Instuitional Investor - Cynosure Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		592,395	$65,094,302	11.7%
2.	Spdr S & P 500 Etf Trust	SPY	94,891	$45,102,637	8.1%
3.	Ishares Trust	IEF	132,437	$40,150,925	7.21%
4.	Ishares Tr		465,836	$23,459,567	4.21%
5.	J P Morgan Exchange Traded F		396,903	$19,936,467	3.58%