Sarasin Investmentfonds SICAV

Investmentfonds SICAV A Luxembourg Umbrella Fund R.C.S. Number B 40.633 Audited Annual Report 30 June 2014

No subscriptions may be received on the basis of the annual report. Subscriptions may only be made on the basis of the current detailed prospectus, the key investor information documents (KIIDs) and the most recent annual report, as well as, where available, any subsequent semiannual report. Copies of the detailed prospectus, the KIIDs and the Company's most recent annual and semiannual reports can be obtained free of charge from the payment and distribution agents listed in this report. In the following text the names of the Investmentfonds compartments will be stated without the " Investmentfonds" umbrella name (e.g. " EmergingSar Global"). An overview of the full names of each compartment is provided in Section 1 of the Notes. 2 Audited annual report

Table of contents Information 6 Organisation 10 Comparative net asset value table 12 Fund performance 16 Number of shares 18 Audit Report 23 Director s report 24 Statement of net assets 25 Income and expense statement, and changes in net assets 33 EmergingSar Global Statement of investments and other net assets 49 Allocation of investments 50 EmergingSar New Frontiers Statement of investments and other net assets 51 Allocation of investments 52 EquiSar Global Statement of investments and other net assets 53 Allocation of investments 55 EquiSar IIID (EUR) Statement of investments and other net assets 56 Allocation of investments 58 EquiSar International Income Statement of investments and other net assets 59 Allocation of investments 61 Global Return (EUR) Statement of investments and other net assets 62 Allocation of investments 66 GlobalSar Balanced (CHF) Statement of investments and other net assets 67 Allocation of investments 70 GlobalSar Balanced (EUR) Statement of investments and other net assets 71 Allocation of investments 75 GlobalSar Growth (EUR) Statement of investments and other net assets 76 Allocation of investments 79 New Power Fund Statement of investments and other net assets 80 Allocation of investments 82 OekoSar Equity Global Statement of investments and other net assets 83 Allocation of investments 85 Audited annual report 3

Real Estate Equity Global Statement of investments and other net assets 86 Allocation of investments 88 Sustainable Bond CHF Statement of investments and other net assets 89 Allocation of investments 92 Sustainable Bond EUR Statement of investments and other net assets 93 Allocation of investments 96 Sustainable Bond EUR Corporates Statement of investments and other net assets 97 Allocation of investments 99 Sustainable Bond EUR High Grade Statement of investments and other net assets 100 Allocation of investments 102 Sustainable Equity Europe Statement of investments and other net assets 103 Allocation of investments 105 Sustainable Equity Global Statement of investments and other net assets 106 Allocation of investments 108 Sustainable Equity Global Emerging Markets Statement of investments and other net assets 109 Allocation of investments 110 Sustainable Equity Real Estate Global Statement of investments and other net assets 111 Allocation of investments 113 Sustainable Equity USA Statement of investments and other net assets 114 Allocation of investments 115 Sustainable Portfolio Balanced (EUR) Statement of investments and other net assets 116 Allocation of investments 119 Sustainable Water Fund Statement of investments and other net assets 120 Allocation of investments 121 Notes 122 Other unaudited information 134 4 Audited annual report

Audited annual report 5

Information* as of 30.06.2014 EmergingSar Global C acc EmergingSar Global P dist EmergingSar New Frontiers C acc EmergingSar New Frontiers P dist EquiSar Global C EUR acc EquiSar Global I EUR acc EquiSar Global P EUR dist EquiSar IIID (EUR) C EUR acc EquiSar IIID (EUR) P EUR acc EquiSar International Income P EUR acc EquiSar International Income P EUR dist Global Return (EUR) C EUR acc Global Return (EUR) I EUR acc Global Return (EUR) P EUR dist GlobalSar Balanced (CHF) P CHF dist GlobalSar Balanced (EUR) C EUR acc GlobalSar Balanced (EUR) P EUR dist GlobalSar Growth (EUR) P EUR acc New Power Fund C EUR acc New Power Fund I EUR acc New Power Fund P EUR acc New Power Fund P EUR dist OekoSar Equity Global C EUR acc OekoSar Equity Global I EUR acc OekoSar Equity Global P EUR acc OekoSar Equity Global P EUR dist Real Estate Equity Global C EUR acc Real Estate Equity Global I EUR acc Real Estate Equity Global P EUR acc Real Estate Equity Global P EUR dist Sustainable Bond CHF P CHF dist Launch date Issue price share Security no. (Switzerland) 11.12.2013 328.09 21797810 05.06.1996 100 ECU 456294 21.02.2014 141.86 21797817 19.04.1999 100 ECU 652994 04.11.2013 162.09 EUR 21797825 11.11.2009 110.65 EUR 10720371 01.07.1998 100 ECU 906846 07.11.2013 149.31 EUR 21798648 28.08.1996 100 ECU 1927777 29.10.2010 100 EUR 11617819 06.05.2011 106.01 EUR 4406762 24.04.2014 133.34 EUR 21798685 05.01.2011 118.08 EUR 12052546 28.08.1996 100 ECU 456282 02.09.1992 100 ECU 174906 06.11.2013 284.43 EUR 21799047 05.07.1995 134.01 ECU 377951 31.03.2005 100 EUR 1920019 31.10.2013 46.86 EUR 21799082 22.05.2007 102.48 EUR 3078330 30.04.2007 100 EUR 2950944 16.04.2008 101.02 EUR 3678945 09.08.2013 127.18 EUR 21799085 17.12.2008 79.66 EUR 4889559 26.01.2010 101.95 EUR 2271190 30.09.2005 100 EUR 2271182 06.11.2013 128.98 EUR 21799101 18.12.2013 137.72 EUR 21799134 06.12.2004 100 EUR 1920022 06.12.2004 100 EUR 1920021 31.01.2001 100 EUR 1160633 * See Note 1 for share and fund name changes. 6 Audited annual report

Information* (continued) ISIN LU0950588334 LU0068337053 LU0950588417 LU0096560650 LU0950588508 LU0465455912 LU0088812606 LU0950588680 LU0215909168 LU0533812276 LU0375216479 LU0950588847 LU0562638881 LU0068337210 LU0058890657 LU0950589068 LU0058893917 LU0198388380 LU0950589225 LU0299602168 LU0288930869 LU0341712544 LU0950589498 LU0405184523 LU0480508919 LU0229773345 LU0950589654 LU0950589738 LU0198389784 LU0198389438 LU0121751324 Benchmark MSCI Emerging Markets (Free) Index MSCI Emerging Markets (Free) Index MSCI Frontier Markets Index MSCI Frontier Markets Index MSCI World MSCI World MSCI World 3m EUR LIBOR + 3% 3m EUR LIBOR + 3% MSCI World MSCI World 3m EUR Libor +2% 3m EUR Libor +2% 3m EUR Libor +2% 30% MSCI World Index & 20% MSCI World Index CHF Hedged & 50% JP Morgan Global GBI CHF Hedged (until 30.12.2011: 3m CHF LIBOR +3%) 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR 45% MSCI World Index & 30% MSCI World Index EUR Hedged & 25% Citigroup Euro BIG TR A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. MSCI World MSCI World MSCI World MSCI World S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P Developed Property Index in EUR SBI Foreign AAABBB Audited annual report 7

Information* (continued) Information* as of 30.06.2014 Sustainable Bond EUR C EUR acc Sustainable Bond EUR P EUR dist Sustainable Bond EUR Corporates I EUR acc Sustainable Bond EUR Corporates M EUR acc Sustainable Bond EUR Corporates P EUR dist Sustainable Bond EUR High Grade P EUR acc Sustainable Equity Europe C EUR acc Sustainable Equity Europe P EUR acc Sustainable Equity Europe P EUR dist Sustainable Equity Global C EUR acc Sustainable Equity Global P EUR dist Sustainable Equity Global Emerging Markets C acc Sustainable Equity Global Emerging Markets M acc Sustainable Equity Global Emerging Markets P acc Sustainable Equity Real Estate Global C EUR acc Sustainable Equity Real Estate Global P EUR acc Sustainable Equity USA C acc Sustainable Equity USA P acc Sustainable Portfolio Balanced (EUR) P EUR dist Sustainable Water Fund C EUR acc Sustainable Water Fund I EUR acc Sustainable Water Fund P EUR acc Sustainable Water Fund P EUR dist Sustainable Water Fund P dist Launch date Issue price share Security no. (Switzerland) 06.11.2013 105.75 EUR 21799249 06.01.2003 100 EUR 1530998 20.02.2012 151.41 EUR 14772685 12.06.2012 154.26 EUR 18422774 02.09.1992 100 ECU 618792 30.11.2007 100 EUR 2950233 29.04.2014 82.98 EUR 21799651 17.03.2010 61.34 EUR 1927768 26.02.1993 30.99 ECU 174923 07.11.2013 114.06 EUR 21799652 01.06.1999 100 EUR 720685 02.09.2013 91.48 21793729 28.02.2011 103.92 12526473 12.03.2010 100 10974731 10.10.2013 115 EUR 21791508 02.04.2007 100 EUR 2950143 04.04.2014 157.72 21793075 29.10.2010 100 11527444 16.02.1994 100 ECU 174851 20.12.2013 139.41 EUR 21786149 31.03.2010 92.82 EUR 3570660 30.11.2011 92.42 EUR 3570653 27.12.2007 100 EUR 3570646 29.01.2014 186.94 21786153 * See Note 1 for share and fund name changes. 8 Audited annual report

Information* (continued) ISIN Benchmark LU0950592104 LU0158938935 LU0734492860 LU0776582891 LU0045164786 LU0288930356 LU0950592369 LU0484532444 LU0058891119 LU0950592443 LU0097427784 LU0950592799 LU0594232406 LU0485309743 LU0950592872 LU0288928376 LU0950593094 LU0526864581 LU0058892943 LU0950593250 LU0333595519 LU0707700596 LU0333595436 LU0950593417 Citigroup EURO Broad Investment Grade Bond Index Citigroup EURO Broad Investment Grade Bond Index Citigroup EuroBIG Corporate Index Citigroup EuroBIG Corporate Index Citigroup EuroBIG Corporate Index Citigroup Germany GBI all maturities (EUR) MSCI Europe MSCI Europe MSCI Europe MSCI World MSCI World MSCI Emerging Markets MSCI Emerging Markets MSCI Emerging Markets S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P 500 NR Index S&P 500 NR Index 25% MSCI World Index ex. Europe, 25% MSCI Europe Index, 50% Citigroup Euro BIG TR A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. Audited annual report 9

Organisation Management Company Fund Management (Luxembourg) S.A. (until 26.05.2014) J. Safra Fund Management (Luxembourg) S.A. (from 26.05.2014) 69, route d'esch, L1470 Luxembourg, Grand Duchy of Luxembourg (until 29.06.2014) 1113, Boulevard de la Foire, L1528 Luxembourg, Grand Duchy of Luxembourg (from 30.06.2014) Registered Office 69, route d'esch, L1470 Luxembourg, Grand Duchy of Luxembourg (until 29.06.2014) 1113, Boulevard de la Foire, L1528 Luxembourg, Grand Duchy of Luxembourg (from 30.06.2014) Board of Directors Nils Ossenbrink (Chairman), Managing Director, Chairman of the Board, Bank J. Safra (Deutschland) AG, Frankfurt am Main, Germany HansPeter Grossmann, Managing Director, Investmentfonds AG, Basel, Switzerland Odile Renner, Member of the Management Committee, Arendt Regulatory Solutions S.A., Luxembourg, Grand Duchy of Luxembourg Francine Keiser, Independent member of the Board of Directors, Of Counsel, Linklaters LLP, Luxembourg, Grand Duchy of Luxembourg Dieter Steberl, Managing Director, J. Safra Fund Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Urs Oberer, Managing Director, Bank J. Safra AG, Basel, Switzerland (from 11.12.2013) Managing Directors Jan Vorster, Basel, Switzerland (until 29.10.2013) Dieter Steberl, Luxembourg, Grand Duchy of Luxembourg Ronnie Neefs Luxembourg, Grand Duchy of Luxembourg Urs Oberer Basel, Switzerland (until 27.12.2013) Valter Rinaldi Basel, Switzerland (from 27.12.2013) Peter Wahle, Luxembourg, Grand Duchy of Luxembourg (from 14.02.2014) Investment Manager Bank J. Safra AG, Elisabethenstrasse 62, CH4002 Basel, Switzerland & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU, Great Britain Fisch Asset Management AG, Bellerive 241, CH8034 Zurich (from 01.07.2013) J. Safra Asset Management (Europe) Ltd 47 Berkeley Square London W1J 5AU, United Kingdom Banque J. Safra (Monaco) S.A. 15 / 17 avenue d'ostende 98006 Monaco J. Safra Gestion (Monaco) S.A. 15 / 17 avenue d'ostende 98006 Monaco 10 Audited annual report

Organisation (continued) Custodian & Paying Agent RBC Investor Services Bank S.A., 14, Porte de France, L4360 EschsurAlzette, Grand Duchy of Luxembourg Administration, Domiciliary, Registrar and Transfer Agent RBC Investor Services Bank S.A., 14, Porte de France, L4360 EschsurAlzette, Grand Duchy of Luxembourg Principal distribution agent and paying agent for Switzerland Bank J. Safra AG, Elisabethenstrasse 62, CH4002 Basel, Switzerland Representative in Switzerland Investmentfonds AG, Wallstrasse 9, CH4002 Basel, Switzerland Representative and Paying Agent in Liechtenstein Volksbank AG, Feldkircher Strasse 2, FL9494 Schaan, Liechtenstein Distributor and Information Centre in Germany Bank J. Safran (Deutschland) AG, Taunusanlage 17, D60325 Frankfurt am Main, Germany Distributor and Information Centre in Austria Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A1010 Vienna, Austria Paying Agents in Italy State Street S.p.A., via Ferrante Aporti, 10, I20136 Milan, Italy Information Centre in Great Britain & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU, Great Britain Representative and Paying Agent in Belgium BNP Paribas Securities Services S.A., Succursale de Bruxelles, 489, avenue Louise, B1050 Brussels, Belgium Facility Agent and Information Centre in Ireland & Partners LLP, Dublin Branch, 120 St Stephen's Green Dublin 2, Ireland Representative in Sweden SEB Skandinaviska Enskilda Banken AG Merchant Banking 10640 Stockholm, Sweden Auditor Deloitte Audit, Société à responsabilité limitée, Cabinet de révision agréé, 560, rue de Neudorf, L2220 Luxembourg, Grand Duchy of Luxembourg Legal Advisor Linklaters LLP, 35, avenue J.F. Kennedy, L1855 Luxembourg, Grand Duchy of Luxembourg (until 26.07.2013) Arendt & Medernach, 14, rue Erasme, L1528 Luxembourg, Grand Duchy of Luxembourg (from 26.07.2013) Société Générale Securities Services S.p.A., Via Benigno Crespi 19/A MAC2, I20159 Milan, Italy Representative and Paying Agent in France BNP Paribas Securities Services S.A., 3, rue d'antin, F75002 Paris, France Audited annual report 11

Comparative net asset value table* Comparative net asset value table* 30.06.2014 30.06.2013 30.06.2012 30.06.2011 EmergingSar Global C acc Net assets in Net asset value per share in EmergingSar Global P dist Net assets in Net asset value per share in EmergingSar New Frontiers C acc Net assets in Net asset value per share in EmergingSar New Frontiers P dist Net assets in Net asset value per share in EquiSar Global C EUR acc Net assets in EUR Net asset value per share in EUR EquiSar Global I EUR acc Net assets in EUR Net asset value per share in EUR EquiSar Global P EUR dist Net assets in EUR Net asset value per share in EUR EquiSar IIID (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR EquiSar IIID (EUR) P EUR acc Net assets in EUR Net asset value per share in EUR EquiSar International Income P EUR acc Net assets in EUR Net asset value per share in EUR EquiSar International Income P EUR dist Net assets in EUR Net asset value per share in EUR Global Return (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR Global Return (EUR) I EUR acc Net assets in EUR Net asset value per share in EUR Global Return (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR 3 635 658.90 343.24 219 969 440.07 235 177 214.13 340 229 918.16 488 405 753.90 342.80 321.93 314.48 365.25 143 611.20 149.88 16 697 136.27 16 391 172.21 17 928 627.77 27 123 007.15 149.97 128.63 117.05 141.29 14 728 605.65 172.82 2 506 776.28 11 985 514.57 41 405 412.44 52 901 037.98 176.81 159.01 136.77 131.41 212 377 125.27 259 513 409.48 265 299 473.47 311 077 801.65 172.38 156.05 134.92 130.31 20 807.95 156.85 119 395 030.65 122 427 000.54 125 548 898.52 129 814 616.74 156.27 150.15 140.05 133.37 130 065 497.44 113 608 016.31 102 383 727.93 79 566 182.10 144.07 126.43 113.45 103.67 10 705 150.59 11 210 291.61 10 782 980.93 7 677 442.31 138.31 123.63 112.83 103.68 1 325 382.25 135.73 55 625 253.45 52 337 746.02 31 527 900.22 30 038 406.20 142.37 133.96 124.17 118.31 34 455 254.36 30 047 563.24 28 014 864.37 22 512 412.17 135.70 129.33 121.50 118.05 * See Note 1 for share and fund name changes. 12 Audited annual report

Comparative net asset value table* (continued) 30.06.2014 30.06.2013 30.06.2012 30.06.2011 GlobalSar Balanced (CHF) P CHF dist Net assets in CHF Net asset value per share in CHF GlobalSar Balanced (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR GlobalSar Balanced (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR GlobalSar Growth (EUR) P EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund C EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund I EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund P EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund P EUR dist Net assets in EUR Net asset value per share in EUR OekoSar Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global I EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global P EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR Real Estate Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR Real Estate Equity Global I EUR acc Net assets in EUR Net asset value per share in EUR 253 301 512.59 275 484 141.41 288 613 335.20 341 352 825.53 385.22 350.41 320.05 322.41 183 415.64 302.17 57 906 474.42 78 123 800.57 82 940 896.72 95 507 506.28 301.16 273.17 250.00 244.74 37 899 186.35 47 351 436.23 62 388 747.86 81 888 835.34 138.47 121.00 107.04 107.37 260 451.51 51.10 2 819 586.15 16 164 017.16 18 432 946.33 27 513 353.05 53.45 45.54 44.37 55.27 34 975 612.84 43 223 267.97 56 506 722.62 99 870 602.68 50.98 43.73 42.88 53.76 3 952 105.06 6 699 442.62 7 112 866.43 12 011 463.19 51.06 43.80 42.94 53.84 21 200 515.38 142.36 129 210 683.15 105 600 071.57 132 501 070.08 126 973 799.92 146.84 125.41 115.69 111.83 13 085 029.70 8 337 278.07 6 787 866.52 12 336 118.64 141.72 121.81 113.09 110.03 155 026 464.29 160 047 089.74 155 137 997.80 178 636 961.88 141.54 121.66 112.95 109.90 174 289.96 129.10 7 861 224.20 157.22 * See Note 1 for share and fund name changes. Audited annual report 13

Comparative net asset value table* (continued) 30.06.2014 30.06.2013 30.06.2012 30.06.2011 Real Estate Equity Global P EUR acc Net assets in EUR Net asset value per share in EUR Real Estate Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond CHF P CHF dist Net assets in CHF Net asset value per share in CHF Sustainable Bond EUR C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates I EUR acc Net assets in EUR Net asset value per share in EUR 54 484 163.39 86 394 554.26 91 410 343.75 103 885 550.24 156.72 145.59 131.64 114.52 20 802 282.11 20 781 089.27 21 322 345.65 21 202 199.53 139.80 130.88 119.53 105.02 106 857 354.13 96 935 719.01 114 130 745.45 112 002 741.86 157.41 155.60 157.46 155.69 22 177 252.37 110.28 123 189 073.47 195 751 826.66 173 495 255.50 151 789 625.79 110.08 106.64 106.63 103.26 20 463 557.07 17 838 374.90 9 859 525.85 170.13 161.13 154.22 Sustainable Bond EUR Corporates M EUR acc Net assets in EUR 42 880 379.96 51 378 509.01 38 944 880.73 Net asset value per share in EUR Sustainable Bond EUR Corporates P EUR dist Net assets in EUR 172.04 46 486 035.52 161.95 55 611 957.91 154.09 54 228 894.46 45 730 906.15 Net asset value per share in EUR Sustainable Bond EUR High Grade P EUR acc Net assets in EUR 161.25 18 588 801.22 156.72 27 008 921.63 154.02 38 420 746.30 145.00 42 589 541.29 Net asset value per share in EUR 131.17 125.48 126.24 113.76 Sustainable Equity Europe C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR 1 293 396.31 84.60 12 164 380.02 4 241 846.35 5 107 392.71 4 674 051.51 87.63 71.47 62.43 65.91 53 493 233.76 43 914 698.16 64 220 024.67 79 991 994.45 84.51 69.56 61.46 65.37 197 557.36 121.27 69 550 907.15 74 176 840.02 85 413 855.83 69 222 451.21 120.81 104.34 96.33 89.71 * See Note 1 for share and fund name changes. 14 Audited annual report

Comparative net asset value table* (continued) 30.06.2014 30.06.2013 30.06.2012 30.06.2011 Sustainable Equity Global Emerging Markets C acc Net assets in 3 350 460.59 Net asset value per share in 101.57 Sustainable Equity Global Emerging Markets M acc Net assets in 24 023 125.02 22 727 167.70 14 275 183.15 12 530 606.19 Net asset value per share in 107.43 96.32 90.11 104.35 Sustainable Equity Global Emerging Markets P acc Net assets in 66 452 427.52 82 964 883.32 50 877 700.67 73 017 022.88 Net asset value per share in 101.27 92.32 88.03 103.75 Sustainable Equity Real Estate Global C EUR acc Net assets in EUR 35 015 638.85 Net asset value per share in EUR 125.34 Sustainable Equity Real Estate Global P EUR acc Net assets in EUR 22 129 369.72 47 005 108.91 36 021 767.64 34 864 293.36 Net asset value per share in EUR 124.78 117.15 107.69 97.11 Sustainable Equity USA C acc Net assets in Net asset value per share in Sustainable Equity USA P acc Net assets in Net asset value per share in 598 633.99 164.46 43 103 020.62 27 530 410.10 56 325 669.74 158 307 535.33 164.30 127.65 95.87 111.89 Sustainable Portfolio Balanced (EUR) P EUR dist Net assets in EUR 239 604 748.86 207 526 329.72 196 879 325.06 207 027 862.69 Net asset value per share in EUR 183.97 169.52 160.21 157.62 Sustainable Water Fund C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund I EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P dist Net assets in Net asset value per share in 2 297 211.42 149.58 66 134 741.99 55 671 995.86 36 858 171.97 41 565 302.35 149.66 123.61 104.44 104.10 11 221 855.55 5 641 583.50 2 148 508.80 144.52 120.33 102.47 148 277 724.52 138 484 003.27 158 594 162.36 283 148 281.00 144.52 120.33 102.47 102.95 15 650 469.53 197.94 * See Note 1 for share and fund name changes. Audited annual report 15

Fund Performance** / *** Fund Performance in % per calendar year 2014 2013 2012 2011 (YTD) EmergingSar Global C acc 5.7 * EmergingSar Global P dist 5.6 8.9 21.7 20.8 EmergingSar New Frontiers C acc * EmergingSar New Frontiers P dist 7.8 9.2 9.3 22.3 EquiSar Global C EUR acc EUR 4.7 * EquiSar Global I EUR acc EUR 4.8 17.8 12.5 9.3 EquiSar Global P EUR dist EUR 4.5 17.2 11.9 9.8 EquiSar IIID (EUR) C EUR acc EUR 3.1 * EquiSar IIID (EUR) P EUR acc EUR 2.8 8.1 6.1 7.0 EquiSar International Income P EUR acc EUR 6.9 14.4 13.2 3.3 EquiSar International Income P EUR dist EUR 6.9 14.4 13.2 * Global Return (EUR) C EUR acc EUR * Global Return (EUR) I EUR acc EUR 3.0 6.0 7.3 * Global Return (EUR) P EUR dist EUR 2.7 5.6 6.8 2.6 GlobalSar Balanced (CHF) P CHF dist CHF 5.4 9.2 10.5 7.0 GlobalSar Balanced (EUR) C EUR acc EUR 5.3 * GlobalSar Balanced (EUR) P EUR dist EUR 5.1 9.2 12.0 4.4 GlobalSar Growth (EUR) P EUR acc EUR 6.1 13.9 12.7 6.1 New Power Fund C EUR acc EUR 7.1 * New Power Fund I EUR acc EUR 7.2 11.3 0.5 21.5 New Power Fund P EUR acc EUR 6.9 10.5 1.1 22.0 New Power Fund P EUR dist EUR 6.9 10.5 1.1 22.0 OekoSar Equity Global C EUR acc EUR 5.3 * OekoSar Equity Global I EUR acc EUR 5.4 15.4 13.4 5.9 OekoSar Equity Global P EUR acc EUR 5.0 14.7 12.7 6.5 OekoSar Equity Global P EUR dist EUR 5.0 14.7 12.7 6.5 Real Estate Equity Global C EUR acc EUR 7.03**** * Real Estate Equity Global I EUR acc EUR 12.3 * Real Estate Equity Global P EUR acc EUR 11.9 0.3 23.6 3.6 Real Estate Equity Global P EUR dist EUR 11.9 0.3 23.6 3.6 Sustainable Bond CHF P CHF dist CHF 1.9 0.7 3.8 1.7 16 l Audited annual report.

Fund Performance ( continued) 2014 2013 2012 2011 (Lfd. Jahr) Sustainable Bond EUR C EUR acc EUR 4.8 * Sustainable Bond EUR P EUR dist EUR 4.6 1.1 6.8 3.2 Sustainable Bond EUR Corporates I EUR acc EUR 4.4 0.6 * Sustainable Bond EUR Corporates M EUR acc EUR 4.7 1.2 * Sustainable Bond EUR Corporates P EUR dist EUR 4.2 0.2 8.5 5.1 Sustainable Bond EUR High Grade P EUR acc EUR 5.1 3.6 3.3 10.0 Sustainable Equity Europe C EUR acc EUR * Sustainable Equity Europe P EUR acc EUR 4.1 21.9 18.8 11.0 Sustainable Equity Europe P EUR dist EUR 4.1 21.9 18.8 11.0 Sustainable Equity Global C EUR acc EUR 3.9 * Sustainable Equity Global P EUR dist EUR 3.6 18.0 14.3 3.1 Sustainable Equity Global Emerging Markets C acc 6.6 * Sustainable Equity Global Emerging Markets M acc 7.4 2.6 20.7 * Sustainable Equity Global Emerging Markets P acc 6.5 4.3 18.4 22.4 Sustainable Equity Real Estate Global C EUR acc EUR 11.6 * Sustainable Equity Real Estate Global P EUR acc EUR 11.2 1.6 22.3 5.5 Sustainable Equity USA C acc * Sustainable Equity USA P acc 7.8 46.3 5.4 8.0 Sustainable Portfolio Balanced (EUR) P EUR dist EUR 3.2 8.6 9.6 1.8 Sustainable Water Fund C EUR acc EUR 5.0 * Sustainable Water Fund I EUR acc EUR 5.1 25.6 18.8 12.8 Sustainable Water Fund P EUR acc EUR 4.6 24.6 17.9 * Sustainable Water Fund P EUR dist EUR 4.6 24.6 17.9 13.4 Sustainable Water Fund P dist * * Due to the class relaunch no performance was calculated for this class. ** Past performance does not guarantee future returns. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming. units. Any dividends will be reinvested. *** See Note 1 for share and fund name changes. **** This class had no file between 16.12.2013 and 25.04.2014 and therefore for this period no net asset value was calculated for that class. Audited annual report l 17

Number of shares* as of 30.06.2014 EmergingSar Global EmergingSar Global EmergingSar New Frontiers Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C acc 10 592.18 10 592.18 P dist 730 515.86 74 985.38 163 824.96 641 676.28 C acc 958.16 958.16 EmergingSar New Frontiers EquiSar Global EquiSar Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P dist 127 433.10 6 514.22 22 614.28 111 333.04 C EUR acc 158 463.96 73 238.78 85 225.18 I EUR acc 75 377.79 61 200.00 14 177.79 EquiSar Global EquiSar IIID (EUR) EquiSar IIID (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist 1 663 048.54 57 737.87 488 750.71 1 232 035.70 C EUR acc 390.25 257.59 132.66 P EUR acc 815 354.48 5 886.78 57 222.33 764 018.93 EquiSar International Income EquiSar International Income Global Return (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc 898 585.52 195 476.79 191 275.72 902 786.59 P EUR dist 90 679.47 13 224.58 26 504.02 77 400.03 C EUR acc 9 765.00 9 765.00 * See Note 1 for share and fund name changes. 18 Audited annual report The notes at the end are an integral part of these financial statements.

Number of shares* (continued) Global Return (EUR) Global Return (EUR) GlobalSar Balanced (CHF) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc 390 700.00 390 700.00 P EUR dist 232 325.62 106 123.30 84 545.09 253 903.83 P CHF dist 786 181.29 24 417.85 153 047.62 657 551.52 GlobalSar Balanced (EUR) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc 740.08 133.08 607.00 P EUR dist 285 985.24 28 805.18 122 509.86 192 280.56 P EUR acc 391 326.07 13 861.06 131 485.95 273 701.18 New Power Fund New Power Fund New Power Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc 5 567.68 470.70 5 096.98 I EUR acc 354 977.07 350.46 302 574.19 52 753.34 P EUR acc 988 354.17 58 973.19 361 307.80 686 019.56 New Power Fund OekoSar Equity Global OekoSar Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist 152 968.61 811.28 76 372.44 77 407.45 C EUR acc 172 464.62 23 543.66 148 920.96 I EUR acc 842 068.61 145 549.39 107 695.16 879 922.84 * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 19

Number of shares* (continued) OekoSar Equity Global OekoSar Equity Global Real Estate Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc 68 443.76 44 757.36 20 869.86 92 331.26 P EUR dist 1 315 513.12 226 964.98 447 221.82 1 095 256.28 C EUR acc 1 408.00 58.00 1 350.00 Real Estate Equity Global Real Estate Equity Global Real Estate Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc 50 000.00 50 000.00 P EUR acc 593 428.65 104 201.47 349 971.11 347 659.01 P EUR dist 158 779.65 28 936.63 38 919.23 148 797.05 Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P CHF dist 622 974.80 203 337.46 147 475.15 678 837.11 C EUR acc 212 907.01 11 806.93 201 100.08 P EUR dist 1 835 594.61 419 328.83 1 135 846.50 1 119 076.94 Sustainable Bond EUR Corporates Sustainable Bond EUR Corporates Sustainable Bond EUR Corporates Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc 110 709.83 39 685.00 30 115.00 120 279.83 M EUR acc 317 248.94 26 848.69 94 846.54 249 251.09 P EUR dist 354 844.15 70 233.62 136 798.96 288 278.81 * See Note 1 for share and fund name changes. 20 Audited annual report The notes at the end are an integral part of these financial statements.

Number of shares* (continued) Sustainable Bond EUR High Grade Sustainable Equity Europe Sustainable Equity Europe Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc 215 248.41 9 108.11 82 643.90 141 712.62 C EUR acc 15 365.54 76.70 15 288.84 P EUR acc 59 349.00 117 804.83 38 337.00 138 816.83 Sustainable Equity Europe Sustainable Equity Global Sustainable Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist 631 280.71 213 159.05 211 442.35 632 997.41 C EUR acc 1 960.61 331.56 1 629.05 P EUR dist 710 914.60 90 033.93 225 238.86 575 709.67 Sustainable Equity Global Emerging Markets Sustainable Equity Global Emerging Markets Sustainable Equity Global Emerging Markets Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C acc 33 373.65 386.65 32 987.00 M acc 235 965.92 19 078.12 31 430.30 223 613.74 P acc 898 651.34 316 320.23 558 764.10 656 207.47 Sustainable Equity Real Estate Global Sustainable Equity Real Estate Global Sustainable Equity USA Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc 364 269.40 84 897.40 279 372.00 P EUR acc 401 245.26 124 542.23 348 439.35 177 348.14 C acc 5 000.00 1 360.00 3 640.00 * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 21

Number of shares* (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P acc 215 671.02 151 296.38 104 619.89 262 347.51 P EUR dist 1 224 180.84 293 979.21 215 724.32 1 302 435.73 C EUR acc 15 982.76 625.00 15 357.76 Sustainable Water Fund Sustainable Water Fund Sustainable Water Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc 450 375.58 161 952.26 170 433.89 441 893.95 P EUR acc 46 884.57 45 796.34 15 032.27 77 648.64 P EUR dist 1 150 847.94 402 408.73 527 243.31 1 026 013.36 Sustainable Water Fund P dist Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period 79 066.74 79 066.74 * See Note 1 for share and fund name changes. 22 Audited annual report The notes at the end are an integral part of these financial statements.

REPORT OF THE REVISEUR D ENTREPRISES AGREE To the Shareholders of Investmentfonds SICAV 1113, Boulevard de la Foire, L1528 Luxembourg Following our appointment, we have audited the accompanying financial statements of Investmentfonds SICAV ("the Company") and their compartments which comprise the statement of net assets and the statement of investments and other net assets as at 30 June 2014 and the statement of operations and the statement of changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the Company for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with international auditing standards (International Standards on Auditing) adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d entreprises agréé s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Investmentfonds SICAV and their compartments as of 30 June 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. For Deloitte Audit, Société à responsabilité limitée Cabinet de révision agréé Philippe Lenges, Réviseur d Entreprises agréé Partner Luxembourg, 24 October 2014 560, rue de Neudorf L2220 Luxemburg Audited Annual Report l 23

Director's Report* The fiscal year 2013/2014 was marked by a positive performance of the stock markets. During the third quarter of 2013, the economic environment has improved noticeably. The biggest surprise was however that the Fed did not start with the reduction of the bond purchase program ("tapering"). This has led to a temporary relaxation of the bond markets and to new highs in some stock indexes. Corporate bonds received the focus of investors. In particular, borrowing from the financial sector recorded a strong performance. Emerging markets investments both equities and bonds have partially recovered, but remained behind compared to their prices in early 2013. In addition, representatives of the major central banks have made it clear that interest rates will remain close to zero for a long time, so that the search for yield in the financial markets continued. Nevertheless, the interest rate markets showed a mixed picture. While the Anglo Saxon interest rates rose relatively sharply, interest rates in the core European countries such as Germany and France remained at historically record low levels. As a result, prices of bonds of peripheral European countries such as Portugal, Italy, Greece and Spain experienced a strong investor demand, which was reflected in large price gains on these bonds. EUR dist showed an appreciation of 5.02% (dividendadjusted). The mixed investment funds benefited from the positive sentiment on the global equity market and achieved total returns in the mid to high single digits. * Past performance is no indication of expected future returns. In the performance evaluation no commissions and costs charged when subscribing to and redeeming shares are considered. Any dividends are reinvested. With the slowdown in economic growth during the fourth quarter of 2013, the interest rate expectations have fallen. This has boosted equity markets and led to new highs. The mood among investors was very optimistic. While the beginning of 2014 initially was very quiet, by the end of January weak data arrived from China on new worries about the fundamentals of emerging countries. The devaluation of some currencies triggered a sharp rise in risk aversion. After a short but intensive setback in equity markets during late January, a rapid recovery followed in early February. While the US stock market reached new record highs in March, European stock markets were slightly thrown back by the Crimean crisis. The rotation of low profitable interest investments in equity securities continued. Due to the positive mood of investors neither geopolitical risks nor negative economic surprises could do much harm to the stock market. Longterm interest rates have also fallen, as investors have adjusted to lower inflation and subdued growth in the medium term, based on various statements by central bank representatives. In particular, the resolute intervention of the European Central Bank (ECB) led to falling interest rates in the Euro periphery. Global stock markets have experienced strong gains over the entire fiscal year and corporate bonds with good credit rose in value. The Euro could upgrade against the US dollar and the yen, while it depreciated against the pound. Various equity funds benefited from the positive developments on the stock markets. Noteworthy are the Sustainable Equity USA P acc, the Sustainable Equity Europe P EUR acc and the Sustainable Water Fund P EUR dist, which recorded in their respective fund an increase of 27.39%, 22.61% and 20.10%. The appreciation of EmergingSar Global P dist was positive with 6.48%. Also the Real Estate Equity Global P EUR acc and the Sustainable Equity Real Estate Global P EUR acc increased significantly with 7.64% and 6.51%. Despite the difficult interest rate environment, bond funds could stand their ground, while the Sustainable Bond EUR P 24 Audited annual report The notes at the end are an integral part of these financial statements.

Statement of net assets* as of 30.06.2014 Consolidated EmergingSar Global EmergingSar New Frontiers (in EUR) (in ) (in ) ASSETS Investments in securities and options contracts to market values 2 538 417 353.23 Cash at banks 85 035 713.84 Receivable on currency contracts 4 848 712.10 Receivable on sales of securities 24 679 663.77 Receivable on issues of shares 2 529 172.35 Income receivable on portfolio 12 618 463.96 Interest receivable on bank accounts 74.78 Receivable on CFDs 23 102.32 Unrealised gain from futures and CFD contracts 84 177.87 Unrealised gain on forward foreign exchange contracts 1 256 099.79 Other receivables 2 728 873.09 Total assets 2 672 221 407.10 209 992 042.21 10 532 230.18 5 288 336.62 21 158.27 31 458.31 783 994.58 226 649 220.17 13 485 807.19 3 106 102.64 170 008.00 3 779.89 172.24 115 252.16 395.00 16 881 517.12 LIABILITIES Bank liabilities 1 375 620.98 Payable on currency contracts 4 857 237.31 Payable on purchases of securities 9 935 780.68 Payable on redemptions of shares 9 094 121.20 Payable on bank interest 179.62 Payable on CFDs 14 752.46 Unrealised loss from futures and CFD contracts 1 965 249.72 Unrealised loss on forward foreign exchange contracts Other liabilities 4 640 018.85 Total liabilities 31 882 960.82 NET ASSETS at the end of the year 2 640 338 446.28 223 452.43 18 362.59 2 397 523.45 404 782.73 3 044 121.20 223 605 098.97 7 028.47 1 835.74 31 905.44 40 769.65 16 840 747.47 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 10 592.18 343.24 641 676.28 342.80 958.16 149.88 111 333.04 149.97 * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 25

Statement of net assets* (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values 226 206 331.54 Cash at banks 3 568 725.99 Receivable on currency contracts 168 982.99 Receivable on sales of securities 122 850.40 Receivable on issues of shares 61 860.61 Income receivable on portfolio 457 623.31 Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts 10 281.95 Other receivables 26 108.48 Total assets 230 622 765.27 115 740 146.39 2 303 781.85 1 982 160.44 2 109 545.74 6 975.36 248 755.90 421 587.69 8 958.31 122 821 911.68 137 695 866.31 3 545 699.32 902 991.67 70 157.89 409 635.56 45 101.84 142 669 452.59 LIABILITIES Bank liabilities Payable on currency contracts 168 642.28 Payable on purchases of securities Payable on redemptions of shares 481 330.05 Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities 360 285.74 Total liabilities 1 010 258.07 NET ASSETS at the end of the year 229 612 507.20 1 026 954.55 1 985 029.07 50 029.93 2.21 4 847.78 339 209.54 3 406 073.08 119 415 838.60 906 373.38 770 042.63 222 388.55 1 898 804.56 140 770 648.03 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 85 225.18 172.82 14 177.79 176.81 1 232 035.70 172.38 132.66 156.85 764 018.93 156.27 902 786.59 144.07 77 400.03 138.31 * See Note 1 for share and fund name changes. 26 Audited annual report The notes at the end are an integral part of these financial statements.

Statement of net assets* (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) (in EUR) (in CHF) (in EUR) ASSETS Investments in securities and options contracts to market values 84 572 829.73 Cash at banks 6 160 973.44 Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares 90 205.04 Income receivable on portfolio 1 226 655.06 Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets 92 050 663.27 242 935 881.75 7 251 513.54 397 402.69 97 509.48 1 652 621.95 808 545.56 1 597 548.89 254 741 023.86 55 872 612.05 1 868 793.31 4 330.74 685.59 392 988.63 82 963.59 12 587.73 58 234 961.64 LIABILITIES Bank liabilities 166 615.95 Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares 16 555.00 Payable on bank interest 1.33 Payable on CFDs Unrealised loss from futures and CFD contracts 209 298.76 Unrealised loss on forward foreign exchange contracts Other liabilities 252 302.17 Total liabilities 644 773.21 NET ASSETS at the end of the year 91 405 890.06 124 611.71 397 964.62 280 514.76 636 420.18 1 439 511.27 253 301 512.59 28 063.40 4 319.94 19 940.79 92 747.45 145 071.58 58 089 890.06 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 9 765.00 135.73 390 700.00 142.37 253 903.83 135.70 657 551.52 385.22 607.00 302.17 192 280.56 301.16 * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 27

Statement of net assets* (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values 36 563 610.53 Cash at banks 1 003 976.19 Receivable on currency contracts 4 920.27 Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio 171 832.90 Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts 59 534.95 Other receivables 279 445.21 Total assets 38 083 320.05 39 714 136.58 3 201 696.13 9 389.41 34 510.86 2.13 24 211.10 42 983 946.21 309 105 094.94 9 654 554.04 266 926.16 342 666.09 6.56 106 654.43 319 475 902.22 LIABILITIES Bank liabilities 27 261.59 Payable on currency contracts 4 907.39 Payable on purchases of securities Payable on redemptions of shares 11 082.19 Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities 140 882.53 Total liabilities 184 133.70 NET ASSETS at the end of the year 37 899 186.35 841 347.09 59 321.01 11.84 75 510.71 976 190.65 42 007 755.56 472 409.53 74.87 480 725.30 953 209.70 318 522 692.52 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 273 701.18 138.47 5 096.98 51.10 52 753.34 53.45 686 019.56 50.98 77 407.45 51.06 148 920.96 142.36 879 922.84 146.84 92 331.26 141.72 1 095 256.28 141.54 * See Note 1 for share and fund name changes. 28 Audited annual report The notes at the end are an integral part of these financial statements.

Statement of net assets* (continued) Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR (in EUR) (in CHF) (in EUR) ASSETS Investments in securities and options contracts to market values 79 080 776.83 Cash at banks 4 123 868.43 Receivable on currency contracts 26 016.76 Receivable on sales of securities Receivable on issues of shares 4 627.78 Income receivable on portfolio 234 792.67 Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts 11 154.22 Other receivables 630.83 Total assets 83 481 867.52 99 276 885.50 6 815 692.95 33 220.28 1 160 692.66 107 286 491.39 132 876 832.40 6 102 056.73 12 264 122.40 301 457.96 1 725 881.70 153 270 351.19 LIABILITIES Bank liabilities Payable on currency contracts 25 971.98 Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities 133 935.88 Total liabilities 159 907.86 NET ASSETS at the end of the year 83 321 959.66 299 991.00 26 395.67 93.06 102 657.53 429 137.26 106 857 354.13 24 090.61 7 578 127.99 133 065.09 0.31 168 741.35 7 904 025.35 145 366 325.84 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 1 350.00 129.10 50 000.00 157.22 347 659.01 156.72 148 797.05 139.80 678 837.11 157.41 201 100.08 110.28 1 119 076.94 110.08 * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 29

Statement of net assets* (continued) Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade Sustainable Equity Europe (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values 106 901 109.86 Cash at banks 1 319 286.95 Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares 48 024.03 Income receivable on portfolio 1 661 733.97 Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets 109 930 154.81 18 244 797.00 138 386.26 309 990.42 18 693 173.68 65 060 451.07 1 687 003.17 27 685.90 194 809.70 0.30 104 151.94 67 074 102.08 LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares 15 722.39 Payable on bank interest 0.12 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities 84 459.75 Total liabilities 100 182.26 NET ASSETS at the end of the year 109 829 972.55 80 635.26 0.10 23 737.10 104 372.46 18 588 801.22 2 394.74 0.96 120 696.29 123 091.99 66 951 010.09 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 120 279.83 170.13 249 251.09 172.04 288 278.81 161.25 141 712.62 131.17 15 288.84 84.60 138 816.83 87.63 632 997.41 84.51 * See Note 1 for share and fund name changes. 30 Audited annual report The notes at the end are an integral part of these financial statements.

