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
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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 1,043 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COMMON STOCK 00287Y109 2,411 42,720 SH   SOLE 0 42,720 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 3,322 42,781 SH   SOLE 0 42,781 0 0
AMERICAN ASSETS TRUST INC USD0.01 COMMON STOCK 024013104 2,396 69,339 SH   SOLE 0 69,339 0 0
AMERICAN CAMPUS COMMUNITIES COMMON STOCK 024835100 459 12,000 SH   SOLE 0 12,000 0 0
AMERICAN ELECTRIC POWER CO INC COM STK USD6.50 COMMON STOCK 025537101 2,789 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTERNATIONAL GROUP INC COMMON STOCK 026874784 4,309 78,950 SH   SOLE 0 78,950 0 0
AMERICAN TOWER CORP COMMON STOCK 03027X100 2,568 28,538 SH   SOLE 0 28,538 0 0
ANADARKO PETROLEUM CORP COMMON STOCK 032511107 1,314 12,000 SH   SOLE 0 12,000 0 0
APPLE INC COM STK NPV COMMON STOCK 037833100 4,879 52,500 SH   SOLE 0 52,500 0 0
AVALON BAY COMMUNITIES INC COMMON STOCK 053484101 1,013 7,127 SH   SOLE 0 7,127 0 0
BAKER HUGHES INC COM STK USD1 COMMON STOCK 057224107 3,350 45,000 SH   SOLE 0 45,000 0 0
BANCO SANTANDER SA ADR EACH 1 REPR 1 ORD EUR0.50 COMMON STOCK 05964H105 1,277 122,571 SH   SOLE 0 122,571 0 0
BANK OF AMERICA CORP COM STK USD0.01 COMMON STOCK 060505104 1,414 91,980 SH   SOLE 0 91,980 0 0
BAXTER INTERNATIONAL INC COM STK USD1 COMMON STOCK 071813109 4,139 57,250 SH   SOLE 0 57,250 0 0
BECTON DICKINSON & CO COM STK USD1 COMMON STOCK 075887109 592 5,000 SH   SOLE 0 5,000 0 0
BIOMED REALTY TRUST COMMON STOCK 09063H107 992 45,453 SH   SOLE 0 45,453 0 0
BOSTON PROPERTIES INC COMMON STOCK 101121101 1,451 12,274 SH   SOLE 0 12,274 0 0
BP AMOCO P.L.C ADR-EACH CNV INTO 6 ORD USD0.25 COMMON STOCK 055622104 9,474 179,600 SH   SOLE 0 179,600 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COMMON STOCK 110122108 2,426 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP UNITS OF LTD PARTNERSHIP COMMON STOCK 118230101 584 11,000 SH   SOLE 0 11,000 0 0
CADIZ INC NEW COMMON STOCK 127537207 2,407 288,989 SH   SOLE 0 288,989 0 0
CAPITAL ONE FINANCIAL CORP COM STK USD0.01 COMMON STOCK 14040H105 1,735 21,000 SH   SOLE 0 21,000 0 0
CARDINAL HEALTH INC COM STK NPV COMMON STOCK 14149Y108 1,390 20,277 SH   SOLE 0 20,277 0 0
CAREFUSION CORP USD0.01 COMMON STOCK 14170T101 1,707 38,500 SH   SOLE 0 38,500 0 0
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK) COMMON STOCK 143658300 565 15,000 SH   SOLE 0 15,000 0 0
CBL & ASSOCIATES PROP COMMON STOCK 124830100 268 10,580 SH   SOLE 0 10,580 0 0
CHEVRON CORP COM STK USD0.75 COMMON STOCK 166764100 6,941 53,170 SH   SOLE 0 53,170 0 0
CIGNA CORP COMMON STOCK 125509109 314 3,410 SH   SOLE 0 3,410 0 0
CITIGROUP INC USD0.01 COMMON STOCK 172967424 1,973 41,894 SH   SOLE 0 41,894 0 0
COCA-COLA CO COM STK USD0.25 COMMON STOCK 191216100 2,372 56,000 SH   SOLE 0 56,000 0 0
CORESITE REALTY CORP COMMON STOCK 21870Q105 847 33,697 SH   SOLE 0 33,697 0 0
