Makena Capital Management 13F-HR Quarterly holdings report by institutional manager

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

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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
BARCLAYS BK PLC	DJUBS CMDT ETN36	06738C778	10,697	311,238	SH		SOLE		311,238	0	0
CAFEPRESS INC	COM	12769A103	94	30,000	SH		SOLE		30,000	0	0
ISHARES	MSCI ACWI US ETF	464288240	91,501	1,553,500	SH		SOLE		1,553,500	0	0
ISHARES	IBOXX HI YD ETF	464288513	3,724	40,500	SH		SOLE		40,500	0	0
ISHARES TR	CORE S&P500 ETF	464287200	49,296	248,641	SH		SOLE		248,641	0	0
ISHARES TR	CORE US AGGBD ET	464287226	64,675	592,748	SH		SOLE		592,748	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	382,788	9,210,500	SH	Put	SOLE		9,210,500	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	3,824	92,014	SH		SOLE		92,014	0	0
ISHARES TR	NA NAT RES	464287374	8,525	190,499	SH		SOLE		190,499	0	0
ISHARES TR	MSCI EAFE ETF	464287465	450,488	7,025,700	SH	Put	SOLE		7,025,700	0	0
ISHARES TR	MSCI EAFE ETF	464287465	3,174	49,500	SH		SOLE		49,500	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	4,159	60,105	SH		SOLE		60,105	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	41,835	718,314	SH		SOLE		718,314	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	15,854	380,095	SH		SOLE		380,095	0	0