Global Investment Opportunities Group J.P. Morgan Securities LLC.
Account Position and MTM Summary (Open Positions)
C I 0
Global I n• vs,.meal Oitsuanuali Prepared for Southern Financial LLC as of Mey 31, 2013
Current EX & Commodity rates USOMXN 123995 XAUUSO 138809 GBPUSD 1.5195 USCUPY 100380
USDARS 52846 USDKRW 1129.64 EURUSD 12994 USOORL 2.1322
USOOIF 0.9547 USDCAD 1.0368 USDTRY 1.874 USONOX SA716
• Untied via Bloornbe
Symbol Dividend Entry Price Current Price
Trade Date Shares Company Currency Industry Cost Basis (S) Market Value IS/ MTh,
Yield (Local) (Local)
24 /an-13 ARIA 9,000 Ariad Pharmaceuticals Inc msurner, Non-cyclic 0.00% ($176,400) $165,060 19.60 1834 ($11,340)
14-Feb-12 ARIA 7,535 Ariad Pharmaceuticals Inc USD snsurner, Non.cycht 0.00% ($114,600) $138,192 15.21 1834 $23,592
14-Feb-12 8118 2,095 Bingen Idec Inc 050 msurner. Non.cycl 0.00% (5260.455) $497,542 119.55 237.49 $247,086
12-Jul-10 DAG 50,000 Penshs Db Agri Double Long 050 Funds 0.00% ($352.550) $494,000 7.05 9.88 $141,450
17-May-12 FB 17,500 Facebook Inc-A USD Communications 0.00% ($665.000) $426,090 38.00 24.35 ($238.910)
23-Apr-13 GE 23,000 General Electric Co USD industrial 3.26% (5496.190) $536,360 21.53 23.32 $41,170
28-May-13 SGMO 50,000 Sangamo Biosciences Inc USD Non.cycht 0.00% 15420,214) $400,000 SAO 8.00 ($20,214)
tructured Notes • Manual Prici via WM* an Investment Bank as of da
Trade Date Maturity Face Amount Long Description Cost Baia (S) Market Value (5) Interest
Entry Price (5) Current Price (5) MThI
Received
8-Nov-12 22-Nov-13 1,000,000 Gs Note 11/22/13 Lnkd To Min Vs Usd 85%Barrier. 5% Attu Cpn-22.9%Mxrtrn (51,000,000) $1,078,960 $0 $100.00 $107.90 $78,960
9-Jan-13 24-lan-14 1,000.000 Hste Ren Inked To Cnh Vs Usd SYJev- 500%lislaxrUn 01/09/13 Initial Straces6.1995 (51,000,000) $1,022,600 $0 $100.00 $10226 $22,600
14-Feb-13 20-Aug-14 1,000,000 MS Market Plus MAX 08'20/1480% EKO Barrier 3.5% CM, Uncapped Initial Level - 21 (51,000,000) $1,101,850 $0 $100.00 $110.19 $101,850
5-Apr-12 16-Apr-15 1,500,000 Meritor CLN 6200% CPN 04/164015 Dtd 04116/2012 (51.504000) $1,612,500 569,888 $100.00 $107.50 $182.388
24-May-13 29-Aug-14 2.000,000 HS8C CBEN 829/14 80%efo barrier-4%cpn-17%Cap Initial Level:276429 (52.630.003) $2,000,000 SO 5100.00 $100.00 $0
S Flaw Income • tetrad via Bloom
22-Oct-12 01-Apr-2019 1,000,000 Headwaters Inc 8. 4/1/2015 7.625% ($1,035,000) $1,084,800 $46,385 4.74% 5103.50 $1011.48 $94185
22.Oct-12 15-May-2019 400,000 Earthlink Inc CCC. 5/15/2015 8875% ($414,000) $408,000 $21,596 827% 5103.50 $102.00 $15,596
23-Oct,12 15-May-2019 600,000 Earthlink Inc CCC. 511512015 8875% ($619,500) $612,000 $32,246 827% 5103.25 $102.00 $24,746
1.Oct-12 01-Jun-2019 1,000,000 Kindred Healthcare Inc 6/1/2014 8250% ($996,250) $1,067,500 $55,000 6.31% $99.63 $10875 $126,250
ft-Nov-12 01-Jun-2019 1,000,000 Kindred Healthcare Inc 8 6/1/2014 8250% ($970,000) $1,067,500 $46,521 6.31% $97.00 $10875 $144,021
20-Jan-13 IS
-Feb-2020 1,500000 Servicemaster Company 8 2/15.0015 8.000% (51,595,625) $1,545,000 $42,333 723% 5106.38 $103.00 (58.292)
25-Feb-13 15
-Feb-2020 1,000,000 Servicemaster Company 8 2/15/2015 8000% (51,070,000) $1,030,000 $21,333 723% 5107.00 $103.00 ($18,667)
3-Apr-13 10-Apr-2023 300,000 Barclays Bank Plc 888. 4110/2018 7.750% ($300,000) $305,625 $3,746 728% 5100.00 $101.88 $9,371
15-Jun-11 Perpetual 2.500000 1pinorgan Ouse & Co BBB 4130/2018 7.900% (52,702.425) $2,925,150 5387,319 4.04% 5108.10 $117.01 $610,044
15-Jun-11 Perpetual 2.500,000 1pinorgan Ouse & Co BBB 4130/2018 7.900% (52,702.425) $2,925,150 5387,319 4.04% 5108.10 $117.01 $610,044
10.1an.11 Perpetual 2.000,000 Bank 01America Corp 0B. 5/1512018 8125% (52,081.180) $2,290,560 5388,646 4.79% 5104.06 $114.53 $598,026
30.1an.12 Perpetual 3,000,0120 Southern Cal Edison 888- 2/1/2022 6250% (52,999.970) $3,378,540 5250,030 447% 5100.00 $112.62 $628,570
27-lun.12 Perpetual 1000000 General Eke Cap Corp 611512022 7.125% ($2.122,920) $2,347,500 5132,208 4.74% 5106.15 $11738 $356,788
29-May-13 Perpetual 1.400,003 General Eke CapCorp AA 6/1512023 5250% ($1.400.000) $1,400,154 5408 522% 5100.00 $100.01 $562
U.S. Fixed Income MTM B21,009.2951 522.387:U9 51.815.062 53.193.246
EFTA01121588
Global Investment Opportunities Group l.P. Morgan Securities LLC.
Account Position and MTM Summary (Open Positions)
CIO
Global linntimal lannertnaitin Prepared for Southern Financial LLC as of May 31, 2013
Current FX 8 Commodity rates USDMXN 12.7995 XAUUSO 1388.09 GBPUSD 1.5195 LUMPY 100.380
USDARS 52846 USDKRW 1129.64 EURUSD 1.2994 USOBRL 2.1322
USDOIF 0.9547 USDCAD 1.0368 USDTRY 1.874 USDNOX 587115
narrational Fixed Income • tntra via Bloom
Trade Date Maturity Face Amount Issue S&P Rating Total Int. Entry Price Current Price
Currency Coupon Principal Cost (SI Market Value (S) 1904 to Worst MTh,
Accrued (S) (Local) (Local)
9-Oct-12 02-Nov-2017 500,000 Petroleo% Cie Venezuela 5 8s USD 8.500% 15440.250) 1472,500 $27,389 10.07% 88.05 94.50 $59,639
11.Oct-12 02-Nov-2017 1,000,000 Petroleos Cie Venezuela 5 8. USD 8.500% ($897.500) $945,000 $54,306 10.07% 89.75 94.50 $101,806
10-May-12 16.Dec-2021 1,500000 Lloyds Tsb Bank Plc BBB- USD 9.875% ($1,627,500) 11.843,650 $156,766 2.94% 108.50 122.91 $372,916
26-Jan.12 15-Dec-2035 7,500800 Republic Of Argentina WA USD 0.000% ($1,038.750) $426,075 1426,000 13.85 5.68 ($186,675)
13-Oct-10 15.Dec-2035 10,000,000 Republic Of Argentina WA ARS 0.000% ($318.000) $14,492 $326.246 1236 0.14 $22,738
21-May-13 Perpetual 3,000,000 Lbg Capital No.1 Plc 88- USD 8.000% ($3247503) 11166,500 $6,667 6,99% 108.25 105.55 (174.333)
Mort and Asset Backed • Manual Pricin- via JPM Investment Bank
Trade Date Maturity Original Face Issue S&P Rating Nest Call Coate Market Value (5) Total Pr...KrInt Entry Price Current Price
Coupon Principal Cost (SI Nam
(SI (Local) (Local)
24-Jan.13 25-Aug-2029 9,551,000 /4mbt 2004-1 IMI CCC 6125/2013 1.093% (5562.273) $763,799 $27,007 56.25 78.25 $228,533
6.Feb-13 20.Dec-2032 5,701000 Senn 11 81 CCC 6/20/2013 1.613% (5781.919) 1745,632 $23,503 73.75 71.59 ($12.784)
23-Aug-12 25-Aug-2033 3,325000 Cwhl 2003.2681 925/2013 5.338% (51.231.222) $983,139 $225,460 77.00 68.84 ($22,623)
28-Nov.12 25-Feb-2037 8,180,000 Chase 2007-Al 2A4 CCC 825/2024 nu% ($2.047.809) $1,961,177 $273,970 88.50 95.88 $192,338
16.4.pr-13 25-Mar-2033 4.500,000 Cwhl 2003-1 111 6125/2013 5.750% ($1,448,803) 11.325,453 $127,347 9550 94.70 $3,996
30-Apr-13 25-Apr-2033 2.726,000 Sax 2003-10 B2 CCC 10/25/2013 6.000% ($1.076.783) $984,870 155,890 100.00 96.00 (536.022)
Listed Preferreds
18-Nov.10 12/1/2013 8,000 General Motors Co WA 150.00 4.75% ($4000001 $390,480 145,494 9.64% 50.00 48.81 $35,974
9-Dec.10 12/1/2013 63,000 General Motors Co WA $50.00 4.75% (13,185,973) 13,075,030 $349541 9.64% 50.57 48.81 1238,598
15.Feb-13 2/1/2016 6800 Cliffs Natural Resources WA 125.00 7.00% (1150.0001 1115,140 12,392 18.54% 25.00 19.19 ($32468)
22-Feb-12 2/15/2040 80,000 Gmac Capital Trust I CCC. Pl. $25.00 8.13% ($1,082.810) $2,129,600 $166,563 5.62% 2354 26.62 1413,363
15-Jan.13 1/15/2073 25,000 Nextera Energy Capital 888 $25.00 S.00% (1625,000) $603,750 15,122 521% 25.00 24.15 ($16.128)
3-Feb-12 Perpetual 46,600 Ally Financial Inc CCC. Pl. $25.00 8.50% ($1,002.226) 11.251,676 $117,730 5.89% 21.51 26.86 $367,180
9.Feb-12 Perpetual 80,000 All/ Financial Inc CCC. Pl. $25.00 8.50% ($1,780.010) 12,148,800 1199,278 5.89% 2225 26.86 1568,078
17-Jan.13 Perpetual 26,100 Vomado Realty Trust BBB. $25.00 5.40% (1652.500) $639,450 $12,332 5.56% 25.00 24.50 ($718)
24-Oct-12 Perpetual 40,000 Royal Bk ScotInd Grp Plc 88 $25.00 7.25% (1951.600) 11,000,800 $42,292 736% 23.79 25.02 $91,492
7-Jan-13 Perpetual 40,000 Royal Bk ScatInd Grp Plc 88 $25.00 7.25% 11977.600) 11,000,800 $27,590 736% 24.44 25.02 $50,790
14-Jan.13 Perpetual 40,000 Royal Bk ScatInd Grp Plc 88 $25.00 7.25% (1995.200) 11,000,800 $26,181 736% 2488 25.02 $31,781
Mutual funds and Mona Market
Trade Date Symbol Units Company Currency Dividends Entry Nay Current NAv
Initial Cost (5) Market Value ($) MTM
Received ($) (Local) (Local)
Avg JLTSX 49504.95 Jamaican Latin America-Sel USD 11,000,000.00) $969,307 SO 20.2000 19.58 (530.693)
EFTA01121589
Global Investment Opportunities Group J.P. FAOrten Seeuritin LLC.
