Julius Baer Multibond Société d'investissement à Capital Variable

Julius Baer Multibond Société d'investissement à Capital Variable Annual Report as at 30 June 2010 (audited) Subscriptions are only valid if made on the basis of the current prospectus or the simplified prospectus, the latest annual report and the latest semi-annual report if published thereafter. The articles of association, the valid prospectus and the simplified prospectus, the annual and semi-annual reports, as well as the information based on the SFA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.), Hohlstraße 602, CH - 8010 Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, Postfach, CH - 8010 Zurich Paying and information agent in Germany: Bank Julius Bär Europe AG (until 1 October 2009: Bank Julius Bär (Deutschland) AG), An der Welle 1, Postfach 15 02 52, D - 60062 Frankfurt am Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna R.C.S. Luxembourg Section B-32 187

Contents Page Organisation and Management 3 Audit Report 5 Notes to the Annual Report 7 Additional Information for Swiss Shareholders (unaudited) 66 Julius Baer Multibond (Umbrella fund) Julius Baer Multibond - ABS FUND Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND (until 15 September 2009: Julius Baer Multibond - O CORPORATE BOND FUND) Julius Baer Multibond - DOLLAR BOND FUND Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND Julius Baer Multibond - EMERGING BOND FUND () Julius Baer Multibond - EMERGING BOND FUND (USD) Julius Baer Multibond - O BOND FUND (until 15 September 2009: Julius Baer Multibond - OPE BOND FUND) Julius Baer Multibond - O GOVERNMENT BOND FUND Julius Baer Multibond - GLOBAL CONVERT BOND FUND Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND Julius Baer Multibond - INFLATION LINKED BOND FUND Julius Baer Multibond - INFLATION LINKED BOND FUND USD Julius Baer Multibond - LOCAL EMERGING BOND FUND Julius Baer Multibond - SWISS FRANC BOND FUND Julius Baer Multibond - TOTAL RETURN BOND FUND MB ABS ARBF ARBFD ARBFP AREBF COBF DBF DMTBF EBFEU EBFUS EBF EGBF GCBF GHYBF ILBFEU ILBFUS LEBF SFBF TRBF Addresses 2

Organisation and Management The registered office of the Company is 69, Route d'esch L - 1470 Luxembourg Board of Directors of the Company Chairman: Martin Vogel Independent Adviser Horgen, Switzerland (until 31 December 2009) Martin Jufer Member of the Management Committee Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Zurich, Switzerland (Chairman since 1 January 2010) Members: Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, UK Jean-Michel Loehr Chief Industry & Government Relations RBC Dexia Investor Services Bank S.A. Esch-sur-Alzette, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Head of Legal & Compliance Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Zurich, Switzerland (since 1 January 2010) Management Company Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) 25, Grand-Rue L - 1661 Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Management Committee Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Zurich, Switzerland Members: Michel Malpas, Independent Adviser Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, UK Fabio Oetterli Managing Director Julius Bär Group Ltd. (until 1 October 2009: Julius Bär Holding AG) Zurich, Switzerland (until 1 October 2009) Managing Directors of the Management Company Dr. Dieter Steberl Managing Director Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) Luxembourg, Grand Duchy of Luxembourg Stéphanie Clément Managing Director Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) Luxembourg, Grand Duchy of Luxembourg (until 1 May 2010) Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) Luxembourg, Grand Duchy of Luxembourg (since 1 May 2010) Investment Adviser Bank Julius Bär & Co. AG Bahnhofstraße 36 Postfach CH - 8010 Zurich (until 1 October 2009) Swiss & Global Asset Management Ltd. Hohlstraße 602 Postfach CH - 8010 Zurich (since 1 October 2009) For the sub-fund GLOBAL CONVERT BOND FUND: EMCore AG Städtle 22 FL - 9490 Vaduz (since 1 September 2009) Each investment adviser may enlist the support of sub-advisers for individual sub-funds. Swiss & Global Advisory S.A. (until 1 June 2010: Swiss & Global Multibond Advisory S.A.H.) (until 1 October 2009: Julius Baer Multibond Advisory S.A.H.) 25, Grand-Rue L - 1661 Luxembourg 3

Organisation and Management Custodian, Administrator, Principal Paying Agent and Domiciliary Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L - 4360 Esch-sur-Alzette Registrar and Transfer Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L - 4360 Esch-sur-Alzette Distributors The Company and/or the Management Company has appointed and may appoint further distributors authorised to sell the shares in one or more jurisdictions. Auditor PricewaterhouseCoopers S.à r.l. 400, Route d'esch L - 1471 Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg National Representatives Switzerland: Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Hohlstraße 602 CH - 8010 Zurich Germany: Bank Julius Bär Europe AG (until 1 October 2009: Bank Julius Bär (Deutschland) AG) An der Welle 1 D - 60322 Frankfurt am Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A - 1010 Vienna Italy: Dott. Matteo Angeloni Via Montesanto, 68 I - 00195 Rome France: CACEIS Bank 1-3, Place Valhubert F - 75013 Paris Spain: Atlas Capital Inversiones A.V., S.A. C. Montalbán 9 E - 28014 Madrid United Kingdom: GAM Sterling Management Ltd. 12 St. James s Place London, SW1A 1 NX, U.K. Belgium RBC Dexia Investor Services Belgium S.A. Place Rogier 11 B - 1211 Brussels 4

Audit Report To the shareholders of Julius Baer Multibond PricewaterhouseCoopers Société à responsabilité limitée 400, Route d Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.com/lu info@lu.pwc.com We were appointed by the Annual General Meeting of Shareholders to audit the appended financial statements of Julius Baer Multibond and its sub-funds, which contain the statements of net and investments as at 30 June 2010, the profit and loss account and the statement of changes in net for the financial year then ended, as well as a summary of the main accounting principles and other notes to the statements. Responsibility of the Board of Directors of the SICAV for the financial statements The SICAV s Board of Directors is responsible for preparing and presenting a true and fair view of these financial statements in accordance with the statutory provisions and regulations relating to the preparation and presentation of financial statements applicable in Luxembourg. This responsibility includes the development, implementation and maintenance of an internal control system with respect to the preparation and presentation of a true and fair view of the financial statements so that they are free of material misstatement, irrespective of whether this arises from inaccuracies or infringements, as well as the selection and use of appropriate accounting principles and the determination of reasonable accounting-related estimates. Responsibility of the Réviseur d'entreprises agréé We are responsible for issuing an opinion based on our audit of these financial statements. We performed our audit in accordance with the International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we follow a duty of care and professional code of ethics, and plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatement. Cabinet de révision agréé Expert comptable (autorisation gouvernementale n 95992) R.C.S. Luxembourg B 65 477 Capital social 516 950 TVA LU17564447 5

