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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 24,048 922,083 SH   SOLE   922,083 0 0
BARCLAYS BANK PLC ADS7.75%PFD S4 06739H511 2,302 88,712 SH   SOLE   88,712 0 0
BARCLAYS BANK PLC SP ADR 7.1%PF3 06739H776 17,194 666,181 SH   SOLE   666,181 0 0
CIT GROUP INC COM NEW 125581801 4,205 87,960 SH   SOLE   87,960 0 0
EQUITY COMWLTH CUM PFD E 7.25% 294628409 5,892 229,437 SH   SOLE   229,437 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 32,163 1,261,800 SH   SOLE   1,261,800 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 1,938 78,000 SH   SOLE   78,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 801 32,500 SH   SOLE   32,500 0 0