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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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
ABBOTT LABS COM NPV COMMON STOCK 002824100 977 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COMMON STOCK 00287Y109 2,192 41,500 SH   SOLE 0 41,500 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 1,405 22,077 SH   SOLE 0 22,077 0 0
AMERICAN ASSETS TRUST INC USD0.01 COMMON STOCK 024013104 1,666 53,000 SH   SOLE 0 53,000 0 0
AMERICAN CAMPUS COMMUNITIES COMMON STOCK 024835100 696 21,600 SH   SOLE 0 21,600 0 0
AMERICAN ELECTRIC POWER CO INC COM STK USD6.50 COMMON STOCK 025537101 2,337 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTERNATIONAL GROUP INC COMMON STOCK 026874784 3,766 73,770 SH   SOLE 0 73,770 0 0
AMERICAN TOWER CORP COMMON STOCK 03027X100 710 8,900 SH   SOLE 0 8,900 0 0
ANADARKO PETROLEUM CORP COMMON STOCK 032511107 952 12,000 SH   SOLE 0 12,000 0 0
ANNALY CAPITAL MANAGEMENT INC COMMON STOCK 035710409 199 20,000 SH   SOLE 0 20,000 0 0
APPLE INC COM STK NPV COMMON STOCK 037833100 4,208 7,500 SH   SOLE 0 7,500 0 0
AVALON BAY COMMUNITIES INC COMMON STOCK 053484101 615 5,200 SH   SOLE 0 5,200 0 0
BAKER HUGHES INC COM STK USD1 COMMON STOCK 057224107 2,487 45,000 SH   SOLE 0 45,000 0 0
BANCO SANTANDER SA ADR EACH 1 REPR 1 ORD EUR0.50 COMMON STOCK 05964H105 1,064 117,292 SH   SOLE 0 117,292 0 0
BANK OF AMERICA CORP COM STK USD0.01 COMMON STOCK 060505104 1,324 85,020 SH   SOLE 0 85,020 0 0
BAXTER INTERNATIONAL INC COM STK USD1 COMMON STOCK 071813109 3,785 54,420 SH   SOLE 0 54,420 0 0
BECTON DICKINSON & CO COM STK USD1 COMMON STOCK 075887109 552 5,000 SH   SOLE 0 5,000 0 0
BIOMED REALTY TRUST COMMON STOCK 09063H107 199 10,962 SH   SOLE 0 10,962 0 0
BP AMOCO P.L.C ADR-EACH CNV INTO 6 ORD USD0.25 COMMON STOCK 055622104 8,730 179,600 SH   SOLE 0 179,600 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COMMON STOCK 110122108 2,658 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP UNITS OF LTD PARTNERSHIP COMMON STOCK 118230101 781 11,000 SH   SOLE 0 11,000 0 0
BUNGE LTD COMMON STOCK G16962105 690 8,400 SH   SOLE 0 8,400 0 0
CADIZ INC NEW COMMON STOCK 127537207 844 126,127 SH   SOLE 0 126,127 0 0
CAPITAL ONE FINANCIAL CORP COM STK USD0.01 COMMON STOCK 14040H105 1,609 21,000 SH   SOLE 0 21,000 0 0
CARDINAL HEALTH INC COM STK NPV COMMON STOCK 14149Y108 1,355 20,277 SH   SOLE 0 20,277 0 0
CAREFUSION CORP USD0.01 COMMON STOCK 14170T101 538 13,500 SH   SOLE 0 13,500 0 0
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK) COMMON STOCK 143658300 603 15,000 SH   SOLE 0 15,000 0 0
CHESAPEAKE ENERGY CORP COM STK USD0.01 COMMON STOCK 165167107 271 10,000 SH   SOLE 0 10,000 0 0
CHEVRON CORP COM STK USD0.75 COMMON STOCK 166764100 6,641 53,170 SH   SOLE 0 53,170 0 0
CIGNA CORP COMMON STOCK 125509109 289 3,300 SH   SOLE 0 3,300 0 0
CITIGROUP INC USD0.01 COMMON STOCK 172967424 1,344 25,794 SH   SOLE 0 25,794 0 0
COCA-COLA CO COM STK USD0.25 COMMON STOCK 191216100 2,313 56,000 SH   SOLE 0 56,000 0 0
