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	2,838	12,041	SH		DFND		0	0	12,041
ABBOTT LABS	COM	002824100	3,187	55,841	SH		DFND		0	0	55,841
ABBVIE INC	COM	00287Y109	4,601	47,549	SH		DFND		0	0	47,549
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	5,822	38,062	SH		DFND		0	0	38,062
ACNB CORP	COM	000868109	495	16,746	SH		DFND		0	0	16,746
ACUITY BRANDS INC	COM	00508Y102	265	1,505	SH		DFND		0	0	1,505
ADOBE SYS INC	COM	00724F101	879	5,001	SH		DFND		0	0	5,001
ADVANCED MICRO DEVICES INC	NOTE 2.125% 9/0	007903BD8	19	10,000	PRN		DFND		0	0	10,000
ADVANSIX INC	COM	00773T101	297	7,089	SH		DFND		0	0	7,089
AETNA INC NEW	COM	00817Y108	750	4,165	SH		DFND		0	0	4,165
AFLAC INC	COM	001055102	340	3,861	SH		DFND		0	0	3,861
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	65	39,000	PRN		DFND		0	0	39,000
AIR PRODS & CHEMS INC	COM	009158106	442	2,698	SH		DFND		0	0	2,698
ALARM COM HLDGS INC	COM	011642105	219	5,810	SH		DFND		0	0	5,810
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	2,495	14,470	SH		DFND		0	0	14,470
ALLSTATE CORP	COM	020002101	1,366	13,058	SH		DFND		0	0	13,058
ALPHABET INC	CAP STK CL A	02079K305	10,777	10,224	SH		DFND		0	0	10,224
ALPHABET INC	CAP STK CL C	02079K107	7,452	7,131	SH		DFND		0	0	7,131
ALTRIA GROUP INC	COM	02209S103	2,032	28,490	SH		DFND		0	0	28,490
AMAZON COM INC	COM	023135106	15,865	13,569	SH		DFND		0	0	13,569
AMERICAN ELEC PWR INC	COM	025537101	248	3,376	SH		DFND		0	0	3,376
AMERICAN EXPRESS CO	COM	025816109	1,766	17,768	SH		DFND		0	0	17,768
AMERICAN TOWER CORP NEW	COM	03027X100	4,351	30,439	SH		DFND		0	0	30,439
AMERIPRISE FINL INC	COM	03076C106	244	1,448	SH		DFND		0	0	1,448
AMGEN INC	COM	031162100	2,411	13,868	SH		DFND		0	0	13,868
AMPHENOL CORP NEW	CL A	032095101	640	7,293	SH		DFND		0	0	7,293
ANADARKO PETE CORP	COM	032511107	623	11,633	SH		DFND		0	0	11,633
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524A108	323	2,882	SH		DFND		0	0	2,882
ANNALY CAP MGMT INC	COM	035710409	138	11,568	SH		DFND		0	0	11,568
ANTARES PHARMA INC	COM	036642106	547	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	676	3,002	SH		DFND		0	0	3,002
APACHE CORP	COM	037411105	363	8,594	SH		DFND		0	0	8,594
APPLE INC	COM	037833100	24,446	144,452	SH		DFND		0	0	144,452
ARALEZ PHARMACEUTICALS INC	COM	03852X100	244	172,000	SH		DFND		0	0	172,000
ASTRONICS CORP	COM	046433108	757	18,246	SH		DFND		0	0	18,246
AT&T INC	COM	00206R102	3,025	77,730	SH		DFND		0	0	77,730
ATHERSYS INC	COM	04744L106	24	13,630	SH		DFND		0	0	13,630
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	40	36,000	PRN		DFND		0	0	36,000
AUTOMATIC DATA PROCESSING IN	COM	053015103	777	6,636	SH		DFND		0	0	6,636
AVALONBAY CMNTYS INC	COM	053484101	593	3,317	SH		DFND		0	0	3,317
AVERY DENNISON CORP	COM	053611109	530	4,630	SH		DFND		0	0	4,630
BAIDU INC	SPON ADR REP A	056752108	2,486	10,616	SH		DFND		0	0	10,616
BALL CORP	COM	058498106	264	6,970	SH		DFND		0	0	6,970
BANK AMER CORP	COM	060505104	2,185	73,946	SH		DFND		0	0	73,946
BANK NEW YORK MELLON CORP	COM	064058100	210	3,884	SH		DFND		0	0	3,884
BAXTER INTL INC	COM	071813109	259	4,022	SH		DFND		0	0	4,022
BB&T CORP	COM	054937107	698	14,038	SH		DFND		0	0	14,038
BBX CAP CORP NEW	CL A	05491N104	122	15,337	SH		DFND		0	0	15,337
BECTON DICKINSON & CO	COM	075887109	333	1,549	SH		DFND		0	0	1,549
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	298	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	6,521	32,854	SH		DFND		0	0	32,854
