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 1,252 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COMMON STOCK 00287Y109 1,713 25,500 SH   SOLE 0 25,500 0 0
AERCAP HOLDINGS NV COMMON STOCK N00985106 1,944 42,460 SH   SOLE 0 42,460 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 1,050 12,000 SH   SOLE 0 12,000 0 0
AMERICAN ASSETS TRUST INC USD0.01 COMMON STOCK 024013104 29,608 755,124 SH   SOLE 0 755,124 0 0
AMERICAN CAMPUS COMMUNITIES COMMON STOCK 024835100 452 12,000 SH   SOLE 0 12,000 0 0
AMERICAN ELECTRIC POWER CO INC COM STK USD6.50 COMMON STOCK 025537101 2,649 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTERNATIONAL GROUP INC COMMON STOCK 026874784 5,955 96,320 SH   SOLE 0 96,320 0 0
ANADARKO PETROLEUM CORP COMMON STOCK 032511107 1,745 22,360 SH   SOLE 0 22,360 0 0
APPLE INC COM STK NPV COMMON STOCK 037833100 6,585 52,500 SH   SOLE 0 52,500 0 0
AT&T INC USD1 COMMON STOCK 00206R102 1,421 40,000 SH   SOLE 0 40,000 0 0
AVALONBAY COMMUNITIES INC USD0.01 COMMON STOCK 053484101 831 5,200 SH   SOLE 0 5,200 0 0
BAKER HUGHES INC COM STK USD1 COMMON STOCK 057224107 3,394 55,000 SH   SOLE 0 55,000 0 0
BANCO SANTANDER SA ADR EACH 1 REPR 1 ORD EUR0.50 COMMON STOCK 05964H105 936 133,536 SH   SOLE 0 133,536 0 0
BANK OF AMERICA CORP COM STK USD0.01 COMMON STOCK 060505104 2,748 161,430 SH   SOLE 0 161,430 0 0
BANK OF MONTREAL COM STK CAD COMMON STOCK 063671101 1,482 25,000 SH   SOLE 0 25,000 0 0
BANK OF NEW YORK MELLON CORP COMMON STOCK 064058100 600 14,300 SH   SOLE 0 14,300 0 0
BAXTER INTERNATIONAL INC COM STK USD1 COMMON STOCK 071813109 4,196 60,000 SH   SOLE 0 60,000 0 0
BECTON DICKINSON & CO USD1 COMMON STOCK 075887109 708 5,000 SH   SOLE 0 5,000 0 0
BP AMOCO P.L.C ADR-EACH CNV INTO 6 ORD USD0.25 COMMON STOCK 055622104 8,444 211,316 SH   SOLE 0 211,316 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COMMON STOCK 110122108 3,327 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP UNITS OF LTD PARTNERSHIP COMMON STOCK 118230101 813 11,000 SH   SOLE 0 11,000 0 0
CADIZ INC NEW COMMON STOCK 127537207 87 10,000 SH   SOLE 0 10,000 0 0
CAPITAL ONE FINANCIAL CORP COM STK USD0.01 COMMON STOCK 14040H105 1,847 21,000 SH   SOLE 0 21,000 0 0
CARDINAL HEALTH INC COM STK NPV COMMON STOCK 14149Y108 1,696 20,277 SH   SOLE 0 20,277 0 0
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK) COMMON STOCK 143658300 741 15,000 SH   SOLE 0 15,000 0 0
CHEVRON CORP COM STK USD0.75 COMMON STOCK 166764100 6,094 63,170 SH   SOLE 0 63,170 0 0
CHICAGO BRIDGE & IRON CO NV COMMON STOCK 167250109 751 15,000 SH   SOLE 0 15,000 0 0
