Julius Baer Multibond Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multibond Société d'investissement à Capital Variable Semi-annual Report as at 31 December 2012 (unaudited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semi-annual report if published thereafter. The articles of association, the valid prospectus and the key investor information, the annual and semi-annual reports, as well as the information based on the SFA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Swiss & Global Asset Management AG, Hardstraße 201, P.O. Box, CH Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D Frankfurt / Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL Vaduz Trade and Companies Register number: R.C.S. Luxembourg B-32187

2 Contents Page Organisation and Management 3 Notes to the Semi-annual Report 5 Additional information for shareholders in Switzerland 96 Julius Baer Multibond (Umbrella fund) Julius Baer Multibond - ABS FUND Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND Julius Baer Multibond - DOLLAR BOND FUND Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND Julius Baer Multibond - EMERGING BOND FUND (O) Julius Baer Multibond - EMERGING BOND FUND (USD) Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND (Launched on 28 August 2012) Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND Julius Baer Multibond - O BOND FUND Julius Baer Multibond - O GOVERNMENT BOND FUND Julius Baer Multibond - GLOBAL CONVERT BOND FUND Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND Julius Baer Multibond - INFLATION LINKED BOND FUND Julius Baer Multibond - INFLATION LINKED BOND FUND USD Julius Baer Multibond - LOCAL EMERGING BOND FUND Julius Baer Multibond - SWISS FRANC BOND FUND Julius Baer Multibond - TOTAL RETURN BOND FUND MB ABS ARBF ARBFD ARBFP AREBF COBF DBF DMTBF EBFEU EBFUS ECB EMILB EBF EGBF GCBF GHYBF ILBFEU ILBFUS LEBF SFBF TRBF Addresses ALFI Code of Conduct The Board of Directors confirms that the Fund had adhered to the rules of the ALFI Code of Conduct for Luxembourg investment funds in all significant aspects during the accounting period from 1 July 2012 to 31 December

3 Organisation and Management The Company has its registered office at 69, Route d'esch L Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Members: Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, United Kingdom Jean-Michel Loehr Chief Industry & Government Relations RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) Esch-sur-Alzette, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Managing Director Swiss & Global Asset Management AG Zurich, Switzerland Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Members: Andrew Hanges CEO GAM (UK) Ltd. London, United Kingdom Yvon Lauret Independent Adviser Luxembourg, Grand Duchy of Luxembourg Michel Malpas Independent Adviser Luxembourg, Grand Duchy of Luxembourg Michele Porro Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Managing Directors of the Management Company Ewald Hamlescher Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Investment Manager For GLOBAL CONVERT BOND FUND: EMCore AG Städtle 22 FL Vaduz For the sub-funds ABSOLUTE RETURN BOND FUND, ABSOLUTE RETURN BOND FUND DEFENDER, ABSOLUTE RETURN BOND FUND PLUS and LOCAL EMERGING BOND FUND: GAM International Management Limited 12, St. James s Place London SW1A 1NX For the sub-funds DOLLAR BOND FUND, DOLLAR MEDIUM TERM BOND FUND and GLOBAL HIGH YIELD BOND FUND: Artio Global Management LLC 330, Madison Avenue New York, NY 10017, USA For all other sub-funds: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH Zurich The investment managers may hire investment advisers to assist them in managing individual sub-funds. Investment Advisers Swiss & Global Advisory S.A. 25, Grand-Rue L Luxembourg Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L Esch-sur-Alzette 3

4 Organisation and Management Distributors The Company and/or the Management Company has appointed and may appoint further distributors authorised to sell the shares in one or more jurisdictions. Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg Local Representatives Switzerland: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale Hahnstraße 55 D Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D Frankfurt / Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A Vienna France: CACEIS Bank 1-3, Place Valhubert F Paris Spain: ATL12 Capital Inversiones A.V., S.A. C. / Montalbán 9 E Madrid United Kingdom: GAM Sterling Management Ltd. 12, St. James s Place London, SW1A 1NX Belgium: RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Belgium S.A.) Place Rogier 11 B Brussels Liechtenstein: LGT Bank in Liechtenstein AG Herrengasse 12 FL Vaduz Sweden: MFEX Mutual Fund Exchange AB Linnégatan 9-11 S Stockholm Taiwan: Concord Capital Management Corp. 9F, No. 176, Sec. 1, Keelung Rd. Taipei, Taiwan Cyprus: Cyprus Development Bank Public Company Ltd. 50, Arch. Makarios III Avenue P.O. Box Nicosia, Cyprus 4

5 Notes to the Semi-annual Report Legal information Julius Baer Multibond (the Company ) was incorporated on 1 December 1989 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended. It has been registered under Part I of the law of 17 December 2010 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B in the Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d Esch, L Luxembourg. The following Sub -Fund was launched on August 28, 2012: - Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND Share categories The following share classes are issued at present: - A shares: shares with distribution of income and/or capital gains - B shares: shares without distribution of income and/or capital gains - C shares (for institutional investors): shares without distribution of income and/or capital gains - Ca shares (for institutional investors): shares with distribution of income and/or capital gains - Cm shares (for specific distributors and institutional investors): shares with distribution of income and/or capital gains - E shares (for specific distributors, as defined in the prospectus): shares without distribution of income and/or capital gains - Em shares (for specific distributors, as defined in the prospectus): shares with distribution of income and/or capital gains - G shares (for the GAM Group, as defined in the prospectus): shares without distribution of income and/or capital gains - I shares (for specific institutional investors, as defined in the prospectus): shares without distribution of income and/or capital gains - La Shares (for specific distributors, as defined in the prospectus): Shares with distribution of income and/or capital gains. - Tm shares (for specific distributors, as defined in the prospectus): Shares with distribution of income and/or capital gains. Dividend distributions In relation to the distributing Cm, Em and Tm shares, a regular interim dividend is planned in the currency of the respective sub-fund or in the currency of the respective share category, which will in principle be paid out monthly in the currency of the sub-fund or share category. Accounting principles Presentation of the annual report and the unaudited semi-annual report The annual report and the unaudited semi-annual report of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last asset ("NAV") calculation at the end of the accounting period (in the following: NAV = Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in CHF by aggregating the and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting year. Accounting The annual report and the unaudited semi-annual report of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. The accrual principle is applied in the preparation of the financial statements. The accounting principles are applied consistently. Valuation of and liabilities Assets and liabilities are d at their nominal, with the following exceptions. Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange profits and losses are included in the profit and loss account for the current accounting period. portfolio listed on a stock exchange or any other regulated market open to the public are d at the last available price of the financial year. Non-listed securities are identified as such. Their shall be based on a foreseeable sale price, estimated with care and in good faith. profits/losses on securities are reported as the difference between market and average acquisition cost. denominated in currencies other than the currency of the respective sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange profits and losses are shown in the profit and loss account, together with the price profits/losses from securities. The realised from the sale of securities is determined using the average historical costs. 5

6 Notes to the Semi-annual Report Dividends are recorded on the ex-dividend date. Income from securities is shown exclusive of withholding taxes. The Fund includes which, in the absence of liquid markets, have been d using broker prices. The proportion of the in question in relation to the Fund's as at 31 December 2012 is: 44.64% in Julius Baer Multibond - ABS FUND 4.51% in Julius Baer Multibond - ABSOLUTE RETURN BOND FUND 6.32% in Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER 4.29% in Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS 1.50% in Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND 11.52% in Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND 2.32% in Julius Baer Multibond - DOLLAR BOND FUND 2.41% in Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND 8.80% in Julius Baer Multibond - EMERGING BOND FUND USD 1.82% in Julius Baer Multibond - O BOND FUND 0.80% in Julius Baer Multibond - O GOVERNMENT BOND FUND 23.44% in Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND 2.64% in Julius Baer Multibond - LOCAL EMERGING BOND FUND 3.34% in Julius Baer Multibond - SWISS FRANC BOND FUND 3.37% in Julius Baer Multibond - TOTAL RETURN BOND FUND As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received. lending Income from securities lending is shown separately in the profit and loss account. Details of the securities lent as per the balance sheet date are listed in the statement of investments. There were no outstanding securities lending positions as at 31 December Options Purchase of options: If an option is purchased, the premium paid is recorded as an investment and the option is subsequently d at the market price. If a purchased put option is exercised, the premium is subtracted from the sale price of the underlying asset to determine the. If a purchased call option is exercised, the premium is added to the cost price of the underlying asset. Sale of options: If an option is written (sold), the premium received is recorded as a liability and the option is subsequently d at the market price. If a written call option is exercised, the premium received is added to the sale price of the underlying asset to determine the. If a written put option is exercised, the cost price of the underlying asset is reduced. Forward contracts (Forward foreign exchange contracts, futures, swaps) Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term of the contract. The unrealised is defined as the difference between the agreed trading price and the market price on the balance sheet date. The unrealised is shown in the profit and loss account. The forward foreign exchange contracts shown in the overview of derivative financial instruments are grouped by currency, with the latest possible maturity date shown in each case. Pooling and co-management For the purpose of efficient management and to reduce administrative costs, and if permitted by the investment policies of the sub-funds, the Board of Directors may decide to co-manage some or all of the of certain sub-funds and other Luxembourg UCIs and UCITS of Swiss & Global Asset Management. The of such sub-funds are referred to in the following as "co-managed ". In this case, the pooling technique will be applied to the comanaged of the various sub-funds. Assets that are comanaged will be referred to using the term "pool". Such pools will only be used for the purpose of internal management. They will not constitute distinct legal entities and will not be directly accessible to investors. The unrealised of the pool is allocated to the sub-funds at each NAV calculation on the basis of daily updated pool allocation factors. There is no guarantee that the sum of this unrealised corresponds to the reported change in unrealised appreciation/depreciation on securities at sub-fund level. Income from zero-coupon bonds For zero coupon bonds, the "notional" interest portion is calculated as interest income and reclassified in the profit and loss account under the item "Income from securities" instead of the item "Net change in unrealised appreciation/depreciation on securities". Therefore, the unrealised in the statement of differs from the unrealised in the profit and loss account. 6

7 Notes to the Semi-annual Report Lehman Brothers International (Europe) Within the context of the insolvency of Lehman Brothers International (Europe) (hereinafter referred to as LBIE ) in September 2008, the exposure of the sub-funds of the SICAV to receivables and payables relating to LBIE as at 31 December 2012 is set out in the table below (the table only contains information on sub-funds where the exposure to receivables or payables exceeds 0.5 NAV): Sub-fund name Receivable Payable Amount in % Amount Julius Baer Multibond - Currency (in 1 000) of NAV (in 1 000) in % of NAV Amount (in 1 000) Net ( - = Payable) in % of NAV ABSOLUTE RETURN BOND FUND DOLLAR BOND FUND USD The listed receivables and payables vis-à-vis LBIE are in the form of margin cash accounts and derivative financial instruments which were agreed on the basis of ISDA contracts between the SICAV and LBIE. However, the Board of Directors has decided to create provisions for interest payable on the liabilities to LBIE. In regard to the positions of the margin accounts, the establishment of a claim was confirmed at the beginning of July 2010 through the Joint Administrators of LBIE. As a result, the Board of Directors decided to adjust the amounts in the sub-funds accordingly. As at 31 December 2012, exposure to the Julius Baer Multibond ABSOLUTE RETURN BOND FUND amounted to million (shown as receivables in the table above), corresponding to 0.38 the sub-fund s NAV. Based on a detailed analysis of the market conditions, the Board of Directors decided to take an impairment of 15% on claims for the sub-fund Julius Baer Multibond - DOLLAR BOND FUND on 10 October As at 31 December 2012, no amounts had been paid to the SICAV by LBIE. With regard to the uncertainty which surrounds the final settlement of all receivables and payables vis-à-vis LBIE, the actual realisable amount may differ materially from the estimated amounts as indicated above. Taxes In accordance with Luxembourg law, the Company is not subject to any Luxembourg income tax. Dividends paid by the Company are currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05 the ( taxe d abonnement ). A reduced taxe d abonnement of 0.01% will be applied on the applicable to C, Ca and I shares (for institutional investors). This classification is based on the Company s understanding of the current legal situation.this legal situation is liable to be changed with retroactive effect, which may result in the tax rate of 0.05% being applied retroactively. The tax is payable quarterly in arrears on the basis of the respective at the end of each quarter. To the extent that certain countries levy a tax on realised capital gains, the sub-funds make respective provisions on the unrealised capital gains. Service Load Service Load means the costs incurred in connection with the operation of the Company. These costs include the following unless already otherwise separately stated or included: Costs of day-to-day management and oversight of the Company s business; tax advisory, legal and auditing services; purchase and sale of securities; taxes and duties; convening the Annual General Meeting; issue of share confirmations; preparation of financial statements and prospectuses; promotional and marketing measures and other sales support; issue and redemption of shares; the payment of dividends, paying agents and representatives, the payment of RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) as administrator, principal paying agent, registrar and transfer agent; registration for sale; reporting to supervisory authorities in the various countries of distribution; fees and expenses of the Board of Directors of the Company; insurance premiums; interest; stock exchange admission fees and broker fees; reimbursement of expenses to the custodian and all other contractual partners of the Company; calculation and publication of the asset per share and the share prices, as well as licence fees, in particular for the use of the Julius Baer brand. 7

8 Notes to the Semi-annual Report Management fees For advisory services relating to the portfolios of the sub-funds, related administrative services and distribution services, the following current annual fees based on the asset of the respective sub-fund will be charged to the sub-fund at the end of each month: Overview of fees (p.a.) Currency class A/B/E/Em/Tm* shares C/Ca/Cm** shares G shares** I** shares La shares Julius Baer Multibond - ABS FUND CHF 0.45% 0.20% ABS FUND 0.55% 0.30% ABSOLUTE RETURN BOND FUND, CHF, GBP, USD 1.00% 0.55% 0.00% % ABSOLUTE RETURN BOND FUND DEFENDER, CHF, GBP, USD 0.90% 0.45% 0.00% - - ABSOLUTE RETURN BOND FUND PLUS, CHF, GBP, USD 1.10% 0.65% 0.00% 0.65% - ABSOLUTE RETURN EMERGING BOND FUND USD,, CHF 1.20% 0.65% CREDIT OPPORTUNITIES BOND FUND, USD 1.00% 0.60% DOLLAR BOND FUND USD 0.80% 0.35% DOLLAR MEDIUM TERM BOND FUND USD 0.60% 0.30% EMERGING BOND FUND (O) 1.30% 0.70% EMERGING BOND FUND (USD) USD, CHF, 1.30% 0.70% EMERGING MARKETS CORPORATE BOND FUND, CHF, USD 1.20% 0.60% EMERGING MARKETS INFLATION LINKED BOND FUND USD,, CHF, GBP 1.30% 0.70% O BOND FUND 0.80% 0.35% O GOVERNMENT BOND FUND 0.70% 0.30% GLOBAL CONVERT BOND FUND, CHF, USD 1.00% 0.55% GLOBAL HIGH YIELD BOND FUND, USD, GBP 1.10% 0.60% INFLATION LINKED BOND FUND, CHF 0.70% 0.30% INFLATION LINKED BOND FUND USD USD 0.70% 0.30% LOCAL EMERGING BOND FUND USD,, GBP, CHF 1.40% 0.70% SWISS FRANC BOND FUND CHF 0.55% 0.30% TOTAL RETURN BOND FUND, CHF, USD 0.80% 0.35% *) An additional distribution fee of max. 0.50% p.a. is charged for E, Em and Tm shares. In the case of the ABS FUND, thisadditional fee amounts to max. 0.45% p.a.. **) Regarding the distribution, offering or holding of C, Ca, CM, G, I and La shares, the Company will not pay commission to distributors for possible distribution services. The fees as set out above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors. 8

9 Notes to the Semi-annual Report Performance fee The investment manager is also entitled to receive a performance fee for the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND, the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER, the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS and the Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND.* The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark index stated below per sub-fund and share currency (outperformance of the benchmark index), which will be adjusted to the effective market conditions at the end of each quarter (on the last valuation day of March, June, September, December), and when simultaneously the asset per share is higher than the High Water Mark (outperformance of the High Water Mark). Both conditions must be fulfilled. The performance fee in each case amounts to 10% p.a. of the outperformance of the High Water Mark or outperformance of the respective benchmark index, with the lower of the two percentage outperformance s serving as the basis for calculation of the performance fee. At the launch of the sub-fund or, if applicable, a share category in a currency other than the sub-fund s accounting currency, the High Water Mark is identical to the initial issue price. If the asset per share on the last valuation day of a subsequent accounting year is higher than the previous High Water Mark and the percentage return during the accounting year is higher than that of the benchmark index, the High Water Mark is set to the asset per share calculated on the last valuation day of that accounting year before deduction of the deferred performance fee. In all other cases the High Water Mark remains unchanged. Benchmark index per sub-fund and share currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN BOND FUND DEFENDER in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN BOND FUND PLUS in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN EMERGING BOND FUND in USD: USD 3-month LIBOR in : 3-month LIBOR in CHF: CHF 3-month LIBOR The performance fee is recalculated on each valuation day subject to the aforementioned conditions on the basis of the outperformance since the start of the accounting year and a provision is recognised for the respective sub-fund or, if applicable, for the respective share category. The recalculated performance fee is compared on each valuation day with the provision set aside on the previous valuation day. The amount provisioned on the previous day is adjusted accordingly on the basis of the difference found between the newly calculated amount and the amount previously provisioned. Any performance fee owed to the investment manager and calculated under the aforementioned conditions is only paid out at the end of the Company s accounting year. This ensures that the performance fee is only paid out if the percentage return of the sub-fund in the relevant share currency measured over an entire accounting year is above that of the benchmark index (outperformance of the benchmark index) and simultaneously the asset per share is higher than the High Water Mark (outperformance of the High Water Mark). *) No performance fee is payable on G shares for the ABSOLUTE RETURN BOND FUND, ABSOLUTE RETURN BOND FUND DEFENDER or ABSOLUTE RETURN BOND FUND PLUS sub-funds. 9

10 Notes to the Semi-annual Report Other expenses include: Currency Performance fee Service load Other expenses Julius Baer Multibond - ABS FUND ABSOLUTE RETURN BOND FUND ABSOLUTE RETURN BOND FUND DEFENDER ABSOLUTE RETURN BOND FUND PLUS ABSOLUTE RETURN EMERGING BOND FUND USD CREDIT OPPORTUNITIES BOND FUND DOLLAR BOND FUND USD DOLLAR MEDIUM TERM BOND FUND USD EMERGING BOND FUND (O) EMERGING BOND FUND (USD) USD EMERGING MARKETS CORPORATE BOND FUND USD EMERGING MARKETS INFLATION LINKED BOND FUND USD O BOND FUND O GOVERNMENT BOND FUND GLOBAL CONVERT BOND FUND GLOBAL HIGH YIELD BOND FUND INFLATION LINKED BOND FUND INFLATION LINKED BOND FUND USD USD LOCAL EMERGING BOND FUND USD SWISS FRANC BOND FUND CHF TOTAL RETURN BOND FUND Total Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Julius Baer Multibond - ABS FUND CHF January Julius Baer Multibond - ABSOLUTE RETURN BOND FUND AUD February AUD MXN February AUD NOK January AUD NZD January AUD USD February AUD ZAR February BRL USD December CAD February CAD NZD February CAD SEK February CAD USD February CHF November AUD March BGN November BRL February CHF November

11 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) GBP April HUF February JPY March MXN February NOK February NZD February PLN February RUB January SEK March SGD February TRY January USD April ZAR February CZK February RON February GBP January GBP SEK February HKD USD March JPY February JPY KRW February JPY USD February KRW JPY February KRW USD May MXN AUD February MXN NZD February MXN SEK February MXN USD May NOK February NOK SEK February NZD AUD January NZD CAD February NZD MXN February NZD USD February NZD ZAR February RON February RUB USD March SEK CAD February SEK March SEK GBP February SEK MXN February SEK NOK February SEK TRY February SEK USD February SEK ZAR February TRY January TRY SEK February USD AUD February USD BRL December

12 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) USD CAD February USD March USD JPY February USD KRW May USD MXN February USD NZD February USD PLN February USD RUB March USD SEK February USD TRY February USD ZAR February USD MYR February ZAR AUD February ZAR NZD February ZAR SEK February ZAR USD February MYR USD February CZK February Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER AUD February AUD MXN February AUD NOK January AUD NZD January AUD USD February AUD ZAR February BRL USD December CAD February CAD NZD February CAD SEK February CAD USD February CHF November AUD March BGN November CHF November GBP April HUF February JPY March MXN February NOK February NZD February PLN February RUB January SEK March SGD February TRY January USD April ZAR February

13 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) CZK February RON February GBP January GBP SEK February HKD USD March JPY February JPY KRW February JPY USD February KRW JPY February KRW USD May MXN AUD February MXN NZD February MXN SEK February MXN USD May NOK February NOK SEK February NZD AUD January NZD CAD February NZD MXN February NZD USD February NZD ZAR February RON February RUB USD March SEK CAD February SEK March SEK GBP February SEK MXN February SEK NOK February SEK TRY February SEK USD February SEK ZAR February TRY January TRY SEK February USD AUD February USD BRL December USD CAD February USD March USD JPY February USD KRW May USD MXN February USD NZD February USD PLN February USD RUB March USD SEK February USD TRY February USD ZAR February USD MYR February ZAR AUD February

14 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) ZAR NZD February ZAR SEK February ZAR USD February MYR USD February CZK February Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS AUD February AUD MXN February AUD NOK January AUD NZD January AUD USD February AUD ZAR February BRL USD December CAD February CAD NZD February CAD SEK February CAD USD February CHF November AUD March BGN November BRL February CHF November GBP April HUF February JPY March MXN February NOK February NZD February PLN February RUB January SEK March SGD February TRY January USD April ZAR February CZK February RON February GBP January GBP SEK February HKD USD March JPY February JPY KRW February JPY USD February KRW JPY February KRW USD May MXN AUD February MXN NZD February

15 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) MXN SEK February MXN USD May NOK February NOK SEK February NZD AUD January NZD CAD February NZD MXN February NZD USD February NZD ZAR February RON February RUB USD March SEK CAD February SEK March SEK GBP February SEK MXN February SEK NOK February SEK TRY February SEK USD February SEK ZAR February TRY January TRY SEK February USD AUD February USD BRL December USD CAD February USD March USD JPY February USD KRW May USD MXN February USD NZD February USD PLN February USD RUB March USD SEK February USD TRY February USD ZAR February USD MYR February ZAR AUD February ZAR NZD February ZAR SEK February ZAR USD February MYR USD February CZK February Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND BRL USD March 2013 USD CHF USD January 2013 USD SEK February 2013 USD USD January 2013 USD ILS USD January 2013 USD

16 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND (continued) KRW USD February 2013 USD MXN USD February 2013 USD NOK February 2013 USD PLN February 2013 USD 991 PLN USD February 2013 USD TRY USD January 2013 USD 800 USD AUD June 2013 USD USD BRL May 2013 USD USD CLP May 2013 USD USD COP April 2013 USD USD March 2013 USD USD ILS March 2013 USD USD KRW May 2013 USD USD MXN June 2013 USD USD PLN March 2013 USD USD TRY January 2013 USD -798 USD ZAR February 2013 USD ZAR USD February 2013 USD USD Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND COP USD January CAD February CHF March GBP February MXN January NOK February USD February MXN January USD COP January USD January Julius Baer Multibond - DOLLAR BOND FUND CAD USD January 2013 USD USD CAD January 2013 USD USD Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND CAD USD January 2013 USD USD CAD January 2013 USD USD Julius Baer Multibond - EMERGING BOND FUND (O) COP USD January MXN January USD February MXN January USD COP January USD January

17 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - EMERGING BOND FUND (USD) CHF USD January 2013 USD COP USD January 2013 USD USD January 2013 USD MXN USD January 2013 USD USD COP January 2013 USD USD January 2013 USD USD MXN January 2013 USD USD Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND CHF USD January 2013 USD USD January 2013 USD USD January 2013 USD 854 USD Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND BRL USD March 2013 USD CHF USD January 2013 USD USD January 2013 USD GBP USD January 2013 USD ILS USD January 2013 USD KRW USD January 2013 USD MXN USD January 2013 USD TRY USD January 2013 USD USD BRL January 2013 USD USD CHF January 2013 USD USD CLP March 2013 USD USD COP January 2013 USD USD January 2013 USD USD GBP January 2013 USD 45 USD ILS January 2013 USD USD KRW January 2013 USD USD MXN January 2013 USD USD PLN March 2013 USD USD TRY January 2013 USD USD ZAR January 2013 USD USD Julius Baer Multibond - O BOND FUND GBP February USD February SEK CHF March Julius Baer Multibond - O GOVERNMENT BOND FUND SEK CHF February Julius Baer Multibond - GLOBAL CONVERT BOND FUND CHF January CHF January HKD January JPY January

18 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - GLOBAL CONVERT BOND FUND (continued) SGD January USD January USD January Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND CAD February CHF March GBP January NOK February USD January GBP January USD January Julius Baer Multibond - INFLATION LINKED BOND FUND CHF January CHF January SEK CHF March Julius Baer Multibond - INFLATION LINKED BOND FUND USD SEK CHF March 2013 USD USD Julius Baer Multibond - LOCAL EMERGING BOND FUND CHF USD January 2013 USD USD January 2013 USD GBP USD January 2013 USD HKD USD March 2013 USD MXN USD January 2013 USD PHP USD January 2013 USD PLN USD January 2013 USD SGD USD January 2013 USD USD CHF January 2013 USD USD CLP January 2013 USD USD HKD March 2013 USD USD TRY January 2013 USD USD ZAR January 2013 USD MYR USD January 2013 USD CZK USD January 2013 USD USD Julius Baer Multibond - TOTAL RETURN BOND FUND BRL USD February CHF January COP USD January CAD - 19 February CHF - 5 March GBP February ILS March MXN March NOK - 11 February

19 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - TOTAL RETURN BOND FUND (continued) NZD March PLN March SEK February USD February ZAR January KRW USD February MXN January MXN USD February NOK February PLN March USD AUD June USD BRL January USD CLP June USD COP April USD January USD ZAR February ZAR USD February Futures Underlying Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Number of contracts Value Maturity date Currency 10 YEARS CANADIAN BONDS Sales CAD March Y TREASURY NOTES USA Sales USD March Y TREASURY NOTES USA Sales USD March Y TREASURY NOTES USA Sales USD March M SHORT STERLING Purchases GBP December M SHORT STERLING Sales GBP March M SHORT STERLING Sales GBP March Y TREASURY NOTES USA Sales USD March O BOBL Sales March O BUND Sales March LONG GILT STERLING FUTURES Sales GBP March TREASURY BONDS USA Sales USD March DAYS - O $ FUTURE Purchases USD March DAYS - O $ FUTURE Purchases USD March DAYS - O $ FUTURE Sales USD September DAYS - O $ FUTURE Sales USD June DAYS - O $ FUTURE Sales USD December JAPANESE GOV. BDS FUTURE 10Y Sales JPY March BANKERS ACC.CANADIAN 3 MONTHS Purchases CAD March BANKERS ACC.CANADIAN 3 MONTHS Sales CAD June O OAT FUTURES Sales March OMX RIBA Purchases SEK September OMX RIBA Purchases SEK December

20 Notes to the Semi-annual Report Derivative financial instruments (continued) Futures (continued) Underlying Currency Number of contracts Value Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER 10 YEARS CANADIAN BONDS Sales CAD March Y TREASURY NOTES USA Sales USD March Y TREASURY NOTES USA Sales USD March Y TREASURY NOTES USA Sales USD March M SHORT STERLING Purchases GBP December M SHORT STERLING Sales GBP March M SHORT STERLING Sales GBP March Y TREASURY NOTES USA Sales USD March O BOBL Sales March O BUND Sales March LONG GILT STERLING FUTURES Sales GBP March TREASURY BONDS USA Sales USD March DAYS - O $ FUTURE Purchases USD March DAYS - O $ FUTURE Purchases USD March DAYS - O $ FUTURE Sales USD September DAYS - O $ FUTURE Sales USD June DAYS - O $ FUTURE Sales USD December JAPANESE GOV. BDS FUTURE 10Y Sales JPY March BANKERS ACC.CANADIAN 3 MONTHS Purchases CAD March BANKERS ACC.CANADIAN 3 MONTHS Sales CAD June O OAT FUTURES Sales March OMX RIBA Purchases SEK September OMX RIBA Purchases SEK December Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS 10 YEARS CANADIAN BONDS Sales CAD March Y TREASURY NOTES USA Sales USD March Y TREASURY NOTES USA Sales USD March Y TREASURY NOTES USA Sales USD March M SHORT STERLING Purchases GBP December M SHORT STERLING Sales GBP March M SHORT STERLING Sales GBP March Y TREASURY NOTES USA Sales USD March O BOBL Sales March O BUND Sales March LONG GILT STERLING FUTURES Sales GBP March TREASURY BONDS USA Sales USD March DAYS - O $ FUTURE Purchases USD March DAYS - O $ FUTURE Purchases USD March DAYS - O $ FUTURE Sales USD September DAYS - O $ FUTURE Sales USD June DAYS - O $ FUTURE Sales USD December JAPANESE GOV. BDS FUTURE 10Y Sales JPY March BANKERS ACC.CANADIAN 3 MONTHS Purchases CAD March BANKERS ACC.CANADIAN 3 MONTHS Sales CAD June

21 Notes to the Semi-annual Report Derivative financial instruments (continued) Futures (continued) Underlying Currency Number of contracts Value Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) O OAT FUTURES Sales March OMX RIBA Purchases SEK September OMX RIBA Purchases SEK December Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND 2Y TREASURY NOTES USA Sales USD March 2013 USD USD Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND 2Y TREASURY NOTES USA Sales USD March Julius Baer Multibond - DOLLAR BOND FUND 10Y TREASURY NOTES USA Purchases USD March 2013 USD Y TREASURY NOTES USA Purchases USD March 2013 USD Y TREASURY NOTES USA Purchases USD March 2013 USD Y TREASURY NOTES USA Sales USD March 2013 USD TREASURY BONDS USA Purchases USD March 2013 USD USD Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND 10Y TREASURY NOTES USA Sales USD March 2013 USD Y TREASURY NOTES USA Sales USD March 2013 USD Y TREASURY NOTES USA Purchases USD March 2013 USD USD Julius Baer Multibond - EMERGING BOND FUND (O) 2Y TREASURY NOTES USA Sales USD March Julius Baer Multibond - EMERGING BOND FUND (USD) 2Y TREASURY NOTES USA Sales USD March 2013 USD USD Julius Baer Multibond - O BOND FUND 10Y TREASURY NOTES USA Sales USD March O BOBL Purchases March O BUND Sales March O CHF 3 MONTH Sales CHF June O-BUXL-FUTURES Purchases March Julius Baer Multibond - O GOVERNMENT BOND FUND O BUND Sales March O CHF 3 MONTH Sales CHF June Julius Baer Multibond - INFLATION LINKED BOND FUND 10Y TREASURY NOTES USA Sales USD March O CHF 3 MONTH Sales CHF June Julius Baer Multibond - INFLATION LINKED BOND FUND USD 10Y TREASURY NOTES USA Sales USD March 2013 USD O CHF 3 MONTH Sales CHF June 2013 USD USD

22 Notes to the Semi-annual Report Derivative financial instruments (continued) Futures (continued) Underlying Julius Baer Multibond - SWISS FRANC BOND FUND Currency Number of contracts Value Maturity date Currency EX SCHWEIZ 6% FED BD 8-13Y Sales CHF March 2013 CHF CHF Julius Baer Multibond - TOTAL RETURN BOND FUND 2Y TREASURY NOTES USA Sales USD March Swaps Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BANK OF AMERICA LN - WHIRLPOOL Purchases USD June % BANK OF AMERICA NY - ADEC- CO Purchases September % BANK OF AMERICA NY - RE- PUBLIC OF HUNGARY USD SEN Purchases USD March % BANK OF AMERICA NY - RE- PUBLIC OF IRELAND Purchases USD March % BANK OF AMERICA NY - WEYHSER Purchases USD June % BARCLAYS BANK PLC - ABX HE PENAAA 06-1 INDEX Sales USD July % BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD September % BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD September % BARCLAYS BANK PLC - AVIS BUDGET CAR RENTAL USD SEN Purchases USD September % BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD December % BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD March % BARCLAYS BANK PLC - BOEING CO USD SEN Purchases USD December % BARCLAYS BANK PLC - BOM- BARDIER INC USD SEN Sales USD June % BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Purchases USD December % BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Sales USD December % BARCLAYS BANK PLC - BP PLC Purchases June % BARCLAYS BANK PLC - CLARI- ANT FINANCE Purchases June % BARCLAYS BANK PLC - CMBX.NA.AAA.5 ISSUER Purchases USD February % BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD October % BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD October %

23 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - CMBX.NA.AJ.2 ISSUER Purchases USD March % BARCLAYS BANK PLC - CMBX.NA.AJ.3 ISSUER Purchases USD December % BARCLAYS BANK PLC - CMBX.NA.AJ.4 ISSUER Purchases USD February % BARCLAYS BANK PLC - CMBX.NA.AJ.5 ISSUER Purchases USD February % BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA Sales September % BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA SEN Sales September % BARCLAYS BANK PLC - CVS CAREMARK CORP USD SEN Purchases USD March % BARCLAYS BANK PLC - DIX- ONS RET Purchases March % BARCLAYS BANK PLC - DIXONS RETAIL PLC SEN Purchases March % BARCLAYS BANK PLC - EDF Purchases June % BARCLAYS BANK PLC - EXPE- DIA INC USD SEN Purchases USD March % BARCLAYS BANK PLC - GOODRICH Purchases USD September % BARCLAYS BANK PLC - MARKIT ABX.HE.AAA 06-2 USD Sales USD May % BARCLAYS BANK PLC - MARKIT ITRAXX ASIA EX JAPAN I USD Purchases USD December % BARCLAYS BANK PLC - MARKIT ITRX SNR FIN 06/17 Purchases June % BARCLAYS BANK PLC - MARKIT ITRX SUB FIN 06/17 Purchases June % BARCLAYS BANK PLC - MARKIT ITRX XOVER 12/17 Purchases December % BARCLAYS BANK PLC - MARKIT ITRX OPE 12/17 Sales December % BARCLAYS BANK PLC - MOTOROLA SOLUTIONS INC USD SEN Purchases USD March % BARCLAYS BANK PLC - NEXT PLC Purchases September % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales December % BARCLAYS BANK PLC - PER- NOD RIC Purchases March %

24 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - PHILIP- PINES Sales USD December % BARCLAYS BANK PLC - POR- TUGAL REPUBLIC SENIOR USD Purchases USD June % BARCLAYS BANK PLC - RALLYE SA SEN Purchases December % BARCLAYS BANK PLC - RALLYE SA SEN Sales December % BARCLAYS BANK PLC - REN- TOKIL INITIAL PL Purchases June % BARCLAYS BANK PLC - REP. OF AUSTRIA USD SPREAD- CURVE Purchases USD September % BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Sales USD December % BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF KOREA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF SOUTH AFRICA Purchases USD September % BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD June % BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD September % BARCLAYS BANK PLC - SOCGEN SENIOR Purchases June % BARCLAYS BANK PLC - SPAIN Purchases USD June % BARCLAYS BANK PLC - STATE OF QATAR USD SEN Purchases USD December % BARCLAYS BANK PLC - SWE- DEN Purchases USD March % BARCLAYS BANK PLC - SWE- DEN Purchases USD December % BARCLAYS BANK PLC - SWE- DEN Purchases USD September % BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING Sales December % BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING USD Purchases December % BARCLAYS BANK PLC - TESCO PLC SEN Sales September % BARCLAYS BANK PLC - USA GOVERNMENT Purchases March %

25 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - VOL- VO AB Purchases December % BARCLAYS BANK PLC - VOL- VO AB Purchases March % BARCLAYS BANK PLC - VW Sales December % BARCLAYS BANK PLC - WELLS FARGO COMPANY Purchases USD September % BARCLAYS BANK PLC - WIND ACQUISITION FIN SA Sales December % BARCLAYS BANK PLC - WOORI BANK USD SEN Purchases USD March % BNP PARIBAS LONDON - HBOS PLC SUB Purchases December % BNP PARIBAS LONDON - KBC IFIMA NV SEN Purchases March % BNP PARIBAS LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD March % BNP PARIBAS LONDON - REPUBLIC OF IRELAND Purchases USD June % BNP PARIBAS LONDON - REPUBLIC OF ITALY USD SEN Purchases USD December % BNP PARIBAS LONDON - ROYAL BK OF SCOTLAND PLC GBP SUB Purchases December % BNP PARIBAS LONDON - THE NETHERLANDS Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - ACE INA HOLDINGS Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - BANK OF INDIA LONDON USD SEN Sales USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - BOM- BARDIER INC USD SEN Sales USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - CARDI HLTH Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - CHUBB CORP Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - CLARI- ANT AG Purchases March % CREDIT SUISSE INTERNA- TIONAL LONDON - CLARIANT FINANCE Purchases June % CREDIT SUISSE INTERNA- TIONAL LONDON - FINMEC- CANICA FINANCE SEN Purchases September % CREDIT SUISSE INTERNA- TIONAL LONDON - GAZ- PROM INTL Purchases USD September %

26 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - HANA BANK USD SUB Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - JONES GROUP INC USD SEN Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - MEADWESTVACO Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - PEARSON PLC (U.K.) SEN Purchases June % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF FRANCE Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - SAKS IN- CORPORATED USD SEN Sales USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - SANT ID Purchases March % CREDIT SUISSE INTERNA- TIONAL LONDON - SANTANDER ISSUANCES Purchases June % CREDIT SUISSE INTERNA- TIONAL LONDON - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - SHINHAN BANK USD SUB Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - UNITED KINGDOM ENGLAND Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - WOORI BANK USD SUB Purchases USD September % ACE INA HOLDINGS Purchases USD March % ADECCO Purchases September % AKZO NOBEL SRUNSEC Purchases December % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January %

27 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANK OF CHINA USD SEN Purchases USD December % BANK OF CHINA USD SEN Purchases USD March % BP PLC Sales December % CENTEX HOME EQUITY Purchases USD October % CHART SEMICDT / GLOBAL- FOUNDRIES Purchases USD December % CLARIANT FINANCE Purchases June % CMBX.NA.AAA.3 ISSUER Purchases USD December % CMBX.NA.AAA.5 ISSUER Purchases USD February % CMBX.NA.AJ.2 ISSUER Purchases USD March % CMBX.NA.AJ.3 ISSUER Purchases USD December % CMBX.NA.AJ.4 ISSUER Purchases USD February % CMBX.NA.AM ISSUER Purchases USD October % COMPASS GROUP PLC SEN Purchases December % EDF Purchases June %

