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	1,732	10,537	SH		DFND		0	0	10,537
ABBOTT LABS	COM	002824100	1,279	28,283	SH		DFND		0	0	28,283
ABBVIE INC	COM	00287Y109	2,513	38,347	SH		DFND		0	0	38,347
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	2,551	28,567	SH		DFND		0	0	28,567
ACE LTD	SHS	H0023R105	230	1,999	SH		DFND		0	0	1,999
ACNB CORP	COM	000868109	341	15,659	SH		DFND		0	0	15,659
ACUITY BRANDS INC	COM	00508Y102	244	1,743	SH		DFND		0	0	1,743
AFFILIATED MANAGERS GROUP	COM	008252108	317	1,495	SH		DFND		0	0	1,495
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	24	18,000	PRN		DFND		0	0	18,000
AIR PRODS & CHEMS INC	COM	009158106	425	2,950	SH		DFND		0	0	2,950
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	1,450	13,985	SH		DFND		0	0	13,985
ALTRIA GROUP INC	COM	02209S103	1,221	24,774	SH		DFND		0	0	24,774
AMAZON COM INC	COM	023135106	2,008	6,469	SH		DFND		0	0	6,469
AMERICAN EXPRESS CO	COM	025816109	2,197	23,564	SH		DFND		0	0	23,564
AMERICAN TOWER CORP NEW	COM	03027X100	2,483	25,080	SH		DFND		0	0	25,080
AMETEK INC NEW	COM	031100100	359	6,829	SH		DFND		0	0	6,829
AMGEN INC	COM	031162100	389	2,436	SH		DFND		0	0	2,436
AMPHENOL CORP NEW	CL A	032095101	510	9,454	SH		DFND		0	0	9,454
ANADARKO PETE CORP	COM	032511107	747	9,019	SH		DFND		0	0	9,019
ANNALY CAP MGMT INC	COM	035710409	122	11,384	SH		DFND		0	0	11,384
ANTARES PHARMA INC	COM	036642106	72	28,137	SH		DFND		0	0	28,137
AON PLC	SHS CL A	G0408V102	270	2,857	SH		DFND		0	0	2,857
APACHE CORP	COM	037411105	565	9,009	SH		DFND		0	0	9,009
APPLE INC	COM	037833100	15,147	137,261	SH		DFND		0	0	137,261
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	11	11,000	PRN		DFND		0	0	11,000
AT&T INC	COM	00206R102	2,239	66,757	SH		DFND		0	0	66,757
AUTOMATIC DATA PROCESSING IN	COM	053015103	400	4,799	SH		DFND		0	0	4,799
AVALONBAY CMNTYS INC	COM	053484101	502	3,076	SH		DFND		0	0	3,076
BAIDU INC	SPON ADR REP A	056752108	753	3,300	SH		DFND		0	0	3,300
BANK AMER CORP	COM	060505104	488	27,192	SH		DFND		0	0	27,192
BANK NEW YORK MELLON CORP	COM	064058100	202	4,999	SH		DFND		0	0	4,999
BED BATH & BEYOND INC	COM	075896100	273	3,614	SH		DFND		0	0	3,614
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	226	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,065	33,669	SH		DFND		0	0	33,669
BHP BILLITON LTD	SPONSORED ADR	088606108	246	5,193	SH		DFND		0	0	5,193
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	33	28,000	PRN		DFND		0	0	28,000
BOEING CO	COM	097023105	334	2,573	SH		DFND		0	0	2,573
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	19	19,000	PRN		DFND		0	0	19,000
BP PLC	SPONSORED ADR	055622104	249	6,529	SH		DFND		0	0	6,529