CITIGROUP INC USD0.01 COMMON STOCK 172967424 2,320 42,000 SH   SOLE 0 42,000 0 0
COCA-COLA CO COM STK USD0.25 COMMON STOCK 191216100 2,197 56,000 SH   SOLE 0 56,000 0 0
CORESITE REALTY CORP USD0.01 COMMON STOCK 21870Q105 1,363 30,000 SH   SOLE 0 30,000 0 0
CORNING INC COMMON STOCK 219350105 395 20,000 SH   SOLE 0 20,000 0 0
CYRUSONE INC REIT USD 0.01 COMMON STOCK 23283R100 2,003 68,000 SH   SOLE 0 68,000 0 0
DEERE & CO. COMMON STOCK 244199105 760 7,830 SH   SOLE 0 7,830 0 0
DIGITAL REALTY TRUST INC USD0.01 COMMON STOCK 253868103 277 4,150 SH   SOLE 0 4,150 0 0
DOW CHEMICAL CO COMMON STOCK 260543103 1,514 29,595 SH   SOLE 0 29,595 0 0
DUKE ENERGY CORP COM STK NPV COMMON STOCK 26441C204 1,177 16,666 SH   SOLE 0 16,666 0 0
EBAY INC COMMON STOCK 278642103 1,900 31,545 SH   SOLE 0 31,545 0 0
EMC CORP - MASS COMMON STOCK 268648102 3,721 141,000 SH   SOLE 0 141,000 0 0
ENBRIDGE ENERGY PARTNERS LP COMMON STOCK 29250R106 733 22,000 SH   SOLE 0 22,000 0 0
ENCANA CORP COMMON STOCK CAD COMMON STOCK 292505104 336 30,000 SH   SOLE 0 30,000 0 0
EOG RESOURCES INC USD0.01 COMMON STOCK 26875P101 245 2,800 SH   SOLE 0 2,800 0 0
EQUITY RESIDENTIAL PROPERTIES TRUST COMMON STOCK 29476L107 842 12,000 SH   SOLE 0 12,000 0 0
EXPRESS SCRIPTS HLDG CO USD0.01 COMMON STOCK 30219G108 800 9,000 SH   SOLE 0 9,000 0 0
EXXON MOBIL CORP COM STK NPV COMMON STOCK 30231G102 2,820 33,900 SH   SOLE 0 33,900 0 0
FORD MOTOR CO USD 0.01 COMMON STOCK 345370860 3,172 211,300 SH   SOLE 0 211,300 0 0
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10 COMMON STOCK 35671D857 1,397 75,000 SH   SOLE 0 75,000 0 0
GAMESTOP CORP CLASS A COMMON STOCK 36467W109 955 22,240 SH   SOLE 0 22,240 0 0
GENERAL DYNAMICS CORP COMMON STOCK 369550108 2,125 15,000 SH   SOLE 0 15,000 0 0
GENERAL ELECTRIC CO. COM STK USD0.06 COMMON STOCK 369604103 9,694 364,850 SH   SOLE 0 364,850 0 0
GENERAL MILLS INC COMMON STOCK 370334104 844 15,150 SH   SOLE 0 15,150 0 0
GENERAL MOTORS CO USD 0.01 COMMON STOCK 37045V100 6,113 183,420 SH   SOLE 0 183,420 0 0
GLAXOSMITHKLINE PLC ADR USD COMMON STOCK 37733W105 417 10,000 SH   SOLE 0 10,000 0 0
GOLDMAN SACHS GROUP INC COM STK USD0.01 COMMON STOCK 38141G104 2,620 12,550 SH   SOLE 0 12,550 0 0
GOOGLE INC CL A COMMON STOCK 38259P508 864 1,600 SH   SOLE 0 1,600 0 0
GOOGLE INC CL C COMMON STOCK 38259P706 835 1,604 SH   SOLE 0 1,604 0 0
HALLIBURTON CO COM STK USD2.50 COMMON STOCK 406216101 3,397 78,870 SH   SOLE 0 78,870 0 0
HARTFORD FINANCIAL SERVICES GRP INC COM STK COMMON STOCK 416515104 3,331 80,119 SH   SOLE 0 80,119 0 0
HEALTH CARE REIT INC COMMON STOCK 42217K106 656 10,000 SH   SOLE 0 10,000 0 0
