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	2,530	12,074	SH		DFND		0	0	12,074
ABBOTT LABS	COM	002824100	2,337	43,856	SH		DFND		0	0	43,856
ABBVIE INC	COM	00287Y109	4,257	47,866	SH		DFND		0	0	47,866
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,412	32,625	SH		DFND		0	0	32,625
ACNB CORP	COM	000868109	464	16,746	SH		DFND		0	0	16,746
ACUITY BRANDS INC	COM	00508Y102	258	1,505	SH		DFND		0	0	1,505
ADOBE SYS INC	COM	00724F101	741	4,947	SH		DFND		0	0	4,947
ADVANCED MICRO DEVICES INC	NOTE 2.125% 9/0	007903BD8	20	10,000	PRN		DFND		0	0	10,000
ADVANSIX INC	COM	00773T101	339	8,501	SH		DFND		0	0	8,501
AETNA INC NEW	COM	00817Y108	696	4,379	SH		DFND		0	0	4,379
AFLAC INC	COM	001055102	320	3,925	SH		DFND		0	0	3,925
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	60	38,000	PRN		DFND		0	0	38,000
AIR PRODS & CHEMS INC	COM	009158106	408	2,698	SH		DFND		0	0	2,698
ALARM COM HLDGS INC	COM	011642105	270	5,978	SH		DFND		0	0	5,978
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	2,339	13,544	SH		DFND		0	0	13,544
ALLERGAN PLC	SHS	G0177J108	350	1,716	SH		DFND		0	0	1,716
ALLSTATE CORP	COM	020002101	216	2,354	SH		DFND		0	0	2,354
ALPHABET INC	CAP STK CL A	02079K305	9,527	9,771	SH		DFND		0	0	9,771
ALPHABET INC	CAP STK CL C	02079K107	6,395	6,656	SH		DFND		0	0	6,656
ALTRIA GROUP INC	COM	02209S103	1,716	27,007	SH		DFND		0	0	27,007
AMAZON COM INC	COM	023135106	12,740	13,258	SH		DFND		0	0	13,258
AMERICAN ELEC PWR INC	COM	025537101	233	3,319	SH		DFND		0	0	3,319
AMERICAN EXPRESS CO	COM	025816109	1,020	11,281	SH		DFND		0	0	11,281
AMERICAN TOWER CORP NEW	COM	03027X100	3,953	28,950	SH		DFND		0	0	28,950
AMERIPRISE FINL INC	COM	03076C106	235	1,572	SH		DFND		0	0	1,572
AMGEN INC	COM	031162100	2,585	13,848	SH		DFND		0	0	13,848
AMPHENOL CORP NEW	CL A	032095101	616	7,293	SH		DFND		0	0	7,293
ANADARKO PETE CORP	COM	032511107	343	6,972	SH		DFND		0	0	6,972
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524A108	311	2,595	SH		DFND		0	0	2,595
ANNALY CAP MGMT INC	COM	035710409	139	11,429	SH		DFND		0	0	11,429
ANTARES PHARMA INC	COM	036642106	891	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	550	2,906	SH		DFND		0	0	2,906
APACHE CORP	COM	037411105	406	8,845	SH		DFND		0	0	8,845
APPLE INC	COM	037833100	21,193	137,575	SH		DFND		0	0	137,575
ARALEZ PHARMACEUTICALS INC	COM	03852X100	394	172,000	SH		DFND		0	0	172,000
ARGAN INC	COM	04010E109	235	3,500	SH		DFND		0	0	3,500
ASTRONICS CORP	COM	046433108	543	18,246	SH		DFND		0	0	18,246
AT&T INC	COM	00206R102	2,941	74,838	SH		DFND		0	0	74,838
ATHERSYS INC	COM	04744L106	28	13,630	SH		DFND		0	0	13,630
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	44	35,000	PRN		DFND		0	0	35,000
AUTOMATIC DATA PROCESSING IN	COM	053015103	736	6,705	SH		DFND		0	0	6,705
AVALONBAY CMNTYS INC	COM	053484101	593	3,317	SH		DFND		0	0	3,317
AVERY DENNISON CORP	COM	053611109	472	4,787	SH		DFND		0	0	4,787
BAIDU INC	SPON ADR REP A	056752108	2,619	10,568	SH		DFND		0	0	10,568
BALL CORP	COM	058498106	289	6,970	SH		DFND		0	0	6,970
BANK AMER CORP	COM	060505104	1,201	47,310	SH		DFND		0	0	47,310
BANK NEW YORK MELLON CORP	COM	064058100	203	3,827	SH		DFND		0	0	3,827
BB&T CORP	COM	054937107	480	10,264	SH		DFND		0	0	10,264
BECTON DICKINSON & CO	COM	075887109	276	1,413	SH		DFND		0	0	1,413
