Vontobel Asset Management

Transcription

1 Vontobel Fund Société d'investissement à Capital Variable Unaudited semi-annual report as at February 28, 2014 Vontobel Asset Management R.C.S. Luxemburg Nr. B

2 The following Sub-Funds are available to investors in the Federal Republic of Germany: Vontobel Fund - Swiss Money Vontobel Fund - Euro Money Vontobel Fund - US Dollar Money Vontobel Fund - Swiss Franc Bond Vontobel Fund - Euro Bond Vontobel Fund - Corporate Bond Mid Yield Vontobel Fund - High Yield Bond Vontobel Fund - US Dollar Bond Vontobel Fund - Eastern European Bond Vontobel Fund - Absolute Return Bond (CHF) Vontobel Fund - Absolute Return Bond () Vontobel Fund - Global Convertible Bond Vontobel Fund - Emerging s Bond Vontobel Fund - Swiss Mid and Small Cap Equity Vontobel Fund - European Mid and Small Cap Equity Vontobel Fund - Japanese Equity Vontobel Fund - China Stars Equity Vontobel Fund - European Equity Vontobel Fund - US Equity Vontobel Fund - Global Equity Vontobel Fund - Global Equity (ex-us) Vontobel Fund - Emerging s Equity Vontobel Fund - Far East Equity Vontobel Fund - New Power Vontobel Fund - Clean Technology Vontobel Fund - Future Resources Vontobel Fund - Sustainable Asia (ex Japan) Equity Vontobel Fund - Sustainable Emerging s Leaders Vontobel Fund - Sustainable Global Leaders Vontobel Fund - Belvista Commodity Vontobel Fund - Belvista Dynamic Commodity Vontobel Fund - Target Return () Vontobel Fund - Robusta Vontobel Fund - Robusta Dynamic Vontobel Fund - Emerging s Debt Vontobel Fund - Pure Dividend Strategy Vontobel Fund - Pure Momentum Strategy Vontobel Fund - Pure Premium Strategy Investors are informed that for the Sub-Funds Vontobel Fund - Emerging s Corporate Bond Vontobel Fund - Bond Vontobel Fund - Global Corporate Bond Core Vontobel Fund - Global Corporate Bond Prime Vontobel Fund - Unconventional Energy no notice has been filed pursuant to section 310 of the Capital Investment Act (KAGB). Thus, shares in these Sub-Funds cannot be sold to the public in the Federal Republic of Germany. Unaudited semi-annual report as at February 28, 2014 This document does not constitute an offer to purchase or subscribe to shares. Subscription to shares of the Sub-Funds of Vontobel Fund, a Luxembourg SICAV, should always be undertaken only on the basis of the prospectus, the key investor information document (KIID), the Articles of Association, and the annual and semi-annual report (plus, in the case of Italy, the Modulo di Sottoscrizione). We also recommend that you contact your relationship manager or other advisors prior to each investment. An investment in Sub-Funds of Vontobel Fund involves risks, which are explained in the prospectus. All the abovementioned documents, the schedule of changes in the investments during the financial year and the composition of the benchmarks are available free of charge from Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zurich, as representative in Switzerland, Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, as paying agent in Switzerland, Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Wien, as paying agent in Austria, from B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, D Frankfurt/Main, as paying agent in Germany, from authorised distributors, from the registered office of the Fund at 11-13, Boulevard de la Foire, L-1528 Luxembourg, or at Every shareholder accepts that Vontobel Fonds Services AG, Zurich, may consult entries in the register of shareholders in order to offer services to shareholders. O==

3 Vontobel Fund Société d'investissement à Capital Variable (SICAV) Luxemburg, R.C.S. Luxemburg Nr. B Organisation 5 Combined Umbrella Fund 7 Vontobel Fund - Swiss Money 9 Vontobel Fund - Euro Money 13 Vontobel Fund - US Dollar Money 17 Vontobel Fund - Swiss Franc Bond 22 Vontobel Fund - Euro Bond 27 Vontobel Fund - Corporate Bond Mid Yield 31 Vontobel Fund - High Yield Bond 35 Vontobel Fund - US Dollar Bond 39 Vontobel Fund - Eastern European Bond 43 Vontobel Fund - Absolute Return Bond (CHF) 46 Vontobel Fund - Absolute Return Bond () 49 Vontobel Fund - Global Convertible Bond 52 Vontobel Fund - Emerging s Bond 56 Vontobel Fund - Swiss Mid and Small Cap Equity 60 Vontobel Fund - European Mid and Small Cap Equity 62 Vontobel Fund - Japanese Equity 65 Vontobel Fund - China Stars Equity 67 Vontobel Fund - European Equity 69 Vontobel Fund - US Equity 71 Vontobel Fund - Global Equity 73 Vontobel Fund - Global Equity (ex-us) 76 Vontobel Fund - Emerging s Equity 79 Vontobel Fund - Far East Equity 82 Vontobel Fund - New Power 85 Vontobel Fund - Clean Technology 88 Vontobel Fund - Future Resources 91 Vontobel Fund - Sustainable Asia (ex Japan) Equity 93 Vontobel Fund - Sustainable Emerging s Leaders 95 Vontobel Fund - Sustainable Global Leaders 98 Vontobel Fund - Belvista Commodity 100 Vontobel Fund - Belvista Dynamic Commodity 102 Vontobel Fund - Target Return () 104 Vontobel Fund - Robusta 107 Vontobel Fund - Robusta Dynamic 111 Vontobel Fund - Emerging s Debt 113 Vontobel Fund - Pure Dividend Strategy 118 Vontobel Fund - Pure Momentum Strategy 121 Vontobel Fund - Pure Premium Strategy 123 P==

4 Vontobel Fund Shares Summary 125 Net Asset Value Summary 130 Notes to the Financial Statements 135 Additional Unaudited Appendix 160 Where to find us 166 Q==

5 Organisation Registered office of the Fund Board of Directors Chairman of the Board of Directors Dominic Gaillard Vontobel Fund 11-13, Boulevard de la Foire L-1528 Luxembourg Tel , Fax Vontobel Asset Management, Bank Vontobel AG, Zurich Members of the Board of Directors Philippe Hoss Bernhard Schneider Management company Custodian, administrator, transfer agent, registrar and domiciliary agent, and listing agent Investment managers Sub-investment managers Elvinger, Hoss & Prussen, Luxembourg Vontobel Management S.A., Luxembourg Vontobel Management S.A. 2-4, rue Jean l Aveugle L-1148 Luxembourg RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Tel , Fax Vontobel Asset Management S.A. (formerly Vontobel Europe S.A.) 2-4, rue Jean l'aveugle L-1148 Luxembourg Sumitomo Mitsui Asset Management Company Ltd. Atago Green Hills MORI Tower 28F, Atago, Minato-ku, JP Tokyo Bank Vontobel AG Gotthardstrasse 43 CH-8022 Zurich Vontobel Asset Management Inc Broadway, 38th Floor New York, NY Lending Agent Legal advisor in Luxembourg Réviseur d entreprises agréé Representative for Switzerland Paying agent in Switzerland Paying and information agent in Germany Paying agent in Austria Harcourt Investment Consulting AG Gotthardstrasse 43 CH-8022 Zurich Brown Brothers Harriman & Co 50 Post Office Square Boston, MA Elvinger, Hoss & Prussen 2, Place Winston Churchill, B.P. 425 L-2014 Luxembourg Ernst & Young S.A. 7, Rue Gabriel Lippmann Parc d'activité Syrdall, 2 L-5365 Munsbach Vontobel Fonds Services AG Gotthardstrasse 43 CH-8022 Zurich Tel , Fax Bank Vontobel AG Gotthardstrasse 43 CH-8022 Zurich Tel , Fax B. Metzler seel. Sohn & Co. KGaA Grosse Gallusstrasse 18 D Frankfurt am Main Tel , Fax Erste Bank der oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Tel , Fax R=

6 Organisation Paying agents in Italy Raiffeisen Landesbank Südtirol AG Via Laurin, 1 I Bolzano Monte dei Paschi di Siena Piazza Salimbeni, 3 I Siena State Street Bank S.p.A. Via Ferrante Aporti, 10 I Milan BNP Paribas Securities Services Milan Branch Via Ansperto, 5 I Milan Société Générale Securities Services S.p.A. Via Benigno Crespi, 19/A I Milan Banca Sella Holding S.p.A. Piazza Gaudenzio Sella, 1 I Biella Paying agent in Liechtenstein Financial and central agent in France Allfunds Bank S.A. Milan branch Via Santa Margherita 7 I Milan Bank Vontobel (Liechtenstein) AG Pflugstrasse 20 FL-9490 Vaduz Tel , Fax BNP Paribas Securities Services S.A. 3, Rue d Antin F Paris S=

7 Combined Umbrella Fund Statement of Net Assets as at February 28, 2014 Notes Cost CHF Assets Investments in securities at market value 11,656,994,666 12,615,233,890 Cash at banks 572,608,605 Receivable from foreign currencies 19,726,424 Receivable from subscriptions 32,382,355 Interest and dividends receivable 45,903,122 Receivable for investments sold 55,043,330 Receivable for forward foreign exchange contracts 94,284 (9) Interest receivable on swaps 1,400,366 Interest receivable on Contracts for Difference 165,812 Formation expenses 943 (9) Unrealised gain on forward foreign exchange contracts 26,395,177 (9) Unrealised gain on futures 39,481 (9) Unrealised gain on swaps 13,725,696 (9) Unrealised gain on Contracts for Difference 12,633,744 (9) Options contracts at market value 851,886 Other assets Total Assets 1,342,720 13,397,547,835 Liabilities Bank overdraft 791,644 Provision for expenses 1,849 Payable for redemptions 50,273,258 Payable for investments purchased 178,891,032 Payable on foreign currencies 19,749,683 Interest and dividends payable 1,399,138 (9) Unrealised loss on forward foreign exchange contracts 614,134 (9) Unrealised loss on futures 1,042,098 (9) Unrealised loss on options 1,037,645 Audit fees, printing and publishing expenses 285,109 (5) Service Fee payable 2,803,099 (4) Subscription Tax payable 626,606 (3) Management Fee payable 10,382,252 (3) Performance Fee payable 97,712 Merger expenses 38,643 Other liabilities 692,528 Total Liabilities 268,726,429 Total net assets at the end of the period 13,128,821,407 7

8 Combined Umbrella Fund Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 CHF Net assets at the beginning of the period 13,543,653,274 Revaluation of opening combined Net Asset Value -739,307,905 Net investment income/loss 31,448,758 Change in unrealised appreciation/depreciation on: Investments 639,433,104 Futures -3,142,335 Forward foreign exchange contracts 28,020,920 Swaps 13,844,050 Contracts for Difference 11,648,711 Options -290,661 Net realised gain/loss on investments 119,863,521 Net realised gain/loss on forward foreign exchange contracts 76,298,856 Net realised gain/loss on currency exchange -5,634,333 Net realised gain/loss on futures -286,324 Net realised gain/loss on swaps -13,352,237 Net realised gain/loss on Contracts for Difference -870,280 Net realised gain/loss on options -1,072,971 Increase/Decrease in net assets resulting from operations 895,908,779 Subscriptions of shares 3,432,739,861 Redemptions of shares -3,981,516,802 (11) Dividend distribution -22,655,799 Net assets at the end of the period 13,128,821,407 Income Bank interest 180,676 Notes Net interest on bonds 56,663,346 Interest on Swaps 5,800,801 Net dividends 64,361,355 Other income 2,683,426 Total income 129,689,604 (3) Expenses Management Fees 70,003,479 (3) Performance Fee 119,766 Audit fees, printing and publishing expenses 765,449 (4) Subscription tax 2,040,995 Bank interest 89,043 Interest on Contracts for Difference 2,934,367 (5) Service Fees 20,220,124 (12) Securities Lending Fees 185,685 (8) Other Fees payable 1,881,938 Total Expenses 98,240,846 Net investment income/loss 31,448,758 8

9 Vontobel Fund - Swiss Money Notes Cost CHF Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 147,427, ,306,155 Cash at banks Receivable from subscriptions 5,567,237 33,773 Interest and dividends receivable 830,598 (9) Unrealised gain on forward foreign exchange contracts Total Assets 198, ,936,509 Liabilities Payable for redemptions 604,063 Payable for investments purchased 1,062,221 Audit fees, printing and publishing expenses 3,635 (5) Service Fee payable 12,865 (4) Subscription Tax payable 2,445 (3) Management Fee payable 17,543 Other liabilities 5,897 Total Liabilities 1,708,669 Total net assets at the end of the period 151,227,840 Net assets at the beginning of the period 168,794,509 Net investment income 734,187 Change in unrealised appreciation/depreciation on: Investments -1,186,379 Forward foreign exchange contracts 142,882 Net realised gain/loss on investments -189,417 Net realised gain/loss on forward foreign exchange contracts 549,835 Net realised gain/loss on currency exchange -156,200 Increase/Decrease in net assets resulting from operations -105,092 Subscriptions of shares 29,455,119 Redemptions of shares -46,792,344 (11) Dividend distribution -124,352 Total net assets at the end of the period 151,227,840 Income Bank interest 104 Net interest on bonds 976,373 Other income 107 Total income 976,584 (3) Expenses Management Fees 119,974 Audit fees, printing and publishing expenses 7,027 (4) Subscription tax 7,792 Bank interest 2,613 (5) Service Fees 98,509 (8) Other Fees payable 6,482 Total Expenses 242,397 Net investment income 734,187 9

10 Vontobel Fund - Swiss Money Portfolio as at February 28, 2014 CHF CHF Transferable securities admitted to an official exchange Bonds Australia 2,450,000 AUD Toyota Finance 3.750% ,940, Australia Ltd 13 1,500,000 CHF Australia & New 0.668% ,505, Zealand Banking Group Ltd 12 FRN 1,500,000 CHF Commonwealth Bank 0.618% ,505, of Australia 12 FRN 7,000,000 CHF National Australia 0.556% ,028, Bank Ltd 12 FRN 1,500,000 CHF SPI Electricity & Gas 2.625% ,546, Australia Holdings Pty Ltd 10 1,000,000 CHF SPI Electricity & Gas 1.500% ,026, Australia Holdings Pty Ltd ,000 CHF Westpac Banking 2.125% , Corp 09 Total - Australia 14,714, Austria 4,750,000 CHF Erste Group Bank AG 0.323% ,738, FRN 380,000 CHF Hypo Alpe-Adria % , Bank International AG 04 1,500,000 CHF Raiffeisenlandesbank 0.470% ,501, Niederoesterreich- Wien AG 12 FRN 2,000,000 CHF Raiffeisenlandesbank 0.902% ,004, Oberoesterreich AG 12 FRN 205,000 CHF Vorarlberger Landesund 1.500% , Hypothekenbank AG 10 Total - Austria 8,800, Brazil 285,000 CHF Banco Santander 3.125% , Brasil SA/Brazil 11 Total - Brazil 288, Cayman Islands 1,650,000 CHF LGT Finance Ltd % ,702, ,300,000 CHF QNB Finance Ltd % ,269, FRN Total - Cayman Islands 5,972, Chile 3,000,000 CHF Banco de Chile % ,007, FRN 420,000 CHF Banco Santander 2.250% , Chile ,000 CHF Banco Santander 1.021% , Chile 13 FRN Total - Chile 4,253, Finland 3,500,000 CHF Nordea Bank Finland 0.318% ,498, Abp 11 FRN Total - Finland 3,498, France 950,000 CHF Aeroports de Paris % ,005, ,360,000 CHF BNP Paribas SA % ,382, ,000,000 CHF Caisse Francaise de 2.375% ,022, Financement Local ,000 CHF Cie de Financement 1.750% , Foncier SA 09 1,800,000 CHF Cie de Financement 0.373% ,799, Foncier SA 11 FRN 1,400,000 CHF CIF Euromortgage SA 3.000% ,411, ,000,000 CHF Dexia Credit Local SA 1.500% ,004, ,000 CHF RCI Banque SA % , ,000 CHF Regie Autonome des 3.000% , Transports Parisiens 07 1,195,000 CHF Region of Ile de 1.875% ,205, France ,000 CHF Region of Ile de 2.500% , France ,000 CHF Societe Generale SA 1.875% , ,670,000 CHF Total Capital SA % ,724, ,000,000 Societe Generale SA 3.000% ,248, Total - France 17,742, Germany 2,330,000 CHF Berlin % ,330, Total - Germany 2,330, Ireland 1,500,000 Caterpillar 2.750% ,835, International Finance Ltd 11 Total - Ireland 1,835, Italy 2,100,000 CHF Italy Government 2.500% ,134, International Bond 05 1,000,000 Italy Buoni Ordinari 0.000% ,212, del Tesoro BOT ,000 Snam SpA 13 FRN 1.140% , ,300,000 UniCredit SpA % ,576, FRN Total - Italy 5,535, Jersey 850,000 CHF UBS AG/Jersey % , Total - Jersey 895, * Any deviations of the percentages of the net assets are due to rounding. 10

11 Vontobel Fund - Swiss Money Portfolio as at February 28, 2014 CHF CHF Korea, Republic Of 610,000 CHF Export-Import Bank 2.375% , of Korea ,000 CHF Industrial Bank of 1.250% , Korea 12 1,000,000 CHF Korea Gas Corp % ,028, ,500,000 CHF Korea Land & 0.672% ,501, Housing Corp 13 FRN Total - Korea, Republic Of 3,963, Luxembourg 555,000 CHF Hypo Pfandbrief Bank 2.500% , International SA ,000 CHF Russian Agricultural 3.125% , Bank OJSC Via RSHB Capital SA 12 Total - Luxembourg 1,163, Mexico 1,380,000 CHF Petroleos Mexicanos 3.500% ,405, Total - Mexico 1,405, Netherlands 170,000 CHF ABN AMRO Bank NV 1.625% , ,000,000 CHF ABN AMRO Bank NV 0.823% ,002, FRN 300,000 CHF Bank Nederlandse 2.750% , Gemeenten 03 2,760,000 CHF Daimler International 1.625% ,856, Finance BV ,000 CHF Daimler International 1.250% , Finance BV ,000 CHF Iberdrola 3.000% , International BV 12 3,895,000 CHF ING Bank NV 12 FRN 1.119% ,895, ,020,000 CHF Nederlandse 1.625% ,028, Waterschapsbank NV 09 1,800,000 PACCAR Financial 0.672% ,191, Europe BV 13 FRN 1,400,000 Schlumberger Finance 2.750% ,769, BV 10 Total - Netherlands 15,963, New Zealand 5,600,000 CHF ANZ New Zealand 0.773% ,643, Int'l Ltd/London 12 FRN Total - New Zealand 5,643, Poland 770,000 CHF Poland Government 2.125% , International Bond 10 1,555,000 CHF Poland Government 1.268% ,571, International Bond 12 FRN Total - Poland 2,342, Spain 240,000 CHF Instituto de Credito 2.000% , Oficial 05 Total - Spain 246, Sweden 675,000 CHF PKO Finance AB % , ,500,000 CHF Swedbank Hypotek 0.343% ,500, AB 11 FRN Total - Sweden 2,193, Switzerland 5,050,000 CHF Aduno Holding AG 0.773% ,057, FRN 1,200,000 CHF Raiffeisen Schweiz 0.266% ,200, Genossenschaft 14 FRN 4,000,000 CHF Zuercher 0.196% ,999, Kantonalbank 12 FRN Total - Switzerland 10,256, United Kingdom 2,500,000 CHF Abbey National 2.500% ,565, Treasury Services PLC/London 11 2,735,000 CHF ANZ New Zealand 0.820% ,747, Int'l Ltd/London 12 FRN 1,000,000 CHF Barclays Bank PLC % ,000, FRN 2,010,000 CHF HSBC Bank PLC % ,009, FRN 4,335,000 CHF Lloyds Bank PLC % ,346, ,000 CHF State Bank of India % , ,500,000 BP Capital s 2.177% ,879, PLC 12 Total - United Kingdom 14,863, United States 615,000 CHF American 2.875% , International Group Inc 07 60,000 CHF Citigroup Inc % , ,060,000 CHF McDonald's Corp % ,100, ,000 CHF Morgan Stanley % , ,000 CHF Swiss Re Treasury US 1.750% , Corp ,000 CHF Toyota Motor Credit 2.875% , Corp 06 1,200,000 Citigroup Inc 07 FRN 0.379% ,459, ,300,000 Goldman Sachs 0.637% ,581, Group Inc/The 07 FRN 1,200,000 Morgan Stanley % ,452, FRN 3,000,000 AT&T Inc 13 FRN 0.619% ,645, * Any deviations of the percentages of the net assets are due to rounding. 11

12 Vontobel Fund - Swiss Money Portfolio as at February 28, 2014 CHF 1,150,000 Honeywell 0.286% ,013, International Inc 13 FRN 820,000 PepsiCo Inc 13 FRN 0.444% , ,800,000 Wal-Mart Stores Inc 0.600% ,475, Total - United States 14,593, Venezuela, Bolivarian Republic Of 1,030,000 CHF Corp Andina de 2.625% ,069, Fomento 10 2,235,000 CHF Corp Andina de 1.472% ,253, Fomento 12 FRN Total - Venezuela, Bolivarian Republic Of 3,323, Total - Bonds Total - Transferable securities admitted to an official exchange 141,827, ,827, Transferable securities and money market instruments dealt in on another regulated market Bonds Sweden 900,000 Svenska 0.716% , Handelsbanken AB 13 FRN Total - Sweden 795, United Kingdom 750,000 BP Capital s 0.876% , PLC 13 FRN Total - United Kingdom 663, United States 3,100,000 Chevron Corp % ,752, ,000 Nissan Motor 0.946% , Acceptance Corp 13 FRN Total - United States 3,018, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market 4,478,425 4,478, Total - Investment in securities 146,306, * Any deviations of the percentages of the net assets are due to rounding. 12

13 Vontobel Fund - Euro Money Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 147,676, ,668,949 Cash at banks 1,032,736 Receivable from subscriptions 736,216 Interest and dividends receivable 2,122,335 Total Assets 149,560,236 Liabilities Payable for redemptions 1,622,695 Payable for investments purchased 2,000,850 Audit fees, printing and publishing expenses 3,811 (5) Service Fee payable 12,691 (4) Subscription Tax payable 2,369 (3) Management Fee payable 32,687 Other liabilities 5,851 Total Liabilities 3,680,954 Total net assets at the end of the period 145,879,282 Net assets at the beginning of the period 194,227,655 Net investment income 2,205,635 Change in unrealised appreciation/depreciation on: Investments 47,239 Net realised gain/loss on investments -1,796,933 Net realised gain/loss on currency exchange 19 Increase/Decrease in net assets resulting from operations 455,960 Subscriptions of shares 27,606,772 Redemptions of shares -76,174,195 (11) Dividend distribution -236,910 Total net assets at the end of the period 145,879,282 Income Net interest on bonds 2,571,985 Other income 108 Total income 2,572,093 (3) Expenses Management Fees 238,537 Audit fees, printing and publishing expenses 7,720 (4) Subscription tax 7,684 Bank interest 7 (5) Service Fees 105,662 (8) Other Fees payable 6,848 Total Expenses 366,458 Net investment income 2,205,635 13

14 Vontobel Fund - Euro Money Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Australia 1,500,000 Australia & New 0.614% ,501, Zealand Banking Group Ltd 13 FRN 3,000,000 Commonwealth Bank 1.650% ,048, of Australia 10 FRN 1,500,000 Commonwealth Bank 0.682% ,508, of Australia 12 FRN 1,000,000 National Australia 3.500% ,027, Bank Ltd 09 1,000,000 National Australia 0.602% ,000, Bank Ltd 13 FRN 1,500,000 Westpac Banking 0.616% ,500, Corp 13 FRN Total - Australia 9,586, Austria 2,000,000 OMV AG % ,010, Total - Austria 2,010, Canada 1,500,000 Bank of Montreal % ,502, FRN 1,500,000 Bank of Nova Scotia 0.624% ,501, FRN Total - Canada 3,003, Czech Republic 500,000 Ceska Exportni Banka 0.684% , AS 13 FRN 2,000,000 CEZ AS % ,041, ,000,000 CEZ AS % ,123, Total - Czech Republic 4,661, Denmark 300,000 Nykredit Bank A/S % , FRN Total - Denmark 299, Finland 500,000 Pohjola Bank PLC % , FRN Total - Finland 500, France 1,700,000 Agence Francaise de 1.200% ,710, Developpement 12 FRN 250,000 Alstom SA % , ,000,000 AXA SA % ,106, ,000 BNP Paribas SA % , FRN 1,000,000 BNP Paribas SA % ,000, FRN 500,000 BNP Paribas SA % , FRN 1,000,000 BPCE SA % ,033, ,000,000 BPCE SA 12 FRN 0.738% ,001, ,000,000 BPCE SA 13 FRN 1.000% ,005, ,000,000 Electricite de France 4.500% ,030, ,000,000 GDF Suez % ,043, ,000 RCI Banque SA % , ,000,000 Schneider Electric SA 5.375% ,041, ,500,000 Societe Generale SA 3.750% ,554, ,000,000 Societe Generale SA 2.375% ,047, ,000,000 Societe Generale SA 0.539% ,000, FRN Total - France 21,337, Germany 500,000 Daimler AG 12 FRN 0.546% , ,000,000 Daimler AG 13 FRN 0.511% ,000, ,000,000 Daimler AG 14 FRN 0.580% , ,000,000 MAN SE % ,006, ,000 Schleswig-Holstein % , FRN 2,000,000 Volkswagen Bank 3.125% ,005, GmbH 11 1,000,000 Volkswagen Bank 0.686% ,003, GmbH 13 FRN 1,000,000 Volkswagen Financial 0.538% ,000, Services AG 12 FRN 1,000,000 Volkswagen Leasing 2.250% ,012, GmbH 11 Total - Germany 9,027, Guernsey 1,000,000 Credit Suisse 2.875% ,034, AG/Guernsey 10 Total - Guernsey 1,034, Ireland 500,000 Bank of Ireland 4.625% , Mortgage Bank ,000 Bank of Ireland 3.125% , Mortgage Bank 12 1,700,000 GE Capital European 0.748% ,704, Funding 13 FRN Total - Ireland 2,731, Italy 2,000,000 Eni SpA % ,086, ,000,000 Intesa Sanpaolo SpA 3.375% ,022, ,000,000 Intesa Sanpaolo SpA 1.800% ,009, FRN 4,500,000 Italy Government International Bond % ,569, * Any deviations of the percentages of the net assets are due to rounding. 14

15 Vontobel Fund - Euro Money Portfolio as at February 28, ,250,000 Mediobanca SpA % ,258, ,000,000 Mediobanca SpA % ,041, ,000 Snam SpA 13 FRN 1.140% , ,000 UniCredit SpA % , ,000,000 UniCredit SpA % ,002, FRN Total - Italy 13,210, Jersey 2,500,000 Heathrow Funding 4.600% ,556, Ltd 08 Total - Jersey 2,556, Netherlands 1,500,000 ABN AMRO Bank NV 0.878% ,506, FRN 1,500,000 ABN AMRO Bank NV 1.087% ,503, FRN 1,500,000 Achmea 0.952% ,504, Hypotheekbank NV 13 FRN 2,000,000 Aegon NV % ,055, ,000 BMW Finance NV % , FRN 1,000,000 BMW Finance NV % ,000, FRN 1,500,000 Cooperatieve 0.637% ,500, Centrale Raiffeisen- Boerenleenbank BA/Netherlands 13 FRN 1,000,000 E.ON International 5.250% ,070, Finance BV 08 1,500,000 Generali Finance BV 4.750% ,511, ,500,000 ING Bank NV % ,542, ,000,000 ING Bank NV % ,041, ,000 ING Bank NV 12 FRN 0.778% , ,500,000 ING Groep NV % ,555, ,000 KBC Internationale 4.500% , Financieringsmaatsch appij NV 09 1,000,000 Koninklijke DSM NV 5.750% ,001, ,000 Nederlandse Gasunie 0.875% , NV 12 1,000,000 Nomura Europe 5.125% ,033, Finance NV 09 1,000,000 PACCAR Financial 0.672% ,000, Europe BV 13 FRN 500,000 Repsol International 4.625% , Finance BV 04 Total - Netherlands 22,556, Norway 750,000 DNB Boligkreditt AS 0.686% , FRN Total - Norway 754, Poland 1,000,000 Poland Government 3.625% ,060, International Bond 06 Total - Poland 1,060, Spain 3,000,000 Banco Santander SA 3.125% ,063, ,000 Banco Santander SA 4.375% , ,000 CaixaBank SA % , ,000 Gas Natural Capital 5.250% , s SA ,000 Santander Consumer 1.450% , Finance SA 14 Total - Spain 4,911, Sweden 1,500,000 Nordea Bank AB % ,500, FRN 500,000 Scania CV AB 14 FRN 0.558% , ,500,000 Svenska 1.500% ,535, Handelsbanken AB 12 1,000,000 Swedbank AB % ,015, ,000,000 TeliaSonera AB % ,042, Total - Sweden 6,595, United Kingdom 1,000,000 Abbey National 3.375% ,041, Treasury Services PLC/London 10 3,000,000 Abbey National 4.125% ,000, Treasury Services PLC/London ,000 Anglo American 5.875% , Capital PLC 08 1,000,000 ANZ New Zealand 0.758% ,001, Int'l Ltd/London 13 FRN 1,000,000 BAT International 5.875% ,054, Finance PLC 08 1,250,000 BP Capital s 3.100% ,270, PLC 10 1,000,000 BP Capital s 2.177% ,030, PLC 12 2,500,000 Credit Suisse 4.800% ,535, AG/London ,000 Credit Suisse 0.490% , AG/London 13 FRN 2,000,000 HSBC Bank PLC % ,051, ,000 Lloyds Banking Group 5.875% , PLC ,000 Nationwide Building 3.500% , Society 05 2,500,000 Nationwide Building Society % ,570, * Any deviations of the percentages of the net assets are due to rounding. 15

16 Vontobel Fund - Euro Money Portfolio as at February 28, ,000,000 Standard Chartered 5.750% ,016, PLC ,000 Standard Chartered 3.625% , PLC 10 1,000,000 Vodafone Group PLC 6.250% ,102, Total - United Kingdom 21,264, United States 1,000,000 AT&T Inc % ,059, ,750,000 Cargill Inc % ,790, ,500,000 Goldman Sachs 0.637% ,499, Group Inc/The 07 FRN 3,500,000 JPMorgan Chase & 0.682% ,481, Co 05 FRN 1,500,000 JPMorgan Chase & 6.125% ,506, Co 09 1,000,000 Merck & Co Inc % ,028, ,500,000 Philip Morris 5.875% ,618, International Inc 08 1,000,000 Toyota Motor Credit 6.625% ,116, Corp 09 3,900,000 Wells Fargo & Co % ,896, FRN 1,000,000 Zurich Finance USA 4.500% ,022, Inc ,000 Zurich Finance USA 6.500% , Inc 09 Total - United States 18,566, Total - Bonds Total - Transferable securities admitted to an official exchange Total - Investment in securities 145,668, ,668, ,668, * Any deviations of the percentages of the net assets are due to rounding. 16

17 Vontobel Fund - US Dollar Money Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 154,528, ,568,427 Cash at banks 4,895,266 Receivable from subscriptions 403,120 Interest and dividends receivable 525,776 Total Assets 160,392,589 Liabilities Payable for redemptions 116,242 Payable for investments purchased 2,200,952 Audit fees, printing and publishing expenses 3,223 (5) Service Fee payable 13,039 (4) Subscription Tax payable 2,545 (3) Management Fee payable 35,558 Other liabilities 9,211 Total Liabilities 2,380,770 Total net assets at the end of the period 158,011,819 Net assets at the beginning of the period 138,548,639 Net investment income 944,575 Change in unrealised appreciation/depreciation on: Investments 542,490 Net realised gain/loss on investments -711,724 Net realised gain/loss on currency exchange 80 Increase/Decrease in net assets resulting from operations 775,421 Subscriptions of shares 49,644,138 Redemptions of shares -30,833,999 (11) Dividend distribution -122,380 Total net assets at the end of the period 158,011,819 Income Net interest on bonds 1,274,882 Other income 101 Total income 1,274,983 (3) Expenses Management Fees 212,693 Audit fees, printing and publishing expenses 7,734 (4) Subscription tax 7,361 Bank interest 25 (5) Service Fees 94,593 (8) Other Fees payable 8,002 Total Expenses 330,408 Net investment income 944,575 17

18 Vontobel Fund - US Dollar Money Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Australia 500,000 Australia & New 3.700% , Zealand Banking Group Ltd 10 1,200,000 Australia & New 3.250% ,259, Zealand Banking Group Ltd 11 1,000,000 Australia & New 0.620% ,001, Zealand Banking Group Ltd 14 FRN 1,000,000 Commonwealth Bank 3.750% ,021, of Australia 09 1,000,000 Commonwealth Bank 0.745% ,004, of Australia 13 FRN 500,000 National Australia 0.537% , Bank Ltd 13 FRN 1,000,000 Westpac Banking 1.006% ,009, Corp 12 FRN 1,000,000 Westpac Banking 1.038% ,009, Corp 12 FRN 1,000,000 Westpac Banking 0.665% ,003, Corp 13 FRN Total - Australia 8,324, Belgium 500,000 Belgium Government 0.396% , International Bond 09 FRN 1,000,000 Belgium Government 2.750% ,024, International Bond 10 Total - Belgium 1,524, Canada 1,500,000 Bank of Nova Scotia 0.750% ,507, ,000 Province of Ontario 0.486% , Canada 12 FRN 1,000,000 Royal Bank of Canada 0.800% ,005, ,000 Royal Bank of Canada 1.125% , ,000,000 Royal Bank of Canada 0.850% ,004, ,000,000 Royal Bank of Canada 0.695% ,005, FRN 1,000,000 Toronto-Dominion 0.695% ,004, Bank/The 13 FRN 500,000 Total Capital Canada 0.619% , Ltd 13 FRN Total - Canada 7,034, Cayman Islands 500,000 ADCB Finance 1.542% , Cayman Ltd 13 FRN 1,000,000 QNB Finance Ltd % ,010, FRN Total - Cayman Islands 1,513, Chile 250,000 Banco Santander 2.109% , Chile 13 FRN Total - Chile Finland 500,000 Municipality Finance 0.317% , , PLC 13 FRN Total - Finland France 1,500,000 Agence Francaise de 1.125% ,244 1,508, Developpement 13 1,700,000 BNP Paribas SA % ,747, ,000 Caisse 1.125% , d'amortissement de la Dette Sociale ,000 Caisse des Depots et 0.875% , Consignations 13 2,000,000 Cie de Financement 2.250% ,000, Foncier SA 11 1,000,000 Cie de Financement 0.981% ,000, Foncier SA 11 FRN 500,000 Electricite de France 0.694% , FRN 1,500,000 Societe Generale SA 3.100% ,553, ,000 Societe Generale SA 1.327% , FRN Total - France Germany 2,600,000 Münchener 1.125% ,567,021 2,621, Hypothekenbank eg 12 2,000,000 Nordrhein-Westfalen 0.942% ,037, FRN 1,000,000 NRW Bank 13 FRN 0.439% ,001, ,000 NRW Bank 14 FRN 0.434% , Total - Germany Italy 4,000,000 Italy Government 4.500% ,161,015 4,133, International Bond 05 Total - Italy Japan 400,000 Mitsubishi UFJ Lease 1.160% ,133, , & Finance Co Ltd 14 FRN 1,500,000 Sumitomo Mitsui 1.350% ,515, Banking Corp 12 Total - Japan 1,918, Korea, Republic Of 200,000 Export-Import Bank 0.992% , of Korea 14 FRN 400,000 Kookmin Bank % , ,000 Kookmin Bank 13 FRN 1.492% , * Any deviations of the percentages of the net assets are due to rounding. 18

19 Vontobel Fund - US Dollar Money Portfolio as at February 28, ,000 Kookmin Bank % , FRN 1,500,000 Korea Development 4.375% ,575, Bank/The ,000 Korea Development 1.000% , Bank/The ,000 Korea Development 0.862% , Bank/The 14 FRN Total - Korea, Republic Of 3,684, Mexico 1,500,000 America Movil SAB 3.625% ,545, de CV 10 Total - Mexico 1,545, Netherlands 1,500,000 ING Bank NV 12 FRN 1.886% ,531, ,200,000 Linde Finance BV % ,225, ,000 Nederlandse 1.236% , Financierings- Maatschappij voor Ontwikkelingslanden NV 12 FRN 500,000 Volkswagen 0.676% , International Finance NV 13 FRN Total - Netherlands 3,762, Poland 3,000,000 Poland Government 3.875% ,137, International Bond 10 Total - Poland 3,137, Spain 2,000,000 Telefonica Emisiones 4.949% ,068, SAU 09 Total - Spain 2,068, Sweden 800,000 Nordea Bank AB % , ,000,000 Svensk Exportkredit 0.612% ,008, AB 12 FRN Total - Sweden 1,827, Switzerland 500,000 OFIMA 12 FRN 0.546% , Total - Switzerland 501, United Kingdom 1,000,000 Abbey National 2.875% ,003, Treasury Services PLC/London 11 1,000,000 BP Capital s 0.700% ,003, PLC ,000 BP Capital s 0.656% , PLC 13 FRN 500,000 British 1.250% , Telecommunications PLC 14 1,000,000 Deutsche Bank 3.875% ,016, AG/London 09 1,000,000 Deutsche Bank 0.847% ,003, AG/London 14 FRN 500,000 International Finance 0.433% , Facility for Immunisation 13 FRN 1,000,000 Royal Bank of 2.550% ,023, Scotland Group PLC 12 1,500,000 UBS AG/London % ,519, ,700,000 Vodafone Group PLC 5.375% ,774, ,500,000 Vodafone Group PLC 4.150% ,514, ,200,000 Vodafone Group PLC 0.900% ,202, Total - United Kingdom 12,566, United States 1,000,000 American Express 5.125% ,022, Credit Corp ,000 Anheuser-Busch 0.429% , InBev Finance Inc 14 FRN 300,000 Anheuser-Busch 0.639% , InBev Finance Inc 14 FRN 1,000,000 AT&T Inc % ,024, ,000,000 Bank of America Corp 1.500% ,011, ,000 Bank of America Corp 1.279% , FRN 500,000 Bank of New York 0.466% , Mellon Corp/The 13 FRN 500,000 Berkshire Hathaway 0.390% , Finance Corp 14 FRN 500,000 Citigroup Inc % , ,000 Citigroup Inc 13 FRN 1.199% , ,000 Daimler Finance 0.842% , North America LLC 13 FRN 1,500,000 Dexia Credit Local 0.716% ,500, SA/New York NY 10 FRN 1,000,000 Dexia Credit Local 1.250% ,005, SA/New York NY ,000 Fifth Third 0.746% , Bank/Cincinnati OH 13 FRN 1,000,000 General Electric 0.622% ,003, Capital Corp 13 FRN 750,000 General Electric 0.839% , Capital Corp 13 FRN 500,000 General Electric 0.472% , Capital Corp 14 FRN 1,250,000 General Electric Co % ,258, ,000 Glencore Funding 1.394% , LLC 13 FRN 1,000,000 Goldman Sachs 5.000% ,025, Group Inc/The ,000 Hewlett-Packard Co 1.182% , FRN 500,000 Inter-American Investment Corp 12 FRN 0.586% , * Any deviations of the percentages of the net assets are due to rounding. 19

20 Vontobel Fund - US Dollar Money Portfolio as at February 28, ,000,000 International Business 0.304% ,001, Machines Corp 14 FRN 1,000,000 International Business 0.604% ,003, Machines Corp 14 FRN 1,000,000 JPMorgan Chase & 5.125% ,023, Co ,000 Morgan Stanley % , FRN 500,000 Morgan Stanley % , FRN 500,000 PepsiCo Inc % , ,000 PepsiCo Inc 13 FRN 0.444% , ,000 Pfizer Inc 13 FRN 0.543% , ,241,914 SLM Private Credit 0.443% ,227, Student Loan Trust 2004-B 04 FRN 500,000 Toyota Motor Credit 0.875% , Corp ,000 Toyota Motor Credit 0.628% , Corp 14 FRN 250,000 WellPoint Inc % , ,000 Wells Fargo & Co % , FRN Total - United States 23,852, Total - Bonds Total - Transferable securities admitted to an official exchange 93,872, ,872, Transferable securities and money market instruments dealt in on another regulated market Bonds Australia 1,000,000 BHP Billiton Finance 0.497% ,000, USA Ltd 13 FRN 1,000,000 Commonwealth Bank 0.750% ,002, of Australia ,000 National Australia 0.666% , Bank Ltd 13 FRN 1,500,000 Westpac Banking 0.950% ,510, Corp 13 Total - Australia 3,964, Canada 1,000,000 Bank of Montreal % ,005, FRN 750,000 Bank of Nova Scotia 0.759% , FRN 1,000,000 Bank of Nova Scotia 0.654% ,002, FRN 400,000 Caisse Centrale 0.516% , Desjardins 13 FRN 1,000,000 Canadian Imperial 0.900% ,006, Bank of Commerce/Canada ,000 Canadian Imperial 0.757% , Bank of Commerce/Canada 13 FRN 400,000 Royal Bank of Canada 0.463% , FRN 500,000 Toronto-Dominion 0.436% , Bank 13 FRN Total - Canada 5,824, France 1,000,000 Banque Federative du 1.085% ,003, Credit Mutuel SA 13 FRN 265,000 BNP Paribas SA % , FRN 1,000,000 BPCE SA 14 FRN 1.084% ,002, ,000,000 Credit Agricole Home 0.987% ,002, Loan SFH 11 FRN Total - France 3,274, Japan 500,000 Bank of Tokyo % , Mitsubishi UFJ Ltd ,000 Bank of Tokyo % , Mitsubishi UFJ Ltd 13 FRN 1,000,000 Bank of Tokyo % , Mitsubishi UFJ Ltd 13 FRN 1,000,000 Sumitomo Mitsui 0.900% ,002, Banking Corp 13 1,000,000 Sumitomo Mitsui 0.907% ,005, Banking Corp 13 FRN 500,000 Sumitomo Mitsui 0.670% , Banking Corp 14 FRN 500,000 Sumitomo Mitsui 1.024% , Trust Bank Ltd 13 FRN Total - Japan 4,779, Korea, Republic Of 1,000,000 Export-Import Bank 1.250% ,008, of Korea ,000 Export-Import Bank 1.094% , of Korea 13 FRN 400,000 Hana Bank % , Total - Korea, Republic Of 1,661, Mexico 1,000,000 America Movil SAB 1.234% ,014, de CV 13 FRN Total - Mexico 1,014, Netherlands 1,500,000 ABN AMRO Bank NV 1.375% ,515, ,700,000 ABN AMRO Bank NV 1.035% ,708, FRN Total - Netherlands 3,224, New Zealand 1,000,000 ANZ New Zealand 0.714% ,001, Int'l Ltd/London 14 FRN Total - New Zealand 1,001, * Any deviations of the percentages of the net assets are due to rounding. 20

21 Vontobel Fund - US Dollar Money Portfolio as at February 28, 2014 Norway 200,000 Nordea 1.875% , Eiendomskreditt AS ,000 Statoil ASA 13 FRN 0.697% , Total - Norway 703, Panama 250,000 Carnival Corp % , Total - Panama 251, Sweden 1,000,000 Svenska 0.716% ,003, Handelsbanken AB 13 FRN 1,000,000 Svenska 0.696% ,003, Handelsbanken AB 13 FRN Total - Sweden 2,007, United Kingdom 1,000,000 ANZ New Zealand 1.133% ,007, Int'l Ltd/London 08 FRN 250,000 BP Capital s 0.876% , PLC 13 FRN 500,000 BP Capital s 0.777% , PLC 14 FRN 1,000,000 British 1.625% ,016, Telecommunications PLC 13 1,000,000 Rio Tinto Finance 0.794% ,002, USA PLC 13 FRN Total - United Kingdom 3,778, United States 1,000,000 American Express Co 0.826% ,002, FRN 250,000 American Honda 0.740% , Finance Corp 13 FRN 500,000 AT&T Inc 13 FRN 1.144% , ,000 Bank of America Corp 1.066% , FRN 1,000,000 Bank of America NA 0.706% ,002, FRN 500,000 Bank of America NA 0.706% , FRN 700,000 Capital One Financial 0.876% , Corp 12 FRN 500,000 Caterpillar Financial 0.700% , Services Corp ,000 Caterpillar Financial 0.474% , Services Corp 13 FRN 250,000 Caterpillar Financial 1.000% , Services Corp ,000 Caterpillar Financial 0.466% , Services Corp 14 FRN 500,000 Chevron Corp % , ,000 Cisco Systems Inc % , FRN 250,000 Cisco Systems Inc % , FRN 500,000 Coca-Cola Co/The % , FRN 1,250,000 Commonwealth Bank 1.250% ,265, of Australia/New York NY 12 2,500,000 Daimler Finance 1.875% ,518, North America LLC ,000 ebay Inc % , ,000,000 Ford Motor Credit Co 1.018% ,004, LLC 13 FRN 1,700,000 General Electric 1.277% ,719, Capital Corp 12 FRN 1,750,000 General Electric 0.892% ,766, Capital Corp 13 FRN 1,000,000 General Electric 0.957% ,005, Capital Corp 13 FRN 500,000 Goldman Sachs 1.336% , Group Inc 13 FRN 250,000 John Deere Capital 0.532% , Corp 13 FRN 250,000 John Deere Capital 1.050% , Corp ,000 John Deere Capital 0.328% , Corp 14 FRN 250,000 Johnson & Johnson 0.303% , FRN 2,000,000 JPMorgan Chase & 0.899% ,010, Co 12 FRN 250,000 Kroger Co 13 FRN 0.804% , ,500,000 Merck & Co Inc % ,503, FRN 500,000 Metropolitan Life 2.000% , Global Funding I 12 1,000,000 Morgan Stanley % ,000, FRN 1,000,000 National Australia 0.785% ,006, Bank Ltd/New York 13 FRN 500,000 Nissan Motor 0.946% , Acceptance Corp 13 FRN 200,000 Nissan Motor 0.787% , Acceptance Corp 14 FRN 500,000 PACCAR Financial 0.750% , Corp ,000 PACCAR Financial 1.150% , Corp ,000 PACCAR Financial 0.835% , Corp 13 FRN 200,000 Toyota Motor Credit 0.393% , Corp 13 FRN 500,000 US Bancorp/MN % , FRN 1,000,000 US Bank 0.466% ,000, NA/Cincinnati OH 14 FRN 250,000 Walt Disney Co % , Total - United States 29,209, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 60,695, ,695, ,568, * Any deviations of the percentages of the net assets are due to rounding. 21

