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	2,454	11,782	SH		DFND		0	0	11,782
ABBOTT LABS	COM	002824100	2,159	44,349	SH		DFND		0	0	44,349
ABBVIE INC	COM	00287Y109	3,415	46,986	SH		DFND		0	0	46,986
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,014	32,473	SH		DFND		0	0	32,473
ACNB CORP	COM	000868109	511	16,746	SH		DFND		0	0	16,746
ACUITY BRANDS INC	COM	00508Y102	306	1,505	SH		DFND		0	0	1,505
ADOBE SYS INC	COM	00724F101	623	4,417	SH		DFND		0	0	4,417
ADVANCED MICRO DEVICES INC	NOTE 2.125% 9/0	007903BD8	20	10,000	PRN		DFND		0	0	10,000
ADVANSIX INC	COM	00773T101	328	10,570	SH		DFND		0	0	10,570
AETNA INC NEW	COM	00817Y108	662	4,362	SH		DFND		0	0	4,362
AFLAC INC	COM	001055102	303	3,925	SH		DFND		0	0	3,925
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	52	38,000	PRN		DFND		0	0	38,000
AIR PRODS & CHEMS INC	COM	009158106	386	2,698	SH		DFND		0	0	2,698
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	1,859	13,213	SH		DFND		0	0	13,213
ALLERGAN PLC	SHS	G0177J108	442	1,818	SH		DFND		0	0	1,818
ALLSTATE CORP	COM	020002101	208	2,350	SH		DFND		0	0	2,350
ALPHABET INC	CAP STK CL A	02079K305	8,951	9,627	SH		DFND		0	0	9,627
ALPHABET INC	CAP STK CL C	02079K107	5,923	6,516	SH		DFND		0	0	6,516
ALTRIA GROUP INC	COM	02209S103	1,983	26,648	SH		DFND		0	0	26,648
AMAZON COM INC	COM	023135106	12,475	12,888	SH		DFND		0	0	12,888
AMERICAN ELEC PWR INC	COM	025537101	233	3,323	SH		DFND		0	0	3,323
AMERICAN EXPRESS CO	COM	025816109	884	10,483	SH		DFND		0	0	10,483
AMERICAN TOWER CORP NEW	COM	03027X100	3,855	29,199	SH		DFND		0	0	29,199
AMGEN INC	COM	031162100	2,257	13,106	SH		DFND		0	0	13,106
AMPHENOL CORP NEW	CL A	032095101	459	6,193	SH		DFND		0	0	6,193
ANADARKO PETE CORP	COM	032511107	371	8,156	SH		DFND		0	0	8,156
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524A108	251	2,284	SH		DFND		0	0	2,284
ANNALY CAP MGMT INC	COM	035710409	136	11,299	SH		DFND		0	0	11,299
ANTARES PHARMA INC	COM	036642106	886	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	471	2,506	SH		DFND		0	0	2,506
APACHE CORP	COM	037411105	466	9,733	SH		DFND		0	0	9,733
APPLE INC	COM	037833100	20,000	138,996	SH		DFND		0	0	138,996
ARGAN INC	COM	04010E109	210	3,500	SH		DFND		0	0	3,500
ASTRONICS CORP	COM	046433108	556	18,246	SH		DFND		0	0	18,246
AT&T INC	COM	00206R102	2,827	75,002	SH		DFND		0	0	75,002
ATHERSYS INC	COM	04744L106	20	13,630	SH		DFND		0	0	13,630
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	35	35,000	PRN		DFND		0	0	35,000
AUTOMATIC DATA PROCESSING IN	COM	053015103	675	6,575	SH		DFND		0	0	6,575
AVALONBAY CMNTYS INC	COM	053484101	639	3,317	SH		DFND		0	0	3,317
AVERY DENNISON CORP	COM	053611109	515	5,802	SH		DFND		0	0	5,802
BAIDU INC	SPON ADR REP A	056752108	1,908	10,668	SH		DFND		0	0	10,668
BALL CORP	COM	058498106	215	5,080	SH		DFND		0	0	5,080
BANK AMER CORP	COM	060505104	862	35,635	SH		DFND		0	0	35,635
BB&T CORP	COM	054937107	546	12,039	SH		DFND		0	0	12,039
BECTON DICKINSON & CO	COM	075887109	275	1,413	SH		DFND		0	0	1,413
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	255	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,704	33,692	SH		DFND		0	0	33,692
BEST BUY INC	COM	086516101	413	7,193	SH		DFND		0	0	7,193
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	28	27,000	PRN		DFND		0	0	27,000
