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	2,818	14,763	SH		DFND		0	0	14,763
ABBOTT LABS	COM	002824100	3,418	49,210	SH		DFND		0	0	49,210
ABBVIE INC	COM	00287Y109	3,893	43,554	SH		DFND		0	0	43,554
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	5,297	37,699	SH		DFND		0	0	37,699
ACUITY BRANDS INC	COM	00508Y102	219	1,896	SH		DFND		0	0	1,896
ADOBE INC	COM	00724F101	1,260	5,606	SH		DFND		0	0	5,606
AEROJET ROCKETDYNE HLDGS INC	NOTE 2.250%12/1	007800AB1	17	13,000	PRN		DFND		0	0	13,000
AFLAC INC	COM	001055102	270	5,947	SH		DFND		0	0	5,947
AIR PRODS & CHEMS INC	COM	009158106	417	2,601	SH		DFND		0	0	2,601
ALARM COM HLDGS INC	COM	011642105	257	4,937	SH		DFND		0	0	4,937
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	3,236	23,644	SH		DFND		0	0	23,644
ALLEGION PUB LTD CO	ORD SHS	G0176J109	317	3,904	SH		DFND		0	0	3,904
ALLSTATE CORP	COM	020002101	583	7,165	SH		DFND		0	0	7,165
ALPHABET INC	CAP STK CL A	02079K305	10,930	10,355	SH		DFND		0	0	10,355
ALPHABET INC	CAP STK CL C	02079K107	7,829	7,493	SH		DFND		0	0	7,493
ALPS ETF TR	ALERIAN MLP	00162Q866	105	11,770	SH		DFND		0	0	11,770
ALTRIA GROUP INC	COM	02209S103	1,257	25,497	SH		DFND		0	0	25,497
AMAZON COM INC	COM	023135106	22,574	14,668	SH		DFND		0	0	14,668
AMERICAN ELEC PWR INC	COM	025537101	203	2,812	SH		DFND		0	0	2,812
AMERICAN EXPRESS CO	COM	025816109	1,836	19,199	SH		DFND		0	0	19,199
AMERICAN TOWER CORP NEW	COM	03027X100	5,080	32,382	SH		DFND		0	0	32,382
AMGEN INC	COM	031162100	1,702	8,867	SH		DFND		0	0	8,867
AMPHENOL CORP NEW	CL A	032095101	629	7,864	SH		DFND		0	0	7,864
ANADARKO PETE CORP	COM	032511107	251	5,631	SH		DFND		0	0	5,631
ANTARES PHARMA INC	COM	036642106	781	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	783	3,067	SH		DFND		0	0	3,067
APPLE INC	COM	037833100	23,923	151,427	SH		DFND		0	0	151,427
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	389	22,100	SH		DFND		0	0	22,100
ARGENX SE	SPONSORED ADR	04016X101	217	2,200	SH		DFND		0	0	2,200
ARQULE INC	COM	04269E107	30	10,500	SH		DFND		0	0	10,500
ASTRONICS CORP	COM	046433108	481	15,678	SH		DFND		0	0	15,678
AT&T INC	COM	00206R102	2,550	86,258	SH		DFND		0	0	86,258
ATLAS AIR WORLDWIDE HLDGS IN	NOTE 2.250% 6/0	049164BH8	32	32,000	PRN		DFND		0	0	32,000
AUTOMATIC DATA PROCESSING IN	COM	053015103	756	5,805	SH		DFND		0	0	5,805
AVALONBAY CMNTYS INC	COM	053484101	563	3,323	SH		DFND		0	0	3,323
AVERY DENNISON CORP	COM	053611109	289	3,214	SH		DFND		0	0	3,214
BAIDU INC	SPON ADR REP A	056752108	1,124	6,926	SH		DFND		0	0	6,926
BANK AMER CORP	COM	060505104	2,010	80,653	SH		DFND		0	0	80,653
BANK NEW YORK MELLON CORP	COM	064058100	536	11,219	SH		DFND		0	0	11,219
BAXTER INTL INC	COM	071813109	267	4,102	SH		DFND		0	0	4,102
BB&T CORP	COM	054937107	575	12,969	SH		DFND		0	0	12,969
BBX CAP CORP NEW	CL A	05491N104	88	15,337	SH		DFND		0	0	15,337
BECTON DICKINSON & CO	COM	075887109	515	2,344	SH		DFND		0	0	2,344
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	304	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	9,464	46,707	SH		DFND		0	0	46,707
BEST BUY INC	COM	086516101	386	7,193	SH		DFND		0	0	7,193
BIOMARIN PHARMACEUTICAL INC	NOTE 0.599% 8/0	09061GAH4	34	34,000	PRN		DFND		0	0	34,000
BLACKSTONE GROUP L P	COM UNIT LTD	09253U108	549	18,292	SH		DFND		0	0	18,292
BOEING CO	COM	097023105	1,566	4,838	SH		DFND		0	0	4,838
BOOKING HLDGS INC	COM	09857L108	1,289	750	SH		DFND		0	0	750
