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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
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 35,060 2,314,201 SH   SOLE   1,312,392 0 1,001,809
VANGUARD FTSE EUROPE ETF FTSE EUROPE ETF 922042874 3,781 76,889 SH   SOLE   5,482 0 71,407
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 23,957 470,024 SH   SOLE   251,121 0 218,903
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 23,055 305,201 SH   SOLE   200,836 0 104,365
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 109,311 1,107,285 SH   SOLE   594,135 0 513,150
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 642 15,068 SH   SOLE   0 0 15,068
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 31,116 940,339 SH   SOLE   419,883 0 520,456
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042718 35,697 393,574 SH   SOLE   209,832 0 183,742
Vanguard S&P 500 ETF S&P 500 ETF SHS 922908363 231 1,312 SH   SOLE   0 0 1,312
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 58,027 1,628,142 SH   SOLE   817,948 0 810,194
VANGUARD WORLD FDS FINANCIALS FINANCIALS ETF 92204A405 209 4,524 SH   SOLE   0 0 4,524
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 4,552 41,556 SH   SOLE   4,100 0 37,456
ISHARES TR CORE TOTAL US BD ET CORE TOTUSBD ETF 464287226 27,441 250,416 SH   SOLE   139,101 0 111,315
ISHARES TR FLTG RATE BD ETF FLTG RATE BD ETF 46429B655 106,604 2,113,065 SH   SOLE   999,927 0 1,113,138
ISHARES TR TIPS BD ETF TIPS BD ETF 464287176 30,529 275,810 SH   SOLE   156,109 0 119,701
ISHARES TREASURY ETF INTERNATI INTL TREA BD ETF 464288117 235 2,586 SH   SOLE   0 0 2,586
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 20,301 881,126 SH   SOLE   390,068 0 491,058
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 16,518 602,178 SH   SOLE   314,617 0 287,561
SPDR BARCLAYS INTL TREASURY BO BRCLYS INTL ETF 78464A516 23,178 445,127 SH   SOLE   249,461 0 195,666
SPDR SERIES TRUST NUVN BR SHT NUVN BR SHT MUNI 78464A425 10,209 419,105 SH   SOLE   33,168 0 385,937
VANGUARD BD INDEX FD INC SHORT SHORT TRM BOND 921937827 103,291 1,284,868 SH   SOLE   655,828 0 629,040
VANGUARD BD INDEX FD INC TOTAL TOTAL BND MRKT 921937835 239 2,921 SH   SOLE   0 0 2,921
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 57,771 1,091,461 SH   SOLE   477,224 0 614,237
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 43,559 900,357 SH   SOLE   456,724 0 443,633
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 38,394 481,670 SH   SOLE   272,619 0 209,051