Vontobel Asset Management Vontobel Fund · Vontobel Asset Management ... Vontobel Fund - Global Convertible Bond Vontobel Fund ... Receivable on swaps 1,387,799

Vontobel FundVontobel Asset Management

Société d'Investissement à Capital Variable

Audited annual reportfor the financial year from September 1, 2016 until August 31, 2017

R.C.S. Luxembourg No. B38170

2

The following Sub-Funds are available to investors in the Federal Republic of Germany: Vontobel Fund - Swiss Money Vontobel Fund - Euro Short Term Bond Vontobel Fund - US Dollar Money Vontobel Fund - Swiss Franc Bond Vontobel Fund - Euro Bond Vontobel Fund - EUR Corporate Bond Mid Yield Vontobel Fund - High Yield Bond Vontobel Fund - Bond Global Aggregate Vontobel Fund - Eastern European Bond Vontobel Fund - Absolute Return Bond (CHF) Vontobel Fund - Absolute Return Bond (EUR) Vontobel Fund - Absolute Return Bond Dynamic Vontobel Fund - Global Convertible Bond Vontobel Fund - Emerging Markets Local Currency Bond Vontobel Fund - Swiss Mid and Small Cap Equity Vontobel Fund - European Mid and Small Cap Equity Vontobel Fund - Japanese Equity Vontobel Fund - mtx China Leaders Vontobel Fund - European Equity Vontobel Fund - US Equity Vontobel Fund - Global Equity Vontobel Fund - Global Equity Income Vontobel Fund - Emerging Markets Equity Vontobel Fund - Far East Equity Vontobel Fund - New Power Vontobel Fund - Clean Technology Vontobel Fund - Future Resources Vontobel Fund - mtx Sustainable Asian Leaders (ex Japan) Vontobel Fund - mtx Sustainable Emerging Markets Leaders Vontobel Fund - mtx Sustainable Global Leaders Vontobel Fund - Commodity Vontobel Fund - Dynamic Commodity Vontobel Fund - Non-Food Commodity Vontobel Fund - Target Return Defensive Vontobel Fund - Target Return Balanced Vontobel Fund - Emerging Markets Debt Vontobel Fund - Global Bond Vontobel Fund - Global Corporate Bond Mid Yield Vontobel Fund - Emerging Markets Corporate Bond Vontobel Fund - TwentyFour Absolute Return Credit Fund Vontobel Fund - TwentyFour Global Unconstrained Bond (from September 5, 2017 : Vontobel Fund - TwentyFour Strategic Income Fund) Vontobel Fund - LCR Global Bond Vontobel Fund - TwentyFour Monument European Asset Backed Securities Investors are informed that for the Sub-Funds Vontobel Fund - Absolute Return Credit Fund Vontobel Fund - Emerging Markets Blend Vontobel Fund - Multi Asset Solution Vontobel Fund - Multi Asset Income no notice has been filed pursuant to section 310 of the Capital Investment Act (KAGB). Thus, shares in these Sub-Funds may not be sold to the public in the Federal Republic of Germany. Audited annual report for the financial year from September 1, 2016 to August 31, 2017 This document does not constitute an offer to purchase or subscribe to shares. Subscription to shares of the Sub-Funds of Vontobel Fund, a Luxembourg SICAV, should always be undertaken only on the basis of the prospectus, the Key Investor Information Document (KIID), the Articles of Association, and the annual and semi-annual reports (plus, in the case of Italy, the Modulo di Sottoscrizione). We also recommend that you contact your relationship manager or other advisors prior to each investment. An investment in Sub-Funds of Vontobel Fund involves risks, which are explained in the prospectus. All the above-mentioned documents and a list of the changes in the portfolio during the financial year and the composition of the benchmarks are available free of charge from Vontobel Fonds Services AG, Gotthardstrasse 43, CH-8022 Zürich, as the representative in Switzerland, from Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zürich, as the paying agent in Switzerland, from Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna as the paying agent in Austria, from B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, D-60329 Frankfurt/Main as the paying agent in Germany, from the authorised distributors, at the registered office of the Fund, 11-13, Boulevard de la Foire, L-1528 Luxembourg, or at www.vontobel.com/AM. The shareholders agree that Vontobel Fonds Services AG, Zurich, may consult entries in the register of shareholders in order to offer services to shareholders.

Vontobel Fund

3

Société d'Investissement à Capital Variable (SICAV), R.C.S. Luxembourg No. B38170

Organisation 5

Combined Umbrella Fund 7

Vontobel Fund - Swiss Money 9

Vontobel Fund - Euro Short Term Bond 13

Vontobel Fund - US Dollar Money 18

Vontobel Fund - Swiss Franc Bond 23

Vontobel Fund - Euro Bond 29

Vontobel Fund - EUR Corporate Bond Mid Yield 32

Vontobel Fund - High Yield Bond 40

Vontobel Fund - Bond Global Aggregate 46

Vontobel Fund - Eastern European Bond 53

Vontobel Fund - Absolute Return Bond (CHF) 56

Vontobel Fund - Absolute Return Bond (EUR) 61

Vontobel Fund - Absolute Return Bond Dynamic 66

Vontobel Fund - Global Convertible Bond 70

Vontobel Fund - Emerging Markets Local Currency Bond 74

Vontobel Fund - Swiss Mid and Small Cap Equity 77

Vontobel Fund - European Mid and Small Cap Equity 79

Vontobel Fund - Japanese Equity 81

Vontobel Fund - mtx China Leaders 83

Vontobel Fund - European Equity 85

Vontobel Fund - US Equity 87

Vontobel Fund - Global Equity 89

Vontobel Fund - Global Equity Income 92

Vontobel Fund - Emerging Markets Equity 95

Vontobel Fund - Far East Equity 98

Vontobel Fund - New Power 101

Vontobel Fund - Clean Technology 104

Vontobel Fund - Future Resources 107

Vontobel Fund - mtx Sustainable Asian Leaders (ex Japan) 110

Vontobel Fund - mtx Sustainable Emerging Markets Leaders 113

Vontobel Fund - mtx Sustainable Global Leaders 116

Vontobel Fund - Commodity 118

Vontobel Fund - Dynamic Commodity 122

Vontobel Fund - Non-Food Commodity 124

Vontobel Fund - Target Return Defensive 127

Vontobel Fund - Target Return Balanced 132

Vontobel Fund - Target Return Growth 137

Vontobel Fund

4

Vontobel Fund - Emerging Markets Debt 138

Vontobel Fund - Harcourt Dividend Strategy 145

Vontobel Fund - Harcourt Momentum Strategy 146

Vontobel Fund - Harcourt Premium Strategy 147

Vontobel Fund - Global Bond 148

Vontobel Fund - Absolute Return Credit Fund 151

Vontobel Fund - Global Corporate Bond Mid Yield 156

Vontobel Fund - Emerging Markets Blend 163

Vontobel Fund - Emerging Markets Corporate Bond 167

Vontobel Fund - TwentyFour Absolute Return Credit Fund 171

Vontobel Fund - TwentyFour Global Unconstrained Bond 175

Vontobel Fund - LCR Global Bond 180

Vontobel Fund - Multi Asset Solution 182

Vontobel Fund - Multi Asset Income 184

Vontobel Fund - TwentyFour Monument European Asset Backed Securities 189

Shares Summary 192

Net Asset Value Summary 200

Report of the Board of Directors 207

Notes to the Financial Statements 209

Additional UnauditedAppendix 264

Report of the Réviseur d'entreprises agréé 270

Organisation

5

Registered office of the Fund Vontobel Fund 11-13, Boulevard de la Foire L-1528 Luxembourg Tel. +352 2605 9950, Fax +352 2460 9913

Board of Directors Chairman of the Board of Directors Dominic Gaillard Members of the Board of Directors

Philippe Hoss Dorothee Wetzel

Bank Vontobel AG, Zurich Elvinger Hoss Prussen, société anonyme, Luxembourg Vontobel Asset Management AG, Zurich

Management company Vontobel Asset Management S.A. 2-4, rue Jean l’Aveugle L-1148 Luxembourg

Custodian bank, Administrator, Transfer and Domiciliary Agent, Registrar and Listing Agent

RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Tel. +352 2605-1, Fax +352 2460 9500

Investment managers Vontobel Asset Management AG Gotthardstrasse 43 CH-8022 Zurich, Switzerland Vontobel Asset Management Inc. 1540 Broadway, 38th Floor New York, NY 10036, USA TwentyFour Asset Management LLP 8th Floor The Monument Building 11 Monument Street London EC3R 8AF, Great Britain Sumitomo Mitsui Asset Management Company Ltd. Atago Green Hills MORI Tower 28F, 2-5-1 Atago, Minato-ku, Tokyo, JP-105-6228, Japan Vontobel Asset Management S.A. Milan Branch Piazza degli Affari 3 I-20123 Milan

Legal advisor in Luxembourg Elvinger Hoss Prussen, société anonyme 2, Place Winston Churchill, B.P. 425 L-2014 Luxembourg

Réviseur d’entreprises agréé Ernst & Young S.A. 35E Avenue John F. Kennedy L-1855 Luxembourg

Organisation

6

Representative for Switzerland Vontobel Fonds Services AG Gotthardstrasse 43 CH-8022 Zurich Tel. +41 58 283 74 77, Fax +41 58 283 53 05

Paying agent in Switzerland Bank Vontobel AG Gotthardstrasse 43 CH-8022 Zurich Tel. +41 58 283 71 11, Fax +41 58 283 76 50

Paying and information agent in Germany B. Metzler seel. Sohn & Co. KGaA Untermainanlage 1 D-60329 Frankfurt am Main Tel. +49 69 210 40, Fax +49 69 281 429

Paying agent in Austria Erste Bank der oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Tel. +43 50 100 12 139, Fax +43 50 100 912 139

Paying agents in Italy Raiffeisen Landesbank Südtirol AG Via Laurin, 1 I-39100 Bolzano State Street Bank International GmbH – Succursale Italia Via Ferrante Aporti, 10 I-20125 Milan BNP Paribas Securities Services Milan branch Piazza Lina Bo Bardi 3 I-20124 Milan Société Générale Securities Services S.p.A. Via Benigno Crespi, 19/A I-20159 Milan Banca Sella Holding S.p.A. Piazza Gaudenzio Sella, 1 I-13900 Biella CACEIS Bank, Italy Branch Milan branch Piazza Cavour 2 I-20121 Milan Allfunds Bank S.A. Milan branch Via Bocchetto 6 I-20123 Milan

Paying agent in Liechtenstein Bank Vontobel (Liechtenstein) AG Pflugstrasse 20 FL-9490 Vaduz Tel. +423 236 41 11, Fax +423 236 41 12

Paying agent in Sweden Skandinaviska Enskilda Banken AB (publ) Investor Services ST - M1 SE-106 40 Stockholm Tel. +46 8 763 5168

Financial and central agent in France BNP Paribas Securities Services S.A. 3, Rue d’Antin F-75002 Paris

Facilities agent for Great Britain Carne Financial Services (UK) LLP Tallis House 2 Tallis Street London EC4Y 0AB

Facilities Agent for Ireland Carne Global Financial Services Limited

2nd Floor Block E Iveagh Court

Harcourt Road

Dublin 2

7

The accompanying notes form an essential part of these financial statements.CHF

Combined Umbrella Fund

Cost

Assets Investments in securities at market value 20,338,805,909(2)

921,849,426Cash at banks

12,391,834Receivable from foreign currencies

62,191,540Receivable from subscriptions

130,255,903Interest and dividends receivable(2)

53,412,535Receivable for investments sold

93,416,329Receivable for forward foreign exchange contracts

1,387,799Receivable on swaps(9)

469,748Interest receivable on Contracts for Difference

22,723,672Unrealised gain on forward foreign exchange contracts(9)

1,429,338Unrealised gain on futures(9)

21,150,795Unrealised gain on Contracts for Difference(9)

529,373Options contracts at market value(9)

1,072,331Options at cost of purchase(9)

18,356,493Other assets

Total Assets 21,679,443,025

Combined Statement of Net Assets

as at August 31, 201717,629,519,751

Liabilities Bank overdraft 40,252,790

Payable for redemptions 58,108,804

Payable for investments purchased 124,418,666

Payable on forward foreign exchange contracts 92,377,349

Payable on foreign currencies 12,398,902

Payable on swaps 2,059,558(9)

Unrealised loss on forward foreign exchange contracts 61,291,699(9)

Unrealised loss on futures 3,318,684(9)

Unrealised loss on swaps 22,293,947(9)

Unrealised loss on options 679,524(9)

Audit fees, printing and publishing expenses 663,233

Service Fee payable 4,999,252(5)

Subscription tax payable 914,111(4)

Management Fee payable 15,609,412(3)

Performance Fee payable 598,458(3)

Options at cost of purchase 96,565(9)

Other liabilities 10,225,560

Total Liabilities 450,306,514

Total net assets at the end of the financial year 21,229,136,511

Not

es

8

The accompanying notes form an essential part of these financial statements.CHF

Combined Umbrella Fund

Net assets at the beginning of the financial year 18,387,631,624

Revaluation of opening combined Net Asset Value -28,095,850

Net investment income/loss 212,607,725

Change in unrealised appreciation/depreciation on:

Investments 705,174,545

Futures 6,659,495

Forward foreign exchange contracts -34,383,107

Swaps -27,423,027

Contracts for Difference 37,703,816

Options 465,311

Net realised gain/loss on investments 835,927,618(2)

Net realised gain/loss on forward foreign exchange contracts 151,294,470(2)

Net realised gain/loss on currency exchange -21,645,995(2)

Net realised gain/loss on futures -32,937,111(2)

Net realised gain/loss on swaps 26,920,639(2)

Net realised gain/loss on Contracts for Difference -21,131,152(2)

Net realised gain/loss on options 1,889,460(2)

Increase/Decrease in net assets resulting from operations 1,841,122,687

Subscriptions of shares 9,881,712,197

Redemptions of shares -8,812,486,548

Dividend distribution -40,747,599(11)

Net assets at the end of the year 21,229,136,511

Combined Statement of Operationsand Changes in Net Assetsfrom September 1, 2016 to August 31, 2017

Income Bank interest 2,078,458

Net interest on bonds 252,781,408(2)

Interest on Contracts for Difference 69,080(2)

Interest on swaps 6,055,166(2)

Net dividends 190,759,661

Other income 1,401,673

Total Income 453,145,446

Combined Statement of Net Income

from September 1, 2016 to August 31, 2017

(3) Expenses Management Fees 165,510,256

(3) Performance Fee 991,236

Custodian fee 9,673

Audit fees, printing and publishing expenses 2,069,874

(4) Subscription tax 4,893,104

Bank interest 1,512,903

(2) Interest on swaps 5,657,214

(5) Service Fees 51,977,054

Capital gains tax 3,231,089

Liquidation fees 27,244

(8) Other Fees payable 4,658,074

Total Expenses 240,537,721

Net investment income/loss 212,607,725

Not

es

9

Vontobel Fund - Swiss Money

Investments in securities at market value 123,552,290Assets(2)



918,550Interest and dividends receivable(2)

Total Assets 134,603,202

124,929,710Statement of Net Assets

as at August 31, 2017

Liabilities Bank overdraft 2,400

Payable for redemptions 31,503


Unrealised loss on forward foreign exchange contracts 75,730(9)

Unrealised loss on futures 5,769(9)


Service Fee payable 13,361(5)


Management Fee payable 15,457(3)


Net assets at the end of the year 132,350,840

Net assets at the beginning of the year 122,476,651

Net investment income 1,217,991


Investments -115,348

Futures -11,969

Forward foreign exchange contracts 212,197

Net realised gain/loss on investments -1,403,180(2)

Net realised gain/loss on forward foreign exchange contracts -1,373,923(2)

Net realised gain/loss on currency exchange 906,671(2)

Net realised gain/loss on futures 13,266(2)

Increase/Decrease in net assets resulting from operations -554,295

Subscriptions of shares 83,419,615

Redemptions of shares -72,702,700

Dividend distribution -288,431(11)


Statement of Operations andChanges in Net Assetsfrom September 1, 2016to August 31, 2017

Income Bank interest 7,586



(3) Expenses Management Fees 189,058


(4) Subscription tax 13,284

Bank interest 63,440

(5) Service Fees 163,999

(8) Other Fees payable 20,527

Total Expenses 471,254


Statement of Net Income

from September 1, 2016to August 31, 2017

Not

es

CHFThe accompanying notes form an essential part of these financial statements.

Cost

10


The accompanying notes form an essential part of these financial statements.

Portfolio as at August 31, 2017

* Any deviations of the percentages of the nets assets are due to rounding.

Securities Marketvalue in

CHF

% of netassets*

Quantity Ccy Maturity

2,155,000 2,186,463 1.6504.04.2018Amcor Ltd/Australia12 EMTN

CHF 2.130%

Transferable securities admitted to an official exchange

Bonds

Australia

1,700,000 1,739,100 1.3118.04.2019AusNet ServicesHoldings Pty Ltd 12EMTN

CHF 1.130%

2,245,000 2,314,595 1.7529.11.2018Macquarie Bank Ltd12 EMTN

CHF 2.130%

4.716,240,158Total - Australia

2,000,000 2,041,400 1.5411.09.2018Corp Andina deFomento 12 EMTN

CHF 1.500%Venezuela, Bolivarian Republic Of

1.542,041,400Total - Venezuela, Bolivarian Republic Of

1,400,000 1,417,220 1.0723.05.2018Banco de Chile 13CHF 1.130%Chile

1.071,417,220Total - Chile

900,000 1,032,937 0.7813.04.2018Deutsche Bank AG 16FRN EMTN

EUR 0.610%Germany

400,000 457,877 0.3513.09.2018Henkel AG & CoKGaA 16 EMTN

EUR 0.000%

600,000 688,941 0.5201.04.2020SAP SE 15 FRN EMTNEUR 0,000%800,000 785,483 0.5910.05.2019Deutsche Bank AG 16

FRNUSD 2.944%

2.242,965,238Total - Germany

1,800,000 1,721,306 1.3027.09.2018Nordic InvestmentBank 16

USD 0.875%Finland

1.301,721,306Total - Finland

800,000 817,200 0.6212.02.2019Banque Federative duCredit Mutuel SA 14EMTN

CHF 1.125%France

1,350,000 1,390,230 1.0524.08.2018Cie de FinancementFoncier SA 05 EMTN

CHF 2.380%

3,150,000 3,156,300 2.3829.09.2017Electricite de FranceSA 10

CHF 2.250%

1,500,000 1,504,200 1.1420.10.2017Engie SA 11 EMTNCHF 1.500%500,000 505,500 0.3819.06.2018Societe Generale SA

13CHF 0.880%

2,805,000 2,827,160 2.1415.12.2017Vinci SA 11 EMTNCHF 2.130%

7.7110,200,590Total - France

590,000 597,080 0.4526.11.2018Central AmericanBank for EconomicIntegration 14

CHF 0.500%Honduras

0.45597,080Total - Honduras

2,640,000 2,653,464 2.0025.10.2017UniCredit BankIreland PLC 12 EMTN

CHF 3.380%Ireland

2.002,653,464Total - Ireland


CHF

% of netassets*


150,000 151,860 0.1130.01.2018Italy GovernmentInternational Bond 06EMTN

CHF 2.500%Italy

800,000 916,074 0.7014.11.2017Mediobanca SpA 14EMTN

EUR 0.880%

0.811,067,934Total - Italy

600,000 577,027 0.4425.07.2022Mitsubishi UFJFinancial Group Inc17 FRN

USD 2.104%Japan

0.44577,027Total - Japan

1,830,000 1,857,267 1.4023.10.2018Royal Bank of Canada13 EMTN

CHF 0.750%Canada

1,300,000 1,257,470 0.9512.12.2019Bank of Montreal 16FRN

USD 1.551%

2.353,114,737Total - Canada

400,000 406,600 0.3120.06.2019Kazakhstan TemirZholy JSC 14

CHF 2.590%Kazakhstan

0.31406,600Total - Kazakhstan

205,000 214,020 0.1602.07.2019LGT Bank AG 12CHF 2.000%Liechtenstein

0.16214,020Total - Liechtenstein

30,000 30,051 0.0208.12.2017DH SwitzerlandFinance SA 15

CHF 0,000%Luxembourg

800,000 824,400 0.6330.11.2018Gazprom OAO ViaGaz Capital SA 16

CHF 3.380%

0.65854,451Total - Luxembourg

345,000 356,558 0.2710.04.2019Petroleos Mexicanos12 EMTN

CHF 2.500%Mexico

1,400,000 1,414,000 1.0714.06.2018Petroleos Mexicanos16 EMTN

CHF 1.500%

1.341,770,558Total - Mexico

745,000 758,634 0.5725.10.2018ABN AMRO Bank NV13 EMTN

CHF 1.130%Netherlands

1,145,000 1,146,947 0.8729.09.2017BMW Finance NV 11EMTN

CHF 1.750%

1,490,000 1,494,171 1.1311.10.2017CooperatieveCentrale Raiffeisen-BoerenleenbankBA/Netherlands 05

CHF 2.130%

1,300,000 1,382,550 1.0403.06.2020Deutsche BahnFinance BV 10 EMTN

CHF 1.750%

470,000 475,546 0.3612.07.2018Enbw InternationalFinance BV 13 EMTN

CHF 1.250%

1,235,000 1,282,795 0.9717.12.2018Enel FinanceInternational NV 12EMTN

CHF 2.750%

1,100,000 1,132,450 0.8608.02.2019Gas Natural FinanceBV 13 EMTN

CHF 2.130%

1,000,000 1,017,000 0.7714.09.2018ING Bank NV 13EMTN

CHF 1.000%

11






CHF

% of netassets*


800,000 795,680 0.6027.07.2018Teva PharmaceuticalFinance NetherlandsIV BV 16

CHF 0.130%

500,000 571,775 0.4330.03.2019VolkswagenInternational FinanceNV 0.019% 17-30.03.19 FRN

EUR 0,000%

700,000 798,054 0.6011.05.2022Daimler InternationalFinance BV 17 FRNEMTN

EUR 0,000%

2,225,000 2,563,184 1.9423.07.2020Deutsche BahnFinance BV 14 FRNEMTN

EUR 0,000%

2,200,000 2,104,706 1.5913.07.2018NederlandseWaterschapsbank NV16 EMTN

USD 0.880%

2,200,000 2,130,161 1.6116.03.2022SiemensFinancieringsmaatschappij NV 17 FRN

USD 1.931%

13.3417,653,653Total - Netherlands

1,145,000 1,161,603 0.8818.04.2018DNB Bank ASA 12EMTN

CHF 1.750%Norway

450,000 451,755 0.3415.11.2017Norges Statsbaner AS10 EMTN

CHF 1.380%

2,700,000 2,724,840 2.0615.12.2017Statnett SF 06 EMTNCHF 2.630%

3.284,338,198Total - Norway

1,950,000 1,954,875 1.4802.11.2018BAWAG PSK Bankfuer Arbeit undWirtschaft undOesterreichischePostsparkasse AG 16FRN EMTN

CHF 0,000%Austria

1.481,954,875Total - Austria

1,990,000 2,015,273 1.5213.06.2018Fondo MIVIVIENDASA 14

CHF 1.250%Peru

1.522,015,273Total - Peru

2,400,000 2,402,400 1.8220.10.2017Hyundai CapitalServices Inc 14 EMTN

CHF 0.500%Korea, Republic Of

1,195,000 1,197,629 0.9015.03.2018Korea ExpresswayCorp 14 FRN EMTN

CHF 0,000%

2.723,600,029Total - Korea, Republic Of

2,000,000 2,047,000 1.5524.10.2018Landshypotek BankAB 11 EMTN

CHF 1.500%Sweden

1.552,047,000Total - Sweden

1,220,000 1,248,182 0.9423.11.2018ABB Ltd 12CHF 1.500%Switzerland

1,300,000 1,305,330 0.9927.10.2017Aduno Holding AG11

CHF 2.250%

1,360,000 1,362,040 1.0321.01.2019Aduno Holding AG17 FRN

CHF 0.000%

655,000 662,533 0.5001.03.2018Alpiq Holding AG 06CHF 2.630%1,200,000 1,211,400 0.9220.04.2020Basellandschaftliche

Kantonalbank 16CHF 0,000%


CHF

% of netassets*


3,120,000 3,121,559 2.3506.10.2017ChocoladefabrikenLindt & Spruengli AG14 FRN

CHF 0,000%

2,000,000 2,001,800 1.5105.11.2017City of LausanneSwitzerland 13 FRN

CHF 0,000%

1,570,000 1,572,826 1.1929.09.2017Coop-GruppeGenossenschaft 10

CHF 2.000%

1,800,000 1,835,100 1.3911.07.2019Credit Suisse AG 14CHF 0.750%365,000 373,286 0.2811.10.2018Lonza Swiss Finanz

AG 12CHF 2.000%

100,000 102,700 0.0810.04.2019Lonza Swiss FinanzAG 13

CHF 1.750%

2,450,000 2,496,550 1.8929.10.2018Mobimo Holding AG13

CHF 1.500%

140,000 142,100 0.1121.09.2018Roche KapitalmarktAG 12

CHF 1.000%

2,800,000 2,812,599 2.1223.09.2018Roche KapitalmarktAG 17

CHF 0,000%

700,000 731,500 0.5508.03.2019SGS SA 11CHF 2.625%600,000 607,920 0.4612.07.2018Sika AG 12CHF 1.000%1,600,000 1,604,000 1.2111.10.2018Sonova Holding AG

16 FRNCHF 0,000%

1,500,000 1,501,950 1.1322.09.2017Swiss Reinsurance CoLtd 11

CHF 2.130%

485,000 486,213 0.3701.11.2019Syngenta Finance AG14

CHF 0.750%

1,000,000 1,033,500 0.7823.11.2018Zurich Insurance CoLtd 11 EMTN

CHF 2.375%

1,320,000 1,363,560 1.0325.06.2019Zurich Insurance CoLtd 12 EMTN

CHF 1.500%

20.8327,576,648Total - Switzerland

500,000 509,000 0.3825.04.2018Slovakia GovernmentInternational Bond 12

CHF 2.130%Slovakia

0.38509,000Total - Slovakia

255,000 264,002 0.2014.12.2018Telefonica EmisionesSAU 12 EMTN

CHF 2.720%Spain

0.20264,002Total - Spain

2,500,000 2,505,250 1.8928.09.2017Bank of America Corp05 EMTN

CHF 2.500%United States

570,000 572,337 0.4324.05.2018Eli Lilly & Co 16EMTN

CHF 0,000%

2,000,000 2,005,600 1.5219.10.2017General ElectricCapital Corp 12

CHF 1.630%

3,400,000 3,410,199 2.5730.03.2020MondelezInternational Inc 17

CHF 0.050%

2,500,000 2,867,472 2.1726.08.2019McDonald's Corp 15FRN EMTN

EUR 0,000%

1,000,000 994,164 0.7501.02.2021Anheuser-BuschInBev Finance Inc 16FRN

USD 2.020%

1,000,000 965,180 0.7306.05.2019Apple Inc 14 FRNUSD 1.090%565,000 545,463 0.4130.10.2019Daimler Finance

North America LLC16 FRN

USD 1.660%

800,000 772,921 0.5813.12.2018John Deere CapitalCorp 13

USD 1.950%

1,000,000 963,892 0.7313.03.2020John Deere CapitalCorp 17 FRN

USD 1.617%

600,000 578,981 0.4402.05.2022PepsiCo Inc 17 FRNUSD 1.676%

12






CHF

% of netassets*


1,000,000 960,587 0.7301.12.2017Walt Disney Co/The12

USD 1.100%

12.9517,142,046Total - United States

2,030,000 2,046,443 1.5622.01.2018BNZ InternationalFunding Ltd/London12 EMTN

CHF 1.500%United Kingdom

800,000 812,400 0.6127.01.2020Credit AgricoleSA/London 15 EMTN

CHF 0.375%

500,000 508,850 0.3804.04.2018HSBC Bank PLC 11EMTN

CHF 2.380%

500,000 571,586 0.4326.11.2017Coca-Cola EuropeanPartners PLC 16 FRN

EUR 0,000%

750,000 724,808 0.5526.09.2018BP Capital MarketsPLC 13 FRN

USD 1.270%

500,000 480,903 0.3613.02.2018Deutsche BankAG/London 15 FRN

USD 1.500%

1,000,000 963,220 0.7314.05.2018Lloyds Bank PLC 15FRN

USD 1.370%

89.95119,050,717Total - Transferable securities admitted to an officialexchange

89.95119,050,717Total - Bonds

4.626,108,210Total - United Kingdom

2,000,000 1,526,705 1.1521.01.2020Bank of NovaScotia/The 15 FRN

AUD 2.560%

Transferable securities and money market instruments dealt in on another regulatedmarketBonds

Canada

1,800,000 1,743,327 1.3213.08.2019Toronto-DominionBank/The 16 FRN

USD 1.470%

2.473,270,032Total - Transferable securities and money marketinstruments dealt in on another regulated market

2.473,270,032Total - Bonds


7,963 1,231,541 0.93Vontobel Fund -High Yield Bond - I

EUR

Other transferable securities

Investment funds

Luxembourg

0.931,231,541Total - Other transferable securities

0.931,231,541Total - Investment funds

0.931,231,541Total - Luxembourg

93.35123,552,290Total - Investment in securities

13

Vontobel Fund - Euro Short Term Bond



429,183Receivable from subscriptions



493,469Unrealised gain on forward foreign exchangecontracts

(9)




Liabilities Payable for redemptions 341,599













Futures -11,000



Net realised gain/loss on forward foreign exchange contracts 146,481(2)

Net realised gain/loss on currency exchange -81,689(2)








Income Bank interest 589













Not

es

EURThe accompanying notes form an essential part of these financial statements.

Cost

14






EUR

% of netassets*


700,000 594,355 0.4004.06.2018African Export-ImportBank 13

USD 3.875%


Bonds

Egypt

500,000 434,860 0.3029.07.2019African Export-ImportBank 14 EMTN

USD 4.750%

0.701,029,215Total - Egypt

500,000 514,275 0.3529.11.2018BHP Billiton FinanceLtd 12 EMTN

EUR 2.130%Australia

5,500,000 5,521,010 3.7716.07.2018Scentre Group Trust 114 FRN EMTN

EUR 0.360%


1,000,000 1,001,900 0.6829.03.2018Anheuser-BuschInBev SA/NV 14 FRNEMTN

EUR 0.100%Belgium

1,000,000 1,003,030 0.6919.10.2018Anheuser-BuschInBev SA/NV 15 FRNEMTN

EUR 0,000%

300,000 304,902 0.2117.03.2020Anheuser-BuschInBev SA/NV 16 FRNEMTN

EUR 0.490%

1.582,309,832Total - Belgium

800,000 672,729 0.4624.04.2018Sinopec Capital 2013Ltd 13

USD 1.875%British Virgin Islands

0.46672,729Total - British Virgin Islands

1,000,000 1,004,430 0.6903.04.2018Commerzbank AG 15EMTN

EUR 0.500%Germany

2,200,000 2,243,626 1.5219.11.2018Daimler AG 13 EMTNEUR 1.500%500,000 500,850 0.3409.03.2018Daimler AG 16 FRN

EMTNEUR 0.220%

1,000,000 1,003,870 0.6915.04.2019Deutsche Bank AG 14FRN EMTN

EUR 0.260%

1,000,000 1,004,530 0.6913.04.2018Deutsche Bank AG 16FRN EMTN

EUR 0.610%

250,000 261,653 0.1827.05.2026Landesbank Baden-Wuerttemberg 14FRN EMTN

EUR 2.875%

1,000,000 1,006,850 0.6929.01.2019Landesbank Baden-Wuerttemberg 16EMTN

EUR 0.380%

500,000 502,670 0.3424.09.2018NorddeutscheLandesbankGirozentrale 15EMTN

EUR 0.630%

200,000 218,856 0.1515.12.2023PrestigeBidCo GmbH16

EUR 6.250%

500,000 506,375 0.3521.04.2075RWE AG 15 FRNEUR 2.750%500,000 382,178 0.2615.01.2023Unitymedia Hessen

GmbH & Co KG /Unitymedia NRWGmbH 12

EUR 5.750%

1,500,000 1,508,790 1.0308.02.2018Volkswagen BankGmbH 13 EMTN

EUR 1.125%

1,750,000 1,750,368 1.2016.10.2017Volkswagen FinancialServices AG 15 FRNEMTN

EUR 0,000%

1,000,000 1,022,710 0.7010.05.2018Volkswagen LeasingGmbH 11 EMTN

EUR 3.250%


EUR

% of netassets*


200,000 172,697 0.1231.12.2099Allianz SE 12 EMTNUSD 5.500%


2,000,000 2,021,440 1.3920.03.2019Banque Federative duCredit Mutuel SA 14FRN EMTN

EUR 0.460%France

250,000 311,623 0.2131.12.2099BPCE SA 09 FRNEUR 12.500%1,000,000 1,004,800 0.6928.05.2018BPCE SA 13 FRN

EMTNEUR 0.360%

700,000 743,876 0.5131.12.2099Electricite de FranceSA 13 FRN EMTN

EUR 4.250%

650,000 685,757 0.4730.09.2023Groupe Fnac SA 16EUR 3.250%1,000,000 1,010,370 0.6927.11.2019HSBC France SA 15

FRN EMTNEUR 0.250%

250,000 268,683 0.1806.11.2019NEW Areva HoldingSA 09 EMTN

EUR 4.375%

300,000 303,540 0.2122.01.2018RCI Banque SA 13EMTN

EUR 2.880%

1,000,000 1,011,350 0.6918.03.2019RCI Banque SA 16FRN EMTN

EUR 0.770%

500,000 512,045 0.3531.12.2099TOTAL SA 15 FRNEMTN

EUR 2.250%

750,000 920,819 0.6331.12.2099Credit Agricole SA 09FRN

GBP 8.125%

100,000 109,978 0.0825.04.2018RCI Banque SA 13EMTN

GBP 3.250%

900,000 781,340 0.5331.12.2099AXA SA 13 EMTNUSD 5.500%500,000 460,484 0.3104.04.2021Banque PSA Finance

SA 11USD 5.750%

200,000 177,409 0.1231.12.2099CNP Assurances 12FRN

USD 7.500%

800,000 719,966 0.4931.12.2099La Mondiale SAM 13FRN

USD 7.625%

7.5511,043,480Total - France

350,000 376,898 0.2608.07.2021IndonesiaGovernmentInternational Bond 14EMTN

EUR 2.875%Indonesia

0.26376,898Total - Indonesia

400,000 427,084 0.2915.05.2023Ardagh PackagingFinance PLC / ArdaghHoldings USA Inc 16

EUR 4.125%Ireland

600,000 634,908 0.4311.06.2024Bank of Ireland 14FRN EMTN

EUR 4.250%

1,000,000 1,001,270 0.6813.05.2018CaterpillarInternational FinanceLtd 15 FRN EMTN

EUR 0,000%

250,000 284,185 0.1924.07.2039Cloverie PLC forZurich Insurance CoLtd 09 FRN EMTN

EUR 7.500%

1,500,000 1,515,150 1.0513.06.2018FCA Capital IrelandPLC 15 EMTN

EUR 1.250%


EUR 1.250%

500,000 510,550 0.3516.01.2018GE Capital EuropeanFunding 08 EMTN

EUR 5.380%


15






EUR

% of netassets*


500,000 432,690 0.3021.06.2018Israel Electric CorpLtd 13

USD 5.625%Israel

0.30432,690Total - Israel

250,000 276,505 0.1920.02.2021Aeroporti di RomaSpA 13 EMTN

EUR 3.250%Italy

500,000 538,480 0.3710.01.2074Enel SpA 13 FRNEUR 6.500%600,000 626,076 0.4308.05.2018Intesa Sanpaolo SpA

08 EMTNEUR 6.625%

800,000 910,176 0.6231.12.2099Intesa Sanpaolo SpA09 FRN

EUR 8.380%

1,500,000 1,521,000 1.0417.04.2019Intesa Sanpaolo SpA14 FRN EMTN

EUR 0.760%

2,000,000 2,215,220 1.5101.02.2020Italy Buoni PoliennaliDel Tesoro 04

EUR 4.500%


EUR 3.750%

500,000 543,490 0.3701.09.2019Italy Buoni PoliennaliDel Tesoro 09

EUR 4.250%


EUR 0.880%


EUR 0.750%

700,000 734,279 0.5005.06.2018UniCredit SpA 08EMTN

EUR 6.700%

1,800,000 1,800,270 1.2331.10.2017UniCredit SpA 12EUR 0,000%

8.5612,531,470Total - Italy

1,000,000 1,003,140 0.6922.11.2019Mercedes-Benz JapanCo Ltd 16 EMTN

EUR 0.125%Japan

0.691,003,140Total - Japan

300,000 299,943 0.2013.08.2018Daimler CanadaFinance Inc 15 FRNEMTN

EUR 0,000%Canada

1,500,000 1,507,215 1.0322.10.2018Royal Bank of Canada15 FRN EMTN

EUR 0.130%

1,000,000 1,006,720 0.6927.03.2019Royal Bank ofCanada/Toronto 14FRN EMTN

EUR 0.180%


500,000 443,612 0.3026.09.2020EurasianDevelopment Bank13

USD 5.000%Kazakhstan


200,000 211,608 0.1415.05.2021Cirsa FundingLuxembourg SA 16

EUR 5.750%Luxembourg

1,000,000 1,032,850 0.7109.03.2018CNH IndustrialFinance Europe SA 11EMTN

EUR 6.250%

250,000 263,448 0.1815.06.2021ContourGlobal PowerHoldings SA 16

EUR 5.130%

200,000 218,576 0.1515.10.2022DEA Finance SA 16EUR 7.500%400,000 427,448 0.2901.08.2023Dufry Finance SCA 15EUR 4.500%200,000 212,044 0.1409.07.2018Fiat Chrysler Finance

Europe SA 11 EMTNEUR 7.375%


EUR

% of netassets*


400,000 413,928 0.2815.03.2018Fiat Chrysler FinanceEurope SA 13 EMTN

EUR 6.625%

500,000 563,040 0.3814.10.2019Fiat Finance & TradeSA 13 EMTN

EUR 6.750%

500,000 513,975 0.3513.02.2018Gazprom OAO ViaGaz Capital SA 07EMTN

EUR 6.605%


EUR 3.390%

1,500,000 1,540,424 1.0603.04.2018Glencore FinanceEurope SA 12 EMTN

EUR 4.630%

500,000 506,325 0.3515.07.2020Wind AcquisitionFinance SA 14

EUR 4.000%

250,000 292,482 0.2027.02.2019Glencore FinanceEurope Ltd 07 EMTN

GBP 6.500%


500,000 421,495 0.2914.12.2017Export-Import Bankof Malaysia Bhd 12EMTN

USD 2.875%Malaysia

1,000,000 890,318 0.6112.08.2019Petronas Capital Ltd09

USD 5.250%

0.901,311,813Total - Malaysia

500,000 559,420 0.3805.10.2020Morocco GovernmentInternational Bond 10

EUR 4.500%Morocco

0.38559,420Total - Morocco

500,000 519,155 0.3511.01.2022Cemex SAB de CV 14EUR 4.750%Mexico

700,000 744,198 0.5127.11.2020Petroleos Mexicanos13

EUR 3.130%


EUR 3.750%

200,000 174,072 0.1228.02.2023Nemak SAB de CV 13USD 5.500%



EUR 6.375%Netherlands

2,000,000 2,023,619 1.3806.03.2019ABN AMRO Bank NV14 FRN EMTN

EUR 0.540%

1,000,000 1,008,810 0.6915.07.2019BMW Finance NV 16FRN EMTN

EUR 0.360%

600,000 636,930 0.4415.10.2023CableCommunicationsSystems NV 16

EUR 5.000%

1,000,000 1,100,540 0.7520.05.2019CooperatieveRabobank UA 09EMTN

EUR 5.875%

250,000 282,228 0.1920.01.2021EDP Finance BV 13EMTN

EUR 4.125%

200,000 205,220 0.1418.05.2020General MotorsFinancial InternationalBV 16 EMTN

EUR 1.168%

200,000 210,784 0.1415.12.2023Goodyear DunlopTires Europe BV 15

EUR 3.750%

200,000 205,346 0.1431.12.2099IberdrolaInternational BV 13FRN EMTN

EUR 5.750%

250,000 263,840 0.1831.12.2099Koninklijke KPN NV13 FRN

EUR 6.130%

300,000 306,297 0.2120.02.2018Repsol InternationalFinance BV 12 EMTN

EUR 4.380%

16






EUR

% of netassets*


250,000 270,813 0.1901.10.2021Schoeller AllibertGroup BV 16

EUR 8.000%

500,000 530,160 0.3631.12.2099Telefonica Europe BV13 FRN

EUR 6.500%


EUR 5.000%

750,000 768,825 0.5331.12.2099VolkswagenInternational FinanceNV 13 FRN

EUR 3.880%


EUR 3.750%

1,000,000 1,004,670 0.6915.04.2019VolkswagenInternational FinanceNV 14 FRN EMTN

EUR 0.310%

1,000,000 1,000,840 0.6816.07.2018VolkswagenInternational FinanceNV 15 FRN EMTN

EUR 0.010%

500,000 435,693 0.3027.01.2021Petrobras GlobalFinance BV 11

USD 5.375%


500,000 503,735 0.3517.08.2020DNB Bank ASA 15FRN EMTN

EUR 0.050%Norway

200,000 201,602 0.1417.02.2020Santander ConsumerBank AS 17

EUR 0.375%

500,000 503,645 0.3415.01.2018Telenor ASA 12EMTN

EUR 1.750%


50,000 53,939 0.0404.02.2019Metropolitano deLisboa EPE 09

EUR 5.750%Portugal

0.0453,939Total - Portugal

500,000 420,494 0.2916.04.2018Korea WaterResources Corp 14

USD 2.000%Korea, Republic Of

0.29420,494Total - Korea, Republic Of

200,000 202,262 0.1415.07.2022Intrum Justitia AB 17EUR 2.750%Sweden

1,000,000 1,006,360 0.6922.02.2019Nordea Bank AB 16FRN EMTN

EUR 0.150%

300,000 322,527 0.2210.06.2075Volvo Treasury AB 14FRN

EUR 4.200%



EUR 4.800%Spain


1,200,000 1,075,226 0.7306.05.2021Banque OuestAfricaine deDeveloppement 16

USD 5.500%Togo

0.731,075,226Total - Togo

750,000 780,308 0.5308.07.2019Turkiye GarantiBankasi AS 14 EMTN

EUR 3.375%Turkey


EUR

% of netassets*


200,000 170,152 0.1204.06.2019Turkiye Halk BankasiAS 14

USD 4.750%

0.65950,460Total - Turkey

1,000,000 1,049,710 0.7222.06.2020Banque Centrale deTunisie InternationalBond 05 EMTN

EUR 4.500%Tunisia

0.721,049,710Total - Tunisia

500,000 525,225 0.3618.06.2021EmiratesTelecommunicationsGroup Co PJSC 14EMTN

EUR 1.750%United Arab Emirates

0.36525,225Total - United Arab Emirates

500,000 503,080 0.3424.06.2019Archer-Daniels-Midland Co 15 FRN

EUR 0.230%United States

1,000,000 1,017,730 0.7006.05.2019Bank of America Corp04 FRN

EUR 1.131%

1,000,000 1,002,390 0.6928.03.2018Bank of America Corp06 FRN EMTN

EUR 4.000%

1,000,000 1,002,000 0.6814.09.2018Bank of America Corp06 FRN EMTN

EUR 0.234%

500,000 500,755 0.3420.04.2018BMW US Capital LLC15 FRN EMTN

EUR 0,000%

1,000,000 1,003,670 0.6918.03.2019BMW US Capital LLC15 FRN EMTN

EUR 0.120%

750,000 814,058 0.5615.06.2024Cemex Finance LLC16

EUR 4.630%

2,400,000 2,407,031 1.6410.02.2019Citigroup Inc 04 FRNEUR 1.072%500,000 502,505 0.3409.09.2019Coca-Cola Co/The 15

FRNEUR 0,000%

1,000,000 1,002,830 0.6910.05.2021General MotorsFinancial Co Inc 17FRN EMTN

EUR 0.352%

1,000,000 1,043,610 0.7102.05.2018Goldman SachsGroup Inc/The 08EMTN

EUR 6.380%

1,000,000 1,005,280 0.6911.09.2018Goldman SachsGroup Inc/The 15FRN EMTN

EUR 0.390%


EUR 0.400%

500,000 501,030 0.3418.12.2017Goldman SachsGroup Inc/The 16FRN EMTN

EUR 0.440%


EUR 0.400%

500,000 512,460 0.3527.07.2021Goldman SachsGroup Inc/The 16FRN EMTN

EUR 0.700%

900,000 901,386 0.6222.02.2018HoneywellInternational Inc 16FRN

EUR 0.200%

1,000,000 1,004,470 0.6902.10.2017Morgan Stanley 07EMTN

EUR 5.500%

500,000 544,450 0.3728.12.2018Morgan Stanley 08EMTN

EUR 6.500%

1,000,000 1,156,240 0.7910.08.2020Morgan Stanley 10EMTN

EUR 5.380%

500,000 505,450 0.3519.11.2019Morgan Stanley 14FRN EMTN

EUR 0.400%

250,000 259,438 0.1807.10.2020Prologis LP 14EUR 1.380%

17






EUR

% of netassets*


700,000 733,915 0.5001.04.2023Quintiles IMS Inc 15EUR 4.125%1,000,000 1,055,310 0.7227.11.2018Wachovia Corp 06

EMTNEUR 4.375%

500,000 502,890 0.3402.06.2020Wells Fargo & Co 15FRN EMTN

EUR 0.160%

250,000 252,988 0.1726.04.2021Wells Fargo & Co 16FRN EMTN

EUR 0.320%

500,000 422,067 0.2921.07.2021Bank of America Corp17 FRN

USD 2.369%

500,000 462,541 0.3201.04.2023Western Digital Corp16

USD 7.375%


1,000,000 1,009,230 0.6922.05.2019Abbey NationalTreasury ServicesPLC/London 14 FRNEMTN

EUR 0.330%United Kingdom

1,750,000 1,790,723 1.2223.01.2018Barclays Bank PLC 08EMTN

EUR 6.000%

500,000 584,530 0.4014.01.2021Barclays Bank PLC 10EMTN

EUR 6.000%

2,250,000 2,254,343 1.5306.03.2018BAT InternationalFinance PLC 14 FRNEMTN

EUR 0.240%

1,000,000 1,007,680 0.6902.12.2019BNZ InternationalFunding Ltd/London14 FRN EMTN

EUR 0.240%

1,000,000 1,002,510 0.6918.09.2017Credit SuisseAG/London 07 EMTN

EUR 5.130%


EUR 1.130%

4,500,000 4,653,179 3.1719.03.2018HSBC Holdings PLC08 EMTN

EUR 6.250%

500,000 531,275 0.3626.02.2021Imperial TobaccoFinance PLC 14EMTN

EUR 2.250%

200,000 207,380 0.1401.05.2023Ineos Finance PLC 15EUR 4.000%200,000 231,810 0.1624.03.2020Lloyds Bank PLC 10

EMTNEUR 6.500%

330,000 337,854 0.2310.10.2018Lloyds Bank PLC 13EMTN

EUR 1.880%

1,000,000 1,182,350 0.8122.07.2020Nationwide BuildingSociety 10 EMTN

EUR 6.750%

500,000 514,270 0.3503.04.2019Nationwide BuildingSociety 14 EMTN

EUR 1.625%

3,663,000 3,683,842 2.5102.11.2018Nationwide BuildingSociety 15 FRNEMTN

EUR 0.200%

1,000,000 1,002,460 0.6912.02.2018Santander UK PLC 16FRN EMTN

EUR 0.250%

4,500,000 4,516,784 3.0826.09.2017Standard CharteredBank 07 EMTN

EUR 5.875%

202,000 202,622 0.1429.10.2017Standard CharteredPLC 12 EMTN

EUR 1.750%

700,000 911,173 0.6231.12.2099Barclays Bank PLC 08FRN

GBP 14.000%

200,000 229,422 0.1619.11.2020FCE Bank PLC 13EMTN

GBP 3.250%

500,000 607,821 0.4228.10.2019GKN Holdings PLC 99GBP 6.750%500,000 567,058 0.3915.09.2021Jerrold Finco Plc 16

EMTNGBP 6.250%

250,000 300,304 0.2102.12.2019Marks & Spencer PLC09 EMTN

GBP 6.130%


EUR

% of netassets*


500,000 421,718 0.2926.09.2017Standard CharteredBank 07 EMTN

USD 6.400%


95.16139,237,392Total - Bonds


200,000 208,552 0.1415.05.2024WEPAHygieneprodukteGmbH 16

EUR 3.750%


Germany

0.14208,552Total - Germany

300,000 258,612 0.1831.12.2099Cloverie PLC forZurich Insurance CoLtd 12 FRN EMTN

USD 8.250%Ireland

0.18258,612Total - Ireland

2,000,000 2,084,720 1.4230.09.2018Mediobanca SpA 13EMTN

EUR 2.400%Italy

1.422,084,720Total - Italy




700,000 705,572 0.4804.06.2018America Movil SABde CV 14

EUR 1.000%Mexico


2.583,780,431Total - Bonds

0.48705,572Total - Mexico


18

Vontobel Fund - US Dollar Money













Total Liabilities 482,877





Investments 123,447

Net realised gain/loss on investments -518,359(2)

Net realised gain/loss on currency exchange 16(2)

Increase/Decrease in net assets resulting from operations 1,632,276












Bank interest 16







Not

es

USDThe accompanying notes form an essential part of these financial statements.

