Instuitional Investor - Valmark Advisers, Inc.

13F Holdings

Filing Period:

No.	Security	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%