Jeffrey, You sold the PFE note up 17.1% ($513,000) Sold $5 MM / bought CNY 1 year forward (06/11/2012) @ 6.3636 Bought 2.5 MM of the ING FRN Preferreds (CUSIP 44978NAA3) @ 97. Purchased for June 15th, 2011 settlement (maturity of the 5 MM Ford bonds) Let me know if you have any questions. Thanks again. David J. Giuffrida J.P. Morgan I Global Investment Opportunities Group 40 West 57th Street, Floor 33 New York, NY 10019 IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. EFTA_R1_00513350 EFTA02011631