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	2,800	14,212	SH		DFND		0	0	14,212
ABBOTT LABS	COM	002824100	3,323	54,448	SH		DFND		0	0	54,448
ABBVIE INC	COM	00287Y109	4,400	47,456	SH		DFND		0	0	47,456
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	6,182	37,791	SH		DFND		0	0	37,791
ACTIVISION BLIZZARD INC	COM	00507V109	215	2,815	SH		DFND		0	0	2,815
ADOBE SYS INC	COM	00724F101	1,271	5,209	SH		DFND		0	0	5,209
ADVANSIX INC	COM	00773T101	217	5,969	SH		DFND		0	0	5,969
AETNA INC NEW	COM	00817Y108	747	4,063	SH		DFND		0	0	4,063
AFLAC INC	COM	001055102	264	6,146	SH		DFND		0	0	6,146
AIR LEASE CORP	NOTE 3.875%12/0	00912XAK0	54	38,000	PRN		DFND		0	0	38,000
AIR PRODS & CHEMS INC	COM	009158106	431	2,761	SH		DFND		0	0	2,761
ALARM COM HLDGS INC	COM	011642105	205	5,067	SH		DFND		0	0	5,067
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	2,884	15,516	SH		DFND		0	0	15,516
ALLEGION PUB LTD CO	ORD SHS	G0176J109	318	4,104	SH		DFND		0	0	4,104
ALLSTATE CORP	COM	020002101	1,427	15,652	SH		DFND		0	0	15,652
ALPHABET INC	CAP STK CL A	02079K305	11,709	10,368	SH		DFND		0	0	10,368
ALPHABET INC	CAP STK CL C	02079K107	7,987	7,161	SH		DFND		0	0	7,161
ALPS ETF TR	ALERIAN MLP	00162Q866	120	11,955	SH		DFND		0	0	11,955
ALTRIA GROUP INC	COM	02209S103	1,662	29,281	SH		DFND		0	0	29,281
AMAZON COM INC	COM	023135106	23,664	13,933	SH		DFND		0	0	13,933
AMERICAN EXPRESS CO	COM	025816109	1,905	19,442	SH		DFND		0	0	19,442
AMERICAN TOWER CORP NEW	COM	03027X100	4,484	31,067	SH		DFND		0	0	31,067
AMERIPRISE FINL INC	COM	03076C106	237	1,690	SH		DFND		0	0	1,690
AMGEN INC	COM	031162100	1,920	10,420	SH		DFND		0	0	10,420
AMPHENOL CORP NEW	CL A	032095101	679	7,784	SH		DFND		0	0	7,784
ANADARKO PETE CORP	COM	032511107	717	9,771	SH		DFND		0	0	9,771
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524A108	228	2,233	SH		DFND		0	0	2,233
ANTARES PHARMA INC	COM	036642106	710	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	715	3,003	SH		DFND		0	0	3,003
APACHE CORP	COM	037411105	349	7,513	SH		DFND		0	0	7,513
APPLE INC	COM	037833100	29,447	158,936	SH		DFND		0	0	158,936
ARES MGMT LP	COM SHS REG INT	04014Y101	409	19,700	SH		DFND		0	0	19,700
ARQULE INC	COM	04269E107	57	10,500	SH		DFND		0	0	10,500
ASTRONICS CORP	COM	046433108	609	16,928	SH		DFND		0	0	16,928
AT&T INC	COM	00206R102	2,624	81,862	SH		DFND		0	0	81,862
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	45	35,000	PRN		DFND		0	0	35,000
AUTOHOME INC	SP ADR RP CL A	05278C107	215	2,130	SH		DFND		0	0	2,130
AUTOMATIC DATA PROCESSING IN	COM	053015103	886	6,603	SH		DFND		0	0	6,603
AVALONBAY CMNTYS INC	COM	053484101	563	3,276	SH		DFND		0	0	3,276
AVERY DENNISON CORP	COM	053611109	371	3,634	SH		DFND		0	0	3,634
BAIDU INC	SPON ADR REP A	056752108	2,582	10,628	SH		DFND		0	0	10,628
BANK AMER CORP	COM	060505104	2,644	93,659	SH		DFND		0	0	93,659
BANK NEW YORK MELLON CORP	COM	064058100	612	11,338	SH		DFND		0	0	11,338
BAXTER INTL INC	COM	071813109	303	4,106	SH		DFND		0	0	4,106
BB&T CORP	COM	054937107	713	14,140	SH		DFND		0	0	14,140
BBX CAP CORP NEW	CL A	05491N104	138	15,337	SH		DFND		0	0	15,337
BECTON DICKINSON & CO	COM	075887109	640	2,667	SH		DFND		0	0	2,667
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	282	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	7,767	41,640	SH		DFND		0	0	41,640
BEST BUY INC	COM	086516101	536	7,193	SH		DFND		0	0	7,193
BIOMARIN PHARMACEUTICAL INC	NOTE 0.750%10/1	09061GAE1	26	26,000	PRN		DFND		0	0	26,000
BLACKSTONE GROUP L P	COM UNIT LTD	09253U108	760	23,674	SH		DFND		0	0	23,674
BOEING CO	COM	097023105	1,501	4,477	SH		DFND		0	0	4,477
BOOKING HLDGS INC	COM	09857L108	1,376	680	SH		DFND		0	0	680
BP PLC	SPONSORED ADR	055622104	606	13,278	SH		DFND		0	0	13,278
