Julius Baer Multibond Société d'investissement à Capital Variable

Julius Baer Multibond Société d'investissement à Capital Variable Semi-annual Report as at 31 December 2012 (unaudited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semi-annual report if published thereafter. The articles of association, the valid prospectus and the key investor information, the annual and semi-annual reports, as well as the information based on the SFA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Swiss & Global Asset Management AG, Hardstraße 201, P.O. Box, CH - 8037 Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH - 8010 Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D - 60325 Frankfurt / Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL - 9490 Vaduz Trade and Companies Register number: R.C.S. Luxembourg B-32187

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

Organisation and Management The Company has its registered office at 69, Route d'esch L - 1470 Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Members: Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, United Kingdom Jean-Michel Loehr Chief Industry & Government Relations RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) Esch-sur-Alzette, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Managing Director Swiss & Global Asset Management AG Zurich, Switzerland Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L - 1661 Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Members: Andrew Hanges CEO GAM (UK) Ltd. London, United Kingdom Yvon Lauret Independent Adviser Luxembourg, Grand Duchy of Luxembourg Michel Malpas Independent Adviser Luxembourg, Grand Duchy of Luxembourg Michele Porro Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Managing Directors of the Management Company Ewald Hamlescher Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Investment Manager For GLOBAL CONVERT BOND FUND: EMCore AG Städtle 22 FL - 9490 Vaduz For the sub-funds ABSOLUTE RETURN BOND FUND, ABSOLUTE RETURN BOND FUND DEFENDER, ABSOLUTE RETURN BOND FUND PLUS and LOCAL EMERGING BOND FUND: GAM International Management Limited 12, St. James s Place London SW1A 1NX For the sub-funds DOLLAR BOND FUND, DOLLAR MEDIUM TERM BOND FUND and GLOBAL HIGH YIELD BOND FUND: Artio Global Management LLC 330, Madison Avenue New York, NY 10017, USA For all other sub-funds: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich The investment managers may hire investment advisers to assist them in managing individual sub-funds. Investment Advisers Swiss & Global Advisory S.A. 25, Grand-Rue L - 1661 Luxembourg Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L - 4360 Esch-sur-Alzette 3

Organisation and Management Distributors The Company and/or the Management Company has appointed and may appoint further distributors authorised to sell the shares in one or more jurisdictions. Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L - 1471 Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Local Representatives Switzerland: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale Hahnstraße 55 D - 60528 Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D - 60325 Frankfurt / Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A - 1010 Vienna France: CACEIS Bank 1-3, Place Valhubert F - 75013 Paris Spain: ATL12 Capital Inversiones A.V., S.A. C. / Montalbán 9 E - 28014 Madrid United Kingdom: GAM Sterling Management Ltd. 12, St. James s Place London, SW1A 1NX Belgium: RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Belgium S.A.) Place Rogier 11 B - 1211 Brussels Liechtenstein: LGT Bank in Liechtenstein AG Herrengasse 12 FL - 9490 Vaduz Sweden: MFEX Mutual Fund Exchange AB Linnégatan 9-11 S - 11447 Stockholm Taiwan: Concord Capital Management Corp. 9F, No. 176, Sec. 1, Keelung Rd. Taipei, Taiwan Cyprus: Cyprus Development Bank Public Company Ltd. 50, Arch. Makarios III Avenue P.O. Box 21415 1508 Nicosia, Cyprus 4

Notes to the Semi-annual Report Legal information Julius Baer Multibond (the Company ) was incorporated on 1 December 1989 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended. It has been registered under Part I of the law of 17 December 2010 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B-32187 in the Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d Esch, L - 1470 Luxembourg. The following Sub -Fund was launched on August 28, 2012: - Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND Share categories The following share classes are issued at present: - A shares: shares with distribution of income and/or capital gains - B shares: shares without distribution of income and/or capital gains - C shares (for institutional investors): shares without distribution of income and/or capital gains - Ca shares (for institutional investors): shares with distribution of income and/or capital gains - Cm shares (for specific distributors and institutional investors): shares with distribution of income and/or capital gains - E shares (for specific distributors, as defined in the prospectus): shares without distribution of income and/or capital gains - Em shares (for specific distributors, as defined in the prospectus): shares with distribution of income and/or capital gains - G shares (for the GAM Group, as defined in the prospectus): shares without distribution of income and/or capital gains - I shares (for specific institutional investors, as defined in the prospectus): shares without distribution of income and/or capital gains - La Shares (for specific distributors, as defined in the prospectus): Shares with distribution of income and/or capital gains. - Tm shares (for specific distributors, as defined in the prospectus): Shares with distribution of income and/or capital gains. Dividend distributions In relation to the distributing Cm, Em and Tm shares, a regular interim dividend is planned in the currency of the respective sub-fund or in the currency of the respective share category, which will in principle be paid out monthly in the currency of the sub-fund or share category. Accounting principles Presentation of the annual report and the unaudited semi-annual report The annual report and the unaudited semi-annual report of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last asset ("NAV") calculation at the end of the accounting period (in the following: NAV = Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in CHF by aggregating the and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting year. Accounting The annual report and the unaudited semi-annual report of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. The accrual principle is applied in the preparation of the financial statements. The accounting principles are applied consistently. Valuation of and liabilities Assets and liabilities are d at their nominal, with the following exceptions. Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange profits and losses are included in the profit and loss account for the current accounting period. portfolio listed on a stock exchange or any other regulated market open to the public are d at the last available price of the financial year. Non-listed securities are identified as such. Their shall be based on a foreseeable sale price, estimated with care and in good faith. profits/losses on securities are reported as the difference between market and average acquisition cost. denominated in currencies other than the currency of the respective sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange profits and losses are shown in the profit and loss account, together with the price profits/losses from securities. The realised from the sale of securities is determined using the average historical costs. 5

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

Notes to the Semi-annual Report Lehman Brothers International (Europe) Within the context of the insolvency of Lehman Brothers International (Europe) (hereinafter referred to as LBIE ) in September 2008, the exposure of the sub-funds of the SICAV to receivables and payables relating to LBIE as at 31 December 2012 is set out in the table below (the table only contains information on sub-funds where the exposure to receivables or payables exceeds 0.5 NAV): Sub-fund name Receivable Payable Amount in % Amount Julius Baer Multibond - Currency (in 1 000) of NAV (in 1 000) in % of NAV Amount (in 1 000) Net ( - = Payable) in % of NAV ABSOLUTE RETURN BOND FUND 23 007 0.38-39 794-0.66-16 787-0.28 DOLLAR BOND FUND USD 601 0.83 0 0.00 601 0.83 The listed receivables and payables vis-à-vis LBIE are in the form of margin cash accounts and derivative financial instruments which were agreed on the basis of ISDA contracts between the SICAV and LBIE. However, the Board of Directors has decided to create provisions for interest payable on the liabilities to LBIE. In regard to the positions of the margin accounts, the establishment of a claim was confirmed at the beginning of July 2010 through the Joint Administrators of LBIE. As a result, the Board of Directors decided to adjust the amounts in the sub-funds accordingly. As at 31 December 2012, exposure to the Julius Baer Multibond ABSOLUTE RETURN BOND FUND amounted to 23.00 million (shown as receivables in the table above), corresponding to 0.38 the sub-fund s NAV. Based on a detailed analysis of the market conditions, the Board of Directors decided to take an impairment of 15% on claims for the sub-fund Julius Baer Multibond - DOLLAR BOND FUND on 10 October 2012. As at 31 December 2012, no amounts had been paid to the SICAV by LBIE. With regard to the uncertainty which surrounds the final settlement of all receivables and payables vis-à-vis LBIE, the actual realisable amount may differ materially from the estimated amounts as indicated above. Taxes In accordance with Luxembourg law, the Company is not subject to any Luxembourg income tax. Dividends paid by the Company are currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05 the ( taxe d abonnement ). A reduced taxe d abonnement of 0.01% will be applied on the applicable to C, Ca and I shares (for institutional investors). This classification is based on the Company s understanding of the current legal situation.this legal situation is liable to be changed with retroactive effect, which may result in the tax rate of 0.05% being applied retroactively. The tax is payable quarterly in arrears on the basis of the respective at the end of each quarter. To the extent that certain countries levy a tax on realised capital gains, the sub-funds make respective provisions on the unrealised capital gains. Service Load Service Load means the costs incurred in connection with the operation of the Company. These costs include the following unless already otherwise separately stated or included: Costs of day-to-day management and oversight of the Company s business; tax advisory, legal and auditing services; purchase and sale of securities; taxes and duties; convening the Annual General Meeting; issue of share confirmations; preparation of financial statements and prospectuses; promotional and marketing measures and other sales support; issue and redemption of shares; the payment of dividends, paying agents and representatives, the payment of RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) as administrator, principal paying agent, registrar and transfer agent; registration for sale; reporting to supervisory authorities in the various countries of distribution; fees and expenses of the Board of Directors of the Company; insurance premiums; interest; stock exchange admission fees and broker fees; reimbursement of expenses to the custodian and all other contractual partners of the Company; calculation and publication of the asset per share and the share prices, as well as licence fees, in particular for the use of the Julius Baer brand. 7

Notes to the Semi-annual Report Management fees For advisory services relating to the portfolios of the sub-funds, related administrative services and distribution services, the following current annual fees based on the asset of the respective sub-fund will be charged to the sub-fund at the end of each month: Overview of fees (p.a.) Currency class A/B/E/Em/Tm* shares C/Ca/Cm** shares G shares** I** shares La shares Julius Baer Multibond - ABS FUND CHF 0.45% 0.20% - - - ABS FUND 0.55% 0.30% - - - ABSOLUTE RETURN BOND FUND, CHF, GBP, USD 1.00% 0.55% 0.00% - 0.75% ABSOLUTE RETURN BOND FUND DEFENDER, CHF, GBP, USD 0.90% 0.45% 0.00% - - ABSOLUTE RETURN BOND FUND PLUS, CHF, GBP, USD 1.10% 0.65% 0.00% 0.65% - ABSOLUTE RETURN EMERGING BOND FUND USD,, CHF 1.20% 0.65% - - - CREDIT OPPORTUNITIES BOND FUND, USD 1.00% 0.60% - - - DOLLAR BOND FUND USD 0.80% 0.35% - - - DOLLAR MEDIUM TERM BOND FUND USD 0.60% 0.30% - - - EMERGING BOND FUND (O) 1.30% 0.70% - - - EMERGING BOND FUND (USD) USD, CHF, 1.30% 0.70% - - - EMERGING MARKETS CORPORATE BOND FUND, CHF, USD 1.20% 0.60% - - - EMERGING MARKETS INFLATION LINKED BOND FUND USD,, CHF, GBP 1.30% 0.70% - - - O BOND FUND 0.80% 0.35% - - - O GOVERNMENT BOND FUND 0.70% 0.30% - - - GLOBAL CONVERT BOND FUND, CHF, USD 1.00% 0.55% - - - GLOBAL HIGH YIELD BOND FUND, USD, GBP 1.10% 0.60% - - - INFLATION LINKED BOND FUND, CHF 0.70% 0.30% - - - INFLATION LINKED BOND FUND USD USD 0.70% 0.30% - - - LOCAL EMERGING BOND FUND USD,, GBP, CHF 1.40% 0.70% - - - SWISS FRANC BOND FUND CHF 0.55% 0.30% - - - TOTAL RETURN BOND FUND, CHF, USD 0.80% 0.35% - - - *) An additional distribution fee of max. 0.50% p.a. is charged for E, Em and Tm shares. In the case of the ABS FUND, thisadditional fee amounts to max. 0.45% p.a.. **) Regarding the distribution, offering or holding of C, Ca, CM, G, I and La shares, the Company will not pay commission to distributors for possible distribution services. The fees as set out above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors. 8

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

Notes to the Semi-annual Report Other expenses include: Currency Performance fee Service load Other expenses Julius Baer Multibond - ABS FUND - 131 329 0 131 329 ABSOLUTE RETURN BOND FUND 11 850 826 19 468 409 406 194 31 725 429 ABSOLUTE RETURN BOND FUND DEFENDER 1 703 773 2 573 588 69 857 4 347 218 ABSOLUTE RETURN BOND FUND PLUS 3 567 782 5 431 703 201 120 9 200 605 ABSOLUTE RETURN EMERGING BOND FUND USD 632 686 384 501 3 425 1 020 612 CREDIT OPPORTUNITIES BOND FUND - 371 612 536 372 148 DOLLAR BOND FUND USD - 147 894 1 374 149 268 DOLLAR MEDIUM TERM BOND FUND USD - 263 986 4 941 268 927 EMERGING BOND FUND (O) - 568 673 3 841 572 514 EMERGING BOND FUND (USD) USD - 310 755 0 310 755 EMERGING MARKETS CORPORATE BOND FUND USD - 27 202 0 27 202 EMERGING MARKETS INFLATION LINKED BOND FUND USD - 637 538 0 637 538 O BOND FUND - 174 388 473 174 861 O GOVERNMENT BOND FUND - 76 749 91 76 840 GLOBAL CONVERT BOND FUND - 774 277 0 774 277 GLOBAL HIGH YIELD BOND FUND - 924 934 0 924 934 INFLATION LINKED BOND FUND - 92 409 195 92 604 INFLATION LINKED BOND FUND USD USD - 72 982 168 73 150 LOCAL EMERGING BOND FUND USD - 19 163 222 0 19 163 222 SWISS FRANC BOND FUND CHF - 162 192 132 162 324 TOTAL RETURN BOND FUND - 220 928 1 472 222 400 Total Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Julius Baer Multibond - ABS FUND CHF 14 950 000 12 370 875 16 January 2013 19 579 19 579 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND AUD 38 917 708 30 563 053 14 February 2013-33 398 AUD 72 766 452 MXN 976 397 503 20 February 2013 325 352 AUD 52 322 690 NOK 301 596 360 29 January 2013 48 820 AUD 109 500 385 NZD 137 453 096 15 January 2013 202 273 AUD 89 522 215 USD 92 814 633 20 February 2013-173 195 AUD 40 541 468 ZAR 363 732 559 20 February 2013-488 872 BRL 195 686 790 USD 92 230 399 4 December 2014 922 898 CAD 32 623 844 24 800 614 20 February 2013 13 355 CAD 125 261 625 NZD 152 186 092 20 February 2013 321 327 CAD 26 217 393 SEK 177 665 616 4 February 2013-741 002 CAD 210 457 394 USD 211 048 480 20 February 2013 125 620 CHF 820 961 838 680 540 237 2 November 2015 120 577 61 069 278 AUD 77 360 229 19 March 2013 385 542 85 897 469 BGN 169 504 962 29 November 2013-144 472 7 643 750 BRL 20 120 498 19 February 2013 243 151 20 389 736 CHF 24 301 066 2 November 2015 114 261 10

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) 572 348 063 GBP 460 505 353 4 April 2013 4 889 697 6 108 058 HUF 1 765 478 630 5 February 2013 74 853 113 488 990 JPY 12 323 935 854 18 March 2013 5 384 437 254 311 019 MXN 4 279 764 541 14 February 2013 5 525 766 26 295 519 NOK 195 574 143 19 February 2013-304 543 40 417 293 NZD 64 070 423 5 February 2013 434 254 7 796 472 PLN 32 982 827 20 February 2013-241 660 23 708 275 RUB 970 434 118 23 January 2013-302 812 130 111 143 SEK 1 120 373 186 1 March 2013-304 841 9 525 867 SGD 14 911 532 8 February 2013 270 388 35 340 410 TRY 82 191 191 15 January 2013 490 135 1 982 462 755 USD 2 547 254 827 4 April 2013 51 177 985 4 370 217 ZAR 48 480 735 14 February 2013 65 484 33 807 349 CZK 857 805 002 20 February 2013-376 190 18 449 295 RON 83 160 198 20 February 2013-116 240 GBP 998 656 888 1 224 124 648 31 January 2013 6 727 446 GBP 16 871 115 SEK 178 900 050 4 February 2013-41 880 HKD 1 097 509 027 USD 141 760 401 28 March 2013-92 061 JPY 4 216 411 500 39 176 818 20 February 2013-2 190 656 JPY 11 693 485 544 KRW 170 609 233 903 12 February 2013-18 480 154 JPY 1 068 960 329 USD 12 994 740 20 February 2013-475 396 KRW 170 562 171 226 JPY 11 693 485 544 12 February 2013 18 481 681 KRW 127 636 048 124 USD 117 305 277 13 May 2013 1 621 549 MXN 1 938 087 119 AUD 142 208 171 20 February 2013 1 109 777 MXN 762 876 006 NZD 70 792 450 20 February 2013 193 449 MXN 768 069 289 SEK 391 072 936 20 February 2013-894 401 MXN 2 043 127 492 USD 155 783 391 9 May 2013 557 462 NOK 105 891 436 14 291 982 20 February 2013 106 258 NOK 158 430 434 SEK 178 250 200 4 February 2013 799 619 NZD 139 590 439 AUD 109 500 385 15 January 2013 1 135 365 NZD 119 626 681 CAD 97 151 261 20 February 2013 738 666 NZD 36 279 968 MXN 387 477 747 20 February 2013 104 192 NZD 89 706 872 USD 74 048 145 20 February 2013-171 771 NZD 64 969 981 ZAR 464 343 982 20 February 2013-702 709 RON 162 522 162 35 687 986 20 February 2013 593 404 RUB 6 072 822 412 USD 192 512 676 26 March 2013 3 935 796 SEK 176 514 044 CAD 26 217 393 4 February 2013 606 675 SEK 1 122 109 195 129 612 701 1 March 2013 1 005 036 SEK 181 139 521 GBP 16 871 115 4 February 2013 302 758 SEK 200 108 209 MXN 392 954 691 20 February 2013 462 730 SEK 185 993 605 NOK 158 430 434 4 February 2013 103 260 SEK 46 524 829 TRY 12 492 402 4 February 2013 137 495 SEK 1 403 047 829 USD 209 965 011 20 February 2013 4 222 014 SEK 71 990 154 ZAR 94 512 274 4 February 2013-20 537 TRY 83 537 660 35 340 410 15 January 2013 81 925 TRY 12 492 402 SEK 45 396 765 4 February 2013-5 408 USD 129 699 006 AUD 125 006 815 20 February 2013 314 906 USD 91 365 267 BRL 195 669 934 4 December 2014-1 599 823 11

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) USD 148 457 163 CAD 146 478 954 20 February 2013 1 094 428 USD 1 028 661 314 779 299 130 21 March 2013 736 189 USD 12 994 740 JPY 1 030 472 507 20 February 2013 812 828 USD 262 524 038 KRW 287 851 826 228 13 May 2013-5 128 780 USD 58 820 991 MXN 756 357 196 20 February 2013 651 262 USD 104 597 931 NZD 126 163 588 20 February 2013 595 698 USD 62 961 558 PLN 195 406 796 20 February 2013 119 723 USD 73 032 377 RUB 2 283 634 644 26 March 2013-1 114 946 USD 235 516 528 SEK 1 574 405 677 20 February 2013-4 800 524 USD 33 108 959 TRY 60 435 207 20 February 2013-397 503 USD 23 385 695 ZAR 212 444 307 20 February 2013-1 128 624 USD 18 067 104 MYR 55 348 297 4 February 2013-14 803 ZAR 632 782 161 AUD 69 382 183 20 February 2013 1 751 318 ZAR 825 418 677 NZD 114 545 626 20 February 2013 1 835 861 ZAR 89 406 012 SEK 71 990 154 4 February 2013-434 139 ZAR 208 348 607 USD 23 385 695 20 February 2013 757 111 MYR 55 348 297 USD 17 562 760 4 February 2013 397 335 CZK 860 616 881 33 807 349 20 February 2013 488 268 82 796 319 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER AUD 6 927 500 5 440 340 14 February 2013-5 945 AUD 6 812 000 MXN 91 405 030 20 February 2013 30 458 AUD 4 957 500 NOK 28 575 823 29 January 2013 4 626 AUD 11 380 000 NZD 14 285 030 15 January 2013 21 022 AUD 8 380 000 USD 8 688 204 20 February 2013-16 218 AUD 3 795 000 ZAR 34 048 226 20 February 2013-45 763 BRL 18 411 684 USD 8 664 355 4 December 2014 95 369 CAD 3 209 686 2 440 000 20 February 2013 1 314 CAD 11 708 279 NZD 14 225 000 20 February 2013 29 992 CAD 2 598 500 SEK 17 609 027 4 February 2013-73 438 CAD 21 128 778 USD 21 190 500 20 February 2013 11 081 CHF 85 722 000 71 062 801 2 November 2015 12 078 19 335 922 AUD 24 414 000 19 March 2013 179 505 6 745 967 BGN 13 313 400 29 November 2013-13 333 2 534 434 CHF 3 022 500 2 November 2015 12 586 91 857 220 GBP 73 875 000 4 April 2013 824 171 427 000 HUF 123 420 464 5 February 2013 5 233 60 550 725 JPY 6 506 523 782 18 March 2013 3 476 694 33 174 053 MXN 558 281 500 14 February 2013 720 818 2 297 703 NOK 17 007 000 19 February 2013-15 386 3 918 692 NZD 6 212 000 5 February 2013 42 104 730 000 PLN 3 088 251 20 February 2013-22 627 2 316 638 RUB 94 825 343 23 January 2013-29 589 17 126 220 SEK 147 798 165 1 March 2013-76 906 954 092 SGD 1 496 000 8 February 2013 25 534 3 698 500 TRY 8 601 601 15 January 2013 51 294 237 812 321 USD 305 886 067 4 April 2013 5 898 298 63 010 ZAR 699 000 14 February 2013 944 12

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) 3 166 000 CZK 80 331 916 20 February 2013-35 228 1 727 121 RON 7 785 000 20 February 2013-10 882 GBP 40 611 500 49 843 663 31 January 2013 213 239 GBP 1 667 500 SEK 17 681 160 4 February 2013-4 036 HKD 81 181 000 USD 10 485 792 28 March 2013-6 810 JPY 405 107 547 3 751 944 20 February 2013-198 345 JPY 812 022 133 KRW 11 847 491 597 12 February 2013-1 283 320 JPY 100 029 376 USD 1 216 000 20 February 2013-44 486 KRW 11 844 217 354 JPY 812 022 132 12 February 2013 1 283 425 KRW 13 048 546 537 USD 11 992 447 13 May 2013 165 920 MXN 185 877 892 AUD 13 644 000 20 February 2013 102 412 MXN 73 186 975 NZD 6 793 000 20 February 2013 17 631 MXN 73 689 207 SEK 37 520 000 20 February 2013-85 826 MXN 197 165 247 USD 15 036 500 9 May 2013 51 217 NOK 10 269 082 1 386 000 20 February 2013 10 305 NOK 15 662 500 SEK 17 622 049 4 February 2013 79 032 NZD 14 507 156 AUD 11 380 000 15 January 2013 117 995 NZD 11 199 000 CAD 9 094 939 20 February 2013 69 150 NZD 3 396 000 MXN 36 270 000 20 February 2013 9 753 NZD 8 456 000 USD 6 979 695 20 February 2013-15 964 NZD 6 082 000 ZAR 43 468 385 20 February 2013-65 782 RON 15 593 000 3 424 899 20 February 2013 56 076 RUB 622 539 223 USD 19 729 618 26 March 2013 408 476 SEK 17 494 911 CAD 2 598 500 4 February 2013 60 127 SEK 146 973 921 16 978 381 1 March 2013 128 697 SEK 17 903 944 GBP 1 667 500 4 February 2013 29 989 SEK 18 732 000 MXN 36 784 234 20 February 2013 43 316 SEK 18 386 868 NOK 15 662 500 4 February 2013 10 146 SEK 4 660 899 TRY 1 251 500 4 February 2013 13 774 SEK 139 908 736 USD 20 936 200 20 February 2013 421 984 SEK 7 087 500 ZAR 9 304 824 4 February 2013-2 022 TRY 8 742 514 3 698 500 15 January 2013 8 574 TRY 1 251 500 SEK 4 547 888 4 February 2013-542 USD 12 319 924 AUD 11 873 000 20 February 2013 30 872 USD 8 596 747 BRL 18 410 200 4 December 2014-148 620 USD 14 944 250 CAD 14 742 271 20 February 2013 112 119 USD 163 298 588 123 770 952 21 March 2013 59 821 USD 1 216 000 JPY 96 427 827 20 February 2013 76 061 USD 26 955 082 KRW 29 563 717 588 13 May 2013-532 631 USD 5 506 000 MXN 70 799 610 20 February 2013 60 962 USD 9 985 464 NZD 12 043 000 20 February 2013 57 680 USD 6 214 000 PLN 19 285 889 20 February 2013 11 770 USD 7 620 713 RUB 238 269 300 26 March 2013-116 030 USD 23 217 000 SEK 155 170 825 20 February 2013-469 619 USD 2 383 250 TRY 4 350 249 20 February 2013-28 613 USD 2 192 000 ZAR 19 912 939 20 February 2013-105 789 USD 1 790 962 MYR 5 486 604 4 February 2013-1 472 ZAR 60 470 640 AUD 6 632 500 20 February 2013 165 691 13

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) ZAR 78 960 574 NZD 10 959 500 20 February 2013 174 418 ZAR 8 802 108 SEK 7 087 500 4 February 2013-42 741 ZAR 19 529 039 USD 2 192 000 20 February 2013 70 966 MYR 5 486 604 USD 1 741 000 4 February 2013 39 367 CZK 80 595 305 3 166 000 20 February 2013 45 725 12 151 848 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS AUD 8 560 000 6 722 383 14 February 2013-7 346 AUD 36 908 000 MXN 495 240 291 20 February 2013 165 022 AUD 27 415 000 NOK 158 024 446 29 January 2013 25 580 AUD 46 910 000 NZD 58 884 950 15 January 2013 86 654 AUD 45 406 000 USD 47 075 925 20 February 2013-87 845 AUD 20 563 000 ZAR 184 488 441 20 February 2013-247 960 BRL 98 479 660 USD 46 314 190 4 December 2014 537 201 CAD 17 673 004 13 435 000 20 February 2013 7 235 CAD 64 160 596 NZD 77 949 000 20 February 2013 166 064 CAD 10 162 000 SEK 68 863 118 4 February 2013-287 099 CAD 103 069 698 USD 103 366 500 20 February 2013 53 996 CHF 152 648 500 126 545 545 2 November 2015 22 835 15 997 534 AUD 20 238 000 19 March 2013 121 273 30 379 836 BGN 59 950 750 29 November 2013-52 592 1 173 887 BRL 3 090 000 19 February 2013 37 342 4 565 348 CHF 5 437 000 2 November 2015 26 630 148 790 647 GBP 119 763 000 4 April 2013 1 214 681 1 859 000 HUF 537 327 033 5 February 2013 22 782 106 128 352 JPY 11 690 403 628 1 March 2013 3 581 320 68 790 073 MXN 1 157 658 500 14 February 2013 1 494 699 9 244 245 NOK 68 673 000 19 February 2013-95 959 10 852 416 NZD 17 203 500 5 February 2013 116 601 3 954 000 PLN 16 727 322 20 February 2013-122 559 8 722 605 RUB 357 036 284 23 January 2013-111 409 48 076 946 SEK 413 707 408 1 March 2013-82 462 4 246 330 SGD 6 658 500 8 February 2013 113 445 15 621 000 TRY 36 329 760 15 January 2013 216 647 540 557 001 USD 694 642 852 4 April 2013 13 889 879 713 214 ZAR 7 912 000 14 February 2013 10 687 17 146 000 CZK 435 051 215 20 February 2013-190 795 9 357 959 RON 42 181 000 20 February 2013-58 960 GBP 79 857 000 97 963 844 31 January 2013 464 054 GBP 6 548 500 SEK 69 425 924 4 February 2013-14 637 HKD 352 065 000 USD 45 474 684 28 March 2013-29 532 JPY 1 806 294 262 16 843 167 20 February 2013-998 471 JPY 3 603 667 187 KRW 52 577 900 327 12 February 2013-5 695 014 JPY 542 182 251 USD 6 591 000 20 February 2013-241 123 KRW 52 563 449 274 JPY 3 603 667 187 12 February 2013 5 695 497 KRW 60 227 322 196 USD 55 369 836 13 May 2013 754 319 MXN 1 015 175 279 AUD 74 526 000 20 February 2013 552 188 MXN 399 619 506 NZD 37 094 000 20 February 2013 94 708 14

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) MXN 402 514 057 SEK 204 946 500 20 February 2013-468 834 MXN 1 053 652 507 USD 80 385 500 9 May 2013 254 952 NOK 56 698 520 7 652 500 20 February 2013 56 895 NOK 61 502 000 SEK 69 198 391 4 February 2013 310 123 NZD 59 800 589 AUD 46 910 000 15 January 2013 486 391 NZD 60 814 500 CAD 49 388 626 20 February 2013 375 608 NZD 18 401 000 MXN 196 526 581 20 February 2013 52 846 NZD 46 363 500 USD 38 266 544 20 February 2013-85 434 NZD 32 954 000 ZAR 235 524 031 20 February 2013-356 428 RON 85 173 000 18 709 203 20 February 2013 304 788 RUB 2 929 481 561 USD 92 944 512 26 March 2013 1 827 604 SEK 68 417 170 CAD 10 162 000 4 February 2013 235 080 SEK 415 153 361 47 945 926 1 March 2013 381 730 SEK 70 317 744 GBP 6 548 500 4 February 2013 118 527 SEK 101 497 000 MXN 199 310 775 20 February 2013 234 702 SEK 72 193 573 NOK 61 502 000 4 February 2013 39 114 SEK 19 016 021 TRY 5 106 000 4 February 2013 56 198 SEK 649 632 984 USD 97 158 700 20 February 2013 1 997 214 SEK 26 925 000 ZAR 35 348 486 4 February 2013-7 681 TRY 36 924 920 15 621 000 15 January 2013 36 212 TRY 5 106 000 SEK 18 554 949 4 February 2013-2 210 USD 67 059 742 AUD 64 625 000 20 February 2013 169 659 USD 45 955 304 BRL 98 469 871 4 December 2014-819 712 USD 70 543 500 CAD 69 617 350 20 February 2013 510 509 USD 429 178 430 325 034 950 21 March 2013 409 603 USD 6 591 000 JPY 522 661 027 20 February 2013 412 270 USD 124 201 363 KRW 136 104 374 846 13 May 2013-2 371 548 USD 29 835 000 MXN 383 637 129 20 February 2013 330 332 USD 54 823 618 NZD 66 113 000 20 February 2013 320 980 USD 34 066 500 PLN 105 728 020 20 February 2013 64 875 USD 32 291 077 RUB 1 009 566 948 26 March 2013-490 519 USD 109 692 500 SEK 732 300 573 20 February 2013-2 118 014 USD 11 125 250 TRY 20 307 397 20 February 2013-133 569 USD 11 861 000 ZAR 107 749 713 20 February 2013-572 427 USD 7 004 376 MYR 21 458 174 4 February 2013-5 832 ZAR 329 889 786 AUD 36 186 500 20 February 2013 900 949 ZAR 430 892 181 NZD 59 810 000 20 February 2013 949 672 ZAR 33 438 696 SEK 26 925 000 4 February 2013-162 372 ZAR 105 672 413 USD 11 861 000 20 February 2013 384 000 MYR 21 458 174 USD 6 809 500 4 February 2013 153 641 CZK 436 477 221 17 146 000 20 February 2013 247 634 25 175 104 Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND BRL 8 038 776 USD 3 902 358 20 March 2013 USD -2 658 CHF 800 000 USD 865 382 16 January 2013 USD 8 887 3 000 000 SEK 25 078 500 22 February 2013 USD 107 008 114 800 000 USD 150 107 499 16 January 2013 USD 1 266 475 ILS 71 971 USD 18 767 18 January 2013 USD 510 15

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND (continued) KRW 4 077 034 144 USD 3 605 845 22 February 2013 USD 202 450 MXN 80 429 663 USD 6 095 335 22 February 2013 USD 67 979 NOK 22 180 800 3 000 000 22 February 2013 USD 20 711 PLN 9 238 950 2 250 000 22 February 2013 USD 991 PLN 16 000 000 USD 4 813 767 22 February 2013 USD 327 561 TRY 149 183 USD 82 574 18 January 2013 USD 800 USD 1 650 000 AUD 1 598 837 7 June 2013 USD 8 852 USD 21 207 507 BRL 44 700 514 14 May 2013 USD -407 828 USD 17 061 555 CLP 8 409 558 434 14 May 2013 USD -298 873 USD 5 567 560 COP 10 266 264 026 23 April 2013 USD -202 946 USD 24 341 913 19 247 497 21 March 2013 USD -1 041 924 USD 2 807 444 ILS 11 194 361 21 March 2013 USD -186 148 USD 7 017 265 KRW 7 671 314 296 14 May 2013 USD -125 241 USD 16 227 129 MXN 215 537 714 7 June 2013 USD -258 675 USD 11 568 310 PLN 38 180 161 21 March 2013 USD -690 333 USD 54 424 TRY 98 806 18 January 2013 USD -798 USD 3 518 016 ZAR 30 119 014 22 February 2013 USD -6 158 ZAR 29 540 700 USD 3 500 000 22 February 2013 USD -43 620 USD -1 252 978 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND COP 1 347 206 472 USD 736 984 18 January 2013 18 346 972 710 CAD 1 251 460 19 February 2013 20 842 360 817 CHF 435 939 5 March 2013-660 5 289 641 GBP 4 267 186 28 February 2013 31 202 1 101 962 MXN 18 342 709 18 January 2013 32 689 1 085 296 NOK 7 993 637 11 February 2013-2 045 127 762 926 USD 164 482 697 28 February 2013 3 040 294 MXN 16 377 419 981 271 18 January 2013-26 507 USD 2 702 274 COP 4 953 268 434 18 January 2013-73 190 USD 34 099 156 26 085 671 29 January 2013-225 562 2 815 409 Julius Baer Multibond - DOLLAR BOND FUND CAD 370 655 USD 374 664 31 January 2013 USD -2 660 USD 2 888 080 CAD 2 849 544 31 January 2013 USD 28 187 USD 25 527 Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND CAD 2 263 006 USD 2 282 487 31 January 2013 USD -11 249 USD 7 681 318 CAD 7 582 437 31 January 2013 USD 71 345 USD 60 096 Julius Baer Multibond - EMERGING BOND FUND (O) COP 6 669 203 024 USD 3 648 361 18 January 2013 90 822 5 455 146 MXN 90 803 640 18 January 2013 161 822 298 798 707 USD 386 726 215 26 February 2013 5 582 101 MXN 81 074 678 4 857 680 18 January 2013-131 222 USD 13 377 322 COP 24 520 631 032 18 January 2013-362 317 USD 1 621 494 1 226 360 29 January 2013 3 210 5 344 416 16

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - EMERGING BOND FUND (USD) CHF 8 130 000 USD 8 794 894 16 January 2013 USD 89 871 COP 3 107 600 000 USD 1 700 000 18 January 2013 USD 55 794 11 300 000 USD 14 774 518 16 January 2013 USD 125 537 MXN 28 000 000 USD 2 062 615 18 January 2013 USD 89 801 USD 6 000 000 COP 10 998 000 000 18 January 2013 USD -214 250 USD 4 200 000 3 201 220 18 January 2013 USD -21 169 USD 3 839 622 MXN 52 000 000 18 January 2013 USD -157 997 USD -32 413 Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND CHF 5 120 000 USD 5 538 728 16 January 2013 USD 56 598 17 620 000 USD 23 039 684 16 January 2013 USD 193 854 USD 264 540 200 000 3 January 2013 USD 854 USD 251 306 Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND BRL 111 195 534 USD 53 197 642 20 March 2013 USD 761 284 CHF 62 350 000 USD 67 449 668 16 January 2013 USD 688 719 109 410 000 USD 143 102 639 16 January 2013 USD 1 164 184 GBP 4 530 000 USD 7 306 710 16 January 2013 USD 56 474 ILS 9 515 529 USD 2 481 233 18 January 2013 USD 67 368 KRW 15 209 129 856 USD 13 994 155 18 January 2013 USD 256 799 MXN 166 538 487 USD 12 604 665 18 January 2013 USD 197 482 TRY 19 724 117 USD 10 917 426 18 January 2013 USD 105 791 USD 992 493 BRL 2 104 086 18 January 2013 USD -32 522 USD 215 139 CHF 200 000 16 January 2013 USD -3 427 USD 8 138 445 CLP 3 921 261 566 20 March 2013 USD 16 600 USD 8 932 440 COP 16 297 235 974 18 January 2013 USD -275 985 USD 1 057 600 800 000 4 January 2013 USD 2 847 USD 65 062 GBP 40 000 16 January 2013 USD 45 USD 6 500 831 ILS 25 697 304 18 January 2013 USD -382 089 USD 2 282 735 KRW 2 500 735 704 18 January 2013 USD -60 261 USD 5 458 713 MXN 71 093 286 18 January 2013 USD -6 381 USD 7 417 045 PLN 23 819 839 20 March 2013 USD -220 617 USD 7 195 576 TRY 13 063 569 18 January 2013 USD -105 534 USD 2 381 984 ZAR 21 301 466 18 January 2013 USD -122 471 USD 2 108 306 Julius Baer Multibond - O BOND FUND 4 455 216 GBP 3 610 150 28 February 2013 7 245 9 446 707 USD 12 256 970 28 February 2013 154 755 SEK 14 310 661 CHF 1 995 286 12 March 2013 10 525 172 525 Julius Baer Multibond - O GOVERNMENT BOND FUND SEK 4 730 909 CHF 660 981 22 February 2013 2 619 2 619 Julius Baer Multibond - GLOBAL CONVERT BOND FUND CHF 184 800 000 152 970 635 23 January 2013 203 755 2 855 832 CHF 3 450 000 23 January 2013-3 754 6 560 266 HKD 67 000 000 23 January 2013 4 330 31 786 266 JPY 3 510 000 000 23 January 2013 995 911 17

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - GLOBAL CONVERT BOND FUND (continued) 1 642 046 SGD 2 640 000 23 January 2013 3 143 181 335 356 USD 239 000 000 23 January 2013 92 703 USD 7 880 000 5 978 756 23 January 2013-3 056 1 293 032 Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND 4 343 183 CAD 5 587 809 19 February 2013 93 062 1 611 059 CHF 1 946 481 5 March 2013-2 949 10 859 541 GBP 8 714 347 25 January 2013 118 568 4 845 881 NOK 35 691 852 11 February 2013-9 133 271 207 479 USD 346 937 362 25 January 2013 8 104 678 GBP 5 660 000 6 982 155 16 January 2013-5 062 USD 77 088 046 59 076 609 24 January 2013-614 976 7 684 188 Julius Baer Multibond - INFLATION LINKED BOND FUND CHF 6 690 000 5 536 030 16 January 2013 8 596 41 303 CHF 50 000 16 January 2013-137 SEK 4 909 772 CHF 683 931 12 March 2013 4 002 12 461 Julius Baer Multibond - INFLATION LINKED BOND FUND USD SEK 2 413 662 CHF 336 223 12 March 2013 USD 2 594 USD 2 594 Julius Baer Multibond - LOCAL EMERGING BOND FUND CHF 275 264 000 USD 301 572 119 31 January 2013 USD -656 268 1 686 055 000 USD 2 229 875 180 31 January 2013 USD -6 354 741 GBP 23 842 000 USD 38 605 659 31 January 2013 USD 146 054 HKD 4 895 487 989 USD 632 529 110 28 March 2013 USD -741 908 MXN 5 278 042 329 USD 395 980 887 23 January 2013 USD 9 541 662 PHP 13 783 484 178 USD 334 937 779 23 January 2013 USD 1 930 574 PLN 554 158 017 USD 168 212 123 23 January 2013 USD 10 376 386 SGD 777 285 304 USD 635 079 048 23 January 2013 USD 1 229 241 USD 1 922 845 CHF 1 754 000 31 January 2013 USD 5 386 USD 291 926 756 CLP 142 562 545 218 23 January 2013 USD -4 764 145 USD 63 148 031 HKD 489 902 423 28 March 2013 USD -76 305 USD 122 124 634 TRY 222 224 089 23 January 2013 USD -1 985 653 USD 247 797 326 ZAR 2 226 920 563 23 January 2013 USD -13 843 082 MYR 1 170 509 091 USD 380 416 740 23 January 2013 USD 2 310 471 CZK 4 598 148 504 USD 229 847 665 23 January 2013 USD 11 766 646 USD 8 884 318 Julius Baer Multibond - TOTAL RETURN BOND FUND BRL 12 832 795 USD 6 199 998 22 February 2013 26 108 CHF 11 070 000 9 160 036 16 January 2013 14 702 COP 209 590 504 USD 114 656 18 January 2013 2 854 - CAD - 19 February 2013 - - CHF - 5 March 2013-2 556 662 GBP 2 071 714 28 February 2013 4 157 4 108 382 ILS 20 999 992 21 March 2013-147 857 7 264 471 MXN 122 853 607 21 March 2013 147 715 - NOK - 11 February 2013-18

Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Julius Baer Multibond - TOTAL RETURN BOND FUND (continued) 2 436 365 NZD 3 799 999 21 March 2013 72 782 10 572 265 PLN 44 099 984 21 March 2013-143 329 2 999 999 SEK 25 078 491 22 February 2013 81 165 27 236 654 USD 34 887 256 28 February 2013 783 229 3 203 901 ZAR 33 499 988 18 January 2013 217 913 KRW 3 961 998 556 USD 3 499 999 22 February 2013 152 084 MXN 2 547 903 152 660 18 January 2013-4 124 MXN 45 707 533 USD 3 499 999 22 February 2013 1 810 NOK 22 180 792 2 999 999 22 February 2013 15 709 PLN 37 113 726 8 861 342 21 March 2013 155 658 USD 1 599 999 AUD 1 550 387 7 June 2013 6 510 USD 2 199 999 BRL 4 590 298 18 January 2013-27 377 USD 11 295 777 CLP 5 519 997 987 7 June 2013-13 534 USD 6 020 402 COP 11 095 396 771 23 April 2013-167 166 USD 1 710 958 1 304 365 29 January 2013-6 803 USD 3 499 999 ZAR 29 991 139 22 February 2013-6 941 ZAR 29 540 689 USD 3 499 999 22 February 2013-33 085 1 132 180 Futures Underlying Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Number of contracts Value Maturity date Currency 10 YEARS CANADIAN BONDS Sales CAD 576-59 472 261 19 March 2013 138 780 10Y TREASURY NOTES USA Sales USD 4 218-424 811 372 19 March 2013 1 011 469 2Y TREASURY NOTES USA Sales USD 83-13 879 632 28 March 2013-2 745 30Y TREASURY NOTES USA Sales USD 109-13 442 596 19 March 2013 342 489 3M SHORT STERLING Purchases GBP 1 296 198 576 843 18 December 2013-53 705 3M SHORT STERLING Sales GBP 1 344-205 890 114 19 March 2014 30 295 3M SHORT STERLING Sales GBP 2 666-407 670 428 18 March 2015 278 758 5Y TREASURY NOTES USA Sales USD 2 608-246 110 344 28 March 2013 7 026 O BOBL Sales 2 145-274 173 900 7 March 2013-1 775 904 O BUND Sales 3 025-440 561 000 7 March 2013-3 877 686 LONG GILT STERLING FUTURES Sales GBP 2 124-311 421 966 26 March 2013-657 749 TREASURY BONDS USA Sales USD 448-50 121 359 19 March 2013 805 083 90 DAYS - O $ FUTURE Purchases USD 2 885 545 423 430 18 March 2013 1 501 284 90 DAYS - O $ FUTURE Purchases USD 36 6 798 809 17 March 2014 15 558 90 DAYS - O $ FUTURE Sales USD 2 885-545 177 251 16 September 2013-1 438 019 90 DAYS - O $ FUTURE Sales USD 2 752-515 843 447 13 June 2016 572 626 90 DAYS - O $ FUTURE Sales USD 5 389-1 012 838 924 14 December 2015-109 359 JAPANESE GOV. BDS FUTURE 10Y Sales JPY 56-70 567 705 11 March 2013 414 715 BANKERS ACC.CANADIAN 3 MONTHS Purchases CAD 526 98 710 374 17 March 2014 15 909 BANKERS ACC.CANADIAN 3 MONTHS Sales CAD 526-98 670 305 16 June 2014-29 940 O OAT FUTURES Sales 1 842-250 806 720 7 March 2013-1 730 666 OMX RIBA Purchases SEK 12 258 2 854 066 16 September 2013-806 586 OMX RIBA Purchases SEK 16 940 3 919 227 16 December 2013-119 541-5 467 908 19

Notes to the Semi-annual Report Derivative financial instruments (continued) Futures (continued) Underlying Currency Number of contracts Value Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER 10 YEARS CANADIAN BONDS Sales CAD 50-5 162 523 19 March 2013 12 950 10Y TREASURY NOTES USA Sales USD 393-39 580 577 19 March 2013 101 437 2Y TREASURY NOTES USA Sales USD 10-1 672 245 28 March 2013-356 30Y TREASURY NOTES USA Sales USD 16-1 973 225 19 March 2013 54 043 3M SHORT STERLING Purchases GBP 127 19 459 305 18 December 2013-5 656 3M SHORT STERLING Sales GBP 131-20 068 158 19 March 2014 3 298 3M SHORT STERLING Sales GBP 244-37 311 172 18 March 2015 27 324 5Y TREASURY NOTES USA Sales USD 256-24 158 070 28 March 2013 1 511 O BOBL Sales 329-42 052 780 7 March 2013-292 810 O BUND Sales 284-41 361 760 7 March 2013-392 610 LONG GILT STERLING FUTURES Sales GBP 242-35 482 164 26 March 2013-80 560 TREASURY BONDS USA Sales USD 43-4 810 755 19 March 2013 83 067 90 DAYS - O $ FUTURE Purchases USD 175 33 084 610 18 March 2013 97 893 90 DAYS - O $ FUTURE Purchases USD 3 566 567 17 March 2014 1 394 90 DAYS - O $ FUTURE Sales USD 175-33 069 677 16 September 2013-88 032 90 DAYS - O $ FUTURE Sales USD 246-46 111 006 13 June 2016 55 000 90 DAYS - O $ FUTURE Sales USD 495-93 033 079 14 December 2015-13 207 JAPANESE GOV. BDS FUTURE 10Y Sales JPY 4-5 040 550 11 March 2013 31 843 BANKERS ACC.CANADIAN 3 MONTHS Purchases CAD 56 10 509 089 17 March 2014 2 285 BANKERS ACC.CANADIAN 3 MONTHS Sales CAD 56-10 504 823 16 June 2014-3 847 O OAT FUTURES Sales 150-20 424 000 7 March 2013-151 500 OMX RIBA Purchases SEK 1 186 276 140 16 September 2013-83 890 OMX RIBA Purchases SEK 1 574 364 160 16 December 2013-11 823-652 246 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS 10 YEARS CANADIAN BONDS Sales CAD 195-20 133 838 19 March 2013 50 505 10Y TREASURY NOTES USA Sales USD 1 147-115 518 883 19 March 2013 268 437 2Y TREASURY NOTES USA Sales USD 22-3 678 938 28 March 2013-782 30Y TREASURY NOTES USA Sales USD 32-3 946 450 19 March 2013 108 086 3M SHORT STERLING Purchases GBP 544 83 353 243 18 December 2013-24 242 3M SHORT STERLING Sales GBP 559-85 634 356 19 March 2014 14 225 3M SHORT STERLING Sales GBP 1 344-205 517 275 18 March 2015 150 383 5Y TREASURY NOTES USA Sales USD 463-43 692 135 28 March 2013 1 511 O BOBL Sales 506-64 676 920 7 March 2013-450 340 O BUND Sales 710-103 404 400 7 March 2013-927 720 LONG GILT STERLING FUTURES Sales GBP 447-65 539 369 26 March 2013-148 803 TREASURY BONDS USA Sales USD 107-11 970 950 19 March 2013 206 702 90 DAYS - O $ FUTURE Purchases USD 1 250 236 318 644 18 March 2013 699 233 90 DAYS - O $ FUTURE Purchases USD 12 2 266 270 17 March 2014 5 575 90 DAYS - O $ FUTURE Sales USD 1 250-236 211 980 16 September 2013-696 944 90 DAYS - O $ FUTURE Sales USD 1 361-255 110 076 13 June 2016 304 431 90 DAYS - O $ FUTURE Sales USD 2 450-460 466 759 14 December 2015-42 560 JAPANESE GOV. BDS FUTURE 10Y Sales JPY 27-34 023 715 11 March 2013 214 921 BANKERS ACC.CANADIAN 3 MONTHS Purchases CAD 236 44 288 304 17 March 2014 9 351 BANKERS ACC.CANADIAN 3 MONTHS Sales CAD 236-44 270 326 16 June 2014-15 959 20

Notes to the Semi-annual Report Derivative financial instruments (continued) Futures (continued) Underlying Currency Number of contracts Value Maturity date Currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) O OAT FUTURES Sales 623-84 827 680 7 March 2013-629 230 OMX RIBA Purchases SEK 4 660 1 085 002 16 September 2013-329 620 OMX RIBA Purchases SEK 7 575 1 752 547 16 December 2013-57 265-1 290 105 Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND 2Y TREASURY NOTES USA Sales USD 180-39 684 375 28 March 2013 USD -11 250 USD -11 250 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND 2Y TREASURY NOTES USA Sales USD 82-13 693 526 28 March 2013-3 882-3 882 Julius Baer Multibond - DOLLAR BOND FUND 10Y TREASURY NOTES USA Purchases USD 6 781 845 19 March 2013 USD -2 622 2Y TREASURY NOTES USA Purchases USD 13 2 781 788 28 March 2013 USD 591 30Y TREASURY NOTES USA Purchases USD 4 683 848 19 March 2013 USD -12 322 5Y TREASURY NOTES USA Sales USD 17-2 093 077 28 March 2013 USD 2 497 TREASURY BONDS USA Purchases USD 8 1 116 658 19 March 2013 USD -16 323 USD -28 179 Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND 10Y TREASURY NOTES USA Sales USD 108-14 276 540 19 March 2013 USD 62 160 2Y TREASURY NOTES USA Sales USD 37-8 212 629 28 March 2013 USD -1 746 5Y TREASURY NOTES USA Purchases USD 200 24 857 873 28 March 2013 USD -29 658 USD 30 756 Julius Baer Multibond - EMERGING BOND FUND (O) 2Y TREASURY NOTES USA Sales USD 405-67 788 353 28 March 2013-19 217-19 217 Julius Baer Multibond - EMERGING BOND FUND (USD) 2Y TREASURY NOTES USA Sales USD 140-30 865 625 28 March 2013 USD -8 750 USD -8 750 Julius Baer Multibond - O BOND FUND 10Y TREASURY NOTES USA Sales USD 33-3 341 007 19 March 2013 12 974 O BOBL Purchases 41 5 300 253 7 March 2013 27 783 O BUND Sales 11-1 650 479 7 March 2013-16 772 O CHF 3 MONTH Sales CHF 66-13 550 957 17 June 2013-2 872 O-BUXL-FUTURES Purchases 19 2 612 077 7 March 2013 58 368 79 481 Julius Baer Multibond - O GOVERNMENT BOND FUND O BUND Sales 12-1 791 425 7 March 2013-18 205 O CHF 3 MONTH Sales CHF 71-14 708 164 17 June 2013-3 116-21 321 Julius Baer Multibond - INFLATION LINKED BOND FUND 10Y TREASURY NOTES USA Sales USD 18-1 813 102 19 March 2013 7 681 O CHF 3 MONTH Sales CHF 82-16 960 268 17 June 2013-27 123-19 442 Julius Baer Multibond - INFLATION LINKED BOND FUND USD 10Y TREASURY NOTES USA Sales USD 12-1 602 445 19 March 2013 USD 6 600 O CHF 3 MONTH Sales CHF 32-8 793 969 17 June 2013 USD -14 064 USD -7 464 21

Notes to the Semi-annual Report Derivative financial instruments (continued) Futures (continued) Underlying Julius Baer Multibond - SWISS FRANC BOND FUND Currency Number of contracts Value Maturity date Currency EX SCHWEIZ 6% FED BD 8-13Y Sales CHF 5-726 272 7 March 2013 CHF -3 457 CHF -3 457 Julius Baer Multibond - TOTAL RETURN BOND FUND 2Y TREASURY NOTES USA Sales USD 13-2 116 590 28 March 2013-604 -604 Swaps Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BANK OF AMERICA LN - WHIRLPOOL Purchases USD 3 534 969 20 June 2017 1.00% 12 361 BANK OF AMERICA NY - ADEC- CO Purchases 2 790 765 20 September 2014 1.35% -43 275 BANK OF AMERICA NY - RE- PUBLIC OF HUNGARY USD SEN Purchases USD 7 479 250 20 March 2018 1.00% 489 667 BANK OF AMERICA NY - RE- PUBLIC OF IRELAND Purchases USD 18 605 100 20 March 2018 1.00% 781 734 BANK OF AMERICA NY - WEYHSER Purchases USD 3 255 893 20 June 2017 1.00% -7 786 BARCLAYS BANK PLC - ABX HE PENAAA 06-1 INDEX Sales USD 7 773 650 25 July 2045 0.18% -1 378 904 BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD 2 873 325 20 September 2017 1.00% 323 054 BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD 5 746 650 20 September 2017 1.00% 664 580 BARCLAYS BANK PLC - AVIS BUDGET CAR RENTAL USD SEN Purchases USD 5 860 607 20 September 2017 5.00% -191 833 BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD 3 255 893 20 December 2016 1.00% -22 684 BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD 6 046 658 20 March 2017 1.00% -35 913 BARCLAYS BANK PLC - BOEING CO USD SEN Purchases USD 36 745 073 20 December 2017 1.00% -661 568 BARCLAYS BANK PLC - BOM- BARDIER INC USD SEN Sales USD 3 721 020 20 June 2016 1.00% -181 849 BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Purchases USD 30 930 979 20 December 2016 5.00% 2 642 158 BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Sales USD 30 930 979 20 December 2017 5.00% -3 750 402 BARCLAYS BANK PLC - BP PLC Purchases 3 441 944 20 June 2015 1.00% -62 027 BARCLAYS BANK PLC - CLARI- ANT FINANCE Purchases 3 255 893 20 June 2013 1.00% -11 199 BARCLAYS BANK PLC - CMBX.NA.AAA.5 ISSUER Purchases USD 38 604 391 15 February 2051 0.35% 1 100 258 BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD 35 349 690 12 October 2052 0.84% 2 253 687 BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD 26 047 140 14 October 2052 0.84% 1 660 611 22

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - CMBX.NA.AJ.2 ISSUER Purchases USD 34 884 562 15 March 2049 1.09% 4 631 504 BARCLAYS BANK PLC - CMBX.NA.AJ.3 ISSUER Purchases USD 85 583 460 13 December 2049 1.47% 20 274 037 BARCLAYS BANK PLC - CMBX.NA.AJ.4 ISSUER Purchases USD 12 860 775 17 February 2051 0.96% 3 155 169 BARCLAYS BANK PLC - CMBX.NA.AJ.5 ISSUER Purchases USD 26 279 704 15 February 2051 0.98% 6 245 926 BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA Sales 11 814 239 21 September 2015 5.00% -2 231 600 BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA SEN Sales 2 953 560 21 September 2015 5.00% -557 889 BARCLAYS BANK PLC - CVS CAREMARK CORP USD SEN Purchases USD 11 628 188 20 March 2017 1.00% -238 836 BARCLAYS BANK PLC - DIX- ONS RET Purchases 7 442 040 20 March 2017 5.00% -303 474 BARCLAYS BANK PLC - DIXONS RETAIL PLC SEN Purchases 13 953 826 20 March 2017 5.00% -569 014 BARCLAYS BANK PLC - EDF Purchases 12 665 422 20 June 2017 1.00% -8 005 BARCLAYS BANK PLC - EXPE- DIA INC USD SEN Purchases USD 31 628 670 20 March 2017 1.00% 468 019 BARCLAYS BANK PLC - GOODRICH Purchases USD 38 521 860 20 September 2017 1.00% -1 197 080 BARCLAYS BANK PLC - MARKIT ABX.HE.AAA 06-2 USD Sales USD 226 309 229 25 May 2046 0.11% -57 579 016 BARCLAYS BANK PLC - MARKIT ITRAXX ASIA EX JAPAN I USD Purchases USD 6 511 785 20 December 2017 1.00% 30 267 BARCLAYS BANK PLC - MARKIT ITRX SNR FIN 06/17 Purchases 29 535 596 20 June 2017 1.00% 655 037 BARCLAYS BANK PLC - MARKIT ITRX SUB FIN 06/17 Purchases 29 535 596 20 June 2017 5.00% -3 060 966 BARCLAYS BANK PLC - MARKIT ITRX XOVER 12/17 Purchases 13 023 570 20 December 2017 5.00% -97 680 BARCLAYS BANK PLC - MARKIT ITRX OPE 12/17 Sales 65 117 850 20 December 2017 1.00% -537 321 BARCLAYS BANK PLC - MOTOROLA SOLUTIONS INC USD SEN Purchases USD 41 861 475 20 March 2017 1.00% -310 959 BARCLAYS BANK PLC - NEXT PLC Purchases 14 511 979 20 September 2017 1.00% -12 578 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases 32 372 874 20 December 2016 5.00% 3 374 919 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases 976 768 20 December 2016 5.00% 91 198 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales 32 372 874 20 December 2017 5.00% -4 880 574 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales 976 768 20 December 2017 5.00% -136 158 BARCLAYS BANK PLC - PER- NOD RIC Purchases 3 721 020 20 March 2015 1.00% -55 064 23

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - PHILIP- PINES Sales USD 6 511 785 20 December 2017 1.00% 4 455 BARCLAYS BANK PLC - POR- TUGAL REPUBLIC SENIOR USD Purchases USD 15 628 285 20 June 2016 1.00% 1 034 879 BARCLAYS BANK PLC - RALLYE SA SEN Purchases 29 163 494 20 December 2016 5.00% -1 190 076 BARCLAYS BANK PLC - RALLYE SA SEN Sales 29 163 494 20 December 2019 5.00% -576 143 BARCLAYS BANK PLC - REN- TOKIL INITIAL PL Purchases 4 651 275 20 June 2017 1.00% 60 681 BARCLAYS BANK PLC - REP. OF AUSTRIA USD SPREAD- CURVE Purchases USD 7 907 168 20 September 2016 1.00% -159 151 BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Purchases USD 9 767 678 20 December 2017 1.00% -137 569 BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Sales USD 19 512 099 20 December 2017 1.00% 274 809 BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD 6 511 785 20 December 2017 1.00% 64 372 BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD 6 511 785 20 December 2017 1.00% 64 372 BARCLAYS BANK PLC - RE- PUBLIC OF KOREA USD SEN Purchases USD 26 023 884 20 December 2017 1.00% -370 565 BARCLAYS BANK PLC - RE- PUBLIC OF SOUTH AFRICA Purchases USD 13 023 570 20 September 2017 1.00% 151 542 BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 12 860 776 20 June 2017 5.00% -348 778 BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 23 238 933 20 September 2017 5.00% -505 822 BARCLAYS BANK PLC - SOCGEN SENIOR Purchases 7 442 040 20 June 2017 3.00% -462 437 BARCLAYS BANK PLC - SPAIN Purchases USD 6 976 913 20 June 2017 1.00% 373 025 BARCLAYS BANK PLC - STATE OF QATAR USD SEN Purchases USD 3 255 893 20 December 2017 1.00% -28 259 BARCLAYS BANK PLC - SWE- DEN Purchases USD 16 279 463 20 March 2017 0.25% -67 649 BARCLAYS BANK PLC - SWE- DEN Purchases USD 27 442 523 20 December 2017 0.25% -68 521 BARCLAYS BANK PLC - SWE- DEN Purchases USD 18 139 973 20 September 2020 0.25% 94 055 BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING Sales 5 488 505 20 December 2017 1.00% 25 063 BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING USD Purchases 5 488 505 20 December 2017 1.00% -9 936 BARCLAYS BANK PLC - TESCO PLC SEN Sales 9 023 474 20 September 2017 1.00% 78 766 BARCLAYS BANK PLC - USA GOVERNMENT Purchases 13 023 570 22 March 2021 0.25% 274 041 24

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - VOL- VO AB Purchases 26 047 140 20 December 2015 1.00% -100 691 BARCLAYS BANK PLC - VOL- VO AB Purchases 23 070 324 20 March 2017 1.00% 232 759 BARCLAYS BANK PLC - VW Sales 26 047 140 20 December 2015 1.00% 379 042 BARCLAYS BANK PLC - WELLS FARGO COMPANY Purchases USD 3 488 456 20 September 2015 1.00% -39 944 BARCLAYS BANK PLC - WIND ACQUISITION FIN SA Sales 2 897 744 20 December 2016 5.00% -255 210 BARCLAYS BANK PLC - WOORI BANK USD SEN Purchases USD 5 581 530 20 March 2017 1.00% 97 771 BNP PARIBAS LONDON - HBOS PLC SUB Purchases 4 976 864 20 December 2016 5.00% -606 151 BNP PARIBAS LONDON - KBC IFIMA NV SEN Purchases 2 930 303 21 March 2016 5.00% -209 158 BNP PARIBAS LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD 12 093 315 20 March 2018 1.00% 748 427 BNP PARIBAS LONDON - REPUBLIC OF IRELAND Purchases USD 13 860 800 22 June 2015 1.00% 112 127 BNP PARIBAS LONDON - REPUBLIC OF ITALY USD SEN Purchases USD 13 907 312 20 December 2017 1.00% 860 325 BNP PARIBAS LONDON - ROYAL BK OF SCOTLAND PLC GBP SUB Purchases 1 627 946 21 December 2015 5.00% -135 334 BNP PARIBAS LONDON - THE NETHERLANDS Purchases USD 17 674 845 20 June 2017 0.25% 76 431 CREDIT SUISSE INTERNA- TIONAL LONDON - ACE INA HOLDINGS Purchases USD 7 162 964 20 December 2013 1.04% -47 973 CREDIT SUISSE INTERNA- TIONAL LONDON - BANK OF INDIA LONDON USD SEN Sales USD 3 255 893 20 September 2018 1.00% -205 129 CREDIT SUISSE INTERNA- TIONAL LONDON - BOM- BARDIER INC USD SEN Sales USD 3 721 020 20 June 2016 1.00% -183 738 CREDIT SUISSE INTERNA- TIONAL LONDON - CARDI HLTH Purchases USD 6 790 862 20 June 2014 0.81% -51 833 CREDIT SUISSE INTERNA- TIONAL LONDON - CHUBB CORP Purchases USD 4 651 275 20 December 2013 1.50% -47 857 CREDIT SUISSE INTERNA- TIONAL LONDON - CLARI- ANT AG Purchases 8 837 423 20 March 2013 0.45% -2 714 CREDIT SUISSE INTERNA- TIONAL LONDON - CLARIANT FINANCE Purchases 6 511 785 20 June 2013 2.65% -72 601 CREDIT SUISSE INTERNA- TIONAL LONDON - FINMEC- CANICA FINANCE SEN Purchases 2 046 561 22 September 2014 1.00% 11 956 CREDIT SUISSE INTERNA- TIONAL LONDON - GAZ- PROM INTL Purchases USD 11 163 060 20 September 2014 3.96% -493 299 25

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - HANA BANK USD SUB Purchases USD 3 255 893 20 September 2016 1.00% -13 240 CREDIT SUISSE INTERNA- TIONAL LONDON - JONES GROUP INC USD SEN Purchases USD 6 218 755 20 September 2017 5.00% -145 161 CREDIT SUISSE INTERNA- TIONAL LONDON - MEADWESTVACO Purchases USD 6 790 862 20 March 2014 2.38% -139 733 CREDIT SUISSE INTERNA- TIONAL LONDON - PEARSON PLC (U.K.) SEN Purchases 4 651 275 20 June 2015 1.00% -76 824 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF FRANCE Purchases USD 16 279 463 20 December 2016 0.25% 183 941 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD 12 093 315 20 March 2018 1.00% 767 182 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD 5 162 915 22 June 2015 1.00% 36 137 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD 2 316 335 20 March 2018 1.00% 99 694 CREDIT SUISSE INTERNA- TIONAL LONDON - SAKS IN- CORPORATED USD SEN Sales USD 6 218 755 20 September 2017 5.00% 357 692 CREDIT SUISSE INTERNA- TIONAL LONDON - SANT ID Purchases 2 790 765 20 March 2015 3.00% -77 276 CREDIT SUISSE INTERNA- TIONAL LONDON - SANTANDER ISSUANCES Purchases 3 255 893 20 June 2016 3.00% 20 683 CREDIT SUISSE INTERNA- TIONAL LONDON - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 1 953 536 20 September 2017 5.00% -37 014 CREDIT SUISSE INTERNA- TIONAL LONDON - SHINHAN BANK USD SUB Purchases USD 3 255 893 20 September 2016 1.00% -39 650 CREDIT SUISSE INTERNA- TIONAL LONDON - UNITED KINGDOM ENGLAND Purchases USD 29 303 033 20 December 2017 1.00% -661 146 CREDIT SUISSE INTERNA- TIONAL LONDON - WOORI BANK USD SUB Purchases USD 2 976 816 20 September 2016 1.00% -7 844 ACE INA HOLDINGS Purchases USD 6 511 785 20 March 2014 1.28% -70 895 ADECCO Purchases 2 046 561 20 September 2014 1.63% -41 355 AKZO NOBEL SRUNSEC Purchases 6 511 785 20 December 2015 1.00% -104 077 BANCO SANTANDER Purchases 5 982 289 18 January 2050 5.00% -620 432 BANCO SANTANDER Purchases 4 026 924 18 January 2050 2.63% 212 099 26

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANCO SANTANDER Purchases 4 026 924 18 January 2050 3.00% 111 394 BANCO SANTANDER Purchases 4 026 924 18 January 2050 2.70% 192 983 BANCO SANTANDER Purchases 10 067 309 18 January 2050 2.10% 892 670 BANCO SANTANDER Purchases 4 187 602 18 January 2050 3.65% -65 858 BANCO SANTANDER Purchases 4 026 924 18 January 2050 3.75% -93 334 BANCO SANTANDER Purchases 4 026 924 18 January 2050 4.50% -298 062 BANCO SANTANDER Purchases 4 026 924 18 January 2050 4.60% -325 359 BANCO SANTANDER Purchases 7 622 391 18 January 2050 4.69% -662 361 BANCO SANTANDER Purchases 2 991 144 18 January 2050 4.70% -251 733 BANCO SANTANDER Purchases 3 451 649 18 January 2050 4.55% -267 181 BANCO SANTANDER Purchases 5 982 289 18 January 2050 4.10% -269 532 BANK OF CHINA USD SEN Purchases USD 12 093 315 20 December 2016 1.00% -75 796 BANK OF CHINA USD SEN Purchases USD 12 093 315 20 March 2017 1.00% -56 795 BP PLC Sales 3 441 944 20 December 2015 1.00% 65 334 CENTEX HOME EQUITY Purchases USD 9 579 989 25 October 2035 1.85% 7 169 878 CHART SEMICDT / GLOBAL- FOUNDRIES Purchases USD 7 442 040 20 December 2016 1.18% 742 437 CLARIANT FINANCE Purchases 2 976 816 20 June 2017 1.00% 117 179 CMBX.NA.AAA.3 ISSUER Purchases USD 16 279 463 13 December 2049 0.08% 530 936 CMBX.NA.AAA.5 ISSUER Purchases USD 34 883 486 15 February 2051 0.35% 994 475 CMBX.NA.AJ.2 ISSUER Purchases USD 13 023 570 15 March 2049 1.09% 1 729 391 CMBX.NA.AJ.3 ISSUER Purchases USD 4 651 275 13 December 2049 1.47% 1 101 994 CMBX.NA.AJ.4 ISSUER Purchases USD 70 234 253 17 February 2051 0.96% 17 232 181 CMBX.NA.AM ISSUER Purchases USD 30 233 287 12 October 2052 0.50% 871 097 COMPASS GROUP PLC SEN Purchases 5 302 454 20 December 2019 1.00% -153 927 EDF Purchases 12 665 422 20 June 2017 1.00% 1 330 27

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps EXPEDIA Purchases USD 17 419 025 20 December 2017 1.00% 505 467 EXPEDIA INC USD SEN Purchases USD 2 790 765 20 March 2017 1.00% 35 426 EXPERIAN FIN Purchases 6 976 913 20 December 2014 0.60% -63 953 EXPERIAN FIN Purchases 2 976 816 20 June 2015 1.00% -60 506 GEORGIA-PACIFIC LLC USD SEN Sales USD 3 255 893 20 June 2017 1.00% 9 563 GOODRICH Purchases USD 20 233 046 20 December 2017 1.00% -664 711 INTESA SENIOR UNSECURED Purchases 8 093 219 20 March 2014 3.00% -152 603 JAPAN GOVERNMENT SR USD Purchases USD 2 093 074 20 June 2019 1.00% 7 761 JAPAN TOBACCO INC Purchases 6 511 785 20 June 2019 0.35% 22 373 JC PENNEY SENIOR USD Purchases USD 12 093 315 20 December 2016 1.00% 2 226 627 JPM Purchases 5 508 970 21 December 2015 1.00% -69 200 MARKIT ABX.HE.AAA 06-2 USD Sales USD 178 558 962 25 May 2046 0.11% -45 404 956 MARKIT ITRX SNR FIN 06/17 Purchases 264 843 599 20 June 2017 1.00% 5 874 738 MARKIT ITRX JAPAN 12/17 JPY Purchases JPY 1 148 864 925 20 December 2017 1.00% 284 353 MARKIT ITRX JAPAN 12/17 JPY Purchases JPY 3 443 804 010 20 March 2018 1.00% 852 369 NEXT PLC Purchases 12 860 775 20 June 2017 1.00% -54 957 NOKIA OYJ USD ISSUE Purchases USD 15 093 387 20 June 2017 1.00% 2 239 625 PANASONIC CORP JPY SEN Purchases JPY 1 834 695 424 20 September 2017 1.00% 862 509 PANASONIC CORP JPY SEN Purchases JPY 786 298 039 20 March 2018 1.00% 429 527 PPR SEN Purchases 11 767 726 20 September 2017 1.00% 33 124 PPR SEN Purchases 23 581 964 20 December 2017 1.00% 126 993 RENAULT S.A. SEN Purchases 3 534 969 20 December 2013 1.00% -26 267 REPUBLIC OF SOUTH AFRICA Purchases USD 13 023 570 20 September 2017 1.00% 166 148 RUSSIAN FEDERATION Purchases USD 13 488 698 20 September 2017 1.00% 108 896 SANT ID Purchases 18 605 100 20 December 2014 1.00% 252 086 28

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps SANTANDER INTL DEBT SA SEN Purchases 5 395 480 21 March 2016 3.00% -136 042 SONY CORPORATION JPY SEN Purchases JPY 1 572 596 077 20 September 2017 1.00% 1 228 250 SONY CORPORATION JPY SEN Purchases JPY 1 048 397 385 20 March 2018 1.00% 968 265 SPAIN Purchases USD 106 979 325 20 June 2017 1.00% 5 699 671 STRUCTURED ASSET SECURI- TIES CORP Purchases USD 2 637 830 25 February 2035 1.15% 1 502 483 STRUCTURED ASSET SECURI- TIES CORP Purchases USD 1 846 481 25 February 2035 1.20% 1 050 871 SWEDEN Purchases USD 15 349 208 20 March 2017 0.25% -63 766 SWISS RE AMERICA HOLDING Sales 5 488 505 20 December 2017 1.00% 35 724 SWISS RE AMERICA HOLD- ING USD Purchases 5 488 505 20 December 2017 1.00% -9 936 TESCO PLC SEN Sales 44 163 855 20 June 2017 1.00% 475 931 UNITED KINGDOM ENGLAND Purchases USD 64 187 595 20 September 2017 1.00% -1 440 312 UNITED KINGDOM ENGLAND Purchases USD 58 652 578 20 December 2017 1.00% -1 340 988 UNITED KINGDOM ENGLAND Purchases USD 29 303 033 20 December 2017 0.25% 149 191 VOLVO AB Purchases 16 744 591 20 December 2015 1.00% -64 249 VW Sales 16 744 591 20 December 2015 1.00% 270 346 DEUTSCHE BANK NEW YORK - ALLSTATE Purchases USD 4 651 275 20 September 2014 1.00% -45 581 DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD 9 302 550 20 March 2017 1.00% -210 495 DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD 2 790 765 20 March 2020 1.00% -73 558 DEUTSCHE BANK NEW YORK - CATERPILLAR Purchases USD 3 023 329 20 March 2014 1.70% -42 417 DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD 14 325 927 20 December 2013 1.00% -95 230 DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD 7 442 040 20 March 2014 1.33% -83 771 DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD 7 442 040 20 June 2014 1.35% -100 383 DEUTSCHE BANK NEW YORK - DEERE Purchases USD 6 790 862 20 March 2014 1.45% -87 128 DEUTSCHE BANK NEW YORK - WEYHSER Purchases USD 7 442 040 20 March 2014 1.90% -116 365 29

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date GOLDMAN INTERNATIONAL - KBC IFIMA NV SEN Purchases 930 255 21 March 2016 5.00% -66 398 GOLDMAN INTERNATIONAL - REPUBLIC OF IRELAND Purchases USD 9 581 627 22 June 2015 1.00% 74 464 GOLDMAN INTERNATIONAL - UNITED RENTALS NORTH AM USD SEN Sales USD 1 860 510 20 September 2016 5.00% 118 120 HSBC LONDON - ABBEY NATL Purchases 2 790 765 20 June 2014 1.00% 17 838 HSBC LONDON - DEUTSCHE BANK AG SUB Purchases 2 567 504 21 March 2016 3.00% -160 060 HSBC LONDON - JAPAN GOV- ERNMENT SR USD Sales USD 9 302 550 20 June 2015 1.00% 106 530 HSBC LONDON - JAPAN GOV- ERNMENT SR USD Purchases USD 6 511 785 20 June 2020 1.00% 69 086 HSBC LONDON - KINGFISH- ER PLC Purchases 4 465 224 20 June 2015 1.00% -45 269 HSBC LONDON - MARKIT ITRX XOVER 12/17 Purchases 3 255 893 20 December 2017 5.00% -22 487 HSBC LONDON - PERNOD RIC Purchases 2 790 765 20 March 2015 1.00% -38 304 HSBC LONDON - REPUBLIC OF FRANCE Purchases USD 14 884 080 20 December 2016 0.25% 194 436 HSBC LONDON - REPUBLIC OF IRELAND Purchases USD 15 814 335 22 June 2015 1.00% 122 902 HSBC LONDON - REPUBLIC OF ITALY USD SEN Purchases USD 13 907 312 20 December 2017 1.00% 865 210 HSBC LONDON - RUSSIAN FEDERATION Purchases USD 8 372 295 20 June 2014 1.00% -52 046 HSBC LONDON - RUSSIAN FEDERATION Purchases USD 13 953 825 20 June 2017 1.00% 90 438 HSBC LONDON - SIEMENS Purchases 5 767 581 20 March 2017 1.00% -124 316 HSBC LONDON - SWEDEN Purchases USD 26 047 140 20 December 2017 0.25% -59 324 HSBC LONDON - THE NETHER- LANDS Purchases USD 25 582 013 20 June 2017 0.25% 119 356 HSBC LONDON - US TREASURY N/B SEN Purchases 12 651 468 21 June 2021 0.25% 271 668 JP MORGAN LONDON - AB- BEY NATL Sales 2 790 765 20 June 2014 1.00% -17 762 JP MORGAN LONDON - BAT INTL FINANCE PLC SEN Purchases 2 790 765 21 June 2021 1.00% -68 286 JP MORGAN LONDON - DEUTSCHE BANK AG SUB Purchases 2 734 950 21 March 2016 1.00% -3 341 JP MORGAN LONDON - EX- PERIAN FIN Purchases 6 883 887 20 September 2018 1.00% -200 763 JP MORGAN LONDON - KBC IFIMA NV SEN Purchases 5 423 387 21 December 2015 5.00% -389 645 JP MORGAN LONDON - KBC IFIMA NV SEN Purchases 2 767 509 21 March 2016 5.00% -197 538 JP MORGAN LONDON - MARKIT ABX.HE.AAA 06-2 USD Sales USD 18 999 077 25 May 2046 0.11% -4 831 190 JP MORGAN LONDON - PEAR- SON PLC (U.K.) SEN Purchases 6 511 785 20 June 2016 1.00% -122 011 30

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date JP MORGAN LONDON - RUS- SIAN FEDERATION Purchases USD 13 953 825 20 June 2014 1.00% -88 319 JP MORGAN LONDON - SAKS INCORPORATED USD SEN Sales USD 3 109 842 20 September 2017 5.00% 178 873 JP MORGAN LONDON - SANT ID Purchases 1 023 281 21 March 2016 3.00% -25 252 JP MORGAN LONDON - SAN- TANDER ISSUANCES Sales 3 255 893 20 June 2016 3.00% -19 848 JP MORGAN LONDON - SCOT- TISH STHN ENGY PLC SR UNSEC Sales 3 627 995 20 December 2017 1.00% -67 648 JP MORGAN LONDON - THE NETHERLANDS Purchases USD 15 814 335 20 June 2017 0.25% 56 453 JP MORGAN LONDON - UNITED KINGDOM ENGLAND Purchases USD 58 606 066 20 December 2017 1.00% -1 306 994 JP MORGAN LONDON - UNITED RENTALS NORTH AM USD SEN Sales USD 3 109 842 20 September 2017 5.00% 167 852 JP MORGAN LONDON - WELLS FARGO COMPANY Purchases USD 13 023 570 20 September 2015 1.00% -121 318 JP MORGAN LONDON - WOORI BANK USD SEN Purchases USD 6 046 658 20 December 2016 1.00% 125 653 JP MORGAN LONDON - WOORI BANK USD SUB Purchases USD 3 534 969 20 September 2016 1.00% -16 546 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 4 026 924 18 January 2050 2.70% 381 876 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 4 026 924 18 January 2050 2.95% 336 326 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 4 026 924 18 January 2050 4.45% 61 212 MORGAN STANLEY CIE INTER- NATIONAL LONDON - PER- NOD RIC Purchases 3 721 020 20 March 2015 1.00% -63 739 MORGAN STANLEY CIE INTER- NATIONAL LONDON - REPUB- LIC OF FRANCE Purchases USD 29 303 033 20 December 2017 0.25% 638 760 MORGAN STANLEY CIE INTER- NATIONAL LONDON - STAPLES INC USD SEN Sales USD 2 921 001 20 September 2017 1.00% -252 128 MORGAN STANLEY CIE INTER- NATIONAL LONDON - WOORI BANK USD SEN Purchases USD 3 255 893 20 September 2018 1.00% -114 NOMURA LONDON - ALCATEL Purchases 11 163 060 20 June 2016 5.00% 927 930 NOMURA LONDON - ALCATEL Sales 11 163 060 20 June 2022 5.00% -2 242 471 STANDARD CHARTERED GB - REPUBLIC OF CHINA Sales USD 3 255 893 20 December 2017 1.00% 44 124 STANDARD CHARTERED GB - REPUBLIC OF KOREA USD SEN Purchases USD 3 255 893 20 December 2017 1.00% -41 237 UBS AG LONDON - ABSHE 2005-HE4 M8 ISSUER Purchases USD 1 349 883 25 May 2035 1.58% 926 151 UBS AG LONDON - ALLSTATE Purchases USD 9 302 550 20 September 2014 1.00% -85 594 31

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date UBS AG LONDON - BAT INTL FINANCE Purchases 6 511 785 20 December 2015 1.37% -211 467 UBS AG LONDON - BEAM Purchases USD 7 442 040 20 June 2014 2.00% -155 360 UBS AG LONDON - BOM- BARDIER INC USD SEN Sales USD 3 721 020 20 June 2016 1.00% -180 595 UBS AG LONDON - CENTEX HOME EQUITY Purchases USD 1 959 544 25 October 2035 2.50% 1 483 208 UBS AG LONDON - CHART SEMICDT / GLOBALFOUNDRIES Purchases USD 3 721 020 20 December 2016 8.00% -552 125 UBS AG LONDON - CNOOC FINANCE 2003 LTD USD SEN Purchases USD 4 093 122 20 September 2015 1.00% -58 384 UBS AG LONDON - DIXONS RET Purchases 4 186 148 25 June 2014 5.00% -213 706 UBS AG LONDON - GOODRICH Purchases USD 7 442 040 20 June 2014 0.88% -69 472 UBS AG LONDON - MITSUBISHI CHEMICAL Purchases JPY 465 127 500 22 November 2013 1.15% -30 929 UBS AG LONDON - PEARSON PLC (U.K.) SEN Purchases 8 372 295 20 September 2014 0.62% -56 642 UBS AG LONDON - REXAM PLC Purchases 12 093 315 20 March 2013 0.45% -9 674 UBS AG LONDON - REXAM PLC Purchases 9 302 550 20 March 2013 3.12% -62 795 UBS AG LONDON - RUSSIAN FEDERATION Purchases USD 13 953 825 20 June 2017 1.00% 69 382 UBS AG LONDON - TWX Purchases USD 11 395 624 20 March 2014 1.47% -145 545 UBS AG LONDON - WELLS FARGO COMPANY Purchases USD 6 511 785 20 September 2015 1.00% -74 562 UBS LONDON - BANK OF AMERICA CORP USD SEN Purchases USD 3 158 216 20 June 2017 1.00% 20 705 UBS LONDON - CITIGROUP INC USD SEN Sales USD 3 158 216 20 June 2017 1.00% -19 177 UBS LONDON - DUKE ENERGY CAROLINAS Purchases USD 10 977 009 20 September 2017 1.00% -273 002 UBS LONDON - PERNOD RIC Purchases 3 162 867 20 March 2015 1.00% -54 816 UBS LONDON - SAFEWAY Purchases 6 046 658 20 December 2019 1.00% -175 280 UBS LONDON - SIEMENS Purchases 6 102 473 20 March 2017 1.00% -143 089 UBS LONDON - STAPLES INC Sales USD 2 897 744 20 June 2017 1.00% -222 013 UBS LONDON - WHIRLPOOL Purchases USD 2 897 744 20 June 2017 1.00% 15 035 received paid Type* Counterparty - Underlying Nominal Maturity date ILS BARCLAYS BANK PLC - CPI FRANCE 30 258 404 25 September 2022 TF- Disc2.70% CPI France 185 762 ILS BARCLAYS BANK PLC - CPI US USD 32 558 925 28 February 2013 TF- Disc2.50% CPI US 195 607 ILS - CPI US USD 64 187 595 6 January 2013 CPI US 1.68% 888 328 ILS - CPI US USD 65 117 850 30 January 2013 TF- Disc1.88% CPI US 44 441 ILS - CPI US USD 62 559 649 22 February 2013 CPI US 1.84% 484 354 ILS DEUTSCHE BANK NEW YORK - CPI US USD 65 117 850 21 January 2013 TF- Disc1.73% CPI US -77 585 ILS UBS AG LONDON - CPI US USD 62 559 649 1 March 2013 CPI US 1.84% 416 685 32

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid ILS UBS LONDON - CPI FRANCE 30 643 995 25 September 2022 TF- Disc2.70% CPI France 209 291 ILS UBS LONDON - CPI FRANCE 30 294 684 11 October 2022 TF- Disc2.69% CPI France 190 008 received paid Type* Counterparty - Underlying Nominal Maturity date BANK OF AMERICA LN - BBSW6M-AUD AUD 85 885 328 31 August 2020 BBSW6M-AUD 4.29% -325 420 BANK OF AMERICA LN - BBSW6M-AUD AUD 79 877 276 14 September 2020 BBSW6M-AUD 4.18% -72 527 BANK OF AMERICA LN - BBSW6M-AUD AUD 38 015 801 29 June 2022 BBSW6M-AUD 4.37% 30 348 BANK OF AMERICA LN - CDOR03 INDEX CAD 59 010 726 20 December 2021 CDOR03 Index 2.68% -125 151 BANK OF AMERICA LN - CDOR03 INDEX CAD 40 411 207 1 August 2022 CDOR03 Index 2.72% 53 956 BANK OF AMERICA LN - CDOR03 INDEX CAD 50 482 148 1 August 2022 CDOR03 Index 2.73% 43 590 BANK OF AMERICA LN - LIB3M USD USD 50 987 742 21 December 2021 2.58% LIB3M USD 148 460 CZK-6M- BARCLAYS BANK PLC - CZK-6M-PRIBOR CZK 621 815 931 7 March 2022 PRIBOR 2.66% -1 095 751 BARCLAYS BANK PLC - IB6M 109 688 228 9 August 2016 IB6M 1.20% -1 107 940 BARCLAYS BANK PLC - IB6M 90 059 847 9 August 2019 1.86% IB6M 2 601 084 BARCLAYS BANK PLC - IB6M 41 380 533 15 November 2021 2.28% IB6M 403 331 BARCLAYS BANK PLC - IB6M 29 038 375 9 August 2022 IB6M 2.25% -1 123 602 BARCLAYS BANK PLC - IB6M 72 846 409 28 May 2027 2.69% IB6M -1 030 996 BARCLAYS BANK PLC - IB6M 74 640 870 31 May 2027 2.77% IB6M -814 195 BARCLAYS BANK PLC - IB6M 168 243 129 28 May 2032 IB6M 2.15% 3 812 157 BARCLAYS BANK PLC - IB6M 173 336 740 31 May 2032 IB6M 2.27% 3 209 946 BARCLAYS BANK PLC - IB6M 105 633 711 11 May 2037 IB6M 2.19% 988 581 BARCLAYS BANK PLC - IB6M 94 688 796 28 May 2037 1.73% IB6M -2 225 242 BARCLAYS BANK PLC - IB6M 98 578 192 29 May 2037 1.87% IB6M -1 879 459 BARCLAYS BANK PLC - IB6M 38 986 522 20 October 2042 2.56% IB6M 329 192 BARCLAYS BANK PLC - IB6M 29 551 411 21 October 2052 3.01% IB6M 386 509 BARCLAYS BANK PLC - JIB3M ZAR ZAR 177 360 093 13 December 2017 JIB3M ZAR 6.78% -697 880 KWCDC- BARCLAYS BANK PLC - KWCDC-3M KRW KRW 36 329 341 541 19 October 2021 3M KRW 3.14% 127 147 BARCLAYS BANK PLC - LIB3M USD USD 109 972 886 23 September 2013 1.30% LIB3M USD 592 754 BARCLAYS BANK PLC - LIB3M USD USD 173 477 673 21 December 2013 LIB3M USD 1.86% -1 962 224 BARCLAYS BANK PLC - LIB3M USD USD 158 434 520 23 September 2014 LIB3M USD 1.81% -2 968 131 BARCLAYS BANK PLC - LIB3M USD USD 256 765 264 18 November 2015 1.44% LIB3M USD 3 421 571 BARCLAYS BANK PLC - LIB3M USD USD 45 355 513 23 September 2016 2.66% LIB3M USD 2 599 571 BARCLAYS BANK PLC - LIB3M USD USD 123 751 823 19 April 2017 LIB3M USD 1.23% -2 053 509 BARCLAYS BANK PLC - LIB3M USD USD 22 102 394 23 August 2021 2.64% LIB3M USD 210 030 BARCLAYS BANK PLC - LIB3M USD USD 17 024 597 24 December 2021 2.54% LIB3M USD 6 259 BARCLAYS BANK PLC - LIB3M USD USD 69 466 792 22 March 2022 3.56% LIB3M USD 2 199 017 BARCLAYS BANK PLC - LIB3M USD USD 98 530 749 4 April 2022 3.37% LIB3M USD 2 428 583 BARCLAYS BANK PLC - LIB3M USD USD 57 940 933 20 April 2022 2.89% LIB3M USD 439 650 BARCLAYS BANK PLC - LIB3M USD USD 61 687 070 2 April 2032 LIB3M USD 3.71% -336 874 BARCLAYS BANK PLC - LIB3M USD USD 43 378 256 21 October 2052 LIB3M USD 2.94% 102 685 BARCLAYS BANK PLC - LIB3M USD USD 44 300 138 28 November 2052 LIB3M USD 2.78% 282 264 33

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - LIB6M GBP GBP 244 420 780 18 November 2015 LIB6M GBP 1.88% -6 350 040 BARCLAYS BANK PLC - LIB6M GBP GBP 172 165 084 7 September 2017 LIB6M GBP 1.38% -452 928 BARCLAYS BANK PLC - LIB6M GBP GBP 41 184 714 13 December 2019 LIB6M GBP 2.31% -72 755 BARCLAYS BANK PLC - LIB6M GBP GBP 90 451 484 4 April 2022 LIB6M GBP 3.88% -1 565 755 BARCLAYS BANK PLC - LIB6M GBP GBP 58 630 252 13 December 2022 3.25% LIB6M GBP 224 396 BARCLAYS BANK PLC - LIB6M GBP GBP 47 733 245 13 December 2024 LIB6M GBP 3.71% -12 940 BARCLAYS BANK PLC - LIB6M GBP GBP 130 617 570 6 September 2027 3.64% LIB6M GBP -853 879 BARCLAYS BANK PLC - LIB6M GBP GBP 28 816 509 16 February 2032 3.81% LIB6M GBP -97 931 BARCLAYS BANK PLC - LIB6M GBP GBP 50 432 845 3 May 2032 3.94% LIB6M GBP 338 403 BARCLAYS BANK PLC - LIB6M GBP GBP 41 899 150 3 May 2032 3.92% LIB6M GBP 220 956 BARCLAYS BANK PLC - LIB6M GBP GBP 63 948 054 10 May 2032 3.85% LIB6M GBP -71 382 BARCLAYS BANK PLC - LIB6M GBP GBP 51 439 380 21 September 2032 3.92% LIB6M GBP -178 038 BARCLAYS BANK PLC - LIB6M JPY JPY 12 625 782 729 6 December 2022 LIB6M JPY 1.21% 884 885 BARCLAYS BANK PLC - LIB6M JPY JPY 25 756 595 316 6 December 2027 2.40% LIB6M JPY -1 320 970 BARCLAYS BANK PLC - LIB6M JPY JPY 13 938 862 779 6 December 2032 LIB6M JPY 2.81% 636 047 BARCLAYS BANK PLC - NIBOR6M NOK NOK 386 853 984 6 December 2017 NIBOR6M NOK 2.94% -34 866 BARCLAYS BANK PLC - NIBOR6M NOK NOK 155 904 226 18 June 2018 NIBOR6M NOK 2.57% -85 596 BARCLAYS BANK PLC - NIBOR6M NOK NOK 120 831 287 21 June 2018 NIBOR6M NOK 2.64% -120 137 BARCLAYS BANK PLC - SONIO/N INDEX GBP 92 810 611 19 December 2013 SONIO/N Index 0.41% -29 405 BARCLAYS BANK PLC - STIB3M SEK SEK 1 843 579 359 19 October 2015 STIB3M SEK 1.35% -166 904 BARCLAYS BANK PLC - STIB3M SEK SEK 264 722 665 18 May 2021 STIB3M SEK 3.81% -2 064 622 BARCLAYS BANK PLC - WIBOR3M PLN PLN 500 546 029 14 October 2013 WIBOR3M PLN 5.00% -1 248 025 BARCLAYS BANK PLC - WIBOR3M PLN PLN 408 580 089 24 February 2014 WIBOR3M PLN 4.57% -1 228 102 - BBSW3M-AUD AUD 94 889 266 12 January 2015 BBSW3M-AUD 5.68% -4 033 327 - CDOR03 INDEX CAD 46 430 888 22 September 2014 CDOR03 Index 1.61% -132 027 - CDOR03 INDEX CAD 229 645 540 27 October 2014 1.88% CDOR03 Index 1 512 007 - CDOR03 INDEX CAD 139 345 687 18 September 2015 1.62% CDOR03 Index 196 791 - CDOR03 INDEX CAD 121 439 209 20 April 2017 2.38% CDOR03 Index 908 580 - CDOR03 INDEX CAD 96 481 397 22 September 2017 2.13% CDOR03 Index 1 523 738 - CDOR03 INDEX CAD 95 413 930 25 October 2017 CDOR03 Index 2.20% -1 723 171 - CDOR03 INDEX CAD 57 566 970 18 September 2018 CDOR03 Index 1.95% -205 974 - CDOR03 INDEX CAD 65 476 928 10 August 2021 CDOR03 Index 2.55% -59 541 - CDOR03 INDEX CAD 55 345 521 15 November 2021 CDOR03 Index 2.47% 218 329 - CDOR03 INDEX CAD 58 977 702 20 December 2021 CDOR03 Index 2.67% -124 196 - CDOR03 INDEX CAD 88 641 208 21 March 2022 CDOR03 Index 3.47% -2 347 653 34

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 71 154 275 4 April 2022 CDOR03 Index 3.36% -1 594 465 - CDOR03 INDEX CAD 72 004 993 25 April 2022 CDOR03 Index 3.22% -1 243 553 - CDOR03 INDEX CAD 40 988 896 2 August 2022 CDOR03 Index 2.72% 35 877 - CDOR03 INDEX CAD 51 918 462 22 September 2022 CDOR03 Index 2.78% -1 972 843 - CDOR03 INDEX CAD 61 703 349 11 October 2032 CDOR03 Index 3.33% 108 728 - CDOR03 INDEX CAD 41 244 251 11 October 2032 CDOR03 Index 3.37% 2 861 - CDOR03 INDEX CAD 51 511 940 16 October 2042 CDOR03 Index 2.29% 93 845 - IB6M 50 501 683 6 December 2017 1.41% IB6M 230 590 - IB6M 22 108 905 10 August 2021 2.53% IB6M 556 616 - IB6M 29 097 911 12 November 2021 2.37% IB6M 382 701 - IB6M 32 726 836 20 June 2022 2.60% IB6M 506 800 - IB6M 26 782 041 20 February 2023 IB6M 1.74% -371 001 - IB6M 28 384 406 28 November 2052 2.89% IB6M 182 253 - LIB3M CAD CAD 55 591 109 11 October 2016 LIB3M CAD 2.09% -542 951 - LIB3M CHF CHF 413 033 220 17 May 2013 LIB3M CHF 1.07% -1 376 485 - LIB3M USD USD 75 911 134 14 January 2015 2.70% LIB3M USD 2 627 081 - LIB3M USD USD 296 789 485 16 March 2016 1.56% LIB3M USD 1 813 354 - LIB3M USD USD 95 258 112 28 September 2018 1.52% LIB3M USD 41 283 - LIB3M USD USD 63 316 876 1 April 2019 2.35% LIB3M USD 2 454 164 - LIB3M USD USD 34 069 659 1 April 2024 LIB3M USD 2.99% -1 814 291 - LIB3M USD USD 204 725 869 28 September 2029 LIB3M USD 3.30% 602 476 - LIB6M CHF CHF 54 098 980 22 May 2017 LIB6M CHF 0.45% -410 239 - LIB6M CHF CHF 61 507 530 27 March 2019 1.06% LIB6M CHF 1 239 441 - LIB6M CHF CHF 35 329 224 5 October 2020 2.51% LIB6M CHF 2 079 082 - LIB6M CHF CHF 31 959 841 27 March 2024 LIB6M CHF 1.51% -772 835 35

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - LIB6M CHF CHF 39 333 972 5 October 2025 LIB6M CHF 2.57% -844 463 - LIB6M CHF CHF 16 171 553 20 February 2032 LIB6M CHF 1.91% 63 450 - LIB6M GBP GBP 190 877 163 14 March 2016 LIB6M GBP 1.75% -1 914 618 - LIB6M GBP GBP 387 294 925 19 December 2016 LIB6M GBP 1.28% -584 663 - LIB6M GBP GBP 141 627 138 7 September 2017 LIB6M GBP 1.51% -904 855 - LIB6M GBP GBP 27 310 891 8 November 2017 1.71% LIB6M GBP 1 153 865 - LIB6M GBP GBP 18 504 167 11 June 2018 1.10% LIB6M GBP -20 935 - LIB6M GBP GBP 12 490 999 19 June 2018 1.21% LIB6M GBP 64 410 - LIB6M GBP GBP 59 748 883 7 September 2021 2.59% LIB6M GBP 1 116 509 - LIB6M GBP GBP 13 976 151 20 December 2021 2.52% LIB6M GBP 117 686 - LIB6M GBP GBP 32 019 842 1 August 2022 2.96% LIB6M GBP 644 402 - LIB6M GBP GBP 31 751 929 2 August 2022 2.94% LIB6M GBP 593 805 - LIB6M GBP GBP 31 986 120 8 November 2022 LIB6M GBP 2.47% -2 353 409 - LIB6M GBP GBP 7 915 075 10 November 2042 3.21% LIB6M GBP 522 748 - LIB6M GBP GBP 25 863 415 5 August 2052 3.56% LIB6M GBP -39 192 - LIB6M GBP GBP 43 687 100 14 October 2052 3.70% LIB6M GBP 200 840 - LIB6M GBP GBP 35 735 281 3 August 2062 LIB6M GBP 3.10% 151 058 - LIB6M GBP GBP 61 270 315 12 October 2062 LIB6M GBP 3.26% -33 015 - LIB6M JPY JPY 35 498 464 752 6 March 2014 LIB6M JPY 0.35% -416 372 - LIB6M JPY JPY 4 100 854 280 6 December 2021 LIB6M JPY 0.95% 282 326 - LIB6M JPY JPY 4 091 825 225 6 December 2021 LIB6M JPY 0.93% 317 200 - LIB6M JPY JPY 8 213 413 958 14 December 2021 LIB6M JPY 0.93% 659 280 - LIB6M JPY JPY 8 140 631 737 14 December 2021 LIB6M JPY 0.89% 796 909 - LIB6M JPY JPY 2 112 288 632 26 December 2022 LIB6M JPY 0.79% 121 440 - LIB6M JPY JPY 3 248 400 691 19 January 2023 LIB6M JPY 0.78% 247 847 36

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date - LIB6M JPY JPY 4 202 688 364 4 December 2026 1.54% LIB6M JPY -597 654 - LIB6M JPY JPY 4 211 960 216 7 December 2026 1.57% LIB6M JPY -513 474 - LIB6M JPY JPY 8 542 636 784 14 December 2026 2.15% LIB6M JPY -732 125 - LIB6M JPY JPY 8 614 068 275 14 December 2026 2.19% LIB6M JPY -577 976 - LIB6M JPY JPY 11 858 571 663 11 November 2030 2.72% LIB6M JPY -743 062 - LIB6M JPY JPY 9 706 183 923 20 November 2031 2.68% LIB6M JPY -888 140 - LIB6M JPY JPY 4 827 682 977 21 November 2031 2.67% LIB6M JPY -459 334 - LIB6M JPY JPY 4 932 803 187 24 November 2031 2.66% LIB6M JPY -488 541 - LIB6M JPY JPY 7 338 057 491 12 December 2031 2.71% LIB6M JPY -587 393 - LIB6M JPY JPY 1 221 632 494 20 February 2032 2.48% LIB6M JPY -156 342 - LIB6M JPY JPY 2 451 778 683 11 October 2032 2.38% LIB6M JPY -616 766 - LIB6M JPY JPY 13 757 997 020 11 November 2035 LIB6M JPY 2.36% 2 055 635 - LIB6M JPY JPY 11 129 081 506 20 November 2036 LIB6M JPY 2.45% 1 095 582 - LIB6M JPY JPY 5 539 131 768 21 November 2036 LIB6M JPY 2.45% 544 961 - LIB6M JPY JPY 5 607 818 541 24 November 2036 LIB6M JPY 2.44% 572 655 - LIB6M JPY JPY 1 159 014 937 4 December 2036 LIB6M JPY 2.04% 304 815 - LIB6M JPY JPY 1 161 572 208 8 December 2036 LIB6M JPY 2.07% 252 895 - LIB6M JPY JPY 8 415 674 651 12 December 2036 LIB6M JPY 2.51% 666 132 - NDBB3M NZD NZD 34 140 359 13 August 2017 NDBB3M NZD 4.80% -1 582 244 - NDBB3M NZD NZD 45 117 368 26 November 2017 NDBB3M NZD 5.06% -2 484 207 - SONIO/N INDEX GBP 1 179 162 400 28 May 2013 SONIO/N Index 0.37% 224 953 - SONIO/N INDEX GBP 1 179 348 916 17 June 2013 SONIO/N Index 0.31% 604 001 - WIBOR3M PLN PLN 405 788 394 23 April 2014 WIBOR3M PLN 4.83% -1 602 097 DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD 80 710 784 29 June 2022 BBSW6M-AUD 4.34% 132 258 DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD 80 652 178 11 July 2022 BBSW6M-AUD 4.44% -104 957 DEUTSCHE BANK FRANKFURT - IB6M 157 267 050 14 January 2015 IB6M 1.33% -2 958 546 37

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - IB6M 108 445 872 19 October 2015 0.67% IB6M 348 887 DEUTSCHE BANK FRANKFURT - IB6M 52 308 239 7 December 2017 1.40% IB6M 210 409 DEUTSCHE BANK FRANKFURT - IB6M 129 295 212 16 January 2018 2.00% IB6M 7 811 377 DEUTSCHE BANK FRANKFURT - IB6M 41 648 447 14 January 2021 IB6M 2.40% -3 577 100 DEUTSCHE BANK FRANKFURT - IB6M 17 622 286 25 October 2021 2.54% IB6M 383 548 DEUTSCHE BANK FRANKFURT - IB6M 24 870 367 14 November 2021 2.32% IB6M 260 951 DEUTSCHE BANK FRANKFURT - IB6M 82 768 043 16 June 2022 2.55% IB6M 1 047 763 DEUTSCHE BANK FRANKFURT - IB6M 75 837 178 17 May 2027 3.11% IB6M 214 312 DEUTSCHE BANK FRANKFURT - IB6M 37 282 760 17 May 2027 2.99% IB6M -84 215 DEUTSCHE BANK FRANKFURT - IB6M 74 979 018 17 May 2027 3.02% IB6M -59 024 DEUTSCHE BANK FRANKFURT - IB6M 75 293 444 24 May 2027 2.94% IB6M -320 828 DEUTSCHE BANK FRANKFURT - IB6M 37 766 027 24 May 2027 2.97% IB6M -114 489 DEUTSCHE BANK FRANKFURT - IB6M 74 553 426 25 May 2027 2.84% IB6M -623 560 DEUTSCHE BANK FRANKFURT - IB6M 34 702 698 25 October 2027 3.33% IB6M 381 592 DEUTSCHE BANK FRANKFURT - IB6M 173 263 250 17 May 2032 IB6M 2.57% 1 488 074 DEUTSCHE BANK FRANKFURT - IB6M 84 388 547 17 May 2032 IB6M 2.45% 1 067 592 DEUTSCHE BANK FRANKFURT - IB6M 170 019 916 17 May 2032 IB6M 2.49% 1 932 795 DEUTSCHE BANK FRANKFURT - IB6M 85 513 226 24 May 2032 IB6M 2.45% 1 088 630 DEUTSCHE BANK FRANKFURT - IB6M 170 306 434 24 May 2032 IB6M 2.42% 2 350 067 DEUTSCHE BANK FRANKFURT - IB6M 167 537 065 25 May 2032 IB6M 2.33% 2 847 348 DEUTSCHE BANK FRANKFURT - IB6M 80 249 843 25 October 2032 IB6M 2.88% -298 853 DEUTSCHE BANK FRANKFURT - IB6M 121 422 464 12 October 2033 3.00% IB6M 1 221 458 DEUTSCHE BANK FRANKFURT - IB6M 96 188 832 18 May 2037 2.06% IB6M -1 364 758 DEUTSCHE BANK FRANKFURT - IB6M 46 455 074 18 May 2037 1.98% IB6M -781 944 DEUTSCHE BANK FRANKFURT - IB6M 93 798 077 18 May 2037 2.01% IB6M -1 502 072 DEUTSCHE BANK FRANKFURT - IB6M 47 088 113 25 May 2037 1.98% IB6M -791 040 DEUTSCHE BANK FRANKFURT - IB6M 93 818 077 25 May 2037 1.95% IB6M -1 664 611 DEUTSCHE BANK FRANKFURT - IB6M 91 794 308 25 May 2037 1.89% IB6M -1 800 732 DEUTSCHE BANK FRANKFURT - IB6M 45 547 145 23 October 2037 2.61% IB6M 161 226 DEUTSCHE BANK FRANKFURT - IB6M 151 778 545 12 October 2038 IB6M 2.25% 990 413 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 129 915 692 12 January 2015 1.33% LIB6M GBP 2 001 724 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 62 110 336 28 September 2017 1.73% LIB6M GBP 2 697 704 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 61 869 400 5 October 2017 1.70% LIB6M GBP 2 577 104 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 41 010 757 9 November 2017 1.65% LIB6M GBP 1 609 339 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 55 746 461 13 November 2017 1.75% LIB6M GBP 2 487 399 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 105 674 177 10 January 2018 LIB6M GBP 1.80% -5 010 007 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 16 158 994 11 June 2018 1.08% LIB6M GBP -28 034 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 34 188 732 11 January 2021 2.30% LIB6M GBP 2 473 957 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 12 471 929 10 August 2021 2.58% LIB6M GBP 239 622 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 15 989 688 17 March 2022 2.61% LIB6M GBP 97 469 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 68 743 054 29 March 2022 LIB6M GBP 3.36% -3 381 356 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 65 727 167 28 September 2022 LIB6M GBP 2.56% -5 559 710 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 65 486 231 5 October 2022 LIB6M GBP 2.51% -5 183 752 38