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	275	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	6,185	33,754	SH		DFND		0	0	33,754
BEST BUY INC	COM	086516101	410	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
BLACKHAWK NETWORK HLDGS INC	NOTE 1.500% 1/1	09238EAB0	37	35,000	PRN		DFND		0	0	35,000
BLACKSTONE GROUP L P	COM UNIT LTD	09253U108	305	9,116	SH		DFND		0	0	9,116
BOEING CO	COM	097023105	1,064	4,192	SH		DFND		0	0	4,192
BP PLC	SPONSORED ADR	055622104	622	16,198	SH		DFND		0	0	16,198
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	771	8,947	SH		DFND		0	0	8,947
BRISTOL MYERS SQUIBB CO	COM	110122108	1,450	22,756	SH		DFND		0	0	22,756
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	916	22,194	SH		DFND		0	0	22,194
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	1,224	28,342	SH		DFND		0	0	28,342
CANADIAN NATL RY CO	COM	136375102	673	8,110	SH		DFND		0	0	8,110
CAPITAL BK FINL CORP	CL A COM	139794101	246	6,000	SH		DFND		0	0	6,000
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	613	26,010	SH		DFND		0	0	26,010
CARMAX INC	COM	143130102	474	6,257	SH		DFND		0	0	6,257
CATERPILLAR INC DEL	COM	149123101	1,138	9,135	SH		DFND		0	0	9,135
CDW CORP	COM	12514G108	235	3,597	SH		DFND		0	0	3,597
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	273	4,259	SH		DFND		0	0	4,259
CELGENE CORP	COM	151020104	282	1,941	SH		DFND		0	0	1,941
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	22	22,000	PRN		DFND		0	0	22,000
CHESAPEAKE ENERGY CORP	COM	165167107	176	41,050	SH		DFND		0	0	41,050
CHEVRON CORP NEW	COM	166764100	2,629	22,334	SH		DFND		0	0	22,334
CHUBB LIMITED	COM	H1467J104	456	3,197	SH		DFND		0	0	3,197
CIGNA CORPORATION	COM	125509109	856	4,581	SH		DFND		0	0	4,581
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,074	21,374	SH		DFND		0	0	21,374
CISCO SYS INC	COM	17275R102	3,022	90,100	SH		DFND		0	0	90,100
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	31	28,000	PRN		DFND		0	0	28,000
CLOROX CO DEL	COM	189054109	640	4,849	SH		DFND		0	0	4,849
COCA COLA CO	COM	191216100	2,002	44,422	SH		DFND		0	0	44,422
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	1,001	13,797	SH		DFND		0	0	13,797
COLGATE PALMOLIVE CO	COM	194162103	1,037	14,251	SH		DFND		0	0	14,251
COMCAST CORP NEW	CL A	20030N101	791	20,458	SH		DFND		0	0	20,458
CONOCOPHILLIPS	COM	20825C104	244	4,893	SH		DFND		0	0	4,893
CORNING INC	COM	219350105	212	7,167	SH		DFND		0	0	7,167
COSTCO WHSL CORP NEW	COM	22160K105	1,953	11,888	SH		DFND		0	0	11,888
CROWN CASTLE INTL CORP NEW	COM	22822V101	743	7,445	SH		DFND		0	0	7,445
CSX CORP	COM	126408103	233	4,287	SH		DFND		0	0	4,287
CVS HEALTH CORP	COM	126650100	1,797	22,133	SH		DFND		0	0	22,133
DANAHER CORP DEL	COM	235851102	2,946	34,353	SH		DFND		0	0	34,353
DANAHER CORP DEL	DBCV 1/2	235851AF9	71	21,000	PRN		DFND		0	0	21,000
DAVITA INC	COM	23918K108	1,122	18,864	SH		DFND		0	0	18,864
DEERE & CO	COM	244199105	973	7,735	SH		DFND		0	0	7,735
DELTA AIR LINES INC DEL	COM NEW	247361702	236	4,909	SH		DFND		0	0	4,909
DEPOMED INC	NOTE 2.500% 9/0	249908AA2	10	12,000	PRN		DFND		0	0	12,000
DIAGEO P L C	SPON ADR NEW	25243Q205	533	4,038	SH		DFND		0	0	4,038
DISH NETWORK CORP	NOTE 3.375% 8/1	25470MAB5	60	54,000	PRN		DFND		0	0	54,000
DISNEY WALT CO	COM DISNEY	254687106	2,863	28,971	SH		DFND		0	0	28,971
DOLLAR GEN CORP NEW	COM	256677105	234	2,884	SH		DFND		0	0	2,884