HEWLETT-PACKARD CO COM STK USD0.01 COMMON STOCK 428236103 4,900 163,290 SH   SOLE 0 163,290 0 0
HOST HOTELS & RESORTS INC USD0.01 COMMON STOCK 44107P104 595 30,000 SH   SOLE 0 30,000 0 0
INTERNATIONAL BUSINESS MACHINES CORP COMMON STOCK 459200101 1,301 8,000 SH   SOLE 0 8,000 0 0
ITC HOLDINGS CORP COMMON STOCK 465685105 914 28,400 SH   SOLE 0 28,400 0 0
JOHNSON & JOHNSON COM STK USD1 COMMON STOCK 478160104 5,391 55,320 SH   SOLE 0 55,320 0 0
JPMORGAN CHASE & CO COM STK USD1 COMMON STOCK 46625H100 10,537 155,510 SH   SOLE 0 155,510 0 0
KINDER MORGAN INC DELAWARE USD0.01 COMMON STOCK 49456B101 1,301 33,902 SH   SOLE 0 33,902 0 0
LAS VEGAS SANDS CORP COMMON STOCK 517834107 1,051 20,000 SH   SOLE 0 20,000 0 0
LENNAR CORP CL A COMMON STOCK 526057104 1,292 25,310 SH   SOLE 0 25,310 0 0
LIBERTY GLOBAL PLC CLASS A COMMON STOCK G5480U104 689 12,750 SH   SOLE 0 12,750 0 0
LIBERTY GLOBAL PLC CLASS C COMMON STOCK G5480U120 646 12,750 SH   SOLE 0 12,750 0 0
MACERICH CO COM STK USD0.01 COMMON STOCK 554382101 734 9,842 SH   SOLE 0 9,842 0 0
MALLINCKRODT PLC COMMON STOCK USD 0.2 COMMON STOCK G5785G107 471 4,000 SH   SOLE 0 4,000 0 0
MARKWEST ENERGY PARTNERS LP COMMON STOCK 570759100 282 5,000 SH   SOLE 0 5,000 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COMMON STOCK 58933Y105 4,275 75,100 SH   SOLE 0 75,100 0 0
METLIFE INC COM STK USD0.01 COMMON STOCK 59156R108 3,479 62,144 SH   SOLE 0 62,144 0 0
MICROSOFT CORP COM STK USD0.00000625 COMMON STOCK 594918104 4,867 110,240 SH   SOLE 0 110,240 0 0
MORGAN STANLEY COM STK USD0.01 COMMON STOCK 617446448 1,164 30,000 SH   SOLE 0 30,000 0 0
NEWMONT MINING CORP COMMON STOCK 651639106 1,402 60,000 SH   SOLE 0 60,000 0 0
NOVARTIS AG ADR EACH REPR 1 CHF0.50(REGD) COMMON STOCK 66987V109 5,090 51,760 SH   SOLE 0 51,760 0 0
NUVASIVE INC COMMON STOCK USD 0.001 COMMON STOCK 670704105 650 13,709 SH   SOLE 0 13,709 0 0
OCCIDENTAL PETROLEUM CORP COMMON STOCK 674599105 249 3,200 SH   SOLE 0 3,200 0 0
ORACLE CORP COM STK USD0.01 COMMON STOCK 68389X105 3,702 91,870 SH   SOLE 0 91,870 0 0
PARAGON OFFSHORE PLC COMMON STOCK G6S01W108 52 48,000 SH   SOLE 0 48,000 0 0
PEPSICO INC CAP STK USD0.0166 COMMON STOCK 713445108 3,528 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM STK USD0.05 COMMON STOCK 717081103 3,856 115,000 SH   SOLE 0 115,000 0 0
PHILIP MORRIS INTERNATIONAL INC NPV COMMON STOCK 718172109 401 5,000 SH   SOLE 0 5,000 0 0
PHILLIPS 66 COMMON STOCK 718546104 1,185 14,710 SH   SOLE 0 14,710 0 0
PINNACLE WEST CAPITAL CORP COM STK USD2.50 COMMON STOCK 723484101 2,845 50,000 SH   SOLE 0 50,000 0 0