22 Vontobel Fund - Swiss Franc Bond Notes Cost CHF Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 324,333, ,775,600 Cash at banks Receivable from subscriptions Interest and dividends receivable 4,290, ,421 2,951,909 Receivable for investments sold 216,277 (9) Unrealised gain on forward foreign exchange contracts Total Assets 442, ,207,414 Liabilities Payable for redemptions 639,095 Payable for investments purchased 2,001,881 Audit fees, printing and publishing expenses 8,307 (5) Service Fee payable 47,694 (4) Subscription Tax payable 15,963 (3) Management Fee payable 144,875 Other liabilities 8,952 Total Liabilities 2,866,767 Total net assets at the end of the period 343,340,647 Net assets at the beginning of the period 377,398,573 Net investment income 1,770,612 Change in unrealised appreciation/depreciation on: Investments 733,066 Futures 8,914 Forward foreign exchange contracts 198,001 Net realised gain/loss on investments 390,769 Net realised gain/loss on forward foreign exchange contracts 1,205,544 Net realised gain/loss on currency exchange -280,554 Net realised gain/loss on futures -133,339 Increase/Decrease in net assets resulting from operations 3,893,013 Subscriptions of shares 189,278,293 Redemptions of shares -226,952,166 (11) Dividend distribution -277,066 Total net assets at the end of the period 343,340,647 Income Bank interest 1,056 Net interest on bonds 3,383,952 Other income 248 Total income 3,385,256 (3) Expenses Management Fees 1,133,197 Audit fees, printing and publishing expenses 19,405 (4) Subscription tax 73,999 Bank interest 6,693 (5) Service Fees 340,411 (8) Other Fees payable 40,939 Total Expenses 1,614,644 Net investment income 1,770,612 22

23 Vontobel Fund - Swiss Franc Bond Portfolio as at February 28, 2014 CHF CHF Transferable securities admitted to an official exchange Bonds Australia 700,000 CHF Australia & New 1.500% , Zealand Banking Group Ltd 12 2,035,000 CHF Macquarie Bank Ltd 3.000% ,172, ,000 CHF National Australia 0.556% , Bank Ltd 12 FRN 650,000 CHF National Australia 1.000% , Bank Ltd ,000 CHF SPI Electricity & Gas 2.625% , Australia Holdings Pty Ltd 10 2,300,000 CHF Westpac Banking 2.500% ,443, Corp 10 1,800,000 National Australia 1.875% ,176, Bank Ltd 12 Total - Australia 9,498, Austria 2,000,000 CHF Bundesimmobilienges 2.500% ,050, ellschaft mbh 05 1,350,000 CHF Bundesimmobilienges 3.250% ,527, ellschaft mbh ,000 CHF Hypo Alpe-Adria % , Bank International AG 04 50,000 CHF Hypo Alpe-Adria % , Bank International AG 07 1,190,000 CHF Kommunalkredit 2.500% ,271, Austria AG 06 1,300,000 CHF Oesterreichische 2.750% ,453, Kontrollbank AG 05 1,070,000 CHF Oesterreichische 2.875% ,215, Kontrollbank AG 05 1,800,000 CHF Oesterreichische 2.625% ,008, Kontrollbank AG 06 2,500,000 CHF Pfandbriefstelle der 2.125% ,611, Oesterreichischen Landes- Hypothekenbanken 05 2,500,000 CHF Raiffeisenlandesbank 0.470% ,503, Niederoesterreich- Wien AG 12 FRN 1,000,000 CHF Raiffeisenlandesbank 0.902% ,002, Oberoesterreich AG 12 FRN 3,500,000 Hypo Alpe-Adria % ,223, Bank International AG 12 Total - Austria 20,188, Belgium 2,000,000 Anheuser-Busch 2.000% ,502, InBev NV 12 1,300,000 Anheuser-Busch 1.250% ,602, InBev NV 12 Total - Belgium 4,105, Canada 2,400,000 CHF Province of British 2.875% ,682, Columbia 09 2,050,000 CHF Province of 2.125% ,126, Saskatchewan Canada 05 4,000,000 CHF Royal Bank of Canada 2.250% ,378, Total - Canada 9,186, Cayman Islands 150,000 CHF Banco Santander 3.250% , Brasil SA/Cayman Islands 12 4,555,000 CHF QNB Finance Ltd % ,523, FRN Total - Cayman Islands 4,678, Chile 865,000 CHF Banco de Chile % , ,500,000 CHF Banco de Chile % ,503, FRN 1,815,000 CHF Banco Santander 2.250% ,862, Chile 10 Total - Chile 4,234, Denmark 2,840,000 CHF Kommunekredit % ,337, Total - Denmark 3,337, Finland 2,000,000 CHF Municipality Finance 3.000% ,307, PLC 09 2,000,000 CHF Municipality Finance 2.375% ,211, PLC 11 4,500,000 CHF Nordic Investment 2.500% ,909, Bank 09 Total - Finland 9,427, France 2,200,000 CHF Banque Federative du 1.625% ,139, Credit Mutuel SA 13 3,000,000 CHF BNP Paribas SA % ,050, ,000,000 CHF Caisse Francaise de 2.375% ,044, Financement Local 05 3,000,000 CHF Caisse Francaise de 2.375% ,124, Financement Local ,000 CHF Caisse Francaise de 2.500% ,007, Financement Local 09 1,000,000 CHF Cie de Financement 2.375% ,083, Foncier SA 05 1,550,000 CHF Cie de Financement 2.000% ,643, Foncier SA 10 3,300,000 CHF Credit Agricole Home 1.375% ,432, Loan SFH 12 50,000 CHF Dexia Credit Local SA 1.500% , ,050,000 CHF RCI Banque SA % ,074, ,400,000 CHF Regie Autonome des Transports Parisiens % ,462, * Any deviations of the percentages of the net assets are due to rounding. 23

24 Vontobel Fund - Swiss Franc Bond Portfolio as at February 28, 2014 CHF CHF 2,000,000 CHF Regie Autonome des 2.625% ,198, Transports Parisiens 06 2,050,000 CHF Reseau Ferre de 3.250% ,409, France ,000 CHF Reseau Ferre de 2.875% , France 09 1,500,000 CHF Reseau Ferre de 2.625% ,617, France 11 3,000,000 CHF Societe Nationale des 2.750% ,282, Chemins de Fer Francais ,000 CHF Total Capital SA % , ,000 CHF Total Capital SA % , ,000,000 Societe Generale SA 3.000% ,744, Total - France 36,396, Germany 300,000 CHF Allianz SE 14 FRN 3.250% , ,600,000 CHF KFW % ,802, ,500,000 CHF KFW % ,672, ,430,000 CHF KFW % ,791, ,815,000 CHF Münchener 3.000% ,967, Hypothekenbank eg 07 3,072,540 Deutsche 0.100% ,760, Bundesrepublik Inflation Linked Bond 12 Total - Germany 13,307, Ireland 780,000 CHF Russian Railways via 2.177% , RZD Capital PLC ,000 CHF UniCredit Bank 3.375% , Ireland PLC 12 1,000,000 Caterpillar 2.750% ,223, International Finance Ltd 11 Total - Ireland 2,325, Italy 2,735,000 CHF Italy Government 2.500% ,780, International Bond ,000 CHF Italy Government 2.500% ,015, International Bond 06 Total - Italy 3,796, Ivory Coast 500,000 CHF African Development 2.625% , Bank 09 Total - Ivory Coast 555, Jersey 4,000,000 CHF Heathrow Funding 2.500% ,212, Ltd 12 Total - Jersey 4,212, Korea, Republic Of 1,050,000 CHF Korea Finance Corp 1.375% ,070, ,000 CHF Korea Gas Corp % , ,000,000 CHF Korea Railroad Corp 1.500% ,037, Total - Korea, Republic Of 4,619, Liechtenstein 2,000,000 CHF LGT Bank AG % ,025, Total - Liechtenstein 2,025, Luxembourg 2,250,000 CHF European Investment 2.375% ,481, Bank 05 2,700,000 CHF European Investment 2.625% ,028, Bank ,000 CHF European Investment 2.000% , Bank 10 4,000,000 CHF European Investment 1.500% ,048, Bank ,000 CHF Gazprom OAO Via 2.850% , Gaz Capital SA 13 2,000,000 CHF Russian Agricultural 3.125% ,024, Bank OJSC Via RSHB Capital SA 12 Total - Luxembourg 12,851, Mexico 1,770,000 CHF Petroleos Mexicanos 2.500% ,859, Total - Mexico 1,859, Netherlands 4,000,000 AUD BMW Finance NV % ,181, ,000,000 CHF ABN AMRO Bank NV 1.625% ,072, ,000,000 CHF ABN AMRO Bank NV 1.125% ,060, ,700,000 CHF Bank Nederlandse 2.250% ,036, Gemeenten 05 3,250,000 CHF Bank Nederlandse 2.500% ,589, Gemeenten 05 3,350,000 CHF Cooperatieve 2.125% ,549, Centrale Raiffeisen- Boerenleenbank BA/Netherlands 05 4,100,000 CHF Cooperatieve 2.000% ,335, Centrale Raiffeisen- Boerenleenbank BA/Netherlands 10 4,500,000 CHF Deutsche Bahn 1.750% ,776, Finance BV 10 4,000,000 CHF Deutsche Bahn 1.375% ,042, Finance BV 13 1,280,000 CHF EBN BV % ,327, ,000,000 CHF EBN BV % ,052, ,000 CHF Enel Finance 2.000% ,009, International NV 11 2,245,000 CHF Gas Natural Finance BV % ,334, * Any deviations of the percentages of the net assets are due to rounding. 24

25 Vontobel Fund - Swiss Franc Bond Portfolio as at February 28, 2014 CHF CHF 1,020,000 CHF Iberdrola 3.000% ,081, International BV 12 1,195,000 CHF Nederlandse 2.500% ,227, Waterschapsbank NV 05 2,000,000 CHF Nederlandse 2.375% ,199, Waterschapsbank NV ,000 CHF Nederlandse 1.875% , Waterschapsbank NV ,000 CHF PACCAR Financial 1.125% , Europe BV 12 3,000,000 Robert Bosch 1.625% ,611, Investment Nederland BV 13 2,000,000 Volkswagen 1.875% ,500, International Finance NV 12 2,000,000 ING Bank NV % ,794, Total - Netherlands 56,475, New Zealand 2,000,000 CHF ANZ New Zealand 0.773% ,015, Int'l Ltd/London 12 FRN 3,500,000 CHF BNZ International 2.000% ,560, Funding Ltd 10 Total - New Zealand 5,575, Norway 2,000,000 CHF DNB Boligkreditt AS 1.625% ,033, ,000,000 CHF Norges Statsbaner AS 1.375% ,124, ,000,000 CHF Norges Statsbaner AS 2.125% ,168, ,000 CHF Statnett SF % , Total - Norway 7,876, Philippines 1,350,000 CHF Asian Development 2.750% ,552, Bank 10 7,080,000 CHF Asian Development 0.000% ,069, Bank 86 Total - Philippines 8,621, Poland 1,200,000 CHF Poland Government 2.250% ,267, International Bond 12 Total - Poland 1,267, Slovakia 3,315,000 CHF Slovakia Government 2.125% ,508, International Bond 12 2,500,000 Slovakia Government 3.375% ,265, Bond 12 Total - Slovakia 6,774, Spain 235,000 CHF Instituto de Credito 2.000% , Oficial 05 * Any deviations of the percentages of the net assets are due to rounding. 1,900,000 CHF Instituto de Credito 3.250% ,938, Oficial ,000 CHF Instituto de Credito 2.250% , Oficial ,000 Santander 4.500% , International Debt SAU 11 Total - Spain 3,134, Sweden 4,800,000 CHF Akademiska Hus AB 2.125% ,148, ,700,000 CHF PKO Finance AB % ,796, ,800,000 CHF Svensk Exportkredit 2.625% ,881, AB ,000 CHF Svensk Exportkredit 3.000% , AB ,000 CHF Svensk Exportkredit 1.875% , AB ,000 CHF Svensk Exportkredit 1.250% , AB 13 2,000,000 CHF Svenska 0.625% ,001, Handelsbanken AB 14 2,300,000 CHF Swedbank Hypotek 2.125% ,408, AB 10 Total - Sweden 14,838, Switzerland 850,000 CHF Canton of Geneva 1.500% , Switzerland 12 4,785,000 CHF Kraftwerke Oberhasli 1.875% ,741, AG 13 1,400,000 CHF Swisscom AG % ,424, ,915,000 CHF Swissgrid AG % ,973, ,500,000 CHF Zurich Insurance Co 1.500% ,597, Ltd 12 Total - Switzerland 13,552, United Kingdom 1,800,000 CHF Barclays Bank PLC % ,879, ,850,000 CHF BP Capital s 3.000% ,006, PLC 07 1,250,000 CHF Credit Agricole 2.000% ,273, SA/London 10 2,500,000 CHF HSBC Bank PLC % ,595, ,160,000 CHF Network Rail 2.750% ,440, Infrastructure Finance PLC ,000 CHF State Bank of India % , ,500,000 Anglo American 2.500% ,135, Capital PLC 12 Total - United Kingdom 13,898, United States 785,000 CHF Bank of America Corp 3.000% , ,185,000 CHF Citibank Credit Card 2.500% ,233, Issuance Trust ,000 CHF Citigroup Inc % , ,700,000 CHF Citigroup Inc % ,123,

26 Vontobel Fund - Swiss Franc Bond Portfolio as at February 28, 2014 CHF CHF 1,990,000 CHF General Electric 2.500% ,137, Capital Corp 06 1,000,000 CHF Inter-American 2.750% ,117, Development Bank 09 5,000,000 CHF International Bank for 2.750% ,610, Reconstruction & Development 09 1,025,000 CHF JPMorgan Chase & 2.500% ,050, Co 05 1,235,000 CHF Toyota Motor Credit 2.875% ,319, Corp ,000 Citigroup Inc 07 FRN 0.379% , ,000,000 AT&T Inc 13 FRN 0.619% ,171, ,000,000 Newmont Mining 1.250% ,763, Corp 07 2,680,000 PepsiCo Inc 13 FRN 0.444% ,364, ,000,000 Wal-Mart Stores Inc 0.600% ,536, Total - United States 34,494, United Kingdom 3,500,000 BP Capital s 0.876% ,098, PLC 13 FRN Total - United Kingdom 3,098, United States 2,000,000 General Electric 0.506% ,728, Capital Corp 06 FRN 2,000,000 Intel Corp % ,989, ,000 Nissan Motor 0.946% , Acceptance Corp 13 FRN Total - United States 4,250, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 12,670,291 12,670, ,775, Venezuela, Bolivarian Republic Of 4,000,000 CHF Corp Andina de 1.500% ,128, Fomento 12 Total - Venezuela, Bolivarian Republic Of 4,128, Total - Bonds 317,243, Investment funds Luxembourg 17,316 CHF Vontobel Fund - Global Convertible Bond 2,117, Total - Luxembourg 2,117, Total - Investment funds 2,117, Total - Transferable securities admitted to an official exchange 319,361, Transferable securities and money market instruments dealt in on another regulated market Bonds Canada 2,000,000 Goldcorp Inc % ,772, Total - Canada 1,772, New Zealand 1,930,000 CHF BNZ International 1.125% ,957, Funding Ltd 12 Total - New Zealand 1,957, Sweden 1,800,000 Svenska 0.716% ,591, Handelsbanken AB 13 FRN Total - Sweden 1,591, * Any deviations of the percentages of the net assets are due to rounding. 26

27 Vontobel Fund - Euro Bond Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 102,929, ,753,300 Cash at banks 7,611,075 Receivable from foreign currencies 241 Receivable from subscriptions 136,562 Interest and dividends receivable 1,496,303 Receivable for investments sold 6,698,333 (9) Unrealised gain on futures 6,700 Total Assets 122,702,514 Liabilities Bank overdraft 6,700 Payable for redemptions 3,242,796 Payable for investments purchased 6,395,197 Payable on foreign currencies 243 Interest and dividends payable 243 Audit fees, printing and publishing expenses 1,994 (5) Service Fee payable 16,001 (4) Subscription Tax payable 5,988 (3) Management Fee payable 58,534 Other liabilities 14,075 Total Liabilities 9,741,771 Total net assets at the end of the period 112,960,743 Net assets at the beginning of the period 83,190,894 Net investment income 967,945 Change in unrealised appreciation/depreciation on: Investments -492,300 Futures 4,450 Net realised gain/loss on investments 3,379,991 Net realised gain/loss on currency exchange -152 Net realised gain/loss on futures 88,050 Increase/Decrease in net assets resulting from operations 3,947,984 Subscriptions of shares 43,248,973 Redemptions of shares -17,255,325 (11) Dividend distribution -171,783 Total net assets at the end of the period 112,960,743 Income Net interest on bonds 1,405,188 Other income 54 Total income 1,405,242 (3) Expenses Management Fees 323,047 Audit fees, printing and publishing expenses 4,049 (4) Subscription tax 16,930 Bank interest 17 (5) Service Fees 80,894 (8) Other Fees payable 12,360 Total Expenses 437,297 Net investment income 967,945 27

28 Vontobel Fund - Euro Bond Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Austria 2,000,000 Austria Government 3.900% ,322, Bond 05 1,450,000 Austria Government 6.250% ,103, Bond ,000 Erdoel % , Lagergesellschaft mbh 13 3,200,000 Hypo Alpe-Adria % ,174, Bank International AG ,000 OeBB Infrastruktur 3.000% , AG 13 Total - Austria 8,738, Belgium 1,500,000 Belgium Government 2.600% ,536, Bond ,000 Belgium Government 5.500% , Bond 98 Total - Belgium 2,200, Cayman Islands 1,000,000 Petrobras Global 3.250% ,006, Finance BV 12 Total - Cayman Islands 1,006, Curaçao 500,000 Teva Pharmaceutical 2.875% , Finance IV BV 12 Total - Curaçao 528, Czech Republic 1,750,000 Czech Republic 3.625% ,965, International 10 Total - Czech Republic 1,965, Estonia 200,000 Eesti Energia AS % , ,000,000 Eesti Energia AS % ,100, Total - Estonia 1,322, France 400,000 Agence Francaise de 1.250% , Developpement ,000 AXA Bank Europe 1.875% , SCF ,000 Bpifrance 2.500% , Financement SA 13 2,000,000 France Government 5.750% ,836, Bond OAT 01 2,500,000 France Government 4.000% ,909, Bond OAT 06 3,000,000 France Government 3.750% ,431, Bond OAT ,000 France Government 3.250% , Bond OAT 11 1,500,000 France Government 2.750% ,524, Bond OAT 12 * Any deviations of the percentages of the net assets are due to rounding. 5,000,000 France Government 2.250% ,025, Bond OAT ,000 Legrand SA % , Total - France 18,211, Germany 500,000 Berlin Hyp AG % , ,000 Bundesrepublik 4.000% , Deutschland 05 2,300,000 Bundesrepublik 1.500% ,309, Deutschland ,000 Bundesrepublik 1.750% , Deutschland ,000 Commerzbank AG % , ,000 FMS 3.000% , Wertmanagement AoeR 11 Total - Germany 4,512, Ireland 300,000 Bank of Ireland 3.250% , Mortgage Bank ,000 Bank of Ireland 4.625% , Mortgage Bank 09 1,000,000 German Postal 3.750% ,144, Pensions Securitisation PLC 05 1,650,000 German Postal 3.375% ,739, Pensions Securitisation PLC ,000 Ireland Government 5.500% , Bond 12 1,000,000 Ireland Government 3.400% ,025, Bond 14 Total - Ireland 5,202, Israel 500,000 Israel Government 4.625% , International Bond 10 1,000,000 Israel Government 2.875% ,017, International Bond 14 Total - Israel 1,593, Italy 750,000 Eni SpA % , ,000 Intesa Sanpaolo SpA 3.250% , ,000 Intesa Sanpaolo SpA 3.750% , ,000,000 Intesa Sanpaolo SpA 2.250% ,035, ,000 Intesa Sanpaolo SpA 3.375% , ,000 Italy Buoni Poliennali 6.000% , Del Tesoro 00 6,000,000 Italy Buoni Poliennali 4.250% ,600, Del Tesoro 03 1,000,000 Italy Buoni Poliennali 3.750% ,042, Del Tesoro ,000 Italy Buoni Poliennali Del Tesoro % ,

29 Vontobel Fund - Euro Bond Portfolio as at February 28, ,500,000 Italy Buoni Poliennali 4.750% ,631, Del Tesoro 11 2,000,000 Italy Buoni Poliennali 3.500% ,125, Del Tesoro ,000 Italy Buoni Poliennali 6.500% , Del Tesoro 97 1,000,000 Italy Government 5.750% ,102, International Bond ,000 UniCredit SpA % , ,000,000 UniCredit SpA % ,218, ,000 UniCredit SpA % , ,000,000 UniCredit SpA % ,013, ,000 UniCredit SpA % , Total - Italy 21,049, Jersey 400,000 Heathrow Funding 4.375% , Ltd 12 Total - Jersey 436, Korea, Republic Of 600,000 Export-Import Bank 4.625% , of Korea 07 Total - Korea, Republic Of 658, Latvia 250,000 Republic of Latvia % , Total - Latvia 256, Lithuania 200,000 Lithuania 4.850% , Government International Bond 07 Total - Lithuania 224, Luxembourg 200,000 European Investment 5.500% , Bank ,000 European Union % , Total - Luxembourg 780, Netherlands 400,000 Alliander NV % , ,000 Allianz Finance II BV 3.500% , ,000 Cooperatieve 2.544% , Centrale Raiffeisen- Boerenleenbank BA/Netherlands 04 FRN 1,400,000 KBC Internationale 3.600% ,402, Financieringsmaatsch appij NV 08 FRN 500,000 Robert Bosch 1.625% , Investment Nederland BV 13 Total - Netherlands 3,244, New Zealand 1,250,000 BNZ International 3.125% ,357, Funding Ltd 10 Total - New Zealand 1,357, Poland 1,500,000 Poland Government 4.000% ,706, International Bond ,000 Poland Government 5.250% , International Bond 10 Total - Poland 2,347, Russia 800,000 Russian Foreign Bond 3.625% , Eurobond 13 Total - Russia 829, Slovakia 1,250,000 Slovakia Government 4.350% ,453, Bond 10 4,000,000 Slovakia Government 4.000% ,566, Bond ,000 Slovakia Government 3.375% , Bond ,000 Slovakia Government 4.375% , International Bond ,000 Slovakia Government 4.375% , International Bond ,000 SPP Infrastructure 3.750% , financing BV 13 Total - Slovakia 9,057, Slovenia 500,000 Slovenia Government 4.375% , Bond ,000 Slovenia Government 4.125% , Bond 10 1,400,000 Slovenia Government 4.000% ,490, International Bond 07 1,000,000 Slovenska izvozna in 3.000% ,007, razvojna banka dd 10 Total - Slovenia 3,563, Spain 2,000,000 BBVA Senior Finance 3.625% ,034, SAU ,000 FADE - Fondo de 5.900% , Amortizacion del Deficit Electrico 11 1,000,000 Instituto de Credito 4.375% ,101, Oficial 09 1,300,000 Instituto de Credito 2.375% ,331, Oficial ,000 Santander Consumer Finance SA % , * Any deviations of the percentages of the net assets are due to rounding. 29

30 Vontobel Fund - Euro Bond Portfolio as at February 28, ,000 Santander 4.375% , International Debt SAU 12 1,000,000 Spain Government 5.500% ,128, Bond 02 1,000,000 Spain Government 4.600% ,120, Bond ,000 Spain Government 3.750% , Bond 13 2,000,000 Spain Government 3.800% ,049, Bond 14 Total - Spain 11,364, Sweden 800,000 PKO Finance AB % , Total - Sweden 834, United Kingdom 750,000 Abbey National 1.750% , Treasury Services PLC/London ,000 BG Energy Capital 3.000% , PLC 11 Total - United Kingdom 1,297, United States 600,000 3M Co % , ,000 International Business 1.875% , Machines Corp ,000 Procter & Gamble 2.000% , Co/The ,000 Verizon 2.375% , Communications Inc 14 Total - United States 2,215, Total - Bonds Total - Transferable securities admitted to an official exchange Total - Investment in securities 104,800, ,800, ,753, * Any deviations of the percentages of the net assets are due to rounding. 30

31 Vontobel Fund - Corporate Bond Mid Yield Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 411,110, ,551,462 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 14,283,835 82,899 1,461,488 8,259,749 (9) Interest receivable on swaps 48,611 (9) Unrealised gain on forward foreign exchange contracts 24,094 (9) Unrealised gain on swaps 342,919 Total Assets 459,055,057 Liabilities Bank overdraft 3,651 Provision for expenses 1,520 Payable for redemptions 540,915 Payable for investments purchased 5,650,804 Payable on foreign currencies 82,928 Audit fees, printing and publishing expenses 8,882 (5) Service Fee payable 60,858 (4) Subscription Tax payable 20,511 (3) Management Fee payable 303,551 Other liabilities 13,030 Total Liabilities 6,686,650 Total net assets at the end of the period 452,368,407 Net assets at the beginning of the period 303,237,104 Net investment income 6,194,668 Change in unrealised appreciation/depreciation on: Investments 16,469,339 Forward foreign exchange contracts 26,736 Swaps 440,207 Net realised gain/loss on investments -1,955,306 Net realised gain/loss on forward foreign exchange contracts 69,363 Net realised gain/loss on currency exchange 34,740 Net realised gain/loss on swaps 30,558 Increase/Decrease in net assets resulting from operations 21,310,305 Subscriptions of shares 188,288,416 Redemptions of shares -59,641,862 (11) Dividend distribution -825,556 Total net assets at the end of the period 452,368,407 Income Net interest on bonds 8,057,615 Interest on Swaps 131,667 Other income 280 Total income 8,189,562 (3) Expenses Management Fees 1,515,646 Audit fees, printing and publishing expenses 21,979 (4) Subscription tax 57,437 Bank interest 2,203 Interest on Contracts for Difference 16,528 (5) Service Fees 365,705 (8) Other Fees payable 15,396 Total Expenses 1,994,894 Net investment income 6,194,668 31

32 Vontobel Fund - Corporate Bond Mid Yield Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Belgium 1,500,000 Anheuser-Busch 2.000% ,542, InBev NV 12 3,250,000 Barry Callebaut 5.625% ,706, Services NV 11 Total - Belgium 5,249, Curaçao 1,500,000 Teva Pharmaceutical 2.875% ,585, Finance IV BV 12 Total - Curaçao 1,585, Denmark 600,000 TDC A/S % , ,000,000 TDC A/S % ,101, Total - Denmark 1,755, France 300,000 Alstom SA % , ,000,000 Alstom SA % ,179, ,000 Alstom SA % , ,000 Alstom SA % , ,500,000 Areva SA % ,659, ,000,000 AXA SA 06 FRN 5.777% ,608, ,500,000 AXA SA 13 FRN 5.125% ,743, ,500,000 Bouygues SA % ,197, ,500,000 BPCE SA 10 FRN 9.000% ,660, ,500,000 BPCE SA % ,649, ,000 Caisse de 4.000% , Refinancement de l'habitat SA 11 1,250,000 Cie de St-Gobain % ,385, ,000,000 Cie de St-Gobain % ,425, ,000,000 CNP Assurances % ,467, FRN 6,500,000 Electricite de France 4.250% ,788, FRN 3,000,000 Electricite de France 5.375% ,226, FRN 500,000 Electricite de France 5.000% , FRN 5,000,000 GDF Suez 13 FRN 3.875% ,192, ,500,000 Gecina SA % ,531, ,000,000 Gecina SA % ,944, ,500,000 JCDecaux SA % ,598, ,000 Lafarge SA % , ,600,000 Lafarge SA % ,895, ,250,000 Lafarge SA % ,453, ,500,000 Lafarge SA % ,629, ,500,000 Natixis 07 FRN 6.307% ,875, ,000 Pernod Ricard SA % , ,000 Pernod Ricard SA % , ,000 Pernod Ricard SA % , ,000,000 RCI Banque SA % ,143, * Any deviations of the percentages of the net assets are due to rounding. ** See note ,000,000 RCI Banque SA % ,049, ,000,000 Valeo SA % ,158, ,500,000 Vallourec SA % ,826, ,500,000 Vinci SA 06 FRN 6.250% ,827, ,000,000 Vinci SA % ,175, ,500,000 Vivendi SA % ,630, ,200,000 Vivendi SA % ,383, ,000,000 Vivendi SA % ,096, ,750,000 GBP RCI Banque SA % ,654, ,000,000 AXA SA % ,191, Total - France 108,183, Germany 2,500,000 CHF Allianz SE 14 FRN 3.250% ,139, ,000,000 Allianz SE 12 FRN 5.625% ,629, ,000,000 Allianz SE 13 FRN 4.750% ,109, ,500,000 Bundesrepublik 4.750% ,067, Deutschland 03 3,000,000 Hella KGaA Hueck & 2.375% ,058, Co 13 1,500,000 Metro AG % ,625, ,000,000 MTU Aero Engines 3.000% ,103, AG 12 4,500,000 Münchener 5.767% ,892, Rückversicherungs AG 07 FRN 1,800,000 PERI GmbH % ,881, ,000 RWE AG % , Total - Germany 25,159, Guernsey 1,000,000 CHF Credit Suisse Group 7.125% , Guernsey IV Ltd 12 FRN Total - Guernsey 907, Ireland 5,500,000 Aquarius and 4.250% ,807, Investments PLC for Zurich Insurance Co Ltd 13 FRN 1,000,000 Bank of Ireland 4.625% ,019, Mortgage Bank 09 2,000,000 Bank of Ireland 3.125% ,067, Mortgage Bank ,000 Bank of Ireland 1.875% , Mortgage Bank 13 Total - Ireland 9,401, Italy 6,500,000 Assicurazioni Generali % SpA 12 FRN 8,685, ,000,000 Assicurazioni Generali 2.875% ,061, SpA 14 2,000,000 Banca Monte dei 5.000% ,181, Paschi di Siena SpA 11 2,500,000 Enel SpA 13 FRN 6.500% ,727, ,000,000 Enel SpA 14 FRN 5.000% ,022,

33 Vontobel Fund - Corporate Bond Mid Yield Portfolio as at February 28, ,500,000 Eni SpA % ,831, ,000,000 Intesa Sanpaolo SpA 8.375% ,417, FRN 2,200,000 Mediobanca SpA % ,302, ,000,000 Mediobanca SpA % ,041, ,000 Mediobanca SpA % , ,000,000 Telecom Italia SpA % ,371, ,700,000 UniCredit SpA % ,793, ,000 UniCredit SpA % , ,500,000 UniCredit SpA % ,533, ,500,000 GBP Telecom Italia SpA % ,273, Total - Italy 38,943, Japan 2,200,000 Sumitomo Mitsui 4.000% ,453, Banking Corp 10 Total - Japan 2,453, Jersey 4,500,000 Heathrow Funding 4.375% ,907, Ltd 12 5,000,000 HSBC Capital Funding 5.369% ,010, LP/Jersey 03 FRN 870,663 Oxford Street Finance 3.308% Ltd 05 FRN ** 365,385 Sydney Street Finance 3.708% Ltd 05 FRN ** 4,500,000 UBS AG/Jersey % ,073, FRN 2,500,000 HBOS Capital 6.850% ,819, Funding LP 03 Total - Jersey 16,811, Luxembourg 4,000,000 CNH Industrial 6.250% ,558, Finance Europe SA 11 2,200,000 Finmeccanica Finance 5.750% ,478, SA/Old 03 1,000,000 Glencore Finance 7.125% ,070, Europe SA 08 3,000,000 Glencore Finance 4.625% ,330, Europe SA 12 1,000,000 Michelin Luxembourg 2.750% ,053, SCS 12 3,000,000 GBP UniCredit 8.593% ,888, International Bank Luxembourg SA 08 FRN Total - Luxembourg 16,380, Netherlands 7,000,000 ABN AMRO Bank NV 7.125% ,751, ,000 Enel Finance 5.750% ,056, International NV 11 3,000,000 Enel Finance 4.875% ,441, International NV 12 * Any deviations of the percentages of the net assets are due to rounding. ** See note ,400,000 Gas Natural Fenosa 3.875% ,531, Finance BV 13 1,000,000 Gas Natural Fenosa 3.500% ,074, Finance BV 13 1,000,000 Gas Natural Fenosa 2.875% , Finance BV 14 4,500,000 HeidelbergCement 7.500% ,587, Finance Luxembourg SA ,000 HeidelbergCement 9.500% , Finance Luxembourg SA 11 3,000,000 HIT Finance BV % ,472, ,400,000 Koninklijke KPN NV 7.500% ,018, ,700,000 Koninklijke KPN NV 4.500% ,890, ,000,000 Linde Finance BV % ,262, FRN 3,800,000 Repsol International 4.875% ,339, Finance BV 12 1,800,000 Repsol International 4.375% ,995, Finance BV 12 2,000,000 SABIC Capital I BV % ,046, ,000,000 Volkswagen 3.875% ,181, International Finance NV 13 FRN Total - Netherlands 46,301, Slovakia 2,500,000 SPP Infrastructure 3.750% ,638, financing BV 13 Total - Slovakia 2,638, Spain 4,000,000 Bankia SA % ,875, ,000,000 CaixaBank SA % ,083, ,000,000 CaixaBank SA % ,114, ,000 Gas Natural Capital 3.375% , s SA 10 3,000,000 Gas Natural Capital 5.000% ,409, s SA 12 1,500,000 Santander 3.500% ,518, International Debt SAU 10 2,000,000 Santander 4.625% ,138, International Debt SAU 12 9,000,000 Spain Government 4.200% ,918, Bond 05 3,500,000 Telefonica Emisiones 4.797% ,917, SAU 12 4,000,000 Telefonica Emisiones 3.987% ,285, SAU 13 Total - Spain 34,875, Sweden 1,500,000 Volvo Treasury AB % ,532, Total - Sweden 1,532, Switzerland 1,350,000 CHF Swiss Life Holding AG 0.000% ,246,

34 Vontobel Fund - Corporate Bond Mid Yield Portfolio as at February 28, ,000,000 Credit Suisse AG % ,382, FRN 2,000,000 Credit Suisse Group 7.500% ,594, AG 13 FRN Total - Switzerland 7,223, United Kingdom 2,000,000 Abbey National 1.750% ,029, Treasury Services PLC/London ,000 Anglo American 5.875% , Capital PLC 08 3,500,000 Barclays Bank PLC % ,279, ,000,000 BAT International 2.750% ,014, Finance PLC 13 3,500,000 BG Energy Capital 6.500% ,923, PLC 12 FRN 800,000 FCE Bank PLC % , ,000,000 FCE Bank PLC % ,049, ,000,000 FCE Bank PLC % ,010, ,500,000 FCE Bank PLC % ,525, ,500,000 Hammerson PLC % ,606, ,950,000 Imperial Tobacco 8.375% ,228, Finance PLC 09 1,900,000 Imperial Tobacco 4.500% ,129, Finance PLC 11 4,000,000 Legal & General 4.000% ,121, Group PLC 05 FRN 3,500,000 Lloyds Bank PLC % ,406, FRN 3,000,000 Lloyds Bank PLC % ,063, ,000,000 Nationwide Building 6.750% ,812, Society 10 3,000,000 Rentokil Initial PLC % ,096, ,500,000 Royal Bank of 5.375% ,114, Scotland PLC/The ,000 Royal Bank of 4.000% , Scotland PLC/The ,000 SABMiller PLC % , ,000 GBP Abbey National 5.500% , Treasury Services PLC/London 09 2,500,000 GBP GKN Holdings PLC % ,540, ,500,000 GBP Jaguar Land Rover 5.000% ,094, Automotive PLC 14 2,500,000 GBP Scottish Widows PLC 5.125% ,063, FRN 4,000,000 Barclays Bank PLC % ,211, Total - United Kingdom 64,391, United States 3,500,000 Bank of America Corp 4.625% ,895, ,000,000 Bank of America Corp 1.875% ,011, ,500,000 DZ Bank Capital 2.791% ,306, Funding Trust I 03 FRN 1,500,000 Goldman Sachs 3.250% ,552, Group Inc/The 13 3,000,000 JPMorgan Chase 4.375% ,174, Bank NA 06 FRN 3,100,000 Morgan Stanley % ,356, ,500,000 National Grid North 1.750% ,542, America Inc 13 2,000,000 Verizon 2.375% ,012, Communications Inc 14 6,000,000 UBS AG/Stamford CT 7.625% ,134, Total - United States 24,987, Total - Bonds 408,781, Investment funds Luxembourg 179,330 Vontobel Fund - Global Convertible Bond 24,951, Total - Luxembourg 24,951, Total - Investment funds Total - Transferable securities admitted to an official exchange 24,951, ,733, Transferable securities and money market instruments dealt in on another regulated market Bonds United States 1,000,000 Intel Corp % , Total - United States 817, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 817, , ,551, * Any deviations of the percentages of the net assets are due to rounding. ** See note

35 Vontobel Fund - High Yield Bond Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 210,957, ,733,162 Cash at banks 15,658,838 Receivable from foreign currencies 516 Receivable from subscriptions 727,838 Interest and dividends receivable 3,724,751 Receivable for investments sold Total Assets 3,638, ,484,070 Liabilities Payable for redemptions 103,326 Payable for investments purchased 8,211,508 Payable on foreign currencies 516 (9) Unrealised loss on forward foreign exchange contracts 374,290 Audit fees, printing and publishing expenses 4,788 (5) Service Fee payable 31,203 (4) Subscription Tax payable 17,061 (3) Management Fee payable 180,663 (3) Performance Fee payable 435 Other liabilities 3,980 Total Liabilities 8,927,770 Total net assets at the end of the period 231,556,300 Net assets at the beginning of the period 191,895,495 Net investment income 5,519,791 Change in unrealised appreciation/depreciation on: Investments 5,761,484 Forward foreign exchange contracts -2,159,663 Net realised gain/loss on investments 101,962 Net realised gain/loss on forward foreign exchange contracts 4,554,275 Net realised gain/loss on currency exchange 398,189 Net realised gain/loss on swaps -105,211 Net realised gain/loss on options -11 Increase/Decrease in net assets resulting from operations 14,070,816 Subscriptions of shares 47,170,032 Redemptions of shares -21,552,857 (11) Dividend distribution -27,186 Total net assets at the end of the period 231,556,300 Income Net interest on bonds 6,769,939 Interest on Swaps 244,051 Net dividends 50,577 Other income 149 Total income 7,064,716 (3) Expenses Management Fees 1,104,392 (3) Performance Fee 463 Audit fees, printing and publishing expenses 10,382 (4) Subscription tax 50,527 Bank interest 832 Interest on Contracts for Difference 76,099 (5) Service Fees 293,194 (8) Other Fees payable 9,036 Total Expenses 1,544,925 Net investment income 5,519,791 35

36 Vontobel Fund - High Yield Bond Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Australia 460,000 FMG Resources 7.000% , August 2006 Pty Ltd 10 Total - Australia 345, Belgium 1,000,000 Barry Callebaut 5.500% , Services NV 13 Total - Belgium 747, Bermuda Islands 4,000,000 North Atlantic Drilling 6.250% ,881, Ltd 14 1,000,000 Pacnet Ltd % , Total - Bermuda Islands 3,646, Cayman Islands 1,680,000 Viridian Group % ,871, FundCo II Ltd 12 Total - Cayman Islands 1,871, Croatia 1,350,000 Agrokor dd % ,534, ,100,000 Agrokor dd % ,391, ,000,000 Agrokor dd % , Total - Croatia 4,713, France 1,500,000 AXA SA 06 FRN 5.777% ,591, ,500,000 Electricite de France 5.000% ,562, FRN 500,000 Kerneos Tech Group 5.750% , SAS 14 1,300,000 La Financiere Atalian 7.250% ,397, SAS 13 1,000,000 GBP AXA SA 14 FRN 5.625% ,233, ,000 BPCE SA % , Total - France 6,481, Germany 500,000 Deutsche 6.750% , Raststaetten Gruppe IV GmbH 13 3,000,000 Unitymedia Hessen 5.750% ,254, GmbH & Co KG / Unitymedia NRW GmbH ,000 WEPA 6.500% , Hygieneprodukte GmbH 13 Total - Germany 4,126, Ireland 3,000,000 Ardagh Packaging 9.250% ,343, Finance PLC 10 1,000,000 Nara Cable Funding 8.875% ,088, Ltd 10 1,600,000 Rottapharm Ltd % ,697, ,000,000 Smurfit Kappa 4.125% ,123, Acquisitions 13 2,000,000 Vimpel 7.748% ,558, Communications Via VIP Finance Ireland Ltd OJSC 11 Total - Ireland 9,812, Israel 1,000,000 B Communications 7.375% , Ltd 14 Total - Israel 763, Italy 2,000,000 Assicurazioni Generali 7.750% ,386, SpA 12 FRN 2,000,000 Assicurazioni Generali % ,672, SpA 12 FRN 2,000,000 Cerved Group SpA % ,170, ,300,000 Gtech Spa 06 FRN 8.250% ,421, ,000,000 Mediaset SpA % ,062, ,000,000 Telecom Italia SpA % ,068, ,500,000 GBP Enel SpA 14 FRN 6.625% ,869, Total - Italy 13,652, Jersey 1,000,000 UBS AG/Jersey % ,127, FRN 1,000,000 GBP Galaxy Finco Ltd % ,258, ,000,000 HBOS Capital 6.850% , Funding LP 03 Total - Jersey 3,114, Luxembourg 2,000,000 Cirsa Funding 8.750% ,093, Luxembourg SA ,000 Fiat Finance & Trade 6.750% , SA 13 1,000,000 Findus Bondco SA % ,101, ,790,000 GCL Holdings SCA % ,935, ,000,000 GCS Holdco Finance I 6.500% ,067, SA 13 2,000,000 INEOS Group 6.500% ,118, Holdings SA 13 1,500,000 Intralot Finance 9.750% ,712, Luxembourg SA 13 2,300,000 Wind Acquisition 7.375% ,445, Finance SA 10 1,500,000 GBP Cabot Financial % ,089, Luxembourg SA 12 1,100,000 GBP Cabot Financial 8.375% ,454, Luxembourg SA 13 1,000,000 Altice Finco SA % , ,500,000 Dufry Finance SCA % ,597, ,000 Wind Acquisition 6.500% , Finance SA 13 Total - Luxembourg 20,142, Netherlands 500,000 Adria Bidco BV % , * Any deviations of the percentages of the net assets are due to rounding. 36

37 Vontobel Fund - High Yield Bond Portfolio as at February 28, ,000,000 Cable 7.500% ,056, Communications Systems NV 13 5,105,000 Carlson Wagonlit BV 7.500% ,558, ,750,000 InterXion Holding NV 6.000% ,032, ,250,000 UPC Holding BV % ,495, ,000,000 UPC Holding BV % ,062, ,000,000 GBP Telefonica Europe BV 6.750% ,269, FRN 5,000,000 Bluewater Holding BV % ,669, ,000,000 EDP Finance BV % ,259, Total - Netherlands Poland 21,924, ,000,000 Ciech Group 9.500% ,326, Financing AB 12 Total - Poland Spain 2,000,000 Banco Bilbao Vizcaya 7.000% ,326,600 2,037, Argentaria SA 14 FRN 3,600,000 Obrascon Huarte Lain 7.625% ,032, SA 12 Total - Spain Sweden 2,000,000 Eileme 2 AB % ,070,460 2,423, Total - Sweden Switzerland 1,000,000 Credit Suisse Group 7.500% ,423, , AG 13 FRN Total - Switzerland United Kingdom 797, ,000,000 Lloyds Bank PLC % ,258, FRN 1,000,000 Nationwide Building 6.750% ,203, Society 10 4,150,000 Rexam PLC 07 FRN 6.750% ,476, ,000,000 GBP 1st Credit Holdings % ,354, Ltd 13 5,000,000 GBP Jaguar Land Rover 5.000% ,188, Automotive PLC ,000 GBP Odeon & UCI Finco 9.000% , PLC 11 1,000,000 GBP Soho House Bond Ltd 9.125% ,213, ,000,000 GBP Travelex Financing 8.000% ,643, PLC 13 2,100,000 Ineos Finance PLC % ,683, Total - United Kingdom United States 20,649, ,000,000 Avis Budget Finance 6.000% ,277, Plc 13 1,500,000 Verizon 2.375% ,509, Communications Inc 14 1,250,000 Cinemark USA Inc % , ,500,000 Crown Media % ,232, Holdings Inc 11 1,250,000 First Data Holdings % , Inc 13 1,100,000 Goodyear Tire & 8.250% , Rubber Co/The 10 1,000,000 Harland Clarke 9.250% , Holdings Corp ,000 IPALCO Enterprises 5.000% , Inc 11 2,000,000 Silgan Holdings Inc 5.000% ,472, ,000,000 Sprint Capital Corp 8.750% , ,000,000 Sprint 7.000% ,672, Communications Inc 12 2,000,000 UBS AG/Stamford CT 7.625% ,711, Total - United States 16,555, Total - Bonds 140,162, Investment funds Ireland 35,000 ishares O STOXX 50 UCITS ETF Inc 1,108, Total - Ireland 1,108, Total - Investment funds 1,108, Shares United States 110,000 Bank of America Corp 1,316, ,000 JPMorgan Chase & 987, Co 28,000 Wells Fargo & Co 941, Total - United States 3,244, Total - Shares Total - Transferable securities admitted to an official exchange 3,244, ,515, Transferable securities and money market instruments dealt in on another regulated market Bonds Canada 700,000 Valeant 6.875% , Pharmaceuticals International 10 Total - Canada 539, Cayman Islands 1,000,000 Viridian Group % , FundCo II Ltd 12 Total - Cayman Islands 797, * Any deviations of the percentages of the net assets are due to rounding. 37

