Instuitional Investor - Cynosure Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		1,136,308	$114,466,618	14.3%
2.	Spdr S & P 500 Etf Trust	SPY	229,061	$68,416,969	8.55%
3.	Ishares Tr		546,422	$60,319,507	7.54%
4.	Ishares Trust	IEF	124,790	$53,210,563	6.65%
5.	Vanguard Index Fds - S&P 500 ETF SHS		70,735	$42,267,894	5.28%