BP PLC	SPONSORED ADR	055622104	536	13,902	SH		DFND		0	0	13,902
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	987	8,939	SH		DFND		0	0	8,939
BRISTOL MYERS SQUIBB CO	COM	110122108	1,198	22,890	SH		DFND		0	0	22,890
BROADCOM INC	COM	11135F101	450	1,776	SH		DFND		0	0	1,776
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	742	19,548	SH		DFND		0	0	19,548
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	824	23,609	SH		DFND		0	0	23,609
CANADIAN NATL RY CO	COM	136375102	569	7,705	SH		DFND		0	0	7,705
CARMAX INC	COM	143130102	654	10,413	SH		DFND		0	0	10,413
CATERPILLAR INC DEL	COM	149123101	1,221	9,669	SH		DFND		0	0	9,669
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	202	4,259	SH		DFND		0	0	4,259
CHEVRON CORP NEW	COM	166764100	2,607	23,523	SH		DFND		0	0	23,523
CHUBB LIMITED	COM	H1467J104	410	3,226	SH		DFND		0	0	3,226
CIGNA CORP NEW	COM	125523100	1,443	7,715	SH		DFND		0	0	7,715
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	800	26,236	SH		DFND		0	0	26,236
CISCO SYS INC	COM	17275R102	4,576	106,684	SH		DFND		0	0	106,684
CITIGROUP INC	COM NEW	172967424	223	4,092	SH		DFND		0	0	4,092
CITRIX SYS INC	NOTE 0.500% 4/1	177376AD2	38	26,000	PRN		DFND		0	0	26,000
CLOROX CO DEL	COM	189054109	698	4,637	SH		DFND		0	0	4,637
COCA COLA CO	COM	191216100	2,118	45,125	SH		DFND		0	0	45,125
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	796	12,689	SH		DFND		0	0	12,689
COLGATE PALMOLIVE CO	COM	194162103	760	12,852	SH		DFND		0	0	12,852
COMCAST CORP NEW	CL A	20030N101	958	27,837	SH		DFND		0	0	27,837
CONOCOPHILLIPS	COM	20825C104	729	11,503	SH		DFND		0	0	11,503
CORNING INC	COM	219350105	202	6,763	SH		DFND		0	0	6,763
COSTCO WHSL CORP NEW	COM	22160K105	2,351	11,510	SH		DFND		0	0	11,510
CROWN CASTLE INTL CORP NEW	COM	22822V101	854	8,067	SH		DFND		0	0	8,067
CSX CORP	COM	126408103	328	5,275	SH		DFND		0	0	5,275
CUMMINS INC	COM	231021106	209	1,568	SH		DFND		0	0	1,568
CVS HEALTH CORP	COM	126650100	5,588	85,154	SH		DFND		0	0	85,154
CYPRESS SEMICONDUCTOR CORP	NOTE 4.500% 1/1	232806AM1	13	12,000	PRN		DFND		0	0	12,000
DANAHER CORP DEL	COM	235851102	3,562	35,466	SH		DFND		0	0	35,466
DANAHER CORP DEL	DBCV 1/2	235851AF9	75	19,000	PRN		DFND		0	0	19,000
DAVITA INC	COM	23918K108	242	4,678	SH		DFND		0	0	4,678
DEERE & CO	COM	244199105	1,423	9,622	SH		DFND		0	0	9,622
DELTA AIR LINES INC DEL	COM NEW	247361702	427	8,501	SH		DFND		0	0	8,501
DIAGEO P L C	SPON ADR NEW	25243Q205	947	6,781	SH		DFND		0	0	6,781
DIREXION SHS ETF TR	ALL CP INSIDER	25459Y769	218	6,400	SH		DFND		0	0	6,400
DISH NETWORK CORP	NOTE 3.375% 8/1	25470MAB5	34	43,000	PRN		DFND		0	0	43,000
DISNEY WALT CO	COM DISNEY	254687106	4,102	37,606	SH		DFND		0	0	37,606
DOLLAR TREE INC	COM	256746108	519	5,711	SH		DFND		0	0	5,711
DOMINION ENERGY INC	COM	25746U109	1,270	17,820	SH		DFND		0	0	17,820
DOWDUPONT INC	COM	26078J100	2,415	44,403	SH		DFND		0	0	44,403
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,762	20,808	SH		DFND		0	0	20,808
EASTERLY GOVT PPTYS INC	COM	27616P103	311	20,362	SH		DFND		0	0	20,362
EATON CORP PLC	SHS	G29183103	473	6,881	SH		DFND		0	0	6,881
EATON VANCE TAX MNGD GBL DV	COM	27829F108	94	12,340	SH		DFND		0	0	12,340
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	106	10,245	SH		DFND		0	0	10,245
ECLIPSE RES CORP	COM	27890G100	26	25,000	SH		DFND		0	0	25,000
ECOLAB INC	COM	278865100	858	5,925	SH		DFND		0	0	5,925
EDWARDS LIFESCIENCES CORP	COM	28176E108	704	4,713	SH		DFND		0	0	4,713