BEST BUY INC	COM	086516101	493	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	36	36,000	PRN		DFND		0	0	36,000
BLACKSTONE GROUP L P	COM UNIT LTD	09253U108	541	16,967	SH		DFND		0	0	16,967
BOEING CO	COM	097023105	1,328	4,515	SH		DFND		0	0	4,515
BP PLC	SPONSORED ADR	055622104	506	12,021	SH		DFND		0	0	12,021
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	833	8,823	SH		DFND		0	0	8,823
BRISTOL MYERS SQUIBB CO	COM	110122108	1,513	24,659	SH		DFND		0	0	24,659
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	971	22,281	SH		DFND		0	0	22,281
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	1,246	27,805	SH		DFND		0	0	27,805
CANADIAN NATL RY CO	COM	136375102	671	8,126	SH		DFND		0	0	8,126
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	596	26,010	SH		DFND		0	0	26,010
CARMAX INC	COM	143130102	390	6,100	SH		DFND		0	0	6,100
CATERPILLAR INC DEL	COM	149123101	1,454	9,174	SH		DFND		0	0	9,174
CDW CORP	COM	12514G108	238	3,449	SH		DFND		0	0	3,449
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	276	4,259	SH		DFND		0	0	4,259
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	23	23,000	PRN		DFND		0	0	23,000
CHEVRON CORP NEW	COM	166764100	2,898	23,116	SH		DFND		0	0	23,116
CHUBB LIMITED	COM	H1467J104	455	3,126	SH		DFND		0	0	3,126
CIGNA CORPORATION	COM	125509109	931	4,584	SH		DFND		0	0	4,584
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,193	23,486	SH		DFND		0	0	23,486
CISCO SYS INC	COM	17275R102	3,680	96,173	SH		DFND		0	0	96,173
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	39	29,000	PRN		DFND		0	0	29,000
CLOROX CO DEL	COM	189054109	749	5,025	SH		DFND		0	0	5,025
COCA COLA CO	COM	191216100	2,009	43,848	SH		DFND		0	0	43,848
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	979	13,797	SH		DFND		0	0	13,797
COLGATE PALMOLIVE CO	COM	194162103	1,106	14,631	SH		DFND		0	0	14,631
COMCAST CORP NEW	CL A	20030N101	837	20,923	SH		DFND		0	0	20,923
CONOCOPHILLIPS	COM	20825C104	643	11,747	SH		DFND		0	0	11,747
COSTCO WHSL CORP NEW	COM	22160K105	2,120	11,364	SH		DFND		0	0	11,364
CROWN CASTLE INTL CORP NEW	COM	22822V101	890	8,026	SH		DFND		0	0	8,026
CSX CORP	COM	126408103	436	7,920	SH		DFND		0	0	7,920
CUMMINS INC	COM	231021106	286	1,623	SH		DFND		0	0	1,623
CVS HEALTH CORP	COM	126650100	1,484	20,345	SH		DFND		0	0	20,345
DANAHER CORP DEL	COM	235851102	3,067	33,032	SH		DFND		0	0	33,032
DANAHER CORP DEL	DBCV 1/2	235851AF9	78	22,000	PRN		DFND		0	0	22,000
DAVITA INC	COM	23918K108	664	9,171	SH		DFND		0	0	9,171
DEERE & CO	COM	244199105	1,165	7,445	SH		DFND		0	0	7,445
DELTA AIR LINES INC DEL	COM NEW	247361702	287	5,144	SH		DFND		0	0	5,144
DIAGEO P L C	SPON ADR NEW	25243Q205	1,089	7,458	SH		DFND		0	0	7,458
DISH NETWORK CORP	NOTE 3.375% 8/1	25470MAB5	57	54,000	PRN		DFND		0	0	54,000
DISNEY WALT CO	COM DISNEY	254687106	2,935	27,215	SH		DFND		0	0	27,215
DOLLAR GEN CORP NEW	COM	256677105	262	2,809	SH		DFND		0	0	2,809
DOMINION ENERGY INC	COM	25746U109	1,405	17,346	SH		DFND		0	0	17,346
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	252	11,450	SH		DFND		0	0	11,450
DOWDUPONT INC	COM	26078J100	2,379	33,411	SH		DFND		0	0	33,411
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,801	21,439	SH		DFND		0	0	21,439
EASTERLY GOVT PPTYS INC	COM	27616P103	730	34,224	SH		DFND		0	0	34,224
EATON CORP PLC	SHS	G29183103	521	6,582	SH		DFND		0	0	6,582
