Appendix x

Symbol Description Ordered 195,274 @ Market; Obtained: Buy 195,274 [email protected] Ordered -539,230 @ Market; Obtained: Sell -539,230 [email protected] Ordered 195,205 @ Market; Obtained: Buy 195,205 [email protected] Ordered 6,122 @ Market; Obtained: Buy 6,122 [email protected] Ordered 224,617 @ Market; Obtained: Buy 224,617 [email protected] Ordered 270,000 @ Market; Obtained: Buy 270,000 [email protected] Ordered 180,000 @ Market; Obtained: Buy 180,000 [email protected] Ordered 35,000 @ Market; Obtained: Buy 35,000 [email protected] Ordered 120,000 @ Market; Obtained: Buy 120,000 [email protected] Ordered 85,000 @ Market; Obtained: Buy 85,000 [email protected] Ordered -195,205 @ Market; Obtained: Sell -195,205 [email protected] Ordered 250,000 @ Market; Obtained: Buy 250,000 [email protected] Ordered 250,000 @ Market; Obtained: Buy 250,000 [email protected] Value Rationale BUY: Dividend yield greater than Index peers. Positive news stories and high historical dividend yield makes it attractive for us. .26 of our global portfolio SELL: We want to create our own global portfolio, with an emphasis on reducing risk and maximizing income. BUY: Appreciation expected due to news. 3 positivie news stories and good historic returns make this an attractive investment for us. .34 of our global portfolio BUY: Buying to create a global portfolio, but only buying the equivalent of 1% due to high risk compared to our ideal. BUY: Volatility fits investment style. Low risk, and decent cash flow return. .39 of our global portfolio BUY: Dividend yield greater than short term interest. High dividend yield and seemingly low risk. BUY: Dividend yield greater than Industry peers. Not overvalued and fits our investment strategy of high dividends. BUY: Bond priced at a discount to coupon yield BUY: Appreciation expected due to news. Good news consequetive years. BUY: Appreciation expected due to news. Good liquidity and positive news. This is hopefully a capital appreciation stock for us. SELL: Want to switch from indices to individual bonds BUY: Bond priced at a discount to coupon yield. Highly discounted bond. LT view. BUY: Dividend yield greater than Industry peers. High dividend yield fits our strategy. Some concern about high LT debt acquisition past years, but will monitor it.

GBPI

$23,363,334.39

MCGI

($75,238,951.69)

EURI

$30,670,838.19

JPYI

$848,809.73

USDI

$30,659,971.72

XCLE

$9,039,621.07

BZME

$11,681,723.26

UST05A

$3,331,157.25

NEOE

$6,092,249.61

IXXU

$4,536,060.47

EURI

($31,487,580.68)

UST30A

$20,683,752.49

BIOU

$13,763,905.71

UST02A

Ordered 15,000 @ Market; Obtained: Buy 15,000 [email protected] Ordered 180,000 @ Market; Obtained: Buy 180,000 [email protected] Ordered 150,000 @ Market; Obtained: Buy 150,000 [email protected] Ordered 340,000 @ Market; Obtained: Buy 340,000 [email protected] Ordered 100,500 @ Market; Obtained: Buy 100,500 [email protected] Ordered -224,617 @ Market; Obtained: Sell -224,617 [email protected] Ordered -6,122 @ Market; Obtained: Sell -6,122 [email protected] Ordered -195,274 @ Market; Obtained: Sell -195,274 [email protected] Ordered -85,000 @ $46.000; Obtained: Sell -85,000 [email protected] Ordered 73,000 @ Market; Obtained: Buy 73,000 [email protected] Ordered -50,000 @ $48.500; Obtained: Sell -50,000 [email protected]

$1,485,292.24

BUY: Bond priced at a discount to coupon yield. Discounted and better than cash return. BUY: Dividend yield greater than Industry peers. Fits our investment strategy of high dividend. Seems low risk. BUY: Dividend yield greater than short term interest. Low P/E ratio and good dividend yield. BUY: Dividend yield greater than short term interest. Good dividend yield, but suspect higher risk, so lower weighting compared to other stocks. BUY: Bond priced at a discount to coupon yield SELL: Want to switch from indices to individual bonds SELL: Want to switch from indices to individual bonds SELL: Want to switch from indices to individual bonds SELL: Volatility does not fit investment style. Does not fit our investment style. Selling to reduce exposure to equities. BUY: Volatility fits investment style. Buy to increase our TAA to 40% as opposed to current holding of 30%. SELL: We are overweighted in this stock based on 10% ind. stock policy. Selling to get down to 10%. SELL: Fall in price expected due to news. Selling due to commodity prices going up. But keeping HK due to higher dividend yield, lower price to book ratio, lower P/E ratio, higher EPS and decreased liabilities. BUY: Volatility fits investment style. Buy to increase our TAA to 40% as opposed to current holding of 30%. SELL: Fall in price expected due to news. Overweighted, and poor news leads to new adjusted weighting of roughly 5%. Thus selling a little over half of our holding.