Cost

19






USD

% of netassets*


800,000 807,576 0.6804.06.2018African Export-ImportBank 13

USD 3.875%


Bonds

Egypt

0.68807,576Total - Egypt

1,000,000 1,000,020 0.8408.09.2017Commonwealth Bankof Australia 14 FRNEMTN

USD 0.930%Australia

500,000 503,515 0.4207.11.2019Commonwealth Bankof Australia 16 FRN

USD 1.674%

1,000,000 1,011,990 0.8515.03.2019Commonwealth Bankof Australia 16 FRNEMTN

USD 1.710%

1,000,000 1,007,320 0.8502.11.2018Commonwealth Bankof Australia/NewYork NY 15 FRN

USD 1.550%

500,000 499,985 0.4227.10.2017Macquarie Bank Ltd14 EMTN

USD 1.600%

1,208,000 1,208,797 1.0227.10.2017Macquarie Bank Ltd14 FRN EMTN

USD 1.360%

1,320,000 1,335,959 1.1203.12.2018Macquarie Group Ltd13

USD 3.000%

750,000 753,435 0.6323.07.2018National AustraliaBank Ltd 15 FRNEMTN

USD 1.350%

500,000 503,390 0.4217.01.2019Westpac BankingCorp 14

USD 2.250%

500,000 500,385 0.4201.12.2017Westpac BankingCorp 14 FRN

USD 1.040%

500,000 502,430 0.4219.08.2019Westpac BankingCorp 16 FRN

USD 0.010%


900,000 899,784 0.7624.04.2018Sinopec Capital 2013Ltd 13



1,000,000 1,009,030 0.8612.12.2018BNP Paribas SA 13USD 2.400%France

306,000 309,317 0.2617.03.2019BNP Paribas SA 14USD 2.450%250,000 252,373 0.2110.12.2018BPCE SA 13USD 2.500%500,000 505,695 0.4215.07.2019BPCE SA 14USD 2.500%500,000 501,025 0.4215.02.2019Dexia Credit Local SA

17 FRNUSD 1.538%

500,000 502,970 0.4222.01.2019Electricite de FranceSA 14

USD 2.150%

750,000 757,185 0.6401.10.2018Societe Generale SA13

USD 2.625%

300,000 301,056 0.2519.06.2019Total CapitalInternational SA 14FRN

USD 1.000%

3.484,138,651Total - France

1,200,000 1,234,620 1.0421.06.2018Israel Electric CorpLtd 13

USD 5.625%Israel

1.041,234,620Total - Israel


USD

% of netassets*


1,000,000 1,001,990 0.8405.03.2018Bank of Tokyo-Mitsubishi UFJLtd/The 15 FRN

USD 1.230%Japan

200,000 201,542 0.1714.09.2018Bank of Tokyo-Mitsubishi UFJLtd/The 15 FRN

USD 1.680%

1,000,000 1,002,250 0.8403.10.2018Development Bank ofJapan Inc 13 EMTN

USD 1.875%

500,000 500,050 0.4212.09.2017Japan FinanceOrganization forMunicipalities 12EMTN

USD 1.500%

1,000,000 998,530 0.8405.02.2018Japan FinanceOrganization forMunicipalities 13EMTN

USD 1.375%

1,620,000 1,626,187 1.3623.07.2018Japan Tobacco Inc 13USD 2.100%500,000 506,755 0.4313.09.2021Mitsubishi UFJ

Financial Group Inc16 FRN

USD 2.017%

350,000 350,133 0.2928.02.2018Mitsubishi UFJ Lease& Finance Co Ltd 13

USD 2.000%

600,000 602,346 0.5120.02.2019Mitsubishi UFJ Lease& Finance Co Ltd 14FRN EMTN

USD 1.740%

400,000 400,096 0.3425.09.2017Mizuho Bank Ltd 14FRN

USD 1.090%

250,000 252,548 0.2120.10.2018Mizuho Bank Ltd 15FRN

USD 1.890%

1,000,000 1,001,540 0.8416.01.2018Sumitomo MitsuiBanking Corp 15 FRN

USD 1.270%

250,000 251,088 0.2123.07.2018Sumitomo MitsuiBanking Corp 15 FRN

USD 1.450%

1,000,000 1,004,480 0.8418.10.2018Sumitomo MitsuiBanking Corp 16 FRN

USD 1.695%

400,000 400,724 0.3411.01.2019Sumitomo MitsuiBanking Corp 17

USD 1.966%

8.4810,100,259Total - Japan

750,000 750,855 0.6311.06.2018Bank of NovaScotia/The 15

USD 1.700%Canada

250,000 251,995 0.2115.01.2019Bank of NovaScotia/The 16 FRN

USD 1.510%


USD 1.320%

3,500,000 3,503,080 2.9525.10.2017Glencore FinanceCanada Ltd 12

USD 2.700%

500,000 500,135 0.4213.10.2017Royal Bank of Canada14 FRN

USD 0.930%

1,000,000 1,004,550 0.8415.03.2019Royal Bank of Canada14 FRN

USD 1.180%

500,000 504,610 0.4222.01.2019Toronto-DominionBank/The 16 FRN

USD 1.540%


500,000 529,250 0.4412.08.2019Petronas Capital Ltd09

USD 5.250%Malaysia

0.44529,250Total - Malaysia

750,000 750,458 0.6329.03.2018ANZ New ZealandInt'l Ltd/London 15

USD 1.750%New Zealand

0.63750,458Total - New Zealand

20






USD

% of netassets*


500,000 500,605 0.4204.06.2018ABN AMRO Bank NV15

USD 1.800%Netherlands


USD 1.800%

600,000 602,574 0.5118.01.2019ABN AMRO Bank NV17

USD 2.100%

500,000 500,595 0.4215.09.2017Enel FinanceInternational NV 07

USD 6.250%

575,000 576,725 0.4817.08.2018ING Bank NV 15EMTN

USD 2.050%

1,000,000 1,002,030 0.8416.03.2018ING Bank NV 15 FRNUSD 1.200%200,000 202,608 0.1722.03.2019ING Bank NV 16 FRN

EMTNUSD 1.780%

500,000 501,946 0.4228.10.2019MondelezInternational HoldingsNetherlands BV 16FRN

USD 1.649%


600,000 601,566 0.5119.04.2018DNB Bank ASA 13FRN EMTN

USD 1.440%Norway

1,000,000 1,000,010 0.8422.05.2018Telenor ASA 13EMTN

USD 1.750%


1,250,000 1,248,513 1.0521.10.2019Export-Import Bankof Korea 16 FRN


655,000 664,262 0.5617.03.2019Korea DevelopmentBank/The 13

USD 3.000%

1,490,000 1,489,776 1.2516.04.2018Korea WaterResources Corp 14

USD 2.000%


500,000 501,925 0.4229.05.2020Nordea Bank AB 17FRN

USD 1.787%Sweden

250,000 251,025 0.2117.06.2019SvenskaHandelsbanken AB 14FRN

USD 1.150%

1,000,000 1,001,040 0.8412.03.2018Swedbank AB 13USD 1.750%


250,000 252,303 0.2127.04.2018Telefonica EmisionesSAU 13

USD 3.192%Spain


500,000 500,060 0.4222.09.2017American ExpressCredit Corp 14 FRN

USD 0.950%United States


USD 1.200%


USD 1.560%

300,000 301,155 0.2501.02.2019Anheuser-BuschInBev Finance Inc 14FRN

USD 1.160%

500,000 540,050 0.4515.01.2019Anheuser-BuschInBev Worldwide Inc11

USD 7.750%

500,000 516,155 0.4325.04.2018Bank of America Corp08

USD 6.875%


USD

% of netassets*



USD 5.625%


USD 1.720%


USD 1.967%

2,050,000 2,173,430 1.8415.11.2018Bank of America Corp98

USD 6.875%

1,000,000 1,001,260 0.8414.08.2020BAT Capital Corp 17FRN

USD 1.905%

250,000 249,928 0.2123.02.2018Caterpillar FinancialServices Corp 16

USD 1.500%

250,000 250,575 0.2123.02.2018Caterpillar FinancialServices Corp 16 FRN

USD 1.520%

2,000,000 2,016,020 1.7026.09.2018Citigroup Inc 13USD 2.500%1,000,000 1,000,650 0.8429.01.2018Credit Suisse

AG/New York NY 15USD 1.750%

1,000,000 1,002,420 0.8429.01.2018Credit Suisse/NewYork NY 15 FRN

USD 1.440%

1,000,000 1,001,960 0.8418.05.2018Daimler FinanceNorth America LLC15 FRN

USD 1.250%

500,000 502,280 0.4209.03.2018eBay Inc 16USD 2.500%500,000 500,010 0.4208.09.2017Ford Motor Credit Co

LLC 14 FRNUSD 1.180%

500,000 517,850 0.4301.06.2018General MotorsFinancial Co Inc 12

USD 6.750%

2,500,000 2,564,574 2.1601.04.2018Goldman SachsGroup Inc/The 08

USD 6.150%

500,000 505,460 0.4225.04.2019Goldman SachsGroup Inc/The 16FRN

USD 1.750%

214,000 215,009 0.1815.01.2019Harley-DavidsonFinancial Services Inc16 EMTN

USD 2.250%

500,000 505,255 0.4205.10.2018Hewlett PackardEnterprise Co 16

USD 2.850%

250,000 251,020 0.2107.08.2018HSBC USA Inc 15FRN

USD 1.560%

1,000,000 1,003,900 0.8418.03.2019Hyundai CapitalAmerica 16 EMTN

USD 2.500%

250,000 248,710 0.2101.07.2019Hyundai CapitalAmerica 16 EMTN

USD 2.000%

532,000 570,410 0.4823.04.2019JPMorgan Chase &Co 09

USD 6.300%

1,400,000 1,439,382 1.2101.04.2018Morgan Stanley 08USD 6.625%500,000 503,420 0.4225.04.2018Morgan Stanley 13

FRNUSD 1.990%

250,000 250,405 0.2105.01.2018Morgan Stanley 14FRN

USD 1.390%

500,000 507,600 0.4327.01.2020Morgan Stanley 15FRN

USD 1.870%

500,000 500,327 0.4221.12.2017SchlumbergerHoldings Corp 15

USD 1.900%

500,000 501,370 0.4217.01.2019Toyota Motor CreditCorp 14 FRN

USD 1.070%

500,000 500,240 0.4220.11.2017Volkswagen Group ofAmerica Finance LLC14 FRN

USD 1.250%

1,750,000 1,748,005 1.4822.05.2018Volkswagen Group ofAmerica Finance LLC15

USD 1.650%

1,000,000 1,006,370 0.8522.04.2019Wells Fargo & Co 14USD 2.125%



USD 6.050%United Kingdom

683,000 689,167 0.5820.02.2019Barclays Bank PLC 14USD 2.500%

21






USD

% of netassets*


250,000 252,898 0.2114.09.2021BNZ InternationalFunding Ltd/London16 FRN EMTN

USD 1.939%


USD 1.350%

1,000,000 1,000,840 0.8413.02.2018Deutsche BankAG/London 15 FRN

USD 1.500%

1,200,000 1,238,880 1.0421.05.2018HBOS PLC 08 EMTNUSD 6.750%1,150,000 1,165,111 0.9823.08.2018Santander UK PLC 13USD 3.050%450,000 450,072 0.3829.09.2017Santander UK PLC 14

FRNUSD 1.040%

1,000,000 1,005,940 0.8424.08.2018Santander UK PLC 15FRN

USD 1.680%

2,100,000 2,105,796 1.7726.09.2017Standard CharteredBank 07 EMTN

USD 6.400%

1,250,000 1,250,025 1.0508.09.2017Standard CharteredPLC 14 FRN

USD 1.000%


USD 1.700%


USD 2.100%

300,000 300,315 0.2506.04.2020State Bank ofIndia/London 17 FRNEMTN

USD 2.252%


71.7785,455,630Total - Bonds


1,500,000 1,502,115 1.2616.01.2018Australia & NewZealand BankingGroup Ltd 15 FRN

USD 1.120%


Australia

500,000 503,650 0.4216.11.2018Australia & NewZealand BankingGroup Ltd 15 FRNEMTN

USD 1.570%


475,000 476,169 0.4002.03.2020Danske Bank A/S 17FRN

USD 0.000%Denmark

0.40476,169Total - Denmark

500,000 504,885 0.4229.10.2018Banque Federative duCredit Mutuel SA 13

USD 2.500%France

750,000 757,193 0.6403.10.2018Credit AgricoleSA/London 13

USD 2.625%

1,700,000 1,714,807 1.4401.10.2018Societe Generale SA13 FRN

USD 1.730%


1,500,000 1,510,080 1.2716.01.2018Intesa Sanpaolo SpA13

USD 3.875%Italy

1.271,510,080Total - Italy


USD

% of netassets*


1,000,000 1,000,020 0.8408.09.2017Bank of Tokyo-Mitsubishi UFJLtd/The 14 FRN

USD 0.970%Japan

1,000,000 1,000,000 0.8417.10.2017Mizuho Bank Ltd 12USD 1.550%

1.682,000,020Total - Japan

500,000 503,470 0.4218.07.2019Bank of Montreal 16FRN

USD 1.330%Canada

350,000 350,014 0.2912.09.2017Caisse CentraleDesjardins 14 FRN

USD 1.010%

500,000 503,000 0.4214.12.2018National Bank ofCanada 15 FRN

USD 1.500%


USD 1.090%


USD 1.340%


USD 1.590%


500,000 503,195 0.4201.10.2019ING Bank NV 14 FRNUSD 1.340%Netherlands

1,500,000 1,508,625 1.2717.08.2018ING Bank NV 15 FRNEMTN

USD 1.580%


800,000 805,736 0.6817.09.2018Nordea Bank AB 15FRN EMTN

USD 1.500%Sweden

1,000,000 1,007,310 0.8430.09.2019Nordea Bank AB 16FRN EMTN

USD 1.618%

1,000,000 1,000,420 0.8429.09.2017Swedbank AB 12EMTN

USD 2.130%


1,000,000 1,008,189 0.8627.11.2018AT&T Inc 13 FRNUSD 1.740%United States


USD 1.520%

500,000 503,772 0.4213.09.2019BMW US Capital LLC16 FRN

USD 1.373%

500,000 501,565 0.4212.06.2020Citibank NA 17 FRNUSD 1.810%500,000 502,980 0.4208.04.2019Citigroup Inc 14 FRNUSD 1.430%250,000 250,293 0.2102.03.2018Daimler Finance

North America LLC15 FRN

USD 1.110%

750,000 755,753 0.6305.07.2019Daimler FinanceNorth America LLC16 FRN

USD 0.010%

500,000 502,240 0.4206.01.2020Daimler FinanceNorth America LLC17 FRN

USD 1.635%

250,000 250,973 0.2112.03.2019Ford Motor Credit CoLLC 14 FRN

USD 1.490%

250,000 251,600 0.2104.11.2019Ford Motor Credit CoLLC 14 FRN

USD 1.700%

500,000 504,785 0.4215.11.2018Goldman SachsGroup Inc/The 13FRN

USD 1.920%

1,000,000 999,399 0.8513.11.2017HSBC USA Inc 14FRN

USD 1.160%

1,000,000 1,007,119 0.8624.01.2019Morgan Stanley 14FRN

USD 1.560%

22






USD

% of netassets*


300,000 300,996 0.2526.03.2018UBS AG/Stamford CT15 FRN

USD 1.340%

500,000 501,845 0.4215.11.2018US Bancorp 13 FRNUSD 1.310%


500,000 502,610 0.4221.02.2020BNZ InternationalFunding Ltd/London17 FRN


4,000,000 4,030,880 3.3815.04.2019Credit AgricoleSA/London 14 FRNEMTN

USD 1.480%

500,000 508,635 0.4314.03.2019Santander UK PLC 16FRN

USD 2.140%


25.0729,851,284Total - Bonds



23

Vontobel Fund - Swiss Franc Bond









Payable on swaps 228,507(9)













Investments -9,576,375

Futures 261,314


Swaps -1,750,529



Net realised gain/loss on currency exchange 1,505,623(2)



Increase/Decrease in net assets resulting from operations -7,272,035








Interest on swaps 21,233(2)






(2) Interest on swaps 707,397







Not

es


Cost

24






CHF

% of netassets*


2,000,000 1,566,173 0.3827.08.2019UBS AG/Australia 14AUD 4.000%


Bonds

Australia

1,600,000 1,623,360 0.3904.04.2018Amcor Ltd/Australia12 EMTN

CHF 2.130%

2,000,000 2,046,000 0.4918.04.2019AusNet ServicesHoldings Pty Ltd 12EMTN

CHF 1.130%

700,000 722,050 0.1713.02.2019Australia & NewZealand BankingGroup Ltd 12 EMTN

CHF 1.500%

1,000,000 1,071,000 0.2607.02.2022Commonwealth Bankof Australia 14 EMTN

CHF 1.500%

2,000,000 2,053,000 0.4904.09.2023Macquarie Bank Ltd15 EMTN

CHF 0.630%

650,000 671,450 0.1617.04.2020National AustraliaBank Ltd 13 EMTN

CHF 1.000%

1,600,000 1,624,000 0.3902.11.2026TransurbanQueensland FinancePty Ltd 16 EMTN

CHF 0.650%

1,800,000 2,236,241 0.5413.01.2023National AustraliaBank Ltd 12 EMTN

EUR 1.880%

1,000,000 1,184,407 0.2816.07.2020Scentre Group Trust 114 EMTN

EUR 1.500%


1,830,000 1,819,020 0.4407.07.2028CaribbeanDevelopment Bank16

CHF 0.300%Barbade

0.441,819,020Total - Barbade

1,500,000 1,797,330 0.4316.12.2019Anheuser-BuschInBev SA/NV 12EMTN

EUR 2.000%Belgium

800,000 971,071 0.2324.05.2024Barry CallebautServices NV 16

EUR 2.380%


USD 5.500%



CHF 1.500%Venezuela, Bolivarian Republic Of


CHF 0.150%


3,000,000 3,439,663 0.8326.04.2019Export-Import Bankof China/The 16

EUR 0.380%Cayman Islands

1,000,000 948,709 0.2326.04.2021Export-Import Bankof China/The 16

USD 2.000%

1,000,000 1,019,179 0.2403.04.2022Saudi ElectricityGlobal Sukuk Co 12

USD 4.210%

1.305,407,551Total - Cayman Islands

1,235,000 1,250,191 0.3023.05.2018Banco de Chile 13CHF 1.130%Chile

2,000,000 1,985,000 0.4705.12.2024Banco de Chile 16CHF 0.250%


CHF

% of netassets*


1,500,000 1,532,250 0.3726.06.2019Banco de Credito eInversiones 14

CHF 1.130%

1.144,767,441Total - Chile

2,840,000 3,870,920 0.9313.10.2031Kommunekredit 06EMTN

CHF 2.880%Denmark

0.933,870,920Total - Denmark

1,110,000 1,162,725 0.2831.12.2099Allianz SE 14 FRNEMTN

CHF 3.250%Germany

1,100,000 1,300,750 0.3119.09.2023DEPFA DeutschePfandbriefbank AG06 EMTN

CHF 3.125%

170,000 170,935 0.0419.12.2023Deutsche Bank AG 15EMTN

CHF 0.625%

3,400,000 3,478,200 0.8305.07.2021Deutsche Bank AG 16EMTN

CHF 0.750%

3,010,000 3,648,120 0.8825.08.2025KFW 05 EMTNCHF 2.500%3,430,000 3,721,551 0.9012.08.2020KFW 10CHF 2.250%1,100,000 1,298,549 0.3107.07.2045Allianz SE 15 FRNEUR 2.240%700,000 687,297 0.1610.05.2019Deutsche Bank AG 16

FRNUSD 2.944%

1,500,000 1,435,892 0.3413.09.2019Henkel AG & CoKGaA 16 EMTN

USD 1.500%


500,000 525,250 0.1325.03.2019African DevelopmentBank 09 EMTN

CHF 2.630%Ivory Coast

0.13525,250Total - Ivory Coast

1,250,000 951,380 0.2330.10.2017Municipality FinancePLC 07 EMTN

AUD 1.000%Finland

2,000,000 2,259,000 0.5415.04.2021Municipality FinancePLC 09 EMTN

CHF 3.000%

2,000,000 2,412,000 0.5830.03.2026Municipality FinancePLC 11 EMTN

CHF 2.380%

4,000,000 4,078,800 0.9811.04.2018Nordic InvestmentBank 09 EMTN

CHF 2.500%

2,600,000 2,711,800 0.6514.07.2021Pohjola Bank Oyj 14EMTN

CHF 1.000%

1,000,000 956,281 0.2327.09.2018Nordic InvestmentBank 16

USD 0.875%


2,410,000 2,616,055 0.6311.04.2023Banque Federative duCredit Mutuel SA 13EMTN

CHF 1.630%France

1,235,000 1,265,258 0.3008.12.2023Banque Federative duCredit Mutuel SA 15EMTN

CHF 0.550%

1,500,000 1,638,750 0.3912.09.2022BNP Paribas SA 12EMTN

CHF 1.880%

930,000 948,693 0.2302.05.2018Caisse Francaise deFinancement Local 09

CHF 2.500%


CHF 2.380%


CHF 2.000%

25






CHF

% of netassets*


3,300,000 3,361,709 0.8130.07.2018Credit Agricole HomeLoan SFH SA 12EMTN

CHF 1.380%

3,500,000 3,505,249 0.8414.10.2024Electricite de FranceSA 16 EMTN

CHF 0.300%

600,000 621,900 0.1509.10.2020Engie SA 12 EMTNCHF 1.125%550,000 559,625 0.1320.04.2022RCI Banque SA 17

EMTNCHF 0.500%

2,000,000 2,134,000 0.5106.11.2019Regie Autonome desTransports Parisiens06 EMTN

CHF 2.630%

1,500,000 1,540,350 0.3711.06.2018SNCF MobilitesGroup 09 EMTN

CHF 2.750%

2,050,000 2,863,850 0.6930.06.2032SNCF Reseau 06EMTN

CHF 3.250%

745,000 829,185 0.2026.02.2021SNCF Reseau 09EMTN

CHF 2.880%

1,500,000 1,931,250 0.4610.03.2031SNCF Reseau 11EMTN

CHF 2.630%

1,500,000 1,505,250 0.3622.02.2022Societe Generale SA17 EMTN

CHF 0.400%

3,000,000 3,195,000 0.7729.08.2024Total CapitalInternational SA 14EMTN

CHF 1.000%

1,100,000 1,282,752 0.3118.01.2023BPCE SA 17 EMTNEUR 1.125%550,000 627,136 0.1526.04.2024Carrefour SA 16

EMTNEUR 0.750%

3,000,000 3,337,933 0.8029.05.2037SNCF Reseau 16EMTN

EUR 1.500%

1,500,000 1,466,034 0.3502.12.2021BPCE SA 16USD 2.750%

9.0737,822,179Total - France

810,000 839,160 0.2014.04.2023Credit Suisse GroupFunding Guernsey Ltd15 EMTN

CHF 1.000%Guernsey

0.20839,160Total - Guernsey

1,000,000 1,020,000 0.2426.08.2022Central AmericanBank for EconomicIntegration 16 EMTN

CHF 0.370%Honduras

0.241,020,000Total - Honduras

1,210,000 1,219,680 0.2926.02.2018Russian Railways viaRZD Capital PLC 13

CHF 2.180%Ireland

250,000 260,500 0.0626.02.2021Russian Railways viaRZD Capital PLC 13

CHF 2.730%


1,500,000 1,760,586 0.4219.06.2019UniCredit SpA 14EMTN

EUR 1.500%Italy

1,500,000 1,744,974 0.4219.02.2020UniCredit SpA 15FRN EMTN

EUR 0.671%

0.843,505,560Total - Italy

1,290,000 1,245,219 0.3013.04.2026Japan Tobacco Inc 16EMTN

USD 2.800%Japan

0.301,245,219Total - Japan


CHF

% of netassets*


5,500,000 5,585,250 1.3417.05.2024Heathrow FundingLtd 16 EMTN

CHF 0.500%Jersey

2,400,000 2,473,200 0.5922.02.2022UBS Group FundingJersey Ltd 16

CHF 0.750%

1.938,058,450Total - Jersey

1,800,000 1,406,345 0.3423.09.2019Total Capital CanadaLtd 14 EMTN

AUD 3.750%Canada

2,000,000 1,938,000 0.4607.11.2031Province of NewBrunswick Canada 16

CHF 0.200%

4,000,000 4,400,000 1.0621.04.2021Royal Bank of Canada11 EMTN

CHF 2.250%

700,000 677,099 0.1612.12.2019Bank of Montreal 16FRN

USD 1.551%


1,855,000 1,925,490 0.4620.06.2022Kazakhstan TemirZholy JSC 14


0.461,925,490Total - Kazakhstan

2,000,000 2,120,000 0.5110.05.2021LGT Bank AG 14CHF 1.500%Liechtenstein

1,180,000 1,217,760 0.2925.11.2025LGT Bank AG 15CHF 0.625%

0.803,337,760Total - Liechtenstein

800,000 813,200 0.1908.12.2023DH SwitzerlandFinance SA 15

CHF 0.500%Luxembourg

2,250,000 2,445,750 0.5910.07.2020European InvestmentBank 05

CHF 2.380%


CHF 2.630%

800,000 898,000 0.2224.08.2022European InvestmentBank 10 EMTN

CHF 2.000%


CHF 1.500%


CHF 1.380%

1,680,000 1,734,600 0.4225.10.2019Gazprom OAO ViaGaz Capital SA 13EMTN

CHF 2.850%

500,000 515,250 0.1230.11.2018Gazprom OAO ViaGaz Capital SA 16

CHF 3.380%

1,000,000 1,035,500 0.2530.11.2021Gazprom OAO ViaGaz Capital SA 16

CHF 2.750%


USD 2.130%



USD 5.250%Malaysia



CHF 2.500%Mexico


CHF 1.500%

26






CHF

% of netassets*



CHF 2.380%


4,000,000 4,006,000 0.9602.08.2024ASB Finance Ltd 17EMTN

CHF 0.200%New Zealand


CHF 1.130%

1.445,993,900Total - New Zealand

3,500,000 2,716,606 0.6523.07.2018BMW Finance NV 14EMTN

AUD 4.380%Netherlands

4,000,000 4,073,200 0.9825.10.2018ABN AMRO Bank NV13 EMTN

CHF 1.130%


CHF 0.300%

2,200,000 2,392,500 0.5714.10.2020Bank NederlandseGemeenten NV 05EMTN

CHF 2.250%


CHF 2.500%


CHF 1.250%

3,550,000 3,858,850 0.9316.09.2021CooperatieveCentrale Raiffeisen-BoerenleenbankBA/Netherlands 10EMTN

CHF 2.000%


CHF 1.750%


CHF 1.380%


CHF 0.100%

1,280,000 1,415,680 0.3403.10.2023EBN BV 11 EMTNCHF 1.630%1,300,000 1,324,700 0.3204.07.2019EBN BV 12CHF 0.630%2,000,000 2,070,000 0.5022.09.2022EBN BV 14CHF 0.500%4,000,000 4,260,000 1.0222.09.2026EBN BV 14CHF 0.880%2,250,000 2,337,075 0.5617.12.2018Enel Finance

International NV 12EMTN

CHF 2.750%

1,000,000 1,014,000 0.2403.09.2024Enel FinanceInternational NV 17EMTN

CHF 0.550%

2,545,000 2,620,078 0.6308.02.2019Gas Natural FinanceBV 13 EMTN

CHF 2.130%


CHF 2.380%


CHF 1.250%


CHF 1.380%

2,500,000 2,547,500 0.6121.08.2023Shell InternationalFinance BV 15 EMTN

CHF 0.380%

1,375,000 1,445,125 0.3521.08.2028Shell InternationalFinance BV 15 EMTN

CHF 0.880%

450,000 533,852 0.1306.12.2021Cetin Finance BV 16EUR 1.423%500,000 584,034 0.1430.03.2021Geberit International

BV 15EUR 0.690%


CHF

% of netassets*


2,000,000 2,419,656 0.5824.05.2021Robert BoschInvestment NederlandBV 13 EMTN

EUR 1.630%

800,000 917,299 0.2230.03.2021VolkswagenInternational FinanceNV 17

EUR 0.500%

1,100,000 1,060,038 0.2505.09.2019NederlandseWaterschapsbank NV14

USD 1.750%

1,000,000 956,685 0.2313.07.2018NederlandseWaterschapsbank NV16 EMTN

USD 0.880%


1,700,000 1,706,630 0.4115.11.2017Norges Statsbaner AS10 EMTN

CHF 1.380%Norway

2,000,000 2,119,000 0.5114.02.2020Norges Statsbaner AS11 EMTN

CHF 2.130%

3,625,000 3,931,312 0.9408.02.2021Statnett SF 11 EMTNCHF 2.380%2,000,000 1,917,233 0.4615.05.2018Statoil ASA 13USD 1.150%


1,000,000 1,001,500 0.2430.12.2020HYPO NOE GruppeBank AG 17 EMTN

CHF 0,000%Austria

1,400,000 1,538,600 0.3714.02.2022KommunalkreditAustria AG 06 EMTN

CHF 2.500%

1,070,000 1,419,890 0.3425.02.2030OesterreichischeKontrollbank AG 05

CHF 2.880%

1,800,000 2,156,400 0.5222.11.2024OesterreichischeKontrollbank AG 06

CHF 2.630%

360,000 373,680 0.0912.11.2020RaiffeisenLandesbank Niederost12

CHF 1.000%

1,070,000 1,086,050 0.2625.07.2018Vorarlberger Landes-und HypothekenbankAG 13 EMTN

CHF 1.380%

3,000,000 3,004,500 0.7206.10.2021Vorarlberger Landes-und HypothekenbankAG 16 EMTN

CHF 0.125%

1,800,000 2,264,663 0.5413.12.2022Heta Asset ResolutionAG 12

EUR 2.380%


2,295,000 2,324,147 0.5613.06.2018Fondo MIVIVIENDASA 14

CHF 1.250%Peru

0.562,324,147Total - Peru

1,350,000 1,777,950 0.4312.02.2030Asian DevelopmentBank 10 EMTN

CHF 2.750%Philippines

0.431,777,950Total - Philippines

2,000,000 2,002,000 0.4720.10.2017Hyundai CapitalServices Inc 14 EMTN

CHF 0.500%Korea, Republic Of

1,050,000 1,064,700 0.2602.07.2018Korea DevelopmentBank/The 13 EMTN

CHF 1.380%

1,000,000 1,033,500 0.2502.12.2019Korea Railroad Corp13 EMTN

CHF 1.500%


27






CHF

% of netassets*


2,000,000 2,152,000 0.5228.02.2022Kommuninvest ISverige AB 12 EMTN

CHF 1.250%Sweden

2,225,000 2,359,613 0.5616.09.2024LansforsakringarHypotek AB 14EMTN

CHF 0.880%

900,000 978,300 0.2317.07.2023Svensk ExportkreditAB 13 EMTN

CHF 1.250%

2,000,000 2,026,400 0.4911.12.2018SvenskaHandelsbanken AB 14EMTN

CHF 0.630%


2,020,000 2,133,120 0.5123.01.2030AargauischeKantonalbank 15

CHF 0.880%Switzerland

2,700,000 2,695,950 0.6501.07.2025AargauischeKantonalbank 16

CHF 0.060%

220,000 222,530 0.0501.03.2018Alpiq Holding AG 06CHF 2.630%600,000 630,900 0.1516.05.2022Alpiq Holding AG 12CHF 3.000%1,500,000 1,554,750 0.3729.05.2024Axpo Holding AG 16CHF 1.750%850,000 960,500 0.2328.05.2027Canton of Geneva

Switzerland 12CHF 1.500%

650,000 636,025 0.1504.07.2046Canton of GenevaSwitzerland 16

CHF 0,000%

3,750,000 3,808,125 0.9226.11.2027Canton ofGraubuenden 15

CHF 0.250%

1,600,000 1,492,000 0.3627.06.2044Canton of Ticino 16CHF 0.400%2,800,000 2,823,800 0.6830.09.2022Coop-Gruppe

Genossenschaft 16CHF 0.250%

1,000,000 1,003,500 0.2419.05.2026Coop-GruppeGenossenschaft 16

CHF 0.500%

1,140,000 1,162,800 0.2802.11.2022Electricite D'emossonSA 17

CHF 1.375%

1,535,000 1,602,540 0.3812.05.2022Grande Dixence SA16

CHF 1.750%

1,000,000 1,002,500 0.2414.02.2019Investis Holding SA17

CHF 0.250%

1,850,000 1,852,775 0.4428.07.2028Kinderspital Zuerich-Eleonorenstiftung 16

CHF 0.250%

4,825,000 5,042,124 1.2210.12.2026Kraftwerke Linth-Limmern AG 13

CHF 2.380%

1,470,000 1,507,485 0.3606.12.2022Kraftwerke Linth-Limmern AG 16

CHF 1.500%

3,285,000 3,588,863 0.8721.02.2025Kraftwerke OberhasliAG 13

CHF 1.880%

600,000 611,400 0.1529.10.2018Mobimo Holding AG13

CHF 1.500%

950,000 1,003,675 0.2419.05.2021Mobimo Holding AG14

CHF 1.630%

3,000,000 3,019,500 0.7221.01.2030PfandbriefbankschweizerischerHypothekarinstituteAG 15

CHF 0.380%

2,000,000 2,008,000 0.4822.04.2025Raiffeisen SchweizGenossenschaft 16

CHF 0.300%

3,000,000 3,085,500 0.7408.05.2030SGS SA 15CHF 0.880%3,000,000 3,043,500 0.7311.07.2022Sulzer AG 16CHF 0.380%3,000,000 3,009,600 0.7218.04.2018Swiss Car ABS 2016-1

AG 16CHF 0.150%

1,500,000 1,521,000 0.3618.04.2020Swiss Car ABS 2016-2AG 16

CHF 0.300%

700,000 726,950 0.1717.04.2035Swisscom AG 15CHF 1.000%2,500,000 2,306,250 0.5515.09.2032Swisscom AG 16CHF 0.130%630,000 631,575 0.1501.11.2019Syngenta Finance AG

14CHF 0.750%


CHF

% of netassets*



CHF 1.625%


CHF 2.125%


2,500,000 3,461,104 0.8315.11.2024Slovakia GovernmentBond 12

EUR 3.380%Slovakia

0.833,461,104Total - Slovakia

1,800,000 1,830,600 0.4412.06.2023Banco Santander SA17 EMTN

CHF 0.750%Spain

1,000,000 1,194,000 0.2928.06.2024Instituto de CreditoOficial 07 EMTN

CHF 3.250%


CHF 2.720%


CHF 2.600%

1,300,000 1,577,678 0.3815.02.2027CaixaBank SA 17 FRNEMTN

EUR 3.500%

1.375,720,425Total - Spain

700,000 703,850 0.1727.05.2022First Gulf Bank PJSC15

CHF 0.625%United Arab Emirates


1,000,000 788,437 0.1903.11.2020Nestle Holdings Inc14 EMTN

AUD 3.630%United States

2,400,000 2,445,600 0.5908.03.2023Amgen Inc 16CHF 0.410%720,000 812,160 0.1927.09.2021Citigroup Inc 06

EMTNCHF 3.130%

2,800,000 2,944,200 0.7121.03.2019Citigroup Inc 07EMTN

CHF 3.000%


CHF 0.500%

2,850,000 3,053,775 0.7302.10.2028Coca-Cola Co/The 15CHF 1.000%1,725,000 1,731,038 0.4224.05.2024Eli Lilly & Co 16

EMTNCHF 0.150%

1,435,000 1,435,000 0.3424.05.2028Eli Lilly & Co 16EMTN

CHF 0.450%

1,000,000 1,057,000 0.2515.04.2019Inter-AmericanDevelopment Bank09 EMTN

CHF 2.750%

4,000,000 4,242,000 1.0307.05.2019International Bank forReconstruction &Development 09EMTN

CHF 2.750%

7,150,000 7,307,299 1.7626.11.2021International Bank forReconstruction &Development 86

CHF 0,000%


CHF 0.630%


CHF 0.630%

600,000 601,800 0.1430.03.2020MondelezInternational Inc 17

CHF 0.050%

400,000 208,000 0.0531.12.2099Southern CaliforniaGas Co 86 FRN

CHF 4.750%

2,000,000 2,006,000 0.4831.05.2023VerizonCommunications Inc17 EMTN

CHF 0.375%

2,500,000 2,558,750 0.6103.09.2020Wells Fargo & Co 14EMTN

CHF 0.630%

28






CHF

% of netassets*


1,000,000 1,182,236 0.2826.04.2019ZF North AmericaCapital Inc 15

EUR 2.250%

2,000,000 2,142,818 0.5101.02.2036Anheuser-BuschInBev Finance Inc 16

USD 4.700%

3,500,000 3,306,051 0.7913.07.2021Nestle Holdings Inc16 EMTN

USD 1.380%

3,000,000 2,876,242 0.6930.09.2020United StatesTreasury Note/Bond15

USD 1.500%


1,800,000 1,818,000 0.4425.10.2023ANZ New ZealandInt'l Ltd/London 16EMTN

CHF 0.250%United Kingdom

2,170,000 2,302,370 0.5508.09.2026BAT InternationalFinance PLC 14EMTN

CHF 1.380%


CHF 1.380%

2,000,000 2,019,000 0.4814.12.2026Credit AgricoleSA/London 16 EMTN

CHF 0.550%


CHF 0.450%

2,360,000 2,669,160 0.6506.10.2021Network RailInfrastructure FinancePLC 06 EMTN

CHF 2.750%


USD 1.270%


94.76395,244,791Total - Bonds


1,200,000 1,222,200 0.2921.03.2022Deutsche Bank AG 17EMTN

CHF 0.750%


Germany



AUD 2.560%Canada

2,500,000 1,895,631 0.4513.07.2020John Deere CanadaFunding Inc 16

CAD 1.600%


1,000,000 985,025 0.2415.08.2021William CarterCo/The 14



1.084,522,700Total - Bonds

0.24985,025Total - United States


CHF

% of netassets*


26,966 2,792,636 0.67Vontobel Fund -Global Bond - HI(CHF)

CHF


Investment funds

Luxembourg

14,007 1,779,331 0.43Vontobel Fund -Global ConvertibleBond HI Hedged Cap

CHF


EUR





29

Vontobel Fund - Euro Bond




















Futures 497,584


Net realised gain/loss on forward foreign exchange contracts -16,277(2)






















Not

es


Cost

30






EUR

% of netassets*


400,000 414,304 0.5315.04.2019Teva PharmaceuticalFinance IV BV 12EMTN

EUR 2.880%


Bonds

Curaçao

0.53414,304Total - Curaçao

500,000 516,615 0.6607.07.2045Allianz SE 15 FRNEUR 2.240%Germany

750,000 1,174,200 1.4904.01.2037BundesrepublikDeutschland 05

EUR 4.000%

1,900,000 2,827,865 3.5904.07.2042BundesrepublikDeutschland 10

EUR 3.250%


EUR 2.500%


EUR 6.500%


1,200,000 1,378,680 1.7525.05.2024BpifranceFinancement SA 13EMTN

EUR 2.500%France

300,000 314,421 0.4026.11.2024Dexia Credit Local SA14

EUR 1.250%

1,000,000 1,653,880 2.1025.10.2032France GovernmentBond OAT 01

EUR 5.750%

750,000 1,111,875 1.4125.10.2038France GovernmentBond OAT 06

EUR 4.000%


EUR 3.500%


EUR 2.750%


EUR 2.250%

500,000 562,490 0.7125.10.2022French RepublicGovernment BondOAT 12

EUR 2.250%

1,000,000 1,357,010 1.7225.05.2045French RepublicGovernment BondOAT 13

EUR 3.250%

500,000 486,920 0.6229.05.2037SNCF Reseau 16EMTN

EUR 1.500%

22.1817,456,389Total - France

1,000,000 1,119,620 1.4204.05.2026Assicurazioni GeneraliSpA 14 EMTN

EUR 4.130%Italy

375,000 413,760 0.5303.02.2020Eni SpA 12 EMTNEUR 4.250%1,000,000 1,413,550 1.8001.05.2031Italy Buoni Poliennali

Del Tesoro 00EUR 6.000%


EUR 3.750%


EUR 2.500%


EUR 0.700%


EUR 1.350%


EUR 0.350%

31.6424,917,182Total - Italy


EUR

% of netassets*


125,000 130,190 0.1717.04.2025Prologis InternationalFunding II SA 15EMTN



500,000 535,625 0.6809.04.2021Mexico GovernmentInternational Bond 14EMTN

EUR 2.375%Mexico


1,000,000 1,040,270 1.3322.04.2025EDP Finance BV 15EMTN


500,000 507,075 0.6415.07.2026NetherlandsGovernment Bond 16

EUR 0.500%


3,500,000 3,798,620 4.8214.06.2019Portugal Obrigacoesdo Tesouro OT 09

EUR 4.750%Portugal


EUR 5.650%

7.165,637,575Total - Portugal

1,500,000 1,569,150 2.0030.04.2025AutonomousCommunity ofMadrid Spain 15

EUR 1.830%Spain

500,000 546,510 0.6916.10.2024Cores 14EUR 2.500%1,000,000 1,112,190 1.4130.04.2020Spain Government

Bond 10EUR 4.000%

900,000 1,082,025 1.3730.04.2021Spain GovernmentBond 11

EUR 5.500%

1,500,000 1,692,435 2.1631.10.2024Spain GovernmentBond 14

EUR 2.750%


EUR 1.950%

8.917,012,660Total - Spain

1,000,000 1,009,300 1.2830.04.2020UniCredit Bank CzechRepublic & SlovakiaAS 15 EMTN