EATON VANCE TAX MNGD GBL DV	COM	27829F108	116	12,340	SH		DFND		0	0	12,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	125	10,245	SH		DFND		0	0	10,245
EBAY INC	COM	278642103	204	5,400	SH		DFND		0	0	5,400
ECLIPSE RES CORP	COM	27890G100	60	25,000	SH		DFND		0	0	25,000
ECOLAB INC	COM	278865100	818	6,103	SH		DFND		0	0	6,103
EDWARDS LIFESCIENCES CORP	COM	28176E108	519	4,621	SH		DFND		0	0	4,621
ELECTRONIC ARTS INC	COM	285512109	760	7,231	SH		DFND		0	0	7,231
EMERSON ELEC CO	COM	291011104	1,268	18,195	SH		DFND		0	0	18,195
ENBRIDGE INC	COM	29250N105	1,600	40,955	SH		DFND		0	0	40,955
ENERGY TRANSFER EQUITY L P	COM UT LTD PTN	29273V100	179	10,502	SH		DFND		0	0	10,502
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,748	65,764	SH		DFND		0	0	65,764
EQUIFAX INC	COM	294429105	4,034	34,206	SH		DFND		0	0	34,206
EVERSOURCE ENERGY	COM	30040W108	397	6,284	SH		DFND		0	0	6,284
EXELIXIS INC	COM	30161Q104	608	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	431	10,980	SH		DFND		0	0	10,980
EXPEDITORS INTL WASH INC	COM	302130109	205	3,170	SH		DFND		0	0	3,170
EXPRESS SCRIPTS HLDG CO	COM	30219G108	868	11,673	SH		DFND		0	0	11,673
EXXON MOBIL CORP	COM	30231G102	7,850	93,827	SH		DFND		0	0	93,827
FACEBOOK INC	CL A	30303M102	5,860	33,199	SH		DFND		0	0	33,199
FAIR ISAAC CORP	COM	303250104	308	2,000	SH		DFND		0	0	2,000
FEDEX CORP	COM	31428X106	374	1,505	SH		DFND		0	0	1,505
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	223	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	1,658	17,621	SH		DFND		0	0	17,621
FIRST HORIZON NATL CORP	COM	320517105	261	13,039	SH		DFND		0	0	13,039
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	2,158	17,340	SH		DFND		0	0	17,340
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	884	44,187	SH		DFND		0	0	44,187
FLEX LTD	ORD	Y2573F102	494	27,385	SH		DFND		0	0	27,385
FORD MTR CO DEL	COM PAR $0.01	345370860	724	58,066	SH		DFND		0	0	58,066
FORTIVE CORP	COM	34959J108	1,401	19,403	SH		DFND		0	0	19,403
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	74	14,150	SH		DFND		0	0	14,150
GAMESTOP CORP NEW	CL A	36467W109	478	26,485	SH		DFND		0	0	26,485
GENERAL DYNAMICS CORP	COM	369550108	3,197	15,746	SH		DFND		0	0	15,746
GENERAL ELECTRIC CO	COM	369604103	2,913	167,103	SH		DFND		0	0	167,103
GENERAL MLS INC	COM	370334104	659	11,090	SH		DFND		0	0	11,090
GILEAD SCIENCES INC	COM	375558103	1,909	26,621	SH		DFND		0	0	26,621
GOLDMAN SACHS GROUP INC	COM	38141G104	379	1,494	SH		DFND		0	0	1,494
GOLUB CAP BDC INC	COM	38173M102	848	46,726	SH		DFND		0	0	46,726
GRAINGER W W INC	COM	384802104	324	1,381	SH		DFND		0	0	1,381
GRAMERCY PPTY TR	COM NEW	385002308	647	24,273	SH		DFND		0	0	24,273
GUIDEWIRE SOFTWARE INC	COM	40171V100	223	2,995	SH		DFND		0	0	2,995
HALLIBURTON CO	COM	406216101	207	4,273	SH		DFND		0	0	4,273
HAMILTON BANCORP INC MD	COM	407015106	154	10,000	SH		DFND		0	0	10,000
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	245	13,004	SH		DFND		0	0	13,004
HD SUPPLY HLDGS INC	COM	40416M105	1,522	38,059	SH		DFND		0	0	38,059
HEICO CORP NEW	COM	422806109	273	2,896	SH		DFND		0	0	2,896
HELIX ENERGY SOLUTIONS GRP I	NOTE 4.250% 5/0	42330PAH0	36	36,000	PRN		DFND		0	0	36,000
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	53	39,000	PRN		DFND		0	0	39,000
HOME DEPOT INC	COM	437076102	2,329	12,270	SH		DFND		0	0	12,270
HONEYWELL INTL INC	COM	438516106	956	6,236	SH		DFND		0	0	6,236
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	224	19,950	SH		DFND		0	0	19,950
