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
iPath Bloomberg Commodity TR E DJUBS CMDT ETN36 06738c778 403 18,750 SH   SOLE   0 0 18,750
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 34,760 2,601,792 SH   SOLE   1,407,076 0 1,194,716
VANGUARD FTSE EUROPE ETF FTSE EUROPE ETF 922042874 30,488 611,230 SH   SOLE   354,560 0 256,670
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 27,869 545,381 SH   SOLE   323,522 0 221,859
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 23,734 297,678 SH   SOLE   202,788 0 94,890
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 144,538 1,385,786 SH   SOLE   774,453 0 611,333
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 696 16,023 SH   SOLE   0 0 16,023
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 50,989 1,558,808 SH   SOLE   841,716 0 717,092
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042718 42,329 455,786 SH   SOLE   257,293 0 198,493
Vanguard S&P 500 ETF S&P 500 ETF SHS 922908363 245 1,312 SH   SOLE   0 0 1,312
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 85,127 2,318,260 SH   SOLE   1,290,530 0 1,027,730
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 4,401 39,749 SH   SOLE   4,100 0 35,649
ISHARES TR CORE TOTAL US BD ET CORE TOTUSBD ETF 464287226 21,422 198,334 SH   SOLE   117,792 0 80,542
ISHARES TR FLTG RATE BD ETF FLTG RATE BD ETF 46429B655 64,014 1,269,103 SH   SOLE   624,712 0 644,391
ISHARES TR TIPS BD ETF TIPS BD ETF 464287176 15,615 142,369 SH   SOLE   86,664 0 55,705
ISHARES TREASURY ETF INTERNATI INTL TREA BD ETF 464288117 232 2,586 SH   SOLE   0 0 2,586
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 21,458 957,959 SH   SOLE   372,418 0 585,541
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 11,379 416,664 SH   SOLE   229,251 0 187,413
SPDR BARCLAYS CAPITAL CONVERTI BRC CNV SECS ETF 78464A359 3,557 82,193 SH   SOLE   0 0 82,193
SPDR BARCLAYS INTL TREASURY BO BRCLYS INTL ETF 78464A516 20,392 394,973 SH   SOLE   235,227 0 159,746
SPDR SERIES TRUST NUVN BR SHT NUVN BR SHT MUNI 78464A425 9,755 400,456 SH   SOLE   33,168 0 367,288
VANGUARD BD INDEX FD INC SHORT SHORT TRM BOND 921937827 55,152 693,126 SH   SOLE   347,944 0 345,182
VANGUARD BD INDEX FD INC TOTAL TOTAL BND MRKT 921937835 236 2,921 SH   SOLE   0 0 2,921
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 44,302 837,784 SH   SOLE   370,031 0 467,753
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 31,373 648,869 SH   SOLE   340,712 0 308,157
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 31,316 396,457 SH   SOLE   241,551 0 154,906