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 1,145 25,500 SH   SOLE 0 25,500 0 0
ABBVIE INC COMMON STOCK 00287Y109 2,725 46,000 SH   SOLE 0 46,000 0 0
AERCAP HOLDINGS NV COMMON STOCK N00985106 1,576 36,520 SH   SOLE 0 36,520 0 0
ALEXANDRIA REAL ESTATE COMMON STOCK 015271109 1,084 12,000 SH   SOLE 0 12,000 0 0
ALPHABET INC USD COMMON STOCK 02079K305 1,245 1,600 SH   SOLE 0 1,600 0 0
ALPHABET INC USD 0.001 COMMON STOCK 02079K107 1,217 1,604 SH   SOLE 0 1,604 0 0
AMERICAN ASSETS TRUST INC USD0.01 COMMON STOCK 024013104 28,959 755,124 SH   SOLE 0 755,124 0 0
AMERICAN CAMPUS COMMUNITIES COMMON STOCK 024835100 496 12,000 SH   SOLE 0 12,000 0 0
AMERICAN ELECTRIC POWER CO INC COM STK USD6.50 COMMON STOCK 025537101 2,914 50,000 SH   SOLE 0 50,000 0 0
AMERICAN INTERNATIONAL GROUP INC COMMON STOCK 026874784 4,714 76,070 SH   SOLE 0 76,070 0 0
ANADARKO PETROLEUM CORP COMMON STOCK 032511107 972 20,000 SH   SOLE 0 20,000 0 0
ANNALY CAPITAL MANAGEMENT INC COMMON STOCK 035710409 1,426 152,070 SH   SOLE 0 152,070 0 0
APOLLO EDUCATION GROUP INC COMMON STOCK 037604105 268 35,000 SH   SOLE 0 35,000 0 0
APPLE INC COM STK NPV COMMON STOCK 037833100 5,526 52,500 SH   SOLE 0 52,500 0 0
AT&T INC USD1 COMMON STOCK 00206R102 1,376 40,000 SH   SOLE 0 40,000 0 0
AVALONBAY COMMUNITIES INC USD0.01 COMMON STOCK 053484101 957 5,200 SH   SOLE 0 5,200 0 0
BAKER HUGHES INC COM STK USD1 COMMON STOCK 057224107 2,538 55,000 SH   SOLE 0 55,000 0 0
BANCO SANTANDER SA ADR EACH 1 REPR 1 ORD EUR0.50 COMMON STOCK 05964H105 657 134,831 SH   SOLE 0 134,831 0 0
BANK OF AMERICA CORP COM STK USD0.01 COMMON STOCK 060505104 2,717 161,430 SH   SOLE 0 161,430 0 0
BANK OF MONTREAL COM STK CAD COMMON STOCK 063671101 1,411 25,000 SH   SOLE 0 25,000 0 0
BANK OF NEW YORK MELLON CORP COMMON STOCK 064058100 589 14,300 SH   SOLE 0 14,300 0 0
BANK OF NOVA SCOTIA COMMON STOCK 064149107 1,618 40,000 SH   SOLE 0 40,000 0 0
BAXALTA INC COMMON STOCK 07177M103 2,896 74,200 SH   SOLE 0 74,200 0 0
BAXTER INTERNATIONAL INC COM STK USD1 COMMON STOCK 071813109 2,831 74,200 SH   SOLE 0 74,200 0 0
BECTON DICKINSON & CO USD1 COMMON STOCK 075887109 770 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 6,703 214,420 SH   SOLE 0 214,420 0 0
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 COMMON STOCK 110122108 3,440 50,000 SH   SOLE 0 50,000 0 0
BUCKEYE PARTNERS LP UNITS OF LTD PARTNERSHIP COMMON STOCK 118230101 726 11,000 SH   SOLE 0 11,000 0 0
CADIZ INC NEW COMMON STOCK 127537207 53 10,000 SH   SOLE 0 10,000 0 0
CAPITAL ONE FINANCIAL CORP COM STK USD0.01 COMMON STOCK 14040H105 1,516 21,000 SH   SOLE 0 21,000 0 0
CARDINAL HEALTH INC COM STK NPV COMMON STOCK 14149Y108 1,810 20,277 SH   SOLE 0 20,277 0 0