HP INC	COM	40434L105	268	12,636	SH		DFND		0	0	12,636
HUBBELL INC	COM	443510607	237	1,750	SH		DFND		0	0	1,750
ICON PLC	SHS	G4705A100	807	7,200	SH		DFND		0	0	7,200
ILLINOIS TOOL WKS INC	COM	452308109	443	2,635	SH		DFND		0	0	2,635
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	44	35,000	PRN		DFND		0	0	35,000
INGERSOLL-RAND PLC	SHS	G47791101	606	6,791	SH		DFND		0	0	6,791
INPHI CORP	NOTE 1.125%12/0	45772FAB3	28	26,000	PRN		DFND		0	0	26,000
INTEL CORP	COM	458140100	5,249	113,816	SH		DFND		0	0	113,816
INTEL CORP	SDCV 3.250% 8/0	458140AF7	56	26,000	PRN		DFND		0	0	26,000
INTERCEPT PHARMACEUTICALS IN	NOTE 3.250% 7/0	45845PAA6	12	13,000	PRN		DFND		0	0	13,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,106	20,240	SH		DFND		0	0	20,240
INTUIT	COM	461202103	1,071	6,785	SH		DFND		0	0	6,785
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,479	6,797	SH		DFND		0	0	6,797
IONIS PHARMACEUTICALS INC	COM	462222100	285	5,675	SH		DFND		0	0	5,675
ISHARES GOLD TRUST	ISHARES	464285105	477	38,020	SH		DFND		0	0	38,020
ISHARES INC	CORE MSCI EMKT	46434G103	397	6,981	SH		DFND		0	0	6,981
ISHARES INC	MSCI PAC JP ETF	464286665	594	12,454	SH		DFND		0	0	12,454
ISHARES SILVER TRUST	ISHARES	46428Q109	359	22,405	SH		DFND		0	0	22,405
ISHARES TR	1 3 YR CR BD ETF	464288646	448	4,281	SH		DFND		0	0	4,281
ISHARES TR	1 3 YR TREAS BD	464287457	255	3,038	SH		DFND		0	0	3,038
ISHARES TR	10-20 YR TRS ETF	464288653	440	3,233	SH		DFND		0	0	3,233
ISHARES TR	20 YR TR BD ETF	464287432	4,085	32,224	SH		DFND		0	0	32,224
ISHARES TR	3 7 YR TREAS BD	464288661	398	3,243	SH		DFND		0	0	3,243
ISHARES TR	CORE HIGH DV ETF	46429B663	1,311	14,532	SH		DFND		0	0	14,532
ISHARES TR	CORE MSCI TOTAL	46432F834	2,383	37,724	SH		DFND		0	0	37,724
ISHARES TR	CORE S&P MCP ETF	464287507	4,412	23,256	SH		DFND		0	0	23,256
ISHARES TR	CORE S&P SCP ETF	464287804	4,239	55,222	SH		DFND		0	0	55,222
ISHARES TR	CORE S&P500 ETF	464287200	7,720	28,741	SH		DFND		0	0	28,741
ISHARES TR	CORE US AGGBD ET	464287226	7,120	65,131	SH		DFND		0	0	65,131
ISHARES TR	EAFE SML CP ETF	464288273	529	8,201	SH		DFND		0	0	8,201
ISHARES TR	FLTG RATE NT ETF	46429B655	1,498	29,511	SH		DFND		0	0	29,511
ISHARES TR	IBOXX HI YD ETF	464288513	861	9,876	SH		DFND		0	0	9,876
ISHARES TR	IBOXX INV CP ETF	464287242	738	6,077	SH		DFND		0	0	6,077
ISHARES TR	INTRM GOV CR ETF	464288612	363	3,305	SH		DFND		0	0	3,305
ISHARES TR	JPMORGAN USD EMG	464288281	247	2,123	SH		DFND		0	0	2,123
ISHARES TR	MSCI EAFE ETF	464287465	637	9,078	SH		DFND		0	0	9,078
ISHARES TR	MSCI EMG MKT ETF	464287234	2,466	52,423	SH		DFND		0	0	52,423
ISHARES TR	NASDAQ BIOTECH	464287556	404	3,780	SH		DFND		0	0	3,780
ISHARES TR	NATIONAL MUN ETF	464288414	1,090	9,834	SH		DFND		0	0	9,834
ISHARES TR	RUS 1000 GRW ETF	464287614	1,536	11,394	SH		DFND		0	0	11,394
ISHARES TR	RUS 1000 VAL ETF	464287598	2,395	19,261	SH		DFND		0	0	19,261
ISHARES TR	RUS 2000 GRW ETF	464287648	1,293	6,942	SH		DFND		0	0	6,942
ISHARES TR	RUS 2000 VAL ETF	464287630	432	3,430	SH		DFND		0	0	3,430
ISHARES TR	RUS MDCP VAL ETF	464287473	853	9,541	SH		DFND		0	0	9,541
ISHARES TR	RUSSELL 2000 ETF	464287655	939	6,161	SH		DFND		0	0	6,161
ISHARES TR	S&P MC 400GR ETF	464287606	1,454	6,726	SH		DFND		0	0	6,726
ISHARES TR	S&P MC 400VL ETF	464287705	500	3,115	SH		DFND		0	0	3,115
ISHARES TR	S&P SML 600 GWT	464287887	417	2,437	SH		DFND		0	0	2,437
ISHARES TR	SELECT DIVID ETF	464287168	5,426	54,996	SH		DFND		0	0	54,996