GI0
Global I ovalsat Cloverlimb lot
Account Position and MTM Summary (Open Positions)
Prepared for Southern Financial LLC as of May 31, 2013
Current FX & Commodity rates USDMNVN 12.7995 XAUUSO 1388.09 OPUS() 1.5195 USCUPY 100.380
USDARS 5.2846 USDKRW 1129.64 EURUSD 12994 USOBRI. 2.1322
USDCHF 0 9641 USDCAD 1.0368 USOTRY 1.874 USONOK SAM
Forward Contracts • Rates sourced intraday from Bloomber
Current Spot I Current Albin
trade Date Value Date Sought Notional Sold Notional Fix Date Contract Spot Contract Forward MTM
Rate Forward
6-May-13 8-Aug.13 CHF 6.138.000 EUR 5,000,000 3-Aug-13 1.2284 1.2276 1.24154 124118 (571.093)
23.May-13 8-Aug.13 EUR 4904,319 CHF 6,138,000 3-Aug-13 1.25185 1.25155 1.24154 124118 (553.228)
14-Mar13 18.1un.13 USD 5,000,000 RAW 5,581,750,000 14.lun-13 111135 1116.35 1131.69000 1,132.20860 570,034
23.May-13 28-Aug-13 WY 740,325,000 CAD 7,500,000 2.I-Aug.13 99.08 9871 96.82150 9639058 5158,146
Forward Contracts MTM 5103.819
FX Options • MTM Modelled via Bloomberg
Currency 2 Original Current Pre
Trade Date Expiration Directi on Currency I Type Strike Currency 2 Type Barrier Type Mira
Notional Premium IS)
8-Aug-12 08.Oct-13 Bought JPY Put 10,000,000 80.90 CAD Call (5347.809) S1,582,220 S1,234,411
8-Aug-12 08-Oct
-13 Sold IPT Call 10,000,000 76.90 CAD Put KI • 69.65 5347,809 SO 5347,809
FX Options MTM SO 51.182.220 51.182.220
Commodity Options • MTM Modelled via Bloomberg
Original Current Premium
Trade Date Expiration Direction Commodity Type Notional (oz) Strike Currency Notional Type Mira
Premium IS) ISI
19.4pr-13 11-lut-13 Bought C003 Call 100,000 111 11,100,000 Put 11-Jul.13 (586.000) $21,688 (164,311.74)
19.4pr-13 It -Jul-13 Sold C003 Put 100,000 87.5 8,750,000 Call 11-Jul.13 586.000 (533.10 552,831.40
Commodity Options MiM SO 1511.480) 1511,41111M
Total Return Swaps
Effective Maturity Accrued Interest Entry Price Dividends Current Price
Trade Date tndnyYy Shuns Rate Spread (bps) Notional
Date Date Paid (Local) tuned (Local) a
18.Mar.13 18-Mar-I 3 20-klar 14 %WM 9.S9,f11 ImL 0.70% $1,999,999.37 (54.02 2504 92 2 439 •
Total Return Swaps MTM 51.999.999 (54,009) so
MTM Snapshot Open MINI 2013 Closed PA. Open MTM • 2013 Closed P.1. Performance Snapshot
LO 1182.834 5209.041 5391,875
PI/ SP 55,976,511 51,840,648 57,817,159 2012 COY Open MTM 51685,137
Repo $0 SO S0 Curnmt Open MTM 57,718,743
MP/ ST (530.693) SO ($30.693)
Derivative 51,590,091 (52.181.089) (5590.998) Y113 Mange in Open MTM 52,033,606
Alternative SO $0 SO 2013 Closed CIL (5131.400)
Other I Miscellaneous SO SO $0
0732013 JP Morgan Ouse a CO.
EFTA01121590
Global Investment Opportunities Group LP. Median Se:Realm l/C.
CIO Account Position and MTM Summary (2013 Closed Positions)
Prepared for ~Rom Financial Lit as of may 31. 2013
Elio
Dtvtamd Clo.Ong Pore
Trif• Om* Symbol Company Conum9 induatzy vim Coat 8.l% IS) Mate, veil,. 11) Closing 0.0t* ir" " " 'R.*
Id (tosal)
16lan.13 aMT 4400 Calumet Specially nesen UR) Energy 7.96% 1$139,964) $137,452 31.81 3124 ($2.112)
&lanai SUM 4400 Solar Capital MS tiSD Finirdal 1043% 1$102,3“) $101688 844,13 2420 2402 1115721
8don.I3 TO.P 3.20) Tesoro LooMa Lp 4.150 Iner97 3.11% 11133.4401 1131909 9.M4.13 41.70 42.16 11469
5-let.13 "SAC 6.00) tin Coniprosion %melt LP 4.150 reketnal 627% 11101007/ 1106260 I 5.14n.I 3 16.00 17,71 017401
6~13 AIRY 2.440 Mnllpm Phirmacein41$ Inc 4.150 income Hon.o514 0.05% (148.312) 150.000 1674m13 20,13 2085 5,22E
GUN 6,403 ~mum Inc UsD mir, llomayar Ole% 11613401 14412S 16440.13 190 1002 $785
direl3 AYE° 3.460 Ate Pluirmaoubudi >nudism, lionscili G00% 11110001 517,893 17440.13 7.50 146 111011
~13 MIR I.4ø Refining Uso Energy »12% 1145.000) 145.871 1124m 3 25.00 2548 5871
&Wen MO 1000 NYytto Inc 4.150 link Mate,» 000% 11114.000 1111.356 10•Mn.l 3 19.0, 1856 02.6431
&Wen NCO 1.400 ~ay, en Come tine Holda 4.150 Conswro.CyclIc$ 0.00% 11314001 139.328 10•Mn.l 3 19241 24.50 5692E
Mn 1203 Nahumlie Irony Lp Energy 20.72% 11127.192) $124.149 18•Mnd 3 2446 2426 01.0431
14.3•04 3 ARM. 1003 4,44 Phitriiiiimicali UR) inturner,Hon.ciclic 0,00% 11134371» $174.408 2,1•Mn.i 3 15.21 1938 532530
4.144$.13 8P4 4.000 Budeye Penney to 1.150 Energy 6.35% (1210.160) 1.201523 24•Mn.l 3 52,54 5213 .6371
25-let.13 BFAM 500 Brigid Igneous lonely »NA 1.150 mire. Hon.cydit 0.00% 11112001 113.756 25.Mn.13 Z2,00 27.52 52.758
25-let.13 MCP 2.540 molyttep Inc 1.150 InK1444,441445 0.00% 11110001 111400 25.Mn.13 100 4.94 52.400
1100 PNdemtnawl Ga Co UR) NiHry 3.67% 11208.0CM 1207,410 30•Mn.13 32.05 3191 05101
31.1arel3 UR% 1500 itniu Imbaretmotnicals UR) inturner,Hon.cixlii 0.00% 1$12,7381 514,190 31•Mn.13 tel 9.46 51.415
31~13 YMI 3.540 V44442r0 N40.014~net USD Energy 174% 11914751 591903 3IMn.13 2711 27.71 154921
31~13 275 25.0» Zonisme Uso mire. IMAGO( 0.11% ~0001 1786482 14.013 MOO 3146 1134.402
$Feb-13 cIISR 1.93) ~petite Lo09019 Troll 4.150 liendeol 426% 11311251 131.559 14l613 20.75 2104 5434
I.Feb-13 HMIA 3.500 Paulo. Markin,* Partners Lp USD Ineketdal 12.10% 1149.521) ~MI 1400.13 14.15 1396 04441
5.Feb-13 EPO 4000 Enbirmls• NORMA Partners Energy 4.51% 1$218.24:0 $211072 510%13 54.56 $452 1$1681
5.Feb-13 KC 1.003 east Cascade Co 4.150 2020101 0.00% 11210001 125249 14».I3 21.00 2527 54269
%Feb-13 KC 3.93) gote Made Co 4.150 80~14.1 0.00% 1149.5101 $69.263 74.13 19.16 19.79 112471
143.013 APR 29.0» Prone Residential Ren PC 4.150 linrced 1628% 11191340/ $193.141 I44».13 104 146 115.2191
152,0.13 0.I »CO Oil% itaitual Reieerteri USD Bal Materials 3.33% 087.0,01 589,1•03 15-Feb.13 WOO 29.72 12248
152,0.13 115H ROCS %RH. Holding. Hr Cormordiaifions 1.89% 0340,400) $260.654 15-Feb.13 32.55 3258 $254
154.013 PRO 1.040 Nonce Naltes11100.454. Co USD Energy 0.04% I5128000) 1130,328 154».13 128.00 13033 52,320
21.Feb.I3 SOBS 20.0» 740, 4$ KO" Moldings Ltd Censor" atilc$ 0.00% 151.230.0M 1.201240
$1 214».13 51.50 4006 (S28.8111
21.Feb.13 IMP 3.00) Keifer Morgan Energy Pita USD Energy 623% (1259.050) 5259,377 214».13 •535 1646 1327
27.3•04 3 AGN/ SACO anpiw Capita agent, Cory I inw4N1 19.38% 154744540 1471139 2714%13 31.43 3159 06111
27.3•0-13 WV/ 1.250 Medical Properties butt USD I inmeNI 5.31% 017,8131 $11887 27441413 14,21 1431 175
20-Feb-I3 DO »CO Oreorp imernoboredIngi Uø mmixe.Hon.G4914 0.00% (1142205) 1141337 I.M4o13 40.63 40.96 51152
14114t.I3 2.750 Y/Iliorre Rutter, Lo 4.150 Energy 6.79% 11135.135) 1134.362 5.M.4.13 49.14 48» 117/31
6414•43 MI 4.00) ArnilloCciwueniø Re44 USD 9.10% 1~001 141236 0M0r.13 17.03 1706 530
64444.13 MHO 500 Ml Hornet Inc USD Lenin, CiAlical G00% 1111.7501 $12.210 6.Mai.13 23.50 2442 $460
6.44.4.13 0 2.003 Realty Income Corp USD f 4.78% 11918001 $91,078 64.1ai.13 M.90 4551 ($7221
74144-13 ØR 1.540 Dewey Comuynoems-C USD Ccawnlcollons 0.00% 1197.1251 1100.434 7•Mor.13 54.71 46.96 52313
7.11144-13 IOW 1.540 Aucbon Seduces Inc Uso mmixe.Hon24914 3.24% 11282751 129234 7.Mor.13 19,25 1949 $359
7.11144-13 500 *Lintum«,Inc Uso flnerpal 3.42% 11121251 112.755 13-Mor.13 25,25 25.51 $130
84104.13 PCYC 2500 Phannacycl44 Inc antuns,Hon.Gxlii c00% 1$23100:0 1231.330 &Mar.13 9405 94.13 $330
12•Mar, 13 llfP 2.003 tni,glon Really Trull finaroN 4.77% 1123400) $23,339 12-Mar.13 11.70 11,67 0611
13•Mar, 13 IMO 1.250 Anniel Inc USD mmre. FORGO( 0.00% 1/50.0001 149.949 13-Mar13 40.00 39.96 1151I
13.644.13 HnVit 600 11010We imeniatimal me Uso mmre. IMAGO( 0.00% 1/512701 152.055 13-Mar13 »41 84.76 5M5
»Melt13 lan 1.040 Yipshop Holdings LW • Ads Uso Criiwnitnions 0.00% 1524.0001 124.609 I4-Mae.13 24» 2481 $409
15.14ar.I3 MLA LOCO Guff Ent Corraunio6ons 0.00% 11292501 $31,009 15-Mar.13 »75 3131 51219
3.40413 MCC 1500 Amu GORR Corp /loan/mil 8.87% 11616311 161,34. Jipr.13 17.61 1753 1$2911
9.44.13 OR 4003 COugns Proven*. He 4.150 Imerroal 1.74% ($41.5001 142.359 9~13 10.41 1059 $559
10~ 13 TMIC 1.9:0 Teolor IhoinfonMoe Corp-A 4.150 Consumer. CfRO 0.00% 1133.000) 13(754 0-Apr-I3 22,00 23.17 51,754
11.00, 43 RLGY 1010 Reeioge HohlIngs Corti 4.150 Ilnegal 0.00% 11396.00,3 1401.119 .Apf13 44.00 4457 55,119
11.444.13 Nfl 1500 Weary Pharmaceuaals K mturneellonilleln< 0.00% 15300,003) $308,768 ~13 40.00 41.17 58,768
12~13 EVTC 4000 EfirleeN4 UR) mturneellonilleln< 0.00% 1580030) $85.4» ..404.13 20.00 2136 $1.430
12.484-13 all 1.1:0 Ceeserslone 541:4.Y4m Ltd 1.150 0.00% 1134275) 135,639 flpf 13 23.25 23.76 $764
18.484-13 AR 21.000 .4240 Pipeline Partners 141 USD Energy 6.34% 15714000) 5721644 &Apr-13 34.00 3446 $9.644
