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 | 1,148 | 25,500 | SH | | SOLE | 0 | 25,500 | 0 | 0 |
ABBVIE INC | COMMON STOCK | 00287Y109 | 2,796 | 42,720 | SH | | SOLE | 0 | 42,720 | 0 | 0 |
AERCAP HOLDINGS NV | COMMON STOCK | N00985106 | 1,648 | 42,460 | SH | | SOLE | 0 | 42,460 | 0 | 0 |
ALEXANDRIA REAL ESTATE | COMMON STOCK | 015271109 | 1,065 | 12,000 | SH | | SOLE | 0 | 12,000 | 0 | 0 |
AMERICAN ASSETS TRUST INC USD0.01 | COMMON STOCK | 024013104 | 19,082 | 479,339 | SH | | SOLE | 0 | 479,339 | 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 | 3,036 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
AMERICAN INTERNATIONAL GROUP INC | COMMON STOCK | 026874784 | 4,555 | 81,320 | SH | | SOLE | 0 | 81,320 | 0 | 0 |
ANADARKO PETROLEUM CORP | COMMON STOCK | 032511107 | 1,845 | 22,360 | SH | | SOLE | 0 | 22,360 | 0 | 0 |
APPLE INC COM STK NPV | COMMON STOCK | 037833100 | 5,795 | 52,500 | SH | | SOLE | 0 | 52,500 | 0 | 0 |
AT&T INC USD1 | COMMON STOCK | 00206R102 | 1,344 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
AVALONBAY COMMUNITIES INC USD0.01 | COMMON STOCK | 053484101 | 850 | 5,200 | SH | | SOLE | 0 | 5,200 | 0 | 0 |
BAKER HUGHES INC COM STK USD1 | COMMON STOCK | 057224107 | 3,084 | 55,000 | SH | | SOLE | 0 | 55,000 | 0 | 0 |
BANCO SANTANDER SA ADR EACH 1 REPR 1 ORD EUR0.50 | COMMON STOCK | 05964H105 | 1,064 | 127,791 | SH | | SOLE | 0 | 127,791 | 0 | 0 |
BANK OF AMERICA CORP COM STK USD0.01 | COMMON STOCK | 060505104 | 1,788 | 99,930 | SH | | SOLE | 0 | 99,930 | 0 | 0 |
BANK OF NEW YORK MELLON CORP | COMMON STOCK | 064058100 | 580 | 14,300 | SH | | SOLE | 0 | 14,300 | 0 | 0 |
BAXTER INTERNATIONAL INC COM STK USD1 | COMMON STOCK | 071813109 | 3,591 | 49,000 | SH | | SOLE | 0 | 49,000 | 0 | 0 |
BECTON DICKINSON & CO USD1 | COMMON STOCK | 075887109 | 696 | 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 | 7,628 | 200,100 | SH | | SOLE | 0 | 200,100 | 0 | 0 |
BRISTOL-MYERS SQUIBB CO COM STK USD0.10 | COMMON STOCK | 110122108 | 2,952 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
BUCKEYE PARTNERS LP UNITS OF LTD PARTNERSHIP | COMMON STOCK | 118230101 | 832 | 11,000 | SH | | SOLE | 0 | 11,000 | 0 | 0 |
CAPITAL ONE FINANCIAL CORP COM STK USD0.01 | COMMON STOCK | 14040H105 | 1,734 | 21,000 | SH | | SOLE | 0 | 21,000 | 0 | 0 |
CARDINAL HEALTH INC COM STK NPV | COMMON STOCK | 14149Y108 | 1,637 | 20,277 | SH | | SOLE | 0 | 20,277 | 0 | 0 |
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK) | COMMON STOCK | 143658300 | 680 | 15,000 | SH | | SOLE | 0 | 15,000 | 0 | 0 |
CHEVRON CORP COM STK USD0.75 | COMMON STOCK | 166764100 | 7,086 | 63,170 | SH | | SOLE | 0 | 63,170 | 0 | 0 |
CITIGROUP INC USD0.01 | COMMON STOCK | 172967424 | 2,267 | 41,894 | SH | | SOLE | 0 | 41,894 | 0 | 0 |
COCA-COLA CO COM STK USD0.25 | COMMON STOCK | 191216100 | 2,364 | 56,000 | SH | | SOLE | 0 | 56,000 | 0 | 0 |
