EFTA01405456.pdf

Account Number: N4G-023804 Statement Period: 12/01/2014 - 12/31/2014 SOUTHERN FINANCIAL LLC 6100 RED HOOK QUARTER B3 ST THOMAS VI 00802 Valuation at a Glance Beginning Account Value Net Cash Deposits and Withdrawals Adjusted Previous Account Value Dividends, Interest and Other Income Net Other Activity Net Change in Portfolio Your Client Advisor: DANIEL SABBA Commission Amount: $45,434.75 Ending Account Value Estimated Annual Income This Period $128,056,222.31 0.00 128,056,222.31 707,088.33 0.00 -2,049,017.62 $126,714,293.02 $3,853,190.64 Year-to-Date $90,573,050.28 31,086,436.34 121,659,486.62 4,134,773.87 -369,754.18 1,289,786.71 $126,714,293.02 Asset Allocation USD Cash, Money Funds, and Bank Deposits USD Fixed Income Non-USD Fixed Income USD Equities Non-USD Equities Non-USD Cash, Money Funds, and Bank Deposits Other Account Total (Pie Chart) Prior Year-End 18,295,949.71 27,736,972.38 10,227,309.46 30,410,519.65 3,137,192.74 402,106.34 EFTA01405456 363,000.00 $90,573,050.28 Last Period 43,562,095.04 18,308,152.94 7,422,226.50 55,404,667.83 3,359,080.00 0.00 0.00 $128,056,222.31 See the Asset Allocation Disclosure and Footnotes section for important information regarding your Asset Allocation. 44,273,984.33 18,177,455.58 7,150,052.50 54,126,544.61 2,986,256.00 0.00 0.00 $126,714,293.02 This Period % Allocation 34.94% 14.35% 5.64% 42.71% 2.36% 0.00% 0.00% 100.00% Please review your allocation. Page 1 of 21 60100535CSF30023 EFTA01405457 Asset Allocation Disclosure and Footnotes Certain values have been defaulted into the Other Asset Class due to incomplete categorizing data All values are displayed in U.S. dollars based on interbank exchange rates as of 12/31/2014. Exchange rates can vary. Equities contains Equity Mutual Funds. Summary of Gains and Losses Short-Term Gain/Loss Realized This Period 0.00 Long-Term Gain/Loss Net Gain/Loss This summary excludes transactions where cost basis information is not available. For Your Information On June 5, 2014, the European Central Bank (the "ECB") introduced "negative interest rates". This negative interest rate applied to all deposits held at the ECB and other credit institutions. Effective February 1, 2015, the negative interest expense on any euro deposits will be charged to your account. The initial interest charge will be -.20% (20 basis points), and will reflect on your account statement as "Free Credit Balance Interest Charge". The interest will be reported on your Forms 1099 and/or 1042-S for tax year 2015. These rates are subject to change in response to market changes, and we may, in the future and based on our normal interest rate setting arrangements, begin to charge negative interest rates on additional foreign currency balances. Money Market Fund Detail Date Activity Type Sweep Money Market Fund DWS GOVERNMENT CASH INSTL Account Number: 0000001490 Current Yield: 0.03% Activity Ending: 12/31/14 11/29/14 12/16/14 12/17/14 12/24/14 12/29/14 12/30/14 12/31/14 12/31/14 Opening Balance Deposit Deposit Deposit Deposit Deposit Deposit Closing Balance Total All Money Market Funds EFTA01405458 MONEY FUND PURCHASE MONEY FUND PURCHASE MONEY FUND PURCHASE MONEY FUND PURCHASE MONEY FUND PURCHASE INCOME REINVEST 43,562,095.04 119,250.00 148,125.00 29,257.50 316,028.22 43,739.08 1,114.49 43,562,095.04 43,681,345.04 43,829,470.04 43,858,727.54 44,174,755.76 44,218,494.84 44,219,609.33 $44,219,609.33 $44,219,609.33 Description Amount Balance 1,025.53 1,025.53 Year-to-Date 558,368.41 -8,900,250.34 -8,341,881.93 Unrealized 2,914,886.15 3,812,149.65 6,727,035.80 Page 2 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405459 Statement Period: 12/01/2014 - 12/31/2014 Income and Expense Summary Dividend Income Equities Money Market Other Dividends Interest Income Bond Interest FDIC Insured Bank Deposits Other Interest Total Dividends, Interest, Income and Expenses Distributions Long - Term Capital Gain Distributions Short - Term Capital Gain Distributions Alternative Investments Other Distributions Total Distributions Portfolio Holdings Opening Date Money Market DWS GOVERNMENT CASH INSTL 11/29/14 Total Money Market FDIC Insured Bank Deposits INSURED DEPOSITS PROGRAM 11/29/14 Total FDIC Insured Bank Deposits Total Cash, Money Funds, and Bank Deposits B0100535CSF30023 N4G023804 12/31/14 44,219,609.330 0000001490 12/31/14 43,562,095.04 $43,562,095.04 0.00 $0.00 $43,562,095.04 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC 44,219,609.33 $44,219,609.33 0.00 $0.00 $44,273,984.33 0.00 $0.00 0.00 $0.00 $0.00 7,312.02 EFTA01405460 $7,312.02 2,691.15 $2,691.15 $10,003.17 Page 3 of 21 N/A N/A 0.03% 0.03% Current Period Taxable 83,632.50 1,114.49 23,679.00 312,014.14 0.00 0.00 $420,440.13 177,726.00 108,922.20 0.00 0.00 $286,648.20 Year-to-Date Non Taxable 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 0.00 0.00 0.00 4,800.96 $4,800.96 Taxable 828,199.68 7,312.02 801,434.20 1,227,570.19 2,691.15 162,500.16 $3,029,707.40 177,726.00 108,922.20 0.00 0.00 $286,648.20 Non Taxable EFTA01405461 0.00 0.00 0.00 0.00 0.00 0.00 $0.00 0.00 0.00 818,418.27 564,143.35 $1,382,561.62 Quantity Account Number Activity Ending Cash, Money Funds, and Bank Deposits 35.00% of Portfolio Cash Balance Opening Balance 0.00 Closing Balance 54,375.00 Accrued Income Income This Year 30-Day Yield Current Yield EFTA01405462 Portfolio Holdings (continued) Date Acquired Quantity Unit Cost Adjusted Cost Basis Fixed Income 20.00% of Portfolio (In Maturity Date Sequence) 6Asset Backed Securities COUNTRYWIDE HOME LOANS SER 03-1 CL B1 4.090% 03/25/33 B/E DTD 01/30/03 Factor: 0.21613804 Effective Date:12/01/14 Current Face Value: 972,621.180 12/13/13 *,3,12 4,500,000.000 WASHINGTON MUT MTG SECS CORP 2004-RA2 MTG PASSTHRU CTF CL C-B-1 VAR RATE 6.982% 07/25/33 B/E DTD 06/01/04 S & P Rating D Factor: 0.56774322 Effective Date:12/01/14 Current Face Value: 732,388.754 12/13/13 *,3,12 1,290,000.000 Total Asset Backed Securities 5,790,000.000 Total Current Face Value : 1,705,009.934 Corporate Bonds PETROLEOS DE VENEZUELA NOTES SENIOR ISIN#XS0460546525 5.000% 10/28/15 REG DTD 10/28/09 S & P Rating B+ 12/04/13 *,3,12 2,500,000.000 Security Identifier: P7807HAF2 95.3590 HEADWATERS INC GTD SR NT 7.625% 04/01/19 B/E DTD 03/11/11 CALLABLE 04/01/15 @ 103.813 Moody Rating B1 S & P Rating B+ 10/22/12 *,12,13 1,000,000.000 101.9080 EARTHLINK INC GTD SR NT FULLY EXCHANGED CUSIP FROM 270321AB8 8.875% 05/15/19 B/E DTD 05/17/11 CALLABLE 05/15/15 S & P Rating CCC+ 10/22/12 *,3,12 10/23/12 *,3,12 Total Noncovered Total B0100535CSF30023 400,000.000 600,000.000 1,000,000.000 EFTA01405463 1,000,000.000 2,383,981.71 75.5000 Original Cost Basis: $2,250,000.00 Security Identifier: 42210PAQ5 1,019,080.22 104.2500 Original Cost Basis: $1,035,000.00 Security Identifier: 270321AC6 102.5300 102.3510 410,121.26 98.7000 Original Cost Basis: $414,000.00 614,108.22 Original Cost Basis: $619,500.00 1,024,229.48 $1,024,229.48 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC 98.7000 394,800.00 592,200.00 987,000.00 $987,000.00 -15,321.26 -21,908.22 -37,229.48 -$37,229.48 4,536.11 6,804.17 11,340.28 $11,340.28 35,500.00 53,250.00 88,750.00 $88,750.00 Page 4 of 21 8.99% 8.99% 1,042,500.00 23,419.78 19,062.50 76,250.00 7.31% 1,887,500.00 -496,481.71 21,527.78 125,000.00 6.62% 93.3760 EFTA01405464 Market Price Market Value Unrealized Gain/Loss Accrued Interest Annual Income Estimated Yield Estimated Security Identifier: 12669DYS1 908,199.05 83.3080 810,271.25 Original Cost Basis: $1,111,573.07 Security Identifier: 939336S20 -97,927.80 3,315.02 76.5190 560,413.70 85.9290 629,334.33 Original Cost Basis: $638,906.71 $1,468,612.75 $1,439,605.58 68,920.63 -$29,007.17 4,261.35 $7,576.37 $0.00 EFTA01405465 Statement Period: 12/01/2014 - 12/31/2014 Portfolio Holdings (continued) Date Acquired Quantity Unit Cost Fixed Income (continued) Corporate Bonds (continued) SERVICEMASTER CO SR NT - CUSIP FULLY EXCHANGED FROM OLD CUSIP 81760NAL3 8.000% 02/15/20 B/E DTD 02/13/12 Moody Rating CAA1 S & P Rating B01/24/13 *,3,12 02/25/13 *,3,12 Total Noncovered Total 440,000.000 1,000,000.000 1,440,000.000 1,440,000.000 LLOYDS TSB BK PLC EURO ISSUE MEDIUM TERM NOTES ISIN#XS0717735822 9.875% 12/16/21 REG DTD 12/16/11 Moody Rating Bal S & P Rating BBB12/04/13 *,3,12 1,500,000.000 BARCLAYS BK PLC CONTINGENT CAP NT ISIN#US06739FHK03 7.750% 04/10/23 B/E DTD 04/10/13 CALLABLE 04/10/18 S & P Rating BB+ 04/03/13 *,12,13 300,000.000 104.9300 105.4560 Adjusted Cost Basis Market Price Market Value Security Identifier: 81760NAN9 Unrealized Gain/Loss Accrued Interest Annual Income Estimated Yield Estimated 461,692.79 105.2500 Original Cost Basis: $468,050.00 1,054,555.77 105.2500 Original Cost Basis: $1,070,000.00 EFTA01405466 1,516,248.56 $1,516,248.56 Security Identifier: G4S15PP48 463,100.01 1,052,499.99 1,515,600.00 $1,515,600.00 1,407.22 -2,055.78 -648.56 -$648.56 13,297.78 30,222.22 43,520.00 $43,520.00 35,200.00 80,000.00 115,200.00 $115,200.00 7.60% 7.60% 107.6770 1,615,162.18 114.7500 1,721,250.00 Original Cost Basis: $1,627,500.00 Security Identifier: 06739FHK0 100.0000 JPMORGAN CHASE & CO DEP SHS REPSTG 1/10TH PFD SER 1 FIXED TO FLTG RT BD 7.900% 04/29/49 B/E DTD 04/23/08 Moody Rating BA1 S & P Rating BBB06/15/11 *,3,12 06/15/11 *,3,12 Total Noncovered Total 2,500,000.000 2,500,000.000 5,000,000.000 5,000,000.000 B0100535CSF30023 300,000.00 109.0000 Original Cost Basis: $300,000.00 Security Identifier: 46625HHA1 107.5000 107.0000 2,687,500.00 107.6300 Original Cost Basis: $2,687,500.00 2,675,000.00 EFTA01405467 Original Cost Basis: $2,675,000.00 5,362,500.00 $5,362,500.00 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC 107.6300 2,690,750.00 2,690,750.00 5,381,500.00 $5,381,500.00 3,250.00 15,750.00 19,000.00 $19,000.00 32,916.67 32,916.66 65,833.33 $65,833.33 197,500.00 197,500.00 395,000.00 $395,000.00 Page 5 of 21 7.33% 7.33% 327,000.00 27,000.00 5,231.25 23,250.00 7.11% 106,087.82 5,760.42 148,125.00 8.60% EFTA01405468 Portfolio Holdings (continued) Date Acquired Quantity Fixed Income (continued) Corporate Bonds (continued) BANK AMER CORP PERP NON COMULATIVE DEP SHS FIXED TO FLOAT 8.125% 04/30/58 B/E DTD 04/30/08 CALLABLE 05/15/18 Moody Rating BA3 S & P Rating BB 01/10/11 *,3,12 2,000,000.000 102.7500 SOUTHERN CALIF EDISON CO PREF SER E 6.250% 01/17/62 B/E DTD 01/17/12 CALLABLE 02/01/22 @ 100.000 Moody Rating BAA1 S & P Rating BBB01/30/12 *,3,12 3,000,000.000 GENERAL ELEC CAP CORP NON CUM PFD SER A 7.125% 06/12/62 B/E DTD 06/12/12 CALLABLE 06/15/22 Moody Rating BAA1 S & P Rating A+ 06/27/12 *,12,13 2,000,000.000 LBG CAPITAL NO 1 PLC 144A ISIN#XS0473106283 8.000% 09/15/88 REG DTD 12/15/09 CALLABLE 06/15/20 S & P Rating BB 12/04/13 *,3,12 1,200,000.000 104.9450 2,098,907.53 116.3750 Original Cost Basis: $2,122,916.67 Security Identifier: G5433BBG8 108.2500 SLLOYDS BANKING GROUP PLC FXD RATE RESET ADDL TIER 1 SECS ISIN#US539439AG42 7.500% 09/27/88 B/E DTD 04/07/14 S & P Rating B+ Please Provide * 1,903,000.000 Total Corporate Bonds 22,843,000.000 Total Fixed Income 28,633,000.000 $23,136,995.95 $25,327,508.08 $254,209.63 $290,263.53 $1,702,800.00 1,299,000.00 106.5000 EFTA01405469 Original Cost Basis: $1,299,000.00 Security Identifier: 539439AG4 N/A Please Provide 101.7500 Original Cost Basis: Please Provide $21,668,383.20 1,936,302.50 $23,887,902.50 N/A $283,216.80 1,189.38 $282,687.16 142,725.00 $1,702,800.00 7.37% 1,278,000.00 -21,000.00 4,000.00 96,000.00 7.51% 2,327,500.00 228,592.47 6,333.33 142,500.00 6.12% 99.8090 Security Identifier: 060505DT8 Unit Cost Adjusted Cost Basis Market Price Market Value Unrealized Gain/Loss Accrued Interest Annual Income Estimated Yield Estimated 2,055,000.00 107.8750 2,157,500.00 Original Cost Basis: $2,055,000.00 Security Identifier: 842400FU2 2,994,273.52 110.8750 Original