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	1,910	10,689	SH		DFND		0	0	10,689
ABBOTT LABS	COM	002824100	1,408	36,511	SH		DFND		0	0	36,511
ABBVIE INC	COM	00287Y109	2,835	45,230	SH		DFND		0	0	45,230
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,585	30,571	SH		DFND		0	0	30,571
ACNB CORP	COM	000868109	523	16,746	SH		DFND		0	0	16,746
ACUITY BRANDS INC	COM	00508Y102	347	1,504	SH		DFND		0	0	1,504
ADOBE SYS INC	COM	00724F101	447	4,347	SH		DFND		0	0	4,347
ADVANCE AUTO PARTS INC	COM	00751Y106	242	1,435	SH		DFND		0	0	1,435
AETNA INC NEW	COM	00817Y108	435	3,524	SH		DFND		0	0	3,524
AFLAC INC	COM	001055102	252	3,594	SH		DFND		0	0	3,594
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	14	11,000	PRN		DFND		0	0	11,000
AIR PRODS & CHEMS INC	COM	009158106	455	3,176	SH		DFND		0	0	3,176
AKAMAI TECHNOLOGIES INC	COM	00971T101	454	6,770	SH		DFND		0	0	6,770
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	935	10,614	SH		DFND		0	0	10,614
ALLERGAN PLC	SHS	G0177J108	569	2,708	SH		DFND		0	0	2,708
ALPHABET INC	CAP STK CL C	02079K107	4,683	6,064	SH		DFND		0	0	6,064
ALPHABET INC	CAP STK CL A	02079K305	7,453	9,385	SH		DFND		0	0	9,385
ALTRIA GROUP INC	COM	02209S103	1,752	25,868	SH		DFND		0	0	25,868
AMAZON COM INC	COM	023135106	9,363	12,506	SH		DFND		0	0	12,506
AMERICAN EXPRESS CO	COM	025816109	869	11,725	SH		DFND		0	0	11,725
AMERICAN TOWER CORP NEW	COM	03027X100	2,209	20,922	SH		DFND		0	0	20,922
AMGEN INC	COM	031162100	1,825	12,505	SH		DFND		0	0	12,505
AMPHENOL CORP NEW	CL A	032095101	376	5,609	SH		DFND		0	0	5,609
ANADARKO PETE CORP	COM	032511107	614	8,791	SH		DFND		0	0	8,791
ANNALY CAP MGMT INC	COM	035710409	110	11,027	SH		DFND		0	0	11,027
ANTARES PHARMA INC	COM	036642106	641	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	211	1,475	SH		DFND		0	0	1,475
APACHE CORP	COM	037411105	522	8,233	SH		DFND		0	0	8,233
APPLE INC	COM	037833100	15,832	136,522	SH		DFND		0	0	136,522
ARALEZ PHARMACEUTICALS INC	COM	03852X100	291	66,000	SH		DFND		0	0	66,000
ARGAN INC	COM	04010E109	275	3,897	SH		DFND		0	0	3,897
ASTRONICS CORP	COM	046433108	389	11,500	SH		DFND		0	0	11,500
AT&T INC	COM	00206R102	3,118	73,128	SH		DFND		0	0	73,128
ATHERSYS INC	COM	04744L106	15	10,130	SH		DFND		0	0	10,130
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	19	19,000	PRN		DFND		0	0	19,000
AUTODESK INC	COM	052769106	334	4,508	SH		DFND		0	0	4,508
AUTOMATIC DATA PROCESSING IN	COM	053015103	629	6,110	SH		DFND		0	0	6,110
AVALONBAY CMNTYS INC	COM	053484101	589	3,323	SH		DFND		0	0	3,323
AVERY DENNISON CORP	COM	053611109	416	5,880	SH		DFND		0	0	5,880
BAIDU INC	SPON ADR REP A	056752108	1,615	9,817	SH		DFND		0	0	9,817
BANK AMER CORP	COM	060505104	695	31,418	SH		DFND		0	0	31,418
BB&T CORP	COM	054937107	279	5,939	SH		DFND		0	0	5,939
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	244	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,621	28,368	SH		DFND		0	0	28,368