An audit includes taking measures to obtain evidence supporting the amounts and disclosures contained in the financial statements. The choice of which measures to take is at the discretion of the Réviseur d'entreprises agréé, as is the evaluation of the risk that the financial statements contain material misstatement as a result of inaccuracies or infringements. Within the scope of this risk assessment, the Réviseur d'entreprises agréé considers the internal control system set up to prepare and present a true and fair view of the financial statements in order to determine the appropriate measures to be taken in the circumstances, but not to evaluate the effectiveness of such a system. An audit also includes an assessment of whether the accounting principles used and the estimates made by the Board of Directors of the SICAV are appropriate, as well as an evaluation of the overall presentation of the financial statements. We believe that the evidence obtained provides a sufficient and reasonable basis for our opinion. Audit opinion In our view, the financial statements present a true and fair view of the, liabilities and financial position of Julius Baer Multibond and its sub-funds as at 30 June 2010 as well as the profit and loss account and statement of changes in net for the financial year then ended, in accordance with the statutory provisions and regulations relating to the preparation and presentation of financial statements applicable in Luxembourg. Without restricting our opinion, we refer to the notes to the financial statements with regard to the notes Valuation of and liabilities, portfolio" and Lehman Brothers International (Europe). Other information We read through the additional information contained in the financial statements as part of our mandate, but no special measures were necessary in accordance with the aforementioned standards. Our opinion does not relate, therefore, to this information. We have no comments to make on this information as part of the overall presentation of the financial statements. PricewaterhouseCoopers S.à r.l. Luxembourg, 8 October 2010 Represented by Marc Schernberg 6

Notes to the Annual Report Legal information Julius Baer Multibond (the Company ) was incorporated on 1 December 1989 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company - SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg. It has been registered under Part I of the law of 20 December 2002 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B - 32 187 in the Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d Esch, L - 1470 Luxembourg. As at 15 September 2009, the name of the sub-fund Julius Baer Multibond - O CORPORATE BOND FUND was changed to Julius Baer Multibond CREDIT OPPORTUNITIES BOND FUND. As at 15 September 2009, the name of the sub-fund Julius Baer Multibond - OPE BOND FUND was changed to Julius Baer Multibond - O BOND FUND. Accounting principles Presentation of the annual and the unaudited semi-annual reports The annual and the unaudited semi-annual reports of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value ("NAV") calculation at the end of the accounting year (in the following: NAV = Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) have been prepared in CHF, by aggregating the and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting year. Accounting The annual and the unaudited semi-annual reports of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. The accrual principle is applied in the preparation of the annual and the unaudited semi-annual reports. The accounting principles are applied consistently. Valuation of and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange gains and losses are included in the profit and loss account for the current accounting year. portfolio listed on a stock exchange or any other public regulated market are valued at the last available price of the reporting period. Non-listed securities are identified as such. Their value shall be based on a foreseeable sale price, estimated with care and in good faith. Unrealised profits/losses on securities are reported as the difference between market value and average acquisition cost. denominated in currencies other than the currency of the respective sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange gains and losses are shown in the profit and loss account, together with the price profits/losses from securities. The realised net profit/loss from the sale of securities is determined using the average historical costs. Dividends are recorded on the ex-dividend date. Income from securities is shown exclusive of withholding taxes. The Fund includes which, in the absence of liquid markets, have been valued using broker prices. The proportion of the in question in relation to the Fund's net as at 30 June 2010 is 30.3% in the Julius Baer Multibond - ABS FUND sub-fund 2.1% in the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND sub-fund 2.9% in the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS sub-fund 4.2% in the Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND sub-fund 4.8% in the Julius Baer Multibond - O BOND FUND sub-fund 5.2% in the Julius Baer Multibond - TOTAL RETURN BOND FUND sub-fund. As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received. lending Income from securities lending is shown separately in the profit and loss account. Details of the securities lent as per the balance sheet date are listed in the statement of investments. There were no outstanding securities lending positions as at 30 June 2010. Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. 7

Notes to the Annual Report Options Purchase of options: When an option is purchased, the premium paid is recorded as an investment and is subsequently valued at the market price. If a purchased put option is exercised, the premium is subtracted from the sale price of the underlying asset to determine the profit/loss. If a purchased call option is exercised, the premium is added to the cost price of the underlying asset. Sale of options: If an option is written (sold), the premium received is recorded as a liability and is subsequently valued at the market price. If a written call option is exercised, the premium received is added to the sale price of the underlying asset to determine the profit/loss. If a written put option is exercised, the cost price of the underlying asset is reduced. Forward contracts (Forward foreign exchange contracts, futures, swaps) Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term of the contract. The unrealised profit/loss is defined as the difference between the agreed trading price and the market price on the balance sheet date. The unrealised profit/loss is shown in the profit and loss account. Lehman Brothers International (Europe) In the framework of the bankruptcy of Lehman Brothers International (Europe) (further referred to as LBIE ) in September 2008, the exposure of the sub-funds of the SICAV to accounts receivable and accounts payables with LBIE are as follows as at 30 June 2010: These accounts receivable and accounts payables with LBIE are represented by margin cash accounts and financial derivative instruments concluded between the SICAV and LBIE under ISDA agreements. The Board of Directors of the SICAV decided not to apply a discount or to write-off those amounts as of 30 June 2010 due to the fact that they are still considered as being recoverable. As of 30 June 2010, no amounts due by LBIE to the SICAV have been recovered so far. In view of the uncertainty linked to the final settlement of all accounts receivable and accounts payables with LBIE, the actual realisable value of any of those amounts may differ from its probable realisable value as presented above, and the difference could be material. Sub-fund name Receivable Payable Net ( - = Payable) Julius Baer Multibond Currency Amount (in 1 000) in % of NAV Amount (in 1 000) in % of NAV Amount (in 1 000) in % of NAV ABSOLUTE RETURN BOND FUND ABSOLUTE RETURN BOND FUND PLUS 32 316 0.58-42 689-0.77-10 373-0.19 5 826 0.83-3 595-0.51 2 231 0.32 DOLLAR BOND FUND USD 770 0.73 0 0.00 770 0.73 8

