VALMARK ADVISERS, INC.

PrivateCIK: 1380443

Location

AKRON, OH

676

Positions

$8.42B

Total AUM (reported)

149.25M

Total Shares

Allocation by class

STATE STREET SPD$2.32B27.6%

VAN FTSE DEV MKT$778.65M9.3%

STRM INFPROIDX$353.34M4.2%

COM$329.84M3.9%

S&P 500 ETF SHS$299.78M3.6%

FTSE EMR MKT ETF$248.62M3.0%

SHS CREATION UNI$220.53M2.6%

Portfolio Concentration

Top 3$1.77B21.0%

4–10$2.10B24.9%

11–25$1.77B21.0%

Rest$2.78B33.1%

Top 3 weight

21.0%

Top 10 weight

45.9%

Voting Authority Distribution

Total shares with voting rights: 149.25M

Sole

Full voting authority

23.69M

% of voting shares15.9%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

125.55M

% of voting shares84.1%

Investment Discretion (by position count)

Sole676

Shared0

Other0

Dominant voting typeNone · 84.1% of voting shares

Institutional Holdings676

Rows:

VANGUARD TAX-MANAGED FDS

SOLE

VAN FTSE DEV MKT

Shares12.15M

TypeSH

Market value$778.65M

9.25%

Sole

3.38M

Shared

0.00

None

8.77M

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares9M

TypeSH

Market value$509.00M

6.05%

Sole

1.22M

Shared

0.00

None

7.78M

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares4.88M

TypeSH

Market value$478.23M

5.68%

Sole

520.86K

Shared

0.00

None

4.36M

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares7.22M

TypeSH

Market value$427.29M

5.08%

Sole

2.41M

Shared

0.00

None

4.81M

VANGUARD MALVERN FDS

SOLE

STRM INFPROIDX

Shares7.07M

TypeSH

Market value$353.34M

4.20%

Sole

1.55M

Shared

0.00

None

5.52M

VANGUARD INDEX FDS

SOLE

S&P 500 ETF SHS

Shares501.68K

TypeSH

Market value$299.78M

3.56%

Sole

459.94K

Shared

0.00

None

41.74K

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares9.13M

TypeSH

Market value$274.45M

3.26%

Sole

1.97M

Shared

0.00

None

7.16M

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares5.41M

TypeSH

Market value$261.52M

3.11%

Sole

1.72M

Shared

0.00

None

3.69M

VANGUARD INTL EQUITY INDEX F

SOLE

FTSE EMR MKT ETF

Shares4.60M

TypeSH

Market value$248.62M

2.95%

Sole

1.15M

Shared

0.00

None

3.45M

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares2.94M

TypeSH

Market value$232.42M

2.76%

Sole

0.00

Shared

0.00

None

2.94M

FLEXSHARES TR

SOLE

MORNSTAR UPSTR

Shares3.42M

TypeSH

Market value$188.92M

2.24%

Sole

1.01M

Shared

0.00

None

2.41M

VANGUARD SCOTTSDALE FDS

SOLE

INTER TERM TREAS

Shares3.14M

TypeSH

Market value$186.89M

2.22%

Sole

622.99K

Shared

0.00

None

2.52M

ISHARES TR

SOLE

GLOBAL REIT ETF

Shares6.48M

TypeSH

Market value$162.97M

1.94%

Sole

2.31M

Shared

0.00

None

4.17M

ISHARES TR

SOLE

USD INV GRDE ETF

Shares3.02M

TypeSH

Market value$154.48M

1.84%

Sole

0.00

Shared

0.00

None

3.02M

ISHARES INC

SOLE

MSCI EMRG CHN

Shares1.80M

TypeSH

Market value$141.21M

1.68%

Sole

619K

Shared

0.00

None

1.18M

VANGUARD BD INDEX FDS

SOLE

SHORT TRM BOND

Shares1.61M

TypeSH

Market value$126.29M

1.50%

Sole

0.00

Shared

0.00

None

1.61M

DBX ETF TR

SOLE

XTRACK USD HIGH

Shares3.33M

TypeSH

Market value$120.39M

