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
AVALONBAY CMNTYS INC AVALON BAY CMNTYS INC 053484101 210 1,288 SH   SOLE   0 0 1,288
POWERSHARES DB UNIT BEN INT 73935S105 65,177 3,532,620 SH   SOLE   2,961,817 0 570,803
SPDR INDEX SHS FDS DJ DJ INTL RL ETF 78463X863 35,238 847,667 SH   SOLE   663,365 0 184,302
VANGUARD INDEX FDS MID MID CAP ETF 922908629 4,644 37,587 SH   SOLE   2,270 0 35,317
VANGUARD INDEX FDS REIT REIT ETF 922908553 41,340 510,376 SH   SOLE   413,842 0 96,534
VANGUARD INDEX FDS SMAll CAP ETF 922908751 4,483 38,428 SH   SOLE   2,257 0 36,171
VANGUARD INDEX FDS STK MRK ETF 922908769 192,029 1,811,591 SH   SOLE   1,533,149 0 278,442
VANGUARD INTL EQTY ALLWRLD EX US 922042775 760 16,214 SH   SOLE   0 0 16,214
VANGUARD INTL EQUITY EMR MKT ETF 922042858 45,487 1,136,606 SH   SOLE   832,253 0 304,353
VANGUARD INTL EQUITY FTSE SMCAP ETF 922042718 5,193 54,480 SH   SOLE   3,234 0 51,246
VANGUARD TAX MANAGED FTSE DEV MKT ETF 921943858 149,812 3,954,912 SH   SOLE   3,420,121 0 534,791
ISHARES GL HGYL CP ETF GL HGYL CP ETF 464286210 236 4,650 SH   SOLE   0 0 4,650
ISHARES NATIONAL AMT S&P NTL AMTFREE 464288414 7,970 72,231 SH   SOLE   5,988 0 66,243
ISHARES TR CORE TOTAL US CORE TOTUSBD ETF 464287226 42,708 387,834 SH   SOLE   343,055 0 44,779
ISHARES TR TIPS BD ETF TIPS BD ETF 464287176 52,248 466,462 SH   SOLE   388,799 0 77,663
ISHARES TREASURY ETF INTL TREA BD ETF 464288117 249 2,578 SH   SOLE   0 0 2,578
MARKET VECTORS EM LC CURR DBT 57060U522 22,178 1,047,611 SH   SOLE   774,333 0 273,278
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 27,908 1,161,368 SH   SOLE   910,769 0 250,599
POWERSHARES GLOBAL ETF SOVEREIGN DEBT 73936T573 28,639 1,017,000 SH   SOLE   774,339 0 242,661
SPDR BARCLAYS CAPITAL NUVN BR SHT MUNI 78464A425 12,810 527,383 SH   SOLE   42,932 0 484,451
SPDR BARCLAYS INTL BRCLYS INTL ETF 78464A516 63,618 1,149,794 SH   SOLE   911,666 0 238,128
SPDR SER TR SHT TRM HGH SHT TRM HGH YLD 78468R408 27,601 954,713 SH   SOLE   748,675 0 206,038
SPDR SERIES TRUST SHRT SHRT INTL ETF 78464A334 63,168 1,958,101 SH   SOLE   1,566,045 0 392,056
VANGUARD BD INDEX FD SHORT TRM BOND 921937827 157,956 1,975,690 SH   SOLE   1,627,331 0 348,359
VANGUARD BD INDEX FD TOTAL BND MRKT 921937835 1,473 17,886 SH   SOLE   0 0 17,886
VANGUARD CHARLOTTE INTL BD IDX ETF 92203J407 7,293 137,323 SH   SOLE   137,323 0 0
VANGUARD MALVERN FDS STRM INFPROIDX 922020805 66,456 1,377,610 SH   SOLE   1,128,872 0 248,738
VANGUARD SCOTTSDALE INT-TERM CORP 92206C870 663 7,701 SH   SOLE   0 0 7,701
VANGUARD SCOTTSDALE SHRT TRM CORP BD 92206C409 104,055 1,306,728 SH   SOLE   1,091,736 0 214,992