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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
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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
BANK AMER CORP 7.25%CNV PFD L 060505682 2,656 1,833 SH   SOLE 1,833 0 0
BLACKROCK CR ALLCTN INC TR COM 092508100 13,513 966,571 SH   SOLE 966,571 0 0
HANCOCK JOHN PFD INCOME FD I COM 41021P103 12,469 646,421 SH   SOLE 646,421 0 0
WELLS FARGO CO NEW PERP PFD CNV A 949746804 65,298 45,033 SH   SOLE 45,033 0 0
WELLS FARGO CO NEW PERP PFD CNV A 949746804 3,123 2,154 SH   DFND 1 2,154 0 0