28 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps EXPEDIA Purchases USD December % EXPEDIA INC USD SEN Purchases USD March % EXPERIAN FIN Purchases December % EXPERIAN FIN Purchases June % GEORGIA-PACIFIC LLC USD SEN Sales USD June % GOODRICH Purchases USD December % INTESA SENIOR UNSECURED Purchases March % JAPAN GOVERNMENT SR USD Purchases USD June % JAPAN TOBACCO INC Purchases June % JC PENNEY SENIOR USD Purchases USD December % JPM Purchases December % MARKIT ABX.HE.AAA 06-2 USD Sales USD May % MARKIT ITRX SNR FIN 06/17 Purchases June % MARKIT ITRX JAPAN 12/17 JPY Purchases JPY December % MARKIT ITRX JAPAN 12/17 JPY Purchases JPY March % NEXT PLC Purchases June % NOKIA OYJ USD ISSUE Purchases USD June % PANASONIC CORP JPY SEN Purchases JPY September % PANASONIC CORP JPY SEN Purchases JPY March % PPR SEN Purchases September % PPR SEN Purchases December % RENAULT S.A. SEN Purchases December % REPUBLIC OF SOUTH AFRICA Purchases USD September % RUSSIAN FEDERATION Purchases USD September % SANT ID Purchases December %

29 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps SANTANDER INTL DEBT SA SEN Purchases March % SONY CORPORATION JPY SEN Purchases JPY September % SONY CORPORATION JPY SEN Purchases JPY March % SPAIN Purchases USD June % STRUCTURED ASSET SECURI- TIES CORP Purchases USD February % STRUCTURED ASSET SECURI- TIES CORP Purchases USD February % SWEDEN Purchases USD March % SWISS RE AMERICA HOLDING Sales December % SWISS RE AMERICA HOLD- ING USD Purchases December % TESCO PLC SEN Sales June % UNITED KINGDOM ENGLAND Purchases USD September % UNITED KINGDOM ENGLAND Purchases USD December % UNITED KINGDOM ENGLAND Purchases USD December % VOLVO AB Purchases December % VW Sales December % DEUTSCHE BANK NEW YORK - ALLSTATE Purchases USD September % DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD March % DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD March % DEUTSCHE BANK NEW YORK - CATERPILLAR Purchases USD March % DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD December % DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD March % DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD June % DEUTSCHE BANK NEW YORK - DEERE Purchases USD March % DEUTSCHE BANK NEW YORK - WEYHSER Purchases USD March %

30 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date GOLDMAN INTERNATIONAL - KBC IFIMA NV SEN Purchases March % GOLDMAN INTERNATIONAL - REPUBLIC OF IRELAND Purchases USD June % GOLDMAN INTERNATIONAL - UNITED RENTALS NORTH AM USD SEN Sales USD September % HSBC LONDON - ABBEY NATL Purchases June % HSBC LONDON - DEUTSCHE BANK AG SUB Purchases March % HSBC LONDON - JAPAN GOV- ERNMENT SR USD Sales USD June % HSBC LONDON - JAPAN GOV- ERNMENT SR USD Purchases USD June % HSBC LONDON - KINGFISH- ER PLC Purchases June % HSBC LONDON - MARKIT ITRX XOVER 12/17 Purchases December % HSBC LONDON - PERNOD RIC Purchases March % HSBC LONDON - REPUBLIC OF FRANCE Purchases USD December % HSBC LONDON - REPUBLIC OF IRELAND Purchases USD June % HSBC LONDON - REPUBLIC OF ITALY USD SEN Purchases USD December % HSBC LONDON - RUSSIAN FEDERATION Purchases USD June % HSBC LONDON - RUSSIAN FEDERATION Purchases USD June % HSBC LONDON - SIEMENS Purchases March % HSBC LONDON - SWEDEN Purchases USD December % HSBC LONDON - THE NETHER- LANDS Purchases USD June % HSBC LONDON - US TREASURY N/B SEN Purchases June % JP MORGAN LONDON - AB- BEY NATL Sales June % JP MORGAN LONDON - BAT INTL FINANCE PLC SEN Purchases June % JP MORGAN LONDON - DEUTSCHE BANK AG SUB Purchases March % JP MORGAN LONDON - EX- PERIAN FIN Purchases September % JP MORGAN LONDON - KBC IFIMA NV SEN Purchases December % JP MORGAN LONDON - KBC IFIMA NV SEN Purchases March % JP MORGAN LONDON - MARKIT ABX.HE.AAA 06-2 USD Sales USD May % JP MORGAN LONDON - PEAR- SON PLC (U.K.) SEN Purchases June %

31 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date JP MORGAN LONDON - RUS- SIAN FEDERATION Purchases USD June % JP MORGAN LONDON - SAKS INCORPORATED USD SEN Sales USD September % JP MORGAN LONDON - SANT ID Purchases March % JP MORGAN LONDON - SAN- TANDER ISSUANCES Sales June % JP MORGAN LONDON - SCOT- TISH STHN ENGY PLC SR UNSEC Sales December % JP MORGAN LONDON - THE NETHERLANDS Purchases USD June % JP MORGAN LONDON - UNITED KINGDOM ENGLAND Purchases USD December % JP MORGAN LONDON - UNITED RENTALS NORTH AM USD SEN Sales USD September % JP MORGAN LONDON - WELLS FARGO COMPANY Purchases USD September % JP MORGAN LONDON - WOORI BANK USD SEN Purchases USD December % JP MORGAN LONDON - WOORI BANK USD SUB Purchases USD September % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - PER- NOD RIC Purchases March % MORGAN STANLEY CIE INTER- NATIONAL LONDON - REPUB- LIC OF FRANCE Purchases USD December % MORGAN STANLEY CIE INTER- NATIONAL LONDON - STAPLES INC USD SEN Sales USD September % MORGAN STANLEY CIE INTER- NATIONAL LONDON - WOORI BANK USD SEN Purchases USD September % -114 NOMURA LONDON - ALCATEL Purchases June % NOMURA LONDON - ALCATEL Sales June % STANDARD CHARTERED GB - REPUBLIC OF CHINA Sales USD December % STANDARD CHARTERED GB - REPUBLIC OF KOREA USD SEN Purchases USD December % UBS AG LONDON - ABSHE 2005-HE4 M8 ISSUER Purchases USD May % UBS AG LONDON - ALLSTATE Purchases USD September %

32 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date UBS AG LONDON - BAT INTL FINANCE Purchases December % UBS AG LONDON - BEAM Purchases USD June % UBS AG LONDON - BOM- BARDIER INC USD SEN Sales USD June % UBS AG LONDON - CENTEX HOME EQUITY Purchases USD October % UBS AG LONDON - CHART SEMICDT / GLOBALFOUNDRIES Purchases USD December % UBS AG LONDON - CNOOC FINANCE 2003 LTD USD SEN Purchases USD September % UBS AG LONDON - DIXONS RET Purchases June % UBS AG LONDON - GOODRICH Purchases USD June % UBS AG LONDON - MITSUBISHI CHEMICAL Purchases JPY November % UBS AG LONDON - PEARSON PLC (U.K.) SEN Purchases September % UBS AG LONDON - REXAM PLC Purchases March % UBS AG LONDON - REXAM PLC Purchases March % UBS AG LONDON - RUSSIAN FEDERATION Purchases USD June % UBS AG LONDON - TWX Purchases USD March % UBS AG LONDON - WELLS FARGO COMPANY Purchases USD September % UBS LONDON - BANK OF AMERICA CORP USD SEN Purchases USD June % UBS LONDON - CITIGROUP INC USD SEN Sales USD June % UBS LONDON - DUKE ENERGY CAROLINAS Purchases USD September % UBS LONDON - PERNOD RIC Purchases March % UBS LONDON - SAFEWAY Purchases December % UBS LONDON - SIEMENS Purchases March % UBS LONDON - STAPLES INC Sales USD June % UBS LONDON - WHIRLPOOL Purchases USD June % received paid Type* Counterparty - Underlying Nominal Maturity date ILS BARCLAYS BANK PLC - CPI FRANCE September 2022 TF- Disc2.70% CPI France ILS BARCLAYS BANK PLC - CPI US USD February 2013 TF- Disc2.50% CPI US ILS - CPI US USD January 2013 CPI US 1.68% ILS - CPI US USD January 2013 TF- Disc1.88% CPI US ILS - CPI US USD February 2013 CPI US 1.84% ILS DEUTSCHE BANK NEW YORK - CPI US USD January 2013 TF- Disc1.73% CPI US ILS UBS AG LONDON - CPI US USD March 2013 CPI US 1.84%

33 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid ILS UBS LONDON - CPI FRANCE September 2022 TF- Disc2.70% CPI France ILS UBS LONDON - CPI FRANCE October 2022 TF- Disc2.69% CPI France received paid Type* Counterparty - Underlying Nominal Maturity date BANK OF AMERICA LN - BBSW6M-AUD AUD August 2020 BBSW6M-AUD 4.29% BANK OF AMERICA LN - BBSW6M-AUD AUD September 2020 BBSW6M-AUD 4.18% BANK OF AMERICA LN - BBSW6M-AUD AUD June 2022 BBSW6M-AUD 4.37% BANK OF AMERICA LN - CDOR03 INDEX CAD December 2021 CDOR03 Index 2.68% BANK OF AMERICA LN - CDOR03 INDEX CAD August 2022 CDOR03 Index 2.72% BANK OF AMERICA LN - CDOR03 INDEX CAD August 2022 CDOR03 Index 2.73% BANK OF AMERICA LN - LIB3M USD USD December % LIB3M USD CZK-6M- BARCLAYS BANK PLC - CZK-6M-PRIBOR CZK March 2022 PRIBOR 2.66% BARCLAYS BANK PLC - IB6M August 2016 IB6M 1.20% BARCLAYS BANK PLC - IB6M August % IB6M BARCLAYS BANK PLC - IB6M November % IB6M BARCLAYS BANK PLC - IB6M August 2022 IB6M 2.25% BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May 2032 IB6M 2.15% BARCLAYS BANK PLC - IB6M May 2032 IB6M 2.27% BARCLAYS BANK PLC - IB6M May 2037 IB6M 2.19% BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M October % IB6M BARCLAYS BANK PLC - IB6M October % IB6M BARCLAYS BANK PLC - JIB3M ZAR ZAR December 2017 JIB3M ZAR 6.78% KWCDC- BARCLAYS BANK PLC - KWCDC-3M KRW KRW October M KRW 3.14% BARCLAYS BANK PLC - LIB3M USD USD September % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD December 2013 LIB3M USD 1.86% BARCLAYS BANK PLC - LIB3M USD USD September 2014 LIB3M USD 1.81% BARCLAYS BANK PLC - LIB3M USD USD November % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD September % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April 2017 LIB3M USD 1.23% BARCLAYS BANK PLC - LIB3M USD USD August % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD December % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD March % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April 2032 LIB3M USD 3.71% BARCLAYS BANK PLC - LIB3M USD USD October 2052 LIB3M USD 2.94% BARCLAYS BANK PLC - LIB3M USD USD November 2052 LIB3M USD 2.78%

34 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - LIB6M GBP GBP November 2015 LIB6M GBP 1.88% BARCLAYS BANK PLC - LIB6M GBP GBP September 2017 LIB6M GBP 1.38% BARCLAYS BANK PLC - LIB6M GBP GBP December 2019 LIB6M GBP 2.31% BARCLAYS BANK PLC - LIB6M GBP GBP April 2022 LIB6M GBP 3.88% BARCLAYS BANK PLC - LIB6M GBP GBP December % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP December 2024 LIB6M GBP 3.71% BARCLAYS BANK PLC - LIB6M GBP GBP September % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP February % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP September % LIB6M GBP BARCLAYS BANK PLC - LIB6M JPY JPY December 2022 LIB6M JPY 1.21% BARCLAYS BANK PLC - LIB6M JPY JPY December % LIB6M JPY BARCLAYS BANK PLC - LIB6M JPY JPY December 2032 LIB6M JPY 2.81% BARCLAYS BANK PLC - NIBOR6M NOK NOK December 2017 NIBOR6M NOK 2.94% BARCLAYS BANK PLC - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.57% BARCLAYS BANK PLC - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.64% BARCLAYS BANK PLC - SONIO/N INDEX GBP December 2013 SONIO/N Index 0.41% BARCLAYS BANK PLC - STIB3M SEK SEK October 2015 STIB3M SEK 1.35% BARCLAYS BANK PLC - STIB3M SEK SEK May 2021 STIB3M SEK 3.81% BARCLAYS BANK PLC - WIBOR3M PLN PLN October 2013 WIBOR3M PLN 5.00% BARCLAYS BANK PLC - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.57% BBSW3M-AUD AUD January 2015 BBSW3M-AUD 5.68% CDOR03 INDEX CAD September 2014 CDOR03 Index 1.61% CDOR03 INDEX CAD October % CDOR03 Index CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD April % CDOR03 Index CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD October 2017 CDOR03 Index 2.20% CDOR03 INDEX CAD September 2018 CDOR03 Index 1.95% CDOR03 INDEX CAD August 2021 CDOR03 Index 2.55% CDOR03 INDEX CAD November 2021 CDOR03 Index 2.47% CDOR03 INDEX CAD December 2021 CDOR03 Index 2.67% CDOR03 INDEX CAD March 2022 CDOR03 Index 3.47%

35 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD April 2022 CDOR03 Index 3.36% CDOR03 INDEX CAD April 2022 CDOR03 Index 3.22% CDOR03 INDEX CAD August 2022 CDOR03 Index 2.72% CDOR03 INDEX CAD September 2022 CDOR03 Index 2.78% CDOR03 INDEX CAD October 2032 CDOR03 Index 3.33% CDOR03 INDEX CAD October 2032 CDOR03 Index 3.37% CDOR03 INDEX CAD October 2042 CDOR03 Index 2.29% IB6M December % IB6M IB6M August % IB6M IB6M November % IB6M IB6M June % IB6M IB6M February 2023 IB6M 1.74% IB6M November % IB6M LIB3M CAD CAD October 2016 LIB3M CAD 2.09% LIB3M CHF CHF May 2013 LIB3M CHF 1.07% LIB3M USD USD January % LIB3M USD LIB3M USD USD March % LIB3M USD LIB3M USD USD September % LIB3M USD LIB3M USD USD April % LIB3M USD LIB3M USD USD April 2024 LIB3M USD 2.99% LIB3M USD USD September 2029 LIB3M USD 3.30% LIB6M CHF CHF May 2017 LIB6M CHF 0.45% LIB6M CHF CHF March % LIB6M CHF LIB6M CHF CHF October % LIB6M CHF LIB6M CHF CHF March 2024 LIB6M CHF 1.51%

36 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - LIB6M CHF CHF October 2025 LIB6M CHF 2.57% LIB6M CHF CHF February 2032 LIB6M CHF 1.91% LIB6M GBP GBP March 2016 LIB6M GBP 1.75% LIB6M GBP GBP December 2016 LIB6M GBP 1.28% LIB6M GBP GBP September 2017 LIB6M GBP 1.51% LIB6M GBP GBP November % LIB6M GBP LIB6M GBP GBP June % LIB6M GBP LIB6M GBP GBP June % LIB6M GBP LIB6M GBP GBP September % LIB6M GBP LIB6M GBP GBP December % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP November 2022 LIB6M GBP 2.47% LIB6M GBP GBP November % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP October % LIB6M GBP LIB6M GBP GBP August 2062 LIB6M GBP 3.10% LIB6M GBP GBP October 2062 LIB6M GBP 3.26% LIB6M JPY JPY March 2014 LIB6M JPY 0.35% LIB6M JPY JPY December 2021 LIB6M JPY 0.95% LIB6M JPY JPY December 2021 LIB6M JPY 0.93% LIB6M JPY JPY December 2021 LIB6M JPY 0.93% LIB6M JPY JPY December 2021 LIB6M JPY 0.89% LIB6M JPY JPY December 2022 LIB6M JPY 0.79% LIB6M JPY JPY January 2023 LIB6M JPY 0.78%

37 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date - LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY February % LIB6M JPY LIB6M JPY JPY October % LIB6M JPY LIB6M JPY JPY November 2035 LIB6M JPY 2.36% LIB6M JPY JPY November 2036 LIB6M JPY 2.45% LIB6M JPY JPY November 2036 LIB6M JPY 2.45% LIB6M JPY JPY November 2036 LIB6M JPY 2.44% LIB6M JPY JPY December 2036 LIB6M JPY 2.04% LIB6M JPY JPY December 2036 LIB6M JPY 2.07% LIB6M JPY JPY December 2036 LIB6M JPY 2.51% NDBB3M NZD NZD August 2017 NDBB3M NZD 4.80% NDBB3M NZD NZD November 2017 NDBB3M NZD 5.06% SONIO/N INDEX GBP May 2013 SONIO/N Index 0.37% SONIO/N INDEX GBP June 2013 SONIO/N Index 0.31% WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.83% DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD June 2022 BBSW6M-AUD 4.34% DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD July 2022 BBSW6M-AUD 4.44% DEUTSCHE BANK FRANKFURT - IB6M January 2015 IB6M 1.33%

38 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M December % IB6M DEUTSCHE BANK FRANKFURT - IB6M January % IB6M DEUTSCHE BANK FRANKFURT - IB6M January 2021 IB6M 2.40% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M November % IB6M DEUTSCHE BANK FRANKFURT - IB6M June % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.57% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.45% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.49% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.45% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.42% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.33% DEUTSCHE BANK FRANKFURT - IB6M October 2032 IB6M 2.88% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M October 2038 IB6M 2.25% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January 2018 LIB6M GBP 1.80% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP June % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP March % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP March 2022 LIB6M GBP 3.36% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September 2022 LIB6M GBP 2.56% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October 2022 LIB6M GBP 2.51%

39 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November 2022 LIB6M GBP 2.41% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November 2022 LIB6M GBP 2.51% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January 2023 LIB6M GBP 1.96% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August 2062 LIB6M GBP 3.06% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2022 LIB6M JPY 1.18% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2032 LIB6M JPY 2.78% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2035 LIB6M JPY 2.36% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2035 LIB6M JPY 2.41% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2036 LIB6M JPY 2.45% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.54% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.52% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.42% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.42% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - NDBB3M NZD NZD June 2022 NDBB3M NZD 4.43% DEUTSCHE BANK FRANKFURT - WI- BOR3M PLN PLN April 2014 WIBOR3M PLN 4.84% CZK-6M- PRIBOR CZK November 2017 CZK-6M- PRIBOR 1.17% CZK-6M- PRIBOR CZK March 2022 CZK-6M- PRIBOR 2.71% JIB3M ZAR ZAR September % JIB3M ZAR LIB3M USD USD August % LIB3M USD LIB6M GBP GBP December 2016 LIB6M GBP 1.27% LIB6M GBP GBP October % LIB6M GBP

40 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid LIB6M GBP GBP November 2021 LIB6M GBP 3.25% LIB6M GBP GBP May 2022 LIB6M GBP 3.22% LIB6M GBP GBP May 2022 LIB6M GBP 3.24% LIB6M GBP GBP October 2022 LIB6M GBP 2.43% LIB6M JPY JPY November % LIB6M JPY RBACOR AUD February 2013 RBACOR 2.84% WIBOR3M PLN PLN May 2014 WIBOR3M PLN 4.63% WIBOR6M PLN PLN April 2014 WIBOR6M PLN 4.68% WIBOR6M PLN PLN April % WIBOR6M PLN WIBOR6M PLN PLN April % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN INDEX CAD September 2014 CDOR03 Index 1.60% INDEX CAD October % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD October 2015 CDOR03 Index 1.64% INDEX CAD September % CDOR03 Index INDEX CAD October % CDOR03 Index INDEX CAD September 2018 CDOR03 Index 1.95% INDEX CAD September 2018 CDOR03 Index 1.94% INDEX CAD September 2018 CDOR03 Index 1.87% INDEX CAD September % CDOR03 Index INDEX CAD March 2022 CDOR03 Index 3.40% INDEX CAD April 2022 CDOR03 Index 3.22% INDEX CAD April 2022 CDOR03 Index 3.22% INDEX CAD August 2022 CDOR03 Index 2.72% INDEX CAD September 2022 CDOR03 Index 2.78% INDEX CAD September % CDOR03 Index

41 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date INDEX CAD March % CDOR03 Index INDEX CAD March % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD February % CDOR03 Index INDEX CAD January % CDOR03 Index INDEX CAD September 2027 CDOR03 Index 3.05% INDEX CAD February 2032 CDOR03 Index 3.58% INDEX CAD October 2032 CDOR03 Index 3.25% INDEX CAD November 2032 CDOR03 Index 3.13% INDEX CAD November 2032 CDOR03 Index 3.10% INDEX CAD December 2032 CDOR03 Index 3.08% INDEX CAD September 2033 CDOR03 Index 2.83% INDEX CAD September 2033 CDOR03 Index 2.82% INDEX CAD February 2034 CDOR03 Index 3.16% INDEX CAD January 2042 CDOR03 Index 2.11% INDEX CAD March 2043 CDOR03 Index 2.89% INDEX CAD March 2043 CDOR03 Index 3.14% INDEX CAD January 2046 CDOR03 Index 2.79% DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD November % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD November % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD February 2021 LIB3M USD 3.77% DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD April % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD April % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD May % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD May 2052 LIB3M USD 3.33%

42 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD June % NDBB3M NZD DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD December % NDBB3M NZD DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD December 2027 NDBB3M NZD 4.39% DEUTSCHE BANK SINGAPORE - KWCDC- 3M KRW KRW August 2021 KWCDC- 3M KRW 3.02% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD April 2022 CDOR03 Index 3.23% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD September % CDOR03 Index GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD March % CDOR03 Index GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD September 2042 CDOR03 Index 3.02% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD March 2043 CDOR03 Index 3.16% GOLDMAN INTERNATIONAL - LIB6M GBP GBP November % LIB6M GBP GOLDMAN INTERNATIONAL - LIB6M GBP GBP November 2022 LIB6M GBP 2.46% GOLDMAN INTERNATIONAL - LIB6M GBP GBP November % LIB6M GBP HSBC LONDON - CDOR03 INDEX CAD February 2022 CDOR03 Index 3.29% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK November 2021 PRIBOR 1.84% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK November 2021 PRIBOR 1.85% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK December 2021 PRIBOR 1.63% HSBC LONDON - IB6M September 2015 IB6M 0.72% HSBC LONDON - IB6M September 2015 IB6M 0.61% HSBC LONDON - IB6M October % IB6M HSBC LONDON - IB6M September % IB6M HSBC LONDON - IB6M September % IB6M HSBC LONDON - IB6M August % IB6M HSBC LONDON - IB6M October % IB6M KWCDC- HSBC LONDON - KWCDC-3M KRW KRW August M KRW 3.01% KWCDC- HSBC LONDON - KWCDC-3M KRW KRW November M KRW 3.10% KWCDC- HSBC LONDON - KWCDC-3M KRW KRW August M KRW 3.06% HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD November % LIB3M USD HSBC LONDON - LIB3M USD USD August % LIB3M USD HSBC LONDON - LIB3M USD USD September % LIB3M USD HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD November 2029 LIB3M USD 3.42%

43 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - LIB3M USD USD May 2052 LIB3M USD 3.33% HSBC LONDON - LIB3M USD USD May 2052 LIB3M USD 3.28% HSBC LONDON - LIB6M GBP GBP November 2015 LIB6M GBP 1.97% HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May 2016 LIB6M GBP 1.43% HSBC LONDON - LIB6M GBP GBP September 2017 LIB6M GBP 1.51% HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP September % LIB6M GBP HSBC LONDON - LIB6M GBP GBP November 2021 LIB6M GBP 3.15% HSBC LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.24% HSBC LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.23% HSBC LONDON - LIB6M GBP GBP July % LIB6M GBP HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP March % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M GBP GBP October % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M JPY JPY November % LIB6M JPY HSBC LONDON - LIB6M JPY JPY December % LIB6M JPY HSBC LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.52% HSBC LONDON - STIB3M SEK SEK May 2020 STIB3M SEK 3.82% JP MORGAN LONDON - CDOR03 INDEX CAD December 2013 CDOR03 Index 3.44% JP MORGAN LONDON - JIB3M ZAR ZAR September % JIB3M ZAR KWCDC- JP MORGAN LONDON - KWCDC-3M KRW KRW August M KRW 3.02% JP MORGAN LONDON - LIB6M GBP GBP August % LIB6M GBP JP MORGAN LONDON - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.59% JP MORGAN LONDON - WIBOR3M PLN PLN March 2014 WIBOR3M PLN 4.70% JP MORGAN LONDON - WIBOR3M PLN PLN March 2014 WIBOR3M PLN 4.70% JP MORGAN LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.84% JP MORGAN LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.77% JP MORGAN LONDON - WIBOR3M PLN PLN February % WIBOR3M PLN JP MORGAN LONDON - WIBOR6M PLN PLN May % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN June % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN December % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN June % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN September % WIBOR6M PLN MORGAN STANLEY CIE INTERNATIONAL LONDON - CDOR03 INDEX CAD December 2021 CDOR03 Index 2.68% MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November 2016 IB6M 0.95%

44 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November % IB6M MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November 2022 IB6M 2.91% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK December 2017 NIBOR6M NOK 2.94% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.53% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.60% UBS AG LONDON - BBSW6M-AUD AUD September 2021 BBSW6M-AUD 5.36% UBS AG LONDON - BBSW6M-AUD AUD September % BBSW6M-AUD UBS AG LONDON - CDOR03 INDEX CAD December % CDOR03 Index UBS AG LONDON - CDOR03 INDEX CAD August 2016 CDOR03 Index 4.24% UBS AG LONDON - CDOR03 INDEX CAD August % CDOR03 Index UBS AG LONDON - LIB3M CHF CHF May % LIB3M CHF UBS AG LONDON - LIB3M USD USD August % LIB3M USD UBS AG LONDON - LIB3M USD USD August 2024 LIB3M USD 4.94% UBS AG LONDON - LIB6M CHF CHF January % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF August 2020 LIB6M CHF 2.26% UBS AG LONDON - LIB6M CHF CHF September % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF September % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF November % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF January 2024 LIB6M CHF 1.58% UBS AG LONDON - LIB6M CHF CHF September 2025 LIB6M CHF 2.66% UBS AG LONDON - LIB6M CHF CHF November 2026 LIB6M CHF 2.23% UBS AG LONDON - LIB6M GBP GBP April 2022 LIB6M GBP 3.88% UBS AG LONDON - LIB6M JPY JPY July 2020 LIB6M JPY 1.69% UBS AG LONDON - LIB6M JPY JPY October % LIB6M JPY UBS AG LONDON - LIB6M JPY JPY July % LIB6M JPY UBS AG LONDON - LIB6M JPY JPY July 2040 LIB6M JPY 2.15% UBS LONDON - BBSW3M-AUD AUD December 2013 BBSW3M-AUD 2.98% UBS LONDON - BBSW6M-AUD AUD January 2015 BBSW6M-AUD 4.16% UBS LONDON - BBSW6M-AUD AUD January % BBSW6M-AUD UBS LONDON - IB6M September 2015 IB6M 0.72% UBS LONDON - IB6M September 2015 IB6M 0.68% UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M September % IB6M UBS LONDON - IB6M September % IB6M UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October 2032 IB6M 2.85% UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October % IB6M

45 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date KWCDC- UBS LONDON - KWCDC-3M KRW KRW August M KRW 2.99% KWCDC- UBS LONDON - KWCDC-3M KRW KRW August M KRW 3.12% KWCDC- UBS LONDON - KWCDC-3M KRW KRW October M KRW 3.11% UBS LONDON - LIB3M USD USD December % LIB3M USD UBS LONDON - LIB3M USD USD April % LIB3M USD UBS LONDON - LIB3M USD USD April 2020 LIB3M USD 1.41% UBS LONDON - LIB3M USD USD December % LIB3M USD UBS LONDON - LIB3M USD USD August % LIB3M USD UBS LONDON - LIB3M USD USD April % LIB3M USD UBS LONDON - LIB3M USD USD October 2052 LIB3M USD 2.94% UBS LONDON - LIB6M CHF CHF September 2032 LIB6M CHF 1.72% UBS LONDON - LIB6M GBP GBP May % LIB6M GBP UBS LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.22% UBS LONDON - LIB6M GBP GBP June % LIB6M GBP UBS LONDON - LIB6M JPY JPY October 2021 LIB6M JPY 1.56% UBS LONDON - LIB6M JPY JPY December 2021 LIB6M JPY 0.95% UBS LONDON - LIB6M JPY JPY December % LIB6M JPY UBS LONDON - LIB6M JPY JPY November % LIB6M JPY UBS LONDON - LIB6M JPY JPY November % LIB6M JPY UBS LONDON - LIB6M JPY JPY October 2036 LIB6M JPY 2.11% UBS LONDON - LIB6M JPY JPY November 2036 LIB6M JPY 2.50% UBS LONDON - LIB6M JPY JPY November 2036 LIB6M JPY 2.47% UBS LONDON - STIB3M SEK SEK October 2015 STIB3M SEK 1.39% UBS LONDON - WIBOR3M PLN PLN October 2013 WIBOR3M PLN 5.06% UBS LONDON - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.56% UBS LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.87% UBS LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANK OF AMERICA NY - RE- PUBLIC OF HUNGARY USD SEN Purchases USD March % BANK OF AMERICA NY - WEYHSER Purchases USD June % BARCLAYS BANK PLC - ABX HE PENAAA 06-1 INDEX Sales USD July % BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD September % BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD September %

46 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - AVIS BUDGET CAR RENTAL USD SEN Purchases USD September % BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD December % BARCLAYS BANK PLC - BOEING CO USD SEN Purchases USD December % BARCLAYS BANK PLC - BOM- BARDIER INC USD SEN Sales USD June % BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Purchases USD December % BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Sales USD December % BARCLAYS BANK PLC - BP PLC Purchases June % BARCLAYS BANK PLC - CMBX.NA.AAA.5 ISSUER Purchases USD February % BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD October % BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD October % BARCLAYS BANK PLC - CMBX.NA.AJ.2 ISSUER Purchases USD March % BARCLAYS BANK PLC - CMBX.NA.AJ.3 ISSUER Purchases USD December % BARCLAYS BANK PLC - CMBX.NA.AJ.4 ISSUER Purchases USD February % BARCLAYS BANK PLC - CMBX.NA.AJ.5 ISSUER Purchases USD February % BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA Sales September % BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA SEN Sales September % BARCLAYS BANK PLC - CVS CAREMARK CORP USD SEN Purchases USD March % BARCLAYS BANK PLC - DIX- ONS RET Purchases March % BARCLAYS BANK PLC - DIXONS RETAIL PLC SEN Purchases March % BARCLAYS BANK PLC - EDF Purchases June % BARCLAYS BANK PLC - EXPE- DIA INC USD SEN Purchases USD March % BARCLAYS BANK PLC - GOODRICH Purchases USD September % BARCLAYS BANK PLC - MARKIT ABX.HE.AAA 06-2 USD Sales USD May % BARCLAYS BANK PLC - MARKIT ITRAXX ASIA EX JAPAN I USD Purchases USD December % BARCLAYS BANK PLC - MARKIT ITRX SNR FIN 06/17 Purchases June %

47 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - MARKIT ITRX SUB FIN 06/17 Purchases June % BARCLAYS BANK PLC - MARKIT ITRX XOVER 12/17 Purchases December % BARCLAYS BANK PLC - MARKIT ITRX OPE 12/17 Sales December % BARCLAYS BANK PLC - MOTOROLA SOLUTIONS INC USD SEN Purchases USD March % BARCLAYS BANK PLC - NEXT PLC Purchases September % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales December % BARCLAYS BANK PLC - PER- NOD RIC Purchases March % BARCLAYS BANK PLC - PHILIP- PINES Sales USD December % 616 BARCLAYS BANK PLC - POR- TUGAL REPUBLIC SENIOR USD Purchases USD June % BARCLAYS BANK PLC - RALLYE SA SEN Purchases December % BARCLAYS BANK PLC - RALLYE SA SEN Sales December % BARCLAYS BANK PLC - REN- TOKIL INITIAL PL Purchases June % BARCLAYS BANK PLC - REP. OF AUSTRIA USD SPREAD- CURVE Purchases USD September % BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Sales USD December % BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF KOREA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF SOUTH AFRICA Purchases USD September % BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD June %

48 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD September % BARCLAYS BANK PLC - SOCGEN SENIOR Purchases June % BARCLAYS BANK PLC - SPAIN Purchases USD June % BARCLAYS BANK PLC - STATE OF QATAR USD SEN Purchases USD December % BARCLAYS BANK PLC - SWE- DEN Purchases USD March % BARCLAYS BANK PLC - SWE- DEN Purchases USD December % BARCLAYS BANK PLC - SWE- DEN Purchases USD September % BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING Sales December % BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING USD Purchases December % -905 BARCLAYS BANK PLC - TESCO PLC SEN Sales September % BARCLAYS BANK PLC - USA GOVERNMENT Purchases March % BARCLAYS BANK PLC - VOL- VO AB Purchases December % BARCLAYS BANK PLC - VOL- VO AB Purchases March % BARCLAYS BANK PLC - VW Sales December % BARCLAYS BANK PLC - WELLS FARGO COMPANY Purchases USD September % BARCLAYS BANK PLC - WIND ACQUISITION FIN SA Sales December % BARCLAYS BANK PLC - WOORI BANK USD SEN Purchases USD March % BNP PARIBAS LONDON - HBOS PLC SUB Purchases December % BNP PARIBAS LONDON - KBC IFIMA NV SEN Purchases March % BNP PARIBAS LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD March % BNP PARIBAS LONDON - REPUBLIC OF IRELAND Purchases USD June % BNP PARIBAS LONDON - REPUBLIC OF ITALY USD SEN Purchases USD December % BNP PARIBAS LONDON - ROYAL BK OF SCOTLAND PLC GBP SUB Purchases December % CREDIT SUISSE INTERNA- TIONAL LONDON - ACE INA HOLDINGS Purchases USD June %

49 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - BANK OF INDIA LONDON USD SEN Sales USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - BOM- BARDIER INC USD SEN Sales USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - CHUBB CORP Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - GAZ- PROM INTL Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - HANA BANK USD SUB Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - ITXEU516 ISSUER Purchases December % CREDIT SUISSE INTERNA- TIONAL LONDON - JONES GROUP INC USD SEN Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF FRANCE Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - SAKS IN- CORPORATED USD SEN Sales USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - SANT ID Purchases March % CREDIT SUISSE INTERNA- TIONAL LONDON - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - SHINHAN BANK USD SUB Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - UNITED KINGDOM ENGLAND Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - WOORI BANK USD SUB Purchases USD September % AKZO NOBEL SRUNSEC Purchases December % BANCO SANTANDER Purchases January %

50 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANK OF CHINA USD SEN Purchases USD December % BP PLC Sales December % CMBX.NA.AAA.3 ISSUER Purchases USD December % CMBX.NA.AAA.5 ISSUER Purchases USD February % CMBX.NA.AJ.2 ISSUER Purchases USD March % CMBX.NA.AJ.4 ISSUER Purchases USD February % CMBX.NA.AM ISSUER Purchases USD October % COMPASS GROUP PLC SEN Purchases December % EDF Purchases June % 204 EXPEDIA Purchases USD December % EXPEDIA INC USD SEN Purchases USD March % EXPERIAN FIN Purchases December % EXPERIAN FIN Purchases June % GEORGIA-PACIFIC LLC USD SEN Sales USD June % GOODRICH Purchases USD December % INTESA SENIOR UNSECURED Purchases March %

51 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps JAPAN GOVERNMENT SR USD Purchases USD June % JC PENNEY SENIOR USD Purchases USD December % JPM Purchases December % MARKIT ABX.HE.AAA 06-2 USD Sales USD May % MARKIT ITRX SNR FIN 06/17 Purchases June % MARKIT ITRX JAPAN 12/17 JPY Purchases JPY December % MARKIT ITRX JAPAN 12/17 JPY Purchases JPY March % NEXT PLC Purchases June % NOKIA OYJ USD ISSUE Purchases USD June % PANASONIC CORP JPY SEN Purchases JPY September % PANASONIC CORP JPY SEN Purchases JPY March % PPR SEN Purchases September % PPR SEN Purchases December % RENAULT S.A. SEN Purchases December % REPUBLIC OF SOUTH AFRICA Purchases USD September % RUSSIAN FEDERATION Purchases USD September % SANT ID Purchases December % SANTANDER INTL DEBT SA SEN Purchases March % SONY CORPORATION JPY SEN Purchases JPY September % SONY CORPORATION JPY SEN Purchases JPY March % SPAIN Purchases USD June % SWEDEN Purchases USD March % SWISS RE AMERICA HOLDING Sales December % SWISS RE AMERICA HOLD- ING USD Purchases December %

52 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date TESCO PLC SEN Sales June % UNITED KINGDOM ENGLAND Purchases USD September % UNITED KINGDOM ENGLAND Purchases USD December % UNITED KINGDOM ENGLAND Purchases USD December % VOLVO AB Purchases December % VW Sales December % DEUTSCHE BANK NEW YORK - ALLSTATE Purchases USD September % DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD March % GOLDMAN INTERNATIONAL - REPUBLIC OF IRELAND Purchases USD June % HSBC LONDON - ABBEY NATL Purchases June % HSBC LONDON - DEUTSCHE BANK AG SUB Purchases March % HSBC LONDON - JAPAN GOV- ERNMENT SR USD Sales USD June % HSBC LONDON - JAPAN GOV- ERNMENT SR USD Purchases USD June % HSBC LONDON - KINGFISH- ER PLC Purchases June % HSBC LONDON - MARKIT ITRX XOVER 12/17 Purchases December % HSBC LONDON - REPUBLIC OF FRANCE Purchases USD December % HSBC LONDON - REPUBLIC OF IRELAND Purchases USD June % HSBC LONDON - REPUBLIC OF ITALY USD SEN Purchases USD December % HSBC LONDON - RUSSIAN FEDERATION Purchases USD June % HSBC LONDON - RUSSIAN FEDERATION Purchases USD June % HSBC LONDON - SIEMENS Purchases March % HSBC LONDON - SWEDEN Purchases USD December % HSBC LONDON - THE NETHER- LANDS Purchases USD June % HSBC LONDON - US TREASURY N/B SEN Purchases June % JP MORGAN LONDON - AB- BEY NATL Sales June % JP MORGAN LONDON - BAT INTL FINANCE PLC SEN Purchases June % JP MORGAN LONDON - DEUTSCHE BANK AG SUB Purchases March %

53 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date JP MORGAN LONDON - EX- PERIAN FIN Purchases September % JP MORGAN LONDON - KBC IFIMA NV SEN Purchases December % JP MORGAN LONDON - KBC IFIMA NV SEN Purchases March % JP MORGAN LONDON - MARKIT ABX.HE.AAA 06-2 USD Sales USD May % JP MORGAN LONDON - PEAR- SON PLC (U.K.) SEN Purchases June % JP MORGAN LONDON - RUS- SIAN FEDERATION Purchases USD June % JP MORGAN LONDON - SAKS INCORPORATED USD SEN Sales USD September % JP MORGAN LONDON - SANT ID Purchases March % JP MORGAN LONDON - SCOT- TISH STHN ENGY PLC SR UNSEC Sales December % JP MORGAN LONDON - UNITED KINGDOM ENGLAND Purchases USD December % JP MORGAN LONDON - UNITED RENTALS NORTH AM USD SEN Sales USD September % JP MORGAN LONDON - WELLS FARGO COMPANY Purchases USD September % JP MORGAN LONDON - WOORI BANK USD SEN Purchases USD December % JP MORGAN LONDON - WOORI BANK USD SUB Purchases USD September % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - PER- NOD RIC Purchases March % MORGAN STANLEY CIE INTER- NATIONAL LONDON - REPUB- LIC OF FRANCE Purchases USD December % MORGAN STANLEY CIE INTER- NATIONAL LONDON - STAPLES INC USD SEN Sales USD September % MORGAN STANLEY CIE INTER- NATIONAL LONDON - WOORI BANK USD SEN Purchases USD September % 63 NOMURA LONDON - ALCATEL Purchases June % NOMURA LONDON - ALCATEL Sales June %