COLONY FINANCIAL INC COMMON STOCK 19624R106 299 14,750 SH   SOLE 0 14,750 0 0
CORNING INC COMMON STOCK 219350105 356 20,000 SH   SOLE 0 20,000 0 0
COVIDIEN PLC USD0.20 COMMON STOCK G2554F113 2,179 32,000 SH   SOLE 0 32,000 0 0
CYRUSONE INC COM COMMON STOCK 23283R100 669 29,976 SH   SOLE 0 29,976 0 0
DEERE & CO COMMON STOCK 244199105 658 7,200 SH   SOLE 0 7,200 0 0
DIGITAL RLTY TR INC COM STK USD0.01 COMMON STOCK 253868103 204 4,150 SH   SOLE 0 4,150 0 0
DOW CHEMICAL CO COMMON STOCK 260543103 1,114 25,090 SH   SOLE 0 25,090 0 0
DUKE ENERGY CORP COM STK NPV COMMON STOCK 26441C204 1,150 16,666 SH   SOLE 0 16,666 0 0
EBAY INC COMMON STOCK 278642103 983 17,920 SH   SOLE 0 17,920 0 0
ECOLAB INC COMMON STOCK 278865100 573 5,500 SH   SOLE 0 5,500 0 0
EDISON INTERNATIONAL NPV COMMON STOCK 281020107 926 20,000 SH   SOLE 0 20,000 0 0
EDUCATION REALTY TRUST COMMON STOCK 28140H104 393 44,525 SH   SOLE 0 44,525 0 0
EL PASO PIPELINE PARTNERS LP PARTNERSHIP UNITS COMMON STOCK 283702108 756 21,000 SH   SOLE 0 21,000 0 0
EMC CORP - MASS COMMON STOCK 268648102 2,996 119,130 SH   SOLE 0 119,130 0 0
ENBRIDGE ENERGY PARTNERS LP COMMON STOCK 29250R106 657 22,000 SH   SOLE 0 22,000 0 0
ENTERGY CORP COM STK USD0.01 COMMON STOCK 29364G103 949 15,000 SH   SOLE 0 15,000 0 0
EQUITY LIFESTYLE PROPERTIES INC COMMON STOCK 29472R108 290 8,000 SH   SOLE 0 8,000 0 0
EQUITY RESIDENTIAL PROPERTIES TRUST COMMON STOCK 29476L107 622 12,000 SH   SOLE 0 12,000 0 0
EXCEL TRUST INC USD0.001 COMMON STOCK 30068C109 683 60,000 SH   SOLE 0 60,000 0 0
EXELON CORP COM STK NPV COMMON STOCK 30161N101 548 20,000 SH   SOLE 0 20,000 0 0
EXPRESS SCRIPTS HOLDING COMPANY COMMON STOCK 30219G108 632 9,000 SH   SOLE 0 9,000 0 0
EXTRA SPACE STORAGE INC COMMON STOCK 30225T102 590 14,000 SH   SOLE 0 14,000 0 0
EXXON MOBIL CORP COM STK NPV COMMON STOCK 30231G102 405 4,000 SH   SOLE 0 4,000 0 0
FEDERAL REALTY INVESTMENT TRUST COMMON STOCK 313747206 494 4,875 SH   SOLE 0 4,875 0 0
FLUOR CORP COMMON STOCK 343412102 787 9,800 SH   SOLE 0 9,800 0 0
FORD MOTOR CO USD 0.01 COMMON STOCK 345370860 2,932 190,000 SH   SOLE 0 190,000 0 0
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10 COMMON STOCK 35671D857 2,642 70,000 SH   SOLE 0 70,000 0 0
GENERAL DYNAMICS CORP COMMON STOCK 369550108 2,517 26,340 SH   SOLE 0 26,340 0 0
GENERAL ELECTRIC CO. COM STK USD0.06 COMMON STOCK 369604103 9,809 349,950 SH   SOLE 0 349,950 0 0
GENERAL MILLS INC COMMON STOCK 370334104 664 13,300 SH   SOLE 0 13,300 0 0
GENERAL MOTORS CO USD 0.01 COMMON STOCK 37045V100 3,181 77,830 SH   SOLE 0 77,830 0 0
GOLDMAN SACHS GROUP INC COM STK USD0.01 COMMON STOCK 38141G104 2,225 12,550 SH   SOLE 0 12,550 0 0
GOOGLE INC COM STK USD0.001 CLS'A' COMMON STOCK 38259P508 1,793 1,600 SH   SOLE 0 1,600 0 0
HALLIBURTON CO COM STK USD2.50 COMMON STOCK 406216101 1,593 31,380 SH   SOLE 0 31,380 0 0
HARTFORD FINANCIAL SERVICES GRP INC COM STK COMMON STOCK 416515104 2,903 80,119 SH   SOLE 0 80,119 0 0
