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	615	3,746	SH		DFND		0	0	3,746
ABBOTT LABS	COM	002824100	2,559	30,562	SH		DFND		0	0	30,562
ABBVIE INC	COM	00287Y109	3,074	40,568	SH		DFND		0	0	40,568
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	5,474	28,467	SH		DFND		0	0	28,467
ADOBE INC	COM	00724F101	398	1,435	SH		DFND		0	0	1,435
AIR PRODS & CHEMS INC	COM	009158106	288	1,293	SH		DFND		0	0	1,293
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	3,812	22,787	SH		DFND		0	0	22,787
ALLSTATE CORP	COM	020002101	483	4,438	SH		DFND		0	0	4,438
ALPHABET INC	CAP STK CL A	02079K305	7,159	5,864	SH		DFND		0	0	5,864
ALPHABET INC	CAP STK CL C	02079K107	5,487	4,501	SH		DFND		0	0	4,501
ALTRIA GROUP INC	COM	02209S103	543	13,340	SH		DFND		0	0	13,340
AMAZON COM INC	COM	023135106	19,087	10,992	SH		DFND		0	0	10,992
AMERICAN EXPRESS CO	COM	025816109	1,190	10,063	SH		DFND		0	0	10,063
AMERICAN TOWER CORP NEW	COM	03027X100	2,136	9,665	SH		DFND		0	0	9,665
AMGEN INC	COM	031162100	1,189	6,140	SH		DFND		0	0	6,140
AMPHENOL CORP NEW	CL A	032095101	233	2,423	SH		DFND		0	0	2,423
ANTARES PHARMA INC	COM	036642106	920	275,000	SH		DFND		0	0	275,000
ANTHEM INC	COM	036752103	351	1,461	SH		DFND		0	0	1,461
APPLE INC	COM	037833100	24,091	107,552	SH		DFND		0	0	107,552
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	495	18,500	SH		DFND		0	0	18,500
AT&T INC	COM	00206R102	1,888	49,824	SH		DFND		0	0	49,824
AUTODESK INC	COM	052769106	500	3,377	SH		DFND		0	0	3,377
AUTOHOME INC	SP ADR RP CL A	05278C107	203	2,444	SH		DFND		0	0	2,444
AUTOMATIC DATA PROCESSING IN	COM	053015103	465	2,886	SH		DFND		0	0	2,886
AVALONBAY CMNTYS INC	COM	053484101	621	2,888	SH		DFND		0	0	2,888
BANK AMER CORP	COM	060505104	1,761	60,328	SH		DFND		0	0	60,328
BB&T CORP	COM	054937107	304	5,703	SH		DFND		0	0	5,703
BECTON DICKINSON & CO	COM	075887109	549	2,169	SH		DFND		0	0	2,169
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	312	1	SH		DFND		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	2,701	12,990	SH		DFND		0	0	12,990
BLACKSTONE GROUP INC	COM CL A	09260D107	1,018	20,816	SH		DFND		0	0	20,816
BOEING CO	COM	097023105	1,317	3,462	SH		DFND		0	0	3,462
BOOKING HLDGS INC	COM	09857L108	349	177	SH		DFND		0	0	177
BP PLC	SPONSORED ADR	055622104	316	8,342	SH		DFND		0	0	8,342
BRISTOL MYERS SQUIBB CO	COM	110122108	1,515	29,921	SH		DFND		0	0	29,921
BROADCOM INC	COM	11135F101	866	3,128	SH		DFND		0	0	3,128
CANADIAN NATL RY CO	COM	136375102	643	7,157	SH		DFND		0	0	7,157
CATERPILLAR INC DEL	COM	149123101	418	3,306	SH		DFND		0	0	3,306
CHEVRON CORP NEW	COM	166764100	1,220	10,261	SH		DFND		0	0	10,261