Statement of net assets* (continued) Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global (in EUR) (in ) (in EUR) ASSETS Investments in securities and options contracts to market values 67 417 031.41 Cash at banks 2 483 967.87 Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares 17 842.12 Income receivable on portfolio 146 663.95 Interest receivable on bank accounts 2.07 Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables 28 601.31 Total assets 70 094 108.73 94 649 923.15 297 744.24 1 960 627.63 8 138 048.58 24 683.04 270 676.86 105 341 703.50 53 664 424.97 3 477 024.18 63 692.48 146 702.90 4 648.76 57 356 493.29 LIABILITIES Bank liabilities 3.06 Payable on currency contracts Payable on purchases of securities 215 344.47 Payable on redemptions of shares 5 725.19 Payable on bank interest 4.99 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities 124 566.51 Total liabilities 345 644.22 NET ASSETS at the end of the year 69 748 464.51 1 963 668.83 9 400 962.64 151 058.90 11 515 690.37 93 826 013.13 124 348.89 87 135.83 211 484.72 57 145 008.57 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 1 629.05 121.27 575 709.67 120.81 32 987.00 101.57 223 613.74 107.43 656 207.47 101.27 279 372.00 125.34 177 348.14 124.78 * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 31

Statement of net assets* (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund (in ) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values 43 340 224.00 Cash at banks 535 547.55 Receivable on currency contracts Receivable on sales of securities 249 806.49 Receivable on issues of shares 5 089.27 Income receivable on portfolio 24 694.77 Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables 1 264.20 Total assets 44 156 626.28 232 360 237.24 5 761 947.00 58 877.81 2 015 805.72 63.48 90 517.16 240 287 448.41 231 481 185.19 6 478 253.66 1 423 291.94 364 598.60 0.24 112 316.91 239 859 646.54 LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities 388 622.38 Payable on redemptions of shares 1 300.66 Payable on bank interest 0.17 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities 65 048.46 Total liabilities 454 971.67 NET ASSETS at the end of the year 43 701 654.61 257 785.47 2.04 424 912.04 682 699.55 239 604 748.86 75 436.54 4.08 422 279.30 497 719.92 239 361 926.62 Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist 3 640.00 164.46 262 347.51 164.30 1 302 435.73 183.97 15 357.76 149.58 441 893.95 149.66 77 648.64 144.52 1 026 013.36 144.52 79 066.74 197.94 * See Note 1 for share and fund name changes. 32 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets For the period from 01.07.2013 to 30.06.2014 Consolidated EmergingSar Global EmergingSar New Frontiers (in EUR) (in ) (in ) NET FUND ASSETS at the beginning of the financial year 2 696 947 330.50 INCOME Dividends, net 34 949 789.64 Interest on bonds and other debt securities, net 21 096 284.87 Interest on bank accounts 25 547.38 Received commissions 329 479.85 Other income 3 894 212.13 Total income 60 295 313.87 EXPENSES Administrative commission and asset manager's fee 38 678 765.34 Investment managers profit share 1 146 630.84 Custodian fees 484 317.49 Transaction fees 77 865.64 Central administration costs 5 474 474.09 Audit fees 126 188.34 Subscription duty ("taxe d'abonnement") 1 198 066.59 Other taxes 182 852.56 Interest paid on bank liabilities 51 478.54 Other expenses** 1 635 080.71 Total expenses 49 055 720.14 NET INVESTMENT INCOME/LOSS 11 239 593.73 Net realised gain / (loss) on securities portfolio 244 532 638.94 on options/warrants 40 663.10 on futures contracts and CFDs 27 258 597.59 on forward foreign exchange contracts 929 892.42 on foreign exchange 1 942 648.73 REALISED RESULT 227 541 541.87 Net unrealised increases in value/depreciation on securities portfolio 39 291 619.60 on options/warrants 5 402 544.55 on futures contracts and CFDs 608 268.63 on forward foreign exchange contracts 1 943 398.43 ANNUAL PROFIT 273 570 835.82 Dividends paid 9 560 015.88 Net inflow of funds from subscriptions and redemptions 309 549 336.46 TOTAL CHANGES IN NET FUND ASSETS 45 538 516.52 Reevaluation difference 11 070 367.70 TOTAL NET ASSETS at the end of the year 2 640 338 446.28 ** Other expenses include printing and publication charges among other items. 235 177 214.13 209 854.92 6 009.67 215 864.59 4 052 476.33 162.89 28 578.35 527 961.98 2 358.94 109 839.92 3 306.05 142 208.23 4 866 892.69 4 651 028.10 34 462 007.94 13 056.51 31 980 233.47 363.86 2 156 560.98 15 646 390.45 3 513 000.29 3 074 341.18 13 928 488.58 25 500 603.74 11 572 115.16 223 605 098.97 16 391 172.21 258 832.53 23.66 258 856.19 291 219.78 29.98 14 978.99 62 631.95 727.81 6 372.44 198.44 10 131.48 386 290.87 127 434.68 594 193.43 235 203.59 745 828.72 1 556.90 978 940.78 873 576.99 830 392.52 141 039.80 2 541 870.49 2 092 295.23 449 575.26 16 840 747.47 The notes at the end are an integral part of these financial statements. Audited annual report 33

Income and expense statement, and changes in net assets (continued) EmergingSar Global EmergingSar New Frontiers Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) 1.68 Performance fee ratio per share C acc (in %) 0.05 Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 2.11 2.13* 2.63* Portfolio Turnover in accordance with SFAMA (in %) 630.94 307.82 * Composite (synthetic) TER 34 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income NET FUND ASSETS at the beginning of the financial year 271 498 924.05 INCOME Dividends, net 4 065 837.57 Interest on bonds and other debt securities, net Interest on bank accounts 10.44 Received commissions Other income 355 210.36 Total income 4 421 058.37 EXPENSES Administrative commission and asset manager's fee 3 775 731.22 Investment managers profit share 2 938.28 Custodian fees 26 549.45 Transaction fees Central administration costs 523 286.67 Audit fees 10 628.91 Subscription duty ("taxe d'abonnement") 124 564.00 Other taxes Interest paid on bank liabilities 802.68 Other expenses** 142 385.20 Total expenses 4 606 886.41 NET INVESTMENT INCOME/LOSS 185 828.04 Net realised gain / (loss) on securities portfolio 37 521 999.23 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts 328 168.48 on foreign exchange 610 181.06 REALISED RESULT 37 054 158.61 Net unrealised increases in value/depreciation on securities portfolio 12 019 375.86 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts 43 950.86 ANNUAL PROFIT 24 990 831.89 Dividends paid 278 718.75 Net inflow of funds from subscriptions and redemptions 66 598 529.99 TOTAL CHANGES IN NET FUND ASSETS 41 886 416.85 Reevaluation difference TOTAL NET ASSETS at the end of the year 229 612 507.20 ** Other expenses include printing and publication charges among other items. (in EUR) (in EUR) 122 427 000.54 2 057 029.79 38.49 126 155.93 2 183 224.21 1 801 896.46 393 169.04 15 264.86 12 532.05 247 914.88 6 478.96 60 032.25 5 475.85 74 634.77 2 617 399.12 434 174.91 17 068 842.27 629 688.65 5 856 517.97 61 325.67 316 078.13 9 771 056.94 4 859 224.71 104 167.98 573 198.69 305 404.46 4 748 205.98 7 759 367.92 3 011 161.94 119 415 838.60 (in EUR) 124 818 307.92 4 197 362.31 35.05 112 061.85 4 309 459.21 2 034 467.03 25 913.84 3 288.45 266 033.91 9 454.24 68 809.18 225.69 80 983.83 2 489 176.17 1 820 283.04 8 087 836.14 226 339.48 300 359.60 386 388.14 10 048 430.12 7 801 407.75 56 156.58 162 623.90 17 631 057.39 188 551.31 1 490 165.97 15 952 340.11 140 770 648.03 The notes at the end are an integral part of these financial statements. Audited annual report 35

Income and expense statement, and changes in net assets (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 1.43 Performance fee ratio per share C EUR acc (in %) 0.01 Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 1.26 Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 1.83 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 1.99 0.69 2.17 0.33 1.84 1.84 Portfolio Turnover in accordance with SFAMA (in %) 77.22 106.87 78.48 36 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) NET FUND ASSETS at the beginning of the financial year 82 385 309.26 INCOME Dividends, net 36 136.59 Interest on bonds and other debt securities, net 2 435 355.76 Interest on bank accounts 56.58 Received commissions Other income Total income 2 471 548.93 EXPENSES Administrative commission and asset manager's fee 858 472.52 Investment managers profit share 364 798.77 Custodian fees 11 098.30 Transaction fees 37 108.13 Central administration costs 174 030.71 Audit fees 6 503.04 Subscription duty ("taxe d'abonnement") 21 167.42 Other taxes Interest paid on bank liabilities 531.42 Other expenses** 52 101.63 Total expenses 1 525 811.94 NET INVESTMENT INCOME/LOSS 945 736.99 Net realised gain / (loss) on securities portfolio 1 445 014.11 on options/warrants on futures contracts and CFDs 3 864 514.87 on forward foreign exchange contracts on foreign exchange 101 402.34 REALISED RESULT 3 263 835.41 Net unrealised increases in value/depreciation on securities portfolio 1 245 802.06 on options/warrants on futures contracts and CFDs 567 966.21 on forward foreign exchange contracts ANNUAL PROFIT 5 077 603.68 Dividends paid 243 719.61 Net inflow of funds from subscriptions and redemptions 4 186 696.73 TOTAL CHANGES IN NET FUND ASSETS 9 020 580.80 Reevaluation difference TOTAL NET ASSETS at the end of the year 91 405 890.06 ** Other expenses include printing and publication charges among other items. (in EUR) (in CHF) 275 484 141.41 2 710 996.81 3 226 493.10 56.90 202 009.83 6 139 556.64 3 884 584.55 30 112.72 27 118.37 15 052.08 570 306.93 12 546.38 126 671.93 36 509.13 472.72 166 078.01 4 869 452.82 1 270 103.82 24 310 755.78 234 665.58 326 037.89 872 629.70 27 014 192.77 2 950 231.55 742 016.51 1 517 894.55 26 323 872.28 1 389 930.38 47 116 570.72 22 182 628.82 253 301 512.59 (in EUR) 78 123 800.57 653 243.84 771 153.80 33.45 82 061.50 58 290.49 1 564 783.08 987 361.58 317.77 14 800.35 4 196.89 142 857.46 2 191.22 31 371.70 4 134.00 109.02 42 166.31 1 229 506.30 335 276.78 7 945 824.23 54 186.99 152 399.25 107 765.40 8 075 123.35 1 724 598.79 194 177.24 436 136.60 6 980 838.40 445 423.36 26 569 325.55 20 033 910.51 58 089 890.06 The notes at the end are an integral part of these financial statements. Audited annual report 37

Income and expense statement, and changes in net assets (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 2.25 Performance fee ratio per share C EUR acc (in %) 0.98 Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 1.58 Performance fee ratio per share I EUR acc (in %) 0.43 Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 2.01 Performance fee ratio per share P EUR dist (in %) 0.41 Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 1.84 0.01 1.45 1.83 Portfolio Turnover in accordance with SFAMA (in %) 112.90 71.85 65.31 38 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global NET FUND ASSETS at the beginning of the financial year 47 351 436.23 INCOME Dividends, net 668 287.02 Interest on bonds and other debt securities, net 246 165.70 Interest on bank accounts 0.91 Received commissions Other income 70 907.54 Total income 985 361.17 EXPENSES Administrative commission and asset manager's fee 645 844.05 Investment managers profit share 2 315.29 Custodian fees 12 175.84 Transaction fees 3 062.21 Central administration costs 90 067.39 Audit fees 843.37 Subscription duty ("taxe d'abonnement") 20 825.31 Other taxes 4 774.17 Interest paid on bank liabilities 139.22 Other expenses** 26 768.30 Total expenses 806 815.15 NET INVESTMENT INCOME/LOSS 178 546.02 Net realised gain / (loss) on securities portfolio 5 502 084.60 on options/warrants 133 377.63 on futures contracts and CFDs on forward foreign exchange contracts 210 387.17 on foreign exchange 190 167.29 REALISED RESULT 5 793 788.37 Net unrealised increases in value/depreciation on securities portfolio 381 472.65 on options/warrants 167 353.35 on futures contracts and CFDs on forward foreign exchange contracts 225 825.21 ANNUAL PROFIT 5 805 494.28 Dividends paid Net inflow of funds from subscriptions and redemptions 15 257 744.16 TOTAL CHANGES IN NET FUND ASSETS 9 452 249.88 Reevaluation difference TOTAL NET ASSETS at the end of the year 37 899 186.35 ** Other expenses include printing and publication charges among other items. (in EUR) (in EUR) 66 086 727.75 570 877.25 1 717.04 51 565.47 107 364.11 731 523.87 893 362.03 13 539.75 111 357.88 587.57 23 784.69 2 194.14 33 877.34 1 078 703.40 347 179.53 2 716 185.35 5 362.82 2 211.06 2 372 157.58 6 286 371.67 8 658 529.25 32 737 501.44 24 078 972.19 42 007 755.56 (in EUR) 273 984 439.38 4 454 162.69 4 017.64 989 759.13 5 447 939.46 4 516 905.91 25 669.54 590 289.43 17 969.30 105 057.32 10 018.48 186 797.36 5 452 707.34 4 767.88 41 882 732.51 84 826.64 468 270.49 41 324 867.50 4 772 659.89 46 097 527.39 1 559 274.25 44 538 253.14 318 522 692.52 The notes at the end are an integral part of these financial statements. Audited annual report 39

Income and expense statement, and changes in net assets (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) 1.86 Performance fee ratio per share P EUR acc (in %) 0.01 Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 1.72 1.46 2.10 2.09 1.60 1.44 2.09 2.08 Portfolio Turnover in accordance with SFAMA (in %) 56.21 112.28 96.19 40 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR NET FUND ASSETS at the beginning of the financial year 107 175 643.53 INCOME Dividends, net 2 530 163.64 Interest on bonds and other debt securities, net Interest on bank accounts 38.11 Received commissions 104 601.73 Other income 91 414.71 Total income 2 726 218.19 EXPENSES Administrative commission and asset manager's fee 1 344 520.03 Investment managers profit share 454.88 Custodian fees 31 884.02 Transaction fees 622.61 Central administration costs 181 822.99 Audit fees 3 137.52 Subscription duty ("taxe d'abonnement") 43 028.52 Other taxes Interest paid on bank liabilities 210.04 Other expenses** 55 947.47 Total expenses 1 661 628.08 NET INVESTMENT INCOME/LOSS 1 064 590.11 Net realised gain / (loss) on securities portfolio 8 756 750.63 on options/warrants 297 764.07 on futures contracts and CFDs on forward foreign exchange contracts 356 008.32 on foreign exchange 227 381.20 REALISED RESULT 10 247 731.93 Net unrealised increases in value/depreciation on securities portfolio 5 326 063.66 on options/warrants 196 670.85 on futures contracts and CFDs on forward foreign exchange contracts 47 679.37 ANNUAL PROFIT 5 070 659.75 Dividends paid 162 107.76 Net inflow of funds from subscriptions and redemptions 28 762 235.86 TOTAL CHANGES IN NET FUND ASSETS 23 853 683.87 Reevaluation difference TOTAL NET ASSETS at the end of the year 83 321 959.66 ** Other expenses include printing and publication charges among other items. (in EUR) (in CHF) 96 935 719.01 2 102 984.68 2.28 2 102 986.96 696 722.98 12 626.71 185 514.39 3 649.50 47 162.40 11 800.76 55 105.34 1 012 582.08 1 090 404.88 209 254.29 1 977.19 1 297 681.98 923 570.50 2 221 252.48 1 165 356.22 8 865 738.86 9 921 635.12 106 857 354.13 (in EUR) 195 751 826.66 5 033 627.73 15.28 5 033 643.01 1 704 116.88 20 342.64 4 282.40 338 402.94 9 330.02 84 653.05 43 250.00 401.53 105 286.26 2 310 065.72 2 723 577.29 5 524 648.87 124 829.84 139.02 8 123 535.34 354 072.92 7 769 462.42 2 912 016.38 55 242 946.86 50 385 500.82 145 366 325.84 The notes at the end are an integral part of these financial statements. Audited annual report 41

Income and expense statement, and changes in net assets (continued) Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 1.44 Performance fee ratio per share C EUR acc (in %) 0.06 Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 1.22 Performance fee ratio per share I EUR acc (in %) 0.01 Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) 1.85 Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 1.86 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 1.09 1.07 1.33 Portfolio Turnover in accordance with SFAMA (in %) 4.74 18.44 53.93 42 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade* Sustainable Equity Europe (in EUR) NET FUND ASSETS at the beginning of the financial year 124 828 841.82 INCOME Dividends, net Interest on bonds and other debt securities, net 3 899 781.08 Interest on bank accounts 25.78 Received commissions Other income Total income 3 899 806.86 EXPENSES Administrative commission and asset manager's fee 680 574.48 Investment managers profit share Custodian fees 13 490.03 Transaction fees Central administration costs 229 031.22 Audit fees 6 935.10 Subscription duty ("taxe d'abonnement") 30 182.51 Other taxes 96 125.00 Interest paid on bank liabilities 59.69 Other expenses** 69 309.01 Total expenses 1 125 707.04 NET INVESTMENT INCOME/LOSS 2 774 099.82 Net realised gain / (loss) on securities portfolio 761 123.74 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange 388.02 REALISED RESULT 3 534 835.54 Net unrealised increases in value/depreciation on securities portfolio 2 540 694.94 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT 6 075 530.48 Dividends paid 1 161 113.50 Net inflow of funds from subscriptions and redemptions 19 913 286.25 TOTAL CHANGES IN NET FUND ASSETS 14 998 869.27 Reevaluation difference TOTAL NET ASSETS at the end of the year 109 829 972.55 * See Note 1 ** Other expenses include printing and publication charges among other items. (in EUR) 27 008 921.63 80 324.99 614 346.29 0.01 694 671.29 225 081.69 11 721.18 60.13 54 716.89 515.16 10 739.88 190.04 13 573.46 316 598.43 378 072.86 106 934.89 113 175.00 97.35 158 060.32 38 003.36 471 104.67 297 250.00 888 411.63 9 308 532.04 8 420 120.41 18 588 801.22 (in EUR) 48 156 544.51 1 568 555.04 145.59 557 373.88 2 126 074.51 1 040 510.44 13 759.32 127 906.64 2 646.26 31 462.20 598.83 37 517.58 1 254 401.27 871 673.24 5 743 750.86 1 954.00 5 061.29 6 608 408.81 4 866 824.16 11 475 232.97 454 195.42 7 773 428.03 18 794 465.58 66 951 010.09 The notes at the end are an integral part of these financial statements. Audited annual report 43

Income and expense statement, and changes in net assets (continued) Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade Sustainable Equity Europe Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) 0.99 Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) 0.39 Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 1.33 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 1.41 1.60 2.13 2.12 Portfolio Turnover in accordance with SFAMA (in %) 39.76 266.46 60.96 44 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global NET FUND ASSETS at the beginning of the financial year 74 176 840.02 INCOME Dividends, net 1 311 224.15 Interest on bonds and other debt securities, net Interest on bank accounts 685.98 Received commissions Other income 189 536.92 Total income 1 501 447.05 EXPENSES Administrative commission and asset manager's fee 1 251 323.82 Investment managers profit share Custodian fees 12 838.06 Transaction fees Central administration costs 148 601.87 Audit fees 2 671.70 Subscription duty ("taxe d'abonnement") 35 489.14 Other taxes Interest paid on bank liabilities 3 030.45 Other expenses** 44 556.35 Total expenses 1 498 511.39 NET INVESTMENT INCOME/LOSS 2 935.66 Net realised gain / (loss) on securities portfolio 13 748 256.02 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange 35 188.19 REALISED RESULT 13 716 003.49 Net unrealised increases in value/depreciation on securities portfolio 3 133 063.95 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT 10 582 939.54 Dividends paid Net inflow of funds from subscriptions and redemptions 15 011 315.05 TOTAL CHANGES IN NET FUND ASSETS 4 428 375.51 Reevaluation difference TOTAL NET ASSETS at the end of the year 69 748 464.51 ** Other expenses include printing and publication charges among other items. (in EUR) (in ) 105 692 051.02 2 549 840.84 237.32 59 799.43 2 609 877.59 1 470 257.09 4 738.63 92 447.72 213 641.82 7 801.71 44 141.23 365.17 66 115.56 1 899 508.93 710 368.66 5 450 546.54 216 930.88 3 033 496.41 183 817.95 2 726 669.96 3 990 915.08 741 758.20 1 982 753.92 9 442 097.16 21 308 135.05 11 866 037.89 93 826 013.13 (in EUR) 47 005 108.91 1 207 800.64 33.91 47 574.84 79 432.49 1 334 841.88 609 500.05 465.32 33 427.11 315.68 94 282.85 2 656.37 28 040.37 49.52 26 723.88 795 461.15 539 380.73 3 038 289.30 86 103.72 148 374.05 187 578.60 3 624 569.20 122 278.73 19 871.39 3 726 976.54 6 412 923.12 10 139 899.66 57 145 008.57 The notes at the end are an integral part of these financial statements. Audited annual report 45

Income and expense statement, and changes in net assets (continued) Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) 1.49 Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) 2.10 Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) Performance fee ratio per share P acc (in %) Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 2.20 0.56 0.49 2.16 1.36 1.94 Portfolio Turnover in accordance with SFAMA (in %) 55.82 68.19 22.86 46 Audited annual report The notes at the end are an integral part of these financial statements.

Income and expense statement, and changes in net assets (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund NET FUND ASSETS at the beginning of the financial year 27 530 410.10 INCOME Dividends, net 325 296.34 Interest on bonds and other debt securities, net Interest on bank accounts 0.07 Received commissions Other income 65 894.98 Total income 391 191.39 EXPENSES Administrative commission and asset manager's fee 428 580.32 Investment managers profit share 484 362.10 Custodian fees 22 218.56 Transaction fees Central administration costs 72 862.82 Audit fees 2 011.12 Subscription duty ("taxe d'abonnement") 18 855.64 Other taxes Interest paid on bank liabilities 171.34 Other expenses** 21 051.91 Total expenses 1 050 113.81 NET INVESTMENT INCOME/LOSS 658 922.42 Net realised gain / (loss) on securities portfolio 6 505 535.50 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts on foreign exchange 598.43 REALISED RESULT 5 847 211.51 Net unrealised increases in value/depreciation on securities portfolio 2 495 322.90 on options/warrants on futures contracts and CFDs on forward foreign exchange contracts ANNUAL PROFIT 8 342 534.41 Dividends paid Net inflow of funds from subscriptions and redemptions 7 828 710.10 TOTAL CHANGES IN NET FUND ASSETS 16 171 244.51 Reevaluation difference TOTAL NET ASSETS at the end of the year 43 701 654.61 ** Other expenses include printing and publication charges among other items. (in ) (in EUR) 207 526 329.72 2 738 348.43 3 706 427.33 13 705.49 293 464.94 6 751 946.19 3 959 117.74 22 329.33 452 048.00 14 785.35 114 980.77 4 500.00 9 869.69 138 877.81 4 716 508.69 2 035 437.50 15 322 317.41 33 982.84 60 899.43 17 452 637.18 2 558 548.31 20 011 185.49 1 609 602.53 13 676 836.18 32 078 419.14 239 604 748.86 (in EUR) 199 797 582.63 4 135 360.84 358.89 648 733.47 4 784 453.20 4 017 333.33 31 215.94 438 702.84 6 093.52 89 815.23 4 512.19 146 473.41 4 734 146.46 50 306.74 17 932 116.17 330 190.13 17 652 232.78 21 798 820.06 39 451 052.84 113 291.15 39 564 343.99 239 361 926.62 The notes at the end are an integral part of these financial statements. Audited annual report 47

Income and expense statement, and changes in net assets (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Total Expense Ratio in accordance with SFAMA per C EUR acc share (in %) Performance fee ratio per share C EUR acc (in %) Total Expense Ratio in accordance with SFAMA per C acc share (in %) 1.28 Performance fee ratio per share C acc (in %) Total Expense Ratio in accordance with SFAMA per I EUR acc share (in %) Performance fee ratio per share I EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M EUR acc share (in %) Performance fee ratio per share M EUR acc (in %) Total Expense Ratio in accordance with SFAMA per M acc share (in %) Performance fee ratio per share M acc (in %) Total Expense Ratio in accordance with SFAMA per P CHF dist share (in %) Performance fee ratio per share P CHF dist (in %) Total Expense Ratio in accordance with SFAMA per P EUR acc share (in %) Performance fee ratio per share P EUR acc (in %) Total Expense Ratio in accordance with SFAMA per P EUR dist share (in %) Performance fee ratio per share P EUR dist (in %) Total Expense Ratio in accordance with SFAMA per P acc share (in %) 4.05 Performance fee ratio per share P acc (in %) 2.40 Total Expense Ratio in accordance with SFAMA per P dist share (in %) Performance fee ratio per share P dist (in %) 2.09 1.67 1.54 2.36 2.34 2.38 Portfolio Turnover in accordance with SFAMA (in %) 228.44 56.40 17.59 48 Audited annual report The notes at the end are an integral part of these financial statements.

EmergingSar Global Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Equities Allianz N 0 79 790 79 790 13 344 877.50 5.97 Anheuserbush Inbev SA 0 94 188 94 188 10 808 779.41 4.83 Asahi Group Hd 0 400 000 400 000 0 0.00 Banco Santander 0 3 783 879 2 683 879 1 100 000 11 491 276.50 5.14 Basf Namenakt. 0 210 365 151 127 59 238 6 938 860.90 3.10 Bayer Usd Eq 0 81 385 81 385 0 0.00 Bco Bilbao Viz.argentaria/nam. 0 2 047 658 1 451 722 595 936 7 595 452.83 3.40 Caixabank 0 1 700 019 1 700 019 0 0.00 Continental AG 0 13 410 13 410 3 105 645.01 1.39 Daimler AG / Namensakt. 0 57 468 57 468 5 365 787.16 2.40 Denso CorpUsd Eq 0 200 312 200 312 0 0.00 Deutsche Bank AG 0 43 152 43 152 0 0.00 Deutsche Telekom /nam. 0 667 613 667 613 0 0.00 Enagas 0 330 000 330 000 10 617 758.25 4.75 Fanuc 0 67 232 67 232 0 0.00 Fast Retailing Co Ltd 0 58 925 29 925 29 000 9 454 000.00 4.23 Fuji Heavy Industries 0 361 891 361 891 0 0.00 Fujifilm Holdings 0 358 101 358 101 0 0.00 Grupo Fin.banort.sab De Cv o Tpa Cfd 0 921 000 921 000 6 539 100.00 2.92 Iberdrola SA 0 1 788 000 1 788 000 0 0.00 Inditex /RegUsd Eq 0 68 894 68 894 0 0.00 ING Groep 0 237 689 237 689 3 338 931.24 1.49 J. Front Retailing Co Ltd 0 1 650 000 72 132 1 577 868 11 073 921.00 4.95 Japan Tobacco Inc. 0 58 108 58 108 0 0.00 Kao Corp 0 320 000 320 000 0 0.00 Kirin Holdings Co Ltd 0 800 000 800 000 0 0.00 Kyocera Corp 0 374 124 216 123 158 001 7 498 827.47 3.35 Mitsubishi Estate 0 405 230 405 230 0 0.00 Nippon Meat Packers 0 611 204 611 204 0 0.00 Olympus Corp 0 341 867 341 867 11 777 246.36 5.27 Rakuten Inc Tokyo 0 830 000 830 000 10 781 700.00 4.82 Secom Ltd 0 138 000 138 000 8 393 160.00 3.75 Seven & I Holdings 0 334 626 54 626 280 000 11 617 200.00 5.20 Showa Shell Sekiyu Kk 0 1 140 000 1 140 000 0 0.00 Siemens AG /nam. 0 84 000 3 665 80 335 10 625 107.10 4.75 Softbank 0 124 521 124 521 0 0.00 Takashimaya Co Ltd 0 1 200 000 1 200 000 11 643 831.60 5.21 Telefonica SA 0 695 247 695 247 0 0.00 Tokyo Electron Co Ltd 0 209 695 209 695 0 0.00 Tokyu Fudosan Holding 0 226 652 226 652 0 0.00 Toyota Tsusho Corp 0 401 566 401 566 0 0.00 Unilever 0 241 281 50 534 190 747 8 345 407.86 3.73 Uny Group Holdings 0 1 700 289 1 700 289 10 657 555.98 4.77 191 014 426.17 85.42 Warrants Barclays on MSCI Egypt 30.05.14 30.05.14 21 197 21 197 0 0.00 JP Morgan SP Regd.Certificate 23.07.13 on MSCI 23.07.13 5 875 5 875 0 0.00 Daily Emerging Mkts Russia Net TR Idx Merrill Lynch Int Warrant 18.07.14 Cw 18.07.14 0 3 900 3 900 0 0.00 Merrill Lynch Int Regd.Wrt 27.06.13 on MSCI Turkey 27.06.13 18 459 18 459 0 0.00 Index Merrill Lynch Intl on Set 50 Index 17.01.14 17.01.14 218 886 218 886 0 0.00 0.00 The notes at the end are an integral part of these financial statements. Audited annual report 49

EmergingSar Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Tracker Funds DBXT DAX Shs 1C Cap 1 666 622 136 978 1 803 600 0 0.00 Ishares Dax (de) 0 1 918 507 1 918 507 0 0.00 0.00 Total listed securities 191 014 426.17 85.42 Transferable securities dealt on another regulated market Equities Kddi Corp. 0 146 000 146 000 8 942 500.00 4.00 8 942 500.00 4.00 Total transferable securities dealt on another regulated market 8 942 500.00 4.00 Other transferable securities Warrants Barclays Perp /ndeuseg 0 12 697 1 100 11 597 10 035 116.04 4.49 Goldman Sachs Intl Certificates 11.12.13 on MSCI 11.12.13 408 408 0 0.00 TR Net Emerging Mkts Czech Rep Idx Goldman Sachs Intl Delta Certificates 03.12.13 on 03.12.13 2 291 2 291 0 0.00 MSCI Daily TR Net Emerging Markets Index GS Intl UK 14.04.14 on MSCI TR Net Emerging 14.04.14 17 000 6 200 23 200 0 0.00 Market Philippines Index GS Intl UK 21.03.14 on MSCI Philippines 21.03.14 1 425 1 425 0 0.00 Merrill Lynch International 27.06.14 27.06.14 0 21 559 21 559 0 0.00 Merrill Lynch Intl 17.01.14 on MSCI India 17.01.14 24 300 24 300 0 0.00 Ste Generale Accept Tracker Cerfificate 19.07.13 19.07.13 400 400 0 0.00 on MSCI Daily TR Net EMM Korea 10 035 116.04 4.49 Total other transferable securities 10 035 116.04 4.49 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 209 992 042.21 93.91 10 532 230.18 4.71 3 080 826.58 1.38 223 605 098.97 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Regional Allocation (Target Allocation) Regions % Asia 44.03 Emerging Europe 22.80 Latin America 21.93 Middle East/Africa 11.23 Total 100.00 50 Audited annual report The notes at the end are an integral part of these financial statements.

EmergingSar New Frontiers Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Equities Jardine Cycle & Carriage Ltd 0 43 283 43 283 0 0.00 Lukoil /sadr Rep.1 Shs 0 28 170 3 279 24 891 1 481 014.50 8.79 Magnit Ojsc Sgdr 0 26 337 26 337 1 553 883.00 9.23 Overseachinese Bank Corp Eq Usd 0 197 109 197 109 0 0.00 Rosneft Oil Co Ojsc/sgdr 0 246 150 48 492 197 658 1 441 951.48 8.56 Sembcorp Industries Ltd 0 192 079 39 500 152 579 657 241.06 3.90 Singapore Airlines Ltd 0 182 366 182 366 0 0.00 Singapore Telec/board Lot 1000 0 205 903 205 903 0 0.00 Utd Overseas Bk /local 0 185 624 96 915 88 709 1 605 632.90 9.53 6 739 722.94 40.01 Indexlinked certificates and options Db London Warrants 03.09.14 on MSCI Daily Tr Net EM on Pakistan Index 03.09.14 1 315 140 220 1 235 992 905.42 5.90 992 905.42 5.90 Investment funds Epicure Qatar Equity 532 090 532 090 0 0.00 Vinacapital Vietnam Opp.fd Ltd 386 740 72 110 56 930 401 920 1 006 689.02 5.98 1 006 689.02 5.98 Warrants Barclays Bank Index Linked Certificates 10.07.13 on MSCI Romania Daily Net TR Index 10.07.13 1 809 1 809 0 0.00 Barclays Bank Index Linked Certificates 30.08.13 30.08.13 EUR 748 748 0 0.00 on OMX Tallinn Idx Srs HSBC Bank Regd.Market Access Notes 18.05.15 on 18.05.15 36 13 23 290 339.60 1.72 a Bskt of Shs S PALMS 1037 Sr Merrill Lynch Intl 28.11.13 on Colombia Index 28.11.13 184 184 0 0.00 RBS Certificates 18.05.15 on RBS Ukraine 18.05.15 16 644 16 644 0 0.00 Enhanced Price Return Index RBS Index Certificates 12.08.15 on Bulgaria Stock Exchange Sofix Index 12.08.15 2 733 590 2 143 814 168.56 4.84 1 104 508.16 6.56 Tracker Funds Db XTrack. Emerg Mkts 1C/ETF 205 100 64 900 270 000 0 0.00 ishares MSCI Emerging Markets 0 167 300 167 300 0 0.00 Lyxor ETF Kuwait FTSE KW 40 33 110 7 550 40 660 976 856.50 5.80 Stoxx 600 Med Sou Acc Etf/cap*** 0 18 000 18 000 2 090 856.35 12.42 3 067 712.85 18.22 Total listed securities 12 911 538.39 76.67 Transferable securities dealt on another regulated market Equities Noble Group Ltd 0 810 000 810 000 0 0.00 0.00 Investment funds Africa Opportunity Fund 624 900 112 160 512 740 574 268.80 3.41 574 268.80 3.41 Total transferable securities dealt on another regulated market 574 268.80 3.41 The notes at the end are an integral part of these financial statements. Audited annual report 51

EmergingSar New Frontiers (continued) Description % Expiry/ Maturity TOTAL SECURITIES PORTFOLIO INVESTMENTS Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets 13 485 807.19 80.08 Liquidities and deposits 3 106 102.64 18.44 Other assets less liabilities 248 837.64 1.48 TOTAL NET ASSETS 16 840 747.47 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures *** The equity holding is converted into synthetic liquidity by means of a counter position, known as a Contract for Difference, which serves as security capital for possible liabilities from derivative financial instruments Allocation of investments as of 30.06.2014 Regional Allocation Regions % Europe 29.20 Africa 25.00 Mid East 22.57 Asia 14.05 Latin America 9.18 Total 100.00 52 Audited annual report The notes at the end are an integral part of these financial statements.

EquiSar Global Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Amgen Inc 48 477 26 054 9 770 64 761 5 598 918.72 2.44 Anadarko Petrol. Corp 0 43 899 2 710 41 189 3 293 254.82 1.43 Apache Corp 33 700 20 900 54 600 0 0.00 Asml Holding Nv EUR 71 877 9 420 62 457 4 247 700.57 1.85 Associated British Foods Plc GBP 163 152 45 482 117 670 4 480 539.66 1.95 Automatic Data Proces. 59 502 41 359 19 981 80 880 4 683 319.14 2.04 BG Group Plc GBP 309 053 114 676 88 246 335 483 5 174 216.83 2.25 BNP Paribas EUR 0 107 789 27 470 80 319 3 979 404.86 1.73 Borg Warner 81 611 81 816 19 276 144 151 6 863 531.16 2.99 Cameco Corp CAD 200 300 200 300 0 0.00 Canadian Pacific Railway 25 223 2 724 22 499 2 976 641.61 1.30 Carmax 85 800 46 284 12 900 119 184 4 527 451.22 1.97 Cemex /Adr 346 320 200 712 62 483 484 549 4 682 162.85 2.04 Citigroup Inc 170 155 24 134 16 130 178 159 6 128 830.95 2.67 CocaCola Co. 194 576 194 576 0 0.00 Continental Resources Inc 0 35 340 3 606 31 734 3 663 032.80 1.60 Corrections America 185 396 185 396 0 0.00 Costco Wholesale Corp 62 090 8 138 53 952 4 537 933.99 1.98 Credicorp 22 548 6 648 6 427 22 769 2 585 470.13 1.13 CSL AUD 75 921 8 195 67 726 3 107 101.46 1.35 Danone EUR 51 668 9 045 60 713 0 0.00 Ecolab 0 59 346 7 778 51 568 4 193 536.95 1.83 Embraer SA /Sadr 0 160 800 8 800 152 000 4 044 377.90 1.76 Essilor International EUR 64 620 14 558 50 062 3 877 301.90 1.69 Fresenius Medical Care EUR 108 399 14 206 94 193 4 623 934.37 2.01 Gaztransport Et Technigaz SA EUR 0 50 607 3 124 47 483 2 260 665.63 0.98 Glencore Xstrata Plc GBP 934 596 340 492 594 104 2 415 390.33 1.05 Google Inc A 9 602 1 259 8 343 3 562 722.72 1.55 Google Inc Shs C 0 9 565 549 9 016 3 788 280.67 1.65 Grupo Fin. banort. sab De Cv O MXN 0 683 439 89 568 593 871 3 102 087.65 1.35 Grupo Televisa /gds 182 294 93 159 62 499 212 954 5 336 487.41 2.32 Halliburton Co 151 300 19 810 131 490 6 819 636.20 2.97 Hartford Finance Services Group 413 562 63 502 209 666 267 398 6 993 771.60 3.05 Home Depot 130 174 130 174 0 0.00 HSBC Holdings GBP 387 236 77 935 465 171 0 0.00 IBM Corp 20 961 20 961 0 0.00 Informatica Corp 0 95 482 4 705 90 777 2 363 656.32 1.03 Int Air Group GBP 492 429 492 429 0 0.00 International Paper Co 0 98 800 10 665 88 135 3 248 857.65 1.41 Interpublic Group 390 600 390 600 0 0.00 Intl Flavors Frag 67 885 29 754 38 131 2 904 211.14 1.26 Intuitive Surgical Inc 7 311 3 555 2 639 8 227 2 474 439.32 1.08 Jardine Matheson Holdings 84 000 38 800 45 200 1 958 011.91 0.85 JPMorgan Chase & Co 0 161 924 13 239 148 685 6 257 334.62 2.73 Kabel Deutschland Holding AG EUR 54 698 54 698 0 0.00 Kansas City Southern 29 493 12 556 4 072 37 977 2 982 074.48 1.30 Kingfisher Plc GBP 0 466 876 466 876 0 0.00 Koninklijke Boskalis Westminster EUR 106 054 13 900 92 154 3 859 870.29 1.68 Kubota JPY 261 000 93 000 126 000 228 000 2 360 518.06 1.03 Makita Corp JPY 86 500 13 200 13 100 86 600 3 908 501.35 1.70 Mattel Inc 75 662 28 264 103 926 0 0.00 Microsoft Corp 208 353 208 353 0 0.00 Mitsubishi Estate JPY 132 000 43 000 23 000 152 000 2 740 787.22 1.19 Mr. Price Group Limited ZAR 0 263 179 27 073 236 106 2 930 810.99 1.28 The notes at the end are an integral part of these financial statements. Audited annual report 53

EquiSar Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Netflix Inc 10 500 10 500 0 0.00 Nissan Motor JPY 511 800 182 500 174 600 519 700 3 600 759.75 1.57 Nokia Oy EUR 0 722 486 59 770 662 716 3 664 819.48 1.60 Novozymes B DKK 259 638 57 614 202 024 7 400 479.13 3.23 Ocado Group GBP 0 456 178 456 178 2 115 273.04 0.92 Occidental Petroleum 89 025 89 025 0 0.00 Pfizer 347 002 347 002 0 0.00 Pnc Financial Services Gp 108 385 108 385 0 0.00 Reckitt Benckiser Group GBP 58 850 58 850 0 0.00 Roche Holding AG /Genussschein CHF 0 14 710 909 13 801 3 006 488.35 1.31 Sabesp 0 355 252 355 252 2 781 507.83 1.21 SES SA /fdr EUR 271 494 113 524 157 970 4 375 769.00 1.91 Sk Telecom /spons. Adr (1/9act) 0 154 401 9 532 144 869 2 744 696.97 1.20 Skf SEK 0 172 914 48 885 124 029 2 310 324.73 1.01 Soc. Quimica Y Minera Chile (=10 Gs Shares) B 0 62 071 62 071 1 328 781.37 0.58 Starwood Hotels Resorts Ww 73 222 9 597 63 625 3 755 740.79 1.64 Swiss Re N CHF 64 339 64 339 0 0.00 Tesla Mtrs 8 924 8 924 0 0.00 Tiffany & Co 46 700 18 600 16 724 48 576 3 556 764.42 1.55 Time Warner 79 262 79 262 0 0.00 Tokio Marine JPY 192 300 25 700 46 800 171 200 4 112 697.75 1.79 UBS N CHF 257 917 154 880 54 098 358 699 4 806 633.54 2.09 Umicore SA EUR 72 535 5 359 67 176 2 279 281.68 0.99 Unicharm Corp SGD 116 000 116 000 0 0.00 United Technologies Corp 59 555 8 442 24 440 43 557 3 672 830.33 1.60 Valero Ener Corp 78 658 78 658 0 0.00 Varian Medical Systems Inc 53 950 28 221 9 776 72 395 4 396 099.99 1.91 Verizon Communications Inc 188 346 73 542 261 888 0 0.00 Vodafone Group Plc GBP 0 1 720 330 106 206 1 614 124 3 930 779.25 1.71 Vodafone Group Plc GBP 0 2 867 075 2 867 075 0 0.00 Weyerhaeuser Co 215 738 215 738 0 0.00 Wolseley (old) GBP 0 84 129 84 129 0 0.00 Wolseley Plc GBP 0 79 306 8 561 70 745 2 829 826.69 1.23 Yum Brands 88 857 88 857 0 0.00 226 206 331.54 98.52 Options on securities Samsung Electronics Shs Sp. Global Deposit. Receipt Rep. Vtg. Shs 144A/RegS 11 220 11 220 0 0.00 0.00 Total listed securities 226 206 331.54 98.52 Other transferable securities Equities Vodafone Group Plc B Shs GBP 0 2 796 268 2 796 268 0 0.00 0.00 Total other transferable securities 0.00 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 226 206 331.54 98.52 3 568 725.99 1.55 162 550.33 0.07 229 612 507.20 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 54 Audited annual report The notes at the end are an integral part of these financial statements.

EquiSar Global (continued) Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 44.33 United Kingdom 9.26 Japan 7.39 France 4.47 Netherlands 3.58 Switzerland 3.46 Denmark 3.27 Germany 2.04 Finland 1.62 Other 20.58 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 55

EquiSar IIID (EUR) Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Admiral Group Plc GBP 0 106 038 106 038 2 051 257.08 1.72 AIA Group HKD 0 359 400 359 400 1 319 203.33 1.10 Amgen Inc 27 855 10 576 2 069 36 362 3 143 680.34 2.63 Anadarko Petrol. Corp 0 24 939 24 939 1 993 990.67 1.67 Apache Corp 24 500 4 500 29 000 0 0.00 BG Group Plc GBP 179 035 66 692 112 343 1 732 687.02 1.45 Bhp Billiton Ltd GBP 0 99 473 99 473 2 347 249.54 1.97 BNP Paribas EUR 0 68 190 3 024 65 166 3 228 649.47 2.70 Borg Warner 39 813 57 290 3 771 93 332 4 443 861.58 3.73 Cameco Corp CAD 117 300 117 300 0 0.00 Canadian Pacific Railway 12 911 3 420 974 15 357 2 031 747.42 1.70 Carmax 50 500 10 845 61 345 2 330 316.95 1.95 Cemex /Adr 255 424 105 625 361 049 3 488 791.05 2.92 Citigroup Inc 86 796 23 936 62 860 2 162 440.93 1.81 CocaCola Co. 102 404 102 404 0 0.00 Costco Wholesale Corp 32 071 9 826 14 004 27 893 2 346 096.39 1.96 Credicorp 13 322 4 862 991 17 193 1 952 303.04 1.63 CST Brands Shs 1 1 0 0.00 Danone EUR 22 693 8 037 30 730 0 0.00 Ecolab 0 35 344 1 498 33 846 2 752 374.57 2.30 Emerson Electric Co. 0 36 279 36 279 1 758 371.57 1.47 Fresenius Medical Care EUR 47 945 8 772 7 064 49 653 2 437 465.77 2.04 Garmin 0 58 669 2 280 56 389 2 508 191.29 2.10 Glencore Xstrata Plc GBP 574 425 574 425 0 0.00 Google Inc A 4 200 4 200 1 793 531.75 1.50 Google Inc Shs C 0 4 200 4 200 1 764 727.02 1.48 Grupo Fin. banort. sab De Cv O MXN 0 405 313 405 313 2 117 154.15 1.77 Grupo Televisa /gds 0 121 929 23 141 98 788 2 475 562.41 2.07 Halliburton Co 90 300 90 300 4 683 345.87 3.93 Hartford Finance Services Group 213 786 13 913 111 612 116 087 3 036 245.46 2.54 Home Depot 72 630 72 630 0 0.00 HSBC Holdings GBP 187 584 35 927 223 511 0 0.00 Informatica Corp 0 56 463 56 463 1 470 186.58 1.23 Int Air Group GBP 360 334 360 334 0 0.00 International Paper Co 0 57 263 57 263 2 110 845.13 1.77 Intuitive Surgical Inc 4 250 1 345 5 595 1 682 811.23 1.41 Jardine Matheson Holdings 60 000 18 400 41 600 1 802 064.05 1.51 JPMorgan Chase & Co 32 695 33 529 66 224 2 787 004.26 2.33 Kabel Deutschland Holding AG EUR 40 285 40 285 0 0.00 Kansas City Southern 16 341 3 239 19 580 1 537 483.69 1.29 Kimberly Clark Corp 0 30 177 30 177 2 451 364.67 2.05 Kingfisher Plc GBP 0 465 360 465 360 2 086 366.73 1.75 Koninklijke Boskalis Westminster EUR 55 200 55 200 0 0.00 Kubota JPY 209 000 209 000 0 0.00 Makita Corp JPY 73 700 73 700 3 326 288.10 2.79 Mattel Inc 43 959 13 027 56 986 0 0.00 Microsoft Corp 107 634 107 634 0 0.00 Mr. Price Group Limited ZAR 0 128 822 128 822 1 599 082.33 1.34 Netflix Inc 7 600 7 600 0 0.00 Nissan Motor JPY 228 700 141 900 370 600 2 567 715.15 2.15 Nokia Oy EUR 0 337 786 337 786 1 867 956.58 1.56 Novozymes B DKK 112 694 112 694 0 0.00 Occidental Petroleum 49 835 49 835 0 0.00 Phil. long Distance Tel. PHP 0 32 705 32 705 1 635 192.19 1.37 56 Audited annual report The notes at the end are an integral part of these financial statements.

