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	1,517	10,062	SH		DFND		0	0	10,062
ABBOTT LABS	COM	002824100	1,174	26,215	SH		DFND		0	0	26,215
ABBVIE INC	COM	00287Y109	2,433	40,917	SH		DFND		0	0	40,917
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	2,873	27,511	SH		DFND		0	0	27,511
ACE LTD	SHS	H0023R105	225	1,932	SH		DFND		0	0	1,932
ACNB CORP	COM	000868109	334	15,659	SH		DFND		0	0	15,659
ACUITY BRANDS INC	COM	00508Y102	351	1,503	SH		DFND		0	0	1,503
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	21	16,000	PRN		DFND		0	0	16,000
AIR PRODS & CHEMS INC	COM	009158106	479	3,663	SH		DFND		0	0	3,663
ALEXION PHARMACEUTICALS INC	COM	015351109	688	3,588	SH		DFND		0	0	3,588
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	263	3,271	SH		DFND		0	0	3,271
ALPHABET INC	CAP STK CL A	02079K305	6,357	8,151	SH		DFND		0	0	8,151
ALPHABET INC	CAP STK CL C	02079K107	4,844	6,376	SH		DFND		0	0	6,376
ALTRIA GROUP INC	COM	02209S103	1,328	22,798	SH		DFND		0	0	22,798
AMAZON COM INC	COM	023135106	7,116	10,519	SH		DFND		0	0	10,519
AMERICAN EXPRESS CO	COM	025816109	1,224	17,578	SH		DFND		0	0	17,578
AMERICAN TOWER CORP NEW	COM	03027X100	1,852	19,137	SH		DFND		0	0	19,137
AMERISOURCEBERGEN CORP	COM	03073E105	234	2,281	SH		DFND		0	0	2,281
AMGEN INC	COM	031162100	695	4,283	SH		DFND		0	0	4,283
AMPHENOL CORP NEW	CL A	032095101	405	7,754	SH		DFND		0	0	7,754
ANADARKO PETE CORP	COM	032511107	403	8,288	SH		DFND		0	0	8,288
ANSYS INC	COM	03662Q105	214	2,295	SH		DFND		0	0	2,295
ANTHEM INC	COM	036752103	212	1,524	SH		DFND		0	0	1,524
APACHE CORP	COM	037411105	341	7,693	SH		DFND		0	0	7,693
APPLE INC	COM	037833100	14,200	134,850	SH		DFND		0	0	134,850
ARES CAP CORP	NOTE 5.750% 2/0	04010LAB9	10	10,000	PRN		DFND		0	0	10,000
ASTRONICS CORP	COM	046433108	473	11,619	SH		DFND		0	0	11,619
AT&T INC	COM	00206R102	2,546	74,147	SH		DFND		0	0	74,147
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	21	26,000	PRN		DFND		0	0	26,000
AUTODESK INC	COM	052769106	349	5,714	SH		DFND		0	0	5,714
AUTOMATIC DATA PROCESSING IN	COM	053015103	342	4,037	SH		DFND		0	0	4,037
AVALONBAY CMNTYS INC	COM	053484101	623	3,394	SH		DFND		0	0	3,394
AVERY DENNISON CORP	COM	053611109	291	4,640	SH		DFND		0	0	4,640
BAIDU INC	SPON ADR REP A	056752108	2,284	12,081	SH		DFND		0	0	12,081
BANK AMER CORP	COM	060505104	463	27,451	SH		DFND		0	0	27,451
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,473	33,895	SH		DFND		0	0	33,895
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	27	23,000	PRN		DFND		0	0	23,000
BOEING CO	COM	097023105	419	2,900	SH		DFND		0	0	2,900
BOTTOMLINE TECH DEL INC	NOTE 1.500%12/0	101388AA4	18	17,000	PRN		DFND		0	0	17,000
BP PLC	SPONSORED ADR	055622104	358	11,446	SH		DFND		0	0	11,446
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	778	11,708	SH		DFND		0	0	11,708
BRISTOL MYERS SQUIBB CO	COM	110122108	3,351	48,610	SH		DFND		0	0	48,610
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	872	27,580	SH		DFND		0	0	27,580