Cost Basis: $2,992,564.97 Security Identifier: 369622SN6 3,326,250.00 EFTA01405470 331,976.48 78,125.00 187,500.00 5.63% 102,500.00 20,763.89 162,500.00 7.53% Page 6 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405471 Statement Period: 12/01/2014 - 12/31/2014 Portfolio Holdings (continued) Date Acquired Quantity Equities 43.00% of Portfolio Common Stocks MOBILEYE NV AMSTELVEEN ORD SHS ISIN#NL0010831061 Dividend Option: Cash 08/01/14 03/29/11 *,13 APPLE INC COM Dividend Option: Cash 10/28/13 09/05/14 Total Covered Total 02/14/12 *,13 01/24/13 *,13 Total Noncovered Total 01/16/01 *,3 06/25/14 BIOGEN IDEC INC COM Dividend Option: Cash 02/14/12 *,13 2,095.000 119.5490 14,000.000 150,000.000 164,000.000 164,000.000 ARIAD PHARMACEUTICALS INC Dividend Option: Cash 7,535.000 9,000.000 16,535.000 16,535.000 ASCENA RETAIL GROUP INC COM Dividend Option: Cash 70,500.000 BANK OF NEW YORK MELLON CORP COM Dividend Option: Cash 250,000.000 36.3060 21.2770 15.2090 19.6000 75.5800 98.9500 Security Identifier: MBLY EFTA01405472 CUSIP: N51488117 800.000 APOLLO GLOBAL MGMT LLC CL A SHS Dividend Option: Cash 263,157.000 19.0000 25.0000 20,000.00 4,999,983.00 1,058,120.50 14,842,506.00 15,900,626.50 $15,900,626.50 Security Identifier: ARIA CUSIP: 04033A100 114,597.40 176,400.00 290,997.40 $290,997.40 Security Identifier: ASNA CUSIP: 04351G101 1,500,000.00 9,076,406.00 250,454.95 12.5600 Security Identifier: BK CUSIP: 064058100 40.5700 Security Identifier: BIIB CUSIP: 09062X103 339.4500 711,147.75 460,692.80 Page 7 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC 10,142,500.00 1,066,094.00 170,000.00 1.67% 885,480.00 -614,520.00 6.8700 6.8700 51,765.45 61,830.00 113,595.45 $113,595.45 -62,831.95 -114,570.00 EFTA01405473 -177,401.95 -$177,401.95 $0.00 40.5700 Security Identifier: APO CUSIP: 037612306 23.5800 Security Identifier: AAPL CUSIP: 037833100 110.3800 110.3800 1,545,319.93 16,557,000.07 18,102,320.00 $18,102,320.00 487,199.43 1,714,494.07 2,201,693.50 $2,201,693.50 26,320.00 282,000.00 308,320.00 $308,320.00 1.70% 1.70% 6,205,242.06 1,205,259.06 818,418.27 13 18% 32,456.00 12,456.00 Unit Cost Cost Basis Market Price Market Value Unrealized Gain/Loss Annual Income Estimated Yield Estimated EFTA01405474 Portfolio Holdings (continued) Date Acquired Quantity Equities (continued) Common Stocks (continued) FACEBOOK INC CL A Dividend Option: Cash 05/17/12 *,13 01/13/14 08/05/14 Total Covered Total GENERAL ELECTRIC CO COM Dividend Option: Cash 04/23/13 *,13 GENERAL MTRS CO COM Dividend Option: Cash 11/18/10 * 12/09/10 * Total Noncovered Total GILEAD SCIENCES INC Dividend Option: Cash 02/05/14 03/07/14 Total Covered Total HEALTH NET INC COM Dividend Option: Cash 09/08/14 05/28/13 *,13 01/23/14 TWITTER INC COM Dividend Option: Cash 11/07/13 Total Common Stocks 80100535CSF30023 1,500.000 26.0000 25,000.000 SANGAMO BIOSCIENCES INC COM Dividend Option: Cash 50,000.000 SANTANDER CONSUMER USA HLDGS INC COM Dividend Option: Cash 1,000.000 24.0000 8.4440 46.9800 5,000.000 3,100.000 EFTA01405475 8,100.000 8,100.000 79.2810 79.6120 10,988.200 86,536.800 97,525.000 97,525.000 36.4010 36.8160 23,000.000 21.5700 17,500.000 FOUNDATION MEDICINE INC COM Dividend Option: Cash 25,000.000 24,830.000 49,830.000 49,830.000 27.5070 23.2530 38.0000 Unit Cost Cost Basis Market Price Market Value Security Identifier: FB CUSIP: 30303M102 665,000.00 687,663.50 577,373.02 1,265,036.52 $1,265,036.52 Security Identifier: GE CUSIP: 369604103 496,109.08 399,978.16 3,185,969.22 3,585,947.38 $3,585,947.38 Security Identifier: GILD CUSIP: 375558103 396,407.00 246,797.00 643,204.00 $643,204.00 Security Identifier: HNT CUSIP: 42222G108 1,174,506.00 422,214.00 24,000.00 EFTA01405476 39,000.00 $40,353,484.83 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC 53.5300 Security Identifier: SGMO CUSIP: 800677106 15.2100 Security Identifier: SC CUSIP: 80283M101 19.6100 Security Identifier: TWTR CUSIP: 90184L102 35.8700 53,805.00 $45,586,792.61 14,805.00 $5,233,307.78 $1,434,928.27 Page 8 of 21 19,610.00 -4,390.00 760,500.00 338,286.00 1,338,250.00 163,744.00 94.2600 94.2600 471,300.00 292,206.00 763,506.00 $763,506.00 74,893.00 45,409.00 120,302.00 $120,302.00 $0.00 25.2700 Security Identifier: GM CUSIP: 37045V100 34.9100 34.9100 383,598.07 3,020,999.68 3,404,597.75 $3,404,597.75 -16,380.09 -164,969.54 -181,349.63 -$181,349.63 13,185.84 EFTA01405477 103,844.16 117,030.00 $117,030.00 3.43% 3.43% 581,210.00 85,100.92 21,160.00 3.64% 78.0200 Security Identifier: FMI CUSIP: 350465100 22.2200 22.2200 555,500.00 551,722.60 1,107,222.60 $1,107,222.60 -132,163.50 -25,650.42 -157,813.92 -$157,813.92 $0.00 1,365,350.00 700,350.00 Unrealized Gain/Loss Annual Income Estimated Yield Estimated EFTA01405478 Statement Period: 12/01/2014 - 12/31/2014 Portfolio Holdings (continued) Date Acquired Quantity Equities (continued) Preferred Stocks (Listed by expiration date) ALLY FINL INC FIX TO FLT DIV-8.50% FREQ-QTRLY CALLABLE @ 25.00 ON A QTRLY BASIS AFTER 05/15/2016 Dividend Option: Cash 02/03/12 *,13 02/09/12 *,13 Total Noncovered Total Unit Cost Cost Basis Market Price Market Value Unrealized Gain/Loss Annual Income Estimated Yield Estimated Security Identifier: ALLY PRB CUSIP: 02005N308 46,600.000 80,000.000 126,600.000 126,600.000 GMAC CAP TR I GTD TR PFD SECS SER 2 CPN8.125% FREQ QRTLY MATY-02/15/2040 CALL ANYTIME @25 W/30 DAYS BEGINS 02/15/16 Dividend Option: Cash 02/22/12 *,13 80,000.000 19.3820 20.1250 903,217.51 1,610,000.00 2,513,217.51 $2,513,217.51 Security Identifier: ALLY PRA CUSIP: 361860208 23.5350 ROYAL BK SCOTLAND GP PLC SPON ADR REPSTG SER T PFD CPN-7.25% FREQ QRTLY PERP MTY CALL@25 ANY W/30 D NOTICE AFTR 12/31/12 Dividend Option: Cash 10/24/12 *,13 01/07/13 *,13 EFTA01405479 01/14/13 *,13 40,000.000 40,000.000 40,000.000 Total Noncovered Total Total Preferred Stocks Total Equities 120,000.000 120,000.000 1,882,773.60 26.3800 Security