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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
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
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 495 9,628 SH   SOLE   9,628 0 0
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 678 12,975 SH   SOLE   0 0 12,975
VANGUARD SCOTTSDALE FD INT-TER INT-TERM CORP 92206C870 903 10,435 SH   SOLE   1,910 0 8,525
VANGUARD TOTAL BOND MARKET ETF TOTAL BND MRKT 921937835 1,736 21,116 SH   SOLE   4,637 0 16,479
ISHARES IBOXX INVESTMENT GRADE IBOXX INV CP ETF 464287242 5,042 42,276 SH   SOLE   32,080 0 10,196
ISHARES TR TIPS BOND ETF TIPS BD ETF 464287176 7,958 68,980 SH   SOLE   31,093 0 37,887
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 7,985 73,496 SH   SOLE   5,988 0 67,508
VANGUARD SHORT TERM INFLATION STRM INFPROIDX 922020805 9,301 185,572 SH   SOLE   60,412 0 125,160
VANGUARD SHORT TERM BOND ETF SHORT TRM BOND 921937827 9,379 116,739 SH   SOLE   65,573 0 51,166
POWERSHARES SENIOR LOAN PORT E SENIOR LN PORT 73936Q769 10,575 425,216 SH   SOLE   222,148 0 203,068
SPDR BARCLAYS CAP SHORT TERM H SHT TRM HGH YLD 78468R408 10,579 341,710 SH   SOLE   177,481 0 164,229
MARKET VECTORS EMERGING MARKET EM LC CURR DBT 57060U522 11,393 468,834 SH   SOLE   224,755 0 244,079
ISHARES TR CORE TOTAL US BD ET CORE TOTUSBD ETF 464287226 11,720 107,131 SH   SOLE   81,320 0 25,811
POWERSHARES EMERGING MARKETS S SOVEREIGN DEBT 73936T573 11,959 410,102 SH   SOLE   205,460 0 204,642
SPDR SERIES TRUST SHRT INTL ET SHRT INTL ETF 78464A334 12,104 331,706 SH   SOLE   117,070 0 214,636
SPDR BARCLAYS CAPITAL SHORT TE NUVN BR SHT MUNI 78464A425 13,003 534,443 SH   SOLE   42,932 0 491,511
SPDR BARCLAYS INTL TREAURY BON BRCLYS INTL ETF 78464A516 17,644 290,143 SH   SOLE   134,336 0 155,807
VANGUARD SHORT TERM CORP BOND SHRT TRM CORP BD 92206C409 17,916 222,915 SH   SOLE   111,059 0 111,856
VANGUARD REIT INDEX ETF REIT ETF 922908553 47,440 633,882 SH   SOLE   519,391 0 114,491
VANGUARD MID CAP ETF MID CAP ETF 922908629 54,286 457,452 SH   SOLE   386,934 0 70,518
VANGUARD SMALL CAP ETF SMAll CAP ETF 922908751 54,305 463,668 SH   SOLE   392,522 0 71,146
SPDR DOW JONES INTL REAL ESTAT DJ INTL RL ETF 78463X863 69,854 1,578,971 SH   SOLE   1,327,667 0 251,304
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 99,050 3,726,495 SH   SOLE   3,064,193 0 662,302
VANGUARD INTL EQUITY INDEX FD FTSE SMCAP ETF 922042718 104,130 936,757 SH   SOLE   814,916 0 121,841
VANGUARD FTSE EMERGING MARKET EMR MKT ETF 922042858 193,463 4,485,572 SH   SOLE   3,878,256 0 607,316
VANGUARD FTSE DEVELOPED MKTS E FTSE DEV MKT ETF 921943858 222,425 5,222,480 SH   SOLE   4,364,695 0 857,785
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 265,524 2,609,057 SH   SOLE   2,167,394 0 441,663