CHUBB LIMITED	COM	H1467J104	247	1,526	SH		DFND		0	0	1,526
CIGNA CORP NEW	COM	125523100	592	3,897	SH		DFND		0	0	3,897
CINCINNATI BELL INC NEW	PFD CV DEP1/20	171871403	922	28,538	SH		DFND		0	0	28,538
CISCO SYS INC	COM	17275R102	4,097	82,957	SH		DFND		0	0	82,957
COCA COLA CO	COM	191216100	1,458	26,803	SH		DFND		0	0	26,803
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	469	7,781	SH		DFND		0	0	7,781
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	210	7,650	SH		DFND		0	0	7,650
COHEN & STEERS QUALITY RLTY	COM	19247L106	240	15,091	SH		DFND		0	0	15,091
COLGATE PALMOLIVE CO	COM	194162103	245	3,309	SH		DFND		0	0	3,309
COMCAST CORP NEW	CL A	20030N101	858	19,031	SH		DFND		0	0	19,031
CONOCOPHILLIPS	COM	20825C104	672	11,803	SH		DFND		0	0	11,803
COSTCO WHSL CORP NEW	COM	22160K105	1,491	5,171	SH		DFND		0	0	5,171
CVS HEALTH CORP	COM	126650100	7,813	123,895	SH		DFND		0	0	123,895
DANAHER CORPORATION	COM	235851102	1,283	8,867	SH		DFND		0	0	8,867
DEERE & CO	COM	244199105	643	3,812	SH		DFND		0	0	3,812
DELTA AIR LINES INC DEL	COM NEW	247361702	235	4,046	SH		DFND		0	0	4,046
DIAGEO P L C	SPON ADR NEW	25243Q205	664	4,063	SH		DFND		0	0	4,063
DISNEY WALT CO	COM DISNEY	254687106	4,301	33,017	SH		DFND		0	0	33,017
DOMINION ENERGY INC	COM	25746U109	1,104	13,616	SH		DFND		0	0	13,616
DOW INC	COM	260557103	620	13,040	SH		DFND		0	0	13,040
DUKE ENERGY CORP NEW	COM NEW	26441C204	659	6,891	SH		DFND		0	0	6,891
DUPONT DE NEMOURS INC	COM	26614N102	531	7,415	SH		DFND		0	0	7,415
EASTERLY GOVT PPTYS INC	COM	27616P103	475	22,295	SH		DFND		0	0	22,295
EATON VANCE TAX MNGD GBL DV	COM	27829F108	91	11,140	SH		DFND		0	0	11,140
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	122	10,245	SH		DFND		0	0	10,245
ECOLAB INC	COM	278865100	1,130	5,704	SH		DFND		0	0	5,704
EDWARDS LIFESCIENCES CORP	COM	28176E108	360	1,640	SH		DFND		0	0	1,640
EMERSON ELEC CO	COM	291011104	788	11,779	SH		DFND		0	0	11,779
ENBRIDGE INC	COM	29250N105	2,041	58,162	SH		DFND		0	0	58,162
ENTERPRISE PRODS PARTNERS L	COM	293792107	493	17,284	SH		DFND		0	0	17,284
EQUIFAX INC	COM	294429105	4,762	33,859	SH		DFND		0	0	33,859
EVERSOURCE ENERGY	COM	30040W108	206	2,416	SH		DFND		0	0	2,416
EXELIXIS INC	COM	30161Q104	354	20,000	SH		DFND		0	0	20,000
EXELON CORP	COM	30161N101	213	4,374	SH		DFND		0	0	4,374
EXXON MOBIL CORP	COM	30231G102	2,699	38,237	SH		DFND		0	0	38,237
FACEBOOK INC	CL A	30303M102	4,139	23,223	SH		DFND		0	0	23,223
FIAT CHRYSLER AUTOMOBILES N	SHS	N31738102	162	12,500	SH		DFND		0	0	12,500
FIDELITY NATL INFORMATION SV	COM	31620M106	2,330	17,548	SH		DFND		0	0	17,548