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	546	14,470	SH		DFND		0	0	14,470
CANADIAN NATL RY CO	COM	136375102	587	10,493	SH		DFND		0	0	10,493
CARMAX INC	COM	143130102	236	4,402	SH		DFND		0	0	4,402
CATERPILLAR INC DEL	COM	149123101	446	6,596	SH		DFND		0	0	6,596
CEL SCI CORP	COM PAR $0.01	150837508	30	80,000	SH		DFND		0	0	80,000
CELGENE CORP	COM	151020104	433	3,620	SH		DFND		0	0	3,620
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	16	17,000	PRN		DFND		0	0	17,000
CHEVRON CORP NEW	COM	166764100	1,682	18,739	SH		DFND		0	0	18,739
CHUBB CORP	COM	171232101	639	4,812	SH		DFND		0	0	4,812
CIENA CORP	NOTE 0.875% 6/1	171779AE1	10	10,000	PRN		DFND		0	0	10,000
CIGNA CORPORATION	COM	125509109	522	3,577	SH		DFND		0	0	3,577
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,076	22,453	SH		DFND		0	0	22,453
CIRRUS LOGIC INC	COM	172755100	450	15,175	SH		DFND		0	0	15,175
CISCO SYS INC	COM	17275R102	976	36,012	SH		DFND		0	0	36,012
CLOROX CO DEL	COM	189054109	650	5,137	SH		DFND		0	0	5,137
COCA COLA CO	COM	191216100	1,776	41,338	SH		DFND		0	0	41,338
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	609	10,139	SH		DFND		0	0	10,139
COLGATE PALMOLIVE CO	COM	194162103	1,017	15,225	SH		DFND		0	0	15,225
COMCAST CORP NEW	CL A	20030N101	314	5,481	SH		DFND		0	0	5,481
CONNECTONE BANCORP INC NEW	COM	20786W107	187	10,100	SH		DFND		0	0	10,100
CONNECTURE INC	COM	20786J106	40	11,111	SH		DFND		0	0	11,111
CONOCOPHILLIPS	COM	20825C104	336	7,180	SH		DFND		0	0	7,180
CONSTELLIUM NV	CL A	N22035104	77	10,000	SH		DFND		0	0	10,000
COSTCO WHSL CORP NEW	COM	22160K105	1,681	10,425	SH		DFND		0	0	10,425
CVS HEALTH CORP	COM	126650100	1,006	10,306	SH		DFND		0	0	10,306
DANAHER CORP DEL	COM	235851102	2,723	29,284	SH		DFND		0	0	29,284
DANAHER CORP DEL	NOTE 1/2	235851AF9	43	16,000	PRN		DFND		0	0	16,000
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	2,222	31,824	SH		DFND		0	0	31,824
DEERE & CO	COM	244199105	500	6,565	SH		DFND		0	0	6,565
DELPHI AUTOMOTIVE PLC	SHS	G27823106	273	3,186	SH		DFND		0	0	3,186
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	23	21,000	PRN		DFND		0	0	21,000
DIAGEO P L C	SPON ADR NEW	25243Q205	595	5,480	SH		DFND		0	0	5,480
DISNEY WALT CO	COM DISNEY	254687106	1,979	18,804	SH		DFND		0	0	18,804
DOMINION RES INC VA NEW	COM	25746U109	985	14,507	SH		DFND		0	0	14,507
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	298	11,700	SH		DFND		0	0	11,700
DOW CHEM CO	COM	260543103	380	7,400	SH		DFND		0	0	7,400
DU PONT E I DE NEMOURS & CO	COM	263534109	1,079	16,202	SH		DFND		0	0	16,202
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,289	18,068	SH		DFND		0	0	18,068
EASTERLY GOVT PPTYS INC	COM	27616P103	464	27,264	SH		DFND		0	0	27,264
EATON CORP PLC	SHS	G29183103	293	5,613	SH		DFND		0	0	5,613
EATON VANCE TAX MNGD GBL DV	COM	27829F108	121	13,740	SH		DFND		0	0	13,740
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	115	10,245	SH		DFND		0	0	10,245
ECLIPSE RES CORP	COM	27890G100	36	20,000	SH		DFND		0	0	20,000
