Instuitional Investor - Bel Air Investment Advisors Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	IEF	676,353	$290,778,000	8.86%
2.	Microsoft Corp	MSFT	748,256	$202,703,000	6.18%
3.	Alphabet Inc.	GOOG	1,219,000	$148,827,000	4.53%
4.	Moodys Corp	MCO	356,948	$129,347,000	3.94%
5.	Mastercard Inc	MA	264,096	$96,419,000	2.94%