We are recommending the following credit spreads to the APRIL 2014 expiration cycle.

We are recommending credit spreads for our Portfolio #1 in the following issues.

GM - General Motors Company (GM) designs, manufactures, and markets cars, crossovers, trucks, and automobile parts worldwide. The company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Opel, Holden, and Vauxhall brand names, as well as under the Alpheon, Jiefang, Baojun, and Wuling brand names. It also sells cars and trucks to dealers for consumer retail sales, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, the company offers connected safety, security and mobility solutions, and information technology services. The company, through its subsidiary, General Motors Financial Company, Inc. provides automotive financing services and lease products through GM dealerships in connection with the sale of used and new automobiles that target customers with sub-prime and prime credit bureau scores. The company was founded in 1908 and is based in Detroit, Michigan.

HIG - The Hartford Financial Services Group, Inc., through its subsidiaries, provides insurance and financial services to individual and business customers primarily in the United States and Japan. The company?s Property & Casualty Commercial segment offers workers? compensation, property, automobile, marine, livestock, liability, and umbrella coverages, as well as customized insurance products and risk management services, including professional liability, fidelity, surety, and specialty casualty coverages. Its Consumer Markets segment provides standard automobile, homeowners, and personal umbrella coverages to individuals. The company?s Property & Casualty Other Operations segment manages property and casualty insurance. Its Group Benefits segment offers group life, accident and disability coverage, group retiree health, and voluntary benefits to employers, associations, affinity groups, and financial institutions. The company?s Mutual Funds segment provides mutual funds for retail and retirement accounts; and investment-management and administrative services, such as product design, implementation, and oversight, as well as includes the runoff of the mutual funds supporting the company's variable annuity products. This segment distributes open-end funds and 529 college savings plans to national and regional broker-dealer organizations, banks and other financial institutions, independent financial advisors, and registered investment advisors; and The Hartford?s funds to professional buyers, such as broker-dealers, consultants, record keepers, and bank trust groups. The Hartford Financial Services Group, Inc. was founded in 1810 and is headquartered in Hartford, Connecticut.

CCL - Carnival Corporation operates as a cruise company worldwide. It operates in two segments, North America; and Europe, Australia, & Asia. The company offers various cruise products and services through a fleet of 101 cruise ships under the brand names of Carnival Cruise Lines, Holland America Line, Princess Cruises, and Seabourn in North America; and AIDA Cruises, Costa, Cunard, Ibero Cruises, and P&O Cruises in Europe, Australia, and Asia. It also provides vacations to various cruise destinations; and owns and operates 11 hotels or lodges, and approximately 300 motorcoaches and 20 glass-domed railcars. The company sells its cruise services through travel agents, including wholesalers, general sales agents, and tour operators. Carnival Corporation was incorporated in 1972 and is headquartered in Miami, Florida.

Put credit spreads = Bullish Put spreads.

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We are recommending the following credit spreads to the APRIL 2014 expiration cycle.

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

PRU - Prudential Financial, Inc. provides insurance, investment management, and other financial products and services to individual and institutional customers in the United States and internationally. It principally offers life insurance, annuities, retirement-related services, mutual funds, and investment management products. The company operates through three divisions: U.S. Retirement Solutions and Investment Management, U.S. Individual Life and Group Insurance, and International Insurance. The U.S. Retirement Solutions and Investment Management division offers individual variable and fixed annuity products; recordkeeping, plan administration, actuarial advisory, tailored participant education and communication, trustee, and institutional and retail investments services; and guaranteed investment contracts, funding agreements, institutional and retail notes, structured settlement annuities, and other group annuities. This division also provides investment management and advisory services to the public and private marketplace. The U.S. Individual Life and Group Insurance division provides individual variable life, term life, and universal life insurance products to mass middle, mass affluent, and affluent markets; group life; long-term and short-term group disability; long-term care; and group corporate, bank, and trust-owned life insurance products to institutional clients. It also sells accidental death and dismemberment and other ancillary coverage, as well as provides plan administrative services. The International Insurance division provides individual life insurance, retirement, and related products. The company serves its customers through third-party broker-dealers, dependent financial planners, third-party financial advisors, brokers, benefits consultants, sales forces, wirehouses, banks, general agencies, producer groups, life planners, and life consultants. Prudential Financial, Inc. was founded in 1875 and is headquartered in Newark, New Jersey.

Put credit spreads = Bullish Put spreads.

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We are recommending credit spreads for APRIL 2014 in the following positions for Portfolio #3:

SLV - The Silver ETF investment seeks to reflect the price of silver owned by the trust less the trust's expenses and liabilities. The fund is intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver. Although the fund is not the exact equivalent of an investment in silver, they provide investors with an alternative that allows a level of participation in the silver market through the securities market.

We are recommending the following specific credit spreads.

Call credit spreads = Bearish Call spread.