COLONY FINANCIAL INC COMMON STOCK 19624R106 340 14,655 SH   SOLE 0 14,655 0 0
CORNING INC COMMON STOCK 219350105 439 20,000 SH   SOLE 0 20,000 0 0
COVIDIEN PLC USD0.20 COMMON STOCK G2554F113 3,788 42,000 SH   SOLE 0 42,000 0 0
CUBESMART COMMON STOCK 229663109 1,616 88,200 SH   SOLE 0 88,200 0 0
CYRUSONE INC COM COMMON STOCK 23283R100 3,380 135,758 SH   SOLE 0 135,758 0 0
DEERE & CO COMMON STOCK 244199105 709 7,830 SH   SOLE 0 7,830 0 0
DIGITAL RLTY TR INC COM STK USD0.01 COMMON STOCK 253868103 487 8,350 SH   SOLE 0 8,350 0 0
DOW CHEMICAL CO COMMON STOCK 260543103 1,390 27,005 SH   SOLE 0 27,005 0 0
DUKE ENERGY CORP COM STK NPV COMMON STOCK 26441C204 1,236 16,666 SH   SOLE 0 16,666 0 0
DUPONT FABROS TECHNOLOGY INC COMMON STOCK 26613Q106 526 20,000 SH   SOLE 0 20,000 0 0
EBAY INC COMMON STOCK 278642103 1,450 28,965 SH   SOLE 0 28,965 0 0
ECOLAB INC COMMON STOCK 278865100 632 5,680 SH   SOLE 0 5,680 0 0
EDUCATION REALTY TRUST COMMON STOCK 28140H104 2,467 229,732 SH   SOLE 0 229,732 0 0
EL PASO PIPELINE PARTNERS LP PARTNERSHIP UNITS COMMON STOCK 283702108 725 20,000 SH   SOLE 0 20,000 0 0
EMC CORP - MASS COMMON STOCK 268648102 3,472 131,800 SH   SOLE 0 131,800 0 0
ENBRIDGE ENERGY PARTNERS LP COMMON STOCK 29250R106 812 22,000 SH   SOLE 0 22,000 0 0
EPR PROPERTIES 9% SER E PREFERRED STOCK 26884U307 993 31,500 SH   SOLE 0 31,500 0 0
EQUITY LIFESTYLE PROPERTIES INC COMMON STOCK 29472R108 1,952 44,201 SH   SOLE 0 44,201 0 0
EQUITY RESIDENTIAL PROPERTIES TRUST COMMON STOCK 29476L107 756 12,000 SH   SOLE 0 12,000 0 0
EXPRESS SCRIPTS HOLDING COMPANY COMMON STOCK 30219G108 624 9,000 SH   SOLE 0 9,000 0 0
EXTRA SPACE STORAGE INC COMMON STOCK 30225T102 1,553 29,167 SH   SOLE 0 29,167 0 0
EXXON MOBIL CORP COM STK NPV COMMON STOCK 30231G102 2,406 23,900 SH   SOLE 0 23,900 0 0
FEDERAL REALTY INVESTMENT TRUST COMMON STOCK 313747206 1,799 14,880 SH   SOLE 0 14,880 0 0
FELCOR LODGING TR INC COMMON STOCK 31430F101 288 11,136 SH   SOLE 0 11,136 0 0
FLUOR CORP COMMON STOCK 343412102 860 11,180 SH   SOLE 0 11,180 0 0
FORD MOTOR CO USD 0.01 COMMON STOCK 345370860 3,298 191,300 SH   SOLE 0 191,300 0 0
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10 COMMON STOCK 35671D857 2,738 75,000 SH   SOLE 0 75,000 0 0
GAMESTOP CORP CLASS A COMMON STOCK 36467W109 900 22,240 SH   SOLE 0 22,240 0 0
GENERAL DYNAMICS CORP COMMON STOCK 369550108 3,148 27,010 SH   SOLE 0 27,010 0 0
GENERAL ELECTRIC CO. COM STK USD0.06 COMMON STOCK 369604103 10,177 387,260 SH   SOLE 0 387,260 0 0
GENERAL MILLS INC COMMON STOCK 370334104 796 15,150 SH   SOLE 0 15,150 0 0
GENERAL MOTORS CO USD 0.01 COMMON STOCK 37045V100 5,051 139,140 SH   SOLE 0 139,140 0 0
GOLDMAN SACHS GROUP INC COM STK USD0.01 COMMON STOCK 38141G104 2,101 12,550 SH   SOLE 0 12,550 0 0
GOOGLE INC COM STK USD0.001 CLS'A' COMMON STOCK 38259P508 935 1,600 SH   SOLE 0 1,600 0 0
GOOGLE INC COM STK USD0.001 CLS'C' COMMON STOCK 38259P706 920 1,600 SH   SOLE 0 1,600 0 0
HANNON ARMSTRONG SUST INFR C COMMON STOCK 41068X100 1,012 70,590 SH   SOLE 0 70,590 0 0
