Investment Portfolio Report

Transcription

1 Investment Portfolio Report March 31, 2018 Mary Shah Strategic Benefits Advisors 2392 Mt Vernon Rd Suite #200 Atlanta, GA Santa Monica Blvd. 8th Floor Beverly Hills, CA tel: (310) fax: (310)

2 Statement of Net Assets Summary of Portfolio Anticipated Total Cost Market Value % of Portfolio Current Yield % CASH EQUIVALENTS 96,131 96, CONVERTIBLE BONDS 1,769,554 1,994, , L.Y.O.N.S 139, , CONVERTIBLE PREFERRED STOCKS 199, , , CONVERTIBLE PREFERRED - MANDATORY 307, , , COMMON STOCKS 9,875 10, ACCRUED INCOME 9,440 9, TOTAL PORTFOLIO 2,531,327 2,813, , QTD Statement of Changes in Net Assets Market Value at 01/01/18 $2,839,669 Net Additions/ (Withdrawals) (84,178) Net Earned 17,270 Capital Appreciation/(Depreciation) 40,444 Market Value at 03/31/18 2,813,205 Management Fees Accrued (Memo) (5,953) Net Investment Since Inception 840,207 QTD Statement of Operations Dividend /(Expense) $8,992 Interest /(Expense) 10,791 Misc. /(Expense) 0 Change in Accrued (2,514) Change in Unrealized Gain/(Loss) 62,884 Realized Gain/(Loss) (22,440) Page 2 of 42

3 Investment Performance ized Quarter to Date Year to Date Inception to Date (Cumulative) 1 Year 3 Year 5 Year 10 Year Since Inception 07/13/2011 CLIENT ACCOUNT GROSS of Fee(s) N/A 8.08 NET of Fee(s) N/A 7.19 VXNO 144A N/A 9.01 Page 3 of 42

4 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CASH EQUIVALENTS CASH EQUIVALENT $ T 96, , TOTAL CASH EQUIVALENTS 96, , CONVERTIBLE BONDS MATERIALS PRECIOUS METALS 21,000 ROYAL GOLD INC CVT SR NTS AA , , (1,418) 2.875% DIVERSIFIED METALS & MINING 19,000 RTI/ALCOA CVT SR NOTES 74973WAB , , (791) 1.625% TOTAL MATERIALS 44, , (2,208) INDUSTRIALS BUILDING PRODUCTS 19,000 KB HOME CVT SR NTS 48666KAS , , , % ,000 RPM INTL CVT SR NOTES AT , , (1,170) 2.250% TOTAL BUILDING PRODUCTS 38, , (113) COMMERCIAL SERVICES Page 4 of 42

5 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) COMMERCIAL SERVICES (cont.) 18,000 LIVE NATION CVT SR NTS AJ , , , % ,000 MACQUARIE INFRA CVT SR NOTES 55608BAA , , (3,238) 2.875% (I) TOTAL COMMERCIAL SERVICES 41, , (51) CONGLOMERATES 18,000 TRINITY INDUSTRIES INC CSN AF , , , % INDUSTRIALS - MISC. 15,000 DYCOM INDUS INC CVT SR NTS AB , , % TOTAL INDUSTRIALS 121, , , ,329 HEALTHCARE BIOTECHNOLOGY 15,000 BIOMARIN PHARM CVT SR NOTES B 09061GAF , , (1,552) 1.500% ,000 ILLUMINA INC CVT SR NTS B AH , , , % ,000 EXACT SCIENCES CVT SR NOTES 30063PAA , , (2,999) 1.000% TOTAL BIOTECHNOLOGY 73, , (2,792) Page 5 of 42

6 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) HEALTH SERVICES 9,000 ANTHEM/WLP INC CVT SR DEBS 94973VBG , , , % ,000 MOLINA HEALTHCARE CVT SR NTS 60855RAD , , , % TOTAL HEALTH SERVICES 46, , ,026 PHARMACEUTICALS 33,000 JAZZ INVEST I CVT SR NTS AB , , (3,393) 1.875% ,000 CLOVIS ONCOLOGY CVT SR NOTES AB , , % ,000 IONIS PHARM CVT SR NTS AJ , , (3,254) 1.000% TOTAL PHARMACEUTICALS 84, , , (6,472) HEALTH EQUIP & SUPPLY 38,000 WRIGHT MED GRP CVT SR NTS 98235TAE , , (4,549) 2.000% ,000 QUIDEL CORP CVT SR NTS 74838JAA , , , % ,000 NUVASIVE INC CVT SR NTS AG , , (2,982) 2.250% ,000 INSULET CORP CVT SR NTS 45784PAF , , , % TOTAL HEALTH EQUIP & SUPPLY 102, , , ,397 Page 6 of 42