38 Vontobel Fund - High Yield Bond Portfolio as at February 28, 2014 Ireland 176,471 Ardagh Packaging 7.000% , Finance PLC / Ardagh Holdings USA Inc 13 1,600,000 Smurfit Kappa 4.875% ,219, Acquisitions 12 Total - Ireland 1,348, Luxembourg 2,000,000 GBP Findus Bondco SA % ,667, ,000 Dufry Finance SCA % , ,000,000 Exopack Holdings SA 7.875% , ,100,000 Intelsat Jackson 7.250% , Holdings SA ,000 Intelsat Luxembourg 7.750% , SA ,000 Intelsat Luxembourg 7.750% , SA 13 Total - Luxembourg 5,429, Singapore 1,400,000 Oro Negro Drilling 7.500% ,020, Pte Ltd 14 Total - Singapore 1,020, United Kingdom 2,000,000 GBP EDU UK BondCo PLC 8.875% ,548, ,000,000 GBP New Look Bondco I 8.750% ,950, Plc 13 2,000,000 GBP Towergate Finance % ,549, PLC 11 Total - United Kingdom 9,048, United States 3,000,000 Rain CII Carbon LLC / 8.500% ,093, CII Carbon Corp 12 1,000,000 GBP Virgin Media Finance 7.000% ,283, PLC ,000 AmeriGas Finance 6.750% , LLC / AmeriGas Finance Corp 12 3,000,000 Avaya Inc % ,163, ,250,000 Axalta Coating 7.375% , Systems US Holdings Inc / Axalta Coating Systems Dutch Holding B 13 1,000,000 Beazer Homes USA 9.125% , Inc 10 2,000,000 Big Heart Pet Brands 7.625% ,512, ,000,000 Bon-Ton Department 8.000% ,379, Stores Inc/The 13 3,500,000 CCO Holdings LLC / 5.250% ,528, CCO Holdings Capital Corp 12 1,850,000 Cinemark USA Inc % ,477, ,050,000 Concho Resources Inc 7.000% , ,160 Delta Air Lines % , Class B Pass Through Trust 12 2,000,000 Denbury Resources 6.375% ,562, Inc 11 * Any deviations of the percentages of the net assets are due to rounding. 3,255,000 EXCO Resources Inc 7.500% ,377, ,000,000 Felcor Lodging LP % ,568, ,100,000 First Data Corp % , ,000,000 Freescale % , Semiconductor Inc 11 4,000,000 Frontier 8.750% ,313, Communications Corp 10 2,000,000 Goodyear Tire & 6.500% ,588, Rubber Co/The 13 1,000,000 Hexion US Finance 9.000% , Corp / Hexion Nova Scotia Finance ULC 11 2,250,000 Hexion US Finance 6.625% ,693, Corp 12 3,000,000 Kindred Healthcare 8.250% ,343, Inc 11 2,000,000 McGraw-Hill Global 9.750% ,603, Education Holdings LLC / McGraw-Hill Global Education Finance ,000 Newfield Exploration 6.875% , Co 10 3,000,000 PF Chang's China % ,340, Bistro Inc 12 2,000,000 Regal Entertainment 5.750% ,480, Group 14 2,000,000 Sabine Pass 5.875% ,484, Liquefaction LLC ,000 SESI LLC % , ,000,000 Toys R Us Property 8.500% ,489, Co II LLC 10 3,000,000 TPC Group Inc % ,345, ,000,000 Valeant 7.000% ,580, Pharmaceuticals International 10 4,500,000 WideOpenWest % ,730, Finance LLC / WideOpenWest Capital Corp 13 1,000,000 William Carter 5.250% , Co/The 13 Total - United States 51,941, Virgin Islands 3,000,000 Sea Trucks Group % ,090, Total - Virgin Islands 2,090, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 72,217, ,217, ,733,

39 Vontobel Fund - US Dollar Bond Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 93,788,897 93,062,204 Cash at banks 2,556,131 Receivable from subscriptions 26,689 Interest and dividends receivable 605,873 Total Assets 96,250,897 Liabilities Payable for redemptions 101,748 Audit fees, printing and publishing expenses 2,240 (5) Service Fee payable 13,245 (4) Subscription Tax payable 5,302 (3) Management Fee payable 50,288 Other liabilities 8,615 Total Liabilities 181,438 Total net assets at the end of the period 96,069,459 Net assets at the beginning of the period 101,929,229 Net investment income 1,087,600 Change in unrealised appreciation/depreciation on: Investments 765,654 Futures -9,062 Net realised gain/loss on investments -50,487 Net realised gain/loss on currency exchange -7 Net realised gain/loss on futures 98,406 Increase/Decrease in net assets resulting from operations 1,892,104 Subscriptions of shares 5,027,823 Redemptions of shares -12,228,701 (11) Dividend distribution -550,996 Total net assets at the end of the period 96,069,459 Income Net interest on bonds 1,545,117 Other income 65 Total income 1,545,182 (3) Expenses Management Fees 335,636 Audit fees, printing and publishing expenses 5,313 (4) Subscription tax 16,516 (5) Service Fees 91,063 (8) Other Fees payable 9,054 Total Expenses 457,582 Net investment income 1,087,600 39

40 Vontobel Fund - US Dollar Bond Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Canada 1,000,000 Bank of Montreal % ,039, ,500,000 Canadian Imperial 2.750% ,562, Bank of Commerce/Canada 11 1,350,000 CCDJ Quebec % ,403, ,000 Province of British 2.100% , Columbia ,000 Province of New 2.750% , Brunswick Canada 11 3,050,000 Province of Ontario 3.150% ,258, Canada ,000 Royal Bank of Canada 3.125% , Total - Canada 9,369, Cayman Islands 300,000 Amber Circle Funding 2.000% , Ltd ,000 Amber Circle Funding 3.250% , Ltd 12 Total - Cayman Islands 482, Chile 500,000 Chile Government 2.250% , International Bond 12 1,000,000 Corp Nacional del 3.000% , Cobre de Chile ,000 Empresa de 4.750% , Transporte de Pasajeros Metro SA 14 Total - Chile 1,915, Curaçao 500,000 Teva Pharmaceutical 2.950% , Finance Co BV 12 Total - Curaçao 467, Czech Republic 1,000,000 CEZ AS % ,024, Total - Czech Republic 1,024, France 300,000 Cie de Financement 2.250% , Foncier SA ,000 Total Capital 2.125% , International SA 14 Total - France 805, Germany 600,000 Linde AG % , Total - Germany 595, Guernsey 1,800,000 Credit Suisse 1.625% ,822, AG/Guernsey 12 Total - Guernsey 1,822, Israel 1,000,000 Israel Government 5.125% ,134, International Bond 09 Total - Israel 1,134, Italy 2,100,000 Italy Government 5.375% ,314, International Bond 07 1,500,000 Italy Government 6.875% ,816, International Bond 93 Total - Italy 4,130, Japan 1,500,000 Japan Bank for 2.500% ,556, International Cooperation/Japan 11 1,000,000 Nippon Telegraph & 2.150% , Telephone Corp 13 Total - Japan 2,546, Korea, Republic Of 500,000 Export-Import Bank 4.000% , of Korea ,000 Korea South-East 3.625% , Power Co Ltd 11 Total - Korea, Republic Of 1,066, Latvia 200,000 Republic of Latvia % , Total - Latvia 219, Mexico 500,000 Comision Federal de 4.875% , Electricidad 13 Total - Mexico 508, Netherlands 1,000,000 Bank Nederlandse 0.407% ,001, Gemeenten 13 FRN 1,000,000 Lukoil International 6.375% ,037, Finance BV ,000 Shell International 3.250% , Finance BV 09 Total - Netherlands 2,377, Norway 500,000 DNB Boligkreditt AS 1.450% , ,000,000 Statoil ASA % ,007, ,000 Telenor ASA % , Total - Norway 1,752, Philippines 2,250,000 Asian Development 6.640% ,283, Bank 99 Total - Philippines 2,283, * Any deviations of the percentages of the net assets are due to rounding. 40

41 Vontobel Fund - US Dollar Bond Portfolio as at February 28, 2014 Poland 2,000,000 Poland Government 6.375% ,385, International Bond ,000 Poland Government 3.875% ,019, International Bond 10 1,000,000 Poland Government 5.125% ,115, International Bond 11 Total - Poland 4,521, Russia 200,000 Russian Foreign Bond 3.250% , Eurobond 12 Total - Russia 209, Singapore 500,000 Temasek Financial I 4.500% , Ltd 05 Total - Singapore 530, Turkey 500,000 Turkiye Is Bankasi % , Total - Turkey 486, United Kingdom 1,800,000 UBS AG/London % ,863, Total - United Kingdom 1,863, United States 300,000 American Honda 1.000% , Finance Corp ,000 Apple Inc % , ,000 Bank of America Corp 4.500% , ,000 Citigroup Inc % , ,000,000 Dexia Credit Local 2.250% ,002, SA/New York NY ,000 General Electric 1.000% , Capital Corp ,000 General Electric Co % , ,000 Google Inc % , ,000 Hyundai Capital 1.450% , America ,000 Italy Government 0.000% , International Bond Coupon Strip 93 2,000,000 Nestle Holdings Inc 2.125% ,000, ,000 Nestle Holdings Inc 2.250% , ,000 Nestle Holdings Inc 2.000% , ,500,000 Novartis Capital Corp 2.900% ,544, ,000 Praxair Inc % ,009, ,000 United States 5.375% , Treasury Note/Bond ,000 United States 4.500% , Treasury Note/Bond ,000 United States 4.375% ,036, Treasury Note/Bond 08 4,000,000 United States 7.250% ,601, Treasury Note/Bond 86 3,275,000 United States 8.875% ,164, Treasury Note/Bond 87 4,000,000 United States 8.125% ,366, Treasury Note/Bond 89 2,000,000 United States 6.000% ,642, Treasury Note/Bond 96 1,700,000 United States 5.250% ,134, Treasury Note/Bond ,000 Wal-Mart Stores Inc 2.875% , Total - United States 32,087, Total - Bonds Total - Transferable securities admitted to an official exchange 72,201, ,201, Transferable securities and money market instruments dealt in on another regulated market Bonds Canada 1,000,000 Bank of Nova Scotia 2.150% ,034, ,000,000 Province of Manitoba 1.750% , Canada 12 Total - Canada 2,028, Korea, Republic Of 500,000 Korea National Oil 4.000% , Corp 11 Total - Korea, Republic Of 535, Turkey 625,000 Akbank TAS % , Total - Turkey 616, United States 250,000 American Honda 0.740% , Finance Corp 13 FRN 300,000 Daimler Finance 1.875% , North America LLC ,000 Dr Pepper Snapple 2.000% , Group Inc ,000 Eli Lilly & Co % , ,000 Freeport-McMoRan 3.875% , Copper & Gold Inc ,000 Procter & Gamble 0.317% , Co/The 13 FRN 1,072,460 United States 1.250% ,170, Treasury Inflation Indexed Bonds 10 5,827,855 United States 0.125% ,009, Treasury Inflation Indexed Bonds 11 5,166,850 United States Treasury Inflation Indexed Bonds % ,112, * Any deviations of the percentages of the net assets are due to rounding. 41

42 Vontobel Fund - US Dollar Bond Portfolio as at February 28, ,059,500 United States 0.125% ,131, Treasury Inflation Indexed Bonds 12 1,013,280 United States 0.125% , Treasury Inflation Indexed Bonds ,000 United States 2.000% , Treasury Note/Bond 13 Total - United States 17,680, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 20,860, ,860, ,062, * Any deviations of the percentages of the net assets are due to rounding. 42

43 Vontobel Fund - Eastern European Bond Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 250,700, ,028,770 Cash at banks Receivable from foreign currencies Receivable from subscriptions 7,206,982 4,848, ,565 Interest and dividends receivable 5,016,757 (9) Unrealised gain on forward foreign exchange contracts Total Assets 827, ,301,111 Liabilities Payable for redemptions 1,299,386 Payable on foreign currencies 4,852,899 Interest and dividends payable 1,129,288 (9) Unrealised loss on futures 17,818 Audit fees, printing and publishing expenses 6,337 (5) Service Fee payable 31,848 (4) Subscription Tax payable 16,824 (3) Management Fee payable 230,366 Other liabilities 11,429 Total Liabilities 7,596,195 Total net assets at the end of the period 223,704,916 Net assets at the beginning of the period 263,401,323 Net investment income 6,548,288 Change in unrealised appreciation/depreciation on: Investments -7,567,320 Futures -17,818 Forward foreign exchange contracts 749,798 Net realised gain/loss on investments -5,964,865 Net realised gain/loss on forward foreign exchange contracts 1,132,158 Net realised gain/loss on currency exchange -167,387 Net realised gain/loss on futures -114,040 Increase/Decrease in net assets resulting from operations -5,401,186 Subscriptions of shares 33,489,658 Redemptions of shares -58,829,789 (11) Dividend distribution -8,955,090 Total net assets at the end of the period 223,704,916 Income Bank interest 5,482 Net interest on bonds 7,564,123 Other income 1,037,884 Total income 8,607,489 (3) Expenses Management Fees 1,685,394 Audit fees, printing and publishing expenses 15,240 (4) Subscription tax 57,252 Bank interest 5,414 (5) Service Fees 242,346 (8) Other Fees payable 53,555 Total Expenses 2,059,201 Net investment income 6,548,288 43

44 Vontobel Fund - Eastern European Bond Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Croatia 750,000 Croatia Government 6.625% , International Bond 10 Total - Croatia 597, Germany 14,117,000 PLN Landesbank Hessen % ,902, Thueringen Girozentrale 01 Total - Germany 3,902, Ireland 100,000,000 RUB AHML Finance Ltd % ,928, ,000,000 RUB Caterpillar 7.500% , International Finance Ltd 12 50,000,000 RUB Federal Grid Co OJS 8.446% , via Federal Grid Finance Ltd 12 50,000,000 RUB Gazprombank OJSC 7.875% , Via GPB Eurobond Finance PLC 13 50,000,000 RUB Novatek OAO via 7.750% , Novatek Finance Ltd 13 50,000,000 RUB RusHydro JSC via 7.875% ,000, RusHydro Finance Ltd ,000 SCF Capital Ltd % , ,000,000 Vnesheconombank 4.224% , Via VEB Finance PLC 13 Total - Ireland 7,968, Kazakhstan 100,000,000 RUB Eurasian 8.000% ,973, Development Bank 12 Total - Kazakhstan 1,973, Latvia 750,000 Republic of Latvia % , Total - Latvia 529, Luxembourg 100,000,000 RUB European Investment 5.450% ,989, Bank 10 50,000,000 RUB Sberbank of Russia 7.000% , Via SB Capital SA 13 3,000,000 TRY Sberbank of Russia 7.400% , Via SB Capital SA ,000 MOL Group Finance 6.250% , SA 12 1,000,000 Sberbank of Russia 6.125% , Via SB Capital SA 12 Total - Luxembourg 5,134, * Any deviations of the percentages of the net assets are due to rounding. Netherlands 50,000,000 RUB VimpelCom Holdings 9.000% , BV 13 Total - Netherlands Poland 991, ,000,000 PLN Poland Government 5.750% ,970, Bond 02 17,982,440 PLN Poland Government 3.000% ,497, Bond 04 18,500,000 PLN Poland Government 5.500% ,791, Bond 08 17,424,900 PLN Poland Government 2.750% ,345, Bond 08 42,250,000 PLN Poland Government 5.250% ,812, Bond 10 28,500,000 PLN Poland Government 4.750% ,096, Bond 11 44,000,000 PLN Poland Government 5.750% ,583, Bond 11 8,500,000 PLN Poland Government 4.000% ,977, Bond 12 27,500,000 PLN Poland Government 3.750% ,628, Bond 12 59,500,000 PLN Poland Government 4.750% ,840, Bond ,000 Poland Government 6.375% , International Bond 09 Total - Poland 76,191, Romania 13,000,000 RON Romania Government 5.750% ,985, Bond 12 19,000,000 RON Romania Government 5.750% ,362, Bond 13 Total - Romania Russia 264,000,000 RUB Russian Federal Bond 8.150% ,348,333 5,296, OFZ ,000,000 RUB Russian Federal Bond 7.600% ,919, OFZ ,000,000 RUB Russian Federal Bond 7.050% ,804, OFZ 13 60,000,000 RUB Russian Foreign Bond 7.850% ,210, Eurobond 11 Total - Russia Serbia 40,000,000 RSD SERBIA % ,230, , ,000,000 RSD SERBIA % , ,000,000 RSD SERBIA % ,213, ,430,000 RSD SERBIA % ,014, Total - Serbia Turkey 2,000,000 TRY Mercedes-Benz % ,356, , Finansman Turk AS 13 7,924,080 TRY Turkey Government 4.000% ,580, Bond 10 11,000,000 TRY Turkey Government % ,640, Bond 10 9,488,356 TRY Turkey Government Bond % ,963,

45 Vontobel Fund - Eastern European Bond Portfolio as at February 28, ,750,000 TRY Turkey Government 9.000% ,544, Bond 12 11,337,830 TRY Turkey Government 2.000% ,248, Bond 12 12,000,000 TRY Turkey Government 9.500% ,806, Bond 12 15,089,958 TRY Turkey Government 3.000% ,695, Bond 12 21,000,000 TRY Turkey Government 9.000% ,612, Bond 12 5,600,000 TRY Turkey Government 8.500% ,668, Bond 12 2,500,000 TRY Turkey Government 7.100% , Bond 13 4,281,664 TRY Turkey Government 1.000% ,110, Bond 13 10,000,000 TRY Turkey Government 6.300% ,845, Bond 13 5,000,000 TRY Turkey Government 5.000% ,536, Bond 13 1,000,000 TRY Turkiye Garanti 7.375% , Bankasi AS ,000 Export Credit Bank of 5.875% , Turkey 12 2,750,000 Turkey Government 7.500% ,249, International Bond ,000 Turkiye Is Bankasi % , Total - Turkey 41,588, Total - Bonds Total - Transferable securities admitted to an official exchange 165,811, ,811, Transferable securities and money market instruments dealt in on another regulated market Bonds Finland 640,000 TRY Municipality Finance % , PLC 08 Total - Finland 214, Germany 300,000 TRY Landwirtschaftliche % , Rentenbank 08 Total - Germany 99, Korea, Republic Of 57,100,000 RUB Export-Import Bank 7.630% ,075, of Korea 12 Total - Korea, Republic Of 1,075, ,000,000 RUB MegaFon Finans 8.050% , OOO 12 FRN 10,000,000 RUB NOVATEK OAO % , ,000,000 RUB Novolipetsk Steel 8.950% , OJSC 11 10,000,000 RUB Rosbank 12 FRN 9.300% , ,750,000 RUB Russian Federal Bond 7.500% ,910, OFZ ,500,000 RUB Russian Federal Bond 7.400% ,067, OFZ ,500,000 RUB Russian Federal Bond 7.600% ,065, OFZ ,000,000 RUB Russian Federal Bond 7.350% ,152, OFZ 11 46,000,000 RUB Russian Federal Bond 7.400% , OFZ ,000,000 RUB Russian Federal Bond 7.000% ,478, OFZ 13 50,000,000 RUB Russian Railways JSC % ,007, ,000,000 RUB Russian Railways JSC 7.850% ,012, FRN 150,000,000 RUB Russian Railways JSC 8.600% ,022, FRN 60,000,000 RUB UniCredit Bank ZAO 9.100% ,222, FRN 40,000,000 RUB Vnesheconombank 8.550% , FRN 105,000,000 RUB Vnesheconombank 8.100% ,098, ,000,000 RUB VTB Bank OJSC % ,007, FRN Total - Russia 37,180, Serbia 150,000,000 RSD SERBIA % ,306, ,000,000 RSD SERBIA 12 TB 0.000% ,721, Total - Serbia 3,027, Turkey 500,000 Akbank TAS % , Total - Turkey 357, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 47,216, ,216, ,028, Romania 12,750,000 RON Romania Government 5.950% ,936, Bond 11 10,000,000 RON Romania Government 5.900% ,325, Bond 12 Total - Romania 5,261, Russia 97,000,000 RUB Federal Grid Co 8.100% ,960, Unified Energy System JSC 12 FRN 50,000,000 RUB Gazprom OAO % ,025, * Any deviations of the percentages of the net assets are due to rounding. 45

46 Vontobel Fund - Absolute Return Bond (CHF) Notes Cost CHF Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 196,898, ,049,068 Cash at banks Receivable from subscriptions Interest and dividends receivable 22,700, ,184 1,323,773 (9) Interest receivable on swaps 695,736 (9) Unrealised gain on forward foreign exchange contracts 1,919,817 (9) Unrealised gain on swaps 6,906,685 Total Assets 218,935,604 Liabilities Bank overdraft 168,895 Payable for redemptions 86,166 Payable for investments purchased 9,113,249 (9) Unrealised loss on futures 158,496 Audit fees, printing and publishing expenses 4,541 (5) Service Fee payable 30,921 (4) Subscription Tax payable 15,445 (3) Management Fee payable 96,414 (3) Performance Fee payable 268 Other liabilities 3,992 Total Liabilities 9,678,387 Total net assets at the end of the period 209,257,217 Net assets at the beginning of the period 240,589,643 Net investment income 2,779,349 Change in unrealised appreciation/depreciation on: Investments -2,262,817 Futures -1,104,892 Forward foreign exchange contracts -771,867 Swaps 6,906,684 Net realised gain/loss on investments -3,260,562 Net realised gain/loss on forward foreign exchange contracts 6,164,632 Net realised gain/loss on currency exchange -328,482 Net realised gain/loss on futures -391,218 Net realised gain/loss on swaps -6,949,571 Increase/Decrease in net assets resulting from operations 781,256 Subscriptions of shares 35,163,089 Redemptions of shares -64,588,950 (11) Dividend distribution -2,687,821 Total net assets at the end of the period 209,257,217 46

47 Vontobel Fund - Absolute Return Bond (CHF) Notes CHF Statement of Net Income from September 1, 2013 to February 28, 2014 Income Bank interest 8,266 Net interest on bonds 2,263,007 Interest on Swaps 2,715,883 Other income 131 Total income 4,987,287 (3) Expenses Management Fees 626,571 (3) Performance Fee 1,290 Audit fees, printing and publishing expenses 9,702 (4) Subscription tax 46,406 Bank interest 16,897 Interest on Contracts for Difference 1,233,670 (5) Service Fees 206,020 (8) Other Fees payable 67,382 Total Expenses 2,207,938 Net investment income 2,779,349 47

48 Vontobel Fund - Absolute Return Bond (CHF) Portfolio as at February 28, 2014 CHF CHF Transferable securities admitted to an official exchange Bonds Australia 15,000,000 AUD Australia Government 6.250% ,314, Bond 02 20,000,000 AUD Australia Government 6.000% ,166, Bond 04 4,000,000 AUD Australia Government 5.750% ,562, Bond 07 4,235,000 AUD Australia Government 4.250% ,475, Bond 11 1,300,000 AUD Royal Bank of 7.250% ,025, Scotland PLC/Australia 11 5,000,000 AUD Treasury Corp of 5.750% ,221, Victoria 05 Total - Australia 41,765, France 7,000,000 Caisse des Depots et 1.125% ,550, Consignations 13 Total - France 8,550, Germany 12,500,000 Bundesobligation % ,039, ,000,000 Bundesobligation % ,355, ,000,000 Bundesobligation % ,672, ,000,000 Bundesrepublik 4.250% ,377, Deutschland 07 8,500,000 KFW % ,553, ,000,000 Landwirtschaftliche 0.332% ,711, Rentenbank 14 FRN 5,850,000 FMS 1.625% ,154, Wertmanagement AoeR 13 Total - Germany 53,863, Luxembourg 10,000,000 European Financial 0.750% ,223, Stability Facility 13 8,000,000 European Investment 2.250% ,068, Bank ,000 Holcim Finance 9.000% , Luxembourg SA 09 Total - Luxembourg 22,658, Sweden 7,000,000 Svensk Exportkredit 1.125% ,549, AB 13 Total - Sweden 8,549, United Kingdom 1,000,000 Imperial Tobacco 7.250% ,259, Finance PLC 08 Total - United Kingdom 1,259, United States 2,000,000 Ford Motor Credit Co 8.700% ,842, LLC 09 7,500,000 Inter-American 3.000% ,639, Development Bank ,000 United States 2.125% , Treasury Note/Bond 10 Total - United States 8,933, Total - Bonds Total - Transferable securities admitted to an official exchange 163,284, ,284, Transferable securities and money market instruments dealt in on another regulated market Bonds United States 25,332,000 United States 0.125% ,764, Treasury Inflation Indexed Bonds 13 Total - United States 21,764, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 21,764, ,764, ,049, Netherlands 10,000,000 Bank Nederlandse 0.286% ,810, Gemeenten 13 FRN 7,000,000 Nederlandse 0.284% ,166, Waterschapsbank NV 13 FRN Total - Netherlands 14,977, Norway 3,100,000 Kommunalbanken AS 0.750% ,726, Total - Norway 2,726, * Any deviations of the percentages of the net assets are due to rounding. 48

49 Vontobel Fund - Absolute Return Bond () Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 147,828, ,562,449 Cash at banks Receivable from subscriptions Interest and dividends receivable 11,376,190 9,212,353 1,054,278 (9) Interest receivable on swaps 530,608 (9) Unrealised gain on forward foreign exchange contracts 879,667 (9) Unrealised gain on swaps 5,262,438 Total Assets 167,877,983 Liabilities Bank overdraft 133,028 Payable for redemptions 9,368,525 Payable for investments purchased 1,452,548 Interest and dividends payable 100 (9) Unrealised loss on futures 199,730 Audit fees, printing and publishing expenses 3,615 (5) Service Fee payable 23,694 (4) Subscription Tax payable 10,852 (3) Management Fee payable 93,957 (3) Performance Fee payable 10,729 Other liabilities 2,829 Total Liabilities 11,299,607 Total net assets at the end of the period 156,578,376 Net assets at the beginning of the period 175,418,271 Net investment income 2,031,681 Change in unrealised appreciation/depreciation on: Investments -1,379,677 Futures -1,029,278 Forward foreign exchange contracts -1,122,869 Swaps 5,262,438 Net realised gain/loss on investments -1,144,162 Net realised gain/loss on forward foreign exchange contracts 4,403,871 Net realised gain/loss on currency exchange -211,437 Net realised gain/loss on futures -315,705 Net realised gain/loss on swaps -5,188,460 Increase/Decrease in net assets resulting from operations 1,306,402 Subscriptions of shares 41,559,680 Redemptions of shares -61,093,661 (11) Dividend distribution -612,316 Total net assets at the end of the period 156,578,376 49

50 Vontobel Fund - Absolute Return Bond () Notes Statement of Net Income from September 1, 2013 to February 28, 2014 Income Bank interest 9,034 Net interest on bonds 1,710,247 Interest on Swaps 2,160,143 Other income 19,193 Total income 3,898,617 (3) Expenses Management Fees 633,702 (3) Performance Fee 10,954 Audit fees, printing and publishing expenses 7,289 (4) Subscription tax 34,075 Bank interest 3,302 Interest on Contracts for Difference 957,671 (5) Service Fees 164,773 (8) Other Fees payable 55,170 Total Expenses 1,866,936 Net investment income 2,031,681 50

51 Vontobel Fund - Absolute Return Bond () Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Australia 15,400,000 AUD Australia Government 4.750% ,434, Bond 10 15,425,000 AUD Australia Government 4.250% ,406, Bond 11 4,000,000 AUD New South Wales 6.000% ,888, Treasury Corp 08 5,000,000 AUD New South Wales 6.000% ,615, Treasury Corp 10 7,000,000 AUD Queensland Treasury 6.000% ,824, Corp 10 1,700,000 AUD Royal Bank of 7.250% ,102, Scotland PLC/Australia 11 Total - Australia 33,270, France 7,000,000 Caisse des Depots et 1.125% ,028, Consignations 13 1,000,000 Banque PSA Finance 3.375% , SA 11 Total - France 7,753, Germany 11,500,000 Bundesobligation % ,129, ,000 Bundesobligation % , ,000 Bundesobligation % , ,000 Bundesrepublik 4.250% , Deutschland 07 6,500,000 KFW % ,633, ,000,000 Landwirtschaftliche 0.332% ,993, Rentenbank 14 FRN 5,850,000 FMS 1.625% ,237, Wertmanagement AoeR 13 Total - Germany 27,567, Italy 100,000 Italy Certificati di 1.140% , Credito del Tesoro/ CCTS-eu 10 FRN Total - Italy 99, Luxembourg 8,500,000 European Financial 0.750% ,540, Stability Facility 13 9,000,000 European Investment 2.250% ,310, Bank 12 Total - Luxembourg 17,851, Norway 2,000,000 AUD Kommunalbanken AS 6.000% ,322, ,150,000 Kommunalbanken AS 0.750% ,277, Total - Norway 3,600, Sweden 7,000,000 Svensk Exportkredit 1.125% ,028, AB 13 Total - Sweden 7,028, United States 2,000,000 AUD International Finance 5.750% ,336, Corp 10 2,363,000 DZ Bank Capital 2.791% ,179, Funding Trust I 03 FRN 1,000,000 Ford Motor Credit Co 8.700% , LLC 09 2,000,000 Inter-American 3.000% ,455, Development Bank 14 5,500,000 United States 3.250% ,235, Treasury Note/Bond 09 3,000,000 United States 2.125% ,224, Treasury Note/Bond 10 Total - United States 12,189, Total - Bonds Total - Transferable securities admitted to an official exchange 121,671, ,671, Transferable securities and money market instruments dealt in on another regulated market Bonds United States 25,332,000 United States 0.125% ,890, Treasury Inflation Indexed Bonds 13 Total - United States 17,890, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 17,890, ,890, ,562, Netherlands 10,000,000 Bank Nederlandse 0.286% ,242, Gemeenten 13 FRN 7,000,000 Nederlandse 0.284% ,069, Waterschapsbank NV 13 FRN Total - Netherlands 12,311, * Any deviations of the percentages of the net assets are due to rounding. 51

52 Vontobel Fund - Global Convertible Bond Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 197,864, ,355,100 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 12,129, , , ,775 Receivable for investments sold 1,572,018 (9) Unrealised gain on forward foreign exchange contracts 2,456,282 Other assets Total Assets 5, ,105,720 Liabilities Payable for redemptions 342,341 Payable for investments purchased 6,202,284 Payable on foreign currencies 716,242 (9) Unrealised loss on futures 165,426 Audit fees, printing and publishing expenses 3,770 (5) Service Fee payable 28,042 (4) Subscription Tax payable 10,531 (3) Management Fee payable 131,227 Other liabilities 12,239 Total Liabilities 7,612,102 Total net assets at the end of the period 212,493,618 Net assets at the beginning of the period 162,696,383 Net investment loss on investments -546,253 Change in unrealised appreciation/depreciation on: Investments 1,201,138 Futures -165,426 Forward foreign exchange contracts 229,673 Net realised gain/loss on investments 4,066,869 Net realised gain/loss on forward foreign exchange contracts 6,972,853 Net realised gain/loss on currency exchange -2,099,934 Net realised gain/loss on futures 317,156 Net realised gain/loss on options 84,200 Increase/Decrease in net assets resulting from operations 10,060,276 Subscriptions of shares 84,932,486 Redemptions of shares -45,094,547 (11) Dividend distribution -100,980 Total net assets at the end of the period 212,493,618 Income Net interest on bonds 384,566 Net dividends 79,640 Other income 118 Total income 464,324 (3) Expenses Management Fees 727,447 Audit fees, printing and publishing expenses 9,162 (4) Subscription tax 27,620 Bank interest 7,459 (5) Service Fees 186,951 (8) Other Fees payable 51,938 Total Expenses 1,010,577 Net investment loss on investments -546,253 52

53 Vontobel Fund - Global Convertible Bond Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Belgium 1,000,000 Groupe Bruxelles 0.125% ,268, Lambert SA 12 Total - Belgium 1,268, Cayman Islands 19,000,000 HKD Hengan International 0.000% ,857, Group Co Ltd 13 Total - Cayman Islands Finland 1,857, ,000,000 Solidium Oy % ,032, Total - Finland France 1,400,000 BNP Paribas SA % ,032,030 1,536, ,000 Cie Generale des 0.000% ,495, Etablissements Michelin 07 12,000 Credit Agricole SA % , ,000 Fonciere Des Regions 0.875% ,272, ,000 Gecina SA % ,344, ,000 Misarte % , ,000 Rallye SA % ,106, ,000 Suez Environnement 0.000% , Co 14 40,000 Technip SA % ,680, ,000 Unibail-Rodamco SE 0.750% ,009, Total - France 22,172, Germany 1,000,000 Adidas AG % ,246, ,500,000 Deutsche Post AG % ,546, Total - Germany Hong Kong 800,000 HKEx International 0.500% ,792, , Ltd 12 Total - Hong Kong Hungary 616, ,000 Magyar Nemzeti 3.375% , Vagyonkezelo Zrt 13 Total - Hungary Japan 80,000,000 JPY ABC-Mart Inc % , , ,000,000 JPY Advantest 14 CV 0.000% , ,000,000 JPY Ebara Corp % ,535, ,000,000 JPY GS Yuasa Corp % , ,000,000 JPY Kawasaki Kisen 0.000% , Kaisha Ltd ,000,000 JPY Kureha Corp % ,071, ,000,000 JPY Nagoya Railroad Co 0.000% , Ltd 13 70,000,000 JPY Park24 Co Ltd % , ,000,000 JPY SBI Holdings 0.000% , Inc/Japan ,000,000 JPY Sony Corp % ,117, ,000,000 JPY Sumitomo Forestry 0.000% , Co Ltd 13 60,000,000 JPY Taiyo Yuden Co Ltd 0.000% , ,000,000 JPY Takashimaya Co Ltd 0.000% , ,000,000 JPY Takashimaya Co Ltd 0.000% , ,000,000 Bank of Iwate 0.000% , Ltd/The 13 1,900,000 Shizuoka Bank 0.000% ,448, Ltd/The ,000 Yamaguchi Financial 0.000% , Group Inc 13 Total - Japan 11,286, Jersey 100,000 GBP St Modwen 2.875% , Properties Securities Jersey Ltd 14 Total - Jersey 121, Korea, Republic Of 1,000,000 SK Hynix Inc % , Total - Korea, Republic Of 908, Luxembourg 1,500,000 GBL Verwaltung SA 1.250% ,703, ,000,000 Glencore Finance 5.000% ,740, Europe SA 09 2,600,000 Subsea 7 SA % ,885, Total - Luxembourg 9,330, Malaysia 750,000 SGD Indah Capital Ltd % , Total - Malaysia 418, Netherlands 1,700,000 CEZ MH BV % ,781, ,750,000 Salzgitter Finance BV 2.000% ,968, ,000,000 Volkswagen 5.500% ,485, International Finance NV 12 6,000,000 Lukoil International 2.625% ,549, Finance BV 10 3,000,000 Siemens 1.650% ,591, Financieringsmaatsch appij NV 12 6,000,000 Siemens 1.050% ,033, Financieringsmaatsch appij NV 12 Total - Netherlands 19,409, Spain 1,000,000 CaixaBank SA % ,011, * Any deviations of the percentages of the net assets are due to rounding. 53

54 Vontobel Fund - Global Convertible Bond Portfolio as at February 28, ,500,000 International 1.750% ,095, Consolidated Airlines Group SA 13 Total - Spain 3,107, Sweden 2,000,000 Industrivarden AB % ,567, ,000,000 Industrivarden AB % ,246, Total - Sweden 5,813, Switzerland 2,000,000 CHF Swiss Life Holding AG 0.000% ,847, Total - Switzerland 1,847, Taiwan 400,000 Far Eastern 0.000% , International Bank 13 1,000,000 Pegatron Corp % , Total - Taiwan 1,129, United Arab Emirates 1,500,000 Aabar Investments 4.000% ,824, PJSC 11 1,600,000 National Bank of Abu 1.000% ,276, Dhabi PJSC 13 Total - United Arab Emirates 3,100, United Kingdom 1,000,000 GBP Derwent London 2.750% ,556, Capital Jersey Ltd ,000 GBP Derwent London 1.125% , Capital No 2 Jersey Ltd 13 1,000,000 GBP J Sainsbury PLC % ,243, ,600,000 GBP TUI Travel PLC % ,459, Total - United Kingdom 5,517, United States 500,000 Cubist 1.125% , Pharmaceuticals Inc ,000 InvenSense Inc % , ,000,000 Newmont Mining 1.250% ,449, Corp 07 2,250,000 NVIDIA Corp % ,816, ,350,000 Prologis LP % ,707, ,000 Prospect Capital Corp 5.750% , ,000,000 RPM International Inc 2.250% , ,000 Shutterfly Inc % , ,000 Tesla Motors Inc % , ,000 Tesla Motors Inc % , Total - United States 9,951, Virgin Islands 2,800,000 Billion Express 0.750% ,044, Investments Ltd 10 Total - Virgin Islands 2,044, Total - Bonds 110,558, Shares Canada 10,000 GOLDCORP INC 194, Total - Canada 194, France 100,000 AXA SA 1,894, Total - France 1,894, Germany 10,000 Adidas AG 844, ,000 Siemens AG 1,935, Total - Germany 2,779, Luxembourg 50,000 ArcelorMittal 573, Total - Luxembourg 573, Switzerland 5,000 CHF Swiss Life Holding AG 899, Total - Switzerland 899, United States 20,000 EMC Corp/MA 381, ,000 Ford Motor Co 557, ,000 Gilead Sciences Inc 3,296, ,000 Intel Corp 1,075, ,000 Mylan Inc/PA 1,609, ,000 Newmont Mining Corp 168, Total - United States 7,089, Total - Shares Total - Transferable securities admitted to an official exchange 13,430, ,988, Transferable securities and money market instruments dealt in on another regulated market Bonds Canada 1,800,000 Goldcorp Inc % ,311, Total - Canada 1,311, Italy 5,500,000 Eni SpA % ,666, ,000,000 Eni SpA % ,357, * Any deviations of the percentages of the net assets are due to rounding. 54

55 Vontobel Fund - Global Convertible Bond Portfolio as at February 28, ,000 Schematrentaquattro 0.250% , SpA 13 Total - Italy Japan 50,000,000 JPY Daifuku Co Ltd % ,448, , ,000,000 JPY Maeda Corp % , ,000,000 JPY Makino Milling 0.000% , Machine Co Ltd 13 30,000,000 JPY Musashi Seimitsu 0.000% , Industry Co Ltd ,000,000 JPY Nihon Unisys Ltd % , ,000,000 JPY Nikkiso Co Ltd % , ,000,000 JPY Nippon Light Metal 0.000% , Holdings Co Ltd 13 70,000,000 JPY Paramount Bed 0.000% , Holdings Co Ltd 13 85,000,000 JPY Press Kogyo Co Ltd 0.000% , ,000,000 JPY Resorttrust Inc % , ,000 MISUMI Group Inc 0.000% , Total - Japan 5,959, ,000,000 Nuance 2.750% , Communications Inc 07 2,350,000 priceline.com Inc % ,631, ,750,000 SanDisk Corp % ,095, ,000,000 WellPoint Inc % ,902, ,000,000 Xilinx Inc % ,540, ,000,000 Yahoo! Inc % ,519, Total - United States 50,101, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 71,440, ,440, ,355, Jersey 100,000 GBP Balfour Beatty 1.875% , Finance No.2 Ltd 13 Total - Jersey 129, Spain 2,200,000 Caja de Ahorros y 1.000% ,490, Pensiones de Barcelona 13 Total - Spain 2,490, United States 750,000 Akamai Technologies 0.000% , Inc 14 1,750,000 Allegheny 4.250% ,280, Technologies Inc 09 2,000,000 Ares Capital Corp % ,574, ,000,000 BioMarin 0.750% , Pharmaceutical Inc 13 1,000,000 Cobalt International 2.625% , Energy Inc 12 1,500,000 Ford Motor Co % ,953, ,000 Gilead Sciences Inc % ,311, ,000,000 Intel Corp % ,453, ,500,000 Intel Corp % ,386, ,800,000 International Game 3.250% ,035, Technology 09 1,500,000 Jefferies Group LLC 3.875% ,157, ,000,000 Lam Research Corp 0.500% ,462, ,250,000 Liberty Media Corp 1.375% ,591, ,000 Molina Healthcare Inc 1.125% , ,000,000 Newmont Mining 1.625% ,546, Corp 07 3,750,000 Novellus Systems Inc 2.625% ,402, * Any deviations of the percentages of the net assets are due to rounding. 55

56 Vontobel Fund - Emerging s Bond Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 219,601, ,850,998 Cash at banks Receivable from foreign currencies Receivable from subscriptions 2,103,846 48, ,226 Interest and dividends receivable 3,372,844 (9) Unrealised gain on forward foreign exchange contracts Total Assets 1,346, ,858,551 Liabilities Payable for redemptions 256,352 Payable on foreign currencies 48,444 Interest and dividends payable 28,296 (9) Unrealised loss on futures 34,063 Audit fees, printing and publishing expenses 5,541 (5) Service Fee payable 37,749 (4) Subscription Tax payable 14,290 (3) Management Fee payable 158,556 Other liabilities 17,088 Total Liabilities 600,379 Total net assets at the end of the period 201,258,172 Net assets at the beginning of the period 266,539,981 Net investment income 5,580,751 Change in unrealised appreciation/depreciation on: Investments 7,296,484 Futures -34,063 Forward foreign exchange contracts 2,969,392 Net realised gain/loss on investments -7,713,269 Net realised gain/loss on forward foreign exchange contracts 4,512,716 Net realised gain/loss on currency exchange -642,762 Net realised gain/loss on futures 124,256 Increase/Decrease in net assets resulting from operations 12,093,505 Subscriptions of shares 35,740,224 Redemptions of shares -111,537,596 (11) Dividend distribution -1,577,942 Total net assets at the end of the period 201,258,172 Income Bank interest 3,596 Net interest on bonds 7,307,745 Net dividends -4,671 Other income 19,203 Total income 7,325,873 (3) Expenses Management Fees 1,259,012 Audit fees, printing and publishing expenses 12,067 (4) Subscription tax 54,192 Bank interest 5,689 (5) Service Fees 355,167 (8) Other Fees payable 58,995 Total Expenses 1,745,122 Net investment income 5,580,751 56

57 Vontobel Fund - Emerging s Bond Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Brazil 2,500 BRL Brazil Notas do 6.000% ,512, Tesouro Nacional Serie B 11 6,000 BRL Brazil Notas do % ,443, Tesouro Nacional Serie F 07 8,000 BRL Brazil Notas do % ,196, Tesouro Nacional Serie F 12 Total - Brazil 8,152, Chile 500,000,000 CLP Bonos de la Tesoreria 6.000% , de la Republica en pesos 10 50,000,000 CLP Chile Government 5.500% , International Bond 10 Total - Chile 1,032, Colombia 2,000,000,000 COP Colombia % ,088, Government International Bond 05 1,750,000,000 COP Colombia 7.750% , Government International Bond 10 3,000,000,000 COP Colombian TES % ,771, ,000,000,000 COP Colombian TES % ,561, ,500,000,000 COP Colombian TES % ,655, ,000,000,000 COP Colombian TES % ,446, Total - Colombia 9,449, Hungary 300,000,000 HUF Hungary Government 7.500% ,487, Bond ,000,000 HUF Hungary Government 6.750% ,374, Bond ,000,000 HUF Hungary Government 5.500% ,838, Bond ,000,000 HUF Hungary Government 5.500% ,407, Bond 13 2,000,000 Hungary Government 5.375% ,036, International Bond 13 Total - Hungary 10,143, India 100,000,000 INR India Government 8.150% ,514, Bond 12 Total - India 1,514, Indonesia 30,000,000,000 IDR Indonesia Treasury 7.000% ,378, Bond 11 35,000,000,000 IDR Indonesia Treasury 7.000% ,578, Bond 11 45,000,000,000 IDR Indonesia Treasury 5.625% ,202, Bond 12 30,000,000,000 IDR Indonesia Treasury 6.125% ,019, Bond 12 30,000,000,000 IDR Indonesia Treasury 7.875% ,590, Bond 13 Total - Indonesia 12,768, Korea, Republic Of 30,000,000,000 IDR Export-Import Bank 8.400% ,529, of Korea 11 Total - Korea, Republic Of 2,529, Luxembourg 6,500,000 BRL Cosan Luxembourg 9.500% ,376, SA 13 2,750,000 ZAR European Investment 7.500% , Bank 05 Total - Luxembourg 2,633, Malaysia 12,000,000 MYR Malaysia Government 3.580% ,645, Bond 11 Total - Malaysia 3,645, Mexico 250,000 MXN Mexican Bonos % ,028, ,000 MXN Mexican Bonos % ,124, ,000 MXN Mexican Bonos % ,123, ,000 MXN Mexican Bonos % ,683, ,000 MXN Mexican Bonos % ,376, ,000 MXN Mexican Udibonos % ,938, Total - Mexico 16,275, Namibia 3,000,000 Namibia International 5.500% ,101, Bonds 11 Total - Namibia 3,101, Peru 4,000 PEN PERU % ,403, ,000 PEN Peru Government 6.900% ,718, Bond 07 Total - Peru 3,121, Philippines 50,000,000 PHP Philippine 4.950% ,145, Government International Bond 10 90,000,000 PHP Philippine 6.250% ,000, Government International Bond 11 Total - Philippines 3,146, Poland 6,000,000 PLN Poland Government 5.750% ,186, Bond 02 6,422,300 PLN Poland Government 3.000% ,218, Bond 04 6,969,960 PLN Poland Government 2.750% ,400, Bond 08 6,000,000 PLN Poland Government 5.750% ,185, Bond 08 8,000,000 PLN Poland Government Bond % ,827, * Any deviations of the percentages of the net assets are due to rounding. 57