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	853	8,313	SH		DFND		0	0	8,313
BRISTOL MYERS SQUIBB CO	COM	110122108	1,472	26,664	SH		DFND		0	0	26,664
BRISTOW GROUP INC	NOTE 4.500% 6/0	110394AF0	14	14,000	PRN		DFND		0	0	14,000
BROADCOM INC	COM	11135F101	222	923	SH		DFND		0	0	923
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	819	20,201	SH		DFND		0	0	20,201
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	974	25,383	SH		DFND		0	0	25,383
CALAVO GROWERS INC	COM	128246105	212	2,200	SH		DFND		0	0	2,200
CANADIAN NATL RY CO	COM	136375102	640	7,831	SH		DFND		0	0	7,831
CAPITAL ONE FINL CORP	COM	14040H105	265	2,863	SH		DFND		0	0	2,863
CARLYLE GROUP L P	COM UTS LTD PTN	14309L102	523	24,510	SH		DFND		0	0	24,510
CARMAX INC	COM	143130102	513	7,050	SH		DFND		0	0	7,050
CATERPILLAR INC DEL	COM	149123101	1,271	9,384	SH		DFND		0	0	9,384
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	269	4,259	SH		DFND		0	0	4,259
CENTENE CORP DEL	COM	15135B101	201	1,632	SH		DFND		0	0	1,632
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	23	23,000	PRN		DFND		0	0	23,000
CHEVRON CORP NEW	COM	166764100	2,834	22,425	SH		DFND		0	0	22,425
CHUBB LIMITED	COM	H1467J104	467	3,685	SH		DFND		0	0	3,685
CIGNA CORPORATION	COM	125509109	769	4,526	SH		DFND		0	0	4,526
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	1,329	26,910	SH		DFND		0	0	26,910
CISCO SYS INC	COM	17275R102	4,316	100,200	SH		DFND		0	0	100,200
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	41	28,000	PRN		DFND		0	0	28,000
CLOROX CO DEL	COM	189054109	658	4,857	SH		DFND		0	0	4,857
COCA COLA CO	COM	191216100	2,094	47,615	SH		DFND		0	0	47,615
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	1,021	12,933	SH		DFND		0	0	12,933
COLGATE PALMOLIVE CO	COM	194162103	891	13,771	SH		DFND		0	0	13,771
COMCAST CORP NEW	CL A	20030N101	883	26,885	SH		DFND		0	0	26,885
CONAGRA BRANDS INC	COM	205887102	564	15,818	SH		DFND		0	0	15,818
CONOCOPHILLIPS	COM	20825C104	812	11,661	SH		DFND		0	0	11,661
COSTCO WHSL CORP NEW	COM	22160K105	2,433	11,643	SH		DFND		0	0	11,643
CROWN CASTLE INTL CORP NEW	COM	22822V101	845	7,838	SH		DFND		0	0	7,838
CSX CORP	COM	126408103	454	7,100	SH		DFND		0	0	7,100
CUMMINS INC	COM	231021106	234	1,749	SH		DFND		0	0	1,749
CVS HEALTH CORP	COM	126650100	2,719	42,266	SH		DFND		0	0	42,266
CYPRESS SEMICONDUCTOR CORP	NOTE 4.500% 1/1	232806AM1	16	13,000	PRN		DFND		0	0	13,000
DANAHER CORP DEL	COM	235851102	3,367	34,074	SH		DFND		0	0	34,074
DANAHER CORP DEL	DBCV 1/2	235851AF9	82	21,000	PRN		DFND		0	0	21,000
DAVITA INC	COM	23918K108	340	4,920	SH		DFND		0	0	4,920
DEERE & CO	COM	244199105	1,027	7,340	SH		DFND		0	0	7,340
DELTA AIR LINES INC DEL	COM NEW	247361702	437	8,813	SH		DFND		0	0	8,813
DIAGEO P L C	SPON ADR NEW	25243Q205	983	6,821	SH		DFND		0	0	6,821
DIREXION SHS ETF TR	ALL CP INSIDER	25459Y769	265	6,400	SH		DFND		0	0	6,400
DISH NETWORK CORP	NOTE 3.375% 8/1	25470MAB5	47	47,000	PRN		DFND		0	0	47,000
DISNEY WALT CO	COM DISNEY	254687106	3,208	30,663	SH		DFND		0	0	30,663
DOMINION ENERGY INC	COM	25746U109	1,213	17,817	SH		DFND		0	0	17,817
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	238	11,450	SH		DFND		0	0	11,450
DOWDUPONT INC	COM	26078J100	2,686	40,736	SH		DFND		0	0	40,736
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,669	21,043	SH		DFND		0	0	21,043
EASTERLY GOVT PPTYS INC	COM	27616P103	301	15,115	SH		DFND		0	0	15,115
EASTMAN CHEM CO	COM	277432100	223	2,217	SH		DFND		0	0	2,217
EATON CORP PLC	SHS	G29183103	512	6,877	SH		DFND		0	0	6,877
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	124	10,245	SH		DFND		0	0	10,245
ECLIPSE RES CORP	COM	27890G100	40	25,000	SH		DFND		0	0	25,000