7 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) TOTAL HEALTHCARE 307, , , ,159 CONSUMER DISCRETIONARY AUTOS 41,000 TESLA MOTORS CVT SR NOTES "A" 88160RAB , , , % ,000 NAVISTAR INTL CVT SR NTS 63934EAS , , , (2,203) 4.750% TOTAL AUTOS 83, , , (1,115) LODGING 14,000 CAESARS ENTERTAINMT CVT SR NTS AA , , (2,857) 5.000% TOTAL CONSUMER DISCRETIONARY 110, , ,703 1, (3,973) MEDIA BROADCASTING & CABLE 26,000 LIBERTY MEDIA CVT SR NOTE AB , , , % ,000 DISH NETWORK CVT SR NTS 25470MAB , , , (7,320) 3.375% TOTAL BROADCASTING & CABLE 67, , , (3,592) ENTERTAINMENT 210 CENTERPOINT ENGY/TWX CVT ZENS 15189T , , , % 9/15/2029 Page 7 of 42

8 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) TOTAL MEDIA 79, , , (1,805) CONSUMER STAPLES FOODS 46,000 HERBALIFE CVT SR NOTES 42703MAB , , , % TOTAL CONSUMER STAPLES 47, , ,333 ENERGY OIL & GAS PRODUCTS 10,000 OASIS PETROLEUM INC CVT SR NTS AJ , , (1,958) 2.625% OIL SERVICES 10,000 WEATHERFORD INTL CVT SR NTS AH , , (2,959) 5.875% ,000 HELIX ENERGY CVT SR NTS (II) 42330PAH , , (2,039) 4.250% TOTAL OIL SERVICES 24, , , (4,998) OIL INTEGRATED 37,000 CHENIERE ENERGY CVT SR NTS II 16411RAG , , , , % TOTAL ENERGY 63, , , (5,234) FINANCIALS Page 8 of 42

9 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) REAL ESTATE 24,000 COLONY CAPITAL CVT SR NTS II 19624RAB , , (1,173) 3.875% ,000 NATIONAL HEALTH CVT SR NOTES 63633DAE , , , % ,000 TWO HARBOR INVEST CVT SR NTS 90187BAA , , , (464) 6.250% ,000 BLACKSTONE MORTGAGE CVT SR NTS 09257WAB , , (796) 4.375% ,000 HANNON ARMSTRONG CVT SR NTS 41068XAB , , (275) 4.125% TOTAL REAL ESTATE 92, , ,915 1, (1,070) FINANCIAL - MISC. 28,000 ARES CAPITAL CORP CVT SR NTS 04010LAM , , , (350) 4.375% TOTAL FINANCIALS 121, , ,140 1, (1,420) TECHNOLOGY SOFTWARE - APPS & SYS 13,000 WORKDAY INC CVT SR NTS 98138HAC , , , % "A" 32,000 CITRIX SYSTEMS CVT SR NTS AD , , , % ,000 RED HAT INC CVT SR NOTES AD , , , % Page 9 of 42

10 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) SOFTWARE - APPS & SYS (cont.) 40,000 ALLSCRIPTS HLTH CVT SR NT 01988PAD , , (3,412) 1.250% ,000 GUIDEWIRE SOFTWARE CVT SR NTS 40171VAA , , (776) 1.250% ,000 NUANCE COMMUN CVT SR DEBS 67020YAG , , (712) 1.500% ,000 CSG SYSTEMS CVT SR NOTES AF , , (777) 4.250% TOTAL SOFTWARE - APPS & SYS 196, , , ,563 SEMICONDUCTOR 5,000 LAM RESEARCH CVT SR NT AL , , , % "B" 11,000 INPHI CORP CVT SR NTS 45772FAB , , (3,450) 1.125% ,000 ON SEMI CVT SR NTS AK , , , % ,000 CYPRESS SEMI CVT SR NTS AM , , , % ,000 SILICON LAB CVT SR NTS AB , , (1,600) 1.375% ,000 INTEGRATED DEV CVT SR NTS AC , , % ,000 TERADYNE INC CVT SR NTS AG , , % Page 10 of 42

11 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) SEMICONDUCTOR (cont.) 33,000 MICROCHIP CVT SR SUB NTS AD , , , % ,000 MICROCHIP CVT SR SUB NTS AF , , (4,769) 1.625% "A" 14,000 MICRON TECH CVT SR NT "F" AV , , , % ,000 VIAV / JDSU CVT SR NOTES 46612JAF , , (434) 0.625% ,000 INTEL CORP JR SUB CVT DEB AF , , , , % (II) 6,000 LAM/NOVELLUS SYS CVT SR NOTE AD , , , % ,000 MICRON TECH CVT SR NOTES "G" AY , , , % TOTAL SEMICONDUCTOR 396, , ,754 1, ,816 COMMUNICATION EQUIPMENT 16,000 FINISAR CORP CVT SR NTS 31787AAM , , (2,604) 0.500% e-commerce 26,000 ZILLOW GROUP CVT SR NTS 98954MAB , , , % INTERNET SOFTWARE & SVS Page 11 of 42