58 Vontobel Fund - Emerging s Bond Portfolio as at February 28, ,000,000 PLN Poland Government 4.750% ,751, Bond 11 4,000,000 PLN Poland Government 3.750% ,331, Bond 12 4,500,000 PLN Poland Government 4.000% ,446, Bond 12 1,500,000 Poland Government 3.000% ,409, International Bond 12 Total - Poland 18,757, Romania 5,000,000 RON Romania Government 5.600% ,593, Bond 13 1,000,000 Romanian 4.375% , Government International Bond 13 Total - Romania 2,588, Russia 105,000,000 RUB Russian Federal Bond 7.050% ,617, OFZ 13 35,000,000 RUB Russian Foreign Bond 7.850% , Eurobond 11 Total - Russia 3,592, South Africa 24,286,000 ZAR South Africa 2.750% ,346, Government Bond - CPI Linked 10 20,500,000 ZAR South Africa 8.000% ,907, Government Bond 04 35,000,000 ZAR South Africa 8.250% ,307, Government Bond 04 40,000,000 ZAR South Africa 7.250% ,554, Government Bond 05 30,000,000 ZAR South Africa 6.750% ,556, Government Bond 06 40,000,000 ZAR South Africa 7.750% ,558, Government Bond 12 13,500,000 ZAR South Africa % ,446, Government Bond 98 Total - South Africa 18,676, Thailand 60,000,000 THB Thailand Government 3.875% ,902, Bond 09 85,000,000 THB Thailand Government 3.650% ,625, Bond 10 83,000,000 THB Thailand Government 3.625% ,536, Bond 10 80,000,000 THB Thailand Government 3.775% ,316, Bond 12 81,621,600 THB Thailand Government 1.250% ,123, Bond 13 Total - Thailand 11,502, Turkey 2,000,000 TRY Mercedes-Benz % , Finansman Turk AS 13 8,100,000 TRY Turkey Government % ,638, Bond 10 6,843,400 TRY Turkey Government 4.500% ,087, Bond 10 2,000,000 TRY Turkey Government 8.500% , Bond 12 5,668,915 TRY Turkey Government 2.000% ,243, Bond 12 5,500,000 TRY Turkey Government 9.000% ,391, Bond 12 4,000,000 TRY Turkey Government 7.100% ,493, Bond 13 7,000,000 TRY Turkey Government 6.300% ,750, Bond 13 Total - Turkey 17,306, United States 7,000,000 BRL Anheuser-Busch 9.750% ,969, InBev Worldwide Inc 10 6,000,000 BRL International Bank for 7.000% ,499, Reconstruction & Development 12 5,000,000 BRL International Finance 6.000% ,938, Corp 13 Total - United States 7,407, Total - Bonds Total - Transferable securities admitted to an official exchange 157,345, ,345, Transferable securities and money market instruments dealt in on another regulated market Bonds Brazil 5,000 BRL Brazil Letras do 0.000% ,850, Tesouro Nacional 13 Total - Brazil 1,850, Malaysia 9,500,000 MYR Malaysia Government 4.392% ,902, Bond 11 8,000,000 MYR Malaysia Government 4.160% ,456, Bond 11 8,000,000 MYR Malaysia Government 3.889% ,438, Bond 13 7,500,000 MYR Malaysia Government 3.480% ,173, Bond 13 10,000,000 MYR Malaysia Government 3.172% ,046, Bond 13 2,000,000 Wakala Global Sukuk 4.646% ,157, Bhd 11 Total - Malaysia 15,175, Nigeria 300,000,000 NGN Nigeria Government % ,640, Bond ,000,000 NGN Nigeria Government % ,119, Bond 11 Total - Nigeria 3,760, Russia 100,000,000 RUB Russian Federal Bond 7.350% ,809, OFZ 11 43,000,000 RUB Russian Federal Bond 7.600% ,171, OFZ 11 85,000,000 RUB Russian Federal Bond - OFZ % ,380, * Any deviations of the percentages of the net assets are due to rounding. 58

59 Vontobel Fund - Emerging s Bond Portfolio as at February 28, ,000,000 RUB Russian Federal Bond 7.000% ,760, OFZ 13 95,000,000 RUB Russian Railways JSC 8.600% ,643, FRN Total - Russia Thailand 12,765, ,712,300 THB Thailand Government 1.200% ,735, Bond 11 Total - Thailand 2,735, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 36,287, ,287, ,850, * Any deviations of the percentages of the net assets are due to rounding. 59

60 Vontobel Fund - Swiss Mid and Small Cap Equity Notes Cost CHF Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 106,602, ,929,827 Cash at banks 1,825,386 Receivable from subscriptions 493,843 Interest and dividends receivable -76 Receivable for investments sold Total Assets 528, ,777,909 Liabilities Payable for redemptions 366,664 Payable for investments purchased 1,164,889 Audit fees, printing and publishing expenses 3,103 (5) Service Fee payable 35,162 (4) Subscription Tax payable 9,276 (3) Management Fee payable 157,972 Other liabilities 9,077 Total Liabilities 1,746,143 Total net assets at the end of the period 156,031,766 Net assets at the beginning of the period 124,693,972 Net investment loss on investments -1,171,006 Change in unrealised appreciation/depreciation on: Investments 18,409,305 Net realised gain/loss on investments 7,976,278 Net realised gain/loss on currency exchange -64 Increase/Decrease in net assets resulting from operations 25,214,513 Subscriptions of shares 54,231,109 Redemptions of shares -48,060,910 (11) Dividend distribution -46,918 Total net assets at the end of the period 156,031,766 Income Net dividends 46,343 Other income 2,632 Total income 48,975 (3) Expenses Management Fees 956,353 Audit fees, printing and publishing expenses 7,447 (4) Subscription tax 27,000 Bank interest 6,542 (5) Service Fees 214,686 (12) Securities Lending Fees 845 (8) Other Fees payable 7,108 Total Expenses 1,219,981 Net investment loss on investments -1,171,006 60

61 Vontobel Fund - Swiss Mid and Small Cap Equity Portfolio as at February 28, 2014 CHF CHF Transferable securities admitted to an official exchange Shares Austria 22,918 CHF ams AG 2,575, Total - Austria * Any deviations of the percentages of the net assets are due to rounding. 2,575, Switzerland 84,700 CHF Actelion Ltd 7,898, ,395 CHF AFG Arbonia-Forster 2,198, Holding AG 51,200 CHF Aryzta AG 3,758, ,338 CHF Ascom Holding AG 3,401, ,800 CHF Baloise Holding AG 6,100, ,400 CHF Banque Cantonale 2,279, Vaudoise 1,094 CHF Belimo Holding AG 2,625, ,000 CHF BKW AG 1,001, ,100 CHF Bucher Industries AG 2,988, ,100 CHF Burckhardt 3,251, Compression Holding AG 30,000 CHF Calida Holding AG 954, ,000 CHF Cembra Money Bank 2,734, AG 235,000 CHF Clariant AG 4,234, ,100 CHF Daetwyler Holding 2,994, AG 20,500 CHF DKSH Holding AG 1,302, ,200 CHF Dufry AG 3,461, ,000 CHF EMS-Chemie Holding 1,017, AG 3,200 CHF Flughafen Zuerich 1,785, AG 3,020 CHF Galenica AG 2,823, ,197 CHF Gategroup Holding 1,718, AG 5,370 CHF Georg Fischer AG 3,785, ,944 CHF Helvetia Holding AG 1,799, ,000 CHF Implenia AG 2,868, ,732 CHF Inficon Holding AG 2,648, ,680 CHF Interroll Holding AG 2,606, ,600 CHF Kuehne + Nagel 8,113, International AG 8,600 CHF Kuoni Reisen Holding 3,218, AG 23,550 CHF Leonteq AG 3,214, ,490 CHF Lindt & Spruengli AG 6,457, ,000 CHF Logitech 5,198, International SA 50,000 CHF Lonza Group AG 4,650, ,250 CHF Meyer Burger 1,585, Technology AG 200,000 CHF OC Oerlikon Corp 3,010, AG 13,600 CHF Partners Group 3,115, Holding AG 11,450 CHF Rieter Holding AG 2,287, ,850 CHF Schindler Holding AG 4,201, ,575 CHF Schweiter 1,763, Technologies AG 1,570 CHF Sika AG 5,093, ,100 CHF Sonova Holding AG 4,117, ,854 CHF Straumann Holding AG 2,055, ,500 CHF Sulzer AG 1,307, ,700 CHF Swatch Group AG 6,483, ,850 CHF Swiss Life Holding 7,847, AG 7,500 CHF Tecan Group AG 792, ,000 CHF Temenos Group AG 3,415, ,000 CHF Valora Holding AG 1,249, ,000 CHF VZ Holding AG 937, Total - Switzerland 152,353, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 154,929, ,929, ,929,

62 Vontobel Fund - European Mid and Small Cap Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 139,520, ,287,250 Cash at banks 7,757,584 Receivable from foreign currencies 768,395 Receivable from subscriptions 294,702 Interest and dividends receivable 32,457 Receivable for investments sold 989,564 Other assets Total Assets 150, ,280,649 Liabilities Payable for redemptions 1,159,416 Payable for investments purchased 848,946 Payable on foreign currencies 763,691 Audit fees, printing and publishing expenses 3,557 (5) Service Fee payable 45,976 (4) Subscription Tax payable 6,826 (3) Management Fee payable 153,104 Other liabilities 9,754 Total Liabilities 2,991,270 Total net assets at the end of the period 184,289,379 Net assets at the beginning of the period 131,904,155 Net investment loss on investments -518,394 Change in unrealised appreciation/depreciation on: Investments 17,792,258 Net realised gain/loss on investments 9,229,706 Net realised gain/loss on currency exchange -35,452 Increase/Decrease in net assets resulting from operations 26,468,118 Subscriptions of shares 79,386,517 Redemptions of shares -53,453,491 (11) Dividend distribution -15,920 Total net assets at the end of the period 184,289,379 Income Net dividends 536,964 Other income 149,048 Total income 686,012 (3) Expenses Management Fees 864,441 Audit fees, printing and publishing expenses 11,951 (4) Subscription tax 19,042 Bank interest 85 (5) Service Fees 261,010 (12) Securities Lending Fees 40,109 (8) Other Fees payable 7,768 Total Expenses 1,204,406 Net investment loss on investments -518,394 62

63 Vontobel Fund - European Mid and Small Cap Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Austria 32,000 CHF ams AG 2,956, ,000 Andritz AG 4,098, Total - Austria 7,054, Belgium 50,000 Barco NV 2,868, Total - Belgium 2,868, Finland 90,000 Nokian Renkaat OYJ 2,925, Total - Finland 2,925, France 50,000 Alten SA 1,931, ,000 Imerys SA 3,712, ,000 Ingenico 4,200, ,000 IPSOS 3,554, ,000 Mersen 2,521, Total - France 15,919, Germany 150,000 Aareal Bank AG 4,785, ,000 Alstria Office REIT- 3,774, AG 30,000 Amadeus Fire AG 1,940, ,000 Bertrandt AG 2,662, ,000 CANCOM SE 4,042, ,000 CENTROTEC 1,986, Sustainable AG 200,000 Elmos Semiconductor 2,725, AG 115,000 Gerry Weber 4,209, International AG 42,500 Grenkeleasing AG 3,234, ,000 Jenoptik AG 2,555, ,000 Jungheinrich AG 2,513, ,000 Patrizia Immobilien 3,252, AG 35,000 Pfeiffer Vacuum 2,992, Technology AG 400,000 Suss Microtec AG 2,920, ,000 Tomorrow Focus AG 2,995, Total - Germany 46,587, Ireland 1,800,000 Aer Lingus Group plc 2,943, ,000 CPL Resources PLC 1,837, ,400,000 IFG Group PLC 2,338, ,000 Origin Enterprises 2,758, PLC 428,000 GBP Kentz Corp Ltd 3,928, ,000 GBP UDG Healthcare PLC 4,259, Total - Ireland 18,065, Italy 180,000 De'Longhi SpA 2,550, Total - Italy 2,550, Jersey 850,000 GBP Cape PLC 2,941, Total - Jersey 2,941, Luxembourg 300,000 SAF-Holland SA 3,345, Total - Luxembourg 3,345, Netherlands 170,000 Aalberts Industries NV 4,164, ,000 Brunel International 2,762, NV 45,000 Gemalto NV 3,667, ,000 Koninklijke Ten Cate NV 2,640, Total - Netherlands 13,233, Singapore 120,000 GBP XP Power Ltd 2,475, Total - Singapore 2,475, Sweden 130,000 SEK Investment AB Kinnevik 3,657, ,000 SEK Nobia AB 3,113, Total - Sweden 6,771, Switzerland 40,000 CHF Basilea Pharmaceutica 4,251, ,000 CHF Clariant AG 4,740, ,048 CHF Komax Holding AG 2,519, ,000 CHF Sulzer AG 3,581, Total - Switzerland 15,092, United Kingdom 185,000 Dialog Semiconductor PLC 3,115, ,000 Tipp24 SE 3,292, ,000 GBP Bodycote PLC 3,439, ,000 GBP Devro PLC 1,882, ,000 GBP Hargreaves Services 2,282, PLC 500,000 GBP Hyder Consulting 2,626, PLC 157,500 GBP IMI PLC 2,914, ,000 GBP IMI PLC IMMEDIATE 436, CAPITAL NPV 150,000 GBP Kier Group PLC 3,443, ,000 GBP Northgate PLC 3,609, ,500,000 GBP SIG PLC 3,849, ,000,000 GBP TT electronics PLC 2,702, * Any deviations of the percentages of the net assets are due to rounding. 63

64 Vontobel Fund - European Mid and Small Cap Equity Portfolio as at February 28, ,000 GBP William Hill PLC 3,859, Total - United Kingdom 37,455, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 177,287, ,287, ,287, * Any deviations of the percentages of the net assets are due to rounding. 64

65 Vontobel Fund - Japanese Equity Notes Cost JPY Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 5,522,368,056 5,970,017,500 Cash at banks 113,211,476 Receivable from subscriptions 2,109,244 Interest and dividends receivable 4,460,245 Receivable for investments sold Total Assets 106,491,627 6,196,290,092 Liabilities Payable for redemptions 2,302,900 Payable for investments purchased 84,736,811 Audit fees, printing and publishing expenses 152,928 (5) Service Fee payable 1,621,511 (4) Subscription Tax payable 268,520 (3) Management Fee payable 4,328,979 Other liabilities 856,173 Total Liabilities 94,267,822 Total net assets at the end of the period 6,102,022,270 Net assets at the beginning of the period 6,041,442,032 Net investment loss on investments -778,994 Change in unrealised appreciation/depreciation on: Investments -46,905,633 Net realised gain/loss on investments 557,066,890 Net realised gain/loss on currency exchange 24,276 Increase/Decrease in net assets resulting from operations 509,406,539 Subscriptions of shares 1,535,425,460 Redemptions of shares -1,984,251,761 Total net assets at the end of the period 6,102,022,270 Income Net dividends 42,403,706 Other income 163,078 Total income 42,566,784 (3) Expenses Management Fees 29,802,181 Audit fees, printing and publishing expenses 373,052 (4) Subscription tax 910,427 Bank interest 264,194 (5) Service Fees 11,324,928 (12) Securities Lending Fees 10,876 (8) Other Fees payable 660,120 Total Expenses 43,345,778 Net investment loss on investments -778,994 65

66 Vontobel Fund - Japanese Equity Portfolio as at February 28, 2014 JPY Transferable securities admitted to an official exchange Shares Japan 36,800 JPY Astellas Pharma Inc 242,659, ,500 JPY Bridgestone Corp 280,525, ,000 JPY Daicel Corp 124,676, ,500 JPY Daifuku Co Ltd 90,639, ,400 JPY Denso Corp 127,296, ,600 JPY Dentsu Inc 71,145, ,500 JPY Don Quijote 140,760, Holdings Co Ltd 287,000 JPY Hitachi Ltd 230,461, ,600 JPY ITOCHU Corp 178,982, ,600 JPY Japan Tobacco Inc 108,595, ,900 JPY KDDI Corp 154,404, ,700 JPY Maeda Kosen Co Ltd 89,465, ,000 JPY Makino Milling 148,708, Machine Co Ltd 29,100 JPY Makita Corp 164,706, ,500 JPY Mitsubishi UFJ 206,917, Financial Group Inc 74,000 JPY Mitsui Fudosan Co 223,998, Ltd 135,000 JPY NGK Spark Plug Co 309,150, Ltd 12,500 JPY Nidec Corp 156,125, ,200 JPY Nikkiso Co Ltd 112,575, ,000 JPY Nippon Shokubai Co 158,208, Ltd 397,000 JPY Nippon Steel & 117,909, Sumitomo Metal Corp 75,800 JPY ORIX Corp 113,700, ,700 JPY Pigeon Corp 49,006, ,000 JPY Sanken Electric Co 148,390, Ltd 273,000 JPY Sankyu Inc 122,304, ,000 JPY SCSK Corp 232,940, ,200 JPY Ship Healthcare 109,777, Holdings Inc 10,600 JPY SMC Corp/Japan 273,639, ,200 JPY Sumitomo Electric 148,131, Industries Ltd 83,100 JPY Sumitomo Mitsui 377,274, Financial Group Inc 34,800 JPY Sundrug Co Ltd 142,506, ,000 JPY Taisei Corp 135,900, ,500 JPY Toyota Motor Corp 417,488, ,400 JPY Yahoo Japan Corp 151,833, ,200 JPY Yamaha Motor Co 109,222, Ltd Total - Japan 5,970,017, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 5,970,017, ,970,017, ,970,017, * Any deviations of the percentages of the net assets are due to rounding. 66

67 Vontobel Fund - China Stars Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 142,504, ,730,192 Cash at banks 2,123,358 Receivable from foreign currencies 251,224 Receivable from subscriptions 88,753 Interest and dividends receivable 58,677 Receivable for investments sold 1,261,218 (9) Options contracts at market value 66 Total Assets 152,513,488 Liabilities Bank overdraft 176,598 Payable for redemptions 1,059,348 Payable on foreign currencies 251,263 (9) Unrealised loss on options 66 Audit fees, printing and publishing expenses 2,815 (5) Service Fee payable 37,913 (4) Subscription Tax payable 10,289 (3) Management Fee payable 186,294 Other liabilities 11,860 Total Liabilities 1,736,446 Total net assets at the end of the period 150,777,042 Net assets at the beginning of the period 72,027,235 Net investment loss on investments -612,661 Change in unrealised appreciation/depreciation on: Investments 65,729 Options 66 Net realised gain/loss on investments 520,630 Net realised gain/loss on currency exchange -38,499 Increase/Decrease in net assets resulting from operations -64,735 Subscriptions of shares 129,985,749 Redemptions of shares -51,024,010 (11) Dividend distribution -147,197 Total net assets at the end of the period 150,777,042 Income Net dividends 627,444 Other income 24,691 Total income 652,135 (3) Expenses Management Fees 993,916 Audit fees, printing and publishing expenses 5,619 (4) Subscription tax 30,656 Bank interest 2,184 (5) Service Fees 207,751 (12) Securities Lending Fees 8,177 (8) Other Fees payable 16,493 Total Expenses 1,264,796 Net investment loss on investments -612,661 67

68 Vontobel Fund - China Stars Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Bermuda Islands 1,884,000 HKD Brilliance China Automotive Holdings Ltd 2,864, ,829,000 HKD Haier Electronics 5,420, Group Co Ltd Total - Bermuda Islands 8,284, Cayman Islands 499,762 HKD AAC Technologies Holdings Inc 2,273, ,155,000 HKD China Lesso Group 3,095, Holdings Ltd 4,933,000 HKD Country Garden 2,548, Holdings Co Ltd 3,384,000 HKD Lee & Man Paper 2,018, Manufacturing Ltd 270,400 HKD MGM China 1,153, Holdings Ltd 657,600 HKD Sands China Ltd 5,503, ,661,000 HKD Sino 3,405, Biopharmaceutical Ltd 3,099,000 HKD Sunny Optical 2,954, Technology Group Co Ltd 187,000 HKD Tencent Holdings Ltd 14,998, ,000 HKD Wynn Macau Ltd 1,989, ,100 NetEase Inc ADR 2,892, Total - Cayman Islands 42,832, Hong Kong 2,390,000 HKD China Everbright International Ltd 3,498, ,740,000 HKD China Overseas Land 4,674, & Investment Ltd 1,586,000 HKD China Resources 3,825, Power Holdings Co Ltd 9,832,000 HKD Franshion Properties 3,078, China Ltd 2,728,000 HKD Guangdong 2,840, Investment Ltd 4,558,000 HKD Lenovo Group Ltd 4,862, Total - Hong Kong 22,778, Virgin Islands 89,700 Hollysys Automation Technologies Ltd 1,788, Total - Virgin Islands 1,788, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 148,730, ,730, ,730, China 1,296,000 HKD Anhui Conch Cement Co Ltd 4,725, ,150,000 HKD Bank of China Ltd 4,263, ,540,000 HKD BBMG Corp 3,386, ,000 HKD China 395, Communications Services Corp Ltd 19,822,000 HKD China Construction 13,638, Bank Corp 1,582,000 HKD China Life Insurance 4,626, Co Ltd 1,164,800 HKD China Pacific 3,999, Insurance Group Co Ltd 2,727,100 HKD China Vanke Co Ltd 4,040, ,500 HKD Great Wall Motor Co 4,394, Ltd 19,833,000 HKD Industrial & 11,907, Commercial Bank of China Ltd 674,000 HKD PICC Property & 920, Casualty Co Ltd 1,066,500 HKD Ping An Insurance 8,663, Group Co of China Ltd 1,412,000 HKD Zhuzhou CSR Times 4,484, Electric Co Ltd 100,800 Mindray Medical International Ltd ADR 3,597, Total - China 73,045, * Any deviations of the percentages of the net assets are due to rounding. 68

69 Vontobel Fund - European Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 294,756, ,071,337 Cash at banks 7,932,236 Receivable from foreign currencies 881,536 Receivable from subscriptions 204,088 Interest and dividends receivable 463,891 Receivable for investments sold 1,028,141 Other assets Total Assets 113, ,694,297 Liabilities Bank overdraft 1 Payable for redemptions 261,927 Payable for investments purchased 4,625,093 Payable on foreign currencies 879,948 (9) Unrealised loss on forward foreign exchange contracts 21,742 Audit fees, printing and publishing expenses 8,534 (5) Service Fee payable 82,364 (4) Subscription Tax payable 15,978 (3) Management Fee payable 322,766 Other liabilities 10,580 Total Liabilities 6,228,933 Total net assets at the end of the period 355,465,364 Net assets at the beginning of the period 428,273,554 Net investment loss on investments -996,852 Change in unrealised appreciation/depreciation on: Investments -289,670 Forward foreign exchange contracts -21,742 Net realised gain/loss on investments 18,233,051 Net realised gain/loss on currency exchange -2,036 Increase/Decrease in net assets resulting from operations 16,922,751 Subscriptions of shares 86,191,898 Redemptions of shares -175,879,696 (11) Dividend distribution -43,143 Total net assets at the end of the period 355,465,364 Income Net dividends 1,790,918 Other income 184,145 Total income 1,975,063 (3) Expenses Management Fees 2,278,190 Audit fees, printing and publishing expenses 24,494 (4) Subscription tax 47,720 Bank interest 1,381 (5) Service Fees 599,501 (8) Other Fees payable 20,629 Total Expenses 2,971,915 Net investment loss on investments -996,852 69

70 Vontobel Fund - European Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Belgium 117,092 Anheuser-Busch InBev NV 8,893, Total - Belgium 8,893, Denmark 431,215 DKK Novo Nordisk A/S 14,891, ,764 DKK Novozymes A/S 4,373, Total - Denmark 19,264, France 63,977 Air Liquide SA 6,382, ,438 Bureau Veritas SA 10,523, ,299 Essilor International 6,302, SA 14,251 Hermes International 3,327, ,440 L'Oreal SA 7,296, ,835 Legrand SA 2,733, ,800 Pernod Ricard SA 5,356, ,550 Zodiac Aerospace 8,815, Total - France 50,736, Germany 114,648 SAP AG 6,709, ,807 Wirecard AG 7,641, Total - Germany 14,350, Ireland 119,901 Paddy Power PLC 7,270, ,189 Accenture PLC 4,537, Total - Ireland 11,808, Italy 222,272 Luxottica Group SpA 8,933, Total - Italy 8,933, Jersey 47,535 GBP Randgold Resources Ltd 2,737, ,183 Randgold Resources Ltd ADR 2,814, Total - Jersey 5,552, Luxembourg 295,174 Reinet Investments SCA 4,554, Total - Luxembourg 4,554, South Africa 43,669 ZAR Naspers Ltd 3,822, Total - South Africa 3,822, Spain 187,559 Grifols SA 7,746, Total - Spain 7,746, Sweden 321,036 SEK Elekta AB 3,093, ,353 SEK Indutrade AB 4,889, ,515 SEK Svenska Handelsbanken AB 5,169, Total - Sweden 13,151, Switzerland 119,860 CHF Cie Financiere Richemont SA 8,630, ,793 CHF DKSH Holding AG 6,205, ,235 CHF Lindt & Spruengli AG 4,399, ,992 CHF Nestle SA 12,536, ,266 CHF Novartis AG 3,276, ,430 CHF Roche Holding AG 12,143, ,518 CHF SGS SA 8,092, ,148,399 CHF UBS AG 17,813, Total - Switzerland 73,098, United Kingdom 1,025,981 GBP Barratt Developments PLC 5,477, ,505 GBP British American 18,751, Tobacco PLC 337,756 GBP Countrywide PLC 2,516, ,050 GBP Diageo PLC 11,260, ,156 GBP Domino's Pizza 4,131, Group PLC 755,698 GBP Fresnillo PLC 8,724, ,714 GBP Intertek Group PLC 1,559, ,729 GBP Persimmon PLC 3,855, ,176 GBP Reckitt Benckiser 8,715, Group PLC 613,127 GBP Rolls-Royce Holdings 7,432, PLC 413,902 GBP SABMiller PLC 14,699, Total - United Kingdom 87,125, United States 249,100 Philip Morris International Inc 14,592, Total - United States 14,592, Netherlands 61,900 Airbus Group NV 3,304, ,204 Unilever NV 14,227, ,773 Core Laboratories NV 9,908, Total - Netherlands 27,440, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 351,071, ,071, ,071, * Any deviations of the percentages of the net assets are due to rounding. 70

71 Vontobel Fund - US Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 1,333,338,971 1,630,919,146 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 18,700, ,757,523 1,765,078 Receivable for investments sold 11,271,590 (9) Unrealised gain on forward foreign exchange contracts Total Assets 1,306,266 1,666,721,009 Liabilities Bank overdraft 22 Payable for redemptions 8,320,958 Payable for investments purchased 17,406,241 Payable on foreign currencies 779 Audit fees, printing and publishing expenses 36,810 (5) Service Fee payable 381,588 (4) Subscription Tax payable 80,483 (3) Management Fee payable 1,543,934 Other liabilities 31,545 Total Liabilities 27,802,360 Total net assets at the end of the period 1,638,918,649 Net assets at the beginning of the period 1,569,337,979 Net investment loss on investments -3,066,945 Change in unrealised appreciation/depreciation on: Investments 136,556,407 Forward foreign exchange contracts 2,946,002 Net realised gain/loss on investments 91,389,709 Net realised gain/loss on forward foreign exchange contracts 3,132,775 Net realised gain/loss on currency exchange -72,705 Increase/Decrease in net assets resulting from operations 230,885,243 Subscriptions of shares 358,631,146 Redemptions of shares -519,791,747 (11) Dividend distribution -143,972 Total net assets at the end of the period 1,638,918,649 Income Net dividends 10,087,666 Other income 1,138 Total income 10,088,804 (3) Expenses Management Fees 10,141,217 Audit fees, printing and publishing expenses 99,013 (4) Subscription tax 250,830 (5) Service Fees 2,610,806 (8) Other Fees payable 53,883 Total Expenses 13,155,749 Net investment loss on investments -3,066,945 71

72 Vontobel Fund - US Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Ireland 588,122 Covidien PLC 42,315, Total - Ireland 42,315, United Kingdom 465,443 Diageo PLC ADR 58,510, Total - United Kingdom 58,510, United States 1,008,075 Air Lease Corp 37,248, ,585,789 Altria Group Inc 57,500, ,539 Amazon.com Inc 4,178, ,578 Bally Technologies 28,223, Inc 190 Berkshire Hathaway 33,004, Inc 79,175 Biogen Idec Inc 26,973, ,575 Capital One Financial 20,896, Corp 182,137 Celgene Corp 29,278, ,180 Chevron Corp 32,313, ,313 Chipotle Mexican 8,089, Grill Inc 332,578 Citigroup Inc 16,173, ,955,040 Coca-Cola Co 74,682, ,183 Cognizant 35,503, Technology Solutions Corp 396,825 First Republic 20,622, Bank/CA 54,509 Google Inc 66,263, ,336 Illumina Inc 15,491, ,725 Jack Henry & 24,863, Associates Inc 637,750 Johnson & Johnson 58,749, ,600 Las Vegas Sands 64,500, Corp 832,920 MasterCard Inc 64,734, ,238 McDonald's Corp 24,095, ,400 Mead Johnson 24,416, Nutrition Co 376,200 Motorola Solutions 24,904, Inc 1,190,601 Newmont Mining 27,693, Corp 913,236 Philip Morris 73,889, International Inc 92,700 Precision Castparts 23,905, Corp 34,100 priceline.com Inc 45,995, ,925 Reynolds American 42,896, Inc 419,287 Royal Gold Inc 28,809, ,400 Sempra Energy 26,394, ,500 Starbucks Corp 23,665, ,325 TJX Cos Inc 45,684, ,550 TransDigm Group Inc 50,867, ,606 Trimble Navigation 33,747, Ltd 1,866,800 Twenty-First Century Fox Inc 62,612, ,113 Visa Inc 65,096, ,250 Wal-Mart Stores Inc 33,185, ,058 Waters Corp 24,737, ,061,750 Wells Fargo & Co 49,286, ,516 Whole Foods 25,593, Inc 1,087,728 Zoetis Inc 33,741, Total - United States 1,510,511, Virgin Islands 199,750 Michael Kors Holdings Ltd 19,581, Total - Virgin Islands 19,581, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 1,630,919, ,630,919, ,630,919, * Any deviations of the percentages of the net assets are due to rounding. 72

73 Vontobel Fund - Global Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 1,167,094,548 1,340,550,097 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 21,940,092 3,286,422 4,107,565 1,519,133 Receivable for investments sold 2,505,985 (9) Unrealised gain on forward foreign exchange contracts 2,287,474 Other assets Total Assets 65,636 1,376,262,404 Liabilities Bank overdraft 1,067 Payable for redemptions 6,218,794 Payable for investments purchased 10,480,914 Payable on foreign currencies 3,284,260 Audit fees, printing and publishing expenses 25,132 (5) Service Fee payable 311,146 (4) Subscription Tax payable 68,402 (3) Management Fee payable 1,289,515 Other liabilities 32,579 Total Liabilities 21,711,809 Total net assets at the end of the period 1,354,550,595 Net assets at the beginning of the period 1,317,915,261 Net investment loss on investments -3,740,285 Change in unrealised appreciation/depreciation on: Investments 148,337,130 Forward foreign exchange contracts 4,452,900 Net realised gain/loss on investments 20,860,510 Net realised gain/loss on forward foreign exchange contracts 4,228,899 Net realised gain/loss on currency exchange 320,293 Increase/Decrease in net assets resulting from operations 174,459,447 Subscriptions of shares 307,802,505 Redemptions of shares -445,548,982 (11) Dividend distribution -77,636 Total net assets at the end of the period 1,354,550,595 Income Bank interest 1,208 Net dividends 7,295,282 Other income 13,282 Total income 7,309,772 (3) Expenses Management Fees 8,414,490 Audit fees, printing and publishing expenses 76,367 (4) Subscription tax 207,547 Bank interest 2,131 (5) Service Fees 2,269,111 (8) Other Fees payable 80,411 Total Expenses 11,050,057 Net investment loss on investments -3,740,285 73

74 Vontobel Fund - Global Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Bermuda Islands 807,266 HKD Cheung Kong Infrastructure Holdings Ltd 5,263, Total - Bermuda Islands 5,263, Brazil 432,553 BRL Cielo SA 11,758, ,542 Itau Unibanco Holding SA ADR 12,714, Total - Brazil 24,472, Canada 164,310 CAD Alimentation Couche Tard Inc 12,952, ,740 CAD Enbridge Inc 19,521, ,149 CAD Goldcorp Inc 26,064, ,288 CAD Silver Wheaton Corp 7,867, Total - Canada 66,405, Cayman Islands 150,701 HKD Tencent Holdings Ltd 12,087, ,145 Baidu Inc ADR 9,938, Total - Cayman Islands 22,026, Denmark 687,070 DKK Novo Nordisk A/S 32,769, Total - Denmark 32,769, France 599,425 Bureau Veritas SA 16,549, Total - France 16,549, Hong Kong 935,739 HKD Galaxy Entertainment Group Ltd 9,386, Total - Hong Kong 9,386, India 3,350,907 INR HDFC Bank Ltd 36,200, ,497,677 INR Housing 33,015, Development Finance Corp 5,893,759 INR ITC Ltd 31,156, Total - India 100,372, Indonesia 38,404,966 IDR Telekomunikasi Indonesia Persero Tbk PT 7,691, Total - Indonesia 7,691, Ireland 164,043 Paddy Power PLC 13,739, ,853 Covidien PLC 22,293, Total - Ireland 36,033, Mexico 2,384,000 MXN Wal-Mart de Mexico SAB de CV 5,040, Total - Mexico 5,040, Netherlands 1,056,130 Unilever NV 41,907, Total - Netherlands 41,907, South Africa 96,921 ZAR Naspers Ltd 11,718, Total - South Africa 11,718, Spain 329,461 Grifols SA 18,792, Total - Spain 18,792, Switzerland 607,767 CHF Nestle SA 45,955, ,214 CHF Roche Holding AG 28,105, ,946 CHF SGS SA 24,605, ,369,942 CHF UBS AG 50,772, Total - Switzerland 149,439, Thailand 1,025,600 THB Advanced Info Service PCL 6,632, Total - Thailand 6,632, United Kingdom 1,326,217 GBP British American Tobacco PLC 72,232, ,749 GBP Diageo PLC 20,202, ,195,396 GBP Fresnillo PLC 19,061, ,304 GBP Persimmon PLC 13,286, ,504 GBP Reckitt Benckiser 17,005, Group PLC 391,011 GBP SABMiller PLC 19,179, Total - United Kingdom 160,969, United States 717,893 Altria Group Inc 26,030, ,593 Amazon.com Inc 6,732, ,600 Biogen Idec Inc 23,711, ,616 Celgene Corp 23,407, ,212 Chipotle Mexican 6,902, Grill Inc 970,292 Coca-Cola Co 37,065, ,460 Cognizant 25,022, Technology Solutions Corp 27,762 Google Inc 33,748, ,815 Johnson & Johnson 20,525, ,838 Las Vegas Sands 44,827, Corp 954,590 MasterCard Inc 74,190, ,426 Philip Morris 60,069, International Inc 24,834 priceline.com Inc 33,497, * Any deviations of the percentages of the net assets are due to rounding. 74

75 Vontobel Fund - Global Equity Portfolio as at February 28, ,692 TJX Cos Inc 23,581, ,414 TransDigm Group Inc 16,818, ,000,926 Twenty-First Century 33,571, Fox Inc 192,136 Visa Inc 43,411, ,406 Wells Fargo & Co 42,771, ,573 Whole Foods 12,678, Inc 806,385 Zoetis Inc 25,014, Total - United States 613,579, Virgin Islands 117,300 Michael Kors Holdings Ltd 11,498, Total - Virgin Islands 11,498, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 1,340,550, ,340,550, ,340,550, * Any deviations of the percentages of the net assets are due to rounding. 75

76 Vontobel Fund - Global Equity (ex-us) Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 84,114, ,641,956 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 2,605,949 1,572,635 83, ,857 Receivable for investments sold 1,434,078 (9) Unrealised gain on forward foreign exchange contracts 190,895 Other assets Total Assets 18, ,668,228 Liabilities Bank overdraft 16 Payable for redemptions 484,395 Payable for investments purchased 454,742 Payable on foreign currencies 1,584,299 Audit fees, printing and publishing expenses 2,475 (5) Service Fee payable 25,327 (4) Subscription Tax payable 7,859 (3) Management Fee payable 126,058 Other liabilities 15,382 Total Liabilities 2,700,553 Total net assets at the end of the period 109,967,675 Net assets at the beginning of the period 106,877,749 Net investment loss on investments -438,485 Change in unrealised appreciation/depreciation on: Investments 7,639,389 Forward foreign exchange contracts 401,168 Net realised gain/loss on investments 1,707,227 Net realised gain/loss on forward foreign exchange contracts 418,691 Net realised gain/loss on currency exchange -4,185 Increase/Decrease in net assets resulting from operations 9,723,805 Subscriptions of shares 8,505,617 Redemptions of shares -15,060,286 (11) Dividend distribution -79,210 Total net assets at the end of the period 109,967,675 Income Bank interest 111 Net dividends 534,709 Other income 96,151 Total income 630,971 (3) Expenses Management Fees 845,329 Audit fees, printing and publishing expenses 7,625 (4) Subscription tax 24,663 Bank interest 356 (5) Service Fees 178,730 (8) Other Fees payable 12,753 Total Expenses 1,069,456 Net investment loss on investments -438,485 76

77 Vontobel Fund - Global Equity (ex-us) Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Australia 18,544 AUD CSL Ltd 1,198, ,619 AUD Ramsay Health Care 1,753, Ltd Total - Australia 2,951, Bermuda Islands 73,188 HKD Cheung Kong Infrastructure Holdings Ltd 477, Total - Bermuda Islands 477, Brazil 36,342 BRL Cielo SA 987, ,036 Itau Unibanco Holding SA ADR 773, Total - Brazil 1,760, Canada 13,920 CAD Alimentation Couche Tard Inc 1,097, ,590 CAD Bank of Nova Scotia 1,635, ,375 CAD Enbridge Inc 2,129, ,492 CAD Goldcorp Inc 2,460, ,903 CAD Shaw 506, Communications Inc 30,413 CAD Silver Wheaton Corp 776, Total - Canada 8,605, Cayman Islands 212,241 HKD Sands China Ltd 1,774, ,241 HKD Tencent Holdings Ltd 981, ,749 Baidu Inc ADR 811, Total - Cayman Islands 3,568, Denmark 88,282 DKK Novo Nordisk A/S 4,210, Total - Denmark 4,210, France 98,296 Bureau Veritas SA 2,713, ,219 Essilor International 1,694, SA 2,508 Hermes International 808, ,504 L'Oreal SA 1,780, ,386 Legrand SA 830, ,917 Pernod Ricard SA 1,757, Total - France 9,586, Germany 19,052 SAP AG 1,539, Total - Germany 1,539, Hong Kong 75,980 HKD Galaxy Entertainment 762, Group Ltd 219,367 HKD Link REIT 1,017, Total - Hong Kong 1,779, India 291,623 INR HDFC Bank Ltd 3,150, ,425 INR Hindustan Unilever 641, Ltd 272,522 INR Housing 3,602, Development Finance Corp 525,493 INR ITC Ltd 2,777, Total - India 10,172, Indonesia 3,077,908 IDR Telekomunikasi Indonesia Persero Tbk PT 616, Total - Indonesia 616, Ireland 15,887 Paddy Power PLC 1,330, Total - Ireland 1,330, Italy 14,936 Luxottica Group SpA 829, Total - Italy 829, Japan 12,500 JPY Daito Trust Construction Co Ltd 1,159, Total - Japan 1,159, Luxembourg 291,352 HKD L'Occitane International SA 638, Total - Luxembourg 638, Mexico 432,300 MXN Wal-Mart de Mexico SAB de CV 913, Total - Mexico 913, Netherlands 119,768 Unilever NV 4,752, ,565 Core Laboratories NV 2,362, Total - Netherlands 7,115, South Africa 6,404 ZAR Naspers Ltd 774, Total - South Africa 774, Spain 28,546 Grifols SA 1,628, Total - Spain 1,628, * Any deviations of the percentages of the net assets are due to rounding. 77

78 Vontobel Fund - Global Equity (ex-us) Portfolio as at February 28, 2014 Sweden 52,104 SEK Elekta AB 693, Total - Sweden 693, Switzerland 10,870 CHF Cie Financiere Richemont SA 1,081, ,361 CHF DKSH Holding AG 1,685, CHF Lindt & Spruengli AG 2,499, ,394 CHF Nestle SA 5,247, ,645 CHF Roche Holding AG 2,663, ,261 CHF SGS SA 3,119, ,036 CHF UBS AG 4,842, Total - Switzerland 21,139, Thailand 81,500 THB Advanced Info Service PCL 527, Total - Thailand 527, United Kingdom 114,274 GBP Barratt Developments PLC 842, ,700 GBP British American 9,406, Tobacco PLC 124,032 GBP Diageo PLC 3,904, ,214 GBP Domino's Pizza 1,126, Group PLC 113,487 GBP Fresnillo PLC 1,809, ,955 GBP Intertek Group PLC 145, ,788 GBP Persimmon PLC 1,085, ,247 GBP Reckitt Benckiser 1,420, Group PLC 105,668 GBP Rolls-Royce Holdings 1,769, PLC 63,486 GBP SABMiller PLC 3,114, Total - United Kingdom 24,623, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 106,641, ,641, ,641, * Any deviations of the percentages of the net assets are due to rounding. 78

79 Vontobel Fund - Emerging s Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 4,414,579,708 4,580,841,408 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 131,371,686 2,334,944 6,403,137 1,587,259 Receivable for investments sold 15,831,870 (9) Unrealised gain on forward foreign exchange contracts Total Assets 8,842,744 4,747,213,048 Liabilities Bank overdraft 763 Payable for redemptions 8,560,933 Payable for investments purchased 44,968,345 Payable on foreign currencies 2,339,989 Audit fees, printing and publishing expenses 106,954 (5) Service Fee payable 1,204,398 (4) Subscription Tax payable 179,416 (3) Management Fee payable 3,474,329 Other liabilities 110,342 Total Liabilities 60,945,469 Total net assets at the end of the period 4,686,267,579 Net assets at the beginning of the period 4,963,788,810 Net investment income 5,818,047 Change in unrealised appreciation/depreciation on: Investments 220,068,317 Forward foreign exchange contracts 17,601,506 Net realised gain/loss on investments -32,223,982 Net realised gain/loss on forward foreign exchange contracts 20,111,323 Net realised gain/loss on currency exchange -1,280,750 Increase/Decrease in net assets resulting from operations 230,094,461 Subscriptions of shares 861,076,384 Redemptions of shares -1,364,776,948 (11) Dividend distribution -3,915,128 Total net assets at the end of the period 4,686,267,579 Income Bank interest 16,834 Net interest on bonds 167 Net dividends 42,218,373 Other income 19,146 Total income 42,254,520 (3) Expenses Management Fees 25,968,882 Audit fees, printing and publishing expenses 293,900 (4) Subscription tax 642,979 Bank interest 3,089 (5) Service Fees 9,273,956 (8) Other Fees payable 253,667 Total Expenses 36,436,473 Net investment income 5,818,047 79