18.484-13 2.040 MINIM 54 tI50 Cormwnlcolions 0.00% 11/45001 133,919 &Apr-13 16» 16.96 1120311
116~13 ROM 1,00) Roam Retc...44•14 USO Energy 0.00% (542.500) $42.459 I3-41/4.13 42.50 42,41 0411
116~13 TAM Tannro Coto USO Bask Materials 0.00% (515,030) $14403 I3-484.13 1505 1406 09301
11.00, 11 TO 11.500/ Telekam Sofro Adr tI50 Cormwnlcolions 0.00% 530.000 0202001 841o11 1201 1380 59.380
091 Telekam Sofro Adr tI50 Cormwnlcolions 0.00% 5030 05383 841o13 12,52 1380 0501
11~-13 SEAS 2.040 Secrualc1Enttnelnment Inc 1/50 Osumi-0..4<RO 0.00% 1554.0:01 $4
61,419 9~13 21.00 30.71 $7.419
25.4o13 PO 15.00G ~coif Inc 1/50 Iwo» 2.78% 15524000) 5624,1» 25~13 41.50 4161 $136
26~43 RE9 4000 AJtaeuro ReiMere6al Corp USO Finindal 0.00% 1121030) $78.236 -13 1175 1956 13.238
26~43 WIC 600 Smeiraneta Corp USO Hon4icik 0.00% 15101001 $11.220 -13 18.05 18.70 14120
1.Mer13 SOGI 4.00) 404, IM020(401GIOVP 41 tI50 Communlcolions 2.21% (1109.000) 1101878 2~13 27.21 2722 ism
2.May.13 GOYA 2.000 lug Us /nt USO Finiefal 0.00% (139.000) $344» 2444y.13 19.50 1922 05511
3444,13 OPIA ZOO) Ola) P10.50:00010:3 Ad. 1150 (*ir(nic/bons 0.00% 1134.0001 $34.139 3~13 17.00 1707 $139
3.May.13 arv 0100 Central Eurepean Media Ent./ 4105 Cormiunicaiions 0.00% 11302501 530,469 3444y.13 175 2.77 $219
6.May.13 4003 Hens Global Hokin» AU 4105 >mumai.11on.05dic 0.00% 1199.0001 591316 7.May.13 24.75 2458 116921
8.Meiel3 3.010 Vend VC • OA USD 'mum«. liOn.CWIt 0.00% 0712501 171216 ~13 1.75 23.74 11321
8.May.13 NIS 1003 Vilebita finyeMl Corp 4105 Financial 2.17% 0416001 59519 32.05 22.76 15311
24.Ca-I2 Cf 210:0 Limn foodsC6 USD >muffin. ilondiflc 0.00% 15470.4501 $449,489 1812 18,78 1195I I
9.May.13 014 1000 Cyan K Correnunic aliens G00% 011.0001 310,010 94144y.13 11.00 1031 119501
EFTA01121591
Global Investment Opportunities Group .1.P. Motem SecurItIm
Account Position and MTM Summary (2013 Closed Positions)
G I O
%ia oe ao 440440 ~04 Prepaed lor Southcon Dnamial LI.0 as ol May 31, 2013
9844513 EMES 3500 6~04 Emu% %nb% I UW 40444•011on.(45110 0.00% (559,500) 559,009 9.694403 17.00 1686 154911
564543 HOI 1,000 Haiti. Care bit Inc UW Finmc451 4.50% (173.500) 573558 9.694403 73,50 7356 $58
95µ4P13 615 900> lit Phemaautkak Inc UW msurnu,Non.(400 0.00% (576,400) 575578 9.694403 19.00 1857 (51213
PMay.13 O 1,0% Cvloble5640450308431 %Dl 050 "mer. NOn.004 0.0:014 IS.40.0101 141719 ~13 C» 6372 51719
PMay.13 651 200 4044044 1$06:01504104 050 1104/4441 0.00% <MOOI 51442 ~13 16.00 1021 542
10µq13 APO 40,500 lwa% GNOM Man394000•A UW /0~1 953% 151.005.006 $997,100 04149440.13 25.05 2453 (52000)
10µq13 11110( 1,500 Tania W UW amuns,Non.44.60 0.00% (524)251 524009 04149440.13 16.15 1654 5584
13.µq13 ARE 2,000 Almandria %al Eaam Epa UW f inmal 3,50% 111,19006 $149,917 341458•13 73.50 74% 52517
13.68513 NON 20.000 11060114131031H. USO Camomke0443 119% 0700.206 5495552 38415•13 35.01 34 78 154,54)1
13.68513 5411 2.500 34.08bon Propone %rtm% Lp USO E04(01( 7.41% 0120.406 $110.397 38415•13 4816 4736 (12.4031
13.1954.13 %SS 2.50> Vionan 64044040Lp UW Emmy 3.67% 15152556 $152.397 38855.13 61.16 60% 155531
154845.13 ADN 900> Apolloinvoomm Cap UW Wandal 9,61% 0344001 533539 58166.13 860 846 155511
154845.13 C011 6.000 <w Rtlining Lp UW Mm% 2032% 151%506 $182.9% 58166.13 3035 3050 (11.5041
16.188513 PIKE *000 PRe Elettik0:0 USO 1111505 0.0014 ($345.006 $351.733 44188513 11,50 11 72 56.733
16.188513 DDR 4.000 DO Corp USO 108-401 3.10% ($75.6001 579797 44188513 18,90 19% 52.197
16µq13 Mul 750 Miaro Lyon Sam° A UW Centami. 05844/ 0,00% 1518)501 519,7(12 64166.13 25.00 2638 51.032
168845.13 0.18 500 0.513Cerp UW 905.45181 0.50% 0298751 129424 ~Dn 6.71 4685 $549
1964.513 TOP 2.000 Te 14010016 UW Enemy 7.16% 1187.7001 139.248 1.11AárIł 43.81 4462 59548
22µM11 LIAN 9000 Cor Pannen% USO 4/50•146603 1007% ($100406 150839 7.2484403 als 2471 097421
228µq11 103P 500 640146043400315Inc USO ~mm Nonm014 010% 07.2451 57.520 7.2484403 14.53 1504 5255
22•May•13 IRYD 2,500 104400414411061SulhaSSPIC USO worevar,Hongilit 0,00% 1532.500) 533,574 228455.13 13.00 1343 51,074
23•May•13 EILMN 2.000 3000803.4•104 Inc USO COMUEM, ['dal 0.00% 0435001 543,019 23818513 21.50 051 $19
238A/003 101117 2,500 6.40.04014404446 70•04 USO worku, Hon.Sdr 0,00% 15634501 569775 238%5.13 25.50 2631 52505
29µy»13 CSM 9000 (04401140140 C44.44 USO 64kµ051.49 0.00% 100.0001 581758 23850413 15.00 13% ($6242)
29µy"13 16 5060 140008 4044 01110 USO Ullbtes 3.59% 0222.506 $219.795 23al.y.I3 44.50 4396 ($2.7051
23.1445•13 OAK 9000 CUSUPS Goud Gro. M USO finwal 1021% 1553.5001 552559 238145.13 53.50 52% 155411
251.445•13 ?GEM 2.000 PlyCeen Holdingi Inc USO ~Mal 0.00% 0425001 149919 238145.13 21.00 12% 53,919
23.8604•13 WAR 2,000 4644.040.3400 pomno inc UW COMUEIS, GORS 0.00% 0325001 531,919 23.1845.13 16.00 15% Stol
3084043 PW 6.060 04440•011P14655 Pennel USO 104198 7.20% 0100.720 $179.457 308 844-13 A.12 2991 ($1.2431
30850.13 •fla 4.000 Vangwo011010018008445 USO EneoN 0.74% ($170.100) $169,257 10-4.134-13 2135 2921 nev3)
taralaY P'S 120.9.04
Ewib svod•tat• AE 5100.6)2
u.S. end Mam*
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Trad. or tu Mala« dy ‚akt ATOOM 11411155 Mmd Cal I 080 Coop-on or 040' Manit Valt. Gosinq Pat, tatry Pme PJ<•
284011 IS-leb-2016 1.504000 Na Inc 044 6%0% 01.530.006 51.650,000 5122.417 28140513 $10200 511045 5242.417
%Maral 01.6842017 2.500,000 Paskan418148141% 1404 7875% ($2419625) $2579000 5289844 9643.13 $10463 5103.00 $2
.209219
i~.3 Pppowal 35004500 Imnorgan am/ Co 888 54142023 5.150% 153,010.0053 $3.015500 5289844 17454013 $100% 510050 5304.101
13.1.1(0.13 20.414.45•2023 KOOR %%bon %obal FIronce BMI /144 4.37514 15790.420 $7975405 5209.044 17414013 59023 599 70 5299020
22•Fetr12 1555, 2018 1500400 No; Enemy 11% 0444 7.625% 151.001.506 59150,150 597.219 lembru $100.15 5115% 5249719
7.m44•13 Peepelval 1.500.000 bom lancorporatbn 40 46502023 SINO% ip.soacroe 51.513.125 53.383 923/2013 $10000 5100.153 5%508
liMornatosal FIKS Incoem
biby Prus CloUng Pikt
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2350013 05054•2022 2000.000 Amonu MbnI Sa De CV A. :MN 0450% 151.0%417) 51.041.014 515.703 1~13 105.75 1%325 552.343
15884.13 22~52023 X0400 151S4 BBL USD 3.950% (119654) $197,500 $1,668 16µg13 53.50 9875 $2,174
22•May•13 10.802028 11,650,005 Red Cann404 04054 MX11 9%0% 0944634 $919743 50 29~03 10040 10050 $4.551
nternahonall Ci red Imama Pt i9C47
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• P- • LI9X+5 06łł% 1515%11) 51565,162 7900 413,89$
5-40.12 25.1002032 1,750,000 444120094 83 CCC MA 0250% 155834011 $558,710 183.650 50140013 80.50 8500 159829
1481~12 258144•2035 10.004000 10021056 166 CCC 00252013 0053% 151.165.0503 51.259144 $(5344 54252013 70.00 79 13 51%619
Llabo115•1408403
Dividend. kuby Prium Omlag 1510 p,
Trad. Dale Maturfty Hum Company SAP R/505 Poe Amoun1 Coupon Print ‚pal co,' (S) .141,,o35 5410. Recen.« , (5) 0 08.44 154% cun...„ 0641
5.145.13 1/15207 153200 Duta Erwin‚ Corp ERB. 525.00 913% (5380.0001 $383192 50 11.1.0.13 25.00 2521 53,192
144/4413 1450207 10.950 Dute Dm5/4 Corp BRD UI» 5.13% ($270000) $279202 50 220404.13 25.0) 25% 592132
224/013 14294105 32.500 600441 (le< 0415 Corp M. 52100 4,88% (418500) RUIMS 50 290404.13 Z5.0) 24% 15%01
294/013 P•fp•tUa 47,212 »morgan 0444 8 Co 888 525.00 545% (51,189306 51.1734664 50 15-Mm.13 25.0) 1486 (596361
IMMD13 P•fp•tUa 29030 intenta0 Poos t 4616 888 12500 910% (1625000) $624.486 50 15-Maz.13 25.0) 14% (15141
29415513 P444450 197113 00090 Chuj. 8 CO 888 12500 545% (5319.700) $318.237 50 22.64..13 25.0) 1489 01463)
78615-13 Perpet% 5570 MMXC P.C.dtabel Rel 11491 52500 7.14% ($214.250) 53 (1553 50 u•µ0013 Z5.0) 2492 156971
68615-13 Perpelve 7.060 Geel 60µ/2R94501 NR $3100 0.34% (475.000) 1173.4% 50 24114413 Z5.0) 24 78 (51.5441
7%1513 P444450 11530 MMCIV R•sidential Roli (CA $25.00 7.88% 0289756 $284436.2 50 25-Maz.13 25.0) 2452 15048/
2345513 P444450 20500 X. Tral li B88. 12550 5.10% (1500.000) $498,571 50 3.844013 25.0) 2453 01529)
%Mmli P«Mia 155% Pbk Storage 888. 52550 5,20% (5375.000) $37914.2 50 ~IJ 25.0) 2591 5142
~Ił l•wpna 39000 MM %namul lic 1444 525.00 7.50% tssoohoo 180150.2 50 1781%13 25.014 2506 11,902
2845013 Perpeen 35.000 019114111446600480x 3104 $2500 5.88% (1475.000) 14715% 50 7%650 Z5.0) 24% (514201
1641%13 1566544 19000 Fint %%2µk 8404/51 888 12550 5,50% (5)00.000) $299973 90 144511 25.0) 67271
EFTA01121592
Global Investment Opportunities Group .P.P. Mapan Smoltlos ILC.
