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 |
| Bank of America Corporation | 7.25%CNV PFD L | 060505682 | 5,039 | 4,440 | SH | DFND | 1,2 | 4,440 | 0 | 0 | |
| Barclays Bank PLC | ADR PFD SR 5 | 06739H362 | 13,560 | 533,210 | SH | DFND | 1,2 | 533,210 | 0 | 0 | |
| Barclays Bank PLC | SP ADR 7.1%PF3 | 06739H776 | 5,484 | 218,850 | SH | DFND | 1,2 | 218,850 | 0 | 0 | |
| CommonWealth REIT | CV PFD-E 7.25% | 203233606 | 11,834 | 469,226 | SH | DFND | 1,2 | 469,226 | 0 | 0 | |
| Royal Bank of Scotland Group PLC | ADR PREF SHS Q | 780097754 | 575 | 25,000 | SH | DFND | 1,2 | 25,000 | 0 | 0 | |
| Royal Bank of Scotland Group PLC | SP ADR L RP PF | 780097788 | 354 | 16,000 | SH | DFND | 1,2 | 16,000 | 0 | 0 | |
| Sunstone Hotel Investors Inc | CV 8% CUM PFD-D | 867892507 | 1,414 | 55,448 | SH | DFND | 1,2 | 55,448 | 0 | 0 | |