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 1,121 67,800 SH   SOLE   67,800 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 50,839 1,524,862 SH   SOLE   1,173,162 0 351,700
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 35,172 340,185 SH   SOLE   340,185 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 3,860 55,260 SH   SOLE   45,360 0 9,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 35,263 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 72,341 2,156,200 SH   SOLE   1,748,500 0 407,700
VANGUARD WORLD FDS ENERGY ETF 92204A306 405 10,600 SH   SOLE   10,600 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 48,319 2,050,900 SH   SOLE   2,038,400 0 12,500
ISHARES INC CORE MSCI EMKT 46434G103 101 2,500 SH   SOLE   2,500 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 988 20,000 SH   SOLE   10,000 0 10,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 232 8,000 SH   SOLE   8,000 0 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 209 12,500 SH   SOLE   7,500 0 5,000
VANGUARD INDEX FDS VALUE ETF 922908744 298 3,350 SH   SOLE   750 0 2,600
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 2,480 80,150 SH   SOLE   47,150 0 33,000
FLEXSHARES TR MORNSTAR UPSTR 33939L407 10,314 457,800 SH   SOLE   445,900 0 11,900
INVESCO QQQ TR UNIT SER 1 46090E103 6,816 35,800 SH   SOLE   29,200 0 6,600
ISHARES GOLD TR ISHARES NEW 464285204 19,993 1,326,650 SH   SOLE   1,290,650 0 36,000
ISHARES TR MSCI ACWI ETF 464288257 3,754 60,000 SH   SOLE   60,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 6,161 258,000 SH   SOLE   258,000 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 174 7,500 SH   SOLE   7,500 0 0
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676 154 3,600 SH   SOLE   3,600 0 0
ISHARES INC MSCI STH KOR ETF 464286772 211 4,500 SH   SOLE   4,500 0 0
ISHARES TR EAFE VALUE ETF 464288877 203 5,700 SH   SOLE   0 0 5,700
ISHARES TR JPMORGAN USD EMG 464288281 416 4,300 SH   SOLE   4,300 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 6,782 238,200 SH   SOLE   238,200 0 0