GI0 Account Position and MTM Summary (2013 Closed Positions)
Prepared for Southern Financial LLC as of May 31. 2013
04Mry•13 vicirzess 20.000 Gemol Ile( Cop Coco Mr 52500 4.79K ($500.0017) ssocon SO loanorIS 2501 S09
1740..0 Poopetual 900 %Mirada Realty rttIll BBB. $25.00 £4OK 1122.500) sual SO 556% 2499 15101
Lsat.“111
EFTA01121593
Account Position and MTM Summary (2013 Closed Positions)
Propared for Southern Financial LAC M of May 31. 2013
f Inward Centratti
'fro& 0.41%. D•te flouq/.1 Seld Notional Ha Mao °mead Spot Cantmat fon% H d (losing Oat* Cloung Rate
n- 1122180.020 CAD 10.014000 16 8.2 Un- 59 17
18.DtP-12 22.744-13 MX11 12.900.000 NO 1,011825 2244n-13 12.7324 12.7492 17./44.13 1256 513.14S
17.15%03 22.8,2%13 MXP1 12.900.000 USO 1.022,438 22440.13 12.5829 12.6169 23/48.13 1288 048571
2.40,.12 C-Fab.13 CHF 6.025.500 EM •W*4-13 1.207 1.2051 30.818.13 1 23760 l$178044)
2.Not.12 (-$60.13 CHF 6.025.50) EUR 5.000.000 4489-13 1.207 1.2051 1460.13 1 23910 11187.307)
4•1an.13 44e0.13 19Y 898088000 CAD 10.000.000 4488-13 139.17 5904 748003 93.5012 11478.045)
7.feb-13 12.4.10,13 IW 913.649.010 CAD 10.000.000 134/ 4P13 9149 93.149 5444P13 91 0278 5258590
64dar.13 9..044.13 in 909.9:0.000 CAD 10104000 4-Aa.13 91,538 9093 24-M4r.13 92 61220 11178.777)
28.M. •13 1.A1ay.13 in 925.220.000 CAD 10104000 231418.13 92.63 92.522 23.Apr.13 9485000 (5435.719)
I.Pat-13 6.61ay.13 CHF 8198500 EMI 5,000800 1.1418.13 12391 12361 23.ApP13 12240 151.778
23.Apr.13 2841403 in 967.600.000 CAD 10.000.000 24-14003 94.74 9474 I34‘48-13 9902000 1$225.00))
F add C 4 ts
Gammod 0
Oropirul CloHno Premium
lracle Date lExpiratien DoediPm Commodity ,0.% Notional tail 1,1,10 Cuerveky notional Goon', 041*
Tn. Premium IC/ ISI
10.0.602 OW1.13 Sold CO11! M 10).000 79 7.900.000 Calf 004tp13 3127.000 10 5327.00080
100..102 003.70003 5ou00, CON! GII 10).000 1185 11.598000 P.n 03410.13 11111.1C01 10 15327.000001
Cement/41 0 ' P1 co
al
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Trade Date thsdrolyme %Hares Rata Synod (bpi) flotiena1 Entry mai oink, Data Dievicie"
4„,..: "I"
Date Daly Paid (total
•
31.15%03 300.13 5009.14 APPla MY. 1.9916 0,01112330 (4.1621 5455 31 128(0.13 $18.8)5 469.584) 577.570
31.15%03 3300.13 50(.0.14 APPI•Int MY. 1.00% 52,017.02330 (4.1621 5455 31 16.May.13 $18.8)5 431.1583 (592.459)
Int% 1$01.4,40
10 20131PMOr9M ovet 6 co.
EFTA01121594
Global Investment Opportunities Group J.P. Morgan Securities LLC.
G I0 0000040 tonicin
Account Position and MTM Summary (2012 Closed Positions)
Prepared for Southern Financial LLC as of May 31. 2013
Equity
Dividend Entry Price Closing Price
Trade Date Symbol Shares Company Currency Industry Cost Basis (5) Market Value (S) Closing Date P/L
Yield (Local) (Local)
15-Nov
-12 AKS 135,030 Ak Steel Holding Corp USD Basic Materials 0.00% (S540,000) 489.645 15-Nov-12 4.00 3.63 (550.355)
15.Mar-12 ALSN 5,403 Allison Transmission Holding USD Consumer, Cyclical 2.02% (1124.200) 122.580 15-Mar-12 23.00 22.70 (51.620)
15-Feb-12 PINY 4,050 Alnylam Pharmaceuticals Inc USD )nsumer. Non-cyclic 0.00% (543.538) $44.352 IS-Feb.12 10.75 10.95 $814
26.0ct-12 ACC 7,003 Smerican Campus Communitie USD financial 3.53% (1306.250) 308,069 26.0ct-12 43.75 44.07 $2.219
11-1W-12 ACC 5,003 Smerican Campus Communitie USD financial 3.53% (5221,250) 221.095 11-Jul-12 44.25 4422 ($155)
AGNC 9,003 American Capital Agency Corp USD financial 19.38% (1306.900) 307.7 ID 34.10 34.19 S810
7-Mar-12 AGNC 15,303 American Capital Agency Corp USD financial 19.38% (5449.055) 449.499 8.Mar./2 29.35 29.38 $444
11-Dec-12 MG 20,250 American International Group USD financial 0.00% (1658.125) 697,795 11-Dec-12 32.50 34.46 $39,670
11-Sep-12 MG 21,003 American International Group USD financial 0.00% (1682.500) 691.089 11-Sep.12 32.50 32.91 58.589
3.Aug.12 MG 6,303 American International Group USD financial 0.00% (1192. I50) 99.609 6-Aug-12 30.50 31.68 $7,459
7.May-12 AIG 5,003 American International Group USD Financial 0.00% (1152.500) 52.645 7-May-12 30.50 30.53 S145
15-Mar-12 APU 2,503 Amerigas Partnen-Lp USD Consumer, Cyclical 7.20% (1103.125) 01,378 16-Mar-12 41.25 40.55 ($1,748)
28.Mar-12 8NNV 500 Annie'S Inc USD msumer, Non-cyclic 0.00% ($9.500) 15,656 28-Mar-12 19.00 31.31 $6.156
3-Oct
-12 ARI 4,503 Apollo Commercial Real Estat USD financial 9.60% ($76,410) 75,699 3.0ct./2 16.98 16.82 (Sill)
17-Me-12 AMTG 2.250 Apollo Residential Mortgage USD financial 14.69% ($41,063) $40,365 17-Apr-12 18.25 17.94 ($698)
20.Sep-12 ARE)( 10,003 Approach Resources Inc USD Energy 0.00% (1305.000) $292A40 20-Sep -12 30.50 29.24 ($12.560)
17-Aug-12 ARCC 3.000 Ares Capital Corp USD financial 8.87% ($50,430) 150,400 17-Aug-12 16.81 16.80 (S30)
25-Me-12 ACRE 3.150 Ares Commercial Real Estate USD financial 6.17% ($58,275) 556,543 26-Apr-12 18.50 17.95 ($1.733)
8-Nov-I2 ANA 3,503 Armstrong World Industries USD Industrial 0.00% (1178.500) $178,910 8.Nov-12 51.00 51.12 $410
9-Nov-I2 ARRY 11,003 Array Biophanna Inc USD msumer. Non-cyclic 0.00% ($03.150) $38.522 9-Nov-12 3.65 3.50 ($1,628)
0.0ec-12 Apt 3,503 Atlas Pipeline Partners Lp USD Energy 6.34% (1108.500) $107,937 5.Dec-12 31.00 30.84 ($564)
20-Nov-12 MP 3,003 Atlas Resource Partners Lp USD Energy 8.97% ($69,030) $68.007 21-Nov./2 23.01 22.67 ($1,023)
29.Nov.12 AVG 1.250 Avalonbay Communities Inc USD Financial 3.23% (1162.500) $166,153 29
-Nov-12 130.00 13192 S3,653
2-Feb.12 AVG 1.803 Avg Technologies USD Technobgy 0.00% ($28,800) 523,958 2-Feb.12 16.00 13.31 ($4,842)
1-Feb.12 OB 1.350 Bancolornbia SA.-Spons Mr USD financial 2.84% ($81,000) 1.91,707 1.Feb.12 60.00 60.52 $707
7.Aug.12 BLMN 1.803 Bloornin' Brands Inc USD Consumer, Cyclical 0.00% ($19.800) $21375 8-Aug-12 11.00 11.88 $1,575
4.0c412 BWP 2.500 Boardwalk Pipeline Partners USD Energy 7.20% ($67,475) $66,975 4-Oct-12 26.99 26.79 ($500)
2-Aug-12 BWP 2.500 Boardwalk Pipeline Partners USD Energy 7.20% ($69,500) $68.018 2-Aug-12 27.80 27.21 ($1.483)
20-Jan
-12 BWP 1.250 Boardwalk Pipeline Partners USD Energy 7.20% ($34,438) 533,899 20-lan./2 27.55 27.12 ($539)
15-Nov-12 8RP 1.403 Brookfield Residential Prope USD Consumer, Cyclical 0.00% ($20,286) 520,286 15-Nov-12 1449 14.49 SO
22-Mar-12 CSTE 6.750 Caesarstone Saki-Yarn Ltd USD Industrial 0.00% ($74,250) 570378 22-Mar-12 11.00 11.02 $128
8,May-12 CLMT 2.000 Calumet Specially Products USD Energy 7.96% ($51,000) $48498 8-May-I2 25.50 24.25 ($2,502)
3.May-12 CG 5,003 Carlyle Group/The USD Financial 2.19% (1110,000) $109,905 3-May-I2 22.00 21.98 (5951
28 Sap-12 CWST 8.003 Casella Waste Systems Inc-A USD Industrial 0.00% ($32,000) 533,904 28-Sep.12 4.00 4.24 $1,904
8-Feb-12 CPAC 27,003 Cementos Pacrarnara Saa Ack USD Industrial 1.35% (1310.500) $295,731 8-Feb.12 11.50 10.95 (514.769)
0-Apr-12 CLVS 2,475 Clovis Oncology Inc USD msumer. Non-cyclic 0.00% ($49,500) $49,978 4-Apr-12 20.00 20.19 $478
24-Feb-12 CIE 3,603 Cobalt International Energy USD Energy 0.00% (1100,800) $107,600 20-Feb.12 28.00 29.89 56,803
19-Oct-12 CPNO 20,003 Copano Energy Lk-Units USD Energy 5.72% (1642.600) $635,560 19-Oct-12 32.13 31.78 (57.040)
13-lan-12 CPNO 2.000 Copano Energy Lk-Units USD Energy 5.72% ($68,060) $67,668 13.lan-12 34.03 33.83 ($392)
11-Oct-12 OFC 2.000 Corporate Office Properties USD Financial 4.14% ($49,500) 551,190 11.0ct-12 24.75 25.60 $1,690
