# EDGAR Filing Document

**Accession Number:** 0001512415
**File Stem:** 0000950123-23-001247
**Filing Date:** 2023-2
**Character Count:** 11552
**Document Hash:** d9c5a23a57d297d069f895263b605e02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-001247.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0000950123-23-001247

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Windham Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001512415
- **IRS NUMBER:** 043204704
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1211

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14140
- **FILM NUMBER:** 23605477

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FEDERAL STREET
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-419-3900

**MAIL ADDRESS:**
- **STREET 1:** ONE FEDERAL STREET
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Windham Capital Management LLC<br>**Address:** One Federal Street<br>21st Floor<br>Boston, MA 02110

**Form 13F File Number:** 028-14140

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Justin Dausch<br>**Title:** Chief Compliance Officer<br>**Phone:** 484-840-3707

**Signature, Place, and Date of Signing:**

Justin Dausch  Boston, MA  02-08-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 75

**Form 13F Information Table Value Total:** $260356012

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ESSEX PPTY TR | COM | 297178105 |  | 346277 | 1634 | SH |  | SOLE |  | 1634 | 0 | 0 |
| ISHARES TR | COHEN STEER REIT | 464287564 |  | 2248440 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| LIFE STORAGE INC COM | COM | 53223X107 |  | 236400 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 941294 | 3925 | SH |  | SOLE |  | 2528 | 0 | 1397 |
| MONARCH CASINO  RESORT INC | COM | 609027107 |  | 230670 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 1723964 | 6075 | SH |  | SOLE |  | 6075 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 229195 | 818 | SH |  | SOLE |  | 799 | 0 | 19 |
| INVESCO ACTIVLY MANGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 2371954 | 160484 | SH |  | SOLE |  | 160484 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 3860794 | 14499 | SH |  | SOLE |  | 14499 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S SML600 VAL | 46137v167 |  | 220864 | 2499 | SH |  | SOLE |  | 2499 | 0 | 0 |
| BARCLAYS BANK PLC | DJUBS CMDT ETN36 | 06738c778 |  | 671503 | 19920 | SH |  | SOLE |  | 0 | 0 | 19920 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 748550 | 13750 | SH |  | SOLE |  | 13750 | 0 | 0 |
| ISHARES TR | MRNGSTR LG-CP ET | 464287127 |  | 273517 | 5196 | SH |  | SOLE |  | 5196 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 369840 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 2102955 | 24799 | SH |  | SOLE |  | 24799 | 0 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 317835 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| ISHARES TR | MIN VOL USA ETF | 46429B697 |  | 3799742 | 52701 | SH |  | SOLE |  | 52701 | 0 | 0 |
| ISHARES TR | NASDAQ BIOTECH | 464287556 |  | 1929963 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 3813776 | 21873 | SH |  | SOLE |  | 694 | 0 | 21179 |
| ISHARES TR | CORE S ETF | 464287200 |  | 3867074 | 10065 | SH |  | SOLE |  | 0 | 0 | 10065 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 566550 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 258320 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y308 |  | 969150 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 861017 | 6338 | SH |  | SOLE |  | 0 | 0 | 6338 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 |  | 947039 | 9643 | SH |  | SOLE |  | 2500 | 0 | 7143 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 644599 | 5180 | SH |  | SOLE |  | 0 | 0 | 5180 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y886 |  | 1889400 | 26800 | SH |  | SOLE |  | 26800 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 837313 | 10779 | SH |  | SOLE |  | 2001 | 0 | 8778 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467x109 |  | 330999 | 999 | SH |  | SOLE |  | 999 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5775075 | 15101 | SH |  | SOLE |  | 15101 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 1120500 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| SPDR SER TR | S HOMEBUILD | 78464A888 |  | 1146140 | 19001 | SH |  | SOLE |  | 19001 | 0 | 0 |
