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 MSCI AUSTRALIA ETF MSCI AUST ETF 464286103 236 10,444 SH   SOLE   0 0 10,444
ISHARES TR S&P GLO INFRAS GLB INFRASTR ETF 464288372 8,029 189,724 SH   SOLE   177,071 0 12,653
ISHARES US PREFERRED STOCK ETF U.S. PFD STK ETF 464288687 225 5,812 SH   SOLE   0 0 5,812
POWERSHARES ACT MANG COMM FD D DB OPT YLD DIV 73937V106 43,658 2,625,274 SH   SOLE   1,978,257 0 647,017
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 168 11,042 SH   SOLE   0 0 11,042
UBS AG JERSEY BRH ALERIAN INFR ALERIAN INFRST 902641646 19,284 660,861 SH   SOLE   496,116 0 164,745
VANGUARD FTSE EUROPE ETF FTSE EUROPE ETF 922042874 24,302 471,239 SH   SOLE   348,724 0 122,515
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 21,991 412,900 SH   SOLE   284,052 0 128,848
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 273 3,300 SH   SOLE   0 0 3,300
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 52,468 432,476 SH   SOLE   320,834 0 111,642
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 807 16,881 SH   SOLE   0 0 16,881
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 57,483 1,447,212 SH   SOLE   1,116,520 0 330,692
VANGUARD INTL EQUITY INDEX FD FTSE SMCAP ETF 922042718 23,859 232,435 SH   SOLE   174,430 0 58,005
Vanguard S&P 500 ETF S&P 500 ETF SHS 922908363 308 1,424 SH   SOLE   0 0 1,424
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 85,139 2,166,381 SH   SOLE   1,693,749 0 472,632
VANGUARD TOTAL WORLD STOCK ETF TT WRLD ST ETF 922042742 227 3,481 SH   SOLE   0 0 3,481
VANGUARD VALUE ETF VALUE ETF 922908744 46,194 484,362 SH   SOLE   359,586 0 124,776
VANGUARD WORLD FDS INDUSTRIAL INDUSTRIAL ETF 92204A603 283 2,287 SH   SOLE   0 0 2,287
WISDOMTREE TR EMER MKT HIGH FD EMER MKT HIGH FD 97717W315 266 6,522 SH   SOLE   0 0 6,522
ISHARES GL HGYL CP ETF INTL HIGH YIELD 464286210 226 4,825 SH   SOLE   0 0 4,825
ISHARES TR FLTG RATE BD ETF FLTG RATE BD ETF 46429B655 23,403 460,065 SH   SOLE   117,814 0 342,251
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 13,272 570,610 SH   SOLE   176,233 0 394,377
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 225 7,736 SH   SOLE   0 0 7,736
SPDR SER TR SHT TRM HGH YLD BLOOMBERG SRT TR 78468R408 222 7,945 SH   SOLE   0 0 7,945
SPDR SERIES TRUST BLOOMBERG IN BRCLYS INTL ETF 78464A516 17,946 673,658 SH   SOLE   171,715 0 501,943
SPDR SERIES TRUST NUVN BR SHT NUVN BR SHT MUNI 78468R739 353 7,292 SH   SOLE   0 0 7,292
VANECK VECTORS JP MORGAN EM LO JP MORGAN MKTS 92189F494 295 15,934 SH   SOLE   0 0 15,934
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 10,227 206,731 SH   SOLE   90,813 0 115,918
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 11,012 138,101 SH   SOLE   10,856 0 127,245