2-Mar-12 OPM 1.000 Dee Midstream Partners La USD Energy 5.86% ($47,420) 546,899 2.Mar./2 47.42 46.90 ($521)
5-Sep.12 DC 9.000 Dct Industrial Trust Inc USD financial 3.79% ($55,800) 556,700 5-Sep 12 6.20 6.30 S900
27-lun-12 DLR 1.250 Digital Really Trust Inc USD Financial 5.12% ($90,313) 590,850 27-lun-12 72.25 72.68 S538
6-Jun-I2 DG 4.950 Dollar General Corp USD Consumer, Cyclical 0.00% (5231,413) $235,303 6-lun./2 46.75 07.54 53,891
28-Mar-12 DG 4,503 Dollar General Corp USD Consumer, Cyclical 0.00% (S203.625) $203,823 28-Mar-12 45.25 05.29 S198
30.Mar-12 DNKN 7.200 Dunkin Brands Group Inc USD Consumer, Cyclical 1.92% (5212,400) $211,788 30.Mar-12 29.50 29.42 ($612)
9-May-12 DVAX 18.003 Oynavax Technologies Corp USD )nsumer. Non-cyclic 0.00% ($76,500) 571,910 9-May-12 4.25 4.00 ($4,590)
11-Sep-12 EMI 2.000 El Paso Pipeline Partners Lp USD Energy 6.03% ($68,680) $68478 11-Sep -12 30.34 34.24 ($202)
2-Aug-12 ELOQ 2.000 Ekqua Inc USD Technobgy 0.00% ($23,000) $25,976 2-Aug-12 11.50 12.99 $2,976
28-lun-12 ETP 1.503 Energy Transfer Partners Lp USD Energy 7.35% ($66,855) 564,995 28-lun-12 44.57 03.33 ($1.860)
25.Sep-12 EPD 3.000 Enterprise Products Partners USD Energy 4.51% (5159,210) $161,097 25-Sep -12 53.07 53.70 S1,887
27-lun-12 EOM 2.000 Eqt Midstream Partners Lp USD Energy 3.04% ($42,000) $45,780 27-lun-12 21.00 22.89 S3,784
28-Nov-12 EQR 2.000 Equity Residential USD financial 2.83% (1109,500) $111,258 29-Nov-12 54.75 55.63 S1,758
10-Feb-12 EVEP 1.803 Ev Energy Partners Lp USD Energy 8.10% (1122.310) 5122.783 10-Feb.12 67.95 68.21 $473
12-Sep-12 ET 2.000 Exacttarget Inc USD Communications 0.00% ($45,000) $46,446 12-Sep -12 22.50 23.22 S1,446
22-Mar-12 ET 750 Exacttarget Inc USD Communications 0.00% ($14.250) $17,276 22-Mar-12 19.00 23.04 S3,026
29-Feb-12 EXLP 2.250 Exterran Partners Lp USD Energy 7.47% ($54,113) 553,168 29-Feb.12 24.05 23.63 ($945)
17-May-I2 FB 17,503 Facebook Inc-A USD Communications 0.00% (1665.000) $349,405 3-Aug-12 38.00 19.97 (1315,595)
11-Sep-12 FSC 7.000 Fifth Street Finance Corp USD financial 10.95% ($75,530) $74,753 11-Sep -12 10.79 10.68 ($777)
29-Feb-12 FRC 3,375 First Republic Bank/Ca USD Financial 1.29% 11101.250) $101,675 29-Feb-I2 30.00 30.13 $425
12-Atx-12 FET 1.013 Forum Energy Technologies In USD Energy 0.00% ($20,260) $22,220 12-Apr-12 20.00 21.94 $1,960
EFTA01121595
Global Investment Opportunities Group 1.P. Morgan Securities LLC
GI0 Account Position and MTM Summary (2012 Closed Positions)
Global investment °noon unities Prepared for Southern Financial LLC as of May 31, 20 13
18-Apr-12 FRAN 1300 Francescas Holdings Corp USD forgone., Cyclical 0.00% (541400) 542,185 18-Apr-12 27.60 28.12 5785
27-Jan-12 FRAN 3,150 Francescas Holdings Corp USD forgone., Cyclical 0.00% (572450) $72,765 27-Jan-12 23.00 23.10 $315
30-Mar-12 CLOG 5,400 Gaslog Ltd USD Industrial 3.29% (575.600) 568,872 30-Mar-12 14.00 12.75 (56,728)
14.Sep-12 GWR 2,000 Genesee& Wyoming Inc-CI A USD Industrial 0.00% (5129.500) $132,182 14-Sep-12 6435 66.09 52,682
21-Jun-12 GNMK 9000 Genmark Diagnostics Inc USD msumer, Nan-cyclic 0.00% (537.800) 537,899 21.Jun-12 420 4.21 599
8-Nov-12 GNC 6.000 Gnc Holdings Inc-CI A USD forgone., Cyclical 1.33% (5211.200) $211,284 6-Nov-12 3520 35.21 584
14-Mar-12 GNC 5400 Gnc Holdings Inc-CI A USD forgone., Cyclical 1.33% (5180.900) $180,517 14-Mar-12 33.50 33.43 (5383)
13-Dec-12 GPK 1,000 Graphic Packaging Holding Co USD Industrial 0.00% (56,100) 56.100 13-Dec-12 610 6.10 50
2-Feb-12 GWAY 1,800 Sreenway Medical Technologic USD Tads's:4.09y 0.00% (518.000) 521,672 2-Feb-12 10.00 12.00 53,672
26-Sep-12 BSMX 4.000 Grupo Fin SantanderAdr B USD Financial 0.00% (549.740) 550,440 26-Sep-12 12.19 12.61 51,700
19-Apr-12 GWRE 1.500 Guidewire Software Inc USD Tedmokmr 0.00% (542.375) 544,075 19-Apr-12 2825 29.38 51,700
25-Jan-12 GWRE 1,125 Guidewire Software Inc USD Tedmokmr 0.00% (514.625) 516,744 25-Jan-12 13.00 16.66 54,119
19-Sep-12 HCN 5,000 Health Care Reit Inc USD Financial 430% ($295000) 5286,350 19-Sep-12 56.00 57.27 56,350
7-Aug-12 HCN 2.750 Health Care Reit Inc USD Financial 430% (5161.563) $162,269 7-Aug-12 5635 59.01 5707
22-Feb-12 HCN 4.950 Health Care Reit Inc USD Financial 430% ($264,825) 5244,701 22-Feb-12 5330 53.48 (5124)
25-Sep-12 HR 4,000 Healthcare Realty Trust Inc USD Financial 431% (591400) 592,852 25-Sep-12 22.85 23.21 $1,452
11-Dec-12 1412 6,000 Hertz Global Holdings Inc USD Ncn-cyclic 0.00% (594.800) 593,706 11-Dec-12 1520 15.62 ($1,092)
5-Apr-12 HOV 2050 Hovnanian Enterer mesa USD forgone., Cyclical 0.00% (540.500) 539,994 5-Apr-12 2.00 1.98 (5506)
2-Aug-12 IDIX 15,750 Idenix Pharmaceuticals Inc USD ',Isomer, Nan-cyclic 0.00% (5126.000) $125,465 2-Aug-12 800 7.97 (5536)
13-Dec-12 INFI 1.000 Infinity Pharmaceuticals Inc USD snsumer, Non-cyclic 0.00% (526.330) 527,932 13-Dec-12 2633 27.93 51,602
9-Aug-12 INFI 2.250 Infinity Pharmaceuticals Mc USD snsurner, Non-cyclic 0.00% (532.625) 533,525 9.Aug-12 14.50 14.90 5900
10-Feb-12 IRWD 1200 Ironwood Pharmaceuticals Inc USD ',Isomer, Nan-cyclic 0.00% (528.671) 529,767 10-feb-12 1509 15.67 51,096
6-Dec-12 KAR 1.500 Kar Auction Services Inc USD msumer, Na-cyclic 3.24% (526.250) 526,580 6-Dee-12 17.50 17.72 $330
B-Aug-12 KRC 2.000 Kilroy Realty Caen USD Financial 2.65% (592.200) 592,740 8-Aug-12 46.10 46.37 5540
B-Aug-12 KMR 2,700 Slider Morgan Management U USD Energy 0.00% (5198.450) $197,702 8-Aug-12 73.50 73.22 (5708)
11-0d-12 KYTH 1.200 Kythera Biopharmaceuticals I USD mourner, Na-cyclic 0.00% (519.200) 523,383 11.Oct-12 16.00 19.49 $4,183
12-Oct-12 LPI 2,475 Laredo Petroleum Holdings In USD Energy 0.00% (550.119) 552,421 12-Oct-12 2025 21.18 52,302
18-Oct-12 LXFIX 20,000 Lexicon Pharmaceuticals Inc USD mourner, Na-cyclic 0.00% (545.000) 544,000 16.-Oct-12 225 2.20 ($1,000)
12-Oct-12 LNCO 1.200 Lin Co LIc USD Energy 7.99% (543.900) 545,299 12-Oct-12 36.50 37.75 $1,499
12-Jan-12 LINE 4.000 Linn Energy Llc-Units USD Energy 8.81% (5143,800) $143,228 13-Jan-12 3595 35.81 (5572)
1-May-12 LPLA 3,600 Lpl Financial Holdings Inc USD Financial 1.46% (5124.200) $124,700 2-May-12 3450 34.64 5500
1-Mar-12 LUFK 1,025 Lufkin Industries Inc USD Energy 0.57% (581.231) 582104 1-Mar-12 7925 00.10 $872
6-Sep-12 MHO 4.000 MA Homes Inc USD forgone., Cyclical 0.00% (570.520) 573,116 6-Sep-12 17.63 18.28 52,596
10-Aug-12 MANU 2.925 Manchester United Plc-CI A USD forgone., Cyclical 0.00% (540.950) 540283 10-Aug-12 14.00 13.98 (567)
23-Feb-12 MKTX 2.250 Marketaxess Holdings Inc USD Financial 1.20% (568.625) $71,687 23-Feb-12 3030 31.86 53,062
1-Feb-12 MPW 22,500 Medical Properties Trust Inc USD Financial 5.39% (5219.375) $220,275 2-Feb-12 9.75 9.79 5900
29-Mar-12 MACK 3,000 Merrimack Pharmaceuticals In USD msumer, Nan-cyclic 0.00% (521.000) 518.600 29-Mar-12 700 6.20 ($2,400)
23-Mar-12 KORS 9,000 Michael Kon Holdings Ltd USD forgone., Cyclical 0.00% (5423.000) $422,991 23-Mar-12 47.00 47.00 (59)
25-Oct-12 MPLX 2300 Mplx Lp USD Energy 2.94% (555.000) $64286 26-Oct-12 22.00 26.00 59,988
7-Mar-12 NSM 2,000 Nationstar Mortgage Holdings USD Financial 0.00% (528.000) 527,040 8-Mar-12 14.00 13.52 (5960)
3-May-12 NMM 3,000 Navios Maritime Partners Lp USD Industrial 1220% (547.040) 546.590 3-May-12 15.68 15.53 (5450)
25-Oct-12 NAV 2,000 Navistar International Corp USD forgone., Cyclical 0.00% (537.500) 536,900 25-Oct-12 16,75 18.45 (5600)