| VANECK VECTORS ETF TR | AGRIBUSINESS ETF | 92189F700 |  | 2034494 | 23701 | SH |  | SOLE |  | 23701 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1670350 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 332150 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 7511621 | 35248 | SH |  | SOLE |  | 5986 | 0 | 29262 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 1014300 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 2852117 | 13994 | SH |  | SOLE |  | 6000 | 0 | 7994 |
| VANGUARD INDEX FDS | REIT ETF | 922908553 |  | 2648268 | 32108 | SH |  | SOLE |  | 22500 | 0 | 9608 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 2986741 | 8501 | SH |  | SOLE |  | 8501 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 3795320 | 23900 | SH |  | SOLE |  | 23900 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 2408412 | 13122 | SH |  | SOLE |  | 4999 | 0 | 8123 |
| VANGUARD INDEX FDS | STK MRK ETF | 922908769 |  | 51989963 | 271928 | SH |  | SOLE |  | 94830 | 0 | 177098 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 11868011 | 84548 | SH |  | SOLE |  | 15478 | 0 | 69070 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 215602 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042718 |  | 5517607 | 53668 | SH |  | SOLE |  | 49416 | 0 | 4252 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042742 |  | 3163345 | 36702 | SH |  | SOLE |  | 35000 | 0 | 1702 |
| VANGUARD INTL EQUITY INDEX F | EMR MKT ETF | 922042858 |  | 401182 | 10292 | SH |  | SOLE |  | 0 | 0 | 10292 |
| VANGUARD INTL EQUITY INDEX F | EMR MKT ETF | 922042874 |  | 4266773 | 76962 | SH |  | SOLE |  | 30284 | 0 | 46678 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 344312 | 2001 | SH |  | SOLE |  | 2001 | 0 | 0 |
| VANGUARD TAX-MANAGED INTL FD | FTSE DEV MKT ETF | 921943858 |  | 9510864 | 226611 | SH |  | SOLE |  | 170271 | 0 | 56340 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 2434725 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| VANGUARD WORLD FDS | CONSUM STP ETF | 92204A207 |  | 942908 | 4922 | SH |  | SOLE |  | 3500 | 0 | 1422 |
| VANGUARD WORLD FDS | HEALTH CAR ETF | 92204A504 |  | 4056362 | 16353 | SH |  | SOLE |  | 13800 | 0 | 2553 |
| VANGUARD WORLD FDS | MATERIALS ETF | 92204A801 |  | 987160 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| VANGUARD WORLD FDS | UTILITIES ETF | 92204A876 |  | 690120 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | EMRNG MKT SVRG | 46138E784 |  | 4316609 | 231206 | SH |  | SOLE |  | 40759 | 0 | 190447 |
| INVESCO EXCH TRADED FD TR II | EMRNG MKT SVRG | 46138G508 |  | 488593 | 23799 | SH |  | SOLE |  | 10886 | 0 | 12913 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1798054 | 18060 | SH |  | SOLE |  | 2895 | 0 | 15165 |
| ISHARES INC | INTL HIGH YIELD | 464286210 |  | 976175 | 22048 | SH |  | SOLE |  | 0 | 0 | 22048 |
| ISHARES TR | BARCLAYS 7 10 YR | 464287440 |  | 2277573 | 23779 | SH |  | SOLE |  | 0 | 0 | 23779 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2149783 | 22165 | SH |  | SOLE |  | 21710 | 0 | 455 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 416804 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 34044036 | 326499 | SH |  | SOLE |  | 196270 | 0 | 130229 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 945932 | 8887 | SH |  | SOLE |  | 0 | 0 | 8887 |
| SPDR SER TR | BLMBRG BRC CNVRT | 78464A359 |  | 1056978 | 16428 | SH |  | SOLE |  | 4892 | 0 | 11536 |
| SPDR SER TR | FTSE INT GVT ETF | 78464A490 |  | 9372352 | 227484 | SH |  | SOLE |  | 24266 | 0 | 203218 |
| SPDR SER TR | BLOOMBERG SRT TR | 78468R408 |  | 968267 | 39945 | SH |  | SOLE |  | 39945 | 0 | 0 |
| SPDR SER TR | BLOMBERG BRC INV | 78468R200 |  | 610262 | 20081 | SH |  | SOLE |  | 0 | 0 | 20081 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 13739175 | 467637 | SH |  | SOLE |  | 432684 | 0 | 34953 |
| SPDR SER TR | BLOMBERG BRC INT | 78464A334 |  | 568531 | 21010 | SH |  | SOLE |  | 0 | 0 | 21010 |
| SSGA ACTIVE ETF TR | BLKSTN GSOSRLN | 78467V608 |  | 950925 | 23250 | SH |  | SOLE |  | 23250 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | INTL BD IDX ETF | 92203J407 |  | 2968691 | 62591 | SH |  | SOLE |  | 62591 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 5946020 | 127296 | SH |  | SOLE |  | 115607 | 0 | 11689 |
| DBX ETF TR | XTRACK USD HIGH | 233051432 |  | 7467836 | 221532 | SH |  | SOLE |  | 45831 | 0 | 175701 |

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