12 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE BONDS (cont.) INTERNET SOFTWARE & SVS (cont.) 27,000 ENVESTNET INC CVT SR NTS 29404KAA , , % ,000 PRICELINE.COM CVT SR NTS AS , , , % (III) 11,000 PROOFPOINT INC CVT SR NTS AD , , , % ,000 CTRIP.COM INT CVT SR NTS 22943FAF , , % ,000 PRICELINE.COM CVT SR NTS AX , , , % ,000 EVERBRIDGE INC CVT SR NOTES 29978AAA , , , % ,000 VERISIGN INC CVT SUB NOTES 92343EAD , , , , % TOTAL INTERNET SOFTWARE & SVS 204, , , ,872 TOTAL TECHNOLOGY 844, ,060, ,031 2, ,597 TRANSPORTATION TRANSPORTATION - MISC. 26,000 ATLAS AIR WORLDWIDE CVT SR NTS BH , , (225) 2.250% TOTAL TRANSPORTATION 29, , (225) TOTAL CONVERTIBLE BONDS 1,769, ,994, ,028 7, ,554 L.Y.O.N.S. Page 12 of 42

13 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) L.Y.O.N.S. (cont.) HEALTHCARE BIOTECHNOLOGY 34,000 ILLUMINA INC CVT SR NTS A AF , , (3,188) 0.000% TOTAL HEALTHCARE 40, , (3,188) TECHNOLOGY SOFTWARE - APPS & SYS 16,000 SERVICENOW INC CVT SR NTS 81762PAB , , , % COMMUNICATION EQUIPMENT 13,000 PALO ALTO NET CVT SR NTS AB , , (27) 0.000% INTERNET SOFTWARE & SVS 37,000 YAHOO INC CVT SR NOTES AF , , , % ,000 AKAMAI TECH CVT SR NTS 00971TAG , , % TOTAL INTERNET SOFTWARE & SVS 56, , ,133 TOTAL TECHNOLOGY 98, , ,526 TOTAL L.Y.O.N.S. 139, , ,338 CONVERTIBLE PREFERRED STOCKS Page 13 of 42

14 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE PREFERRED STOCKS (cont.) CONSUMER STAPLES FOODS 155 BUNGE LIMITED CVT PFD G , , % / $4.875 TOTAL CONSUMER STAPLES 16, , FINANCIALS BANKS - REGIONAL 76 WELLS FARGO CO NON CUM CVT PFD , , ,285 97, , , % / $75.00 SERIES L DIVERSIFIED FINANCIALS 160 AFFILIATED MGRS CVT PFD 00170F , , % / $ BANK OF AMER NON CUM CVT PFD , , , , ,350 1, , % / $72.50 TOTAL DIVERSIFIED FINANCIALS 78, , ,762 1, ,076 REAL ESTATE 210 WELLTOWER INC/HCN CVT PFD 95040Q , , (2,705) 6.50% / $3.25 TOTAL FINANCIALS 183, , ,145 1, ,608 TOTAL CONVERTIBLE PREFERRED STOCKS 199, , ,900 1, ,360 CONVERTIBLE PREFERRED - MANDATORY Page 14 of 42

15 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE PREFERRED - MANDATORY (cont.) INDUSTRIALS MACHINERY 470 REXNORD CORP MAND CVT PFD 76169B , , , , % / $ /15/2019 TOTAL INDUSTRIALS 27, , , ,428 HEALTHCARE HEALTH SERVICES 855 ANTHEM INC CVT EQTY UNITS , , , , % / $ /1/2018 HEALTH EQUIP & SUPPLY 1,365 BECTON DICKINSON MAND CVT PFD , , , , % / $ /01/2020 TOTAL HEALTHCARE 115, , , ,885 CONSUMER DISCRETIONARY HOUSEHOLD DURABLES 365 STANLEY BLK & DKR CVT EQ UNIT , , , , % / $ /15/2020 TOTAL CONSUMER DISCRETIONARY 40, , , ,111 ENERGY OIL INTEGRATED Page 15 of 42

16 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) CONVERTIBLE PREFERRED - MANDATORY (cont.) OIL INTEGRATED (cont.) 520 HESS CORP MAND CVT PFD 42809H , , , (1,209) 8.00% / $ /01/2019 TOTAL ENERGY 32, , , (1,209) TELECOMMUNICATIONS WIRELESS TELECOM 37 CROWN CASTLE INT MAND CVT PFD 22822V309 1, , , , , , % / $ /1/2020 TOTAL TELECOMMUNICATIONS 39, , , ,905 UTILITIES UTILITY - ELECTRIC 295 DTE ENERGY CVT EQTY SEC UNITS , , (1,151) 6.5% / $ /01/ NEXTERA ENERGY CVT EQTY UNITS 65339F , , , , % / $ /1/2018 TOTAL UTILITY - ELECTRIC 52, , , ,279 TOTAL UTILITIES 52, , , ,279 TOTAL CONVERTIBLE PREFERRED - MANDATORY 307, , , ,399 COMMON STOCKS FINANCIALS BANKS - REGIONAL Page 16 of 42