20-Mar-12 NLSN 7,650 Nielsen Holdings Nv USD Communications 1.89% (5231.413) $233,876 21-Mar-12 3025 30.57 $2,463
26-Jul
-12 Nil 5,500 Northern Tier Energy Lp USD Energy 20.72% (577.030) 578,177 26-Jul-12 14.00 14.21 $1,177
2-Feb-12 NG 11,250 Nov/gold Resources Inc USD Basic Materials 0.00% (5106.875) 5105,188 2-Feb-12 9.50 9.35 ($1,688)
5-Sep-12 NS 4,000 Nustar Energy Lp USD Energy 9.40% (5195.760) 5194,832 5-Sep-12 48.94 48.71 (5928)
11-Apr-12 OAK 1,000 Oaktree Capital Group lk USD Financial 1081% (543.000) $42.329 12-Apr-12 43.00 42.33 (5671)
28-Feb-12 OKS 1.350 Oneok Partners Lp USD Energy 5.52% (580.015) 579,549 28-Feb-12 5927 58.93 (5466)
3-May-12 ROYf 45,003 Pacific Coast Oil Trust USD Financial 1000% (590000) 5898,290 3-May-12 20.00 19.96 ($1,710)
25-Sep-12 PNNT 3,000 Pennantpark Investment Corp USD Financial 1005% (532.460) 532,190 25-Sep-12 10.82 10.73 (5270)
5-Mar-12 POM 4950 Pepco Holdings Inc USD Utilities 5.20% (595.288) 596,030 6-Mar-12 1925 19.40 5743
B-Aug-12 PSMI 1,003 Peregrine Semiconductor Corp USD Technology 0.00% (514.000) 514,534 8.Aug-12 14.00 14.53 5534
15-May-12 PETD LOCO Pdc Energy Inc USD Energy 0.00% (526.500) 526,450 16-May-12 2630 26.45 (550)
6-Mar-12 PAA 1,000 Plains All Amer Pipeline Lp USD Energy 409% (580.030) 579,091 6-Mar-12 8003 79.09 (5939)
9-Nov-12 PVR 5,000 Pa Partners Lp USD Energy 8.54% (5115.550) $113,415 9-Nov-12 23.11 22.68 (52.135)
7-Dec-12 QRE 2300 Qr Energy Lp USD Energy 1135% (540.600) 539,650 7-Dec-12 1624 15.86 (5950)
11-Apr-12 QRE 2,700 Qr Energy Lp USD Energy 1135% (551.786) 551,624 12-Apr-12 19.18 19.12 (5162)
8-Mar-12 an 1250 Quality Distribution Inc USD Industrial 0.00% (516.250) 516,650 8-Mar-12 13.00 13.32 5400
28-Sep-12 QLYS 1,000 Qualys Inc USD Technokgy 0.00% (512.000) 511,950 26-Sep-12 1200 11.95 (550)
17-May-12 RPT 2,560 Ramco-Gershenson Properties USD Financial 431% (530,250) 529,750 17-May-12 12.10 11.90 (5500)
15-Feb-12 RIF 3,150 Raymond lames Financial Inc USD Financial 1.27% (5107.100) $109,529 15-Feb-12 34.00 34.77 52,429
11.Od-02 RLGY 7.200 Realegy Holdings Cap USD Financial 0.00% (5194.400) 5238,183 11.Oct-12 27.00 33.08 543,783
14-Mar-12 RF 25,003 Regions Financial Corp USD Financial 1.31% (5147.500) 5149,800 14-Mar-12 5.90 5.99 52,303
5-Apr-12 RPAI 7,650 Retail Properties Of Arne - A USD Financial 434% (561,200) 566,190 5-Apr-12 8.00 8.65 54,980
3-Oct-12 RILL 2,000 Rigel Pharmaceuticals Inc USD mwmer. Non-cyclic 0.00% (519.030) 516236 3.0a-12 9.50 9.47 (564)
EFTA01121596
Global Investment Opportunities Group J.P. Morgan Securities LLC
CIO Account Position and MTM Summary (2012 Closed Positions)
°loom invest twat opportunities Prepared for Southern Financial LLC as of May 31. 2013
8-Feb-12 RNDY 22,500 Roundy'S Inc USD Comumer, Cyclical 6.32% (5191.250) $196,896 8.Feb-12 8.50 8.75 $5,648
8-Mar-12 SSAC 1300 Sba Ccrnmunicaticas Corp-CI A USD Communications 0.00% ($71.250) $71,957 -8Mar-12 4730 47.97 $707
14-Dec-12 58Y 1300 Silver Bay Realty Trust Corp USD financial 0.22% ($27.750) $28,065 14-Dec-12 1630 1671 $315
9-Mar-12 SPG 2,250 Simon Property Group Inc USD financial 2.76% (5308250) $308,023 9-Mar-12 137.00 13690 (5227)
11.Dec-12 SE 4,000 Spectra Energy Corp USD Energy 3.99% (5107.000) $108,756 12-Dec-12 26.75 27.19 $1,756
19-Jul
-12 SPLK 2,000 Spkank Inc USD Communications 0.00% ($56.500) $57,542 20-Jul-12 2825 28.77 $1,042
18-Apr-12 SPLK 500 Spkank Inc USD Communications 0.00% ($8,500) $15,650 19-Apr-12 17.00 31.30 $7,150
6-Aug-12 SPH 2,000 Suburban Propane Partners Lp USD Energy 7.41% ($75.220) $73,854 9.Aug-12 37.61 3613 ($1,366)
15-Nov-12 NGLS 4000 Targa Resources Partners Lp USD Energy 6.00% (5144000) $141,116 16-Nov-12 36.00 35.28 ($2,884)
16-Jan-12 NGLS 1,250 Targa Resources Partners Lp USD Energy 6.00% ($47.875) $48,011 18.1an-12 3830 38.41 $136
5-Sep-12 TGP 2,000 Teekay Lng Partners Lp USD Industrial 6.30% ($76.860) $75,798 5-Sep-12 3843 37.90 ($1,062)
20-Sep-12 TRLA 800 Trulia Inc USD Communications 0.00% ($13.600) $18,981 2OSep-12 17.00 2173 $5,381
9-Nov-12 TUMI 1,500 Tumi Holdings Inc USD snsumer, Non-cyclic 0.00% ($31.650) $31,596 -9Nov-12 21.10 21.05 (554)
19-Apr-12 TUMI 700 Tumi Holdings Inc USD snsumer, Non-cyclic 0.00% ($12.600) $17,991 19-Apr-12 1800 25.70 $5,391
13-Jul-12 TWO 11,250 Two Harbors Investment Corp USD Financial 11.60% (5117.450) $119,025 13-Jul-12 1044 10.58 $1,575
22-Feb-12 TWO 9000 Two Harbors Investment Corp USD Financial 11.60% ($89.100) $89,460 22-Feb-12 9.90 9.94 $360
11-Jan-12 TWO 13,725 Two Harbors Investment Corp USD Financial 11.60% (5125.858) $125,721 11-Jan-12 9.17 9.16 ($137)
10-May-12 ULTA 2,700 VIta Salon Cosmetics & Fray USD Consumer, Cyclical 0.00% (5226.800) $231,725 10-May-12 84.00 85.82 $4925
14-Nov-12 MWE 3,000 Markwest Energy Partners Lp USD Energy 5.04% (5139.500) $142,131 14-Nov-12 4630 47.38 $2,631
14-Aug-12 MWE 1,100 Markwest Energy Partners Lp USD Energy 5.04% ($55.792) 555,629 14-Aug-12 5032 50.57 ($163)
12-Sep-12 VNR 2,500 Vanguard Natural Resources USD Energy 8.74% ($68.775) 568,498 12-Sep-12 27.51 27.40 ($278)
7-Dec-12 VNTV 5000 Vantiv Inc - CI A USD snsumer, Non-cyclic 0.00% (5100500) 5104360 7-Dec-12 2040 20.87 $3,860
3-Aug-12 VNTV 2,500 Vantiv Inc - CI A USD snsumer, Non-cyclic 0.00% ($54750) 556033 3-Aug-12 21.90 22.01 $283
22-Mar-12 VNTV 4500 Vantiv Inc CI A USD snsumer, Non-cyclic 0.00% ($76.500) 585,127 22-Mar-12 17.00 1892 $8.627
1-Mar-12 %NUS 7,200 Virus Mc USD snsumer, Non-cyclic 0.00% (5162.003) 5164.707 1-Mar-12 2250 22.88 $2,707
7-Sep-12 VCRA 2,750 Vccera Communications Inc USD Technology 0.00% ($79163) 580,939 7-Sep-12 2875 29.43 $1,876
28-Mar-12 VCRA 750 Vccera Communications Inc USD Technology 0.00% ($12.030) 517,382 26 -Mar-12 16.00 23.18 $5,382
11-May-12 W1ANAN 3,000 Web.Com Group Inc USD Communications 0.00% ($45.750) 545,204 11-May-12 15.25 15.07 ($546)
28-Sep-12 WMC 3300 Western Asset Mortgage Omit USD Financial 20.71% ($77.700) 578,012 2&-Sep-12 2220 22.29 $312
10-May-12 WMC 2.250 Western Asset Mortgage Capit USD Financial 20.71% ($45.000) 541.765 10-May-12 20.00 1856 ($3,236)
5-Dec-12 WHF 5,175 1Athitelscne Finance Inc USD Financial 9.22% ($77.625) 571,736 5-Dec-12 15.00 13.86 ($5,889)
26-Oct-12 WWAV 2,500 Whitewave Foods Co CI A USD snsumer, Non-cyclic 0.00% ($42,500) 543,170 26-Oct-12 17.00 17.27 $670
23-Mar-12 WHZ 2.250 Whiting Usa Trust Ii USD Energy 19.38% ($45,000) 549,516 23-Mar-12 20.00 22.01 $4,518
13-Dec-12 WMB 1000 Williams Co. Inc USD Energy 401% ($31,000) 531,349 13-Dec-12 31.00 31.35 $349
B-Aug-12 WP2 1,000 William Partners Lp USD Energy 6.79% ($51,430) 550,769 8.Aug-12 5143 50.77 ($661)
4-Apr-12 WP2 1000 William Partners Lp USD Energy 6.79% ($54,560) 554,149 4-Apr-12 5436 5445 (5411)
25-Jan-12 WP2 3000 William Partners Lp USD Energy 6.79% (5188.430) 5187481 25-Jan-12 6281 62.53 (5849)
12-Oct-12 WDAY 900 Workday Inc.Class A USD Technology 0.00% ($25,200) 541,766 12-Oct-12 2800 46.41 $16,566
20-Jan-12 210P 6750 2iophann Oncology Inc USD snsumer, Non-cyclic 0.00% ($35.100) 534,452 20-Jan-12 520 5.10 ($648)
28-Mar-12 ZNGA 3,600 Zynga Inc GA USD Communications 0.00% (543,200) 544,784 29-Mar-12 12.00 12.44 $1,584
22-Jun-12 CNCOff 7300 Cencosud Sa-Sponsored Mr USD snsumer, Nan-cyclic 0.00% (5117.096) $116.768 22-Jun-12 15.61 15.57 ($328)
U.S. Axed Income
Trade Date Maturity Face Amount Principal Cost Market Value Total Int.
