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
SELECT SECTOR SPDR TR ENERGY 81369Y506 417 8,000 SH   SOLE   8,000 0 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 18,344 501,200 SH   SOLE   466,800 22,500 11,900
INVESCO QQQ TR UNIT SER 1 46090E103 6,336 17,700 SH   SOLE   17,700 0 0
BARCLAYS BANK PLC DJUBS CMDT ETN36 06738C778 1,983 67,800 SH   SOLE   67,800 0 0
ISHARES INC CORE MSCI EMKT 46434G103 154 2,500 SH   SOLE   2,500 0 0
ISHARES GOLD TR ISHARES NEW 464285204 31,956 956,475 SH   SOLE   698,250 240,225 18,000
ISHARES TR JPMORGAN USD EMG 464288281 473 4,300 SH   SOLE   4,300 0 0
ISHARES TR MSCI ACWI ETF 464288257 5,995 60,000 SH   SOLE   60,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 89,093 2,772,900 SH   SOLE   2,747,700 0 25,200
ISHARES INC MSCI CDA ETF 464286509 16,673 459,300 SH   SOLE   459,300 0 0
ISHARES TR EAFE VALUE ETF 464288877 290 5,700 SH   SOLE   0 0 5,700
ISHARES INC MSCI JPN ETF NEW 46434G822 1,405 20,000 SH   SOLE   10,000 0 10,000
ISHARES INC MSCI MLY ETF NEW 46434G814 190 7,500 SH   SOLE   7,500 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 14,590 452,400 SH   SOLE   432,400 20,000 0
FACEBOOK INC CL A 30303M102 2,851 8,400 SH   SOLE   3,400 1,600 3,400
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 4,116 80,150 SH   SOLE   47,150 0 33,000
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 9,477 316,200 SH   SOLE   316,200 0 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 379 12,500 SH   SOLE   7,500 0 5,000
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 52,252 340,185 SH   SOLE   340,185 0 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 783 10,600 SH   SOLE   10,600 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 78,505 1,554,862 SH   SOLE   1,173,162 30,000 351,700
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 107,957 2,158,700 SH   SOLE   1,751,000 0 407,700
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676 203 3,600 SH   SOLE   3,600 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 5,930 58,260 SH   SOLE   45,360 0 12,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 60,745 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INDEX FDS VALUE ETF 922908744 453 3,350 SH   SOLE   750 0 2,600
SCHWAB STRATEGIC TR US TIPS ETF 808524870 313 5,000 SH   SOLE   0 5,000 0
SCHWAB STRATEGIC TR US REIT ETF 808524847 1,105 24,200 SH   SOLE   0 24,200 0