GFG

Gray Financial Group Portfolio holdings

AUM $257M

2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4

This Quarter Return

+4.74%

1 Year Return

+11.6%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$291M

AUM Growth

–

Cap. Flow

+$291M

Cap. Flow % of AUM

100%

Top 10 Holdings % Top 10 Hldgs %

95.89%

Holding

New

Increased

–

Reduced

–

Closed

–

Top Buys

1	iShares Select Dividend ETF DVY	$80.1M
2	SPDR S&P Dividend ETF SDY	$73.2M
3	iShares International Select Dividend ETF IDV	$35.1M
4	WisdomTree Trust WisdomTree US Quality Dividend Growth Fund DGRW	$29.7M
5	iShares Core Dividend Growth ETF DGRO	$29.7M

Top Sells

No sells this quarter

Sector Composition

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	1 iShares Select Dividend ETF DVY $20.8B	$80.1M	27.52%	+1,008,487	New	+$80.1M
2	2 SPDR S&P Dividend ETF SDY $20.6B	$73.2M	25.14%	+928,422	New	+$73.2M
3	3 iShares International Select Dividend ETF IDV $5.77B	$35.1M	12.05%	+1,040,930	New	+$35.1M
4	4 WisdomTree Trust WisdomTree US Quality Dividend Growth Fund DGRW $16.3B	$29.7M	10.21%	+955,661	New	+$29.7M
5	5 iShares Core Dividend Growth ETF DGRO $33.7B	$29.7M	10.2%	+1,118,818	New	+$29.7M
6	6 iShares Russell 2000 ETF IWM $67B	$10.5M	3.6%	+87,632	New	+$10.5M
7	7 iShares Russell Top 200 Growth ETF IWY $14.8B	$8.03M	2.76%	+159,234	New	+$8.03M
8	8 iShares Russell Top 200 Value ETF IWX $2.81B	$5.73M	1.97%	+128,732	New	+$5.73M
9	9 iShares MSCI ACWI ex US ETF ACWX $6.63B	$3.85M	1.32%	+89,589	New	+$3.85M
10	10 iShares Russell Mid-Cap Value ETF IWS $14.1B	$3.22M	1.11%	+43,625	New	+$3.22M
11	11 iShares Russell Mid-Cap Growth ETF IWP $20.5B	$3.18M	1.09%	+34,142	New	+$3.18M
12	12 Vanguard Real Estate ETF VNQ $34.6B	$2.5M	0.86%	+30,813	New	+$2.5M
13	13 iShares Russell 2000 Growth ETF IWO $12.4B	$2.12M	0.73%	+14,904	New	+$2.12M
14	14 iShares Russell 2000 Value ETF IWN $11.8B	$2.11M	0.73%	+20,747	New	+$2.11M
15	15 SPDR S&P 500 ETF Trust SPY $658B	$795K	0.27%	+3,869	New	+$795K
16	16 iShares Russell Mid-Cap ETF IWR $44.4B	$554K	0.19%	+3,317	New	+$554K
17	17 SPDR Portfolio Developed World ex-US ETF SPDW $29.1B	$378K	0.13%	+14,066	New	+$378K
18	18 SPDR Portfolio Emerging Markets ETF SPEM $13.1B	$319K	0.11%	+5,078	New	+$319K
19	19 Invesco Zacks Multi-Asset Income ETF CVY $118M	$1K	﹤0.01%	+36	New	+$1K