BLACKSTONE GROUP L P	COM UNIT LTD	09253U108	325	9,736	SH		DFND		0	0	9,736
BOEING CO	COM	097023105	848	4,276	SH		DFND		0	0	4,276
BP PLC	SPONSORED ADR	055622104	567	16,326	SH		DFND		0	0	16,326
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	696	8,997	SH		DFND		0	0	8,997
BRISTOL MYERS SQUIBB CO	COM	110122108	1,110	20,000	SH		DFND		0	0	20,000
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	908	23,194	SH		DFND		0	0	23,194
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	1,145	27,988	SH		DFND		0	0	27,988
CANADIAN NATL RY CO	COM	136375102	667	8,237	SH		DFND		0	0	8,237
CAPITAL BK FINL CORP	CL A COM	139794101	229	6,000	SH		DFND		0	0	6,000
CARMAX INC	COM	143130102	411	6,481	SH		DFND		0	0	6,481
CATERPILLAR INC DEL	COM	149123101	1,014	9,482	SH		DFND		0	0	9,482
CDW CORP	COM	12514G108	224	3,571	SH		DFND		0	0	3,571
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	243	3,372	SH		DFND		0	0	3,372
CELGENE CORP	COM	151020104	247	1,904	SH		DFND		0	0	1,904
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	22	22,000	PRN		DFND		0	0	22,000
CHEVRON CORP NEW	COM	166764100	2,376	22,806	SH		DFND		0	0	22,806
CHUBB LIMITED	COM	H1467J104	488	3,355	SH		DFND		0	0	3,355
CIGNA CORPORATION	COM	125509109	766	4,581	SH		DFND		0	0	4,581
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,074	21,451	SH		DFND		0	0	21,451
CISCO SYS INC	COM	17275R102	2,684	85,656	SH		DFND		0	0	85,656
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	32	28,000	PRN		DFND		0	0	28,000
CLOROX CO DEL	COM	189054109	651	4,874	SH		DFND		0	0	4,874
COCA COLA CO	COM	191216100	1,974	44,000	SH		DFND		0	0	44,000
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	916	13,797	SH		DFND		0	0	13,797
COLGATE PALMOLIVE CO	COM	194162103	1,073	14,499	SH		DFND		0	0	14,499
COMCAST CORP NEW	CL A	20030N101	792	20,318	SH		DFND		0	0	20,318
CONOCOPHILLIPS	COM	20825C104	253	5,716	SH		DFND		0	0	5,716
CORNING INC	COM	219350105	238	7,854	SH		DFND		0	0	7,854
COSTCO WHSL CORP NEW	COM	22160K105	1,829	11,438	SH		DFND		0	0	11,438
CROWN CASTLE INTL CORP NEW	COM	22822V101	753	7,526	SH		DFND		0	0	7,526
CSX CORP	COM	126408103	234	4,285	SH		DFND		0	0	4,285
CVS HEALTH CORP	COM	126650100	1,689	21,086	SH		DFND		0	0	21,086
DANAHER CORP DEL	COM	235851102	2,797	33,150	SH		DFND		0	0	33,150
DANAHER CORP DEL	NOTE 1/2	235851AF9	65	21,000	PRN		DFND		0	0	21,000
DAVITA INC	COM	23918K108	1,637	25,334	SH		DFND		0	0	25,334
DEERE & CO	COM	244199105	944	7,635	SH		DFND		0	0	7,635
DELTA AIR LINES INC DEL	COM NEW	247361702	258	4,885	SH		DFND		0	0	4,885
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	12	12,000	PRN		DFND		0	0	12,000
DIAGEO P L C	SPON ADR NEW	25243Q205	496	4,122	SH		DFND		0	0	4,122
DISNEY WALT CO	COM DISNEY	254687106	3,233	30,373	SH		DFND		0	0	30,373
DOLLAR GEN CORP NEW	COM	256677105	206	2,884	SH		DFND		0	0	2,884
DOMINION ENERGY INC	COM	25746U109	1,253	16,368	SH		DFND		0	0	16,368
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	265	10,500	SH		DFND		0	0	10,500
DOW CHEM CO	COM	260543103	740	11,732	SH		DFND		0	0	11,732
DU PONT E I DE NEMOURS & CO	COM	263534109	1,348	16,743	SH		DFND		0	0	16,743
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,860	22,236	SH		DFND		0	0	22,236