DOMINION ENERGY INC	COM	25746U109	1,227	15,980	SH		DFND		0	0	15,980
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	275	11,450	SH		DFND		0	0	11,450
DOWDUPONT INC	COM	26078J100	2,289	33,054	SH		DFND		0	0	33,054
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,813	21,607	SH		DFND		0	0	21,607
EASTERLY GOVT PPTYS INC	COM	27616P103	746	36,111	SH		DFND		0	0	36,111
EATON CORP PLC	SHS	G29183103	509	6,594	SH		DFND		0	0	6,594
EATON VANCE TAX MNGD GBL DV	COM	27829F108	115	12,340	SH		DFND		0	0	12,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	119	10,245	SH		DFND		0	0	10,245
ECLIPSE RES CORP	COM	27890G100	63	25,000	SH		DFND		0	0	25,000
ECOLAB INC	COM	278865100	789	6,132	SH		DFND		0	0	6,132
EDWARDS LIFESCIENCES CORP	COM	28176E108	494	4,503	SH		DFND		0	0	4,503
ELECTRONIC ARTS INC	COM	285512109	952	8,094	SH		DFND		0	0	8,094
EMERSON ELEC CO	COM	291011104	786	12,562	SH		DFND		0	0	12,562
ENBRIDGE INC	COM	29250N105	1,516	36,300	SH		DFND		0	0	36,300
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,699	65,216	SH		DFND		0	0	65,216
EQUIFAX INC	COM	294429105	3,156	29,772	SH		DFND		0	0	29,772
EVERSOURCE ENERGY	COM	30040W108	408	6,784	SH		DFND		0	0	6,784
EXELIXIS INC	COM	30161Q104	485	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	419	11,075	SH		DFND		0	0	11,075
EXPRESS SCRIPTS HLDG CO	COM	30219G108	793	12,543	SH		DFND		0	0	12,543
EXXON MOBIL CORP	COM	30231G102	7,286	88,930	SH		DFND		0	0	88,930
FACEBOOK INC	CL A	30303M102	5,440	31,793	SH		DFND		0	0	31,793
FAIR ISAAC CORP	COM	303250104	281	2,000	SH		DFND		0	0	2,000
FEDEX CORP	COM	31428X106	330	1,467	SH		DFND		0	0	1,467
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	224	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	1,647	17,627	SH		DFND		0	0	17,627
FIFTH STREET FINANCE CORP	COM	31678A103	134	24,700	SH		DFND		0	0	24,700
FIRST TR EXCHANGE TRADED FD	FIRST TR ENH NEW	33739Q408	492	8,200	SH		DFND		0	0	8,200
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	2,175	17,540	SH		DFND		0	0	17,540
FIRST TR EXCHANGE TRADED FD	SENIOR LN FD	33738D309	462	9,604	SH		DFND		0	0	9,604
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	821	41,000	SH		DFND		0	0	41,000
FLEX LTD	ORD	Y2573F102	470	28,315	SH		DFND		0	0	28,315
FORD MTR CO DEL	COM PAR $0.01	345370860	394	32,779	SH		DFND		0	0	32,779
FORTIVE CORP	COM	34959J108	1,385	19,602	SH		DFND		0	0	19,602
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	700	34,058	SH		DFND		0	0	34,058
GENERAL DYNAMICS CORP	COM	369550108	3,173	15,432	SH		DFND		0	0	15,432
GENERAL ELECTRIC CO	COM	369604103	4,885	201,974	SH		DFND		0	0	201,974
GENERAL MLS INC	COM	370334104	574	11,078	SH		DFND		0	0	11,078
GILEAD SCIENCES INC	COM	375558103	754	9,369	SH		DFND		0	0	9,369
GOLDMAN SACHS GROUP INC	COM	38141G104	218	916	SH		DFND		0	0	916
GOLUB CAP BDC INC	COM	38173M102	857	45,511	SH		DFND		0	0	45,511
GRAINGER W W INC	COM	384802104	235	1,305	SH		DFND		0	0	1,305
GRAMERCY PPTY TR	COM NEW	385002308	734	24,273	SH		DFND		0	0	24,273
HAMILTON BANCORP INC MD	COM	407015106	147	10,000	SH		DFND		0	0	10,000
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	245	12,976	SH		DFND		0	0	12,976
HD SUPPLY HLDGS INC	COM	40416M105	1,354	37,574	SH		DFND		0	0	37,574
HEICO CORP NEW	COM	422806109	261	2,896	SH		DFND		0	0	2,896
HELIX ENERGY SOLUTIONS GRP I	NOTE 4.250% 5/0	42330PAH0	35	35,000	PRN		DFND		0	0	35,000