EquiSar IIID (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Pnc Financial Services Gp 58 942 58 942 0 0.00 Reckitt Benckiser Group GBP 31 384 31 384 0 0.00 Roche Holding AG /Genussschein CHF 0 16 181 16 181 3 524 961.09 2.96 Sats Ltd SGD 667 000 667 000 0 0.00 Schlumberger 0 46 129 1 914 44 215 3 809 048.86 3.20 SES SA /fdr EUR 136 900 136 900 0 0.00 Sk Telecom /spons. Adr (1/9act) 0 117 475 117 475 2 225 688.57 1.86 Skf SEK 0 64 515 64 515 1 201 739.92 1.01 Starwood Hotels Resorts Ww 44 210 11 159 55 369 3 268 394.68 2.74 Sun Hung Kai Properties HKD 96 000 96 000 0 0.00 Swiss Re N CHF 26 976 5 088 21 888 1 422 349.67 1.19 Tesla Mtrs 3 947 3 947 0 0.00 Tiffany & Co 21 000 10 600 31 600 0 0.00 Time Warner 38 148 38 148 0 0.00 UBS N CHF 0 134 637 134 637 1 804 160.92 1.51 Umicore SA EUR 34 719 12 261 46 980 0 0.00 Unicharm Corp SGD 50 100 50 100 0 0.00 United Technologies Corp 32 938 8 835 41 773 3 522 399.19 2.95 Valero Ener Corp 43 537 9 708 53 245 1 948 343.50 1.63 Varian Medical Systems Inc 30 350 8 262 38 612 2 344 667.62 1.96 Verizon Communications Inc 0 31 425 31 425 0 0.00 Vodafone Group Plc GBP 0 651 737 651 737 1 587 135.98 1.33 Vodafone Group Plc GBP 0 1 194 852 1 194 852 0 0.00 Weyerhaeuser Co 62 806 21 638 84 444 0 0.00 Wolseley (old) GBP 0 48 933 48 933 0 0.00 Wolseley Plc GBP 0 53 910 53 910 2 156 420.34 1.81 Yum Brands 48 456 48 456 0 0.00 115 638 915.70 96.84 Index options Euro Stoxx 50 Pr PUT 10/13 18.10.13 EUR 0 355 355 0 0.00 Euro Stoxx 50 Pr PUT 12/13 20.12.13 EUR 0 398 398 0 0.00 S&p 500 Indices PUT 09/14 20.09.14 0 63 63 108 132.78 0.09 S&p 500 Indices PUT 09/14 20.09.14 0 63 63 44 633.53 0.04 S&p 500 Indices PUT 11/13 16.11.13 0 76 76 0 0.00 63 499.25 0.05 Options on securities Intuitive Surgical CALL 01/15 17.01.15 0 42 42 39 878.76 0.03 Intuitive Surgical CALL 01/15 17.01.15 0 42 42 2 147.32 0.00 Reckitt Benckiser Group Plc CALL 09/13 20.09.13 GBP 31 31 0 0.00 Reckitt Benckiser Group Plc PUT 09/13 20.09.13 GBP 34 34 0 0.00 Schlumberger Ltd CALL 01/14 18.01.14 364 364 0 0.00 Schlumberger Ltd PUT 01/14 18.01.14 364 364 0 0.00 37 731.44 0.03 Total listed securities 115 740 146.39 96.92 Other transferable securities Equities Vodafone Group Plc B Shs GBP 0 1 194 852 1 194 852 0 0.00 0.00 Total other transferable securities 0.00 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 115 740 146.39 96.92 1 276 827.30 1.07 2 398 864.91 2.01 119 415 838.60 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 57

EquiSar IIID (EUR) (continued) Allocation of investments as of 30.06.2014 Country Allocation Regions long short net Emerging Markets 13.00 0.00 13.00 Europe ex. UK 12.90 7.50 5.40 Japan 4.90 0.00 4.90 North America 54.40 11.60 42.80 Pacific ex. Japan 2.60 0.00 2.60 United Kingdom 10.00 2.00 8.00 Total 97.80 21.10 76.70 58 Audited annual report The notes at the end are an integral part of these financial statements.

EquiSar International Income Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Admiral Group Plc GBP 161 543 55 854 13 823 203 574 3 938 046.83 2.80 Air Liquide EUR 0 30 783 30 783 3 035 203.80 2.16 Altria Group 111 699 12 754 73 298 51 155 1 566 987.33 1.11 Amgen Inc 0 26 925 1 047 25 878 2 237 285.07 1.59 Annaly Capital Management Inc 233 937 233 937 0 0.00 Associated British Foods Plc GBP 111 519 12 384 45 242 78 661 2 995 187.65 2.13 Automatic Data Proces. 41 925 22 759 4 319 60 365 3 495 407.52 2.48 Bank of Nova Scotia CAD 61 366 7 007 5 314 63 059 3 076 091.02 2.19 BHP Billiton Ltd AUD 70 785 26 233 6 128 90 890 2 249 378.30 1.60 BNP Paribas EUR 49 171 8 981 28 948 29 204 1 446 912.18 1.03 Borg Warner 0 52 387 52 387 2 494 327.52 1.77 Cedar Fair Lp 0 43 400 43 400 0 0.00 Cinemark Holdings Inc 0 102 900 102 900 2 657 520.36 1.89 Cintas 0 58 000 58 000 2 691 684.62 1.91 CocaCola Co. 97 223 8 824 106 047 0 0.00 Costco Wholesale Corp 22 729 9 694 2 004 30 419 2 558 559.72 1.82 Du Pont De Nem. & Co/E.I. 69 860 7 972 18 194 59 638 2 850 462.49 2.02 Emerson Electric Co. 68 848 21 525 10 369 80 004 3 877 636.08 2.75 F&C Asset Management Plc GBP 735 626 735 626 0 0.00 Garmin 0 63 037 2 204 60 833 2 705 861.08 1.92 General Electric Capital 173 048 19 744 14 983 177 809 3 412 935.41 2.42 Glencore Xstrata Plc GBP 559 227 63 861 623 088 0 0.00 Halliburton Co 68 700 25 422 6 048 88 074 4 567 895.95 3.25 Hartford Finance Services Group 133 044 14 825 37 284 110 585 2 892 341.12 2.05 Hkt Ltd Stapled HKD 0 3 536 000 138 000 3 398 000 2 923 616.17 2.08 Home Depot 47 956 4 791 52 747 0 0.00 HSBC Holdings GBP 287 893 32 875 24 925 295 843 2 190 533.49 1.56 International Paper Co 0 69 631 5 940 63 691 2 347 795.91 1.67 Investec Plc ZAR 288 183 3 748 291 931 0 0.00 Jardine Matheson Holdings 62 100 6 000 32 500 35 600 1 542 150.97 1.10 JPMorgan Chase & Co 68 311 22 913 5 914 85 310 3 590 229.12 2.55 Kabel Deutschland Holding AG EUR 24 967 1 854 26 821 0 0.00 Kabel D.hold Ag/verk Eing EUR 0 25 699 25 699 0 0.00 Kansas City Southern 22 479 8 733 8 793 22 419 1 760 410.98 1.25 Kar Auction Services 0 126 900 126 900 2 953 878.68 2.10 Kimberly Clark Corp 0 50 610 1 203 49 407 4 013 472.99 2.85 Kingfisher Plc GBP 0 466 595 18 144 448 451 2 010 557.94 1.43 Koninklijke Boskalis Westminster EUR 56 451 11 922 4 888 63 485 2 659 069.23 1.89 Leggett + Platt Inc. 105 379 12 033 117 412 0 0.00 Life Healthcare Group Holding ZAR 0 423 076 11 118 411 958 1 173 423.33 0.83 Mattel Inc 81 689 22 021 103 710 0 0.00 Megafon Ojsc /GDR 85 137 6 321 91 458 0 0.00 Microsoft Corp 72 107 5 354 77 461 0 0.00 Mr. Price Group Limited ZAR 0 177 436 61 510 115 926 1 439 002.80 1.02 M1 Ltd SGD 0 920 000 37 000 883 000 1 815 818.25 1.29 Nissan Motor JPY 342 800 100 900 34 600 409 100 2 834 463.75 2.01 Nokia Oy EUR 0 296 987 10 180 286 807 1 586 042.71 1.13 Nordea Bank Ab SEK 0 338 613 62 259 276 354 2 847 100.84 2.02 Novartis AG CHF 61 903 7 069 5 360 63 612 4 207 052.09 2.99 Pfizer 156 955 41 539 27 857 170 637 3 699 014.83 2.63 Phil. long Distance Tel. PHP 0 31 605 31 605 1 580 194.14 1.12 Prosafe SE NOK 188 551 57 187 17 712 228 026 1 373 340.40 0.98 Prudential GBP 221 697 24 486 77 925 168 258 2 817 809.63 2.00 Roche Holding AG /Genussschein CHF 7 265 10 193 926 16 532 3 601 424.93 2.56 The notes at the end are an integral part of these financial statements. Audited annual report 59

EquiSar International Income (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Royal Dutch Shell Plc A EUR 93 348 9 322 102 670 0 0.00 Sanofi Aventis EUR 30 392 413 30 805 0 0.00 Sats Ltd SGD 771 800 85 000 856 800 0 0.00 Schlumberger 0 39 242 13 003 26 239 2 260 446.30 1.61 Seadrill Ltd 72 803 8 170 80 973 0 0.00 SES SA /fdr EUR 128 338 24 656 11 111 141 883 3 930 159.10 2.79 Sk Telecom /spons. Adr (1/9act) 89 467 66 621 10 920 145 168 2 750 361.84 1.95 SSE Plc GBP 0 129 185 129 185 0 0.00 Starwood Hotels Resorts Ww 31 181 8 283 2 697 36 767 2 170 331.18 1.54 Sun Hung Kai Properties HKD 184 000 18 000 202 000 0 0.00 Tdc DKK 453 809 79 564 246 575 286 798 2 167 730.12 1.54 Tokio Marine JPY 0 96 500 6 900 89 600 2 152 439.94 1.53 Total Sa EUR 83 913 9 575 7 265 86 223 4 550 849.94 3.23 UBS N CHF 138 343 41 812 12 991 167 164 2 240 028.79 1.59 United Technologies Corp 36 770 4 061 40 831 0 0.00 Verizon Communications Inc 71 604 44 024 115 628 0 0.00 Vodafone Group Plc GBP 0 802 793 802 793 1 954 993.59 1.39 Vodafone Group Plc GBP 1 289 459 299 905 1 589 364 0 0.00 Weyerhaeuser Co 122 123 12 194 134 317 0 0.00 Wolseley (old) GBP 0 35 234 35 234 0 0.00 Wolseley Plc GBP 0 41 167 1 344 39 823 1 592 935.02 1.13 Yum Brands 34 589 2 569 37 158 0 0.00 3I Infrastructure Plc GBP 1 371 865 156 659 308 071 1 220 453 2 077 418.83 1.48 137 563 821.88 97.73 Futures options Dow Jones Euro Stoxx 50 Dvp PUT 12/13 20.12.13 EUR 147 147 0 0.00 0.00 Options on securities Amgen Inc PUT 07/13 20.07.13 309 309 0 0.00 Annaly Capital Management Inc CALL 12/13 21.12.13 0 1 125 1 125 0 0.00 0.00 Total listed securities 137 563 821.88 97.73 Transferable securities dealt on another regulated market Equities Acquisit GBP 0 27 388 27 388 0 0.00 0.00 Total transferable securities dealt on another regulated market 0.00 60 Audited annual report The notes at the end are an integral part of these financial statements.

EquiSar International Income (continued) Description % Expiry/ Maturity Other transferable securities Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Vodafone Group Plc B Shs GBP 0 1 471 787 1 471 787 0 0.00 0.00 Options on securities Right Air Liquide SA EUR 0 27 985 27 980 5 49.40 0.00 Rights Hkt Ltd Stapled HKD 0 611 640 611 640 131 995.03 0.09 132 044.43 0.09 Total other transferable securities 132 044.43 0.09 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 137 695 866.31 97.82 3 545 699.32 2.52 470 917.60 0.34 140 770 648.03 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 44.43 United Kingdom 14.16 Switzerland 7.27 France 6.53 Japan 3.61 Singapore 2.43 Canada 2.22 Hong Kong 2.16 Sweden 2.06 Other 15.13 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 61

Global Return (EUR) Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Bonds ABN AMRO Bank N.V. 3.500 12.01.18 EUR 500 000 500 000 553 765.00 0.61 Acea 4.875 23.07.14 EUR 0 350 000 350 000 350 829.50 0.38 Aegon Global Markets 4.125 08.12.14 EUR 0 500 000 500 000 508 245.00 0.56 Afd 4.000 28.01.19 EUR 0 500 000 500 000 0 0.00 Afd 2.250 27.05.25 EUR 0 400 000 400 000 416 056.00 0.46 Air Liquide 4.375 03.06.15 EUR 0 200 000 200 000 207 266.00 0.23 Alliander 2.875 14.06.24 EUR 250 000 250 000 271 710.00 0.30 Allianz Finance 3.500 14.02.22 EUR 300 000 300 000 341 475.00 0.37 Amer Movil 4.125 25.10.19 EUR 1 000 000 500 000 500 000 572 460.00 0.63 ANZ Bank 3.625 18.07.22 EUR 250 000 250 000 292 027.50 0.32 ANZ Banking Group 3.750 10.03.17 EUR 500 000 500 000 542 810.00 0.59 Ap Moeller 4.875 30.10.14 EUR 0 500 000 500 000 507 240.00 0.55 Assgen 4.875 11.11.14 EUR 0 500 000 500 000 507 980.00 0.56 Atlas Copco 4.750 05.06.14 EUR 0 350 000 350 000 0 0.00 Austria 1.750 20.10.23 EUR 500 000 500 000 516 440.00 0.56 Austria 3.200 20.02.17 EUR 500 000 500 000 540 350.00 0.59 Austria 3.400 20.10.14 EUR 300 000 300 000 303 045.00 0.33 Austria 3.500 15.07.15 EUR 200 000 200 000 207 170.00 0.23 Austria 3.900 15.07.20 EUR 300 000 300 000 356 025.00 0.39 Autobahn Fin 4.125 21.10.13 EUR 657 000 657 000 0 0.00 AutobahnenSchnellstrassenFin 4.125 14.03.14 EUR 700 000 700 000 0 0.00 Axa 4.500 23.01.15 EUR 0 1 200 000 1 200 000 1 227 744.00 1.33 BadenWuert 2.000 13.11.23 EUR 0 500 000 500 000 527 665.00 0.58 Bank Nederl. Gemeenten 3.750 16.12.13 EUR 100 000 100 000 0 0.00 Barclays Bank 3.125 14.01.15 EUR 0 750 000 750 000 761 610.00 0.83 Barclays Bank 4.000 12.01.21 EUR 300 000 300 000 357 708.00 0.39 BASF Fin. Europe 5.000 26.09.14 EUR 0 500 000 500 000 505 585.00 0.55 Bayer Landk 2.125 22.03.19 EUR 1 000 000 1 000 000 1 066 846.00 1.17 Bayerische Landesbank 4.375 22.01.14 EUR 1 286 000 1 286 000 0 0.00 Bayern 1.500 02.05.18 EUR 0 500 000 500 000 520 675.00 0.57 Bayern 1.875 07.02.19 EUR 500 000 500 000 531 550.00 0.58 Bayern 2.375 08.09.20 EUR 0 100 000 100 000 109 583.00 0.12 Bayern 2.750 05.01.15 EUR 0 300 000 300 000 304 071.00 0.33 Belgacom 6.000 19.12.13 EUR 358 000 358 000 0 0.00 Belgium 2.750 28.03.16 EUR 600 000 600 000 627 720.00 0.69 Belgium 3.750 28.09.20 EUR 600 000 600 000 0 0.00 Berlin 3.500 22.06.17 EUR 500 000 500 000 546 815.00 0.60 Berlin 1.625 26.06.19 EUR 500 000 500 000 524 015.00 0.57 BG Energy 3.375 15.07.13 EUR 320 000 320 000 0 0.00 BHP Billiton 4.375 26.02.14 EUR 750 000 750 000 0 0.00 Bk F. Arbeit 4.250 18.02.14 EUR 995 000 995 000 0 0.00 BMW Finance 4.250 22.01.14 EUR 1 000 000 1 000 000 0 0.00 Bmw Us Cap 5.000 28.05.15 EUR 0 500 000 500 000 520 985.00 0.57 BNG 3.750 14.03.14 EUR 500 000 500 000 0 0.00 BNG 3.875 04.11.19 EUR 200 000 200 000 232 220.00 0.25 BNG 3.875 26.05.23 EUR 450 000 450 000 540 373.50 0.59 BRD 1.500 29.01.21 EUR 0 500 000 500 000 517 540.00 0.57 BRD 2.250 23.10.23 EUR 0 750 000 750 000 804 742.50 0.88 Bundesimmo Gesellschaft 4.375 24.09.13 EUR 600 000 600 000 0 0.00 Ca Covered 3.875 12.01.21 EUR 500 000 500 000 589 660.00 0.65 CADES 1.750 18.11.13 EUR 50 000 50 000 0 0.00 CADES 2.375 25.01.24 EUR 500 000 500 000 538 185.00 0.59 Cat In Fin 2.750 06.06.14 EUR 0 500 000 500 000 0 0.00 Cat In Fin Emtn 1.375 18.05.15 EUR 0 500 000 500 000 504 385.00 0.55 62 Audited annual report The notes at the end are an integral part of these financial statements.

Global Return (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Centrica 7.125 09.12.13 EUR 500 000 500 000 0 0.00 Cff 4.250 19.01.22 EUR 0 400 000 400 000 485 760.00 0.53 Cie de Financement Foncier 6.125 23.02.15 EUR 500 000 500 000 518 990.00 0.57 Czech Republic 3.875 24.05.22 EUR 250 000 250 000 291 847.50 0.32 Czech Republic 4.500 05.11.14 EUR 50 000 50 000 50 740.00 0.06 Daigr 1.750 21.05.15 EUR 0 1 000 000 1 000 000 1 012 600.00 1.11 Danone 5.500 06.05.15 EUR 0 200 000 200 000 208 864.00 0.23 Danone Finance 6.375 04.02.14 EUR 1 000 000 1 000 000 0 0.00 Dekabank 4.375 06.02.14 EUR 40 000 40 000 0 0.00 DekaBank DGZ 4.250 23.07.13 EUR 158 000 158 000 0 0.00 Denmark 3.125 17.03.14 EUR 0 150 000 150 000 0 0.00 Depfa 3.125 15.09.14 EUR 0 750 000 750 000 754 485.00 0.83 Deutsche Bahn Finance 4.750 14.03.18 EUR 500 000 500 000 0 0.00 Deutsche Bahn Finance 5.000 24.07.19 EUR 500 000 500 000 0 0.00 Deutsche Postbank 3.750 12.02.14 EUR 1 000 000 1 000 000 0 0.00 Dexia Mun AG 4.500 27.04.15 EUR 0 1 000 000 1 000 000 1 034 430.00 1.13 Dexia Municipal Agency 3.125 15.09.15 EUR 200 000 200 000 206 830.00 0.23 Diageo Cap 5.500 01.07.13 EUR 500 000 500 000 0 0.00 Dt Bahn Finance 3.000 08.03.24 EUR 500 000 500 000 555 890.00 0.61 EDF 4.500 17.07.14 EUR 0 500 000 500 000 500 810.00 0.55 EIB 2.625 15.03.16 EUR 1 000 000 1 000 000 1 043 270.00 1.14 EIB 3.125 15.04.14 EUR 1 000 000 1 000 000 0 0.00 EIB 3.625 15.10.13 EUR 1 000 000 1 000 000 0 0.00 Electricité de France 5.125 23.01.15 EUR 500 000 500 000 513 560.00 0.56 EnBW Intl 6.000 20.11.13 EUR 500 000 500 000 0 0.00 Enel Fin 4.625 24.06.15 EUR 0 500 000 500 000 519 675.00 0.57 Eureko BV 7.375 16.06.14 EUR 0 500 000 500 000 0 0.00 Eurhyp 3.000 26.01.15 EUR 0 400 000 400 000 406 280.00 0.44 Euro Community 3.125 03.04.14 EUR 1 000 000 250 000 1 250 000 0 0.00 Evonik Ind 7.000 14.10.14 EUR 0 500 000 500 000 509 315.00 0.56 Finland 3.375 15.04.20 EUR 100 000 100 000 115 348.00 0.13 Finland 4.000 04.07.25 EUR 400 000 400 000 496 800.00 0.54 Finland 4.250 04.07.15 EUR 400 000 400 000 417 000.00 0.46 Finland 1.125 15.09.18 EUR 0 500 000 500 000 516 540.00 0.57 Fortis NL 3.375 19.05.14 EUR 1 100 000 1 100 000 0 0.00 France 2.500 15.01.15 EUR 400 000 400 000 405 332.00 0.44 France 3.000 25.10.15 EUR 300 000 300 000 311 649.00 0.34 France 3.250 25.04.16 EUR 300 000 300 000 317 280.00 0.35 France 3.500 25.04.15 EUR 300 000 300 000 308 430.00 0.34 France 3.750 25.10.19 EUR 700 000 700 000 0 0.00 France 5.000 25.10.16 EUR 300 000 300 000 333 975.00 0.37 France OAT 4.250 25.10.17 EUR 500 000 500 000 566 540.00 0.62 Generali 3.875 06.05.15 EUR 0 500 000 500 000 514 040.00 0.56 Germany 2.250 10.04.15 EUR 200 000 200 000 203 440.00 0.22 Germany 3.250 04.07.15 EUR 300 000 300 000 309 714.00 0.34 Germany 3.500 04.07.19 EUR 700 000 700 000 810 586.00 0.89 Germany 3.750 04.01.15 EUR 300 000 300 000 305 709.00 0.33 Germany 3.750 04.01.17 EUR 200 000 200 000 218 676.00 0.24 Germany 4.000 11.10.13 EUR 1 000 000 1 000 000 0 0.00 Germany 4.250 04.07.14 EUR 300 000 300 000 300 030.00 0.33 GlaxoSmithKline Capital 3.875 06.07.15 EUR 100 000 500 000 600 000 621 486.00 0.68 Heineken Nv 2.125 04.08.20 EUR 350 000 350 000 366 597.00 0.40 Henkel AG & Co. KGaA 4.625 19.03.14 EUR 412 000 412 000 0 0.00 Hessen 1.750 19.06.20 EUR 500 000 150 000 650 000 686 309.00 0.75 Holcim Fin 4.375 09.12.14 EUR 0 450 000 450 000 457 848.00 0.50 Holcim Fin 9.000 26.03.14 EUR 0 300 000 300 000 0 0.00 Hutchinson Whampoa Intl. 5.875 08.07.13 EUR 500 000 500 000 0 0.00 IBM 1.375 19.11.19 EUR 500 000 500 000 0 0.00 IBM Corp 6.625 30.01.14 EUR 500 000 500 000 0 0.00 ICO 3.250 10.02.15 EUR 0 800 000 800 000 814 024.00 0.89 ICO 3.750 28.07.15 EUR 0 500 000 500 000 517 400.00 0.57 Italy 4.250 01.08.13 EUR 500 000 500 000 0 0.00 Johnson & Johnson 4.750 06.11.19 EUR 0 500 000 500 000 598 620.00 0.65 Ka Finanz 2.250 24.03.14 EUR 500 000 500 000 0 0.00 KBC Ifima 3.875 31.03.15 EUR 0 500 000 500 000 513 000.00 0.56 KBC Ifima 4.500 17.09.14 EUR 0 500 000 500 000 504 365.00 0.55 KFW 0.875 25.06.18 EUR 500 000 500 000 510 355.00 0.56 The notes at the end are an integral part of these financial statements. Audited annual report 63

Global Return (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets KFW 1.500 11.06.24 EUR 0 500 000 500 000 503 560.00 0.55 KFW 3.125 25.02.14 EUR 1 000 000 1 000 000 0 0.00 KFW 4.125 04.07.17 EUR 100 000 100 000 111 760.00 0.12 KFW 4.375 04.07.18 EUR 200 000 200 000 231 906.00 0.25 Kig 4.250 25.06.14 EUR 0 400 000 400 000 0 0.00 Kommunalkredit Austria 3.125 08.07.13 EUR 100 000 100 000 0 0.00 Land Hessen 3.500 10.03.20 EUR 200 000 100 000 300 000 345 870.00 0.38 Landesbank Baden Württemberg 4.000 26.08.13 EUR 500 000 500 000 0 0.00 LB BadenWuerttemberg 3.250 22.01.14 EUR 1 100 000 1 100 000 0 0.00 Lbk Bw 1.000 19.11.18 EUR 0 500 000 500 000 510 875.00 0.56 Lbk Bw 3.500 14.01.15 EUR 0 200 000 200 000 203 620.00 0.22 Ld Berlin 4.875 26.06.17 EUR 200 000 200 000 226 936.00 0.25 Linde Fin 3.625 13.08.14 EUR 0 200 000 200 000 200 700.00 0.22 Luxemburg 3.750 04.12.13 EUR 865 000 865 000 0 0.00 LVMH Moet Hennessy Louis Vuitton 4.375 12.05.14 EUR 0 1 250 000 1 250 000 0 0.00 Lwf Rentbank 1.250 20.05.22 EUR 0 750 000 750 000 758 490.00 0.83 Lwf Rentbank 2.875 30.08.21 EUR 500 000 500 000 567 280.00 0.62 Lwf Rentbk 1.375 19.11.20 EUR 0 500 000 500 000 0 0.00 Lwf Rentbk 3.750 11.02.16 EUR 0 100 000 100 000 105 911.00 0.12 Nab Aus 3.500 23.01.15 EUR 0 1 000 000 1 000 000 1 018 130.00 1.11 Nab Aus 4.000 13.07.20 EUR 0 500 000 500 000 580 240.00 0.63 Ned Watbk 2.375 04.06.15 EUR 0 500 000 500 000 510 275.00 0.56 Nestle Fin 1.250 04.05.20 EUR 500 000 500 000 510 835.00 0.56 Nestle Fin 1.750 12.09.22 EUR 650 000 650 000 666 549.00 0.73 Netherlands 1.750 15.07.23 EUR 0 500 000 500 000 518 315.00 0.57 Netherlands 2.750 15.01.15 EUR 400 000 400 000 405 900.00 0.44 Netherlands 3.250 15.07.15 EUR 300 000 300 000 310 020.00 0.34 Netherlands 1.250 15.01.19 EUR 0 500 000 500 000 518 790.00 0.57 Niedersachsen 2.125 08.06.15 EUR 0 500 000 500 000 509 300.00 0.56 Nordea 2.250 05.10.17 EUR 500 000 500 000 0 0.00 Nordic Investment Bank 3.000 08.04.14 EUR 200 000 200 000 0 0.00 Nordrhein 1.250 13.09.13 EUR 1 000 000 1 000 000 0 0.00 Nrw Bank 3.375 18.03.14 EUR 734 000 734 000 0 0.00 Nrw Bank 2.500 02.03.15 EUR 0 500 000 500 000 507 840.00 0.56 Nth Rhinew 3.500 07.07.21 EUR 500 000 500 000 581 750.00 0.64 NWB FRN 09.07.20 EUR 0 500 000 500 000 523 110.00 0.57 NWB 3.375 19.01.16 EUR 200 000 200 000 209 850.00 0.23 NWB 3.375 01.02.17 EUR 200 000 200 000 216 020.00 0.24 NWB 4.375 22.01.18 EUR 0 500 000 500 000 571 525.00 0.63 OEBB Infrastruktur Bau 3.875 18.10.16 EUR 200 000 200 000 216 848.00 0.24 Oesterreichische Kontrollbank 3.875 15.09.16 EUR 200 000 200 000 216 406.00 0.24 Omv 6.250 07.04.14 EUR 100 000 100 000 0 0.00 Ontario 3.000 28.09.20 EUR 500 000 500 000 561 050.00 0.61 Ontario 4.750 23.04.19 EUR 100 000 100 000 119 269.00 0.13 Pfizer 4.750 15.12.14 EUR 100 000 400 000 500 000 510 310.00 0.56 P&G 2.000 05.11.21 EUR 0 300 000 300 000 313 374.00 0.34 P&G 4.875 11.05.27 EUR 400 000 400 000 519 204.00 0.57 Pohjola Bk 4.500 22.05.14 EUR 500 000 500 000 0 0.00 Pohjola Bk 3.000 08.09.17 EUR 0 300 000 300 000 321 225.00 0.35 Pohjola Bk 3.125 25.03.15 EUR 0 500 000 500 000 510 420.00 0.56 Procter & Gamble 4.500 12.05.14 EUR 100 000 100 000 0 0.00 Quebec 2.375 22.01.24 EUR 0 300 000 300 000 318 168.00 0.35 Quebec 3.375 20.06.16 EUR 0 250 000 250 000 265 450.00 0.29 Quebec 4.750 29.04.18 EUR 250 000 250 000 289 882.50 0.32 Rabobank 4.125 12.01.21 EUR 400 000 400 000 469 752.00 0.51 Rabobank Nederland 4.750 15.01.18 EUR 500 000 500 000 569 045.00 0.62 RBC Toronto 1.625 04.08.20 EUR 0 600 000 600 000 624 162.00 0.68 Repsol Int. 4.625 08.10.14 EUR 0 500 000 500 000 505 540.00 0.55 Robert Bosch 1.625 24.05.21 EUR 500 000 200 000 700 000 716 625.00 0.78 Roche Holding 6.500 04.03.21 EUR 200 000 200 000 0 0.00 Rwe 5.000 10.02.15 EUR 0 500 000 500 000 514 320.00 0.56 RWE Fin. 4.625 23.07.14 EUR 0 245 000 245 000 245 585.55 0.27 Sanofi 3.125 10.10.14 EUR 0 735 000 735 000 740 777.10 0.81 Sant Id 3.500 10.03.15 EUR 0 500 000 500 000 510 055.00 0.56 Sant Id 4.500 18.05.15 EUR 0 500 000 500 000 517 025.00 0.57 Schering PL 5.375 01.10.14 EUR 0 500 000 500 000 506 325.00 0.55 Schig 3.875 01.12.14 EUR 0 500 000 500 000 507 855.00 0.56 64 Audited annual report The notes at the end are an integral part of these financial statements.

Global Return (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Schiphol Nl 6.625 23.01.14 EUR 626 000 626 000 0 0.00 Schlumberger 4.500 25.03.14 EUR 500 000 200 000 700 000 0 0.00 Schlumberger 5.250 05.09.13 EUR 500 000 500 000 0 0.00 Schneid El 6.750 16.07.13 EUR 1 000 000 1 000 000 0 0.00 Scotiabank 1.000 02.04.19 EUR 0 100 000 100 000 101 616.00 0.11 Skand Ensk 5.500 06.05.14 EUR 750 000 500 000 1 250 000 0 0.00 Société Générale 3.750 21.08.14 EUR 0 500 000 500 000 502 375.00 0.55 Spbk Bolikr 2.500 23.06.15 EUR 0 500 000 500 000 510 965.00 0.56 Spbk Bolikr 5.000 10.09.13 EUR 1 100 000 1 100 000 0 0.00 Stadshypotek 1.875 21.03.17 EUR 0 200 000 200 000 208 448.00 0.23 Stadshypotek 3.000 01.10.14 EUR 200 000 200 000 201 410.00 0.22 Stadshypotek 3.750 12.12.13 EUR 1 000 000 1 000 000 0 0.00 Standard Chartered 5.750 30.04.14 EUR 1 000 000 300 000 1 300 000 0 0.00 Statk 5.500 02.04.15 EUR 0 650 000 650 000 674 791.00 0.74 Statoil 4.375 11.03.15 EUR 0 1 150 000 1 150 000 1 182 407.00 1.28 Statoil 5.625 11.03.21 EUR 0 400 000 400 000 510 632.00 0.56 Stockl 2.125 12.09.22 EUR 0 315 000 315 000 332 217.90 0.36 Suez Environnement Cie 4.875 08.04.14 EUR 0 1 050 000 1 050 000 0 0.00 Sweden 3.125 07.05.14 EUR 100 000 100 000 0 0.00 Swedish Exp 1.125 20.11.18 EUR 0 500 000 500 000 511 150.00 0.56 Swiss Re Tr 7.000 19.05.14 EUR 0 300 000 300 000 0 0.00 Telefonica 3.406 24.03.15 EUR 0 750 000 750 000 765 705.00 0.84 Telefonica 5.431 03.02.14 EUR 500 000 500 000 0 0.00 Tennet 3.250 09.02.15 EUR 0 800 000 800 000 814 104.00 0.89 Terna 4.250 28.10.14 EUR 0 400 000 400 000 405 004.00 0.44 Terra Bol 2.250 25.01.17 EUR 0 300 000 300 000 314 370.00 0.34 Tesco Plc 5.125 24.02.15 EUR 0 300 000 300 000 309 219.00 0.34 Toronto Dom. bank 5.375 14.05.15 EUR 0 800 000 800 000 835 000.00 0.91 Total Fina Elf 3.500 27.02.14 EUR 1 000 000 1 000 000 0 0.00 Total SA 3.625 19.05.15 EUR 0 500 000 500 000 514 990.00 0.56 Toyota 6.625 03.02.16 EUR 500 000 500 000 549 515.00 0.60 UBS 3.000 06.10.14 EUR 200 000 1 000 000 1 200 000 1 208 820.00 1.31 Vattenf Tsy 4.250 19.05.14 EUR 0 500 000 500 000 0 0.00 Vodafone Group Plc 6.875 04.12.13 EUR 100 000 100 000 0 0.00 VW Bank 5.375 15.11.13 EUR 750 000 750 000 0 0.00 VW Leasing 2.250 10.11.14 EUR 0 500 000 500 000 503 495.00 0.55 Zurich Fin 4.500 17.09.14 EUR 0 800 000 800 000 807 128.00 0.88 3M 1.875 15.11.21 EUR 0 500 000 500 000 517 775.00 0.57 3M 5.000 14.07.14 EUR 0 330 000 330 000 330 471.90 0.36 74 634 650.45 81.64 Tracker Funds DBXT DBLCI OYB Shs 1C Cap EUR 130 000 161 000 141 000 150 000 4 263 000.00 4.66 ishares MSCI Emerging Markets 130 000 23 000 153 000 0 0.00 Spdr Msci Em Etf Usd EUR 0 111 097 111 097 4 237 239.58 4.64 8 500 239.58 9.30 Total listed securities 83 134 890.03 90.94 Transferable securities dealt on another regulated market Bonds Hsbc Bank 4.550 29.08.14 EUR 0 670 000 670 000 674 462.20 0.74 674 462.20 0.74 Total transferable securities dealt on another regulated market 674 462.20 0.74 The notes at the end are an integral part of these financial statements. Audited annual report 65

Global Return (EUR) (continued) Description % Expiry/ Maturity Other transferable securities Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Bonds Nuon Fin. 4.125 17.12.14 EUR 0 750 000 750 000 763 477.50 0.84 763 477.50 0.84 Total other transferable securities 763 477.50 0.84 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 84 572 829.73 92.52 5 994 357.49 6.56 838 702.84 0.92 91 405 890.06 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Asset allocation (including futures and options) % Bonds 46.89 Equities Europe 14.51 Equities USA 9.77 Equities Switzerland 9.54 Equities Emerging Markets 4.92 Equities Japan 4.80 Commodity 4.94 Equities United Kingdom 4.63 Total 100.00 66 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Balanced (CHF) Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Equities Aggreko Plc GBP 35 000 35 000 0 0.00 AIA Group HKD 0 535 400 535 400 2 386 100.54 0.94 Amgen Inc 22 000 9 900 31 900 3 348 559.39 1.32 Anadarko Petrol. Corp 0 24 000 24 000 2 329 871.86 0.92 Asml Holding Nv EUR 35 805 10 600 25 205 2 081 306.85 0.82 Associated British Foods Plc GBP 114 937 65 000 49 937 2 308 679.12 0.91 Barclays Bank GBP 746 900 169 225 916 125 0 0.00 Barclays Plc /iss.2013 GBP 0 169 225 169 225 0 0.00 BG Group Plc GBP 183 000 15 000 168 000 3 146 008.87 1.24 Bmwbayer.motor EUR 0 19 000 19 000 2 136 658.00 0.84 BNP Paribas EUR 0 28 000 28 000 1 684 358.38 0.66 Borg Warner 21 000 39 800 4 000 56 800 3 283 635.88 1.30 BP GBP 99 400 99 400 0 0.00 Cameco Corp CAD 72 400 72 400 0 0.00 Carmax 45 000 26 000 6 500 64 500 2 974 899.13 1.17 Cemex /Adr 216 632 6 825 96 000 127 457 1 495 371.89 0.59 Citigroup Inc 88 760 12 500 76 260 3 185 248.97 1.26 CocaCola Co. 61 000 61 000 0 0.00 Colgatepalmolive 0 47 000 47 000 2 841 715.07 1.12 Costco Wholesale Corp 24 400 2 300 22 100 2 256 937.88 0.89 Credicorp 14 000 1 900 15 900 2 192 145.61 0.87 Danone EUR 35 819 35 819 0 0.00 Du Pont De Nem. & Co/E.I. 38 617 38 617 0 0.00 Ecolab 0 16 000 16 000 1 579 780.96 0.62 Fresenius Medical Care EUR 38 380 10 000 12 000 36 380 2 168 364.87 0.86 General Electric Capital 121 496 121 496 0 0.00 Glencore Xstrata Plc GBP 717 250 180 000 537 250 2 652 026.31 1.05 Google Inc A 6 200 1 950 4 250 2 203 562.72 0.87 Google Inc Shs C 0 4 900 4 900 2 499 775.64 0.99 Grupo Fin B Rece Rep 5 /Sadr 84 600 84 600 0 0.00 Grupo Televisa /gds 0 65 000 9 000 56 000 1 703 862.01 0.67 Halliburton Co 86 300 16 000 70 300 4 426 908.17 1.76 Hartford Finance Services Group 97 410 32 000 65 410 2 077 180.06 0.82 Henkel AG & Co. KGaA EUR 27 010 4 000 23 010 2 053 433.27 0.81 Home Depot 35 953 35 953 0 0.00 IBM Corp 17 520 17 520 0 0.00 Interpublic Group 200 000 200 000 0 0.00 Intl Flavors Frag 45 496 23 000 22 496 2 080 328.90 0.82 Investor B SEK 0 34 000 34 000 1 130 668.67 0.45 Jardine Matheson Holdings 31 000 31 000 1 630 479.32 0.64 JPMorgan Chase & Co 75 800 9 100 66 700 3 408 197.58 1.36 Kabel Deutschland Holding AG EUR 19 900 19 900 0 0.00 Kansas City Southern 15 600 15 600 0 0.00 Keyence Corp JPY 0 3 100 3 100 1 199 304.82 0.47 Kimberly Clark Corp 0 23 800 23 800 2 347 391.48 0.93 Kingfisher Plc GBP 0 382 000 382 000 2 079 416.64 0.82 Koninklijke Boskalis Westminster EUR 63 080 10 000 53 080 2 699 392.71 1.07 Life Healthcare Group Holding ZAR 0 340 000 340 000 1 175 864.83 0.46 Mattel Inc 55 000 55 000 0 0.00 Megafon Ojsc /GDR 63 000 63 000 0 0.00 Mr. Price Group Limited ZAR 0 117 400 117 400 1 769 398.24 0.70 Nissan Motor JPY 359 000 80 000 279 000 2 347 049.98 0.93 Nokia Oy EUR 0 262 000 262 000 1 759 150.76 0.69 Novartis AG CHF 42 192 14 200 27 992 2 247 757.60 0.89 The notes at the end are an integral part of these financial statements. Audited annual report 67

GlobalSar Balanced (CHF) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Novozymes B DKK 69 864 11 000 58 864 2 618 082.63 1.03 Ocado Group GBP 0 219 000 219 000 1 232 970.73 0.49 Occidental Petroleum 19 190 19 190 0 0.00 Pfizer 106 600 106 600 0 0.00 Phil. long Distance Tel. PHP 0 22 000 22 000 1 335 531.20 0.53 Prudential GBP 244 107 193 000 51 107 1 039 185.00 0.41 Reckitt Benckiser Group GBP 19 056 19 056 1 473 620.39 0.58 Roche Holding AG /Genussschein CHF 9 200 2 200 1 500 9 900 2 618 550.00 1.03 SES SA /fdr EUR 131 607 46 000 85 607 2 879 159.23 1.14 Sk Telecom /spons. Adr (1/9act) 0 100 000 100 000 2 300 359.15 0.91 Skf SEK 0 89 400 6 000 83 400 1 886 220.85 0.74 SSE Plc GBP 0 85 600 85 600 0 0.00 Tdc DKK 242 766 30 000 212 766 1 952 576.37 0.77 Tiffany & Co 0 18 000 18 000 0 0.00 Total Sa EUR 37 625 37 625 0 0.00 UBS N CHF 110 000 110 000 1 789 700.00 0.71 Umicore SA EUR 51 540 3 300 48 240 1 987 319.96 0.78 Unicharm Corp SGD 31 900 31 900 0 0.00 United Technologies Corp 39 000 12 000 27 000 2 764 288.57 1.09 Valero Ener Corp 47 444 8 000 39 444 1 752 444.82 0.69 Varian Medical Systems Inc 27 950 27 950 0 0.00 Verizon Communications Inc 53 100 26 300 79 400 0 0.00 Vodafone Group Plc GBP 0 1 000 000 1 000 000 0 0.00 Vodafone Group Plc GBP 0 835 000 835 000 2 468 907.33 0.97 Walt Disney /Disney Ser. 43 600 10 000 33 600 2 554 750.14 1.01 Weyerhaeuser Co 65 700 65 700 0 0.00 Wolseley (old) GBP 0 32 800 32 800 0 0.00 Wolseley Plc GBP 0 31 742 31 742 1 541 611.46 0.61 Yum Brands 31 337 31 337 0 0.00 3i Group GBP 299 600 299 600 1 825 759.29 0.72 120 911 830.10 47.74 Bonds Abertis 2.500 27.02.25 EUR 0 500 000 500 000 604 373.42 0.24 Aeroporti R 3.250 20.02.21 EUR 0 1 100 000 1 100 000 1 452 601.56 0.57 ATT 3.550 17.12.32 EUR 2 000 000 2 000 000 0 0.00 ATT 4.875 01.06.44 GBP 1 000 000 1 000 000 0 0.00 Aviva Emtn 6.125 05.07.43 EUR 0 1 000 000 1 000 000 1 435 285.18 0.57 Barclays Bank 4.750 31.12.99 EUR 2 300 000 2 300 000 0 0.00 BNG 2.250 12.01.17 EUR 3 100 000 3 100 000 3 953 075.92 1.56 Bpcm 1.625 17.08.17 3 000 000 3 000 000 2 685 487.52 1.06 Canada 4.500 01.06.15 CAD 2 500 000 2 500 000 2 147 752.09 0.85 Cez 4.250 03.04.22 850 000 850 000 788 378.49 0.31 Citigroup Inc 3.000 17.12.14 CHF 2 000 000 2 000 000 0 0.00 Coca Cola 2.375 07.05.25 EUR 1 500 000 1 500 000 1 824 812.64 0.72 Crédit Agricole 2.375 27.11.20 EUR 0 2 500 000 2 500 000 3 201 016.70 1.26 EBRD 5.500 16.10.15 BRL 1 500 000 1 500 000 0 0.00 Ebrd 7.650 18.02.15 INR 0 50 000 000 50 000 000 741 089.96 0.29 EIB 3.500 28.01.14 CHF 5 500 000 5 500 000 0 0.00 EIB 3.500 15.04.27 EUR 1 500 000 1 500 000 2 158 172.96 0.85 Enel Finance Intl. 5.000 14.09.22 EUR 2 300 000 2 300 000 3 395 740.36 1.34 Ferrovie Stato 4.000 22.07.20 EUR 0 750 000 750 000 0 0.00 Finland 3.500 15.04.21 EUR 3 000 000 3 000 000 4 270 268.46 1.69 France 1.000 25.11.18 EUR 0 8 000 000 8 000 000 9 959 528.05 3.94 GDF Suez 3.500 18.10.22 EUR 1 000 000 1 000 000 0 0.00 GE Cap Eur 2.250 20.07.20 EUR 0 2 400 000 2 400 000 3 084 631.98 1.22 Germany 3.750 04.01.15 EUR 1 500 000 1 500 000 0 0.00 Germany 4.750 04.07.34 EUR 3 750 000 500 000 4 250 000 7 431 961.49 2.93 Hutch Whampoa FRN 31.12.99 1 500 000 550 000 950 000 909 705.14 0.36 IADB 2.750 15.04.19 CHF 2 500 000 2 500 000 2 805 000.00 1.11 Intesa Sanpaolo Spa 4.125 19.09.16 EUR 1 800 000 1 800 000 0 0.00 Ipic Gmtn 4.875 14.05.16 EUR 2 000 000 2 000 000 0 0.00 Ireland 3.400 18.03.24 EUR 0 1 150 000 1 150 000 1 522 343.03 0.60 Kgi Sec 3.500 13.12.21 EUR 0 2 000 000 2 000 000 2 642 405.04 1.04 Latvia 2.875 30.04.24 EUR 0 1 000 000 1 000 000 0 0.00 Legal & General Group 6.385 31.12.99 GBP 2 100 000 1 100 000 1 000 000 1 631 487.93 0.64 Lloyds Banking Group Plc 4.625 02.02.17 EUR 900 000 900 000 0 0.00 68 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Balanced (CHF) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Nestle Fin 1.750 12.09.22 EUR 1 750 000 1 750 000 0 0.00 Netherlands 3.500 15.07.20 EUR 2 300 000 2 300 000 0 0.00 Netherlands 4.500 15.07.17 EUR 4 500 000 4 500 000 0 0.00 New York Life Funding 2.375 22.02.16 CHF 4 000 000 2 000 000 2 000 000 2 072 000.00 0.82 Norway 5.000 15.05.15 NOK 13 000 000 13 000 000 1 938 469.14 0.77 Orgau 2.500 23.10.20 EUR 2 000 000 2 000 000 0 0.00 Poland 2.750 25.02.16 CHF 3 000 000 3 000 000 3 120 000.00 1.23 Porterbrook 5.500 20.04.19 GBP 500 000 500 000 832 415.63 0.33 Rabobank Nederland 3.875 25.07.23 EUR 0 3 200 000 1 200 000 2 000 000 2 643 327.81 1.04 RBS FRN 16.03.22 CHF 4 518 000 4 518 000 5 371 902.00 2.12 Roche Fin 2.000 25.06.18 EUR 1 500 000 1 500 000 0 0.00 SGSP 3.550 09.04.23 750 000 750 000 633 102.03 0.25 Swisscom 3.250 14.09.18 CHF 3 800 000 1 600 000 2 200 000 2 465 100.00 0.97 Temasek Fin 2.375 23.01.23 1 500 000 1 500 000 1 280 556.91 0.51 UK Tsy 4.500 07.09.34 GBP 2 000 000 2 000 000 3 572 087.76 1.41 Unicredit 3.375 31.10.17 EUR 1 200 000 1 200 000 0 0.00 USA 2.625 15.11.20 3 750 000 3 750 000 3 452 804.23 1.36 86 026 883.43 33.96 Investment funds EI NIPP JPY 0 10 000 10 000 4 310 702.68 1.71 Findlay Park Fds Latin America 157 700 40 000 117 700 2 237 829.11 0.88 Polar Cap Japan Fund Cl I H EUR EUR 259 182 259 182 0 0.00 Polar Capital Glb Tech I Usd 0 126 821 25 000 101 821 1 920 572.60 0.76 Principalprefr Class I Usd 0 135 000 135 000 1 246 264.36 0.49 9 715 368.75 3.84 Index options Euro Stoxx 50 Pr CALL 09/13 20.09.13 EUR 424 424 0 0.00 Euro Stoxx 50 Pr PUT 09/13 20.09.13 EUR 424 424 0 0.00 MSCI Emerging Markets CALL 03/14 24.03.14 0 280 280 0 0.00 Msci Emerging Markets Nr 23.06.14 0 84 84 0 0.00 Msci Emerging Markets Nr 23.06.14 0 84 84 0 0.00 MSCI Emerging Markets PUT 03/14 24.03.14 0 280 280 0 0.00 S&p 500 Indices CALL 12/13 21.12.13 0 136 136 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 91 91 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 0 46 46 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 91 91 0 0.00 S&p 500 Indices PUT 12/13 21.12.13 0 136 136 0 0.00 S&p 500 Indices PUT 12/13 21.12.13 0 136 136 0 0.00 Ukx Ftse 100 Index CALL 12/14 19.12.14 GBP 160 33 127 58 733.69 0.02 58 733.69 0.02 Futures options Euro Bund CALL 11/13 22.11.13 EUR 0 154 154 0 0.00 0.00 Options on securities Ecolab Inc PUT 01/14 18.01.14 0 372 372 0 0.00 Ecolab Inc PUT 07/14 19.07.14 0 128 128 567.55 0.00 Intuitive Surgical CALL 01/15 17.01.15 0 69 69 4 283.24 0.00 Intuitive Surgical CALL 01/15 17.01.15 0 69 69 79 545.96 0.03 Petrochina Co Ltd /H CALL 03/15 30.03.15 HKD 0 2 496 824 1 672 390 273.76 0.15 Prudential Plc CALL 09/13 20.09.13 GBP 168 168 0 0.00 Prudential Plc PUT 12/13 20.12.13 GBP 0 110 110 0 0.00 Reckitt Benckiser Group Plc CALL 12/13 20.12.13 GBP 0 17 17 0 0.00 Rights Barclays Issue 2013 GBP 0 169 225 169 225 0 0.00 Samsung Electronics Shs Sp. Global Deposit. 6 603 6 603 0 0.00 Receipt Rep. Vtg. Shs 144A/RegS Skf Ab B PUT 12/13 20.12.13 SEK 0 894 894 0 0.00 Starwood Hotels Resorts Ww PUT 11/13 16.11.13 392 392 0 0.00 464 968.93 0.18 Total listed securities 217 177 784.90 85.74 The notes at the end are an integral part of these financial statements. Audited annual report 69