EASTERLY GOVT PPTYS INC	COM	27616P103	757	36,098	SH		DFND		0	0	36,098
EATON CORP PLC	SHS	G29183103	470	6,045	SH		DFND		0	0	6,045
EATON VANCE TAX MNGD GBL DV	COM	27829F108	113	12,340	SH		DFND		0	0	12,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	115	10,245	SH		DFND		0	0	10,245
ECLIPSE RES CORP	COM	27890G100	57	20,000	SH		DFND		0	0	20,000
ECOLAB INC	COM	278865100	734	5,518	SH		DFND		0	0	5,518
EDWARDS LIFESCIENCES CORP	COM	28176E108	532	4,503	SH		DFND		0	0	4,503
ELECTRONIC ARTS INC	COM	285512109	855	8,077	SH		DFND		0	0	8,077
EMERSON ELEC CO	COM	291011104	791	13,261	SH		DFND		0	0	13,261
ENBRIDGE INC	COM	29250N105	1,448	36,277	SH		DFND		0	0	36,277
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,779	65,797	SH		DFND		0	0	65,797
EQUIFAX INC	COM	294429105	4,097	29,826	SH		DFND		0	0	29,826
EVERSOURCE ENERGY	COM	30040W108	436	7,195	SH		DFND		0	0	7,195
EXELIXIS INC	COM	30161Q104	493	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	336	9,345	SH		DFND		0	0	9,345
EXPRESS SCRIPTS HLDG CO	COM	30219G108	846	13,228	SH		DFND		0	0	13,228
EXXON MOBIL CORP	COM	30231G102	7,331	90,890	SH		DFND		0	0	90,890
FACEBOOK INC	CL A	30303M102	4,832	32,007	SH		DFND		0	0	32,007
FAIR ISAAC CORP	COM	303250104	278	2,000	SH		DFND		0	0	2,000
FEDEX CORP	COM	31428X106	318	1,466	SH		DFND		0	0	1,466
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	133	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	1,503	17,601	SH		DFND		0	0	17,601
FIFTH STREET FINANCE CORP	COM	31678A103	119	24,700	SH		DFND		0	0	24,700
FIRST TR EXCHANGE TRADED FD	FIRST TR ENH NEW	33739Q408	372	6,200	SH		DFND		0	0	6,200
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	1,981	17,375	SH		DFND		0	0	17,375
FIRST TR EXCHANGE TRADED FD	SENIOR LN FD	33738D309	357	7,424	SH		DFND		0	0	7,424
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	520	26,000	SH		DFND		0	0	26,000
FORD MTR CO DEL	COM PAR $0.01	345370860	572	51,297	SH		DFND		0	0	51,297
FORTIVE CORP	COM	34959J108	1,224	19,267	SH		DFND		0	0	19,267
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	79	14,150	SH		DFND		0	0	14,150
GAMESTOP CORP NEW	CL A	36467W109	737	34,027	SH		DFND		0	0	34,027
GENERAL DYNAMICS CORP	COM	369550108	3,052	15,400	SH		DFND		0	0	15,400
GENERAL ELECTRIC CO	COM	369604103	6,332	234,197	SH		DFND		0	0	234,197
GENERAL MLS INC	COM	370334104	561	10,103	SH		DFND		0	0	10,103
GILEAD SCIENCES INC	COM	375558103	628	8,864	SH		DFND		0	0	8,864
GOLDMAN SACHS GROUP INC	COM	38141G104	203	919	SH		DFND		0	0	919
GOLUB CAP BDC INC	COM	38173M102	875	45,820	SH		DFND		0	0	45,820
GRAINGER W W INC	COM	384802104	211	1,165	SH		DFND		0	0	1,165
GRAMERCY PPTY TR	COM NEW	385002308	721	24,273	SH		DFND		0	0	24,273
HAMILTON BANCORP INC MD	COM	407015106	150	10,000	SH		DFND		0	0	10,000
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	246	12,950	SH		DFND		0	0	12,950
HCP INC	COM	40414L109	248	7,755	SH		DFND		0	0	7,755
HD SUPPLY HLDGS INC	COM	40416M105	1,164	38,045	SH		DFND		0	0	38,045
HEICO CORP NEW	COM	422806109	209	2,896	SH		DFND		0	0	2,896
HELIX ENERGY SOLUTIONS GRP I	NOTE 4.250% 5/0	42330PAH0	34	35,000	PRN		DFND		0	0	35,000
HEXCEL CORP NEW	COM	428291108	472	8,956	SH		DFND		0	0	8,956
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	54	38,000	PRN		DFND		0	0	38,000