ECOLAB INC	COM	278865100	602	5,276	SH		DFND		0	0	5,276
EDWARDS LIFESCIENCES CORP	COM	28176E108	222	2,808	SH		DFND		0	0	2,808
EMERSON ELEC CO	COM	291011104	598	12,514	SH		DFND		0	0	12,514
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,888	73,772	SH		DFND		0	0	73,772
EQUIFAX INC	COM	294429105	3,191	28,649	SH		DFND		0	0	28,649
EXELON CORP	COM	30161N101	294	10,566	SH		DFND		0	0	10,566
EXPRESS SCRIPTS HLDG CO	COM	30219G108	4,474	51,301	SH		DFND		0	0	51,301
EXXON MOBIL CORP	COM	30231G102	6,210	79,716	SH		DFND		0	0	79,716
FACEBOOK INC	CL A	30303M102	3,451	33,019	SH		DFND		0	0	33,019
FAIR ISAAC CORP	COM	303250104	872	9,307	SH		DFND		0	0	9,307
FASTENAL CO	COM	311900104	207	5,068	SH		DFND		0	0	5,068
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	175	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	1,096	18,091	SH		DFND		0	0	18,091
FIFTH STREET FINANCE CORP	COM	31678A103	191	29,700	SH		DFND		0	0	29,700
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	465	4,100	SH		DFND		0	0	4,100
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	242	12,800	SH		DFND		0	0	12,800
FORD MTR CO DEL	COM PAR $0.01	345370860	1,123	80,003	SH		DFND		0	0	80,003
GAMESTOP CORP NEW	CL A	36467W109	599	21,384	SH		DFND		0	0	21,384
GENERAL DYNAMICS CORP	COM	369550108	598	4,356	SH		DFND		0	0	4,356
GENERAL ELECTRIC CO	COM	369604103	5,443	174,766	SH		DFND		0	0	174,766
GENERAL MLS INC	COM	370334104	627	10,863	SH		DFND		0	0	10,863
GILEAD SCIENCES INC	COM	375558103	1,104	10,969	SH		DFND		0	0	10,969
GOLDMAN SACHS GROUP INC	COM	38141G104	306	1,687	SH		DFND		0	0	1,687
GOLUB CAP BDC INC	COM	38173M102	644	38,681	SH		DFND		0	0	38,681
HAMILTON BANCORP INC MD	COM	407015106	143	10,000	SH		DFND		0	0	10,000
HCP INC	COM	40414L109	269	7,025	SH		DFND		0	0	7,025
HD SUPPLY HLDGS INC	COM	40416M105	1,153	38,448	SH		DFND		0	0	38,448
HEALTHWAYS INC	COM	422245100	129	10,000	SH		DFND		0	0	10,000
HELIX ENERGY SOLUTIONS GRP I	NOTE 3.250% 3/1	42330PAG2	26	34,000	PRN		DFND		0	0	34,000
HEXCEL CORP NEW	COM	428291108	334	7,192	SH		DFND		0	0	7,192
HOLOGIC INC	COM	436440101	342	8,846	SH		DFND		0	0	8,846
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	23	17,000	PRN		DFND		0	0	17,000
HOME DEPOT INC	COM	437076102	1,233	9,312	SH		DFND		0	0	9,312
HONEYWELL INTL INC	COM	438516106	536	5,169	SH		DFND		0	0	5,169
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	285	24,200	SH		DFND		0	0	24,200
HUNTINGTON BANCSHARES INC	COM	446150104	119	10,526	SH		DFND		0	0	10,526
ILLUMINA INC	COM	452327109	557	2,904	SH		DFND		0	0	2,904
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	31	26,000	PRN		DFND		0	0	26,000
IMS HEALTH HLDGS INC	COM	44970B109	295	11,578	SH		DFND		0	0	11,578
INGERSOLL-RAND PLC	SHS	G47791101	323	5,861	SH		DFND		0	0	5,861
INTEL CORP	COM	458140100	2,757	79,905	SH		DFND		0	0	79,905
INTEL CORP	SDCV 12/1	458140AD2	12	10,000	PRN		DFND		0	0	10,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	18	10,000	PRN		DFND		0	0	10,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,286	16,584	SH		DFND		0	0	16,584