GlobalSar Balanced (CHF) (continued) Description % Expiry/ Maturity Currency Transferable securities dealt on another regulated market Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Bonds Euro Bank Rec 6.200 27.06.15 INR 0 50 000 000 50 000 000 732 773.64 0.29 USA 1.375 31.01.20 2 750 000 4 750 000 7 500 000 6 501 872.02 2.56 USA 1.750 15.05.23 0 5 000 000 5 000 000 4 195 326.03 1.66 USA 3.125 15.02.43 0 2 850 000 2 850 000 2 423 717.89 0.96 13 853 689.58 5.47 Total transferable securities dealt on another regulated market 13 853 689.58 5.47 Other transferable securities Equities Vodafone Group Plc B Shs GBP 0 1 000 000 1 000 000 0 0.00 0.00 Investment funds Argos Fundsargonaut Fdx GBP 0 6 100 6 100 1 168 661.63 0.46 Jupiter Global Convert I/cap EUR 446 356 100 000 346 356 5 090 834.33 2.01 Sar Ie Re GBPIacc I GBP GBP 214 562 69 300 145 262 3 722 400.28 1.47 9 981 896.24 3.94 Warrants UBS London Cert. On Basket 04.07.17 EUR 15 355 2 600 12 755 1 922 511.03 0.76 1 922 511.03 0.76 Total other transferable securities 11 904 407.27 4.70 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 242 935 881.75 95.91 7 126 901.83 2.81 3 238 729.01 1.28 253 301 512.59 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Asset Allocation Long Short Net Bonds 40.10 0.00 40.10 Equities 54.60 0.00 54.50 Alternative Assets 2.60 0.00 2.60 Other 1.40 0.00 1.40 Total 98.70 0.00 98.60 Currency Allocation Currencies % CHF 68.60 16.80 EUR 5.70 JPY 1.60 GBP 1.10 Other 8.40 Total 100.00 70 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Balanced (EUR) Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Aggreko Plc GBP 12 000 12 000 0 0.00 AIA Group HKD 0 166 600 166 600 611 517.18 1.05 Amgen Inc 7 000 4 600 3 300 8 300 717 577.33 1.24 Anadarko Petrol. Corp 0 7 000 7 000 559 683.02 0.96 Asml Holding Nv EUR 11 627 4 600 7 027 477 906.27 0.82 Associated British Foods Plc GBP 42 286 29 100 13 186 502 085.46 0.86 Barclays Bank GBP 253 800 63 450 317 250 0 0.00 Barclays Plc /iss.2013 GBP 0 63 450 63 450 0 0.00 BG Group Plc GBP 67 400 20 500 46 900 723 347.44 1.25 Bmwbayer.motor EUR 0 5 300 5 300 490 886.00 0.85 BNP Paribas EUR 0 10 000 2 200 7 800 386 451.00 0.67 Borg Warner 7 400 12 000 2 800 16 600 790 383.81 1.35 BP GBP 34 200 34 200 0 0.00 Cameco Corp CAD 25 100 25 100 0 0.00 Carmax 15 000 5 000 2 000 18 000 683 767.30 1.18 Cemex /Adr 74 048 1 346 40 400 34 994 338 144.55 0.58 Citigroup Inc 31 223 9 800 21 423 736 970.60 1.27 CocaCola Co. 21 800 21 800 0 0.00 Colgatepalmolive 0 13 200 13 200 657 324.62 1.13 Costco Wholesale Corp 8 500 1 800 6 700 563 540.88 0.97 Credicorp 6 000 1 700 4 300 488 274.48 0.84 Danone EUR 12 373 12 373 0 0.00 Du Pont De Nem. & Co/E.I. 13 146 13 146 0 0.00 Ecolab 0 4 400 4 400 357 810.32 0.62 Fresenius Medical Care EUR 13 760 3 300 7 300 9 760 479 118.40 0.82 General Electric Capital 36 060 36 060 0 0.00 Glencore Xstrata Plc GBP 255 550 107 000 148 550 603 945.16 1.04 Google Inc A 2 130 950 1 180 503 897.02 0.87 Google Inc Shs C 0 1 430 400 1 030 432 778.29 0.75 Grupo Fin B Rece Rep 5 /Sadr 29 500 29 500 0 0.00 Grupo Televisa /gds 0 23 000 7 600 15 400 385 913.89 0.66 Halliburton Co 30 000 10 300 19 700 1 021 726.62 1.75 Hartford Finance Services Group 34 030 15 100 18 930 495 112.52 0.85 Henkel AG & Co. KGaA EUR 9 241 3 000 6 241 458 713.50 0.79 Home Depot 12 734 12 734 0 0.00 IBM Corp 6 180 6 180 0 0.00 Interpublic Group 72 000 72 000 0 0.00 Intl Flavors Frag 11 652 5 700 5 952 453 328.39 0.78 Investor B SEK 0 11 600 11 600 317 715.00 0.55 Jardine Matheson Holdings 11 200 2 000 9 200 398 533.40 0.69 JPMorgan Chase & Co 26 300 7 600 18 700 786 980.24 1.34 Kabel Deutschland Holding AG EUR 6 900 6 900 0 0.00 Kansas City Southern 6 100 6 100 0 0.00 Keyence Corp JPY 0 1 500 1 500 477 949.97 0.82 Kimberly Clark Corp 0 6 500 6 500 528 013.73 0.91 Kingfisher Plc GBP 0 135 000 26 000 109 000 488 683.97 0.84 Koninklijke Boskalis Westminster EUR 23 412 8 400 15 012 628 777.62 1.08 Life Healthcare Group Holding ZAR 0 99 000 99 000 281 992.12 0.49 Mattel Inc 19 000 19 000 0 0.00 Megafon Ojsc /GDR 22 000 22 000 0 0.00 Mr. Price Group Limited ZAR 0 45 700 14 000 31 700 393 495.75 0.68 Nissan Motor JPY 124 800 6 000 53 000 77 800 539 040.04 0.93 Nokia Oy EUR 0 82 000 10 000 72 000 398 160.00 0.69 Novartis AG CHF 14 736 6 600 8 136 538 083.63 0.93 The notes at the end are an integral part of these financial statements. Audited annual report 71

GlobalSar Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Novozymes B DKK 24 522 7 800 16 722 612 555.00 1.05 Ocado Group GBP 0 60 600 60 600 280 998.97 0.48 Occidental Petroleum 6 754 6 754 0 0.00 Pfizer 38 500 38 500 0 0.00 Phil. long Distance Tel. PHP 0 6 000 6 000 299 989.39 0.52 Prudential GBP 85 520 72 000 13 520 226 418.87 0.39 Reckitt Benckiser Group GBP 6 670 1 400 5 270 335 651.00 0.58 Roche Holding AG /Genussschein CHF 3 360 800 1 400 2 760 601 254.10 1.04 SES SA /fdr EUR 44 769 21 200 23 569 652 861.30 1.12 Sk Telecom /spons. Adr (1/9act) 0 35 000 6 300 28 700 543 751.96 0.94 Skf SEK 0 32 600 10 000 22 600 420 976.86 0.72 SSE Plc GBP 0 22 000 22 000 0 0.00 Tdc DKK 84 159 17 000 67 159 507 613.68 0.87 Tiffany & Co 0 10 000 10 000 0 0.00 Total Sa EUR 13 090 13 090 0 0.00 UBS N CHF 38 000 8 400 29 600 396 645.52 0.68 Umicore SA EUR 17 440 4 300 13 140 445 840.20 0.77 Unicharm Corp SGD 11 200 11 200 0 0.00 United Technologies Corp 13 300 5 800 7 500 632 417.93 1.09 Valero Ener Corp 16 687 5 600 11 087 405 696.02 0.70 Varian Medical Systems Inc 9 850 9 850 0 0.00 Verizon Communications Inc 18 500 7 206 25 706 0 0.00 Vodafone Group Plc GBP 0 370 000 370 000 0 0.00 Vodafone Group Plc GBP 0 233 000 233 000 567 410.91 0.98 Walt Disney /Disney Ser. 15 500 5 800 9 700 607 441.11 1.05 Weyerhaeuser Co 27 400 27 400 0 0.00 Wolseley (old) GBP 0 16 800 16 800 0 0.00 Wolseley Plc GBP 0 10 710 10 710 428 404.04 0.74 Yum Brands 10 795 10 795 0 0.00 3i Group GBP 112 693 35 000 77 693 389 948.32 0.67 28 053 504.70 48.29 Bonds Abertis 2.500 27.02.25 EUR 0 200 000 200 000 199 108.00 0.34 Adif Alta V 3.500 27.05.24 EUR 0 200 000 200 000 209 100.00 0.36 Aeroporti R 3.250 20.02.21 EUR 0 300 000 300 000 326 286.00 0.56 ASF 2.875 18.01.23 EUR 200 000 200 000 215 682.00 0.37 ATT 2.500 15.03.23 EUR 800 000 300 000 500 000 522 615.00 0.90 ATT 4.875 01.06.44 GBP 400 000 400 000 0 0.00 Aviva Emtn 6.125 05.07.43 EUR 0 250 000 250 000 295 530.00 0.51 Barclays Bank 4.750 31.12.99 EUR 650 000 650 000 0 0.00 Bmw Fin 2.625 17.01.24 EUR 0 400 000 250 000 150 000 160 470.00 0.28 BNG 2.250 12.01.17 EUR 1 050 000 250 000 800 000 840 208.00 1.45 Boa 4.625 07.08.17 EUR 500 000 100 000 150 000 450 000 500 872.50 0.86 Bpcm 1.625 17.08.17 500 000 500 000 0 0.00 Brambles 2.375 12.06.24 EUR 0 250 000 250 000 253 005.00 0.44 Crédit Agricole 2.375 27.11.20 EUR 0 1 100 000 300 000 800 000 843 648.00 1.45 EBRD 5.500 16.10.15 BRL 500 000 500 000 0 0.00 Ebrd 7.650 18.02.15 INR 0 14 500 000 14 500 000 177 007.73 0.30 EIB 3.500 15.04.27 EUR 1 000 000 250 000 750 000 888 750.00 1.53 Enel Finance Intl. 5.000 14.09.22 EUR 750 000 200 000 550 000 668 794.50 1.15 Ferrovie Stato 4.000 22.07.20 EUR 0 300 000 300 000 0 0.00 Finland 3.500 15.04.21 EUR 1 700 000 1 700 000 1 992 995.00 3.43 France 1.000 25.11.18 EUR 0 2 900 000 400 000 2 500 000 2 563 375.00 4.41 France OAT 1.600 25.07.15 EUR 400 000 400 000 0 0.00 GDF Suez 3.500 18.10.22 EUR 750 000 350 000 400 000 457 100.00 0.79 GE Cap Eur 2.250 20.07.20 EUR 0 300 000 300 000 317 568.00 0.55 Germany 3.750 04.01.15 EUR 450 000 450 000 0 0.00 Germany 4.750 04.07.34 EUR 750 000 500 000 500 000 750 000 1 080 187.50 1.86 Hutch Whampoa FRN 31.12.99 550 000 550 000 0 0.00 Iberdrola Intl. 4.125 23.03.20 EUR 400 000 400 000 0 0.00 Intesa Sanpaolo Spa 4.125 19.09.16 EUR 700 000 700 000 0 0.00 Ipic Gmtn 4.875 14.05.16 EUR 800 000 800 000 0 0.00 Ireland 3.400 18.03.24 EUR 0 300 000 300 000 0 0.00 John Deere 1.500 16.07.18 EUR 0 400 000 400 000 0 0.00 JP Morgan 4.500 24.01.22 850 000 200 000 650 000 519 230.91 0.89 Kgi Sec 3.500 13.12.21 EUR 0 350 000 350 000 380 856.00 0.66 72 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Latvia 2.875 30.04.24 EUR 0 250 000 250 000 258 462.50 0.44 Legal & General Group 6.385 31.12.99 GBP 600 000 150 000 450 000 604 671.95 1.04 Lloyds Banking Group Plc 4.625 02.02.17 EUR 700 000 700 000 0 0.00 Mcdonalds 2.375 27.11.24 EUR 600 000 600 000 0 0.00 Motability 3.250 30.11.18 EUR 900 000 200 000 700 000 769 083.00 1.32 National Grid Plc 6.000 13.05.38 GBP 307 000 307 000 0 0.00 Nestle Fin 1.750 12.09.22 EUR 700 000 150 000 550 000 564 003.00 0.97 Netherlands 3.500 15.07.20 EUR 1 900 000 1 900 000 0 0.00 Netherlands 4.500 15.07.17 EUR 1 000 000 1 000 000 0 0.00 Norway 5.000 15.05.15 NOK 4 500 000 4 500 000 0 0.00 Orgau 2.500 23.10.20 EUR 600 000 600 000 0 0.00 Porterbrook 5.500 20.04.19 GBP 250 000 250 000 342 794.37 0.59 Rabobank Nederland 3.875 25.07.23 EUR 0 1 100 000 600 000 500 000 544 270.00 0.94 Robert Bosch 1.625 24.05.21 EUR 200 000 200 000 0 0.00 Roche Fin 2.000 25.06.18 EUR 1 000 000 400 000 600 000 632 862.00 1.09 Scot&Sth EN 5.025 31.12.99 EUR 700 000 150 000 550 000 571 186.00 0.98 Spain 3.300 30.07.16 EUR 0 1 000 000 1 000 000 1 057 000.00 1.82 SPI Elec 2.375 24.07.20 EUR 0 500 000 500 000 526 105.00 0.91 Statoil 4.375 11.03.15 EUR 0 350 000 350 000 359 863.00 0.62 Telecom It 4.500 20.09.17 EUR 600 000 600 000 0 0.00 Telefonica 5.289 09.12.22 GBP 0 250 000 250 000 341 195.85 0.59 Tesco Plc 5.125 24.02.15 EUR 400 000 400 000 0 0.00 Thames Fin. 3.250 09.11.16 EUR 600 000 600 000 0 0.00 UK 4.250 07.12.27 GBP 0 500 000 500 000 0 0.00 UK Tsy 4.500 07.09.34 GBP 500 000 350 000 850 000 0 0.00 USA 2.625 15.11.20 2 000 000 300 000 1 700 000 1 289 178.05 2.22 Wm Morrison 2.250 19.06.20 EUR 0 300 000 300 000 303 420.00 0.52 21 576 483.86 37.14 Investment funds EI NIPP JPY 0 3 700 500 3 200 1 136 112.51 1.95 Findlay Park Fds Latin America 54 700 23 000 31 700 496 401.42 0.85 Polar Cap Japan Fund Cl I H EUR EUR 90 227 90 227 0 0.00 Polar Capital Glb Tech I Usd 0 44 370 16 500 27 870 432 961.21 0.75 Principalprefr Class I Usd 0 38 000 38 000 288 923.78 0.50 2 354 398.92 4.05 Index options Euro Stoxx 50 Pr CALL 09/13 20.09.13 EUR 148 148 0 0.00 Euro Stoxx 50 Pr PUT 09/13 20.09.13 EUR 148 148 0 0.00 MSCI Emerging Markets CALL 03/14 24.03.14 0 103 103 0 0.00 Msci Emerging Markets Nr 23.06.14 0 24 24 0 0.00 Msci Emerging Markets Nr 23.06.14 0 24 24 0 0.00 MSCI Emerging Markets PUT 03/14 24.03.14 0 103 103 0 0.00 S&p 500 Indices CALL 12/13 21.12.13 0 50 50 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 31 31 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 0 16 16 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 31 31 0 0.00 S&p 500 Indices PUT 12/13 21.12.13 0 50 50 0 0.00 S&p 500 Indices PUT 12/13 21.12.13 0 50 50 0 0.00 Ukx Ftse 100 Index CALL 12/14 19.12.14 GBP 54 21 33 12 569.58 0.02 12 569.58 0.02 Futures options Euro Bund CALL 11/13 22.11.13 EUR 0 57 57 0 0.00 0.00 Options on securities Ecolab Inc PUT 01/14 18.01.14 0 130 130 0 0.00 Ecolab Inc PUT 07/14 19.07.14 0 35 35 127.82 0.00 Intuitive Surgical CALL 01/15 17.01.15 0 25 25 1 278.17 0.00 Intuitive Surgical CALL 01/15 17.01.15 0 25 25 23 737.36 0.04 Petrochina Co Ltd /H CALL 03/15 30.03.15 HKD 0 710 235 475 91 316.65 0.16 Prudential Plc CALL 09/13 20.09.13 GBP 57 57 0 0.00 Prudential Plc PUT 12/13 20.12.13 GBP 0 40 40 0 0.00 Reckitt Benckiser Group Plc CALL 12/13 20.12.13 GBP 0 6 6 0 0.00 Rights Barclays Issue 2013 GBP 0 63 450 63 450 0 0.00 The notes at the end are an integral part of these financial statements. Audited annual report 73

GlobalSar Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Samsung Electronics Shs Sp. Global Deposit. 2 113 2 113 0 0.00 Receipt Rep. Vtg. Shs 144A/RegS Skf Ab B PUT 12/13 20.12.13 SEK 0 326 326 0 0.00 Starwood Hotels Resorts Ww PUT 11/13 16.11.13 134 134 0 0.00 113 648.02 0.20 Total listed securities 52 110 605.08 89.70 Transferable securities dealt on another regulated market Bonds Euro Bank Rec 6.200 27.06.15 INR 0 14 500 000 14 500 000 175 021.39 0.30 USA 1.375 31.01.20 650 000 250 000 650 000 250 000 178 500.92 0.31 353 522.31 0.61 Total transferable securities dealt on another regulated market 353 522.31 0.61 Other transferable securities Equities Vodafone Group Plc B Shs GBP 0 274 000 274 000 0 0.00 0.00 Investment funds Argos Fundsargonaut Fdx GBP 0 1 700 1 700 268 244.80 0.46 Jupiter Global Convert I/cap EUR 146 268 51 000 95 268 1 153 291.57 1.98 Muzinich Enhanc Sh Term Eur/Cap EUR 7 000 1 600 5 400 824 742.00 1.42 Sar Ie Re GBPIacc I GBP GBP 74 742 40 468 34 274 723 371.39 1.25 2 969 649.76 5.11 Warrants UBS London Cert. On Basket 04.07.17 EUR 5 335 1 800 3 535 438 834.90 0.76 438 834.90 0.76 Total other transferable securities 3 408 484.66 5.87 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 55 872 612.05 96.18 1 840 729.91 3.17 376 548.10 0.65 58 089 890.06 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 74 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Balanced (EUR) (continued) Allocation of investments as of 30.06.2014 Asset Allocation long short net Bonds 39.70 0.00 39.70 Equities 55.10 0.10 55.10 Alternative Assets 2.50 0.00 2.50 Other 1.10 0.00 1.10 Total 98.40 0.10 98.40 Currency Allocation Currencies % EUR 72.10 15.50 CHF 2.60 JPY 2.40 GBP 0.40 Other 7.00 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 75

GlobalSar Growth (EUR) Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Aggreko Plc GBP 12 000 12 000 0 0.00 AIA Group HKD 0 149 000 149 000 546 915.12 1.44 Amgen Inc 6 000 3 400 1 000 8 400 726 222.84 1.92 Anadarko Petrol. Corp 0 6 500 6 500 519 705.66 1.37 Asml Holding Nv EUR 9 848 2 000 7 848 533 742.48 1.41 Associated British Foods Plc GBP 37 436 23 500 13 936 530 643.33 1.40 Barclays Bank GBP 182 410 45 602 228 012 0 0.00 Barclays Plc /iss.2013 GBP 0 45 602 45 602 0 0.00 BG Group Plc GBP 62 300 16 000 46 300 714 093.53 1.88 Bmwbayer.motor EUR 0 5 000 5 000 463 100.00 1.22 BNP Paribas EUR 0 8 500 8 500 421 132.50 1.11 Borg Warner 6 600 11 400 2 000 16 000 761 815.73 2.01 BP GBP 39 223 39 223 0 0.00 Cameco Corp CAD 21 600 21 600 0 0.00 Carmax 15 000 4 700 19 700 748 345.32 1.97 Cemex /Adr 69 576 1 239 38 600 32 215 311 291.28 0.82 Citigroup Inc 24 319 2 000 22 319 767 793.81 2.03 CocaCola Co. 18 520 18 520 0 0.00 Colgatepalmolive 0 13 400 13 400 667 284.08 1.76 Costco Wholesale Corp 8 180 8 180 688 024.54 1.82 Credicorp 4 000 800 4 800 545 050.58 1.44 Danone EUR 9 430 9 430 0 0.00 Du Pont De Nem. & Co/E.I. 13 047 13 047 0 0.00 Ecolab 0 4 500 4 500 365 942.37 0.97 Fresenius Medical Care EUR 12 372 2 100 4 972 9 500 466 355.00 1.23 General Electric Capital 40 506 40 506 0 0.00 Glencore Xstrata Plc GBP 225 050 70 050 155 000 630 168.29 1.66 Google Inc A 1 782 530 1 252 534 643.28 1.41 Google Inc Shs C 0 1 652 1 652 694 125.96 1.83 Grupo Fin B Rece Rep 5 /Sadr 27 600 27 600 0 0.00 Grupo Televisa /gds 0 19 000 6 000 13 000 325 771.46 0.86 Halliburton Co 27 000 7 500 19 500 1 011 353.76 2.68 Hartford Finance Services Group 26 470 7 000 19 470 509 236.17 1.34 Henkel AG & Co. KGaA EUR 8 249 8 249 606 301.50 1.60 Home Depot 10 475 10 475 0 0.00 IBM Corp 5 570 5 570 0 0.00 Interpublic Group 64 600 64 600 0 0.00 Intl Flavors Frag 9 860 1 000 8 860 674 813.42 1.78 Investor B SEK 0 11 000 11 000 301 281.47 0.79 Jardine Matheson Holdings 10 000 10 000 433 188.47 1.14 JPMorgan Chase & Co 23 500 2 700 20 800 875 357.70 2.31 Kabel Deutschland Holding AG EUR 5 971 5 971 0 0.00 Kansas City Southern 4 800 4 800 0 0.00 Keyence Corp JPY 0 800 800 254 906.65 0.67 Kimberly Clark Corp 0 6 700 6 700 544 260.31 1.44 Kingfisher Plc GBP 0 107 000 107 000 479 717.29 1.27 Koninklijke Boskalis Westminster EUR 20 248 6 000 14 248 596 777.48 1.57 Life Healthcare Group Holding ZAR 0 95 000 95 000 270 598.50 0.71 Mattel Inc 17 000 17 000 0 0.00 Megafon Ojsc /GDR 20 000 20 000 0 0.00 Mr. Price Group Limited ZAR 0 34 700 34 700 430 735.10 1.14 Nissan Motor JPY 97 900 30 200 12 000 116 100 804 402.94 2.12 Nokia Oy EUR 0 71 000 71 000 392 630.00 1.04 Novartis AG CHF 12 650 4 500 8 150 539 009.53 1.42 76 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Growth (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Novozymes B DKK 25 589 4 000 21 589 790 841.40 2.09 Ocado Group GBP 0 40 000 40 000 185 477.87 0.49 Occidental Petroleum 6 110 6 110 0 0.00 Pfizer 29 942 29 942 0 0.00 Phil. long Distance Tel. PHP 0 6 200 6 200 309 989.04 0.82 Prudential GBP 87 304 83 000 4 304 72 078.91 0.19 Reckitt Benckiser Group GBP 6 193 6 193 394 437.69 1.04 Roche Holding AG /Genussschein CHF 2 500 800 600 2 700 588 183.36 1.55 SES SA /fdr EUR 40 650 18 800 21 850 605 245.00 1.60 Sk Telecom /spons. Adr (1/9act) 0 20 000 20 000 378 921.23 1.00 Skf SEK 0 25 900 25 900 482 446.93 1.27 SSE Plc GBP 0 24 500 24 500 0 0.00 Tdc DKK 84 968 45 000 39 968 302 093.59 0.80 Tiffany & Co 0 5 000 5 000 0 0.00 Total Sa EUR 12 572 12 572 0 0.00 UBS N CHF 35 000 35 000 469 006.53 1.24 Umicore SA EUR 16 360 16 360 555 094.80 1.46 Unibail Holding EUR 1 476 1 476 0 0.00 Unicharm Corp SGD 10 300 4 100 14 400 0 0.00 United Technologies Corp 12 200 4 000 8 200 691 443.59 1.82 Valero Ener Corp 14 958 5 000 9 958 364 383.60 0.96 Varian Medical Systems Inc 8 950 8 950 0 0.00 Verizon Communications Inc 16 100 8 679 24 779 0 0.00 Vodafone Group Plc GBP 0 230 000 230 000 560 105.19 1.48 Vodafone Group Plc GBP 0 330 000 330 000 0 0.00 Walt Disney /Disney Ser. 15 200 5 300 9 900 619 965.67 1.64 Westfield Group Stapled AUD 45 500 45 500 0 0.00 Weyerhaeuser Co 24 050 24 050 0 0.00 Wolseley (old) GBP 0 9 500 9 500 0 0.00 Wolseley Plc GBP 0 9 194 9 194 367 763.47 0.97 Yum Brands 9 720 9 720 0 0.00 3i Group GBP 91 861 15 000 76 861 385 772.43 1.02 28 809 987.75 76.02 Bonds Aeroporti R 3.250 20.02.21 EUR 0 100 000 100 000 108 762.00 0.29 ATT 2.500 15.03.23 EUR 300 000 300 000 0 0.00 Barclays Bank 4.750 31.12.99 EUR 400 000 400 000 0 0.00 BNG 2.250 12.01.17 EUR 320 000 320 000 336 083.20 0.89 Crédit Agricole 2.375 27.11.20 EUR 0 300 000 300 000 316 368.00 0.83 EBRD 5.500 16.10.15 BRL 250 000 250 000 0 0.00 Ebrd 7.650 18.02.15 INR 0 6 500 000 6 500 000 79 348.29 0.21 EIB 3.500 15.04.27 EUR 450 000 100 000 350 000 414 750.00 1.09 Enel Finance Intl. 5.000 14.09.22 EUR 250 000 250 000 303 997.50 0.80 Ferrovie Stato 4.000 22.07.20 EUR 0 150 000 150 000 0 0.00 Finland 3.500 15.04.21 EUR 800 000 180 000 620 000 726 857.00 1.91 France 1.000 25.11.18 EUR 0 420 000 420 000 430 647.00 1.14 GDF Suez 3.500 18.10.22 EUR 300 000 100 000 200 000 228 550.00 0.60 Germany 3.750 04.01.15 EUR 300 000 300 000 0 0.00 Germany 4.750 04.07.34 EUR 500 000 300 000 200 000 288 050.00 0.76 Hutch Whampoa FRN 31.12.99 350 000 350 000 0 0.00 Iberdrola Intl. 4.125 23.03.20 EUR 300 000 300 000 0 0.00 Intesa Sanpaolo Spa 4.125 19.09.16 EUR 300 000 300 000 0 0.00 Ipic Gmtn 4.875 14.05.16 EUR 300 000 300 000 0 0.00 Ireland 3.400 18.03.24 EUR 0 100 000 100 000 109 028.00 0.29 John Deere 1.500 16.07.18 EUR 0 200 000 200 000 0 0.00 Kgi Sec 3.500 13.12.21 EUR 0 150 000 150 000 163 224.00 0.43 Latvia 2.875 30.04.24 EUR 0 150 000 150 000 155 077.50 0.41 Legal & General Group 6.385 31.12.99 GBP 300 000 100 000 200 000 268 743.09 0.71 Lloyds Banking Group Plc 4.625 02.02.17 EUR 300 000 300 000 0 0.00 Nestle Fin 1.750 12.09.22 EUR 250 000 250 000 256 365.00 0.68 Orgau 2.500 23.10.20 EUR 300 000 300 000 0 0.00 Porterbrook 5.500 20.04.19 GBP 200 000 200 000 274 235.49 0.72 Rabobank Nederland 3.875 25.07.23 EUR 0 400 000 100 000 300 000 326 562.00 0.86 Roche Fin 2.000 25.06.18 EUR 400 000 100 000 300 000 316 431.00 0.83 Scot&Sth EN 5.025 31.12.99 EUR 100 000 100 000 200 000 207 704.00 0.55 Spain 3.300 30.07.16 EUR 0 200 000 200 000 211 400.00 0.56 The notes at the end are an integral part of these financial statements. Audited annual report 77

GlobalSar Growth (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets SPI Elec 2.375 24.07.20 EUR 0 200 000 200 000 210 442.00 0.56 Swisscom 3.250 14.09.18 CHF 700 000 500 000 200 000 184 571.72 0.49 Telefonica 5.289 09.12.22 GBP 0 200 000 200 000 272 956.68 0.72 USA 2.625 15.11.20 700 000 700 000 0 0.00 6 190 153.47 16.33 Investment funds Polar Capital Glb Tech I Usd 0 38 330 8 000 30 330 471 176.21 1.24 471 176.21 1.24 Index options Euro Stoxx 50 Pr CALL 09/13 20.09.13 EUR 90 90 0 0.00 Euro Stoxx 50 Pr PUT 09/13 20.09.13 EUR 90 90 0 0.00 MSCI Emerging Markets CALL 03/14 24.03.14 0 57 57 0 0.00 Msci Emerging Markets Nr 23.06.14 0 17 17 0 0.00 Msci Emerging Markets Nr 23.06.14 0 17 17 0 0.00 MSCI Emerging Markets PUT 03/14 24.03.14 0 57 57 0 0.00 S&p 500 Indices CALL 12/13 21.12.13 0 28 28 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 19 19 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 0 19 19 0 0.00 S&P 500 Indices PUT 09/13 21.09.13 19 19 0 0.00 S&p 500 Indices PUT 12/13 21.12.13 0 28 28 0 0.00 S&p 500 Indices PUT 12/13 21.12.13 0 28 28 0 0.00 Ukx Ftse 100 Index CALL 12/14 19.12.14 GBP 33 7 26 9 903.31 0.03 9 903.31 0.03 Futures options Euro Bund CALL 11/13 22.11.13 EUR 0 16 16 0 0.00 0.00 Options on securities Ecolab Inc PUT 01/14 18.01.14 0 114 114 0 0.00 Ecolab Inc PUT 07/14 19.07.14 0 34 34 124.16 0.00 Intuitive Surgical CALL 01/15 17.01.15 0 21 21 1 073.66 0.00 Intuitive Surgical CALL 01/15 17.01.15 0 21 21 19 939.38 0.05 Petrochina Co Ltd /H CALL 03/15 30.03.15 HKD 0 635 210 425 81 704.37 0.22 Prudential Plc CALL 09/13 20.09.13 GBP 83 83 0 0.00 Prudential Plc PUT 12/13 20.12.13 GBP 0 38 38 0 0.00 Reckitt Benckiser Group Plc CALL 12/13 20.12.13 GBP 0 5 5 0 0.00 Rights Barclays Issue 2013 GBP 0 45 602 45 602 0 0.00 Samsung Electronics Shs Sp. Global Deposit. 1 840 1 840 0 0.00 Receipt Rep. Vtg. Shs 144A/RegS Skf Ab B PUT 12/13 20.12.13 SEK 0 259 259 0 0.00 Starwood Hotels Resorts Ww PUT 11/13 16.11.13 85 85 0 0.00 100 445.93 0.27 Total listed securities 35 581 666.67 93.89 Transferable securities dealt on another regulated market Bonds Euro Bank Rec 6.200 27.06.15 INR 0 6 500 000 6 500 000 78 457.87 0.21 USA 1.375 31.01.20 600 000 600 000 428 402.21 1.13 506 860.08 1.34 Total transferable securities dealt on another regulated market 506 860.08 1.34 Other transferable securities Equities Vodafone Group Plc B Shs GBP 0 330 000 330 000 0 0.00 0.00 78 Audited annual report The notes at the end are an integral part of these financial statements.

GlobalSar Growth (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Warrants UBS London Cert. On Basket 04.07.17 EUR 4 527 700 3 827 475 083.78 1.25 475 083.78 1.25 Total other transferable securities 475 083.78 1.25 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 36 563 610.53 96.48 976 714.60 2.58 358 861.22 0.94 37 899 186.35 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Asset Allocation % Bonds 18.00 Equities 81.60 Liquidity 0.40 Total 100.00 Currency Allocation Currencies % EUR 65.00 25.80 CHF 1.40 JPY 0.30 GBP 2.40 Other 9.90 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 79

New Power Fund Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities ABB N CHF 67 617 67 617 0 0.00 Aes Corp. 92 586 92 586 0 0.00 Air Products and Chemicals 14 100 14 100 0 0.00 Aixtron AG EUR 34 750 34 750 0 0.00 Aker Solutions Asa NOK 0 105 494 105 494 0 0.00 Allegion Plc 0 14 996 14 996 0 0.00 A.P. MoellerMaersk A/s B DKK 0 855 855 1 551 669.00 3.69 Atlas Copco Shares B SEK 71 751 71 751 0 0.00 BG Group Plc GBP 103 288 20 302 83 453 40 137 619 040.43 1.47 Bombardier Inc B CAD 0 344 599 172 754 171 845 444 238.80 1.06 Brookfield Renewable CAD 76 972 76 972 0 0.00 Calpine Corp 65 700 65 700 0 0.00 Cemig /Sadr 179 190 7 409 186 599 0 0.00 Centrotec Sustainable AG EUR 73 970 40 308 33 662 611 806.85 1.46 Cie Générale de Géophysique EUR 86 249 86 249 0 0.00 Cisco Systems 107 000 107 000 0 0.00 Core Laboratories Nv 8 528 8 528 0 0.00 Covanta Holding 0 85 718 85 718 1 290 324.64 3.07 CSX Corp 63 647 18 305 81 952 0 0.00 Daimler AG EUR 0 23 925 11 508 12 417 849 322.80 2.02 Danaher Corp 22 600 8 836 9 659 21 777 1 252 239.13 2.98 EMC 95 676 95 676 0 0.00 Enbridge Inc. CAD 74 231 74 231 0 0.00 Encana Corp 0 96 114 46 346 49 768 861 848.07 2.05 Fabege Ab SEK 229 151 138 978 90 173 931 458.38 2.22 Fischer Georg N CHF 2 727 2 114 613 320 847.99 0.76 GCLPoly Energy Holdings Ltd HKD 0 11 686 240 4 300 589 7 385 651 1 802 663.85 4.28 Google Inc A 2 500 1 000 1 500 640 547.05 1.52 Google Inc Shs C 0 1 500 1 500 630 259.65 1.50 Hamburger Hafen Und Logistik AG EUR 0 23 538 23 538 456 519.51 1.09 Hawaiian Electric Industries 38 509 38 509 0 0.00 Headwaters Inc 0 89 064 89 064 903 552.54 2.15 Home Depot 19 503 19 503 0 0.00 Huaneng Power Intl H HKD 0 1 088 044 1 088 044 0 0.00 Huber + Suhner AG /nam CHF 51 362 24 033 27 329 1 046 646.41 2.49 Infineon Technologies /Nam. EUR 0 172 533 82 129 90 404 825 298.12 1.96 Ingersollrand Plc Shs 44 987 11 987 33 000 1 506 650.11 3.59 ITC Holdings 19 000 38 000 57 000 0 0.00 Itron 57 600 57 600 0 0.00 Jungfraubahn Hldg /nam.akt CHF 1 050 1 050 66 070.25 0.16 Krones AG EUR 13 513 13 513 978 206.07 2.33 Linde EUR 8 795 8 795 0 0.00 LKQ 62 220 14 893 47 327 922 585.28 2.20 Meyer Burger CHF 0 94 880 94 880 1 082 300.21 2.58 Mitsui Fudosan JPY 0 33 940 33 940 835 887.33 1.99 Molex Inc 78 100 78 100 0 0.00 Myr Group Inc 44 780 34 180 10 600 196 105.61 0.47 Novozymes B DKK 26 093 7 828 18 265 669 077.69 1.59 Osram Licht Akt. EUR 0 1 719 1 719 0 0.00 Owens Corning Inc 0 87 477 51 968 35 509 1 003 168.48 2.39 Panasonic Corp JPY 0 95 980 95 980 853 913.63 2.03 Praxair 17 600 17 600 1 707 617.13 4.07 Prysmian Spa EUR 80 304 56 792 23 512 387 948.00 0.92 Psi AG Fuer Produkte Und Syst EUR 10 600 10 600 0 0.00 80 Audited annual report The notes at the end are an integral part of these financial statements.

New Power Fund (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Quanta Services Inc 0 92 200 75 169 17 031 430 144.24 1.02 Questar Corp 74 906 74 906 0 0.00 Renewable Energy N NOK 0 1 359 412 1 359 412 573 763.80 1.37 Repower AG CHF 15 238 15 238 0 0.00 SaintGobain EUR 0 41 760 29 863 11 897 490 215.89 1.17 SAP EUR 28 288 28 288 0 0.00 Schindler Holding/Partic CHF 11 209 11 209 0 0.00 Schlumberger 23 700 10 200 13 500 1 163 002.60 2.77 Siemens N EUR 17 194 17 194 0 0.00 Smith Corp. A.O. 0 37 793 37 793 1 368 569.51 3.26 Southwestern Energy 46 900 21 716 25 184 836 738.24 1.99 Stantec CAD 41 466 20 527 20 939 948 777.14 2.26 Statoil NOK 71 832 71 832 0 0.00 Sulzer N CHF 14 526 14 526 0 0.00 SunOpta CAD 146 582 50 200 96 382 993 329.09 2.36 Teradata 26 585 26 585 0 0.00 Toyota Motor Credit JPY 0 18 100 18 100 793 936.60 1.89 Tullow Oil Plc GBP 0 58 000 58 000 618 213.76 1.47 Umicore SA EUR 27 103 27 103 0 0.00 Utd Parcel Service Inc B 0 22 315 5 913 16 402 1 229 835.53 2.93 Verbund AG EUR 24 925 24 925 0 0.00 Vestas Wind Systems DKK 0 40 927 18 164 22 763 838 732.23 2.00 Volvo B SEK 0 125 086 30 885 94 201 947 337.45 2.26 Wacker Chemie AG Muenchen EUR 19 486 12 438 10 996 20 928 1 764 858.24 4.20 Wells Fargo & Co 0 51 200 21 800 29 400 1 128 630.17 2.69 Xinjiang Goldwind H HKD 0 246 800 246 800 210 019.25 0.50 39 583 916.75 94.23 Total listed securities 39 583 916.75 94.23 Other transferable securities Equities New Energies Invest (in liquidation) CHF 9 400 9 400 130 219.83 0.31 130 219.83 0.31 Options on securities Rights Osram EUR 0 1 719 1 719 0 0.00 0.00 Total other transferable securities 130 219.83 0.31 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 39 714 136.58 94.54 3 201 696.13 7.62 908 077.15 2.16 42 007 755.56 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 81

New Power Fund (continued) Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 32.19 Germany 13.04 Canada 7.72 Denmark 7.27 Switzerland 5.98 Japan 5.90 Sweden 4.47 Ireland 3.58 United Kingdom 2.94 Other 16.91 Total 100.00 82 Audited annual report The notes at the end are an integral part of these financial statements.

