	SH		DFND		0	0	3,539
ANTARES PHARMA INC	COM	036642106	51	28,137	SH		DFND		0	0	28,137
AON PLC	SHS CL A	G0408V102	251	2,876	SH		DFND		0	0	2,876
APACHE CORP	COM	037411105	791	8,412	SH		DFND		0	0	8,412
APCO OIL & GAS INTERNATIONAL	SHS	G0471F109	142	11,000	SH		DFND		0	0	11,000
APPLE INC	COM	037833100	14,210	140,989	SH		DFND		0	0	140,989
ARENA PHARMACEUTICALS INC	COM	040047102	84	20,000	SH		DFND		0	0	20,000
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	10	10,000	PRN		DFND		0	0	10,000
AT&T INC	COM	00206R102	2,346	66,597	SH		DFND		0	0	66,597
AUTOMATIC DATA PROCESSING IN	COM	053015103	407	4,893	SH		DFND		0	0	4,893
AVALONBAY CMNTYS INC	COM	053484101	433	3,075	SH		DFND		0	0	3,075
BAIDU INC	SPON ADR REP A	056752108	578	2,651	SH		DFND		0	0	2,651
BANK AMER CORP	COM	060505104	442	25,685	SH		DFND		0	0	25,685
BED BATH & BEYOND INC	COM	075896100	311	4,750	SH		DFND		0	0	4,750
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	207	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,740	34,259	SH		DFND		0	0	34,259
BHP BILLITON LTD	SPONSORED ADR	088606108	220	3,704	SH		DFND		0	0	3,704
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	25	24,000	PRN		DFND		0	0	24,000
BOEING CO	COM	097023105	378	2,937	SH		DFND		0	0	2,937
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	19	18,000	PRN		DFND		0	0	18,000
BP PLC	SPONSORED ADR	055622104	290	6,579	SH		DFND		0	0	6,579
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	453	10,760	SH		DFND		0	0	10,760
BRISTOL MYERS SQUIBB CO	COM	110122108	1,353	26,493	SH		DFND		0	0	26,493
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	901	20,050	SH		DFND		0	0	20,050
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	480	12,594	SH		DFND		0	0	12,594
CANADIAN NAT RES LTD	COM	136385101	261	6,658	SH		DFND		0	0	6,658
CANADIAN NATL RY CO	COM	136375102	687	9,684	SH		DFND		0	0	9,684
CANADIAN PAC RY LTD	COM	13645T100	333	1,608	SH		DFND		0	0	1,608
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	481	15,800	SH		DFND		0	0	15,800
CATERPILLAR INC DEL	COM	149123101	1,297	13,031	SH		DFND		0	0	13,031
CEL SCI CORP	COM PAR $0.01	150837508	54	60,000	SH		DFND		0	0	60,000
CELGENE CORP	COM	151020104	294	3,103	SH		DFND		0	0	3,103
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	18	17,000	PRN		DFND		0	0	17,000
CHESAPEAKE ENERGY CORP	NOTE 2.750%11/1	165167BW6	25	25,000	PRN		DFND		0	0	25,000
CHESAPEAKE ENERGY CORP	PFD CONV	165167842	400	4,150	SH		DFND		0	0	4,150
CHESAPEAKE GRANITE WASH TR	COM SH BEN INT	165185109	137	12,920	SH		DFND		0	0	12,920
CHEVRON CORP NEW	COM	166764100	2,362	19,746	SH		DFND		0	0	19,746
CHUBB CORP	COM	171232101	867	9,542	SH		DFND		0	0	9,542
CIGNA CORPORATION	COM	125509109	344	3,792	SH		DFND		0	0	3,792
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,186	24,848	SH		DFND		0	0	24,848