ECOLAB INC	COM	278865100	835	5,953	SH		DFND		0	0	5,953
EDWARDS LIFESCIENCES CORP	COM	28176E108	832	5,707	SH		DFND		0	0	5,707
EMERSON ELEC CO	COM	291011104	1,277	18,451	SH		DFND		0	0	18,451
ENBRIDGE INC	COM	29250N105	2,222	62,243	SH		DFND		0	0	62,243
ENERGY TRANSFER EQUITY L P	COM UT LTD PTN	29273V100	182	10,614	SH		DFND		0	0	10,614
ENSCO JERSEY FIN LTD	NOTE 3.000% 1/3	29359WAB1	42	43,000	PRN		DFND		0	0	43,000
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,894	68,387	SH		DFND		0	0	68,387
EQUIFAX INC	COM	294429105	4,279	34,197	SH		DFND		0	0	34,197
EVERBRIDGE INC	COM	29978A104	408	8,625	SH		DFND		0	0	8,625
EVERSOURCE ENERGY	COM	30040W108	323	5,492	SH		DFND		0	0	5,492
EXELIXIS INC	COM	30161Q104	430	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	512	11,977	SH		DFND		0	0	11,977
EXPRESS SCRIPTS HLDG CO	COM	30219G108	932	12,072	SH		DFND		0	0	12,072
EXXON MOBIL CORP	COM	30231G102	7,659	92,594	SH		DFND		0	0	92,594
FACEBOOK INC	CL A	30303M102	6,187	31,866	SH		DFND		0	0	31,866
FAIR ISAAC CORP	COM	303250104	378	1,950	SH		DFND		0	0	1,950
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	236	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	1,871	17,650	SH		DFND		0	0	17,650
FIRST HORIZON NATL CORP	COM	320517105	233	13,039	SH		DFND		0	0	13,039
FIRST TR EXCHANGE TRADED FD	FIRST TR ENH NEW	33739Q408	432	7,200	SH		DFND		0	0	7,200
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	2,247	16,040	SH		DFND		0	0	16,040
FIRST TR EXCHANGE TRADED FD	SENIOR LN FD	33738D309	413	8,604	SH		DFND		0	0	8,604
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	1,549	81,291	SH		DFND		0	0	81,291
FIRST TR NASDAQ ABA CMNTY BK	UT COM SHS ETF	33736Q104	216	3,979	SH		DFND		0	0	3,979
FLOWSERVE CORP	COM	34354P105	202	5,046	SH		DFND		0	0	5,046
FORD MTR CO DEL	COM PAR $0.01	345370860	620	55,940	SH		DFND		0	0	55,940
FORTIVE CORP	COM	34959J108	1,479	19,212	SH		DFND		0	0	19,212
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	67	12,960	SH		DFND		0	0	12,960
GAMESTOP CORP NEW	CL A	36467W109	396	27,103	SH		DFND		0	0	27,103
GENERAL DYNAMICS CORP	COM	369550108	3,262	17,496	SH		DFND		0	0	17,496
GENERAL ELECTRIC CO	COM	369604103	1,700	124,866	SH		DFND		0	0	124,866
GENERAL MLS INC	COM	370334104	321	7,269	SH		DFND		0	0	7,269
GILEAD SCIENCES INC	COM	375558103	1,778	25,095	SH		DFND		0	0	25,095
GOLDMAN SACHS GROUP INC	COM	38141G104	308	1,400	SH		DFND		0	0	1,400
GOLUB CAP BDC INC	COM	38173M102	800	43,702	SH		DFND		0	0	43,702
GRAINGER W W INC	COM	384802104	300	973	SH		DFND		0	0	973
GUIDEWIRE SOFTWARE INC	COM	40171V100	258	2,910	SH		DFND		0	0	2,910
HAIN CELESTIAL GROUP INC	COM	405217100	343	11,500	SH		DFND		0	0	11,500
HAMILTON BANCORP INC MD	COM	407015106	157	10,000	SH		DFND		0	0	10,000
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	223	11,962	SH		DFND		0	0	11,962
HD SUPPLY HLDGS INC	COM	40416M105	1,462	34,159	SH		DFND		0	0	34,159
HEICO CORP NEW	COM	422806109	287	3,934	SH		DFND		0	0	3,934
HELIX ENERGY SOLUTIONS GRP I	NOTE 4.250% 5/0	42330PAH0	35	35,000	PRN		DFND		0	0	35,000
HOME DEPOT INC	COM	437076102	3,167	16,201	SH		DFND		0	0	16,201
HONEYWELL INTL INC	COM	438516106	950	6,602	SH		DFND		0	0	6,602
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	201	19,950	SH		DFND		0	0	19,950
HP INC	COM	40434L105	288	12,569	SH		DFND		0	0	12,569
ICON PLC	SHS	G4705A100	954	7,200	SH		DFND		0	0	7,200
ILLINOIS TOOL WKS INC	COM	452308109	367	2,650	SH		DFND		0	0	2,650
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	45	34,000	PRN		DFND		0	0	34,000
INGERSOLL-RAND PLC	SHS	G47791101	746	8,295	SH		DFND		0	0	8,295
INPHI CORP	NOTE 1.125%12/0	45772FAB3	24	24,000	PRN		DFND		0	0	24,000
INTEL CORP	COM	458140100	6,774	136,147	SH		DFND		0	0	136,147