EUR 0.630%Czech Republic

1.281,009,300Total - Czech Republic

500,000 506,205 0.6404.09.2026AT&T Inc 17EUR 1.800%United States


87.9669,243,110Total - Bonds


31






EUR

% of netassets*


500,000 542,595 0.6914.11.2029Vseobecna UverovaBanka AS 14

EUR 2.250%


Slovakia

0.69542,595Total - Transferable securities and money marketinstruments dealt in on another regulated market

0.69542,595Total - Bonds

0.69542,595Total - Slovakia


32

Vontobel Fund - EUR Corporate Bond Mid Yield

Investments in securities at market value 1,837,493,490Assets(2)


685Receivable from foreign currencies



986,111Receivable on swaps(9)

10,477,252Unrealised gain on forward foreign exchangecontracts

(9)

75,234Unrealised gain on futures(9)



1,793,974,363Statement of Net Assets





Payable on foreign currencies 687

Payable on swaps 1,000,000(9)








Net assets at the beginning of the year 1,993,359,138




Futures 58,399

Forward foreign exchange contracts 2,609,573

Swaps -12,536,866












Not

es


Cost

33

















Not

es


34






EUR

% of netassets*


3,500,000 3,626,035 0.1922.03.2023Scentre Group Trust 1/ Scentre Group Trust2 16 EMTN

EUR 1.380%


Bonds

Australia


EUR 1.500%


EUR 2.250%


5,000,000 5,969,750 0.3115.06.2021Barry CallebautServices NV 11

EUR 5.380%Belgium


EUR 2.380%


USD 5.500%


5,200,000 5,656,612 0.3031.12.2099Nykredit RealkreditA/S 15 FRN

EUR 6.250%Denmark

2,000,000 2,263,200 0.1202.03.2022TDC A/S 12 EMTNEUR 3.750%


8,000,000 9,776,480 0.5217.10.2042Allianz SE 12 FRNEUR 5.630%Germany

3,500,000 4,083,485 0.2131.12.2099Allianz SE 13 FRNEMTN

EUR 4.750%

4,500,000 4,649,535 0.2407.07.2045Allianz SE 15 FRNEUR 2.240%10,000,000 10,361,000 0.5523.04.2075Bertelsmann SE & Co

KGaA 15 FRNEUR 3.000%

2,500,000 2,542,850 0.1327.04.2026Bertelsmann SE & CoKGaA 16 EMTN

EUR 1.130%

2,000,000 1,528,713 0.0815.01.2023Unitymedia HessenGmbH & Co KG /Unitymedia NRWGmbH 12

EUR 5.750%


EUR 4.000%

6,000,000 6,087,180 0.3214.10.2021Volkswagen FinancialServices AG 15 EMTN

EUR 0.750%


5,000,000 5,129,363 0.2715.04.2036Stora Enso OYJ 06USD 7.250%Finland


5,000,000 5,313,550 0.2824.07.2023Aeroports de Paris 15EUR 1.500%France

6,000,000 6,039,360 0.3213.05.2026Autoroutes du Sud dela France SA 16EMTN

EUR 1.000%

1,100,000 1,124,673 0.0618.01.2027Autoroutes du Sud dela France SA 17EMTN

EUR 1.250%

2,000,000 2,009,780 0.1131.12.2099AXA SA 07 FRNEMTN

EUR 6.210%

4,500,000 5,419,305 0.2804.07.2043AXA SA 13 FRNEMTN

EUR 5.130%


EUR

% of netassets*


9,000,000 9,951,930 0.5231.12.2099AXA SA 14 FRNEMTN

EUR 3.880%

8,000,000 9,543,520 0.5009.02.2022Bouygues SA 12EUR 4.500%3,600,000 4,487,364 0.2431.12.2099BPCE SA 09 FRNEUR 12.500%12,000,000 14,371,560 0.7618.07.2023BPCE SA 13EUR 4.630%2,000,000 2,148,700 0.1117.03.2021BPCE SA 14 EMTNEUR 2.130%8,000,000 8,165,280 0.4318.01.2023BPCE SA 17 EMTNEUR 1.125%11,600,000 14,251,760 0.7530.09.2041CNP Assurances 11

FRNEUR 6.880%

11,000,000 11,882,420 0.6231.12.2099CNP Assurances 14FRN

EUR 4.000%

6,000,000 6,037,320 0.3229.09.2024Coentreprise deTransport d'ElectriciteSA 17

EUR 0.875%

12,000,000 12,752,160 0.6731.12.2099Electricite de FranceSA 13 FRN EMTN

EUR 4.250%


EUR 5.380%


EUR 4.125%

7,000,000 7,932,470 0.4230.05.2023Gecina SA 13 EMTNEUR 2.880%4,000,000 4,163,800 0.2220.01.2025Gecina SA 15 EMTNEUR 1.500%7,000,000 6,647,130 0.3530.01.2029Gecina SA 16 EMTNEUR 1.000%4,000,000 4,220,040 0.2230.09.2023Groupe Fnac SA 16EUR 3.250%1,000,000 1,193,540 0.0627.10.2021Holding

d'Infrastructures deTransport SAS 06

EUR 4.880%

4,000,000 4,118,360 0.2209.03.2018Holdingd'Infrastructures deTransport SAS 11

EUR 5.750%

2,000,000 2,180,720 0.1124.03.2025Holdingd'Infrastructures deTransport SAS 14

EUR 2.250%

1,000,000 1,071,560 0.0606.11.2024Klepierre 14 EMTNEUR 1.750%1,000,000 1,031,140 0.0517.04.2023Klepierre 15 EMTNEUR 1.000%4,000,000 4,306,920 0.2319.02.2026Klepierre 16 EMTNEUR 1.880%5,000,000 5,044,900 0.2731.12.2099Natixis SA 07 FRNEUR 6.310%7,000,000 7,807,870 0.4123.09.2024NEW Areva Holding

SA 09 EMTNEUR 4.875%

2,000,000 2,075,820 0.1118.05.2026Pernod Ricard SA 16EUR 1.500%1,000,000 1,011,800 0.0522.01.2018RCI Banque SA 13

EMTNEUR 2.880%

3,500,000 3,588,270 0.1930.09.2019RCI Banque SA 14EMTN

EUR 1.130%


EUR 1.380%


EUR 1.250%


EUR 0.750%

11,000,000 11,860,310 0.6208.06.2046SCOR SE 15 FRNEUR 3.000%8,000,000 8,737,920 0.4619.10.2022TDF Infrastructure

SAS 15EUR 2.880%

9,500,000 9,971,675 0.5207.04.2026TDF InfrastructureSAS 16

EUR 2.500%

15,000,000 15,297,450 0.8003.04.2024Teleperformance 17EUR 1.500%9,500,000 9,728,855 0.5131.12.2099TOTAL SA 15 FRN

EMTNEUR 2.250%

11,500,000 12,468,875 0.6631.12.2099TOTAL SA 16 FRNEMTN

EUR 3.880%

11,000,000 11,930,380 0.6305.08.2025Transport etInfrastructures GazFrance SA 15

EUR 2.200%

6,000,000 7,025,640 0.3722.01.2024Valeo SA 14 EMTNEUR 3.250%2,000,000 2,104,660 0.1118.03.2026Valeo SA 16 EMTNEUR 1.630%4,500,000 4,902,120 0.2630.03.2020Vinci SA 12 EMTNEUR 3.380%

35






EUR

% of netassets*


5,000,000 5,137,350 0.2724.11.2023Vivendi SA 16EUR 1.125%2,000,000 2,608,661 0.1416.04.2029BPCE SA 14GBP 5.250%5,500,000 4,774,855 0.2531.12.2099AXA SA 13 EMTNUSD 5.500%

16.11306,349,338Total - France

5,000,000 5,147,700 0.2714.04.2022Credit Suisse GroupFunding Guernsey Ltd15 EMTN

EUR 1.250%Guernsey

0.275,147,700Total - Guernsey

14,000,000 16,410,800 0.8602.10.2043Aquarius &Investments PLC forZurich Insurance CoLtd 13 FRN EMTN

EUR 4.250%Ireland

2,000,000 2,839,160 0.1519.12.2022Bank of Ireland 12EMTN

EUR 10.000%

8,000,000 8,465,440 0.4511.06.2024Bank of Ireland 14FRN EMTN

EUR 4.250%

1,000,000 1,032,330 0.0509.04.2020Bank of Ireland 15EMTN

EUR 1.250%


EUR 1.250%


EUR 1.380%


EUR 1.250%

6,000,000 6,567,660 0.3530.01.2020Smurfit KappaAcquisitions 13

EUR 4.130%


EUR 3.250%


EUR 2.750%

9,000,000 7,539,743 0.4031.12.2099Cloverie PLC forZurich Insurance CoLtd 16 EMTN

USD 4.750%


10,994,000 12,159,584 0.6420.02.2021Aeroporti di RomaSpA 13 EMTN

EUR 3.250%Italy

5,000,000 5,116,450 0.2708.06.2027Aeroporti di RomaSpA 17 EMTN

EUR 1.625%

11,000,000 15,077,370 0.8010.07.2042Assicurazioni GeneraliSpA 12 FRN EMTN

EUR 10.130%

500,000 632,665 0.0312.12.2042Assicurazioni GeneraliSpA 12 FRN EMTN

EUR 7.750%


EUR 2.880%


EUR 4.130%

3,000,000 3,039,120 0.1613.07.2027Atlantia SpA 17EMTN

EUR 1.875%

4,000,000 4,089,960 0.2209.02.2018Banca Monte deiPaschi di Siena SpA11

EUR 5.000%


EUR 2.880%

3,000,000 3,261,360 0.1716.04.2021Banca Monte deiPaschi di Siena SpA14 EMTN

EUR 2.880%


EUR 2.130%

8,500,000 9,154,160 0.4810.01.2074Enel SpA 13 FRNEUR 6.500%


EUR

% of netassets*


2,500,000 2,758,400 0.1503.02.2020Eni SpA 12 EMTNEUR 4.250%1,000,000 1,026,980 0.0502.02.2026Eni SpA 15 EMTNEUR 1.500%10,700,000 12,173,604 0.6431.12.2099Intesa Sanpaolo SpA

09 FRNEUR 8.380%

6,000,000 6,353,220 0.3318.06.2021Intesa Sanpaolo SpA14 EMTN

EUR 2.000%


EUR 1.130%


EUR 1.130%


EUR 2.860%


EUR 7.000%

7,000,000 7,581,070 0.4031.12.2099Intesa Sanpaolo VitaSpA 14 FRN

EUR 4.750%


EUR 3.750%


EUR 3.750%


EUR 1.350%


EUR 2.700%

7,000,000 8,150,030 0.4318.04.2023Mediobanca SpA 13EUR 5.750%4,000,000 4,008,960 0.2114.11.2017Mediobanca SpA 14

EMTNEUR 0.880%


EUR 2.250%


EUR 1.630%


EUR 0.750%

15,000,000 15,561,600 0.8328.05.2020RAI RadiotelevisioneItaliana SpA 15

EUR 1.500%

9,000,000 8,755,200 0.4625.10.2026Snam SpA 16 EMTNEUR 0.875%5,000,000 5,606,800 0.2919.01.2024Telecom Italia

SpA/Milano 16EMTN

EUR 3.630%

4,000,000 4,253,960 0.2219.07.2023Telecom ItaliaSpA/Milano 17EMTN

EUR 2.500%


EUR 3.380%


EUR 6.950%


EUR 6.750%


EUR 2.125%

5,000,000 6,141,991 0.3215.09.2076Enel SpA 14 FRNGBP 6.630%5,000,000 5,914,660 0.3124.06.2019Telecom Italia SpA 04

EMTNGBP 6.380%

1,000,000 1,011,961 0.0524.09.2073Enel SpA 13 FRNUSD 8.750%7,200,000 6,727,933 0.3512.01.2024Intesa Sanpaolo SpA

14USD 5.250%

1,500,000 1,516,061 0.0827.09.2023Italy GovernmentInternational Bond 93

USD 6.880%

15.51294,967,623Total - Italy


EUR 1.500%Jersey

17,000,000 17,369,750 0.9231.12.2099UBS AG/Jersey 07FRN EMTN

EUR 7.150%


EUR 1.500%

36






EUR

% of netassets*



GBP 6.250%

8,000,000 10,934,240 0.5731.12.2099HSBC Bank CapitalFunding Sterling 1 LP03 FRN

GBP 5.840%

9,000,000 7,779,712 0.4131.12.2099HBOS CapitalFunding LP 03

USD 6.850%

3.0858,651,255Total - Jersey

6,000,000 6,197,100 0.3309.03.2018CNH IndustrialFinance Europe SA 11EMTN


8,600,000 9,062,594 0.4815.06.2021ContourGlobal PowerHoldings SA 16

EUR 5.130%

2,000,000 2,275,000 0.1215.07.2022Fiat Chrysler FinanceEurope SA 14 EMTN

EUR 4.750%

6,000,000 6,326,820 0.3320.03.2020Gazprom OAO ViaGaz Capital SA 13EMTN

EUR 3.390%


EUR 4.630%


EUR 1.630%


EUR 1.875%

7,500,000 8,945,250 0.4703.04.2020HeidelbergCementFinance LuxembourgSA 10

EUR 7.500%

8,000,000 8,317,760 0.4426.05.2023Holcim FinanceLuxembourg SA 16EMTN

EUR 1.380%

5,000,000 5,207,600 0.2717.04.2025Prologis InternationalFunding II SA 15EMTN

EUR 1.880%

11,000,000 16,230,610 0.8524.01.2033Telecom Italia FinanceSA 03 EMTN

EUR 7.750%

4,500,000 3,807,267 0.2031.10.2017UniCreditLuxembourg FinanceSA 07

USD 6.000%


1,000,000 1,006,670 0.0502.10.2023VolkswagenInternational FinanceNV 1.125% 17-02.10.23



EUR 7.130%

8,500,000 9,056,920 0.4831.12.2099ABN AMRO Bank NV15 FRN

EUR 5.750%

9,000,000 9,345,060 0.4906.12.2021Cetin Finance BV 16EUR 1.423%4,000,000 4,174,520 0.2215.04.2019EDP Finance BV 14

EMTNEUR 2.630%


EUR 2.630%


EUR 1.130%

10,000,000 10,107,000 0.5301.06.2026Enel FinanceInternational NV 16

EUR 1.380%

9,000,000 9,784,800 0.5129.03.2024Fiat ChryslerAutomobiles NV 16EMTN

EUR 3.750%

2,500,000 2,807,450 0.1515.04.2021Gas Natural FenosaFinance BV 13 EMTN

EUR 3.500%


EUR 3.880%


EUR 2.880%


EUR

% of netassets*



EUR 1.375%

3,500,000 3,407,040 0.1809.04.2025Koninklijke KPN NVEUR 0.625%4,800,000 5,608,896 0.2904.10.2021Koninklijke KPN NV

11 EMTNEUR 4.500%

6,000,000 6,332,160 0.3331.12.2099Koninklijke KPN NV13 FRN

EUR 6.130%

8,000,000 8,345,840 0.4401.06.2023Ren Finance BV 16EMTN

EUR 1.750%

5,800,000 6,219,456 0.3319.02.2019Repsol InternationalFinance BV 12 EMTN

EUR 4.880%

6,000,000 6,401,040 0.3416.12.2020Repsol InternationalFinance BV 15 EMTN

EUR 2.130%

3,500,000 3,685,430 0.1931.12.2099Repsol InternationalFinance BV 15 FRN

EUR 3.875%

9,000,000 13,661,370 0.7214.02.2033RWE AG 03 EMTNEUR 5.750%1,000,000 1,060,320 0.0631.12.2099Telefonica Europe BV

13 FRNEUR 6.500%

8,000,000 8,598,000 0.4531.12.2099Telefonica Europe BV14 FRN

EUR 5.000%


EUR 3.750%

5,000,000 5,125,500 0.2731.12.2099VolkswagenInternational FinanceNV 13 FRN

EUR 3.880%


EUR 2.500%


EUR 2.700%

2,500,000 3,406,356 0.1831.01.2034innogy Finance BV 12EMTN

GBP 4.750%

4,000,000 3,608,007 0.1928.07.2025ABN AMRO Bank NV15

USD 4.750%

3,700,000 3,237,041 0.1715.01.2020EDP Finance BV 14USD 4.130%6,000,000 5,461,570 0.2914.01.2021EDP Finance BV 14USD 5.250%2,300,000 1,962,322 0.1015.07.2024EDP Finance BV 17USD 3.625%


6,000,000 6,248,040 0.3310.05.2027Brisa ConcessaoRodoviaria SA 17EMTN

EUR 2.375%Portugal

6,000,000 6,628,560 0.3516.09.2075EDP - Energias dePortugal SA 15 FRN

EUR 5.380%

7,100,000 7,213,458 0.3819.09.2023Galp Gas NaturalDistribuicao SA 16EMTN

EUR 1.375%

4,000,000 4,448,760 0.2313.12.2021Rede FerroviariaNacional - REFER EPE06

EUR 4.250%


7,000,000 7,079,170 0.3715.07.2022Intrum Justitia AB 17EUR 2.750%Sweden


1,500,000 1,297,118 0.0701.11.2024Syngenta Finance AG14


8,000,000 9,020,160 0.4818.09.2025Credit Suisse AG 13FRN

EUR 5.750%

8,000,000 8,945,760 0.4731.12.2099UBS Group AG 15FRN

EUR 5.750%


EUR 1.750%

37






EUR

% of netassets*


1,500,000 1,354,921 0.0731.12.2099UBS Group AG 16FRN

USD 6.880%


2,000,000 2,348,440 0.1220.06.2023AbertisInfraestructuras SA 13

EUR 3.750%Spain


EUR 2.500%


EUR 1.000%

3,000,000 3,091,080 0.1620.01.2021Banco Bilbao VizcayaArgentaria SA 16

EUR 1.000%

8,000,000 9,321,200 0.4931.12.2099Banco Bilbao VizcayaArgentaria SA 16 FRN

EUR 8.880%

3,000,000 2,984,586 0.1611.09.2022Banco Bilbao VizcayaArgentaria SA 17EMTN

EUR 0.750%

17,000,000 21,900,250 1.1524.03.2036Bankia SA 06EUR 4.130%10,000,000 11,444,700 0.6021.03.2024CaixaBank SA 14EUR 2.630%8,000,000 8,621,200 0.4531.12.2099CaixaBank SA 17 FRNEUR 6.750%20,500,000 21,775,100 1.1415.02.2027CaixaBank SA 17 FRN

EMTNEUR 3.500%

11,000,000 11,597,080 0.6118.04.2025Cellnex Telecom SA17 EMTN

EUR 2.875%

13,500,000 14,444,865 0.7623.05.2022Metrovacesa SA 16EMTN

EUR 2.380%

4,000,000 4,138,440 0.2218.03.2025Santander IssuancesSAU 15 EMTN

EUR 2.500%


EUR 4.200%


EUR 5.850%


EUR 3.800%

1,000,000 1,113,060 0.0620.01.2020Telefonica EmisionesSAU 12 EMTN

EUR 4.710%


EUR 3.990%


EUR 2.930%

9.69184,216,801Total - Spain

14,500,000 15,231,525 0.8018.06.2021EmiratesTelecommunicationsGroup Co PJSC 14EMTN


0.8015,231,525Total - United Arab Emirates

15,000,000 15,282,749 0.8121.06.2027AmericanInternational GroupInc 17


10,000,000 10,124,100 0.5404.09.2026AT&T Inc 17EUR 1.800%3,000,000 3,126,390 0.1610.09.2021Bank of America Corp

14 EMTNEUR 1.380%

6,000,000 5,975,400 0.3126.07.2023Bank of America Corp16 EMTN

EUR 0.750%

4,500,000 4,884,345 0.2615.06.2024Cemex Finance LLC16

EUR 4.630%


EUR 0.750%

3,300,000 3,388,011 0.1815.05.2025Colfax Corp 17EUR 3.250%9,000,000 9,599,850 0.5007.03.2022Discovery

Communications LLC14

EUR 2.380%


EUR

% of netassets*


3,500,000 3,521,420 0.1931.12.2099DZ Bank CapitalFunding Trust I 03FRN

EUR 2.200%

4,000,000 4,050,880 0.2117.05.2029General Electric Co 17EUR 1.500%7,500,000 8,495,400 0.4501.02.2023Goldman Sachs

Group Inc/The 13EMTN

EUR 3.250%


EUR 2.500%


EUR 1.630%

9,000,000 9,547,200 0.5030.03.2023Morgan Stanley 14EUR 1.880%6,000,000 6,468,600 0.3431.03.2021Morgan Stanley 14

EMTNEUR 2.380%

7,000,000 7,264,250 0.3807.10.2020Prologis LP 14EUR 1.380%6,000,000 6,855,720 0.3602.06.2026Prologis LP 14EUR 3.000%1,750,000 1,533,668 0.0801.02.2026Anheuser-Busch

InBev Finance Inc 16USD 3.650%

750,000 635,794 0.0314.02.2050AT&T Inc 17USD 5.150%1,700,000 1,446,809 0.0815.08.2024BAT Capital Corp 17USD 3.222%3,000,000 2,536,059 0.1330.01.2043General Electric Co 13

EMTNUSD 4.625%

2,000,000 1,884,145 0.1011.03.2044General Electric Co 14USD 4.500%2,000,000 1,752,006 0.0930.05.2023Glencore Funding

LLC 13USD 4.130%

580,000 592,733 0.0315.07.2039Meccanica HoldingsUSA Inc 09

USD 7.375%

4,200,000 4,006,621 0.2115.01.2040Meccanica HoldingsUSA Inc 09

USD 6.250%

1,600,000 1,514,502 0.0806.02.2057Microsoft Corp 17USD 4.500%7,000,000 6,988,578 0.3717.08.2022UBS AG/Stamford CT

12USD 7.630%

3,000,000 2,642,316 0.1415.07.2023United Rentals NorthAmerica Inc 15

USD 4.630%


1,700,000 1,715,317 0.0923.06.2024BritishTelecommunicationsPLC 1.0% 17-23.06.24 EMTN


1,500,000 1,539,915 0.0825.11.2020Abbey NationalTreasury ServicesPLC/United Kingdom15 EMTN

EUR 0.880%


EUR 6.000%


EUR 6.630%


EUR 2.750%


EUR 1.000%

5,000,000 5,067,200 0.2710.03.2021BritishTelecommunicationsPLC 16 EMTN

EUR 0.630%

4,000,000 4,117,120 0.2210.03.2023BritishTelecommunicationsPLC 16 EMTN

EUR 1.130%


EUR 1.875%


EUR 1.130%

38






EUR

% of netassets*


2,500,000 2,533,025 0.1321.05.2018FCE Bank PLC 13EMTN

EUR 1.750%

6,000,000 6,079,260 0.3210.02.2022FCE Bank PLC 15EMTN

EUR 1.130%

3,700,000 3,794,202 0.2011.05.2023FCE Bank PLC 16EMTN

EUR 1.620%

6,000,000 6,347,460 0.3326.09.2019Hammerson PLC 12EUR 2.750%15,000,000 15,919,950 0.8401.07.2022Hammerson PLC 14EUR 2.000%3,000,000 3,136,890 0.1615.03.2023Hammerson PLC 16EUR 1.750%6,000,000 6,479,340 0.3431.12.2099HSBC Holdings PLC

14 FRNEUR 5.250%

1,900,000 1,973,207 0.1005.07.2018Imperial TobaccoFinance PLC 11EMTN

EUR 4.500%


EUR 2.250%

2,128,000 2,169,219 0.1109.11.2021Lloyds Banking GroupPLC 16 EMTN

EUR 0.750%

3,000,000 3,208,500 0.1709.06.2023Motability OperationsGroup PLC 15 EMTN

EUR 1.630%

2,500,000 2,512,825 0.1314.03.2025Motability OperationsGroup PLC 17 EMTN

EUR 0.875%

6,000,000 5,893,980 0.3122.09.2024National Grid GasFinance PLC 16EMTN

EUR 0.625%


EUR 6.750%

6,000,000 6,706,080 0.3507.10.2021Rentokil Initial PLC 13EMTN

EUR 3.250%

1,000,000 1,023,180 0.0531.12.2099SSE PLC 15 FRNEUR 2.375%10,000,000 10,217,000 0.5401.07.2019Tesco Corporate

Treasury Services PLC14 EMTN

EUR 1.380%

7,500,000 7,760,025 0.4118.03.2019Yorkshire BuildingSociety 14 EMTN

EUR 2.130%

3,000,000 3,539,269 0.1931.12.2099Barclays PLC 17 FRNGBP 7.250%1,600,000 1,744,442 0.0931.12.2099Barclays PLC 17 FRNGBP 5.875%3,500,000 4,254,746 0.2228.10.2019GKN Holdings PLC 99GBP 6.750%9,500,000 11,704,893 0.6203.03.2025Heathrow Finance

PLC 14GBP 5.750%

2,700,000 3,029,809 0.1616.08.2028HSBC Holdings PLCGBP 2.630%2,000,000 2,861,905 0.1517.02.2022Imperial Tobacco

Finance PLC 09EMTN

GBP 9.000%

3,300,000 3,950,029 0.2115.02.2022Jaguar Land RoverAutomotive PLC 14

GBP 5.000%


GBP 3.880%

12,500,000 15,183,192 0.8027.10.2045Legal & GeneralGroup PLC 15 FRNEMTN

GBP 5.380%


GBP 1.125%


GBP 6.880%

4,000,000 4,845,702 0.2524.03.2023Tesco PLC 06 EMTNGBP 5.000%4,500,000 4,363,512 0.2321.11.2022Barclays Bank PLC 12USD 7.630%7,500,000 5,245,079 0.2831.12.2099HSBC Bank PLC 86

FRNUSD 1.475%

1,000,000 878,266 0.0518.08.2025HSBC Holdings PLC15

USD 4.250%


USD 4.130%


EUR

% of netassets*


5,500,000 4,839,852 0.2515.09.2025Santander UK GroupHoldings PLC 15EMTN

USD 4.750%

3,500,000 3,044,785 0.1616.09.2077SSE PLC 17 FRNUSD 4.750%6,500,000 5,921,347 0.3131.12.2099Standard Chartered

PLC 16 FRNUSD 7.500%

92.171,753,010,399Total - Transferable securities admitted to an officialexchange

92.171,753,010,399Total - Bonds


3,500,000 3,980,297 0.2108.04.2022Scentre Group Trust 1/ Scentre Group Trust2 15 EMTN

GBP 2.380%


Australia

3,000,000 2,509,563 0.1328.04.2021Scentre Group Trust 1/ Scentre Group Trust2 15

USD 2.380%


2,000,000 1,795,508 0.0901.04.2026BPCE SA 16 EMTNUSD 4.880%France


4,000,000 3,559,997 0.1915.08.2026Virgin Media SecuredFinance PLC 16


0.6211,845,365Total - Bonds


5,500,000 4,545,420 0.2415.03.2022Campofrio FoodGroup SA 15

EUR

Mortgage backed securities

Spain


0.244,545,420Total - Mortgage backed securities

0.244,545,420Total - Spain

117,000 12,218,310 0.64Vontobel Fund -Global Bond - HI(EUR)

EUR


Investment funds

Luxembourg

109,780 16,271,592 0.86Vontobel Fund -Global ConvertibleBond - I

EUR

193,513 21,058,084 1.11Vontobel Fund -Global CorporateBond Mid Yield - HG(hedged) EUR

EUR

39






EUR

% of netassets*



EUR




96.611,837,493,490Total - Investment in securities

40

Vontobel Fund - High Yield Bond



5,187Receivable from foreign currencies










Payable for investments purchased 606,233

Payable on foreign currencies 5,187
















Swaps -4,634,612




Net realised gain/loss on futures -48,312(2)








Not

es


Cost

41





Net dividends 407,090














Not

es


42






EUR

% of netassets*


100,000 1,178,400 0.31Gogo IncUSD


Shares

United States

0.311,178,400Total - Shares



USD 5.500%

Bonds

Belgium


4,000,000 3,749,760 1.0001.03.2020Viridian GroupFundCo II Ltd 15

EUR 7.500%Cayman Islands



EUR 6.250%Denmark


3,000,000 3,282,840 0.8815.12.2023PrestigeBidCo GmbH16

EUR 6.250%Germany


EUR 5.750%

500,000 529,825 0.1415.01.2025Unitymedia HessenGmbH & Co KG /Unitymedia NRWGmbH 14

EUR 4.000%


EUR 3.500%


1,500,000 1,538,809 0.4115.04.2036Stora Enso OYJ 06USD 7.250%Finland


1,000,000 1,055,250 0.2815.01.2021CMA CGM SA 15EUR 7.750%France

5,800,000 6,469,377 1.7323.09.2024NEW Areva HoldingSA 09 EMTN

EUR 4.875%

1,702,000 1,477,601 0.3931.12.2099AXA SA 13 EMTNUSD 5.500%5,000,000 4,992,893 1.3331.12.2099Credit Agricole SA 16

FRNUSD 8.130%

3.7313,995,121Total - France


EUR 6.750%Ireland


GBP 4.750%


EUR

% of netassets*


1,000,000 864,749 0.2315.05.2023Ardagh PackagingFinance PLC / ArdaghHoldings USA Inc 16

USD 4.625%

2,000,000 1,791,336 0.4731.12.2099Tinkoff CreditSystems Via TCSFinance Ltd 17 FRN

USD 9.250%



EUR 10.130%Italy


EUR 7.750%

800,000 894,224 0.2416.07.2024Banca Monte deiPaschi di Siena SpA14

EUR 2.880%

6,000,000 6,173,519 1.6601.08.2021Cooperativa Muratori& Cementisti-CMC diRavenna SC 14

EUR 7.500%

1,000,000 1,137,720 0.3031.12.2099Intesa Sanpaolo SpA09 FRN

EUR 8.380%


EUR 6.625%


EUR 7.000%


EUR 2.700%

2,000,000 2,024,380 0.5401.06.2021Officine Maccaferri-SpA 14

EUR 5.750%

3,000,000 3,685,195 0.9815.09.2076Enel SpA 14 FRNGBP 6.630%

8.0430,150,576Total - Italy


USD 6.850%Jersey


3,500,000 2,902,235 0.7715.05.2023ValeantPharmaceuticalsInternational Inc 15

EUR 4.500%Canada

1,500,000 1,259,753 0.3415.04.2019Royal Bank of Canada16

USD 1.625%


3,500,000 3,695,020 0.9815.05.2023Cirsa FundingLuxembourg SA 15


500,000 529,020 0.1415.05.2021Cirsa FundingLuxembourg SA 16

EUR 5.750%

3,900,000 4,109,781 1.1015.06.2021ContourGlobal PowerHoldings SA 16

EUR 5.130%

4,500,000 4,965,390 1.3201.11.2021Crystal Almond SARL16

EUR 10.000%

5,000,000 5,464,400 1.4615.10.2022DEA Finance SA 16EUR 7.500%2,000,000 2,077,080 0.5515.07.2022Dufry Finance SCA 14

EMTNEUR 4.500%

5,000,000 5,353,300 1.4301.08.2024INEOS GroupHoldings SA 16

EUR 5.375%

2,150,000 1,983,953 0.5331.01.2022Kernel Holding SA 17USD 8.750%2,750,000 2,485,409 0.6602.04.2020MHP SA 13USD 8.250%


43






EUR

% of netassets*


2,000,000 1,747,901 0.4713.02.2022MTN MauritiusInvestment Ltd 16

USD 5.373%Mauritius Islands

0.471,747,901Total - Ile Maurice

4,000,000 3,859,198 1.0316.04.2026Cemex SAB de CV 16USD 7.750%Mexico


4,000,000 4,246,200 1.1315.10.2023CableCommunicationsSystems NV 16


4,675,000 4,979,249 1.3415.01.2023Constellium NV 14EUR 7.000%2,000,000 1,954,120 0.5215.01.2023Hema Bondco II BV

17EUR 8.500%

4,000,000 4,333,000 1.1501.10.2021Schoeller AllibertGroup BV 16

EUR 8.000%


EUR 5.000%


EUR 3.750%

3,000,000 2,522,735 0.6715.02.2019Bank NederlandseGemeenten NV 17

USD 1.500%

2,000,000 1,781,748 0.4715.04.2023Fiat ChryslerAutomobiles NV 15

USD 5.250%



2,000,000 1,954,170 0.5201.11.2022Verisure Holding AB15

EUR 6.000%


1,000,000 940,399 0.2531.12.2099UBS Group AG 15FRN

USD 7.000%Switzerland

3,500,000 3,161,481 0.8431.12.2099UBS Group AG 16FRN

USD 6.880%



EUR 7.000%Spain


EUR 8.880%

3,000,000 3,232,950 0.8631.12.2099CaixaBank SA 17 FRNEUR 6.750%3,000,000 3,186,600 0.8515.02.2027CaixaBank SA 17 FRN

EMTNEUR 3.500%

1,000,000 874,935 0.2331.12.2099Banco Bilbao VizcayaArgentaria SA 13 FRN

USD 9.000%

2.8410,663,925Total - Spain

2,000,000 2,080,820 0.5508.07.2019Turkiye GarantiBankasi AS 14 EMTN

EUR 3.375%Turkey

2,000,000 1,701,522 0.4504.06.2019Turkiye Halk BankasiAS 14

USD 4.750%

2,600,000 2,256,592 0.6125.04.2024Turkiye Is Bankasi 17USD 6.125%

1.616,038,934Total - Turkey


EUR

% of netassets*


1,000,000 1,145,630 0.3115.12.2023Ball Corp 15EUR 4.375%United States


EUR 4.630%

1,300,000 1,334,671 0.3615.05.2025Colfax Corp 17EUR 3.250%2,125,000 2,187,348 0.5815.03.2025Quintiles IMS Inc 17EUR 3.250%2,000,000 1,673,715 0.4515.07.2022ADT Corp/The 13USD 3.500%1,000,000 923,661 0.2515.10.2021ADT Corp/The 14USD 6.250%1,000,000 846,825 0.2301.04.2023Avis Budget Car

Rental LLC / AvisBudget Finance Inc13

USD 5.500%

2,000,000 1,067,642 0.2815.10.2022Bristow Group Inc 12USD 6.250%100,000 85,531 0.0201.02.2028CCO Holdings LLC /

CCO Holdings CapitalCorp 17

USD 5.000%


USD 9.380%

3,000,000 2,605,299 0.6901.04.2023Concho Resources Inc12

USD 5.500%

3,500,000 2,190,643 0.5801.05.2020EP Energy LLC /Everest AcquisitionFinance Inc 12

USD 9.375%

4,000,000 2,871,024 0.7715.04.2022FrontierCommunicationsCorp 10

USD 8.750%

250,000 208,113 0.0615.09.2020FrontierCommunicationsCorp 16

USD 8.875%

2,000,000 1,685,625 0.4525.04.2019Goldman SachsGroup Inc/The 16

USD 2.000%

2,500,000 2,323,850 0.6215.03.2022HCA Inc 12USD 5.875%2,500,000 2,200,311 0.5901.01.2026Newfield Exploration

Co 15USD 5.375%

2,000,000 1,650,484 0.4415.03.2022Oasis Petroleum Inc14

USD 6.875%

5,000,000 4,191,689 1.1101.05.2020Resolute Energy Corp13

USD 8.500%

5,000,000 3,227,983 0.8515.01.2023Sanchez Energy Corp15

USD 6.125%

4,000,000 3,728,050 0.9801.12.2022Scientific GamesInternational Inc 15

USD 10.000%

1,000,000 892,262 0.2401.12.2024Sealed Air Corp 14USD 5.125%4,000,000 3,179,409 0.8515.11.2022SM Energy Co 15USD 6.125%1,252,000 953,032 0.2501.06.2025SM Energy Co 15USD 5.625%2,000,000 1,842,039 0.4901.03.2020Sprint

Communications Inc12

USD 7.000%

1,000,000 892,455 0.2415.11.2022SprintCommunications Inc12

USD 6.000%

3,000,000 2,547,893 0.6826.03.2020UBS AG/Stamford CT15

USD 2.350%

503,000 441,273 0.1215.04.2022United Rentals NorthAmerica Inc 13

USD 7.625%

2,000,000 1,685,037 0.4501.10.2020ValeantPharmaceuticalsInternational 10

USD 7.000%

2,000,000 1,569,148 0.4201.04.2023Whiting PetroleumCorp 15

USD 6.250%


2,000,000 2,096,640 0.5615.10.2020Interoute Finco PLC15


4,000,000 4,456,161 1.2001.07.2023Synlab UnsecuredBondco PLC 15

EUR 8.250%

44






EUR

% of netassets*


3,000,000 3,057,180 0.8115.05.2022Travelex FinancingPLC 17

EUR 8.000%

1,000,000 1,053,030 0.2815.01.2025Virgin Media FinancePLC 15 EMTN

EUR 4.500%

2,000,000 2,359,513 0.6331.12.2099Barclays PLC 17 FRNGBP 7.250%500,000 545,138 0.1531.12.2099Barclays PLC 17 FRNGBP 5.875%3,000,000 3,203,102 0.8515.07.2021Boparan Finance PLC

14GBP 5.500%

2,500,000 3,080,235 0.8203.03.2025Heathrow FinancePLC 14

GBP 5.750%


GBP 9.000%

1,000,000 1,134,117 0.3015.09.2021Jerrold Finco Plc 16EMTN

GBP 6.250%

2,500,000 2,752,895 0.7315.01.2024Jerrold Finco Plc 17GBP 6.125%1,500,000 1,739,282 0.4615.04.2023Virgin Media Finance

PLC 13GBP 7.000%

2,000,000 1,761,477 0.4713.07.2022LiquidTelecommunicationsFinancing Plc 17

USD 8.500%


USD 7.500%


2,000,000 1,775,944 0.4725.01.2022Global Ports FinancePLC 16

USD 6.870%Cyprus

66.67250,181,536Total - Bonds

0.471,775,944Total - Cyprus

600,000 7,674,000 2.05iShares EUROSTOXX Banks 30-15UCITS ETF DE

EUR

Investment funds

Germany




4,600,000 4,168,980 1.1101.02.2025Silversea CruiseFinance Ltd 17

USD 7.250%


Bahamas

1.114,168,980Total - Bahamas

3,250,000 3,388,970 0.9015.05.2024WEPAHygieneprodukteGmbH 16

EUR 3.750%Germany

2,000,000 1,795,542 0.4815.01.2025Unitymedia GmbH 14USD 6.125%



EUR

% of netassets*


150,000 153,772 0.0415.04.2036Stora Enso OYJ 06USD 7.250%Finland

0.04153,772Total - Finland

4,500,000 4,563,096 1.2220.11.2025Smurfit KappaTreasury Funding Ltd95

USD 7.500%Ireland


2,000,000 1,732,694 0.4715.12.2019Tembec Industries Inc14

USD 9.000%Canada

1,300,000 1,068,342 0.2815.07.2021ValeantPharmaceuticalsInternational Inc 13

USD 7.500%


4,000,000 4,277,240 1.1415.09.2023ARD Finance SA 17EUR 6.625%Luxembourg


1,000,000 837,850 0.2230.09.2019Nordea Bank AB 16USD 1.625%Sweden

0.22837,850Total - Sweden

3,000,000 3,270,147 0.8715.11.2024AMC EntertainmentHoldings Inc 17

GBP 6.375%United States

1,600,000 1,347,101 0.3601.06.2022Avis Budget CarRental LLC / AvisBudget Finance Inc14

USD 5.125%

3,650,000 3,162,842 0.8401.04.2024Avis Budget CarRental LLC / AvisBudget Finance Inc16

USD 6.375%

4,500,000 3,902,990 1.0430.09.2022CCO Holdings LLC /CCO Holdings CapitalCorp 12

USD 5.250%

2,000,000 1,754,109 0.4701.05.2025CCO Holdings LLC /CCO Holdings CapitalCorp 15

USD 5.375%

1,000,000 893,683 0.2401.04.2024CCO Holdings LLC /CCO Holdings CapitalCorp 16

USD 5.875%

250,000 223,421 0.0601.04.2024CCO Holdings LLC /CCO Holdings CapitalCorp 16

USD 5.875%

5,000,000 3,606,275 0.9615.06.2024Cengage Learning Inc16

USD 9.500%

2,000,000 1,715,872 0.4615.04.2021CrownRock LP /CrownRock FinanceInc 13

USD 7.125%

4,000,000 3,011,187 0.8015.05.2021Denbury ResourcesInc 16

USD 9.000%

3,400,000 2,798,415 0.7529.11.2024EP Energy LLC /Everest AcquisitionFinance Inc 16

USD 8.000%

1,529,000 848,801 0.2315.02.2025EP Energy LLC /Everest AcquisitionFinance Inc 17

USD 8.000%

251,000 139,339 0.0401.05.2020FGI Operating CoLLC / FGI Finance Inc12

USD 7.875%

45






EUR

% of netassets*


6,000,000 4,516,781 1.2001.04.2023Foresight Energy LLC/ Foresight EnergyFinance Corp 17

USD 11.500%

3,500,000 3,376,768 0.9001.07.2022Gogo IntermediateHoldings LLC / GogoFinance Co Inc 16

USD 12.500%

2,000,000 1,626,714 0.4315.01.2023Oasis Petroleum Inc12

USD 6.875%

2,650,000 2,465,799 0.6615.05.2023Prime SecurityServices BorrowerLLC / Prime FinanceInc 16

USD 9.250%

3,000,000 2,643,200 0.7015.10.2026Quintiles IMS Inc 16USD 5.000%2,000,000 1,794,213 0.4815.11.2024Rackspace Hosting

Inc 16USD 8.625%

4,000,000 3,936,412 1.0515.07.2033Sealed Air Corp 03USD 6.880%1,235,000 1,159,678 0.3101.12.2020Sealed Air Corp 12USD 6.500%1,483,000 1,344,005 0.3615.11.2018Sprint


USD 9.000%

2,000,000 1,659,938 0.4415.10.2020ValeantPharmaceuticalsInternational 12

USD 6.375%

3,100,000 2,900,791 0.7715.10.2024Vertiv Group Corp 16USD 9.250%2,000,000 1,583,834 0.4215.03.2021Whiting Petroleum

Corp 13USD 5.750%

3,350,000 2,888,174 0.7715.08.2021William CarterCo/The 14

USD 5.250%


4,000,000 1,717,376 0.4615.10.2019Keystone FinancingPLC 14

GBP 9.500%United Kingdom


USD 5.250%


USD 5.500%


22.6985,143,095Total - Bonds


4,500,000 4,419,540 1.1830.06.2023Kleopatra Holdings 1SCA 17

EUR 8.500%


Bonds

Luxembourg


5,000,000 4,174,026 1.1115.03.2020Comstock ResourcesInc 16

USD 0,000%United States

2.298,593,566Total - Bonds



EUR

% of netassets*


15,000 1,724,073 0.46Vontobel Fund -Emerging MarketsCorporate Bond - I

USD

Investment funds

Luxembourg





46

Vontobel Fund - Bond Global Aggregate






528,573Receivable for investments sold


(9)


209,540Options at cost of purchase(9)









Unrealised loss on futures 1,951,266(9)













Futures 181,494

Forward foreign exchange contracts -110,806

Swaps 2,304,999

Options -375,563

Net realised gain/loss on investments 389,201(2)




Net realised gain/loss on swaps -3,047,070(2)

Net realised gain/loss on options 4,610,285(2)







Not

es


Cost

47


















Not

es


48






EUR

% of netassets*


1,000,000 861,612 0.1924.05.2021African Export-ImportBank 16 EMTN

USD 4.000%


Bonds

Egypt


1,500,000 1,527,225 0.3420.01.2023Provincia de BuenosAires/Argentina 17

EUR 5.375%Argentina

0.341,527,225Total - Argentina

1,000,000 943,906 0.2124.03.2026Southern GasCorridor CJSC 16

USD 6.880%Azerbaijan

0.21943,906Total - Azerbaijan

500,000 512,670 0.1103.06.2022BRF SA 15EUR 2.750%Brazil

500,000 423,883 0.1022.05.2024BRF SA 14USD 4.750%500,000 444,613 0.1005.04.2041Votorantim Cimentos

SA 11USD 7.250%

0.311,381,166Total - Brazil

200,000 172,671 0.0404.12.2022Amber Circle FundingLtd 12

USD 3.250%Cayman Islands

2,000,000 1,749,886 0.3908.04.2043Saudi ElectricityGlobal Sukuk Co 2 13

USD 5.060%

1,750,000 1,605,617 0.3608.04.2044Saudi ElectricityGlobal Sukuk Co 3 14

USD 5.500%


500,000 429,653 0.1013.05.2025China ConstructionBank Corp 15 FRN

USD 3.880%China

0.10429,653Total - China

500,000 403,768 0.0918.12.2022Teva PharmaceuticalFinance Co BV 12

USD 2.950%Curaçao

0.09403,768Total - Curaçao

1,500,000 1,784,310 0.4031.12.2099DONG Energy A/S 13FRN

EUR 6.250%Denmark


EUR 6.250%

1,250,000 1,335,863 0.3017.11.2027Nykredit RealkreditA/S 15 FRN EMTN

EUR 2.750%


1,500,000 1,554,150 0.3523.04.2075Bertelsmann SE & CoKGaA 15 FRN

EUR 3.000%Germany

1,500,000 1,519,125 0.3421.04.2075RWE AG 15 FRNEUR 2.750%1,116,000 1,271,468 0.2921.06.2028Muenchener

