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	$134,889,484	40.09%
2.	Ishares Trust	IEF	158,000	$118,324,620	35.17%
3.	Ishares Tr		367,800	$19,276,398	5.73%
4.	Vanguard Index Fds - LARGE CAP ETF		45,800	$15,751,078	4.68%
5.	Ishares Trust	IEF	98,560	$9,755,469	2.9%