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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
Estimated average burden
hours per response: 23.8
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
BARCLAYS BANK PLC ADR PFD SR 5 06739H362 31,909 1,233,925 SH   SOLE   1,233,925 0 0
BARCLAYS BANK PLC ADS7.75%PFD S4 06739H511 4,286 166,310 SH   SOLE   166,310 0 0
BARCLAYS BANK PLC SP ADR 7.1%PF3 06739H776 25,469 994,502 SH   SOLE   994,502 0 0
CIT GROUP INC COM NEW 125581801 5,492 119,960 SH   SOLE   119,960 0 0
COMMONWEALTH REIT CV PFD-E 7.25% 203233606 5,372 210,257 SH   SOLE   210,257 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 54,224 2,147,467 SH   SOLE   2,147,467 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 3,300 134,400 SH   SOLE   134,400 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 1,493 62,000 SH   SOLE   62,000 0 0
ROYAL BK SCOTLAND GROUP PLC SPON ADR SER H 780097879 5,399 213,067 SH   SOLE   213,067 0 0