ISHARES TR	TIPS BD ETF	464287176	926	8,097	SH		DFND		0	0	8,097
ISHARES TR	U.S. UTILITS ETF	464287697	283	2,133	SH		DFND		0	0	2,133
ISHARES TR	US CR BD ETF	464288620	632	5,633	SH		DFND		0	0	5,633
ISHARES TR	US HLTHCARE ETF	464287762	296	1,704	SH		DFND		0	0	1,704
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	17	17,000	PRN		DFND		0	0	17,000
JACOBS ENGR GROUP INC DEL	COM	469814107	635	9,634	SH		DFND		0	0	9,634
JOHNSON & JOHNSON	COM	478160104	11,182	79,993	SH		DFND		0	0	79,993
JPMORGAN CHASE & CO	COM	46625H100	6,871	64,245	SH		DFND		0	0	64,245
KAYNE ANDERSON MLP INVT CO	COM	486606106	201	10,485	SH		DFND		0	0	10,485
KELLOGG CO	COM	487836108	434	6,395	SH		DFND		0	0	6,395
KIMBERLY CLARK CORP	COM	494368103	443	3,681	SH		DFND		0	0	3,681
KINDER MORGAN INC DEL	COM	49456B101	595	32,992	SH		DFND		0	0	32,992
KRAFT HEINZ CO	COM	500754106	857	11,074	SH		DFND		0	0	11,074
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	301	2,351	SH		DFND		0	0	2,351
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	40	36,000	PRN		DFND		0	0	36,000
LILLY ELI & CO	COM	532457108	881	10,435	SH		DFND		0	0	10,435
LOCKHEED MARTIN CORP	COM	539830109	455	1,418	SH		DFND		0	0	1,418
LOWES COS INC	COM	548661107	821	8,795	SH		DFND		0	0	8,795
M & T BK CORP	COM	55261F104	1,096	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	580	8,185	SH		DFND		0	0	8,185
MARKEL CORP	COM	570535104	802	706	SH		DFND		0	0	706
MARRIOTT INTL INC NEW	CL A	571903202	1,036	7,634	SH		DFND		0	0	7,634
MARTEN TRANS LTD	COM	573075108	305	15,000	SH		DFND		0	0	15,000
MASIMO CORP	COM	574795100	578	6,830	SH		DFND		0	0	6,830
MASTERCARD INCORPORATED	CL A	57636Q104	13,334	88,066	SH		DFND		0	0	88,066
MCCORMICK & CO INC	COM NON VTG	579780206	3,170	31,107	SH		DFND		0	0	31,107
MCCORMICK & CO INC	COM VTG	579780107	1,364	13,571	SH		DFND		0	0	13,571
MCDONALDS CORP	COM	580135101	1,990	11,551	SH		DFND		0	0	11,551
MCKESSON CORP	COM	58155Q103	259	1,667	SH		DFND		0	0	1,667
MEDICINES CO	NOTE 2.750% 7/1	584688AG0	17	17,000	PRN		DFND		0	0	17,000
MEDIDATA SOLUTIONS INC	COM	58471A105	356	5,630	SH		DFND		0	0	5,630
MEDTRONIC PLC	SHS	G5960L103	267	3,326	SH		DFND		0	0	3,326
MELCO RESORT ENTERTAINMENT L	ADR	585464100	541	18,600	SH		DFND		0	0	18,600
MERCK & CO INC	COM	58933Y105	5,193	92,324	SH		DFND		0	0	92,324
METLIFE INC	COM	59156R108	2,085	41,249	SH		DFND		0	0	41,249
MICROCHIP TECHNOLOGY INC	COM	595017104	1,047	11,923	SH		DFND		0	0	11,923
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	62	36,000	PRN		DFND		0	0	36,000
MICROSOFT CORP	COM	594918104	13,878	162,103	SH		DFND		0	0	162,103
MOLINA HEALTHCARE INC	DBCV 1.625% 8/1	60855RAD2	36	26,000	PRN		DFND		0	0	26,000
MONDELEZ INTL INC	CL A	609207105	1,691	39,504	SH		DFND		0	0	39,504
NETAPP INC	COM	64110D104	410	7,407	SH		DFND		0	0	7,407
NETFLIX INC	COM	64110L106	1,796	9,364	SH		DFND		0	0	9,364
NEXTERA ENERGY INC	COM	65339F101	878	5,633	SH		DFND		0	0	5,633
NIKE INC	CL B	654106103	937	14,930	SH		DFND		0	0	14,930
NORFOLK SOUTHERN CORP	COM	655844108	401	2,787	SH		DFND		0	0	2,787
NORTHROP GRUMMAN CORP	COM	666807102	213	698	SH		DFND		0	0	698
NOVARTIS A G	SPONSORED ADR	66987V109	457	5,433	SH		DFND		0	0	5,433
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	204	12,921	SH		DFND		0	0	12,921
NUVASIVE INC	NOTE 2.250% 3/1	670704AG0	45	36,000	PRN		DFND		0	0	36,000
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	171	13,587	SH		DFND		0	0	13,587