CIRRUS LOGIC INC	COM	172755100	401	19,375	SH		DFND		0	0	19,375
CISCO SYS INC	COM	17275R102	446	17,711	SH		DFND		0	0	17,711
CLOROX CO DEL	COM	189054109	404	4,194	SH		DFND		0	0	4,194
COCA COLA CO	COM	191216100	2,136	50,116	SH		DFND		0	0	50,116
COLFAX CORP	COM	194014106	562	9,880	SH		DFND		0	0	9,880
COLGATE PALMOLIVE CO	COM	194162103	963	14,742	SH		DFND		0	0	14,742
CONOCOPHILLIPS	COM	20825C104	635	8,277	SH		DFND		0	0	8,277
CONTINENTAL AIRLS INC	NOTE 4.500% 1/1	210795PU8	22	10,000	PRN		DFND		0	0	10,000
CORE LABORATORIES N V	COM	N22717107	489	3,336	SH		DFND		0	0	3,336
COSTCO WHSL CORP NEW	COM	22160K105	822	6,525	SH		DFND		0	0	6,525
COVANCE INC	COM	222816100	830	10,558	SH		DFND		0	0	10,558
CVS HEALTH CORP	COM	126650100	842	10,528	SH		DFND		0	0	10,528
DANAHER CORP DEL	COM	235851102	2,622	34,528	SH		DFND		0	0	34,528
DANAHER CORP DEL	NOTE 1/2	235851AF9	36	17,000	PRN		DFND		0	0	17,000
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	1,608	21,986	SH		DFND		0	0	21,986
DEERE & CO	COM	244199105	806	9,865	SH		DFND		0	0	9,865
DIAGEO P L C	SPON ADR NEW	25243Q205	1,365	11,833	SH		DFND		0	0	11,833
DISCOVERY COMMUNICATNS NEW	COM SER A	25470F104	215	5,669	SH		DFND		0	0	5,669
DISCOVERY COMMUNICATNS NEW	COM SER C	25470F302	211	5,669	SH		DFND		0	0	5,669
DISNEY WALT CO	COM DISNEY	254687106	1,631	18,294	SH		DFND		0	0	18,294
DOMINION RES INC VA NEW	COM	25746U109	943	13,651	SH		DFND		0	0	13,651
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	248	10,500	SH		DFND		0	0	10,500
DOW CHEM CO	COM	260543103	335	6,416	SH		DFND		0	0	6,416
DU PONT E I DE NEMOURS & CO	COM	263534109	1,232	17,136	SH		DFND		0	0	17,136
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,270	16,993	SH		DFND		0	0	16,993
EATON CORP PLC	SHS	G29183103	423	6,667	SH		DFND		0	0	6,667
EATON VANCE TAX MNGD GBL DV	COM	27829F108	144	14,340	SH		DFND		0	0	14,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	117	10,245	SH		DFND		0	0	10,245
EBAY INC	COM	278642103	1,402	24,785	SH		DFND		0	0	24,785
EMERSON ELEC CO	COM	291011104	1,030	16,461	SH		DFND		0	0	16,461
ENERGY TRANSFER PRTNRS L P	UNIT LTD PARTN	29273R109	230	3,599	SH		DFND		0	0	3,599
ENSCO PLC	SHS CLASS A	G3157S106	1,163	28,151	SH		DFND		0	0	28,151
ENTERPRISE PRODS PARTNERS L	COM	293792107	2,701	67,063	SH		DFND		0	0	67,063
EQUIFAX INC	COM	294429105	2,138	28,606	SH		DFND		0	0	28,606
EXELIXIS INC	COM	30161Q104	31	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	387	11,332	SH		DFND		0	0	11,332
EXPRESS SCRIPTS HLDG CO	COM	30219G108	3,185	45,196	SH		DFND		0	0	45,196
EXXON MOBIL CORP	COM	30231G102	8,077	85,835	SH		DFND		0	0	85,835
FACEBOOK INC	CL A	30303M102	1,254	15,803	SH		DFND		0	0	15,803
FAIR ISAAC CORP	COM	303250104	551	9,915	SH		DFND		0	0	9,915
FASTENAL CO	COM	311900104	249	5,577	SH		DFND		0	0	5,577
FIDELITY NATL INFORMATION SV	COM	31620M106	1,016	18,040	SH		DFND		0	0	18,040
