Instuitional Investor - Howard Financial Services, Ltd.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		454,955	$81,018,351	11.02%
2.	Schwab Strategic Trust	FNDF	2,021,759	$55,234,447	7.51%
3.	Vanguard Specialized Funds		182,924	$35,821,995	4.87%
4.	Invesco Exchange Traded Fd T		203,459	$35,652,177	4.84%
5.	Apple Inc.	AAPL	134,741	$33,741,874	4.58%