PIONEER NATURAL RESOURCE COMMON STOCK 723787907 2,478 17,870 SH   SOLE 0 17,870 0 0
PLAINS ALL AMER PI UNIT REP LIM PART INT NPV COMMON STOCK 726503105 218 5,000 SH   SOLE 0 5,000 0 0
PPL CORP COM STK USD0.01 COMMON STOCK 69351T106 2,063 70,000 SH   SOLE 0 70,000 0 0
PRUDENTIAL FINANCIAL INC COM STK USD0.01 COMMON STOCK 744320102 2,276 26,000 SH   SOLE 0 26,000 0 0
QUALCOMM INC COM STK USD0.0001 COMMON STOCK 747525103 3,363 53,700 SH   SOLE 0 53,700 0 0
QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 1,088 15,000 SH   SOLE 0 15,000 0 0
RANGE RESOURCES CORP USD0.01 COMMON STOCK 75281A109 222 4,500 SH   SOLE 0 4,500 0 0
ROYAL BANK OF CANADA COMMON STOCK CAD 0 COMMON STOCK 780087102 2,752 45,000 SH   SOLE 0 45,000 0 0
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS COMMON STOCK 780259206 4,194 73,572 SH   SOLE 0 73,572 0 0
SANOFI ADR ECH REP 1/2 ORD EUR2 SPON COMMON STOCK 80105N105 2,229 45,000 SH   SOLE 0 45,000 0 0
SCHLUMBERGER COM STK USD0.01 COMMON STOCK 806857108 2,829 32,822 SH   SOLE 0 32,822 0 0
SIMON PROPERTY GROUP INC COMMON STOCK 828806109 3,928 22,700 SH   SOLE 0 22,700 0 0
STARWOOD HTLS WRLD PAIRED CERT CLASS'B'USD0.01 COMMON STOCK 85590A401 1,622 20,000 SH   SOLE 0 20,000 0 0
STRATEGIC HOTELS & RESORTS COMMON STOCK 86272T106 327 27,000 SH   SOLE 0 27,000 0 0
STRYKER CORP COM STK USD0.10 COMMON STOCK 863667101 1,204 12,600 SH   SOLE 0 12,600 0 0
TANGER FACTORY OUTLET CENTER COMMON STOCK 875465106 1,427 45,000 SH   SOLE 0 45,000 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 4,040 58,125 SH   SOLE 0 58,125 0 0
TE CONNECTIVITY COMMON STOCK H84989104 723 11,240 SH   SOLE 0 11,240 0 0
TELEFONICA SA ADR EACH REPR 1 ORD EUR1 COMMON STOCK 879382208 730 51,427 SH   SOLE 0 51,427 0 0
TORONTO-DOMINION BANK COM STOCK CAD 0 COMMON STOCK 891160509 2,126 50,000 SH   SOLE 0 50,000 0 0
TRANSOCEAN LTD CHF15 COMMON STOCK H8817H100 629 39,000 SH   SOLE 0 39,000 0 0
UNILEVER ADS-EACH REPR 1 ORD(JPM) COMMON STOCK 904767704 6,444 150,000 SH   SOLE 0 150,000 0 0
URBAN EDGE PROPERTIES REIT USD 0.01 COMMON STOCK 91704F104 2,183 105,000 SH   SOLE 0 105,000 0 0
VENTAS INC COMMON STOCK 92276F100 1,242 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM STK USD0.10 COMMON STOCK 92343V104 6,525 140,000 SH   SOLE 0 140,000 0 0
WALGREEN BOOTS ALLIANCE INC COMMON STOCK 931427108 4,582 54,260 SH   SOLE 0 54,260 0 0
WELLS FARGO & CO COM STK USD1 2/3 COMMON STOCK 949746101 50,391 896,000 SH   SOLE 0 896,000 0 0
WILLIAMS SONOMA INC COMMON STOCK 969904101 2,054 24,970 SH   SOLE 0 24,970 0 0
WYNN RESORTS LTD COM STK USD0.01 COMMON STOCK 983134107 592 6,000 SH   SOLE 0 6,000 0 0