HEXCEL CORP NEW	COM	428291108	491	8,536	SH		DFND		0	0	8,536
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	47	38,000	PRN		DFND		0	0	38,000
HOME DEPOT INC	COM	437076102	1,974	12,085	SH		DFND		0	0	12,085
HONEYWELL INTL INC	COM	438516106	880	6,208	SH		DFND		0	0	6,208
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	246	22,050	SH		DFND		0	0	22,050
HUBBELL INC	COM	443510607	203	1,750	SH		DFND		0	0	1,750
ICON PLC	SHS	G4705A100	820	7,200	SH		DFND		0	0	7,200
ILLINOIS TOOL WKS INC	COM	452308109	401	2,709	SH		DFND		0	0	2,709
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	39	35,000	PRN		DFND		0	0	35,000
INGERSOLL-RAND PLC	SHS	G47791101	605	6,778	SH		DFND		0	0	6,778
INPHI CORP	NOTE 1.125%12/0	45772FAB3	29	25,000	PRN		DFND		0	0	25,000
INTEL CORP	COM	458140100	3,681	96,703	SH		DFND		0	0	96,703
INTEL CORP	SDCV 2.950%12/1	458140AD2	14	12,000	PRN		DFND		0	0	12,000
INTEL CORP	SDCV 3.250% 8/0	458140AF7	24	12,000	PRN		DFND		0	0	12,000
INTERCEPT PHARMACEUTICALS IN	NOTE 3.250% 7/0	45845PAA6	12	13,000	PRN		DFND		0	0	13,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,844	19,546	SH		DFND		0	0	19,546
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,281	2,181	SH		DFND		0	0	2,181
IONIS PHARMACEUTICALS INC	COM	462222100	331	6,575	SH		DFND		0	0	6,575
ISHARES GOLD TRUST	ISHARES	464285105	468	38,020	SH		DFND		0	0	38,020
ISHARES INC	CORE MSCI EMKT	46434G103	312	5,788	SH		DFND		0	0	5,788
ISHARES INC	MSCI PAC JP ETF	464286665	563	12,154	SH		DFND		0	0	12,154
ISHARES SILVER TRUST	ISHARES	46428Q109	354	22,405	SH		DFND		0	0	22,405
ISHARES TR	1 3 YR CR BD ETF	464288646	459	4,350	SH		DFND		0	0	4,350
ISHARES TR	1 3 YR TREAS BD	464287457	3,269	38,734	SH		DFND		0	0	38,734
ISHARES TR	10-20 YR TRS ETF	464288653	441	3,229	SH		DFND		0	0	3,229
ISHARES TR	20 YR TR BD ETF	464287432	3,965	31,842	SH		DFND		0	0	31,842
ISHARES TR	3 7 YR TREAS BD	464288661	2,281	18,460	SH		DFND		0	0	18,460
ISHARES TR	BARCLAYS 7 10 YR	464287440	201	1,889	SH		DFND		0	0	1,889
ISHARES TR	CORE HIGH DV ETF	46429B663	1,155	13,452	SH		DFND		0	0	13,452
ISHARES TR	CORE MSCI TOTAL	46432F834	2,030	33,368	SH		DFND		0	0	33,368
ISHARES TR	CORE S&P MCP ETF	464287507	3,928	21,971	SH		DFND		0	0	21,971
ISHARES TR	CORE S&P SCP ETF	464287804	3,902	52,595	SH		DFND		0	0	52,595
ISHARES TR	CORE S&P500 ETF	464287200	7,108	28,112	SH		DFND		0	0	28,112
ISHARES TR	CORE US AGGBD ET	464287226	7,155	65,231	SH		DFND		0	0	65,231
ISHARES TR	EAFE SML CP ETF	464288273	505	8,153	SH		DFND		0	0	8,153
ISHARES TR	FLTG RATE NT ETF	46429B655	1,235	24,231	SH		DFND		0	0	24,231
ISHARES TR	IBOXX HI YD ETF	464288513	985	11,108	SH		DFND		0	0	11,108
ISHARES TR	IBOXX INV CP ETF	464287242	553	4,552	SH		DFND		0	0	4,552
ISHARES TR	INTRM GOV CR ETF	464288612	352	3,166	SH		DFND		0	0	3,166
ISHARES TR	MSCI EAFE ETF	464287465	476	6,943	SH		DFND		0	0	6,943
ISHARES TR	MSCI EMG MKT ETF	464287234	2,090	46,717	SH		DFND		0	0	46,717
ISHARES TR	NASDAQ BIOTECH	464287556	350	1,051	SH		DFND		0	0	1,051
ISHARES TR	NATIONAL MUN ETF	464288414	1,111	10,016	SH		DFND		0	0	10,016
ISHARES TR	RUS 1000 GRW ETF	464287614	1,394	11,137	SH		DFND		0	0	11,137
ISHARES TR	RUS 1000 VAL ETF	464287598	1,658	14,010	SH		DFND		0	0	14,010
ISHARES TR	RUS 2000 GRW ETF	464287648	1,178	6,603	SH		DFND		0	0	6,603
