J.Safra Asset Management

                FORM 13F

06-30-2012

{S} {C}             {C}
                                                   FORM 13F INFORMATION TABLE

NAME OF ISSUER                                  TITLE                VALUE    SHARES/  SH/  PUT/ INVSTMT  OTHER     VOTING AUTHORITY
                                               OF CLASS    CUSIP    (x$1000)  PRN AMT  PRN  CALL DSCRETN MANAGERS  SOLE  SHARED NONE
  ------------------------------              ----------  --------- -------- --------  ---  ---- ------- -------- ------ ------ ----

ALLIANCE DATA SYSTEMS CORP			Equity	18581108	45	319		Sole	JSAMEL      319	    0	 0
AMERICAN GREETINGS CORP-CL A			Equity	26375105	347	20,662		Sole	JSAMEL	 20,662	    0	 0
AMERIGROUP CORP					Equity	03073T102	837	9,150		Sole	JSAMEL	  9,150	    0	 0
AMERIGROUP CORP					Equity	03073T102	150	1,640		Sole	JSAMEL	  1,640	    0	 0
ARIBA INC					Equity	04033V203	1,674	37,367		Sole	JSAMEL	 37,367	    0	 0
ARIBA INC					Equity	04033V203	300	6,689		Sole	JSAMEL	  6,689	    0	 0
ASSURANT INC					Equity	04621X108	424	11,375		Sole	JSAMEL	1 1,375	    0	 0
AVNET INC					Equity	53807103	44	1,500		Sole	JSAMEL	  1,500	    0	 0
BELO CORPORATION-A				DepRec	80555105	237	30,219		Sole	JSAMEL	 30,219	    0	 0
CEDAR FAIR LP					Equity	150185106	17	500		Sole	JSAMEL	    500	    0	 0
CF INDUSTRIES HOLDINGS INC			Equity	125269100	297	1,335		Sole	JSAMEL	  1,335	    0	 0
CLIFFS NATURAL RESOURCES INC			Equity	18683K101	124	3,161		Sole	JSAMEL	  3,161	    0	 0
COOPER INDUSTRIES PLC				Equity			2,438	32,481		Sole	JSAMEL	 32,481	    0	 0
COOPER INDUSTRIES PLC				Equity			458	6,100		Sole	JSAMEL	  6,100	    0	 0
COVENTRY HEALTH CARE INC			Equity	222862104	275	6,600		Sole	JSAMEL	  6,600	    0	 0
DOLLAR THRIFTY AUTOMOTIVE GP	      		Equity	256743105	869	10,000		Sole	JSAMEL	 10,000	    0	 0
DOLLAR THRIFTY AUTOMOTIVE GP			Equity	256743105	213	2,450		Sole	JSAMEL	  2,450	    0	 0
DOMTAR CORP					Equity	257559203	348	4,439		Sole	JSAMEL	  4,439	    0	 0
DUN & BRADSTREET CORP				Equity	2.65E+104	48	600		Sole	JSAMEL	    600	    0	 0
DXP ENTERPRISES INC	  			DepRec	233377407	277	5,789		Sole	JSAMEL	  5,789	    0	 0
EMC CORP/MASS					Equity	268648102	829	30,400		Sole	JSAMEL	 30,400     0	 0
EPL OIL & GAS INC				Equity	29270U303	263	12,959		Sole	JSAMEL	 12,959	    0	 0
FINANCIAL SELECT SECTOR SPDR			ETF	81369Y605	1,871	120,000		Sole	JSAMEL	120,000	    0	 0
HALLIBURTON CO					Equity	406216101	928	27,550		Sole	JSAMEL	 27,550	    0	 0
HARTFORD FINANCIAL SVCS GRP			Equity	416515104	284	14,608		Sole	JSAMEL	 14,608	    0	 0
HCA HOLDINGS INC				Equity	40412C101	233	7,017		Sole	JSAMEL	  7,017	    0	 0
HILLSHIRE BRANDS CO				Equity	432589109	496	18,539		Sole	JSAMEL	 18,539	    0	 0