INTEL CORP	SDCV 3.250% 8/0	458140AF7	63	26,000	PRN		DFND		0	0	26,000
INTERCEPT PHARMACEUTICALS IN	NOTE 3.250% 7/0	45845PAA6	13	13,000	PRN		DFND		0	0	13,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	4,655	33,306	SH		DFND		0	0	33,306
INTUIT	COM	461202103	1,371	6,714	SH		DFND		0	0	6,714
INTUITIVE SURGICAL INC	COM NEW	46120E602	3,367	7,029	SH		DFND		0	0	7,029
INVESCO EXCHANGE TRADED FD T	DWA MOMENTUM	46137V837	265	4,791	SH		DFND		0	0	4,791
INVESCO EXCHANGE TRADED FD T	S&P500 EQL FIN	46137V340	243	5,750	SH		DFND		0	0	5,750
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	46137V357	8,155	80,043	SH		DFND		0	0	80,043
INVESCO EXCHNG TRADED FD TR	PFD ETF	46138E511	319	21,904	SH		DFND		0	0	21,904
INVESCO EXCHNG TRADED FD TR	S&P500 LOW VOL	46138E354	212	4,477	SH		DFND		0	0	4,477
INVESCO QQQ TR	UNIT SER 1	46090E103	2,247	13,114	SH		DFND		0	0	13,114
IONIS PHARMACEUTICALS INC	COM	462222100	233	5,575	SH		DFND		0	0	5,575
ISHARES GOLD TRUST	ISHARES	464285105	503	41,858	SH		DFND		0	0	41,858
ISHARES INC	CORE MSCI EMKT	46434G103	2,117	40,257	SH		DFND		0	0	40,257
ISHARES INC	MSCI JPN ETF NEW	46434G822	1,123	19,347	SH		DFND		0	0	19,347
ISHARES INC	MSCI PAC JP ETF	464286665	1,222	26,582	SH		DFND		0	0	26,582
ISHARES SILVER TRUST	ISHARES	46428Q109	339	22,405	SH		DFND		0	0	22,405
ISHARES TR	1 3 YR CR BD ETF	464288646	404	3,883	SH		DFND		0	0	3,883
ISHARES TR	1 3 YR TREAS BD	464287457	253	3,034	SH		DFND		0	0	3,034
ISHARES TR	20 YR TR BD ETF	464287432	2,123	17,428	SH		DFND		0	0	17,428
ISHARES TR	3 7 YR TREAS BD	464288661	388	3,229	SH		DFND		0	0	3,229
ISHARES TR	CORE HIGH DV ETF	46429B663	1,053	12,405	SH		DFND		0	0	12,405
ISHARES TR	CORE MSCI TOTAL	46432F834	2,704	44,973	SH		DFND		0	0	44,973
ISHARES TR	CORE S&P MCP ETF	464287507	4,916	25,219	SH		DFND		0	0	25,219
ISHARES TR	CORE S&P SCP ETF	464287804	5,031	60,249	SH		DFND		0	0	60,249
ISHARES TR	CORE S&P500 ETF	464287200	9,642	35,311	SH		DFND		0	0	35,311
ISHARES TR	CORE US AGGBD ET	464287226	4,328	40,722	SH		DFND		0	0	40,722
ISHARES TR	EAFE SML CP ETF	464288273	699	11,183	SH		DFND		0	0	11,183
ISHARES TR	FLTG RATE NT ETF	46429B655	1,555	30,447	SH		DFND		0	0	30,447
ISHARES TR	GLOBAL REIT ETF	46434V647	402	15,670	SH		DFND		0	0	15,670
ISHARES TR	IBOXX HI YD ETF	464288513	2,086	24,501	SH		DFND		0	0	24,501
ISHARES TR	IBOXX INV CP ETF	464287242	501	4,382	SH		DFND		0	0	4,382
ISHARES TR	INTRM GOV CR ETF	464288612	368	3,433	SH		DFND		0	0	3,433
ISHARES TR	JPMORGAN USD EMG	464288281	231	2,191	SH		DFND		0	0	2,191
ISHARES TR	MSCI ACWI EX US	464288240	973	20,594	SH		DFND		0	0	20,594
ISHARES TR	MSCI EAFE ETF	464287465	1,038	15,537	SH		DFND		0	0	15,537
ISHARES TR	MSCI EMG MKT ETF	464287234	2,008	46,199	SH		DFND		0	0	46,199
ISHARES TR	NASDAQ BIOTECH	464287556	435	3,955	SH		DFND		0	0	3,955
ISHARES TR	NATIONAL MUN ETF	464288414	1,062	9,733	SH		DFND		0	0	9,733
ISHARES TR	RUS 1000 GRW ETF	464287614	1,032	7,185	SH		DFND		0	0	7,185
ISHARES TR	RUS 1000 VAL ETF	464287598	3,071	25,304	SH		DFND		0	0	25,304
ISHARES TR	RUS 2000 GRW ETF	464287648	2,472	12,093	SH		DFND		0	0	12,093
ISHARES TR	RUS 2000 VAL ETF	464287630	1,264	9,558	SH		DFND		0	0	9,558
ISHARES TR	RUS MDCP VAL ETF	464287473	1,622	18,267	SH		DFND		0	0	18,267
ISHARES TR	RUS MID CAP ETF	464287499	206	968	SH		DFND		0	0	968
ISHARES TR	RUSSELL 2000 ETF	464287655	1,018	6,214	SH		DFND		0	0	6,214
ISHARES TR	S&P MC 400GR ETF	464287606	1,422	6,331	SH		DFND		0	0	6,331
ISHARES TR	S&P MC 400VL ETF	464287705	553	3,410	SH		DFND		0	0	3,410
ISHARES TR	S&P SML 600 GWT	464287887	506	2,668	SH		DFND		0	0	2,668
ISHARES TR	SELECT DIVID ETF	464287168	5,501	56,327	SH		DFND		0	0	56,327
ISHARES TR	SHRT NAT MUN ETF	464288158	333	3,162	SH		DFND		0	0	3,162