ISHARES TR	RUS 2000 VAL ETF	464287630	208	1,679	SH		DFND		0	0	1,679
ISHARES TR	RUS MDCP VAL ETF	464287473	380	4,527	SH		DFND		0	0	4,527
ISHARES TR	RUSSELL 2000 ETF	464287655	757	5,120	SH		DFND		0	0	5,120
ISHARES TR	S&P MC 400GR ETF	464287606	1,417	7,023	SH		DFND		0	0	7,023
ISHARES TR	S&P MC 400VL ETF	464287705	519	3,413	SH		DFND		0	0	3,413
ISHARES TR	S&P SML 600 GWT	464287887	439	2,668	SH		DFND		0	0	2,668
ISHARES TR	SELECT DIVID ETF	464287168	5,115	54,635	SH		DFND		0	0	54,635
ISHARES TR	TIPS BD ETF	464287176	931	8,188	SH		DFND		0	0	8,188
ISHARES TR	U.S. UTILITS ETF	464287697	283	2,133	SH		DFND		0	0	2,133
ISHARES TR	US CR BD ETF	464288620	562	5,010	SH		DFND		0	0	5,010
ISHARES TR	US HLTHCARE ETF	464287762	281	1,630	SH		DFND		0	0	1,630
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	16	16,000	PRN		DFND		0	0	16,000
JOHNSON & JOHNSON	COM	478160104	10,235	78,710	SH		DFND		0	0	78,710
JPMORGAN CHASE & CO	COM	46625H100	5,805	60,773	SH		DFND		0	0	60,773
KAYNE ANDERSON MLP INVT CO	COM	486606106	263	14,585	SH		DFND		0	0	14,585
KIMBERLY CLARK CORP	COM	494368103	451	3,814	SH		DFND		0	0	3,814
KINDER MORGAN INC DEL	COM	49456B101	1,039	53,994	SH		DFND		0	0	53,994
KRAFT HEINZ CO	COM	500754106	759	9,823	SH		DFND		0	0	9,823
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	69	23,000	PRN		DFND		0	0	23,000
LAUDER ESTEE COS INC	CL A	518439104	255	2,362	SH		DFND		0	0	2,362
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	44	35,000	PRN		DFND		0	0	35,000
LILLY ELI & CO	COM	532457108	828	9,699	SH		DFND		0	0	9,699
LOCKHEED MARTIN CORP	COM	539830109	454	1,468	SH		DFND		0	0	1,468
LOWES COS INC	COM	548661107	647	8,075	SH		DFND		0	0	8,075
M & T BK CORP	COM	55261F104	1,031	6,408	SH		DFND		0	0	6,408
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	34	34,000	PRN		DFND		0	0	34,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	605	8,526	SH		DFND		0	0	8,526
MARKEL CORP	COM	570535104	737	689	SH		DFND		0	0	689
MARRIOTT INTL INC NEW	CL A	571903202	851	7,710	SH		DFND		0	0	7,710
MASIMO CORP	COM	574795100	315	3,650	SH		DFND		0	0	3,650
MASTERCARD INCORPORATED	CL A	57636Q104	10,635	75,350	SH		DFND		0	0	75,350
MCCORMICK & CO INC	COM NON VTG	579780206	3,075	29,963	SH		DFND		0	0	29,963
MCCORMICK & CO INC	COM VTG	579780107	1,393	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	1,167	7,457	SH		DFND		0	0	7,457
MCKESSON CORP	COM	58155Q103	336	2,192	SH		DFND		0	0	2,192
MEDICINES CO	NOTE 2.750% 7/1	584688AG0	16	16,000	PRN		DFND		0	0	16,000
MEDTRONIC PLC	SHS	G5960L103	258	3,285	SH		DFND		0	0	3,285
MELCO RESORT ENTERTAINMENT L	ADR	585464100	448	18,600	SH		DFND		0	0	18,600
MERCK & CO INC	COM	58933Y105	5,865	91,541	SH		DFND		0	0	91,541
METLIFE INC	COM	59156R108	1,420	27,361	SH		DFND		0	0	27,361
MICROCHIP TECHNOLOGY INC	COM	595017104	1,030	11,482	SH		DFND		0	0	11,482
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	60	35,000	PRN		DFND		0	0	35,000
MICROSOFT CORP	COM	594918104	10,453	140,475	SH		DFND		0	0	140,475
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	34	25,000	PRN		DFND		0	0	25,000
MONDELEZ INTL INC	CL A	609207105	1,632	40,140	SH		DFND		0	0	40,140
NETAPP INC	COM	64110D104	303	6,889	SH		DFND		0	0	6,889
NETFLIX INC	COM	64110L106	954	5,265	SH		DFND		0	0	5,265
NEXTERA ENERGY INC	COM	65339F101	739	5,032	SH		DFND		0	0	5,032
NIKE INC	CL B	654106103	869	16,723	SH		DFND		0	0	16,723