CORESITE REALTY CORP USD0.01 | COMMON STOCK | 21870Q105 | 1,172 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
CORNING INC | COMMON STOCK | 219350105 | 459 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
COVIDIEN PLC USD0.20 | COMMON STOCK | G2554F113 | 4,296 | 42,000 | SH | | SOLE | 0 | 42,000 | 0 | 0 |
DEERE & CO. | COMMON STOCK | 244199105 | 693 | 7,830 | SH | | SOLE | 0 | 7,830 | 0 | 0 |
DIGITAL REALTY TRUST INC USD0.01 | COMMON STOCK | 253868103 | 275 | 4,150 | SH | | SOLE | 0 | 4,150 | 0 | 0 |
DOW CHEMICAL CO | COMMON STOCK | 260543103 | 1,350 | 29,595 | SH | | SOLE | 0 | 29,595 | 0 | 0 |
DUKE ENERGY CORP COM STK NPV | COMMON STOCK | 26441C204 | 1,392 | 16,666 | SH | | SOLE | 0 | 16,666 | 0 | 0 |
EBAY INC | COMMON STOCK | 278642103 | 1,770 | 31,545 | SH | | SOLE | 0 | 31,545 | 0 | 0 |
EMC CORP - MASS | COMMON STOCK | 268648102 | 4,193 | 141,000 | SH | | SOLE | 0 | 141,000 | 0 | 0 |
ENBRIDGE ENERGY PARTNERS LP | COMMON STOCK | 29250R106 | 878 | 22,000 | SH | | SOLE | 0 | 22,000 | 0 | 0 |
EOG RESOURCES INC USD0.01 | COMMON STOCK | 26875P101 | 258 | 2,800 | SH | | SOLE | 0 | 2,800 | 0 | 0 |
EQUITY RESIDENTIAL PROPERTIES TRUST | COMMON STOCK | 29476L107 | 862 | 12,000 | SH | | SOLE | 0 | 12,000 | 0 | 0 |
EXPRESS SCRIPTS HLDG CO USD0.01 | COMMON STOCK | 30219G108 | 762 | 9,000 | SH | | SOLE | 0 | 9,000 | 0 | 0 |
EXXON MOBIL CORP COM STK NPV | COMMON STOCK | 30231G102 | 3,134 | 33,900 | SH | | SOLE | 0 | 33,900 | 0 | 0 |
FORD MOTOR CO USD 0.01 | COMMON STOCK | 345370860 | 3,275 | 211,300 | SH | | SOLE | 0 | 211,300 | 0 | 0 |
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10 | COMMON STOCK | 35671D857 | 1,752 | 75,000 | SH | | SOLE | 0 | 75,000 | 0 | 0 |
GAMESTOP CORP CLASS A | COMMON STOCK | 36467W109 | 752 | 22,240 | SH | | SOLE | 0 | 22,240 | 0 | 0 |
GENERAL DYNAMICS CORP | COMMON STOCK | 369550108 | 2,064 | 15,000 | SH | | SOLE | 0 | 15,000 | 0 | 0 |
GENERAL ELECTRIC CO. COM STK USD0.06 | COMMON STOCK | 369604103 | 9,786 | 387,260 | SH | | SOLE | 0 | 387,260 | 0 | 0 |
GENERAL MILLS INC | COMMON STOCK | 370334104 | 808 | 15,150 | SH | | SOLE | 0 | 15,150 | 0 | 0 |
GENERAL MOTORS CO USD 0.01 | COMMON STOCK | 37045V100 | 5,705 | 163,420 | SH | | SOLE | 0 | 163,420 | 0 | 0 |
GOLDMAN SACHS GROUP INC COM STK USD0.01 | COMMON STOCK | 38141G104 | 2,433 | 12,550 | SH | | SOLE | 0 | 12,550 | 0 | 0 |
GOOGLE INC CL A | COMMON STOCK | 38259P508 | 849 | 1,600 | SH | | SOLE | 0 | 1,600 | 0 | 0 |
GOOGLE INC CL C | COMMON STOCK | 38259P706 | 842 | 1,600 | SH | | SOLE | 0 | 1,600 | 0 | 0 |
HALLIBURTON CO COM STK USD2.50 | COMMON STOCK | 406216101 | 3,102 | 78,870 | SH | | SOLE | 0 | 78,870 | 0 | 0 |
HARTFORD FINANCIAL SERVICES GRP INC COM STK | COMMON STOCK | 416515104 | 3,340 | 80,119 | SH | | SOLE | 0 | 80,119 | 0 | 0 |
HEALTH CARE REIT INC | COMMON STOCK | 42217K106 | 757 | 10,000 | SH | | SOLE | 0 | 10,000 | 0 | 0 |
