ACM

Aviance Capital Management Portfolio holdings

AUM $668M

2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

-0.42%

1 Year Return

+6.48%

3 Year Return

+21.99%

5 Year Return

+29.93%

10 Year Return

–

AUM

$182M

AUM Growth

–

Cap. Flow

+$182M

Cap. Flow % of AUM

100%

Top 10 Holdings % Top 10 Hldgs %

27.15%

Holding

227

New

227

Increased

–

Reduced

–

Closed

–

Top Buys

1	MINC AdvisorShares Newfleet Multi-Sector Income ETF MINC	$6.9M
2	Alerian MLP ETF AMLP	$6.14M
3	SPDR Bloomberg High Yield Bond ETF JNK	$5.83M
4	iShares iBoxx $ Investment Grade Corporate Bond ETF LQD	$5.74M
5	AWF AllianceBernstein Global High Income Fund AWF	$5.71M

Top Sells

No sells this quarter

Sector Composition

1	Energy	8.7%
2	Communication Services	8.53%
3	Healthcare	7.25%
4	Industrials	6.99%
5	Technology	6.87%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	MINC 1 DELISTED AdvisorShares Newfleet Multi-Sector Income ETF MINC	$6.9M	3.8%	+140,731	New	+$6.9M
2	2 Alerian MLP ETF AMLP $10.7B	$6.14M	3.38%	+343,991	New	+$6.14M
3	3 SPDR Bloomberg High Yield Bond ETF JNK $8.1B	$5.83M	3.21%	+147,607	New	+$5.83M
4	4 iShares iBoxx $ Investment Grade Corporate Bond ETF LQD $29.5B	$5.74M	3.15%	+50,486	New	+$5.74M
5	AWF 5 AllianceBernstein Global High Income Fund AWF $973M	$5.71M	3.14%	+380,065	New	+$5.71M
6	6 iShares iBoxx $ High Yield Corporate Bond ETF HYG $17.8B	$4.93M	2.71%	+54,267	New	+$4.93M
7	7 Verizon VZ $186B	$4.12M	2.26%	+81,825	New	+$4.12M
8	8 AT&T T $209B	$3.67M	2.02%	+103,798	New	+$3.67M
9	BSJF 9 DELISTED GUGGENGEIM BULLETSHARES 2015 HIGH YIELD CORPORATE BOND ETF BSJF	$3.27M	1.8%	+124,603	New	+$3.27M
10	10 Industrial Select Sector SPDR Fund XLI $23.3B	$3.06M	1.68%	+71,743	New	+$3.06M
11	11 Philip Morris PM $260B	$2.55M	1.4%	+29,431	New	+$2.55M
12	12 AbbVie ABBV $372B	$2.47M	1.36%	+59,837	New	+$2.47M
13	LINE 13 DELISTED LINN ENERGY LLC COM UTS REP LTD LIABILITY CO INTS LINE	$2.43M	1.34%	+73,245	New	+$2.43M
14	14 Intel INTC $107B	$2.39M	1.31%	+98,689	New	+$2.39M
15	15 National Grid NGG $70B	$2.32M	1.27%	+40,888	New	+$2.32M
16	16 McDonald's MCD $224B	$2.3M	1.26%	+23,218	New	+$2.3M
17	ULQ 17 DELISTED CLAYMORE US CAPITAL MARKETS MICRO-TERM FIXED INCOME ETF ULQ	$2.27M	1.25%	+45,326	New	+$2.27M
18	18 Chevron CVX $324B	$2.21M	1.22%	+18,703	New	+$2.21M
19	19 Lockheed Martin LMT $106B	$2.19M	1.2%	+20,167	New	+$2.19M
20	20 Merck MRK $210B	$2.18M	1.2%	+46,856	New	+$2.18M
21	21 Microsoft MSFT $3.77T	$2.1M	1.16%	+60,882	New	+$2.1M
22	ETP 22 DELISTED Energy Transfer Partners L.p. ETP	$2.1M	1.16%	+41,563	New	+$2.1M
23	23 Pfizer PFE $141B	$2.1M	1.15%	+74,845	New	+$2.1M
24	TLS 24 DELISTED TELSTRA CRP LTD ADS(RP 5 ORD) TLS	$2.05M	1.13%	+93,754	New	+$2.05M
25	25 Cisco CSCO $274B	$2M	1.1%	+82,288	New	+$2M