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Institutional Investment Manager
ROWLAND CARMICHAEL ADVISORS INC /ADV
ROWLAND CARMICHAEL ADVISORS INC /ADV (CIK: 0000825052). Institutional holdings reported to the SEC.

Institutional Holdings (2016Q1)
Portfolio Summary: 213 holdings with a total value of $108,337,000.
#
Name
Shares
Value ($)
%
Options
Notes
151 ISHARES TR 2,545 115,000 0.11%
152 VANGUARD INDEX FDS 983 110,000 0.10%
153 VANGUARD INTL EQUITY INDEX F 2,250 109,000 0.10%
154 VANGUARD INDEX FDS 872 106,000 0.10%
155 FIRST TRUST EXCH TRADED FUND 2 INDLS PROD DUR ETF 3,359 93,000 0.09%
156 ISHARES TR 795 89,000 0.08%
157 ISHARES TR 1,483 85,000 0.08%
158 PIMCO 15 PLUS YEAR U.S. TIPS INDEX EXCHANGE-TRADED FUND 1,200 80,000 0.07%
159 SELECT SECTOR SPDR TR 1,136 77,000 0.07%
160 ISHARES TR 530 77,000 0.07%
161 ISHARES TR CONSER ALLOC ETF 2,383 77,000 0.07%
162 PROSHARES TR 1,217 76,000 0.07%
163 ISHARES TR 367 76,000 0.07%
164 SPROTT PHYSICAL SILVER TR 11,861 74,000 0.07%
165 SELECT SECTOR SPDR TR 1,148 71,000 0.07%
166 SELECT SECTOR SPDR TR 1,455 65,000 0.06%
167 ISHARES TR 698 59,000 0.05%
168 FIRST TRUST EXCH TRADED FUND 2 FINLS ALPHADEX ETF 2,585 58,000 0.05%
169 SPDR SER TR 672 54,000 0.05%
170 FIRST TR EXCHANGE TRADED FD 890 50,000 0.05%
171 ISHARES TR 738 49,000 0.05%
172 ISHARES RUSSELL 2000 GROWTH ETF 363 48,000 0.04%
173 VANGUARD INDEX FDS 445 45,000 0.04%
174 SELECT SECTOR SPDR TR 825 44,000 0.04%
175 SCHWAB US DIVIDEND EQUITY ETF 985 39,000 0.04%
176 ISHARES 20 YEAR TREASURY BOND ETF 291 38,000 0.04%
177 DBX ETF TR 1,473 38,000 0.04%
178 FIRST TRUST EXCH TRADED FUND 2 MATERIALS ALPH ETF 1,148 35,000 0.03%
179 VANGUARD BD INDEX FDS 425 34,000 0.03%
180 ISHARES TR 289 33,000 0.03%
181 ISHARES TR 910 32,000 0.03%
182 SCHWAB U.S. LARGE-CAP ETF 660 32,000 0.03%
183 SPDR SERIES TRUST 752 30,000 0.03%
184 ISHARES RUSSELL 2000 VALUE ETF 319 30,000 0.03%
185 ISHARES RUSSELL 3000 ETF 250 30,000 0.03%
186 ISHARES TR 100 26,000 0.02%
187 VANGUARD INDEX FDS 272 22,000 0.02%
188 ISHARES TR 193 21,000 0.02%
189 SPDR SER TR 400 20,000 0.02%
190 ALPS ETF TR 523 20,000 0.02%
191 SPDR PORTFOLIO AGGREGATE BOND ETF 343 20,000 0.02%
192 SPDR SERIES TRUST 420 19,000 0.02%
193 FIRST TRUST EXCH TRADED FUND 2 CONSUMR STAPLE ETF 389 18,000 0.02%
194 DBX ETF TRUST MSCI JAPAN CURRENCY 536 18,000 0.02%
195 VANGUARD INDEX FDS 195 16,000 0.01%
196 ISHARES TR 102 15,000 0.01%
197 ISHARES TR 106 10,000 0.01%
198 PROSHARES TR 235 9,000 0.01%
199 VANGUARD INDEX FDS 68 7,000 0.01%
200 VANGUARD INDEX FDS 84 7,000 0.01%
Page 4 of 5

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001398344-20-002484, filed 2020.02.10).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.