Instuitional Investor - Vision Capital Management, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	IEF	113,358	$66,731,471	9.8%
2.	Apple Inc.	AAPL	225,581	$56,490,107	8.3%
3.	Vanguard Tax-Managed Fds		1,055,070	$50,453,466	7.41%
4.	Vanguard Index Fds		103,212	$28,905,553	4.24%
5.	Ishares Trust	IEF	249,030	$28,693,201	4.21%