Instuitional Investor - Pharo Management, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		6,552,802	$583,592,546	43.92%
2.	Ishares TrustPUT	IEF	2,700,000	$298,782,000	22.48%
3.	Ishares TrCALLCALL		3,210,000	$285,882,600	21.51%
4.	Ishares TrPUTPUT		1,800,000	$160,308,000	12.06%
5.	Ishares Trust	IEF	0	$0	0%