Instuitional Investor - Phh Investments, Ltd.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	First Tr Exchng Traded Fd Vi		1,000,972	$51,870,000	13.7%
2.	Ishares Trust	IEF	389,875	$43,810,000	11.57%
3.	Ishares Trust	IEF	186,416	$32,794,000	8.66%
4.	Vanguard Scottsdale Funds		261,923	$31,391,000	8.29%
5.	Ishares Trust	IEF	152,119	$29,456,000	7.78%