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	18	17,000	PRN		DFND		0	0	17,000
BOEING CO	COM	097023105	650	4,177	SH		DFND		0	0	4,177
BP PLC	SPONSORED ADR	055622104	601	16,033	SH		DFND		0	0	16,033
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	650	9,224	SH		DFND		0	0	9,224
BRISTOL MYERS SQUIBB CO	COM	110122108	1,362	23,223	SH		DFND		0	0	23,223
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	818	24,789	SH		DFND		0	0	24,789
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	802	23,940	SH		DFND		0	0	23,940
CANADIAN NATL RY CO	COM	136375102	592	8,797	SH		DFND		0	0	8,797
CANADIAN PAC RY LTD	COM	13645T100	274	1,917	SH		DFND		0	0	1,917
CAPITAL BK FINL CORP	CL A COM	139794101	236	6,000	SH		DFND		0	0	6,000
CARMAX INC	COM	143130102	497	7,721	SH		DFND		0	0	7,721
CATERPILLAR INC DEL	COM	149123101	919	9,881	SH		DFND		0	0	9,881
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	217	3,372	SH		DFND		0	0	3,372
CELGENE CORP	COM	151020104	630	5,440	SH		DFND		0	0	5,440
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	12	12,000	PRN		DFND		0	0	12,000
CHEVRON CORP NEW	COM	166764100	2,489	21,136	SH		DFND		0	0	21,136
CHUBB LIMITED	COM	H1467J104	546	4,121	SH		DFND		0	0	4,121
CIGNA CORPORATION	COM	125509109	636	4,778	SH		DFND		0	0	4,778
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,044	21,327	SH		DFND		0	0	21,327
CISCO SYS INC	COM	17275R102	2,207	73,105	SH		DFND		0	0	73,105
CLOROX CO DEL	COM	189054109	574	4,787	SH		DFND		0	0	4,787
COCA COLA CO	COM	191216100	1,884	45,398	SH		DFND		0	0	45,398
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	638	11,370	SH		DFND		0	0	11,370
COLGATE PALMOLIVE CO	COM	194162103	837	12,805	SH		DFND		0	0	12,805
COMCAST CORP NEW	CL A	20030N101	411	6,037	SH		DFND		0	0	6,037
CONOCOPHILLIPS	COM	20825C104	245	4,911	SH		DFND		0	0	4,911
COSTCO WHSL CORP NEW	COM	22160K105	1,834	11,465	SH		DFND		0	0	11,465
CROWN CASTLE INTL CORP NEW	COM	22822V101	471	5,436	SH		DFND		0	0	5,436
CVS HEALTH CORP	COM	126650100	1,587	20,027	SH		DFND		0	0	20,027
DANAHER CORP DEL	COM	235851102	2,569	33,016	SH		DFND		0	0	33,016
DANAHER CORP DEL	NOTE 1/2	235851AF9	33	11,000	PRN		DFND		0	0	11,000
DAVITA INC	COM	23918K108	2,208	34,421	SH		DFND		0	0	34,421
DEERE & CO	COM	244199105	724	7,015	SH		DFND		0	0	7,015
DIAGEO P L C	SPON ADR NEW	25243Q205	432	4,160	SH		DFND		0	0	4,160
DISNEY WALT CO	COM DISNEY	254687106	2,993	28,806	SH		DFND		0	0	28,806
DOLLAR GEN CORP NEW	COM	256677105	426	5,745	SH		DFND		0	0	5,745
DOMINION RES INC VA NEW	COM	25746U109	1,132	14,796	SH		DFND		0	0	14,796
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	271	11,700	SH		DFND		0	0	11,700
DOW CHEM CO	COM	260543103	616	10,837	SH		DFND		0	0	10,837
DU PONT E I DE NEMOURS & CO	COM	263534109	1,038	14,118	SH		DFND		0	0	14,118
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,502	19,350	SH		DFND		0	0	19,350
EASTERLY GOVT PPTYS INC	COM	27616P103	744	37,162	SH		DFND		0	0	37,162