Notes to the Annual Report Taxes In accordance with Luxembourg law, the Company is not subject to any Luxembourg income tax. Dividends paid by the Company are currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05% of the net ( Taxe d abonnement ). A reduced taxe d abonnement of 0.01% will be applied on the net applicable to C shares (for institutional investors). This classification is based on the Company s understanding of the current legal situation. This legal situation is liable to be changed with retroactive effect, which may result in the tax rate of 0.05% being applied retroactively. The tax is payable quarterly in arrears on the basis of the respective net at the end of each quarter. To the extent that certain countries levy a tax on realised capital gains, the sub-funds make respective provisions on the unrealised capital gains. Share categories Each sub-fund may issue different share categories: - A shares: Shares with distribution of income and/or capital gains - B shares: Shares without distribution of income and/or capital gains - C shares (for institutional investors): Shares without distribution of income and/or capital gains Pooling and co-management For the purpose of efficient management and to reduce administrative costs and if allowed by the investment policies of the sub-funds, the Board of Directors may decide to co-manage some or all of the of certain sub-funds and other Luxembourg UCITS of the Julius Baer Group. The of such sub-funds are referred to in the following as "co-managed ". In this case, the pooling technique will be applied to the co-managed of the various sub-funds. Assets that are co-managed will be referred to using the term "pool". Such pools will only be used for the purpose of internal management. They will not constitute distinct legal entities and will not be directly accessible to investors. The unrealised profit/loss of the pool is allocated to the sub-funds at each NAV calculation on the basis of daily updated pool allocation factors. There is no guarantee that the sum of this unrealised profit/loss corresponds to the reported net change in unrealised appreciation/depreciation on securities at sub-fund level. Income from zero-coupon bonds For zero coupon bonds, the "notional" interest portion is calculated as interest income and reclassified in the profit and loss account under the item "Income from securities" instead of the item "Net change in unrealised appreciation/depreciation on securities". Therefore, the unrealised profit/loss in the statement of net differs from the unrealised profit/loss in the profit and loss account. - Ca shares (for institutional investors): Shares with distribution of income and/or capital gains - E shares (for specific distributors, as defined in the prospectus): Shares without distribution of income and/or capital gains 9

Notes to the Annual Report Fees For advisory services relating to the portfolios of the sub-funds, related administrative services and distribution services, the following current annual fees based on the net asset value of the respective sub-fund will be charged to the sub-fund at the end of each month: Overview of fees (p.a.) Currency class Share categories A/B/E* Share categories C/Ca** Julius Baer Multibond - ABS FUND CHF 0.45% 0.20% ABS FUND 0.55% 0.30% ABSOLUTE RETURN BOND FUND, CHF, GBP, USD 1.00% 0.55% ABSOLUTE RETURN BOND FUND DEFENDER, CHF, GBP, USD 0.90% 0.45% ABSOLUTE RETURN BOND FUND PLUS, CHF, GBP, USD 1.10% 0.65% ABSOLUTE RETURN EMERGING BOND FUND USD, 1.20% 0.65% CREDIT OPPORTUNITIES BOND FUND 1.00% 0.60% DOLLAR BOND FUND USD 0.80% 0.35% DOLLAR MEDIUM TERM BOND FUND USD 0.60% 0.30% EMERGING BOND FUND () 1.40% 0.70% EMERGING BOND FUND (USD) USD 1.40% 0.70% O BOND FUND 0.80% 0.35% O GOVERNMENT BOND FUND 0.70% 0.30% GLOBAL CONVERT BOND FUND, CHF, USD 1.00% 0.55% GLOBAL HIGH YIELD BOND FUND, USD 1.10% 0.60% INFLATION LINKED BOND FUND, CHF 0.70% 0.30% INFLATION LINKED BOND FUND USD USD 0.70% 0.30% LOCAL EMERGING BOND FUND USD,, GBP 1.40% 0.70% SWISS FRANC BOND FUND CHF 0.55% 0.30% TOTAL RETURN BOND FUND 0.80% 0.35% *) An additional distribution fee of max. 0.50% p.a. is charged for E shares. In the case of ABS FUND, this additional fee amounts to max. 0.45% p.a.. **) Regarding the distribution, offering or holding of C and Ca shares, the Company will not pay commission to distributors for possible distribution services. The fees as set out above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors who hold shares of the sub-funds beneficially for third parties. As of 5 January 2010, the spread on redemptions of maximum 5% in favour of the ABS FUND is no longer payable. 10

Notes to the Annual Report Performance fee The investment adviser is also entitled to receive a performancerelated fee ( performance fee ) for the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND, the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER, the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS and the Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND. The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark index stated below per sub-fund and share currency (outperformance of the benchmark index), which will be adjusted to the effective market conditions at the end of each quarter (on the last valuation day of March, June, September, December), and when simultaneously the net asset value per share is higher than the High Water Mark (outperformance of the High Water Mark). Both conditions must be fulfilled. The performance fee in each case amounts to 10% p.a. of the outperformance of the High Water Mark or outperformance of the respective benchmark index, with the lower of the two percentage outperformance values serving as a basis for calculation of the performance fee. At the launch of the sub-fund or, if applicable, a share category in a currency other than the sub-fund s accounting currency, the High Water Mark is identical to the initial issue price. If the net asset value per share on the last valuation day of a subsequent accounting year is higher than the previous High Water Mark and the percentage return during the accounting year is higher than that of the benchmark index, the High Water Mark is set to the net asset value per share calculated on the last valuation day of that accounting year before deduction of the deferred performance fee. In all other cases the High Water Mark remains unchanged. Benchmark index per sub-fund and share currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN BOND FUND DEFENDER in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN BOND FUND PLUS in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN EMERGING BOND FUND in USD: USD 3-month LIBOR in : 3-month LIBOR The amount of the performance fee is recalculated on each valuation day subject to the aforementioned conditions on the basis of the outperformance since the start of the accounting year and a provision is established for the respective fund or, if applicable, for the respective share category. The recalculated performance fee amount is compared on each valuation day with the provision set aside on the previous valuation day. The amount provisioned on the previous day is adjusted accordingly on the basis of the difference found between the newly calculated amount and the amount previously provisioned. Any performance fee owed to the investment adviser and calculated under the aforementioned conditions is only actually paid out at the end of the Company's accounting year. This ensures that the performance fee is only paid out if the percentage return of the sub-fund in the relevant share currency measured over an entire accounting year is above that of the benchmark index (outperformance of the benchmark index) and simultaneously the net asset value per share is higher than the High Water Mark (outperformance of the High Water Mark). 11