Issuer S&P Rating Next Call Date Coupon Closing Date Entry Price Closing Price P1.
Accrued
7-Nov-11 31-Dec-2013 1,000,000 American Capital Ltd NR N/A 7.960% (51,011100) $1,000,000 $63,017 22-Aug-12 $101.10 $100.00 552.017
12-Jan-12 31-Dec-2013 1,000,000 American Capital Ltd NR N/A 7.960% (51,020.000) $1,000,000 $48,644 22-Aug-12 $102.00 $100.00 $28,644
23-Apr-10 02-May.2016 1,123,608 Gt Group Inc 88- N/A 7.000% ($1,061,809) $1,123,608 $188,766 17-Sep-12 $94.50 $100.00 $250,565
23-Apr-10 02-May.2016 2,886,675 Gt Group Inc 88- N/A 7.000% ($2,727,908) $2,886,675 $478226 5-Sep-12 $9430 $100.00 $636,993
23-Apr-10 02-May.2016 989,717 Gt Group Inc 88- N/A 7.000% (5935.283) $989,717 $161,269 21-Aug-12 $9430 $100.00 $215,703
17-Mar-10 02-May.2017 959,777 Gt Group Inc 88- N/A 7.000% (5885,394) $959,777 $165,722 5-Sep-12 $9225 $100.00 $240,104
17-Mar-10 02-May.2017 1.236,549 Gt Group Inc 88- N/A 7.000% ($1,140,717) $1,236,549 $191,871 5-Jun-12 $9225 $100.00 $287,704
17-Mar-10 02-May.2017 303,674 Gt Group Inc 88- N/A 7.000% (5280,139) $303,674 $45231 3-May-12 $9225 $100.00 $68,765
15-Jul-11 07.Aug.2012 1,003,000 Deutsche Bank Ag London WA N/A 0.000% (51,000.000) $617,630 SO 7-Aug-12 $100.00 $61.78 (5382.1701
25-Jun-10 01.0ct-2014 1,547,333 Felcor Lodging Lp Bo N/A 10.000% (51,626.568) $1,734,947 $256,599 22-Feb-12 $105.25 $112.13 $362,979
28-Jun.10 01.0ct-2014 773,667 Fekor Lodging Lp Bo N/A 10.000% (5814.284) $867,474 $127,655 22-Feb-12 $105.25 $112.13 $180,845
15-Sep-10 15-Apr-2015 1,2120,000 Ford Motor Credit Co Uc 88, N/A 7.000% (51,278.000) $1,308,000 5129,967 2-Apr-12 $106.50 5109.00 $159,967
20-Jun-12 09.JuI.2013 3,000,000 Goldman SacM Group Inc WA N/A 0.000% ($3,0304100) $3,162,000 SO 24-Sep-12 $100.00 5105.40 $162,000
26-Oct-11 09-Nov-2012 1,000,000 Hsbc Usa Inc WA N/A 0.000% ($1,0004100) 51,097,500 SO 9Nov-12 $100.00 5109.75 $97,500
144eb-12 17-May-2013 5,000,000 Hsbc Usa Inc WA N/A 0.000% ($5,0004100) $5,315,000 SO 24-Sep-12 $100.00 5106.30 5315,030
21-Jul-10 22-Jul-2013 2,500,000 Jpnsorgan Chase & Co WA N/A 0.000% (52,512500) $4,469,250 $0 28-Jun-12 $100.50 5178.77 51,956,750
9-Dec-10 16-Jun-2012 3,000,000 Morgan Stanley WA N/A 0.000% (53,000.000) $4,058,970 SO 16-Jun-12 $100.00 5135.30 $1,058,970
EFTA01121597
Global Investment Opportunities Group J.P. Morgan Securities LLC
G I0
Global investMein OPOOri MIR la
Account Position and MTM Summary (2012 Closed Positions)
Prepared for Southern Financial LLC as of May 31. 2013
13-Jan-11 26.Jul-2012 2,000,000 Morgan Stanley WA N/A 0.000% (52.000.000) $1,019,780 SO 26-Jul.12 $100.00 $50.99 (5980.220)
14.Nov.I2 IS.Jun-20/B 600,000 Prudential Financial Inc BBB. 6/15/2023 5.625% (5599.9641 $601,500 $2,063 6-Dec-12 $99.99 $100.25 53,599
7-Feb.12 08.Jan-2015 1,000,000 Royal Bk Scotlnd Grp Plc BB. N/A 5.050% (5966.000) $1,030,000 536,051 24-Oct-12 $9&60 $103.00 $100,051
3-Aug-11 07-Feb-2013 2,000,000 5g Structured Product WA N/A 0.000% (52.000,000) 52,211,600 SO 23-Aug-12 $100.00 $110.58 $211,600
16-Mar-11 20-Jun-2012 5,000,000 5g Structured Products WA N/A 0.000% (55.000,000) 55,277,500 So 14-Feb-12 $100.00 $105.55 $277,500
30-Jan-12 Perpetual 2,000,000 Southern Cal Edison BBB- 2/1/2022 6.250% (51.983,320) 52.035,000 510,069 29-Feb-12 599.17 $101.75 561,749
11-Jan
-12 Perpetual 325,000 Southern Cal Edison BBB- 2/1/2022 6.250% (5324604) $326,625 $451 19.1an-12 599.88 $100.50 52,473
iced Income P.1. SS.369.087
International Fixed Income
Total Int. Entry Price Closing Price
Trade Date Maturity Face Amount Issue S&P Rating Currency Coupon Principal Cost (5) Market Value (5) Closing Date (Local)
Accrued (5) (Local)
9 feb.I2 Perpetual 300.000 Braskem finance Ltd BBB- USD 7.375% (5301,125) 5301,140 53,626 10-Apr-12 100.38 100.38 53,641
International Fixed Income Pil. 53.641
Municipal Bonds Non Taxable
S&P Rating Total Int. Entry Price Closing Price
Trade Date Maturity Face Amount Issue Next Call Date Coupon Principal Cost (S) Market Value (S) Closing Date (Local)
Accrued (S) (Local)
20-Jun-12 15-Jun-2034 1,003,000 Nyc MunWtr/Sni-Ff AA. 6/1512022 3.750% (5988,170) $984,500 $0 21-Jun-12 98.82 98.45 (53.670)
8-Mar-12 8-Mar-12 1.003,000 Pr-Ref-A BBB- 7/1/2022 5.125% (5982,500) 5986,500 50 21-Jun-12 98 25 98.65 54.003
16-Feb-12 8-Mar-12 1.003,000 Pr Aqueduct-A-Sr lien 84. 711/2022 5.250% (5974,740) 5982,700 50 16-feb-12 97.47 98.27 57,960
Municipal Bonds Non Taxable PA 58.290
Mortgage and Asset Backed
ota Int. ntry 'rice • ng • e
Trade Date Maturity Original Face Issue S&P Hating Next Call Date Coupon Principal Cost (S) Market Value (5) Closing Date
(Local)
Accrued IS/ (Local)
13-Sep-12 25-Dec-2034 3.275,000 Wfmbs 2004-6e 81 CCC 9/25/2015 2.723% (51,493,827) 51,629,095 528.900 29-Nov-12 72.75 80.00 $164,1613
12-Apr-12 20-Jul-2036 6.000,000 Bafc 2006-G 2AS CCC 6/20/2021 0.478% (51,647,559) 51,736,477 5161.166 29-Nov-12 65.00 7300 $250,084
18-Jun
-12 25-Jan-2037 2,081,519 Beams 2037-1 2Al2 CCC 4/25/2018 6.000% ($1,165,006) 51,199,332 $81.684 4.0c1.12 57.00 6000 5116,010
1S-Aug-12 25-Nov-2034 10,000,000 Bsabs 2004-Ac6 MI CCC 6/25/2013 0.863% ($1,051,316) 51,175,593 564.429 B-Nov-12 47.00 5450 $208,707
31-May-12 25-Feb-2035 3,364,000 Cmsi 2005-1 82 10/25/2014 5.417% ($1,719,986) 51,678,898 5201.537 B-Nov-12 83.00 87.50 $160449
13-Aug-12 25-Jun-2033 3,412,000 Malt 2003-483 CCC 11/25/2014 5.632% ($1,033,474) 51,153,365 5115,797 B-Nov-12 61.00 72 00 5235.686
2-Apr-12 20-Apr-2033 8,000,000 Semt 2003-1 81 B- 6/20/2013 1.518% (51.076.153) 51,204,376 558.183 13-Aug-12 60.00 69 CO $186,405
Mortgage and Asset Backed Pg. SIM.321,511
Listed Preferred,
Dividends Entry Price Closing Price
Trade Date Maturity Shares Company S&P Rating Par Amount Coupon Principal Cost (S) Market Value (5)
Received (S)
Closing Date (Local) (Local)
PA
24-Jan-12 2/15/2042 20,000 Aegon Nv 868 $2540 8.00% (5500.000) 5499,000 SO 7-Feb-12 25.00 24.95 (51.000)
8-Mar-12 Perpetual 37,000 Alexandria Real Estate E BB $2540 6.45% (5925.000) 5902,060 SO 29-Mar-12 25.00 24.38 (522.940)
29.Mar-12 Perpetual 26,000 American Capital Agency WA $2530 8.00% (5700.000) 5701,288 SO 16-Apr-12 25.00 2505 51,288
7-Jun-12 6/12/2042 10,000 American Financial Group BBB. 12540 6.38% (5250.000) 5250,880 SO 19-Jun-12 25.00 2509 $880
6-Sep-12 Perpetual 27,000 Annaly Capital Mgmt WA 12540 7.50% (5675.000) 5671,733 SO 16-Sep-12 25.00 24.88 ($3,267)
6-Sep-12 Perpetual 25,000 Anne,/ Capital Mgmt WA 12540 7.50% (5625.000) 5621,225 SO 14-Sep-12 25.00 24.65 ($3,775)
9May.12 Perpetual 11,291 Anne,/ Capital Minn N/A 12540 7.63% (5282.275) $279,170 51690 14-Jun-12 25.00 2473 ($415)
9May.12 Perpetual 46,712 Anne,/ Capital Mgmt WA $2540 7.63% ($1,167,800) 51,153,880 511,131 13-Jun-12 25.00 2470 ($2.790)
9-May-12 Perpetual 34,997 Annan/ Capital Mgmt WA $2540 7.63% (5874.925) $863,376 $8,339 12-Jun-12 25.00 24.67 ($3,210)
9-May-12 Perpetual 35,890 Annaly Capital Mgmt NIA 12540 7.63% (1897.250) $886,591 $8,552 11-Jun-12 25.00 24.70 ($2,107)
9-May-12 Perpetual 41,110 Annaly Capital Mgmt WA $2540 7.63% ($1,027,750) 51,016,609 $9,796 7-Jun-12 25.00 2473 ($1,345)
13-Sep-12 Perpetual 15,003 Apollo Residential Mtge WA 12540 8.00% (5375.000) 5375,570 So 25-Sep-12 25.00 25.04 $570
13-Sep-12 Perpetual 10,000 Apollo Residential Mtge WA 12540 8.00% (5250.000) 5250,390 So 25-Sep-12 25.00 2504 $390
12-Sep-12 Perpetual 51,000 Bank Of New York Mellon BBB 12540 5.20% ($1,275,000) 51,260,873 SO 25-Sep-12 25.00 2472 (514127)
13-Jan-11 Perpetual 39,293 Barclays Bank Plc BBB 12540 8.13% ($1,002,563) 51,013,749 $131521 19.0ct-12 25.54 25.83 $150,708
13-Aug-12 Perpetual 40,0® Capital One Financial Co BB. 12540 6.00% ($1,000,000) $995,720 So 14-Sep-12 25.00 2489 ($4,280)
28.Sep-12 Perpetual 15,000 Cbl & Associates Prop WA 12540 6.63% (5375.000) 5376,635 So 8.0c1.12 25.00 25.11 $1,635
