Instuitional Investor - Applied Capital Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf TrustCALL	SPY	129,300	$96,557,361	39.22%
2.	Alphabet Inc.	GOOGL	25,219	$8,910,629	3.62%
3.	Microsoft Corp	MSFT	13,691	$5,107,017	2.07%
4.	Travelers Companies Inc.	TRV	15,072	$4,975,569	2.02%
5.	Penske Automotive Group Inc.	PAG	27,632	$4,944,746	2.01%