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	534	11,345	SH		DFND		0	0	11,345
BRISTOL MYERS SQUIBB CO	COM	110122108	1,647	27,821	SH		DFND		0	0	27,821
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	1,004	19,990	SH		DFND		0	0	19,990
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	535	12,836	SH		DFND		0	0	12,836
CANADIAN NATL RY CO	COM	136375102	668	9,684	SH		DFND		0	0	9,684
CANADIAN PAC RY LTD	COM	13645T100	276	1,429	SH		DFND		0	0	1,429
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	394	14,330	SH		DFND		0	0	14,330
CATERPILLAR INC DEL	COM	149123101	1,267	13,854	SH		DFND		0	0	13,854
CELGENE CORP	COM	151020104	342	3,058	SH		DFND		0	0	3,058
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	19	19,000	PRN		DFND		0	0	19,000
CHESAPEAKE ENERGY CORP	NOTE 2.750%11/1	165167BW6	28	28,000	PRN		DFND		0	0	28,000
CHESAPEAKE ENERGY CORP	PFD CONV	165167842	378	4,150	SH		DFND		0	0	4,150
CHEVRON CORP NEW	COM	166764100	2,193	19,584	SH		DFND		0	0	19,584
CHUBB CORP	COM	171232101	965	9,328	SH		DFND		0	0	9,328
CIENA CORP	NOTE 0.875% 6/1	171779AE1	10	10,000	PRN		DFND		0	0	10,000
CIGNA CORPORATION	COM	125509109	386	3,760	SH		DFND		0	0	3,760
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,225	24,848	SH		DFND		0	0	24,848
CIRRUS LOGIC INC	COM	172755100	428	18,175	SH		DFND		0	0	18,175
CISCO SYS INC	COM	17275R102	500	17,935	SH		DFND		0	0	17,935
CLOROX CO DEL	COM	189054109	432	4,168	SH		DFND		0	0	4,168
COCA COLA CO	COM	191216100	1,959	46,442	SH		DFND		0	0	46,442
COLFAX CORP	COM	194014106	310	6,027	SH		DFND		0	0	6,027
COLGATE PALMOLIVE CO	COM	194162103	926	13,349	SH		DFND		0	0	13,349
COMCAST CORP NEW	CL A	20030N101	239	4,091	SH		DFND		0	0	4,091
CONOCOPHILLIPS	COM	20825C104	610	8,731	SH		DFND		0	0	8,731
CONTINENTAL AIRLS INC	NOTE 4.500% 1/1	210795PU8	35	11,000	PRN		DFND		0	0	11,000
COSTCO WHSL CORP NEW	COM	22160K105	892	6,281	SH		DFND		0	0	6,281
CVS HEALTH CORP	COM	126650100	822	8,533	SH		DFND		0	0	8,533
DANAHER CORP DEL	COM	235851102	2,912	34,015	SH		DFND		0	0	34,015
DANAHER CORP DEL	NOTE 1/2	235851AF9	46	19,000	PRN		DFND		0	0	19,000
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	1,654	21,826	SH		DFND		0	0	21,826
DEERE & CO	COM	244199105	847	9,580	SH		DFND		0	0	9,580
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	29	28,000	PRN		DFND		0	0	28,000
DIAGEO P L C	SPON ADR NEW	25243Q205	1,321	11,567	SH		DFND		0	0	11,567
DISNEY WALT CO	COM DISNEY	254687106	1,699	18,030	SH		DFND		0	0	18,030
DOMINION RES INC VA NEW	COM	25746U109	1,007	13,104	SH		DFND		0	0	13,104
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	262	10,700	SH		DFND		0	0	10,700
DOW CHEM CO	COM	260543103	340	7,507	SH		DFND		0	0	7,507