Identifier: RBS PRT CUSIP: 780097713 23.7900 24.4400 24.8800 951,600.00 977,600.00 995,200.00 2,924,400.00 $2,924,400.00 $7,320,391.11 $47,673,875.94 25.4900 25.4900 25.4900 1,019,599.99 1,019,599.99 1,019,600.02 3,058,800.00 $3,058,800.00 $8,572,208.00 $54,159,000.61 67,999.99 41,999.99 24,400.02 134,400.00 $134,400.00 $1,251,816.89 $6,485,124.67 72,500.00 72,500.00 72,500.00 217,500.00 $217,500.00 $649,025.00 $2,083,953.27 7.11% 7.11% 7.11% EFTA01405480 2,110,400.00 227,626.40 162,500.00 7.69% 26.8800 26.8800 1,252,608.01 2,150,399.99 3,403,008.00 $3,403,008.00 349,390.50 540,399.99 889,790.49 $889,790.49 99,025.00 170,000.00 269,025.00 $269,025.00 7.90% 7.90% Page 9 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405481 Portfolio Holdings (continued) Date Acquired Quantity Unit Cost Exchange-Traded Products 2.00% of Portfolio WISDOMTREE TR JAPAN HEDGED EQUITY FD Dividend Option: Cash; Capital Gains Option: Cash 60,000.00 of these shares are in your margin account 60,000.000 12/11/13 Total Exchange-Traded Products Total Portfolio Holdings Footnotes * Noncovered under the cost basis rules as defined below. Securities acquired before 2011 are generally not subject to the new cost basis reporting rules set forth in the Internal Revenue Code of 1986, as amended ("IRC") (incorporating amendments enacted by P.L.110-343, the Emergency Economic Stabilization Act of 2008) and are, therefore, considered " noncovered," under the new cost basis reporting rules, and marked or denoted as such. All other securities in this section are securities which are "covered" under the new cost basis reporting rules. Securities which are "covered" under the new cost basis reporting rules are defined as securities which have been acquired on or after their "applicable date(s)" at which they are subject to the cost basis reporting rules and the adjusted basis will be reported to the IRS on form 1099-B for the applicable tax year in which the security is disposed. Reporting requirements generally will be phased in over a three-year period, as follows: • Stock in a corporation acquired on or after January 1, 2011 • Mutual funds and dividend reinvestment plan (DRP) shares acquired on or after January 1, 2012 • Other securities, principally debt securities and options, acquired on or after January 1, 2014, or later, as determined by the Secretary of the Treasury. Cost Basis on fixed income securities is adjusted for amortization, accretion or principal paydowns. The method of calculation is based upon the type of fixed income security and certain attributes, obtained from sources believed to be reliable. In the event, one or more of these attributes is changed, there may be a temporary incorrect adjusted cost basis reflected until the portfolio system is amended to reflect this change. These calculations will not be performed under certain circumstances, including those involving continuously callable bonds, foreign bonds, variable rates, bonds in default, index-linked bonds, bonds sold short or bonds that have a negative yield. This information is meant as a general guide and you should consult your tax advisor in the preparation of your tax returns. 3 The cost basis of this security has been provided to us by you or your introducing firm and Pershing makes no representation as to the accuracy of this information. EFTA01405482 5 Unrealized gains and losses are not reported for securities for which cost basis or market value is not available. 6 The Current Face value represents the outstanding principal balance of the underlying security. The Current Face value is determined by multiplying the current factor times the original face amount of the security. Factors may change over time and are obtained from sources we believe to be reliable. 12 Pershing has received updated cost basis information, therefore cost basis provided on previous client brokerage statements may differ from the new cost basis reported in this section. 13 The cost basis of this security has been provided to us by the delivering firm or transferring agent and Pershing makes no representation as to the accuracy of this information. 49.4350 Cost Basis Market Price Market Value Security Identifier: DXJ CUSIP: 97717W851 2,966,098.50 $2,966,098.50 Cost Basis $118,050,954.72 49.2300 2,953,800.00 $2,953,800.00 Market Value $126,714,293.02 -12,298.50 -$12,298.50 Unrealized Gain/Loss $6,727,035.80 Accrued Interest $290,263.53 56,434.20 $56,434.20 Estimated Annual Income $3,853,190.64 1.91% Unrealized Gain/Loss Annual Income Estimated Yield Estimated Page 10 of 21 B0100535CSF30023 Account Number: N4G-023804 EFTA01405483 SOUTHERN FINANCIAL LLC EFTA01405484 Statement Period: 12/01/2014 - 12/31/2014 Schedule of Realized Gains and Losses Current Period Description Disposition Date Long Term 12/23/14 Acquisition Date 12/13/13 * Disposition Transaction RPP WASHINGTON MUT MTG S 004-RA2 MTG PASSTHRU CTF CL C- 8-1 VAR RATE 6.982% 07/25/33 Security Identifier: 939336S20 Original Cost Basis: 2,612.09 12/26/14 12/13/13 * RPP Total Long Term Total Short Term and Long Term * Noncovered under the cost basis rules as defined below. Securities acquired before 2011 are generally not subject to the new cost basis reporting rules set forth in the Internal Revenue Code of 1986, as amended ("IRC") (incorporating amendments enacted by P.L.110-343, the Emergency Economic Stabilization Act of 2008) and are, therefore, considered "noncovered," under the new cost basis reporting rules, and marked or denoted as such. All other securities in this section are securities which are "covered" under the new cost basis reporting rules. Securities which are "covered" under the new cost basis reporting rules are defined as securities which have been acquired on or after their "applicable date(s)" at which they are subject to the cost basis reporting rules and the adjusted basis will be