Instuitional Investor - Ken Stern & Associates, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Essex Property Trust Inc	ESS	167,307	$41,276,000	17.96%
2.	Ishares Trust	IEF	61,198	$13,162,000	5.72%
3.	Vanguard Tax Managed Intl Fd		261,763	$11,327,000	4.92%
4.	Vanguard Bond Index Funds	BND	135,080	$10,631,000	4.62%
5.	Ishares Tr		89,641	$9,900,000	4.3%