Instuitional Investor - Stembrook Asset Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Apple Inc.	AAPL	139,703	$35,455,225	34.72%
2.	Spdr S & P 500 Etf Trust	SPY	26,246	$17,068,824	16.71%
3.	Vanguard Tax-Managed Fds		147,413	$9,446,226	9.25%
4.	Vanguard Bond Index Funds	BND	115,028	$8,470,662	8.29%
5.	Vanguard Mun Bd Fds		140,786	$7,023,814	6.88%