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 481 22,373 SH   SOLE   0 0 22,373
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 38,737 2,914,785 SH   SOLE   1,819,314 0 1,095,471
SPDR INDEX SHS FDS DJ INTL RL DJ INTL RL ETF 78463X863 219 5,286 SH   SOLE   0 0 5,286
UBS AG JERSEY BRH ALERIAN INFR ALERIAN INFRST 902641646 1,211 50,345 SH   SOLE   0 0 50,345
VANGUARD FTSE EUROPE ETF FTSE EUROPE ETF 922042874 3,673 75,693 SH   SOLE   5,539 0 70,154
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 28,491 532,450 SH   SOLE   321,152 0 211,298
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 20,983 250,399 SH   SOLE   188,952 0 61,447
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 88,934 848,448 SH   SOLE   416,862 0 431,586
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 848 19,656 SH   SOLE   0 0 19,656
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 41,477 1,199,461 SH   SOLE   587,585 0 611,876
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042718 35,676 382,048 SH   SOLE   202,694 0 179,354
Vanguard S&P 500 ETF S&P 500 ETF SHS 922908363 247 1,312 SH   SOLE   0 0 1,312
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 56,408 1,572,122 SH   SOLE   778,913 0 793,209
ISHARES NATIONAL AMT FREE MUNI S&P NTL AMTFREE 464288414 4,310 38,605 SH   SOLE   3,989 0 34,616
ISHARES TR CORE TOTAL US BD ET CORE TOTUSBD ETF 464287226 26,449 238,656 SH   SOLE   146,346 0 92,310
ISHARES TR FLTG RATE BD ETF FLTG RATE BD ETF 46429B655 71,501 1,418,102 SH   SOLE   745,180 0 672,922
ISHARES TREASURY ETF INTERNATI INTL TREA BD ETF 464288117 251 2,586 SH   SOLE   0 0 2,586
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 25,197 1,109,284 SH   SOLE   541,240 0 568,044
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 15,459 546,252 SH   SOLE   341,654 0 204,598
SPDR BARCLAYS INTL TREASURY BO BRCLYS INTL ETF 78464A516 32,480 582,710 SH   SOLE   416,203 0 166,507
SPDR SER TR SHT TRM HGH YLD SHRT TRSRY ETF 78468R408 19,660 761,436 SH   SOLE   459,803 0 301,633
SPDR SERIES TRUST NUVN BR SHT NUVN BR SHT MUNI 78468R739 17,261 353,564 SH   SOLE   31,761 0 321,803
VANGUARD BD INDEX FD INC SHORT SHORT TRM BOND 921937827 90,855 1,126,809 SH   SOLE   682,814 0 443,995
VANGUARD BD INDEX FD INC TOTAL TOTAL BND MRKT 921937835 241 2,911 SH   SOLE   0 0 2,911
VANGUARD CHARLOTTE FDS INTL BD INTL BD IDX ETF 92203J407 44,321 812,629 SH   SOLE   343,530 0 469,099
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 49,334 1,004,151 SH   SOLE   575,763 0 428,388
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 36,801 459,842 SH   SOLE   288,266 0 171,576