EATON CORP PLC	SHS	G29183103	327	4,872	SH		DFND		0	0	4,872
EATON VANCE TAX MNGD GBL DV	COM	27829F108	99	12,340	SH		DFND		0	0	12,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	106	10,245	SH		DFND		0	0	10,245
ECLIPSE RES CORP	COM	27890G100	53	20,000	SH		DFND		0	0	20,000
ECOLAB INC	COM	278865100	615	5,248	SH		DFND		0	0	5,248
EDWARDS LIFESCIENCES CORP	COM	28176E108	319	3,429	SH		DFND		0	0	3,429
EMERSON ELEC CO	COM	291011104	813	14,533	SH		DFND		0	0	14,533
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,862	68,957	SH		DFND		0	0	68,957
EQUIFAX INC	COM	294429105	3,389	28,669	SH		DFND		0	0	28,669
EXELIXIS INC	COM	30161Q104	298	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	401	11,284	SH		DFND		0	0	11,284
EXPRESS SCRIPTS HLDG CO	COM	30219G108	3,475	50,601	SH		DFND		0	0	50,601
EXXON MOBIL CORP	COM	30231G102	8,395	93,007	SH		DFND		0	0	93,007
FACEBOOK INC	CL A	30303M102	4,003	34,659	SH		DFND		0	0	34,659
FAIR ISAAC CORP	COM	303250104	241	2,006	SH		DFND		0	0	2,006
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	116	12,666	SH		DFND		0	0	12,666
FIDELITY NATL INFORMATION SV	COM	31620M106	1,323	17,497	SH		DFND		0	0	17,497
FIFTH STREET FINANCE CORP	COM	31678A103	143	26,700	SH		DFND		0	0	26,700
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	556	6,125	SH		DFND		0	0	6,125
FIRST TR EXCHANGE TRADED FD	FIRST TR ENH NEW	33739Q408	240	4,000	SH		DFND		0	0	4,000
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	417	22,000	SH		DFND		0	0	22,000
FORD MTR CO DEL	COM PAR $0.01	345370860	1,507	124,270	SH		DFND		0	0	124,270
FORTIVE CORP	COM	34959J108	790	14,755	SH		DFND		0	0	14,755
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	53	10,150	SH		DFND		0	0	10,150
GAMESTOP CORP NEW	CL A	36467W109	833	32,968	SH		DFND		0	0	32,968
GENERAL DYNAMICS CORP	COM	369550108	2,064	11,936	SH		DFND		0	0	11,936
GENERAL ELECTRIC CO	COM	369604103	6,709	212,434	SH		DFND		0	0	212,434
GENERAL MLS INC	COM	370334104	721	11,674	SH		DFND		0	0	11,674
GENERAL MTRS CO	COM	37045V100	205	5,963	SH		DFND		0	0	5,963
GILEAD SCIENCES INC	COM	375558103	904	12,580	SH		DFND		0	0	12,580
GOLDMAN SACHS GROUP INC	COM	38141G104	341	1,406	SH		DFND		0	0	1,406
GOLUB CAP BDC INC	COM	38173M102	835	45,498	SH		DFND		0	0	45,498
GRAINGER W W INC	COM	384802104	228	986	SH		DFND		0	0	986
GRAMERCY PPTY TR	COM	385002100	669	72,823	SH		DFND		0	0	72,823
HAMILTON BANCORP INC MD	COM	407015106	143	10,000	SH		DFND		0	0	10,000
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	217	12,098	SH		DFND		0	0	12,098
HCP INC	COM	40414L109	202	6,755	SH		DFND		0	0	6,755
HD SUPPLY HLDGS INC	COM	40416M105	1,528	35,845	SH		DFND		0	0	35,845
HEALTHSOUTH CORP	DEBT 2.000%12/0	421924BL4	17	15,000	PRN		DFND		0	0	15,000
HELIX ENERGY SOLUTIONS GRP I	NOTE 4.250% 5/0	42330PAH0	18	18,000	PRN		DFND		0	0	18,000
HEXCEL CORP NEW	COM	428291108	555	10,771	SH		DFND		0	0	10,771
