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 1,311 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COMMON STOCK 00287Y109 2,196 42,720 SH   SOLE 0 42,720 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 2,685 37,004 SH   SOLE 0 37,004 0 0
AMERICAN ASSETS TRUST INC USD0.01 COMMON STOCK 024013104 1,788 53,000 SH   SOLE 0 53,000 0 0
AMERICAN CAMPUS COMMUNITIES COMMON STOCK 024835100 741 19,831 SH   SOLE 0 19,831 0 0
AMERICAN ELECTRIC POWER CO INC COM STK USD6.50 COMMON STOCK 025537101 2,533 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTERNATIONAL GROUP INC COMMON STOCK 026874784 3,948 78,950 SH   SOLE 0 78,950 0 0
AMERICAN TOWER CORP COMMON STOCK 03027X100 2,031 24,812 SH   SOLE 0 24,812 0 0
ANADARKO PETROLEUM CORP COMMON STOCK 032511107 1,017 12,000 SH   SOLE 0 12,000 0 0
APPLE INC COM STK NPV COMMON STOCK 037833100 4,026 7,500 SH   SOLE 0 7,500 0 0
AVALON BAY COMMUNITIES INC COMMON STOCK 053484101 859 6,541 SH   SOLE 0 6,541 0 0
BAKER HUGHES INC COM STK USD1 COMMON STOCK 057224107 2,926 45,000 SH   SOLE 0 45,000 0 0
BANCO SANTANDER SA ADR EACH 1 REPR 1 ORD EUR0.50 COMMON STOCK 05964H105 1,150 120,019 SH   SOLE 0 120,019 0 0
BANK OF AMERICA CORP COM STK USD0.01 COMMON STOCK 060505104 1,582 91,980 SH   SOLE 0 91,980 0 0
BAXTER INTERNATIONAL INC COM STK USD1 COMMON STOCK 071813109 4,212 57,250 SH   SOLE 0 57,250 0 0
BECTON DICKINSON & CO COM STK USD1 COMMON STOCK 075887109 585 5,000 SH   SOLE 0 5,000 0 0
BIOMED REALTY TRUST COMMON STOCK 09063H107 817 39,875 SH   SOLE 0 39,875 0 0
BOSTON PROPERTIES INC COMMON STOCK 101121101 703 6,137 SH   SOLE 0 6,137 0 0
BP AMOCO P.L.C ADR-EACH CNV INTO 6 ORD USD0.25 COMMON STOCK 055622104 8,639 179,600 SH   SOLE 0 179,600 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COMMON STOCK 110122108 2,598 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP UNITS OF LTD PARTNERSHIP COMMON STOCK 118230101 826 11,000 SH   SOLE 0 11,000 0 0
BUNGE LTD COMMON STOCK G16962105 1,026 12,910 SH   SOLE 0 12,910 0 0
CADIZ INC NEW COMMON STOCK 127537207 1,562 221,538 SH   SOLE 0 221,538 0 0
CAPITAL ONE FINANCIAL CORP COM STK USD0.01 COMMON STOCK 14040H105 1,620 21,000 SH   SOLE 0 21,000 0 0
CARDINAL HEALTH INC COM STK NPV COMMON STOCK 14149Y108 1,419 20,277 SH   SOLE 0 20,277 0 0
CAREFUSION CORP USD0.01 COMMON STOCK 14170T101 543 13,500 SH   SOLE 0 13,500 0 0
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK) COMMON STOCK 143658300 568 15,000 SH   SOLE 0 15,000 0 0
CHEVRON CORP COM STK USD0.75 COMMON STOCK 166764100 6,322 53,170 SH   SOLE 0 53,170 0 0
CIGNA CORP COMMON STOCK 125509109 286 3,410 SH   SOLE 0 3,410 0 0
CITIGROUP INC USD0.01 COMMON STOCK 172967424 1,944 41,894 SH   SOLE 0 41,894 0 0
COCA-COLA CO COM STK USD0.25 COMMON STOCK 191216100 2,165 56,000 SH   SOLE 0 56,000 0 0
COLONY FINANCIAL INC COMMON STOCK 19624R106 389 17,729 SH   SOLE 0 17,729 0 0
