Instuitional Investor - Portland Global Advisors Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf Trust	SPY	120,983	$90,346,415	8.58%
2.	Ishares Trust	IEF	820,804	$63,292,175	6.01%
3.	Ishares Trust	IEF	72,750	$54,482,028	5.18%
4.	Spdr S & P Midcap 400 Etf Trust	MDY	63,792	$44,867,306	4.26%
5.	Spdr Portfolio Short Term Trea		1,521,466	$44,137,729	4.19%