HOME DEPOT INC	COM	437076102	1,657	10,787	SH		DFND		0	0	10,787
HONEYWELL INTL INC	COM	438516106	848	6,353	SH		DFND		0	0	6,353
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	251	22,050	SH		DFND		0	0	22,050
HUNTINGTON BANCSHARES INC	COM	446150104	152	11,584	SH		DFND		0	0	11,584
ICON PLC	SHS	G4705A100	704	7,200	SH		DFND		0	0	7,200
ILLINOIS TOOL WKS INC	COM	452308109	412	2,892	SH		DFND		0	0	2,892
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	36	35,000	PRN		DFND		0	0	35,000
INGERSOLL-RAND PLC	SHS	G47791101	528	5,778	SH		DFND		0	0	5,778
INPHI CORP	NOTE 1.125%12/0	45772FAB3	27	26,000	PRN		DFND		0	0	26,000
INTEL CORP	COM	458140100	3,275	97,041	SH		DFND		0	0	97,041
INTEL CORP	SDCV 12/1	458140AD2	14	12,000	PRN		DFND		0	0	12,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	22	12,000	PRN		DFND		0	0	12,000
INTERCEPT PHARMACEUTICALS IN	NOTE 3.250% 7/0	45845PAA6	13	13,000	PRN		DFND		0	0	13,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,140	20,424	SH		DFND		0	0	20,424
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,105	2,252	SH		DFND		0	0	2,252
IONIS PHARMACEUTICALS INC	COM	462222100	335	6,575	SH		DFND		0	0	6,575
ISHARES	MSCI PAC JP ETF	464286665	537	12,090	SH		DFND		0	0	12,090
ISHARES GOLD TRUST	ISHARES	464285105	454	38,020	SH		DFND		0	0	38,020
ISHARES INC	CORE MSCI EMKT	46434G103	275	5,506	SH		DFND		0	0	5,506
ISHARES SILVER TRUST	ISHARES	46428Q109	353	22,405	SH		DFND		0	0	22,405
ISHARES TR	10-20 YR TRS ETF	464288653	463	3,392	SH		DFND		0	0	3,392
ISHARES TR	1-3 YR CR BD ETF	464288646	458	4,355	SH		DFND		0	0	4,355
ISHARES TR	1-3 YR TR BD ETF	464287457	2,323	27,485	SH		DFND		0	0	27,485
ISHARES TR	20 YR TR BD ETF	464287432	4,002	31,935	SH		DFND		0	0	31,935
ISHARES TR	3-7 YR TR BD ETF	464288661	1,586	12,840	SH		DFND		0	0	12,840
ISHARES TR	CORE HIGH DV ETF	46429B663	1,143	13,740	SH		DFND		0	0	13,740
ISHARES TR	CORE MSCI TOTAL	46432F834	1,810	31,595	SH		DFND		0	0	31,595
ISHARES TR	CORE S&P MCP ETF	464287507	3,660	21,084	SH		DFND		0	0	21,084
ISHARES TR	CORE S&P SCP ETF	464287804	3,676	52,342	SH		DFND		0	0	52,342
ISHARES TR	CORE S&P500 ETF	464287200	6,079	24,965	SH		DFND		0	0	24,965
ISHARES TR	CORE US AGGBD ET	464287226	6,549	59,783	SH		DFND		0	0	59,783
ISHARES TR	EAFE SML CP ETF	464288273	424	7,345	SH		DFND		0	0	7,345
ISHARES TR	FLTG RATE BD ETF	46429B655	1,275	25,003	SH		DFND		0	0	25,003
ISHARES TR	IBOXX HI YD ETF	464288513	779	8,813	SH		DFND		0	0	8,813
ISHARES TR	IBOXX INV CP ETF	464287242	662	5,498	SH		DFND		0	0	5,498
ISHARES TR	INTRM GOV/CR ETF	464288612	351	3,166	SH		DFND		0	0	3,166
ISHARES TR	MSCI EAFE ETF	464287465	489	7,491	SH		DFND		0	0	7,491
ISHARES TR	MSCI EMG MKT ETF	464287234	1,452	35,114	SH		DFND		0	0	35,114
ISHARES TR	NASDQ BIOTEC ETF	464287556	314	1,011	SH		DFND		0	0	1,011
ISHARES TR	NATIONAL MUN ETF	464288414	1,009	9,158	SH		DFND		0	0	9,158
ISHARES TR	RUS 1000 GRW ETF	464287614	1,326	11,144	SH		DFND		0	0	11,144
ISHARES TR	RUS 1000 VAL ETF	464287598	1,436	12,344	SH		DFND		0	0	12,344
ISHARES TR	RUS 2000 GRW ETF	464287648	1,043	6,195	SH		DFND		0	0	6,195
ISHARES TR	RUSSELL 2000 ETF	464287655	704	4,998	SH		DFND		0	0	4,998
ISHARES TR	S&P MC 400GR ETF	464287606	1,371	6,975	SH		DFND		0	0	6,975