17 Portfolio Holdings Average Unit Cost Total Cost Unit Market Price Market Value Portfolio Int/Div Rate Est. Accrued Current Yield Unrealized Gain/(Loss) COMMON STOCKS (cont.) BANKS - REGIONAL (cont.) 669 HUNTINGTON BANCSHARES INC , , TOTAL COMMON STOCKS 9, , ACCRUED INCOME A 9, , , TOTAL PORTFOLIO 2,531, ,813, ,342 9, ,878 Page 17 of 42

18 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) Sell 01/02/18 8, MEDICINES CO CVT SR NTS AE5 07/20/ , , (1,501.21) 2.500% /04/18 01/05/18 6, ALLSCRIPTS HLTH CVT SR NT 01988PAD , % HESS CORP MAND CVT PFD 42809H , % / $ /01/2019 Sell 01/05/ KINDER MORGAN INC MAND CVT PFD 49456B200 04/19/ , , (1,933.10) 9.75% / $ /26/ /09/18 7, ALLSCRIPTS HLTH CVT SR NT 01988PAD , % Sell 01/12/ AMERICAN TOWER CORP CVT PFD 03027X407 05/02/ , , (27.12) 5.50% / $ /15/2018 Sell 01/12/ AMERICAN TOWER CORP CVT PFD 03027X407 07/20/ , , (309.92) 5.50% / $ /15/ /12/18 01/12/18 01/12/18 8, CHENIERE ENERGY CVT SR NTS II 16411RAG , % , EXACT SCIENCES CVT SR NOTES 30063PAA , % , EXACT SCIENCES CVT SR NOTES 30063PAA , % Page 18 of 42

19 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) Sell 01/16/18 19, BLACKHAWK NTWK CVT SR NTS 09238EAB0 08/07/ , , % /22/18 01/24/18 01/24/18 01/24/18 1, ANTHEM/WLP INC CVT SR DEBS 94973VBG , % , INSMED INCOR CVT SR NOTES AA , % , INSMED INCOR CVT SR NOTES AA , % , INSMED INCOR CVT SR NOTES AA , % Sell 01/24/18 9, PROOFPOINT INC CVT SR NTS AD5 09/27/ , , , % Sell 01/26/18 2, LAM RESEARCH CVT SR NT AL2 06/22/ , , , % "B" Sell 02/05/18 17, AEROJET ROCKER CVT SR NTS AB1 12/14/ , , (3,196.79) 2.250% Sell 02/05/ BELDEN INC MAND CVT PFD /13/ , , (2,154.14) 6.75% / $ /15/2019 Sell 02/05/ BELDEN INC MAND CVT PFD /28/ , , (1,067.44) 6.75% / $ /15/2019 Page 19 of 42

20 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) Sell 02/05/18 12, EURONET WORLD CVT SR NTS AH2 11/06/ , , (352.07) 1.500% Sell 02/05/18 14, STARWOOD WAYPOINT CVT SR NTS 85571WAB5 05/10/ , , , % Sell 02/13/18 9, VISHAY INTER CVT SR DEBS AG3 01/05/ , , % (I) 02/14/ BECTON DICKINSON MAND CVT PFD , % / $ /01/2020 Sell 02/14/18 4, MICROCHIP CVT SR SUB NTS AD6 02/22/ , , , % /14/ STANLEY BLK & DKR CVT EQ UNIT , % / $ /15/ /20/18 02/20/18 9, CHENIERE ENERGY CVT SR NTS II 16411RAG , % HESS CORP MAND CVT PFD 42809H , % / $ /01/2019 Sell 02/20/18 2, MICRON TECH CVT SR NT "F" AV5 01/21/ , , , % Sell 02/21/18 3, LAM RESEARCH CVT SR NT AL2 06/22/ , , , % "B" Page 20 of 42

