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
Estimated average burden
hours per response: 23.8
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
PACWEST BANCORP COM 695263103 13,252 321,417 SH   DFND 1 0 321,417 0
GAP, INC. COM 364760108 178,051 4,270,830 SH   DFND 1 0 4,270,830 0
IRONWOOD PHARMACEUTICALS INC. COM Class A 46333X108 2,508 193,588 SH   DFND 1 0 193,558 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 36,690 745,135 SH   DFND   0 0 745,135
ISHARES MSCI EMG MKT ETF 464287234 3,793 87,739 SH   DFND   0 0 87,739
ISHARES MSCI ACWI ETF 464288257 471 7,730 SH   DFND   0 0 7,730
VANGUARD FTSE EMERGING MARKETS FTSE EMR MKT ETF 922042858 46,474 1,114,225 SH   DFND   0 0 1,114,225
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 21,659 109,931 SH   DFND   0 0 109,931
VANGUARD FTSE DEVELOPED MARKET FTSE DEV MKT ETF 921943858 36,517 918,670 SH   DFND   0 0 918,670
VANGUARD REIT ETF REIT ETF 922908553 36,791 512,052 SH   DFND   0 0 512,052
VANGUARD HIGH DIVIDEND YIELD ETF HIGH DIV YLD 921946406 3,004 45,228 SH   DFND   0 0 45,228
ISHARES RUSSELL 3000 ETF S&P 100 ETF 464287689 4,906 42,003 SH   DFND   0 0 42,003
LIBERTY GLOBAL, PLC. CLASS C SHS CL C G5480U120 249 6,075 SH   DFND   0 0 6,075
THE GOLDMAN SACHS GROUP, INC. COM 38141G104 459 2,500 SH   DFND   0 0 2,500