ISHARES TR	TIPS BD ETF	464287176	908	8,044	SH		DFND		0	0	8,044
ISHARES TR	U.S. ENERGY ETF	464287796	273	6,500	SH		DFND		0	0	6,500
ISHARES TR	U.S. UTILITS ETF	464287697	280	2,133	SH		DFND		0	0	2,133
ISHARES TR	US CR BD ETF	464288620	524	4,899	SH		DFND		0	0	4,899
ISHARES TR	US HLTHCARE ETF	464287762	372	2,071	SH		DFND		0	0	2,071
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	16	16,000	PRN		DFND		0	0	16,000
JACOBS ENGR GROUP INC DEL	COM	469814107	611	9,634	SH		DFND		0	0	9,634
JOHNSON & JOHNSON	COM	478160104	9,535	78,591	SH		DFND		0	0	78,591
JPMORGAN CHASE & CO	COM	46625H100	6,751	64,796	SH		DFND		0	0	64,796
KAYNE ANDERSON MLP INVT CO	COM	486606106	279	14,735	SH		DFND		0	0	14,735
KELLOGG CO	COM	487836108	371	5,304	SH		DFND		0	0	5,304
KIMBERLY CLARK CORP	COM	494368103	409	3,865	SH		DFND		0	0	3,865
KINDER MORGAN INC DEL	COM	49456B101	429	24,187	SH		DFND		0	0	24,187
KINSALE CAP GROUP INC	COM	49714P108	492	8,968	SH		DFND		0	0	8,968
KRAFT HEINZ CO	COM	500754106	594	9,475	SH		DFND		0	0	9,475
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	232	1,295	SH		DFND		0	0	1,295
LAUDER ESTEE COS INC	CL A	518439104	297	2,075	SH		DFND		0	0	2,075
LENDINGTREE INC NEW	NOTE 0.625% 6/0	52603BAA5	15	14,000	PRN		DFND		0	0	14,000
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	45	35,000	PRN		DFND		0	0	35,000
LILLY ELI & CO	COM	532457108	915	10,710	SH		DFND		0	0	10,710
LOCKHEED MARTIN CORP	COM	539830109	421	1,423	SH		DFND		0	0	1,423
LOWES COS INC	COM	548661107	766	7,974	SH		DFND		0	0	7,974
LUMENTUM HLDGS INC	NOTE 0.250% 3/1	55024UAB5	40	32,000	PRN		DFND		0	0	32,000
M & T BK CORP	COM	55261F104	1,077	6,329	SH		DFND		0	0	6,329
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	32	32,000	PRN		DFND		0	0	32,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	484	6,996	SH		DFND		0	0	6,996
MARKEL CORP	COM	570535104	732	674	SH		DFND		0	0	674
MARRIOTT INTL INC NEW	CL A	571903202	899	7,111	SH		DFND		0	0	7,111
MARSH & MCLENNAN COS INC	COM	571748102	209	2,549	SH		DFND		0	0	2,549
MARTEN TRANS LTD	COM	573075108	352	15,000	SH		DFND		0	0	15,000
MASIMO CORP	COM	574795100	668	6,830	SH		DFND		0	0	6,830
MASTERCARD INCORPORATED	CL A	57636Q104	19,630	99,885	SH		DFND		0	0	99,885
MCCORMICK & CO INC	COM NON VTG	579780206	4,296	37,007	SH		DFND		0	0	37,007
MCCORMICK & CO INC	COM VTG	579780107	1,521	13,136	SH		DFND		0	0	13,136
MCDONALDS CORP	COM	580135101	1,710	10,921	SH		DFND		0	0	10,921
MCKESSON CORP	COM	58155Q103	365	2,739	SH		DFND		0	0	2,739
MEDICINES CO	NOTE 2.750% 7/1	584688AG0	16	16,000	PRN		DFND		0	0	16,000
MEDIDATA SOLUTIONS INC	COM	58471A105	454	5,630	SH		DFND		0	0	5,630
MEDTRONIC PLC	SHS	G5960L103	460	5,384	SH		DFND		0	0	5,384
MELCO RESORT ENTERTAINMENT L	ADR	585464100	504	18,000	SH		DFND		0	0	18,000
MERCK & CO INC	COM	58933Y105	6,285	103,702	SH		DFND		0	0	103,702
METLIFE INC	COM	59156R108	1,640	37,603	SH		DFND		0	0	37,603
MICROCHIP TECHNOLOGY INC	COM	595017104	996	10,956	SH		DFND		0	0	10,956
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	62	36,000	PRN		DFND		0	0	36,000
MICROSOFT CORP	COM	594918104	16,948	171,738	SH		DFND		0	0	171,738
MINERVA NEUROSCIENCES INC	COM	603380106	90	10,950	SH		DFND		0	0	10,950
MOLINA HEALTHCARE INC	NOTE 1.125% 1/1	60855RAC4	49	20,000	PRN		DFND		0	0	20,000
MONDELEZ INTL INC	CL A	609207105	1,416	34,487	SH		DFND		0	0	34,487
MORGAN STANLEY	COM NEW	617446448	307	6,455	SH		DFND		0	0	6,455
NETAPP INC	COM	64110D104	538	6,830	SH		DFND		0	0	6,830
NETFLIX INC	COM	64110L106	1,747	4,465	SH		DFND		0	0	4,465
NEUROCRINE BIOSCIENCES INC	NOTE 2.250% 5/1	64125CAD1	41	28,000	PRN		DFND		0	0	28,000
NEW YORK TIMES CO	CL A	650111107	932	36,000	SH		DFND		0	0	36,000