NORFOLK SOUTHERN CORP	COM	655844108	291	2,197	SH		DFND		0	0	2,197
NORTHROP GRUMMAN CORP	COM	666807102	204	711	SH		DFND		0	0	711
NOVARTIS A G	SPONSORED ADR	66987V109	489	5,684	SH		DFND		0	0	5,684
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	236	10,721	SH		DFND		0	0	10,721
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	164	12,787	SH		DFND		0	0	12,787
NUVEEN MUN VALUE FD INC	COM	670928100	169	16,597	SH		DFND		0	0	16,597
NXP SEMICONDUCTORS N V	COM	N6596X109	553	4,891	SH		DFND		0	0	4,891
NYMOX PHARMACEUTICAL CORP	COM	P73398102	107	28,000	SH		DFND		0	0	28,000
OCCIDENTAL PETE CORP DEL	COM	674599105	584	9,102	SH		DFND		0	0	9,102
OLIN CORP	COM PAR $1	680665205	312	9,097	SH		DFND		0	0	9,097
ONEOK INC NEW	COM	682680103	285	5,136	SH		DFND		0	0	5,136
ORACLE CORP	COM	68389X105	326	6,773	SH		DFND		0	0	6,773
PACCAR INC	COM	693718108	214	2,947	SH		DFND		0	0	2,947
PALO ALTO NETWORKS INC	COM	697435105	751	5,221	SH		DFND		0	0	5,221
PAYPAL HLDGS INC	COM	70450Y103	5,661	88,437	SH		DFND		0	0	88,437
PEPSICO INC	COM	713448108	4,480	40,236	SH		DFND		0	0	40,236
PEREGRINE PHARMACEUTICALS IN	COM PAR	713661502	260	82,858	SH		DFND		0	0	82,858
PFIZER INC	COM	717081103	2,517	70,529	SH		DFND		0	0	70,529
PHILIP MORRIS INTL INC	COM	718172109	1,824	16,453	SH		DFND		0	0	16,453
PHILLIPS 66	COM	718546104	1,382	15,067	SH		DFND		0	0	15,067
PNC FINL SVCS GROUP INC	COM	693475105	1,769	13,111	SH		DFND		0	0	13,111
POWERSHARES ETF TR II	PFD PORTFOLIO	73936T565	560	37,064	SH		DFND		0	0	37,064
POWERSHARES ETF TR II	S&P500 LOW VOL	73937B779	665	14,520	SH		DFND		0	0	14,520
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	271	5,548	SH		DFND		0	0	5,548
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	1,899	13,046	SH		DFND		0	0	13,046
PPG INDS INC	COM	693506107	258	2,369	SH		DFND		0	0	2,369
PRICE T ROWE GROUP INC	COM	74144T108	2,411	26,663	SH		DFND		0	0	26,663
PRICELINE GRP INC	COM NEW	741503403	1,186	649	SH		DFND		0	0	649
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	54	38,000	PRN		DFND		0	0	38,000
PROCTER AND GAMBLE CO	COM	742718109	7,384	81,196	SH		DFND		0	0	81,196
PROOFPOINT INC	COM	743424103	427	4,925	SH		DFND		0	0	4,925
PROOFPOINT INC	DBCV 0.750% 6/1	743424AD5	33	28,000	PRN		DFND		0	0	28,000
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	234	5,067	SH		DFND		0	0	5,067
QUALCOMM INC	COM	747525103	4,123	79,480	SH		DFND		0	0	79,480
RED HAT INC	COM	756577102	291	2,630	SH		DFND		0	0	2,630
RED HAT INC	NOTE 0.250%10/0	756577AD4	60	38,000	PRN		DFND		0	0	38,000
REGIONS FINL CORP NEW	COM	7591EP100	506	33,225	SH		DFND		0	0	33,225
ROPER TECHNOLOGIES INC	COM	776696106	237	973	SH		DFND		0	0	973
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	236	3,890	SH		DFND		0	0	3,890
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	7,316	76,533	SH		DFND		0	0	76,533
RYDEX ETF TRUST	GUG S&P500EQWTFI	78355W858	240	5,821	SH		DFND		0	0	5,821
S&P GLOBAL INC	COM	78409V104	740	4,736	SH		DFND		0	0	4,736
SALESFORCE COM INC	COM	79466L302	2,842	30,493	SH		DFND		0	0	30,493
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	41	28,000	PRN		DFND		0	0	28,000
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	144	12,422	SH		DFND		0	0	12,422
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	727	5,028	SH		DFND		0	0	5,028