DU PONT E I DE NEMOURS & CO	COM	263534109	1,297	17,534	SH		DFND		0	0	17,534
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,350	16,147	SH		DFND		0	0	16,147
EATON CORP PLC	SHS	G29183103	392	5,759	SH		DFND		0	0	5,759
EATON VANCE TAX MNGD GBL DV	COM	27829F108	135	14,340	SH		DFND		0	0	14,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	114	10,245	SH		DFND		0	0	10,245
EBAY INC	COM	278642103	1,031	18,422	SH		DFND		0	0	18,422
EMERSON ELEC CO	COM	291011104	926	14,972	SH		DFND		0	0	14,972
ENERGY TRANSFER PRTNRS L P	UNIT LTD PARTN	29273R109	237	3,611	SH		DFND		0	0	3,611
ENSCO PLC	SHS CLASS A	G3157S106	272	9,087	SH		DFND		0	0	9,087
ENTERPRISE PRODS PARTNERS L	COM	293792107	2,413	66,758	SH		DFND		0	0	66,758
EQUIFAX INC	COM	294429105	2,314	28,606	SH		DFND		0	0	28,606
EXELON CORP	COM	30161N101	410	11,047	SH		DFND		0	0	11,047
EXPRESS SCRIPTS HLDG CO	COM	30219G108	3,719	43,984	SH		DFND		0	0	43,984
EXXON MOBIL CORP	COM	30231G102	7,772	84,057	SH		DFND		0	0	84,057
FACEBOOK INC	CL A	30303M102	1,390	17,815	SH		DFND		0	0	17,815
FAIR ISAAC CORP	COM	303250104	713	9,915	SH		DFND		0	0	9,915
FASTENAL CO	COM	311900104	240	5,052	SH		DFND		0	0	5,052
FIDELITY NATL INFORMATION SV	COM	31620M106	1,122	18,041	SH		DFND		0	0	18,041
FIFTH STREET FINANCE CORP	COM	31678A103	305	38,123	SH		DFND		0	0	38,123
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	261	13,800	SH		DFND		0	0	13,800
FLUIDIGM CORP DEL	NOTE 2.750% 2/0	34385PAA6	13	13,000	PRN		DFND		0	0	13,000
FMC TECHNOLOGIES INC	COM	30249U101	1,205	25,757	SH		DFND		0	0	25,757
FORD MTR CO DEL	COM PAR $0.01	345370860	180	11,693	SH		DFND		0	0	11,693
GALLAGHER ARTHUR J & CO	COM	363576109	1,328	28,210	SH		DFND		0	0	28,210
GAMESTOP CORP NEW	CL A	36467W109	735	21,739	SH		DFND		0	0	21,739
GENERAL DYNAMICS CORP	COM	369550108	598	4,336	SH		DFND		0	0	4,336
GENERAL ELECTRIC CO	COM	369604103	3,642	144,125	SH		DFND		0	0	144,125
GENERAL MLS INC	COM	370334104	610	11,416	SH		DFND		0	0	11,416
GILEAD SCIENCES INC	COM	375558103	643	6,806	SH		DFND		0	0	6,806
GOLDMAN SACHS GROUP INC	COM	38141G104	209	1,078	SH		DFND		0	0	1,078
GOLUB CAP BDC INC	COM	38173M102	578	32,266	SH		DFND		0	0	32,266
GOOGLE INC	CL A	38259P508	3,184	5,983	SH		DFND		0	0	5,983
GOOGLE INC	CL C	38259P706	2,776	5,270	SH		DFND		0	0	5,270
HAMILTON BANCORP INC MD	COM	407015106	130	10,000	SH		DFND		0	0	10,000
HCP INC	COM	40414L109	254	5,783	SH		DFND		0	0	5,783
HD SUPPLY HLDGS INC	COM	40416M105	1,372	46,545	SH		DFND		0	0	46,545
HEALTH CARE REIT INC	COM	42217K106	742	9,805	SH		DFND		0	0	9,805
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	33	31,000	PRN		DFND		0	0	31,000
HEWLETT PACKARD CO	COM	428236103	264	6,589	SH		DFND		0	0	6,589
