Instuitional Investor - Cynosure Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		1,261,219	$127,004,700	13.91%
2.	Spdr S & P 500 Etf Trust	SPY	98,568	$65,663,848	7.19%
3.	Ishares Tr		558,882	$61,750,854	6.76%
4.	Ishares Trust	IEF	127,354	$59,653,813	6.53%
5.	Vanguard Index Fds - S&P 500 ETF SHS		65,084	$39,855,710	4.36%