ISHARES TR	S&P MC 400VL ETF	464287705	543	3,660	SH		DFND		0	0	3,660
ISHARES TR	SELECT DIVID ETF	464287168	4,950	53,642	SH		DFND		0	0	53,642
ISHARES TR	SP SMCP600GR ETF	464287887	420	2,702	SH		DFND		0	0	2,702
ISHARES TR	TIPS BD ETF	464287176	937	8,251	SH		DFND		0	0	8,251
ISHARES TR	U.S. UTILITS ETF	464287697	277	2,133	SH		DFND		0	0	2,133
ISHARES TR	US CREDIT BD ETF	464288620	562	5,013	SH		DFND		0	0	5,013
ISHARES TR	US HLTHCARE ETF	464287762	273	1,655	SH		DFND		0	0	1,655
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	16	16,000	PRN		DFND		0	0	16,000
JOHNSON & JOHNSON	COM	478160104	10,307	77,965	SH		DFND		0	0	77,965
JPMORGAN CHASE & CO	COM	46625H100	5,522	60,453	SH		DFND		0	0	60,453
KAYNE ANDERSON MLP INVT CO	COM	486606106	303	16,085	SH		DFND		0	0	16,085
KIMBERLY CLARK CORP	COM	494368103	459	3,551	SH		DFND		0	0	3,551
KINDER MORGAN INC DEL	COM	49456B101	1,059	55,381	SH		DFND		0	0	55,381
KRAFT HEINZ CO	COM	500754106	842	9,823	SH		DFND		0	0	9,823
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	203	1,323	SH		DFND		0	0	1,323
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	55	23,000	PRN		DFND		0	0	23,000
LAUDER ESTEE COS INC	CL A	518439104	238	2,482	SH		DFND		0	0	2,482
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	43	35,000	PRN		DFND		0	0	35,000
LILLY ELI & CO	COM	532457108	769	9,375	SH		DFND		0	0	9,375
LOCKHEED MARTIN CORP	COM	539830109	408	1,468	SH		DFND		0	0	1,468
LOWES COS INC	COM	548661107	510	6,653	SH		DFND		0	0	6,653
M & T BK CORP	COM	55261F104	1,231	7,607	SH		DFND		0	0	7,607
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	36	34,000	PRN		DFND		0	0	34,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	633	8,838	SH		DFND		0	0	8,838
MARKEL CORP	COM	570535104	674	689	SH		DFND		0	0	689
MARRIOTT INTL INC NEW	CL A	571903202	779	7,761	SH		DFND		0	0	7,761
MASIMO CORP	COM	574795100	332	3,650	SH		DFND		0	0	3,650
MASTERCARD INCORPORATED	CL A	57636Q104	9,092	74,884	SH		DFND		0	0	74,884
MCCORMICK & CO INC	COM NON VTG	579780206	2,407	24,676	SH		DFND		0	0	24,676
MCCORMICK & CO INC	COM VTG	579780107	1,325	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	1,114	7,255	SH		DFND		0	0	7,255
MCKESSON CORP	COM	58155Q103	529	3,207	SH		DFND		0	0	3,207
MEDTRONIC PLC	SHS	G5960L103	237	2,692	SH		DFND		0	0	2,692
MELCO RESORT ENTERTAINMENT L	ADR	585464100	418	18,600	SH		DFND		0	0	18,600
MERCK & CO INC	COM	58933Y105	5,556	86,709	SH		DFND		0	0	86,709
METLIFE INC	COM	59156R108	1,502	27,333	SH		DFND		0	0	27,333
MICROCHIP TECHNOLOGY INC	COM	595017104	887	11,482	SH		DFND		0	0	11,482
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	43	28,000	PRN		DFND		0	0	28,000
MICROSOFT CORP	COM	594918104	9,555	138,667	SH		DFND		0	0	138,667
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	34	25,000	PRN		DFND		0	0	25,000
MONDELEZ INTL INC	CL A	609207105	1,766	40,803	SH		DFND		0	0	40,803
NETAPP INC	COM	64110D104	263	6,552	SH		DFND		0	0	6,552
NETFLIX INC	COM	64110L106	786	5,266	SH		DFND		0	0	5,266
NEWPARK RES INC	NOTE 4.000%10/0	651718AC2	28	28,000	PRN		DFND		0	0	28,000
NEXTERA ENERGY INC	COM	65339F101	703	5,032	SH		DFND		0	0	5,032
NIKE INC	CL B	654106103	1,027	17,308	SH		DFND		0	0	17,308
NORFOLK SOUTHERN CORP	COM	655844108	264	2,173	SH		DFND		0	0	2,173