NUVEEN MUN VALUE FD INC	COM	670928100	148	14,597	SH		DFND		0	0	14,597
NXP SEMICONDUCTORS N V	COM	N6596X109	583	4,972	SH		DFND		0	0	4,972
NYMOX PHARMACEUTICAL CORP	COM	P73398102	92	28,000	SH		DFND		0	0	28,000
OAKTREE SPECIALTY LENDING CO	COM	67401P108	169	34,850	SH		DFND		0	0	34,850
OASIS PETE INC NEW	NOTE 2.625% 9/1	674215AJ7	51	49,000	PRN		DFND		0	0	49,000
OCCIDENTAL PETE CORP DEL	COM	674599105	620	8,420	SH		DFND		0	0	8,420
OLIN CORP	COM PAR $1	680665205	340	9,570	SH		DFND		0	0	9,570
ON SEMICONDUCTOR CORP	NOTE 1.000%12/0	682189AK1	44	34,000	PRN		DFND		0	0	34,000
ONEOK INC NEW	COM	682680103	275	5,171	SH		DFND		0	0	5,171
ORACLE CORP	COM	68389X105	334	7,028	SH		DFND		0	0	7,028
PACCAR INC	COM	693718108	209	2,947	SH		DFND		0	0	2,947
PALO ALTO NETWORKS INC	COM	697435105	754	5,208	SH		DFND		0	0	5,208
PAYPAL HLDGS INC	COM	70450Y103	7,444	101,171	SH		DFND		0	0	101,171
PEPSICO INC	COM	713448108	5,350	44,574	SH		DFND		0	0	44,574
PEREGRINE PHARMACEUTICALS IN	COM PAR	713661502	149	38,299	SH		DFND		0	0	38,299
PFIZER INC	COM	717081103	2,605	72,085	SH		DFND		0	0	72,085
PHILIP MORRIS INTL INC	COM	718172109	1,752	16,571	SH		DFND		0	0	16,571
PHILLIPS 66	COM	718546104	1,682	16,641	SH		DFND		0	0	16,641
PNC FINL SVCS GROUP INC	COM	693475105	1,938	13,412	SH		DFND		0	0	13,412
POWERSHARES ETF TR II	PFD PORTFOLIO	73936T565	536	35,939	SH		DFND		0	0	35,939
POWERSHARES ETF TR II	S&P500 LOW VOL	73937B779	693	14,520	SH		DFND		0	0	14,520
POWERSHARES ETF TRUST	DWA MOMENTUM PTF	73935X153	278	5,398	SH		DFND		0	0	5,398
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	1,949	12,504	SH		DFND		0	0	12,504
POWERSHS DB US DOLLAR INDEX	DOLL INDX BULL	73936D107	216	9,000	SH		DFND		0	0	9,000
PPG INDS INC	COM	693506107	320	2,740	SH		DFND		0	0	2,740
PRICE T ROWE GROUP INC	COM	74144T108	2,959	28,319	SH		DFND		0	0	28,319
PRICELINE GRP INC	COM NEW	741503403	1,173	675	SH		DFND		0	0	675
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	53	39,000	PRN		DFND		0	0	39,000
PROCTER AND GAMBLE CO	COM	742718109	7,644	83,164	SH		DFND		0	0	83,164
PROOFPOINT INC	COM	743424103	442	4,925	SH		DFND		0	0	4,925
PROOFPOINT INC	DBCV 0.750% 6/1	743424AD5	39	29,000	PRN		DFND		0	0	29,000
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	261	5,067	SH		DFND		0	0	5,067
QUALCOMM INC	COM	747525103	5,660	88,390	SH		DFND		0	0	88,390
RED HAT INC	COM	756577102	325	2,706	SH		DFND		0	0	2,706
RED HAT INC	NOTE 0.250%10/0	756577AD4	65	39,000	PRN		DFND		0	0	39,000
REGIONS FINL CORP NEW	COM	7591EP100	633	36,573	SH		DFND		0	0	36,573
RITE AID CORP	COM	767754104	31	15,965	SH		DFND		0	0	15,965
ROPER TECHNOLOGIES INC	COM	776696106	247	948	SH		DFND		0	0	948
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	258	3,858	SH		DFND		0	0	3,858
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	8,231	81,480	SH		DFND		0	0	81,480
RYDEX ETF TRUST	GUG S&P500EQWTFI	78355W858	254	5,750	SH		DFND		0	0	5,750
S&P GLOBAL INC	COM	78409V104	818	4,825	SH		DFND		0	0	4,825
SALESFORCE COM INC	COM	79466L302	3,157	30,901	SH		DFND		0	0	30,901
SALESFORCE COM INC	NOTE 0.250% 4/0	79466LAD6	43	28,000	PRN		DFND		0	0	28,000
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	776	4,746	SH		DFND		0	0	4,746
SCHEIN HENRY INC	COM	806407102	202	2,888	SH		DFND		0	0	2,888
SCHLUMBERGER LTD	COM	806857108	1,516	22,541	SH		DFND		0	0	22,541
SCHWAB CHARLES CORP NEW	COM	808513105	9,092	177,011	SH		DFND		0	0	177,011