21 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) 02/21/ REXNORD CORP MAND CVT PFD 76169B , % / $ /15/2019 Sell 02/22/ HUNTINGTON BANCSHARES INC /15/ Sell 02/22/ ALLERGAN/ACTAVIS MAND CVT PFD G0177J116 02/25/15 1, , , (18,840.31) 5.50% / $ /1/2018 Sell 02/22/ ALLERGAN/ACTAVIS MAND CVT PFD G0177J116 05/26/15 1, , , (10,966.31) 5.50% / $ /1/2018 Sell 02/22/ ALLERGAN/ACTAVIS MAND CVT PFD G0177J116 09/02/15 1, , , (9,947.32) 5.50% / $ /1/ /26/18 02/26/18 02/26/18 02/27/18 03/01/18 19, CSG SYSTEMS CVT SR NOTES AF , % , EVERBRIDGE INC CVT SR NOTES 29978AAA , % , HERBALIFE CVT SR NOTES 42703MAB , % , PALO ALTO NET CVT SR NTS AB , % , ENVESTNET INC CVT SR NTS 29404KAA , % Sell 03/01/18 6, HANNON ARMSTRONG CVT SR NTS 41068XAB6 08/17/ , , (381.50) 4.125% Page 21 of 42

22 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) Sell 03/01/18 5, PRICELINE.COM CVT SR NTS AQ9 08/09/ , , , % (II) Sell 03/01/18 10, STARWOOD PROP CVT SR NOTES (I) 85571BAA3 03/03/ , , (996.10) 4.550% Sell 03/01/18 22, STARWOOD PROP CVT SR NOTES (I) 85571BAA3 08/09/ , , (1,826.00) 4.550% Sell 03/05/18 1, CEMEX CVT SUB NOTES "B" BC6 08/09/ , , (157.52) 3.750% Sell 03/05/18 13, CEMEX CVT SUB NOTES "B" BC6 08/10/ , , (2,298.44) 3.750% Sell 03/05/18 10, CEMEX CVT SUB NOTES "B" BC6 06/01/ , , (1,324.71) 3.750% /08/18 03/09/18 03/09/18 03/09/18 17, AKAMAI TECH CVT SR NTS 00971TAG , % , CITRIX SYSTEMS CVT SR NTS AD , % , GUIDEWIRE SOFTWARE CVT SR NTS 40171VAA , % , GUIDEWIRE SOFTWARE CVT SR NTS 40171VAA , % Page 22 of 42

23 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) 03/09/18 03/12/18 03/13/18 03/13/18 03/14/18 12, GUIDEWIRE SOFTWARE CVT SR NTS 40171VAA , % , RED HAT INC CVT SR NOTES AD , % , MICROCHIP CVT SR SUB NTS AD , % , MICROCHIP CVT SR SUB NTS AF , % "A" 25, MICROCHIP CVT SR SUB NTS AF , % "A" Sell 03/14/18 5, MOLINA HEALTHCARE CVT SR NTS 60855RAD2 03/04/ , , % Sell 03/16/18 1, SALESFORCE.COM CVT SR NTS 79466LAD6 05/22/ , , % (II) Sell 03/16/18 4, SALESFORCE.COM CVT SR NTS 79466LAD6 10/02/ , , , % (II) Sell 03/20/ DOMINION ENERGY CVT MAND PFD 25746U836 06/19/ , , (2,329.83) 6.75% / /15/2019 Sell 03/20/18 13, SALESFORCE.COM CVT SR NTS 79466LAD6 10/02/ , , , % (II) Page 23 of 42

24 Purchases/(Sales) Trans Type Trade Date Original Purchase Date Average Cost Total Cost Unit Proceeds Total Proceeds Realized Gain/(Loss) 03/20/18 32, SILICON LAB CVT SR NTS AB , % Sell 03/21/18 11, ADVANCED MICRO DEV CVT SR NTS BD8 09/09/ , , , % Sell 03/26/18 6, CAESARS ENTERTAINMT CVT SR NTS AA1 10/17/ , , (462.02) 5.000% Sell 03/26/18 21, INSMED INCOR CVT SR NOTES AA7 01/24/ , , (3,006.35) 1.750% Sell 03/28/18 21, TESLA MOTORS CVT SR NOTES "B" 88160RAC5 02/14/ , , (987.92) 1.250% PORTFOLIO TOTALS: 858, , (22,439.52) Corporate Actions Conv In 02/22/ HUNTINGTON BANCSHARES INC /15/13 Conv Out 02/22/ HUNTINGTON BANCSHARES CVT PFD /15/ % / $85.00 Matured 03/01/18 32, STARWOOD PROP CVT SR NOTES (I) 85571BAA3 UNKNOWN , % Page 24 of 42

25 Schedule of Realized Gains/(Losses) Original Purchase Date Date Sold Cost Proceeds Gain/(Loss) Short Term Long Term LONG EQUITY 0.34 HUNTINGTON BANCSHARES INC TOTAL LONG EQUITY LONG CONVT BOND 8, MEDICINES CO CVT SR NTS AE , , (1,501.21) 2.500% , BLACKHAWK NTWK CVT SR NTS 09238EAB , , % , PROOFPOINT INC CVT SR NTS AD , , , % , LAM RESEARCH CVT SR NT AL , , , % "B" 17, AEROJET ROCKER CVT SR NTS AB , , (3,196.79) 2.250% , EURONET WORLD CVT SR NTS AH , , (352.07) 1.500% , STARWOOD WAYPOINT CVT SR NTS 85571WAB , , , % Page 25 of 42

