Instuitional Investor - Valmark Advisers, Inc.

Filing Period:
No. Security Ticker Shares Value % Port
1.
Vanguard Tax-Managed Fds
12,151,204 $778,649,150 9.25%
2.
Spdr Series Trust
8,996,058 $508,996,964 6.05%
3.
Spdr Series Trust
4,884,338 $478,225,509 5.68%
4.
Spdr Series Trust
7,215,287 $427,289,311 5.08%
5.
Vanguard Malvern Fds
7,073,953 $353,343,969 4.2%