We are recommending the following credit spreads to the December 2013 expiration cycle.

We are recommending credit spreads for our Portfolio #2 in the following issues.

JPM - JPMorgan Chase & Co., a financial holding company, provides various financial services worldwide. Its Consumer and Community Banking segment provides deposits, investment products and services, lending, and cash management and payment solutions to consumers and small businesses; mortgage origination and servicing; and residential mortgages and home equity loans. This segment also offers credit cards to consumers and small businesses; payment services to corporate and public sector clients; payment processing services to merchants; and auto and student loans. The companyÂ’s Corporate and Investment Bank segment offers various investment banking products and services, including advising on corporate strategy and structure, capital-raising in equity and debt markets, and loan origination and syndication; transaction services, such as cash management and liquidity solutions, and trade finance products; and market-making services in cash securities and derivative instruments, as well as offers risk management solutions, prime brokerage, and research. This segment is also involved in holds, values, clears, and services securities, cash, and alternative investments for investors and broker-dealers; and manages depositary receipt programs. Its Commercial Banking segment provides lending, treasury, investment banking, and asset management services to corporations, municipalities, financial institutions, and not-for-profit entities. The companyÂ’s Asset Management segment offers investment and wealth management services, including equities, fixed income, alternatives, and money market funds; multi-asset investment management services; retirement products and services; and brokerage and banking services comprising trust and estate, loans, mortgages, and deposits. JPMorgan Chase & Co. was founded in 1823 and is headquartered in New York, New York.

AXP - American Express Company provides charge and credit payment card products and travel-related services to customers worldwide. The companyÂ’s product portfolio consists of charge and credit card products; expense management products and services; consumer and business travel services; stored value products, including travelers cheques and other prepaid products; network services; merchant acquisition and processing, and servicing and settlement, as well as point- of-sale, marketing, and information products and services for merchants; and fee services comprising fraud prevention services, and the design of customer loyalty and rewards programs. It also publishes luxury lifestyle magazines under the Travel + Leisure, Food & Wine, Departures, and Executive Travel brand names; travel, cooking, wine, time management, and financial books and products; international editions of its titles; digital and mobile content; luxury-marketing events; and custom print and online programs for clients. The company sells its products and services to consumers, small businesses, mid-sized companies, and large corporations through direct mail, online applications, in-house and third-party sales forces, and direct response advertising. American Express Company was founded in 1850 and is headquartered in New York, New York.

We are recommending the following specific credit spreads.

Put credit spreads = Bullish Put spreads.

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We are recommending credit spreads for December 2013 in the following positions for Portfolio #3:

WLT - Walter Energy, Inc. produces and exports metallurgical coal for the steel industry. It also produces thermal and industrial coal, anthracite, metallurgical coke, coal bed methane gas, and other related products. The company offers its thermal coal for electric utilities and industrial customers. Walter Energy, Inc. exports its metallurgical coal to Europe, Asia, and South America; and markets its thermal coal primarily in the United States. The company was formerly known as Walter Industries, Inc. and changed its name to Walter Energy, Inc. in April 2009. Walter Energy, Inc. was founded in 1946 and is headquartered in Birmingham, Alabama.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spreads.