HALLIBURTON CO COM STK USD2.50 COMMON STOCK 406216101 4,356 61,350 SH   SOLE 0 61,350 0 0
HARTFORD FINANCIAL SERVICES GRP INC COM STK COMMON STOCK 416515104 2,869 80,119 SH   SOLE 0 80,119 0 0
HEALTH CARE REIT INC COMMON STOCK 42217K106 1,406 22,438 SH   SOLE 0 22,438 0 0
HEALTHCARE TRUST OF AMERICA CL A COMMON STOCK 42225P105 2,412 200,371 SH   SOLE 0 200,371 0 0
HESS CORP COMMON STOCK 42809H107 1,044 10,560 SH   SOLE 0 10,560 0 0
HEWLETT-PACKARD CO COM STK USD0.01 COMMON STOCK 428236103 5,163 153,290 SH   SOLE 0 153,290 0 0
HOST HOTELS & RESORTS INC USD0.01 COMMON STOCK 44107P104 660 30,000 SH   SOLE 0 30,000 0 0
HUDSON PACIFIC PROPERTIES INC COMMON STOCK 444097109 1,660 65,500 SH   SOLE 0 65,500 0 0
INTERNATIONAL BUS MACH CORP COM STK USD0.20 COMMON STOCK 459200101 1,450 8,000 SH   SOLE 0 8,000 0 0
JOHNSON & JOHNSON COM STK USD1 COMMON STOCK 478160104 5,788 55,320 SH   SOLE 0 55,320 0 0
JPMORGAN CHASE & CO COM STK USD1 COMMON STOCK 46625H100 8,960 155,510 SH   SOLE 0 155,510 0 0
KINDER MORGAN INC DELAWARE USD0.01 COMMON STOCK 49456B101 544 15,000 SH   SOLE 0 15,000 0 0
LASALLE HOTEL PPTYS SBI COMMON STOCK 517942108 1,360 38,546 SH   SOLE 0 38,546 0 0
LAS VEGAS SANDS CORP COMMON STOCK 517834107 3,412 44,761 SH   SOLE 0 44,761 0 0
LENNAR CORP CL A COMMON STOCK 526057104 1,063 25,310 SH   SOLE 0 25,310 0 0
LIBERTY GLOBAL PLC CLASS A COMMON STOCK G5480U104 564 12,750 SH   SOLE 0 12,750 0 0
LIBERTY GLOBAL PLC CLASS C COMMON STOCK G5480U120 539 12,750 SH   SOLE 0 12,750 0 0
MACERICH CO COM STK USD0.01 COMMON STOCK 554382101 5,009 75,042 SH   SOLE 0 75,042 0 0
MEDTRONIC INC COMMON STOCK 585055106 816 12,800 SH   SOLE 0 12,800 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COMMON STOCK 58933Y105 4,345 75,100 SH   SOLE 0 75,100 0 0
METLIFE INC COM STK USD0.01 COMMON STOCK 59156R108 3,310 59,567 SH   SOLE 0 59,567 0 0
MICROSOFT CORP COM STK USD0.00000625 COMMON STOCK 594918104 4,308 103,300 SH   SOLE 0 103,300 0 0
MGM RESORTS INTERNATIONAL COMMON STOCK 552953101 1,568 59,401 SH   SOLE 0 59,401 0 0
MORGAN STANLEY COM STK USD0.01 COMMON STOCK 617446448 970 30,000 SH   SOLE 0 30,000 0 0
NEW RESIDENTIAL INVESTMENT CORP COMMON STOCK 64828T102 2,612 414,536 SH   SOLE 0 414,536 0 0
NEWMONT MINING CORP COMMON STOCK 651639106 1,526 60,000 SH   SOLE 0 60,000 0 0
NORTHSTAR REALTY FINANCE CORP COMMON STOCK 66704R100 2,232 128,411 SH   SOLE 0 128,411 0 0
NOVARTIS AG ADR EACH REPR 1 CHF0.50(REGD) COMMON STOCK 66987V109 4,686 51,760 SH   SOLE 0 51,760 0 0
ONEOK PARTNERS LP COMMON STOCK 68268N103 586 10,000 SH   SOLE 0 10,000 0 0
ORACLE CORP COM STK USD0.01 COMMON STOCK 68389X105 3,723 91,870 SH   SOLE 0 91,870 0 0
PEBBLEBROOK HOTEL TRUST COMMON STOCK 70509V100 321 27,703 SH   SOLE 0 27,703 0 0
PEPSICO INC CAP STK USD0.0166 COMMON STOCK 713445108 3,377 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM STK USD0.05 COMMON STOCK 717081103 3,287 110,750 SH   SOLE 0 110,750 0 0
PHILIP MORRIS INTERNATIONAL INC COMMON STOCK 718172109 422 5,000 SH   SOLE 0 5,000 0 0
