Arbor Wealth Management, LLC Last Quarter Change: USA ETF, Reduced

Arbor Wealth Management, LLC quarter change: USA ETF, Reduced

In exchange-traded fund shares (known by the fund name on the filing) (listed in the US), from the quarter ended 2016-06-30 to 2016-09-30, Arbor Wealth Management, LLC opened 2 positions, added to 3, reduced 4, sold out of 0 and left 2 unchanged. The largest increase in value was VANECK VECTORS HIGH YIELD MUN ETF (+$2,087,000); the largest decrease was SCHZ (-$110,000).

SCHZ: Country of operation —; Class US AGGREGATE B; Shares 2016-06-30 73,882; Shares 2016-09-30 72,588.
CWB: Country of operation —; Class BRC CNV SECS ETF; Shares 2016-06-30 79,737; Shares 2016-09-30 77,397.
MDYV: Country of operation —; Class S&P 400 MDCP VAL; Shares 2016-06-30 3,608; Shares 2016-09-30 3,218.
POWERSHARES FUND YIELD CORP ETF: Country of operation —; Class FDM HG YLD RAFI; Shares 2016-06-30 59,054; Shares 2016-09-30 58,588.

Two Form 13F-HR filings compared (SEC CIK 1667164): 2016-06-30 (filed 2016-08-10) and 2016-09-30 (filed 2016-11-14). Rows for the same security, class and put/call are added together. Value change is the filed value at each quarter end, so it includes the price move; share change is the position change.

Stock	Class	Shares 2016-06-30	Shares 2016-09-30	Share change	Value 2016-06-30	Value 2016-09-30	Value change
SCHZ SCHWAB US AGGREGATE BONDETF	US AGGREGATE B	73,882	72,588	-1,294	$3,971,000	$3,861,000	-$110,000
CWB SPDR BARCLAYS CNV SECURITIES ETF	BRC CNV SECS ETF	79,737	77,397	-2,340	$3,628,000	$3,519,000	-$109,000
MDYV SPDR S&P 400 MID CAP VALUE ETF IV	S&P 400 MDCP VAL	3,608	3,218	-390	$309,000	$271,000	-$38,000
POWERSHARES FUND YIELD CORP ETF CUSIP 73936T557	FDM HG YLD RAFI	59,054	58,588	-466	$1,095,000	$1,103,000	+$8,000

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