FIRST HORIZON NATL CORP	COM	320517105	211	13,039	SH		DFND		0	0	13,039
FIRST TR EXCHANGE TRADED FD	NY ARCA BIOTECH	33733E203	1,865	15,028	SH		DFND		0	0	15,028
FIRST TR EXCHANGE TRADED FD	SENIOR LN FD	33738D309	302	6,380	SH		DFND		0	0	6,380
FIRST TR EXCHANGE-TRADED FD	PFD SECS INC ETF	33739E108	2,011	101,938	SH		DFND		0	0	101,938
FORD MTR CO DEL	COM	345370860	434	47,325	SH		DFND		0	0	47,325
FORTIVE CORP	COM	34959J108	222	3,244	SH		DFND		0	0	3,244
GAMCO GLOBAL GOLD NAT RES &	COM SH BEN INT	36465A109	56	12,960	SH		DFND		0	0	12,960
GAMESTOP CORP NEW	CL A	36467W109	140	25,103	SH		DFND		0	0	25,103
GENERAL DYNAMICS CORP	COM	369550108	1,802	9,853	SH		DFND		0	0	9,853
GENERAL ELECTRIC CO	COM	369604103	464	52,068	SH		DFND		0	0	52,068
GENERAL MLS INC	COM	370334104	208	3,751	SH		DFND		0	0	3,751
GILEAD SCIENCES INC	COM	375558103	1,456	22,972	SH		DFND		0	0	22,972
GOLUB CAP BDC INC	COM	38173M102	721	38,187	SH		DFND		0	0	38,187
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	268	13,380	SH		DFND		0	0	13,380
HD SUPPLY HLDGS INC	COM	40416M105	1,165	29,659	SH		DFND		0	0	29,659
HOME DEPOT INC	COM	437076102	2,570	11,086	SH		DFND		0	0	11,086
HONEYWELL INTL INC	COM	438516106	523	3,098	SH		DFND		0	0	3,098
HORIZON TECHNOLOGY FIN CORP	COM	44045A102	203	17,100	SH		DFND		0	0	17,100
ICON PLC	SHS	G4705A100	1,061	7,200	SH		DFND		0	0	7,200
INGERSOLL-RAND PLC	SHS	G47791101	407	3,308	SH		DFND		0	0	3,308
INTEL CORP	COM	458140100	5,595	108,600	SH		DFND		0	0	108,600
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,766	19,031	SH		DFND		0	0	19,031
INTUIT	COM	461202103	1,640	6,167	SH		DFND		0	0	6,167
INTUITIVE SURGICAL INC	COM NEW	46120E602	4,021	7,453	SH		DFND		0	0	7,453
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	46137V357	5,511	50,990	SH		DFND		0	0	50,990
INVESCO QQQ TR	UNIT SER 1	46090E103	741	3,922	SH		DFND		0	0	3,922
IONIS PHARMACEUTICALS INC	COM	462222100	288	4,800	SH		DFND		0	0	4,800
ISHARES GOLD TRUST	ISHARES	464285105	494	35,095	SH		DFND		0	0	35,095
ISHARES INC	CORE MSCI EMKT	46434G103	1,163	23,779	SH		DFND		0	0	23,779
ISHARES INC	MSCI EM ASIA ETF	464286426	645	10,121	SH		DFND		0	0	10,121
ISHARES TR	20 YR TR BD ETF	464287432	640	4,485	SH		DFND		0	0	4,485
ISHARES TR	BARCLAYS 7 10 YR	464287440	696	6,193	SH		DFND		0	0	6,193
ISHARES TR	CORE MSCI TOTAL	46432F834	822	14,245	SH		DFND		0	0	14,245
ISHARES TR	CORE S&P MCP ETF	464287507	1,597	8,254	SH		DFND		0	0	8,254
ISHARES TR	CORE S&P SCP ETF	464287804	1,710	21,951	SH		DFND		0	0	21,951
ISHARES TR	CORE S&P500 ETF	464287200	4,579	15,342	SH		DFND		0	0	15,342
ISHARES TR	CORE US AGGBD ET	464287226	491	4,353	SH		DFND		0	0	4,353