HILLSHIRE BRANDS CO	  			Equity	432589109	119	4,460		Sole	JSAMEL	  4,460	    0	 0
HOLLYFRONTIER CORP				Equity	436106108	52	1,260		Sole	JSAMEL	  1,260	    0	 0
HOSPITALITY PROPERTIES TRUST			Equity	44106M102	339	14,265		Sole	JSAMEL	 14,265	    0	 0
JARDEN CORP					Equity	471109108	50	940		Sole	JSAMEL	    940	    0	 0
KKR FINANCIAL HOLDINGS LLC			Equity	48248A306	356	35,423		Sole	JSAMEL	 35,423	    0	 0
LAS VEGAS SANDS CORP				Equity	517834107	927	20,000		Sole	JSAMEL	 20,000	    0	 0
LEAR CORP					Equity	521865204	46	1,230		Sole	JSAMEL	  1,230	    0	 0
LEXMARK INTERNATIONAL INC-A			Equity	529771107	49	2,200		Sole	JSAMEL	  2,200	    0	 0
LYONDELLBASELL INDU-CL A			DepRec			309	5,991		Sole	JSAMEL	  5,991	    0	 0
MACQUARIE INFRASTRUCTURE CO			Equity	55608B105	324	7,807		Sole	JSAMEL	  7,807	    0	 0
NEUSTAR INC-CLASS A				Equity	64126X201	54	1,350		Sole	JSAMEL	  1,350	    0	 0
NEXEN INC					Equity	65334H102	3,776	149,000		Sole	JSAMEL	149,000	    0	 0
NEXEN INC					Equity	65334H102	661	26,100		Sole	JSAMEL	 26,100	    0	 0
NOBLE CORP					Equity			558	15,600		Sole	JSAMEL	 15,600	    0	 0
OIL STATES INTERNATIONAL INC			Equity	678026105	251	3,159		Sole	JSAMEL	  3,159	    0	 0
ON ASSIGNMENT INC				Equity	6.82E+08	216	10,830		Sole	JSAMEL	 10,830	    0	 0
PDL BIOPHARMA INC				Equity	69329Y104	505	65,595		Sole	JSAMEL	 65,595	    0	 0
PLX TECHNOLOGY INC				Equity	693417107	2,912	506,490		Sole	JSAMEL	506,490	    0	 0
PLX TECHNOLOGY INC				Equity	693417107	624	108,500		Sole	JSAMEL	108,500	    0	 0
POLARIS INDUSTRIES INC				Equity	731068102	19	231		Sole	JSAMEL	    231	    0	 0
PRUDENTIAL FINANCIAL INC			Equity	744320102	47	860		Sole	JSAMEL	    860	    0	 0
QUALCOMM INC					Equity	747525103	625	10,000		Sole	JSAMEL	 10,000	    0	 0
QUESTCOR PHARMACEUTICALS			Equity	74835Y101	74	3,986		Sole	JSAMEL	  3,986	    0	 0
RR DONNELLEY & SONS CO				Equity	257867101	45	4,250		Sole	JSAMEL	  4,250	    0	 0
SABRA HEALTH CARE REIT INC			Equity	78573L106	436	21,774		Sole	JSAMEL	 21,774	    0	 0
SUBSEA 7 SA 1.000% 10/05/17 SR:SUBC CVT		Equity	EJ3827213	1,600	1,600,000	Sole	JSAMEL1,600,000	    0	 0
SUBSEA 7 SA 1.000% 10/05/17 SR:SUBC CVT		Equity	EJ3827213	400	400,000		Sole	JSAMEL	400,000	    0	 0
TESORO CORP					Equity	881609101	80	1,910		Sole	JSAMEL	  1,910	    0	 0
TORCHMARK CORP					Equity	891027104	99	1,932		Sole	JSAMEL	  1,932	    0	 0
TYCO INTERNATIONAL LTD				Equity			1,845	32,800		Sole	JSAMEL	 32,800	    0	 0
TYCO INTERNATIONAL LTD				Equity			506	9,000		Sole	JSAMEL	  9,000	    0	 0
VALIDUS HOLDINGS LTD				Equity			50	1,465		Sole	JSAMEL	  1,465	    0	 0
WELLPOINT INC					Equity	94973V107	305	5,250		Sole	JSAMEL	  5,250	    0	 0
WESTERN REFINING INC	 			Equity	959319104	168	6,406		Sole	JSAMEL	  6,406	    0	 0