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 1,508 67,800 SH   SOLE   67,800 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 53,884 1,291,862 SH   SOLE   917,862 0 374,000
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 39,176 340,185 SH   SOLE   340,185 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 3,527 40,360 SH   SOLE   30,460 0 9,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 21,200 141,251 SH   SOLE   108,751 0 32,500
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 86,187 2,026,500 SH   SOLE   1,623,500 0 403,000
VANGUARD WORLD FDS ENERGY ETF 92204A306 901 10,600 SH   SOLE   10,600 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 43,436 993,500 SH   SOLE   981,000 0 12,500
ISHARES INC CORE MSCI EMKT 46434G103 129 2,500 SH   SOLE   2,500 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 2,075 38,025 SH   SOLE   28,025 0 10,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 637 10,000 SH   SOLE   10,000 0 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 295 12,500 SH   SOLE   7,500 0 5,000
VANGUARD INDEX FDS VALUE ETF 922908744 372 3,350 SH   SOLE   750 0 2,600
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 3,805 82,950 SH   SOLE   49,950 0 33,000
FLEXSHARES TR MORNSTAR UPSTR 33939L407 6,341 192,100 SH   SOLE   192,100 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 814 25,200 SH   SOLE   25,200 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 223 7,500 SH   SOLE   7,500 0 0
ISHARES INC MSCI STH KOR ETF 464286772 269 4,500 SH   SOLE   4,500 0 0
ISHARES TR EAFE VALUE ETF 464288877 274 5,700 SH   SOLE   0 0 5,700