ISHARES TR	FLTG RATE NT ETF	46429B655	645	12,622	SH		DFND		0	0	12,622
ISHARES TR	MSCI ACWI EX US	464288240	887	19,262	SH		DFND		0	0	19,262
ISHARES TR	MSCI EAFE ETF	464287465	563	8,642	SH		DFND		0	0	8,642
ISHARES TR	MSCI EMG MKT ETF	464287234	1,234	30,190	SH		DFND		0	0	30,190
ISHARES TR	RUS 1000 ETF	464287622	833	5,061	SH		DFND		0	0	5,061
ISHARES TR	RUS 1000 GRW ETF	464287614	443	2,777	SH		DFND		0	0	2,777
ISHARES TR	RUS 1000 VAL ETF	464287598	1,923	14,990	SH		DFND		0	0	14,990
ISHARES TR	RUS 2000 GRW ETF	464287648	782	4,064	SH		DFND		0	0	4,064
ISHARES TR	RUS 2000 VAL ETF	464287630	855	7,158	SH		DFND		0	0	7,158
ISHARES TR	RUS MID CAP ETF	464287499	210	3,754	SH		DFND		0	0	3,754
ISHARES TR	SELECT DIVID ETF	464287168	1,556	15,261	SH		DFND		0	0	15,261
ISHARES TR	SHRT NAT MUN ETF	464288158	625	5,866	SH		DFND		0	0	5,866
ISHARES TR	TIPS BD ETF	464287176	434	3,736	SH		DFND		0	0	3,736
ISHARES TR	U.S. UTILITS ETF	464287697	342	2,100	SH		DFND		0	0	2,100
JACOBS ENGR GROUP INC	COM	469814107	740	8,073	SH		DFND		0	0	8,073
JOHNSON & JOHNSON	COM	478160104	2,994	23,123	SH		DFND		0	0	23,123
JPMORGAN CHASE & CO	COM	46625H100	11,140	94,620	SH		DFND		0	0	94,620
KIMBERLY CLARK CORP	COM	494368103	377	2,651	SH		DFND		0	0	2,651
KINDER MORGAN INC DEL	COM	49456B101	571	27,730	SH		DFND		0	0	27,730
LILLY ELI & CO	COM	532457108	405	3,612	SH		DFND		0	0	3,612
LOWES COS INC	COM	548661107	349	3,184	SH		DFND		0	0	3,184
M & T BK CORP	COM	55261F104	588	3,715	SH		DFND		0	0	3,715
MARTEN TRANS LTD	COM	573075108	312	15,000	SH		DFND		0	0	15,000
MASIMO CORP	COM	574795100	1,444	9,702	SH		DFND		0	0	9,702
MASTERCARD INC	CL A	57636Q104	12,682	46,695	SH		DFND		0	0	46,695
MCCORMICK & CO INC	COM NON VTG	579780206	2,255	14,426	SH		DFND		0	0	14,426
MCDONALDS CORP	COM	580135101	1,258	5,860	SH		DFND		0	0	5,860
MEDIDATA SOLUTIONS INC	COM	58471A105	477	5,216	SH		DFND		0	0	5,216
MEDTRONIC PLC	SHS	G5960L103	482	4,439	SH		DFND		0	0	4,439
MERCK & CO INC	COM	58933Y105	4,398	52,252	SH		DFND		0	0	52,252
METLIFE INC	COM	59156R108	3,796	80,468	SH		DFND		0	0	80,468
MICROSOFT CORP	COM	594918104	14,095	101,322	SH		DFND		0	0	101,322
MONDELEZ INTL INC	CL A	609207105	394	7,170	SH		DFND		0	0	7,170
NETFLIX INC	COM	64110L106	349	1,304	SH		DFND		0	0	1,304
NEXTERA ENERGY INC	COM	65339F101	581	2,500	SH		DFND		0	0	2,500
NIKE INC	CL B	654106103	266	2,846	SH		DFND		0	0	2,846
NORFOLK SOUTHERN CORP	COM	655844108	242	1,350	SH		DFND		0	0	1,350
NORTHROP GRUMMAN CORP	COM	666807102	587	1,563	SH		DFND		0	0	1,563
NOVARTIS A G	SPONSORED ADR	66987V109	227	2,588	SH		DFND		0	0	2,588
NUSTAR ENERGY LP	UNIT COM	67058H102	341	12,013	SH		DFND		0	0	12,013