54 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date STANDARD CHARTERED GB - REPUBLIC OF CHINA Sales USD December % STANDARD CHARTERED GB - REPUBLIC OF KOREA USD SEN Purchases USD December % UBS AG LONDON - BOM- BARDIER INC USD SEN Sales USD June % UBS AG LONDON - CNOOC FINANCE 2003 LTD USD SEN Purchases USD September % UBS AG LONDON - RUSSIAN FEDERATION Purchases USD June % UBS AG LONDON - WELLS FARGO COMPANY Purchases USD September % UBS LONDON - BANK OF AMERICA CORP USD SEN Purchases USD June % UBS LONDON - CITIGROUP INC USD SEN Sales USD June % UBS LONDON - DUKE ENERGY CAROLINAS Purchases USD September % UBS LONDON - PERNOD RIC Purchases March % UBS LONDON - SAFEWAY Purchases December % UBS LONDON - SIEMENS Purchases March % UBS LONDON - STAPLES INC Sales USD June % UBS LONDON - WHIRLPOOL Purchases USD June % received paid Type* Counterparty - Underlying Nominal Maturity date ILS BARCLAYS BANK PLC - CPI FRANCE September 2022 TF- Disc2.70% CPI France ILS BARCLAYS BANK PLC - CPI US USD February 2013 TF- Disc2.50% CPI US ILS - CPI US USD January 2013 CPI US 1.68% ILS - CPI US USD January 2013 TF- Disc1.88% CPI US ILS - CPI US USD February 2013 CPI US 1.84% ILS DEUTSCHE BANK NEW YORK - CPI US USD January 2013 TF- Disc1.73% CPI US ILS UBS AG LONDON - CPI US USD March 2013 CPI US 1.84% ILS UBS LONDON - CPI FRANCE September 2022 TF- Disc2.70% CPI France ILS UBS LONDON - CPI FRANCE October 2022 TF- Disc2.69% CPI France Type* Counterparty - Underlying Nominal Maturity date received paid BANK OF AMERICA LN - BBSW6M-AUD AUD August 2020 BBSW6M-AUD 4.29% BANK OF AMERICA LN - BBSW6M-AUD AUD September 2020 BBSW6M-AUD 4.18% BANK OF AMERICA LN - BBSW6M-AUD AUD June 2022 BBSW6M-AUD 4.37% BANK OF AMERICA LN - CDOR03 INDEX CAD December 2021 CDOR03 Index 2.68% BANK OF AMERICA LN - CDOR03 INDEX CAD August 2022 CDOR03 Index 2.72% BANK OF AMERICA LN - CDOR03 INDEX CAD August 2022 CDOR03 Index 2.73%

55 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date BANK OF AMERICA LN - LIB3M USD USD December % LIB3M USD CZK-6M- BARCLAYS BANK PLC - CZK-6M-PRIBOR CZK March 2022 PRIBOR 2.66% BARCLAYS BANK PLC - IB6M August 2016 IB6M 1.20% BARCLAYS BANK PLC - IB6M August % IB6M BARCLAYS BANK PLC - IB6M November % IB6M BARCLAYS BANK PLC - IB6M August 2022 IB6M 2.25% BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May 2032 IB6M 2.15% BARCLAYS BANK PLC - IB6M May 2032 IB6M 2.27% BARCLAYS BANK PLC - IB6M May 2037 IB6M 2.19% BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M October % IB6M BARCLAYS BANK PLC - IB6M October % IB6M BARCLAYS BANK PLC - JIB3M ZAR ZAR December 2017 JIB3M ZAR 6.78% KWCDC- BARCLAYS BANK PLC - KWCDC-3M KRW KRW October M KRW 3.14% BARCLAYS BANK PLC - LIB3M USD USD September % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD December 2013 LIB3M USD 1.86% BARCLAYS BANK PLC - LIB3M USD USD September 2014 LIB3M USD 1.81% BARCLAYS BANK PLC - LIB3M USD USD November % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD September % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April 2017 LIB3M USD 1.23% BARCLAYS BANK PLC - LIB3M USD USD August % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD December % LIB3M USD 659 BARCLAYS BANK PLC - LIB3M USD USD March % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April 2032 LIB3M USD 3.71% BARCLAYS BANK PLC - LIB3M USD USD October 2052 LIB3M USD 2.94% BARCLAYS BANK PLC - LIB3M USD USD November 2052 LIB3M USD 2.78% BARCLAYS BANK PLC - LIB6M GBP GBP November 2015 LIB6M GBP 1.88% BARCLAYS BANK PLC - LIB6M GBP GBP September 2017 LIB6M GBP 1.38% BARCLAYS BANK PLC - LIB6M GBP GBP December 2019 LIB6M GBP 2.31% BARCLAYS BANK PLC - LIB6M GBP GBP April 2022 LIB6M GBP 3.88% BARCLAYS BANK PLC - LIB6M GBP GBP December % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP December 2024 LIB6M GBP 3.71% BARCLAYS BANK PLC - LIB6M GBP GBP September % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP February % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP

56 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP -303 BARCLAYS BANK PLC - LIB6M GBP GBP September % LIB6M GBP BARCLAYS BANK PLC - LIB6M JPY JPY December 2022 LIB6M JPY 1.21% BARCLAYS BANK PLC - LIB6M JPY JPY December % LIB6M JPY BARCLAYS BANK PLC - LIB6M JPY JPY December 2032 LIB6M JPY 2.81% BARCLAYS BANK PLC - NIBOR6M NOK NOK December 2017 NIBOR6M NOK 2.94% BARCLAYS BANK PLC - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.57% BARCLAYS BANK PLC - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.64% BARCLAYS BANK PLC - SONIO/N INDEX GBP December 2013 SONIO/N Index 0.41% BARCLAYS BANK PLC - STIB3M SEK SEK October 2015 STIB3M SEK 1.35% BARCLAYS BANK PLC - STIB3M SEK SEK May 2021 STIB3M SEK 3.81% BARCLAYS BANK PLC - WIBOR3M PLN PLN October 2013 WIBOR3M PLN 5.00% BARCLAYS BANK PLC - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.57% BBSW3M-AUD AUD January 2015 BBSW3M-AUD 5.68% CDOR03 INDEX CAD September 2014 CDOR03 Index 1.61% CDOR03 INDEX CAD October % CDOR03 Index CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD April % CDOR03 Index CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD October 2017 CDOR03 Index 2.20% CDOR03 INDEX CAD September 2018 CDOR03 Index 1.95% CDOR03 INDEX CAD August 2021 CDOR03 Index 2.55% CDOR03 INDEX CAD November 2021 CDOR03 Index 2.47% CDOR03 INDEX CAD December 2021 CDOR03 Index 2.67% CDOR03 INDEX CAD March 2022 CDOR03 Index 3.47% CDOR03 INDEX CAD April 2022 CDOR03 Index 3.36% CDOR03 INDEX CAD April 2022 CDOR03 Index 3.22% CDOR03 INDEX CAD August 2022 CDOR03 Index 2.72% CDOR03 INDEX CAD September 2022 CDOR03 Index 2.78% CDOR03 INDEX CAD October 2032 CDOR03 Index 3.33% CDOR03 INDEX CAD October 2032 CDOR03 Index 3.37%

57 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD October 2042 CDOR03 Index 2.29% IB6M December % IB6M IB6M August % IB6M IB6M November % IB6M IB6M June % IB6M IB6M February 2023 IB6M 1.74% IB6M November % IB6M LIB3M CAD CAD October 2016 LIB3M CAD 2.09% LIB3M CHF CHF May 2013 LIB3M CHF 1.07% LIB3M USD USD January % LIB3M USD LIB3M USD USD March % LIB3M USD LIB3M USD USD September % LIB3M USD LIB3M USD USD April % LIB3M USD LIB3M USD USD April 2024 LIB3M USD 2.99% LIB3M USD USD September 2029 LIB3M USD 3.30% LIB6M CHF CHF May 2017 LIB6M CHF 0.45% LIB6M CHF CHF March % LIB6M CHF LIB6M CHF CHF October % LIB6M CHF LIB6M CHF CHF March 2024 LIB6M CHF 1.51% LIB6M CHF CHF October 2025 LIB6M CHF 2.57% LIB6M CHF CHF February 2032 LIB6M CHF 1.91% LIB6M GBP GBP March 2016 LIB6M GBP 1.75% LIB6M GBP GBP December 2016 LIB6M GBP 1.28% LIB6M GBP GBP September 2017 LIB6M GBP 1.51% LIB6M GBP GBP November % LIB6M GBP

58 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - LIB6M GBP GBP June % LIB6M GBP LIB6M GBP GBP June % LIB6M GBP LIB6M GBP GBP September % LIB6M GBP LIB6M GBP GBP December % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP November 2022 LIB6M GBP 2.47% LIB6M GBP GBP November % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP October % LIB6M GBP LIB6M GBP GBP August 2062 LIB6M GBP 3.10% LIB6M GBP GBP October 2062 LIB6M GBP 3.26% LIB6M JPY JPY March 2014 LIB6M JPY 0.35% LIB6M JPY JPY December 2021 LIB6M JPY 0.95% LIB6M JPY JPY December 2021 LIB6M JPY 0.93% LIB6M JPY JPY December 2021 LIB6M JPY 0.93% LIB6M JPY JPY December 2021 LIB6M JPY 0.89% LIB6M JPY JPY December 2022 LIB6M JPY 0.79% LIB6M JPY JPY January 2023 LIB6M JPY 0.78% LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY

59 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date - LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY February % LIB6M JPY LIB6M JPY JPY October % LIB6M JPY LIB6M JPY JPY November 2035 LIB6M JPY 2.36% LIB6M JPY JPY November 2036 LIB6M JPY 2.45% LIB6M JPY JPY November 2036 LIB6M JPY 2.45% LIB6M JPY JPY November 2036 LIB6M JPY 2.44% LIB6M JPY JPY December 2036 LIB6M JPY 2.04% LIB6M JPY JPY December 2036 LIB6M JPY 2.07% LIB6M JPY JPY December 2036 LIB6M JPY 2.51% NDBB3M NZD NZD August 2017 NDBB3M NZD 4.80% NDBB3M NZD NZD November 2017 NDBB3M NZD 5.06% SONIO/N INDEX GBP May 2013 SONIO/N Index 0.37% SONIO/N INDEX GBP June 2013 SONIO/N Index 0.31% WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.83% DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD June 2022 BBSW6M-AUD 4.34% DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD July 2022 BBSW6M-AUD 4.44% DEUTSCHE BANK FRANKFURT - IB6M January 2015 IB6M 1.33% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M December % IB6M DEUTSCHE BANK FRANKFURT - IB6M January % IB6M DEUTSCHE BANK FRANKFURT - IB6M January 2021 IB6M 2.40% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M November % IB6M DEUTSCHE BANK FRANKFURT - IB6M June % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M

60 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.57% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.45% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.49% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.45% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.42% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.33% DEUTSCHE BANK FRANKFURT - IB6M October 2032 IB6M 2.88% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M October 2038 IB6M 2.25% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January 2018 LIB6M GBP 1.80% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP June % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP March % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP March 2022 LIB6M GBP 3.36% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September 2022 LIB6M GBP 2.56% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October 2022 LIB6M GBP 2.51% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November 2022 LIB6M GBP 2.41% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November 2022 LIB6M GBP 2.51% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January 2023 LIB6M GBP 1.96% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August % LIB6M GBP

61 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August 2062 LIB6M GBP 3.06% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2022 LIB6M JPY 1.18% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2032 LIB6M JPY 2.78% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2035 LIB6M JPY 2.36% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2035 LIB6M JPY 2.41% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2036 LIB6M JPY 2.45% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.54% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.52% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.42% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.42% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - NDBB3M NZD NZD June 2022 NDBB3M NZD 4.43% DEUTSCHE BANK FRANKFURT - WI- BOR3M PLN PLN April 2014 WIBOR3M PLN 4.84% CZK-6M- PRIBOR CZK November 2017 CZK-6M- PRIBOR 1.17% CZK-6M- PRIBOR CZK March 2022 CZK-6M- PRIBOR 2.71% JIB3M ZAR ZAR September % JIB3M ZAR LIB3M USD USD August % LIB3M USD LIB6M GBP GBP December 2016 LIB6M GBP 1.27% LIB6M GBP GBP October % LIB6M GBP LIB6M GBP GBP November 2021 LIB6M GBP 3.25% LIB6M GBP GBP May 2022 LIB6M GBP 3.22% LIB6M GBP GBP May 2022 LIB6M GBP 3.24% LIB6M GBP GBP October 2022 LIB6M GBP 2.43% LIB6M JPY JPY November % LIB6M JPY RBACOR AUD February 2013 RBACOR 2.84% WIBOR3M PLN PLN May 2014 WIBOR3M PLN 4.63% WIBOR6M PLN PLN April 2014 WIBOR6M PLN 4.68% WIBOR6M PLN PLN April % WIBOR6M PLN WIBOR6M PLN PLN April % WIBOR6M PLN

62 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid WIBOR6M PLN PLN October % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN INDEX CAD September 2014 CDOR03 Index 1.60% INDEX CAD October % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index 932 INDEX CAD October 2015 CDOR03 Index 1.64% -703 INDEX CAD September % CDOR03 Index INDEX CAD October % CDOR03 Index INDEX CAD September 2018 CDOR03 Index 1.95% INDEX CAD September 2018 CDOR03 Index 1.94% INDEX CAD September 2018 CDOR03 Index 1.87% INDEX CAD September % CDOR03 Index INDEX CAD March 2022 CDOR03 Index 3.40% INDEX CAD April 2022 CDOR03 Index 3.22% INDEX CAD April 2022 CDOR03 Index 3.22% INDEX CAD August 2022 CDOR03 Index 2.72% INDEX CAD September 2022 CDOR03 Index 2.78% INDEX CAD September % CDOR03 Index INDEX CAD March % CDOR03 Index INDEX CAD March % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD February % CDOR03 Index INDEX CAD January % CDOR03 Index

63 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date INDEX CAD September 2027 CDOR03 Index 3.05% INDEX CAD February 2032 CDOR03 Index 3.58% INDEX CAD October 2032 CDOR03 Index 3.25% INDEX CAD November 2032 CDOR03 Index 3.13% INDEX CAD November 2032 CDOR03 Index 3.10% INDEX CAD December 2032 CDOR03 Index 3.08% INDEX CAD September 2033 CDOR03 Index 2.83% INDEX CAD September 2033 CDOR03 Index 2.82% INDEX CAD February 2034 CDOR03 Index 3.16% INDEX CAD January 2042 CDOR03 Index 2.11% INDEX CAD March 2043 CDOR03 Index 2.89% INDEX CAD March 2043 CDOR03 Index 3.14% INDEX CAD January 2046 CDOR03 Index 2.79% DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD November % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD November % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD February 2021 LIB3M USD 3.77% DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD April % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD April % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD May % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD May 2052 LIB3M USD 3.33% DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD June % NDBB3M NZD DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD December % NDBB3M NZD DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD December 2027 NDBB3M NZD 4.39% DEUTSCHE BANK SINGAPORE - KWCDC- 3M KRW KRW August 2021 KWCDC- 3M KRW 3.02% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD April 2022 CDOR03 Index 3.23% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD September % CDOR03 Index

64 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD March % CDOR03 Index GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD September 2042 CDOR03 Index 3.02% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD March 2043 CDOR03 Index 3.16% GOLDMAN INTERNATIONAL - LIB6M GBP GBP November % LIB6M GBP GOLDMAN INTERNATIONAL - LIB6M GBP GBP November 2022 LIB6M GBP 2.46% GOLDMAN INTERNATIONAL - LIB6M GBP GBP November % LIB6M GBP HSBC LONDON - CDOR03 INDEX CAD February 2022 CDOR03 Index 3.29% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK November 2021 PRIBOR 1.84% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK November 2021 PRIBOR 1.85% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK December 2021 PRIBOR 1.63% HSBC LONDON - IB6M September 2015 IB6M 0.72% HSBC LONDON - IB6M September 2015 IB6M 0.61% HSBC LONDON - IB6M October % IB6M HSBC LONDON - IB6M September % IB6M HSBC LONDON - IB6M September % IB6M HSBC LONDON - IB6M August % IB6M HSBC LONDON - IB6M October % IB6M KWCDC- HSBC LONDON - KWCDC-3M KRW KRW August M KRW 3.01% KWCDC- HSBC LONDON - KWCDC-3M KRW KRW November M KRW 3.10% KWCDC- HSBC LONDON - KWCDC-3M KRW KRW August M KRW 3.06% HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD November % LIB3M USD HSBC LONDON - LIB3M USD USD August % LIB3M USD HSBC LONDON - LIB3M USD USD September % LIB3M USD HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD November 2029 LIB3M USD 3.42% HSBC LONDON - LIB3M USD USD May 2052 LIB3M USD 3.33% HSBC LONDON - LIB3M USD USD May 2052 LIB3M USD 3.28% HSBC LONDON - LIB6M GBP GBP November 2015 LIB6M GBP 1.97% HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May 2016 LIB6M GBP 1.43% HSBC LONDON - LIB6M GBP GBP September 2017 LIB6M GBP 1.51% HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP September % LIB6M GBP HSBC LONDON - LIB6M GBP GBP November 2021 LIB6M GBP 3.15% HSBC LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.24%

65 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.23% HSBC LONDON - LIB6M GBP GBP July % LIB6M GBP HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP March % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M GBP GBP October % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M JPY JPY November % LIB6M JPY HSBC LONDON - LIB6M JPY JPY December % LIB6M JPY HSBC LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.52% HSBC LONDON - STIB3M SEK SEK May 2020 STIB3M SEK 3.82% JP MORGAN LONDON - CDOR03 INDEX CAD December 2013 CDOR03 Index 3.44% JP MORGAN LONDON - JIB3M ZAR ZAR September % JIB3M ZAR KWCDC- JP MORGAN LONDON - KWCDC-3M KRW KRW August M KRW 3.02% JP MORGAN LONDON - LIB6M GBP GBP August % LIB6M GBP JP MORGAN LONDON - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.59% JP MORGAN LONDON - WIBOR3M PLN PLN March 2014 WIBOR3M PLN 4.70% JP MORGAN LONDON - WIBOR3M PLN PLN March 2014 WIBOR3M PLN 4.70% JP MORGAN LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.84% JP MORGAN LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.77% JP MORGAN LONDON - WIBOR3M PLN PLN February % WIBOR3M PLN JP MORGAN LONDON - WIBOR6M PLN PLN May % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN June % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN December % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN June % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN September % WIBOR6M PLN MORGAN STANLEY CIE INTERNATIONAL LONDON - CDOR03 INDEX CAD December 2021 CDOR03 Index 2.68% MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November 2016 IB6M 0.95% MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November % IB6M MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November 2022 IB6M 2.91% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK December 2017 NIBOR6M NOK 2.94% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.53% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.60% UBS AG LONDON - BBSW6M-AUD AUD September 2021 BBSW6M-AUD 5.36%

66 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date UBS AG LONDON - BBSW6M-AUD AUD September % BBSW6M-AUD UBS AG LONDON - CDOR03 INDEX CAD December % CDOR03 Index UBS AG LONDON - CDOR03 INDEX CAD August 2016 CDOR03 Index 4.24% UBS AG LONDON - CDOR03 INDEX CAD August % CDOR03 Index UBS AG LONDON - LIB3M CHF CHF May % LIB3M CHF UBS AG LONDON - LIB3M USD USD August % LIB3M USD UBS AG LONDON - LIB3M USD USD August 2024 LIB3M USD 4.94% UBS AG LONDON - LIB6M CHF CHF January % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF August 2020 LIB6M CHF 2.26% UBS AG LONDON - LIB6M CHF CHF September % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF September % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF November % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF January 2024 LIB6M CHF 1.58% UBS AG LONDON - LIB6M CHF CHF September 2025 LIB6M CHF 2.66% UBS AG LONDON - LIB6M CHF CHF November 2026 LIB6M CHF 2.23% UBS AG LONDON - LIB6M GBP GBP May % LIB6M GBP UBS AG LONDON - LIB6M GBP GBP April 2022 LIB6M GBP 3.88% UBS AG LONDON - LIB6M JPY JPY July 2020 LIB6M JPY 1.69% UBS AG LONDON - LIB6M JPY JPY October % LIB6M JPY UBS AG LONDON - LIB6M JPY JPY July % LIB6M JPY UBS AG LONDON - LIB6M JPY JPY July 2040 LIB6M JPY 2.15% UBS LONDON - BBSW3M-AUD AUD December 2013 BBSW3M-AUD 2.98% UBS LONDON - BBSW6M-AUD AUD January 2015 BBSW6M-AUD 4.16% UBS LONDON - BBSW6M-AUD AUD January % BBSW6M-AUD UBS LONDON - IB6M September 2015 IB6M 0.72% UBS LONDON - IB6M September 2015 IB6M 0.68% UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M September % IB6M UBS LONDON - IB6M September % IB6M UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October 2032 IB6M 2.85% UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October % IB6M KWCDC- UBS LONDON - KWCDC-3M KRW KRW August M KRW 2.99% KWCDC- UBS LONDON - KWCDC-3M KRW KRW August M KRW 3.12% KWCDC- UBS LONDON - KWCDC-3M KRW KRW October M KRW 3.11% UBS LONDON - LIB3M USD USD December % LIB3M USD UBS LONDON - LIB3M USD USD April % LIB3M USD UBS LONDON - LIB3M USD USD April 2020 LIB3M USD 1.41% UBS LONDON - LIB3M USD USD December % LIB3M USD

67 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid UBS LONDON - LIB3M USD USD August % LIB3M USD UBS LONDON - LIB3M USD USD April % LIB3M USD UBS LONDON - LIB3M USD USD October 2052 LIB3M USD 2.94% UBS LONDON - LIB6M CHF CHF September 2032 LIB6M CHF 1.72% 647 UBS LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.22% UBS LONDON - LIB6M GBP GBP June % LIB6M GBP UBS LONDON - LIB6M JPY JPY October 2021 LIB6M JPY 1.56% UBS LONDON - LIB6M JPY JPY December 2021 LIB6M JPY 0.95% UBS LONDON - LIB6M JPY JPY December % LIB6M JPY UBS LONDON - LIB6M JPY JPY November % LIB6M JPY UBS LONDON - LIB6M JPY JPY November % LIB6M JPY UBS LONDON - LIB6M JPY JPY October 2036 LIB6M JPY 2.11% UBS LONDON - LIB6M JPY JPY November 2036 LIB6M JPY 2.50% UBS LONDON - LIB6M JPY JPY November 2036 LIB6M JPY 2.47% UBS LONDON - STIB3M SEK SEK October 2015 STIB3M SEK 1.39% UBS LONDON - WIBOR3M PLN PLN October 2013 WIBOR3M PLN 5.06% UBS LONDON - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.56% UBS LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.87% UBS LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANK OF AMERICA LN - WHIRLPOOL Purchases USD June % BANK OF AMERICA NY - ADEC- CO Purchases September % BANK OF AMERICA NY - RE- PUBLIC OF HUNGARY USD SEN Purchases USD March % BANK OF AMERICA NY - WEYHSER Purchases USD June % BARCLAYS BANK PLC - ABX HE PENAAA 06-1 INDEX Sales USD July % BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD September % BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD September % BARCLAYS BANK PLC - AVIS BUDGET CAR RENTAL USD SEN Purchases USD September % BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD December % BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD March %

68 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - BOEING CO USD SEN Purchases USD December % BARCLAYS BANK PLC - BOM- BARDIER INC USD SEN Sales USD June % BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Purchases USD December % BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Sales USD December % BARCLAYS BANK PLC - BP PLC Purchases June % BARCLAYS BANK PLC - CMBX.NA.AAA.5 ISSUER Purchases USD February % BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD October % BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD October % BARCLAYS BANK PLC - CMBX.NA.AJ.2 ISSUER Purchases USD March % BARCLAYS BANK PLC - CMBX.NA.AJ.3 ISSUER Purchases USD December % BARCLAYS BANK PLC - CMBX.NA.AJ.4 ISSUER Purchases USD February % BARCLAYS BANK PLC - CMBX.NA.AJ.5 ISSUER Purchases USD February % BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA Sales September % BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA SEN Sales September % BARCLAYS BANK PLC - CVS CAREMARK CORP USD SEN Purchases USD March % BARCLAYS BANK PLC - DIX- ONS RET Purchases March % BARCLAYS BANK PLC - DIXONS RETAIL PLC SEN Purchases March % BARCLAYS BANK PLC - EDF Purchases June % BARCLAYS BANK PLC - EXPE- DIA INC USD SEN Purchases USD March % BARCLAYS BANK PLC - GOODRICH Purchases USD September % BARCLAYS BANK PLC - MARKIT ABX.HE.AAA 06-2 USD Sales USD May % BARCLAYS BANK PLC - MARKIT ITRAXX ASIA EX JAPAN I USD Purchases USD December % BARCLAYS BANK PLC - MARKIT ITRX SNR FIN 06/17 Purchases June % BARCLAYS BANK PLC - MARKIT ITRX SUB FIN 06/17 Purchases June % BARCLAYS BANK PLC - MARKIT ITRX XOVER 12/17 Purchases December % BARCLAYS BANK PLC - MARKIT ITRX OPE 12/17 Sales December %

69 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - MOTOROLA SOLUTIONS INC USD SEN Purchases USD March % BARCLAYS BANK PLC - NEXT PLC Purchases September % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales December % BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales December % BARCLAYS BANK PLC - PER- NOD RIC Purchases March % BARCLAYS BANK PLC - PHILIP- PINES Sales USD December % 889 BARCLAYS BANK PLC - POR- TUGAL REPUBLIC SENIOR USD Purchases USD June % BARCLAYS BANK PLC - RALLYE SA SEN Purchases December % BARCLAYS BANK PLC - RALLYE SA SEN Sales December % BARCLAYS BANK PLC - REN- TOKIL INITIAL PL Purchases June % BARCLAYS BANK PLC - REP. OF AUSTRIA USD SPREAD- CURVE Purchases USD September % BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Sales USD December % BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF KOREA USD SEN Purchases USD December % BARCLAYS BANK PLC - RE- PUBLIC OF SOUTH AFRICA Purchases USD September % BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD June % BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD September % BARCLAYS BANK PLC - SOCGEN SENIOR Purchases June % BARCLAYS BANK PLC - SPAIN Purchases USD June %

70 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - STATE OF QATAR USD SEN Purchases USD December % BARCLAYS BANK PLC - SWE- DEN Purchases USD March % BARCLAYS BANK PLC - SWE- DEN Purchases USD December % BARCLAYS BANK PLC - SWE- DEN Purchases USD September % BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING Sales December % BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING USD Purchases December % BARCLAYS BANK PLC - TESCO PLC SEN Sales September % BARCLAYS BANK PLC - USA GOVERNMENT Purchases March % BARCLAYS BANK PLC - VOL- VO AB Purchases December % BARCLAYS BANK PLC - VOL- VO AB Purchases March % BARCLAYS BANK PLC - VW Sales December % BARCLAYS BANK PLC - WELLS FARGO COMPANY Purchases USD September % BARCLAYS BANK PLC - WIND ACQUISITION FIN SA Sales December % BARCLAYS BANK PLC - WOORI BANK USD SEN Purchases USD March % BNP PARIBAS LONDON - HBOS PLC SUB Purchases December % BNP PARIBAS LONDON - KBC IFIMA NV SEN Purchases March % BNP PARIBAS LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD March % BNP PARIBAS LONDON - REPUBLIC OF IRELAND Purchases USD June % BNP PARIBAS LONDON - REPUBLIC OF ITALY USD SEN Purchases USD December % BNP PARIBAS LONDON - ROYAL BK OF SCOTLAND PLC GBP SUB Purchases December % BNP PARIBAS LONDON - THE NETHERLANDS Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - ACE INA HOLDINGS Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - BANK OF INDIA LONDON USD SEN Sales USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - BOM- BARDIER INC USD SEN Sales USD June %

71 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - CARDI HLTH Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - CLARI- ANT AG Purchases March % -153 CREDIT SUISSE INTERNA- TIONAL LONDON - FINMEC- CANICA FINANCE SEN Purchases September % CREDIT SUISSE INTERNA- TIONAL LONDON - GAZ- PROM INTL Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - HANA BANK USD SUB Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - JONES GROUP INC USD SEN Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - MEADWESTVACO Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF FRANCE Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD June % CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD March % CREDIT SUISSE INTERNA- TIONAL LONDON - SAKS IN- CORPORATED USD SEN Sales USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - SANT ID Purchases March % CREDIT SUISSE INTERNA- TIONAL LONDON - SANTANDER ISSUANCES Purchases June % CREDIT SUISSE INTERNA- TIONAL LONDON - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - SHINHAN BANK USD SUB Purchases USD September % CREDIT SUISSE INTERNA- TIONAL LONDON - UNITED KINGDOM ENGLAND Purchases USD December % CREDIT SUISSE INTERNA- TIONAL LONDON - WOORI BANK USD SUB Purchases USD September % -791 ACE INA HOLDINGS Purchases USD March %

72 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps ADECCO Purchases September % AKZO NOBEL SRUNSEC Purchases December % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANCO SANTANDER Purchases January % BANK OF CHINA USD SEN Purchases USD December % BANK OF CHINA USD SEN Purchases USD March % BP PLC Sales December % CENTEX HOME EQUITY Purchases USD October % CMBX.NA.AAA.3 ISSUER Purchases USD December % CMBX.NA.AAA.5 ISSUER Purchases USD February % CMBX.NA.AJ.2 ISSUER Purchases USD March % CMBX.NA.AJ.4 ISSUER Purchases USD February % CMBX.NA.AM ISSUER Purchases USD October % COMPASS GROUP PLC SEN Purchases December % EDF Purchases June % 409 EXPEDIA Purchases USD December % EXPEDIA INC USD SEN Purchases USD March %

73 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps EXPERIAN FIN Purchases December % EXPERIAN FIN Purchases June % GEORGIA-PACIFIC LLC USD SEN Sales USD June % GOODRICH Purchases USD December % INTESA SENIOR UNSECURED Purchases March % JAPAN GOVERNMENT SR USD Purchases USD June % JAPAN TOBACCO INC Purchases June % JC PENNEY SENIOR USD Purchases USD December % MARKIT ABX.HE.AAA 06-2 USD Sales USD May % MARKIT ITRX SNR FIN 06/17 Purchases June % MARKIT ITRX JAPAN 12/17 JPY Purchases JPY December % MARKIT ITRX JAPAN 12/17 JPY Purchases JPY March % NEXT PLC Purchases June % NOKIA OYJ USD ISSUE Purchases USD June % PANASONIC CORP JPY SEN Purchases JPY September % PANASONIC CORP JPY SEN Purchases JPY March % PPR SEN Purchases September % PPR SEN Purchases December % RENAULT S.A. SEN Purchases December % REPUBLIC OF SOUTH AFRICA Purchases USD September % RUSSIAN FEDERATION Purchases USD September % SANT ID Purchases December % SANTANDER INTL DEBT SA SEN Purchases March % SONY CORPORATION JPY SEN Purchases JPY September %

74 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date SONY CORPORATION JPY SEN Purchases JPY March % SPAIN Purchases USD June % STRUCTURED ASSET SECURI- TIES CORP Purchases USD February % SWEDEN Purchases USD March % SWISS RE AMERICA HOLDING Sales December % SWISS RE AMERICA HOLD- ING USD Purchases December % TESCO PLC SEN Sales June % UNITED KINGDOM ENGLAND Purchases USD September % UNITED KINGDOM ENGLAND Purchases USD December % UNITED KINGDOM ENGLAND Purchases USD December % VOLVO AB Purchases December % VW Sales December % DEUTSCHE BANK NEW YORK - ALLSTATE Purchases USD September % DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD March % DEUTSCHE BANK NEW YORK - CATERPILLAR Purchases USD March % DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD December % DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD March % DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD June % DEUTSCHE BANK NEW YORK - DEERE Purchases USD March % DEUTSCHE BANK NEW YORK - WEYHSER Purchases USD March % GOLDMAN INTERNATIONAL - KBC IFIMA NV SEN Purchases March % GOLDMAN INTERNATIONAL - REPUBLIC OF IRELAND Purchases USD June % HSBC LONDON - ABBEY NATL Purchases June % HSBC LONDON - DEUTSCHE BANK AG SUB Purchases March % HSBC LONDON - JAPAN GOV- ERNMENT SR USD Sales USD June %

75 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date HSBC LONDON - JAPAN GOV- ERNMENT SR USD Purchases USD June % HSBC LONDON - KINGFISH- ER PLC Purchases June % HSBC LONDON - MARKIT ITRX XOVER 12/17 Purchases December % HSBC LONDON - PERNOD RIC Purchases March % HSBC LONDON - REPUBLIC OF FRANCE Purchases USD December % HSBC LONDON - REPUBLIC OF IRELAND Purchases USD June % HSBC LONDON - REPUBLIC OF ITALY USD SEN Purchases USD December % HSBC LONDON - RUSSIAN FEDERATION Purchases USD June % HSBC LONDON - RUSSIAN FEDERATION Purchases USD June % HSBC LONDON - SIEMENS Purchases March % HSBC LONDON - SWEDEN Purchases USD December % HSBC LONDON - THE NETHER- LANDS Purchases USD June % HSBC LONDON - US TREASURY N/B SEN Purchases June % JP MORGAN LONDON - AB- BEY NATL Sales June % JP MORGAN LONDON - BAT INTL FINANCE PLC SEN Purchases June % JP MORGAN LONDON - DEUTSCHE BANK AG SUB Purchases March % JP MORGAN LONDON - KBC IFIMA NV SEN Purchases December % JP MORGAN LONDON - KBC IFIMA NV SEN Purchases March % JP MORGAN LONDON - MARKIT ABX.HE.AAA 06-2 USD Sales USD May % JP MORGAN LONDON - PEAR- SON PLC (U.K.) SEN Purchases June % JP MORGAN LONDON - RUS- SIAN FEDERATION Purchases USD June % JP MORGAN LONDON - SAKS INCORPORATED USD SEN Sales USD September % JP MORGAN LONDON - SANT ID Purchases March % JP MORGAN LONDON - SAN- TANDER ISSUANCES Sales June % JP MORGAN LONDON - SCOT- TISH STHN ENGY PLC SR UNSEC Sales December % JP MORGAN LONDON - THE NETHERLANDS Purchases USD June % JP MORGAN LONDON - UNITED KINGDOM ENGLAND Purchases USD December %

76 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date JP MORGAN LONDON - UNITED RENTALS NORTH AM USD SEN Sales USD September % JP MORGAN LONDON - WELLS FARGO COMPANY Purchases USD September % JP MORGAN LONDON - WOORI BANK USD SEN Purchases USD December % JP MORGAN LONDON - WOORI BANK USD SUB Purchases USD September % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases January % MORGAN STANLEY CIE INTER- NATIONAL LONDON - PER- NOD RIC Purchases March % MORGAN STANLEY CIE INTER- NATIONAL LONDON - REPUB- LIC OF FRANCE Purchases USD December % MORGAN STANLEY CIE INTER- NATIONAL LONDON - STAPLES INC USD SEN Sales USD September % MORGAN STANLEY CIE INTER- NATIONAL LONDON - WOORI BANK USD SEN Purchases USD September % -25 NOMURA LONDON - ALCATEL Purchases June % NOMURA LONDON - ALCATEL Sales June % STANDARD CHARTERED GB - REPUBLIC OF CHINA Sales USD December % STANDARD CHARTERED GB - REPUBLIC OF KOREA USD SEN Purchases USD December % UBS AG LONDON - ABSHE 2005-HE4 M8 ISSUER Purchases USD May % UBS AG LONDON - BEAM Purchases USD June % UBS AG LONDON - BOM- BARDIER INC USD SEN Sales USD June % UBS AG LONDON - CENTEX HOME EQUITY Purchases USD October % UBS AG LONDON - CNOOC FINANCE 2003 LTD USD SEN Purchases USD September % UBS AG LONDON - DIXONS RET Purchases June % UBS AG LONDON - GOODRICH Purchases USD June % UBS AG LONDON - PEARSON PLC (U.K.) SEN Purchases September % UBS AG LONDON - RUSSIAN FEDERATION Purchases USD June % UBS AG LONDON - TWX Purchases USD March %

77 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date UBS AG LONDON - WELLS FARGO COMPANY Purchases USD September % UBS LONDON - BANK OF AMERICA CORP USD SEN Purchases USD June % UBS LONDON - CITIGROUP INC USD SEN Sales USD June % UBS LONDON - DUKE ENERGY CAROLINAS Purchases USD September % UBS LONDON - PERNOD RIC Purchases March % UBS LONDON - SAFEWAY Purchases December % UBS LONDON - SIEMENS Purchases March % UBS LONDON - STAPLES INC Sales USD June % UBS LONDON - WHIRLPOOL Purchases USD June % received paid Type* Counterparty - Underlying Nominal Maturity date ILS BARCLAYS BANK PLC - CPI FRANCE September 2022 TF- Disc2.70% CPI France ILS BARCLAYS BANK PLC - CPI US USD February 2013 TF- Disc2.50% CPI US ILS - CPI US USD January 2013 CPI US 1.68% ILS - CPI US USD January 2013 TF- Disc1.88% CPI US ILS - CPI US USD February 2013 CPI US 1.84% ILS DEUTSCHE BANK NEW YORK - CPI US USD January 2013 TF- Disc1.73% CPI US ILS UBS AG LONDON - CPI US USD March 2013 CPI US 1.84% ILS UBS LONDON - CPI FRANCE September 2022 TF- Disc2.70% CPI France ILS UBS LONDON - CPI FRANCE October 2022 TF- Disc2.69% CPI France received paid Type* Counterparty - Underlying Nominal Maturity date BANK OF AMERICA LN - BBSW6M-AUD AUD August 2020 BBSW6M-AUD 4.29% BANK OF AMERICA LN - BBSW6M-AUD AUD September 2020 BBSW6M-AUD 4.18% BANK OF AMERICA LN - BBSW6M-AUD AUD June 2022 BBSW6M-AUD 4.37% BANK OF AMERICA LN - CDOR03 INDEX CAD December 2021 CDOR03 Index 2.68% BANK OF AMERICA LN - CDOR03 INDEX CAD August 2022 CDOR03 Index 2.72% BANK OF AMERICA LN - CDOR03 INDEX CAD August 2022 CDOR03 Index 2.73% BANK OF AMERICA LN - LIB3M USD USD December % LIB3M USD CZK-6M- BARCLAYS BANK PLC - CZK-6M-PRIBOR CZK March 2022 PRIBOR 2.66% BARCLAYS BANK PLC - IB6M August 2016 IB6M 1.20% BARCLAYS BANK PLC - IB6M August % IB6M BARCLAYS BANK PLC - IB6M November % IB6M BARCLAYS BANK PLC - IB6M August 2022 IB6M 2.25% BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May % IB6M