80 Vontobel Fund - Emerging s Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Brazil 16,000 BRL Vale SA 97 FRN 0.000% , Total - Brazil 65, Total - Bonds * Any deviations of the percentages of the net assets are due to rounding. ** See note , Shares Bermuda Islands 2,317,044 BRL Grupo BTG Pactual 27,068, ,182,410 Dairy Farm International Holdings Ltd 20,056, Total - Bermuda Islands 47,124, Brazil 2,493,322 BRL BB Seguridade Participacoes SA 24,869, ,130,650 BRL BM&FBovespa SA 95,400, ,700 BRL CCR SA 2,772, ,390,300 BRL Cielo SA 92,159, ,127,741 BRL CPFL Energia SA 8,110, ,398 BRL Itausa - 123, Investimentos Itau SA 8,557,600 BRL Itausa - 31,101, Investimentos Itau SA 7,366,423 BRL Souza Cruz SA 64,140, ,005,172 BRL Totvs SA 13,924, ,645 BRL Ultrapar 10,060, Participacoes SA 17,873,756 AMBEV SA ADR 128,691, ,416,008 Itau Unibanco Holding SA ADR 18,861, Total - Brazil 490,214, Cayman Islands 17,623,038 HKD Sands China Ltd 147,369, ,013,613 HKD Tencent Holdings Ltd 81,300, ,004 Baidu Inc ADR 68,030, ,144 Bitauto Holdings Ltd 10,885, ADR 264,292 NetEase Inc ADR 18,281, ,200 SouFun Holdings Ltd ADR 22,940, Total - Cayman Islands 348,807, China 5,864,798 HKD Tsingtao Brewery Co Ltd 44,093, Total - China 44,093, Hong Kong 4,439,300 HKD Galaxy Entertainment Group Ltd 44,530, ,810,759 HKD Link REIT 54,784, ,121,393 HKD Power Assets Holdings Ltd 143,063, Total - Hong Kong 242,379, India 4,277,249 INR Asian Paints Ltd 32,641, ,850,222 INR Axis Bank Ltd 37,823, ,716,775 INR Cipla Ltd/India 54,046, ,022,319 INR Colgate-Palmolive 21,665, India Ltd 1,799,562 INR Havells India Ltd 22,321, ,561,219 INR HDFC Bank Ltd 124,899, ,092,281 INR Hindustan Unilever 124,880, Ltd 15,014,057 INR Housing 198,464, Development Finance Corp 39,019,380 INR ITC Ltd 206,268, ,232,475 INR Kotak Mahindra 35,698, Bank Ltd 545,421 INR Nestle India Ltd 42,806, ,151,753 INR Sun Pharmaceutical 105,594, Industries Ltd 1,293,115 INR Tata Consultancy 47,479, Services Ltd 335,389 INR United Spirits Ltd 12,917, ,772,100 INR Westlife 10,507, Development Ltd 3,503,092 INR Zee Entertainment 15,186, Enterprises Ltd 1,678,439 HDFC Bank Ltd ADR 56,378, Total - India 1,149,580, Indonesia 51,809,081 IDR Bank Central Asia Tbk PT 45,632, ,643,011 IDR Semen Indonesia 29,257, Persero Tbk PT 241,991,635 IDR Telekomunikasi 48,464, Indonesia Persero Tbk PT 20,544,817 IDR Unilever Indonesia Tbk PT 50,570, Total - Indonesia 173,924, Jersey 467,510 GBP Randgold Resources Ltd 37,191, ,965 Randgold Resources Ltd ADR 34,774, Total - Jersey 71,966, Korea, Republic Of 1,166,310 KRW Kangwon Land Inc 34,861, ,858 KRW LG Household & 45,757, Health Care Ltd 55,550 KRW Orion Corp/Republic of Korea 46,480, Total - Korea, Republic Of 127,099, Malaysia 1,497,890 MYR British American Tobacco Malaysia Bhd 27,429,

81 Vontobel Fund - Emerging s Equity Portfolio as at February 28, ,489,200 MYR Genting Malaysia 55,082, Bhd 24,422,453 MYR Malayan Banking 72,898, Bhd 12,326,400 MYR Public Bank Bhd 71,780, Total - Malaysia 227,191, Mexico 1,524,817 MXN Coca-Cola Femsa SAB de CV 14,689, ,052,776 MXN Grupo Financiero 6,824, Banorte SAB de CV 2,835,230 MXN Industrias Penoles 68,571, SAB de CV 737,664 MXN Promotora y 9,551, Operadora de Infraestructura SAB de CV 62,233,291 MXN Wal-Mart de Mexico 131,568, SAB de CV 189,964 Coca-Cola Femsa 18,420, SAB de CV ADR 1,212,693 Fomento Economico 103,830, Mexicano SAB de CV ADR 5,429,498 Grupo Financiero 59,941, Santander Mexico SAB de CV ADR 2,404,597 Grupo Televisa SAB ADR 70,719, Total - Mexico 484,117, Netherlands 2,126,901 Yandex NV 79,758, Total - Netherlands 79,758, Philippines 1,790,460 PHP SM Investments Corp 27,838, Total - Philippines 27,838, Singapore 4,925,869 SGD DBS Group Holdings Ltd 64,242, Total - Singapore 64,242, ,516,400 THB Bangkok Dusit 5,949, Medical Services PCL 50,651,900 THB CP ALL PCL 60,936, ,406,114 THB Kasikornbank PCL 55,179, Total - Thailand 255,003, Turkey 600,021 TRY Coca-Cola Icecek AS 11,617, Total - Turkey 11,617, United Kingdom 23,002 GBP British American Tobacco PLC 1,252, ,512,056 ZAR BRITISH AMERICAN 298,470, TOBACCO (25P) 4,625,600 ZAR SABMILLER PLC 223,823, Total - United Kingdom 523,546, Virgin Islands 700,464 Mail.ru Group Ltd 29,594, Total - Virgin Islands 29,594, Total - Shares Total - Transferable securities admitted to an official exchange 4,580,776, ,580,841, Transferable securities and money market instruments dealt in on another regulated market Shares Bermuda Islands 2,739,900 HKD PEACE MARK (HOLDINGS) LIMITED ** Total - Bermuda Islands Total - Shares Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities ,580,841, South Africa 2,540,051 ZAR MTN Group Ltd 46,560, ,312 ZAR Naspers Ltd 62,910, ,086,016 ZAR Remgro Ltd 70,710, Total - South Africa 180,181, Taiwan 401,843 TWD President Chain Store Corp 2,493, Total - Taiwan 2,493, Thailand 117,648,400 SGD Thai Beverage PCL 52,011, ,024,400 THB Advanced Info 26,027, Service PCL 10,443,600 THB Bangkok Bank PCL 54,898, * Any deviations of the percentages of the net assets are due to rounding. ** See note

82 Vontobel Fund - Far East Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 519,818, ,858,640 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 11,647,460 2,379, , ,231 Receivable for investments sold 404,633 Receivable for forward foreign exchange contracts 56,905 Other assets Total Assets 955, ,848,738 Liabilities Payable for redemptions 498,871 Payable for investments purchased 3,656,033 Payable on foreign currencies 2,378,140 (9) Unrealised loss on forward foreign exchange contracts 24,340 Audit fees, printing and publishing expenses 15,282 (5) Service Fee payable 160,810 (4) Subscription Tax payable 33,046 (3) Management Fee payable 628,943 Other liabilities 117,739 Total Liabilities 7,513,204 Total net assets at the end of the period 658,335,534 Net assets at the beginning of the period 669,517,163 Net investment loss on investments -1,674,798 Change in unrealised appreciation/depreciation on: Investments 60,658,096 Forward foreign exchange contracts 109,236 Net realised gain/loss on investments -3,779,064 Net realised gain/loss on forward foreign exchange contracts 316,091 Net realised gain/loss on currency exchange -250,346 Increase/Decrease in net assets resulting from operations 55,379,215 Subscriptions of shares 86,482,371 Redemptions of shares -152,911,581 (11) Dividend distribution -131,634 Total net assets at the end of the period 658,335,534 Income Bank interest 142 Net dividends 3,882,776 Other income 130,632 Total income 4,013,550 (3) Expenses Management Fees 4,344,607 Audit fees, printing and publishing expenses 39,792 (4) Subscription tax 124,746 Bank interest 575 (5) Service Fees 1,130,217 (8) Other Fees payable 48,411 Total Expenses 5,688,348 Net investment loss on investments -1,674,798 82

83 Vontobel Fund - Far East Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Australia 199,902 AUD CSL Ltd 12,934, ,211 AUD Ramsay Health Care 9,997, Ltd 555,056 AUD Super Retail Group Ltd 5,491, Total - Australia 28,422, Bangladesh 691,850 BDT British American Tobacco Bangladesh Co Ltd 20,589, ,476,253 BDT Delta Brac Housing Finance Corp Ltd 4,790, Total - Bangladesh 25,379, Bermuda Islands 944,968 Dairy Farm International Holdings Ltd 8,665, ,302 Jardine Matheson Holdings Ltd 6,652, Total - Bermuda Islands 15,318, Cayman Islands 6,432,443 HKD SA SA International Holdings Ltd 6,008, ,673,623 HKD Sands China Ltd 22,373, ,066 HKD Tencent Holdings Ltd 16,367, ,300 Baidu Inc ADR 8,999, ,400 Bitauto Holdings Ltd 8,800, ADR 258,800 E-House China 3,266, Holdings Ltd ADR 86,575 NetEase Inc ADR 5,947, ,000 SouFun Holdings Ltd ADR 4,728, Total - Cayman Islands 76,492, China 1,511,172 HKD Tsingtao Brewery Co Ltd 11,292, Total - China 11,292, Hong Kong 875,882 HKD Galaxy Entertainment Group Ltd 8,779, ,405,702 HKD Link REIT 11,158, ,261,052 HKD Power Assets Holdings Ltd 18,892, Total - Hong Kong 38,830, India 589,007 INR Asian Paints Ltd 4,491, ,472 INR Axis Bank Ltd 8,712, ,179,969 INR Cipla Ltd/India 7,311, ,500 INR Colgate-Palmolive 4,775, India Ltd 856,477 INR Emami Ltd 6,397, ,864 INR Gillette India Ltd 3,061, ,715 INR Glenmark 4,010, Pharmaceuticals Ltd 682,962 INR Havells India Ltd 8,465, ,552,003 INR HDFC Bank Ltd 27,551, ,033,314 INR Hindustan Unilever 18,006, Ltd 2,162,985 INR Housing 28,572, Development Finance Corp 6,038,546 INR ITC Ltd 31,899, ,562 INR Kotak Mahindra 5,634, Bank Ltd 194,172 INR Nestle India Ltd 15,228, ,185,398 INR Sun Pharmaceutical 12,321, Industries Ltd 283,227 INR Tata Consultancy 10,392, Services Ltd 64,805 INR United Spirits Ltd 2,494, ,068,588 INR Westlife 6,331, Development Ltd 863,340 INR Zee Entertainment Enterprises Ltd 3,740, Total - India 209,398, Indonesia 8,770,546 IDR Bank Central Asia Tbk PT 7,721, ,624,051 IDR Kalbe Farma Tbk PT 9,191, ,072,748 IDR Matahari 7,320, Department Store Tbk PT 4,593,846 IDR Semen Indonesia 5,932, Persero Tbk PT 47,182,425 IDR Telekomunikasi 9,445, Indonesia Persero Tbk PT 4,084,395 IDR Unilever Indonesia Tbk PT 10,048, Total - Indonesia 49,659, Korea, Republic Of 201,600 KRW Kangwon Land Inc 6,025, ,619 KRW LG Household & 8,829, Health Care Ltd 6,537 KRW Orion Corp/Republic of Korea 5,469, Total - Korea, Republic Of 20,324, Luxembourg 3,772,660 HKD L'Occitane International SA 8,282, Total - Luxembourg 8,282, Malaysia 217,800 MYR British American Tobacco Malaysia Bhd 3,985, ,823,900 MYR Genting Malaysia 10,379, Bhd 2,896,509 MYR Guinness Anchor Bhd 12,896, ,001,941 MYR Malayan Banking 11,936, Bhd 537,500 MYR Nestle Malaysia Bhd 10,949, * Any deviations of the percentages of the net assets are due to rounding. ** See note

84 Vontobel Fund - Far East Equity Portfolio as at February 28, ,160,300 MYR Public Bank Bhd 6,751, Total - Malaysia 56,899, Philippines 1,279,760 PHP Jollibee Foods Corp 4,898, ,997,300 PHP Puregold Price Club 6,269, Inc 3,114,260 PHP Robinsons Retail 4,660, Holdings Inc 288,815 PHP SM Investments Corp 4,486, Total - Philippines 20,316, Pakistan 124,124 PKR Nestle Pakistan Ltd 11,442, Total - Pakistan 11,442, Total - Shares Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 11,442,260 11,442, ,858, Singapore 726,622 SGD DBS Group Holdings Ltd 9,471, Total - Singapore 9,471, Sri Lanka 2,399,538 LKR John Keells Holdings PLC 4,103, Total - Sri Lanka 4,103, Taiwan 1,336,500 TWD President Chain Store Corp 8,286, Total - Taiwan 8,286, Thailand 16,903,300 SGD Thai Beverage PCL 7,469, ,300 THB Advanced Info 5,094, Service PCL 1,714,300 THB Bangkok Bank PCL 9,004, ,331,600 THB BEC World PCL 8,246, ,791,000 THB CP ALL PCL 16,578, ,800,800 THB Kasikornbank PCL 9,541, Total - Thailand 55,935, Total - Shares Total - Transferable securities admitted to an official exchange 638,416, ,416, Transferable securities and money market instruments dealt in on another regulated market Shares Bermuda Islands 5,700,500 HKD PEACE MARK (HOLDINGS) LIMITED ** Total - Bermuda Islands * Any deviations of the percentages of the net assets are due to rounding. ** See note

85 Vontobel Fund - New Power Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 186,124, ,844,123 Cash at banks 8,936,130 Receivable from foreign currencies 700,346 Receivable from subscriptions 495,712 Interest and dividends receivable 98,410 Receivable for investments sold 2,243,774 Other assets Total Assets 13, ,332,209 Liabilities Payable for redemptions 2,337,331 Payable for investments purchased 4,855,926 Payable on foreign currencies 701,544 (9) Unrealised loss on forward foreign exchange contracts 20,951 Audit fees, printing and publishing expenses 4,134 (5) Service Fee payable 55,815 (4) Subscription Tax payable 16,653 (3) Management Fee payable 269,491 Other liabilities 12,048 Total Liabilities 8,273,893 Total net assets at the end of the period 235,058,316 Net assets at the beginning of the period 149,027,781 Net investment loss on investments -748,529 Change in unrealised appreciation/depreciation on: Investments 21,638,488 Forward foreign exchange contracts -63,466 Net realised gain/loss on investments 4,189,221 Net realised gain/loss on forward foreign exchange contracts -5,634 Net realised gain/loss on currency exchange -200,637 Increase/Decrease in net assets resulting from operations 24,809,443 Subscriptions of shares 103,372,337 Redemptions of shares -42,038,368 (11) Dividend distribution -112,877 Total net assets at the end of the period 235,058,316 Income Bank interest 403 Net dividends 866,643 Other income 215,018 Total income 1,082,064 (3) Expenses Management Fees 1,401,778 Audit fees, printing and publishing expenses 12,331 (4) Subscription tax 43,380 Bank interest 1,001 (5) Service Fees 292,765 (12) Securities Lending Fees 39,797 (8) Other Fees payable 39,541 Total Expenses 1,830,593 Net investment loss on investments -748,529 85

86 Vontobel Fund - New Power Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Belgium 62,732 Umicore SA 2,234, Total - Belgium 2,234, Bermuda Islands 968,500 HKD China Resources Gas Group Ltd 2,466, ,100,000 HKD China Singyes Solar 2,727, Technologies Holdings Ltd 90,000 Seadrill Ltd 2,408, Total - Bermuda Islands 7,602, Brazil 456,942 Cia Energetica de Minas Gerais ADR 1,915, Total - Brazil 1,915, Canada 155,000 CAD Peyto Exploration & Development Corp 3,659, ,000 Canadian Solar Inc 7,724, Total - Canada 11,384, Cayman Islands 9,000,000 HKD GCL-Poly Energy Holdings Ltd 2,451, Total - Cayman Islands 2,451, China 5,159,272 HKD China Longyuan Power Group Corp 4,456, ,400,000 HKD China Suntien Green 2,578, Energy Corp Ltd 8,400,000 HKD Huaneng 2,656, Renewables Corp Ltd 2,631,200 HKD Xinjiang Goldwind Science & Technology Co Ltd 2,138, Total - China 11,829, Denmark 360,000 DKK Vestas Wind Systems A/S 9,426, Total - Denmark 9,426, France 125,095 Schneider Electric SA 8,099, Total - France 8,099, Germany 46,000 Continental AG 8,112, ,000 OSRAM Licht AG 3,447, ,000 PNE Wind AG 1,309, ,498 PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnolo gie 2,002, ,010 Siemens AG 5,322, Total - Germany 20,193, Hong Kong 321,600 HKD Beijing Enterprises Holdings Ltd 2,232, Total - Hong Kong 2,232, Ireland 114,470 Ingersoll-Rand PLC 5,067, Total - Ireland 5,067, Italy 416,604 Prysmian SpA 7,807, ,150,314 Snam SpA 4,743, ,941,974 Terna Rete Elettrica Nazionale SpA 7,185, Total - Italy 19,736, Japan 135,000 JPY Denso Corp 5,209, ,810 JPY Inpex Corp 3,127, ,350 JPY Mitsubishi Electric Corp 3,772, Total - Japan 12,110, Korea, Republic Of 35,000 KRW Cheil Industries Inc 1,636, Total - Korea, Republic Of 1,636, Spain 400,000 EDP Renovaveis SA 1,872, ,999 Gamesa Corp Tecnologica SA 3,264, Total - Spain 5,137, Switzerland 170,000 CHF ABB Ltd 3,142, ,000 CHF Meyer Burger Technology AG 3,243, Total - Switzerland 6,386, Taiwan 1,900,000 TWD Epistar Corp 3,232, Total - Taiwan 3,232, United Kingdom 220,000 GBP BG Group PLC 2,905, ,711 GBP Ophir Energy PLC 2,853, Total - United Kingdom 5,759, United States 207,543 AMETEK Inc 8,000, ,000 Archer-Daniels- 2,292, Midland Co 147,316 Cabot Oil & Gas 3,733, Corp 178,839 Cisco Systems Inc 2,822, * Any deviations of the percentages of the net assets are due to rounding. ** See note

87 Vontobel Fund - New Power Portfolio as at February 28, ,130 Cobalt International 2,081, Energy Inc 130,000 First Solar Inc 5,371, ,000 Flotek Industries Inc 2,119, ,400 ICF International Inc 1,826, ,475 KBR Inc 4,069, ,000 MasTec Inc 6,224, ,000 Newpark Resources 2,415, Inc 107,759 NextEra Energy Inc 7,130, ,086 Pattern Energy 517, Group Inc 70,000 Polypore 1,754, International Inc 125,000 Power Integrations 5,351, Inc 250,000 GBP Protonex Technology ** 430,000 Quanta Services Inc 10,962, ,324 Roper Industries Inc 7,101, ,000 SunPower Corp 1,679, ,721 United Technologies 4,382, Corp 100,000 WESCO International 6,241, Inc 210,000 Xcel Energy Inc 4,605, Total - United States 90,683, Virgin Islands 180,000 Hollysys Automation Technologies Ltd 2,633, Total - Virgin Islands 2,633, Total - Shares Total - Transferable securities admitted to an official exchange 229,753, ,753, Transferable securities and money market instruments dealt in on another regulated market Shares Korea, Republic Of 40,000 KRW SFA Engineering Corp 1,090, Total - Korea, Republic Of 1,090, Total - Shares Total - Transferable securities and money market instruments dealt in on another regulated market 1,090,900 1,090, Total - Investment in securities 230,844, * Any deviations of the percentages of the net assets are due to rounding. ** See note

88 Vontobel Fund - Clean Technology Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 28,373,346 37,732,023 Cash at banks 496,348 Receivable from subscriptions 117,843 Interest and dividends receivable 16,198 Receivable for investments sold 868,505 Other assets Total Assets 4,737 39,235,654 Liabilities Payable for redemptions 10,822 Payable for investments purchased 557,862 Audit fees, printing and publishing expenses 654 (5) Service Fee payable 8,823 (4) Subscription Tax payable 2,307 (3) Management Fee payable 38,596 Other liabilities 9,664 Total Liabilities 628,728 Total net assets at the end of the period 38,606,926 Net assets at the beginning of the period 22,776,159 Net investment loss on investments -147,778 Change in unrealised appreciation/depreciation on: Investments 3,071,578 Net realised gain/loss on investments 1,807,164 Net realised gain/loss on currency exchange -18,572 Increase/Decrease in net assets resulting from operations 4,712,392 Subscriptions of shares 21,304,359 Redemptions of shares -10,182,418 (11) Dividend distribution -3,566 Total net assets at the end of the period 38,606,926 Income Bank interest 140 Net dividends 129,375 Other income 7,434 Total income 136,949 (3) Expenses Management Fees 208,551 Audit fees, printing and publishing expenses 2,198 (4) Subscription tax 6,267 Bank interest 253 (5) Service Fees 45,407 (12) Securities Lending Fees 1,032 (8) Other Fees payable 21,019 Total Expenses 284,727 Net investment loss on investments -147,778 88

89 Vontobel Fund - Clean Technology Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Austria 12,690 Andritz AG 577, ,420 Zumtobel AG 632, Total - Austria 1,210, Brazil 87,200 Cia Energetica de Minas Gerais ADR 365, Total - Brazil 365, Canada 20,120 Canadian Solar Inc 609, Total - Canada 609, Cayman Islands 1,697,000 HKD GCL-Poly Energy Holdings Ltd 462, Total - Cayman Islands 462, China 594,000 HKD CSR Corp Ltd 323, ,000 HKD Zhuzhou CSR Times Electric Co Ltd 766, Total - China 1,090, Denmark 21,130 DKK Vestas Wind Systems A/S 553, Total - Denmark 553, France 21,150 Cie de St-Gobain 920, ,920 Suez Environnement Co 592, Total - France 1,512, Germany 4,560 Continental AG 804, ,320 GEA Group AG 1,241, ,670 Henkel AG & Co 943, KGaA 8,990 Init Innovation In 224, Traffic Systems AG 5,470 Linde AG 821, ,956 OSRAM Licht AG 588, ,130 Siemens AG 593, Total - Germany 5,216, Hong Kong 1,374,000 HKD Guangdong Investment Ltd 1,040, ,500 HKD MTR Corp Ltd 560, Total - Hong Kong 1,601, Ireland 17,550 Ingersoll-Rand PLC 776, Total - Ireland 776, Italy 99,420 Ansaldo STS SpA 820, ,710 Prysmian SpA 837, Total - Italy 1,658, Japan 21,900 JPY Denso Corp 845, ,500 JPY East Japan Railway Co 591, Total - Japan 1,436, Jersey 9,710 GBP Wolseley PLC 409, Total - Jersey 409, Netherlands 32,750 Aalberts Industries NV 802, Total - Netherlands 802, Switzerland 1,930 CHF Geberit AG 438, ,320 Pentair Ltd 954, Total - Switzerland 1,393, Taiwan 310,000 TWD Epistar Corp 527, Total - Taiwan 527, United Kingdom 76,660 GBP National Grid PLC 776, ,730 GBP Shanks Group PLC 426, ,030 GBP SIG PLC 379, Total - United Kingdom 1,582, United States 5,810 Acuity Brands Inc 593, ,750 AECOM Technology 803, Corp 11,310 Air Products & 993, Chemicals Inc 21,970 American Water 713, Works Co Inc 31,470 AMETEK Inc 1,213, ,680 BorgWarner Inc 964, ,190 Danaher Corp 1,450, ,700 MasTec Inc 998, ,630 Maxwell 293, Technologies Inc 13,300 NextEra Energy Inc 880, ,050 Norfolk Southern 934, Corp 14,820 Polypore International Inc 371, * Any deviations of the percentages of the net assets are due to rounding. 89

90 Vontobel Fund - Clean Technology Portfolio as at February 28, ,800 Regal-Beloit Corp 896, ,500 Rockwood Holdings 771, Inc 11,200 Roper Industries Inc 1,099, ,240 Tetra Tech Inc 820, ,000 Thermo Fisher 1,623, Scientific Inc 13,100 Veeco Instruments 375, Inc 25,500 Xylem Inc/NY 726, Total - United States 16,522, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 37,732, ,732, ,732, * Any deviations of the percentages of the net assets are due to rounding. 90

91 Vontobel Fund - Future Resources Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 99,671, ,925,898 Cash at banks Receivable from subscriptions 5,264, ,434 Interest and dividends receivable 124,813 (9) Unrealised gain on forward foreign exchange contracts 2,712 Other assets Total Assets 22, ,652,937 Liabilities Payable for redemptions 97,192 Audit fees, printing and publishing expenses 2,975 (5) Service Fee payable 28,939 (4) Subscription Tax payable 8,919 (3) Management Fee payable 142,981 Other liabilities 9,945 Total Liabilities 290,951 Total net assets at the end of the period 125,361,986 Net assets at the beginning of the period 147,035,611 Net investment loss on investments -462,673 Change in unrealised appreciation/depreciation on: Investments 5,495,031 Forward foreign exchange contracts 3,381 Net realised gain/loss on investments 4,662,108 Net realised gain/loss on forward foreign exchange contracts 10,162 Net realised gain/loss on currency exchange -179,029 Increase/Decrease in net assets resulting from operations 9,528,980 Subscriptions of shares 9,706,903 Redemptions of shares -40,905,488 (11) Dividend distribution -4,020 Total net assets at the end of the period 125,361,986 Income Bank interest 1,300 Net dividends 652,609 Other income 204,019 Total income 857,928 (3) Expenses Management Fees 992,142 Audit fees, printing and publishing expenses 8,267 (4) Subscription tax 26,667 Bank interest 1,580 (5) Service Fees 206,400 (12) Securities Lending Fees 65,007 (8) Other Fees payable 20,538 Total Expenses 1,320,601 Net investment loss on investments -462,673 91

92 Vontobel Fund - Future Resources Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Austria 10,930 Schoeller-Bleckmann Oilfield Equipment AG 914, Total - Austria 914, Bermuda Islands 28,160 Bunge Ltd 1,623, ,950 Kosmos Energy Ltd 1,374, Total - Bermuda Islands 2,998, Canada 314,760 CAD Africa Oil Corp 1,780, ,000 CAD Enerflex Ltd 722, ,830 CAD First Quantum 1,360, Minerals Ltd 110,000 CAD Peyto Exploration & 2,597, Development Corp 72,010 CAD Potash Corp of 1,723, Saskatchewan Inc 175,000 CAD Trinidad Drilling Ltd 1,269, ,920 Agrium Inc 1,464, ,000 Canadian Solar Inc 2,423, Total - Canada 13,342, Curaçao 47,120 Schlumberger Ltd 3,172, Total - Curaçao 3,172, Denmark 45,360 DKK Novozymes A/S 1,528, ,300 DKK Vestas Wind Systems A/S 1,212, Total - Denmark 2,741, Germany 81,380 BASF SE 6,788, ,570 Linde AG 3,238, Total - Germany 10,027, Japan 440,000 JPY Toray Industries Inc 2,188, Total - Japan 2,188, Netherlands 12,000 Core Laboratories NV 1,633, ,920 LyondellBasell Industries NV 4,459, Total - Netherlands 6,092, Sweden 108,000 SEK Boliden AB 1,241, Total - Sweden 1,241, Switzerland 57,680 Pentair Ltd 3,374, Total - Switzerland 3,374, United Kingdom 324,120 GBP Ophir Energy PLC 1,255, Total - United Kingdom 1,255, United States 81,870 American Water Works Co Inc 2,657, ,160 Anadarko Petroleum 1,533, Corp 80,000 Archer-Daniels- 2,351, Midland Co 137,000 C&J Energy Services 2,564, Inc 93,000 Cabot Oil & Gas 2,356, Corp 19,240 CF Industries 3,495, Holdings Inc 28,770 Chart Industries Inc 1,740, ,010 Cobalt International 1,451, Energy Inc 15,000 Concho Resources 1,315, Inc 66,500 Dow Chemical 2,345, Co/The 50,000 EI du Pont de 2,411, Nemours & Co 83,960 Flowserve Corp 4,936, ,070 Gulfport Energy Corp 3,018, ,000 Helmerich & Payne 1,787, Inc 145,490 Hexcel Corp 4,740, ,830 Monsanto Co 3,013, ,250 Newpark Resources 1,137, Inc 41,240 Nucor Corp 1,500, ,680 PDC Energy Inc 1,245, ,400 PPG Industries Inc 2,921, ,790 Range Resources 2,665, Corp 65,950 Rockwood Holdings 3,766, Inc 26,170 Roper Industries Inc 2,569, ,060 Solazyme Inc 2,141, ,310 Stillwater Mining Co 1,865, ,350 Tetra Tech Inc 2,600, ,920 Trimble Navigation 6,102, Ltd 45,000 Trinity Industries Inc 2,339, Total - United States 72,576, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 119,925, ,925, ,925, * Any deviations of the percentages of the net assets are due to rounding. 92

93 Vontobel Fund - Sustainable Asia (ex Japan) Equity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 28,618,604 32,374,619 Cash at banks Receivable from foreign currencies Receivable from subscriptions 309,914 Interest and dividends receivable 32,658 Receivable for forward foreign exchange contracts Total Assets 50,138 32,769,656 Liabilities Bank overdraft 13,966 Payable for redemptions 1,422 Payable on foreign currencies 1,338 (9) Unrealised loss on forward foreign exchange contracts 23,681 Audit fees, printing and publishing expenses 309 (5) Service Fee payable 7,646 (4) Subscription Tax payable 1,829 (3) Management Fee payable 35,090 Other liabilities 18,855 Total Liabilities 104,136 Total net assets at the end of the period 32,665,520 Net assets at the beginning of the period 30,201,763 Net investment loss on investments -141,885 Change in unrealised appreciation/depreciation on: Investments 1,164,506 Forward foreign exchange contracts 89,430 Net realised gain/loss on investments 1,747,504 Net realised gain/loss on forward foreign exchange contracts 298,020 Net realised gain/loss on currency exchange -20,422 Increase/Decrease in net assets resulting from operations 3,137,153 Subscriptions of shares 22,922,957 Redemptions of shares -23,558,960 (11) Dividend distribution -37,393 Total net assets at the end of the period 32,665,520 Income Net dividends 205,189 Other income 29 Total income 205,218 (3) Expenses Management Fees 259,673 Audit fees, printing and publishing expenses 2,142 (4) Subscription tax 7,425 Bank interest 976 (5) Service Fees 61,005 (8) Other Fees payable 15,882 Total Expenses 347,103 Net investment loss on investments -141,885 1,

94 Vontobel Fund - Sustainable Asia (ex Japan) Equity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Bermuda Islands 700,000 HKD Brilliance China Automotive Holdings Ltd 1,064, ,000 HKD Haier Electronics 1,309, Group Co Ltd Total - Bermuda Islands 2,374, Cayman Islands 112,844 HKD AAC Technologies Holdings Inc 513, ,000 HKD MGM China 528, Holdings Ltd 63,000 HKD Sands China Ltd 527, ,900 HKD Tencent Holdings Ltd 1,676, ,200 HKD Wynn Macau Ltd 851, ,900 NetEase Inc ADR 886, Total - Cayman Islands 4,983, China 1,883,000 HKD China Construction Bank Corp 1,295, ,900 HKD China Vanke Co Ltd 1,182, ,000 HKD Great Wall Motor Co 1,071, Ltd 2,170,000 HKD Industrial & 1,302, Commercial Bank of China Ltd 212,000 HKD PICC Property & 289, Casualty Co Ltd 139,500 HKD Ping An Insurance 1,133, Group Co of China Ltd 393,000 HKD Zhuzhou CSR Times 1,248, Electric Co Ltd 26,700 Mindray Medical International Ltd ADR 952, Total - China 8,476, Hong Kong 522,000 HKD China Everbright International Ltd 764, ,000 HKD China Overseas Land 1,224, & Investment Ltd 1,024,000 HKD Lenovo Group Ltd 1,092, Total - Hong Kong 3,081, Korea, Republic Of 32,850 KRW Kangwon Land Inc 981, ,905 KRW Kia Motors Corp 773, ,726 Samsung Electronics Co Ltd 2,972, Total - Korea, Republic Of 4,728, Taiwan 29,000 TWD Largan Precision Co Ltd 1,286, ,700 Taiwan Semiconductor Manufacturing Co Ltd ADR 1,993, Total - Taiwan 3,280, Thailand 63,371 THB Kasikornbank PCL 335, ,916 THB Siam Commercial Bank PCL/The 862, Total - Thailand 1,198, Virgin Islands 20,000 Hollysys Automation Technologies Ltd 398, Total - Virgin Islands 398, Total - Shares Total - Transferable securities admitted to an official exchange 31,256, ,256, Transferable securities and money market instruments dealt in on another regulated market Shares Taiwan 30,000 TWD Hermes Microvision Inc 1,118, Total - Taiwan 1,118, Total - Shares Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 1,118,022 1,118, ,374, India 79,561 INR Cairn India Ltd 415, ,871 INR HCL Technologies Ltd 1,724, Total - India 2,139, Indonesia 745,872 IDR Bank Rakyat Indonesia Persero Tbk PT 595, Total - Indonesia 595, * Any deviations of the percentages of the net assets are due to rounding. 94

95 Vontobel Fund - Sustainable Emerging s Leaders Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 102,212, ,346,126 Cash at banks 980,844 Receivable from subscriptions 34,112 Interest and dividends receivable 95,354 Formation expenses 1,070 Other assets Total Assets ,457,956 Liabilities Payable for redemptions 165,743 Audit fees, printing and publishing expenses 2,895 (5) Service Fee payable 28,078 (4) Subscription Tax payable 7,271 (3) Management Fee payable 126,333 Other liabilities 32,572 Total Liabilities 362,892 Total net assets at the end of the period 118,095,064 Net assets at the beginning of the period 125,747,514 Net investment loss on investments -215,359 Change in unrealised appreciation/depreciation on: Investments 10,603,300 Net realised gain/loss on investments -1,239,801 Net realised gain/loss on currency exchange -49,108 Increase/Decrease in net assets resulting from operations 9,099,032 Subscriptions of shares 4,872,874 Redemptions of shares -21,590,252 (11) Dividend distribution -34,104 Total net assets at the end of the period 118,095,064 Income Bank interest 484 Net dividends 923,954 Other income 12,125 Total income 936,563 (3) Expenses Management Fees 875,437 Audit fees, printing and publishing expenses 10,714 (4) Subscription tax 23,413 Bank interest 2,181 (5) Service Fees 200,897 (8) Other Fees payable 39,280 Total Expenses 1,151,922 Net investment loss on investments -215,359 95

96 Vontobel Fund - Sustainable Emerging s Leaders Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares Bermuda Islands 1,871,684 HKD Brilliance China Automotive Holdings Ltd 2,850, ,314,835 HKD Haier Electronics 3,888, Group Co Ltd 24,887 Credicorp Ltd 3,232, Total - Bermuda Islands 9,971, Brazil 271,000 BRL Porto Seguro SA 3,768, Total - Brazil 3,768, Cayman Islands 383,287 HKD AAC Technologies Holdings Inc 1,735, ,600 HKD MGM China 3,248, Holdings Ltd 400,000 HKD Sands China Ltd 3,344, ,102 HKD Tencent Holdings Ltd 3,617, ,750 HKD Wynn Macau Ltd 2,972, ,521 NetEase Inc ADR 3,148, ,624 WuXi PharmaTech Cayman Inc ADR 1,370, Total - Cayman Islands 19,437, China 4,570,902 HKD China Construction Bank Corp 3,139, ,681,815 HKD China Vanke Co Ltd 2,492, ,500 HKD Great Wall Motor Co 2,091, Ltd 6,254,922 HKD Industrial & 3,747, Commercial Bank of China Ltd 974,064 HKD PICC Property & 1,330, Casualty Co Ltd 1,436,927 HKD Zhuzhou CSR Times 4,554, Electric Co Ltd 77,800 Mindray Medical International Ltd ADR 2,718, Total - China 20,073, Hong Kong 1,886,028 HKD China Everbright International Ltd 2,760, ,000 HKD China Overseas Land 1,918, & Investment Ltd 2,905,913 HKD Lenovo Group Ltd 3,100, Total - Hong Kong 7,779, India 251,822 INR Cairn India Ltd 1,317, ,166 INR HCL Technologies Ltd 6,181, Total - India 7,498, Indonesia 2,645,683 IDR Bank Rakyat Indonesia Persero Tbk PT 2,113, Total - Indonesia 2,113, Korea, Republic Of 108,616 KRW Kangwon Land Inc 3,246, ,700 KRW Kia Motors Corp 3,047, ,486 Samsung Electronics Co Ltd 7,828, Total - Korea, Republic Of 14,122, Luxembourg 1,480,800 HKD Samsonite International SA 4,083, Total - Luxembourg 4,083, Mexico 35,900 Fomento Economico Mexicano SAB de CV ADR 3,073, Total - Mexico 3,073, Poland 148,956 PLN Eurocash SA 1,960, Total - Poland 1,960, Russia 316,672 Sberbank of Russia ADR 3,239, Total - Russia 3,239, Taiwan 99,000 TWD Largan Precision Co Ltd 4,394, ,974 Taiwan Semiconductor Manufacturing Co Ltd ADR 4,029, Total - Taiwan 8,423, Thailand 402,970 THB Kasikornbank PCL 2,136, ,500 THB Siam Commercial Bank PCL/The 2,495, Total - Thailand 4,632, United Kingdom 54,159 GBP SABMiller PLC 2,656, Total - United Kingdom 2,656, Total - Shares Total - Transferable securities admitted to an official exchange 112,833, ,833, * Any deviations of the percentages of the net assets are due to rounding. ** See note

97 Vontobel Fund - Sustainable Emerging s Leaders Portfolio as at February 28, 2014 Transferable securities and money market instruments dealt in on another regulated market Investment funds Guernsey 1,852,143 GBP Romania Property Fund Ltd ** Total - Guernsey Total - Investment funds Shares Taiwan 121,000 TWD Hermes Microvision Inc 4,512, Total - Taiwan 4,512, Total - Shares Total - Transferable securities and money market instruments dealt in on another regulated market 4,512,774 4,512, Total - Investment in securities 117,346, * Any deviations of the percentages of the net assets are due to rounding. ** See note

98 Vontobel Fund - Sustainable Global Leaders Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 123,965, ,396,172 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 4,258,118 1,481, ,372 96,975 Receivable for investments sold 1,486,515 (9) Unrealised gain on forward foreign exchange contracts 130,611 (9) Options contracts at market value 253,274 Other assets Total Assets 27, ,279,224 Liabilities Bank overdraft 100 Payable for redemptions 108,590 Payable for investments purchased 3,646,116 Payable on foreign currencies 1,486,515 (9) Unrealised loss on options 205,285 Audit fees, printing and publishing expenses 2,816 (5) Service Fee payable 32,915 (4) Subscription Tax payable 7,722 (3) Management Fee payable 117,279 Other liabilities 26,808 Total Liabilities 5,634,146 Total net assets at the end of the period 144,645,078 Net assets at the beginning of the period 110,936,900 Net investment loss on investments -301,584 Change in unrealised appreciation/depreciation on: Investments 12,097,319 Forward foreign exchange contracts 236,736 Options 24,826 Net realised gain/loss on investments 9,647,656 Net realised gain/loss on forward foreign exchange contracts 271,144 Net realised gain/loss on currency exchange -87,871 Net realised gain/loss on options -208,752 Increase/Decrease in net assets resulting from operations 21,679,474 Subscriptions of shares 26,782,497 Redemptions of shares -14,753,793 Total net assets at the end of the period 144,645,078 Income Bank interest 1 Net dividends 539,778 Other income 147,593 Total income 687,372 (3) Expenses Management Fees 724,144 Audit fees, printing and publishing expenses 7,586 (4) Subscription tax 23,118 Bank interest 177 (5) Service Fees 203,157 (8) Other Fees payable 30,774 Total Expenses 988,956 Net investment loss on investments -301,584 98

99 Vontobel Fund - Sustainable Global Leaders Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Shares China 769,986 HKD Great Wall Motor Co Ltd 3,512, ,299,000 HKD Industrial & Commercial Bank of China Ltd 3,174, Total - China 6,686, Curaçao 60,483 Schlumberger Ltd 5,624, Total - Curaçao 5,624, Denmark 70,000 DKK Novo Nordisk A/S 3,338, Total - Denmark 3,338, France 39,000 Schneider Electric SA 3,487, Total - France 3,487, Germany 25,887 Continental AG 6,305, ,000 Fresenius SE & Co 2,021, KGaA 27,079 SAP AG 2,188, Total - Germany 10,515, Hong Kong 2,900,000 HKD Lenovo Group Ltd 3,093, Total - Hong Kong 3,093, ,000 GBP SABMiller PLC 1,569, ,322 GBP William Hill PLC 6,012, Total - United Kingdom 14,420, United States 51,300 Allergan Inc/United States 6,515, ,841 American Express Co 1,628, ,580 BlackRock Inc 2,920, ,403 CVS Caremark Corp 7,855, ,456 Fossil Group Inc 7,751, ,225 Gilead Sciences Inc 4,654, ,652 Goldman Sachs 4,935, Group Inc 4,210 Google Inc 5,117, ,315 National Oilwell 4,954, Varco Inc 95,521 QUALCOMM Inc 7,191, ,342 Rockwell Automation 7,289, Inc 27,046 Stanley Black & 2,245, Decker Inc 27,485 TransDigm Group Inc 4,896, ,500 WEX Inc 5,179, Total - United States 73,137, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 142,396, ,396, ,396, Ireland 233,913 Irish Bank Resolution Corp Ltd/Old ** ,000 Jazz Pharmaceuticals Plc 1,215, Total - Ireland 1,215, Jersey 125,988 GBP Shire PLC 7,009, ,636 GBP WPP PLC 1,372, Total - Jersey 8,382, Switzerland 50,292 CHF Aryzta AG 4,191, ,141 CHF Cie Financiere 2,798, Richemont SA 105,451 CHF Credit Suisse Group 3,316, AG 27,052 Pentair Ltd 2,186, Total - Switzerland 12,492, United Kingdom 100,000 GBP Compass Group PLC 1,582, ,285 GBP Prudential PLC 2,867, ,000 GBP Reckitt Benckiser Group PLC 2,388, * Any deviations of the percentages of the net assets are due to rounding. ** See note

100 Vontobel Fund - Belvista Commodity Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Notes Assets Cost Investments in securities at market value 357,383, ,434,670 Cash at banks Receivable from subscriptions 217,575, ,721 Interest and dividends receivable 50,731 Interest receivable on Contracts for Difference 188,252 (9) Unrealised gain on forward foreign exchange contracts 4,507,305 (9) Unrealised gain on Contracts for Difference 13,240,434 Total Assets 593,345,015 Liabilities Bank overdraft 1 Payable for redemptions 467,966 Payable for investments purchased 39,988,612 Audit fees, printing and publishing expenses 12,622 (5) Service Fee payable 89,326 (4) Subscription Tax payable 22,860 (3) Management Fee payable 364,519 Other liabilities 31,644 Total Liabilities 40,977,550 Total net assets at the end of the period 552,367,465 Net assets at the beginning of the period 577,197,207 Net investment loss on investments -3,571,846 Change in unrealised appreciation/depreciation on: Investments -58,103 Forward foreign exchange contracts 3,169,858 Contracts for Difference 11,988,742 Net realised gain/loss on investments 118,067 Net realised gain/loss on forward foreign exchange contracts 17,201,011 Net realised gain/loss on currency exchange 9,416 Net realised gain/loss on Contracts for Difference -1,480,644 Increase/Decrease in net assets resulting from operations 27,376,501 Subscriptions of shares 183,546,430 Redemptions of shares -235,752,673 Total net assets at the end of the period 552,367,465 Income Bank interest 140,338 Net interest on bonds 54,837 Other income 354 Total income 195,529 (3) Expenses Management Fees 2,500,405 Audit fees, printing and publishing expenses 26,114 (4) Subscription tax 73,826 Bank interest 224 Interest on Contracts for Difference 480,236 (5) Service Fees 638,999 (8) Other Fees payable 47,571 Total Expenses 3,767,375 Net investment loss on investments -3,571,

101 Vontobel Fund - Belvista Commodity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds United States 30,000,000 United States 0.000% ,994, Treasury Bill 13 50,000,000 United States 0.000% ,989, Treasury Bill 13 55,000,000 United States 0.000% ,999, Treasury Bill 13 50,000,000 United States 0.000% ,991, Treasury Bill 13 60,000,000 United States 0.000% ,984, Treasury Bill 13 Total - United States 244,959, Total - Bonds Total - Transferable securities admitted to an official exchange 244,959, ,959, Money market instruments Debt Instruments Germany 25,000,000 KFW 13 CP 0.000% ,999, ,000,000 KFW 14 CP 0.000% ,988, ,500,000 KFW 14CP 0.000% ,487, Total - Germany 112,474, Total - Debt instruments Total - Money market instruments Total - Investment in securities 112,474, ,474, ,434, * Any deviations of the percentages of the net assets are due to rounding. 101

102 Vontobel Fund - Belvista Dynamic Commodity Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 52,506,362 52,492,296 Cash at banks Receivable from subscriptions 17,805,645 Interest and dividends receivable 2,608 (9) Unrealised gain on forward foreign exchange contracts 811,050 (9) Unrealised gain on Contracts for Difference 1,103,054 Other assets Total Assets 19,074 72,234,510 Liabilities Payable for investments purchased 3,000,308 Audit fees, printing and publishing expenses 1,225 (5) Service Fee payable 12,641 (4) Subscription Tax payable 2,294 (3) Management Fee payable 49,976 (3) Performance Fee payable 168 Other liabilities 55,646 Total Liabilities 3,122,258 Total net assets at the end of the period 69,112,252 Net assets at the beginning of the period 57,215,186 Net investment loss on investments -369,144 Change in unrealised appreciation/depreciation on: Investments -9,456 Forward foreign exchange contracts 615,448 Contracts for Difference 1,236,407 Net realised gain/loss on investments -8,918 Net realised gain/loss on forward foreign exchange contracts 1,586,981 Net realised gain/loss on currency exchange 1,220 Net realised gain/loss on Contracts for Difference 492,588 Increase/Decrease in net assets resulting from operations 3,545,126 Subscriptions of shares 37,889,443 Redemptions of shares -29,537,503 Total net assets at the end of the period 69,112,252 Income Bank interest 7,719 Net interest on bonds 606 Other income 37 Total income 8,362 (3) Expenses Management Fees 271,550 (3) Performance Fee 3,262 Audit fees, printing and publishing expenses 1,624 (4) Subscription tax 6,601 Bank interest 395 (5) Service Fees 77,753 (8) Other Fees payable 16,321 Total Expenses 377,506 Net investment loss on investments -369,