HOLOGIC INC	COM	436440101	355	8,872	SH		DFND		0	0	8,872
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	15	12,000	PRN		DFND		0	0	12,000
HOME DEPOT INC	COM	437076102	1,379	10,272	SH		DFND		0	0	10,272
HONEYWELL INTL INC	COM	438516106	628	5,435	SH		DFND		0	0	5,435
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	233	22,050	SH		DFND		0	0	22,050
HUBBELL INC	COM	443510607	204	1,750	SH		DFND		0	0	1,750
HUNTINGTON BANCSHARES INC	COM	446150104	136	10,626	SH		DFND		0	0	10,626
ICON PLC	SHS	G4705A100	541	7,200	SH		DFND		0	0	7,200
ILLINOIS TOOL WKS INC	COM	452308109	303	2,478	SH		DFND		0	0	2,478
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	19	19,000	PRN		DFND		0	0	19,000
INGERSOLL-RAND PLC	SHS	G47791101	427	5,693	SH		DFND		0	0	5,693
INPHI CORP	NOTE 1.125%12/0	45772FAB3	20	15,000	PRN		DFND		0	0	15,000
INTEL CORP	COM	458140100	3,214	88,510	SH		DFND		0	0	88,510
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,098	18,686	SH		DFND		0	0	18,686
INTUITIVE SURGICAL INC	COM NEW	46120E602	1,404	2,216	SH		DFND		0	0	2,216
IONIS PHARMACEUTICALS INC	COM	462222100	324	6,790	SH		DFND		0	0	6,790
ISHARES	MSCI PAC JP ETF	464286665	205	5,185	SH		DFND		0	0	5,185
ISHARES GOLD TRUST	ISHARES	464285105	422	38,020	SH		DFND		0	0	38,020
ISHARES SILVER TRUST	ISHARES	46428Q109	346	22,905	SH		DFND		0	0	22,905
ISHARES TR	SELECT DIVID ETF	464287168	4,297	48,502	SH		DFND		0	0	48,502
ISHARES TR	TIPS BD ETF	464287176	870	7,683	SH		DFND		0	0	7,683
ISHARES TR	CORE S&P500 ETF	464287200	4,095	18,217	SH		DFND		0	0	18,217
ISHARES TR	CORE US AGGBD ET	464287226	5,562	51,501	SH		DFND		0	0	51,501
ISHARES TR	MSCI EMG MKT ETF	464287234	879	25,000	SH		DFND		0	0	25,000
ISHARES TR	IBOXX INV CP ETF	464287242	515	4,391	SH		DFND		0	0	4,391
ISHARES TR	20 YR TR BD ETF	464287432	4,133	34,627	SH		DFND		0	0	34,627
ISHARES TR	1-3 YR TR BD ETF	464287457	1,091	12,906	SH		DFND		0	0	12,906
ISHARES TR	MSCI EAFE ETF	464287465	396	6,855	SH		DFND		0	0	6,855
ISHARES TR	CORE S&P MCP ETF	464287507	2,905	17,545	SH		DFND		0	0	17,545
ISHARES TR	NASDQ BIOTEC ETF	464287556	223	840	SH		DFND		0	0	840
ISHARES TR	RUS 1000 VAL ETF	464287598	1,210	10,817	SH		DFND		0	0	10,817
ISHARES TR	S&P MC 400GR ETF	464287606	788	4,318	SH		DFND		0	0	4,318
ISHARES TR	RUS 1000 GRW ETF	464287614	1,128	10,763	SH		DFND		0	0	10,763
ISHARES TR	RUS 2000 GRW ETF	464287648	314	2,036	SH		DFND		0	0	2,036
ISHARES TR	RUSSELL 2000 ETF	464287655	549	4,078	SH		DFND		0	0	4,078
ISHARES TR	U.S. UTILITS ETF	464287697	259	2,133	SH		DFND		0	0	2,133
ISHARES TR	S&P MC 400VL ETF	464287705	558	3,837	SH		DFND		0	0	3,837
ISHARES TR	CORE S&P SCP ETF	464287804	2,977	21,617	SH		DFND		0	0	21,617
ISHARES TR	SP SMCP600GR ETF	464287887	357	2,364	SH		DFND		0	0	2,364
ISHARES TR	EAFE SML CP ETF	464288273	328	6,626	SH		DFND		0	0	6,626
ISHARES TR	NATIONAL MUN ETF	464288414	859	7,932	SH		DFND		0	0	7,932
ISHARES TR	IBOXX HI YD ETF	464288513	249	2,873	SH		DFND		0	0	2,873
