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
Expires: July 31, 2015
Estimated average burden
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
AVALONBAY CMNTYS INC COM 053484101 17,568,939 96,900 SH SOLE 96,900 0 0
CAMDEN PPTY TR SH BEN INT 133131102 20,114,698 182,728 SH SOLE 182,728 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 18,325,665 290,699 SH SOLE 290,699 0 0
ESSEX PPTY TR INC COM 297178105 19,110,752 73,031 SH SOLE 73,031 0 0
INVITATION HOMES INC COM 46187W107 18,061,166 649,916 SH SOLE 649,916 0 0
ISHARES INC CORE MSCI EMKT 46434G103 42,795,277 636,645 SH SOLE 636,645 0 0
ISHARES TR CORE US AGGBD ET 464287226 733,619 7,345 SH SOLE 7,345 0 0
ISHARES TR CORE MSCI EAFE 46432F842 185,013,926 2,068,119 SH SOLE 2,068,119 0 0
ISHARES TR MSCI LW CRB TG 46434V464 24,009,930 104,151 SH SOLE 104,151 0 0
MID-AMER APT CMNTYS INC COM 59522J103 19,542,970 140,688 SH SOLE 140,688 0 0
SPDR SER TR S&P BIOTECH 78464A870 50,265,643 412,250 SH SOLE 412,250 0 0
UDR INC COM 902653104 18,116,582 493,909 SH SOLE 493,909 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 1,131,892,513 1,804,877 SH SOLE 1,804,877 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 210,082,864 626,608 SH SOLE 626,608 0 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 13,049,806 222,200 SH SOLE 222,200 0 0