NEXTERA ENERGY INC	COM	65339F101	1,063	6,373	SH		DFND		0	0	6,373
NICE SYS INC	NOTE 1.250% 1/1	65366HAB9	45	34,000	PRN		DFND		0	0	34,000
NIKE INC	CL B	654106103	1,056	13,222	SH		DFND		0	0	13,222
NORDSTROM INC	COM	655664100	203	3,919	SH		DFND		0	0	3,919
NORFOLK SOUTHERN CORP	COM	655844108	446	2,950	SH		DFND		0	0	2,950
NOVARTIS A G	SPONSORED ADR	66987V109	333	4,403	SH		DFND		0	0	4,403
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	266	21,367	SH		DFND		0	0	21,367
NUVASIVE INC	NOTE 2.250% 3/1	670704AG0	36	35,000	PRN		DFND		0	0	35,000
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	165	13,587	SH		DFND		0	0	13,587
NUVEEN MUN VALUE FD INC	COM	670928100	115	12,000	SH		DFND		0	0	12,000
NYMOX PHARMACEUTICAL CORP	COM	P73398102	94	28,000	SH		DFND		0	0	28,000
OAKTREE SPECIALTY LENDING CO	COM	67401P108	180	37,579	SH		DFND		0	0	37,579
OASIS PETE INC NEW	NOTE 2.625% 9/1	674215AJ7	58	45,000	PRN		DFND		0	0	45,000
OCCIDENTAL PETE CORP DEL	COM	674599105	461	5,501	SH		DFND		0	0	5,501
OLIN CORP	COM PAR $1	680665205	402	13,982	SH		DFND		0	0	13,982
ON SEMICONDUCTOR CORP	NOTE 1.000%12/0	682189AK1	42	32,000	PRN		DFND		0	0	32,000
ONEOK INC NEW	COM	682680103	1,128	16,125	SH		DFND		0	0	16,125
ORACLE CORP	COM	68389X105	302	6,857	SH		DFND		0	0	6,857
PACIRA PHARMACEUTICALS INC	NOTE 2.375% 4/0	695127AD2	22	22,000	PRN		DFND		0	0	22,000
PALO ALTO NETWORKS INC	COM	697435105	1,046	5,082	SH		DFND		0	0	5,082
PAYPAL HLDGS INC	COM	70450Y103	8,357	100,405	SH		DFND		0	0	100,405
PEPSICO INC	COM	713448108	5,241	48,094	SH		DFND		0	0	48,094
PFIZER INC	COM	717081103	3,237	89,321	SH		DFND		0	0	89,321
PHILIP MORRIS INTL INC	COM	718172109	1,291	16,033	SH		DFND		0	0	16,033
PHILLIPS 66	COM	718546104	1,703	15,181	SH		DFND		0	0	15,181
PNC FINL SVCS GROUP INC	COM	693475105	1,547	11,445	SH		DFND		0	0	11,445
PPG INDS INC	COM	693506107	293	2,830	SH		DFND		0	0	2,830
PRAXAIR INC	COM	74005P104	291	1,844	SH		DFND		0	0	1,844
PRICE T ROWE GROUP INC	COM	74144T108	3,387	29,188	SH		DFND		0	0	29,188
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	59	37,000	PRN		DFND		0	0	37,000
PROCTER AND GAMBLE CO	COM	742718109	5,954	76,353	SH		DFND		0	0	76,353
PROOFPOINT INC	COM	743424103	616	5,295	SH		DFND		0	0	5,295
PROOFPOINT INC	DBCV 0.750% 6/1	743424AD5	41	28,000	PRN		DFND		0	0	28,000
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	268	4,967	SH		DFND		0	0	4,967
QUALCOMM INC	COM	747525103	5,647	100,696	SH		DFND		0	0	100,696
REALTY INCOME CORP	COM	756109104	251	4,637	SH		DFND		0	0	4,637
RED HAT INC	COM	756577102	327	2,443	SH		DFND		0	0	2,443
RED HAT INC	NOTE 0.250%10/0	756577AD4	67	38,000	PRN		DFND		0	0	38,000
REGENERON PHARMACEUTICALS	COM	75886F107	797	2,315	SH		DFND		0	0	2,315
REGIONS FINL CORP NEW	COM	7591EP100	618	34,783	SH		DFND		0	0	34,783
REGULUS THERAPEUTICS INC	COM	75915K101	10	15,000	SH		DFND		0	0	15,000
RITE AID CORP	COM	767754104	36	20,955	SH		DFND		0	0	20,955
ROPER TECHNOLOGIES INC	COM	776696106	284	1,031	SH		DFND		0	0	1,031
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	202	2,911	SH		DFND		0	0	2,911
RPM INTL INC	NOTE 2.250%12/1	749685AT0	10	10,000	PRN		DFND		0	0	10,000
S&P GLOBAL INC	COM	78409V104	714	3,501	SH		DFND		0	0	3,501
SALESFORCE COM INC	COM	79466L302	4,454	32,648	SH		DFND		0	0	32,648
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	223	22,300	SH		DFND		0	0	22,300
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	779	4,712	SH		DFND		0	0	4,712
SCHLUMBERGER LTD	COM	806857108	1,316	19,604	SH		DFND		0	0	19,604
SCHWAB CHARLES CORP NEW	COM	808513105	9,152	178,976	SH		DFND		0	0	178,976
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	3,027	45,865	SH		DFND		0	0	45,865
