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
Estimated average burden
hours per response: 23.8
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 S&P GLO INFRAS GLB INFRASTR ETF 464288372 8,081 183,780 SH   SOLE   177,071 0 6,709
POWERSHARES ACT MANG COMM FD D DB OPT YLD DIV 73937V106 40,359 2,557,584 SH   SOLE   1,978,257 0 579,327
POWERSHARES DB COMMODITY INDEX UNIT BEN INT 73935S105 157 10,841 SH   SOLE   0 0 10,841
UBS AG JERSEY BRH ALERIAN INFR ALERIAN INFRST 902641646 17,035 638,981 SH   SOLE   496,116 0 142,865
VANGUARD FTSE EUROPE ETF FTSE EUROPE ETF 922042874 25,554 463,440 SH   SOLE   348,724 0 114,716
VANGUARD GLOBAL EX US REAL EST GLB EX US ETF 922042676 22,384 397,940 SH   SOLE   284,052 0 113,888
VANGUARD INDEX FDS REIT ETF REIT ETF 922908553 283 3,398 SH   SOLE   0 0 3,398
VANGUARD INDEX FDS TOTAL STK M STK MRK ETF 922908769 52,943 425,419 SH   SOLE   320,834 0 104,585
VANGUARD INTL EQTY INDEX FTSE ALLWRLD EX US 922042775 859 17,170 SH   SOLE   0 0 17,170
VANGUARD INTL EQUITY INDEX FD EMR MKT ETF 922042858 57,982 1,420,086 SH   SOLE   1,116,520 0 303,566
VANGUARD INTL EQUITY INDEX FD FTSE SMCAP ETF 922042718 24,490 226,509 SH   SOLE   174,430 0 52,079
Vanguard S&P 500 ETF S&P 500 ETF SHS 922908363 316 1,424 SH   SOLE   0 0 1,424
VANGUARD TAX MANAGED INTL FD F FTSE DEV MKT ETF 921943858 87,832 2,125,657 SH   SOLE   1,693,749 0 431,908
VANGUARD TOTAL WORLD STOCK ETF TT WRLD ST ETF 922042742 253 3,742 SH   SOLE   0 0 3,742
VANGUARD VALUE ETF VALUE ETF 922908744 46,009 476,480 SH   SOLE   359,586 0 116,894
VANGUARD WORLD FDS INDUSTRIAL INDUSTRIAL ETF 92204A603 256 1,996 SH   SOLE   0 0 1,996
ISHARES TR FLTG RATE BD ETF FLTG RATE BD ETF 46429B655 22,254 437,035 SH   SOLE   117,814 0 319,221
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 12,336 533,097 SH   SOLE   176,233 0 356,864
SPDR SERIES TRUST BLOOMBERG IN BRCLYS INTL ETF 78464A516 17,524 634,249 SH   SOLE   171,715 0 462,534
SPDR SERIES TRUST NUVN BR SHT NUVN BR SHT MUNI 78468R739 361 7,440 SH   SOLE   0 0 7,440
VANGUARD MALVERN FDS STRM INFP STRM INFPROIDX 922020805 9,605 195,104 SH   SOLE   90,813 0 104,291
VANGUARD SCOTTSDALE FDS SHRT T SHRT TRM CORP BD 92206C409 10,525 131,501 SH   SOLE   10,856 0 120,645