Instuitional Investor - Kabouter Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	IEF	839,544	$63,192,477	51.18%
2.	Ishares Tr		723,473	$44,826,387	36.3%
3.	Open Text Corp	OTEX	145,267	$6,134,151	4.96%
4.	Nice Ltd.	NICE	17,277	$3,476,132	2.81%
5.	Steris Plc	STE	14,563	$3,229,200	2.61%