Instuitional Investor - Cynosure Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		559,842	$61,644,185	9.21%
2.	Spdr S & P 500 Etf Trust	SPY	95,480	$55,959,305	8.36%
3.	Ishares Trust	IEF	130,794	$52,524,327	7.84%
4.	Ishares Trust	IEF	48,283	$28,423,138	4.24%
5.	Ishares Tr		251,141	$25,024,431	3.73%