EMERSON ELEC CO	COM	291011104	1,037	17,320	SH		DFND		0	0	17,320
ENBRIDGE INC	COM	29250N105	1,883	59,658	SH		DFND		0	0	59,658
ENERGY TRANSFER LP	COM UT LTD PTN	29273V100	183	13,836	SH		DFND		0	0	13,836
ENSCO JERSEY FIN LTD	NOTE 3.000% 1/3	29359WAB1	26	39,000	PRN		DFND		0	0	39,000
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,619	64,891	SH		DFND		0	0	64,891
EQUIFAX INC	COM	294429105	3,173	34,099	SH		DFND		0	0	34,099
EVERBRIDGE INC	COM	29978A104	468	8,525	SH		DFND		0	0	8,525
EVERSOURCE ENERGY	COM	30040W108	344	5,391	SH		DFND		0	0	5,391
EXACT SCIENCES CORP	DBCV 1.000% 1/1	30063PAA3	33	31,000	PRN		DFND		0	0	31,000
EXELIXIS INC	COM	30161Q104	399	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	513	11,645	SH		DFND		0	0	11,645
EXXON MOBIL CORP	COM	30231G102	6,214	89,115	SH		DFND		0	0	89,115
FACEBOOK INC	CL A	30303M102	4,331	31,950	SH		DFND		0	0	31,950
FAIR ISAAC CORP	COM	303250104	361	1,950	SH		DFND		0	0	1,950
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	179	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	1,785	17,608	SH		DFND		0	0	17,608
FIRST HORIZON NATL CORP	COM	320517105	174	13,039	SH		DFND		0	0	13,039
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	1,931	15,553	SH		DFND		0	0	15,553
FIRST TR EXCHANGE TRADED FD	SENIOR LN FD	33738D309	348	7,604	SH		DFND		0	0	7,604
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	1,336	74,204	SH		DFND		0	0	74,204
FLOWSERVE CORP	COM	34354P105	217	5,700	SH		DFND		0	0	5,700
FORD MTR CO DEL	COM PAR $0.01	345370860	387	48,893	SH		DFND		0	0	48,893
FORTIVE CORP	COM	34959J108	1,436	21,421	SH		DFND		0	0	21,421
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	51	12,960	SH		DFND		0	0	12,960
GAMESTOP CORP NEW	CL A	36467W109	287	22,003	SH		DFND		0	0	22,003
GENERAL DYNAMICS CORP	COM	369550108	2,583	16,418	SH		DFND		0	0	16,418
GENERAL ELECTRIC CO	COM	369604103	624	77,928	SH		DFND		0	0	77,928
GENERAL MLS INC	COM	370334104	266	6,908	SH		DFND		0	0	6,908
GILEAD SCIENCES INC	COM	375558103	1,451	22,855	SH		DFND		0	0	22,855
GLOBAL PMTS INC	COM	37940X102	201	1,966	SH		DFND		0	0	1,966
GOLDMAN SACHS GROUP INC	COM	38141G104	240	1,398	SH		DFND		0	0	1,398
GOLUB CAP BDC INC	COM	38173M102	728	43,735	SH		DFND		0	0	43,735
GRAINGER W W INC	COM	384802104	237	854	SH		DFND		0	0	854
GUIDEWIRE SOFTWARE INC	COM	40171V100	251	3,197	SH		DFND		0	0	3,197
HAMILTON BANCORP INC MD	COM	407015106	139	10,000	SH		DFND		0	0	10,000
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	185	11,424	SH		DFND		0	0	11,424
HD SUPPLY HLDGS INC	COM	40416M105	1,269	34,409	SH		DFND		0	0	34,409
HEICO CORP NEW	COM	422806109	320	4,217	SH		DFND		0	0	4,217
HELIX ENERGY SOLUTIONS GRP I	NOTE 4.250% 5/0	42330PAH0	32	32,000	PRN		DFND		0	0	32,000
HOME DEPOT INC	COM	437076102	2,896	16,830	SH		DFND		0	0	16,830
HONEYWELL INTL INC	COM	438516106	879	6,653	SH		DFND		0	0	6,653
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	193	16,900	SH		DFND		0	0	16,900
HP INC	COM	40434L105	250	12,010	SH		DFND		0	0	12,010
ICON PLC	SHS	G4705A100	920	7,200	SH		DFND		0	0	7,200
ILLINOIS TOOL WKS INC	COM	452308109	339	2,663	SH		DFND		0	0	2,663
ILLUMINA INC	NOTE 0.500% 6/1	452327AH2	40	31,000	PRN		DFND		0	0	31,000
INGERSOLL-RAND PLC	SHS	G47791101	759	8,278	SH		DFND		0	0	8,278
INPHI CORP	NOTE 1.125%12/0	45772FAB3	22	22,000	PRN		DFND		0	0	22,000
INTEL CORP	COM	458140100	6,429	136,493	SH		DFND		0	0	136,493