CORNING INC COMMON STOCK 219350105 416 20,000 SH   SOLE 0 20,000 0 0
COVIDIEN PLC USD0.20 COMMON STOCK G2554F113 2,357 32,000 SH   SOLE 0 32,000 0 0
CYRUSONE INC COM COMMON STOCK 23283R100 2,127 102,126 SH   SOLE 0 102,126 0 0
DEERE & CO COMMON STOCK 244199105 711 7,830 SH   SOLE 0 7,830 0 0
DIGITAL RLTY TR INC COM STK USD0.01 COMMON STOCK 253868103 443 8,350 SH   SOLE 0 8,350 0 0
DOW CHEMICAL CO COMMON STOCK 260543103 1,312 27,005 SH   SOLE 0 27,005 0 0
DUKE ENERGY CORP COM STK NPV COMMON STOCK 26441C204 1,187 16,666 SH   SOLE 0 16,666 0 0
EBAY INC COMMON STOCK 278642103 1,600 28,965 SH   SOLE 0 28,965 0 0
ECOLAB INC COMMON STOCK 278865100 613 5,680 SH   SOLE 0 5,680 0 0
EDUCATION REALTY TRUST COMMON STOCK 28140H104 1,713 173,526 SH   SOLE 0 173,526 0 0
EL PASO PIPELINE PARTNERS LP PARTNERSHIP UNITS COMMON STOCK 283702108 608 20,000 SH   SOLE 0 20,000 0 0
EMC CORP - MASS COMMON STOCK 268648102 3,613 131,800 SH   SOLE 0 131,800 0 0
ENBRIDGE ENERGY PARTNERS LP COMMON STOCK 29250R106 603 22,000 SH   SOLE 0 22,000 0 0
EQUITY LIFESTYLE PROPERTIES INC COMMON STOCK 29472R108 290 8,000 SH   SOLE 0 8,000 0 0
EPR PROPERTIES 9% SER E PREFERRED STOCK 26884U109 961 31,500 SH   SOLE 0 31,500 0 0
EQUITY LIFESTYLE PROPERTIES INC COMMON STOCK 29472R108 1,296 31,875 SH   SOLE 0 31,875 0 0
EQUITY RESIDENTIAL PROPERTIES TRUST COMMON STOCK 29476L107 696 12,000 SH   SOLE 0 12,000 0 0
EXPRESS SCRIPTS HOLDING COMPANY COMMON STOCK 30219G108 676 9,000 SH   SOLE 0 9,000 0 0
EXTRA SPACE STORAGE INC COMMON STOCK 30225T102 2,004 41,304 SH   SOLE 0 41,304 0 0
EXXON MOBIL CORP COM STK NPV COMMON STOCK 30231G102 2,335 23,900 SH   SOLE 0 23,900 0 0
FEDERAL REALTY INVESTMENT TRUST COMMON STOCK 313747206 1,515 13,206 SH   SOLE 0 13,206 0 0
FLUOR CORP COMMON STOCK 343412102 869 11,180 SH   SOLE 0 11,180 0 0
FORD MOTOR CO USD 0.01 COMMON STOCK 345370860 2,984 191,300 SH   SOLE 0 191,300 0 0
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10 COMMON STOCK 35671D857 2,315 70,000 SH   SOLE 0 70,000 0 0
GAMESTOP CORP CLASS A COMMON STOCK 36467W109 914 22,240 SH   SOLE 0 22,240 0 0
GENERAL DYNAMICS CORP COMMON STOCK 369550108 2,942 27,010 SH   SOLE 0 27,010 0 0
GENERAL ELECTRIC CO. COM STK USD0.06 COMMON STOCK 369604103 10,026 387,260 SH   SOLE 0 387,260 0 0
GENERAL MILLS INC COMMON STOCK 370334104 800 15,150 SH   SOLE 0 15,150 0 0
GENERAL MOTORS CO USD 0.01 COMMON STOCK 37045V100 4,617 134,140 SH   SOLE 0 134,140 0 0
GOLDMAN SACHS GROUP INC COM STK USD0.01 COMMON STOCK 38141G104 2,056 12,550 SH   SOLE 0 12,550 0 0
GOOGLE INC COM STK USD0.001 CLS'A' COMMON STOCK 38259P508 1,783 1,600 SH   SOLE 0 1,600 0 0
HALLIBURTON CO COM STK USD2.50 COMMON STOCK 406216101 3,613 61,350 SH   SOLE 0 61,350 0 0
HARTFORD FINANCIAL SERVICES GRP INC COM STK COMMON STOCK 416515104 2,826 80,119 SH   SOLE 0 80,119 0 0
HEALTH CARE REIT INC COMMON STOCK 42217K106 1,340 22,488 SH   SOLE 0 22,488 0 0