OekoSar Equity Global Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities ABB N CHF 202 237 202 237 0 0.00 Adidas AG EUR 0 51 452 51 452 3 805 904.44 1.19 Aker Solutions Asa NOK 300 086 293 033 593 119 0 0.00 Alexion Pharma Inc 56 284 56 284 0 0.00 American Water Works 103 900 75 621 179 521 6 483 813.64 2.04 A.P. MoellerMaersk A/s B DKK 0 3 805 3 805 6 905 380.75 2.17 Aqua America 117 528 117 528 0 0.00 Asics Corp JPY 326 000 81 700 244 300 4 162 030.22 1.31 Aviva GBP 846 294 347 470 1 193 764 0 0.00 Axa EUR 0 490 999 490 999 8 570 387.55 2.68 Baloise Holding CHF 70 850 70 850 6 097 887.93 1.91 Banco Bradesco 108 688 108 688 0 0.00 Banco Itau Holding Fin. ADR (=1 GS share) 143 835 143 835 0 0.00 Bed Bath & Beyond Inc 0 93 780 93 780 3 930 246.07 1.23 BG Group Plc GBP 439 935 123 039 152 424 410 550 6 331 989.16 1.99 Biomarin Pharmaceutical Inc 70 318 58 187 128 505 0 0.00 Catamaran Corp 114 938 49 905 65 033 2 097 547.59 0.66 Cemig /Sadr 210 830 64 863 275 693 1 608 871.98 0.51 Cepheid Inc 140 500 140 500 0 0.00 Cerner Corp 88 100 88 100 96 316 79 884 3 009 470.64 0.94 Cie Générale de Géophysique EUR 155 385 155 385 0 0.00 Cisco Systems 299 800 299 800 0 0.00 Cognizant Technology Sol.corp 25 543 107 135 132 678 4 739 642.10 1.49 Daiwa Securities Group Inc JPY 0 779 727 779 727 4 930 150.84 1.55 Ecolab 69 000 69 000 0 0.00 EMC 209 081 209 081 0 0.00 EnCana CAD 79 595 79 595 1 379 752.21 0.43 Essilor International EUR 53 049 60 172 53 049 60 172 4 660 321.40 1.46 Fresenius Medical Care EUR 83 199 22 409 105 608 0 0.00 Fresh Market 84 593 84 593 2 067 945.59 0.65 Geberit N CHF 28 186 5 900 22 286 5 713 925.06 1.79 Getinge AB B SEK 0 241 812 241 812 4 639 036.21 1.46 Gilead Sciences 73 400 29 800 103 200 6 249 360.55 1.96 Google Inc A 8 600 8 600 3 672 469.78 1.15 Google Inc Shs C 0 8 600 8 600 3 613 488.66 1.13 Green Moutain Coffee Roast 98 000 98 000 0 0.00 Hamburger Hafen Und Logistik AG EUR 0 45 195 45 195 876 557.03 0.28 Henkel EUR 56 424 29 310 85 734 7 238 521.62 2.27 Hennes & Mauritz AB SEK 156 295 156 295 0 0.00 Hms Holdings Corp 165 800 165 800 2 471 590.40 0.78 Home Depot 95 860 55 514 47 707 103 667 6 129 993.30 1.92 IBM Corp 42 808 42 808 0 0.00 Itron 146 200 146 200 0 0.00 Komatsu JPY 0 406 200 406 200 6 888 033.92 2.16 LKQ 284 108 184 321 89 420 379 009 7 388 343.29 2.32 Medtronic 0 147 700 147 700 6 878 247.09 2.16 Metro EUR 0 133 105 133 105 0 0.00 Microsoft Corp 0 198 300 198 300 6 039 593.91 1.90 Mitsubishi Finance Group JPY 0 1 514 104 1 514 104 6 778 995.53 2.13 Molex Inc 139 736 54 798 194 534 0 0.00 Natura Cosmeticos BRL 317 900 317 900 3 924 050.19 1.23 Nordea Bank Ab SEK 0 453 071 453 071 4 667 704.55 1.47 Novo Nordisk B DKK 37 067 37 067 0 0.00 Novozymes B DKK 124 743 124 743 4 569 546.03 1.43 The notes at the end are an integral part of these financial statements. Audited annual report 83

OekoSar Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Old Mutual Plc GBP 2 501 842 2 501 842 0 0.00 Orix Corp JPY 0 541 308 541 308 6 552 592.83 2.06 Outotec Oyj EUR 322 436 322 436 0 0.00 Pediatrix Medical Group Inc 56 830 56 830 113 660 4 827 322.79 1.52 Pennon Group PLC GBP 362 845 362 845 3 557 115.34 1.12 Pentair Plc 0 116 360 116 360 6 129 265.02 1.92 Pentair Shs 155 200 155 200 0 0.00 Praxair 73 100 73 100 7 092 432.53 2.23 Prudential GBP 0 404 273 404 273 0 0.00 Qualcomm 116 200 116 200 0 0.00 Quanta Services Inc 190 900 106 100 120 810 176 190 4 449 950.85 1.40 Sabesp 188 870 188 870 1 478 790.78 0.46 SaintGobain EUR 0 214 620 71 933 142 687 5 879 417.84 1.85 SAP EUR 115 200 115 200 6 497 280.00 2.04 SGS Ste. Générale de Surveillance N CHF 3 062 1 163 1 899 3 323 588.08 1.04 Skanska B SEK 210 485 210 485 0 0.00 Smith And Nephew Plc GBP 0 417 100 417 100 5 412 063.53 1.70 Smith Corp. A.O. 0 180 817 180 817 6 547 790.13 2.06 Southwestern Energy 196 200 53 712 142 488 4 734 162.89 1.49 Standard Chartered GBP 266 909 22 384 289 293 4 313 694.66 1.35 Standard Life Plc GBP 0 1 310 686 1 310 686 6 123 412.52 1.92 Stantec CAD 115 100 115 100 5 215 351.68 1.64 Starbucks 164 100 25 900 51 200 138 800 7 844 534.20 2.45 Statoil NOK 339 731 254 966 84 765 1 900 819.05 0.60 Sulzer N CHF 31 946 31 946 0 0.00 Svenska Cellulosa SEK 151 796 151 796 0 0.00 Swiss Life Holding /Nam CHF 0 28 887 28 887 5 003 397.50 1.57 Toyota Motor Credit JPY 0 113 700 113 700 4 987 325.47 1.57 Tractor Supply Co 0 129 002 129 002 5 690 918.31 1.79 Union Pacific Corp. 57 054 57 054 114 108 8 313 386.41 2.60 United Natural Foods 69 600 63 683 5 917 281 340.03 0.09 United Rentals Inc 114 016 40 887 73 129 5 593 835.72 1.76 Utd Parcel Service Inc B 0 87 018 87 018 6 524 681.65 2.05 Vestas Wind Systems DKK 0 222 523 149 950 72 573 2 674 046.21 0.84 Volvo B SEK 0 383 160 383 160 3 853 269.27 1.21 Wells Fargo & Co 0 165 100 165 100 6 337 987.80 1.99 Whole Foods Market 117 400 117 400 0 0.00 Xerox Corp. 0 551 368 551 368 5 009 690.63 1.57 Xylem Inc 213 852 62 508 151 344 4 319 850.65 1.36 Yara International Asa NOK 41 657 41 657 0 0.00 308 990 113.60 97.00 Total listed securities 308 990 113.60 97.00 Other transferable securities Equities New Energies Invest (in liquidation) CHF 8 300 8 300 114 981.34 0.04 114 981.34 0.04 Options on securities Rights Anrecht Sl Hd CHF 0 28 887 28 887 0 0.00 0.00 Total other transferable securities 114 981.34 0.04 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 309 105 094.94 97.04 9 654 554.04 3.03 236 956.46 0.07 318 522 692.52 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 84 Audited annual report The notes at the end are an integral part of these financial statements.

OekoSar Equity Global (continued) Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 44.00 Japan 10.76 United Kingdom 8.08 Switzerland 6.32 France 6.00 Germany 5.78 Denmark 4.44 Sweden 4.13 Canada 2.73 Other 7.76 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 85

Real Estate Equity Global Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Alexandria Real Estate Equities 24 947 3 925 10 230 18 642 1 057 126.60 1.27 Alstria Office Reit AG EUR 83 198 21 890 31 366 73 722 713 039.18 0.86 American Campus Communities 31 883 16 880 16 777 31 986 893 360.58 1.07 Atrium Euro Re EUR 128 801 15 047 143 848 0 0.00 Avalonbay Communities 22 241 7 345 11 107 18 479 1 919 095.07 2.30 Boston Properties 39 267 6 521 16 690 29 098 2 511 632.50 3.01 BRE Properties Inc A 39 800 2 500 42 300 0 0.00 Capitaland SGD 251 000 29 000 280 000 0 0.00 Capitamalls Asia SGD 0 876 000 876 000 0 0.00 Castellum SEK 49 361 7 560 23 738 33 183 429 595.18 0.52 Cfs Retail /reit AUD 0 411 075 411 075 0 0.00 Cheung Kong Holdings HKD 279 925 39 000 116 000 202 925 2 629 447.21 3.16 Daito Trust Construct. JPY 10 700 1 200 4 400 7 500 644 007.71 0.77 Daiwa House Industry JPY 80 000 106 000 59 000 127 000 1 922 830.74 2.31 Derwent London GBP 30 516 1 981 11 761 20 736 693 752.96 0.83 Deutsche Ann /namen EUR 0 51 524 4 706 46 818 1 006 118.82 1.21 Deutsche Euroshop N EUR 17 853 2 568 8 097 12 324 444 896.40 0.53 Deutsche Wohnen AG EUR 68 057 25 475 36 355 57 177 900 537.75 1.08 Deutsche Wohnen AG EUR 0 48 062 48 062 0 0.00 Dexus Property Group AUD 2 039 882 61 068 755 584 1 345 366 1 029 473.98 1.24 Digital Realty Trust 31 903 11 681 26 105 17 479 744 531.48 0.89 Equity Residential 39 309 9 121 17 085 31 345 1 442 307.27 1.73 Essex Property Trust 14 621 4 977 6 705 12 893 1 741 258.91 2.09 Federal Realty Investment Trust 15 990 550 16 540 0 0.00 Global Logistic SGD 676 000 101 000 276 000 501 000 792 512.37 0.95 Goodman Group AUD 261 443 7 552 102 632 166 363 579 162.02 0.70 Great Portland Estates GBP 177 178 10 830 71 438 116 570 937 518.43 1.13 Gsw Immobilien AG EUR 19 153 652 19 805 0 0.00 Gsw Immob/z.umtausch Eing/reit EUR 0 18 848 18 848 0 0.00 Hammerson GBP 133 326 8 725 49 851 92 200 667 830.21 0.80 Hang Lung Properties HKD 393 182 67 000 189 000 271 182 610 780.22 0.73 HCP Inc 14 958 14 958 0 0.00 Hong Kong Land Holdings 251 000 37 000 112 000 176 000 857 407.88 1.03 Host Hotels & Resorts 154 861 24 100 63 600 115 361 1 854 505.07 2.23 Hulic Reit. Inc. /reit JPY 0 299 299 0 0.00 Industrial Infrasture /Reit JPY 78 55 41 92 601 607.38 0.72 Kilroy Realty Corporation 26 900 3 900 12 400 18 400 836 980.61 1.00 Kimco Realty 47 490 5 824 31 766 21 548 361 664.57 0.43 Klepierre EUR 19 204 2 734 8 442 13 496 502 253.64 0.60 Link Real Estate Trust HKD 375 000 101 500 476 500 0 0.00 Londonmetric Shs GBP 594 711 36 221 279 065 351 867 593 664.44 0.71 Macerich 47 372 7 310 20 159 34 523 1 683 095.53 2.02 Mirvac Group AUD 957 287 30 113 324 012 663 388 816 315.01 0.98 Mitsubishi Estate JPY 249 000 65 000 114 000 200 000 3 606 298.97 4.33 Mitsui Fudosan JPY 185 000 58 000 83 000 160 000 3 940 541.31 4.73 Nippon Building Fd / Reit JPY 0 443 443 1 890 790.77 2.27 Nippon Prologis Reit JPY 102 626 52 676 1 151 183.70 1.38 NTT Urban Development JPY 2 358 248 544 80 002 170 900 1 404 639.75 1.69 Prologis 99 452 17 723 40 939 76 236 2 287 943.06 2.75 PSP Swiss Property CHF 9 843 1 435 4 352 6 926 476 312.80 0.57 Public Storage 18 664 2 860 8 412 13 112 1 640 975.20 1.97 Regency Centers 29 439 4 304 13 326 20 417 830 309.73 1.00 Riocan Real Estate Inv. Trust Units CAD 30 119 4 800 11 300 23 619 442 304.59 0.53 Scentre Group /reit AUD 0 283 288 283 288 624 928.18 0.75 86 Audited annual report The notes at the end are an integral part of these financial statements.

Real Estate Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Sino Land HKD 919 900 192 000 702 000 409 900 492 895.44 0.59 SL Green Realty Corp 15 588 4 169 6 499 13 258 1 059 458.63 1.27 Starwood Hotels Resorts Ww 35 888 8 278 15 486 28 680 1 692 961.03 2.03 Stockland /units AUD 339 982 339 982 0 0.00 Sun Hung Kai Properties HKD 204 722 24 000 102 000 126 722 1 269 437.97 1.52 Swire Properties Ltd HKD 426 600 67 000 168 200 325 400 694 563.50 0.83 Tanger Factory Out. Centers 0 70 800 24 600 46 200 1 180 012.42 1.42 The Link Reit HKD 0 322 000 322 000 1 265 371.74 1.52 Unibail Holding EUR 14 998 2 298 6 056 11 240 2 387 938.00 2.87 Ventas 83 489 13 816 36 259 61 046 2 858 013.07 3.43 Washington Prime Group Inc 0 23 541 600 22 941 314 000.91 0.38 Westfield Group Stapled AUD 301 215 301 215 0 0.00 Westfield Group Trust AUD 0 310 109 310 109 0 0.00 Weyerhaeuser Co 34 339 1 169 35 508 0 0.00 63 929 190.49 76.73 Real estate funds Capitacommercial Trust Reits Units SGD 729 000 250 000 351 000 628 000 625 479.56 0.75 CapitaMall Trust SGD 548 000 62 000 610 000 0 0.00 H&R Real Estate Inv Trust CAD 40 486 18 000 18 700 39 786 631 839.94 0.76 Segro Plc/Reit GBP 164 053 5 586 169 639 0 0.00 1 257 319.50 1.51 Investment funds Camden Property 22 850 3 563 10 071 16 342 849 237.34 1.02 Cdl Hospitality Trusts SGD 555 000 48 000 235 000 368 000 379 459.16 0.46 CFS Retail Property Trust Units AUD 708 637 427 859 766 748 369 748 519 981.57 0.62 Eurocommercial EUR 29 099 3 569 14 539 18 129 653 006.58 0.78 Japan Real Estate Invest JPY 83 96 179 0 0.00 Nippon Building Fund JPY 270 294 564 0 0.00 Simon Property Group 62 211 10 589 27 077 45 723 5 552 949.23 6.66 Stockland Stapled Security AUD 0 320 657 320 657 857 678.26 1.03 Taubman Centers 15 172 1 740 6 794 10 118 560 234.88 0.67 Vornado Realty Trust 37 523 5 669 16 511 26 681 2 079 876.66 2.50 Westfield Retail Trust Stapled AUD 1 155 132 1 155 132 0 0.00 11 452 423.68 13.74 Options on securities Mitsubishi Estate Co. 13.02.14 JPY 0 17 17 0 0.00 Mitsubishi Estate Co. 12.06.14 JPY 0 42 42 0 0.00 Unibailrodamco Se CALL 12/13 20.12.13 EUR 0 56 56 0 0.00 UnibailRodamco Se PUT 06/14 20.06.14 EUR 0 65 65 0 0.00 Unibailrodamco Se PUT 12/13 20.12.13 EUR 0 56 56 0 0.00 0.00 Warrants Sun Hung Kp Cw HKD 0 10 227 10 227 0 0.00 0.00 Total listed securities 76 638 933.67 91.98 Transferable securities dealt on another regulated market Equities Lar Espana EUR 0 33 614 33 614 319 333.00 0.38 319 333.00 0.38 Total transferable securities dealt on another regulated market 319 333.00 0.38 Other transferable securities Equities BGP Holdings AUD 1 815 281 1 815 281 0.00 Westfield Corporation /reit AUD 0 227 358 227 358 1 120 645.45 1.35 1 120 645.45 1.35 The notes at the end are an integral part of these financial statements. Audited annual report 87

Real Estate Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Warrants Sun Hung Kai 14 Warrant HKD 0 10 227 10 227 0 0.00 UBS London 29.05.18 GBP 10 763 342 4 185 6 920 1 001 864.71 1.20 1 001 864.71 1.20 Total other transferable securities 2 122 510.16 2.55 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 79 080 776.83 94.91 4 123 868.43 4.95 117 314.40 0.14 83 321 959.66 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 45.45 Japan 19.17 Hong Kong 9.89 Australia 7.03 United Kingdom 4.92 Germany 3.88 France 3.65 Singapore 2.27 Canada 1.36 Other 2.37 Total 99.99 88 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond CHF Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Bonds ABN AMRO Bank N.V. 1.500 18.07.23 CHF 400 000 400 000 417 800.00 0.39 ABN AMRO Bank N.V. 2.250 10.07.18 CHF 500 000 500 000 539 750.00 0.51 ABN AMRO Bank N.V. 2.500 30.12.15 CHF 700 000 700 000 0 0.00 ABN AMRO Bank N.V. 2.500 16.02.17 CHF 300 000 300 000 316 200.00 0.30 ABN AMRO Bank N.V. 3.375 15.08.31 CHF 300 000 300 000 375 150.00 0.35 ABN Bouw 1.125 25.10.18 CHF 0 800 000 800 000 819 600.00 0.77 Accor 1.750 27.06.22 CHF 0 250 000 250 000 253 375.00 0.24 Achmea BV 1.500 19.06.19 CHF 350 000 350 000 356 475.00 0.33 Akademiska 2.125 04.07.18 CHF 300 000 300 000 322 500.00 0.30 Akademiska 2.250 22.02.21 CHF 500 000 500 000 557 750.00 0.52 Allianz Se 3.250 31.12.99 CHF 0 300 000 300 000 313 800.00 0.29 ANZ Banking Group 1.500 13.02.19 CHF 400 000 400 000 422 200.00 0.40 ANZ National Bank 2.000 16.12.14 CHF 400 000 400 000 0 0.00 ANZ National Bank 2.000 08.07.16 CHF 600 000 600 000 620 700.00 0.58 Anz Nz Intl 1.000 10.03.20 CHF 0 600 000 600 000 612 300.00 0.57 ASB Fin 2.125 17.11.16 CHF 500 000 500 000 521 500.00 0.49 Auchan 1.500 03.06.24 CHF 0 400 000 400 000 403 200.00 0.38 Banbra 2.500 20.06.19 CHF 0 250 000 250 000 255 125.00 0.24 Banco Bilboa 1.375 09.05.17 CHF 0 350 000 350 000 353 675.00 0.33 Banco Chile 1.125 23.05.18 CHF 300 000 300 000 305 250.00 0.29 Banco Chile 1.500 03.12.19 CHF 0 250 000 250 000 256 750.00 0.24 Banco Santander 1.125 26.06.15 CHF 300 000 300 000 300 930.00 0.28 Banco Santander 2.250 16.12.15 CHF 0 300 000 300 000 306 900.00 0.29 Banco Santander 3.250 12.04.16 CHF 300 000 300 000 312 000.00 0.29 Bank Nederl. Gemeenten 2.750 03.07.15 CHF 1 000 000 500 000 500 000 513 200.00 0.48 Bank New Zealand 2.000 18.02.15 CHF 400 000 400 000 0 0.00 Bank of Scotland 3.000 26.05.16 CHF 45 000 45 000 47 362.50 0.04 Bayerische Landesbank 4.000 21.09.15 CHF 610 000 610 000 637 511.00 0.60 BEI 2.375 10.07.20 CHF 500 000 500 000 559 500.00 0.52 Bendigo And 1.125 25.03.19 CHF 0 350 000 350 000 350 700.00 0.33 BFCM 3.000 23.08.13 CHF 180 000 180 000 0 0.00 Bfcm 2.000 22.05.24 CHF 0 300 000 300 000 307 350.00 0.29 Bndes 2.750 15.12.16 CHF 500 000 500 000 520 250.00 0.49 BNG 2.250 14.10.20 CHF 1 300 000 1 300 000 1 442 350.00 1.35 BNG 2.500 14.10.19 CHF 1 000 000 1 000 000 1 112 500.00 1.04 Bnz 1.500 22.01.18 CHF 350 000 350 000 363 650.00 0.34 Bpce 1.500 30.04.21 CHF 0 650 000 650 000 664 950.00 0.62 Bundesimmo Gesellschaft 2.500 14.04.15 CHF 200 000 200 000 203 720.00 0.19 Bundesimmo Gesellschaft 3.125 16.07.14 CHF 755 000 755 000 0 0.00 Bundesimmo Gesellschaft 3.250 16.07.19 CHF 500 000 500 000 569 750.00 0.53 Ca Home Loan 1.125 05.06.24 CHF 0 400 000 400 000 401 800.00 0.38 Ca Home Loan 1.375 30.07.18 CHF 400 000 400 000 418 200.00 0.39 Ca London 2.000 08.04.15 CHF 1 000 000 500 000 500 000 506 850.00 0.47 Cabei 1.875 25.02.22 CHF 0 250 000 250 000 261 000.00 0.24 Cabei 1.500 16.12.19 CHF 0 250 000 250 000 259 250.00 0.24 CADES 2.125 25.02.15 CHF 500 000 500 000 506 650.00 0.47 CBA 1.500 13.09.19 CHF 500 000 500 000 528 750.00 0.49 CBA 3.000 09.11.17 CHF 800 000 800 000 871 200.00 0.82 Cdc 1.250 16.12.20 CHF 0 600 000 600 000 621 000.00 0.58 Cff 2.875 10.09.19 CHF 0 500 000 500 000 562 000.00 0.53 Cff 2.250 13.10.21 CHF 0 800 000 800 000 885 200.00 0.83 Cibc 1.000 13.02.19 CHF 500 000 500 000 519 000.00 0.49 Cibc 1.750 30.06.17 CHF 1 000 000 1 000 000 1 049 500.00 0.98 Cifeur 2.000 06.10.15 CHF 205 000 205 000 209 592.00 0.20 The notes at the end are an integral part of these financial statements. Audited annual report 89

Sustainable Bond CHF (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Corp Andina 2.000 05.02.24 CHF 0 700 000 700 000 736 750.00 0.69 Corp Andina 2.625 05.11.15 CHF 500 000 500 000 516 000.00 0.48 Council of Europe Dev Bank 3.375 06.11.20 CHF 400 000 400 000 473 400.00 0.44 Credit Agricole 2.125 30.10.24 CHF 0 300 000 300 000 312 000.00 0.29 Crédit Agricole covered 1.750 27.07.17 CHF 500 000 500 000 524 000.00 0.49 Credito 1.125 26.06.19 CHF 0 500 000 500 000 501 750.00 0.47 CRH 2.500 29.03.21 CHF 1 250 000 1 250 000 1 405 625.00 1.32 CRH 1.375 15.03.23 CHF 300 000 300 000 310 950.00 0.29 CRH 1.750 26.06.25 CHF 300 000 300 000 318 600.00 0.30 Danone Finance 4.125 20.06.16 CHF 5 000 5 000 5 372.50 0.01 DekaBank DGZ 3.125 16.12.15 CHF 1 700 000 1 700 000 1 774 800.00 1.65 Deutsche Bahn Finance 1.375 24.07.23 CHF 300 000 300 000 600 000 627 600.00 0.59 Deutsche Bahn Finance 1.500 18.12.17 CHF 800 000 800 000 837 600.00 0.78 Deutsche Telekom 2.250 08.07.16 CHF 400 000 400 000 415 000.00 0.39 Dnb Nordbank Boligkredit 2.125 12.11.15 CHF 1 000 000 1 000 000 1 025 000.00 0.96 Dsk Bank 2.375 13.01.17 CHF 700 000 700 000 739 200.00 0.69 Dsk Bank 1.500 21.12.16 CHF 0 400 000 400 000 408 000.00 0.38 Dt Bahn Fin 1.500 26.08.24 CHF 0 250 000 250 000 261 250.00 0.24 DT Hypobk 2.375 09.12.15 CHF 300 000 300 000 309 450.00 0.29 DT Hypobk 2.500 08.03.18 CHF 300 000 300 000 324 450.00 0.30 DT Hypobk 2.625 23.05.14 CHF 300 000 300 000 0 0.00 Ebn 1.125 04.07.24 CHF 500 000 200 000 700 000 710 850.00 0.67 EIB 1.500 02.08.24 CHF 500 000 500 000 527 250.00 0.49 EIB 1.625 02.04.26 CHF 500 000 500 000 526 250.00 0.49 EIB 1.750 21.04.17 CHF 1 000 000 1 000 000 1 047 500.00 0.98 EIB 2.000 24.08.22 CHF 1 000 000 1 000 000 1 104 000.00 1.03 EIB 2.125 22.01.20 CHF 500 000 500 000 549 750.00 0.51 EIB 2.500 08.02.19 CHF 1 000 000 1 000 000 1 105 500.00 1.03 EIB 2.625 11.02.25 CHF 500 000 500 000 581 250.00 0.54 EIB 1.750 28.06.33 CHF 500 000 500 000 514 750.00 0.48 Energie Beheer 1.625 03.10.23 CHF 200 000 200 000 213 800.00 0.20 Energie Beheer 3.000 05.12.14 CHF 160 000 160 000 0 0.00 Erste Group 2.750 10.12.15 CHF 600 000 600 000 620 400.00 0.58 Erste Group 3.125 13.04.15 CHF 420 000 420 000 429 660.00 0.40 Erste Group 3.250 10.07.17 CHF 615 000 615 000 665 430.00 0.62 Europ. Hypothekenbank 3.125 14.07.25 CHF 900 000 900 000 1 050 750.00 0.98 FMO 2.875 19.07.16 CHF 300 000 300 000 316 500.00 0.30 France Telecom 3.500 04.12.14 CHF 585 000 585 000 593 131.50 0.56 Gas Natural Fenosa 2.125 08.02.19 CHF 300 000 300 000 315 750.00 0.30 HBOS Treasury 2.375 20.12.13 CHF 440 000 440 000 0 0.00 Holcim Ovs 3.375 10.06.21 CHF 0 600 000 600 000 692 100.00 0.65 Hypobank Essen 3.375 07.01.16 CHF 250 000 250 000 261 375.00 0.24 ICO 2.250 07.11.17 CHF 600 000 600 000 627 000.00 0.59 ING Bank 4.000 24.04.15 CHF 650 000 650 000 670 215.00 0.63 ING Groep 2.125 07.10.16 CHF 500 000 500 000 519 250.00 0.49 Instituto de Crédito Oficial 2.000 15.12.16 CHF 700 000 700 000 724 150.00 0.68 KFW 2.500 25.08.25 CHF 500 000 500 000 581 000.00 0.54 KFW 2.125 15.02.16 CHF 20 000 20 000 20 670.00 0.02 Kiwibank 1.000 23.12.20 CHF 300 000 300 000 309 000.00 0.29 Kommunalkredit Austria 2.375 15.03.17 CHF 500 000 500 000 522 000.00 0.49 Kommunalkredit Austria 2.375 26.08.20 CHF 1 300 000 1 300 000 1 394 250.00 1.30 Kommunalkredit Austria 3.000 20.02.14 CHF 800 000 800 000 0 0.00 Kommunekredit 2.500 02.03.15 CHF 600 000 600 000 0 0.00 Kommunekredit 3.250 08.05.18 CHF 800 000 800 000 895 200.00 0.84 Kommuninvest 1.250 28.02.22 CHF 300 000 300 000 314 400.00 0.29 Kommuninvest 2.625 07.12.16 CHF 300 000 300 000 318 600.00 0.30 Kommuninvest 2.750 17.09.13 CHF 25 000 25 000 0 0.00 Korea Gas 1.125 12.02.20 CHF 0 800 000 800 000 814 000.00 0.76 Landshypo 1.500 24.10.18 CHF 400 000 400 000 420 600.00 0.39 Lansbk 1.125 11.04.23 CHF 400 000 400 000 408 000.00 0.38 LB BadenWuerttemberg 2.125 24.08.15 CHF 370 000 370 000 378 436.00 0.35 LB BadenWuerttemberg 2.875 30.12.15 CHF 1 150 000 1 150 000 1 196 575.00 1.12 LB BadenWuerttemberg 3.500 30.10.15 CHF 500 000 500 000 521 400.00 0.49 LB HessenThueringen 3.000 29.12.15 CHF 1 000 000 1 000 000 1 042 000.00 0.98 Lloyds Banking Group Plc 2.500 15.04.14 CHF 1 000 000 1 000 000 0 0.00 Lloyds Banking Group Plc 2.500 23.03.15 CHF 500 000 500 000 508 400.00 0.48 LVMH Moet Hennessy Louis Vuitton 3.375 22.11.13 CHF 430 000 430 000 0 0.00 90 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond CHF (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets LVMH Moet Hennessy Louis Vuitton 4.000 02.06.15 CHF 1 000 000 1 000 000 1 033 800.00 0.97 Metro 1.875 02.05.16 CHF 250 000 250 000 256 875.00 0.24 Muenchener 3.000 12.06.17 CHF 415 000 415 000 449 030.00 0.42 Municipality Finance 1.375 08.10.15 CHF 500 000 500 000 508 150.00 0.48 Municipality Finance 1.375 08.06.27 CHF 300 000 300 000 305 100.00 0.29 Municipality Finance 2.750 17.09.14 CHF 200 000 200 000 0 0.00 Nab Aus 2.250 14.07.17 CHF 400 000 400 000 423 200.00 0.40 Nat Aus Bank 1.000 10.12.21 CHF 0 300 000 300 000 301 536.00 0.28 National Australia Bank 4.250 24.06.15 CHF 670 000 670 000 696 599.00 0.65 Nederlanden Financiering Maat 2.625 22.09.15 CHF 300 000 300 000 309 000.00 0.29 Nederlandse Waterschapsbank 2.375 27.01.23 CHF 500 000 500 000 564 750.00 0.53 Nederlandse Waterschapsbank 2.500 27.12.18 CHF 1 300 000 1 300 000 1 430 650.00 1.34 Nestle Holding 2.000 07.04.14 CHF 300 000 300 000 0 0.00 Niederoest 2.125 15.08.17 CHF 500 000 500 000 529 500.00 0.50 No Railways 1.375 15.11.17 CHF 500 000 500 000 521 250.00 0.49 Nordea 1.500 29.09.17 CHF 400 000 400 000 415 400.00 0.39 Nordea 2.250 06.05.16 CHF 700 000 700 000 725 900.00 0.68 Nordea Hypothek 3.375 22.05.15 CHF 300 000 300 000 308 640.00 0.29 NordrheinWestfalen 2.250 01.03.19 CHF 500 000 500 000 546 500.00 0.51 NordrheinWestfalen 3.250 28.08.15 CHF 200 000 200 000 207 340.00 0.19 Norwegian State Railways 3.375 03.08.15 CHF 300 000 300 000 310 560.00 0.29 NWB 1.250 09.08.24 CHF 500 000 500 000 509 750.00 0.48 NWB 1.375 13.09.27 CHF 300 000 300 000 301 500.00 0.28 NWB 1.750 22.07.16 CHF 500 000 500 000 517 000.00 0.48 NWB 2.500 20.04.15 CHF 1 000 000 500 000 500 000 509 650.00 0.48 Oekb 3.250 25.07.36 CHF 0 500 000 500 000 647 250.00 0.61 Oesterreichische Kontrollbank 1.000 28.09.21 CHF 400 000 400 000 412 200.00 0.39 Oesterreichische Kontrollbank 1.750 24.05.23 CHF 500 000 500 000 536 750.00 0.50 Oesterreichische Kontrollbank 2.125 18.10.18 CHF 600 000 600 000 648 300.00 0.61 Oesterreichische Kontrollbank 2.750 28.01.20 CHF 1 300 000 1 300 000 1 469 000.00 1.37 Oesterreichische Kontrollbank 3.000 05.12.13 CHF 300 000 300 000 0 0.00 Oesterreichische Kontrollbank 3.000 23.10.15 CHF 335 000 335 000 347 529.00 0.33 Poland 2.125 31.03.14 CHF 400 000 400 000 0 0.00 Poland 2.250 15.05.18 CHF 500 000 500 000 531 000.00 0.50 Poland 2.625 12.05.15 CHF 880 000 880 000 898 040.00 0.84 Poland 2.750 25.02.16 CHF 500 000 500 000 520 000.00 0.49 Poland 3.000 23.09.14 CHF 300 000 300 000 301 860.00 0.28 Poland 3.250 15.05.19 CHF 600 000 600 000 671 700.00 0.63 Quebec 1.500 05.02.24 CHF 0 250 000 250 000 262 375.00 0.25 Quebec 3.875 11.12.18 CHF 300 000 300 000 348 450.00 0.33 Quebec 3.125 11.12.15 CHF 500 000 500 000 521 750.00 0.49 Quebec 3.375 19.01.18 CHF 300 000 300 000 333 900.00 0.31 Rabobank Nederland 2.125 11.10.17 CHF 900 000 900 000 952 200.00 0.89 Rabobank Nederland 2.750 16.03.15 CHF 300 000 300 000 0 0.00 Rabobank Nederland 3.125 15.09.26 CHF 200 000 200 000 235 500.00 0.22 Rabobank Nederland 3.500 31.08.23 CHF 1 200 000 1 200 000 1 441 800.00 1.35 Rabobank Nederland 3.625 02.07.19 CHF 1 320 000 1 320 000 1 522 620.00 1.42 RATP 2.625 06.11.19 CHF 200 000 200 000 223 100.00 0.21 RATP 3.000 19.12.14 CHF 500 000 500 000 0 0.00 RATP 3.250 09.10.17 CHF 1 000 000 1 000 000 1 096 000.00 1.03 RATP 3.375 21.03.16 CHF 300 000 300 000 316 350.00 0.30 RBC 2.250 21.04.21 CHF 500 000 500 000 555 750.00 0.52 RBC 2.875 30.04.14 CHF 70 000 70 000 0 0.00 Safra 1.850 27.06.17 CHF 0 400 000 400 000 404 000.00 0.38 Sanofi Aventis 3.375 21.12.15 CHF 900 000 900 000 942 750.00 0.88 Saskatchewan 2.125 15.01.16 CHF 300 000 300 000 309 300.00 0.29 Sbab 2.000 17.02.16 CHF 500 000 500 000 513 750.00 0.48 SBC Comm 2.125 08.06.16 CHF 400 000 400 000 415 200.00 0.39 Scor SE 5.000 31.12.99 CHF 0 250 000 250 000 270 000.00 0.25 Shb 1.375 05.10.22 CHF 300 000 500 000 800 000 832 000.00 0.78 SNCF 2.625 13.12.21 CHF 400 000 400 000 451 800.00 0.42 SNCF 2.750 23.01.19 CHF 600 000 600 000 663 600.00 0.62 SNCF 5.000 20.10.15 CHF 55 000 55 000 58 393.50 0.05 Spbk 1 Sr 0.875 30.11.18 CHF 0 400 000 400 000 405 600.00 0.38 SPI 2.250 09.08.16 CHF 700 000 700 000 728 000.00 0.68 SPI Elec 1.125 18.04.19 CHF 600 000 400 000 1 000 000 1 018 000.00 0.95 Statnett 2.625 15.12.17 CHF 800 000 800 000 867 600.00 0.81 The notes at the end are an integral part of these financial statements. Audited annual report 91

Sustainable Bond CHF (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in CHF % of net assets Swiss Re 3.250 20.08.14 CHF 900 000 500 000 400 000 401 680.00 0.38 Swiss Re N 4.000 29.06.15 CHF 950 000 950 000 985 910.00 0.92 Telefonica 2.718 14.12.18 CHF 300 000 300 000 325 200.00 0.30 Telefonica 2.595 23.10.20 CHF 0 400 000 400 000 433 200.00 0.41 Transpower Finance 3.375 06.08.14 CHF 1 260 000 500 000 760 000 762 280.00 0.71 Unilever 3.500 17.03.15 CHF 475 000 475 000 485 877.50 0.45 Westpac Banking Corporation 2.000 15.12.16 CHF 500 000 500 000 521 000.00 0.49 Westpac Banking Corporation 2.125 21.11.14 CHF 500 000 500 000 0 0.00 Westpac Banking Corporation 2.500 16.02.17 CHF 400 000 400 000 422 600.00 0.40 Westpac Banking Corporation 3.125 21.12.18 CHF 300 000 300 000 334 650.00 0.31 Wstp 1.875 25.08.15 CHF 565 000 565 000 575 735.00 0.54 99 276 885.50 92.91 Total listed securities 99 276 885.50 92.91 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 99 276 885.50 92.91 6 815 692.95 6.38 764 775.68 0.71 106 857 354.13 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Allocation by Debtor Categories Debtor Categories % Corporates and other 66.38 States, Provinces and Municipalities 25.31 Supranationals 8.31 Total 100.00 92 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond EUR Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Bonds ABN AMRO Bank N.V. 3.625 06.10.17 EUR 0 800 000 800 000 0 0.00 ABN AMRO Bank N.V. 4.250 06.04.21 EUR 2 000 000 1 000 000 1 000 000 1 207 820.00 0.83 ABN AMRO Bank N.V. 4.750 11.01.19 EUR 0 600 000 600 000 699 288.00 0.48 Afd 1.250 25.05.19 EUR 0 1 500 000 500 000 1 000 000 1 028 480.00 0.71 Afd 2.250 23.03.17 EUR 0 300 000 300 000 0 0.00 Afd 2.250 28.05.26 EUR 0 1 500 000 500 000 1 000 000 1 022 740.00 0.70 Allianz Finance 3.500 14.02.22 EUR 1 300 000 1 300 000 1 479 725.00 1.02 Allianz Finance 4.750 22.07.19 EUR 2 000 000 1 000 000 1 000 000 1 186 450.00 0.82 Ap Moeller 3.375 28.08.19 EUR 0 500 000 500 000 553 060.00 0.38 Assgen 2.875 14.01.20 EUR 0 900 000 900 000 958 113.00 0.66 Assgen 4.875 11.11.14 EUR 0 1 000 000 1 000 000 0 0.00 Assgen 5.125 16.09.24 EUR 0 650 000 650 000 785 785.00 0.54 Atlas Copco 2.500 28.02.23 EUR 500 000 500 000 0 0.00 Atlim 4.375 16.03.20 EUR 0 500 000 500 000 581 200.00 0.40 Austria 1.750 20.10.23 EUR 1 000 000 1 000 000 1 032 880.00 0.71 Austria 3.200 20.02.17 EUR 2 200 000 700 000 1 500 000 1 621 050.00 1.12 Aviva 5.700 31.12.49 EUR 0 1 150 000 1 150 000 1 193 527.50 0.82 Bayer Landk 1.875 25.01.23 EUR 1 000 000 1 000 000 1 045 950.00 0.72 Bayerische Landesbank 3.250 16.02.18 EUR 4 000 000 2 500 000 1 500 000 1 649 445.00 1.13 Bayern 2.375 08.09.20 EUR 1 500 000 1 500 000 1 643 745.00 1.13 Bbvasm 3.875 06.08.15 EUR 2 000 000 1 000 000 1 000 000 1 035 770.00 0.71 BEI 4.000 15.04.30 EUR 500 000 500 000 629 150.00 0.43 Berlin 1.625 03.06.24 EUR 0 1 500 000 1 500 000 1 512 990.00 1.04 Berlin 1.625 26.06.19 EUR 2 500 000 1 000 000 1 500 000 1 572 045.00 1.08 Berlin 2.875 08.09.16 EUR 3 500 000 3 500 000 0 0.00 BG Energy Cap 3.000 16.11.18 EUR 500 000 500 000 543 275.00 0.37 BNG 1.875 06.06.19 EUR 1 000 000 1 000 000 0 0.00 BNG 2.250 30.08.22 EUR 1 000 000 1 000 000 1 070 360.00 0.74 BNG 3.875 26.05.23 EUR 2 000 000 1 500 000 500 000 600 415.00 0.41 BNP Paribas 2.500 23.08.19 EUR 1 600 000 600 000 1 000 000 1 058 130.00 0.73 BNP Paribas 3.375 10.01.17 EUR 2 000 000 500 000 500 000 2 000 000 2 155 960.00 1.49 Bnpp 2.250 13.01.21 EUR 0 750 000 750 000 776 100.00 0.53 Bnz Intl Ln 1.250 23.05.18 EUR 2 500 000 2 500 000 0 0.00 BRD 1.750 31.01.23 EUR 2 000 000 1 000 000 1 000 000 1 036 950.00 0.71 CADES 2.375 25.01.24 EUR 2 000 000 500 000 1 500 000 1 614 555.00 1.11 CADES 4.000 25.10.19 EUR 2 000 000 500 000 1 500 000 1 761 195.00 1.22 CADES 4.375 25.10.21 EUR 1 000 000 1 000 000 1 228 750.00 0.85 Caisse D Amort 2.500 25.10.22 EUR 0 1 000 000 1 000 000 1 091 180.00 0.75 Caja de Ahorros Mediterraneo 3.875 17.02.25 EUR 1 000 000 1 000 000 0 0.00 Carrefour 4.375 02.11.16 EUR 1 000 000 1 000 000 0 0.00 Carrefour 5.250 24.10.18 EUR 1 000 000 1 000 000 0 0.00 CBA 4.250 10.11.16 EUR 750 000 750 000 813 990.00 0.56 Credit Agricole 2.375 20.05.24 EUR 0 800 000 800 000 813 896.00 0.56 Credit Agricole 3.125 05.02.26 EUR 0 700 000 700 000 756 602.00 0.52 CRH 3.300 23.09.22 EUR 0 1 500 000 1 500 000 1 724 205.00 1.20 Danone 2.500 29.09.16 EUR 600 000 600 000 627 054.00 0.43 Danone 3.600 23.11.20 EUR 0 750 000 750 000 857 257.50 0.59 Delhaize Group 3.125 27.02.20 EUR 0 700 000 200 000 500 000 540 720.00 0.37 Deutsche Bahn Finance 1.750 06.11.20 EUR 0 500 000 500 000 523 025.00 0.36 Deutsche Bahn Finance 4.000 16.01.17 EUR 900 000 900 000 0 0.00 Deutsche Bahn Finance 4.250 23.11.16 EUR 700 000 700 000 0 0.00 Deutsche Bahn Finance 4.875 12.03.19 EUR 2 000 000 1 500 000 500 000 594 300.00 0.41 Deutsche Bahn Finance 5.000 24.07.19 EUR 0 500 000 500 000 0 0.00 Dexia Mun AG 5.375 08.07.24 EUR 0 500 000 500 000 0 0.00 The notes at the end are an integral part of these financial statements. Audited annual report 93