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK) COMMON STOCK 143658300 817 15,000 SH   SOLE 0 15,000 0 0
CHEVRON CORP COM STK USD0.75 COMMON STOCK 166764100 5,683 63,170 SH   SOLE 0 63,170 0 0
CHICAGO BRIDGE & IRON CO NV COMMON STOCK 167250109 585 15,000 SH   SOLE 0 15,000 0 0
CITIGROUP INC USD0.01 COMMON STOCK 172967424 2,174 42,000 SH   SOLE 0 42,000 0 0
COCA-COLA CO COM STK USD0.25 COMMON STOCK 191216100 2,406 56,000 SH   SOLE 0 56,000 0 0
CORESITE REALTY CORP USD0.01 COMMON STOCK 21870Q105 1,702 30,000 SH   SOLE 0 30,000 0 0
CORNING INC COMMON STOCK 219350105 366 20,000 SH   SOLE 0 20,000 0 0
CYRUSONE INC REIT USD 0.01 COMMON STOCK 23283R100 2,547 68,000 SH   SOLE 0 68,000 0 0
DEERE & CO. COMMON STOCK 244199105 877 11,500 SH   SOLE 0 11,500 0 0
DEUTSCHE BANK AG COMMON STOCK D18190898 3,202 132,577 SH   SOLE 0 132,577 0 0
DIGITAL REALTY TRUST INC USD0.01 COMMON STOCK 253868103 314 4,150 SH   SOLE 0 4,150 0 0
DOW CHEMICAL CO COMMON STOCK 260543103 2,886 56,065 SH   SOLE 0 56,065 0 0
DUKE ENERGY CORP COM STK NPV COMMON STOCK 26441C204 1,190 16,666 SH   SOLE 0 16,666 0 0
EMC CORP - MASS COMMON STOCK 268648102 3,005 117,000 SH   SOLE 0 117,000 0 0
ENBRIDGE ENERGY PARTNERS LP COMMON STOCK 29250R106 508 22,000 SH   SOLE 0 22,000 0 0
ENCANA CORP COMMON STOCK CAD COMMON STOCK 292505104 305 60,000 SH   SOLE 0 60,000 0 0
EQUITY RESIDENTIAL PROPERTIES TRUST COMMON STOCK 29476L107 979 12,000 SH   SOLE 0 12,000 0 0
EXPRESS SCRIPTS HLDG CO USD0.01 COMMON STOCK 30219G108 787 9,000 SH   SOLE 0 9,000 0 0
EXXON MOBIL CORP COM STK NPV COMMON STOCK 30231G102 3,898 50,000 SH   SOLE 0 50,000 0 0
FORD MOTOR CO USD 0.01 COMMON STOCK 345370860 3,151 223,660 SH   SOLE 0 223,660 0 0
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10 COMMON STOCK 35671D857 508 75,000 SH   SOLE 0 75,000 0 0
GAMESTOP CORP CLASS A COMMON STOCK 36467W109 982 35,010 SH   SOLE 0 35,010 0 0
GENERAL ELECTRIC CO. COM STK USD0.06 COMMON STOCK 369604103 12,460 400,000 SH   SOLE 0 400,000 0 0
GENERAL GROWTH PPTYS INC NEW COMMON STOCK 370023103 2,041 75,000 SH   SOLE 0 75,000 0 0
GENERAL MILLS INC COMMON STOCK 370334104 1,153 20,000 SH   SOLE 0 20,000 0 0
GENERAL MOTORS CO USD 0.01 COMMON STOCK 37045V100 7,299 214,600 SH   SOLE 0 214,600 0 0
GLAXOSMITHKLINE PLC ADR USD COMMON STOCK 37733W105 404 10,000 SH   SOLE 0 10,000 0 0
GOLDMAN SACHS GROUP INC COM STK USD0.01 COMMON STOCK 38141G104 2,262 12,550 SH   SOLE 0 12,550 0 0
HALLIBURTON CO COM STK USD2.50 COMMON STOCK 406216101 2,783 81,750 SH   SOLE 0 81,750 0 0
HARTFORD FINANCIAL SERVICES GRP INC COM STK COMMON STOCK 416515104 1,744 40,119 SH   SOLE 0 40,119 0 0
HEWLETT-PACKARD CO COM STK USD0.01 COMMON STOCK 428236103 1,930 127,000 SH   SOLE 0 127,000 0 0