INTUITIVE SURGICAL INC	COM NEW	46120E602	1,224	2,238	SH		DFND		0	0	2,238
ISHARES TR	10-20 YR TRS ETF	464288653	287	2,140	SH		DFND		0	0	2,140
ISHARES TR	1-3 YR CR BD ETF	464288646	568	5,437	SH		DFND		0	0	5,437
ISHARES TR	1-3 YR TR BD ETF	464287457	219	2,594	SH		DFND		0	0	2,594
ISHARES TR	20+ YR TR BD ETF	464287432	3,538	29,393	SH		DFND		0	0	29,393
ISHARES TR	CORE S&P MCP ETF	464287507	802	5,755	SH		DFND		0	0	5,755
ISHARES TR	CORE S&P SCP ETF	464287804	433	3,933	SH		DFND		0	0	3,933
ISHARES TR	CORE S&P500 ETF	464287200	469	2,288	SH		DFND		0	0	2,288
ISHARES TR	CORE US AGGBD ET	464287226	2,090	19,355	SH		DFND		0	0	19,355
ISHARES TR	CORE US CR BD	464288620	354	3,316	SH		DFND		0	0	3,316
ISHARES TR	EAFE SML CP ETF	464288273	314	6,324	SH		DFND		0	0	6,324
ISHARES TR	IBOXX HI YD ETF	464288513	345	4,281	SH		DFND		0	0	4,281
ISHARES TR	IBOXX INV CP ETF	464287242	545	4,768	SH		DFND		0	0	4,768
ISHARES TR	MSCI EAFE ETF	464287465	233	3,984	SH		DFND		0	0	3,984
ISHARES TR	MSCI EMG MKT ETF	464287234	621	19,304	SH		DFND		0	0	19,304
ISHARES TR	NASDQ BIOTEC ETF	464287556	392	1,159	SH		DFND		0	0	1,159
ISHARES TR	RUS 1000 GRW ETF	464287614	1,312	13,176	SH		DFND		0	0	13,176
ISHARES TR	RUS 1000 VAL ETF	464287598	1,123	11,466	SH		DFND		0	0	11,466
ISHARES TR	RUS 2000 GRW ETF	464287648	325	2,324	SH		DFND		0	0	2,324
ISHARES TR	S&P MC 400GR ETF	464287606	521	3,224	SH		DFND		0	0	3,224
ISHARES TR	SELECT DIVID ETF	464287168	1,305	17,368	SH		DFND		0	0	17,368
ISHARES TR	TIPS BD ETF	464287176	468	4,262	SH		DFND		0	0	4,262
ISHARES TR	US HLTHCARE ETF	464287762	203	1,352	SH		DFND		0	0	1,352
JARDEN CORP	NOTE 1.875% 9/1	471109AH1	47	26,000	PRN		DFND		0	0	26,000
JOHNSON & JOHNSON	COM	478160104	6,030	58,673	SH		DFND		0	0	58,673
JOHNSON CTLS INC	COM	478366107	243	6,147	SH		DFND		0	0	6,147
JPMORGAN CHASE & CO	COM	46625H100	2,983	45,190	SH		DFND		0	0	45,190
KAYNE ANDERSON MLP INVT CO	COM	486606106	363	21,120	SH		DFND		0	0	21,120
KIMBERLY CLARK CORP	COM	494368103	553	4,387	SH		DFND		0	0	4,387
KINDER MORGAN INC DEL	COM	49456B101	722	48,493	SH		DFND		0	0	48,493
KRAFT HEINZ CO	COM	500754106	601	8,247	SH		DFND		0	0	8,247
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	220	1,774	SH		DFND		0	0	1,774
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	24	17,000	PRN		DFND		0	0	17,000
LAUDER ESTEE COS INC	CL A	518439104	654	7,405	SH		DFND		0	0	7,405
LIBERTY GLOBAL PLC	SHS CL A	G5480U104	304	7,165	SH		DFND		0	0	7,165
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	26	26,000	PRN		DFND		0	0	26,000
LILLY ELI & CO	COM	532457108	472	5,597	SH		DFND		0	0	5,597
LOCKHEED MARTIN CORP	COM	539830109	334	1,535	SH		DFND		0	0	1,535
LOWES COS INC	COM	548661107	363	4,790	SH		DFND		0	0	4,790
M & T BK CORP	COM	55261F104	1,163	9,600	SH		DFND		0	0	9,600
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	28	26,000	PRN		DFND		0	0	26,000