INTERCEPT PHARMACEUTICALS IN	NOTE 3.250% 7/0	45845PAA6	12	12,000	PRN		DFND		0	0	12,000
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,743	32,484	SH		DFND		0	0	32,484
INTERNATIONAL FLAVORS&FRAGRA	COM	459506101	265	1,970	SH		DFND		0	0	1,970
INTUIT	COM	461202103	1,296	6,664	SH		DFND		0	0	6,664
INTUITIVE SURGICAL INC	COM NEW	46120E602	3,487	7,476	SH		DFND		0	0	7,476
INVESCO EXCHANGE TRADED FD T	DWA MOMENTUM	46137V837	221	4,591	SH		DFND		0	0	4,591
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	46137V357	5,392	59,007	SH		DFND		0	0	59,007
INVESCO EXCHNG TRADED FD TR	PFD ETF	46138E511	167	12,215	SH		DFND		0	0	12,215
INVESCO EXCHNG TRADED FD TR	S&P500 LOW VOL	46138E354	273	5,946	SH		DFND		0	0	5,946
INVESCO QQQ TR	UNIT SER 1	46090E103	2,067	13,392	SH		DFND		0	0	13,392
IONIS PHARMACEUTICALS INC	COM	462222100	330	6,151	SH		DFND		0	0	6,151
ISHARES GOLD TRUST	ISHARES	464285105	482	39,170	SH		DFND		0	0	39,170
ISHARES INC	CORE MSCI EMKT	46434G103	3,228	68,219	SH		DFND		0	0	68,219
ISHARES INC	MSCI PAC JP ETF	464286665	331	8,200	SH		DFND		0	0	8,200
ISHARES TR	20 YR TR BD ETF	464287432	1,339	10,981	SH		DFND		0	0	10,981
ISHARES TR	3 7 YR TREAS BD	464288661	331	2,702	SH		DFND		0	0	2,702
ISHARES TR	CORE HIGH DV ETF	46429B663	1,179	13,995	SH		DFND		0	0	13,995
ISHARES TR	CORE MSCI TOTAL	46432F834	2,867	54,791	SH		DFND		0	0	54,791
ISHARES TR	CORE S&P MCP ETF	464287507	4,150	25,012	SH		DFND		0	0	25,012
ISHARES TR	CORE S&P SCP ETF	464287804	4,459	63,913	SH		DFND		0	0	63,913
ISHARES TR	CORE S&P500 ETF	464287200	11,477	45,587	SH		DFND		0	0	45,587
ISHARES TR	CORE US AGGBD ET	464287226	1,929	18,088	SH		DFND		0	0	18,088
ISHARES TR	EAFE SML CP ETF	464288273	466	8,937	SH		DFND		0	0	8,937
ISHARES TR	FLTG RATE NT ETF	46429B655	612	12,200	SH		DFND		0	0	12,200
ISHARES TR	IBOXX INV CP ETF	464287242	395	3,481	SH		DFND		0	0	3,481
ISHARES TR	INTRM GOV CR ETF	464288612	335	3,102	SH		DFND		0	0	3,102
ISHARES TR	MSCI ACWI EX US	464288240	637	15,233	SH		DFND		0	0	15,233
ISHARES TR	MSCI EAFE ETF	464287465	659	11,272	SH		DFND		0	0	11,272
ISHARES TR	MSCI EMG MKT ETF	464287234	1,821	46,386	SH		DFND		0	0	46,386
ISHARES TR	NASDAQ BIOTECH	464287556	364	3,735	SH		DFND		0	0	3,735
ISHARES TR	NATIONAL MUN ETF	464288414	887	8,128	SH		DFND		0	0	8,128
ISHARES TR	RUS 1000 ETF	464287622	558	4,025	SH		DFND		0	0	4,025
ISHARES TR	RUS 1000 GRW ETF	464287614	636	4,874	SH		DFND		0	0	4,874
ISHARES TR	RUS 1000 VAL ETF	464287598	3,354	30,237	SH		DFND		0	0	30,237
ISHARES TR	RUS 2000 GRW ETF	464287648	2,038	12,099	SH		DFND		0	0	12,099
ISHARES TR	RUS 2000 VAL ETF	464287630	1,772	16,358	SH		DFND		0	0	16,358
ISHARES TR	RUS MDCP VAL ETF	464287473	1,105	14,502	SH		DFND		0	0	14,502
ISHARES TR	RUS MID CAP ETF	464287499	289	6,246	SH		DFND		0	0	6,246
ISHARES TR	RUSSELL 2000 ETF	464287655	630	4,691	SH		DFND		0	0	4,691
ISHARES TR	S&P MC 400GR ETF	464287606	1,014	5,351	SH		DFND		0	0	5,351
ISHARES TR	S&P MC 400VL ETF	464287705	552	3,989	SH		DFND		0	0	3,989
ISHARES TR	S&P SML 600 GWT	464287887	397	2,473	SH		DFND		0	0	2,473
ISHARES TR	SELECT DIVID ETF	464287168	5,201	58,422	SH		DFND		0	0	58,422
ISHARES TR	SH TR CRPORT ETF	464288646	296	5,725	SH		DFND		0	0	5,725
ISHARES TR	SHRT NAT MUN ETF	464288158	913	8,679	SH		DFND		0	0	8,679
ISHARES TR	TIPS BD ETF	464287176	751	6,837	SH		DFND		0	0	6,837
ISHARES TR	U.S. UTILITS ETF	464287697	280	2,133	SH		DFND		0	0	2,133