FIFTH STREET FINANCE CORP	COM	31678A103	442	47,834	SH		DFND		0	0	47,834
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	202	10,700	SH		DFND		0	0	10,700
FLUIDIGM CORP DEL	NOTE 2.750% 2/0	34385PAA6	11	11,000	PRN		DFND		0	0	11,000
FMC TECHNOLOGIES INC	COM	30249U101	1,730	31,871	SH		DFND		0	0	31,871
FORD MTR CO DEL	COM PAR $0.01	345370860	167	11,382	SH		DFND		0	0	11,382
FORD MTR CO DEL	NOTE 4.250%11/1	345370CN8	25	13,000	PRN		DFND		0	0	13,000
GALLAGHER ARTHUR J & CO	COM	363576109	1,280	28,210	SH		DFND		0	0	28,210
GAMESTOP CORP NEW	CL A	36467W109	1,008	24,501	SH		DFND		0	0	24,501
GENERAL DYNAMICS CORP	COM	369550108	550	4,336	SH		DFND		0	0	4,336
GENERAL ELECTRIC CO	COM	369604103	3,740	145,920	SH		DFND		0	0	145,920
GENERAL MLS INC	COM	370334104	632	12,522	SH		DFND		0	0	12,522
GILEAD SCIENCES INC	COM	375558103	691	6,508	SH		DFND		0	0	6,508
GOLDMAN SACHS GROUP INC	COM	38141G104	213	1,165	SH		DFND		0	0	1,165
GOLUB CAP BDC INC	COM	38173M102	499	31,326	SH		DFND		0	0	31,326
GOOGLE INC	CL A	38259P508	3,221	5,454	SH		DFND		0	0	5,454
GOOGLE INC	CL C	38259P706	3,009	5,201	SH		DFND		0	0	5,201
HAMILTON BANCORP INC MD	COM	407015106	133	10,000	SH		DFND		0	0	10,000
HCP INC	COM	40414L109	226	5,683	SH		DFND		0	0	5,683
HD SUPPLY HLDGS INC	COM	40416M105	1,270	46,545	SH		DFND		0	0	46,545
HEALTH CARE REIT INC	COM	42217K106	709	11,355	SH		DFND		0	0	11,355
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	33	27,000	PRN		DFND		0	0	27,000
HEWLETT PACKARD CO	COM	428236103	227	6,413	SH		DFND		0	0	6,413
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	19	19,000	PRN		DFND		0	0	19,000
HOME DEPOT INC	COM	437076102	834	9,106	SH		DFND		0	0	9,106
HOMEAWAY INC	COM	43739Q100	430	12,117	SH		DFND		0	0	12,117
HONEYWELL INTL INC	COM	438516106	521	5,601	SH		DFND		0	0	5,601
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	415	30,953	SH		DFND		0	0	30,953
HORNBECK OFFSHORE SVCS INC N	NOTE 1.500% 9/0	440543AN6	19	19,000	PRN		DFND		0	0	19,000
HOSPIRA INC	COM	441060100	336	6,438	SH		DFND		0	0	6,438
HUBBELL INC	CL A	443510102	217	1,750	SH		DFND		0	0	1,750
INGERSOLL-RAND PLC	SHS	G47791101	346	6,154	SH		DFND		0	0	6,154
INTEL CORP	COM	458140100	2,855	81,990	SH		DFND		0	0	81,990
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,771	19,867	SH		DFND		0	0	19,867
INTUITIVE SURGICAL INC	COM NEW	46120E602	313	677	SH		DFND		0	0	677
ISHARES	10-20 YR TRS ETF	464288653	212	1,623	SH		DFND		0	0	1,623
ISHARES	IBOXX HI YD ETF	464288513	473	5,144	SH		DFND		0	0	5,144
ISHARES GOLD TRUST	ISHARES	464285105	303	25,897	SH		DFND		0	0	25,897
ISHARES SILVER TRUST	ISHARES	46428Q109	202	12,333	SH		DFND		0	0	12,333
ISHARES TR	1-3 YR TR BD ETF	464287457	621	7,357	SH		DFND		0	0	7,357
ISHARES TR	20+ YR TR BD ETF	464287432	389	3,350	SH		DFND		0	0	3,350