SCHEIN HENRY INC	COM	806407102	321	3,918	SH		DFND		0	0	3,918
SCHLUMBERGER LTD	COM	806857108	1,862	26,679	SH		DFND		0	0	26,679
SCHWAB CHARLES CORP NEW	COM	808513105	6,834	156,366	SH		DFND		0	0	156,366
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	2,904	47,680	SH		DFND		0	0	47,680
SELECT SECTOR SPDR TR	ENERGY	81369Y506	305	4,436	SH		DFND		0	0	4,436
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	282	10,904	SH		DFND		0	0	10,904
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	299	5,029	SH		DFND		0	0	5,029
SERVICENOW INC	NOTE 11/0	81762PAB8	52	33,000	PRN		DFND		0	0	33,000
SIRIUS XM HLDGS INC	COM	82968B103	81	14,513	SH		DFND		0	0	14,513
SMUCKER J M CO	COM NEW	832696405	204	1,944	SH		DFND		0	0	1,944
SNAP INC	CL A	83304A106	145	10,000	SH		DFND		0	0	10,000
SOUTHERN CO	COM	842587107	308	6,227	SH		DFND		0	0	6,227
SPDR GOLD TRUST	GOLD SHS	78463V107	286	2,364	SH		DFND		0	0	2,364
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	372	8,994	SH		DFND		0	0	8,994
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	404	8,134	SH		DFND		0	0	8,134
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,599	10,347	SH		DFND		0	0	10,347
SPDR SERIES TRUST	BLOMBERG BRC SRT	78464A474	1,810	58,927	SH		DFND		0	0	58,927
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78464A417	731	19,594	SH		DFND		0	0	19,594
SPDR SERIES TRUST	S&P BIOTECH	78464A870	386	4,460	SH		DFND		0	0	4,460
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,025	11,229	SH		DFND		0	0	11,229
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	352	25,000	SH		DFND		0	0	25,000
STANLEY BLACK & DECKER INC	COM	854502101	233	1,542	SH		DFND		0	0	1,542
STARBUCKS CORP	COM	855244109	3,211	59,816	SH		DFND		0	0	59,816
STATE STR CORP	COM	857477103	311	3,261	SH		DFND		0	0	3,261
STRYKER CORP	COM	863667101	1,811	12,756	SH		DFND		0	0	12,756
SUNTRUST BKS INC	COM	867914103	568	9,488	SH		DFND		0	0	9,488
SYSCO CORP	COM	871829107	369	6,884	SH		DFND		0	0	6,884
TARGET CORP	COM	87612E106	242	4,052	SH		DFND		0	0	4,052
TEVA PHARMACEUTICAL FIN LLC	DBCV 0.250% 2/0	88163VAE9	22	22,000	PRN		DFND		0	0	22,000
TEXAS INSTRS INC	COM	882508104	334	3,710	SH		DFND		0	0	3,710
THERMO FISHER SCIENTIFIC INC	COM	883556102	395	2,094	SH		DFND		0	0	2,094
TJX COS INC NEW	COM	872540109	245	3,281	SH		DFND		0	0	3,281
TRANSDIGM GROUP INC	COM	893641100	546	2,128	SH		DFND		0	0	2,128
TRAVELERS COMPANIES INC	COM	89417E109	263	2,149	SH		DFND		0	0	2,149
TRUSTCO BK CORP N Y	COM	898349105	117	13,135	SH		DFND		0	0	13,135
TWITTER INC	COM	90184L102	321	19,200	SH		DFND		0	0	19,200
UBS AG JERSEY BRH	CMCI ETN 38	902641778	263	18,389	SH		DFND		0	0	18,389
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	292	1,544	SH		DFND		0	0	1,544
UNDER ARMOUR INC	CL A	904311107	396	23,782	SH		DFND		0	0	23,782
UNDER ARMOUR INC	CL C	904311206	544	35,703	SH		DFND		0	0	35,703
UNILEVER N V	N Y SHS NEW	904784709	724	12,209	SH		DFND		0	0	12,209
UNILEVER PLC	SPON ADR NEW	904767704	459	7,919	SH		DFND		0	0	7,919
UNION PAC CORP	COM	907818108	397	3,405	SH		DFND		0	0	3,405
UNITED PARCEL SERVICE INC	CL B	911312106	497	4,122	SH		DFND		0	0	4,122
UNITED TECHNOLOGIES CORP	COM	913017109	872	7,518	SH		DFND		0	0	7,518
UNITEDHEALTH GROUP INC	COM	91324P102	1,197	6,100	SH		DFND		0	0	6,100
UNIVERSAL DISPLAY CORP	COM	91347P105	1,160	9,000	SH		DFND		0	0	9,000