ISHARES TR	US HLTHCARE ETF	464287762	362	2,019	SH		DFND		0	0	2,019
ISHARES TR	USD INV GRDE ETF	464288620	311	5,866	SH		DFND		0	0	5,866
ISIS PHARMACEUTICALS INC DEL	NOTE 1.000%11/1	464337AJ3	15	15,000	PRN		DFND		0	0	15,000
JACOBS ENGR GROUP INC DEL	COM	469814107	524	8,963	SH		DFND		0	0	8,963
JOHNSON & JOHNSON	COM	478160104	9,865	77,192	SH		DFND		0	0	77,192
JPMORGAN CHASE & CO	COM	46625H100	7,109	71,559	SH		DFND		0	0	71,559
KANSAS CITY SOUTHERN	COM NEW	485170302	200	2,078	SH		DFND		0	0	2,078
KAYNE ANDERSN MLP MIDS INVT	COM	486606106	162	11,430	SH		DFND		0	0	11,430
KIMBERLY CLARK CORP	COM	494368103	385	3,448	SH		DFND		0	0	3,448
KINDER MORGAN INC DEL	COM	49456B101	735	46,464	SH		DFND		0	0	46,464
KINSALE CAP GROUP INC	COM	49714P108	499	8,968	SH		DFND		0	0	8,968
KKR & CO INC	CL A	48251W104	309	15,635	SH		DFND		0	0	15,635
KRAFT HEINZ CO	COM	500754106	332	7,689	SH		DFND		0	0	7,689
LAUDER ESTEE COS INC	CL A	518439104	314	2,395	SH		DFND		0	0	2,395
LENDINGTREE INC NEW	NOTE 0.625% 6/0	52603BAA5	17	13,000	PRN		DFND		0	0	13,000
LIBERTY MEDIA CORP DELAWARE	NOTE 1.375%10/1	531229AB8	33	32,000	PRN		DFND		0	0	32,000
LILLY ELI & CO	COM	532457108	1,110	9,676	SH		DFND		0	0	9,676
LOCKHEED MARTIN CORP	COM	539830109	435	1,640	SH		DFND		0	0	1,640
LOWES COS INC	COM	548661107	787	8,507	SH		DFND		0	0	8,507
LUMENTUM HLDGS INC	NOTE 0.250% 3/1	55024UAB5	29	29,000	PRN		DFND		0	0	29,000
M & T BK CORP	COM	55261F104	899	6,212	SH		DFND		0	0	6,212
MACQUARIE INFRASTRUCTURE COR	NOTE 2.875% 7/1	55608BAA3	29	29,000	PRN		DFND		0	0	29,000
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	374	6,603	SH		DFND		0	0	6,603
MARKEL CORP	COM	570535104	692	678	SH		DFND		0	0	678
MARRIOTT INTL INC NEW	CL A	571903202	731	6,809	SH		DFND		0	0	6,809
MARRIOTT VACATIONS WRLDWDE C	NOTE 1.500% 9/1	57164YAB3	19	20,000	PRN		DFND		0	0	20,000
MARSH & MCLENNAN COS INC	COM	571748102	214	2,704	SH		DFND		0	0	2,704
MARTEN TRANS LTD	COM	573075108	246	15,000	SH		DFND		0	0	15,000
MASIMO CORP	COM	574795100	705	6,681	SH		DFND		0	0	6,681
MASTERCARD INCORPORATED	CL A	57636Q104	18,850	99,379	SH		DFND		0	0	99,379
MCCORMICK & CO INC	COM NON VTG	579780206	3,096	22,826	SH		DFND		0	0	22,826
MCDONALDS CORP	COM	580135101	1,712	9,707	SH		DFND		0	0	9,707
MCKESSON CORP	COM	58155Q103	304	2,694	SH		DFND		0	0	2,694
MEDICINES CO	NOTE 2.750% 7/1	584688AG0	10	15,000	PRN		DFND		0	0	15,000
MEDIDATA SOLUTIONS INC	COM	58471A105	423	6,400	SH		DFND		0	0	6,400
MEDTRONIC PLC	SHS	G5960L103	472	5,377	SH		DFND		0	0	5,377
MELCO RESORT ENTERTAINMENT L	ADR	585464100	335	18,000	SH		DFND		0	0	18,000
MERCK & CO INC	COM	58933Y105	7,632	100,923	SH		DFND		0	0	100,923
METLIFE INC	COM	59156R108	3,085	74,002	SH		DFND		0	0	74,002
MICROCHIP TECHNOLOGY INC	COM	595017104	541	7,572	SH		DFND		0	0	7,572
MICROCHIP TECHNOLOGY INC	NOTE 1.625% 2/1	595017AD6	46	33,000	PRN		DFND		0	0	33,000
MICROSOFT CORP	COM	594918104	17,283	170,960	SH		DFND		0	0	170,960
MINERVA NEUROSCIENCES INC	COM	603380106	75	10,950	SH		DFND		0	0	10,950
MOLINA HEALTHCARE INC	NOTE 1.125% 1/1	60855RAC4	52	18,000	PRN		DFND		0	0	18,000
MONDELEZ INTL INC	CL A	609207105	1,223	30,563	SH		DFND		0	0	30,563
MORGAN STANLEY	COM NEW	617446448	286	7,103	SH		DFND		0	0	7,103
MOTOROLA SOLUTIONS INC	COM NEW	620076307	222	1,927	SH		DFND		0	0	1,927
NETAPP INC	COM	64110D104	374	6,221	SH		DFND		0	0	6,221
NETFLIX INC	COM	64110L106	1,175	4,388	SH		DFND		0	0	4,388