Notes to the Annual Report Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABS FUND CHF 11 910 000 8 410 245 7 July 2010 607 141 110 375 CHF 150 000 7 July 2010-3 194 603 947 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND 1 814 558 USD 2 237 804 30 July 2010-12 165 USD 372 460 396 303 242 107 30 July 2010 797 765 1 310 GBP 1 076 30 July 2010-5 GBP 566 680 658 687 799 165 30 July 2010 4 304 924 CHF 685 888 425 507 151 404 30 July 2010 12 287 503 CHF 1 807 025 1 323 127 1 July 2010 44 938 1 262 894 CHF 1 807 025 1 July 2010-105 171 50 835 540 GBP 44 629 064 1 July 2010-3 674 334 39 834 663 JPY 4 997 058 898 1 July 2010-6 267 515 9 979 067 NZD 19 053 033 1 July 2010-716 507 1 607 342 SGD 2 961 810 1 July 2010-124 638 238 979 615 USD 316 424 962 1 July 2010-19 347 563 GBP 44 629 064 53 669 067 1 July 2010 840 827 JPY 4 997 058 898 44 469 830 1 July 2010 1 632 379 NZD 19 053 033 10 966 406 1 July 2010-270 878 SGD 2 961 810 1 737 528 1 July 2010-5 547 USD 316 424 962 255 118 633 1 July 2010 3 208 547 5 378 536 GBP 4 603 788 6 July 2010-244 422 3 915 099 NOK 30 835 317 6 July 2010 45 267 61 310 228 USD 80 762 833 6 July 2010-4 624 149 GBP 4 603 788 5 684 243 6 July 2010-61 291 NOK 30 835 317 3 897 919 6 July 2010-28 074 USD 80 762 833 66 186 669 6 July 2010-252 282 2 662 053 JPY 324 504 212 12 July 2010-332 077 INR 1 111 102 421 USD 24 666 499 12 July 2010-643 152 AUD 138 331 510 CAD 121 745 410 15 July 2010 1 704 003 AUD 637 695 279 JPY 49 697 801 158 15 July 2010-19 550 829 AUD 130 046 454 NZD 160 394 224 15 July 2010-429 647 AUD 31 436 527 USD 25 853 714 15 July 2010 536 082 CAD 125 467 796 AUD 138 331 510 15 July 2010 1 157 615 CAD 27 481 981 USD 25 853 714 15 July 2010 6 496 CHF 29 980 277 USD 25 853 714 15 July 2010 1 595 266 69 694 483 USD 91 974 868 15 July 2010-5 390 270 GBP 17 913 849 USD 25 853 714 15 July 2010 773 137 JPY 44 943 151 145 AUD 572 423 575 15 July 2010 20 651 183 JPY 4 633 926 645 USD 51 707 428 15 July 2010 545 722 NOK 246 599 110 GBP 26 108 682 15 July 2010-952 528 NOK 367 874 986 USD 58 242 943 15 July 2010-1 398 235 NZD 80 255 893 AUD 65 023 227 15 July 2010 248 029 NZD 130 160 872 USD 90 754 556 15 July 2010-1 087 186 PLN 107 547 231 26 065 105 15 July 2010-98 546 PLN 203 109 728 USD 59 720 828 15 July 2010 285 813 SEK 201 793 151 USD 25 853 714 15 July 2010 64 269 TRY 48 943 363 USD 32 389 229 15 July 2010-1 272 295 12

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) USD 82 570 980 AUD 97 214 848 15 July 2010 482 356 USD 25 853 714 CAD 27 825 448 15 July 2010-270 369 USD 25 853 714 CHF 29 597 849 15 July 2010-1 305 409 USD 90 142 042 69 162 768 15 July 2010 4 425 516 USD 25 853 714 GBP 18 087 135 15 July 2010-984 795 USD 51 707 428 JPY 4 641 026 075 15 July 2010-611 124 USD 58 242 943 NOK 364 626 888 15 July 2010 1 806 951 USD 90 754 556 NZD 130 903 927 15 July 2010 671 040 USD 33 655 723 PLN 115 691 546 15 July 2010-458 334 USD 25 853 714 SEK 207 916 215 15 July 2010-706 625 USD 66 044 951 TRY 105 076 351 15 July 2010-119 172 62 849 245 GBP 53 549 221 19 July 2010-2 552 956 4 147 916 SEK 40 616 801 19 July 2010-113 283 11 225 278 USD 14 111 297 19 July 2010-295 345 GBP 25 169 474 30 420 509 19 July 2010 320 102 AUD 228 052 893 USD 209 151 114 21 July 2010-13 868 553 CAD 136 954 853 USD 137 210 820 21 July 2010-6 814 422 CHF 105 816 362 USD 99 572 995 21 July 2010-1 166 761 148 730 454 USD 201 051 841 21 July 2010-15 416 854 GBP 219 816 065 USD 337 310 446 21 July 2010-6 924 549 JPY 28 979 597 881 USD 311 106 304 21 July 2010 13 410 578 NOK 679 085 277 USD 114 818 852 21 July 2010-8 581 397 NZD 292 618 387 USD 207 245 737 21 July 2010-5 157 617 SEK 1 428 127 269 USD 199 146 464 21 July 2010-12 761 948 SGD 27 025 966 USD 19 533 429 21 July 2010-141 104 USD 209 151 114 AUD 228 285 889 21 July 2010 13 741 181 USD 137 210 820 CAD 137 582 758 21 July 2010 6 332 911 USD 99 572 995 CHF 105 445 889 21 July 2010 1 447 051 USD 201 051 841 148 967 131 21 July 2010 15 181 209 USD 337 310 446 GBP 219 273 130 21 July 2010 7 588 499 USD 311 106 304 JPY 29 055 850 340 21 July 2010-14 112 314 USD 114 818 852 NOK 683 792 628 21 July 2010 8 000 053 USD 207 245 737 NZD 293 695 793 21 July 2010 4 560 235 USD 199 146 464 SEK 1 429 817 059 21 July 2010 12 584 873 USD 19 533 429 SGD 27 106 204 21 July 2010 94 166 16 563 732 USD 21 324 562 23 July 2010-846 131 92 593 080 GBP 80 465 455 26 July 2010-5 682 604 6 454 969 JPY 720 747 033 26 July 2010-196 255 127 109 042 USD 159 058 057 26 July 2010-2 742 690 USD 28 648 159 23 624 665 26 July 2010-236 905 AUD 31 484 572 USD 25 853 714 28 July 2010 536 232 CAD 27 482 627 USD 25 853 714 28 July 2010 5 983 CHF 14 982 189 USD 12 926 857 28 July 2010 793 411 10 552 864 USD 12 926 857 28 July 2010 121 GBP 17 913 725 USD 25 853 714 28 July 2010 773 176 JPY 2 316 136 004 USD 25 853 714 28 July 2010 269 216 NOK 168 098 652 USD 25 853 714 28 July 2010-34 013 NZD 38 494 843 USD 25 853 714 28 July 2010 463 768 13

