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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
AVALONBAY CMNTYS INC COM 053484101 17,879 96,900 SH   SOLE   96,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 17,393 158,250 SH   SOLE   158,250 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 18,896 263,800 SH   SOLE   263,800 0 0
ESSEX PPTY TR INC COM 297178105 17,941 66,000 SH   SOLE   66,000 0 0
INVITATION HOMES INC COM 46187W107 16,792 524,900 SH   SOLE   524,900 0 0
ISHARES INC CORE MSCI EMKT 46434G103 15,204 236,230 SH   SOLE   236,230 0 0
ISHARES TR CORE MSCI EAFE 46432F842 28,406 394,251 SH   SOLE   394,251 0 0
ISHARES TR MSCI LW CRB TG 46434V464 47,516 304,315 SH   SOLE   304,315 0 0
MID-AMER APT CMNTYS INC COM 59522J103 17,766 123,070 SH   SOLE   123,070 0 0
UDR INC COM 902653104 18,066 411,910 SH   SOLE   411,910 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 228,665 627,683 SH   SOLE   627,683 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 269,915 1,305,891 SH   SOLE   1,305,891 0 0