26 Schedule of Realized Gains/(Losses) Original Purchase Date Date Sold Cost Proceeds Gain/(Loss) Short Term Long Term 9, VISHAY INTER CVT SR DEBS AG , , % (I) 4, MICROCHIP CVT SR SUB NTS AD , , , % , MICRON TECH CVT SR NT "F" AV , , , % , LAM RESEARCH CVT SR NT AL , , , % "B" 6, HANNON ARMSTRONG CVT SR NTS 41068XAB , , (381.50) 4.125% , PRICELINE.COM CVT SR NTS AQ , , , % (II) 10, STARWOOD PROP CVT SR NOTES (I) 85571BAA , , (996.10) 4.550% , STARWOOD PROP CVT SR NOTES (I) 85571BAA , , (1,826.00) 4.550% , MOLINA HEALTHCARE CVT SR NTS 60855RAD , , % Page 26 of 42

27 Schedule of Realized Gains/(Losses) Original Purchase Date Date Sold Cost Proceeds Gain/(Loss) Short Term Long Term 1, SALESFORCE.COM CVT SR NTS 79466LAD , , % (II) 4, SALESFORCE.COM CVT SR NTS 79466LAD , , , % (II) 13, SALESFORCE.COM CVT SR NTS 79466LAD , , , % (II) 11, ADVANCED MICRO DEV CVT SR NTS BD , , , % , CAESARS ENTERTAINMT CVT SR NTS AA , , (462.02) 5.000% , INSMED INCOR CVT SR NOTES AA , , (3,006.35) 1.750% , TESLA MOTORS CVT SR NOTES "B" 88160RAC , , (987.92) 1.250% TOTAL LONG CONVT BOND 262, , (6,898.17) 35, LONG CONVT PREFERRED KINDER MORGAN INC MAND CVT PFD 49456B , , (1,933.10) 9.75% / $ /26/2018 Page 27 of 42

28 Schedule of Realized Gains/(Losses) Original Purchase Date Date Sold Cost Proceeds Gain/(Loss) Short Term Long Term AMERICAN TOWER CORP CVT PFD 03027X , , (27.12) 5.50% / $ /15/ AMERICAN TOWER CORP CVT PFD 03027X , , (309.92) 5.50% / $ /15/ BELDEN INC MAND CVT PFD , , (2,154.14) 6.75% / $ /15/ BELDEN INC MAND CVT PFD , , (1,067.44) 6.75% / $ /15/ ALLERGAN/ACTAVIS MAND CVT PFD G0177J , , (18,840.31) 5.50% / $ /1/ ALLERGAN/ACTAVIS MAND CVT PFD G0177J , , (10,966.31) 5.50% / $ /1/ ALLERGAN/ACTAVIS MAND CVT PFD G0177J , , (9,947.32) 5.50% / $ /1/ DOMINION ENERGY CVT MAND PFD 25746U , , (2,329.83) 6.75% / /15/2019 TOTAL LONG CONVT PREFERRED 187, , (3,734.31) (43,841.18) FOREIGN POSITIONS Page 28 of 42

29 Schedule of Realized Gains/(Losses) Original Purchase Date Date Sold Cost Proceeds Gain/(Loss) Short Term Long Term 1, CEMEX CVT SUB NOTES "B" BC , , (157.52) 3.750% , CEMEX CVT SUB NOTES "B" BC , , (2,298.44) 3.750% , CEMEX CVT SUB NOTES "B" BC , , (1,324.71) 3.750% TOTAL FOREIGN POSITIONS 27, , (1,324.71) (2,455.96) PORTFOLIO TOTALS 477, , (11,957.19) (10,482.33) Page 29 of 42

30 Date Net Amount Memo DIVIDEND INCOME/(EXPENSE) 01/02/2018 DTE ENERGY CVT EQTY SEC UNITS % / $ /01/ /15/2018 AFFILIATED MGRS CVT PFD 00170F % / $ /15/2018 BELDEN INC MAND CVT PFD % / $ /15/ /15/2018 HUNTINGTON BANCSHARES CVT PFD % / $ /16/2018 WELLTOWER INC/HCN CVT PFD 95040Q % / $ /30/2018 BANK OF AMER NON CUM CVT PFD , % / $ /01/2018 ANTHEM INC CVT EQTY UNITS % / $ /1/ /01/2018 BECTON DICKINSON MAND CVT PFD % / $ /01/ /01/2018 CROWN CASTLE INT MAND CVT PFD 22822V % / $ /1/2020 Page 30 of 42