NOVARTIS A G	SPONSORED ADR	66987V109	460	5,516	SH		DFND		0	0	5,516
NUANCE COMMUNICATIONS INC	NOTE 2.750%11/0	67020YAF7	34	34,000	PRN		DFND		0	0	34,000
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	262	10,721	SH		DFND		0	0	10,721
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	166	12,787	SH		DFND		0	0	12,787
NUVEEN MUN VALUE FD INC	COM	670928100	216	21,598	SH		DFND		0	0	21,598
NXP SEMICONDUCTORS N V	COM	N6596X109	528	4,830	SH		DFND		0	0	4,830
NYMOX PHARMACEUTICAL CORP	COM	P73398102	123	28,000	SH		DFND		0	0	28,000
OCCIDENTAL PETE CORP DEL	COM	674599105	563	9,394	SH		DFND		0	0	9,394
OLIN CORP	COM PAR $1	680665205	283	9,364	SH		DFND		0	0	9,364
ORACLE CORP	COM	68389X105	339	6,777	SH		DFND		0	0	6,777
PALO ALTO NETWORKS INC	COM	697435105	692	5,199	SH		DFND		0	0	5,199
PAYPAL HLDGS INC	COM	70450Y103	4,666	86,973	SH		DFND		0	0	86,973
PEPSICO INC	COM	713448108	4,578	39,600	SH		DFND		0	0	39,600
PEREGRINE PHARMACEUTICALS IN	COM NEW	713661304	353	580,000	SH		DFND		0	0	580,000
PFIZER INC	COM	717081103	2,199	65,489	SH		DFND		0	0	65,489
PHILIP MORRIS INTL INC	COM	718172109	1,964	16,716	SH		DFND		0	0	16,716
PHILLIPS 66	COM	718546104	1,230	14,853	SH		DFND		0	0	14,853
PNC FINL SVCS GROUP INC	COM	693475105	1,655	13,254	SH		DFND		0	0	13,254
POWERSHARES ETF TR II	PFD PORTFOLIO	73936T565	548	36,234	SH		DFND		0	0	36,234
POWERSHARES ETF TR II	S&P500 LOW VOL	73937B779	662	14,807	SH		DFND		0	0	14,807
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	258	5,547	SH		DFND		0	0	5,547
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	1,667	12,082	SH		DFND		0	0	12,082
PPG INDS INC	COM	693506107	260	2,366	SH		DFND		0	0	2,366
PRICE T ROWE GROUP INC	COM	74144T108	1,962	26,559	SH		DFND		0	0	26,559
PRICELINE GRP INC	COM NEW	741503403	1,209	648	SH		DFND		0	0	648
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	54	38,000	PRN		DFND		0	0	38,000
PROCTER AND GAMBLE CO	COM	742718109	7,063	81,025	SH		DFND		0	0	81,025
PROOFPOINT INC	COM	743424103	354	4,100	SH		DFND		0	0	4,100
PROOFPOINT INC	DBCV 0.750% 6/1	743424AD5	33	28,000	PRN		DFND		0	0	28,000
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	219	5,067	SH		DFND		0	0	5,067
QUALCOMM INC	COM	747525103	4,370	79,086	SH		DFND		0	0	79,086
RED HAT INC	COM	756577102	258	2,681	SH		DFND		0	0	2,681
RED HAT INC	NOTE 0.250%10/0	756577AD4	38	27,000	PRN		DFND		0	0	27,000
REGIONS FINL CORP NEW	COM	7591EP100	222	15,065	SH		DFND		0	0	15,065
REYNOLDS AMERICAN INC	COM	761713106	291	4,502	SH		DFND		0	0	4,502
ROPER TECHNOLOGIES INC	COM	776696106	225	973	SH		DFND		0	0	973
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	209	4,962	SH		DFND		0	0	4,962
RPM INTL INC	NOTE 2.250%12/1	749685AT0	10	10,000	PRN		DFND		0	0	10,000
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	7,160	77,238	SH		DFND		0	0	77,238
RYDEX ETF TRUST	GUG S&P500EQWTFI	78355W858	230	5,821	SH		DFND		0	0	5,821
S&P GLOBAL INC	COM	78409V104	692	4,736	SH		DFND		0	0	4,736
SALESFORCE COM INC	COM	79466L302	2,568	29,675	SH		DFND		0	0	29,675
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	36	27,000	PRN		DFND		0	0	27,000
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	146	12,395	SH		DFND		0	0	12,395
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	664	4,920	SH		DFND		0	0	4,920