reported to the IRS on form 1099-B for the applicable tax year in which the security is disposed. Reporting requirements generally will be phased in over a three-year period, as follows: • • • Stock in a corporation acquired on or after January 1, 2011 Mutual funds and dividend reinvestment plan (DRP) shares acquired on or after January 1, 2012 Other securities, principally debt securities and options, acquired on or after January 1, 2014, or later, as determined by the Secretary of the Treasury. This Schedule may not reflect all cost basis adjustments necessary for tax reporting purposes, especially for noncovered securities. Adjustments to cost basis may have been made for prior income received and subsequently reclassified by the issuer as a return of capital. In addition, EFTA01405485 corporate action events may require adjustments to your original cost basis. Return of capital information and cost basis information, as it relates to corporate actions, has been obtained from sources we believe to be reliable. Adjustments to cost basis can be made after year-end, in particular, for return of capital adjustments, but may also include adjustments for corporate action events. Therefore there may be differences in cost basis reflected on your monthly client brokerage statement at year end versus any subsequent reports, including your 1099-B or online displays you may have available to you. When you report your cost basis on your tax return, it should be verified using all of your own records. In particular, there may be other adjustments which you need to make, but are not required to be made by Pershing as it relates to H.R. 1424. You should consult with your tax advisor in order to properly report your gain or loss for tax purposes. Pershing shall not be responsible for and makes no representations or warranties with respect to the accuracy of any information that you report to the IRS or other taxing authorities, and, accordingly, disclaims any and all liability that may arise with respect to your use and reliance on the information provided herein for such reporting. Page 11 of 21 80100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC COUNTRYWIDE HOME LOA 1 CL B1 4.090% 03/25/33 B/E D TD 01/30/03 Security Identifier: 12669DYS1 Original Cost Basis: 3,157.20 $5,769.29 $5,769.29 $6,794.82 $6,794.82 $1,025.53 $1,025.53 Quantity 1,290,000.000 Cost Basis 2,612.09 Proceeds 3,413.67 Realized Gain/Loss/ Disallowance 801.58 4,500,000.000 3,157.20 3,381.15 223.95 EFTA01405486 Schedule of Realized Gains and Losses Current Period (continued) Cost Basis on fixed income securities is adjusted for amortization, accretion or principal paydowns. The method of calculation is based upon the type of fixed income security and certain attributes, obtained from sources believed to be reliable. In the event, one or more of these attributes is changed, there may be a temporary incorrect adjusted cost basis reflected until the portfolio system is amended to reflect this change. These calculations will not be performed under certain circumstances, including those involving continuously callable bonds, foreign bonds, variable rates, bonds in default, index-linked bonds, bonds sold short or bonds that have a negative yield. This information is meant as a general guide and you should consult your tax advisor in the preparation of your tax returns. Please refer to the Your Account Information Section in your brokerage account statement for your account's existing tax-lot disposition method. The disposition method is the method which you have selected to use in the disposal of each tax lot of the securities held in your account. If you do not select a method, your account will be defaulted to First In, First Out (FIFO). Your account's selected tax lot method will be used to determine the cost basis for calculating gain and/or loss, unless another method was selected at the time of the security disposal, and this may be reported on the IRS Form 1099-B. Messages Federal Deposit Insurance Corporation (FDIC)-Insured Bank Deposits are not protected by Securities Investor Protection Corporation.(SIPC). For disclosure of rates for DWS money market funds, please visit the DWS Investments website at https://www.dws-investments.com/EN/products/money- market-funds-yields.jsp. Please note that all money market funds listed on the website may not be offered through us. Although a money market mutual fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in a money market mutual fund. Shares of a money market mutual fund or the balance of a bank deposit product held in your brokerage account may be liquidated upon request with the proceeds credited to your brokerage account. Please see the money market mutual fund's prospectus or the bank deposit product's disclosure document or contact your advisor for additional information. Please note the following information for Pershing's 2014 IRS Forms 1099 (B, DIV, INT, OID and MISC): Your form 1099 will be delivered as early as possible, beginning January 31, 2015. By February 17, you will receive either your 1099 form or a special Pending 1099 Notice. The Pending 1099 Notice will be sent if issuers of securities you hold have not yet provided their final tax information. It will inform you of the securities that are pending final reporting, and will provide the anticipated mail date of your 1099 form. Your 1099 will be mailed no later than March 16, 2015. Pershing's Impartial Lottery Process: Partial Calls Information about Pershing's impartial lottery process can be found on pershing.com/business_continuity. You may also request a printed copy of this information by calling (888) 367-2563, option 3 then option 5. EFTA01405487 When a security is subject to a partial redemption, pursuant to FINRA Rule 4340, Pershing must have procedures in place that are designed to treat clients fairly in