HEALTH CARE REIT INC COMMON STOCK 42217K106 409 7,629 SH   SOLE 0 7,629 0 0
HESS CORP COMMON STOCK 42809H107 817 9,840 SH   SOLE 0 9,840 0 0
HEWLETT-PACKARD CO COM STK USD0.01 COMMON STOCK 428236103 4,228 151,100 SH   SOLE 0 151,100 0 0
HOST HOTELS & RESORTS INC USD0.01 COMMON STOCK 44107P104 583 30,000 SH   SOLE 0 30,000 0 0
INTERNATIONAL BUS MACH CORP COM STK USD0.20 COMMON STOCK 459200101 1,501 8,000 SH   SOLE 0 8,000 0 0
JOHNSON & JOHNSON COM STK USD1 COMMON STOCK 478160104 5,037 55,000 SH   SOLE 0 55,000 0 0
JPMORGAN CHASE & CO COM STK USD1 COMMON STOCK 46625H100 8,481 145,020 SH   SOLE 0 145,020 0 0
LASALLE HOTEL PPTYS SBI COMMON STOCK 517942108 442 18,800 SH   SOLE 0 18,800 0 0
LAS VEGAS SANDS CORP COMMON STOCK 517834107 2,102 26,650 SH   SOLE 0 26,650 0 0
LENNAR CORP CL A COMMON STOCK 526057104 701 17,720 SH   SOLE 0 17,720 0 0
LIBERTY GLOBAL PLC CLASS A COMMON STOCK G5480U104 1,099 12,350 SH   SOLE 0 12,350 0 0
LILLY(ELI)& CO COM STK NPV COMMON STOCK 532457108 357 7,000 SH   SOLE 0 7,000 0 0
MACERICH CO COM STK USD0.01 COMMON STOCK 554382101 4,419 75,042 SH   SOLE 0 75,042 0 0
MARATHON OIL CORP COM STK USD1 COMMON STOCK 565849106 1,059 30,000 SH   SOLE 0 30,000 0 0
MEDTRONIC INC COMMON STOCK 585055106 712 12,400 SH   SOLE 0 12,400 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COMMON STOCK 58933Y105 3,759 75,100 SH   SOLE 0 75,100 0 0
METLIFE INC COM STK USD0.01 COMMON STOCK 59156R108 3,182 59,008 SH   SOLE 0 59,008 0 0
MICROSOFT CORP COM STK USD0.00000625 COMMON STOCK 594918104 2,845 76,000 SH   SOLE 0 76,000 0 0
MGM RESORTS INTERNATIONAL COMMON STOCK 552953101 206 8,750 SH   SOLE 0 8,750 0 0
MORGAN STANLEY COM STK USD0.01 COMMON STOCK 617446448 941 30,000 SH   SOLE 0 30,000 0 0
NEW RESIDENTIAL INVESTMENT CORP COMMON STOCK 64828T102 569 85,150 SH   SOLE 0 85,150 0 0
NEWMONT MINING CORP COMMON STOCK 651639106 921 40,000 SH   SOLE 0 40,000 0 0
NORTHSTAR REALTY FINANCE CORP COMMON STOCK 66704R100 807 60,000 SH   SOLE 0 60,000 0 0
NOVARTIS AG ADR EACH REPR 1 CHF0.50(REGD) COMMON STOCK 66987V109 4,160 51,760 SH   SOLE 0 51,760 0 0
ONEOK PARTNERS LP COMMON STOCK 68268N103 527 10,000 SH   SOLE 0 10,000 0 0
ORACLE CORP COM STK USD0.01 COMMON STOCK 68389X105 3,417 89,300 SH   SOLE 0 89,300 0 0
PEPSICO INC CAP STK USD0.0166 COMMON STOCK 713445108 3,135 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM STK USD0.05 COMMON STOCK 717081103 3,392 110,750 SH   SOLE 0 110,750 0 0
PG&E CORP COM STK NPV COMMON STOCK 69331C108 2,215 55,000 SH   SOLE 0 55,000 0 0
PHILIP MORRIS INTERNATIONAL INC COMMON STOCK 718172109 436 5,000 SH   SOLE 0 5,000 0 0
PHILLIPS 66 COMMON STOCK 718546104 1,047 13,570 SH   SOLE 0 13,570 0 0
PINNACLE WEST CAPITAL CORP COM STK USD2.50 COMMON STOCK 723484101 2,381 45,000 SH   SOLE 0 45,000 0 0
PPL CORP COM STK USD0.01 COMMON STOCK 69351T106 2,106 70,000 SH   SOLE 0 70,000 0 0
PROGRESSIVE CORP COMMON STOCK 743315103 763 27,970 SH   SOLE 0 27,970 0 0
PRUDENTIAL FINANCIAL INC COM STK USD0.01 COMMON STOCK 744320102 2,398 26,000 SH   SOLE 0 26,000 0 0