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	21	20,000	PRN		DFND		0	0	20,000
HOME DEPOT INC	COM	437076102	953	9,122	SH		DFND		0	0	9,122
HOMEAWAY INC	COM	43739Q100	293	9,817	SH		DFND		0	0	9,817
HONEYWELL INTL INC	COM	438516106	534	5,363	SH		DFND		0	0	5,363
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	361	25,906	SH		DFND		0	0	25,906
HORNBECK OFFSHORE SVCS INC N	NOTE 1.500% 9/0	440543AN6	19	22,000	PRN		DFND		0	0	22,000
HOSPIRA INC	COM	441060100	394	6,438	SH		DFND		0	0	6,438
INGERSOLL-RAND PLC	SHS	G47791101	392	6,154	SH		DFND		0	0	6,154
INTEL CORP	COM	458140100	2,896	79,795	SH		DFND		0	0	79,795
INTEL CORP	SDCV 2.950%12/1	458140AD2	11	10,000	PRN		DFND		0	0	10,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	19	10,000	PRN		DFND		0	0	10,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,888	18,019	SH		DFND		0	0	18,019
INTUITIVE SURGICAL INC	COM NEW	46120E602	294	557	SH		DFND		0	0	557
ISHARES	10-20 YR TRS ETF	464288653	220	1,627	SH		DFND		0	0	1,627
ISHARES	IBOXX HI YD ETF	464288513	450	5,038	SH		DFND		0	0	5,038
ISHARES GOLD TRUST	ISHARES	464285105	117	10,085	SH		DFND		0	0	10,085
ISHARES TR	1-3 YR TR BD ETF	464287457	670	7,955	SH		DFND		0	0	7,955
ISHARES TR	CORE S&P MCP ETF	464287507	500	3,443	SH		DFND		0	0	3,443
ISHARES TR	CORE S&P SCP ETF	464287804	427	3,747	SH		DFND		0	0	3,747
ISHARES TR	CORE S&P500 ETF	464287200	934	4,512	SH		DFND		0	0	4,512
ISHARES TR	CORE US AGGBD ET	464287226	765	6,962	SH		DFND		0	0	6,962
ISHARES TR	IBOXX INV CP ETF	464287242	783	6,552	SH		DFND		0	0	6,552
ISHARES TR	MSCI EAFE ETF	464287465	507	8,318	SH		DFND		0	0	8,318
ISHARES TR	MSCI EMG MKT ETF	464287234	569	14,495	SH		DFND		0	0	14,495
ISHARES TR	NASDQ BIOTEC ETF	464287556	383	1,256	SH		DFND		0	0	1,256
ISHARES TR	RUS 1000 GRW ETF	464287614	1,243	13,009	SH		DFND		0	0	13,009
ISHARES TR	RUS 1000 VAL ETF	464287598	1,245	11,916	SH		DFND		0	0	11,916
ISHARES TR	RUS MID-CAP ETF	464287499	235	1,407	SH		DFND		0	0	1,407
ISHARES TR	RUSSELL 2000 ETF	464287655	342	2,861	SH		DFND		0	0	2,861
ISHARES TR	SELECT DIVID ETF	464287168	1,162	14,651	SH		DFND		0	0	14,651
ISHARES TR	TIPS BD ETF	464287176	365	3,253	SH		DFND		0	0	3,253
JARDEN CORP	NOTE 1.875% 9/1	471109AH1	49	31,000	PRN		DFND		0	0	31,000
JOHNSON & JOHNSON	COM	478160104	6,271	59,988	SH		DFND		0	0	59,988
JOHNSON CTLS INC	COM	478366107	252	5,172	SH		DFND		0	0	5,172
JONES LANG LASALLE INC	COM	48020Q107	232	1,549	SH		DFND		0	0	1,549
JPMORGAN CHASE & CO	COM	46625H100	2,197	35,017	SH		DFND		0	0	35,017
KAYNE ANDERSON MLP INVT CO	COM	486606106	2,397	62,791	SH		DFND		0	0	62,791
KELLOGG CO	COM	487836108	221	3,382	SH		DFND		0	0	3,382
KIMBERLY CLARK CORP	COM	494368103	472	4,070	SH		DFND		0	0	4,070