NEUROCRINE BIOSCIENCES INC	NOTE 2.250% 5/1	64125CAD1	31	26,000	PRN		DFND		0	0	26,000
NEW YORK TIMES CO	CL A	650111107	787	36,000	SH		DFND		0	0	36,000
NEXTERA ENERGY INC	COM	65339F101	1,060	6,232	SH		DFND		0	0	6,232
NICE SYS INC	NOTE 1.250% 1/1	65366HAB9	41	31,000	PRN		DFND		0	0	31,000
NIKE INC	CL B	654106103	797	10,755	SH		DFND		0	0	10,755
NORFOLK SOUTHERN CORP	COM	655844108	438	2,930	SH		DFND		0	0	2,930
NOVARTIS A G	SPONSORED ADR	66987V109	320	3,802	SH		DFND		0	0	3,802
NUSTAR ENERGY LP	UNIT COM	67058H102	235	10,969	SH		DFND		0	0	10,969
NUVASIVE INC	NOTE 2.250% 3/1	670704AG0	32	32,000	PRN		DFND		0	0	32,000
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	163	13,587	SH		DFND		0	0	13,587
NXP SEMICONDUCTORS N V	COM	N6596X109	409	5,438	SH		DFND		0	0	5,438
NYMOX PHARMACEUTICAL CORP	COM	P73398102	44	28,000	SH		DFND		0	0	28,000
OAKTREE SPECIALTY LENDING CO	COM	67401P108	119	27,579	SH		DFND		0	0	27,579
OASIS PETE INC NEW	NOTE 2.625% 9/1	674215AJ7	37	41,000	PRN		DFND		0	0	41,000
OCCIDENTAL PETE CORP DEL	COM	674599105	258	4,199	SH		DFND		0	0	4,199
ON SEMICONDUCTOR CORP	NOTE 1.000%12/0	682189AK1	30	29,000	PRN		DFND		0	0	29,000
ONEOK INC NEW	COM	682680103	832	15,356	SH		DFND		0	0	15,356
ORACLE CORP	COM	68389X105	384	8,398	SH		DFND		0	0	8,398
PACIRA PHARMACEUTICALS INC	NOTE 2.375% 4/0	695127AD2	20	20,000	PRN		DFND		0	0	20,000
PALO ALTO NETWORKS INC	COM	697435105	891	4,863	SH		DFND		0	0	4,863
PAYPAL HLDGS INC	COM	70450Y103	8,552	99,665	SH		DFND		0	0	99,665
PEPSICO INC	COM	713448108	5,079	46,410	SH		DFND		0	0	46,410
PFIZER INC	COM	717081103	3,831	88,545	SH		DFND		0	0	88,545
PHILIP MORRIS INTL INC	COM	718172109	939	13,971	SH		DFND		0	0	13,971
PHILLIPS 66	COM	718546104	2,400	27,287	SH		DFND		0	0	27,287
PNC FINL SVCS GROUP INC	COM	693475105	1,227	10,299	SH		DFND		0	0	10,299
PPG INDS INC	COM	693506107	312	3,058	SH		DFND		0	0	3,058
PREMIER INC	CL A	74051N102	236	6,347	SH		DFND		0	0	6,347
PRICE T ROWE GROUP INC	COM	74144T108	2,544	27,725	SH		DFND		0	0	27,725
PRICELINE GRP INC	NOTE 0.350% 6/1	741503AS5	46	34,000	PRN		DFND		0	0	34,000
PROCTER AND GAMBLE CO	COM	742718109	6,563	71,916	SH		DFND		0	0	71,916
PROOFPOINT INC	COM	743424103	500	6,040	SH		DFND		0	0	6,040
PUBLIC SVC ENTERPRISE GROUP	COM	744573106	265	5,215	SH		DFND		0	0	5,215
QUALCOMM INC	COM	747525103	5,459	95,263	SH		DFND		0	0	95,263
REALTY INCOME CORP	COM	756109104	287	4,637	SH		DFND		0	0	4,637
RED HAT INC	NOTE 0.250%10/0	756577AD4	82	35,000	PRN		DFND		0	0	35,000
REGENERON PHARMACEUTICALS	COM	75886F107	843	2,269	SH		DFND		0	0	2,269
REGIONS FINL CORP NEW	COM	7591EP100	224	16,341	SH		DFND		0	0	16,341
RITE AID CORP	COM	767754104	9	10,955	SH		DFND		0	0	10,955
ROPER TECHNOLOGIES INC	COM	776696106	347	1,297	SH		DFND		0	0	1,297
S&P GLOBAL INC	COM	78409V104	595	3,509	SH		DFND		0	0	3,509
SALESFORCE COM INC	COM	79466L302	4,410	32,520	SH		DFND		0	0	32,520
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	125	16,400	SH		DFND		0	0	16,400
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	789	4,910	SH		DFND		0	0	4,910
SCHLUMBERGER LTD	COM	806857108	631	16,895	SH		DFND		0	0	16,895
SCHWAB CHARLES CORP NEW	COM	808513105	7,598	182,820	SH		DFND		0	0	182,820
SCHWAB STRATEGIC TR	US BRD MKT ETF	808524102	534	8,900	SH		DFND		0	0	8,900
SCHWAB STRATEGIC TR	US LCAP VA ETF	808524409	495	10,025	SH		DFND		0	0	10,025
SELECT SECTOR SPDR TR	ENERGY	81369Y506	246	4,230	SH		DFND		0	0	4,230