Rueckversicherungs-Gesellschaft AG inMuenchen 03 FRN

GBP 7.630%



EUR

% of netassets*


600,000 623,514 0.1415.06.2025Ivory CoastGovernmentInternational Bond 17

EUR 5.125%Ivory Coast


3,500,000 3,796,345 0.8531.12.2099Air France-KLM 15FRN

EUR 6.250%France

6,000,000 6,029,339 1.3731.12.2099AXA SA 07 FRNEMTN

EUR 6.210%

3,500,000 4,215,015 0.9504.07.2043AXA SA 13 FRNEMTN

EUR 5.130%

1,800,000 1,990,386 0.4531.12.2099AXA SA 14 FRNEMTN

EUR 3.880%

3,300,000 3,510,375 0.7931.12.2099BNP Paribas SA 08FRN EMTN

EUR 7.780%

3,000,000 3,185,970 0.7229.07.2021Bollore SA 15EUR 2.880%1,100,000 1,351,460 0.3030.09.2041CNP Assurances 11

FRNEUR 6.880%


EUR 4.000%

2,500,000 2,491,300 0.5621.06.2027Fonciere Des Regions17

EUR 1.500%

500,000 512,975 0.1218.04.2024Fromageries Bel SA17

EUR 1.500%

3,400,000 3,925,198 0.8831.12.2099Groupama SA 14 FRNEUR 6.380%5,250,000 5,950,927 1.3431.12.2099La Mondiale SAM 14

FRNEUR 5.050%

1,000,000 1,078,210 0.2408.06.2046SCOR SE 15 FRNEUR 3.000%2,800,000 3,107,524 0.7027.05.2048SCOR SE 16 FRNEUR 3.630%2,000,000 2,048,180 0.4631.12.2099TOTAL SA 15 FRN

EMTNEUR 2.250%

2,200,000 2,385,350 0.5431.12.2099TOTAL SA 16 FRNEMTN

EUR 3.880%

1,200,000 1,375,819 0.3131.12.2099Societe Generale SA08 FRN

GBP 8.880%

5,500,000 4,774,855 1.0831.12.2099AXA SA 13 EMTNUSD 5.500%1,000,000 871,419 0.2031.12.2099Electricite de France

SA 14 FRNUSD 5.630%

12.2054,112,955Total - France

4,600,000 3,899,998 0.8805.04.2020ICBCIL Finance CoLtd 17 EMTN

USD 3.000%Hong Kong

0.883,899,998Total - Hong Kong

2,700,000 2,860,461 0.6414.06.2023IndonesiaGovernmentInternational Bond 16EMTN

EUR 2.630%Indonesia


EUR 3.750%

1.325,866,020Total - Indonesia

1,400,000 1,172,849 0.2631.12.2099Cloverie PLC forZurich Insurance CoLtd 16 EMTN

USD 4.750%Ireland

700,000 551,557 0.1230.11.2026Saderea Ltd 14 EMTNUSD 12.500%

49






EUR

% of netassets*


2,300,000 2,060,037 0.4731.12.2099Tinkoff CreditSystems Via TCSFinance Ltd 17 FRN

USD 9.250%



EUR 7.750%Italy


EUR 8.050%


EUR 8.380%


EUR 7.000%


EUR 2.500%


EUR 3.500%


EUR 2.000%


EUR 0.100%

1,000,000 980,810 0.2201.06.2026Italy Buoni PoliennaliDel Tesoro 16

EUR 1.600%


EUR 5.750%

500,000 614,199 0.1415.09.2076Enel SpA 14 FRNGBP 6.630%1,500,000 1,516,061 0.3427.09.2023Italy Government

International Bond 93USD 6.880%

400,000 335,942 0.0827.09.2017Italy GovernmentInternational BondCoupon Strip 93

USD 0,000%

7.5733,635,636Total - Italy

50,000,000 385,115 0.0901.03.2019Asics Corp 14JPY 0,000%Japan

50,000,000 397,068 0.0917.09.2020Daio Paper Corp 15JPY 0,000%50,000,000 400,736 0.0922.10.2020Iwatani Corp 15JPY 0,000%50,000,000 386,762 0.0930.03.2021Keihan Holdings Co

Ltd 16JPY 0,000%

1,300,000 1,112,059 0.2419.04.2022Daiwa SecuritiesGroup Inc 17

USD 3.129%

0.602,681,740Total - Japan


GBP 5.840%Jersey


USD 6.850%


500,000 451,914 0.1030.04.2024CNOOC NexenFinance 2014 ULC 14

USD 4.250%Canada

0.10451,914Total - Canada

1,000,000 1,346,564 0.3015.06.2030Qatar GovernmentInternational Bond 00

USD 9.750%Qatar

0.301,346,564Total - Qatar


EUR

% of netassets*


1,200,000 985,748 0.2221.12.2022KazkommertsbankJSC 12



2,000,000 1,867,811 0.4318.09.2023Ecopetrol SA 13USD 5.880%Colombia

1,750,000 1,663,832 0.3718.09.2043Ecopetrol SA 13USD 7.380%

0.803,531,643Total - Colombia

1,400,000 1,208,917 0.2726.02.2024Sberbank of RussiaVia SB Capital SA 14FRN

USD 5.500%Luxembourg

1,250,000 1,024,855 0.2326.07.2022Topaz Marine SA 17USD 9.125%


2,000,000 2,237,680 0.5005.10.2020Morocco GovernmentInternational Bond 10

EUR 4.500%Morocco

1,500,000 1,277,782 0.2922.10.2025OCP SA 15USD 4.500%

0.793,515,462Total - Morocco

800,000 751,024 0.1706.03.2045Mexico GovernmentInternational Bond 15

EUR 3.000%Mexico

2,079,000 2,210,268 0.5027.11.2020Petroleos Mexicanos13

EUR 3.130%


EUR 2.750%


EUR 5.130%


EUR 3.750%

1,500,000 1,447,199 0.3316.04.2026Cemex SAB de CV 16USD 7.750%500,000 452,721 0.1015.01.2024Comision Federal de

Electricidad 13USD 4.880%

2.3710,544,068Total - Mexico



3,000,000 3,206,040 0.7231.12.2099CooperatieveCentrale Raiffeisen-BoerenleenbankBA/Netherlands 15FRN

EUR 5.500%


EUR 2.380%

700,000 761,040 0.1729.03.2024Fiat ChryslerAutomobiles NV 16EMTN

EUR 3.750%

3,500,000 3,950,975 0.9007.03.2022Petrobras GlobalFinance BV 11 EMTN

EUR 5.875%

400,000 417,292 0.0901.06.2023Ren Finance BV 16EMTN

EUR 1.750%

4,000,000 4,089,479 0.9331.12.2099Swiss Reinsurance Covia ELM BV 15 FRN

EUR 2.600%


EUR 7.630%


EUR 5.000%


EUR 3.750%

50






EUR

% of netassets*



EUR 2.500%


EUR 2.700%


USD 4.400%

300,000 262,463 0.0615.01.2020EDP Finance BV 14USD 4.130%1,229,000 1,094,884 0.2515.04.2023Fiat Chrysler

Automobiles NV 15USD 5.250%


5,300,000 4,330,897 0.9805.02.2023ESAL GmbH 13USD 6.250%Austria

470,000 399,249 0.0903.04.2024JBS InvestmentsGmbH 14

USD 7.250%


1,900,000 1,665,333 0.3808.03.2027Oman GovernmentInternational Bond 17

USD 5.375%Oman

0.381,665,333Total - Oman

3,000,000 2,752,717 0.6209.10.2023AeropuertoInternacional deTocumen SA 13

USD 5.750%Panama

0.622,752,717Total - Panama

16,000,000 18,648,799 4.2105.03.2030CP - Comboios dePortugal EPE 10

EUR 5.700%Portugal


EUR 1.375%


EUR 4.950%


EUR 5.650%


EUR 3.880%


EUR 2.200%


EUR 2.880%


EUR 2.875%

8,200,000 9,119,958 2.0513.12.2021Rede FerroviariaNacional - REFER EPE06

EUR 4.250%

750,000 815,783 0.1816.11.2026Rede FerroviariaNacional - REFER EPE06

EUR 4.050%


1,000,000 876,987 0.2031.12.2099SkandinaviskaEnskilda Banken AB17 FRN

USD 5.625%Sweden


1,000,000 940,399 0.2131.12.2099UBS Group AG 15FRN



EUR

% of netassets*


750,000 677,460 0.1531.12.2099UBS Group AG 16FRN

USD 6.880%



EUR 7.000%Spain


EUR 8.875%

1,800,000 1,818,072 0.4131.12.2099Banco de Sabadell SA17 FRN

EUR 6.500%

1,000,000 1,077,650 0.2431.12.2099CaixaBank SA 17 FRNEUR 6.750%2,500,000 2,655,500 0.6015.02.2027CaixaBank SA 17 FRN

EMTNEUR 3.500%

500,000 527,140 0.1218.04.2025Cellnex Telecom SA17 EMTN

EUR 2.875%

2,500,000 2,586,525 0.5818.03.2025Santander IssuancesSAU 15 EMTN

EUR 2.500%

3.6316,115,281Total - Spain


USD 5.000%Togo

0.823,652,506Total - Togo

5,200,000 5,268,953 1.1914.06.2025Turkey GovernmentInternational Bond 17EMTN

EUR 3.250%Turkey

625,000 527,205 0.1224.10.2017Akbank TAS 12USD 3.880%1,800,000 1,595,170 0.3616.03.2023Turkiye Garanti

Bankasi AS 17USD 5.875%

1,000,000 844,772 0.1913.07.2021Turkiye Halk BankasiAS 16

USD 5.000%

500,000 421,743 0.0907.11.2017Turkiye Is Bankasi 12USD 3.880%2,300,000 1,996,216 0.4525.04.2024Turkiye Is Bankasi 17USD 6.125%2,300,000 1,984,608 0.4530.05.2022Turkiye Vakiflar

Bankasi TAO 17USD 5.625%

2.8512,638,667Total - Turkey

5,000,000 5,162,850 1.1617.02.2024Banque Centrale deTunisie InternationalBond 17

EUR 5.625%Tunisia


2,000,000 1,239,023 0.2806.02.2025Emirates Airline 13USD 4.500%United Arab Emirates

1,250,000 1,100,271 0.2531.12.2099NBK Tier 1 FinancingLtd 15 FRN

USD 5.750%

1,500,000 1,481,542 0.3331.08.2036Ruwais Power CoPJSC 13

USD 6.000%




500,000 507,275 0.1115.05.2027Netflix Inc 17EUR 3.625%2,500,000 2,190,954 0.4901.02.2026Anheuser-Busch


500,000 422,189 0.1003.05.2023Apple Inc 13USD 2.400%

51






EUR

% of netassets*


1,500,000 1,342,127 0.3003.03.2026Bank of America Corp16

USD 4.450%


USD 3.124%

3,600,000 3,427,797 0.7813.09.2025Citigroup Inc 13USD 5.500%2,000,000 1,695,736 0.3801.05.2026Citigroup Inc 16USD 3.400%1,000,000 768,896 0.1715.07.2046Comcast Corp 16USD 3.400%250,000 210,257 0.0515.01.2020Dr Pepper Snapple

Group Inc 12USD 2.000%


USD 6.250%

1,000,000 759,029 0.1715.09.2022FrontierCommunicationsCorp 16

USD 10.500%

600,000 509,225 0.1125.04.2021Goldman SachsGroup Inc/The 16

USD 2.630%

1,800,000 1,519,909 0.3418.03.2019Hyundai CapitalAmerica 16 EMTN

USD 2.500%

3,800,000 3,279,845 0.7427.06.2025Stillwater Mining Co17

USD 7.125%

1,000,000 1,064,665 0.2415.03.2022Tesla Inc 17USD 2.375%3,000,000 2,498,032 0.5623.10.2026Wells Fargo & Co 16USD 3.000%




1,300,000 1,344,473 0.3007.02.2018OTE PLC 13 EMTNEUR 7.880%2,500,000 2,600,375 0.5909.04.2018Royal Bank of

Scotland PLC/The 08EMTN

EUR 6.930%

2,000,000 2,464,188 0.5503.03.2025Heathrow FinancePLC 14

GBP 5.750%

500,000 550,156 0.1221.11.2019J Sainsbury PLC 14GBP 1.250%5,000,000 5,653,786 1.2831.12.2099Nationwide Building

Society 14 FRNEMTN

GBP 6.880%

2,000,000 2,593,271 0.5831.12.2099Zurich Finance UKPLC 03 FRN EMTN

GBP 6.630%

400,000 456,536 0.1031.12.2099Lloyds Bank PLC 09FRN

USD 12.000%

1,000,000 875,927 0.2031.12.2099Prudential PLC 16EMTN

USD 5.250%

1,000,000 910,977 0.2131.12.2099Standard CharteredPLC 16 FRN

USD 7.500%


78.35347,897,860Total - Bonds


1,000,000 851,653 0.1915.02.2028Brazil Minas SPE viaState of Minas Gerais13

USD 5.330%


Cayman Islands

0.19851,653Total - Cayman Islands

1,300,000 1,164,063 0.2613.01.2022Oilflow SPV 1 DAC17

USD 12.000%Ireland


EUR

% of netassets*


1,500,000 1,521,032 0.3420.11.2025Smurfit KappaTreasury Funding Ltd95

USD 7.500%



USD 5.000%Israel



EUR 5.000%Italy

0.251,117,310Total - Italy

50,000,000 398,711 0.0904.03.2022LIXIL Group Corp 15JPY 0,000%Japan


700,000 575,261 0.1315.07.2021ValeantPharmaceuticalsInternational Inc 13

USD 7.500%Canada





4,000,000 3,456,203 0.7827.10.2021Turkiye VakiflarBankasi TAO 16

USD 5.500%Turkey





USD 5.500%

1,500,000 1,081,882 0.2415.06.2024Cengage Learning Inc16

USD 9.500%

1,000,000 794,852 0.1801.12.2024Hilcorp Energy I LP /Hilcorp Finance Co 14

USD 5.000%

700,000 588,420 0.1305.02.2025Praxair Inc 15USD 2.650%1,500,000 1,476,154 0.3415.07.2033Sealed Air Corp 03USD 6.880%519,000 470,357 0.1115.11.2018Sprint


USD 9.000%


52






EUR

% of netassets*





4.0417,924,149Total - Bonds


33,100 4,906,082 1.10Vontobel Fund -Global ConvertibleBond - I

EUR


Investment funds

Luxembourg


EUR

50,000 5,021,000 1.13Vontobel Fund -TwentyFourMonument EuropeanAsset BackedSecurities - I

EUR

22,500 2,083,838 0.47Vontobel Fund -Absolute ReturnCredit Fund - X

USD


USD





53

Vontobel Fund - Eastern European Bond














































Not

es


Cost

54






EUR

% of netassets*


150,000,000 2,164,323 1.7513.02.2018Agency for HousingMortgage LendingOJSC Via AHMLFinance Ltd 13

RUB 7.750%


Bonds

Ireland

50,000,000 725,504 0.5813.03.2019Federal Grid Co OJSvia Federal GridFinance Ltd 12 EMTN

RUB 8.450%


RUB 8.300%


100,000,000 1,443,549 1.1605.10.2017EurasianDevelopment Bank12 EMTN

RUB 8.000%Kazakhstan


3,000,000 705,224 0.5604.03.2018Sberbank of RussiaVia SB Capital SA 13

TRY 7.400%Luxembourg

450,000 368,948 0.3026.07.2022Topaz Marine SA 17USD 9.125%


50,000,000 725,308 0.5813.02.2018VimpelCom HoldingsBV 13

RUB 9.000%Netherlands

0.58725,308Total - Netherlands

29,000,000 7,829,043 6.2923.09.2022Poland GovernmentBond 02

PLN 5.750%Poland


PLN 2.750%


PLN 5.250%


PLN 5.750%

3,000,000 716,901 0.5825.04.2018Poland GovernmentBond 12

PLN 3.750%


PLN 4.000%


PLN 2.500%


PLN 1.500%


PLN 2.500%


PLN 1.750%

36.5945,478,185Total - Poland

9,250,000 2,277,320 1.8311.06.2021Romania GovernmentBond 11

RON 5.950%Romania


RON 5.750%


RON 5.850%

4.715,847,978Total - Romania


EUR

% of netassets*


50,000,000 723,353 0.5815.03.2018Russian Federal Bond- OFZ 11

RUB 7.500%Russia


RUB 7.600%

140,000,000 1,994,082 1.6111.12.2019Russian Federal Bond- OFZ 12

RUB 6.800%


RUB 8.150%


RUB 6.700%


RUB 6.400%


RUB 7.000%


RUB 7.050%

10.5013,044,606Total - Russia

600,000 521,787 0.4227.07.2027Banque OuestAfricaine deDeveloppement 17

USD 5.000%Togo

0.42521,787Total - Togo

13,000,000 3,139,551 2.5315.01.2020Turkey GovernmentBond 10

TRY 10.500%Turkey


TRY 3.000%


TRY 9.500%


TRY 3.000%


TRY 8.500%


TRY 2.000%


TRY 8.300%

2,500,000 524,138 0.4208.03.2023Turkey GovernmentBond 13

TRY 7.100%


TRY 1.000%


TRY 8.800%


TRY 11.100%

1,000,000 237,284 0.1907.03.2018Turkiye GarantiBankasi AS 13

TRY 7.380%

19.9424,781,027Total - Turkey

1,550,000,000 6,143,695 4.9512.11.2020Hungary GovernmentBond 04

HUF 7.500%Hungary


HUF 6.500%


HUF 5.500%


89.79111,596,757Total - Bonds

11.6514,483,199Total - Hungary

55






EUR

% of netassets*



RON 4.750%


Romania


150,000,000 1,969,562 1.5825.06.2032Russian Railways JSC12 FRN

RUB 9.400%Russia

105,000,000 1,506,434 1.2127.09.2018Vnesheconombank13

RUB 8.100%

2.793,475,996Total - Russia


TRY 11.000%Turkey


6.437,995,876Total - Bonds


100,000,000 938,382 0.7507.03.2020SERBIA 13RSD 10.000%


Bonds

Serbia

0.75938,382Total - Other transferable securities


0.75938,382Total - Serbia


56

Vontobel Fund - Absolute Return Bond (CHF)


























Futures -465,993


Swaps -2,109,494

Options -318,992



Net realised gain/loss on currency exchange 1,202,657(2)



Net realised gain/loss on options -508,348(2)







Not

es


Cost

57
















Not

es


58






CHF

% of netassets*


1,500,000 1,476,629 0.8624.05.2021African Export-ImportBank 16 EMTN

USD 4.000%


Bonds

Egypt

0.861,476,629Total - Egypt

1,000,000 996,662 0.5831.03.2020Bahrain GovernmentInternational Bond 10

USD 5.500%Bahrain

0.58996,662Total - Bahrain

1,000,000 1,196,804 0.7001.04.2021Brazilian GovernmentInternational Bond 14

EUR 2.875%Brazil

500,000 585,742 0.3403.06.2022BRF SA 15EUR 2.750%


500,000 593,637 0.3507.11.2018Bulgarian EnergyHolding EAD 13

EUR 4.250%Bulgaria

1,000,000 1,233,285 0.7102.08.2021Bulgarian EnergyHolding EAD 16

EUR 4.875%

1.061,826,922Total - Bulgaria

1,000,000 1,014,489 0.5911.01.2022Vale Overseas Ltd 12USD 4.375%Cayman Islands


750,000 860,747 0.5008.06.2022Export-Import Bankof China/The 0.750%17-8.6.22 EMTN

EUR 0.750%China


1,000,000 1,054,500 0.6131.12.2099SCOR SE 13 FRNCHF 5.000%France

1,500,000 1,749,207 1.0218.01.2023BPCE SA 17 EMTNEUR 1.125%3,000,000 3,533,100 2.0508.06.2022RCI Banque SA 15

EMTNEUR 1.250%


EUR 2.880%

500,000 586,576 0.3431.12.2099TOTAL SA 16 FRNEMTN

EUR 2.708%

1,000,000 991,896 0.5831.12.2099AXA SA 13 EMTNUSD 5.500%500,000 536,344 0.3122.10.2023BPCE SA 13 EMTNUSD 5.700%400,000 388,213 0.2322.05.2022BPCE SA 17 EMTNUSD 3.000%

5.8710,087,756Total - France

1,500,000 1,453,003 0.8505.04.2020ICBCIL Finance CoLtd 17 EMTN

USD 3.000%Hong Kong



EUR 2.630%Indonesia



CHF

% of netassets*



EUR 4.250%Ireland


EUR 1.250%

1,500,000 1,735,085 1.0121.02.2018VnesheconombankVia VEB Finance PLC13

EUR 3.035%

1,000,000 1,020,928 0.5915.05.2021AerCap IrelandCapital DAC /AerCap GlobalAviation Trust 15

USD 4.500%


500,000 631,832 0.3720.02.2021Aeroporti di RomaSpA 13 EMTN

EUR 3.250%Italy


EUR 7.750%

1,500,000 1,684,322 0.9819.09.2024Eni SpA 16 EMTNEUR 0.625%2,000,000 2,419,588 1.4118.06.2021Intesa Sanpaolo SpA

14 EMTNEUR 2.000%

3.606,181,423Total - Italy

1,500,000 1,466,034 0.8519.04.2022Daiwa SecuritiesGroup Inc 17

USD 3.129%Japan

0.851,466,034Total - Japan

500,000 506,841 0.2926.09.2020EurasianDevelopment Bank13


500,000 507,840 0.3002.07.2018KazMunayGasNational Co JSC 08EMTN

USD 9.125%


650,000 640,747 0.3714.03.2022Eastern and SouthernAfrican Trade andDevelopment Bank17 EMTN

USD 5.375%Kenya

0.37640,747Total - Kenya


CHF 3.380%Luxembourg


EUR 5.130%


EUR 4.630%


EUR 1.875%


EUR 1.380%

1,500,000 1,807,305 1.0515.11.2019Sberbank of RussiaVia SB Capital SA 14

EUR 3.352%


59






CHF

% of netassets*



EUR 4.500%Morocco


500,000 604,469 0.3524.07.2021MacedoniaGovernmentInternational Bond 14

EUR 3.975%Macedonia

0.35604,469Total - Macedonia


CHF 1.500%Mexico

3,500,000 4,283,785 2.4909.04.2021Mexico GovernmentInternational Bond 14EMTN

EUR 2.375%

500,000 584,383 0.3415.03.2024Nemak SAB de CV 17EUR 3.250%3,500,000 4,136,906 2.4121.08.2021Petroleos Mexicanos

17 EMTNEUR 2.500%

1,000,000 1,011,193 0.5915.03.2022Mexico GovernmentInternational Bond 12

USD 3.625%

6.4211,039,267Total - Mexico

600,000 637,500 0.3731.03.2020Bharti AirtelInternationalNetherlands BV 14

CHF 3.000%Netherlands


EUR 7.130%

2,000,000 2,372,675 1.3806.12.2021Cetin Finance BV 16EUR 1.423%1,000,000 1,221,002 0.7131.12.2099Cooperatieve

Centrale Raiffeisen-BoerenleenbankBA/Netherlands 15FRN

EUR 5.500%

1,300,000 1,567,519 0.9131.12.2099Koninklijke KPN NV13 FRN

EUR 6.130%

1,000,000 1,124,344 0.6525.07.2020Teva PharmaceuticalFinance NetherlandsII BV 16

EUR 0.375%


EUR 2.700%



USD 3.630%Oman

1.131,936,145Total - Oman

5,000,000 6,269,650 3.6530.01.2026Peruvian GovernmentInternational Bond 15

EUR 2.750%Peru

3.656,269,650Total - Peru


EUR 1.375%Portugal

1,500,000 1,857,262 1.0818.02.2019Infraestruturas dePortugal SA 09 EMTN

EUR 5.875%


EUR 3.850%


CHF

% of netassets*



EUR 4.950%


EUR 4.800%


EUR 2.200%


1,000,000 1,162,265 0.6815.07.2022Intrum Justitia AB 17FRN

EUR 2.625%Sweden

1,000,000 1,001,986 0.5831.12.2099SkandinaviskaEnskilda Banken AB17 FRN

USD 5.625%


1,000,000 1,136,663 0.6611.09.2022Banco Bilbao VizcayaArgentaria SA 17EMTN

EUR 0.750%Spain


EUR 3.500%

1.372,350,261Total - Spain


USD 5.500%Togo

0.601,023,734Total - Togo


EUR 3.375%Turkey

500,000 576,059 0.3404.05.2021Turkiye VakiflarBankasi TAO 16

EUR 2.375%

1,500,000 1,444,599 0.8410.10.2018Turkiye Is Bankasi 13USD 3.750%500,000 481,754 0.2815.04.2018Turkiye Vakiflar

Bankasi TAO 13EMTN

USD 3.750%


USD 5.625%



EUR 4.500%Tunisia




500,000 588,027 0.3415.03.2025Quintiles IMS Inc 17EUR 3.250%1,500,000 1,711,692 1.0002.06.2022Verizon


EUR 0.500%


USD 4.880%


USD 3.124%

60






CHF

% of netassets*


1,000,000 951,976 0.5501.09.2021Crown CastleInternational Corp 16

USD 2.250%


1,000,000 1,226,943 0.7120.11.2020Anglo AmericanCapital PLC 13 EMTN



EUR 6.000%

2,000,000 2,400,073 1.4023.03.2021Barclays PLC 16EMTN

EUR 1.875%


EUR 1.000%

2,000,000 2,299,005 1.3413.09.2021FCE Bank PLC 17EMTN

EUR 0.869%

1,000,000 1,233,810 0.7231.12.2099HSBC Holdings PLC14 FRN

EUR 5.250%

2,000,000 2,648,506 1.5324.03.2020Lloyds Bank PLC 10EMTN

EUR 6.500%

500,000 561,172 0.3322.09.2024National Grid GasFinance PLC 16EMTN

EUR 0.625%


EUR 6.750%

2,000,000 2,376,811 1.3809.04.2018Royal Bank ofScotland PLC/The 08EMTN

EUR 6.930%

1,500,000 1,918,907 1.1223.11.2022Standard CharteredPLC 12 EMTN

EUR 3.625%

900,000 1,050,593 0.6101.07.2019Tesco CorporateTreasury Services PLC14 EMTN

EUR 1.380%


EUR 1.250%

900,000 882,630 0.5115.12.2018Jaguar Land RoverAutomotive PLC 13

USD 4.130%


900,000 913,083 0.5325.01.2022Global Ports FinancePLC 16

USD 6.870%Cyprus


82.34141,577,326Total - Bonds

0.53913,083Total - Cyprus

1,750,000 1,741,445 1.0131.12.2099La Mondiale SAM 06FRN

EUR 5.110%


France


1,000,000 1,129,097 0.6628.05.2020America Movil SABde CV 15

EUR 0,000%Mexico



CHF

% of netassets*





2.374,077,160Total - Bonds



USD


Investment funds

Luxembourg





61

Vontobel Fund - Absolute Return Bond (EUR)







(9)


276Other assets


















Futures -317,760


Swaps -4,019,259

Options -192,827













Not

es


Cost

62
















Not

es


63






EUR

% of netassets*



USD 4.000%


Bonds

Egypt


500,000 436,164 0.4531.03.2020Bahrain GovernmentInternational Bond 10

USD 5.500%Bahrain


750,000 753,368 0.7808.06.2022Export-Import Bankof China/The 0.750%17-8.6.22 EMTN

EUR 0.750%China



EUR 1.250%France


EUR 2.880%

1,000,000 1,026,800 1.0631.12.2099TOTAL SA 16 FRNEMTN

EUR 2.708%

1,000,000 868,155 0.9031.12.2099AXA SA 13 EMTNUSD 5.500%500,000 469,434 0.4822.10.2023BPCE SA 13 EMTNUSD 5.700%400,000 339,783 0.3522.05.2022BPCE SA 17 EMTNUSD 3.000%


1,000,000 847,826 0.8805.04.2020ICBCIL Finance CoLtd 17 EMTN

USD 3.000%Hong Kong

0.88847,826Total - Hong Kong


EUR 2.630%Indonesia


EUR 2.150%



EUR 4.250%Ireland


EUR 1.250%


EUR 3.035%


EUR 4.032%



EUR

% of netassets*


1,550,000 1,341,339 1.3921.06.2018Israel Electric CorpLtd 13

USD 5.625%Israel



EUR 7.750%Italy


EUR 2.000%

2.842,750,405Total - Italy

1,000,000 855,429 0.8819.04.2022Daiwa SecuritiesGroup Inc 17

USD 3.129%Japan


3,000,000 2,501,388 2.5802.06.2021Qatar GovernmentInternational Bond 16

USD 2.380%Qatar

2.582,501,388Total - Qatar

500,000 444,487 0.4602.07.2018KazMunayGasNational Co JSC 08EMTN




USD 5.375%Kenya





EUR 1.380%

2,000,000 2,109,120 2.1815.11.2019Sberbank of RussiaVia SB Capital SA 14

EUR 3.352%



USD 5.250%Malaysia



EUR 4.500%Morocco



EUR 1.875%Mexico

400,000 409,184 0.4215.03.2024Nemak SAB de CV 17EUR 3.250%500,000 527,150 0.5415.03.2019Petroleos Mexicanos

16 EMTNEUR 3.750%

64






EUR

% of netassets*



EUR 2.500%

500,000 451,236 0.4726.05.2021Comision Federal deElectricidad 11

USD 4.875%


USD 3.625%




1,000,000 1,038,340 1.0706.12.2021Cetin Finance BV 16EUR 1.423%700,000 738,752 0.7631.12.2099Koninklijke KPN NV

13 FRNEUR 6.130%


EUR 2.700%



EUR 2.750%Peru

3.403,292,500Total - Peru


EUR 1.375%Portugal

1,500,000 1,625,565 1.6718.02.2019Infraestruturas dePortugal SA 09 EMTN

EUR 5.875%


EUR 4.950%


EUR 4.800%


1,000,000 1,017,270 1.0515.07.2022Intrum Justitia AB 17FRN

EUR 2.625%Sweden


500,000 497,431 0.5111.09.2022Banco Bilbao VizcayaArgentaria SA 17EMTN

EUR 0.750%Spain


EUR 3.500%

1.611,559,631Total - Spain


USD 5.500%Togo

0.83806,419Total - Togo


EUR 3.375%Turkey

500,000 421,461 0.4410.10.2018Turkiye Is Bankasi 13USD 3.750%500,000 421,654 0.4415.04.2018Turkiye Vakiflar

Bankasi TAO 13EMTN

USD 3.750%


EUR

% of netassets*



USD 5.625%



EUR 4.500%Tunisia




400,000 411,736 0.4315.03.2025Quintiles IMS Inc 17EUR 3.250%1,400,000 1,398,278 1.4402.06.2022Verizon


EUR 0.500%

1,000,000 828,598 0.8615.01.2023Apache Corp 12USD 2.630%2,000,000 1,718,025 1.7720.01.2023Bank of America Corp

17 FRNUSD 3.124%

1,000,000 843,940 0.8704.10.2019General MotorsFinancial Co Inc 16

USD 2.350%




2,000,000 2,100,659 2.1823.03.2021Barclays PLC 16EMTN

EUR 1.875%


EUR 1.000%

1,600,000 1,609,760 1.6613.09.2021FCE Bank PLC 17EMTN

EUR 0.869%

1,300,000 1,403,857 1.4531.12.2099HSBC Holdings PLC14 FRN

EUR 5.250%

1,000,000 982,330 1.0122.09.2024National Grid GasFinance PLC 16EMTN

EUR 0.625%


EUR 6.750%


EUR 1.250%

500,000 421,280 0.4416.09.2021BP Capital MarketsPLC 16

USD 2.112%


USD 4.130%


75.9973,580,455Total - Bonds


1,800,000 1,567,746 1.6231.12.2099La Mondiale SAM 06FRN

EUR 5.110%


France


65






EUR

% of netassets*


800,000 790,592 0.8228.05.2020America Movil SABde CV 15

EUR 0,000%Mexico





4.073,942,473Total - Bonds



USD


Investment funds

Luxembourg





66

Vontobel Fund - Absolute Return Bond Dynamic


654,201Cash at banks





(9)


3Other assets









Unrealised loss on swaps 64,505(9)


Audit fees, printing and publishing expenses 372


Subscription tax payable 804(4)






Net investment income 285,680



Futures -37,326


Swaps -737,306

Options -11,318





Net realised gain/loss on swaps 846,849(2)



Subscriptions of shares 961,402





Not

es


Cost

67



Net interest on bonds 372,594(2)


Net dividends -320

Total Income 513,854





Bank interest 3,561








Not

es


68






EUR

% of netassets*


100,000 67,373 0.6531.12.2038Argentine RepublicGovernmentInternational Bond 05

EUR 2.260%


Bonds

Argentina

100,000 99,812 0.9601.05.2020Provincia de BuenosAires/Argentina 06

EUR 3.000%

1.61167,185Total - Argentina

200,000 209,500 2.0201.04.2021Brazilian GovernmentInternational Bond 14

EUR 2.875%Brazil

100,000 101,894 0.9813.07.2022Votorantim CimentosSA 15

EUR 3.500%

3.00311,394Total - Brazil

100,000 107,943 1.0402.08.2021Bulgarian EnergyHolding EAD 16

EUR 4.875%Bulgaria

1.04107,943Total - Bulgaria




100,000 108,467 1.0431.12.2099Air France-KLM 15FRN

EUR 6.250%France

100,000 105,145 1.0104.09.2020Areva SA 13 EMTNEUR 3.250%100,000 110,713 1.0731.12.2099AXA SA 14 FRN

EMTNEUR 3.941%

100,000 106,199 1.0229.07.2021Bollore SA 15EUR 2.880%100,000 111,078 1.0731.12.2099Credit Agricole SA 14

FRNEUR 6.500%

100,000 113,351 1.0931.12.2099La Mondiale SAM 14FRN

EUR 5.050%

100,000 102,680 0.9931.12.2099TOTAL SA 16 FRNEMTN

EUR 2.708%

7.29757,633Total - France


EUR 2.150%Indonesia


200,000 234,440 2.2602.10.2043Aquarius &Investments PLC forZurich Insurance CoLtd 13 FRN EMTN

EUR 4.250%Ireland

100,000 101,242 0.9721.02.2018VnesheconombankVia VEB Finance PLC13

EUR 3.035%



EUR 7.750%Italy


EUR

% of netassets*


100,000 105,887 1.0218.06.2021Intesa Sanpaolo SpA14 EMTN

EUR 2.000%

2.24232,420Total - Italy

100,000 100,000 0.9615.05.2025Avis Budget FinancePlc 17

EUR 4.500%Jersey

0.96100,000Total - Jersey



100,000 104,406 1.0013.09.2023Glencore FinanceEurope SA 16 EMTN

EUR 1.875%



EUR 4.500%Morocco


EUR 3.500%



EUR 2.375%Mexico


EUR 1.625%

100,000 102,296 0.9815.03.2024Nemak SAB de CV 17EUR 3.250%300,000 318,942 3.0727.11.2020Petroleos Mexicanos

13EUR 3.130%


100,000 102,451 0.9918.03.2020MontenegroGovernmentInternational Bond 15

EUR 3.880%Montenegro

0.99102,451Total - Montenegro

200,000 213,104 2.0531.12.2099ABN AMRO Bank NV15 FRN



EUR 2.630%


350,000 384,125 3.7030.01.2026Peruvian GovernmentInternational Bond 15

EUR 2.750%Peru

3.70384,125Total - Peru

500,000 541,855 5.2118.02.2019Infraestruturas dePortugal SA 09 EMTN

EUR 5.875%Portugal

350,000 417,081 4.0125.10.2023Portugal Obrigacoesdo Tesouro OT 08

EUR 4.950%


EUR 4.750%

69






EUR

% of netassets*



EUR 4.800%


100,000 101,727 0.9815.07.2022Intrum Justitia AB 17FRN

EUR 2.625%Sweden


200,000 233,030 2.2431.12.2099Banco Bilbao VizcayaArgentaria SA 16 FRN

EUR 8.875%Spain

100,000 106,220 1.0215.02.2027CaixaBank SA 17 FRNEMTN

EUR 3.500%


300,000 330,675 3.1818.05.2020Turkey GovernmentInternational Bond 10

EUR 5.125%Turkey


EUR 3.375%


300,000 314,913 3.0322.06.2020Banque Centrale deTunisie InternationalBond 05 EMTN

EUR 4.500%Tunisia

3.03314,913Total - Tunisia

100,000 108,541 1.0515.06.2024Cemex Finance LLC16


100,000 102,934 0.9915.03.2025Quintiles IMS Inc 17EUR 3.250%


200,000 207,812 2.0011.11.2025Barclays PLC 15 FRNEMTN


200,000 215,978 2.0731.12.2099HSBC Holdings PLC14 FRN

EUR 5.250%

100,000 103,421 1.0007.02.2018OTE PLC 13 EMTNEUR 7.880%200,000 207,488 2.0025.03.2024Royal Bank of

Scotland Group PLC14 FRN EMTN

EUR 3.625%

100,000 102,170 0.9801.07.2019Tesco CorporateTreasury Services PLC14 EMTN

EUR 1.380%

200,000 226,151 2.1731.12.2099Nationwide BuildingSociety 14 FRNEMTN

GBP 6.880%


200,000 227,188 2.1904.11.2025Cyprus GovernmentInternational Bond 15EMTN

EUR 4.250%Cyprus


90.639,418,632Total - Bonds



EUR

% of netassets*


100,000 98,212 0.9530.06.2023Kleopatra Holdings 1SCA 17

EUR 8.500%


Bonds

Luxembourg





70

Vontobel Fund - Global Convertible Bond






(9)

















Net investment loss on investments -1,886,867



Futures 81,623


Options 808,568














Other income 3,481












Not

es


Cost

71






EUR

% of netassets*


15,000 254,100 0.17Carrefour SAEUR


Shares

France


40,000 533,602 0.36Teva PharmaceuticalIndustries Ltd ADR

USDIsrael


20,000 1,408,193 0.94Gilead Sciences IncUSDUnited States

5,000 859,870 0.57Illumina IncUSD20,000 644,966 0.43Newmont Mining

CorpUSD



2,000,000 1,861,469 1.2526.02.2018ENN Energy HoldingsLtd 13

USD 0,000%

Bonds

Cayman Islands

2,000,000 1,811,338 1.2107.07.2022SemiconductorManufacturingInternational Corp 16

USD 0,000%


500,000 603,950 0.4031.01.2020Fresenius MedicalCare AG & Co KGaA14

EUR 1.130%Germany

2,500,000 2,138,321 1.4309.03.2023BASF SE 17 EMTNUSD 0.925%


25,000 2,433,481 1.6301.04.2019Fonciere Des Regions13

EUR 0.880%France

4,000 1,211,756 0.8101.07.2021Unibail-Rodamco SE14

EUR 0,000%

10,000 560,540 0.3731.07.2019Wendel SA 16EUR 0,000%700,000 763,148 0.5127.06.2021Orange SA 17GBP 0.375%1,000,000 880,957 0.5910.01.2022Cie Generale des

EtablissementsMichelin 17

USD 0,000%

5,000,000 4,251,704 2.8402.12.2022TOTAL SA 15 EMTNUSD 0.500%400,000 363,472 0.2416.06.2021Valeo SA 16 EMTNUSD 0,000%1,000,000 936,597 0.6316.02.2022Vinci SA 17USD 0.375%

7.6211,401,655Total - France

120,000,000 986,932 0.6613.09.2019AEON FinancialService Co Ltd

JPY 0,000%Japan

150,000,000 1,155,346 0.7701.03.2019Asics Corp 14JPY 0,000%200,000,000 1,529,228 1.0225.03.2020Chugoku Electric

Power Co Inc/The 15JPY 0,000%

120,000,000 952,963 0.6417.09.2020Daio Paper Corp 15JPY 0,000%100,000,000 852,753 0.5721.12.2020DCM Holdings Co

LtdJPY 0,000%

100,000,000 818,714 0.5530.01.2024Ezaki Glico Co Ltd 17JPY 0,000%


EUR

% of netassets*


100,000,000 771,354 0.5213.03.2019GS Yuasa Corp 14JPY 0,000%120,000,000 961,767 0.6422.10.2020Iwatani Corp 15JPY 0,000%100,000,000 865,760 0.5817.06.2019Kansai Paint Co Ltd

16JPY 0,000%

40,000,000 321,745 0.2226.09.2018Kawasaki KisenKaisha Ltd 13

JPY 0,000%

100,000,000 773,525 0.5230.03.2021Keihan Holdings CoLtd 16

JPY 0,000%

100,000,000 764,698 0.5131.03.2021Kyoritsu MaintenanceCo Ltd

JPY 0,000%

70,000,000 570,446 0.3831.03.2022Kyushu Electric PowerCo Inc 17

JPY 0,000%

100,000,000 829,680 0.5529.03.2024Mitsubishi ChemicalHoldings Corp 17

JPY 0,000%

150,000,000 1,219,725 0.8211.12.2024Nagoya Railroad CoLtd 14

JPY 0,000%

80,000,000 715,871 0.4822.07.2019Osaka Soda Co LtdJPY 0,000%40,000,000 322,848 0.2226.04.2018Park24 Co Ltd 13JPY 0,000%100,000,000 770,827 0.5201.12.2021Resorttrust Inc 14JPY 0,000%130,000,000 995,955 0.6723.07.2020Sankyo Co Ltd 15JPY 0,000%20,000,000 161,062 0.1114.09.2022SBI Holdings

Inc/Japan 17JPY 0,000%

300,000,000 2,651,547 1.7630.09.2022Sony CorpJPY 0,000%100,000,000 789,459 0.5324.08.2018Sumitomo Forestry

Co Ltd 13JPY 0,000%

50,000,000 529,827 0.3531.03.2023Suzuki Motor Corp16

JPY 0,000%

80,000,000 613,219 0.4111.12.2018Takashimaya Co Ltd13

JPY 0,000%

100,000,000 869,948 0.5812.12.2018Teijin Ltd 14JPY 0,000%80,000,000 620,538 0.4103.12.2020Tohoku Electric

Power Co Inc 15JPY 0,000%

50,000,000 418,700 0.2819.12.2019Toppan Printing CoLtd 13

JPY 0,000%

80,000,000 738,627 0.4930.08.2019Toray Industries Inc14

JPY 0,000%

40,000,000 357,349 0.2425.09.2020Unicharm Corp 15JPY 0,000%100,000,000 882,367 0.5928.06.2019Yamada Denki Co Ltd

14JPY 0,000%

500,000 434,667 0.2911.10.2019Gunma Bank Ltd/The14

USD 0,000%

2,500,000 2,071,157 1.3825.04.2018Shizuoka BankLtd/The 13

USD 0,000%

18.2627,318,604Total - Japan

1,000,000 1,136,209 0.7624.07.2019Derwent LondonCapital No 2 JerseyLtd 13

GBP 1.130%Jersey


4,000,000 3,613,440 2.4217.09.2018America Movil BV 15EUR 5.500%Mexico


1,000,000 1,180,900 0.7927.03.2019ACS ActividadesFinance 2 BV 14


1,000,000 1,049,590 0.7001.07.2022Airbus Group SE 15EMTN

EUR 0,000%

1,000,000 1,168,140 0.7822.11.2019Bayer Capital CorpBV 16

EUR 5.625%

2,000,000 1,712,575 1.1402.12.2022Brenntag Finance BV15

USD 1.880%

1,400,000 1,390,956 0.9319.03.2019QIAGEN NV 14USD 0.380%

72






EUR

% of netassets*


5,000,000 4,932,753 3.3116.08.2019SiemensFinancieringsmaatschappij NV 15

USD 1.650%

1,000,000 903,230 0.6003.07.2024STMicroelectronicsNV 17

USD 0.250%


3,000,000 2,848,019 1.9020.09.2019Telenor East HoldingII AS 16 EMTN

USD 0.250%Norway


3,000,000 3,667,410 2.4530.01.2021Steinhoff FinanceHoldings GmbH 14

EUR 4.000%Austria


500,000 502,920 0.3428.09.2017Parpublica -Participacoes PublicasSGPS SA 10 EMTN

EUR 5.250%Portugal


20,000,000 2,367,953 1.5815.05.2019Industrivarden AB 14SEK 0,000%Sweden


2,600,000 2,269,957 1.5216.06.2023Swiss Prime Site AG16



700,000 841,568 0.5602.04.2019Magyar NemzetiVagyonkezelo Zrt 13

EUR 3.375%Hungary

0.56841,568Total - Hungary

3,000,000 2,604,239 1.7519.06.2024DP World Ltd 14USD 1.750%United Arab Emirates

1,000,000 844,167 0.5612.03.2018National Bank of AbuDhabi PJSC 13 EMTN

USD 1.000%


2,000,000 2,206,760 1.4802.11.2020National Grid NorthAmerica Inc 15 EMTN


3,000,000 4,327,958 2.8901.08.2039Intel Corp 09USD 3.250%


2,000,000 2,250,380 1.5025.01.2021Technip SA 16EUR 0.880%United Kingdom

2,000,000 2,466,854 1.6528.04.2023BP Capital MarketsPLC 16

GBP 1.000%

500,000 550,156 0.3721.11.2019J Sainsbury PLC 14GBP 1.250%


EUR

% of netassets*


1,000,000 1,065,544 0.7126.11.2020Vodafone Group PLC15 EMTN

GBP 0,000%


60.8691,037,015Total - Bonds


2,000,000 1,916,174 1.2829.01.2021China RailwayConstruction CorpLtd 16

USD 0,000%


China

1,000,000 879,477 0.5905.02.2021CRRC Corp Ltd 16USD 0,000%

1.872,795,651Total - China

1,000,000 775,111 0.5214.06.2023Carrefour SA 17USD 0,000%France


60,000,000 618,876 0.4125.03.2021Fuji MachineManufacturing CoLtd 16

JPY 0,000%Japan

100,000,000 804,507 0.5430.08.2019HIS Co Ltd 14JPY 0,000%100,000,000 778,217 0.5218.06.2020Iida Group Holdings