PUBLIC STORAGE COMMON STOCK 74460D109 277 1,843 SH   SOLE 0 1,843 0 0
QTS REALTY TRUST INC COMMON STOCK 74736A103 595 24,000 SH   SOLE 0 24,000 0 0
QUALCOMM INC COM STK USD0.0001 COMMON STOCK 747525103 1,610 21,680 SH   SOLE 0 21,680 0 0
QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 803 15,000 SH   SOLE 0 15,000 0 0
RADIAN GROUP INC COMMON STOCK 750236101 618 43,794 SH   SOLE 0 43,794 0 0
RAIT FINANCIAL TRUST COMMON STOCK 749227609 635 70,739 SH   SOLE 0 70,739 0 0
ROCKWELL COLLINS INC COMMON STOCK 774341101 821 11,100 SH   SOLE 0 11,100 0 0
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS COMMON STOCK 780259206 4,025 56,481 SH   SOLE 0 56,481 0 0
SANOFI ADR ECH REP 1/2 ORD EUR2 SPON COMMON STOCK 80105N105 2,413 45,000 SH   SOLE 0 45,000 0 0
SBA COMMUNICATIONS CORP CL A COMMON STOCK 78388J106 674 7,500 SH   SOLE 0 7,500 0 0
SCHLUMBERGER COM STK USD0.01 COMMON STOCK 806857108 1,227 13,622 SH   SOLE 0 13,622 0 0
SIEMENS AG ADR-EACH CNV INTO 1 ORD NPV COMMON STOCK 826197501 5,471 39,500 SH   SOLE 0 39,500 0 0
SIMON PROPERTY GROUP INC COMMON STOCK 828806109 1,799 11,825 SH   SOLE 0 11,825 0 0
SOUTHERN CO COM STK USD5 COMMON STOCK 842587107 617 15,000 SH   SOLE 0 15,000 0 0
SPX CORP COMMON STOCK 784635104 1,121 11,250 SH   SOLE 0 11,250 0 0
STARWOOD HTLS WRLD PAIRED CERT CLASS'B'USD0.01 COMMON STOCK 85590A401 1,589 20,000 SH   SOLE 0 20,000 0 0
STRATEGIC HOTELS & RESORTS COMMON STOCK 86272T106 740 78,316 SH   SOLE 0 78,316 0 0
STRYKER CORP COM STK USD0.10 COMMON STOCK 863667101 947 12,600 SH   SOLE 0 12,600 0 0
SUN COMMUNITIES COMMON STOCK 866674104 348 8,168 SH   SOLE 0 8,168 0 0
TANGER FACTORY OUTLET CENTER COMMON STOCK 875465106 965 30,125 SH   SOLE 0 30,125 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 2,400 37,545 SH   SOLE 0 37,545 0 0
TELEFONICA SA ADR EACH REPR 1 ORD EUR1 COMMON STOCK 879382208 817 50,000 SH   SOLE 0 50,000 0 0
TEVA PHARMACEUTICAL INDUSTRIES ADR EACH CNV INTO 1 COMMON STOCK 881624209 1,371 34,200 SH   SOLE 0 34,200 0 0
TRANSOCEAN LTD CHF15 COMMON STOCK H8817H100 741 15,000 SH   SOLE 0 15,000 0 0
UNITEDHEALTH GROUP INC COMMON STOCK 91324P102 271 3,600 SH   SOLE 0 3,600 0 0
VEOLIA ENVIRONNEMENT ADR EACH RERP 1 ORD COMMON STOCK 92334N103 818 50,000 SH   SOLE 0 50,000 0 0
VERIZON COMMUNICATIONS INC COM STK USD0.10 COMMON STOCK 92343V104 2,703 55,000 SH   SOLE 0 55,000 0 0
WAL-MART STORES INC COMMON STOCK 931142103 811 10,300 SH   SOLE 0 10,300 0 0
WALGREEN CO COM STK USD0.078125 COMMON STOCK 931422109 2,143 37,300 SH   SOLE 0 37,300 0 0
WELLS FARGO & CO COM STK USD1 2/3 COMMON STOCK 949746101 40,678 896,000 SH   SOLE 0 896,000 0 0
WILLIAMS SONOMA INC COMMON STOCK 969904101 1,336 22,930 SH   SOLE 0 22,930 0 0
WYNN RESORTS LTD COM STK USD0.01 COMMON STOCK 983134107 1,165 6,000 SH   SOLE 0 6,000 0 0
ISHARES TRUST S&P S&P NTL AMTFREE 464288414 4,641 44,739 SH   SOLE 0 44,739 0 0
JPMORGAN CHASE & CO C/WTS 28/OCT/2018 WARRANTS 46634E114 271 14,000 SH   SOLE 0 14,000 0 0