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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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
APOLLO GLOBAL MGMT INC COM CL A 03768E105 5,228 84,059 SH   SOLE   84,059 0 0
AVALONBAY CMNTYS INC COM 053484101 20,222 96,900 SH   SOLE   96,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 20,995 158,250 SH   SOLE   158,250 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 20,313 263,800 SH   SOLE   263,800 0 0
ESSEX PPTY TR INC COM 297178105 19,801 66,000 SH   SOLE   66,000 0 0
INVITATION HOMES INC COM 46187W107 19,574 524,900 SH   SOLE   524,900 0 0
ISHARES INC CORE MSCI EMKT 46434G103 13,180 196,740 SH   SOLE   196,740 0 0
ISHARES TR CORE MSCI EAFE 46432F842 27,232 363,773 SH   SOLE   363,773 0 0
ISHARES TR MSCI LW CRB TG 46434V464 56,648 341,230 SH   SOLE   341,230 0 0
MID-AMER APT CMNTYS INC COM 59522J103 20,727 123,070 SH   SOLE   123,070 0 0
UDR INC COM 902653104 20,175 411,910 SH   SOLE   411,910 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 109,508 278,278 SH   SOLE   278,278 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 281,540 1,263,529 SH   SOLE   1,263,529 0 0