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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 21,477 96,900 SH   SOLE   96,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 23,337 158,250 SH   SOLE   158,250 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 21,347 263,800 SH   SOLE   263,800 0 0
ESSEX PPTY TR INC COM 297178105 21,103 66,000 SH   SOLE   66,000 0 0
INVITATION HOMES INC COM 46187W107 20,119 524,900 SH   SOLE   524,900 0 0
ISHARES INC CORE MSCI EMKT 46434G103 11,770 190,575 SH   SOLE   190,575 0 0
ISHARES TR CORE MSCI EAFE 46432F842 25,468 343,004 SH   SOLE   343,004 0 0
ISHARES TR MSCI LW CRB TG 46434V464 58,640 356,930 SH   SOLE   356,930 0 0
MID-AMER APT CMNTYS INC COM 59522J103 22,983 123,070 SH   SOLE   123,070 0 0
UDR INC COM 902653104 21,823 411,910 SH   SOLE   411,910 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 63,054 159,873 SH   SOLE   159,873 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 276,036 1,243,071 SH   SOLE   1,243,071 0 0