Co Ltd 15JPY 0,000%

150,000,000 1,320,674 0.8931.03.2021Kandenko Co Ltd 16JPY 0,000%100,000,000 797,422 0.5304.03.2022LIXIL Group Corp 15JPY 0,000%120,000,000 1,005,915 0.6719.03.2018Makino Milling

Machine Co Ltd 13JPY 0,000%

100,000,000 852,118 0.5730.12.2021Mirait Holdings Corp16

JPY 0,000%

105,000,000 804,120 0.5402.08.2018Nikkiso Co Ltd 13JPY 0,000%100,000,000 877,835 0.5929.01.2021Nipro Corp 16JPY 0,000%100,000,000 913,647 0.6126.07.2018Paramount Bed

Holdings Co Ltd 13JPY 0,000%

100,000,000 819,035 0.5528.12.2018Press Kogyo Co Ltd13

JPY 0,000%

80,000,000 659,758 0.4428.03.2022Senko GroupHoldings Co Ltd 17

JPY 0,000%

100,000,000 833,028 0.5616.10.2020Shimizu Corp 15JPY 0,000%100,000,000 889,382 0.5904.12.2019Terumo Corp 14JPY 0,000%100,000,000 845,401 0.5730.12.2019Toho Holdings Co Ltd

14JPY 0,000%

1,000,000 889,410 0.5920.09.2019NHK Spring Co Ltd14

USD 0,000%

9.1713,709,345Total - Japan

700,000 640,990 0.4321.10.2023Steinhoff FinanceHolding GmbH 16

EUR 1.250%Austria

0.43640,990Total - Austria

3,000,000 2,544,930 1.7027.03.2022Aabar InvestmentsPJSC 15 EMTN



73






EUR

% of netassets*


1,400,000 1,387,683 0.9315.04.2019Citrix Systems Inc 14USD 0.500%United States

2,000,000 1,796,753 1.2015.06.2019Illumina Inc 14USD 0,000%2,500,000 2,833,670 1.8815.12.2035Intel Corp 06USD 3.482%2,000,000 1,809,446 1.2115.07.2019Macquarie

Infrastructure Corp14

USD 2.880%

850,000 860,967 0.5815.08.2044Molina Healthcare Inc14

USD 1.630%

2,000,000 1,939,995 1.3015.09.2021Priceline GroupInc/The 14

USD 0.900%

750,000 713,367 0.4815.12.2020RPM International Inc13

USD 2.250%


21.2731,807,908Total - Bonds


3,000,000 3,050,088 2.0401.12.2019NXP SemiconductorsNV 14

USD 1.000%


Bonds

Netherlands


300,000 278,198 0.1915.09.2021Dycom Industries Inc15


500,000 586,483 0.3901.10.2044Euronet WorldwideInc 14

USD 1.500%

350,000 355,476 0.2415.03.2021NuVasive Inc 16USD 2.250%450,000 493,399 0.3301.07.2019Palo Alto Networks

Inc 14USD 0,000%

2,000,000 2,533,704 1.6901.10.2019Red Hat Inc 14USD 0.250%


4.887,297,348Total - Bonds



74

Vontobel Fund - Emerging Markets Local Currency Bond
















Audit fees, printing and publishing expenses -1,680










Futures 12,242


Options 417,531

















Bank interest 8,454







Not

es


Cost

75






USD

% of netassets*


70,000,000 4,086,958 3.3231.05.2022Provincia de BuenosAires/Argentina 17FRN

ARS 25.393%


Bonds

Argentina


2,500 2,532,888 2.0615.08.2022Brazil Notas doTesouro NacionalSerie B 11

BRL 18.100%Brazil

16,000 5,121,352 4.1601.01.2018Brazil Notas doTesouro NacionalSerie F 12

BRL 10.000%

300 97,072 0.0801.01.2023Brazil Notas doTesouro NacionalSerie F 12

BRL 9.820%


500,000,000 846,732 0.6901.01.2020Bonos de la Tesoreriade la Republica enpesos 10

CLP 6.000%Chile

50,000,000 84,582 0.0705.08.2020Chile GovernmentInternational Bond 10

CLP 5.500%

0.76931,314Total - Chile

100,000,000 1,663,555 1.3511.06.2022India GovernmentBond 12

INR 8.150%India

1.351,663,555Total - India

30,000,000,000 2,486,054 2.0215.09.2026Indonesia TreasuryBond 10

IDR 8.380%Indonesia


IDR 7.000%


IDR 7.000%


IDR 6.130%

1,000,000,000 69,821 0.0615.05.2033Indonesia TreasuryBond 12

IDR 6.630%

1,000,000,000 64,689 0.0515.04.2042Indonesia TreasuryBond 12

IDR 6.380%


IDR 9.000%



RUB 8.300%Ireland


250,000,000 90,761 0.0714.04.2021ColombiaGovernmentInternational Bond 10

COP 7.750%Colombia

3,000,000,000 1,055,935 0.8604.05.2022Colombian TES 12COP 7.000%1,750,000 1,699,355 1.3828.05.2045Ecopetrol SA 14USD 5.880%



USD

% of netassets*


6,500,000 2,050,675 1.6714.03.2018Cosan LuxembourgSA 13

BRL 9.500%Luxembourg


200,000 1,454,600 1.1820.11.2036Mexican Bonos 06MXN 10.000%Mexico

300,000 1,524,214 1.2412.11.2026Petroleos Mexicanos14

MXN 7.470%


800,000 837,168 0.6808.03.2047Oman GovernmentInternational Bond 17

USD 6.500%Oman

0.68837,168Total - Oman

5,000,000 1,711,861 1.3912.08.2037Peru GovernmentBond 07

PEN 6.900%Peru

4,000,000 1,390,183 1.1312.08.2031Peru GovernmentBond 08

PEN 6.950%

2.523,102,044Total - Peru


PLN 2.500%Poland


PLN 2.000%


PLN 2.500%

6.918,510,383Total - Poland

1,400,000 1,773,732 1.4429.10.2035RomanianGovernmentInternational Bond 15EMTN

EUR 3.880%Romania


RON 5.950%


RON 5.600%



RUB 7.600%Russia


RUB 7.000%


RUB 7.050%

35,000,000 602,303 0.4910.03.2018Russian Foreign Bond- Eurobond 11

RUB 7.850%


2,350,000 2,084,251 1.6901.01.2026SeychellesInternational Bond 10

USD 7.000%Seychelles Islands

1.692,084,251Total - Seychelles Islands

40,000,000 3,076,720 2.5015.01.2020South AfricaGovernment Bond 05

ZAR 7.250%South Africa

76






USD

% of netassets*



ZAR 8.880%


ZAR 10.500%

6.908,497,606Total - South Africa

80,000,000 2,673,747 2.1725.06.2032Thailand GovernmentBond 12

THB 3.780%Thailand

80,000,000 2,354,847 1.9112.03.2028Thailand GovernmentBond 13

THB 1.250%

4.085,028,594Total - Thailand


USD 5.000%Togo

0.50620,352Total - Togo


TRY 2.000%Turkey


TRY 6.300%


TRY 8.300%


TRY 8.500%


TRY 10.600%

11.1613,746,866Total - Turkey

500,000,000 2,440,094 1.9824.06.2022Hungary GovernmentBond 11

HUF 7.000%Hungary

400,000,000 1,882,428 1.5324.06.2025Hungary GovernmentBond 14

HUF 5.500%


76.6294,346,397Total - Bonds

3.514,322,522Total - Hungary

8,000,000 433,182 0.3509.05.2022YPF SA 17ARS 16.500%


Argentina

104,000,000 5,631,367 4.5809.05.2022YPF SA 17 EMTNARS 16.500%


500,000 549,180 0.4506.02.2024Bermuda GovernmentInternational Bond 13

USD 4.850%Bermuda Islands

0.45549,180Total - Bermuda Islands


BRL 10.000%Brazil


USD

% of netassets*



BRL 10.000%


2,855,700,000 1,038,991 0.8418.09.2030Colombian TES 15COP 7.750%Colombia

2,800,000 3,210,900 2.6115.01.2035Fideicomiso PAPacifico Tres 16

USD 8.250%


8,000,000 1,898,664 1.5415.04.2030Malaysia GovernmentBond 10

MYR 4.500%Malaysia


MYR 3.960%


MYR 3.800%


95,000,000 1,483,021 1.2025.06.2032Russian Railways JSC12 FRN

RUB 9.400%Russia


20.6325,394,150Total - Bonds



77

Vontobel Fund - Swiss Mid and Small Cap Equity




857Other assets










Other liabilities 25








Net realised gain/loss on currency exchange -98(2)







Income Net dividends 2,759,297












Not

es


Cost

78

Vontobel Fund - Swiss Mid and Small Cap Equity





CHF

% of netassets*


130,000 8,976,500 3.64ams AGCHF


Shares

Austria

575,000 3,151,000 1.28KTM Industries AGCHF


325,000 5,573,750 2.26AFG Arbonia-ForsterHolding AG

CHFSwitzerland

160,000 4,835,200 1.96Aryzta AGCHF58,500 8,932,950 3.63Baloise Holding AGCHF1,300 4,894,500 1.99Belimo Holding AGCHF105,000 5,848,500 2.37BKW AGCHF16,500 5,564,625 2.26Bucher Industries AGCHF15,000 1,989,000 0.81Burkhalter Holding

AGCHF

50,000 1,877,500 0.76Calida Holding AGCHF76,000 6,346,000 2.58Cembra Money Bank

AGCHF

1,375 7,562,500 3.07ChocoladefabrikenLindt & Spruengli AG

CHF

370,000 8,561,800 3.48Clariant AGCHF25,000 3,757,500 1.53Daetwyler Holding

AGCHF

45,000 6,651,000 2.70Dufry AGCHF5,700 3,650,850 1.48Emmi AGCHF5,500 3,605,250 1.46EMS-Chemie Holding

AGCHF

12,500 1,501,250 0.61Feintool InternationalHolding AG

CHF

19,000 4,465,000 1.81Flughafen ZuerichAG

CHF

3,150 4,592,700 1.86Forbo Holding AGCHF105,000 4,872,000 1.98Galenica AGCHF300,000 4,425,000 1.80GAM Holding AGCHF8,560 2,251,280 0.91HOCHDORF Holding

AGCHF

31,500 1,790,775 0.73Huber + Suhner AGCHF31,390 2,052,906 0.83Implenia AGCHF3,350 4,107,100 1.67Interroll Holding AGCHF77,000 13,374,900 5.42Kuehne + Nagel

International AGCHF

215,000 7,331,500 2.98LogitechInternational SA

CHF

23,000 1,817,000 0.74MCH Group AGCHF820 3,247,200 1.32Metall Zug AGCHF133,591 3,787,305 1.54Molecular Partners

AGCHF

520,000 6,968,000 2.83OC Oerlikon CorpAG

CHF

20,500 12,751,000 5.17Partners GroupHolding AG

CHF

78,500 16,123,900 6.54Schindler Holding AGCHF29,000 3,166,800 1.29SFS Group AGCHF63,000 10,212,300 4.14Sonova Holding AGCHF11,500 7,066,750 2.87Straumann Holding

AGCHF

36,000 3,816,000 1.55Sulzer AGCHF70,000 5,754,000 2.34Sunrise

CommunicationsGroup AG

CHF

104,000 7,732,400 3.14Swatch GroupAG/The

CHF


CHF

% of netassets*


82,000 7,757,200 3.15Temenos Group AGCHF52,500 6,441,750 2.62VAT Group AGCHF75,000 7,267,500 2.95Vifor Pharma AGCHF

246,451,941 100.05Total - Transferable securities admitted to an officialexchange

246,451,941 100.05Total - Shares


246,451,941 100.05Total - Investment in securities

79

Vontobel Fund - European Mid and Small Cap Equity





97,396Other assets























Income Net dividends 2,477,818

Other income 856












Not

es


Cost

80

Vontobel Fund - European Mid and Small Cap Equity





EUR

% of netassets*


35,000 2,864,400 1.91Barco NVEUR


Shares

Belgium


115,000 3,955,425 2.64Aareal Bank AGEURGermany

220,000 2,708,200 1.81alstria office REIT-AGEUR35,000 2,627,450 1.75Aurubis AGEUR60,000 3,456,600 2.31CANCOM SEEUR70,000 2,795,450 1.86Datagroup SEEUR130,000 2,713,100 1.81Elmos Semiconductor

AGEUR

30,000 2,486,700 1.66Fraport AG FrankfurtAirport ServicesWorldwide

EUR

115,000 3,226,900 2.15Freenet AGEUR65,000 4,922,451 3.29GRENKE AGEUR130,000 3,199,950 2.13Jenoptik AGEUR450,000 2,674,350 1.78MLP SEEUR350,000 2,097,900 1.40MPC Muenchmeyer

Petersen Capital AGEUR

20,000 2,153,000 1.44Wacker Chemie AGEUR


70,000 3,542,000 2.36Cargotec OyjEURFinland

115,000 2,702,500 1.80Cramo OYJEUR125,000 2,872,500 1.92Ferratum OyjEUR


80,000 2,546,800 1.70Plastic Omnium SAEURFrance


700,000 3,442,600 2.30Dalata Hotel GroupPLC

EURIreland

750,000 1,080,000 0.72Green REIT plcEUR1,000,000 1,428,000 0.95Hibernia REIT plcEUR950,000 1,681,500 1.12IFG Group PLCEUR115,000 3,737,500 2.50Kingspan Group PLCEUR460,000 2,953,200 1.97Origin Enterprises

PLCEUR

45,000 3,435,971 2.29DCC PLCGBP1,500,000 3,332,737 2.22Greencore Group

PLCGBP

250,000 437,591 0.29IFG Group PLCGBP325,000 2,948,253 1.97UDG Healthcare PLCGBP


130,000 2,737,800 1.83MARR SpAEURItaly

1.832,737,800Total - Italy


EUR

% of netassets*


110,000 1,685,750 1.12SAF-Holland SAEURLuxembourg


80,000 2,990,000 1.99Aalberts IndustriesNV

EURNetherlands

175,000 3,193,750 2.13Arcadis NVEUR65,000 2,321,475 1.55Kendrion NVEUR


15,000 1,987,500 1.33Lenzing AGEURAustria

265,000 4,503,675 3.00ST&T AGEUR


85,000 2,250,676 1.50Beijer Ref ABSEKSweden

350,000 2,445,433 1.63Dometic Group ABSEK230,000 2,485,864 1.66Inwido ABSEK190,000 3,424,241 2.28Lundin Petroleum ABSEK

7.0710,606,214Total - Sweden

190,000 3,848,118 2.57Clariant AGCHFSwitzerland

9,000 4,899,641 3.26Partners GroupHolding AG

CHF


97,300 2,784,022 1.86XP Power LtdGBPSingapore

1.862,784,022Total - Singapore

115,000 2,403,039 1.60AVEVA Group PLCGBPUnited Kingdom

1,500,000 3,670,076 2.46Biffa PLCGBP300,000 3,108,387 2.07Bodycote PLCGBP600,000 2,116,695 1.41Draper Esprit PLCGBP1,800,000 3,214,059 2.14Hollywood Bowl

Group PLCGBP

2,500,000 3,132,231 2.09IP Group PLCGBP158,634 2,021,899 1.35Kier Group PLCGBP600,000 2,493,863 1.66Midwich Group PLCGBP750,000 2,658,061 1.77N Brown Group PLCGBP


96.31144,399,283Total - Shares



81

Vontobel Fund - Japanese Equity









Liabilities Payable for redemptions 3,204,540














Increase/Decrease in net assets resulting from operations 1,359,761,720










Audit fees, printing and publishing expenses 1,962,250




(8) Other Fees payable 1,356,753





Not

es

JPYThe accompanying notes form an essential part of these financial statements.

Cost

82

Vontobel Fund - Japanese Equity





JPY

% of netassets*


54,800 244,956,000 2.95ChugaiPharmaceutical CoLtd

JPY


Shares

Japan

146,400 259,128,000 3.12Dai-ichi LifeInsurance CoLtd/The

JPY

32,100 352,939,500 4.25Daikin Industries LtdJPY63,600 339,369,600 4.09Denso CorpJPY78,300 326,902,500 3.94Don Quijote

Holdings Co LtdJPY

13,100 279,554,000 3.37FANUC CorpJPY118,500 365,098,500 4.40Honda Motor Co LtdJPY32,900 221,746,000 2.67Horiba LtdJPY144,900 260,240,400 3.13ITOCHU CorpJPY77,800 292,839,200 3.53Japan Tobacco IncJPY119,200 210,626,400 2.54JGC CorpJPY103,700 292,537,700 3.52MISUMI Group IncJPY225,100 366,237,700 4.41Mitsubishi Electric

CorpJPY

597,200 402,572,520 4.84Mitsubishi UFJFinancial Group Inc

JPY

94,900 225,672,200 2.72Mitsui Fudosan CoLtd

JPY

33,000 411,180,000 4.94Nidec CorpJPY31,600 306,456,800 3.69Nitto Denko CorpJPY24,500 202,345,500 2.44Oriental Land Co

Ltd/JapanJPY

57,600 245,088,000 2.95Pigeon CorpJPY46,900 223,244,000 2.69SCSK CorpJPY29,600 264,091,200 3.18SoftBank Group CorpJPY92,200 399,871,400 4.82Sony CorpJPY174,300 300,144,600 3.61Sumitomo Electric

Industries LtdJPY

756,000 320,544,000 3.86Taiheiyo CementCorp

JPY

171,600 220,162,800 2.65Taiyo Nippon SansoCorp

JPY

277,700 290,751,900 3.50Toray Industries IncJPY15,200 198,968,000 2.40Tsuruha Holdings IncJPY29,400 234,935,400 2.83West Japan Railway

CoJPY


97.048,058,203,820Total - Shares

97.048,058,203,820Total - Japan


83

Vontobel Fund - mtx China Leaders

















Other liabilities 680,010








Net realised gain/loss on forward foreign exchange contracts -270(2)














Bank interest 5,210







Not

es


Cost

84

Vontobel Fund - mtx China Leaders





USD

% of netassets*


2,074,000 5,366,862 3.17Brilliance ChinaAutomotive HoldingsLtd

HKD


Shares

Bermuda Islands

1,134,000 3,999,529 2.36China Resources GasGroup Ltd

HKD

5.539,366,391Total - Bermuda Islands

306,000 5,579,973 3.30AAC TechnologiesHoldings Inc

HKDCayman Islands

1,032,000 4,061,786 2.40ANTA SportsProducts Ltd

HKD

1,965,502 6,140,999 3.63China ResourcesLand Ltd

HKD

1,875,000 4,609,916 2.72Geely AutomobileHoldings Ltd

HKD

396,800 16,682,235 9.84Tencent Holdings LtdHKD92,900 15,909,125 9.40Alibaba Group

Holding Ltd ADRUSD

14,700 4,050,879 2.39NetEase Inc ADRUSD


767,765 3,743,670 2.21Hangzhou HikvisionDigital TechnologyCo Ltd

CNYChina

471,703 1,490,921 0.88Zhengzhou YutongBus Co Ltd

CNY

9,018,000 4,747,819 2.80Bank of China LtdHKD11,882,000 10,415,984 6.15China Construction

Bank CorpHKD

1,817,000 5,827,943 3.44China Life InsuranceCo Ltd

HKD

1,118,200 5,265,549 3.11China PacificInsurance Group CoLtd

HKD

8,202,000 6,278,173 3.71China Petroleum &Chemical Corp

HKD

1,837,700 5,506,861 3.25China Vanke Co LtdHKD3,882,000 2,703,577 1.60Chongqing Rural

Commercial Bank CoLtd

HKD

10,848,000 8,123,328 4.80Industrial &Commercial Bank ofChina Ltd

HKD

2,008,000 3,771,966 2.23PICC Property &Casualty Co Ltd

HKD

1,355,500 10,765,329 6.37Ping An InsuranceGroup Co of ChinaLtd

HKD

322,000 4,616,740 2.73Sunny OpticalTechnology GroupCo Ltd

HKD

514,200 2,690,746 1.59Zhuzhou CSR TimesElectric Co Ltd

HKD

31,500 7,052,220 4.16Baidu Inc ADRUSD16,400 1,300,684 0.77New Oriental

Education &Technology GroupInc ADR

USD

49.8084,301,510Total - China


USD

% of netassets*


972,000 3,397,115 2.01China Overseas Land& Investment Ltd

HKDHong Kong

3,036,000 4,484,833 2.64GuangdongInvestment Ltd

HKD

93.66158,584,762Total - Shares


297,300 2,822,685 1.67Dong-E-E-Jiao CoLtd 16

USD

Options, Warrants, Rights

United Kingdom

179,000 576,595 0.34Zhengzhou YutongBus Co Ltd 16

USD


2.013,399,280Total - Options, Warrants, Rights


520,900 3,308,236 1.95Midea Group Co Ltd17

USD



United Kingdom





85

Vontobel Fund - European Equity








(9)

519,977Other assets




























Other income 380,201












Not

es


Cost

86

Vontobel Fund - European Equity





EUR

% of netassets*


177,445 17,659,327 2.99Anheuser-BuschInBev SA/NV

EUR


Shares

Belgium

71,520 6,115,675 1.03Groupe BruxellesLambert SA

EUR


155,489 10,693,188 1.81Coloplast A/SDKKDenmark


235,364 18,476,074 3.13Fresenius MedicalCare AG & Co KGaA

EURGermany

73,094 5,895,031 1.00HeidelbergCementAG

EUR

266,345 23,464,995 3.96SAP SEEUR


113,529 11,642,399 1.97Air Liquide SAEURFrance

463,222 5,975,564 1.01ALD SAEUR308,999 6,172,255 1.04Bureau Veritas SAEUR131,860 13,983,753 2.37Essilor International

SAEUR

22,792 10,126,486 1.71Hermes InternationalEUR49,080 8,704,338 1.47L'Oreal SAEUR31,280 6,889,420 1.17LVMH Moet

Hennessy LouisVuitton SE

EUR

51,858 5,953,298 1.01Pernod Ricard SAEUR88,043 8,630,855 1.46Sodexo SAEUR93,570 10,816,692 1.83TeleperformanceEUR36,080 7,704,884 1.30Unibail-Rodamco SEEUR184,888 14,301,086 2.43Vinci SAEUR

18.77110,901,030Total - France

1,888,577 9,454,216 1.60Allied Irish Banks PLCEURIreland

164,601 12,145,908 2.05Paddy Power PLCEUR117,629 8,981,551 1.52DCC PLCGBP192,474 21,169,065 3.58Accenture PLCUSD


223,466 3,910,655 0.66Reinet InvestmentsSCA

EURLuxembourg


265,852 6,258,156 1.06ABN AMRO GroupNV

EURNetherlands

133,869 11,797,875 2.00Heineken NVEUR1,011,069 17,830,202 3.02RELX NVEUR671,390 33,576,214 5.67Unilever NVEUR



EUR

% of netassets*


472,636 5,935,120 1.00SvenskaHandelsbanken AB

SEKSweden

361,906 8,217,058 1.39Swedbank ABSEK

2.3914,152,178Total - Sweden

86,494 5,950,315 1.01DKSH Holding AGCHFSwitzerland

383,940 27,337,091 4.62Nestle SACHF45,004 3,060,579 0.52Pargesa Holding SACHF101,450 21,621,331 3.66Roche Holding AGCHF407,859 5,640,252 0.95UBS Group AGCHF


102,072 16,744,911 2.83Aena SAEURSpain

232,042 12,082,427 2.04Amadeus IT HoldingSA

EUR

417,394 7,195,873 1.22Grifols SAEUR395,895 9,402,506 1.59Grifols SAEUR

7.6845,425,717Total - Spain

302,715 29,772,449 5.03Philip MorrisInternational Inc

USDUnited States

14,597 22,739,349 3.85Priceline GroupInc/The

USD


641,261 33,575,913 5.69British AmericanTobacco PLC

GBPUnited Kingdom

237,119 6,661,274 1.13Diageo PLCGBP3,240,952 9,498,067 1.61Domino's Pizza

Group PLCGBP

355,755 28,270,236 4.78Reckitt BenckiserGroup PLC

GBP


96.77572,033,913Total - Shares



87

Vontobel Fund - US Equity









Liabilities Bank overdraft 1
































Bank interest 365







Not

es


Cost

88

Vontobel Fund - US Equity





USD

% of netassets*


597,853 48,198,909 2.51Medtronic PLCUSD


Shares

Ireland


728,816 37,125,887 1.94Abbott LaboratoriesUSDUnited States

185,680 28,810,109 1.50Adobe Systems IncUSD873,116 35,483,434 1.85Air Lease CorpUSD125,539 22,187,763 1.16Align Technology IncUSD93,489 87,817,022 4.58Alphabet IncUSD429,652 27,239,937 1.42Altria Group IncUSD71,106 69,726,544 3.64Amazon.com IncUSD311,754 46,155,180 2.41American Tower

CorpUSD

60,694 4,912,572 0.26Amphenol CorpUSD145,554 29,029,290 1.51Becton Dickinson and

CoUSD

256 69,491,200 3.62Berkshire HathawayInc

USD

1,385,513 38,170,883 1.99Boston ScientificCorp

USD

380,219 40,082,687 2.09Casey's GeneralStores Inc

USD

104,846 13,189,627 0.69CME Group Inc/ILUSD834,179 37,996,853 1.98Coca-Cola Co/TheUSD390,641 41,794,681 2.18Estee Lauder Cos

Inc/TheUSD

235,100 3,848,587 0.20Etsy IncUSD333,920 57,424,222 2.99Facebook IncUSD45,171 4,383,846 0.23First Republic

Bank/CAUSD

96,939 16,836,366 0.88Henry Schein IncUSD253,026 37,921,007 1.98Home Depot Inc/TheUSD69,396 9,496,843 0.50International Flavors

& Fragrances IncUSD

635,071 51,281,983 2.67Kraft Heinz Co/TheUSD708,429 44,071,368 2.30Las Vegas Sands

CorpUSD

82,649 12,220,481 0.64M&T Bank CorpUSD94,654 20,065,701 1.05Martin Marietta

Materials IncUSD

722,857 96,356,838 5.02Mastercard IncUSD583,032 43,593,303 2.27Microsoft CorpUSD71,713 9,611,693 0.50Moody's CorpUSD850,718 44,926,418 2.34NIKE IncUSD207,348 40,667,163 2.12O'Reilly Automotive

IncUSD

482,065 29,733,769 1.55PayPal Holdings IncUSD575,914 66,650,527 3.48PepsiCo IncUSD520,913 60,910,357 3.18Philip Morris

International IncUSD

246,834 30,955,452 1.61PNC FinancialServices GroupInc/The

USD


USD

803,404 44,074,743 2.30Starbucks CorpUSD465,725 33,671,918 1.76TJX Cos Inc/TheUSD310,273 61,713,300 3.22UnitedHealth Group

IncUSD

941,522 97,466,356 5.07Visa IncUSD


USD

% of netassets*


377,041 38,156,549 1.99Walt Disney Co/TheUSD716,838 36,608,917 1.91Wells Fargo & CoUSD581,593 36,465,881 1.90Zoetis IncUSD

88.781,702,484,548Total - United States

924,718 57,471,224 3.00British AmericanTobacco PLC ADR

USDUnited Kingdom

860,047 33,412,826 1.74Nielsen Holdings PLCUSD


96.031,841,567,507Total - Shares



89

Vontobel Fund - Global Equity






134,479Other assets




































Bank interest 701







Not

es


Cost

90






USD

% of netassets*



EUR


Shares

Belgium


4,390,505 27,484,561 1.15Ambev SA ADRUSDBrazil

1.1527,484,561Total - Brazil

1,120,348 47,096,055 1.97Tencent Holdings LtdHKDCayman Islands

366,035 62,862,851 2.62Alibaba GroupHolding Ltd ADR

USD


568,297 59,524,616 2.49SAP SEEURGermany


3,526,847 98,007,577 4.10HDFC Bank LtdINRIndia

2,295,466 63,804,880 2.66HousingDevelopmentFinance Corp Ltd

INR

6.76161,812,457Total - India

3,971,616 23,637,602 0.99Allied Irish Banks PLCEURIreland

612,516 53,735,374 2.24Paddy Power PLCEUR521,055 42,007,454 1.75Medtronic PLCUSD


1,463,180 69,590,751 2.91AlimentationCouche-Tard Inc

CADCanada

2.9169,590,751Total - Canada

312,231 31,241,834 1.30Fomento EconomicoMexicano SAB de CVADR

USDMexico

1.3031,241,834Total - Mexico

1,794,930 37,632,954 1.57RELX NVEURNetherlands

1,008,230 59,946,219 2.50Unilever NVEUR


576,830 48,829,483 2.04Nestle SACHFSwitzerland

159,091 40,310,789 1.68Roche Holding AGCHF



USD

% of netassets*


153,021 34,624,421 1.45Naspers LtdZARSouth Africa


1,303,224 48,180,191 2.01TaiwanSemiconductorManufacturing CoLtd ADR

USDTaiwan

2.0148,180,191Total - Taiwan


123,127 115,656,886 4.83Alphabet IncUSD543,003 34,426,390 1.44Altria Group IncUSD89,028 87,300,857 3.65Amazon.com IncUSD271,504 40,196,167 1.68American Tower

CorpUSD

359,503 65,127,563 2.72Berkshire HathawayInc

USD

272,551 28,732,326 1.20Casey's GeneralStores Inc

USD

699,377 31,856,622 1.33Coca-Cola Co/TheUSD346,329 59,558,198 2.49Facebook IncUSD100,366 14,840,117 0.62M&T Bank CorpUSD95,542 20,253,949 0.85Martin Marietta

Materials IncUSD

823,518 109,774,950 4.58Mastercard IncUSD1,099,991 58,090,525 2.43NIKE IncUSD162,006 31,774,237 1.33O'Reilly Automotive

IncUSD

599,897 37,001,647 1.55PayPal Holdings IncUSD635,723 74,335,090 3.10Philip Morris


130,167 16,324,243 0.68PNC FinancialServices GroupInc/The

USD


USD

761,546 41,778,414 1.74Starbucks CorpUSD493,634 35,689,738 1.49TJX Cos Inc/TheUSD322,966 64,237,937 2.68UnitedHealth Group

IncUSD

1,016,267 105,203,960 4.39Visa IncUSD231,803 23,458,464 0.98Walt Disney Co/TheUSD780,478 39,859,011 1.66Wells Fargo & CoUSD

51.171,225,391,196Total - United States

1,445,473 89,980,479 3.75British AmericanTobacco PLC

GBPUnited Kingdom


GBP

91






USD

% of netassets*




96.672,315,144,651Total - Shares



92

Vontobel Fund - Global Equity Income







43,487Other assets





























Other income 46,357





Bank interest 668







Not

es


Cost

93






USD

% of netassets*


354,790 2,220,985 3.21Ambev SA ADRUSD


Shares

Brazil


3,820 1,053,709 1.52NetEase Inc ADRUSDCayman Islands


8,748 715,256 1.03Coloplast A/SDKKDenmark


16,851 1,765,009 2.55SAP SEEURGermany


11,203 1,305,686 1.89Sodexo SAEURFrance

5,064 1,285,697 1.86Unibail-Rodamco SEEUR


184,495 1,522,835 2.20Link REITHKDHong Kong


688,869 516,307 0.75MatahariDepartment StoreTbk PT

IDRIndonesia


12,086 974,373 1.41Medtronic PLCUSDIreland


7,633 1,351,344 1.95Daito TrustConstruction Co Ltd

JPYJapan

1.951,351,344Total - Japan

14,910 1,203,741 1.74Canadian NationalRailway Co

CADCanada


1,038,128 2,533,757 3.66Wal-Mart de MexicoSAB de CV

MXNMexico


39,292 1,099,654 1.59ABN AMRO GroupNV

EURNetherlands

64,094 3,810,829 5.51Unilever NVEUR



USD

% of netassets*


44,315 1,586,756 2.29Bank Pekao SAPLNPoland


62,662 935,518 1.35SvenskaHandelsbanken AB

SEKSweden

60,145 1,623,549 2.35Swedbank ABSEK


16,348 1,383,882 2.00Nestle SACHFSwitzerland

6,418 1,626,204 2.35Roche Holding AGCHF55,589 913,951 1.32UBS Group AGCHF


5,084 991,579 1.43Aena SAEURSpain


256,038 1,836,802 2.66TaiwanSemiconductorManufacturing CoLtd

TWDTaiwan

2.661,836,802Total - Taiwan


15,859 1,005,461 1.45Altria Group IncUSD8,197 1,213,566 1.75American Tower

CorpUSD

10,203 1,283,537 1.86CME Group Inc/ILUSD48,847 2,224,981 3.22Coca-Cola Co/TheUSD11,172 1,195,292 1.73Estee Lauder Cos

Inc/TheUSD

11,910 986,505 1.43Genuine Parts CoUSD37,466 2,330,760 3.37Las Vegas Sands

CorpUSD

9,171 1,356,024 1.96M&T Bank CorpUSD16,700 2,226,110 3.22Mastercard IncUSD19,430 2,248,634 3.25PepsiCo IncUSD22,360 2,614,556 3.77Philip Morris


20,531 1,126,331 1.63Starbucks CorpUSD22,642 1,156,327 1.67Wells Fargo & CoUSD


52,027 3,238,673 4.68British AmericanTobacco PLC

GBPUnited Kingdom

278,622 970,786 1.40Domino's PizzaGroup PLC

GBP

2,036,386 1,674,627 2.42Lloyds BankingGroup PLC

GBP

120,418 1,512,390 2.19National Grid PLCGBP12,162 1,149,023 1.66Reckitt Benckiser

Group PLCGBP

83,023 1,809,020 2.62RELX PLCGBP

94






USD

% of netassets*




96.6966,891,570Total - Shares


189,405 343,715 0.50Moscow ExchangeMICEX-RTS PJSC

RUB

Transferable securities and money market instruments dealt in on another regulatedmarketShares

Russia


0.50343,715Total - Shares

0.50343,715Total - Russia


95

Vontobel Fund - Emerging Markets Equity












































Bank interest 9,096








Not

es


Cost

96




* Any deviations of the percentages of the nets assets are due to rounding.** See Note 10


USD

% of netassets*



EUR


Shares

Belgium


264,163 53,582,823 1.09Credicorp LtdUSDBermuda Islands


9,803,887 86,371,411 1.76BB SeguridadeParticipacoes SA

BRLBrazil

7,774,599 43,142,045 0.88CCR SABRL15,512,906 110,586,197 2.25Cielo SABRL583,541 11,335,305 0.23Equatorial Energia SABRL5,213,118 121,693,630 2.47Ultrapar

Participacoes SABRL

35,006,691 219,141,886 4.44Ambev SA ADRUSD

12.03592,270,474Total - Brazil

5,690,313 239,203,619 4.86Tencent Holdings LtdHKDCayman Islands

1,754,937 301,392,881 6.13Alibaba GroupHolding Ltd ADR

USD

530,688 146,384,978 2.97NetEase Inc ADRUSD


1,077,819 69,271,427 1.41Autohome Inc ADRUSDChina

1.4169,271,427Total - China

663,253 18,101,567 0.37Hong KongExchanges andClearing Ltd

HKDHong Kong

8,915,494 73,589,122 1.49Link REITHKD


9,205,230 255,804,204 5.19HDFC Bank LtdINRIndia

1,564,385 29,849,325 0.61Hindustan UnileverLtd

INR


INR

31,192,242 137,721,133 2.80ITC LtdINR19,102,301 65,515,692 1.33Power Grid Corp of

India LtdINR

2,234,595 87,261,835 1.77Tata ConsultancyServices Ltd

INR

3,208,710 26,075,705 0.53Zee EntertainmentEnterprises Ltd

INR

16.60817,416,326Total - India

60,089,925 85,345,871 1.73Bank Central AsiaTbk PT

IDRIndonesia

182,036,025 49,662,704 1.01Hanjaya MandalaSampoerna Tbk PT

IDR


USD

% of netassets*


47,957,444 35,944,104 0.73MatahariDepartment StoreTbk PT

IDR

344,863,759 121,224,957 2.47TelekomunikasiIndonesia PerseroTbk PT

IDR


1,158,255 11,982,623 0.24British AmericanTobacco MalaysiaBhd

MYRMalaysia

13,586,500 65,538,545 1.34Public Bank BhdMYR


4,715,203 52,258,657 1.06Grupo Aeroportuariodel Pacifico SAB deCV

MXNMexico

13,242,411 72,435,577 1.47InfraestructuraEnergetica Nova SABde CV

MXN

51,821,732 126,481,198 2.57Wal-Mart de MexicoSAB de CV

MXN

1,833,073 183,417,284 3.73Fomento EconomicoMexicano SAB de CVADR

USD

6,972,014 71,881,464 1.46Grupo FinancieroSantander MexicoSAB de CV ADR

USD

10.29506,474,180Total - Mexico

1,289,159 135,075,188 2.74Heineken NVEURNetherlands

2,770,675 164,735,716 3.35Unilever NVEUR


1,724,326 61,741,727 1.25Bank Pekao SAPLNPoland

1.2561,741,727Total - Poland

223,069 56,984,314 1.16Amorepacific CorpKRWKorea, Republic Of

1,606,233 49,153,139 1.00Kangwon Land IncKRW61,525 52,389,768 1.06LG Household &

Health Care LtdKRW

300,364 73,665,924 1.50Samsung Fire &Marine Insurance CoLtd

KRW


4,813,961 85,183,711 1.73United OverseasBank Ltd

SGDSingapore


489,074 110,663,923 2.25Naspers LtdZARSouth Africa

1,435,892 24,011,667 0.49Remgro LtdZAR


97






USD

% of netassets*


2,701,386 22,602,064 0.46President Chain StoreCorp

TWDTaiwan

17,144,298 122,992,235 2.50TaiwanSemiconductorManufacturing CoLtd

TWD

1,931,187 71,395,983 1.45TaiwanSemiconductorManufacturing CoLtd ADR

USD

4.41216,990,282Total - Taiwan

67,503,300 46,228,326 0.94Thai Beverage PCLSGDThailand

35,669,000 58,544,314 1.19Airports of ThailandPCL

THB

53,310,000 99,540,006 2.02CP ALL PCLTHB


1,627,238 101,230,476 2.06Las Vegas SandsCorp

USDUnited States


1,355,628 84,221,690 1.72British AmericanTobacco PLC

ZARUnited Kingdom

4,530,265 44,523,717 0.90MediclinicInternational PLC

ZAR

96.584,753,118,740Total - Shares


16,000 48,308 0.0031.12.2099CIA VALE DO RIODOCE **

BRL 0,000%

Bonds

Brazil




2,739,900 0,00 0.00Peace Mark HoldingsLtd **

HKD


Shares

Bermuda Islands





98

Vontobel Fund - Far East Equity







20,328,776Receivable for forward foreign exchangecontracts
















Net investment loss on investments -142,295



















Bank interest 6,767








Not

es


Cost

99






USD

% of netassets*


151,008 15,333,904 2.95CSL LtdAUD


Shares

Australia

257,669 13,906,842 2.68Ramsay Health CareLtd

AUD


428,858 15,730,648 3.03British AmericanTobacco BangladeshCo Ltd

BDTBangladesh

3,511,003 5,495,105 1.06Delta Brac HousingFinance Corp Ltd

BDT

4.0921,225,753Total - Bangladesh

1,853,365 8,301,100 1.60Sands China LtdHKDCayman Islands

630,900 26,524,249 5.11Tencent Holdings LtdHKD194,507 33,309,324 6.42Alibaba Group

Holding Ltd ADRUSD

56,928 5,179,309 1.00China BiologicProducts HoldingsInc

USD

56,930 15,688,200 3.02NetEase Inc ADRUSD341,036 4,641,500 0.89ZTO Express Cayman

Inc ADRUSD


158,015 10,177,746 1.96Autohome Inc ADRUSDChina

569,277 5,277,198 1.02Vipshop Holdings LtdADR

USD

2.9815,454,944Total - China

697,200 5,350,040 1.03AIA Group LtdHKDHong Kong

1,295,153 3,250,493 0.63China ResourcesEnterprise Ltd

HKD

51,006 1,392,224 0.27Hong KongExchanges andClearing Ltd

HKD

1,337,961 11,044,923 2.12Link REITHKD


899,493 5,284,521 1.02Bharti Infratel LtdINRIndia

228,213 3,851,273 0.74Emami LtdINR405,093 3,849,333 0.74Glenmark

Pharmaceuticals LtdINR

1,135,830 31,450,067 6.06HDFC Bank LtdINR495,795 9,418,943 1.81Hindustan Unilever

LtdINR


INR

5,459,121 23,977,483 4.62ITC LtdINR1,624,832 5,547,278 1.07Power Grid Corp of

India LtdINR

354,347 13,713,506 2.64Tata ConsultancyServices Ltd

INR

330,931 2,692,434 0.52Zee EntertainmentEnterprises Ltd

INR


USD

% of netassets*


15,397 1,480,576 0.29HDFC Bank Ltd ADRUSD

25.05130,009,935Total - India

9,451,909 13,420,988 2.59Bank Central AsiaTbk PT

IDRIndonesia

24,309,951 6,630,422 1.28Hanjaya MandalaSampoerna Tbk PT

IDR

5,972,866 4,475,468 0.86MatahariDepartment StoreTbk PT

IDR


IDR


451,353 4,669,432 0.90British AmericanTobacco MalaysiaBhd

MYRMalaysia

1,335,109 5,877,553 1.13Guinness Anchor BhdMYR320,100 6,296,322 1.22Nestle Malaysia BhdMYR1,058,300 5,105,026 0.98Public Bank BhdMYR


5,352,300 5,025,001 0.97Puregold Price ClubInc

PHPPhilippines

1,767,020 3,133,217 0.60Robinsons RetailHoldings Inc

PHP

1,341,160 3,828,540 0.74Universal RobinaCorp

PHP


29,641 7,563,435 1.47Amorepacific CorpKRWKorea, Republic Of

218,071 6,665,776 1.28Kangwon Land IncKRW6,985 5,941,162 1.14LG Household &

Health Care LtdKRW

111,315 7,061,556 1.36Osstem Implant CoLtd

KRW

60,807 4,832,588 0.93S-1 CorpKRW30,045 7,360,394 1.42Samsung Fire &

Marine Insurance CoLtd

KRW


504,941 8,930,403 1.72United OverseasBank Ltd

SGDSingapore


802,814 6,721,679 1.30President Chain StoreCorp

TWDTaiwan


TWD

5.1326,638,676Total - Taiwan

100






USD

% of netassets*


8,380,800 5,767,316 1.11Thai Beverage PCLSGDThailand

8,025,700 14,987,513 2.89CP ALL PCLTHB


183,506 11,113,123 2.14Las Vegas SandsCorp

USDUnited States


94.51490,558,744Total - Shares


6,998,681 11,815,894 2.28Habib Bank LtdPKR


Pakistan

80,247 8,300,434 1.60Nestle Pakistan LtdPKR


3.8820,116,328Total - Shares

3.8820,116,328Total - Pakistan

5,700,500 0,00 0.00Peace Mark HoldingsLtd **

HKD


Shares

Bermuda Islands





101

Vontobel Fund - New Power








(9)

269,523Other assets

















Forward foreign exchange contracts -21











Other income 90,067












Not

es


Cost

102






EUR

% of netassets*


998,240 2,960,973 1.20China Resources GasGroup Ltd

HKD


Shares

Bermuda Islands

3,300,000 897,273 0.37China Singyes SolarTechnologiesHoldings Ltd

HKD

190,000 2,684,835 1.09GasLog LtdUSD


240,000 4,105,980 1.67Hollysys AutomationTechnologies Ltd

USDBritish Virgin Islands

1.674,105,980Total - British Virgin Islands

2,500,000 1,257,408 0.51CIMC Enric HoldingsLtd

HKDCayman Islands

155,000 3,628,270 1.48JinkoSolar HoldingCo Ltd ADR

USD


8,701,762 5,480,184 2.23China LongyuanPower Group CorpLtd

HKDChina

2,731,300 2,521,465 1.03Xinjiang GoldwindScience &Technology Co Ltd

HKD

3.268,001,649Total - China

77,000 5,890,672 2.40Vestas Wind SystemsA/S

DKKDenmark


30,000 5,686,500 2.31Continental AGEURGermany

348,583 6,752,053 2.74InfineonTechnologies AG

EUR

50,490 3,482,800 1.42OSRAM Licht AGEUR134,565 2,129,491 0.87PSI AG Gesellschaft

Fuer Produkte undSysteme derInformationstechnologie

EUR

40,392 4,435,042 1.81Siemens AGEUR36,080 3,884,012 1.58Wacker Chemie AGEUR


106,080 7,184,798 2.92Schneider Electric SEEURFrance


344,600 1,618,404 0.66Beijing EnterprisesHoldings Ltd

HKDHong Kong



EUR

% of netassets*


72,800 5,228,692 2.13Ingersoll-Rand PLCUSDIreland


1,250,000 6,356,250 2.59Enel SpAEURItaly

390,000 10,303,800 4.20Prysmian SpAEUR1,497,462 6,124,620 2.49Snam SpAEUR

9.2822,784,670Total - Italy

156,900 6,398,288 2.60Denso CorpJPYJapan

642,950 7,994,472 3.26Mitsubishi ElectricCorp

JPY

5.8614,392,760Total - Japan

100,000 2,431,262 0.99Keyera CorpCADCanada

140,000 2,012,769 0.82Peyto Exploration &Development Corp

CAD

130,000 3,026,331 1.23Stantec IncCAD215,673 2,849,880 1.16Canadian Solar IncUSD

4.2010,320,242Total - Canada

86,115 8,181,975 3.33NXP SemiconductorsNV

USDNetherlands


27,000 3,958,263 1.61Samsung SDI Co LtdKRWKorea, Republic Of


286,914 5,574,888 2.27ABB LtdCHFSwitzerland


220,000 2,759,900 1.12Gamesa CorpTecnologica SA

EURSpain

810,000 5,557,410 2.27Iberdrola SAEUR

3.398,317,310Total - Spain

150,000 4,664,396 1.90TaiwanSemiconductorManufacturing CoLtd ADR

USDTaiwan

1.904,664,396Total - Taiwan

90,000 4,788,039 1.95AMETEK IncUSDUnited States

90,000 1,934,141 0.79Cabot Oil & GasCorp

USD

110,000 3,635,209 1.48Cadence DesignSystems Inc

USD

82,000 5,530,120 2.25Edison InternationalUSD80,000 3,159,896 1.29First Solar IncUSD