SCHEIN HENRY INC	COM	806407102	295	1,609	SH		DFND		0	0	1,609
SCHLUMBERGER LTD	COM	806857108	2,048	31,026	SH		DFND		0	0	31,026
SCHWAB CHARLES CORP NEW	COM	808513105	6,660	155,030	SH		DFND		0	0	155,030
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	2,815	48,160	SH		DFND		0	0	48,160
SELECT SECTOR SPDR TR	ENERGY	81369Y506	270	4,170	SH		DFND		0	0	4,170
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	279	11,360	SH		DFND		0	0	11,360
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	325	5,932	SH		DFND		0	0	5,932
SERVICENOW INC	NOTE 11/0	81762PAB8	45	32,000	PRN		DFND		0	0	32,000
SIRIUS XM HLDGS INC	COM	82968B103	79	14,513	SH		DFND		0	0	14,513
SNAP INC	CL A	83304A106	178	10,000	SH		DFND		0	0	10,000
SOUTHERN CO	COM	842587107	303	6,347	SH		DFND		0	0	6,347
SPDR GOLD TRUST	GOLD SHS	78463V107	282	2,383	SH		DFND		0	0	2,383
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	393	8,434	SH		DFND		0	0	8,434
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,284	9,452	SH		DFND		0	0	9,452
SPDR SERIES TRUST	BLOMBERG BRC SRT	78464A474	1,564	50,970	SH		DFND		0	0	50,970
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78464A417	469	12,602	SH		DFND		0	0	12,602
SPDR SERIES TRUST	S&P BIOTECH	78464A870	345	4,460	SH		DFND		0	0	4,460
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,207	13,549	SH		DFND		0	0	13,549
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	186	25,000	SH		DFND		0	0	25,000
STANLEY BLACK & DECKER INC	COM	854502101	214	1,531	SH		DFND		0	0	1,531
STARBUCKS CORP	COM	855244109	3,510	60,138	SH		DFND		0	0	60,138
STATE STR CORP	COM	857477103	235	2,618	SH		DFND		0	0	2,618
STRYKER CORP	COM	863667101	1,638	11,797	SH		DFND		0	0	11,797
SUNTRUST BKS INC	COM	867914103	532	9,462	SH		DFND		0	0	9,462
SYSCO CORP	COM	871829107	256	5,076	SH		DFND		0	0	5,076
TELEFLEX INC	NOTE 3.875% 8/0	879369AA4	69	20,000	PRN		DFND		0	0	20,000
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	22	22,000	PRN		DFND		0	0	22,000
TEVA PHARMACEUTICAL INDS LTD	SPONSORED ADR	881624209	433	12,970	SH		DFND		0	0	12,970
TEXAS INSTRS INC	COM	882508104	295	3,839	SH		DFND		0	0	3,839
THERMO FISHER SCIENTIFIC INC	COM	883556102	366	2,094	SH		DFND		0	0	2,094
TJX COS INC NEW	COM	872540109	224	3,083	SH		DFND		0	0	3,083
TRANSDIGM GROUP INC	COM	893641100	571	2,128	SH		DFND		0	0	2,128
TRAVELERS COMPANIES INC	COM	89417E109	272	2,150	SH		DFND		0	0	2,150
TRUSTCO BK CORP N Y	COM	898349105	102	13,135	SH		DFND		0	0	13,135
TWITTER INC	COM	90184L102	343	19,200	SH		DFND		0	0	19,200
UBS AG JERSEY BRH	CMCI ETN 38	902641778	318	23,462	SH		DFND		0	0	23,462
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	336	1,594	SH		DFND		0	0	1,594
UNDER ARMOUR INC	CL A	904311107	664	30,744	SH		DFND		0	0	30,744
UNDER ARMOUR INC	CL C	904311206	837	41,583	SH		DFND		0	0	41,583
UNILEVER N V	N Y SHS NEW	904784709	668	12,007	SH		DFND		0	0	12,007
UNILEVER PLC	SPON ADR NEW	904767704	427	7,922	SH		DFND		0	0	7,922
UNION PAC CORP	COM	907818108	393	3,616	SH		DFND		0	0	3,616
UNITED PARCEL SERVICE INC	CL B	911312106	422	3,820	SH		DFND		0	0	3,820
UNITED TECHNOLOGIES CORP	COM	913017109	815	6,711	SH		DFND		0	0	6,711
UNITEDHEALTH GROUP INC	COM	91324P102	1,138	6,143	SH		DFND		0	0	6,143
UNIVERSAL DISPLAY CORP	COM	91347P105	2,076	19,000	SH		DFND		0	0	19,000