103 Vontobel Fund - Belvista Dynamic Commodity Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds United States 6,500,000 United States 0.000% ,499, Treasury Bill 13 7,500,000 United States 0.000% ,499, Treasury Bill 13 8,000,000 United States 0.000% ,997, Treasury Bill 13 5,000,000 United States 0.000% ,999, Treasury Bill 13 8,500,000 United States 0.000% ,498, Treasury Bill 13 6,500,000 United States 0.000% ,497, Treasury Bill 13 Total - United States 41,992, Total - Bonds Total - Transferable securities admitted to an official exchange 41,992, ,992, Money market instruments Debt Instruments Germany 5,000,000 KFW 13 CP 0.000% ,999, ,000,000 KFW 14 CP 0.000% ,000, ,500,000 KFW 14CP 0.000% ,500, Total - Germany 10,500, Total - Debt instruments Total - Money market instruments Total - Investment in securities 10,500, ,500, ,492, * Any deviations of the percentages of the net assets are due to rounding. 103

104 Vontobel Fund - Target Return () Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 26,305,163 26,705,373 Cash at banks 1,850,466 Interest and dividends receivable 320,999 (9) Unrealised gain on forward foreign exchange contracts 5,140 (9) Options contracts at market value 11,563 Other assets Total Assets 1,428 28,894,969 Liabilities Payable for redemptions 4,898 (9) Unrealised loss on options 22,695 Audit fees, printing and publishing expenses 741 (5) Service Fee payable 4,404 (4) Subscription Tax payable 1,680 (3) Management Fee payable 21,194 (3) Performance Fee payable 62,009 Other liabilities 5,886 Total Liabilities 123,507 Total net assets at the end of the period 28,771,462 Net assets at the beginning of the period 35,670,828 Net investment income 53,607 Change in unrealised appreciation/depreciation on: Investments 204,701 Forward foreign exchange contracts 5,140 Options -8,514 Net realised gain/loss on investments 490,645 Net realised gain/loss on forward foreign exchange contracts 7,546 Net realised gain/loss on currency exchange -75,204 Net realised gain/loss on futures 62,065 Net realised gain/loss on options -57,029 Increase/Decrease in net assets resulting from operations 682,957 Subscriptions of shares 3,083,131 Redemptions of shares -10,665,454 Total net assets at the end of the period 28,771,462 Income Bank interest 61 Net interest on bonds 314,776 Net dividends 30,183 Other income 8,423 Total income 353,443 (3) Expenses Management Fees 168,747 (3) Performance Fee 76,948 Audit fees, printing and publishing expenses 1,932 (4) Subscription tax 5,410 Bank interest 750 (5) Service Fees 34,037 (8) Other Fees payable 12,012 Total Expenses 299,836 Net investment income 53,

105 Vontobel Fund - Target Return () Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Cayman Islands 600,000 Petrobras Global 3.250% , Finance BV 12 Total - Cayman Islands 603, France 600,000 AXA SA 06 FRN 5.777% , ,000 BNP Paribas SA % , FRN 500,000 CNP Assurances % , FRN 600,000 Societe Des 1.170% , Autoroutes Paris- Rhin-Rhone 13 FRN Total - France 2,449, Germany 200,000 Deutsche Post AG % , ,000 Münchener 5.767% , Rückversicherungs AG 07 FRN 551,000 RWE AG 10 FRN 4.625% , ,000 Volkswagen Bank 0.686% , GmbH 13 FRN Total - Germany 2,412, Ireland 650,000 Bank of Ireland % , ,000 Smurfit Kappa 7.750% , Acquisitions 09 Total - Ireland 1,025, Italy 400,000 Assicurazioni Generali % SpA 12 FRN 534, ,000 Intesa Sanpaolo SpA 0.418% , FRN 538,000 Italy Buoni Poliennali 4.750% , Del Tesoro ,000 Italy Buoni Poliennali 3.500% , Del Tesoro 13 Total - Italy 2,402, Jersey 900,000 Heathrow Funding 4.125% , Ltd 10 Total - Jersey 969, Luxembourg 349,000 Wind Acquisition 7.375% , Finance SA 10 Total - Luxembourg 371, Netherlands 922,000 Volkswagen 2.125% , International Finance NV 12 Total - Netherlands 935, Spain 400,000 BBVA Senior Finance 4.375% , SAU ,000 Santander 3.500% , International Debt SAU ,000 Spain Government 3.000% , Bond 10 Total - Spain 1,081, Sweden 900,000 Scania CV AB % , Total - Sweden 917, United Kingdom 900,000 BP Capital s 2.177% , PLC ,000 Credit Suisse 6.125% , AG/London ,000 Legal & General 4.000% , Group PLC 05 FRN Total - United Kingdom 2,355, United States 700,000 JPMorgan Chase & 3.750% , Co ,000 JPMorgan Chase 4.375% , Bank NA 06 FRN Total - United States 1,486, Total - Bonds 17,011, Investment funds France 8,324 LYXOR UCITS ETF OMTS 1-3Y INVESTMENT GRADE DR 1,034, Total - France 1,034, Ireland 9,334 ishares Euro High Yield Corporate Bond UCITS ETF 1,014, Total - Ireland 1,014, Luxembourg 12,500 AXA IM Fixed Income Investment Strategies - US Short Duration High Yield 1,991, ,000 GAMAX Funds - Junior 1,397, * Any deviations of the percentages of the net assets are due to rounding. 105

106 Vontobel Fund - Target Return () Portfolio as at February 28, ,000 Ignis Absolute Return 892, Government Bond Fund 10,275 Vontobel Fund - 1,429, Global Convertible Bond 17,000 Vontobel Fund - Sustainable Global Leaders 1,562, Total - Luxembourg 7,272, Total - Investment funds Total - Transferable securities admitted to an official exchange 9,321, ,333, Transferable securities and money market instruments dealt in on another regulated market Bonds United States 480,000 SESI LLC % , Total - United States 372, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market 372, , Total - Investment in securities 26,705, * Any deviations of the percentages of the net assets are due to rounding. 106

107 Vontobel Fund - Robusta Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 2, 2013 to February 28, 2014 Assets Investments in securities at market value 35,699,097 37,024,136 Cash at banks Receivable from subscriptions Interest and dividends receivable 3,839,016 9,861 92,570 Receivable for investments sold 941,581 (9) Unrealised gain on forward foreign exchange contracts 24,170 (9) Options contracts at market value 286,664 Other assets Total Assets 4,960 42,222,958 Liabilities Bank overdraft 15,520 Payable for redemptions 22,523 Payable for investments purchased 1,554,997 (9) Unrealised loss on futures 11,479 (9) Unrealised loss on options 343,989 Audit fees, printing and publishing expenses 920 (5) Service Fee payable 7,962 (4) Subscription Tax payable 3,184 (3) Management Fee payable 38,292 Merger expenses 31,765 Other liabilities 9,649 Total Liabilities 2,040,280 Total net assets at the end of the period 40,182,678 Net assets at the beginning of the period 0 Net investment loss on investments -174,677 Change in unrealised appreciation/depreciation on: Investments 1,321,421 Futures -11,479 Forward foreign exchange contracts 23,929 Options -129,902 Net realised gain/loss on investments 86,735 Net realised gain/loss on forward foreign exchange contracts 72,840 Net realised gain/loss on currency exchange -121,411 Net realised gain/loss on futures 183,261 Net realised gain/loss on options -353,077 Increase/Decrease in net assets resulting from operations 897,640 Subscriptions of shares 49,363,525 Redemptions of shares -10,078,487 Total net assets at the end of the period 40,182,

108 Vontobel Fund - Robusta Notes Statement of Net Income from September 2, 2013 to February 28, 2014 Income Bank interest 67 Net interest on bonds 147,968 Net dividends 85,269 Other income 38,903 Total income 272,207 (3) Expenses Management Fees 250,656 Audit fees, printing and publishing expenses 7,394 (4) Subscription tax 8,945 Bank interest 2,131 (5) Service Fees 57,729 (8) Other Fees payable 120,029 Total Expenses 446,884 Net investment loss on investments -174,

109 Vontobel Fund - Robusta Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Brazil 2,500,000 BRL Brazilian Government % International Bond , Total - Brazil 807, Germany 1,700,000 Bundesrepublik 2.500% ,710, Deutschland 12 1,700,000 Bundesrepublik 1.500% ,701, Deutschland 13 1,000,000 German Treasury Bill 0.000% , Total - Germany 4,411, Italy 500,000 Italy Buoni Poliennali 3.500% , Del Tesoro 13 Total - Italy 531, Spain 500,000 Spain Government 3.800% , Bond 06 Total - Spain 534, United States 2,200,000 United States 0.000% ,592, Treasury Bill 13 Total - United States 1,592, Total - Bonds 7,878, Investment funds Ireland 18,000 GLG Investments PLC - GLG Japan CoreAlpha Equity 2,464, ,000 JPY GLG Investments PLC - GLG Japan CoreAlpha Equity 302, Total - Ireland 2,766, Luxembourg 33,000 AXA IM Fixed Income Investment Strategies - US Short Duration High Yield 3,337, Total - Luxembourg 3,337, Total - Investment funds 6,103, Shares Canada 30,500 GOLDCORP INC 594, Total - Canada 594, Curaçao 7,800 Schlumberger Ltd 525, Total - Curaçao 525, France 6,000 BNP Paribas SA 356, Total - France 356, Germany 17,500 Deutsche Bank AG 616, ,400 Deutsche Post AG 337, ,300 SAP AG 602, Total - Germany 1,556, Ireland 11,390 Irish Bank Resolution Corp Ltd/Old ** ,975 Accenture PLC 601, Total - Ireland 601, Jersey 39,000 GBP WPP PLC 618, ,500 Randgold Resources Ltd ADR 600, Total - Jersey 1,219, Russia 100,000 Gazprom OAO ADR 557, ,000 Sberbank of Russia ADR 592, Total - Russia 1,149, Switzerland 42,000 CHF Credit Suisse Group AG 956, ,000 CHF UBS AG 620, Total - Switzerland 1,576, United Kingdom 42,900 GBP BHP Billiton PLC 1,003, ,000 GBP Compass Group PLC 595, ,100 GBP Prudential PLC 609, ,400 GBP Reckitt Benckiser 679, Group PLC 24,800 GBP Rio Tinto PLC 1,032, Total - United Kingdom 3,922, United States 5,623 3M Co 548, ,900 Abbott Laboratories 573, ,900 Amazon.com Inc 498, ,700 American Express Co 574, BlackRock Inc 154, ,300 Colgate-Palmolive 150, Co 6,900 Ecolab Inc 538, ,100 EMC Corp/MA 517, * Any deviations of the percentages of the net assets are due to rounding. ** See note

110 Vontobel Fund - Robusta Portfolio as at February 28, ,200 Estee Lauder Cos Inc 508, Google Inc 607, ,800 NIKE Inc 555, ,150 QUALCOMM Inc 553, ,700 Thermo Fisher 604, Scientific Inc 8,700 United Parcel Service 603, Inc 7,100 United Technologies 601, Corp 9,100 Viacom Inc 578, ,120 Visa Inc 183, Total - United States 8,349, Total - Shares Total - Transferable securities admitted to an official exchange 19,854, ,836, Transferable securities and money market instruments dealt in on another regulated market Bonds United States 2,200,000 United States 3.625% ,606, Treasury Note/Bond 13 2,200,000 United States 2.500% ,581, Treasury Note/Bond 13 Total - United States 3,187, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market 3,187,867 3,187, Total - Investment in securities 37,024, * Any deviations of the percentages of the net assets are due to rounding. ** See note

111 Vontobel Fund - Robusta Dynamic Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 2, 2013 to February 28, 2014 Statement of Net Income from September 2, 2013 to February 28, 2014 Assets Investments in securities at market value 21,901,501 23,135,415 Cash at banks 2,930,663 Receivable from foreign currencies 154 Receivable from subscriptions 74,674 Interest and dividends receivable 24,577 Receivable for investments sold 171,109 (9) Options contracts at market value 218,302 Total Assets 26,554,894 Liabilities Payable on foreign currencies 154 (9) Unrealised loss on forward foreign exchange contracts 53,078 (9) Unrealised loss on options 336,679 Audit fees, printing and publishing expenses 563 (5) Service Fee payable 5,162 (4) Subscription Tax payable 1,436 (3) Management Fee payable 18,329 Other liabilities 2,933 Total Liabilities 418,334 Total net assets at the end of the period 26,136,560 Net assets at the beginning of the period 0 Net investment loss on investments -168,995 Change in unrealised appreciation/depreciation on: Investments 928,074 Forward foreign exchange contracts -53,078 Options -118,731 Net realised gain/loss on investments -221,294 Net realised gain/loss on forward foreign exchange contracts 174,321 Net realised gain/loss on currency exchange -143,382 Net realised gain/loss on futures 107,100 Net realised gain/loss on options -268,269 Increase/Decrease in net assets resulting from operations 235,746 Subscriptions of shares 26,489,489 Redemptions of shares -588,675 Total net assets at the end of the period 26,136,560 Income Net interest on bonds 50,260 Net dividends 77,344 Other income 810 Total income 128,414 (3) Expenses Management Fees 120,477 Audit fees, printing and publishing expenses 1,946 (4) Subscription tax 5,501 Bank interest 1,149 (5) Service Fees 38,940 (8) Other Fees payable 129,396 Total Expenses 297,409 Net investment loss on investments -168,

112 Vontobel Fund - Robusta Dynamic Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Investment funds Ireland 6,000 GLG Investments PLC - GLG Japan CoreAlpha Equity 821, ,500 JPY GLG Investments 251, PLC - GLG Japan CoreAlpha Equity Total - Ireland 1,073, Luxembourg 6,300 Vontobel Fund - China Stars Equity 571, Total - Luxembourg 571, Total - Investment funds 1,644, Shares Canada 21,000 Agnico Eagle Mines Ltd 488, ,500 GOLDCORP INC 555, Total - Canada 1,044, Curaçao 7,600 Schlumberger Ltd 511, Total - Curaçao 511, France 10,000 BNP Paribas SA 594, Total - France 594, Germany 13,500 Deutsche Bank AG 475, ,819 Deutsche Post AG 539, ,500 SAP AG 497, Total - Germany 1,512, Ireland 8,600 Accenture PLC 518, Total - Ireland 518, Jersey 32,000 GBP WPP PLC 507, ,000 Randgold Resources Ltd ADR 572, Total - Jersey 1,080, Spain 365 Banco Bilbao Vizcaya Argentaria SA 3, Total - Spain 3, Switzerland 33,000 CHF Credit Suisse Group AG 751, ,300 CHF UBS AG 733, Total - Switzerland 1,485, United Kingdom 22,000 GBP BHP Billiton PLC 514, ,000 GBP Compass Group PLC 538, ,000 GBP Prudential PLC 526, ,000 GBP Reckitt Benckiser 536, Group PLC 14,000 GBP Rio Tinto PLC 583, Total - United Kingdom 2,699, United States 5,500 3M Co 536, ,600 Abbott Laboratories 535, ,800 Amazon.com Inc 471, ,600 American Express Co 568, ,200 BlackRock Inc 485, ,500 Citigroup Inc 475, ,700 CME Group Inc/IL 464, ,000 Colgate-Palmolive 500, Co 7,200 Dover Corp 491, ,800 Ecolab Inc 530, ,000 EMC Corp/MA 458, ,500 Estee Lauder Cos Inc 473, Google Inc 563, ,000 NIKE Inc 510, ,200 QUALCOMM Inc 501, ,400 Rockwell Automation 480, Inc 5,800 Thermo Fisher 522, Scientific Inc 6,400 United Parcel Service 443, Inc 6,200 United Technologies 525, Corp 7,700 Viacom Inc 489, ,100 Visa Inc 507, ,800 Wells Fargo & Co 262, Total - United States 10,798, Russia 112,000 Gazprom OAO ADR 624, ,000 Lukoil OAO ADR 200, ,000 Rosneft OAO 417, Total - Russia 1,242, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 21,490, ,135, ,135, * Any deviations of the percentages of the net assets are due to rounding. 112

113 Vontobel Fund - Emerging s Debt Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from September 1, 2013 to February 28, 2014 Statement of Net Income from September 1, 2013 to February 28, 2014 Assets Investments in securities at market value 220,928, ,163,533 Cash at banks Receivable from foreign currencies Receivable from subscriptions Interest and dividends receivable 8,104, ,177 3,473,358 Receivable for investments sold 1,336,462 (9) Unrealised gain on forward foreign exchange contracts Total Assets 790, ,452,380 Liabilities Bank overdraft 166,457 Payable for redemptions 103,405 Payable for investments purchased 2,820,242 Payable on foreign currencies 525 (9) Unrealised loss on futures 251,507 Audit fees, printing and publishing expenses 1,538 (5) Service Fee payable 32,789 (4) Subscription Tax payable 13,946 (3) Management Fee payable 156,661 Other liabilities 31,213 Total Liabilities 3,578,283 Total net assets at the end of the period 227,874,097 Net assets at the beginning of the period 174,260,030 Net investment income 5,014,014 Change in unrealised appreciation/depreciation on: Investments 12,635,034 Futures -458,543 Forward foreign exchange contracts 1,981,645 Net realised gain/loss on investments -3,714,344 Net realised gain/loss on forward foreign exchange contracts 2,077,348 Net realised gain/loss on currency exchange -129,868 Net realised gain/loss on futures 363,802 Increase/Decrease in net assets resulting from operations 17,769,088 Subscriptions of shares 110,748,659 Redemptions of shares -74,903,680 Total net assets at the end of the period 227,874,097 Income Net interest on bonds 6,607,531 Net dividends 24,696 Other income 155 Total income 6,632,382 (3) Expenses Management Fees 1,061,344 Audit fees, printing and publishing expenses 12,896 (4) Subscription tax 47,356 Bank interest 3,140 (5) Service Fees 268,299 (8) Other Fees payable 225,333 Total Expenses 1,618,368 Net investment income 5,014,

114 Vontobel Fund - Emerging s Debt Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds Argentina 2,534,360 Argentine Republic 7.820% ,578, Government International Bond 10 1,000,000 Argentine Republic 2.500% , Government International Bond 05 Total - Argentina 2,962, Armenia 500,000 Republic of Armenia 6.000% , Total - Armenia 516, Azerbaijan 1,000,000 State Oil Co of the 5.450% ,060, Azerbaijan Republic 12 Total - Azerbaijan 1,060, Bermuda Islands 800,000 Bermuda Government 5.603% , International Bond ,000 Bermuda Government 4.138% , International Bond 12 4,000,000 Meiya Power Co Ltd 4.000% ,001, ,000 Qtel International 3.875% , Finance Ltd 13 Total - Bermuda Islands 5,582, Bolivia 1,300,000 Bolivian Government 5.950% ,326, International Bond 13 Total - Bolivia 1,326, Brazil 1,000,000 Banco Nacional de 5.750% ,020, Desenvolvimento Economico e Social ,000 Brazilian Government 4.250% , International Bond 13 Total - Brazil 1,309, Bulgaria 3,000,000 Bulgarian Energy 4.250% ,093, Holding EAD 13 Total - Bulgaria 4,093, Canada 2,500,000 Nexen Energy ULC 5.875% ,771, Total - Canada 2,771, Cayman Islands 1,500,000 Amber Circle Funding 3.250% ,384, Ltd 12 2,000,000 Saudi Electricity 5.060% ,886, Global Sukuk Co ,000,000 Vale Overseas Ltd % ,206, Total - Cayman Islands 4,477, Chile 3,635,000 Banco del Estado de 3.875% ,627, Chile 12 Total - Chile 3,627, Colombia 5,155,000 Colombia % ,629, Government International Bond ,000 Ecopetrol SA % , ,500,000 Ecopetrol SA % ,964, Total - Colombia 12,556, Croatia 1,000,000 Zagrebacki Holding 5.500% ,193, doo ,000 Croatia Government 6.625% , International Bond 10 Total - Croatia 2,018, Dominican Republic 2,000,000 Dominican Republic 8.625% ,206, International Bond ,000 Dominican Republic 6.600% , International Bond 13 Total - Dominican Republic 2,411, El Salvador 2,000,000 El Salvador 7.650% ,938, Government International Bond 05 Total - El Salvador 1,938, Georgia 1,500,000 Georgian Railway JSC 7.750% ,617, Total - Georgia 1,617, Ghana 750,000 Republic of Ghana % , Total - Ghana 702, Honduras 500,000 Honduras 7.500% , Government International Bond 13 Total - Honduras 491, Hong Kong 1,720,000 MCC Holding Hong 4.875% ,715, Kong Corp Ltd 11 Total - Hong Kong 1,715, * Any deviations of the percentages of the net assets are due to rounding. 114

115 Vontobel Fund - Emerging s Debt Portfolio as at February 28, 2014 India 250,000 Indian Oil Corp Ltd 5.750% , Total - India 254, Indonesia 400,000 Indonesia 8.500% , Government International Bond 05 2,000,000 Indonesia 3.375% ,800, Government International Bond ,000 Indonesia 6.750% , Government International Bond 14 2,000,000 Pertamina Persero PT 6.500% ,848, ,000,000 Pertamina Persero PT 6.000% ,623, ,600,000 Pertamina Persero PT 5.625% ,173, Total - Indonesia 9,494, Ireland 1,000,000 Vnesheconombank 4.224% , Via VEB Finance PLC 13 1,500,000 Vnesheconombank 5.942% ,489, Via VEB Finance PLC 13 Total - Ireland 2,487, Kazakhstan 1,000,000 KazAgro National 4.625% , Management Holding JSC 13 2,000,000 KazMunayGas 5.750% ,751, National Co JSC 13 Total - Kazakhstan 2,661, Latvia 1,000,000 Republic of Latvia % , ,000,000 Republic of Latvia % ,098, Total - Latvia 2,074, Lithuania 1,250,000 Lithuania 3.375% ,788, Government International Bond 14 Total - Lithuania 1,788, Luxembourg 1,000,000 Gazprom OAO Via 8.625% ,184, Gaz Capital SA ,000 MOL Group Finance 6.250% , SA 12 3,000,000 Russian Agricultural 5.100% ,038, Bank OJSC Via RSHB Capital SA 14 4,000,000 Sberbank of Russia 5.500% ,964, Via SB Capital SA 14 FRN Total - Luxembourg 8,715, Mexico 2,000,000 Comision Federal de 4.875% ,033, Electricidad 13 1,000,000 Mexico Government 6.750% ,216, International Bond 04 5,000,000 Mexico Government 4.000% ,070, International Bond ,000 Petroleos Mexicanos 6.375% , Total - Mexico 8,849, Mongolia 2,500,000 Development Bank of 5.750% ,341, Mongolia LLC 12 1,000,000 Mongolia 5.125% , Government International Bond 12 Total - Mongolia 3,144, Morocco 2,250,000 Morocco Government 4.500% ,262, International Bond 10 Total - Morocco 3,262, Namibia 4,750,000 Namibia International 5.500% ,909, Bonds 11 Total - Namibia 4,909, Netherlands 10,000,000 BRL JP Morgan Structured % Products BV 13 4,140, ,500,000 Kazakhstan Temir 6.950% ,522, Zholy Finance BV 12 Total - Netherlands 7,662, Panama 6,250,000 Panama Government 6.700% ,227, International Bond 06 Total - Panama 7,227, Peru 500,000 Peruvian Government 8.750% , International Bond 03 1,000,000 Peruvian Government 7.350% ,284, International Bond 05 1,000,000 Peruvian Government 6.550% ,190, International Bond 07 Total - Peru 3,199, Philippines 800,000 Philippine % ,249, Government International Bond 00 * Any deviations of the percentages of the net assets are due to rounding. 115

116 Vontobel Fund - Emerging s Debt Portfolio as at February 28, ,000,000 Philippine 9.500% ,551, Government International Bond 05 4,000,000 Power Sector Assets 9.625% ,650, & Liabilities Management Corp 03 Total - Philippines 8,451, Poland 1,000,000 Poland Government 3.000% , International Bond 12 Total - Poland 939, Qatar 1,500,000 Qatar Government 9.750% ,343, International Bond 00 Total - Qatar 2,343, Romania 6,000,000 Romanian 4.625% ,885, Government International Bond 13 Total - Romania 8,885, Russia 4,000,000 Russian Foreign Bond % Eurobond 98 6,787, Total - Russia 6,787, Serbia 500,000 SERBIA % , Total - Serbia 559, South Africa 400,000 Transnet SOC Ltd % , Total - South Africa 364, Sri Lanka 2,000,000 National Savings Bank 8.875% ,194, ,250,000 Sri Lanka 5.875% ,233, Government International Bond 12 Total - Sri Lanka 5,428, Trinidad and Tobago 1,934,458 Petroleum Co of 6.000% ,073, Trinidad & Tobago Ltd 07 Total - Trinidad and Tobago 2,073, Turkey 3,600,000 Turkey Government 5.125% ,340, International Bond 10 1,500,000 Export Credit Bank of 5.875% ,542, Turkey ,000 Turkey Government 6.750% , International Bond 10 Total - Turkey 7,401, Ukraine 1,500,000 National JSC 9.500% ,351, Naftogaz of Ukraine 09 1,750,000 Ukraine Government 6.875% ,595, International Bond 10 1,500,000 Ukraine Government 6.250% ,349, International Bond 11 Total - Ukraine 4,296, United Arab Emirates 500,000 Ruwais Power Co 6.000% , PJSC 13 Total - United Arab Emirates 547, United Kingdom 2,250,000 Ukreximbank Via Biz 8.750% ,735, Finance PLC 13 Total - United Kingdom 1,735, United States 2,000,000 Pemex Project 6.625% ,191, Funding Master Trust 06 Total - United States 2,191, Uruguay 1,000,000 Uruguay Government 7.625% ,243, International Bond 06 1,000,000 Uruguay Government 4.500% ,019, International Bond 13 Total - Uruguay 2,263, Venezuela, Bolivarian Republic Of 5,735,000 CA La Electricidad de 8.500% ,914, Caracas ,000 Corp Andina de 4.375% , Fomento 12 5,500,000 Petroleos de 5.250% ,949, Venezuela SA 07 1,500,000 Petroleos de 5.375% , Venezuela SA ,000 Petroleos de 5.125% , Venezuela SA 09 1,500,000 Venezuela 7.000% ,076, Government International Bond ,000 Venezuela 7.650% , Government International Bond 05 2,500,000 Venezuela 9.000% ,759, Government International Bond 08 1,000,000 Venezuela 9.250% , Government International Bond 08 1,000,000 Venezuela Government International Bond % , * Any deviations of the percentages of the net assets are due to rounding. 116

117 Vontobel Fund - Emerging s Debt Portfolio as at February 28, ,000,000 Venezuela % ,606, Government International Bond 11 Total - Venezuela, Bolivarian Republic Of 15,754, Virgin Islands 2,500,000 Sinopec Group 4.375% ,507, Overseas Development 2013 Ltd 13 Total - Virgin Islands 2,507, Mozambique 500,000 EMATUM Via 6.305% , Mozambique EMATUM Finance 2020 BV 13 Total - Mozambique 466, Netherlands 2,000,000 Majapahit Holding BV 7.875% ,182, Total - Netherlands 2,182, Total - Bonds Total - Transferable securities admitted to an official exchange 189,443, ,443, Panama 936,448 ENA Norte Trust % , Total - Panama 922, Transferable securities and money market instruments dealt in on another regulated market Bonds Bermuda Islands 1,000,000 Bermuda Government 4.854% ,005, International Bond 13 Total - Bermuda Islands 1,005, Cayman Islands 8,000,000 Brazil Minas SPE via 5.333% ,659, State of Minas Gerais 13 Total - Cayman Islands 7,659, Costa Rica 500,000 Instituto 6.375% , Costarricense de Electricidad 13 Total - Costa Rica 424, Peru 1,000,000 Cia Minera Ares SAC 7.750% ,029, Total - Peru 1,029, Vietnam 1,296,000 Vietnam Joint Stock 8.000% ,371, Commercial Bank for Industry and Trade 12 Total - Vietnam 1,371, Total - Bonds Total - Transferable securities and money market instruments dealt in on another regulated market Total - Investment in securities 25,180, ,180, ,163, Dominican Republic 2,295,251 Dominican Republic 9.040% ,893, International Bond 05 Total - Dominican Republic 2,893, Guatemala 1,000,000 Guatemala 4.875% , Government Bond 13 Total - Guatemala 941, Ireland 1,000,000 International Bank of 7.200% , Azerbaijan OJSC Via Rubrika Finance Co Ltd 13 Total - Ireland 997, Malaysia 5,000,000 1MDB Global 4.400% ,736, Investments Ltd ,000 Petroliam Nasional 7.750% , Bhd 95 Total - Malaysia 5,285, * Any deviations of the percentages of the net assets are due to rounding. 117

118 Vontobel Fund - Pure Dividend Strategy Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from October 21, 2013 to February 28, 2014 Statement of Net Income from October 21, 2013 to February 28, 2014 Assets Investments in securities at market value 45,169,247 45,906,619 Cash at banks Receivable from foreign currencies Receivable from subscriptions 2,784, ,703 Interest and dividends receivable 63,351 (9) Unrealised gain on forward foreign exchange contracts Total Assets 337,337 49,108,819 Liabilities Bank overdraft 12,786 Payable for redemptions 242,682 Payable on foreign currencies 51 (9) Unrealised loss on futures 172,812 Audit fees, printing and publishing expenses 803 (5) Service Fee payable 8,448 (4) Subscription Tax payable 2,328 (3) Management Fee payable 41,686 Other liabilities 3,771 Total Liabilities 485,367 Total net assets at the end of the period 48,623,452 Net assets at the beginning of the period 0 Net investment loss on investments -108,299 Change in unrealised appreciation/depreciation on: Investments 737,372 Futures -172,812 Forward foreign exchange contracts 337,337 Net realised gain/loss on investments -69,614 Net realised gain/loss on forward foreign exchange contracts -240,845 Net realised gain/loss on currency exchange 398,751 Net realised gain/loss on futures -247,756 Increase/Decrease in net assets resulting from operations 634,134 Subscriptions of shares 55,648,078 Redemptions of shares -7,658,760 Total net assets at the end of the period 48,623,452 Income Bank interest 677 Net dividends 278,867 Other income 32 Total income 279,576 (3) Expenses Management Fees 198,724 Audit fees, printing and publishing expenses 2,709 (4) Subscription tax 5,942 Bank interest 167 (5) Service Fees 47,603 (8) Other Fees payable 132,730 Total Expenses 387,875 Net investment loss on investments -108,

119 Vontobel Fund - Pure Dividend Strategy Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds United States 2,200,000 United States 0.000% ,199, Treasury Bill 13 2,200,000 United States 0.000% ,199, Treasury Bill 13 2,200,000 United States 0.000% ,199, Treasury Bill 13 2,200,000 United States 0.000% ,199, Treasury Bill 13 2,200,000 United States 0.000% ,199, Treasury Bill 13 2,200,000 United States 0.000% ,198, Treasury Bill 13 2,200,000 United States 0.000% ,199, Treasury Bill 13 Total - United States 15,396, Total - Bonds 15,396, Shares Australia 206,000 AUD Myer Holdings Ltd 482, ,700 AUD Orica Ltd 555, ,000 AUD Telstra Corp Ltd 479, Total - Australia 1,517, Austria 11,000 Oesterreichische Post AG 549, Total - Austria 549, Canada 19,200 CAD ARC Resources Ltd 518, ,000 CAD Canadian Oil Sands 495, Ltd 18,300 CAD Husky Energy Inc 556, ,000 CAD Mullen Group Ltd 470, ,600 CAD Pembina Pipeline 562, Corp 20,800 CAD Shaw 481, Communications Inc 32,600 CAD Transcontinental Inc 439, Total - Canada 3,524, China 460,000 HKD Huaneng Power International Inc 410, Total - China 410, Finland 32,000 Kemira OYJ 495, ,000 Kesko OYJ 716, ,000 UPM-Kymmene OYJ 617, Total - Finland 1,830, France 17,500 Bourbon SA 514, ,500 GDF Suez 526, ,000 Orange SA 463, ,500 Total SA 552, Total - France 2,056, Germany 28,000 E.ON SE 534, ,000 Freenet AG 676, ,000 Hamburger Hafen 514, und Logistik AG 4,000 Hugo Boss AG 533, ,000 Metro AG 456, Total - Germany 2,714, Italy 21,000 Eni SpA 506, ,000 Terna Rete Elettrica Nazionale SpA 536, Total - Italy 1,043, Japan 15,800 JPY Canon Inc 489, ,200 JPY NTT DOCOMO Inc 536, ,700 JPY TonenGeneral Sekiyu KK 481, Total - Japan 1,507, Jersey 47,000 GBP UBM PLC 565, Total - Jersey 565, Netherlands 12,000 Ziggo NV 549, Total - Netherlands 549, Norway 20,000 NOK Telenor ASA 442, Total - Norway 442, Sweden 11,700 SEK Hennes & Mauritz AB 528, Total - Sweden 528, United Kingdom 70,700 GBP BP PLC 597, ,400 GBP British American 511, Tobacco PLC 726,000 GBP Cable & Wireless 663, Communications PLC 108,000 GBP Electrocomponents 486, PLC 168,000 GBP Ladbrokes PLC 469, ,900 GBP Severn Trent PLC 523, ,300 GBP United Utilities 578, Group PLC 112,000 GBP WM Morrison Supermarkets PLC 441, Total - United Kingdom 4,274, * Any deviations of the percentages of the net assets are due to rounding. 119

120 Vontobel Fund - Pure Dividend Strategy Portfolio as at February 28, 2014 United States 15,400 CenturyLink Inc 481, ,700 Corning Inc 572, ,500 Dow Chemical 608, Co/The 8,500 EI du Pont de 566, Nemours & Co 18,200 Exelon Corp 553, ,200 Harsco Corp 457, ,400 Hawaiian Electric 492, Industries Inc 9,800 IDACORP Inc 550, ,800 Intersil Corp 620, ,500 KAR Auction Services 545, Inc 26,500 National CineMedia 407, Inc 11,200 New Jersey 504, Resources Corp 22,000 Olin Corp 576, ,900 Pinnacle West 495, Capital Corp 31,700 Steelcase Inc 471, ,200 UIL Holdings Corp 511, ,800 Wendy's Co/The 582, Total - United States 8,996, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 30,510, ,906, ,906, * Any deviations of the percentages of the net assets are due to rounding. 120

121 Vontobel Fund - Pure Momentum Strategy Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from October 21, 2013 to February 28, 2014 Statement of Net Income from October 21, 2013 to February 28, 2014 Assets Investments in securities at market value 24,030,043 24,856,664 Cash at banks Receivable from foreign currencies Receivable from subscriptions 3,883,027 Interest and dividends receivable 50,397 (9) Unrealised gain on forward foreign exchange contracts 287,003 Unrealised gain on futures Total Assets 35,571 29,116,464 Liabilities Bank overdraft 115,786 Payable for redemptions 47,753 Payable on foreign currencies 162 Audit fees, printing and publishing expenses 473 (5) Service Fee payable 5,005 (4) Subscription Tax payable 2,163 (3) Management Fee payable 30,476 (3) Performance Fee payable 9,400 Other liabilities 3,412 Total Liabilities 214,630 Total net assets at the end of the period 28,901,834 Net assets at the beginning of the period 0 Net investment loss on investments -251,172 Change in unrealised appreciation/depreciation on: Investments 826,619 Futures 35,571 Forward foreign exchange contracts 287,003 Net realised gain/loss on investments -3,856 Net realised gain/loss on forward foreign exchange contracts -115,008 Net realised gain/loss on currency exchange 111,644 Net realised gain/loss on futures -521,098 Increase/Decrease in net assets resulting from operations 369,703 Subscriptions of shares 34,295,535 Redemptions of shares -5,763,404 Total net assets at the end of the period 28,901,834 Income Bank interest 541 Net dividends 51,047 Other income 19 Total income 51,607 (3) Expenses Management Fees 144,768 (3) Performance Fee 9,201 Audit fees, printing and publishing expenses 1,589 (4) Subscription tax 5,244 Bank interest 1,367 (5) Service Fees 27,895 (8) Other Fees payable 112,715 Total Expenses 302,779 Net investment loss on investments -251, ,

122 Vontobel Fund - Pure Momentum Strategy Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds United States 2,119,800 United States 0.000% ,118, Treasury Bill 13 2,119,800 United States 0.000% ,119, Treasury Bill 13 2,119,800 United States 0.000% ,118, Treasury Bill 13 2,119,800 United States 0.000% ,119, Treasury Bill 13 2,119,800 United States 0.000% ,119, Treasury Bill 13 Total - United States 10,595, Total - Bonds 10,595, Shares Germany 2,481 BASF SE 285, ,064 Daimler AG 285, ,781 Deutsche Post AG 292, ,939 Evonik Industries AG 277, ,758 Freenet AG 296, ,422 Henkel AG & Co 270, KGaA 5,625 KUKA AG 280, Total - Germany 1,989, Korea, Republic Of 1,493 KRW ASIA Holdings Co Ltd 187, ,167 KRW Asia Paper 205, Manufacturing Co Ltd 392 KRW BYC Co Ltd 75, ,560 KRW Cheju Bank Ltd 176, ,113 KRW Chongkundang 366, Holdings Corp 3,829 KRW Chosun Refractories 288, Co Ltd 2,978 KRW Dae Han Flour Mills 401, Co Ltd 15,265 KRW Daegu Department 283, Store 67,192 KRW Daehan Steel Co Ltd 445, ,135 KRW Daesung Holdings 444, Co Ltd 124,664 KRW Dongbu Securities Co 429, Ltd 1,739 KRW Dongil Industries Co 81, Ltd 133,323 KRW Dongil Paper 276, Manufacturing Co Ltd 198,727 KRW Dongkook Industrial 458, Co Ltd 1,819 KRW E1 Corp 110, ,255 KRW Hanjin Shipping 341, Holdings Co Ltd 21,468 KRW Hankook Tire 432, Worldwide Co Ltd 30,100 KRW Hanwha General 136, Insurance Co Ltd 18,261 KRW Husteel Co Ltd 342, ,800 KRW Hwacheon Machine 281, Tool Co Ltd 1,432 KRW Hwacheon 37, Machinery Co Ltd 65,084 KRW HwaSung Industrial 555, Co Ltd 1,053 KRW Hyundai Hysco Co 42, Ltd 679 KRW Ilsung 48, Pharmaceuticals Co Ltd 4,201 KRW Industrial Bank of 53, Korea 93,471 KRW Inzi Controls Co Ltd 415, ,197 KRW ISU Chemical Co Ltd 120, ,226 KRW Korea Export 356, Packaging Industrial Co Ltd 24,872 KRW Kumkang Kind Co 617, Ltd 36,790 KRW Kyung Nong Corp 149, ,970 KRW S&T Holdings Co Ltd 28, ,268 KRW Sajo Seafood Co Ltd 92, ,026 KRW Samho Development 101, Co Ltd 45 KRW Samhwa Crown & 1, Closure Co Ltd 2,594 KRW Samyang Genex Co 229, Ltd 6,042 KRW Samyang Holdings 414, Corp 1,192 KRW SeAH Holdings Corp 111, ,321 KRW SeAH Steel Corp 334, ,598 KRW Sempio Foods Co 186, KRW Shin Young Wacoal 7, Inc 18,023 KRW Shindaeyang Paper 445, Co Ltd 6,697 KRW Shinyoung Securities 251, Co Ltd 28,322 KRW Sungchang Enterprise 541, Holdings Ltd 81,600 KRW Taeyoung 446, Engineering & Construction Co Ltd 23,085 KRW Tailim Packaging 45, Industrial Co Ltd 13,322 KRW TS Corp/Korea 337, Total - Korea, Republic Of 11,737, North Korea 126,934 KRW Keangnam Enterprises Ltd 534, Total - North Korea 534, Total - Shares Total - Transferable securities admitted to an official exchange Total - Investment in securities 14,260, ,856, ,856, * Any deviations of the percentages of the net assets are due to rounding. 122

123 Vontobel Fund - Pure Premium Strategy Notes Cost Statement of Net Assets as at February 28, 2014 Statement of Operations and Changes in Net Assets from December 9, 2013 to February 28, 2014 Statement of Net Income from December 9, 2013 to February 28, 2014 Assets Investments in securities at market value 37,475,912 37,488,502 Cash at banks Receivable from foreign currencies 6,721,010 Interest and dividends receivable -21 (9) Unrealised gain on forward foreign exchange contracts 394,808 (9) Options contracts at market value 430 Total Assets 44,604,735 Liabilities Payable for redemptions 178,610 Payable on foreign currencies 6 (9) Unrealised loss on options 1,270 Audit fees, printing and publishing expenses 465 (5) Service Fee payable 7,786 (4) Subscription Tax payable 2,858 (3) Management Fee payable 44,515 Other liabilities 2,958 Total Liabilities 238,468 Total net assets at the end of the period 44,366,267 Net assets at the beginning of the period 0 Net investment loss on investments -197,927 Change in unrealised appreciation/depreciation on: Investments 12,590 Forward foreign exchange contracts 394,808 Options 270 Net realised gain/loss on forward foreign exchange contracts -187,115 Net realised gain/loss on currency exchange 104,085 Net realised gain/loss on options -188,766 Increase/Decrease in net assets resulting from operations -62,055 Subscriptions of shares 45,484,361 Redemptions of shares -1,056,039 Total net assets at the end of the period 44,366,267 Income Other income 30 Total income 30 (3) Expenses Management Fees 130,894 Audit fees, printing and publishing expenses 992 (4) Subscription tax 7,245 Bank interest 581 (5) Service Fees 23,262 (8) Other Fees payable 34,983 Total Expenses 197,957 Net investment loss on investments -197,

124 Vontobel Fund - Pure Premium Strategy Portfolio as at February 28, 2014 Transferable securities admitted to an official exchange Bonds United States 3,750,000 United States 0.000% ,749, Treasury Bill 13 3,750,000 United States 0.000% ,749, Treasury Bill 13 3,750,000 United States 0.000% ,748, Treasury Bill 13 3,750,000 United States 0.000% ,748, Treasury Bill 13 3,750,000 United States 0.000% ,747, Treasury Bill 13 3,750,000 United States 0.000% ,749, Treasury Bill 13 3,750,000 United States 0.000% ,749, Treasury Bill 13 3,750,000 United States 0.000% ,749, Treasury Bill 13 3,750,000 United States 0.000% ,747, Treasury Bill 13 3,750,000 United States 0.000% ,748, Treasury Bill 13 Total - United States 37,488, Total - Bonds Total - Transferable securities admitted to an official exchange Total - Investment in securities 37,488, ,488, ,488, * Any deviations of the percentages of the net assets are due to rounding. 124

125 Shares Summary Vontobel Fund - ISIN-Code Shares At the beginning of the year Subscribed Redeemed At the end of the year Swiss Money CHF A LU CHF 142, , , , B LU CHF 1,348, , , ,221, R LU CHF Euro Money A LU , , , , B LU ,068, , , , C LU , , , , I LU , , , , R LU US Dollar Money A LU , , , , B LU ,013, , , ,140, R LU Swiss Franc Bond CHF A LU CHF 224, , , , B LU CHF 1,369, , , , C LU CHF 48, , , , I LU CHF 197, ,291, , ,412, R LU CHF Euro Bond A LU , , , , AM LU , , B LU , , , , I LU , , , , R LU Corporate Bond Mid Yield A LU , , , , B LU ,044, , , ,104, C LU , , , , H LU CHF 86, , , , I LU , ,030, , ,643, R LU , , High Yield Bond AS LU , , , B LU , , , , H LU CHF 1,111, , , ,210, H LU , , , , HI LU CHF - 70, , , I LU , , , R LU , , US Dollar Bond A LU , , , , B LU , , , , I LU , , , , R LU Eastern European Bond A LU , , , , AM LU , , , , AM LU ,179, , , ,050, B LU , , , , C LU , , , , I LU , , , , R LU Absolute Return Bond (CHF) CHF A LU CHF 1,166, , , ,157, B LU CHF 813, , , , I LU CHF 466, , , , R LU CHF 4, , S LU CHF Absolute Return Bond () A LU , , , , AM LU , , , B LU , , , , C LU , , , , H LU HI LU , , I LU , , , , R LU

126 Shares Summary Vontobel Fund - ISIN-Code Shares At the beginning of Subscribed Redeemed At the end of the year the year Global Convertible Bond A LU , , , , B LU , , , , C LU , , , , H LU CHF 544, , , , H LU , , , , HI LU CHF 315, , , , I LU , , , , R LU , ,542 Emerging s Bond A LU , , , , Swiss Mid and Small Cap Equity European Mid and Small Cap Equity AM LU , , , , B LU , , , , B LU CHF 146, , , , B LU , , , , C LU , , , , H LU CHF 827, , , , H LU , , , , HI LU CHF 112, , , I LU , , , , R LU , , CHF A LU CHF 112, , , , B LU CHF 623, , , , I LU CHF 455, , , , R LU CHF - 3, , A LU , , , , B LU , , , , C LU , , , , I LU , , , ,003, R LU , , Japanese Equity JPY A LU JPY 42, , , , B LU JPY 464, , , , I LU JPY 532, , , , R LU JPY China Stars Equity A LU , , , , B LU , , , , C LU , , , , I LU , , , , R LU European Equity A LU , , , , B LU , , , , C LU , , , , I LU ,836, , , ,616, R LU US Equity A LU , , , , B LU , , , , C LU , , , , H LU , , , , HI LU , , , , I LU ,197, , ,308, ,744, N LU , , , , R LU

