CARR & ASSOCIATES CONVERTIBLE PREFERRED BENCHMARKS
TEN YEARS ENDING SEPTEMBER 30, 2007

Index Return Risk Sharpe Measure
Carr & Associates Convertible Pfds   8.85    9.77  0.73
S&P 500 Stock Index     6.55       14.74     0.19
60% S&P 500/40% Lehman G/C     6.69      8.65  0.35
Lehman Govt/Credit Bonds        6.06        4.09    0.58  
Citigroup High Grade LT Bonds    6.95    7.63   0.43
90-Day Treasuries    3.70      1.17    0.00
 

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