Instuitional Investor - Sand Hill Global Advisors, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard Index Fds - S&P 500 ETF SHS		514,982	$353,695,047	10.65%
2.	Ishares Trust	HYG	2,996,113	$311,236,220	9.37%
3.	Spdr S & P 500 Etf Trust	SPY	323,543	$241,612,555	7.27%
4.	Vanguard Index Fds - REAL ESTATE ETF		1,754,412	$169,177,922	5.09%
5.	Spdr Series Trust	KRE	1,812,084	$159,245,919	4.79%