103






EUR

% of netassets*


45,000 1,818,698 0.74ICF International IncUSD93,600 3,212,112 1.31MasTec IncUSD57,000 7,215,973 2.95NextEra Energy IncUSD289,900 6,125,232 2.49Pattern Energy

Group IncUSD

95,000 5,821,137 2.37Power IntegrationsInc

USD

245,000 7,404,198 3.02Quanta Services IncUSD18,000 2,483,876 1.01Rockwell Automation

IncUSD

36,400 7,062,010 2.87Roper TechnologiesInc

USD

56,100 3,794,736 1.54Synopsys IncUSD47,186 4,751,542 1.93United Technologies

CorpUSD

55,000 5,879,805 2.39Universal DisplayCorp

USD

153,000 2,560,939 1.04Welbilt IncUSD90,000 3,819,076 1.55WESCO International

IncUSD


58,320 2,226,949 0.91DialogSemiconductor PLC

EURUnited Kingdom

345,995 3,655,079 1.48National Grid PLCGBP


95.62234,902,123Total - Shares


80,000 2,259,093 0.92SFA EngineeringCorp

KRW


Korea, Republic Of





104

Vontobel Fund - Clean Technology






154,951Other assets










































Not

es


Cost

105






EUR

% of netassets*


134,550 3,149,572 1.43JinkoSolar HoldingCo Ltd ADR

USD


Shares

Cayman Islands


2,980,600 2,261,511 1.03CRRC Corp LtdHKDChina

9,500,200 2,450,385 1.12HuanengRenewables Corp Ltd

HKD


HKD

3.617,921,603Total - China

27,300 2,088,511 0.95Vestas Wind SystemsA/S

DKKDenmark


20,000 3,791,000 1.73Continental AGEURGermany

101,430 3,752,910 1.71GEA Group AGEUR39,912 4,492,096 2.04Henkel AG & Co

KGaAEUR

169,763 3,288,309 1.50InfineonTechnologies AG

EUR

56,925 4,361,594 1.98KION Group AGEUR40,000 2,759,200 1.26OSRAM Licht AGEUR34,155 3,750,219 1.71Siemens AGEUR


108,675 5,007,201 2.28Cie de Saint-GobainEURFrance

369,000 5,880,015 2.68SuezEUR

4.9610,887,216Total - France

2,122,000 2,358,068 1.07China EverbrightInternational Ltd

HKDHong Kong


HKD

931,500 4,579,987 2.09MTR Corp LtdHKD


147,513 4,794,172 2.18Kingspan Group PLCEURIreland

59,202 4,252,047 1.94Ingersoll-Rand PLCUSD120,000 3,995,963 1.82Johnson Controls

International plcUSD


169,824 4,486,750 2.04Prysmian SpAEURItaly

2.044,486,750Total - Italy

89,481 3,648,982 1.66Denso CorpJPYJapan

36,697 2,828,339 1.29East Japan RailwayCo

JPY


EUR

% of netassets*


110,700 2,439,877 1.11LIXIL Group CorpJPY62,100 5,913,364 2.70Nidec CorpJPY

6.7614,830,562Total - Japan

113,850 4,255,144 1.94Aalberts IndustriesNV

EURNetherlands

43,470 5,672,834 2.58ASML Holding NVEUR55,890 5,310,232 2.42NXP Semiconductors

NVUSD


64,000 2,925,440 1.33ANDRITZ AGEURAustria


8,570 3,286,136 1.50Geberit AGCHFSwitzerland

64,000 3,192,838 1.45Wolseley PLCGBP


140,000 1,756,300 0.80Gamesa CorpTecnologica SA

EURSpain

0.801,756,300Total - Spain

19,665 2,924,195 1.33Acuity Brands IncUSDUnited States

26,910 3,290,358 1.50Air Products &Chemicals Inc

USD

74,261 5,053,171 2.30American WaterWorks Co Inc

USD

119,878 5,615,280 2.56AO Smith CorpUSD141,096 5,354,741 2.44Applied Materials IncUSD80,000 3,122,887 1.42BorgWarner IncUSD70,000 2,313,315 1.05Cadence Design

Systems IncUSD

55,000 2,322,315 1.06CSX CorpUSD62,100 2,452,869 1.12First Solar IncUSD103,500 3,016,465 1.37LKQ CorpUSD55,000 1,887,459 0.86MasTec IncUSD188,211 881,769 0.40Maxwell

Technologies IncUSD

46,575 3,400,379 1.55MicrochipTechnology Inc

USD

112,000 2,366,423 1.08Pattern EnergyGroup Inc

USD

97,290 2,940,222 1.34Quanta Services IncUSD55,000 3,488,098 1.59Regal Beloit CorpUSD23,805 4,618,438 2.10Roper Technologies

IncUSD

55,000 3,720,330 1.69Synopsys IncUSD85,000 3,045,672 1.39Tetra Tech IncUSD37,130 5,844,485 2.66Thermo Fisher

Scientific IncUSD

48,645 5,200,420 2.37Universal DisplayCorp

USD

45,000 715,367 0.33Veeco InstrumentsInc

USD

135,000 2,259,652 1.03Welbilt IncUSD

106






EUR

% of netassets*


127,305 6,646,329 3.04Xylem Inc/NYUSD


62,000 2,367,470 1.08DialogSemiconductor PLC

EURUnited Kingdom

245,442 2,592,841 1.18National Grid PLCGBP524,248 526,995 0.24Shanks Group PLCGBP75,000 3,914,332 1.78Pentair PLCUSD


95.98210,727,166Total - Shares



107

Vontobel Fund - Future Resources






28,930Other assets





























Other income 7,160





Bank interest 8,062







Not

es


Cost

108






EUR

% of netassets*


1,824,352 1,162,310 1.74Clean TeQ HoldingsLtd

AUD


Shares

Australia

568,138 720,141 1.07Galaxy Resources LtdAUD102,670 230,825 0.34Independence Group

NLAUD

276,790 712,767 1.06Orocobre LtdAUD1,513,230 358,380 0.53Pilbara Minerals LtdAUD136,070 272,329 0.41Syrah Resources LtdAUD50,000 23,016 0.03Talga Resources LtdAUD207,640 374,011 0.56Western Areas LtdAUD


22,970 1,441,368 2.15Umicore SAEURBelgium


16,920 1,062,107 1.58Bunge LtdUSDBermuda Islands


886,000 445,625 0.66CIMC Enric HoldingsLtd

HKDCayman Islands


39,720 2,121,808 3.16Schlumberger LtdUSDCuraçao

3.162,121,808Total - Curaçao

35,370 2,878,056 4.28BASF SEEURGermany

6,710 1,080,646 1.61Linde AGEUR


21,640 1,975,299 2.94Arkema SAEURFrance


1,000,000 410,538 0.61MMG LtdHKDHong Kong


93,400 1,359,061 2.02Kubota CorpJPYJapan

25,120 1,861,773 2.78Nitto Denko CorpJPY73,000 1,143,673 1.70Sekisui Chemical Co

LtdJPY

183,000 1,464,275 2.18Toray Industries IncJPY

8.685,828,782Total - Japan

491,450 1,754,020 2.61CES Energy SolutionsCorp

CADCanada

67,680 710,589 1.06Enerflex LtdCAD


EUR

% of netassets*


50,000 504,836 0.75First QuantumMinerals Ltd

CAD

135,000 410,276 0.61Ivanhoe Mines LtdCAD46,640 1,133,941 1.69Keyera CorpCAD500,000 426,008 0.63Lithium Americas

CorpCAD

428,250 2,712,145 4.05Lundin Mining CorpCAD22,160 318,593 0.47Peyto Exploration &

Development CorpCAD

137,480 2,004,208 2.98Potash Corp ofSaskatchewan Inc

CAD

14.859,974,616Total - Canada

22,525 214,091 0.32Constellium NVUSDNetherlands

12,080 920,453 1.37LyondellBasellIndustries NV

USD


41,000 1,406,490 2.09Yara InternationalASA

NOKNorway


64,520 897,473 1.34Galp Energia SGPSSA

EURPortugal


25,440 2,487,723 3.70Albemarle CorpUSDUnited States

22,500 383,232 0.57American VanguardCorp

USD

26,518 55,092 0.08Amyris IncUSD34,230 566,901 0.84Antero Resources

CorpUSD

15,000 702,624 1.05AO Smith CorpUSD43,740 1,066,551 1.59CF Industries

Holdings IncUSD

20,660 1,928,371 2.87Concho ResourcesInc

USD

38,010 2,902,624 4.31Diamondback EnergyInc

USD

12,760 715,328 1.06Dow ChemicalCo/The

USD

11,830 835,135 1.24EI du Pont deNemours & Co

USD

34,010 2,466,433 3.67FMC CorpUSD45,580 1,491,347 2.22Hess CorpUSD52,330 2,308,612 3.44Marathon Petroleum

CorpUSD

113,760 2,500,251 3.72Newfield ExplorationCo

USD

14,530 673,520 1.00Nucor CorpUSD15,830 1,726,268 2.57Pioneer Natural

Resources CoUSD

76,280 738,483 1.10ProPetro HoldingCorp

USD

23,810 347,667 0.52Range ResourcesCorp

USD

119,730 829,822 1.24Superior EnergyServices Inc

USD

86,320 2,808,360 4.18Trimble NavigationLtd

USD

109






EUR

% of netassets*


24,750 566,446 0.84US Silica Holdings IncUSD


157,840 267,040 0.40Tullow Oil PLCGBPUnited Kingdom


93.5962,878,961Total - Shares

0.40267,040Total - United Kingdom


110

Vontobel Fund - mtx Sustainable Asian Leaders (ex Japan)






76,878,542Receivable for forward foreign exchangecontracts

719,210Other assets




































Bank interest 2,891


Capital gains tax 25,406






Not

es


Cost

111






USD

% of netassets*



HKD


Shares

Bermuda Islands



HKDCayman Islands


HKD


HKD

311,600 13,100,264 7.26Tencent Holdings LtdHKD12,900 3,554,853 1.97NetEase Inc ADRUSD


817,570 3,986,522 2.21Hangzhou HikvisionDigital TechnologyCo Ltd

CNYChina

706,297 2,232,407 1.24Zhengzhou YutongBus Co Ltd

CNY

4,855,000 4,255,984 2.36China ConstructionBank Corp

HKD



HKD


HKD


HKD

811,000 6,440,930 3.57Ping An InsuranceGroup Co of ChinaLtd

HKD


HKD


HKD

11,000 2,462,680 1.36Baidu Inc ADRUSD28,400 2,252,404 1.25New Oriental

Education &Technology GroupInc ADR

USD

24.6944,553,711Total - China

737,400 5,658,520 3.14AIA Group LtdHKDHong Kong

997,500 5,079,581 2.81BOC Hong KongHoldings Ltd

HKD

623,248 2,178,236 1.21China Overseas Land& Investment Ltd

HKD


HKD


214,138 2,861,754 1.59HCL TechnologiesLtd

INRIndia

35,384 2,211,500 1.23Hero MotoCorp LtdINR


USD

% of netassets*


258,087 7,112,716 3.93Yes Bank LtdINR

6.7512,185,970Total - India

4,906,100 5,560,163 3.08Bank RakyatIndonesia PerseroTbk PT

IDRIndonesia


IDR


25,220 8,468,725 4.69LG Chem LtdKRWKorea, Republic Of

5,791 4,925,593 2.73LG Household &Health Care Ltd

KRW

12,278 12,621,784 6.99Samsung ElectronicsCo Ltd

USD


17,500 4,305,350 2.38Broadcom LtdUSDSingapore


20,000 3,866,339 2.14Largan Precision CoLtd

TWDTaiwan


TWD


USD

7.5913,706,087Total - Taiwan

403,800 4,852,820 2.69PTT PCLTHBThailand

95.00171,506,609Total - Shares



USD


United Kingdom




112






USD

% of netassets*


35,736 3,451,168 1.91Com2uSCorpKRW


Korea, Republic Of





113

Vontobel Fund - mtx Sustainable Emerging Markets Leaders











































Capital gains tax 84,023






Not

es


Cost

114






USD

% of netassets*



HKD


Shares

Bermuda Islands


1,447,800 8,604,560 1.36Alupar InvestimentoSA

BRLBrazil

3,254,700 18,588,208 2.93Kroton EducacionalSA

BRL

842,500 9,304,718 1.47Porto Seguro SABRL

5.7636,497,486Total - Brazil


HKDCayman Islands


HKD


HKD

686,800 28,871,003 4.56Tencent Holdings LtdHKD34,900 9,626,816 1.52NetEase Inc ADRUSD


2,342,601 11,416,642 1.80Hangzhou HikvisionDigital TechnologyCo Ltd

CNYChina

1,784,731 5,638,058 0.89Zhengzhou YutongBus Co Ltd

CNY

16,703,000 14,640,445 2.31China ConstructionBank Corp

HKD



HKD


HKD


HKD


HKD


HKD

15.2596,693,577Total - China

2,440,000 12,423,783 1.96BOC Hong KongHoldings Ltd

HKDHong Kong

2,042,752 7,138,528 1.13China Overseas Land& Investment Ltd

HKD


HKD


188,662 2,553,708 0.40HCL TechnologiesLtd

INRIndia

83,132 5,195,363 0.82Hero MotoCorp LtdINR


USD

% of netassets*


615,577 16,880,944 2.67Yes Bank LtdINR

3.8924,630,015Total - India

16,568,100 18,781,908 2.97Bank RakyatIndonesia PerseroTbk PT

IDRIndonesia


IDR


206,326 16,138,820 2.55Nice Ltd ADRUSDIsrael

2.5516,138,820Total - Israel

137,400 13,748,244 2.17Fomento EconomicoMexicano SAB de CVADR

USDMexico

2.1713,748,244Total - Mexico

419,476 17,114,621 2.70X5 Retail Group NVUSDNetherlands



18,485 15,740,347 2.48LG Household &Health Care Ltd

KRW


KRW


USD




3,649,808 15,593,320 2.46FirstRand LtdZARSouth Africa

394,888 10,777,065 1.70Mondi LtdZAR93,658 21,192,216 3.35Naspers LtdZAR2,121,400 1,739,885 0.27Redefine Properties

LtdZAR


53,100 10,258,011 1.62Largan Precision CoLtd

TWDTaiwan

330,000 2,367,402 0.37TaiwanSemiconductorManufacturing CoLtd

TWD


USD

6.8443,347,482Total - Taiwan

115






USD

% of netassets*


1,236,900 14,862,942 2.35PTT PCLTHBThailand

90.88575,934,595Total - Shares



USD


United Kingdom

350,000 1,104,180 0.17Zhengzhou YutongBus Co Ltd 16

USD




76,264 7,373,432 1.16Com2uSCorpKRW


Korea, Republic Of




466,258 23,438,790 3.70LUKOIL PJSC ADRUSD


Shares

Russia

3.7023,438,790Total - Shares

3.7023,438,790Total - Russia

1,852,143 0,00 0.00Romania PropertyFund Ltd **

GBP

Investment funds

Guernsey


0.000,00Total - Investment funds



116

Vontobel Fund - mtx Sustainable Global Leaders







225,025Other assets































Other income 64,167





Bank interest 7,290







Not

es


Cost

117






USD

% of netassets*


36,542 2,998,993 1.95KBC Group NVEUR


Shares

Belgium


88,800 5,280,048 3.43Norwegian CruiseLine Holdings Ltd

USDBermuda Islands


95,770 4,561,976 2.97Novo Nordisk A/SDKKDenmark


20,830 2,015,111 1.31BASF SEEURGermany

22,230 5,009,664 3.26Continental AGEUR43,400 4,545,807 2.96SAP SEEUR49,600 6,474,844 4.20Siemens AGEUR31,320 1,856,232 1.21United Internet AGEUR


1,396,000 7,108,033 4.62BOC Hong KongHoldings Ltd

HKDHong Kong


76,220 5,961,928 3.88Nice Ltd ADRUSDIsrael


119,000 5,102,315 3.32Bridgestone CorpJPYJapan

84,000 2,264,473 1.47KDDI CorpJPY

4.797,366,788Total - Japan

49,630 2,451,551 1.59Shire PLCGBPJersey


70,980 4,143,879 2.69Randstad HoldingNV

EURNetherlands

59,174 2,414,299 1.57X5 Retail Group NVUSD


234,372 4,732,712 3.08Telenor ASANOKNorway





USD

% of netassets*




26,310 4,314,840 2.81Apple IncUSDUnited States

8,830 2,795,225 1.82Biogen IncUSD11,800 4,944,318 3.22BlackRock IncUSD41,270 5,733,641 3.73Celgene CorpUSD49,900 3,531,423 2.30Cognizant

Technology SolutionsCorp

USD

88,230 6,823,708 4.44CVS Health CorpUSD70,590 6,936,879 4.51Euronet Worldwide

IncUSD

45,230 7,778,202 5.05Facebook IncUSD31,990 3,143,018 2.04Hasbro IncUSD23,950 3,577,172 2.33Jazz Pharmaceuticals

PLCUSD

21,590 2,632,037 1.71Jones Lang LaSalleInc

USD

38,600 2,346,108 1.53MAXIMUS IncUSD14,350 1,923,331 1.25Moody's CorpUSD9,150 1,350,266 0.88Snap-on IncUSD23,490 2,374,839 1.54Time Warner IncUSD24,400 2,432,192 1.58Wyndham

Worldwide CorpUSD


140,170 3,816,417 2.48Mondi PLCGBPUnited Kingdom


GBP


95.44146,764,915Total - Shares


71,200 0,00 0.00Irish Bank ResolutionCorp Ltd **

EUR


Shares

Ireland


84,380 4,241,783 2.76LUKOIL PJSC ADRUSDRussia





118

Vontobel Fund - Commodity






488,811Interest receivable on Contracts forDifference

































Not

es


Cost

119




Interest on Contracts for Difference 71,883(2)



Custodian fee 10,065










Not

es


120






USD

% of netassets*


2,805,000 2,803,345 0.5816.01.2018Kommunekredit 15EMTN

USD 1.125%


Bonds

Denmark


1,000,000 1,000,000 0.2105.09.2017FMSWertmanagementAoeR 14

USD 1.130%Germany

5,000,000 5,004,550 1.0406.02.2019Kreditanstalt fuerWiederaufbau 16

USD 1.500%

7,000,000 6,994,750 1.4505.03.2018Landesbank Baden-Wuerttemberg 15EMTN

USD 1.375%

5,000,000 4,995,950 1.0421.05.2018NRW Bank 13USD 1.250%13,100,000 13,096,594 2.7210.11.2017State of North Rhine-

Westphalia 15 EMTNUSD 1.130%

7,400,000 7,397,410 1.5421.11.2017State of North Rhine-Westphalia Germany14 EMTN

USD 1.125%


2,000,000 1,996,340 0.4110.09.2018Municipality FinancePLC 15

USD 1.250%Finland


10,000,000 9,983,800 2.0706.08.2018Agence Francaise deDeveloppement 15EMTN

USD 1.380%France



USD 1.000%Japan


USD 1.875%

49,000,000 49,070,070 10.1931.07.2018Japan Bank forInternationalCooperation/Japan13

USD 1.750%

10,000,000 10,001,000 2.0812.09.2017Japan FinanceOrganization forMunicipalities 12EMTN

USD 1.500%


USD 1.375%

17.2182,844,486Total - Japan

7,000,000 7,006,230 1.4613.03.2018Toronto-DominionBank/The 15

USD 1.625%Canada


9,900,000 9,988,605 2.0830.10.2018ABN AMRO Bank NV13


400,000 400,484 0.0804.06.2018ABN AMRO Bank NV15

USD 1.800%


USD

% of netassets*



USD 1.375%

4,000,000 4,000,800 0.8319.03.2018Bank NederlandseGemeenten NV 13

USD 1.375%

6,200,000 6,208,680 1.2919.03.2018CooperatieveRabobank UA/NY 13

USD 1.700%

3,500,000 3,510,500 0.7317.08.2018ING Bank NV 15EMTN

USD 2.050%

13,545,000 13,550,012 2.8212.02.2018NederlandseFinancieringsMaatschappij voorOntwikkelingslandenNV 13 EMTN

USD 1.500%


USD 1.250%


USD 1.250%


USD 1.250%



USD 2.750%Sweden


USD 1.000%

7,000,000 6,990,830 1.4505.04.2018Svensk ExportkreditAB 13

USD 1.130%

8,300,000 8,295,269 1.7228.03.2018Swedbank HypotekAB 13

USD 1.375%

2,100,000 2,098,530 0.4428.03.2018Swedbank HypotekAB 13 EMTN

USD 1.375%

7.1634,464,653Total - Sweden

4,050,000 4,043,439 0.8414.09.2018Instituto de CreditoOficial 16

USD 1.625%Spain

14,600,000 14,773,886 3.0706.03.2018Spain GovernmentInternational Bond 13EMTN

USD 4.000%

3.9118,817,325Total - Spain

5,800,000 5,803,074 1.2112.03.2018Commonwealth Bankof Australia/NewYork NY 15


5,800,000 5,803,770 1.2129.01.2018Credit SuisseAG/New York NY 15

USD 1.750%


USD 1.700%

68,000,000 68,001,360 14.1307.10.2017Dexia Credit LocalSA/New York NY 14

USD 1.500%


USD 2.250%


USD 2.250%

4,000,000 4,288,800 0.8923.04.2019JPMorgan Chase &Co 09

USD 6.300%


USD 1.800%


USD 1.850%

121






USD

% of netassets*


4,000,000 4,004,400 0.8305.01.2018Morgan Stanley 14USD 1.875%


16,000,000 15,995,360 3.3216.03.2018Bank of England EuroNote 15 EMTN


1,100,000 1,099,274 0.2315.05.2018HSBC Bank PLC 13USD 1.500%


81.89394,115,921Total - Bonds


14,000,000 13,992,020 2.9106.06.2018Tokyo MetropolitanGovernment 13

USD 1.625%


Japan

2.9113,992,020Total - Japan

12,500,000 12,612,375 2.6230.10.2018ABN AMRO Bank NV13



5.5326,604,395Total - Bonds


250,000 21,835,000 4.54Vontobel Fund -Dynamic Commodity- S

USD


Investment funds

Luxembourg





122

Vontobel Fund - Dynamic Commodity


















Performance Fee payable 13(3)







Investments -59,734



















Bank interest 6,061







Not

es


Cost

123






USD

% of netassets*


6,000,000 5,993,040 6.2605.03.2018Kingdom of BelgiumGovernmentInternational Bond 15EMTN

USD 1.125%


Bonds

Belgium


5,000,000 4,998,300 5.2213.10.2017ErsteAbwicklungsanstalt15 EMTN

USD 1.000%Germany


USD 1.125%


USD 1.130%

2,500,000 2,540,700 2.6515.03.2018KFW 08USD 4.380%2,000,000 1,999,300 2.0921.11.2017State of North Rhine-

Westphalia Germany14 EMTN

USD 1.125%


5,000,000 4,999,900 5.2222.09.2017Municipality FinancePLC 14

USD 1.125%Finland



USD 1.000%Japan


USD 1.500%

8.878,494,910Total - Japan

2,000,000 2,001,780 2.0913.03.2018Toronto-DominionBank/The 15

USD 1.625%Canada





USD 1.000%

2,000,000 2,002,800 2.0919.03.2018CooperatieveRabobank UA/NY 13

USD 1.700%

1,500,000 1,504,500 1.5717.08.2018ING Bank NV 15EMTN

USD 2.050%


USD 1.500%


USD 1.250%


USD

% of netassets*



USD 1.250%



USD 1.000%Sweden


USD 1.130%

2,000,000 1,998,600 2.0928.03.2018Swedbank HypotekAB 13 EMTN

USD 1.375%

4,000,000 3,984,840 4.1605.10.2018Sweden GovernmentInternational Bond 15EMTN

USD 1.000%

10.9510,480,020Total - Sweden

1,000,000 1,000,530 1.0512.03.2018Commonwealth Bankof Australia/NewYork NY 15



USD 1.700%


USD 1.500%


USD 2.250%


USD 1.800%





86.1882,496,989Total - Bonds



USD 1.000%


Germany


6.275,997,300Total - Bonds



124

Vontobel Fund - Non-Food Commodity







48,026Other assets



















Investments 45,882


















Bank interest 1,282







Not

es


Cost

125






USD

% of netassets*



USD 1.125%


Bonds

Germany


USD 1.130%


USD 1.250%

1,500,000 1,524,420 1.3715.03.2018KFW 08USD 4.380%4,000,000 3,991,600 3.5906.08.2018Kreditanstalt fuer

Wiederaufbau 15USD 1.125%


USD 1.000%


USD 1.250%

2,000,000 1,995,680 1.8023.04.2018LandeskreditbankBaden-WuerttembergFoerderbank 16EMTN

USD 1.000%

5,020,000 5,012,068 4.5204.04.2018LandwirtschaftlicheRentenbank 13

USD 1.000%

1,000,000 999,650 0.9021.11.2017State of North Rhine-Westphalia Germany14 EMTN

USD 1.125%


2,850,000 2,847,777 2.5619.03.2018Nordic InvestmentBank 15

USD 1.125%Finland


4,000,000 4,005,720 3.6031.07.2018Japan Bank forInternationalCooperation/Japan13

USD 1.750%Japan


USD 1.500%

5.856,505,970Total - Japan

900,000 900,801 0.8113.03.2018Toronto-DominionBank/The 15

USD 1.625%Canada





USD 1.000%


USD 1.250%


1,000,000 995,380 0.9020.09.2018Bank NederlandseGemeenten NV 16EMTN



USD

% of netassets*



USD 1.500%


USD 1.250%


USD 1.250%


8,000,000 7,980,000 7.1826.04.2018Asian DevelopmentBank 16

USD 0.875%Philippines



USD 1.000%Sweden


USD 1.130%


500,000 500,265 0.4512.03.2018Commonwealth Bankof Australia/NewYork NY 15



USD 1.500%





78.4487,190,656Total - Bonds


1,000,000 999,550 0.9021.11.2017FMSWertmanagementAoeR 12

USD 1.000%


Germany


3,000,000 2,998,290 2.6906.06.2018Tokyo MetropolitanGovernment 13

USD 1.625%Japan

2.692,998,290Total - Japan

126






USD

% of netassets*


1,000,000 1,008,990 0.9130.10.2018ABN AMRO Bank NV13



4.505,006,830Total - Bonds



127

Vontobel Fund - Target Return Defensive





365Unrealised gain on forward foreign exchangecontracts

(9)



















Futures 181,954

Forward foreign exchange contracts 392

Options -8,598





Net realised gain/loss on swaps -3,293(2)







Not

es


Cost

128






Other income 57





Bank interest 9,970








Not

es


129






EUR

% of netassets*


160 6,411 0.04Novo Nordisk A/SDKK


Shares

Denmark

320 28,568 0.18Pandora A/SDKK


140 26,537 0.17Continental AGEURGermany

200 17,620 0.11SAP SEEUR260 28,548 0.18Siemens AGEUR720 35,892 0.24United Internet AGEUR


8,000 34,262 0.22BOC Hong KongHoldings Ltd

HKDHong Kong


3,490 62,314 0.40Ryanair Holdings PLCEURIreland


180 11,843 0.08Nice Ltd ADRUSDIsrael


2,900 30,662 0.20Astellas Pharma IncJPYJapan

240 8,655 0.06Bridgestone CorpJPY1,700 38,548 0.24KDDI CorpJPY


520 21,605 0.14Shire PLCGBPJersey


940 42,290 0.27Toronto-DominionBank/The

CADCanada


640 31,427 0.20Randstad HoldingNV

EURNetherlands


310 66,068 0.42Roche Holding AGCHFSwitzerland

100 42,327 0.27Swisscom AGCHF

0.69108,395Total - Switzerland

7,300 50,504 0.33Oversea-ChineseBanking Corp Ltd

SGDSingapore


EUR

% of netassets*


180 38,164 0.24Broadcom LtdUSD

0.5788,668Total - Singapore

580 39,150 0.25AmerisourceBergenCorp

USDUnited States

140 37,277 0.24Biogen IncUSD110 38,768 0.25BlackRock IncUSD310 36,225 0.23Celgene CorpUSD560 33,334 0.21Cognizant


USD

320 20,817 0.13CVS Health CorpUSD510 37,449 0.24Duke Energy CorpUSD400 33,062 0.21Euronet Worldwide

IncUSD

470 67,984 0.45Facebook IncUSD460 32,048 0.21Genuine Parts CoUSD400 33,056 0.21Hasbro IncUSD360 45,226 0.29Jazz Pharmaceuticals

PLCUSD

370 41,195 0.26Johnson & JohnsonUSD380 38,965 0.25Jones Lang LaSalle

IncUSD

650 42,688 0.27Marsh & McLennanCos Inc

USD

1,210 53,065 0.34Southwest AirlinesCo

USD

400 34,015 0.22Time Warner IncUSD550 48,713 0.31Union Pacific CorpUSD320 53,535 0.34UnitedHealth Group

IncUSD

850 34,296 0.22VerizonCommunications Inc

USD

720 38,074 0.24VF CorpUSD720 39,497 0.25WEC Energy Group

IncUSD


2,130 49,299 0.32Royal Dutch ShellPLC

EURUnited Kingdom




EUR 5.000%

Bonds

Argentina



EUR 5.750%Germany


130






EUR

% of netassets*


200,000 240,858 1.5504.07.2043AXA SA 13 FRNEMTN

EUR 5.130%France


EUR 6.880%

100,000 105,270 0.6720.10.2022CNP Assurances 16EUR 1.875%200,000 212,536 1.3631.12.2099Electricite de France

SA 13 FRN EMTNEUR 4.250%

200,000 216,850 1.3931.12.2099TOTAL SA 16 FRNEMTN

EUR 3.880%


200,000 169,136 1.0810.08.2022Canara Bank/London17 EMTN

USD 3.250%India

1.08169,136Total - India

300,000 351,660 2.2502.10.2043Aquarius &Investments PLC forZurich Insurance CoLtd 13 FRN EMTN

EUR 4.250%Ireland



EUR 10.130%Italy


EUR 2.800%

200,000 207,208 1.3331.12.2099UniCredit SpA 14FRN EMTN

EUR 6.750%

6.991,089,000Total - Italy

600,000 613,050 3.9331.12.2099UBS AG/Jersey 07FRN EMTN

EUR 7.150%Jersey


100,000 91,669 0.5905.11.2019Croatia GovernmentInternational Bond 09

USD 6.750%Croatia

0.5991,669Total - Croatia

100,000 83,021 0.5327.01.2023Lebanon GovernmentInternational Bond 12

USD 6.000%Lebanon

0.5383,021Total - Lebanon

200,000 218,576 1.4015.10.2022DEA Finance SA 16EUR 7.500%Luxembourg

300,000 311,562 2.0015.07.2022Dufry Finance SCA 14EMTN

EUR 4.500%



EUR 3.750%Mexico



EUR

% of netassets*


200,000 208,646 1.3401.06.2023Ren Finance BV 16EMTN


200,000 202,602 1.3005.04.2022Saipem FinanceInternational BV 17EMTN

EUR 2.750%


EUR 5.000%

200,000 176,614 1.1316.12.2021SamvardhanaMothersonAutomotive SystemsGroup BV 16

USD 4.875%


100,000 86,533 0.5502.08.2022Corp Azucarera delPeru SA 12

USD 6.375%Peru

0.5586,533Total - Peru

200,000 208,268 1.3310.05.2027Brisa ConcessaoRodoviaria SA 17EMTN

EUR 2.375%Portugal


200,000 172,243 1.1031.12.2099Woori Bank 17 FRNEMTN



200,000 223,644 1.4331.12.2099UBS Group AG 15FRN

EUR 5.750%Switzerland


100,000 104,869 0.6724.07.2026South AfricaGovernmentInternational Bond 14

EUR 3.750%South Africa

0.67104,869Total - South Africa

100,000 91,999 0.5929.01.2020Hungary GovernmentInternational Bond 10

USD 6.250%Hungary


300,000 317,214 2.0317.01.2024Apple Inc 15EUR 1.375%United States

300,000 312,168 2.0015.03.2024Berkshire HathawayInc 16

EUR 1.300%

200,000 202,054 1.3027.07.2026Goldman SachsGroup Inc/The 16EMTN

EUR 1.630%

12,000,000 159,480 1.0207.08.2018International Bank forReconstruction &Development 15

INR 6.375%

200,000 167,713 1.0728.07.2026Capital One FinancialCorp 16

USD 3.750%

100,000 92,954 0.6015.03.2022HCA Inc 12USD 5.875%200,000 180,222 1.1615.07.2019Meccanica Holdings

USA Inc 09USD 6.250%

131






EUR

% of netassets*


600,000 512,087 3.2920.09.2021Sprint Spectrum CoLLC / Sprint SpectrumCo II LLC / SprintSpectrum Co III LLC16

USD 3.360%

400,000 346,381 2.2215.11.2046United StatesTreasury Note/Bond16

USD 2.875%


100,000 106,501 0.6826.01.2027State Grid EuropeDevelopment 2014PLC 15


53.308,315,414Total - Bonds


7,000 752,872 4.83ETFS Physical SwissGold

USD


Jersey


4.83752,872Total - Options, Warrants, Rights



USD 4.850%


Bermuda Islands


300,000 263,133 1.7015.07.2025United StatesTreasury InflationIndexed Bonds 15



300,000 257,704 1.6510.01.2023Barclays PLC 2.929%17-10.01.23 FRN

USD 0,000%United Kingdom



2,000 217,240 1.39iShares Euro HighYield Corporate BondUCITS ETF

EUR

Investment funds

Ireland





EUR

% of netassets*


2,000 338,040 2.17AXA IM FixedIncome InvestmentStrategies - US ShortDuration High Yield -A EUR hedged

EUR


Investment funds

Luxembourg

5,000 798,250 5.11CGS FMS GlobalEvolution FrontierMarkets - I

EUR

2,000 170,157 1.09Vontobel Fund -Emerging MarketsLocal Currency Bond- I

USD





132

Vontobel Fund - Target Return Balanced




424Receivable from subscriptions




5,746Other assets



















Futures 559,371


Options -2,149












Not

es


Cost

133





Other income 1,023





Bank interest 9,419







Not

es


134






EUR

% of netassets*


200 8,013 0.04Novo Nordisk A/SDKK


Shares

Denmark

710 63,386 0.30Pandora A/SDKK


800 62,400 0.30Bayerische MotorenWerke AG

EURGermany

410 77,716 0.37Continental AGEUR400 64,420 0.31Linde AGEUR1,110 97,791 0.46SAP SEEUR810 88,938 0.43Siemens AGEUR1,700 84,745 0.41United Internet AGEUR


28,700 122,914 0.59BOC Hong KongHoldings Ltd

HKDHong Kong


6,300 112,487 0.54Ryanair Holdings PLCEURIreland


1,210 79,608 0.38Nice Ltd ADRUSDIsrael


5,000 52,866 0.25Astellas Pharma IncJPYJapan

2,400 86,553 0.42Bridgestone CorpJPY2,700 61,222 0.29KDDI CorpJPY


1,520 63,153 0.30Shire PLCGBPJersey


2,700 70,843 0.34Gildan ActivewearInc

CADCanada

1,800 80,980 0.39Toronto-DominionBank/The

CAD


1,750 85,934 0.41Randstad HoldingNV

EURNetherlands


600 127,873 0.62Roche Holding AGCHFSwitzerland

180 76,189 0.36Swisscom AGCHF



EUR

% of netassets*


12,000 83,021 0.39Oversea-ChineseBanking Corp Ltd

SGDSingapore

360 76,327 0.37Broadcom LtdUSD

0.76159,348Total - Singapore

1,000 67,499 0.32AmerisourceBergenCorp

USDUnited States

700 96,560 0.46Apple IncUSD310 82,542 0.39Biogen IncUSD200 70,487 0.34BlackRock IncUSD910 106,339 0.51Celgene CorpUSD1,460 86,907 0.42Cognizant


USD

890 57,896 0.28CVS Health CorpUSD1,000 73,429 0.35Duke Energy CorpUSD1,170 96,708 0.46Euronet Worldwide

IncUSD

1,310 189,486 0.90Facebook IncUSD800 55,736 0.27Genuine Parts CoUSD975 68,649 0.33Gilead Sciences IncUSD1,170 96,688 0.46Hasbro IncUSD710 89,196 0.43Jazz Pharmaceuticals

PLCUSD

700 77,937 0.37Johnson & JohnsonUSD780 79,981 0.38Jones Lang LaSalle

IncUSD

1,200 78,809 0.38Marsh & McLennanCos Inc

USD

1,600 81,797 0.39MAXIMUS IncUSD700 78,914 0.38Moody's CorpUSD2,000 87,711 0.42Southwest Airlines

CoUSD

1,270 107,996 0.51Time Warner IncUSD900 79,712 0.38Union Pacific CorpUSD550 92,014 0.44UnitedHealth Group

IncUSD

1,400 56,488 0.27VerizonCommunications Inc

USD

1,300 68,745 0.33VF CorpUSD1,200 65,829 0.31WEC Energy Group

IncUSD


3,700 85,637 0.41Royal Dutch ShellPLC

EURUnited Kingdom

19.164,007,071Total - Shares


200,000 170,087 0.8107.01.2025Brazilian GovernmentInternational Bond 13

USD 4.250%

Bonds

Brazil


135






EUR

% of netassets*


200,000 176,043 0.8431.07.2024Export-Import Bankof China/The 14



200,000 174,001 0.8321.01.2026Chile GovernmentInternational Bond 16

USD 3.130%Chile


700,000 929,593 4.4504.07.2044BundesrepublikDeutschland 12

EUR 2.500%Germany


EUR 0.500%


EUR 1.000%


200,000 218,448 1.0419.10.2022TDF InfrastructureSAS 15

EUR 2.880%France


170,000 175,022 0.8414.04.2022Credit Suisse GroupFunding Guernsey Ltd15 EMTN

EUR 1.250%Guernsey



USD 4.750%Indonesia



EUR 1.630%Italy

150,000 155,616 0.7428.05.2020RAI RadiotelevisioneItaliana SpA 15

EUR 1.500%

100,000 112,136 0.5419.01.2024Telecom ItaliaSpA/Milano 16EMTN

EUR 3.630%


200,000 180,957 0.8728.01.2026ColombiaGovernmentInternational Bond 15

USD 4.500%Colombia

0.87180,957Total - Colombia





EUR

% of netassets*



EUR 3.000%Mexico






USD 7.350%Peru

0.53111,313Total - Peru

200,000 184,873 0.8821.01.2024PhilippineGovernmentInternational Bond 14

USD 4.200%Philippines

0.88184,873Total - Philippines

100,000 94,100 0.4523.03.2022Poland GovernmentInternational Bond 11

USD 5.000%Poland

0.4594,100Total - Poland

100,000 106,999 0.5123.05.2022Metrovacesa SA 16EMTN

EUR 2.380%Spain


100,000 91,999 0.4429.01.2020Hungary GovernmentInternational Bond 10

USD 6.250%Hungary


150,000 159,998 0.7707.03.2022DiscoveryCommunications LLC14


150,000 169,908 0.8101.02.2023Goldman SachsGroup Inc/The 13EMTN

EUR 3.250%

150,000 173,436 0.8310.08.2020Morgan Stanley 10EMTN

EUR 5.380%

200,000 170,696 0.8220.09.2021Sprint Spectrum CoLLC / Sprint SpectrumCo II LLC / SprintSpectrum Co III LLC16

USD 3.360%


USD 3.630%

150,000 141,009 0.6715.09.2023VerizonCommunications Inc13

USD 5.150%


150,000 151,982 0.7310.02.2022FCE Bank PLC 15EMTN


170,000 177,756 0.8615.03.2023Hammerson PLC 16EUR 1.750%

136






EUR

% of netassets*


150,000 161,127 0.7722.03.2023Royal Bank ofScotland Group PLC16 EMTN

EUR 2.500%

150,000 155,357 0.7417.03.2022Yorkshire BuildingSociety 15 EMTN

EUR 1.250%

200,000 176,252 0.8414.05.2025Lloyds Bank PLC 15USD 3.500%

58.4612,221,025Total - Bonds


250 10,529 0.05iShares Core MSCIWorld UCITS ETF

USD

Investment funds

Ireland

30,000 372,192 1.78iShares Oil & GasExploration &Production UCITSETF USD Acc

USD




EUR


Jersey


USD




11,390 0,00 0.00Irish Bank ResolutionCorp Ltd **

EUR


Shares

Ireland


1,232 52,092 0.25LUKOIL PJSC ADRUSDRussia



100 19,856 0.09AXA World Funds -Global High YieldBonds - I EURhedged ACC

EUR

Investment funds

Luxembourg

500 79,825 0.38CGS FMS GlobalEvolution FrontierMarkets - I

EUR

1,750 236,880 1.13Vontobel Fund -High Yield Bond - I

EUR


EUR

% of netassets*


8,000 1,008,798 4.83AXA IM FixedIncome InvestmentStrategies - US ShortDuration High Yield -F USD acc

USD

1,500 251,590 1.21Vontobel Fund -Emerging MarketsEquity

USD

500 42,539 0.20Vontobel Fund -Emerging MarketsLocal Currency Bond- I

USD





137

Vontobel Fund - Target Return Growth

Net assets at the beginning of the period 34,021,769

-130,860Net investment loss on investments


Investments -37,154

Futures 50,143


Options 100,681

(2) -811,886Net realised gain/loss on investments

(2) 1,525,589Net realised gain/loss on forward foreign exchange contracts

(2) -9,768Net realised gain/loss on currency exchange

(2) 1,480,295Net realised gain/loss on futures

(2) -287,526Net realised gain/loss on options

1,817,568Increase/Decrease in net assets resulting from operations

13,654Subscriptions of shares

-35,852,991Redemptions of shares

Net assets at the end of the period 0

Statement of Changes in Net Assets

from September 1, 2016 to May 30, 2017








Bank interest 7,014






Statement of Income

from September 1, 2016 to May 30, 2017

Not

es


Cost

138

Vontobel Fund - Emerging Markets Debt


























Futures 5,872,690


























Not

es


Cost

139






USD

% of netassets*


2,750,000 2,963,400 0.2112.11.2025Angolan GovernmentInternational Bond 15

USD 9.500%


Bonds

Angola

0.212,963,400Total - Angola

5,140,000 5,173,102 0.3620.06.2024African Export-ImportBank/The 17 EMTN

USD 4.125%Egypt

0.365,173,102Total - Egypt

274,000,000 15,997,520 1.1231.05.2022Provincia de BuenosAires/Argentina 17FRN

ARS 25.393%Argentina

24,000,000 18,883,536 1.3231.12.2038Argentine RepublicGovernmentInternational Bond

EUR 2.260%

39,724,000 31,818,829 2.2131.12.2038Argentine RepublicGovernmentInternational Bond 05