KINDER MORGAN INC DEL	COM	49456B101	4,542	107,374	SH		DFND		0	0	107,374
KRAFT FOODS GROUP INC	COM	50076Q106	439	6,999	SH		DFND		0	0	6,999
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	29	21,000	PRN		DFND		0	0	21,000
LAZARD LTD	SHS A	G54050102	722	14,425	SH		DFND		0	0	14,425
LIBERTY GLOBAL PLC	SHS CL A	G5480U104	203	4,040	SH		DFND		0	0	4,040
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	27	27,000	PRN		DFND		0	0	27,000
LILLY ELI & CO	COM	532457108	365	5,269	SH		DFND		0	0	5,269
LOCKHEED MARTIN CORP	COM	539830109	288	1,494	SH		DFND		0	0	1,494
LOWES COS INC	COM	548661107	249	3,596	SH		DFND		0	0	3,596
M & T BK CORP	COM	55261F104	1,311	10,427	SH		DFND		0	0	10,427
MACQUARIE INFRASTR CO LLC	NOTE 2.875% 7/1	55608BAA3	30	28,000	PRN		DFND		0	0	28,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	416	5,049	SH		DFND		0	0	5,049
MARKEL CORP	COM	570535104	406	597	SH		DFND		0	0	597
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	418	22,730	SH		DFND		0	0	22,730
MARKWEST ENERGY PARTNERS L P	UNIT LTD PARTN	570759100	228	3,401	SH		DFND		0	0	3,401
MASTERCARD INC	CL A	57636Q104	5,467	63,499	SH		DFND		0	0	63,499
MCCORMICK & CO INC	COM NON VTG	579780206	1,348	18,167	SH		DFND		0	0	18,167
MCCORMICK & CO INC	COM VTG	579780107	1,006	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	1,035	11,019	SH		DFND		0	0	11,019
MCGRAW HILL FINL INC	COM	580645109	419	4,709	SH		DFND		0	0	4,709
MCKESSON CORP	COM	58155Q103	513	2,478	SH		DFND		0	0	2,478
MERCK & CO INC NEW	COM	58933Y105	3,427	60,435	SH		DFND		0	0	60,435
METLIFE INC	COM	59156R108	1,461	27,032	SH		DFND		0	0	27,032
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	20	18,000	PRN		DFND		0	0	18,000
MICROCHIP TECHNOLOGY INC	COM	595017104	752	16,656	SH		DFND		0	0	16,656
MICROCHIP TECHNOLOGY INC	SDCV 2.125%12/1	595017AB0	19	10,000	PRN		DFND		0	0	10,000
MICROSOFT CORP	COM	594918104	4,262	91,590	SH		DFND		0	0	91,590
MOLYCORP INC DEL	COM	608753109	25	27,150	SH		DFND		0	0	27,150
MONDELEZ INTL INC	CL A	609207105	1,579	43,497	SH		DFND		0	0	43,497
NATIONAL OILWELL VARCO INC	COM	637071101	815	12,410	SH		DFND		0	0	12,410
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	10	10,000	PRN		DFND		0	0	10,000
NEXTERA ENERGY INC	COM	65339F101	563	5,295	SH		DFND		0	0	5,295
NIELSEN N V	COM	N63218106	263	5,865	SH		DFND		0	0	5,865
NORDSTROM INC	COM	655664100	350	4,414	SH		DFND		0	0	4,414
NORFOLK SOUTHERN CORP	COM	655844108	276	2,517	SH		DFND		0	0	2,517
NORTHEAST UTILS	COM	664397106	216	4,045	SH		DFND		0	0	4,045
NOVARTIS A G	SPONSORED ADR	66987V109	592	6,375	SH		DFND		0	0	6,375
NOVELLUS SYS INC	NOTE 2.625% 5/1	670008AD3	24	11,000	PRN		DFND		0	0	11,000