HEWLETT-PACKARD CO COM STK USD0.01 | COMMON STOCK | 428236103 | 6,152 | 153,290 | SH | | SOLE | 0 | 153,290 | 0 | 0 |
HOST HOTELS & RESORTS INC USD0.01 | COMMON STOCK | 44107P104 | 713 | 30,000 | SH | | SOLE | 0 | 30,000 | 0 | 0 |
INTERNATIONAL BUSINESS MACHINES CORP | COMMON STOCK | 459200101 | 1,284 | 8,000 | SH | | SOLE | 0 | 8,000 | 0 | 0 |
JOHNSON & JOHNSON COM STK USD1 | COMMON STOCK | 478160104 | 5,785 | 55,320 | SH | | SOLE | 0 | 55,320 | 0 | 0 |
JPMORGAN CHASE & CO COM STK USD1 | COMMON STOCK | 46625H100 | 9,732 | 155,510 | SH | | SOLE | 0 | 155,510 | 0 | 0 |
KINDER MORGAN INC DELAWARE USD0.01 | COMMON STOCK | 49456B101 | 1,434 | 33,902 | SH | | SOLE | 0 | 33,902 | 0 | 0 |
LAS VEGAS SANDS CORP | COMMON STOCK | 517834107 | 901 | 15,500 | SH | | SOLE | 0 | 15,500 | 0 | 0 |
LENNAR CORP CL A | COMMON STOCK | 526057104 | 1,134 | 25,310 | SH | | SOLE | 0 | 25,310 | 0 | 0 |
LIBERTY GLOBAL PLC CLASS A | COMMON STOCK | G5480U104 | 640 | 12,750 | SH | | SOLE | 0 | 12,750 | 0 | 0 |
LIBERTY GLOBAL PLC CLASS C | COMMON STOCK | G5480U120 | 616 | 12,750 | SH | | SOLE | 0 | 12,750 | 0 | 0 |
MACERICH CO COM STK USD0.01 | COMMON STOCK | 554382101 | 6,259 | 75,042 | SH | | SOLE | 0 | 75,042 | 0 | 0 |
MARKWEST ENERGY PARTNERS LP | COMMON STOCK | 570759100 | 336 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
MEDTRONIC INC | COMMON STOCK | 585055106 | 2,007 | 27,800 | SH | | SOLE | 0 | 27,800 | 0 | 0 |
MERCK & CO INC(NEW) COM STK USD0.50 | COMMON STOCK | 58933Y105 | 4,265 | 75,100 | SH | | SOLE | 0 | 75,100 | 0 | 0 |
METLIFE INC COM STK USD0.01 | COMMON STOCK | 59156R108 | 3,361 | 62,144 | SH | | SOLE | 0 | 62,144 | 0 | 0 |
MICROSOFT CORP COM STK USD0.00000625 | COMMON STOCK | 594918104 | 5,121 | 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 | 1,134 | 60,000 | SH | | SOLE | 0 | 60,000 | 0 | 0 |
NOVARTIS AG ADR EACH REPR 1 CHF0.50(REGD) | COMMON STOCK | 66987V109 | 4,796 | 51,760 | SH | | SOLE | 0 | 51,760 | 0 | 0 |
OCCIDENTAL PETROLEUM CORP | COMMON STOCK | 674599105 | 258 | 3,200 | SH | | SOLE | 0 | 3,200 | 0 | 0 |
ORACLE CORP COM STK USD0.01 | COMMON STOCK | 68389X105 | 4,131 | 91,870 | SH | | SOLE | 0 | 91,870 | 0 | 0 |
PARAGON OFFSHORE PLC | COMMON STOCK | G6S01W108 | 133 | 48,000 | SH | | SOLE | 0 | 48,000 | 0 | 0 |
PEPSICO INC CAP STK USD0.0166 | COMMON STOCK | 713445108 | 3,574 | 37,800 | SH | | SOLE | 0 | 37,800 | 0 | 0 |
PFIZER INC COM STK USD0.05 | COMMON STOCK | 717081103 | 3,450 | 110,750 | SH | | SOLE | 0 | 110,750 | 0 | 0 |
PHILIP MORRIS INTERNATIONAL INC NPV | COMMON STOCK | 718172109 | 407 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
PHILLIPS 66 | COMMON STOCK | 718546104 | 1,055 | 14,710 | SH | | SOLE | 0 | 14,710 | 0 | 0 |
PINNACLE WEST CAPITAL CORP COM STK USD2.50 | COMMON STOCK | 723484101 | 3,416 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
PIONEER NATURAL RESOURCE | COMMON STOCK | 723787907 | 2,353 | 15,810 | SH | | SOLE | 0 | 15,810 | 0 | 0 |