accordance with an impartial lottery process. When an issuer initiates a partial call of securities, the depository holding such securities (typically, the Depository Trust Clearing and Corporation, or DTCC) conducts an impartial, computerized lottery using an incremental random number technique to determine the allocation of called securities to participants for which it holds securities on deposit (including Pershing). Because DTC's lottery is random and impartial, participants may or may not receive an allocation of securities selected for redemption. When Pershing is notified that it received an allocation of called securities, Pershing conducts a similar, computer-generated random lottery. The lottery determines the accounts that will be selected and the number of securities in the account that will be redeemed. Allocations are based on the number of trading units held in the account. The probability of any trading unit held by an account being selected as called in a partial call is proportional to the total number of trading units held through Pershing. Once the lottery is complete, Pershing notifies introducing broker-dealers whose introduced accounts have received an allocation. Securities registered in the client's name, either in transit or held in custody, are excluded from the Pershing lottery process. Pershing initiates the lottery process by identifying the accounts holding the called security, the total par value of the called securities held, and the trading unit of the security. Example (unit of trade = $25,800): Client Account Par Value ABC-123234 B0100535CSF30023 $180,800 Number of Trading Units 4 Page 12 of 21 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405488 Statement Period: 12/01/2014 - 12/31/2014 Messages (continued) DEF-325465 EDR-567433 EGT-876574 EGT-888345 FRT-435234 FRT-658797 In brief, the allocation process involves the following steps: * The number of trading units held in each account is identified. * A sequential number is assigned to each trading unit (e.g., account EDR-567433 would be assigned six numbers). * A random number is generated that will result in one of these trading units being the first unit in the selection process. * Thereafter, the trading units participating in the allocation are based on an incremental random number technique until the number of trading units allocated to Pershing is exhausted. Additional Information * The allocation of called securities is not made on a pro-rata basis. Therefore, it is possible that a client may receive a full or partial redemption of shares held. Conversely, it is also possible that a client may not have any securities selected for redemption at all. * When a partial call is deemed favorable to the holders of the called security, Pershing will exclude certain accounts from the lottery. Excluded accounts will include Pershing's proprietary and employee accounts, as well as proprietary and employee accounts of introducing broker- dealers (if Pershing carries and clears those accounts). No allocation will be made to these proprietary and employee accounts until all other client positions at Pershing in such securities have been called. When a partial call is deemed unfavorable to holders of the called security, Pershing will not exclude any accounts from the lottery. * If the partial call is made at a price above the current market price as captured in Pershingo's price reporting system, Pershing will generally categorize the partial call as one that is favorable to the holders of such security. If the partial call is made at a price that is equal to or below the current market price of the security as captured in Pershing's price reporting system, Pershing will generally categorize that call as one that is unfavorable to holders of the security. * Clients have the right to withdraw uncalled, fully paid securities from Pershing at any time prior to the cutoff date and time established by the issuer, transfer agent and/or depository with respect to the partial Page 13 of 21 60100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC $75,000 $150,000 $50,000 $25,000 EFTA01405489 $25,000 $75,000 3 3 6 2 1 1 EFTA01405490 Messages (continued) call. 6Clients also have the right to withdraw excess margin securities, provided that the client account is not subject to restriction under Regulation T or that such withdrawal will not cause an under-margined condition. u Activity Summary (All amounts shown are in base currency) Credits Securities Securities Bought Securities Sold Total Securities Dividends and Interest Distributions Fees Other Cash Withdrawals Deposits Total Cash FDIC Insured Bank Deposits Money Market Funds Total Credits Transactions by Type of Activity Process/ Settlement Date Activity Type Dividends and Interest 12/15/14 12/15/14 12/16/14 FOREIGN BOND INTEREST G5433BBG8 BOND INTEREST RECEIVED 369622SN6 FOREIGN BOND INTEREST G4S15PP48 0.00 0.00 $0.00 $420,440.13 $291,449.16 $0.00 $0.00 0.00 0.00 $0.00 $0.00 $0.00 $711,889.29 EFTA01405491 0.00 19,449,726.27 $19,449,726.27 $3,123,514.91 $8,339,518.77 $0.00 $72,188.00 0.00 32,417,681.34 $32,417,681.34 $37,486,437.18 $25,931,926.31 $126,820,992.78 This Period Year-to-Date Debits This Period Securities Securities Bought Securities Sold Total Securities Dividends and Interest Distributions Fees Other Cash Withdrawals Deposits Total Cash FDIC Insured Bank Deposits Money Market Funds Total Debits 0.00 0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00 0.00 $0.00 $0.00 -$657,514.29 -$657,514.29 -36,037,468.11 0.00 -$36,037,468.11 -$93,807.51 $0.00 -$72.00 EFTA01405492 -$441,870.18 -1,331,245.00 0.00 -$1,331,245.00 -$19,304,764.85 -$70,151,535.64 -$127,360,763.29 Year-to-Date Description Quantity 1200000 LBG CAPITAL NO 1 PLC 144A ISIN#XS0473106283 8.000% 09/15/88 REG DTD 12/15/09 CLB RD 12/12 PD 12/15/14 2000000 GENERAL ELEC CAP CORP NON