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	30	30,000	PRN		DFND		0	0	30,000
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	322	9,362	SH		DFND		0	0	9,362
NUVEEN MD PREM INCOME MUN FD	COM	67061Q107	168	13,268	SH		DFND		0	0	13,268
NUVEEN MUN VALUE FD INC	COM	670928100	215	22,285	SH		DFND		0	0	22,285
NYMOX PHARMACEUTICAL CORP	COM	67076P102	11	28,000	SH		DFND		0	0	28,000
OAKTREE CAP GROUP LLC	UNIT CL A	674001201	331	6,400	SH		DFND		0	0	6,400
OCCIDENTAL PETE CORP DEL	COM	674599105	552	6,898	SH		DFND		0	0	6,898
OMNICARE INC	NOTE 3.500% 2/1	681904AQ1	52	43,000	PRN		DFND		0	0	43,000
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	34	28,000	PRN		DFND		0	0	28,000
ONEOK INC NEW	COM	682680103	241	4,830	SH		DFND		0	0	4,830
ORACLE CORP	COM	68389X105	1,499	33,398	SH		DFND		0	0	33,398
PACCAR INC	COM	693718108	226	3,343	SH		DFND		0	0	3,343
PALL CORP	COM	696429307	278	2,755	SH		DFND		0	0	2,755
PEPCO HOLDINGS INC	COM	713291102	224	8,325	SH		DFND		0	0	8,325
PEPSICO INC	COM	713448108	4,294	45,439	SH		DFND		0	0	45,439
PFIZER INC	COM	717081103	1,441	46,326	SH		DFND		0	0	46,326
PHILIP MORRIS INTL INC	COM	718172109	979	12,059	SH		DFND		0	0	12,059
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	443	8,599	SH		DFND		0	0	8,599
PLAINS GP HLDGS L P	SHS A REP LTPN	72651A108	673	26,125	SH		DFND		0	0	26,125
PNC FINL SVCS GROUP INC	COM	693475105	1,377	15,122	SH		DFND		0	0	15,122
POTASH CORP SASK INC	COM	73755L107	384	10,888	SH		DFND		0	0	10,888
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	834	20,300	SH		DFND		0	0	20,300
POWERSHS DB US DOLLAR INDEX	DOLL INDX BULL	73936D107	262	10,900	SH		DFND		0	0	10,900
PRAXAIR INC	COM	74005P104	1,239	9,583	SH		DFND		0	0	9,583
PRICE T ROWE GROUP INC	COM	74144T108	2,897	33,639	SH		DFND		0	0	33,639
PRICELINE GRP INC	COM NEW	741503403	590	517	SH		DFND		0	0	517
PRICELINE GRP INC	DEBT 1.000% 3/1	741503AQ9	13	11,000	PRN		DFND		0	0	11,000
PROCTER & GAMBLE CO	COM	742718109	7,847	86,198	SH		DFND		0	0	86,198
PROTECTIVE LIFE CORP	COM	743674103	252	3,622	SH		DFND		0	0	3,622
QUALCOMM INC	COM	747525103	5,352	72,072	SH		DFND		0	0	72,072
QUANTA SVCS INC	COM	74762E102	438	15,445	SH		DFND		0	0	15,445
REGIONS FINL CORP NEW	COM	7591EP100	300	28,436	SH		DFND		0	0	28,436
ROBERT HALF INTL INC	COM	770323103	279	4,777	SH		DFND		0	0	4,777
ROGERS COMMUNICATIONS INC	CL B	775109200	256	6,603	SH		DFND		0	0	6,603
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	217	4,285	SH		DFND		0	0	4,285
RPM INTL INC	NOTE 2.250%12/1	749685AT0	14	13,000	PRN		DFND		0	0	13,000
RTI INTL METALS INC	NOTE 1.625%10/1	74973WAB3	11	11,000	PRN		DFND		0	0	11,000
RYDEX ETF TRUST	GUG RUSS TOP 50	78355W205	402	2,845	SH		DFND		0	0	2,845