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	3,076	47,680	SH		DFND		0	0	47,680
SELECT SECTOR SPDR TR	ENERGY	81369Y506	367	5,085	SH		DFND		0	0	5,085
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	220	6,702	SH		DFND		0	0	6,702
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	337	12,046	SH		DFND		0	0	12,046
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	281	3,720	SH		DFND		0	0	3,720
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	266	4,200	SH		DFND		0	0	4,200
SERVICENOW INC	NOTE 11/0	81762PAB8	58	34,000	PRN		DFND		0	0	34,000
SIRIUS XM HLDGS INC	COM	82968B103	77	14,513	SH		DFND		0	0	14,513
SMUCKER J M CO	COM NEW	832696405	235	1,888	SH		DFND		0	0	1,888
SOUTHERN CO	COM	842587107	411	8,591	SH		DFND		0	0	8,591
SOUTHWEST AIRLS CO	COM	844741108	223	3,401	SH		DFND		0	0	3,401
SPDR GOLD TRUST	GOLD SHS	78463V107	279	2,262	SH		DFND		0	0	2,262
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	756	18,599	SH		DFND		0	0	18,599
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	426	8,196	SH		DFND		0	0	8,196
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,762	10,369	SH		DFND		0	0	10,369
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78464A417	720	19,598	SH		DFND		0	0	19,598
SPDR SERIES TRUST	PORTFOLIO SHORT	78464A474	2,047	67,009	SH		DFND		0	0	67,009
SPDR SERIES TRUST	S&P 600 SMCP VAL	78464A300	417	3,310	SH		DFND		0	0	3,310
SPDR SERIES TRUST	S&P BIOTECH	78464A870	380	4,460	SH		DFND		0	0	4,460
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,093	11,573	SH		DFND		0	0	11,573
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	474	25,000	SH		DFND		0	0	25,000
STANLEY BLACK & DECKER INC	COM	854502101	262	1,537	SH		DFND		0	0	1,537
STARBUCKS CORP	COM	855244109	3,554	61,840	SH		DFND		0	0	61,840
STATE STR CORP	COM	857477103	311	3,199	SH		DFND		0	0	3,199
STRYKER CORP	COM	863667101	2,134	13,792	SH		DFND		0	0	13,792
SUNCOR ENERGY INC NEW	COM	867224107	918	25,044	SH		DFND		0	0	25,044
SUNTRUST BKS INC	COM	867914103	522	8,084	SH		DFND		0	0	8,084
SYSCO CORP	COM	871829107	418	6,932	SH		DFND		0	0	6,932
TARGET CORP	COM	87612E106	254	3,876	SH		DFND		0	0	3,876
TEXAS INSTRS INC	COM	882508104	392	3,741	SH		DFND		0	0	3,741
THERMO FISHER SCIENTIFIC INC	COM	883556102	407	2,154	SH		DFND		0	0	2,154
TJX COS INC NEW	COM	872540109	252	3,283	SH		DFND		0	0	3,283
TRANSDIGM GROUP INC	COM	893641100	617	2,253	SH		DFND		0	0	2,253
TRAVELERS COMPANIES INC	COM	89417E109	290	2,136	SH		DFND		0	0	2,136
TWITTER INC	COM	90184L102	556	23,198	SH		DFND		0	0	23,198
UBS AG JERSEY BRH	CMCI ETN 38	902641778	276	17,884	SH		DFND		0	0	17,884
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	339	1,544	SH		DFND		0	0	1,544
UNDER ARMOUR INC	CL A	904311107	228	15,831	SH		DFND		0	0	15,831
UNDER ARMOUR INC	CL C	904311206	269	20,187	SH		DFND		0	0	20,187
UNILEVER N V	N Y SHS NEW	904784709	690	12,216	SH		DFND		0	0	12,216
UNILEVER PLC	SPON ADR NEW	904767704	440	7,919	SH		DFND		0	0	7,919
UNION PAC CORP	COM	907818108	1,181	8,797	SH		DFND		0	0	8,797
UNITED PARCEL SERVICE INC	CL B	911312106	597	4,981	SH		DFND		0	0	4,981
UNITED TECHNOLOGIES CORP	COM	913017109	1,320	10,315	SH		DFND		0	0	10,315
UNITEDHEALTH GROUP INC	COM	91324P102	1,318	5,985	SH		DFND		0	0	5,985
UNIVERSAL DISPLAY CORP	COM	91347P105	1,554	9,000	SH		DFND		0	0	9,000
US BANCORP DEL	COM NEW	902973304	253	4,673	SH		DFND		0	0	4,673
USA TECHNOLOGIES INC	COM NO PAR	90328S500	487	49,900	SH		DFND		0	0	49,900