SELECT SECTOR SPDR TR	ENERGY	81369Y506	414	5,475	SH		DFND		0	0	5,475
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	251	7,671	SH		DFND		0	0	7,671
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	218	2,620	SH		DFND		0	0	2,620
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	516	19,431	SH		DFND		0	0	19,431
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	239	3,339	SH		DFND		0	0	3,339
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	648	9,325	SH		DFND		0	0	9,325
SERVICENOW INC	NOTE 11/0	81762PAB8	81	35,000	PRN		DFND		0	0	35,000
SIERRA ONCOLOGY INC	COM	82640U107	54	18,600	SH		DFND		0	0	18,600
SILICON LABORATORIES INC	NOTE 1.375% 3/0	826919AB8	15	14,000	PRN		DFND		0	0	14,000
SIRIUS XM HLDGS INC	COM	82968B103	99	14,513	SH		DFND		0	0	14,513
SNAP INC	CL A	83304A106	700	53,500	SH		DFND		0	0	53,500
SOUTHERN CO	COM	842587107	369	7,976	SH		DFND		0	0	7,976
SPDR GOLD TRUST	GOLD SHS	78463V107	483	4,072	SH		DFND		0	0	4,072
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	403	10,497	SH		DFND		0	0	10,497
SPDR INDEX SHS FDS	S&P EMKTSC ETF	78463X756	405	8,534	SH		DFND		0	0	8,534
SPDR S&P 500 ETF TR	TR UNIT	78462F103	4,058	14,961	SH		DFND		0	0	14,961
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	662	1,867	SH		DFND		0	0	1,867
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78464A417	1,927	54,282	SH		DFND		0	0	54,282
SPDR SERIES TRUST	PORTFOLIO SHORT	78464A474	2,370	78,348	SH		DFND		0	0	78,348
SPDR SERIES TRUST	S&P 600 SMCP VAL	78464A300	321	4,800	SH		DFND		0	0	4,800
SPDR SERIES TRUST	S&P BIOTECH	78464A870	775	8,135	SH		DFND		0	0	8,135
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,049	11,305	SH		DFND		0	0	11,305
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	524	25,000	SH		DFND		0	0	25,000
SQUARE INC	CL A	852234103	925	15,000	SH		DFND		0	0	15,000
STANLEY BLACK & DECKER INC	COM	854502101	205	1,532	SH		DFND		0	0	1,532
STARBUCKS CORP	COM	855244109	3,894	79,676	SH		DFND		0	0	79,676
STRYKER CORP	COM	863667101	2,316	13,710	SH		DFND		0	0	13,710
SUNCOR ENERGY INC NEW	COM	867224107	1,940	47,749	SH		DFND		0	0	47,749
SUNTRUST BKS INC	COM	867914103	698	10,582	SH		DFND		0	0	10,582
SYSCO CORP	COM	871829107	445	6,477	SH		DFND		0	0	6,477
TARGET CORP	COM	87612E106	291	3,844	SH		DFND		0	0	3,844
TESLA INC	COM	88160R101	201	588	SH		DFND		0	0	588
TEXAS INSTRS INC	COM	882508104	395	3,574	SH		DFND		0	0	3,574
THERMO FISHER SCIENTIFIC INC	COM	883556102	446	2,150	SH		DFND		0	0	2,150
TJX COS INC NEW	COM	872540109	244	2,567	SH		DFND		0	0	2,567
TRANSDIGM GROUP INC	COM	893641100	724	2,098	SH		DFND		0	0	2,098
TRAVELERS COMPANIES INC	COM	89417E109	370	3,027	SH		DFND		0	0	3,027
TWITTER INC	COM	90184L102	1,209	27,698	SH		DFND		0	0	27,698
UBS AG JERSEY BRH	CMCI ETN 38	902641778	435	27,884	SH		DFND		0	0	27,884
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	371	1,439	SH		DFND		0	0	1,439
UNDER ARMOUR INC	CL A	904311107	309	14,086	SH		DFND		0	0	14,086
UNDER ARMOUR INC	CL C	904311206	377	18,097	SH		DFND		0	0	18,097
UNILEVER N V	N Y SHS NEW	904784709	1,190	21,322	SH		DFND		0	0	21,322
UNILEVER PLC	SPON ADR NEW	904767704	425	7,629	SH		DFND		0	0	7,629
UNION PAC CORP	COM	907818108	1,670	11,777	SH		DFND		0	0	11,777
UNITED BANKSHARES INC WEST V	COM	909907107	566	15,531	SH		DFND		0	0	15,531
UNITED PARCEL SERVICE INC	CL B	911312106	472	4,457	SH		DFND		0	0	4,457
UNITED TECHNOLOGIES CORP	COM	913017109	4,219	33,673	SH		DFND		0	0	33,673
UNITEDHEALTH GROUP INC	COM	91324P102	1,376	5,607	SH		DFND		0	0	5,607
UNIVERSAL DISPLAY CORP	COM	91347P105	533	6,200	SH		DFND		0	0	6,200
USA TECHNOLOGIES INC	COM NO PAR	90328S500	699	49,900	SH		DFND		0	0	49,900
VALERO ENERGY CORP NEW	COM	91913Y100	315	2,850	SH		DFND		0	0	2,850