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) SEK 201 768 978 USD 25 853 714 28 July 2010 63 051 USD 12 926 857 AUD 16 049 953 28 July 2010-481 112 USD 12 926 857 CAD 13 912 659 28 July 2010-134 629 USD 25 853 714 CHF 29 586 214 28 July 2010-1 299 945 USD 25 853 714 20 576 550 28 July 2010 528 937 USD 12 926 857 GBP 9 043 029 28 July 2010-491 832 USD 51 707 428 JPY 4 639 966 072 28 July 2010-609 221 USD 12 926 857 NOK 85 923 474 28 July 2010-218 248 USD 12 926 857 NZD 19 646 814 28 July 2010-456 531 USD 12 926 857 SEK 103 939 170 28 July 2010-351 982 AUD 84 284 233 USD 72 262 155 3 August 2010-1 093 905 CAD 42 804 460 USD 40 705 549 3 August 2010-347 221 CHF 40 952 031 USD 36 189 164 3 August 2010 1 475 148 25 395 361 USD 31 672 779 3 August 2010-458 679 GBP 28 205 841 USD 40 705 549 3 August 2010 1 221 257 JPY 5 424 227 002 USD 58 829 174 3 August 2010 2 040 992 NOK 175 949 009 USD 27 156 395 3 August 2010-119 427 NZD 91 762 909 USD 63 229 386 3 August 2010-219 776 SEK 317 921 582 USD 40 705 549 3 August 2010 127 843 USD 72 262 155 AUD 84 224 518 3 August 2010 1 139 222 USD 40 705 549 CAD 41 470 426 3 August 2010 1 372 113 USD 36 189 164 CHF 41 482 882 3 August 2010-1 876 285 USD 31 672 779 25 572 667 3 August 2010 281 313 USD 40 705 549 GBP 27 839 004 3 August 2010-773 122 USD 58 829 174 JPY 5 344 112 609 3 August 2010-1 300 821 USD 27 156 395 NOK 169 432 645 3 August 2010 937 685 USD 63 229 386 NZD 91 790 995 3 August 2010 204 499 USD 40 705 549 SEK 310 302 898 3 August 2010 671 446 AUD 207 472 266 USD 175 519 664 4 August 2010-782 865 CAD 127 047 231 USD 122 279 000 4 August 2010-2 223 750 CHF 180 489 166 USD 158 985 192 4 August 2010 6 922 471 101 096 534 USD 123 155 440 4 August 2010 567 387 GBP 102 765 609 USD 151 381 994 4 August 2010 1 939 844 JPY 22 235 889 684 USD 244 924 866 4 August 2010 5 298 665 NOK 816 482 761 USD 126 305 059 4 August 2010-793 280 NZD 223 528 879 USD 152 877 476 4 August 2010 391 767 SEK 933 757 945 USD 119 348 301 4 August 2010 545 031 SGD 7 743 078 USD 5 521 541 4 August 2010 22 063 USD 194 395 945 AUD 231 866 630 4 August 2010-565 056 USD 141 155 280 CAD 147 736 344 4 August 2010 1 739 840 USD 140 108 912 CHF 159 897 984 4 August 2010-6 731 946 USD 104 279 160 85 135 417 4 August 2010-14 506 USD 170 258 274 GBP 116 545 600 4 August 2010-3 361 259 USD 207 172 306 JPY 18 945 404 570 4 August 2010-5 742 935 USD 145 181 339 NOK 945 958 050 4 August 2010-22 086 USD 171 753 756 NZD 251 765 590 4 August 2010-798 687 USD 138 224 581 SEK 1 086 723 859 4 August 2010-1 185 175 USD 5 521 541 SGD 7 745 922 4 August 2010-23 717 14