US BANCORP DEL	COM NEW	902973304	214	4,105	SH		DFND		0	0	4,105
VALERO ENERGY CORP NEW	COM	91913Y100	257	3,815	SH		DFND		0	0	3,815
VANECK VECTORS ETF TR	AMT FREE INT ETF	92189F544	548	22,927	SH		DFND		0	0	22,927
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	888	40,380	SH		DFND		0	0	40,380
VANECK VECTORS ETF TR	PFD SECS EX FINL	92189F429	324	16,089	SH		DFND		0	0	16,089
VANGUARD INDEX FDS	GROWTH ETF	922908736	248	1,954	SH		DFND		0	0	1,954
VANGUARD INDEX FDS	MCAP GR IDXVIP	922908538	399	3,396	SH		DFND		0	0	3,396
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	641	6,237	SH		DFND		0	0	6,237
VANGUARD INDEX FDS	MID CAP ETF	922908629	865	6,060	SH		DFND		0	0	6,060
VANGUARD INDEX FDS	REIT ETF	922908553	2,752	33,083	SH		DFND		0	0	33,083
VANGUARD INDEX FDS	VALUE ETF	922908744	342	3,537	SH		DFND		0	0	3,537
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	388	9,488	SH		DFND		0	0	9,488
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	286	3,564	SH		DFND		0	0	3,564
VANGUARD SCOTTSDALE FDS	VNG RUS2000GRW	92206C623	312	2,540	SH		DFND		0	0	2,540
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	980	10,584	SH		DFND		0	0	10,584
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	419	10,191	SH		DFND		0	0	10,191
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	301	2,045	SH		DFND		0	0	2,045
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	32	32,000	PRN		DFND		0	0	32,000
VERISK ANALYTICS INC	COM	92345Y106	597	7,066	SH		DFND		0	0	7,066
VERIZON COMMUNICATIONS INC	COM	92343V104	3,823	85,718	SH		DFND		0	0	85,718
VISA INC	COM CL A	92826C839	6,356	67,769	SH		DFND		0	0	67,769
VMWARE INC	CL A COM	928563402	211	2,443	SH		DFND		0	0	2,443
VOYA FINL INC	COM	929089100	264	7,150	SH		DFND		0	0	7,150
W P CAREY INC	COM	92936U109	857	12,949	SH		DFND		0	0	12,949
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	44	22,000	PRN		DFND		0	0	22,000
WABTEC CORP	COM	929740108	246	2,665	SH		DFND		0	0	2,665
WALGREENS BOOTS ALLIANCE INC	COM	931427108	334	4,282	SH		DFND		0	0	4,282
WAL-MART STORES INC	COM	931142103	911	12,030	SH		DFND		0	0	12,030
WASTE CONNECTIONS INC	COM	94106B101	1,087	16,904	SH		DFND		0	0	16,904
WATERS CORP	COM	941848103	204	1,110	SH		DFND		0	0	1,110
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	35	35,000	PRN		DFND		0	0	35,000
WEATHERFORD INTL PLC	ORD SHS	G48833100	97	25,000	SH		DFND		0	0	25,000
WEBMD HEALTH CORP	NOTE 1.500%12/0	94770VAK8	38	28,000	PRN		DFND		0	0	28,000
WELLS FARGO CO NEW	COM	949746101	3,114	56,170	SH		DFND		0	0	56,170
WELLTOWER INC	COM	95040Q104	493	6,629	SH		DFND		0	0	6,629
WESTERN ASSET MUN HI INCM FD	COM	95766N103	484	65,634	SH		DFND		0	0	65,634
WEYERHAEUSER CO	COM	962166104	213	6,402	SH		DFND		0	0	6,402
WISDOMTREE INVTS INC	COM	97717P104	131	13,050	SH		DFND		0	0	13,050
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	1,064	23,277	SH		DFND		0	0	23,277
WISDOMTREE TR	EUROPE HEDGED EQ	97717X701	452	7,251	SH		DFND		0	0	7,251
XENIA HOTELS & RESORTS INC	COM	984017103	1,008	52,154	SH		DFND		0	0	52,154
XPO LOGISTICS INC	NOTE 4.500%10/0	983793AA8	84	21,000	PRN		DFND		0	0	21,000
YUM BRANDS INC	COM	988498101	523	7,061	SH		DFND		0	0	7,061
YUM CHINA HLDGS INC	COM	98850P109	259	6,561	SH		DFND		0	0	6,561