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
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 16,636 640,080 SH   SOLE 640,080 0 0
BARCLAYS BANK PLC ADR PFD SR 5 06739H362 1,037 39,930 SH   DFND 1 39,930 0 0
BARCLAYS BANK PLC ADS7.75%PFD S4 06739H511 1,697 65,500 SH   DFND 1 65,500 0 0
BARCLAYS BANK PLC ADS7.75%PFD S4 06739H511 16,904 652,405 SH   SOLE 652,405 0 0
BARCLAYS BANK PLC SP ADR 7.1%PF3 06739H776 412 15,867 SH   DFND 1 15,867 0 0
BARCLAYS BANK PLC SP ADR 7.1%PF3 06739H776 29,097 1,104,085 SH   SOLE 1,104,085 0 0
BARCLAYS BK PLC ADR 2 PREF 2 06739F390 380 14,975 SH   DFND 1 14,975 0 0
BARCLAYS BK PLC ADR 2 PREF 2 06739F390 14,272 561,669 SH   SOLE 561,669 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 12,246 966,571 SH   SOLE 966,571 0 0
HANCOCK JOHN PFD INCOME FD I COM 41021P103 11,181 670,344 SH   SOLE 670,344 0 0
HSBC HLDGS PLC ADR A 1/40PF A 404280604 38,361 1,520,434 SH   SOLE 1,520,434 0 0
ING GROEP N V DBCV 6.500%12/2 456837AF0 11,742 12,000,000 SH   SOLE 12,000,000 0 0
KEYCORP NEW PFD 7.75% SR A 493267405 373 2,850 SH   SOLE 7,850 0 0
KEYCORP NEW PFD 7.75% SR A 493267405 655 5,000 SH   DFND 1 5,000 0 0
NATIONAL WESTMINSTER BK PLC SPON ADR C 638539882 273 10,623 SH   DFND 1 10,623 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 1,049 41,346 SH   SOLE 41,346 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 332 13,312 SH   SOLE 13,312 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 431 17,565 SH   SOLE 17,565 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 15,140 598,409 SH   SOLE 598,409 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 2,085 83,793 SH   SOLE 83,793 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR L RP PF 780097788 35,351 1,458,969 SH   SOLE 1,458,969 0 0
ROYAL BK SCOTLAND GROUP PLC SPON ADR SER H 780097879 1,583 62,337 SH   SOLE 62,337 0 0
STANDARD CHARTERED PLC DEBT 6.500%12/2 G84228CE6 10,089 10,000,000 SH   SOLE 10,000,000 0 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 89,746 76,379 SH   SOLE 76,379 0 0
WELLS FARGO & CO NEW PERP PFD CNV A 949746804 3,361 2,861 SH   DFND 1 2,861 0 0