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 17,488 676,524 SH   SOLE   676,524 0 0
BARCLAYS BANK PLC SP ADR 7.1%PF3 06739H776 17,049 662,350 SH   SOLE   662,350 0 0
CIT GROUP INC COM NEW 125581801 2,806 87,960 SH   SOLE   87,960 0 0
HSBC HLDGS PLC NOTE 6.875%12/2 404280BC2 18,646 18,740,000 PRN   SOLE   18,740,000 0 0
KINDER MORGAN INC DEL COM 49456B101 14,824 792,300 SH   SOLE   792,300 0 0
KINDER MORGAN INC DEL PFD SER A 49456B200 6,565 135,000 SH   SOLE   135,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 29,985 1,189,419 SH   SOLE   1,189,419 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 1,953 78,000 SH   SOLE   78,000 0 0
ROYAL BK SCOTLAND GROUP PLC SPON ADR F 780097804 216 8,400 SH   SOLE   8,400 0 0
WMIH CORP COM 92936P100 866 391,952 SH   SOLE   391,952 0 0