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) 9 264 579 GBP 7 679 476 5 August 2010-114 504 8 900 912 JPY 979 784 838 5 August 2010-142 021 37 708 157 USD 45 289 662 5 August 2010 739 465 USD 2 730 471 2 243 775 5 August 2010-14 961 25 122 880 BRL 56 350 620 10 August 2010-117 212 15 854 222 PLN 64 900 842 10 August 2010 219 950 109 768 041 USD 131 779 306 10 August 2010 2 203 492 KRW 45 770 333 481 USD 36 995 096 10 August 2010 325 958 TWD 1 289 613 114 USD 39 950 840 10 August 2010 156 941 USD 66 975 815 55 379 994 10 August 2010-710 947 USD 18 789 135 KRW 22 885 166 741 10 August 2010 75 163 AUD 131 655 994 93 168 208 16 August 2010-2 880 132 CNY 545 053 499 64 900 842 16 August 2010 724 341 146 624 024 AUD 211 725 091 16 August 2010 1 433 293 64 900 842 CNY 545 718 733 16 August 2010-804 339 52 167 685 GBP 43 374 485 16 August 2010-805 430 87 823 445 JPY 9 774 594 405 16 August 2010-2 403 005 3 909 846 RON 16 688 788 16 August 2010 119 657 439 342 149 USD 532 362 234 16 August 2010 4 818 869 33 916 155 ZAR 318 759 560 16 August 2010 254 763 1 575 902 USD 1 947 025 23 August 2010-13 223 34 129 934 AUD 49 370 998 24 August 2010 307 648 65 194 979 GBP 54 532 469 24 August 2010-1 404 687 66 440 104 SEK 637 117 662 24 August 2010-410 566 445 100 364 USD 551 870 869 24 August 2010-5 323 337 NZD 137 126 77 215 24 August 2010-528 AUD 32 581 150 NZD 40 314 937 26 August 2010-227 611 NOK 149 966 265 AUD 26 582 458 26 August 2010 566 758 SEK 124 259 854 AUD 18 302 038 26 August 2010 506 114 SEK 374 258 269 GBP 32 581 150 26 August 2010-520 507 SEK 127 423 941 USD 16 396 734 26 August 2010-12 025 USD 16 039 255 AUD 18 364 157 26 August 2010 515 896 921 047 CHF 1 230 335 1 September 2010-11 180 34 384 899 GBP 28 188 290 1 September 2010-41 069 36 872 285 JPY 4 065 722 539 1 September 2010-665 484 1 107 198 SGD 1 895 568 1 September 2010-1 903 225 944 795 USD 278 924 628 1 September 2010-1 695 797 USD 2 824 114 2 314 961 1 September 2010-10 104 5 681 934 GBP 4 603 788 7 September 2010 59 255 3 883 901 NOK 30 835 317 7 September 2010 26 951 62 986 615 USD 76 825 909 7 September 2010 287 346 AUD 1 854 310 JPY 140 783 834 21 September 2010-34 269 CAD 927 155 JPY 77 780 878 21 September 2010-6 409 JPY 71 084 965 AUD 927 155 21 September 2010 23 791 10 881 230 NZD 19 053 033 4 October 2010 257 144 1 643 739 CHF 2 470 868 18 October 2010-229 770 53 964 848 USD 66 847 868 22 February 2011-549 553-35 287 644 15

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER CHF 318 000 231 670 1 July 2010 9 082 225 957 CHF 318 000 1 July 2010-14 795 4 335 869 GBP 3 806 950 1 July 2010-313 934 2 968 783 JPY 372 664 000 1 July 2010-469 364 4 099 932 NZD 7 828 000 1 July 2010-294 379 682 150 SGD 1 267 500 1 July 2010-59 047 33 824 827 USD 44 207 005 1 July 2010-2 265 470 GBP 3 806 950 4 602 998 1 July 2010 46 807 JPY 372 664 000 3 379 554 1 July 2010 58 595 NZD 7 828 000 4 505 583 1 July 2010-111 291 SGD 1 267 500 740 775 1 July 2010 422 USD 44 207 005 35 620 928 1 July 2010 469 369 940 280 GBP 817 000 6 July 2010-57 585 317 420 NOK 2 500 000 6 July 2010 3 670 5 481 963 USD 7 179 400 6 July 2010-379 264 GBP 817 000 1 008 740 6 July 2010-10 877 NOK 2 500 000 316 027 6 July 2010-2 276 USD 7 179 400 5 885 155 6 July 2010-23 927 7 733 354 JPY 1 000 000 000 12 July 2010-1 493 374 INR 113 440 000 USD 2 518 371 12 July 2010-65 664 AUD 21 400 000 CAD 18 842 670 15 July 2010 257 039 AUD 67 265 000 JPY 5 235 550 379 15 July 2010-2 000 953 AUD 13 990 000 NZD 17 254 720 15 July 2010-46 220 CAD 19 308 050 AUD 21 400 000 15 July 2010 100 655 4 960 000 USD 6 750 411 15 July 2010-550 783 JPY 4 186 483 227 AUD 53 065 000 15 July 2010 2 100 628 NOK 26 446 280 GBP 2 800 000 15 July 2010-102 153 NOK 20 407 497 USD 3 307 000 15 July 2010-139 637 NZD 8 633 684 AUD 6 995 000 15 July 2010 26 682 NZD 9 184 164 USD 6 500 000 15 July 2010-155 371 PLN 11 520 071 2 792 000 15 July 2010-10 556 PLN 34 066 006 USD 10 042 000 15 July 2010 27 125 TRY 4 997 208 USD 3 307 000 15 July 2010-129 904 USD 6 074 522 AUD 6 979 000 15 July 2010 154 664 USD 6 563 295 4 960 000 15 July 2010 398 006 USD 3 307 000 NOK 19 691 780 15 July 2010 229 582 USD 6 500 000 NZD 9 178 522 15 July 2010 158 681 USD 7 250 000 PLN 24 921 875 15 July 2010-98 733 USD 10 557 000 TRY 16 787 678 15 July 2010-14 758 6 190 451 GBP 5 274 000 19 July 2010-250 935 725 483 SEK 7 104 000 19 July 2010-19 813 GBP 1 669 500 2 021 441 19 July 2010 17 595 6 213 954 USD 8 000 000 23 July 2010-317 430 15 756 110 GBP 13 704 500 26 July 2010-981 746 5 203 403 JPY 581 000 000 26 July 2010-158 202 13 255 462 USD 16 589 500 26 July 2010-287 865 USD 1 212 000 1 005 133 26 July 2010-15 682 897 827 GBP 744 220 5 August 2010-11 102 16