78 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date BARCLAYS BANK PLC - IB6M May 2032 IB6M 2.15% BARCLAYS BANK PLC - IB6M May 2032 IB6M 2.27% BARCLAYS BANK PLC - IB6M May 2037 IB6M 2.19% BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M May % IB6M BARCLAYS BANK PLC - IB6M October % IB6M BARCLAYS BANK PLC - IB6M October % IB6M BARCLAYS BANK PLC - JIB3M ZAR ZAR December 2017 JIB3M ZAR 6.78% KWCDC- BARCLAYS BANK PLC - KWCDC-3M KRW KRW October M KRW 3.14% BARCLAYS BANK PLC - LIB3M USD USD September % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD December 2013 LIB3M USD 1.86% BARCLAYS BANK PLC - LIB3M USD USD September 2014 LIB3M USD 1.81% BARCLAYS BANK PLC - LIB3M USD USD November % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD September % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April 2017 LIB3M USD 1.23% BARCLAYS BANK PLC - LIB3M USD USD August % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD December % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD March % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April % LIB3M USD BARCLAYS BANK PLC - LIB3M USD USD April 2032 LIB3M USD 3.71% BARCLAYS BANK PLC - LIB3M USD USD October 2052 LIB3M USD 2.94% BARCLAYS BANK PLC - LIB3M USD USD November 2052 LIB3M USD 2.78% BARCLAYS BANK PLC - LIB6M GBP GBP November 2015 LIB6M GBP 1.88% BARCLAYS BANK PLC - LIB6M GBP GBP September 2017 LIB6M GBP 1.38% BARCLAYS BANK PLC - LIB6M GBP GBP December 2019 LIB6M GBP 2.31% BARCLAYS BANK PLC - LIB6M GBP GBP April 2022 LIB6M GBP 3.88% BARCLAYS BANK PLC - LIB6M GBP GBP December % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP December 2024 LIB6M GBP 3.71% BARCLAYS BANK PLC - LIB6M GBP GBP September % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP February % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP May % LIB6M GBP BARCLAYS BANK PLC - LIB6M GBP GBP September % LIB6M GBP BARCLAYS BANK PLC - LIB6M JPY JPY December 2022 LIB6M JPY 1.21% BARCLAYS BANK PLC - LIB6M JPY JPY December % LIB6M JPY BARCLAYS BANK PLC - LIB6M JPY JPY December 2032 LIB6M JPY 2.81% BARCLAYS BANK PLC - NIBOR6M NOK NOK December 2017 NIBOR6M NOK 2.94% BARCLAYS BANK PLC - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.57% BARCLAYS BANK PLC - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.64% BARCLAYS BANK PLC - SONIO/N INDEX GBP December 2013 SONIO/N Index 0.41%

79 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - STIB3M SEK SEK October 2015 STIB3M SEK 1.35% BARCLAYS BANK PLC - STIB3M SEK SEK May 2021 STIB3M SEK 3.81% BARCLAYS BANK PLC - WIBOR3M PLN PLN October 2013 WIBOR3M PLN 5.00% BARCLAYS BANK PLC - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.57% BBSW3M-AUD AUD January 2015 BBSW3M-AUD 5.68% CDOR03 INDEX CAD September 2014 CDOR03 Index 1.61% CDOR03 INDEX CAD October % CDOR03 Index CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD April % CDOR03 Index CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD October 2017 CDOR03 Index 2.20% CDOR03 INDEX CAD September 2018 CDOR03 Index 1.95% CDOR03 INDEX CAD August 2021 CDOR03 Index 2.55% CDOR03 INDEX CAD November 2021 CDOR03 Index 2.47% CDOR03 INDEX CAD December 2021 CDOR03 Index 2.67% CDOR03 INDEX CAD March 2022 CDOR03 Index 3.47% CDOR03 INDEX CAD April 2022 CDOR03 Index 3.36% CDOR03 INDEX CAD April 2022 CDOR03 Index 3.22% CDOR03 INDEX CAD August 2022 CDOR03 Index 2.72% CDOR03 INDEX CAD September 2022 CDOR03 Index 2.78% CDOR03 INDEX CAD October 2032 CDOR03 Index 3.33% CDOR03 INDEX CAD October 2032 CDOR03 Index 3.37% CDOR03 INDEX CAD October 2042 CDOR03 Index 2.29% IB6M December % IB6M IB6M August % IB6M IB6M November % IB6M IB6M June % IB6M

80 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - IB6M February 2023 IB6M 1.74% IB6M November % IB6M LIB3M CAD CAD October 2016 LIB3M CAD 2.09% LIB3M CHF CHF May 2013 LIB3M CHF 1.07% LIB3M USD USD January % LIB3M USD LIB3M USD USD March % LIB3M USD LIB3M USD USD September % LIB3M USD LIB3M USD USD April % LIB3M USD LIB3M USD USD April 2024 LIB3M USD 2.99% LIB3M USD USD September 2029 LIB3M USD 3.30% LIB6M CHF CHF May 2017 LIB6M CHF 0.45% LIB6M CHF CHF March % LIB6M CHF LIB6M CHF CHF October % LIB6M CHF LIB6M CHF CHF March 2024 LIB6M CHF 1.51% LIB6M CHF CHF October 2025 LIB6M CHF 2.57% LIB6M CHF CHF February 2032 LIB6M CHF 1.91% LIB6M GBP GBP March 2016 LIB6M GBP 1.75% LIB6M GBP GBP December 2016 LIB6M GBP 1.28% LIB6M GBP GBP September 2017 LIB6M GBP 1.51% LIB6M GBP GBP November % LIB6M GBP LIB6M GBP GBP June % LIB6M GBP LIB6M GBP GBP June % LIB6M GBP LIB6M GBP GBP September % LIB6M GBP LIB6M GBP GBP December % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP

81 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP November 2022 LIB6M GBP 2.47% LIB6M GBP GBP November % LIB6M GBP LIB6M GBP GBP August % LIB6M GBP LIB6M GBP GBP October % LIB6M GBP LIB6M GBP GBP August 2062 LIB6M GBP 3.10% LIB6M GBP GBP October 2062 LIB6M GBP 3.26% LIB6M JPY JPY March 2014 LIB6M JPY 0.35% LIB6M JPY JPY December 2021 LIB6M JPY 0.95% LIB6M JPY JPY December 2021 LIB6M JPY 0.93% LIB6M JPY JPY December 2021 LIB6M JPY 0.93% LIB6M JPY JPY December 2021 LIB6M JPY 0.89% LIB6M JPY JPY December 2022 LIB6M JPY 0.79% LIB6M JPY JPY January 2023 LIB6M JPY 0.78% LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY November % LIB6M JPY LIB6M JPY JPY December % LIB6M JPY LIB6M JPY JPY February % LIB6M JPY LIB6M JPY JPY October % LIB6M JPY

82 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date - LIB6M JPY JPY November 2035 LIB6M JPY 2.36% LIB6M JPY JPY November 2036 LIB6M JPY 2.45% LIB6M JPY JPY November 2036 LIB6M JPY 2.45% LIB6M JPY JPY November 2036 LIB6M JPY 2.44% LIB6M JPY JPY December 2036 LIB6M JPY 2.04% LIB6M JPY JPY December 2036 LIB6M JPY 2.07% LIB6M JPY JPY December 2036 LIB6M JPY 2.51% NDBB3M NZD NZD August 2017 NDBB3M NZD 4.80% NDBB3M NZD NZD November 2017 NDBB3M NZD 5.06% SONIO/N INDEX GBP May 2013 SONIO/N Index 0.37% SONIO/N INDEX GBP June 2013 SONIO/N Index 0.31% WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.83% DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD June 2022 BBSW6M-AUD 4.34% DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD July 2022 BBSW6M-AUD 4.44% DEUTSCHE BANK FRANKFURT - IB6M January 2015 IB6M 1.33% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M December % IB6M DEUTSCHE BANK FRANKFURT - IB6M January % IB6M DEUTSCHE BANK FRANKFURT - IB6M January 2021 IB6M 2.40% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M November % IB6M DEUTSCHE BANK FRANKFURT - IB6M June % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.57% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.45% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.49% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.45%

83 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.42% DEUTSCHE BANK FRANKFURT - IB6M May 2032 IB6M 2.33% DEUTSCHE BANK FRANKFURT - IB6M October 2032 IB6M 2.88% DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M May % IB6M DEUTSCHE BANK FRANKFURT - IB6M October % IB6M DEUTSCHE BANK FRANKFURT - IB6M October 2038 IB6M 2.25% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January 2018 LIB6M GBP 1.80% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP June % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP March % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP March 2022 LIB6M GBP 3.36% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September 2022 LIB6M GBP 2.56% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October 2022 LIB6M GBP 2.51% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November 2022 LIB6M GBP 2.41% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November 2022 LIB6M GBP 2.51% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP January 2023 LIB6M GBP 1.96% DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP September % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP October % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP November % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August % LIB6M GBP DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP August 2062 LIB6M GBP 3.06% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2022 LIB6M JPY 1.18% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2032 LIB6M JPY 2.78%

84 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2035 LIB6M JPY 2.36% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2035 LIB6M JPY 2.41% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY November 2036 LIB6M JPY 2.45% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.54% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.52% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.42% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December 2037 LIB6M JPY 2.42% DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY December % LIB6M JPY DEUTSCHE BANK FRANKFURT - NDBB3M NZD NZD June 2022 NDBB3M NZD 4.43% DEUTSCHE BANK FRANKFURT - WI- BOR3M PLN PLN April 2014 WIBOR3M PLN 4.84% CZK-6M- PRIBOR CZK November 2017 CZK-6M- PRIBOR 1.17% CZK-6M- PRIBOR CZK March 2022 CZK-6M- PRIBOR 2.71% JIB3M ZAR ZAR September % JIB3M ZAR LIB3M USD USD August % LIB3M USD LIB6M GBP GBP December 2016 LIB6M GBP 1.27% LIB6M GBP GBP October % LIB6M GBP LIB6M GBP GBP November 2021 LIB6M GBP 3.25% LIB6M GBP GBP May 2022 LIB6M GBP 3.22% LIB6M GBP GBP May 2022 LIB6M GBP 3.24% LIB6M GBP GBP October 2022 LIB6M GBP 2.43% LIB6M JPY JPY November % LIB6M JPY RBACOR AUD February 2013 RBACOR 2.84% WIBOR3M PLN PLN May 2014 WIBOR3M PLN 4.63% WIBOR6M PLN PLN April 2014 WIBOR6M PLN 4.68% WIBOR6M PLN PLN April % WIBOR6M PLN WIBOR6M PLN PLN April % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN WIBOR6M PLN PLN October % WIBOR6M PLN INDEX CAD September 2014 CDOR03 Index 1.60% INDEX CAD October % CDOR03 Index INDEX CAD September % CDOR03 Index

85 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD October 2015 CDOR03 Index 1.64% INDEX CAD September % CDOR03 Index INDEX CAD October % CDOR03 Index INDEX CAD September 2018 CDOR03 Index 1.95% INDEX CAD September 2018 CDOR03 Index 1.94% INDEX CAD September 2018 CDOR03 Index 1.87% INDEX CAD September % CDOR03 Index INDEX CAD March 2022 CDOR03 Index 3.40% INDEX CAD April 2022 CDOR03 Index 3.22% INDEX CAD April 2022 CDOR03 Index 3.22% INDEX CAD August 2022 CDOR03 Index 2.72% INDEX CAD September 2022 CDOR03 Index 2.78% INDEX CAD September % CDOR03 Index INDEX CAD March % CDOR03 Index INDEX CAD March % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD September % CDOR03 Index INDEX CAD February % CDOR03 Index INDEX CAD January % CDOR03 Index INDEX CAD September 2027 CDOR03 Index 3.05% INDEX CAD February 2032 CDOR03 Index 3.58% INDEX CAD October 2032 CDOR03 Index 3.25% INDEX CAD November 2032 CDOR03 Index 3.13%

86 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date INDEX CAD November 2032 CDOR03 Index 3.10% INDEX CAD December 2032 CDOR03 Index 3.08% INDEX CAD September 2033 CDOR03 Index 2.83% INDEX CAD September 2033 CDOR03 Index 2.82% INDEX CAD February 2034 CDOR03 Index 3.16% INDEX CAD January 2042 CDOR03 Index 2.11% INDEX CAD March 2043 CDOR03 Index 2.89% INDEX CAD March 2043 CDOR03 Index 3.14% INDEX CAD January 2046 CDOR03 Index 2.79% DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD November % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD November % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD February 2021 LIB3M USD 3.77% DEUTSCHE BANK NEW YORK - LIB3M USD USD December % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD April % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD April % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD May % LIB3M USD DEUTSCHE BANK NEW YORK - LIB3M USD USD May 2052 LIB3M USD 3.33% DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD June % NDBB3M NZD DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD December % NDBB3M NZD DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD December 2027 NDBB3M NZD 4.39% DEUTSCHE BANK SINGAPORE - KWCDC- 3M KRW KRW August 2021 KWCDC- 3M KRW 3.02% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD April 2022 CDOR03 Index 3.23% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD September % CDOR03 Index GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD March % CDOR03 Index GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD September 2042 CDOR03 Index 3.02% GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD March 2043 CDOR03 Index 3.16% GOLDMAN INTERNATIONAL - LIB6M GBP GBP November % LIB6M GBP GOLDMAN INTERNATIONAL - LIB6M GBP GBP November 2022 LIB6M GBP 2.46% GOLDMAN INTERNATIONAL - LIB6M GBP GBP November % LIB6M GBP

87 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - CDOR03 INDEX CAD February 2022 CDOR03 Index 3.29% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK November 2021 PRIBOR 1.84% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK November 2021 PRIBOR 1.85% CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK December 2021 PRIBOR 1.63% HSBC LONDON - IB6M September 2015 IB6M 0.72% HSBC LONDON - IB6M September 2015 IB6M 0.61% HSBC LONDON - IB6M October % IB6M HSBC LONDON - IB6M September % IB6M HSBC LONDON - IB6M September % IB6M HSBC LONDON - IB6M August % IB6M HSBC LONDON - IB6M October % IB6M KWCDC- HSBC LONDON - KWCDC-3M KRW KRW August M KRW 3.01% KWCDC- HSBC LONDON - KWCDC-3M KRW KRW November M KRW 3.10% KWCDC- HSBC LONDON - KWCDC-3M KRW KRW August M KRW 3.06% HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD November % LIB3M USD HSBC LONDON - LIB3M USD USD August % LIB3M USD HSBC LONDON - LIB3M USD USD September % LIB3M USD HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD May % LIB3M USD HSBC LONDON - LIB3M USD USD November 2029 LIB3M USD 3.42% HSBC LONDON - LIB3M USD USD May 2052 LIB3M USD 3.33% HSBC LONDON - LIB3M USD USD May 2052 LIB3M USD 3.28% HSBC LONDON - LIB6M GBP GBP November 2015 LIB6M GBP 1.97% HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May 2016 LIB6M GBP 1.43% HSBC LONDON - LIB6M GBP GBP September 2017 LIB6M GBP 1.51% HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP September % LIB6M GBP HSBC LONDON - LIB6M GBP GBP November 2021 LIB6M GBP 3.15% HSBC LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.24% HSBC LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.23% HSBC LONDON - LIB6M GBP GBP July % LIB6M GBP HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP August % LIB6M GBP HSBC LONDON - LIB6M GBP GBP March % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP HSBC LONDON - LIB6M GBP GBP October % LIB6M GBP HSBC LONDON - LIB6M GBP GBP May % LIB6M GBP

88 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - LIB6M JPY JPY November % LIB6M JPY HSBC LONDON - LIB6M JPY JPY December % LIB6M JPY HSBC LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.52% HSBC LONDON - STIB3M SEK SEK May 2020 STIB3M SEK 3.82% JP MORGAN LONDON - CDOR03 INDEX CAD December 2013 CDOR03 Index 3.44% JP MORGAN LONDON - JIB3M ZAR ZAR September % JIB3M ZAR KWCDC- JP MORGAN LONDON - KWCDC-3M KRW KRW August M KRW 3.02% JP MORGAN LONDON - LIB6M GBP GBP August % LIB6M GBP JP MORGAN LONDON - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.59% JP MORGAN LONDON - WIBOR3M PLN PLN March 2014 WIBOR3M PLN 4.70% JP MORGAN LONDON - WIBOR3M PLN PLN March 2014 WIBOR3M PLN 4.70% JP MORGAN LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.84% JP MORGAN LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.77% JP MORGAN LONDON - WIBOR3M PLN PLN February % WIBOR3M PLN JP MORGAN LONDON - WIBOR6M PLN PLN May % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN June % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN December % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN June % WIBOR6M PLN JP MORGAN LONDON - WIBOR6M PLN PLN September % WIBOR6M PLN MORGAN STANLEY CIE INTERNATIONAL LONDON - CDOR03 INDEX CAD December 2021 CDOR03 Index 2.68% MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November 2016 IB6M 0.95% MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November % IB6M MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M November 2022 IB6M 2.91% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK December 2017 NIBOR6M NOK 2.94% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.53% MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK June 2018 NIBOR6M NOK 2.60% UBS AG LONDON - BBSW6M-AUD AUD September 2021 BBSW6M-AUD 5.36% UBS AG LONDON - BBSW6M-AUD AUD September % BBSW6M-AUD UBS AG LONDON - CDOR03 INDEX CAD December % CDOR03 Index UBS AG LONDON - CDOR03 INDEX CAD August 2016 CDOR03 Index 4.24% UBS AG LONDON - CDOR03 INDEX CAD August % CDOR03 Index UBS AG LONDON - LIB3M CHF CHF May % LIB3M CHF UBS AG LONDON - LIB3M USD USD August % LIB3M USD UBS AG LONDON - LIB3M USD USD August 2024 LIB3M USD 4.94% UBS AG LONDON - LIB6M CHF CHF January % LIB6M CHF

89 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date UBS AG LONDON - LIB6M CHF CHF August 2020 LIB6M CHF 2.26% UBS AG LONDON - LIB6M CHF CHF September % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF September % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF November % LIB6M CHF UBS AG LONDON - LIB6M CHF CHF January 2024 LIB6M CHF 1.58% UBS AG LONDON - LIB6M CHF CHF September 2025 LIB6M CHF 2.66% UBS AG LONDON - LIB6M CHF CHF November 2026 LIB6M CHF 2.23% UBS AG LONDON - LIB6M GBP GBP April 2022 LIB6M GBP 3.88% UBS AG LONDON - LIB6M JPY JPY July 2020 LIB6M JPY 1.69% UBS AG LONDON - LIB6M JPY JPY October % LIB6M JPY UBS AG LONDON - LIB6M JPY JPY July % LIB6M JPY UBS AG LONDON - LIB6M JPY JPY July 2040 LIB6M JPY 2.15% UBS LONDON - BBSW3M-AUD AUD December 2013 BBSW3M-AUD 2.98% UBS LONDON - BBSW6M-AUD AUD January 2015 BBSW6M-AUD 4.16% UBS LONDON - BBSW6M-AUD AUD January % BBSW6M-AUD UBS LONDON - IB6M September 2015 IB6M 0.72% UBS LONDON - IB6M September 2015 IB6M 0.68% UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M September % IB6M UBS LONDON - IB6M September % IB6M UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October 2032 IB6M 2.85% UBS LONDON - IB6M October % IB6M UBS LONDON - IB6M October % IB6M KWCDC- UBS LONDON - KWCDC-3M KRW KRW August M KRW 2.99% KWCDC- UBS LONDON - KWCDC-3M KRW KRW August M KRW 3.12% KWCDC- UBS LONDON - KWCDC-3M KRW KRW October M KRW 3.11% UBS LONDON - LIB3M USD USD December % LIB3M USD UBS LONDON - LIB3M USD USD April % LIB3M USD UBS LONDON - LIB3M USD USD April 2020 LIB3M USD 1.41% UBS LONDON - LIB3M USD USD December % LIB3M USD UBS LONDON - LIB3M USD USD August % LIB3M USD UBS LONDON - LIB3M USD USD April % LIB3M USD UBS LONDON - LIB3M USD USD October 2052 LIB3M USD 2.94% UBS LONDON - LIB6M CHF CHF September 2032 LIB6M CHF 1.72% UBS LONDON - LIB6M GBP GBP May % LIB6M GBP UBS LONDON - LIB6M GBP GBP May 2022 LIB6M GBP 3.22% UBS LONDON - LIB6M GBP GBP June % LIB6M GBP UBS LONDON - LIB6M JPY JPY October 2021 LIB6M JPY 1.56% UBS LONDON - LIB6M JPY JPY December 2021 LIB6M JPY 0.95%

90 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid UBS LONDON - LIB6M JPY JPY December % LIB6M JPY UBS LONDON - LIB6M JPY JPY November % LIB6M JPY UBS LONDON - LIB6M JPY JPY November % LIB6M JPY UBS LONDON - LIB6M JPY JPY October 2036 LIB6M JPY 2.11% UBS LONDON - LIB6M JPY JPY November 2036 LIB6M JPY 2.50% UBS LONDON - LIB6M JPY JPY November 2036 LIB6M JPY 2.47% UBS LONDON - STIB3M SEK SEK October 2015 STIB3M SEK 1.39% UBS LONDON - WIBOR3M PLN PLN October 2013 WIBOR3M PLN 5.06% UBS LONDON - WIBOR3M PLN PLN February 2014 WIBOR3M PLN 4.56% UBS LONDON - WIBOR3M PLN PLN April 2014 WIBOR3M PLN 4.87% UBS LONDON - WIBOR6M PLN PLN April % WIBOR6M PLN Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY Purchases USD November % USD CREDIT SUISSE INTERNA- TIONAL LONDON - TURKEY Purchases USD December % USD JP MORGAN LONDON - MARKIT CDX EM 5Y S12 20-DEC-2014 Purchases USD December % USD JP MORGAN LONDON - MARKIT CDX.EM.16 12/16 USD Sales USD December % USD Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - CLICP SWAP CLP February % CLICP swap USD BARCLAYS BANK PLC - STIB3M SEK SEK June 2021 STIB3M SEK 3.81% USD BARCLAYS LONDON - KWCDC 3M INDEX KRW October 2022 KWCDC 3M Index 3.22% USD JP MORGAN CHASE LONDON - KWCDC 3M INDEX KRW September 2022 KWCDC 3M Index 3.29% USD JP MORGAN LONDON - CLICP SWAP CLP September % CLICP swap USD JP MORGAN LONDON - CLICP SWAP CLP February % CLICP swap USD

91 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP September 2016 CLICP swap 4.90% USD JP MORGAN LONDON - LIB3M USD USD March 2022 LIB3M USD 3.13% USD JP MORGAN LONDON - WIBOR6M PLN PLN February % WIBOR6M PLN USD USD Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases September % CREDIT SUISSE INTERNA- TIONAL LONDON - MCCLATCHY COMPANY USD SEN Sales USD March % 781 BOMBARDIER INC USD SEN Sales USD June % GROHE HOLDING Sales December % MARKIT CDX.NA.HY.16 06/16 Sales USD June % DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD March % DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD September % 292 JP MORGAN SEC LONDON - CHESAPEAKE ENERGY CORP USD SEN Sales USD December % JP MORGAN SEC LONDON - MARKIT CDX.NA.HY.19 12/17 USD Sales USD December % UBS AG LONDON - GROHE HOLDING Sales September % UBS LONDON - GROHE HOLD- ING Sales December % Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP February % CLICP swap JP MORGAN LONDON - LIB3M USD USD March 2022 LIB3M USD 3.22% JP MORGAN LONDON - WIBOR6M PLN PLN February % WIBOR6M PLN

92 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - EMERGING BOND FUND (O) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps MARKIT CDX.NA.HY.16 06/16 Sales USD June % Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP February % CLICP swap JP MORGAN LONDON - LIB3M USD USD March 2022 LIB3M USD 3.22% JP MORGAN LONDON - WIBOR6M PLN PLN February % WIBOR6M PLN Julius Baer Multibond - EMERGING BOND FUND (USD) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps MARKIT CDX EM 5Y S DEC-2014 Purchases USD December % USD MARKIT CDX.NA.HY.16 06/16 Sales USD June % USD JP MORGAN LONDON - MARKIT CDX EM 5Y S12 20-DEC-2014 Sales USD December % USD Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP February % CLICP swap USD JP MORGAN LONDON - LIB3M USD USD March 2022 LIB3M USD 3.13% USD JP MORGAN LONDON - WIBOR6M PLN PLN February % WIBOR6M PLN USD USD

93 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - O BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases September % Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD September 2017 CDOR03 Index 1.63% Julius Baer Multibond - O GOVERNMENT BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases September % Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD September 2017 CDOR03 Index 1.63% Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - MCCLATCHY COMPANY USD SEN Sales USD March % BOMBARDIER INC USD SEN Sales USD June % GROHE HOLDING Sales December % DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD March % DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD September % JP MORGAN SEC LONDON - CHESAPEAKE ENERGY CORP USD SEN Sales USD December % JP MORGAN SEC LONDON - MARKIT CDX.NA.HY.19 12/17 USD Sales USD December %

94 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps UBS AG LONDON - GROHE HOLDING Sales September % UBS LONDON - GROHE HOLD- ING Sales December % Julius Baer Multibond - INFLATION LINKED BOND FUND Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD September % CDOR03 Index CDOR03 INDEX CAD September 2017 CDOR03 Index 1.63% Julius Baer Multibond - INFLATION LINKED BOND FUND USD Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD September % CDOR03 Index USD CDOR03 INDEX CAD September 2017 CDOR03 Index 1.63% USD USD Julius Baer Multibond - SWISS FRANC BOND FUND Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD September % CDOR03 Index CHF CDOR03 INDEX CAD September 2017 CDOR03 Index 1.63% CHF ZURCHER KANTONALBANK - LIB3M CHF CHF August 2013 LIB3M CHF -0.04% CHF CHF Julius Baer Multibond - TOTAL RETURN BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases September % CREDIT SUISSE INTERNA- TIONAL LONDON - MCCLATCHY COMPANY USD SEN Sales USD - 20 March % - BOMBARDIER INC USD SEN Sales USD - 20 June % - 94

95 Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - TOTAL RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps GROHE HOLDING Sales - 20 December % - MARKIT CDX.NA.HY.16 06/16 Sales USD June % DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD - 20 March % - DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD - 21 September % - JP MORGAN SEC LONDON - CHESAPEAKE ENERGY CORP USD SEN Sales USD - 20 December % - JP MORGAN SEC LONDON - MARKIT CDX.NA.HY.19 12/17 USD Sales USD - 20 December % - UBS AG LONDON - GROHE HOLDING Sales - 20 September % - UBS LONDON - GROHE HOLD- ING Sales - 20 December % - Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - CLICP SWAP CLP February % CLICP swap BARCLAYS LONDON - KWCDC-3M KRW KRW October 2022 KWCDC- 3M KRW 3.22% JP MORGAN CHASE LONDON - KWCDC- 3M KRW KRW September 2022 KWCDC- 3M KRW 3.29% JP MORGAN LONDON - CLICP SWAP CLP September % CLICP swap JP MORGAN LONDON - CLICP SWAP CLP February % CLICP swap JP MORGAN LONDON - CLICP SWAP CLP February % CLICP swap JP MORGAN LONDON - CLICP SWAP CLP September 2016 CLICP swap 4.90% JP MORGAN LONDON - LIB3M USD USD March 2022 LIB3M USD 3.22% JP MORGAN LONDON - LIB3M USD USD March 2022 LIB3M USD 3.13% JP MORGAN LONDON - STIB3M SEK SEK November 2021 STIB3M SEK 3.01% JP MORGAN LONDON - WIBOR6M PLN PLN February % WIBOR6M PLN * = Credit Default Swap ILS = Inflation Linked Swap = Interest Rate Swap 95

96 Additional Information for Swiss Shareholders Portfolio Turnover Rate (in %) Julius Baer Multibond - ABS FUND 60.73% ABSOLUTE RETURN BOND FUND % ABSOLUTE RETURN BOND FUND DEFENDER % ABSOLUTE RETURN BOND FUND PLUS % ABSOLUTE RETURN EMERGING BOND FUND % CREDIT OPPORTUNITIES BOND FUND 62.57% DOLLAR BOND FUND % DOLLAR MEDIUM TERM BOND FUND % EMERGING BOND FUND (O) 50.32% EMERGING BOND FUND (USD) 70.53% EMERGING MARKETS CORPORATE BOND FUND 27.84% EMERGING MARKETS INFLATION LINKED BOND FUND 94.43% O BOND FUND 36.34% O GOVERNMENT BOND FUND 2.76% GLOBAL CONVERT BOND FUND 44.43% GLOBAL HIGH YIELD BOND FUND 82.12% INFLATION LINKED BOND FUND 32.98% INFLATION LINKED BOND FUND USD -3.57% LOCAL EMERGING BOND FUND 97.88% SWISS FRANC BOND FUND 8.95% TOTAL RETURN BOND FUND % The PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR". 96

97 Additional Information for Swiss Shareholders Benchmark Julius Baer Multibond - ABS FUND ABSOLUTE RETURN BOND FUND ABSOLUTE RETURN BOND FUND DEFENDER ABSOLUTE RETURN BOND FUND PLUS ABSOLUTE RETURN EMERGING BOND FUND DOLLAR BOND FUND DOLLAR MEDIUM TERM BOND FUND EMERGING BOND FUND (O) EMERGING BOND FUND (USD) EMERGING MARKETS CORPORATE BOND FUND EMERGING MARKETS INFLATION LINKED BOND FUND O GOVERNMENT BOND FUND GLOBAL CONVERT BOND FUND GLOBAL HIGH YIELD BOND FUND INFLATION LINKED BOND FUND INFLATION LINKED BOND FUND USD LOCAL EMERGING BOND FUND SWISS FRANC BOND FUND TOTAL RETURN BOND FUND BBA LIBOR 3 months BBA LIBOR 3 months BBA LIBOR 3 months BBA LIBOR 3 months BBA LIBOR 3 months BofA ML US Corp. + Gov. Bonds (Rat. A+) BofA ML US Corp. + Gov. Bonds (Rat. A+ / 3-5 Y.) BofA ML EM s Sovereign Plus (IP00)/Hedg JPM EMBI Global (Composite) JPM CEMBI Diversified Hedged Barclays EM Gov. Infl. Link Ex-ARG/-COL Constr. TR Citigroup EMU Gov. Bond Index (All Mat.) UBS Global Focus Invest. Grade/Hedged BofA ML Global High Yield Constrained Hedged Barclays Euro Govt. Inf. Link. 1-10Y TREU (CHF h.) Barclays US Govt. Inflation Linked 1-10 Y TR USD JPM ELMI+ (Composite) Swiss Bond Index (SBI) Foreign Rating AAA-BBB BofA ML EMU Direct Gov. Index (1-5 Years) The customised benchmark is composed as follows: CREDIT OPPORTUNITIES BOND FUND ML Emerging s Sovereign Plus ( hedged) 30.00% ML EMU Corp. Large Cap Index 30.00% ML Global High Yield Bond ( hedged) 30.00% ML Libor 3M Index 10.00% O BOND FUND BofA ML EMU Direct Gov. Index (All Mat.) 60.00% BofA ML EMU Corp., LG Cap Index, Ex T1, UT2, LT % 97

98 Julius Baer Multibond CONSOLIDATED STATEMENT OF NET ASSETS as at 31 December 2012 CHF CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 CHF Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Interest income on swaps Equalisation Total Income Expenses Management fees Custodian fees and charges 28 "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses Equalisation Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 31 December 2012 CHF Net at the beginning of the reporting period Foreign exchange difference Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period EXCHANGE RATES USED FOR THE CONSOLIDATION as at 31 December 2012 in CHF 1 = CHF 1 GBP = CHF 1 USD = CHF The accompanying notes form an integral part of the financial statements. MB

99 Julius Baer Multibond - ABS FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 47 Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 120 Other expenses* Total Expenses Net Realised on: Forward foreign exchange contracts Foreign currencies 491 Net realised Net change in unrealised appreciation/ depreciation on: Forward foreign exchange contracts Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.10% for A- shares, 1.11% for B-CHF shares, 1.11% for B- shares, 0.67% for Ca- shares, 0.65% for C-CHF shares, 0.66% for C- shares and 1.56% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ABS - 1

100 Julius Baer Multibond - ABS FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) ABS - 2

101 Julius Baer Multibond - ABS FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % % Fl. Rate ADAGI 05 SII-X A % % AIB MTG BANK % Fl. Rate ALPST 07 2X B % Fl. Rate ARRMF X A1B % 440 Fl. Rate AVOCA 05 SIII-X C % 881 Fl. Rate AVOCA 07 VII-X A % % BARCLAYS % % BCO SANT.CENT-HIS % % BK IRELD MTG % % BK IRELD MTG % Fl. Rate BUMPER A % Fl. Rate CELF X A % 881 Fl. Rate CLARENVILLE 1X-A1A % 881 Fl. Rate DECO 06 7-E2X C % 881 Fl. Rate DECO LTD 06 7-E2XB % Fl. Rate DRIVER 7 GMBH 10 7A % Fl. Rate DRYDEN XV X % Fl. Rate EATON VANC FRN07 A % 881 Fl. Rate ECLIP E % Fl. Rate EELF A % Fl. Rate E-MAC 04 NL04-I B % 881 Fl. Rate E-MAC 06 NL06-2 A % Fl. Rate OPROP A % Fl. Rate FOSSE MAS 10-2X A % Fl. Rate FOSSM A % Fl. Rate GELDILUXTS TSA % Fl. Rate GLBDRV AX A % Fl. Rate GRACE CARD2 1X A % Fl. Rate GRND 06 1 A % Fl. Rate HARBM 05 5X A2E % 881 Fl. Rate HARBM 05 6X A % Fl. Rate HARBOURM. 06 PR2XA % % HARVEST CLO IX-B % Fl. Rate HARVEST III 6 III-XA % Fl. Rate HARVT 04 IX A % Fl. Rate HIGHWAY BV A % Fl. Rate HYDE PARK 06 1X A % Fl. Rate LAMBDA FIN.FRN X A % 881 Fl. Rate LEOP 04 III-X D % Fl. Rate PARAGON MT 04 /8-A2B % Fl. Rate RMF O CDO III-X % Fl. Rate SMPER C % Fl. Rate STORM BV FRN A % Fl. Rate TMAN 07 7 A % Fl. Rate VCL MULTI A % Fl. Rate GLBDRV 2012-A C:A % Fl. Rate GOSFORTH 11-1 A1B % Fl. Rate HARVEST CLO 11 II-X A % Fl. Rate HEADING % Fl. Rate JUBIL 06 VII-X C % Fl. Rate JUBILEE CDO 06 VI % Fl. Rate PERMM A % Fl. Rate STORM 12-IV 12-4A % Fl. Rate WINDM 06 IX-X A % UNLISTED SECURITIES % Bonds % % Fl. Rate AXIUS 07-1X A % CASH EQUIVALENTS % Treasury bills % % % FRANCE 12 BTF % % FRANCE 12 BTF % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % % Fl. Rate ARENA A % Fl. Rate ARENA A % Fl. Rate ARKLE X 2A % Fl. Rate AVOCA CLO 07 VII-X C % Fl. Rate BUMPER 5 FIN % 881 Fl. Rate CHMT E AB % 440 Fl. Rate CLOCK FIN E % Fl. Rate DECO E4X A % Fl. Rate DMPL 10 VIII A % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ABS - 3

102 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.74%, or 1.96% including the performance fee (0.22%) for A-CHF, 1.74%, or 1.96% including the performance fee (0.22%) for A-, 1.74%, or 1.94% including the performance fee (0.20%) for A-GBP, 1.74%, or 1.98% including the performance fee (0.24%) for A-USD, 1.74%, or 1.96% including the performance fee (0.22%) for B-CHF, 1.74%, or 1.96% including the performance fee (0.22%) for B-, 1.74%, or 1.95% including the performance fee (0.21%) for B-GBP, 1.74%, or 2.00% including the performance fee (0.26%) for B-USD, 1.26%, or 1.50% including the performance fee (0.24%) for Ca-, 1.26%, or 1.48% including the performance fee (0.22%) for C-CHF, 1.26%, or 1.49% including the performance fee (0.23%) for C-, 1.25%, or 1.52% including the performance fee (0.27%) for C-GBP, 1.28%, or 1.59% including the performance fee (0.31%) for C-USD, 2.24%, or 2.42% including the performance fee (0.18%) for E-, 2.24%, or 2.46% including the performance fee (0.22%) for E-USD, 0.08%, or 0.09% including the performance fee (0.01%) for G- and 0.08% (performance Fee: 0.00%) for G-GBP shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ARBF - 1

103 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares La-GBP) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-) Accumulation shares (Shares G-GBP) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares La-GBP) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-) Accumulation shares (Shares G-GBP) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-GBP) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) ARBF - 2

104 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % AUD % % DEXIA MUN. AG % BRL % % BANCO VOTORANTIM % % BRAZIL % % BRAZIL % CHF % % RBS % % % ABBEY NATL % Fl. Rate ABBEY NATL % Fl. Rate ABN AMRO BK % % ABU DHAB NTL. EN REG % % ADECCO IF % % AGROKOR DD % % AGROKOR DD % % ANG IRE BK % % ARDAGH FIN % % ASFINAG 07 EMTN % % BANK AMERICA % % BARCLAYS BK 05 Perp % % BAT INTL % Fl. Rate BEI % Fl. Rate BFCM % % BK IRELD MTG % % CARNIVAL PLC % Fl. Rate CITIGP % % CLARIANT FIN % % CLARIANT FIN % % CON GUM FIN 10 REGS % % CONGR % % CONTI GUM % % COOPWH % % COV BD SOC % % COV BD SOC % % CROAT.BK RECON.&DEV % % CROWN EU HOLD EGS % % DEPFA % % DEUTSCHE POST. 06 -B % % DEXIA MUN AG % % DEXIA MUN.AG % % DEXIA MUNAG % % DSK BK % % EACCESS % % EEC % % EFSF % % EFSF % % EFSF 12 OPA % Fl. Rate EIB % % EIB % % EILEME 2 AB % % OPEAN UNION % % FIAT FT % % FIAT FT % % FMC FIN % % FMS WERTMAN % % FMS WERTMAN % % FORD CRED % % FRANCE 02 OAT % % FRANCE % % FRANCE % % FRANCE % % FRANCE 09 OAT % % FRESENIUS FIN % % GAZ CAP % % GAZ CAPITAL 05 REG % % GERMAN POST % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % Fl. Rate GOLDM.SACHS % Fl. Rate GOLDMAN SACHS % Fl. Rate HBOS PLC 4 EMTN % % HEIDLRG % Fl. Rate HSBC FIN % % HUNGARY % % HUNGARY % % HUNGARY % % HYP ALP INT /SUB % % INTERXION % Fl. Rate INTESA SAN % % IPIC GMTN % % IPIC GMTN 12 EMTN % % IPIC GMTN EMTN % % IRELAND % % IRISH PERM % % IRISH PERM % % IRISH TSY 07 TBO % Fl. Rate ITALY 10 CCT % Fl. Rate JP MORG. CHASE % Fl. Rate JPM CHASE NY % Fl. Rate KBC IFIMA % % KBC IFIMA 12 EMTN % % KINOV GERM BD % % KOLEJE MAZ % % KRAUSSMAFFEI % Fl. Rate MERR.LYNCH &CO.FRN % Fl. Rate MERRILL LYNCH &CO FRN % Fl. Rate MERRILL LYNCH % Fl. Rate MOR ST % % NATIONWIDE BUIL. 05 EMTN % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % Fl. Rate NOMURA BK (FRN) % % NORTHERN ROCK % % NORTHERN ROCK % % NOTHERN ROCK % % OBRASCON % % OI OPEAN % % OI OPEAN GP % % PERNOD RICARD % % PERNOD-RICARD % % PORTUGAL % % PORTUGAL % Fl. Rate RBS % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 3

