Instuitional Investor - Valmark Advisers, Inc.

Filing Period:
No. Security Ticker Shares Value % Port
1.
Vanguard Tax-Managed Fds
10,401,665 $498,239,767 9.32%
2.
Spdr Series Trust
7,355,060 $342,966,442 6.41%
3.
Spdr Series Trust
4,900,227 $318,808,795 5.96%
4.
Spdr Series Trust
5,616,892 $273,654,974 5.12%
5.
Vanguard Index Fds
573,141 $250,348,201 4.68%