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) 93 753 JPY 10 320 000 5 August 2010-1 496 9 116 616 USD 10 958 500 5 August 2010 171 496 USD 291 000 240 434 5 August 2010-2 898 891 663 BRL 2 000 000 10 August 2010-4 160 1 587 844 PLN 6 500 000 10 August 2010 22 029 13 243 526 USD 15 896 000 10 August 2010 268 454 KRW 4 870 024 000 USD 3 936 327 10 August 2010 34 683 TWD 137 217 000 USD 4 250 836 10 August 2010 16 699 USD 4 344 000 3 632 320 10 August 2010-86 527 USD 1 999 189 KRW 2 435 012 000 10 August 2010 7 998 AUD 15 700 000 11 110 325 16 August 2010-343 456 CNY 58 787 750 7 000 000 16 August 2010 78 125 23 630 194 AUD 34 122 000 16 August 2010 230 992 7 000 000 CNY 58 859 500 16 August 2010-86 754 30 801 301 GBP 25 562 000 16 August 2010-417 479 10 126 042 JPY 1 126 638 000 16 August 2010-273 629 5 154 156 RON 22 000 000 16 August 2010 157 738 92 799 315 USD 112 425 000 16 August 2010 1 036 086 3 500 000 ZAR 32 880 400 16 August 2010 27 803 RON 22 000 000 5 164 319 16 August 2010-166 609 1 719 109 USD 2 100 000 23 August 2010 5 134 14 309 811 AUD 20 700 000 24 August 2010 128 989 15 891 674 GBP 13 297 000 24 August 2010-347 748 13 558 804 SEK 130 029 000 24 August 2010-84 713 51 334 255 USD 63 606 000 24 August 2010-579 419 NZD 11 600 6 532 24 August 2010-45 USD 1 443 000 1 163 527 24 August 2010 14 211 AUD 3 490 000 NZD 4 318 421 26 August 2010-24 381 NOK 12 496 033 AUD 2 215 000 26 August 2010 47 225 SEK 11 779 609 AUD 1 735 000 26 August 2010 47 979 SEK 40 089 480 GBP 3 490 000 26 August 2010-55 755 SEK 12 045 515 USD 1 550 000 26 August 2010-1 137 USD 1 517 096 AUD 1 737 000 26 August 2010 48 797 CHF 75 000 56 173 1 September 2010 655 143 734 CHF 192 000 1 September 2010-1 745 3 147 700 GBP 2 580 450 1 September 2010-3 768 3 227 298 JPY 355 858 000 1 September 2010-58 247 701 959 SGD 1 202 000 1 September 2010-1 334 31 795 256 USD 39 250 700 1 September 2010-238 676 USD 1 155 000 946 768 1 September 2010-4 132 1 008 331 GBP 817 000 7 September 2010 10 516 314 891 NOK 2 500 000 7 September 2010 2 185 5 770 924 USD 7 038 900 7 September 2010 26 327 4 470 588 NZD 7 828 000 4 October 2010 105 648 681 879 CHF 1 025 000 18 October 2010-95 316 2 990 073 GBP 2 628 125 17 February 2011-218 041 58 903 937 USD 72 100 000 22 February 2011 107 197 CHF 91 042 819 67 316 939 30 July 2010 1 631 858 17

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) 598 CHF 795 30 July 2010-5 496 216 USD 612 217 30 July 2010-3 537 USD 91 273 196 74 313 649 30 July 2010 192 772 3 851 GBP 3 136 30 July 2010 21 GBP 9 803 898 11 899 018 30 July 2010 74 777-5 399 101 Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS USD 69 594 996 56 664 476 30 July 2010 146 004 CHF 103 191 663 76 297 333 30 July 2010 1 852 062 61 595 CHF 81 360 30 July 2010-21 GBP 4 588 880 5 569 536 30 July 2010 35 001 CHF 731 000 532 280 1 July 2010 21 147 519 249 CHF 731 000 1 July 2010-34 178 9 685 733 GBP 8 502 050 1 July 2010-698 658 7 235 748 JPY 908 306 000 1 July 2010-1 144 158 1 092 576 SGD 2 028 250 1 July 2010-93 485 56 736 762 USD 74 919 313 1 July 2010-4 426 854 GBP 8 502 050 10 218 061 1 July 2010 166 334 JPY 908 306 000 8 237 157 1 July 2010 142 755 SGD 2 028 250 1 185 333 1 July 2010 729 USD 74 919 313 60 394 493 1 July 2010 769 123 1 533 485 GBP 1 330 000 6 July 2010-90 946 982 732 NOK 7 740 000 6 July 2010 11 363 10 605 386 USD 13 863 812 6 July 2010-712 962 GBP 1 330 000 1 642 135 6 July 2010-17 707 NOK 7 740 000 978 420 6 July 2010-7 047 USD 13 863 812 11 363 512 6 July 2010-45 162 INR 265 270 000 USD 5 889 000 12 July 2010-153 549 AUD 26 300 000 CAD 23 137 327 15 July 2010 331 095 AUD 159 273 000 JPY 12 412 188 683 15 July 2010-4 878 399 AUD 32 118 000 NZD 39 613 053 15 July 2010-106 092 AUD 4 012 597 USD 3 300 000 15 July 2010 68 426 CAD 23 964 822 AUD 26 300 000 15 July 2010 305 125 CAD 3 507 834 USD 3 300 000 15 July 2010 829 CHF 3 826 720 USD 3 300 000 15 July 2010 203 622 14 293 588 USD 19 085 891 15 July 2010-1 287 408 GBP 2 286 546 USD 3 300 000 15 July 2010 98 684 JPY 11 233 299 664 AUD 142 973 000 15 July 2010 5 231 439 JPY 591 480 120 USD 6 600 000 15 July 2010 69 657 NOK 61 582 052 GBP 6 520 000 15 July 2010-237 870 NOK 69 164 205 USD 11 033 000 15 July 2010-330 430 NZD 19 821 062 AUD 16 059 000 15 July 2010 61 256 NZD 27 516 170 USD 19 300 000 15 July 2010-323 207 PLN 27 129 108 6 575 000 15 July 2010-24 859 PLN 37 085 388 USD 10 875 000 15 July 2010 76 109 SEK 25 757 127 USD 3 300 000 15 July 2010 8 203 TRY 11 685 336 USD 7 733 000 15 July 2010-303 763 USD 17 607 635 AUD 20 529 227 15 July 2010 241 532 18

