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
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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
BARCLAYS BANK PLC DJUBS CMDT ETN36 06738C778 1,321 67,800 SH   SOLE   67,800 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 62,367 1,524,862 SH   SOLE   1,173,162 0 351,700
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 43,768 340,185 SH   SOLE   340,185 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,600 58,260 SH   SOLE   45,360 0 12,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 46,588 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 93,234 2,156,200 SH   SOLE   1,748,500 0 407,700
VANGUARD WORLD FDS ENERGY ETF 92204A306 427 10,600 SH   SOLE   10,600 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 72,674 2,627,400 SH   SOLE   2,602,200 0 25,200
ISHARES INC CORE MSCI EMKT 46434G103 132 2,500 SH   SOLE   2,500 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 1,181 20,000 SH   SOLE   10,000 0 10,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 240 8,000 SH   SOLE   8,000 0 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 262 12,500 SH   SOLE   7,500 0 5,000
VANGUARD INDEX FDS VALUE ETF 922908744 350 3,350 SH   SOLE   750 0 2,600
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 3,010 80,150 SH   SOLE   47,150 0 33,000
FLEXSHARES TR MORNSTAR UPSTR 33939L407 13,125 472,800 SH   SOLE   445,900 15,000 11,900
INVESCO QQQ TR UNIT SER 1 46090E103 9,947 35,800 SH   SOLE   29,200 0 6,600
ISHARES GOLD TR ISHARES NEW 464285204 23,866 1,326,650 SH   SOLE   1,290,650 0 36,000
ISHARES INC MSCI CDA ETF 464286509 976 35,600 SH   SOLE   35,600 0 0
ISHARES TR MSCI ACWI ETF 464288257 4,795 60,000 SH   SOLE   60,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 6,819 267,500 SH   SOLE   267,500 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 196 7,500 SH   SOLE   7,500 0 0
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676 175 3,600 SH   SOLE   3,600 0 0
ISHARES INC MSCI STH KOR ETF 464286772 294 4,500 SH   SOLE   4,500 0 0
ISHARES TR EAFE VALUE ETF 464288877 230 5,700 SH   SOLE   0 0 5,700
ISHARES TR JPMORGAN USD EMG 464288281 477 4,300 SH   SOLE   4,300 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 9,752 316,200 SH   SOLE   316,200 0 0