10-Jul-12 Perpetual 36.833 Chesapeake Lodging Trust WA 12540 7.75% (5920.825) $925,171 SO 27-Jul-12 25.00 2412 54,346
10-Jul-12 Perpetual 0140 Chesapeake Lodging Trust WA 12540 7.75% (5151500) $154,765 SO 26-Jul-12 25.00 2521 51,265
10-Jul-12 Perpetual 12,027 Chesapeake Lodging Trust WA 12540 7.75% (5300675) 5300,699 SO 24-Jul-12 25.00 2540 $24
30-Sep-10 10/30/2040 30,003 Citigroup Capital )(iii BB 12540 7.88% (5750,000) 5852,300 $107461 19-Oct-12 25.00 2841 $209,761
EFTA01121598
Global Investment Opportunities Group J.P. Morgen Setnrillte LLC
GI0 Account Position and MTM Summary (2012 Closed Positions)
Global investment OrmorennIcies Prepared for Southern Financial LLC as of May 31, 2013
5-Nov-12 Perpetual 20,000 City National Corp WA 525.00 5.50% ($500.000) 5487,300 50 12-Dec-12 25.00 24.37 (512.700)
1.0ct-12 Perpetual 10,003 Cobank Ada 5100.00 6.25% (51.004000) 51,039,600 50 25-Oct-12 l0000 103.96 539,600
18.1u1-12 Perpetual 40,0® Ddr Coca Be $2500 6.50% (51.004000) 5988,360 50 6-Aug-12 25.00 24.71 (511.640)
9-Oct-12 Perpetual 25,0® Discover Financial Svs BB 52300 6.50% ($625.000) $630,100 50 26-Oct-12 2100 25.20 55,103
6-Dec-12 12/1/2052 25,0® Entergy Arkansas Inc A. $2500 4.90% ($625.000) $621,600 50 20-Dec-12 2300 24.86 (53,400)
26-Jun-12 7/1/2052 25,0® Entergy Louisiana Uc A. $2500 5.25% ($625.000) $649,025 50 16-Jul-12 25 00 25.96 524,025
17-Jan-12 Perpetual 30,503 Fint Republic Bank/Sf 888 $2500 6.70% ($762.500) $763,171 50 31-lan-12 25 00 25.02 5671
2.0ct-12 10115/2052 4179 General Elec Cap Corp AA. $2500 4.81% ($204.475) $203,657 50 26-Oct-12 2300 24.90 (5818)
2.0ct-12 10115/2052 21,821 General Elec Cap Corp AA. $2500 4.81% ($545.5.25) $543,561 50 25-Oct-12 2100 24.91 ($1.964)
2-Am-12 4/15/2042 37,0® Hartford Finl Sva Grp 8B. 525.00 7.81% ($925.000) $975,838 50 2-May-12 2100 2637 $50,838
20-Aug-12 Perpetual 40,0® Issmacen Chase 8 Co 888 $2500 5.50% ($1,030,000) $996,800 50 7-Sep-12 2100 24.92 ($3,200)
20-Aug-12 Perpetual 45,000 Jpmagan Chase 8 Co 888 $25.00 5.50% ($1,125,000) 51,121,850 50 6-Sep-12 25.00 24.93 ($3,150)
9-Mar-12 Perpetual 50,003 Kimco Realty Corp 88B- 525.00 6.00% ($1,250,000) 51,228,100 50 29-Mar-12 25.00 24.56 (521.900)
16-Jul-12 Perpetual 6374 Kimco Realty Corp 88B- 525.00 5.50% ($164.350) $161,083 50 7-Aug-12 25.00 24.50 ($3,267)
16-Jul-12 Perpetual 6,426 Kimco Realty Corp DBB- 525.00 5.50% ($160.650) $157,829 50 6-Aug-12 25.00 24.56 ($2.821)
3-Apr-12 4/15/2042 9.905 Mfa Financial Inc N/A 525.00 8.00% ($247.625) $246,139 50 27-Apr-12 2100 2485 (51,496)
3-Apr-12 4/15/2042 11,095 Mfa Financial Inc N/A 525.00 8.00% ($277.375) $275.899 50 26-Apr-12 2100 2487 (51,476)
20-Mar-12 3/1/2072 18.600 Nextera Energy Capital 888 525.00 5.70% ($465.000) $473240 50 16-Apr-12 2100 25.44 58.240
14-Sep-12 Perpetual 40,003 Pnc Financial Services 888 525.00 5.31% ($1,030,000) $996,480 50 4.04t-12 2100 24.91 ($3.520)
19-Am-12 Perpetual 27,003 Pnc Financial Services 888 525.00 6.13% ($675.000) $678,159 50 9-May-12 2100 25.12 53,199
29-Feb-12 3/15/2042 170,000 Raymond Janes Financial 888 525.00 6.90% ($4,250,000) 54,301,000 50 1.84ar-12 2100 2530 551)200
31-Jan-12 Perpetual 20,003 Realty Income Corp 8B. $2500 6.63% ($500.000) $499,600 50 8-Feb-12 2100 24.98 ($400)
14-Aug-12 Perpetual 25,003 Regency Centers Corp 8B. $2500 6.00% ($625.000) $624,000 50 28-Aug-12 2100 24.96 (51,000)
25.0ct-12 Perpetual 25,003 Regions Financial Corp BB 525.00 6.31% (5625.000) $617,475 50 11-Dec-12 2100 24.70 ($7,525)
7-Aug-12 Perpetual 30,003 SI Green Realty Corp Be 525.00 6.50% (5750.000) $743,010 50 16-Aug-12 2100 24.77 ($6,990)
8-May-12 5/15/2015 4.000 Thompson Creek Metals Co wo 52500 6.50% ($100.000) 584,524 50 29-May-12 2100 21.13 (515.476)
11-Jul-12 Perpetual 10,003 Vornado Realty Trust B88. 525.00 5.70% (5250.000) $247,250 50 24-Jul-12 2100 24.73 (52.750)
9-Aug-12 Perpetual 10,003 Weib Fargo 8 Company EIBEle $2500 5.20% (5250.000) 5249,790 50 13-Aug-12 2100 2438 ($210)
6-Aug-12 Perpetual 31,700 Kilroy RealtyCorp N/A 5001 6.38% (5792.500) 5777,030 50 28-Aug-12 2100 24.51 (515.470)
6-Aug-12 Perpetual 300 Kilroy Realty Coca N/A 50.01 6.31% (57,500) $7.295 50 17-Aug-12 2100 24.32 ($205)
Listed Pre feirecis PIL 5372,677
Forward Contracts
Trade Date Value Date Bought Notional Sold Notional Fix Date Contract Spot Contract Forward Closing Date Closing Rate P,'L
E2.Dec-11 6-Feb-12 SGO 3,249250 USD 1500,000 6-Feb-12 13005 12997 25-Jan-12 1.27 $59,472
2-Nov-11 6-Feb-12 SGO 3,183,0® USD 1500,000 6-Feb-12 12734 12732 2.Feb-12 1.25 $53,755
2-Feb-12 6-Mar-12 SGO 3,115,0® USD 1500,000 6-Mar-12 12464 1246 9.Feb-12 1.25 ($7.202)
21-Jul-10 25-Jul-13 DjubsCant-F3 2500000 16-Jul-18 28-.1m-12 120.94 51,956.738
19-Jun-12 23-Jul-12 MXN 11900,000 USD 939,904 23-Jul-12 13.6898 133248 19-Jul-12 13.24 534659
19-Jul-12 23-Aug-12 MXN 11900,000 USD 972213 23-Aug-12 132367 132687 17-Aug-12 13.18 56,424
17-Aug-12 21-54p-12 MXN 11900,000 USD 976356 21-Sep-12 111816 132124 20-Sep-12 12.93 521,405
20-Sep-12 24-Oct-12 MXN 11900,000 USD 994,768 24-Oct-12 1192895 1196785 23-Oct-12 12.94 51,972
31-Aug-12 5-Nov-12 CHF 11,990,000 (UR 10.000,000 5-Nov-12 1201 1.199 2-Nov-12 1.21 (584.812)
23-Oct-12 26-Nov-12 MXN 11900,000 USD 994,089 26-Nov-12 123422 12.9767 21-Nov-12 13.04 ($4,689)
21-Nov-12 19-Dec-12 MXN 11900,000 USD 987,477 19-Det-Il 13.0382 13.063594 18-Dec-12 12.73 525,686
Forward Contracts WL 52,063,407
FX bam
Currency 2 Original Closing Premium
Trade Date Expiration Direction Cunency 1 Type Strikt Currency 2 Type Closing Date P,'L
Notional Premium (5) (5)
25-lan-12 24-Jan-13 Bought BRL Put 195,000,000 42.50 JPY fall 21-Feb-12 5125,734 $0 $125,734
20-Am-12 22-May-I2 Bought IPy Put 5.0120,000 83.00 USD fall ($26.500) so (526.500)
20-Am-12 22-May-I2 Sold IPy Call 5.0120,000 81.00 USD Put 528.500 $0 526.500
16-Mar-12 19-Jun-12 Bought MXN Call 1.003,000 1237 USD Put 19-11m-12 ($17,200) so (517.20M
16-Mar-12 19-Jun-12 Sold MXN Put 1.003,000 1230 USD fall 19-has-12 517.200 (558.394) (541.194)
1-Aug-11 13-Aug-12 Bought IPy Put 100,030,000 8325 CAD fall 8-Aug-12 (5413,613) 50 ($413.613)
1-Aug-11 13-Aug-12 Sold IPy Call 100,030,000 76.00 CAD Put 8-Aug-12 5413,613 50 5413,613
FX Options $67,340
Cornmodity OptIons
EFTA01121599
Global Investment Opportunities Group JA. Morgan Securities LLC.
GI0 Account Position and MTM Summary (2012 Closed Positions)
tactb•I invesiniene Onnoreunliglet Prepared Tor Southern Financial LLC as of May 31. 2013
Original Closing Premium
Trade Date Expiration Direction Commodity Type Notional lox) Strike Currency Notional Type Closing Date
Premiums) (5)
27-Jun-12 12-Nov-12 Sold USD Put 125,000 96.5 12.062.503 Call 12-Nov-12 $1.067,500 so 51.087.500.00
27-Jun-12 12-Nov-12 Bought USD Call 125,000 126.5 15,812.503 Put 12-Nov-12 075.000 so ($75.000.00)
10-1ul-12 12-Nov-12 Sold USD Put 100.000 SO 6.000,000 Call 12-Nov-12 5180.000 so $184.000.00
10-Jul-12 12-Nov-12 Bought USD Call 100,000 119.5 11,950.003 Put 12-Nov-12 (Slake«) s0 (5184,000.00)
1-May-12 13-Aug-12 Sold USD Put 250,000 100 25,000.003 Call 12-Nov-12 5136,250 nolzsom (5876,250.00)
1-May-12 13-Aug-12 Sold USD Put 250,000 100 25,000.003 Call 12-Nov-12 5136.250 so 3136.250.00
1-May-12 13-Aug-12 Bought USD Call 250,000 140 35,000.003 Put 12-Nev-12 (5200,000) s0 (3200,000.00)
10-1u1-12 11-Dec-12 Sold USD Put 100.000 79.5 7.950,000 Call 12-Nev-12 $233,030 so $233.003.00
10-1u1-12 11-Dec-12 Bought USD Call 100,000 119 11,900.003 Put 12-Nov-12 (5233,000) s0 ($233.000.00)
Commodity Optiont Pit 572.500
Total 2012 P.1_ 59.106,514
(0 2013 1PMoroan CMSe a Co.
EFTA01121600
Global Investment Opportunities Group J.P. Morgan Securities LI.C.
GIO
Iikrbal larnaan omearinli
Account Position and P/L Summary (Disclaimer)
Prepared for Southern Financial LLC as of May 31, 2013
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EFTA01121601