ISHARES TR	US CREDIT BD ETF	464288620	482	4,401	SH		DFND		0	0	4,401
ISHARES TR	1-3 YR CR BD ETF	464288646	294	2,796	SH		DFND		0	0	2,796
ISHARES TR	10-20 YR TRS ETF	464288653	465	3,499	SH		DFND		0	0	3,499
ISHARES TR	3-7 YR TR BD ETF	464288661	615	5,015	SH		DFND		0	0	5,015
ISHARES TR	CORE HIGH DV ETF	46429B663	1,146	13,930	SH		DFND		0	0	13,930
ISHARES TR	CORE MSCITOTAL	46432F834	1,342	26,584	SH		DFND		0	0	26,584
JOHNSON & JOHNSON	COM	478160104	7,271	63,070	SH		DFND		0	0	63,070
JPMORGAN CHASE & CO	COM	46625H100	4,460	51,627	SH		DFND		0	0	51,627
KAYNE ANDERSON MLP INVT CO	COM	486606106	288	14,585	SH		DFND		0	0	14,585
KIMBERLY CLARK CORP	COM	494368103	432	3,787	SH		DFND		0	0	3,787
KINDER MORGAN INC DEL	COM	49456B101	1,061	51,471	SH		DFND		0	0	51,471
KRAFT HEINZ CO	COM	500754106	784	8,971	SH		DFND		0	0	8,971
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	22	12,000	PRN		DFND		0	0	12,000
LAUDER ESTEE COS INC	CL A	518439104	232	3,039	SH		DFND		0	0	3,039
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	20	19,000	PRN		DFND		0	0	19,000
LILLY ELI & CO	COM	532457108	571	7,749	SH		DFND		0	0	7,749
LOCKHEED MARTIN CORP	COM	539830109	325	1,302	SH		DFND		0	0	1,302
LOWES COS INC	COM	548661107	416	5,923	SH		DFND		0	0	5,923
M & T BK CORP	COM	55261F104	962	6,159	SH		DFND		0	0	6,159
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	21	19,000	PRN		DFND		0	0	19,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	607	8,036	SH		DFND		0	0	8,036
MARKEL CORP	COM	570535104	618	684	SH		DFND		0	0	684
MASIMO CORP	COM	574795100	244	3,650	SH		DFND		0	0	3,650
MASTERCARD INCORPORATED	CL A	57636Q104	6,148	59,562	SH		DFND		0	0	59,562
MCCORMICK & CO INC	COM VTG	579780107	1,263	13,571	SH		DFND		0	0	13,571
MCCORMICK & CO INC	COM NON VTG	579780206	1,851	19,844	SH		DFND		0	0	19,844
MCDONALDS CORP	COM	580135101	970	7,965	SH		DFND		0	0	7,965
MCKESSON CORP	COM	58155Q103	500	3,572	SH		DFND		0	0	3,572
MELCO CROWN ENTMT LTD	ADR	585464100	296	18,600	SH		DFND		0	0	18,600
MERCK & CO INC	COM	58933Y105	4,513	76,493	SH		DFND		0	0	76,493
METLIFE INC	COM	59156R108	1,349	25,041	SH		DFND		0	0	25,041
MFS HIGH INCOME MUN TR	SH BEN INT	59318D104	50	10,145	SH		DFND		0	0	10,145
MICROCHIP TECHNOLOGY INC	COM	595017104	878	13,724	SH		DFND		0	0	13,724
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	20	15,000	PRN		DFND		0	0	15,000
MICROSOFT CORP	COM	594918104	7,628	122,881	SH		DFND		0	0	122,881
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	17	15,000	PRN		DFND		0	0	15,000
MONDELEZ INTL INC	CL A	609207105	1,907	43,029	SH		DFND		0	0	43,029
NETFLIX INC	COM	64110L106	694	5,600	SH		DFND		0	0	5,600
NEWELL BRANDS INC	COM	651229106	283	6,343	SH		DFND		0	0	6,343
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	17	17,000	PRN		DFND		0	0	17,000
NEXTERA ENERGY INC	COM	65339F101	554	4,627	SH		DFND		0	0	4,627
NIELSEN HLDGS PLC	SHS EUR	G6518L108	233	5,568	SH		DFND		0	0	5,568