ISHARES TR	CORE S&P MCP ETF	464287507	425	3,102	SH		DFND		0	0	3,102
ISHARES TR	CORE S&P SCP ETF	464287804	309	2,972	SH		DFND		0	0	2,972
ISHARES TR	CORE S&P500 ETF	464287200	890	4,482	SH		DFND		0	0	4,482
ISHARES TR	CORE US AGGBD ET	464287226	703	6,462	SH		DFND		0	0	6,462
ISHARES TR	IBOXX INV CP ETF	464287242	655	5,521	SH		DFND		0	0	5,521
ISHARES TR	MSCI EAFE ETF	464287465	268	4,192	SH		DFND		0	0	4,192
ISHARES TR	MSCI EMG MKT ETF	464287234	901	21,710	SH		DFND		0	0	21,710
ISHARES TR	NASDQ BIOTEC ETF	464287556	343	1,256	SH		DFND		0	0	1,256
ISHARES TR	RUS 1000 GRW ETF	464287614	1,236	13,524	SH		DFND		0	0	13,524
ISHARES TR	RUS 1000 VAL ETF	464287598	1,030	10,262	SH		DFND		0	0	10,262
ISHARES TR	SELECT DIVID ETF	464287168	1,094	14,801	SH		DFND		0	0	14,801
ISHARES TR	TIPS BD ETF	464287176	365	3,253	SH		DFND		0	0	3,253
JARDEN CORP	NOTE 1.875% 9/1	471109AH1	37	27,000	PRN		DFND		0	0	27,000
JOHNSON & JOHNSON	COM	478160104	6,389	59,881	SH		DFND		0	0	59,881
JOHNSON CTLS INC	COM	478366107	227	5,170	SH		DFND		0	0	5,170
JONES LANG LASALLE INC	COM	48020Q107	251	1,981	SH		DFND		0	0	1,981
JPMORGAN CHASE & CO	COM	46625H100	2,156	35,782	SH		DFND		0	0	35,782
KAYNE ANDERSON MLP INVT CO	COM	486606106	2,279	55,856	SH		DFND		0	0	55,856
KELLOGG CO	COM	487836108	208	3,382	SH		DFND		0	0	3,382
KIMBERLY CLARK CORP	COM	494368103	472	4,370	SH		DFND		0	0	4,370
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,285	13,775	SH		DFND		0	0	13,775
KINDER MORGAN INC DEL	COM	49456B101	2,195	57,073	SH		DFND		0	0	57,073
KINDER MORGAN MANAGEMENT LLC	SHS	49455U100	754	8,034	SH		DFND		0	0	8,034
KRAFT FOODS GROUP INC	COM	50076Q106	391	6,917	SH		DFND		0	0	6,917
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	26	19,000	PRN		DFND		0	0	19,000
LAUDER ESTEE COS INC	CL A	518439104	468	6,275	SH		DFND		0	0	6,275
LAZARD LTD	SHS A	G54050102	444	8,805	SH		DFND		0	0	8,805
LILLY ELI & CO	COM	532457108	328	5,069	SH		DFND		0	0	5,069
LOCKHEED MARTIN CORP	COM	539830109	236	1,294	SH		DFND		0	0	1,294
M & T BK CORP	COM	55261F104	1,352	10,976	SH		DFND		0	0	10,976
MACQUARIE INFRASTR CO LLC	NOTE 2.875% 7/1	55608BAA3	27	26,000	PRN		DFND		0	0	26,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	542	6,434	SH		DFND		0	0	6,434
MARKEL CORP	COM	570535104	387	607	SH		DFND		0	0	607
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	525	24,590	SH		DFND		0	0	24,590
MARKWEST ENERGY PARTNERS L P	UNIT LTD PARTN	570759100	261	3,401	SH		DFND		0	0	3,401
MASTERCARD INC	CL A	57636Q104	4,778	64,601	SH		DFND		0	0	64,601
MCCORMICK & CO INC	COM NON VTG	579780206	1,195	17,890	SH		DFND		0	0	17,890
MCCORMICK & CO INC	COM VTG	579780107	909	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	1,203	12,717	SH		DFND		0	0	12,717
MCGRAW HILL FINL INC	COM	580645109	397	4,701	SH		DFND		0	0	4,701
MCKESSON CORP	COM	58155Q103	496	2,546	SH		DFND		0	0	2,546