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 47 934 645 9 November 2022 LIB6M GBP 2.41% -3 224 254 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 63 972 241 14 November 2022 LIB6M GBP 2.51% -4 993 486 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 17 434 839 5 January 2023 LIB6M GBP 1.96% -232 159 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 25 607 595 11 October 2032 3.88% LIB6M GBP 16 090 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 15 075 713 28 September 2042 3.26% LIB6M GBP 1 201 393 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 14 774 310 6 October 2042 3.20% LIB6M GBP 937 997 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 22 914 041 10 October 2042 3.13% LIB6M GBP 1 031 438 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 11 835 634 10 November 2042 3.18% LIB6M GBP 686 463 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 15 741 310 12 November 2042 3.23% LIB6M GBP 1 134 706 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 40 988 896 6 August 2052 3.51% LIB6M GBP -146 346 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 57 730 695 7 August 2062 LIB6M GBP 3.06% 305 767 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 4 179 568 737 7 December 2022 LIB6M JPY 1.18% 371 248 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 8 948 891 236 7 December 2027 2.38% LIB6M JPY -574 651 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 12 705 612 562 11 November 2030 2.72% LIB6M JPY -749 452 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 6 576 821 918 17 November 2030 2.77% LIB6M JPY -267 281 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 9 923 701 729 24 November 2031 2.67% LIB6M JPY -904 256 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 128 302 322 6 December 2032 2.80% LIB6M JPY -247 639 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 128 302 322 7 December 2032 LIB6M JPY 2.78% 292 834 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 7 602 813 181 7 December 2032 2.78% LIB6M JPY -434 132 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 077 021 085 10 December 2032 2.70% LIB6M JPY -424 081 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 7 587 503 974 13 December 2032 2.69% LIB6M JPY -663 877 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 14 117 348 015 11 November 2035 LIB6M JPY 2.36% 2 145 070 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 7 286 086 470 18 November 2035 LIB6M JPY 2.41% 986 483 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 11 353 168 772 21 November 2036 LIB6M JPY 2.45% 1 114 762 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 11 846 384 392 7 December 2037 LIB6M JPY 2.54% 557 229 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 17 578 315 229 7 December 2037 LIB6M JPY 2.52% 953 984 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 11 672 020 185 10 December 2037 LIB6M JPY 2.42% 978 254 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 17 466 059 498 14 December 2037 LIB6M JPY 2.42% 1 474 512 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 10 103 066 986 8 December 2042 2.37% LIB6M JPY -287 033 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 6 820 644 544 8 December 2042 2.40% LIB6M JPY -149 242 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 6 682 179 808 10 December 2042 2.25% LIB6M JPY -396 469 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 9 995 913 704 11 December 2042 2.26% LIB6M JPY -573 312 DEUTSCHE BANK FRANKFURT - NDBB3M NZD NZD 153 712 080 20 June 2022 NDBB3M NZD 4.43% 18 521 DEUTSCHE BANK FRANKFURT - WI- BOR3M PLN PLN 408 751 256 23 April 2014 WIBOR3M PLN 4.84% -1 665 643 CZK-6M- PRIBOR CZK 1 322 881 216 16 November 2017 CZK-6M- PRIBOR 1.17% -115 623 CZK-6M- PRIBOR CZK 607 547 680 7 March 2022 CZK-6M- PRIBOR 2.71% -1 115 830 JIB3M ZAR ZAR 322 053 351 23 September 2020 9.14% JIB3M ZAR 2 118 429 LIB3M USD USD 58 886 072 16 August 2021 2.34% LIB3M USD -118 321 LIB6M GBP GBP 130 457 101 19 December 2016 LIB6M GBP 1.27% -143 390 LIB6M GBP GBP 83 515 503 10 October 2017 1.63% LIB6M GBP 3 149 071 39

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid LIB6M GBP GBP 27 938 348 30 November 2021 LIB6M GBP 3.25% -1 401 032 LIB6M GBP GBP 46 936 481 3 May 2022 LIB6M GBP 3.22% -1 838 857 LIB6M GBP GBP 53 260 820 4 May 2022 LIB6M GBP 3.24% -2 146 845 LIB6M GBP GBP 97 687 008 10 October 2022 LIB6M GBP 2.43% -6 817 287 LIB6M JPY JPY 5 147 663 719 12 November 2032 2.56% LIB6M JPY -693 097 RBACOR AUD 887 678 159 6 February 2013 RBACOR 2.84% 88 107 WIBOR3M PLN PLN 1 090 558 402 23 May 2014 WIBOR3M PLN 4.63% -4 002 548 WIBOR6M PLN PLN 512 555 621 4 April 2014 WIBOR6M PLN 4.68% -1 857 755 WIBOR6M PLN PLN 185 803 552 27 April 2015 4.77% WIBOR6M PLN 1 376 510 WIBOR6M PLN PLN 148 069 619 30 April 2015 4.77% WIBOR6M PLN 1 098 084 WIBOR6M PLN PLN 349 743 321 12 October 2015 4.94% WIBOR6M PLN 3 544 839 WIBOR6M PLN PLN 211 051 603 2 October 2017 4.90% WIBOR6M PLN 3 466 234 WIBOR6M PLN PLN 126 609 566 13 October 2017 4.97% WIBOR6M PLN 2 192 366 INDEX CAD 62 110 336 24 September 2014 CDOR03 Index 1.60% -167 032 INDEX CAD 139 364 292 15 October 2014 1.46% CDOR03 Index 10 439 INDEX CAD 208 532 473 18 September 2015 1.62% CDOR03 Index 277 720 INDEX CAD 138 645 205 19 September 2015 1.61% CDOR03 Index 157 235 INDEX CAD 138 710 323 24 September 2015 1.54% CDOR03 Index 9 187 INDEX CAD 141 155 033 14 October 2015 CDOR03 Index 1.64% -6 704 INDEX CAD 127 233 767 24 September 2017 2.13% CDOR03 Index 1 995 184 INDEX CAD 62 819 190 25 October 2017 2.18% CDOR03 Index 1 096 594 INDEX CAD 85 812 303 18 September 2018 CDOR03 Index 1.95% -294 287 INDEX CAD 57 191 147 19 September 2018 CDOR03 Index 1.94% -179 544 INDEX CAD 57 042 306 24 September 2018 CDOR03 Index 1.87% -25 777 INDEX CAD 186 145 421 4 September 2019 2.45% CDOR03 Index 47 190 INDEX CAD 57 887 908 23 March 2022 CDOR03 Index 3.40% -1 390 050 INDEX CAD 71 087 296 20 April 2022 CDOR03 Index 3.22% -1 254 782 INDEX CAD 71 116 134 25 April 2022 CDOR03 Index 3.22% -1 247 449 INDEX CAD 40 295 856 1 August 2022 CDOR03 Index 2.72% 28 581 INDEX CAD 68 140 248 24 September 2022 CDOR03 Index 2.78% -2 585 082 INDEX CAD 64 217 828 27 September 2022 2.25% CDOR03 Index 172 560 40

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date INDEX CAD 99 512 168 13 March 2023 2.68% CDOR03 Index 2 756 031 INDEX CAD 32 894 282 20 March 2023 2.96% CDOR03 Index 1 524 395 INDEX CAD 31 083 541 25 September 2023 2.48% CDOR03 Index 194 535 INDEX CAD 30 376 547 25 September 2023 2.47% CDOR03 Index 168 806 INDEX CAD 68 087 224 22 February 2024 2.94% CDOR03 Index 2 079 619 INDEX CAD 75 559 962 18 January 2026 3.14% CDOR03 Index 1 357 181 INDEX CAD 41 734 495 6 September 2027 CDOR03 Index 3.05% 183 390 INDEX CAD 45 107 600 16 February 2032 CDOR03 Index 3.58% -437 440 INDEX CAD 40 154 922 4 October 2032 CDOR03 Index 3.25% 245 743 INDEX CAD 86 849 537 8 November 2032 CDOR03 Index 3.13% 45 644 INDEX CAD 86 849 537 8 November 2032 CDOR03 Index 3.10% 95 459 INDEX CAD 84 025 283 13 December 2032 CDOR03 Index 3.08% 116 018 INDEX CAD 18 155 322 23 September 2033 CDOR03 Index 2.83% -124 964 INDEX CAD 17 580 889 26 September 2033 CDOR03 Index 2.82% -97 331 INDEX CAD 40 008 407 21 February 2034 CDOR03 Index 3.16% -1 606 147 INDEX CAD 60 695 418 16 January 2042 CDOR03 Index 2.11% 650 947 INDEX CAD 44 228 044 13 March 2043 CDOR03 Index 2.89% -1 826 918 INDEX CAD 15 301 299 19 March 2043 CDOR03 Index 3.14% -1 224 537 INDEX CAD 32 980 331 18 January 2046 CDOR03 Index 2.79% -249 299 DEUTSCHE BANK NEW YORK - LIB3M USD USD 176 934 501 23 December 2013 3.49% LIB3M USD 4 120 341 DEUTSCHE BANK NEW YORK - LIB3M USD USD 1 019 591 109 18 November 2015 1.76% LIB3M USD 8 494 136 DEUTSCHE BANK NEW YORK - LIB3M USD USD 126 979 808 18 November 2015 1.43% LIB3M USD 1 688 934 DEUTSCHE BANK NEW YORK - LIB3M USD USD 568 711 859 21 December 2016 1.15% LIB3M USD 343 032 DEUTSCHE BANK NEW YORK - LIB3M USD USD 70 337 511 15 February 2021 LIB3M USD 3.77% -9 533 394 DEUTSCHE BANK NEW YORK - LIB3M USD USD 50 081 673 20 December 2021 2.55% LIB3M USD 200 076 DEUTSCHE BANK NEW YORK - LIB3M USD USD 47 877 434 5 April 2022 3.38% LIB3M USD 1 389 149 DEUTSCHE BANK NEW YORK - LIB3M USD USD 144 720 701 6 April 2022 3.69% LIB3M USD 1 256 440 DEUTSCHE BANK NEW YORK - LIB3M USD USD 155 744 222 4 May 2027 3.66% LIB3M USD 439 964 DEUTSCHE BANK NEW YORK - LIB3M USD USD 37 276 713 6 May 2052 LIB3M USD 3.33% 51 711 41

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 56 645 087 18 June 2018 3.34% NDBB3M NZD 193 430 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 80 771 251 11 December 2019 4.24% NDBB3M NZD -33 310 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 19 486 982 13 December 2027 NDBB3M NZD 4.39% 63 562 DEUTSCHE BANK SINGAPORE - KWCDC- 3M KRW KRW 38 549 125 789 9 August 2021 KWCDC- 3M KRW 3.02% 246 087 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 71 087 296 20 April 2022 CDOR03 Index 3.23% -1 253 905 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 36 792 516 17 September 2022 2.76% CDOR03 Index 1 343 652 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 38 002 777 20 March 2023 2.96% CDOR03 Index 1 751 552 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 16 458 071 17 September 2042 CDOR03 Index 3.02% -1 017 623 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 17 035 760 19 March 2043 CDOR03 Index 3.16% -1 416 566 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 27 340 660 8 November 2017 1.70% LIB6M GBP 1 104 463 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 32 015 656 8 November 2022 LIB6M GBP 2.46% -2 232 066 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 7 929 959 10 November 2042 3.21% LIB6M GBP 495 603 HSBC LONDON - CDOR03 INDEX CAD 72 799 896 9 February 2022 CDOR03 Index 3.29% -1 551 131 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 690 870 620 12 November 2021 PRIBOR 1.84% -187 769 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 674 669 299 13 November 2021 PRIBOR 1.85% -195 459 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 414 111 851 20 December 2021 PRIBOR 1.63% 68 079 HSBC LONDON - IB6M 107 602 596 21 September 2015 IB6M 0.72% -481 669 HSBC LONDON - IB6M 108 546 805 28 September 2015 IB6M 0.61% -251 425 HSBC LONDON - IB6M 41 384 254 17 October 2016 0.93% IB6M 352 074 HSBC LONDON - IB6M 44 654 101 20 September 2018 1.40% IB6M 893 300 HSBC LONDON - IB6M 44 461 538 26 September 2018 1.29% IB6M 622 274 HSBC LONDON - IB6M 23 381 029 9 August 2022 2.68% IB6M 376 431 HSBC LONDON - IB6M 29 280 241 21 October 2052 3.02% IB6M 334 144 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 22 675 956 347 16 August 2021 3M KRW 3.01% 157 378 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 35 129 759 113 1 November 2021 3M KRW 3.10% 168 539 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 40 411 448 391 8 August 2022 3M KRW 3.06% 314 292 HSBC LONDON - LIB3M USD USD 149 753 845 30 May 2016 1.19% LIB3M USD 1 269 125 HSBC LONDON - LIB3M USD USD 75 123 673 6 November 2018 1.69% LIB3M USD 93 552 HSBC LONDON - LIB3M USD USD 71 790 104 24 August 2020 2.51% LIB3M USD 528 525 HSBC LONDON - LIB3M USD USD 71 241 719 14 September 2020 2.39% LIB3M USD 236 241 HSBC LONDON - LIB3M USD USD 155 269 792 3 May 2027 3.67% LIB3M USD 68 317 HSBC LONDON - LIB3M USD USD 77 042 324 3 May 2027 3.61% LIB3M USD -101 149 HSBC LONDON - LIB3M USD USD 162 137 400 8 November 2029 LIB3M USD 3.42% 146 715 42

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - LIB3M USD USD 37 632 071 3 May 2052 LIB3M USD 3.33% 618 727 HSBC LONDON - LIB3M USD USD 18 371 606 3 May 2052 LIB3M USD 3.28% 416 538 HSBC LONDON - LIB6M GBP GBP 642 405 265 17 November 2015 LIB6M GBP 1.97% -8 283 926 HSBC LONDON - LIB6M GBP GBP 61 041 473 2 May 2016 1.76% LIB6M GBP 1 255 899 HSBC LONDON - LIB6M GBP GBP 149 753 845 27 May 2016 LIB6M GBP 1.43% -1 815 755 HSBC LONDON - LIB6M GBP GBP 142 733 211 7 September 2017 LIB6M GBP 1.51% -778 551 HSBC LONDON - LIB6M GBP GBP 18 707 893 9 August 2021 2.58% LIB6M GBP 332 488 HSBC LONDON - LIB6M GBP GBP 59 748 883 7 September 2021 2.58% LIB6M GBP 949 490 HSBC LONDON - LIB6M GBP GBP 27 938 348 30 November 2021 LIB6M GBP 3.15% -1 191 805 HSBC LONDON - LIB6M GBP GBP 26 964 837 2 May 2022 LIB6M GBP 3.24% -1 034 923 HSBC LONDON - LIB6M GBP GBP 53 337 101 3 May 2022 LIB6M GBP 3.23% -2 021 767 HSBC LONDON - LIB6M GBP GBP 48 159 301 5 July 2022 3.00% LIB6M GBP 1 050 528 HSBC LONDON - LIB6M GBP GBP 25 978 766 1 August 2022 2.96% LIB6M GBP 469 110 HSBC LONDON - LIB6M GBP GBP 44 712 241 1 August 2022 2.98% LIB6M GBP 840 314 HSBC LONDON - LIB6M GBP GBP 45 225 277 30 March 2032 3.96% LIB6M GBP 343 805 HSBC LONDON - LIB6M GBP GBP 53 040 814 3 May 2032 3.95% LIB6M GBP 336 411 HSBC LONDON - LIB6M GBP GBP 40 318 182 11 October 2032 3.86% LIB6M GBP -204 370 HSBC LONDON - LIB6M GBP GBP 115 398 133 11 May 2037 3.84% LIB6M GBP -304 041 HSBC LONDON - LIB6M JPY JPY 4 676 911 432 9 November 2032 2.59% LIB6M JPY -617 713 HSBC LONDON - LIB6M JPY JPY 4 951 872 019 14 December 2032 2.76% LIB6M JPY -387 977 HSBC LONDON - NIBOR6M NOK NOK 158 981 045 12 June 2018 NIBOR6M NOK 2.52% -32 240 HSBC LONDON - STIB3M SEK SEK 726 927 304 20 May 2020 STIB3M SEK 3.82% -6 672 334 JP MORGAN LONDON - CDOR03 INDEX CAD 186 516 128 21 December 2013 CDOR03 Index 3.44% -2 899 156 JP MORGAN LONDON - JIB3M ZAR ZAR 152 656 706 14 September 2021 8.98% JIB3M ZAR 676 899 KWCDC- JP MORGAN LONDON - KWCDC-3M KRW KRW 38 547 858 316 9 August 2021 3M KRW 3.02% 269 446 JP MORGAN LONDON - LIB6M GBP GBP 18 141 834 9 August 2021 2.56% LIB6M GBP 316 806 JP MORGAN LONDON - WIBOR3M PLN PLN 491 546 742 21 February 2014 WIBOR3M PLN 4.59% -1 547 031 JP MORGAN LONDON - WIBOR3M PLN PLN 497 479 908 28 March 2014 WIBOR3M PLN 4.70% -1 825 148 JP MORGAN LONDON - WIBOR3M PLN PLN 994 958 887 31 March 2014 WIBOR3M PLN 4.70% -3 678 856 JP MORGAN LONDON - WIBOR3M PLN PLN 500 495 795 23 April 2014 WIBOR3M PLN 4.84% -2 048 742 JP MORGAN LONDON - WIBOR3M PLN PLN 499 800 429 28 April 2014 WIBOR3M PLN 4.77% -1 977 895 JP MORGAN LONDON - WIBOR3M PLN PLN 538 924 629 22 February 2016 4.79% WIBOR3M PLN 1 924 498 JP MORGAN LONDON - WIBOR6M PLN PLN 165 822 605 20 May 2015 4.80% WIBOR6M PLN 1 293 677 JP MORGAN LONDON - WIBOR6M PLN PLN 331 652 652 29 June 2015 4.81% WIBOR6M PLN 2 859 200 JP MORGAN LONDON - WIBOR6M PLN PLN 306 168 316 1 December 2015 5.10% WIBOR6M PLN 2 772 298 JP MORGAN LONDON - WIBOR6M PLN PLN 271 352 593 25 April 2016 4.94% WIBOR6M PLN 2 182 072 JP MORGAN LONDON - WIBOR6M PLN PLN 270 976 305 26 April 2016 4.88% WIBOR6M PLN 2 091 714 JP MORGAN LONDON - WIBOR6M PLN PLN 105 526 267 28 June 2017 4.89% WIBOR6M PLN 1 681 979 JP MORGAN LONDON - WIBOR6M PLN PLN 63 316 876 26 September 2017 4.92% WIBOR6M PLN 1 058 018 MORGAN STANLEY CIE INTERNATIONAL LONDON - CDOR03 INDEX CAD 57 975 817 20 December 2021 CDOR03 Index 2.68% -122 448 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 382 915 749 14 November 2016 IB6M 0.95% -1 280 952 43

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 287 039 018 16 November 2020 2.22% IB6M 2 858 121 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 185 245 399 14 November 2022 IB6M 2.91% -507 244 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 397 444 007 7 December 2017 NIBOR6M NOK 2.94% -35 729 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 158 981 045 13 June 2018 NIBOR6M NOK 2.53% -47 343 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 157 982 881 18 June 2018 NIBOR6M NOK 2.60% -114 591 UBS AG LONDON - BBSW6M-AUD AUD 44 270 835 15 September 2021 BBSW6M-AUD 5.36% -1 515 269 UBS AG LONDON - BBSW6M-AUD AUD 58 010 237 15 September 2026 5.66% BBSW6M-AUD 1 067 102 UBS AG LONDON - CDOR03 INDEX CAD 180 023 878 19 December 2013 2.67% CDOR03 Index 1 753 173 UBS AG LONDON - CDOR03 INDEX CAD 110 291 033 14 August 2016 CDOR03 Index 4.24% -4 074 638 UBS AG LONDON - CDOR03 INDEX CAD 27 340 194 14 August 2024 5.27% CDOR03 Index 4 808 945 UBS AG LONDON - LIB3M CHF CHF 88 685 860 20 May 2020 2.87% LIB3M CHF 7 352 485 UBS AG LONDON - LIB3M USD USD 101 490 821 18 August 2016 4.85% LIB3M USD 6 213 154 UBS AG LONDON - LIB3M USD USD 24 651 758 18 August 2024 LIB3M USD 4.94% -4 418 134 UBS AG LONDON - LIB6M CHF CHF 95 619 516 6 January 2017 0.85% LIB6M CHF 1 433 296 UBS AG LONDON - LIB6M CHF CHF 69 899 826 20 August 2020 LIB6M CHF 2.26% -3 506 290 UBS AG LONDON - LIB6M CHF CHF 150 260 369 17 September 2020 2.63% LIB6M CHF 10 320 511 UBS AG LONDON - LIB6M CHF CHF 33 468 714 8 September 2021 2.28% LIB6M CHF 1 301 941 UBS AG LONDON - LIB6M CHF CHF 132 265 516 30 November 2021 2.17% LIB6M CHF 4 730 238 UBS AG LONDON - LIB6M CHF CHF 30 034 213 8 January 2024 LIB6M CHF 1.58% -998 950 UBS AG LONDON - LIB6M CHF CHF 177 621 959 17 September 2025 LIB6M CHF 2.66% -5 147 099 UBS AG LONDON - LIB6M CHF CHF 146 348 647 30 November 2026 LIB6M CHF 2.23% -1 331 207 UBS AG LONDON - LIB6M GBP GBP 90 451 484 4 April 2022 LIB6M GBP 3.88% -1 539 831 UBS AG LONDON - LIB6M JPY JPY 11 613 188 068 27 July 2020 LIB6M JPY 1.69% -4 818 400 UBS AG LONDON - LIB6M JPY JPY 10 094 656 551 13 October 2026 1.94% LIB6M JPY 2 339 349 UBS AG LONDON - LIB6M JPY JPY 28 980 598 675 26 July 2030 2.65% LIB6M JPY -2 366 064 UBS AG LONDON - LIB6M JPY JPY 18 061 322 231 26 July 2040 LIB6M JPY 2.15% 2 043 716 UBS LONDON - BBSW3M-AUD AUD 284 504 073 5 December 2013 BBSW3M-AUD 2.98% -399 653 UBS LONDON - BBSW6M-AUD AUD 158 811 273 29 January 2015 BBSW6M-AUD 4.16% -3 013 559 UBS LONDON - BBSW6M-AUD AUD 67 799 775 29 January 2018 4.59% BBSW6M-AUD 3 143 321 UBS LONDON - IB6M 162 048 560 21 September 2015 IB6M 0.72% -785 871 UBS LONDON - IB6M 101 360 585 23 September 2015 IB6M 0.68% -411 563 UBS LONDON - IB6M 108 717 041 19 October 2015 0.66% IB6M 366 702 UBS LONDON - IB6M 59 898 654 21 October 2015 0.72% IB6M 273 213 UBS LONDON - IB6M 66 175 550 20 September 2018 1.40% IB6M 1 429 044 UBS LONDON - IB6M 41 265 182 24 September 2018 1.36% IB6M 797 143 UBS LONDON - IB6M 34 702 698 25 October 2027 3.30% IB6M 358 405 UBS LONDON - IB6M 80 792 182 25 October 2032 IB6M 2.85% -275 720 UBS LONDON - IB6M 45 547 145 26 October 2037 2.59% IB6M 158 958 UBS LONDON - IB6M 44 345 256 22 October 2042 2.60% IB6M 430 860 44

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) received paid Type* Counterparty - Underlying Nominal Maturity date KWCDC- UBS LONDON - KWCDC-3M KRW KRW 34 013 934 520 9 August 2021 3M KRW 2.99% 261 224 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 33 916 634 963 23 August 2021 3M KRW 3.12% 122 386 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 33 647 230 325 17 October 2022 3M KRW 3.11% 247 838 UBS LONDON - LIB3M USD USD 193 851 188 21 December 2016 1.14% LIB3M USD 93 800 UBS LONDON - LIB3M USD USD 66 197 876 11 April 2018 0.96% LIB3M USD 80 921 UBS LONDON - LIB3M USD USD 159 638 270 13 April 2020 LIB3M USD 1.41% -369 899 UBS LONDON - LIB3M USD USD 49 114 208 20 December 2021 2.55% LIB3M USD 90 485 UBS LONDON - LIB3M USD USD 34 695 721 1 August 2022 2.79% LIB3M USD 86 069 UBS LONDON - LIB3M USD USD 80 908 929 11 April 2023 1.92% LIB3M USD 218 020 UBS LONDON - LIB3M USD USD 41 588 910 21 October 2052 LIB3M USD 2.94% 92 584 UBS LONDON - LIB6M CHF CHF 69 875 174 27 September 2032 LIB6M CHF 1.72% 161 429 UBS LONDON - LIB6M GBP GBP 60 448 900 2 May 2016 1.74% LIB6M GBP 1 263 242 UBS LONDON - LIB6M GBP GBP 46 936 481 3 May 2022 LIB6M GBP 3.22% -1 790 444 UBS LONDON - LIB6M GBP GBP 85 974 632 28 June 2022 2.88% LIB6M GBP 1 366 212 UBS LONDON - LIB6M JPY JPY 9 698 191 173 13 October 2021 LIB6M JPY 1.56% -2 098 469 UBS LONDON - LIB6M JPY JPY 4 056 624 375 17 December 2021 LIB6M JPY 0.95% 296 487 UBS LONDON - LIB6M JPY JPY 4 357 115 345 17 December 2026 2.22% LIB6M JPY -244 089 UBS LONDON - LIB6M JPY JPY 5 208 594 492 27 November 2031 2.72% LIB6M JPY -402 657 UBS LONDON - LIB6M JPY JPY 5 207 130 270 28 November 2031 2.70% LIB6M JPY -454 249 UBS LONDON - LIB6M JPY JPY 2 750 870 084 13 October 2036 LIB6M JPY 2.11% 384 616 UBS LONDON - LIB6M JPY JPY 5 842 280 942 27 November 2036 LIB6M JPY 2.50% 507 684 UBS LONDON - LIB6M JPY JPY 5 840 640 437 28 November 2036 LIB6M JPY 2.47% 556 983 UBS LONDON - STIB3M SEK SEK 548 665 794 21 October 2015 STIB3M SEK 1.39% -88 682 UBS LONDON - WIBOR3M PLN PLN 497 609 214 22 October 2013 WIBOR3M PLN 5.06% -1 364 058 UBS LONDON - WIBOR3M PLN PLN 485 874 977 22 February 2014 WIBOR3M PLN 4.56% -1 510 190 UBS LONDON - WIBOR3M PLN PLN 512 555 621 10 April 2014 WIBOR3M PLN 4.87% -2 104 031 UBS LONDON - WIBOR6M PLN PLN 146 596 095 27 April 2015 4.81% WIBOR6M PLN 1 120 904-35 951 762 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANK OF AMERICA NY - RE- PUBLIC OF HUNGARY USD SEN Purchases USD 740 000 20 March 2018 1.00% 48 448 BANK OF AMERICA NY - WEYHSER Purchases USD 500 000 20 June 2017 1.00% -1 196 BARCLAYS BANK PLC - ABX HE PENAAA 06-1 INDEX Sales USD 769 676 25 July 2045 0.18% -136 526 BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD 441 250 20 September 2017 1.00% 49 611 BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD 882 500 20 September 2017 1.00% 102 058 45

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - AVIS BUDGET CAR RENTAL USD SEN Purchases USD 1 300 000 20 September 2017 5.00% -42 552 BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD 500 000 20 December 2016 1.00% -3 484 BARCLAYS BANK PLC - BOEING CO USD SEN Purchases USD 7 100 000 20 December 2017 1.00% -127 831 BARCLAYS BANK PLC - BOM- BARDIER INC USD SEN Sales USD 500 000 20 June 2016 1.00% -24 435 BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Purchases USD 6 500 000 20 December 2016 5.00% 555 237 BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Sales USD 6 500 000 20 December 2017 5.00% -788 129 BARCLAYS BANK PLC - BP PLC Purchases 350 000 20 June 2015 1.00% -6 307 BARCLAYS BANK PLC - CMBX.NA.AAA.5 ISSUER Purchases USD 4 499 861 15 February 2051 0.35% 128 250 BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD 4 000 000 12 October 2052 0.84% 255 016 BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD 4 000 000 14 October 2052 0.84% 255 016 BARCLAYS BANK PLC - CMBX.NA.AJ.2 ISSUER Purchases USD 4 000 000 15 March 2049 1.09% 531 066 BARCLAYS BANK PLC - CMBX.NA.AJ.3 ISSUER Purchases USD 12 450 000 13 December 2049 1.47% 2 949 306 BARCLAYS BANK PLC - CMBX.NA.AJ.4 ISSUER Purchases USD 1 825 000 17 February 2051 0.96% 447 732 BARCLAYS BANK PLC - CMBX.NA.AJ.5 ISSUER Purchases USD 3 450 000 15 February 2051 0.98% 819 965 BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA Sales 2 425 000 21 September 2015 5.00% -458 059 BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA SEN Sales 600 000 21 September 2015 5.00% -113 334 BARCLAYS BANK PLC - CVS CAREMARK CORP USD SEN Purchases USD 1 000 000 20 March 2017 1.00% -20 539 BARCLAYS BANK PLC - DIX- ONS RET Purchases 600 000 20 March 2017 5.00% -24 467 BARCLAYS BANK PLC - DIXONS RETAIL PLC SEN Purchases 1 800 000 20 March 2017 5.00% -73 400 BARCLAYS BANK PLC - EDF Purchases 1 945 000 20 June 2017 1.00% -1 229 BARCLAYS BANK PLC - EXPE- DIA INC USD SEN Purchases USD 5 000 000 20 March 2017 1.00% 73 987 BARCLAYS BANK PLC - GOODRICH Purchases USD 7 930 000 20 September 2017 1.00% -246 427 BARCLAYS BANK PLC - MARKIT ABX.HE.AAA 06-2 USD Sales USD 42 517 899 25 May 2046 0.11% -10 817 636 BARCLAYS BANK PLC - MARKIT ITRAXX ASIA EX JAPAN I USD Purchases USD 900 000 20 December 2017 1.00% 4 183 BARCLAYS BANK PLC - MARKIT ITRX SNR FIN 06/17 Purchases 6 000 000 20 June 2017 1.00% 133 067 46

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - MARKIT ITRX SUB FIN 06/17 Purchases 1 875 000 20 June 2017 5.00% -194 318 BARCLAYS BANK PLC - MARKIT ITRX XOVER 12/17 Purchases 1 800 000 20 December 2017 5.00% -13 501 BARCLAYS BANK PLC - MARKIT ITRX OPE 12/17 Sales 9 000 000 20 December 2017 1.00% -74 264 BARCLAYS BANK PLC - MOTOROLA SOLUTIONS INC USD SEN Purchases USD 3 750 000 20 March 2017 1.00% -27 856 BARCLAYS BANK PLC - NEXT PLC Purchases 2 310 000 20 September 2017 1.00% -2 002 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases 4 975 000 20 December 2016 5.00% 518 651 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases 200 000 20 December 2016 5.00% 18 673 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales 4 975 000 20 December 2017 5.00% -750 037 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales 200 000 20 December 2017 5.00% -27 879 BARCLAYS BANK PLC - PER- NOD RIC Purchases 500 000 20 March 2015 1.00% -7 399 BARCLAYS BANK PLC - PHILIP- PINES Sales USD 900 000 20 December 2017 1.00% 616 BARCLAYS BANK PLC - POR- TUGAL REPUBLIC SENIOR USD Purchases USD 2 500 000 20 June 2016 1.00% 165 546 BARCLAYS BANK PLC - RALLYE SA SEN Purchases 6 100 000 20 December 2016 5.00% -248 923 BARCLAYS BANK PLC - RALLYE SA SEN Sales 6 100 000 20 December 2019 5.00% -120 509 BARCLAYS BANK PLC - REN- TOKIL INITIAL PL Purchases 200 000 20 June 2017 1.00% 2 609 BARCLAYS BANK PLC - REP. OF AUSTRIA USD SPREAD- CURVE Purchases USD 1 250 000 20 September 2016 1.00% -25 159 BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Purchases USD 1 400 000 20 December 2017 1.00% -19 718 BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Sales USD 2 700 000 20 December 2017 1.00% 38 028 BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD 900 000 20 December 2017 1.00% 8 897 BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD 900 000 20 December 2017 1.00% 8 897 BARCLAYS BANK PLC - RE- PUBLIC OF KOREA USD SEN Purchases USD 2 900 000 20 December 2017 1.00% -41 294 BARCLAYS BANK PLC - RE- PUBLIC OF SOUTH AFRICA Purchases USD 1 300 000 20 September 2017 1.00% 15 127 BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 1 825 000 20 June 2017 5.00% -49 494 47

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 3 746 250 20 September 2017 5.00% -81 541 BARCLAYS BANK PLC - SOCGEN SENIOR Purchases 3 000 000 20 June 2017 3.00% -186 415 BARCLAYS BANK PLC - SPAIN Purchases USD 1 500 000 20 June 2017 1.00% 80 198 BARCLAYS BANK PLC - STATE OF QATAR USD SEN Purchases USD 800 000 20 December 2017 1.00% -6 944 BARCLAYS BANK PLC - SWE- DEN Purchases USD 2 500 000 20 March 2017 0.25% -10 389 BARCLAYS BANK PLC - SWE- DEN Purchases USD 2 500 000 20 December 2017 0.25% -6 242 BARCLAYS BANK PLC - SWE- DEN Purchases USD 2 000 000 20 September 2020 0.25% 10 370 BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING Sales 500 000 20 December 2017 1.00% 2 283 BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING USD Purchases 500 000 20 December 2017 1.00% -905 BARCLAYS BANK PLC - TESCO PLC SEN Sales 1 800 000 20 September 2017 1.00% 15 712 BARCLAYS BANK PLC - USA GOVERNMENT Purchases 1 500 000 22 March 2021 0.25% 31 563 BARCLAYS BANK PLC - VOL- VO AB Purchases 3 000 000 20 December 2015 1.00% -11 597 BARCLAYS BANK PLC - VOL- VO AB Purchases 2 700 000 20 March 2017 1.00% 27 241 BARCLAYS BANK PLC - VW Sales 3 000 000 20 December 2015 1.00% 43 656 BARCLAYS BANK PLC - WELLS FARGO COMPANY Purchases USD 500 000 20 September 2015 1.00% -5 725 BARCLAYS BANK PLC - WIND ACQUISITION FIN SA Sales 615 000 20 December 2016 5.00% -54 164 BARCLAYS BANK PLC - WOORI BANK USD SEN Purchases USD 500 000 20 March 2017 1.00% 8 758 BNP PARIBAS LONDON - HBOS PLC SUB Purchases 1 000 000 20 December 2016 5.00% -121 794 BNP PARIBAS LONDON - KBC IFIMA NV SEN Purchases 600 000 21 March 2016 5.00% -42 826 BNP PARIBAS LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD 1 580 000 20 March 2018 1.00% 97 783 BNP PARIBAS LONDON - REPUBLIC OF IRELAND Purchases USD 1 400 000 22 June 2015 1.00% 11 325 BNP PARIBAS LONDON - REPUBLIC OF ITALY USD SEN Purchases USD 1 400 000 20 December 2017 1.00% 86 606 BNP PARIBAS LONDON - ROYAL BK OF SCOTLAND PLC GBP SUB Purchases 500 000 21 December 2015 5.00% -41 566 CREDIT SUISSE INTERNA- TIONAL LONDON - ACE INA HOLDINGS Purchases USD 2 000 000 20 June 2014 1.30% -25 226 48

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - BANK OF INDIA LONDON USD SEN Sales USD 450 000 20 September 2018 1.00% -28 351 CREDIT SUISSE INTERNA- TIONAL LONDON - BOM- BARDIER INC USD SEN Sales USD 500 000 20 June 2016 1.00% -24 689 CREDIT SUISSE INTERNA- TIONAL LONDON - CHUBB CORP Purchases USD 2 000 000 20 June 2014 1.15% -22 248 CREDIT SUISSE INTERNA- TIONAL LONDON - GAZ- PROM INTL Purchases USD 1 000 000 20 September 2014 3.96% -44 190 CREDIT SUISSE INTERNA- TIONAL LONDON - HANA BANK USD SUB Purchases USD 300 000 20 September 2016 1.00% -1 220 CREDIT SUISSE INTERNA- TIONAL LONDON - ITXEU516 ISSUER Purchases 10 000 000 20 December 2016 5.00% -911 893 CREDIT SUISSE INTERNA- TIONAL LONDON - JONES GROUP INC USD SEN Purchases USD 955 000 20 September 2017 5.00% -22 292 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF FRANCE Purchases USD 500 000 20 December 2016 0.25% 5 649 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD 1 580 000 20 March 2018 1.00% 100 233 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD 1 500 000 22 June 2015 1.00% 10 499 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD 2 020 000 20 March 2018 1.00% 86 940 CREDIT SUISSE INTERNA- TIONAL LONDON - SAKS IN- CORPORATED USD SEN Sales USD 955 000 20 September 2017 5.00% 54 930 CREDIT SUISSE INTERNA- TIONAL LONDON - SANT ID Purchases 1 000 000 20 March 2015 3.00% -27 690 CREDIT SUISSE INTERNA- TIONAL LONDON - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 375 000 20 September 2017 5.00% -7 105 CREDIT SUISSE INTERNA- TIONAL LONDON - SHINHAN BANK USD SUB Purchases USD 580 000 20 September 2016 1.00% -7 063 CREDIT SUISSE INTERNA- TIONAL LONDON - UNITED KINGDOM ENGLAND Purchases USD 6 200 000 20 December 2017 1.00% -139 887 CREDIT SUISSE INTERNA- TIONAL LONDON - WOORI BANK USD SUB Purchases USD 400 000 20 September 2016 1.00% -1 054 AKZO NOBEL SRUNSEC Purchases 650 000 20 December 2015 1.00% -10 389 BANCO SANTANDER Purchases 618 406 18 January 2050 2.63% 32 572 49

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANCO SANTANDER Purchases 618 406 18 January 2050 3.00% 17 107 BANCO SANTANDER Purchases 618 406 18 January 2050 2.70% 29 636 BANCO SANTANDER Purchases 1 546 014 18 January 2050 2.10% 137 085 BANCO SANTANDER Purchases 655 885 18 January 2050 3.65% -10 099 BANCO SANTANDER Purchases 618 406 18 January 2050 3.75% -14 333 BANCO SANTANDER Purchases 618 406 18 January 2050 4.50% -45 773 BANCO SANTANDER Purchases 618 406 18 January 2050 4.60% -49 965 BANCO SANTANDER Purchases 618 406 18 January 2050 4.69% -53 737 BANCO SANTANDER Purchases 1 236 811 18 January 2050 4.55% -95 737 BANK OF CHINA USD SEN Purchases USD 1 000 000 20 December 2016 1.00% -6 268 BP PLC Sales 350 000 20 December 2015 1.00% 6 644 CMBX.NA.AAA.3 ISSUER Purchases USD 2 500 000 13 December 2049 0.08% 81 535 CMBX.NA.AAA.5 ISSUER Purchases USD 3 749 884 15 February 2051 0.35% 106 903 CMBX.NA.AJ.2 ISSUER Purchases USD 2 000 000 15 March 2049 1.09% 265 579 CMBX.NA.AJ.4 ISSUER Purchases USD 5 500 000 17 February 2051 0.96% 1 349 441 CMBX.NA.AM ISSUER Purchases USD 4 000 000 12 October 2052 0.50% 115 250 COMPASS GROUP PLC SEN Purchases 1 000 000 20 December 2019 1.00% -29 029 EDF Purchases 1 945 000 20 June 2017 1.00% 204 EXPEDIA Purchases USD 3 650 000 20 December 2017 1.00% 105 916 EXPEDIA INC USD SEN Purchases USD 2 000 000 20 March 2017 1.00% 25 388 EXPERIAN FIN Purchases 150 000 20 December 2014 0.60% -1 375 EXPERIAN FIN Purchases 200 000 20 June 2015 1.00% -4 065 GEORGIA-PACIFIC LLC USD SEN Sales USD 500 000 20 June 2017 1.00% 1 469 GOODRICH Purchases USD 4 150 000 20 December 2017 1.00% -136 339 INTESA SENIOR UNSECURED Purchases 800 000 20 March 2014 3.00% -15 085 50

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps JAPAN GOVERNMENT SR USD Purchases USD 300 000 20 June 2019 1.00% 1 112 JC PENNEY SENIOR USD Purchases USD 1 000 000 20 December 2016 1.00% 184 120 JPM Purchases 940 000 21 December 2015 1.00% -11 808 MARKIT ABX.HE.AAA 06-2 USD Sales USD 34 658 263 25 May 2046 0.11% -8 813 089 MARKIT ITRX SNR FIN 06/17 Purchases 54 650 000 20 June 2017 1.00% 1 212 241 MARKIT ITRX JAPAN 12/17 JPY Purchases JPY 215 000 000 20 December 2017 1.00% 53 214 MARKIT ITRX JAPAN 12/17 JPY Purchases JPY 656 000 000 20 March 2018 1.00% 162 365 NEXT PLC Purchases 1 925 000 20 June 2017 1.00% -8 226 NOKIA OYJ USD ISSUE Purchases USD 2 950 000 20 June 2017 1.00% 437 734 PANASONIC CORP JPY SEN Purchases JPY 281 750 000 20 September 2017 1.00% 132 454 PANASONIC CORP JPY SEN Purchases JPY 120 750 000 20 March 2018 1.00% 65 962 PPR SEN Purchases 2 425 000 20 September 2017 1.00% 6 826 PPR SEN Purchases 4 850 000 20 December 2017 1.00% 26 118 RENAULT S.A. SEN Purchases 350 000 20 December 2013 1.00% -2 601 REPUBLIC OF SOUTH AFRICA Purchases USD 1 300 000 20 September 2017 1.00% 16 585 RUSSIAN FEDERATION Purchases USD 1 000 000 20 September 2017 1.00% 8 073 SANT ID Purchases 2 000 000 20 December 2014 1.00% 27 099 SANTANDER INTL DEBT SA SEN Purchases 1 100 000 21 March 2016 3.00% -27 736 SONY CORPORATION JPY SEN Purchases JPY 241 500 000 20 September 2017 1.00% 188 620 SONY CORPORATION JPY SEN Purchases JPY 161 000 000 20 March 2018 1.00% 148 694 SPAIN Purchases USD 25 000 000 20 June 2017 1.00% 1 331 956 SWEDEN Purchases USD 1 750 000 20 March 2017 0.25% -7 270 SWISS RE AMERICA HOLDING Sales 500 000 20 December 2017 1.00% 3 254 SWISS RE AMERICA HOLD- ING USD Purchases 500 000 20 December 2017 1.00% -905 51

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date TESCO PLC SEN Sales 6 775 000 20 June 2017 1.00% 73 011 UNITED KINGDOM ENGLAND Purchases USD 6 000 000 20 September 2017 1.00% -134 635 UNITED KINGDOM ENGLAND Purchases USD 12 400 000 20 December 2017 1.00% -283 504 UNITED KINGDOM ENGLAND Purchases USD 6 200 000 20 December 2017 0.25% 31 566 VOLVO AB Purchases 2 000 000 20 December 2015 1.00% -7 674 VW Sales 2 000 000 20 December 2015 1.00% 32 291 DEUTSCHE BANK NEW YORK - ALLSTATE Purchases USD 1 000 000 20 September 2014 1.00% -9 800 DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD 2 000 000 20 March 2020 1.00% -52 715 GOLDMAN INTERNATIONAL - REPUBLIC OF IRELAND Purchases USD 1 700 000 22 June 2015 1.00% 13 212 HSBC LONDON - ABBEY NATL Purchases 300 000 20 June 2014 1.00% 1 918 HSBC LONDON - DEUTSCHE BANK AG SUB Purchases 920 000 21 March 2016 3.00% -57 353 HSBC LONDON - JAPAN GOV- ERNMENT SR USD Sales USD 1 400 000 20 June 2015 1.00% 16 032 HSBC LONDON - JAPAN GOV- ERNMENT SR USD Purchases USD 1 000 000 20 June 2020 1.00% 10 609 HSBC LONDON - KINGFISH- ER PLC Purchases 400 000 20 June 2015 1.00% -4 055 HSBC LONDON - MARKIT ITRX XOVER 12/17 Purchases 450 000 20 December 2017 5.00% -3 108 HSBC LONDON - REPUBLIC OF FRANCE Purchases USD 500 000 20 December 2016 0.25% 6 532 HSBC LONDON - REPUBLIC OF IRELAND Purchases USD 2 800 000 22 June 2015 1.00% 21 760 HSBC LONDON - REPUBLIC OF ITALY USD SEN Purchases USD 1 400 000 20 December 2017 1.00% 87 098 HSBC LONDON - RUSSIAN FEDERATION Purchases USD 1 500 000 20 June 2014 1.00% -9 325 HSBC LONDON - RUSSIAN FEDERATION Purchases USD 1 250 000 20 June 2017 1.00% 8 102 HSBC LONDON - SIEMENS Purchases 400 000 20 March 2017 1.00% -8 622 HSBC LONDON - SWEDEN Purchases USD 2 600 000 20 December 2017 0.25% -5 922 HSBC LONDON - THE NETHER- LANDS Purchases USD 3 750 000 20 June 2017 0.25% 17 496 HSBC LONDON - US TREASURY N/B SEN Purchases 1 200 000 21 June 2021 0.25% 25 768 JP MORGAN LONDON - AB- BEY NATL Sales 300 000 20 June 2014 1.00% -1 909 JP MORGAN LONDON - BAT INTL FINANCE PLC SEN Purchases 450 000 21 June 2021 1.00% -11 011 JP MORGAN LONDON - DEUTSCHE BANK AG SUB Purchases 960 000 21 March 2016 1.00% -1 173 52

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date JP MORGAN LONDON - EX- PERIAN FIN Purchases 1 000 000 20 September 2018 1.00% -29 164 JP MORGAN LONDON - KBC IFIMA NV SEN Purchases 600 000 21 December 2015 5.00% -43 107 JP MORGAN LONDON - KBC IFIMA NV SEN Purchases 250 000 21 March 2016 5.00% -17 844 JP MORGAN LONDON - MARKIT ABX.HE.AAA 06-2 USD Sales USD 469 024 25 May 2046 0.11% -118 948 JP MORGAN LONDON - PEAR- SON PLC (U.K.) SEN Purchases 700 000 20 June 2016 1.00% -13 116 JP MORGAN LONDON - RUS- SIAN FEDERATION Purchases USD 1 500 000 20 June 2014 1.00% -9 494 JP MORGAN LONDON - SAKS INCORPORATED USD SEN Sales USD 477 000 20 September 2017 5.00% 27 436 JP MORGAN LONDON - SANT ID Purchases 1 800 000 21 March 2016 3.00% -44 420 JP MORGAN LONDON - SCOT- TISH STHN ENGY PLC SR UNSEC Sales 800 000 20 December 2017 1.00% -14 917 JP MORGAN LONDON - UNITED KINGDOM ENGLAND Purchases USD 12 400 000 20 December 2017 1.00% -276 536 JP MORGAN LONDON - UNITED RENTALS NORTH AM USD SEN Sales USD 477 000 20 September 2017 5.00% 25 746 JP MORGAN LONDON - WELLS FARGO COMPANY Purchases USD 1 900 000 20 September 2015 1.00% -17 699 JP MORGAN LONDON - WOORI BANK USD SEN Purchases USD 500 000 20 December 2016 1.00% 10 390 JP MORGAN LONDON - WOORI BANK USD SUB Purchases USD 500 000 20 September 2016 1.00% -2 340 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 618 406 18 January 2050 2.70% 58 644 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 618 406 18 January 2050 2.95% 51 649 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 618 406 18 January 2050 4.45% 9 400 MORGAN STANLEY CIE INTER- NATIONAL LONDON - PER- NOD RIC Purchases 500 000 20 March 2015 1.00% -8 595 MORGAN STANLEY CIE INTER- NATIONAL LONDON - REPUB- LIC OF FRANCE Purchases USD 6 200 000 20 December 2017 0.25% 137 291 MORGAN STANLEY CIE INTER- NATIONAL LONDON - STAPLES INC USD SEN Sales USD 445 000 20 September 2017 1.00% -38 410 MORGAN STANLEY CIE INTER- NATIONAL LONDON - WOORI BANK USD SEN Purchases USD 450 000 20 September 2018 1.00% 63 NOMURA LONDON - ALCATEL Purchases 2 000 000 20 June 2016 5.00% 166 250 NOMURA LONDON - ALCATEL Sales 2 000 000 20 June 2022 5.00% -401 766 53

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date STANDARD CHARTERED GB - REPUBLIC OF CHINA Sales USD 450 000 20 December 2017 1.00% 6 098 STANDARD CHARTERED GB - REPUBLIC OF KOREA USD SEN Purchases USD 450 000 20 December 2017 1.00% -5 699 UBS AG LONDON - BOM- BARDIER INC USD SEN Sales USD 500 000 20 June 2016 1.00% -24 267 UBS AG LONDON - CNOOC FINANCE 2003 LTD USD SEN Purchases USD 300 000 20 September 2015 1.00% -4 279 UBS AG LONDON - RUSSIAN FEDERATION Purchases USD 1 250 000 20 June 2017 1.00% 6 215 UBS AG LONDON - WELLS FARGO COMPANY Purchases USD 1 000 000 20 September 2015 1.00% -11 450 UBS LONDON - BANK OF AMERICA CORP USD SEN Purchases USD 485 000 20 June 2017 1.00% 3 180 UBS LONDON - CITIGROUP INC USD SEN Sales USD 485 000 20 June 2017 1.00% -2 945 UBS LONDON - DUKE ENERGY CAROLINAS Purchases USD 1 000 000 20 September 2017 1.00% -24 870 UBS LONDON - PERNOD RIC Purchases 400 000 20 March 2015 1.00% -6 932 UBS LONDON - SAFEWAY Purchases 900 000 20 December 2019 1.00% -26 089 UBS LONDON - SIEMENS Purchases 400 000 20 March 2017 1.00% -9 379 UBS LONDON - STAPLES INC Sales USD 445 000 20 June 2017 1.00% -34 094 UBS LONDON - WHIRLPOOL Purchases USD 445 000 20 June 2017 1.00% 2 309 received paid Type* Counterparty - Underlying Nominal Maturity date ILS BARCLAYS BANK PLC - CPI FRANCE 3 070 000 25 September 2022 TF- Disc2.70% CPI France 18 847 ILS BARCLAYS BANK PLC - CPI US USD 4 000 000 28 February 2013 TF- Disc2.50% CPI US 24 031 ILS - CPI US USD 6 000 000 6 January 2013 CPI US 1.68% 83 037 ILS - CPI US USD 8 000 000 30 January 2013 TF- Disc1.88% CPI US 5 460 ILS - CPI US USD 5 000 000 22 February 2013 CPI US 1.84% 38 711 ILS DEUTSCHE BANK NEW YORK - CPI US USD 8 000 000 21 January 2013 TF- Disc1.73% CPI US -9 532 ILS UBS AG LONDON - CPI US USD 5 000 000 1 March 2013 CPI US 1.84% 33 303 ILS UBS LONDON - CPI FRANCE 3 109 000 25 September 2022 TF- Disc2.70% CPI France 21 234 ILS UBS LONDON - CPI FRANCE 3 170 500 11 October 2022 TF- Disc2.69% CPI France 19 885 Type* Counterparty - Underlying Nominal Maturity date received paid BANK OF AMERICA LN - BBSW6M-AUD AUD 8 683 500 31 August 2020 BBSW6M-AUD 4.29% -32 902 BANK OF AMERICA LN - BBSW6M-AUD AUD 8 360 000 14 September 2020 BBSW6M-AUD 4.18% -7 591 BANK OF AMERICA LN - BBSW6M-AUD AUD 3 570 500 29 June 2022 BBSW6M-AUD 4.37% 2 850 BANK OF AMERICA LN - CDOR03 INDEX CAD 5 837 500 20 December 2021 CDOR03 Index 2.68% -12 380 BANK OF AMERICA LN - CDOR03 INDEX CAD 3 978 500 1 August 2022 CDOR03 Index 2.72% 5 312 BANK OF AMERICA LN - CDOR03 INDEX CAD 4 946 500 1 August 2022 CDOR03 Index 2.73% 4 271 54

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date BANK OF AMERICA LN - LIB3M USD USD 5 043 500 21 December 2021 2.58% LIB3M USD 14 685 CZK-6M- BARCLAYS BANK PLC - CZK-6M-PRIBOR CZK 43 203 000 7 March 2022 PRIBOR 2.66% -76 131 BARCLAYS BANK PLC - IB6M 10 798 500 9 August 2016 IB6M 1.20% -109 074 BARCLAYS BANK PLC - IB6M 8 866 000 9 August 2019 1.86% IB6M 256 065 BARCLAYS BANK PLC - IB6M 3 874 000 15 November 2021 2.28% IB6M 37 759 BARCLAYS BANK PLC - IB6M 2 858 500 9 August 2022 IB6M 2.25% -110 606 BARCLAYS BANK PLC - IB6M 6 173 000 28 May 2027 2.69% IB6M -87 367 BARCLAYS BANK PLC - IB6M 6 498 000 31 May 2027 2.77% IB6M -70 881 BARCLAYS BANK PLC - IB6M 14 257 000 28 May 2032 IB6M 2.15% 323 044 BARCLAYS BANK PLC - IB6M 15 090 500 31 May 2032 IB6M 2.27% 279 454 BARCLAYS BANK PLC - IB6M 6 657 500 11 May 2037 IB6M 2.19% 62 305 BARCLAYS BANK PLC - IB6M 8 024 000 28 May 2037 1.73% IB6M -188 569 BARCLAYS BANK PLC - IB6M 8 582 000 29 May 2037 1.87% IB6M -163 622 BARCLAYS BANK PLC - IB6M 4 107 000 20 October 2042 2.56% IB6M 34 678 BARCLAYS BANK PLC - IB6M 3 113 000 21 October 2052 3.01% IB6M 40 716 BARCLAYS BANK PLC - JIB3M ZAR ZAR 15 457 000 13 December 2017 JIB3M ZAR 6.78% -60 821 KWCDC- BARCLAYS BANK PLC - KWCDC-3M KRW KRW 3 827 400 000 19 October 2021 3M KRW 3.14% 13 395 BARCLAYS BANK PLC - LIB3M USD USD 8 497 000 23 September 2013 1.30% LIB3M USD 45 799 BARCLAYS BANK PLC - LIB3M USD USD 18 942 000 21 December 2013 LIB3M USD 1.86% -214 255 BARCLAYS BANK PLC - LIB3M USD USD 12 242 000 23 September 2014 LIB3M USD 1.81% -229 343 BARCLAYS BANK PLC - LIB3M USD USD 18 463 000 18 November 2015 1.44% LIB3M USD 246 032 BARCLAYS BANK PLC - LIB3M USD USD 3 505 000 23 September 2016 2.66% LIB3M USD 200 891 BARCLAYS BANK PLC - LIB3M USD USD 8 648 000 19 April 2017 LIB3M USD 1.23% -143 503 BARCLAYS BANK PLC - LIB3M USD USD 2 214 000 23 August 2021 2.64% LIB3M USD 21 039 BARCLAYS BANK PLC - LIB3M USD USD 1 793 000 24 December 2021 2.54% LIB3M USD 659 BARCLAYS BANK PLC - LIB3M USD USD 4 826 000 22 March 2022 3.56% LIB3M USD 152 770 BARCLAYS BANK PLC - LIB3M USD USD 6 846 000 4 April 2022 3.37% LIB3M USD 168 740 BARCLAYS BANK PLC - LIB3M USD USD 5 805 000 20 April 2022 2.89% LIB3M USD 44 048 BARCLAYS BANK PLC - LIB3M USD USD 4 286 000 2 April 2032 LIB3M USD 3.71% -23 406 BARCLAYS BANK PLC - LIB3M USD USD 4 569 500 21 October 2052 LIB3M USD 2.94% 10 817 BARCLAYS BANK PLC - LIB3M USD USD 4 197 000 28 November 2052 LIB3M USD 2.78% 26 742 BARCLAYS BANK PLC - LIB6M GBP GBP 17 576 000 18 November 2015 LIB6M GBP 1.88% -456 624 BARCLAYS BANK PLC - LIB6M GBP GBP 17 964 500 7 September 2017 LIB6M GBP 1.38% -47 261 BARCLAYS BANK PLC - LIB6M GBP GBP 3 993 500 13 December 2019 LIB6M GBP 2.31% -7 055 BARCLAYS BANK PLC - LIB6M GBP GBP 6 284 000 4 April 2022 LIB6M GBP 3.88% -108 779 BARCLAYS BANK PLC - LIB6M GBP GBP 5 685 500 13 December 2022 3.25% LIB6M GBP 21 760 BARCLAYS BANK PLC - LIB6M GBP GBP 4 628 500 13 December 2024 LIB6M GBP 3.71% -1 255 BARCLAYS BANK PLC - LIB6M GBP GBP 13 629 000 6 September 2027 3.64% LIB6M GBP -89 096 BARCLAYS BANK PLC - LIB6M GBP GBP 1 999 000 16 February 2032 3.81% LIB6M GBP -6 793 BARCLAYS BANK PLC - LIB6M GBP GBP 3 198 500 3 May 2032 3.94% LIB6M GBP 21 462 BARCLAYS BANK PLC - LIB6M GBP GBP 2 657 000 3 May 2032 3.92% LIB6M GBP 14 012 55

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - LIB6M GBP GBP 271 000 10 May 2032 3.85% LIB6M GBP -303 BARCLAYS BANK PLC - LIB6M GBP GBP 5 219 000 21 September 2032 3.92% LIB6M GBP -18 064 BARCLAYS BANK PLC - LIB6M JPY JPY 1 205 678 000 6 December 2022 LIB6M JPY 1.21% 84 501 BARCLAYS BANK PLC - LIB6M JPY JPY 2 459 583 000 6 December 2027 2.40% LIB6M JPY -126 144 BARCLAYS BANK PLC - LIB6M JPY JPY 1 331 068 000 6 December 2032 LIB6M JPY 2.81% 60 738 BARCLAYS BANK PLC - NIBOR6M NOK NOK 36 942 000 6 December 2017 NIBOR6M NOK 2.94% -3 329 BARCLAYS BANK PLC - NIBOR6M NOK NOK 15 119 000 18 June 2018 NIBOR6M NOK 2.57% -8 301 BARCLAYS BANK PLC - NIBOR6M NOK NOK 11 901 000 21 June 2018 NIBOR6M NOK 2.64% -11 833 BARCLAYS BANK PLC - SONIO/N INDEX GBP 6 585 000 19 December 2013 SONIO/N Index 0.41% -2 086 BARCLAYS BANK PLC - STIB3M SEK SEK 194 227 000 19 October 2015 STIB3M SEK 1.35% -17 584 BARCLAYS BANK PLC - STIB3M SEK SEK 19 291 500 18 May 2021 STIB3M SEK 3.81% -150 458 BARCLAYS BANK PLC - WIBOR3M PLN PLN 32 278 000 14 October 2013 WIBOR3M PLN 5.00% -80 480 BARCLAYS BANK PLC - WIBOR3M PLN PLN 28 344 000 24 February 2014 WIBOR3M PLN 4.57% -85 196 - BBSW3M-AUD AUD 8 011 000 12 January 2015 BBSW3M-AUD 5.68% -339 751 - CDOR03 INDEX CAD 3 226 000 22 September 2014 CDOR03 Index 1.61% -9 156 - CDOR03 INDEX CAD 14 564 500 27 October 2014 1.88% CDOR03 Index 95 688 - CDOR03 INDEX CAD 14 297 000 18 September 2015 1.62% CDOR03 Index 20 138 - CDOR03 INDEX CAD 7 710 000 20 April 2017 2.38% CDOR03 Index 57 208 - CDOR03 INDEX CAD 6 703 000 22 September 2017 2.13% CDOR03 Index 105 447 - CDOR03 INDEX CAD 6 051 000 25 October 2017 CDOR03 Index 2.20% -108 824 - CDOR03 INDEX CAD 5 906 000 18 September 2018 CDOR03 Index 1.95% -21 247 - CDOR03 INDEX CAD 6 413 000 10 August 2021 CDOR03 Index 2.55% -6 036 - CDOR03 INDEX CAD 5 181 000 15 November 2021 CDOR03 Index 2.47% 19 840 - CDOR03 INDEX CAD 5 834 000 20 December 2021 CDOR03 Index 2.67% -12 319 - CDOR03 INDEX CAD 6 159 000 21 March 2022 CDOR03 Index 3.47% -160 305 - CDOR03 INDEX CAD 4 944 000 4 April 2022 CDOR03 Index 3.36% -108 894 - CDOR03 INDEX CAD 4 566 500 25 April 2022 CDOR03 Index 3.22% -77 545 - CDOR03 INDEX CAD 4 035 000 2 August 2022 CDOR03 Index 2.72% 3 311 - CDOR03 INDEX CAD 3 607 000 22 September 2022 CDOR03 Index 2.78% -136 482 - CDOR03 INDEX CAD 6 457 500 11 October 2032 CDOR03 Index 3.33% 11 348 - CDOR03 INDEX CAD 4 316 500 11 October 2032 CDOR03 Index 3.37% 555 56

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 5 426 500 16 October 2042 CDOR03 Index 2.29% 9 432 - IB6M 4 823 000 6 December 2017 1.41% IB6M 21 722 - IB6M 2 165 500 10 August 2021 2.53% IB6M 53 613 - IB6M 2 701 000 12 November 2021 2.37% IB6M 34 925 - IB6M 2 915 000 20 June 2022 2.60% IB6M 44 245 - IB6M 2 503 000 20 February 2023 IB6M 1.74% -35 666 - IB6M 2 689 000 28 November 2052 2.89% IB6M 17 266 - LIB3M CAD CAD 4 126 000 11 October 2016 LIB3M CAD 2.09% -40 106 - LIB3M CHF CHF 45 000 000 17 May 2013 LIB3M CHF 1.07% -149 654 - LIB3M USD USD 6 409 000 14 January 2015 2.70% LIB3M USD 221 234 - LIB3M USD USD 20 620 000 16 March 2016 1.56% LIB3M USD 125 082 - LIB3M USD USD 10 009 000 28 September 2018 1.52% LIB3M USD 4 436 - LIB3M USD USD 4 399 000 1 April 2019 2.35% LIB3M USD 169 169 - LIB3M USD USD 2 367 000 1 April 2024 LIB3M USD 2.99% -126 048 - LIB3M USD USD 21 511 500 28 September 2029 LIB3M USD 3.30% 60 897 - LIB6M CHF CHF 3 753 000 22 May 2017 LIB6M CHF 0.45% -28 346 - LIB6M CHF CHF 4 273 000 27 March 2019 1.06% LIB6M CHF 85 396 - LIB6M CHF CHF 3 940 000 5 October 2020 2.51% LIB6M CHF 244 592 - LIB6M CHF CHF 2 220 000 27 March 2024 LIB6M CHF 1.51% -53 683 - LIB6M CHF CHF 4 386 000 5 October 2025 LIB6M CHF 2.57% -108 228 - LIB6M CHF CHF 1 122 000 20 February 2032 LIB6M CHF 1.91% 4 402 - LIB6M GBP GBP 13 262 000 14 March 2016 LIB6M GBP 1.75% -132 111 - LIB6M GBP GBP 38 312 000 19 December 2016 LIB6M GBP 1.28% -57 836 - LIB6M GBP GBP 14 778 000 7 September 2017 LIB6M GBP 1.51% -93 618 - LIB6M GBP GBP 1 721 250 8 November 2017 1.71% LIB6M GBP 72 377 57

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - LIB6M GBP GBP 1 782 000 11 June 2018 1.10% LIB6M GBP -2 016 - LIB6M GBP GBP 1 230 000 19 June 2018 1.21% LIB6M GBP 6 414 - LIB6M GBP GBP 6 234 500 7 September 2021 2.59% LIB6M GBP 115 346 - LIB6M GBP GBP 1 382 500 20 December 2021 2.52% LIB6M GBP 11 641 - LIB6M GBP GBP 3 137 500 1 August 2022 2.96% LIB6M GBP 62 240 - LIB6M GBP GBP 3 126 000 2 August 2022 2.94% LIB6M GBP 57 648 - LIB6M GBP GBP 2 015 750 8 November 2022 LIB6M GBP 2.47% -148 084 - LIB6M GBP GBP 498 750 10 November 2042 3.21% LIB6M GBP 30 494 - LIB6M GBP GBP 2 546 000 5 August 2052 3.56% LIB6M GBP -3 612 - LIB6M GBP GBP 4 582 000 14 October 2052 3.70% LIB6M GBP 19 562 - LIB6M GBP GBP 3 518 000 3 August 2062 LIB6M GBP 3.10% 13 517 - LIB6M GBP GBP 6 426 500 12 October 2062 LIB6M GBP 3.26% -3 072 - LIB6M JPY JPY 2 466 361 000 6 March 2014 LIB6M JPY 0.35% -28 875 - LIB6M JPY JPY 391 604 000 6 December 2021 LIB6M JPY 0.95% 26 155 - LIB6M JPY JPY 390 742 000 6 December 2021 LIB6M JPY 0.93% 29 455 - LIB6M JPY JPY 796 222 000 14 December 2021 LIB6M JPY 0.93% 62 099 - LIB6M JPY JPY 784 716 000 14 December 2021 LIB6M JPY 0.89% 74 770 - LIB6M JPY JPY 200 521 000 26 December 2022 LIB6M JPY 0.79% 10 493 - LIB6M JPY JPY 304 380 500 19 January 2023 LIB6M JPY 0.78% 21 551 - LIB6M JPY JPY 401 329 000 4 December 2026 1.54% LIB6M JPY -53 948 - LIB6M JPY JPY 402 214 000 7 December 2026 1.57% LIB6M JPY -45 956 - LIB6M JPY JPY 823 468 000 14 December 2026 2.15% LIB6M JPY -67 952 - LIB6M JPY JPY 835 062 000 14 December 2026 2.19% LIB6M JPY -53 864 - LIB6M JPY JPY 1 162 624 000 11 November 2030 2.72% LIB6M JPY -69 729 - LIB6M JPY JPY 907 194 000 20 November 2031 2.68% LIB6M JPY -79 376 58

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date - LIB6M JPY JPY 451 222 000 21 November 2031 2.67% LIB6M JPY -41 053 - LIB6M JPY JPY 460 767 500 24 November 2031 2.66% LIB6M JPY -43 637 - LIB6M JPY JPY 706 686 000 12 December 2031 2.71% LIB6M JPY -54 084 - LIB6M JPY JPY 84 745 750 20 February 2032 2.48% LIB6M JPY -10 292 - LIB6M JPY JPY 256 614 500 11 October 2032 2.38% LIB6M JPY -61 690 - LIB6M JPY JPY 1 348 845 000 11 November 2035 LIB6M JPY 2.36% 191 555 - LIB6M JPY JPY 1 040 186 000 20 November 2036 LIB6M JPY 2.45% 97 196 - LIB6M JPY JPY 517 718 000 21 November 2036 LIB6M JPY 2.45% 48 347 - LIB6M JPY JPY 523 820 000 24 November 2036 LIB6M JPY 2.44% 50 771 - LIB6M JPY JPY 110 678 000 4 December 2036 LIB6M JPY 2.04% 26 605 - LIB6M JPY JPY 110 922 000 8 December 2036 LIB6M JPY 2.07% 21 769 - LIB6M JPY JPY 810 465 000 12 December 2036 LIB6M JPY 2.51% 60 894 - NDBB3M NZD NZD 3 800 000 13 August 2017 NDBB3M NZD 4.80% -175 117 - NDBB3M NZD NZD 3 900 000 26 November 2017 NDBB3M NZD 5.06% -213 459 - SONIO/N INDEX GBP 102 656 500 28 May 2013 SONIO/N Index 0.37% 19 584 - SONIO/N INDEX GBP 105 062 500 17 June 2013 SONIO/N Index 0.31% 53 807 - WIBOR3M PLN PLN 25 761 000 23 April 2014 WIBOR3M PLN 4.83% -101 707 DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD 7 580 500 29 June 2022 BBSW6M-AUD 4.34% 12 422 DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD 7 662 500 11 July 2022 BBSW6M-AUD 4.44% -9 972 DEUTSCHE BANK FRANKFURT - IB6M 11 041 000 14 January 2015 IB6M 1.33% -207 706 DEUTSCHE BANK FRANKFURT - IB6M 11 425 000 19 October 2015 0.67% IB6M 36 756 DEUTSCHE BANK FRANKFURT - IB6M 4 995 000 7 December 2017 1.40% IB6M 20 092 DEUTSCHE BANK FRANKFURT - IB6M 9 077 000 16 January 2018 2.00% IB6M 548 387 DEUTSCHE BANK FRANKFURT - IB6M 2 924 000 14 January 2021 IB6M 2.40% -251 136 DEUTSCHE BANK FRANKFURT - IB6M 1 856 500 25 October 2021 2.54% IB6M 40 407 DEUTSCHE BANK FRANKFURT - IB6M 2 330 000 14 November 2021 2.32% IB6M 24 447 DEUTSCHE BANK FRANKFURT - IB6M 7 213 000 16 June 2022 2.55% IB6M 91 310 DEUTSCHE BANK FRANKFURT - IB6M 4 779 500 17 May 2027 3.11% IB6M 13 507 DEUTSCHE BANK FRANKFURT - IB6M 2 349 500 17 May 2027 2.99% IB6M -5 307 DEUTSCHE BANK FRANKFURT - IB6M 4 724 500 17 May 2027 3.02% IB6M -3 719 59

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - IB6M 4 719 000 24 May 2027 2.94% IB6M -20 108 DEUTSCHE BANK FRANKFURT - IB6M 2 367 000 24 May 2027 2.97% IB6M -7 176 DEUTSCHE BANK FRANKFURT - IB6M 5 443 000 25 May 2027 2.84% IB6M -45 525 DEUTSCHE BANK FRANKFURT - IB6M 3 656 000 25 October 2027 3.33% IB6M 40 202 DEUTSCHE BANK FRANKFURT - IB6M 10 919 500 17 May 2032 IB6M 2.57% 93 782 DEUTSCHE BANK FRANKFURT - IB6M 5 318 500 17 May 2032 IB6M 2.45% 67 284 DEUTSCHE BANK FRANKFURT - IB6M 10 715 000 17 May 2032 IB6M 2.49% 121 809 DEUTSCHE BANK FRANKFURT - IB6M 5 356 500 24 May 2032 IB6M 2.45% 68 191 DEUTSCHE BANK FRANKFURT - IB6M 10 674 500 24 May 2032 IB6M 2.42% 147 298 DEUTSCHE BANK FRANKFURT - IB6M 12 232 500 25 May 2032 IB6M 2.33% 207 895 DEUTSCHE BANK FRANKFURT - IB6M 8 454 500 25 October 2032 IB6M 2.88% -31 485 DEUTSCHE BANK FRANKFURT - IB6M 13 541 000 12 October 2033 3.00% IB6M 136 217 DEUTSCHE BANK FRANKFURT - IB6M 6 062 000 18 May 2037 2.06% IB6M -86 010 DEUTSCHE BANK FRANKFURT - IB6M 2 927 500 18 May 2037 1.98% IB6M -49 276 DEUTSCHE BANK FRANKFURT - IB6M 5 911 500 18 May 2037 2.01% IB6M -94 666 DEUTSCHE BANK FRANKFURT - IB6M 2 951 000 25 May 2037 1.98% IB6M -49 574 DEUTSCHE BANK FRANKFURT - IB6M 5 880 000 25 May 2037 1.95% IB6M -104 329 DEUTSCHE BANK FRANKFURT - IB6M 6 702 000 25 May 2037 1.89% IB6M -131 473 DEUTSCHE BANK FRANKFURT - IB6M 4 798 500 23 October 2037 2.61% IB6M 16 986 DEUTSCHE BANK FRANKFURT - IB6M 16 926 000 12 October 2038 IB6M 2.25% 110 449 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 9 121 000 12 January 2015 1.33% LIB6M GBP 140 535 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 315 000 28 September 2017 1.73% LIB6M GBP 187 418 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 298 000 5 October 2017 1.70% LIB6M GBP 179 029 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 2 584 500 9 November 2017 1.65% LIB6M GBP 101 421 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 3 513 000 13 November 2017 1.75% LIB6M GBP 156 750 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 7 419 000 10 January 2018 LIB6M GBP 1.80% -351 734 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 556 000 11 June 2018 1.08% LIB6M GBP -2 699 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 2 400 000 11 January 2021 2.30% LIB6M GBP 173 668 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 221 500 10 August 2021 2.58% LIB6M GBP 23 469 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 111 000 17 March 2022 2.61% LIB6M GBP 6 772 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 776 000 29 March 2022 LIB6M GBP 3.36% -234 923 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 567 000 28 September 2022 LIB6M GBP 2.56% -386 312 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 550 000 5 October 2022 LIB6M GBP 2.51% -360 168 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 3 021 000 9 November 2022 LIB6M GBP 2.41% -203 203 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 031 500 14 November 2022 LIB6M GBP 2.51% -314 687 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 824 500 5 January 2023 LIB6M GBP 1.96% -24 295 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 2 680 000 11 October 2032 3.88% LIB6M GBP 1 684 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 047 000 28 September 2042 3.26% LIB6M GBP 83 436 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 026 000 6 October 2042 3.20% LIB6M GBP 65 139 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 1 592 000 10 October 2042 3.13% LIB6M GBP 71 661 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 745 500 10 November 2042 3.18% LIB6M GBP 43 239 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 992 000 12 November 2042 3.23% LIB6M GBP 71 508 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 035 000 6 August 2052 3.51% LIB6M GBP -14 407 60

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 5 683 500 7 August 2062 LIB6M GBP 3.06% 30 102 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 399 121 000 7 December 2022 LIB6M JPY 1.18% 35 452 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 854 559 000 7 December 2027 2.38% LIB6M JPY -54 875 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 245 668 000 11 November 2030 2.72% LIB6M JPY -73 477 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 594 025 000 17 November 2030 2.77% LIB6M JPY -24 141 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 927 525 000 24 November 2031 2.67% LIB6M JPY -84 517 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 489 719 000 6 December 2032 2.80% LIB6M JPY -23 648 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 489 719 000 7 December 2032 LIB6M JPY 2.78% 27 964 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 732 873 000 7 December 2032 2.78% LIB6M JPY -41 848 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 484 822 000 10 December 2032 2.70% LIB6M JPY -40 497 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 731 398 000 13 December 2032 2.69% LIB6M JPY -63 994 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 384 076 000 11 November 2035 LIB6M JPY 2.36% 210 304 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 658 087 000 18 November 2035 LIB6M JPY 2.41% 89 100 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 061 130 000 21 November 2036 LIB6M JPY 2.45% 104 192 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 131 250 000 7 December 2037 LIB6M JPY 2.54% 53 212 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 694 462 000 7 December 2037 LIB6M JPY 2.52% 91 959 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 114 600 000 10 December 2037 LIB6M JPY 2.42% 93 417 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 683 641 000 14 December 2037 LIB6M JPY 2.42% 142 136 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 973 885 000 8 December 2042 2.37% LIB6M JPY -27 669 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 651 326 000 8 December 2042 2.40% LIB6M JPY -14 252 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 638 104 000 10 December 2042 2.25% LIB6M JPY -37 860 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 963 556 000 11 December 2042 2.26% LIB6M JPY -55 264 DEUTSCHE BANK FRANKFURT - NDBB3M NZD NZD 13 396 000 20 June 2022 NDBB3M NZD 4.43% 1 614 DEUTSCHE BANK FRANKFURT - WI- BOR3M PLN PLN 25 949 000 23 April 2014 WIBOR3M PLN 4.84% -105 741 CZK-6M- PRIBOR CZK 123 956 000 16 November 2017 CZK-6M- PRIBOR 1.17% -10 834 CZK-6M- PRIBOR CZK 42 211 000 7 March 2022 CZK-6M- PRIBOR 2.71% -77 525 JIB3M ZAR ZAR 23 900 000 23 September 2020 9.14% JIB3M ZAR 157 211 LIB3M USD USD 5 767 500 16 August 2021 2.34% LIB3M USD -11 589 LIB6M GBP GBP 12 905 000 19 December 2016 LIB6M GBP 1.27% -14 184 LIB6M GBP GBP 5 803 000 10 October 2017 1.63% LIB6M GBP 218 810 LIB6M GBP GBP 1 947 000 30 November 2021 LIB6M GBP 3.25% -97 637 LIB6M GBP GBP 2 976 500 3 May 2022 LIB6M GBP 3.22% -116 612 LIB6M GBP GBP 3 356 500 4 May 2022 LIB6M GBP 3.24% -135 294 LIB6M GBP GBP 6 787 000 10 October 2022 LIB6M GBP 2.43% -473 645 LIB6M JPY JPY 477 902 000 12 November 2032 2.56% LIB6M JPY -64 346 RBACOR AUD 55 945 000 6 February 2013 RBACOR 2.84% 5 553 WIBOR3M PLN PLN 68 354 500 23 May 2014 WIBOR3M PLN 4.63% -250 873 WIBOR6M PLN PLN 35 611 000 4 April 2014 WIBOR6M PLN 4.68% -129 072 WIBOR6M PLN PLN 12 985 000 27 April 2015 4.77% WIBOR6M PLN 96 198 WIBOR6M PLN PLN 10 260 000 30 April 2015 4.77% WIBOR6M PLN 76 088 61

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid WIBOR6M PLN PLN 24 299 000 12 October 2015 4.94% WIBOR6M PLN 246 284 WIBOR6M PLN PLN 14 663 000 2 October 2017 4.90% WIBOR6M PLN 240 820 WIBOR6M PLN PLN 8 164 000 13 October 2017 4.97% WIBOR6M PLN 141 367 INDEX CAD 4 315 000 24 September 2014 CDOR03 Index 1.60% -11 604 INDEX CAD 14 618 000 15 October 2014 1.46% CDOR03 Index 1 095 INDEX CAD 21 396 000 18 September 2015 1.62% CDOR03 Index 28 495 INDEX CAD 14 225 000 19 September 2015 1.61% CDOR03 Index 16 132 INDEX CAD 14 075 000 24 September 2015 1.54% CDOR03 Index 932 INDEX CAD 14 806 000 14 October 2015 CDOR03 Index 1.64% -703 INDEX CAD 8 840 000 24 September 2017 2.13% CDOR03 Index 138 622 INDEX CAD 3 984 000 25 October 2017 2.18% CDOR03 Index 69 546 INDEX CAD 8 804 000 18 September 2018 CDOR03 Index 1.95% -30 193 INDEX CAD 5 868 000 19 September 2018 CDOR03 Index 1.94% -18 422 INDEX CAD 5 788 000 24 September 2018 CDOR03 Index 1.87% -2 616 INDEX CAD 19 413 000 4 September 2019 2.45% CDOR03 Index 4 921 INDEX CAD 4 022 000 23 March 2022 CDOR03 Index 3.40% -96 579 INDEX CAD 4 513 000 20 April 2022 CDOR03 Index 3.22% -79 660 INDEX CAD 4 510 000 25 April 2022 CDOR03 Index 3.22% -79 110 INDEX CAD 3 967 000 1 August 2022 CDOR03 Index 2.72% 2 814 INDEX CAD 4 734 000 24 September 2022 CDOR03 Index 2.78% -179 597 INDEX CAD 6 031 500 27 September 2022 2.25% CDOR03 Index 16 207 INDEX CAD 6 914 000 13 March 2023 2.68% CDOR03 Index 191 486 INDEX CAD 1 585 500 20 March 2023 2.96% CDOR03 Index 73 476 INDEX CAD 3 153 500 25 September 2023 2.48% CDOR03 Index 19 736 INDEX CAD 3 082 000 25 September 2023 2.47% CDOR03 Index 17 127 INDEX CAD 4 731 000 22 February 2024 2.94% CDOR03 Index 144 501 INDEX CAD 5 281 000 18 January 2026 3.14% CDOR03 Index 94 855 62

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date INDEX CAD 4 352 500 6 September 2027 CDOR03 Index 3.05% 19 126 INDEX CAD 3 129 000 16 February 2032 CDOR03 Index 3.58% -30 344 INDEX CAD 4 202 500 4 October 2032 CDOR03 Index 3.25% 25 719 INDEX CAD 9 114 500 8 November 2032 CDOR03 Index 3.13% 4 790 INDEX CAD 9 114 500 8 November 2032 CDOR03 Index 3.10% 10 018 INDEX CAD 8 092 000 13 December 2032 CDOR03 Index 3.08% 11 173 INDEX CAD 1 842 000 23 September 2033 CDOR03 Index 2.83% -12 679 INDEX CAD 1 784 000 26 September 2033 CDOR03 Index 2.82% -9 877 INDEX CAD 2 780 000 21 February 2034 CDOR03 Index 3.16% -111 604 INDEX CAD 4 242 000 16 January 2042 CDOR03 Index 2.11% 45 495 INDEX CAD 3 073 000 13 March 2043 CDOR03 Index 2.89% -126 936 INDEX CAD 758 000 19 March 2043 CDOR03 Index 3.14% -60 661 INDEX CAD 2 305 000 18 January 2046 CDOR03 Index 2.79% -17 424 DEUTSCHE BANK NEW YORK - LIB3M USD USD 16 700 000 23 December 2013 3.49% LIB3M USD 388 899 DEUTSCHE BANK NEW YORK - LIB3M USD USD 73 222 000 18 November 2015 1.76% LIB3M USD 610 007 DEUTSCHE BANK NEW YORK - LIB3M USD USD 9 119 000 18 November 2015 1.43% LIB3M USD 121 290 DEUTSCHE BANK NEW YORK - LIB3M USD USD 56 258 500 21 December 2016 1.15% LIB3M USD 33 934 DEUTSCHE BANK NEW YORK - LIB3M USD USD 5 980 000 15 February 2021 LIB3M USD 3.77% -810 516 DEUTSCHE BANK NEW YORK - LIB3M USD USD 4 954 000 20 December 2021 2.55% LIB3M USD 19 791 DEUTSCHE BANK NEW YORK - LIB3M USD USD 3 327 000 5 April 2022 3.38% LIB3M USD 96 532 DEUTSCHE BANK NEW YORK - LIB3M USD USD 10 055 000 6 April 2022 3.69% LIB3M USD 87 296 DEUTSCHE BANK NEW YORK - LIB3M USD USD 9 877 500 4 May 2027 3.66% LIB3M USD 27 903 DEUTSCHE BANK NEW YORK - LIB3M USD USD 2 364 000 6 May 2052 LIB3M USD 3.33% 3 279 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 5 492 500 18 June 2018 3.34% NDBB3M NZD 18 756 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 7 713 000 11 December 2019 4.24% NDBB3M NZD -3 181 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 1 861 000 13 December 2027 NDBB3M NZD 4.39% 6 070 DEUTSCHE BANK SINGAPORE - KWCDC- 3M KRW KRW 3 775 884 500 9 August 2021 KWCDC- 3M KRW 3.02% 24 104 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 4 513 000 20 April 2022 CDOR03 Index 3.23% -79 605 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 2 556 000 17 September 2022 2.76% CDOR03 Index 93 344 63

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 2 640 000 20 March 2023 2.96% CDOR03 Index 121 678 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 1 144 000 17 September 2042 CDOR03 Index 3.02% -70 735 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 1 184 000 19 March 2043 CDOR03 Index 3.16% -98 453 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 1 723 000 8 November 2017 1.70% LIB6M GBP 69 603 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 2 017 500 8 November 2022 LIB6M GBP 2.46% -140 656 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 499 500 10 November 2042 3.21% LIB6M GBP 31 218 HSBC LONDON - CDOR03 INDEX CAD 5 045 000 9 February 2022 CDOR03 Index 3.29% -107 493 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 64 139 500 12 November 2021 PRIBOR 1.84% -17 432 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 63 217 500 13 November 2021 PRIBOR 1.85% -18 315 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 40 965 000 20 December 2021 PRIBOR 1.63% 6 735 HSBC LONDON - IB6M 11 040 000 21 September 2015 IB6M 0.72% -49 419 HSBC LONDON - IB6M 11 015 000 28 September 2015 IB6M 0.61% -25 514 HSBC LONDON - IB6M 3 071 000 17 October 2016 0.93% IB6M 26 126 HSBC LONDON - IB6M 4 582 000 20 September 2018 1.40% IB6M 91 662 HSBC LONDON - IB6M 4 512 000 26 September 2018 1.29% IB6M 63 149 HSBC LONDON - IB6M 2 301 500 9 August 2022 2.68% IB6M 37 054 HSBC LONDON - IB6M 3 084 500 21 October 2052 3.02% IB6M 35 200 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 2 221 108 500 16 August 2021 3M KRW 3.01% 15 415 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 3 700 140 000 1 November 2021 3M KRW 3.10% 17 752 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 3 978 548 500 8 August 2022 3M KRW 3.06% 30 942 HSBC LONDON - LIB3M USD USD 13 037 000 30 May 2016 1.19% LIB3M USD 110 485 HSBC LONDON - LIB3M USD USD 7 912 500 6 November 2018 1.69% LIB3M USD 9 853 HSBC LONDON - LIB3M USD USD 7 192 500 24 August 2020 2.51% LIB3M USD 52 952 HSBC LONDON - LIB3M USD USD 7 456 000 14 September 2020 2.39% LIB3M USD 24 724 HSBC LONDON - LIB3M USD USD 9 847 500 3 May 2027 3.67% LIB3M USD 4 333 HSBC LONDON - LIB3M USD USD 4 886 000 3 May 2027 3.61% LIB3M USD -6 415 HSBC LONDON - LIB3M USD USD 17 077 500 8 November 2029 LIB3M USD 3.42% 15 453 HSBC LONDON - LIB3M USD USD 2 386 500 3 May 2052 LIB3M USD 3.33% 39 238 HSBC LONDON - LIB3M USD USD 1 165 000 3 May 2052 LIB3M USD 3.28% 26 414 HSBC LONDON - LIB6M GBP GBP 46 135 000 17 November 2015 LIB6M GBP 1.97% -594 919 HSBC LONDON - LIB6M GBP GBP 3 871 000 2 May 2016 1.76% LIB6M GBP 79 644 HSBC LONDON - LIB6M GBP GBP 13 037 000 27 May 2016 LIB6M GBP 1.43% -158 073 HSBC LONDON - LIB6M GBP GBP 14 893 500 7 September 2017 LIB6M GBP 1.51% -81 238 HSBC LONDON - LIB6M GBP GBP 1 832 000 9 August 2021 2.58% LIB6M GBP 32 559 HSBC LONDON - LIB6M GBP GBP 6 234 500 7 September 2021 2.58% LIB6M GBP 99 075 HSBC LONDON - LIB6M GBP GBP 1 947 000 30 November 2021 LIB6M GBP 3.15% -83 056 HSBC LONDON - LIB6M GBP GBP 1 710 000 2 May 2022 LIB6M GBP 3.24% -65 631 64

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - LIB6M GBP GBP 3 382 500 3 May 2022 LIB6M GBP 3.23% -128 215 HSBC LONDON - LIB6M GBP GBP 4 575 500 5 July 2022 3.00% LIB6M GBP 99 808 HSBC LONDON - LIB6M GBP GBP 2 557 500 1 August 2022 2.96% LIB6M GBP 46 182 HSBC LONDON - LIB6M GBP GBP 4 381 500 1 August 2022 2.98% LIB6M GBP 82 345 HSBC LONDON - LIB6M GBP GBP 3 142 000 30 March 2032 3.96% LIB6M GBP 23 886 HSBC LONDON - LIB6M GBP GBP 3 363 500 3 May 2032 3.95% LIB6M GBP 21 333 HSBC LONDON - LIB6M GBP GBP 4 219 000 11 October 2032 3.86% LIB6M GBP -21 386 HSBC LONDON - LIB6M GBP GBP 7 272 500 11 May 2037 3.84% LIB6M GBP -19 161 HSBC LONDON - LIB6M JPY JPY 490 838 000 9 November 2032 2.59% LIB6M JPY -64 828 HSBC LONDON - LIB6M JPY JPY 476 886 000 14 December 2032 2.76% LIB6M JPY -37 364 HSBC LONDON - NIBOR6M NOK NOK 15 310 500 12 June 2018 NIBOR6M NOK 2.52% -3 105 HSBC LONDON - STIB3M SEK SEK 52 975 000 20 May 2020 STIB3M SEK 3.82% -486 248 JP MORGAN LONDON - CDOR03 INDEX CAD 17 600 000 21 December 2013 CDOR03 Index 3.44% -273 570 JP MORGAN LONDON - JIB3M ZAR ZAR 11 221 000 14 September 2021 8.98% JIB3M ZAR 49 755 KWCDC- JP MORGAN LONDON - KWCDC-3M KRW KRW 3 778 696 000 9 August 2021 3M KRW 3.02% 26 412 JP MORGAN LONDON - LIB6M GBP GBP 1 778 000 9 August 2021 2.56% LIB6M GBP 31 048 JP MORGAN LONDON - WIBOR3M PLN PLN 34 099 000 21 February 2014 WIBOR3M PLN 4.59% -107 319 JP MORGAN LONDON - WIBOR3M PLN PLN 34 564 000 28 March 2014 WIBOR3M PLN 4.70% -126 808 JP MORGAN LONDON - WIBOR3M PLN PLN 69 128 000 31 March 2014 WIBOR3M PLN 4.70% -255 601 JP MORGAN LONDON - WIBOR3M PLN PLN 34 773 000 23 April 2014 WIBOR3M PLN 4.84% -142 341 JP MORGAN LONDON - WIBOR3M PLN PLN 31 698 500 28 April 2014 WIBOR3M PLN 4.77% -125 443 JP MORGAN LONDON - WIBOR3M PLN PLN 37 386 000 22 February 2016 4.79% WIBOR3M PLN 133 505 JP MORGAN LONDON - WIBOR6M PLN PLN 11 503 000 20 May 2015 4.80% WIBOR6M PLN 89 742 JP MORGAN LONDON - WIBOR6M PLN PLN 23 043 000 29 June 2015 4.81% WIBOR6M PLN 198 655 JP MORGAN LONDON - WIBOR6M PLN PLN 21 369 000 1 December 2015 5.10% WIBOR6M PLN 193 492 JP MORGAN LONDON - WIBOR6M PLN PLN 18 853 000 25 April 2016 4.94% WIBOR6M PLN 151 606 JP MORGAN LONDON - WIBOR6M PLN PLN 17 186 000 26 April 2016 4.88% WIBOR6M PLN 132 662 JP MORGAN LONDON - WIBOR6M PLN PLN 7 332 000 28 June 2017 4.89% WIBOR6M PLN 116 864 JP MORGAN LONDON - WIBOR6M PLN PLN 4 399 000 26 September 2017 4.92% WIBOR6M PLN 73 507 MORGAN STANLEY CIE INTERNATIONAL LONDON - CDOR03 INDEX CAD 5 734 500 20 December 2021 CDOR03 Index 2.68% -12 112 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 35 548 500 14 November 2016 IB6M 0.95% -120 802 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 26 648 000 16 November 2020 2.22% IB6M 272 143 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 17 197 500 14 November 2022 IB6M 2.91% -49 291 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 37 953 000 7 December 2017 NIBOR6M NOK 2.94% -3 723 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 15 310 500 13 June 2018 NIBOR6M NOK 2.53% -4 559 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 15 320 500 18 June 2018 NIBOR6M NOK 2.60% -11 113 UBS AG LONDON - BBSW6M-AUD AUD 3 254 000 15 September 2021 BBSW6M-AUD 5.36% -111 375 65

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) received paid Type* Counterparty - Underlying Nominal Maturity date UBS AG LONDON - BBSW6M-AUD AUD 4 264 000 15 September 2026 5.66% BBSW6M-AUD 78 437 UBS AG LONDON - CDOR03 INDEX CAD 19 657 000 19 December 2013 2.67% CDOR03 Index 191 431 UBS AG LONDON - CDOR03 INDEX CAD 5 560 000 14 August 2016 CDOR03 Index 4.24% -205 411 UBS AG LONDON - CDOR03 INDEX CAD 1 380 000 14 August 2024 5.27% CDOR03 Index 242 732 UBS AG LONDON - LIB3M CHF CHF 6 463 000 20 May 2020 2.87% LIB3M CHF 535 814 UBS AG LONDON - LIB3M USD USD 5 100 000 18 August 2016 4.85% LIB3M USD 312 216 UBS AG LONDON - LIB3M USD USD 1 200 000 18 August 2024 LIB3M USD 4.94% -215 066 UBS AG LONDON - LIB6M CHF CHF 6 725 000 6 January 2017 0.85% LIB6M CHF 100 805 UBS AG LONDON - LIB6M CHF CHF 7 785 000 20 August 2020 LIB6M CHF 2.26% -390 508 UBS AG LONDON - LIB6M CHF CHF 16 756 000 17 September 2020 2.63% LIB6M CHF 1 150 872 UBS AG LONDON - LIB6M CHF CHF 2 211 000 8 September 2021 2.28% LIB6M CHF 86 008 UBS AG LONDON - LIB6M CHF CHF 9 231 000 30 November 2021 2.17% LIB6M CHF 330 130 UBS AG LONDON - LIB6M CHF CHF 2 112 500 8 January 2024 LIB6M CHF 1.58% -70 263 UBS AG LONDON - LIB6M CHF CHF 19 808 000 17 September 2025 LIB6M CHF 2.66% -573 993 UBS AG LONDON - LIB6M CHF CHF 10 214 000 30 November 2026 LIB6M CHF 2.23% -92 908 UBS AG LONDON - LIB6M GBP GBP 3 833 500 2 May 2016 1.74% LIB6M GBP 80 111 UBS AG LONDON - LIB6M GBP GBP 6 284 000 4 April 2022 LIB6M GBP 3.88% -106 978 UBS AG LONDON - LIB6M JPY JPY 1 268 065 000 27 July 2020 LIB6M JPY 1.69% -526 130 UBS AG LONDON - LIB6M JPY JPY 749 148 000 13 October 2026 1.94% LIB6M JPY 173 609 UBS AG LONDON - LIB6M JPY JPY 3 164 443 000 26 July 2030 2.65% LIB6M JPY -258 355 UBS AG LONDON - LIB6M JPY JPY 1 972 148 000 26 July 2040 LIB6M JPY 2.15% 223 157 UBS LONDON - BBSW3M-AUD AUD 29 671 500 5 December 2013 BBSW3M-AUD 2.98% -41 681 UBS LONDON - BBSW6M-AUD AUD 11 099 000 29 January 2015 BBSW6M-AUD 4.16% -210 612 UBS LONDON - BBSW6M-AUD AUD 4 738 000 29 January 2018 4.59% BBSW6M-AUD 219 662 UBS LONDON - IB6M 16 626 000 21 September 2015 IB6M 0.72% -80 629 UBS LONDON - IB6M 10 400 000 23 September 2015 IB6M 0.68% -42 228 UBS LONDON - IB6M 11 453 500 19 October 2015 0.66% IB6M 38 633 UBS LONDON - IB6M 6 310 500 21 October 2015 0.72% IB6M 28 784 UBS LONDON - IB6M 6 790 000 20 September 2018 1.40% IB6M 146 628 UBS LONDON - IB6M 4 234 000 24 September 2018 1.36% IB6M 81 791 UBS LONDON - IB6M 3 656 000 25 October 2027 3.30% IB6M 37 759 UBS LONDON - IB6M 8 511 500 25 October 2032 IB6M 2.85% -29 047 UBS LONDON - IB6M 4 798 500 26 October 2037 2.59% IB6M 16 747 UBS LONDON - IB6M 3 099 000 22 October 2042 2.60% IB6M 30 110 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 3 331 662 500 9 August 2021 3M KRW 2.99% 25 587 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 3 398 155 500 23 August 2021 3M KRW 3.12% 12 262 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 3 529 000 000 17 October 2022 3M KRW 3.11% 25 994 UBS LONDON - LIB3M USD USD 19 176 000 21 December 2016 1.14% LIB3M USD 9 279 UBS LONDON - LIB3M USD USD 6 928 500 11 April 2018 0.96% LIB3M USD 8 469 UBS LONDON - LIB3M USD USD 16 708 000 13 April 2020 LIB3M USD 1.41% -38 714 UBS LONDON - LIB3M USD USD 4 858 000 20 December 2021 2.55% LIB3M USD 8 950 66

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) Type* Counterparty - Underlying Nominal Maturity date received paid UBS LONDON - LIB3M USD USD 3 416 000 1 August 2022 2.79% LIB3M USD 8 474 UBS LONDON - LIB3M USD USD 8 468 000 11 April 2023 1.92% LIB3M USD 22 818 UBS LONDON - LIB3M USD USD 4 381 500 21 October 2052 LIB3M USD 2.94% 9 754 UBS LONDON - LIB6M CHF CHF 280 000 27 September 2032 LIB6M CHF 1.72% 647 UBS LONDON - LIB6M GBP GBP 2 976 500 3 May 2022 LIB6M GBP 3.22% -113 542 UBS LONDON - LIB6M GBP GBP 8 074 500 28 June 2022 2.88% LIB6M GBP 128 311 UBS LONDON - LIB6M JPY JPY 719 725 000 13 October 2021 LIB6M JPY 1.56% -155 732 UBS LONDON - LIB6M JPY JPY 393 256 000 17 December 2021 LIB6M JPY 0.95% 28 742 UBS LONDON - LIB6M JPY JPY 422 386 000 17 December 2026 2.22% LIB6M JPY -23 662 UBS LONDON - LIB6M JPY JPY 494 455 500 27 November 2031 2.72% LIB6M JPY -38 225 UBS LONDON - LIB6M JPY JPY 493 393 000 28 November 2031 2.70% LIB6M JPY -43 042 UBS LONDON - LIB6M JPY JPY 204 148 000 13 October 2036 LIB6M JPY 2.11% 28 543 UBS LONDON - LIB6M JPY JPY 554 612 000 27 November 2036 LIB6M JPY 2.50% 48 195 UBS LONDON - LIB6M JPY JPY 553 419 000 28 November 2036 LIB6M JPY 2.47% 52 776 UBS LONDON - STIB3M SEK SEK 57 803 500 21 October 2015 STIB3M SEK 1.39% -9 343 UBS LONDON - WIBOR3M PLN PLN 31 591 000 22 October 2013 WIBOR3M PLN 5.06% -86 598 UBS LONDON - WIBOR3M PLN PLN 33 706 000 22 February 2014 WIBOR3M PLN 4.56% -104 765 UBS LONDON - WIBOR3M PLN PLN 35 611 000 10 April 2014 WIBOR3M PLN 4.87% -146 182 UBS LONDON - WIBOR6M PLN PLN 10 245 000 27 April 2015 4.81% WIBOR6M PLN 78 335-12 284 392 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BANK OF AMERICA LN - WHIRLPOOL Purchases USD 1 199 999 20 June 2017 1.00% 4 196 BANK OF AMERICA NY - ADEC- CO Purchases 999 999 20 September 2014 1.35% -15 507 BANK OF AMERICA NY - RE- PUBLIC OF HUNGARY USD SEN Purchases USD 3 909 996 20 March 2018 1.00% 255 988 BANK OF AMERICA NY - WEYHSER Purchases USD 999 999 20 June 2017 1.00% -2 391 BARCLAYS BANK PLC - ABX HE PENAAA 06-1 INDEX Sales USD 1 869 210 25 July 2045 0.18% -331 564 BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD 882 499 20 September 2017 1.00% 99 221 BARCLAYS BANK PLC - ARAB REPUBLIC OF EGYPT USD SEN Purchases USD 1 764 998 20 September 2017 1.00% 204 116 BARCLAYS BANK PLC - AVIS BUDGET CAR RENTAL USD SEN Purchases USD 1 499 999 20 September 2017 5.00% -49 099 BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD 999 999 20 December 2016 1.00% -6 967 BARCLAYS BANK PLC - BANK OF CHINA USD SEN Purchases USD 1 999 998 20 March 2017 1.00% -11 879 67

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - BOEING CO USD SEN Purchases USD 12 074 987 20 December 2017 1.00% -217 401 BARCLAYS BANK PLC - BOM- BARDIER INC USD SEN Sales USD 500 000 20 June 2016 1.00% -24 435 BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Purchases USD 8 674 991 20 December 2016 5.00% 741 027 BARCLAYS BANK PLC - BOYD GAMING CORP USD SEN Sales USD 8 674 991 20 December 2017 5.00% -1 051 849 BARCLAYS BANK PLC - BP PLC Purchases 949 999 20 June 2015 1.00% -17 120 BARCLAYS BANK PLC - CMBX.NA.AAA.5 ISSUER Purchases USD 8 999 714 15 February 2051 0.35% 256 500 BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD 7 999 992 12 October 2052 0.84% 510 032 BARCLAYS BANK PLC - CMBX.NA.AJ.1 ISSUER Purchases USD 7 999 992 14 October 2052 0.84% 510 032 BARCLAYS BANK PLC - CMBX.NA.AJ.2 ISSUER Purchases USD 8 499 992 15 March 2049 1.09% 1 128 514 BARCLAYS BANK PLC - CMBX.NA.AJ.3 ISSUER Purchases USD 25 549 975 13 December 2049 1.47% 6 052 582 BARCLAYS BANK PLC - CMBX.NA.AJ.4 ISSUER Purchases USD 3 849 996 17 February 2051 0.96% 944 530 BARCLAYS BANK PLC - CMBX.NA.AJ.5 ISSUER Purchases USD 7 899 992 15 February 2051 0.98% 1 877 601 BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA Sales 3 024 997 21 September 2015 5.00% -571 394 BARCLAYS BANK PLC - CODERE FIN LUXEMBOURG SA SEN Sales 774 999 21 September 2015 5.00% -146 390 BARCLAYS BANK PLC - CVS CAREMARK CORP USD SEN Purchases USD 3 999 996 20 March 2017 1.00% -82 157 BARCLAYS BANK PLC - DIX- ONS RET Purchases 1 399 999 20 March 2017 5.00% -57 090 BARCLAYS BANK PLC - DIXONS RETAIL PLC SEN Purchases 2 999 998 20 March 2017 5.00% -122 334 BARCLAYS BANK PLC - EDF Purchases 3 889 996 20 June 2017 1.00% -2 459 BARCLAYS BANK PLC - EXPE- DIA INC USD SEN Purchases USD 8 999 991 20 March 2017 1.00% 133 175 BARCLAYS BANK PLC - GOODRICH Purchases USD 10 009 990 20 September 2017 1.00% -311 064 BARCLAYS BANK PLC - MARKIT ABX.HE.AAA 06-2 USD Sales USD 69 991 070 25 May 2046 0.11% -17 808 851 BARCLAYS BANK PLC - MARKIT ITRAXX ASIA EX JAPAN I USD Purchases USD 1 299 999 20 December 2017 1.00% 6 042 BARCLAYS BANK PLC - MARKIT ITRX SNR FIN 06/17 Purchases 7 799 992 20 June 2017 1.00% 172 987 BARCLAYS BANK PLC - MARKIT ITRX SUB FIN 06/17 Purchases 10 999 989 20 June 2017 5.00% -1 140 001 BARCLAYS BANK PLC - MARKIT ITRX XOVER 12/17 Purchases 2 599 997 20 December 2017 5.00% -19 501 BARCLAYS BANK PLC - MARKIT ITRX OPE 12/17 Sales 12 999 987 20 December 2017 1.00% -107 270 68

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - MOTOROLA SOLUTIONS INC USD SEN Purchases USD 14 999 985 20 March 2017 1.00% -111 424 BARCLAYS BANK PLC - NEXT PLC Purchases 4 829 995 20 September 2017 1.00% -4 187 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases 8 674 991 20 December 2016 5.00% 904 380 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Purchases 275 000 20 December 2016 5.00% 25 676 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales 8 674 991 20 December 2017 5.00% -1 307 852 BARCLAYS BANK PLC - ONO FINANCE II PLC SEN Sales 275 000 20 December 2017 5.00% -38 334 BARCLAYS BANK PLC - PER- NOD RIC Purchases 500 000 20 March 2015 1.00% -7 399 BARCLAYS BANK PLC - PHILIP- PINES Sales USD 1 299 999 20 December 2017 1.00% 889 BARCLAYS BANK PLC - POR- TUGAL REPUBLIC SENIOR USD Purchases USD 4 299 996 20 June 2016 1.00% 284 738 BARCLAYS BANK PLC - RALLYE SA SEN Purchases 8 149 992 20 December 2016 5.00% -332 577 BARCLAYS BANK PLC - RALLYE SA SEN Sales 8 149 992 20 December 2019 5.00% -161 008 BARCLAYS BANK PLC - REN- TOKIL INITIAL PL Purchases 400 000 20 June 2017 1.00% 5 218 BARCLAYS BANK PLC - REP. OF AUSTRIA USD SPREAD- CURVE Purchases USD 2 499 998 20 September 2016 1.00% -50 318 BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Purchases USD 2 599 997 20 December 2017 1.00% -36 619 BARCLAYS BANK PLC - RE- PUBLIC OF CHINA Sales USD 3 899 996 20 December 2017 1.00% 54 928 BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD 1 299 999 20 December 2017 1.00% 12 851 BARCLAYS BANK PLC - RE- PUBLIC OF INDONESIA USD SEN Purchases USD 1 299 999 20 December 2017 1.00% 12 851 BARCLAYS BANK PLC - RE- PUBLIC OF KOREA USD SEN Purchases USD 5 099 995 20 December 2017 1.00% -72 621 BARCLAYS BANK PLC - RE- PUBLIC OF SOUTH AFRICA Purchases USD 6 949 993 20 September 2017 1.00% 80 870 BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 3 849 996 20 June 2017 5.00% -104 410 BARCLAYS BANK PLC - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 7 807 493 20 September 2017 5.00% -169 940 BARCLAYS BANK PLC - SOCGEN SENIOR Purchases 2 999 997 20 June 2017 3.00% -186 415 BARCLAYS BANK PLC - SPAIN Purchases USD 2 999 997 20 June 2017 1.00% 160 397 69

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date BARCLAYS BANK PLC - STATE OF QATAR USD SEN Purchases USD 1 199 999 20 December 2017 1.00% -10 415 BARCLAYS BANK PLC - SWE- DEN Purchases USD 4 999 995 20 March 2017 0.25% -20 777 BARCLAYS BANK PLC - SWE- DEN Purchases USD 12 499 988 20 December 2017 0.25% -31 211 BARCLAYS BANK PLC - SWE- DEN Purchases USD 3 499 997 20 September 2020 0.25% 18 147 BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING Sales 2 499 998 20 December 2017 1.00% 11 416 BARCLAYS BANK PLC - SWISS RE AMERICA HOLDING USD Purchases 2 499 998 20 December 2017 1.00% -4 526 BARCLAYS BANK PLC - TESCO PLC SEN Sales 2 299 998 20 September 2017 1.00% 20 077 BARCLAYS BANK PLC - USA GOVERNMENT Purchases 2 999 997 22 March 2021 0.25% 63 126 BARCLAYS BANK PLC - VOL- VO AB Purchases 6 499 994 20 December 2015 1.00% -25 127 BARCLAYS BANK PLC - VOL- VO AB Purchases 5 599 994 20 March 2017 1.00% 56 499 BARCLAYS BANK PLC - VW Sales 6 499 994 20 December 2015 1.00% 94 589 BARCLAYS BANK PLC - WELLS FARGO COMPANY Purchases USD 749 999 20 September 2015 1.00% -8 588 BARCLAYS BANK PLC - WIND ACQUISITION FIN SA Sales 824 999 20 December 2016 5.00% -72 659 BARCLAYS BANK PLC - WOORI BANK USD SEN Purchases USD 1 999 998 20 March 2017 1.00% 35 034 BNP PARIBAS LONDON - HBOS PLC SUB Purchases 1 999 998 20 December 2016 5.00% -243 587 BNP PARIBAS LONDON - KBC IFIMA NV SEN Purchases 749 999 21 March 2016 5.00% -53 533 BNP PARIBAS LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD 2 539 997 20 March 2018 1.00% 157 195 BNP PARIBAS LONDON - REPUBLIC OF IRELAND Purchases USD 1 999 998 22 June 2015 1.00% 16 179 BNP PARIBAS LONDON - REPUBLIC OF ITALY USD SEN Purchases USD 6 299 994 20 December 2017 1.00% 389 726 BNP PARIBAS LONDON - ROYAL BK OF SCOTLAND PLC GBP SUB Purchases 749 999 21 December 2015 5.00% -62 349 BNP PARIBAS LONDON - THE NETHERLANDS Purchases USD 5 999 994 20 June 2017 0.25% 25 945 CREDIT SUISSE INTERNA- TIONAL LONDON - ACE INA HOLDINGS Purchases USD 1 539 998 20 December 2013 1.04% -10 314 CREDIT SUISSE INTERNA- TIONAL LONDON - BANK OF INDIA LONDON USD SEN Sales USD 699 999 20 September 2018 1.00% -44 102 CREDIT SUISSE INTERNA- TIONAL LONDON - BOM- BARDIER INC USD SEN Sales USD 500 000 20 June 2016 1.00% -24 689 70