MADISON SQUARE GARDEN CO NEW	CL A	55825T103	201	1,249	SH		DFND		0	0	1,249
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	526	7,742	SH		DFND		0	0	7,742
MARKEL CORP	COM	570535104	663	750	SH		DFND		0	0	750
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	306	22,430	SH		DFND		0	0	22,430
MASIMO CORP	COM	574795100	302	7,250	SH		DFND		0	0	7,250
MASTERCARD INC	CL A	57636Q104	5,797	59,500	SH		DFND		0	0	59,500
MCCORMICK & CO INC	COM NON VTG	579780206	1,707	19,932	SH		DFND		0	0	19,932
MCCORMICK & CO INC	COM VTG	579780107	1,158	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	901	7,634	SH		DFND		0	0	7,634
MCGRAW HILL FINL INC	COM	580645109	467	4,736	SH		DFND		0	0	4,736
MCKESSON CORP	COM	58155Q103	490	2,489	SH		DFND		0	0	2,489
MEAD JOHNSON NUTRITION CO	COM	582839106	500	6,359	SH		DFND		0	0	6,359
MEDIDATA SOLUTIONS INC	NOTE 1.000% 8/0	58471AAB1	22	21,000	PRN		DFND		0	0	21,000
MEDTRONIC PLC	SHS	G5960L103	209	2,719	SH		DFND		0	0	2,719
MELCO CROWN ENTMT LTD	ADR	585464100	312	18,600	SH		DFND		0	0	18,600
MERCK & CO INC NEW	COM	58933Y105	3,818	72,085	SH		DFND		0	0	72,085
METLIFE INC	COM	59156R108	1,025	21,290	SH		DFND		0	0	21,290
MICROCHIP TECHNOLOGY INC	COM	595017104	596	12,765	SH		DFND		0	0	12,765
MICROCHIP TECHNOLOGY INC	SDCV 2.125%12/1	595017AB0	20	10,000	PRN		DFND		0	0	10,000
MICROSOFT CORP	COM	594918104	5,181	93,469	SH		DFND		0	0	93,469
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	22	20,000	PRN		DFND		0	0	20,000
MONDELEZ INTL INC	CL A	609207105	1,984	44,228	SH		DFND		0	0	44,228
NETFLIX INC	COM	64110L106	526	4,600	SH		DFND		0	0	4,600
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	23	24,000	PRN		DFND		0	0	24,000
NEXTERA ENERGY INC	COM	65339F101	467	4,487	SH		DFND		0	0	4,487
NIELSEN HLDGS PLC	SHS EUR	G6518L108	255	5,480	SH		DFND		0	0	5,480
NORDSTROM INC	COM	655664100	206	4,140	SH		DFND		0	0	4,140
NORFOLK SOUTHERN CORP	COM	655844108	205	2,430	SH		DFND		0	0	2,430
NOVARTIS A G	SPONSORED ADR	66987V109	586	6,807	SH		DFND		0	0	6,807
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	201	9,371	SH		DFND		0	0	9,371
NUVEEN MD PREM INCOME MUN FD	COM	67061Q107	159	12,568	SH		DFND		0	0	12,568
NUVEEN MUN VALUE FD INC	COM	670928100	297	29,285	SH		DFND		0	0	29,285
NXP SEMICONDUCTORS N V	COM	N6596X109	545	6,483	SH		DFND		0	0	6,483
NYMOX PHARMACEUTICAL CORP	COM	P73398102	92	28,000	SH		DFND		0	0	28,000
OAKTREE CAP GROUP LLC	UNIT CL A	674001201	718	15,000	SH		DFND		0	0	15,000
OCCIDENTAL PETE CORP DEL	COM	674599105	297	4,362	SH		DFND		0	0	4,362
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AH8	28	26,000	PRN		DFND		0	0	26,000
ORACLE CORP	COM	68389X105	1,111	30,430	SH		DFND		0	0	30,430
PAREXEL INTL CORP	COM	699462107	572	8,390	SH		DFND		0	0	8,390
PAYPAL HLDGS INC	COM	70450Y103	484	13,466	SH		DFND		0	0	13,466
PEPSICO INC	COM	713448108	4,209	42,155	SH		DFND		0	0	42,155
PFIZER INC	COM	717081103	1,476	45,724	SH		DFND		0	0	45,724
PHILIP MORRIS INTL INC	COM	718172109	1,170	13,287	SH		DFND		0	0	13,287
