Instuitional Investor - Karn, Couzens & Associates, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	IEF	76,404	$34,664,000	22.01%
2.	Vanguard Index Fds		63,257	$10,479,000	6.65%
3.	Pimco Etf Trust		96,342	$9,650,000	6.12%
4.	Vanguard Specialized Funds		58,677	$9,515,000	6.04%
5.	Ishares Trust	IEF	31,361	$8,228,000	5.22%