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	5,866	73,320	SH		DFND		0	0	73,320
SALESFORCE COM INC	COM	79466L302	542	9,168	SH		DFND		0	0	9,168
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	27	25,000	PRN		DFND		0	0	25,000
SALIX PHARMACEUTICALS INC	NOTE 1.500% 3/1	795435AE6	23	12,000	PRN		DFND		0	0	12,000
SBA COMMUNICATIONS CORP	COM	78388J106	556	5,011	SH		DFND		0	0	5,011
SCHLUMBERGER LTD	COM	806857108	3,423	40,044	SH		DFND		0	0	40,044
SCHWAB CHARLES CORP NEW	COM	808513105	3,145	104,423	SH		DFND		0	0	104,423
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	2,199	44,130	SH		DFND		0	0	44,130
SCRIPPS NETWORKS INTERACT IN	CL A COM	811065101	287	3,815	SH		DFND		0	0	3,815
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	379	5,700	SH		DFND		0	0	5,700
SELECT SECTOR SPDR TR	SBI INT-ENERGY	81369Y506	215	2,710	SH		DFND		0	0	2,710
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	340	13,732	SH		DFND		0	0	13,732
SIGMA ALDRICH CORP	COM	826552101	277	2,015	SH		DFND		0	0	2,015
SOLARCITY CORP	NOTE 2.750%11/0	83416TAA8	24	23,000	PRN		DFND		0	0	23,000
SPDR GOLD TRUST	GOLD SHS	78463V107	288	2,539	SH		DFND		0	0	2,539
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	697	15,727	SH		DFND		0	0	15,727
SPDR S&P 500 ETF TR	TR UNIT	78462F103	911	4,429	SH		DFND		0	0	4,429
SPDR SERIES TRUST	S&P BIOTECH	78464A870	206	1,098	SH		DFND		0	0	1,098
SPECTRA ENERGY CORP	COM	847560109	938	25,868	SH		DFND		0	0	25,868
STANLEY BLACK & DECKER INC	COM	854502101	426	4,430	SH		DFND		0	0	4,430
STARBUCKS CORP	COM	855244109	973	11,867	SH		DFND		0	0	11,867
STERICYCLE INC	COM	858912108	977	7,440	SH		DFND		0	0	7,440
STONE ENERGY CORP	NOTE 1.750% 3/0	861642AN6	12	12,000	PRN		DFND		0	0	12,000
STRYKER CORP	COM	863667101	1,137	12,054	SH		DFND		0	0	12,054
SUNOCO LP	COM U REP LP	86765K109	402	8,053	SH		DFND		0	0	8,053
SUNTRUST BKS INC	COM	867914103	476	11,310	SH		DFND		0	0	11,310
SYSCO CORP	COM	871829107	200	5,038	SH		DFND		0	0	5,038
TARGET CORP	COM	87612E106	693	9,191	SH		DFND		0	0	9,191
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	60	31,000	PRN		DFND		0	0	31,000
TESLA MTRS INC	COM	88160R101	251	1,128	SH		DFND		0	0	1,128
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	26	19,000	PRN		DFND		0	0	19,000
TEXAS INSTRS INC	COM	882508104	261	4,888	SH		DFND		0	0	4,888
TOTAL S A	SPONSORED ADR	89151E109	246	4,835	SH		DFND		0	0	4,835
TOWERS WATSON & CO	CL A	891894107	310	2,745	SH		DFND		0	0	2,745
TRANSDIGM GROUP INC	COM	893641100	259	1,309	SH		DFND		0	0	1,309
TRAVELERS COMPANIES INC	COM	89417E109	247	2,321	SH		DFND		0	0	2,321
TRIMBLE NAVIGATION LTD	COM	896239100	644	24,250	SH		DFND		0	0	24,250
