Instuitional Investor - Howard Financial Services, Ltd.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	VLUE	502,864	$96,454,296	10.86%
2.	Schwab Strategic Trust	FNDF	1,945,292	$59,681,561	6.72%
3.	Vanguard Specialized Funds - DIV APP ETF		200,635	$43,148,649	4.86%
4.	Invesco Exchange Traded Fd T - S&P500 EQL WGT		192,311	$36,908,359	4.16%
5.	Invesco Exchange Traded Fd T - S&P 500 GARP ETF		340,836	$36,680,771	4.13%