The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| AUSTRALIA & NEW ZEALA BKG 14 | DEBT 4.400% 5/1 | Q0426RND6 | 15,389 | 15,000,000 | SH | SOLE | 15,000,000 | 0 | 0 | ||
| BARCLAYS BANK PLC | ADR PFD SR 5 | 06739H362 | 1,964 | 75,944 | SH | SOLE | 75,944 | 0 | 0 | ||
| BARCLAYS PLC | NOTE 8.250%12/3 | 06738EAA3 | 154,856 | 147,369,000 | SH | SOLE | 147,369,000 | 0 | 0 | ||
| BARCLAYS PLC | NOTE 6.625%12/3 | 06738EAB1 | 53,047 | 53,191,000 | SH | SOLE | 53,191,000 | 0 | 0 | ||
| BLACKROCK CR ALLCTN INC TR | COM | 092508100 | 12,720 | 966,571 | SH | SOLE | 966,571 | 0 | 0 | ||
| HANCOCK JOHN PFD INCOME FD I | COM | 41021P103 | 11,920 | 646,421 | SH | SOLE | 646,421 | 0 | 0 | ||
| HSBC HLDGS PLC | ADR A 1/40PF A | 404280604 | 1,760 | 67,958 | SH | DFND | 1 | 67,958 | 0 | 0 | |
| HSBC HLDGS PLC | ADR A 1/40PF A | 404280604 | 24,915 | 961,950 | SH | SOLE | 961,950 | 0 | 0 | ||
| HSBC HLDGS PLC | NOTE 6.875%12/3 | 404280BC2 | 181,215 | 170,155,000 | SH | SOLE | 170,155,000 | 0 | 0 | ||
| ING GROEP N V | DBCV 6.500%12/3 | 456837AF0 | 54,146 | 54,500,000 | SH | SOLE | 54,500,000 | 0 | 0 | ||
| ISHARES TR | U.S. PFD STK ETF | 464288687 | 426 | 11,017 | SH | SOLE | 11,017 | 0 | 0 | ||
| LLOYDS BANKING GROUP PLC | SDCV 7.500%12/3 | 539439AG4 | 186,869 | 176,692,000 | SH | SOLE | 176,692,000 | 0 | 0 | ||
| NATIONAL WESTMINSTER BK PLC | SPON ADR C | 638539882 | 322 | 12,353 | SH | SOLE | 12,353 | 0 | 0 | ||
| NATIONAL WESTMINSTER BK PLC | SPON ADR C | 638539882 | 259 | 9,963 | SH | DFND | 1 | 9,963 | 0 | 0 | |
| ROYAL BK OF SCOTLAND PLC | DEBT 7.500%12/3 | 780099CJ4 | 142,888 | 144,880,000 | SH | SOLE | 144,880,000 | 0 | 0 | ||
| ROYAL BK OF SCOTLAND PLC | NOTE 8.000%12/3 | 780099CK1 | 34,324 | 34,500,000 | SH | SOLE | 34,500,000 | 0 | 0 | ||
| ROYAL BK SCOTLAND GROUP PLC | SP ADR PREF S | 780097739 | 1,195 | 47,130 | SH | SOLE | 47,130 | 0 | 0 | ||
| ROYAL BK SCOTLAND GROUP PLC | SP ADR L RP PF | 780097788 | 4,017 | 160,293 | SH | DFND | 1 | 160,293 | 0 | 0 | |
| ROYAL BK SCOTLAND GROUP PLC | SP ADR L RP PF | 780097788 | 32,604 | 1,300,988 | SH | SOLE | 1,300,988 | 0 | 0 | ||
| ROYAL BK SCOTLAND GROUP PLC | SPON ADR SER H | 780097879 | 981 | 38,115 | SH | SOLE | 38,115 | 0 | 0 | ||
| ROYAL BK SCOTLAND GROUP PLC | NOTE 8.625%12/3 | 780097BB6 | 29,190 | 28,000,000 | SH | SOLE | 28,000,000 | 0 | 0 | ||
| STANDARD CHARTERED PLC | DEBT 6.500%12/3 | G84228CE6 | 9,826 | 10,000,000 | SH | SOLE | 10,000,000 | 0 | 0 | ||
| STANDARD CHARTERED PLC | DEBT 7.500%12/3 | G84228CQ9 | 8,264 | 8,000,000 | SH | SOLE | 8,000,000 | 0 | 0 | ||
| STANDARD CHARTERED PLC | DEBT 7.750%12/3 | G84228CX4 | 15,450 | 15,000,000 | SH | SOLE | 15,000,000 | 0 | 0 | ||
| WELLS FARGO & CO NEW | PERP PFD CNV A | 949746804 | 98,180 | 79,240 | SH | SOLE | 79,240 | 0 | 0 | ||
| WELLS FARGO & CO NEW | PERP PFD CNV A | 949746804 | 3,545 | 2,861 | SH | DFND | 1 | 2,861 | 0 | 0 | |