TTM TECHNOLOGIES INC	NOTE 3.250% 5/1	87305RAC3	20	20,000	PRN		DFND		0	0	20,000
TWENTY FIRST CENTY FOX INC	CL A	90130A101	355	9,242	SH		DFND		0	0	9,242
TWO HBRS INVT CORP	COM	90187B101	119	11,865	SH		DFND		0	0	11,865
UBS AG JERSEY BRH	CMCI ETN 38	902641778	313	19,098	SH		DFND		0	0	19,098
UNDER ARMOUR INC	CL A	904311107	2,969	43,565	SH		DFND		0	0	43,565
UNILEVER N V	N Y SHS NEW	904784709	355	9,034	SH		DFND		0	0	9,034
UNILEVER PLC	SPON ADR NEW	904767704	471	11,660	SH		DFND		0	0	11,660
UNION PAC CORP	COM	907818108	460	3,853	SH		DFND		0	0	3,853
UNITED STATES STL CORP NEW	NOTE 2.750% 4/0	912909AH1	13	12,000	PRN		DFND		0	0	12,000
UNITED TECHNOLOGIES CORP	COM	913017109	528	4,552	SH		DFND		0	0	4,552
UNITEDHEALTH GROUP INC	COM	91324P102	429	4,254	SH		DFND		0	0	4,254
UNIVERSAL DISPLAY CORP	COM	91347P105	527	19,000	SH		DFND		0	0	19,000
VALERO ENERGY PARTNERS LP	COM UNT REP LP	91914J102	235	5,450	SH		DFND		0	0	5,450
VANGUARD INDEX FDS	MID CAP ETF	922908629	348	2,799	SH		DFND		0	0	2,799
VANGUARD INDEX FDS	REIT ETF	922908553	487	6,017	SH		DFND		0	0	6,017
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	204	2,562	SH		DFND		0	0	2,562
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	960	11,821	SH		DFND		0	0	11,821
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	29	28,000	PRN		DFND		0	0	28,000
VERISK ANALYTICS INC	CL A	92345Y106	579	9,068	SH		DFND		0	0	9,068
VERIZON COMMUNICATIONS INC	COM	92343V104	4,554	97,422	SH		DFND		0	0	97,422
VISA INC	COM CL A	92826C839	1,982	7,562	SH		DFND		0	0	7,562
VOYA FINL INC	COM	929089100	517	12,218	SH		DFND		0	0	12,218
VULCAN MATLS CO	COM	929160109	214	3,250	SH		DFND		0	0	3,250
W P CAREY INC	COM	92936U109	928	13,184	SH		DFND		0	0	13,184
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	26	19,000	PRN		DFND		0	0	19,000
WABTEC CORP	COM	929740108	404	4,652	SH		DFND		0	0	4,652
WAL-MART STORES INC	COM	931142103	733	8,558	SH		DFND		0	0	8,558
WASTE CONNECTIONS INC	COM	941053100	692	15,683	SH		DFND		0	0	15,683
WELLS FARGO & CO NEW	COM	949746101	2,002	36,659	SH		DFND		0	0	36,659
WESCO INTL INC	DBCV 6.000% 9/1	95082PAH8	29	10,000	PRN		DFND		0	0	10,000
WESTERN ASSET MUN HI INCM FD	COM	95766N103	204	26,569	SH		DFND		0	0	26,569
WHOLE FOODS MKT INC	COM	966837106	469	9,352	SH		DFND		0	0	9,352
WILLIAMS COS INC DEL	COM	969457100	829	18,476	SH		DFND		0	0	18,476
WISCONSIN ENERGY CORP	COM	976657106	225	4,281	SH		DFND		0	0	4,281
WYNN RESORTS LTD	COM	983134107	326	2,193	SH		DFND		0	0	2,193
XILINX INC	NOTE 2.625% 6/1	983919AF8	33	21,000	PRN		DFND		0	0	21,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	42	16,000	PRN		DFND		0	0	16,000
YUM BRANDS INC	COM	988498101	433	5,951	SH		DFND		0	0	5,951