To: jeevacation mail.com 'eevacation mail.com • Jeffre E stein 'eevacation@gmail.com]
Cc:
rom: arre , au
Sent: Thur 8/25/2011 11:58:46 AM
Subject: Haze Trust
Jeffrey
Update on Haze:
HY spreads have widened around 200bps since July which has hurt the mtm on our bond and pfd
positions. The biggest selloff has been with the Bank of America Pfds which are down almost 25% since
we bought them. From a capital perspective they are well positioned to meet Basel Ill capital
requirements. Any common equity capital raise would be good for our pfds.
BAC Pfd down 740K
HY Bond Fund down 426K
Account down $1.6MM
We remain comfortable with the names we own but will re-asses these positions in early September.
Illiquidity has exacerbated many of these recent moves.
Paul
Paul Barrett, CFA
EFTA_R1_00543253
EFTA02032520
Managing Director
Global Investment Opportunities Group
7PMorgan Private Bank
EFTA_R1_00543254
EFTA02032521