127 Shares Summary Vontobel Fund - ISIN-Code Shares At the beginning of Subscribed Redeemed At the end of the year the year Global Equity A LU , , , , B LU SEK B LU ,346, , , ,685, C LU , , , , H LU , , , , H LU SEK HC LU , , , , HI LU , , , , I LU GBP 904, , , , I LU ,907, , ,283, ,891, N LU , , R LU , ,000-7, S LU , , , Global Equity (ex-us) A LU , , , , B LU , , , , H LU , , , , HI LU , , I LU , , , , R LU Emerging s Equity A LU , , , , AHI LU ,385, , ,609, B LU SEK - 2,048, ,048, B LU ,161, , , ,737, C LU SEK C LU , , , , G LU GBP 332, , , , H LU CHF 284, , , , H LU , , , , H LU SEK HC LU , , , , HI LU CHF 137, , , , HI LU ,038, , , ,360, HS LU CHF 666, , I LU GBP 149, , , I LU ,667, ,796, ,583, ,879, N LU , , , , R LU , , S LU ,099, , , ,324, Far East Equity A LU , , , , B LU ,027, , , , C LU , , , , H LU , , , , HI LU , , I LU ,554, , , ,548, N LU , , , , R LU , , , , New Power A LU , , , , B LU , , , , C LU , , , , C LU , , , , H LU CHF 147, , , , H LU GBP , H LU , , , , I LU , , , , N LU , , , R LU , ,

128 Shares Summary Vontobel Fund - ISIN-Code Shares At the beginning of Subscribed Redeemed At the end of the year the year Clean Technology A LU , , , , B LU , , , , I LU , , , , R LU Future Resources A LU , , , , Sustainable Asia (ex Japan) Equity Sustainable Emerging s Leaders B LU , , , , C LU , , , , C LU , , , , H LU CHF 17, , , I LU , , , , N LU R LU , , A LU , , , , B LU , , , , H LU , , , , HI LU , , , I LU , , , R LU A LU , , , B LU , , , , I LU , , , , R LU Sustainable Global Leaders A LU , , , , Defensive Balanced Portfolio (CHF) Defensive Balanced Portfolio () B LU , , , , H LU CHF 30, , , , H LU , , , , I LU , , , , R LU , , S LU , , , , CHF A LU CHF 20, , B LU CHF 135, , A LU , , B LU , , C LU , , Belvista Commodity B LU , , , , C LU , , , H LU CHF 969, , , , H LU , , , , H LU SEK 354, , , , HI LU CHF 28, , , HI LU ,224, , , ,059, HI LU SEK HS LU CHF 346, , I LU , , , , R LU , , S LU , , Belvista Dynamic Commodity B LU , , , , H LU CHF 115, , , H LU , , , HI LU CHF 64, , , HI LU , , , , I LU , , , R LU

129 Shares Summary Vontobel Fund - ISIN-Code Shares At the beginning of Subscribed Redeemed At the end of the year the year Diversified Alpha UCITS B LU , , , H LU CHF 1,092, , , H LU , , , HI LU CHF HI LU I LU R LU , , Target Return () B LU , , , , C LU , , , I LU , , , R LU N LU R LU , Robusta A LU , , , B LU , , , H LU CHF - 188, , , H LU , , HI LU CHF HI LU I LU R LU Robusta Dynamic A LU , , B LU , , , H LU CHF - 62, , H LU , , , HI LU CHF - 40, , HI LU , , I LU , , R LU Emerging s Debt B LU , , , , H LU CHF 515, , , , H LU , , , , HI LU CHF 31, , , , HI LU , , , , I LU , , , , N LU R LU , Pure Dividend Strategy B LU , , H LU CHF - 127, , , H LU , , HI LU CHF - 107, , , HI LU , , , I LU , , R LU , , Pure Momentum Strategy B LU , , H LU CHF - 126, , , H LU , , HI LU CHF - 13, , HI LU , , I LU , , R LU , , Pure Premium Strategy B LU , , H LU CHF - 170, , , H LU , , , HI LU CHF - 25, , HI LU , , I LU , , R LU

130 Net Asset Value Summary Vontobel Fund - Net Assets Net Asset Value per Share Swiss Money CHF 275,467, ,794, ,227,840 A CHF B CHF R CHF Euro Money 261,006, ,227, ,879,282 A B C I R US Dollar Money 130,326, ,548, ,011,819 A B R Swiss Franc Bond CHF 330,412, ,398, ,340,647 A CHF B CHF C CHF I CHF R CHF Euro Bond 90,887,444 83,190, ,960,743 A AM B I R Corporate Bond Mid Yield 181,802, ,237, ,368,407 A B C H CHF I R High Yield Bond 89,501, ,895, ,556,300 AS B H CHF H HI CHF I R US Dollar Bond 105,422, ,929,229 96,069,459 A B I R Eastern European Bond 129,456, ,401, ,704,916 A AM AM B C I R Absolute Return Bond (CHF) CHF 266,295, ,589, ,257,217 A CHF B CHF I CHF R CHF S CHF Absolute Return Bond () 229,391, ,418, ,578,376 A AM B C H HI I R Global Convertible Bond 128,520, ,696, ,493,618 A B C H CHF H HI CHF I R

131 Net Asset Value Summary Vontobel Fund - Net Assets Net Asset Value per Share Emerging s Bond 283,441, ,539, ,258,172 A AM B B CHF B C H CHF H HI CHF I R Swiss Mid and Small Cap CHF 80,827, ,693, ,031,766 A CHF Equity B CHF I CHF R CHF European Mid and Small Cap 117,410, ,904, ,289,379 A Equity B C I R Japanese Equity JPY 4,907,548,341 6,041,442,032 6,102,022,270 A JPY 2, , , B JPY 3, , , I JPY 4, , , R JPY - - 9, China Stars Equity 101,705,450 72,027, ,777,042 A B C I R European Equity 258,351, ,273, ,465,364 A B C I R US Equity 752,232,379 1,569,337,979 1,638,918,649 A B C H HI I N R Global Equity 510,208,908 1,317,915,261 1,354,550,595 A B B SEK C H H SEK HC HI I GBP I N R S Global Equity (ex-us) 93,324, ,877, ,967,675 A B H HI I R

132 Net Asset Value Summary Vontobel Fund - Net Assets Net Asset Value per Share Emerging s Equity 3,334,634,731 4,963,788,810 4,686,267,579 A AHI B B SEK C C SEK G GBP H CHF H H SEK HC HI CHF HI HS CHF I I GBP N R S Far East Equity 668,746, ,517, ,335,534 A B C H HI I N R New Power 155,371, ,027, ,058,316 A B C C H CHF H GBP H I N R Clean Technology 22,615,153 22,776,159 38,606,926 A B I R Future Resources 119,584, ,035, ,361,986 A B C C H CHF I N R Sustainable Asia (ex Japan) 30,776,173 30,201,763 32,665,520 A Equity B H HI I R Sustainable Emerging s 114,675, ,747, ,095,064 A Leaders B I R Sustainable Global Leaders - 110,936, ,645,078 A B H CHF H I R S

133 Net Asset Value Summary Vontobel Fund - Net Assets Net Asset Value per Share Defensive Balanced Portfolio CHF 22,855,777 14,202,800 - A CHF (CHF) B CHF Defensive Balanced Portfolio 41,607,457 31,150,980 - A () B C Belvista Commodity 813,591, ,197, ,367,465 B C H CHF H H SEK 1, HI CHF HI HI SEK HS CHF I R S Belvista Dynamic Commodity 78,996,528 57,215,186 69,112,252 B H CHF H HI CHF HI I Diversified Alpha UCITS 136,088,361 98,725,531 - B H CHF H HI CHF HI I R Target Return () 32,923,339 35,670,828 28,771,462 B C I R Emerging s Debt - 174,260, ,874,097 B H H CHF HI HI CHF I N R Robusta ,182,678 A B H CHF H HI CHF HI I R Robusta Dynamic ,136,560 A B H CHF H HI CHF HI I R Pure Dividend Strategy ,623,452 B H CHF H HI CHF HI I R

134 Net Asset Value Summary Vontobel Fund - Net Assets Net Asset Value per Share Pure Momentum Strategy 28,901,834 B H CHF H HI CHF HI I R Pure Premium Strategy 44,366,267 B H CHF H HI CHF HI I R

135 Notes to the Financial Statements 1 General information The Vontobel Fund (hereinafter referred to as the Fund ) is an open-ended investment company with variable capital under Luxembourg law, incorporated on October 4, 1991 for an indefinite duration as a Société d'investissement à Capital Variable ( SICAV ) in accordance with the provisions of Part I of the Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment. The Fund's financial year ends on August 31. The legal basis for the Fund is laid down by the Articles of Association of the Fund. The Fund's Articles of Association were published for the first time on November 18, 1991 in the Luxembourg Official Gazette ( Mémorial C, Recueil des Sociétés et Associations - Mémorial ) and last amended on September 1, They are filed with the Trade and Companies Register of the District Court of Luxembourg where they may be consulted and copies thereof may be obtained. The Fund is registered in the Trade and Companies Register of the District Court of Luxembourg with registration number B The Fund is composed of several Sub-Funds ( Sub-Funds ), each of which represents a specific portfolio of assets and liabilities and is managed in accordance with its own specific investment objectives. The Articles of Association permit the Fund's board of directors ( Board of Directors ) at any time to issue various share classes ( Share Classes ) within a Sub-Fund, the assets of these Share Classes being managed jointly. The Share Classes may, however, differ in their specific characteristics, e.g. with respect to their investor profile, fee structure, minimum investment amount, taxation and their distribution policy. As of February 28, 2014, the Fund has the following Sub-Funds and Share Classes available: Vontobel Fund - Currency Distributing Share Classes Accumulating Share Classes Swiss Money CHF A B, R Euro Money A B, C, I, R US Dollar Money A B, R Swiss Franc Bond CHF A B, C, I, R Euro Bond A, AM () B, I, R Corporate Bond Mid Yield A B, C, H (CHF), I, R High Yield Bond AS B, H (CHF), H (), HI (CHF), I, R US Dollar Bond A B, I, R Eastern European Bond A, AM, AM () B, C, I, R Absolute Return Bond (CHF) CHF A B, I, R, S Absolute Return Bond () A, AM () B, C, H (), HI (), I, R Global Convertible Bond A B, C, H (CHF), H (), HI (CHF), I, R Emerging s Bond A, AM B, B (CHF), B (), C, H (CHF), H (), HI (CHF), I, R Swiss Mid and Small Cap Equity CHF A B, I, R European Mid and Small Cap Equity A B, C, I, R Japanese Equity JPY A B, I, R China Stars Equity A B, C, I, R European Equity A B, C, I, R US Equity A B, C, H (), HI (), I, N, R Global Equity A B, B (SEK), C, H (), H (SEK), HC (), HI (), I, I (GBP), N, R, S Global Equity (ex-us) A B, H (), HI (), I, R Emerging s Equity A, AHI () B, B (SEK), C, C (SEK), G (GBP), H (CHF), H (), H (SEK), HC (), HI (CHF), HI (), HS (CHF), I, I (GBP), N, R, S Far East Equity A B, C, H (), HI (), I, N, R New Power A B, C, C (), H (CHF), H (GBP), H (), I, N, R Clean Technology A B, I, R Future Resources A B, C, C (), H (CHF), I, N, R Sustainable Asia (ex Japan) Equity A B, H (), HI (), I, R Sustainable Emerging s Leaders A B, I, R Sustainable Global Leaders A B, H (CHF), H (), I, R, S Belvista Commodity - B, C, H (CHF), H (), H (SEK), HI (CHF), HI (), HI (SEK), HS (CHF), I, R, S Belvista Dynamic Commodity - B, H (CHF), H (), HI (CHF), HI (), I, R Target Return () - B, C, I, R Robusta A B, H (CHF), H (), HI (CHF), HI (), I, R Robusta Dynamic A B, H (CHF), H (), HI (CHF), HI (), I, R Emerging s Debt - B, H (CHF), H (), HI (CHF), HI (), I, N, R Pure Dividend Strategy - B, H (CHF), H (), HI (CHF), HI (), I, R Pure Momentum Strategy - B, H (CHF), H (), HI (CHF), HI (), I, R Pure Premium Strategy - B, H (CHF), H (), HI (CHF), HI (), I, R 135

136 Notes to the Financial Statements 1 General information (continued) The Board of Directors may at any time decide to issue the Share Classes listed below: a) Shares entitled to distribution (distribution shares of classes A, AH (hedged), AHI (hedged), AM, AMH (hedged) and AS) with the following characteristics: i. Private and institutional investors may subscribe to A shares, which distribute income annually. ii. iii. AH (hedged) shares may be subscribed to by private and institutional investors; they confer the right to an annual distribution. These shares are issued in one or more alternative currencies depending on the Sub-Fund. The respective Sub-Fund shall extensively hedge the AH (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The net asset value performance will differ from that of the corresponding, non-hedged B shares. AHI (hedged) shares may only be subscribed to by institutional investors and confer the right to annual distribution. The respective Sub-Fund shall extensively hedge the AHI (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The change in net asset value will differ from that of the corresponding, non-hedged I shares. If it is in the interest of the Fund and in accordance with the Articles of Association, the Board of Directors may permit specific subscription agreements. iv. Private and institutional investors may subscribe to AM shares. The Board of Directors may, at its sole discretion, decide to distribute income for AM shares on a monthly basis unless otherwise specified in the Special Part of the prospectus for the relevant Sub-Fund. v. Private and institutional investors may subscribe to AMH (hedged) shares. These shares are issued in one or more alternative currencies depending on the Sub-Fund. The respective Sub-Fund shall extensively hedge the AMH (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The change in net asset value will differ from that of the corresponding, non-hedged B shares. The Board of Directors may, at its sole discretion, decide to distribute income for AMH (hedged) shares on a monthly basis unless otherwise specified in the Special Part of the prospectus for the relevant Sub-Fund. vi. Private and institutional investors may subscribe to AS shares. The Board of Directors may, at its sole discretion, decide to distribute income for AS shares on a semi-annual basis unless otherwise specified in the Special Part of the prospectus for the relevant Sub-Fund. b) Shares not entitled to distributions (accumulating shares B, C, G, H (hedged), HC (hedged), HI (hedged), HS (hedged), I, N, R, S or U) with the following characteristics: i. Private and institutional investors may subscribe to B shares. ii. Private and institutional investors may subscribe to C shares, although the C and HC share Classes will only be available through specific distributors and once regulatory approval has been obtained in various countries. iii. G shares are reserved exclusively for institutional investors who invest a minimum of 50 million in the Share Class currency at initial subscription. Subsequent subscriptions are subject to a minimum of 1 million in the Share Class currency. If it is in the interest of the Fund and in accordance with the Articles of Association, the Board of Directors may permit specific subscription agreements. iv. H (hedged) shares may be subscribed to by private and institutional investors. These shares are issued in one or more alternative currencies depending on the Sub-Fund. The respective Sub-Fund shall extensively hedge the H (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The change in net asset value will differ from that of the corresponding, non-hedged B shares. v. HC (hedged) shares may be subscribed to by private and institutional investors. These shares may be issued in one or more alternative currencies depending on the Sub-Fund. The respective Sub-Fund shall extensively hedge the HC (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The change in net asset value will differ from that of the corresponding, non-hedged C shares. vi. HI (hedged) shares may be subscribed to only by institutional investors. These shares are issued in one or more alternative currencies depending on the Sub-Fund. The respective Sub-Fund shall extensively hedge the HI (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The change in net asset value will differ from that of the corresponding, non-hedged I shares. If it is in the interest of the Fund and in accordance with the Articles of Association, the Board of Directors may permit specific subscription agreements. 136

137 Notes to the Financial Statements 1 General information (continued) vii. HS (hedged) shares are issued exclusively to institutional investors that have concluded a corresponding agreement with a company in the Vontobel Group and will be issued in one or several alternative currencies depending on the Sub-Fund. The respective Sub-Fund shall extensively hedge the HS (hedged) shares issued in an alternative currency against exchange rate fluctuations in relation to the Sub-Fund's reference currency. The change in net asset value will differ from that of the corresponding, non-hedged S shares. HS shares are not subject to a management fee for investment management or distribution. viii. I shares are exclusively reserved for institutional investors. If it is in the interest of the Fund and in accordance with the Articles of Association, the Board of Directors may permit specific subscription agreements. ix. N shares may be subscribed to by private and institutional investors, though the N Share Class is only available from specific distributors and only once regulatory approval has been obtained in various countries. x. R shares are exclusively reserved for investors that have concluded a corresponding agreement with a company in the Vontobel Group. xi. S shares are exclusively reserved for institutional investors who have concluded a corresponding agreement with a company in the Vontobel Group. S shares are not subject to a management fee for investment management or distribution. xii. Private and institutional investors may subscribe to U shares. Shares are offered only as whole units. Amount-based subscriptions and fractional shares are not permitted. The conversion of shares in Share Class U into shares in other Share Classes in the Fund is not permitted. The provisions applying to subscription to shares in share Class U for each Sub-Fund are set out in the Special Part of the prospectus. The institutional investors referred to above are institutional investors as defined in articles 174 to 176 of the Luxembourg Law of December 17, Accounting principles a) Financial statements The financial statements have been drawn up in accordance with Luxembourg legal provisions relating to investment funds. b) Valuation of the assets i. The value of any cash on hand or on deposit, bills, demand notes, accounts receivable, pre-paid income and expenses, cash dividends and interest declared or accrued but not yet received shall be deemed to be the full amount, unless there is any possibility of this amount not being paid or received in full, in which case the value shall be obtained after deducting an amount deemed appropriate by the Fund to reflect the true value of the assets. ii. The value of all securities and/or derivatives listed or traded on the stock exchange based on the last known price on the day preceding the valuation day. The securities and/or derivative instruments of the Sub-Funds specified in the Special Part of the prospectus which are invested in Asia and the Far East in accordance with the investment policy and whose application of the provisions of note iv below is measured in accordance with the last known price at the time of valuation on the valuation date constitute an exception to this. iii. The value of the securities and/or derivatives traded on other regulated markets is calculated based on the last price on the day preceding the valuation day. iv. If any securities and/or derivative instruments in the Fund's portfolio on the relevant valuation day are not listed or traded on an exchange or other regulated market or if the price calculated in accordance with section ii and iii is not representative of the fair value of the securities and/or derivative instruments listed or traded on an exchange or regulated market, the value of these securities and/or derivative instruments shall be estimated with due care and in good faith based on a probable sales price. v. In the case of fixed and floating-rate money market securities and securities with a residual maturity of less than three months, the valuation price for an investment, based on the net acquisition price, shall be progressively adjusted to the redemption price while keeping the resulting investment return constant. The valuation price calculated in this way may therefore differ from the actual market price. In the event of significant changes in market conditions, the valuation principles for the individual investments will be adjusted in line with the new market returns. vi. The value of the units or shares in other UCITS/UCIs is based on the last available net asset value. 137

138 Notes to the Financial Statements 2 Accounting principles (continued) vii. If the aforementioned valuation methods are inappropriate or misleading, the Board of Directors may adjust the value of the investments or permit the use of another method of valuing the Fund's assets. If extraordinary circumstances make a valuation in accordance with the aforementioned valuation criteria appear impossible or improper, or if it is in the interests of the Fund or a Sub-Fund or/and the shareholder (e.g. to avoid market timing), the Board of Directors is authorised to temporarily and in good faith use other generally accepted and auditable valuation methods in relation to the assets of the Fund or of a Sub-Fund on a uniform basis in order to achieve a proper valuation of the Fund or the relevant Sub-Fund. c) Net realised gain/loss on investments Realised net profits and net losses from the sale of securities are calculated on the basis of average costs. Realised profits and losses are reported in the statement of net income under Net realised gain/loss on investments. d) Income Dividends are recognised as income in the statement of net income on the day on which the security is first listed as exdividend, provided this information is available to the Fund. Accrued interest is allocated on a daily basis. Coupons received from the issuers of the underlying securities are included in the position Net interest on bonds. Interest receivable for the Fund is booked to Interest and dividends receivable. e) Net realised gain/loss on futures Futures are recorded off-balance sheet and valued on the basis of the last available price. Realised net profits and net losses from the sale of futures are calculated according to the FIFO-principle. Net gains and net losses are reported in the statement of net income under Net realised gain/loss on futures. Changes in unrealised profits and losses are reported in the statement of net income under Change in unrealised appreciation/depreciation on futures. f) Net realised gain/loss on forward foreign exchange contracts Forward foreign exchange contracts are recorded off-balance sheet and valued on the basis of the forward foreign exchange rates on the valuation date. Realised net profits and losses are reported in the statement of net income under Net realised gain/loss on forward foreign exchange contracts. Changes in unrealised profits and losses are reported net in the statement of net income under Change in unrealised appreciation/depreciation on forward foreign exchange contracts. g) Valuation of Swaps The value of the traded swaps is calculated by the independent valuation agency Société Générale (up to September 30, 2013) or RBC Investor Services Bank S.A. (since October 1, 2013) on the basis of the net asset value of all cash flows, both inflows and outflows. This valuation method is used with the Fund's consent. If extraordinary circumstances render a valuation in accordance with the aforementioned method impracticable or inadequate, the Fund is authorised to use other generally accepted and auditable valuation methods in good faith in order to achieve an appropriate valuation of the net assets. Profits and losses are reported in the statement of net income under Net realised gain/loss on swaps. Interest is recognised as income or expenses and recorded in the statement of net income under Interest on Swaps. Changes in unrealised profits and losses are reported in the statement of net income under Change in unrealised appreciation/depreciation on swaps. The outstanding swaps are shown in Note 9. h) Valuation of contracts for difference Contracts for difference are agreements between Sub-Funds and third parties which allow the Sub-Fund to benefit from price movements of shares, commodities, indices, interest rate products or currencies without the need to own them directly. Upon entering into such contracts, the Sub-Funds are required to deposit with a broker a one-off cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Sub-Fund depending on the movement in the value of the underlying. Contracts for difference are valued as the difference between the market price of the underlying on the valuation day and the contract price. The changes in contract values are recorded as unrealised profits or losses and the Sub-Funds recognize a realised profit or loss when the contract is closed. 138

139 Notes to the Financial Statements 2 Accounting principles (continued) Unrealised profits and losses are reported in the statement of net assets under Unrealised gain/loss on Contracts for Difference. Realised profits and losses are reported in the statement of net income under Net realised gain/loss on Contracts for Difference. Changes in unrealised profits and losses are reported in the statement of net income under Change in unrealised appreciation/depreciation on Contracts for Difference. Interest is recognised as income or expenses and recorded in the statement of net income under Interest on Contracts for Difference. The outstanding contracts for difference are shown in Note 9. i) Combined financial statements The reference currencies of the Sub-fund are converted into Swiss francs to produce combined financial statements that comply with provisions under Luxembourg Law. Assets and liabilities denominated in foreign currencies are converted into the base currency using the exchange rate applicable as at the balance sheet date. j) Conversion of items in foreign currencies Cash at banks, other net assets, as well as the valuation of securities in the portfolio that are expressed in currencies other than the reference currency of the different Sub-Funds, are converted at the last known exchange rate on the valuation day. Income and expenses expressed in currencies other than the reference currency of the different Sub-Funds are converted at the exchange rate on the payment day. Realised profits and losses on currency exchanges are reported in the Statement of net income under Net realised gain/loss on currency exchange. The acquisition cost of securities expressed in currencies other than the reference currency of the different Sub-Funds will be converted at the exchange rate of the acquisition date. k) Formation expenses The formation expenses for the Fund have been allocated to the individual Sub-Funds in proportion to their initial subscription amounts and were written off in full over a period of five years. l) Taxation With the exceptions listed under point 4, the Fund is not subject to any Luxembourg taxes. However, in accordance with the applicable foreign legislation, the Fund may be subject to capital gains taxes and withholding tax on interest and dividend income at differing rates. For the purpose of disclosure, non-refundable withholding taxes are deducted from the gross dividends/interest amounts. Capital gains taxes are deducted from sales proceeds as a reduction in realised profits. m) Swinging single pricing In order to offset the costs (in particular taxes, fees, spreads or other transactions costs) incurred by the Sub-Fund s assets as a result of share subscriptions and redemptions, the Board of Directors may raise or lower the net asset value per share for each valuation day. The adjustment of the net asset value depends on whether there is a net asset inflow or outflow that exceeds a defined threshold for each valuation day. The maximum adjustment is 1% of the net asset value of the Sub-Fund concerned in each case. Swinging single pricing is only used if it is stipulated in the respective Sub-Fund appendix. 3 Management fee and Performance fee a) Management fee The Fund pays a service charge as management fee, which covers all costs in respect of the range of possible services in connection with investment management and distribution and which is payable at the end of each month. The management fee is divided between the investment managers, the sub-investment managers and the relevant distributors. This management fee is calculated on the basis of the average daily net asset value of the relevant Sub-Fund during the relevant month. The applicable rate for the management fee is confirmed by the Board of Directors and set out in the Special Part of the prospectus for the individual Sub-Funds. 139

140 Notes to the Financial Statements 3 Management fee und Performance fee (continued) The applicable rates per annum and per share class as at February 28, 2014 are as below: Vontobel Fund - A, B, H (hedged) AM, AS C, HC (hedged) G AHI (hedged), I, HI (hedged) N R S, HS (hedged) Swiss Money 0.15% % - Euro Money 0.30% % % % - US Dollar Money 0.30% % - Swiss Franc Bond 0.65% % % % - Euro Bond 0.85% 1.25% % % - Corporate Bond Mid Yield 1.10% % % % - High Yield Bond 1.10% 1.50% % % - US Dollar Bond 0.85% % % - Eastern European Bond 1.10% 1.50% 1.50% % % - Absolute Return Bond (CHF) 0.65% % % 0.00% Absolute Return Bond () 0.85% 1.25% 1.25% % % - Global Convertible Bond 1.10% % % % - Emerging s Bond 1.20% 1.60% 1.60% % % - Swiss Mid and Small Cap Equity 1.65% % % - European Mid and Small Cap Equity 1.65% % % % - Japanese Equity 1.25% % % - China Stars Equity 1.75% % % % - European Equity 1.65% % % % - US Equity 1.65% % % 0.825% 0.25% - Global Equity 1.65% % % 0.825% 0.25% 0.00% Global Equity (ex-us) 1.65% % % - Emerging s Equity 1.65% % 0.65% 0.825% 0.825% 0.25% 0.00% Far East Equity 1.65% % % 0.825% 0.25% - New Power 1.65% % % 0.825% 0.25% - Clean Technology 1.65% % % - Future Resources 1.65% % % 0.825% 0.25% - Sustainable Asia (ex Japan) Equity 1.65% % % - Sustainable Emerging s Leaders 1.65% % % - Sustainable Global Leaders 1.50% % % 0.00% Belvista Commodity 1.50% % % % 0.00% Belvista Dynamic Commodity 1.50% % % - Target Return () 1.20% % % % - Robusta 1.25% % % - Robusta Dynamic 1.25% % % - Emerging s Debt 1.10% % 0.825% 0.25% - Pure Dividend Strategy 1.50% % % - Pure Momentum Strategy 1.50% % % - Pure Premium Strategy 1.50% % % - The maximum management fee rates as at February 28, 2014 at target fund level are as follows: Sub-Funds Vontobel Fund - High Yield Bond Annual management fee ishares O STOXX 50 UCITS ETF (Inc) 0.35% Vontobel Fund - Swiss Franc Bond Vontobel Fund - Global Convertible Bond Class HI (Hedged) Cap 0.55% Vontobel Fund - Corporate Bond Mid Yield Vontobel Fund - Global Convertible Bond Class I Cap 0.55% Vontobel Fund - Target Return () AXA IM FIIS - US Short Duration High Yield - A 0.45% Gamax Funds - Junior A 1.50% Ignis Global Fds SICAV Ignis Abs Ret Gov Bd Fd I HC 0.30% ishares Euro High Yield Corporate Bond UCITS ETF Dis 0.50% LYXOR UCITS ETF OMTS 1-3Y INVESTMENT GRADE DR 0.17% Vontobel Fund - Global Convertible Bond Class I Cap 0.55% Vontobel Fund - Sustainable Global Leaders I 1.00% Vontobel Fund - Robusta AXA IM FIIS - US Short Duration High Yield - A 0.45% GLG Japan CoreAlpha Equity I H 0.75% GLG Japan CoreAlpha Equity D JPY 1.50% 140

141 Notes to the Financial Statements 3 Management fee und Performance fee (continued) Sub-Funds Vontobel Fund - Robusta Dynamic Annual management fee GLG Japan CoreAlpha Equity I H 0.75% GLG Japan CoreAlpha Equity D JPY 1.50% Vontobel Fund - China Stars Equity I 1.00% b) Performance fee The performance fee is calculated on each valuation day of the relevant Sub-Fund or corresponding share class in accordance with a period defined for the relevant Sub-Fund ( performance fee period ) and recognised for accounting purposes as an accrual. Any performance fee owed at the end of the relevant performance fee period is paid out to the portfolio manager. Neither equalisation nor multi-series accounting methods are used to calculate the performance fee. This may mean that under certain circumstances, an investor is unable to participate in a positive performance depending on the timing of its subscription of shares, although it will nevertheless be charged a performance fee on the basis of a positive overall performance by the Sub-Fund during the performance fee period. In the event of a redemption of shares during a performance fee period, the portion of the performance fee that was accrued during the relevant performance fee period up to the valuation cut-off date for the redemption of the shares shall also be paid out, regardless of whether a performance fee is due or not at the end of the relevant performance fee period. The performance fee is calculated either through cumulative application of the high-watermark principle ( HWM principle ) and hurdle-rate principle or alternatively in accordance with one of the aforementioned principles. The calculation method to be applied for each Sub-Fund is set out in the Special Part of the prospectus. According to the prospectus, a performance fee can apply to the following Sub-Funds for the financial period: Vontobel Fund - High Yield Bond Vontobel Fund - Absolute Return Bond (CHF) Vontobel Fund - Absolute Return Bond () Vontobel Fund - Emerging s Corporate Bond Vontobel Fund - Belvista Dynamic Commodity Vontobel Fund - Target Return () Vontobel Fund - Emerging s Debt Vontobel Fund - Pure Momentum Strategy Vontobel Fund - Pure Premium Strategy 4 Subscription tax In accordance with the 2010 Law, the Fund is currently exempt from income and capital gains taxes in Luxembourg. However, under this Law the Fund is subject to a subscription tax ( taxe d'abonnement ). For all Share Classes in all Sub- Funds reserved for the institutional investors, the tax amounts to 0.01%, and for all other Share Classes of all Sub-Funds to 0.05% of the net assets of the Share Classes concerned. However, the tax rate for Sub-Funds invested exclusively in money market instruments amounts to 0.01%. The tax is payable quarterly and is based on the net assets of the Fund at the end of the relevant quarter. 5 Service fee The Fund pays a service fee which covers the costs of central administration, supervision, custodian services and support services for the Fund. This service fee is calculated on the basis of the average of the Fund's daily net asset value during the month in question and amounts to maximum of % per month. It is charged to the Fund at the end of the month. 141

142 Notes to the Financial Statements 6 Fees applicable to subscriptions and redemptions of target funds In accordance with the 2010 Law, no fees were charged for the subscription or redemption of shares from target funds that are managed by the same management company or by another company that is affiliated with the management company. The value of the cross investment at year-end amounts to: Target funds CHF Vontobel Fund - Global Convertible Bond HI (Hedged) Cap 2,117, Vontobel Fund - Global Convertible Bond I Cap 32,435, Vontobel Fund - China Stars Equity I Cap 702, Vontobel Fund - Sustainable Global Leaders I Cap 1,920, The following issuing and redemption fees were charged during the reporting period for the Shares of Target Funds launched and/or managed by other companies: Target funds Subscription and redemption fees AXA IM Fixed Income Investment Strategies - US Short Duration High Yield -F- Cap 0.07% AXA IM Fixed Income Investment Strategies - US Short Duration High Yield Class A Cap hedged 0.00% GAMAX Funds - Junior A 0.00% GLG Investments PLC - GLG Japan CoreAlpha Equity D 0.00% Ignis Absolute Return Government Bond Fund I2 Hedged 0.00% ishares Euro High Yield Corporate Bond UCITS ETF Dis 0.22% ishares O STOXX 50 UCITS ETF Inc 0.07% LYXOR UCITS ETF OMTS 1-3Y INVESTMENT GRADE DR 0.00% 7 Exchange rates When converting balance sheet positions that are denominated in foreign currencies into Swiss Francs as at February 28, 2014, the following exchange rates were used: 1 CHF AUD 1 CHF 13, IDR 1 CHF PKR 1 CHF BDT 1 CHF ILS 1 CHF PLN 1 CHF BGN 1 CHF INR 1 CHF RON 1 CHF BRL 1 CHF JPY 1 CHF RSD 1 CHF CAD 1 CHF 1, KRW 1 CHF RUB 1 CHF CLP 1 CHF LKR 1 CHF SEK 1 CHF 2, COP 1 CHF MXN 1 CHF SGD 1 CHF CZK 1 CHF MYR 1 CHF THB 1 CHF DKK 1 CHF NGN 1 CHF TRY 1 CHF CHF NOK 1 CHF TWD 1 CHF GBP 1 CHF NZD 1 CHF CHF HKD 1 CHF PEN 1 CHF ZAR 1 CHF HUF 1 CHF PHP When converting balance sheet positions that are denominated in foreign currencies into Swiss Francs as at September 2, 2013, the following exchange rates were used: 1 CHF CAD 1 CHF DKK 1 CHF CHF GBP 1 CHF HKD 1 CHF JPY 1 CHF MXN 1 CHF NOK 1 CHF SEK 1 CHF When converting balance sheet positions that are denominated in foreign currencies into Swiss Francs as at November 29, 2013, the following exchange rates were used: 1 CHF DKK 1 CHF CHF

143 Notes to the Financial Statements 8 Other Expenses Sub-Fund Description Amount in Sub-Fund currency Vontobel Fund - Swiss Money Tax Advice 4,811 Operating Fees 1,032 Legal Fees 639 Total CHF 6,482 Vontobel Fund - Euro Money Tax Advice 4,850 Operating Fees 1,118 Legal Fees 880 Total 6,848 Vontobel Fund - US Dollar Money Tax Advice 6,606 Operating Fees 860 Legal Fees 536 Total 8,002 Vontobel Fund - Swiss Franc Bond Tax Advice 9,045 Operating Fees 2,369 Clearing brokerage Fees 28,079 Legal Fees 1,446 Total CHF 40,939 Vontobel Fund - Euro Bond Tax Advice 7,182 Operating Fees 519 Clearing brokerage Fees 4,255 Legal Fees 404 Total 12,360 Vontobel Fund - Corporate Bond Mid Yield Tax Advice 11,083 Operating Fees 2,866 Legal Fees 1,447 Total 15,396 Vontobel Fund - High Yield Bond Tax Advice 5,003 Operating Fees 1,272 Clearing brokerage Fees 56 Legal Fees 2,705 Total 9,036 Vontobel Fund - US Dollar Bond Tax Advice 5,556 Operating Fees 638 Clearing brokerage Fees 2,478 Legal Fees 382 Total 9,054 Vontobel Fund - Eastern European Bond Tax Advice 8,739 Operating Fees 2,967 Clearing brokerage Fees 627 Legal Fees 41,222 Total 53,555 Vontobel Fund - Absolute Return Bond (CHF) Tax Advice 4,467 Operating Fees 1,243 Clearing brokerage Fees 60,544 Legal Fees 1,128 Total CHF 67,382 Vontobel Fund - Absolute Return Bond () Tax Advice 3,777 Operating Fees 1,212 Clearing brokerage Fees 49,541 Legal Fees 640 Total 55,

144 Notes to the Financial Statements 8 Other Expenses (continued) Sub-Fund Description Amount in Sub-Fund currency Vontobel Fund - Global Convertible Bond Tax Advice 7,390 Operating Fees 5,453 Clearing brokerage Fees 38,447 Legal Fees 648 Total 51,938 Vontobel Fund - Emerging s Bond Tax Advice 10,704 Operating Fees 7,204 Clearing brokerage Fees 40,183 Legal Fees 904 Total 58,995 Vontobel Fund - Swiss Mid and Small Cap Equity Tax Advice 5,794 Operating Fees 798 Legal Fees 516 Total CHF 7,108 Vontobel Fund - European Mid and Small Cap Equity Tax Advice 6,224 Operating Fees 930 Legal Fees 614 Total 7,768 Vontobel Fund - Japanese Equity Tax Advice 466,257 Operating Fees 42,666 Clearing brokerage Fees 125,228 Legal Fees 25,969 Total JPY 660,120 Vontobel Fund - China Stars Equity Tax Advice 10,141 Operating Fees 5,819 Clearing brokerage Fees 3 Legal Fees 530 Total 16,493 Vontobel Fund - European Equity Tax Advice 9,670 Operating Fees 3,206 Clearing brokerage Fees 6,247 Legal Fees 1,506 Total 20,629 Vontobel Fund - US Equity Tax Advice 36,207 Operating Fees 11,079 Legal Fees 6,597 Total 53,883 Vontobel Fund - Global Equity Tax Advice 33,718 Operating Fees 33,828 Clearing brokerage Fees 6,927 Legal Fees 5,938 Total 80,411 Vontobel Fund - Global Equity (ex-us) Tax Advice 8,264 Operating Fees 3,455 Clearing brokerage Fees 488 Legal Fees 546 Total 12,753 Vontobel Fund - Emerging s Equity Tax Advice 114,492 Operating Fees 80,035 Clearing brokerage Fees 38,482 Legal Fees 20,658 Total 253,667 Vontobel Fund - Far East Equity Tax Advice 20,653 Operating Fees 9,343 Clearing brokerage Fees 15,761 Legal Fees 2,654 Total 48,411 Vontobel Fund - New Power Tax Advice 7,660 Operating Fees 18,648 Clearing brokerage Fees 535 Legal Fees 12,698 Total 39,

145 Notes to the Financial Statements 8 Other Expenses (continued) Sub-Fund Description Amount in Sub-Fund currency Vontobel Fund - Clean Technology Tax Advice 4,574 Operating Fees 14,041 Formation expenses 290 Legal Fees 2,114 Total 21,019 Vontobel Fund - Future Resources Tax Advice 5,863 Operating Fees 2,712 Formation expenses 289 Legal Fees 11,674 Total 20,538 Vontobel Fund - Sustainable Asia (ex Japan) Equity Tax Advice 10,568 Operating Fees 860 Formation expenses 250 Legal Fees 4,204 Total 15,882 Vontobel Fund - Sustainable Emerging s Leaders Tax Advice 6,980 Operating Fees 5,037 Formation expenses 1,059 Legal Fees 26,204 Total 39,280 Vontobel Fund - Sustainable Global Leaders Tax Advice 11,178 Operating Fees 3,538 Clearing brokerage Fees 2,689 Legal Fees 13,369 Total 30,774 Vontobel Fund - Belvista Commodity Tax Advice 18,879 Operating Fees 26,475 Legal Fees 2,217 Total 47,571 Vontobel Fund - Belvista Dynamic Commodity Tax Advice 8,996 Operating Fees 770 Formation expenses 6,365 Legal Fees 190 Total 16,321 Vontobel Fund - Target Return () Tax Advice 2,933 Operating Fees 230 Clearing brokerage Fees 8,726 Legal Fees 123 Total 12,012 Vontobel Fund - Robusta Tax Advice 3,331 Operating Fees 54,299 Clearing brokerage Fees 58,496 Legal Fees 3,903 Total 120,029 Vontobel Fund - Robusta Dynamic Tax Advice 2,999 Operating Fees 59,472 Clearing brokerage Fees 63,982 Legal Fees 2,943 Total 129,396 Vontobel Fund - Emerging s Debt Tax Advice 14,606 Operating Fees 196,167 Clearing brokerage Fees 13,743 Legal Fees 817 Total 225,

146 Notes to the Financial Statements 8 Other Expenses (continued) Sub-Fund Description Amount in Sub-Fund currency Vontobel Fund - Pure Dividend Strategy Tax Advice 3,886 Operating Fees 97,711 Clearing brokerage Fees 26,415 Legal Fees 4,718 Total 132,730 Vontobel Fund - Pure Momentum Strategy Tax Advice 3,481 Operating Fees 24,180 Clearing brokerage Fees 80,187 Formation expenses 199 Legal Fees 4,668 Total 112,715 Vontobel Fund - Pure Premium Strategy Tax Advice 3,065 Operating Fees 21,043 Clearing brokerage Fees 9,368 Legal Fees 1,507 Total 34,983 9 Off-balance-sheet transactions The counterparties to the forward foreign exchange contracts and futures listed below are: Bank Vontobel AG, Barclays Bank Wholesale, Citibank N.A., Deutsche Bank AG, JPMorgan Chase, London, Merrill Lynch International, Nomura International PLC, Raiffeisen Schweiz Genossenschaft, RBC IS Bank Luxbg, UBS AG, The Northern Trust Company. a) Forward foreign exchange contracts In order to protect its assets against currency fluctuations, the Fund may carry out transactions, the object of which is to dispose of foreign exchange forward contracts, call options on currencies and the acquisition of put options on currencies. The arrangement of hedging transactions is subject to the condition that there is a direct connection between the transaction and the assets to be hedged. That means that transactions concluded in a given currency must not significantly exceed the total value of the assets denominated in that currency or the period during which the assets are held. The following forward foreign exchange contracts were open as at February 28, 2014: Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - Swiss Money Hedged Share Classes CHF 7,507,080 8,400,000 CHF 109, CHF 13,712,720 11,200,000 CHF 90, CHF 451, ,000 CHF 10, CHF 452, ,000 CHF 12, CHF 493, ,000 CHF 7, ,000,000 CHF 909,100 CHF -28, ,000,000 CHF 1,220,750 CHF -4, ,746 Vontobel Fund - Swiss Franc Bond Hedged Share Classes CHF 14,299,200 16,000,000 CHF 209, CHF 20,813,950 17,000,000 CHF 137, CHF 905,850 1,000,000 CHF 25, CHF 3,086,750 2,500,000 CHF 46, CHF 1,804,840 2,000,000 CHF 43, ,500,000 CHF 1,833,360 CHF -9, ,500,000 CHF 3,051,875 CHF -11, ,127 Vontobel Fund - Corporate Bond Mid Yield Hedged Share Classes ,470 CHF 193, ,904 CHF 312, CHF 14,677,785 12,044,497 24, CHF 193, , CHF 312, , CHF 27,466 22, CHF 155, , ,

147 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - High Yield Bond Hedged Share Classes ,077,173 7,000,000 8, ,003,007 GBP 24,500, , ,879,765 99,000, , ,675,255 5,000,000 55, ,200,624 GBP 1,000,000-12, ,463,507 2,000,000 15, ,635,086 GBP 3,000,000-4, ,466,512 2,000,000 18, ,832 CHF 293, ,275 15, ,906 CHF 157, ,925,260 4,000,000 29, ,502 CHF 146, CHF 16,486 13, CHF 34,418 28, CHF 145,711, ,570, , ,522,183 20,139, , CHF 6,404,532 5,255,518 10, CHF 157, , CHF 11,929 9, ,290 Vontobel Fund - Eastern European Bond Hedged Share Classes TRY 5,000,000 1,627,737 6, ,611,995 RUB 650,000, , HUF 3,500,000,000 11,273,412 6, PLN 108,000,000 25,771,523 93, TRY 5,000,000 1,599,488 34, ,034,116 RON 45,000,000 48, ,063,494 RUB 100,000,000 52, ,034,319 RUB 100,000,000 22, ,647,827 TRY 5,000,000 13, RON 10,750,000 2,375,481 9, ,635,029 TRY 5,000, HUF 500,000,000 1,617,155-5, ,838,127 PLN 16,000,000 6, RUB 50,000,000 1,431,025-30, TRY 6,700,000 3,012, ,429,102 RUB 50,000,000 29, ,196 Vontobel Fund - Absolute Return Bond (CHF) Hedged Share Classes CHF 45,043,600 AUD 56,000,000 CHF 971, CHF 80,598,210 66,000,000 CHF 320, CHF 49,688,800 56,000,000 CHF 371, CHF 6,188,900 5,000,000 CHF 107, CHF 6,176,500 5,000,000 CHF 94, CHF 6,102,025 5,000,000 CHF 20, CHF 4,437,450 5,000,000 CHF 34,097 1,919,817 Vontobel Fund - Absolute Return Bond () Hedged Share Classes ,878,968 AUD 59,000, , ,252,108 65,000, , ,000 51, ,599,233 1,170,241-12, ,

148 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - Global Convertible Bond Hedged Share Classes ,475,320 JPY 2,800,000, , ,809,426 GBP 4,000,000-41, ,050, ,000,000 1,786, ,291,326 CHF 2,800,000-11, ,906,396 HKD 20,000,000 40, ,873 SGD 900,000 10, ,558 CHF 15, CHF 10,750 8, CHF 58,205,541 47,763,095 95, ,671,147 10,735, , CHF 52,145,723 42,790,448 85,707 2,456,281 Vontobel Fund - Emerging s Bond Hedged Share Classes PLN 7,000,000 2,257,653 58, RUB 55,000,000 1,578,487-49, TRY 2,500,000 1,116,869 12, MYR 10,000,000 3,003,093 51, MXN 25,000,000 1,868,810 17, HUF 450,000,000 1,980,634 22, CHF 60,119 67, CHF 57,081 64, CHF 65,464,383 73,422, , ,099,868 15,171, , CHF 10,917,385 12,244, ,394 1,346,333 Vontobel Fund - European Equity Hedged Share Classes ZAR 6,990, ,370-4, ZAR 7,029, ,010-2, ZAR 7,052, ,320-7, ZAR 21,606,324 1,462,807-7,683-21,742 Vontobel Fund - US Equity Hedged Share Classes , ,634 1, ,339 3, ,246 42, ,049 94, ,339,438 59,237, , ,817,090 65,357, ,215 1,306,266 Vontobel Fund - Global Equity Hedged Share Classes , ,393 3, , ,836-2, ,038 2, ,989 16, , ,468 1, ,777 18, ,175, ,685,423 1,190, ,052,136 21,940, , ,468,778 82,649, , SEK 22,041 3, ,547 1,191, , , ,287,474 Vontobel Fund - Global Equity (ex-us) Hedged Share Classes ZAR 101,161 9, ZAR 101,723 9, ,243 8, ZAR 102,060 9, ,891 31, ZAR 311,338 29, ,329 56, ,670,990 13,218, , ,628,452 4,959,426 51, ,370 69, ,