105 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % RBS GRP % % REPSM % % REXAM % % REXEL % % REXEL % Fl. Rate RMS 05 20XM2C MBS % Fl. Rate RMS 20 PLC 05 M1C % % ROMANIA % % SAFRAN % % SAN CON % % SANT ID % Fl. Rate SANTOS FIN (FRN) % Fl. Rate SBAB % % SCBC % % SCHAEFF FIN % % SCHAEFF FIN % % SCHAEFFLER FIN % % SMURFIT KAP ACQ % % SOUTH AFRICA % % SPAIN 05 PRINC.STRIPS % % SPBK V BOLIG % % ST BK INDIA % % STYROLUTION GR % % SWEDBK % % SWEDEN % % TECHEM GMBH % 465 Fl. Rate UCB (FRN) 11-PERP/SUB Perp % % UNEDIC % % UNITYM NRW % % UNITYMEDIA % % XEFIN % % XSTRATA FIN % % YORK BUILD % GBP % % BEI PARALLEL BDS % % BOPARAN 11 REGS % Fl. Rate BROADGATE F.TV 05 CL.D % 233 Fl. Rate BROADGATE FIN FRN5 /POOL % % CABOT FIN LU % Fl. Rate CAN WHA F II % Fl. Rate CAN WHA F II II-C % % CATTLES 07 /DEFLT % % COOPWH % % COV BD SOC % % DEUTSCHE BK (TV) % % EIB % % GRANADA GROUP NOTES % % HEND UK FIN % % JAG LAND ROV % % KINGIFSHER S % % LCR FINANCE 99 REGS % % NORTHERN ROCK % % PEARSON % % PIPE HLD 10 REGS % % PORTUGAL % % RENTOKIL IN % Fl. Rate STALIF (FRN) % % SUNCORP MET % % UK % % VIRGIN MEDIA % % YORK BUILD % Fl. Rate YORK BUILD % JPY % % JAPAN % % JAPAN % MXN % % MEXICO 03 S.M % % MEXICO 04 BONOS % % MEXICO % % MEXICO 05 -M % % MEXICO % % MEXICO % % MEXICO 11 BONOS % NOK % % ADB 12 GMTN % Fl. Rate BOA DEEP % Fl. Rate KRILL SEAPDTS % % NIB % NZD % % NEW ZEALAND % RUB % % BEI 07 EMTN % USD % % AERO SAT % % AFDB % % AJE GRP % % AMB CIRCLE % % AMBER CIRCLE % Fl. Rate ARCELORMIT Perp % % AUS FIN PTY % % BANK OF SCOTL % % BARCLAYS BK % % BHARAT PETR % % BK GEORGIA % % BNP US MED % % BOC AVIATION % % CAPITALAND % % CFG INV SAC % % CHARTER SEMICO % % CHINA OVER % % CHK % % CMT MTN % % CN RESO CEMENT % % CNOOC FIN % % CNPC GEN % % CNPC GEN % % CNPCCH % % COMPET TEAM % % COSCO FINANCE % % CSN ISLANDS REGS % % CSNAB % % DOLPHIN % Fl. Rate DOOSAN INF /FRN % Fl. Rate DSK BK (FRN) % % DSK BK % Fl. Rate DSK BK % % DTEK FIN % % EIB % % EIBK % % ELAN LTD 05 EMTN % % EMPRESAS IS % % OCHEM % % EVRAZ GP 08 REGS % % EXPORT IMP BK % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 4

106 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % FINANCING IP 12 REG-S % % FINANSBANK % % FINLAND % % FORD MC % % FRANSH % % FRANSHION % % FRESENIUS MD % % FRESENIUS MED 144A % % GRAIL % Fl. Rate HBOS % % HK LAND FIN % % HSBK BV REGS % % HSBK. 06 REGS % % HUTCH 12 II % % HUTCH WHAM % % HUTCH WHAM % % HYUND C. US % % INKIA ENERGY % % INTERCORP RET S % % IOI INVEST % % ITALY % % ITALY % % JAPAN FIN 05 REG % % KAISA GRP 10 REGS % % KDB % % KDB % % KDB % % KIA MOTORS CORP % % KOFC % % KOFC % % KOHNPW % % KOHNPW 12 REG S % % KOMMUNALBK % % KOMMUNALBK % % KOROIL % % MACQUARIE BK % % MAF GLB SEC % % MAGYAR % % MEADWESTVACO % % METINVEST % % METINVEST BV % % NAFTOGAZ % % NBADUH % % NOBLE GROUP 08 REG % % NRTH ROCK % % NRTH ROCK % % NTPC LTD % % ODEBRECHT 10-PERP Perp % % ODEBRECHT % % OLAM INTL % % OPTUS FIN % % OSCHAD % Fl. Rate OZ WING KY % % PCCW % % PORTUGAL % % PT BK NEGARA % % PT PERTAMINA % % PTT GLOBAL % % PTT PCL % % QATAR % % QIB SUKUK FD % % RBS % % RBS % Fl. Rate RBS TR IV 04 Perp % % REXEL INC % % RUSSIAN ST FI % % SAUDI ELECT % % SHINHAN BK % % SIAM COMM % % SIEMENS FIN 12 CW % % SINOPEC GP % % SINOPEC GP % % SOQ SUKUK A % % SOQ SUKUK A % % SP POWER % % SPI % % SPRINT NEX % % SSG RESOURCES % % STANDARD BK % % STD CHART % % STD CHARTERED A % % TAQA 08 REGS % % TAQAUH % % TAQAUH % % TAQAUH % % TELEMAR N L REGS % % TEMASE % % TEMASEK FIN % % TEMASEK FIN 9 REGS % % TNK BP FIN. 7 REGS % % TUP TURK PE % % TV AZTECA % % USA 10 TBO % % USA 11 S. F % % USA 11 TBO % % UTD OVS BK A % % VAKIFLAR BK 12 /SUB % % VALE CAP % % VEB FIN 10 REG-S % % VTB CAP % % WALGREEN CO % % WHARF % % WHEELOCK FIN % % WHITE NIGHTS % % WHITE NIGHTS % % WILLOW NO.2 REGS % % YAPI KREDI % % YUZHOU PROP % Convertible bonds and bonds with warrants % CHF % % SWISS PRIME 10 /CV % CNY % % CHINA POWER CV % % % AABAR INVESTMENT CV % % AB INDUS 10 CV % % CAM 12 SPA CV % % CAP GEM CONV ( 34) % % DE OSHOP /CV % % FAUREC 18.69CV % % FAURECIA 12 CV % % GSW IMMO % % IMMOFINANZ 11 /CV % % KFW 09 CV / DEUT P % % MNV 09 CV % % SALZGIT FIN CV / NDA % % SGL CARBON 09 CV % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 5

107 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % THEOLIA CV ( 19.03) % % UCB 09 CONV % % VW INTL FIN 12 /CV % GBP % % CPTL SHP JE 12 CV % % DERWENT LN / DLN % % ITV 09 CV/ ITV % % TUI TRAVEL 09 CV % % WPP PLC 09 CV % JPY % % AEON 09 CV/ % % IHI CORP 11 CV % SGD % % OSIM INTL 11 CV % % TEMASEK FIN III CV % USD % % ANGSJ 09 CV % % BES FIN CV/BANCO % % BILLION 10 CV / CHINA % % DIALOG SEMI 12 CV % % GLENCORE FIN 09 CON % % HG KG EXCH 12 CV % % LUKOIL INTL % % NEWFORD CAP 11 CV % % NEWMONT 07 CV % % OLAM INTL 09 CV % % PACIFIC BAS CV % % PEGATRON CORP CV % % PREMIER O F % % SHIRE 07 CONV % % SIEMENS FIN 12 CV % % SUBSEA 7 SA 12 CV % % TPK HOLD 12 CV/ % % VINCOM 12 CV / VIC % Options, warrants, rights % AUD % CALL AUD/NOK Str % CALL AUD/USD Str % PAYER BBSW3M-AUD Str % PAYER BBSW3M-AUD Str % PUT AUD/NOK Str % PUT AUD/USD Str % PUT AUD/USD Str % PUT AUD/USD Str % CAD % CALL CAD/NZD Str % PUT CAD/NZD Str % PUT CAD/NZD Str % % PAYER IB3M Str % PAYER IB3M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % RECEIVER IB3M Str % RECEIVER IB3M Str % RECEIVER IB3M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % 40 SIEMENS 12 CW/SIE % GBP % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PUT 3M SHORT STERLING Str % PUT GBP/CAD Str % PUT GBP/CAD Str % RECEIVER LIB6M GBP Str % RECEIVER LIB6M GBP Str % JPY % CALL KDDI CORPORATIO Str % PAYER LIB6M JPY Str % PAYER LIB6M JPY Str % KRW % PAYER LIB3M KRW Str % USD % CALL 90 DAYS - O $ FUTURE 15/12/14/Str % CALL CHINA UNICOM HO Str % CALL HON HAI PRECISI Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 6

108 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal CALL HON HAI PRECISI Str % CALL PEGATRON Str % CALL TPK HOLDING CO Str % CALL TREASURY BONDS USA Str % CALL USD/AUD Str % CALL USD/AUD Str % CALL USD/BRL Str % CALL USD/BRL Str % CALL USD/BRL Str % CALL USD/CHF Str % CALL USD/CHF Str % -93 CALL USD/CHF Str % CALL USD/CHF Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/KRW Str % CALL USD/KRW Str % CALL USD/NZD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PUT 10Y TREASURY NOTES USA % PUT 10Y TREASURY NOTES USA Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF PUT 10Y TREASURY NOTES USA Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE 15/12/14/Str % PUT 90 DAYS - O $ FUTURE 15/12/14/Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE 16/09/13/Str % PUT 90 DAYS - O $ FUTURE 16/09/13/Str % PUT TREASURY BONDS USA Str % PUT TREASURY BONDS USA Str % PUT USD/AUD Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/INR Str % PUT USD/JPY Str % PUT USD/JPY Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/NZD Str % PUT USD/NZD Str % PUT USD/RUB Str % PUT USD/RUB Str % PUT USD/RUB Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str %

109 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % AUD % % BACR AUS % Fl. Rate RESIMAC 11-1NC A % Fl. Rate SOCGEN % % % ALGECO % % ASSGEN 12 FTF % Fl. Rate AYT CEDULAS X % % IRON MOUNTAINS % % MAPFRE % % MEIF II EN % % NARA CABLE % % UNITYM NRW % GBP % % JAG LAND ROV % % LOWELL GRP % % UK % JPY % % HUNGARY 06 NO % USD % % AERODOM % % ALEXANDRIA % % AM AXLE & MFG % Fl. Rate ARAMARK CORP % % BAA FDG % % BBLTB % % CASE NW HOL % % CFF % % CONT RUBBER % % CSN ISL 10 Perp % % DEEP DRILLING % % DIGICEL % % EMAAR SUKUK % % EMPRESAS IS % % EXPERIAN FIN % % FIDELITY NAT % % GOLDEN CLOSE % % GR.SENDA AUTO REGS % Fl. Rate GSAMP FRN 04-AR2 M1/SUB % % HOSPITALITY PR % % HSBC FIN % Fl. Rate HSBC HOME EQUITY TRFRN % % HUTCH 12 II % % HYUND C. US % % IADB % % ICICI BK TRCH 4-S % Fl. Rate ING NV % Fl. Rate ING NV % % ING NV % Fl. Rate INTESA SAN FRN % % IRON MOUNTAIN INC % % ITAUUNIBANCO /SUB % % JBS USA % % KOOKMIN BK 09 REGS % % KR EXPRESSW % % MARRIOTT % % MARRIOTT % % MECCANICA A % % MIZUHO CORP % Fl. Rate OCEANTEAM SH % % ODEBRECHT % % OWENS BROCK % % PAET % % PKG CRP OF A % % PLAINS EXPL % % RBS 03-PERP/PFD/FLAT Perp % % REYNOLDS GRP % % ROCK TENN % % ROCK TENN % % SAPPI PHG 144A % % SAPPI PHG 144A % % SC JAVER % % SIRIUS XM 144A % % SWIRE PAC % % TNK BP FIN. 06 /144A % % TNK-BP FIN A % % USA 04 TBO INFL. IND % % USA TSY % % WINDSTREAM % % WYNDHAM WLD 12 SR % % ZIJIN INTL FINA % ZAR % Fl. Rate ROYAL BK SCOTLD % % STANDARD 07 EMTN % Convertible bonds and bonds with warrants % GBP % % SPORTINGBET 11 CV % HKD % % CHINA WATER 10 /CV % JPY % % NIPRO 10 CV % USD % % DR HORTON 09 CV % % EMC 06 CV % % GOLDCORP INC 09 CV % % GOLDEN AGRI 12 CV % % HERTZ GLOB 09 CV % % INTEL 09 CV % % KCC CORP 09 CV % % LAM RESEARCH CV % % MICROSOFT 10 CV % % MOLSON COORS 07 CV % % NEWMONT M. 07 CV % % NOBLE GROUP 07 CV % % PRICELINE COM 12 CV % % PULAI CAP 12 CV % % SEADRILL LTD CV % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 8

110 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % SHIP FIN IN CV / SFL % % SUBSEA 7 SA 6 CV % % WELLPOINT 12 CV % % YTL 10 CV % Options, warrants, rights % HKD % CALL CHINA PETROLEUM Str % UNLISTED SECURITIES % Bonds % BRL % Fl. Rate HSBC BK US 12 /USD % % Fl. Rate RBS 09 /PIK % SEK % Fl. Rate KAHRS HOLD % USD % % AHMAT MTGE SART % % AHMAT MTGE SART B % % AHMAT MTGE SART % Fl. Rate BACM XW % % BAGHLAN GR FZCO % Fl. Rate CS CMT 07-C5 07-C % Fl. Rate CWABS A % Fl. Rate DONKSM % Fl. Rate FBRSI AV % % GIBRALTAR.IND. 06/MUTLICP % Fl. Rate GMAC C3 X % % GNMA 08 P % % GNMA 08 P % % GNMA 09 P % % GNMA 09 P % % GNMA II 08 P % % GNMA II 08 P: % % GNMA II 08 P: % % GNMA(30Y) % % GNMA(30Y) 04 P % % GNMA(30Y) 04 P % % JONES LANG % % KGS AC 12 MTG % Fl. Rate LB UBS 07-C7 IO % % LONGVIEW A % Fl. Rate ML 03KEY1FRN 03KEY1 XC % Fl. Rate MLMT C1 X % Fl. Rate MSC 11 7-HQ13 X % % PROSPECT MD % Fl. Rate SABR 05-OP2 FRN06 A2C % Fl. Rate STANDARD BK % Fl. Rate STANDARD BK 10 /CLN % % TIZIR LTD % ZAR % % STANDARD BK % Fl. Rate STANDARD BK FRN08 TR % Fl. Rate STANDARD BK PLC % Convertible bonds and bonds with warrants % USD % % GWG CORP 12 /CV % Options, warrants, rights % % PAYER ITXEB518CR Str % PAYER ITXEB518CR Str % PUT DOW JONES O STOXX 50/PR.IND Str % PUT DOW JONES O STOXX 50/PR.IND Str % PUT /RON Str % RECEIVER ITXEB518CR Str % 73 SIEMENS 12 CW/SIE % USD % CITIGP HLDG CW/YYIH % CASH EQUIVALENTS % Options, warrants, rights % % CALL /CHF Str % CALL /CZK Str % CALL /CZK Str % CALL /NOK Str % CALL /PLN Str % CALL /PLN Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CZK Str % PUT /CZK Str % PUT /CZK Str % PUT /CZK Str % PUT /NOK Str % PUT /NOK Str % PUT /NOK Str % PUT /NOK Str % PUT /PLN Str % PUT /PLN Str % PUT /TRY Str % JPY % CALL ASAHI Str % CALL SAWAI PHARMA Str % CALL SUZUKI MOTOR CO Str % CALL SUZUKI MOTOR CO Str % CALL UNICHARM Str % USD % CALL USD/CAD Str % CALL YTL CORP FINANC Str % 272 PUT S&P 500 INDICES Str % 499 PUT S&P 500 INDICES Str % PUT USD/CAD Str % PUT USD/CAD Str % PUT USD/CAD Str % PUT USD/CAD Str % % % ENI 12 /CV % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 9

111 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal INVESTMENT FUNDS % Ireland % GAM STAR DISCRETIONARY FX/CAP % GAM STAR DYNAMIC GL BD -I- CAP % GAM STAR GL CONV BOND -I- CAP % Luxembourg % GAI MSTR FIDO -A () -CAP % GAIUS MSTR AUG AM-A () CAP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 10

112 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.41%, or 1.57% including the performance fee (0.16%) for A-CHF, 1.42%, or 1.58% including the performance fee (0.16%) for A-, 1.41%, or 1.56% including the performance fee (0.15%) for A-GBP, 1.40%, or 1.61% including the performance fee (0.21%) for A-USD, 1.41%, or 1.57% including the performance fee (0.16%) for B-CHF, 1.42%, or 1.61% including the performance fee (0.19%) for B-, 1.41%, or 1.58% including the performance fee (0.17%) for B-GBP, 1.40%, or 1.58% including the performance fee (0.18%) for B-USD, 0.96%, or 1.11% including the performance fee (0.15%) for Ca-, 0.96%, or 1.19% including the performance fee (0.23%) for C-CHF, 0.96%, or 1.16% including the performance fee (0.20%) for C-, 0.96%, or 1.20% including the performance fee (0.24%) for C-GBP, 0.95%, or 1.04% including the performance fee (0.09%) for C-USD, 1.92%, or 2.06% including the performance fee (0.14%) for E-, 1.91%, or 2.09% including the performance fee (0.18%) for E-USD and 0.08%, or 0.09% including the performance fee (0.01%) for G-USD. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ARBFD - 1

113 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-GBP) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) ARBFD - 2

114 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % AUD % % DEXIA MUN. AG % BRL % % BRAZIL % % BRAZIL % CHF % % RBS % % % ABBEY NATL % Fl. Rate ABBEY NATL % Fl. Rate ABN AMRO BK % % ABU DHAB NTL. EN REG % % AGROKOR DD % % AGROKOR DD % % ANG IRE BK % % ARDAGH FIN % % ASFINAG 07 EMTN % % BANK AMERICA % % BARCLAYS BK 05 Perp % % BAT INTL % Fl. Rate BEI % % BK IRELD MTG % % BRADFORD&BG % % CARNIVAL PLC % Fl. Rate CITIGP % % CLARIANT FIN % % CLARIANT FIN % % CON GUM FIN % % CON GUM FIN 10 REGS % % CONGR % % CONTI GUM % % COOPWH % % COV BD SOC % % CROAT.BK RECON.&DEV % % CROWN EU HOLD EGS % % DEPFA % % DEUTSCHE POST. 06 -B % % DEXIA MUN AG % % DEXIA MUN.AG % % DEXIA MUNAG % % DSK BK % % EACCESS % % EEC % % EFSF % Fl. Rate EIB % % EIB % % EILEME 2 AB % % OPEAN UNION % % FIAT FT % % FIAT FT % % FMC FIN % % FMS WERTMAN % % FMS WERTMAN % % FRANCE 02 OAT % % FRANCE 03 OAT % % FRANCE % % FRANCE % % FRANCE % % FRANCE 09 OAT % % FRESENIUS FIN % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % 500 Fl. Rate GOLDM.SACHS % 300 Fl. Rate GOLDMAN SACHS % % HEIDLRG % Fl. Rate HSBC FIN % % HUNGARY % % HUNGARY % % HUNGARY % % HYP ALP INT /SUB % Fl. Rate INTESA SAN % % IPIC GMTN % % IPIC GMTN 12 EMTN % % IPIC GMTN EMTN % % IRELAND % % IRISH PERM % % IRISH PERM % Fl. Rate ITALY 10 CCT % Fl. Rate JP MORG. CHASE % Fl. Rate JPM CHASE NY % Fl. Rate KBC IFIMA % % KBC IFIMA 12 EMTN % % KINOV GERM BD % % KOLEJE MAZ % % KRAUSSMAFFEI % Fl. Rate MERR.LYNCH &CO.FRN % 800 Fl. Rate MERRILL LYNCH &CO FRN % Fl. Rate MERRILL LYNCH % Fl. Rate MOR ST % % NATIONWIDE BUIL. 05 EMTN % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % Fl. Rate NOMURA BK (FRN) % % NORTHERN % % NORTHERN ROCK % % NORTHERN ROCK % % NOTHERN ROCK % % OBRASCON % % OI OPEAN % % OI OPEAN GP % % PERNOD-RICARD % % PORTUGAL % % PORTUGAL % Fl. Rate RBS % % RBS GRP % % REPSM % % REXEL % % REXEL % 250 Fl. Rate RMS 20 PLC 05 M1C % % ROMANIA % % SAFRAN % % SAN CON % % SANT ID % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 3

115 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 600 Fl. Rate SANTOS FIN (FRN) % Fl. Rate SBAB % % SCBC % % SCHAEFF FIN % % SCHAEFF FIN % % SCHAEFFLER FIN % % SMURFIT KAP ACQ % % SMURFIT KAP ACQ % % SOUTH AFRICA % % SPAIN 05 PRINC.STRIPS % % SPBK V BOLIG % % ST BK INDIA % % STYROLUTION GR % % SWEDBK % % SWEDEN % % TECHEM GMBH % 700 Fl. Rate UCB (FRN) 11-PERP/SUB Perp % % UNEDIC % % UNITYM NRW % % XEFIN % % XSTRATA FIN % % YORK BUILD % GBP % % BEI PARALLEL BDS % % BOPARAN 11 REGS % 560 Fl. Rate BROADGATE F.TV 05 CL.D % % CABOT FIN LU % 100 Fl. Rate CAN WHA F II % 175 Fl. Rate CAN WHA F II II-C % Fl. Rate CLYDES BK % % COOPWH % % COV BD SOC % % DEUTSCHE BK (TV) % % EIB % % GRANADA GROUP NOTES % % HEND UK FIN % % JAG LAND ROV % % KINGIFSHER S % % LCR FINANCE 99 REGS % % NORTHERN ROCK % % PEARSON % % PIPE HLD 10 REGS % % PORTUGAL % % RENTOKIL IN % % SUNCORP MET % % UK % % UK 93 RPI % Fl. Rate YORK BUILD % JPY % % JAPAN % % JAPAN % MXN % % MEXICO 03 S.M % % MEXICO 04 BONOS % % MEXICO % % MEXICO 05 -M % % MEXICO % % MEXICO % % MEXICO 11 BONOS % NOK % 666 Fl. Rate BOA DEEP % % NIB % NZD % % NEW ZEALAND % RUB % % BEI 07 EMTN % USD % % AERO SAT % % AJE GRP % % AMB CIRCLE % % AMBER CIRCLE % 200 Fl. Rate ARCELORMIT Perp % % AUS FIN PTY % % BARCLAYS BK % % BHARAT PETR % % BK GEORGIA % % BNP US MED % % BOC AVIATION % % CAPITALAND % % CFG INV SAC % % CHK % % CN RESO CEMENT % % CNOOC FIN % % CNPC GEN % % CNPC GEN % % CNPCCH % % COMPET TEAM % % COSCO FINANCE % % CSN ISLANDS REGS % % CSNAB % 700 Fl. Rate DOOSAN INF /FRN % 500 Fl. Rate DSK BK (FRN) % % DSK BK % % DTEK FIN % % DVPT BK OF KAZAKH % % EIB % % EIBK % % EMPRESAS IS % % OCHEM % % EVRAZ GP 08 REGS % % FINANCING IP 12 REG-S % % FINANSBANK % % FINLAND % % FORD MC % % FRANSHION % % FRESENIUS MD % % FRESENIUS MED 144A % % GRAIL % Fl. Rate HBOS % % HK LAND FIN % % HSBK BV REGS % % HSBK. 06 REGS % % HUTCH 12 II % % HUTCH WHAM % % HYUND C. US % % INKIA ENERGY % % INTERCORP RET S % % IOI INVEST % % ITALY % % ITALY % % KAISA GRP 10 REGS % % KDB % % KDB % % KDB % % KIA MOTORS CORP % % KOFC % % KOFC % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 4

116 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % KOHNPW % % KOHNPW 12 REG S % % KOMMUNALBK % % MACQUARIE BK % % MAF GLB SEC % % MAGYAR % % METINVEST % % METINVEST BV % % NAFTOGAZ % % NATIONWIDE % % NBADUH % % NOBLE GROUP 08 REG % % NRTH ROCK % % NTPC LTD % % ODEBRECHT % % OLAM INTL % % OPTUS FIN % % OSCHAD % 500 Fl. Rate OZ WING KY % % PORTUGAL % % PT BK NEGARA % % PT PERTAMINA % % PTT GLOBAL % % PTT PCL % % QATAR % % QIB SUKUK FD % % RBS % % RBS % Fl. Rate RBS TR IV 04 Perp % % RUSSIAN ST FI % % SAUDI ELECT % % SHINHAN BK % % SIAM COMM % % SIEMENS FIN 12 CW % % SINOPEC GP % % SOQ SUKUK A % % SOQ SUKUK A % % SP POWER % % SPI % % SPRINT NEX % % SSG RESOURCES % % STANDARD BK % % STD CHART % % STD CHARTERED A % % TAQA 08 REGS % % TAQAUH % % TAQAUH % % TAQAUH % % TELEMAR N L REGS % % TEMASE % % TEMASEK FIN % % TEMASEK FIN 9 REGS % % TUP TURK PE % % TV AZTECA % % USA 11 S. F % % USA 11 TBO % % UTD OVS BK A % % VAKIFLAR BK 12 /SUB % % VEB FIN 10 REG-S % % VTB CAP % % WALGREEN CO % % WHARF % % WHEELOCK FIN % % WHITE NIGHTS % % WILLOW NO.2 REGS % % YAPI KREDI % % YUZHOU PROP % Convertible bonds and bonds with warrants % CHF % % SWISS PRIME 10 /CV % CNY % % CHINA POWER CV % % % AABAR INVESTMENT CV % % AB INDUS 10 CV % % CAM 12 SPA CV % % CAP GEM CONV ( 34) % % DE OSHOP /CV % % FAUREC 18.69CV % % FAURECIA 12 CV % % GSW IMMO % % IMMOFINANZ 11 /CV % % KFW 09 CV / DEUT P % % MNV 09 CV % % SALZGIT FIN CV / NDA % % SGL CARBON 09 CV % % UCB 09 CONV % % VW INTL FIN 12 /CV % GBP % % CPTL SHP JE 12 CV % % DERWENT LN / DLN % % ITV 09 CV/ ITV % % TUI TRAVEL 09 CV % % WPP PLC 09 CV % JPY % % AEON 09 CV/ % % IHI CORP 11 CV % SGD % % OSIM INTL 11 CV % % TEMASEK FIN III CV % USD % % ANGSJ 09 CV % % BES FIN CV/BANCO % % BILLION 10 CV / CHINA % % DIALOG SEMI 12 CV % % GLENCORE FIN 09 CON % % HG KG EXCH 12 CV % % LUKOIL INTL % % NEWFORD CAP 11 CV % % NEWMONT 07 CV % % OLAM INTL 09 CV % % PACIFIC BAS CV % % PEGATRON CORP CV % % PREMIER O F % % SHIRE 07 CONV % % SIEMENS FIN 12 CV % % SUBSEA 7 SA 12 CV % % TPK HOLD 12 CV/ % % VINCOM 12 CV / VIC % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 5

117 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal Options, warrants, rights % AUD % CALL AUD/NOK Str % CALL AUD/USD Str % PAYER BBSW3M-AUD Str % PAYER BBSW3M-AUD Str % PUT AUD/NOK Str % 445 PUT AUD/USD Str % PUT AUD/USD Str % 635 PUT AUD/USD Str % CAD % CALL CAD/NZD Str % PUT CAD/NZD Str % PUT CAD/NZD Str % % PAYER IB3M Str % PAYER IB3M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % RECEIVER IB3M Str % RECEIVER IB3M Str % RECEIVER IB3M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % 3 SIEMENS 12 CW/SIE % GBP % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % -317 PUT 3M SHORT STERLING Str % 269 PUT GBP/CAD Str % 272 PUT GBP/CAD Str % RECEIVER LIB6M GBP Str % RECEIVER LIB6M GBP Str % JPY % CALL KDDI CORPORATIO Str % PAYER LIB6M JPY Str % PAYER LIB6M JPY Str % KRW % PAYER LIB3M KRW Str % USD % -446 CALL 90 DAYS - O $ FUTURE 15/12/14/Str % CALL CHINA UNICOM HO Str % CALL HON HAI PRECISI Str % CALL HON HAI PRECISI Str % CALL TPK HOLDING CO Str % -40 CALL TREASURY BONDS USA Str % CALL USD/AUD Str % CALL USD/AUD Str % CALL USD/BRL Str % CALL USD/BRL Str % 218 CALL USD/BRL Str % 485 CALL USD/CHF Str % -485 CALL USD/CHF Str % 314 CALL USD/CHF Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % 430 CALL USD/JPY Str % 270 CALL USD/JPY Str % 270 CALL USD/JPY Str % 277 CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % 270 CALL USD/JPY Str % 444 CALL USD/KRW Str % 376 CALL USD/KRW Str % CALL USD/NZD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 6

118 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % 365 PUT 10Y TREASURY NOTES USA % -649 PUT 10Y TREASURY NOTES USA Str % 284 PUT 10Y TREASURY NOTES USA Str % -701 PUT 90 DAYS - O $ FUTURE Str % -223 PUT 90 DAYS - O $ FUTURE 15/12/14/Str % 223 PUT 90 DAYS - O $ FUTURE 15/12/14/Str % -370 PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE 16/09/13/Str % PUT 90 DAYS - O $ FUTURE 16/09/13/Str % -80 PUT TREASURY BONDS USA Str % 80 PUT TREASURY BONDS USA Str % PUT USD/AUD Str % 421 PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % 327 PUT USD/BRL Str % 272 PUT USD/BRL Str % -315 PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % 441 PUT USD/BRL Str % 272 PUT USD/INR Str % PUT USD/JPY Str % -328 PUT USD/JPY Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/MXN Str % 166 PUT USD/MXN Str % 416 PUT USD/MXN Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD PUT USD/MXN Str % 300 PUT USD/MXN Str % 270 PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/NZD Str % PUT USD/NZD Str % 308 PUT USD/RUB Str % 318 PUT USD/RUB Str % PUT USD/RUB Str % 320 PUT USD/TRY Str % 320 PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % 314 PUT USD/ZAR Str % 319 PUT USD/ZAR Str % 312 PUT USD/ZAR Str % 135 PUT USD/ZAR Str % 300 PUT USD/ZAR Str % 376 PUT USD/ZAR Str % 383 PUT USD/ZAR Str % 383 PUT USD/ZAR Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % AUD % Fl. Rate RESIMAC 11-1NC A % Fl. Rate SOCGEN % % % ALGECO % % ASSGEN 12 /SUB % % ASSGEN 12 FTF % 600 Fl. Rate AYT CEDULAS X % % IRON MOUNTAINS % % MEIF II EN % % NARA CABLE % % UNITYM NRW % GBP % % JAG LAND ROV % % LOWELL GRP % % UK % JPY % % HUNGARY 06 NO %

119 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal USD % % AERODOM % % AM AXLE & MFG % 405 Fl. Rate ARAMARK CORP % % BBLTB % % CFF % % CONT RUBBER % % DIGICEL % % EMAAR SUKUK % % EMPRESAS IS % % EXPERIAN FIN % % FIDELITY NAT % % GOLDEN CLOSE % % GR.SENDA AUTO REGS % Fl. Rate GSAMP FRN 04-AR2 M1/SUB % % HOSPITALITY PR % % HUTCH 12 II % % ICICI BK TRCH 4-S % Fl. Rate ING NV % Fl. Rate ING NV % % ING NV % % ING NV A % Fl. Rate INTESA SAN FRN % % IRON MOUNTAIN INC % % ITAUUNIBANCO /SUB % % JBS USA % % KOOKMIN BK 09 REGS % % KR EXPRESSW % % MARRIOTT % % MARRIOTT % 150 Fl. Rate OCEANTEAM SH % % PKG CRP OF A % % PLAINS EXPL % % RBS 03-PERP/PFD/FLAT Perp % % ROCK TENN % % ROCK TENN % % SAPPI PHG 144A % % SC JAVER % % SIRIUS XM 144A % % SWIRE PAC % % USA TSY % % WINDSTREAM % % WYNDHAM WLD 12 SR % Convertible bonds and bonds with warrants % GBP % % SPORTINGBET 11 CV % HKD % % CHINA WATER 10 /CV % JPY % % NIPRO 10 CV % % NOBLE GROUP 07 CV % % PRICELINE COM 12 CV % % PULAI CAP 12 CV % % SEADRILL LTD CV % % SHIP FIN IN CV / SFL % % SUBSEA 7 SA 6 CV % % WELLPOINT 12 CV % Options, warrants, rights % HKD % CALL CHINA PETROLEUM Str % UNLISTED SECURITIES % Bonds % BRL % Fl. Rate HSBC BK US 12 /USD % % 900 Fl. Rate RBS 09 /PIK % SEK % Fl. Rate KAHRS HOLD % USD % % AHMAT MTGE SART % Fl. Rate BACM XW % % BAGHLAN GR FZCO % Fl. Rate CS CMT 07-C5 07-C % Fl. Rate CWABS A % 600 Fl. Rate DONKSM % Fl. Rate FBRSI AV % % GIBRALTAR.IND. 06/MUTLICP % Fl. Rate GMAC C3 X % % GNMA 08 P % % GNMA II 08 P: % % JONES LANG % % KGS AC 12 MTG % Fl. Rate LB UBS 07-C7 IO % % LONGVIEW A % Fl. Rate MLMT C1 X % Fl. Rate MSC 11 7-HQ13 X % % PROSPECT MD % Fl. Rate SABR 05-OP2 FRN06 A2C % Fl. Rate STANDARD BK % Fl. Rate STANDARD BK 10 /CLN % % TIZIR LTD % ZAR % Fl. Rate STANDARD BK FRN08 TR % Convertible bonds and bonds with warrants % USD % % DR HORTON 09 CV % % EMC 06 CV % % GOLDCORP INC 09 CV % % GOLDEN AGRI 12 CV % % HERTZ GLOB 09 CV % % INTEL 09 CV % % KCC CORP 09 CV % % LAM RESEARCH CV % % MICROSOFT 10 CV % % MOLSON COORS 07 CV % % NEWMONT M. 07 CV % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD % % ENI 12 /CV % USD % % GWG CORP 12 /CV % Options, warrants, rights % % PAYER ITXEB518CR Str % PAYER ITXEB518CR Str % 327 PUT DOW JONES O STOXX 50/PR.IND Str %

120 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal 260 PUT DOW JONES O STOXX 50/PR.IND Str % PUT /RON Str % RECEIVER ITXEB518CR Str % 6 SIEMENS 12 CW/SIE % USD % CITIGP HLDG CW/YYIH % CASH EQUIVALENTS % Options, warrants, rights % % CALL /CHF Str % CALL /CZK Str % CALL /CZK Str % 268 CALL /NOK Str % CALL /PLN Str % CALL /PLN Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % 272 PUT /CZK Str % 273 PUT /CZK Str % PUT /CZK Str % PUT /CZK Str % 276 PUT /NOK Str % 271 PUT /NOK Str % 381 PUT /NOK Str % 268 PUT /NOK Str % PUT /PLN Str % PUT /PLN Str % 310 PUT /TRY Str % JPY % CALL ASAHI Str % CALL SAWAI PHARMA Str % CALL SUZUKI MOTOR CO Str % CALL SUZUKI MOTOR CO Str % CALL UNICHARM Str % USD % CALL USD/CAD Str % CALL YTL CORP FINANC Str % 32 PUT S&P 500 INDICES Str % 55 PUT S&P 500 INDICES Str % 447 PUT USD/CAD Str % PUT USD/CAD Str % PUT USD/CAD Str % PUT USD/CAD Str % INVESTMENT FUNDS % Ireland % GAM ST DYN GLOB ACC /CAP % GAM ST DYN GLOB -INS-ACC/CAP % 533 GAM STAR DYNAMIC GL BD -I- CAP % GAM STAR GL CONV BOND -I- CAP % Luxembourg % GAI MSTR FIDO -A () -CAP % GAIUS MSTR AUG AM-A () CAP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 9

121 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.85%, or 2.06% including the performance fee (0.21%) for A-CHF, 1.86%, or 2.15% including the performance fee (0.29%) for A-, 1.87%, or 2.14% including the performance fee (0.27%) for A-GBP, 1.86%, or 2.14% including the performance fee (0.28%) for A-USD, 1.85%, or 2.09% including the performance fee (0.24%) for B-CHF, 1.85%, or 2.09% including the performance fee (0.24%) for B-, 1.87%, or 2.13% including the performance fee (0.26%) for B-GBP, 1.85%, or 2.12% including the performance fee (0.27%) for B-USD, 1.38%, or 1.65% including the performance fee (0.27%) for Ca-, 1.37%, or 1.60% including the performance fee (0.23%) for C-CHF, 1.37%, or 1.62% including the performance fee (0.25%) for C-, 1.38%, or 1.69% including the performance fee (0.31%) for C-GBP, 1.37%, or 1.66% including the performance fee (0.29%) for C-USD, 2.38%, or 2.73% including the performance fee (0.35%) for E-CHF, 2.36%, or 2.57% including the performance fee (0.21%) for E-, 2.36%, or 2.64% including the performance fee (0.28%) for E-USD, 0.08%, or 0.09% including the performance fee (0.01%) for G-, 0.09%, or 0.10% including the performance fee (0.01%) for G-GBP and 0.08%, or 0.09% including the performance fee (0.01%) for G-USD. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ARBFP - 1

122 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-CHF) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-) Accumulation shares (Shares G-GBP) Accumulation shares (Shares G-USD) Accumulation shares (Shares I-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-CHF) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-) Accumulation shares (Shares G-GBP) Accumulation shares (Shares G-USD) Accumulation shares (Shares I-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-GBP) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) ARBFP - 2