HKBE

$9,582,594.26

ZENG

$7,575,730.23

DALG

$6,240,454.88

UST10A

$8,832,776.96

USDI

($29,106,936.69)

JPYI

($839,034.22)

GBPI

($24,282,790.41)

IXXU

($4,343,083.40)

UST30A

$6,084,098.60

BIOU

($2,843,179.60)

DALG

Ordered -340,000 @ $16.500; Obtained: Sell -340,000 [email protected]

($5,749,036.33)

UST10A

Ordered 29,000 @ Market; Obtained: Buy 29,000 [email protected]

$2,597,663.04

BZME

Ordered -95,000 @ $54.000; Obtained: Sell -95,000 [email protected]

($5,489,917.88)

UST05A

Ordered 16,000 @ Market; Obtained: Buy 16,000 [email protected]

$1,556,002.56

XSIJ

Ordered 40,000 @ $73.000; Obtained: Buy 18,040 [email protected] Ordered 100,000 @ $29.000; Obtained: Buy 100,000 [email protected] Ordered 470,000 @ $11.000; Obtained: Buy 470,000 [email protected] Ordered 50,000 @ $100.370; Obtained: Buy 50,000 [email protected]

$1,316,908.93

BUY: Bond Yield greater than comparable bonds. Buy to increase our TAA to 40% as opposed to current holding of 30%. BUY: Dividend yield greater than Geopolitical peers. Highest dividend yield in JPN. Diversifying our portfolio based on cash % and geopolitical %. BUY: Appreciation expected due to news. Diversifying portfolio as well, entering Japan due to major risk in other geo's. BUY: Diversifying our portfolio. Reducing exposure to other sectors, by entering O&G. Also have 10m to spend. BUY: Bond priced at a discount to coupon yield. With this limit we will be above the cash yield. Will also contribute to our TAA by increasing our holdings of bonds. BUY: Dividend yield greater than Industry peers. Increasing our position in the stock to the maximum 10%. Fundamentally still strong despite a small dip in share price. EPS and Revenue growing YoY. BUY: Good div yield, increasing revenues, more diversification of portfolio (JPN) BUY: Bond Yield greater than comparable bonds. Take advantage of arbitrage opportunity to get a greater yield than the five year bond using cash from the recently matured five year issue. BUY: Good revenues, rising dividend payments. Increase geopolitical diversification. BUY: Bond priced at a discount to coupon yield SELL: Falling revenues and earnings. Also to reduce exposure to EUR. SELL: Trying to get cash out of the merger instead of Colorado shares. BUY: Dividend yield greater than Industry peers. Reallocation of HKBE funds.

ITKJ

$2,868,919.06

NSGG

$4,972,955.37

UST05A

$4,978,790.50

BIOU

Ordered 24,000 @ Market; Obtained: Buy 24,000 [email protected]

$1,414,942.88

XSIJ

Ordered 65,000 @ $92.000; Obtained: Buy 65,000 [email protected]

$5,921,027.50

UST10A

Ordered 52,000 @ $95.000; Obtained: Buy 52,000 [email protected]

$4,878,979.43

DALG

Ordered 300,000 @ $23.500; Obtained: Buy 300,000 [email protected] Ordered 50,000 @ $99.000; Obtained: Buy 50,000 [email protected] Ordered -85,000 @ $55.000; Obtained: Sell -85,000 [email protected] Ordered -100,000 @ $38.500; Obtained: Sell -100,000 [email protected] Ordered 40,000 @ $75.000; Obtained: Buy 40,000 [email protected]

$6,714,947.27

UST05B

$4,937,178.31

BZME

($5,255,349.83)

ITKJ

($3,875,000.00)

NEOE

$2,954,039.27

ZENG

Ordered 45,000 @ $68.000; Obtained: Buy 45,000 [email protected] Ordered -180,000 @ Market; Obtained: Sell -180,000 [email protected] Ordered 70,000 @ $88.000; Obtained: Buy 70,000 [email protected] Ordered 1,600 @ $70.000; Obtained: Buy 1,600 [email protected] Ordered 78,500 @ $95.000; Obtained: Buy 20,000 [email protected]

$2,975,409.75

BUY: Growth expected to be greater than Industry peers. Reallocation of HKBE funds. SELL: Fall in price expected due to news. Too risky for us now. Likely to take a hit on this. Want to reallocate to something more attractive. BUY: Bond Yield greater than comparable bonds BUY: Dividend yield greater than Industry peers. Solid fundamentals despite slighlty inflated price. BUY: Dividend yield greater than Industry peers. Increase position due to TAA equity increase

HKBE

($8,374,421.26)

UST30A

$6,024,199.86

BIOU

$106,975.92

XSIJ

$1,899,980.98