MELCO CROWN ENTMT LTD	ADR	585464100	489	18,600	SH		DFND		0	0	18,600
MERCK & CO INC NEW	COM	58933Y105	3,552	59,878	SH		DFND		0	0	59,878
METLIFE INC	COM	59156R108	1,450	27,014	SH		DFND		0	0	27,014
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	19	17,000	PRN		DFND		0	0	17,000
MICROCHIP TECHNOLOGY INC	COM	595017104	827	17,527	SH		DFND		0	0	17,527
MICROSOFT CORP	COM	594918104	4,179	90,047	SH		DFND		0	0	90,047
MOLYCORP INC DEL	COM	608753109	43	36,850	SH		DFND		0	0	36,850
MONDELEZ INTL INC	CL A	609207105	1,663	48,421	SH		DFND		0	0	48,421
NATIONAL OILWELL VARCO INC	COM	637071101	857	11,239	SH		DFND		0	0	11,239
NETFLIX INC	COM	64110L106	230	509	SH		DFND		0	0	509
NEXTERA ENERGY INC	COM	65339F101	521	5,544	SH		DFND		0	0	5,544
NIELSEN N V	COM	N63218106	248	5,588	SH		DFND		0	0	5,588
NORDSTROM INC	COM	655664100	302	4,414	SH		DFND		0	0	4,414
NORFOLK SOUTHERN CORP	COM	655844108	281	2,518	SH		DFND		0	0	2,518
NOVARTIS A G	SPONSORED ADR	66987V109	587	6,245	SH		DFND		0	0	6,245
NOVELLUS SYS INC	NOTE 2.625% 5/1	670008AD3	21	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	424	9,757	SH		DFND		0	0	9,757
NUVEEN MD PREM INCOME MUN FD	COM	67061Q107	168	13,268	SH		DFND		0	0	13,268
NUVEEN MUN VALUE FD INC	COM	670928100	139	14,782	SH		DFND		0	0	14,782
NYMOX PHARMACEUTICAL CORP	COM	67076P102	70	16,000	SH		DFND		0	0	16,000
OAKTREE CAP GROUP LLC	UNIT CL A	674001201	343	6,700	SH		DFND		0	0	6,700
OCCIDENTAL PETE CORP DEL	COM	674599105	463	4,823	SH		DFND		0	0	4,823
OMNICARE INC	NOTE 3.500% 2/1	681904AQ1	41	39,000	PRN		DFND		0	0	39,000
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	19	18,000	PRN		DFND		0	0	18,000
ONEOK INC NEW	COM	682680103	315	4,815	SH		DFND		0	0	4,815
ORACLE CORP	COM	68389X105	1,283	33,405	SH		DFND		0	0	33,405
PEPCO HOLDINGS INC	COM	713291102	233	8,750	SH		DFND		0	0	8,750
PEPSICO INC	COM	713448108	4,101	44,010	SH		DFND		0	0	44,010
PFIZER INC	COM	717081103	1,410	47,545	SH		DFND		0	0	47,545
PHILIP MORRIS INTL INC	COM	718172109	1,109	13,273	SH		DFND		0	0	13,273
PHILLIPS 66	COM	718546104	203	2,501	SH		DFND		0	0	2,501
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	459	7,799	SH		DFND		0	0	7,799
PLAINS GP HLDGS L P	SHS A REP LTPN	72651A108	690	22,480	SH		DFND		0	0	22,480
PNC FINL SVCS GROUP INC	COM	693475105	1,308	15,261	SH		DFND		0	0	15,261
POTASH CORP SASK INC	COM	73755L107	422	12,239	SH		DFND		0	0	12,239
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	798	20,300	SH		DFND		0	0	20,300
POWERSHS DB US DOLLAR INDEX	DOLL INDX BULL	73936D107	249	10,900	SH		DFND		0	0	10,900
PRAXAIR INC	COM	74005P104	1,131	8,773	SH		DFND		0	0	8,773
PRICE T ROWE GROUP INC	COM	74144T108	2,672	33,999	SH		DFND		0	0	33,999
PRICELINE GRP INC	DEBT 1.000% 3/1	741503AQ9	12	10,000	PRN		DFND		0	0	10,000