123 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % AUD % % DEXIA MUN. AG % BRL % % BANCO VOTORANTIM % % BRAZIL % % BRAZIL % CHF % % RBS % % % ABBEY NATL % Fl. Rate ABBEY NATL % Fl. Rate ABN AMRO BK % % ADECCO IF % % AGROKOR DD % % AGROKOR DD % % ANG IRE BK % % ARDAGH FIN % % ASFINAG 07 EMTN % % BANK AMERICA % % BARCLAYS BK 05 Perp % % BAT INTL % Fl. Rate BEI % Fl. Rate BFCM % % BK IRELD MTG % % BRADFORD&BG % % BRADFORD&BING % % CARNIVAL PLC % Fl. Rate CITIGP % % CLARIANT FIN % % CLARIANT FIN % % CON GUM FIN % % CON GUM FIN 10 REGS % % CONGR % % CONTI GUM % % COOPWH % % COV BD SOC % % CROAT.BK RECON.&DEV % % CROWN EU HOLD EGS % % CZECH REPUBLIC % % DEUTSCHE POST. 06 -B % % DEXIA MUN AG % % DEXIA MUN.AG % % DEXIA MUNAG % % EACCESS % % EFSF % % EFSF % % EFSF 12 OPA % Fl. Rate EIB % % EIB % % EILEME 2 AB % % OPEAN UNION % % FIAT FT % % FIAT FT % % FMC FIN % % FMC FIN % % FMS WERTMAN % % FMS WERTMAN % % FRANCE 02 OAT % % FRANCE % % FRANCE % % FRANCE 09 OAT % % FRESENIUS FIN % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % Fl. Rate GOLDM.SACHS % 700 Fl. Rate GOLDMAN SACHS % 500 Fl. Rate HBOS PLC 4 EMTN % % HEIDLRG % Fl. Rate HSBC FIN % % HUNGARY % % HUNGARY % % HUNGARY % % HYP ALP INT /SUB % % INTERXION % Fl. Rate INTESA SAN % % IPIC GMTN % % IPIC GMTN 12 EMTN % % IPIC GMTN EMTN % % IRELAND % % IRISH PERM % % IRISH TSY 07 TBO % Fl. Rate ITALY 10 CCT % Fl. Rate JPM CHASE NY % Fl. Rate KBC IFIMA % % KBC IFIMA 12 EMTN % % KINOV GERM BD % % KOLEJE MAZ % % KRAUSSMAFFEI % Fl. Rate MERR.LYNCH &CO.FRN % Fl. Rate MERRILL LYNCH % Fl. Rate MOR ST % % NETHERLANDS % % NETHERLANDS % Fl. Rate NOMURA BK (FRN) % % NORTHERN % % NORTHERN ROCK % % NORTHERN ROCK % % NOTHERN ROCK % % OBRASCON % % OI OPEAN % % OI OPEAN GP % % PERNOD-RICARD % % PORTUGAL % % PORTUGAL % Fl. Rate RBS % % RBS GRP % % REPSM % % REXEL % % REXEL % 750 Fl. Rate RMS 20 PLC 05 M1C % % ROMANIA % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 3

124 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % SAFRAN % % SAN CON % % SANT ID % 700 Fl. Rate SANTOS FIN (FRN) % Fl. Rate SBAB % % SCBC % % SCHAEFF FIN % % SCHAEFF FIN % % SCHAEFFLER FIN % % SMURFIT KAP ACQ % % SMURFIT KAP ACQ % % SOUTH AFRICA % % SPAIN 05 PRINC.STRIPS % % SPBK V BOLIG % % ST BK INDIA % % STYROLUTION GR % % SWEDBK % % SWEDEN % % TECHEM GMBH % 500 Fl. Rate UCB (FRN) 11-PERP/SUB Perp % % UNEDIC % % UNITYM NRW % % UNITYMEDIA % % XEFIN % % XSTRATA FIN % % YORK BUILD % GBP % % BEI PARALLEL BDS % % BOPARAN 11 REGS % Fl. Rate BROADGATE F.TV 05 CL.D % % CABOT FIN LU % 400 Fl. Rate CAN WHA F II % Fl. Rate CAN WHA F II II-C % % CATTLES 07 /DEFLT % % COOPWH % % COV BD SOC % % DEUTSCHE BK (TV) % % EIB % % GRANADA GROUP NOTES % % HEND UK FIN % % JAG LAND ROV % % KINGIFSHER S % % LCR FINANCE 99 REGS % % NORTHERN ROCK % % PEARSON % % PIPE HLD 10 REGS % % PORTUGAL % % RENTOKIL IN % % SUNCORP MET % % UK % % VIRGIN MEDIA % % YORK BUILD % Fl. Rate YORK BUILD % IDR % % BEI 10 /USD % JPY % % JAPAN % % JAPAN % MXN % % MEXICO 03 S.M % % MEXICO 04 BONOS % % MEXICO % % MEXICO 05 -M % % MEXICO % % MEXICO % % MEXICO 11 BONOS % NOK % % ADB 12 GMTN % 215 Fl. Rate BOA DEEP % 703 Fl. Rate KRILL SEAPDTS % % NIB % NZD % % NEW ZEALAND % RUB % % BEI 07 EMTN % USD % % AERO SAT % % AFDB % % AFREXBK % % AJE GRP % % AMB CIRCLE % % AMBER CIRCLE % 300 Fl. Rate ARCELORMIT Perp % % AUS FIN PTY % % BARCLAYS BK % % BHARAT PETR % % BK GEORGIA % % BNP US MED % % BOC AVIATION % % CAPITALAND % % CFG INV SAC % % CHINA OVER % % CHK % % CN RESO CEMENT % % CNPC GEN % % CNPC GEN % % CNPCCH % % COMPET TEAM % % COSCO FINANCE % % CSN ISLANDS REGS % % CSNAB % % DOLPHIN % Fl. Rate DOOSAN INF /FRN % 600 Fl. Rate DSK BK (FRN) % % DSK BK % % DTEK FIN % % EIB % % EIBK % % ELAN LTD 05 EMTN % % EMPRESAS IS % % OCHEM % % EVRAZ GP 08 REGS % % EXPORT IMP BK % % FINANCING IP 12 REG-S % % FINANSBANK % % FORD MC % % FRANSHION % % FRESENIUS MD % % FRESENIUS MED 144A % % GRAIL % Fl. Rate HBOS % % HK LAND FIN % % HSBK BV REGS % % HSBK. 06 REGS % % HUTCH 12 II % % HUTCH WHAM % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 4

125 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % HYUND C. US % % ICICI MANAMA % % INKIA ENERGY % % INTERCORP RET S % % ITALY % % ITALY % % KAISA GRP 10 REGS % % KDB % % KDB % % KDB % % KIA MOTORS CORP % % KOFC % % KOFC % % KOHNPW % % KOHNPW 12 REG S % % KOMMUNALBK % % KOMMUNALBK % % KOROIL % % MACQUARIE BK % % MAF GLB SEC % % MAGYAR % % METINVEST BV % % NAFTOGAZ % % NAMIBIA % % NBADUH % % NRTH ROCK % % NTPC LTD % % ODEBRECHT 10-PERP Perp % % ODEBRECHT % % OLAM INTL % % OSCHAD % 800 Fl. Rate OZ WING KY % % PCCW % % PORTUGAL % % PT BK NEGARA % % PT PERTAMINA % % PTT GLOBAL % % PTT PCL % % QATAR % % QIB SUKUK FD % Fl. Rate RBS TR IV 04 Perp % % REXEL INC % % RUSSIAN ST FI % % SAUDI ELECT % % SHINHAN BK % % SIAM COMM % % SIEMENS FIN 12 CW % % SINOPEC GP % % SINOPEC GP % % SOQ SUKUK A % % SOQ SUKUK A % % SP POWER % % SPI % % SPRINT NEX % % SSG RESOURCES % % STANDARD BK % % STD CHART % % STD CHARTERED A % % TAQA 08 REGS % % TAQAUH % % TAQAUH % % TAQAUH % % TELEMAR N L REGS % % TEMASE % % TEMASEK FIN % % TUP TURK PE % % TV AZTECA % % USA 10 TBO % % USA 11 S. F % % USA 11 TBO % % UTD OVS BK A % % VAKIFLAR BK 12 /SUB % % VALE % % VALE CAP % % VTB CAP % % WALGREEN CO % % WHARF % % WHEELOCK FIN % % WHITE NIGHTS % % WILLOW NO.2 REGS % % YAPI KREDI % % YUZHOU PROP % Convertible bonds and bonds with warrants % CHF % % SWISS PRIME 10 /CV % CNY % % CHINA POWER CV % % % AABAR INVESTMENT CV % % AB INDUS 10 CV % % ALCATEL 09 CV(3.23) % % CAM 12 SPA CV % % CAP GEM CONV ( 34) % % DE OSHOP /CV % % FAUREC 18.69CV % % FAURECIA 12 CV % % GSW IMMO % % IMMOFINANZ 11 /CV % % KFW 09 CV / DEUT P % % MNV 09 CV % % SALZGIT FIN CV / NDA % % SGL CARBON 09 CV % % THEOLIA CV ( 19.03) % % UCB 09 CONV % % VW INTL FIN 12 /CV % GBP % % CPTL SHP JE 12 CV % % DERWENT LN / DLN % % ITV 09 CV/ ITV % % TUI TRAVEL 09 CV % % WPP PLC 09 CV % JPY % % AEON 09 CV/ % % IHI CORP 11 CV % SGD % % OSIM INTL 11 CV % % TEMASEK FIN III CV % USD % % ANGSJ 09 CV % % BES FIN CV/BANCO % % BILLION 10 CV / CHINA % % DIALOG SEMI 12 CV % % GLENCORE FIN 09 CON % % HG KG EXCH 12 CV % % LUKOIL INTL % % NEWFORD CAP 11 CV % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 5

126 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % NEWMONT 07 CV % % OLAM INTL 09 CV % % PACIFIC BAS CV % % PEGATRON CORP CV % % PREMIER O F % % SHIRE 07 CONV % % SIEMENS FIN 12 CV % % SUBSEA 7 SA 12 CV % % TPK HOLD 12 CV/ % % VINCOM 12 CV / VIC % Options, warrants, rights % AUD % CALL AUD/NOK Str % CALL AUD/USD Str % PAYER BBSW3M-AUD Str % PAYER BBSW3M-AUD Str % PUT AUD/NOK Str % PUT AUD/USD Str % PUT AUD/USD Str % PUT AUD/USD Str % CAD % CALL CAD/NZD Str % PUT CAD/NZD Str % PUT CAD/NZD Str % % PAYER IB3M Str % PAYER IB3M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % PAYER IB6M Str % RECEIVER IB3M Str % RECEIVER IB3M Str % RECEIVER IB3M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % RECEIVER IB6M Str % 17 SIEMENS 12 CW/SIE % GBP % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB3M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PAYER LIB6M GBP Str % PUT 3M SHORT STERLING Str % PUT GBP/CAD Str % PUT GBP/CAD Str % RECEIVER LIB6M GBP Str % RECEIVER LIB6M GBP Str % JPY % CALL KDDI CORPORATIO Str % PAYER LIB6M JPY Str % PAYER LIB6M JPY Str % KRW % PAYER LIB3M KRW Str % USD % CALL 90 DAYS - O $ FUTURE 15/12/14/Str % CALL CHINA UNICOM HO Str % CALL HON HAI PRECISI Str % CALL HON HAI PRECISI Str % CALL PEGATRON Str % CALL TPK HOLDING CO Str % -335 CALL TREASURY BONDS USA Str % CALL USD/AUD Str % CALL USD/AUD Str % CALL USD/BRL Str % CALL USD/BRL Str % CALL USD/BRL Str % CALL USD/CHF Str % CALL USD/CHF Str % CALL USD/CHF Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/JPY Str % CALL USD/KRW Str % CALL USD/KRW Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 6

127 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal CALL USD/NZD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PAYER LIB3M USD Str % PUT 10Y TREASURY NOTES USA % PUT 10Y TREASURY NOTES USA Str % PUT 10Y TREASURY NOTES USA Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE 15/12/14/Str % PUT 90 DAYS - O $ FUTURE 15/12/14/Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE Str % PUT 90 DAYS - O $ FUTURE 16/09/13/Str % PUT 90 DAYS - O $ FUTURE 16/09/13/Str % -670 PUT TREASURY BONDS USA Str % 670 PUT TREASURY BONDS USA Str % PUT USD/AUD Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/BRL Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP PUT USD/BRL Str % PUT USD/BRL Str % PUT USD/INR Str % PUT USD/JPY Str % PUT USD/JPY Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/KRW Str % PUT USD/MXN Str % 833 PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/MXN Str % PUT USD/NZD Str % PUT USD/NZD Str % PUT USD/RUB Str % PUT USD/RUB Str % PUT USD/RUB Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/TRY Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % 746 PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % PUT USD/ZAR Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % RECEIVER LIB3M USD Str % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % AUD % Fl. Rate RESIMAC 11-1NC A % Fl. Rate SOCGEN % % % ALGECO % % ASSGEN 12 FTF % Fl. Rate AYT CEDULAS X % % IRON MOUNTAINS % % MAPFRE %

128 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % MEIF II EN % % NARA CABLE % % UNITYM NRW % GBP % % JAG LAND ROV % % LOWELL GRP % % UK % USD % % ACE INA HLDG % % AERODOM % % ALGECO 144A % % ALTICE FINAN % % AM AXLE & MFG % 885 Fl. Rate ARAMARK CORP % % BBLTB % % CASE NW HOL % % CFF % % CONT RUBBER % % CSN ISL 10 Perp % % DIGICEL % % EMAAR SUKUK % % EMPRESAS IS % % EXPERIAN FIN % % FIDELITY NAT % % GOLDEN CLOSE % % GR.SENDA AUTO REGS % Fl. Rate GSAMP FRN 04-AR2 M1/SUB % % HOSPITALITY PR % % HUTCH 12 II % % ICICI BK TRCH 4-S % 400 Fl. Rate ING NV % Fl. Rate ING NV % Fl. Rate INTESA SAN FRN % % IRON MOUNTAIN INC % % ITAUUNIBANCO /SUB % % JBS USA % % KFW INTL % % KOOKMIN BK 09 REGS % % KR EXPRESSW % % MARRIOTT % % MARRIOTT % % MECCANICA A % 300 Fl. Rate OCEANTEAM SH % % ODEBRECHT % % PAET % % PKG CRP OF A % % PLAINS EXPL % % RBS 03-PERP/PFD/FLAT Perp % % ROCK TENN % % ROCK TENN % % SAPPI PHG 144A % % SAPPI PHG 144A % % SC JAVER % % SIRIUS XM 144A % % SWIRE PAC % % TNK BP FIN. 06 /144A % % USA 04 TBO INFL. IND % % USA TSY % % WINDSTREAM % % WYNDHAM WLD 12 SR % % ZIJIN INTL FINA % UYU % % URUGUAY % ZAR % Fl. Rate ROYAL BK SCOTLD % % STANDARD 07 EMTN % Convertible bonds and bonds with warrants % GBP % % SPORTINGBET 11 CV % HKD % % CHINA WATER 10 /CV % JPY % % NIPRO 10 CV % USD % % DR HORTON 09 CV % % EMC 06 CV % % GOLDCORP INC 09 CV % % GOLDEN AGRI 12 CV % % HERTZ GLOB 09 CV % % INTEL 09 CV % % KCC CORP 09 CV % % LAM RESEARCH CV % % MICROSOFT 10 CV % % MOLSON COORS 07 CV % % NEWMONT M. 07 CV % % NOBLE GROUP 07 CV % % PRICELINE COM 12 CV % % PULAI CAP 12 CV % % SEADRILL LTD CV % % SHIP FIN IN CV / SFL % % SUBSEA 7 SA 6 CV % % WELLPOINT 12 CV % % YTL 10 CV % Options, warrants, rights % HKD % CALL CHINA PETROLEUM Str % UNLISTED SECURITIES % Bonds % BRL % Fl. Rate HSBC BK US 12 /USD % % Fl. Rate RBS 09 /PIK % SEK % Fl. Rate KAHRS HOLD % USD % % AHMAT MTGE SART % % AHMAT MTGE SART B % % AHMAT MTGE SART % Fl. Rate BACM XW % % BAGHLAN GR FZCO % Fl. Rate CS CMT 07-C5 07-C % Fl. Rate CWABS A % Fl. Rate FBRSI AV % % GIBRALTAR.IND. 06/MUTLICP % Fl. Rate GMAC C3 X % % JONES LANG % % KGS AC 12 MTG % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 8

129 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal Fl. Rate LB UBS 07-C7 IO % % LONGVIEW A % Fl. Rate MLMT C1 X % Fl. Rate MSC 11 7-HQ13 X % % NAVIGATOR % % PROSPECT MD % Fl. Rate SABR 05-OP2 FRN06 A2C % Fl. Rate STANDARD BK % Fl. Rate STANDARD BK 10 /CLN % % TIZIR LTD % ZAR % % STANDARD BK % Fl. Rate STANDARD BK FRN08 TR % Fl. Rate STANDARD BK PLC % Convertible bonds and bonds with warrants % % % ENI 12 /CV % USD % % GWG CORP 12 /CV % Options, warrants, rights % % PAYER ITXEB518CR Str % PAYER ITXEB518CR Str % 888 PUT DOW JONES O STOXX 50/PR.IND Str % 706 PUT DOW JONES O STOXX 50/PR.IND Str % PUT /RON Str % RECEIVER ITXEB518CR Str % 28 SIEMENS 12 CW/SIE % PUT /PLN Str % PUT /PLN Str % PUT /TRY Str % JPY % CALL ASAHI Str % CALL SAWAI PHARMA Str % CALL SUZUKI MOTOR CO Str % CALL SUZUKI MOTOR CO Str % CALL UNICHARM Str % USD % CALL USD/CAD Str % CALL YTL CORP FINANC Str % 88 PUT S&P 500 INDICES Str % 169 PUT S&P 500 INDICES Str % PUT USD/CAD Str % PUT USD/CAD Str % PUT USD/CAD Str % PUT USD/CAD Str % INVESTMENT FUNDS % Ireland % 1 GAM EM MKT ABS/ACPTG.INS.CL % GAM ST DYN GLOB ACC /CAP % GAM ST DYN GLOB -INS-ACC/CAP % GAM STAR DYNAMIC GL BD -I- CAP % GAM STAR GL CONV BOND -I- CAP % Luxembourg % GAI MSTR FIDO -A () -CAP % GAIUS MSTR AUG AM-A () CAP % USD % CITIGP HLDG CW/YYIH % CASH EQUIVALENTS % Options, warrants, rights % % CALL /CHF Str % CALL /CZK Str % CALL /CZK Str % CALL /NOK Str % CALL /PLN Str % CALL /PLN Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CHF Str % PUT /CZK Str % PUT /CZK Str % PUT /CZK Str % PUT /CZK Str % PUT /NOK Str % PUT /NOK Str % PUT /NOK Str % PUT /NOK Str % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 9

130 Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft 5 Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.59%**, or 1.90%** including the performance fee (0.31%) for A-CHF, 1.71%, or 1.98% including the performance fee (0.27%) for A-, 1.71%, or 2.05% including the performance fee (0.34%) for A-USD, 1.71%, or 2.13% including the performance fee (0.42%) for B-CHF, 1.71%, or 2.04% including the performance fee (0.33%) for B-, 1.71%, or 2.06% including the performance fee (0.35%) for B-USD, 1.05%, or 1.40% including the performance fee (0.35%) for Ca-, 1.06%, or 1.40% including the performance fee (0.34%) for C-CHF, 1.05%, or 1.42% including the performance fee (0.37%) for C-, 1.06%, or 1.65% including the performance fee (0.59%) for C-USD, 2.21%, or 2.45% including the performance fee (0.24%) for E- and 2.21%, or 2.56% including the performance fee (0.35%) for E-USD. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. AREBF - 1

131 Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) AREBF - 2

132 Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL 04 N.TES % % BRAZIL % % BRAZIL % % BRAZIL % % BRAZIL 10 / INFL % % BRAZIL 10 / INFL % % BRAZIL 10 / INFL % CLP % % BCO CTL CHI % % BCO CTL CHI % % BCO CTL CHI 12 /INFL % % BCO CTL CHIL /INFL % % BONO BCO % % % CROATIA % % HUNGARY % % ITALY % % ROMANIA % ILS % % ISRAEL 01 / INFL % % ISRAEL 04 / INFL % % ISRAEL 06 / CPI % % ISRAEL 09 ILCPI % % ISRAEL 10 / INFL % % ISRAEL 11 / CPI % KRW % % KOREA 07 / INFL % % KOREA % MXN % 2 Fl. Rate MEX UDIBONOS TV % % MEXICO 04 / INFL % % MEXICO % % MEXICO 05 -M % % MEXICO 06 UDIBONOS % % MEXICO 09 / INFL % % MEXICO 09 UDI % % MEXICO 10 UDIBON % PLN % % POLAND 08 / INFL % 83 Fl. Rate POLAND TV 04 IZ % TRY % % TURKEY 08 / CPI % % TURKEY 09 /CPI % 56 Fl. Rate TURKEY 09 CPI % % TURKEY 10 INFL % % TURKEY 11 / CPI % % TURKEY 12 /INFL % % LITHUANIA % % MONGOLIA % % MONGOLIA % % PAKISTAN 06-36REG % % PAKISTAN % Fl. Rate REP. DOMINIC REG / PIK % % ROMANIA % % SLOVENIA % % TURKEY % % VENEZUELA 05 REGS % % VIETNAM 05 REG.S % UYU % % URUGUAY (INDEX LKD) % ZAR % 95 Fl. Rate SOUTH AFRICA / CPI % % SOUTH AFRICA / INFL % % SOUTH AFRICA % Options, warrants, rights % USD % PUT 10Y TREASURY NOTES USA Str % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % KRW % % KOREA 10 /CPI % THB % % THAILAND GOV CPI % UNLISTED SECURITIES % Bonds % BRL % % BRAZIL 09 IPCA % CASH EQUIVALENTS % Treasury bills % USD % % USA 12 TB % % USA TB % Options, warrants, rights % USD % PUT USD/INR Str % PUT USD/TRY Str % USD % % ARGENTINA L /FLAT OPE % % CROATIA % % EX-IMP BK KR % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. AREBF - 3

133 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Bank overdraft 5 Payable to brokers Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.56% for A- shares, 2.15%** for A-USD shares, 1.56% for B- shares, 1.56% for B-USD shares, 1.01% for Ca- shares, 1.01% for C- shares, 1.01% for C-USD shares, 2.07% for E- shares, 2.09% for Em- shares, 2.10% for E-USD shares and 2.08% for Tm-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. COBF - 1

134 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Distribution shares (Shares Tm-USD) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Distribution shares (Shares Tm-USD) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) Dividend for the previous financial year (Shares Em-) * Dividend for the previous financial year (Shares Tm-USD) * *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.32; August 2012: 0.32; September 2012: 0.32; October 2012: 0.32; November 2012: 0.32; December 2012: 0.32 Tm-US shares: July 2012: 0.46; August 2012: 0.46; September 2012: 0.46; October 2012: 0.46; November 2012: 0.46; December 2012: 0.46 COBF - 2

135 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL % CHF % 364 Fl. Rate RBS 12 / SUB % % % A.P MOLLER % % AB INBEV % % ABBEY NATL % % ABBEY NATL % % ABN AMRO % % ABN AMRO 10 REGS % % ABN AMRO % 7 Fl. Rate ADAGI 05 SII-X A % % ADECCO IF % % AER RIANTA % % AFD 04 Perp % % AIB % % AIB MTG BANK % % AIG % % AIR FRANCE % % ALADIS EMISIONES % 4 Fl. Rate ALPST 07 2X B % % AMADEUS CAP % % AMCOR LTD % % AMER MOVIL % % AMER SPORTS % % ANGLO AMER % % ANZ % % AON FIN % 491 Fl. Rate ARGENTINA PIK % % ARRFP % % ARRFP % 8 Fl. Rate ARRMF X A1B % % ASML HOLDING % 2 Fl. Rate AVOCA 05 SIII-X C % 3 Fl. Rate AVOCA 07 VII-X A % % BANBRA % 53 Fl. Rate BARCLAYS % % BARCLAYS % % BARCLAYS % % BARRY CALL.SVCS % % BBVASM % % BCO SANT.CENT-HIS % % BELGACOM % % BHP FINANCE % % BK IRELAND % % BK IRELD MTG % % BK IRELD MTG % % BK OF IRELAND % % BNG % % BNPP % % BNPP % % BOA % % BOA % % BPCM % % BRAM FIN % % BUENOS AIRES REG MULCP % 5 Fl. Rate BUMPER A % % BURVER % % CAMPARI % % CBA % % CBA % 8 Fl. Rate CELF X A % % CESKE DRAHY % % CET % % CEZ % % CGNU PLC % % CITIGP % % CITIGRP % 3 Fl. Rate CLARENVILLE 1X-A1A % % CLARIANT FIN % % COFIROUTE % % COMPASS GR % % CRH % % CS INTL % % DAIMLER INTL % % DAVIDE CAMP % 3 Fl. Rate DECO 06 7-E2X C % Fl. Rate DECO LTD 06 7-E2XB % 278 Fl. Rate DEUTSCHE BK % % DNB % % DNB NOR % % DONG ENERGY % 33 Fl. Rate DRIVER 7 GMBH 10 7A % 13 Fl. Rate DRYDEN XV X % 7 Fl. Rate EATON VANC FRN07 A % 3 Fl. Rate ECLIP E % % EDENRED % 5 Fl. Rate EELF A % % EESTI ENERGIA AS % % ELISA CORP % % ELM BV % 5 Fl. Rate E-MAC 04 NL04-I B % Fl. Rate E-MAC 06 NL06-2 A % % ENERGIE AG % % ENI % % ESB FIN % 5 Fl. Rate OPROP A % % EUTELSAT % % FCE BK % % FIAT % % FIAT FIN % % FMC FIN III % % FORTUM % 6 Fl. Rate FOSSE MAS 10-2X A % 5 Fl. Rate FOSSM A % % FRANCE TEL % % FRANCE TELEC % % FRANCE TELEC % % FRAPORT % % FREENET % % FRESENIUS FII % % G4S % % GAS NCP % % GATEGROUP F % % GAZ CAPITAL 05 REG % % GDF SUEZ % % GE CAP % % GE CAP.OP % 5 Fl. Rate GELDILUXTS TSA % % GERRESHEIME % % GIE SUEZ ALL % % GLAXOSM CAP % 18 Fl. Rate GLBDRV AX A % % GOLDMAN SACHS % 7 Fl. Rate GRACE CARD2 1X A % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 3

136 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 20 Fl. Rate GRND 06 1 A % 19 Fl. Rate GROHE HLDG % 7 Fl. Rate HARBM 05 5X A2E % 3 Fl. Rate HARBM 05 6X A % 7 Fl. Rate HARBOURM. 06 PR2XA % % HARVEST CLO IX-B % 11 Fl. Rate HARVEST III 6 III-XA % 7 Fl. Rate HARVT 04 IX A % % HEIDLRG % 13 Fl. Rate HIGHWAY BV A % % HSBC % % HSBC FIN % % HUNGARY % % HUTCH WHAM % 8 Fl. Rate HYDE PARK 06 1X A % % ICO % % INEOS GROUP 06 REG % % ING NV % % INSTIT CRDT OF % % INTESA SAN % % INTESA SAN % % ITALY 02 BTP % % ITALY 06 BTP % % ITALY 06 BTP % % ITALY 07 BTP % % ITALY 11 BTP % % ITALY 11 BTP % % ITALY % % ITALY 12 BTP % % JPM CHASE CO % % JPMORGAN C % % KLEPIERRE % % KP GERMANY % % KPN % % LA POSTE % % LABCO % % LABCO A % % LAFARGE % % LAFARGE ST-UP % 4 Fl. Rate LAMBDA FIN.FRN X A % % LEGRAND 11 EMTN % 3 Fl. Rate LEOP 04 III-X D % % LLOYDS % % LLOYDS % % LLOYDS TSB % % LUXOTTICA % % MER LY % % MERCIALYS % % MOMENT PER % % MOR ST % % MORGAN STAN % % MOTABILITY % % MUNICH RE FTF % % NAB % % NAB % % NATIONWIDE % % NATIONWIDE % % NL GASU % % NORDEA % % NORDEA SE % % NWB % % NY LIFE GBL % % OPTUS FIN SIN % % OTE PLC % 7 Fl. Rate PARAGON MT 04 /8-A2B % % PEMEX % % PEUGEOT SA % % PFIZER % % PGNIG FIN AB % % PHILIP MOR % % PIRELLI & C % % POHJOLA BK % % POHJOLA BK % % PORTUGAL TEL % Fl. Rate PROMISE FRN06 IM06-1 C % % PRYSMIAN % % RABOBANK NED % % RABOBK % % RBS % % RBS % % RBS GRP % % RED ELEC FI % % REMY COINT % % RENAULT % % REPSOL INT.FI % % RHOEN KL AG % 7 Fl. Rate RMF O CDO III-X % % ROCHE HLDG % % ROCHE HLDG % % ROMANIA % % SAMPO BK % % SANT ID % % SANTANDER % % SCA AB % % SEB % % SEB % % SECURITAS % % SECURITAS EMTN % % SES GLB AME % % SHB 11 EMTN % % SKF % 529 Fl. Rate SLM STUD.FRN 03 C.A5B % % SMITHS GRP % 4 Fl. Rate SMPER C % % SNAM 12 EMTN % % SODEXO % % SOLVAY 03 EMTN % % ST GOBAIN % % ST GOBAIN % % ST.CHART 7 REGS % % STADA ARZ % % STATK % % STATOIL % % STORA ENSO % 7 Fl. Rate STORM BV FRN A % % SUEDZ FIN % % SVSK HDBK % % SWED MATCH % % SWEDBANK % % SWITCH HLDGS EMTN % % TELECOM ITAL % % TELEFONICA % % TELEFONICA % % TELEFONICA EMTN % % TELEMAR N L REGS % % TELIASONERA % % TELSTRA % % TERNA % % TESCO % % THAMES FIN % % THYSSENKRUPP % 40 Fl. Rate TMAN 07 7 A % % TOYOTA % % UBS LOND. 08 SENIOR % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 4

137 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % UKRAINE 05 REG % % UNICREDIT % % UPC GER A % % UT2 FUNDG /FLAT % % VALE % % VATTENFALL % 7 Fl. Rate VCL MULTI A % % VERBUND INTL % % VERISURE HLDG B % % VERISURE HOLD % % VERISURE HOLD % % VERISURE HOLDING % % VIVENDI % % VIVENDI % % WAL-MART % % WELLS FARGO % % WELLS FARGO % % WELLS FARGO % % WESTPAC BK % % WIND ACQ A % % WIND ACQU REGS PIK % % WUERTH FIN % % XSTRATA FIN % GBP % % ARGON CAP (TV) 07 Perp % % BAYER AG % % CASTLE HOLD % % CIBA SPE CHEM % % GKN HDG % % HEINEKEN NV % % LADBROKES GRP % % LLOYDS 09-PERP/FLAT Perp % % LSE 06 MULTI CPN % % NEXT PLC % % PEARSON % % RABOBK CAP II 04 Perp % % RENTOKIL IN % % SMITHS GRP PLC % % UNI PUB FIN CL.A % % UNI.PUB FIN % MXN % % MEXICO 07 S.M % PLN % % POLAND 08 / INFL % USD % % 1ST QUANT MIN % % ABB TREAS % % ALBERTSON % % ALBERTSON S 98 TR % % ALBERTSON S % % ALROSA FIN. REGS % % AMER TOWER % % ANADKO PET % % ARGENTINA % % ARGENTINA 03 PIK % % BFF INTL % 250 Fl. Rate BLUE DANUBE 12 /CAT % % BRASIL TELE % % BRAZIL % % CITIZENS COMM % % CLEARWIRE CORP % % CNPC GEN % % COLOMBIA % % COLOMBIA % % COLOMBIA % 204 Fl. Rate COMPASS RE /CAT % % CORP LINDLEY % % COSTA RICA REGS % % CROATIA % 225 Fl. Rate CSG GG % % DAIMLER FIN % % DELPHI AUT. -06 /DEFAULT % % DRILL RINGS HOL % % DTEK FIN % % DUFRY FIN % % EKSPORTFIN % % EL PAS.ENERGY 0-30MTN % % EL PASO TR % % EL SALVADOR 05 REG % % EMPRESA EN. 06 REGS % % ERICSSON % % EVRAZ GP 08 REGS % % FEDEX CORP % % GAZPROMBK % % GILEAD SC % % GT 2005 ST-UP % % HCA % % HUNGARY % % INDONESIA % % INDONESIA % % KIA MOTORS CORP % % LITHUANIA % % LITHUANIA % % METINVEST A % % MEXICO 01 T.7 MTN % % MEXICO 04 GL % % MOLSON COORS % % MRIYA AGRO % % NORTEL NETWK 08-16/DEFL % % PAKISTAN 06-36REG % % PERU % % PETROBRAS INTL % % PETROLEOS % % PHILIPP % % PHILIPP % % PHILIPPINES % 377 Fl. Rate REP. DOMINIC REG / PIK % % REP. DOMINIC REGS % % ROMANIA % % RUSSIA 00 REG / ST-UP % % RUSSIA REG.S % % RUSSIA BOND % % RUSSIA BOND % % SINGTEL GRP % % SLOVENIA % % SOUTH AFRICA % % SOUTH.COPP.CORP % % SOUTHERN COP % % SP POWER % % TENCENT HOLD % % TURKEY % % TURKEY % % TURKEY % % TURKEY 06 GLOBAL % % UKRAINE % 376 Fl. Rate UNIVERS.HOSPITAL % % URBI DESA % % URBI DESA A % % USB CAP IX 06 Perp % % VENEZUELA % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 5

138 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % VENEZUELA % % VENEZUELA % % VENEZUELA REGS % % VIETNAM 05 REG.S % % WIND ACQ % % WIND ACQ % UYU % % URUGUAY 07 / INFL % Equities % Norway % DEEP OCEAN ASA / NEW ISSUE % United States % GENERAL MOTORS % GENERAL MOTORS / PFD CV % MERRIL LYN.CAP.TRII /PREF % Options, warrants, rights % USD % GENERAL MOT CW / GM % GENERAL MOT CW / GM % Convertible bonds and bonds with warrants % USD % % CHESAPEAKE 07 CV % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % CAD % % GARDA WS % % POSTMEDIA NET % % 8 Fl. Rate ARENA A % 12 Fl. Rate ARENA A % 5 Fl. Rate ARKLE X 2A % 5 Fl. Rate AVOCA CLO 07 VII-X C % % BARRY CALLEB % % BBVA % 4 Fl. Rate BUMPER 5 FIN % 3 Fl. Rate CHMT E AB % 2 Fl. Rate CLOCK FIN E % 16 Fl. Rate DECO E4X A % 5 Fl. Rate DMPL 10 VIII A % % ENEL ENTE NAZ % 9 Fl. Rate GLBDRV 2012-A C:A % 5 Fl. Rate GOSFORTH 11-1 A1B % 7 Fl. Rate HARVEST CLO 11 II-X A % 9 Fl. Rate HEADING % % INFOR (US) INC 12 WI % 5 Fl. Rate JUBIL 06 VII-X C % 7 Fl. Rate JUBILEE CDO 06 VI % % LBG CAP % % LBG CAP % 7 Fl. Rate PERMM A % % SKF % 13 Fl. Rate STORM 12-IV 12-4A % 16 Fl. Rate WINDM 06 IX-X A % GBP % % BARCLAYS BK (TV) 02 Perp % USD % % ACCESS MID % % AES CORP % % AIR CANADA A % % AIR CANADA A % % ALLY FIN % % AMEACHE % % APX GROUP 144A % % ARCELORMIT % % ARCH COAL INC % % ATT % % AUTODESK INC % % BG ENERGY % % BIO RAD LAB % % BOMBARDIER A % % BRE PROP % % C R BARD % % CHIRON MERGER 144A % % CLAYTON % % CLEAR CH WLD % % CLEAR CH WLD % % CLEAR CH WLD % % CLEAR CH WLD % % CLEARWIRE CO % % CNOOC LTD % % COLUMBIA/HCA % % DELHAIZE GRP % % DISH DBS % % DRESDNER FD A % % DUKE ENERGY % % ENERGY FUT % % ENT PR % % EPICOR SOFT % % ERAC USA FIN % % EVERTEC % % EXPERIAN FIN % % FT DATA % % FT DATA 144A % % FT DATA 144A % % FT DATA CORP % % FT DATA PIK % % FLORIDA 11 /PIK % % FLUOR CORP % % FMG RES A % % FMG RES % % FMG RES % % FTR % % GARDA WR % % HALCON A % % HARBINGER 144A % % HBOS CAP (TV)04 Perp % % HCP % % HEALTH CARE % % HEINEKEN NV % % HERO % % HYATT % % HYUNDAI STL % % IGLOO HLDGS PIK % % INC RESEA % % INDONESIA % % INEOS GRP HLD A % % INFOR (US) INC % % INMET MINING % % INTELSAT % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 6

139 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % INTERAC DATA % % KENNAMETAL % % LANDRY S A % % LANDRYS A % % LEVEL 3 FIN % % LEVEL 3 FIN % % LVMH % % MACDERMID A % % MARQUETTE TR % % MCCLATCHY % % MEXICHEM % % MIE HLDGS A % % MIRANT AM /REINSTATD % % MIRANT AMER.GEN % % MMI HOLDINGS % % NEEDLE MERGER % % NESTLE % % NORTEK INC % 387 Fl. Rate NORTEL NETW.FRN /DEFLT % % NUVEEN INV % % OGX AUST % % OSX % % PALENT % % PBNCN A % 851 Fl. Rate PNC PFD FDG Perp % % POSTMEDIA NET WI % % REALOGY A % % REALOGY A % % REED ELSE % % REP OF PERU % % REP. URUGUAY % 410 Fl. Rate RESID 11 CAT % 302 Fl. Rate RESID REINS % % REYNOLDS GP STEPUP % % RITE AID % % ROPER IND % % ROYAL CARIB % % ROYAL PHIL % % SAMSON INV C % % SANDRIDGE % % SANDRIDGE % % SATMEX ESCROW % % SIMON PROP % % SIMON PROP % % SIX FLAGS ENTMT % % STD PAC % 402 Fl. Rate SUCCESSOR X 144A % 193 Fl. Rate SUCSRX 11 CAT % % SWISS RE TR % % SYMANTEC % % SYNGENTA FIN % % TAYMOR/MON A % % THERMO FISH % % TRINIDAD A % % TUPPERWARE % % VANGUARD % % VANGUARD A % % VENOCO INC % % VERISK ANLYTCS % % VISTEON % % WASTE MNGT GTD SR % % WPX ENERGY % % WRIGLEY 10 REGS % % YCC HLDG % % YUM BRANDS % % ZAYO % Equities % United States % 81 ABN AMRO NO AMER / PR % ALLY FIN /PREF % MOTORS LIQUIDATION CO % UNLISTED SECURITIES % Bonds % % 7 Fl. Rate AXIUS 07-1X A % USD % % APX GROUP % % CHAPARR EGY % % DH SERV LUX 144A % % ENERGY FUT % % FLOWERS FD % % GENERAL MOT % % GENERAL MOT % % GENERAL MOT % % GM CORP /ESCROW % % GM CORP 03 /ESCROW % % GM CORP 91 /ESCROW % % HERO A % % HERO A % % IMS HEALTH % % LAUREATE EDUC % % MONITRONICS INTL % 174 Fl. Rate MYTHEN RE A/CAT % % NORTEK A % % ONEX USI % % RELIANCE INT 144A % % SANDRIDGE % % SBS % % SPL LOGISTICS % % TOWNSQUARE 144A % % TRANSUNION PIK % % VERSO PAPER % % WYLE SERV 144A % % ZAYO % CASH EQUIVALENTS % Treasury bills % % % FRANCE 12 BTF % % FRANCE 12 BTF % % GERMANY 12 TB % USD % % USA 12 TB % % USA TB % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C- /CAP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 7