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) USD 3 300 000 CAD 3 551 675 15 July 2010-34 510 USD 3 300 000 CHF 3 777 906 15 July 2010-166 624 USD 18 648 319 14 225 719 15 July 2010 998 007 USD 3 300 000 GBP 2 308 664 15 July 2010-125 700 USD 6 600 000 JPY 592 386 300 15 July 2010-78 005 USD 11 033 000 NOK 67 970 744 15 July 2010 480 481 USD 19 300 000 NZD 27 604 317 15 July 2010 274 019 USD 4 300 000 PLN 14 781 250 15 July 2010-58 559 USD 3 300 000 SEK 26 538 682 15 July 2010-90 194 USD 12 033 000 TRY 19 152 442 15 July 2010-25 916 6 346 624 GBP 5 408 500 19 July 2010-259 033 846 397 SEK 8 288 000 19 July 2010-23 116 GBP 3 350 000 4 056 201 19 July 2010 35 305 AUD 44 864 485 USD 41 145 970 21 July 2010-2 728 340 CAD 26 943 041 USD 26 993 400 21 July 2010-1 340 600 CHF 20 816 904 USD 19 588 670 21 July 2010-229 535 29 259 470 USD 39 552 560 21 July 2010-3 032 929 GBP 43 244 924 USD 66 359 880 21 July 2010-1 362 294 JPY 5 701 106 526 USD 61 203 410 21 July 2010 2 638 239 NOK 133 596 907 USD 22 588 390 21 July 2010-1 688 224 NZD 57 567 259 USD 40 771 770 21 July 2010-1 014 668 SEK 280 957 425 USD 39 178 360 21 July 2010-2 510 679 SGD 5 316 649 USD 3 842 690 21 July 2010-27 759 USD 41 145 970 AUD 44 910 322 21 July 2010 2 703 282 USD 26 993 400 CAD 27 066 565 21 July 2010 1 245 874 USD 19 588 670 CHF 20 744 027 21 July 2010 284 672 USD 39 552 560 29 306 026 21 July 2010 2 986 576 USD 66 359 880 GBP 43 138 119 21 July 2010 1 492 904 USD 61 203 410 JPY 5 716 107 336 21 July 2010-2 776 289 USD 22 588 390 NOK 134 522 975 21 July 2010 1 573 857 USD 40 771 770 NZD 57 779 219 21 July 2010 897 143 USD 39 178 360 SEK 281 289 872 21 July 2010 2 475 842 USD 3 842 690 SGD 5 332 433 21 July 2010 18 525 7 328 809 GBP 6 347 500 26 July 2010-423 645 16 627 261 USD 20 809 500 26 July 2010-361 188 USD 3 958 500 3 235 109 26 July 2010-3 472 AUD 4 018 730 USD 3 300 000 28 July 2010 68 445 CAD 3 507 917 USD 3 300 000 28 July 2010 764 CHF 1 912 345 USD 1 650 000 28 July 2010 101 272 1 346 981 USD 1 650 000 28 July 2010 15 GBP 2 286 530 USD 3 300 000 28 July 2010 98 689 JPY 295 634 460 USD 3 300 000 28 July 2010 34 363 NOK 21 456 319 USD 3 300 000 28 July 2010-4 341 NZD 4 913 529 USD 3 300 000 28 July 2010 59 196 SEK 25 754 041 USD 3 300 000 28 July 2010 8 048 USD 1 650 000 AUD 2 048 636 28 July 2010-61 410 USD 1 650 000 CAD 1 775 829 28 July 2010-17 184 USD 3 300 000 CHF 3 776 421 28 July 2010-165 927 19

Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) USD 3 300 000 2 626 416 28 July 2010 67 514 USD 1 650 000 GBP 1 154 263 28 July 2010-62 778 USD 6 600 000 JPY 592 251 000 28 July 2010-77 762 USD 1 650 000 NOK 10 967 378 28 July 2010-27 857 USD 1 650 000 NZD 2 507 744 28 July 2010-58 272 USD 1 650 000 SEK 13 266 924 28 July 2010-44 927 AUD 16 851 312 USD 14 447 680 3 August 2010-218 704 CAD 8 558 159 USD 8 138 510 3 August 2010-69 421 CHF 8 187 799 USD 7 235 530 3 August 2010 294 935 5 077 463 USD 6 332 550 3 August 2010-91 707 GBP 5 639 367 USD 8 138 510 3 August 2010 244 173 JPY 1 084 502 966 USD 11 762 120 3 August 2010 408 070 NOK 35 178 732 USD 5 429 570 3 August 2010-23 878 NZD 18 346 556 USD 12 641 720 3 August 2010-43 937 SEK 63 564 014 USD 8 138 510 3 August 2010 25 561 USD 14 447 680 AUD 16 839 366 3 August 2010 227 769 USD 8 138 510 CAD 8 291 436 3 August 2010 274 335 USD 7 235 530 CHF 8 293 937 3 August 2010-375 138 USD 6 332 550 5 112 914 3 August 2010 56 245 USD 8 138 510 GBP 5 566 023 3 August 2010-154 575 USD 11 762 120 JPY 1 068 484 995 3 August 2010-260 081 USD 5 429 570 NOK 33 875 863 3 August 2010 187 478 USD 12 641 720 NZD 18 352 164 3 August 2010 40 886 USD 8 138 510 SEK 62 040 759 3 August 2010 134 247 AUD 41 910 993 USD 35 456 440 4 August 2010-158 241 CAD 25 722 528 USD 24 757 130 4 August 2010-450 229 CHF 36 551 749 USD 32 197 270 4 August 2010 1 401 580 20 456 723 USD 24 920 130 4 August 2010 114 955 GBP 20 806 306 USD 30 649 360 4 August 2010 392 748 JPY 4 503 453 320 USD 49 605 250 4 August 2010 1 072 807 NOK 165 308 716 USD 25 572 210 4 August 2010-160 553 NZD 45 256 467 USD 30 952 200 4 August 2010 79 260 SEK 188 873 099 USD 24 140 790 4 August 2010 110 270 SGD 1 567 704 USD 1 117 920 4 August 2010 4 467 USD 39 286 700 AUD 46 859 514 4 August 2010-114 283 USD 28 587 390 CAD 29 920 264 4 August 2010 352 323 USD 28 367 010 CHF 32 373 721 4 August 2010-1 363 080 USD 21 089 870 17 218 320 4 August 2010-3 097 USD 34 479 620 GBP 23 601 996 4 August 2010-680 608 USD 41 944 730 JPY 3 835 743 676 4 August 2010-1 162 731 USD 29 402 470 NOK 191 577 413 4 August 2010-4 440 USD 34 782 460 NZD 50 985 758 4 August 2010-161 643 USD 27 971 050 SEK 219 908 695 4 August 2010-239 816 USD 1 117 920 SGD 1 568 280 4 August 2010-4 802 2 039 496 GBP 1 689 800 5 August 2010-24 287 279 532 JPY 30 770 000 5 August 2010-4 460 8 174 398 USD 9 817 000 5 August 2010 161 054 USD 422 000 348 671 5 August 2010-4 203 20