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - CARDI HLTH Purchases USD 1 499 999 20 June 2014 0.81% -11 449 CREDIT SUISSE INTERNA- TIONAL LONDON - CLARI- ANT AG Purchases 500 000 20 March 2013 0.45% -153 CREDIT SUISSE INTERNA- TIONAL LONDON - FINMEC- CANICA FINANCE SEN Purchases 599 999 22 September 2014 1.00% 3 505 CREDIT SUISSE INTERNA- TIONAL LONDON - GAZ- PROM INTL Purchases USD 999 999 20 September 2014 3.96% -44 190 CREDIT SUISSE INTERNA- TIONAL LONDON - HANA BANK USD SUB Purchases USD 400 000 20 September 2016 1.00% -1 627 CREDIT SUISSE INTERNA- TIONAL LONDON - JONES GROUP INC USD SEN Purchases USD 1 909 998 20 September 2017 5.00% -44 584 CREDIT SUISSE INTERNA- TIONAL LONDON - MEADWESTVACO Purchases USD 1 499 999 20 March 2014 2.38% -30 865 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF FRANCE Purchases USD 5 999 994 20 December 2016 0.25% 67 794 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY USD SEN Purchases USD 2 539 997 20 March 2018 1.00% 161 134 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD 2 499 998 22 June 2015 1.00% 17 499 CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF IRELAND Purchases USD 10 969 989 20 March 2018 1.00% 472 142 CREDIT SUISSE INTERNA- TIONAL LONDON - SAKS IN- CORPORATED USD SEN Sales USD 1 909 998 20 September 2017 5.00% 109 860 CREDIT SUISSE INTERNA- TIONAL LONDON - SANT ID Purchases 1 499 999 20 March 2015 3.00% -41 535 CREDIT SUISSE INTERNA- TIONAL LONDON - SANTANDER ISSUANCES Purchases 500 000 20 June 2016 3.00% 3 176 CREDIT SUISSE INTERNA- TIONAL LONDON - SEAGATE TECHNOLOGY HDD H USD SEN Purchases USD 524 999 20 September 2017 5.00% -9 948 CREDIT SUISSE INTERNA- TIONAL LONDON - SHINHAN BANK USD SUB Purchases USD 599 999 20 September 2016 1.00% -7 307 CREDIT SUISSE INTERNA- TIONAL LONDON - UNITED KINGDOM ENGLAND Purchases USD 7 899 992 20 December 2017 1.00% -178 242 CREDIT SUISSE INTERNA- TIONAL LONDON - WOORI BANK USD SUB Purchases USD 300 000 20 September 2016 1.00% -791 ACE INA HOLDINGS Purchases USD 1 749 998 20 March 2014 1.28% -19 052 71

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps ADECCO Purchases 300 000 20 September 2014 1.63% -6 062 AKZO NOBEL SRUNSEC Purchases 1 749 998 20 December 2015 1.00% -27 970 BANCO SANTANDER Purchases 1 236 810 18 January 2050 2.63% 65 143 BANCO SANTANDER Purchases 1 236 810 18 January 2050 3.00% 34 213 BANCO SANTANDER Purchases 1 236 810 18 January 2050 2.70% 59 272 BANCO SANTANDER Purchases 3 092 024 18 January 2050 2.10% 274 170 BANCO SANTANDER Purchases 1 286 160 18 January 2050 3.65% -20 227 BANCO SANTANDER Purchases 1 236 810 18 January 2050 3.75% -28 666 BANCO SANTANDER Purchases 1 236 810 18 January 2050 4.50% -91 545 BANCO SANTANDER Purchases 1 236 810 18 January 2050 4.60% -99 929 BANCO SANTANDER Purchases 2 473 620 18 January 2050 4.69% -214 950 BANCO SANTANDER Purchases 1 236 810 18 January 2050 4.55% -95 737 BANK OF CHINA USD SEN Purchases USD 3 999 996 20 December 2016 1.00% -25 070 BANK OF CHINA USD SEN Purchases USD 3 999 996 20 March 2017 1.00% -18 786 BP PLC Sales 949 999 20 December 2015 1.00% 18 033 CENTEX HOME EQUITY Purchases USD 702 152 25 October 2035 1.85% 525 506 CMBX.NA.AAA.3 ISSUER Purchases USD 4 999 995 13 December 2049 0.08% 163 069 CMBX.NA.AAA.5 ISSUER Purchases USD 8 749 721 15 February 2051 0.35% 249 441 CMBX.NA.AJ.2 ISSUER Purchases USD 3 999 996 15 March 2049 1.09% 531 157 CMBX.NA.AJ.4 ISSUER Purchases USD 16 999 984 17 February 2051 0.96% 4 170 996 CMBX.NA.AM ISSUER Purchases USD 8 499 992 12 October 2052 0.50% 244 906 COMPASS GROUP PLC SEN Purchases 1 999 998 20 December 2019 1.00% -58 059 EDF Purchases 3 889 996 20 June 2017 1.00% 409 EXPEDIA Purchases USD 4 999 995 20 December 2017 1.00% 145 090 EXPEDIA INC USD SEN Purchases USD 1 999 998 20 March 2017 1.00% 25 388 72

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps EXPERIAN FIN Purchases 1 499 999 20 December 2014 0.60% -13 750 EXPERIAN FIN Purchases 599 999 20 June 2015 1.00% -12 195 GEORGIA-PACIFIC LLC USD SEN Sales USD 999 999 20 June 2017 1.00% 2 937 GOODRICH Purchases USD 6 024 994 20 December 2017 1.00% -197 938 INTESA SENIOR UNSECURED Purchases 7 499 993 20 March 2014 3.00% -141 418 JAPAN GOVERNMENT SR USD Purchases USD 450 000 20 June 2019 1.00% 1 668 JAPAN TOBACCO INC Purchases 1 499 999 20 June 2019 0.35% 5 154 JC PENNEY SENIOR USD Purchases USD 3 999 996 20 December 2016 1.00% 736 481 MARKIT ABX.HE.AAA 06-2 USD Sales USD 51 387 688 25 May 2046 0.11% -13 067 147 MARKIT ITRX SNR FIN 06/17 Purchases 70 599 928 20 June 2017 1.00% 1 566 043 MARKIT ITRX JAPAN 12/17 JPY Purchases JPY 374 999 625 20 December 2017 1.00% 92 815 MARKIT ITRX JAPAN 12/17 JPY Purchases JPY 1 127 998 872 20 March 2018 1.00% 279 189 NEXT PLC Purchases 3 849 996 20 June 2017 1.00% -16 452 NOKIA OYJ USD ISSUE Purchases USD 6 329 994 20 June 2017 1.00% 939 272 PANASONIC CORP JPY SEN Purchases JPY 563 499 437 20 September 2017 1.00% 264 907 PANASONIC CORP JPY SEN Purchases JPY 241 499 759 20 March 2018 1.00% 131 923 PPR SEN Purchases 3 124 997 20 September 2017 1.00% 8 796 PPR SEN Purchases 6 249 994 20 December 2017 1.00% 33 657 RENAULT S.A. SEN Purchases 749 999 20 December 2013 1.00% -5 573 REPUBLIC OF SOUTH AFRICA Purchases USD 6 949 993 20 September 2017 1.00% 88 665 RUSSIAN FEDERATION Purchases USD 6 499 994 20 September 2017 1.00% 52 475 SANT ID Purchases 2 999 997 20 December 2014 1.00% 40 648 SANTANDER INTL DEBT SA SEN Purchases 1 399 998 21 March 2016 3.00% -35 299 SONY CORPORATION JPY SEN Purchases JPY 482 999 518 20 September 2017 1.00% 377 239 73

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date SONY CORPORATION JPY SEN Purchases JPY 321 999 678 20 March 2018 1.00% 297 388 SPAIN Purchases USD 39 999 960 20 June 2017 1.00% 2 131 128 STRUCTURED ASSET SECURI- TIES CORP Purchases USD 425 340 25 February 2035 1.20% 242 070 SWEDEN Purchases USD 2 999 997 20 March 2017 0.25% -12 463 SWISS RE AMERICA HOLDING Sales 2 499 998 20 December 2017 1.00% 16 272 SWISS RE AMERICA HOLD- ING USD Purchases 2 499 998 20 December 2017 1.00% -4 526 TESCO PLC SEN Sales 13 549 986 20 June 2017 1.00% 146 020 UNITED KINGDOM ENGLAND Purchases USD 17 999 982 20 September 2017 1.00% -403 904 UNITED KINGDOM ENGLAND Purchases USD 15 699 984 20 December 2017 1.00% -358 953 UNITED KINGDOM ENGLAND Purchases USD 7 899 992 20 December 2017 0.25% 40 221 VOLVO AB Purchases 3 999 997 20 December 2015 1.00% -15 347 VW Sales 3 999 997 20 December 2015 1.00% 64 581 DEUTSCHE BANK NEW YORK - ALLSTATE Purchases USD 1 999 998 20 September 2014 1.00% -19 599 DEUTSCHE BANK NEW YORK - BLACK & DECKER CORP Purchases USD 1 999 998 20 March 2020 1.00% -52 715 DEUTSCHE BANK NEW YORK - CATERPILLAR Purchases USD 699 999 20 March 2014 1.70% -9 821 DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD 3 079 997 20 December 2013 1.00% -20 474 DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD 999 999 20 March 2014 1.33% -11 256 DEUTSCHE BANK NEW YORK - CHUBB CORP Purchases USD 999 999 20 June 2014 1.35% -13 489 DEUTSCHE BANK NEW YORK - DEERE Purchases USD 1 499 999 20 March 2014 1.45% -19 245 DEUTSCHE BANK NEW YORK - WEYHSER Purchases USD 999 999 20 March 2014 1.90% -15 636 GOLDMAN INTERNATIONAL - KBC IFIMA NV SEN Purchases 500 000 21 March 2016 5.00% -35 688 GOLDMAN INTERNATIONAL - REPUBLIC OF IRELAND Purchases USD 2 199 998 22 June 2015 1.00% 17 097 HSBC LONDON - ABBEY NATL Purchases 799 999 20 June 2014 1.00% 5 113 HSBC LONDON - DEUTSCHE BANK AG SUB Purchases 1 119 999 21 March 2016 3.00% -69 821 HSBC LONDON - JAPAN GOV- ERNMENT SR USD Sales USD 1 499 999 20 June 2015 1.00% 17 178 74

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date HSBC LONDON - JAPAN GOV- ERNMENT SR USD Purchases USD 1 249 999 20 June 2020 1.00% 13 262 HSBC LONDON - KINGFISH- ER PLC Purchases 799 999 20 June 2015 1.00% -8 110 HSBC LONDON - MARKIT ITRX XOVER 12/17 Purchases 649 999 20 December 2017 5.00% -4 489 HSBC LONDON - PERNOD RIC Purchases 1 499 999 20 March 2015 1.00% -20 588 HSBC LONDON - REPUBLIC OF FRANCE Purchases USD 5 999 994 20 December 2016 0.25% 78 380 HSBC LONDON - REPUBLIC OF IRELAND Purchases USD 3 799 996 22 June 2015 1.00% 29 532 HSBC LONDON - REPUBLIC OF ITALY USD SEN Purchases USD 6 299 994 20 December 2017 1.00% 391 939 HSBC LONDON - RUSSIAN FEDERATION Purchases USD 1 999 998 20 June 2014 1.00% -12 433 HSBC LONDON - RUSSIAN FEDERATION Purchases USD 6 499 994 20 June 2017 1.00% 42 128 HSBC LONDON - SIEMENS Purchases 2 299 998 20 March 2017 1.00% -49 575 HSBC LONDON - SWEDEN Purchases USD 13 899 986 20 December 2017 0.25% -31 658 HSBC LONDON - THE NETHER- LANDS Purchases USD 7 999 992 20 June 2017 0.25% 37 325 HSBC LONDON - US TREASURY N/B SEN Purchases 2 999 997 21 June 2021 0.25% 64 420 JP MORGAN LONDON - AB- BEY NATL Sales 799 999 20 June 2014 1.00% -5 092 JP MORGAN LONDON - BAT INTL FINANCE PLC SEN Purchases 799 999 21 June 2021 1.00% -19 575 JP MORGAN LONDON - DEUTSCHE BANK AG SUB Purchases 1 199 999 21 March 2016 1.00% -1 466 JP MORGAN LONDON - KBC IFIMA NV SEN Purchases 999 999 21 December 2015 5.00% -71 845 JP MORGAN LONDON - KBC IFIMA NV SEN Purchases 849 999 21 March 2016 5.00% -60 671 JP MORGAN LONDON - MARKIT ABX.HE.AAA 06-2 USD Sales USD 1 876 094 25 May 2046 0.11% -475 792 JP MORGAN LONDON - PEAR- SON PLC (U.K.) SEN Purchases 1 599 998 20 June 2016 1.00% -29 979 JP MORGAN LONDON - RUS- SIAN FEDERATION Purchases USD 3 999 996 20 June 2014 1.00% -25 317 JP MORGAN LONDON - SAKS INCORPORATED USD SEN Sales USD 954 999 20 September 2017 5.00% 54 930 JP MORGAN LONDON - SANT ID Purchases 2 399 998 21 March 2016 3.00% -59 226 JP MORGAN LONDON - SAN- TANDER ISSUANCES Sales 500 000 20 June 2016 3.00% -3 048 JP MORGAN LONDON - SCOT- TISH STHN ENGY PLC SR UNSEC Sales 999 999 20 December 2017 1.00% -18 646 JP MORGAN LONDON - THE NETHERLANDS Purchases USD 7 999 992 20 June 2017 0.25% 28 558 JP MORGAN LONDON - UNITED KINGDOM ENGLAND Purchases USD 15 799 984 20 December 2017 1.00% -352 360 75

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date JP MORGAN LONDON - UNITED RENTALS NORTH AM USD SEN Sales USD 954 999 20 September 2017 5.00% 51 546 JP MORGAN LONDON - WELLS FARGO COMPANY Purchases USD 2 749 998 20 September 2015 1.00% -25 617 JP MORGAN LONDON - WOORI BANK USD SEN Purchases USD 1 999 998 20 December 2016 1.00% 41 561 JP MORGAN LONDON - WOORI BANK USD SUB Purchases USD 699 999 20 September 2016 1.00% -3 276 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 1 236 810 18 January 2050 2.70% 117 288 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 1 236 810 18 January 2050 2.95% 103 298 MORGAN STANLEY CIE INTER- NATIONAL LONDON - BANCO SANTANDER Purchases 1 236 810 18 January 2050 4.45% 18 800 MORGAN STANLEY CIE INTER- NATIONAL LONDON - PER- NOD RIC Purchases 500 000 20 March 2015 1.00% -8 565 MORGAN STANLEY CIE INTER- NATIONAL LONDON - REPUB- LIC OF FRANCE Purchases USD 7 899 992 20 December 2017 0.25% 172 207 MORGAN STANLEY CIE INTER- NATIONAL LONDON - STAPLES INC USD SEN Sales USD 889 999 20 September 2017 1.00% -76 821 MORGAN STANLEY CIE INTER- NATIONAL LONDON - WOORI BANK USD SEN Purchases USD 699 999 20 September 2018 1.00% -25 NOMURA LONDON - ALCATEL Purchases 3 999 996 20 June 2016 5.00% 332 500 NOMURA LONDON - ALCATEL Sales 3 999 996 20 June 2022 5.00% -803 532 STANDARD CHARTERED GB - REPUBLIC OF CHINA Sales USD 649 999 20 December 2017 1.00% 8 809 STANDARD CHARTERED GB - REPUBLIC OF KOREA USD SEN Purchases USD 649 999 20 December 2017 1.00% -8 232 UBS AG LONDON - ABSHE 2005-HE4 M8 ISSUER Purchases USD 161 232 25 May 2035 1.58% 110 621 UBS AG LONDON - BEAM Purchases USD 1 999 998 20 June 2014 2.00% -41 752 UBS AG LONDON - BOM- BARDIER INC USD SEN Sales USD 500 000 20 June 2016 1.00% -24 267 UBS AG LONDON - CENTEX HOME EQUITY Purchases USD 234 051 25 October 2035 2.50% 177 156 UBS AG LONDON - CNOOC FINANCE 2003 LTD USD SEN Purchases USD 300 000 20 September 2015 1.00% -4 279 UBS AG LONDON - DIXONS RET Purchases 500 000 25 June 2014 5.00% -25 525 UBS AG LONDON - GOODRICH Purchases USD 1 999 998 20 June 2014 0.88% -18 670 UBS AG LONDON - PEARSON PLC (U.K.) SEN Purchases 999 999 20 September 2014 0.62% -6 834 UBS AG LONDON - RUSSIAN FEDERATION Purchases USD 6 499 994 20 June 2017 1.00% 32 320 UBS AG LONDON - TWX Purchases USD 2 749 997 20 March 2014 1.47% -35 123 76

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Interest on swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date UBS AG LONDON - WELLS FARGO COMPANY Purchases USD 1 249 999 20 September 2015 1.00% -14 313 UBS LONDON - BANK OF AMERICA CORP USD SEN Purchases USD 969 999 20 June 2017 1.00% 6 359 UBS LONDON - CITIGROUP INC USD SEN Sales USD 969 999 20 June 2017 1.00% -5 890 UBS LONDON - DUKE ENERGY CAROLINAS Purchases USD 4 999 995 20 September 2017 1.00% -124 352 UBS LONDON - PERNOD RIC Purchases 799 999 20 March 2015 1.00% -13 865 UBS LONDON - SAFEWAY Purchases 1 199 999 20 December 2019 1.00% -34 785 UBS LONDON - SIEMENS Purchases 2 299 998 20 March 2017 1.00% -53 930 UBS LONDON - STAPLES INC Sales USD 889 999 20 June 2017 1.00% -68 188 UBS LONDON - WHIRLPOOL Purchases USD 889 999 20 June 2017 1.00% 4 618 received paid Type* Counterparty - Underlying Nominal Maturity date ILS BARCLAYS BANK PLC - CPI FRANCE 12 887 487 25 September 2022 TF- Disc2.70% CPI France 79 119 ILS BARCLAYS BANK PLC - CPI US USD 9 499 991 28 February 2013 TF- Disc2.50% CPI US 57 074 ILS - CPI US USD 16 999 983 6 January 2013 CPI US 1.68% 235 272 ILS - CPI US USD 18 999 981 30 January 2013 TF- Disc1.88% CPI US 12 967 ILS - CPI US USD 18 999 981 22 February 2013 CPI US 1.84% 147 103 ILS DEUTSCHE BANK NEW YORK - CPI US USD 18 999 981 21 January 2013 TF- Disc1.73% CPI US -22 638 ILS UBS AG LONDON - CPI US USD 18 999 981 1 March 2013 CPI US 1.84% 126 551 ILS UBS LONDON - CPI FRANCE 13 051 487 25 September 2022 TF- Disc2.70% CPI France 89 138 ILS UBS LONDON - CPI FRANCE 13 390 987 11 October 2022 TF- Disc2.69% CPI France 83 988 received paid Type* Counterparty - Underlying Nominal Maturity date BANK OF AMERICA LN - BBSW6M-AUD AUD 35 040 465 31 August 2020 BBSW6M-AUD 4.29% -132 768 BANK OF AMERICA LN - BBSW6M-AUD AUD 33 041 967 14 September 2020 BBSW6M-AUD 4.18% -30 001 BANK OF AMERICA LN - BBSW6M-AUD AUD 13 851 986 29 June 2022 BBSW6M-AUD 4.37% 11 058 BANK OF AMERICA LN - CDOR03 INDEX CAD 31 903 468 20 December 2021 CDOR03 Index 2.68% -67 661 BANK OF AMERICA LN - CDOR03 INDEX CAD 15 114 485 1 August 2022 CDOR03 Index 2.72% 20 181 BANK OF AMERICA LN - CDOR03 INDEX CAD 18 919 481 1 August 2022 CDOR03 Index 2.73% 16 336 BANK OF AMERICA LN - LIB3M USD USD 27 565 472 21 December 2021 2.58% LIB3M USD 80 262 CZK-6M- BARCLAYS BANK PLC - CZK-6M-PRIBOR CZK 218 714 781 7 March 2022 PRIBOR 2.66% -385 415 BARCLAYS BANK PLC - IB6M 41 024 459 9 August 2016 IB6M 1.20% -414 380 BARCLAYS BANK PLC - IB6M 33 683 466 9 August 2019 1.86% IB6M 972 837 BARCLAYS BANK PLC - IB6M 20 989 979 15 November 2021 2.28% IB6M 204 587 BARCLAYS BANK PLC - IB6M 10 860 989 9 August 2022 IB6M 2.25% -420 252 BARCLAYS BANK PLC - IB6M 25 780 974 28 May 2027 2.69% IB6M -364 879 BARCLAYS BANK PLC - IB6M 26 411 474 31 May 2027 2.77% IB6M -288 101 77

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date BARCLAYS BANK PLC - IB6M 59 542 940 28 May 2032 IB6M 2.15% 1 349 161 BARCLAYS BANK PLC - IB6M 61 334 939 31 May 2032 IB6M 2.27% 1 135 835 BARCLAYS BANK PLC - IB6M 38 817 461 11 May 2037 IB6M 2.19% 363 276 BARCLAYS BANK PLC - IB6M 33 510 966 28 May 2037 1.73% IB6M -787 527 BARCLAYS BANK PLC - IB6M 34 881 465 29 May 2037 1.87% IB6M -665 038 BARCLAYS BANK PLC - IB6M 17 574 982 20 October 2042 2.56% IB6M 148 399 BARCLAYS BANK PLC - IB6M 13 321 987 21 October 2052 3.01% IB6M 174 241 BARCLAYS BANK PLC - JIB3M ZAR ZAR 62 339 438 13 December 2017 JIB3M ZAR 6.78% -245 294 KWCDC- BARCLAYS BANK PLC - KWCDC-3M KRW KRW 16 377 283 623 19 October 2021 3M KRW 3.14% 57 318 BARCLAYS BANK PLC - LIB3M USD USD 34 245 966 23 September 2013 1.30% LIB3M USD 184 586 BARCLAYS BANK PLC - LIB3M USD USD 43 241 957 21 December 2013 LIB3M USD 1.86% -489 114 BARCLAYS BANK PLC - LIB3M USD USD 49 336 951 23 September 2014 LIB3M USD 1.81% -924 284 BARCLAYS BANK PLC - LIB3M USD USD 76 641 923 18 November 2015 1.44% LIB3M USD 1 021 306 BARCLAYS BANK PLC - LIB3M USD USD 14 123 986 23 September 2016 2.66% LIB3M USD 809 522 BARCLAYS BANK PLC - LIB3M USD USD 37 664 962 19 April 2017 LIB3M USD 1.23% -625 004 BARCLAYS BANK PLC - LIB3M USD USD 9 034 491 23 August 2021 2.64% LIB3M USD 85 851 BARCLAYS BANK PLC - LIB3M USD USD 7 781 992 24 December 2021 2.54% LIB3M USD 2 861 BARCLAYS BANK PLC - LIB3M USD USD 24 433 976 22 March 2022 3.56% LIB3M USD 773 474 BARCLAYS BANK PLC - LIB3M USD USD 34 656 965 4 April 2022 3.37% LIB3M USD 854 224 BARCLAYS BANK PLC - LIB3M USD USD 23 682 976 20 April 2022 2.89% LIB3M USD 179 704 BARCLAYS BANK PLC - LIB3M USD USD 21 697 978 2 April 2032 LIB3M USD 3.71% -118 493 BARCLAYS BANK PLC - LIB3M USD USD 19 554 980 21 October 2052 LIB3M USD 2.94% 46 291 BARCLAYS BANK PLC - LIB3M USD USD 23 211 977 28 November 2052 LIB3M USD 2.78% 147 898 BARCLAYS BANK PLC - LIB6M GBP GBP 72 956 927 18 November 2015 LIB6M GBP 1.88% -1 895 417 BARCLAYS BANK PLC - LIB6M GBP GBP 70 766 929 7 September 2017 LIB6M GBP 1.38% -186 172 BARCLAYS BANK PLC - LIB6M GBP GBP 22 051 478 13 December 2019 LIB6M GBP 2.31% -38 955 BARCLAYS BANK PLC - LIB6M GBP GBP 31 814 968 4 April 2022 LIB6M GBP 3.88% -550 731 BARCLAYS BANK PLC - LIB6M GBP GBP 31 392 469 13 December 2022 3.25% LIB6M GBP 120 149 BARCLAYS BANK PLC - LIB6M GBP GBP 25 557 474 13 December 2024 LIB6M GBP 3.71% -6 929 BARCLAYS BANK PLC - LIB6M GBP GBP 53 689 446 6 September 2027 3.64% LIB6M GBP -350 981 BARCLAYS BANK PLC - LIB6M GBP GBP 10 104 990 16 February 2032 3.81% LIB6M GBP -34 341 BARCLAYS BANK PLC - LIB6M GBP GBP 18 312 982 3 May 2032 3.94% LIB6M GBP 122 880 BARCLAYS BANK PLC - LIB6M GBP GBP 15 214 485 3 May 2032 3.92% LIB6M GBP 80 234 BARCLAYS BANK PLC - LIB6M GBP GBP 23 498 977 10 May 2032 3.85% LIB6M GBP -26 231 BARCLAYS BANK PLC - LIB6M GBP GBP 21 908 478 21 September 2032 3.92% LIB6M GBP -75 828 BARCLAYS BANK PLC - LIB6M JPY JPY 6 606 771 393 6 December 2022 LIB6M JPY 1.21% 463 039 BARCLAYS BANK PLC - LIB6M JPY JPY 13 477 814 522 6 December 2027 2.40% LIB6M JPY -691 232 BARCLAYS BANK PLC - LIB6M JPY JPY 7 293 875 706 6 December 2032 LIB6M JPY 2.81% 332 828 BARCLAYS BANK PLC - NIBOR6M NOK NOK 202 431 798 6 December 2017 NIBOR6M NOK 2.94% -18 244 BARCLAYS BANK PLC - NIBOR6M NOK NOK 83 475 917 18 June 2018 NIBOR6M NOK 2.57% -45 830 BARCLAYS BANK PLC - NIBOR6M NOK NOK 65 443 935 21 June 2018 NIBOR6M NOK 2.64% -65 068 BARCLAYS BANK PLC - SONIO/N INDEX GBP 28 603 971 19 December 2013 SONIO/N Index 0.41% -9 063 78

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - STIB3M SEK SEK 831 087 169 19 October 2015 STIB3M SEK 1.35% -75 240 BARCLAYS BANK PLC - STIB3M SEK SEK 95 227 405 18 May 2021 STIB3M SEK 3.81% -742 697 BARCLAYS BANK PLC - WIBOR3M PLN PLN 184 559 815 14 October 2013 WIBOR3M PLN 5.00% -460 168 BARCLAYS BANK PLC - WIBOR3M PLN PLN 143 275 857 24 February 2014 WIBOR3M PLN 4.57% -430 656 - BBSW3M-AUD AUD 26 273 974 12 January 2015 BBSW3M-AUD 5.68% -1 116 792 - CDOR03 INDEX CAD 16 331 984 22 September 2014 CDOR03 Index 1.61% -46 440 - CDOR03 INDEX CAD 83 387 917 27 October 2014 1.88% CDOR03 Index 549 033 - CDOR03 INDEX CAD 59 099 941 18 September 2015 1.62% CDOR03 Index 83 464 - CDOR03 INDEX CAD 44 124 956 20 April 2017 2.38% CDOR03 Index 330 133 - CDOR03 INDEX CAD 33 935 966 22 September 2017 2.13% CDOR03 Index 535 954 - CDOR03 INDEX CAD 34 646 465 25 October 2017 CDOR03 Index 2.20% -625 713 - CDOR03 INDEX CAD 24 415 976 18 September 2018 CDOR03 Index 1.95% -87 360 - CDOR03 INDEX CAD 26 579 973 10 August 2021 CDOR03 Index 2.55% -24 171 - CDOR03 INDEX CAD 28 071 972 15 November 2021 CDOR03 Index 2.47% 110 739 - CDOR03 INDEX CAD 31 884 968 20 December 2021 CDOR03 Index 2.67% -67 143 - CDOR03 INDEX CAD 31 178 969 21 March 2022 CDOR03 Index 3.47% -825 771 - CDOR03 INDEX CAD 25 027 975 4 April 2022 CDOR03 Index 3.36% -560 841 - CDOR03 INDEX CAD 26 145 974 25 April 2022 CDOR03 Index 3.22% -451 551 - CDOR03 INDEX CAD 15 329 985 2 August 2022 CDOR03 Index 2.72% 13 418 - CDOR03 INDEX CAD 18 261 982 22 September 2022 CDOR03 Index 2.78% -693 935 - CDOR03 INDEX CAD 27 274 473 11 October 2032 CDOR03 Index 3.33% 48 061 - CDOR03 INDEX CAD 18 230 982 11 October 2032 CDOR03 Index 3.37% 1 265 - CDOR03 INDEX CAD 23 221 477 16 October 2042 CDOR03 Index 2.29% 42 305 - IB6M 26 426 974 6 December 2017 1.41% IB6M 120 665 - IB6M 8 974 991 10 August 2021 2.53% IB6M 225 956 - IB6M 13 523 486 12 November 2021 2.37% IB6M 177 864 - IB6M 11 567 488 20 June 2022 2.60% IB6M 179 132 79

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - IB6M 13 776 986 20 February 2023 IB6M 1.74% -190 847 - IB6M 14 872 485 28 November 2052 2.89% IB6M 95 495 - LIB3M CAD CAD 18 018 982 11 October 2016 LIB3M CAD 2.09% -175 989 - LIB3M CHF CHF 101 999 898 17 May 2013 LIB3M CHF 1.07% -339 928 - LIB3M USD USD 21 019 479 14 January 2015 2.70% LIB3M USD 727 428 - LIB3M USD USD 104 391 896 16 March 2016 1.56% LIB3M USD 637 824 - LIB3M USD USD 40 998 459 28 September 2018 1.52% LIB3M USD 17 768 - LIB3M USD USD 22 269 978 1 April 2019 2.35% LIB3M USD 863 185 - LIB3M USD USD 11 983 988 1 April 2024 LIB3M USD 2.99% -638 176 - LIB3M USD USD 88 112 412 28 September 2029 LIB3M USD 3.30% 259 301 - LIB6M CHF CHF 18 971 981 22 May 2017 LIB6M CHF 0.45% -143 867 - LIB6M CHF CHF 21 633 978 27 March 2019 1.06% LIB6M CHF 435 947 - LIB6M CHF CHF 8 908 991 5 October 2020 2.51% LIB6M CHF 524 283 - LIB6M CHF CHF 11 240 989 27 March 2024 LIB6M CHF 1.51% -271 823 - LIB6M CHF CHF 9 918 990 5 October 2025 LIB6M CHF 2.57% -212 951 - LIB6M CHF CHF 5 670 994 20 February 2032 LIB6M CHF 1.91% 22 251 - LIB6M GBP GBP 67 137 933 14 March 2016 LIB6M GBP 1.75% -673 436 - LIB6M GBP GBP 209 384 291 19 December 2016 LIB6M GBP 1.28% -316 087 - LIB6M GBP GBP 58 214 442 7 September 2017 LIB6M GBP 1.51% -371 932 - LIB6M GBP GBP 10 035 990 8 November 2017 1.71% LIB6M GBP 424 013 - LIB6M GBP GBP 9 839 490 11 June 2018 1.10% LIB6M GBP -11 132 - LIB6M GBP GBP 6 765 493 19 June 2018 1.21% LIB6M GBP 34 886 - LIB6M GBP GBP 24 559 475 7 September 2021 2.59% LIB6M GBP 458 936 - LIB6M GBP GBP 7 555 992 20 December 2021 2.52% LIB6M GBP 63 624 - LIB6M GBP GBP 11 999 988 1 August 2022 2.96% LIB6M GBP 241 501 80

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid - LIB6M GBP GBP 11 875 488 2 August 2022 2.94% LIB6M GBP 222 088 - LIB6M GBP GBP 11 753 988 8 November 2022 LIB6M GBP 2.47% -864 811 - LIB6M GBP GBP 2 908 747 10 November 2042 3.21% LIB6M GBP 192 108 - LIB6M GBP GBP 9 672 990 5 August 2052 3.56% LIB6M GBP -14 658 - LIB6M GBP GBP 19 636 980 14 October 2052 3.70% LIB6M GBP 90 275 - LIB6M GBP GBP 13 365 487 3 August 2062 LIB6M GBP 3.10% 56 498 - LIB6M GBP GBP 27 540 472 12 October 2062 LIB6M GBP 3.26% -14 840 - LIB6M JPY JPY 12 486 098 514 6 March 2014 LIB6M JPY 0.35% -146 453 - LIB6M JPY JPY 2 145 879 854 6 December 2021 LIB6M JPY 0.95% 147 734 - LIB6M JPY JPY 2 141 155 859 6 December 2021 LIB6M JPY 0.93% 165 983 - LIB6M JPY JPY 4 398 215 602 14 December 2021 LIB6M JPY 0.93% 353 039 - LIB6M JPY JPY 4 328 504 671 14 December 2021 LIB6M JPY 0.89% 423 730 - LIB6M JPY JPY 1 108 206 892 26 December 2022 LIB6M JPY 0.79% 63 713 - LIB6M JPY JPY 1 647 531 852 19 January 2023 LIB6M JPY 0.78% 125 704 - LIB6M JPY JPY 2 199 166 801 4 December 2026 1.54% LIB6M JPY -312 738 - LIB6M JPY JPY 2 204 018 796 7 December 2026 1.57% LIB6M JPY -268 689 - LIB6M JPY JPY 4 542 258 458 14 December 2026 2.15% LIB6M JPY -389 283 - LIB6M JPY JPY 4 612 762 387 14 December 2026 2.19% LIB6M JPY -309 501 - LIB6M JPY JPY 3 252 608 747 11 November 2030 2.72% LIB6M JPY -203 810 - LIB6M JPY JPY 4 993 237 007 20 November 2031 2.68% LIB6M JPY -456 894 - LIB6M JPY JPY 2 483 546 516 21 November 2031 2.67% LIB6M JPY -236 299 - LIB6M JPY JPY 2 538 027 462 24 November 2031 2.66% LIB6M JPY -251 364 - LIB6M JPY JPY 3 901 820 598 12 December 2031 2.71% LIB6M JPY -312 331 - LIB6M JPY JPY 428 388 572 20 February 2032 2.48% LIB6M JPY -54 824 - LIB6M JPY JPY 1 083 733 416 11 October 2032 2.38% LIB6M JPY -272 622 81

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date - LIB6M JPY JPY 3 773 589 226 11 November 2035 LIB6M JPY 2.36% 563 826 - LIB6M JPY JPY 5 725 229 275 20 November 2036 LIB6M JPY 2.45% 563 610 - LIB6M JPY JPY 2 849 543 150 21 November 2036 LIB6M JPY 2.45% 280 349 - LIB6M JPY JPY 2 885 336 615 24 November 2036 LIB6M JPY 2.44% 294 642 - LIB6M JPY JPY 606 485 394 4 December 2036 LIB6M JPY 2.04% 159 503 - LIB6M JPY JPY 607 823 392 8 December 2036 LIB6M JPY 2.07% 132 334 - LIB6M JPY JPY 4 474 815 025 12 December 2036 LIB6M JPY 2.51% 354 198 - NDBB3M NZD NZD 8 999 991 13 August 2017 NDBB3M NZD 4.80% -417 107 - NDBB3M NZD NZD 12 399 988 26 November 2017 NDBB3M NZD 5.06% -682 756 - SONIO/N INDEX GBP 417 242 583 28 May 2013 SONIO/N Index 0.37% 79 599 - SONIO/N INDEX GBP 416 841 583 17 June 2013 SONIO/N Index 0.31% 213 484 - WIBOR3M PLN PLN 147 440 853 23 April 2014 WIBOR3M PLN 4.83% -582 113 DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD 29 409 471 29 June 2022 BBSW6M-AUD 4.34% 48 192 DEUTSCHE BANK FRANKFURT - BBSW6M- AUD AUD 29 563 970 11 July 2022 BBSW6M-AUD 4.44% -38 473 DEUTSCHE BANK FRANKFURT - IB6M 46 998 953 14 January 2015 IB6M 1.33% -884 156 DEUTSCHE BANK FRANKFURT - IB6M 48 887 451 19 October 2015 0.67% IB6M 157 278 DEUTSCHE BANK FRANKFURT - IB6M 27 371 973 7 December 2017 1.40% IB6M 110 103 DEUTSCHE BANK FRANKFURT - IB6M 38 639 961 16 January 2018 2.00% IB6M 2 334 435 DEUTSCHE BANK FRANKFURT - IB6M 12 445 988 14 January 2021 IB6M 2.40% -1 068 960 DEUTSCHE BANK FRANKFURT - IB6M 7 943 992 25 October 2021 2.54% IB6M 172 900 DEUTSCHE BANK FRANKFURT - IB6M 12 613 487 14 November 2021 2.32% IB6M 132 346 DEUTSCHE BANK FRANKFURT - IB6M 29 091 971 16 June 2022 2.55% IB6M 368 276 DEUTSCHE BANK FRANKFURT - IB6M 27 867 972 17 May 2027 3.11% IB6M 78 754 DEUTSCHE BANK FRANKFURT - IB6M 13 700 486 17 May 2027 2.99% IB6M -30 947 DEUTSCHE BANK FRANKFURT - IB6M 27 553 472 17 May 2027 3.02% IB6M -21 690 DEUTSCHE BANK FRANKFURT - IB6M 26 767 973 24 May 2027 2.94% IB6M -114 059 DEUTSCHE BANK FRANKFURT - IB6M 13 426 487 24 May 2027 2.97% IB6M -40 703 DEUTSCHE BANK FRANKFURT - IB6M 26 387 474 25 May 2027 2.84% IB6M -220 703 DEUTSCHE BANK FRANKFURT - IB6M 15 643 984 25 October 2027 3.33% IB6M 172 022 DEUTSCHE BANK FRANKFURT - IB6M 63 669 436 17 May 2032 IB6M 2.57% 546 826 DEUTSCHE BANK FRANKFURT - IB6M 31 010 469 17 May 2032 IB6M 2.45% 392 311 DEUTSCHE BANK FRANKFURT - IB6M 62 477 938 17 May 2032 IB6M 2.49% 710 252 DEUTSCHE BANK FRANKFURT - IB6M 30 401 970 24 May 2032 IB6M 2.45% 387 034 82

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - IB6M 60 546 439 24 May 2032 IB6M 2.42% 835 483 DEUTSCHE BANK FRANKFURT - IB6M 59 297 941 25 May 2032 IB6M 2.33% 1 007 788 DEUTSCHE BANK FRANKFURT - IB6M 36 176 964 25 October 2032 IB6M 2.88% -134 724 DEUTSCHE BANK FRANKFURT - IB6M 30 619 969 12 October 2033 3.00% IB6M 308 024 DEUTSCHE BANK FRANKFURT - IB6M 35 346 965 18 May 2037 2.06% IB6M -501 514 DEUTSCHE BANK FRANKFURT - IB6M 17 070 983 18 May 2037 1.98% IB6M -287 343 DEUTSCHE BANK FRANKFURT - IB6M 34 468 466 18 May 2037 2.01% IB6M -551 974 DEUTSCHE BANK FRANKFURT - IB6M 16 740 983 25 May 2037 1.98% IB6M -281 234 DEUTSCHE BANK FRANKFURT - IB6M 33 353 967 25 May 2037 1.95% IB6M -591 798 DEUTSCHE BANK FRANKFURT - IB6M 32 489 968 25 May 2037 1.89% IB6M -637 357 DEUTSCHE BANK FRANKFURT - IB6M 20 532 979 23 October 2037 2.61% IB6M 72 682 DEUTSCHE BANK FRANKFURT - IB6M 38 274 962 12 October 2038 IB6M 2.25% 249 759 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 38 824 961 12 January 2015 1.33% LIB6M GBP 598 210 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 21 845 978 28 September 2017 1.73% LIB6M GBP 948 860 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 21 760 978 5 October 2017 1.70% LIB6M GBP 906 431 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 15 070 485 9 November 2017 1.65% LIB6M GBP 591 394 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 20 485 480 13 November 2017 1.75% LIB6M GBP 914 059 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 31 579 968 10 January 2018 LIB6M GBP 1.80% -1 497 205 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 8 591 991 11 June 2018 1.08% LIB6M GBP -14 906 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 10 216 990 11 January 2021 2.30% LIB6M GBP 739 319 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 5 062 995 10 August 2021 2.58% LIB6M GBP 97 275 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 5 623 994 17 March 2022 2.61% LIB6M GBP 34 283 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 24 178 976 29 March 2022 LIB6M GBP 3.36% -1 189 323 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 23 118 977 28 September 2022 LIB6M GBP 2.56% -1 955 581 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 23 033 977 5 October 2022 LIB6M GBP 2.51% -1 823 321 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 17 614 482 9 November 2022 LIB6M GBP 2.41% -1 184 812 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 23 507 976 14 November 2022 LIB6M GBP 2.51% -1 834 964 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 7 706 492 5 January 2023 LIB6M GBP 1.96% -102 618 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 11 318 989 11 October 2032 3.88% LIB6M GBP 7 112 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 5 301 995 28 September 2042 3.26% LIB6M GBP 422 519 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 5 195 995 6 October 2042 3.20% LIB6M GBP 329 885 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 8 059 992 10 October 2042 3.13% LIB6M GBP 362 807 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 4 349 496 10 November 2042 3.18% LIB6M GBP 252 269 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 5 784 494 12 November 2042 3.23% LIB6M GBP 416 973 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 15 329 985 6 August 2052 3.51% LIB6M GBP -54 734 DEUTSCHE BANK FRANKFURT - LIB6M GBP GBP 21 591 978 7 August 2062 LIB6M GBP 3.06% 114 361 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 2 187 068 813 7 December 2022 LIB6M JPY 1.18% 194 265 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 4 682 742 317 7 December 2027 2.38% LIB6M JPY -300 701 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 3 484 938 515 11 November 2030 2.72% LIB6M JPY -205 562 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 800 630 199 17 November 2030 2.77% LIB6M JPY -73 177 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 105 135 895 24 November 2031 2.67% LIB6M JPY -465 184 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 2 683 520 316 6 December 2032 2.80% LIB6M JPY -129 584 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 2 683 520 316 7 December 2032 LIB6M JPY 2.78% 153 233 83

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 4 042 537 957 7 December 2032 2.78% LIB6M JPY -230 835 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 2 656 684 343 10 December 2032 2.70% LIB6M JPY -221 912 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 4 034 398 966 13 December 2032 2.69% LIB6M JPY -352 994 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 3 872 153 128 11 November 2035 LIB6M JPY 2.36% 588 357 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 1 994 816 005 18 November 2035 LIB6M JPY 2.41% 270 083 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 840 509 159 21 November 2036 LIB6M JPY 2.45% 573 477 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 6 198 930 801 7 December 2037 LIB6M JPY 2.54% 291 585 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 9 346 673 653 7 December 2037 LIB6M JPY 2.52% 507 249 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 6 107 690 892 10 December 2037 LIB6M JPY 2.42% 511 897 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 9 286 985 713 14 December 2037 LIB6M JPY 2.42% 784 022 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 371 963 628 8 December 2042 2.37% LIB6M JPY -152 620 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 3 569 081 431 8 December 2042 2.40% LIB6M JPY -78 095 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 3 496 626 503 10 December 2042 2.25% LIB6M JPY -207 463 DEUTSCHE BANK FRANKFURT - LIB6M JPY JPY 5 314 987 685 11 December 2042 2.26% LIB6M JPY -304 839 DEUTSCHE BANK FRANKFURT - NDBB3M NZD NZD 54 027 446 20 June 2022 NDBB3M NZD 4.43% 6 510 DEUTSCHE BANK FRANKFURT - WI- BOR3M PLN PLN 148 516 851 23 April 2014 WIBOR3M PLN 4.84% -605 200 CZK-6M- PRIBOR CZK 670 942 329 16 November 2017 CZK-6M- PRIBOR 1.17% -58 642 CZK-6M- PRIBOR CZK 213 696 786 7 March 2022 CZK-6M- PRIBOR 2.71% -392 478 JIB3M ZAR ZAR 104 388 896 23 September 2020 9.14% JIB3M ZAR 686 658 LIB3M USD USD 23 904 476 16 August 2021 2.34% LIB3M USD -48 032 LIB6M GBP GBP 70 529 429 19 December 2016 LIB6M GBP 1.27% -77 521 LIB6M GBP GBP 29 375 971 10 October 2017 1.63% LIB6M GBP 1 107 663 LIB6M GBP GBP 8 612 991 30 November 2021 LIB6M GBP 3.25% -431 918 LIB6M GBP GBP 17 043 483 3 May 2022 LIB6M GBP 3.22% -667 722 LIB6M GBP GBP 19 571 980 4 May 2022 LIB6M GBP 3.24% -788 910 LIB6M GBP GBP 34 359 966 10 October 2022 LIB6M GBP 2.43% -2 397 880 LIB6M JPY JPY 2 392 411 108 12 November 2032 2.56% LIB6M JPY -322 122 RBACOR AUD 326 197 674 6 February 2013 RBACOR 2.84% 32 377 WIBOR3M PLN PLN 387 711 112 23 May 2014 WIBOR3M PLN 4.63% -1 422 970 WIBOR6M PLN PLN 180 283 820 4 April 2014 WIBOR6M PLN 4.68% -653 438 WIBOR6M PLN PLN 56 550 943 27 April 2015 4.77% WIBOR6M PLN 418 953 WIBOR6M PLN PLN 45 822 954 30 April 2015 4.77% WIBOR6M PLN 339 823 WIBOR6M PLN PLN 123 017 877 12 October 2015 4.94% WIBOR6M PLN 1 246 853 WIBOR6M PLN PLN 74 234 926 2 October 2017 4.90% WIBOR6M PLN 1 219 207 WIBOR6M PLN PLN 46 682 953 13 October 2017 4.97% WIBOR6M PLN 808 360 INDEX CAD 21 845 978 24 September 2014 CDOR03 Index 1.60% -58 750 INDEX CAD 62 642 937 15 October 2014 1.46% CDOR03 Index 4 692 INDEX CAD 88 444 912 18 September 2015 1.62% CDOR03 Index 117 790 84

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid INDEX CAD 58 802 941 19 September 2015 1.61% CDOR03 Index 66 688 INDEX CAD 59 088 941 24 September 2015 1.54% CDOR03 Index 3 913 INDEX CAD 63 447 937 14 October 2015 CDOR03 Index 1.64% -3 013 INDEX CAD 44 752 955 24 September 2017 2.13% CDOR03 Index 701 782 INDEX CAD 22 810 477 25 October 2017 2.18% CDOR03 Index 398 188 INDEX CAD 36 395 964 18 September 2018 CDOR03 Index 1.95% -124 817 INDEX CAD 24 255 976 19 September 2018 CDOR03 Index 1.94% -76 148 INDEX CAD 24 299 976 24 September 2018 CDOR03 Index 1.87% -10 981 INDEX CAD 76 339 924 4 September 2019 2.45% CDOR03 Index 19 353 INDEX CAD 20 361 980 23 March 2022 CDOR03 Index 3.40% -488 948 INDEX CAD 25 828 974 20 April 2022 CDOR03 Index 3.22% -455 915 INDEX CAD 25 823 474 25 April 2022 CDOR03 Index 3.22% -452 970 INDEX CAD 15 070 985 1 August 2022 CDOR03 Index 2.72% 10 690 INDEX CAD 23 966 976 24 September 2022 CDOR03 Index 2.78% -909 251 INDEX CAD 23 399 477 27 September 2022 2.25% CDOR03 Index 62 877 INDEX CAD 35 001 965 13 March 2023 2.68% CDOR03 Index 969 394 INDEX CAD 11 468 989 20 March 2023 2.96% CDOR03 Index 531 499 INDEX CAD 13 238 987 25 September 2023 2.48% CDOR03 Index 82 856 INDEX CAD 12 939 987 25 September 2023 2.47% CDOR03 Index 71 909 INDEX CAD 23 948 976 22 February 2024 2.94% CDOR03 Index 731 485 INDEX CAD 22 996 977 18 January 2026 3.14% CDOR03 Index 413 063 INDEX CAD 17 115 983 6 September 2027 CDOR03 Index 3.05% 75 211 INDEX CAD 15 817 484 16 February 2032 CDOR03 Index 3.58% -153 393 INDEX CAD 17 748 982 4 October 2032 CDOR03 Index 3.25% 108 621 INDEX CAD 40 065 460 8 November 2032 CDOR03 Index 3.13% 21 056 85

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date INDEX CAD 40 065 460 8 November 2032 CDOR03 Index 3.10% 44 037 INDEX CAD 44 678 455 13 December 2032 CDOR03 Index 3.08% 61 690 INDEX CAD 7 732 492 23 September 2033 CDOR03 Index 2.83% -53 223 INDEX CAD 7 488 993 26 September 2033 CDOR03 Index 2.82% -41 461 INDEX CAD 14 071 986 21 February 2034 CDOR03 Index 3.16% -564 923 INDEX CAD 18 472 982 16 January 2042 CDOR03 Index 2.11% 198 119 INDEX CAD 15 555 984 13 March 2043 CDOR03 Index 2.89% -642 568 INDEX CAD 5 337 995 19 March 2043 CDOR03 Index 3.14% -427 191 INDEX CAD 10 037 990 18 January 2046 CDOR03 Index 2.79% -75 877 DEUTSCHE BANK NEW YORK - LIB3M USD USD 36 299 964 23 December 2013 3.49% LIB3M USD 845 331 DEUTSCHE BANK NEW YORK - LIB3M USD USD 304 338 696 18 November 2015 1.76% LIB3M USD 2 535 423 DEUTSCHE BANK NEW YORK - LIB3M USD USD 37 901 962 18 November 2015 1.43% LIB3M USD 504 127 DEUTSCHE BANK NEW YORK - LIB3M USD USD 307 464 693 21 December 2016 1.15% LIB3M USD 185 455 DEUTSCHE BANK NEW YORK - LIB3M USD USD 21 290 979 15 February 2021 LIB3M USD 3.77% -2 885 735 DEUTSCHE BANK NEW YORK - LIB3M USD USD 27 075 973 20 December 2021 2.55% LIB3M USD 108 168 DEUTSCHE BANK NEW YORK - LIB3M USD USD 16 840 983 5 April 2022 3.38% LIB3M USD 488 636 DEUTSCHE BANK NEW YORK - LIB3M USD USD 50 903 949 6 April 2022 3.69% LIB3M USD 441 939 DEUTSCHE BANK NEW YORK - LIB3M USD USD 56 553 443 4 May 2027 3.66% LIB3M USD 159 759 DEUTSCHE BANK NEW YORK - LIB3M USD USD 13 535 986 6 May 2052 LIB3M USD 3.33% 18 777 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 30 329 470 18 June 2018 3.34% NDBB3M NZD 103 568 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 42 264 958 11 December 2019 4.24% NDBB3M NZD -17 430 DEUTSCHE BANK NEW YORK - NDBB3M NZD NZD 10 196 990 13 December 2027 NDBB3M NZD 4.39% 33 260 DEUTSCHE BANK SINGAPORE - KWCDC- 3M KRW KRW 15 648 776 351 9 August 2021 KWCDC- 3M KRW 3.02% 99 897 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 25 828 974 20 April 2022 CDOR03 Index 3.23% -455 596 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 12 941 987 17 September 2022 2.76% CDOR03 Index 472 638 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 13 366 987 20 March 2023 2.96% CDOR03 Index 616 086 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 5 790 994 17 September 2042 CDOR03 Index 3.02% -358 064 GOLDMAN INTERNATIONAL - CDOR03 INDEX CAD 5 991 994 19 March 2043 CDOR03 Index 3.16% -498 249 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 10 046 990 8 November 2017 1.70% LIB6M GBP 405 862 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 11 764 988 8 November 2022 LIB6M GBP 2.46% -820 231 GOLDMAN INTERNATIONAL - LIB6M GBP GBP 2 913 997 10 November 2042 3.21% LIB6M GBP 182 118 86

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - CDOR03 INDEX CAD 22 529 977 9 February 2022 CDOR03 Index 3.29% -480 041 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 321 086 679 12 November 2021 PRIBOR 1.84% -87 267 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 342 180 658 13 November 2021 PRIBOR 1.85% -99 134 CZK-6M- HSBC LONDON - CZK-6M-PRIBOR CZK 223 882 276 20 December 2021 PRIBOR 1.63% 36 806 HSBC LONDON - IB6M 45 636 954 21 September 2015 IB6M 0.72% -204 288 HSBC LONDON - IB6M 46 240 954 28 September 2015 IB6M 0.61% -107 107 HSBC LONDON - IB6M 13 414 987 17 October 2016 0.93% IB6M 114 127 HSBC LONDON - IB6M 18 938 981 20 September 2018 1.40% IB6M 378 872 HSBC LONDON - IB6M 18 940 981 26 September 2018 1.29% IB6M 265 094 HSBC LONDON - IB6M 8 744 991 9 August 2022 2.68% IB6M 140 793 HSBC LONDON - IB6M 13 199 487 21 October 2052 3.02% IB6M 150 632 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 9 205 162 795 16 August 2021 3M KRW 3.01% 63 886 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 16 057 811 442 1 November 2021 3M KRW 3.10% 77 039 KWCDC- HSBC LONDON - KWCDC-3M KRW KRW 15 114 258 886 8 August 2022 3M KRW 3.06% 117 548 HSBC LONDON - LIB3M USD USD 52 989 947 30 May 2016 1.19% LIB3M USD 449 076 HSBC LONDON - LIB3M USD USD 34 338 966 6 November 2018 1.69% LIB3M USD 42 762 HSBC LONDON - LIB3M USD USD 29 343 971 24 August 2020 2.51% LIB3M USD 216 033 HSBC LONDON - LIB3M USD USD 29 469 971 14 September 2020 2.39% LIB3M USD 97 724 HSBC LONDON - LIB3M USD USD 56 380 944 3 May 2027 3.67% LIB3M USD 24 807 HSBC LONDON - LIB3M USD USD 27 975 472 3 May 2027 3.61% LIB3M USD -36 729 HSBC LONDON - LIB3M USD USD 74 112 926 8 November 2029 LIB3M USD 3.42% 67 063 HSBC LONDON - LIB3M USD USD 13 664 986 3 May 2052 LIB3M USD 3.33% 224 673 HSBC LONDON - LIB3M USD USD 6 670 993 3 May 2052 LIB3M USD 3.28% 151 251 HSBC LONDON - LIB6M GBP GBP 191 751 808 17 November 2015 LIB6M GBP 1.97% -2 472 673 HSBC LONDON - LIB6M GBP GBP 22 164 978 2 May 2016 1.76% LIB6M GBP 456 034 HSBC LONDON - LIB6M GBP GBP 52 989 947 27 May 2016 LIB6M GBP 1.43% -642 499 HSBC LONDON - LIB6M GBP GBP 58 669 441 7 September 2017 LIB6M GBP 1.51% -320 018 HSBC LONDON - LIB6M GBP GBP 7 594 492 9 August 2021 2.58% LIB6M GBP 134 974 HSBC LONDON - LIB6M GBP GBP 24 559 475 7 September 2021 2.58% LIB6M GBP 390 283 HSBC LONDON - LIB6M GBP GBP 8 612 991 30 November 2021 LIB6M GBP 3.15% -367 416 HSBC LONDON - LIB6M GBP GBP 9 791 490 2 May 2022 LIB6M GBP 3.24% -375 802 HSBC LONDON - LIB6M GBP GBP 19 367 481 3 May 2022 LIB6M GBP 3.23% -734 133 HSBC LONDON - LIB6M GBP GBP 17 653 482 5 July 2022 3.00% LIB6M GBP 385 086 HSBC LONDON - LIB6M GBP GBP 9 716 490 1 August 2022 2.96% LIB6M GBP 175 455 HSBC LONDON - LIB6M GBP GBP 16 756 983 1 August 2022 2.98% LIB6M GBP 314 928 HSBC LONDON - LIB6M GBP GBP 15 906 984 30 March 2032 3.96% LIB6M GBP 120 926 HSBC LONDON - LIB6M GBP GBP 19 259 981 3 May 2032 3.95% LIB6M GBP 122 156 HSBC LONDON - LIB6M GBP GBP 17 821 482 11 October 2032 3.86% LIB6M GBP -90 336 HSBC LONDON - LIB6M GBP GBP 42 405 958 11 May 2037 3.84% LIB6M GBP -111 728 87

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date HSBC LONDON - LIB6M JPY JPY 2 157 566 342 9 November 2032 2.59% LIB6M JPY -284 965 HSBC LONDON - LIB6M JPY JPY 2 633 028 867 14 December 2032 2.76% LIB6M JPY -206 297 HSBC LONDON - NIBOR6M NOK NOK 84 533 915 12 June 2018 NIBOR6M NOK 2.52% -17 143 HSBC LONDON - STIB3M SEK SEK 261 494 739 20 May 2020 STIB3M SEK 3.82% -2 400 213 JP MORGAN LONDON - CDOR03 INDEX CAD 38 299 962 21 December 2013 CDOR03 Index 3.44% -595 324 JP MORGAN LONDON - JIB3M ZAR ZAR 49 623 950 14 September 2021 8.98% JIB3M ZAR 220 039 KWCDC- JP MORGAN LONDON - KWCDC-3M KRW KRW 15 652 646 348 9 August 2021 3M KRW 3.02% 109 410 JP MORGAN LONDON - LIB6M GBP GBP 7 365 992 9 August 2021 2.56% LIB6M GBP 128 630 JP MORGAN LONDON - WIBOR3M PLN PLN 172 369 828 21 February 2014 WIBOR3M PLN 4.59% -542 495 JP MORGAN LONDON - WIBOR3M PLN PLN 174 981 825 28 March 2014 WIBOR3M PLN 4.70% -641 971 JP MORGAN LONDON - WIBOR3M PLN PLN 349 963 650 31 March 2014 WIBOR3M PLN 4.70% -1 293 989 JP MORGAN LONDON - WIBOR3M PLN PLN 176 041 824 23 April 2014 WIBOR3M PLN 4.84% -720 614 JP MORGAN LONDON - WIBOR3M PLN PLN 181 485 819 28 April 2014 WIBOR3M PLN 4.77% -718 207 JP MORGAN LONDON - WIBOR3M PLN PLN 188 983 811 22 February 2016 4.79% WIBOR3M PLN 674 860 JP MORGAN LONDON - WIBOR6M PLN PLN 58 148 942 20 May 2015 4.80% WIBOR6M PLN 453 653 JP MORGAN LONDON - WIBOR6M PLN PLN 116 654 883 29 June 2015 4.81% WIBOR6M PLN 1 005 690 JP MORGAN LONDON - WIBOR6M PLN PLN 94 393 906 1 December 2015 5.10% WIBOR6M PLN 854 719 JP MORGAN LONDON - WIBOR6M PLN PLN 95 444 905 25 April 2016 4.94% WIBOR6M PLN 767 517 JP MORGAN LONDON - WIBOR6M PLN PLN 98 395 902 26 April 2016 4.88% WIBOR6M PLN 759 535 JP MORGAN LONDON - WIBOR6M PLN PLN 37 116 963 28 June 2017 4.89% WIBOR6M PLN 591 606 JP MORGAN LONDON - WIBOR6M PLN PLN 22 269 978 26 September 2017 4.92% WIBOR6M PLN 372 129 MORGAN STANLEY CIE INTERNATIONAL LONDON - CDOR03 INDEX CAD 31 343 469 20 December 2021 CDOR03 Index 2.68% -66 199 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 177 962 822 14 November 2016 IB6M 0.95% -595 332 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 133 403 367 16 November 2020 2.22% IB6M 1 328 331 MORGAN STANLEY CIE INTERNATIONAL LONDON - IB6M 86 094 414 14 November 2022 IB6M 2.91% -235 746 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 207 972 792 7 December 2017 NIBOR6M NOK 2.94% -18 696 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 84 533 915 13 June 2018 NIBOR6M NOK 2.53% -25 173 MORGAN STANLEY CIE INTERNATIONAL LONDON - NIBOR6M NOK NOK 84 588 915 18 June 2018 NIBOR6M NOK 2.60% -61 356 UBS AG LONDON - BBSW6M-AUD AUD 14 390 986 15 September 2021 BBSW6M-AUD 5.36% -492 564 UBS AG LONDON - BBSW6M-AUD AUD 18 856 981 15 September 2026 5.66% BBSW6M-AUD 346 875 UBS AG LONDON - CDOR03 INDEX CAD 44 873 955 19 December 2013 2.67% CDOR03 Index 437 008 UBS AG LONDON - CDOR03 INDEX CAD 24 129 976 14 August 2016 CDOR03 Index 4.24% -891 468 UBS AG LONDON - CDOR03 INDEX CAD 5 979 994 14 August 2024 5.27% CDOR03 Index 1 051 838 UBS AG LONDON - LIB3M CHF CHF 31 901 968 20 May 2020 2.87% LIB3M CHF 2 644 827 UBS AG LONDON - LIB3M USD USD 22 199 978 18 August 2016 4.85% LIB3M USD 1 359 058 UBS AG LONDON - LIB3M USD USD 5 399 995 18 August 2024 LIB3M USD 4.94% -967 797 UBS AG LONDON - LIB6M CHF CHF 28 575 971 6 January 2017 0.85% LIB6M CHF 428 342 88

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) received paid Type* Counterparty - Underlying Nominal Maturity date UBS AG LONDON - LIB6M CHF CHF 18 294 982 20 August 2020 LIB6M CHF 2.26% -917 706 UBS AG LONDON - LIB6M CHF CHF 37 891 962 17 September 2020 2.63% LIB6M CHF 2 602 579 UBS AG LONDON - LIB6M CHF CHF 10 837 989 8 September 2021 2.28% LIB6M CHF 421 601 UBS AG LONDON - LIB6M CHF CHF 40 777 959 30 November 2021 2.17% LIB6M CHF 1 458 350 UBS AG LONDON - LIB6M CHF CHF 8 975 991 8 January 2024 LIB6M CHF 1.58% -298 545 UBS AG LONDON - LIB6M CHF CHF 44 791 955 17 September 2025 LIB6M CHF 2.66% -1 297 974 UBS AG LONDON - LIB6M CHF CHF 45 119 955 30 November 2026 LIB6M CHF 2.23% -410 417 UBS AG LONDON - LIB6M GBP GBP 31 814 968 4 April 2022 LIB6M GBP 3.88% -541 613 UBS AG LONDON - LIB6M JPY JPY 2 894 773 105 27 July 2020 LIB6M JPY 1.69% -1 201 063 UBS AG LONDON - LIB6M JPY JPY 3 272 041 728 13 October 2026 1.94% LIB6M JPY 758 267 UBS AG LONDON - LIB6M JPY JPY 7 223 877 776 26 July 2030 2.65% LIB6M JPY -589 779 UBS AG LONDON - LIB6M JPY JPY 4 502 073 498 26 July 2040 LIB6M JPY 2.15% 509 429 UBS LONDON - BBSW3M-AUD AUD 116 677 383 5 December 2013 BBSW3M-AUD 2.98% -163 901 UBS LONDON - BBSW6M-AUD AUD 48 335 952 29 January 2015 BBSW6M-AUD 4.16% -917 210 UBS LONDON - BBSW6M-AUD AUD 20 635 979 29 January 2018 4.59% BBSW6M-AUD 956 722 UBS LONDON - IB6M 68 729 931 21 September 2015 IB6M 0.72% -333 313 UBS LONDON - IB6M 42 989 957 23 September 2015 IB6M 0.68% -174 556 UBS LONDON - IB6M 49 009 951 19 October 2015 0.66% IB6M 165 310 UBS LONDON - IB6M 27 002 473 21 October 2015 0.72% IB6M 123 165 UBS LONDON - IB6M 28 066 972 20 September 2018 1.40% IB6M 606 099 UBS LONDON - IB6M 17 501 982 24 September 2018 1.36% IB6M 338 096 UBS LONDON - IB6M 15 643 984 25 October 2027 3.30% IB6M 161 569 UBS LONDON - IB6M 36 420 964 25 October 2032 IB6M 2.85% -124 294 UBS LONDON - IB6M 20 532 979 26 October 2037 2.59% IB6M 71 660 UBS LONDON - IB6M 13 495 987 22 October 2042 2.60% IB6M 131 128 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 13 807 744 192 9 August 2021 3M KRW 2.99% 106 042 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 13 863 257 637 23 August 2021 3M KRW 3.12% 50 025 KWCDC- UBS LONDON - KWCDC-3M KRW KRW 15 124 084 876 17 October 2022 3M KRW 3.11% 111 401 UBS LONDON - LIB3M USD USD 104 802 395 21 December 2016 1.14% LIB3M USD 50 711 UBS LONDON - LIB3M USD USD 29 260 971 11 April 2018 0.96% LIB3M USD 35 769 UBS LONDON - LIB3M USD USD 70 562 929 13 April 2020 LIB3M USD 1.41% -163 502 UBS LONDON - LIB3M USD USD 26 552 973 20 December 2021 2.55% LIB3M USD 48 919 UBS LONDON - LIB3M USD USD 12 976 987 1 August 2022 2.79% LIB3M USD 32 192 UBS LONDON - LIB3M USD USD 35 763 464 11 April 2023 1.92% LIB3M USD 96 370 UBS LONDON - LIB3M USD USD 18 748 481 21 October 2052 LIB3M USD 2.94% 41 737 UBS LONDON - LIB6M CHF CHF 29 760 470 27 September 2032 LIB6M CHF 1.72% 68 754 UBS LONDON - LIB6M GBP GBP 21 949 978 2 May 2016 1.74% LIB6M GBP 458 704 UBS LONDON - LIB6M GBP GBP 17 043 483 3 May 2022 LIB6M GBP 3.22% -650 143 UBS LONDON - LIB6M GBP GBP 31 327 469 28 June 2022 2.88% LIB6M GBP 497 821 UBS LONDON - LIB6M JPY JPY 3 143 531 856 13 October 2021 LIB6M JPY 1.56% -680 189 UBS LONDON - LIB6M JPY JPY 2 172 289 828 17 December 2021 LIB6M JPY 0.95% 158 767 89

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) Type* Counterparty - Underlying Nominal Maturity date received paid UBS LONDON - LIB6M JPY JPY 2 333 199 667 17 December 2026 2.22% LIB6M JPY -130 708 UBS LONDON - LIB6M JPY JPY 2 732 676 267 27 November 2031 2.72% LIB6M JPY -211 253 UBS LONDON - LIB6M JPY JPY 2 728 349 772 28 November 2031 2.70% LIB6M JPY -238 010 UBS LONDON - LIB6M JPY JPY 891 656 108 13 October 2036 LIB6M JPY 2.11% 124 668 UBS LONDON - LIB6M JPY JPY 3 065 138 435 27 November 2036 LIB6M JPY 2.50% 266 355 UBS LONDON - LIB6M JPY JPY 3 060 284 940 28 November 2036 LIB6M JPY 2.47% 291 839 UBS LONDON - STIB3M SEK SEK 247 339 253 21 October 2015 STIB3M SEK 1.39% -39 978 UBS LONDON - WIBOR3M PLN PLN 180 803 819 22 October 2013 WIBOR3M PLN 5.06% -495 624 UBS LONDON - WIBOR3M PLN PLN 170 380 830 22 February 2014 WIBOR3M PLN 4.56% -529 576 UBS LONDON - WIBOR3M PLN PLN 180 283 820 10 April 2014 WIBOR3M PLN 4.87% -740 062 UBS LONDON - WIBOR6M PLN PLN 44 616 955 27 April 2015 4.81% WIBOR6M PLN 341 150-11 596 132 Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - REPUBLIC OF HUNGARY Purchases USD 5 000 000 20 November 2013 3.20% USD -106 581 CREDIT SUISSE INTERNA- TIONAL LONDON - TURKEY Purchases USD 10 500 000 20 December 2014 1.00% USD -83 242 JP MORGAN LONDON - MARKIT CDX EM 5Y S12 20-DEC-2014 Purchases USD 10 000 000 20 December 2014 5.00% USD -630 606 JP MORGAN LONDON - MARKIT CDX.EM.16 12/16 USD Sales USD 10 000 000 20 December 2016 5.00% USD 1 153 152 Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - CLICP SWAP CLP 9 000 000 000 27 February 2015 4.81% CLICP swap USD -149 328 BARCLAYS BANK PLC - STIB3M SEK SEK 63 600 000 30 June 2021 STIB3M SEK 3.81% USD -638 618 BARCLAYS LONDON - KWCDC 3M INDEX KRW 19 000 000 000 26 October 2022 KWCDC 3M Index 3.22% USD 101 059 JP MORGAN CHASE LONDON - KWCDC 3M INDEX KRW 16 000 000 000 19 September 2022 KWCDC 3M Index 3.29% USD 22 502 JP MORGAN LONDON - CLICP SWAP CLP 21 900 000 000 1 September 2013 4.54% CLICP swap USD -214 189 JP MORGAN LONDON - CLICP SWAP CLP 10 000 000 000 7 February 2014 4.65% CLICP swap USD -132 829 90

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND (continued) Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP 9 400 000 000 1 September 2016 CLICP swap 4.90% USD 277 308 JP MORGAN LONDON - LIB3M USD USD 10 250 000 2 March 2022 LIB3M USD 3.13% USD -281 080 JP MORGAN LONDON - WIBOR6M PLN PLN 69 000 000 3 February 2014 4.91% WIBOR6M PLN USD 294 224 USD -388 228 Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases 3 000 000 20 September 2017 1.00% 4 808 CREDIT SUISSE INTERNA- TIONAL LONDON - MCCLATCHY COMPANY USD SEN Sales USD 45 956 20 March 2015 5.00% 781 BOMBARDIER INC USD SEN Sales USD 786 895 20 June 2016 1.00% -35 026 GROHE HOLDING Sales 50 793 20 December 2016 5.00% 3 364 MARKIT CDX.NA.HY.16 06/16 Sales USD 3 144 461 20 June 2016 5.00% 109 147 DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD 163 668 20 March 2015 5.00% 3 742 DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD 274 123 21 September 2015 5.00% 292 JP MORGAN SEC LONDON - CHESAPEAKE ENERGY CORP USD SEN Sales USD 857 845 20 December 2017 5.00% -16 381 JP MORGAN SEC LONDON - MARKIT CDX.NA.HY.19 12/17 USD Sales USD 6 200 024 20 December 2017 5.00% 28 743 UBS AG LONDON - GROHE HOLDING Sales 309 598 20 September 2015 5.00% 23 350 UBS LONDON - GROHE HOLD- ING Sales 50 793 20 December 2016 5.00% 3 468 Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP 3 858 515 440 13 February 2014 4.74% CLICP swap -34 272 JP MORGAN LONDON - LIB3M USD USD 4 421 898 2 March 2022 LIB3M USD 3.22% -91 975 JP MORGAN LONDON - WIBOR6M PLN PLN 36 849 150 3 February 2014 4.91% WIBOR6M PLN 118 834 118 875 91

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - EMERGING BOND FUND (O) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps MARKIT CDX.NA.HY.16 06/16 Sales USD 15 566 323 20 June 2016 5.00% 540 320 Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP 19 101 175 760 13 February 2014 4.74% CLICP swap -169 658 JP MORGAN LONDON - LIB3M USD USD 21 890 142 2 March 2022 LIB3M USD 3.22% -455 311 JP MORGAN LONDON - WIBOR6M PLN PLN 182 417 850 3 February 2014 4.91% WIBOR6M PLN 588 269 503 620 Julius Baer Multibond - EMERGING BOND FUND (USD) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps MARKIT CDX EM 5Y S12 20- DEC-2014 Purchases USD 2 000 000 20 December 2014 5.00% USD -129 073 MARKIT CDX.NA.HY.16 06/16 Sales USD 5 760 000 20 June 2016 5.00% USD 263 594 JP MORGAN LONDON - MARKIT CDX EM 5Y S12 20-DEC-2014 Sales USD 2 000 000 20 December 2014 5.00% USD 126 121 Type* Counterparty - Underlying Nominal Maturity date received paid JP MORGAN LONDON - CLICP SWAP CLP 7 440 000 000 13 February 2014 4.74% CLICP swap USD -87 123 JP MORGAN LONDON - LIB3M USD USD 8 750 000 2 March 2022 LIB3M USD 3.13% USD -239 947 JP MORGAN LONDON - WIBOR6M PLN PLN 75 000 000 3 February 2014 4.91% WIBOR6M PLN USD 318 872 USD 252 444 92

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - O BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases 2 530 398 20 September 2017 1.00% 4 055 Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 19 644 511 5 September 2014 1.37% CDOR03 Index -5 366 - CDOR03 INDEX CAD 8 027 063 5 September 2017 CDOR03 Index 1.63% 11 122 9 811 Julius Baer Multibond - O GOVERNMENT BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases 946 180 20 September 2017 1.00% 1 516 Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 8 089 839 5 September 2014 1.37% CDOR03 Index -2 210 - CDOR03 INDEX CAD 3 311 630 5 September 2017 CDOR03 Index 1.63% 4 589 3 895 Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps CREDIT SUISSE INTERNA- TIONAL LONDON - MCCLATCHY COMPANY USD SEN Sales USD 205 196 20 March 2015 5.00% 3 489 BOMBARDIER INC USD SEN Sales USD 3 513 526 20 June 2016 1.00% -156 390 GROHE HOLDING Sales 226 795 20 December 2016 5.00% 15 019 DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD 730 785 20 March 2015 5.00% 16 706 DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD 1 223 975 21 September 2015 5.00% 1 305 JP MORGAN SEC LONDON - CHESAPEAKE ENERGY CORP USD SEN Sales USD 3 830 319 20 December 2017 5.00% -73 143 JP MORGAN SEC LONDON - MARKIT CDX.NA.HY.19 12/17 USD Sales USD 27 683 423 20 December 2017 5.00% 128 340 93

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps UBS AG LONDON - GROHE HOLDING Sales 1 382 371 20 September 2015 5.00% 104 259 UBS LONDON - GROHE HOLD- ING Sales 226 795 20 December 2016 5.00% 15 487 55 072 Julius Baer Multibond - INFLATION LINKED BOND FUND Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 8 019 291 5 September 2014 1.37% CDOR03 Index -2 190 - CDOR03 INDEX CAD 3 273 180 5 September 2017 CDOR03 Index 1.63% 4 535 2 345 Julius Baer Multibond - INFLATION LINKED BOND FUND USD Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 5 873 237 5 September 2014 1.37% CDOR03 Index USD -2 115 - CDOR03 INDEX CAD 2 413 659 5 September 2017 CDOR03 Index 1.63% USD 4 409 USD 2 294 Julius Baer Multibond - SWISS FRANC BOND FUND Type* Counterparty - Underlying Nominal Maturity date received paid - CDOR03 INDEX CAD 16 374 515 5 September 2014 1.37% CDOR03 Index CHF -5 398 - CDOR03 INDEX CAD 6 703 018 5 September 2017 CDOR03 Index 1.63% CHF 11 208 ZURCHER KANTONALBANK - LIB3M CHF CHF 9 575 740 16 August 2013 LIB3M CHF -0.04% CHF 6 514 CHF 12 324 Julius Baer Multibond - TOTAL RETURN BOND FUND Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps BARCLAYS BANK PLC - EDF Purchases 2 999 997 20 September 2017 1.00% 4 808 CREDIT SUISSE INTERNA- TIONAL LONDON - MCCLATCHY COMPANY USD SEN Sales USD - 20 March 2015 5.00% - BOMBARDIER INC USD SEN Sales USD - 20 June 2016 1.00% - 94

Notes to the Semi-annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multibond - TOTAL RETURN BOND FUND (continued) Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Interest on swaps GROHE HOLDING Sales - 20 December 2016 5.00% - MARKIT CDX.NA.HY.16 06/16 Sales USD 489 197 20 June 2016 5.00% 16 980 DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD - 20 March 2015 5.00% - DEUTSCHE BANK NEW YORK - MCCLATCHY COMPANY USD SEN Sales USD - 21 September 2015 5.00% - JP MORGAN SEC LONDON - CHESAPEAKE ENERGY CORP USD SEN Sales USD - 20 December 2017 5.00% - JP MORGAN SEC LONDON - MARKIT CDX.NA.HY.19 12/17 USD Sales USD - 20 December 2017 5.00% - UBS AG LONDON - GROHE HOLDING Sales - 20 September 2015 5.00% - UBS LONDON - GROHE HOLD- ING Sales - 20 December 2016 5.00% - Type* Counterparty - Underlying Nominal Maturity date received paid BARCLAYS BANK PLC - CLICP SWAP CLP 8 999 991 000 27 February 2015 4.81% CLICP swap -113 264 BARCLAYS LONDON - KWCDC-3M KRW KRW 18 999 981 000 26 October 2022 KWCDC- 3M KRW 3.22% 76 652 JP MORGAN CHASE LONDON - KWCDC- 3M KRW KRW 17 999 982 000 19 September 2022 KWCDC- 3M KRW 3.29% 19 201 JP MORGAN LONDON - CLICP SWAP CLP 16 999 983 000 1 September 2013 4.54% CLICP swap -126 112 JP MORGAN LONDON - CLICP SWAP CLP 7 499 992 500 7 February 2014 4.65% CLICP swap -75 562 JP MORGAN LONDON - CLICP SWAP CLP 600 285 240 13 February 2014 4.74% CLICP swap -5 332 JP MORGAN LONDON - CLICP SWAP CLP 7 299 992 700 1 September 2016 CLICP swap 4.90% 163 346 JP MORGAN LONDON - LIB3M USD USD 687 933 2 March 2022 LIB3M USD 3.22% -14 309 JP MORGAN LONDON - LIB3M USD USD 8 499 992 2 March 2022 LIB3M USD 3.13% -176 797 JP MORGAN LONDON - STIB3M SEK SEK 70 999 929 1 November 2021 STIB3M SEK 3.01% -215 705 JP MORGAN LONDON - WIBOR6M PLN PLN 56 732 724 3 February 2014 4.91% WIBOR6M PLN 183 437-262 657 * = Credit Default Swap ILS = Inflation Linked Swap = Interest Rate Swap 95

Additional Information for Swiss Shareholders Portfolio Turnover Rate (in %) Julius Baer Multibond - ABS FUND 60.73% ABSOLUTE RETURN BOND FUND 167.67% ABSOLUTE RETURN BOND FUND DEFENDER 117.76% ABSOLUTE RETURN BOND FUND PLUS 151.46% ABSOLUTE RETURN EMERGING BOND FUND 381.94% CREDIT OPPORTUNITIES BOND FUND 62.57% DOLLAR BOND FUND 452.92% DOLLAR MEDIUM TERM BOND FUND 348.32% EMERGING BOND FUND (O) 50.32% EMERGING BOND FUND (USD) 70.53% EMERGING MARKETS CORPORATE BOND FUND 27.84% EMERGING MARKETS INFLATION LINKED BOND FUND 94.43% O BOND FUND 36.34% O GOVERNMENT BOND FUND 2.76% GLOBAL CONVERT BOND FUND 44.43% GLOBAL HIGH YIELD BOND FUND 82.12% INFLATION LINKED BOND FUND 32.98% INFLATION LINKED BOND FUND USD -3.57% LOCAL EMERGING BOND FUND 97.88% SWISS FRANC BOND FUND 8.95% TOTAL RETURN BOND FUND 214.92% The PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR". 96

Additional Information for Swiss Shareholders Benchmark Julius Baer Multibond - ABS FUND ABSOLUTE RETURN BOND FUND ABSOLUTE RETURN BOND FUND DEFENDER ABSOLUTE RETURN BOND FUND PLUS ABSOLUTE RETURN EMERGING BOND FUND DOLLAR BOND FUND DOLLAR MEDIUM TERM BOND FUND EMERGING BOND FUND (O) EMERGING BOND FUND (USD) EMERGING MARKETS CORPORATE BOND FUND EMERGING MARKETS INFLATION LINKED BOND FUND O GOVERNMENT BOND FUND GLOBAL CONVERT BOND FUND GLOBAL HIGH YIELD BOND FUND INFLATION LINKED BOND FUND INFLATION LINKED BOND FUND USD LOCAL EMERGING BOND FUND SWISS FRANC BOND FUND TOTAL RETURN BOND FUND BBA LIBOR 3 months BBA LIBOR 3 months BBA LIBOR 3 months BBA LIBOR 3 months BBA LIBOR 3 months BofA ML US Corp. + Gov. Bonds (Rat. A+) BofA ML US Corp. + Gov. Bonds (Rat. A+ / 3-5 Y.) BofA ML EM s Sovereign Plus (IP00)/Hedg JPM EMBI Global (Composite) JPM CEMBI Diversified Hedged Barclays EM Gov. Infl. Link Ex-ARG/-COL Constr. TR Citigroup EMU Gov. Bond Index (All Mat.) UBS Global Focus Invest. Grade/Hedged BofA ML Global High Yield Constrained Hedged Barclays Euro Govt. Inf. Link. 1-10Y TREU (CHF h.) Barclays US Govt. Inflation Linked 1-10 Y TR USD JPM ELMI+ (Composite) Swiss Bond Index (SBI) Foreign Rating AAA-BBB BofA ML EMU Direct Gov. Index (1-5 Years) The customised benchmark is composed as follows: CREDIT OPPORTUNITIES BOND FUND ML Emerging s Sovereign Plus ( hedged) 30.00% ML EMU Corp. Large Cap Index 30.00% ML Global High Yield Bond ( hedged) 30.00% ML Libor 3M Index 10.00% O BOND FUND BofA ML EMU Direct Gov. Index (All Mat.) 60.00% BofA ML EMU Corp., LG Cap Index, Ex T1, UT2, LT2 40.00% 97

Julius Baer Multibond CONSOLIDATED STATEMENT OF NET ASSETS as at 31 December 2012 CHF CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 CHF Assets Investments at market 20 564 151 881 (Cost: 19 770 903 920) Derivative instruments at market : - Futures -8 950 801 - Forward foreign exchange contracts 176 458 083 - Swaps -71 795 252 Cash at banks 532 514 901 Receivable from brokers 2 660 627 Subscriptions receivable 101 824 845 Receivables on swaps 55 121 876 Dividends and interest 291 824 332 Other receivables 6 594 330 Total Assets 21 650 404 822 Liabilities Bank overdraft 7 277 647 Payable to brokers 20 785 663 Payables for redemptions 38 936 187 Payables for swaps 50 952 205 Management fees payable 15 429 165 Performance fees 21 242 380 "Taxe d'abonnement" payable 1 689 306 Other liabilities 78 317 245 Total Liabilities 234 629 798 Net Assets 21 415 775 024 Income Income from investments 412 785 535 Bank interest 589 008 Other income 3 208 409 Interest income on swaps 99 945 223 Equalisation 16 276 032 Total Income 532 804 207 Expenses Management fees 92 234 039 Custodian fees and charges 28 "Taxe d'abonnement" and other taxes 3 435 033 Bank interest 525 749 Interest expense on swaps 130 524 925 Other expenses 78 648 938 Equalisation 3 362 280 Total Expenses 308 730 992 Net 224 073 215 Realised on: - 123 770 533 - Swaps 229 192 728 - Options -64 543 924 - Forward foreign exchange contracts -76 748 614 - Futures -16 369 414 - Foreign currencies 18 284 223 Net realised 437 658 747 Net change in unrealised appreciation/ depreciation on: - 504 604 516 - Swaps -201 020 885 - Options 42 582 585 - Forward foreign exchange contracts 297 476 708 - Futures -22 810 290 Total 1 058 491 381 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 31 December 2012 CHF Net at the beginning of the reporting period 18 653 572 835 18 270 929 528 Foreign exchange difference 670 721 418-171 386 631 Foreign exchange difference - sub-fund -121 571 662 38 918 525 Total -90 380 769 1 058 491 381 Net subscriptions/redemptions -732 038 939 2 328 764 406 Dividend distributions -109 373 355-109 942 185 Net at the end of the reporting period 18 270 929 528 21 415 775 024 EXCHANGE RATES USED FOR THE CONSOLIDATION as at 31 December 2012 in CHF 1 = 1.20680 CHF 1 GBP = 1.48790 CHF 1 USD = 0.91535 CHF The accompanying notes form an integral part of the financial statements. MB

Julius Baer Multibond - ABS FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 89 068 080 (Cost: 91 237 679) Derivative instruments at market : - Forward foreign exchange contracts 19 579 Cash at banks 2 061 315 Subscriptions receivable 1 161 982 Dividends and interest 204 429 Other receivables 21 732 Total Assets 92 537 117 Liabilities Payable to brokers 1 761 555 Payables for redemptions 31 384 Management fees payable 23 757 "Taxe d'abonnement" payable 4 302 Other liabilities 28 448 Total Liabilities 1 849 446 Net Assets 90 687 671 Income Income from investments 430 798 Bank interest 47 Equalisation 35 526 Total Income 466 371 Expenses Management fees 115 512 "Taxe d'abonnement" and other taxes 7 594 Bank interest 120 Other expenses* 131 329 Total Expenses 254 555 Net 211 816 Realised on: - 86 269 - Forward foreign exchange contracts -94 097 - Foreign currencies 491 Net realised 204 479 Net change in unrealised appreciation/ depreciation on: - 2 378 904 - Forward foreign exchange contracts 22 370 Total 2 605 753 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 94 588 241 59 298 521 Foreign exchange difference - sub-fund 211 105-53 993 Total -1 064 238 2 605 753 Net subscriptions/redemptions -34 409 726 28 861 462 Dividend distributions -26 861-24 072 Net at the end of the reporting period 59 298 521 90 687 671 * See page 10 The TER (Total Expense Ratio) amounts to 1.10% for A- shares, 1.11% for B-CHF shares, 1.11% for B- shares, 0.67% for Ca- shares, 0.65% for C-CHF shares, 0.66% for C- shares and 1.56% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ABS - 1

Julius Baer Multibond - ABS FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-) 62 390.00 10 336.05 10 715.37 Distribution shares (Shares Ca-) - - 241 530.70 Accumulation shares (Shares B-CHF) 59 083.01 53 730.53 61 621.91 Accumulation shares (Shares B-) 247 300.30 119 684.76 138 158.19 Accumulation shares (Shares C-CHF) 111 565.91 98 768.04 98 238.04 Accumulation shares (Shares C-) 505 814.23 347 155.59 363 568.07 Accumulation shares (Shares E-) 14 949.40 5 167.01 4 708.88 Net Assets 94 588 241 59 298 521 90 687 671 NAV per share Distribution shares (Shares A-) 77.81 74.43 75.22 Distribution shares (Shares Ca-) - - 102.93 Accumulation shares (Shares B-CHF) 91.25 89.53 92.97 Accumulation shares (Shares B-) 98.33 97.33 101.26 Accumulation shares (Shares C-CHF) 93.11 91.75 95.49 Accumulation shares (Shares C-) 100.96 100.37 104.66 Accumulation shares (Shares E-) 95.45 94.05 97.63 Dividend for the previous financial year (Shares A-) 2.50 2.50 2.20 ABS - 2

Julius Baer Multibond - ABS FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 89 068 080 98.21% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 58 711 910 64.73% Bonds 58 711 910 64.73% 58 711 910 64.73% 1 762 Fl. Rate ADAGI 05 SII-X A1 15.01.21 1 687 889 1.86% 881 4.875% AIB MTG BANK 07 29.06.17 933 914 1.03% 1 101 Fl. Rate ALPST 07 2X B 15.05.24 836 722 0.92% 2 202 Fl. Rate ARRMF 2011-1X A1B 19.11.47 624 712 0.69% 440 Fl. Rate AVOCA 05 SIII-X C 15.09.21 376 657 0.42% 881 Fl. Rate AVOCA 07 VII-X A3 16.05.24 843 638 0.93% 1 321 2.250% BARCLAYS 12 22.02.17 1 402 298 1.55% 881 3.125% BCO SANT.CENT-HIS 05-15 28.09.15 894 764 0.99% 440 3.250% BK IRELD MTG 05 22.06.15 447 721 0.49% 1 321 4.625% BK IRELD MTG 09 16.09.14 1 371 185 1.51% 1 321 Fl. Rate BUMPER 4 11 2011-4 A 20.05.26 843 329 0.93% 2 202 Fl. Rate CELF 06 2006-1X A2 01.11.23 2 007 473 2.21% 881 Fl. Rate CLARENVILLE 1X-A1A 15.03.16 154 789 0.17% 881 Fl. Rate DECO 06 7-E2X C 27.01.18 407 221 0.45% 881 Fl. Rate DECO LTD 06 7-E2XB 27.01.18 477 984 0.53% 8 808 Fl. Rate DRIVER 7 GMBH 10 7A 21.05.16 2 244 654 2.48% 3 523 Fl. Rate DRYDEN XV 07 6-15X 15.04.23 3 267 177 3.60% 1 762 Fl. Rate EATON VANC FRN07 A1 22.02.27 1 600 574 1.76% 881 Fl. Rate ECLIP 06 2006-2 E 20.02.19 175 001 0.19% 1 321 Fl. Rate EELF 06 2006-1 A1 18.05.22 941 223 1.04% 1 321 Fl. Rate E-MAC 04 NL04-I B 25.07.36 607 514 0.67% 881 Fl. Rate E-MAC 06 NL06-2 A 25.01.39 520 779 0.57% 1 321 Fl. Rate OPROP 07 6 -A- 30.04.17 985 309 1.09% 1 497 Fl. Rate FOSSE MAS 10-2X A2 18.10.54 1 118 705 1.23% 1 321 Fl. Rate FOSSM 10 10-4 A2 18.10.54 1 184 075 1.31% 1 321 Fl. Rate GELDILUXTS11 11-16 11-TSA2 08.12.16 1 325 104 1.46% 4 888 Fl. Rate GLBDRV 11 11-AX A 20.04.19 3 051 444 3.36% 1 762 Fl. Rate GRACE CARD2 1X A2 15.02.17 1 779 081 1.96% 5 285 Fl. Rate GRND 06 1 A 20.07.16 3 860 008 4.25% 1 762 Fl. Rate HARBM 05 5X A2E 15.06.20 1 321 140 1.46% 881 Fl. Rate HARBM 05 6X A3 25.10.20 616 532 0.68% 1 982 Fl. Rate HARBOURM. 06 PR2XA2 15.10.22 1 347 563 1.49% 881 4.932% HARVEST CLO IX-B1 29.03.17 856 539 0.94% 2 995 Fl. Rate HARVEST III 6 III-XA 08.06.21 2 781 013 3.07% 1 982 Fl. Rate HARVT 04 IX A1 29.03.17 434 431 0.48% 3 523 Fl. Rate HIGHWAY BV 12 2012-1 A 26.03.24 3 547 000 3.91% 2 202 Fl. Rate HYDE PARK 06 1X A1 14.06.22 1 900 183 2.10% 1 101 Fl. Rate LAMBDA FIN.FRN07-31 2007-1X A2 20.09.31 91 468 0.10% 881 Fl. Rate LEOP 04 III-X D 21.04.20 572 494 0.63% 1 762 Fl. Rate PARAGON MT 04 /8-A2B 16.04.35 916 797 1.01% 1 982 Fl. Rate RMF O CDO 05-21 III-X-1 11.11.21 1 328 564 1.46% 1 101 Fl. Rate SMPER 06 2006-1 C 30.09.84 935 808 1.03% 1 982 Fl. Rate STORM BV FRN10 10-1 A1 22.03.52 1 293 569 1.43% 10 569 Fl. Rate TMAN 07 7 A 22.04.17 3 461 494 3.82% 1 938 Fl. Rate VCL MULTI 15 15 A 01.01.18 1 336 371 1.47% 2 422 Fl. Rate GLBDRV 2012-A C:A 20.10.20 2 375 003 2.62% 1 321 Fl. Rate GOSFORTH 11-1 A1B 24.04.47 246 620 0.27% 1 762 Fl. Rate HARVEST CLO 11 II-X A2 21.05.20 1 564 373 1.73% 2 279 Fl. Rate HEADING 11-1 11 11.03.51 483 989 0.53% 1 321 Fl. Rate JUBIL 06 VII-X C 20.11.22 1 017 278 1.12% 1 762 Fl. Rate JUBILEE CDO 06 VI 20.09.22 1 713 870 1.89% 1 762 Fl. Rate PERMM 09 09-1 A3 15.07.42 1 805 335 1.99% 3 523 Fl. Rate STORM 12-IV 12-4A1 22.08.54 3 445 954 3.80% 4 404 Fl. Rate WINDM 06 IX-X A2 20.08.16 1 768 393 1.95% UNLISTED SECURITIES 1 632 544 1.80% Bonds 1 632 544 1.80% 1 632 544 1.80% 1 762 Fl. Rate AXIUS 07-1X A 15.11.23 1 632 544 1.80% CASH EQUIVALENTS 3 523 128 3.88% Treasury bills 3 523 128 3.88% 3 523 128 3.88% 1 762 0.000% FRANCE 12 BTF 28.02.13 1 761 573 1.94% 1 762 0.000% FRANCE 12 BTF 14.03.13 1 761 555 1.94% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 25 200 498 27.80% Bonds 25 200 498 27.80% 25 200 498 27.80% 2 202 Fl. Rate ARENA 11 2011-1A1 17.12.42 1 257 202 1.39% 3 083 Fl. Rate ARENA 12 2012-1 A1 17.11.44 3 081 012 3.40% 1 321 Fl. Rate ARKLE 12 2012-1X 2A2 17.11.15 1 355 586 1.49% 1 321 Fl. Rate AVOCA CLO 07 VII-X C1 16.05.24 1 003 010 1.11% 1 057 Fl. Rate BUMPER 5 FIN 12-5 20.06.22 1 066 076 1.18% 881 Fl. Rate CHMT 07 2007-1E AB 07.04.38 595 658 0.66% 440 Fl. Rate CLOCK FIN 07-15 2007-1 E 25.02.15 432 453 0.48% 4 404 Fl. Rate DECO 06 06-E4X A1 27.10.19 1 245 480 1.37% 1 409 Fl. Rate DMPL 10 VIII A1 25.07.47 743 206 0.82% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ABS - 3

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 5 835 660 391 (Cost: 5 723 588 574) Derivative instruments at market : - Futures -5 467 908 - Forward foreign exchange contracts 82 796 319 - Swaps -35 951 762 Cash at banks 137 915 364 Receivable from brokers 526 583 Subscriptions receivable 19 068 243 Receivables on swaps 26 298 804 Dividends and interest 80 047 422 Other receivables 38 114 Total Assets 6 140 931 570 Liabilities Bank overdraft 3 593 110 Payables for redemptions 12 934 659 Payables for swaps 25 520 755 Management fees payable 4 347 005 Performance fees 11 850 826 "Taxe d'abonnement" payable 572 698 Other liabilities 49 307 322 Total Liabilities 108 126 375 Net Assets 6 032 805 195 Income Income from investments 100 244 202 Bank interest 204 349 Other income 1 234 649 Interest income on swaps 52 851 697 Equalisation 1 065 433 Total Income 155 600 330 Expenses Management fees 25 412 436 "Taxe d'abonnement" and other taxes 1 118 716 Bank interest 332 135 Interest expense on swaps 70 729 575 Other expenses* 31 725 429 Equalisation 26 250 Total Expenses 129 344 541 Net 26 255 789 Realised on: - 57 384 289 - Swaps 131 293 580 - Options -30 693 101 - Forward foreign exchange contracts -103 496 878 - Futures -10 304 411 - Foreign currencies 11 335 180 Net realised 81 774 448 Net change in unrealised appreciation/ depreciation on: - 9 562 520 - Swaps -117 905 211 - Options 19 695 066 - Forward foreign exchange contracts 157 426 494 - Futures -14 425 795 Total 136 127 522 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 5 616 323 676 5 548 406 095 Foreign exchange difference - sub-fund 148 485 455-21 229 594 Total 114 323 522 136 127 522 Net subscriptions/redemptions -295 795 262 401 235 672 Dividend distributions -34 931 296-31 734 500 Net at the end of the reporting period 5 548 406 095 6 032 805 195 * See page 10 The TER (Total Expense Ratio) amounts to 1.74%, or 1.96% including the performance fee (0.22%) for A-CHF, 1.74%, or 1.96% including the performance fee (0.22%) for A-, 1.74%, or 1.94% including the performance fee (0.20%) for A-GBP, 1.74%, or 1.98% including the performance fee (0.24%) for A-USD, 1.74%, or 1.96% including the performance fee (0.22%) for B-CHF, 1.74%, or 1.96% including the performance fee (0.22%) for B-, 1.74%, or 1.95% including the performance fee (0.21%) for B-GBP, 1.74%, or 2.00% including the performance fee (0.26%) for B-USD, 1.26%, or 1.50% including the performance fee (0.24%) for Ca-, 1.26%, or 1.48% including the performance fee (0.22%) for C-CHF, 1.26%, or 1.49% including the performance fee (0.23%) for C-, 1.25%, or 1.52% including the performance fee (0.27%) for C-GBP, 1.28%, or 1.59% including the performance fee (0.31%) for C-USD, 2.24%, or 2.42% including the performance fee (0.18%) for E-, 2.24%, or 2.46% including the performance fee (0.22%) for E-USD, 0.08%, or 0.09% including the performance fee (0.01%) for G- and 0.08% (performance Fee: 0.00%) for G-GBP shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ARBF - 1

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) 294 060.08 292 110.67 339 631.54 Distribution shares (Shares A-) 3 530 813.15 3 757 730.13 4 109 391.10 Distribution shares (Shares A-GBP) 5 756 012.86 5 648 589.58 5 593 364.72 Distribution shares (Shares A-USD) 365 117.23 176 463.23 235 700.87 Distribution shares (Shares Ca-) 879 528.09 1 490 169.86 1 546 151.00 Distribution shares (Shares La-GBP) - - 10.00 Accumulation shares (Shares B-CHF) 5 126 399.07 5 111 563.00 5 386 710.31 Accumulation shares (Shares B-) 15 139 872.23 13 408 727.46 14 141 737.28 Accumulation shares (Shares B-GBP) 226 041.73 220 377.57 224 689.24 Accumulation shares (Shares B-USD) 2 419 129.88 3 344 979.77 3 631 517.70 Accumulation shares (Shares C-CHF) 1 786 444.40 1 549 062.13 1 317 933.65 Accumulation shares (Shares C-) 8 686 471.28 6 872 567.66 7 189 402.27 Accumulation shares (Shares C-GBP) 790 553.08 800 593.00 841 161.42 Accumulation shares (Shares C-USD) 705 589.98 695 722.01 2 119 373.48 Accumulation shares (Shares E-) 2 496 236.48 1 257 321.11 1 316 237.72 Accumulation shares (Shares E-USD) 113 620.47 74 021.33 81 503.26 Accumulation shares (Shares G-) - - 49 850.45 Accumulation shares (Shares G-GBP) 1 497 550.00 1 729 617.02 Net Assets 5 616 323 676 5 548 406 095 6 032 805 195 NAV per share Distribution shares (Shares A-CHF) 94.72 93.26 92.81 Distribution shares (Shares A-) 102.77 102.40 102.22 Distribution shares (Shares A-GBP) 107.73 107.56 107.76 Distribution shares (Shares A-USD) 105.02 104.52 104.62 Distribution shares (Shares Ca-) 103.21 102.89 102.60 Distribution shares (Shares La-GBP) - - 100.10 Accumulation shares (Shares B-CHF) 111.19 112.80 115.12 Accumulation shares (Shares B-) 127.94 131.20 134.15 Accumulation shares (Shares B-GBP) 119.49 122.51 125.50 Accumulation shares (Shares B-USD) 120.22 123.01 125.97 Accumulation shares (Shares C-CHF) 113.20 115.30 117.94 Accumulation shares (Shares C-) 131.73 135.68 139.03 Accumulation shares (Shares C-GBP) 121.71 125.33 128.67 Accumulation shares (Shares C-USD) 123.01 126.42 129.75 Accumulation shares (Shares E-) 122.94 125.51 128.04 Accumulation shares (Shares E-USD) 117.39 119.60 122.20 Accumulation shares (Shares G-) - - 101.25 Accumulation shares (Shares G-GBP) - 100.49 104.02 Dividend for the previous financial year (Shares A-CHF) 3.45 2.75 2.35 Dividend for the previous financial year (Shares A-) 3.65 2.90 2.45 Dividend for the previous financial year (Shares A-GBP) 3.50 2.80 2.40 Dividend for the previous financial year (Shares A-USD) 3.35 2.85 2.40 Dividend for the previous financial year (Shares Ca-) 3.65 3.30 2.80 ARBF - 2