140 Julius Baer Multibond - DOLLAR BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Cash at banks Subscriptions receivable 334 Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 62 Other income 7 Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 445 Other expenses* Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Options Forward foreign exchange contracts Futures -937 Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.29% for A-USD shares, 1.30% for B-USD shares, 0.75% for C-USD shares and 1.79% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. DBF - 1

141 Julius Baer Multibond - DOLLAR BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-USD) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-USD) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-USD) DBF - 2

142 Julius Baer Multibond - DOLLAR BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % USD % % ABIBB % % ADB % % ANGLO AMER % % ASTRAZENECA % % BC % % BNG A % % BOA % % BOA % % BOA 11 SR % % BOEING CO % % BOEING CO % % CARNIVAL % % CBA % % CHEVRON % % CHINA % % CIBC 10 S144A % % CITGP INC % % CITIGP % % COMCAST CORP % % COOPERATIEVE % % DEUT TEL IF % % DEVON ENERGY % % DOW CHEM % % EDC % % EMBRAER SA % % GEN ELEC % % GEN ELEC CAP % % GEN ELECTRIC % % GILEAD SC % % GS % % GS % % GS 12 SRN % % HEINZ H.J.FIN % % HUTCH WHAM % % HYD QUEBEC % % IBRD % % JNPR % % JNPR % % JPM % % JPM % % KELLOGG CO % % L BK FOERDERBK % % MERCK % % MERCK % % METLIFE % % MONSANTO % % MORGAN STANL % % MORGAN STANLEY % % NEWS AMERICA % % NORDD LBK % % P&G % % PETRO INT FIN % % PFIZER % % RBC % % RBC % % RIO TINTO F % % SANOFI AVE % 210 Fl. Rate SLMA % % SPBK BOLIKR 144A % % STATOILHYDRO % % SWED EXP CR % % UNH % % USA 11 TBO % % USA 11 TBO % % USA 11 TBO % % USA 11 TBO % % USA 11 TBO % % USA 93 TBO % % VALERO ENERGY % % VALERO ENERGY % % WAL MART % % WELLPOINT % % WESTPAC BK 144A % % ZIMMER HLD % Options, warrants, rights % USD % CALL 10Y TREASURY NOTES USA % Str TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % CAD % % CAN HT % % CANADA % % CANADA % % CANADA % USD % % ABBVIE 12 /144A % % AMEX CR % % AMGEN % 185 Fl. Rate AMOT A % % AMOT A % % ANZ BK A % % ANZ BK A % % BAE SYST % % BMO % % BSCMS 05-PW10AM % % BURLINGTON % % CBS % % CDP FINL A % % CELGENE CORP % % CNH 12 S:12-A A % 261 Fl. Rate COMM.FRN C9 A % % CONECTICUT % % CSX CORP % % DEUT TEL IF % % DIRECTV % % DNB % % EDC % % EDISON INTL % % FDIC GUAR 10 TR % % FDIC STR 10 -C1-A % % FHLMC 09 P.A % % FHLMC 11 P.Q % % FHLMC 11 P.Q % % FLORIDA POW % % FNMA 05 P % % FNMA 10 P:MA % % FNMA 11 P.AB % % FORD CR FL % % FREEPORT MCMORAN % % GCCFC GG9 A % % GE EQUIP 12-1 A % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DBF - 3

143 Julius Baer Multibond - DOLLAR BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal USD Nominal USD 227 Fl. Rate GS MORTGAGE MBS % % GS MTG S 06-GG % % HARLEY DAVI -144A % % HEINEKEN NV % % IBERDROLA FIN % % ING NV A % % JPM % % LB UBS C7 A % % LVMH A % % MASSACHUSETTS % % MASSACHUSETTS % % MET LIFE A % % METLIFE INST % % MYLAN A % % NATL BK CAN % % NEWMONT MIN % 126 Fl. Rate NGN R2 1A % 320 Fl. Rate NGN R3 1A % % NOBLE HLDG % % NORDEA % % NYC MUN WTR % % OMNICOM 09 SR % % OMNICOM % % PHILLIPS % % QATAR A % % ROCHE HLDG % % RSG % % RYDER SYST % % SBIC P10B % % SCOT PWR % % SEMPRA ENERGY % % STADSHYPO 144A % 185 Fl. Rate TIAA REAL EST.FRN7 07-C4 A % % TIME WARNER % % TRUSTEES 12 SB % % TYCO FLW CTL % % UNIV NOTRE DAME % % USA 08 INFL % % USA % % USA % % USA 11 TBO % % USA 11 TBO % % USA % % USA % 665 Fl. Rate USA 12 / INFL % % USA 12 /INFL % % USA 12 TBO % % USA 12 TBO % % USA 12 TBO % % USA 12 TBO % % USA 12 TBO % % USA 12 TBO % % USA 12 TBO % % USA 12 TBO % % USA TSY 12 /TBO % % VALIDUS % % WASHINGTON % % WASHINGTON % % WASTE MNGT % % WFMBS 10-C1 A % % WFRBS COM C4 A % % WILLIAMS P % 130 Fl. Rate WWP FIN % UNLISTED SECURITIES % Bonds % USD % 261 Fl. Rate BMW FLOORPL 12 1A A % % BOA ML IND P-A % % COMM LTRT A % % CTI MGT A4 6-C % % DCENT A % % FHLMC(30Y) 11 TBA % % FHLMC(30Y) 13 TBA % % FNMA(30Y) 13 TBA % % FNMA(30Y) 13 TBA % % FNMA(30YR) 13 TBA % % GE EQUIPMENT % % GNMA(30Y) 12 TBA % % GS MORTGAGE % % JP MGN 5-CB12 A % % JPMCC 12-HSBC A % 160 Fl. Rate MERC BENZ OT 12-BA % % MORG ST IQ16 A % 210 Fl. Rate NAVISTAR A % % SAN FRAN CALIF PUB % % STATE OF TEXAS % % TEXAS ST 10 A % % VNO MORTGAGE % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DBF - 4

144 Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 249 Other income 8 Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 104 Other expenses* Equalisation Total Expenses Net Realised on: Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 0.96% for A-USD shares, 0.96% for B-USD shares, 0.65% for C-USD shares and 1.45% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. DMTBF - 1

145 Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-USD) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-USD) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-USD) DMTBF - 2

146 Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % USD % % ADB % % ANGLO AMER % % ASTRAZENECA % % BC % % BNG A % % BOA % % BOA % % BOA 11 SR % % CARNIVAL % % CBA % % CITGP INC % % CITIGP % % COMCAST CORP % % CS GROUP GG % % DEUT TEL IF % % DEVON ENERGY % % EDC % % EMBRAER SA % % GEN ELEC CAP % % GEN ELECTRIC % % GILEAD SC % % GS % % GS 12 SRN % % HUTCH WHAM % % HYD QUEBEC % % IBRD % % JNPR % % JNPR % % JPM % % L BK FOERDERBK % % MDC A % % METLIFE % % MICROSOFT % % MORGAN STANL % % MORGAN STANLEY % % NORDD LBK % % PETRO INT FIN % % PFIZER % % RBC % % RBC % 449 Fl. Rate SLMA % % SPBK BOLIKR 144A % % STATOILHYDRO % % SWED EXP CR % % UNILEVER CAP % % USA 09 TBO % % USA % % USA 11 TBO % % USA 11 TBO % % USA 11 TBO % % USA 11 TBO % % USA 11 TBO % % USA 12 TBO % % WAL MART % % WELLPOINT % % ZIMMER HLD % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % CAD % % CAN HT % % CANADA % % CANADA % USD % % AMEX CR % % AMGEN % 389 Fl. Rate AMOT A % % AMOT A % % ANZ BK A % % ANZ BK A % % BACM AM % % BSCMS 05-PW10AM % 762 Fl. Rate CD 2007-CD4 07 A % % CDP FINL A % % CELGENE CORP % % CNH 12 S:12-A A % 305 Fl. Rate COMM.FRN C9 A % % CSMC 06 C4 A % % DNB % % EDC % % EDISON INTL % % FDIC GUAR 10 TR % % FDIC STR 10 -C1-A % % FHLMC 05 P.G % % FHLMC 09 P.A % % FHLMC 11 P.A % % FHLMC 11 P.Q % % FNMA 05 P % % FNMA % % FNMA 08 P % % FORD CR FL % % GCCFC GG9 A % % GE EQUIP 12-1 A % % GS MTG S 06-GG % % HARLEY DAVI -144A % % IPIC GMTN A % % JPMCC 06-LDP9A % % LVMH A % % MET LIFE A % % METLIFE INST % % MORGAN ST TOP3 A % % NATL BK CAN % 542 Fl. Rate NGN R2 1A % 660 Fl. Rate NGN R3 1A % % NOBLE HLDG % % NORDEA % % QATAR A % % ROCHE HLDG % % RSG % % RYDER SYST % % SBIC P10B % % SEMPRA ENERGY % % STADSHYPO 144A % 415 Fl. Rate TIAA REAL EST.FRN7 07-C4 A % % TXU AUS HLLDG A % % TYCO FLW CTL % % USA 08 INFL % % USA 12 /INFL % % USA 12 NOTES % % USA 12 TBO % % USA 12 TBO % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DMTBF - 3

147 Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal USD % USA 12 TBO % % USA 12 TBO % % USA Y-2017NOTES % % WFMBS 10-C1 A % % WFRBS COM C4 A % % WILLIAMS P % UNLISTED SECURITIES % Bonds % USD % 686 Fl. Rate BMW FLOORPL 12 1A A % % COMM LTRT A % % DCENT A % % DRYROCK A % % FHLMC(30Y) 11 TBA % % FHLMC(30Y) 13 TBA % % FNMA(30Y) 13 TBA % % FNMA(30Y) 13 TBA % % FNMA(30YR) 13 TBA % % GE EQUIPMENT % % GS MORTGAGE % % JPMCC 12-HSBC A % 381 Fl. Rate MERC BENZ OT 12-BA % % MORG ST IQ16 A % 576 Fl. Rate NAVISTAR A % % VNO MORTGAGE % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DMTBF - 4

148 Julius Baer Multibond - EMERGING BOND FUND (O) STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Interest income on swaps Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.73% for A- shares, 1.73% for B- shares, 1.13% for Ca- shares, 1.13% for C- shares and 2.23% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EBFEU - 1

149 Julius Baer Multibond - EMERGING BOND FUND (O) COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ca-) EBFEU - 2

150 Julius Baer Multibond - EMERGING BOND FUND (O) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL % % Fl. Rate ARGENTINA PIK % % BUENOS AIRES REG MULCP % % HUNGARY % % ROMANIA % % UKRAINE 05 REG % MXN % % MEXICO 07 S.M % PLN % % POLAND 08 / INFL % USD % % ALROSA FIN. REGS % % ARGENTINA % % ARGENTINA 03 PIK % % BRAZIL % % COLOMBIA % % COLOMBIA % % COLOMBIA % % COSTA RICA REGS % % CROATIA % % EL SALVADOR 05 REG % % EMPRESA EN. 06 REGS % % GAZPROMBK % % HUNGARY % % INDONESIA % % INDONESIA % % LITHUANIA % % LITHUANIA % % MEXICO 01 T.7 MTN % % MEXICO 04 GL % % PAKISTAN 06-36REG % % PERU % % PETROBRAS INTL % % PETROLEOS % % PHILIPP % % PHILIPP % % PHILIPPINES % Fl. Rate REP. DOMINIC REG / PIK % % REP. DOMINIC REGS % % ROMANIA % % RUSSIA 00 REG / ST-UP % % RUSSIA REG.S % % RUSSIA BOND % % RUSSIA BOND % % SLOVENIA % % SOUTH AFRICA % % SOUTHERN COP % % TURKEY % % TURKEY % % TURKEY % % TURKEY 06 GLOBAL % % UKRAINE % % VENEZUELA % % VENEZUELA % % VENEZUELA % % VIETNAM 05 REG.S % UYU % % URUGUAY 07 / INFL % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % USD % % INDONESIA % % REP OF PERU % % REP. URUGUAY % CASH EQUIVALENTS % Treasury bills % % % GERMANY 12 TB % USD % % USA TB % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C -CAP % JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C- /CAP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBFEU - 3

151 Julius Baer Multibond - EMERGING BOND FUND (USD) STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Bank overdraft Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.76%** for A-CHF shares, 1.79%** for A- shares, 1.73% for A-USD shares, 1.73%** for B-CHF shares, 1.72%** for B- shares, 1.73% for B-USD shares, 1.07% for Ca- shares, 1.12% for C-CHF shares, 1.10% for C- shares, 1.13% for C-USD shares, 2.22%** for E- shares, 2.19% for Em- shares and 2.21% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. EBFUS - 1

152 Julius Baer Multibond - EMERGING BOND FUND (USD) COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-USD) EBFUS - 2

153 Julius Baer Multibond - EMERGING BOND FUND (USD) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL % MXN % % MEXICO 05 -M % % MEXICO 07 S.M % % UKRAINE % % UKRAINE % % URUGUAY % % VENEZUELA 05 REGS % % VENEZUELA % % VENEZUELA % % VENEZUELA % % VIETNAM 05 REG.S % UYU % % URUGUAY 07 / INFL % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % PLN % % POLAND 08 / INFL % USD % % ALROSA FIN. REGS % % ARGENTINA % % ARGENTINA 03 PIK % % ARGENTINA L /FLAT OPE % % BRAZIL % % BRAZIL % % BRAZIL % % BRAZIL % % COLOMBIA % % COLOMBIA % % COSTA RICA REGS % % CROATIA % % EL SALVADOR 05 REG % % EMPRESA EN. 06 REGS % % GAZPROM 03 REGS % % GAZPROMBK % % HUNGARY % % HUNGARY % % INDONESIA % % INDONESIA % % INDONESIA % % LITHUANIA % % LITHUANIA % % MEXICO 01 T.7 MTN % % MEXICO 04 GL % % MEXICO % % PAKISTAN 06-36REG % % PEMEX PROJ. 03 S % % PERU % % PETROBRAS INTL % % PETROLEOS % % PHILIPP % % PHILIPP % % PHILIPPINES % % PLN % % POLAND % % POLAND % 450 Fl. Rate REP. DOMINIC REG / PIK % % REP. DOMINIC REGS % % ROMANIA % % RUSSIA 00 REG / ST-UP % % RUSSIA BOND % % SLOVENIA % % SOUTH AFRICA % % SOUTHERN COP % % SRI LANKA 09 REGS % % TURKEY % % TURKEY % % TURKEY % % TURKEY % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBFUS - 3 Bonds % USD % % INDONESIA % % PEMEX % % REP OF PERU % % REP. URUGUAY % CASH EQUIVALENTS % Treasury bills % USD % % USA TB % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C-/CAP %

154 Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 28 August 2012 (Launch date) until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Total Assets Liabilities Payables for redemptions 572 Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 8 Other expenses* Total Expenses Net Realised on: Forward foreign exchange contracts Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Forward foreign exchange contracts Total STATEMENT OF CHANGES IN NET ASSETS 31 December 2012 USD Net at the beginning of the reporting period - Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.53%** for A-CHF shares, 1.55%** for A- shares, 1.52%** for A-USD shares, 1.53%** for B-CHF shares, 1.54%** for B- shares, 1.96%** for B-USD shares, 0.96%** for Ca- shares, 0.91% for C-CHF shares, 0.91% for C- shares, 0.90% for C-USD shares, 2.15%** for E- shares, 2.12%** for Em- shares and 2.34%** for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. ECB - 1

155 Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND COMPARATIVE STATEMENT 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) ECB - 2

156 Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % ARCOS DOR % USD % % AEROPUERTOS ARG % % AGILE PROP % % AKBANK 11 REGS % % AKBANK % % ALFA BD ISS % % ALLIANCE GL % % ALROSA FIN % % ALTO PALERMO 07 REGS % % ANADOLU EFE % % BANCO DE CRED % % BANK NY 11 POOL % % BC SANT CL % % BCO GNB SUDAMERIS % % BRT ESCROW 11 POOL % % CORP LINDLEY % % COSL FIN BVI % % COZCAR % % DEWAAE 10 REG-S % % DOLPHIN % % EDB % % FPT FINANCE % % GAZ CAP % % GAZPROM CAP % % GF OROGEN % % GFB % % GLOBO COM % % GRAIL % % HENSON FIN % % HLP FINANCE % % ICICI BK % % KEWSPO % % KOHNPW 12 REG S % % LONGFOR PPT % % MAESTRO PERU % % MAF GLB SEC % % MHP % % MINERVA LUX % % MTS INTL FD % % MYRIAD INTL % % NONGHYUP BK % % OAS INVEST % 550 Fl. Rate OCBC % % PKO FIN % % POSADAS 12 REGS % % QGOG CONST % % QNB FIN % % QTEL INT FIN % % RELIANCE % % ROSNEFT % % ROSY UNICORN % % RZD CAPITAL % % SBERBANK % % SBERBANK % % SHINHAN FIN % % SISTEMA % % SMINVEST % % SOUTHERN COP % % STECHS % % TALENT Y INV % % TAQAUH % % TCS FIN % % TELEFON CEL % % TENCENT HOLD % % THETA CAPITAL % % TURKIY IS BK % % TURKIYE GAR % % TURKIYE GAR % % VALE % % VIP FIN REGS % % WORLSEC C F % % ZHAIKMUNAI % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % USD % % ALPEK % % BBVA % % BC SANT CL % % BCO CON SAE % % BMF BOVESPA % % COLOMB TEL % % CORP PESQUERA REGS % % DBS BK % % DIGICEL % % E CL SA % % FIBRIA % % GRUPO AVAL % % LISTRINDO % % MCE FINAN % % NET SERVICOS % % ODEBRECHT % % ODEBRECHT % % OGX PETROLEO % % PAN AMER EN REGS % % PETROLEUM CO 07 REG % % RAS LAFF.LNG REG % % SIGMA ALIM % % SWIRE PAC % CASH EQUIVALENTS % Treasury bills % USD % % USA 12 TB % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ECB - 3

157 Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Total Assets Liabilities Bank overdraft 664 Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net Realised on: Forward foreign exchange contracts Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Forward foreign exchange contracts Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.80% for A-CHF shares, 1.80% for A- shares, 1.80% for A-GBP shares, 1.80% for A-USD shares, 1.80% for B-CHF shares, 1.81% for B- shares, 1.85%** for B-GBP shares, 1.80% for B-USD shares, 1.06% for Ca- shares, 1.03% for Ca-GBP shares, 1.04% for Ca-USD shares, 1.05% for C-CHF shares, 1.06% for C- shares, 1.05% for C-GBP shares, 1.10% for Cm-GBP shares, 1.06% for C-USD shares, 2.24%** for E-CHF shares, 2.31% for E- shares, 2.34% for Em- shares and 2.31% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. EMILB - 1

158 Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Ca-GBP) Distribution shares (Shares Ca-USD) Distribution shares (Shares Cm-GBP) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-CHF) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Ca-GBP) Distribution shares (Shares Ca-USD) Distribution shares (Shares Cm-GBP) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-CHF) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-GBP) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) Dividend for the previous financial year (Shares Em-) * *the following interim dividends were distributed in the previous financial year: Em- shares: July 2012: 0.61; August 2012: 0.61; September 2012: 0.61; October 2012: 0.61; November 2012: 0.61; December 2012: 0.61 EMILB - 2

159 Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL 04 N.TES % % BRAZIL % % BRAZIL 10 / INFL % % BRAZIL 10 / INFL % % BRAZIL 10 / INFL % CLP % % BCO CTL CHI % % BCO CTL CHI % % BCO CTL CHI 12 /INFL % % BONO BCO % THB % % THAILAND GOV CPI % UNLISTED SECURITIES % Bonds % BRL % % BRAZIL 09 IPCA % CASH EQUIVALENTS % Treasury bills % USD % % USA 12 TB % ILS % % ISRAEL 01 / INFL % % ISRAEL 04 / INFL % % ISRAEL 06 / CPI % % ISRAEL 09 ILCPI % % ISRAEL 10 / INFL % % ISRAEL 11 / CPI % KRW % % KOREA 07 / INFL % MXN % 285 Fl. Rate MEX UDIBONOS TV % % MEXICO 04 / INFL % % MEXICO 06 UDIBONOS % % MEXICO 09 / INFL % % MEXICO 09 UDI % % MEXICO 10 UDIBON % PLN % % POLAND 08 / INFL % Fl. Rate POLAND TV 04 IZ % TRY % % TURKEY 08 / CPI % % TURKEY 09 /CPI % Fl. Rate TURKEY 09 CPI % % TURKEY 10 INFL % % TURKEY 11 / CPI % % TURKEY 12 /INFL % UYU % % URUGUAY (INDEX LKD) % ZAR % Fl. Rate SOUTH AFRICA / CPI % % SOUTH AFRICA / INFL % % SOUTH AFRICA % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % KRW % % KOREA 10 /CPI % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EMILB - 3

160 Julius Baer Multibond - O BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 276 Other income Interest income on swaps Total Income Expenses Management fees Custodian fees and charges 23 "Taxe d'abonnement" and other taxes Bank interest 549 Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Swaps Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.18% for A- shares, 1.18% for B- shares, 0.68% for C- shares and 1.64% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EBF - 1

161 Julius Baer Multibond - O BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) EBF - 2

162 Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % % % A.P MOLLER % % AB INBEV % % ABBEY NATL % % ABBEY NATL % % ABN AMRO % % ABN AMRO 10 REGS % % ABN AMRO % 35 Fl. Rate ADAGI 05 SII-X A % % ADECCO IF % % AER RIANTA % % AFD 04 Perp % % AIB % % AIB MTG BANK % % AIG % % AIR FRANCE % % ALADIS EMISIONES % 22 Fl. Rate ALPST 07 2X B % % AMADEUS CAP % % AMCOR LTD % % AMER MOVIL % % AMER SPORTS % % ANGLO AMER % % ANZ % % AON FIN % % ARRFP % % ARRFP % 44 Fl. Rate ARRMF X A1B % % ASML HOLDING % % AUSTRIA % % AUSTRIA % % AUSTRIA % % AUSTRIA % % AUSTRIA % % AUSTRIA % 9 Fl. Rate AVOCA 05 SIII-X C % 17 Fl. Rate AVOCA 07 VII-X A % % BANBRA % 83 Fl. Rate BARCLAYS % % BARCLAYS % % BARCLAYS % % BARRY CALL.SVCS % % BBVASM % % BCO SANT.CENT-HIS % % BELGACOM % % BELGIUM 04 OLO % % BELGIUM 04 OLO % % BELGIUM 06 OLO % % BELGIUM 06 S % % BELGIUM 08 OLO % % BELGIUM 09 OLO % % BELGIUM 09 OLO % % BELGIUM 10 OLO % % BELGIUM 11 OLO % % BELGIUM % % BHP FINANCE % % BK IRELAND % % BK IRELD MTG % % BK IRELD MTG % % BK OF IRELAND % % BNG % % BNPP % % BNPP % % BOA % % BOA % % BPCM % % BRAM FIN % 26 Fl. Rate BUMPER A % % BUNDESLAENDER % % BUNDESLAENDER % % BURVER % % CAMPARI % % CBA % % CBA % 44 Fl. Rate CELF X A % % CESKE DRAHY % % CEZ % % CGNU PLC % % CITIGP % % CITIGRP % 17 Fl. Rate CLARENVILLE 1X-A1A % % CLARIANT FIN % % COFIROUTE % % COMPASS GR % % CRH % % CS INTL % % CZECH REPUBLIC % % DAIMLER INTL % % DAVIDE CAMP % 17 Fl. Rate DECO 06 7-E2X C % Fl. Rate DECO LTD 06 7-E2XB % 433 Fl. Rate DEUTSCHE BK % % DNB % % DNB NOR % % DONG ENERGY % 174 Fl. Rate DRIVER 7 GMBH 10 7A % 70 Fl. Rate DRYDEN XV X % 35 Fl. Rate EATON VANC FRN07 A % 17 Fl. Rate ECLIP E % % EDENRED % 26 Fl. Rate EELF A % % EESTI ENERGIA AS % % ELISA CORP % % ELM BV % 26 Fl. Rate E-MAC 04 NL04-I B % Fl. Rate E-MAC 06 NL06-2 A % % ENERGIE AG % % ENI % % ESB FIN % 26 Fl. Rate OPROP A % % EUTELSAT % % FCE BK % % FIAT % % FIAT FIN % % FMC FIN III % % FORTUM % 30 Fl. Rate FOSSE MAS 10-2X A % 26 Fl. Rate FOSSM A % % FRANCE % % FRANCE 03 OAT % % FRANCE 04 OAT % % FRANCE 04 OAT % % FRANCE 05 OAT % % FRANCE 05 OAT % % FRANCE 05 OAT % % FRANCE % % FRANCE 06 OAT % % FRANCE 07 OAT % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 3

163 Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % FRANCE 07 OAT % % FRANCE 09 OAT % % FRANCE 09 OAT % % FRANCE 10 OAT % % FRANCE 10 OAT % % FRANCE 11 OAT % % FRANCE % % FRANCE % % FRANCE OAT % % FRANCE TEL % % FRANCE TELEC % % FRANCE TELEC % % FRAPORT % % FREENET % % FRESENIUS FII % % G4S % % GAS NCP % % GATEGROUP F % % GAZ CAPITAL 05 REG % % GDF SUEZ % % GE CAP % % GE CAP.OP % 26 Fl. Rate GELDILUXTS TSA % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERRESHEIME % % GIE SUEZ ALL % % GLAXOSM CAP % 97 Fl. Rate GLBDRV AX A % % GOLDMAN SACHS % 35 Fl. Rate GRACE CARD2 1X A % 105 Fl. Rate GRND 06 1 A % 35 Fl. Rate HARBM 05 5X A2E % 17 Fl. Rate HARBM 05 6X A % 39 Fl. Rate HARBOURM. 06 PR2XA % % HARVEST CLO IX-B % 59 Fl. Rate HARVEST III 6 III-XA % 39 Fl. Rate HARVT 04 IX A % % HEIDLRG % 70 Fl. Rate HIGHWAY BV A % % HSBC % % HSBC FIN % % HUTCH WHAM % 44 Fl. Rate HYDE PARK 06 1X A % % ICO % % ING NV % % INSTIT CRDT OF % % INTESA SAN % % INTESA SAN % % IRELAND % % IRELAND % % IRELAND % % IRELAND % % IRELAND % % IRISH TSY 07 TBO % % ITALY 03 BTP % % ITALY 03 BTP % % ITALY 03 BTP % % ITALY 05 BTP % % ITALY 06 BTP % % ITALY 06 BTP % % ITALY 06 BTP % % ITALY 07 BTP % % ITALY 07 BTP % % ITALY 08 BTP % % ITALY 08 BTP % % ITALY % % ITALY 09 BTP % % ITALY 09 BTP % % ITALY 09 BTP % % ITALY 10 /BTP % % ITALY 10 BTP % % ITALY 10 BTP % % ITALY 10 BTP % % ITALY 10 BTP % % ITALY % % ITALY 12 BTP % % ITALY 12 BTP % % ITALY 12 BTP % % ITALY BTP % % ITALY BTP % % ITALY BTP % % JPM CHASE CO % % JPMORGAN C % % KLEPIERRE % % KPN % % LA POSTE % % LAFARGE % % LAFARGE ST-UP % 22 Fl. Rate LAMBDA FIN.FRN X A % % LAND NIEDERSACHSEN % % LBK BW % % LD BERLIN 04 S % % LEGRAND 11 EMTN % 17 Fl. Rate LEOP 04 III-X D % % LLOYDS % % LLOYDS % % LLOYDS TSB % % LUXOTTICA % % MER LY % % MERCIALYS % % MOR ST % % MORGAN STAN % % MOTABILITY % % MUNICH RE FTF % % NAB % % NAB % % NATIONWIDE % % NATIONWIDE % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NL GASU % % NORDEA % % NORDEA SE % % NWB % % NY LIFE GBL % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 4

164 Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % OPTUS FIN SIN % % OTE PLC % 35 Fl. Rate PARAGON MT 04 /8-A2B % % PEMEX % % PEUGEOT SA % % PFIZER % % PGNIG FIN AB % % PHILIP MOR % % PIRELLI & C % % POHJOLA BK % % POHJOLA BK % % POLAND % % PORTUGAL % % PORTUGAL % % PORTUGAL TEL % Fl. Rate PROMISE FRN06 IM06-1 C % % PRYSMIAN % % RABOBANK NED % % RABOBK % % RBS % % RBS % % RBS GRP % % RED ELEC FI % % REMY COINT % % RENAULT % % REPSOL INT.FI % % RHOEN KL AG % 39 Fl. Rate RMF O CDO III-X % % ROCHE HLDG % % ROCHE HLDG % % SAMPO BK % % SANT ID % % SANTANDER % % SCA AB % % SEB % % SEB % % SECURITAS % % SECURITAS EMTN % % SES GLB AME % % SHB 11 EMTN % % SKF % 825 Fl. Rate SLM STUD.FRN 03 C.A5B % % SLOVAKIA % % SLOVAKIA % % SMITHS GRP % 22 Fl. Rate SMPER C % % SNAM 12 EMTN % % SODEXO % % SOLVAY 03 EMTN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % ST GOBAIN % % ST GOBAIN % % ST.CHART 7 REGS % % STADA ARZ % % STATK % % STATOIL % % STORA ENSO % 39 Fl. Rate STORM BV FRN A % % SUEDZ FIN % % SVSK HDBK % % SWED MATCH % % SWEDBANK % % SWITCH HLDGS EMTN % % TELECOM ITAL % % TELEFONICA % % TELEFONICA % % TELEFONICA EMTN % % TELEMAR N L REGS % % TELIASONERA % % TELSTRA % % TERNA % % TESCO % % THAMES FIN % % THYSSENKRUPP % 209 Fl. Rate TMAN 07 7 A % % TOYOTA % % UBS LOND. 08 SENIOR % % UNICREDIT % % VALE % % VATTENFALL % 38 Fl. Rate VCL MULTI A % % VERBUND INTL % % VIVENDI % % VIVENDI % % WAL-MART % % WELLS FARGO % % WELLS FARGO % % WELLS FARGO % % WESTPAC BK % % WUERTH FIN % % XSTRATA FIN % GBP % % BAYER AG % % CIBA SPE CHEM % % GKN HDG % % HEINEKEN NV % % LADBROKES GRP % % LSE 06 MULTI CPN % % NEXT PLC % % PEARSON % % RABOBK CAP II 04 Perp % % RENTOKIL IN % % SMITHS GRP PLC % USD % % ABB TREAS % % AMER TOWER % % ANADKO PET % % BFF INTL % % CNPC GEN % 124 Fl. Rate CSG GG % % DAIMLER FIN % % DUFRY FIN % % ERICSSON % % FEDEX CORP % % GILEAD SC % % KIA MOTORS CORP % % MOLSON COORS % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 5

165 Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal %of Nominal % SINGTEL GRP % % SOUTH.COPP.CORP % % SP POWER % % TENCENT HOLD % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % % 44 Fl. Rate ARENA A % 61 Fl. Rate ARENA A % 26 Fl. Rate ARKLE X 2A % 26 Fl. Rate AVOCA CLO 07 VII-X C % % BARRY CALLEB % % BBVA % 21 Fl. Rate BUMPER 5 FIN % 17 Fl. Rate CHMT E AB % 9 Fl. Rate CLOCK FIN E % 87 Fl. Rate DECO E4X A % 28 Fl. Rate DMPL 10 VIII A % % ENEL ENTE NAZ % 48 Fl. Rate GLBDRV 2012-A C:A % 26 Fl. Rate GOSFORTH 11-1 A1B % 35 Fl. Rate HARVEST CLO 11 II-X A % 45 Fl. Rate HEADING % 26 Fl. Rate JUBIL 06 VII-X C % 35 Fl. Rate JUBILEE CDO 06 VI % % LBG CAP % % LBG CAP % 35 Fl. Rate PERMM A % % SKF % 70 Fl. Rate STORM 12-IV 12-4A % 87 Fl. Rate WINDM 06 IX-X A % % SYNGENTA FIN % % THERMO FISH % % TUPPERWARE % % VERISK ANLYTCS % % WASTE MNGT GTD SR % % WRIGLEY 10 REGS % % YUM BRANDS % UNLISTED SECURITIES % Bonds % % 35 Fl. Rate AXIUS 07-1X A % USD % % FLOWERS FD % CASH EQUIVALENTS % Treasury bills % % % FRANCE 12 BTF % % FRANCE 12 BTF % USD % % ARCELORMIT % % ATT % % AUTODESK INC % % BG ENERGY % % BIO RAD LAB % % BRE PROP % % C R BARD % % CNOOC LTD % % DELHAIZE GRP % % DUKE ENERGY % % ENT PR % % ERAC USA FIN % % EXPERIAN FIN % % FLUOR CORP % % HCP % % HEALTH CARE % % HEINEKEN NV % % HYATT % % HYUNDAI STL % % KENNAMETAL % % LVMH % % MEXICHEM % % NESTLE % % REED ELSE % % ROPER IND % % ROYAL CARIB % % ROYAL PHIL % % SIMON PROP % % SIMON PROP % % SWISS RE TR % % SYMANTEC % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 6

166 Julius Baer Multibond - O GOVERNMENT BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Payable to brokers Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 93 Other income Interest income on swaps Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 102 Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Swaps Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.06% for A- shares, 1.06% for B- shares, 0.61% for C- shares and 1.56% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EGBF - 1

167 Julius Baer Multibond - O GOVERNMENT BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) EGBF - 2

168 Julius Baer Multibond - O GOVERNMENT BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % % % AUSTRIA % % AUSTRIA % % AUSTRIA % % AUSTRIA % % AUSTRIA % % AUSTRIA % % BELGIUM 04 OLO % % BELGIUM 04 OLO % % BELGIUM 06 OLO % % BELGIUM 06 S % % BELGIUM 08 OLO % % BELGIUM 09 OLO % % BELGIUM 09 OLO % % BELGIUM 10 OLO % % BELGIUM 11 OLO % % BELGIUM % % BUNDESLAENDER % % BUNDESLAENDER % % CZECH REPUBLIC % % FRANCE % % FRANCE 03 OAT % % FRANCE 04 OAT % % FRANCE 04 OAT % % FRANCE 05 OAT % % FRANCE 05 OAT % % FRANCE 05 OAT % % FRANCE % % FRANCE 06 OAT % % FRANCE 07 OAT % % FRANCE 07 OAT % % FRANCE 09 OAT % % FRANCE 09 OAT % % FRANCE 10 OAT % % FRANCE 10 OAT % % FRANCE 11 OAT % % FRANCE % % FRANCE % % FRANCE OAT % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % GERMANY % % IRELAND % % IRELAND % % IRELAND % % IRELAND % % IRELAND % % IRISH TSY 07 TBO % % ITALY 03 BTP % % ITALY 03 BTP % % ITALY 03 BTP % % ITALY 05 BTP % % ITALY 06 BTP % % ITALY 06 BTP % % ITALY 06 BTP % % ITALY 07 BTP % % ITALY 07 BTP % % ITALY 08 BTP % % ITALY 08 BTP % % ITALY % % ITALY 09 BTP % % ITALY 09 BTP % % ITALY 09 BTP % % ITALY 10 /BTP % % ITALY 10 BTP % % ITALY 10 BTP % % ITALY 10 BTP % % ITALY 10 BTP % % ITALY 12 BTP % % ITALY 12 BTP % % ITALY 12 BTP % % ITALY BTP % % ITALY BTP % % ITALY BTP % % LAND NIEDERSACHSEN % % LBK BW % % LD BERLIN 04 S % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % NETHERLANDS % % POLAND % % PORTUGAL % % PORTUGAL % % SLOVAKIA % % SLOVAKIA % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % % SPAIN % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EGBF - 3

169 Julius Baer Multibond - GLOBAL CONVERT BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Total Assets Liabilities Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 441 Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net Realised on: Forward foreign exchange contracts Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Forward foreign exchange contracts Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.70% for A-CHF shares, 1.71% for A- shares, 1.71% for A-USD shares, 1.71% for B-CHF shares, 1.71% for B- shares, 1.72% for B-USD shares, 0.99% for C-CHF shares, 1.00% for C- shares, 1.00% for C-USD shares, 2.21% for E- shares and 2.19% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. GCBF - 1

170 Julius Baer Multibond - GLOBAL CONVERT BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-USD) GCBF - 2

171 Julius Baer Multibond - GLOBAL CONVERT BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Convertible bonds and bonds with warrants % % % AABAR INVESTMENT CV % % AB INDUS 10 CV % % AB INDUS CV / INDUC % % CAP GEM CONV ( 34) % % DEUT POSTBK 12 CV % % KFW 09 CV / DEUT P % % MICHELIN CV ( ) % % SOLIDIUM 12 CV % % TECFP 10 CV / % % TECFP 11 CV / (96.09) % % SYMANTEC 06 CV % % TEVA PHARMA 06 CV % % WELLPOINT 12 CV % UNLISTED SECURITIES % Convertible bonds and bonds with warrants % % % ENI 12 /CV % USD % % ARES CAP 11 /CV % INVESTMENT FUNDS % Austria % BG EMC CONV GL MIT T % JPY % % AEON 09 CV/ % % HITACHI 09 CONV % % KDDI CORP 11 CV % % MATSU KIYO 10 CV % % ORIX 08 CV % SGD % % TEMASEK FIN III CV % USD % % AMGEN INC CV % % BILLION 10 CV / CHINA % % GLENCORE FIN 09 CON % % HON HAI 10 CV / HNHAF % % LUKOIL INTL % % NEWMONT 07 CV % % SIEMENS FIN 12 CV % % SK TELECOM 09 CV % Bonds % USD % % SIEMENS FIN 12 CW % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Convertible bonds and bonds with warrants % HKD % % CHINA PET&CHEM 07 CV % USD % % ALLEGHENY TECH 09 CV % % ARCHER D. 07 CV % % ARES CAP A CV % % GILEAD SC CV/GILD % % GOLDCORP INC 09 CV % % INTEL 05 CV % % INTEL 09 CV % % MEDTRONIC 06 CV % % MICROSOFT 10 CV % % MOLSON COORS 07 CV % % NEWMONT M. 07 CV % % NOVELLUS SYS /CON % % PRICELINE COM 12 CV % % QBE FDG 10 CONV % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. GCBF - 3