PHILLIPS 66	COM	718546104	591	7,222	SH		DFND		0	0	7,222
PNC FINL SVCS GROUP INC	COM	693475105	1,205	12,626	SH		DFND		0	0	12,626
POWERSHARES ETF TR II	S&P500 LOW VOL	73937B779	357	9,264	SH		DFND		0	0	9,264
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	679	16,450	SH		DFND		0	0	16,450
POWERSHARES GLOBAL ETF TRUST	AGG PFD PORT	73936T565	295	19,819	SH		DFND		0	0	19,819
POWERSHS DB US DOLLAR INDEX	DOLL INDX BULL	73936D107	253	9,900	SH		DFND		0	0	9,900
PRICE T ROWE GROUP INC	COM	74144T108	2,322	32,493	SH		DFND		0	0	32,493
PRICELINE GRP INC	COM NEW	741503403	883	694	SH		DFND		0	0	694
PRICELINE GRP INC	NOTE 1.000% 3/1	741503AQ9	12	10,000	PRN		DFND		0	0	10,000
PROCTER & GAMBLE CO	COM	742718109	6,903	86,796	SH		DFND		0	0	86,796
QUALCOMM INC	COM	747525103	2,531	50,648	SH		DFND		0	0	50,648
RED HAT INC	NOTE 0.250%10/0	756577AD4	36	26,000	PRN		DFND		0	0	26,000
REGIONS FINL CORP NEW	COM	7591EP100	172	17,886	SH		DFND		0	0	17,886
RYDEX ETF TRUST	GUG RUSS TOP 50	78355W205	758	5,245	SH		DFND		0	0	5,245
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	5,215	68,071	SH		DFND		0	0	68,071
RYDEX ETF TRUST	GUG S&P500 EWCON	78355W874	491	4,235	SH		DFND		0	0	4,235
SALESFORCE COM INC	COM	79466L302	1,390	17,749	SH		DFND		0	0	17,749
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	29	22,000	PRN		DFND		0	0	22,000
SANDISK CORP	NOTE 0.500%10/1	80004CAF8	26	26,000	PRN		DFND		0	0	26,000
SBA COMMUNICATIONS CORP	COM	78388J106	449	4,283	SH		DFND		0	0	4,283
SCHLUMBERGER LTD	COM	806857108	2,739	39,237	SH		DFND		0	0	39,237
SCHWAB CHARLES CORP NEW	COM	808513105	4,248	129,055	SH		DFND		0	0	129,055
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	1,615	32,930	SH		DFND		0	0	32,930
SELECT SECTOR SPDR TR	SBI INT-ENERGY	81369Y506	447	7,408	SH		DFND		0	0	7,408
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	331	13,884	SH		DFND		0	0	13,884
SIRIUS XM HLDGS INC	COM	82968B103	70	17,313	SH		DFND		0	0	17,313
SOUTHERN CO	COM	842587107	233	4,963	SH		DFND		0	0	4,963
SPDR GOLD TRUST	GOLD SHS	78463V107	205	2,039	SH		DFND		0	0	2,039
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	468	12,331	SH		DFND		0	0	12,331
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,982	9,724	SH		DFND		0	0	9,724
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	461	6,276	SH		DFND		0	0	6,276
SPECTRA ENERGY CORP	COM	847560109	374	15,610	SH		DFND		0	0	15,610
STANLEY BLACK & DECKER INC	COM	854502101	310	2,896	SH		DFND		0	0	2,896
STARBUCKS CORP	COM	855244109	3,313	55,212	SH		DFND		0	0	55,212
STERICYCLE INC	COM	858912108	2,450	20,382	SH		DFND		0	0	20,382
STRYKER CORP	COM	863667101	1,186	12,761	SH		DFND		0	0	12,761
SUNTRUST BKS INC	COM	867914103	618	14,481	SH		DFND		0	0	14,481
TARGET CORP	COM	87612E106	797	10,884	SH		DFND		0	0	10,884
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	60	27,000	PRN		DFND		0	0	27,000
TESLA MTRS INC	COM	88160R101	485	2,017	SH		DFND		0	0	2,017