Sustainable Bond EUR (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Dnb Nordbank Boligkredit 2.750 21.03.22 EUR 2 000 000 1 000 000 1 000 000 1 111 590.00 0.76 EDF 2.250 27.04.21 EUR 0 800 000 800 000 842 504.00 0.58 EIB 3.625 15.01.21 EUR 2 000 000 500 000 1 500 000 1 000 000 1 173 730.00 0.81 EIB 3.625 14.03.42 EUR 1 000 000 1 000 000 0 0.00 Elia Sys Op 3.250 04.04.28 EUR 0 1 000 000 500 000 500 000 543 765.00 0.37 Ericsson LM 5.375 27.06.17 EUR 0 1 000 000 1 000 000 0 0.00 Essilor 1.750 09.04.21 EUR 0 1 200 000 1 200 000 1 232 736.00 0.85 Eurofima 4.375 21.10.19 EUR 1 000 000 1 000 000 1 180 530.00 0.81 Eurogrid 3.875 22.10.20 EUR 0 500 000 500 000 572 055.00 0.39 Fd Ret C Eur 2.875 31.08.21 EUR 1 500 000 500 000 1 000 000 1 126 080.00 0.77 Finland 2.750 04.07.28 EUR 1 500 000 500 000 1 000 000 1 104 680.00 0.76 Gas NCP 5.375 24.05.19 EUR 1 000 000 500 000 500 000 597 490.00 0.41 Gas NCP 6.000 27.01.20 EUR 1 000 000 1 000 000 500 000 1 500 000 1 862 655.00 1.29 German Post 3.375 18.01.16 EUR 1 250 000 1 250 000 0 0.00 German Postal Pensions 4.375 18.01.22 EUR 1 250 000 500 000 750 000 918 870.00 0.63 Germany 2.000 04.01.22 EUR 500 000 500 000 0 0.00 Germany 3.000 04.07.20 EUR 1 200 000 1 200 000 0 0.00 Germany 4.750 04.07.28 EUR 1 000 000 1 000 000 1 377 700.00 0.95 HBOS Treasury 4.875 04.06.19 EUR 1 150 000 400 000 750 000 901 477.50 0.62 Hera SpA 3.250 04.10.21 EUR 0 1 300 000 1 300 000 1 421 550.00 0.98 Hera SpA 4.125 16.02.16 EUR 1 000 000 500 000 500 000 530 120.00 0.36 Hera Spa 2.375 04.07.24 EUR 0 1 000 000 1 000 000 1 000 550.00 0.69 Hessen 1.750 10.02.17 EUR 1 500 000 1 500 000 1 560 045.00 1.07 Hessen 1.750 19.06.20 EUR 2 000 000 500 000 1 500 000 1 583 790.00 1.09 Hessen 2.750 22.09.20 EUR 1 500 000 500 000 1 000 000 1 115 830.00 0.77 Iberdrola I 2.500 24.10.22 EUR 0 500 000 500 000 522 625.00 0.36 IBM 1.375 19.11.19 EUR 1 800 000 1 800 000 0 0.00 IBM 1.875 06.11.20 EUR 0 1 500 000 1 500 000 1 560 840.00 1.07 IBM 2.875 07.11.25 EUR 0 1 200 000 1 200 000 0 0.00 IBRD 3.875 20.05.19 EUR 1 000 000 500 000 500 000 581 685.00 0.40 ICO 3.750 28.07.15 EUR 0 500 000 500 000 0 0.00 ICO 4.375 20.05.19 EUR 0 1 000 000 1 000 000 1 140 050.00 0.78 ICO 4.750 30.04.20 EUR 0 715 000 715 000 837 522.40 0.58 ICO 6.000 08.03.21 EUR 0 500 000 500 000 0 0.00 ING NV 2.000 28.08.20 EUR 2 000 000 500 000 1 500 000 1 597 560.00 1.10 ING NV 3.375 23.03.17 EUR 2 000 000 500 000 1 500 000 1 624 635.00 1.12 ING NV 4.875 18.01.21 EUR 0 750 000 750 000 914 730.00 0.63 Ing NV 3.625 25.02.26 EUR 0 500 000 500 000 0 0.00 Intesa San Paolo Spa 2.000 18.06.21 EUR 0 1 000 000 1 000 000 999 690.00 0.69 Intesa San Paolo Spa 3.500 17.01.22 EUR 0 1 000 000 1 000 000 1 092 790.00 0.75 Intesa San Paolo Spa 4.000 30.10.23 EUR 0 500 000 500 000 565 385.00 0.39 Intesa Sanpaolo Spa 4.000 08.11.18 EUR 0 1 000 000 1 000 000 0 0.00 Intesa Sanpaolo Spa 5.000 28.02.17 EUR 0 500 000 500 000 0 0.00 Ireland 3.400 18.03.24 EUR 0 700 000 700 000 763 196.00 0.53 JC Decaux 2.000 08.02.18 EUR 0 1 200 000 500 000 700 000 724 892.00 0.50 KBC Ifima 2.125 10.09.18 EUR 0 1 000 000 1 000 000 1 048 510.00 0.72 KBC Ifima 3.875 31.03.15 EUR 1 500 000 1 500 000 0 0.00 KBC Ifima 4.500 17.09.14 EUR 1 500 000 1 500 000 0 0.00 KFW 0.875 18.03.19 EUR 0 1 500 000 1 500 000 1 528 290.00 1.05 KFW 4.625 04.01.23 EUR 1 000 000 1 000 000 0 0.00 KFW 2.143 15.08.23 EUR 0 1 500 000 1 500 000 0 0.00 KFW 3.500 04.07.21 EUR 2 000 000 2 000 000 0 0.00 KFW 4.375 04.07.18 EUR 1 000 000 1 000 000 1 159 530.00 0.80 KFW 0.625 29.05.15 EUR 0 1 500 000 1 500 000 0 0.00 Kgi Sec 3.500 13.12.21 EUR 0 500 000 500 000 544 080.00 0.37 Kig 3.625 25.01.17 EUR 1 000 000 1 000 000 1 081 020.00 0.74 Kon Dsm 1.750 13.11.19 EUR 0 500 000 500 000 517 465.00 0.36 Kon Dsm 2.375 03.04.24 EUR 0 500 000 500 000 0 0.00 Land Hessen 3.500 10.03.20 EUR 2 000 000 1 500 000 500 000 576 450.00 0.40 Land Niedersachsen 2.750 13.09.21 EUR 1 000 000 1 000 000 1 118 400.00 0.77 LB BadenWuerttemberg 3.500 04.07.16 EUR 900 000 900 000 959 877.00 0.66 LB BadenWuerttemberg 4.250 04.01.18 EUR 1 000 000 1 000 000 1 137 590.00 0.78 Linde Fin 3.875 01.06.21 EUR 2 000 000 2 000 000 0 0.00 Lloyds 6.500 24.03.20 EUR 750 000 750 000 0 0.00 Luxottica 2.625 10.02.24 EUR 0 1 000 000 1 000 000 1 061 710.00 0.73 Luxottica 3.625 19.03.19 EUR 0 500 000 500 000 559 165.00 0.38 LVMH Moet Hennessy Louis Vuitton 4.375 12.05.14 EUR 1 000 000 1 000 000 0 0.00 94 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond EUR (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Lwf Rentbank 1.250 20.05.22 EUR 0 2 500 000 1 500 000 1 000 000 1 011 320.00 0.70 Lwf Rentbank 2.875 30.08.21 EUR 0 700 000 700 000 0 0.00 Mediobc 2.250 18.03.19 EUR 0 500 000 500 000 514 040.00 0.35 Microsoft Corp 3.125 06.12.28 EUR 0 1 500 000 1 500 000 0 0.00 Muenchener FRN 29.06.49 EUR 0 1 150 000 1 150 000 1 255 570.00 0.86 Nab Aus 4.000 13.07.20 EUR 2 000 000 1 500 000 500 000 580 240.00 0.40 National Australia Bank 2.750 08.08.22 EUR 2 000 000 1 000 000 1 000 000 1 086 700.00 0.75 National Australia Bank 5.500 20.05.15 EUR 1 000 000 1 000 000 0 0.00 NDAQ 3.875 07.06.21 EUR 0 750 000 250 000 500 000 547 980.00 0.38 Nederlandse Waterschapsbank 3.000 28.03.22 EUR 2 000 000 500 000 1 500 000 1 688 265.00 1.17 Nestle Fin 1.250 04.05.20 EUR 1 500 000 1 000 000 500 000 510 835.00 0.35 Nestle Fin 1.500 19.07.19 EUR 2 000 000 1 500 000 500 000 522 080.00 0.36 Nestle Fin 1.750 12.09.22 EUR 1 000 000 500 000 1 500 000 0 0.00 Nestle Fin 2.125 10.09.21 EUR 0 450 000 450 000 0 0.00 Netherlands 2.250 15.07.22 EUR 3 000 000 1 500 000 1 500 000 1 629 450.00 1.12 Netherlands 2.500 15.01.17 EUR 2 000 000 500 000 1 500 000 1 590 495.00 1.09 Netherlands 4.000 15.01.37 EUR 0 1 000 000 1 000 000 0 0.00 Niedersachsen 2.125 08.06.15 EUR 3 000 000 3 000 000 0 0.00 Niedersachsen 3.500 21.10.19 EUR 500 000 500 000 573 325.00 0.39 Nordea Bank 2.000 17.02.21 EUR 0 1 500 000 1 000 000 500 000 518 455.00 0.36 NordrheinWestfalen 4.500 15.02.18 EUR 0 500 000 500 000 572 975.00 0.39 Nth Rhinew 1.875 15.09.22 EUR 3 000 000 2 000 000 1 000 000 1 046 690.00 0.72 Nth Rhinew 2.125 13.10.16 EUR 1 500 000 1 500 000 0 0.00 NWB FRN 09.07.20 EUR 0 1 500 000 1 500 000 0 0.00 NWB 3.250 09.03.27 EUR 1 500 000 1 500 000 0 0.00 OeBB Inf 3.375 18.05.32 EUR 2 000 000 1 000 000 1 000 000 1 170 270.00 0.81 OeBB Inf 3.875 30.06.25 EUR 1 000 000 1 000 000 1 214 620.00 0.84 OEBB Infrastruktur Bau 3.500 19.10.20 EUR 2 000 000 1 000 000 1 000 000 1 160 240.00 0.80 Oesterreichische Kontrollbank 3.875 15.09.16 EUR 1 600 000 1 600 000 0 0.00 Ontario 1.865 21.05.24 EUR 0 1 000 000 1 000 000 0 0.00 Op Mtg Bank 1.500 17.03.21 EUR 0 1 000 000 1 000 000 1 030 560.00 0.71 Pohjola Bk 2.625 20.03.17 EUR 750 000 750 000 790 410.00 0.54 Pohjola Bk 3.125 25.03.15 EUR 1 000 000 1 000 000 0 0.00 Poste Ital 3.250 18.06.18 EUR 0 500 000 500 000 537 115.00 0.37 Quebec 2.250 17.07.23 EUR 0 1 000 000 1 000 000 0 0.00 Rabobank Nederland 3.500 17.10.18 EUR 2 000 000 2 000 000 0 0.00 Rabobank Nederland 4.125 14.07.25 EUR 3 000 000 2 500 000 500 000 599 800.00 0.41 Rabobank Nederland 4.250 16.01.17 EUR 1 300 000 1 300 000 0 0.00 RFF 4.250 07.10.26 EUR 0 500 000 500 000 617 515.00 0.42 RFF 4.375 02.06.22 EUR 0 500 000 500 000 615 320.00 0.42 Robert Bosch 1.625 24.05.21 EUR 1 000 000 500 000 500 000 511 875.00 0.35 Roche Holding 5.625 04.03.16 EUR 1 000 000 500 000 500 000 543 960.00 0.37 Sant Id 1.375 25.03.17 EUR 0 500 000 500 000 505 435.00 0.35 Sant Id 4.000 24.01.20 EUR 0 700 000 700 000 796 187.00 0.55 Sant Id 4.625 21.03.16 EUR 500 000 500 000 0 0.00 Schig 3.875 01.12.14 EUR 1 000 000 1 000 000 0 0.00 Schneider Electric 2.875 20.07.16 EUR 2 100 000 1 100 000 1 000 000 1 049 450.00 0.72 Scotiabank 1.000 02.04.19 EUR 0 1 500 000 500 000 1 000 000 1 016 160.00 0.70 Shb 1.500 06.07.15 EUR 1 000 000 1 000 000 0 0.00 Shb 2.250 14.06.18 EUR 750 000 750 000 791 085.00 0.54 Shb 3.625 16.02.16 EUR 1 500 000 1 500 000 0 0.00 Siemens Fin 1.500 10.03.20 EUR 1 500 000 1 500 000 0 0.00 SNAM 3.875 19.03.18 EUR 0 500 000 500 000 551 340.00 0.38 SNAM 5.250 19.09.22 EUR 0 500 000 500 000 625 100.00 0.43 Société Générale 2.375 28.02.18 EUR 0 1 000 000 1 000 000 1 052 140.00 0.72 Sodexo 1.750 24.01.22 EUR 0 1 000 000 1 000 000 1 007 220.00 0.69 Sodexo 2.500 24.06.26 EUR 0 1 000 000 1 000 000 1 009 770.00 0.69 St Gobain 3.625 15.06.21 EUR 0 900 000 250 000 650 000 737 327.50 0.51 Stadshypotek 1.000 01.04.19 EUR 0 1 500 000 1 500 000 1 524 900.00 1.05 Stadshypotek 1.875 21.03.17 EUR 1 500 000 1 500 000 0 0.00 Statkraft 4.625 22.09.17 EUR 700 000 700 000 0 0.00 Statoil 4.375 11.03.15 EUR 2 000 000 2 000 000 0 0.00 Statoil 5.625 11.03.21 EUR 2 000 000 1 000 000 1 000 000 1 276 580.00 0.88 Std Chart 3.625 23.11.22 EUR 0 500 000 500 000 533 320.00 0.37 Std Chartered 1.625 13.06.21 EUR 0 500 000 500 000 497 585.00 0.34 Suez Environnement Cie 2.750 09.10.23 EUR 0 1 500 000 1 000 000 500 000 535 780.00 0.37 Telecom It 5.250 10.02.22 EUR 750 000 750 000 0 0.00 The notes at the end are an integral part of these financial statements. Audited annual report 95

Sustainable Bond EUR (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Telecom It 6.125 14.12.18 EUR 1 000 000 1 000 000 0 0.00 Telefonica 2.736 29.05.19 EUR 1 500 000 1 500 000 0 0.00 Telefonica 3.961 26.03.21 EUR 1 000 000 500 000 500 000 567 345.00 0.39 Telefonica 3.987 23.01.23 EUR 0 1 000 000 1 000 000 1 137 890.00 0.78 Telefonica 5.496 01.04.16 EUR 1 500 000 100 000 1 600 000 0 0.00 Telstra 3.750 16.05.22 EUR 500 000 500 000 0 0.00 Tennet 4.625 21.02.23 EUR 350 000 750 000 600 000 500 000 605 180.00 0.42 Terna 4.750 15.03.21 EUR 1 000 000 1 000 000 1 199 140.00 0.82 Terra Bol 2.125 30.01.23 EUR 500 000 1 000 000 1 500 000 0 0.00 Terra Bol 2.000 19.06.19 EUR 2 000 000 1 000 000 1 000 000 1 060 710.00 0.73 Terra Bol 2.250 25.01.17 EUR 1 300 000 300 000 1 000 000 1 047 900.00 0.72 Unibail 4.625 23.09.16 EUR 850 000 850 000 0 0.00 Unibail Holding 3.875 13.12.17 EUR 1 000 000 1 000 000 0 0.00 Unibail Rod 3.375 11.03.15 EUR 2 000 000 2 000 000 0 0.00 Unilever 3.375 29.09.15 EUR 1 500 000 1 000 000 500 000 519 245.00 0.36 Vodafone Group Plc 4.650 20.01.22 EUR 0 500 000 500 000 604 150.00 0.42 Westpac Banking Corporation 4.250 22.09.16 EUR 1 000 000 1 000 000 0 0.00 Wolters Kluw 6.375 10.04.18 EUR 0 1 000 000 1 000 000 0 0.00 Wuerth Fin 3.750 25.05.18 EUR 1 000 000 1 000 000 0 0.00 131 293 612.40 90.32 Total listed securities 131 293 612.40 90.32 Transferable securities dealt on another regulated market Bonds Caixabank 3.000 22.03.18 EUR 0 500 000 500 000 538 190.00 0.37 Caixabank Cedula 2.625 21.03.24 EUR 0 1 500 000 500 000 1 000 000 1 045 030.00 0.72 1 583 220.00 1.09 Total transferable securities dealt on another regulated market 1 583 220.00 1.09 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 132 876 832.40 91.41 6 077 966.12 4.18 6 411 527.32 4.41 145 366 325.84 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Allocation by Debtor Categories Debtor Categories % Corporates and other 55.48 States, Provinces and Municipalities 41.24 Supranationals 3.28 Total 100.00 Maturity % up to 1 year 10.03 13 years 11.53 35 years 16.67 57 years 26.98 710 years 24.83 more than 10 years 9.95 Total 99.99 96 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond EUR Corporates Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Bonds ABB Finance 2.625 26.03.19 EUR 750 000 750 000 808 687.50 0.74 ABN AMRO Bank N.V. 3.625 06.10.17 EUR 1 800 000 1 300 000 500 000 545 320.00 0.50 ABN AMRO Bank N.V. 4.750 11.01.19 EUR 1 600 000 1 100 000 500 000 582 740.00 0.53 Accor 2.875 19.06.17 EUR 0 800 000 800 000 845 760.00 0.77 Acea 3.750 12.09.18 EUR 0 600 000 600 000 661 356.00 0.60 Acea 4.875 23.07.14 EUR 1 200 000 1 200 000 0 0.00 Adecco IF 4.750 13.04.18 EUR 0 500 000 500 000 565 660.00 0.52 Aegon Global Markets 4.125 08.12.14 EUR 1 600 000 1 600 000 0 0.00 Air Liquide 1.875 05.06.24 EUR 0 500 000 500 000 499 555.00 0.45 Allianderfin 5.500 20.04.16 EUR 750 000 250 000 500 000 545 135.00 0.50 Amgen 4.375 05.12.18 EUR 1 750 000 1 750 000 2 001 545.00 1.81 Ap Moeller 3.375 28.08.19 EUR 0 500 000 500 000 553 060.00 0.50 Asml Holding 5.750 13.06.17 EUR 1 500 000 1 500 000 0 0.00 Assgen 2.875 14.01.20 EUR 0 1 000 000 1 000 000 1 064 570.00 0.97 Assgen 4.875 11.11.14 EUR 1 000 000 1 000 000 0 0.00 Atlim 3.625 30.11.18 EUR 0 500 000 500 000 551 370.00 0.50 Atlim 4.375 16.03.20 EUR 0 500 000 500 000 581 200.00 0.53 Auchan 2.875 15.11.17 EUR 1 750 000 1 750 000 1 875 510.00 1.71 Autopis Esp. 4.375 30.03.20 EUR 0 500 000 500 000 580 770.00 0.53 Aviva 5.700 31.12.49 EUR 0 1 000 000 1 000 000 1 037 850.00 0.94 Axa FRN 16.04.40 EUR 0 500 000 500 000 563 915.00 0.51 A2A 3.625 13.01.22 EUR 0 300 000 300 000 330 123.00 0.30 Banbra 4.500 20.01.16 EUR 600 000 600 000 625 836.00 0.57 Bbvasm 3.875 06.08.15 EUR 1 100 000 1 100 000 1 139 347.00 1.04 Bbvasm 3.750 17.01.18 EUR 0 800 000 800 000 873 560.00 0.80 Belgacom 2.375 04.04.24 EUR 0 1 000 000 1 000 000 1 036 910.00 0.94 Belgacom 4.375 23.11.16 EUR 500 000 500 000 544 365.00 0.50 Bertel 2.625 02.08.22 EUR 500 000 500 000 531 740.00 0.48 Bertelsmann 4.750 26.09.16 EUR 1 750 000 750 000 1 000 000 1 091 600.00 0.99 BFCM 3.250 23.08.22 EUR 1 500 000 500 000 1 000 000 1 115 820.00 1.02 BG Energy 3.625 16.07.19 EUR 500 000 500 000 560 655.00 0.51 Bmw Fin 2.625 17.01.24 EUR 0 500 000 500 000 534 900.00 0.49 BNP Paribas 2.875 27.11.17 EUR 1 750 000 750 000 1 000 000 1 066 180.00 0.97 BNP Paribas 4.125 14.01.22 EUR 0 1 000 000 1 000 000 1 169 340.00 1.06 Bnz Intl Ln 1.250 23.05.18 EUR 750 000 750 000 759 315.00 0.69 Ca London 3.625 08.03.16 EUR 1 300 000 1 300 000 0 0.00 Carrefour 1.875 19.12.17 EUR 600 000 600 000 0 0.00 Carrefour 3.875 25.04.21 EUR 500 000 500 000 575 695.00 0.52 Carrefour 5.250 24.10.18 EUR 1 100 000 1 100 000 1 309 869.00 1.19 CBA 4.375 25.02.20 EUR 1 300 000 500 000 800 000 941 288.00 0.86 Coca Cola 2.750 06.05.26 EUR 0 750 000 750 000 770 497.50 0.70 Comzbk 3.625 10.07.17 EUR 0 750 000 750 000 814 342.50 0.74 Congr 2.500 20.03.17 EUR 0 500 000 500 000 522 220.00 0.48 Continental 3.125 09.09.20 EUR 0 500 000 500 000 550 060.00 0.50 Crédit Agricole 3.125 17.07.23 EUR 0 500 000 500 000 547 210.00 0.50 Crédit Agricole 3.875 13.02.19 EUR 0 500 000 500 000 563 650.00 0.51 Danone 3.600 23.11.20 EUR 750 000 750 000 857 257.50 0.78 Delhaize Group 3.125 27.02.20 EUR 0 500 000 500 000 540 720.00 0.49 Deut Tel If 6.625 29.03.18 EUR 0 500 000 500 000 605 850.00 0.55 Deutsche Bahn Finance 1.750 06.11.20 EUR 0 750 000 750 000 784 537.50 0.71 Deutsche Bahn Finance 4.375 23.09.21 EUR 1 750 000 1 250 000 500 000 603 060.00 0.55 Deutsche Bahn Finance 4.750 14.03.18 EUR 1 600 000 1 600 000 0 0.00 Dnb Nordbank Boligkredit 3.875 29.06.20 EUR 1 750 000 1 250 000 500 000 579 230.00 0.53 Dsk Bank 3.875 28.02.17 EUR 1 000 000 1 000 000 1 084 030.00 0.99 The notes at the end are an integral part of these financial statements. Audited annual report 97

Sustainable Bond EUR Corporates (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Dsk Bank 4.750 04.06.14 EUR 750 000 750 000 0 0.00 DSM 4.000 10.11.15 EUR 1 000 000 1 000 000 0 0.00 EDF 2.250 27.04.21 EUR 0 1 000 000 1 000 000 1 053 130.00 0.96 Enagas 4.250 05.10.17 EUR 0 500 000 500 000 553 410.00 0.50 Eurogrid 3.875 22.10.20 EUR 700 000 700 000 800 877.00 0.73 France Telecom 4.125 23.01.19 EUR 0 500 000 500 000 566 855.00 0.52 Gas Nat SA 3.875 17.01.23 EUR 900 000 900 000 1 032 552.00 0.94 Gas Ncp 6.375 09.07.19 EUR 500 000 500 000 622 350.00 0.57 Glaxosm Cap 4.000 16.06.25 EUR 1 100 000 1 100 000 1 310 584.00 1.19 Great West 2.500 18.04.23 EUR 0 500 000 500 000 518 260.00 0.47 Hera SpA 3.250 04.10.21 EUR 0 500 000 500 000 546 750.00 0.50 Hera SpA 4.125 16.02.16 EUR 1 400 000 400 000 1 000 000 1 060 240.00 0.97 Hera SpA 5.200 29.01.28 EUR 1 000 000 1 000 000 1 245 720.00 1.13 Holcim Fin 9.000 26.03.14 EUR 1 050 000 1 050 000 0 0.00 Iberdrola I 2.500 24.10.22 EUR 0 800 000 800 000 836 200.00 0.76 IBM 1.375 19.11.19 EUR 1 500 000 1 500 000 0 0.00 IBM 1.875 06.11.20 EUR 0 500 000 500 000 520 280.00 0.47 ING NV 4.875 18.01.21 EUR 1 750 000 1 250 000 500 000 609 820.00 0.56 Int Sanp 4.125 14.04.20 EUR 1 300 000 1 300 000 1 467 804.00 1.34 Intesa Sanpaolo Spa 5.000 28.02.17 EUR 1 700 000 500 000 1 200 000 1 321 152.00 1.20 Johnson & Johnson 4.750 06.11.19 EUR 1 000 000 1 000 000 1 197 240.00 1.09 Kaupthing Bank 3.000 12.02.10 CHF 1 000 000 1 000 000 82.36 0.00 KBC Ifima 3.000 29.08.16 EUR 700 000 700 000 735 000.00 0.67 KBC Ifima 3.625 07.03.14 EUR 1 750 000 1 750 000 0 0.00 KBC Ifima 3.875 31.03.15 EUR 500 000 500 000 513 000.00 0.47 KBC Ifima 4.500 17.09.14 EUR 750 000 750 000 0 0.00 Kon Dsm 1.750 13.11.19 EUR 0 500 000 500 000 517 465.00 0.47 Kon Dsm 2.375 03.04.24 EUR 0 500 000 500 000 520 210.00 0.47 Linde Fin 3.125 12.12.18 EUR 750 000 250 000 500 000 550 745.00 0.50 Lloyds Banking Group Plc 3.750 07.09.15 EUR 1 750 000 1 750 000 1 819 895.00 1.66 Lloyds Banking Group Plc 5.375 03.09.19 EUR 700 000 700 000 851 144.00 0.77 Luxottica 3.625 19.03.19 EUR 0 500 000 500 000 559 165.00 0.51 Mediobc 2.250 18.03.19 EUR 0 500 000 500 000 514 040.00 0.47 Metro 7.625 05.03.15 EUR 1 000 000 1 000 000 0 0.00 Microsoft Corp 2.125 06.12.21 EUR 0 500 000 500 000 524 535.00 0.48 Microsoft Corp 3.125 06.12.28 EUR 0 500 000 500 000 545 785.00 0.50 Mondi Fin 5.750 03.04.17 EUR 0 500 000 500 000 562 700.00 0.51 National Australia Bank 2.750 08.08.22 EUR 1 000 000 1 000 000 1 086 700.00 0.99 National Australia Bank 4.750 15.07.16 EUR 1 750 000 750 000 1 000 000 1 085 280.00 0.99 National Australia Bank 5.500 20.05.15 EUR 1 500 000 1 500 000 0 0.00 Nestle Fin 1.750 12.09.22 EUR 1 750 000 1 250 000 500 000 512 730.00 0.47 Nl Gasu 3.625 13.10.21 EUR 750 000 750 000 860 385.00 0.78 Nomura EUR 1.875 29.05.18 EUR 0 750 000 750 000 765 840.00 0.70 Nordea 1.375 12.04.18 EUR 1 000 000 1 000 000 0 0.00 Nordea 3.625 11.02.16 EUR 1 750 000 1 750 000 0 0.00 Pohjola Bk 3.000 08.09.17 EUR 1 750 000 1 250 000 500 000 535 375.00 0.49 Rabobank 4.125 12.01.21 EUR 1 200 000 200 000 1 000 000 1 174 380.00 1.07 Rabobank Nederland 4.250 16.01.17 EUR 1 750 000 750 000 1 000 000 1 091 910.00 0.99 Rabobank Nederland 4.750 06.06.22 EUR 0 1 000 000 1 000 000 1 227 410.00 1.12 Sampo Bk 4.250 27.02.17 EUR 1 400 000 1 400 000 1 521 646.00 1.39 Sant Id 4.000 27.03.17 EUR 0 1 000 000 1 000 000 1 080 870.00 0.98 Sant Id 4.000 24.01.20 EUR 1 500 000 1 500 000 1 706 115.00 1.55 Schlumb Fin 2.750 01.12.15 EUR 500 000 500 000 517 090.00 0.47 Schneider Electric 2.875 20.07.16 EUR 1 350 000 1 350 000 1 416 757.50 1.29 Schneider Electric 3.500 22.01.19 EUR 1 600 000 600 000 1 000 000 1 113 080.00 1.01 Seb 4.250 21.02.18 EUR 1 400 000 900 000 500 000 562 630.00 0.51 Shb 3.625 16.02.16 EUR 1 750 000 750 000 1 000 000 1 053 090.00 0.96 Siemens Fin 1.500 10.03.20 EUR 1 250 000 1 250 000 1 286 175.00 1.17 Skand Ensk 5.500 06.05.14 EUR 1 000 000 1 000 000 0 0.00 Skf 1.875 11.09.19 EUR 1 750 000 1 750 000 1 807 085.00 1.65 SNAM 5.000 18.01.19 EUR 0 500 000 500 000 583 405.00 0.53 Société Générale 2.375 28.02.18 EUR 1 000 000 1 000 000 1 052 140.00 0.96 Sodexo 1.750 24.01.22 EUR 0 500 000 500 000 503 610.00 0.46 Sparog 3.500 21.04.16 EUR 1 750 000 1 250 000 500 000 526 195.00 0.48 St Gobain 3.625 15.06.21 EUR 0 500 000 500 000 567 175.00 0.52 Standard Chartered 3.875 20.10.16 EUR 0 300 000 300 000 322 062.00 0.29 Standard Chartered 4.000 21.10.25 EUR 0 500 000 500 000 534 375.00 0.49 98 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond EUR Corporates (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Statkraft 6.625 02.04.19 EUR 500 000 500 000 627 300.00 0.57 Statoil 2.000 10.09.20 EUR 0 500 000 500 000 525 150.00 0.48 Std Chart 3.625 23.11.22 EUR 0 500 000 500 000 533 320.00 0.49 Suez Environnement Cie 2.750 09.10.23 EUR 0 1 000 000 500 000 500 000 535 780.00 0.49 Swisscom AG 1.875 08.09.21 EUR 0 1 000 000 1 000 000 1 026 080.00 0.93 Telecom It 4.875 25.09.20 EUR 0 400 000 400 000 436 812.00 0.40 Telecom Italia Spa 4.625 15.06.15 EUR 900 000 900 000 0 0.00 Telecom Italia Spa 7.000 20.01.17 EUR 700 000 700 000 790 741.00 0.72 Telefonica 2.242 27.05.22 EUR 0 500 000 500 000 506 990.00 0.46 Telefonica 2.736 29.05.19 EUR 500 000 500 000 533 825.00 0.49 Telefonica 3.961 26.03.21 EUR 500 000 500 000 567 345.00 0.52 Telefonica 4.750 07.02.17 EUR 500 000 500 000 549 215.00 0.50 Telefonica 4.967 03.02.16 EUR 700 000 700 000 0 0.00 Telenor 2.625 06.12.24 EUR 500 000 500 000 528 815.00 0.48 Telenor 4.125 26.03.20 EUR 1 000 000 500 000 500 000 581 425.00 0.53 Telstra 3.750 16.05.22 EUR 1 750 000 1 000 000 750 000 862 725.00 0.79 Tennet 4.625 21.02.23 EUR 1 750 000 1 250 000 500 000 605 180.00 0.55 Terna 4.750 15.03.21 EUR 1 750 000 1 750 000 2 098 495.00 1.90 Tesco Corp 2.125 12.11.20 EUR 0 500 000 500 000 515 745.00 0.47 Tesco Plc 3.375 02.11.18 EUR 0 500 000 500 000 547 925.00 0.50 Tesco Plc 5.125 24.02.15 EUR 700 000 700 000 0 0.00 Thames Fin. 3.250 09.11.16 EUR 1 300 000 1 300 000 1 376 687.00 1.25 Tnt Nv 3.875 01.06.15 EUR 1 750 000 250 000 1 500 000 1 542 300.00 1.40 Toronto Dom. bank 5.375 14.05.15 EUR 1 750 000 1 750 000 0 0.00 Unibail Holding 3.875 13.12.17 EUR 500 000 500 000 551 235.00 0.50 Unibailrodamco Se 3.000 22.03.19 EUR 1 750 000 750 000 1 000 000 1 085 370.00 0.99 Valeo Sa 5.750 19.01.17 EUR 1 700 000 1 700 000 0 0.00 Veolia 6.750 24.04.19 EUR 0 500 000 500 000 631 820.00 0.58 Verizon Com 2.375 17.02.22 EUR 0 500 000 500 000 522 265.00 0.48 Vivendi 3.875 30.11.15 EUR 1 000 000 1 000 000 0 0.00 Volvo Tsy 2.375 26.11.19 EUR 0 750 000 750 000 793 447.50 0.72 Wachovia 4.375 27.11.18 EUR 600 000 600 000 0 0.00 Wells Fargo 2.250 02.05.23 EUR 1 000 000 500 000 500 000 515 570.00 0.47 Wells Fargo 2.625 16.08.22 EUR 1 000 000 1 000 000 1 067 210.00 0.97 Wm Morrison 2.250 19.06.20 EUR 0 500 000 500 000 505 700.00 0.46 Wuerth Fin 3.750 25.05.18 EUR 0 500 000 500 000 555 150.00 0.51 3M 1.875 15.11.21 EUR 0 500 000 500 000 517 775.00 0.47 106 901 109.86 97.33 Total listed securities 106 901 109.86 97.33 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 106 901 109.86 97.33 1 319 286.95 1.20 1 609 575.74 1.47 109 829 972.55 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Allocation by Debtor Categories Debtor Categories % Corporates and other 100.00 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 99

Sustainable Bond EUR High Grade Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Beiersdorf AG EUR 70 000 62 800 132 800 0 0.00 Deutsche Post AG. Bonn EUR 70 000 70 000 140 000 0 0.00 Fielmann AG EUR 35 000 35 000 0 0.00 Fresenius Medical Care EUR 70 000 70 000 0 0.00 Henkel EUR 48 000 48 000 0 0.00 Krones AG EUR 75 000 75 000 0 0.00 Vossloh EUR 38 000 38 000 76 000 0 0.00 0.00 Bonds Alstom 4.125 01.02.17 EUR 150 000 150 000 0 0.00 Bayer Landk 1.875 25.01.23 EUR 0 500 000 500 000 522 975.00 2.81 Bayern 1.875 07.02.19 EUR 0 500 000 500 000 531 550.00 2.86 Bayern 2.750 05.01.15 EUR 0 500 000 500 000 0 0.00 BEI 5.625 15.02.28 EUR 0 500 000 500 000 706 225.00 3.80 BNG 3.750 14.01.20 EUR 0 250 000 250 000 289 345.00 1.56 BRD 1.625 26.01.17 EUR 0 500 000 200 000 300 000 310 557.00 1.67 British Telecom 6.500 07.07.15 EUR 100 000 100 000 106 098.00 0.57 CDC 4.375 09.04.18 EUR 150 000 150 000 172 098.00 0.93 Cedb 3.000 13.07.20 EUR 0 250 000 250 000 281 792.50 1.52 Czech Republic 5.750 20.05.15 EUR 100 000 100 000 0 0.00 Denmark 2.750 16.03.16 EUR 0 500 000 500 000 0 0.00 Deutsche Bahn Finance 5.000 24.07.19 EUR 0 300 000 300 000 359 232.00 1.93 Dexia Municipal Agency 5.250 06.02.17 EUR 100 000 100 000 112 643.00 0.61 Dnb Nordbank Boligkredit 2.750 21.03.22 EUR 0 200 000 200 000 222 318.00 1.20 EIB 4.500 15.10.25 EUR 0 500 000 500 000 644 065.00 3.46 EU 2.750 04.04.22 EUR 0 200 000 200 000 224 170.00 1.21 Eurofima 4.000 27.10.21 EUR 0 300 000 300 000 357 453.00 1.92 Finland 1.500 15.04.23 EUR 0 500 000 500 000 509 390.00 2.74 Freistaat Bay 3.500 27.01.16 EUR 0 500 000 500 000 0 0.00 German Post 3.750 18.01.21 EUR 0 300 000 300 000 350 697.00 1.89 Germany 4.750 04.07.34 EUR 0 500 000 500 000 720 125.00 3.87 Germany 5.500 04.01.31 EUR 0 500 000 500 000 752 765.00 4.04 Germany 6.250 04.01.24 EUR 0 500 000 500 000 731 475.00 3.94 Germany 6.250 04.01.30 EUR 0 500 000 500 000 796 960.00 4.28 IBRD 3.875 20.05.19 EUR 0 300 000 300 000 349 011.00 1.88 ING Nv 3.375 03.03.14 EUR 0 150 000 150 000 0 0.00 Johnson & Johnson 4.750 06.11.19 EUR 0 200 000 200 000 239 448.00 1.29 KFW 0.875 18.03.19 EUR 0 200 000 200 000 203 772.00 1.10 KFW 4.625 04.01.23 EUR 0 500 000 500 000 639 550.00 3.44 KFW 3.500 04.07.21 EUR 0 500 000 500 000 587 400.00 3.16 KFW 4.125 04.07.17 EUR 0 500 000 500 000 558 800.00 3.01 KFW 2.500 17.01.22 EUR 0 500 000 200 000 300 000 332 640.00 1.79 KFW 5.500 22.01.18 EUR 0 500 000 500 000 591 745.00 3.18 Landesbank Baden Württemberg 3.250 18.01.16 EUR 0 500 000 500 000 0 0.00 Lbk Bw 2.125 04.08.15 EUR 0 750 000 750 000 0 0.00 Lbk Bw 3.500 14.01.15 EUR 0 750 000 750 000 0 0.00 Lwf Rentbank 2.875 30.08.21 EUR 0 1 000 000 700 000 300 000 340 368.00 1.83 Lwf Rentbk 1.625 01.10.19 EUR 0 150 000 150 000 157 897.50 0.85 Lwf Rentbk 1.875 11.05.20 EUR 0 670 000 670 000 714 521.50 3.84 Lwf Rentbk 2.000 20.02.19 EUR 0 500 000 500 000 535 425.00 2.88 Lwf Rentbk 3.125 02.03.18 EUR 0 500 000 500 000 551 805.00 2.97 Lwf Rentbk 3.750 11.02.16 EUR 0 500 000 500 000 0 0.00 Nestle Fin 1.250 04.05.20 EUR 0 300 000 300 000 306 501.00 1.65 100 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Bond EUR High Grade (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Novartis Fin 4.250 15.06.16 EUR 0 250 000 150 000 100 000 107 558.00 0.58 Nth Rhinew 2.125 13.10.16 EUR 150 000 500 000 500 000 150 000 156 445.50 0.84 NWB 3.500 14.01.21 EUR 0 300 000 300 000 346 194.00 1.86 OeBB Inf 4.875 27.06.22 EUR 0 400 000 100 000 300 000 382 764.00 2.06 Pemex Project Funding Trust 5.500 24.02.25 EUR 100 000 100 000 0 0.00 RATP 4.500 28.05.18 EUR 0 250 000 250 000 288 687.50 1.55 Réseau Ferré de France 6.000 12.10.20 EUR 170 000 170 000 221 615.40 1.19 Roche Holding 6.500 04.03.21 EUR 0 200 000 200 000 266 128.00 1.43 SaxonyAnhalt 4.500 11.09.17 EUR 0 172 000 172 000 194 712.60 1.05 Shb 1.500 06.07.15 EUR 0 100 000 100 000 0 0.00 SNCF 4.375 10.07.18 EUR 0 450 000 450 000 519 066.00 2.79 Statkraft 2.500 28.11.22 EUR 0 200 000 200 000 211 330.00 1.14 Sweden 0.625 20.02.15 EUR 0 500 000 500 000 0 0.00 Vivendi 4.875 02.12.19 EUR 100 000 100 000 0 0.00 Vodafone Group Plc 5.000 04.06.18 EUR 150 000 150 000 0 0.00 Westpac Banking Corporation 4.250 22.09.16 EUR 150 000 150 000 162 253.50 0.87 17 667 572.00 95.04 Total listed securities 17 667 572.00 95.04 Other transferable securities Bonds KFW 3.875 21.01.19 EUR 0 500 000 500 000 577 225.00 3.11 577 225.00 3.11 Options on securities Beiersdorf AG CALL 07/13 19.07.13 EUR 70 000 70 000 0 0.00 Beiersdorf AG CALL 07/13 26.07.13 EUR 0 62 800 62 800 0 0.00 Beiersdorf AG PUT 07/13 19.07.13 EUR 70 000 70 000 0 0.00 Beiersdorf AG PUT 07/13 26.07.13 EUR 0 125 600 125 600 0 0.00 Deutsche Post AG Bonn CALL 07/13 19.07.13 EUR 70 000 70 000 0 0.00 Deutsche Post AG Bonn PUT 07/13 19.07.13 EUR 70 000 70 000 0 0.00 Deutsche Post AG Bonn PUT 07/13 26.07.13 EUR 0 70 000 70 000 0 0.00 Fielmann AG CALL 07/13 26.07.13 EUR 35 000 35 000 0 0.00 Fielmann AG PUT 07/13 26.07.13 EUR 35 000 35 000 0 0.00 Fresenius Medical Care AG CALL 07/13 26.07.13 EUR 70 000 70 000 0 0.00 Fresenius Medical Care AG PUT 07/13 26.07.13 EUR 70 000 70 000 0 0.00 Henkel / Vorzug CALL 08/13 02.08.13 EUR 48 000 615 000 567 000 0 0.00 Henkel / Vorzug PUT 08/13 02.08.13 EUR 48 000 48 000 0 0.00 Krones AG CALL 08/13 02.08.13 EUR 75 000 75 000 0 0.00 Krones AG PUT 08/13 02.08.13 EUR 75 000 75 000 0 0.00 Vossloh AG CALL 07/13 19.07.13 EUR 38 000 38 000 0 0.00 Vossloh AG CALL 07/13 26.07.13 EUR 0 38 000 38 000 0 0.00 Vossloh AG PUT 07/13 19.07.13 EUR 38 000 38 000 0 0.00 Vossloh AG PUT 07/13 26.07.13 EUR 0 38 000 38 000 0 0.00 0.00 Total other transferable securities 577 225.00 3.11 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 18 244 797.00 98.15 138 386.26 0.74 205 617.96 1.11 18 588 801.22 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 101

Sustainable Bond EUR High Grade (continued) Allocation of investments as of 30.06.2014 Allocation by Debtor Categories Debtor Categories % Corporates and other 17.81 State, Provinces and Municipalities 68.26 Supranationals 13.93 Total 100.00 102 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity Europe Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Accor EUR 30 000 5 239 35 239 1 338 729.61 2.00 Actelion Ltd CHF 0 11 501 11 501 1 062 800.51 1.59 Adidas AG EUR 0 13 920 13 920 1 029 662.40 1.54 Aixtron AG EUR 55 000 55 000 0 0.00 Aker Solutions Asa NOK 0 76 273 76 273 967 768.19 1.45 Allianz N EUR 6 500 5 128 4 650 6 978 849 222.60 1.27 A.P. MoellerMaersk A/s B DKK 0 820 820 1 488 150.39 2.22 Atlas Copco Shares B SEK 50 000 50 000 0 0.00 Aviva GBP 290 000 55 000 235 000 1 498 203.33 2.24 Axa EUR 75 000 75 000 1 309 125.00 1.96 BG Group Plc GBP 102 000 102 000 1 573 165.01 2.35 BNP Paribas EUR 20 000 10 000 30 000 1 486 350.00 2.22 Cie Générale de Géophysique EUR 49 965 49 965 0 0.00 Clariant CHF 0 89 196 89 196 1 275 317.72 1.90 Continental AG EUR 0 9 044 9 044 1 529 792.60 2.28 Crédit Agricole EUR 0 133 110 133 110 1 371 033.00 2.05 Danone EUR 16 300 16 300 884 112.00 1.32 Delhaize Group EUR 0 23 354 23 354 1 153 921.14 1.72 Deutsche Post AG. Bonn EUR 46 500 46 500 0 0.00 EDP Energias de Portugal N EUR 450 000 450 000 1 648 800.00 2.46 Essilor International EUR 10 000 10 000 0 0.00 Fischer Georg N CHF 3 800 972 2 200 2 572 1 346 200.70 2.01 France Telecom EUR 75 000 75 000 0 0.00 Fresenius EUR 10 000 1 646 4 517 7 129 776 348.10 1.16 Getinge AB B SEK 0 52 703 52 703 0 0.00 GlaxoSmithKline GBP 52 500 52 500 0 0.00 Henkel EUR 10 500 4 616 15 116 1 276 243.88 1.91 Holcim N CHF 0 15 865 15 865 0 0.00 Infineon Technologies /Nam. EUR 0 144 514 144 514 1 319 268.31 1.97 Intesa Sanpaolo SpA EUR 375 000 339 806 714 806 1 612 602.34 2.41 J. Sainsbury Plc GBP 0 258 287 258 287 1 017 674.90 1.52 Julius Baer Group CHF 14 000 14 000 0 0.00 KBC Groupe EUR 35 000 5 063 13 259 26 804 1 065 459.00 1.59 Kingfisher Plc GBP 200 000 78 333 278 333 1 247 861.25 1.86 Koninklijke Boskalis Westminster EUR 18 000 3 649 21 649 1 151 510.31 1.72 Lafarge Sa EUR 17 500 17 500 0 0.00 Linde EUR 6 000 1 665 7 665 0 0.00 Lindt & Spruengli PS CHF 280 280 1 040 981.18 1.55 Lloyds Banking Group Plc GBP 1 250 000 445 751 1 695 751 1 572 409.61 2.35 Metro EUR 0 34 516 34 516 0 0.00 Michelin B /nom. EUR 12 000 12 000 0 0.00 Moet Hennessy Louis Vuitton EUR 5 000 5 000 0 0.00 Mondi Plc GBP 0 103 242 103 242 1 369 266.79 2.05 Muenchener Rueckversicherung N EUR 5 500 5 500 0 0.00 National Grid Plc GBP 0 126 464 126 464 1 326 640.80 1.98 Nestle N CHF 21 000 21 000 1 188 226.75 1.77 Nobel Biocare Holding Ltd /nam CHF 0 77 851 77 851 846 372.26 1.26 Nordea Bank Ab SEK 0 120 750 120 750 1 244 011.04 1.86 Novo Nordisk B DKK 7 500 7 500 0 0.00 Novozymes B DKK 32 000 32 000 0 0.00 Osram Licht Akt. EUR 0 700 700 0 0.00 Postnl EUR 0 366 445 366 445 1 264 235.25 1.89 Raiffeisen Bank Intl AG EUR 0 53 852 53 852 1 255 559.38 1.88 Randstad Holding (eur 0.1) EUR 30 000 3 500 26 500 1 049 135.00 1.57 The notes at the end are an integral part of these financial statements. Audited annual report 103

Sustainable Equity Europe (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Reckitt Benckiser Group GBP 16 281 16 281 0 0.00 Rexam Plc GBP 155 000 40 380 195 380 0 0.00 Roche Holding AG /Genussschein CHF 0 13 120 13 120 2 858 135.44 4.28 SaintGobain EUR 27 000 27 000 1 112 535.00 1.66 Saipem EUR 37 500 32 622 70 122 1 381 403.40 2.06 Sanofi Aventis EUR 0 27 516 27 516 2 134 691.28 3.20 SAP EUR 14 500 9 893 24 393 1 375 765.20 2.05 Schneider Electric EUR 15 000 5 459 20 459 1 406 556.25 2.10 SGS Ste. Générale de Surveillance N CHF 600 600 0 0.00 Shire Plc GBP 0 39 362 14 332 25 030 1 428 513.00 2.13 Siemens N EUR 10 000 10 000 0 0.00 Skanska B SEK 70 000 70 000 0 0.00 Smith And Nephew Plc GBP 0 114 304 50 081 64 223 833 322.84 1.24 Sonova Holding Ag /Nom. CHF 0 12 434 12 434 0 0.00 Standard Chartered GBP 60 000 60 000 0 0.00 Statoil NOK 70 000 9 791 79 791 1 789 279.21 2.67 Svenska Cellulosa SEK 50 000 11 234 61 234 1 164 707.31 1.74 Swiss Re N CHF 17 000 17 000 1 104 712.37 1.65 Tdc DKK 0 176 858 176 858 1 336 761.11 2.00 Telefonica EUR 60 875 30 651 91 526 0 0.00 The Swatch Group AG CHF 1 800 1 800 0 0.00 Unilever GBP 32 900 276 33 176 0 0.00 Verbund AG EUR 50 000 50 000 0 0.00 Verizon Communications Inc 0 12 230 12 230 0 0.00 Vodafone Group Plc GBP 465 000 465 000 0 0.00 Vodafone Group Plc GBP 0 372 081 372 081 906 106.52 1.35 Volvo B SEK 0 124 694 124 694 1 253 991.96 1.87 Whitbread Plc GBP 22 500 5 429 27 929 1 537 809.83 2.30 William Demant Holding DKK 12 000 12 000 0 0.00 Zurich Financial Services N CHF 4 750 4 750 0 0.00 65 060 451.07 97.18 Total listed securities 65 060 451.07 97.18 Other transferable securities Equities Raiffeisen /iss.2014 EUR 0 6 700 6 700 0 0.00 Vodafone Group Plc B Shs GBP 0 465 000 465 000 0 0.00 0.00 Options on securities Right Raiffeisen EUR 0 36 422 36 422 0 0.00 Rights Osram EUR 0 700 700 0 0.00 0.00 Total other transferable securities 0.00 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 65 060 451.07 97.18 1 687 003.17 2.52 203 555.85 0.30 66 951 010.09 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 104 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity Europe (continued) Allocation of investments as of 30.06.2014 Country Allocation Countries % United Kingdom 19.29 France 16.54 Switzerland 16.06 Germany 12.21 Sweden 5.49 Netherlands 5.19 Italy 4.48 Denmark 4.23 Norway 4.13 Other 12.38 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 105

