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Instuitional Investor - Arbor Investment Advisors, Llc

Filing Period:
No. Security Ticker Shares Value (x$1000) % Port
Powershares Exchange Traded Fund Trust
396,503 $45,035 19.65%
2. IEF 208,435 $30,976 13.52%
3. IEF 411,177 $28,910 12.61%
Vanguard Ftse Developed Markets Etf
616,426 $27,653 12.07%
5. VWO 301,784 $22,411 9.78%