CUM PFD SER A 7.125% 06/12/62 B/E DTD 06/12/12 CLB RD 11/28 PD 12/15/14 1500000 LLOYDS TSB BK PLC EURO ISSUE MEDIUM TERM NOTES ISIN#XS0717735822 9.875% 12/16/21 REG DTD 12/16/11 CLB RD 12/15 PD 12/16/14 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC Price Accrued Interest Amount Currency 48,000.00 USD 71,250.00 USD 148,125.00 USD Page 14 of 21 EFTA01405493 Statement Period: 12/01/2014 - 12/31/2014 Transactions by Type of Activity (continued) Process/ Settlement Date Activity Type Dividends and Interest (continued) 12/23/14 12/26/14 12/26/14 12/29/14 12/29/14 12/31/14 12/31/14 CASH DIVIDEND RECEIVED GM BOND INTEREST RECEIVED 939336S20 CASH DIVIDEND RECEIVED DXJ BOND INTEREST RECEIVED 12669DYS1 FOREIGN BOND INTEREST 539439AG4 MONEY MARKET FUND INCOME RECEIVED 233993682 FOREIGN SECURITY DIVIDEND RECEIVED RBS PRT Total Dividends and Interest - UNITED STATES DOLLAR Distributions 12/26/14 12/26/14 RETURN OF PRINCIPAL RECEIVED 939336S20 SHORT TERM CAPITAL GAIN DISTRIBUTION DXJ 1290000 WASHINGTON MUT MTG SECS CORP 2004-RA2 MTG PASSTHRU CTF CL C-B-1 VAR RATE 6.982% 07/25/33 B/E DTD 06/01/04 RD 11/28 PD 12/25/14 WISDOMTREE TR JAPAN HEDGED EQUITY FD RD 12/23 PD 12/26/14 SGN @ 1.815370 60000 SHS Description 97525 SHRS GENERAL MTRS CO COM RD 12/10 PD 12/23/14 1290000 WASHINGTON MUT MTG SECS CORP 2004-RA2 MTG PASSTHRU CTF CL C-B-1 VAR RATE 6.982% 07/25/33 B/E DTD 06/01/04 RD 11/28 PD 12/25/14 60000 SHRS WISDOMTREE TR JAPAN HEDGED EQUITY FD RD EFTA01405494 12/23 PD 12/26/14 4500000 COUNTRYWIDE HOME LOANS SER 03-1 CL B1 4.090% 03/25/33 B/E DTD 01/30/03 RD 11/28 PD 12/25/14 1903000 LLOYDS BANKING GROUP PLC FXD RATE RESET ADDL TIER 1 SECS ISIN#US539439AG42 7.500% 09/27/88 B/E DTD 04/07/14 CLB RD 12/26 PD 12/27/14 DWS GOVT CASH INSTL 120000 SHRS ROYAL BK SCOTLAND GP PLC SPON ADR REPSTG SER T PFD CPN-7.25% FREQ QRTLY PERP MTY CALL@25 ANY W/30 D NOTICE AFTR 12/31/12 RD 12/16 PD 12/31/14 0.00 Quantity Price Accrued Interest Amount Currency 29,257.50 USD 4,281.21 USD 23,679.00 USD 4,676.68 USD 35,681.25 USD 1,114.49 USD 54,375.00 USD 420,440.13 1,419.81 USD 108,922.20 USD Page 15 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405495 Transactions by Type of Activity (continued) Process/ Settlement Date Activity Type Distributions (continued) 12/26/14 12/29/14 LONG TERM CAPITAL GAIN DISTRIBUTION DXJ RETURN OF PRINCIPAL RECEIVED 12669DYS1 Total Distributions - UNITED STATES DOLLAR Money Market Funds 12/16/14 12/17/14 12/24/14 12/29/14 12/30/14 12/31/14 MONEY FUND PURCHASE USD999997 MONEY FUND PURCHASE USD999997 MONEY FUND PURCHASE USD999997 MONEY FUND PURCHASE USD999997 MONEY FUND PURCHASE USD999997 MONEY MARKET FUND REINVESTMENT 233993682 Total Money Market Funds - UNITED STATES DOLLAR Total Value of Transactions The price and quantity displayed may have been rounded. Cash Not Yet Received Security Dividends GENERAL ELECTRIC CO COM Total Cash Not Yet Received 12/22/14 01/26/15 23,000.000 0.230000 Cash 5,290.00 $5,290.00 DWS GOVT CASH INSTL EFTA01405496 DWS GOVT CASH INSTL DWS GOVT CASH INSTL DWS GOVT CASH INSTL DWS GOVT CASH INSTL DWS GOVT CASH INSTL INCOME REINVESTED 0.00 0.00 Description 60000 SHRS WISDOMTREE TR JAPAN HEDGED EQUITY FD RD 12/23 PD 12/26/14 4500000 COUNTRYWIDE HOME LOANS SER 03-1 CL 81 4.090% 03/25/33 B/E DTD 01/30/03 RD 11/28 PD 12/25/14 0.00 Quantity Price Accrued Interest Amount Currency 177,726.00 USD 3,381.15 USD 291,449.16 -119,250.00 USD -148,125.00 USD -29,257.50 USD -316,028.22 USD -43,739.08 USD -1,114.49 USD -657,514.29 54,375.00 USD Record Date Payable Date Quantity Held Rate Dividend Option Amount of Payment Page 16 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405497 Statement Period: 12/01/2014 - 12/31/2014 Bond Maturity Schedule Bond Maturity 7 to 12 months 1 to 5 years 6 to 10 years Over 10 years Total Bond Quality Bond Quality BAA BA/Lower Not Rated Total Market Value 1,887,500.00 2,029,500.00 3,563,850.00 17,846,658.08 25,327,508.08 % of Bond Market Value 8% 8% 14% 70% 100% Percentages of bond market values are rounded to the nearest whole percentage. Market Value 5,653,750.00 18,863,486.83 810,271.25 % of Bond Market Value 22% 74% 4% 25,327,508.08 100% Percentages of bond market values are rounded to the nearest whole percentage. Client Service Information Your Client Advisor: DAN DANIEL SABBA 345 PARK AVENUE, 26TH FLOOR NEW YORK NY 10154 Your Account Information Tax Lot Default Disposition Method Default Method for Mutual Funds: FIRST IN FIRST OUT Default Method for Stocks in a Dividend Reinvestment Plan: FIRST IN FIRST OUT Default Method for all Other Securities: FIRST IN FIRST OUT EFTA01405498 Bond Amortization Elections: Treat all interest as original issue discount (OID): No Amortize premium on taxable bonds based on Constant Yield Method: Yes Accrual market discount method for all other bond types: Ratable Method Include market discount in income annually: No Page 17 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405499 Your Account Information (continued) Electronic Delivery You have not selected any account communications for electronic delivery. To register and turn off paper communications, log in to your account or contact your Client Advisor for more information. Important Information and Disclosures Pricing This section includes the net market value of the securities in your account on a settlement date basis, including short positions, at the close of the statement period. The market prices, unless otherwise noted, have been obtained from independent vendor services, which we believe to be reliable. Market prices do not constitute a bid or an offer, and may differ from the actual sale price. Securities for which a price is not available are marked "N/A" and are omitted from the Total. THE AS OF PRICE DATE ONLY APPEARS WHEN THE PRICE DATE DOES NOT EQUAL THE STATEMENT DATE. Estimated Annual Figures The estimated annual income (EAI) and