PROCTER & GAMBLE CO	COM	742718109	7,282	87,004	SH		DFND		0	0	87,004
PROTECTIVE LIFE CORP	COM	743674103	251	3,616	SH		DFND		0	0	3,616
QUALCOMM INC	COM	747525103	5,375	71,955	SH		DFND		0	0	71,955
QUANTA SVCS INC	COM	74762E102	558	15,445	SH		DFND		0	0	15,445
REGENCY ENERGY PARTNERS L P	COM UNITS L P	75885Y107	238	7,280	SH		DFND		0	0	7,280
REGIONS FINL CORP NEW	COM	7591EP100	285	28,436	SH		DFND		0	0	28,436
ROBERT HALF INTL INC	COM	770323103	234	4,777	SH		DFND		0	0	4,777
ROGERS COMMUNICATIONS INC	CL B	775109200	523	13,995	SH		DFND		0	0	13,995
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	229	4,035	SH		DFND		0	0	4,035
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	393	2,845	SH		DFND		0	0	2,845
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	4,268	56,320	SH		DFND		0	0	56,320
SALESFORCE COM INC	COM	79466L302	490	8,541	SH		DFND		0	0	8,541
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	24	23,000	PRN		DFND		0	0	23,000
SALIX PHARMACEUTICALS INC	NOTE 1.500% 3/1	795435AE6	25	11,000	PRN		DFND		0	0	11,000
SBA COMMUNICATIONS CORP	COM	78388J106	584	5,257	SH		DFND		0	0	5,257
SCHLUMBERGER LTD	COM	806857108	3,818	37,503	SH		DFND		0	0	37,503
SCHWAB CHARLES CORP NEW	COM	808513105	2,956	100,513	SH		DFND		0	0	100,513
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	2,098	44,130	SH		DFND		0	0	44,130
SCRIPPS NETWORKS INTERACT IN	CL A COM	811065101	298	3,815	SH		DFND		0	0	3,815
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	326	5,700	SH		DFND		0	0	5,700
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	317	13,728	SH		DFND		0	0	13,728
SIGMA ALDRICH CORP	COM	826552101	290	2,135	SH		DFND		0	0	2,135
SPANSION LLC	NOTE 2.000% 9/0	84649PAL9	26	16,000	PRN		DFND		0	0	16,000
SPDR GOLD TRUST	GOLD SHS	78463V107	367	3,158	SH		DFND		0	0	3,158
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	849	17,671	SH		DFND		0	0	17,671
SPDR S&P 500 ETF TR	TR UNIT	78462F103	696	3,539	SH		DFND		0	0	3,539
SPECTRA ENERGY CORP	COM	847560109	1,143	29,113	SH		DFND		0	0	29,113
STANLEY BLACK & DECKER INC	COM	854502101	394	4,430	SH		DFND		0	0	4,430
STARBUCKS CORP	COM	855244109	899	11,934	SH		DFND		0	0	11,934
STERICYCLE INC	COM	858912108	813	6,995	SH		DFND		0	0	6,995
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	11	11,000	PRN		DFND		0	0	11,000
STRYKER CORP	COM	863667101	1,005	12,452	SH		DFND		0	0	12,452
SUNTRUST BKS INC	COM	867914103	429	11,310	SH		DFND		0	0	11,310
SUSSER PETE PARTNERS LP	COM U REP LP	869239103	474	8,553	SH		DFND		0	0	8,553
SYSCO CORP	COM	871829107	250	6,569	SH		DFND		0	0	6,569
TARGET CORP	COM	87612E106	578	9,171	SH		DFND		0	0	9,171
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	50	29,000	PRN		DFND		0	0	29,000
TESLA MTRS INC	COM	88160R101	274	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	228	4,792	SH		DFND		0	0	4,792
