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
ISHARES TR HDG MSCI EAFE HDG MSCI EAFE 46434V803 9,486 340,260 SH   SOLE   0 0 340,260
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 73,630 4,313,434 SH   SOLE   3,158,456 0 1,154,978
SPDR INDEX SHS FDS DJ INTL RL DJ INTL RL ETF 78463X863 1,580 36,470 SH   SOLE   0 0 36,470
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 39,395 700,115 SH   SOLE   512,029 0 188,086
VANGUARD INDEX FDS MID CAP ETF MID CAP ETF 922908629 2,740 20,651 SH   SOLE   0 0 20,651
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 42,106 499,424 SH   SOLE   395,793 0 103,631
VANGUARD INDEX FDS SMALL CP ET SMAll CAP ETF 922908751 5,961 48,639 SH   SOLE   4,207 0 44,432
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 232,033 2,163,477 SH   SOLE   1,576,079 0 587,398
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 795 16,310 SH   SOLE   0 0 16,310
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 52,419 1,282,579 SH   SOLE   820,233 0 462,346
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042718 66,411 669,063 SH   SOLE   483,319 0 185,744
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 115,513 2,900,154 SH   SOLE   2,222,874 0 677,280
VANGUARD TOTAL WORLD STOCK ETF TT WRLD ST ETF 922042742 214 3,470 SH   SOLE   0 0 3,470
ISHARES FLOATING RATE BOND ETF FLTG RATE BD ETF 46429B655 88,878 1,755,085 SH   SOLE   1,192,724 0 562,361
ISHARES IBOXX INVESTMENT GRADE IBOXX INV CP ETF 464287242 2,893 23,773 SH   SOLE   2,740 0 21,033
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 4,581 41,419 SH   SOLE   3,868 0 37,551
ISHARES TR CORE TOTAL US BD ET CORE TOTUSBD ETF 464287226 51,005 457,728 SH   SOLE   340,086 0 117,642
ISHARES TR TIPS BD ETF TIPS BD ETF 464287176 58,397 514,106 SH   SOLE   378,380 0 135,726
ISHARES TREASURY ETF INTERNATI INTL TREA BD ETF 464288117 236 2,578 SH   SOLE   0 0 2,578
MARKET VECTORS EMERGING MARKET EM LC CURR DBT 57060U522 1,028 51,116 SH   SOLE   0 0 51,116
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 33,332 1,383,644 SH   SOLE   917,942 0 465,702
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 31,009 1,091,107 SH   SOLE   753,818 0 337,289
SPDR BARCLAYS CAPITAL SHORT TE NUVN BR SHT MUNI 78464A425 8,401 345,426 SH   SOLE   23,322 0 322,104
SPDR BARCLAYS INTL TREAURY BON BRCLYS INTL ETF 78464A516 46,285 871,338 SH   SOLE   661,192 0 210,146
SPDR SER TR SHT TRM HGH YLD SHT TRM HGH YLD 78468R408 971 33,265 SH   SOLE   0 0 33,265
SPDR SERIES TRUST SHRT INTL ET SHRT INTL ETF 78464A334 34,841 1,148,351 SH   SOLE   971,126 0 177,225
VANGUARD BD INDEX FD INC SHORT SHORT TRM BOND 921937827 171,575 2,130,842 SH   SOLE   1,488,137 0 642,705
VANGUARD BD INDEX FD INC TOTAL TOTAL BND MRKT 921937835 1,378 16,533 SH   SOLE   0 0 16,533
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 77,381 1,430,599 SH   SOLE   799,721 0 630,878
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 77,451 1,598,250 SH   SOLE   1,130,390 0 467,860
VANGUARD SCOTTSDALE FDS INT-TE INT-TERM CORP 92206C870 610 6,951 SH   SOLE   0 0 6,951
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 111,882 1,394,864 SH   SOLE   955,416 0 439,448