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
Estimated average burden
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 1,193 67,800 SH   SOLE   67,800 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 59,149 1,524,862 SH   SOLE   1,173,162 0 351,700
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 39,863 340,185 SH   SOLE   340,185 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,340 55,260 SH   SOLE   45,360 0 9,900
VANGUARD INDEX FDS TOTAL STK MKT 922908769 274 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 85,407 2,156,200 SH   SOLE   1,748,500 0 407,700
VANGUARD WORLD FDS ENERGY ETF 92204A306 533 10,600 SH   SOLE   10,600 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 75,564 2,627,400 SH   SOLE   2,602,200 0 25,200
ISHARES INC CORE MSCI EMKT 46434G103 119 2,500 SH   SOLE   2,500 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 1,098 20,000 SH   SOLE   10,000 0 10,000
SELECT SECTOR SPDR TR ENERGY 81369Y506 303 8,000 SH   SOLE   8,000 0 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403 259 12,500 SH   SOLE   7,500 0 5,000
VANGUARD INDEX FDS VALUE ETF 922908744 334 3,350 SH   SOLE   750 0 2,600
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 2,960 80,150 SH   SOLE   47,150 0 33,000
FLEXSHARES TR MORNSTAR UPSTR 33939L407 12,654 457,800 SH   SOLE   445,900 0 11,900
INVESCO QQQ TR UNIT SER 1 46090E103 8,864 35,800 SH   SOLE   29,200 0 6,600
ISHARES GOLD TR ISHARES NEW 464285204 22,540 1,326,650 SH   SOLE   1,290,650 0 36,000
ISHARES TR MSCI ACWI ETF 464288257 4,423 60,000 SH   SOLE   60,000 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 6,646 258,000 SH   SOLE   258,000 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 189 7,500 SH   SOLE   7,500 0 0
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676 168 3,600 SH   SOLE   3,600 0 0
ISHARES INC MSCI STH KOR ETF 464286772 257 4,500 SH   SOLE   4,500 0 0
ISHARES TR EAFE VALUE ETF 464288877 228 5,700 SH   SOLE   0 0 5,700
ISHARES TR JPMORGAN USD EMG 464288281 470 4,300 SH   SOLE   4,300 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 7,322 238,200 SH   SOLE   238,200 0 0