NUVEEN AMT FREE QLTY MUN INC	COM	670657105	190	13,374	SH		DFND		0	0	13,374
NUVEEN MARYLAND QLT MUN INC	COM	67061Q107	248	18,610	SH		DFND		0	0	18,610
NXP SEMICONDUCTORS N V	COM	N6596X109	268	2,461	SH		DFND		0	0	2,461
NYMOX PHARMACEUTICAL CORP	COM	P73398102	51	28,000	SH		DFND		0	0	28,000
OAKTREE SPECIALTY LENDING CO	COM	67401P108	88	17,029	SH		DFND		0	0	17,029
ONEOK INC NEW	COM	682680103	1,417	19,238	SH		DFND		0	0	19,238
PAYPAL HLDGS INC	COM	70450Y103	6,938	66,994	SH		DFND		0	0	66,994
PEPSICO INC	COM	713448108	1,123	8,191	SH		DFND		0	0	8,191
PFIZER INC	COM	717081103	1,903	53,011	SH		DFND		0	0	53,011
PHILIP MORRIS INTL INC	COM	718172109	424	5,593	SH		DFND		0	0	5,593
PHILLIPS 66	COM	718546104	3,158	30,857	SH		DFND		0	0	30,857
PNC FINL SVCS GROUP INC	COM	693475105	733	5,241	SH		DFND		0	0	5,241
PRICE T ROWE GROUP INC	COM	74144T108	988	8,660	SH		DFND		0	0	8,660
PROCTER & GAMBLE CO	COM	742718109	4,854	39,005	SH		DFND		0	0	39,005
QUALCOMM INC	COM	747525103	5,734	75,156	SH		DFND		0	0	75,156
REGENERON PHARMACEUTICALS	COM	75886F107	619	2,234	SH		DFND		0	0	2,234
ROPER TECHNOLOGIES INC	COM	776696106	567	1,587	SH		DFND		0	0	1,587
SALESFORCE COM INC	COM	79466L302	2,008	13,515	SH		DFND		0	0	13,515
SALIENT MIDSTREAM & MLP FD	SH BEN INT	79471V105	109	13,700	SH		DFND		0	0	13,700
SELECT SECTOR SPDR TR	ENERGY	81369Y506	234	3,941	SH		DFND		0	0	3,941
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	250	2,772	SH		DFND		0	0	2,772
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	411	14,705	SH		DFND		0	0	14,705
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	523	6,515	SH		DFND		0	0	6,515
SOUTHERN CO	COM	842587107	245	3,954	SH		DFND		0	0	3,954
SPDR GOLD TRUST	GOLD SHS	78463V107	493	3,551	SH		DFND		0	0	3,551
SPDR S&P 500 ETF TR	TR UNIT	78462F103	4,452	15,002	SH		DFND		0	0	15,002
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	552	1,567	SH		DFND		0	0	1,567
SPDR SERIES TRUST	PORTFOLIO SHORT	78464A474	595	19,311	SH		DFND		0	0	19,311
SPDR SERIES TRUST	S&P 600 SMCP VAL	78464A300	291	4,743	SH		DFND		0	0	4,743
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,527	14,889	SH		DFND		0	0	14,889
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	207	25,000	SH		DFND		0	0	25,000
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	556	6,760	SH		DFND		0	0	6,760
STARBUCKS CORP	COM	855244109	4,168	47,159	SH		DFND		0	0	47,159
STRYKER CORP	COM	863667101	1,668	7,708	SH		DFND		0	0	7,708
SUNTRUST BKS INC	COM	867914103	938	13,656	SH		DFND		0	0	13,656
SYSCO CORP	COM	871829107	476	5,985	SH		DFND		0	0	5,985
TELEFLEX INC	COM	879369106	289	850	SH		DFND		0	0	850