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	208	6,876	SH		DFND		0	0	6,876
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	263	3,086	SH		DFND		0	0	3,086
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	451	18,795	SH		DFND		0	0	18,795
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	546	8,789	SH		DFND		0	0	8,789
SERVICENOW INC	NOTE 6/0	81762PAC6	34	24,000	PRN		DFND		0	0	24,000
SIERRA ONCOLOGY INC	COM	82640U107	16	12,400	SH		DFND		0	0	12,400
SILICON LABORATORIES INC	NOTE 1.375% 3/0	826919AB8	13	13,000	PRN		DFND		0	0	13,000
SIRIUS XM HLDGS INC	COM	82968B103	86	14,513	SH		DFND		0	0	14,513
SNAP INC	CL A	83304A106	234	40,500	SH		DFND		0	0	40,500
SOUTHERN CO	COM	842587107	316	7,244	SH		DFND		0	0	7,244
SPDR GOLD TRUST	GOLD SHS	78463V107	444	3,672	SH		DFND		0	0	3,672
SPDR S&P 500 ETF TR	TR UNIT	78462F103	5,481	21,913	SH		DFND		0	0	21,913
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	564	1,867	SH		DFND		0	0	1,867
SPDR SERIES TRUST	PORTFOLIO SHORT	78464A474	2,602	86,072	SH		DFND		0	0	86,072
SPDR SERIES TRUST	S&P 600 SMCP VAL	78464A300	294	5,400	SH		DFND		0	0	5,400
SPDR SERIES TRUST	S&P BIOTECH	78464A870	488	6,685	SH		DFND		0	0	6,685
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,175	13,227	SH		DFND		0	0	13,227
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	231	25,000	SH		DFND		0	0	25,000
SQUARE INC	CL A	852234103	858	15,000	SH		DFND		0	0	15,000
STARBUCKS CORP	COM	855244109	5,042	78,340	SH		DFND		0	0	78,340
STRYKER CORP	COM	863667101	2,097	13,571	SH		DFND		0	0	13,571
SUNCOR ENERGY INC NEW	COM	867224107	397	14,019	SH		DFND		0	0	14,019
SUNTRUST BKS INC	COM	867914103	687	13,267	SH		DFND		0	0	13,267
SYSCO CORP	COM	871829107	430	6,947	SH		DFND		0	0	6,947
TARGET CORP	COM	87612E106	255	3,811	SH		DFND		0	0	3,811
TELADOC HEALTH INC	NOTE 3.000%12/1	87918AAB1	33	24,000	PRN		DFND		0	0	24,000
TEXAS INSTRS INC	COM	882508104	315	3,339	SH		DFND		0	0	3,339
THERMO FISHER SCIENTIFIC INC	COM	883556102	499	2,271	SH		DFND		0	0	2,271
TJX COS INC NEW	COM	872540109	356	7,968	SH		DFND		0	0	7,968
TRANSDIGM GROUP INC	COM	893641100	716	2,113	SH		DFND		0	0	2,113
TRANSOCEAN INC	DEB 0.500% 1/3	893830BJ7	13	13,000	PRN		DFND		0	0	13,000
TRAVELERS COMPANIES INC	COM	89417E109	358	3,040	SH		DFND		0	0	3,040
TWITTER INC	COM	90184L102	1,078	37,448	SH		DFND		0	0	37,448
UBS AG JERSEY BRH	CMCI ETN 38	902641778	347	25,759	SH		DFND		0	0	25,759
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	307	1,261	SH		DFND		0	0	1,261
UNDER ARMOUR INC	CL A	904311107	259	14,382	SH		DFND		0	0	14,382
UNDER ARMOUR INC	CL C	904311206	243	14,734	SH		DFND		0	0	14,734
UNILEVER N V	N Y SHS NEW	904784709	1,164	21,806	SH		DFND		0	0	21,806
UNILEVER PLC	SPON ADR NEW	904767704	384	7,403	SH		DFND		0	0	7,403
UNION PAC CORP	COM	907818108	1,525	11,045	SH		DFND		0	0	11,045
UNITED PARCEL SERVICE INC	CL B	911312106	468	4,826	SH		DFND		0	0	4,826
UNITED TECHNOLOGIES CORP	COM	913017109	4,065	37,568	SH		DFND		0	0	37,568
UNITEDHEALTH GROUP INC	COM	91324P102	1,455	5,964	SH		DFND		0	0	5,964
VALERO ENERGY CORP NEW	COM	91913Y100	220	2,915	SH		DFND		0	0	2,915
VALERO ENERGY PARTNERS LP	COM UNT REP LP	91914J102	223	5,276	SH		DFND		0	0	5,276
VANECK VECTORS ETF TR	AMT FREE INT ETF	92189H201	662	13,862	SH		DFND		0	0	13,862
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	878	41,510	SH		DFND		0	0	41,510
VANGUARD BD INDEX FD INC	SHORT TRM BOND	921937827	445	5,656	SH		DFND		0	0	5,656