HEALTHCARE TRUST OF AMERICA CL A COMMON STOCK 42225P105 1,243 109,171 SH   SOLE 0 109,171 0 0
HESS CORP COMMON STOCK 42809H107 875 10,560 SH   SOLE 0 10,560 0 0
HEWLETT-PACKARD CO COM STK USD0.01 COMMON STOCK 428236103 4,960 153,290 SH   SOLE 0 153,290 0 0
HOST HOTELS & RESORTS INC USD0.01 COMMON STOCK 44107P104 607 30,000 SH   SOLE 0 30,000 0 0
HUDSON PACIFIC PROPERTIES INC COMMON STOCK 444097109 923 40,000 SH   SOLE 0 40,000 0 0
INTERNATIONAL BUS MACH CORP COM STK USD0.20 COMMON STOCK 459200101 1,540 8,000 SH   SOLE 0 8,000 0 0
JOHNSON & JOHNSON COM STK USD1 COMMON STOCK 478160104 5,434 55,320 SH   SOLE 0 55,320 0 0
JPMORGAN CHASE & CO COM STK USD1 COMMON STOCK 46625H100 8,834 145,510 SH   SOLE 0 145,510 0 0
KINDER MORGAN INC DELAWARE USD0.01 COMMON STOCK 49456B101 487 15,000 SH   SOLE 0 15,000 0 0
LASALLE HOTEL PPTYS SBI COMMON STOCK 517942108 1,229 39,238 SH   SOLE 0 39,238 0 0
LAS VEGAS SANDS CORP COMMON STOCK 517834107 3,163 39,150 SH   SOLE 0 39,150 0 0
LENNAR CORP CL A COMMON STOCK 526057104 1,003 25,310 SH   SOLE 0 25,310 0 0
LIBERTY GLOBAL PLC CLASS A COMMON STOCK G5480U104 530 12,750 SH   SOLE 0 12,750 0 0
LIBERTY GLOBAL PLC CLASS C COMMON STOCK G5480U120 519 12,750 SH   SOLE 0 12,750 0 0
MACERICH CO COM STK USD0.01 COMMON STOCK 554382101 4,677 75,042 SH   SOLE 0 75,042 0 0
MEDTRONIC INC COMMON STOCK 585055106 788 12,800 SH   SOLE 0 12,800 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COMMON STOCK 58933Y105 4,263 75,100 SH   SOLE 0 75,100 0 0
METLIFE INC COM STK USD0.01 COMMON STOCK 59156R108 3,145 59,568 SH   SOLE 0 59,568 0 0
MICROSOFT CORP COM STK USD0.00000625 COMMON STOCK 594918104 3,115 76,000 SH   SOLE 0 76,000 0 0
MGM RESORTS INTERNATIONAL COMMON STOCK 552953101 1,336 51,651 SH   SOLE 0 51,651 0 0
MORGAN STANLEY COM STK USD0.01 COMMON STOCK 617446448 935 30,000 SH   SOLE 0 30,000 0 0
NEW RESIDENTIAL INVESTMENT CORP COMMON STOCK 64828T102 491 75,938 SH   SOLE 0 75,938 0 0
NEWMONT MINING CORP COMMON STOCK 651639106 1,406 60,000 SH   SOLE 0 60,000 0 0
NORTHSTAR REALTY FINANCE CORP COMMON STOCK 66704R100 1,856 115,004 SH   SOLE 0 115,004 0 0
NOVARTIS AG ADR EACH REPR 1 CHF0.50(REGD) COMMON STOCK 66987V109 4,401 51,760 SH   SOLE 0 51,760 0 0
ONEOK PARTNERS LP COMMON STOCK 68268N103 536 10,000 SH   SOLE 0 10,000 0 0
ORACLE CORP COM STK USD0.01 COMMON STOCK 68389X105 3,758 91,870 SH   SOLE 0 91,870 0 0
PEBBLEBROOK HOTEL TRUST COMMON STOCK 70509V100 205 22,081 SH   SOLE 0 22,081 0 0
PEPSICO INC CAP STK USD0.0166 COMMON STOCK 713445108 3,156 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM STK USD0.05 COMMON STOCK 717081103 3,557 110,750 SH   SOLE 0 110,750 0 0
PHILIP MORRIS INTERNATIONAL INC COMMON STOCK 718172109 409 5,000 SH   SOLE 0 5,000 0 0
PHILLIPS 66 COMMON STOCK 718546104 1,134 14,710 SH   SOLE 0 14,710 0 0
PINNACLE WEST CAPITAL CORP COM STK USD2.50 COMMON STOCK 723484101 2,733 50,000 SH   SOLE 0 50,000 0 0