TEXAS INSTRS INC	COM	882508104	602	4,672	SH		DFND		0	0	4,672
THE CHARLES SCHWAB CORPORATI	COM	808513105	5,450	130,299	SH		DFND		0	0	130,299
TRAVELERS COMPANIES INC	COM	89417E109	255	1,712	SH		DFND		0	0	1,712
TWITTER INC	COM	90184L102	979	23,788	SH		DFND		0	0	23,788
UBS AG JERSEY BRH	CMCI ETN 38	902641778	171	12,154	SH		DFND		0	0	12,154
UNILEVER N V	N Y SHS NEW	904784709	358	5,944	SH		DFND		0	0	5,944
UNILEVER PLC	SPON ADR NEW	904767704	236	3,943	SH		DFND		0	0	3,943
UNION PACIFIC CORP	COM	907818108	1,349	8,323	SH		DFND		0	0	8,323
UNITED PARCEL SERVICE INC	CL B	911312106	295	2,464	SH		DFND		0	0	2,464
UNITED RENTALS INC	COM	911363109	295	2,369	SH		DFND		0	0	2,369
UNITED TECHNOLOGIES CORP	COM	913017109	5,609	41,049	SH		DFND		0	0	41,049
UNITEDHEALTH GROUP INC	COM	91324P102	643	2,953	SH		DFND		0	0	2,953
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	1,396	52,302	SH		DFND		0	0	52,302
VANGUARD BD INDEX FD INC	SHORT TRM BOND	921937827	431	5,341	SH		DFND		0	0	5,341
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	614	7,287	SH		DFND		0	0	7,287
VANGUARD GROUP	DIV APP ETF	921908844	561	4,699	SH		DFND		0	0	4,699
VANGUARD INDEX FDS	GROWTH ETF	922908736	481	2,894	SH		DFND		0	0	2,894
VANGUARD INDEX FDS	MCAP VL IDXVIP	922908512	227	2,000	SH		DFND		0	0	2,000
VANGUARD INDEX FDS	MID CAP ETF	922908629	1,012	6,040	SH		DFND		0	0	6,040
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	411	4,409	SH		DFND		0	0	4,409
VANGUARD INDEX FDS	SML CP GRW ETF	922908595	294	1,605	SH		DFND		0	0	1,605
VANGUARD INDEX FDS	VALUE ETF	922908744	376	3,375	SH		DFND		0	0	3,375
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	317	7,930	SH		DFND		0	0	7,930
VANGUARD WORLD FDS	CONSUM DIS ETF	92204A108	238	1,326	SH		DFND		0	0	1,326
VENTAS INC	COM	92276F100	461	6,310	SH		DFND		0	0	6,310
VERIZON COMMUNICATIONS INC	COM	92343V104	2,011	33,334	SH		DFND		0	0	33,334
VISA INC	COM CL A	92826C839	7,966	46,332	SH		DFND		0	0	46,332
VOYA FINL INC	COM	929089100	720	13,254	SH		DFND		0	0	13,254
W P CAREY INC	COM	92936U109	266	2,969	SH		DFND		0	0	2,969
WALMART INC	COM	931142103	745	6,271	SH		DFND		0	0	6,271
WASTE MGMT INC DEL	COM	94106L109	340	2,944	SH		DFND		0	0	2,944
WEC ENERGY GROUP INC	COM	92939U106	208	2,192	SH		DFND		0	0	2,192
WELLS FARGO CO NEW	COM	949746101	484	9,612	SH		DFND		0	0	9,612
WILLIS TOWERS WATSON PUB LTD	SHS	G96629103	350	1,812	SH		DFND		0	0	1,812
XENIA HOTELS & RESORTS INC	COM	984017103	630	29,826	SH		DFND		0	0	29,826
YUM BRANDS INC	COM	988498101	830	7,331	SH		DFND		0	0	7,331
YUM CHINA HLDGS INC	COM	98850P109	247	5,431	SH		DFND		0	0	5,431