Instuitional Investor - Farmers & Merchants Investments Inc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	IEF	380,306	$223,878,536	7.01%
2.	Vanguard Ftse Developed Markets Etf		3,006,914	$143,790,627	4.5%
3.	Nelnet Inc	NNI	1,187,527	$126,839,759	3.97%
4.	Microsoft Corp	MSFT	275,785	$116,243,378	3.64%
5.	Ishares Trust	IEF	1,001,292	$115,368,864	3.61%