Instuitional Investor - Vision Capital Management, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Trust	IEF	122,520	$58,519,426	9.12%
2.	Vanguard Tax-Managed Fds		1,039,956	$49,813,883	7.76%
3.	Apple Inc.	AAPL	234,923	$45,229,754	7.05%
4.	Microsoft Corp	MSFT	70,480	$26,503,304	4.13%
5.	Ishares Trust	IEF	224,948	$24,350,570	3.79%