Valmark Advisers 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
APPLE INC	COM	037833100	569	6,118	SH		SOLE		0	0	6,118
CLAYMORE EXCHANGE TRD FD TR	GUGG TIMBER ETF	18383Q879	75,811	3,005,995	SH		SOLE		1,909,895	0	1,096,100
EXXON MOBIL CORP	COM	30231G102	328	3,254	SH		SOLE		0	0	3,254
FLEXSHARES TR	MORNSTAR UPSTR	33939L407	123,306	3,298,712	SH		SOLE		1,595,334	0	1,703,378
FLEXSHARES TR	IBOXX 3R TARGT	33939L506	315,411	12,491,537	SH		SOLE		5,760,987	0	6,730,550
FS INVT CORP	COM	302635107	188	17,614	SH		SOLE		0	0	17,614
ILLUMINA INC	COM	452327109	531	2,976	SH		SOLE		0	0	2,976
INTERNATIONAL BUSINESS MACHS	COM	459200101	311	1,718	SH		SOLE		0	0	1,718
ISHARES	SELECT DIVID ETF	464287168	794	10,316	SH		SOLE		0	0	10,316
ISHARES	IBOXX INV CP ETF	464287242	190,664	1,598,727	SH		SOLE		913,610	0	685,117
ISHARES	S&P 500 GRWT ETF	464287309	446,034	4,240,272	SH		SOLE		2,720,800	0	1,519,472
ISHARES	S&P 500 VAL ETF	464287408	480,639	5,323,867	SH		SOLE		3,303,852	0	2,020,015
ISHARES	1-3 YR TR BD ETF	464287457	7,797	92,211	SH		SOLE		1,780	0	90,431
ISHARES	CORE S&P MCP ETF	464287507	349,015	2,439,296	SH		SOLE		1,590,495	0	848,801
ISHARES	CORE S&P SCP ETF	464287804	345,639	3,083,582	SH		SOLE		2,134,935	0	948,647
ISHARES	SHT NTLAMTFR ETF	464288158	473	4,454	SH		SOLE		0	0	4,454
ISHARES	NAT AMT FREE BD	464288414	1,597	14,698	SH		SOLE		0	0	14,698
ISHARES	INTL SEL DIV ETF	464288448	250	6,267	SH		SOLE		0	0	6,267
ISHARES	IBOXX HI YD ETF	464288513	177,257	1,861,940	SH		SOLE		1,295,358	0	566,582
ISHARES	3-7 YR TR BD ETF	464288661	84,958	697,524	SH		SOLE		342,721	0	354,803
ISHARES	U.S. PFD STK ETF	464288687	507	12,709	SH		SOLE		0	0	12,709
ISHARES	17 AMT-FREE ETF	464289271	371	6,703	SH		SOLE		0	0	6,703
ISHARES	16 AMT-FREE ETF	464289313	584	10,915	SH		SOLE		0	0	10,915
ISHARES	15 AMT-FREE ETF	464289339	466	8,792	SH		SOLE		0	0	8,792
ISHARES	14 AMT-FREE ETF	464289362	216	4,214	SH		SOLE		0	0	4,214
ISHARES TR	FLTG RATE BD ETF	46429B655	17,261	339,790	SH		SOLE		236,873	0	102,917
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	338	4,106	SH		SOLE		0	0	4,106
PENGROWTH ENERGY CORP	COM	70706P104	72	10,000	SH		SOLE		0	0	10,000
PIMCO ETF TR	1-5 US TIP IDX	72201R205	130,446	2,435,066	SH		SOLE		2,426,516	0	8,550
PIMCO ETF TR	0-5 HIGH YIELD	72201R783	4,165	38,973	SH		SOLE		939	0	38,034
PIMCO ETF TR	ENHAN SHRT MAT	72201R833	4,372	43,115	SH		SOLE		989	0	42,126
POWERSHARES ETF TRUST II	SENIOR LN PORT	73936Q769	58,671	2,359,124	SH		SOLE		1,258,295	0	1,100,829
PROCTER & GAMBLE CO	COM	742718109	286	3,633	SH		SOLE		0	0	3,633
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	359	8,117	SH		SOLE		0	0	8,117
SHERWIN WILLIAMS CO	COM	824348106	4,806	23,228	SH		SOLE		0	0	23,228
SPDR GOLD TRUST	GOLD SHS	78463V107	246	1,918	SH		SOLE		0	0	1,918
SPDR INDEX SHS FDS	S&P CHINA ETF	78463X400	21,756	289,160	SH		SOLE		289,160	0	0
SPDR INDEX SHS FDS	GLB NAT RESRCE	78463X541	2,027	38,363	SH		SOLE		0	0	38,363
SPDR INDEX SHS FDS	DJ INTL RL ETF	78463X863	123,718	2,796,517	SH		SOLE		1,831,354	0	965,163
SPDR SERIES TRUST	BRC CNV SECS ETF	78464A359	262	5,180	SH		SOLE		0	0	5,180
SPDR SERIES TRUST	NUVN BR SHT MUNI	78464A425	715	29,408	SH		SOLE		0	0	29,408
SPDR SERIES TRUST	NUVN BRCLY MUNI	78464A458	1,924	81,240	SH		SOLE		0	0	81,240
SPDR SERIES TRUST	BARC SHT TR CP	78464A474	78,990	2,563,790	SH		SOLE		1,714,141	0	849,649
SPDR SERIES TRUST	DB INT GVT ETF	78464A490	72,105	1,162,797	SH		SOLE		656,935	0	505,862
SPDR SERIES TRUST	DJ REIT ETF	78464A607	97,443	1,174,009	SH		SOLE		724,608	0	449,401
VANGUARD INTL EQUITY INDEX F	FTSE SMCAP ETF	922042718	83,879	754,575	SH		SOLE		487,094	0	267,481
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	530,909	10,153,166	SH		SOLE		6,831,896	0	3,321,270
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	169,567	3,931,524	SH		SOLE		2,522,330	0	1,409,194
VANGUARD SPECIALIZED PORTFOL	DIV APP ETF	921908844	418	5,359	SH		SOLE		0	0	5,359
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	1,008	23,674	SH		SOLE		0	0	23,674
VANGUARD WORLD FDS	ENERGY ETF	92204A306	27,034	187,789	SH		SOLE		187,568	0	221
VANGUARD WORLD FDS	MATERIALS ETF	92204A801	27,100	242,482	SH		SOLE		242,292	0	190
WISDOMTREE TR	LARGECAP DIVID	97717W307	251	3,538	SH		SOLE		0	0	3,538
WISDOMTREE TR	EM LCL DEBT FD	97717X867	109,013	2,293,080	SH		SOLE		1,374,352	0	918,728