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	357	4,495	SH		DFND		0	0	4,495
VANGUARD GROUP	DIV APP ETF	921908844	750	7,719	SH		DFND		0	0	7,719
VANGUARD INDEX FDS	GROWTH ETF	922908736	2,226	16,576	SH		DFND		0	0	16,576
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	220	2,302	SH		DFND		0	0	2,302
VANGUARD INDEX FDS	MID CAP ETF	922908629	918	6,679	SH		DFND		0	0	6,679
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	660	9,054	SH		DFND		0	0	9,054
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	209	910	SH		DFND		0	0	910
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	457	4,019	SH		DFND		0	0	4,019
VANGUARD INDEX FDS	SML CP GRW ETF	922908595	912	6,091	SH		DFND		0	0	6,091
VANGUARD INDEX FDS	VALUE ETF	922908744	359	3,675	SH		DFND		0	0	3,675
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	730	19,041	SH		DFND		0	0	19,041
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	267	5,534	SH		DFND		0	0	5,534
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	1,165	31,464	SH		DFND		0	0	31,464
VANGUARD WORLD FDS	CONSUM DIS ETF	92204A108	201	1,326	SH		DFND		0	0	1,326
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	456	2,865	SH		DFND		0	0	2,865
VARIAN MED SYS INC	COM	92220P105	222	1,973	SH		DFND		0	0	1,973
VENTAS INC	COM	92276F100	417	7,321	SH		DFND		0	0	7,321
VERINT SYS INC	NOTE 1.500% 6/0	92343XAA8	28	28,000	PRN		DFND		0	0	28,000
VERISK ANALYTICS INC	COM	92345Y106	730	6,731	SH		DFND		0	0	6,731
VERIZON COMMUNICATIONS INC	COM	92343V104	4,412	78,767	SH		DFND		0	0	78,767
VIAVI SOLUTIONS INC	NOTE 1.000% 3/0	925550AB1	18	18,000	PRN		DFND		0	0	18,000
VISA INC	COM CL A	92826C839	9,946	74,786	SH		DFND		0	0	74,786
VORNADO RLTY TR	SH BEN INT	929042109	236	3,906	SH		DFND		0	0	3,906
VOYA FINL INC	COM	929089100	380	9,500	SH		DFND		0	0	9,500
W P CAREY INC	COM	92936U109	778	12,093	SH		DFND		0	0	12,093
WALGREENS BOOTS ALLIANCE INC	COM	931427108	263	3,873	SH		DFND		0	0	3,873
WALMART INC	COM	931142103	1,113	11,935	SH		DFND		0	0	11,935
WASTE CONNECTIONS INC	COM	94106B101	1,153	15,647	SH		DFND		0	0	15,647
WASTE MGMT INC DEL	COM	94106L109	324	3,637	SH		DFND		0	0	3,637
WATERS CORP	COM	941848103	203	1,101	SH		DFND		0	0	1,101
WEATHERFORD INTL LTD	NOTE 5.875% 7/0	947075AH0	29	44,000	PRN		DFND		0	0	44,000
WEC ENERGY GROUP INC	COM	92939U106	266	3,948	SH		DFND		0	0	3,948
WELLS FARGO CO NEW	COM	949746101	1,370	29,247	SH		DFND		0	0	29,247
WELLTOWER INC	COM	95040Q104	439	6,491	SH		DFND		0	0	6,491
WEST PHARMACEUTICAL SVSC INC	COM	955306105	622	6,440	SH		DFND		0	0	6,440
WESTERN ASSET MUN HI INCM FD	COM	95766N103	279	39,503	SH		DFND		0	0	39,503
WESTERN DIGITAL CORP	COM	958102105	242	6,358	SH		DFND		0	0	6,358
WEYERHAEUSER CO	COM	962166104	281	13,047	SH		DFND		0	0	13,047
WILLIS TOWERS WATSON PUB LTD	SHS	G96629103	271	1,812	SH		DFND		0	0	1,812
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	594	14,029	SH		DFND		0	0	14,029
WORKDAY INC	NOTE 0.250%10/0	98138HAF8	41	32,000	PRN		DFND		0	0	32,000
WRIGHT MED GROUP INC	NOTE 2.000% 2/1	98235TAE7	33	33,000	PRN		DFND		0	0	33,000
XENIA HOTELS & RESORTS INC	COM	984017103	534	31,826	SH		DFND		0	0	31,826
YUM BRANDS INC	COM	988498101	759	8,281	SH		DFND		0	0	8,281
YUM CHINA HLDGS INC	COM	98850P109	240	6,981	SH		DFND		0	0	6,981
ZEBRA TECHNOLOGIES CORP	CL A	989207105	291	1,860	SH		DFND		0	0	1,860
ZILLOW GROUP INC	NOTE 2.000%12/0	98954MAB7	31	31,000	PRN		DFND		0	0	31,000