NIKE INC	CL B	654106103	287	5,646	SH		DFND		0	0	5,646
NORFOLK SOUTHERN CORP	COM	655844108	233	2,155	SH		DFND		0	0	2,155
NORTHERN TR CORP	COM	665859104	289	3,249	SH		DFND		0	0	3,249
NOVARTIS A G	SPONSORED ADR	66987V109	457	6,279	SH		DFND		0	0	6,279
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	20	20,000	PRN		DFND		0	0	20,000
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	283	9,905	SH		DFND		0	0	9,905
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	148	11,977	SH		DFND		0	0	11,977
NUVEEN MUN VALUE FD INC	COM	670928100	377	39,302	SH		DFND		0	0	39,302
NXP SEMICONDUCTORS N V	COM	N6596X109	593	6,034	SH		DFND		0	0	6,034
NYMOX PHARMACEUTICAL CORP	COM	P73398102	75	28,000	SH		DFND		0	0	28,000
OCCIDENTAL PETE CORP DEL	COM	674599105	745	10,519	SH		DFND		0	0	10,519
OLIN CORP	COM PAR $1	680665205	263	10,370	SH		DFND		0	0	10,370
ORACLE CORP	COM	68389X105	326	8,512	SH		DFND		0	0	8,512
PALO ALTO NETWORKS INC	COM	697435105	257	2,032	SH		DFND		0	0	2,032
PAYPAL HLDGS INC	COM	70450Y103	2,306	58,298	SH		DFND		0	0	58,298
PEPSICO INC	COM	713448108	4,209	40,251	SH		DFND		0	0	40,251
PFIZER INC	COM	717081103	1,824	56,190	SH		DFND		0	0	56,190
PHILIP MORRIS INTL INC	COM	718172109	1,560	17,090	SH		DFND		0	0	17,090
PHILLIPS 66	COM	718546104	1,070	12,394	SH		DFND		0	0	12,394
PNC FINL SVCS GROUP INC	COM	693475105	1,125	9,617	SH		DFND		0	0	9,617
POWERSHARES ETF TR II	PFD PORTFOLIO	73936T565	440	30,999	SH		DFND		0	0	30,999
POWERSHARES ETF TR II	S&P500 LOW VOL	73937B779	543	13,067	SH		DFND		0	0	13,067
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	501	11,955	SH		DFND		0	0	11,955
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	996	8,380	SH		DFND		0	0	8,380
PPG INDS INC	COM	693506107	212	2,245	SH		DFND		0	0	2,245
PRICE T ROWE GROUP INC	COM	74144T108	1,973	26,128	SH		DFND		0	0	26,128
PRICELINE GRP INC	COM NEW	741503403	993	678	SH		DFND		0	0	678
PROCTER AND GAMBLE CO	COM	742718109	7,369	87,612	SH		DFND		0	0	87,612
PROOFPOINT INC	DBCV 0.750% 6/1	743424AD5	16	15,000	PRN		DFND		0	0	15,000
QUALCOMM INC	COM	747525103	4,085	62,569	SH		DFND		0	0	62,569
QUINTILES IMS HOLDINGS INC	COM	74876Y101	308	4,049	SH		DFND		0	0	4,049
RED HAT INC	NOTE 0.250%10/0	756577AD4	19	17,000	PRN		DFND		0	0	17,000
REGIONS FINL CORP NEW	COM	7591EP100	180	12,512	SH		DFND		0	0	12,512
REYNOLDS AMERICAN INC	COM	761713106	234	4,181	SH		DFND		0	0	4,181
RITE AID CORP	COM	767754104	97	11,760	SH		DFND		0	0	11,760
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	6,762	78,078	SH		DFND		0	0	78,078
RYDEX ETF TRUST	GUG S&P500EQWTFI	78355W858	483	13,096	SH		DFND		0	0	13,096
S&P GLOBAL INC	COM	78409V104	511	4,744	SH		DFND		0	0	4,744
SALESFORCE COM INC	COM	79466L302	2,044	29,754	SH		DFND		0	0	29,754
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	18	16,000	PRN		DFND		0	0	16,000
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	203	14,851	SH		DFND		0	0	14,851