Sustainable Equity Global Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Adt Corporation 23 790 26 210 50 000 1 275 974.14 1.83 Aixtron AG EUR 0 75 000 75 000 792 750.00 1.14 Alexion Pharma Inc 15 650 15 650 0 0.00 Allianz N EUR 13 000 7 000 6 000 730 200.00 1.05 Apple Inc. 4 700 7 200 3 500 8 400 570 143.52 0.82 Applied Materials Inc. 64 300 64 300 1 059 025.67 1.52 Asics Corp JPY 130 000 130 000 0 0.00 Atlas Copco Shares B SEK 72 000 72 000 0 0.00 Aviva GBP 250 000 67 400 182 600 1 164 135.86 1.67 Axa EUR 105 000 35 000 70 000 1 221 850.00 1.75 Banco Itau Holding Fin. ADR (=1 GS share) 108 790 17 000 59 790 66 000 693 189.21 0.99 Baxter International 0 15 000 15 000 792 097.29 1.14 Bed Bath & Beyond Inc 0 30 000 30 000 1 257 276.41 1.80 BG Group Plc GBP 108 000 25 550 82 450 1 271 641.71 1.82 Biomarin Pharmaceutical Inc 27 300 27 300 0 0.00 BNP Paribas EUR 37 000 15 000 22 000 1 089 990.00 1.56 Canadian National Railway CAD 12 200 10 200 2 000 20 400 970 795.78 1.39 Catamaran Corp 28 000 4 000 24 000 774 086.11 1.11 Cepheid Inc 28 400 28 400 0 0.00 Cerner Corp 20 500 20 500 41 000 0 0.00 Chipotle Mexican Grill Inc 2 700 2 700 0 0.00 Community Health Systems Inc 0 35 000 35 000 1 159 807.18 1.66 Continental AG EUR 0 7 000 7 000 0 0.00 Cvs Caremark Corp 0 20 000 20 000 1 100 975.06 1.58 Deere 13 100 1 500 11 600 767 176.72 1.10 Ecolab 24 000 2 000 22 000 1 789 051.60 2.58 Elringklinger AG /nam. EUR 0 22 000 22 000 662 970.00 0.95 Essilor International EUR 16 250 3 000 9 250 10 000 774 500.00 1.11 Estée Lauder Companies A 30 000 5 000 25 000 1 355 950.77 1.94 Gilead Sciences 29 000 9 000 20 000 1 211 116.39 1.74 Givaudan Sa /Reg CHF 770 100 670 816 143.02 1.17 Google Inc A 2 300 2 300 0 0.00 Google Inc Shs C 0 800 800 0 0.00 Green Moutain Coffee Roast 25 000 5 000 30 000 0 0.00 Hamburger Hafen Und Logistik AG EUR 0 50 000 50 000 969 750.00 1.39 Henkel EUR 0 9 000 9 000 759 870.00 1.09 Hms Holdings Corp 50 000 50 000 0 0.00 Home Depot 12 900 7 100 20 000 1 182 631.56 1.70 IBM Corp 7 500 7 500 0 0.00 Intel 40 200 40 000 40 200 40 000 902 749.88 1.29 J. Sainsbury Plc GBP 0 350 000 350 000 1 379 032.67 1.98 Johnson Controls Inc 0 40 000 40 000 1 458 715.26 2.09 Kering Act. EUR 0 7 000 7 000 1 121 050.00 1.61 Komatsu JPY 67 200 67 200 1 139 527.03 1.63 LKQ 0 35 000 35 000 682 284.63 0.98 Michelin B /nom. EUR 10 870 10 870 0 0.00 Microsoft Corp 0 40 000 40 000 1 218 274.11 1.75 Muenchener Rueckversicherung N EUR 10 600 10 600 0 0.00 Neopost EUR 0 17 000 17 000 929 900.00 1.33 Nestle N CHF 30 000 15 000 15 000 848 733.39 1.22 Northern Trust Corp 35 000 20 000 15 000 703 465.65 1.01 Novo Nordisk A/s /B DKK 0 45 000 20 000 25 000 840 342.34 1.20 Novo Nordisk B DKK 12 000 12 000 0 0.00 Orix Corp JPY 0 100 000 100 000 1 210 510.99 1.74 106 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Pearson Plc GBP 0 50 000 50 000 720 581.26 1.03 Pediatrix Medical Group Inc 13 400 13 400 26 800 1 138 239.05 1.63 Pentair Plc 0 22 800 22 800 1 200 990.40 1.72 Pentair Shs 22 800 22 800 0 0.00 Phillipsvan Heusen Corp 0 7 500 7 500 638 717.45 0.92 Postnl EUR 0 300 000 300 000 1 035 000.00 1.48 Qualcomm 23 200 23 200 1 342 029.72 1.92 Raiffeisen Bank Intl AG EUR 0 30 000 30 000 699 450.00 1.00 Reckitt Benckiser Group GBP 24 468 4 200 20 268 1 290 886.98 1.85 Ricoh Co.ltd JPY 0 100 000 100 000 870 212.49 1.25 Roche Holding AG /bearer CHF 0 3 300 3 300 704 621.67 1.01 Royal Bank of Canada CAD 25 400 25 400 1 328 564.50 1.90 Sabesp 154 200 18 000 122 200 50 000 391 483.77 0.56 Saipem EUR 47 900 47 900 0 0.00 SAP EUR 23 265 23 265 1 312 146.00 1.88 Schlumberger 20 000 2 800 17 200 1 481 751.45 2.12 Seagate Technologie Plc 0 16 600 16 600 688 903.33 0.99 Secom JPY 31 000 31 000 0 0.00 Standard Chartered GBP 75 000 75 000 1 118 337.12 1.60 Starbucks 30 500 30 500 0 0.00 State Street 30 300 30 300 1 488 498.70 2.13 Statoil NOK 65 900 65 900 1 477 779.45 2.12 Stericycle 14 500 1 300 13 200 1 141 689.37 1.64 Swiss Re N CHF 31 000 9 000 22 000 1 429 627.78 2.05 Telus Corp CAD 0 49 000 49 000 0 0.00 Telus Corp /NonCanadian CAD 49 000 49 000 49 000 49 000 1 336 256.75 1.92 The Swatch Group AG CHF 3 500 2 000 1 500 661 567.30 0.95 Tjx Cos 39 500 39 500 0 0.00 Toyota Motor Credit JPY 0 20 000 20 000 877 278.01 1.26 Tyco International Ltd 30 100 30 100 0 0.00 United Natural Foods 24 600 24 600 0 0.00 Utd Parcel Service Inc B 11 700 11 700 877 275.68 1.26 Verbund AG EUR 0 50 000 50 000 707 250.00 1.01 Verizon Communications Inc 0 13 150 13 150 0 0.00 Vodafone Group Plc GBP 500 000 500 000 0 0.00 Vodafone Group Plc GBP 0 272 727 272 727 664 155.69 0.95 Volvo B SEK 0 100 000 100 000 1 005 655.41 1.44 Westpac Banking Corporation AUD 60 800 60 800 0 0.00 Whole Foods Market 30 000 30 000 0 0.00 3M 13 300 3 300 10 000 1 046 196.55 1.50 67 322 829.83 96.52 Total listed securities 67 322 829.83 96.52 Other transferable securities Equities New Energies Invest (in liquidation) CHF 6 800 6 800 94 201.58 0.14 Vodafone Group Plc B Shs GBP 0 500 000 500 000 0 0.00 94 201.58 0.14 Total other transferable securities 94 201.58 0.14 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 67 417 031.41 96.66 2 483 964.81 3.56 152 531.71 0.22 69 748 464.51 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures The notes at the end are an integral part of these financial statements. Audited annual report 107

Sustainable Equity Global (continued) Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 37.53 United Kingdom 10.92 Germany 7.50 France 7.37 Switzerland 6.40 Canada 6.34 Japan 5.88 Ireland 2.71 Norway 2.12 Other 13.23 Total 100.00 108 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity Global Emerging Markets Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Equities Adcock Ingram Holdings Ltd ZAR 0 473 448 132 820 340 628 1 701 418.96 1.81 AIA Group HKD 0 543 000 172 200 370 800 1 863 478.65 1.99 Ambev Cia De Bebidas /Adr 59 357 3 419 62 776 0 0.00 Anhanguera Educacional Part BRL 374 200 99 800 233 900 240 100 2 004 374.01 2.14 Bank Millennium Sa PLN 1 429 866 206 863 972 513 664 216 1 699 529.38 1.81 Bco San Brasil /adr 311 900 79 900 391 800 0 0.00 Beijing Enterprises Hld Ltd HKD 268 500 109 000 167 000 210 500 1 992 184.02 2.12 CCR BRL 246 100 83 200 92 100 237 200 1 937 117.52 2.06 Cemex Sab MXN 1 984 160 340 300 2 324 460 0 0.00 Cemig /Sadr 223 984 152 808 131 514 245 278 1 959 771.22 2.09 China Cosco Holdings HKD 4 647 500 2 122 500 2 203 500 4 566 500 1 779 375.63 1.90 China Everbright Intl HKD 2 715 000 633 000 1 966 000 1 382 000 1 975 718.37 2.11 China Mengniu Dairy Co Ltd HKD 641 000 35 000 676 000 0 0.00 China Shineway Pharma Grp Ltd HKD 1 217 000 546 000 728 000 1 035 000 1 816 169.98 1.94 Chunghwa Telecom Co /sadr 70 410 10 588 80 998 0 0.00 Cielo /sadr 90 877 81 409 78 579 93 707 1 941 140.51 2.07 Cosan Ltd A 120 200 78 600 53 800 145 000 1 966 200.00 2.10 Credicorp 15 694 3 889 7 713 11 870 1 845 428.90 1.97 Discovery Shs ZAR 258 031 80 960 130 507 208 484 1 903 815.72 2.03 Dr Reddy S Laboratories/Adr 59 793 2 884 62 677 0 0.00 Energy Develop Corp PHP 14 874 300 7 039 900 8 566 600 13 347 600 1 926 499.15 2.05 Esprit Holdings Ltd HKD 0 1 905 100 596 800 1 308 300 1 856 851.87 1.98 Flextronics Intl Ltd 0 313 476 136 859 176 617 1 955 150.19 2.08 Gafisa SA BRL 0 1 832 700 636 200 1 196 500 1 829 411.41 1.95 GCLPoly Energy Holdings Ltd HKD 0 9 575 000 3 880 000 5 695 000 1 903 139.95 2.03 Global Telecom Inc PHP 59 525 15 565 27 775 47 315 1 734 378.64 1.85 Grupo Fin. banort. sab De Cv O MXN 341 970 51 104 121 461 271 613 1 942 511.19 2.07 Hanjin Shipping Co Ltd KRW 0 341 790 8 130 333 660 1 964 750.24 2.09 Hongkong Aircraft Eng. HKD 160 900 34 400 195 300 0 0.00 Impala Platinum Holdings Ltd ZAR 206 157 58 860 93 406 171 611 1 724 054.30 1.84 Infosys Technolologoes ADR (=1 share) 52 904 22 211 30 693 1 650 362.61 1.76 Kumba Iron Ore Ltd ZAR 43 190 32 887 18 512 57 565 1 834 288.23 1.95 Li & Fung Ltd HKD 1 575 400 610 000 906 000 1 279 400 1 895 070.92 2.02 Manila Water Co Inc PHP 2 334 000 2 428 500 1 476 600 3 285 900 1 919 639.21 2.05 Mtn Group Ltd ZAR 116 659 27 188 55 688 88 159 1 856 114.05 1.98 Nedbank Group ZAR 113 818 18 453 45 024 87 247 1 879 393.15 2.00 NHN Corporation KRW 8 180 856 6 209 2 827 2 332 218.46 2.48 Nhn Entertainment Corp KRW 0 2 754 2 754 0 0.00 Orient Overseas (international) HKD 337 500 157 000 116 000 378 500 1 850 897.32 1.97 OTP Bank HUF 100 044 35 505 44 059 91 490 1 759 701.53 1.88 Polish Oil & Gas Co PLN 1 183 818 349 380 377 810 1 155 388 1 997 493.99 2.13 PT Telekom Indon Persero IDR 0 12 544 600 3 401 800 9 142 800 1 900 996.12 2.03 Pt Unilever Indonesia IDR 709 000 321 500 316 500 714 000 1 763 113.22 1.88 Rossi Residencial On BRL 0 3 003 700 516 000 2 487 700 1 952 598.22 2.08 Sabesp 183 636 24 055 207 691 0 0.00 Samsung Fire & Marine Insurance KRW 10 896 1 356 4 312 7 940 2 020 015.40 2.14 Samsung Sdi Co Ltd KRW 0 16 021 2 719 13 302 2 129 064.91 2.26 Sk Telecom /spons. Adr (1/9act) 108 807 18 602 53 279 74 130 1 922 932.20 2.05 Swire Properties Ltd HKD 673 000 303 600 382 400 594 200 1 736 513.19 1.85 Telkom Indonesia IDR 1 938 500 20 500 1 959 000 0 0.00 Tenaga Nasional MYR 0 549 700 59 300 490 400 1 860 187.84 1.98 The Foschini Group ZAR 205 196 70 308 98 665 176 839 1 853 370.69 1.98 Tim Participacoes SA Sadr 0 108 100 43 100 65 000 1 886 950.00 2.01 Truworths Intl Ltd ZAR 247 943 106 054 89 383 264 614 1 865 200.59 1.99 The notes at the end are an integral part of these financial statements. Audited annual report 109

Sustainable Equity Global Emerging Markets (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Woong Jin Coway Co Ltd KRW 45 040 2 769 47 809 0 0.00 Zhuzhou Csr Times Electric h HKD 792 000 322 500 491 500 623 000 1 893 024.31 2.02 84 981 615.97 90.57 Real estate funds CapitaMall Trust SGD 1 251 000 1 642 000 1 723 000 1 170 000 1 853 568.11 1.98 1 853 568.11 1.98 Warrants Merrill Lynch on EF4 28.08.15 128 339 55 355 183 694 0 0.00 Morgan Stanley BV on TBLE3 11.08.14 135 904 24 253 29 140 131 017 1 961 599.63 2.09 1 961 599.63 2.09 Total listed securities 88 796 783.71 94.64 Other transferable securities Equities Coca Cola Icecek Sanayi TRY 0 84 344 10 322 74 022 1 825 848.95 1.95 1 825 848.95 1.95 Warrants Merrill Lynch International 0 3 131 904 676 052 2 455 852 2 005 939.91 2.14 Merrill Lynch International 0 430 000 192 730 237 270 2 021 350.58 2.15 4 027 290.49 4.29 Total other transferable securities 5 853 139.44 6.24 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 94 649 923.15 100.88 297 744.24 0.32 1 121 654.26 1.20 93 826 013.13 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Country Allocation Countries % China 24.29 Brazil 18.51 South Africa 15.52 Korea 10.69 Philippines 5.95 Poland 4.24 Taiwan 4.16 Singapore 4.03 Indonesia 3.78 Other 8.83 Total 100.00 110 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity Real Estate Global Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Apartment Inv.+Manag. A 44 885 30 139 28 258 46 766 1 102 245.06 1.93 Big Yellow Group GBP 26 069 14 165 14 082 26 152 161 992.06 0.28 Boston Properties 36 789 28 628 23 514 41 903 3 616 913.08 6.32 British Land GBP 28 742 20 492 17 285 31 949 280 292.03 0.49 Capitaland SGD 308 000 207 000 195 000 320 000 599 935.43 1.05 Castellum SEK 36 044 26 566 22 934 39 676 513 655.13 0.90 Cbre Group A 66 324 55 953 43 942 78 335 1 833 147.14 3.20 Cfs Retail /reit AUD 0 327 070 327 070 0 0.00 Cromwell Property Group AUD 504 036 228 803 266 027 466 812 313 760.72 0.55 Daibiru JPY 40 400 48 300 26 300 62 400 466 082.06 0.82 Daiwa House Industry JPY 0 70 000 15 000 55 000 832 721.97 1.46 Derwent London GBP 17 015 10 580 9 687 17 908 599 138.11 1.05 Dexus Property Group AUD 715 782 324 732 378 005 662 509 506 951.85 0.89 Digital Realty Trust 34 377 17 136 24 863 26 650 1 135 177.30 1.99 Douglas Emmett 32 287 27 539 21 517 38 309 789 599.37 1.38 Fabege Ab SEK 34 264 26 464 20 412 40 316 416 451.44 0.73 Federal Realty Investment Trust 15 223 13 825 11 405 17 643 1 558 186.88 2.73 First Capital Realty CAD 35 884 26 000 21 500 40 384 515 617.03 0.90 Gecina /Act.Nom. EUR 2 416 2 329 1 496 3 249 346 018.50 0.61 Gpt Group /stapled Security AUD 155 783 70 764 82 240 144 307 382 006.34 0.67 Great Portland Estates GBP 104 482 63 059 59 096 108 445 872 172.82 1.53 Hammerson GBP 87 575 55 961 50 033 93 503 677 268.20 1.19 HCP Inc 42 466 26 518 28 707 40 277 1 217 297.05 2.13 Hysan Development HKD 450 237 266 000 275 000 441 237 1 509 401.41 2.64 Icade EUR 2 665 1 418 1 481 2 602 203 736.60 0.36 Japan Prime Realty Inv / Reit JPY 0 312 46 266 697 114.46 1.22 Kilroy Realty Corporation 11 600 12 900 8 300 16 200 736 906.84 1.29 Klepierre EUR 19 283 14 145 11 609 21 819 811 994.09 1.42 Land Securities Group GBP 19 585 14 266 11 879 21 972 284 273.58 0.50 Macerich 7 510 7 096 5 203 9 403 458 423.29 0.80 Mass Transit Railway Corp HKD 280 000 185 000 170 000 295 000 829 836.54 1.45 Mirvac Group AUD 0 856 089 306 141 549 948 676 724.34 1.18 Mitsubishi Estate JPY 142 000 122 000 89 000 175 000 3 155 511.60 5.51 Mitsui Fudosan JPY 115 000 82 000 71 000 126 000 3 103 176.29 5.42 Mobimo Holding AG CHF 1 663 840 1 003 1 500 232 258.92 0.41 Nippon Prologis Reit JPY 0 577 95 482 820 814.41 1.44 NTT Urban Development JPY 1 256 164 389 41 745 123 900 1 018 343.27 1.78 Prologis 47 824 47 353 33 358 61 819 1 855 269.85 3.24 PSP Swiss Property CHF 4 976 4 440 3 116 6 300 433 261.72 0.76 Regency Centers 24 583 18 128 16 039 26 672 1 084 685.36 1.90 Scentre Group /reit AUD 0 185 545 185 545 409 308.90 0.72 Shaftesbury GBP 38 326 20 280 21 276 37 330 305 822.18 0.54 Stockland /units AUD 254 872 254 872 0 0.00 Sun Hung Kai Properties HKD 140 000 95 000 84 000 151 000 1 512 642.91 2.65 Swire Properties Ltd HKD 228 800 239 200 142 200 325 800 695 417.30 1.22 Unibail Holding EUR 7 689 5 382 4 537 8 534 1 813 048.30 3.17 Washington Prime Group Inc 0 20 168 3 400 16 768 229 509.05 0.40 Westfield Group Stapled AUD 132 334 6 817 139 151 0 0.00 Westfield Group Trust AUD 0 177 906 177 906 0 0.00 41 614 110.78 72.82 Real estate funds CapitaMall Trust SGD 560 000 465 000 365 000 660 000 763 687.34 1.34 Commonwealth Prop Office Fd Units AUD 291 510 291 510 0 0.00 The notes at the end are an integral part of these financial statements. Audited annual report 111

Sustainable Equity Real Estate Global (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Segro Plc/Reit GBP 71 174 4 110 75 284 0 0.00 763 687.34 1.34 Investment funds CFS Retail Property Trust Units AUD 354 704 475 917 512 608 318 013 447 225.95 0.78 Japan Prime Realty Invest JPY 207 64 271 0 0.00 Simon Property Group 34 002 22 261 21 870 34 393 4 176 947.77 7.32 Stockland Stapled Security AUD 0 243 832 35 998 207 834 555 904.60 0.97 Udr 108 801 100 237 76 287 132 751 2 775 927.50 4.86 Vornado Realty Trust 29 140 23 598 19 428 33 310 2 596 630.25 4.54 Westfield Retail Trust Stapled AUD 514 804 196 978 711 782 0 0.00 10 552 636.07 18.47 Options on securities Mitsubishi Estate Co. 12.06.14 JPY 0 28 28 0 0.00 Unibailrodamco Se CALL 12/13 20.12.13 EUR 0 25 25 0 0.00 UnibailRodamco Se PUT 06/14 20.06.14 EUR 0 26 26 0 0.00 Unibailrodamco Se PUT 12/13 20.12.13 EUR 0 25 25 0 0.00 0.00 Warrants Sun Hung Kp Cw HKD 0 13 833 13 833 0 0.00 0.00 Total listed securities 52 930 434.19 92.63 Other transferable securities Equities BGP Holdings AUD 318 071 318 071 0.00 Westfield Corporation /reit AUD 0 148 913 148 913 733 990.78 1.28 733 990.78 1.28 Warrants Sun Hung Kai 14 Warrant HKD 0 13 833 13 833 0 0.00 0.00 Total other transferable securities 733 990.78 1.28 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 53 664 424.97 93.91 3 477 024.18 6.08 3 559.42 0.01 57 145 008.57 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures 112 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity Real Estate Global (continued) Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 46.84 Japan 18.83 Hong Kong 8.48 Australia 7.52 United Kingdom 5.93 France 5.92 Singapore 2.54 Sweden 1.73 Switzerland 1.24 Other 0.96 Total 99.99 The notes at the end are an integral part of these financial statements. Audited annual report 113

Sustainable Equity USA Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Equities Adobe Systems Inc 0 15 500 3 700 11 800 853 848.00 1.95 Advanced Micro Devices 137 900 217 400 136 000 219 300 918 867.00 2.10 Amgen Inc 0 9 400 2 300 7 100 840 427.00 1.92 Apollo Group Inc. A 31 900 26 700 30 800 27 800 868 750.00 1.99 Apple Inc. 1 400 8 700 1 000 9 100 845 663.00 1.94 Applied Materials Inc. 0 50 300 9 800 40 500 913 275.00 2.09 Autodesk Inc 16 600 10 400 11 300 15 700 885 166.00 2.03 Avon Products Inc 24 700 39 400 5 600 58 500 854 685.00 1.96 Best Buy Co Inc. 20 200 33 600 25 200 28 600 886 886.00 2.03 Biogen Idec Inc 0 4 100 1 400 2 700 851 337.00 1.95 Biomarin Pharmaceutical Inc 9 900 9 900 6 500 13 300 827 393.00 1.89 Broadcom Corp A 16 400 52 700 46 900 22 200 824 064.00 1.89 Cerner Corp 5 800 22 800 11 800 16 800 866 544.00 1.98 Chipotle Mexican Grill Inc 1 600 1 100 1 200 1 500 888 765.00 2.03 Cisco Systems 22 300 42 100 64 400 0 0.00 Cognizant Technology Sol.corp 8 900 36 600 27 500 18 000 880 380.00 2.01 Community Health Systems Inc 11 900 20 300 12 000 20 200 916 474.00 2.10 Corning Inc 0 132 300 93 300 39 000 856 050.00 1.96 Cree Inc 8 900 13 700 5 200 17 400 869 130.00 1.99 Darden Restaurants 0 18 600 18 600 860 622.00 1.97 Digital Realty Trust 0 21 800 7 200 14 600 851 472.00 1.95 EMC 23 600 23 600 0 0.00 First Solar 12 600 14 500 14 100 13 000 923 780.00 2.10 Franklin Resources Inc 0 45 300 45 300 0 0.00 Gap Inc. 13 500 13 300 6 600 20 200 839 714.00 1.92 Gilead Sciences 10 900 6 700 7 500 10 100 837 391.00 1.92 Google Inc A 0 1 600 100 1 500 877 005.00 2.01 Green Moutain Coffee Roast 7 200 8 800 16 000 0 0.00 Hain Celestial Group Inc 8 700 5 900 4 600 10 000 887 400.00 2.03 HewlettPackard 23 100 18 600 16 800 24 900 838 632.00 1.92 Hospira Inc 0 19 400 19 400 0 0.00 Humana Inc 0 29 300 22 600 6 700 855 724.00 1.96 Interpublic Group 38 000 38 000 0 0.00 Intuitive Surgical Inc 1 100 2 000 1 000 2 100 864 780.00 1.98 Iron Mountain Inc 21 600 16 600 14 000 24 200 857 890.00 1.96 Johnson Controls Inc 0 17 500 400 17 100 853 803.00 1.95 Juniper Networks Inc. 28 700 20 400 15 000 34 100 836 814.00 1.91 Keurig Green Mountain Inc 0 10 000 2 600 7 400 922 114.00 2.11 Kohl S Corp 0 10 000 10 000 0 0.00 L Brands Inc 0 43 500 28 300 15 200 891 632.00 2.04 Lexmark Intl Inc. 18 000 15 300 14 300 19 000 915 040.00 2.09 Lsi Corporation 77 200 38 300 115 500 0 0.00 Maxim Integrated Products 0 39 100 39 100 0 0.00 McGraw Hill Financial Shs 10 300 2 200 12 500 0 0.00 Micron Technology 39 500 39 500 0 0.00 Microsoft Corp 0 27 000 6 700 20 300 846 510.00 1.94 Nike Inc B 9 100 9 100 0 0.00 Nvidia Corp. 38 200 36 900 75 100 0 0.00 Owens Corning Inc 13 700 13 500 5 100 22 100 854 828.00 1.96 Penney (J.C.) Co.Inc 32 800 212 000 143 800 101 000 914 050.00 2.09 Phillipsvan Heusen Corp 4 600 5 200 2 400 7 400 862 840.00 1.97 Pitney Bowes Inc 37 400 19 700 27 200 29 900 825 838.00 1.89 Prudential Financial Inc 7 600 30 700 38 300 0 0.00 Ross Stores Inc 0 8 000 8 000 0 0.00 114 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Equity USA (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in % of net assets Royal Caribbean Cruises Ltd 0 22 100 6 900 15 200 845 120.00 1.93 Salesforce Com Inc 15 000 10 900 10 700 15 200 882 816.00 2.02 Seagate Technologie Plc 12 600 11 300 8 500 15 400 875 028.00 2.00 Southwestern Energy 15 400 27 500 42 900 0 0.00 Staples Inc 35 500 68 600 23 600 80 500 872 620.00 2.00 Sunedison Shs 67 600 76 200 105 400 38 400 867 840.00 1.99 Symantec Corp 24 500 52 000 38 600 37 900 867 910.00 1.99 Tempurpedic International 13 300 15 000 13 500 14 800 883 560.00 2.02 Teradata 11 100 15 700 6 800 20 000 804 000.00 1.84 Tiffany & Co 7 600 22 800 30 400 0 0.00 Tyco International Ltd 17 100 1 800 18 900 0 0.00 Vmware Inc 8 300 600 8 900 0 0.00 Whirlpool Corp. 4 700 3 700 2 100 6 300 877 086.00 2.01 Whole Foods Market 10 700 46 000 34 400 22 300 861 449.00 1.97 Xerox Corp. 62 400 32 800 27 900 67 300 837 212.00 1.92 43 340 224.00 99.17 Total listed securities 43 340 224.00 99.17 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 43 340 224.00 99.17 535 547.55 1.23 174 116.94 0.40 43 701 654.61 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Sector Allocation Sectors % Information Technology 37.97 Consumer Staples 25.97 Consumer Discretionary 24.17 Telecommunication 7.93 Industry 1.99 Financials 1.97 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 115

Sustainable Portfolio Balanced (EUR) Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities ABB N CHF 90 000 90 000 0 0.00 Adt Corporation 0 52 685 52 685 1 344 493.96 0.56 Aixtron AG EUR 0 145 401 145 401 1 536 888.57 0.64 Alexion Pharma Inc 16 000 16 000 0 0.00 Allianz N EUR 24 000 7 957 16 043 1 952 433.10 0.81 Apple Inc. 0 34 300 34 300 2 328 086.04 0.97 Applied Materials Inc. 0 85 888 85 888 1 414 581.60 0.59 Asics Corp JPY 100 000 100 000 0 0.00 Aviva GBP 400 000 167 707 232 293 1 480 945.31 0.62 Axa EUR 165 000 61 303 103 697 1 810 031.14 0.76 Banco Itau Holding Fin. ADR (=1 GS share) 140 800 111 614 252 414 2 651 070.61 1.11 Baxter International 0 25 000 25 000 1 320 162.14 0.55 Bed Bath & Beyond Inc 0 39 242 39 242 1 644 601.37 0.69 BG Group Plc GBP 188 000 188 000 2 899 559.03 1.21 BNP Paribas EUR 36 000 36 000 1 783 620.00 0.74 Canadian National Railway CAD 21 000 21 000 12 473 29 527 1 405 131.71 0.59 Catamaran Corp 0 40 640 40 640 1 310 785.82 0.55 Cerner Corp 38 000 38 000 76 000 0 0.00 Clariant CHF 0 179 289 179 289 0 0.00 Continental AG EUR 0 17 500 3 088 14 412 2 437 789.80 1.02 Cvs Caremark Corp 0 27 400 27 400 1 508 335.83 0.63 Danone EUR 38 000 15 078 22 922 1 243 289.28 0.52 Deere 25 000 25 000 1 653 398.09 0.69 Deutsche Post AG. Bonn EUR 0 50 809 50 809 0 0.00 Ecolab 35 000 35 000 2 846 218.46 1.19 EMC 82 000 82 000 0 0.00 Essilor International EUR 18 000 18 000 1 394 100.00 0.58 Estée Lauder Companies A 34 000 34 000 1 844 093.05 0.77 Fresenius EUR 11 000 21 995 17 658 15 337 1 670 199.30 0.70 Geberit N CHF 8 000 8 000 0 0.00 Gilead Sciences 0 35 772 35 772 2 166 202.77 0.90 Givaudan Sa /Reg CHF 0 1 053 1 053 1 282 684.48 0.54 GlaxoSmithKline GBP 0 89 722 89 722 1 752 438.73 0.73 Google Inc A 0 2 200 2 200 0 0.00 Google Inc Shs C 0 2 200 2 200 0 0.00 Hamburger Hafen Und Logistik AG EUR 0 68 126 68 126 1 321 303.77 0.55 Henkel EUR 21 000 24 768 30 275 15 493 1 308 073.99 0.55 Home Depot 0 21 548 21 548 1 274 167.24 0.53 IBM Corp 16 000 16 000 0 0.00 Intel 98 000 98 000 2 211 737.21 0.92 Intertek Group Plc GBP 43 000 18 768 61 768 0 0.00 Intesa Sanpaolo SpA EUR 0 719 747 719 747 1 623 749.23 0.68 J. Sainsbury Plc GBP 0 467 727 467 727 1 842 888.05 0.77 Johnson Controls Inc 0 37 001 37 001 1 349 348.08 0.56 KBC Groupe EUR 0 26 954 26 954 1 071 421.50 0.45 Kering Act. EUR 0 7 880 7 880 1 261 982.00 0.53 Komatsu JPY 100 000 100 000 1 695 724.75 0.71 Koninklijke Boskalis Westminster EUR 0 23 418 23 418 1 245 603.42 0.52 Linde EUR 12 000 12 000 0 0.00 LKQ 0 57 363 57 363 1 118 225.52 0.47 Michelin B /nom. EUR 31 000 31 000 0 0.00 Moet Hennessy Louis Vuitton EUR 8 500 8 772 17 272 0 0.00 National Grid Plc GBP 0 115 917 115 917 1 215 999.98 0.51 Neopost EUR 0 21 425 21 425 1 171 947.50 0.49 116 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Portfolio Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Nestle N CHF 0 21 640 21 640 1 224 439.37 0.51 Novartis AG CHF 35 000 35 000 0 0.00 Novo Nordisk A/s /B DKK 0 90 350 31 907 58 443 1 964 485.10 0.82 Novo Nordisk B DKK 12 000 6 070 18 070 0 0.00 Orix Corp JPY 0 149 100 149 100 1 804 871.89 0.75 Pearson Plc GBP 106 000 106 000 1 527 632.26 0.64 Pentair Plc 0 32 835 32 835 1 729 584.19 0.72 Pentair Shs 26 000 23 962 49 962 0 0.00 Postnl EUR 0 345 865 345 865 1 193 234.25 0.50 Qualcomm 43 000 43 000 2 487 382.68 1.04 Raiffeisen Bank Intl AG EUR 0 53 307 53 307 1 242 852.71 0.52 Reckitt Benckiser Group GBP 43 000 43 000 0 0.00 Rexam Plc GBP 0 244 122 244 122 1 631 052.16 0.68 Rexam Plc GBP 0 274 637 274 637 0 0.00 Ricoh Co.ltd JPY 0 146 300 146 300 1 273 120.87 0.53 Roche Holding AG /bearer CHF 0 5 682 5 682 1 213 230.41 0.51 Royal Bank of Canada CAD 32 000 32 000 1 673 782.04 0.70 Sabesp 102 000 102 000 798 626.89 0.33 SAP EUR 29 000 11 686 40 686 2 294 690.40 0.96 Schlumberger 44 000 44 000 3 790 526.97 1.57 Schneider Electric EUR 35 000 35 000 0 0.00 Secom JPY 33 000 33 000 1 472 728.29 0.61 Seven & I Holdings JPY 56 000 56 000 1 723 179.34 0.72 Standard Chartered GBP 120 375 120 375 1 794 931.07 0.75 Starbucks 34 000 13 600 20 400 1 152 943.07 0.48 State Street 57 000 57 000 2 800 146.08 1.17 Statoil NOK 118 000 118 000 2 646 099.78 1.10 Stericycle 19 000 19 000 1 643 340.76 0.69 Swiss Re N CHF 27 000 27 000 1 754 543.18 0.73 Tdc DKK 0 174 667 174 667 1 320 200.69 0.55 Telefonica EUR 127 263 127 263 0 0.00 Telus Corp CAD 0 64 000 64 000 0 0.00 Telus Corp /NonCanadian CAD 64 000 64 000 64 000 64 000 1 745 314.94 0.73 The Swatch Group AG CHF 4 800 4 800 2 117 015.35 0.88 Tjx Cos 56 000 56 000 0 0.00 Toyota Motor Credit JPY 0 30 300 30 300 1 329 076.18 0.55 Tyco International Ltd 0 38 951 38 951 0 0.00 United Natural Foods 35 000 35 000 0 0.00 Utd Parcel Service Inc B 19 000 19 000 1 424 635.72 0.59 Verbund AG EUR 0 79 602 79 602 1 125 970.29 0.47 Verizon Communications Inc 0 30 771 30 771 0 0.00 Vodafone Group Plc GBP 1 170 000 1 170 000 0 0.00 Vodafone Group Plc GBP 0 638 182 638 182 1 554 126.30 0.65 Volvo B SEK 0 168 149 168 149 1 690 999.52 0.71 Westpac Banking Corporation AUD 60 000 60 000 0 0.00 Whole Foods Market 60 000 60 000 0 0.00 Yara International Asa NOK 30 000 30 000 0 0.00 3M 22 000 9 844 12 156 1 271 756.52 0.53 118 809 831.70 49.59 Bonds ABN AMRO Bank N.V. 3.625 06.10.17 EUR 1 000 000 1 000 000 1 090 640.00 0.46 Achmea Bv 2.500 19.11.20 EUR 0 2 000 000 2 000 000 2 097 480.00 0.88 Afd 1.250 25.05.19 EUR 0 2 500 000 2 500 000 2 571 200.00 1.07 Air Liquide 2.125 15.10.21 EUR 1 500 000 1 500 000 1 574 835.00 0.66 Allianz Finance 3.500 14.02.22 EUR 1 500 000 1 500 000 1 707 375.00 0.71 Assgen 2.875 14.01.20 EUR 0 2 000 000 2 000 000 2 129 140.00 0.89 Austria 4.650 15.01.18 EUR 1 000 000 1 000 000 2 000 000 2 310 460.00 0.96 Austria 6.250 15.07.27 EUR 2 000 000 2 000 000 3 030 560.00 1.26 A2a Emtn 4.375 10.07.21 EUR 0 2 000 000 2 000 000 2 298 040.00 0.96 Banbra 4.500 20.01.16 EUR 500 000 500 000 521 530.00 0.22 Belgacom 3.875 07.02.18 EUR 2 000 000 2 000 000 2 218 720.00 0.93 BNG 2.125 14.07.15 EUR 2 000 000 1 000 000 1 000 000 1 020 450.00 0.43 BNG 2.250 30.08.22 EUR 500 000 1 000 000 1 500 000 1 605 540.00 0.67 Bnpp 2.250 13.01.21 EUR 0 2 000 000 2 000 000 2 069 600.00 0.86 CADES 4.375 25.10.21 EUR 2 500 000 2 500 000 3 071 875.00 1.28 Carrefour 4.375 02.11.16 EUR 1 500 000 1 500 000 1 635 960.00 0.68 The notes at the end are an integral part of these financial statements. Audited annual report 117

Sustainable Portfolio Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets CBA 4.250 10.11.16 EUR 2 500 000 2 500 000 2 713 300.00 1.13 Cedb 3.000 13.07.20 EUR 2 000 000 2 000 000 2 254 340.00 0.94 Danone 3.600 23.11.20 EUR 0 2 000 000 2 000 000 2 286 020.00 0.95 Deutsche Bahn Finance 4.750 14.03.18 EUR 2 500 000 2 500 000 2 878 525.00 1.20 Dsk Bank 4.125 26.11.19 EUR 2 000 000 2 000 000 2 355 060.00 0.98 Dt Post Finance 1.875 27.06.17 EUR 1 500 000 1 500 000 1 553 625.00 0.65 EIB 4.500 15.10.25 EUR 3 000 000 3 000 000 3 864 390.00 1.62 Finland 3.875 15.09.17 EUR 2 000 000 2 000 000 0 0.00 France Telecom 5.625 22.05.18 EUR 1 500 000 1 500 000 1 766 865.00 0.74 Gas NCP 4.375 02.11.16 EUR 500 000 500 000 542 010.00 0.23 German Post 4.250 18.01.17 EUR 3 000 000 3 000 000 0 0.00 Germany 5.500 04.01.31 EUR 1 500 000 1 500 000 2 258 295.00 0.94 HBOS Treasury 4.875 04.06.19 EUR 2 000 000 2 000 000 2 403 940.00 1.00 Hera SpA 4.500 03.12.19 EUR 500 000 500 000 580 850.00 0.24 Iberdrola I 2.500 24.10.22 EUR 0 3 000 000 3 000 000 3 135 750.00 1.31 IBM 1.875 06.11.20 EUR 0 2 000 000 2 000 000 2 081 120.00 0.87 ICO 6.000 08.03.21 EUR 0 2 000 000 2 000 000 2 509 860.00 1.05 Ireland 3.400 18.03.24 EUR 0 2 000 000 2 000 000 2 180 560.00 0.91 John Deere Capital 7.500 24.01.14 EUR 2 000 000 2 000 000 0 0.00 Johnson & Johnson 4.750 06.11.19 EUR 2 000 000 2 000 000 2 394 480.00 1.00 KBC Ifima 4.500 27.03.17 EUR 1 500 000 1 500 000 1 653 090.00 0.69 KFW 4.625 04.01.23 EUR 2 500 000 2 500 000 3 197 750.00 1.33 Kommunalkredit Austria 4.500 10.09.13 EUR 1 000 000 1 000 000 0 0.00 LB BadenWuerttemberg 4.250 04.01.18 EUR 2 000 000 2 000 000 2 275 180.00 0.95 LB BadenWuerttemberg 5.750 28.03.14 EUR 2 000 000 2 000 000 0 0.00 Ld Hessen 3.250 20.04.16 EUR 2 000 000 2 000 000 0 0.00 Microsoft Corp 2.125 06.12.21 EUR 0 2 000 000 2 000 000 2 098 140.00 0.88 Muenchener FRN 29.06.49 EUR 1 000 000 1 000 000 1 091 800.00 0.46 Nab Aus 3.500 23.01.15 EUR 1 500 000 1 500 000 1 527 195.00 0.64 Netherlands 7.500 15.01.23 EUR 1 500 000 1 500 000 2 267 820.00 0.95 Nordea 3.625 11.02.16 EUR 2 000 000 2 000 000 2 106 880.00 0.88 NWB 2.250 17.01.17 EUR 2 000 000 2 000 000 2 100 460.00 0.88 Oesterreichische Kontrollbank 3.625 10.12.13 EUR 500 000 500 000 0 0.00 Pohjola Bk 3.125 25.03.15 EUR 1 000 000 1 000 000 0 0.00 Poland 5.875 03.02.14 EUR 2 000 000 2 000 000 0 0.00 Quebec 2.250 17.07.23 EUR 0 2 000 000 2 000 000 2 112 540.00 0.88 RFF 4.375 02.06.22 EUR 0 2 000 000 2 000 000 2 461 280.00 1.03 Roche Holding 5.625 04.03.16 EUR 1 500 000 1 500 000 1 631 880.00 0.68 Sanofi 1.000 14.11.17 EUR 1 000 000 1 000 000 1 016 990.00 0.42 SBC Comm 3.250 30.03.17 EUR 2 000 000 2 000 000 2 159 580.00 0.90 Snam 1.500 24.04.19 EUR 0 2 000 000 2 000 000 2 023 720.00 0.84 Standard Chartered 5.750 30.04.14 EUR 1 000 000 1 000 000 0 0.00 Statoil 2.875 10.09.25 EUR 0 2 000 000 2 000 000 2 184 400.00 0.91 Telefonica 4.797 21.02.18 EUR 1 500 000 1 500 000 1 696 965.00 0.71 Telenor 1.750 15.01.18 EUR 2 000 000 2 000 000 2 070 600.00 0.86 Tesco Plc 3.375 02.11.18 EUR 1 000 000 1 000 000 1 095 850.00 0.46 Thames Fin. 3.250 09.11.16 EUR 500 000 500 000 529 495.00 0.22 Unedic 2.125 26.04.17 EUR 1 500 000 1 500 000 1 579 200.00 0.66 Unibail Rod 2.250 01.08.18 EUR 2 000 000 2 000 000 0 0.00 Veolia Environnement 5.250 24.04.14 EUR 1 000 000 1 000 000 0 0.00 Verbund Intl Finance 4.750 17.04.15 EUR 2 000 000 2 000 000 2 066 760.00 0.86 Westpac Sec 3.875 20.03.17 EUR 1 500 000 1 500 000 1 630 185.00 0.68 Zurich Fin 4.500 17.09.14 EUR 2 000 000 2 000 000 2 017 820.00 0.84 113 307 975.00 47.29 Total listed securities 232 117 806.70 96.88 Other transferable securities Equities New Energies Invest (in liquidation) CHF 17 500 17 500 242 430.54 0.10 Rexam Income Temp Line Npv GBP 0 274 637 274 637 0 0.00 Rexam Plc /pfd GBP 0 274 637 274 637 0 0.00 242 430.54 0.10 118 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Portfolio Balanced (EUR) (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Bonds Sant Id 4.125 07.04.14 EUR 1 300 000 1 300 000 0 0.00 0.00 Total other transferable securities 242 430.54 0.10 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 232 360 237.24 96.98 5 761 947.00 2.40 1 482 564.62 0.62 239 604 748.86 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Currency and Portfolio Structure Asset Allocation Equities Bonds Liquidity Total CHF 3.17% 0.00% 0.04% 3.21% EUR 12.68% 48.06% 0.76% 61.50% GBP 5.91% 0.00% 0.39% 6.30% 16.65% 0.00% 0.04% 16.69% JPY 3.87% 0.00% 0.02% 3.89% Other 7.26% 0.00% 1.15% 8.41% Total 49.54% 48.06% 2.40% 100.00% The notes at the end are an integral part of these financial statements. Audited annual report 119

Sustainable Water Fund Statement of investments and other net assets as of 30.06.2014 Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Listed securities Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Equities Aalberts Industries EUR 215 000 39 400 50 000 204 400 4 873 918.00 2.04 Acea EUR 625 000 85 584 213 088 497 496 5 323 207.20 2.22 Aegion Inc 370 000 8 000 174 072 203 928 3 465 949.36 1.45 American Water Works 120 000 75 000 45 000 150 000 5 417 594.86 2.26 Aqua America 125 000 82 448 6 500 200 948 3 848 268.31 1.61 Arcadis EUR 225 000 64 044 22 544 266 500 6 707 805.00 2.80 Badger Meter 139 707 13 000 102 707 50 000 1 922 725.78 0.80 Beijing Enterprises Water Gp HKD 14 500 000 5 000 000 12 011 432 7 488 568 3 655 566.94 1.53 Belimo N CHF 2 070 1 770 300 591 024.83 0.25 BWT EUR 100 000 100 000 0 0.00 Calgon Carbon 378 000 34 498 28 000 384 498 6 270 927.47 2.62 California Water Service Group 450 000 66 487 90 000 426 487 7 538 243.00 3.15 China Everbright Intl HKD 10 750 000 1 720 000 8 836 498 3 633 502 3 793 947.94 1.59 Ecolab 35 000 900 35 900 2 919 406.93 1.22 Fischer Georg N CHF 19 500 2 500 9 000 13 000 6 804 280.37 2.84 Geberit N CHF 21 000 2 829 5 000 18 829 4 827 582.11 2.02 Glv Inc A CAD 714 700 13 648 5 800 722 548 1 684 549.83 0.70 Grontmaatscapp Grontmij EUR 273 361 346 609 121 962 498 008 2 165 836.79 0.90 Halma GBP 750 000 18 500 88 500 680 000 5 006 104.03 2.09 Henkel EUR 30 000 88 000 46 000 72 000 6 078 960.00 2.54 Hera Spa EUR 3 190 000 657 706 1 322 832 2 524 874 5 251 737.92 2.19 Hyflux SGD 4 500 000 1 895 000 722 000 5 673 000 3 921 925.58 1.64 Idex 150 000 2 800 30 000 122 800 7 241 625.83 3.03 Itron 205 000 3 480 88 480 120 000 3 554 029.87 1.48 Kemira Oyj EUR 350 000 122 198 63 008 409 190 4 783 431.10 2.00 Krones AG EUR 96 909 13 239 45 148 65 000 4 705 350.00 1.97 KSB Pref EUR 9 669 1 331 1 500 9 500 5 006 500.00 2.09 Kubota JPY 500 000 211 000 311 000 400 000 4 141 259.75 1.73 Kurita Water Industries JPY 150 000 235 000 51 517 333 483 5 642 932.17 2.36 Layne Christensen Co 395 000 9 800 65 032 339 768 3 300 525.44 1.38 Lindsay Corp 60 000 16 500 66 500 10 000 616 952.12 0.26 Lixil Group Shs JPY 0 358 500 108 500 250 000 4 927 839.56 2.06 MayrMelnhof Karton EUR 44 583 27 875 2 458 70 000 6 090 700.00 2.54 Novozymes B DKK 125 000 43 500 23 500 145 000 5 311 594.04 2.22 Pennon Group PLC GBP 825 000 17 000 262 000 580 000 5 685 973.07 2.38 Pentair Plc 0 95 000 95 000 5 004 126.65 2.09 Pentair Shs 110 000 38 460 148 460 0 0.00 Rexnord Corp Shs 60 000 282 000 17 000 325 000 6 682 065.52 2.79 Rotork GBP 120 000 2 720 122 720 4 091 982.39 1.71 Sabesp 510 000 390 000 350 000 550 000 4 306 321.44 1.80 Severn Trent PLC GBP 100 000 140 000 40 000 200 000 4 825 521.62 2.02 SGS Ste. Générale de Surveillance N CHF 2 500 1 000 1 500 2 625 267.05 1.10 Skanska B SEK 420 000 11 000 45 000 386 000 6 431 059.83 2.69 Sound Global Ltd HKD 0 3 530 000 1 530 000 2 000 000 1 370 220.97 0.57 Sound Global Ltd SGD 3 000 000 418 000 3 418 000 0 0.00 Stantec CAD 200 000 15 900 74 000 141 900 6 429 699.42 2.69 Stantec Inc 0 1 100 1 100 49 811.93 0.02 Suez Environnement Cie EUR 50 000 400 000 80 000 370 000 5 172 600.00 2.16 Sulzer N CHF 50 000 14 500 16 500 48 000 4 917 959.08 2.05 Torishima Pump Mfg JPY 344 700 416 000 340 700 420 000 2 670 766.48 1.12 Toto Ltd JPY 0 490 000 490 000 4 822 217.25 2.01 United Utilities Group PLC GBP 425 000 240 000 125 000 540 000 5 947 979.91 2.48 Veolia Environnement EUR 300 000 159 900 153 469 306 431 4 263 987.37 1.78 120 Audited annual report The notes at the end are an integral part of these financial statements.