EUR 2.260%


EUR 0,000%


EUR 7.820%


EUR 4.000%


EUR 5.375%


9,000,000 10,083,420 0.7026.03.2025Republic of ArmeniaInternational Bond 15

USD 7.150%Armenia

0.7010,083,420Total - Armenia

6,655,000 6,958,468 0.4914.09.2023Aruba 12USD 4.625%Aruba

0.496,958,468Total - Aruba

4,300,000 3,529,182 0.2511.06.2019Bank of Azerbaijan 14USD 5.630%Azerbaijan

3,000,000 3,129,090 0.2218.03.2024Republic ofAzerbaijanInternational Bond 14

USD 4.750%

9,400,000 10,548,774 0.7324.03.2026Southern GasCorridor CJSC 16

USD 6.880%

3,950,000 4,330,425 0.3018.03.2030State Oil Co of theAzerbaijan Republic15

USD 6.950%

1.5021,537,471Total - Azerbaijan

2,000,000 2,178,680 0.1520.11.2029Bahamas GovernmentInternational Bond 09

USD 6.950%Bahamas

4,600,000 4,812,198 0.3416.01.2024Bahamas GovernmentInternational Bond 14

USD 5.750%

0.496,990,878Total - Bahamas


USD

% of netassets*


18,950,000 19,906,975 1.4026.01.2026Bahrain GovernmentInternational Bond 15

USD 7.000%Bahrain


USD 7.000%

1.4120,113,383Total - Bahrain

8,106,400 5,015,105 0.3520.02.2038Belize GovernmentInternational Bond 13

USD 5.000%Belize

0.355,015,105Total - Belize

9,500,000 10,040,835 0.7103.01.2023Bermuda GovernmentInternational Bond 12


5,800,000 2,344,070 0.1629.01.2020Noble Group Ltd 09USD 6.750%


30,100,000 9,132,340 0.6415.11.2026Petroleos deVenezuela SA 13

USD 6.000%Venezuela, Bolivarian Republic Of


USD 6.000%

5,600,000 2,065,000 0.1407.05.2023VenezuelaGovernmentInternational Bond 08

USD 9.000%

500,000 180,015 0.0107.05.2028VenezuelaGovernmentInternational Bond 08

USD 9.250%

4,450,000 1,607,118 0.1113.10.2024VenezuelaGovernmentInternational Bond 09

USD 8.250%


5,000,000 4,564,500 0.3327.01.2045Brazilian GovernmentInternational Bond 14

USD 5.000%Brazil

6,552,000 3,896,605 0.2701.11.2022Samarco MineracaoSA 12

USD 4.130%

3,250,000 1,930,890 0.1324.10.2023Samarco MineracaoSA 13

USD 5.750%

300,000 178,413 0.0126.09.2024Samarco MineracaoSA 14

USD 5.380%

0.7410,570,408Total - Brazil

5,400,000 5,585,004 0.3912.04.2027Sinopec GroupOverseasDevelopment 2017Ltd 17



4,250,000 4,662,633 0.3305.07.2034Lima Metro Line 2Finance Ltd 15


2,150,000 901,667 0.0626.06.2042Odebrecht FinanceLtd 12

USD 7.125%

12,766,000 5,039,250 0.3527.06.2029Odebrecht FinanceLtd 14

USD 5.250%

250,000 209,375 0.0102.06.2025Peru Enhanced Pass-Through Finance Ltd06

USD 0,000%

140






USD

% of netassets*


500,000 545,405 0.0408.04.2044Saudi ElectricityGlobal Sukuk Co 3 14

USD 5.500%


4,000,000 4,280,120 0.3012.03.2045Costa RicaGovernmentInternational Bond 15

USD 7.160%Costa Rica

0.304,280,120Total - Costa Rica

13,800,000 17,049,803 1.1915.06.2025Ivory CoastGovernmentInternational Bond 17


1.1917,049,803Total - Ivory Coast

2,850,000 2,797,788 0.2020.06.2024Ecuador GovernmentInternational Bond 14

USD 7.950%Ecuador


USD 10.750%


USD 8.750%


USD 9.625%

1.1015,814,165Total - Ecuador

1,000,000 1,059,400 0.0710.04.2032El SalvadorGovernmentInternational Bond 02

USD 8.250%El Salvador


USD 5.875%


USD 6.380%

0.7010,086,168Total - El Salvador

3,000,000 2,963,460 0.2112.12.2024Gabonese Republic13

USD 6.375%Gabon

0.212,963,460Total - Gabon

8,500,000 9,410,520 0.6611.07.2022Georgian Railway JSC12

USD 7.750%Georgia

0.669,410,520Total - Georgia

1,200,000 1,555,116 0.1114.10.2030Ghana GovernmentInternational Bond 15

USD 10.750%Ghana

0.111,555,116Total - Ghana

4,000,000 4,021,720 0.2810.08.2022Canara Bank/London17 EMTN

USD 3.250%India

0.284,021,720Total - India


USD

% of netassets*


26,000,000 34,016,141 2.3830.07.2025IndonesiaGovernmentInternational Bond 15

EUR 3.380%Indonesia


EUR 2.630%


EUR 3.750%


EUR 2.150%

2,000,000 2,152,140 0.1520.05.2043Pertamina Persero PT13 EMTN

USD 5.625%

1,000,000 1,181,880 0.0830.05.2044Pertamina Persero PT14 EMTN

USD 6.450%

6,663,000 6,871,085 0.4824.10.2042Perusahaan ListrikNegara PT 12 EMTN

USD 5.250%



GBP 7.490%Ireland

34,641,000 32,450,985 2.2630.11.2026Saderea Ltd 14 EMTNUSD 12.500%3,500,000 3,727,010 0.2631.12.2099Tinkoff Credit

Systems Via TCSFinance Ltd 17 FRN

USD 9.250%


USD 6.800%


3,400,000 3,523,624 0.2529.01.2026Jordan GovernmentInternational Bond 15

USD 6.125%Jordanie

0.253,523,624Total - Jordanie




CHF 3.640%



USD 5.375%Kenya

1,000,000 1,050,580 0.0824.06.2024Kenya GovernmentInternational Bond 14

USD 6.880%

0.141,973,773Total - Kenya

5,155,000 7,990,250 0.5628.01.2033ColombiaGovernmentInternational Bond 03

USD 10.380%Colombia


141






USD

% of netassets*


32,211,000 19,564,704 1.3730.06.2029CongoleseInternational Bond 07

USD 4.000%Congo

1.3719,564,704Total - Congo

3,750,000 3,840,863 0.2703.12.2024Lebanon GovernmentInternational Bond 09EMTN

USD 7.000%Lebanon

6,000,000 5,922,240 0.4127.01.2023Lebanon GovernmentInternational Bond 12

USD 6.000%

2,000,000 1,959,640 0.1403.11.2028Lebanon GovernmentInternational Bond 15EMTN

USD 6.650%

0.8211,722,743Total - Lebanon

1,500,000 1,374,285 0.1030.04.2018Andrade GutierrezInternational SA 13


2,850,000 2,778,066 0.1926.07.2022Topaz Marine SA 17USD 9.125%


500,000 542,950 0.0411.05.20221MDB Energy Ltd 12USD 5.990%Malaysia

9,000,000 8,405,730 0.5909.03.20231MDB GlobalInvestments Ltd 13

USD 4.400%



EUR 3.500%Morocco

19,900,000 22,559,834 1.5825.04.2044OCP SA 14USD 6.880%


14,938,000 19,584,429 1.3726.07.2023MacedoniaGovernmentInternational Bond 16

EUR 5.630%Macedonia

1.3719,584,429Total - Macedonia


EUR 3.375%Mexico


EUR 2.750%


EUR 3.750%


EUR 4.875%

37,900,000 53,152,174 3.7119.03.2114Mexico GovernmentInternational Bond 14EMTN

GBP 5.630%

6,103,000 6,102,329 0.4301.06.2020Grupo Famsa SAB deCV 13

USD 7.250%


USD 6.500%

7.39105,810,729Total - Mexico


USD

% of netassets*


2,500,000 2,426,625 0.1705.12.2022MongoliaGovernmentInternational Bond 12EMTN

USD 5.125%Mongolia

0.172,426,625Total - Mongolia

3,575,000 4,616,440 0.3210.03.2021MontenegroGovernmentInternational Bond 16


0.324,616,440Total - Montenegro

9,000,000 6,976,620 0.4918.01.2023MozambiqueInternational Bond 16

USD 10.500%Mozambique

0.496,976,620Total - Mozambique

10,186,000 10,474,875 0.7329.10.2025Namibia InternationalBonds 15

USD 5.250%Namibia

0.7310,474,875Total - Namibia

800,000 1,079,619 0.0814.12.2026Petrobras GlobalFinance BV 11 EMTN

GBP 6.250%Netherlands

6,500,000 8,548,197 0.5916.01.2034Petrobras GlobalFinance BV 14

GBP 6.625%

1,500,000 1,390,395 0.1023.07.2021First Bank of NigeriaLtd Via FBN FinanceCo BV 14 FRN

USD 8.000%

1,000,000 1,331,610 0.0929.06.2037Majapahit Holding BV07

USD 7.875%

250,000 247,881 0.0214.02.2018Metinvest BV 11EMTN **

USD 0,000%


USD 0,000%

6,400,000 6,494,472 0.4531.12.2021Metinvest BV 17USD 9.373%1,000,000 1,194,700 0.0823.05.2026Petrobras Global

Finance BV 16USD 8.750%


2,205,000 2,400,010 0.1719.10.2021Access Bank PLC 16EMTN

USD 10.500%Nigeria

600,000 602,748 0.0413.04.2024Africa Finance Corp17

USD 3.875%

0.213,002,758Total - Nigeria


USD 6.500%Oman

1.5722,498,890Total - Oman

6,450,000 7,036,316 0.4909.10.2023AeropuertoInternacional deTocumen SA 13

USD 5.750%Panama

2,626,000 1,957,998 0.1401.11.2026Panama CanalRailway Co 07

USD 7.000%

142






USD

% of netassets*


15,979,000 22,090,968 1.5428.04.2034Panama GovernmentInternational Bond 04

USD 8.130%

2.1731,085,282Total - Panama


EUR 2.750%Peru

2.4034,334,974Total - Peru

5,000,000 5,154,500 0.3617.03.2023Poland GovernmentInternational Bond 12

USD 3.000%Poland


18,000,000 22,805,123 1.5929.10.2035RomanianGovernmentInternational Bond 15EMTN

EUR 3.880%Romania


1,700,000 1,754,179 0.1223.05.2033Senegal GovernmentInternational Bond 17

USD 6.250%Senegal

0.121,754,179Total - Senegal

23,000,000 20,399,057 1.4301.01.2026SeychellesInternational Bond 10


1.4320,399,057Total - Seychelles Islands

2,000,000 2,144,980 0.1504.10.2020Sri LankaGovernmentInternational Bond 10

USD 6.250%Sri Lanka

1,800,000 1,892,016 0.1311.05.2027Sri LankaGovernmentInternational Bond 17

USD 6.200%

0.284,036,996Total - Sri Lanka

5,000,000 6,233,938 0.4424.07.2026South AfricaGovernmentInternational Bond 14

EUR 3.750%South Africa

4,800,000 4,920,528 0.3426.01.2021Eskom Holdings SOCLtd 11

USD 5.750%

9,500,000 9,963,600 0.6906.08.2023Eskom Holdings SOCLtd 13 EMTN

USD 6.750%

500,000 525,725 0.0411.02.2025Eskom Holdings SOCLtd 15

USD 7.125%

5,000,000 5,178,800 0.3617.01.2024Republic of SouthAfrica GovernmentInternational Bond 12

USD 4.665%



USD 5.500%Togo


USD

% of netassets*



USD 5.000%

3.4849,863,456Total - Togo

4,600,000 5,005,168 0.3514.08.2019Petroleum Co ofTrinidad & TobagoLtd 09

USD 9.750%Trinidad and Tobago

0.355,005,168Total - Trinidad and Tobago

17,190,000 20,708,188 1.4414.06.2025Turkey GovernmentInternational Bond 17EMTN

EUR 3.250%Turkey

3,500,000 4,083,100 0.2917.03.2036Turkey GovernmentInternational Bond 06

USD 6.875%

5,000,000 5,140,750 0.3611.05.2047Turkey GovernmentInternational Bond 17

USD 5.750%

2.0929,932,038Total - Turkey

14,550,000 17,861,907 1.2517.02.2024Banque Centrale deTunisie InternationalBond 17

EUR 5.625%Tunisia


5,000,000 5,213,750 0.3701.09.2022Ukraine GovernmentInternational Bond 15

USD 7.750%Ukraine


USD 7.750%


USD 7.750%

0.588,302,260Total - Ukraine

3,000,000 3,073,230 0.2115.12.2039Acwa PowerManagement AndInvestments One Ltd17

USD 5.950%United Arab Emirates


10,000,000 7,956,600 0.5624.07.2023Brazil Loan Trust 1 13USD 5.480%United States


4,000,000 5,064,762 0.3526.01.2027State Grid EuropeDevelopment 2014PLC 15



USD 8.500%

2,600,000 2,754,206 0.1922.01.2025Ukreximbank Via BizFinance PLC 15

USD 9.750%


143






USD

% of netassets*


22,282,000 14,273,626 1.0010.10.2025Debt and AssetTrading Corp 13

USD 1.000%Vietnam


75.761,084,337,680Total - Bonds

1.0014,273,626Total - Vietnam

45,361,600 2,456,229 0.1709.05.2022YPF SA 17ARS 16.500%


Argentina

215,724,200 11,680,982 0.8209.05.2022YPF SA 17 EMTNARS 16.500%7,850,000 8,295,723 0.5824.02.2025Provincia de la Rioja

17USD 9.750%


23,665,000 25,992,689 1.8206.02.2024Bermuda GovernmentInternational Bond 13






900,000 892,368 0.0626.04.2019Yunnan EnergyInvestment FinanceCo Ltd 16



12,396,000 12,551,322 0.8815.02.2028Brazil Minas SPE viaState of Minas Gerais13



6,000,000 6,323,880 0.4404.04.2044Costa RicaGovernmentInternational Bond 14

USD 7.000%Costa Rica

0.446,323,880Total - Costa Rica

3,550,000 4,335,757 0.3020.04.2027Dominican RepublicInternational Bond 06

USD 8.630%Dominican Republic

0.304,335,757Total - Dominican Republic

11,110,100 6,286,755 0.4412.05.2030Grenada GovernmentInternational Bond 15

USD 7.000%Grenada

0.446,286,755Total - Grenada


USD

% of netassets*


8,350,000 8,517,334 0.6028.02.2027Hong Kong Sukuk2017 Ltd 17

USD 3.132%Hong Kong


24,350,000 25,922,523 1.8113.01.2022Oilflow SPV 1 DAC17

USD 12.000%Ireland


11,500,000 13,603,235 0.9519.11.2025Republic ofCameroonInternational Bond 15

USD 9.500%Cameroun

0.9513,603,235Total - Cameroun

2,500,000 2,612,500 0.1815.01.2034Fideicomiso PACostera 16

USD 6.750%Colombia


USD 8.250%


9,600,000 10,829,080 0.7615.06.2026Equisar InternationalInc 11 **

USD 6.628%Malaysia



EUR 4.000%Mexico

2.1731,253,602Total - Mexico

11,300,000 10,232,602 0.7128.03.2023AES El Salvador TrustII 13

USD 6.750%Panama

0.7110,232,602Total - Panama

1,870,000,000 13,256,165 0.9317.03.2031Banque Centrale deTunisie SA 01

JPY 4.200%Tunisia


11,500,000 11,598,391 0.8127.03.2022Aabar InvestmentsPJSC 15 EMTN



18.08258,875,295Total - Bonds


144






USD

% of netassets*


5,800,000 4,384,800 0.3120.08.2020JP Morgan StructuredProducts BV 15EMTN

USD 6.250%


Bonds

Netherlands

0.314,384,800Total - Bonds



USD

Investment funds

Luxembourg

144,000 20,059,200 1.40Vontobel Fund-Emerging MarketsBlend - X

USD





145

Vontobel Fund - Harcourt Dividend Strategy





Futures 74,240

(2) 174,084Net realised gain/loss on investments


(2) -57,126Net realised gain/loss on futures

-155,284Increase/Decrease in net assets resulting from operations

0Subscriptions of shares




from September 1, 2016 to October 31,2016


Net dividends -36,526

Other income 2,756

Total Income -33,766



(4) Subscription tax 102

Bank interest 40






Statement of Income


Not

es


Cost

146

Vontobel Fund - Harcourt Momentum Strategy




Investments -27,404

Futures -2,898


(2) -14,004Net realised gain/loss on investments

(2) -36,057Net realised gain/loss on forward foreign exchange contracts


(2) -106,587Net realised gain/loss on futures


9,902Subscriptions of shares






Net dividends 7,064

Other income 2,756

Total Income 9,905




Bank interest 306






Statement of Income


Not

es


Cost

147

Vontobel Fund - Harcourt Premium Strategy




Investments -22,409

Futures -2,417


Swaps -114,683

(2) 9,198Net realised gain/loss on investments

(2) 10,075Net realised gain/loss on forward foreign exchange contracts


(2) 2,288Net realised gain/loss on futures

(2) 112,071Net realised gain/loss on swaps


0Subscriptions of shares








Other income 2,756

Total Income 15,722




Bank interest 81






Statement of Income


Not

es


Cost

148

Vontobel Fund - Global Bond


















Investments 965,396
















Bank interest 1,401







Not

es


Cost

149






USD

% of netassets*


800,000 869,080 1.5012.01.2021Australia & NewZealand BankingGroup Ltd 11 EMTN

USD 4.880%


Bonds

Australia

900,000 956,241 1.6515.10.2019Commonwealth Bankof Australia 09 EMTN

USD 5.000%

800,000 854,024 1.4710.12.2020National AustraliaBank Ltd 10

USD 4.380%

300,000 299,607 0.5230.05.2018Westpac BankingCorp 13

USD 1.380%


500,000 487,170 0.8415.07.2026Bacardi Ltd 16USD 2.750%Bermuda Islands


300,000 336,591 0.5801.03.2022IPIC GMTN Ltd 11EMTN



200,000 263,895 0.4528.05.2024Carlsberg BreweriesA/S 14 EMTN

EUR 2.500%Denmark


400,000 486,227 0.8418.01.2027Autoroutes du Sud dela France SA 17EMTN

EUR 1.250%France

300,000 426,235 0.7310.02.2022BPCE SA 12 EMTNEUR 4.500%400,000 538,909 0.9330.05.2023Gecina SA 13 EMTNEUR 2.880%200,000 251,764 0.4330.07.2021Gecina SA 14 EMTNEUR 1.750%400,000 488,029 0.8416.02.2027Klepierre 17 EMTNEUR 1.375%500,000 616,986 1.0618.05.2026Pernod Ricard SA 16EUR 1.500%600,000 735,297 1.2708.06.2022RCI Banque SA 15

EMTNEUR 1.250%

550,000 552,745 0.9527.01.2020BPCE SA 15USD 2.250%1,100,000 1,132,119 1.9619.06.2021Total Capital

International SA 14USD 2.750%


800,000 1,051,958 1.8120.02.2021Aeroporti di RomaSpA 13 EMTN

EUR 3.250%Italy


EUR 5.130%

500,000 664,464 1.1516.07.2024Banca Monte deiPaschi di Siena SpA14

EUR 2.880%

400,000 548,387 0.9510.07.2023Eni SpA 13 EMTNEUR 3.250%300,000 431,075 0.7412.09.2025Eni SpA 13 EMTNEUR 3.750%300,000 377,667 0.6518.06.2021Intesa Sanpaolo SpA

14 EMTNEUR 2.000%

900,000 1,092,544 1.8804.03.2022Intesa Sanpaolo SpA15 EMTN

EUR 1.130%


EUR 4.000%


EUR 4.500%


EUR 1.650%


USD

% of netassets*



EUR 2.250%

500,000 613,996 1.0624.10.2026UniCredit SpA 16EMTN

EUR 2.125%

18.0310,456,578Total - Italy

50,000,000 493,363 0.8520.09.2022Development Bank ofJapan Inc 02

JPY 1.700%Japan

50,000,000 481,710 0.8320.06.2023Development Bank ofJapan Inc 03

JPY 1.050%

500,000 508,509 0.8819.04.2022Daiwa SecuritiesGroup Inc 17

USD 3.129%

2.561,483,582Total - Japan


EUR 1.880%Jersey


500,000 504,870 0.8715.07.2022Enbridge Inc 17USD 2.900%Canada


400,000 332,209 0.5730.06.2021Fonterra Co-operativeGroup Ltd 14

AUD 4.500%New Zealand

0.57332,209Total - New Zealand

300,000 433,236 0.7513.03.2028Allianz Finance II BV13


450,000 659,297 1.1414.09.2022Enel FinanceInternational NV 09EMTN

EUR 5.000%

300,000 380,998 0.6627.01.2025Enel FinanceInternational NV 15EMTN

EUR 1.970%

300,000 367,199 0.6321.01.2025Gas Natural FenosaFinance BV 15 EMTN

EUR 1.380%

500,000 695,614 1.2001.03.2022Koninklijke KPN NV12 EMTN

EUR 4.250%

700,000 891,252 1.5428.05.2020Repsol InternationalFinance BV 13 EMTN

EUR 2.630%

350,000 447,132 0.7720.11.2020SABIC Capital I BV 13EUR 2.750%900,000 970,587 1.6711.01.2021Cooperatieve

Centrale Raiffeisen-BoerenleenbankBA/Netherlands 11

USD 4.500%

1,000,000 1,010,571 1.7311.05.2020Shell InternationalFinance BV 15

USD 2.130%

200,000 200,580 0.3520.11.2018VolkswagenInternational FinanceNV 13

USD 2.125%


400,000 425,372 0.7301.03.2024Statoil ASA 13USD 3.700%Norway

0.73425,372Total - Norway

300,000 361,567 0.6220.05.2026AbertisInfraestructuras SA 16

EUR 1.375%Spain

150






USD

% of netassets*


200,000 306,860 0.5331.01.2037Spain GovernmentBond 05

EUR 4.200%

850,000 1,280,386 2.2131.01.2023Spain GovernmentBond 13

EUR 5.400%


EUR 3.800%

300,000 360,362 0.6230.07.2030Spain GovernmentBond 15

EUR 1.950%


EUR 2.240%

7.774,506,737Total - Spain

500,000 503,605 0.8718.06.2019EmiratesTelecommunicationsGroup Co PJSC 14



600,000 743,450 1.2813.05.2021Prologis LP 15EUR 1.380%United States

550,000 573,062 0.9901.02.2026Anheuser-BuschInBev Finance Inc 16

USD 3.650%

900,000 903,735 1.5609.02.2022Apple Inc 15USD 2.150%1,100,000 1,105,984 1.9121.04.2020Bank of America Corp

15USD 2.250%

400,000 418,748 0.7224.06.2023Chevron Corp 13USD 3.190%400,000 405,688 0.7003.03.2022Chevron Corp 15USD 2.410%300,000 302,409 0.5201.05.2026Citigroup Inc 16USD 3.400%350,000 355,103 0.6101.04.2023Coca-Cola Co/The 13USD 2.500%500,000 526,205 0.9120.07.2025CVS Health Corp 15USD 3.880%450,000 461,435 0.8009.10.2022General Electric Co 12USD 2.700%600,000 602,340 1.0418.03.2019Hyundai Capital

America 16 EMTNUSD 2.500%

500,000 495,925 0.8515.11.2026Illinois Tool Works Inc16

USD 2.650%

900,000 913,311 1.5712.02.2022Microsoft Corp 15USD 2.380%1,000,000 995,076 1.7230.09.2020National Grid North

America Inc 15 EMTNUSD 2.380%

1,100,000 1,110,526 1.9212.03.2020Toyota Motor CreditCorp 15

USD 2.150%


USD 4.500%


USD 2.130%

800,000 801,928 1.3823.05.2019Volkswagen Group ofAmerica Finance LLC14

USD 2.130%


600,000 739,662 1.2816.02.2023BP Capital MarketsPLC 15 EMTN


200,000 244,742 0.4210.03.2023BritishTelecommunicationsPLC 16 EMTN

EUR 1.130%

500,000 609,567 1.0513.05.2020FCE Bank PLC 15EMTN

EUR 1.110%

400,000 478,000 0.8214.03.2025Motability OperationsGroup PLC 17 EMTN

EUR 0.875%

550,000 965,912 1.6716.02.2029Abbey NationalTreasury ServicesPLC/London 12EMTN

GBP 5.250%

250,000 333,532 0.5716.08.2028HSBC Holdings PLCGBP 2.630%


USD

% of netassets*


250,000 455,770 0.7911.12.2031Legal & GeneralFinance PLC 00EMTN

GBP 5.875%

650,000 1,063,413 1.8307.03.2025Lloyds Bank PLC 12EMTN

GBP 5.130%

650,000 886,127 1.5329.04.2022Nationwide BuildingSociety 15 EMTN

GBP 2.250%

300,000 308,784 0.5310.01.2023Barclays PLC 17USD 3.684%500,000 533,360 0.9215.04.2024Credit Agricole

SA/London 14 EMTNUSD 3.875%

400,000 425,588 0.7330.03.2022HSBC Holdings PLC12

USD 4.000%


92.1253,434,579Total - Bonds


300,000 247,896 0.4308.09.2021Scentre Group Trust 114

AUD 4.500%


Australia

400,000 397,816 0.6828.04.2021Scentre Group Trust 1/ Scentre Group Trust2 15

USD 2.380%



1.11645,712Total - Australia

550,000 455,713 0.7802.06.2023Province of OntarioCanada 12

CAD 2.850%


Bonds

Canada

550,000 449,752 0.7801.09.2025Province of QuebecCanada 15

CAD 2.750%





151

Vontobel Fund - Absolute Return Credit Fund























Investments 286,120

Futures -80,661


Swaps -1,848,627

Options 20,197












Not

es


Cost

152









Bank interest 3,392








Not

es


153






USD

% of netassets*



USD 4.000%


Bonds

Egypt



EUR 2.260%Argentina


400,000 439,280 1.7719.10.2075BHP Billiton FinanceUSA Ltd 15 FRN

USD 6.250%Australia


200,000 80,830 0.3329.01.2020Noble Group Ltd 09USD 6.750%Bermuda Islands


200,000 259,801 1.0510.01.2023Vale SA 12 EMTNEUR 3.750%Brazil


USD 4.130%


200,000 213,062 0.8630.01.2021Gerdau Trade Inc 10USD 5.750%British Virgin Islands

200,000 206,366 0.8307.10.2020Gold Fields OrogenHoldings BVI Ltd 10

USD 4.875%


200,000 213,572 0.8615.04.2021Braskem Finance Ltd11


400,000 157,896 0.6427.06.2029Odebrecht FinanceLtd 14

USD 5.250%


400,000 429,772 1.7324.03.2020Ecuador GovernmentInternational Bond 15

USD 10.500%Ecuador

1.73429,772Total - Ecuador

100,000 128,956 0.5231.12.2099Air France-KLM 15FRN

EUR 6.250%France


EUR 4.875%

300,000 295,179 1.1931.12.2099AXA SA 16 EMTNUSD 4.500%


200,000 201,596 0.8105.04.2020ICBCIL Finance CoLtd 17 EMTN

USD 3.000%Hong Kong



USD

% of netassets*



EUR 2.150%Indonesia


250,000 319,193 1.2926.11.2025Allied Irish Banks PLC15 FRN EMTN

EUR 4.130%Ireland

200,000 206,100 0.8307.11.2021Credit Bank ofMoscow Via CBOMFinance PLC 16

USD 5.875%

200,000 212,972 0.8631.12.2099Tinkoff CreditSystems Via TCSFinance Ltd 17 FRN

USD 9.250%


500,000 508,510 2.0519.04.2022Daiwa SecuritiesGroup Inc 17

USD 3.129%Japan



USD 5.375%Kenya


100,000 131,186 0.5301.11.2021Crystal Almond SARL16


200,000 259,865 1.0515.10.2022DEA Finance SA 16EUR 7.500%100,000 139,199 0.5625.09.2020Gazprom OAO Via

Gaz Capital SA 13EMTN

GBP 5.338%

200,000 183,238 0.7430.04.2018Andrade GutierrezInternational SA 13

USD 4.000%



250,000 262,533 1.0509.11.2022Banco SantanderMexico SA Institucionde Banca MultipleGrupo FinancieroSantand 12

USD 4.125%Mexico

200,000 229,410 0.9316.04.2026Cemex SAB de CV 16USD 7.750%


200,000 243,608 0.9818.03.2020MontenegroGovernmentInternational Bond 15


0.98243,608Total - Montenegro

100,000 128,788 0.5201.10.2021Schoeller AllibertGroup BV 16



EUR 3.750%

154






USD

% of netassets*


500,000 547,634 2.2115.08.2050Demeter InvestmentsBV for Swiss Re Ltd15 FRN

USD 5.750%

200,000 208,220 0.8415.04.2020Fiat ChryslerAutomobiles NV 15

USD 4.500%


200,000 217,688 0.8819.10.2021Access Bank PLC 16EMTN

USD 10.500%Nigeria

0.88217,688Total - Nigeria

200,000 204,834 0.8318.06.2020DNO ASA 15USD 8.750%Norway


200,000 200,116 0.8106.03.2022Hyundai CapitalServices Inc 17



400,000 483,773 1.9515.07.2022Intrum Justitia AB 17FRN

EUR 2.625%Sweden


200,000 240,167 0.9731.12.2099Banco de Sabadell SA17 FRN

EUR 6.500%Spain

200,000 256,244 1.0331.12.2099CaixaBank SA 17 FRNEUR 6.750%200,000 252,570 1.0215.02.2027CaixaBank SA 17 FRN

EMTNEUR 3.500%


200,000 209,760 0.8506.08.2023Eskom Holdings SOCLtd 13 EMTN

USD 6.750%South Africa


250,000 252,833 1.0203.07.2019TC Ziraat Bankasi AS14

USD 4.250%Turkey

200,000 213,330 0.8611.03.2019Turkey GovernmentInternational Bond 08

USD 7.000%


USD 4.750%


USD 3.875%


201,000 210,344 0.8531.12.2099NBK Tier 1 FinancingLtd 15 FRN






USD 8.875%


USD

% of netassets*


250,000 252,275 1.0224.05.2019Santander HoldingsUSA Inc 16

USD 2.700%





GBP 6.880%

450,000 450,306 1.8227.09.2017Anglo AmericanCapital PLC 12

USD 2.630%

300,000 309,798 1.2510.04.2023Barclays Bank PLC 13FRN

USD 7.750%


USD 6.000%


USD 4.130%

500,000 523,555 2.1113.07.2022LiquidTelecommunicationsFinancing Plc 17

USD 8.500%


USD 12.000%

600,000 632,483 2.5431.12.2099Royal Bank ofScotland Group PLC15 FRN

USD 7.500%

200,000 206,854 0.8316.09.2077SSE PLC 17 FRNUSD 4.750%200,000 216,612 0.8731.12.2099Standard Chartered


300,000 301,878 1.2215.11.2017Tesco PLC 07USD 5.500%450,000 468,774 1.8930.07.2022Vedanta Resources

PLC 17USD 6.375%


300,000 307,734 1.2426.01.2018Republic of Belarus11

USD 8.950%Belarus

1.24307,734Total - Belarus


EUR 4.250%Cyprus


EUR 3.750%


70.2517,420,992Total - Bonds



USD 5.500%


Turkey


100,000 97,854 0.3929.11.2024EP Energy LLC /Everest AcquisitionFinance Inc 16


155






USD

% of netassets*


200,000 211,856 0.8630.01.2022Newfield ExplorationCo 11

USD 5.750%

150,000 165,939 0.6715.05.2023Prime SecurityServices BorrowerLLC / Prime FinanceInc 16

USD 9.250%

200,000 188,302 0.7615.03.2021Whiting PetroleumCorp 13

USD 5.750%





156

Vontobel Fund - Global Corporate Bond Mid Yield







795,045Other assets




















Futures -8,515


Swaps -834,775












Not

es


Cost

157









Bank interest 2,692








Not

es


158






USD

% of netassets*


300,000 370,637 0.2631.12.2099KBC Groep NV 14FRN

EUR 5.630%


Bonds

Belgium


USD 5.500%


1,000,000 974,340 0.6915.07.2026Bacardi Ltd 16USD 2.750%Bermuda Islands


300,000 365,708 0.2603.06.2022BRF SA 15EUR 2.750%Brazil

500,000 605,709 0.4313.07.2022Votorantim CimentosSA 15

EUR 3.500%


500,000 542,890 0.3910.04.2024Sinopec GroupOverseasDevelopment 2014Ltd 14


1,000,000 1,024,960 0.7203.05.2026Sinopec GroupOverseasDevelopment 2016Ltd 16

USD 3.500%


700,000 776,139 0.5510.06.2021Vale Overseas Ltd 16USD 5.880%Cayman Islands


400,000 508,226 0.3617.11.2027Nykredit RealkreditA/S 15 FRN EMTN

EUR 2.750%Denmark


800,000 1,109,681 0.7931.12.2099Allianz SE 13 FRNEMTN

EUR 4.750%Germany

400,000 492,728 0.3523.04.2075Bertelsmann SE & CoKGaA 15 FRN

EUR 3.000%


EUR 5.750%


400,000 487,864 0.3515.04.2036Stora Enso OYJ 06USD 7.250%Finland

0.35487,864Total - Finland

800,000 1,053,014 0.7531.12.2099AXA SA 14 FRNEMTN

EUR 3.941%France

400,000 512,739 0.3630.11.2027BPCE SA 15 FRNEMTN

EUR 2.750%


EUR 6.880%


USD

% of netassets*



EUR 4.000%


EUR 4.125%


EUR 4.875%

400,000 512,754 0.3608.06.2046SCOR SE 15 FRNEUR 3.000%900,000 1,091,229 0.7803.04.2024Teleperformance 17EUR 1.500%300,000 368,308 0.2631.12.2099TOTAL SA 16 FRN

EMTNEUR 3.369%

500,000 644,532 0.4631.12.2099TOTAL SA 16 FRNEMTN

EUR 3.880%

600,000 590,358 0.4231.12.2099AXA SA 16 EMTNUSD 4.500%700,000 706,944 0.5022.05.2022BPCE SA 17 EMTNUSD 3.000%500,000 516,435 0.3731.12.2099Credit Agricole SA 14

FRNUSD 6.625%

500,000 522,270 0.3717.03.2025Credit Agricole SA 15USD 4.380%400,000 521,792 0.3715.07.2036Lafarge SA 06USD 7.130%


300,000 303,957 0.2224.01.2022State Bank ofIndia/London3.250% 17-24.01.22EMTN

USD 3.250%India

0.22303,957Total - India

400,000 503,228 0.3611.06.2024Bank of Ireland 14FRN EMTN

EUR 4.250%Ireland

400,000 424,944 0.3015.05.2021AerCap IrelandCapital DAC /AerCap GlobalAviation Trust 15

USD 4.500%


USD 3.950%


USD 3.650%

1,000,000 996,000 0.7031.12.2099Cloverie PLC forZurich Insurance CoLtd 16 EMTN

USD 4.750%


500,000 602,202 0.4313.07.2027Atlantia SpA 17EMTN

EUR 1.875%Italy

450,000 632,875 0.4524.06.2019Telecom Italia SpA 04EMTN

GBP 6.380%

800,000 888,759 0.6312.01.2024Intesa Sanpaolo SpA14

USD 5.250%

500,000 541,250 0.3830.05.2024Telecom ItaliaSpA/Milano 14

USD 5.303%

1.892,665,086Total - Italy

600,000 592,170 0.4221.07.2021NTT Finance Corp 16EMTN

USD 1.900%Japan


159






USD

% of netassets*


600,000 692,967 0.4915.09.2028Delphi AutomotivePLC 16

EUR 1.600%Jersey

500,000 616,409 0.4430.11.2024UBS Group FundingJersey Ltd 16

EUR 1.500%


500,000 532,875 0.3816.12.2025Bank of NovaScotia/The 15

USD 4.500%Canada

1,300,000 1,396,928 0.9930.04.2024CNOOC NexenFinance 2014 ULC 14

USD 4.250%

1,000,000 1,009,740 0.7215.07.2022Enbridge Inc 17USD 2.900%500,000 509,875 0.3615.05.2026Thomson Reuters

Corp 16USD 3.350%

1,000,000 1,004,150 0.7115.09.2031Toronto-DominionBank/The 16 FRN

USD 3.625%

1,000,000 1,029,780 0.7315.03.2077Transcanada Trust 17FRN

USD 5.300%


750,000 832,740 0.5918.09.2023Ecopetrol SA 13USD 5.880%Colombia





EUR 1.875%

600,000 910,237 0.6403.04.2022Glencore FinanceEurope SA 12

GBP 6.000%

500,000 502,940 0.3631.10.2017UniCreditLuxembourg FinanceSA 07

USD 6.000%


500,000 519,520 0.3713.02.2022MTN MauritiusInvestment Ltd 16


0.37519,520Total - Ile Maurice


EUR 2.750%Mexico


EUR 3.750%




400,000 517,029 0.3729.03.2024Fiat ChryslerAutomobiles NV 16EMTN

EUR 3.750%

800,000 1,004,849 0.7214.01.2021Petrobras GlobalFinance BV 14

EUR 3.750%


EUR 5.000%


EUR 3.750%


EUR 2.500%


USD

% of netassets*



EUR 2.700%

700,000 1,133,949 0.8131.01.2034innogy Finance BV 12EMTN

GBP 4.750%

500,000 716,865 0.5114.03.2073Koninklijke KPN NV13 FRN EMTN

GBP 6.875%

500,000 536,195 0.3828.07.2025ABN AMRO Bank NV15

USD 4.750%


USD 4.400%

700,000 757,547 0.5514.01.2021EDP Finance BV 14USD 5.250%600,000 608,610 0.4315.07.2024EDP Finance BV 17USD 3.625%500,000 524,940 0.3716.12.2021Samvardhana

MothersonAutomotive SystemsGroup BV 16

USD 4.875%

500,000 682,375 0.4815.12.2038Shell InternationalFinance BV 08

USD 6.380%


400,000 388,396 0.2829.09.2026BRF GmbH 16USD 4.350%Austria


500,000 523,225 0.3702.02.2022Volcan Cia MineraSAA 12

USD 5.375%Peru

0.37523,225Total - Peru

500,000 656,725 0.4616.09.2075EDP - Energias dePortugal SA 15 FRN

EUR 5.380%Portugal

500,000 603,949 0.4319.09.2023Galp Gas NaturalDistribuicao SA 16EMTN

EUR 1.375%


400,000 417,060 0.3031.12.2099SkandinaviskaEnskilda Banken AB17 FRN

USD 5.625%Sweden


500,000 536,955 0.3831.12.2099UBS Group AG 16FRN




EUR 8.875%Spain

400,000 489,085 0.3509.02.2022Banco Santander SA17

EUR 1.375%

400,000 522,888 0.3731.12.2099Banco Santander SA17 FRN

EUR 6.750%

800,000 1,024,974 0.7331.12.2099CaixaBank SA 17 FRNEUR 6.750%500,000 631,425 0.4515.02.2027CaixaBank SA 17 FRN

EMTNEUR 3.500%

600,000 752,060 0.5318.04.2025Cellnex Telecom SA17 EMTN

EUR 2.875%

160






USD

% of netassets*


200,000 246,010 0.1718.03.2025Santander IssuancesSAU 15 EMTN

EUR 2.500%

3.194,497,590Total - Spain


USD 5.000%Togo

0.66930,528Total - Togo

500,000 605,655 0.4321.06.2027AmericanInternational GroupInc 17


2,250,000 2,708,221 1.9304.09.2026AT&T Inc 17EUR 1.800%500,000 681,020 0.4815.12.2023Ball Corp 15EUR 4.375%800,000 1,032,355 0.7315.06.2024Cemex Finance LLC

16EUR 4.630%

450,000 565,019 0.4028.01.2025Citigroup Inc 15EUR 1.750%400,000 488,243 0.3515.05.2025Colfax Corp 17EUR 3.250%2,000,000 2,408,046 1.7217.05.2029General Electric Co 17EUR 1.500%600,000 720,666 0.5127.07.2026Goldman Sachs

Group Inc/The 16EMTN

EUR 1.630%

200,000 331,144 0.2407.12.2026Amgen Inc 11GBP 5.500%400,000 415,808 0.3003.05.2026ACE INA Holdings Inc

15USD 3.350%

500,000 596,620 0.4231.01.2044Altria Group Inc 13USD 5.380%400,000 405,848 0.2928.04.2026Amcor Finance USA

Inc 16USD 3.630%

400,000 442,660 0.3101.06.2022AmericanInternational GroupInc 12

USD 4.880%


USD 3.900%

1,000,000 974,860 0.6915.01.2027American Tower Corp16

USD 3.125%

300,000 318,198 0.2315.11.2021Amgen Inc 11USD 3.880%500,000 526,530 0.3701.05.2045Amgen Inc 15USD 4.400%1,200,000 1,250,316 0.8901.02.2026Anheuser-Busch


1,500,000 1,511,790 1.0814.02.2050AT&T Inc 17USD 5.150%1,000,000 1,033,000 0.7321.04.2025Bank of America Corp

15USD 3.950%


USD 4.183%


USD 3.124%

1,300,000 1,315,379 0.9315.08.2024BAT Capital Corp 17USD 3.222%500,000 525,320 0.3710.04.2024BBVA Bancomer

SA/Texas 14USD 4.380%

500,000 570,385 0.4001.09.2045Burlington NorthernSanta Fe LLC 15

USD 4.700%


USD 3.750%

600,000 655,836 0.4715.04.2020CBS Corp 10USD 5.750%600,000 577,680 0.4115.01.2027CBS Corp 16USD 2.900%500,000 498,515 0.3515.02.2023CBS Corp 17USD 2.500%1,000,000 1,132,030 0.8013.09.2025Citigroup Inc 13USD 5.500%700,000 741,398 0.5329.09.2027Citigroup Inc 15USD 4.450%300,000 304,245 0.2230.03.2021Citigroup Inc 16USD 2.700%500,000 502,875 0.3624.07.2023Citigroup Inc 17 FRNUSD 2.876%300,000 365,409 0.2615.06.2035Comcast Corp 05USD 5.650%


USD

% of netassets*


500,000 457,070 0.3215.07.2046Comcast Corp 16USD 3.400%800,000 825,984 0.5901.04.2023Concho Resources Inc

12USD 5.500%

800,000 887,432 0.6301.12.2025Constellation BrandsInc 15

USD 4.750%

1,000,000 990,610 0.7001.09.2021Crown CastleInternational Corp 16

USD 2.250%

400,000 420,964 0.3020.07.2025CVS Health Corp 15USD 3.880%500,000 564,550 0.4020.07.2035CVS Health Corp 15USD 4.880%800,000 822,032 0.5815.11.2025Dr Pepper Snapple

Group Inc 15USD 3.400%

400,000 422,976 0.3015.10.2020Enbridge EnergyPartners LP 15

USD 4.380%

650,000 678,568 0.4815.02.2025Enterprise ProductsOperating LLC 14

USD 3.750%

400,000 385,508 0.2715.01.2043Ford Motor Co 13USD 4.750%400,000 402,264 0.2912.03.2019Ford Motor Credit Co

LLC 14USD 2.380%

500,000 540,325 0.3815.10.2024Fresenius MedicalCare US Finance II Inc14

USD 4.750%

750,000 753,780 0.5430.01.2043General Electric Co 13EMTN

USD 4.625%

400,000 408,240 0.2909.05.2023General MotorsFinancial Co Inc 16

USD 3.700%

400,000 416,592 0.3030.05.2023Glencore FundingLLC 13

USD 4.130%


USD 6.750%


USD 4.250%


USD 2.630%

400,000 419,284 0.3015.11.2023Goodyear Tire &Rubber Co/The 15

USD 5.130%

500,000 544,635 0.3915.02.2020HCA Inc 11USD 6.500%600,000 662,022 0.4715.03.2045Home Depot Inc/The

14USD 4.400%

500,000 523,155 0.3715.09.2025Home Depot Inc/The15

USD 3.350%


USD 2.500%


USD 2.000%

1,000,000 991,850 0.7015.11.2026Illinois Tool Works Inc16

USD 2.650%


USD 3.250%


USD 3.380%

600,000 629,898 0.4501.06.2025Kinder MorganInc/DE 14

USD 4.300%

1,000,000 1,030,950 0.7315.01.2022Lennar Corp 17USD 4.125%400,000 422,620 0.3010.04.2024MetLife Inc 14USD 3.600%400,000 406,576 0.2912.02.2045Microsoft Corp 15USD 3.750%300,000 308,670 0.2206.02.2024Microsoft Corp 17USD 2.875%500,000 562,685 0.4006.02.2057Microsoft Corp 17USD 4.500%400,000 436,840 0.3101.11.2022Morgan Stanley 12USD 4.880%400,000 416,804 0.3023.10.2024Morgan Stanley 14USD 3.700%1,000,000 1,014,010 0.7222.07.2028Morgan Stanley 17

FRNUSD 3.591%

500,000 512,005 0.3615.01.2023NBCUniversal MediaLLC 12

USD 2.880%

800,000 837,104 0.5901.01.2026Newfield ExplorationCo 15

USD 5.375%

300,000 297,027 0.2113.08.2042PepsiCo Inc 12USD 3.600%450,000 477,104 0.3417.07.2025PepsiCo Inc 15USD 3.500%

161






USD

% of netassets*


500,000 548,290 0.3915.08.2023Prologis LP 13USD 4.250%1,300,000 1,414,530 1.0015.06.2043Prudential Financial

Inc 12 FRNUSD 5.625%

1,300,000 1,453,686 1.0315.05.2024Sabine PassLiquefaction LLC 14

USD 5.750%

1,000,000 1,007,360 0.7215.02.2027Time Warner Inc 16USD 3.800%450,000 534,132 0.3817.08.2022UBS AG/Stamford CT

12USD 7.630%

400,000 418,860 0.3015.07.2023United Rentals NorthAmerica Inc 15

USD 4.630%

800,000 833,232 0.5915.12.2026Valero EnergyPartners LP 16

USD 4.375%


USD 5.150%


USD 5.010%


USD 3.125%

300,000 305,862 0.2215.05.2025Virginia Electric &Power Co 15

USD 3.100%

500,000 524,400 0.3715.03.2027Virginia Electric &Power Co 17

USD 3.500%

300,000 358,494 0.2501.08.2035Wachovia Corp 05USD 5.500%1,000,000 989,970 0.7023.10.2026Wells Fargo & Co 16USD 3.000%500,000 503,510 0.3622.07.2022Wells Fargo & Co 17USD 2.625%





EUR 5.250%

500,000 701,306 0.5031.12.2099Barclays PLC 17 FRNGBP 7.250%400,000 585,935 0.4203.03.2025Heathrow Finance

PLC 14GBP 5.750%

300,000 400,238 0.2816.08.2028HSBC Holdings PLCGBP 2.630%400,000 647,785 0.4628.09.2026Imperial Brands