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 5 835 660 391 96.73% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 4 979 817 162 82.64% Bonds 4 567 322 242 75.82% AUD 8 980 541 0.15% 11 163 5.750% DEXIA MUN. AG 05 24.08.15 8 980 541 0.15% BRL 168 932 529 2.81% 19 535 10.625% BANCO VOTORANTIM 07-14 10.04.14 7 510 411 0.12% 140 9.798% BRAZIL 07 01.01.17 54 703 705 0.91% 273 9.798% BRAZIL 10 01.01.21 106 718 413 1.78% CHF 3 323 285 0.06% 4 186 2.375% RBS 05 02.11.15 3 323 285 0.06% 2 903 350 775 48.17% 10 698 3.625% ABBEY NATL 09 14.10.16 11 776 612 0.20% 5 582 Fl. Rate ABBEY NATL 12 28.08.13 5 632 214 0.09% 9 768 Fl. Rate ABN AMRO BK 05 08.06.15 9 192 172 0.15% 5 489 4.375% ABU DHAB NTL. EN. 06-13REG 28.10.13 5 651 736 0.09% 4 884 7.625% ADECCO IF 9 28.04.14 5 303 803 0.09% 1 861 10.000% AGROKOR DD 09 07.12.16 2 061 446 0.03% 186 9.125% AGROKOR DD 12 01.02.20 202 491 0.00% 10 372 4.000% ANG IRE BK 10 15.04.15 10 596 185 0.18% 1 954 7.375% ARDAGH FIN 10 15.10.17 2 144 964 0.04% 9 303 4.500% ASFINAG 07 EMTN 16.10.17 10 942 038 0.18% 8 047 5.125% BANK AMERICA 07 26.09.14 8 596 623 0.14% 13 117 4.750% BARCLAYS BK 05 Perp. 10 100 178 0.17% 3 437 5.875% BAT INTL 08 12.03.15 3 813 472 0.06% 16 745 Fl. Rate BEI 09 15.01.20 16 561 415 0.27% 7 907 Fl. Rate BFCM 10 25.03.13 7 914 447 0.13% 17 675 4.971% BK IRELD MTG 08 30.05.13 17 849 130 0.30% 6 843 4.250% CARNIVAL PLC 06 27.11.13 7 032 099 0.12% 3 442 Fl. Rate CITIGP 07 31.05.17 3 194 607 0.05% 5 675 5.625% CLARIANT FIN 12 24.01.17 6 298 023 0.10% 17 161 4.375% CLARIANT FIN. 06 05.04.13 17 305 510 0.29% 2 047 7.500% CON GUM FIN 10 REGS 15.09.17 2 197 373 0.04% 949 7.125% CONGR 10 15.10.18 1 015 964 0.02% 651 6.500% CONTI GUM 10 15.01.16 697 419 0.01% 7 442 2.375% COOPWH 12 23.10.15 7 460 947 0.12% 16 279 2.875% COV BD SOC 11 24.10.14 16 942 698 0.28% 2 791 2.250% COV BD SOC 12 04.12.17 2 846 582 0.05% 7 442 4.807% CROAT.BK RECON.&DEV 06-16 11.07.16 5 945 479 0.10% 1 395 7.125% CROWN EU HOLD EGS 15.08.18 1 540 043 0.03% 13 954 3.125% DEPFA 09 15.09.14 14 594 705 0.24% 18 605 4.250% DEUTSCHE POST. 06 -B- 18.01.17 21 218 758 0.35% 39 885 5.250% DEXIA MUN AG 05 06.02.17 46 042 907 0.76% 31 629 3.875% DEXIA MUN.AG 06 24.11.16 34 737 790 0.58% 12 065 3.125% DEXIA MUNAG 05 15.09.15 12 746 508 0.21% 4 651 4.750% DSK BK 09 04.06.14 4 905 005 0.08% 2 047 8.375% EACCESS 11 01.04.18 2 292 150 0.04% 17 675 3.500% EEC 11 04.06.21 20 561 690 0.34% 9 070 1.625% EFSF 12 15.09.17 9 404 167 0.16% 3 142 1.000% EFSF 12 12.03.14 3 172 494 0.05% 3 142 0.400% EFSF 12 OPA 12.03.13 3 143 434 0.05% 40 001 Fl. Rate EIB 11 27.07.16 39 978 590 0.66% 24 187 2.750% EIB 12 15.09.25 25 801 346 0.43% 2 140 11.750% EILEME 2 AB 31.01.20 2 495 380 0.04% 38 187 2.750% OPEAN UNION 11 21.09.21 42 185 170 0.70% 2 047 7.375% FIAT FT 11 09.07.18 2 135 076 0.04% 614 7.750% FIAT FT 12 17.10.16 653 883 0.01% 326 6.500% FMC FIN 11 15.09.18 381 500 0.01% 22 326 1.375% FMS WERTMAN 15.01.20 22 602 085 0.37% 27 908 3.000% FMS WERTMAN 11 08.09.21 31 266 634 0.52% 4 791 7.125% FORD CRED 07 15.01.13 4 798 050 0.08% 44 652 4.000% FRANCE 02 OAT 25.10.13 46 076 675 0.76% 106 979 3.750% FRANCE 08 12.01.13 107 064 976 1.78% 21 489 3.000% FRANCE 08 12.07.14 22 451 607 0.37% 12 093 2.500% FRANCE 09 12.01.14 12 397 107 0.21% 19 721 4.500% FRANCE 09 OAT 25.04.41 25 479 086 0.42% 1 256 4.250% FRESENIUS FIN 15.04.19 1 366 397 0.02% 4 651 5.364% GAZ CAP 07 31.10.14 4 977 891 0.08% 2 326 5.875% GAZ CAPITAL 05 REG 01.06.15 2 547 784 0.04% 3 349 3.375% GERMAN POST 05 18.01.16 3 635 085 0.06% 121 863 3.250% GERMANY 05 04.07.15 131 799 012 2.19% 79 072 3.500% GERMANY 05 04.01.16 87 338 673 1.46% 59 536 4.000% GERMANY 06 04.07.16 67 692 838 1.12% 242 657 4.000% GERMANY 07 04.01.18 286 820 775 4.76% 27 908 4.000% GERMANY 08 11.10.13 28 760 247 0.48% 93 026 2.250% GERMANY 10 04.09.20 102 276 950 1.71% 19 535 1.750% GERMANY 10 09.10.15 20 490 647 0.34% 139 538 3.250% GERMANY 11 04.07.21 164 122 203 2.73% 65 118 0.250% GERMANY 11 13.12.13 65 280 686 1.08% 25 117 1.750% GERMANY 11 14.06.13 25 306 031 0.42% 138 608 0.500% GERMANY 12 07.04.17 140 337 912 2.34% 58 606 0.500% GERMANY 12 13.10.17 59 181 614 0.98% 3 256 Fl. Rate GOLDM.SACHS 07 18.05.15 3 193 674 0.05% 1 861 Fl. Rate GOLDMAN SACHS 05 02.02.15 1 834 706 0.03% 1 074 Fl. Rate HBOS PLC 4 EMTN 01.09.16 961 311 0.02% 651 8.500% HEIDLRG 09 31.10.19 812 613 0.01% 10 205 Fl. Rate HSBC FIN 06 05.04.13 10 206 434 0.17% 5 582 4.500% HUNGARY 03 06.02.13 5 595 487 0.09% 13 396 6.750% HUNGARY 09 28.07.14 14 119 717 0.23% 18 689 6.000% HUNGARY 11 11.01.19 19 519 740 0.32% 18 047 2.375% HYP ALP INT /SUB 13.12.22 18 254 498 0.30% 1 628 9.500% INTERXION 10 12.02.17 1 821 136 0.03% 30 419 Fl. Rate INTESA SAN 11 12.05.14 30 280 341 0.50% 3 349 5.875% IPIC GMTN 11. 14.03.21 4 084 008 0.07% 1 116 2.375% IPIC GMTN 12 EMTN 30.05.18 1 147 630 0.02% 1 116 3.625% IPIC GMTN EMTN 30.05.23 1 162 455 0.02% 52 290 5.400% IRELAND 09 13.03.25 53 640 308 0.89% 40 187 4.000% IRISH PERM 10 10.03.15 41 201 764 0.68% 8 333 3.125% IRISH PERM 10 22.04.13 8 377 229 0.14% 18 605 4.500% IRISH TSY 07 TBO 18.10.18 19 437 690 0.32% 18 949 Fl. Rate ITALY 10 CCT 15.10.17 17 423 887 0.29% 5 861 Fl. Rate JP MORG. CHASE 05 12.10.15 5 714 095 0.09% 3 535 Fl. Rate JPM CHASE NY 07 31.05.17 3 440 870 0.06% 14 447 Fl. Rate KBC IFIMA 05 14.12.15 13 538 450 0.22% 4 977 3.625% KBC IFIMA 12 EMTN 07.03.14 5 126 671 0.08% 1 442 10.000% KINOV GERM BD 15.06.18 1 437 366 0.02% 1 814 6.750% KOLEJE MAZ 11 09.03.16 1 818 533 0.03% 558 8.750% KRAUSSMAFFEI 12 15.12.20 585 453 0.01% 36 280 Fl. Rate MERR.LYNCH &CO.FRN 07 31.01.14 36 035 804 0.60% 6 399 Fl. Rate MERRILL LYNCH &CO FRN06 09.08.13 6 394 173 0.11% 18 605 Fl. Rate MERRILL LYNCH 07 30.05.14 18 415 526 0.31% 5 675 Fl. Rate MOR ST 06 13.04.16 5 398 322 0.09% 4 651 3.500% NATIONWIDE BUIL. 05 EMTN 07.12.15 5 055 707 0.08% 23 256 3.750% NETHERLANDS 04 15.07.14 24 575 027 0.41% 70 699 2.750% NETHERLANDS 09 15.01.15 74 566 683 1.25% 24 139 3.500% NETHERLANDS 10 15.07.20 28 269 420 0.47% 47 908 Fl. Rate NOMURA BK (FRN) 09 30.10.14 49 128 527 0.81% 32 261 3.625% NORTHERN ROCK 06 28.03.13 32 515 482 0.54% 26 605 4.125% NORTHERN ROCK 07 27.03.17 29 822 690 0.49% 12 042 3.875% NOTHERN ROCK 05 16.11.20 13 534 182 0.22% 744 7.625% OBRASCON 12 15.03.20 779 383 0.01% 1 395 6.750% OI OPEAN 10 15.09.20 1 590 807 0.03% 1 116 6.875% OI OPEAN GP 07-17 31.03.17 1 159 441 0.02% 2 744 4.625% PERNOD RICARD 06 06.12.13 2 837 174 0.05% 10 465 7.000% PERNOD-RICARD 09 15.01.15 11 712 639 0.19% 13 675 4.375% PORTUGAL 03 16.06.14 13 812 872 0.23% 20 047 4.200% PORTUGAL 06 15.10.16 19 612 268 0.33% 4 651 Fl. Rate RBS 11 18.05.13 4 668 999 0.08% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 3

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 35 709 5.250% RBS GRP 08 15.05.13 36 301 557 0.60% 93 4.375% REPSM 12 20.02.18 100 272 0.00% 14 698 4.375% REXAM 06 15.03.13 14 785 639 0.25% 1 488 8.250% REXEL 09 15.12.16 1 635 851 0.03% 1 256 7.000% REXEL 11 17.12.18 1 387 972 0.02% 1 581 Fl. Rate RMS 05 20XM2C MBS 10.08.38 990 572 0.02% 2 977 Fl. Rate RMS 20 PLC 05 M1C 10.08.38 1 712 786 0.03% 6 512 5.000% ROMANIA 10 18.03.15 6 900 413 0.11% 8 558 4.000% SAFRAN 09 26.11.14 8 975 400 0.15% 4 837 3.250% SAN CON 12 20.06.14 4 874 963 0.08% 6 977 4.625% SANT ID 12 21.03.16 7 295 902 0.12% 2 512 Fl. Rate SANTOS FIN (FRN) 10 22.09.70 2 674 523 0.04% 23 256 Fl. Rate SBAB 11 01.02.13 23 268 250 0.39% 13 396 3.375% SCBC 11 20.04.16 14 636 656 0.24% 651 7.750% SCHAEFF FIN 15.02.17 728 448 0.01% 930 6.750% SCHAEFF FIN 12 01.07.17 1 015 458 0.02% 651 8.750% SCHAEFFLER FIN 8.75 15.02.19 752 704 0.01% 670 7.750% SMURFIT KAP ACQ 15.11.19 747 265 0.01% 4 186 5.250% SOUTH AFRICA 03 16.05.13 4 259 785 0.07% 34 885 0.000% SPAIN 05 PRINC.STRIPS 31.01.37 8 381 684 0.14% 10 233 3.125% SPBK V BOLIG 11 08.02.16 11 001 807 0.18% 6 194 4.500% ST BK INDIA 10 30.11.15 6 486 477 0.11% 1 419 7.625% STYROLUTION GR 15.05.16 1 485 770 0.02% 8 563 2.500% SWEDBK 10 21.01.13 8 572 165 0.14% 40 931 3.125% SWEDEN 09 07.05.14 42 609 017 0.71% 837 6.125% TECHEM GMBH 12 01.10.19 904 895 0.01% 465 Fl. Rate UCB (FRN) 11-PERP/SUB Perp. 506 031 0.01% 48 559 2.375% UNEDIC 11 31.03.14 49 862 674 0.83% 1 023 5.750% UNITYM NRW 12 15.01.23 1 068 592 0.02% 744 7.500% UNITYMEDIA 12 15.03.19 822 138 0.01% 2 093 8.000% XEFIN 11 01.06.18 2 246 916 0.04% 2 605 1.500% XSTRATA FIN 12 19.05.16 2 600 470 0.04% 16 745 3.250% YORK BUILD 10 22.09.15 17 799 343 0.30% GBP 345 927 968 5.75% 58 574 6.000% BEI 98-2028 PARALLEL BDS 07.12.28 98 132 609 1.64% 2 047 9.875% BOPARAN 11 REGS 30.04.18 2 859 982 0.05% 4 837 Fl. Rate BROADGATE F.TV 05 CL.D 05.10.25 1 536 712 0.03% 233 Fl. Rate BROADGATE FIN FRN5 /POOL 05.01.22 142 866 0.00% 1 256 10.375% CABOT FIN LU 12 01.10.19 1 709 668 0.03% 1 395 Fl. Rate CAN WHA F II 07 22.10.37 1 363 429 0.02% 1 767 Fl. Rate CAN WHA F II II-C2 22.10.37 1 423 536 0.02% 326 8.125% CATTLES 07 /DEFLT 05.07.17 0 0.00% 3 206 5.125% COOPWH 10 20.09.17 4 256 029 0.07% 14 419 4.625% COV BD SOC 11 19.04.18 20 304 896 0.34% 4 512 5.250% DEUTSCHE BK (TV) 04-15 15.12.15 5 374 992 0.09% 3 256 3.250% EIB 11 07.12.16 4 371 496 0.07% 3 613 7.000% GRANADA GROUP 99-14 NOTES 08.12.14 4 945 641 0.08% 2 809 7.250% HEND UK FIN 11 24.03.16 3 704 294 0.06% 1 861 8.250% JAG LAND ROV 12 15.03.20 2 550 184 0.04% 7 005 5.625% KINGIFSHER S.39 15.12.14 9 262 891 0.15% 42 792 4.500% LCR FINANCE 99 REGS 07.12.28 63 451 634 1.05% 14 698 6.375% NORTHERN ROCK 99 02.12.19 19 390 231 0.32% 8 977 7.000% PEARSON 99 27.10.14 12 133 303 0.20% 1 395 9.500% PIPE HLD 10 REGS 01.11.15 1 809 172 0.03% 11 712 9.000% PORTUGAL 86 20.05.16 14 389 713 0.24% 3 488 5.750% RENTOKIL IN. 06 31.03.16 4 664 993 0.08% 2 093 Fl. Rate STALIF (FRN) 12 04.12.42 2 722 558 0.05% 4 877 5.125% SUNCORP MET 09 27.10.14 6 334 543 0.11% 19 721 1.750% UK 12 07.09.22 24 152 295 0.40% 930 7.000% VIRGIN MEDIA 10 15.01.18 1 244 503 0.02% 6 419 4.750% YORK BUILD 11 12.04.18 8 975 800 0.15% 19 535 Fl. Rate YORK BUILD 12 23.03.16 24 719 998 0.41% JPY 12 078 628 0.20% 688 389 0.100% JAPAN 12 15.06.14 6 039 344 0.10% 688 389 0.100% JAPAN 12 15.05.14 6 039 284 0.10% MXN 240 745 565 4.00% 3 987 8.000% MEXICO 03 S.M20 07.12.23 28 164 867 0.47% 3 284 9.500% MEXICO 04 BONOS 18.12.14 20 905 135 0.35% 6 693 8.000% MEXICO 05 17.12.15 42 440 089 0.70% 3 136 10.000% MEXICO 05 -M- 05.12.24 25 726 626 0.43% 2 905 7.000% MEXICO 09 19.06.14 17 523 870 0.29% 9 303 6.500% MEXICO 11 10.06.21 58 842 630 0.98% 7 442 6.500% MEXICO 11 BONOS 09.06.22 47 142 348 0.78% NOK 26 429 946 0.43% 93 584 2.000% ADB 12 GMTN 29.08.17 12 750 915 0.21% 1 770 Fl. Rate BOA DEEP 11 27.04.16 244 878 0.00% 1 006 Fl. Rate KRILL SEAPDTS 07 17.12.12 0 0.00% 98 421 2.125% NIB 12 09.08.17 13 434 153 0.22% NZD 38 299 486 0.63% 53 629 6.000% NEW ZEALAND 05 15.12.17 38 299 486 0.63% RUB 23 114 022 0.38% 903 521 6.750% BEI 07 EMTN 13.06.17 23 114 022 0.38% USD 796 139 497 13.24% 1 395 12.750% AERO SAT 10 16.11.15 1 173 851 0.02% 74 513 7.375% AFDB 93 06.04.23 79 081 266 1.32% 605 6.500% AJE GRP 12 14.05.22 497 409 0.01% 1 488 3.250% AMB CIRCLE 12 04.12.22 1 144 971 0.02% 1 488 2.000% AMBER CIRCLE 12 04.12.17 1 145 084 0.02% 1 209 Fl. Rate ARCELORMIT Perp. 939 938 0.02% 1 116 6.875% AUS FIN PTY 12 01.11.19 838 246 0.01% 8 372 5.250% BANK OF SCOTL 07 21.02.17 7 304 045 0.12% 3 814 5.200% BARCLAYS BK 09 10.07.14 3 076 436 0.05% 1 861 4.625% BHARAT PETR 12 25.10.22 1 441 515 0.02% 1 861 7.750% BK GEORGIA 12 05.07.17 1 445 241 0.02% 8 372 2.375% BNP US MED 12 14.09.17 6 450 558 0.11% 3 442 2.875% BOC AVIATION 10.10.17 2 594 356 0.04% 5 023 4.076% CAPITALAND 12 20.09.22 3 892 967 0.06% 3 070 9.750% CFG INV SAC 12 30.07.19 1 790 121 0.03% 11 163 6.375% CHARTER SEMICO 05 03.08.15 8 652 901 0.14% 1 395 3.950% CHINA OVER 12 15.11.22 1 066 964 0.02% 3 597 6.775% CHK 12 15.03.19 2 740 430 0.05% 1 163 3.731% CMT MTN 12 21.03.18 939 958 0.02% 12 931 2.125% CN RESO CEMENT 2.125 05.10.17 9 778 828 0.16% 6 140 4.250% CNOOC FIN 11 26.01.21 5 093 928 0.08% 2 698 2.750% CNPC GEN 12 19.04.17 2 121 545 0.04% 930 3.950% CNPC GEN 12 19.04.22 765 520 0.01% 1 116 4.500% CNPCCH 11 28.04.21 949 309 0.02% 3 721 2.125% COMPET TEAM 12 13.12.17 2 797 653 0.05% 1 395 4.000% COSCO FINANCE 12 03.12.22 1 083 655 0.02% 597 9.750% CSN ISLANDS REGS 16.12.13 483 029 0.01% 1 302 6.500% CSNAB 10 21.07.20 1 074 564 0.02% 1 116 5.500% DOLPHIN 12 15.12.21 987 081 0.02% 5 675 Fl. Rate DOOSAN INF /FRN 12 05.10.42 4 324 097 0.07% 2 698 Fl. Rate DSK BK (FRN) 12 21.09.37 2 154 264 0.04% 3 479 3.875% DSK BK 11 14.04.16 2 795 200 0.05% 1 954 Fl. Rate DSK BK 11 14.04.14 1 468 660 0.02% 1 954 9.500% DTEK FIN 10 28.04.15 1 501 618 0.02% 27 908 4.000% EIB 11 16.02.21 24 720 427 0.41% 1 954 1.250% EIBK 12 20.11.15 1 485 364 0.02% 8 372 0.000% ELAN LTD 05 EMTN 15.04.15 3 035 467 0.05% 1 488 8.900% EMPRESAS IS 11 04.02.21 1 230 557 0.02% 1 581 5.125% OCHEM 12 12.12.17 1 231 909 0.02% 1 209 9.500% EVRAZ GP 08 REGS 24.04.18 1 048 965 0.02% 326 4.000% EXPORT IMP BK 12 07.08.17 256 854 0.00% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 4

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 930 9.000% FINANCING IP 12 REG-S 07.12.17 709 729 0.01% 2 419 5.150% FINANSBANK 12 01.11.17 1 818 493 0.03% 17 210 2.250% FINLAND 11 17.03.16 13 762 039 0.23% 1 433 5.000% FORD MC 11 15.05.18 1 202 644 0.02% 930 6.750% FRANSH 11 15.04.21 752 051 0.01% 5 209 4.700% FRANSHION 12 26.10.17 3 952 198 0.07% 651 5.625% FRESENIUS MD 12 31.07.19 530 342 0.01% 316 6.500% FRESENIUS MED 144A 15.09.18 268 091 0.00% 1 256 7.750% GRAIL 12 11.07.22 1 086 253 0.02% 12 093 Fl. Rate HBOS 06 30.09.16 8 278 753 0.14% 2 326 4.500% HK LAND FIN 12 01.06.22 1 951 515 0.03% 1 209 9.250% HSBK BV 08-13 REGS 16.10.13 964 448 0.02% 3 023 7.750% HSBK. 06 REGS 13.05.13 2 344 274 0.04% 2 233 3.250% HUTCH 12 II 12 08.11.22 1 707 296 0.03% 1 674 3.500% HUTCH WHAM 11 12 13.01.17 1 349 424 0.02% 1 116 4.625% HUTCH WHAM 12 13.01.22 945 000 0.02% 1 209 2.125% HYUND C. US 2.125 12 02.10.17 925 446 0.02% 1 488 8.375% INKIA ENERGY 11 04.04.21 1 261 603 0.02% 1 395 8.875% INTERCORP RET S 14.11.18 1 212 493 0.02% 3 721 4.375% IOI INVEST 12 27.06.22 2 942 808 0.05% 28 373 5.375% ITALY 07 12.06.17 23 128 649 0.38% 23 256 3.125% ITALY 10 26.01.15 17 961 080 0.30% 9 303 4.625% JAPAN FIN 05 REG 21.04.15 7 712 852 0.13% 1 023 13.500% KAISA GRP 10 REGS 28.04.15 845 992 0.01% 4 186 4.375% KDB 10 10.08.15 3 429 538 0.06% 5 116 3.500% KDB 12 22.08.17 4 160 495 0.07% 3 721 3.000% KDB 12 14.09.22 2 839 791 0.05% 3 070 3.625% KIA MOTORS CORP 14.06.16 2 453 057 0.04% 2 512 4.625% KOFC 11 16.11.21 2 141 300 0.04% 6 465 2.250% KOFC 12 07.08.17 4 975 428 0.08% 3 721 4.750% KOHNPW 11 13.07.21 3 206 051 0.05% 2 791 3.000% KOHNPW 12 REG S 19.09.22 2 106 030 0.03% 9 303 2.375% KOMMUNALBK 11 19.01.16 7 423 770 0.12% 10 977 1.375% KOMMUNALBK 12 08.06.17 8 485 956 0.14% 3 349 3.125% KOROIL 12 03.04.17 2 669 915 0.04% 1 302 5.000% MACQUARIE BK 22.02.17 1 080 392 0.02% 4 465 5.250% MAF GLB SEC 12 05.07.19 3 626 269 0.06% 7 442 5.500% MAGYAR 12 12.02.18 5 701 202 0.09% 1 736 7.650% MEADWESTVACO 97 15.03.27 1 425 986 0.02% 1 302 8.750% METINVEST 11 14.02.18 958 543 0.02% 1 861 10.250% METINVEST BV 10 20.05.15 1 462 189 0.02% 12 947 9.500% NAFTOGAZ 09 30.09.14 10 118 219 0.17% 1 861 3.250% NBADUH 12 27.03.17 1 471 997 0.02% 6 000 8.500% NOBLE GROUP 08 REG 30.05.13 4 683 975 0.08% 52 238 5.625% NRTH ROCK 07 22.06.17 46 378 675 0.77% 13 954 5.625% NRTH ROCK 07 22.06.17 12 388 473 0.21% 3 442 5.625% NTPC LTD 11 14.07.21 2 861 300 0.05% 1 302 7.500% ODEBRECHT 10-PERP Perp. 1 085 756 0.02% 1 797 6.000% ODEBRECHT 11 05.04.23 1 577 723 0.03% 2 791 5.750% OLAM INTL 20.09.17 1 991 956 0.03% 2 093 4.625% OPTUS FIN 09 15.10.19 1 781 051 0.03% 13 489 8.250% OSCHAD 11 10.03.16 9 721 097 0.16% 4 651 Fl. Rate OZ WING KY 12 27.02.17 3 061 904 0.05% 2 047 5.750% PCCW 5.75 12 17.04.22 1 715 967 0.03% 9 303 3.500% PORTUGAL 10 25.03.15 6 756 066 0.11% 930 5.250% PT BK NEGARA 12 24.10.42 730 191 0.01% 2 140 6.000% PT PERTAMINA 12 03.05.42 1 839 487 0.03% 5 395 4.250% PTT GLOBAL 12 19.09.22 4 274 356 0.07% 3 721 4.500% PTT PCL 12 25.10.42 2 828 276 0.05% 3 070 5.750% QATAR 11 20.01.42 3 041 599 0.05% 1 116 2.688% QIB SUKUK FD 18.10.17 849 059 0.01% 2 167 2.350% RBS 10 17.05.15 1 757 260 0.03% 3 535 2.550% RBS 12 18.09.15 2 745 099 0.05% 11 628 Fl. Rate RBS TR IV 04 Perp. 5 828 165 0.10% 465 6.125% REXEL INC 12 15.12.19 370 437 0.01% 2 419 9.250% RUSSIAN ST FI 12 11.07.17 1 899 910 0.03% 2 884 4.211% SAUDI ELECT 12 03.04.22 2 361 717 0.04% 7 219 4.125% SHINHAN BK 11 04.10.16 5 912 131 0.10% 4 651 3.375% SIAM COMM 12 19.09.17 3 664 046 0.06% 13 721 1.050% SIEMENS FIN 12 CW 16.08.17 10 765 951 0.18% 3 721 4.875% SINOPEC GP 12 17.05.42 3 243 137 0.05% 2 186 3.900% SINOPEC GP 12 17.05.22 1 797 116 0.03% 5 768 3.241% SOQ SUKUK A 12 18.01.23 4 561 834 0.08% 2 605 2.099% SOQ SUKUK A 12 18.01.18 1 992 991 0.03% 7 163 2.700% SP POWER 12 14.09.22 5 362 881 0.09% 4 930 3.300% SPI 12 09.04.23 3 715 230 0.06% 819 7.000% SPRINT NEX 12 15.08.20 682 860 0.01% 2 140 4.250% SSG RESOURCES 12 04.10.22 1 710 486 0.03% 9 768 8.125% STANDARD BK 09 02.12.19 8 445 964 0.14% 2 991 3.850% STD CHART 10 27.04.15 2 392 368 0.04% 7 442 5.500% STD CHARTERED 50 144A 18.11.14 6 078 836 0.10% 3 721 6.600% TAQA 08 REGS 01.08.13 2 912 242 0.05% 2 791 4.125% TAQAUH 11 13.03.17 2 277 447 0.04% 2 698 2.500% TAQAUH 12 12.01.18 2 073 316 0.03% 1 674 3.625% TAQAUH 12 12.01.23 1 306 280 0.02% 1 954 5.500% TELEMAR N L REGS 23.10.20 1 548 590 0.03% 2 977 3.375% TEMASE 12 23.07.42 2 176 505 0.04% 1 714 5.375% TEMASEK FIN 09 23.11.39 1 701 041 0.03% 1 861 4.300% TEMASEK FIN 9 REGS 25.10.19 1 629 090 0.03% 465 7.500% TNK BP FIN. 7 REGS 13.03.13 357 373 0.01% 1 116 4.125% TUP TURK PE 12 02.05.18 845 900 0.01% 1 674 7.500% TV AZTECA 11 25.05.18 1 376 730 0.02% 84 765 4.375% USA 10 TBO 15.05.40 83 446 264 1.39% 86 318 2.000% USA 11 S. F 15.11.21 67 891 498 1.13% 44 689 4.375% USA 11 TBO 15.05.41 44 023 407 0.73% 7 628 5.375% UTD OVS BK 04 144A 03.09.19 6 104 212 0.10% 1 488 6.000% VAKIFLAR BK 12 /SUB 01.11.22 1 173 601 0.02% 5 116 6.875% VALE CAP 09 10.11.39 4 896 599 0.08% 3 683 6.902% VEB FIN 10 REG-S 09.07.20 3 414 068 0.06% 1 861 6.000% VTB CAP 12 12.04.17 1 528 289 0.03% 819 3.100% WALGREEN CO 12 15.09.22 627 275 0.01% 2 512 4.625% WHARF 12 08.02.17 2 049 416 0.03% 3 349 4.750% WHEELOCK FIN 12 23.02.17 2 696 511 0.04% 8 372 10.500% WHITE NIGHTS 09 25.03.14 7 002 784 0.12% 2 791 10.500% WHITE NIGHTS 09 08.03.14 2 324 820 0.04% 1 861 9.625% WILLOW NO.2 REGS 07.10.15 1 487 209 0.02% 1 954 6.750% YAPI KREDI 12 08.02.17 1 669 619 0.03% 930 11.750% YUZHOU PROP 12 25.10.17 789 729 0.01% Convertible bonds and bonds with warrants 346 114 746 5.73% CHF 3 773 874 0.06% 4 223 1.875% SWISS PRIME 10 /CV 20.01.15 3 773 874 0.06% CNY 6 382 122 0.11% 44 001 2.250% CHINA POWER CV 17.05.16 6 382 122 0.11% 124 716 014 2.08% 29 303 4.000% AABAR INVESTMENT CV 27.05.16 29 956 509 0.50% 3 395 2.500% AB INDUS 10 CV 27.02.15 4 185 041 0.07% 1 954 5.625% CAM 12 SPA CV 26.10.17 2 165 652 0.04% 368 3.500% CAP GEM CONV ( 34) 01.01.14 13 989 850 0.23% 2 512 1.750% DE OSHOP /CV 20.11.17 2 655 736 0.04% 90 4.500% FAUREC 18.69CV 01.01.15 1 744 212 0.03% 558 3.250% FAURECIA 12 CV 01.01.18 10 573 427 0.18% 2 233 2.000% GSW IMMO 12 20.11.19 2 375 702 0.04% 1 345 4.250% IMMOFINANZ 11 /CV 08.03.18 5 991 570 0.10% 16 093 1.500% KFW 09 CV / DEUT P 30.07.14 19 796 035 0.33% 15 070 4.400% MNV 09 CV 25.09.14 15 062 455 0.25% 2 186 2.000% SALZGIT FIN CV / NDA 08.11.17 2 715 640 0.05% 1 163 3.500% SGL CARBON 09 CV 30.06.16 1 322 882 0.02% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 5

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 67 2.700% THEOLIA CV ( 19.03) 01.01.41 661 826 0.01% 2 930 4.500% UCB 09 CONV 22.10.15 3 725 502 0.06% 7 070 5.500% VW INTL FIN 12 /CV 09.11.15 7 793 975 0.13% GBP 55 217 038 0.91% 19 163 2.500% CPTL SHP JE 12 CV 04.10.18 24 381 452 0.40% 2 977 2.750% DERWENT LN / DLN 15.07.16 4 131 346 0.07% 5 442 4.000% ITV 09 CV/ ITV 09.11.16 11 014 379 0.18% 2 512 6.000% TUI TRAVEL 09 CV 05.10.14 3 329 902 0.06% 6 512 5.750% WPP PLC 09 CV 19.05.14 12 359 959 0.20% JPY 5 721 692 0.09% 379 544 0.300% AEON 09 CV/8267 22.11.13 3 745 817 0.06% 213 959 0.000% IHI CORP 11 CV 29.03.16 1 975 875 0.03% SGD 9 341 763 0.15% 3 907 2.750% OSIM INTL 11 CV 05.07.16 2 590 192 0.04% 10 465 0.000% TEMASEK FIN III CV 24.10.14 6 751 571 0.11% USD 140 962 243 2.33% 17 954 3.500% ANGSJ 09 CV 22.05.14 14 126 738 0.23% 7 814 1.625% BES FIN CV/BANCO 15.04.13 6 059 579 0.10% 19 814 0.750% BILLION 10 CV / CHINA 18.10.15 15 923 695 0.26% 2 605 1.000% DIALOG SEMI 12 CV 12.04.17 2 061 744 0.03% 12 000 5.000% GLENCORE FIN 09 CON 31.12.14 11 192 389 0.19% 3 163 0.500% HG KG EXCH 12 CV 23.10.17 2 600 754 0.04% 7 814 2.625% LUKOIL INTL 10 16.06.15 6 727 255 0.11% 24 931 0.000% NEWFORD CAP 11 CV 12.05.16 18 951 530 0.31% 9 146 1.250% NEWMONT 07 CV 15.07.14 8 249 960 0.14% 12 000 6.000% OLAM INTL 09 CV 15.10.16 8 353 514 0.14% 4 067 1.875% PACIFIC BAS CV 22.10.18 3 344 511 0.06% 558 0.000% PEGATRON CORP CV 06.02.17 475 556 0.01% 8 799 2.500% PREMIER O F 12 27.07.18 7 698 242 0.13% 16 419 2.750% SHIRE 07 CONV 09.05.14 13 904 601 0.23% 16 047 1.650% SIEMENS FIN 12 CV 16.08.19 12 719 585 0.21% 4 651 1.000% SUBSEA 7 SA 12 CV 05.10.17 3 639 914 0.06% 1 628 0.000% TPK HOLD 12 CV/3673 01.10.17 1 479 674 0.02% 4 651 5.000% VINCOM 12 CV / VIC 03.04.17 3 453 002 0.06% Options, warrants, rights 66 380 174 1.09% AUD 1 710 794 0.03% 52 323 CALL AUD/NOK 24.01.13 Str. 5.8985 66 441 0.00% 67 501 CALL AUD/USD 07.02.13 Str. 1.15 1 0.00% 447 553 PAYER BBSW3M-AUD 01.07.13 Str. 5.1 1 410 0.00% -895 104 PAYER BBSW3M-AUD 01.07.13 Str. 5.765-705 0.00% 52 323 PUT AUD/NOK 24.01.13 Str. 5.8985 947 046 0.02% 4 229 PUT AUD/USD 01.10.13 Str. 0.9025 398 898 0.01% 50 965 PUT AUD/USD 15.01.13 Str. 0.95 18 0.00% 6 046 PUT AUD/USD 30.09.13 Str. 0.901 297 685 0.00% CAD 1 035 140 0.02% 84 242 CALL CAD/NZD 17.01.13 Str. 1.2346 110 632 0.00% 42 183 PUT CAD/NZD 17.01.13 Str. 1.234568 462 934 0.01% 42 059 PUT CAD/NZD 17.01.13 Str. 1.234569 461 574 0.01% 16 628 985 0.29% -987 130 PAYER IB3M 08.02.16 Str. 2.81-957 517-0.02% 987 130 PAYER IB3M 08.02.16 Str. 3.81 512 321 0.01% -180 834 PAYER IB6M 02.03.15 Str. 2.58-183 728 0.00% 603 006 PAYER IB6M 02.04.15 Str. 2.25 956 970 0.02% -1 206 011 PAYER IB6M 02.04.15 Str. 3.25-759 787-0.01% -125 964 PAYER IB6M 04.07.16 Str. 2.75-1 674 182-0.03% 168 339 PAYER IB6M 05.07.27 Str. 2.5 6 592 981 0.11% -419 527 PAYER IB6M 05.10.15 Str. 1.72-3 633 940-0.06% 32 789 PAYER IB6M 05.10.15 Str. 2.7 2 531 092 0.04% -77 003 PAYER IB6M 05.10.15 Str. 3.1-1 379 814-0.02% -119 049 PAYER IB6M 09.08.16 Str. 2.75-1 627 043-0.03% -119 049 PAYER IB6M 09.08.16 Str. 2.7501-1 665 614-0.03% 317 464 PAYER IB6M 09.08.27 Str. 2.6 11 853 300 0.20% -431 870 PAYER IB6M 10.02.15 Str. 3-516 085-0.01% 431 870 PAYER IB6M 10.02.15 Str. 4 213 344 0.00% -419 527 PAYER IB6M 10.10.14 Str. 1.75-639 359-0.01% -137 614 PAYER IB6M 10.11.14 Str. 2.703-416 006-0.01% 31 275 PAYER IB6M 10.11.14 Str. 2.77 1 534 924 0.03% -353 517 PAYER IB6M 12.02.14 Str. 2.3-53 735 0.00% 62 161 PAYER IB6M 13.01.22 Str. 3 3 895 605 0.06% -291 889 PAYER IB6M 14.06.16 Str. 2.22-1 457 110-0.02% 62 506 PAYER IB6M 14.06.16 Str. 2.6875 2 357 966 0.04% 61 921 PAYER IB6M 14.12.21 Str. 5 1 313 955 0.02% -49 536 PAYER IB6M 16.12.13 Str. 3.9-15 604 0.00% 64 141 PAYER IB6M 18.08.30 Str. 4 2 170 087 0.04% -454 576 PAYER IB6M 19.02.14 Str. 2.3-79 551 0.00% -206 133 PAYER IB6M 19.09.14 Str. 1.81-536 151-0.01% -414 269 PAYER IB6M 19.09.14 Str. 1.85-1 022 830-0.02% -728 722 PAYER IB6M 27.02.15 Str. 2.58-735 281-0.01% 32 236 PAYER IB6M 28.09.15 Str. 2.8 2 215 397 0.04% -75 705 PAYER IB6M 28.09.15 Str. 3.185-1 221 805-0.02% 603 006 PAYER IB6M 30.03.15 Str. 2.25 1 089 028 0.02% -1 206 011 PAYER IB6M 30.03.15 Str. 3.25-1 035 964-0.02% 608 494 RECEIVER IB3M 03.02.14 Str. 0.5 1 862 601 0.03% -1 216 987 RECEIVER IB3M 03.02.14 Str. 1-12 358 506-0.20% 608 494 RECEIVER IB3M 03.02.14 Str. 1.3 9 404 885 0.16% -542 166 RECEIVER IB6M 05.03.13 Str. 0.44-667 406-0.01% -110 646 RECEIVER IB6M 05.03.13 Str. 0.89-667 641-0.01% 110 646 RECEIVER IB6M 05.03.13 Str. 1.08 1 479 343 0.02% -283 059 RECEIVER IB6M 18.02.13 Str. 0.6-1 234 702-0.02% -141 529 RECEIVER IB6M 18.08.14 Str. 0.825-935 649-0.02% 141 529 RECEIVER IB6M 18.08.14 Str. 1.175 1 670 185 0.03% 40 SIEMENS 12 CW/SIE 450 011 0.01% GBP 5 417 191 0.09% 624 183 PAYER LIB3M GBP 01.02.13 Str. 1 0 0.00% 624 183 PAYER LIB3M GBP 01.02.13 Str. 1.0001 0 0.00% -1 248 366 PAYER LIB3M GBP 01.02.13 Str. 1.3 0 0.00% -1 248 366 PAYER LIB3M GBP 01.02.13 Str. 1.3001 0 0.00% 624 183 PAYER LIB3M GBP 01.02.13 Str. 1.72 0 0.00% 624 183 PAYER LIB3M GBP 01.02.13 Str. 1.7201 0 0.00% 152 218 PAYER LIB6M GBP 27.02.15 Str. 2.4 331 808 0.01% 299 095 PAYER LIB6M GBP 27.02.15 Str. 2.40 703 971 0.01% 307 219 PAYER LIB6M GBP 27.02.15 Str. 2.4001 765 515 0.01% -334 781 PAYER LIB6M GBP 28.11.13 Str. 1.25-1 048 419-0.02% 334 781 PAYER LIB6M GBP 28.11.13 Str. 1.55 530 401 0.01% 502 172 PAYER LIB6M GBP 28.11.14 Str. 1.365 2 349 036 0.04% -502 172 PAYER LIB6M GBP 28.11.14 Str. 1.665-1 654 355-0.03% -3 224 PUT 3M SHORT STERLING 19.03.2014 Str. 99.25-583 873-0.01% 2 825 PUT GBP/CAD 05.12.13 Str. 0 363 346 0.01% 2 809 PUT GBP/CAD 14.02.13 Str. 1.57 426 205 0.01% -322 935 RECEIVER LIB6M GBP 14.09.15 Str. 1.5-4 812 997-0.08% 161 467 RECEIVER LIB6M GBP 14.09.15 Str. 2.5 8 046 553 0.13% JPY 789 041 0.01% 539 548 239 CALL KDDI CORPORATIO 14.12.15 Str. 50 706 585 0.01% 7 153 448 PAYER LIB6M JPY 20.01.14 Str. 2 102 035 0.00% -7 153 448 PAYER LIB6M JPY 20.01.14 Str. 3-19 579 0.00% KRW 62 804 0.00% 119 637 990 PAYER LIB3M KRW 10.03.14 Str. 3.6 62 804 0.00% USD 40 736 219 0.65% -7 083 CALL 90 DAYS - O $ FUTURE 15/12/14/Str. 99.625-1 544 564-0.03% 6 883 891 CALL CHINA UNICOM HO 18.10.15 Str. 250 170 907 0.00% 7 442 044 CALL HON HAI PRECISI 12.10.13 Str. 260 191 498 0.00% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 6

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 2 883 791 CALL HON HAI PRECISI 12.10.13 Str. 300 74 205 0.00% 3 721 022 CALL PEGATRON 06.02.15 Str. 1 535 330 0.01% 3 721 022 CALL TPK HOLDING CO 10.01.15 Str. 1 808 851 0.01% -1 326 CALL TREASURY BONDS USA 22.02.2013 Str. 150-1 021 182-0.02% -45 868 CALL USD/AUD 15.01.13 Str. 1.1111 0 0.00% 119 112 CALL USD/AUD 28.06.13 Str. 1.0152 513 500 0.01% -27 242 CALL USD/BRL 10.10.13 Str. 2.85-85 610 0.00% -39 562 CALL USD/BRL 19.11.13 Str. 2.8729-39 617 0.00% 2 303 CALL USD/BRL 22.11.13 Str. 2.028 333 273 0.01% 6 678 CALL USD/CHF 10.04.13 Str. 1.125 10 522 0.00% -6 585 CALL USD/CHF 10.04.13 Str. 1.125001-579 0.00% -93 CALL USD/CHF 10.04.13 Str. 1.125002-8 0.00% 2 992 CALL USD/CHF 11.04.13 Str. 0 113 083 0.00% 79 373 CALL USD/JPY 01.05.13 Str. 82 3 138 545 0.05% -26 457 CALL USD/JPY 01.05.13 Str. 82.000002-1 159 244-0.02% -52 916 CALL USD/JPY 01.05.13 Str. 82.00002-2 332 252-0.04% 4 520 CALL USD/JPY 02.12.14 Str. 0 571 905 0.01% 2 899 CALL USD/JPY 09.08.13 Str. 0 76 101 0.00% 2 899 CALL USD/JPY 12.08.13 Str. 0 0 0.00% 2 858 CALL USD/JPY 13.06.13 Str. 86.75 511 436 0.01% -51 161 CALL USD/JPY 18.01.13 Str. 83.72-1 362 403-0.02% 27 989 CALL USD/JPY 18.01.13 Str. 85 62 442 0.00% 27 989 CALL USD/JPY 18.03.13 Str. 87 33 791 0.00% 27 989 CALL USD/JPY 18.04.13 Str. 88 23 519 0.00% 27 989 CALL USD/JPY 19.02.13 Str. 86 51 320 0.00% 86 358 CALL USD/JPY 22.02.13 Str. 82.6 6 105 0.00% 2 899 CALL USD/JPY 23.08.13 Str. 0 102 143 0.00% 4 778 CALL USD/KRW 09.05.13 Str. 0 341 664 0.01% 3 574 CALL USD/KRW 29.04.13 Str. 0 528 301 0.01% 42 286 CALL USD/NZD 24.01.13 Str. 1.218 248 364 0.00% 608 494 PAYER LIB3M USD 03.02.14 Str. 0.8 209 078 0.00% -134 593 PAYER LIB3M USD 03.03.14 Str. 3.1825-764 130-0.01% 59 818 PAYER LIB3M USD 03.03.14 Str. 3.49 1 378 669 0.02% 276 616 PAYER LIB3M USD 05.09.14 Str. 0.8 868 201 0.01% 276 616 PAYER LIB3M USD 05.09.14 Str. 0.800001 868 201 0.01% 544 840 PAYER LIB3M USD 05.10.15 Str. 1.49 5 400 462 0.09% 555 261 PAYER LIB3M USD 06.02.15 Str. 2.5 1 071 207 0.02% -555 261 PAYER LIB3M USD 06.02.15 Str. 3.5-451 529-0.01% 1 183 572 PAYER LIB3M USD 06.05.14 Str. 1 526 969 0.01% -1 183 572 PAYER LIB3M USD 06.05.14 Str. 1.5-251 365 0.00% 580 233 PAYER LIB3M USD 06.07.17 Str. 2.25 5 808 046 0.10% 265 421 PAYER LIB3M USD 07.11.14 Str. 0.8 1 100 015 0.02% 1 233 912 PAYER LIB3M USD 08.02.16 Str. 2.6 1 315 899 0.02% -1 233 912 PAYER LIB3M USD 08.02.16 Str. 3.6-729 079-0.01% 1 183 572 PAYER LIB3M USD 08.05.14 Str. 1 535 947 0.01% -1 183 572 PAYER LIB3M USD 08.05.14 Str. 1.5-256 752 0.00% 136 210 PAYER LIB3M USD 10.04.13 Str. 1.4275 703 471 0.01% -108 968 PAYER LIB3M USD 10.04.13 Str. 3.007-741 963-0.01% 544 840 PAYER LIB3M USD 10.10.14 Str. 1.38 839 328 0.01% 468 887 PAYER LIB3M USD 12.02.14 Str. 1.72 84 644 0.00% -113 882 PAYER LIB3M USD 17.09.14 Str. 1.7125-1 113 424-0.02% 26 573 PAYER LIB3M USD 17.09.14 Str. 3.26 1 463 839 0.02% -105 194 PAYER LIB3M USD 17.11.14 Str. 1.7-1 260 591-0.02% 24 545 PAYER LIB3M USD 17.11.14 Str. 3.195 1 544 215 0.03% -527 489 PAYER LIB3M USD 18.11.15 Str. 1.245-3 622 485-0.06% 356 055 PAYER LIB3M USD 18.11.15 Str. 1.49 3 991 574 0.07% 538 011 PAYER LIB3M USD 19.09.14 Str. 1.5 1 732 704 0.03% 269 005 PAYER LIB3M USD 19.09.14 Str. 1.500002 824 113 0.01% -111 370 PAYER LIB3M USD 19.09.14 Str. 1.65-1 184 913-0.02% 25 986 PAYER LIB3M USD 19.09.14 Str. 3.1625 1 576 313 0.03% 598 126 PAYER LIB3M USD 20.02.14 Str. 1.75 111 722 0.00% -121 535 PAYER LIB3M USD 22.08.16 Str. 2.5425-2 337 680-0.04% 169 583 PAYER LIB3M USD 23.08.27 Str. 3.48 4 963 758 0.08% 270 229 PAYER LIB3M USD 25.09.14 Str. 1.25 464 661 0.01% 3 898 PUT 10Y TREASURY NOTES USA 22.02.2013 130.5 739 110 0.01% -6 610 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 129.5-783 430-0.01% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 7 2 713 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 131.5 900 162 0.01% -7 116 PUT 90 DAYS - O $ FUTURE 15.09.2014 Str. 99.25-1 652 859-0.03% -3 541 PUT 90 DAYS - O $ FUTURE 15/12/14/Str. 98.625-520 451-0.01% 3 541 PUT 90 DAYS - O $ FUTURE 15/12/14/Str. 99 822 648 0.01% -3 840 PUT 90 DAYS - O $ FUTURE 16.03.2015 Str. 99.25-1 583 777-0.03% -11 462 PUT 90 DAYS - O $ FUTURE 16.12.2013 Str. 99-597 687-0.01% 11 462 PUT 90 DAYS - O $ FUTURE 16.12.2013 Str. 99.125 706 357 0.01% -10 717 PUT 90 DAYS - O $ FUTURE 16/09/13/Str. 98.75-254 014 0.00% 10 717 PUT 90 DAYS - O $ FUTURE 16/09/13/Str. 99 355 620 0.01% -2 651 PUT TREASURY BONDS USA 22.02.2013 Str. 145-2 230 891-0.04% 2 651 PUT TREASURY BONDS USA 22.02.2013 Str. 147 3 676 257 0.06% -53 944 PUT USD/AUD 06.05.13 Str. 0.947-283 926 0.00% 4 425 PUT USD/BRL 01.12.14 Str. 0 531 303 0.01% -27 242 PUT USD/BRL 10.10.13 Str. 1.9-66 144 0.00% 27 242 PUT USD/BRL 10.10.13 Str. 2 192 666 0.00% -65 113 PUT USD/BRL 13.05.13 Str. 1.8-13 397 0.00% 3 492 PUT USD/BRL 13.11.13 Str. 1.9875 194 786 0.00% 2 910 PUT USD/BRL 14.11.13 Str. 2.01 215 321 0.00% -2 989 PUT USD/BRL 18.01.13 Str. 1.9835-89 794 0.00% -115 957 PUT USD/BRL 19.02.13 Str. 2.01-366 387-0.01% 115 957 PUT USD/BRL 19.02.13 Str. 2.08 1 549 526 0.03% -39 562 PUT USD/BRL 19.11.13 Str. 1.95-179 873 0.00% 39 562 PUT USD/BRL 19.11.13 Str. 2.05 510 122 0.01% -125 318 PUT USD/BRL 22.03.13 Str. 1.73-1 090 0.00% -89 352 PUT USD/BRL 24.01.13 Str. 2.0275-262 148 0.00% 59 568 PUT USD/BRL 24.01.13 Str. 2.04 310 139 0.01% 4 184 PUT USD/BRL 28.06.13 Str. 1.97 498 783 0.01% 2 879 PUT USD/INR 29.01.13 Str. 54 424 353 0.01% -51 161 PUT USD/JPY 18.01.13 Str. 83.72-12 701 0.00% -3 455 PUT USD/JPY 25.11.13 Str. 77-534 688-0.01% -54 046 PUT USD/KRW 03.05.13 Str. 1062-309 164-0.01% -54 223 PUT USD/KRW 23.01.13 Str. 1095-910 413-0.02% -54 046 PUT USD/KRW 26.04.13 Str. 1080-634 298-0.01% -54 046 PUT USD/KRW 29.01.13 Str. 1080-507 795-0.01% 53 944 PUT USD/MXN 06.05.13 Str. 12.8 710 182 0.01% 1 792 PUT USD/MXN 09.05.13 Str. 0.000001 275 556 0.00% 4 480 PUT USD/MXN 09.05.13 Str. 0.000002 691 756 0.01% 3 081 PUT USD/MXN 16.08.13 Str. 12.6 434 155 0.01% 3 081 PUT USD/MXN 16.08.13 Str. 12.75 325 907 0.01% 2 899 PUT USD/MXN 21.05.13 Str. 0 379 042 0.01% 29 777 PUT USD/MXN 25.07.13 Str. 12.75 303 338 0.01% 109 304 PUT USD/MXN 26.03.13 Str. 12.68 665 916 0.01% 54 046 PUT USD/MXN 26.04.13 Str. 12.68 538 438 0.01% 42 286 PUT USD/NZD 24.01.13 Str. 1.218 326 340 0.01% -109 304 PUT USD/NZD 27.03.13 Str. 1.1919-633 504-0.01% 3 041 PUT USD/RUB 25.03.13 Str. 29.5 359 903 0.01% 3 024 PUT USD/RUB 26.04.13 Str. 29.4 352 396 0.01% 54 046 PUT USD/RUB 30.04.13 Str. 30.05 319 715 0.01% 3 055 PUT USD/TRY 12.03.13 Str. 1.71 82 000 0.00% 3 055 PUT USD/TRY 12.03.13 Str. 1.712 88 919 0.00% -80 322 PUT USD/TRY 18.03.13 Str. 1.7-27 910 0.00% 80 322 PUT USD/TRY 18.03.13 Str. 1.8 725 825 0.01% -65 522 PUT USD/TRY 20.03.13 Str. 1.72-33 666 0.00% 65 522 PUT USD/TRY 20.03.13 Str. 1.82 848 421 0.01% 57 572 PUT USD/TRY 22.02.13 Str. 1.81 145 775 0.00% 3 022 PUT USD/ZAR 01.02.13 Str. 0 215 554 0.00% 3 065 PUT USD/ZAR 02.05.13 Str. 7.78 230 112 0.00% 3 039 PUT USD/ZAR 15.01.13 Str. 0 4 436 0.00% 1 449 PUT USD/ZAR 15.03.13 Str. 8.5025 486 802 0.01% 3 201 PUT USD/ZAR 15.03.13 Str. 8.5125 1 122 064 0.02% 3 574 PUT USD/ZAR 26.02.13 Str. 8.5 966 924 0.02% 3 678 PUT USD/ZAR 31.05.13 Str. 7.77 288 408 0.00% 3 678 PUT USD/ZAR 31.05.13 Str. 7.78 295 302 0.00%

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal -553 231 RECEIVER LIB3M USD 05.09.13 Str. 0.4-319 333-0.01% -226 825 RECEIVER LIB3M USD 05.09.13 Str. 0.69-195 616 0.00% 226 825 RECEIVER LIB3M USD 05.09.13 Str. 0.89 667 708 0.01% -1 301 929 RECEIVER LIB3M USD 06.05.14 Str. 0.48-1 286 721-0.02% 580 233 RECEIVER LIB3M USD 06.07.17 Str. 2.25 6 275 436 0.10% -1 301 929 RECEIVER LIB3M USD 08.05.14 Str. 0.48-1 282 771-0.02% -300 935 RECEIVER LIB3M USD 22.04.14 Str. 1.245-2 948 582-0.05% 246 435 RECEIVER LIB3M USD 22.04.14 Str. 1.9795 6 873 733 0.11% -65 756 RECEIVER LIB3M USD 22.04.14 Str. 2.71-3 128 981-0.05% -563 953 RECEIVER LIB3M USD 30.08.13 Str. 0.5-781 937-0.01% -231 221 RECEIVER LIB3M USD 30.08.13 Str. 0.95-906 538-0.02% 231 221 RECEIVER LIB3M USD 30.08.13 Str. 1.15 1 879 018 0.03% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 430 681 730 7.11% Bonds 296 081 182 4.88% AUD 21 786 213 0.36% 7 163 6.750% BACR AUS 11 24.02.14 5 827 776 0.10% 8 484 Fl. Rate RESIMAC 11-1NC A3 12.08.42 6 690 592 0.11% 11 768 Fl. Rate SOCGEN 10 20.10.14 9 267 845 0.15% 12 470 008 0.20% 1 163 9.000% ALGECO 12 15.10.18 1 203 518 0.02% 651 10.125% ASSGEN 12 FTF 10.07.42 780 347 0.01% 6 605 Fl. Rate AYT CEDULAS X 05 30.06.15 5 630 142 0.09% 1 302 6.750% IRON MOUNTAINS. 06 15.10.18 1 321 893 0.02% 372 5.125% MAPFRE 12 16.11.15 391 050 0.01% 744 7.875% MEIF II EN 12 01.10.20 826 714 0.01% 1 674 8.875% NARA CABLE 10 01.12.18 1 695 860 0.03% 605 5.500% UNITYM NRW 12 15.09.22 620 484 0.01% GBP 53 813 697 0.88% 4 605 8.125% JAG LAND ROV 11 15.05.18 6 309 547 0.10% 2 326 10.750% LOWELL GRP 12 01.04.19 3 169 866 0.05% 35 164 2.250% UK 09 07.03.14 44 334 284 0.73% JPY 5 691 238 0.09% 651 179 1.670% HUNGARY 06 NO.4 18.03.13 5 691 238 0.09% USD 200 671 144 3.32% 1 767 9.250% AERODOM 12 13.11.19 1 410 034 0.02% 419 4.600% ALEXANDRIA 12 01.04.22 340 817 0.01% 829 9.250% AM AXLE & MFG 09 15.01.17 697 840 0.01% 2 777 Fl. Rate ARAMARK CORP 07 01.02.15 2 098 301 0.03% 930 2.500% BAA FDG 12 25.06.15 728 779 0.01% 2 791 3.875% BBLTB 12 27.09.22 2 193 686 0.04% 1 349 7.750% CASE NW HOL 10 01.09.13 1 064 967 0.02% 65 211 2.250% CFF 11 07.03.14 50 236 246 0.83% 447 4.500% CONT RUBBER 15.09.19 346 451 0.01% 605 7.000% CSN ISL 10 Perp. 469 731 0.01% 1 861 14.250% DEEP DRILLING 12 05.03.15 1 474 692 0.02% 1 395 8.250% DIGICEL 09 01.09.17 1 132 479 0.02% 1 581 6.400% EMAAR SUKUK 12 18.07.19 1 303 940 0.02% 651 8.375% EMPRESAS IS 12 24.07.17 533 247 0.01% 10 512 2.375% EXPERIAN FIN 15.06.17 8 111 472 0.13% 4 061 5.000% FIDELITY NAT 12 15.03.22 3 303 213 0.05% 2 140 11.000% GOLDEN CLOSE 10 09.12.15 1 744 582 0.03% 930 10.500% GR.SENDA AUTO. 07-15 REGS 03.10.15 730 290 0.01% 7 070 Fl. Rate GSAMP FRN 04-AR2 M1/SUB 25.08.34 1 349 513 0.02% 819 5.000% HOSPITALITY PR 12 15.08.22 656 944 0.01% 73 6.676% HSBC FIN 11 15.01.21 65 600 0.00% 20 345 Fl. Rate HSBC HOME EQUITY TRFRN 20.03.36 4 056 702 0.07% 2 233 2.000% HUTCH 12 II 12 08.11.17 1 695 967 0.03% 1 195 4.000% HYUND C. US 11 08.06.17 979 042 0.02% 13 954 1.000% IADB 03 16.04.18 10 369 591 0.17% 1 674 4.700% ICICI BK TRCH 4-S 21.02.18 1 334 640 0.02% 4 186 Fl. Rate ING NV 11 09.06.14 3 204 967 0.05% 15 814 Fl. Rate ING NV 12 25.09.15 12 127 914 0.20% 7 256 2.000% ING NV 12 25.09.15 5 544 363 0.09% 9 051 Fl. Rate INTESA SAN FRN11 24.02.14 6 857 757 0.11% 326 7.750% IRON MOUNTAIN INC 01.10.19 278 035 0.00% 2 419 5.500% ITAUUNIBANCO /SUB 06.08.22 1 924 291 0.03% 1 395 7.250% JBS USA 11 01.06.21 1 066 414 0.02% 4 558 7.250% KOOKMIN BK 09 REGS 14.05.14 3 739 987 0.06% 2 419 1.875% KR EXPRESSW 12 22.10.17 1 824 492 0.03% 1 163 3.000% MARRIOTT 12 01.03.19 914 397 0.02% 819 3.250% MARRIOTT 12 15.09.22 623 941 0.01% 3 721 6.250% MECCANICA 09 144A 15.01.40 2 434 792 0.04% 1 861 1.550% MIZUHO CORP 12 17.10.17 1 415 380 0.02% 1 302 Fl. Rate OCEANTEAM SH 12 24.10.17 968 075 0.02% 1 023 5.125% ODEBRECHT 12 26.06.22 844 533 0.01% 1 395 7.375% OWENS BROCK 09 15.05.16 1 211 488 0.02% 2 391 8.875% PAET 09 30.06.17 1 944 847 0.03% 326 3.900% PKG CRP OF A 12 15.06.22 255 738 0.00% 1 926 6.500% PLAINS EXPL 15.11.20 1 609 735 0.03% 9 493 0.000% RBS 03-PERP/PFD/FLAT Perp. 5 580 457 0.09% 140 7.125% REYNOLDS GRP 12 15.04.19 113 777 0.00% 409 3.500% ROCK TENN 12 01.03.20 318 656 0.01% 409 4.000% ROCK TENN 12 01.03.23 315 395 0.01% 1 861 8.375% SAPPI PHG 144A 15.06.19 1 541 724 0.03% 558 7.750% SAPPI PHG 144A 15.07.17 461 459 0.01% 1 954 9.875% SC JAVER 11 06.04.21 1 593 842 0.03% 1 228 5.250% SIRIUS XM 144A 15.08.22 940 698 0.02% 2 047 4.375% SWIRE PAC 12 18.06.22 1 707 119 0.03% 1 273 7.500% TNK BP FIN. 06 /144A 18.07.16 1 119 751 0.02% 2 326 7.500% TNK-BP FIN 07 144A 13.03.13 1 782 737 0.03% 7 103 2.000% USA 04 TBO INFL. IND 15.07.14 6 978 821 0.12% 27 838 1.625% USA TSY 05 15.01.15 27 189 379 0.45% 651 7.750% WINDSTREAM 10 15.10.20 535 163 0.01% 823 4.250% WYNDHAM WLD 12 SR 01.03.22 644 028 0.01% 3 256 4.250% ZIJIN INTL FINA 30.06.16 2 628 226 0.04% ZAR 1 648 882 0.03% 74 420 Fl. Rate ROYAL BK SCOTLD 08 22.06.15 604 765 0.01% 150 701 9.000% STANDARD 07 EMTN 23.11.14 1 044 117 0.02% Convertible bonds and bonds with warrants 134 600 548 2.23% GBP 2 553 171 0.04% 1 581 7.000% SPORTINGBET 11 CV 08.06.16 2 553 171 0.04% HKD 4 068 866 0.07% 37 861 2.500% CHINA WATER 10 /CV 15.04.15 4 068 866 0.07% JPY 3 329 468 0.06% 372 102 0.000% NIPRO 10 CV 12.03.15 3 329 468 0.06% USD 124 649 043 2.06% 3 286 2.000% DR HORTON 09 CV 15.05.14 3 902 871 0.06% 7 907 1.750% EMC 06 CV 01.12.13 9 550 982 0.16% 16 357 2.000% GOLDCORP INC 09 CV 01.08.14 13 706 043 0.23% 2 791 2.500% GOLDEN AGRI 12 CV 04.10.17 2 097 309 0.03% 2 688 5.250% HERTZ GLOB 09 CV 01.06.14 4 142 080 0.07% 8 802 3.250% INTEL 09 CV 01.08.39 7 853 505 0.13% 4 186 3.500% KCC CORP 09 CV 06.05.14 3 851 487 0.06% 6 342 1.250% LAM RESEARCH CV 15.05.18 4 755 274 0.08% 18 326 0.000% MICROSOFT 10 CV 15.06.13 13 927 175 0.23% 4 504 2.500% MOLSON COORS 07 CV 30.07.13 3 467 154 0.06% 2 411 1.625% NEWMONT M. 07 CV 15.07.17 2 396 189 0.04% 9 303 0.000% NOBLE GROUP 07 CV 13.06.14 10 159 359 0.17% 12 690 1.000% PRICELINE COM 12 CV 15.03.18 10 280 716 0.17% 12 651 0.000% PULAI CAP 12 CV 22.03.19 9 054 096 0.15% 12 558 3.375% SEADRILL LTD CV 27.10.17 12 773 727 0.21% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 8

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 5 768 3.750% SHIP FIN IN CV / SFL 10.02.16 4 164 394 0.07% 2 884 2.250% SUBSEA 7 SA 6 CV 11.10.13 2 524 740 0.04% 3 907 2.750% WELLPOINT 12 CV 15.10.42 3 187 611 0.05% 3 163 1.875% YTL 10 CV 18.03.15 2 854 331 0.05% Options, warrants, rights 0 0.00% HKD 0 0.00% 208 377 251 CALL CHINA PETROLEUM 24.04.14 Str. 1 0 0.00% UNLISTED SECURITIES 158 490 103 2.57% Bonds 147 660 088 2.39% BRL 60 746 047 1.01% 148 841 Fl. Rate HSBC BK US 12 /USD 05.01.17 60 746 047 1.01% 7 944 383 0.13% 11 349 Fl. Rate RBS 09 /PIK 31.01.17 7 944 383 0.13% SEK 327 012 0.01% 2 791 Fl. Rate KAHRS HOLD 12 20.12.17 327 012 0.01% USD 77 412 034 1.22% 16 745 3.270% AHMAT MTGE SART 15.09.13 12 843 109 0.21% 21 396 6.900% AHMAT MTGE SART B1 15.09.13 16 246 199 0.27% 5 116 5.920% AHMAT MTGE SART-1 10.05.13 3 900 173 0.06% 464 276 Fl. Rate BACM 06-2 2006-2 XW 10.05.45 231 134 0.00% 1 954 14.750% BAGHLAN GR FZCO 12 27.06.15 1 466 931 0.02% 763 688 Fl. Rate CS CMT 07-C5 07-C5 15.09.40 3 036 519 0.05% 15 312 Fl. Rate CWABS 07 07-13 2A1 25.02.36 5 501 350 0.09% 1 861 Fl. Rate DONKSM 11 22.11.13 1 440 245 0.02% 7 833 Fl. Rate FBRSI 05 05-2AV32 25.09.35 3 561 210 0.06% 2 465 8.000% GIBRALTAR.IND. 06/MUTLICP 01.12.15 1 898 059 0.03% 306 984 Fl. Rate GMAC 04 2004-C3 X1 10.12.41 1 443 555 0.02% 3 954 5.500% GNMA 08 P.4215 20.08.38 297 671 0.00% 3 047 5.500% GNMA 08 P.4309 20.12.38 214 468 0.00% 2 512 6.000% GNMA 09 P.4337 20.01.39 131 723 0.00% 1 861 5.000% GNMA 09 P.4573 20.11.39 448 220 0.01% 15 814 6.000% GNMA II 08 P.4216 20.08.38 848 350 0.01% 9 535 5.500% GNMA II 08 P:4163 20.06.38 690 317 0.01% 4 651 5.500% GNMA II 08 P:4259 20.10.38 289 947 0.00% 9 303 5.500% GNMA(30Y) 03 3473 20.11.33 1 292 242 0.02% 3 744 5.500% GNMA(30Y) 04 P3569 20.06.34 647 664 0.01% 10 379 5.500% GNMA(30Y) 04 P781764 20.07.34 1 686 758 0.03% 819 4.400% JONES LANG 12 15.11.22 634 306 0.01% 151 939 0.863% KGS AC 12 MTG 27.08.37 4 969 933 0.08% 409 312 Fl. Rate LB UBS 07-C7 IO 15.09.45 3 710 171 0.06% 1 702 8.000% LONGVIEW 11 144A 01.06.16 1 355 800 0.02% 137 813 Fl. Rate ML 03KEY1FRN 03KEY1 XC 12.11.35 90 170 0.00% 907 208 Fl. Rate MLMT 07 07-C1 X 12.06.50 288 034 0.00% 391 092 Fl. Rate MSC 11 7-HQ13 X1 15.12.44 3 254 691 0.05% 930 8.375% PROSPECT MD 12 01.05.19 742 638 0.01% 5 349 Fl. Rate SABR 05-OP2 FRN06 A2C 25.10.35 2 276 017 0.04% 25 582 Fl. Rate STANDARD BK 08 21.12.15 285 237 0.00% 60 839 Fl. Rate STANDARD BK 10 /CLN 05.01.16 0 0.00% 2 233 9.000% TIZIR LTD 12 28.09.17 1 689 193 0.03% ZAR 1 230 612 0.02% 13 954 9.000% STANDARD BK 10 23.11.14 96 678 0.00% 53 955 Fl. Rate STANDARD BK FRN08 TR 2 14.08.15 0 0.00% 83 723 Fl. Rate STANDARD BK PLC 08 14.08.15 1 133 934 0.02% Convertible bonds and bonds with warrants 8 203 307 0.14% USD 2 166 175 0.04% 3 721 8.000% GWG CORP 12 /CV 06.04.17 2 166 175 0.04% Options, warrants, rights 2 626 708 0.04% 2 440 008 0.04% 248 378 PAYER ITXEB518CR 16.01.13 Str. 1.4 118 725 0.00% -248 378 PAYER ITXEB518CR 16.01.13 Str. 1.6-37 008 0.00% 2 711 PUT DOW JONES O STOXX 50/PR.IND 15.03.2013 Str. 2300 509 624 0.01% 2 156 PUT DOW JONES O STOXX 50/PR.IND 15.03.2013 Str. 2450 851 751 0.01% 30 052 PUT /RON 05.04.13 Str. 4.5 362 826 0.01% -248 378 RECEIVER ITXEB518CR 16.01.13 Str. 1-27 322 0.00% 73 SIEMENS 12 CW/SIE 661 412 0.01% USD 186 700 0.00% 1 367 476 CITIGP HLDG 31.3.15 CW/YYIH 186 700 0.00% CASH EQUIVALENTS 10 516 864 0.16% Options, warrants, rights 10 516 864 0.16% 4 965 924 0.07% -65 476 CALL /CHF 04.03.13 Str. 1.2206-83 719 0.00% -51 443 CALL /CZK 28.02.13 Str. 25.16-424 386-0.01% -51 443 CALL /CZK 28.02.13 Str. 25.24-330 776-0.01% 2 830 CALL /NOK 27.05.13 Str. 7.25 291 963 0.00% 51 443 CALL /PLN 28.02.13 Str. 4.1455 420 789 0.01% 51 443 CALL /PLN 28.02.13 Str. 4.1477 368 423 0.01% -65 476 PUT /CHF 04.03.13 Str. 1.201-164 400 0.00% 65 476 PUT /CHF 04.03.13 Str. 1.213 500 977 0.01% -206 019 PUT /CHF 16.12.13 Str. 1.13-1 660 631-0.03% 206 019 PUT /CHF 16.12.13 Str. 1.19 3 107 715 0.05% 206 019 PUT /CHF 27.05.13 Str. 1.14 341 598 0.01% -206 019 PUT /CHF 27.05.13 Str. 1.2-1 545 619-0.03% 2 910 PUT /CZK 11.02.13 Str. 25.1 1 402 234 0.02% 2 879 PUT /CZK 25.02.13 Str. 25.1 1 004 252 0.02% -51 443 PUT /CZK 28.02.13 Str. 25.16-509 154-0.01% -51 443 PUT /CZK 28.02.13 Str. 25.24-643 999-0.01% 2 867 PUT /NOK 09.12.13 Str. 7.26 207 098 0.00% 2 818 PUT /NOK 11.12.13 Str. 7.22 217 241 0.00% 3 933 PUT /NOK 17.12.13 Str. 7.25 583 651 0.01% 2 830 PUT /NOK 27.11.13 Str. 7.285 230 904 0.00% 51 443 PUT /PLN 28.02.13 Str. 4.1455 740 699 0.01% 51 443 PUT /PLN 28.02.13 Str. 4.1477 911 064 0.02% 3 148 PUT /TRY 05.02.13 Str. 2.08 0 0.00% JPY 1 080 194 0.02% 251 169 008 CALL ASAHI 14.11.14 Str. 35 32 858 0.00% 344 194 566 CALL SAWAI PHARMA 03.09.15 Str. 95 465 786 0.01% 683 737 855 CALL SUZUKI MOTOR CO 29.03.13 Str. 0 0 0.00% 1 516 316 603 CALL SUZUKI MOTOR CO 29.03.13 Str. 35 0 0.00% 372 102 234 CALL UNICHARM 24.09.13 Str. 35 581 550 0.01% USD 4 470 746 0.07% 51 161 CALL USD/CAD 17.01.13 Str. 0.985 364 457 0.01% 12 093 323 CALL YTL CORP FINANC 18.03.13 Str. 92.55 1 844 406 0.03% 272 PUT S&P 500 INDICES 16.03.2013 Str. 1350 770 582 0.01% 499 PUT S&P 500 INDICES 19.01.2013 Str. 1375 872 810 0.01% 4 284 PUT USD/CAD 07.03.13 Str. 0.972 457 264 0.01% 51 161 PUT USD/CAD 17.01.13 Str. 0.985 73 943 0.00% 54 223 PUT USD/CAD 23.01.13 Str. 0.984 57 462 0.00% 54 046 PUT USD/CAD 29.01.13 Str. 0.9765 29 822 0.00% 6 037 132 0.10% 5 861 0.250% ENI 12 /CV 30.11.15 6 037 132 0.10% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 9

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal INVESTMENT FUNDS 256 154 532 4.25% Ireland 136 342 833 2.26% 930 256 GAM STAR DISCRETIONARY FX/CAP 7 274 537 0.12% 8 422 GAM STAR DYNAMIC GL BD -I- CAP 67 506 112 1.12% 8 030 GAM STAR GL CONV BOND -I- CAP 61 562 184 1.02% Luxembourg 119 811 699 1.99% 84 066 GAI MSTR FIDO -A () -CAP 60 974 609 1.01% 61 444 GAIUS MSTR AUG AM-A () CAP 58 837 090 0.98% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBF - 10

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 1 108 046 084 (Cost: 1 098 569 780) Derivative instruments at market : - Futures -652 246 - Forward foreign exchange contracts 12 151 848 - Swaps -12 284 392 Cash at banks 34 126 308 Receivable from brokers 51 868 Subscriptions receivable 25 381 602 Receivables on swaps 2 252 121 Dividends and interest 14 042 418 Total Assets 1 183 115 611 Liabilities Bank overdraft 538 964 Payable to brokers 5 627 121 Payables for redemptions 3 785 010 Payables for swaps 2 214 643 Management fees payable 723 888 Performance fees 1 703 773 "Taxe d'abonnement" payable 99 850 Other liabilities 529 464 Total Liabilities 15 222 713 Net Assets 1 167 892 898 Income Income from investments 17 393 609 Bank interest 18 277 Other income 65 742 Interest income on swaps 4 054 890 Equalisation 400 836 Total Income 21 933 354 Expenses Management fees 4 001 766 "Taxe d'abonnement" and other taxes 194 707 Bank interest 10 876 Interest expense on swaps 6 434 710 Other expenses* 4 347 218 Equalisation 1 198 614 Total Expenses 16 187 891 Net 5 745 463 Realised on: - 6 142 765 - Swaps 21 973 197 - Options -3 423 246 - Forward foreign exchange contracts -7 804 724 - Futures -913 002 - Foreign currencies -120 065 Net realised 21 600 388 Net change in unrealised appreciation/ depreciation on: - -2 434 146 - Swaps -20 444 161 - Options 1 699 377 - Forward foreign exchange contracts 21 642 938 - Futures -2 156 920 Total 19 907 476 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 821 950 530 1 063 143 129 Foreign exchange difference - sub-fund 18 371 052-7 669 754 Total 17 119 159 19 907 476 Net subscriptions/redemptions 207 141 347 93 429 481 Dividend distributions -1 438 959-917 434 Net at the end of the reporting period 1 063 143 129 1 167 892 898 * See page 10 The TER (Total Expense Ratio) amounts to 1.41%, or 1.57% including the performance fee (0.16%) for A-CHF, 1.42%, or 1.58% including the performance fee (0.16%) for A-, 1.41%, or 1.56% including the performance fee (0.15%) for A-GBP, 1.40%, or 1.61% including the performance fee (0.21%) for A-USD, 1.41%, or 1.57% including the performance fee (0.16%) for B-CHF, 1.42%, or 1.61% including the performance fee (0.19%) for B-, 1.41%, or 1.58% including the performance fee (0.17%) for B-GBP, 1.40%, or 1.58% including the performance fee (0.18%) for B-USD, 0.96%, or 1.11% including the performance fee (0.15%) for Ca-, 0.96%, or 1.19% including the performance fee (0.23%) for C-CHF, 0.96%, or 1.16% including the performance fee (0.20%) for C-, 0.96%, or 1.20% including the performance fee (0.24%) for C-GBP, 0.95%, or 1.04% including the performance fee (0.09%) for C-USD, 1.92%, or 2.06% including the performance fee (0.14%) for E-, 1.91%, or 2.09% including the performance fee (0.18%) for E-USD and 0.08%, or 0.09% including the performance fee (0.01%) for G-USD. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ARBFD - 1

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) 58 010.93 53 180.82 64 287.71 Distribution shares (Shares A-) 63 921.57 54 878.69 50 423.72 Distribution shares (Shares A-GBP) 118 026.00 120 079.74 125 385.08 Distribution shares (Shares A-USD) 10 030.00 17 237.00 17 647.00 Distribution shares (Shares Ca-) 247 827.00 127 112.00 111 962.00 Accumulation shares (Shares B-CHF) 750 450.22 617 738.54 645 448.06 Accumulation shares (Shares B-) 2 403 945.56 2 822 472.95 4 277 442.29 Accumulation shares (Shares B-GBP) 103 984.55 76 676.12 68 759.61 Accumulation shares (Shares B-USD) 882 261.43 667 463.17 718 160.65 Accumulation shares (Shares C-CHF) 20 560.00 35 460.00 60 470.00 Accumulation shares (Shares C-) 2 491 965.95 3 470 309.79 3 613 154.21 Accumulation shares (Shares C-GBP) 36 424.19 39 189.84 65 790.73 Accumulation shares (Shares C-USD) 345 610.44 170 953.25 91 292.58 Accumulation shares (Shares E-) 422 633.73 350 159.66 413 533.39 Accumulation shares (Shares E-USD) 22 293.78 37 893.52 51 946.04 Accumulation shares (Shares G-USD) - 1 468 854.87 162 813.85 Net Assets 821 950 530 1 063 143 129 1 167 892 898 NAV per share Distribution shares (Shares A-CHF) 102.77 100.82 99.89 Distribution shares (Shares A-) 106.13 105.29 104.52 Distribution shares (Shares A-GBP) 105.62 104.92 104.47 Distribution shares (Shares A-USD) 106.07 102.80 102.18 Distribution shares (Shares Ca-) 107.39 107.02 106.51 Accumulation shares (Shares B-CHF) 106.95 107.91 109.50 Accumulation shares (Shares B-) 110.42 112.69 114.56 Accumulation shares (Shares B-GBP) 109.44 111.69 113.78 Accumulation shares (Shares B-USD) 109.46 111.47 113.53 Accumulation shares (Shares C-CHF) 108.19 109.60 111.45 Accumulation shares (Shares C-) 111.67 114.44 116.58 Accumulation shares (Shares C-GBP) 110.90 113.64 116.01 Accumulation shares (Shares C-USD) 111.04 113.53 115.89 Accumulation shares (Shares E-) 108.87 110.61 112.18 Accumulation shares (Shares E-USD) 107.98 109.47 111.23 Accumulation shares (Shares G-USD) - 100.54 103.27 Dividend for the previous financial year (Shares A-CHF) 2.80 2.80 2.40 Dividend for the previous financial year (Shares A-) 2.80 2.95 2.50 Dividend for the previous financial year (Shares A-GBP) 2.50 2.80 2.40 Dividend for the previous financial year (Shares A-USD) 2.35 5.10 2.50 Dividend for the previous financial year (Shares Ca-) 2.80 2.95 2.50 ARBFD - 2

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 1 108 046 084 94.88% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 986 108 493 84.51% Bonds 942 532 961 80.81% AUD 8 044 869 0.69% 10 000 5.750% DEXIA MUN. AG 05 24.08.15 8 044 869 0.69% BRL 13 730 940 1.18% 6 9.798% BRAZIL 07 01.01.17 2 448 403 0.21% 29 9.798% BRAZIL 10 01.01.21 11 282 537 0.97% CHF 396 938 0.03% 500 2.375% RBS 05 02.11.15 396 938 0.03% 677 000 108 58.11% 3 300 3.625% ABBEY NATL 09 14.10.16 3 632 739 0.31% 2 000 Fl. Rate ABBEY NATL 12 28.08.13 2 018 160 0.17% 2 300 Fl. Rate ABN AMRO BK 05 08.06.15 2 164 484 0.19% 500 4.375% ABU DHAB NTL. EN. 06-13REG 28.10.13 514 870 0.04% 285 10.000% AGROKOR DD 09 07.12.16 315 780 0.03% 100 9.125% AGROKOR DD 12 01.02.20 108 836 0.01% 700 4.000% ANG IRE BK 10 15.04.15 715 106 0.06% 210 7.375% ARDAGH FIN 10 15.10.17 230 578 0.02% 2 000 4.500% ASFINAG 07 EMTN 16.10.17 2 352 480 0.20% 1 100 5.125% BANK AMERICA 07 26.09.14 1 175 174 0.10% 2 500 4.750% BARCLAYS BK 05 Perp. 1 925 075 0.16% 450 5.875% BAT INTL 08 12.03.15 499 248 0.04% 4 000 Fl. Rate BEI 09 15.01.20 3 956 240 0.34% 2 000 4.971% BK IRELD MTG 08 30.05.13 2 019 720 0.17% 5 000 4.875% BRADFORD&BG 07 28.06.17 5 807 650 0.50% 1 100 4.250% CARNIVAL PLC 06 27.11.13 1 130 404 0.10% 1 300 Fl. Rate CITIGP 07 31.05.17 1 206 582 0.10% 1 150 5.625% CLARIANT FIN 12 24.01.17 1 276 350 0.11% 300 4.375% CLARIANT FIN. 06 05.04.13 302 520 0.03% 500 8.500% CON GUM FIN 10 15.07.15 540 980 0.05% 100 7.500% CON GUM FIN 10 REGS 15.09.17 107 369 0.01% 100 7.125% CONGR 10 15.10.18 107 072 0.01% 70 6.500% CONTI GUM 10 15.01.16 74 971 0.01% 1 000 2.375% COOPWH 12 23.10.15 1 002 540 0.09% 2 000 2.875% COV BD SOC 11 24.10.14 2 081 480 0.18% 500 4.807% CROAT.BK RECON.&DEV 06-16 11.07.16 399 452 0.03% 100 7.125% CROWN EU HOLD EGS 15.08.18 110 367 0.01% 10 000 3.125% DEPFA 09 15.09.14 10 459 280 0.90% 2 400 4.250% DEUTSCHE POST. 06 -B- 18.01.17 2 737 152 0.23% 4 140 5.250% DEXIA MUN AG 05 06.02.17 4 779 216 0.41% 4 000 3.875% DEXIA MUN.AG 06 24.11.16 4 393 200 0.38% 1 620 3.125% DEXIA MUNAG 05 15.09.15 1 711 449 0.15% 5 000 4.750% DSK BK 09 04.06.14 5 272 750 0.45% 400 8.375% EACCESS 11 01.04.18 448 000 0.04% 3 300 3.500% EEC 11 04.06.21 3 838 989 0.33% 1 100 1.625% EFSF 12 15.09.17 1 140 528 0.10% 5 000 Fl. Rate EIB 11 27.07.16 4 997 200 0.43% 4 000 2.750% EIB 12 15.09.25 4 267 040 0.37% 300 11.750% EILEME 2 AB 31.01.20 349 887 0.03% 3 434 2.750% OPEAN UNION 11 21.09.21 3 793 540 0.32% 300 7.375% FIAT FT 11 09.07.18 312 975 0.03% 100 7.750% FIAT FT 12 17.10.16 106 501 0.01% 55 6.500% FMC FIN 11 15.09.18 64 445 0.01% 3 500 1.375% FMS WERTMAN 15.01.20 3 543 260 0.30% 2 000 3.000% FMS WERTMAN 11 08.09.21 2 240 720 0.19% 8 000 4.000% FRANCE 02 OAT 25.10.13 8 255 200 0.71% 30 000 4.000% FRANCE 03 OAT 25.10.14 32 138 400 2.76% 6 000 3.750% FRANCE 08 12.01.13 6 004 800 0.51% 4 560 3.000% FRANCE 08 12.07.14 4 764 288 0.41% 44 000 2.500% FRANCE 09 12.01.14 45 105 279 3.87% 2 000 4.500% FRANCE 09 OAT 25.04.41 2 583 900 0.22% 180 4.250% FRESENIUS FIN 15.04.19 195 845 0.02% 35 000 3.750% GERMANY 04 04.01.15 37 652 299 3.23% 10 000 3.500% GERMANY 05 04.01.16 11 045 500 0.95% 2 000 3.250% GERMANY 05 04.07.15 2 163 060 0.19% 43 000 4.000% GERMANY 06 04.07.16 48 890 999 4.20% 18 000 4.000% GERMANY 07 04.01.18 21 276 000 1.82% 13 000 3.500% GERMANY 08 12.04.13 13 118 950 1.12% 12 000 4.000% GERMANY 08 11.10.13 12 366 600 1.06% 16 000 2.250% GERMANY 10 04.09.20 17 591 200 1.51% 30 000 3.250% GERMANY 11 04.07.21 35 285 400 3.03% 16 000 1.750% GERMANY 11 14.06.13 16 120 480 1.38% 37 600 0.000% GERMANY 12 12.09.14 37 607 520 3.23% 33 000 0.500% GERMANY 12 07.04.17 33 411 840 2.87% 10 000 0.500% GERMANY 12 13.10.17 10 098 200 0.86% 500 Fl. Rate GOLDM.SACHS 07 18.05.15 490 445 0.04% 300 Fl. Rate GOLDMAN SACHS 05 02.02.15 295 839 0.03% 100 8.500% HEIDLRG 09 31.10.19 124 791 0.01% 1 400 Fl. Rate HSBC FIN 06 05.04.13 1 400 210 0.12% 1 000 4.500% HUNGARY 03 06.02.13 1 002 500 0.09% 3 200 6.750% HUNGARY 09 28.07.14 3 372 960 0.29% 2 460 6.000% HUNGARY 11 11.01.19 2 569 372 0.22% 1 700 2.375% HYP ALP INT /SUB 13.12.22 1 719 550 0.15% 5 000 Fl. Rate INTESA SAN 11 12.05.14 4 977 150 0.43% 500 5.875% IPIC GMTN 11. 14.03.21 609 750 0.05% 500 2.375% IPIC GMTN 12 EMTN 30.05.18 514 030 0.04% 500 3.625% IPIC GMTN EMTN 30.05.23 520 670 0.04% 5 030 5.400% IRELAND 09 13.03.25 5 159 925 0.44% 5 150 4.000% IRISH PERM 10 10.03.15 5 280 038 0.45% 1 290 3.125% IRISH PERM 10 22.04.13 1 296 811 0.11% 1 970 Fl. Rate ITALY 10 CCT 15.10.17 1 811 415 0.16% 1 000 Fl. Rate JP MORG. CHASE 05 12.10.15 975 000 0.08% 1 100 Fl. Rate JPM CHASE NY 07 31.05.17 1 070 718 0.09% 1 800 Fl. Rate KBC IFIMA 05 14.12.15 1 686 816 0.14% 2 500 3.625% KBC IFIMA 12 EMTN 07.03.14 2 575 250 0.22% 200 10.000% KINOV GERM BD 15.06.18 199 372 0.02% 200 6.750% KOLEJE MAZ 11 09.03.16 200 500 0.02% 200 8.750% KRAUSSMAFFEI 12 15.12.20 209 782 0.02% 5 000 Fl. Rate MERR.LYNCH &CO.FRN 07 31.01.14 4 966 350 0.43% 800 Fl. Rate MERRILL LYNCH &CO FRN06 09.08.13 799 368 0.07% 3 750 Fl. Rate MERRILL LYNCH 07 30.05.14 3 711 788 0.32% 3 000 Fl. Rate MOR ST 06 13.04.16 2 853 960 0.24% 5 000 3.500% NATIONWIDE BUIL. 05 EMTN 07.12.15 5 434 750 0.47% 6 000 3.750% NETHERLANDS 04 15.07.14 6 340 200 0.54% 29 000 2.750% NETHERLANDS 09 15.01.15 30 586 300 2.63% 8 000 1.750% NETHERLANDS 10 15.01.13 8 002 216 0.69% 9 000 Fl. Rate NOMURA BK (FRN) 09 30.10.14 9 229 257 0.79% 3 800 3.625% NORTHERN 05 20.04.15 4 049 204 0.35% 10 000 3.625% NORTHERN ROCK 06 28.03.13 10 078 800 0.86% 6 600 4.125% NORTHERN ROCK 07 27.03.17 7 398 138 0.63% 1 000 3.875% NOTHERN ROCK 05 16.11.20 1 123 900 0.10% 100 7.625% OBRASCON 12 15.03.20 104 727 0.01% 220 6.750% OI OPEAN 10 15.09.20 250 811 0.02% 650 6.875% OI OPEAN GP 07-17 31.03.17 675 116 0.06% 600 7.000% PERNOD-RICARD 09 15.01.15 671 508 0.06% 2 000 4.375% PORTUGAL 03 16.06.14 2 020 200 0.17% 1 600 4.200% PORTUGAL 06 15.10.16 1 565 302 0.13% 3 000 Fl. Rate RBS 11 18.05.13 3 011 430 0.26% 6 650 5.250% RBS GRP 08 15.05.13 6 760 390 0.58% 500 4.375% REPSM 12 20.02.18 538 950 0.05% 400 8.250% REXEL 09 15.12.16 439 624 0.04% 100 7.000% REXEL 11 17.12.18 110 521 0.01% 250 Fl. Rate RMS 20 PLC 05 M1C 10.08.38 143 844 0.01% 700 5.000% ROMANIA 10 18.03.15 741 776 0.06% 2 300 4.000% SAFRAN 09 26.11.14 2 412 079 0.21% 600 3.250% SAN CON 12 20.06.14 604 668 0.05% 1 900 4.625% SANT ID 12 21.03.16 1 986 868 0.17% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 3

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 600 Fl. Rate SANTOS FIN (FRN) 10 22.09.70 638 898 0.05% 4 500 Fl. Rate SBAB 11 01.02.13 4 502 295 0.39% 1 300 3.375% SCBC 11 20.04.16 1 420 432 0.12% 100 7.750% SCHAEFF FIN 15.02.17 111 866 0.01% 170 6.750% SCHAEFF FIN 12 01.07.17 185 570 0.02% 100 8.750% SCHAEFFLER FIN 8.75 15.02.19 115 591 0.01% 100 7.750% SMURFIT KAP ACQ 15.11.19 111 568 0.01% 500 7.750% SMURFIT KAP ACQ 09-19 15.11.19 555 750 0.05% 1 000 5.250% SOUTH AFRICA 03 16.05.13 1 017 590 0.09% 3 500 0.000% SPAIN 05 PRINC.STRIPS 31.01.37 840 942 0.07% 1 500 3.125% SPBK V BOLIG 11 08.02.16 1 612 725 0.14% 1 050 4.500% ST BK INDIA 10 30.11.15 1 099 644 0.09% 425 7.625% STYROLUTION GR 15.05.16 445 111 0.04% 7 300 2.500% SWEDBK 10 21.01.13 7 307 811 0.63% 4 000 3.125% SWEDEN 09 07.05.14 4 163 960 0.36% 200 6.125% TECHEM GMBH 12 01.10.19 216 164 0.02% 700 Fl. Rate UCB (FRN) 11-PERP/SUB Perp. 761 558 0.07% 7 000 2.375% UNEDIC 11 31.03.14 7 187 880 0.62% 200 5.750% UNITYM NRW 12 15.01.23 208 856 0.02% 200 8.000% XEFIN 11 01.06.18 214 700 0.02% 510 1.500% XSTRATA FIN 12 19.05.16 509 169 0.04% 3 000 3.250% YORK BUILD 10 22.09.15 3 188 970 0.27% GBP 54 554 343 4.66% 10 151 6.000% BEI 98-2028 PARALLEL BDS 07.12.28 17 006 455 1.46% 200 9.875% BOPARAN 11 REGS 30.04.18 279 491 0.02% 560 Fl. Rate BROADGATE F.TV 05 CL.D 05.10.25 177 900 0.02% 250 10.375% CABOT FIN LU 12 01.10.19 340 342 0.03% 100 Fl. Rate CAN WHA F II 07 22.10.37 97 710 0.01% 175 Fl. Rate CAN WHA F II II-C2 22.10.37 140 945 0.01% 1 710 Fl. Rate CLYDES BK 12 08.06.15 2 168 594 0.19% 600 5.125% COOPWH 10 20.09.17 796 596 0.07% 1 000 4.625% COV BD SOC 11 19.04.18 1 408 208 0.12% 1 600 5.250% DEUTSCHE BK (TV) 04-15 15.12.15 1 906 136 0.16% 200 3.250% EIB 11 07.12.16 268 528 0.02% 500 7.000% GRANADA GROUP 99-14 NOTES 08.12.14 684 402 0.06% 300 7.250% HEND UK FIN 11 24.03.16 395 565 0.03% 300 8.250% JAG LAND ROV 12 15.03.20 411 207 0.04% 750 5.625% KINGIFSHER S.39 15.12.14 991 769 0.08% 7 909 4.500% LCR FINANCE 99 REGS 07.12.28 11 727 468 1.00% 750 6.375% NORTHERN ROCK 99 02.12.19 989 430 0.08% 800 7.000% PEARSON 99 27.10.14 1 081 283 0.09% 200 9.500% PIPE HLD 10 REGS 01.11.15 259 308 0.02% 1 900 9.000% PORTUGAL 86 20.05.16 2 330 960 0.20% 700 5.750% RENTOKIL IN. 06 31.03.16 936 085 0.08% 700 5.125% SUNCORP MET 09 27.10.14 909 141 0.08% 2 000 1.750% UK 12 07.09.22 2 449 347 0.21% 410 2.500% UK 93 RPI 26.07.16 1 735 884 0.15% 4 000 Fl. Rate YORK BUILD 12 23.03.16 5 061 589 0.43% JPY 45 620 174 3.92% 2 600 000 0.100% JAPAN 12 15.06.14 22 810 201 1.96% 2 600 000 0.100% JAPAN 12 15.05.14 22 809 973 1.96% MXN 31 409 699 2.68% 500 8.000% MEXICO 03 S.M20 07.12.23 3 532 265 0.30% 610 9.500% MEXICO 04 BONOS 18.12.14 3 883 344 0.33% 1 315 8.000% MEXICO 05 17.12.15 8 338 136 0.71% 284 10.000% MEXICO 05 -M- 05.12.24 2 332 421 0.20% 110 7.000% MEXICO 09 19.06.14 663 511 0.06% 1 000 6.500% MEXICO 11 10.06.21 6 325 426 0.54% 1 000 6.500% MEXICO 11 BONOS 09.06.22 6 334 596 0.54% NOK 2 317 045 0.20% 666 Fl. Rate BOA DEEP 11 27.04.16 92 148 0.01% 16 300 2.125% NIB 12 09.08.17 2 224 897 0.19% NZD 3 713 596 0.32% 5 200 6.000% NEW ZEALAND 05 15.12.17 3 713 596 0.32% RUB 2 258 573 0.19% 88 287 6.750% BEI 07 EMTN 13.06.17 2 258 573 0.19% USD 103 486 676 8.83% 250 12.750% AERO SAT 10 16.11.15 210 310 0.02% 150 6.500% AJE GRP 12 14.05.22 123 393 0.01% 500 3.250% AMB CIRCLE 12 04.12.22 384 629 0.03% 500 2.000% AMBER CIRCLE 12 04.12.17 384 667 0.03% 200 Fl. Rate ARCELORMIT Perp. 155 448 0.01% 250 6.875% AUS FIN PTY 12 01.11.19 187 728 0.02% 2 500 5.200% BARCLAYS BK 09 10.07.14 2 016 516 0.17% 700 4.625% BHARAT PETR 12 25.10.22 542 357 0.05% 350 7.750% BK GEORGIA 12 05.07.17 271 879 0.02% 1 000 2.375% BNP US MED 12 14.09.17 770 464 0.07% 600 2.875% BOC AVIATION 10.10.17 452 248 0.04% 700 4.076% CAPITALAND 12 20.09.22 542 479 0.05% 550 9.750% CFG INV SAC 12 30.07.19 320 722 0.03% 598 6.775% CHK 12 15.03.19 455 558 0.04% 2 500 2.125% CN RESO CEMENT 2.125 05.10.17 1 890 644 0.16% 200 4.250% CNOOC FIN 11 26.01.21 165 934 0.01% 1 400 3.950% CNPC GEN 12 19.04.22 1 152 080 0.10% 350 2.750% CNPC GEN 12 19.04.17 275 245 0.02% 200 4.500% CNPCCH 11 28.04.21 170 080 0.01% 700 2.125% COMPET TEAM 12 13.12.17 526 296 0.05% 400 4.000% COSCO FINANCE 12 03.12.22 310 640 0.03% 92 9.750% CSN ISLANDS REGS 16.12.13 74 409 0.01% 200 6.500% CSNAB 10 21.07.20 165 018 0.01% 700 Fl. Rate DOOSAN INF /FRN 12 05.10.42 533 410 0.05% 500 Fl. Rate DSK BK (FRN) 12 21.09.37 399 272 0.03% 1 750 3.875% DSK BK 11 14.04.16 1 354 355 0.12% 300 9.500% DTEK FIN 10 28.04.15 230 600 0.02% 1 800 7.375% DVPT BK OF KAZAKH. 03-13 12.11.13 1 409 663 0.12% 4 000 4.000% EIB 11 16.02.21 3 543 174 0.30% 700 1.250% EIBK 12 20.11.15 532 242 0.05% 150 8.900% EMPRESAS IS 11 04.02.21 124 014 0.01% 400 5.125% OCHEM 12 12.12.17 311 593 0.03% 300 9.500% EVRAZ GP 08 REGS 24.04.18 260 218 0.02% 200 9.000% FINANCING IP 12 REG-S 07.12.17 152 588 0.01% 500 5.150% FINANSBANK 12 01.11.17 375 929 0.03% 2 500 2.250% FINLAND 11 17.03.16 1 999 166 0.17% 220 5.000% FORD MC 11 15.05.18 184 687 0.02% 1 000 4.700% FRANSHION 12 26.10.17 758 662 0.06% 90 5.625% FRESENIUS MD 12 31.07.19 73 299 0.01% 50 6.500% FRESENIUS MED 144A 15.09.18 42 381 0.00% 300 7.750% GRAIL 12 11.07.22 259 487 0.02% 1 500 Fl. Rate HBOS 06 30.09.16 1 026 858 0.09% 600 4.500% HK LAND FIN 12 01.06.22 503 478 0.04% 200 9.250% HSBK BV 08-13 REGS 16.10.13 159 501 0.01% 200 7.750% HSBK. 06 REGS 13.05.13 155 079 0.01% 800 3.250% HUTCH 12 II 12 08.11.22 611 766 0.05% 600 3.500% HUTCH WHAM 11 12 13.01.17 483 532 0.04% 200 2.125% HYUND C. US 2.125 12 02.10.17 153 051 0.01% 200 8.375% INKIA ENERGY 11 04.04.21 169 524 0.01% 200 8.875% INTERCORP RET S 14.11.18 173 786 0.01% 500 4.375% IOI INVEST 12 27.06.22 395 430 0.03% 5 000 5.375% ITALY 07 12.06.17 4 075 850 0.35% 4 200 3.125% ITALY 10 26.01.15 3 243 691 0.28% 300 13.500% KAISA GRP 10 REGS 28.04.15 248 023 0.02% 500 4.375% KDB 10 10.08.15 409 629 0.04% 1 100 3.500% KDB 12 22.08.17 894 484 0.08% 700 3.000% KDB 12 14.09.22 534 223 0.05% 600 3.625% KIA MOTORS CORP 14.06.16 479 449 0.04% 400 4.625% KOFC 11 16.11.21 341 013 0.03% 1 100 2.250% KOFC 12 07.08.17 846 518 0.07% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 4

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 200 4.750% KOHNPW 11 13.07.21 172 321 0.01% 500 3.000% KOHNPW 12 REG S 19.09.22 377 321 0.03% 13 000 1.375% KOMMUNALBK 12 08.06.17 10 049 856 0.86% 800 5.000% MACQUARIE BK 22.02.17 663 653 0.06% 400 5.250% MAF GLB SEC 12 05.07.19 324 845 0.03% 740 5.500% MAGYAR 12 12.02.18 566 899 0.05% 200 8.750% METINVEST 11 14.02.18 147 201 0.01% 400 10.250% METINVEST BV 10 20.05.15 314 363 0.03% 2 189 9.500% NAFTOGAZ 09 30.09.14 1 710 688 0.15% 380 4.650% NATIONWIDE 10 25.02.15 304 794 0.03% 500 3.250% NBADUH 12 27.03.17 395 589 0.03% 2 000 8.500% NOBLE GROUP 08 REG 30.05.13 1 561 286 0.13% 5 000 5.625% NRTH ROCK 07 22.06.17 4 439 207 0.38% 800 5.625% NTPC LTD 11 14.07.21 665 042 0.06% 294 6.000% ODEBRECHT 11 05.04.23 258 088 0.02% 500 5.750% OLAM INTL 20.09.17 356 883 0.03% 2 000 4.625% OPTUS FIN 09 15.10.19 1 701 851 0.15% 1 733 8.250% OSCHAD 11 10.03.16 1 248 946 0.11% 500 Fl. Rate OZ WING KY 12 27.02.17 329 147 0.03% 2 800 3.500% PORTUGAL 10 25.03.15 2 033 525 0.17% 500 5.250% PT BK NEGARA 12 24.10.42 392 468 0.03% 700 6.000% PT PERTAMINA 12 03.05.42 601 817 0.05% 700 4.250% PTT GLOBAL 12 19.09.22 554 547 0.05% 800 4.500% PTT PCL 12 25.10.42 608 064 0.05% 1 000 5.750% QATAR 11 20.01.42 990 799 0.08% 400 2.688% QIB SUKUK FD 18.10.17 304 238 0.03% 1 000 2.350% RBS 10 17.05.15 810 733 0.07% 600 2.550% RBS 12 18.09.15 465 933 0.04% 2 450 Fl. Rate RBS TR IV 04 Perp. 1 227 964 0.11% 350 9.250% RUSSIAN ST FI 12 11.07.17 274 932 0.02% 300 4.211% SAUDI ELECT 12 03.04.22 245 689 0.02% 1 420 4.125% SHINHAN BK 11 04.10.16 1 162 970 0.10% 700 3.375% SIAM COMM 12 19.09.17 551 425 0.05% 500 1.050% SIEMENS FIN 12 CW 16.08.17 392 309 0.03% 350 3.900% SINOPEC GP 12 17.05.22 287 723 0.02% 1 200 3.241% SOQ SUKUK A 12 18.01.23 949 132 0.08% 600 2.099% SOQ SUKUK A 12 18.01.18 459 088 0.04% 1 000 2.700% SP POWER 12 14.09.22 748 695 0.06% 1 000 3.300% SPI 12 09.04.23 753 542 0.06% 100 7.000% SPRINT NEX 12 15.08.20 83 416 0.01% 300 4.250% SSG RESOURCES 12 04.10.22 239 834 0.02% 1 500 8.125% STANDARD BK 09 02.12.19 1 297 027 0.11% 1 000 3.850% STD CHART 10 27.04.15 799 917 0.07% 1 130 5.500% STD CHARTERED 50 144A 18.11.14 923 010 0.08% 2 500 6.600% TAQA 08 REGS 01.08.13 1 956 614 0.17% 600 4.125% TAQAUH 11 13.03.17 489 639 0.04% 500 2.500% TAQAUH 12 12.01.18 384 269 0.03% 300 3.625% TAQAUH 12 12.01.23 234 036 0.02% 300 5.500% TELEMAR N L REGS 23.10.20 237 813 0.02% 500 3.375% TEMASE 12 23.07.42 365 576 0.03% 772 5.375% TEMASEK FIN 09 23.11.39 765 957 0.07% 1 500 4.300% TEMASEK FIN 9 REGS 25.10.19 1 313 422 0.11% 400 4.125% TUP TURK PE 12 02.05.18 303 107 0.03% 400 7.500% TV AZTECA 11 25.05.18 328 877 0.03% 8 129 2.000% USA 11 S. F 15.11.21 6 393 653 0.55% 4 640 4.375% USA 11 TBO 15.05.41 4 570 843 0.39% 1 000 5.375% UTD OVS BK 04 144A 03.09.19 800 228 0.07% 500 6.000% VAKIFLAR BK 12 /SUB 01.11.22 394 247 0.03% 518 6.902% VEB FIN 10 REG-S 09.07.20 480 191 0.04% 400 6.000% VTB CAP 12 12.04.17 328 574 0.03% 100 3.100% WALGREEN CO 12 15.09.22 76 625 0.01% 400 4.625% WHARF 12 08.02.17 326 380 0.03% 500 4.750% WHEELOCK FIN 12 23.02.17 402 594 0.03% 1 000 10.500% WHITE NIGHTS 09 08.03.14 833 040 0.07% 200 9.625% WILLOW NO.2 REGS 07.10.15 159 871 0.01% 300 6.750% YAPI KREDI 12 08.02.17 256 399 0.02% 400 11.750% YUZHOU PROP 12 25.10.17 339 575 0.03% Convertible bonds and bonds with warrants 37 386 542 3.24% CHF 330 621 0.03% 370 1.875% SWISS PRIME 10 /CV 20.01.15 330 621 0.03% CNY 449 638 0.04% 3 100 2.250% CHINA POWER CV 17.05.16 449 638 0.04% 11 687 055 1.02% 2 200 4.000% AABAR INVESTMENT CV 27.05.16 2 249 060 0.19% 250 2.500% AB INDUS 10 CV 27.02.15 308 138 0.03% 200 5.625% CAM 12 SPA CV 26.10.17 221 716 0.02% 33 3.500% CAP GEM CONV ( 34) 01.01.14 1 260 482 0.11% 300 1.750% DE OSHOP /CV 20.11.17 317 205 0.03% 9 4.500% FAUREC 18.69CV 01.01.15 169 338 0.01% 59 3.250% FAURECIA 12 CV 01.01.18 1 110 995 0.10% 200 2.000% GSW IMMO 12 20.11.19 212 818 0.02% 104 4.250% IMMOFINANZ 11 /CV 08.03.18 462 944 0.04% 1 700 1.500% KFW 09 CV / DEUT P 30.07.14 2 091 119 0.18% 1 700 4.400% MNV 09 CV 25.09.14 1 699 133 0.15% 250 2.000% SALZGIT FIN CV / NDA 08.11.17 310 558 0.03% 50 3.500% SGL CARBON 09 CV 30.06.16 56 882 0.00% 350 4.500% UCB 09 CONV 22.10.15 444 980 0.04% 700 5.500% VW INTL FIN 12 /CV 09.11.15 771 687 0.07% GBP 9 867 916 0.85% 2 000 2.500% CPTL SHP JE 12 CV 04.10.18 2 544 603 0.22% 300 2.750% DERWENT LN / DLN 15.07.16 416 352 0.04% 2 250 4.000% ITV 09 CV/ ITV 09.11.16 4 553 910 0.39% 200 6.000% TUI TRAVEL 09 CV 05.10.14 265 152 0.02% 1 100 5.750% WPP PLC 09 CV 19.05.14 2 087 899 0.18% JPY 480 775 0.05% 30 000 0.300% AEON 09 CV/8267 22.11.13 296 078 0.03% 20 000 0.000% IHI CORP 11 CV 29.03.16 184 697 0.02% SGD 939 008 0.08% 200 2.750% OSIM INTL 11 CV 05.07.16 132 590 0.01% 1 250 0.000% TEMASEK FIN III CV 24.10.14 806 418 0.07% USD 13 631 529 1.17% 2 000 3.500% ANGSJ 09 CV 22.05.14 1 573 665 0.13% 900 1.625% BES FIN CV/BANCO 15.04.13 697 916 0.06% 1 700 0.750% BILLION 10 CV / CHINA 18.10.15 1 366 189 0.12% 200 1.000% DIALOG SEMI 12 CV 12.04.17 158 309 0.01% 1 200 5.000% GLENCORE FIN 09 CON 31.12.14 1 119 211 0.10% 400 0.500% HG KG EXCH 12 CV 23.10.17 328 911 0.03% 600 2.625% LUKOIL INTL 10 16.06.15 516 544 0.04% 2 000 0.000% NEWFORD CAP 11 CV 12.05.16 1 520 328 0.13% 900 1.250% NEWMONT 07 CV 15.07.14 811 802 0.07% 1 300 6.000% OLAM INTL 09 CV 15.10.16 904 942 0.08% 426 1.875% PACIFIC BAS CV 22.10.18 350 316 0.03% 400 0.000% PEGATRON CORP CV 06.02.17 340 807 0.03% 986 2.500% PREMIER O F 12 27.07.18 862 623 0.07% 1 800 2.750% SHIRE 07 CONV 09.05.14 1 524 348 0.13% 1 000 1.650% SIEMENS FIN 12 CV 16.08.19 792 650 0.07% 400 1.000% SUBSEA 7 SA 12 CV 05.10.17 313 025 0.03% 250 0.000% TPK HOLD 12 CV/3673 01.10.17 227 230 0.02% 300 5.000% VINCOM 12 CV / VIC 03.04.17 222 713 0.02% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 5