172 Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Payables for swaps 700 Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Swaps Forward foreign exchange contracts Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Forward foreign exchange contracts Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.70% for A- shares, 1.71% for A-GBP shares, 1.75% for A-USD shares, 1.71% for B- shares, 1.71% for B-GBP shares, 1.72% for B-USD shares, 1.21% for Ca- shares, 1.26%** for Ca-USD shares, 1.21% for C- shares, 1.22% for C-GBP shares, 1.21% for C-USD shares, 2.21% for E- shares, 2.22% for Em- shares and 2.22% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GHYBF - 1

173 Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Ca-USD) Distribution shares (Shares Em-) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Ca-USD) Distribution shares (Shares Em-) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-GBP) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) Dividend for the previous financial year (Shares Ca-USD) Dividend for the previous financial year (Shares Em-) * *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.45; August 2012: 0.45; September 2012: 0.45; October 2012: 0.45; November 2012: 0.45; December 2012: 0.45 GHYBF - 2

174 Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Norway % DEEP OCEAN ASA / NEW ISSUE % United States % GENERAL MOTORS % GENERAL MOTORS / PFD CV % MERRIL LYN.CAP.TRII /PREF % Bonds % CHF % Fl. Rate RBS 12 / SUB % % % CET % 86 Fl. Rate GROHE HLDG % % INEOS GROUP 06 REG % % KP GERMANY % % LABCO % % LABCO A % % MOMENT PER % % UPC GER A % % UT2 FUNDG /FLAT % % VERISURE HLDG B % % VERISURE HOLD % % VERISURE HOLD % % VERISURE HOLDING % % WIND ACQ A % % WIND ACQU REGS PIK % GBP % % ARGON CAP (TV) 07 Perp % % CASTLE HOLD % % LLOYDS 09-PERP/FLAT Perp % % UNI PUB FIN CL.A % % UNI.PUB FIN % USD % % 1ST QUANT MIN % % ALBERTSON % % ALBERTSON S 98 TR % % ALBERTSON S % Fl. Rate BLUE DANUBE 12 /CAT % % BRASIL TELE % % CITIZENS COMM % % CLEARWIRE CORP % 911 Fl. Rate COMPASS RE /CAT % % CORP LINDLEY % 652 Fl. Rate CSG GG % % DELPHI AUT. -06 /DEFAULT % % DRILL RINGS HOL % % DTEK FIN % % EKSPORTFIN % % EL PAS.ENERGY 0-30MTN % % EL PASO TR % % EVRAZ GP 08 REGS % % GT 2005 ST-UP % % HCA % % METINVEST A % % MRIYA AGRO % % NORTEL NETWK 08-16/DEFL % Fl. Rate UNIVERS.HOSPITAL % % URBI DESA % % URBI DESA A % % USB CAP IX 06 Perp % % VENEZUELA REGS % % WIND ACQ % % WIND ACQ % Options, warrants, rights % USD % GENERAL MOT CW / GM % GENERAL MOT CW / GM % Convertible bonds and bonds with warrants % USD % % CHESAPEAKE 07 CV % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % CAD % % GARDA WS % % POSTMEDIA NET % % % INFOR (US) INC 12 WI % GBP % % BARCLAYS BK (TV) 02 Perp % USD % % ACCESS MID % % AES CORP % % AIR CANADA A % % AIR CANADA A % % ALLY FIN % % AMEACHE % % APX GROUP 144A % % ARCH COAL INC % % BOMBARDIER A % % CHIRON MERGER 144A % % CLAYTON % % CLEAR CH WLD % % CLEAR CH WLD % % CLEAR CH WLD % % CLEAR CH WLD % % CLEARWIRE CO % % COLUMBIA/HCA % % DISH DBS % % DRESDNER FD A % % ENERGY FUT % % EPICOR SOFT % % EVERTEC % % FT DATA % % FT DATA 144A % % FT DATA 144A % % FT DATA CORP % % FT DATA PIK % % FLORIDA 11 /PIK % % FMG RES A % % FMG RES % % FMG RES % % FTR % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. GHYBF - 3

175 Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % GARDA WR % % HALCON A % % HARBINGER 144A % % HBOS CAP (TV)04 Perp % % HERO % % IGLOO HLDGS PIK % % INC RESEA % % INEOS GRP HLD A % % INFOR (US) INC % % INMET MINING % % INTELSAT % % INTERAC DATA % % LANDRY S A % % LANDRYS A % % LEVEL 3 FIN % % LEVEL 3 FIN % % MACDERMID A % % MARQUETTE TR % % MCCLATCHY % % MIE HLDGS A % % MIRANT AM /REINSTATD % % MIRANT AMER.GEN % % MMI HOLDINGS % % NEEDLE MERGER % % NORTEK INC % Fl. Rate NORTEL NETW.FRN /DEFLT % % NUVEEN INV % % OGX AUST % % OSX % % PALENT % % PBNCN A % Fl. Rate PNC PFD FDG Perp % % POSTMEDIA NET WI % % REALOGY A % % REALOGY A % Fl. Rate RESID 11 CAT % Fl. Rate RESID REINS % % REYNOLDS GP STEPUP % % RITE AID % % SAMSON INV C % % SANDRIDGE % % SANDRIDGE % % SATMEX ESCROW % % SIX FLAGS ENTMT % % STD PAC % Fl. Rate SUCCESSOR X 144A % 864 Fl. Rate SUCSRX 11 CAT % % TAYMOR/MON A % % TRINIDAD A % % VANGUARD % % VANGUARD A % % VENOCO INC % % VISTEON % % WPX ENERGY % % YCC HLDG % % ZAYO % UNLISTED SECURITIES % Bonds % USD % % APX GROUP % % CHAPARR EGY % % DH SERV LUX 144A % % ENERGY FUT % % GENERAL MOT % % GENERAL MOT % % GENERAL MOT % % GM CORP /ESCROW % % GM CORP 03 /ESCROW % % GM CORP 91 /ESCROW % % HERO A % % HERO A % % IMS HEALTH % % LAUREATE EDUC % % MONITRONICS INTL % 778 Fl. Rate MYTHEN RE A/CAT % % NORTEK A % % ONEX USI % % RELIANCE INT 144A % % SANDRIDGE % % SBS % % SPL LOGISTICS % % TOWNSQUARE 144A % % TRANSUNION PIK % % VERSO PAPER % % WYLE SERV 144A % % ZAYO % CASH EQUIVALENTS % Treasury bills % USD % % USA 12 TB % Equities % United States % 360 ABN AMRO NO AMER / PR % ALLY FIN /PREF % MOTORS LIQUIDATION CO % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. GHYBF - 4

176 Julius Baer Multibond - INFLATION LINKED BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Bank overdraft Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 8 Interest income on swaps Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 201 Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.10% for A-CHF shares, 1.11% for A- shares, 1.10% for B-CHF shares, 1.10% for B- shares, 0.66% for Ca- shares, 0.65% for C-CHF shares, 0.65% for C- shares and 1.61% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ILBFEU - 1

177 Julius Baer Multibond - INFLATION LINKED BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ca-) ILBFEU - 2

178 Julius Baer Multibond - INFLATION LINKED BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % % % CADES 98 / INFL % % FRANCE 03 / INFL % % FRANCE 05 VAR / INFL % % FRANCE 09 OAT / INFL % % FRANCE 11 BTAN % % FRANCE 11 OAT/INF % % FRANCE OAT 04 INFL % % GERMANY 06 /INFL % % GERMANY 09 / INFL % Fl. Rate GERMANY 11 CPI % % ITALY 03 / INFL % % ITALY 06 /INFL % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % % % FRANCE 09 OAT % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ILBFEU - 3

179 Julius Baer Multibond - INFLATION LINKED BOND FUND USD STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Interest income on swaps Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 177 Interest expense on swaps Other expenses* Equalisation 540 Total Expenses Net Realised on: Forward foreign exchange contracts Futures Foreign currencies 523 Net realised Net change in unrealised appreciation/ depreciation on: Swaps Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.11% for A-USD shares, 1.11% for B-USD shares, 0.66% for C-USD shares and 1.61% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ILBFUS - 1

180 Julius Baer Multibond - INFLATION LINKED BOND FUND USD COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-USD) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-USD) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-USD) ILBFUS - 2

181 Julius Baer Multibond - INFLATION LINKED BOND FUND USD SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % USD % % USA 09 / INFL % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % USD % % USA 04 A-2014 INFL % % USA 04 TBO INFL. IND % % USA 05 / INFL % % USA 06 / INFL % % USA 07 TSY / INDEX % % USA 08 INF / TBO % % USA 08 INFL % % USA % % USA 09 INFLAT.I % % USA 10 / INFL % % USA 10 / INFL % % USA 10 / INFL % % USA 11 / INFL % % USA 11 / INFL % % USA 12 / INFL % % USA 12 /INFL % % USA TSY % % USA TSY 06 TBO / INF % % USA TSY INFLAT. IND % UNLISTED SECURITIES % Bonds % USD % % USA 11 / INFL % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ILBFUS - 3

182 Julius Baer Multibond - LOCAL EMERGING BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market (Cost: ) Derivative instruments at market : - Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.96% for A-CHF shares, 1.96% for A- shares, 1.95% for A-GBP shares, 1.96% for A-USD shares, 1.95% for B-CHF shares, 1.96% for B- shares, 1.95% for B-GBP shares, 1.95% for B-USD shares, 1.30% for Ca- shares, 1.30% for Ca-USD shares, 1.30% for C-CHF shares, 1.30% for C- shares, 1.32% for C-GBP shares, 1.32% for C-USD shares, 2.46% for E- shares, 2.48% for Em- shares, 2.46% for E-USD shares and 0.08% for G-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. LEBF - 1

183 Julius Baer Multibond - LOCAL EMERGING BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Ca-USD) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-GBP) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Ca-USD) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Accumulation shares (Shares G-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-GBP) Dividend for the previous financial year (Shares A-USD) Dividend for the previous financial year (Shares Ca-) Dividend for the previous financial year (Shares Em-) * *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.33; August 2012: 0.33; September 2012: 0.33; October 2012: 0.33; November 2012: 0.33; December 2012: 0.33 LEBF - 2

184 Julius Baer Multibond - LOCAL EMERGING BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL % % BRAZIL % % BRAZIL % % BRAZIL 10 / INFL % % JPM STR 12 /PST % % RBS ZERO 07 /INT.USD % CLP % % BCO CTRL CHILE % % BONO BCO % % BONO BCO % % BONOS TRESO PESOS % % CHILE % % CHILE % COP % % COLOMBIA 07 /INT.USD % % COLOMBIA 10 /DUAL % % COLUMBIA % % % HUNGARY % % HUNGARY % HUF % % HUNGARY 01 17A % % HUNGARY % % HUNGARY 04 SER.A % % HUNGARY 07 -A % % HUNGARY 08 S.19/A % % HUNGARY % IDR % % EBRD % % INDONESIA % KRW % % KOREA 07 / INFL % MXN % % MEXICO 04 BONOS % % MEXICO % % MEXICO 05 -M % % MEXICO % % MEXICO 07 S.M % % MEXICO % % MEXICO % % MEXICO % % MEXICO % % MEXICO % PHP % % PHILIPPINES % PLN % % POLAND 04 DS % % POLAND % % POLAND % % POLAND % % POLAND % % POLAND 10 S % % POLAND % % POLAND % RON % % ROMANIA % TRY % % TURKEY 10 /TUCPI % % TURKEY 10 INFL % % TURKEY 11 /CPI % % TURKEY % % TURKEY 12 /INFL % USD % Fl. Rate VIETNAM ST-UP % UYU % % URUGUAY 05 / INFL % % URUGUAY 05 / INFL % % URUGUAY 05 / INFL % % URUGUAY 07 / INFL % ZAR % % ESKOM % % ESKOM % % SOUTH AFRICA / INFL % % SOUTH AFRICA /SACPI % % SOUTH AFRICA % % SOUTH AFRICA % % SOUTH AFRICA % % SOUTH AFRICA % % SOUTH AFRICA % % TRANSNET % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % BRL % % BRAZIL 03 S.B/INDEX % IDR % % INDONESIA % % INDONESIA 05 S.FR % % INDONESIA 06 S.FR % % INDONESIA 06 S.FR % % INDONESIA 08 FR % % INDONESIA % % INDONESIA GOVERNMENT % % INDONESIE 04 FR % KRW % % KOREA 10 /CPI % LKR % % SRI LANKA % % SRI LANKA % NGN % % NIGERIA % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. LEBF - 3

185 Julius Baer Multibond - LOCAL EMERGING BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal USD Nominal USD PEN % % PERU 05 REG-S % % PERU 06 REG-S/USD % % PERU % % PERU % PHP % % PHILIPPINES % % PHILIPPINES % RON % % ROMANIA % % ROMANIA % RUB % % RUSSIA % % RUSSIA % % RUSSIA % % RUSSIA % % RUSSIA 12 S % % RUSSIA ST-DO 07 /POOL % THB % % THAILAND GOV CPI % CASH EQUIVALENTS % Treasury bills % LKR % % SRI LANKA 12 TB % % SRI LANKA 12 TB % NGN % % NIGERIA 12 TB % % NIGERIA 12 TB % % NIGERIA 12 TB % USD % % USA 12 TB % % USA 12 TB % % USA 12 TB % % USA 12 TB % % USA 12 TB % % USA 12 TB % UYU % % URUGUAY 12 TB % UAH % % UKRAINE % USD % % INTL BK AZERBA (TV) % UYU % % URUGUAY % ZAR % Fl. Rate ROYAL BK SCOTLD % UNLISTED SECURITIES % Bonds % BRL % % BRAZIL 09 IPCA % % CS NASSAU CCY/PST % LKR % % SRI LANKA % % SRI LANKA % % SRI LANKA % % SRI LANKA % % SRI LANKA % % SRI LANKA % UYU % % URUGUAY 12 /INFL % Treasury bills % UYU % % URUGUAY 12 TB % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. LEBF - 4

186 Julius Baer Multibond - SWISS FRANC BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 CHF PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 CHF Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 160 Interest income on swaps Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 527 Interest expense on swaps Other expenses* Equalisation Total Expenses Net Realised on: Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Futures 561 Total STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 31 December 2012 CHF Net at the beginning of the reporting period Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 0.88% for A-CHF shares, 0.88% for B-CHF shares, 0.51% for C-CHF shares and 1.36% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. SFBF - 1

187 Julius Baer Multibond - SWISS FRANC BOND FUND COMPARATIVE STATEMENT 30 June 2011 CHF 30 June 2012 CHF 31 December 2012 CHF Number of shares outstanding Distribution shares (Shares A-CHF) Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) Net Assets NAV per share Distribution shares (Shares A-CHF) Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) Dividend for the previous financial year (Shares A-CHF) SFBF - 2

188 Julius Baer Multibond - SWISS FRANC BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal CHF Nominal CHF TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % CHF % % ABBEY NATL % % ABN % % ABN AMRO % % ABN AMRO 12 EMTN % % ADP % % AFRICAN BK % % AIG % % AKADEMISKA % % AMCOR LTD % % AMER MOVIL % % AMER MOVIL % % ANZ BK % 479 Fl. Rate ANZ NAT INTL % % ANZ NATL % % ANZ NATL % % ASB FIN % 287 Fl. Rate ASB FIN 12 EMTN % % ASIAN DEV BK % % AUSTRIA % % BANCO VOTO % % BARCLAYS % 479 Fl. Rate BARCLAYS % % BEI % % BEI % % BEI % % BEI % % BK NEWZLD % % BK OF SCOT % % BLACK SEA TRADE % % BMW % % BMW UK CAP % % BNDES % % BNG % % BNG % % BNG % % BNG DH % % BNPP % % BNZ INTL FDG % 479 Fl. Rate BNZ INTL LN % % BOA % % BPCM % % BRADF&BINGLE % % BRANDBREW SA % % BUNDESIMMOB % % CADES % % CBA % % CBA % % CCCIT % % CFF % % CIBC % % CIF % % CITIGP % % CITIGP % % CITIGP % % COPENHAGEN % % CORP ANDINA % % CORP ANDINA % % CRH % % CRH % % CRH % % CZECH REP % % DAIMLER INT % % DEPFA ACS % % DEUT TEL % % DNB % % DNB NOR % % DNB NOR BOL % % DSK BK % % DSK BK % % DSK BK % % DT BAHN FIN % % DT BAHN FIN % % E ON INTL % % EBN % % EDF % % EHB % % EIB % % EIBK % % EN BEH NL % % ENEL FIN % % ENER BEHEER % % ERSTE OPF % % ERSTE GROUP % % EXPORT IMP BK % % FMO % 383 Fl. Rate FMO 12 GMTN % % FRANCE TEL % % FRANCE TEL % % GDF SUEZ % % GECC % % GECC % % GECC % % GECC % % GLENCORE FIN % % GLENCORE FIN % % GPB OBD % % GS % % HOLCIM OVS % % HSBC % % HSBC FIN % % HYUCAP % % HYUCAP % % IBERDROLA % % IBRD % % ICO % % ILE DE FR % % INDBK KOREA % % ING NV % % ING NV % % ITALY % % JPM CHASE % % KDB % % KDB % % KFW % % KOFC % 239 Fl. Rate KOFC % % KOMMKRDT % % KOMMKRDT % % KOMMUNINVEST % % KOREA GAS % % KOREA GAS % % KOROIL % % KOROIL % % KYUSHU POW % % LANDSHYPO % % LANDSHYPO % % LEASEPLAN % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. SFBF - 3

189 Julius Baer Multibond - SWISS FRANC BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal CHF Nominal CHF % LG ELECTRO % % LGT FIN % % LGT FIN % % LITHUANIA % % LLOYDS % % LLOYDS % % LVMH % % LWF RENTBK % % LWF RENTBK % % MCDONALDS % % MUNI FIN % % NAB % % NAB % 479 Fl. Rate NAB AUS 12 EMTN % % NO RAILWAYS % % NORDEA % % NORDEA % % NORDRHEIN % % NWB % % NWB % % NWB % % NWB % % OEKB % % OEKB % % OEKB % % ONTARIO % % PARIS % % PEMEX % % PFDBRST L-HY % % PHILIP MOR % % PKO FIN % % POLAND % % POLAND % % POLAND % 239 Fl. Rate POLAND % % QUEBEC % % RABOBK % % RABOBK % % RABOBK % % RAIFF LB NIED % % RBC % % RCI BQ % % RFF % % RUSS AGR BK % % SANTAND BR % % SB CAPITAL % % SLOVAKIA % % SNCF % % SOCGEN % % SPI % % SPI E&G AU % % SPI ELEC % % ST BK INDIA % % STATNETT SF % % SWEDBK % % SWEDISH EXP % % SWEDISH EXP % % SWEDISH EXP % % SWISS RE % % TELEFONICA % % TEVA PHARMA % % TOTAL CAP % % TOTAL CAP % % TOYOTA % % TRANSPOW FIN % % UBS JE % % UBS JERSEY 06 STEP-UP % % UNICREDIT IE % % VEB FINANCE % % VINCI % % VTB CAP % % WESTPAC BK % % WESTPAC BK 11 EMTN % % WSTP % % WUERTH FIN % Convertible bonds and bonds with warrants % CHF % % PARGESA NETH. 07 CV % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % CHF % Fl. Rate ABN % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. SFBF - 4

190 Julius Baer Multibond - TOTAL RETURN BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market (Cost: ) Derivative instruments at market : - Futures Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Other receivables 3 Total Assets Liabilities Payable to brokers Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Interest income on swaps Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Total Expenses Net Realised on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised Net change in unrealised appreciation/ depreciation on: Swaps Options Forward foreign exchange contracts Futures Total STATEMENT OF CHANGES IN NET ASSETS 30 June December 2012 Net at the beginning of the reporting period Foreign exchange difference - sub-fund Total Net subscriptions/redemptions Dividend distributions Net at the end of the reporting period * See page 10 The TER (Total Expense Ratio) amounts to 1.16% for A-CHF shares, 1.16% for A- shares, 1.14% for A-USD shares, 1.16% for B-CHF shares, 1.16% for B- shares, 1.14% for B-USD shares, 0.73%** for Ca- shares, 0.65% for C-CHF shares, 0.65% for C- shares, 0.69% for C-USD shares, 1.66% for E- shares, 1.67% for Em- shares and 1.72%** for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. TRBF - 1

191 Julius Baer Multibond - TOTAL RETURN BOND FUND COMPARATIVE STATEMENT 30 June June December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-USD) Distribution shares (Shares Ca-) Distribution shares (Shares Em-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-USD) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-) Accumulation shares (Shares E-USD) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Em-) * *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.21; August 2012: 0.21; September 2012: 0.21; October 2012: 0.21; November 2012: 0.21; December 2012: 0.21 TRBF - 2

192 Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % BRL % % BRAZIL % CHF % 1 Fl. Rate RBS 12 / SUB % CLP % % BCO CTL CHIL /INFL % % CHILE 10 /CPI % % % A.P MOLLER % % AB INBEV % % ABBEY NATL % % ABBEY NATL % % ABN AMRO % % ABN AMRO 10 REGS % % ABN AMRO % 191 Fl. Rate ADAGI 05 SII-X A % % ADECCO IF % % AER RIANTA % % AFD 04 Perp % % AIB % % AIB MTG BANK % % AIG % % AIR FRANCE % % ALADIS EMISIONES % 119 Fl. Rate ALPST 07 2X B % % AMADEUS CAP % % AMCOR LTD % % AMER MOVIL % % AMER SPORTS % % ANGLO AMER % % ANZ % % AON FIN % 76 Fl. Rate ARGENTINA PIK % % ARRFP % % ARRFP % 238 Fl. Rate ARRMF X A1B % % ASML HOLDING % 48 Fl. Rate AVOCA 05 SIII-X C % 95 Fl. Rate AVOCA 07 VII-X A % % BANBRA % 47 Fl. Rate BARCLAYS % % BARCLAYS % % BARCLAYS % % BARRY CALL.SVCS % % BBVASM % % BCO SANT.CENT-HIS % % BELGACOM % % BHP FINANCE % % BK IRELAND % % BK IRELD MTG % % BK IRELD MTG % % BK OF IRELAND % % BNG % % BNPP % % BNPP % % BOA % % BOA % % BPCM % % BRAM FIN % % BUENOS AIRES REG MULCP % 143 Fl. Rate BUMPER A % % BURVER % % CAMPARI % % CBA % % CBA % 238 Fl. Rate CELF X A % % CESKE DRAHY % % CET % % CEZ % % CGNU PLC % % CITIGP % % CITIGRP % 95 Fl. Rate CLARENVILLE 1X-A1A % % CLARIANT FIN % % COFIROUTE % % COMPASS GR % % CRH % % CS INTL % % CZECH REPUBLIC % % DAIMLER INTL % % DAVIDE CAMP % 95 Fl. Rate DECO 06 7-E2X C % Fl. Rate DECO LTD 06 7-E2XB % 249 Fl. Rate DEUTSCHE BK % % DNB % % DNB NOR % % DONG ENERGY % 953 Fl. Rate DRIVER 7 GMBH 10 7A % 381 Fl. Rate DRYDEN XV X % 191 Fl. Rate EATON VANC FRN07 A % 95 Fl. Rate ECLIP E % % EDENRED % 143 Fl. Rate EELF A % % EESTI ENERGIA AS % % ELISA CORP % % ELM BV % 143 Fl. Rate E-MAC 04 NL04-I B % Fl. Rate E-MAC 06 NL06-2 A % % ENERGIE AG % % ENI % % ESB FIN % 143 Fl. Rate OPROP A % % EUTELSAT % % FCE BK % % FIAT % % FIAT FIN % % FMC FIN III % % FORTUM % 162 Fl. Rate FOSSE MAS 10-2X A % 143 Fl. Rate FOSSM A % % FRANCE TEL % % FRANCE TELEC % % FRANCE TELEC % % FRAPORT % % FREENET % % FRESENIUS FII % % G4S % % GAS NCP % % GATEGROUP F % % GAZ CAPITAL 05 REG % % GDF SUEZ % % GE CAP % % GE CAP.OP % 143 Fl. Rate GELDILUXTS TSA % % GERRESHEIME % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 3

193 Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % GIE SUEZ ALL % % GLAXOSM CAP % 529 Fl. Rate GLBDRV AX A % % GOLDMAN SACHS % 191 Fl. Rate GRACE CARD2 1X A % 572 Fl. Rate GRND 06 1 A % 1 Fl. Rate GROHE HLDG % 191 Fl. Rate HARBM 05 5X A2E % 95 Fl. Rate HARBM 05 6X A % 214 Fl. Rate HARBOURM. 06 PR2XA % % HARVEST CLO IX-B % 324 Fl. Rate HARVEST III 6 III-XA % 214 Fl. Rate HARVT 04 IX A % % HEIDLRG % 381 Fl. Rate HIGHWAY BV A % % HSBC % % HSBC FIN % % HUNGARY % % HUTCH WHAM % 238 Fl. Rate HYDE PARK 06 1X A % % ICO % % INEOS GROUP 06 REG % % ING NV % % INSTIT CRDT OF % % INTESA SAN % % INTESA SAN % % ITALY % % JPM CHASE CO % % JPMORGAN C % % KLEPIERRE % % KP GERMANY % % KPN % % LA POSTE % % LABCO % % LABCO A % % LAFARGE % % LAFARGE ST-UP % 119 Fl. Rate LAMBDA FIN.FRN X A % % LEGRAND 11 EMTN % 95 Fl. Rate LEOP 04 III-X D % % LLOYDS % % LLOYDS % % LLOYDS TSB % % LUXOTTICA % % MER LY % % MERCIALYS % % MOMENT PER % % MOR ST % % MORGAN STAN % % MOTABILITY % % MUNICH RE FTF % % NAB % % NAB % % NATIONWIDE % % NATIONWIDE % % NL GASU % % NORDEA % % NORDEA SE % % NWB % % NY LIFE GBL % % OPTUS FIN SIN % % OTE PLC % 191 Fl. Rate PARAGON MT 04 /8-A2B % % PEMEX % % PERU 04 / INT % % PEUGEOT SA % % PFIZER % % PGNIG FIN AB % % PHILIP MOR % % PIRELLI & C % % POHJOLA BK % % POHJOLA BK % % PORTUGAL TEL % 994 Fl. Rate PROMISE FRN06 IM06-1 C % Fl. Rate PROMISE FRN06 IM06-1 E % % PRYSMIAN % % RABOBANK NED % % RABOBK % % RBS % % RBS % % RBS GRP % % RED ELEC FI % % REMY COINT % % RENAULT % % REPSOL INT.FI % % RHOEN KL AG % 214 Fl. Rate RMF O CDO III-X % % ROCHE HLDG % % ROCHE HLDG % % ROMANIA % % ROMANIA % % SAMPO BK % % SANT ID % % SANTANDER % % SCA AB % % SEB % % SEB % % SECURITAS % % SECURITAS EMTN % % SES GLB AME % % SHB 11 EMTN % % SKF % 473 Fl. Rate SLM STUD.FRN 03 C.A5B % % SLOVAKIA % % SLOVENIA % % SMITHS GRP % 119 Fl. Rate SMPER C % % SNAM 12 EMTN % % SODEXO % % SOLVAY 03 EMTN % % ST GOBAIN % % ST GOBAIN % % ST.CHART 7 REGS % % STADA ARZ % % STATK % % STATOIL % % STORA ENSO % 214 Fl. Rate STORM BV FRN A % % SUEDZ FIN % % SVSK HDBK % % SWED MATCH % % SWEDBANK % % SWITCH HLDGS EMTN % % TELECOM ITAL % % TELEFONICA % % TELEFONICA % % TELEFONICA EMTN % % TELEMAR N L REGS % % TELIASONERA % % TELSTRA % % TERNA % % TESCO % % THAMES FIN % % THYSSENKRUPP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 4

194 Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal Fl. Rate TMAN 07 7 A % % TOYOTA % % UBS LOND. 08 SENIOR % % UKRAINE 05 REG % % UNICREDIT % % UPC GER A % % UT2 FUNDG /FLAT % % VALE % % VATTENFALL % 210 Fl. Rate VCL MULTI A % % VERBUND INTL % % VERISURE HLDG B % % VERISURE HOLD % % VERISURE HOLD % % VERISURE HOLDING % % VIVENDI % % VIVENDI % % WAL-MART % % WELLS FARGO % % WELLS FARGO % % WELLS FARGO % % WESTPAC BK % % WIND ACQ A % % WIND ACQU REGS PIK % % WUERTH FIN % % XSTRATA FIN % GBP % % ARGON CAP (TV) 07 Perp % % BAYER AG % % CASTLE HOLD % % CIBA SPE CHEM % % GKN HDG % % HEINEKEN NV % % LADBROKES GRP % 400 Fl. Rate LAMBDA FIN. FRN X E % % LLOYDS 09-PERP/FLAT Perp % % LSE 06 MULTI CPN % % NEXT PLC % % PEARSON % % RABOBK CAP II 04 Perp % % RENTOKIL IN % % SMITHS GRP PLC % % UNI PUB FIN CL.A % % UNI.PUB FIN % ILS % % ISRAEL 09 ILCPI % % ISRAEL 10 / INFL % MXN % % MEXICO 04 / INFL % % MEXICO 06 UDIBONOS % % MEXICO 07 S.M % % MEXICO % PLN % % POLAND 08 / INFL % Fl. Rate POLAND TV 04 IZ % USD % % 1ST QUANT MIN % % ABB TREAS % % ALBERTSON % % ALBERTSON S 98 TR % % ALBERTSON S % % ALROSA FIN. REGS % % AMER TOWER % % ANADKO PET % % ARGENTINA % % ARGENTINA 03 PIK % % BFF INTL % 1 Fl. Rate BLUE DANUBE 12 /CAT % % BRASIL TELE % % BRAZIL % % CITIZENS COMM % % CLEARWIRE CORP % % CNPC GEN % % COLOMBIA % % COLOMBIA % % COLOMBIA % 1 Fl. Rate COMPASS RE /CAT % % CORP LINDLEY % % COSTA RICA REGS % % CROATIA % 71 Fl. Rate CSG GG % % DAIMLER FIN % % DELPHI AUT. -06 /DEFAULT % % DRILL RINGS HOL % % DTEK FIN % % DUFRY FIN % % EKSPORTFIN % % EL PAS.ENERGY 0-30MTN % % EL PASO TR % % EL SALVADOR 05 REG % % EMPRESA EN. 06 REGS % % ERICSSON % % EVRAZ GP 08 REGS % % FEDEX CORP % % GAZPROMBK % % GILEAD SC % % GT 2005 ST-UP % % HCA % % HUNGARY % % INDONESIA % % INDONESIA % % KIA MOTORS CORP % % LITHUANIA % % LITHUANIA % % LITHUANIA % % METINVEST A % % MEXICO 01 T.7 MTN % % MEXICO 04 GL % % MOLSON COORS % % MONGOLIA % % MRIYA AGRO % % NORTEL NETWK 08-16/DEFL % % PAKISTAN 06-36REG % % PERU % % PETROBRAS INTL % % PETROLEOS % % PHILIPP % % PHILIPP % % PHILIPPINES % 59 Fl. Rate REP. DOMINIC REG / PIK % % REP. DOMINIC REGS % % ROMANIA % % RUSSIA 00 REG / ST-UP % % RUSSIA REG.S % % RUSSIA BOND % % RUSSIA BOND % % SINGTEL GRP % % SLOVENIA % % SOUTH AFRICA % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 5

195 Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % SOUTH.COPP.CORP % % SOUTHERN COP % % SP POWER % % TENCENT HOLD % % TURKEY % % TURKEY % % TURKEY % % TURKEY 06 GLOBAL % % UKRAINE % 1 Fl. Rate UNIVERS.HOSPITAL % % URBI DESA % % URBI DESA A % % USB CAP IX 06 Perp % % VENEZUELA % % VENEZUELA % % VENEZUELA % % VENEZUELA REGS % % VIETNAM 05 REG.S % % WIND ACQ % % WIND ACQ % UYU % % URUGUAY (INDEX LKD) % % URUGUAY 07 / INFL % ZAR % % SOUTH AFRICA % Options, warrants, rights % USD % 1 GENERAL MOT CW / GM % 1 GENERAL MOT CW / GM % 330 PUT 10Y TREASURY NOTES USA Str % Convertible bonds and bonds with warrants % USD % % CHESAPEAKE 07 CV % Equities % Norway % 1 DEEP OCEAN ASA / NEW ISSUE % United States % 1 GENERAL MOTORS % 1 GENERAL MOTORS / PFD CV % 1 MERRIL LYN.CAP.TRII /PREF % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Bonds % CAD % % GARDA WS % % POSTMEDIA NET % % 238 Fl. Rate ARENA A % 334 Fl. Rate ARENA A % 143 Fl. Rate ARKLE X 2A % 143 Fl. Rate AVOCA CLO 07 VII-X C % % BARRY CALLEB % % BBVA % 114 Fl. Rate BUMPER 5 FIN % 95 Fl. Rate CHMT E AB % 48 Fl. Rate CLOCK FIN E % 477 Fl. Rate DECO E4X A % 153 Fl. Rate DMPL 10 VIII A % % ENEL ENTE NAZ % 262 Fl. Rate GLBDRV 2012-A C:A % 143 Fl. Rate GOSFORTH 11-1 A1B % 191 Fl. Rate HARVEST CLO 11 II-X A % 247 Fl. Rate HEADING % % INFOR (US) INC 12 WI % 143 Fl. Rate JUBIL 06 VII-X C % 191 Fl. Rate JUBILEE CDO 06 VI % % LBG CAP % % LBG CAP % 191 Fl. Rate PERMM A % % SKF % 381 Fl. Rate STORM 12-IV 12-4A % 477 Fl. Rate WINDM 06 IX-X A % GBP % % BARCLAYS BK (TV) 02 Perp % NZD % % NEW ZEALAND 12 /CPI % USD % % ACCESS MID % % AES CORP % % AIR CANADA A % % AIR CANADA A % % ALLY FIN % % AMEACHE % % APX GROUP 144A % % ARCELORMIT % % ARCH COAL INC % % ATT % % AUTODESK INC % % BG ENERGY % % BIO RAD LAB % % BOMBARDIER A % % BRE PROP % % C R BARD % % CHIRON MERGER 144A % % CLAYTON % % CLEAR CH WLD % % CLEAR CH WLD % % CLEAR CH WLD % % CLEAR CH WLD % % CLEARWIRE CO % % CNOOC LTD % % COLUMBIA/HCA % % DELHAIZE GRP % % DISH DBS % % DRESDNER FD A % % DUKE ENERGY % % ENERGY FUT % % ENT PR % % EPICOR SOFT % % ERAC USA FIN % % EVERTEC % % EXPERIAN FIN % % FT DATA % % FT DATA 144A % % FT DATA 144A % % FT DATA CORP % % FT DATA PIK % % FLORIDA 11 /PIK % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 6

196 Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal % FLUOR CORP % % FMG RES A % % FMG RES % % FMG RES % % FTR % % GARDA WR % % HALCON A % % HARBINGER 144A % % HBOS CAP (TV)04 Perp % % HCP % % HEALTH CARE % % HEINEKEN NV % % HERO % % HYATT % % HYUNDAI STL % % IGLOO HLDGS PIK % % INC RESEA % % INDONESIA % % INEOS GRP HLD A % % INFOR (US) INC % % INMET MINING % % INTELSAT % % INTERAC DATA % % KENNAMETAL % % LANDRY S A % % LANDRYS A % % LEVEL 3 FIN % % LEVEL 3 FIN % % LVMH % % MACDERMID A % % MARQUETTE TR % % MCCLATCHY % % MEXICHEM % % MIE HLDGS A % % MIRANT AM /REINSTATD % % MIRANT AMER.GEN % % MMI HOLDINGS % % NEEDLE MERGER % % NESTLE % % NORTEK INC % 1 Fl. Rate NORTEL NETW.FRN /DEFLT % % NUVEEN INV % % OGX AUST % % OSX % % PALENT % % PBNCN A % 1 Fl. Rate PNC PFD FDG Perp % % POSTMEDIA NET WI % % REALOGY A % % REALOGY A % % REED ELSE % % REP OF PERU % % REP. URUGUAY % 1 Fl. Rate RESID 11 CAT % 1 Fl. Rate RESID REINS % % REYNOLDS GP STEPUP % % RITE AID % % ROPER IND % % ROYAL CARIB % % ROYAL PHIL % % SAMSON INV C % % SANDRIDGE % % SANDRIDGE % % SATMEX ESCROW % % SIMON PROP % % SIMON PROP % % SIX FLAGS ENTMT % % STD PAC % 1 Fl. Rate SUCCESSOR X 144A % 1 Fl. Rate SUCSRX 11 CAT % % SWISS RE TR % % SYMANTEC % % SYNGENTA FIN % % TAYMOR/MON A % % THERMO FISH % % TRINIDAD A % % TUPPERWARE % % VANGUARD % % VANGUARD A % % VENOCO INC % % VERISK ANLYTCS % % VISTEON % % WASTE MNGT GTD SR % % WPX ENERGY % % WRIGLEY 10 REGS % % YCC HLDG % % YUM BRANDS % % ZAYO % Equities % United States % 1 ABN AMRO NO AMER / PR % 1 ALLY FIN /PREF % 1 MOTORS LIQUIDATION CO % UNLISTED SECURITIES % Bonds % BRL % % BRAZIL 03 / INFL % % 191 Fl. Rate AXIUS 07-1X A % USD % % APX GROUP % % CHAPARR EGY % % DH SERV LUX 144A % % ENERGY FUT % % FLOWERS FD % % GENERAL MOT % % GENERAL MOT % % GENERAL MOT % % GM CORP /ESCROW % % GM CORP 03 /ESCROW % % GM CORP 91 /ESCROW % % HERO A % % HERO A % % IMS HEALTH % % LAUREATE EDUC % % MONITRONICS INTL % 1 Fl. Rate MYTHEN RE A/CAT % % NORTEK A % % ONEX USI % % RELIANCE INT 144A % % SANDRIDGE % % SBS % % SPL LOGISTICS % % TOWNSQUARE 144A % % TRANSUNION PIK % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 7

197 Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal % VERSO PAPER % % WYLE SERV 144A % % ZAYO % CASH EQUIVALENTS % Treasury bills % % % FRANCE 12 BTF % % FRANCE 12 BTF % % GERMANY 12 TB % % GERMANY 12 TB % % GERMANY 12 TB % % NETHERLANDS 12 TB % % NETHERLANDS 12 TB % % NETHERLANDS 12 TB % USD % % USA 12 TB % % USA TB % Options, warrants, rights % USD % PUT USD/INR Str % PUT USD/TRY Str % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C- /CAP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 8

198 Addresses Registered office of the Company Julius Baer Multibond 69, Route d'esch L Luxembourg Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L Luxembourg Tel. (+352) Fax (+352) Representative in Switzerland Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH Zurich Tel. (+41) (0) Fax (+41) (0) Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L Esch-sur-Alzette Tel. (+352) Fax (+352) Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L Luxembourg Tel. (+352) Fax (+352) Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg Tel. (+352) Fax (+352)