SBA COMMUNICATIONS CORP	COM	78388J106	588	5,673	SH		DFND		0	0	5,673
SCHLUMBERGER LTD	COM	806857108	3,556	42,387	SH		DFND		0	0	42,387
SCHWAB CHARLES CORP NEW	COM	808513105	5,791	146,694	SH		DFND		0	0	146,694
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	2,501	46,160	SH		DFND		0	0	46,160
SELECT SECTOR SPDR TR	SBI INT-ENERGY	81369Y506	611	8,099	SH		DFND		0	0	8,099
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	222	9,540	SH		DFND		0	0	9,540
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	234	4,836	SH		DFND		0	0	4,836
SERVICENOW INC	NOTE 11/0	81762PAB8	18	16,000	PRN		DFND		0	0	16,000
SIRIUS XM HLDGS INC	COM	82968B103	68	15,313	SH		DFND		0	0	15,313
SOUTHERN CO	COM	842587107	277	5,586	SH		DFND		0	0	5,586
SPDR GOLD TRUST	GOLD SHS	78463V107	264	2,411	SH		DFND		0	0	2,411
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	356	8,883	SH		DFND		0	0	8,883
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,605	7,178	SH		DFND		0	0	7,178
SPDR SERIES TRUST	BLOMBERG BRC SRT	78464A474	475	15,486	SH		DFND		0	0	15,486
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	606	7,101	SH		DFND		0	0	7,101
SPDR SERIES TRUST	S&P BIOTECH	78464A870	264	4,460	SH		DFND		0	0	4,460
SPECTRA ENERGY CORP	COM	847560109	1,354	33,024	SH		DFND		0	0	33,024
STARBUCKS CORP	COM	855244109	3,213	57,895	SH		DFND		0	0	57,895
STERICYCLE INC	COM	858912108	314	4,080	SH		DFND		0	0	4,080
STRYKER CORP	COM	863667101	1,528	12,754	SH		DFND		0	0	12,754
SUNTRUST BKS INC	COM	867914103	559	10,166	SH		DFND		0	0	10,166
SYSCO CORP	COM	871829107	304	5,542	SH		DFND		0	0	5,542
TARGET CORP	COM	87612E106	529	7,357	SH		DFND		0	0	7,357
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	35	13,000	PRN		DFND		0	0	13,000
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	13	12,000	PRN		DFND		0	0	12,000
TEXAS INSTRS INC	COM	882508104	284	3,896	SH		DFND		0	0	3,896
THERMO FISHER SCIENTIFIC INC	COM	883556102	342	2,439	SH		DFND		0	0	2,439
TJX COS INC NEW	COM	872540109	235	3,094	SH		DFND		0	0	3,094
TRANSDIGM GROUP INC	COM	893641100	547	2,198	SH		DFND		0	0	2,198
TRAVELERS COMPANIES INC	COM	89417E109	254	2,082	SH		DFND		0	0	2,082
TRIPADVISOR INC	COM	896945201	346	7,473	SH		DFND		0	0	7,473
TRUSTCO BK CORP N Y	COM	898349105	106	12,120	SH		DFND		0	0	12,120
TWITTER INC	COM	90184L102	304	18,700	SH		DFND		0	0	18,700
UBS AG JERSEY BRH	CMCI ETN 38	902641778	332	23,429	SH		DFND		0	0	23,429
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	298	1,639	SH		DFND		0	0	1,639
UNDER ARMOUR INC	CL A	904311107	1,432	49,098	SH		DFND		0	0	49,098
UNDER ARMOUR INC	CL C	904311206	1,721	68,165	SH		DFND		0	0	68,165
UNILEVER N V	N Y SHS NEW	904784709	542	13,201	SH		DFND		0	0	13,201
UNILEVER PLC	SPON ADR NEW	904767704	342	8,444	SH		DFND		0	0	8,444
UNION PAC CORP	COM	907818108	326	3,143	SH		DFND		0	0	3,143
UNITED PARCEL SERVICE INC	CL B	911312106	1,021	8,908	SH		DFND		0	0	8,908