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	27	17,000	PRN		DFND		0	0	17,000
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	883	13,470	SH		DFND		0	0	13,470
TEXAS INSTRS INC	COM	882508104	279	5,089	SH		DFND		0	0	5,089
THERMO FISHER SCIENTIFIC INC	COM	883556102	274	1,933	SH		DFND		0	0	1,933
TOWERS WATSON & CO	CL A	891894107	274	2,134	SH		DFND		0	0	2,134
TRANSDIGM GROUP INC	COM	893641100	479	2,104	SH		DFND		0	0	2,104
TRIPADVISOR INC	COM	896945201	1,204	14,104	SH		DFND		0	0	14,104
TWITTER INC	COM	90184L102	437	18,844	SH		DFND		0	0	18,844
UNDER ARMOUR INC	CL A	904311107	4,172	51,948	SH		DFND		0	0	51,948
UNILEVER N V	N Y SHS NEW	904784709	406	9,354	SH		DFND		0	0	9,354
UNILEVER PLC	SPON ADR NEW	904767704	384	8,909	SH		DFND		0	0	8,909
UNION PAC CORP	COM	907818108	272	3,485	SH		DFND		0	0	3,485
UNITED PARCEL SERVICE INC	CL B	911312106	988	10,280	SH		DFND		0	0	10,280
UNITED TECHNOLOGIES CORP	COM	913017109	516	5,397	SH		DFND		0	0	5,397
UNITEDHEALTH GROUP INC	COM	91324P102	494	4,196	SH		DFND		0	0	4,196
UNIVERSAL DISPLAY CORP	COM	91347P105	1,034	19,000	SH		DFND		0	0	19,000
VALERO ENERGY CORP NEW	COM	91913Y100	220	3,152	SH		DFND		0	0	3,152
VANGUARD INDEX FDS	MID CAP ETF	922908629	604	5,020	SH		DFND		0	0	5,020
VANGUARD INDEX FDS	REIT ETF	922908553	743	9,307	SH		DFND		0	0	9,307
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	1,082	13,961	SH		DFND		0	0	13,961
VEREIT INC	COM	92339V100	95	12,000	SH		DFND		0	0	12,000
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	24	25,000	PRN		DFND		0	0	25,000
VERISK ANALYTICS INC	COM	92345Y106	648	8,423	SH		DFND		0	0	8,423
VERIZON COMMUNICATIONS INC	COM	92343V104	4,530	98,048	SH		DFND		0	0	98,048
VERMILLION INC	COM NEW	92407M206	18	10,000	SH		DFND		0	0	10,000
VIPSHOP HLDGS LTD	SPONSORED ADR	92763W103	346	22,611	SH		DFND		0	0	22,611
VISA INC	COM CL A	92826C839	4,271	54,978	SH		DFND		0	0	54,978
VOYA FINL INC	COM	929089100	434	11,708	SH		DFND		0	0	11,708
W P CAREY INC	COM	92936U109	694	11,666	SH		DFND		0	0	11,666
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	19	17,000	PRN		DFND		0	0	17,000
WALGREENS BOOTS ALLIANCE INC	COM	931427108	259	3,016	SH		DFND		0	0	3,016
WAL-MART STORES INC	COM	931142103	455	7,435	SH		DFND		0	0	7,435
WASTE CONNECTIONS INC	COM	941053100	851	15,074	SH		DFND		0	0	15,074
WELLS FARGO & CO NEW	COM	949746101	1,939	35,737	SH		DFND		0	0	35,737
WELLTOWER INC	COM	95040Q104	604	8,871	SH		DFND		0	0	8,871
WESTERN ASSET MUN HI INCM FD	COM	95766N103	299	38,159	SH		DFND		0	0	38,159
WISDOMTREE INVTS INC	COM	97717P104	224	14,163	SH		DFND		0	0	14,163
WISDOMTREE TR	EUROPE HEDGED EQ	97717X701	478	8,875	SH		DFND		0	0	8,875
WYNN RESORTS LTD	COM	983134107	291	4,205	SH		DFND		0	0	4,205
XILINX INC	NOTE 2.625% 6/1	983919AF8	28	17,000	PRN		DFND		0	0	17,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	25	15,000	PRN		DFND		0	0	15,000
YUM BRANDS INC	COM	988498101	458	6,275	SH		DFND		0	0	6,275
ZIMMER BIOMET HLDGS INC	COM	98956P102	210	2,056	SH		DFND		0	0	2,056