Instuitional Investor - Amtrust Financial Services, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard Index Fds - S&P 500 ETF SHS		196,400	$111,561,092	39.58%
2.	Ishares Trust	IEF	150,300	$93,321,270	33.11%
3.	Ishares Tr		367,800	$19,405,128	6.89%
4.	Vanguard Index Fds - LARGE CAP ETF		45,800	$13,066,740	4.64%
5.	Ishares Trust	IEF	98,560	$9,777,152	3.47%