UNITED TECHNOLOGIES CORP	COM	913017109	746	6,809	SH		DFND		0	0	6,809
UNITEDHEALTH GROUP INC	COM	91324P102	787	4,938	SH		DFND		0	0	4,938
UNIVERSAL DISPLAY CORP	COM	91347P105	1,070	19,000	SH		DFND		0	0	19,000
US BANCORP DEL	COM NEW	902973304	226	4,394	SH		DFND		0	0	4,394
VALERO ENERGY CORP NEW	COM	91913Y100	259	3,790	SH		DFND		0	0	3,790
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	835	39,980	SH		DFND		0	0	39,980
VANECK VECTORS ETF TR	PFD SECS EX FINL	92189F429	282	14,529	SH		DFND		0	0	14,529
VANECK VECTORS ETF TR	AMT FREE INT ETF	92189F544	409	17,528	SH		DFND		0	0	17,528
VANGUARD INDEX FDS	REIT ETF	922908553	2,573	31,146	SH		DFND		0	0	31,146
VANGUARD INDEX FDS	MID CAP ETF	922908629	721	5,484	SH		DFND		0	0	5,484
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	692	6,000	SH		DFND		0	0	6,000
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	302	3,814	SH		DFND		0	0	3,814
VANGUARD SCOTTSDALE FDS	VNG RUS2000GRW	92206C623	279	2,500	SH		DFND		0	0	2,500
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	1,094	12,837	SH		DFND		0	0	12,837
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	217	5,964	SH		DFND		0	0	5,964
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	222	1,754	SH		DFND		0	0	1,754
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	17	18,000	PRN		DFND		0	0	18,000
VERISK ANALYTICS INC	COM	92345Y106	666	8,251	SH		DFND		0	0	8,251
VERIZON COMMUNICATIONS INC	COM	92343V104	4,570	85,712	SH		DFND		0	0	85,712
VISA INC	COM CL A	92826C839	5,122	65,633	SH		DFND		0	0	65,633
VOYA FINL INC	COM	929089100	274	7,000	SH		DFND		0	0	7,000
W P CAREY INC	COM	92936U109	734	12,337	SH		DFND		0	0	12,337
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	15	12,000	PRN		DFND		0	0	12,000
WALGREENS BOOTS ALLIANCE INC	COM	931427108	362	4,378	SH		DFND		0	0	4,378
WAL-MART STORES INC	COM	931142103	616	8,910	SH		DFND		0	0	8,910
WASTE CONNECTIONS INC	COM	94106B101	1,004	12,725	SH		DFND		0	0	12,725
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	20	19,000	PRN		DFND		0	0	19,000
WEBMD HEALTH CORP	NOTE 1.500%12/0	94770VAK8	17	15,000	PRN		DFND		0	0	15,000
WELLS FARGO & CO NEW	COM	949746101	2,680	48,505	SH		DFND		0	0	48,505
WELLTOWER INC	COM	95040Q104	478	7,173	SH		DFND		0	0	7,173
WESTERN ASSET MUN HI INCM FD	COM	95766N103	396	55,404	SH		DFND		0	0	55,404
WILLIS TOWERS WATSON PUB LTD	SHS	G96629103	265	2,166	SH		DFND		0	0	2,166
WISDOMTREE INVTS INC	COM	97717P104	144	13,050	SH		DFND		0	0	13,050
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	648	16,548	SH		DFND		0	0	16,548
WISDOMTREE TR	EUROPE HEDGED EQ	97717X701	283	4,929	SH		DFND		0	0	4,929
XENIA HOTELS & RESORTS INC	COM	984017103	934	48,033	SH		DFND		0	0	48,033
XILINX INC	NOTE 2.625% 6/1	983919AF8	25	12,000	PRN		DFND		0	0	12,000
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	30	11,000	PRN		DFND		0	0	11,000
YUM BRANDS INC	COM	988498101	482	7,618	SH		DFND		0	0	7,618