US BANCORP DEL	COM NEW	902973304	237	4,401	SH		DFND		0	0	4,401
USA TECHNOLOGIES INC	COM NO PAR	90328S500	312	49,900	SH		DFND		0	0	49,900
VALERO ENERGY CORP NEW	COM	91913Y100	291	3,830	SH		DFND		0	0	3,830
VANECK VECTORS ETF TR	AMT FREE INT ETF	92189F544	695	28,782	SH		DFND		0	0	28,782
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	927	40,380	SH		DFND		0	0	40,380
VANECK VECTORS ETF TR	PFD SECS EX FINL	92189F429	323	16,089	SH		DFND		0	0	16,089
VANGUARD INDEX FDS	GROWTH ETF	922908736	260	1,954	SH		DFND		0	0	1,954
VANGUARD INDEX FDS	MCAP GR IDXVIP	922908538	413	3,399	SH		DFND		0	0	3,399
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	661	6,244	SH		DFND		0	0	6,244
VANGUARD INDEX FDS	MID CAP ETF	922908629	952	6,474	SH		DFND		0	0	6,474
VANGUARD INDEX FDS	REIT ETF	922908553	2,383	28,665	SH		DFND		0	0	28,665
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	268	1,160	SH		DFND		0	0	1,160
VANGUARD INDEX FDS	VALUE ETF	922908744	353	3,537	SH		DFND		0	0	3,537
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	462	10,550	SH		DFND		0	0	10,550
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	392	6,735	SH		DFND		0	0	6,735
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	278	3,464	SH		DFND		0	0	3,464
VANGUARD SCOTTSDALE FDS	VNG RUS2000GRW	92206C623	330	2,540	SH		DFND		0	0	2,540
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	1,014	10,698	SH		DFND		0	0	10,698
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	440	10,127	SH		DFND		0	0	10,127
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	326	2,146	SH		DFND		0	0	2,146
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	33	33,000	PRN		DFND		0	0	33,000
VERISK ANALYTICS INC	COM	92345Y106	571	6,846	SH		DFND		0	0	6,846
VERIZON COMMUNICATIONS INC	COM	92343V104	4,186	84,584	SH		DFND		0	0	84,584
VISA INC	COM CL A	92826C839	7,034	66,819	SH		DFND		0	0	66,819
VMWARE INC	CL A COM	928563402	270	2,458	SH		DFND		0	0	2,458
VOYA FINL INC	COM	929089100	286	7,150	SH		DFND		0	0	7,150
W P CAREY INC	COM	92936U109	843	12,510	SH		DFND		0	0	12,510
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	44	22,000	PRN		DFND		0	0	22,000
WABTEC CORP	COM	929740108	297	3,940	SH		DFND		0	0	3,940
WALGREENS BOOTS ALLIANCE INC	COM	931427108	242	3,138	SH		DFND		0	0	3,138
WAL-MART STORES INC	COM	931142103	882	11,310	SH		DFND		0	0	11,310
WASTE CONNECTIONS INC	COM	94106B101	1,138	16,277	SH		DFND		0	0	16,277
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	58	54,000	PRN		DFND		0	0	54,000
WEATHERFORD INTL PLC	ORD SHS	G48833100	115	25,000	SH		DFND		0	0	25,000
WEC ENERGY GROUP INC	COM	92939U106	233	3,714	SH		DFND		0	0	3,714
WELLS FARGO CO NEW	COM	949746101	3,522	63,692	SH		DFND		0	0	63,692
WELLTOWER INC	COM	95040Q104	413	5,879	SH		DFND		0	0	5,879
WESTERN ASSET MUN HI INCM FD	COM	95766N103	527	68,014	SH		DFND		0	0	68,014
WISDOMTREE INVTS INC	COM	97717P104	131	13,050	SH		DFND		0	0	13,050
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	1,226	24,939	SH		DFND		0	0	24,939
WISDOMTREE TR	EUROPE HEDGED EQ	97717X701	291	4,501	SH		DFND		0	0	4,501
WSFS FINL CORP	COM	929328102	234	4,800	SH		DFND		0	0	4,800
XENIA HOTELS & RESORTS INC	COM	984017103	706	33,640	SH		DFND		0	0	33,640
YUM BRANDS INC	COM	988498101	531	7,202	SH		DFND		0	0	7,202
YUM CHINA HLDGS INC	COM	98850P109	228	5,702	SH		DFND		0	0	5,702