TOTAL S A	SPONSORED ADR	89151E109	321	5,015	SH		DFND		0	0	5,015
TOWERS WATSON & CO	CL A	891894107	273	2,745	SH		DFND		0	0	2,745
TRANSDIGM GROUP INC	COM	893641100	244	1,319	SH		DFND		0	0	1,319
TRAVELERS COMPANIES INC	COM	89417E109	237	2,525	SH		DFND		0	0	2,525
TRIMBLE NAVIGATION LTD	COM	896239100	915	30,077	SH		DFND		0	0	30,077
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	303	8,849	SH		DFND		0	0	8,849
TWO HBRS INVT CORP	COM	90187B101	115	11,865	SH		DFND		0	0	11,865
UBS AG JERSEY BRH	CMCI ETN 38	902641778	802	42,317	SH		DFND		0	0	42,317
UNDER ARMOUR INC	CL A	904311107	3,100	44,856	SH		DFND		0	0	44,856
UNILEVER N V	N Y SHS NEW	904784709	207	5,226	SH		DFND		0	0	5,226
UNILEVER PLC	SPON ADR NEW	904767704	496	11,834	SH		DFND		0	0	11,834
UNION PAC CORP	COM	907818108	417	3,853	SH		DFND		0	0	3,853
UNITED STATES STL CORP NEW	NOTE 2.750% 4/0	912909AH1	20	11,000	PRN		DFND		0	0	11,000
UNITED TECHNOLOGIES CORP	COM	913017109	442	4,176	SH		DFND		0	0	4,176
UNITEDHEALTH GROUP INC	COM	91324P102	361	4,169	SH		DFND		0	0	4,169
UNIVERSAL DISPLAY CORP	COM	91347P105	620	19,000	SH		DFND		0	0	19,000
VANGUARD INDEX FDS	REIT ETF	922908553	328	4,567	SH		DFND		0	0	4,567
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	304	3,814	SH		DFND		0	0	3,814
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	318	4,127	SH		DFND		0	0	4,127
VANGUARD WORLD FD	EXTENDED DUR	921910709	614	5,600	SH		DFND		0	0	5,600
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	27	26,000	PRN		DFND		0	0	26,000
VERISK ANALYTICS INC	CL A	92345Y106	562	9,208	SH		DFND		0	0	9,208
VERIZON COMMUNICATIONS INC	COM	92343V104	5,013	100,335	SH		DFND		0	0	100,335
VISA INC	COM CL A	92826C839	1,638	7,681	SH		DFND		0	0	7,681
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	16	18,000	PRN		DFND		0	0	18,000
VOYA FINL INC	COM	929089100	555	14,200	SH		DFND		0	0	14,200
W P CAREY INC	COM	92936U109	834	13,031	SH		DFND		0	0	13,031
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	23	17,000	PRN		DFND		0	0	17,000
WABTEC CORP	COM	929740108	355	4,382	SH		DFND		0	0	4,382
WAL-MART STORES INC	COM	931142103	738	9,652	SH		DFND		0	0	9,652
WASTE CONNECTIONS INC	COM	941053100	743	15,293	SH		DFND		0	0	15,293
WELLS FARGO & CO NEW	COM	949746101	1,754	33,764	SH		DFND		0	0	33,764
WESTERN ASSET MUN HI INCM FD	COM	95766N103	148	20,195	SH		DFND		0	0	20,195
WHOLE FOODS MKT INC	COM	966837106	353	9,250	SH		DFND		0	0	9,250
WILLIAMS COS INC DEL	COM	969457100	1,050	18,944	SH		DFND		0	0	18,944
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	216	4,658	SH		DFND		0	0	4,658
WYNN RESORTS LTD	COM	983134107	410	2,193	SH		DFND		0	0	2,193
XILINX INC	NOTE 2.625% 6/1	983919AF8	27	19,000	PRN		DFND		0	0	19,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	33	14,000	PRN		DFND		0	0	14,000
YUM BRANDS INC	COM	988498101	422	5,870	SH		DFND		0	0	5,870