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Institutional Investment Manager
Avalon Investment & Advisory
Avalon Investment & Advisory (CIK: 0001221362) incorporated in Delaware, located at 2929 Allen Parkway, Houston, TX. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q2)
Portfolio Summary: 282 holdings with a total value of $2,586,420,000.
#
Name
Shares
Value ($)
%
Options
Notes
251 SELECT SECTOR SPDR TRUST THE F 15,881 363,000 0.01%
252 HCP INC 9,925 351,000 0.01%
253 EQT MIDSTREAM PARTNERS 4,374 351,000 0.01%
254 PROSHARES TR PSHS ULSHRUS2000 10,000 348,000 0.01%
255 TALLGRASS ENERGY GP LP SHS CLASS A 14,959 338,000 0.01%
256 Mercadolibre 2,323 327,000 0.01%
257 GENERAL GROWTH 10,961 327,000 0.01%
258 Banco Macro SA Sp ADR B 4,358 323,000 0.01%
259 Tenaris SA ADR 11,095 320,000 0.01%
260 YPF SOCIEDAD ANONIMA 15,549 299,000 0.01%
261 Paypal Holdings Inc 7,796 285,000 0.01%
262 Enlink Midstream Partners LP 17,145 285,000 0.01%
263 AMERICAN ELEC PWR INC 3,830 268,000 0.01%
264 TERNIUM SA 13,729 262,000 0.01%
265 Valero Energy Partners LP 5,527 260,000 0.01%
266 SUNTRUST BKS INC 6,318 260,000 0.01%
267 EQT GP Holdings LP 9,858 251,000 0.01%
268 OASIS PETE INC NEW 25,000 233,000 0.01%
269 WILLIAMS PARTNERS L P NEW 6,433 223,000 0.01%
270 Oneok Partners LP 5,546 222,000 0.01%
271 BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 12,646 221,000 0.01%
272 Powershares QQQ Trust 2,024 218,000 0.01%
273 YUM BRANDS INC 2,628 218,000 0.01%
274 ABBOTT LABS 5,308 209,000 0.01%
275 MAIN STREET CAPITAL CORP 6,259 206,000 0.01%
276 TRANSMONTAIGNE PARTNERSLP 4,912 202,000 0.01%
277 MOBILE TELESYSTEMS PJSC 20,573 170,000 0.01%
278 ITAU CORPBANCA 11,884 152,000 0.01%
279 ECLIPSE RESOURCES CORPORATION 20,000 67,000 0.00%
280 MEMORIAL PRODTN PARTNERS LP 35,000 66,000 0.00%
281 Mizuho Financial Group Inc 14,630 42,000 0.00%
282 BASIC ENERGY SERVICES INC 10,000 17,000 0.00%
Page 6 of 6

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001221362-16-000019, filed 2016.08.15).

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.