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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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 3,487 146,771 SH   SOLE   146,771 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 53,593 1,238,562 SH   SOLE   864,562 0 374,000
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 39,906 360,485 SH   SOLE   360,485 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 3,256 40,360 SH   SOLE   30,460 0 9,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 21,138 141,251 SH   SOLE   108,751 0 32,500
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 73,042 1,781,500 SH   SOLE   1,378,500 0 403,000
VANGUARD WORLD FDS ENERGY ETF 92204A306 1,114 10,600 SH   SOLE   10,600 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,938 87,100 SH   SOLE   87,100 0 0
ISHARES INC CORE MSCI EMKT 46434G103 129 2,500 SH   SOLE   2,500 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 2,399 39,825 SH   SOLE   29,825 0 10,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 1,969 26,000 SH   SOLE   10,000 0 16,000
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 270 12,500 SH   SOLE   7,500 0 5,000
VANGUARD INDEX FDS VALUE ETF 922908744 83 750 SH   SOLE   750 0 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 4,062 80,350 SH   SOLE   47,350 0 33,000
ISHARES TR MSCI UK ETF NEW 46435G334 249 7,300 SH   SOLE   7,300 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 243 7,500 SH   SOLE   7,500 0 0
ISHARES INC MSCI STH KOR ETF 464286772 307 4,500 SH   SOLE   4,500 0 0