31 Date Net Amount Memo DIVIDEND INCOME/(EXPENSE) (Cont.) 02/01/2018 HESS CORP MAND CVT PFD 42809H % / $ /01/ /15/2018 DOMINION ENERGY CVT MAND PFD 25746U % / /15/ /15/2018 REXNORD CORP MAND CVT PFD 76169B % / $ /15/ /15/2018 STANLEY BLK & DKR CVT EQ UNIT % / $ /15/ /15/2018 STANLEY BLK & DKR CVT EQ UNIT % / $ /15/ /01/2018 NEXTERA ENERGY CVT EQTY UNITS 65339F % / $ /1/ /01/2018 ALLERGAN/ACTAVIS MAND CVT PFD G0177J116 1, % / $ /1/ /01/2018 BUNGE LIMITED CVT PFD G % / $ /15/2018 CENTERPOINT ENGY/TWX CVT ZENS 15189T % 9/15/2029 Page 31 of 42

32 Date Net Amount Memo DIVIDEND INCOME/(EXPENSE) (Cont.) 03/15/2018 WELLS FARGO CO NON CUM CVT PFD , % / $75.00 SERIES L INTEREST INCOME/(EXPENSE) TOTAL DIVIDEND INCOME/(EXPENSE) $8, /01/2018 ALLSCRIPTS HLTH CVT SR NT 01988PAD % /01/2018 CTRIP.COM INT CVT SR NTS 22943FAF % /01/2018 STARWOOD WAYPOINT CVT SR NTS 85571WAB % /01/2018 WEATHERFORD INTL CVT SR NTS AH % /02/2018 MEDICINES CO CVT SR NTS AE % /04/2018 ALLSCRIPTS HLTH CVT SR NT 01988PAD0 (1.46) 1.250% /09/2018 ALLSCRIPTS HLTH CVT SR NT 01988PAD0 (2.43) 1.250% Purchase Purchase Page 32 of 42

33 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 01/12/2018 CHENIERE ENERGY CVT SR NTS II 16411RAG4 (115.22) 4.250% Purchase 01/15/2018 ARES CAPITAL CORP CVT SR NTS 04010LAM % /15/2018 BLACKHAWK NTWK CVT SR NTS 09238EAB % /15/2018 COLONY CAPITAL CVT SR NTS II 19624RAB % /15/2018 CYPRESS SEMI CVT SR NTS AM % /15/2018 MACQUARIE INFRA CVT SR NOTES 55608BAA % (I) 01/15/2018 TWO HARBOR INVEST CVT SR NTS 90187BAA % /15/2018 WORKDAY INC CVT SR NTS 98138HAC % "A" 01/16/2018 BLACKHAWK NTWK CVT SR NTS 09238EAB % Page 33 of 42

34 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 01/22/2018 ANTHEM/WLP INC CVT SR DEBS 94973VBG1 (7.56) 2.750% /24/2018 PROOFPOINT INC CVT SR NTS AD % /26/2018 LAM RESEARCH CVT SR NT AL % "B" Purchase 01/31/2018 CASH EQUIVALENT $ T /01/2018 INTEL CORP JR SUB CVT DEB AF % (II) 02/01/2018 KB HOME CVT SR NTS 48666KAS % /05/2018 AEROJET ROCKER CVT SR NTS AB % /05/2018 EURONET WORLD CVT SR NTS AH % /05/2018 STARWOOD WAYPOINT CVT SR NTS 85571WAB % /13/2018 VISHAY INTER CVT SR DEBS AG % (I) Page 34 of 42

35 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 02/14/2018 MICROCHIP CVT SR SUB NTS AD % /15/2018 DISH NETWORK CVT SR NTS 25470MAB % /15/2018 HERBALIFE CVT SR NOTES 42703MAB % /15/2018 VIAV / JDSU CVT SR NOTES 46612JAF % /15/2018 JAZZ INVEST I CVT SR NTS AB % /15/2018 MICROCHIP CVT SR SUB NTS AD % /15/2018 MICRON TECH CVT SR NT "F" AV % /15/2018 MOLINA HEALTHCARE CVT SR NTS 60855RAD % /15/2018 VERISIGN INC CVT SUB NOTES 92343EAD % Page 35 of 42

36 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 02/15/2018 WRIGHT MED GRP CVT SR NTS 98235TAE % /20/2018 CHENIERE ENERGY CVT SR NTS II 16411RAG4 (166.81) 4.250% /20/2018 MICRON TECH CVT SR NT "F" AV % /21/2018 LAM RESEARCH CVT SR NT AL % "B" 02/26/2018 CSG SYSTEMS CVT SR NOTES AF6 (365.62) 4.250% /26/2018 EVERBRIDGE INC CVT SR NOTES 29978AAA2 (53.08) 1.500% /26/2018 HERBALIFE CVT SR NOTES 42703MAB9 (5.78) 2.000% Purchase Purchase Purchase Purchase 02/28/2018 CASH EQUIVALENT $ T /01/2018 ADVANCED MICRO DEV CVT SR NTS BD % /01/2018 ENVESTNET INC CVT SR NTS 29404KAA4 (54.44) 1.750% Purchase Page 36 of 42