PLAINS ALL AMER PI UNIT REP LIM PART INT NPV | COMMON STOCK | 726503105 | 257 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
PPL CORP COM STK USD0.01 | COMMON STOCK | 69351T106 | 2,543 | 70,000 | SH | | SOLE | 0 | 70,000 | 0 | 0 |
PRUDENTIAL FINANCIAL INC COM STK USD0.01 | COMMON STOCK | 744320102 | 2,352 | 26,000 | SH | | SOLE | 0 | 26,000 | 0 | 0 |
QUALCOMM INC COM STK USD0.0001 | COMMON STOCK | 747525103 | 3,620 | 48,700 | SH | | SOLE | 0 | 48,700 | 0 | 0 |
QUEST DIAGNOSTICS INC | COMMON STOCK | 74834L100 | 1,006 | 15,000 | SH | | SOLE | 0 | 15,000 | 0 | 0 |
RANGE RESOURCES CORP USD0.01 | COMMON STOCK | 75281A109 | 241 | 4,500 | SH | | SOLE | 0 | 4,500 | 0 | 0 |
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS | COMMON STOCK | 780259206 | 4,853 | 72,481 | SH | | SOLE | 0 | 72,481 | 0 | 0 |
SANOFI ADR ECH REP 1/2 ORD EUR2 SPON | COMMON STOCK | 80105N105 | 2,052 | 45,000 | SH | | SOLE | 0 | 45,000 | 0 | 0 |
SCHLUMBERGER COM STK USD0.01 | COMMON STOCK | 806857108 | 2,803 | 32,822 | SH | | SOLE | 0 | 32,822 | 0 | 0 |
SIMON PROPERTY GROUP INC | COMMON STOCK | 828806109 | 2,542 | 22,700 | SH | | SOLE | 0 | 22,700 | 0 | 0 |
STARWOOD HTLS WRLD PAIRED CERT CLASS'B'USD0.01 | COMMON STOCK | 85590A401 | 1,621 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
STRATEGIC HOTELS & RESORTS | COMMON STOCK | 86272T106 | 357 | 27,000 | SH | | SOLE | 0 | 27,000 | 0 | 0 |
STRYKER CORP COM STK USD0.10 | COMMON STOCK | 863667101 | 1,189 | 12,600 | SH | | SOLE | 0 | 12,600 | 0 | 0 |
TANGER FACTORY OUTLET CENTER | COMMON STOCK | 875465106 | 1,053 | 28,500 | SH | | SOLE | 0 | 28,500 | 0 | 0 |
TAUBMAN CENTERS INC | COMMON STOCK | 876664103 | 4,442 | 58,125 | SH | | SOLE | 0 | 58,125 | 0 | 0 |
TE CONNECTIVITY | COMMON STOCK | H84989104 | 711 | 11,240 | SH | | SOLE | 0 | 11,240 | 0 | 0 |
TELEFONICA SA ADR EACH REPR 1 ORD EUR1 | COMMON STOCK | 879382208 | 731 | 51,428 | SH | | SOLE | 0 | 51,428 | 0 | 0 |
TRANSOCEAN LTD CHF15 | COMMON STOCK | H8817H100 | 715 | 39,000 | SH | | SOLE | 0 | 39,000 | 0 | 0 |
UNILEVER ADS-EACH REPR 1 ORD(JPM) | COMMON STOCK | 904767704 | 6,072 | 150,000 | SH | | SOLE | 0 | 150,000 | 0 | 0 |
VENTAS INC | COMMON STOCK | 92276F100 | 1,434 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
VERIZON COMMUNICATIONS INC COM STK USD0.10 | COMMON STOCK | 92343V104 | 6,549 | 140,000 | SH | | SOLE | 0 | 140,000 | 0 | 0 |
WALGREEN BOOTS ALLIANCE INC | COMMON STOCK | 931427108 | 4,135 | 54,260 | SH | | SOLE | 0 | 54,260 | 0 | 0 |
WASHINGTON PRIME GROUP INC REIT USD 0.0001 | COMMON STOCK | 939647103 | 792 | 46,000 | SH | | SOLE | 0 | 46,000 | 0 | 0 |
WELLS FARGO & CO COM STK USD1 2/3 | COMMON STOCK | 949746101 | 49,119 | 896,000 | SH | | SOLE | 0 | 896,000 | 0 | 0 |
WILLIAMS SONOMA INC | COMMON STOCK | 969904101 | 1,890 | 24,970 | SH | | SOLE | 0 | 24,970 | 0 | 0 |
WYNN RESORTS LTD COM STK USD0.01 | COMMON STOCK | 983134107 | 446 | 3,000 | SH | | SOLE | 0 | 3,000 | 0 | 0 |