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
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 104,183 3,988,615 SH   SOLE   3,276,523 0 712,092
SPDR DOW JONES INTL REAL ESTAT DJ INTL RL ETF 78463X863 46,973 1,140,950 SH   SOLE   906,122 0 234,828
VANGUARD FTSE ALL WORLD EX US FTSE SMCAP ETF 922042718 87,514 818,957 SH   SOLE   699,691 0 119,266
VANGUARD FTSE DEVELOPED MKTS E FTSE DEV MKT ETF 921943858 220,307 5,338,195 SH   SOLE   4,463,270 0 874,925
VANGUARD FTSE EMERGING MARKET EMR MKT ETF 922042858 147,015 3,622,851 SH   SOLE   3,095,842 0 527,009
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 250,182 2,566,760 SH   SOLE   2,110,131 0 456,629
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 604 12,014 SH   SOLE   0 0 12,014
VANGUARD MID CAP ETF MID CAP ETF 922908629 43,734 385,053 SH   SOLE   312,039 0 73,014
VANGUARD REIT INDEX ETF REIT ETF 922908553 53,900 763,237 SH   SOLE   604,486 0 158,751
VANGUARD SMALL CAP ETF SMAll CAP ETF 922908751 89,141 789,210 SH   SOLE   705,367 0 83,843
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 7,922 73,996 SH   SOLE   5,988 0 68,008
ISHARES TR TIPS BOND ETF TIPS BD ETF 464287176 3,731 33,285 SH   SOLE   3,218 0 30,067
MARKET VECTORS EMERGING MARKET EM LC CURR DBT 57060U522 4,614 195,853 SH   SOLE   12,125 0 183,728
POWERSHARES EMERGING MARKETS S SOVEREIGN DEBT 73936T573 26,860 959,303 SH   SOLE   668,215 0 291,088
POWERSHARES SENIOR LOAN PORT E SENIOR LN PORT 73936Q769 3,962 159,692 SH   SOLE   17,763 0 141,929
SPDR BARCLAYS CAP SHORT TERM H SHT TRM HGH YLD 78468R408 19,786 638,866 SH   SOLE   433,601 0 205,265
SPDR BARCLAYS CAPITAL SHORT TE NUVN BR SHT MUNI 78464A425 12,996 535,726 SH   SOLE   42,932 0 492,794
SPDR BARCLAYS INTL TREAURY BON BRCLYS INTL ETF 78464A516 23,689 398,933 SH   SOLE   231,556 0 167,377
SPDR SERIES TRUST SHRT INTL ET SHRT INTL ETF 78464A334 7,211 200,191 SH   SOLE   12,830 0 187,361
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 487 9,628 SH   SOLE   9,628 0 0
VANGUARD SCOTTSDALE FD INT-TER INT-TERM CORP 92206C870 970 11,411 SH   SOLE   1,910 0 9,501
VANGUARD SHORT TERM BOND ETF SHORT TRM BOND 921937827 2,922 36,483 SH   SOLE   2,678 0 33,805
VANGUARD SHORT TERM CORP BOND SHRT TRM CORP BD 92206C409 17,798 222,527 SH   SOLE   116,494 0 106,033
VANGUARD SHORT TERM INFLATION STRM INFPROIDX 922020805 16,431 333,068 SH   SOLE   183,787 0 149,281
VANGUARD TOTAL BOND MARKET ETF TOTAL BND MRKT 921937835 28,213 347,492 SH   SOLE   271,969 0 75,523