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal Options, warrants, rights 6 188 990 0.46% AUD 169 316 0.01% 4 958 CALL AUD/NOK 24.01.13 Str. 5.8985 6 295 0.00% 4 677 CALL AUD/USD 07.02.13 Str. 1.15 0 0.00% 31 814 PAYER BBSW3M-AUD 01.07.13 Str. 5.1 100 0.00% -63 629 PAYER BBSW3M-AUD 01.07.13 Str. 5.765-50 0.00% 4 958 PUT AUD/NOK 24.01.13 Str. 5.8985 89 731 0.01% 445 PUT AUD/USD 01.10.13 Str. 0.9025 41 975 0.00% 3 578 PUT AUD/USD 15.01.13 Str. 0.95 1 0.00% 635 PUT AUD/USD 30.09.13 Str. 0.901 31 264 0.00% CAD 96 838 0.00% 7 881 CALL CAD/NZD 17.01.13 Str. 1.2346 10 350 0.00% 3 952 PUT CAD/NZD 17.01.13 Str. 1.234568 43 375 0.00% 3 928 PUT CAD/NZD 17.01.13 Str. 1.234569 43 113 0.00% 1 438 679 0.13% -68 400 PAYER IB3M 08.02.16 Str. 2.81-66 348-0.01% 68 400 PAYER IB3M 08.02.16 Str. 3.81 35 500 0.00% -12 220 PAYER IB6M 02.03.15 Str. 2.58-12 416 0.00% 41 896 PAYER IB6M 02.04.15 Str. 2.25 66 489 0.01% -83 792 PAYER IB6M 02.04.15 Str. 3.25-52 789 0.00% -11 811 PAYER IB6M 04.07.16 Str. 2.75-156 980-0.01% 15 784 PAYER IB6M 05.07.27 Str. 2.5 618 200 0.05% -43 910 PAYER IB6M 05.10.15 Str. 1.72-380 344-0.03% 2 443 PAYER IB6M 05.10.15 Str. 2.7 188 585 0.02% -5 737 PAYER IB6M 05.10.15 Str. 3.1-102 801-0.01% -11 660 PAYER IB6M 09.08.16 Str. 2.75-159 364-0.01% -11 660 PAYER IB6M 09.08.16 Str. 2.7501-163 142-0.01% 31 095 PAYER IB6M 09.08.27 Str. 2.6 1 161 010 0.10% -29 925 PAYER IB6M 10.02.15 Str. 3-35 760 0.00% 29 925 PAYER IB6M 10.02.15 Str. 4 14 783 0.00% -43 910 PAYER IB6M 10.10.14 Str. 1.75-66 918-0.01% -9 883 PAYER IB6M 10.11.14 Str. 2.703-29 876 0.00% 2 246 PAYER IB6M 10.11.14 Str. 2.77 110 229 0.01% -24 496 PAYER IB6M 12.02.14 Str. 2.3-3 723 0.00% 4 364 PAYER IB6M 13.01.22 Str. 3 273 492 0.02% -26 003 PAYER IB6M 14.06.16 Str. 2.22-129 807-0.01% 5 568 PAYER IB6M 14.06.16 Str. 2.6875 210 047 0.02% 4 387 PAYER IB6M 14.12.21 Str. 5 93 092 0.01% -3 510 PAYER IB6M 16.12.13 Str. 3.9-1 106 0.00% 7 144 PAYER IB6M 18.08.30 Str. 4 241 703 0.02% -30 678 PAYER IB6M 19.02.14 Str. 2.3-5 369 0.00% -21 718 PAYER IB6M 19.09.14 Str. 1.81-56 489 0.00% -42 504 PAYER IB6M 19.09.14 Str. 1.85-104 942-0.01% -47 953 PAYER IB6M 27.02.15 Str. 2.58-48 385 0.00% 2 399 PAYER IB6M 28.09.15 Str. 2.8 164 869 0.01% -5 635 PAYER IB6M 28.09.15 Str. 3.185-90 943-0.01% 41 896 PAYER IB6M 30.03.15 Str. 2.25 75 664 0.01% -83 792 PAYER IB6M 30.03.15 Str. 3.25-71 977-0.01% 42 164 RECEIVER IB3M 03.02.14 Str. 0.5 129 064 0.01% -84 328 RECEIVER IB3M 03.02.14 Str. 1-856 351-0.07% 42 164 RECEIVER IB3M 03.02.14 Str. 1.3 651 687 0.06% -56 572 RECEIVER IB6M 05.03.13 Str. 0.44-69 640-0.01% -11 545 RECEIVER IB6M 05.03.13 Str. 0.89-69 663-0.01% 11 545 RECEIVER IB6M 05.03.13 Str. 1.08 154 357 0.01% -27 566 RECEIVER IB6M 18.02.13 Str. 0.6-120 243-0.01% -13 783 RECEIVER IB6M 18.08.14 Str. 0.825-91 119-0.01% 13 783 RECEIVER IB6M 18.08.14 Str. 1.175 162 653 0.01% 3 SIEMENS 12 CW/SIE 33 750 0.00% GBP 516 167 0.03% 42 164 PAYER LIB3M GBP 01.02.13 Str. 1 0 0.00% 42 164 PAYER LIB3M GBP 01.02.13 Str. 1.0001 0 0.00% -84 328 PAYER LIB3M GBP 01.02.13 Str. 1.3 0 0.00% -84 328 PAYER LIB3M GBP 01.02.13 Str. 1.3001 0 0.00% 42 164 PAYER LIB3M GBP 01.02.13 Str. 1.72 0 0.00% 42 164 PAYER LIB3M GBP 01.02.13 Str. 1.7201 0 0.00% 10 286 PAYER LIB6M GBP 27.02.15 Str. 2.4 22 422 0.00% 20 216 PAYER LIB6M GBP 27.02.15 Str. 2.40 47 582 0.00% 20 216 PAYER LIB6M GBP 27.02.15 Str. 2.4001 50 373 0.00% -31 722 PAYER LIB6M GBP 28.11.13 Str. 1.25-99 341-0.01% 31 722 PAYER LIB6M GBP 28.11.13 Str. 1.55 50 257 0.00% 47 582 PAYER LIB6M GBP 28.11.14 Str. 1.365 222 577 0.02% -47 582 PAYER LIB6M GBP 28.11.14 Str. 1.665-156 754-0.01% -317 PUT 3M SHORT STERLING 19.03.2014 Str. 99.25-57 405 0.00% 269 PUT GBP/CAD 05.12.13 Str. 0 34 602 0.00% 272 PUT GBP/CAD 14.02.13 Str. 1.57 41 265 0.00% -36 012 RECEIVER LIB6M GBP 14.09.15 Str. 1.5-536 721-0.05% 18 006 RECEIVER LIB6M GBP 14.09.15 Str. 2.5 897 310 0.08% JPY 45 051 0.00% 30 000 000 CALL KDDI CORPORATIO 14.12.15 Str. 50 39 288 0.00% 499 922 PAYER LIB6M JPY 20.01.14 Str. 2 7 131 0.00% -499 922 PAYER LIB6M JPY 20.01.14 Str. 3-1 368 0.00% KRW 4 245 0.00% 8 086 431 PAYER LIB3M KRW 10.03.14 Str. 3.6 4 245 0.00% USD 3 918 694 0.29% -446 CALL 90 DAYS - O $ FUTURE 15/12/14/Str. 99.625-97 258-0.01% 600 000 CALL CHINA UNICOM HO 18.10.15 Str. 250 14 896 0.00% 700 000 CALL HON HAI PRECISI 12.10.13 Str. 260 18 012 0.00% 199 998 CALL HON HAI PRECISI 12.10.13 Str. 300 5 146 0.00% 250 000 CALL TPK HOLDING CO 10.01.15 Str. 1 54 343 0.00% -40 CALL TREASURY BONDS USA 22.02.2013 Str. 150-30 814 0.00% -3 220 CALL USD/AUD 15.01.13 Str. 1.1111 0 0.00% 12 516 CALL USD/AUD 28.06.13 Str. 1.0152 53 957 0.00% -2 851 CALL USD/BRL 10.10.13 Str. 2.85-8 959 0.00% -3 695 CALL USD/BRL 19.11.13 Str. 2.8729-3 700 0.00% 218 CALL USD/BRL 22.11.13 Str. 2.028 31 622 0.00% 485 CALL USD/CHF 10.04.13 Str. 1.125 764 0.00% -485 CALL USD/CHF 10.04.13 Str. 1.125001-42 0.00% 314 CALL USD/CHF 11.04.13 Str. 0 11 850 0.00% 7 438 CALL USD/JPY 01.05.13 Str. 82 294 091 0.03% -2 479 CALL USD/JPY 01.05.13 Str. 82.000002-108 619-0.01% -4 958 CALL USD/JPY 01.05.13 Str. 82.00002-218 545-0.02% 430 CALL USD/JPY 02.12.14 Str. 0 54 405 0.00% 270 CALL USD/JPY 09.08.13 Str. 0 7 101 0.00% 270 CALL USD/JPY 12.08.13 Str. 0 0 0.00% 277 CALL USD/JPY 13.06.13 Str. 86.75 49 573 0.00% -4 961 CALL USD/JPY 18.01.13 Str. 83.72-132 111-0.01% 2 756 CALL USD/JPY 18.01.13 Str. 85 6 150 0.00% 2 756 CALL USD/JPY 18.03.13 Str. 87 3 328 0.00% 2 756 CALL USD/JPY 18.04.13 Str. 88 2 316 0.00% 2 756 CALL USD/JPY 19.02.13 Str. 86 5 054 0.00% 8 198 CALL USD/JPY 22.02.13 Str. 82.6 580 0.00% 270 CALL USD/JPY 23.08.13 Str. 0 9 530 0.00% 444 CALL USD/KRW 09.05.13 Str. 0 31 712 0.00% 376 CALL USD/KRW 29.04.13 Str. 0 55 586 0.00% 4 006 CALL USD/NZD 24.01.13 Str. 1.218 23 532 0.00% 42 164 PAYER LIB3M USD 03.02.14 Str. 0.8 14 487 0.00% -9 097 PAYER LIB3M USD 03.03.14 Str. 3.1825-51 647 0.00% 4 043 PAYER LIB3M USD 03.03.14 Str. 3.49 93 182 0.01% 28 863 PAYER LIB3M USD 05.09.14 Str. 0.8 90 591 0.01% 28 863 PAYER LIB3M USD 05.09.14 Str. 0.800001 90 591 0.01% 57 025 PAYER LIB3M USD 05.10.15 Str. 1.49 565 233 0.05% 38 475 PAYER LIB3M USD 06.02.15 Str. 2.5 74 225 0.01% -38 475 PAYER LIB3M USD 06.02.15 Str. 3.5-31 287 0.00% 74 594 PAYER LIB3M USD 06.05.14 Str. 1 33 212 0.00% -74 594 PAYER LIB3M USD 06.05.14 Str. 1.5-15 842 0.00% 55 126 PAYER LIB3M USD 06.07.17 Str. 2.25 551 809 0.05% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 6

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 27 856 PAYER LIB3M USD 07.11.14 Str. 0.8 115 445 0.01% 85 501 PAYER LIB3M USD 08.02.16 Str. 2.6 91 182 0.01% -85 501 PAYER LIB3M USD 08.02.16 Str. 3.6-50 520 0.00% 74 594 PAYER LIB3M USD 08.05.14 Str. 1 33 778 0.00% -74 594 PAYER LIB3M USD 08.05.14 Str. 1.5-16 182 0.00% 14 256 PAYER LIB3M USD 10.04.13 Str. 1.4275 73 626 0.01% -11 405 PAYER LIB3M USD 10.04.13 Str. 3.007-77 657-0.01% 57 025 PAYER LIB3M USD 10.10.14 Str. 1.38 87 847 0.01% 32 490 PAYER LIB3M USD 12.02.14 Str. 1.72 5 865 0.00% -11 680 PAYER LIB3M USD 17.09.14 Str. 1.7125-114 190-0.01% 2 725 PAYER LIB3M USD 17.09.14 Str. 3.26 150 115 0.01% -9 832 PAYER LIB3M USD 17.11.14 Str. 1.7-117 821-0.01% 2 294 PAYER LIB3M USD 17.11.14 Str. 3.195 144 325 0.01% -49 272 PAYER LIB3M USD 18.11.15 Str. 1.245-344 089-0.03% 33 258 PAYER LIB3M USD 18.11.15 Str. 1.49 380 212 0.03% 55 200 PAYER LIB3M USD 19.09.14 Str. 1.5 177 775 0.02% 27 600 PAYER LIB3M USD 19.09.14 Str. 1.500002 84 554 0.01% -11 426 PAYER LIB3M USD 19.09.14 Str. 1.65-121 566-0.01% 2 666 PAYER LIB3M USD 19.09.14 Str. 3.1625 161 721 0.01% 40 366 PAYER LIB3M USD 20.02.14 Str. 1.75 7 540 0.00% -12 176 PAYER LIB3M USD 22.08.16 Str. 2.5425-234 211-0.02% 16 990 PAYER LIB3M USD 23.08.27 Str. 3.48 497 318 0.04% 28 462 PAYER LIB3M USD 25.09.14 Str. 1.25 48 942 0.00% 365 PUT 10Y TREASURY NOTES USA 22.02.2013 130.5 69 213 0.01% -649 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 129.5-76 916-0.01% 284 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 131.5 94 243 0.01% -701 PUT 90 DAYS - O $ FUTURE 15.09.2014 Str. 99.25-162 835-0.01% -223 PUT 90 DAYS - O $ FUTURE 15/12/14/Str. 98.625-32 772 0.00% 223 PUT 90 DAYS - O $ FUTURE 15/12/14/Str. 99 51 800 0.00% -370 PUT 90 DAYS - O $ FUTURE 16.03.2015 Str. 99.25-152 600-0.01% -1 087 PUT 90 DAYS - O $ FUTURE 16.12.2013 Str. 99-56 683 0.00% 1 087 PUT 90 DAYS - O $ FUTURE 16.12.2013 Str. 99.125 66 989 0.01% -2 240 PUT 90 DAYS - O $ FUTURE 16/09/13/Str. 98.75-53 095 0.00% 2 240 PUT 90 DAYS - O $ FUTURE 16/09/13/Str. 99 74 333 0.01% -80 PUT TREASURY BONDS USA 22.02.2013 Str. 145-67 316-0.01% 80 PUT TREASURY BONDS USA 22.02.2013 Str. 147 110 930 0.01% -5 661 PUT USD/AUD 06.05.13 Str. 0.947-29 796 0.00% 421 PUT USD/BRL 01.12.14 Str. 0 50 546 0.00% -2 851 PUT USD/BRL 10.10.13 Str. 1.9-6 922 0.00% 2 851 PUT USD/BRL 10.10.13 Str. 2 20 163 0.00% -4 104 PUT USD/BRL 13.05.13 Str. 1.8-844 0.00% 327 PUT USD/BRL 13.11.13 Str. 1.9875 18 239 0.00% 272 PUT USD/BRL 14.11.13 Str. 2.01 20 161 0.00% -315 PUT USD/BRL 18.01.13 Str. 1.9835-9 463 0.00% -10 831 PUT USD/BRL 19.02.13 Str. 2.01-34 223 0.00% 10 831 PUT USD/BRL 19.02.13 Str. 2.08 144 734 0.01% -3 695 PUT USD/BRL 19.11.13 Str. 1.95-16 800 0.00% 3 695 PUT USD/BRL 19.11.13 Str. 2.05 47 644 0.00% -8 707 PUT USD/BRL 22.03.13 Str. 1.73-76 0.00% -9 411 PUT USD/BRL 24.01.13 Str. 2.0275-27 611 0.00% 6 274 PUT USD/BRL 24.01.13 Str. 2.04 32 665 0.00% 441 PUT USD/BRL 28.06.13 Str. 1.97 52 569 0.00% 272 PUT USD/INR 29.01.13 Str. 54 40 163 0.00% -4 961 PUT USD/JPY 18.01.13 Str. 83.72-1 232 0.00% -328 PUT USD/JPY 25.11.13 Str. 77-50 690 0.00% -5 692 PUT USD/KRW 03.05.13 Str. 1062-32 563 0.00% -5 712 PUT USD/KRW 23.01.13 Str. 1095-95 914-0.01% -5 692 PUT USD/KRW 26.04.13 Str. 1080-66 809-0.01% -5 692 PUT USD/KRW 29.01.13 Str. 1080-53 484 0.00% 5 661 PUT USD/MXN 06.05.13 Str. 12.8 74 528 0.01% 166 PUT USD/MXN 09.05.13 Str. 0.000001 25 530 0.00% 416 PUT USD/MXN 09.05.13 Str. 0.000002 64 162 0.01% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 7 300 PUT USD/MXN 16.08.13 Str. 12.6 42 268 0.00% 300 PUT USD/MXN 16.08.13 Str. 12.75 31 729 0.00% 270 PUT USD/MXN 21.05.13 Str. 0 35 366 0.00% 3 136 PUT USD/MXN 25.07.13 Str. 12.75 31 952 0.00% 11 485 PUT USD/MXN 26.03.13 Str. 12.68 69 971 0.01% 5 692 PUT USD/MXN 26.04.13 Str. 12.68 56 712 0.00% 4 006 PUT USD/NZD 24.01.13 Str. 1.218 30 920 0.00% -11 485 PUT USD/NZD 27.03.13 Str. 1.1919-66 565-0.01% 308 PUT USD/RUB 25.03.13 Str. 29.5 36 457 0.00% 318 PUT USD/RUB 26.04.13 Str. 29.4 37 113 0.00% 5 692 PUT USD/RUB 30.04.13 Str. 30.05 33 675 0.00% 320 PUT USD/TRY 12.03.13 Str. 1.71 8 576 0.00% 320 PUT USD/TRY 12.03.13 Str. 1.712 9 299 0.00% -5 581 PUT USD/TRY 18.03.13 Str. 1.7-1 939 0.00% 5 581 PUT USD/TRY 18.03.13 Str. 1.8 50 432 0.00% -4 552 PUT USD/TRY 20.03.13 Str. 1.72-2 339 0.00% 4 552 PUT USD/TRY 20.03.13 Str. 1.82 58 943 0.01% 5 465 PUT USD/TRY 22.02.13 Str. 1.81 13 838 0.00% 314 PUT USD/ZAR 01.02.13 Str. 0 22 398 0.00% 319 PUT USD/ZAR 02.05.13 Str. 7.78 23 948 0.00% 312 PUT USD/ZAR 15.01.13 Str. 0 455 0.00% 135 PUT USD/ZAR 15.03.13 Str. 8.5025 45 344 0.00% 300 PUT USD/ZAR 15.03.13 Str. 8.5125 104 970 0.01% 376 PUT USD/ZAR 26.02.13 Str. 8.5 101 737 0.01% 383 PUT USD/ZAR 31.05.13 Str. 7.77 30 031 0.00% 383 PUT USD/ZAR 31.05.13 Str. 7.78 30 749 0.00% -57 726 RECEIVER LIB3M USD 05.09.13 Str. 0.4-33 321 0.00% -23 668 RECEIVER LIB3M USD 05.09.13 Str. 0.69-20 412 0.00% 23 668 RECEIVER LIB3M USD 05.09.13 Str. 0.89 69 672 0.01% -82 053 RECEIVER LIB3M USD 06.05.14 Str. 0.48-81 095-0.01% 55 126 RECEIVER LIB3M USD 06.07.17 Str. 2.25 596 214 0.05% -82 053 RECEIVER LIB3M USD 08.05.14 Str. 0.48-80 846-0.01% -19 105 RECEIVER LIB3M USD 22.04.14 Str. 1.245-187 192-0.02% 15 645 RECEIVER LIB3M USD 22.04.14 Str. 1.9795 436 381 0.04% -4 174 RECEIVER LIB3M USD 22.04.14 Str. 2.71-198 619-0.02% -58 729 RECEIVER LIB3M USD 30.08.13 Str. 0.5-81 429-0.01% -24 078 RECEIVER LIB3M USD 30.08.13 Str. 0.95-94 404-0.01% 24 078 RECEIVER LIB3M USD 30.08.13 Str. 1.15 195 674 0.02% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 57 164 970 4.85% Bonds 44 463 818 3.79% AUD 6 073 924 0.52% 1 710 Fl. Rate RESIMAC 11-1NC A3 12.08.42 1 348 539 0.12% 6 000 Fl. Rate SOCGEN 10 20.10.14 4 725 385 0.40% 4 899 057 0.41% 250 9.000% ALGECO 12 15.10.18 258 750 0.02% 2 500 7.750% ASSGEN 12 /SUB 12.12.42 2 661 925 0.23% 200 10.125% ASSGEN 12 FTF 10.07.42 239 672 0.02% 600 Fl. Rate AYT CEDULAS X 05 30.06.15 511 458 0.04% 490 6.750% IRON MOUNTAINS. 06 15.10.18 497 350 0.04% 200 7.875% MEIF II EN 12 01.10.20 222 174 0.02% 400 8.875% NARA CABLE 10 01.12.18 405 112 0.03% 100 5.500% UNITYM NRW 12 15.09.22 102 616 0.01% GBP 11 296 485 0.97% 1 100 8.125% JAG LAND ROV 11 15.05.18 1 507 243 0.13% 300 10.750% LOWELL GRP 12 01.04.19 408 903 0.04% 7 440 2.250% UK 09 07.03.14 9 380 339 0.80% JPY 2 621 970 0.22% 300 000 1.670% HUNGARY 06 NO.4 18.03.13 2 621 970 0.22%

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal USD 19 572 382 1.67% 400 9.250% AERODOM 12 13.11.19 319 105 0.03% 223 9.250% AM AXLE & MFG 09 15.01.17 187 750 0.02% 405 Fl. Rate ARAMARK CORP 07 01.02.15 306 039 0.03% 600 3.875% BBLTB 12 27.09.22 471 631 0.04% 5 700 2.250% CFF 11 07.03.14 4 391 084 0.38% 150 4.500% CONT RUBBER 15.09.19 116 383 0.01% 200 8.250% DIGICEL 09 01.09.17 162 318 0.01% 400 6.400% EMAAR SUKUK 12 18.07.19 329 812 0.03% 150 8.375% EMPRESAS IS 12 24.07.17 122 834 0.01% 1 800 2.375% EXPERIAN FIN 15.06.17 1 388 965 0.12% 375 5.000% FIDELITY NAT 12 15.03.22 305 057 0.03% 400 11.000% GOLDEN CLOSE 10 09.12.15 326 153 0.03% 210 10.500% GR.SENDA AUTO. 07-15 REGS 03.10.15 164 859 0.01% 1 200 Fl. Rate GSAMP FRN 04-AR2 M1/SUB 25.08.34 229 056 0.02% 100 5.000% HOSPITALITY PR 12 15.08.22 80 250 0.01% 800 2.000% HUTCH 12 II 12 08.11.17 607 706 0.05% 500 4.700% ICICI BK TRCH 4-S 21.02.18 398 529 0.03% 1 000 Fl. Rate ING NV 11 09.06.14 765 612 0.07% 2 000 Fl. Rate ING NV 12 25.09.15 1 533 786 0.13% 1 200 2.000% ING NV 12 25.09.15 916 930 0.08% 350 3.750% ING NV 12-144A- 07.03.17 282 137 0.02% 1 000 Fl. Rate INTESA SAN FRN11 24.02.14 757 647 0.06% 50 7.750% IRON MOUNTAIN INC 01.10.19 42 697 0.00% 400 5.500% ITAUUNIBANCO /SUB 06.08.22 318 240 0.03% 210 7.250% JBS USA 11 01.06.21 160 491 0.01% 200 7.250% KOOKMIN BK 09 REGS 14.05.14 164 097 0.01% 500 1.875% KR EXPRESSW 12 22.10.17 377 169 0.03% 150 3.000% MARRIOTT 12 01.03.19 117 954 0.01% 100 3.250% MARRIOTT 12 15.09.22 76 218 0.01% 150 Fl. Rate OCEANTEAM SH 12 24.10.17 111 499 0.01% 50 3.900% PKG CRP OF A 12 15.06.22 39 273 0.00% 235 6.500% PLAINS EXPL 15.11.20 196 449 0.02% 1 965 0.000% RBS 03-PERP/PFD/FLAT Perp. 1 155 093 0.10% 50 3.500% ROCK TENN 12 01.03.20 38 926 0.00% 50 4.000% ROCK TENN 12 01.03.23 38 527 0.00% 200 7.750% SAPPI PHG 144A 15.07.17 165 352 0.01% 250 9.875% SC JAVER 11 06.04.21 203 969 0.02% 150 5.250% SIRIUS XM 144A 15.08.22 114 912 0.01% 450 4.375% SWIRE PAC 12 18.06.22 375 363 0.03% 1 650 1.625% USA TSY 05 15.01.15 1 611 561 0.14% 80 7.750% WINDSTREAM 10 15.10.20 65 747 0.01% 45 4.250% WYNDHAM WLD 12 SR 01.03.22 35 202 0.00% Convertible bonds and bonds with warrants 12 701 152 1.06% GBP 161 447 0.01% 100 7.000% SPORTINGBET 11 CV 08.06.16 161 447 0.01% HKD 300 909 0.03% 2 800 2.500% CHINA WATER 10 /CV 15.04.15 300 909 0.03% JPY 357 909 0.03% 40 000 0.000% NIPRO 10 CV 12.03.15 357 909 0.03% 650 0.000% NOBLE GROUP 07 CV 13.06.14 709 868 0.06% 1 328 1.000% PRICELINE COM 12 CV 15.03.18 1 075 903 0.09% 840 0.000% PULAI CAP 12 CV 22.03.19 601 150 0.05% 2 100 3.375% SEADRILL LTD CV 27.10.17 2 135 998 0.18% 500 3.750% SHIP FIN IN CV / SFL 10.02.16 361 017 0.03% 300 2.250% SUBSEA 7 SA 6 CV 11.10.13 262 648 0.02% 440 2.750% WELLPOINT 12 CV 15.10.42 358 977 0.03% Options, warrants, rights 0 0.00% HKD 0 0.00% 31 000 000 CALL CHINA PETROLEUM 24.04.14 Str. 1 0 0.00% UNLISTED SECURITIES 18 983 131 1.60% Bonds 18 025 700 1.53% BRL 6 121 911 0.52% 15 000 Fl. Rate HSBC BK US 12 /USD 05.01.17 6 121 911 0.52% 630 000 0.05% 900 Fl. Rate RBS 09 /PIK 31.01.17 630 000 0.05% SEK 117 177 0.01% 1 000 Fl. Rate KAHRS HOLD 12 20.12.17 117 177 0.01% USD 11 156 612 0.95% 3 250 3.270% AHMAT MTGE SART 15.09.13 2 492 750 0.21% 100 000 Fl. Rate BACM 06-2 2006-2 XW 10.05.45 49 784 0.00% 400 14.750% BAGHLAN GR FZCO 12 27.06.15 300 364 0.03% 40 000 Fl. Rate CS CMT 07-C5 07-C5 15.09.40 159 045 0.01% 3 090 Fl. Rate CWABS 07 07-13 2A1 25.02.36 1 110 186 0.10% 600 Fl. Rate DONKSM 11 22.11.13 464 468 0.04% 5 000 Fl. Rate FBRSI 05 05-2AV32 25.09.35 2 273 282 0.19% 175 8.000% GIBRALTAR.IND. 06/MUTLICP 01.12.15 134 741 0.01% 50 000 Fl. Rate GMAC 04 2004-C3 X1 10.12.41 235 119 0.02% 550 6.000% GNMA 08 P.4295 20.10.23 126 852 0.01% 2 600 6.000% GNMA II 08 P:4164 20.06.38 96 078 0.01% 100 4.400% JONES LANG 12 15.11.22 77 484 0.01% 14 300 0.863% KGS AC 12 MTG 27.08.37 467 754 0.04% 75 000 Fl. Rate LB UBS 07-C7 IO 15.09.45 679 830 0.06% 250 8.000% LONGVIEW 11 144A 01.06.16 199 105 0.02% 60 000 Fl. Rate MLMT 07 07-C1 X 12.06.50 19 050 0.00% 35 000 Fl. Rate MSC 11 7-HQ13 X1 15.12.44 291 272 0.02% 200 8.375% PROSPECT MD 12 01.05.19 159 663 0.01% 3 500 Fl. Rate SABR 05-OP2 FRN06 A2C 25.10.35 1 489 270 0.13% 2 500 Fl. Rate STANDARD BK 08 21.12.15 27 875 0.00% 4 000 Fl. Rate STANDARD BK 10 /CLN 05.01.16 0 0.00% 400 9.000% TIZIR LTD 12 28.09.17 302 640 0.03% ZAR 0 0.00% 10 000 Fl. Rate STANDARD BK FRN08 TR 2 14.08.15 0 0.00% Convertible bonds and bonds with warrants 676 286 0.05% USD 11 880 887 0.99% 376 2.000% DR HORTON 09 CV 15.05.14 446 631 0.04% 700 1.750% EMC 06 CV 01.12.13 845 522 0.07% 1 591 2.000% GOLDCORP INC 09 CV 01.08.14 1 333 174 0.11% 200 2.500% GOLDEN AGRI 12 CV 04.10.17 150 303 0.01% 260 5.250% HERTZ GLOB 09 CV 01.06.14 400 582 0.03% 865 3.250% INTEL 09 CV 01.08.39 771 782 0.07% 400 3.500% KCC CORP 09 CV 06.05.14 368 022 0.03% 660 1.250% LAM RESEARCH CV 15.05.18 494 835 0.04% 1 300 0.000% MICROSOFT 10 CV 15.06.13 987 957 0.08% 443 2.500% MOLSON COORS 07 CV 30.07.13 340 996 0.03% 237 1.625% NEWMONT M. 07 CV 15.07.17 235 522 0.02% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 8 618 072 0.05% 600 0.250% ENI 12 /CV 30.11.15 618 072 0.05% USD 58 214 0.00% 100 8.000% GWG CORP 12 /CV 06.04.17 58 214 0.00% Options, warrants, rights 281 145 0.02% 261 621 0.02% 25 000 PAYER ITXEB518CR 16.01.13 Str. 1.4 11 950 0.00% -25 000 PAYER ITXEB518CR 16.01.13 Str. 1.6-3 725 0.00% 327 PUT DOW JONES O STOXX 50/PR.IND 15.03.2013 Str. 2300 61 476 0.01%

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal 260 PUT DOW JONES O STOXX 50/PR.IND 15.03.2013 Str. 2450 102 700 0.01% 3 145 PUT /RON 05.04.13 Str. 4.5 37 970 0.00% -25 000 RECEIVER ITXEB518CR 16.01.13 Str. 1-2 750 0.00% 6 SIEMENS 12 CW/SIE 54 000 0.00% USD 19 524 0.00% 143 000 CITIGP HLDG 31.3.15 CW/YYIH 19 524 0.00% CASH EQUIVALENTS 1 076 302 0.09% Options, warrants, rights 1 076 302 0.09% 471 271 0.04% -6 236 CALL /CHF 04.03.13 Str. 1.2206-7 974 0.00% -4 900 CALL /CZK 28.02.13 Str. 25.16-40 423 0.00% -4 900 CALL /CZK 28.02.13 Str. 25.24-31 507 0.00% 268 CALL /NOK 27.05.13 Str. 7.25 27 650 0.00% 4 900 CALL /PLN 28.02.13 Str. 4.1455 40 080 0.00% 4 900 CALL /PLN 28.02.13 Str. 4.1477 35 093 0.00% -6 236 PUT /CHF 04.03.13 Str. 1.201-15 659 0.00% 6 236 PUT /CHF 04.03.13 Str. 1.213 47 717 0.00% -19 520 PUT /CHF 16.12.13 Str. 1.13-157 346-0.01% 19 520 PUT /CHF 16.12.13 Str. 1.19 294 459 0.03% 19 520 PUT /CHF 27.05.13 Str. 1.14 32 367 0.00% -19 520 PUT /CHF 27.05.13 Str. 1.2-146 449-0.01% 272 PUT /CZK 11.02.13 Str. 25.1 131 295 0.01% 273 PUT /CZK 25.02.13 Str. 25.1 95 239 0.01% -4 900 PUT /CZK 28.02.13 Str. 25.16-48 497 0.00% -4 900 PUT /CZK 28.02.13 Str. 25.24-61 341-0.01% 276 PUT /NOK 09.12.13 Str. 7.26 19 936 0.00% 271 PUT /NOK 11.12.13 Str. 7.22 20 894 0.00% 381 PUT /NOK 17.12.13 Str. 7.25 56 538 0.00% 268 PUT /NOK 27.11.13 Str. 7.285 21 867 0.00% 4 900 PUT /PLN 28.02.13 Str. 4.1455 70 552 0.01% 4 900 PUT /PLN 28.02.13 Str. 4.1477 86 780 0.01% 310 PUT /TRY 05.02.13 Str. 2.08 0 0.00% JPY 135 546 0.01% 25 000 000 CALL ASAHI 14.11.14 Str. 35 3 271 0.00% 40 000 000 CALL SAWAI PHARMA 03.09.15 Str. 95 54 131 0.00% 190 000 000 CALL SUZUKI MOTOR CO 29.03.13 Str. 0 0 0.00% 160 000 000 CALL SUZUKI MOTOR CO 29.03.13 Str. 35 0 0.00% 50 000 000 CALL UNICHARM 24.09.13 Str. 35 78 144 0.01% USD 469 485 0.04% 4 961 CALL USD/CAD 17.01.13 Str. 0.985 35 341 0.00% 1 200 000 CALL YTL CORP FINANC 18.03.13 Str. 92.55 183 017 0.02% 32 PUT S&P 500 INDICES 16.03.2013 Str. 1350 90 779 0.01% 55 PUT S&P 500 INDICES 19.01.2013 Str. 1375 96 275 0.01% 447 PUT USD/CAD 07.03.13 Str. 0.972 47 708 0.00% 4 961 PUT USD/CAD 17.01.13 Str. 0.985 7 170 0.00% 5 712 PUT USD/CAD 23.01.13 Str. 0.984 6 054 0.00% 5 692 PUT USD/CAD 29.01.13 Str. 0.9765 3 141 0.00% INVESTMENT FUNDS 44 713 188 3.83% Ireland 32 189 371 2.76% 200 000 GAM ST DYN GLOB ACC /CAP 2 095 720 0.18% 1 500 GAM ST DYN GLOB -INS-ACC/CAP 15 749 310 1.35% 533 GAM STAR DYNAMIC GL BD -I- CAP 4 272 308 0.37% 1 314 GAM STAR GL CONV BOND -I- CAP 10 072 033 0.86% Luxembourg 12 523 817 1.07% 6 626 GAI MSTR FIDO -A () -CAP 4 806 318 0.41% 8 059 GAIUS MSTR AUG AM-A () CAP 7 717 499 0.66% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFD - 9

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 1 999 625 455 (Cost: 1 980 096 738) Derivative instruments at market : - Futures -1 290 105 - Forward foreign exchange contracts 25 175 104 - Swaps -11 596 132 Cash at banks 78 187 111 Receivable from brokers 286 010 Subscriptions receivable 8 474 343 Receivables on swaps 8 686 159 Dividends and interest 26 228 051 Other receivables 278 121 Total Assets 2 134 054 117 Liabilities Bank overdraft 1 738 666 Payables for redemptions 7 005 010 Payables for swaps 8 454 202 Management fees payable 1 188 811 Performance fees 3 567 782 "Taxe d'abonnement" payable 145 610 Other liabilities 4 786 653 Total Liabilities 26 886 734 Net Assets 2 107 167 383 Income Income from investments 25 579 019 Bank interest 91 641 Other income 114 619 Interest income on swaps 16 743 987 Equalisation 1 672 618 Total Income 44 201 884 Expenses Management fees 7 356 829 "Taxe d'abonnement" and other taxes 265 465 Bank interest 47 472 Interest expense on swaps 22 150 980 Other expenses* 9 200 605 Total Expenses 39 021 351 Net 5 180 533 Realised on: - 14 396 381 - Swaps 37 805 070 - Options -12 681 725 - Forward foreign exchange contracts -19 887 587 - Futures -2 096 086 - Foreign currencies 5 034 767 Net realised 27 751 353 Net change in unrealised appreciation/ depreciation on: - 948 838 - Swaps -31 159 325 - Options 7 880 820 - Forward foreign exchange contracts 39 973 008 - Futures -2 408 119 Total 42 986 575 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 1 156 207 537 1 293 499 459 Foreign exchange difference - sub-fund 14 966 782-4 602 824 Total 42 158 513 42 986 575 Net subscriptions/redemptions 82 725 217 778 433 681 Dividend distributions -2 558 590-3 149 508 Net at the end of the reporting period 1 293 499 459 2 107 167 383 * See page 10 The TER (Total Expense Ratio) amounts to 1.85%, or 2.06% including the performance fee (0.21%) for A-CHF, 1.86%, or 2.15% including the performance fee (0.29%) for A-, 1.87%, or 2.14% including the performance fee (0.27%) for A-GBP, 1.86%, or 2.14% including the performance fee (0.28%) for A-USD, 1.85%, or 2.09% including the performance fee (0.24%) for B-CHF, 1.85%, or 2.09% including the performance fee (0.24%) for B-, 1.87%, or 2.13% including the performance fee (0.26%) for B-GBP, 1.85%, or 2.12% including the performance fee (0.27%) for B-USD, 1.38%, or 1.65% including the performance fee (0.27%) for Ca-, 1.37%, or 1.60% including the performance fee (0.23%) for C-CHF, 1.37%, or 1.62% including the performance fee (0.25%) for C-, 1.38%, or 1.69% including the performance fee (0.31%) for C-GBP, 1.37%, or 1.66% including the performance fee (0.29%) for C-USD, 2.38%, or 2.73% including the performance fee (0.35%) for E-CHF, 2.36%, or 2.57% including the performance fee (0.21%) for E-, 2.36%, or 2.64% including the performance fee (0.28%) for E-USD, 0.08%, or 0.09% including the performance fee (0.01%) for G-, 0.09%, or 0.10% including the performance fee (0.01%) for G-GBP and 0.08%, or 0.09% including the performance fee (0.01%) for G-USD. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ARBFP - 1

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) 162 881.44 195 890.26 230 433.50 Distribution shares (Shares A-) 219 896.57 115 350.59 268 584.93 Distribution shares (Shares A-GBP) 50 582.25 86 784.25 147 627.51 Distribution shares (Shares A-USD) 58 752.14 83 055.29 148 654.19 Distribution shares (Shares Ca-) 175 196.18 253 740.96 445 533.96 Accumulation shares (Shares B-CHF) 744 950.54 485 988.30 650 251.89 Accumulation shares (Shares B-) 3 078 811.01 3 392 584.19 4 236 821.03 Accumulation shares (Shares B-GBP) 44 716.32 56 228.28 95 976.21 Accumulation shares (Shares B-USD) 585 553.39 740 429.24 978 799.53 Accumulation shares (Shares C-CHF) 299 117.48 303 690.50 348 661.02 Accumulation shares (Shares C-) 3 630 999.24 2 778 348.70 4 247 948.33 Accumulation shares (Shares C-GBP) - 69 614.03 105 644.63 Accumulation shares (Shares C-USD) 255 889.08 198 367.82 230 137.88 Accumulation shares (Shares E-CHF) 3 660.05 3 060.05 18 771.42 Accumulation shares (Shares E-) 497 041.93 517 489.78 652 733.17 Accumulation shares (Shares E-USD) 12 543.75 29 441.11 62 401.18 Accumulation shares (Shares G-) - - 308 671.50 Accumulation shares (Shares G-GBP) - 29 600.00 187 220.08 Accumulation shares (Shares G-USD) - - 1 541 771.55 Accumulation shares (Shares I-) - 1 261 306.16 2 806 748.29 Net Assets 1 156 207 537 1 293 499 459 2 107 167 383 NAV per share Distribution shares (Shares A-CHF) 100.89 100.85 99.89 Distribution shares (Shares A-) 104.23 105.18 104.46 Distribution shares (Shares A-GBP) 109.85 110.82 110.68 Distribution shares (Shares A-USD) 109.72 111.21 110.89 Distribution shares (Shares Ca-) 103.87 104.79 103.90 Accumulation shares (Shares B-CHF) 116.77 120.65 123.18 Accumulation shares (Shares B-) 124.84 130.56 133.55 Accumulation shares (Shares B-GBP) 126.96 132.42 135.96 Accumulation shares (Shares B-USD) 126.44 131.95 135.23 Accumulation shares (Shares C-CHF) 119.38 123.88 126.77 Accumulation shares (Shares C-) 127.00 133.40 136.77 Accumulation shares (Shares C-GBP) - 135.85 139.77 Accumulation shares (Shares C-USD) 129.79 136.06 139.74 Accumulation shares (Shares E-CHF) 114.42 117.69 119.83 Accumulation shares (Shares E-) 121.77 126.77 129.38 Accumulation shares (Shares E-USD) 123.49 128.30 131.18 Accumulation shares (Shares G-) - - 101.44 Accumulation shares (Shares G-GBP) - 99.92 103.74 Accumulation shares (Shares G-USD) - - 101.54 Accumulation shares (Shares I-) - 106.08 108.90 Dividend for the previous financial year (Shares A-CHF) 4.05 3.25 3.05 Dividend for the previous financial year (Shares A-) 4.55 3.65 3.10 Dividend for the previous financial year (Shares A-GBP) 4.25 3.60 3.05 Dividend for the previous financial year (Shares A-USD) 3.95 3.15 3.05 Dividend for the previous financial year (Shares Ca-) 4.55 4.10 3.50 ARBFP - 2

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 1 999 625 455 94.90% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 1 760 871 271 83.60% Bonds 1 619 246 787 76.85% AUD 5 390 062 0.26% 6 700 5.750% DEXIA MUN. AG 05 24.08.15 5 390 062 0.26% BRL 30 045 424 1.42% 3 000 10.625% BANCO VOTORANTIM 07-14 10.04.14 1 153 356 0.05% 16 9.798% BRAZIL 07 01.01.17 6 183 097 0.29% 58 9.798% BRAZIL 10 01.01.21 22 708 971 1.08% CHF 635 101 0.03% 800 2.375% RBS 05 02.11.15 635 101 0.03% 1 151 966 247 54.70% 3 300 3.625% ABBEY NATL 09 14.10.16 3 632 739 0.17% 4 000 Fl. Rate ABBEY NATL 12 28.08.13 4 036 320 0.19% 3 000 Fl. Rate ABN AMRO BK 05 08.06.15 2 823 240 0.13% 1 150 7.625% ADECCO IF 9 28.04.14 1 248 888 0.06% 430 10.000% AGROKOR DD 09 07.12.16 476 440 0.02% 100 9.125% AGROKOR DD 12 01.02.20 108 836 0.01% 1 000 4.000% ANG IRE BK 10 15.04.15 1 021 580 0.05% 390 7.375% ARDAGH FIN 10 15.10.17 428 216 0.02% 3 000 4.500% ASFINAG 07 EMTN 16.10.17 3 528 720 0.17% 2 000 5.125% BANK AMERICA 07 26.09.14 2 136 680 0.10% 3 850 4.750% BARCLAYS BK 05 Perp. 2 964 615 0.14% 800 5.875% BAT INTL 08 12.03.15 887 552 0.04% 4 500 Fl. Rate BEI 09 15.01.20 4 450 770 0.21% 1 500 Fl. Rate BFCM 10 25.03.13 1 501 380 0.07% 4 000 4.971% BK IRELD MTG 08 30.05.13 4 039 440 0.19% 4 650 4.875% BRADFORD&BG 07 28.06.17 5 401 114 0.26% 1 800 4.250% BRADFORD&BING. 06 04.05.16 1 999 530 0.09% 2 300 4.250% CARNIVAL PLC 06 27.11.13 2 363 572 0.11% 1 500 Fl. Rate CITIGP 07 31.05.17 1 392 210 0.07% 1 750 5.625% CLARIANT FIN 12 24.01.17 1 942 272 0.09% 1 000 4.375% CLARIANT FIN. 06 05.04.13 1 008 400 0.05% 700 8.500% CON GUM FIN 10 15.07.15 757 372 0.04% 140 7.500% CON GUM FIN 10 REGS 15.09.17 150 317 0.01% 240 7.125% CONGR 10 15.10.18 256 973 0.01% 160 6.500% CONTI GUM 10 15.01.16 171 362 0.01% 1 500 2.375% COOPWH 12 23.10.15 1 503 810 0.07% 3 500 2.875% COV BD SOC 11 24.10.14 3 642 590 0.17% 3 000 4.807% CROAT.BK RECON.&DEV 06-16 11.07.16 2 396 712 0.11% 227 7.125% CROWN EU HOLD EGS 15.08.18 250 533 0.01% 7 000 4.500% CZECH REPUBLIC 05.11.14 7 520 800 0.36% 5 300 4.250% DEUTSCHE POST. 06 -B- 18.01.17 6 044 544 0.29% 20 485 5.250% DEXIA MUN AG 05 06.02.17 23 647 884 1.12% 9 000 3.875% DEXIA MUN.AG 06 24.11.16 9 884 700 0.47% 4 600 3.125% DEXIA MUNAG 05 15.09.15 4 859 670 0.23% 400 8.375% EACCESS 11 01.04.18 448 000 0.02% 2 900 1.625% EFSF 12 15.09.17 3 006 848 0.14% 934 1.000% EFSF 12 12.03.14 942 668 0.04% 934 0.400% EFSF 12 OPA 12.03.13 934 033 0.04% 5 000 Fl. Rate EIB 11 27.07.16 4 997 200 0.24% 7 000 2.750% EIB 12 15.09.25 7 467 320 0.35% 400 11.750% EILEME 2 AB 31.01.20 466 516 0.02% 15 300 2.750% OPEAN UNION 11 21.09.21 16 901 910 0.80% 400 7.375% FIAT FT 11 09.07.18 417 300 0.02% 140 7.750% FIAT FT 12 17.10.16 149 101 0.01% 65 6.500% FMC FIN 11 15.09.18 76 162 0.00% 60 5.250% FMC FIN 12 31.07.19 66 859 0.00% 8 100 1.375% FMS WERTMAN 15.01.20 8 200 116 0.39% 12 500 3.000% FMS WERTMAN 11 08.09.21 14 004 500 0.66% 23 000 4.000% FRANCE 02 OAT 25.10.13 23 733 700 1.13% 5 800 3.000% FRANCE 08 12.07.14 6 059 840 0.29% 35 000 2.500% FRANCE 09 12.01.14 35 879 200 1.70% 9 200 4.500% FRANCE 09 OAT 25.04.41 11 885 940 0.56% 290 4.250% FRESENIUS FIN 15.04.19 315 529 0.01% 50 000 3.750% GERMANY 04 04.01.15 53 789 001 2.56% 55 000 3.500% GERMANY 05 04.01.16 60 750 251 2.89% 23 000 3.250% GERMANY 05 04.07.15 24 875 190 1.18% 43 000 4.000% GERMANY 06 04.07.16 48 891 000 2.33% 33 000 4.000% GERMANY 07 04.01.18 39 006 000 1.85% 10 000 4.000% GERMANY 08 11.10.13 10 305 500 0.49% 5 000 3.500% GERMANY 08 12.04.13 5 045 750 0.24% 50 000 3.500% GERMANY 09 04.07.19 59 049 001 2.81% 46 000 1.750% GERMANY 10 09.10.15 48 249 400 2.29% 22 000 2.250% GERMANY 10 04.09.20 24 187 900 1.15% 49 000 0.250% GERMANY 11 13.12.13 49 122 500 2.34% 40 000 2.000% GERMANY 11 26.02.16 42 506 000 2.02% 10 000 1.750% GERMANY 11 14.06.13 10 075 300 0.48% 33 000 0.500% GERMANY 12 13.10.17 33 324 060 1.58% 30 000 0.000% GERMANY 12 12.09.14 30 006 000 1.42% 25 000 0.500% GERMANY 12 07.04.17 25 312 000 1.20% 1 000 Fl. Rate GOLDM.SACHS 07 18.05.15 980 890 0.05% 700 Fl. Rate GOLDMAN SACHS 05 02.02.15 690 291 0.03% 500 Fl. Rate HBOS PLC 4 EMTN 01.09.16 447 740 0.02% 200 8.500% HEIDLRG 09 31.10.19 249 582 0.01% 3 350 Fl. Rate HSBC FIN 06 05.04.13 3 350 502 0.16% 3 000 4.500% HUNGARY 03 06.02.13 3 007 500 0.14% 4 000 6.750% HUNGARY 09 28.07.14 4 216 200 0.20% 3 960 6.000% HUNGARY 11 11.01.19 4 136 062 0.20% 9 400 2.375% HYP ALP INT /SUB 13.12.22 9 508 100 0.45% 500 9.500% INTERXION 10 12.02.17 559 335 0.03% 2 800 Fl. Rate INTESA SAN 11 12.05.14 2 787 204 0.13% 900 5.875% IPIC GMTN 11. 14.03.21 1 097 550 0.05% 700 2.375% IPIC GMTN 12 EMTN 30.05.18 719 642 0.03% 700 3.625% IPIC GMTN EMTN 30.05.23 728 938 0.03% 27 440 5.400% IRELAND 09 13.03.25 28 148 775 1.34% 8 800 4.000% IRISH PERM 10 10.03.15 9 022 200 0.43% 7 000 4.500% IRISH TSY 07 TBO 18.10.18 7 313 250 0.35% 8 810 Fl. Rate ITALY 10 CCT 15.10.17 8 100 795 0.38% 2 100 Fl. Rate JPM CHASE NY 07 31.05.17 2 044 098 0.10% 3 700 Fl. Rate KBC IFIMA 05 14.12.15 3 467 344 0.16% 1 500 3.625% KBC IFIMA 12 EMTN 07.03.14 1 545 150 0.07% 250 10.000% KINOV GERM BD 15.06.18 249 214 0.01% 150 6.750% KOLEJE MAZ 11 09.03.16 150 375 0.01% 200 8.750% KRAUSSMAFFEI 12 15.12.20 209 782 0.01% 7 500 Fl. Rate MERR.LYNCH &CO.FRN 07 31.01.14 7 449 525 0.35% 5 050 Fl. Rate MERRILL LYNCH 07 30.05.14 4 998 540 0.24% 4 300 Fl. Rate MOR ST 06 13.04.16 4 090 676 0.19% 39 000 3.750% NETHERLANDS 04 15.07.14 41 211 300 1.96% 48 000 2.750% NETHERLANDS 09 15.01.15 50 625 601 2.41% 12 000 Fl. Rate NOMURA BK (FRN) 09 30.10.14 12 305 676 0.58% 1 700 3.625% NORTHERN 05 20.04.15 1 811 486 0.09% 6 420 3.625% NORTHERN ROCK 06 28.03.13 6 470 590 0.31% 11 700 4.125% NORTHERN ROCK 07 27.03.17 13 114 881 0.62% 7 700 3.875% NOTHERN ROCK 05 16.11.20 8 654 030 0.41% 100 7.625% OBRASCON 12 15.03.20 104 727 0.00% 1 280 6.750% OI OPEAN 10 15.09.20 1 459 264 0.07% 150 6.875% OI OPEAN GP 07-17 31.03.17 155 796 0.01% 1 700 7.000% PERNOD-RICARD 09 15.01.15 1 902 606 0.09% 6 000 4.375% PORTUGAL 03 16.06.14 6 060 600 0.29% 7 000 4.200% PORTUGAL 06 15.10.16 6 848 198 0.32% 5 000 Fl. Rate RBS 11 18.05.13 5 019 050 0.24% 9 700 5.250% RBS GRP 08 15.05.13 9 861 020 0.47% 800 4.375% REPSM 12 20.02.18 862 320 0.04% 550 8.250% REXEL 09 15.12.16 604 483 0.03% 150 7.000% REXEL 11 17.12.18 165 781 0.01% 750 Fl. Rate RMS 20 PLC 05 M1C 10.08.38 431 531 0.02% 1 600 5.000% ROMANIA 10 18.03.15 1 695 488 0.08% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 3

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 2 300 4.000% SAFRAN 09 26.11.14 2 412 079 0.11% 1 000 3.250% SAN CON 12 20.06.14 1 007 780 0.05% 4 000 4.625% SANT ID 12 21.03.16 4 182 880 0.20% 700 Fl. Rate SANTOS FIN (FRN) 10 22.09.70 745 381 0.04% 4 000 Fl. Rate SBAB 11 01.02.13 4 002 040 0.19% 2 900 3.375% SCBC 11 20.04.16 3 168 656 0.15% 100 7.750% SCHAEFF FIN 15.02.17 111 866 0.01% 210 6.750% SCHAEFF FIN 12 01.07.17 229 234 0.01% 100 8.750% SCHAEFFLER FIN 8.75 15.02.19 115 591 0.01% 130 7.750% SMURFIT KAP ACQ 15.11.19 145 038 0.01% 500 7.750% SMURFIT KAP ACQ 09-19 15.11.19 555 750 0.03% 1 500 5.250% SOUTH AFRICA 03 16.05.13 1 526 385 0.07% 11 000 0.000% SPAIN 05 PRINC.STRIPS 31.01.37 2 642 959 0.13% 2 000 3.125% SPBK V BOLIG 11 08.02.16 2 150 300 0.10% 1 730 4.500% ST BK INDIA 10 30.11.15 1 811 794 0.09% 950 7.625% STYROLUTION GR 15.05.16 994 954 0.05% 1 830 2.500% SWEDBK 10 21.01.13 1 831 958 0.09% 21 000 3.125% SWEDEN 09 07.05.14 21 860 790 1.04% 200 6.125% TECHEM GMBH 12 01.10.19 216 164 0.01% 500 Fl. Rate UCB (FRN) 11-PERP/SUB Perp. 543 970 0.03% 9 000 2.375% UNEDIC 11 31.03.14 9 241 560 0.44% 200 5.750% UNITYM NRW 12 15.01.23 208 856 0.01% 200 7.500% UNITYMEDIA 12 15.03.19 220 944 0.01% 550 8.000% XEFIN 11 01.06.18 590 425 0.03% 700 1.500% XSTRATA FIN 12 19.05.16 698 859 0.03% 3 000 3.250% YORK BUILD 10 22.09.15 3 188 970 0.15% GBP 93 698 882 4.44% 12 868 6.000% BEI 98-2028 PARALLEL BDS 07.12.28 21 558 374 1.02% 400 9.875% BOPARAN 11 REGS 30.04.18 558 983 0.03% 1 385 Fl. Rate BROADGATE F.TV 05 CL.D 05.10.25 439 984 0.02% 300 10.375% CABOT FIN LU 12 01.10.19 408 411 0.02% 400 Fl. Rate CAN WHA F II 07 22.10.37 390 840 0.02% 1 044 Fl. Rate CAN WHA F II II-C2 22.10.37 840 839 0.04% 100 8.125% CATTLES 07 /DEFLT 05.07.17 0 0.00% 900 5.125% COOPWH 10 20.09.17 1 194 894 0.06% 3 400 4.625% COV BD SOC 11 19.04.18 4 787 907 0.23% 2 000 5.250% DEUTSCHE BK (TV) 04-15 15.12.15 2 382 670 0.11% 800 3.250% EIB 11 07.12.16 1 074 112 0.05% 800 7.000% GRANADA GROUP 99-14 NOTES 08.12.14 1 095 043 0.05% 1 825 7.250% HEND UK FIN 11 24.03.16 2 406 352 0.11% 500 8.250% JAG LAND ROV 12 15.03.20 685 345 0.03% 500 5.625% KINGIFSHER S.39 15.12.14 661 179 0.03% 13 000 4.500% LCR FINANCE 99 REGS 07.12.28 19 276 405 0.91% 3 500 6.375% NORTHERN ROCK 99 02.12.19 4 617 338 0.22% 1 500 7.000% PEARSON 99 27.10.14 2 027 406 0.10% 300 9.500% PIPE HLD 10 REGS 01.11.15 388 962 0.02% 3 500 9.000% PORTUGAL 86 20.05.16 4 292 177 0.20% 1 200 5.750% RENTOKIL IN. 06 31.03.16 1 604 718 0.08% 700 5.125% SUNCORP MET 09 27.10.14 909 141 0.04% 9 100 1.750% UK 12 07.09.22 11 144 527 0.53% 500 7.000% VIRGIN MEDIA 10 15.01.18 668 904 0.03% 2 830 4.750% YORK BUILD 11 12.04.18 3 957 385 0.19% 5 000 Fl. Rate YORK BUILD 12 23.03.16 6 326 986 0.30% IDR 5 077 228 0.24% 65 000 000 6.000% BEI 10 /USD 22.04.14 5 077 228 0.24% JPY 34 741 517 1.64% 1 980 000 0.100% JAPAN 12 15.06.14 17 370 845 0.82% 1 980 000 0.100% JAPAN 12 15.05.14 17 370 672 0.82% MXN 65 173 778 3.10% 1 000 8.000% MEXICO 03 S.M20 07.12.23 7 064 530 0.34% 360 9.500% MEXICO 04 BONOS 18.12.14 2 291 809 0.11% 1 780 8.000% MEXICO 05 17.12.15 11 286 602 0.54% 538 10.000% MEXICO 05 -M- 05.12.24 4 410 515 0.21% 1 405 7.000% MEXICO 09 19.06.14 8 474 851 0.40% 3 000 6.500% MEXICO 11 10.06.21 18 976 278 0.90% 2 000 6.500% MEXICO 11 BONOS 09.06.22 12 669 193 0.60% NOK 9 237 286 0.44% 24 500 2.000% ADB 12 GMTN 29.08.17 3 338 160 0.16% 215 Fl. Rate BOA DEEP 11 27.04.16 29 765 0.00% 703 Fl. Rate KRILL SEAPDTS 07 17.12.12 0 0.00% 43 000 2.125% NIB 12 09.08.17 5 869 361 0.28% NZD 10 283 805 0.49% 14 400 6.000% NEW ZEALAND 05 15.12.17 10 283 805 0.49% RUB 8 503 972 0.40% 332 418 6.750% BEI 07 EMTN 13.06.17 8 503 972 0.40% USD 204 493 485 9.69% 250 12.750% AERO SAT 10 16.11.15 210 310 0.01% 11 000 7.375% AFDB 93 06.04.23 11 674 317 0.55% 3 500 5.750% AFREXBK 11 27.07.16 2 864 191 0.14% 200 6.500% AJE GRP 12 14.05.22 164 524 0.01% 600 3.250% AMB CIRCLE 12 04.12.22 461 555 0.02% 600 2.000% AMBER CIRCLE 12 04.12.17 461 600 0.02% 300 Fl. Rate ARCELORMIT Perp. 233 171 0.01% 350 6.875% AUS FIN PTY 12 01.11.19 262 819 0.01% 2 500 5.200% BARCLAYS BK 09 10.07.14 2 016 516 0.10% 700 4.625% BHARAT PETR 12 25.10.22 542 357 0.03% 450 7.750% BK GEORGIA 12 05.07.17 349 559 0.02% 2 300 2.375% BNP US MED 12 14.09.17 1 772 068 0.08% 1 000 2.875% BOC AVIATION 10.10.17 753 747 0.04% 1 500 4.076% CAPITALAND 12 20.09.22 1 162 454 0.06% 700 9.750% CFG INV SAC 12 30.07.19 408 192 0.02% 800 3.950% CHINA OVER 12 15.11.22 611 711 0.03% 1 790 6.775% CHK 12 15.03.19 1 363 626 0.06% 2 800 2.125% CN RESO CEMENT 2.125 05.10.17 2 117 521 0.10% 1 000 2.750% CNPC GEN 12 19.04.17 786 415 0.04% 300 3.950% CNPC GEN 12 19.04.22 246 874 0.01% 300 4.500% CNPCCH 11 28.04.21 255 121 0.01% 1 000 2.125% COMPET TEAM 12 13.12.17 751 851 0.04% 800 4.000% COSCO FINANCE 12 03.12.22 621 280 0.03% 96 9.750% CSN ISLANDS REGS 16.12.13 77 644 0.00% 260 6.500% CSNAB 10 21.07.20 214 524 0.01% 500 5.500% DOLPHIN 12 15.12.21 442 119 0.02% 1 500 Fl. Rate DOOSAN INF /FRN 12 05.10.42 1 143 022 0.05% 600 Fl. Rate DSK BK (FRN) 12 21.09.37 479 126 0.02% 2 225 3.875% DSK BK 11 14.04.16 1 787 996 0.08% 1 000 9.500% DTEK FIN 10 28.04.15 768 667 0.04% 7 000 4.000% EIB 11 16.02.21 6 200 554 0.29% 1 000 1.250% EIBK 12 20.11.15 760 346 0.04% 700 0.000% ELAN LTD 05 EMTN 15.04.15 253 792 0.01% 100 8.900% EMPRESAS IS 11 04.02.21 82 676 0.00% 500 5.125% OCHEM 12 12.12.17 389 491 0.02% 300 9.500% EVRAZ GP 08 REGS 24.04.18 260 218 0.01% 250 4.000% EXPORT IMP BK 12 07.08.17 197 222 0.01% 500 9.000% FINANCING IP 12 REG-S 07.12.17 381 470 0.02% 650 5.150% FINANSBANK 12 01.11.17 488 708 0.02% 440 5.000% FORD MC 11 15.05.18 369 374 0.02% 1 200 4.700% FRANSHION 12 26.10.17 910 394 0.04% 120 5.625% FRESENIUS MD 12 31.07.19 97 732 0.00% 65 6.500% FRESENIUS MED 144A 15.09.18 55 095 0.00% 350 7.750% GRAIL 12 11.07.22 302 735 0.01% 3 000 Fl. Rate HBOS 06 30.09.16 2 053 717 0.10% 700 4.500% HK LAND FIN 12 01.06.22 587 392 0.03% 400 9.250% HSBK BV 08-13 REGS 16.10.13 319 002 0.02% 550 7.750% HSBK. 06 REGS 13.05.13 426 467 0.02% 1 000 3.250% HUTCH 12 II 12 08.11.22 764 707 0.04% 500 3.500% HUTCH WHAM 11 12 13.01.17 402 943 0.02% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 4

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 500 2.125% HYUND C. US 2.125 12 02.10.17 382 627 0.02% 750 5.500% ICICI MANAMA 09 25.03.15 602 332 0.03% 200 8.375% INKIA ENERGY 11 04.04.21 169 524 0.01% 260 8.875% INTERCORP RET S 14.11.18 225 922 0.01% 2 000 5.375% ITALY 07 12.06.17 1 630 340 0.08% 8 005 3.125% ITALY 10 26.01.15 6 182 320 0.29% 500 13.500% KAISA GRP 10 REGS 28.04.15 413 372 0.02% 1 000 4.375% KDB 10 10.08.15 819 258 0.04% 1 400 3.500% KDB 12 22.08.17 1 138 434 0.05% 1 200 3.000% KDB 12 14.09.22 915 810 0.04% 800 3.625% KIA MOTORS CORP 14.06.16 639 266 0.03% 600 4.625% KOFC 11 16.11.21 511 520 0.02% 1 600 2.250% KOFC 12 07.08.17 1 231 299 0.06% 1 000 4.750% KOHNPW 11 13.07.21 861 605 0.04% 1 000 3.000% KOHNPW 12 REG S 19.09.22 754 642 0.04% 10 000 2.375% KOMMUNALBK 11 19.01.16 7 980 355 0.38% 18 000 1.375% KOMMUNALBK 12 08.06.17 13 915 185 0.66% 400 3.125% KOROIL 12 03.04.17 318 899 0.02% 1 300 5.000% MACQUARIE BK 22.02.17 1 078 436 0.05% 800 5.250% MAF GLB SEC 12 05.07.19 649 691 0.03% 3 910 5.500% MAGYAR 12 12.02.18 2 995 373 0.14% 500 10.250% METINVEST BV 10 20.05.15 392 954 0.02% 5 101 9.500% NAFTOGAZ 09 30.09.14 3 986 394 0.19% 5 000 5.500% NAMIBIA 11 03.11.21 4 247 156 0.20% 800 3.250% NBADUH 12 27.03.17 632 943 0.03% 9 000 5.625% NRTH ROCK 07 22.06.17 7 990 572 0.38% 1 200 5.625% NTPC LTD 11 14.07.21 997 564 0.05% 200 7.500% ODEBRECHT 10-PERP Perp. 166 737 0.01% 294 6.000% ODEBRECHT 11 05.04.23 258 088 0.01% 1 000 5.750% OLAM INTL 20.09.17 713 767 0.03% 3 067 8.250% OSCHAD 11 10.03.16 2 210 338 0.10% 800 Fl. Rate OZ WING KY 12 27.02.17 526 634 0.02% 800 5.750% PCCW 5.75 12 17.04.22 670 771 0.03% 2 600 3.500% PORTUGAL 10 25.03.15 1 888 274 0.09% 500 5.250% PT BK NEGARA 12 24.10.42 392 468 0.02% 800 6.000% PT PERTAMINA 12 03.05.42 687 791 0.03% 1 600 4.250% PTT GLOBAL 12 19.09.22 1 267 536 0.06% 1 000 4.500% PTT PCL 12 25.10.42 760 080 0.04% 1 400 5.750% QATAR 11 20.01.42 1 387 119 0.07% 400 2.688% QIB SUKUK FD 18.10.17 304 238 0.01% 3 275 Fl. Rate RBS TR IV 04 Perp. 1 641 462 0.08% 500 6.125% REXEL INC 12 15.12.19 398 210 0.02% 600 9.250% RUSSIAN ST FI 12 11.07.17 471 312 0.02% 600 4.211% SAUDI ELECT 12 03.04.22 491 377 0.02% 1 520 4.125% SHINHAN BK 11 04.10.16 1 244 869 0.06% 1 100 3.375% SIAM COMM 12 19.09.17 866 525 0.04% 3 750 1.050% SIEMENS FIN 12 CW 16.08.17 2 942 316 0.14% 1 000 4.875% SINOPEC GP 12 17.05.42 871 572 0.04% 600 3.900% SINOPEC GP 12 17.05.22 493 239 0.02% 1 300 3.241% SOQ SUKUK A 12 18.01.23 1 028 227 0.05% 600 2.099% SOQ SUKUK A 12 18.01.18 459 088 0.02% 2 600 2.700% SP POWER 12 14.09.22 1 946 608 0.09% 1 200 3.300% SPI 12 09.04.23 904 251 0.04% 200 7.000% SPRINT NEX 12 15.08.20 166 831 0.01% 400 4.250% SSG RESOURCES 12 04.10.22 319 779 0.02% 4 400 8.125% STANDARD BK 09 02.12.19 3 804 612 0.18% 3 000 3.850% STD CHART 10 27.04.15 2 399 750 0.11% 3 000 5.500% STD CHARTERED 50 144A 18.11.14 2 450 470 0.12% 1 000 6.600% TAQA 08 REGS 01.08.13 782 646 0.04% 700 4.125% TAQAUH 11 13.03.17 571 245 0.03% 600 2.500% TAQAUH 12 12.01.18 461 123 0.02% 400 3.625% TAQAUH 12 12.01.23 312 048 0.01% 300 5.500% TELEMAR N L REGS 23.10.20 237 813 0.01% 600 3.375% TEMASE 12 23.07.42 438 691 0.02% 1 000 5.375% TEMASEK FIN 09 23.11.39 992 172 0.05% 400 4.125% TUP TURK PE 12 02.05.18 303 107 0.01% 600 7.500% TV AZTECA 11 25.05.18 493 316 0.02% 33 100 4.375% USA 10 TBO 15.05.40 32 585 088 1.55% 17 763 2.000% USA 11 S. F 15.11.21 13 971 024 0.66% 250 4.375% USA 11 TBO 15.05.41 246 274 0.01% 2 000 5.375% UTD OVS BK 04 144A 03.09.19 1 600 455 0.08% 650 6.000% VAKIFLAR BK 12 /SUB 01.11.22 512 521 0.02% 1 000 5.625% VALE 12 11.09.42 829 650 0.04% 500 6.875% VALE CAP 09 10.11.39 478 519 0.02% 400 6.000% VTB CAP 12 12.04.17 328 574 0.02% 200 3.100% WALGREEN CO 12 15.09.22 153 251 0.01% 700 4.625% WHARF 12 08.02.17 571 166 0.03% 700 4.750% WHEELOCK FIN 12 23.02.17 563 632 0.03% 1 000 10.500% WHITE NIGHTS 09 08.03.14 833 040 0.04% 550 9.625% WILLOW NO.2 REGS 07.10.15 439 645 0.02% 400 6.750% YAPI KREDI 12 08.02.17 341 866 0.02% 400 11.750% YUZHOU PROP 12 25.10.17 339 575 0.02% Convertible bonds and bonds with warrants 116 362 102 5.52% CHF 906 975 0.04% 1 015 1.875% SWISS PRIME 10 /CV 20.01.15 906 975 0.04% CNY 2 074 138 0.10% 14 300 2.250% CHINA POWER CV 17.05.16 2 074 138 0.10% 41 408 999 1.96% 6 800 4.000% AABAR INVESTMENT CV 27.05.16 6 951 640 0.33% 850 2.500% AB INDUS 10 CV 27.02.15 1 047 667 0.05% 1 5.000% ALCATEL 09 CV(3.23) 01.01.15 0 0.00% 800 5.625% CAM 12 SPA CV 26.10.17 886 864 0.04% 149 3.500% CAP GEM CONV ( 34) 01.01.14 5 665 481 0.27% 1 000 1.750% DE OSHOP /CV 20.11.17 1 057 350 0.05% 23 4.500% FAUREC 18.69CV 01.01.15 447 130 0.02% 232 3.250% FAURECIA 12 CV 01.01.18 4 392 724 0.21% 900 2.000% GSW IMMO 12 20.11.19 957 681 0.05% 336 4.250% IMMOFINANZ 11 /CV 08.03.18 1 498 952 0.07% 6 900 1.500% KFW 09 CV / DEUT P 30.07.14 8 487 483 0.40% 3 900 4.400% MNV 09 CV 25.09.14 3 898 011 0.18% 550 2.000% SALZGIT FIN CV / NDA 08.11.17 683 226 0.03% 300 3.500% SGL CARBON 09 CV 30.06.16 341 295 0.02% 13 2.700% THEOLIA CV ( 19.03) 01.01.41 124 619 0.01% 700 4.500% UCB 09 CONV 22.10.15 889 959 0.04% 3 700 5.500% VW INTL FIN 12 /CV 09.11.15 4 078 917 0.19% GBP 16 384 099 0.78% 7 900 2.500% CPTL SHP JE 12 CV 04.10.18 10 051 182 0.48% 1 000 2.750% DERWENT LN / DLN 15.07.16 1 387 840 0.07% 1 300 4.000% ITV 09 CV/ ITV 09.11.16 2 631 148 0.12% 600 6.000% TUI TRAVEL 09 CV 05.10.14 795 457 0.04% 800 5.750% WPP PLC 09 CV 19.05.14 1 518 472 0.07% JPY 1 399 321 0.06% 95 000 0.300% AEON 09 CV/8267 22.11.13 937 579 0.04% 50 000 0.000% IHI CORP 11 CV 29.03.16 461 742 0.02% SGD 4 049 903 0.19% 1 000 2.750% OSIM INTL 11 CV 05.07.16 662 949 0.03% 5 250 0.000% TEMASEK FIN III CV 24.10.14 3 386 954 0.16% USD 50 138 667 2.39% 8 300 3.500% ANGSJ 09 CV 22.05.14 6 530 710 0.31% 3 300 1.625% BES FIN CV/BANCO 15.04.13 2 559 027 0.12% 6 200 0.750% BILLION 10 CV / CHINA 18.10.15 4 982 573 0.24% 1 400 1.000% DIALOG SEMI 12 CV 12.04.17 1 108 160 0.05% 4 500 5.000% GLENCORE FIN 09 CON 31.12.14 4 197 042 0.20% 1 800 0.500% HG KG EXCH 12 CV 23.10.17 1 480 099 0.07% 3 300 2.625% LUKOIL INTL 10 16.06.15 2 840 994 0.13% 6 300 0.000% NEWFORD CAP 11 CV 12.05.16 4 789 032 0.23% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 5

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 3 823 1.250% NEWMONT 07 CV 15.07.14 3 448 355 0.16% 4 700 6.000% OLAM INTL 09 CV 15.10.16 3 271 712 0.16% 1 683 1.875% PACIFIC BAS CV 22.10.18 1 383 994 0.07% 1 000 0.000% PEGATRON CORP CV 06.02.17 852 018 0.04% 2 170 2.500% PREMIER O F 12 27.07.18 1 898 470 0.09% 4 900 2.750% SHIRE 07 CONV 09.05.14 4 149 613 0.20% 4 250 1.650% SIEMENS FIN 12 CV 16.08.19 3 368 763 0.16% 1 800 1.000% SUBSEA 7 SA 12 CV 05.10.17 1 408 612 0.07% 750 0.000% TPK HOLD 12 CV/3673 01.10.17 681 690 0.03% 1 600 5.000% VINCOM 12 CV / VIC 03.04.17 1 187 803 0.06% Options, warrants, rights 25 262 382 1.23% AUD 832 054 0.04% 27 415 CALL AUD/NOK 24.01.13 Str. 5.8985 34 812 0.00% 20 890 CALL AUD/USD 07.02.13 Str. 1.15 0 0.00% 172 795 PAYER BBSW3M-AUD 01.07.13 Str. 5.1 544 0.00% -345 590 PAYER BBSW3M-AUD 01.07.13 Str. 5.765-272 0.00% 27 415 PUT AUD/NOK 24.01.13 Str. 5.8985 496 214 0.02% 1 830 PUT AUD/USD 01.10.13 Str. 0.9025 172 616 0.01% 15 231 PUT AUD/USD 15.01.13 Str. 0.95 6 0.00% 2 602 PUT AUD/USD 30.09.13 Str. 0.901 128 134 0.01% CAD 528 796 0.02% 43 034 CALL CAD/NZD 17.01.13 Str. 1.2346 56 516 0.00% 21 395 PUT CAD/NZD 17.01.13 Str. 1.234568 234 793 0.01% 21 640 PUT CAD/NZD 17.01.13 Str. 1.234569 237 487 0.01% 5 398 664 0.29% -305 489 PAYER IB3M 08.02.16 Str. 2.81-296 324-0.01% 305 489 PAYER IB3M 08.02.16 Str. 3.81 158 549 0.01% -61 865 PAYER IB6M 02.03.15 Str. 2.58-62 855 0.00% 212 099 PAYER IB6M 02.04.15 Str. 2.25 336 601 0.02% -424 198 PAYER IB6M 02.04.15 Str. 3.25-267 245-0.01% -46 180 PAYER IB6M 04.07.16 Str. 2.75-613 778-0.03% 61 715 PAYER IB6M 05.07.27 Str. 2.5 2 417 068 0.11% -185 439 PAYER IB6M 05.10.15 Str. 1.72-1 606 273-0.08% 10 158 PAYER IB6M 05.10.15 Str. 2.7 784 147 0.04% -23 856 PAYER IB6M 05.10.15 Str. 3.1-427 476-0.02% -48 327 PAYER IB6M 09.08.16 Str. 2.75-660 485-0.03% -48 327 PAYER IB6M 09.08.16 Str. 2.7501-676 143-0.03% 128 872 PAYER IB6M 09.08.27 Str. 2.6 4 811 758 0.23% -133 651 PAYER IB6M 10.02.15 Str. 3-159 713-0.01% 133 651 PAYER IB6M 10.02.15 Str. 4 66 024 0.00% -185 439 PAYER IB6M 10.10.14 Str. 1.75-282 609-0.01% -41 076 PAYER IB6M 10.11.14 Str. 2.703-124 173-0.01% 9 336 PAYER IB6M 10.11.14 Str. 2.77 458 192 0.02% -109 403 PAYER IB6M 12.02.14 Str. 2.3-16 629 0.00% 18 577 PAYER IB6M 13.01.22 Str. 3 1 164 221 0.06% -103 168 PAYER IB6M 14.06.16 Str. 2.22-515 017-0.02% 22 092 PAYER IB6M 14.06.16 Str. 2.6875 833 417 0.04% 19 084 PAYER IB6M 14.12.21 Str. 5 404 962 0.02% -15 267 PAYER IB6M 16.12.13 Str. 3.9-4 809 0.00% 16 788 PAYER IB6M 18.08.30 Str. 4 567 988 0.03% -155 078 PAYER IB6M 19.02.14 Str. 2.3-27 139 0.00% -88 787 PAYER IB6M 19.09.14 Str. 1.81-230 935-0.01% -175 703 PAYER IB6M 19.09.14 Str. 1.85-433 811-0.02% -242 763 PAYER IB6M 27.02.15 Str. 2.58-244 948-0.01% 10 336 PAYER IB6M 28.09.15 Str. 2.8 710 331 0.03% -24 274 PAYER IB6M 28.09.15 Str. 3.185-391 758-0.02% 212 099 PAYER IB6M 30.03.15 Str. 2.25 383 051 0.02% -424 198 PAYER IB6M 30.03.15 Str. 3.25-364 386-0.02% 188 311 RECEIVER IB3M 03.02.14 Str. 0.5 576 420 0.03% -376 623 RECEIVER IB3M 03.02.14 Str. 1-3 824 607-0.18% 188 311 RECEIVER IB3M 03.02.14 Str. 1.3 2 910 535 0.14% -222 852 RECEIVER IB6M 05.03.13 Str. 0.44-274 331-0.01% -45 480 RECEIVER IB6M 05.03.13 Str. 0.89-274 426-0.01% 45 480 RECEIVER IB6M 05.03.13 Str. 1.08 608 068 0.03% -115 477 RECEIVER IB6M 18.02.13 Str. 0.6-503 711-0.02% -57 738 RECEIVER IB6M 18.08.14 Str. 0.825-381 709-0.02% 57 738 RECEIVER IB6M 18.08.14 Str. 1.175 681 372 0.03% 17 SIEMENS 12 CW/SIE 191 250 0.01% GBP 1 619 141 0.07% 188 311 PAYER LIB3M GBP 01.02.13 Str. 1 0 0.00% 188 311 PAYER LIB3M GBP 01.02.13 Str. 1.0001 0 0.00% -376 623 PAYER LIB3M GBP 01.02.13 Str. 1.3 0 0.00% -376 623 PAYER LIB3M GBP 01.02.13 Str. 1.3001 0 0.00% 188 311 PAYER LIB3M GBP 01.02.13 Str. 1.72 0 0.00% 188 311 PAYER LIB3M GBP 01.02.13 Str. 1.7201 0 0.00% 52 075 PAYER LIB6M GBP 27.02.15 Str. 2.4 113 515 0.01% 102 345 PAYER LIB6M GBP 27.02.15 Str. 2.40 240 886 0.01% 102 345 PAYER LIB6M GBP 27.02.15 Str. 2.4001 255 019 0.01% -175 413 PAYER LIB6M GBP 28.11.13 Str. 1.25-549 334-0.03% 175 413 PAYER LIB6M GBP 28.11.13 Str. 1.55 277 911 0.01% 263 120 PAYER LIB6M GBP 28.11.14 Str. 1.365 1 230 810 0.06% -263 120 PAYER LIB6M GBP 28.11.14 Str. 1.665-866 822-0.04% -1 747 PUT 3M SHORT STERLING 19.03.2014 Str. 99.25-316 359-0.02% 1 476 PUT GBP/CAD 05.12.13 Str. 0 189 924 0.01% 1 504 PUT GBP/CAD 14.02.13 Str. 1.57 228 169 0.01% -81 436 RECEIVER LIB6M GBP 14.09.15 Str. 1.5-1 213 717-0.06% 40 718 RECEIVER LIB6M GBP 14.09.15 Str. 2.5 2 029 139 0.10% JPY 247 726 0.01% 170 000 000 CALL KDDI CORPORATIO 14.12.15 Str. 50 222 630 0.01% 2 177 201 PAYER LIB6M JPY 20.01.14 Str. 2 31 055 0.00% -2 177 201 PAYER LIB6M JPY 20.01.14 Str. 3-5 959 0.00% KRW 21 490 0.00% 40 938 069 PAYER LIB3M KRW 10.03.14 Str. 3.6 21 490 0.00% USD 16 614 511 0.80% -2 604 CALL 90 DAYS - O $ FUTURE 15/12/14/Str. 99.625-567 847-0.03% 2 000 000 CALL CHINA UNICOM HO 18.10.15 Str. 250 49 654 0.00% 2 000 000 CALL HON HAI PRECISI 12.10.13 Str. 260 51 464 0.00% 699 000 CALL HON HAI PRECISI 12.10.13 Str. 300 17 987 0.00% 1 200 000 CALL PEGATRON 06.02.15 Str. 1 172 640 0.01% 1 500 000 CALL TPK HOLDING CO 10.01.15 Str. 1 326 060 0.02% -335 CALL TREASURY BONDS USA 22.02.2013 Str. 150-258 066-0.01% -13 708 CALL USD/AUD 15.01.13 Str. 1.1111 0 0.00% 51 265 CALL USD/AUD 28.06.13 Str. 1.0152 221 006 0.01% -12 041 CALL USD/BRL 10.10.13 Str. 2.85-37 841 0.00% -20 355 CALL USD/BRL 19.11.13 Str. 2.8729-20 384 0.00% 1 208 CALL USD/BRL 22.11.13 Str. 2.028 174 897 0.01% 2 139 CALL USD/CHF 10.04.13 Str. 1.125 3 370 0.00% -2 139 CALL USD/CHF 10.04.13 Str. 1.125001-188 0.00% 1 345 CALL USD/CHF 11.04.13 Str. 0 50 840 0.00% 40 256 CALL USD/JPY 01.05.13 Str. 82 1 591 809 0.08% -13 419 CALL USD/JPY 01.05.13 Str. 82.000002-587 960-0.03% -26 837 CALL USD/JPY 01.05.13 Str. 82.00002-1 182 859-0.06% 2 363 CALL USD/JPY 02.12.14 Str. 0 298 978 0.01% 1 491 CALL USD/JPY 09.08.13 Str. 0 39 151 0.00% 1 491 CALL USD/JPY 12.08.13 Str. 0 0 0.00% 1 530 CALL USD/JPY 13.06.13 Str. 86.75 273 906 0.01% -27 393 CALL USD/JPY 18.01.13 Str. 83.72-729 471-0.03% 15 159 CALL USD/JPY 18.01.13 Str. 85 33 819 0.00% 15 159 CALL USD/JPY 18.03.13 Str. 87 18 302 0.00% 15 159 CALL USD/JPY 18.04.13 Str. 88 12 738 0.00% 15 159 CALL USD/JPY 19.02.13 Str. 86 27 796 0.00% 45 307 CALL USD/JPY 22.02.13 Str. 82.6 3 203 0.00% 1 491 CALL USD/JPY 23.08.13 Str. 0 52 549 0.00% 2 220 CALL USD/KRW 09.05.13 Str. 0 158 774 0.01% 1 633 CALL USD/KRW 29.04.13 Str. 0 241 489 0.01% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 6

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 22 156 CALL USD/NZD 24.01.13 Str. 1.218 130 133 0.01% 188 311 PAYER LIB3M USD 03.02.14 Str. 0.8 64 703 0.00% -46 055 PAYER LIB3M USD 03.03.14 Str. 3.1825-261 470-0.01% 20 469 PAYER LIB3M USD 03.03.14 Str. 3.49 471 762 0.02% 113 700 PAYER LIB3M USD 05.09.14 Str. 0.8 356 866 0.02% 113 700 PAYER LIB3M USD 05.09.14 Str. 0.800001 356 866 0.02% 240 830 PAYER LIB3M USD 05.10.15 Str. 1.49 2 387 110 0.11% 171 837 PAYER LIB3M USD 06.02.15 Str. 2.5 331 508 0.02% -171 837 PAYER LIB3M USD 06.02.15 Str. 3.5-139 735-0.01% 434 931 PAYER LIB3M USD 06.05.14 Str. 1 193 647 0.01% -434 931 PAYER LIB3M USD 06.05.14 Str. 1.5-92 370 0.00% 212 689 PAYER LIB3M USD 06.07.17 Str. 2.25 2 128 987 0.10% 122 445 PAYER LIB3M USD 07.11.14 Str. 0.8 507 463 0.02% 381 861 PAYER LIB3M USD 08.02.16 Str. 2.6 407 233 0.02% -381 861 PAYER LIB3M USD 08.02.16 Str. 3.6-225 629-0.01% 434 931 PAYER LIB3M USD 08.05.14 Str. 1 196 946 0.01% -434 931 PAYER LIB3M USD 08.05.14 Str. 1.5-94 349 0.00% 60 207 PAYER LIB3M USD 10.04.13 Str. 1.4275 310 947 0.01% -48 166 PAYER LIB3M USD 10.04.13 Str. 3.007-327 963-0.02% 240 830 PAYER LIB3M USD 10.10.14 Str. 1.38 370 999 0.02% 145 107 PAYER LIB3M USD 12.02.14 Str. 1.72 26 195 0.00% -48 296 PAYER LIB3M USD 17.09.14 Str. 1.7125-472 190-0.02% 11 269 PAYER LIB3M USD 17.09.14 Str. 3.26 620 787 0.03% -54 115 PAYER LIB3M USD 17.11.14 Str. 1.7-648 485-0.03% 12 627 PAYER LIB3M USD 17.11.14 Str. 3.195 794 417 0.04% -271 404 PAYER LIB3M USD 18.11.15 Str. 1.245-1 863 844-0.09% 183 197 PAYER LIB3M USD 18.11.15 Str. 1.49 2 053 746 0.10% 228 186 PAYER LIB3M USD 19.09.14 Str. 1.5 734 889 0.03% 114 093 PAYER LIB3M USD 19.09.14 Str. 1.500002 349 531 0.02% -47 234 PAYER LIB3M USD 19.09.14 Str. 1.65-502 542-0.02% 11 021 PAYER LIB3M USD 19.09.14 Str. 3.1625 668 541 0.03% 204 050 PAYER LIB3M USD 20.02.14 Str. 1.75 38 114 0.00% -49 676 PAYER LIB3M USD 22.08.16 Str. 2.5425-955 511-0.05% 69 316 PAYER LIB3M USD 23.08.27 Str. 3.48 2 028 917 0.10% 123 522 PAYER LIB3M USD 25.09.14 Str. 1.25 212 397 0.01% 1 977 PUT 10Y TREASURY NOTES USA 22.02.2013 130.5 374 886 0.02% -3 228 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 129.5-382 566-0.02% 1 251 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 131.5 415 134 0.02% -3 489 PUT 90 DAYS - O $ FUTURE 15.09.2014 Str. 99.25-810 457-0.04% -1 302 PUT 90 DAYS - O $ FUTURE 15/12/14/Str. 98.625-191 340-0.01% 1 302 PUT 90 DAYS - O $ FUTURE 15/12/14/Str. 99 302 440 0.01% -2 042 PUT 90 DAYS - O $ FUTURE 16.03.2015 Str. 99.25-842 186-0.04% -4 201 PUT 90 DAYS - O $ FUTURE 16.12.2013 Str. 99-219 068-0.01% 4 201 PUT 90 DAYS - O $ FUTURE 16.12.2013 Str. 99.125 258 898 0.01% -4 120 PUT 90 DAYS - O $ FUTURE 16/09/13/Str. 98.75-97 656 0.00% 4 120 PUT 90 DAYS - O $ FUTURE 16/09/13/Str. 99 136 719 0.01% -670 PUT TREASURY BONDS USA 22.02.2013 Str. 145-563 775-0.03% 670 PUT TREASURY BONDS USA 22.02.2013 Str. 147 929 038 0.04% -24 885 PUT USD/AUD 06.05.13 Str. 0.947-130 981-0.01% 2 312 PUT USD/BRL 01.12.14 Str. 0 277 584 0.01% -12 041 PUT USD/BRL 10.10.13 Str. 1.9-29 237 0.00% 12 041 PUT USD/BRL 10.10.13 Str. 2 85 162 0.00% -23 927 PUT USD/BRL 13.05.13 Str. 1.8-4 923 0.00% 1 771 PUT USD/BRL 13.11.13 Str. 1.9875 98 782 0.00% 1 476 PUT USD/BRL 14.11.13 Str. 2.01 109 203 0.01% -1 348 PUT USD/BRL 18.01.13 Str. 1.9835-40 497 0.00% -59 662 PUT USD/BRL 19.02.13 Str. 2.01-188 513-0.01% 59 662 PUT USD/BRL 19.02.13 Str. 2.08 797 261 0.04% -20 355 PUT USD/BRL 19.11.13 Str. 1.95-92 549 0.00% 20 355 PUT USD/BRL 19.11.13 Str. 2.05 262 470 0.01% -44 079 PUT USD/BRL 22.03.13 Str. 1.73-383 0.00% -40 843 PUT USD/BRL 24.01.13 Str. 2.0275-119 829-0.01% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 7 27 228 PUT USD/BRL 24.01.13 Str. 2.04 141 765 0.01% 1 887 PUT USD/BRL 28.06.13 Str. 1.97 224 937 0.01% 1 508 PUT USD/INR 29.01.13 Str. 54 222 336 0.01% -27 393 PUT USD/JPY 18.01.13 Str. 83.72-6 800 0.00% -1 812 PUT USD/JPY 25.11.13 Str. 77-280 539-0.01% -24 704 PUT USD/KRW 03.05.13 Str. 1062-141 320-0.01% -24 444 PUT USD/KRW 23.01.13 Str. 1095-410 421-0.02% -24 704 PUT USD/KRW 26.04.13 Str. 1080-289 939-0.01% -24 704 PUT USD/KRW 29.01.13 Str. 1080-232 114-0.01% 24 885 PUT USD/MXN 06.05.13 Str. 12.8 327 624 0.02% 833 PUT USD/MXN 09.05.13 Str. 0.000001 128 114 0.01% 2 082 PUT USD/MXN 09.05.13 Str. 0.000002 321 507 0.02% 1 257 PUT USD/MXN 16.08.13 Str. 12.6 177 101 0.01% 1 257 PUT USD/MXN 16.08.13 Str. 12.75 132 945 0.01% 1 491 PUT USD/MXN 21.05.13 Str. 0 195 003 0.01% 13 611 PUT USD/MXN 25.07.13 Str. 12.75 138 653 0.01% 47 043 PUT USD/MXN 26.03.13 Str. 12.68 286 605 0.01% 24 704 PUT USD/MXN 26.04.13 Str. 12.68 246 121 0.01% 22 156 PUT USD/NZD 24.01.13 Str. 1.218 170 989 0.01% -47 043 PUT USD/NZD 27.03.13 Str. 1.1919-272 656-0.01% 1 295 PUT USD/RUB 25.03.13 Str. 29.5 153 287 0.01% 1 302 PUT USD/RUB 26.04.13 Str. 29.4 151 771 0.01% 24 704 PUT USD/RUB 30.04.13 Str. 30.05 146 142 0.01% 1 263 PUT USD/TRY 12.03.13 Str. 1.71 33 914 0.00% 1 263 PUT USD/TRY 12.03.13 Str. 1.712 36 776 0.00% -28 253 PUT USD/TRY 18.03.13 Str. 1.7-9 817 0.00% 28 253 PUT USD/TRY 18.03.13 Str. 1.8 255 307 0.01% -23 047 PUT USD/TRY 20.03.13 Str. 1.72-11 842 0.00% 23 047 PUT USD/TRY 20.03.13 Str. 1.82 298 429 0.01% 30 205 PUT USD/TRY 22.02.13 Str. 1.81 76 480 0.00% 1 309 PUT USD/ZAR 01.02.13 Str. 0 93 406 0.00% 1 254 PUT USD/ZAR 02.05.13 Str. 7.78 94 179 0.00% 1 289 PUT USD/ZAR 15.01.13 Str. 0 1 882 0.00% 746 PUT USD/ZAR 15.03.13 Str. 8.5025 250 566 0.01% 1 623 PUT USD/ZAR 15.03.13 Str. 8.5125 569 010 0.03% 1 633 PUT USD/ZAR 26.02.13 Str. 8.5 441 986 0.02% 1 505 PUT USD/ZAR 31.05.13 Str. 7.77 118 046 0.01% 1 505 PUT USD/ZAR 31.05.13 Str. 7.78 120 867 0.01% -227 400 RECEIVER LIB3M USD 05.09.13 Str. 0.4-131 259-0.01% -93 234 RECEIVER LIB3M USD 05.09.13 Str. 0.69-80 406 0.00% 93 234 RECEIVER LIB3M USD 05.09.13 Str. 0.89 274 455 0.01% -478 424 RECEIVER LIB3M USD 06.05.14 Str. 0.48-472 836-0.02% 212 689 RECEIVER LIB3M USD 06.07.17 Str. 2.25 2 300 313 0.11% -478 424 RECEIVER LIB3M USD 08.05.14 Str. 0.48-471 384-0.02% -109 343 RECEIVER LIB3M USD 22.04.14 Str. 1.245-1 071 351-0.05% 89 541 RECEIVER LIB3M USD 22.04.14 Str. 1.9795 2 497 539 0.12% -23 892 RECEIVER LIB3M USD 22.04.14 Str. 2.71-1 136 893-0.05% -230 808 RECEIVER LIB3M USD 30.08.13 Str. 0.5-320 022-0.02% -94 631 RECEIVER LIB3M USD 30.08.13 Str. 0.95-371 018-0.02% 94 631 RECEIVER LIB3M USD 30.08.13 Str. 1.15 769 024 0.04% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 124 030 883 5.86% Bonds 74 006 367 3.49% AUD 4 073 996 0.19% 2 170 Fl. Rate RESIMAC 11-1NC A3 12.08.42 1 711 304 0.08% 3 000 Fl. Rate SOCGEN 10 20.10.14 2 362 692 0.11% 4 355 596 0.21% 350 9.000% ALGECO 12 15.10.18 362 250 0.02% 400 10.125% ASSGEN 12 FTF 10.07.42 479 344 0.02% 1 400 Fl. Rate AYT CEDULAS X 05 30.06.15 1 193 402 0.06% 1 110 6.750% IRON MOUNTAINS. 06 15.10.18 1 126 650 0.05% 200 5.125% MAPFRE 12 16.11.15 210 184 0.01%

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 200 7.875% MEIF II EN 12 01.10.20 222 174 0.01% 600 8.875% NARA CABLE 10 01.12.18 607 668 0.03% 150 5.500% UNITYM NRW 12 15.09.22 153 924 0.01% GBP 15 713 264 0.74% 1 750 8.125% JAG LAND ROV 11 15.05.18 2 397 887 0.11% 1 000 10.750% LOWELL GRP 12 01.04.19 1 363 009 0.06% 9 480 2.250% UK 09 07.03.14 11 952 368 0.57% USD 46 863 005 2.21% 1 000 5.900% ACE INA HLDG 09 15.06.19 936 864 0.04% 500 9.250% AERODOM 12 13.11.19 398 881 0.02% 500 10.750% ALGECO 144A 15.10.19 373 559 0.02% 600 9.875% ALTICE FINAN 12 15.12.20 490 367 0.02% 446 9.250% AM AXLE & MFG 09 15.01.17 375 501 0.02% 885 Fl. Rate ARAMARK CORP 07 01.02.15 668 751 0.03% 1 100 3.875% BBLTB 12 27.09.22 864 656 0.04% 800 7.750% CASE NW HOL 10 01.09.13 631 620 0.03% 11 000 2.250% CFF 11 07.03.14 8 474 022 0.40% 170 4.500% CONT RUBBER 15.09.19 131 901 0.01% 150 7.000% CSN ISL 10 Perp. 116 526 0.01% 300 8.250% DIGICEL 09 01.09.17 243 477 0.01% 600 6.400% EMAAR SUKUK 12 18.07.19 494 718 0.02% 1 150 8.375% EMPRESAS IS 12 24.07.17 941 728 0.04% 1 000 2.375% EXPERIAN FIN 15.06.17 771 647 0.04% 1 050 5.000% FIDELITY NAT 12 15.03.22 854 160 0.04% 400 11.000% GOLDEN CLOSE 10 09.12.15 326 153 0.02% 840 10.500% GR.SENDA AUTO. 07-15 REGS 03.10.15 659 436 0.03% 2 000 Fl. Rate GSAMP FRN 04-AR2 M1/SUB 25.08.34 381 761 0.02% 200 5.000% HOSPITALITY PR 12 15.08.22 160 499 0.01% 1 000 2.000% HUTCH 12 II 12 08.11.17 759 633 0.04% 1 000 4.700% ICICI BK TRCH 4-S 21.02.18 797 057 0.04% 400 Fl. Rate ING NV 11 09.06.14 306 245 0.01% 2 500 Fl. Rate ING NV 12 25.09.15 1 917 233 0.09% 6 020 Fl. Rate INTESA SAN FRN11 24.02.14 4 561 036 0.22% 80 7.750% IRON MOUNTAIN INC 01.10.19 68 316 0.00% 600 5.500% ITAUUNIBANCO /SUB 06.08.22 477 360 0.02% 260 7.250% JBS USA 11 01.06.21 198 704 0.01% 23 7.000% KFW INTL 93 01.03.13 17 629 0.00% 4 900 7.250% KOOKMIN BK 09 REGS 14.05.14 4 020 386 0.19% 600 1.875% KR EXPRESSW 12 22.10.17 452 603 0.02% 300 3.000% MARRIOTT 12 01.03.19 235 909 0.01% 200 3.250% MARRIOTT 12 15.09.22 152 436 0.01% 750 6.250% MECCANICA 09 144A 15.01.40 490 751 0.02% 300 Fl. Rate OCEANTEAM SH 12 24.10.17 222 998 0.01% 200 5.125% ODEBRECHT 12 26.06.22 165 064 0.01% 200 8.875% PAET 09 30.06.17 162 697 0.01% 100 3.900% PKG CRP OF A 12 15.06.22 78 546 0.00% 470 6.500% PLAINS EXPL 15.11.20 392 898 0.02% 2 685 0.000% RBS 03-PERP/PFD/FLAT Perp. 1 578 334 0.07% 100 3.500% ROCK TENN 12 01.03.20 77 851 0.00% 100 4.000% ROCK TENN 12 01.03.23 77 055 0.00% 1 000 8.375% SAPPI PHG 144A 15.06.19 828 656 0.04% 200 7.750% SAPPI PHG 144A 15.07.17 165 352 0.01% 250 9.875% SC JAVER 11 06.04.21 203 969 0.01% 300 5.250% SIRIUS XM 144A 15.08.22 229 824 0.01% 1 000 4.375% SWIRE PAC 12 18.06.22 834 140 0.04% 47 7.500% TNK BP FIN. 06 /144A 18.07.16 41 355 0.00% 2 500 2.000% USA 04 TBO INFL. IND 15.07.14 2 456 466 0.12% 6 100 1.625% USA TSY 05 15.01.15 5 957 893 0.28% 200 7.750% WINDSTREAM 10 15.10.20 164 367 0.01% 90 4.250% WYNDHAM WLD 12 SR 01.03.22 70 405 0.00% 500 4.250% ZIJIN INTL FINA 30.06.16 403 610 0.02% UYU 2 773 488 0.13% 53 794 4.375% URUGUAY 11 15.12.28 2 773 488 0.13% ZAR 227 018 0.01% 16 000 Fl. Rate ROYAL BK SCOTLD 08 22.06.15 130 021 0.01% 14 000 9.000% STANDARD 07 EMTN 23.11.14 96 997 0.00% Convertible bonds and bonds with warrants 50 024 516 2.37% GBP 484 340 0.02% 300 7.000% SPORTINGBET 11 CV 08.06.16 484 340 0.02% HKD 1 257 368 0.06% 11 700 2.500% CHINA WATER 10 /CV 15.04.15 1 257 368 0.06% JPY 939 511 0.04% 105 000 0.000% NIPRO 10 CV 12.03.15 939 511 0.04% USD 47 343 297 2.25% 910 2.000% DR HORTON 09 CV 15.05.14 1 080 943 0.05% 2 500 1.750% EMC 06 CV 01.12.13 3 019 721 0.14% 7 904 2.000% GOLDCORP INC 09 CV 01.08.14 6 623 137 0.31% 1 200 2.500% GOLDEN AGRI 12 CV 04.10.17 901 820 0.04% 1 120 5.250% HERTZ GLOB 09 CV 01.06.14 1 725 585 0.08% 3 682 3.250% INTEL 09 CV 01.08.39 3 285 202 0.16% 1 800 3.500% KCC CORP 09 CV 06.05.14 1 656 098 0.08% 2 748 1.250% LAM RESEARCH CV 15.05.18 2 060 312 0.10% 6 300 0.000% MICROSOFT 10 CV 15.06.13 4 787 790 0.23% 1 884 2.500% MOLSON COORS 07 CV 30.07.13 1 450 197 0.07% 1 008 1.625% NEWMONT M. 07 CV 15.07.17 1 001 715 0.05% 3 250 0.000% NOBLE GROUP 07 CV 13.06.14 3 549 338 0.17% 5 252 1.000% PRICELINE COM 12 CV 15.03.18 4 255 000 0.20% 4 500 0.000% PULAI CAP 12 CV 22.03.19 3 220 449 0.15% 3 400 3.375% SEADRILL LTD CV 27.10.17 3 458 283 0.16% 1 700 3.750% SHIP FIN IN CV / SFL 10.02.16 1 227 458 0.06% 1 400 2.250% SUBSEA 7 SA 6 CV 11.10.13 1 225 690 0.06% 1 680 2.750% WELLPOINT 12 CV 15.10.42 1 370 639 0.07% 1 600 1.875% YTL 10 CV 18.03.15 1 443 920 0.07% Options, warrants, rights 0 0.00% HKD 0 0.00% 51 000 000 CALL CHINA PETROLEUM 24.04.14 Str. 1 0 0.00% UNLISTED SECURITIES 40 047 677 1.88% Bonds 35 852 632 1.69% BRL 14 284 459 0.68% 35 000 Fl. Rate HSBC BK US 12 /USD 05.01.17 14 284 459 0.68% 1 330 000 0.06% 1 900 Fl. Rate RBS 09 /PIK 31.01.17 1 330 000 0.06% SEK 117 177 0.01% 1 000 Fl. Rate KAHRS HOLD 12 20.12.17 117 177 0.01% USD 19 900 517 0.93% 3 550 3.270% AHMAT MTGE SART 15.09.13 2 722 850 0.13% 6 550 6.900% AHMAT MTGE SART B1 15.09.13 4 973 509 0.24% 1 500 5.920% AHMAT MTGE SART-1 10.05.13 1 143 431 0.05% 200 000 Fl. Rate BACM 06-2 2006-2 XW 10.05.45 99 568 0.00% 500 14.750% BAGHLAN GR FZCO 12 27.06.15 375 455 0.02% 125 000 Fl. Rate CS CMT 07-C5 07-C5 15.09.40 497 016 0.02% 3 900 Fl. Rate CWABS 07 07-13 2A1 25.02.36 1 401 205 0.07% 1 580 Fl. Rate FBRSI 05 05-2AV32 25.09.35 718 357 0.03% 700 8.000% GIBRALTAR.IND. 06/MUTLICP 01.12.15 538 964 0.03% 100 000 Fl. Rate GMAC 04 2004-C3 X1 10.12.41 470 237 0.02% 200 4.400% JONES LANG 12 15.11.22 154 969 0.01% 69 900 0.863% KGS AC 12 MTG 27.08.37 2 286 436 0.11% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 8

Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 150 000 Fl. Rate LB UBS 07-C7 IO 15.09.45 1 359 660 0.06% 330 8.000% LONGVIEW 11 144A 01.06.16 262 819 0.01% 130 000 Fl. Rate MLMT 07 07-C1 X 12.06.50 41 274 0.00% 77 000 Fl. Rate MSC 11 7-HQ13 X1 15.12.44 640 798 0.03% 1 200 9.000% NAVIGATOR 12 18.12.17 908 586 0.04% 500 8.375% PROSPECT MD 12 01.05.19 399 158 0.02% 1 000 Fl. Rate SABR 05-OP2 FRN06 A2C 25.10.35 425 506 0.02% 2 400 Fl. Rate STANDARD BK 08 21.12.15 26 760 0.00% 14 000 Fl. Rate STANDARD BK 10 /CLN 05.01.16 0 0.00% 600 9.000% TIZIR LTD 12 28.09.17 453 959 0.02% ZAR 220 479 0.01% 2 500 9.000% STANDARD BK 10 23.11.14 17 321 0.00% 13 000 Fl. Rate STANDARD BK FRN08 TR 2 14.08.15 0 0.00% 15 000 Fl. Rate STANDARD BK PLC 08 14.08.15 203 158 0.01% Convertible bonds and bonds with warrants 3 273 874 0.15% 2 575 300 0.12% 2 500 0.250% ENI 12 /CV 30.11.15 2 575 300 0.12% USD 698 574 0.03% 1 200 8.000% GWG CORP 12 /CV 06.04.17 698 574 0.03% Options, warrants, rights 921 171 0.04% 875 707 0.04% 80 000 PAYER ITXEB518CR 16.01.13 Str. 1.4 38 240 0.00% -80 000 PAYER ITXEB518CR 16.01.13 Str. 1.6-11 920 0.00% 888 PUT DOW JONES O STOXX 50/PR.IND 15.03.2013 Str. 2300 166 944 0.01% 706 PUT DOW JONES O STOXX 50/PR.IND 15.03.2013 Str. 2450 278 870 0.01% 13 283 PUT /RON 05.04.13 Str. 4.5 160 373 0.01% -80 000 RECEIVER ITXEB518CR 16.01.13 Str. 1-8 800 0.00% 28 SIEMENS 12 CW/SIE 252 000 0.01% 26 890 PUT /PLN 28.02.13 Str. 4.1455 387 173 0.02% 26 890 PUT /PLN 28.02.13 Str. 4.1477 476 225 0.02% 1 177 PUT /TRY 05.02.13 Str. 2.08 0 0.00% JPY 285 277 0.02% 55 000 000 CALL ASAHI 14.11.14 Str. 35 7 195 0.00% 90 000 000 CALL SAWAI PHARMA 03.09.15 Str. 95 121 794 0.01% 75 000 000 CALL SUZUKI MOTOR CO 29.03.13 Str. 0 0 0.00% 370 000 000 CALL SUZUKI MOTOR CO 29.03.13 Str. 35 0 0.00% 100 000 000 CALL UNICHARM 24.09.13 Str. 35 156 288 0.01% USD 1 495 735 0.06% 27 393 CALL USD/CAD 17.01.13 Str. 0.985 195 141 0.01% 3 200 000 CALL YTL CORP FINANC 18.03.13 Str. 92.55 488 046 0.02% 88 PUT S&P 500 INDICES 16.03.2013 Str. 1350 249 641 0.01% 169 PUT S&P 500 INDICES 19.01.2013 Str. 1375 295 828 0.01% 1 761 PUT USD/CAD 07.03.13 Str. 0.972 187 952 0.01% 27 393 PUT USD/CAD 17.01.13 Str. 0.985 39 591 0.00% 24 444 PUT USD/CAD 23.01.13 Str. 0.984 25 904 0.00% 24 704 PUT USD/CAD 29.01.13 Str. 0.9765 13 632 0.00% INVESTMENT FUNDS 70 306 488 3.34% Ireland 52 719 225 2.51% 1 GAM EM MKT ABS/ACPTG.INS.CL 2 0.00% 200 000 GAM ST DYN GLOB ACC /CAP 2 095 720 0.10% 1 900 GAM ST DYN GLOB -INS-ACC/CAP 19 949 126 0.95% 1 598 GAM STAR DYNAMIC GL BD -I- CAP 12 808 908 0.61% 2 330 GAM STAR GL CONV BOND -I- CAP 17 865 469 0.85% Luxembourg 17 587 263 0.83% 14 329 GAI MSTR FIDO -A () -CAP 10 392 903 0.49% 7 513 GAIUS MSTR AUG AM-A () CAP 7 194 360 0.34% USD 45 464 0.00% 333 000 CITIGP HLDG 31.3.15 CW/YYIH 45 464 0.00% CASH EQUIVALENTS 4 369 136 0.22% Options, warrants, rights 4 369 136 0.22% 2 588 124 0.14% -34 225 CALL /CHF 04.03.13 Str. 1.2206-43 761 0.00% -26 890 CALL /CZK 28.02.13 Str. 25.16-221 832-0.01% -26 890 CALL /CZK 28.02.13 Str. 25.24-172 901-0.01% 1 482 CALL /NOK 27.05.13 Str. 7.25 152 954 0.01% 26 890 CALL /PLN 28.02.13 Str. 4.1455 219 952 0.01% 26 890 CALL /PLN 28.02.13 Str. 4.1477 192 579 0.01% -34 225 PUT /CHF 04.03.13 Str. 1.201-85 933 0.00% 34 225 PUT /CHF 04.03.13 Str. 1.213 261 866 0.01% -107 947 PUT /CHF 16.12.13 Str. 1.13-870 114-0.04% 107 947 PUT /CHF 16.12.13 Str. 1.19 1 628 337 0.08% 107 947 PUT /CHF 27.05.13 Str. 1.14 178 986 0.01% -107 947 PUT /CHF 27.05.13 Str. 1.2-809 852-0.04% 1 476 PUT /CZK 11.02.13 Str. 25.1 711 162 0.03% 1 510 PUT /CZK 25.02.13 Str. 25.1 526 952 0.03% -26 890 PUT /CZK 28.02.13 Str. 25.16-266 141-0.01% -26 890 PUT /CZK 28.02.13 Str. 25.24-336 626-0.02% 1 524 PUT /NOK 09.12.13 Str. 7.26 110 084 0.01% 1 498 PUT /NOK 11.12.13 Str. 7.22 115 530 0.01% 2 106 PUT /NOK 17.12.13 Str. 7.25 312 518 0.01% 1 482 PUT /NOK 27.11.13 Str. 7.285 120 966 0.01% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ARBFP - 9

Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 166 796 939 (Cost: 155 997 754) Derivative instruments at market : - Futures -11 250 - Forward foreign exchange contracts -1 252 978 - Swaps -388 228 Cash at banks 6 382 834 Subscriptions receivable 812 910 Receivables on swaps 2 859 190 Dividends and interest 2 751 810 Other receivables 388 632 Total Assets 178 339 859 Liabilities Bank overdraft 5 Payables for redemptions 610 724 Payables for swaps 2 440 248 Management fees payable 149 422 Performance fees 632 686 "Taxe d'abonnement" payable 15 644 Other liabilities 104 517 Total Liabilities 3 953 246 Net Assets 174 386 613 Income Income from investments 4 037 621 Bank interest 11 137 Other income 120 911 Interest income on swaps 3 380 872 Equalisation 32 786 Total Income 7 583 327 Expenses Management fees 909 584 "Taxe d'abonnement" and other taxes 32 275 Bank interest 3 256 Interest expense on swaps 3 669 023 Other expenses* 1 020 612 Equalisation 88 169 Total Expenses 5 722 919 Net 1 860 408 Realised on: - -499 571 - Swaps -259 346 - Options -153 166 - Forward foreign exchange contracts 6 816 585 - Futures -27 974 - Foreign currencies -120 828 Net realised 7 616 108 Net change in unrealised appreciation/ depreciation on: - 4 547 172 - Swaps 366 268 - Options -12 688 - Forward foreign exchange contracts -6 370 787 - Futures -31 391 Total 6 114 682 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 310 638 241 171 121 275 Foreign exchange difference - sub-fund -35 581 743 5 952 923 Total -512 983 6 114 682 Net subscriptions/redemptions -102 722 351-8 318 327 Dividend distributions -699 889-483 940 Net at the end of the reporting period 171 121 275 174 386 613 * See page 10 The TER (Total Expense Ratio) amounts to 1.59%**, or 1.90%** including the performance fee (0.31%) for A-CHF, 1.71%, or 1.98% including the performance fee (0.27%) for A-, 1.71%, or 2.05% including the performance fee (0.34%) for A-USD, 1.71%, or 2.13% including the performance fee (0.42%) for B-CHF, 1.71%, or 2.04% including the performance fee (0.33%) for B-, 1.71%, or 2.06% including the performance fee (0.35%) for B-USD, 1.05%, or 1.40% including the performance fee (0.35%) for Ca-, 1.06%, or 1.40% including the performance fee (0.34%) for C-CHF, 1.05%, or 1.42% including the performance fee (0.37%) for C-, 1.06%, or 1.65% including the performance fee (0.59%) for C-USD, 2.21%, or 2.45% including the performance fee (0.24%) for E- and 2.21%, or 2.56% including the performance fee (0.35%) for E-USD. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. AREBF - 1

Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) 10.00 10.00 10.00 Distribution shares (Shares A-) 57 660.19 28 614.76 24 996.48 Distribution shares (Shares A-USD) 28 755.00 25 295.00 23 570.00 Distribution shares (Shares Ca-) 105 271.00 94 451.00 74 451.00 Accumulation shares (Shares B-CHF) 10.00 4 700.67 2 827.00 Accumulation shares (Shares B-) 959 237.39 612 012.45 564 550.85 Accumulation shares (Shares B-USD) 168 626.65 120 344.10 110 718.40 Accumulation shares (Shares C-CHF) 10 010.00 4 949.25 4 949.25 Accumulation shares (Shares C-) 554 237.99 288 421.02 272 160.54 Accumulation shares (Shares C-USD) 23 668.63 12 389.20 62 711.37 Accumulation shares (Shares E-) 22 485.11 17 154.41 19 136.04 Accumulation shares (Shares E-USD) 551.41 588.73 1 091.56 Net Assets 310 638 241 171 121 275 174 386 613 NAV per share Distribution shares (Shares A-CHF) 100.25 99.36 99.68 Distribution shares (Shares A-) 106.21 103.25 103.88 Distribution shares (Shares A-USD) 104.13 101.37 102.17 Distribution shares (Shares Ca-) 107.72 105.33 106.04 Accumulation shares (Shares B-CHF) 100.25 99.70 102.91 Accumulation shares (Shares B-) 115.55 115.81 119.79 Accumulation shares (Shares B-USD) 114.68 114.83 119.06 Accumulation shares (Shares C-CHF) 100.42 100.61 104.10 Accumulation shares (Shares C-) 117.66 118.57 123.02 Accumulation shares (Shares C-USD) 117.18 118.05 122.74 Accumulation shares (Shares E-) 113.69 113.37 117.11 Accumulation shares (Shares E-USD) 113.17 112.79 116.73 Dividend for the previous financial year (Shares A-CHF) - 0.55 2.90 Dividend for the previous financial year (Shares A-) 3.80 3.15 2.90 Dividend for the previous financial year (Shares A-USD) 3.55 2.85 2.90 Dividend for the previous financial year (Shares Ca-) 3.80 3.20 3.20 AREBF - 2

Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 166 796 939 95.65% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 140 381 534 80.49% Bonds 140 194 034 80.38% BRL 23 242 647 13.33% 1 12.940% BRAZIL 04 N.TES. 15.05.45 56 008 0.03% 21 9.798% BRAZIL 07 01.01.17 10 811 400 6.20% 111 10.250% BRAZIL 07 10.01.28 71 624 0.04% 8 9.711% BRAZIL 10 01.01.15 3 818 958 2.19% 7 12.549% BRAZIL 10 / INFL 15.08.16 8 332 857 4.78% 1 12.940% BRAZIL 10 / INFL 15.08.40 125 114 0.07% 1 12.940% BRAZIL 10 / INFL 15.08.50 26 686 0.02% CLP 17 316 346 9.94% 1 3.000% BCO CTL CHI 07 01.05.17 32 841 0.02% 1 3.000% BCO CTL CHI 10 01.10.15 17 911 0.01% 1 3.000% BCO CTL CHI 12 /INFL 01.07.17 58 352 0.03% 350 3.000% BCO CTL CHIL /INFL 01.07.19 17 123 087 9.83% 2 3.000% BONO BCO 11 01.02.21 84 155 0.05% 17 546 187 10.06% 4 000 6.500% CROATIA 09 05.01.15 5 653 827 3.24% 1 750 3.500% HUNGARY 06 18.07.16 2 229 401 1.28% 2 900 4.750% ITALY 12 01.06.17 4 074 631 2.34% 4 000 5.000% ROMANIA 10 18.03.15 5 588 328 3.20% ILS 4 274 247 2.46% 38 5.120% ISRAEL 01 / INFL 30.07.21 16 253 0.01% 30 4.846% ISRAEL 04 / INFL 31.07.24 12 431 0.01% 362 4.665% ISRAEL 06 / CPI 30.05.36 152 175 0.09% 525 3.241% ISRAEL 09 ILCPI 31.10.19 176 026 0.10% 12 997 2.888% ISRAEL 10 / INFL 30.08.41 3 887 028 2.23% 98 2.875% ISRAEL 11 / CPI 30.09.22 30 334 0.02% KRW 7 530 272 4.32% 37 534 2.750% KOREA 07 / INFL 10.03.17 46 063 0.03% 8 000 000 3.000% KOREA 10 10.12.13 7 484 209 4.29% MXN 16 533 139 9.48% 2 Fl. Rate MEX UDIBONOS TV 06 16.06.16 91 438 0.05% 260 21.324% MEXICO 04 / INFL 18.12.14 10 439 906 5.99% 650 8.000% MEXICO 05 17.12.15 5 433 801 3.12% 8 10.000% MEXICO 05 -M- 05.12.24 91 938 0.05% 4 21.324% MEXICO 06 UDIBONOS 22.11.35 200 700 0.12% 3 18.937% MEXICO 09 / INFL 13.06.19 146 393 0.08% 2 18.964% MEXICO 09 UDI 15.11.40 110 570 0.06% 1 12.193% MEXICO 10 UDIBON 10.12.20 18 393 0.01% PLN 8 201 021 4.70% 19 125 2.750% POLAND 08 / INFL 25.08.23 8 164 467 4.68% 83 Fl. Rate POLAND TV 04 IZ 0816 24.08.16 36 554 0.02% TRY 463 705 0.26% 53 12.000% TURKEY 08 / CPI 14.08.13 42 961 0.02% 134 7.000% TURKEY 09 /CPI 01.10.14 106 892 0.06% 56 Fl. Rate TURKEY 09 CPI 21.05.14 46 584 0.03% 43 4.500% TURKEY 10 INFL 11.02.15 32 419 0.02% 195 3.000% TURKEY 11 / CPI 06.01.21 144 336 0.08% 133 3.000% TURKEY 12 /INFL 23.02.22 90 513 0.05% 6 000 6.750% LITHUANIA 09 15.01.15 6 609 180 3.79% 750 5.125% MONGOLIA 12 05.12.22 735 668 0.42% 200 4.125% MONGOLIA 12 05.01.18 197 978 0.11% 2 000 7.875% PAKISTAN 06-36REG 31.03.36 1 508 380 0.86% 2 000 6.875% PAKISTAN 07 01.06.17 1 843 580 1.06% 3 000 Fl. Rate REP. DOMINIC. 05-18REG / PIK 23.01.18 3 734 942 2.14% 1 000 6.750% ROMANIA 12 07.02.22 1 220 430 0.70% 1 000 5.500% SLOVENIA 12 26.10.22 1 054 710 0.60% 6 000 7.250% TURKEY 04 15.03.15 6 705 000 3.84% 3 000 6.000% VENEZUELA 05 REGS 09.12.20 2 512 590 1.44% 3 000 6.875% VIETNAM 05 REG.S 15.01.16 3 297 030 1.89% UYU 6 290 502 3.61% 65 525 5.000% URUGUAY (INDEX LKD) 06-18 14.09.18 6 290 502 3.61% ZAR 347 390 0.20% 95 Fl. Rate SOUTH AFRICA / CPI 31.03.28 18 569 0.01% 652 5.500% SOUTH AFRICA / INFL 07.12.23 220 031 0.13% 425 3.450% SOUTH AFRICA 03 07.12.33 108 790 0.06% Options, warrants, rights 187 500 0.11% USD 187 500 0.11% PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 250 187 500 0.11% 132.5 TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 50 262 0.03% Bonds 50 262 0.03% KRW 21 664 0.01% 18 767 2.750% KOREA 10 /CPI 10.06.20 21 664 0.01% THB 28 598 0.02% 826 1.200% THAILAND GOV CPI 14.07.21 28 598 0.02% UNLISTED SECURITIES 58 329 0.03% Bonds 58 329 0.03% BRL 58 329 0.03% 1 12.939% BRAZIL 09 IPCA 15.08.20 58 329 0.03% CASH EQUIVALENTS 26 306 814 15.10% Treasury bills 26 194 010 15.03% USD 26 194 010 15.03% 17 195 0.000% USA 12 TB 07.02.13 17 194 530 9.87% 9 000 0.000% USA TB 07.03.13 8 999 480 5.16% Options, warrants, rights 112 804 0.07% USD 112 804 0.07% 5 000 PUT USD/INR 14.06.13 Str. 54.295 62 796 0.04% 5 000 PUT USD/TRY 12.03.13 Str. 1.8 50 008 0.03% USD 38 448 578 22.02% 1 000 0.000% ARGENTINA 93-23 L /FLAT OPE 31.03.23 732 500 0.42% 2 000 6.375% CROATIA 11 24.03.21 2 275 520 1.30% 5 500 5.875% EX-IMP BK KR 09 14.01.15 6 021 070 3.45% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. AREBF - 3

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 182 368 415 (Cost: 165 282 722) Derivative instruments at market : - Futures -3 882 - Forward foreign exchange contracts 2 815 409 - Swaps 118 875 Cash at banks 7 435 600 Receivable from brokers 245 239 Subscriptions receivable 5 378 848 Receivables on swaps 533 990 Dividends and interest 3 380 599 Total Assets 202 273 093 Liabilities Bank overdraft 5 Payable to brokers 6 597 Payables for redemptions 154 196 Payables for swaps 305 637 Management fees payable 162 934 "Taxe d'abonnement" payable 20 084 Other liabilities 3 608 337 Total Liabilities 4 257 790 Net Assets 198 015 303 Income Income from investments 4 069 243 Bank interest 1 822 Interest income on swaps 440 437 Equalisation 718 614 Total Income 5 230 116 Expenses Management fees 787 482 "Taxe d'abonnement" and other taxes 36 174 Bank interest 1 295 Interest expense on swaps 369 365 Other expenses* 372 148 Total Expenses 1 566 464 Net 3 663 652 Realised on: - 2 034 262 - Swaps -85 421 - Options -30 011 - Forward foreign exchange contracts 955 188 - Futures -7 144 - Foreign currencies -151 635 Net realised 6 378 891 Net change in unrealised appreciation/ depreciation on: - 2 063 117 - Swaps 233 472 - Options 3 179 - Forward foreign exchange contracts 2 742 516 - Futures -2 969 Total 11 418 206 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 133 686 977 117 568 178 Foreign exchange difference - sub-fund 349 020-317 259 Total -71 674 11 418 206 Net subscriptions/redemptions -16 234 106 69 796 608 Dividend distributions -162 039-450 430 Net at the end of the reporting period 117 568 178 198 015 303 * See page 10 The TER (Total Expense Ratio) amounts to 1.56% for A- shares, 2.15%** for A-USD shares, 1.56% for B- shares, 1.56% for B-USD shares, 1.01% for Ca- shares, 1.01% for C- shares, 1.01% for C-USD shares, 2.07% for E- shares, 2.09% for Em- shares, 2.10% for E-USD shares and 2.08% for Tm-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. COBF - 1

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-) 21 211.94 21 401.07 48 080.52 Distribution shares (Shares A-USD) 10.00 10.00 9 527.47 Distribution shares (Shares Ca-) 50 010.00 6 010.00 7 840.00 Distribution shares (Shares Em-) - 9 106.37 47 653.96 Distribution shares (Shares Tm-USD) - 21 567.51 71 613.59 Accumulation shares (Shares B-) 562 576.93 493 404.07 625 515.32 Accumulation shares (Shares B-USD) 2 345.00 16 075.00 16 192.00 Accumulation shares (Shares C-) 183 352.54 120 404.85 255 466.63 Accumulation shares (Shares C-USD) 32 530.00 37 030.00 54 911.12 Accumulation shares (Shares E-) 94 693.61 98 273.99 142 345.79 Accumulation shares (Shares E-USD) 10.00 30 084.90 132 365.77 Net Assets 133 686 977 117 568 178 198 015 303 NAV per share Distribution shares (Shares A-) 107.88 103.54 106.18 Distribution shares (Shares A-USD) 101.61 102.32 105.24 Distribution shares (Shares Ca-) 131.81 128.36 132.16 Distribution shares (Shares Em-) - 100.43 105.78 Distribution shares (Shares Tm-USD) - 99.36 104.08 Accumulation shares (Shares B-) 144.92 147.45 158.60 Accumulation shares (Shares B-USD) 101.61 103.36 111.50 Accumulation shares (Shares C-) 150.64 154.11 166.24 Accumulation shares (Shares C-USD) 101.80 104.12 112.65 Accumulation shares (Shares E-) 139.51 141.23 151.54 Accumulation shares (Shares E-USD) 101.56 102.85 110.68 Dividend for the previous financial year (Shares A-) 6.15 6.00 5.10 Dividend for the previous financial year (Shares A-USD) - 1.10 5.10 Dividend for the previous financial year (Shares Ca-) 7.45 6.20 6.20 Dividend for the previous financial year (Shares Em-) - 1.60 1.92* Dividend for the previous financial year (Shares Tm-USD) - 2.30 2.76* *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.32; August 2012: 0.32; September 2012: 0.32; October 2012: 0.32; November 2012: 0.32; December 2012: 0.32 Tm-US shares: July 2012: 0.46; August 2012: 0.46; September 2012: 0.46; October 2012: 0.46; November 2012: 0.46; December 2012: 0.46 COBF - 2

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 182 368 415 92.10% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 125 811 328 63.59% Bonds 123 363 321 62.36% BRL 639 530 0.32% 2 9.798% BRAZIL 07 01.01.17 639 530 0.32% CHF 345 814 0.17% 364 Fl. Rate RBS 12 / SUB 16.03.22 345 814 0.17% 52 992 668 26.76% 132 4.375% A.P MOLLER 10 24.11.17 146 529 0.07% 132 4.000% AB INBEV 10 26.04.18 150 967 0.08% 132 3.375% ABBEY NATL 10 20.10.15 140 529 0.07% 132 4.375% ABBEY NATL 11 24.01.18 152 901 0.08% 132 3.500% ABN AMRO 10 21.09.22 151 215 0.08% 132 4.000% ABN AMRO 10 REGS 03.02.15 140 718 0.07% 132 4.250% ABN AMRO 11 11.04.16 145 998 0.07% 7 Fl. Rate ADAGI 05 SII-X A1 15.01.21 6 321 0.00% 132 7.625% ADECCO IF 9 28.04.14 143 668 0.07% 265 6.587% AER RIANTA 08 09.07.18 285 642 0.14% 132 4.605% AFD 04 Perp. 124 346 0.06% 132 4.000% AIB 10 19.03.15 132 835 0.07% 3 4.875% AIB MTG BANK 07 29.06.17 3 498 0.00% 265 5.000% AIG 07 26.06.17 298 861 0.15% 66 4.750% AIR FRANCE 06 22.01.14 67 624 0.03% 132 4.000% ALADIS EMISIONES 05 11.12.15 143 254 0.07% 4 Fl. Rate ALPST 07 2X B 15.05.24 3 134 0.00% 132 4.875% AMADEUS CAP 11 15.07.16 144 930 0.07% 132 4.625% AMCOR LTD 11 16.04.19 154 222 0.08% 132 3.750% AMER MOVIL 10 28.06.17 147 097 0.07% 132 5.375% AMER SPORTS 10 11.06.15 139 371 0.07% 132 3.500% ANGLO AMER 12 28.03.22 140 441 0.07% 265 5.125% ANZ 09 10.09.19 308 257 0.16% 132 6.250% AON FIN 09 01.07.14 142 202 0.07% 491 Fl. Rate ARGENTINA 03-33 PIK 31.12.33 403 524 0.20% 132 4.875% ARRFP 11 21.01.19 151 174 0.08% 132 5.000% ARRFP 11 12.01.17 148 514 0.08% 8 Fl. Rate ARRMF 2011-1X A1B 19.11.47 2 340 0.00% 132 5.750% ASML HOLDING 07 13.06.17 154 483 0.08% 2 Fl. Rate AVOCA 05 SIII-X C 15.09.21 1 411 0.00% 3 Fl. Rate AVOCA 07 VII-X A3 16.05.24 3 160 0.00% 265 4.500% BANBRA 11 20.01.16 282 708 0.14% 53 Fl. Rate BARCLAYS 04 04.03.19 53 588 0.03% 265 4.875% BARCLAYS 09 13.08.19 316 356 0.16% 5 2.250% BARCLAYS 12 22.02.17 5 252 0.00% 265 6.000% BARRY CALL.SVCS 07 13.07.17 302 309 0.15% 132 4.375% BBVASM 12 21.09.15 135 683 0.07% 3 3.125% BCO SANT.CENT-HIS 05-15 28.09.15 3 351 0.00% 132 4.375% BELGACOM 06 23.11.16 149 972 0.08% 132 6.375% BHP FINANCE 09 04.04.16 156 000 0.08% 265 4.000% BK IRELAND 10 28.01.15 265 391 0.13% 134 3.250% BK IRELD MTG 05 22.06.15 136 174 0.07% 5 4.625% BK IRELD MTG 09 16.09.14 5 135 0.00% 79 4.625% BK OF IRELAND 09 08.04.13 79 545 0.04% 132 3.875% BNG 11 26.05.23 156 228 0.08% 66 5.431% BNPP 07 07.09.17 75 632 0.04% 132 3.750% BNPP 10 25.11.20 148 883 0.08% 79 4.625% BOA 04 18.02.14 82 530 0.04% 132 4.750% BOA 10 03.04.17 149 116 0.08% 132 3.472% BPCM 11 01.06.16 143 814 0.07% 132 4.625% BRAM FIN 11 20.04.18 153 041 0.08% 649 2.000% BUENOS AIRES 05-20 REG MULCP 01.05.20 258 212 0.13% 5 Fl. Rate BUMPER 4 11 2011-4 A 20.05.26 3 158 0.00% 132 3.750% BURVER 12 24.05.17 140 922 0.07% 132 5.375% CAMPARI 09 14.10.16 144 656 0.07% 132 4.250% CBA 09 10.11.16 149 014 0.08% 132 4.375% CBA 10 25.02.20 155 733 0.08% 8 Fl. Rate CELF 06 2006-1X A2 01.11.23 7 518 0.00% 132 4.125% CESKE DRAHY 12 23.07.19 143 369 0.07% 943 9.000% CET 21 10 01.11.17 1 030 310 0.52% 132 4.500% CEZ 10 29.06.20 155 135 0.08% 53 5.250% CGNU PLC 03 02.10.23 53 576 0.03% 265 4.250% CITIGP 05 25.02.30 243 349 0.12% 265 4.375% CITIGRP 07 30.01.17 297 160 0.15% 3 Fl. Rate CLARENVILLE 1X-A1A 15.03.16 580 0.00% 132 4.375% CLARIANT FIN. 06 05.04.13 133 403 0.07% 132 5.000% COFIROUTE 06 24.05.21 157 941 0.08% 66 3.125% COMPASS GR 12 13.02.19 71 863 0.04% 132 3.300% CRH 10 23.09.22 148 743 0.08% 265 4.750% CS INTL 09 05.08.19 315 382 0.16% 132 6.125% DAIMLER INTL 08 08.09.15 150 546 0.08% 26 4.500% DAVIDE CAMP 12 25.10.19 27 835 0.01% 3 Fl. Rate DECO 06 7-E2X C 27.01.18 1 525 0.00% 1 326 Fl. Rate DECO LTD 06 7-E2XB 27.01.18 719 732 0.36% 278 Fl. Rate DEUTSCHE BK 05 09.03.17 258 997 0.13% 132 4.250% DNB 12 18.01.22 154 377 0.08% 132 4.375% DNB NOR 11 24.02.21 155 544 0.08% 132 4.000% DONG ENERGY 09 16.12.16 147 536 0.07% 33 Fl. Rate DRIVER 7 GMBH 10 7A 21.05.16 8 407 0.00% 13 Fl. Rate DRYDEN XV 07 6-15X 15.04.23 12 236 0.01% 7 Fl. Rate EATON VANC FRN07 A1 22.02.27 5 994 0.00% 3 Fl. Rate ECLIP 06 2006-2 E 20.02.19 655 0.00% 132 3.625% EDENRED 10 06.10.17 143 488 0.07% 5 Fl. Rate EELF 06 2006-1 A1 18.05.22 3 525 0.00% 132 4.250% EESTI ENERGIA AS 02.10.18 144 152 0.07% 132 2.250% ELISA CORP 12 04.10.19 134 921 0.07% 132 2.500% ELM BV 12 24.09.20 136 540 0.07% 5 Fl. Rate E-MAC 04 NL04-I B 25.07.36 2 275 0.00% 1 326 Fl. Rate E-MAC 06 NL06-2 A 25.01.39 784 173 0.40% 66 4.500% ENERGIE AG 05 04.03.25 75 333 0.04% 265 4.875% ENI 11 11.10.17 297 197 0.15% 132 6.250% ESB FIN 12 11.09.17 152 106 0.08% 5 Fl. Rate OPROP 07 6 -A- 30.04.17 3 690 0.00% 132 4.125% EUTELSAT 10 27.03.17 147 310 0.07% 132 9.375% FCE BK 09 17.01.14 143 229 0.07% 132 5.250% FIAT 11 11.03.15 140 505 0.07% 132 6.625% FIAT FIN. 06 15.02.13 133 095 0.07% 132 5.250% FMC FIN III 11 15.02.21 147 713 0.07% 132 6.000% FORTUM 09 20.03.19 165 826 0.08% 6 Fl. Rate FOSSE MAS 10-2X A2 18.10.54 4 190 0.00% 5 Fl. Rate FOSSM 10 10-4 A2 18.10.54 4 435 0.00% 79 3.000% FRANCE TEL 12 15.06.22 82 873 0.04% 132 4.750% FRANCE TELEC 07 21.02.17 150 920 0.08% 132 3.625% FRANCE TELEC. 05 14.10.15 142 145 0.07% 265 5.250% FRAPORT 09 10.09.19 308 278 0.16% 132 7.125% FREENET 11 20.04.16 148 483 0.07% 185 8.750% FRESENIUS FII 09 15.07.15 217 973 0.11% 132 2.875% G4S 12 02.05.17 136 768 0.07% 132 5.000% GAS NCP 12 13.02.18 145 987 0.07% 132 6.750% GATEGROUP F 12 01.03.19 141 432 0.07% 132 5.875% GAZ CAPITAL 05 REG 01.06.15 144 929 0.07% 132 6.375% GDF SUEZ 09 18.01.21 175 000 0.09% 265 5.250% GE CAP 08 18.05.15 291 625 0.15% 132 4.625% GE CAP.OP 07 22.02.27 159 333 0.08% 5 Fl. Rate GELDILUXTS11 11-16 11-TSA2 08.12.16 4 963 0.00% 132 5.000% GERRESHEIME 11 19.05.18 148 474 0.07% 132 5.750% GIE SUEZ ALL 03 24.06.23 170 466 0.09% 132 5.625% GLAXOSM CAP 07 13.12.17 162 148 0.08% 18 Fl. Rate GLBDRV 11 11-AX A 20.04.19 11 428 0.01% 265 6.375% GOLDMAN SACHS 08 02.05.18 319 549 0.16% 7 Fl. Rate GRACE CARD2 1X A2 15.02.17 6 663 0.00% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 3

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 20 Fl. Rate GRND 06 1 A 20.07.16 14 456 0.01% 19 Fl. Rate GROHE HLDG 12 15.12.17 20 198 0.01% 7 Fl. Rate HARBM 05 5X A2E 15.06.20 4 948 0.00% 3 Fl. Rate HARBM 05 6X A3 25.10.20 2 309 0.00% 7 Fl. Rate HARBOURM. 06 PR2XA2 15.10.22 5 047 0.00% 3 4.932% HARVEST CLO IX-B1 29.03.17 3 208 0.00% 11 Fl. Rate HARVEST III 6 III-XA 08.06.21 10 415 0.01% 7 Fl. Rate HARVT 04 IX A1 29.03.17 1 627 0.00% 132 8.000% HEIDLRG 09 31.01.17 155 804 0.08% 13 Fl. Rate HIGHWAY BV 12 2012-1 A 26.03.24 13 284 0.01% 132 3.875% HSBC 11 24.10.18 150 599 0.08% 106 3.750% HSBC FIN. 05 04.11.15 113 713 0.06% 532 3.500% HUNGARY 06 18.07.16 514 318 0.26% 265 4.750% HUTCH WHAM 09 14.11.16 300 441 0.15% 8 Fl. Rate HYDE PARK 06 1X A1 14.06.22 7 117 0.00% 132 3.750% ICO 10 28.07.15 133 013 0.07% 321 7.875% INEOS GROUP 06 REG. 15.02.16 319 453 0.16% 265 3.375% ING NV 10 03.03.15 278 369 0.14% 132 3.500% INSTIT CRDT OF 09 20.01.14 133 324 0.07% 265 4.000% INTESA SAN 10 08.11.18 271 442 0.14% 265 4.375% INTESA SAN 11 16.08.16 288 130 0.15% 1 000 5.250% ITALY 02 BTP 01.08.17 1 088 630 0.55% 1 000 4.000% ITALY 06 BTP 01.02.17 1 040 950 0.53% 1 000 3.750% ITALY 06 BTP 01.08.16 1 037 600 0.52% 1 000 4.500% ITALY 07 BTP 01.02.18 1 055 300 0.53% 1 000 4.750% ITALY 11 BTP 15.09.16 1 070 650 0.54% 1 000 3.750% ITALY 11 BTP 15.04.16 1 037 450 0.52% 1 000 4.750% ITALY 12 01.06.17 1 065 720 0.54% 1 000 4.750% ITALY 12 BTP 01.05.17 1 066 130 0.54% 132 2.750% JPM CHASE CO 12 24.08.22 137 031 0.07% 132 3.875% JPMORGAN C. 10 23.09.20 150 984 0.08% 132 4.250% KLEPIERRE 06 16.03.16 143 730 0.07% 365 11.625% KP GERMANY 15.07.17 408 145 0.21% 132 7.500% KPN 09 04.02.19 168 831 0.09% 159 4.750% LA POSTE 09 17.02.16 177 577 0.09% 402 8.500% LABCO 11 15.01.18 418 483 0.21% 34 8.500% LABCO 11 144A 15.01.18 34 876 0.02% 66 5.000% LAFARGE 04 16.07.14 69 195 0.03% 132 8.875% LAFARGE ST-UP 09 27.05.14 144 935 0.07% 4 Fl. Rate LAMBDA FIN.FRN07-31 2007-1X A2 20.09.31 343 0.00% 132 4.375% LEGRAND 11 EMTN 21.03.18 152 147 0.08% 3 Fl. Rate LEOP 04 III-X D 21.04.20 2 144 0.00% 132 5.375% LLOYDS 09 03.09.19 160 817 0.08% 132 6.375% LLOYDS 09 17.06.16 155 151 0.08% 53 5.625% LLOYDS TSB 08 05.03.18 51 187 0.03% 132 3.625% LUXOTTICA 12 19.03.19 145 897 0.07% 132 4.875% MER LY 07 30.05.14 139 136 0.07% 132 4.125% MERCIALYS 12 26.03.19 145 581 0.07% 838 9.500% MOMENT PER 11 15.01.21 619 441 0.31% 132 4.500% MOR ST 9 29.10.14 139 711 0.07% 132 5.500% MORGAN STAN 07 02.10.17 151 131 0.08% 265 3.250% MOTABILITY 12 30.11.18 288 918 0.15% 265 6.000% MUNICH RE FTF 11 26.05.41 317 440 0.16% 265 4.750% NAB 09 15.07.16 300 219 0.15% 132 4.625% NAB 10 10.02.20 149 760 0.08% 265 3.750% NATIONWIDE 10 20.01.15 279 912 0.14% 132 3.125% NATIONWIDE 12 03.04.17 142 667 0.07% 132 5.125% NL GASU 09 31.03.17 155 533 0.08% 265 3.750% NORDEA 10 24.02.17 293 260 0.15% 132 4.000% NORDEA SE 10 29.06.20 152 498 0.08% 132 3.500% NWB 11 14.01.21 151 325 0.08% 132 4.375% NY LIFE GBL 07 19.01.17 148 991 0.08% 132 3.500% OPTUS FIN SIN 10 15.09.20 147 924 0.07% 132 7.250% OTE PLC 11 08.04.14 131 141 0.07% 7 Fl. Rate PARAGON MT 04 /8-A2B 16.04.35 3 434 0.00% 132 5.500% PEMEX 09 09.01.17 150 873 0.08% 106 8.375% PEUGEOT SA 09 15.07.14 114 244 0.06% 132 5.750% PFIZER 09 03.06.21 173 237 0.09% 132 4.000% PGNIG FIN AB 12 14.02.17 138 515 0.07% 132 5.875% PHILIP MOR 08 04.09.15 150 425 0.08% 132 5.125% PIRELLI & C 11 22.02.16 139 640 0.07% 265 3.000% POHJOLA BK 10 08.09.17 287 143 0.15% 132 3.125% POHJOLA BK 10 25.03.15 139 129 0.07% 132 6.000% PORTUGAL TEL 09 30.04.13 134 064 0.07% 1 111 Fl. Rate PROMISE FRN06 IM06-1 C 20.03.17 901 450 0.46% 132 5.250% PRYSMIAN 10 09.04.15 138 610 0.07% 265 4.750% RABOBANK NED. 07 06.06.22 319 811 0.16% 132 5.875% RABOBK 09 20.05.19 159 630 0.08% 132 5.750% RBS 09 21.05.14 140 960 0.07% 265 4.875% RBS 10 15.07.15 289 048 0.15% 66 5.375% RBS GRP 09 30.09.19 79 087 0.04% 265 4.750% RED ELEC FI 11 16.02.18 288 535 0.15% 132 5.180% REMY COINT 10 15.12.16 145 191 0.07% 198 6.000% RENAULT 09 13.10.14 211 640 0.11% 265 4.625% REPSOL INT.FI. 04 08.10.14 278 282 0.14% 132 3.875% RHOEN KL AG 10 11.03.16 140 582 0.07% 7 Fl. Rate RMF O CDO 05-21 III-X-1 11.11.21 4 976 0.00% 132 6.500% ROCHE HLDG 09 04.03.21 181 162 0.09% 10 5.625% ROCHE HLDG 09 04.03.16 11 322 0.01% 573 5.000% ROMANIA 10 18.03.15 607 419 0.31% 132 4.250% SAMPO BK 12 27.02.17 145 590 0.07% 132 4.625% SANT ID 12 21.03.16 138 341 0.07% 132 3.625% SANTANDER 10 06.04.17 135 778 0.07% 132 3.625% SCA AB 11 26.08.16 144 959 0.07% 132 4.250% SEB 11 21.02.18 151 104 0.08% 132 4.500% SEB 11 03.06.16 143 268 0.07% 132 2.750% SECURITAS 2.75 12 28.02.17 137 166 0.07% 132 2.250% SECURITAS EMTN 14.03.18 133 241 0.07% 132 4.875% SES GLB AME 09 09.07.14 140 279 0.07% 265 4.375% SHB 11 EMTN 20.10.21 313 255 0.16% 132 3.875% SKF 11 25.05.18 149 185 0.08% 529 Fl. Rate SLM STUD.FRN 03 C.A5B 15.12.33 441 502 0.22% 132 4.125% SMITHS GRP 10 05.05.17 145 241 0.07% 4 Fl. Rate SMPER 06 2006-1 C 30.09.84 3 505 0.00% 132 3.875% SNAM 12 EMTN 19.03.18 142 016 0.07% 132 6.250% SODEXO 09 30.01.15 146 936 0.07% 132 4.625% SOLVAY 03 EMTN 27.06.18 154 640 0.08% 132 3.625% ST GOBAIN 12 28.03.22 136 813 0.07% 66 3.625% ST GOBAIN 12 15.06.21 68 729 0.03% 132 5.875% ST.CHART 7 REGS 26.09.17 154 501 0.08% 132 4.000% STADA ARZ 10 21.04.15 139 571 0.07% 185 5.500% STATK 09 02.04.15 204 215 0.10% 132 5.625% STATOIL 09 11.03.21 172 915 0.09% 132 5.500% STORA ENSO 12 07.03.19 138 198 0.07% 7 Fl. Rate STORM BV FRN10 10-1 A1 22.03.52 4 845 0.00% 132 4.125% SUEDZ FIN 11 29.03.18 151 160 0.08% 265 3.750% SVSK HDBK 10 24.02.17 293 863 0.15% 132 3.875% SWED MATCH 10 24.11.17 148 215 0.07% 265 3.375% SWEDBANK 12 09.02.17 287 952 0.15% 132 5.500% SWITCH HLDGS EMTN 18.04.18 150 748 0.08% 132 7.875% TELECOM ITAL 09 22.01.14 141 378 0.07% 132 4.375% TELEFONICA 06 02.02.16 140 976 0.07% 185 4.797% TELEFONICA 12 21.02.18 202 743 0.10% 132 5.811% TELEFONICA EMTN 05.09.17 150 375 0.08% 132 5.125% TELEMAR N L REGS 15.12.17 142 868 0.07% 132 4.250% TELIASONERA 11 18.02.20 155 507 0.08% 132 3.500% TELSTRA 12 21.09.22 146 873 0.07% 132 4.875% TERNA 09 03.10.19 151 874 0.08% 132 5.875% TESCO 08 12.09.16 155 585 0.08% 132 3.250% THAMES FIN 10 09.11.16 143 376 0.07% 132 8.500% THYSSENKRUPP 09 25.02.16 154 270 0.08% 40 Fl. Rate TMAN 07 7 A 22.04.17 12 964 0.01% 132 6.625% TOYOTA 09 03.02.16 156 320 0.08% 132 6.000% UBS LOND. 08 SENIOR 18.04.18 163 590 0.08% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 4

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 532 4.950% UKRAINE 05 REG. 13.10.15 516 905 0.26% 132 4.875% UNICREDIT 12 07.03.17 142 053 0.07% 704 8.125% UPC GER 09 144A 01.12.17 761 572 0.38% 94 0.000% UT2 FUNDG /FLAT 30.06.16 104 523 0.05% 132 4.375% VALE 10 24.03.18 146 881 0.07% 132 6.250% VATTENFALL 09 17.03.21 176 875 0.09% 7 Fl. Rate VCL MULTI 15 15 A 01.01.18 5 005 0.00% 265 4.750% VERBUND INTL 09 16.07.19 315 506 0.16% 55 8.750% VERISURE HLDG B 01.12.18 54 743 0.03% 53 8.750% VERISURE HOLD 01.12.18 53 678 0.03% 116 8.750% VERISURE HOLD 12 01.09.18 127 478 0.06% 490 8.750% VERISURE HOLDING 01.09.18 535 136 0.27% 132 4.000% VIVENDI 10 31.03.17 144 355 0.07% 132 4.750% VIVENDI 11 13.07.21 152 451 0.08% 265 4.875% WAL-MART 09 21.09.29 341 885 0.17% 265 4.375% WELLS FARGO 06 01.08.16 297 200 0.15% 119 4.125% WELLS FARGO 06 03.11.16 133 673 0.07% 132 2.625% WELLS FARGO 12 16.08.22 137 043 0.07% 265 4.250% WESTPAC BK 09 22.09.16 296 850 0.15% 77 12.250% WIND ACQ 09 144A 15.07.17 76 617 0.04% 262 12.250% WIND ACQU REGS PIK 15.07.17 261 548 0.13% 132 3.750% WUERTH FIN 11 25.05.18 148 211 0.07% 132 5.250% XSTRATA FIN. 07 13.06.17 151 513 0.08% GBP 4 339 014 2.22% 157 8.162% ARGON CAP (TV) 07 Perp. 113 691 0.06% 265 5.625% BAYER AG 06 23.05.18 388 154 0.20% 568 10.000% CASTLE HOLD 09 08.05.18 714 012 0.36% 318 6.500% CIBA SPE CHEM 98 24.04.13 396 626 0.20% 132 5.375% GKN HDG 12 19.09.22 168 877 0.09% 185 7.250% HEINEKEN NV 09 10.03.15 255 563 0.13% 66 7.625% LADBROKES GRP 10 05.03.17 91 320 0.05% 245 13.000% LLOYDS 09-PERP/FLAT Perp. 440 378 0.22% 265 6.125% LSE 06 MULTI CPN 07.07.16 360 393 0.18% 265 5.875% NEXT PLC 6 12.10.16 368 545 0.19% 132 7.000% PEARSON 99 27.10.14 178 807 0.09% 265 5.556% RABOBK CAP II 04 Perp. 328 665 0.17% 185 5.750% RENTOKIL IN. 06 31.03.16 247 674 0.13% 66 7.250% SMITHS GRP PLC 00 30.06.16 94 333 0.05% 97 6.542% UNI PUB FIN 99-21 CL.A3 30.03.21 113 918 0.06% 73 5.659% UNI.PUB FIN. 02 30.06.27 78 058 0.04% MXN 1 520 014 0.77% 233 7.750% MEXICO 07 S.M 10 14.12.17 1 520 014 0.77% PLN 1 590 894 0.80% 4 913 2.750% POLAND 08 / INFL 25.08.23 1 590 894 0.80% USD 60 354 198 30.52% 384 7.250% 1ST QUANT MIN 12 15.10.19 294 002 0.15% 132 4.000% ABB TREAS 11 15.06.21 111 282 0.06% 143 8.700% ALBERTSON 00 01.05.30 64 329 0.03% 393 6.625% ALBERTSON S 98 TR.74 01.06.28 158 588 0.08% 965 7.450% ALBERTSON S 99 01.08.29 409 925 0.21% 278 8.875% ALROSA FIN. REGS 17.11.14 234 327 0.12% 132 5.050% AMER TOWER 10 01.09.20 111 685 0.06% 106 6.375% ANADKO PET 10 15.09.17 96 018 0.05% 2 997 2.500% ARGENTINA 03 30.09.38 817 806 0.41% 1 097 8.280% ARGENTINA 03 PIK 31.12.33 809 545 0.41% 265 7.250% BFF INTL 10 28.01.20 239 778 0.12% 250 Fl. Rate BLUE DANUBE 12 /CAT 10.04.15 197 519 0.10% 322 5.750% BRASIL TELE 12 10.02.22 255 876 0.13% 2 530 7.125% BRAZIL 06 20.01.37 2 949 278 1.50% 10 9.000% CITIZENS COMM. 01 15.08.31 8 708 0.00% 713 12.000% CLEARWIRE CORP 09 01.12.15 581 143 0.29% 132 3.950% CNPC GEN 12 19.04.22 108 865 0.05% 491 10.375% COLOMBIA 03 28.01.33 692 693 0.35% 409 8.125% COLOMBIA 04 21.05.24 467 783 0.24% 778 7.375% COLOMBIA 06 18.09.37 917 652 0.46% 204 Fl. Rate COMPASS RE /CAT 08.01.15 155 337 0.08% 165 6.750% CORP LINDLEY 11 23.11.21 145 354 0.07% 90 8.050% COSTA RICA 03-13 REGS 31.01.13 68 802 0.03% 3 153 6.375% CROATIA 11 24.03.21 2 720 693 1.38% 225 Fl. Rate CSG GG 11 24.02.41 181 272 0.09% 132 3.875% DAIMLER FIN 11 15.09.21 109 010 0.06% 210 6.550% DELPHI AUT. -06 /DEFAULT 15.06.09 1 192 0.00% 212 6.500% DRILL RINGS HOL 01.10.17 160 030 0.08% 806 9.500% DTEK FIN 10 28.04.15 619 737 0.31% 132 5.500% DUFRY FIN 12 15.10.20 103 855 0.05% 485 2.375% EKSPORTFIN 11 25.05.16 352 270 0.18% 211 8.050% EL PAS.ENERGY 0-30MTN 15.10.30 186 640 0.09% 689 7.800% EL PASO TR.4 01.08.31 608 920 0.31% 1 073 7.650% EL SALVADOR 05 REG 15.06.35 924 839 0.47% 123 10.500% EMPRESA EN. 06 REGS 19.07.13 96 660 0.05% 132 4.125% ERICSSON 12 15.05.22 105 170 0.05% 925 9.500% EVRAZ GP 08 REGS 24.04.18 802 136 0.41% 66 2.625% FEDEX CORP 12 01.08.22 49 976 0.03% 393 6.500% GAZPROMBK 05 23.09.15 322 907 0.16% 106 4.500% GILEAD SC 11 01.04.21 91 716 0.05% 1 092 6.000% GT 2005 ST-UP 09 21.07.14 835 642 0.42% 292 5.875% HCA 12 15.03.22 242 170 0.12% 1 802 7.625% HUNGARY 11 29.03.41 1 586 998 0.80% 1 208 7.750% INDONESIA 08 17.01.38 1 386 619 0.70% 983 11.625% INDONESIA 09 04.03.19 1 133 843 0.57% 132 3.625% KIA MOTORS CORP 14.06.16 105 712 0.05% 2 940 6.750% LITHUANIA 09 15.01.15 2 456 173 1.25% 246 6.625% LITHUANIA 12 01.02.22 239 108 0.12% 804 8.750% METINVEST 11 144A 14.02.18 590 630 0.30% 573 8.300% MEXICO 01 T.7 MTN 15.08.31 707 817 0.36% 2 743 6.750% MEXICO 04 GL 27.09.34 2 995 150 1.52% 132 3.500% MOLSON COORS 12 01.05.22 105 830 0.05% 859 10.950% MRIYA AGRO 30.03.16 661 676 0.33% 282 10.750% NORTEL NETWK 08-16/DEFL 15.07.16 245 608 0.12% 655 7.875% PAKISTAN 06-36REG 31.03.36 374 748 0.19% 450 8.750% PERU 03 21.11.33 595 256 0.30% 205 7.875% PETROBRAS INTL 09 15.03.19 193 901 0.10% 1 245 5.375% PETROLEOS 07 12.04.27 657 547 0.33% 82 10.625% PHILIPP 00 16.03.25 108 113 0.05% 3 054 9.500% PHILIPP. 05 02.02.30 4 015 626 2.04% 164 4.000% PHILIPPINES 10 15.01.21 140 009 0.07% 377 Fl. Rate REP. DOMINIC. 05-18REG / PIK 23.01.18 355 704 0.18% 278 8.625% REP. DOMINIC. 06-27 REGS 20.04.27 255 932 0.13% 1 769 6.750% ROMANIA 12 07.02.22 1 637 325 0.83% 2 326 7.500% RUSSIA 00 REG / ST-UP 31.03.30 1 750 728 0.89% 287 12.750% RUSSIA 98-28 REG.S 24.06.28 441 657 0.22% 4 471 5.000% RUSSIA BOND 10 29.04.20 4 009 281 2.03% 573 3.625% RUSSIA BOND 10 29.04.15 460 333 0.23% 132 2.375% SINGTEL GRP 12 08.09.17 104 706 0.05% 459 5.500% SLOVENIA 12 26.10.22 366 851 0.19% 1 105 6.875% SOUTH AFRICA 09 27.05.19 1 058 008 0.53% 132 6.375% SOUTH.COPP.CORP 05-15 27.07.15 111 402 0.06% 328 7.500% SOUTHERN COP 05 27.07.35 318 895 0.16% 132 2.700% SP POWER 12 14.09.22 99 047 0.05% 132 3.375% TENCENT HOLD 12 05.03.18 103 747 0.05% 1 228 11.875% TURKEY 00-30 15.01.30 1 831 587 0.93% 2 498 7.000% TURKEY 05 05.06.20 2 422 348 1.23% 819 6.875% TURKEY 06 17.03.36 840 069 0.42% 491 7.000% TURKEY 06 GLOBAL 26.09.16 437 651 0.22% 819 7.650% UKRAINE 03 11.06.13 627 290 0.32% 376 Fl. Rate UNIVERS.HOSPITAL 07 01.06.15 283 729 0.14% 85 9.500% URBI DESA 10 21.01.20 61 527 0.03% 358 9.750% URBI DESA 12 144A 03.02.22 259 971 0.13% 901 3.500% USB CAP IX 06 Perp. 617 455 0.31% 573 7.000% VENEZUELA 03 01.12.18 405 755 0.20% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 5

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 3 742 9.000% VENEZUELA 08 07.05.23 2 748 434 1.40% 1 474 9.250% VENEZUELA 97 15.09.27 1 114 867 0.56% 607 7.750% VENEZUELA REGS 13.10.19 432 950 0.22% 393 6.875% VIETNAM 05 REG.S 15.01.16 327 651 0.17% 95 7.250% WIND ACQ 10 15.02.18 73 063 0.04% 110 7.250% WIND ACQ 12 15.02.18 84 741 0.04% UYU 1 581 189 0.80% 22 110 6.282% URUGUAY 07 / INFL 05.04.27 1 581 189 0.80% Equities 2 094 420 1.06% Norway 1 089 470 0.55% 76 686 DEEP OCEAN ASA / NEW ISSUE 1 089 470 0.55% United States 1 004 950 0.51% 14 833 GENERAL MOTORS 324 364 0.16% 18 060 GENERAL MOTORS / PFD CV 604 511 0.31% 4 031 MERRIL LYN.CAP.TRII /PREF 76 075 0.04% Options, warrants, rights 327 192 0.16% USD 327 192 0.16% 13 485 GENERAL MOT 10.7.16 CW / GM 199 445 0.10% 13 485 GENERAL MOT 10.7.19 CW / GM 127 747 0.06% Convertible bonds and bonds with warrants 26 395 0.01% USD 26 395 0.01% 39 2.500% CHESAPEAKE 07 CV 15.05.37 26 395 0.01% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 41 199 460 20.75% Bonds 40 295 814 20.30% CAD 728 027 0.36% 57 9.750% GARDA WS 10 15.03.17 45 351 0.02% 892 8.250% POSTMEDIA NET 12 16.08.17 682 676 0.34% 1 680 584 0.83% 8 Fl. Rate ARENA 11 2011-1A1 17.12.42 4 708 0.00% 12 Fl. Rate ARENA 12 2012-1 A1 17.11.44 11 539 0.01% 5 Fl. Rate ARKLE 12 2012-1X 2A2 17.11.15 5 077 0.00% 5 Fl. Rate AVOCA CLO 07 VII-X C1 16.05.24 3 756 0.00% 132 5.375% BARRY CALLEB 11 15.06.21 150 101 0.08% 132 4.250% BBVA 11 30.03.15 137 158 0.07% 4 Fl. Rate BUMPER 5 FIN 12-5 20.06.22 3 993 0.00% 3 Fl. Rate CHMT 07 2007-1E AB 07.04.38 2 231 0.00% 2 Fl. Rate CLOCK FIN 07-15 2007-1 E 25.02.15 1 620 0.00% 16 Fl. Rate DECO 06 06-E4X A1 27.10.19 4 665 0.00% 5 Fl. Rate DMPL 10 VIII A1 25.07.47 2 783 0.00% 265 4.875% ENEL ENTE NAZ 20.02.18 281 748 0.14% 9 Fl. Rate GLBDRV 2012-A C:A 20.10.20 8 895 0.00% 5 Fl. Rate GOSFORTH 11-1 A1B 24.04.47 924 0.00% 7 Fl. Rate HARVEST CLO 11 II-X A2 21.05.20 5 859 0.00% 9 Fl. Rate HEADING 11-1 11 11.03.51 1 813 0.00% 528 10.000% INFOR (US) INC 12 WI 01.04.19 591 464 0.30% 5 Fl. Rate JUBIL 06 VII-X C 20.11.22 3 810 0.00% 7 Fl. Rate JUBILEE CDO 06 VI 20.09.22 6 419 0.00% 106 15.000% LBG CAP2 09 21.12.19 149 596 0.08% 132 8.875% LBG CAP2 09 07.02.20 142 413 0.07% 7 Fl. Rate PERMM 09 09-1 A3 15.07.42 6 761 0.00% 132 1.875% SKF 12 11.09.19 133 722 0.07% 13 Fl. Rate STORM 12-IV 12-4A1 22.08.54 12 906 0.01% 16 Fl. Rate WINDM 06 IX-X A2 20.08.16 6 623 0.00% GBP 199 404 0.10% 185 6.125% BARCLAYS BK (TV) 02 Perp. 199 404 0.10% USD 37 687 799 19.01% 94 4.875% ACCESS MID 15.05.23 72 002 0.04% 791 8.000% AES CORP 08 01.06.20 693 931 0.35% 528 12.000% AIR CANADA 10 144A 01.02.16 413 248 0.21% 398 9.250% AIR CANADA 10 144A 01.08.15 315 579 0.16% 446 8.000% ALLY FIN 10 15.03.20 414 270 0.21% 456 10.875% AMEACHE 10 15.04.16 295 941 0.15% 176 6.375% APX GROUP 144A 01.12.19 132 148 0.07% 132 6.125% ARCELORMIT 08 01.06.18 102 044 0.05% 665 7.250% ARCH COAL INC 11 15.06.21 460 841 0.23% 132 3.875% ATT 11 15.08.21 111 882 0.06% 132 1.950% AUTODESK INC 12 15.12.17 100 189 0.05% 66 2.875% BG ENERGY 11 15.10.16 52 953 0.03% 66 4.875% BIO RAD LAB 10 15.12.20 53 044 0.03% 156 7.450% BOMBARDIER 04 144A 01.05.34 120 092 0.06% 265 3.375% BRE PROP 12 15.01.23 198 645 0.10% 132 1.375% C R BARD 15.01.18 100 873 0.05% 572 10.500% CHIRON MERGER 144A 01.11.18 455 357 0.23% 1 334 7.750% CLAYTON 11 01.04.19 1 010 034 0.51% 185 6.500% CLEAR CH WLD 12 15.11.22 145 928 0.07% 127 7.625% CLEAR CH WLD 12 15.03.20 96 381 0.05% 69 6.500% CLEAR CH WLD 12 15.11.22 53 410 0.03% 31 7.625% CLEAR CH WLD 7.625 12 15.03.20 23 504 0.01% 19 14.750% CLEARWIRE CO 12 01.12.16 20 144 0.01% 132 3.875% CNOOC LTD 12 02.05.22 106 741 0.05% 63 7.190% COLUMBIA/HCA 95 15.11.15 52 470 0.03% 132 4.125% DELHAIZE GRP 12 10.04.19 103 579 0.05% 124 6.750% DISH DBS 11 01.06.21 107 940 0.05% 152 8.151% DRESDNER FD 99-31 144A 30.06.31 113 326 0.06% 132 3.550% DUKE ENERGY 11 15.09.21 105 977 0.05% 842 10.000% ENERGY FUT 11 15.01.20 713 461 0.36% 132 4.050% ENT PR 11 15.02.22 110 749 0.06% 292 8.625% EPICOR SOFT 11 01.05.19 232 445 0.12% 265 1.400% ERAC USA FIN 12 15.04.16 202 032 0.10% 854 11.000% EVERTEC 11 01.10.18 715 887 0.36% 132 2.375% EXPERIAN FIN 12 15.06.17 102 083 0.05% 898 8.250% FT DATA 10 15.01.21 681 251 0.34% 61 8.875% FT DATA 144A 15.08.20 50 660 0.03% 39 7.375% FT DATA 144A 15.06.19 30 381 0.02% 109 6.750% FT DATA CORP 01.11.20 83 383 0.04% 217 8.750% FT DATA PIK 15.01.22 168 205 0.08% 495 10.500% FLORIDA 11 /PIK 01.08.17 391 244 0.20% 132 3.375% FLUOR CORP 11 15.09.21 106 393 0.05% 535 8.250% FMG RES 11 144A 01.11.19 431 803 0.22% 282 6.000% FMG RES 12 01.04.17 218 318 0.11% 94 6.875% FMG RES 12 01.04.22 73 160 0.04% 755 8.750% FTR 10 15.04.22 664 381 0.34% 706 9.750% GARDA WR 10 15.03.17 561 152 0.28% 193 8.875% HALCON 12 144A. 15.05.21 155 575 0.08% 20 7.875% HARBINGER 144A 15.07.19 15 155 0.01% 295 6.071% HBOS CAP (TV)04 Perp. 194 938 0.10% 132 2.625% HCP 12 01.02.20 99 951 0.05% 132 2.250% HEALTH CARE 12 15.03.18 100 258 0.05% 132 1.400% HEINEKEN NV 12 01.10.17 100 336 0.05% 342 10.500% HERO 09 15.10.17 279 386 0.14% 132 3.875% HYATT 11 15.08.16 106 850 0.05% 132 4.625% HYUNDAI STL 11 21.04.16 107 546 0.05% 18 9.000% IGLOO HLDGS PIK 15.12.17 13 353 0.01% 266 11.500% INC RESEA 11 15.07.19 208 870 0.11% 901 6.625% INDONESIA 07 17.02.37 919 881 0.46% 677 8.500% INEOS GRP HLD 06-16 144A 15.02.16 511 122 0.26% 189 9.375% INFOR (US) INC 01.04.19 160 629 0.08% 66 7.500% INMET MINING 12 01.06.21 52 026 0.03% 555 7.250% INTELSAT 11 01.04.19 452 292 0.23% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 6

Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 700 10.250% INTERAC DATA 11 01.08.18 598 492 0.30% 132 2.650% KENNAMETAL 12 01.11.19 100 490 0.05% 284 10.250% LANDRY S 12 144A 01.01.18 214 184 0.11% 226 9.375% LANDRYS 12 144A 01.05.20 180 648 0.09% 176 10.000% LEVEL 3 FIN 10 01.02.18 148 645 0.08% 705 7.000% LEVEL 3 FIN 12 01.06.20 558 534 0.28% 132 1.625% LVMH 12 29.06.17 102 064 0.05% 1 219 9.500% MACDERMID 07 144A 15.04.17 962 784 0.49% 996 10.875% MARQUETTE TR 10 15.01.17 785 457 0.40% 420 9.000% MCCLATCHY 12 15.12.22 325 381 0.16% 132 4.875% MEXICHEM 12 19.09.22 108 170 0.05% 742 9.750% MIE HLDGS 11 144A 12.05.16 610 435 0.31% 53 8.500% MIRANT AM. 02-21/REINSTATD 01.10.21 45 684 0.02% 860 9.125% MIRANT AMER.GEN. 01-31 01.05.31 717 403 0.36% 320 8.000% MMI HOLDINGS 12 01.03.17 257 347 0.13% 855 8.125% NEEDLE MERGER 11 15.03.19 660 194 0.33% 53 1.375% NESTLE 12 21.06.17 40 565 0.02% 513 8.500% NORTEK INC 11 15.04.21 431 720 0.22% 387 Fl. Rate NORTEL NETW.FRN /DEFLT 15.07.12 313 351 0.16% 226 9.125% NUVEEN INV 12 15.10.17 168 234 0.08% 458 8.375% OGX AUST 12 01.04.22 293 607 0.15% 322 9.250% OSX 3 12 20.03.15 253 804 0.13% 1 093 8.875% PALENT 11 15.04.17 872 778 0.44% 914 8.625% PBNCN 12 144A 01.02.20 703 884 0.36% 851 Fl. Rate PNC PFD FDG 6.517 07 Perp. 535 999 0.27% 314 12.500% POSTMEDIA NET WI 15.07.18 265 330 0.13% 213 7.875% REALOGY 11 144A 15.02.19 175 976 0.09% 298 9.000% REALOGY 12 144A 15.01.20 259 505 0.13% 132 3.125% REED ELSE 12 15.10.22 98 503 0.05% 328 6.550% REP OF PERU 07 14.03.37 360 865 0.18% 860 8.000% REP. URUGUAY 05 18.11.22 953 968 0.48% 410 Fl. Rate RESID 11 CAT 06.06.15 308 330 0.16% 302 Fl. Rate RESID REINS 11 06.12.15 230 498 0.12% 920 9.000% REYNOLDS GP STEPUP 15.04.19 727 648 0.37% 883 9.250% RITE AID 12 15.03.20 713 158 0.36% 132 1.850% ROPER IND 12 15.11.17 100 268 0.05% 53 5.250% ROYAL CARIB 12 15.11.22 42 615 0.02% 66 3.750% ROYAL PHIL 15.03.22 54 963 0.03% 797 9.750% SAMSON INV C 12 15.02.20 639 586 0.32% 285 8.750% SANDRIDGE 10 15.01.20 236 380 0.12% 585 7.500% SANDRIDGE 11 15.03.21 475 053 0.24% 368 9.500% SATMEX ESCROW 11 15.05.17 292 803 0.15% 132 2.800% SIMON PROP 11 30.01.17 106 079 0.05% 132 3.375% SIMON PROP 12 15.03.22 106 077 0.05% 655 5.250% SIX FLAGS ENTMT 12 15.01.21 497 179 0.25% 653 8.375% STD PAC 10 15.01.21 574 599 0.29% 402 Fl. Rate SUCCESSOR X 144A 25.02.14 306 499 0.15% 193 Fl. Rate SUCSRX 11 CAT 10.11.15 145 521 0.07% 132 2.875% SWISS RE TR 12 06.12.22 100 419 0.05% 132 2.750% SYMANTEC 12 15.06.17 103 459 0.05% 132 3.125% SYNGENTA FIN 12 28.03.22 105 518 0.05% 419 7.750% TAYMOR/MON 15.4.20 144A 15.04.20 337 079 0.17% 132 2.250% THERMO FISH 11 15.08.16 103 804 0.05% 855 7.875% TRINIDAD 10-144A 15.01.19 689 392 0.35% 132 4.750% TUPPERWARE 11 01.06.21 107 372 0.05% 678 8.000% VANGUARD 10 01.02.18 537 703 0.27% 108 7.750% VANGUARD 12 144A 01.02.19 84 814 0.04% 572 8.875% VENOCO INC 11 15.02.19 407 054 0.21% 265 4.875% VERISK ANLYTCS 15.01.19 215 056 0.11% 169 6.750% VISTEON 11 15.04.19 136 510 0.07% 132 2.600% WASTE MNGT GTD SR 01.09.16 105 357 0.05% 866 6.000% WPX ENERGY 11 15.01.22 707 691 0.36% 132 3.700% WRIGLEY 10 REGS 30.06.14 103 857 0.05% 1 095 10.250% YCC HLDG 11 15.02.16 857 539 0.43% 132 3.750% YUM BRANDS 11 01.11.21 106 886 0.05% 201 8.125% ZAYO 12 01.01.20 169 403 0.09% Equities 903 646 0.45% United States 903 646 0.45% 81 ABN AMRO NO AMER / PR 44 698 0.02% 1 073 ALLY FIN /PREF 799 070 0.40% 3 724 MOTORS LIQUIDATION CO 59 878 0.03% UNLISTED SECURITIES 7 063 751 3.55% Bonds 7 063 751 3.55% 6 114 0.00% 7 Fl. Rate AXIUS 07-1X A 15.11.23 6 114 0.00% USD 7 057 637 3.55% 264 8.750% APX GROUP 12 01.12.20 196 473 0.10% 237 7.625% CHAPARR EGY 15.11.22 188 781 0.10% 85 7.750% DH SERV LUX 144A 15.12.20 64 823 0.03% 82 6.875% ENERGY FUT 12 15.08.17 66 431 0.03% 132 4.375% FLOWERS FD 12 01.04.22 102 863 0.05% 562 8.375% GENERAL MOT 03 15.07.33 11 134 0.01% 205 7.125% GENERAL MOT 03 15.07.13 4 058 0.00% 206 8.100% GENERAL MOT 96 15.06.24 4 089 0.00% 203 7.375% GM CORP /ESCROW 23.05.48 4 026 0.00% 1 827 8.250% GM CORP 03 /ESCROW 15.07.23 36 198 0.02% 423 7.375% GM CORP 91 /ESCROW 01.03.21 8 390 0.00% 62 7.125% HERO 12 144A 01.04.17 49 325 0.02% 486 10.250% HERO 12-144A- 01.04.19 403 788 0.20% 755 12.500% IMS HEALTH 12 01.03.18 692 601 0.35% 943 9.250% LAUREATE EDUC 12 01.09.19 747 694 0.38% 273 9.125% MONITRONICS INTL 01.04.20 213 530 0.11% 174 Fl. Rate MYTHEN RE A/CAT 05.01.17 131 920 0.07% 361 8.500% NORTEK 12 144A 15.04.21 303 420 0.15% 307 7.750% ONEX USI 12 15.01.21 229 500 0.12% 638 9.500% RELIANCE INT 144A 15.12.19 549 028 0.28% 4 8.125% SANDRIDGE 12 15.10.22 3 348 0.00% 593 12.500% SBS 12 15.04.17 482 722 0.24% 395 8.875% SPL LOGISTICS 12 01.08.20 317 632 0.16% 463 9.000% TOWNSQUARE 144A 01.04.19 385 246 0.19% 594 10.375% TRANSUNION PIK 15.06.18 476 617 0.24% 510 11.750% VERSO PAPER 12 15.01.19 405 815 0.20% 788 10.500% WYLE SERV 144A 01.04.18 651 243 0.33% 379 10.125% ZAYO 12 01.07.20 326 942 0.17% CASH EQUIVALENTS 6 849 592 3.48% Treasury bills 6 849 592 3.48% 668 356 0.33% 7 0.000% FRANCE 12 BTF 14.03.13 6 597 0.00% 7 0.000% FRANCE 12 BTF 28.02.13 6 597 0.00% 655 0.000% GERMANY 12 TB 10.04.13 655 162 0.33% USD 6 181 236 3.15% 2 419 0.000% USA 12 TB 13.06.13 1 833 721 0.94% 5 732 0.000% USA TB 07.03.13 4 347 515 2.21% INVESTMENT FUNDS 1 444 284 0.73% Luxembourg 1 444 284 0.73% 13 921 JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C- /CAP 1 444 284 0.73% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. COBF - 7

Julius Baer Multibond - DOLLAR BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 75 930 788 (Cost: 74 375 008) Derivative instruments at market : - Futures -28 179 - Forward foreign exchange contracts 25 527 Cash at banks 399 694 Subscriptions receivable 334 Dividends and interest 371 044 Other receivables 608 642 Total Assets 77 307 850 Liabilities Payable to brokers 4 851 133 Payables for redemptions 50 979 Management fees payable 46 339 "Taxe d'abonnement" payable 8 299 Other liabilities 18 088 Total Liabilities 4 974 838 Net Assets 72 333 012 Income Income from investments 790 027 Bank interest 62 Other income 7 Equalisation 27 306 Total Income 817 402 Expenses Management fees 274 860 "Taxe d'abonnement" and other taxes 16 527 Bank interest 445 Other expenses* 149 268 Total Expenses 441 100 Net 376 302 Realised on: - 900 455 - Swaps -104 486 - Options -4 003 - Forward foreign exchange contracts -251 166 - Futures -31 278 - Foreign currencies -22 960 Net realised 862 864 Net change in unrealised appreciation/ depreciation on: - 85 058 - Options 248 - Forward foreign exchange contracts 51 557 - Futures -937 Total 998 790 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 72 388 615 68 991 699 Total 5 373 911 998 790 Net subscriptions/redemptions -8 356 435 2 738 584 Dividend distributions -414 392-396 061 Net at the end of the reporting period 68 991 699 72 333 012 * See page 10 The TER (Total Expense Ratio) amounts to 1.29% for A-USD shares, 1.30% for B-USD shares, 0.75% for C-USD shares and 1.79% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. DBF - 1

Julius Baer Multibond - DOLLAR BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-USD) 97 499.80 105 589.21 104 545.87 Accumulation shares (Shares B-USD) 190 820.57 159 742.22 152 845.64 Accumulation shares (Shares C-USD) 9 659.95 9 372.23 23 620.90 Accumulation shares (Shares E-USD) 3 043.16 6 607.47 7 659.75 Net Assets 72 388 615 68 991 699 72 333 012 NAV per share Distribution shares (Shares A-USD) 110.73 115.02 112.81 Accumulation shares (Shares B-USD) 304.34 329.05 333.76 Accumulation shares (Shares C-USD) 317.82 345.50 351.40 Accumulation shares (Shares E-USD) 146.93 158.07 159.92 Dividend for the previous financial year (Shares A-USD) 3.70 4.55 3.85 DBF - 2

Julius Baer Multibond - DOLLAR BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 75 930 788 104.97% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 21 632 870 29.94% Bonds 21 631 687 29.94% USD 21 631 687 29.94% 177 2.500% ABIBB 12 15.07.22 177 526 0.25% 841 1.625% ADB 10 15.07.13 847 457 1.17% 202 2.625% ANGLO AMER 12 27.09.17 206 026 0.28% 311 5.900% ASTRAZENECA 07 15.09.17 378 464 0.52% 303 2.850% BC 10 15.06.15 320 704 0.44% 202 1.375% BNG 1.375 12 144A 27.09.17 203 180 0.28% 160 4.500% BOA 10 01.04.15 170 418 0.24% 109 3.700% BOA 10 01.09.15 115 597 0.16% 160 3.750% BOA 11 SR 1 12.07.16 170 530 0.24% 76 8.750% BOEING CO 91 15.09.31 118 368 0.16% 109 7.950% BOEING CO 92 15.08.24 161 620 0.22% 34 1.875% CARNIVAL 12 15.12.17 33 759 0.05% 294 5.000% CBA 09 15.10.19 343 510 0.47% 185 2.355% CHEVRON 12 05.12.22 185 865 0.26% 673 4.750% CHINA 03 29.10.13 694 695 0.96% 698 2.000% CIBC 10 S144A 04.02.13 699 221 0.97% 118 6.125% CITGP INC 7 21.11.17 140 428 0.19% 336 4.450% CITIGP 12 10.01.17 372 956 0.52% 286 5.700% COMCAST CORP 09 01.07.19 348 707 0.48% 278 3.875% COOPERATIEVE 12 08.02.22 300 208 0.42% 101 4.875% DEUT TEL IF 09 08.07.14 106 973 0.15% 76 1.875% DEVON ENERGY 12 15.05.17 77 350 0.11% 59 4.375% DOW CHEM 12 15.11.42 58 360 0.08% 463 0.750% EDC 12 15.12.17 461 544 0.64% 25 5.150% EMBRAER SA 12 15.06.22 27 605 0.04% 67 4.125% GEN ELEC 12 09.10.42 69 291 0.10% 269 5.625% GEN ELEC CAP 08 01.05.18 318 768 0.44% 109 5.250% GEN ELECTRIC 07 06.12.17 128 853 0.18% 236 4.400% GILEAD SC 11 01.12.21 268 491 0.37% 219 3.625% GS 11 07.02.16 231 469 0.32% 109 5.750% GS 12 24.01.22 129 341 0.18% 109 3.300% GS 12 SRN 03.05.15 113 969 0.16% 93 6.750% HEINZ H.J.FIN. 03 15.03.32 118 067 0.16% 236 3.500% HUTCH WHAM 11 12 13.01.17 250 244 0.35% 488 1.375% HYD QUEBEC 12 19.06.17 494 389 0.68% 345 0.500% IBRD 11 26.11.13 345 743 0.48% 210 4.600% JNPR 11 15.03.21 226 839 0.31% 50 3.100% JNPR 11 15.03.16 52 649 0.07% 34 6.000% JPM 07 15.01.18 40 307 0.06% 294 2.000% JPM 12 15.08.17 300 699 0.42% 244 4.000% KELLOGG CO 10 15.12.20 272 503 0.38% 597 2.250% L BK FOERDERBK 11 15.07.16 625 674 0.86% 177 3.875% MERCK 10 15.01.21 198 075 0.27% 25 6.300% MERCK 96 01.01.26 34 253 0.05% 101 5.000% METLIFE 05 15.06.15 111 264 0.15% 25 5.500% MONSANTO 12 15.08.25 31 681 0.04% 193 5.550% MORGAN STANL 07 27.04.17 214 891 0.30% 101 4.750% MORGAN STANLEY 12 22.03.17 110 243 0.15% 193 6.150% NEWS AMERICA 07 01.03.37 237 227 0.33% 126 0.875% NORDD LBK 12 16.10.15 126 510 0.17% 135 2.300% P&G 12 06.02.22 136 965 0.19% 160 5.875% PETRO INT FIN 07 01.03.18 182 999 0.25% 168 6.200% PFIZER 09 15.03.19 212 502 0.29% 185 1.200% RBC 12 19.09.17 185 621 0.26% 135 0.625% RBC 12 04.12.15 134 409 0.19% 93 3.500% RIO TINTO F 10 02.11.20 98 828 0.14% 210 4.000% SANOFI AVE 11 29.03.21 239 537 0.33% 210 Fl. Rate SLMA 11 2011-2 25.12.19 174 356 0.24% 227 2.625% SPBK BOLIKR 144A 27.05.16 240 142 0.33% 135 5.250% STATOILHYDRO 09 15.04.19 161 579 0.22% 151 1.750% SWED EXP CR 12 30.05.17 155 661 0.22% 25 3.950% UNH 12 15.10.42 24 905 0.03% 3 112 0.625% USA 11 TBO 15.07.14 3 131 674 4.34% 1 009 1.500% USA 11 TBO 31.08.18 1 044 738 1.44% 593 4.375% USA 11 TBO 15.05.41 770 413 1.07% 589 0.875% USA 11 TBO 31.12.16 596 826 0.83% 505 1.375% USA 11 TBO 31.12.18 517 677 0.72% 589 6.250% USA 93 TBO 15.08.23 843 533 1.17% 50 8.750% VALERO ENERGY 00 15.06.30 68 972 0.10% 151 6.625% VALERO ENERGY 07 15.06.37 186 654 0.26% 278 4.250% WAL MART 11 15.04.21 323 581 0.45% 67 1.875% WELLPOINT 12 15.01.18 68 349 0.09% 269 1.375% WESTPAC BK 144A 17.07.15 273 377 0.38% 76 4.625% ZIMMER HLD 9 30.11.19 85 878 0.12% Options, warrants, rights 1 183 0.00% USD 1 183 0.00% CALL 10Y TREASURY NOTES USA 25.01.2013 18 15 1 183 0.00% Str. 134.5 TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 46 023 490 63.62% Bonds 46 023 490 63.62% CAD 4 893 780 6.78% 2 145 1.700% CAN HT 12 15.12.17 2 155 028 2.99% 370 4.000% CANADA 06 01.06.17 413 544 0.57% 1 068 2.750% CANADA 11 01.09.16 1 127 419 1.56% 1 186 1.500% CANADA 12 01.09.17 1 197 789 1.66% USD 41 129 710 56.84% 67 4.400% ABBVIE 12 /144A 06.11.42 71 558 0.10% 59 1.750% AMEX CR 12 12.06.15 60 136 0.08% 168 5.150% AMGEN 11 15.11.41 190 117 0.26% 185 Fl. Rate AMOT 11 2011-3 A1 15.05.14 185 775 0.26% 185 1.440% AMOT 12 2012-1 A2 15.02.17 187 346 0.26% 160 2.400% ANZ BK 11 144A 23.11.16 168 327 0.23% 93 1.000% ANZ BK 12 144A 06.10.15 93 171 0.13% 101 4.750% BAE SYST 11 11.10.21 113 018 0.16% 244 2.550% BMO 12 06.11.22 241 833 0.33% 168 5.449% BSCMS 05-PW10AM 11.12.40 185 472 0.26% 109 4.400% BURLINGTON 12 15.03.42 114 936 0.16% 76 3.375% CBS 12 01.03.22 78 752 0.11% 370 4.400% CDP FINL 09 144A 25.11.19 426 559 0.59% 269 3.950% CELGENE CORP 10 15.10.20 292 132 0.40% 101 0.940% CNH 12 S:12-A A3 15.05.17 101 691 0.14% 261 Fl. Rate COMM.FRN 07 2007-C9 A4 10.07.17 309 847 0.43% 210 5.850% CONECTICUT 08 15.03.32 266 837 0.37% 67 4.400% CSX CORP 12 01.03.43 68 495 0.09% 118 3.125% DEUT TEL IF 11 11.04.16 124 564 0.17% 227 2.400% DIRECTV 12 15.03.17 233 174 0.32% 328 3.200% DNB 12 03.04.17 349 401 0.48% 673 0.375% EDC 12 14.01.13 672 939 0.93% 236 3.750% EDISON INTL 10 15.09.17 255 402 0.35% 328 2.570% FDIC GUAR 10 TR 31.07.47 225 707 0.31% 336 2.980% FDIC STR 10 -C1-A 06.12.20 227 214 0.31% 449 4.500% FHLMC 09 P.A89870 01.11.39 212 569 0.29% 349 4.500% FHLMC 11 P.Q00097 01.04.41 215 222 0.30% 398 4.500% FHLMC 11 P.Q00575 01.05.41 192 876 0.27% 151 3.850% FLORIDA POW 12 15.11.42 146 852 0.20% 1 203 5.000% FNMA 05 P.735484 01.05.35 281 894 0.39% 518 5.500% FNMA 10 P:MA0498 01.07.40 393 514 0.54% 336 4.500% FNMA 11 P.AB3436 01.10.19 226 670 0.31% 143 1.920% FORD CR FL 2012-2 15.01.19 146 831 0.20% 118 3.550% FREEPORT MCMORAN 01.03.22 117 224 0.16% 303 5.444% GCCFC 07 07-GG9 A4 10.03.39 348 767 0.48% 50 0.990% GE EQUIP 12-1 A3 23.11.15 50 783 0.07% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DBF - 3

Julius Baer Multibond - DOLLAR BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal USD Nominal USD 227 Fl. Rate GS MORTGAGE MBS 01.04.22 245 338 0.34% 118 5.591% GS MTG S 06-GG8 10.11.39 132 291 0.18% 193 3.875% HARLEY DAVI -144A 15.03.16 207 670 0.29% 42 4.000% HEINEKEN NV 12 01.10.42 40 984 0.06% 248 5.000% IBERDROLA FIN 09 11.09.19 261 420 0.36% 210 2.625% ING NV 12 144A 05.12.22 209 301 0.29% 93 4.350% JPM 11 15.08.21 103 521 0.14% 404 5.347% LB UBS 06 2006-C7 A3 15.11.38 463 987 0.64% 252 1.625% LVMH 12 144A 29.06.17 256 515 0.35% 93 5.456% MASSACHUSETTS 09 01.12.39 116 298 0.16% 236 4.200% MASSACHUSETTS 10 01.12.21 268 380 0.37% 202 2.500% MET LIFE 10 144A 29.09.15 210 594 0.29% 93 1.625% METLIFE INST 12 02.04.15 94 265 0.13% 76 3.125% MYLAN 12 144A 15.01.23 75 267 0.10% 303 1.450% NATL BK CAN 12 07.11.17 303 160 0.42% 168 4.875% NEWMONT MIN 12 15.03.42 173 707 0.24% 126 Fl. Rate NGN 10 10-R2 1A 06.11.17 74 972 0.10% 320 Fl. Rate NGN 10 2010-R3 1A 08.12.20 271 353 0.38% 101 3.950% NOBLE HLDG 12 15.03.22 106 507 0.15% 345 3.125% NORDEA 12 20.03.17 367 247 0.51% 185 5.440% NYC MUN WTR 10 15.06.43 231 922 0.32% 177 6.250% OMNICOM 09 SR 15.07.19 215 559 0.30% 177 3.625% OMNICOM 12 01.05.22 185 088 0.26% 84 4.300% PHILLIPS 66 12 01.04.22 93 681 0.13% 315 4.000% QATAR 09 144A 20.01.15 332 884 0.46% 109 6.000% ROCHE HLDG 09 01.03.19 136 121 0.19% 118 5.500% RSG 10 15.09.19 140 009 0.19% 109 2.500% RYDER SYST 12 01.03.17 111 812 0.15% 437 4.940% SBIC 05 05-P10B 1 10.08.15 79 017 0.11% 101 5.375% SCOT PWR 05 15.03.15 108 097 0.15% 143 9.800% SEMPRA ENERGY 08 15.02.19 200 218 0.28% 93 1.875% STADSHYPO 144A 02.10.19 92 614 0.13% 185 Fl. Rate TIAA REAL EST.FRN7 07-C4 A3 15.08.39 180 533 0.25% 17 7.570% TIME WARNER 97-2024 01.02.24 22 667 0.03% 126 3.760% TRUSTEES 12 SB 01.06.43 129 179 0.18% 67 1.875% TYCO FLW CTL 12 15.09.17 67 492 0.09% 59 3.720% UNIV NOTRE DAME 01.03.43 58 247 0.08% 942 0.625% USA 08 INFL 15.04.13 1 030 164 1.42% 2 524 1.125% USA 10 15.06.13 2 535 054 3.51% 1 565 3.750% USA 11 15.08.41 1 833 007 2.53% 841 0.625% USA 11 TBO 30.04.13 842 652 1.16% 547 3.125% USA 11 TBO 15.11.41 570 299 0.79% 841 1.000% USA 12 30.11.19 832 302 1.15% 59 3.125% USA 12 15.02.42 61 371 0.08% 665 Fl. Rate USA 12 / INFL 15.04.17 724 870 1.00% 345 0.125% USA 12 /INFL 15.07.22 378 884 0.52% 5 248 0.625% USA 12 TBO 30.11.17 5 229 018 7.24% 4 054 1.625% USA 12 TBO 15.11.22 4 005 678 5.55% 1 909 0.625% USA 12 TBO 30.09.17 1 905 511 2.64% 1 514 0.875% USA 12 TBO 28.02.17 1 533 631 2.12% 841 0.250% USA 12 TBO 31.03.14 841 601 1.16% 421 1.625% USA 12 TBO 15.08.22 417 400 0.58% 353 0.750% USA 12 TBO 31.10.17 354 328 0.49% 34 2.750% USA 12 TBO 15.08.42 32 375 0.04% 2 187 1.375% USA TSY 12 /TBO 28.02.19 2 240 190 3.11% 404 8.875% VALIDUS 10 26.01.40 539 339 0.75% 42 5.481% WASHINGTON 09 01.08.39 52 972 0.07% 227 5.090% WASHINGTON 10 01.08.33 269 742 0.37% 59 2.900% WASTE MNGT 12 15.09.22 58 536 0.08% 219 4.393% WFMBS 10-C1 A2 17.10.57 250 574 0.35% 278 4.902% WFRBS COM 11 11-C4 A4 15.07.21 328 572 0.45% 160 4.125% WILLIAMS P 10 15.11.20 173 764 0.24% 130 Fl. Rate WWP FIN 12 21.11.21 142 354 0.20% UNLISTED SECURITIES 8 274 428 11.41% Bonds 8 274 428 11.41% USD 8 274 428 11.41% 261 Fl. Rate BMW FLOORPL 12 1A A 15.09.17 261 215 0.36% 93 2.959% BOA ML IND 2.959-12P-A 10.12.30 95 745 0.13% 135 3.419% COMM LTRT A2 05.10.30 140 925 0.19% 412 5.431% CTI MGT A4 6-C5 15.10.49 472 968 0.65% 236 1.670% DCENT 12 12-A6 18.01.22 237 530 0.33% 648 3.500% FHLMC(30Y) 11 TBA 01.12.41 688 742 0.95% 479 3.500% FHLMC(30Y) 13 TBA 01.01.43 509 810 0.70% 1 405 3.500% FNMA(30Y) 13 TBA 01.01.43 1 497 606 2.07% 177 4.000% FNMA(30Y) 13 TBA 01.01.43 189 371 0.26% 984 3.000% FNMA(30YR) 13 TBA 01.01.43 1 015 312 1.40% 84 0.470% GE EQUIPMENT 12 24.04.15 84 128 0.12% 866 4.000% GNMA(30Y) 12 TBA 01.01.42 950 207 1.31% 109 2.933% GS MORTGAGE 12 05.06.31 115 266 0.16% 421 4.895% JP MGN 5-CB12 A4 12.09.37 461 337 0.64% 93 3.093% JPMCC 12-HSBC A 05.07.22 97 254 0.13% 160 Fl. Rate MERC BENZ OT 12-BA 15.11.16 159 823 0.22% 286 5.809% MORG ST 07-17 07IQ16 A4 12.10.17 339 673 0.47% 210 Fl. Rate NAVISTAR 11 11-1 A 25.10.16 211 892 0.29% 202 6.000% SAN FRAN CALIF PUB 10 01.11.40 252 134 0.35% 185 5.517% STATE OF TEXAS 01.04.39 241 012 0.33% 67 4.681% TEXAS ST 10 A 01.04.40 78 837 0.11% 168 2.996% VNO MORTGAGE 15.11.30 173 641 0.24% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DBF - 4

Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 140 518 914 (Cost: 138 765 340) Derivative instruments at market : - Futures 30 756 - Forward foreign exchange contracts 60 096 Cash at banks 4 435 272 Subscriptions receivable 518 750 Dividends and interest 606 348 Total Assets 146 170 136 Liabilities Bank overdraft 30 756 Payable to brokers 7 503 916 Payables for redemptions 915 801 Management fees payable 79 269 "Taxe d'abonnement" payable 16 863 Other liabilities 1 932 907 Total Liabilities 10 479 512 Net Assets 135 690 624 Income Income from investments 1 807 505 Bank interest 249 Other income 8 Total Income 1 807 762 Expenses Management fees 535 382 "Taxe d'abonnement" and other taxes 37 954 Bank interest 104 Other expenses* 268 927 Equalisation 220 734 Total Expenses 1 063 101 Net 744 661 Realised on: - 2 334 704 - Options -5 020 - Forward foreign exchange contracts -632 598 - Futures -22 352 - Foreign currencies -29 829 Net realised 2 389 566 Net change in unrealised appreciation/ depreciation on: - -222 505 - Options -35 - Forward foreign exchange contracts 139 218 - Futures 12 569 Total 2 318 813 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 131 396 426 178 793 527 Total 6 162 378 2 318 813 Net subscriptions/redemptions 41 390 489-45 312 606 Dividend distributions -155 766-109 110 Net at the end of the reporting period 178 793 527 135 690 624 * See page 10 The TER (Total Expense Ratio) amounts to 0.96% for A-USD shares, 0.96% for B-USD shares, 0.65% for C-USD shares and 1.45% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. DMTBF - 1

Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-USD) 51 090.30 43 302.97 38 895.17 Accumulation shares (Shares B-USD) 575 300.30 742 153.64 607 354.11 Accumulation shares (Shares C-USD) 102 824.83 97 227.01 12 162.22 Accumulation shares (Shares E-USD) 4 290.56 84 043.59 70 958.42 Net Assets 131 396 426 178 793 527 135 690 624 NAV per share Distribution shares (Shares A-USD) 120.10 121.54 120.55 Accumulation shares (Shares B-USD) 183.10 190.24 192.94 Accumulation shares (Shares C-USD) 187.36 195.26 198.33 Accumulation shares (Shares E-USD) 153.72 158.93 160.77 Dividend for the previous financial year (Shares A-USD) 4.00 3.20 2.70 DMTBF - 2

Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 140 518 914 103.56% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 69 583 200 51.25% Bonds 69 583 200 51.25% USD 69 583 200 51.25% 804 1.625% ADB 10 15.07.13 810 286 0.60% 525 2.625% ANGLO AMER 12 27.09.17 535 671 0.39% 212 5.900% ASTRAZENECA 07 15.09.17 257 371 0.19% 948 2.850% BC 10 15.06.15 1 004 192 0.74% 525 1.375% BNG 1.375 12 144A 27.09.17 528 272 0.39% 415 4.500% BOA 10 01.04.15 442 338 0.33% 288 3.700% BOA 10 01.09.15 304 283 0.22% 432 3.750% BOA 11 SR 1 12.07.16 460 694 0.34% 85 1.875% CARNIVAL 12 15.12.17 84 944 0.06% 745 5.000% CBA 09 15.10.19 869 261 0.64% 305 6.125% CITGP INC 7 21.11.17 363 434 0.27% 440 4.450% CITIGP 12 10.01.17 487 975 0.36% 203 5.700% COMCAST CORP 09 01.07.19 247 737 0.18% 237 1.625% CS GROUP GG 12 06.03.15 241 846 0.18% 677 4.875% DEUT TEL IF 09 08.07.14 717 761 0.53% 212 1.875% DEVON ENERGY 12 15.05.17 216 249 0.16% 1 101 0.750% EDC 12 15.12.17 1 097 971 0.81% 68 5.150% EMBRAER SA 12 15.06.22 74 089 0.05% 601 5.625% GEN ELEC CAP 08 01.05.18 711 837 0.52% 330 5.250% GEN ELECTRIC 07 06.12.17 389 058 0.29% 423 3.050% GILEAD SC 11 01.12.16 453 384 0.33% 593 3.625% GS 11 07.02.16 627 211 0.46% 288 3.300% GS 12 SRN 03.05.15 300 000 0.22% 601 3.500% HUTCH WHAM 11 12 13.01.17 638 648 0.47% 1 185 1.375% HYD QUEBEC 12 19.06.17 1 201 063 0.89% 838 0.500% IBRD 11 26.11.13 840 237 0.62% 339 4.600% JNPR 11 15.03.21 365 288 0.27% 135 3.100% JNPR 11 15.03.16 141 304 0.10% 787 2.000% JPM 12 15.08.17 804 163 0.59% 1 092 2.250% L BK FOERDERBK 11 15.07.16 1 144 132 0.84% 178 3.750% MDC 11 144A 20.04.16 189 029 0.14% 364 5.000% METLIFE 05 15.06.15 401 272 0.30% 618 1.625% MICROSOFT 10 25.09.15 636 936 0.47% 635 5.550% MORGAN STANL 07 27.04.17 705 259 0.52% 152 4.750% MORGAN STANLEY 12 22.03.17 166 432 0.12% 313 0.875% NORDD LBK 12 16.10.15 314 075 0.23% 203 5.875% PETRO INT FIN 07 01.03.18 232 650 0.17% 508 6.200% PFIZER 09 15.03.19 641 626 0.47% 508 1.200% RBC 12 19.09.17 509 509 0.38% 322 0.625% RBC 12 04.12.15 321 283 0.24% 449 Fl. Rate SLMA 11 2011-2 25.12.19 372 023 0.27% 237 2.625% SPBK BOLIKR 144A 27.05.16 250 645 0.18% 330 5.250% STATOILHYDRO 09 15.04.19 396 394 0.29% 694 1.750% SWED EXP CR 12 30.05.17 713 705 0.53% 1 261 0.850% UNILEVER CAP 0.85 12 02.08.17 1 248 113 0.92% 6 731 2.625% USA 09 TBO 29.02.16 7 202 987 5.31% 4 233 2.000% USA 11 31.01.16 4 442 709 3.27% 8 043 1.750% USA 11 TBO 31.05.16 8 401 562 6.18% 6 934 2.000% USA 11 TBO 30.04.16 7 293 950 5.37% 6 773 1.500% USA 11 TBO 31.07.16 7 022 615 5.18% 4 385 0.875% USA 11 TBO 30.11.16 4 446 929 3.28% 4 363 0.875% USA 11 TBO 31.12.16 4 422 734 3.26% 2 387 0.875% USA 12 TBO 31.01.17 2 419 050 1.78% 42 4.250% WAL MART 11 15.04.21 49 344 0.04% 169 1.875% WELLPOINT 12 15.01.18 171 977 0.13% 220 4.625% ZIMMER HLD 9 30.11.19 249 693 0.18% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 58 326 274 43.00% Bonds 58 326 274 43.00% CAD 10 254 507 7.56% 4 749 1.700% CAN HT 12 15.12.17 4 771 584 3.52% 4 004 2.750% CANADA 11 01.09.16 4 226 097 3.11% 1 245 1.500% CANADA 12 01.09.17 1 256 826 0.93% USD 48 071 767 35.44% 152 1.750% AMEX CR 12 12.06.15 155 635 0.11% 847 2.300% AMGEN 11 15.06.16 880 693 0.65% 389 Fl. Rate AMOT 11 2011-3 A1 15.05.14 390 948 0.29% 499 1.440% AMOT 12 2012-1 A2 15.02.17 505 675 0.37% 660 2.400% ANZ BK 11 144A 23.11.16 695 492 0.51% 246 1.000% ANZ BK 12 144A 06.10.15 247 220 0.18% 305 5.675% BACM 06 06-4 AM 10.07.46 344 629 0.25% 339 5.449% BSCMS 05-PW10AM 11.12.40 373 340 0.28% 762 Fl. Rate CD 2007-CD4 07 A4 11.12.49 874 037 0.64% 330 4.400% CDP FINL 09 144A 25.11.19 380 529 0.28% 237 3.950% CELGENE CORP 10 15.10.20 257 267 0.19% 254 0.940% CNH 12 S:12-A A3 15.05.17 255 870 0.19% 305 Fl. Rate COMM.FRN 07 2007-C9 A4 10.07.17 362 147 0.27% 322 5.467% CSMC 06 C4 A3 15.09.39 365 244 0.27% 847 3.200% DNB 12 03.04.17 901 689 0.66% 974 0.375% EDC 12 14.01.13 973 599 0.72% 474 3.750% EDISON INTL 10 15.09.17 514 105 0.38% 559 2.570% FDIC GUAR 10 TR 31.07.47 384 433 0.28% 694 2.980% FDIC STR 10 -C1-A 06.12.20 468 798 0.35% 25 4.500% FHLMC 05 P.G01827 01.06.35 5 385 0.00% 916 4.500% FHLMC 09 P.A89870 01.11.39 433 515 0.32% 794 4.500% FHLMC 11 P.A97904 01.04.41 391 205 0.29% 721 4.500% FHLMC 11 P.Q00097 01.04.41 444 934 0.33% 2 963 5.000% FNMA 05 P.735484 01.05.35 694 408 0.51% 622 5.500% FNMA 07 01.11.37 99 266 0.07% 2 529 5.500% FNMA 08 P.934281 01.06.38 466 993 0.34% 381 1.920% FORD CR FL 2012-2 15.01.19 391 182 0.29% 660 5.444% GCCFC 07 07-GG9 A4 10.03.39 760 544 0.56% 144 0.990% GE EQUIP 12-1 A3 23.11.15 144 815 0.11% 313 5.591% GS MTG S 06-GG8 10.11.39 351 884 0.26% 576 3.875% HARLEY DAVI -144A 15.03.16 617 948 0.46% 499 3.750% IPIC GMTN 11 144A 01.03.17 534 169 0.39% 339 5.336% JPMCC 06-LDP9A3 15.05.47 387 402 0.29% 559 1.625% LVMH 12 144A 29.06.17 567 978 0.42% 567 2.500% MET LIFE 10 144A 29.09.15 591 707 0.44% 237 1.625% METLIFE INST 12 02.04.15 241 498 0.18% 1 410 6.390% MORGAN ST 01 01-TOP3 A4 15.07.33 29 745 0.02% 728 1.450% NATL BK CAN 12 07.11.17 728 894 0.54% 542 Fl. Rate NGN 10 10-R2 1A 06.11.17 321 949 0.24% 660 Fl. Rate NGN 10 2010-R3 1A 08.12.20 560 585 0.41% 423 3.050% NOBLE HLDG 11 01.03.16 441 665 0.33% 779 3.125% NORDEA 12 20.03.17 829 390 0.61% 779 4.000% QATAR 09 144A 20.01.15 821 952 0.61% 237 6.000% ROCHE HLDG 09 01.03.19 295 079 0.22% 237 5.500% RSG 10 15.09.19 281 827 0.21% 288 2.500% RYDER SYST 12 01.03.17 294 320 0.22% 491 4.940% SBIC 05 05-P10B 1 10.08.15 88 704 0.07% 262 9.800% SEMPRA ENERGY 08 15.02.19 367 463 0.27% 246 1.875% STADSHYPO 144A 02.10.19 245 742 0.18% 415 Fl. Rate TIAA REAL EST.FRN7 07-C4 A3 15.08.39 404 695 0.30% 841 6.150% TXU AUS HLLDG 03-13 144A 15.11.13 869 243 0.64% 186 1.875% TYCO FLW CTL 12 15.09.17 186 801 0.14% 3 649 0.625% USA 08 INFL 15.04.13 3 989 904 2.94% 906 0.125% USA 12 /INFL 15.07.22 995 182 0.73% 457 1.250% USA 12 NOTES 30.04.19 463 776 0.34% 8 195 0.875% USA 12 TBO 28.02.17 8 300 808 6.11% 1 253 1.625% USA 12 TBO 15.11.22 1 237 905 0.91% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DMTBF - 3

Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal USD 914 0.625% USA 12 TBO 30.11.17 911 015 0.67% 737 1.125% USA 12 TBO 31.05.19 740 750 0.55% 6 663 0.875% USA Y-2017NOTES 30.04.17 6 744 010 4.97% 389 4.393% WFMBS 10-C1 A2 17.10.57 446 187 0.33% 677 4.902% WFRBS COM 11 11-C4 A4 15.07.21 801 685 0.59% 199 4.125% WILLIAMS P 10 15.11.20 216 308 0.16% UNLISTED SECURITIES 12 609 440 9.31% Bonds 12 609 440 9.31% USD 12 609 440 9.31% 686 Fl. Rate BMW FLOORPL 12 1A A 15.09.17 686 940 0.51% 347 3.419% COMM LTRT A2 05.10.30 363 454 0.27% 618 1.670% DCENT 12 12-A6 18.01.22 623 277 0.46% 406 0.640% DRYROCK 2012-2 A 15.08.18 406 349 0.30% 1 676 3.500% FHLMC(30Y) 11 TBA 01.12.41 1 782 493 1.31% 1 143 3.500% FHLMC(30Y) 13 TBA 01.01.43 1 215 247 0.90% 2 176 3.500% FNMA(30Y) 13 TBA 01.01.43 2 319 589 1.71% 466 4.000% FNMA(30Y) 13 TBA 01.01.43 499 175 0.37% 1 634 3.000% FNMA(30YR) 13 TBA 01.01.43 1 685 651 1.24% 212 0.470% GE EQUIPMENT 12 24.04.15 211 678 0.16% 296 2.933% GS MORTGAGE 12 05.06.31 312 337 0.23% 246 3.093% JPMCC 12-HSBC A 05.07.22 258 053 0.19% 381 Fl. Rate MERC BENZ OT 12-BA 15.11.16 380 974 0.28% 728 5.809% MORG ST 07-17 07IQ16 A4 12.10.17 864 722 0.64% 576 Fl. Rate NAVISTAR 11 11-1 A 25.10.16 580 069 0.43% 406 2.996% VNO MORTGAGE 15.11.30 419 432 0.31% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. DMTBF - 4

Julius Baer Multibond - EMERGING BOND FUND (O) STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 323 874 612 (Cost: 278 783 239) Derivative instruments at market : - Futures -19 217 - Forward foreign exchange contracts 5 344 416 - Swaps 503 620 Cash at banks 9 293 710 Subscriptions receivable 579 071 Receivables on swaps 2 576 555 Dividends and interest 5 030 077 Other receivables 1 580 802 Total Assets 348 763 646 Liabilities Payables for redemptions 113 580 Payables for swaps 1 507 709 Management fees payable 314 541 "Taxe d'abonnement" payable 29 625 Other liabilities 526 558 Total Liabilities 2 492 013 Net Assets 346 271 633 Income Income from investments 9 916 451 Bank interest 10 661 Interest income on swaps 2 362 801 Total Income 12 289 913 Expenses Management fees 1 993 749 "Taxe d'abonnement" and other taxes 61 950 Bank interest 7 192 Interest expense on swaps 2 155 836 Other expenses* 572 514 Equalisation 475 056 Total Expenses 5 266 297 Net 7 023 616 Realised on: - 5 264 252 - Options -182 055 - Forward foreign exchange contracts 4 506 234 - Futures -52 666 - Foreign currencies -368 835 Net realised 16 190 546 Net change in unrealised appreciation/ depreciation on: - 9 975 676 - Swaps 988 544 - Options -3 563 - Forward foreign exchange contracts 8 721 575 - Futures -56 268 Total 35 816 510 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 315 864 094 316 775 633 Total 17 880 656 35 816 510 Net subscriptions/redemptions -13 251 998-2 764 421 Dividend distributions -3 717 119-3 556 089 Net at the end of the reporting period 316 775 633 346 271 633 * See page 10 The TER (Total Expense Ratio) amounts to 1.73% for A- shares, 1.73% for B- shares, 1.13% for Ca- shares, 1.13% for C- shares and 2.23% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EBFEU - 1

Julius Baer Multibond - EMERGING BOND FUND (O) COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-) 400 674.13 402 707.07 320 657.42 Distribution shares (Shares Ca-) 141 360.00 302 442.65 212 902.65 Accumulation shares (Shares B-) 543 430.52 492 333.05 468 487.39 Accumulation shares (Shares C-) 295 692.07 224 089.33 307 555.10 Accumulation shares (Shares E-) 18 825.25 25 089.51 29 929.79 Net Assets 315 864 094 316 775 633 346 271 633 NAV per share Distribution shares (Shares A-) 129.72 132.01 138.62 Distribution shares (Shares Ca-) 120.76 123.28 130.71 Accumulation shares (Shares B-) 282.08 300.58 332.58 Accumulation shares (Shares C-) 303.22 325.21 360.84 Accumulation shares (Shares E-) 205.65 218.05 240.66 Dividend for the previous financial year (Shares A-) 7.10 5.95 7.30 Dividend for the previous financial year (Shares Ca-) 6.55 5.95 5.95 EBFEU - 2

Julius Baer Multibond - EMERGING BOND FUND (O) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 323 874 612 93.53% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 280 470 871 80.99% Bonds 280 470 871 80.99% BRL 3 165 925 0.91% 8 9.798% BRAZIL 07 01.01.17 3 165 925 0.91% 11 387 777 3.30% 2 432 Fl. Rate ARGENTINA 03-33 PIK 31.12.33 1 997 602 0.58% 3 215 2.000% BUENOS AIRES 05-20 REG MULCP 01.05.20 1 278 252 0.37% 2 635 3.500% HUNGARY 06 18.07.16 2 546 077 0.74% 2 838 5.000% ROMANIA 10 18.03.15 3 006 963 0.87% 2 635 4.950% UKRAINE 05 REG. 13.10.15 2 558 883 0.74% MXN 7 524 669 2.17% 1 155 7.750% MEXICO 07 S.M 10 14.12.17 7 524 669 2.17% PLN 7 875 554 2.27% 24 322 2.750% POLAND 08 / INFL 25.08.23 7 875 554 2.27% USD 242 689 439 70.08% 1 378 8.875% ALROSA FIN. REGS 17.11.14 1 160 009 0.33% 14 837 2.500% ARGENTINA 03 30.09.38 4 048 461 1.17% 5 432 8.280% ARGENTINA 03 PIK 31.12.33 4 007 567 1.16% 12 526 7.125% BRAZIL 06 20.01.37 14 600 093 4.22% 2 432 10.375% COLOMBIA 03 28.01.33 3 429 101 0.99% 2 027 8.125% COLOMBIA 04 21.05.24 2 315 708 0.67% 3 851 7.375% COLOMBIA 06 18.09.37 4 542 740 1.31% 446 8.050% COSTA RICA 03-13 REGS 31.01.13 340 599 0.10% 15 607 6.375% CROATIA 11 24.03.21 13 468 506 3.89% 5 310 7.650% EL SALVADOR 05 REG 15.06.35 4 578 319 1.32% 608 10.500% EMPRESA EN. 06 REGS 19.07.13 478 506 0.14% 1 946 6.500% GAZPROMBK 05 23.09.15 1 598 519 0.46% 8 918 7.625% HUNGARY 11 29.03.41 7 856 268 2.27% 5 979 7.750% INDONESIA 08 17.01.38 6 864 309 1.98% 4 864 11.625% INDONESIA 09 04.03.19 5 612 970 1.62% 14 553 6.750% LITHUANIA 09 15.01.15 12 159 027 3.51% 1 216 6.625% LITHUANIA 12 01.02.22 1 183 679 0.34% 2 838 8.300% MEXICO 01 T.7 MTN 15.08.31 3 503 971 1.01% 13 580 6.750% MEXICO 04 GL 27.09.34 14 827 177 4.28% 3 243 7.875% PAKISTAN 06-36REG 31.03.36 1 855 149 0.54% 2 230 8.750% PERU 03 21.11.33 2 946 752 0.85% 1 013 7.875% PETROBRAS INTL 09 15.03.19 959 887 0.28% 6 162 5.375% PETROLEOS 07 12.04.27 3 255 116 0.94% 405 10.625% PHILIPP 00 16.03.25 535 201 0.15% 15 120 9.500% PHILIPP. 05 02.02.30 19 878 935 5.74% 811 4.000% PHILIPPINES 10 15.01.21 693 101 0.20% 1 865 Fl. Rate REP. DOMINIC. 05-18REG / PIK 23.01.18 1 760 875 0.51% 1 378 8.625% REP. DOMINIC. 06-27 REGS 20.04.27 1 266 965 0.37% 8 756 6.750% ROMANIA 12 07.02.22 8 105 404 2.34% 11 513 7.500% RUSSIA 00 REG / ST-UP 31.03.30 8 666 795 2.50% 1 419 12.750% RUSSIA 98-28 REG.S 24.06.28 2 186 377 0.63% 22 133 5.000% RUSSIA BOND 10 29.04.20 19 847 524 5.73% 2 838 3.625% RUSSIA BOND 10 29.04.15 2 278 829 0.66% 2 270 5.500% SLOVENIA 12 26.10.22 1 816 056 0.52% 5 473 6.875% SOUTH AFRICA 09 27.05.19 5 237 559 1.51% 1 621 7.500% SOUTHERN COP 05 27.07.35 1 578 656 0.46% 6 081 11.875% TURKEY 00-30 15.01.30 9 067 078 2.62% 12 364 7.000% TURKEY 05 05.06.20 11 991 584 3.46% 4 054 6.875% TURKEY 06 17.03.36 4 158 675 1.20% 2 432 7.000% TURKEY 06 GLOBAL 26.09.16 2 166 546 0.63% 4 054 7.650% UKRAINE 03 11.06.13 3 105 331 0.90% 2 838 7.000% VENEZUELA 03 01.12.18 2 008 649 0.58% 18 526 9.000% VENEZUELA 08 07.05.23 13 605 835 3.93% 7 297 9.250% VENEZUELA 97 15.09.27 5 519 031 1.59% 1 946 6.875% VIETNAM 05 REG.S 15.01.16 1 622 000 0.47% UYU 7 827 507 2.26% 109 451 6.282% URUGUAY 07 / INFL 05.04.27 7 827 507 2.26% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 11 062 712 3.20% Bonds 11 062 712 3.20% USD 11 062 712 3.20% 4 459 6.625% INDONESIA 07 17.02.37 4 553 775 1.32% 1 621 6.550% REP OF PERU 07 14.03.37 1 786 422 0.52% 4 256 8.000% REP. URUGUAY 05 18.11.22 4 722 515 1.36% CASH EQUIVALENTS 24 765 231 7.16% Treasury bills 24 765 231 7.16% 3 243 311 0.94% 3 243 0.000% GERMANY 12 TB 10.04.13 3 243 311 0.94% USD 21 521 920 6.22% 28 376 0.000% USA TB 07.03.13 21 521 920 6.22% INVESTMENT FUNDS 7 575 798 2.18% Luxembourg 7 575 798 2.18% 4 939 JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C -CAP 426 025 0.12% 68 913 JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C- /CAP 7 149 773 2.06% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBFEU - 3

