Instuitional Investor - Portland Global Advisors Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf Trust	SPY	130,254	$76,339,217	9.66%
2.	Ishares Trust	IEF	683,771	$42,605,771	5.39%
3.	Spdr S & P Midcap 400 Etf Trust	MDY	70,064	$39,906,924	5.05%
4.	Ishares Trust	IEF	63,975	$37,660,689	4.76%
5.	Vanguard Scottsdale Funds		609,187	$35,442,500	4.48%