Sustainable Water Fund (continued) Description % Expiry/ Maturity Currency Initial holding on 01.07.2013 Purchases*/** Sales*/** Closing holding on 30.06.2014 Market value in EUR % of net assets Xylem Inc 335 000 63 000 90 000 308 000 8 791 323.08 3.67 231 481 185.19 96.71 Options on securities Right Hera Spa 19.11.13 EUR 0 2 114 731 2 114 731 0 0.00 0.00 Total listed securities 231 481 185.19 96.71 TOTAL SECURITIES PORTFOLIO INVESTMENTS Liquidities and deposits Other assets less liabilities TOTAL NET ASSETS 231 481 185.19 96.71 6 478 253.66 2.71 1 402 487.77 0.58 239 361 926.62 100.00 * Purchases and sales include the following transactions: Exercising of subscription/option rights/conversions/name changes/stock splits/transfers/switching between companies/free shares/purchases/splits/stock/elective dividends/exit following expiry/drawing of lots/reverse splits/redemptions/disposals. ** unaudited figures Allocation of investments as of 30.06.2014 Country Allocation Countries % USA 25.86 United Kingdom 10.74 Japan 9.33 Switzerland 8.30 Germany 6.61 The Netherlands 5.77 Italy 4.44 France 3.96 Canada 3.43 Other 21.55 Total 100.00 The notes at the end are an integral part of these financial statements. Audited annual report 121

Notes Notes to the Financial Statements as at 30.06.2014 1. Establishment of the Company Investmentfonds SICAV (the Company ) was approved on the basis of Part I of the law of 17.12.2010 (the Law of 2010) as an undertaking for collective investment in transferable securities (UCITS). The Company appointed J. Safra Fund Management (Luxembourg) S.A., which has been approved as a management company under Chapter 15 of the Law of 2010, as its management company. The Company is a multiplecompartment investment company (launch date): Investmentfonds SICAV EmergingSar Global (05.06.1996) Investmentfonds SICAV EmergingSar New Frontiers (19.04.1999) Investmentfonds SICAV EquiSar Global (01.07.1998) Investmentfonds SICAV EquiSar IIID (EUR) (28.08.1996) Investmentfonds SICAV EquiSar International Income (29.10.2010) Investmentfonds SICAV Global Return (EUR) (28.08.1996) Investmentfonds SICAV GlobalSar Balanced (CHF) (02.09.1992) Investmentfonds SICAV GlobalSar Balanced (EUR) (05.07.1995) Investmentfonds SICAV GlobalSar Growth (EUR) (31.03.2005) Investmentfonds SICAV New Power Fund (30.04.2007) Investmentfonds SICAV OekoSar Equity Global (30.09.2005) Investmentfonds SICAV Real Estate Equity Global (06.12.2004) Investmentfonds SICAV Sustainable Bond CHF (31.01.2001) Investmentfonds SICAV Sustainable Bond EUR (06.01.2003) Investmentfonds SICAV Sustainable Bond EUR Corporates (02.09.1992) Investmentfonds SICAV Sustainable Bond EUR High Grade (30.11.2007) Investmentfonds SICAV Sustainable Equity Europe (26.02.1993) Investmentfonds SICAV Sustainable Equity Global (01.06.1999) Investmentfonds SICAV Sustainable Equity Global Emerging Markets (28.02.2011) Investmentfonds SICAV Sustainable Equity Real Estate Global (02.04.2007) Investmentfonds SICAV Sustainable Equity USA (29.10.2010) Investmentfonds SICAV Sustainable Portfolio Balanced (EUR) (16.02.1994) Investmentfonds SICAV Sustainable Water Fund (27.12.2007) With effect from 26.07.2013, the Structured Return Fund (EUR) was renamed Sustainable Bond EUR High Grade. The following share classes are currently issued: EmergingSar Global C acc EmergingSar Global P dist (formerly A) EmergingSar New Frontiers P acc EmergingSar New Frontiers P dist (formerly A) EquiSar Global C EUR acc EquiSar Global I EUR acc (formerly F) EquiSar Global P EUR dist (formerly A) EquiSar IIID (EUR) C EUR acc EquiSar IIID (EUR) P EUR acc (formerly B) EquiSar International Income P EUR acc (formerly B) EquiSar International Income P EUR dist (formerly A) Global Return (EUR) C EUR acc Global Return (EUR) I EUR acc (formerly F) Global Return (EUR) P EUR dist (formerly A) GlobalSar Balanced (CHF) P CHF dist (formerly A) GlobalSar Balanced (EUR) C EUR acc GlobalSar Balanced (EUR) P EUR dist (formerly A) GlobalSar Growth (EUR) P EUR acc (formerly B) New Power Fund C EUR acc New Power Fund I EUR acc (formerly F) New Power Fund P EUR acc (formerly B) New Power Fund P EUR dist (formerly A) OekoSar Equity Global C EUR acc OekoSar Equity Global I EUR acc (formerly F) OekoSar Equity Global P EUR acc (formerly B) OekoSar Equity Global P EUR dist (formerly A) Real Estate Equity Global C EUR acc Real Estate Equity Global I EUR acc Real Estate Equity Global P EUR acc (formerly B) Real Estate Equity Global P EUR dist (formerly A) Sustainable Bond CHF P CHF dist (formerly A) Sustainable Bond EUR C EUR acc Sustainable Bond EUR P EUR dist (formerly A) Sustainable Bond EUR Corporates I EUR acc (formerly F) Sustainable Bond EUR Corporates M EUR acc (formerly M) Sustainable Bond EUR Corporates P EUR dist (formerly A) Sustainable Bond EUR High Grade P EUR acc (formerly B) Sustainable Equity Europe C EUR acc Sustainable Equity Europe P EUR acc (formerly B) Sustainable Equity Europe P EUR dist (formerly A) Sustainable Equity Global C EUR acc Sustainable Equity Global P EUR dist (formerly A) Sustainable Equity Global Emerging Markets C acc Sustainable Equity Global Emerging Markets M acc (formerly M) Sustainable Equity Global Emerging Markets P acc (formerly B) Sustainable Equity Real Estate Global C EUR acc Sustainable Equity Real Estate Global P EUR acc (formerly B) Sustainable Equity USA C acc Sustainable Equity USA P acc (formerly B) Sustainable Portfolio Balanced (EUR) P EUR dist (formerly A) Sustainable Water Fund C EUR acc Sustainable Water Fund I EUR acc (formerly F) Sustainable Water Fund P EUR acc (formerly B) Sustainable Water Fund P EUR dist (formerly A) Sustainable Water Fund P dist 122 Audited Annual Report

2. Significant accounting principles Presentation of the financial statements The SICAV s financial statements are prepared in accordance with the Luxembourg regulations relating to undertakings for collective investment in transferable securities. a) Foreign currency translation Investments, as well as other assets and liabilities stated in foreign currencies, are converted at the exchange rates on 30.06.2014. Transactions in foreign currencies during the year are converted at the rates prevailing on the date of the transaction. Realised and unrealised gains and losses are recorded in the statement of changes in net assets of each compartment. b) Investments Securities that are traded on a stock exchange or other regulated secondary market are valued at the last known price. Where securities held in the portfolio are not traded on a stock exchange or on another regulated market, or where the price provided is not representative or appropriate, the securities in question shall be valued at a commensurate and realistic selling price that is prudently calculated in good faith. c) Investment funds Shares or units in openended investment funds are valued on the basis of their last available net asset value. d) Forward exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. Unrealised gains or losses arising at the time of reporting from the valuation of open forward exchange contracts are taken into account in the statement of net assets, in the income and expense statement and in changes in net assets. e) Options trades Options trades are valued at the market price on the valuation date. Unrealised gains or losses resulting at the time of reporting from the valuation of options are included in the statement of net assets, in the income and expense statement and in changes in net assets. f) Futures contracts Futures contracts are valued at the market price corresponding to the remaining time to maturity on the valuation date. Unrealised gains or losses resulting at the time of reporting from the valuation of open futures contracts are included in the statement of net assets, in the income and expense statement and in changes in net assets. g) Contracts for difference (CFDs) CFDs are valued at the market price of the corresponding underlying on the valuation date. Unrealised gains or losses resulting from the valuation of outstanding CFDs at the time of reporting are included in the statement of net assets, in the income and expense statement and In changes in net assets. Where derivative instruments held in the portfolio are not traded on an official stock exchange or on another regulated market, or where the price calculated using the method described above is not representative or does not reflect the derivative's fair market value, the derivative in question shall be valued at a commensurate and realistic selling price that is prudently calculated in good faith. Interest relating to CFDs is recorded under other income/expenses. h) Rounding differences The figures included in the tables in this Annual Report may be affected by rounding differences (unit, % etc.). 3. Net asset value a) Computation The net asset value per share is expressed in the currency of the relevant compartment and is calculated daily by dividing the net assets of the relevant compartment by the number of shares issued and outstanding in each compartment. The net asset value of the fund's assets on day D is calculated based on the market prices of day D, but published on day D+1. The acquisition cost of securities sold is calculated using the method of weighted average price. b) Redemption of shares Each shareholder of a compartment may request that their shares be redeemed at the net asset value per share at any time, subject to the deduction of a redemption fee of a maximum of 0.40%. c) Issue of shares The subscription price is calculated as follows: The net asset value per share of the relevant compartment A maximum commission of 5.00% for the recognised placing agents involved in the placing and sale of shares. d) Conversion of shares Each shareholder has the right, in accordance with the terms and conditions outlined in the detailed and simplified prospectus, to switch from one compartment to another. 4. Taxes In accordance with the statutory rules in Luxembourg, the Company is subject to an annual tax ("taxe d abonnement") of 0.05% or 0.01% for institutional share classes of the net fund assets, payable quarterly at the end of each quarter. The Company is not subject to any Luxembourg tax on income or capital gains or any withholding tax. The subscription tax is waived for that part of the fund assets invested in units of other undertakings for collective investment that have already paid the subscription tax in accordance with the statutory provisions of Luxembourg law. 5. Investment manager, submanagers and advisors The company has appointed J. Safra Fund Management (Luxembourg) S.A. as its asset manager, with the latter delegating this activity to the following asset managers: & Partners LLP for EmergingSar Global, EmergingSar New Frontiers, EquiSar Global, EquiSar IIID (EUR), EquiSar International Income, GlobalSar Balanced (CHF), GlobalSar Balanced (EUR), Sustainable Equity Global Emerging Markets, GlobalSar Growth (EUR), Real Estate Equity Global and Sustainable Equity Real Estate Global The bank J. Safra AG for Global Return (EUR), New Power Fund, OekoSar Equity Global, Sustainable Bond CHF, Sustainable Bond EUR, Sustainable Bond EUR Corporates, Sustainable Bond EUR High Grade, Sustainable Equity Europe, Sustainable Equity Global, Sustainable Equity USA, Sustainable Portfolio Balanced (EUR) and Sustainable Water Fund Audited Annual Report 123

6. Management fee The following management company fee is based on the value of the net assets of the fund calculated on each valuation date, and is payable quarterly in arrears (applies to all share classes unless otherwise indicated): EmergingSar Global C acc 1.15% EmergingSar Global P dist 1.75% EmergingSar New Frontiers P acc 1.15% EmergingSar New Frontiers P dist 1.75% EquiSar Global C EUR acc 1.10% EquiSar Global I EUR acc 1.00% EquiSar Global P EUR dist 1.50% EquiSar IIID (EUR) C EUR acc 1.00% EquiSar IIID (EUR) P EUR acc 1.50% EquiSar International Income P EUR acc 1.50% EquiSar International Income P EUR dist 1.50% Global Return (EUR) C EUR acc 0.95% Global Return (EUR) I EUR acc 0.85% Global Return (EUR) P EUR dist 1.25% GlobalSar Balanced (CHF) P CHF dist 1.50% GlobalSar Balanced (EUR) C EUR acc 1.00% GlobalSar Balanced (EUR) P EUR dist 1.50% GlobalSar Growth (EUR) P EUR acc 1.50% New Power Fund C EUR acc 1.25% New Power Fund I EUR acc 1.15% New Power Fund P EUR acc 1.75% New Power Fund P EUR dist 1.75% OekoSar Equity Global C EUR acc 1.25% OekoSar Equity Global I EUR acc 1.15% OekoSar Equity Global P EUR acc 1.75% OekoSar Equity Global P EUR dist 1.75% Real Estate Equity Global C EUR acc 1.00% Real Estate Equity Global I EUR acc 0.90% Real Estate Equity Global P EUR acc 1.50% Real Estate Equity Global P EUR dist 1.50% Sustainable Bond CHF P CHF dist 0.75% Sustainable Bond EUR C EUR acc 0.70% Sustainable Bond EUR P EUR dist 1.00% Sustainable Bond EUR Corporates I EUR acc 0.70% Sustainable Bond EUR Corporates M 0.10% Sustainable Bond EUR Corporates P EUR dist 1.00% Sustainable Bond EUR High Grade P EUR acc 1.00% Sustainable Equity Europe C EUR acc 1.15% Sustainable Equity Europe P EUR acc 1.75% Sustainable Equity Europe P EUR dist 1.75% Sustainable Equity Global C EUR acc 1.15% Sustainable Equity Global P EUR dist 1.75% Sustainable Equity Global Emerging Markets C acc 1.15% Sustainable Equity Global Emerging Markets M acc 0.12% Sustainable Equity Global Emerging Markets P acc 1.75% Sustainable Equity Real Estate Global C EUR acc 1.00% Sustainable Equity Real Estate Global P EUR acc 1.50% Sustainable Equity USA C acc 0.85% Sustainable Equity USA P acc 1.25% Sustainable Portfolio Balanced (EUR) P EUR dist 1.75% Sustainable Water Fund C EUR acc 1.35% Sustainable Water Fund I EUR acc 1.25% Sustainable Water Fund P EUR acc 2.00% Sustainable Water Fund P EUR dist 2.00% Sustainable Water Fund P dist 2.00% The following compartments are also subject to an additional fee (profit participation of asset manager): EmergingSar Global EmergingSar New Frontiers EquiSar Global EquiSar IIID (EUR) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) Real Estate Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global Sustainable Equity USA In addition to the management fee, the management company is also entitled to a performance fee calculated on the basis of the net asset value of the share class(es) concerned. The performance fee is payable when the fund outperforms the benchmark index over a quarter and the net asset value of a share class is above the last net asset value for which a performance fee was payable during the preceding three years ( high watermark ). The performance fee is a percentage share of the positive difference between the net asset value of a share class at the end of the quarter and the benchmark index value or high watermark, whichever is greater (outperformance). Funds and their benchmarks with a 10% performance fee: EquiSar Global: MSCI World EquiSar IIID (EUR): 3m EUR Libor + 3% Global Return (EUR): 3m EUR Libor + 2% GlobalSar Balanced (CHF): 30% MSCI World Index & 20% MSCI World Index CJF Hedged & 50% JP Morgan Global GBI CHF Hedged GlobalSar Balanced (EUR): 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR GlobalSar Growth (EUR): 45% MSCI World Index & 30% MSCI World Index EUR Hedged & 25% Citigroup Euro BIG TR Real Estate Equity Global: S&P Developed Property Sustainable Equity Real Estate Global: S&P Developed Property EmergingSar Global: MSCI EMA Free EmergingSar New Frontiers: MSCI Frontier Markets Index Sustainable Equity Global Emerging Markets: MSCI EMA Free Funds and their benchmarks with a 20% performance fee: Sustainable Equity USA: S&P500 The following performance fee was incurred during the reporting period: EmergingSar Global 162.89 EmergingSar New Frontiers 29.98 EquiSar Global EUR 2 938.28 EquiSar IIID (EUR) EUR 393 169.04 Global Return (EUR) EUR 364 798.77 GlobalSar Balanced (CHF) CHF 30 112.72 GlobalSar Balanced (EUR) EUR 317.77 GlobalSar Growth (EUR) EUR 2 315.29 Real Estate Equity Global EUR 454.88 Sustainable Equity Global Emerging Markets 4 738.63 Sustainable Equity Real Estate Global EUR 465.32 Sustainable Equity USA 484 362.10 7. Custodian fee The custodian receives fees in accordance with customary Luxembourg banking practice. 8. Dividend policy The Company has decided to pay a dividend for the reporting period from 01.07.2013 to 30.06.2014 on the following distribution shares. Category of shares Currency Amount EquiSar International Income P EUR Dist EUR 1.75 Global Return (EUR) P EUR Dist EUR 1.11 GlobalSar Balanced (CHF) P CHF Dist CHF 1.84 GlobalSar Balanced (EUR) P EUR Dist EUR 1.58 Real Estate Equity Global P EUR Dist EUR 1.65 Sustainable Bond CHF P CHF Dist CHF 1.84 Sustainable Bond EUR P EUR Dist EUR 1.68 Sustainable Bond EUR Corporates P EUR Dist EUR 3.16 Sustainable Equity Europe P EUR Dist EUR 1.14 Sustainable Portfolio Balanced (EUR) P EUR Dist EUR 1.54 Sustainable Water Fund P Dist 0.74 The distribution was paid to the shareholders registered in the shareholders register on 9.10.2014 with value date 16.10.2014. 124 Audited Annual Report

9. Total Expense Ratio (TER) and Portfolio Turnover Rate (PTR) TER and PTR were determined in accordance with the Directive on the calculation and disclosure of TER and PTR of the Swiss Funds Association (SFA) in the version dated 16.05.2008. Depending on the circumstances, transaction costs are either included in the purchase price of the securities and/or reported separately in the income and expense statement. These costs, which in accordance with the abovementioned Directive are not part of operating expenses (see point 3 of the Directive), are therefore not taken into account in the TER calculation. Any change in the administration and/or custodian fee during the reporting period, or between the end of the reporting period and publication of the TER, will be indicated by means of an appropriate footnote. 10. Foreign exchange contracts The following forward exchange transactions were outstanding as at 30.06.2014: The Bank of New York, London EquiSar Global Buy 3 769 189 EUR Sales 521 324 000 JPY At this time an unrealised gain of EUR 10 281.95 is resulting from outstanding positions. EquiSar IIID (EUR) Buy 2 472 201 EUR Sales 3 007 000 CHF Buy 9 443 033 EUR Sales 7 543 000 GBP Buy 6 690 114 EUR Sales 925 323 000 JPY Buy 48 593 399 EUR Sales 66 036 000 At this time an unrealised gain of EUR 421 587.69 is resulting from outstanding positions. GlobalSar Balanced (CHF) Buy 70 098 026 CHF Sales 57 631 000 EUR Buy 30 540 073 CHF Sales 20 056 000 GBP Buy 6 347 333 CHF Sales 721 806 000 JPY Buy 43 352 554 CHF Sales 48 424 000 Buy 236 000 000 JPY Sales 2 318 339 At this time an unrealised gain of CHF 808 545.56 is resulting from outstanding positions. GlobalSar Balanced (EUR) Buy 6 034 127 EUR Sales 4 820 000 GBP Buy 1 336 077 EUR Sales 184 795 500 JPY Buy 7 254 130 EUR Sales 9 858 000 Buy 61 500 000 JPY Sales 604 144 At this time an unrealised gain of EUR 82 963.59 is resulting from outstanding positions. GlobalSar Growth (EUR) Buy 1 241 445 EUR Sales 1 510 000 CHF Buy 6 074 187 EUR Sales 4 852 000 GBP Buy 962 780 EUR Sales 133 164 000 JPY Buy 4 990 618 EUR Sales 6 782 000 At this time an unrealised gain of EUR 59 534.95 is resulting from outstanding positions. Real Estate Equity Global Buy 4 088 944 EUR Sales 565 550 000 JPY At this time an unrealised gain of EUR 11 154.22 is resulting from outstanding positions. Sustainable Equity Real Estate Global Buy 1 704 154 EUR Sales 235 705 000 JPY At this time an unrealised gain of EUR 4 648.76 is resulting from outstanding positions. 11. Financial futures As at 30.06.2014, EquiSar IIID (EUR) had the following commitments in respect of open futures contracts: Goldman Sachs EURO STOXX 50 PR 19.09.2013 EUR Number of contracts: 278 Market value: EUR 8 984 960.00 Unrealised gain: EUR 122 320.00 Total commitment (percentage of net asset value): 7.52% S&P 500 EMINI INDEX 19.09.2014 Number of contracts: 155 Market value: 15 131 875.00 Unrealised loss: EUR 131 888.40 Total commitment (percentage of net asset value): 9.26% UKX FTSE 100 INDEX 19.09.2014 GBP Number of contracts: 28 Market value: GBP 1 879 080.00 Unrealised gain: EUR 4 720.62 Total commitment (percentage of net asset value): 1.97% As at 30.06.2014, Global Return (EUR) had the following commitments in respect of open futures contracts: Newedge Group DAXINDEX 19.09.2014 EUR Number of contracts: 16 Market value: EUR 3 943 800.00 Unrealised loss: EUR 55 800.00 Total commitment (percentage of net asset value): 4.31% EURO STOXX 50 PR 19.09.2013 EUR Number of contracts: 258 Market value: EUR 8 338 560.00 Unrealised loss: EUR 43 830.00 net asset value): 9.12% NIKKEI 225 INDICES D 11.09.2014 JPY Number of contracts: 37 Market value: JPY 560 920 000.00 Unrealised loss: EUR 58 687.07 net asset value): 4.42% S&P 500 EMINI INDEX 19.09.2014 Number of contracts: 119 Market value: 11 617 375.00 Unrealised gain: EUR 167 041.59 net asset value): 9.28% SMI INDEX/OHNE DIVIDENDENKORR. 19.09.2014 CHF Number of contracts: 117 Market value: CHF 10 001 160.00 Unrealised loss: EUR 158 965.58 Total commitment (percentage of net asset value): 9.01% Audited Annual Report 125

UKX FTSE 100 INDEX 19.09.2014 GBP Number of contracts: 49 Market value: GBP 3 288 390.00 Unrealised loss: EUR 59 057.70 net asset value): 4.49% 12. Potential commitments in respect of options INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 500.00 Maturity: 17.01.15 Number of contracts: 69 Commitment: CHF Market value: CHF 79 545.96 Potential commitments in respect of options are at 30.06.2014 as follows: EquiSar IIID (EUR) 10 215 096.96 EUR GlobalSar Balanced (CHF) 4 990 023.50 CHF GlobalSar Balanced (EUR) 1 405 981.82 EUR GlobalSar Growth (EUR) 1 214 622.22 EUR The Company had the following commitments arising from options at the time the report was prepared. EquiSar IIID (EUR) INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 630.00 Maturity: 17.01.15 Number of contracts: 42 Commitment: EUR 1 932 585.91 Market value: EUR 2 147.32 INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 500.00 Maturity: 17.01.15 Number of contracts: 42 Commitment: EUR Market value: EUR 39 878.76 S&P 500 INDICES Goldman Sachs Put/Call: PUT Strike: 1 800.00 Maturity: 20.09.14 Number of contracts: 63 Commitment: EUR 8 282 511.05 Market value: EUR 44 633.53 S&P 500 INDICES Goldman Sachs Put/Call: PUT Strike: 1 900.00 Maturity: 20.09.14 Number of contracts: 63 Commitment: EUR Market value: EUR 108 132.78 GlobalSar Balanced (CHF) ECOLAB INC. Goldman Sachs Put/Call: PUT Strike: 100.00 Maturity: 19.07.14 Number of contracts: 128 Commitment: CHF 1 135 103.98 Market value: CHF 567.55 INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 630.00 Maturity: 17.01.15 Number of contracts: 69 Commitment: CHF 3 854 919.52 Market value: CHF 4 283.24 PETROCHINA CO LTD /H HKD Goldman Sachs Put/Call: CALL Strike: 9.00 Maturity: 30.03.15 Number of contracts: 1 672 Commitment: CHF Market value: CHF 390 273.76 UKX FTSE 100 INDEX GBP Goldman Sachs Put/Call: CALL Strike: 7 200.00 Maturity: 19.12.14 Number of contracts: 127 Commitment: CHF Market value: CHF 58 733.69 GlobalSar Balanced (EUR) ECOLAB INC. Goldman Sachs Put/Call: PUT Strike: 100.00 Maturity: 19.07.14 Number of contracts: 35 Commitment: EUR 255 633.06 Market value: EUR 127.82 INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 630.00 Maturity: 17.01.15 Number of contracts: 25 Commitment: EUR 1 150 348.76 Market value: EUR 1 278.17 INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 500.00 Maturity: 17.01.15 Number of contracts: 25 Commitment: EUR Market value: EUR 23 737.36 126 Audited Annual Report

PETROCHINA CO LTD /H HKD Goldman Sachs Put/Call: CALL Strike: 9.00 Maturity: 30.03.15 Number of contracts: 475 Commitment: EUR Market value: EUR 91 316.65 UKX FTSE 100 INDEX GBP Goldman Sachs Put/Call: CALL Strike: 7 200.00 Maturity: 19.12.14 Number of contracts: 33 Commitment: EUR Market value: EUR 12 569.58 GlobalSar Growth (EUR) ECOLAB INC. Goldman Sachs Put/Call: PUT Strike: 100.00 Maturity: 19.07.14 Number of contracts: 34 Commitment: EUR 248 329.26 Market value: EUR 124.16 INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 630.00 Maturity: 17.01.15 Number of contracts: 21 Commitment: EUR 966 292.96 Market value: EUR 1 073.66 INTUITIVE SURGICAL INC Goldman Sachs Put/Call: CALL Strike: 500.00 Maturity: 17.01.15 Number of contracts: 21 Commitment: EUR Market value: 19 939.38 EUR PETROCHINA CO LTD /H HKD Goldman Sachs Put/Call: CALL Strike: 9.00 Maturity: 30.03.15 Number of contracts: 425 Commitment: EUR Market value: EUR 81 704.37 UKX FTSE 100 INDEX GBP Goldman Sachs Put/Call: CALL Strike: 7 200.00 Maturity: 19.12.14 Number of contracts: 26 Commitment: EUR Market value: EUR 9 903.31 13. Contracts for difference (CFDs) The Company had the following commitments arising from CFDs at the time the report was prepared. EmergingSar Global ALLIANZ SE/NAM.VINKULIERT Number of contracts: 79 790 Market value: 13 344 877.50 Unrealised loss: 61 310.64 net asset value): 5.97% Goldman International ANHEUSERBUSH INBEV SA Number of contracts: 94 188 Market value: 10 808 779.41 Unrealised loss: 196 565.65 net asset value): 4.83% Goldman International BANCO SANTANDER SA / REG. Number of contracts: 1 100 000 Market value: 11 491 276.50 Unrealised gain: 174 839.50 net asset value): 5.14% Goldman International BASF SE /ADR Number of contracts: 59 238 Market value: 6 901 227.00 Unrealised loss: 32 924.48 net asset value): 3.09% Goldman International BCO BILBAO VIZCAYA ARGEN./SADR Number of contracts: 595 936 Market value: 7 610 102.72 Unrealised gain: 242 629.38 net asset value): 3.40% Goldman International CECEEUR CECE TRADED INDEX EU/ EQ Number of contracts: 4 500 Market value: 10 490 571.06 Unrealised loss: 282 023.94 net asset value): 4.69% Deutsche Bank London CONTINENTAL AG Number of contracts: 13 410 Market value: 3 105 645.01 Unrealised gain: 38 082.48 net asset value): 1.39% Goldman International Audited Annual Report 127

DAIMLER AG / NAMENAKT. Number of contracts: 57 468 Market value: 5 365 787.16 Unrealised gain: 49 569.60 net asset value): 2.40% Goldman International EM MEXICO INDEX Number of contracts: 800 Market value: 502 282.40 Unrealised gain: 4 695.20 net asset value): 0.22% HSBC London EM MEXICO INDEX Number of contracts: 1 600 Market value: 1 004 564.80 Unrealised gain: 43 667.20 net asset value): 0.45% Deutsche Bank London EM MEXICO INDEX Number of contracts: 14 168 Market value: 8 895 421.30 Unrealised gain: 206 498.60 net asset value): 3.98% Merril Lynch ENAGAS Number of contracts: 330 000 Market value: 10 617 758.25 Unrealised loss: 1 006 603.95 net asset value): 4.75% Goldman International FAST RETAILING CO LTD Number of contracts: 29 000 Market value: 9 454 000.00 Unrealised gain: 271 124.48 net asset value): 4.23% Goldman International GREECE Number of contracts: 258 900 Market value: 10 202 731.20 Unrealised gain: 888 417.02 net asset value): 4.56% Merril Lynch GRUPO FIN.BANORT.SAB DE CV Number of contracts: 921 000 Market value: 6 539 100.00 Unrealised loss: 540 074.40 net asset value): 2.92% Goldman International ING GROEP NV/CERT.OF SHS Number of contracts: 237 689 Market value: 3 338 931.24 Unrealised gain: 82 188.34 net asset value): 1.49% Goldman International J. FRONT RETAILING CO LTD Number of contracts: 1 577 868 Market value: 11 073 921.00 Unrealised loss: 62 800.72 net asset value): 4.95% Goldman International KDDI CORP. Number of contracts: 146 000 Market value: 8 942 500.00 Unrealised loss: 333 712.20 net asset value): 4.00% Goldman International KYOCERA CORP EQ Number of contracts: 158 001 Market value: 7 498 827.47 Unrealised gain: 223 013.20 net asset value): 3.35% Goldman International MSCI DAILY EM.MRTKS KOREA Number of contracts: 12 087 Market value: 8 336 053.38 Unrealised gain: 97 590.44 net asset value): 3.73% HSBC London MSCI DAILY EM.MRTKS KOREA Number of contracts: 1 700 Market value: 1 172 440.70 Unrealised gain: 45 417.20 net asset value): 0.52% Deutsche Bank London MSCI DAILY EM.MRTKS KOREA Number of contracts: 900 Market value: 620 703.90 Unrealised gain: 720.00 net asset value): 0.28% Merril Lynch MSCI DAILY TR NET CHINA Number of contracts: 12 300 Market value: 4 768 168.80 Unrealised gain: 249 271.80 net asset value): 2.13% Merril Lynch 128 Audited Annual Report

MSCI DAILY TR NET CHINA Number of contracts: 9 800 Market value: 3 799 028.80 Unrealised gain: 152 762.50 net asset value): 1.70% Deutsche Bank London MSCI DAILY TR NET CHINA Number of contracts: 4 800 Market value: 1 860 748.80 Unrealised loss: 552.00 net asset value): 0.83% HSBC London MSCI DAILY TR NET EM MARK Number of contracts: 19 100 Market value: 10 160 397.80 Unrealised gain: 305 886.50 net asset value): 4.54% Merril Lynch MSCI DAILY TR NET EM MARK Number of contracts: 4 522 Market value: 1 970 185.66 Unrealised gain: 7 985.85 net asset value): 0.88% Goldman International MSCI DAILY TR NET EM MKT CHILE Number of contracts: 25 535 Market value: 10 105 757.14 Unrealised gain: 148 869.05 net asset value): 4.52% HSBC London MSCI DAILY TR NET EM PERU Number of contracts: 6 674 Market value: 10 488 271.09 Unrealised gain: 370 649.01 net asset value): 4.69% HSBC London MSCI DAILY TR NET EM.MKT INDON Number of contracts: 1 854 Market value: 2 674 569.28 Unrealised loss: 39 693.77 net asset value): 1.20% Goldman International MSCI DAILY TR NET EM.MKT INDON Number of contracts: 5 152 Market value: 7 432 244.29 Unrealised gain: 4 142.21 net asset value): 3.33% HSBC London MSCI DAILY TR NET MALAYSIA Number of contracts: 21 800 Market value: 10 522 642.00 Unrealised gain: 28 405.40 net asset value): 4.71% Merril Lynch MSCI DL TR NET EM MKT RUSSIA Number of contracts: 16 598 Market value: 10 221 396.96 Unrealised gain: 1 232 617.28 net asset value): 4.57% Deutsche Bank London MSCI DLY TR BRAZIL Number of contracts: 9 365 Market value: 4 946 274.59 Unrealised loss: 75 107.30 net asset value): 2.21% HSBC London MSCI DLY TR BRAZIL Number of contracts: 10 970 Market value: 5 793 981.02 Unrealised gain: 101 088.55 net asset value): 2.59% Merril Lynch MSCI DLY TR EMRG MKT POLAND Number of contracts: 11 100 Market value: 2 904 148.50 Unrealised loss: 58 941.00 net asset value): 1.30% Merril Lynch MSCI DLY TR EMRG MKT TAIWAN Number of contracts: 27 411 Market value: 6 379 170.15 Unrealised gain: 378 403.74 net asset value): 2.85% Merril Lynch MSCI DLY TR EMRG MKT TAIWAN Number of contracts: 18 600 Market value: 4 328 647.80 Unrealised gain: 141 713.40 net asset value): 1.94% Goldman International MSCI DLY TR EMRG MKT POLAND Number of contracts: 17 000 Market value: 4 961 535.00 Unrealised loss: 225 421.70 net asset value): 2.22% Goldman International Audited Annual Report 129

MSCI DLY TR NET EMG MKTG CZECH Number of contracts: 3 875 Market value: 3 314 136.38 Unrealised gain: 99 676.63 net asset value): 1.48% Deutsche Bank London MSCI DLY TR NET EMG MKTG CZECH Number of contracts: 5 600 Market value: 4 789 461.60 Unrealised gain: 70 324.80 net asset value): 2.14% Merril Lynch MSCI DLY TR NET EMRG MKT HUNG Number of contracts: 35 829 Market value: 8 912 750.38 Unrealised loss: 329 955.40 net asset value): 3.99% Goldman International MSCI QATAR NET TR Number of contracts: 5 442 Market value: 7 992 349.76 Unrealised loss: 2 008 593.23 net asset value): 3.57% Goldman International MSCI SOUTH AFRICA NET ISLM Number of contracts: 17 006 Market value: 9 554 480.98 Unrealised gain: 336 803.83 net asset value): 4.27% Deutsche Bank London MSCI UNT ARA EMIRATES NET TR IN Number of contracts: 13 843 Market value: 8 058 356.38 Unrealised loss: 2 486 410.90 net asset value): 3.60% Goldman International NDEUPHFMSCI TR EM MKT PHF Number of contracts: 925 Market value: 454 138.93 Unrealised gain: 2 876.76 net asset value): 0.20% Goldman International NDEUPHFMSCI TR EM MKT PHF Number of contracts: 20 973 Market value: 10 296 925.05 Unrealised gain: 6 262.22 net asset value): 4.60% Deutsche Bank London OLYMPUS CORP Number of contracts: 341 867 Market value: 11 777 246.36 Unrealised loss: 468 576.59 net asset value): 5.27% Goldman International RAKUTEN INC TOKYO Number of contracts: 830 000 Market value: 10 781 700.00 Unrealised loss: 409 546.90 net asset value): 4.82% Goldman International SECOM LTD Number of contracts: 138 000 Market value: 8 393 160.00 Unrealised gain: 84 994.20 net asset value): 3.75% Goldman International SEVEN & I HOLDINGS CO LTD Number of contracts: 280 000 Market value: 11 617 200.00 Unrealised loss: 214 449.20 net asset value): 5.20% Goldman International SIEMENS AG /NAM. Number of contracts: 80 335 Market value: 10 625 107.10 Unrealised gain: 124 843.00 net asset value): 4.75% Goldman International TAKASHIMAYA CO LTD Number of contracts: 1 200 000 Market value: 11 643 831.60 Unrealised loss: 82 299.60 net asset value): 5.21% Goldman International THAI SET 50 INDEX (SET50) Number of contracts: 341 886 Market value: 10 530 188.29 Unrealised gain: 561 610.23 net asset value): 4.71% Merril Lynch UNILEVER PLC Number of contracts: 190 747 Market value: 8 646 203.67 Unrealised loss: 267 599.34 net asset value): 3.87% Goldman International 130 Audited Annual Report

UNY GROUP HOLDINGS Number of contracts: 1 700 289 Market value: 10 657 555.98 Unrealised gain: 7 999.86 net asset value): 4.77% Goldman International EmergingSar New Frontiers HSBC 1218.5.15 CERT/BSKT Number of contracts: 62 Market value: 782 654.58 Unrealised loss: 15 126.21 net asset value): 4.65% HSBC London KTXKAZAKH TRADED IDX Number of contracts: 2 696 Market value: 1 058 476.56 Unrealised gain: 136 168.49 net asset value): 6.29% Merril Lynch LUKOIL /SADR REP.1 SHS. Number of contracts: 24 891 Market value: 1 481 014.50 Unrealised loss: 67 205.70 net asset value): 8.79% Merril Lynch MAGNIT OJSC SGDR Number of contracts: 26 337 Market value: 1 553 883.00 Unrealised loss: 32 921.25 net asset value): 9.23% Deutsche Bank London MERRILL LYNCH OMAN 2 INDEX Number of contracts: 8 063 Market value: 1 105 437.30 Unrealised gain: 46 443.72 net asset value): 6.56% Merril Lynch ML MOROCCO BASKET 2 INDEX Number of contracts: 11 636 Market value: 955 781.04 Unrealised loss: 50 386.55 net asset value): 5.68% Merril Lynch MLEMCROA ML CROATIAN BASKET Number of contracts: 14 637 Market value: 768 442.50 Unrealised gain: 64 988.28 net asset value): 4.56% Merril Lynch MLEMNAMIML NAMIBIAN Number of contracts: 5 910 Market value: 883 013.10 Unrealised loss: 11 110.80 net asset value): 5.24% Merril Lynch MLEMNIGEML NIGERIA BASKET Number of contracts: 10 184 Market value: 856 881.76 Unrealised gain: 48 374.00 net asset value): 5.09% Merril Lynch MLEMTUNI ML TUNISIAN BASKET Number of contracts: 8 450 Market value: 745 712.50 Unrealised loss: 47 066.50 net asset value): 4.43% Merril Lynch MSCI DAILY TR NET EM PERU Number of contracts: 393 Market value: 617 604.22 Unrealised gain: 23 321.41 net asset value): 3.67% HSBC London MSCI LEBANON DAILY NET TR Number of contracts: 789 Market value: 693 356.61 Unrealised gain: 6 736.86 net asset value): 4.12% Merril Lynch MSCI LEBANON DAILY NET TR Number of contracts: 1 127 Market value: 1 004 443.26 Unrealised loss: 1 539.89 net asset value): 5.96% Merril Lynch MSCI LEBANON DAILY NET TR Number of contracts: 1 018 Market value: 968 334.98 Unrealised gain: 30 936.31 net asset value): 5.75% Deutsche Bank London MSEIROUN MSCI ROMANIA DAI. NET Number of contracts: 1 519 Market value: 1 025 442.74 Unrealised gain: 146 815.77 net asset value): 6.09% Barclays Bank Audited Annual Report 131

NDEUSCOMSCI TR COLOMBIA Number of contracts: 174 Market value: 753 694.75 Unrealised gain: 75 451.62 net asset value): 4.48% Merril Lynch ROSNEFT OIL CO OJSC/SGDR Number of contracts: 197 658 Market value: 1 441 951.48 Unrealised loss: 157 174.48 net asset value): 8.56% Merril Lynch SEMBCORP INDUSTRIES LTD Number of contracts: 152 579 Market value: 657 241.06 Unrealised gain: 984.75 net asset value): 3.90% Deutsche Bank London STOXX 600 MED SOU ACC ETF/CAP Number of contracts: 18 000 Market value: 2 090 856.35 Unrealised loss: 60 526.55 net asset value): 12.42% Merril Lynch UTD OVERSEAS BK /LOCAL Number of contracts: 88 709 Market value: 1 605 632.90 Unrealised loss: 21 911.12 net asset value): 9.53% Deutsche Bank London 14. Swap transactions The Company had no commitments arising from swap transactions as at 30.06.2014. 15. Techniques for efficient portfolio management and collateral "Efficient portfolio management" is composed by the following techniques: Securities lending transactions Repo transactions Reverse repo transactions The Company does not use any of these techniques. When calculating the limits for counterparty risk the Company does not take any received collateral into account. For this reason, information on permitted types of collateral, on the required extent of security and on the haircut strategy and, in the case of cash collateral, on the strategy for reinvesting (including the associated risks) is not provided. 16. Exchange rates as at 30.06.2014 1 CHF = 1.201116 CAD 6.140279 DKK 0.823613 EUR 0.659502 GBP 8.739711 HKD 67.824492 INR 114.236596 JPY 6.919584 NOK 7.538725 SEK 1.405784 SGD 1.12765 11.996787 ZAR 1 EUR = 1.450601 AUD = 3.017743 BRL = 1.458350 CAD 1.214162 CHF 7.455295 DKK 0.800742 GBP 10.611427 HKD 309.510354 HUF 138.701756 JPY 17.762023 MXN 8.401497 NOK 4.157696 PLN 9.153235 SEK 1.706850 SGD 1.369150 14.566045 ZAR 1 = 2.2041 BRL 0.8868 CHF = 0.73038 EUR = 0.584847 GBP = 7.750376 HKD 226.060222 HUF 11 855.36455 IDR 1 012.145749 KRW 12.973029 MXN 3.211005 MYR 43.649062 PHP 3.036699 PLN 2.120302 TRY 1.24665 SGD 10.638751 ZAR 17. Consolidation exchange rates 1 EUR = 1.214162 CHF 1.369150 18. Tax notice for EmergingSar Global and EmergingSar New Frontiers From a tax perspective, these compartments are not suitable for investors domiciled in Germany. 132 Audited Annual Report

19. Transaction costs The Fund incurs transaction costs in relation to buying and selling transferable securities, money market instruments, derivatives and other permitted assets. The transaction costs include broker's fees, stamp duties, local taxes and thirdparty charges, and are included in the costs of the bought and sold securities. With regard to the financial year ending on 30.06.2014, the Company incurred the following transaction costs in conjunction with the purchase and sale of investments in securities and similar transactions: EmergingSar Global EmergingSar New Frontiers EquiSar Global EquiSar IIID (EUR) EquiSar International Income Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global Real Estate Equity Global Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR Corporates Sustainable Bond EUR High Grade, Sustainable Equity Europe Sustainable Equity Global Sustainable Equity Global Emerging Markets Sustainable Equity Real Estate Global Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund 16.89 1 686.64 425 583.30 EUR 205 988.57 EUR 222 871.91 EUR 31 169.09 EUR 220 034.50 CHF 60 182.74 EUR 55 710.38 EUR 139 244.83 EUR 641 728.51 EUR 55 359.06 EUR N/A CHF 158 248.85 EUR 66 814.94 EUR 31 603.68 EUR 118 591.11 EUR 100 689.39 EUR 158 641.95 48 030.48 EUR 45 793.60 264 979.76 EUR 273 734.42 EUR Additionally, in accordance with standard market practices on the bond markets, purchases and sales are subject to the bidoffer spread (difference between the purchase/selling price and market value), which corresponds to the broker's fee. Audited Annual Report 133

Other unaudited information Risk management process The management company applies a risk management process to the Company and each compartment in accordance with the Act of 17 December 2010 and other applicable regulations, in particular Circular 11/512 issued by CSSF. Risk measurement method commitment approach As part of the risk management process, the total risk of the following compartments is measured and checked using the commitment method: EmergingSar Global EmergingSar New Frontiers EquiSar Global EquiSar International Income Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global Real Estate Equity Global Structured Return Fund (EUR) Sustainable Bond EUR Corporates Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR High Grade, Sustainable Equity Europe Sustainable Equity Global Emerging Markets Sustainable Equity Global Sustainable Equity Real Estate Global Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Risk measurement method ValueatRisk / (VaR) approach As part of the risk management process the total risk of the following compartments is measured and checked using the absolute or relative VaR approach: EquiSar IIID (EUR): absolute VaR approach The following figures were recorded for the financial year (unaudited): Minimum VaR: 4.13% Average VaR: 5.26% Maximum VaR: 6.47% Minimum leverage effect: 36.00% Average Leverage effect: 64.40% Maximum leverage effect: 92.30% Additional information for investors in the Federal Republic of Germany The Company has notified its intention to market investment fund shares of the compartments of Investmentfonds SICAV in the Federal Republic of Germany to the industry regulator, BaFin in Bonn, and is authorised to do so following the conclusion of the notification procedure. Distributor and Information Centre in Germany Bank J. Safra (Deutschland) AG Taunusanlage 17 D60325 Frankfurt am Main has replaced in Germany the function of the Paying and Information Agent (the "German Paying and Information Agent"). The German Paying and Information Agent operates a payment account into which investors can make payments in Euro by bank transfer, cheque or to the extent allowed by statute in cash. The German Paying and Information Agent forwards the investments amount credited to the agent's account immediately via SWIFT to the Investmentfonds SICAV account held with the custodian bank with details of the compartment to be invested in. Redemption and conversion requests for shares may be submitted to the German Paying and Information Agent for forwarding to the Company. Redemption proceeds, any dividends and other payments will be paid at the request of shareholders via the German Paying and Information Agent. At the German Paying and Information Agent, the Prospectus and the Key Investor Information Document, the Articles of Incorporation, audited annual report, the unaudited semiannual reports are available free of charge in print as well as any communications to investors and the issue, redemption and conversion prices, interim profits and deemed distributions of the shares. Further, a list of any changes in the portfolio is also available free of charge from the German Paying and Information Agent. In addition, during normal business hours on bank working days the Management Company Agreement, the Custodian and Paying Agency Agreement and the Investment Fund Service Agreement can be viewed at the German Paying and Information Agent. Share price and other publications The issue, redemption and conversion prices for all compartments are published on www.jsafrasarasin.ch/funds. Any notices to investors are effected in the Federal Republic of Germany on www.jsafrasarasin.ch/funds. The ValueatRisk is calculated using the following standards: Monte Carlo simulation; Onesided confidence interval of 99%; Holding period corresponding to one month (20 days); Effective observation period (historical) of risk factors of one year (250 days); Daily updating of data, weekly calculation of the correlation matrix (under RiskMetrics, which was implemented on 1 January 2014, a daily update of the above matrix is carried out); Daily calculation according to the NAV frequency The calculation of the leverage effect is based on the total contract volumes. 134 Audited Annual Report