Instuitional Investor - Brown Financial Advisory

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr Series Trust	KRE	1,151,975	$101,235,544	42.28%
2.	Vanguard Index Fds - SMALL CP ETF		147,831	$44,810,434	18.72%
3.	Dimensional Etf Trust	DFAC	429,629	$35,492,426	14.82%
4.	Ishares Trust	IEF	27,165	$11,123,863	4.65%
5.	Spdr Index Shs Fds - ST STR PO EX ETF		206,062	$10,383,465	4.34%