VALERO ENERGY PARTNERS LP	COM UNT REP LP	91914J102	200	5,276	SH		DFND		0	0	5,276
VANECK VECTORS ETF TR	AMT FREE INT ETF	92189F544	885	37,443	SH		DFND		0	0	37,443
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	928	41,810	SH		DFND		0	0	41,810
VANGUARD BD INDEX FD INC	SHORT TRM BOND	921937827	472	6,031	SH		DFND		0	0	6,031
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	362	4,552	SH		DFND		0	0	4,552
VANGUARD GROUP	DIV APP ETF	921908844	757	7,445	SH		DFND		0	0	7,445
VANGUARD INDEX FDS	GROWTH ETF	922908736	477	3,186	SH		DFND		0	0	3,186
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	216	1,952	SH		DFND		0	0	1,952
VANGUARD INDEX FDS	MID CAP ETF	922908629	978	6,204	SH		DFND		0	0	6,204
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	722	8,834	SH		DFND		0	0	8,834
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	391	1,567	SH		DFND		0	0	1,567
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	249	1,832	SH		DFND		0	0	1,832
VANGUARD INDEX FDS	SML CP GRW ETF	922908595	279	1,585	SH		DFND		0	0	1,585
VANGUARD INDEX FDS	VALUE ETF	922908744	381	3,675	SH		DFND		0	0	3,675
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	734	17,409	SH		DFND		0	0	17,409
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	3,001	53,424	SH		DFND		0	0	53,424
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	521	12,122	SH		DFND		0	0	12,122
VANGUARD WORLD FDS	CONSUM DIS ETF	92204A108	224	1,324	SH		DFND		0	0	1,324
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	394	2,473	SH		DFND		0	0	2,473
VARIAN MED SYS INC	COM	92220P105	249	2,203	SH		DFND		0	0	2,203
VENTAS INC	COM	92276F100	489	8,590	SH		DFND		0	0	8,590
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	31	31,000	PRN		DFND		0	0	31,000
VERISK ANALYTICS INC	COM	92345Y106	727	6,744	SH		DFND		0	0	6,744
VERIZON COMMUNICATIONS INC	COM	92343V104	4,119	81,906	SH		DFND		0	0	81,906
VIAVI SOLUTIONS INC	NOTE 1.000% 3/0	925550AB1	20	20,000	PRN		DFND		0	0	20,000
VISA INC	COM CL A	92826C839	9,220	69,645	SH		DFND		0	0	69,645
VORNADO RLTY TR	SH BEN INT	929042109	311	4,206	SH		DFND		0	0	4,206
VOYA FINL INC	COM	929089100	354	7,500	SH		DFND		0	0	7,500
W P CAREY INC	COM	92936U109	800	11,971	SH		DFND		0	0	11,971
WALGREENS BOOTS ALLIANCE INC	COM	931427108	202	3,367	SH		DFND		0	0	3,367
WALMART INC	COM	931142103	1,065	12,428	SH		DFND		0	0	12,428
WASTE CONNECTIONS INC	COM	94106B101	1,135	15,091	SH		DFND		0	0	15,091
WASTE MGMT INC DEL	COM	94106L109	200	2,470	SH		DFND		0	0	2,470
WATERS CORP	COM	941848103	212	1,101	SH		DFND		0	0	1,101
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	48	48,000	PRN		DFND		0	0	48,000
WEC ENERGY GROUP INC	COM	92939U106	240	3,734	SH		DFND		0	0	3,734
WELLS FARGO CO NEW	COM	949746101	2,499	45,070	SH		DFND		0	0	45,070
WELLTOWER INC	COM	95040Q104	313	5,027	SH		DFND		0	0	5,027
WESTERN ASSET MUN HI INCM FD	COM	95766N103	405	55,713	SH		DFND		0	0	55,713
WEYERHAEUSER CO	COM	962166104	517	14,133	SH		DFND		0	0	14,133
WILLIS TOWERS WATSON PUB LTD	SHS	G96629103	281	1,850	SH		DFND		0	0	1,850
WISDOMTREE INVTS INC	COM	97717P104	434	47,800	SH		DFND		0	0	47,800
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	1,032	21,588	SH		DFND		0	0	21,588
WISDOMTREE TR	EUROPE HEDGED EQ	97717X701	312	4,929	SH		DFND		0	0	4,929
WRIGHT MED GROUP INC	NOTE 2.000% 2/1	98235TAE7	37	36,000	PRN		DFND		0	0	36,000
WSFS FINL CORP	COM	929328102	256	4,800	SH		DFND		0	0	4,800
XENIA HOTELS & RESORTS INC	COM	984017103	817	33,540	SH		DFND		0	0	33,540
YUM BRANDS INC	COM	988498101	658	8,406	SH		DFND		0	0	8,406
YUM CHINA HLDGS INC	COM	98850P109	267	6,981	SH		DFND		0	0	6,981
ZILLOW GROUP INC	NOTE 2.000%12/0	98954MAB7	44	34,000	PRN		DFND		0	0	34,000