37 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 03/01/2018 HANNON ARMSTRONG CVT SR NTS 41068XAB % /01/2018 HANNON ARMSTRONG CVT SR NTS 41068XAB % /01/2018 PRICELINE.COM CVT SR NTS AQ % (II) 03/01/2018 STARWOOD PROP CVT SR NOTES (I) 85571BAA % /01/2018 TESLA MOTORS CVT SR NOTES "A" 88160RAB % /01/2018 TESLA MOTORS CVT SR NOTES "B" 88160RAC % /05/2018 CEMEX CVT SUB NOTES "B" BC % /06/2018 CENTERPOINT ENGY/TWX CVT ZENS 15189T % 9/15/ /09/2018 CITRIX SYSTEMS CVT SR NTS AD2 (16.44) 0.500% Purchase Page 37 of 42

38 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 03/12/2018 RED HAT INC CVT SR NOTES AD4 (2.26) 0.250% /13/2018 MICROCHIP CVT SR SUB NTS AD6 (8.13) 1.625% /13/2018 MICROCHIP CVT SR SUB NTS AF1 (41.98) 1.625% "A" 03/14/2018 MICROCHIP CVT SR SUB NTS AF1 (34.98) 1.625% "A" 03/14/2018 MOLINA HEALTHCARE CVT SR NTS 60855RAD % Purchase Purchase Purchase Purchase 03/15/2018 CSG SYSTEMS CVT SR NOTES AF % /15/2018 CHENIERE ENERGY CVT SR NTS II 16411RAG % /15/2018 CLOVIS ONCOLOGY CVT SR NOTES AB % /15/2018 DYCOM INDUS INC CVT SR NTS AB % Page 38 of 42

39 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 03/15/2018 INSULET CORP CVT SR NTS 45784PAF % /15/2018 NUVASIVE INC CVT SR NTS AG % /15/2018 OASIS PETROLEUM INC CVT SR NTS AJ % /15/2018 PRICELINE.COM CVT SR NTS AX % /16/2018 SALESFORCE.COM CVT SR NTS 79466LAD % (II) 03/20/2018 SALESFORCE.COM CVT SR NTS 79466LAD % (II) 03/20/2018 SILICON LAB CVT SR NTS AB8 (25.67) 1.375% /21/2018 ADVANCED MICRO DEV CVT SR NTS BD % /26/2018 CAESARS ENTERTAINMT CVT SR NTS AA % Purchase Page 39 of 42

40 Date Net Amount Memo INTEREST INCOME/(EXPENSE) (Cont.) 03/26/2018 INSMED INCOR CVT SR NOTES AA % /26/2018 INSMED INCOR CVT SR NOTES AA % /28/2018 TESLA MOTORS CVT SR NOTES "B" 88160RAC % /28/2018 TESLA MOTORS CVT SR NOTES "B" 88160RAC % /31/2018 CASH EQUIVALENT $ T MISCELLANEOUS INCOME/(EXPENSE) TOTAL INTEREST INCOME/(EXPENSE) $10, /28/2018 CASH EQUIVALENT $ T 0.02 OTHER EXPENSES TOTAL MISCELLANEOUS INCOME/(EXPENSE) $ /31/2018 MANAGEMENT FEE ACCRUED 2, Memo Only 02/28/2018 MANAGEMENT FEE ACCRUED 1, Memo Only 03/31/2018 MANAGEMENT FEE ACCRUED 1, Memo Only TOTAL OTHER EXPENSE $5, Page 40 of 42

41 Date Net Amount Memo CONTRIBUTIONS/(WITHDRAWALS) FEE TO SALEM TRUST 01/09/2018 (497.83) MANAGEMENT FEE PAID 03/05/2018 (5,880.00) 10/1/17-12/31/17 CASH WITHDRAWAL 03/15/2018 (77,800.00) CLIENT REQUEST TOTAL CONTRIBUTIONS/(WITHDRAWALS) ($84,177.83) Page 41 of 42

42 GENERAL DISCLOSURE Please see the attached commentary for SSI's performance disclosure. For separate account clients, SSI urges you to compare our statements to the statements received from your custodian and immediately inform us of any discrepancies. All results are unaudited. annual audit. For private fund investors, certain figures may be revised subsequent to the Past performance may not be indicative of future results. generate the amount of anticipated income indicated. There is no guarantee that the account will This report is prepared for informational purposes only and should not be used for tax preparation without the assistance of your tax advisor. Page 42 of 42