Julius Baer Multibond - EMERGING BOND FUND (USD) STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 213 959 652 (Cost: 187 933 097) Derivative instruments at market : - Futures -8 750 - Forward foreign exchange contracts -32 413 - Swaps 252 444 Cash at banks 4 481 959 Subscriptions receivable 2 392 309 Receivables on swaps 1 382 787 Dividends and interest 2 896 429 Total Assets 225 324 417 Liabilities Bank overdraft 8 156 Payables for redemptions 292 216 Payables for swaps 878 112 Management fees payable 197 123 "Taxe d'abonnement" payable 18 622 Other liabilities 62 673 Total Liabilities 1 456 902 Net Assets 223 867 515 Income Income from investments 5 192 525 Bank interest 2 941 Interest income on swaps 1 228 494 Equalisation 253 340 Total Income 6 677 300 Expenses Management fees 1 112 309 "Taxe d'abonnement" and other taxes 36 003 Bank interest 1 420 Interest expense on swaps 1 090 641 Other expenses* 310 755 Total Expenses 2 551 128 Net 4 126 172 Realised on: - 1 724 051 - Swaps -11 346 - Options -96 419 - Forward foreign exchange contracts 506 606 - Futures -22 221 - Foreign currencies 150 768 Net realised 6 377 611 Net change in unrealised appreciation/ depreciation on: - 12 572 204 - Swaps 440 561 - Options -24 - Forward foreign exchange contracts -186 223 - Futures -22 003 Total 19 182 126 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 124 253 652 184 079 680 Foreign exchange difference - sub-fund - 50 564 Total 12 952 634 19 182 126 Net subscriptions/redemptions 47 234 355 20 886 076 Dividend distributions -360 961-330 931 Net at the end of the reporting period 184 079 680 223 867 515 * See page 10 The TER (Total Expense Ratio) amounts to 1.76%** for A-CHF shares, 1.79%** for A- shares, 1.73% for A-USD shares, 1.73%** for B-CHF shares, 1.72%** for B- shares, 1.73% for B-USD shares, 1.07% for Ca- shares, 1.12% for C-CHF shares, 1.10% for C- shares, 1.13% for C-USD shares, 2.22%** for E- shares, 2.19% for Em- shares and 2.21% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. EBFUS - 1

Julius Baer Multibond - EMERGING BOND FUND (USD) COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) - 10.00 10.00 Distribution shares (Shares A-) - - 10.00 Distribution shares (Shares A-USD) 44 872.97 56 676.92 56 757.52 Distribution shares (Shares Ca-) - - 10.00 Distribution shares (Shares Em-) - - 10.00 Accumulation shares (Shares B-CHF) - 10.00 24 802.00 Accumulation shares (Shares B-) - - 11 010.00 Accumulation shares (Shares B-USD) 239 741.23 259 743.20 260 151.33 Accumulation shares (Shares C-CHF) - 13 960.73 51 306.73 Accumulation shares (Shares C-) - - 99 448.68 Accumulation shares (Shares C-USD) 83 946.29 173 361.51 165 254.82 Accumulation shares (Shares E-) - - 10.00 Accumulation shares (Shares E-USD) 4 781.78 14 642.92 20 823.27 Net Assets 124 253 652 184 079 680 223 867 515 NAV per share Distribution shares (Shares A-CHF) - 100.58 110.06 Distribution shares (Shares A-) - - 103.59 Distribution shares (Shares A-USD) 148.89 152.58 161.33 Distribution shares (Shares Ca-) - - 103.82 Distribution shares (Shares Em-) - - 100.06 Accumulation shares (Shares B-CHF) - 100.58 110.17 Accumulation shares (Shares B-) - - 103.60 Accumulation shares (Shares B-USD) 352.50 379.65 418.61 Accumulation shares (Shares C-CHF) - 100.59 110.53 Accumulation shares (Shares C-) - - 103.81 Accumulation shares (Shares C-USD) 378.87 410.71 454.12 Accumulation shares (Shares E-) - - 103.43 Accumulation shares (Shares E-USD) 263.30 282.17 310.34 Dividend for the previous financial year (Shares A-CHF) - - 0.10 Dividend for the previous financial year (Shares A-USD) 8.50 7.40 6.75 EBFUS - 2

Julius Baer Multibond - EMERGING BOND FUND (USD) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 213 959 652 95.57% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 182 655 922 81.61% Bonds 182 655 922 81.61% BRL 772 243 0.34% 2 9.798% BRAZIL 07 01.01.17 772 243 0.34% MXN 5 555 412 2.49% 10 10.000% MEXICO 05 -M- 05.12.24 102 755 0.05% 635 7.750% MEXICO 07 S.M 10 14.12.17 5 452 657 2.44% 1 800 7.650% UKRAINE 03 11.06.13 1 817 910 0.81% 2 000 6.580% UKRAINE 06 21.11.16 2 004 400 0.90% 500 7.625% URUGUAY 06 21.03.36 778 260 0.35% 2 000 6.000% VENEZUELA 05 REGS 09.12.20 1 675 060 0.75% 7 150 9.000% VENEZUELA 08 07.05.23 6 923 202 3.09% 2 800 8.250% VENEZUELA 09 13.10.24 2 576 784 1.15% 9 200 9.250% VENEZUELA 97 15.09.27 9 174 240 4.10% 850 6.875% VIETNAM 05 REG.S 15.01.16 934 159 0.42% UYU 3 771 478 1.68% 40 000 6.282% URUGUAY 07 / INFL 05.04.27 3 771 478 1.68% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 4 664 710 2.07% PLN 4 695 853 2.10% 11 000 2.750% POLAND 08 / INFL 25.08.23 4 695 853 2.10% USD 167 860 936 75.00% 300 8.875% ALROSA FIN. REGS 17.11.14 332 886 0.15% 3 950 2.500% ARGENTINA 03 30.09.38 1 421 013 0.63% 1 050 8.280% ARGENTINA 03 PIK 31.12.33 1 021 309 0.46% 3 000 0.000% ARGENTINA 93-23 L /FLAT OPE 31.03.23 2 197 500 0.98% 1 000 11.000% BRAZIL 00 17.08.40 1 258 830 0.56% 2 850 7.125% BRAZIL 06 20.01.37 4 379 595 1.96% 1 250 5.625% BRAZIL 09 07.01.41 1 640 625 0.73% 500 10.125% BRAZIL 97-2027 15.05.27 920 625 0.41% 500 8.125% COLOMBIA 04 21.05.24 753 140 0.34% 3 100 7.375% COLOMBIA 06 18.09.37 4 821 120 2.15% 200 8.050% COSTA RICA 03-13 REGS 31.01.13 201 406 0.09% 5 850 6.375% CROATIA 11 24.03.21 6 655 896 2.97% 1 900 7.650% EL SALVADOR 05 REG 15.06.35 2 159 635 0.96% 250 10.500% EMPRESA EN. 06 REGS 19.07.13 259 375 0.12% 1 000 9.625% GAZPROM 03 REGS 01.03.13 1 014 680 0.45% 500 6.500% GAZPROMBK 05 23.09.15 541 550 0.24% 1 000 4.750% HUNGARY 05 03.02.15 1 029 700 0.46% 1 500 7.625% HUNGARY 11 29.03.41 1 742 115 0.78% 4 375 7.750% INDONESIA 08 17.01.38 6 621 781 2.96% 1 000 6.875% INDONESIA 08 17.01.18 1 223 790 0.55% 2 500 11.625% INDONESIA 09 04.03.19 3 803 150 1.70% 4 300 6.750% LITHUANIA 09 15.01.15 4 736 579 2.12% 1 500 6.625% LITHUANIA 12 01.02.22 1 924 845 0.86% 2 750 8.300% MEXICO 01 T.7 MTN 15.08.31 4 477 000 2.00% 7 800 6.750% MEXICO 04 GL 27.09.34 11 227 944 5.02% 1 700 5.950% MEXICO 08 19.03.19 2 094 026 0.94% 1 000 7.875% PAKISTAN 06-36REG 31.03.36 754 190 0.34% 500 8.625% PEMEX PROJ. 03 S7 01.02.22 642 500 0.29% 1 000 8.750% PERU 03 21.11.33 1 742 500 0.78% 250 7.875% PETROBRAS INTL 09 15.03.19 312 185 0.14% 2 150 5.375% PETROLEOS 07 12.04.27 1 497 454 0.67% 250 10.625% PHILIPP 00 16.03.25 435 160 0.19% 3 100 9.500% PHILIPP. 05 02.02.30 5 373 261 2.40% 4 750 7.750% PHILIPPINES 6 14.01.31 7 275 005 3.25% 800 5.500% PLN 11 22.11.21 906 352 0.40% 2 500 6.375% POLAND 09 15.07.19 3 126 725 1.40% 1 500 5.000% POLAND 11 23.03.22 1 776 420 0.79% 450 Fl. Rate REP. DOMINIC. 05-18REG / PIK 23.01.18 560 241 0.25% 300 8.625% REP. DOMINIC. 06-27 REGS 20.04.27 363 579 0.16% 3 950 6.750% ROMANIA 12 07.02.22 4 820 699 2.15% 5 000 7.500% RUSSIA 00 REG / ST-UP 31.03.30 4 962 519 2.22% 18 500 5.000% RUSSIA BOND 10 29.04.20 21 871 439 9.76% 1 200 5.500% SLOVENIA 12 26.10.22 1 265 652 0.57% 2 750 6.875% SOUTH AFRICA 09 27.05.19 3 469 923 1.55% 150 7.500% SOUTHERN COP 05 27.07.35 192 536 0.09% 200 7.400% SRI LANKA 09 REGS 22.01.15 216 472 0.10% 2 300 11.875% TURKEY 00-30 15.01.30 4 521 639 2.02% 3 100 7.000% TURKEY 05 05.06.20 3 963 970 1.77% 2 000 7.250% TURKEY 08 05.03.38 2 841 500 1.27% 500 7.000% TURKEY 08 11.03.19 624 885 0.28% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBFUS - 3 Bonds 4 664 710 2.07% USD 4 664 710 2.07% 1 000 6.625% INDONESIA 07 17.02.37 1 346 390 0.60% 1 000 4.875% PEMEX 12 24.01.22 1 129 300 0.50% 500 6.550% REP OF PERU 07 14.03.37 726 250 0.32% 1 000 8.000% REP. URUGUAY 05 18.11.22 1 462 770 0.65% CASH EQUIVALENTS 22 998 670 10.26% Treasury bills 22 998 670 10.26% USD 22 998 670 10.26% 23 000 0.000% USA TB 07.03.13 22 998 670 10.26% INVESTMENT FUNDS 3 640 350 1.63% Luxembourg 3 640 350 1.63% 35 000 JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C-/CAP 3 640 350 1.63%

Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 28 August 2012 (Launch date) until 31 December 2012 USD Assets Investments at market 31 094 526 (Cost: 30 493 684) Derivative instruments at market : - Forward foreign exchange contracts 251 306 Cash at banks 1 840 078 Subscriptions receivable 188 414 Dividends and interest 400 503 Total Assets 33 774 827 Liabilities Payables for redemptions 572 Management fees payable 18 445 "Taxe d'abonnement" payable 1 107 Other liabilities 9 604 Total Liabilities 29 728 Net Assets 33 745 099 Income Income from investments 421 227 Total Income 421 227 Expenses Management fees 59 674 "Taxe d'abonnement" and other taxes 1 715 Bank interest 8 Other expenses* 27 202 Total Expenses 88 599 Net 332 628 Realised on: - 48 630 - Forward foreign exchange contracts 580 493 - Foreign currencies 93 449 Net realised 1 055 200 Net change in unrealised appreciation/ depreciation on: - -362 304 - Forward foreign exchange contracts 251 306 Total 944 202 STATEMENT OF CHANGES IN NET ASSETS 31 December 2012 USD Net at the beginning of the reporting period - Total 944 202 Net subscriptions/redemptions 32 802 927 Dividend distributions -2 030 Net at the end of the reporting period 33 745 099 * See page 10 The TER (Total Expense Ratio) amounts to 1.53%** for A-CHF shares, 1.55%** for A- shares, 1.52%** for A-USD shares, 1.53%** for B-CHF shares, 1.54%** for B- shares, 1.96%** for B-USD shares, 0.96%** for Ca- shares, 0.91% for C-CHF shares, 0.91% for C- shares, 0.90% for C-USD shares, 2.15%** for E- shares, 2.12%** for Em- shares and 2.34%** for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. ECB - 1

Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND COMPARATIVE STATEMENT 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) 710.00 Distribution shares (Shares A-) 9 610.00 Distribution shares (Shares A-USD) 10.00 Distribution shares (Shares Ca-) 10.00 Distribution shares (Shares Em-) 5 205.41 Accumulation shares (Shares B-CHF) 66.00 Accumulation shares (Shares B-) 730.07 Accumulation shares (Shares B-USD) 1 058.17 Accumulation shares (Shares C-CHF) 50 010.00 Accumulation shares (Shares C-) 158 968.44 Accumulation shares (Shares C-USD) 36 724.46 Accumulation shares (Shares E-) 1 448.56 Accumulation shares (Shares E-USD) 271.09 Net Assets 33 745 099 NAV per share Distribution shares (Shares A-CHF) 103.43 Distribution shares (Shares A-) 103.46 Distribution shares (Shares A-USD) 103.72 Distribution shares (Shares Ca-) 103.67 Distribution shares (Shares Em-) 101.96 Accumulation shares (Shares B-CHF) 103.43 Accumulation shares (Shares B-) 103.47 Accumulation shares (Shares B-USD) 103.71 Accumulation shares (Shares C-CHF) 103.64 Accumulation shares (Shares C-) 103.68 Accumulation shares (Shares C-USD) 103.94 Accumulation shares (Shares E-) 103.31 Accumulation shares (Shares E-USD) 103.54 ECB - 2

Julius Baer Multibond - EMERGING MARKETS CORPORATE BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 31 094 526 92.15% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 22 796 111 67.56% Bonds 22 796 111 67.56% BRL 260 542 0.77% 500 10.250% ARCOS DOR 11 13.07.16 260 542 0.77% USD 22 535 569 66.79% 200 10.750% AEROPUERTOS ARG 01.12.20 165 061 0.49% 300 10.000% AGILE PROP 09 14.11.16 329 217 0.98% 200 6.500% AKBANK 11 REGS 09.03.18 228 906 0.68% 200 5.000% AKBANK 12 24.10.22 211 294 0.63% 250 7.750% ALFA BD ISS 11 28.04.21 277 610 0.82% 200 6.500% ALLIANCE GL 10 18.08.17 222 156 0.66% 200 7.750% ALROSA FIN 10 03.11.20 232 870 0.69% 101 7.875% ALTO PALERMO 07 REGS 11.05.17 88 375 0.26% 400 3.375% ANADOLU EFE 12 01.11.22 396 572 1.18% 200 3.000% BANCO DE CRED 12 13.09.17 203 506 0.60% 200 9.625% BANK NY 11 POOL 02.05.21 185 456 0.55% 200 3.875% BC SANT CL 12 20.09.22 206 308 0.61% 250 7.500% BCO GNB SUDAMERIS 30.07.22 272 515 0.81% 300 8.000% BRT ESCROW 11 POOL 18.08.18 281 951 0.84% 300 6.750% CORP LINDLEY 11 23.11.21 347 835 1.03% 250 3.250% COSL FIN BVI 12 06.09.22 247 920 0.73% 275 6.375% COZCAR 12 02.08.22 298 262 0.88% 350 7.375% DEWAAE 10 REG-S 21.10.20 430 871 1.28% 450 5.500% DOLPHIN 12 15.12.21 524 601 1.55% 400 4.767% EDB 12 20.09.22 417 016 1.24% 300 6.375% FPT FINANCE 10 28.09.20 336 852 1.00% 450 4.950% GAZ CAP 12 19.07.22 483 669 1.43% 200 4.375% GAZPROM CAP 12 19.09.22 205 410 0.61% 250 4.875% GF OROGEN 10 07.10.20 245 882 0.73% 400 6.750% GFB 12 30.09.22 450 768 1.34% 450 4.875% GLOBO COM 12 11.04.22 493 394 1.46% 200 7.750% GRAIL 12 11.07.22 228 072 0.68% 425 5.500% HENSON FIN 09 17.09.19 466 420 1.38% 200 4.750% HLP FINANCE 12 25.06.22 215 656 0.64% 400 4.700% ICICI BK 12 21.02.18 420 452 1.25% 450 2.500% KEWSPO 12 16.07.17 458 865 1.36% 400 3.000% KOHNPW 12 REG S 19.09.22 397 968 1.18% 200 6.875% LONGFOR PPT 12 18.10.19 208 482 0.62% 200 6.750% MAESTRO PERU 12 26.09.19 208 650 0.62% 350 5.250% MAF GLB SEC 12 05.07.19 374 742 1.11% 225 10.250% MHP 10 29.04.15 237 688 0.70% 200 12.250% MINERVA LUX 12 10.02.22 239 946 0.71% 275 8.625% MTS INTL FD 10 22.06.20 347 342 1.03% 300 6.375% MYRIAD INTL 10 28.07.17 339 225 1.01% 200 2.250% NONGHYUP BK 12 19.09.17 200 368 0.59% 200 8.250% OAS INVEST 12 19.10.19 213 728 0.63% 550 Fl. Rate OCBC 10 15.11.22 580 382 1.72% 400 4.630% PKO FIN 12 26.09.22 421 456 1.25% 300 7.875% POSADAS 12 REGS 30.11.17 316 284 0.94% 200 6.250% QGOG CONST 12 09.11.19 209 278 0.62% 400 3.375% QNB FIN 12 22.02.17 418 876 1.24% 400 4.750% QTEL INT FIN 10 16.02.21 451 640 1.34% 500 5.400% RELIANCE 12 14.02.22 557 510 1.65% 200 4.199% ROSNEFT 12 06.03.22 204 196 0.61% 400 6.500% ROSY UNICORN 12 09.02.17 443 504 1.31% 400 5.700% RZD CAPITAL 12 05.04.22 457 132 1.35% 250 4.950% SBERBANK 12 07.02.17 270 210 0.80% 200 5.125% SBERBANK 12 29.10.22 203 748 0.60% 450 4.375% SHINHAN FIN 12 27.07.17 495 603 1.47% 400 6.950% SISTEMA 12 17.05.19 430 152 1.27% 200 4.250% SMINVEST 12 17.10.19 203 474 0.60% 350 6.750% SOUTHERN COP 10 16.04.40 422 030 1.25% 350 4.800% STECHS 09 16.07.19 406 906 1.21% 400 4.500% TALENT Y INV 12 25.04.22 437 692 1.30% 250 5.875% TAQAUH 11 13.12.21 298 258 0.88% 250 14.000% TCS FIN 12 06.06.18 259 000 0.77% 200 6.750% TELEFON CEL 12 13.12.22 209 858 0.62% 400 3.375% TENCENT HOLD 12 05.03.18 413 568 1.23% 200 7.000% THETA CAPITAL 12 16.05.19 210 362 0.62% 200 6.000% TURKIY IS BK 12 24.10.22 212 450 0.63% 275 5.250% TURKIYE GAR 12 13.09.22 297 072 0.88% 250 4.000% TURKIYE GAR 12 13.09.17 258 805 0.77% 200 5.625% VALE 12 11.09.42 218 762 0.65% 200 9.125% VIP FIN 08-18 REGS 30.04.18 242 214 0.72% 400 5.250% WORLSEC C F 12 26.01.17 432 568 1.28% 200 7.125% ZHAIKMUNAI 12 13.11.19 210 698 0.62% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 6 998 483 20.74% Bonds 6 998 483 20.74% USD 6 998 483 20.74% 500 4.500% ALPEK 12 20.11.22 522 695 1.55% 350 5.000% BBVA 12 26.08.22 376 852 1.12% 200 3.750% BC SANT CL 10 22.09.15 209 478 0.62% 300 8.875% BCO CON SAE 12 15.10.17 322 131 0.95% 275 5.500% BMF BOVESPA 10 16.07.20 311 900 0.92% 400 5.375% COLOMB TEL 12 27.09.22 405 016 1.20% 200 9.000% CORP PESQUERA REGS 10.02.17 214 356 0.64% 450 3.625% DBS BK 12 21.09.22 473 890 1.40% 200 7.000% DIGICEL 12 15.02.20 214 000 0.63% 300 5.625% E CL SA 10 15.01.21 340 620 1.01% 275 7.500% FIBRIA 10 04.05.20 306 246 0.91% 200 4.750% GRUPO AVAL 12 26.09.22 201 274 0.60% 200 6.950% LISTRINDO 12 21.02.19 224 492 0.67% 125 10.250% MCE FINAN 10 15.05.18 142 958 0.42% 281 7.500% NET SERVICOS 09 27.01.20 323 704 0.96% 350 6.350% ODEBRECHT 10 30.06.21 383 591 1.14% 300 7.125% ODEBRECHT 12 26.06.42 347 652 1.03% 200 8.500% OGX PETROLEO 11 01.06.18 180 814 0.54% 250 7.875% PAN AMER EN REGS 07.05.21 217 505 0.64% 250 6.000% PETROLEUM CO 07 REG 08.05.22 217 599 0.64% 250 5.298% RAS LAFF.LNG 2 05-20REG 30.09.20 225 062 0.67% 350 5.625% SIGMA ALIM 11 12.04.18 396 756 1.18% 400 4.375% SWIRE PAC 12 18.06.22 439 892 1.30% CASH EQUIVALENTS 1 299 932 3.85% Treasury bills 1 299 932 3.85% USD 1 299 932 3.85% 1 300 0.000% USA 12 TB 28.02.13 1 299 932 3.85% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ECB - 3

Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 395 181 158 (Cost: 372 047 356) Derivative instruments at market : - Forward foreign exchange contracts 2 108 306 Cash at banks 13 473 176 Subscriptions receivable 2 337 561 Dividends and interest 3 324 621 Total Assets 416 424 822 Liabilities Bank overdraft 664 Payables for redemptions 357 534 Management fees payable 309 533 "Taxe d'abonnement" payable 24 411 Other liabilities 188 267 Total Liabilities 880 409 Net Assets 415 544 413 Income Income from investments 6 473 165 Bank interest 42 517 Equalisation 1 006 889 Total Income 7 522 571 Expenses Management fees 1 605 383 "Taxe d'abonnement" and other taxes 47 390 Bank interest 1 285 Other expenses* 637 538 Equalisation 11 816 Total Expenses 2 303 412 Net 5 219 159 Realised on: - 1 912 728 - Forward foreign exchange contracts 5 131 192 - Foreign currencies 109 528 Net realised 12 372 607 Net change in unrealised appreciation/ depreciation on: - 22 756 741 - Forward foreign exchange contracts 1 036 429 Total 36 165 777 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 300 612 970 265 355 065 Foreign exchange difference - sub-fund -21 251 476 6 308 295 Total -16 036 428 36 165 777 Net subscriptions/redemptions 3 791 677 114 062 700 Dividend distributions -1 761 678-6 347 424 Net at the end of the reporting period 265 355 065 415 544 413 * See page 10 The TER (Total Expense Ratio) amounts to 1.80% for A-CHF shares, 1.80% for A- shares, 1.80% for A-GBP shares, 1.80% for A-USD shares, 1.80% for B-CHF shares, 1.81% for B- shares, 1.85%** for B-GBP shares, 1.80% for B-USD shares, 1.06% for Ca- shares, 1.03% for Ca-GBP shares, 1.04% for Ca-USD shares, 1.05% for C-CHF shares, 1.06% for C- shares, 1.05% for C-GBP shares, 1.10% for Cm-GBP shares, 1.06% for C-USD shares, 2.24%** for E-CHF shares, 2.31% for E- shares, 2.34% for Em- shares and 2.31% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. EMILB - 1

Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) 10 355.00 27 833.16 32 870.16 Distribution shares (Shares A-) 80 960.29 86 544.15 77 020.65 Distribution shares (Shares A-GBP) 222.50 23 421.03 28 016.14 Distribution shares (Shares A-USD) 427 619.10 290 897.62 222 751.49 Distribution shares (Shares Ca-) 344 510.00 325 510.00 334 510.00 Distribution shares (Shares Ca-GBP) - - 10.00 Distribution shares (Shares Ca-USD) - - 10.00 Distribution shares (Shares Cm-GBP) - - 10.00 Distribution shares (Shares Em-) - 6 139.26 49 297.26 Accumulation shares (Shares B-CHF) 35 989.31 75 794.35 84 829.35 Accumulation shares (Shares B-) 115 497.17 242 285.57 251 174.13 Accumulation shares (Shares B-GBP) 495.00 259.00 1 698.26 Accumulation shares (Shares B-USD) 179 615.94 320 588.69 322 170.87 Accumulation shares (Shares C-CHF) 418 734.31 448 507.73 459 099.91 Accumulation shares (Shares C-) 194 730.95 128 279.34 281 999.35 Accumulation shares (Shares C-GBP) 83 961.14 35 304.33 14 439.74 Accumulation shares (Shares C-USD) - 335 138.61 1 175 735.78 Accumulation shares (Shares E-CHF) 10.00 10.00 10.00 Accumulation shares (Shares E-) 27 162.49 32 607.47 47 528.35 Accumulation shares (Shares E-USD) 4 730.11 6 353.88 4 514.24 Net Assets 300 612 970 265 355 065 415 544 413 NAV per share Distribution shares (Shares A-CHF) 104.71 97.31 100.39 Distribution shares (Shares A-) 105.01 98.21 101.44 Distribution shares (Shares A-GBP) 102.19 96.80 100.22 Distribution shares (Shares A-USD) 104.97 98.44 102.09 Distribution shares (Shares Ca-) 105.44 98.38 102.02 Distribution shares (Shares Ca-GBP) - - 103.43 Distribution shares (Shares Ca-USD) - - 108.23 Distribution shares (Shares Cm-GBP) - - 99.89 Distribution shares (Shares Em-) - 96.63 103.00 Accumulation shares (Shares B-CHF) 104.70 98.37 108.89 Accumulation shares (Shares B-) 105.01 99.29 110.06 Accumulation shares (Shares B-GBP) 102.19 96.96 107.74 Accumulation shares (Shares B-USD) 104.96 100.14 111.43 Accumulation shares (Shares C-CHF) 105.10 99.49 110.54 Accumulation shares (Shares C-) 105.44 100.43 111.75 Accumulation shares (Shares C-GBP) 102.28 97.79 109.07 Accumulation shares (Shares C-USD) 105.40 101.31 113.15 Accumulation shares (Shares E-CHF) 104.44 97.67 107.90 Accumulation shares (Shares E-) 104.72 98.52 108.93 Accumulation shares (Shares E-USD) 104.70 99.38 110.31 Dividend for the previous financial year (Shares A-CHF) - 1.05 7.10 Dividend for the previous financial year (Shares A-) - 1.05 7.20 Dividend for the previous financial year (Shares A-GBP) - 0.15 7.10 Dividend for the previous financial year (Shares A-USD) - 1.65 7.20 Dividend for the previous financial year (Shares Ca-) - 2.00 7.20 Dividend for the previous financial year (Shares Em-) - 2.49 3.66* *the following interim dividends were distributed in the previous financial year: Em- shares: July 2012: 0.61; August 2012: 0.61; September 2012: 0.61; October 2012: 0.61; November 2012: 0.61; December 2012: 0.61 EMILB - 2

Julius Baer Multibond - EMERGING MARKETS INFLATION LINKED BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 395 181 158 95.10% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 355 020 034 85.44% Bonds 355 020 034 85.44% BRL 41 486 899 9.98% 5 12.940% BRAZIL 04 N.TES. 15.05.45 7 404 985 1.78% 14 689 10.250% BRAZIL 07 10.01.28 9 469 758 2.28% 11 12.940% BRAZIL 10 / INFL 15.08.40 16 541 871 3.98% 4 12.549% BRAZIL 10 / INFL 15.08.16 4 542 027 1.09% 2 12.940% BRAZIL 10 / INFL 15.08.50 3 528 258 0.85% CLP 25 551 574 6.15% 89 3.000% BCO CTL CHI 07 01.05.17 4 342 018 1.04% 50 3.000% BCO CTL CHI 10 01.10.15 2 368 113 0.57% 159 3.000% BCO CTL CHI 12 /INFL 01.07.17 7 714 997 1.86% 228 3.000% BONO BCO 11 01.02.21 11 126 446 2.68% THB 3 781 019 0.91% 109 174 1.200% THAILAND GOV CPI 14.07.21 3 781 019 0.91% UNLISTED SECURITIES 7 711 978 1.86% Bonds 7 711 978 1.86% BRL 7 711 978 1.86% 6 12.939% BRAZIL 09 IPCA 15.08.20 7 711 978 1.86% CASH EQUIVALENTS 25 803 858 6.20% Treasury bills 25 803 858 6.20% USD 25 803 858 6.20% 25 805 0.000% USA 12 TB 07.02.13 25 803 858 6.20% ILS 62 920 899 15.15% 4 962 5.120% ISRAEL 01 / INFL 30.07.21 2 148 922 0.52% 3 970 4.846% ISRAEL 04 / INFL 31.07.24 1 643 536 0.40% 47 888 4.665% ISRAEL 06 / CPI 30.05.36 20 119 680 4.84% 69 475 3.241% ISRAEL 09 ILCPI 31.10.19 23 273 068 5.60% 39 203 2.888% ISRAEL 10 / INFL 30.08.41 11 725 070 2.82% 12 902 2.875% ISRAEL 11 / CPI 30.09.22 4 010 623 0.97% KRW 6 090 216 1.47% 4 962 466 2.750% KOREA 07 / INFL 10.03.17 6 090 216 1.47% MXN 87 519 084 21.07% 285 Fl. Rate MEX UDIBONOS TV 06 16.06.16 12 089 386 2.91% 311 21.324% MEXICO 04 / INFL 18.12.14 12 488 497 3.01% 521 21.324% MEXICO 06 UDIBONOS 22.11.35 26 535 308 6.38% 440 18.937% MEXICO 09 / INFL 13.06.19 19 355 258 4.66% 300 18.964% MEXICO 09 UDI 15.11.40 14 618 860 3.52% 60 12.193% MEXICO 10 UDIBON 10.12.20 2 431 775 0.59% PLN 17 543 622 4.22% 29 775 2.750% POLAND 08 / INFL 25.08.23 12 710 735 3.06% 10 917 Fl. Rate POLAND TV 04 IZ 0816 24.08.16 4 832 887 1.16% TRY 61 308 277 14.75% 6 947 12.000% TURKEY 08 / CPI 14.08.13 5 680 008 1.37% 17 666 7.000% TURKEY 09 /CPI 01.10.14 14 132 655 3.40% 7 444 Fl. Rate TURKEY 09 CPI 21.05.14 6 159 105 1.48% 5 707 4.500% TURKEY 10 INFL 11.02.15 4 286 251 1.03% 25 805 3.000% TURKEY 11 / CPI 06.01.21 19 083 181 4.59% 17 617 3.000% TURKEY 12 /INFL 23.02.22 11 967 077 2.88% UYU 6 669 615 1.61% 69 475 5.000% URUGUAY (INDEX LKD) 06-18 14.09.18 6 669 615 1.61% ZAR 45 929 848 11.04% 12 605 Fl. Rate SOUTH AFRICA / CPI 31.03.28 2 455 098 0.59% 86 248 5.500% SOUTH AFRICA / INFL 07.12.23 29 091 155 6.99% 56 175 3.450% SOUTH AFRICA 03 07.12.33 14 383 595 3.46% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 6 645 288 1.60% Bonds 6 645 288 1.60% KRW 2 864 269 0.69% 2 481 233 2.750% KOREA 10 /CPI 10.06.20 2 864 269 0.69% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EMILB - 3

Julius Baer Multibond - O BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 128 633 165 (Cost: 118 832 283) Derivative instruments at market : - Futures 79 481 - Forward foreign exchange contracts 172 525 - Swaps 9 811 Cash at banks 3 425 706 Subscriptions receivable 11 522 Receivables on swaps 90 931 Dividends and interest 2 375 187 Other receivables 1 266 887 Total Assets 136 065 215 Liabilities Bank overdraft 103 792 Payable to brokers 146 023 Payables for redemptions 292 340 Payables for swaps 94 915 Management fees payable 86 464 "Taxe d'abonnement" payable 15 145 Other liabilities 28 956 Total Liabilities 767 635 Net Assets 135 297 580 Income Income from investments 2 650 134 Bank interest 276 Other income 10 913 Interest income on swaps 92 697 Total Income 2 754 020 Expenses Management fees 531 567 Custodian fees and charges 23 "Taxe d'abonnement" and other taxes 31 568 Bank interest 549 Interest expense on swaps 108 129 Other expenses* 174 861 Equalisation 59 104 Total Expenses 905 801 Net 1 848 219 Realised on: - 607 996 - Swaps -53 551 - Forward foreign exchange contracts 369 124 - Futures -83 252 - Foreign currencies -12 381 Net realised 2 676 155 Net change in unrealised appreciation/ depreciation on: - 5 030 143 - Swaps 10 164 - Forward foreign exchange contracts 64 178 - Futures 232 830 Total 8 013 470 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 156 182 929 139 588 637 Total 9 972 795 8 013 470 Net subscriptions/redemptions -25 540 785-11 572 897 Dividend distributions -1 026 302-731 630 Net at the end of the reporting period 139 588 637 135 297 580 * See page 10 The TER (Total Expense Ratio) amounts to 1.18% for A- shares, 1.18% for B- shares, 0.68% for C- shares and 1.64% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EBF - 1

Julius Baer Multibond - O BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-) 225 925.52 177 598.22 160 773.32 Accumulation shares (Shares B-) 356 464.80 302 705.79 256 459.14 Accumulation shares (Shares C-) 36 733.83 30 591.01 47 911.18 Accumulation shares (Shares E-) 2 292.98 3 223.05 7 230.95 Net Assets 156 182 929 139 588 637 135 297 580 NAV per share Distribution shares (Shares A-) 117.07 120.17 122.92 Accumulation shares (Shares B-) 327.67 351.68 372.78 Accumulation shares (Shares C-) 344.06 371.11 394.36 Accumulation shares (Shares E-) 127.22 135.86 143.64 Dividend for the previous financial year (Shares A-) 4.75 5.20 4.40 EBF - 2

Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 128 633 165 95.07% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 120 109 659 88.76% Bonds 120 109 659 88.76% 112 780 813 83.32% 206 4.375% A.P MOLLER 10 24.11.17 228 458 0.17% 206 4.000% AB INBEV 10 26.04.18 235 376 0.17% 206 3.375% ABBEY NATL 10 20.10.15 219 102 0.16% 206 4.375% ABBEY NATL 11 24.01.18 238 391 0.18% 206 3.500% ABN AMRO 10 21.09.22 235 763 0.17% 206 4.000% ABN AMRO 10 REGS 03.02.15 219 397 0.16% 206 4.250% ABN AMRO 11 11.04.16 227 629 0.17% 35 Fl. Rate ADAGI 05 SII-X A1 15.01.21 33 429 0.02% 206 7.625% ADECCO IF 9 28.04.14 223 996 0.17% 413 6.587% AER RIANTA 08 09.07.18 445 351 0.33% 206 4.605% AFD 04 Perp. 193 870 0.14% 206 4.000% AIB 10 19.03.15 207 106 0.15% 17 4.875% AIB MTG BANK 07 29.06.17 18 496 0.01% 413 5.000% AIG 07 26.06.17 465 962 0.34% 103 4.750% AIR FRANCE 06 22.01.14 105 435 0.08% 206 4.000% ALADIS EMISIONES 05 11.12.15 223 351 0.17% 22 Fl. Rate ALPST 07 2X B 15.05.24 16 571 0.01% 206 4.875% AMADEUS CAP 11 15.07.16 225 964 0.17% 206 4.625% AMCOR LTD 11 16.04.19 240 452 0.18% 206 3.750% AMER MOVIL 10 28.06.17 229 343 0.17% 206 5.375% AMER SPORTS 10 11.06.15 217 297 0.16% 206 3.500% ANGLO AMER 12 28.03.22 218 966 0.16% 413 5.125% ANZ 09 10.09.19 480 610 0.36% 206 6.250% AON FIN 09 01.07.14 221 711 0.16% 206 4.875% ARRFP 11 21.01.19 235 699 0.17% 206 5.000% ARRFP 11 12.01.17 231 552 0.17% 44 Fl. Rate ARRMF 2011-1X A1B 19.11.47 12 373 0.01% 206 5.750% ASML HOLDING 07 13.06.17 240 858 0.18% 218 3.900% AUSTRIA 04 15.07.20 258 237 0.19% 262 3.500% AUSTRIA 05 15.09.21 303 294 0.22% 327 4.000% AUSTRIA 06 15.09.16 370 782 0.27% 131 4.150% AUSTRIA 06 15.03.37 169 793 0.13% 218 4.350% AUSTRIA 07 15.03.19 261 942 0.19% 174 4.850% AUSTRIA 09 15.03.26 230 177 0.17% 9 Fl. Rate AVOCA 05 SIII-X C 15.09.21 7 460 0.01% 17 Fl. Rate AVOCA 07 VII-X A3 16.05.24 16 708 0.01% 413 4.500% BANBRA 11 20.01.16 440 778 0.33% 83 Fl. Rate BARCLAYS 04 04.03.19 83 550 0.06% 413 4.875% BARCLAYS 09 13.08.19 493 238 0.36% 26 2.250% BARCLAYS 12 22.02.17 27 773 0.02% 413 6.000% BARRY CALL.SVCS 07 13.07.17 471 337 0.35% 206 4.375% BBVASM 12 21.09.15 211 546 0.16% 17 3.125% BCO SANT.CENT-HIS 05-15 28.09.15 17 721 0.01% 206 4.375% BELGACOM 06 23.11.16 233 825 0.17% 283 5.000% BELGIUM 04 OLO 28.03.35 378 353 0.28% 218 4.250% BELGIUM 04 OLO 28.09.14 233 626 0.17% 806 3.250% BELGIUM 06 OLO 28.09.16 888 824 0.66% 436 4.000% BELGIUM 06 S.48 28.03.22 512 822 0.38% 218 4.000% BELGIUM 08 OLO 28.03.18 252 608 0.19% 218 4.000% BELGIUM 09 OLO 28.03.19 254 983 0.19% 327 3.500% BELGIUM 09 OLO56 28.03.15 351 321 0.26% 218 3.750% BELGIUM 10 OLO 28.09.20 252 096 0.19% 218 4.500% BELGIUM 11 OLO64 28.03.26 268 986 0.20% 109 4.000% BELGIUM 12 28.03.32 127 993 0.09% 206 6.375% BHP FINANCE 09 04.04.16 243 224 0.18% 413 4.000% BK IRELAND 10 28.01.15 413 778 0.31% 215 3.250% BK IRELD MTG 05 22.06.15 218 566 0.16% 26 4.625% BK IRELD MTG 09 16.09.14 27 157 0.02% 124 4.625% BK OF IRELAND 09 08.04.13 124 021 0.09% 206 3.875% BNG 11 26.05.23 243 579 0.18% 103 5.431% BNPP 07 07.09.17 117 920 0.09% 206 3.750% BNPP 10 25.11.20 232 127 0.17% 124 4.625% BOA 04 18.02.14 128 674 0.10% 206 4.750% BOA 10 03.04.17 232 490 0.17% 206 3.472% BPCM 11 01.06.16 224 223 0.17% 206 4.625% BRAM FIN 11 20.04.18 238 610 0.18% 26 Fl. Rate BUMPER 4 11 2011-4 A 20.05.26 16 702 0.01% 327 4.250% BUNDESLAENDER 07 13.04.17 377 085 0.28% 109 3.250% BUNDESLAENDER 09 29.04.14 113 420 0.08% 206 3.750% BURVER 12 24.05.17 219 714 0.16% 206 5.375% CAMPARI 09 14.10.16 225 537 0.17% 206 4.250% CBA 09 10.11.16 232 331 0.17% 206 4.375% CBA 10 25.02.20 242 807 0.18% 44 Fl. Rate CELF 06 2006-1X A2 01.11.23 39 758 0.03% 206 4.125% CESKE DRAHY 12 23.07.19 223 530 0.17% 206 4.500% CEZ 10 29.06.20 241 875 0.18% 83 5.250% CGNU PLC 03 02.10.23 83 531 0.06% 413 4.250% CITIGP 05 25.02.30 379 411 0.28% 413 4.375% CITIGRP 07 30.01.17 463 309 0.34% 17 Fl. Rate CLARENVILLE 1X-A1A 15.03.16 3 066 0.00% 206 4.375% CLARIANT FIN. 06 05.04.13 207 993 0.15% 206 5.000% COFIROUTE 06 24.05.21 246 250 0.18% 103 3.125% COMPASS GR 12 13.02.19 112 044 0.08% 206 3.300% CRH 10 23.09.22 231 908 0.17% 413 4.750% CS INTL 09 05.08.19 491 720 0.36% 218 4.500% CZECH REPUBLIC 05.11.14 234 149 0.17% 206 6.125% DAIMLER INTL 08 08.09.15 234 720 0.17% 41 4.500% DAVIDE CAMP 12 25.10.19 43 398 0.03% 17 Fl. Rate DECO 06 7-E2X C 27.01.18 8 065 0.01% 2 080 Fl. Rate DECO LTD 06 7-E2XB 27.01.18 1 128 827 0.83% 433 Fl. Rate DEUTSCHE BK 05 09.03.17 403 809 0.30% 206 4.250% DNB 12 18.01.22 240 693 0.18% 206 4.375% DNB NOR 11 24.02.21 242 512 0.18% 206 4.000% DONG ENERGY 09 16.12.16 230 027 0.17% 174 Fl. Rate DRIVER 7 GMBH 10 7A 21.05.16 44 456 0.03% 70 Fl. Rate DRYDEN XV 07 6-15X 15.04.23 64 707 0.05% 35 Fl. Rate EATON VANC FRN07 A1 22.02.27 31 700 0.02% 17 Fl. Rate ECLIP 06 2006-2 E 20.02.19 3 466 0.00% 206 3.625% EDENRED 10 06.10.17 223 716 0.17% 26 Fl. Rate EELF 06 2006-1 A1 18.05.22 18 641 0.01% 206 4.250% EESTI ENERGIA AS 02.10.18 224 751 0.17% 206 2.250% ELISA CORP 12 04.10.19 210 358 0.16% 206 2.500% ELM BV 12 24.09.20 212 883 0.16% 26 Fl. Rate E-MAC 04 NL04-I B 25.07.36 12 032 0.01% 2 080 Fl. Rate E-MAC 06 NL06-2 A 25.01.39 1 229 895 0.91% 103 4.500% ENERGIE AG 05 04.03.25 117 454 0.09% 413 4.875% ENI 11 11.10.17 463 367 0.34% 206 6.250% ESB FIN 12 11.09.17 237 152 0.18% 26 Fl. Rate OPROP 07 6 -A- 30.04.17 19 514 0.01% 206 4.125% EUTELSAT 10 27.03.17 229 675 0.17% 206 9.375% FCE BK 09 17.01.14 223 311 0.17% 206 5.250% FIAT 11 11.03.15 219 065 0.16% 206 6.625% FIAT FIN. 06 15.02.13 207 512 0.15% 206 5.250% FMC FIN III 11 15.02.21 230 304 0.17% 206 6.000% FORTUM 09 20.03.19 258 543 0.19% 30 Fl. Rate FOSSE MAS 10-2X A2 18.10.54 22 156 0.02% 26 Fl. Rate FOSSM 10 10-4 A2 18.10.54 23 451 0.02% 283 5.750% FRANCE 00 25.10.32 415 212 0.31% 479 4.250% FRANCE 03 OAT 25.04.19 571 454 0.42% 327 4.000% FRANCE 04 OAT 25.04.55 391 432 0.29% 327 3.500% FRANCE 04 OAT 25.04.15 352 345 0.26% 545 3.250% FRANCE 05 OAT 25.04.16 598 029 0.44% 545 3.000% FRANCE 05 OAT 25.10.15 587 617 0.43% 436 3.750% FRANCE 05 OAT 25.04.21 507 504 0.38% 327 3.750% FRANCE 06 25.04.17 371 589 0.27% 479 4.000% FRANCE 06 OAT 25.10.38 571 967 0.42% 327 4.250% FRANCE 07 OAT 25.10.17 382 083 0.28% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 3

Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 327 4.000% FRANCE 07 OAT 25.04.18 380 644 0.28% 654 3.750% FRANCE 09 OAT 25.10.19 760 655 0.56% 109 4.500% FRANCE 09 OAT 25.04.41 140 780 0.10% 436 2.500% FRANCE 10 OAT 25.10.20 467 439 0.35% 327 3.250% FRANCE 10 OAT 25.10.21 366 434 0.27% 436 3.000% FRANCE 11 OAT 25.04.22 477 290 0.35% 218 2.750% FRANCE 12 25.10.27 224 422 0.17% 763 6.000% FRANCE 93 25.10.25 1 076 498 0.80% 109 5.500% FRANCE 98-2029 OAT 25.04.29 151 364 0.11% 124 3.000% FRANCE TEL 12 15.06.22 129 209 0.10% 206 4.750% FRANCE TELEC 07 21.02.17 235 303 0.17% 206 3.625% FRANCE TELEC. 05 14.10.15 221 622 0.16% 413 5.250% FRAPORT 09 10.09.19 480 644 0.36% 206 7.125% FREENET 11 20.04.16 231 504 0.17% 289 8.750% FRESENIUS FII 09 15.07.15 339 846 0.25% 206 2.875% G4S 12 02.05.17 213 238 0.16% 206 5.000% GAS NCP 12 13.02.18 227 612 0.17% 206 6.750% GATEGROUP F 12 01.03.19 220 510 0.16% 206 5.875% GAZ CAPITAL 05 REG 01.06.15 225 962 0.17% 206 6.375% GDF SUEZ 09 18.01.21 272 847 0.20% 413 5.250% GE CAP 08 18.05.15 454 679 0.34% 206 4.625% GE CAP.OP 07 22.02.27 248 420 0.18% 26 Fl. Rate GELDILUXTS11 11-16 11-TSA2 08.12.16 26 244 0.02% 218 5.500% GERMANY 00 04.01.31 332 732 0.25% 392 4.750% GERMANY 03 04.07.34 573 575 0.42% 392 3.500% GERMANY 05 04.01.16 433 295 0.32% 87 3.250% GERMANY 05 04.07.15 94 281 0.07% 654 3.750% GERMANY 06 04.01.17 747 723 0.55% 327 4.000% GERMANY 07 04.01.18 386 398 0.29% 523 4.750% GERMANY 08 04.07.40 809 451 0.60% 218 4.250% GERMANY 08 04.07.18 263 145 0.19% 327 3.500% GERMANY 09 04.07.19 386 065 0.29% 763 3.000% GERMANY 10 04.07.20 880 756 0.65% 872 3.250% GERMANY 11 04.07.21 1 025 321 0.76% 109 1.500% GERMANY 12 04.09.22 110 796 0.08% 305 6.500% GERMANY 97 04.07.27 491 194 0.36% 218 5.625% GERMANY 98 04.01.28 326 204 0.24% 206 5.000% GERRESHEIME 11 19.05.18 231 490 0.17% 206 5.750% GIE SUEZ ALL 03 24.06.23 265 778 0.20% 206 5.625% GLAXOSM CAP 07 13.12.17 252 809 0.19% 97 Fl. Rate GLBDRV 11 11-AX A 20.04.19 60 434 0.04% 413 6.375% GOLDMAN SACHS 08 02.05.18 498 217 0.37% 35 Fl. Rate GRACE CARD2 1X A2 15.02.17 35 235 0.03% 105 Fl. Rate GRND 06 1 A 20.07.16 76 448 0.06% 35 Fl. Rate HARBM 05 5X A2E 15.06.20 26 165 0.02% 17 Fl. Rate HARBM 05 6X A3 25.10.20 12 211 0.01% 39 Fl. Rate HARBOURM. 06 PR2XA2 15.10.22 26 689 0.02% 17 4.932% HARVEST CLO IX-B1 29.03.17 16 964 0.01% 59 Fl. Rate HARVEST III 6 III-XA 08.06.21 55 079 0.04% 39 Fl. Rate HARVT 04 IX A1 29.03.17 8 604 0.01% 206 8.000% HEIDLRG 09 31.01.17 242 919 0.18% 70 Fl. Rate HIGHWAY BV 12 2012-1 A 26.03.24 70 249 0.05% 206 3.875% HSBC 11 24.10.18 234 802 0.17% 165 3.750% HSBC FIN. 05 04.11.15 177 293 0.13% 413 4.750% HUTCH WHAM 09 14.11.16 468 425 0.35% 44 Fl. Rate HYDE PARK 06 1X A1 14.06.22 37 633 0.03% 206 3.750% ICO 10 28.07.15 207 384 0.15% 413 3.375% ING NV 10 03.03.15 434 012 0.32% 206 3.500% INSTIT CRDT OF 09 20.01.14 207 869 0.15% 413 4.000% INTESA SAN 10 08.11.18 423 212 0.31% 413 4.375% INTESA SAN 11 16.08.16 449 230 0.33% 218 4.400% IRELAND 08 18.06.19 220 517 0.16% 218 4.000% IRELAND 09 15.01.14 223 150 0.16% 131 5.400% IRELAND 09 13.03.25 134 138 0.10% 109 5.000% IRELAND 10 18.10.20 112 852 0.08% 153 4.600% IRELAND 99 18.04.16 162 508 0.12% 109 4.500% IRISH TSY 07 TBO 18.10.18 113 844 0.08% 763 4.250% ITALY 03 BTP 01.08.13 776 577 0.57% 392 4.250% ITALY 03 BTP 01.02.19 405 475 0.30% 327 5.000% ITALY 03 BTP 01.08.34 327 670 0.24% 327 4.000% ITALY 05 BTP 01.02.37 284 660 0.21% 545 4.000% ITALY 06 BTP 01.02.17 567 147 0.42% 436 3.750% ITALY 06 BTP 01.08.16 452 258 0.33% 327 3.750% ITALY 06 BTP 01.08.21 319 622 0.24% 436 4.500% ITALY 07 BTP 01.02.18 459 973 0.34% 436 5.000% ITALY 07 BTP 01.08.39 436 994 0.32% 545 3.750% ITALY 08 BTP 15.12.13 556 741 0.41% 327 4.500% ITALY 08 BTP 01.03.19 342 168 0.25% 654 4.250% ITALY 09 01.09.19 673 549 0.50% 1 199 3.500% ITALY 09 BTP 01.06.14 1 227 406 0.91% 654 4.250% ITALY 09 BTP 01.03.20 668 730 0.49% 436 5.000% ITALY 09 BTP 01.03.25 451 713 0.33% 654 4.000% ITALY 10 /BTP 01.09.20 658 040 0.49% 545 3.000% ITALY 10 BTP 15.06.15 553 755 0.41% 327 3.000% ITALY 10 BTP 01.11.15 332 564 0.25% 327 3.750% ITALY 10 BTP 01.03.21 321 714 0.24% 109 3.000% ITALY 10 BTP 15.04.15 110 725 0.08% 4 147 4.750% ITALY 12 01.06.17 4 419 171 3.28% 4 256 3.500% ITALY 12 BTP 01.11.17 4 299 666 3.19% 327 4.750% ITALY 12 BTP 01.05.17 348 520 0.26% 109 5.500% ITALY 12 BTP 01.09.22 118 246 0.09% 436 7.250% ITALY 96-26 BTP 01.11.26 541 450 0.40% 479 6.500% ITALY 97-27 BTP 01.11.27 558 581 0.41% 327 5.250% ITALY 98-29 BTP 01.11.29 338 304 0.25% 206 2.750% JPM CHASE CO 12 24.08.22 213 648 0.16% 206 3.875% JPMORGAN C. 10 23.09.20 235 402 0.17% 206 4.250% KLEPIERRE 06 16.03.16 224 093 0.17% 206 7.500% KPN 09 04.02.19 263 229 0.19% 248 4.750% LA POSTE 09 17.02.16 276 864 0.20% 103 5.000% LAFARGE 04 16.07.14 107 883 0.08% 206 8.875% LAFARGE ST-UP 09 27.05.14 225 972 0.17% 22 Fl. Rate LAMBDA FIN.FRN07-31 2007-1X A2 20.09.31 1 812 0.00% 436 3.625% LAND NIEDERSACHSEN 05-15 20.01.15 465 949 0.34% 327 3.500% LBK BW 05 14.01.15 348 918 0.26% 218 4.250% LD BERLIN 04 S190 15.09.14 232 896 0.17% 206 4.375% LEGRAND 11 EMTN 21.03.18 237 215 0.18% 17 Fl. Rate LEOP 04 III-X D 21.04.20 11 338 0.01% 206 5.375% LLOYDS 09 03.09.19 250 734 0.19% 206 6.375% LLOYDS 09 17.06.16 241 900 0.18% 83 5.625% LLOYDS TSB 08 05.03.18 79 807 0.06% 206 3.625% LUXOTTICA 12 19.03.19 227 472 0.17% 206 4.875% MER LY 07 30.05.14 216 930 0.16% 206 4.125% MERCIALYS 12 26.03.19 226 979 0.17% 206 4.500% MOR ST 9 29.10.14 217 827 0.16% 206 5.500% MORGAN STAN 07 02.10.17 235 631 0.17% 413 3.250% MOTABILITY 12 30.11.18 450 459 0.33% 413 6.000% MUNICH RE FTF 11 26.05.41 494 929 0.37% 413 4.750% NAB 09 15.07.16 468 078 0.35% 206 4.625% NAB 10 10.02.20 233 495 0.17% 413 3.750% NATIONWIDE 10 20.01.15 436 417 0.32% 206 3.125% NATIONWIDE 12 03.04.17 222 435 0.16% 196 4.000% NETHERLANDS 05 15.01.37 260 815 0.19% 174 3.750% NETHERLANDS 06 15.01.23 209 763 0.16% 545 4.500% NETHERLANDS 07 15.07.17 644 258 0.48% 327 4.000% NETHERLANDS 09 15.07.19 390 854 0.29% 218 3.500% NETHERLANDS 10 15.07.20 255 223 0.19% 109 3.750% NETHERLANDS 10 15.01.42 144 006 0.11% 218 3.250% NETHERLANDS 11 15.07.21 251 754 0.19% 109 5.500% NETHERLANDS 98 15.01.28 158 722 0.12% 206 5.125% NL GASU 09 31.03.17 242 496 0.18% 413 3.750% NORDEA 10 24.02.17 457 229 0.34% 206 4.000% NORDEA SE 10 29.06.20 237 764 0.18% 206 3.500% NWB 11 14.01.21 235 935 0.17% 206 4.375% NY LIFE GBL 07 19.01.17 232 296 0.17% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 4

Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 206 3.500% OPTUS FIN SIN 10 15.09.20 230 632 0.17% 206 7.250% OTE PLC 11 08.04.14 204 466 0.15% 35 Fl. Rate PARAGON MT 04 /8-A2B 16.04.35 18 157 0.01% 206 5.500% PEMEX 09 09.01.17 235 229 0.17% 165 8.375% PEUGEOT SA 09 15.07.14 178 121 0.13% 206 5.750% PFIZER 09 03.06.21 270 097 0.20% 206 4.000% PGNIG FIN AB 12 14.02.17 215 962 0.16% 206 5.875% PHILIP MOR 08 04.09.15 234 532 0.17% 206 5.125% PIRELLI & C 11 22.02.16 217 716 0.16% 413 3.000% POHJOLA BK 10 08.09.17 447 691 0.33% 206 3.125% POHJOLA BK 10 25.03.15 216 919 0.16% 305 5.625% POLAND 08 20.06.18 371 479 0.27% 436 3.350% PORTUGAL 05 15.10.15 424 908 0.31% 436 3.600% PORTUGAL 09 15.10.14 435 913 0.32% 206 6.000% PORTUGAL TEL 09 30.04.13 209 022 0.15% 1 733 Fl. Rate PROMISE FRN06 IM06-1 C 20.03.17 1 405 471 1.05% 206 5.250% PRYSMIAN 10 09.04.15 216 111 0.16% 413 4.750% RABOBANK NED. 07 06.06.22 498 625 0.37% 206 5.875% RABOBK 09 20.05.19 248 884 0.18% 206 5.750% RBS 09 21.05.14 219 774 0.16% 413 4.875% RBS 10 15.07.15 450 662 0.33% 103 5.375% RBS GRP 09 30.09.19 123 306 0.09% 413 4.750% RED ELEC FI 11 16.02.18 449 861 0.33% 206 5.180% REMY COINT 10 15.12.16 226 370 0.17% 309 6.000% RENAULT 09 13.10.14 329 974 0.24% 413 4.625% REPSOL INT.FI. 04 08.10.14 433 876 0.32% 206 3.875% RHOEN KL AG 10 11.03.16 219 184 0.16% 39 Fl. Rate RMF O CDO 05-21 III-X-1 11.11.21 26 312 0.02% 206 6.500% ROCHE HLDG 09 04.03.21 282 454 0.21% 15 5.625% ROCHE HLDG 09 04.03.16 17 653 0.01% 206 4.250% SAMPO BK 12 27.02.17 226 993 0.17% 206 4.625% SANT ID 12 21.03.16 215 690 0.16% 206 3.625% SANTANDER 10 06.04.17 211 695 0.16% 206 3.625% SCA AB 11 26.08.16 226 009 0.17% 206 4.250% SEB 11 21.02.18 235 590 0.17% 206 4.500% SEB 11 03.06.16 223 373 0.17% 206 2.750% SECURITAS 2.75 12 28.02.17 213 859 0.16% 206 2.250% SECURITAS EMTN 14.03.18 207 739 0.15% 206 4.875% SES GLB AME 09 09.07.14 218 712 0.16% 413 4.375% SHB 11 EMTN 20.10.21 488 403 0.36% 206 3.875% SKF 11 25.05.18 232 597 0.17% 825 Fl. Rate SLM STUD.FRN 03 C.A5B 15.12.33 688 356 0.51% 327 4.375% SLOVAKIA 07 15.05.17 372 668 0.28% 218 4.375% SLOVAKIA 09 21.01.15 235 369 0.17% 206 4.125% SMITHS GRP 10 05.05.17 226 449 0.17% 22 Fl. Rate SMPER 06 2006-1 C 30.09.84 18 534 0.01% 206 3.875% SNAM 12 EMTN 19.03.18 221 420 0.16% 206 6.250% SODEXO 09 30.01.15 229 091 0.17% 206 4.625% SOLVAY 03 EMTN 27.06.18 241 103 0.18% 501 3.150% SPAIN 05 31.01.16 497 831 0.37% 327 4.200% SPAIN 05 31.01.37 259 544 0.19% 218 3.800% SPAIN 06 31.01.17 217 255 0.16% 654 4.250% SPAIN 08 31.01.14 665 494 0.49% 436 4.800% SPAIN 08 31.01.24 412 781 0.31% 218 4.100% SPAIN 08 30.07.18 215 816 0.16% 436 3.300% SPAIN 09 31.10.14 439 792 0.33% 327 4.600% SPAIN 09 30.07.19 328 105 0.24% 109 4.700% SPAIN 09 30.07.41 93 410 0.07% 327 3.000% SPAIN 10 30.04.15 326 608 0.24% 327 4.850% SPAIN 10 31.10.20 324 336 0.24% 327 4.000% SPAIN 10 30.04.20 311 586 0.23% 545 3.400% SPAIN 11 30.04.14 550 029 0.41% 327 5.500% SPAIN 11 30.04.21 334 764 0.25% 218 4.250% SPAIN 11 31.10.16 221 591 0.16% 218 6.000% SPAIN 99 31.01.29 226 848 0.17% 206 3.625% ST GOBAIN 12 28.03.22 213 308 0.16% 103 3.625% ST GOBAIN 12 15.06.21 107 157 0.08% 206 5.875% ST.CHART 7 REGS 26.09.17 240 887 0.18% 206 4.000% STADA ARZ 10 21.04.15 217 608 0.16% 289 5.500% STATK 09 02.04.15 318 397 0.24% 206 5.625% STATOIL 09 11.03.21 269 596 0.20% 206 5.500% STORA ENSO 12 07.03.19 215 467 0.16% 39 Fl. Rate STORM BV FRN10 10-1 A1 22.03.52 25 619 0.02% 206 4.125% SUEDZ FIN 11 29.03.18 235 677 0.17% 413 3.750% SVSK HDBK 10 24.02.17 458 169 0.34% 206 3.875% SWED MATCH 10 24.11.17 231 085 0.17% 413 3.375% SWEDBANK 12 09.02.17 448 954 0.33% 206 5.500% SWITCH HLDGS EMTN 18.04.18 235 035 0.17% 206 7.875% TELECOM ITAL 09 22.01.14 220 426 0.16% 206 4.375% TELEFONICA 06 02.02.16 219 799 0.16% 289 4.797% TELEFONICA 12 21.02.18 316 101 0.23% 206 5.811% TELEFONICA EMTN 05.09.17 234 454 0.17% 206 5.125% TELEMAR N L REGS 15.12.17 222 748 0.16% 206 4.250% TELIASONERA 11 18.02.20 242 454 0.18% 206 3.500% TELSTRA 12 21.09.22 228 994 0.17% 206 4.875% TERNA 09 03.10.19 236 791 0.18% 206 5.875% TESCO 08 12.09.16 242 576 0.18% 206 3.250% THAMES FIN 10 09.11.16 223 540 0.17% 206 8.500% THYSSENKRUPP 09 25.02.16 240 526 0.18% 209 Fl. Rate TMAN 07 7 A 22.04.17 68 556 0.05% 206 6.625% TOYOTA 09 03.02.16 243 723 0.18% 206 6.000% UBS LOND. 08 SENIOR 18.04.18 255 057 0.19% 206 4.875% UNICREDIT 12 07.03.17 221 478 0.16% 206 4.375% VALE 10 24.03.18 229 006 0.17% 206 6.250% VATTENFALL 09 17.03.21 275 770 0.20% 38 Fl. Rate VCL MULTI 15 15 A 01.01.18 26 467 0.02% 413 4.750% VERBUND INTL 09 16.07.19 491 914 0.36% 206 4.000% VIVENDI 10 31.03.17 225 067 0.17% 206 4.750% VIVENDI 11 13.07.21 237 690 0.18% 413 4.875% WAL-MART 09 21.09.29 533 042 0.39% 413 4.375% WELLS FARGO 06 01.08.16 463 371 0.34% 186 4.125% WELLS FARGO 06 03.11.16 208 413 0.15% 206 2.625% WELLS FARGO 12 16.08.22 213 667 0.16% 413 4.250% WESTPAC BK 09 22.09.16 462 827 0.34% 206 3.750% WUERTH FIN 11 25.05.18 231 079 0.17% 206 5.250% XSTRATA FIN. 07 13.06.17 236 227 0.17% GBP 4 488 650 3.33% 413 5.625% BAYER AG 06 23.05.18 605 180 0.45% 495 6.500% CIBA SPE CHEM 98 24.04.13 618 389 0.46% 206 5.375% GKN HDG 12 19.09.22 263 300 0.19% 289 7.250% HEINEKEN NV 09 10.03.15 398 455 0.29% 103 7.625% LADBROKES GRP 10 05.03.17 142 379 0.11% 413 6.125% LSE 06 MULTI CPN 07.07.16 561 897 0.42% 413 5.875% NEXT PLC 6 12.10.16 574 607 0.42% 206 7.000% PEARSON 99 27.10.14 278 782 0.21% 413 5.556% RABOBK CAP II 04 Perp. 512 430 0.38% 289 5.750% RENTOKIL IN. 06 31.03.16 386 154 0.29% 103 7.250% SMITHS GRP PLC 00 30.06.16 147 077 0.11% USD 2 840 196 2.11% 206 4.000% ABB TREAS 11 15.06.21 173 503 0.13% 206 5.050% AMER TOWER 10 01.09.20 174 130 0.13% 165 6.375% ANADKO PET 10 15.09.17 149 704 0.11% 413 7.250% BFF INTL 10 28.01.20 373 843 0.28% 206 3.950% CNPC GEN 12 19.04.22 169 734 0.13% 124 Fl. Rate CSG GG 11 24.02.41 99 569 0.07% 206 3.875% DAIMLER FIN 11 15.09.21 169 960 0.13% 206 5.500% DUFRY FIN 12 15.10.20 161 923 0.12% 206 4.125% ERICSSON 12 15.05.22 163 974 0.12% 103 2.625% FEDEX CORP 12 01.08.22 77 919 0.06% 165 4.500% GILEAD SC 11 01.04.21 142 996 0.11% 206 3.625% KIA MOTORS CORP 14.06.16 164 819 0.12% 206 3.500% MOLSON COORS 12 01.05.22 165 002 0.12% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 5

Julius Baer Multibond - O BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal %of Nominal 206 2.375% SINGTEL GRP 12 08.09.17 163 250 0.12% 206 6.375% SOUTH.COPP.CORP 05-15 27.07.15 173 690 0.13% 206 2.700% SP POWER 12 14.09.22 154 426 0.11% 206 3.375% TENCENT HOLD 12 05.03.18 161 754 0.12% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 8 261 021 6.11% Bonds 8 261 021 6.11% 2 050 021 1.51% 44 Fl. Rate ARENA 11 2011-1A1 17.12.42 24 899 0.02% 61 Fl. Rate ARENA 12 2012-1 A1 17.11.44 61 020 0.05% 26 Fl. Rate ARKLE 12 2012-1X 2A2 17.11.15 26 848 0.02% 26 Fl. Rate AVOCA CLO 07 VII-X C1 16.05.24 19 865 0.01% 206 5.375% BARRY CALLEB 11 15.06.21 234 027 0.17% 206 4.250% BBVA 11 30.03.15 213 846 0.16% 21 Fl. Rate BUMPER 5 FIN 12-5 20.06.22 21 114 0.02% 17 Fl. Rate CHMT 07 2007-1E AB 07.04.38 11 797 0.01% 9 Fl. Rate CLOCK FIN 07-15 2007-1 E 25.02.15 8 565 0.01% 87 Fl. Rate DECO 06 06-E4X A1 27.10.19 24 667 0.02% 28 Fl. Rate DMPL 10 VIII A1 25.07.47 14 719 0.01% 413 4.875% ENEL ENTE NAZ 20.02.18 439 280 0.32% 48 Fl. Rate GLBDRV 2012-A C:A 20.10.20 47 037 0.03% 26 Fl. Rate GOSFORTH 11-1 A1B 24.04.47 4 884 0.00% 35 Fl. Rate HARVEST CLO 11 II-X A2 21.05.20 30 983 0.02% 45 Fl. Rate HEADING 11-1 11 11.03.51 9 585 0.01% 26 Fl. Rate JUBIL 06 VII-X C 20.11.22 20 147 0.01% 35 Fl. Rate JUBILEE CDO 06 VI 20.09.22 33 944 0.03% 165 15.000% LBG CAP2 09 21.12.19 233 239 0.17% 206 8.875% LBG CAP2 09 07.02.20 222 039 0.16% 35 Fl. Rate PERMM 09 09-1 A3 15.07.42 35 755 0.03% 206 1.875% SKF 12 11.09.19 208 490 0.15% 70 Fl. Rate STORM 12-IV 12-4A1 22.08.54 68 248 0.05% 87 Fl. Rate WINDM 06 IX-X A2 20.08.16 35 023 0.03% 206 3.125% SYNGENTA FIN 12 28.03.22 164 516 0.12% 206 2.250% THERMO FISH 11 15.08.16 161 843 0.12% 206 4.750% TUPPERWARE 11 01.06.21 167 406 0.12% 413 4.875% VERISK ANLYTCS 15.01.19 335 299 0.25% 206 2.600% WASTE MNGT GTD SR 01.09.16 164 265 0.12% 206 3.700% WRIGLEY 10 REGS 30.06.14 161 927 0.12% 206 3.750% YUM BRANDS 11 01.11.21 166 649 0.12% UNLISTED SECURITIES 192 709 0.14% Bonds 192 709 0.14% 32 333 0.02% 35 Fl. Rate AXIUS 07-1X A 15.11.23 32 333 0.02% USD 160 376 0.12% 206 4.375% FLOWERS FD 12 01.04.22 160 376 0.12% CASH EQUIVALENTS 69 776 0.06% Treasury bills 69 776 0.06% 69 776 0.06% 35 0.000% FRANCE 12 BTF 14.03.13 34 888 0.03% 35 0.000% FRANCE 12 BTF 28.02.13 34 888 0.03% USD 6 211 000 4.60% 206 6.125% ARCELORMIT 08 01.06.18 159 099 0.12% 206 3.875% ATT 11 15.08.21 174 439 0.13% 206 1.950% AUTODESK INC 12 15.12.17 156 208 0.12% 103 2.875% BG ENERGY 11 15.10.16 82 561 0.06% 103 4.875% BIO RAD LAB 10 15.12.20 82 702 0.06% 413 3.375% BRE PROP 12 15.01.23 309 712 0.23% 206 1.375% C R BARD 15.01.18 157 273 0.12% 206 3.875% CNOOC LTD 12 02.05.22 166 422 0.12% 206 4.125% DELHAIZE GRP 12 10.04.19 161 492 0.12% 206 3.550% DUKE ENERGY 11 15.09.21 165 232 0.12% 206 4.050% ENT PR 11 15.02.22 172 671 0.13% 413 1.400% ERAC USA FIN 12 15.04.16 314 992 0.23% 206 2.375% EXPERIAN FIN 12 15.06.17 159 160 0.12% 206 3.375% FLUOR CORP 11 15.09.21 165 879 0.12% 206 2.625% HCP 12 01.02.20 155 837 0.12% 206 2.250% HEALTH CARE 12 15.03.18 156 315 0.12% 206 1.400% HEINEKEN NV 12 01.10.17 156 436 0.12% 206 3.875% HYATT 11 15.08.16 166 593 0.12% 206 4.625% HYUNDAI STL 11 21.04.16 167 677 0.12% 206 2.650% KENNAMETAL 12 01.11.19 156 677 0.12% 206 1.625% LVMH 12 29.06.17 159 130 0.12% 206 4.875% MEXICHEM 12 19.09.22 168 650 0.12% 83 1.375% NESTLE 12 21.06.17 63 245 0.05% 206 3.125% REED ELSE 12 15.10.22 153 578 0.11% 206 1.850% ROPER IND 12 15.11.17 156 330 0.12% 83 5.250% ROYAL CARIB 12 15.11.22 66 442 0.05% 103 3.750% ROYAL PHIL 15.03.22 85 695 0.06% 206 2.800% SIMON PROP 11 30.01.17 165 390 0.12% 206 3.375% SIMON PROP 12 15.03.22 165 387 0.12% 206 2.875% SWISS RE TR 12 06.12.22 156 566 0.12% 206 2.750% SYMANTEC 12 15.06.17 161 305 0.12% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EBF - 6

Julius Baer Multibond - O GOVERNMENT BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 48 881 007 (Cost: 46 423 517) Derivative instruments at market : - Futures -21 321 - Forward foreign exchange contracts 2 619 - Swaps 3 895 Cash at banks 493 645 Subscriptions receivable 571 767 Receivables on swaps 37 465 Dividends and interest 865 286 Total Assets 50 834 363 Liabilities Payable to brokers 120 625 Payables for redemptions 49 627 Payables for swaps 39 082 Management fees payable 25 585 "Taxe d'abonnement" payable 5 040 Other liabilities 338 368 Total Liabilities 578 327 Net Assets 50 256 036 Income Income from investments 952 080 Bank interest 93 Other income 11 326 Interest income on swaps 37 258 Total Income 1 000 757 Expenses Management fees 150 905 "Taxe d'abonnement" and other taxes 9 889 Bank interest 102 Interest expense on swaps 43 113 Other expenses* 76 840 Equalisation 33 556 Total Expenses 314 405 Net 686 352 Realised on: - 291 094 - Swaps -20 263 - Forward foreign exchange contracts 58 228 - Futures 2 769 - Foreign currencies -1 884 Net realised 1 016 296 Net change in unrealised appreciation/ depreciation on: - 2 184 557 - Swaps 3 504 - Forward foreign exchange contracts -13 726 - Futures -65 787 Total 3 124 844 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 63 667 299 51 841 939 Total 3 244 538 3 124 844 Net subscriptions/redemptions -14 854 428-4 570 128 Dividend distributions -215 470-140 619 Net at the end of the reporting period 51 841 939 50 256 036 * See page 10 The TER (Total Expense Ratio) amounts to 1.06% for A- shares, 1.06% for B- shares, 0.61% for C- shares and 1.56% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EGBF - 1

Julius Baer Multibond - O GOVERNMENT BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-) 66 206.35 42 369.71 36 874.75 Accumulation shares (Shares B-) 243 997.44 190 726.44 200 508.45 Accumulation shares (Shares C-) 140 538.30 108 700.77 74 391.87 Accumulation shares (Shares E-) 1 022.73 2 557.55 3 730.03 Net Assets 63 667 299 51 841 939 50 256 036 NAV per share Distribution shares (Shares A-) 103.08 105.00 107.80 Accumulation shares (Shares B-) 145.12 154.35 164.08 Accumulation shares (Shares C-) 151.57 161.94 172.55 Accumulation shares (Shares E-) 129.97 137.56 145.86 Dividend for the previous financial year (Shares A-) 3.25 4.40 3.75 EGBF - 2

Julius Baer Multibond - O GOVERNMENT BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 48 881 007 97.26% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 48 881 007 97.26% Bonds 48 881 007 97.26% 48 881 007 97.26% 237 3.900% AUSTRIA 04 15.07.20 280 290 0.56% 284 3.500% AUSTRIA 05 15.09.21 329 195 0.66% 355 4.000% AUSTRIA 06 15.09.16 402 445 0.80% 142 4.150% AUSTRIA 06 15.03.37 184 293 0.37% 237 4.350% AUSTRIA 07 15.03.19 284 311 0.57% 189 4.850% AUSTRIA 09 15.03.26 249 834 0.50% 308 5.000% BELGIUM 04 OLO 28.03.35 410 663 0.82% 237 4.250% BELGIUM 04 OLO 28.09.14 253 577 0.50% 875 3.250% BELGIUM 06 OLO 28.09.16 964 728 1.92% 473 4.000% BELGIUM 06 S.48 28.03.22 556 615 1.11% 237 4.000% BELGIUM 08 OLO 28.03.18 274 180 0.55% 237 4.000% BELGIUM 09 OLO 28.03.19 276 758 0.55% 355 3.500% BELGIUM 09 OLO56 28.03.15 381 323 0.76% 237 3.750% BELGIUM 10 OLO 28.09.20 273 624 0.54% 237 4.500% BELGIUM 11 OLO64 28.03.26 291 956 0.58% 118 4.000% BELGIUM 12 28.03.32 138 923 0.28% 355 4.250% BUNDESLAENDER 07 13.04.17 409 286 0.81% 118 3.250% BUNDESLAENDER 09 29.04.14 123 105 0.24% 237 4.500% CZECH REPUBLIC 05.11.14 254 144 0.51% 308 5.750% FRANCE 00 25.10.32 450 670 0.90% 520 4.250% FRANCE 03 OAT 25.04.19 620 254 1.23% 355 4.000% FRANCE 04 OAT 25.04.55 424 859 0.85% 355 3.500% FRANCE 04 OAT 25.04.15 382 434 0.76% 591 3.250% FRANCE 05 OAT 25.04.16 649 098 1.29% 591 3.000% FRANCE 05 OAT 25.10.15 637 797 1.27% 473 3.750% FRANCE 05 OAT 25.04.21 550 843 1.10% 355 3.750% FRANCE 06 25.04.17 403 322 0.80% 520 4.000% FRANCE 06 OAT 25.10.38 620 811 1.24% 355 4.250% FRANCE 07 OAT 25.10.17 414 711 0.83% 355 4.000% FRANCE 07 OAT 25.04.18 413 150 0.82% 710 3.750% FRANCE 09 OAT 25.10.19 825 612 1.64% 118 4.500% FRANCE 09 OAT 25.04.41 152 802 0.30% 473 2.500% FRANCE 10 OAT 25.10.20 507 357 1.01% 355 3.250% FRANCE 10 OAT 25.10.21 397 726 0.79% 473 3.000% FRANCE 11 OAT 25.04.22 518 049 1.03% 237 2.750% FRANCE 12 25.10.27 243 587 0.48% 828 6.000% FRANCE 93 25.10.25 1 168 429 2.33% 118 5.500% FRANCE 98-2029 OAT 25.04.29 164 290 0.33% 237 5.500% GERMANY 00 04.01.31 361 146 0.72% 426 4.750% GERMANY 03 04.07.34 622 557 1.24% 426 3.500% GERMANY 05 04.01.16 470 297 0.94% 95 3.250% GERMANY 05 04.07.15 102 332 0.20% 710 3.750% GERMANY 06 04.01.17 811 576 1.61% 355 4.000% GERMANY 07 04.01.18 419 395 0.83% 568 4.750% GERMANY 08 04.07.40 878 576 1.75% 237 4.250% GERMANY 08 04.07.18 285 617 0.57% 355 3.500% GERMANY 09 04.07.19 419 033 0.83% 828 3.000% GERMANY 10 04.07.20 955 971 1.90% 946 3.250% GERMANY 11 04.07.21 1 112 881 2.21% 118 1.500% GERMANY 12 04.09.22 120 257 0.24% 331 6.500% GERMANY 97 04.07.27 533 140 1.06% 237 5.625% GERMANY 98 04.01.28 354 061 0.70% 237 4.400% IRELAND 08 18.06.19 239 349 0.48% 237 4.000% IRELAND 09 15.01.14 242 206 0.48% 142 5.400% IRELAND 09 13.03.25 145 593 0.29% 118 5.000% IRELAND 10 18.10.20 122 489 0.24% 166 4.600% IRELAND 99 18.04.16 176 386 0.35% 118 4.500% IRISH TSY 07 TBO 18.10.18 123 565 0.25% 828 4.250% ITALY 03 BTP 01.08.13 842 894 1.68% 426 4.250% ITALY 03 BTP 01.02.19 440 101 0.88% 355 5.000% ITALY 03 BTP 01.08.34 355 652 0.71% 355 4.000% ITALY 05 BTP 01.02.37 308 969 0.61% 591 4.000% ITALY 06 BTP 01.02.17 615 580 1.22% 473 3.750% ITALY 06 BTP 01.08.16 490 879 0.98% 355 3.750% ITALY 06 BTP 01.08.21 346 916 0.69% 473 4.500% ITALY 07 BTP 01.02.18 499 253 0.99% 473 5.000% ITALY 07 BTP 01.08.39 474 311 0.94% 591 3.750% ITALY 08 BTP 15.12.13 604 285 1.20% 355 4.500% ITALY 08 BTP 01.03.19 371 388 0.74% 710 4.250% ITALY 09 01.09.19 731 067 1.45% 1 301 3.500% ITALY 09 BTP 01.06.14 1 332 225 2.66% 710 4.250% ITALY 09 BTP 01.03.20 725 837 1.44% 473 5.000% ITALY 09 BTP 01.03.25 490 288 0.98% 710 4.000% ITALY 10 /BTP 01.09.20 714 235 1.42% 591 3.000% ITALY 10 BTP 15.06.15 601 044 1.20% 355 3.000% ITALY 10 BTP 01.11.15 360 964 0.72% 355 3.750% ITALY 10 BTP 01.03.21 349 187 0.69% 118 3.000% ITALY 10 BTP 15.04.15 120 180 0.24% 355 4.750% ITALY 12 BTP 01.05.17 378 282 0.75% 118 5.500% ITALY 12 BTP 01.09.22 128 344 0.26% 118 3.500% ITALY 12 BTP 01.11.17 119 497 0.24% 473 7.250% ITALY 96-26 BTP 01.11.26 587 688 1.17% 520 6.500% ITALY 97-27 BTP 01.11.27 606 282 1.21% 355 5.250% ITALY 98-29 BTP 01.11.29 367 194 0.73% 473 3.625% LAND NIEDERSACHSEN 05-15 20.01.15 505 739 1.01% 355 3.500% LBK BW 05 14.01.15 378 714 0.75% 237 4.250% LD BERLIN 04 S190 15.09.14 252 784 0.50% 213 4.000% NETHERLANDS 05 15.01.37 283 087 0.56% 189 3.750% NETHERLANDS 06 15.01.23 227 676 0.45% 591 4.500% NETHERLANDS 07 15.07.17 699 276 1.39% 355 4.000% NETHERLANDS 09 15.07.19 424 231 0.84% 237 3.500% NETHERLANDS 10 15.07.20 277 018 0.55% 118 3.750% NETHERLANDS 10 15.01.42 156 303 0.31% 237 3.250% NETHERLANDS 11 15.07.21 273 253 0.54% 118 5.500% NETHERLANDS 98 15.01.28 172 276 0.34% 331 5.625% POLAND 08 20.06.18 403 202 0.80% 473 3.350% PORTUGAL 05 15.10.15 461 194 0.92% 473 3.600% PORTUGAL 09 15.10.14 473 138 0.94% 355 4.375% SLOVAKIA 07 15.05.17 404 493 0.80% 237 4.375% SLOVAKIA 09 21.01.15 255 469 0.51% 544 3.150% SPAIN 05 31.01.16 540 344 1.08% 355 4.200% SPAIN 05 31.01.37 281 708 0.56% 237 3.800% SPAIN 06 31.01.17 235 807 0.47% 710 4.250% SPAIN 08 31.01.14 722 325 1.44% 473 4.800% SPAIN 08 31.01.24 448 031 0.89% 237 4.100% SPAIN 08 30.07.18 234 246 0.47% 473 3.300% SPAIN 09 31.10.14 477 349 0.95% 355 4.600% SPAIN 09 30.07.19 356 124 0.71% 118 4.700% SPAIN 09 30.07.41 101 387 0.20% 355 3.000% SPAIN 10 30.04.15 354 499 0.71% 355 4.850% SPAIN 10 31.10.20 352 033 0.70% 355 4.000% SPAIN 10 30.04.20 338 195 0.67% 591 3.400% SPAIN 11 30.04.14 596 999 1.19% 355 5.500% SPAIN 11 30.04.21 363 352 0.72% 237 4.250% SPAIN 11 31.10.16 240 515 0.48% 237 6.000% SPAIN 99 31.01.29 246 220 0.49% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. EGBF - 3

Julius Baer Multibond - GLOBAL CONVERT BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 287 031 057 (Cost: 271 313 600) Derivative instruments at market : - Forward foreign exchange contracts 1 293 032 Cash at banks 12 536 160 Subscriptions receivable 73 970 Dividends and interest 1 069 317 Total Assets 302 003 536 Liabilities Management fees payable 163 019 "Taxe d'abonnement" payable 13 586 Other liabilities 120 618 Total Liabilities 297 223 Net Assets 301 706 313 Income Income from investments 2 351 625 Bank interest 441 Total Income 2 352 066 Expenses Management fees 1 043 593 "Taxe d'abonnement" and other taxes 28 324 Bank interest 1 729 Other expenses* 774 277 Equalisation 55 859 Total Expenses 1 903 782 Net 448 284 Realised on: - 7 002 760 - Forward foreign exchange contracts 10 186 650 - Foreign currencies -240 163 Net realised 17 397 531 Net change in unrealised appreciation/ depreciation on: - -2 564 182 - Forward foreign exchange contracts -589 567 Total 14 243 782 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 377 669 605 338 438 827 Foreign exchange difference - sub-fund 3 713 547-940 996 Total -7 219 725 14 243 782 Net subscriptions/redemptions -35 533 709-49 932 643 Dividend distributions -190 891-102 657 Net at the end of the reporting period 338 438 827 301 706 313 * See page 10 The TER (Total Expense Ratio) amounts to 1.70% for A-CHF shares, 1.71% for A- shares, 1.71% for A-USD shares, 1.71% for B-CHF shares, 1.71% for B- shares, 1.72% for B-USD shares, 0.99% for C-CHF shares, 1.00% for C- shares, 1.00% for C-USD shares, 2.21% for E- shares and 2.19% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. GCBF - 1

Julius Baer Multibond - GLOBAL CONVERT BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) 118 485.00 124 936.05 87 122.20 Distribution shares (Shares A-) 46 585.75 52 669.79 40 298.54 Distribution shares (Shares A-USD) 10.00 1 550.00 4 740.00 Accumulation shares (Shares B-CHF) 277 459.63 244 595.76 255 159.45 Accumulation shares (Shares B-) 411 068.67 310 920.62 265 829.91 Accumulation shares (Shares B-USD) 55 195.00 38 125.00 47 154.31 Accumulation shares (Shares C-CHF) 1 896 890.45 1 693 437.41 1 590 324.09 Accumulation shares (Shares C-) 1 465 016.25 1 386 192.42 1 044 124.85 Accumulation shares (Shares C-USD) 24 489.42 26 650.00 24 750.00 Accumulation shares (Shares E-) 10 753.75 10 461.79 11 003.39 Accumulation shares (Shares E-USD) 10.00 10.00 10.00 Net Assets 377 669 605 338 438 827 301 706 313 NAV per share Distribution shares (Shares A-CHF) 83.40 80.03 82.38 Distribution shares (Shares A-) 66.87 64.69 66.70 Distribution shares (Shares A-USD) 99.99 97.12 100.66 Accumulation shares (Shares B-CHF) 93.23 90.70 94.45 Accumulation shares (Shares B-) 97.07 95.23 99.29 Accumulation shares (Shares B-USD) 101.68 99.36 103.75 Accumulation shares (Shares C-CHF) 95.93 93.99 98.23 Accumulation shares (Shares C-) 102.51 101.28 105.98 Accumulation shares (Shares C-USD) 103.49 101.86 106.75 Accumulation shares (Shares E-) 47.79 46.65 48.51 Accumulation shares (Shares E-USD) 100.32 97.51 101.60 Dividend for the previous financial year (Shares A-CHF) 1.40 1.10 0.95 Dividend for the previous financial year (Shares A-) 1.15 0.90 0.75 Dividend for the previous financial year (Shares A-USD) 0.70 0.55 0.75 GCBF - 2

Julius Baer Multibond - GLOBAL CONVERT BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 287 031 057 95.14% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 162 701 489 53.93% Convertible bonds and bonds with warrants 157 405 319 52.17% 59 338 916 19.67% 9 400 4.000% AABAR INVESTMENT CV 27.05.16 9 609 620 3.19% 2 550 2.500% AB INDUS 10 CV 27.02.15 3 143 002 1.04% 11 000 1.875% AB INDUS CV / INDUC 27.02.17 11 590 591 3.84% 165 3.500% CAP GEM CONV ( 34) 01.01.14 6 270 866 2.08% 6 300 0.600% DEUT POSTBK 12 CV 06.12.19 6 591 375 2.18% 8 800 1.500% KFW 09 CV / DEUT P 30.07.14 10 824 616 3.59% 23 0.000% MICHELIN 07-17 CV ( 103.82) 01.01.17 3 012 724 1.00% 3 000 0.500% SOLIDIUM 12 CV 29.09.15 3 065 250 1.02% 38 0.500% TECFP 10 CV / 83.1 01.01.16 3 842 520 1.27% 12 0.250% TECFP 11 CV / (96.09) 01.01.17 1 388 352 0.46% 8 100 1.000% SYMANTEC 06 CV 15.06.13 6 640 845 2.20% 8 650 0.250% TEVA PHARMA 06 CV 01.02.26 6 700 404 2.22% 11 380 2.750% WELLPOINT 12 CV 15.10.42 9 284 445 3.08% UNLISTED SECURITIES 7 399 279 2.46% Convertible bonds and bonds with warrants 7 399 279 2.46% 5 871 684 1.95% 5 700 0.250% ENI 12 /CV 30.11.15 5 871 684 1.95% USD 1 527 595 0.51% 1 900 5.125% ARES CAP 11 /CV 01.06.16 1 527 595 0.51% INVESTMENT FUNDS 2 123 388 0.70% Austria 2 123 388 0.70% 250 000 3BG EMC CONV GL MIT T 2 123 388 0.70% JPY 30 694 096 10.17% 655 000 0.300% AEON 09 CV/8267 22.11.13 6 464 359 2.14% 75 000 0.100% HITACHI 09 CONV 12.12.14 1 045 936 0.35% 780 000 0.000% KDDI CORP 11 CV 14.12.15 7 734 759 2.56% 300 000 0.000% MATSU KIYO 10 CV 23.08.13 2 960 301 0.98% 1 000 000 1.000% ORIX 08 CV 31.03.14 12 488 741 4.14% SGD 1 612 835 0.53% 2 500 0.000% TEMASEK FIN III CV 24.10.14 1 612 835 0.53% USD 65 759 472 21.80% 13 000 0.375% AMGEN INC 06-13 CV 01.02.13 11 035 407 3.66% 6 100 0.750% BILLION 10 CV / CHINA 18.10.15 4 902 209 1.62% 10 800 5.000% GLENCORE FIN 09 CON 31.12.14 10 072 900 3.34% 14 300 0.000% HON HAI 10 CV / HNHAF 12.10.13 11 213 418 3.72% 11 800 2.625% LUKOIL INTL 10 16.06.15 10 158 704 3.37% 1 500 1.250% NEWMONT 07 CV 15.07.14 1 353 004 0.45% 12 000 1.650% SIEMENS FIN 12 CV 16.08.19 9 511 802 3.15% 8 850 1.750% SK TELECOM 09 CV 07.04.14 7 512 028 2.49% Bonds 5 296 170 1.76% USD 5 296 170 1.76% 6 750 1.050% SIEMENS FIN 12 CW 16.08.17 5 296 170 1.76% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 114 806 901 38.05% Convertible bonds and bonds with warrants 114 806 901 38.05% HKD 6 659 008 2.21% 57 000 0.000% CHINA PET&CHEM 07 CV 24.04.14 6 659 008 2.21% USD 108 147 893 35.84% 2 200 4.250% ALLEGHENY TECH 09 CV 01.06.14 1 821 491 0.60% 17 600 0.875% ARCHER D. 07 CV 15.02.14 13 355 656 4.43% 4 500 5.750% ARES CAP 10-144A CV 01.02.16 3 664 954 1.21% 1 700 1.625% GILEAD SC CV/GILD 01.05.16 2 172 374 0.72% 9 750 2.000% GOLDCORP INC 09 CV 01.08.14 8 169 988 2.71% 5 500 2.950% INTEL 05 CV 15.12.35 4 319 235 1.43% 11 400 3.250% INTEL 09 CV 01.08.39 10 171 456 3.37% 4 300 1.625% MEDTRONIC 06 CV 15.04.13 3 272 651 1.08% 12 100 0.000% MICROSOFT 10 CV 15.06.13 9 195 596 3.05% 7 300 2.500% MOLSON COORS 07 CV 30.07.13 5 619 128 1.86% 5 500 1.625% NEWMONT M. 07 CV 15.07.17 5 465 708 1.81% 7 750 2.625% NOVELLUS SYS /CON 15.05.41 7 318 530 2.43% 8 000 1.000% PRICELINE COM 12 CV 15.03.18 6 481 341 2.15% 9 100 0.000% QBE FDG 10 CONV 12.05.30 4 494 091 1.49% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. GCBF - 3

Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 273 567 348 (Cost: 259 338 191) Derivative instruments at market : - Forward foreign exchange contracts 7 684 188 - Swaps 55 072 Cash at banks 16 617 522 Receivable from brokers 1 095 000 Subscriptions receivable 3 243 780 Receivables on swaps 60 345 Dividends and interest 5 688 820 Other receivables 352 550 Total Assets 308 364 625 Liabilities Bank overdraft 1 949 Payables for redemptions 326 978 Payables for swaps 700 Management fees payable 219 009 "Taxe d'abonnement" payable 20 980 Other liabilities 149 635 Total Liabilities 719 251 Net Assets 307 645 374 Income Income from investments 11 574 030 Bank interest 2 131 Interest income on swaps 603 600 Equalisation 10 464 Total Income 12 190 225 Expenses Management fees 1 358 065 "Taxe d'abonnement" and other taxes 42 843 Bank interest 2 022 Interest expense on swaps 279 798 Other expenses* 924 934 Equalisation 660 001 Total Expenses 3 267 663 Net 8 922 562 Realised on: - 7 442 079 - Swaps -114 013 - Forward foreign exchange contracts -4 534 023 - Foreign currencies -279 101 Net realised 11 437 504 Net change in unrealised appreciation/ depreciation on: - 1 915 793 - Swaps 583 969 - Forward foreign exchange contracts 11 166 394 Total 25 103 660 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 538 271 520 321 268 027 Foreign exchange difference - sub-fund 7 896 668-1 743 718 Total -5 673 898 25 103 660 Net subscriptions/redemptions -217 620 435-34 044 966 Dividend distributions -1 605 828-2 937 629 Net at the end of the reporting period 321 268 027 307 645 374 * See page 10 The TER (Total Expense Ratio) amounts to 1.70% for A- shares, 1.71% for A-GBP shares, 1.75% for A-USD shares, 1.71% for B- shares, 1.71% for B-GBP shares, 1.72% for B-USD shares, 1.21% for Ca- shares, 1.26%** for Ca-USD shares, 1.21% for C- shares, 1.22% for C-GBP shares, 1.21% for C-USD shares, 2.21% for E- shares, 2.22% for Em- shares and 2.22% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GHYBF - 1

Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-) 191 390.93 221 807.38 110 472.42 Distribution shares (Shares A-GBP) 984.92 2 221.11 2 731.54 Distribution shares (Shares A-USD) 7 966.00 8 690.00 47 933.91 Distribution shares (Shares Ca-) 39 576.00 162 129.00 189 766.00 Distribution shares (Shares Ca-USD) - 10.00 10.00 Distribution shares (Shares Em-) - 3 234.06 11 327.29 Accumulation shares (Shares B-) 1 244 044.47 569 402.46 472 586.74 Accumulation shares (Shares B-GBP) 10.00 1 113.00 1 951.00 Accumulation shares (Shares B-USD) 390 620.21 61 042.21 56 470.22 Accumulation shares (Shares C-) 1 095 173.54 588 489.69 546 699.91 Accumulation shares (Shares C-GBP) 76 384.15 47 477.32 47 477.32 Accumulation shares (Shares C-USD) 148 687.59 352 562.19 340 474.75 Accumulation shares (Shares E-) 93 513.62 64 349.92 61 185.85 Accumulation shares (Shares E-USD) 10.00 33 604.00 20 398.22 Net Assets 538 271 520 321 268 027 307 645 374 NAV per share Distribution shares (Shares A-) 112.47 104.50 105.97 Distribution shares (Shares A-GBP) 101.05 98.81 100.43 Distribution shares (Shares A-USD) 121.25 113.64 116.27 Distribution shares (Shares Ca-) 109.82 102.54 104.69 Distribution shares (Shares Ca-USD) - 101.34 110.19 Distribution shares (Shares Em-) - 100.54 105.79 Accumulation shares (Shares B-) 184.33 183.62 198.82 Accumulation shares (Shares B-GBP) 101.09 100.55 109.14 Accumulation shares (Shares B-USD) 127.91 127.58 138.54 Accumulation shares (Shares C-) 191.22 191.43 207.79 Accumulation shares (Shares C-GBP) 101.22 101.06 109.97 Accumulation shares (Shares C-USD) 128.99 129.30 140.77 Accumulation shares (Shares E-) 177.93 176.36 190.47 Accumulation shares (Shares E-USD) 126.63 125.67 136.13 Dividend for the previous financial year (Shares A-) 8.95 7.15 7.05 Dividend for the previous financial year (Shares A-GBP) - 1.60 6.70 Dividend for the previous financial year (Shares A-USD) 6.45 6.90 7.00 Dividend for the previous financial year (Shares Ca-) 8.70 7.00 6.50 Dividend for the previous financial year (Shares Ca-USD) - - 0.10 Dividend for the previous financial year (Shares Em-) - 2.25 2.70* *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.45; August 2012: 0.45; September 2012: 0.45; October 2012: 0.45; November 2012: 0.45; December 2012: 0.45 GHYBF - 2

Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 273 567 348 88.92% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 82 997 621 26.98% Equities 9 351 652 3.03% Norway 4 864 518 1.57% 342 404 DEEP OCEAN ASA / NEW ISSUE 4 864 518 1.57% United States 4 487 134 1.46% 66 231 GENERAL MOTORS 1 448 296 0.47% 80 638 GENERAL MOTORS / PFD CV 2 699 160 0.88% 18 000 MERRIL LYN.CAP.TRII /PREF 339 678 0.11% Bonds 72 067 194 23.43% CHF 1 544 070 0.50% 1 624 Fl. Rate RBS 12 / SUB 16.03.22 1 544 070 0.50% 21 549 139 7.01% 4 208 9.000% CET 21 10 01.11.17 4 600 369 1.49% 86 Fl. Rate GROHE HLDG 12 15.12.17 90 183 0.03% 1 433 7.875% INEOS GROUP 06 REG. 15.02.16 1 426 367 0.46% 1 631 11.625% KP GERMANY 15.07.17 1 822 383 0.59% 1 796 8.500% LABCO 11 15.01.18 1 868 542 0.61% 151 8.500% LABCO 11 144A 15.01.18 155 721 0.05% 3 744 9.500% MOMENT PER 11 15.01.21 2 765 825 0.90% 3 143 8.125% UPC GER 09 144A 01.12.17 3 400 442 1.11% 421 0.000% UT2 FUNDG /FLAT 30.06.16 466 697 0.15% 245 8.750% VERISURE HLDG B 01.12.18 244 428 0.08% 238 8.750% VERISURE HOLD 01.12.18 239 674 0.08% 518 8.750% VERISURE HOLD 12 01.09.18 569 192 0.19% 2 189 8.750% VERISURE HOLDING 01.09.18 2 389 400 0.78% 342 12.250% WIND ACQ 09 144A 15.07.17 342 095 0.11% 1 168 12.250% WIND ACQU REGS PIK 15.07.17 1 167 821 0.38% GBP 6 519 200 2.13% 701 8.162% ARGON CAP (TV) 07 Perp. 507 633 0.17% 2 535 10.000% CASTLE HOLD 09 08.05.18 3 188 085 1.04% 1 094 13.000% LLOYDS 09-PERP/FLAT Perp. 1 966 302 0.64% 432 6.542% UNI PUB FIN 99-21 CL.A3 30.03.21 508 649 0.17% 324 5.659% UNI.PUB FIN. 02 30.06.27 348 531 0.11% USD 42 454 785 13.79% 1 714 7.250% 1ST QUANT MIN 12 15.10.19 1 312 729 0.43% 637 8.700% ALBERTSON 00 01.05.30 287 232 0.09% 1 753 6.625% ALBERTSON S 98 TR.74 01.06.28 708 101 0.23% 4 309 7.450% ALBERTSON S 99 01.08.29 1 830 328 0.59% 1 116 Fl. Rate BLUE DANUBE 12 /CAT 10.04.15 881 931 0.29% 1 440 5.750% BRASIL TELE 12 10.02.22 1 142 497 0.37% 47 9.000% CITIZENS COMM. 01 15.08.31 38 881 0.01% 3 182 12.000% CLEARWIRE CORP 09 01.12.15 2 594 821 0.84% 911 Fl. Rate COMPASS RE /CAT 08.01.15 693 587 0.23% 738 6.750% CORP LINDLEY 11 23.11.21 649 012 0.21% 652 Fl. Rate CSG GG 11 24.02.41 524 240 0.17% 936 6.550% DELPHI AUT. -06 /DEFAULT 15.06.09 5 325 0.00% 947 6.500% DRILL RINGS HOL 01.10.17 714 538 0.23% 3 600 9.500% DTEK FIN 10 28.04.15 2 767 145 0.90% 2 167 2.375% EKSPORTFIN 11 25.05.16 1 572 898 0.51% 943 8.050% EL PAS.ENERGY 0-30MTN 15.10.30 833 353 0.27% 3 074 7.800% EL PASO TR.4 01.08.31 2 718 850 0.88% 4 129 9.500% EVRAZ GP 08 REGS 24.04.18 3 581 565 1.16% 4 878 6.000% GT 2005 ST-UP 09 21.07.14 3 731 167 1.21% 1 303 5.875% HCA 12 15.03.22 1 081 297 0.35% 3 589 8.750% METINVEST 11 144A 14.02.18 2 637 182 0.86% 3 838 10.950% MRIYA AGRO 30.03.16 2 954 404 0.96% 1 260 10.750% NORTEL NETWK 08-16/DEFL 15.07.16 1 096 648 0.36% 1 678 Fl. Rate UNIVERS.HOSPITAL 07 01.06.15 1 266 859 0.41% 378 9.500% URBI DESA 10 21.01.20 274 721 0.09% 1 598 9.750% URBI DESA 12 144A 03.02.22 1 160 781 0.38% 4 021 3.500% USB CAP IX 06 Perp. 2 756 956 0.90% 2 711 7.750% VENEZUELA REGS 13.10.19 1 933 134 0.63% 425 7.250% WIND ACQ 10 15.02.18 326 230 0.11% 493 7.250% WIND ACQ 12 15.02.18 378 373 0.12% Options, warrants, rights 1 460 922 0.48% USD 1 460 922 0.48% 60 209 GENERAL MOT 10.7.16 CW / GM 890 528 0.29% 60 209 GENERAL MOT 10.7.19 CW / GM 570 394 0.19% Convertible bonds and bonds with warrants 117 853 0.04% USD 117 853 0.04% 173 2.500% CHESAPEAKE 07 CV 15.05.37 117 853 0.04% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 151 328 802 49.18% Bonds 147 293 994 47.87% CAD 3 250 666 1.06% 256 9.750% GARDA WS 10 15.03.17 202 493 0.07% 3 982 8.250% POSTMEDIA NET 12 16.08.17 3 048 173 0.99% 2 640 908 0.86% 2 358 10.000% INFOR (US) INC 12 WI 01.04.19 2 640 908 0.86% GBP 890 344 0.29% 828 6.125% BARCLAYS BK (TV) 02 Perp. 890 344 0.29% USD 140 512 076 45.66% 418 4.875% ACCESS MID 15.05.23 321 492 0.10% 3 533 8.000% AES CORP 08 01.06.20 3 098 423 1.01% 2 356 12.000% AIR CANADA 10 144A 01.02.16 1 845 167 0.60% 1 778 9.250% AIR CANADA 10 144A 01.08.15 1 409 072 0.46% 1 991 8.000% ALLY FIN 10 15.03.20 1 849 728 0.60% 2 038 10.875% AMEACHE 10 15.04.16 1 321 385 0.43% 785 6.375% APX GROUP 144A 01.12.19 590 047 0.19% 2 970 7.250% ARCH COAL INC 11 15.06.21 2 057 671 0.67% 695 7.450% BOMBARDIER 04 144A 01.05.34 536 214 0.17% 2 556 10.500% CHIRON MERGER 144A 01.11.18 2 033 186 0.66% 5 954 7.750% CLAYTON 11 01.04.19 4 509 836 1.46% 828 6.500% CLEAR CH WLD 12 15.11.22 651 572 0.21% 569 7.625% CLEAR CH WLD 12 15.03.20 430 345 0.14% 306 6.500% CLEAR CH WLD 12 15.11.22 238 478 0.08% 137 7.625% CLEAR CH WLD 7.625 12 15.03.20 104 946 0.03% 86 14.750% CLEARWIRE CO 12 01.12.16 89 944 0.03% 281 7.190% COLUMBIA/HCA 95 15.11.15 234 279 0.08% 554 6.750% DISH DBS 11 01.06.21 481 958 0.16% 680 8.151% DRESDNER FD 99-31 144A 30.06.31 506 007 0.16% 3 758 10.000% ENERGY FUT 11 15.01.20 3 185 626 1.04% 1 303 8.625% EPICOR SOFT 11 01.05.19 1 037 874 0.34% 3 814 11.000% EVERTEC 11 01.10.18 3 196 458 1.04% 4 010 8.250% FT DATA 10 15.01.21 3 041 809 0.99% 274 8.875% FT DATA 144A 15.08.20 226 197 0.07% 173 7.375% FT DATA 144A 15.06.19 135 653 0.04% 486 6.750% FT DATA CORP 01.11.20 372 308 0.12% 968 8.750% FT DATA PIK 15.01.22 751 039 0.24% 2 210 10.500% FLORIDA 11 /PIK 01.08.17 1 746 917 0.57% 2 387 8.250% FMG RES 11 144A 01.11.19 1 928 012 0.63% 1 260 6.000% FMG RES 12 01.04.17 974 799 0.32% 421 6.875% FMG RES 12 01.04.22 326 660 0.11% 3 373 8.750% FTR 10 15.04.22 2 966 484 0.96% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. GHYBF - 3

Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 3 154 9.750% GARDA WR 10 15.03.17 2 505 560 0.81% 864 8.875% HALCON 12 144A. 15.05.21 694 646 0.23% 90 7.875% HARBINGER 144A 15.07.19 67 666 0.02% 1 319 6.071% HBOS CAP (TV)04 Perp. 870 405 0.28% 1 526 10.500% HERO 09 15.10.17 1 247 469 0.41% 79 9.000% IGLOO HLDGS PIK 15.12.17 59 621 0.02% 1 188 11.500% INC RESEA 11 15.07.19 932 612 0.30% 3 024 8.500% INEOS GRP HLD 06-16 144A 15.02.16 2 282 176 0.74% 842 9.375% INFOR (US) INC 01.04.19 717 214 0.23% 295 7.500% INMET MINING 12 01.06.21 232 300 0.08% 2 477 7.250% INTELSAT 11 01.04.19 2 019 499 0.66% 3 125 10.250% INTERAC DATA 11 01.08.18 2 672 286 0.87% 1 267 10.250% LANDRY S 12 144A 01.01.18 956 340 0.31% 1 008 9.375% LANDRYS 12 144A 01.05.20 806 598 0.26% 785 10.000% LEVEL 3 FIN 10 01.02.18 663 704 0.22% 3 146 7.000% LEVEL 3 FIN 12 01.06.20 2 493 873 0.81% 5 443 9.500% MACDERMID 07 144A 15.04.17 4 298 862 1.39% 4 446 10.875% MARQUETTE TR 10 15.01.17 3 507 091 1.14% 1 876 9.000% MCCLATCHY 12 15.12.22 1 452 836 0.47% 3 312 9.750% MIE HLDGS 11 144A 12.05.16 2 725 613 0.89% 238 8.500% MIRANT AM. 02-21/REINSTATD 01.10.21 203 982 0.07% 3 839 9.125% MIRANT AMER.GEN. 01-31 01.05.31 3 203 229 1.04% 1 429 8.000% MMI HOLDINGS 12 01.03.17 1 149 061 0.37% 3 820 8.125% NEEDLE MERGER 11 15.03.19 2 947 790 0.96% 2 290 8.500% NORTEK INC 11 15.04.21 1 927 644 0.63% 1 728 Fl. Rate NORTEL NETW.FRN /DEFLT 15.07.12 1 399 123 0.45% 1 008 9.125% NUVEEN INV 12 15.10.17 751 168 0.24% 2 045 8.375% OGX AUST 12 01.04.22 1 310 963 0.43% 1 436 9.250% OSX 3 12 20.03.15 1 133 245 0.37% 4 882 8.875% PALENT 11 15.04.17 3 896 983 1.26% 4 082 8.625% PBNCN 12 144A 01.02.20 3 142 865 1.02% 3 802 Fl. Rate PNC PFD FDG 6.517 07 Perp. 2 393 254 0.78% 1 404 12.500% POSTMEDIA NET WI 15.07.18 1 184 708 0.39% 950 7.875% REALOGY 11 144A 15.02.19 785 737 0.26% 1 328 9.000% REALOGY 12 144A 15.01.20 1 158 700 0.38% 1 829 Fl. Rate RESID 11 CAT 06.06.15 1 376 705 0.45% 1 346 Fl. Rate RESID REINS 11 06.12.15 1 029 183 0.33% 4 108 9.000% REYNOLDS GP STEPUP 15.04.19 3 248 971 1.06% 3 942 9.250% RITE AID 12 15.03.20 3 184 274 1.04% 3 560 9.750% SAMSON INV C 12 15.02.20 2 855 771 0.93% 1 271 8.750% SANDRIDGE 10 15.01.20 1 055 445 0.34% 2 614 7.500% SANDRIDGE 11 15.03.21 2 121 129 0.69% 1 642 9.500% SATMEX ESCROW 11 15.05.17 1 307 377 0.42% 2 927 5.250% SIX FLAGS ENTMT 12 15.01.21 2 219 920 0.72% 2 916 8.375% STD PAC 10 15.01.21 2 565 604 0.83% 1 796 Fl. Rate SUCCESSOR X 144A 25.02.14 1 368 529 0.44% 864 Fl. Rate SUCSRX 11 CAT 10.11.15 649 757 0.21% 1 872 7.750% TAYMOR/MON 15.4.20 144A 15.04.20 1 505 067 0.49% 3 820 7.875% TRINIDAD 10-144A 15.01.19 3 078 159 1.00% 3 028 8.000% VANGUARD 10 01.02.18 2 400 859 0.78% 482 7.750% VANGUARD 12 144A 01.02.19 378 697 0.12% 2 556 8.875% VENOCO INC 11 15.02.19 1 817 508 0.59% 755 6.750% VISTEON 11 15.04.19 609 519 0.20% 3 866 6.000% WPX ENERGY 11 15.01.22 3 159 863 1.03% 4 889 10.250% YCC HLDG 11 15.02.16 3 828 940 1.24% 896 8.125% ZAYO 12 01.01.20 756 390 0.25% UNLISTED SECURITIES 31 053 304 10.11% Bonds 31 053 304 10.11% USD 31 053 304 10.11% 1 177 8.750% APX GROUP 12 01.12.20 877 257 0.29% 1 058 7.625% CHAPARR EGY 15.11.22 842 914 0.27% 382 7.750% DH SERV LUX 144A 15.12.20 289 436 0.09% 367 6.875% ENERGY FUT 12 15.08.17 296 617 0.10% 2 509 8.375% GENERAL MOT 03 15.07.33 49 715 0.02% 914 7.125% GENERAL MOT 03 15.07.13 18 117 0.01% 922 8.100% GENERAL MOT 96 15.06.24 18 260 0.01% 907 7.375% GM CORP /ESCROW 23.05.48 17 974 0.01% 8 157 8.250% GM CORP 03 /ESCROW 15.07.23 161 627 0.05% 1 891 7.375% GM CORP 91 /ESCROW 01.03.21 37 461 0.01% 277 7.125% HERO 12 144A 01.04.17 220 238 0.07% 2 171 10.250% HERO 12-144A- 01.04.19 1 802 927 0.59% 3 370 12.500% IMS HEALTH 12 01.03.18 3 092 487 1.01% 4 212 9.250% LAUREATE EDUC 12 01.09.19 3 338 481 1.09% 1 220 9.125% MONITRONICS INTL 01.04.20 953 419 0.31% 778 Fl. Rate MYTHEN RE A/CAT 05.01.17 589 027 0.19% 1 613 8.500% NORTEK 12 144A 15.04.21 1 354 779 0.44% 1 372 7.750% ONEX USI 12 15.01.21 1 024 726 0.33% 2 848 9.500% RELIANCE INT 144A 15.12.19 2 451 427 0.80% 18 8.125% SANDRIDGE 12 15.10.22 14 950 0.00% 2 650 12.500% SBS 12 15.04.17 2 155 370 0.70% 1 764 8.875% SPL LOGISTICS 12 01.08.20 1 418 236 0.46% 2 066 9.000% TOWNSQUARE 144A 01.04.19 1 720 137 0.56% 2 653 10.375% TRANSUNION PIK 15.06.18 2 128 112 0.69% 2 275 11.750% VERSO PAPER 12 15.01.19 1 811 979 0.59% 3 517 10.500% WYLE SERV 144A 01.04.18 2 907 822 0.95% 1 692 10.125% ZAYO 12 01.07.20 1 459 809 0.47% CASH EQUIVALENTS 8 187 621 2.65% Treasury bills 8 187 621 2.65% USD 8 187 621 2.65% 10 800 0.000% USA 12 TB 13.06.13 8 187 621 2.65% Equities 4 034 808 1.31% United States 4 034 808 1.31% 360 ABN AMRO NO AMER / PR 199 576 0.06% 4 789 ALLY FIN /PREF 3 567 874 1.16% 16 627 MOTORS LIQUIDATION CO 267 358 0.09% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. GHYBF - 4

Julius Baer Multibond - INFLATION LINKED BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 51 022 913 (Cost: 46 901 282) Derivative instruments at market : - Futures -19 442 - Forward foreign exchange contracts 12 461 - Swaps 2 345 Cash at banks 674 529 Subscriptions receivable 34 331 Receivables on swaps 37 108 Dividends and interest 348 757 Total Assets 52 113 002 Liabilities Bank overdraft 13 292 Payables for swaps 38 417 Management fees payable 28 032 "Taxe d'abonnement" payable 5 488 Other liabilities 21 477 Total Liabilities 106 706 Net Assets 52 006 296 Income Income from investments 369 395 Bank interest 8 Interest income on swaps 36 379 Total Income 405 782 Expenses Management fees 166 263 "Taxe d'abonnement" and other taxes 10 989 Bank interest 201 Interest expense on swaps 37 660 Other expenses* 92 604 Equalisation 4 388 Total Expenses 312 105 Net 93 677 Realised on: - -488 646 - Forward foreign exchange contracts 29 543 - Futures -21 298 - Foreign currencies -3 161 Net realised -389 885 Net change in unrealised appreciation/ depreciation on: - 2 395 734 - Swaps 2 234 - Forward foreign exchange contracts -27 266 - Futures 9 533 Total 1 990 350 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 90 727 608 52 662 895 Foreign exchange difference - sub-fund 121 282-27 917 Total 1 023 632 1 990 350 Net subscriptions/redemptions -39 148 383-2 460 448 Dividend distributions -61 244-158 584 Net at the end of the reporting period 52 662 895 52 006 296 * See page 10 The TER (Total Expense Ratio) amounts to 1.10% for A-CHF shares, 1.11% for A- shares, 1.10% for B-CHF shares, 1.10% for B- shares, 0.66% for Ca- shares, 0.65% for C-CHF shares, 0.65% for C- shares and 1.61% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ILBFEU - 1

Julius Baer Multibond - INFLATION LINKED BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) 2 102.29 4 385.09 4 656.09 Distribution shares (Shares A-) 45 263.00 42 550.11 40 948.61 Distribution shares (Shares Ca-) 10.00 10.00 10.00 Accumulation shares (Shares B-CHF) 45 945.00 28 016.00 37 893.00 Accumulation shares (Shares B-) 503 770.21 276 975.22 263 856.28 Accumulation shares (Shares C-CHF) 40 010.00 36 010.00 20 580.00 Accumulation shares (Shares C-) 195 776.01 81 977.13 72 368.82 Accumulation shares (Shares E-) 7 820.84 10 591.77 17 749.97 Net Assets 90 727 608 52 662 895 52 006 296 NAV per share Distribution shares (Shares A-CHF) 101.82 102.75 103.35 Distribution shares (Shares A-) 108.22 109.85 110.70 Distribution shares (Shares Ca-) 109.16 111.29 112.47 Accumulation shares (Shares B-CHF) 102.67 104.36 108.25 Accumulation shares (Shares B-) 110.51 113.36 117.79 Accumulation shares (Shares C-CHF) 103.32 105.49 109.68 Accumulation shares (Shares C-) 111.75 115.15 119.92 Accumulation shares (Shares E-) 108.99 111.25 115.30 Dividend for the previous financial year (Shares A-CHF) 0.85 0.70 3.20 Dividend for the previous financial year (Shares A-) 1.35 1.10 3.40 Dividend for the previous financial year (Shares Ca-) 1.35 1.10 3.40 ILBFEU - 2

Julius Baer Multibond - INFLATION LINKED BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal TOTAL 51 022 913 98.11% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 44 873 564 86.29% Bonds 44 873 564 86.29% 44 873 564 86.29% 818 3.150% CADES 98 / INFL 25.07.13 1 038 391 2.00% 5 319 2.250% FRANCE 03 / INFL 25.07.20 7 676 082 14.76% 6 137 1.000% FRANCE 05 VAR / INFL 25.07.17 7 569 301 14.55% 3 273 1.343% FRANCE 09 OAT / INFL 25.07.19 3 901 504 7.50% 1 964 0.452% FRANCE 11 BTAN 25.07.16 2 174 388 4.18% 818 0.250% FRANCE 11 OAT/INF 25.07.18 888 067 1.71% 2 455 1.600% FRANCE OAT 04 INFL. 25.07.15 3 134 446 6.03% 4 501 1.500% GERMANY 06 /INFL 15.04.16 5 641 018 10.85% 6 628 1.750% GERMANY 09 / INFL 15.04.20 8 540 733 16.43% 1 637 Fl. Rate GERMANY 11 CPI 15.04.18 1 884 583 3.62% 573 2.150% ITALY 03 / INFL 15.09.14 711 658 1.37% 1 473 2.100% ITALY 06 /INFL. 15.09.17 1 713 393 3.29% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 6 149 349 11.82% Bonds 6 149 349 11.82% 6 149 349 11.82% 5 196 1.100% FRANCE 09 OAT 25.07.22 6 149 349 11.82% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ILBFEU - 3

Julius Baer Multibond - INFLATION LINKED BOND FUND USD STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 39 926 434 (Cost: 35 433 011) Derivative instruments at market : - Futures -7 464 - Forward foreign exchange contracts 2 594 - Swaps 2 294 Cash at banks 413 576 Receivables on swaps 35 900 Dividends and interest 205 214 Other receivables 60 965 Total Assets 40 639 513 Liabilities Bank overdraft 6 600 Payables for redemptions 311 928 Payables for swaps 37 180 Management fees payable 23 760 "Taxe d'abonnement" payable 4 937 Other liabilities 12 022 Total Liabilities 396 427 Net Assets 40 243 086 Income Income from investments 245 715 Interest income on swaps 35 833 Total Income 281 548 Expenses Management fees 142 906 "Taxe d'abonnement" and other taxes 9 806 Bank interest 177 Interest expense on swaps 37 111 Other expenses* 73 150 Equalisation 540 Total Expenses 263 690 Net 17 858 Realised on: - 558 266 - Forward foreign exchange contracts 35 921 - Futures -17 975 - Foreign currencies 523 Net realised 594 593 Net change in unrealised appreciation/ depreciation on: - 88 330 - Swaps 2 278 - Forward foreign exchange contracts -15 996 - Futures 6 011 Total 675 216 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 42 495 322 41 852 749 Total 2 232 028 675 216 Net subscriptions/redemptions -2 831 917-2 190 031 Dividend distributions -42 684-94 848 Net at the end of the reporting period 41 852 749 40 243 086 * See page 10 The TER (Total Expense Ratio) amounts to 1.11% for A-USD shares, 1.11% for B-USD shares, 0.66% for C-USD shares and 1.61% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ILBFUS - 1

Julius Baer Multibond - INFLATION LINKED BOND FUND USD COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-USD) 44 401.11 49 501.98 45 416.98 Accumulation shares (Shares B-USD) 327 057.03 295 658.14 281 836.55 Accumulation shares (Shares C-USD) 11 540.00 12 440.00 11 740.00 Accumulation shares (Shares E-USD) 2 127.78 3 815.41 3 592.50 Net Assets 42 495 322 41 852 749 40 243 086 NAV per share Distribution shares (Shares A-USD) 108.26 112.74 112.59 Accumulation shares (Shares B-USD) 110.58 116.24 118.16 Accumulation shares (Shares C-USD) 111.80 118.05 120.27 Accumulation shares (Shares E-USD) 109.03 114.04 115.63 Dividend for the previous financial year (Shares A-USD) 1.30 1.05 2.00 ILBFUS - 2

Julius Baer Multibond - INFLATION LINKED BOND FUND USD SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD TOTAL 39 926 434 99.21% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 1 591 916 3.96% Bonds 1 591 916 3.96% USD 1 591 916 3.96% 1 207 1.875% USA 09 / INFL 15.07.19 1 591 916 3.96% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 34 585 289 85.94% Bonds 34 585 289 85.94% USD 34 585 289 85.94% 1 247 2.000% USA 04 A-2014 INFL 15.01.14 1 612 066 4.01% 1 247 2.000% USA 04 TBO INFL. IND 15.07.14 1 615 492 4.01% 1 126 1.875% USA 05 / INFL 15.07.15 1 460 781 3.63% 1 368 2.000% USA 06 / INFL 15.01.16 1 768 350 4.39% 1 207 2.375% USA 07 TSY / INDEX 15.01.17 1 609 460 4.00% 885 1.625% USA 08 INF / TBO 15.01.18 1 133 667 2.82% 805 1.375% USA 08 INFL 15.07.18 1 004 917 2.50% 1 086 2.125% USA 09 15.01.19 1 421 505 3.53% 1 006 1.250% USA 09 INFLAT.I 15.04.14 1 133 980 2.82% 2 856 1.250% USA 10 / INFL 15.07.20 3 595 647 8.92% 1 690 1.375% USA 10 / INFL 15.01.20 2 143 254 5.33% 1 368 0.500% USA 10 / INFL 15.04.15 1 524 270 3.79% 2 615 0.125% USA 11 / INFL 15.04.16 2 886 584 7.17% 2 414 0.625% USA 11 / INFL 15.07.21 2 816 495 7.00% 2 011 0.125% USA 12 / INFL 15.01.22 2 232 999 5.55% 2 011 0.125% USA 12 /INFL 15.07.22 2 196 730 5.46% 1 328 1.625% USA TSY 05 15.01.15 1 709 421 4.25% 1 207 2.500% USA TSY 06 TBO / INF 15.07.16 1 589 407 3.95% 845 2.625% USA TSY 07-17 INFLAT. IND 15.07.17 1 130 264 2.81% UNLISTED SECURITIES 3 749 229 9.31% Bonds 3 749 229 9.31% USD 3 749 229 9.31% 3 017 1.125% USA 11 / INFL 15.01.21 3 749 229 9.31% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. ILBFUS - 3

Julius Baer Multibond - LOCAL EMERGING BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 USD PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 USD Assets Investments at market 7 413 192 835 (Cost: 6 958 213 398) Derivative instruments at market : - Forward foreign exchange contracts 8 884 318 Cash at banks 138 941 943 Subscriptions receivable 15 587 928 Dividends and interest 121 030 555 Other receivables 1 481 147 Total Assets 7 699 118 726 Liabilities Bank overdraft 7 565 Payables for redemptions 6 694 467 Management fees payable 6 212 447 "Taxe d'abonnement" payable 486 514 Other liabilities 4 024 394 Total Liabilities 17 425 387 Net Assets 7 681 693 339 Income Income from investments 196 113 711 Bank interest 144 339 Other income 1 483 908 Equalisation 10 836 355 Total Income 208 578 313 Expenses Management fees 38 407 300 "Taxe d'abonnement" and other taxes 1 112 322 Bank interest 33 517 Interest expense on swaps 57 810 Other expenses* 19 163 222 Total Expenses 58 774 171 Net 149 804 142 Realised on: - -6 010 433 - Swaps -182 324 - Options -8 098 211 - Forward foreign exchange contracts 63 323 380 - Foreign currencies -126 949 Net realised 198 709 605 Net change in unrealised appreciation/ depreciation on: - 465 018 460 - Swaps -3 153 - Options 7 943 073 - Forward foreign exchange contracts 9 998 608 Total 681 666 593 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 USD 31 December 2012 USD Net at the beginning of the reporting period 7 220 156 474 6 299 396 599 Foreign exchange difference - sub-fund -318 001 169 78 469 490 Total -353 644 684 681 666 593 Net subscriptions/redemptions -196 414 701 675 584 747 Dividend distributions -52 699 321-53 424 090 Net at the end of the reporting period 6 299 396 599 7 681 693 339 * See page 10 The TER (Total Expense Ratio) amounts to 1.96% for A-CHF shares, 1.96% for A- shares, 1.95% for A-GBP shares, 1.96% for A-USD shares, 1.95% for B-CHF shares, 1.96% for B- shares, 1.95% for B-GBP shares, 1.95% for B-USD shares, 1.30% for Ca- shares, 1.30% for Ca-USD shares, 1.30% for C-CHF shares, 1.30% for C- shares, 1.32% for C-GBP shares, 1.32% for C-USD shares, 2.46% for E- shares, 2.48% for Em- shares, 2.46% for E-USD shares and 0.08% for G-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. LEBF - 1

Julius Baer Multibond - LOCAL EMERGING BOND FUND COMPARATIVE STATEMENT 30 June 2011 USD 30 June 2012 USD 31 December 2012 USD Number of shares outstanding Distribution shares (Shares A-CHF) 157 012.38 284 455.48 395 117.48 Distribution shares (Shares A-) 1 813 880.30 2 025 474.52 2 330 731.49 Distribution shares (Shares A-GBP) 85 594.53 80 177.43 76 934.10 Distribution shares (Shares A-USD) 1 232 240.10 1 407 051.07 1 534 179.38 Distribution shares (Shares Ca-) 4 825 117.23 4 681 755.03 4 971 549.40 Distribution shares (Shares Ca-USD) - - 220 510.00 Distribution shares (Shares Em-) - 6 564.88 12 951.16 Accumulation shares (Shares B-CHF) 503 731.84 1 166 285.53 1 302 764.52 Accumulation shares (Shares B-) 2 954 826.68 2 505 196.81 2 850 101.15 Accumulation shares (Shares B-GBP) 73 221.96 84 518.90 77 835.53 Accumulation shares (Shares B-USD) 8 630 873.63 9 308 521.85 3 644 694.07 Accumulation shares (Shares C-CHF) 243 306.68 689 353.38 824 109.07 Accumulation shares (Shares C-) 1 184 123.69 886 723.18 1 028 015.24 Accumulation shares (Shares C-GBP) 11 545.00 19 440.00 35 004.00 Accumulation shares (Shares C-USD) 5 113 113.55 3 842 049.43 9 987 210.13 Accumulation shares (Shares E-) 51 785.91 51 025.53 47 648.51 Accumulation shares (Shares E-USD) 70 746.58 55 322.57 57 852.28 Accumulation shares (Shares G-USD) - - 575 612.83 Net Assets 7 220 156 474 6 299 396 599 7 681 693 339 NAV per share Distribution shares (Shares A-CHF) 107.07 98.18 103.20 Distribution shares (Shares A-) 109.50 98.88 104.11 Distribution shares (Shares A-GBP) 120.16 110.46 116.93 Distribution shares (Shares A-USD) 145.04 132.64 140.50 Distribution shares (Shares Ca-) 107.05 96.74 101.43 Distribution shares (Shares Ca-USD) - - 109.66 Distribution shares (Shares Em-) - 97.13 104.30 Accumulation shares (Shares B-CHF) 107.07 99.69 109.29 Accumulation shares (Shares B-) 226.81 215.43 236.49 Accumulation shares (Shares B-GBP) 124.87 119.30 131.31 Accumulation shares (Shares B-USD) 313.94 300.97 331.37 Accumulation shares (Shares C-CHF) 107.37 100.62 110.68 Accumulation shares (Shares C-) 243.45 232.72 256.32 Accumulation shares (Shares C-GBP) 126.36 121.51 134.18 Accumulation shares (Shares C-USD) 336.59 324.79 358.76 Accumulation shares (Shares E-) 206.63 195.28 213.83 Accumulation shares (Shares E-USD) 285.82 272.65 299.43 Accumulation shares (Shares G-USD) - - 103.03 Dividend for the previous financial year (Shares A-CHF) - 1.50 4.30 Dividend for the previous financial year (Shares A-) 6.30 5.05 4.30 Dividend for the previous financial year (Shares A-GBP) 4.55 4.25 4.50 Dividend for the previous financial year (Shares A-USD) 7.85 6.30 5.35 Dividend for the previous financial year (Shares Ca-) 6.10 5.50 4.95 Dividend for the previous financial year (Shares Em-) - 1.65 1.98* *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.33; August 2012: 0.33; September 2012: 0.33; October 2012: 0.33; November 2012: 0.33; December 2012: 0.33 LEBF - 2

Julius Baer Multibond - LOCAL EMERGING BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal USD Nominal USD TOTAL 7 413 192 835 96.50% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 4 500 173 302 58.58% Bonds 4 500 173 302 58.58% BRL 672 097 639 8.75% 369 9.798% BRAZIL 07 01.01.17 189 957 457 2.47% 24 512 10.250% BRAZIL 07 10.01.28 15 802 676 0.21% 344 9.798% BRAZIL 10 01.01.21 177 651 349 2.31% 134 12.940% BRAZIL 10 / INFL 15.08.50 203 265 085 2.65% 138 739 0.000% JPM STR 12 /PST 01.01.17 74 652 027 0.97% 21 512 11.250% RBS ZERO 07 /INT.USD 15.06.17 10 769 045 0.14% CLP 289 498 436 3.77% 140 3.000% BCO CTRL CHILE 08 01.07.13 6 651 007 0.09% 39 905 747 6.000% BONO BCO 11 01.02.21 84 264 569 1.10% 1 472 3.000% BONO BCO 11 01.02.21 71 733 627 0.93% 3 554 259 6.000% BONOS TRESO PESOS 08. 01.03.18 7 464 269 0.10% 36 768 194 6.000% CHILE 10 01.01.20 76 979 105 1.00% 18 246 829 5.500% CHILE 10 05.08.20 42 405 859 0.55% COP 144 284 937 1.88% 39 591 992 9.850% COLOMBIA 07 /INT.USD 28.06.27 34 898 985 0.45% 92 483 284 7.750% COLOMBIA 10 /DUAL 14.04.21 66 749 984 0.87% 62 003 922 12.000% COLUMBIA 05 22.10.15 42 635 968 0.56% 26 079 650 0.34% 9 805 4.500% HUNGARY 03 06.02.13 12 959 033 0.17% 9 805 4.500% HUNGARY 04 29.01.14 13 120 617 0.17% HUF 485 279 141 6.32% 45 886 706 6.750% HUNGARY 01 17A 24.11.17 215 555 317 2.81% 9 258 153 8.000% HUNGARY 04 12.02.15 44 069 092 0.57% 2 941 456 7.500% HUNGARY 04 SER.A 12.11.20 14 548 068 0.19% 4 412 183 6.000% HUNGARY 07 -A- 24.11.23 19 854 763 0.26% 15 981 908 6.500% HUNGARY 08 S.19/A 24.06.19 74 604 143 0.97% 24 217 984 7.000% HUNGARY 11 24.06.22 116 647 758 1.52% IDR 57 740 452 0.76% 93 146 092 7.200% EBRD 11 08.06.16 10 374 238 0.14% 372 584 369 8.250% INDONESIA 11 15.06.32 47 366 214 0.62% KRW 89 646 310 1.17% 73 046 146 2.750% KOREA 07 / INFL 10.03.17 89 646 310 1.17% MXN 651 708 491 8.49% 6 275 9.500% MEXICO 04 BONOS 18.12.14 52 667 679 0.69% 6 275 8.000% MEXICO 05 17.12.15 52 457 961 0.68% 6 759 10.000% MEXICO 05 -M- 05.12.24 73 107 078 0.95% 12 665 7.250% MEXICO 07 15.12.16 105 486 942 1.37% 5 099 7.750% MEXICO 07 S.M 10 14.12.17 43 780 313 0.57% 4 481 8.500% MEXICO 09 13.12.18 40 492 426 0.53% 1 922 7.000% MEXICO 09 19.06.14 15 282 699 0.20% 8 885 8.000% MEXICO 10 11.06.20 80 569 193 1.05% 8 257 6.500% MEXICO 11 10.06.21 68 855 983 0.90% 15 532 5.000% MEXICO 12 15.06.17 119 008 217 1.55% PHP 69 025 816 0.90% 2 361 989 6.250% PHILIPPINES 11 14.01.36 69 025 816 0.90% PLN 549 711 307 7.14% 98 049 6.250% POLAND 04 DS 1015 24.10.15 34 325 987 0.45% 50 789 5.250% POLAND 07 25.04.13 16 513 965 0.21% 79 527 5.500% POLAND 09 25.04.15 27 047 796 0.35% 176 487 0.000% POLAND 10 25.01.13 56 895 728 0.74% 138 346 5.250% POLAND 10 25.10.20 50 156 313 0.65% 377 105 5.750% POLAND 10 S.1021 25.10.21 141 495 149 1.84% 215 707 0.000% POLAND 11 25.07.13 68 539 065 0.89% 466 611 3.750% POLAND 12 25.04.18 154 737 304 2.01% RON 26 952 399 0.35% 86 283 11.000% ROMANIA 09 03.05.14 26 952 399 0.35% TRY 701 758 360 9.13% 148 242 4.000% TURKEY 10 /TUCPI 29.04.15 107 653 109 1.40% 72 262 4.500% TURKEY 10 INFL 11.02.15 54 273 854 0.71% 155 626 3.000% TURKEY 11 /CPI 21.07.21 110 766 376 1.44% 390 233 9.500% TURKEY 12 12.01.22 262 553 920 3.41% 245 121 3.000% TURKEY 12 /INFL 23.02.22 166 511 101 2.17% USD 7 048 276 0.09% 25 211 Fl. Rate VIETNAM -2016 ST-UP 12.03.16 7 048 276 0.09% UYU 64 159 227 0.83% 39 219 14.532% URUGUAY 05 / INFL 13.05.15 5 584 257 0.07% 34 317 14.532% URUGUAY 05 / INFL 12.08.15 4 845 267 0.06% 27 454 12.110% URUGUAY 05 / INFL 04.11.15 3 822 023 0.05% 529 317 6.282% URUGUAY 07 / INFL 05.04.27 49 907 680 0.65% ZAR 665 182 861 8.66% 350 622 0.000% ESKOM 97 31.12.32 7 585 672 0.10% 246 631 0.000% ESKOM 97-27 18.08.27 8 198 245 0.11% 230 806 5.500% SOUTH AFRICA / INFL 07.12.23 77 850 443 1.01% 9 432 2.601% SOUTH AFRICA /SACPI 31.01.17 1 405 517 0.02% 464 750 8.250% SOUTH AFRICA 04 15.09.17 60 297 783 0.78% 1 653 941 7.250% SOUTH AFRICA 05 15.01.20 205 535 331 2.68% 999 114 6.250% SOUTH AFRICA 06 31.03.36 95 514 017 1.24% 558 218 6.750% SOUTH AFRICA 06 31.03.21 67 344 002 0.88% 1 127 558 7.000% SOUTH AFRICA 10 28.02.31 123 146 684 1.60% 117 658 13.500% TRANSNET 98 18.04.28 18 305 167 0.24% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 1 743 696 643 22.68% Bonds 1 743 696 643 22.68% BRL 28 249 559 0.37% 24 12.940% BRAZIL 03 S.B/INDEX 15.05.15 28 249 559 0.37% IDR 250 089 641 3.25% 225 511 591 9.500% INDONESIA 04 15.06.15 26 015 428 0.34% 372 584 369 10.000% INDONESIA 05 S.FR28 15.07.17 46 839 287 0.61% 294 145 554 12.800% INDONESIA 06 S.FR0034 15.06.21 46 275 735 0.60% 122 560 648 12.500% INDONESIA 06 S.FR33 15.03.13 12 940 456 0.17% 97 950 470 9.000% INDONESIA 08 FR0049 15.09.13 10 493 527 0.14% 443 630 325 8.250% INDONESIA 10 15.07.21 55 633 396 0.72% 245 121 295 11.000% INDONESIA GOVERNMENT 06-25 15.09.25 37 216 470 0.48% 127 463 073 11.000% INDONESIE 04 FR26 15.10.14 14 675 342 0.19% KRW 69 042 590 0.90% 59 809 596 2.750% KOREA 10 /CPI 10.06.20 69 042 590 0.90% LKR 4 783 720 0.06% 245 121 11.750% SRI LANKA 09 15.03.15 1 914 784 0.02% 392 194 6.600% SRI LANKA 10 01.06.14 2 868 936 0.04% NGN 388 672 0.01% 49 024 16.390% NIGERIA 12 27.01.22 388 672 0.01% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. LEBF - 3

Julius Baer Multibond - LOCAL EMERGING BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal USD Nominal USD PEN 296 972 015 3.87% 183 184 7.840% PERU 05 REG-S 12.08.20 90 447 400 1.18% 14 707 8.200% PERU 06 REG-S/USD 12.08.26 8 075 784 0.11% 358 608 6.950% PERU 08 12.08.31 176 725 838 2.30% 44 122 6.850% PERU 10 12.02.42 21 722 993 0.28% PHP 27 232 604 0.35% 1 961 5.250% PHILIPPINES 10 07.01.13 47 779 0.00% 1 078 534 3.900% PHILIPPINES 12 26.11.22 27 184 825 0.35% RON 85 720 644 1.12% 98 049 5.950% ROMANIA 10 11.06.21 28 326 190 0.37% 196 097 5.900% ROMANIA 12 26.07.17 57 394 454 0.75% RUB 597 265 231 7.75% 6 271 183 7.600% RUSSIA 11 14.04.21 216 967 407 2.81% 5 098 523 7.500% RUSSIA 11 15.03.18 174 712 244 2.27% 1 225 606 7.400% RUSSIA 11 14.06.17 41 633 764 0.54% 894 202 7.500% RUSSIA 12 27.02.19 30 823 119 0.40% 2 196 287 8.150% RUSSIA 12 S 26207 03.02.27 79 480 418 1.03% 1 729 674 6.000% RUSSIA ST-DO 07 /POOL 08.08.18 53 648 279 0.70% THB 183 707 517 2.39% 5 304 425 1.200% THAILAND GOV CPI 14.07.21 183 707 517 2.39% CASH EQUIVALENTS 857 550 619 11.17% Treasury bills 857 550 619 11.17% LKR 21 092 329 0.28% 2 255 116 0.000% SRI LANKA 12 TB 18.01.13 17 583 346 0.23% 502 008 0.000% SRI LANKA 12 TB 08.11.13 3 508 983 0.05% NGN 67 497 284 0.88% 6 170 749 0.000% NIGERIA 12 TB 05.12.13 35 615 917 0.46% 5 422 083 0.000% NIGERIA 12 TB 21.11.13 31 427 805 0.41% 78 439 0.000% NIGERIA 12 TB 07.11.13 453 562 0.01% USD 764 265 788 9.95% 147 073 0.000% USA 12 TB 19.09.13 146 942 659 1.91% 137 268 0.000% USA 12 TB 25.07.13 137 172 638 1.79% 127 463 0.000% USA 12 TB 30.05.13 127 409 362 1.66% 127 463 0.000% USA 12 TB 22.08.13 127 358 341 1.66% 117 658 0.000% USA 12 TB 04.04.13 117 639 429 1.53% 107 853 0.000% USA 12 TB 17.10.13 107 743 359 1.40% UYU 4 695 218 0.06% 90 989 0.000% URUGUAY 12 TB 11.01.13 4 695 218 0.06% UAH 23 714 0.00% 392 5.500% UKRAINE 10 25.08.15 23 714 0.00% USD 9 314 609 0.12% 9 805 8.400% INTL BK AZERBA (TV)07-17 10.05.17 9 314 609 0.12% UYU 190 281 099 2.48% 2 799 323 4.375% URUGUAY 11 15.12.28 190 281 099 2.48% ZAR 625 028 0.01% 58 339 Fl. Rate ROYAL BK SCOTLD 08 22.06.15 625 028 0.01% UNLISTED SECURITIES 311 772 271 4.07% Bonds 301 863 856 3.94% BRL 266 269 725 3.46% 192 12.939% BRAZIL 09 IPCA 15.08.20 248 178 215 3.22% 14 6.000% CS NASSAU CCY/PST 24.05.13 18 091 510 0.24% LKR 33 647 802 0.45% 980 485 7.500% SRI LANKA 03 01.08.13 7 522 620 0.10% 745 169 8.500% SRI LANKA 03 15.07.13 5 764 691 0.08% 355 916 11.750% SRI LANKA 08 01.04.14 2 786 650 0.04% 1 568 776 11.500% SRI LANKA 09 15.06.13 12 333 245 0.16% 400 038 13.500% SRI LANKA 09 01.02.13 3 138 837 0.04% 269 633 11.250% SRI LANKA 09 15.07.14 2 101 759 0.03% UYU 1 946 329 0.03% 14 707 2.250% URUGUAY 12 /INFL 23.08.17 1 946 329 0.03% Treasury bills 9 908 415 0.13% UYU 9 908 415 0.13% 206 630 0.000% URUGUAY 12 TB 18.10.13 9 908 415 0.13% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. LEBF - 4

Julius Baer Multibond - SWISS FRANC BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 CHF PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 CHF Assets Investments at market 120 939 542 (Cost: 116 659 384) Derivative instruments at market : - Futures -3 457 - Swaps 12 324 Cash at banks 1 505 199 Subscriptions receivable 137 213 Receivables on swaps 91 874 Dividends and interest 1 169 373 Total Assets 123 852 068 Liabilities Payables for redemptions 482 339 Payables for swaps 93 332 Management fees payable 60 903 "Taxe d'abonnement" payable 14 748 Other liabilities 51 049 Total Liabilities 702 371 Net Assets 123 149 697 Income Income from investments 1 425 384 Bank interest 160 Interest income on swaps 221 271 Total Income 1 646 815 Expenses Management fees 374 784 "Taxe d'abonnement" and other taxes 30 512 Bank interest 527 Interest expense on swaps 199 843 Other expenses* 162 324 Equalisation 35 740 Total Expenses 803 730 Net 843 085 Realised on: - 238 509 - Futures 5 203 - Foreign currencies 1 169 Net realised 1 087 966 Net change in unrealised appreciation/ depreciation on: - 1 118 109 - Swaps -10 295 - Futures 561 Total 2 196 341 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 31 December 2012 CHF Net at the beginning of the reporting period 149 855 714 122 796 103 Total 3 020 974 2 196 341 Net subscriptions/redemptions -29 417 227-1 345 310 Dividend distributions -663 358-497 437 Net at the end of the reporting period 122 796 103 123 149 697 * See page 10 The TER (Total Expense Ratio) amounts to 0.88% for A-CHF shares, 0.88% for B-CHF shares, 0.51% for C-CHF shares and 1.36% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. SFBF - 1

Julius Baer Multibond - SWISS FRANC BOND FUND COMPARATIVE STATEMENT 30 June 2011 CHF 30 June 2012 CHF 31 December 2012 CHF Number of shares outstanding Distribution shares (Shares A-CHF) 257 934.62 220 264.61 200 869.67 Accumulation shares (Shares B-CHF) 537 988.41 462 651.40 443 026.02 Accumulation shares (Shares C-CHF) 128 712.08 37 848.00 39 688.16 Accumulation shares (Shares E-CHF) 5 872.52 54 754.55 91 353.98 Net Assets 149 855 714 122 796 103 123 149 697 NAV per share Distribution shares (Shares A-CHF) 106.14 106.03 105.55 Accumulation shares (Shares B-CHF) 181.38 185.95 189.22 Accumulation shares (Shares C-CHF) 188.49 194.02 197.77 Accumulation shares (Shares E-CHF) 108.59 110.78 112.44 Dividend for the previous financial year (Shares A-CHF) 1.85 2.75 2.35 SFBF - 2

Julius Baer Multibond - SWISS FRANC BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal CHF Nominal CHF TOTAL 120 939 542 98.21% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 119 381 664 96.94% Bonds 118 900 344 96.55% CHF 118 900 344 96.55% 479 2.500% ABBEY NATL 11 08.06.15 496 248 0.40% 2 394 3.375% ABN 06 15.08.31 2 958 979 2.41% 479 1.625% ABN AMRO 10 28.10.16 501 767 0.41% 239 1.500% ABN AMRO 12 EMTN 10.02.14 241 381 0.20% 479 2.500% ADP 10 27.01.17 512 777 0.42% 239 4.750% AFRICAN BK 12 24.07.15 245 378 0.20% 335 2.750% AIG 06 21.12.16 350 233 0.28% 479 2.125% AKADEMISKA 10 04.07.18 520 111 0.42% 373 2.125% AMCOR LTD 12 04.04.18 387 382 0.31% 479 2.250% AMER MOVIL 10 07.04.15 495 305 0.40% 335 1.125% AMER MOVIL 12 12.09.18 336 324 0.27% 479 1.500% ANZ BK 12 13.02.19 502 269 0.41% 479 Fl. Rate ANZ NAT INTL 12 23.10.15 481 660 0.39% 479 1.500% ANZ NATL 27.02.18 501 957 0.41% 479 2.000% ANZ NATL 10 16.12.14 493 833 0.40% 479 2.125% ASB FIN 10 17.11.16 505 595 0.41% 287 Fl. Rate ASB FIN 12 EMTN 05.11.15 286 124 0.23% 479 0.000% ASIAN DEV BK 86 07.02.16 477 064 0.39% 479 2.500% AUSTRIA 09 14.07.16 508 809 0.41% 239 2.750% BANCO VOTO 10 02.12.13 240 591 0.20% 479 2.500% BARCLAYS 11 29.03.16 504 267 0.41% 479 Fl. Rate BARCLAYS 12 16.04.15 482 675 0.39% 1 436 2.500% BEI 03 22.07.15 1 523 900 1.24% 1 915 2.375% BEI 05 10.07.20 2 140 251 1.74% 958 2.500% BEI 07 08.02.19 1 069 052 0.87% 958 2.000% BEI 10 24.08.22 1 044 810 0.85% 718 2.000% BK NEWZLD 10 18.02.15 742 215 0.60% 239 2.375% BK OF SCOT 05 20.12.13 243 747 0.20% 287 2.500% BLACK SEA TRADE 04.10.16 291 869 0.24% 479 1.750% BMW 11 29.09.17 504 156 0.41% 479 2.125% BMW UK CAP 10 29.06.15 498 305 0.40% 479 2.750% BNDES 11 15.12.16 497 699 0.40% 958 2.500% BNG 05 21.07.25 1 092 209 0.89% 479 2.250% BNG 05 14.10.20 530 115 0.43% 479 1.125% BNG 12 13.09.22 485 527 0.39% 718 2.625% BNG DH 07 09.02.17 784 284 0.64% 479 1.875% BNPP 10 25.03.15 492 085 0.40% 335 1.500% BNZ INTL FDG 12 22.01.18 349 071 0.28% 479 Fl. Rate BNZ INTL LN 12 27.03.15 484 293 0.39% 479 2.500% BOA 05 28.09.17 495 724 0.40% 704 3.000% BPCM 08 19.12.13 722 511 0.59% 958 3.500% BRADF&BINGLE 07 16.07.27 1 097 859 0.89% 479 4.500% BRANDBREW SA 09 11.06.14 505 298 0.41% 1 915 3.250% BUNDESIMMOB 07 16.07.19 2 204 357 1.79% 479 2.375% CADES 11 19.04.23 521 184 0.42% 670 3.000% CBA 09 09.11.17 746 036 0.61% 479 1.500% CBA 12 13.09.19 504 426 0.41% 278 2.500% CCCIT 05 23.02.15 289 999 0.24% 479 2.750% CFF 04 15.11.16 518 035 0.42% 958 1.750% CIBC 10 30.06.17 1 022 499 0.83% 479 2.000% CIF 10 30.01.19 497 380 0.40% 479 2.375% CITIGP 05 23.09.15 495 889 0.40% 479 3.125% CITIGP 06 27.09.21 503 712 0.41% 479 2.750% CITIGP 06 06.04.21 450 050 0.37% 479 2.750% COPENHAGEN 04 22.10.14 499 329 0.41% 958 5.000% CORP ANDINA 08 13.08.13 984 770 0.80% 383 1.500% CORP ANDINA 12 11.09.18 393 946 0.32% 718 1.500% CRH 10 21.09.15 740 429 0.60% 479 2.500% CRH 11 29.03.21 527 920 0.43% 479 1.625% CRH 12 05.03.19 499 471 0.41% 575 2.875% CZECH REP 09 23.11.16 623 668 0.51% 287 1.250% DAIMLER INT 11 31.03.14 289 623 0.24% 479 2.375% DEPFA ACS 06 15.02.19 474 030 0.38% 479 2.250% DEUT TEL 10 08.07.16 503 870 0.41% 479 1.750% DNB 12 18.04.18 501 067 0.41% 958 2.125% DNB NOR 10 12.11.15 1 000 156 0.81% 479 2.250% DNB NOR BOL 10 26.03.18 515 171 0.42% 479 2.375% DSK BK 09 13.01.17 514 275 0.42% 479 2.250% DSK BK 10 12.09.17 515 665 0.42% 287 1.500% DSK BK 12 21.12.16 291 581 0.24% 383 1.750% DT BAHN FIN 10 03.06.20 412 090 0.33% 383 1.500% DT BAHN FIN 11 18.12.17 403 529 0.33% 479 3.250% E ON INTL 07 17.12.14 503 445 0.41% 479 1.125% EBN 12 04.07.24 481 660 0.39% 479 3.375% EDF 08 18.12.13 493 089 0.40% 479 2.500% EHB 05 29.08.25 430 480 0.35% 479 1.500% EIB 12 02.08.24 496 397 0.40% 479 2.375% EIBK 11 30.03.15 497 221 0.40% 622 1.625% EN BEH NL 11 03.10.23 662 881 0.54% 335 2.750% ENEL FIN 12 17.12.18 348 981 0.28% 479 2.125% ENER BEHEER 10 27.04.20 530 275 0.43% 958 2.875% ERSTE OPF 05 10.03.25 990 847 0.80% 958 2.750% ERSTE GROUP 07 10.12.15 1 017 378 0.83% 287 3.500% EXPORT IMP BK 11 13.04.16 293 018 0.24% 1 436 2.875% FMO 09 19.07.16 1 560 110 1.27% 383 Fl. Rate FMO 12 GMTN 27.01.16 382 650 0.31% 479 3.375% FRANCE TEL 09 06.09.13 488 723 0.40% 335 1.625% FRANCE TEL 11 13.10.16 345 913 0.28% 479 1.500% GDF SUEZ 11 20.10.17 496 682 0.40% 958 3.125% GECC 04 06.12.19 1 077 297 0.87% 958 4.500% GECC 08 09.10.18 1 137 578 0.92% 958 2.000% GECC 10 18.02.14 974 350 0.79% 479 2.250% GECC 11 19.12.16 508 629 0.41% 239 3.625% GLENCORE FIN 10 06.04.16 255 194 0.21% 335 2.625% GLENCORE FIN 12 03.12.18 349 395 0.28% 287 4.375% GPB OBD 11 09.12.13 294 196 0.24% 239 1.500% GS 12 29.11.18 241 309 0.20% 287 3.375% HOLCIM OVS 11 10.06.21 314 663 0.26% 479 2.375% HSBC 11 04.04.18 515 423 0.42% 479 3.500% HSBC FIN 07 19.07.13 486 511 0.40% 239 2.250% HYUCAP 10 15.10.14 245 601 0.20% 479 2.000% HYUCAP 11 27.11.13 484 531 0.39% 192 3.000% IBERDROLA 12 13.02.17 197 360 0.16% 479 0.000% IBRD 86 26.11.21 442 015 0.36% 479 1.375% ICO 09 07.10.13 473 291 0.38% 958 1.875% ILE DE FR 05 05.09.14 981 993 0.80% 239 1.250% INDBK KOREA 12 19.06.15 242 985 0.20% 479 4.000% ING NV 08 24.04.15 519 691 0.42% 479 2.125% ING NV 10 07.10.16 499 614 0.41% 958 2.500% ITALY 05 02.03.15 959 873 0.78% 479 2.500% JPM CHASE 05 16.03.15 500 762 0.41% 335 1.750% KDB 10 01.10.14 342 692 0.28% 287 1.500% KDB 12 23.05.16 294 600 0.24% 958 2.250% KFW 10 12.08.20 1 076 460 0.87% 479 2.000% KOFC 11 13.07.15 496 263 0.40% 239 Fl. Rate KOFC 12 29.10.15 240 351 0.20% 958 3.250% KOMMKRDT 08 08.05.18 1 098 803 0.89% 479 1.375% KOMMKRDT 10 21.01.15 491 462 0.40% 479 1.250% KOMMUNINVEST 12 28.02.22 491 029 0.40% 479 2.250% KOREA GAS 10 06.10.15 500 093 0.41% 144 2.000% KOREA GAS 11 11.10.16 150 459 0.12% 287 2.625% KOROIL 11 12.05.16 306 663 0.25% 239 1.875% KOROIL 12 08.03.17 249 688 0.20% 479 2.625% KYUSHU POW 06 06.12.13 484 962 0.39% 479 1.500% LANDSHYPO 10 13.12.16 500 246 0.41% 479 1.500% LANDSHYPO 11 24.10.18 502 689 0.41% 335 2.250% LEASEPLAN 12 18.07.16 338 670 0.28% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. SFBF - 3

Julius Baer Multibond - SWISS FRANC BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal CHF Nominal CHF 239 2.000% LG ELECTRO 12 02.12.16 243 942 0.20% 958 2.125% LGT FIN 09 08.07.13 965 206 0.78% 239 2.500% LGT FIN 10 12.05.17 253 878 0.21% 335 2.000% LITHUANIA 12 11.04.18 338 000 0.27% 431 2.500% LLOYDS 10 23.03.15 447 439 0.36% 239 2.500% LLOYDS 11 15.04.14 245 384 0.20% 431 3.375% LVMH 07 22.11.13 442 435 0.36% 1 436 2.625% LWF RENTBK 09 07.07.16 1 563 019 1.27% 958 2.500% LWF RENTBK 09 05.03.18 1 064 427 0.86% 622 1.875% MCDONALDS 10 23.06.16 653 444 0.53% 479 1.375% MUNI FIN 12 08.06.27 483 538 0.39% 383 4.250% NAB 08 24.06.15 418 998 0.34% 479 2.250% NAB 09 02.12.14 496 701 0.40% 479 Fl. Rate NAB AUS 12 EMTN 07.08.15 479 409 0.39% 479 1.375% NO RAILWAYS 10 15.11.17 502 008 0.41% 479 2.250% NORDEA 10 06.05.16 507 541 0.41% 239 1.500% NORDEA 12 29.09.17 248 376 0.20% 958 2.250% NORDRHEIN 06 01.03.19 1 050 810 0.85% 479 2.375% NWB 06 27.01.23 537 976 0.44% 1 436 2.250% NWB 09 13.05.14 1 477 429 1.20% 479 2.250% NWB 10 03.09.19 527 519 0.43% 335 1.250% NWB 12 09.08.24 336 889 0.27% 1 436 2.625% OEKB 06 22.11.24 1 647 005 1.34% 479 1.750% OEKB 12 24.05.23 506 849 0.41% 287 1.000% OEKB 12 28.09.21 289 737 0.24% 958 3.375% ONTARIO 08 27.05.16 1 062 849 0.86% 479 3.250% PARIS 08 05.11.18 546 536 0.44% 287 3.500% PEMEX 09 13.10.14 300 631 0.24% 958 2.875% PFDBRST L-HY 03 21.07.17 1 058 531 0.86% 287 1.000% PHILIP MOR 12 18.09.20 289 017 0.23% 335 2.536% PKO FIN 12 21.12.15 344 200 0.28% 718 3.250% POLAND 07 15.05.19 802 208 0.65% 479 3.625% POLAND 08 21.04.17 531 215 0.43% 958 3.000% POLAND 09 23.09.14 997 314 0.81% 239 Fl. Rate POLAND 12 14.08.15 240 830 0.20% 958 2.625% QUEBEC 06 21.06.17 1 057 526 0.86% 670 2.125% RABOBK 05 11.10.17 714 883 0.58% 1 436 2.000% RABOBK 10 16.09.21 1 524 227 1.24% 862 2.000% RABOBK 12 06.02.19 919 159 0.75% 239 1.000% RAIFF LB NIED 12 12.11.20 239 292 0.19% 479 2.250% RBC 11 21.04.21 534 586 0.43% 239 2.250% RCI BQ 10 09.12.13 241 240 0.20% 479 3.000% RFF 09 24.04.19 541 030 0.44% 335 3.125% RUSS AGR BK 12 17.08.15 340 011 0.28% 239 3.125% SANTAND BR 11 01.12.14 241 777 0.20% 479 3.500% SB CAPITAL 10 12.11.14 495 305 0.40% 479 2.125% SLOVAKIA 12 25.04.18 497 939 0.40% 718 2.375% SNCF 09 24.07.19 780 644 0.63% 479 1.875% SOCGEN 10 20.10.14 488 813 0.40% 287 2.250% SPI 10 09.08.16 302 494 0.25% 287 2.375% SPI E&G AU 10 08.09.15 300 918 0.24% 335 1.500% SPI ELEC 12 21.02.17 345 350 0.28% 239 3.375% ST BK INDIA 11 22.02.16 250 166 0.20% 479 2.625% STATNETT SF 06 15.12.17 531 102 0.43% 479 2.125% SWEDBK 10 26.08.16 508 847 0.41% 958 2.625% SWEDISH EXP 06 12.05.14 990 140 0.80% 958 2.625% SWEDISH EXP 09 28.12.15 1 025 511 0.83% 479 3.000% SWEDISH EXP 09 27.02.18 538 153 0.44% 575 3.250% SWISS RE 09 20.08.14 601 487 0.49% 287 2.718% TELEFONICA 12 14.12.18 291 551 0.24% 479 1.500% TEVA PHARMA 12 25.10.18 496 263 0.40% 718 2.375% TOTAL CAP 06 13.01.16 762 842 0.62% 479 3.125% TOTAL CAP 07 29.09.15 515 377 0.42% 958 2.875% TOYOTA 06 20.09.16 1 038 377 0.84% 479 3.375% TRANSPOW FIN 07 06.08.14 500 032 0.41% 479 2.375% UBS JE 05 30.06.15 491 827 0.40% 958 2.750% UBS JERSEY 06 STEP-UP 23.10.18 955 134 0.78% 192 3.375% UNICREDIT IE 12 25.10.17 192 097 0.16% 479 3.750% VEB FINANCE 11 17.02.16 493 869 0.40% 287 2.125% VINCI 11 15.12.17 298 627 0.24% 287 3.150% VTB CAP 12 16.12.16 291 007 0.24% 479 2.125% WESTPAC BK 09 21.11.14 495 267 0.40% 479 2.000% WESTPAC BK 11 EMTN 15.12.16 508 706 0.41% 479 1.875% WSTP 10 25.08.15 497 924 0.40% 742 3.875% WUERTH FIN 09 03.08.15 802 547 0.65% Convertible bonds and bonds with warrants 481 320 0.39% CHF 481 320 0.39% 479 1.750% PARGESA NETH. 07 CV 15.06.14 481 320 0.39% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 1 557 878 1.27% Bonds 1 557 878 1.27% CHF 1 557 878 1.27% 2 873 Fl. Rate ABN 07 10.08.16 1 557 878 1.27% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. SFBF - 4

Julius Baer Multibond - TOTAL RETURN BOND FUND STATEMENT OF NET ASSETS as at 31 December 2012 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 31 December 2012 Assets Investments at market 182 808 915 (Cost: 173 402 961) Derivative instruments at market : - Futures -604 - Forward foreign exchange contracts 1 132 180 - Swaps -262 657 Cash at banks 8 024 812 Subscriptions receivable 3 718 732 Receivables on swaps 1 781 793 Dividends and interest 1 760 007 Other receivables 3 Total Assets 198 963 181 Liabilities Payable to brokers 190 651 Payables for redemptions 167 472 Payables for swaps 1 422 438 Management fees payable 114 672 "Taxe d'abonnement" payable 18 002 Other liabilities 590 288 Total Liabilities 2 503 523 Net Assets 196 459 658 Income Income from investments 2 200 314 Bank interest 5 553 Other income 4 106 Interest income on swaps 1 888 075 Equalisation 362 688 Total Income 4 460 736 Expenses Management fees 548 776 "Taxe d'abonnement" and other taxes 31 414 Bank interest 1 026 Interest expense on swaps 2 001 134 Other expenses* 222 400 Total Expenses 2 804 750 Net 1 655 986 Realised on: - 1 465 131 - Swaps -457 644 - Options -134 885 - Forward foreign exchange contracts -1 158 854 - Futures -1 176 - Foreign currencies -83 889 Net realised 1 284 669 Net change in unrealised appreciation/ depreciation on: - 3 103 625 - Swaps 510 231 - Options -4 579 - Forward foreign exchange contracts 1 652 220 - Futures -1 355 Total 6 544 811 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 31 December 2012 Net at the beginning of the reporting period 135 126 170 125 307 348 Foreign exchange difference - sub-fund 38 991-21 681 Total 1 200 586 6 544 811 Net subscriptions/redemptions -10 722 142 65 005 113 Dividend distributions -336 257-375 933 Net at the end of the reporting period 125 307 348 196 459 658 * See page 10 The TER (Total Expense Ratio) amounts to 1.16% for A-CHF shares, 1.16% for A- shares, 1.14% for A-USD shares, 1.16% for B-CHF shares, 1.16% for B- shares, 1.14% for B-USD shares, 0.73%** for Ca- shares, 0.65% for C-CHF shares, 0.65% for C- shares, 0.69% for C-USD shares, 1.66% for E- shares, 1.67% for Em- shares and 1.72%** for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. TRBF - 1

Julius Baer Multibond - TOTAL RETURN BOND FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 31 December 2012 Number of shares outstanding Distribution shares (Shares A-CHF) 11 544.00 17 881.00 37 563.05 Distribution shares (Shares A-) 195 212.95 169 220.47 228 537.92 Distribution shares (Shares A-USD) - - 10.00 Distribution shares (Shares Ca-) - - 10.00 Distribution shares (Shares Em-) - 11 860.38 61 321.16 Accumulation shares (Shares B-CHF) 2 354.00 9 159.12 35 847.42 Accumulation shares (Shares B-) 468 621.51 521 547.52 808 758.96 Accumulation shares (Shares B-USD) - - 10.00 Accumulation shares (Shares C-CHF) 15 010.00 27 510.00 33 160.00 Accumulation shares (Shares C-) 702 956.56 484 696.37 606 265.39 Accumulation shares (Shares C-USD) - - 16 580.00 Accumulation shares (Shares E-) 117 083.86 132 782.59 232 680.50 Accumulation shares (Shares E-USD) - - 10.00 Net Assets 135 126 170 125 307 348 196 459 658 NAV per share Distribution shares (Shares A-CHF) 100.73 101.64 104.29 Distribution shares (Shares A-) 45.84 45.07 45.54 Distribution shares (Shares A-USD) - - 100.90 Distribution shares (Shares Ca-) - - 100.03 Distribution shares (Shares Em-) - 100.62 103.40 Accumulation shares (Shares B-CHF) 100.72 101.84 106.01 Accumulation shares (Shares B-) 91.93 93.91 97.95 Accumulation shares (Shares B-USD) - - 100.90 Accumulation shares (Shares C-CHF) 100.89 102.53 107.00 Accumulation shares (Shares C-) 96.46 99.03 103.55 Accumulation shares (Shares C-USD) - - 100.95 Accumulation shares (Shares E-) 110.17 111.98 116.50 Accumulation shares (Shares E-USD) - - 100.84 Dividend for the previous financial year (Shares A-CHF) - 0.20 1.50 Dividend for the previous financial year (Shares A-) 1.90 1.70 1.45 Dividend for the previous financial year (Shares Em-) - 1.05 1.26* *the following interim dividends were distributed in the current financial year: Em- shares: July 2012: 0.21; August 2012: 0.21; September 2012: 0.21; October 2012: 0.21; November 2012: 0.21; December 2012: 0.21 TRBF - 2

Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 Nominal Nominal TOTAL 182 808 915 93.05% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 101 837 149 51.84% Bonds 101 649 422 51.74% BRL 99 494 0.05% 1 9.798% BRAZIL 07 01.01.17 99 494 0.05% CHF 0 0.00% 1 Fl. Rate RBS 12 / SUB 16.03.22 0 0.00% CLP 8 657 168 4.39% 35 3.000% BCO CTL CHIL /INFL 01.07.19 1 281 249 0.65% 200 3.000% CHILE 10 /CPI 01.07.17 7 375 919 3.74% 51 847 204 26.39% 118 4.375% A.P MOLLER 10 24.11.17 131 102 0.07% 118 4.000% AB INBEV 10 26.04.18 135 072 0.07% 118 3.375% ABBEY NATL 10 20.10.15 125 733 0.06% 118 4.375% ABBEY NATL 11 24.01.18 136 803 0.07% 118 3.500% ABN AMRO 10 21.09.22 135 295 0.07% 118 4.000% ABN AMRO 10 REGS 03.02.15 125 903 0.06% 118 4.250% ABN AMRO 11 11.04.16 130 626 0.07% 191 Fl. Rate ADAGI 05 SII-X A1 15.01.21 182 678 0.09% 118 7.625% ADECCO IF 9 28.04.14 128 542 0.07% 237 6.587% AER RIANTA 08 09.07.18 255 568 0.13% 118 4.605% AFD 04 Perp. 111 254 0.06% 118 4.000% AIB 10 19.03.15 118 849 0.06% 95 4.875% AIB MTG BANK 07 29.06.17 101 076 0.05% 237 5.000% AIG 07 26.06.17 267 396 0.14% 59 4.750% AIR FRANCE 06 22.01.14 60 505 0.03% 118 4.000% ALADIS EMISIONES 05 11.12.15 128 172 0.07% 119 Fl. Rate ALPST 07 2X B 15.05.24 90 557 0.05% 118 4.875% AMADEUS CAP 11 15.07.16 129 671 0.07% 118 4.625% AMCOR LTD 11 16.04.19 137 985 0.07% 118 3.750% AMER MOVIL 10 28.06.17 131 610 0.07% 118 5.375% AMER SPORTS 10 11.06.15 124 698 0.06% 118 3.500% ANGLO AMER 12 28.03.22 125 655 0.06% 237 5.125% ANZ 09 10.09.19 275 802 0.14% 118 6.250% AON FIN 09 01.07.14 127 231 0.06% 76 Fl. Rate ARGENTINA 03-33 PIK 31.12.33 62 778 0.03% 118 4.875% ARRFP 11 21.01.19 135 258 0.07% 118 5.000% ARRFP 11 12.01.17 132 878 0.07% 238 Fl. Rate ARRMF 2011-1X A1B 19.11.47 67 612 0.03% 118 5.750% ASML HOLDING 07 13.06.17 138 218 0.07% 48 Fl. Rate AVOCA 05 SIII-X C 15.09.21 40 765 0.02% 95 Fl. Rate AVOCA 07 VII-X A3 16.05.24 91 306 0.05% 237 4.500% BANBRA 11 20.01.16 252 944 0.13% 47 Fl. Rate BARCLAYS 04 04.03.19 47 946 0.02% 237 4.875% BARCLAYS 09 13.08.19 283 049 0.14% 143 2.250% BARCLAYS 12 22.02.17 151 769 0.08% 237 6.000% BARRY CALL.SVCS 07 13.07.17 270 481 0.14% 118 4.375% BBVASM 12 21.09.15 121 398 0.06% 95 3.125% BCO SANT.CENT-HIS 05-15 28.09.15 96 839 0.05% 118 4.375% BELGACOM 06 23.11.16 134 182 0.07% 118 6.375% BHP FINANCE 09 04.04.16 139 576 0.07% 237 4.000% BK IRELAND 10 28.01.15 237 450 0.12% 166 3.250% BK IRELD MTG 05 22.06.15 168 793 0.09% 143 4.625% BK IRELD MTG 09 16.09.14 148 402 0.08% 71 4.625% BK OF IRELAND 09 08.04.13 71 170 0.04% 118 3.875% BNG 11 26.05.23 139 780 0.07% 59 5.431% BNPP 07 07.09.17 67 669 0.03% 118 3.750% BNPP 10 25.11.20 133 208 0.07% 71 4.625% BOA 04 18.02.14 73 841 0.04% 118 4.750% BOA 10 03.04.17 133 416 0.07% 118 3.472% BPCM 11 01.06.16 128 672 0.07% 118 4.625% BRAM FIN 11 20.04.18 136 928 0.07% 101 2.000% BUENOS AIRES 05-20 REG MULCP 01.05.20 40 171 0.02% 143 Fl. Rate BUMPER 4 11 2011-4 A 20.05.26 91 272 0.05% 118 3.750% BURVER 12 24.05.17 126 085 0.06% 118 5.375% CAMPARI 09 14.10.16 129 426 0.07% 118 4.250% CBA 09 10.11.16 133 325 0.07% 118 4.375% CBA 10 25.02.20 139 337 0.07% 238 Fl. Rate CELF 06 2006-1X A2 01.11.23 217 266 0.11% 118 4.125% CESKE DRAHY 12 23.07.19 128 275 0.07% 1 9.000% CET 21 10 01.11.17 0 0.00% 118 4.500% CEZ 10 29.06.20 138 802 0.07% 47 5.250% CGNU PLC 03 02.10.23 47 935 0.02% 237 4.250% CITIGP 05 25.02.30 217 728 0.11% 237 4.375% CITIGRP 07 30.01.17 265 874 0.14% 95 Fl. Rate CLARENVILLE 1X-A1A 15.03.16 16 753 0.01% 118 4.375% CLARIANT FIN. 06 05.04.13 119 358 0.06% 118 5.000% COFIROUTE 06 24.05.21 141 312 0.07% 59 3.125% COMPASS GR 12 13.02.19 64 297 0.03% 118 3.300% CRH 10 23.09.22 133 083 0.07% 237 4.750% CS INTL 09 05.08.19 282 177 0.14% 200 4.500% CZECH REPUBLIC 05.11.14 214 880 0.11% 118 6.125% DAIMLER INTL 08 08.09.15 134 696 0.07% 24 4.500% DAVIDE CAMP 12 25.10.19 24 904 0.01% 95 Fl. Rate DECO 06 7-E2X C 27.01.18 44 073 0.02% 1 279 Fl. Rate DECO LTD 06 7-E2XB 27.01.18 694 086 0.35% 249 Fl. Rate DEUTSCHE BK 05 09.03.17 231 729 0.12% 118 4.250% DNB 12 18.01.22 138 124 0.07% 118 4.375% DNB NOR 11 24.02.21 139 168 0.07% 118 4.000% DONG ENERGY 09 16.12.16 132 003 0.07% 953 Fl. Rate DRIVER 7 GMBH 10 7A 21.05.16 242 936 0.12% 381 Fl. Rate DRYDEN XV 07 6-15X 15.04.23 353 603 0.18% 191 Fl. Rate EATON VANC FRN07 A1 22.02.27 173 228 0.09% 95 Fl. Rate ECLIP 06 2006-2 E 20.02.19 18 940 0.01% 118 3.625% EDENRED 10 06.10.17 128 381 0.07% 143 Fl. Rate EELF 06 2006-1 A1 18.05.22 101 867 0.05% 118 4.250% EESTI ENERGIA AS 02.10.18 128 975 0.07% 118 2.250% ELISA CORP 12 04.10.19 120 716 0.06% 118 2.500% ELM BV 12 24.09.20 122 165 0.06% 143 Fl. Rate E-MAC 04 NL04-I B 25.07.36 65 750 0.03% 1 279 Fl. Rate E-MAC 06 NL06-2 A 25.01.39 756 230 0.38% 59 4.500% ENERGIE AG 05 04.03.25 67 402 0.03% 237 4.875% ENI 11 11.10.17 265 907 0.14% 118 6.250% ESB FIN 12 11.09.17 136 091 0.07% 143 Fl. Rate OPROP 07 6 -A- 30.04.17 106 639 0.05% 118 4.125% EUTELSAT 10 27.03.17 131 801 0.07% 118 9.375% FCE BK 09 17.01.14 128 149 0.07% 118 5.250% FIAT 11 11.03.15 125 712 0.06% 118 6.625% FIAT FIN. 06 15.02.13 119 082 0.06% 118 5.250% FMC FIN III 11 15.02.21 132 162 0.07% 118 6.000% FORTUM 09 20.03.19 148 367 0.08% 162 Fl. Rate FOSSE MAS 10-2X A2 18.10.54 121 076 0.06% 143 Fl. Rate FOSSM 10 10-4 A2 18.10.54 128 151 0.07% 71 3.000% FRANCE TEL 12 15.06.22 74 147 0.04% 118 4.750% FRANCE TELEC 07 21.02.17 135 031 0.07% 118 3.625% FRANCE TELEC. 05 14.10.15 127 180 0.06% 237 5.250% FRAPORT 09 10.09.19 275 821 0.14% 118 7.125% FREENET 11 20.04.16 132 851 0.07% 166 8.750% FRESENIUS FII 09 15.07.15 195 024 0.10% 118 2.875% G4S 12 02.05.17 122 368 0.06% 118 5.000% GAS NCP 12 13.02.18 130 617 0.07% 118 6.750% GATEGROUP F 12 01.03.19 126 542 0.06% 118 5.875% GAZ CAPITAL 05 REG 01.06.15 129 670 0.07% 118 6.375% GDF SUEZ 09 18.01.21 156 575 0.08% 237 5.250% GE CAP 08 18.05.15 260 922 0.13% 118 4.625% GE CAP.OP 07 22.02.27 142 558 0.07% 143 Fl. Rate GELDILUXTS11 11-16 11-TSA2 08.12.16 143 414 0.07% 118 5.000% GERRESHEIME 11 19.05.18 132 842 0.07% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 3

Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 118 5.750% GIE SUEZ ALL 03 24.06.23 152 519 0.08% 118 5.625% GLAXOSM CAP 07 13.12.17 145 076 0.07% 529 Fl. Rate GLBDRV 11 11-AX A 20.04.19 330 254 0.17% 237 6.375% GOLDMAN SACHS 08 02.05.18 285 906 0.15% 191 Fl. Rate GRACE CARD2 1X A2 15.02.17 192 548 0.10% 572 Fl. Rate GRND 06 1 A 20.07.16 417 764 0.21% 1 Fl. Rate GROHE HLDG 12 15.12.17 0 0.00% 191 Fl. Rate HARBM 05 5X A2E 15.06.20 142 985 0.07% 95 Fl. Rate HARBM 05 6X A3 25.10.20 66 727 0.03% 214 Fl. Rate HARBOURM. 06 PR2XA2 15.10.22 145 845 0.07% 95 4.932% HARVEST CLO IX-B1 29.03.17 92 702 0.05% 324 Fl. Rate HARVEST III 6 III-XA 08.06.21 300 986 0.15% 214 Fl. Rate HARVT 04 IX A1 29.03.17 47 018 0.02% 118 8.000% HEIDLRG 09 31.01.17 139 401 0.07% 381 Fl. Rate HIGHWAY BV 12 2012-1 A 26.03.24 383 888 0.20% 118 3.875% HSBC 11 24.10.18 134 743 0.07% 95 3.750% HSBC FIN. 05 04.11.15 101 741 0.05% 2 083 3.500% HUNGARY 06 18.07.16 2 012 574 1.02% 237 4.750% HUTCH WHAM 09 14.11.16 268 809 0.14% 238 Fl. Rate HYDE PARK 06 1X A1 14.06.22 205 655 0.10% 118 3.750% ICO 10 28.07.15 119 009 0.06% 1 7.875% INEOS GROUP 06 REG. 15.02.16 0 0.00% 237 3.375% ING NV 10 03.03.15 249 062 0.13% 118 3.500% INSTIT CRDT OF 09 20.01.14 119 287 0.06% 237 4.000% INTESA SAN 10 08.11.18 242 864 0.12% 237 4.375% INTESA SAN 11 16.08.16 257 794 0.13% 3 500 4.750% ITALY 12 01.06.17 3 730 019 1.90% 118 2.750% JPM CHASE CO 12 24.08.22 122 604 0.06% 118 3.875% JPMORGAN C. 10 23.09.20 135 088 0.07% 118 4.250% KLEPIERRE 06 16.03.16 128 598 0.07% 1 11.625% KP GERMANY 15.07.17 0 0.00% 118 7.500% KPN 09 04.02.19 151 056 0.08% 142 4.750% LA POSTE 09 17.02.16 158 881 0.08% 1 8.500% LABCO 11 15.01.18 0 0.00% 1 8.500% LABCO 11 144A 15.01.18 0 0.00% 59 5.000% LAFARGE 04 16.07.14 61 910 0.03% 118 8.875% LAFARGE ST-UP 09 27.05.14 129 676 0.07% 119 Fl. Rate LAMBDA FIN.FRN07-31 2007-1X A2 20.09.31 9 900 0.01% 118 4.375% LEGRAND 11 EMTN 21.03.18 136 128 0.07% 95 Fl. Rate LEOP 04 III-X D 21.04.20 61 960 0.03% 118 5.375% LLOYDS 09 03.09.19 143 886 0.07% 118 6.375% LLOYDS 09 17.06.16 138 816 0.07% 47 5.625% LLOYDS TSB 08 05.03.18 45 798 0.02% 118 3.625% LUXOTTICA 12 19.03.19 130 537 0.07% 118 4.875% MER LY 07 30.05.14 124 487 0.06% 118 4.125% MERCIALYS 12 26.03.19 130 254 0.07% 1 9.500% MOMENT PER 11 15.01.21 0 0.00% 118 4.500% MOR ST 9 29.10.14 125 002 0.06% 118 5.500% MORGAN STAN 07 02.10.17 135 219 0.07% 237 3.250% MOTABILITY 12 30.11.18 258 500 0.13% 237 6.000% MUNICH RE FTF 11 26.05.41 284 019 0.14% 237 4.750% NAB 09 15.07.16 268 611 0.14% 118 4.625% NAB 10 10.02.20 133 993 0.07% 237 3.750% NATIONWIDE 10 20.01.15 250 442 0.13% 118 3.125% NATIONWIDE 12 03.04.17 127 646 0.06% 118 5.125% NL GASU 09 31.03.17 139 158 0.07% 237 3.750% NORDEA 10 24.02.17 262 385 0.13% 118 4.000% NORDEA SE 10 29.06.20 136 443 0.07% 118 3.500% NWB 11 14.01.21 135 393 0.07% 118 4.375% NY LIFE GBL 07 19.01.17 133 305 0.07% 118 3.500% OPTUS FIN SIN 10 15.09.20 132 350 0.07% 118 7.250% OTE PLC 11 08.04.14 117 334 0.06% 191 Fl. Rate PARAGON MT 04 /8-A2B 16.04.35 99 224 0.05% 118 5.500% PEMEX 09 09.01.17 134 988 0.07% 250 7.500% PERU 04 / INT. 14.10.14 280 945 0.14% 95 8.375% PEUGEOT SA 09 15.07.14 102 216 0.05% 118 5.750% PFIZER 09 03.06.21 154 998 0.08% 118 4.000% PGNIG FIN AB 12 14.02.17 123 932 0.06% 118 5.875% PHILIP MOR 08 04.09.15 134 588 0.07% 118 5.125% PIRELLI & C 11 22.02.16 124 938 0.06% 237 3.000% POHJOLA BK 10 08.09.17 256 911 0.13% 118 3.125% POHJOLA BK 10 25.03.15 124 481 0.06% 118 6.000% PORTUGAL TEL 09 30.04.13 119 949 0.06% 994 Fl. Rate PROMISE FRN06 IM06-1 C 20.03.17 806 542 0.41% 1 000 Fl. Rate PROMISE FRN06 IM06-1 E 20.03.17 646 600 0.33% 118 5.250% PRYSMIAN 10 09.04.15 124 017 0.06% 237 4.750% RABOBANK NED. 07 06.06.22 286 140 0.15% 118 5.875% RABOBK 09 20.05.19 142 824 0.07% 118 5.750% RBS 09 21.05.14 126 119 0.06% 237 4.875% RBS 10 15.07.15 258 616 0.13% 59 5.375% RBS GRP 09 30.09.19 70 760 0.04% 237 4.750% RED ELEC FI 11 16.02.18 258 157 0.13% 118 5.180% REMY COINT 10 15.12.16 129 904 0.07% 178 6.000% RENAULT 09 13.10.14 189 358 0.10% 237 4.625% REPSOL INT.FI. 04 08.10.14 248 983 0.13% 118 3.875% RHOEN KL AG 10 11.03.16 125 781 0.06% 214 Fl. Rate RMF O CDO 05-21 III-X-1 11.11.21 143 789 0.07% 118 6.500% ROCHE HLDG 09 04.03.21 162 089 0.08% 9 5.625% ROCHE HLDG 09 04.03.16 10 130 0.01% 89 5.000% ROMANIA 10 18.03.15 94 499 0.05% 2 000 4.875% ROMANIA 12 07.11.19 2 113 759 1.08% 118 4.250% SAMPO BK 12 27.02.17 130 262 0.07% 118 4.625% SANT ID 12 21.03.16 123 776 0.06% 118 3.625% SANTANDER 10 06.04.17 121 483 0.06% 118 3.625% SCA AB 11 26.08.16 129 697 0.07% 118 4.250% SEB 11 21.02.18 135 195 0.07% 118 4.500% SEB 11 03.06.16 128 185 0.07% 118 2.750% SECURITAS 2.75 12 28.02.17 122 725 0.06% 118 2.250% SECURITAS EMTN 14.03.18 119 213 0.06% 118 4.875% SES GLB AME 09 09.07.14 125 510 0.06% 237 4.375% SHB 11 EMTN 20.10.21 280 274 0.14% 118 3.875% SKF 11 25.05.18 133 478 0.07% 473 Fl. Rate SLM STUD.FRN 03 C.A5B 15.12.33 395 019 0.20% 200 4.375% SLOVAKIA 09 21.01.15 216 000 0.11% 3 000 5.125% SLOVENIA 11 30.03.26 2 731 319 1.39% 118 4.125% SMITHS GRP 10 05.05.17 129 949 0.07% 119 Fl. Rate SMPER 06 2006-1 C 30.09.84 101 281 0.05% 118 3.875% SNAM 12 EMTN 19.03.18 127 064 0.06% 118 6.250% SODEXO 09 30.01.15 131 466 0.07% 118 4.625% SOLVAY 03 EMTN 27.06.18 138 359 0.07% 118 3.625% ST GOBAIN 12 28.03.22 122 408 0.06% 59 3.625% ST GOBAIN 12 15.06.21 61 493 0.03% 118 5.875% ST.CHART 7 REGS 26.09.17 138 235 0.07% 118 4.000% STADA ARZ 10 21.04.15 124 876 0.06% 166 5.500% STATK 09 02.04.15 182 715 0.09% 118 5.625% STATOIL 09 11.03.21 154 710 0.08% 118 5.500% STORA ENSO 12 07.03.19 123 648 0.06% 214 Fl. Rate STORM BV FRN10 10-1 A1 22.03.52 140 001 0.07% 118 4.125% SUEDZ FIN 11 29.03.18 135 245 0.07% 237 3.750% SVSK HDBK 10 24.02.17 262 924 0.13% 118 3.875% SWED MATCH 10 24.11.17 132 610 0.07% 237 3.375% SWEDBANK 12 09.02.17 257 636 0.13% 118 5.500% SWITCH HLDGS EMTN 18.04.18 134 877 0.07% 118 7.875% TELECOM ITAL 09 22.01.14 126 493 0.06% 118 4.375% TELEFONICA 06 02.02.16 126 133 0.06% 166 4.797% TELEFONICA 12 21.02.18 181 397 0.09% 118 5.811% TELEFONICA EMTN 05.09.17 134 543 0.07% 118 5.125% TELEMAR N L REGS 15.12.17 127 826 0.07% 118 4.250% TELIASONERA 11 18.02.20 139 135 0.07% 118 3.500% TELSTRA 12 21.09.22 131 410 0.07% 118 4.875% TERNA 09 03.10.19 135 884 0.07% 118 5.875% TESCO 08 12.09.16 139 204 0.07% 118 3.250% THAMES FIN 10 09.11.16 128 281 0.07% 118 8.500% THYSSENKRUPP 09 25.02.16 138 028 0.07% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 4

Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 1 144 Fl. Rate TMAN 07 7 A 22.04.17 374 633 0.19% 118 6.625% TOYOTA 09 03.02.16 139 862 0.07% 118 6.000% UBS LOND. 08 SENIOR 18.04.18 146 367 0.07% 83 4.950% UKRAINE 05 REG. 13.10.15 80 417 0.04% 118 4.875% UNICREDIT 12 07.03.17 127 097 0.06% 1 8.125% UPC GER 09 144A 01.12.17 0 0.00% 1 0.000% UT2 FUNDG /FLAT 30.06.16 0 0.00% 118 4.375% VALE 10 24.03.18 131 417 0.07% 118 6.250% VATTENFALL 09 17.03.21 158 253 0.08% 210 Fl. Rate VCL MULTI 15 15 A 01.01.18 144 634 0.07% 237 4.750% VERBUND INTL 09 16.07.19 282 289 0.14% 1 8.750% VERISURE HLDG B 01.12.18 0 0.00% 1 8.750% VERISURE HOLD 01.12.18 0 0.00% 1 8.750% VERISURE HOLD 12 01.09.18 0 0.00% 1 8.750% VERISURE HOLDING 01.09.18 0 0.00% 118 4.000% VIVENDI 10 31.03.17 129 156 0.07% 118 4.750% VIVENDI 11 13.07.21 136 400 0.07% 237 4.875% WAL-MART 09 21.09.29 305 890 0.16% 237 4.375% WELLS FARGO 06 01.08.16 265 909 0.14% 107 4.125% WELLS FARGO 06 03.11.16 119 600 0.06% 118 2.625% WELLS FARGO 12 16.08.22 122 614 0.06% 237 4.250% WESTPAC BK 09 22.09.16 265 597 0.14% 1 12.250% WIND ACQ 09 144A 15.07.17 0 0.00% 1 12.250% WIND ACQU REGS PIK 15.07.17 0 0.00% 118 3.750% WUERTH FIN 11 25.05.18 132 607 0.07% 118 5.250% XSTRATA FIN. 07 13.06.17 135 561 0.07% GBP 2 909 670 1.48% 1 8.162% ARGON CAP (TV) 07 Perp. 0 0.00% 237 5.625% BAYER AG 06 23.05.18 347 287 0.18% 1 10.000% CASTLE HOLD 09 08.05.18 0 0.00% 284 6.500% CIBA SPE CHEM 98 24.04.13 354 868 0.18% 118 5.375% GKN HDG 12 19.09.22 151 097 0.08% 166 7.250% HEINEKEN NV 09 10.03.15 228 656 0.12% 59 7.625% LADBROKES GRP 10 05.03.17 81 705 0.04% 400 Fl. Rate LAMBDA FIN. FRN07-31 2007-1X E1 20.09.31 333 823 0.17% 1 13.000% LLOYDS 09-PERP/FLAT Perp. 0 0.00% 237 6.125% LSE 06 MULTI CPN 07.07.16 322 449 0.16% 237 5.875% NEXT PLC 6 12.10.16 329 743 0.17% 118 7.000% PEARSON 99 27.10.14 159 981 0.08% 237 5.556% RABOBK CAP II 04 Perp. 294 062 0.15% 166 5.750% RENTOKIL IN. 06 31.03.16 221 598 0.11% 59 7.250% SMITHS GRP PLC 00 30.06.16 84 401 0.04% 1 6.542% UNI PUB FIN 99-21 CL.A3 30.03.21 0 0.00% 1 5.659% UNI.PUB FIN. 02 30.06.27 0 0.00% ILS 4 836 618 2.46% 11 000 3.241% ISRAEL 09 ILCPI 31.10.19 2 794 946 1.42% 9 000 2.888% ISRAEL 10 / INFL 30.08.41 2 041 672 1.04% MXN 8 593 904 4.37% 200 21.324% MEXICO 04 / INFL 18.12.14 6 082 923 3.09% 50 21.324% MEXICO 06 UDIBONOS 22.11.35 1 930 610 0.98% 36 7.750% MEXICO 07 S.M 10 14.12.17 236 475 0.12% 50 8.000% MEXICO 10 11.06.20 343 896 0.18% PLN 6 141 703 3.12% 13 264 2.750% POLAND 08 / INFL 25.08.23 4 294 980 2.18% 5 500 Fl. Rate POLAND TV 04 IZ 0816 24.08.16 1 846 723 0.94% USD 11 724 592 6.00% 1 7.250% 1ST QUANT MIN 12 15.10.19 0 0.00% 118 4.000% ABB TREAS 11 15.06.21 99 566 0.05% 1 8.700% ALBERTSON 00 01.05.30 0 0.00% 1 6.625% ALBERTSON S 98 TR.74 01.06.28 0 0.00% 1 7.450% ALBERTSON S 99 01.08.29 0 0.00% 43 8.875% ALROSA FIN. REGS 17.11.14 36 455 0.02% 118 5.050% AMER TOWER 10 01.09.20 99 926 0.05% 95 6.375% ANADKO PET 10 15.09.17 85 909 0.04% 466 2.500% ARGENTINA 03 30.09.38 127 229 0.06% 171 8.280% ARGENTINA 03 PIK 31.12.33 125 944 0.06% 237 7.250% BFF INTL 10 28.01.20 214 533 0.11% 1 Fl. Rate BLUE DANUBE 12 /CAT 10.04.15 0 0.00% 1 5.750% BRASIL TELE 12 10.02.22 0 0.00% 394 7.125% BRAZIL 06 20.01.37 458 832 0.23% 1 9.000% CITIZENS COMM. 01 15.08.31 0 0.00% 1 12.000% CLEARWIRE CORP 09 01.12.15 0 0.00% 118 3.950% CNPC GEN 12 19.04.22 97 403 0.05% 76 10.375% COLOMBIA 03 28.01.33 107 765 0.05% 64 8.125% COLOMBIA 04 21.05.24 72 775 0.04% 121 7.375% COLOMBIA 06 18.09.37 142 763 0.07% 1 Fl. Rate COMPASS RE /CAT 08.01.15 0 0.00% 1 6.750% CORP LINDLEY 11 23.11.21 0 0.00% 14 8.050% COSTA RICA 03-13 REGS 31.01.13 10 704 0.01% 490 6.375% CROATIA 11 24.03.21 423 270 0.22% 71 Fl. Rate CSG GG 11 24.02.41 57 138 0.03% 118 3.875% DAIMLER FIN 11 15.09.21 97 533 0.05% 1 6.550% DELPHI AUT. -06 /DEFAULT 15.06.09 0 0.00% 1 6.500% DRILL RINGS HOL 01.10.17 0 0.00% 1 9.500% DTEK FIN 10 28.04.15 0 0.00% 118 5.500% DUFRY FIN 12 15.10.20 92 921 0.05% 1 2.375% EKSPORTFIN 11 25.05.16 0 0.00% 1 8.050% EL PAS.ENERGY 0-30MTN 15.10.30 0 0.00% 1 7.800% EL PASO TR.4 01.08.31 0 0.00% 167 7.650% EL SALVADOR 05 REG 15.06.35 143 881 0.07% 19 10.500% EMPRESA EN. 06 REGS 19.07.13 15 038 0.01% 118 4.125% ERICSSON 12 15.05.22 94 098 0.05% 1 9.500% EVRAZ GP 08 REGS 24.04.18 0 0.00% 59 2.625% FEDEX CORP 12 01.08.22 44 715 0.02% 61 6.500% GAZPROMBK 05 23.09.15 50 236 0.03% 95 4.500% GILEAD SC 11 01.04.21 82 060 0.04% 1 6.000% GT 2005 ST-UP 09 21.07.14 0 0.00% 1 5.875% HCA 12 15.03.22 0 0.00% 280 7.625% HUNGARY 11 29.03.41 246 896 0.13% 188 7.750% INDONESIA 08 17.01.38 215 722 0.11% 153 11.625% INDONESIA 09 04.03.19 176 397 0.09% 118 3.625% KIA MOTORS CORP 14.06.16 94 583 0.05% 457 6.750% LITHUANIA 09 15.01.15 382 117 0.19% 1 000 6.125% LITHUANIA 11 09.03.21 936 491 0.48% 1 038 6.625% LITHUANIA 12 01.02.22 1 010 522 0.51% 1 8.750% METINVEST 11 144A 14.02.18 0 0.00% 89 8.300% MEXICO 01 T.7 MTN 15.08.31 110 118 0.06% 427 6.750% MEXICO 04 GL 27.09.34 465 968 0.24% 118 3.500% MOLSON COORS 12 01.05.22 94 688 0.05% 750 5.125% MONGOLIA 12 05.12.22 558 000 0.28% 1 10.950% MRIYA AGRO 30.03.16 0 0.00% 1 10.750% NORTEL NETWK 08-16/DEFL 15.07.16 0 0.00% 102 7.875% PAKISTAN 06-36REG 31.03.36 58 301 0.03% 70 8.750% PERU 03 21.11.33 92 606 0.05% 32 7.875% PETROBRAS INTL 09 15.03.19 30 166 0.02% 194 5.375% PETROLEOS 07 12.04.27 102 297 0.05% 13 10.625% PHILIPP 00 16.03.25 16 820 0.01% 475 9.500% PHILIPP. 05 02.02.30 624 728 0.32% 25 4.000% PHILIPPINES 10 15.01.21 21 782 0.01% 59 Fl. Rate REP. DOMINIC. 05-18REG / PIK 23.01.18 55 338 0.03% 43 8.625% REP. DOMINIC. 06-27 REGS 20.04.27 39 816 0.02% 275 6.750% ROMANIA 12 07.02.22 254 725 0.13% 362 7.500% RUSSIA 00 REG / ST-UP 31.03.30 272 368 0.14% 45 12.750% RUSSIA 98-28 REG.S 24.06.28 68 710 0.03% 696 5.000% RUSSIA BOND 10 29.04.20 623 741 0.32% 89 3.625% RUSSIA BOND 10 29.04.15 71 616 0.04% 118 2.375% SINGTEL GRP 12 08.09.17 93 682 0.05% 71 5.500% SLOVENIA 12 26.10.22 57 072 0.03% 172 6.875% SOUTH AFRICA 09 27.05.19 164 599 0.08% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 5

Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 118 6.375% SOUTH.COPP.CORP 05-15 27.07.15 99 673 0.05% 51 7.500% SOUTHERN COP 05 27.07.35 49 612 0.03% 118 2.700% SP POWER 12 14.09.22 88 619 0.05% 118 3.375% TENCENT HOLD 12 05.03.18 92 824 0.05% 191 11.875% TURKEY 00-30 15.01.30 284 948 0.15% 389 7.000% TURKEY 05 05.06.20 376 855 0.19% 127 6.875% TURKEY 06 17.03.36 130 693 0.07% 76 7.000% TURKEY 06 GLOBAL 26.09.16 68 087 0.03% 127 7.650% UKRAINE 03 11.06.13 97 590 0.05% 1 Fl. Rate UNIVERS.HOSPITAL 07 01.06.15 0 0.00% 1 9.500% URBI DESA 10 21.01.20 0 0.00% 1 9.750% URBI DESA 12 144A 03.02.22 0 0.00% 1 3.500% USB CAP IX 06 Perp. 0 0.00% 89 7.000% VENEZUELA 03 01.12.18 63 125 0.03% 582 9.000% VENEZUELA 08 07.05.23 427 585 0.22% 229 9.250% VENEZUELA 97 15.09.27 173 444 0.09% 1 7.750% VENEZUELA REGS 13.10.19 0 0.00% 61 6.875% VIETNAM 05 REG.S 15.01.16 50 974 0.03% 1 7.250% WIND ACQ 10 15.02.18 0 0.00% 1 7.250% WIND ACQ 12 15.02.18 0 0.00% UYU 3 886 800 1.98% 50 000 5.000% URUGUAY (INDEX LKD) 06-18 14.09.18 3 640 808 1.85% 3 440 6.282% URUGUAY 07 / INFL 05.04.27 245 992 0.13% ZAR 2 952 269 1.50% 30 000 8.250% SOUTH AFRICA 04 15.09.17 2 952 269 1.50% Options, warrants, rights 187 727 0.10% USD 187 727 0.10% 1 GENERAL MOT 10.7.16 CW / GM 0 0.00% 1 GENERAL MOT 10.7.19 CW / GM 0 0.00% 330 PUT 10Y TREASURY NOTES USA 22.02.2013 Str. 132.5 187 727 0.10% Convertible bonds and bonds with warrants 0 0.00% USD 0 0.00% 1 2.500% CHESAPEAKE 07 CV 15.05.37 0 0.00% Equities 0 0.00% Norway 0 0.00% 1 DEEP OCEAN ASA / NEW ISSUE 0 0.00% United States 0 0.00% 1 GENERAL MOTORS 0 0.00% 1 GENERAL MOTORS / PFD CV 0 0.00% 1 MERRIL LYN.CAP.TRII /PREF 0 0.00% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 9 959 053 5.14% Bonds 9 959 053 5.14% CAD 0 0.00% 1 9.750% GARDA WS 10 15.03.17 0 0.00% 1 8.250% POSTMEDIA NET 12 16.08.17 0 0.00% 3 617 429 1.84% 238 Fl. Rate ARENA 11 2011-1A1 17.12.42 136 066 0.07% 334 Fl. Rate ARENA 12 2012-1 A1 17.11.44 333 454 0.17% 143 Fl. Rate ARKLE 12 2012-1X 2A2 17.11.15 146 714 0.07% 143 Fl. Rate AVOCA CLO 07 VII-X C1 16.05.24 108 555 0.06% 118 5.375% BARRY CALLEB 11 15.06.21 134 298 0.07% 118 4.250% BBVA 11 30.03.15 122 717 0.06% 114 Fl. Rate BUMPER 5 FIN 12-5 20.06.22 115 380 0.06% 95 Fl. Rate CHMT 07 2007-1E AB 07.04.38 64 467 0.03% 48 Fl. Rate CLOCK FIN 07-15 2007-1 E 25.02.15 46 804 0.02% 477 Fl. Rate DECO 06 06-E4X A1 27.10.19 134 797 0.07% 153 Fl. Rate DMPL 10 VIII A1 25.07.47 80 436 0.04% 237 4.875% ENEL ENTE NAZ 20.02.18 252 085 0.13% 262 Fl. Rate GLBDRV 2012-A C:A 20.10.20 257 044 0.13% 143 Fl. Rate GOSFORTH 11-1 A1B 24.04.47 26 691 0.01% 191 Fl. Rate HARVEST CLO 11 II-X A2 21.05.20 169 310 0.09% 247 Fl. Rate HEADING 11-1 11 11.03.51 52 382 0.03% 1 10.000% INFOR (US) INC 12 WI 01.04.19 0 0.00% 143 Fl. Rate JUBIL 06 VII-X C 20.11.22 110 099 0.06% 191 Fl. Rate JUBILEE CDO 06 VI 20.09.22 185 490 0.09% 95 15.000% LBG CAP2 09 21.12.19 133 846 0.07% 118 8.875% LBG CAP2 09 07.02.20 127 419 0.06% 191 Fl. Rate PERMM 09 09-1 A3 15.07.42 195 389 0.10% 118 1.875% SKF 12 11.09.19 119 644 0.06% 381 Fl. Rate STORM 12-IV 12-4A1 22.08.54 372 951 0.19% 477 Fl. Rate WINDM 06 IX-X A2 20.08.16 191 391 0.10% GBP 0 0.00% 1 6.125% BARCLAYS BK (TV) 02 Perp. 0 0.00% NZD 2 429 727 1.24% 3 600 2.015% NEW ZEALAND 12 /CPI 20.09.25 2 429 727 1.24% USD 3 911 897 2.06% 1 4.875% ACCESS MID 15.05.23 0 0.00% 1 8.000% AES CORP 08 01.06.20 0 0.00% 1 12.000% AIR CANADA 10 144A 01.02.16 0 0.00% 1 9.250% AIR CANADA 10 144A 01.08.15 0 0.00% 1 8.000% ALLY FIN 10 15.03.20 0 0.00% 1 10.875% AMEACHE 10 15.04.16 0 0.00% 1 6.375% APX GROUP 144A 01.12.19 0 0.00% 118 6.125% ARCELORMIT 08 01.06.18 91 300 0.05% 1 7.250% ARCH COAL INC 11 15.06.21 0 0.00% 118 3.875% ATT 11 15.08.21 100 103 0.05% 118 1.950% AUTODESK INC 12 15.12.17 89 641 0.05% 59 2.875% BG ENERGY 11 15.10.16 47 378 0.02% 59 4.875% BIO RAD LAB 10 15.12.20 47 459 0.02% 1 7.450% BOMBARDIER 04 144A 01.05.34 0 0.00% 237 3.375% BRE PROP 12 15.01.23 177 731 0.09% 118 1.375% C R BARD 15.01.18 90 253 0.05% 1 10.500% CHIRON MERGER 144A 01.11.18 0 0.00% 1 7.750% CLAYTON 11 01.04.19 0 0.00% 1 6.500% CLEAR CH WLD 12 15.11.22 0 0.00% 1 6.500% CLEAR CH WLD 12 15.11.22 0 0.00% 1 7.625% CLEAR CH WLD 12 15.03.20 0 0.00% 1 7.625% CLEAR CH WLD 7.625 12 15.03.20 0 0.00% 1 14.750% CLEARWIRE CO 12 01.12.16 0 0.00% 118 3.875% CNOOC LTD 12 02.05.22 95 503 0.05% 1 7.190% COLUMBIA/HCA 95 15.11.15 0 0.00% 118 4.125% DELHAIZE GRP 12 10.04.19 92 674 0.05% 1 6.750% DISH DBS 11 01.06.21 0 0.00% 1 8.151% DRESDNER FD 99-31 144A 30.06.31 0 0.00% 118 3.550% DUKE ENERGY 11 15.09.21 94 820 0.05% 1 10.000% ENERGY FUT 11 15.01.20 0 0.00% 118 4.050% ENT PR 11 15.02.22 99 089 0.05% 1 8.625% EPICOR SOFT 11 01.05.19 0 0.00% 237 1.400% ERAC USA FIN 12 15.04.16 180 761 0.09% 1 11.000% EVERTEC 11 01.10.18 0 0.00% 118 2.375% EXPERIAN FIN 12 15.06.17 91 335 0.05% 1 8.250% FT DATA 10 15.01.21 0 0.00% 1 8.875% FT DATA 144A 15.08.20 0 0.00% 1 7.375% FT DATA 144A 15.06.19 0 0.00% 1 6.750% FT DATA CORP 01.11.20 0 0.00% 1 8.750% FT DATA PIK 15.01.22 0 0.00% 1 10.500% FLORIDA 11 /PIK 01.08.17 0 0.00% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 6

Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal Nominal 118 3.375% FLUOR CORP 11 15.09.21 95 191 0.05% 1 8.250% FMG RES 11 144A 01.11.19 0 0.00% 1 6.000% FMG RES 12 01.04.17 0 0.00% 1 6.875% FMG RES 12 01.04.22 0 0.00% 1 8.750% FTR 10 15.04.22 0 0.00% 1 9.750% GARDA WR 10 15.03.17 0 0.00% 1 8.875% HALCON 12 144A. 15.05.21 0 0.00% 1 7.875% HARBINGER 144A 15.07.19 0 0.00% 1 6.071% HBOS CAP (TV)04 Perp. 0 0.00% 118 2.625% HCP 12 01.02.20 89 428 0.05% 118 2.250% HEALTH CARE 12 15.03.18 89 703 0.05% 118 1.400% HEINEKEN NV 12 01.10.17 89 772 0.05% 1 10.500% HERO 09 15.10.17 0 0.00% 118 3.875% HYATT 11 15.08.16 95 601 0.05% 118 4.625% HYUNDAI STL 11 21.04.16 96 223 0.05% 1 9.000% IGLOO HLDGS PIK 15.12.17 0 0.00% 1 11.500% INC RESEA 11 15.07.19 0 0.00% 140 6.625% INDONESIA 07 17.02.37 143 110 0.07% 1 8.500% INEOS GRP HLD 06-16 144A 15.02.16 0 0.00% 1 9.375% INFOR (US) INC 01.04.19 0 0.00% 1 7.500% INMET MINING 12 01.06.21 0 0.00% 1 7.250% INTELSAT 11 01.04.19 0 0.00% 1 10.250% INTERAC DATA 11 01.08.18 0 0.00% 118 2.650% KENNAMETAL 12 01.11.19 89 910 0.05% 1 10.250% LANDRY S 12 144A 01.01.18 0 0.00% 1 9.375% LANDRYS 12 144A 01.05.20 0 0.00% 1 10.000% LEVEL 3 FIN 10 01.02.18 0 0.00% 1 7.000% LEVEL 3 FIN 12 01.06.20 0 0.00% 118 1.625% LVMH 12 29.06.17 91 318 0.05% 1 9.500% MACDERMID 07 144A 15.04.17 0 0.00% 1 10.875% MARQUETTE TR 10 15.01.17 0 0.00% 1 9.000% MCCLATCHY 12 15.12.22 0 0.00% 118 4.875% MEXICHEM 12 19.09.22 96 781 0.05% 1 9.750% MIE HLDGS 11 144A 12.05.16 0 0.00% 1 8.500% MIRANT AM. 02-21/REINSTATD 01.10.21 0 0.00% 1 9.125% MIRANT AMER.GEN. 01-31 01.05.31 0 0.00% 1 8.000% MMI HOLDINGS 12 01.03.17 0 0.00% 1 8.125% NEEDLE MERGER 11 15.03.19 0 0.00% 47 1.375% NESTLE 12 21.06.17 36 294 0.02% 1 8.500% NORTEK INC 11 15.04.21 0 0.00% 1 Fl. Rate NORTEL NETW.FRN /DEFLT 15.07.12 0 0.00% 1 9.125% NUVEEN INV 12 15.10.17 0 0.00% 1 8.375% OGX AUST 12 01.04.22 0 0.00% 1 9.250% OSX 3 12 20.03.15 0 0.00% 1 8.875% PALENT 11 15.04.17 0 0.00% 1 8.625% PBNCN 12 144A 01.02.20 0 0.00% 1 Fl. Rate PNC PFD FDG 6.517 07 Perp. 0 0.00% 1 12.500% POSTMEDIA NET WI 15.07.18 0 0.00% 1 7.875% REALOGY 11 144A 15.02.19 0 0.00% 1 9.000% REALOGY 12 144A 15.01.20 0 0.00% 118 3.125% REED ELSE 12 15.10.22 88 132 0.04% 51 6.550% REP OF PERU 07 14.03.37 56 141 0.03% 134 8.000% REP. URUGUAY 05 18.11.22 148 413 0.08% 1 Fl. Rate RESID 11 CAT 06.06.15 0 0.00% 1 Fl. Rate RESID REINS 11 06.12.15 0 0.00% 1 9.000% REYNOLDS GP STEPUP 15.04.19 0 0.00% 1 9.250% RITE AID 12 15.03.20 0 0.00% 118 1.850% ROPER IND 12 15.11.17 89 711 0.05% 47 5.250% ROYAL CARIB 12 15.11.22 38 128 0.02% 59 3.750% ROYAL PHIL 15.03.22 49 177 0.03% 1 9.750% SAMSON INV C 12 15.02.20 0 0.00% 1 8.750% SANDRIDGE 10 15.01.20 0 0.00% 1 7.500% SANDRIDGE 11 15.03.21 0 0.00% 1 9.500% SATMEX ESCROW 11 15.05.17 0 0.00% 118 2.800% SIMON PROP 11 30.01.17 94 910 0.05% 118 3.375% SIMON PROP 12 15.03.22 94 908 0.05% 1 5.250% SIX FLAGS ENTMT 12 15.01.21 0 0.00% 1 8.375% STD PAC 10 15.01.21 0 0.00% 1 Fl. Rate SUCCESSOR X 144A 25.02.14 0 0.00% 1 Fl. Rate SUCSRX 11 CAT 10.11.15 0 0.00% 118 2.875% SWISS RE TR 12 06.12.22 89 847 0.05% 118 2.750% SYMANTEC 12 15.06.17 92 566 0.05% 118 3.125% SYNGENTA FIN 12 28.03.22 94 409 0.05% 1 7.750% TAYMOR/MON 15.4.20 144A 15.04.20 0 0.00% 118 2.250% THERMO FISH 11 15.08.16 92 875 0.05% 1 7.875% TRINIDAD 10-144A 15.01.19 0 0.00% 118 4.750% TUPPERWARE 11 01.06.21 96 067 0.05% 1 8.000% VANGUARD 10 01.02.18 0 0.00% 1 7.750% VANGUARD 12 144A 01.02.19 0 0.00% 1 8.875% VENOCO INC 11 15.02.19 0 0.00% 237 4.875% VERISK ANLYTCS 15.01.19 192 414 0.10% 1 6.750% VISTEON 11 15.04.19 0 0.00% 118 2.600% WASTE MNGT GTD SR 01.09.16 94 265 0.05% 1 6.000% WPX ENERGY 11 15.01.22 0 0.00% 118 3.700% WRIGLEY 10 REGS 30.06.14 92 923 0.05% 1 10.250% YCC HLDG 11 15.02.16 0 0.00% 118 3.750% YUM BRANDS 11 01.11.21 95 633 0.05% 1 8.125% ZAYO 12 01.01.20 0 0.00% Equities 0 0.00% United States 0 0.00% 1 ABN AMRO NO AMER / PR 0 0.00% 1 ALLY FIN /PREF 0 0.00% 1 MOTORS LIQUIDATION CO 0 0.00% UNLISTED SECURITIES 1 489 832 0.76% Bonds 1 489 832 0.76% BRL 1 221 111 0.62% 1 12.940% BRAZIL 03 / INFL 15.08.24 1 221 111 0.62% 176 688 0.09% 191 Fl. Rate AXIUS 07-1X A 15.11.23 176 688 0.09% USD 92 033 0.05% 1 8.750% APX GROUP 12 01.12.20 0 0.00% 1 7.625% CHAPARR EGY 15.11.22 0 0.00% 1 7.750% DH SERV LUX 144A 15.12.20 0 0.00% 1 6.875% ENERGY FUT 12 15.08.17 0 0.00% 118 4.375% FLOWERS FD 12 01.04.22 92 033 0.05% 1 7.125% GENERAL MOT 03 15.07.13 0 0.00% 1 8.375% GENERAL MOT 03 15.07.33 0 0.00% 1 8.100% GENERAL MOT 96 15.06.24 0 0.00% 1 7.375% GM CORP /ESCROW 23.05.48 0 0.00% 1 8.250% GM CORP 03 /ESCROW 15.07.23 0 0.00% 1 7.375% GM CORP 91 /ESCROW 01.03.21 0 0.00% 1 7.125% HERO 12 144A 01.04.17 0 0.00% 1 10.250% HERO 12-144A- 01.04.19 0 0.00% 1 12.500% IMS HEALTH 12 01.03.18 0 0.00% 1 9.250% LAUREATE EDUC 12 01.09.19 0 0.00% 1 9.125% MONITRONICS INTL 01.04.20 0 0.00% 1 Fl. Rate MYTHEN RE A/CAT 05.01.17 0 0.00% 1 8.500% NORTEK 12 144A 15.04.21 0 0.00% 1 7.750% ONEX USI 12 15.01.21 0 0.00% 1 9.500% RELIANCE INT 144A 15.12.19 0 0.00% 1 8.125% SANDRIDGE 12 15.10.22 0 0.00% 1 12.500% SBS 12 15.04.17 0 0.00% 1 8.875% SPL LOGISTICS 12 01.08.20 0 0.00% 1 9.000% TOWNSQUARE 144A 01.04.19 0 0.00% 1 10.375% TRANSUNION PIK 15.06.18 0 0.00% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 7

Julius Baer Multibond - TOTAL RETURN BOND FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2012 (continued) Nominal 1 11.750% VERSO PAPER 12 15.01.19 0 0.00% 1 10.500% WYLE SERV 144A 01.04.18 0 0.00% 1 10.125% ZAYO 12 01.07.20 0 0.00% CASH EQUIVALENTS 69 298 188 35.20% Treasury bills 69 164 647 35.13% 68 488 286 34.79% 191 0.000% FRANCE 12 BTF 28.02.13 190 653 0.10% 191 0.000% FRANCE 12 BTF 14.03.13 190 651 0.10% 18 000 0.000% GERMANY 12 TB 13.03.13 18 001 794 9.15% 15 602 0.000% GERMANY 12 TB 10.04.13 15 603 472 7.93% 11 500 0.000% GERMANY 12 TB 13.02.13 11 500 572 5.84% 9 000 0.000% NETHERLANDS 12 TB 28.03.13 9 000 448 4.57% 8 000 0.000% NETHERLANDS 12 TB 31.01.13 8 000 398 4.06% 6 000 0.000% NETHERLANDS 12 TB 28.02.13 6 000 298 3.04% USD 676 361 0.34% 1 0.000% USA 12 TB 13.06.13 0 0.00% 892 0.000% USA TB 07.03.13 676 361 0.34% Options, warrants, rights 133 541 0.07% USD 133 541 0.07% 7 000 PUT USD/INR 14.06.13 Str. 54.3 74 738 0.04% 7 000 PUT USD/TRY 13.03.13 Str. 1.8 58 803 0.03% INVESTMENT FUNDS 224 693 0.11% Luxembourg 224 693 0.11% 2 166 JULIUS BAER MULTIBOND - EMERGING MARKETS BOND FUND -C- /CAP 224 693 0.11% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the asset percentages are the result of rounding differences. TRBF - 8

Addresses Registered office of the Company Julius Baer Multibond 69, Route d'esch L - 1470 Luxembourg Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L - 1661 Luxembourg Tel. (+352) 26 48 44 1 Fax (+352) 26 48 44 44 Representative in Switzerland Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich Tel. (+41) (0) 58 426 60 60 Fax (+41) (0) 58 426 61 00 Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L - 4360 Esch-sur-Alzette Tel. (+352) 26 05 1 Fax (+352) 24 60 95 00 Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L - 1471 Luxembourg Tel. (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00 Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Tel. (+352) 26 08 1 Fax (+352) 26 08 88 88