HOST HOTELS & RESORTS INC USD0.01 COMMON STOCK 44107P104 690 45,000 SH   SOLE 0 45,000 0 0
HP INC COMMON STOCK 40434L105 1,504 127,000 SH   SOLE 0 127,000 0 0
INTERNATIONAL BUSINESS MACHINES CORP COMMON STOCK 459200101 1,101 8,000 SH   SOLE 0 8,000 0 0
ITC HOLDINGS CORP COMMON STOCK 465685105 1,655 42,170 SH   SOLE 0 42,170 0 0
ILLINOIS TOOL WORKS INC COMMON STOCK 452308109 1,988 21,450 SH   SOLE 0 21,450 0 0
JOHNSON & JOHNSON COM STK USD1 COMMON STOCK 478160104 5,788 56,350 SH   SOLE 0 56,350 0 0
JPMORGAN CHASE & CO COM STK USD1 COMMON STOCK 46625H100 10,764 163,010 SH   SOLE 0 163,010 0 0
KINDER MORGAN INC DELAWARE USD0.01 COMMON STOCK 49456B101 655 43,902 SH   SOLE 0 43,902 0 0
LAS VEGAS SANDS CORP COMMON STOCK 517834107 877 20,000 SH   SOLE 0 20,000 0 0
MACERICH CO COM STK USD0.01 COMMON STOCK 554382101 794 9,842 SH   SOLE 0 9,842 0 0
MACYS INC COMMON STOCK 55616P104 840 24,000 SH   SOLE 0 24,000 0 0
MALLINCKRODT PLC COMMON STOCK USD 0.2 COMMON STOCK G5785G107 299 4,000 SH   SOLE 0 4,000 0 0
MEDTRONIC PLC COMMON STOCK G5960L103 7,968 103,582 SH   SOLE 0 103,582 0 0
MERCK & CO INC(NEW) COM STK USD0.50 COMMON STOCK 58933Y105 4,231 80,100 SH   SOLE 0 80,100 0 0
METLIFE INC COM STK USD0.01 COMMON STOCK 59156R108 2,136 44,304 SH   SOLE 0 44,304 0 0
MICROSOFT CORP COM STK USD0.00000625 COMMON STOCK 594918104 7,973 143,710 SH   SOLE 0 143,710 0 0
MORGAN STANLEY COM STK USD0.01 COMMON STOCK 617446448 954 30,000 SH   SOLE 0 30,000 0 0
MOSAIC CO COMMON STOCK 61945C103 475 17,200 SH   SOLE 0 17,200 0 0
MPLX LP COM UNIT REP LTD 55336V100 214 5,450 SH   SOLE 0 5,450 0 0
NEWMONT MINING CORP COMMON STOCK 651639106 1,079 60,000 SH   SOLE 0 60,000 0 0
NORDSTROM INC COMMON STOCK 655664100 897 18,000 SH   SOLE 0 18,000 0 0
NOVARTIS AG ADR EACH REPR 1 CHF0.50(REGD) COMMON STOCK 66987V109 4,453 51,760 SH   SOLE 0 51,760 0 0
ORACLE CORP COM STK USD0.01 COMMON STOCK 68389X105 2,396 65,600 SH   SOLE 0 65,600 0 0
OSHKOSH CORPORATION COMMON STOCK 688239201 2,464 63,120 SH   SOLE 0 63,120 0 0
PAYPAL HOLDINGS INC COMMON STOCK 70450Y103 3,450 95,295 SH   SOLE 0 95,295 0 0
PEBBLEBROOK HOTEL TRUST REIT COMMON STOCK 70509V100 701 2,500 SH   SOLE 0 2,500 0 0
PEPSICO INC CAP STK USD0.0166 COMMON STOCK 713445108 3,777 37,800 SH   SOLE 0 37,800 0 0
PFIZER INC COM STK USD0.05 COMMON STOCK 717081103 3,712 115,000 SH   SOLE 0 115,000 0 0
PHILIP MORRIS INTERNATIONAL INC NPV COMMON STOCK 718172109 440 5,000 SH   SOLE 0 5,000 0 0
PINNACLE WEST CAPITAL CORP COM STK USD2.50 COMMON STOCK 723484101 3,224 50,000 SH   SOLE 0 50,000 0 0
PIONEER NATURAL RESOURCE COMMON STOCK 723787907 4,001 31,910 SH   SOLE 0 31,910 0 0
PPL CORP COM STK USD0.01 COMMON STOCK 69351T106 2,389 70,000 SH   SOLE 0 70,000 0 0