estimated annual yield (EAY) figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results. These figures are computed using information from providers believed to be reliable; however, no assurance can be made as to the accuracy. Since interest and dividend rates are subject to change at any time, and may be affected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or tax decisions. These figures assume that the position quantities, interest and dividend rates, and prices remain constant. A capital gain or return of principal may be included in the figures for certain securities, thereby overstating them. Refer to www.pershing.com/business_continuity.html for specific details as to formulas used to calculate the figures. Accrued interest represents interest earned but not yet received. Reinvestment The dollar amount of Mutual Fund distributions, Money Market Fund dividend income, Bank Deposit interest income, or dividends for other securities shown on your statement may have been reinvested. You will not receive confirmation of these reinvestments. Upon written request to your financial institution, information pertaining to these transactions, including the time of execution and the name of the person from whom your security was purchased, may be obtained. In dividend reinvestment transactions, Pershing acts as your agent and receives payment for order flow. Options Information with respect to commissions and other charges incurred in connection with the execution of option transactions has been included in confirmations previously furnished to you. A summary of this information is available to you promptly upon your written request directed to your introducing firm. In order to assist your introducing firm in maintaining current background and financial information concerning your option accounts, please promptly advise them in writing of any material change in your investment objectives or financial situation. Expiring EFTA01405500 options which are valuable are exercised automatically pursuant to the exercise by exception procedure of the Options Clearing Corporation. Additional information regarding this procedure is available upon written request to your introducing firm. Proxy Vote Securities not fully paid for in your margin account may be lent by Pershing to itself or others in accordance with the terms outlined in the Margin Agreement. The right to vote your shares held on margin may be reduced by the amount of shares on loan. The Proxy Voting Instruction Form sent to you may reflect a smaller number of shares entitled to vote than the number of shares in your margin account. Foreign Currency Transactions Pershing may execute foreign currency transactions as principal for your account. Pershing may automatically convert foreign currency to or from U.S. dollars for dividends and similar corporate action transactions unless you instruct your financial organization otherwise. Pershing's currency conversion rate will not exceed the highest interbank conversion rate identified from customary banking sources on the conversion date or the prior business day, increased by up to 1%, unless a particular rate is required by applicable law. Your financial organization may also increase the currency conversion rate. This conversion rate may differ from rates in effect on the date you executed a transaction, incurred a charge, or received a credit. Transactions converted by agents (such as depositories) will be billed at the rates such agents use. Ratings This statement may contain credit rating information obtained from Standard & Poor's. Reproducing and distributing any information received from Standard & Poor's is not permitted without prior written authorization from Standard & Poor's. Standard & Poor's does not guarantee the accuracy, completeness, timeliness or availability of any information. Standard & Poor's is not responsible for any errors or omissions, regardless of the cause, or for the results of using such content. Standard & Poor's makes no express or implied warranties including warranties of merchantability or fitness for a particular purpose. Standard & Poor's shall not be legally responsible for any fees, costs, expenses or losses in connection with the use of their content. Credit ratings are opinions and not statements of facts; are not recommendations to purchase, hold or sell securities; and do not address suitability for investment purpose. Credit ratings should not be relied upon as investment advice. Cash Not Yet Received Assets shown here are not reflected in your account. This information has been received from sources we believe to be reliable. Pershing does not guarantee the accuracy of the information. Bond Maturity Schedule Bonds that are in default are not included. Page 18 of 21 B0100535CSF30023 Account Number: N4G-023804 SOUTHERN FINANCIAL LLC EFTA01405501 EFTA01405502 Statement Period: 12/01/2014 - 12/31/2014 Important Information and Disclosures (continued) Bond Quality Bond quality ratings reflect Moody's or Standard and Poor's ratings. Bonds may be rated by other services. Bonds that are in default are not included. Please refer to your Portfolio Holdings section. The Role of Pershing Pershing carries your account as clearing broker pursuant to a clearing agreement with your financial institution. Pershing may accept from your financial institution without inquiry or investigation (i) orders for the purchase and sale of securities and other property and (ii) any other instructions concerning your account. Pershing is not responsible or liable for any acts or omissions of your financial institution or its employees and it does not supervise them. Pershing provides no investment advice nor does it assess the suitability of any transaction or order. Pershing acts as the agent of your financial institution and you agree that you will not hold Pershing or