149 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - Emerging s Equity Hedged Share Classes ZAR 19,502,305 1,819,720-4, ZAR 19,610,615 1,815,529 9, ZAR 19,675,521 1,839,865-9, ,463 CHF 11, , ,122-2, , ,059 1, ,431 11, , ,907 2, ,149,265 1,572,933 14, ,605 77, ,212 CHF 141,520-1, ZAR 60,276,867 5,631,247-24, ,860, ,289,442 1,343, ,662,251 17,306, , ,438, ,604,537 3,712, CHF 15,059,475 16,890, , CHF 26,207,927 29,393, , CHF 70,521,485 79,094, , ,249, ,529,272 2,078, SEK , ,973-1, , ,579-6, , ,211-2, ,572,183 1,149,265-15, ,019,630 5,552, CHF 179, , CHF 860, , ,753,372 2,421, SEK ,842,744 Vontobel Fund - Far East Equity Hedged Share Classes ,556 41, ,255,852 11,345,332-24, , , ,340 Vontobel Fund - New Power Hedged Share Classes CHF 51,890 42, ,277 CHF 19, CHF 17,334,581 14,224,646 28, ,359,447 4,653,536-48, GBP 127, , GBP 1,389 1, ,554 58, ,950 Vontobel Fund - Future Resources Hedged Share Classes CHF 1,651,435 1,357,872 2, CHF 19,495 16, ,712 Vontobel Fund - Sustainable Asia (ex Japan) Equity Hedged Share Classes ,123,356 7,040,603 17, ,027,636 4,160,629 10, ,332 52, , , ,044 48, ,731 65, ,677 31, ,

150 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - Sustainable Global Leaders Hedged Share Classes CHF 4,227,893 4,741,842 59, ,976,429 6,801,862 71, ,612 Vontobel Fund - Belvista Commodity Hedged Share Classes SEK 168,750,604 26,198, , SEK 7,780 1, CHF 1,525,000 1,694,712 37, CHF 28,540,000 31,716, , ,620,000 54,232, , ,605, ,348,659 1,459, CHF 72,240,000 80,279,333 1,769, SEK SEK 28,958,370 4,474,670 42, SEK 7,510,000 1,159,511 11, SEK ,124 SEK 337, , ,847 5, ,090,000 1,491,454 13, CHF 1,010,000 1,123,592 23, CHF 20,000 22, CHF 430, ,361 10, SEK SEK 33,870,340 5,263,759 19, ,571 45, , ,107 3, , ,000-7, ,140, ,000-12, ,286 SEK 2,966,200-2, SEK ,472 15, ,934,311 2,150,000-35, , ,036 11, ,330,000 1,804,277 32, CHF 20,000 22, CHF 355, ,694 9, CHF 830, ,468 22, SEK SEK 4,599, ,766 12, , ,000-13, ,997,441 1,480,000-46, ,241 CHF 895,000-27, ,110 CHF 20, ,983 CHF 360,000-10, ,659 SEK 2,800,000-9, ,877 85,000-2, ,222 SEK 8, ,960,372 6,630, , , ,577 3, SEK 8,000 1, ,699,958 4,220, , ,145 SEK 1,132,000-3, ,670,000 2,260,121 46, CHF 25,000 27, CHF 460, ,828 12, SEK SEK 3,569, ,191 10, , ,445 9, CHF 1,110,000 1,230,237 30,

151 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - Belvista Commodity (continued) Hedged Share Classes , ,862 6, , ,195 6, SEK 2,365, ,944 2, SEK CHF 800, ,096 10, CHF 20,000 22, CHF 392, ,067 5, , ,091 3, ,000 1,268,090 9, , ,201 3, ,677,000 2,307,840 8, SEK 2,739, ,915 5, SEK CHF 1,150,000 1,297,550 8, CHF 25,000 28, CHF 460, ,020 3, , ,765 2, ,200,000 3,021,953 16, , , ,507,307 Vontobel Fund - Belvista Dynamic Commodity Hedged Share Classes ,532,000 2,097,029 18, ,375,000 26,520, , CHF 8,720,000 9,690, , CHF 4,490,000 4,989, , ,000 6, ,435,00 1,950,816 31, CHF 140, ,745 3, CHF 70,000 77,873 1, ,000 27, ,970,000 9,537,093 89, ,000 27, , ,376 8, CHF 110, ,990 2, CHF 60,000 66,540 1, , ,000-11, ,992 20, ,028 CHF 114,000-3, ,331 CHF 60,000-1, CHF 70,000 77,583 1, CHF 140, ,165 3, ,000 33, , ,481 12, ,500,000 6,114, , ,000 27, , ,923 4, CHF 119, ,592 1, CHF 65,000 72, CHF 105, , CHF 70,000 78, ,000 33, ,734,509 4,167,000-20, ,050 Vontobel Fund - Target Return () Hedged Share Classes ,187 1,000,000 5,140 5,140 Vontobel Fund - Robusta Hedged Share Classes CHF CHF CHF 15,379,158 12,620,039 25, , ,989-1, CHF 1, , CHF 54,026 44, ,

152 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Purchase Sale Unrealised gain/loss in Sub-Fund currency Vontobel Fund - Robusta Dynamic Hedged Share Classes ,332 CHF 90, CHF 2,702 2, CHF 6,283,505 5,156,204 10, ,614,560 3,376,712-35, CHF 4,063,245 3,334,273 6, ,476,387 3,275,603-34, CHF 90,655 74, CHF 9,451 7, ,078 Vontobel Fund - Emerging s Debt Hedged Share Classes ,955,355 16,900, , ,550,000 2,094,103 46, ,000,000 MXN 26,820,000-16, ,753,958 4,200,000-46, ,081,425 BRL 5,000,000-44, ,064,751 BRL 5,000,000-46, ,698 53, ,993 CHF 308,772-4, ,836 58, ,529 CHF 20, ,043,691 46,531, , CHF 50,467,435 56,602, , ,251,940 7,178,436 75, CHF 1,234,738 1,384,835 17, ,069 76, CHF 13,117 14, ,789 Vontobel Fund - Pure Premium Strategy Hedged Share Classes CHF 1,980 3, CHF 41,555 46, , ,011 1, CHF 16,541,487 18,552, , CHF 2,746,037 2,777,028 34, ,547 8, ,974,481 2,698,752 28, ,950 93,532-1, ,922,995 9,462,460 99, ,807 b) Futures The following futures contracts were open as at February 28, 2014: Sub-Fund Contract Currency Unrealised Number of Engagement gain/loss in contracts Sub-Fund currency Vontobel Fund - Euro Bond O BUND 06/03/ ,443,800 6,700 6,700 Vontobel Fund - Eastern European Bond Vontobel Fund - Absolute Return Bond () 10Y TREASURY NOTES USA -75-9,339,844-17,818 19/06/ , YEAR TREAS.BOND AUD ,607, ,429 AUSTRAL.6% 17/03/2014 EX SCHWEIZ 6% FED BD CHF 68 10,017,760 63, Y 06/03/2014 O BUND 06/06/ ,973,600-3,500 O OAT FUTURES 58 7,818,980 29,713 06/06/2014 LONG GILT STERLING GBP 82 8,973,260 33,799 FUTURES 26/06/2014 JAPANESE GOV. BDS JPY 7 1,016,190,000 13,904 FUTURE 10Y 11/03/ Y TREASURY NOTES USA ,709,688-31,620 19/06/ ,

153 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Sub-Fund Contract Currency Vontobel Fund - Absolute Return Bond (CHF) Vontobel Fund - Global Convertible Bond Vontobel Fund - Emerging s Debt 153 Number of contracts Engagement Unrealised gain/loss in Sub-Fund currency 10 YEAR TREAS.BOND AUD ,339,498 CHF -303,984 AUSTRAL.6% 17/03/2014 EX SCHWEIZ 6% CHF 70 10,459,720 CHF 75,680 FED BD 8-13Y 06/03/2014 O BUND 06/06/ ,823,200 CHF -5,474 O OAT FUTURES 68 9,167,080 CHF 42,379 06/06/2014 LONG GILT STERLING GBP 87 9,520,410 CHF 43,624 FUTURES 26/06/2014 JAPANESE GOV. BDS JPY 7 1,016,190,000 CHF 16,914 FUTURE 10Y 11/03/ Y TREASURY NOTES USA -76-9,464,375 CHF -27,635 19/06/2014 CHF -158,496 O STOXX 50 PR ,280,000-57,500 21/03/2014 S&P 500 EMINI INDEX ,287, ,926 21/03/ ,426 O BOBL 06/03/ ,933, , ,507 Vontobel Fund - Robusta O BUND 06/06/ ,709,760-10,680 O-BUXLFUTURES -12-1,544,880-16,320 06/03/2014 / SPOT - CROSS 40 6,911,000 52,855 RATES 17/03/ Y TREASURY NOTES USA -15-1,867,969-7,806 19/06/ Y TREASURY NOTES USA -15-2,153,906-29,527 19/06/ ,479 c) Swaps The counterparties to the swap contracts listed below are Barclays Bank and Société Générale CIB. The following swaps contracts were open as at February 28, 2014: Vontobel Fund - Absolute Return Bond (CHF) Credit Default Swaps Type Counterparty Notional Currency Sub-Fund pays to/receives from the counterparty Interest receivable on swaps Unrealised gain/loss in Sub-Fund currency CDS Protection BARCLAYS BK 26,000,000 Seller PLC -2,128, ,778 1,835,298 CDS Protection BARCLAYS BK 21,000,000 Seller PLC -2,220, ,167 2,662,480 CDS Protection BARCLAYS BK 19,000,000 Seller PLC -1,837, ,722 2,408,910 Underlyings: MARKIT CDX.NA.HY.21 12/18, MARKIT ITRX XOVER 12/18 S20, MARKIT ITRX XOVER 12/18 S20 Type Vontobel Fund - Absolute Return Bond () Credit Default Swaps Counterparty Notional Currency Sub-Fund pays to/receives from the counterparty Total CHF 695,736 CHF 6,906,685 Interest receivable on swaps Unrealised gain/loss in Sub-Fund currency CDS Protection BARCLAYS BK Seller PLC 1,000, ,944 13,717 CDS Protection BARCLAYS BK 24,000,000 Seller PLC -1,965, ,941 1,392,600 CDS Protection BARCLAYS BK 18,000,000 Seller PLC -1,774, ,000 1,875,951 CDS Protection BARCLAYS BK 19,000,000 Seller PLC -2,008, ,722 1,980,170 Underlyings: MARKIT ITRX OPE 12/18, MARKIT CDX.NA.HY.21 12/18, MARKIT ITRX XOVER 12/18 S20 Total 530,608 5,262,438

154 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Type Vontobel Fund - Corporate Bond Mid Yield Credit Default Swaps Counterparty Notional Currency Sub-Fund pays to/receives from the counterparty Interest receivable on swaps Unrealised gain/loss in Sub-Fund currency CDS Protection SG PARIS Seller 5,000,000-67, ,889 68,584 CDS Protection SG PARIS Seller 20,000,000-51, , ,335 Underlyings: MARKIT ITRX OPE 12/18 d) Contracts for Difference Total 48, ,919 The counterparties to the CFD listed below are UBS, Macquarie Bank Limited, Société Générale, Barclays Bank, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs. The following contracts for difference were open as at February 28, 2014: Vontobel Fund - Belvista Commodity - Long Positions CFD Currency Notional Unrealised gain/loss in Sub-Fund currency DJUBSCI-F ,377,370 1,560,836 UBS ETC 2013-PERP CERT DJUBSCL ,000,000 3,148 UBS LN 13-PERP CERT DJUBSCO ,000, ,918 UBS LN PERP CERT DJPLE ,000, ,347 UBS LN PERP CERT DJUBSAL ,000, ,280 UBS LN PERP CERT DJUBSBO ,000,000 0 UBS LN PERP CERT DJUBSBO ,000, ,830 UBS LN PERP CERT DJUBSCL ,000, ,050 UBS LN PERP CERT DJUBSCN ,000, ,991 UBS LN PERP CERT DJUBSCT ,000, ,913 UBS LN PERP CERT DJUBSGC ,000, ,194 UBS LN PERP CERT DJUBSHG ,000, ,404 UBS LN PERP CERT DJUBSHO ,000, ,734 UBS LN PERP CERT DJUBSKC ,000,000 1,891,158 UBS LN PERP CERT DJUBSKW ,500, ,358 UBS LN PERP CERT DJUBSLC ,000, ,462 UBS LN PERP CERT DJUBSNG ,000,000 3,049,262 UBS LN PERP CERT DJUBSNI ,000, ,493 UBS LN PERP CERT DJUBSRB ,000, ,814 UBS LN PERP CERT DJUBSSB ,000,000 1,290,250 UBS LN PERP CERT DJUBSSI ,000, ,040 UBS LN PERP CERT DJUBSSM ,000, ,592 UBS LN PERP CERT DJUBSSY ,000,000 1,178,340 UBS LN PERP CERT DJUBSSY ,000, ,009 UBS LN PERP CERT DJUBSWH ,000, ,577 UBS LN PERP CERT DJUBSZS ,000, ,628 UBS LN PERP CERT/DJUBSLH ,000, ,468 Total 15,211,464 Vontobel Fund - Belvista Commodity - Short Positions CFD Currency Notional Unrealised gain/loss in Sub-Fund currency DJUBSCI-F ,000,000 0 UBS LN 13-PERP CERT DJUBSCO ,000,000-4,148 UBS LN PERP CERT DJPLE ,000, ,821 UBS LN PERP CERT DJUBSCL ,000, ,568 UBS LN PERP CERT DJUBSCN ,000, ,684 UBS LN PERP CERT DJUBSHO ,000,000-86,961 UBS LN PERP CERT DJUBSKW ,000,000 57,041 UBS LN PERP CERT DJUBSNG ,000, ,569 UBS LN PERP CERT DJUBSNG ,500, ,416 UBS LN PERP CERT DJUBSNI ,000, ,063 UBS LN PERP CERT DJUBSSM ,000,000-2 UBS LN PERP CERT DJUBSSY ,000, ,486 UBS LN PERP CERT DJUBSWH ,000, ,397 UBS LN PERP CERT DJUBSZS ,000,000-27,302 Total -1,971,

155 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Vontobel Fund - Belvista Commodity - Short/Long Positions Total 13,240,434 Vontobel Fund - Belvista Dynamic Commodity - Long Positions CFD Currency Notional Unrealised gain/loss in Sub-Fund currency DJUBSCI-F ,794, ,344 UBS ETC 2013-PERP CERT DJUBSCL ,000, UBS LN 13-PERP CERT DJUBSCO ,200,000 37,611 UBS LN PERP CERT/BSKT ,200,000 73,177 UBS ETC 2013-PERP CERT DJUBSCL ,000, UBS LN 13-PERP CERT DJUBSCO ,200,000 37,611 UBS LN PERP CERT ,100,000 17,476 UBS LN PERP CERT DJPLE ,400, ,099 UBS LN PERP CERT DJUBSBO ,000,000 35,248 UBS LN PERP CERT DJUBSCL ,700, ,603 UBS LN PERP CERT DJUBSCN ,200, ,439 UBS LN PERP CERT DJUBSCT ,000-6,031 UBS LN PERP CERT DJUBSGC ,000,000 55,643 UBS LN PERP CERT DJUBSHG ,000,000-25,675 UBS LN PERP CERT DJUBSHO ,000,000 22,294 UBS LN PERP CERT DJUBSKW ,000,000 74,745 UBS LN PERP CERT DJUBSLC ,000 7,304 UBS LN PERP CERT DJUBSNG ,900, ,975 UBS LN PERP CERT DJUBSNI ,600, ,416 UBS LN PERP CERT DJUBSRB ,200,000 16,159 UBS LN PERP CERT DJUBSSB ,500, ,281 UBS LN PERP CERT DJUBSSI ,000,000 54,185 UBS LN PERP CERT DJUBSSM ,000 40,265 UBS LN PERP CERT DJUBSSY ,600,000 52,760 UBS LN PERP CERT DJUBSZS ,200,000 46,937 UBS LN PERP CERT/DJUBSAL ,000,000 13,181 UBS LN PERP CERT/DJUBSKC , ,811 UBS LN PERP CERT/DJUBSLH ,000 23,115 Total 2,058,615 Vontobel Fund - Belvista Dynamic Commodity - Short Positions CFD Currency Notional Unrealised gain/loss in Sub-Fund currency DJUBSCI-F ,500,000-1,327 UBS ETC 2013-PERP CERT DJUBSCL ,000, ,184 UBS LN 13-PERP CERT DJUBSCO ,100,000 7,431 UBS LN PERP CERT ,100,000 16,449 UBS LN PERP CERT DJPLE ,000,000-24,284 UBS LN PERP CERT DJUBSCL ,000, ,547 UBS LN PERP CERT DJUBSCO ,500,000-9,955 UBS LN PERP CERT DJUBSHG ,500,000 26,805 UBS LN PERP CERT DJUBSHO ,200,000-5,649 UBS LN PERP CERT DJUBSKW ,000,000-10,178 UBS LN PERP CERT DJUBSKW ,800,000-65,902 UBS LN PERP CERT DJUBSNG ,000-11,557 UBS LN PERP CERT DJUBSNG ,500, ,849 UBS LN PERP CERT DJUBSNI ,600,000-29,613 UBS LN PERP CERT DJUBSSB ,000-50,499 UBS LN PERP CERT DJUBSZS ,000-3,640 UBS LN PERP CERT/BSKT ,600, ,595 Total -955,559 Vontobel Fund - Belvista Dynamic Commodity - Short/Long Positions Total 1,103,

156 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) e) Options The following options were open as at February 28, 2014: Vontobel Fund - China Stars Equity Description Quantity Strike price Currency value Commitment CALL MGM CHINA HKD Total HKD Vontobel Fund - Sustainable Global Leaders Description Quantity Strike price Currency value Commitment CALL NIKKEI 225 INDI 25 15,500 JPY , ,051 CALL NIKKEI 225 INDI 6 16,000 JPY ,394 CALL NIKKEI 225 INDI 32 16,000 JPY , ,968 CALL NIKKEI 225 INDI ,250 JPY ,465 Total 47,989 Vontobel Fund - Target Return () Description Quantity Strike price Currency value Commitment CALL S&P 500 INDICES -15 1, , ,110 PUT S&P 500 INDICES -15 1, ,575 83,437 PUT S&P 500 INDICES 15 1, , ,417 Total -11,132 Vontobel Fund - Robusta Description Quantity Strike price Currency value Commitment CALL CREDIT SUISSE GROUP /NOM CHF , ,749 CALL SAP AG , ,712 CALL SAP AG , ,877 CALL WPP PLC SHS GBP , ,767 CALL GAZPR SPONS.ADR REP 2SHS ,548-44,201 CALL THERMO FISHER SCI , ,860 PUT O STOXX 50 PR , , ,950 CALL O STOXX 50 PR -50 3, , ,306 PUT O STOXX 50 PR 100 3, , ,129 PUT UKX FTSE 100 INDEX -60 6,400 GBP , ,553 CALL UKX FTSE 100 INDEX -30 6,900 GBP , ,704 PUT UKX FTSE 100 INDEX 60 6,700 GBP ,305-1,555,070 CALL S&P 500 INDICES -60 1, ,040-3,270,870 PUT S&P 500 INDICES , , ,083 PUT S&P 500 INDICES 110 1, ,654-1,643,472 Total -57,

157 Notes to the Financial Statements 9 Off-balance-sheet transactions (continued) Vontobel Fund - Robusta Dynamic Description Quantity Strike price Currency value Commitment CALL CREDIT SUISSE GROUP /NOM CHF , ,160 CALL UBS AG /NAMENSAKTI CHF , ,069 CALL BNP PARIBAS , ,274 CALL SAP AG , ,411 CALL SAP AG ,285-99,319 CALL O STOXX 50 PR -50 3, , ,596 PUT O STOXX 50 PR , , ,092 PUT O STOXX 50 PR 100 3, , ,939 CALL BHP BILLITON PLC GBP , ,433 CALL WPP PLC SHS GBP , ,137 CALL UKX FTSE 100 INDEX -40 6,900 GBP , ,938 PUT UKX FTSE 100 INDEX -40 6,400 GBP , ,388 PUT UKX FTSE 100 INDEX 40 6,700 GBP ,870-1,037,621 CALL GAZPR SPONS.ADR REP ,625-41,819 CALL GAZPR SPONS.ADR REP ,095-26,137 CALL ROSNEFT OIL CO OJS ,436-73,182 CALL ROSNEFT OIL CO OJS ,460-60,114 CALL THERMO FISHER SCI , ,147 CALL S&P 500 INDICES , ,740-5,998,341 PUT S&P 500 INDICES , , ,003 PUT S&P 500 INDICES 60 1, , ,484 PUT S&P 500 INDICES 50 1, ,858-1,628,308 Total -118,378 Vontobel Fund - Pure Premium Strategy Description Quantity Strike price Currency value Commitment CALL FUT-CANADIAN $ CUR ,930 CALL FUT-CANADIAN $ CUR PUT FUT-CANADIAN $ CURR PUT FUT-CANADIAN $ CURR ,803 Total Securities valuation Securities valued at 0 The Board of Directors has approved the decision from February 28, 2014, to value certain securities at zero. Securities ISIN Code Sub-Funds PEACE MARK(HOLDINGS)LIMITED BMG6957A Vontobel Fund - Far East Equity - Vontobel Fund - Emerging s Equity Irish Bank ResolutionCorp Ltd/Old IE00B06H8J93 - Vontobel Fund - Robusta - Vontobel Fund - Sustainable Global Leaders Protonex Technology US74373K Vontobel Fund - New Power Due to the financial market conditions, the following securities are valued at 0 as of February 28, 2014: Securities ISIN Code Sub-Funds Sydney Street FinanceLtd 05 FRN XS Vontobel Fund - Corporate Bond Mid Yield Oxford Street FinanceLtd 05 FRN XS Vontobel Fund - Corporate Bond Mid Yield Romania PropertyFund Ltd GG00B2334D09 - Vontobel Fund - Sustainable Emerging s Leaders 157

158 Notes to the Financial Statements 11 Dividend distribution The Board of Directors decided on November 25, 2013 to pay out the following dividends. These were approved at the General Meeting of Shareholders on February 11, Vontobel Fund - Share class Record date Ex-date Payment date Currency Amount per share Swiss Money A CHF 0.94 Euro Money A US Dollar Money A Swiss Franc Bond A CHF 1.24 Euro Bond A Corporate Bond Mid Yield A High Yield Bond AS US Dollar Bond A Eastern European Bond A Absolute Return Bond (CHF) A CHF 2.32 Absolute Return Bond () A Global Convertible Bond A Emerging s Bond A Swiss Mid and Small Cap Equity A CHF 0.42 European Mid and Small Cap Equity A Japanese Equity A JPY 0.00 China Stars Equity A European Equity A US Equity A Global Equity A Global Equity (ex-us) A Emerging s Equity A Emerging s Equity AHI Far East Equity A New Power A Clean Technology A Future Resources A Sustainable Asia (ex Japan) Equity A Sustainable Emerging s Leaders A Sustainable Global Leaders A Securities lending transactions The Board of Directors has decided that a series of Sub-Funds may participate in securities lending transactions. In such transactions, securities contained in the assets of a Sub-Fund are transferred to a counterparty against payment of a consideration in line with prevailing market rates for a specific period of time. Income from securities lending transactions are credited to the respective Sub-Fund after deduction of the costs of the lending agent, the management company and custodian bank of the Fund. The income and direct and indirect costs of the securities lending transaction will be shown separately in the statement of net income and are broken down as follows: Vontobel Fund - Currency Gross income Costs and fees Net income Swiss Mid and Small Cap Equity CHF 1, , European Mid and Small Cap Equity 97, , , Japanese Equity JPY 60, , , China Stars Equity 28, , , New Power 115, , , Clean Technology 2, , Future Resources 109, , , As at February 28, 2014, the market value and the value of collateral received were as follows: Vontobel Fund - Currency value Collateral Swiss Mid and Small Cap Equity CHF 143, , European Mid and Small Cap Equity 11,095, ,111, Japanese Equity JPY 142, , China Stars Equity 8,165, ,788, New Power 14,047, ,388, Clean Technology 55, , Future Resources 8,756, ,395,

159 Notes to the Financial Statements 12 Securities lending transactions (continued) The collateral received comprises exclusively government bonds from the following countries: Germany, France, Netherlands, United States, Sweden, Switzerland, United Kingdom The counterparties to the above-mentioned securities lending transactions are: Barclays Capital Securities Limited, Citigroup Global s Limited, Credit Suisse Securities (Europe) Limited, Deutsche Bank AG, JP Morgan Securities Plc, Morgan Stanley & Co. Intl Plc, UBS AG London Branch, BNP PARIBAS ARBITRAGE, MERRILL LYNCH INTERNATIONAL 13 Events during reporting period under review By way of a resolution dated October 25, 2013 the Board of Directors decided to redeem all shares of the Sub-Fund Vontobel Fund - Diversified Alpha UCITS at the net asset value on the dissolution date. The dissolution date was November 29, The following Sub-Funds were launched on September 2, 2013: Sub-Funds Vontobel Fund - Robusta Vontobel Fund - Robusta Dynamic The following Sub-Funds were merged on September 3, 2013: Name of merging Sub-Fund Vontobel Fund - Defensive Balanced Portfolio (CHF) Vontobel Fund - Defensive Balanced Portfolio () Name of receiving Sub-Fund Vontobel Fund - Robusta The following Sub-Funds were launched on October 21, 2013: Sub-Funds Vontobel Fund - Pure Dividend Strategy Vontobel Fund - Pure Momentum Strategy The following Sub-Fund was launched on December 9, 2013: Sub-Funds Vontobel Fund - Pure Premium Strategy The following Sub-Funds were renamed on January 31, 2014: Sub-Fund name Vontobel Fund - European Value Equity Vontobel Fund - US Value Equity Vontobel Fund - Global Value Equity Vontobel Fund - Global Value Equity (ex-us) New name of Sub-Fund Vontobel Fund - European Equity Vontobel Fund - US Equity Vontobel Fund - Global Equity Vontobel Fund - Global Equity (ex-us) 159

160 Additional Unaudited Appendix TER (Total Expense Ratio) In accordance with the Swiss Funds & Asset Management Association (SFAMA) guideline, the Fund must show a TER for the past 12-month period. This figure expresses the total fees and costs which are charged on an ongoing basis to the Sub-fund s assets (operating expenditure) retrospectively as a percentage of net Fund assets, and is generally calculated according to the following formula: TER = Total operating expenses in AC* Average net assets in AC* X 100 * AC = units in Sub-fund accounting currency The TER of the Sub-Fund, excluding the performance fee for classes A to C (), is defined as follows: Distributing Accumulating Vontobel Fund - A AHI () AM () AM () AS B B (CHF) B () B (SEK) C (CHF) C () Swiss Money 0.31% % Euro Money 0.46% % % US Dollar Money 0.47% % Swiss Franc Bond 0.90% % % - Euro Bond 1.12% % % Corporate Bond Mid Yield 1.31% % % High Yield Bond % 1.35% High Yield Bond % 1.43% US Dollar Bond 1.12% % Eastern European Bond 1.38% % 1.78% % % Absolute Return Bond (CHF) 0.93% % Absolute Return Bond (CHF) % % Absolute Return Bond () 1.13% % % % Absolute Return Bond () % % % % Global Convertible Bond 1.36% % % Emerging s Bond 1.42% % % 1.43% 1.43% Swiss Mid and Small Cap Equity 2.08% % European Mid and Small Cap Equity 2.19% % % Japanese Equity 1.68% % China Stars Equity 2.20% % European Equity 2.04% % % US Equity 2.03% % Global Equity 2.05% % % - - Global Equity (ex-us) 2.07% % Emerging s Equity 2.09% 1.30% % % - - Far East Equity 2.06% % New Power 2.15% % % Clean Technology 2.19% % Future Resources 2.18% % % Sustainable Asia (ex Japan) Equity 2.16% % Sustainable Emerging s 2.10% % Leaders Sustainable Global Leaders 2.01% % Belvista Commodity % Belvista Dynamic Commodity % Belvista Dynamic Commodity % Target Return () % % Target Return () % % Emerging s Debt % Robusta 1.80% % Robusta Dynamic 1.63% % Pure Dividend Strategy % Pure Momentum Strategy % Pure Momentum Strategy % Pure Premium Strategy % Pure Premium Strategy % TER including the performance fee. 160

161 Additional Unaudited Appendix TER (Total Expense Ratio) (continued) The TER of the Sub-Fund, excluding the performance fee if applicable, for classes C () to HI (), is defined as follows: Accumulating Vontobel Fund - C () C (SEK) G (GBP) H (CHF) H () H (GBP) H (SEK) H () HC () HI (CHF) HI () Swiss Money Euro Money US Dollar Money Swiss Franc Bond Euro Bond Corporate Bond Mid Yield % High Yield Bond % % % - High Yield Bond % % % - US Dollar Bond Eastern European Bond Absolute Return Bond (CHF) Absolute Return Bond (CHF) Absolute Return Bond () % Absolute Return Bond () % Global Convertible Bond % % % - Emerging s Bond 1.82% % 1.50% % - Swiss Mid and Small Cap Equity European Mid and Small Cap Equity Japanese Equity China Stars Equity 2.80% European Equity US Equity 2.64% % % Global Equity 2.65% % % % % Global Equity (ex-us) % % Emerging s Equity 2.69% 2.69% 0.93% 2.18% 2.19% % % 1.30% 1.30% Far East Equity 2.66% % % New Power 2.70% % % % Clean Technology Future Resources 2.76% % Sustainable Asia (ex Japan) Equity % % Sustainable Emerging s Leaders Sustainable Global Leaders % 2.07% Belvista Commodity 2,43% % 1.83% % % 1.04% Belvista Dynamic Commodity % 1.91% % 1.12% Belvista Dynamic Commodity % 1.92% % 1.13% Target Return () Target Return () Emerging s Debt % 1.48% % 0.87% Robusta % % % - Robusta Dynamic % % % - Pure Dividend Strategy % 1.97% % 1.17% Pure Momentum Strategy % 1.97% % 1.17% Pure Momentum Strategy % 2.06% % 1.35% Pure Premium Strategy % 1.96% % 1.16% Pure Premium Strategy % 1.96% % 1.16% 1 TER including the performance fee. 161

162 Additional Unaudited Appendix TER (Total Expense Ratio) (continued) The TER of the Sub-Fund, excluding the performance fee if applicable, for classes HI (SEK) to S, is defined as follows: Accumulating HI HI HS I Vontobel Fund - (SEK) () (CHF) I (GBP) N R S Swiss Money % - Euro Money % % - US Dollar Money % - Swiss Franc Bond % % - Euro Bond % % - Corporate Bond Mid Yield % % - High Yield Bond % % - High Yield Bond % % - US Dollar Bond % % - Eastern European Bond % % - Absolute Return Bond (CHF) % % 0.15% Absolute Return Bond (CHF) % % 0.15% Absolute Return Bond () % % % - Absolute Return Bond () % % % - Global Convertible Bond % % - Emerging s Bond % % - Swiss Mid and Small Cap Equity % % - European Mid and Small Cap Equity % % - Japanese Equity % % - China Stars Equity % % - European Equity % % - US Equity % % 0.64% - Global Equity % 1.17% 1.15% 0.65% 0.21% Global Equity (ex-us) % % - Emerging s Equity % 1.21% 1.21% 1.27% 0.69% 0.23% Far East Equity % % 0.67% - New Power % % 0.75% - Clean Technology % % - Future Resources % % 0.77% - Sustainable Asia (ex Japan) Equity % % - Sustainable Emerging s Leaders % % - Sustainable Global Leaders % % 0.27% Belvista Commodity 1.05% % 1.04% % 0.19% Belvista Dynamic Commodity % % - Belvista Dynamic Commodity % % - Target Return () % % - Target Return () % % - Emerging s Debt % % 0.54% - Robusta % % % - Robusta Dynamic % % % - Pure Dividend Strategy % % - Pure Momentum Strategy % % - Pure Momentum Strategy % % - Pure Premium Strategy % % - Pure Premium Strategy % % - 1 TER including the performance fee. 162

163 Additional Unaudited Appendix PTR (Portfolio Turnover Rate) In accordance with the guidelines of the Swiss Funds & Asset Management Association (SFAMA), the Fund must show a PTR (portfolio turnover rate) for the past 12-month period. This figure expresses the purchases and sales of securities (daily closure) carried out by the portfolio during the period in question as a percentage of the average net assets of the Sub-fund during this period. The PTR is defined as a ratio of portfolio turnover: Vontobel Fund PTR Swiss Money 28.29% Euro Money 81.59% US Dollar Money 72.68% Swiss Franc Bond 28.55% Euro Bond 59.28% Euro Corporate Bond Mid Yield 29.36% High Yield Bond % US Dollar Bond 3.08% Eastern European Bond 24.16% Absolute Return Bond (CHF) % Absolute Return Bond () % Global Convertible Bond % Emerging s Bond 49.35% Swiss Mid and Small Cap Equity -2.65% European Mid and Small Cap Equity 17.41% Japanese Equity % China Stars Equity 37.47% European Equity 40.93% US Equity 87.69% Global Equity 68.15% Global Equity (ex-us) 39.60% Emerging s Equity 20.61% Far East Equity 27.41% New Power 17.34% Clean Technology % Future Resources 58.20% Sustainable Asia (ex Japan) Equity 30.07% Sustainable Emerging s Leaders 63.43% Sustainable Global Leaders % Belvista Commodity % Belvista Dynamic Commodity % Target Return () % Emerging s Debt % Robusta % Robusta Dynamic % Pure Dividend Strategy % Pure Momentum Strategy 50.88% Pure Premium Strategy % This figure indicates the relevance of the incidental costs incurred by the Sub-fund when buying and selling investments. PTR = (Total 1 Total 2) Average net assets in AC* X 100 * AC = units in Sub-fund accounting currency Total 1 = Sum of securities transactions = X + Y Securities purchases in AC = X Securities sales in AC = Y Total 2 = Sum of transactions involving shares in Sub-Fund = S + T Issue of shares in AC = S Redemption of shares in AC = T 163

164 Additional Unaudited Appendix Performance Historical performance is not an indicator of current or future performance. Performance data do not take account of any commission and expenses charged on the issue and redemption of shares, or of possible safekeeping account management fees or withholding taxes. The Fund's return can rise or fall due to currency fluctuations. Investors should note that past performance is not necessarily indicative of the future performance of the various Sub-Funds. The performance figures, which we have not audited, have been calculated in accordance with the guidelines of the Swiss Funds & Asset Management Association (SFAMA) of May 16, 2008, as amended on June 6, Sub-Fund name/index name Share class Currency Launch date Since launch Vontobel Fund - Swiss Money Citigroup CHF 3-Month Eurodeposit, (Ex Salomon Brothers CHF-MM Perf. Index) B CHF CHF % 0.08% 0.65% -0.15% -0.07% -0.07% 15.15% 14.28% Vontobel Fund - Euro Money Citigroup 3-Month Eurodeposit, (Ex Salomon Brothers -MM Perf. Index) B % 1.00% 0.21% 0.10% 0.27% 0.06% 32.31% 36.23% Vontobel Fund - US Dollar Money Citigroup 3-Month Eurodeposit, (Ex Salomon Brothers -MM Perf. Index) B % 0.43% 0.48% 0.32% 0.55% 0.11% 28.14% 33.98% Vontobel Fund - Swiss Franc Bond SBI Foreign Rating AAA Total Return, ( : SBI Foreign TR) B CHF CHF % 4.90% -0.06% -0.61% 1.06% 1.69% % % Vontobel Fund - Euro Bond J.P. Morgan EMU Bond Index TR B % 6.75% 5.62% 4.43% 4.35% 4.86% % % Vontobel Fund Corporate Bond Mid Yield Merrill Lynch EMU Corporate A-BBB B % 9.52% 6.98% 4.92% 5.18% 3.74% 53.24% 72.45% Vontobel Fund - High Yield Bond Customized Merrill Lynch High Yield BM, 50% and 50% Hedged B %* 5.28%* 9.42% 8.45% 6.84% 7.13% 22.13% 22.32% Vontobel Fund - US Dollar Bond J.P. Morgan US Govt. Index TR B % 5.27% -3.05% -3.66% 1.80% 1.78% % % Vontobel Fund - Eastern European Bond JP Morgan Global Bond Index Emerging Europe, ( =Merrill Lynch Emerging Eur. Gov. Index) B % 10.34% -3.94% -1.47% -2.07% -2.17% % % Vontobel Fund - Absolute Return Bond (CHF) B CHF % -0.28% 0.32% 6.77% Vontobel Fund - Absolute Return Bond () B % 0.09% 0.72% 54.55% Vontobel Fund - Global Convertible Bond UBS Convertible Global Investment, Grade Hedged in B % 5.11% 10.22% 12.91% 6.02% 8.74% 35.05% 61.36% Vontobel Fund Emerging s Bond JPM Government Bond Index Emeging s Global Diversified Composite B % -1.01% -7.51% -5.38% 0.75% 1.88% -1.16% 4.37% Vontobel Fund - Swiss Mid and Small Cap Equity Swiss Performance Index Small & Mid-Cap TR B CHF CHF % 6.53% 26.17% 23.26% 20.20% 17.08% 44.71% 99.43% Vontobel Fund - European Mid and Small Cap Equity MSCI Europe Small Cap Index TR net B % 12.58% 20.08% 26.52% 19.04% 23.25% 68.08% % Vontobel Fund - Japanese Equity MSCI Japan Index TR net, ( = TOPIX Total Return Index) B JPY JPY % -3.23% 47.35% 55.61% 9.60% 10.26% % -8.99% Vontobel Fund - China Stars Equity MSCI China Index TR net B % -8.25% 15.74% 14.07% 6.15% 4.62% 36.88% 43.37% * Performance since inception date of Sub-Fund. 164

165 Additional Unaudited Appendix Performance (continued) Sub-Fund name/index name Share class Currency Launch date Since launch Vontobel Fund - European Equity MSCI Europe Index TR net B % 15.87% 10.19% 14.07% 4.39% 13.88% % % Vontobel Fund - US Equity S&P TR B % 18.00% 17.12% 18.70% 14.81% 15.07% % % Vontobel Fund - Global Equity MSCI World Index TR net B % 6.22% 10.82% 15.48% 12.98% 13.57% 95.51% 66.24% Vontobel Fund - Global Equity (ex-us) MSCI EAFE Index TR net B % -1.92% 6.23% 12.98% 8.48% 12.32% % 93.91% Vontobel Fund - Emerging s Equity MSCI Emerging TR net B % -5.80% -5.38% 0.54% 3.66% 4.77% % % Vontobel Fund - Far East Equity MSCI All Country Asia Pacific Ex-Japan TR net, ( : MSCI All Country Far East Ex-JP TR net) B % -1.67% -0.19% 7.11% 8.15% 7.50% % % Vontobel Fund - New Power MSCI World Index TR net B % 23.50% 13.29% 12.45% 15.46% 9.47% 18.28% 41.28% Vontobel Fund - Clean Technology MSCI World Index TR net B % 23.50% 12.48% 12.45% 18.27% 9.47% % % Vontobel Fund - Future Resources MSCI World Index TR net B % 23.50% 3.23% 12.45% 7.07% 9.47% 93.52% % Vontobel Fund - Sustainable Asia (ex Japan) Equity MSCI AC Asia (ex Japan) net TR B % -3.00% 12.80% 6.96% 9.75% 7.14% % % Vontobel Fund Sustainable Emerging s Leader MSCI Emerging s Free Net Index B % -5.80% 1.96% 0.54% 7.43% 4.77% -4.98% -9.34% Vontobel Fund Sustainable Global Leaders MSCI World Index TR net B % 14.67% 26.28% 29.43% Vontobel Fund - Belvista Commodity Dow Jones - UBS Commodity Index TR, ( GS Commodity Index 50%.DJ - AIG 50%) B % % % % 1.82% 2.74% % % Vontobel Fund - Belvista Dynamic Commodity UBS Commodity Index TR B %* 4.93%* % % 1.67% 2.74% -6.75% -3.63% Vontobel Fund - Target Return () B % 0.50% 1.87% -0.78% Vontobel Fund Robusta 50% MSCI ACWI & 50% JPM GBI GT hedged B % 5.28% Vontobel Fund Robusta Dynamic 70% MSCI ACWI & 30% JPM GBI GT hedged B % 6.28% Vontobel Fund - Emerging s Debt JPMorgan EMBI Global Diversified B %* -8.98%* 6.40% 6.60% -3.56% -2.97% Vontobel Fund - Pure Dividend Strategy 3M Libor B % 0.08% Vontobel Fund - Pure Momentum Strategy 3M Libor B % 0.08% Vontobel Fund - Pure Premium Strategy 3M Libor B % 0.05% * Performance since inception date of Sub-Fund. 165

166 Where to find us Switzerland Zurich Vontobel Holding AG Gotthardstrasse 43 CH-8022 Zurich Telephone +41 (0) Bank Vontobel AG Gotthardstrasse 43 CH-8022 Zurich Telephone +41 (0) Vontobel Swiss Wealth Advisors AG Tödistrasse 17 CH-8022 Zurich Telephone +41 (0) Vontobel Fonds Services AG Gotthardstrasse 43 CH-8022 Zurich Telephone +41 (0) Vontobel Securities AG Gotthardstrasse 43 CH-8022 Zurich Telephone +41 (0) Harcourt Investment Consulting AG Gotthardstrasse 43 CH-8022 Zurich Telephone +41 (0) Basle Bank Vontobel AG Basle Branch St. Alban-Anlage 58 CH-4052 Basle Telefon +41 (0) Berne Bank Vontobel AG Berne Branch Spitalgasse 40 CH-3011 Bern Telephone +41 (0) Geneva Banque Vontobel AG Geneva Branch Rue du Rhône 31 CH-1204 Geneva Telephone +41 (0) Vontobel Swiss Wealth Advisors SA Geneva Branch Rue du Rhône 31 CH-1204 Geneva Telephone +41 (0) Lucerne Bank Vontobel AG Lucerne Branch Schweizerhofquai 3a CH-6002 Lucerne Telephone +41 (0) Australia Sydney Vontobel Asset Management Australia Pty Ltd. Level 20, Tower 2, 201 Sussex St NSW-Sydney 2000 Telephone +61 (0) Austria Vienna Vontobel Asset Management S.A. Vienna Branch Kärntner Ring 5 7/7 A-1010 Vienna Telephone +43 (0) China Hong Kong Vontobel Asset Management Asia Pacific Ltd Two International Finance Centre 8 Finance Street, Central HK-Hong Kong Telephone Vontobel Wealth Management (Hong Kong) Ltd Two International Finance Centre 8 Finance Street, Central HK-Hong Kong Telephone Germany Cologne Bank Vontobel Europe AG Cologne Branch Auf dem Berlich 1 D Cologne Telephone +49 (0) Frankfurt am Main Bank Vontobel Europe AG Frankfurt am Main Branch WestendDuo Bockenheimer Landstrasse 24 D Frankfurt am Main Telephone +49 (0) Vontobel Financial Products GmbH WestendDuo Bockenheimer Landstrasse 24 D Frankfurt am Main Telephone +49 (0) Hamburg Bank Vontobel Europe AG Hamburg Branch Sudanhaus Grosse Bäckerstrasse 13 D Hamburg Telephone +49 (0) Munich Bank Vontobel Europe AG Alter Hof 5 D Munich Telephone +49 (0) Great Britain London Vontobel Asset Management S.A. London Branch 3rd Floor, 22 Sackville Street GB-London W1S 3DN Telephone Italy Milan Vontobel Europe S.A. Milan Branch Piazza degli Affari, 3 I Milan Telephone Liechtenstein Vaduz Bank Vontobel (Liechtenstein) AG Pflugstrasse 20 FL-9490 Vaduz Telephone Luxembourg Luxembourg Vontobel Asset Management S.A. 2 4, rue Jean l Aveugle L-1148 Luxembourg Telephone Vontobel Management S.A. 2 4, rue Jean l Aveugle L-1148 Luxembourg Telephone Singapore Singapore Vontobel Financial Products (Asia Pacific) Pte. Ltd. 8 Marina View, Asia Square Tower 1, Level SGP-Singapore Telephone Spain Madrid Vontobel Europe S.A. Madrid Branch Paseo de la Castellana, 95, Planta 18 E Madrid Telephone Sweden Stockholm Vontobel Asset Management S.A. Stockholm Branch Norrlandsgatan 22, Box 7046 SE Stockholm Telephone United Arab Emirates Dubai Vontobel Financial Products Ltd. Liberty House, Office 913, Dubai International Financial Centre P.O. Box Dubai, United Arab Emirates Telephone +971 (4) USA Dallas Vontobel Swiss Wealth Advisors AG Inc. Dallas Branch 100 Crescent Court, 7th Floor Dallas, TX 75201, USA Telephone New York Vontobel Asset Management Inc Broadway, 38th Floor New York, NY 10036, USA Telephone Vontobel Securities AG New York Branch 1540 Broadway, 38th Floor New York, NY 10036, USA Telephone