PPL CORP COM STK USD0.01 COMMON STOCK 69351T106 2,320 70,000 SH   SOLE 0 70,000 0 0
PROLOGIS INC COMMON STOCK 74340W103 858 21,000 SH   SOLE 0 21,000 0 0
PRUDENTIAL FINANCIAL INC COM STK USD0.01 COMMON STOCK 744320102 2,201 26,000 SH   SOLE 0 26,000 0 0
PUBLIC STORAGE COMMON STOCK 74460D109 993 5,893 SH   SOLE 0 5,893 0 0
QTS REALTY TRUST INC COMMON STOCK 74736A103 1,718 68,456 SH   SOLE 0 68,456 0 0
QUALCOMM INC COM STK USD0.0001 COMMON STOCK 747525103 3,840 48,700 SH   SOLE 0 48,700 0 0
QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 869 15,000 SH   SOLE 0 15,000 0 0
RADIAN GROUP INC COMMON STOCK 750236101 1,337 88,928 SH   SOLE 0 88,928 0 0
RAIT FINANCIAL TRUST COMMON STOCK 749227609 572 67,316 SH   SOLE 0 67,316 0 0
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS COMMON STOCK 780259206 4,127 56,481 SH   SOLE 0 56,481 0 0
SANOFI ADR ECH REP 1/2 ORD EUR2 SPON COMMON STOCK 80105N105 2,353 45,000 SH   SOLE 0 45,000 0 0
SBA COMMUNICATIONS CORP CL A COMMON STOCK 78388J106 1,572 17,283 SH   SOLE 0 17,283 0 0
SCHLUMBERGER COM STK USD0.01 COMMON STOCK 806857108 2,225 22,822 SH   SOLE 0 22,822 0 0
SIEMENS AG ADR-EACH CNV INTO 1 ORD NPV COMMON STOCK 826197501 5,338 39,500 SH   SOLE 0 39,500 0 0
SIMON PROPERTY GROUP INC COMMON STOCK 828806109 5,568 33,954 SH   SOLE 0 33,954 0 0
SPX CORP COMMON STOCK 784635104 1,142 11,620 SH   SOLE 0 11,620 0 0
STARWOOD HTLS WRLD PAIRED CERT CLASS'B'USD0.01 COMMON STOCK 85590A401 1,688 21,200 SH   SOLE 0 21,200 0 0
STRATEGIC HOTELS & RESORTS COMMON STOCK 86272T106 1,552 152,313 SH   SOLE 0 152,313 0 0
STRYKER CORP COM STK USD0.10 COMMON STOCK 863667101 1,027 12,600 SH   SOLE 0 12,600 0 0
SUN COMMUNITIES COMMON STOCK 866674104 1,760 39,028 SH   SOLE 0 39,028 0 0
TANGER FACTORY OUTLET CENTER COMMON STOCK 875465106 2,921 83,470 SH   SOLE 0 83,470 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 5,843 82,536 SH   SOLE 0 82,536 0 0
TELEFONICA SA ADR EACH REPR 1 ORD EUR1 COMMON STOCK 879382208 790 50,000 SH   SOLE 0 50,000 0 0
TRANSOCEAN LTD CHF15 COMMON STOCK H8817H100 620 15,000 SH   SOLE 0 15,000 0 0
UNITEDHEALTH GROUP INC COMMON STOCK 91324P102 305 3,720 SH   SOLE 0 3,720 0 0
VENTAS INC COMMON STOCK 92276F100 1,211 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM STK USD0.10 COMMON STOCK 92343V104 4,995 105,000 SH   SOLE 0 105,000 0 0
WALGREEN CO COM STK USD0.078125 COMMON STOCK 931422109 2,717 41,150 SH   SOLE 0 41,150 0 0
WELLS FARGO & CO COM STK USD1 2/3 COMMON STOCK 949746101 44,567 896,000 SH   SOLE 0 896,000 0 0
WILLIAMS SONOMA INC COMMON STOCK 969904101 1,664 24,970 SH   SOLE 0 24,970 0 0
WYNN RESORTS LTD COM STK USD0.01 COMMON STOCK 983134107 2,758 12,416 SH   SOLE 0 12,416 0 0
ISHARES TRUST S&P S&P NTL AMTFREE 464288414 4,790 44,739 SH   SOLE 0 44,739 0 0
JPMORGAN CHASE & CO C/WTS 28/OCT/2018 WARRANTS 46634E114 283 14,000 SH   SOLE 0 14,000 0 0