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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
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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 5,819 238,371 SH   SOLE   169,371 0 69,000
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 55,562 1,238,562 SH   SOLE   864,562 0 374,000
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 36,780 360,485 SH   SOLE   360,485 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 3,349 40,360 SH   SOLE   30,460 0 9,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 19,387 141,251 SH   SOLE   108,751 0 32,500
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 77,101 1,679,400 SH   SOLE   1,276,400 0 403,000
VANGUARD WORLD FDS ENERGY ETF 92204A306 1,049 10,600 SH   SOLE   10,600 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 3,523 87,100 SH   SOLE   87,100 0 0
ISHARES INC CORE MSCI EMKT 46434G103 142 2,500 SH   SOLE   2,500 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 2,902 48,425 SH   SOLE   38,425 0 10,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 1,879 26,000 SH   SOLE   10,000 0 16,000
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 265 12,500 SH   SOLE   7,500 0 5,000
VANGUARD INDEX FDS VALUE ETF 922908744 80 750 SH   SOLE   750 0 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 1,533 31,250 SH   SOLE   31,250 0 0