PRUDENTIAL FINANCIAL INC COM STK USD0.01 COMMON STOCK 744320102 2,117 26,000 SH   SOLE 0 26,000 0 0
QUALCOMM INC COM STK USD0.0001 COMMON STOCK 747525103 1,750 35,000 SH   SOLE 0 35,000 0 0
QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 1,067 15,000 SH   SOLE 0 15,000 0 0
ROYAL BANK OF CANADA COMMON STOCK CAD 0 COMMON STOCK 780087102 2,411 45,000 SH   SOLE 0 45,000 0 0
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS COMMON STOCK 780259206 3,433 74,982 SH   SOLE 0 74,982 0 0
SANOFI ADR ECH REP 1/2 ORD EUR2 SPON COMMON STOCK 80105N105 1,919 45,000 SH   SOLE 0 45,000 0 0
SCHLUMBERGER COM STK USD0.01 COMMON STOCK 806857108 4,382 62,822 SH   SOLE 0 62,822 0 0
SIMON PROPERTY GROUP INC COMMON STOCK 828806109 4,414 22,700 SH   SOLE 0 22,700 0 0
SPDR S&P 500 ETF TRUST COMMON STOCK 78462F103 5,097 25,000 SH   SOLE 0 25,000 0 0
STARWOOD HTLS WRLD PAIRED CERT CLASS'B'USD0.01 COMMON STOCK 85590A401 1,386 20,000 SH   SOLE 0 20,000 0 0
STRYKER CORP COM STK USD0.10 COMMON STOCK 863667101 1,171 12,600 SH   SOLE 0 12,600 0 0
TANGER FACTORY OUTLET CENTER COMMON STOCK 875465106 1,799 55,000 SH   SOLE 0 55,000 0 0
TAUBMAN CENTERS INC COMMON STOCK 876664103 4,459 58,125 SH   SOLE 0 58,125 0 0
TE CONNECTIVITY COMMON STOCK H84989104 1,956 30,280 SH   SOLE 0 30,280 0 0
TELEFONICA SA ADR EACH REPR 1 ORD EUR1 COMMON STOCK 879382208 586 52,940 SH   SOLE 0 52,940 0 0
TIME WARNER INC COMMON STOCK 887317303 1,841 28,475 SH   SOLE 0 28,475 0 0
TORONTO-DOMINION BANK COM STOCK CAD 0 COMMON STOCK 891160509 2,350 60,000 SH   SOLE 0 60,000 0 0
TOWN SPORTS INTL HLDGS INC COMMON STOCK 89214A102 48 40,409 SH   SOLE 0 40,409 0 0
TRANSOCEAN LTD CHF15 COMMON STOCK H8817H100 483 39,000 SH   SOLE 0 39,000 0 0
UNILEVER ADS-EACH REPR 1 ORD(JPM) COMMON STOCK 904767704 6,468 150,000 SH   SOLE 0 150,000 0 0
UNION PACIFIC CORP COMMON STOCK 907818108 1,173 15,000 SH   SOLE 0 15,000 0 0
URBAN EDGE PROPERTIES REIT USD 0.01 COMMON STOCK 91704F104 2,462 105,000 SH   SOLE 0 105,000 0 0
VENTAS INC COMMON STOCK 92276F100 1,129 20,000 SH   SOLE 0 20,000 0 0
VERIZON COMMUNICATIONS INC COM STK USD0.10 COMMON STOCK 92343V104 6,471 140,000 SH   SOLE 0 140,000 0 0
WALGREEN BOOTS ALLIANCE INC COMMON STOCK 931427108 5,929 69,630 SH   SOLE 0 69,630 0 0
WELLS FARGO & CO COM STK USD1 2/3 COMMON STOCK 949746101 48,707 896,000 SH   SOLE 0 896,000 0 0
WELLTOWER INC COMMON STOCK 95040Q104 680 10,000 SH   SOLE 0 10,000 0 0
WEYERHAUSER CO COMMON STOCK 962166104 600 20,000 SH   SOLE 0 20,000 0 0
WHOLE FOODS MARKET INC COMMON STOCK 966837106 1,340 40,000 SH   SOLE 0 40,000 0 0
WILLIAMS SONOMA INC COMMON STOCK 969904101 1,240 21,230 SH   SOLE 0 21,230 0 0
WYNN RESORTS LTD COM STK USD0.01 COMMON STOCK 983134107 1,107 16,000 SH   SOLE 0 16,000 0 0