1.43%

Sole

739.25K

Shared

0.00

None

2.59M

VANECK ETF TRUST

SOLE

JP MRGAN EM LOC

Shares4.54M

TypeSH

Market value$114.08M

1.36%

Sole

1.06M

Shared

0.00

None

3.48M

ISHARES TR

SOLE

US SML CAP EQT

Shares1.33M

TypeSH

Market value$100.75M

1.20%

Sole

392.53K

Shared

0.00

None

942.11K

ISHARES TR

SOLE

IBOXX INV CP ETF

Shares891.38K

TypeSH

Market value$97.15M

1.15%

Sole

495.40K

Shared

0.00

None

395.98K

SCHWAB STRATEGIC TR

SOLE

US DIVIDEND EQ

Shares2.67M

TypeSH

Market value$81.78M

0.97%

Sole

0.00

Shared

0.00

None

2.67M

VANGUARD SCOTTSDALE FDS

SOLE

MTG-BKD SECS ETF

Shares1.59M

TypeSH

Market value$74.71M

0.89%

Sole

399.30K

Shared

0.00

None

1.19M

CAPITAL GROUP DIVIDEND GROWE

SOLE

SHS ETF

Shares2.08M

TypeSH

Market value$74.65M

0.89%

Sole

0.00

Shared

0.00

None

2.08M

VANGUARD SCOTTSDALE FDS

SOLE

SHORT TERM TREAS

Shares1.26M

TypeSH

Market value$73.81M

0.88%

Sole

261.67K

Shared

0.00

None

999.22K

CAPITAL GROUP DIVIDEND VALUE

SOLE

SHS CREATION UNI

Shares1.68M

TypeSH

Market value$71.48M

0.85%

Sole

0.00

Shared

0.00

None

1.68M

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
VANGUARD TAX-MANAGED FDSSOLE	VAN FTSE DEV MKT	12.15M	SH	$778.65M 9.25%	3.38M	8.77M
SPDR SERIES TRUSTSOLE	STATE STREET SPD	9M	SH	$509.00M 6.05%	1.22M	7.78M
SPDR SERIES TRUSTSOLE	STATE STREET SPD	4.88M	SH	$478.23M 5.68%	520.86K	4.36M
SPDR SERIES TRUSTSOLE	STATE STREET SPD	7.22M	SH	$427.29M 5.08%	2.41M	4.81M
VANGUARD MALVERN FDSSOLE	STRM INFPROIDX	7.07M	SH	$353.34M 4.20%	1.55M	5.52M
VANGUARD INDEX FDSSOLE	S&P 500 ETF SHS	501.68K	SH	$299.78M 3.56%	459.94K	41.74K
SPDR SERIES TRUSTSOLE	STATE STREET SPD	9.13M	SH	$274.45M 3.26%	1.97M	7.16M
SPDR SERIES TRUSTSOLE	STATE STREET SPD	5.41M	SH	$261.52M 3.11%	1.72M	3.69M
VANGUARD INTL EQUITY INDEX FSOLE	FTSE EMR MKT ETF	4.60M	SH	$248.62M 2.95%	1.15M	3.45M
SPDR SERIES TRUSTSOLE	STATE STREET SPD	2.94M	SH	$232.42M 2.76%	0.00	2.94M
FLEXSHARES TRSOLE	MORNSTAR UPSTR	3.42M	SH	$188.92M 2.24%	1.01M	2.41M
VANGUARD SCOTTSDALE FDSSOLE	INTER TERM TREAS	3.14M	SH	$186.89M 2.22%	622.99K	2.52M
ISHARES TRSOLE	GLOBAL REIT ETF	6.48M	SH	$162.97M 1.94%	2.31M	4.17M
ISHARES TRSOLE	USD INV GRDE ETF	3.02M	SH	$154.48M 1.84%	0.00	3.02M
ISHARES INCSOLE	MSCI EMRG CHN	1.80M	SH	$141.21M 1.68%	619K	1.18M
VANGUARD BD INDEX FDSSOLE	SHORT TRM BOND	1.61M	SH	$126.29M 1.50%	0.00	1.61M
DBX ETF TRSOLE	XTRACK USD HIGH	3.33M	SH	$120.39M 1.43%	739.25K	2.59M
VANECK ETF TRUSTSOLE	JP MRGAN EM LOC	4.54M	SH	$114.08M 1.36%	1.06M	3.48M
ISHARES TRSOLE	US SML CAP EQT	1.33M	SH	$100.75M 1.20%	392.53K	942.11K
ISHARES TRSOLE	IBOXX INV CP ETF	891.38K	SH	$97.15M 1.15%	495.40K	395.98K
SCHWAB STRATEGIC TRSOLE	US DIVIDEND EQ	2.67M	SH	$81.78M 0.97%	0.00	2.67M
VANGUARD SCOTTSDALE FDSSOLE	MTG-BKD SECS ETF	1.59M	SH	$74.71M 0.89%	399.30K	1.19M
CAPITAL GROUP DIVIDEND GROWESOLE	SHS ETF	2.08M	SH	$74.65M 0.89%	0.00	2.08M
VANGUARD SCOTTSDALE FDSSOLE	SHORT TERM TREAS	1.26M	SH	$73.81M 0.88%	261.67K	999.22K
CAPITAL GROUP DIVIDEND VALUESOLE	SHS CREATION UNI	1.68M	SH	$71.48M 0.85%	0.00	1.68M

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