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
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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 20,730 759,065 SH   SOLE   0 0 759,065
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 94,686 5,260,356 SH   SOLE   3,773,994 0 1,486,362
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 70,951 1,279,315 SH   SOLE   925,789 0 353,526
VANGUARD INDEX FDS MID CAP ETF MID CAP ETF 922908629 51,942 407,611 SH   SOLE   302,362 0 105,249
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 43,303 579,772 SH   SOLE   440,190 0 139,582
VANGUARD INDEX FDS SMALL CP ET SMAll CAP ETF 922908751 55,764 459,077 SH   SOLE   320,937 0 138,140
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 264,797 2,474,272 SH   SOLE   1,749,841 0 724,431
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 958 19,737 SH   SOLE   0 0 19,737
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 194,967 4,769,258 SH   SOLE   3,508,607 0 1,260,651
VANGUARD INTL EQUITY INDEX FD FTSE SMCAP ETF 922042718 73,491 721,067 SH   SOLE   510,967 0 210,100
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 237,583 5,992,002 SH   SOLE   4,708,375 0 1,283,627
ISHARES IBOXX INVESTMENT GRADE IBOXX INV CP ETF 464287242 15,353 132,673 SH   SOLE   78,789 0 53,884
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 4,285 39,600 SH   SOLE   3,868 0 35,732
ISHARES TR CORE TOTAL US BD ET CORE TOTUSBD ETF 464287226 21,468 197,348 SH   SOLE   138,777 0 58,571
ISHARES TR FLTG RATE BD ETF FLTG RATE BD ETF 46429B655 33,896 669,355 SH   SOLE   337,271 0 332,084
ISHARES TREASURY ETF INTERNATI INTL TREA BD ETF 464288117 243 2,706 SH   SOLE   0 0 2,706
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 27,275 1,146,482 SH   SOLE   543,057 0 603,425
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 15,340 553,577 SH   SOLE   363,701 0 189,876
SPDR BARCLAYS CAPITAL CONVERTI BRC CNV SECS ETF 78464A359 6,003 126,197 SH   SOLE   0 0 126,197
SPDR BARCLAYS INTL TREAURY BON BRCLYS INTL ETF 78464A516 23,464 451,049 SH   SOLE   266,657 0 184,392
SPDR SERIES TRUST NUVN BR SHT NUVN BR SHT MUNI 78464A425 7,906 325,614 SH   SOLE   23,322 0 302,292
VANGUARD BD INDEX FD INC SHORT SHORT TRM BOND 921937827 16,560 206,507 SH   SOLE   125,419 0 81,088
VANGUARD BD INDEX FD INC TOTAL TOTAL BND MRKT 921937835 249 3,061 SH   SOLE   0 0 3,061
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 26,200 500,280 SH   SOLE   237,153 0 263,127
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 21,429 440,207 SH   SOLE   265,785 0 174,422
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 30,765 386,598 SH   SOLE   197,707 0 188,891