PHILLIPS 66 COMMON STOCK 718546104 1,183 14,710 SH   SOLE 0 14,710 0 0
PINNACLE WEST CAPITAL CORP COM STK USD2.50 COMMON STOCK 723484101 2,892 50,000 SH   SOLE 0 50,000 0 0
PPL CORP COM STK USD0.01 COMMON STOCK 69351T106 2,487 70,000 SH   SOLE 0 70,000 0 0
PROLOGIS INC COMMON STOCK 74340W103 234 5,703 SH   SOLE 0 5,703 0 0
PRUDENTIAL FINANCIAL INC COM STK USD0.01 COMMON STOCK 744320102 2,308 26,000 SH   SOLE 0 26,000 0 0
PUBLIC STORAGE COMMON STOCK 74460D109 1,381 8,058 SH   SOLE 0 8,058 0 0
QTS REALTY TRUST INC COMMON STOCK 74736A103 1,566 54,710 SH   SOLE 0 54,710 0 0
QUALCOMM INC COM STK USD0.0001 COMMON STOCK 747525103 3,857 48,700 SH   SOLE 0 48,700 0 0
QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 880 15,000 SH   SOLE 0 15,000 0 0
RAIT FINANCIAL TRUST COMMON STOCK 749227609 1,865 76,423 SH   SOLE 0 76,423 0 0
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS COMMON STOCK 780259206 4,652 56,481 SH   SOLE 0 56,481 0 0
SANOFI ADR ECH REP 1/2 ORD EUR2 SPON COMMON STOCK 80105N105 2,393 45,000 SH   SOLE 0 45,000 0 0
SBA COMMUNICATIONS CORP CL A COMMON STOCK 78388J106 2,542 24,851 SH   SOLE 0 24,851 0 0
SCHLUMBERGER COM STK USD0.01 COMMON STOCK 806857108 2,692 22,822 SH   SOLE 0 22,822 0 0
SIEMENS AG ADR-EACH CNV INTO 1 ORD NPV COMMON STOCK 826197501 5,222 39,500 SH   SOLE 0 39,500 0 0
SIMON PROPERTY GROUP INC COMMON STOCK 828806109 5,898 35,468 SH   SOLE 0 35,468 0 0
STARWOOD HTLS WRLD PAIRED CERT CLASS'B'USD0.01 COMMON STOCK 85590A401 1,616 20,000 SH   SOLE 0 20,000 0 0
STRATEGIC HOTELS & RESORTS COMMON STOCK 86272T106 1,916 163,617 SH   SOLE 0 163,617 0 0
STRYKER CORP COM STK USD0.10 COMMON STOCK 863667101 1,062 12,600 SH   SOLE 0 12,600 0 0
SUN COMMUNITIES COMMON STOCK 866674104 2,606 52,280 SH   SOLE 0 52,280 0 0
TANGER FACTORY OUTLET CENTER COMMON STOCK 875465106 3,548 101,448 SH   SOLE 0 101,448 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 6,720 88,646 SH   SOLE 0 88,646 0 0
TE CONNECTIVITY COMMON STOCK H84989104 695 11,240 SH   SOLE 0 11,240 0 0
TELEFONICA SA ADR EACH REPR 1 ORD EUR1 COMMON STOCK 879382208 858 50,000 SH   SOLE 0 50,000 0 0
TRANSOCEAN LTD CHF15 COMMON STOCK H8817H100 675 15,000 SH   SOLE 0 15,000 0 0
UNITEDHEALTH GROUP INC COMMON STOCK 91324P102 304 3,720 SH   SOLE 0 3,720 0 0
VAIL RESORTS INC COMMON STOCK 91879Q109 1,959 25,382 SH   SOLE 0 25,382 0 0
VENTAS INC COMMON STOCK 92276F100 1,282 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM STK USD0.10 COMMON STOCK 92343V104 5,138 105,000 SH   SOLE 0 105,000 0 0
WALGREEN CO COM STK USD0.078125 COMMON STOCK 931422109 3,050 41,150 SH   SOLE 0 41,150 0 0
WELLS FARGO & CO COM STK USD1 2/3 COMMON STOCK 949746101 47,094 896,000 SH   SOLE 0 896,000 0 0
WILLIAMS SONOMA INC COMMON STOCK 969904101 1,792 24,970 SH   SOLE 0 24,970 0 0
WYNN RESORTS LTD COM STK USD0.01 COMMON STOCK 983134107 3,305 15,925 SH   SOLE 0 15,925 0 0
ISHARES TRUST S&P S&P NTL AMTFREE 464288414 4,861 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