VALERO ENERGY CORP NEW	COM	91913Y100	314	3,418	SH		DFND		0	0	3,418
VANECK VECTORS ETF TR	AMT FREE INT ETF	92189F544	984	40,741	SH		DFND		0	0	40,741
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	894	38,383	SH		DFND		0	0	38,383
VANECK VECTORS ETF TR	PFD SECS EX FINL	92189F429	338	17,219	SH		DFND		0	0	17,219
VANGUARD INDEX FDS	GROWTH ETF	922908736	427	3,038	SH		DFND		0	0	3,038
VANGUARD INDEX FDS	MCAP GR IDXVIP	922908538	292	2,283	SH		DFND		0	0	2,283
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	570	5,121	SH		DFND		0	0	5,121
VANGUARD INDEX FDS	MID CAP ETF	922908629	1,000	6,464	SH		DFND		0	0	6,464
VANGUARD INDEX FDS	REIT ETF	922908553	1,813	21,852	SH		DFND		0	0	21,852
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	305	1,242	SH		DFND		0	0	1,242
VANGUARD INDEX FDS	VALUE ETF	922908744	376	3,537	SH		DFND		0	0	3,537
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	521	11,358	SH		DFND		0	0	11,358
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	567	9,596	SH		DFND		0	0	9,596
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	248	3,122	SH		DFND		0	0	3,122
VANGUARD SCOTTSDALE FDS	VNG RUS2000GRW	92206C623	345	2,540	SH		DFND		0	0	2,540
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	921908844	761	7,446	SH		DFND		0	0	7,446
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	456	10,158	SH		DFND		0	0	10,158
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	329	2,147	SH		DFND		0	0	2,147
VENTAS INC	COM	92276F100	518	8,631	SH		DFND		0	0	8,631
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	34	34,000	PRN		DFND		0	0	34,000
VERISK ANALYTICS INC	COM	92345Y106	658	6,846	SH		DFND		0	0	6,846
VERIZON COMMUNICATIONS INC	COM	92343V104	3,783	71,576	SH		DFND		0	0	71,576
VISA INC	COM CL A	92826C839	7,793	68,283	SH		DFND		0	0	68,283
VMWARE INC	CL A COM	928563402	304	2,424	SH		DFND		0	0	2,424
VOYA FINL INC	COM	929089100	402	8,150	SH		DFND		0	0	8,150
W P CAREY INC	COM	92936U109	879	12,719	SH		DFND		0	0	12,719
WABASH NATL CORP	NOTE 3.375% 5/0	929566AH0	45	23,000	PRN		DFND		0	0	23,000
WABTEC CORP	COM	929740108	284	3,507	SH		DFND		0	0	3,507
WALGREENS BOOTS ALLIANCE INC	COM	931427108	248	3,391	SH		DFND		0	0	3,391
WAL-MART STORES INC	COM	931142103	1,142	11,550	SH		DFND		0	0	11,550
WASTE CONNECTIONS INC	COM	94106B101	1,144	16,144	SH		DFND		0	0	16,144
WASTE MGMT INC DEL	COM	94106L109	215	2,469	SH		DFND		0	0	2,469
WATERS CORP	COM	941848103	202	1,050	SH		DFND		0	0	1,050
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	59	55,000	PRN		DFND		0	0	55,000
WEC ENERGY GROUP INC	COM	92939U106	247	3,714	SH		DFND		0	0	3,714
WELLS FARGO CO NEW	COM	949746101	3,983	65,829	SH		DFND		0	0	65,829
WELLTOWER INC	COM	95040Q104	370	5,817	SH		DFND		0	0	5,817
WESTERN ASSET MUN HI INCM FD	COM	95766N103	517	69,793	SH		DFND		0	0	69,793
WILLIS TOWERS WATSON PUB LTD	SHS	G96629103	279	1,850	SH		DFND		0	0	1,850
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	1,393	26,745	SH		DFND		0	0	26,745
WISDOMTREE TR	EUROPE HEDGED EQ	97717X701	301	4,728	SH		DFND		0	0	4,728
WRIGHT MED GROUP INC	NOTE 2.000% 2/1	98235TAE7	36	36,000	PRN		DFND		0	0	36,000
WSFS FINL CORP	COM	929328102	230	4,800	SH		DFND		0	0	4,800
XENIA HOTELS & RESORTS INC	COM	984017103	727	33,640	SH		DFND		0	0	33,640
YUM BRANDS INC	COM	988498101	609	7,461	SH		DFND		0	0	7,461
YUM CHINA HLDGS INC	COM	98850P109	238	5,961	SH		DFND		0	0	5,961