Instuitional Investor - Royal Fund Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard Index Fds - S&P 500 ETF SHS		54,872	$31,258,583	3.1%
2.	Microsoft Corp	MSFT	62,322	$31,064,278	3.08%
3.	Spdr S & P 500 Etf Trust	SPY	42,000	$25,954,130	2.58%
4.	Sector Spdr Trust	XLB	398,084	$20,855,254	2.07%
5.	Ishares Trust	IEF	222,300	$19,618,201	1.95%