gan Chase & Co PM 7.9% April 30 2049 7.900%6/15/11 2,500,000 2,669,524 JP Morgan Chase 7.9% Pfd 4/30/2049 7.900% 05/10/11 2,160,000 2,395,200 Lloyds Banking Group Capital 7.5% 12/29/49 7.500% 5/21/13 1,903,000 1,948,500 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 CONFIDEN

00.000 1.940.506 2.036.500 6.19% 95.994 Assurant Fixed to Float 7% March 2048 7.000% 3/29/18 2.000.000 2.039.653 2.004.100 6.09% -35.553 Lloyds Banking Group Capital 7.5% 12/29/49 7.500% 5/21/13 1,903.000 1.948.500 1,960.090 5.95% 11.590 Charles Schwab 6.0% Preferred 525 par 6.000% 7/27/15 40.000 1.000.

940.506 2.1712667 2.036,500 -135,167 Assurant Fbced to Float 7% March 2048 7.000% 3129/18 2.000.000 2.039.653 2.031.167 2.004.100 -27.067 Lloyds Banking Group Capital 7.5% 12/29/49 7.500% 5121/13 1,903,000 1,948,500 1.963,658 1,960,090 -3,568 Charles Schwab 6.0% Preferred $25 par 6.000% 7/27/15 40,000 1,