Finance PLC 11EMTN

GBP 5.500%

400,000 546,711 0.3931.12.2099Legal & GeneralGroup PLC 04 FRNEMTN

GBP 5.880%

300,000 433,231 0.3127.10.2045Legal & GeneralGroup PLC 15 FRNEMTN

GBP 5.380%

350,000 499,844 0.3502.12.2019Marks & Spencer PLC09 EMTN

GBP 6.130%


GBP 6.880%

1,000,000 1,029,280 0.7410.01.2023Barclays PLC 17USD 3.684%500,000 532,485 0.3810.02.2024BP Capital Markets

PLC 14USD 3.810%

300,000 344,636 0.2416.10.2043Centrica PLC 13USD 5.380%1,000,000 830,650 0.5931.12.2099HSBC Bank PLC 85

FRNUSD 1.625%


USD 6.000%

400,000 418,480 0.3015.09.2025Santander UK GroupHoldings PLC 15EMTN

USD 4.750%

500,000 517,135 0.3716.09.2077SSE PLC 17 FRNUSD 4.750%500,000 541,530 0.3831.12.2099Standard Chartered



USD

% of netassets*


500,000 509,645 0.3617.04.2019State Bank ofIndia/London 14

USD 3.620%



USD 6.870%Cyprus


90.02126,826,703Total - Bonds


700,000 812,987 0.5819.10.2075BHP Billiton FinanceUSA Ltd 15 FRN

USD 6.750%


Australia


450,000 485,739 0.3415.01.2022Pernod Ricard SA 11USD 4.450%France



USD 5.000%Israel


500,000 502,195 0.3614.07.2022Intesa Sanpaolo SpA17

USD 3.125%Italy


400,000 458,700 0.3315.01.2035Fideicomiso PAPacifico Tres 16

USD 8.250%Colombia


700,000 771,561 0.5515.08.2053Allstate Corp/The 13FRN


300,000 332,603 0.2415.01.2022AmericanTransmission SystemsInc 09

USD 5.250%


USD 5.250%

500,000 497,500 0.3529.03.2067Chubb Corp/The 07FRN

USD 6.380%

1,000,000 1,020,050 0.7209.05.2027CRH America FinanceInc 17

USD 3.400%

900,000 948,105 0.6718.05.2025CRH America Inc 15USD 3.880%900,000 985,437 0.7015.06.2023Diamond 1 Finance

Corp / Diamond 2Finance Corp 16

USD 5.450%

500,000 631,200 0.4515.07.2036Diamond 1 FinanceCorp / Diamond 2Finance Corp 16

USD 8.100%

400,000 425,512 0.3015.11.2041Philip MorrisInternational Inc 11

USD 4.380%

162






USD

% of netassets*


400,000 468,000 0.3315.07.2033Sealed Air Corp 03USD 6.880%500,000 569,205 0.4001.12.2086Wells Fargo Capital X

06USD 5.950%


7.2310,191,750Total - Bonds



163

Vontobel Fund - Emerging Markets Blend




















Investments 638,099

Futures 45,061








Redemptions of shares 0





Net dividends 6,874





Bank interest 4,398







Not

es


Cost

164






USD

% of netassets*


230,000 231,481 1.1220.06.2024African Export-ImportBank/The 17 EMTN

USD 4.125%


Bonds

Egypt


12,000,000 700,622 3.3831.05.2022Provincia de BuenosAires/Argentina 17FRN

ARS 25.393%Argentina


EUR 2.260%


EUR 0,000%


200,000 164,148 0.7911.06.2019Bank of Azerbaijan 14USD 5.630%Azerbaijan

400,000 448,884 2.1724.03.2026Southern GasCorridor CJSC 16

USD 6.880%

250,000 274,078 1.3218.03.2030State Oil Co of theAzerbaijan Republic15

USD 6.950%

4.28887,110Total - Azerbaijan

400,000 418,452 2.0216.01.2024Bahamas GovernmentInternational Bond 14

USD 5.750%Bahamas

2.02418,452Total - Bahamas


USD 7.000%Bahrain


70,000 43,306 0.2120.02.2038Belize GovernmentInternational Bond 13

USD 5.000%Belize

0.2143,306Total - Belize

115,000 35,072 0.1716.05.2024Petroleos deVenezuela SA 14


0.1735,072Total - Venezuela, Bolivarian Republic Of


USD 4.130%Brazil


USD 5.380%


300,000 312,525 1.5120.04.2022Alpha Star Holding IIILtd 17



USD 5.250%



USD

% of netassets*





300,000 306,885 1.4802.06.2023Ecuador GovernmentInternational Bond 17

USD 8.750%Ecuador

1.48306,885Total - Ecuador

250,000 327,078 1.5830.07.2025IndonesiaGovernmentInternational Bond 15

EUR 3.380%Indonesia


EUR 2.150%



GBP 7.490%Ireland

700,000 655,745 3.1630.11.2026Saderea Ltd 14 EMTNUSD 12.500%200,000 212,972 1.0331.12.2099Tinkoff Credit


USD 9.250%



USD 10.380%Colombia


USD 8.375%


788,000 478,625 2.3130.06.2029CongoleseInternational Bond 07

USD 4.000%Congo

2.31478,625Total - Congo

200,000 183,238 0.8830.04.2018Andrade GutierrezInternational SA 13




200,000 226,732 1.0925.04.2044OCP SA 14USD 6.880%Morocco


225,000 294,986 1.4226.07.2023MacedoniaGovernmentInternational Bond 16

EUR 5.630%Macedonia

1.42294,986Total - Macedonia

165






USD

% of netassets*



EUR 3.375%Mexico

200,000 243,239 1.1715.03.2024Nemak SAB de CV 17EUR 3.250%550,000 771,339 3.7119.03.2114Mexico Government

International Bond 14EMTN

GBP 5.630%

445,000 444,951 2.1501.06.2020Grupo Famsa SAB deCV 13

USD 7.250%


USD 6.500%

400,000 397,232 1.9215.01.2025Unifin Financiera SABde CV SOFOM ENR17

USD 7.000%


400,000 310,072 1.5018.01.2023MozambiqueInternational Bond 16

USD 10.500%Mozambique

1.50310,072Total - Mozambique

250,000 257,090 1.2429.10.2025Namibia InternationalBonds 15

USD 5.250%Namibia

1.24257,090Total - Namibia

200,000 185,386 0.8923.07.2021First Bank of NigeriaLtd Via FBN FinanceCo BV 14 FRN


200,000 202,952 0.9831.12.2021Metinvest BV 17USD 9.373%


600,000 627,876 3.0308.03.2047Oman GovernmentInternational Bond 17

USD 6.500%Oman

3.03627,876Total - Oman

200,000 149,124 0.7201.11.2026Panama CanalRailway Co 07

USD 7.000%Panama

300,000 414,750 2.0028.04.2034Panama GovernmentInternational Bond 04

USD 8.130%

2.72563,874Total - Panama


EUR 2.750%Peru

400,000 391,592 1.8931.01.2020Pesquera ExalmarSAA 13

USD 7.375%

3.46717,796Total - Peru

280,000 354,746 1.7129.10.2035RomanianGovernmentInternational Bond 15EMTN

EUR 3.880%Romania

1.71354,746Total - Romania


USD

% of netassets*


450,000 399,112 1.9301.01.2026SeychellesInternational Bond 10


1.93399,112Total - Seychelles Islands


USD 5.500%Togo


USD 5.000%

2.28471,536Total - Togo

100,000 108,808 0.5314.08.2019Petroleum Co ofTrinidad & TobagoLtd 09

USD 9.750%Trinidad and Tobago

0.53108,808Total - Trinidad and Tobago

900,000 576,531 2.7810.10.2025Debt and AssetTrading Corp 13

USD 1.000%Vietnam


73.4515,223,425Total - Bonds

2.78576,531Total - Vietnam

13,000,000 703,921 3.4009.05.2022YPF SA 17 EMTNARS 16.500%


Argentina





500,000 148,385 0.7228.10.2022Petroleos deVenezuela SA 14


0.72148,385Total - Venezuela, Bolivarian Republic Of

1,000,000 565,859 2.7312.05.2030Grenada GovernmentInternational Bond 15

USD 7.000%Grenada

2.73565,859Total - Grenada

200,000 204,008 0.9828.02.2027Hong Kong Sukuk2017 Ltd 17

USD 3.132%Hong Kong


166






USD

% of netassets*


750,000 798,434 3.8513.01.2022Oilflow SPV 1 DAC17

USD 12.000%Ireland


200,000 209,000 1.0115.01.2034Fideicomiso PACostera 16

USD 6.750%Colombia

450,000 516,038 2.4915.01.2035Fideicomiso PAPacifico Tres 16

USD 8.250%


200,000 217,184 1.0511.05.2026AES Andres BV /Dominican PowerPartners / EmpresaGeneradora deElectricidad It 16



200,000 181,108 0.8728.03.2023AES El Salvador TrustII 13

USD 6.750%Panama


30,000,000 212,666 1.0317.03.2031Banque Centrale deTunisie SA 01

JPY 4.200%Tunisia


300,000 302,567 1.4627.03.2022Aabar InvestmentsPJSC 15 EMTN



22.244,608,350Total - Bonds


200,000 151,200 0.7320.08.2020JP Morgan StructuredProducts BV 15EMTN

USD 6.250%


Bonds

Netherlands





167

Vontobel Fund - Emerging Markets Corporate Bond























Futures 14,647


















Bank interest 4,198







Not

es


Cost

168






USD

% of netassets*


370,000 372,383 0.8320.06.2024African Export-ImportBank/The 17 EMTN

USD 4.125%


Bonds

Egypt



EUR 2.260%Argentina


EUR 0,000%

250,000 302,620 0.6820.01.2023Provincia de BuenosAires/Argentina 17

EUR 5.375%


400,000 328,296 0.7411.06.2019Bank of Azerbaijan 14USD 5.630%Azerbaijan

600,000 673,326 1.5024.03.2026Southern GasCorridor CJSC 16

USD 6.880%

2.241,001,622Total - Azerbaijan


USD 7.000%Bahrain


45,000 27,840 0.0620.02.2038Belize GovernmentInternational Bond 13

USD 5.000%Belize

0.0627,840Total - Belize

900,000 363,735 0.8129.01.2020Noble Group Ltd 09USD 6.750%Bermuda Islands

400,000 400,960 0.9029.01.2024Wanda PropertiesInternational Co Ltd14

USD 7.250%


1,050,000 624,456 1.4001.11.2022Samarco MineracaoSA 12

USD 4.130%Brazil


USD 5.750%


USD 5.380%


200,000 212,482 0.4831.01.2027Central AmericanBottling Corp 17



500,000 520,875 1.1720.04.2022Alpha Star Holding IIILtd 17


300,000 281,892 0.6306.11.2018Anton OilfieldServices Group/HongKong 13

USD 7.500%

550,000 555,499 1.2314.11.2020Bantrab Senior Trust13

USD 9.000%


USD

% of netassets*


500,000 533,745 1.2006.02.2024Comcel Trust viaComunicacionesCelulares SA 14

USD 6.875%

500,000 420,005 0.9421.09.2019CSN Islands XI Corp09

USD 6.875%

800,000 548,000 1.2331.12.2099CSN Islands XII Corp10

USD 7.000%


USD 7.125%


USD 4.375%

1,400,000 552,636 1.2427.06.2029Odebrecht FinanceLtd 14

USD 5.250%

500,000 418,750 0.9402.06.2025Peru Enhanced Pass-Through Finance Ltd06

USD 0,000%



GBP 7.490%Ireland

600,000 561,156 1.2631.12.2099Credit Bank ofMoscow Via CBOMFinance PLC 17 FRN

USD 8.875%

800,000 749,423 1.6830.11.2026Saderea Ltd 14 EMTNUSD 12.500%500,000 532,430 1.1931.12.2099Tinkoff Credit


USD 9.250%


500,000 549,775 1.2315.09.2032Vale Canada Ltd 02USD 7.200%Canada


1,150,000 1,123,125 2.5121.12.2022KazkommertsbankJSC 12




USD 5.375%Kenya


1,000,000 607,392 1.3630.06.2029CongoleseInternational Bond 07

USD 4.000%Congo

1.36607,392Total - Congo

1,250,000 1,145,238 2.5530.04.2018Andrade GutierrezInternational SA 13


300,000 301,965 0.6820.09.2026Minerva LuxembourgSA 16

USD 6.500%

800,000 336,000 0.7520.09.2020Offshore DrillingHolding SA 13

USD 8.625%

600,000 578,712 1.3017.05.2019Sistema JSFC viaSistema InternationalFunding SA 12

USD 6.950%


169






USD

% of netassets*


530,000 556,977 1.2504.05.2027VM Holding SA 17USD 5.375%


1,000,000 933,970 2.0909.03.20231MDB GlobalInvestments Ltd 13

USD 4.400%Malaysia


700,000 793,562 1.7825.04.2044OCP SA 14USD 6.880%Morocco


400,000 428,228 0.9613.10.2026MTN MauritiusInvestment Ltd 16


0.96428,228Total - Ile Maurice

600,000 729,718 1.6315.03.2024Nemak SAB de CV 17EUR 3.250%Mexico


EUR 4.875%


GBP 5.630%

1,835,000 1,834,799 4.1201.06.2020Grupo Famsa SAB deCV 13

USD 7.250%

600,000 595,848 1.3315.01.2025Unifin Financiera SABde CV SOFOM ENR17

USD 7.000%




400,000 370,772 0.8323.07.2021First Bank of NigeriaLtd Via FBN FinanceCo BV 14 FRN

USD 8.000%


USD 0,000%

600,000 608,857 1.3631.12.2021Metinvest BV 17USD 9.373%700,000 714,658 1.6125.07.2022Nostrum Oil & Gas

Finance BV 17USD 8.000%


600,000 606,642 1.3624.06.2021Access Bank PLC 14FRN EMTN

USD 9.250%Nigeria

300,000 326,532 0.7319.10.2021Access Bank PLC 16EMTN

USD 10.500%

200,000 200,916 0.4513.04.2024Africa Finance Corp17

USD 3.875%

300,000 297,411 0.6708.06.2022United Bank forAfrica PLC 17

USD 7.750%

3.211,431,501Total - Nigeria

200,000 204,834 0.4618.06.2020DNO ASA 15USD 8.750%Norway


800,000 777,208 1.7405.02.2023ESAL GmbH 13USD 6.250%Austria


USD

% of netassets*


300,000 307,899 0.6928.10.2020JBS InvestmentsGmbH 13

USD 7.750%


600,000 447,372 1.0001.11.2026Panama CanalRailway Co 07

USD 7.000%Panama


200,000 205,758 0.4602.08.2022Corp Azucarera delPeru SA 12

USD 6.375%Peru

900,000 881,082 1.9731.01.2020Pesquera ExalmarSAA 13

USD 7.375%

2.431,086,840Total - Peru

300,000 314,640 0.7006.08.2023Eskom Holdings SOCLtd 13 EMTN

USD 6.750%South Africa



USD 5.500%Togo


USD 5.000%

1.88839,680Total - Togo

400,000 409,324 0.9203.05.2022TC Ziraat Bankasi AS17 EMTN

USD 5.125%Turkey

200,000 202,728 0.4524.05.2027Turkiye GarantiBankasi AS 17 FRN

USD 6.125%


USD 5.000%

500,000 515,935 1.1625.04.2024Turkiye Is Bankasi 17USD 6.125%400,000 410,348 0.9230.05.2022Turkiye Vakiflar

Bankasi TAO 17USD 5.625%


200,000 204,882 0.4615.12.2039Acwa PowerManagement AndInvestments One Ltd17


600,000 606,030 1.3623.02.2027Kuwait Projects CoSPC Ltd 17

USD 4.500%


450,000 461,772 1.0327.06.2025Stillwater Mining Co17



600,000 75,762 0.1719.04.2018Air Berlin PLC 11EMTN


170






USD

% of netassets*



USD 8.500%


600,000 384,354 0.8610.10.2025Debt and AssetTrading Corp 13

USD 1.000%Vietnam

0.86384,354Total - Vietnam


USD 6.870%Cyprus


83.6537,359,981Total - Bonds


475,000 501,971 1.1224.02.2025Provincia de la Rioja17

USD 9.750%


Argentina





969,600 548,657 1.2312.05.2030Grenada GovernmentInternational Bond 15

USD 7.000%Grenada

1.23548,657Total - Grenada

1,205,000 1,282,819 2.8813.01.2022Oilflow SPV 1 DAC17

USD 12.000%Ireland


400,000 418,000 0.9415.01.2034Fideicomiso PACostera 16

USD 6.750%Colombia


USD 8.250%



EUR 4.000%Mexico



USD

% of netassets*


200,000 217,184 0.4911.05.2026AES Andres BV /Dominican PowerPartners / EmpresaGeneradora deElectricidad It 16



440,000 398,438 0.8928.03.2023AES El Salvador TrustII 13

USD 6.750%Panama


50,000,000 354,443 0.7917.03.2031Banque Centrale deTunisie SA 01

JPY 4.200%Tunisia


500,000 504,278 1.1327.03.2022Aabar InvestmentsPJSC 15 EMTN



13.395,978,717Total - Bonds


300,000 308,715 0.6926.05.2021Nova Austral SA 17USD 8.250%


Bonds

Chile





171

Vontobel Fund - TwentyFour Absolute Return Credit Fund







7,957Other assets






























Other income 7,957





Bank interest 4,675







Not

es

GBPThe accompanying notes form an essential part of these financial statements.

Cost

172






GBP

% of netassets*


3,066,000 3,206,116 0.4112.06.2023National AustraliaBank Ltd 08 FRNEMTN

GBP 7.130%


Bonds

Australia

10,361,000 11,705,133 1.4824.05.2042QBE Insurance GroupLtd 16 FRN

GBP 6.115%


10,900,000 10,961,077 1.3924.05.2026Argenta SpaarbankNV 16 FRN

EUR 3.880%Belgium


5,300,000 6,203,067 0.7813.09.2030Thames WaterUtilities CaymanFinance Ltd 10 FRNEMTN

GBP 5.750%Cayman Islands

5,900,000 4,709,148 0.6015.10.2024Transocean Phoenix 2Ltd 16

USD 7.750%


9,543,000 9,967,759 1.2629.09.2021Danske Bank A/S 03FRN EMTN

GBP 5.380%Denmark


8,909,000 9,829,033 1.2431.12.2099AXA SA 07 FRNEMTN

GBP 6.770%France

8,900,000 9,285,281 1.1831.12.2099Engie SA 13 FRNGBP 4.625%8,615,000 9,624,333 1.2231.12.2099Orange SA 14 FRNGBP 5.880%6,897,000 7,724,226 0.9831.12.2099Orange SA 14 FRN

EMTNGBP 5.750%

4.6236,462,873Total - France

4,500,000 4,478,310 0.5729.09.2021FCA BankSpA/Ireland 16 EMTN

GBP 1.625%Ireland

16,595,000 17,821,371 2.2520.07.2022PGH Capital PLC 17EMTN

GBP 4.125%

4,280,000 3,518,631 0.4501.09.2024Aquarius &Investments Plc forSwiss Reinsurance CoLtd 13 FRN

USD 6.380%


1,385,000 1,482,781 0.1931.07.2043AA Bond Co Ltd 13EMTN

GBP 4.249%Jersey

17,036,000 17,534,985 2.2231.01.2022AA Bond Co Ltd 16EMTN

GBP 2.875%

14,188,000 14,692,951 1.8628.02.2020CPUK Finance Ltd 15EMTN

GBP 2.670%

11,250,000 11,925,900 1.5131.12.2099HBOS CapitalFunding LP 01 FRN

GBP 6.460%


GBP 6.000%


GBP 5.860%


GBP

% of netassets*


3,210,000 3,437,396 0.4420.04.2019Porterbrook RailFinance Ltd 11 EMTN

GBP 5.500%

8.3766,013,314Total - Jersey

17,000,000 17,853,910 2.2615.10.2018European InvestmentBank 03 EMTN

GBP 4.750%Luxembourg

10,000,000 10,455,000 1.3307.03.2020European InvestmentBank 14 EMTN

GBP 2.250%


13,022,000 14,360,922 1.8206.09.2073America Movil SABde CV 13 FRN

GBP 6.380%Mexico

1.8214,360,922Total - Mexico

1,600,000 1,819,744 0.2306.04.2020Chorus Ltd 11 EMTNGBP 6.750%New Zealand

0.231,819,744Total - New Zealand

12,550,000 13,467,657 1.7131.12.2099ELM BV for SwissReinsurance Co Ltd07 FRN EMTN


9,000,000 7,966,512 1.0120.03.2023Highbury Finance BV00

GBP 7.017%

3,574,000 3,719,426 0.4729.05.2023ING Bank NV 08 FRNEMTN

GBP 6.875%

11,250,000 8,621,260 1.0931.12.2099AT Securities BV 17FRN

USD 5.250%




6,664,000 7,013,793 0.8920.11.2020Walgreens BootsAlliance Inc 14


5,300,000 4,084,646 0.5215.01.2022American Tower Corp16

USD 2.250%

7,000,000 5,539,102 0.7001.02.2021Anheuser-BuschInBev Finance Inc 16

USD 2.650%

1,500,000 1,251,442 0.1615.03.2020AT&T Inc 16USD 5.200%5,900,000 4,797,244 0.6105.04.2022CNH Industrial

Capital LLC 17USD 4.375%

4,437,000 3,463,694 0.4415.02.2025VerizonCommunications Inc17

USD 3.376%

5,000,000 4,601,374 0.5801.04.2024Western Digital Corp17

USD 10.500%


16,418,000 15,619,123 1.9810.04.2076Centrica PLC 15 FRNEUR 3.000%United Kingdom

11,757,000 12,545,189 1.5930.06.2020Arqiva Financing PLC13 EMTN

GBP 4.040%

4,358,000 4,792,275 0.6131.12.2099Aviva PLC 03 FRNGBP 6.880%13,238,000 15,276,519 1.9403.06.2041Aviva PLC 11 FRN

EMTNGBP 6.625%

1,741,000 1,775,524 0.2316.01.2023Barclays Bank PLC 07FRN EMTN

GBP 6.750%

173






GBP

% of netassets*


11,452,000 13,753,967 1.7431.12.2099Barclays Bank PLC 08FRN

GBP 14.000%


GBP 1.750%

9,570,000 9,697,185 1.2330.11.2072BG Energy CapitalPLC 12 FRN

GBP 6.500%

10,401,000 11,629,566 1.4731.12.2099BUPA Finance PLC 04FRN

GBP 6.130%

4,450,000 5,056,936 0.6425.04.2023BUPA Finance PLC 13GBP 5.000%500,000 531,985 0.0719.09.2018Centrica PLC 08

EMTNGBP 7.000%

12,195,000 13,199,868 1.6724.01.2027Close Brothers GroupPLC 17

GBP 4.250%

17,450,000 18,061,098 2.2931.12.2099Coventry BuildingSociety 14 FRN

GBP 6.380%

8,015,000 10,461,258 1.3327.04.2042Direct Line InsuranceGroup PLC 12 FRN

GBP 9.250%

1,100,000 1,260,776 0.1602.12.2020Eversholt FundingPLC 10 EMTN

GBP 5.831%

5,750,000 6,303,323 0.8015.10.2021Experian Finance PLC14 EMTN

GBP 3.500%

5,583,000 5,779,019 0.7313.11.2019FCE Bank PLC 14EMTN

GBP 2.760%

1,000,000 1,068,610 0.1418.01.2019Firstgroup PLC 03GBP 6.130%5,420,000 6,783,130 0.8608.04.2021Firstgroup PLC 09GBP 8.750%5,890,000 6,902,786 0.8829.11.2022Firstgroup PLC 12GBP 5.250%5,205,000 6,112,960 0.7719.09.2022GKN Holdings PLC 12

EMTNGBP 5.375%

2,500,000 2,804,075 0.3628.10.2019GKN Holdings PLC 99GBP 6.750%3,750,000 4,277,363 0.5427.07.2020Great Rolling Stock

Co Ltd/The 10 EMTNGBP 6.250%

5,110,000 5,442,508 0.6904.12.2018Imperial BrandsFinance PLC 03EMTN

GBP 6.250%

10,040,000 10,921,713 1.3805.05.2022Investec PLC 15EMTN

GBP 4.500%

4,200,000 4,568,428 0.5805.05.2022Investec PLC 17EMTN

GBP 4.500%

13,265,000 14,525,174 1.8431.12.2099J Sainsbury PLC 15FRN

GBP 6.500%


GBP 2.750%

5,501,000 5,834,966 0.7431.12.2099Legal & GeneralGroup PLC 04 FRNEMTN

GBP 5.880%

6,501,000 7,367,583 0.9322.05.2043Liverpool VictoriaFriendly Society Ltd13 FRN

GBP 6.500%

3,884,000 4,302,035 0.5509.07.2025Lloyds Bank PLC 04FRN EMTN

GBP 5.750%

6,122,000 7,017,649 0.8917.06.2020National ExpressGroup PLC 10 EMTN

GBP 6.625%


GBP 1.125%


GBP 6.880%

16,511,000 18,851,268 2.4018.06.2073NGG Finance PLC 13FRN

GBP 5.630%

3,500,000 4,106,515 0.5229.05.2039Prudential PLC 09FRN EMTN

GBP 11.380%

9,947,000 11,011,031 1.4006.05.2023RAC Bond Co PLC 16EMTN

GBP 4.570%

10,557,000 12,080,270 1.5330.11.2043RL Finance Bonds No.2 plc 13 FRN

GBP 6.130%

4,896,000 5,087,140 0.6431.12.2099SSE PLC 15 FRNGBP 3.880%4,662,000 4,768,527 0.6016.09.2077SSE PLC 17 FRNGBP 3.625%


GBP

% of netassets*


1,800,000 2,121,498 0.2731.12.2099Standard CharteredBank 00 FRN EMTN

GBP 7.750%

6,520,000 7,346,475 0.9304.12.2042Standard LifeAberdeen PLC 12FRN EMTN

GBP 5.500%

12,873,000 14,187,977 1.8031.12.2099Standard Life PLC 04FRN

GBP 6.550%

2,809,000 3,162,456 0.4025.11.2019Tate & LyleInternational FinancePLC 09

GBP 6.750%

5,026,000 5,339,070 0.6810.12.2033Telereal SecuritisationPLC 12 FRN

GBP 4.090%

12,756,000 14,066,169 1.7806.05.2026TSB Banking GroupPLC 14 FRN EMTN

GBP 5.750%

9,200,000 9,474,160 1.2022.07.2019United Kingdom Gilt13

GBP 1.750%

6,000,000 6,581,880 0.8306.11.2023Western PowerDistribution PLC 15

GBP 3.630%

4,831,000 5,046,463 0.6420.11.2024Yorkshire BuildingSociety 14 FRNEMTN

GBP 4.130%

1,500,000 1,794,540 0.2331.12.2099Zurich Finance UKPLC 03 FRN EMTN

GBP 6.630%

4,633,000 3,718,733 0.4716.09.2077SSE PLC 17 FRNUSD 4.750%

88.56698,584,327Total - Bonds


2,000,000 1,984,379 0.2521.09.2049Warwick FinanceResidentialMortgages No OnePlc 15 FRN

GBP


United Kingdom

4,000,000 3,990,640 0.5121.09.2049Warwick FinanceResidentialMortgages No TwoPlc 15 FRN

GBP




5,950,000 4,633,432 0.5901.08.2021CHS/CommunityHealth Systems Inc 14

USD 5.125%


United States

8,100,000 6,835,921 0.8701.02.2021Sabine PassLiquefaction LLC 14

USD 5.630%

1.4611,469,353Total - Bonds


174






GBP

% of netassets*


2,000,000 1,996,588 0.2520.03.2050Residential MortgageSecurities 30 PLC 17FRN

GBP


United Kingdom




8,000,000 7,928,752 1.0120.08.2056Ripon Mortgages PLC17 FRN

GBP



United Kingdom

6,000,000 6,106,560 0.7720.07.2046Towd Point MortgageFunding 2016-Granite1 PLC 16 FRN

GBP





175

Vontobel Fund - TwentyFour Global Unconstrained Bond

























Swaps 1,268,274




Net realised gain/loss on swaps -1,450,356(2)
















Bank interest 2,019








Not

es

GBPThe accompanying notes form an essential part of these financial statements.

Cost

176






GBP

% of netassets*


5,700,000 4,452,065 0.9220.06.2024African Export-ImportBank/The 17 EMTN

USD 4.125%


Bonds

Egypt

0.924,452,065Total - Egypt

33,320,000 23,163,026 4.7915.05.2021Australia GovernmentBond 07

AUD 5.750%Australia

1,800,000 2,033,514 0.4224.05.2042QBE Insurance GroupLtd 16 FRN

GBP 6.115%


4,100,000 4,154,145 0.8614.01.2026Ethias SA 15EUR 5.000%Belgium


2,546,000 2,921,331 0.6024.11.2045Hiscox Ltd 15 FRNGBP 6.130%Bermuda Islands


8,625,000 6,884,136 1.4215.10.2024Transocean Phoenix 2Ltd 16



3,800,000 3,752,573 0.7831.12.2099Aareal Bank AG 14FRN

EUR 7.630%Germany



GBP 7.375%France

1,200,000 1,344,672 0.2831.12.2099Credit Agricole SA 08FRN

GBP 7.590%

1,000,000 1,119,940 0.2331.12.2099Orange SA 14 FRNEMTN

GBP 5.750%

1,416,000 1,131,097 0.2331.12.2099AXA SA 06 FRNUSD 6.460%3,750,000 2,985,944 0.6231.12.2099BNP Paribas SA 07USD 6.500%2,006,000 1,684,803 0.3531.12.2099Societe Generale SA

16 FRNUSD 7.375%

2.1810,515,391Total - France

2,700,000 2,513,185 0.5215.01.2029Carlyle Global MarketStrategies Euro CLO2015-3 DAC 15 FRN

EUR 5.550%Ireland

2,500,000 2,360,633 0.4923.04.2030CVC Cordatus LoanFund VIII DAC 17FRN

EUR 5.700%

2,000,000 1,904,487 0.3915.01.2030GLG Euro CLO IIDAC 16 FRN

EUR 8.750%

2,650,000 3,139,535 0.6618.12.2025PGH Capital PLC 15GBP 6.625%2,220,000 2,384,058 0.4920.07.2022PGH Capital PLC 17

EMTNGBP 4.125%


850,000 846,089 0.1831.12.2099Intesa Sanpaolo SpA16 FRN EMTN

EUR 7.000%Italy


GBP

% of netassets*



EUR 7.750%

2,395,000 2,282,131 0.4731.12.2099UnipolSaiAssicurazioni SpA 14FRN EMTN

EUR 5.750%

2,600,000 2,844,842 0.5931.12.2099Assicurazioni GeneraliSpA 07 FRN

GBP 6.420%

1.748,390,920Total - Italy

1,200,000 1,232,148 0.2515.11.2021Galaxy Finco Ltd 13GBP 7.880%Jersey


USD 6.850%


1,575,000 1,505,338 0.3115.05.2021Intralot CapitalLuxembourg SA 14


1,555,000 1,496,653 0.3101.08.2023Lecta SA 16EUR 6.500%1,384,000 1,293,122 0.2715.07.2020Wind Acquisition

Finance SA 14EUR 4.000%

500,000 524,570 0.1101.08.2020Cabot FinancialLuxembourg SA 13EMTN

GBP 8.375%

6,030,000 6,543,395 1.3501.10.2023Cabot FinancialLuxembourg SA 16

GBP 7.500%


GBP 4.250%

3,058,000 3,235,486 0.6731.12.2099UniCredit BankLuxembourg SA 08FRN

GBP 8.590%

2,600,000 2,213,657 0.4631.01.2022Kernel Holding SA 17USD 8.750%2,683,000 2,165,160 0.4523.04.2021Wind Acquisition

Finance SA 14USD 7.375%

4,630,000 3,737,488 0.7723.04.2021Wind AcquisitionFinance SA 14

USD 7.375%



EUR 3.750%Mexico


4,100,000 3,874,360 0.8031.12.2099ATF Netherlands BV16 FRN


1,000,000 941,898 0.1927.07.2030Babson Euro CLO2016-1 BV 16 FRN

EUR 6.100%

1,050,000 1,026,122 0.2131.12.2099Generali Finance BV14 FRN EMTN

EUR 4.596%

2,061,000 2,158,527 0.4514.12.2026Petrobras GlobalFinance BV 11 EMTN

GBP 6.250%


GBP 5.375%

1,210,000 1,234,938 0.2616.01.2034Petrobras GlobalFinance BV 14

GBP 6.625%

4,541,000 3,635,478 0.7524.06.2019Marfrig HoldingsEurope BV 14

USD 6.875%

5,300,000 4,378,572 0.9115.01.2024VTR Finance BV 14USD 6.875%


177






GBP

% of netassets*


2,000,000 568,140 0.1208.05.2099Banco Espirito SantoSA 14 EMTN

EUR 0,000%Portugal


4,810,000 4,206,543 0.8731.12.2099Credit Suisse GroupAG 13 FRN




EUR 8.875%Spain

4,600,000 4,286,871 0.8931.12.2099Banco de Sabadell SA17 FRN

EUR 6.500%

2,200,000 2,231,875 0.4631.12.2099Banco Santander SA17 FRN

EUR 6.750%

2,800,000 2,784,068 0.5831.12.2099CaixaBank SA 17 FRNEUR 6.750%

2.8113,602,987Total - Spain

3,200,000 2,490,515 0.5119.05.2022FinansbankAS/Turkey 17 EMTN

USD 4.875%Turkey

2,710,000 2,215,888 0.4616.03.2023Turkiye GarantiBankasi AS 17

USD 5.875%


3,500,000 2,884,529 0.6001.04.2024CEMEX Finance LLC14



USD 7.125%


USD 6.250%

4,125,000 3,179,376 0.6601.06.2020JC Penney Corp Inc10

USD 5.650%

1,875,000 1,298,698 0.2701.07.2022Men's WearhouseInc/The 15

USD 7.000%


USD 1.125%


USD 0.625%

850,000 647,848 0.1315.10.2023Uniti Group LP / UnitiGroup Finance Inc /CSL Capital LLC 15

USD 8.250%


2,950,000 2,632,285 0.5431.12.2099Royal Bank ofScotland Group PLC07 FRN


1,150,000 1,302,030 0.2731.12.2099Aldermore Group PLC14 FRN

GBP 11.880%

800,000 879,720 0.1831.12.2099Aviva PLC 03 FRNGBP 6.880%3,022,000 3,302,442 0.6831.12.2099Aviva PLC 04 FRNGBP 5.900%2,440,000 2,711,304 0.5631.12.2099Barclays PLC 15 FRNGBP 7.875%5,995,000 6,525,677 1.3531.12.2099Barclays PLC 17 FRNGBP 7.250%3,500,000 3,730,125 0.7715.11.2021Bracken MidCo1 PLC

16GBP 10.500%

620,000 693,234 0.1431.12.2099BUPA Finance PLC 04FRN

GBP 6.130%


GBP

% of netassets*


10,800,000 11,178,215 2.3231.12.2099Coventry BuildingSociety 14 FRN

GBP 6.380%

1,610,000 1,796,358 0.3719.12.2024esure Group PLC 14GBP 6.750%1,900,000 1,988,179 0.4115.09.2021Jerrold Finco Plc 16

EMTNGBP 6.250%

3,500,000 3,556,000 0.7415.01.2024Jerrold Finco Plc 17GBP 6.125%2,575,000 2,918,248 0.6022.05.2043Liverpool Victoria

Friendly Society Ltd13 FRN

GBP 6.500%

3,990,000 7,575,334 1.5831.12.2099Lloyds Bank PLC 09FRN EMTN

GBP 13.000%

8,000 1,224,000 0.2529.06.2049Nationwide BuildingSociety 13 FRN

GBP 10.250%


GBP 6.880%

2,980,000 2,049,584 0.4201.07.2022New Look SecuredIssuer PLC 15

GBP 6.500%

2,206,000 2,563,085 0.5303.06.2021Old Mutual PLC 11EMTN

GBP 8.000%

1,411,000 1,684,452 0.3503.11.2025Old Mutual PLC 15GBP 7.875%1,600,000 1,710,000 0.3531.12.2099OneSavings Bank PLC

17 FRNGBP 9.125%

3,841,000 4,140,560 0.8609.09.2026Paragon Group ofCos PLC/The 16 FRN

GBP 7.250%

1,180,000 1,377,414 0.2924.03.2025Partnership AssuranceGroup Ltd 15

GBP 9.500%

4,855,000 5,321,031 1.1003.07.2024Pension InsuranceCorp PLC 14

GBP 6.500%

2,600,000 3,169,530 0.6623.11.2026Pension InsuranceCorp PLC 16

GBP 8.000%

600,000 707,358 0.1513.11.2028Rl Finance Bonds No3 PLC 15

GBP 6.125%

3,000,000 3,413,190 0.7116.06.2023Scottish Widows Ltd13

GBP 5.500%

1,200,000 1,265,904 0.2628.10.2025Shawbrook GroupPLC 15

GBP 8.500%

2,000,000 2,224,360 0.4607.02.2047Society of Lloyd's 17FRN

GBP 4.875%


GBP 7.750%


GBP 5.375%

2,450,000 2,700,268 0.5631.12.2099Standard Life PLC 04FRN

GBP 6.550%

1,870,000 1,881,688 0.3931.12.2099Virgin MoneyHoldings UK PLC 14FRN

GBP 7.880%

3,620,000 3,841,037 0.7931.12.2099Virgin MoneyHoldings UK PLC 16FRN

GBP 8.750%


USD 12.000%

700,000 685,419 0.1431.12.2099Royal Bank ofScotland Group PLC01 FRN

USD 7.648%

2,900,000 2,572,134 0.5331.12.2099Royal Bank ofScotland Group PLC07 FRN

USD 6.990%


USD 7.750%

71.31344,601,950Total - Bonds


178






GBP

% of netassets*


2,200,000 2,029,863 0.4201.02.2026Taurus 2015-2 DEULtd 15 FRN

EUR


Ireland


2,600,000 2,089,100 0.4310.10.2040Uropa Securities PLC07 FRN

GBPUnited Kingdom


GBP

2,000,000 1,971,047 0.4121.09.2049Warwick FinanceResidentialMortgages NumberOne PLC 15 FRN

GBP




1,500,000 1,422,766 0.2922.07.2029St Paul's CLO VI DAC16 FRN

EUR 6.500%


Ireland

3,500,000 3,261,969 0.6830.04.2030St Paul's CLO VIIDAC 17 FRN

EUR 5.650%


1,250,000 989,882 0.2026.06.2024Intesa Sanpaolo SpA14

USD 5.017%Italy


5,020,000 4,952,807 1.0215.09.2023ARD Finance SA 17EUR 6.625%Luxembourg

8,462,000 9,078,203 1.8901.11.2022Garfunkelux Holdco 3SA 15

GBP 8.500%

775,000 648,996 0.1315.02.2024Intelsat JacksonHoldings SA 16

USD 8.000%


4,860,000 3,993,041 0.8309.08.2024TV Azteca SAB de CV17

USD 8.250%Mexico


1,100,000 1,010,161 0.2115.10.2030ARES EUROPEANCLO VII BV 17 FRN


1,500,000 1,409,682 0.3017.05.2018Carlyle Global MarketStrategies Euro CLO2016-1 DAC 16 FRN

EUR 6.500%

1,250,000 1,176,728 0.2415.07.2030Dryden 44 Euro CLO2015 BV 16 FRN

EUR 6.500%


GBP

% of netassets*


1,350,000 1,269,263 0.2615.04.2031Jubilee CLO 2013-XBV 17 FRN

EUR 6.000%


1,200,000 1,010,308 0.2114.07.2026Suzano Austria GmbH16

USD 5.750%Austria

2,900,000 2,456,633 0.5116.03.2047Suzano Austria GmbH17

USD 7.000%


2,725,000 2,257,528 0.4701.04.2021Aleris InternationalInc 16


4,475,000 3,785,457 0.7815.02.2025American GreetingsCorp 17

USD 7.875%

3,050,000 2,377,701 0.4901.12.2022Antero ResourcesCorp 15

USD 5.125%

1,850,000 1,498,779 0.3115.08.2022Avon InternationalOperations Inc 16

USD 7.875%

3,450,000 3,050,715 0.6330.06.2024Cheniere CorpusChristi Holdings LLC17

USD 7.000%

3,934,000 3,756,343 0.7815.10.2025CSC Holdings LLC 15USD 10.875%5,875,000 4,461,545 0.9129.11.2024EP Energy LLC /

Everest AcquisitionFinance Inc 16

USD 8.000%

2,700,000 2,110,423 0.4401.07.2023JC Penney Corp Inc16

USD 5.875%

4,200,000 2,670,229 0.5515.03.2023PetSmart Inc 15USD 7.125%2,700,000 1,880,539 0.3901.06.2025PetSmart Inc 17USD 5.875%


12.5260,529,698Total - Bonds


1,800,000 1,775,309 0.3713.12.2028SC GermanyConsumer 2015-1UGhaftungsbeschraenkt15 FRN

EUR 5.080%


Bonds

Germany


2,050,000 1,889,811 0.3915.04.2030ALME Loan FundingIII Designated ActivityCo 17 FRN

EUR 5.400%Ireland

3,500,000 3,223,925 0.6815.03.2029Arbour CLO III Ltd 16FRN

EUR 5.500%

1,875,000 1,695,783 0.3515.04.2030Aurium CLO III DAC17 FRN

EUR 4.900%

2,200,000 1,989,256 0.4115.10.2030Avoca CLO XIII DAC17 FRN

EUR 4.950%

5,000,000 4,515,763 0.9417.10.2030Bain Capital EuroCLO 2017-1 DAC 17FRN

EUR 0,000%

1,500,000 1,424,524 0.2915.01.2030GLG Euro CLO IIDAC 16 FRN

EUR 6.550%

1,500,000 1,349,637 0.2815.10.2030GLG Euro Clo III DAC17 FRN

EUR 5.350%

179






GBP

% of netassets*


1,500,000 1,418,663 0.2915.10.2029Griffith Park CLODAC 16 FRN

EUR 0.010%

1,774,000 1,616,499 0.3318.04.2030Palmerston Park CLODAC 17 FRN

EUR 5.370%

2,500,000 2,320,944 0.4821.01.2029Tymon Park CLO Ltd15 FRN

EUR 5.700%


1,000,000 879,049 0.1805.10.2031BNPP AM Euro CLO2017 BV 17 FRN


2,600,000 2,345,317 0.4915.07.2030Cadogan Square CLOIX DAC 17 FRN

EUR 4.900%

2,000,000 1,814,177 0.3815.08.2030Carlyle Euro CLO2017-2 DAC 17 FRN

EUR 5.230%

2,000,000 1,781,818 0.3715.05.2030Dryden XXVII-R EuroCLO 2017 BV 17 FRN

EUR 6.850%

2,000,000 1,900,867 0.3917.01.2031Euro-Galaxy III CLOBV 17 FRN

EUR 6.250%

2,000,000 1,845,439 0.3815.04.2030Halcyon LoanAdvisors EuropeanFunding 2014 BV 17FRN

EUR 5.550%

2,300,000 2,126,523 0.4415.02.2030St Pauls CLO II Ltd 17FRN

EUR 5.500%


2,500,000 2,430,338 0.5018.05.2035FTA SantanderConsumo 2 16

EUR 6.500%Spain

7.9438,343,642Total - Bonds

0.502,430,338Total - Spain

2,000,000 1,270,096 0.2617.11.2026Taurus 2016-1 DEUDAC 16 FRN

EUR


Ireland





180

Vontobel Fund - LCR Global Bond







Liabilities Unrealised loss on forward foreign exchange contracts 215,646(9)






Net assets at the end of the period 64,071,127

Net assets at the beginning of the period 0












Statement of Operations andChanges in Net Assetsfrom October 17, 2016to August 31, 2017







Bank interest 3,201






from October 17, 2016to August 31, 2017

Not

es


Cost

181

Vontobel Fund - LCR Global Bond





EUR

% of netassets*


2,000,000 1,744,083 2.7218.09.2024Kingdom of BelgiumGovernmentInternational Bond 14EMTN

USD 2.875%


Bonds

Belgium


2,000,000 1,332,257 2.0805.09.2022LandwirtschaftlicheRentenbank 15

AUD 2.700%Germany

6,000,000 705,128 1.1022.01.2021Kreditanstalt fuerWiederaufbau 10EMTN

SEK 3.500%


USD 2.125%


1,000,000 740,460 1.1623.03.2022African DevelopmentBank 12

AUD 5.250%Ivory Coast

1,000,000 736,531 1.1506.03.2024African DevelopmentBank 13

AUD 4.750%

2,000,000 2,128,690 3.3206.04.2023African DevelopmentBank 93

USD 7.375%

5.633,605,681Total - Ivory Coast

2,000,000 1,676,996 2.6212.02.2022Caissed'Amortissement dela Dette Sociale 15

USD 1.875%France


2,000,000 1,778,082 2.7808.09.2023Province of BritishColumbia Canada 93

CAD 8.000%Canada

2,000,000 1,333,276 2.0827.01.2023Province of OntarioCanada 16

CAD 1.950%


CAD 9.500%


CAD 8.100%

1,000,000 842,073 1.3123.10.2022Province of BritishColumbia Canada 12

USD 2.000%

3,000,000 2,523,139 3.9406.09.2022Province of ManitobaCanada 12

USD 2.100%


USD 2.500%

4,000,000 3,451,124 5.3813.02.2023Province of QuebecCanada 13

USD 2.625%

23.7615,228,767Total - Canada


AUD 6.250%Luxembourg


AUD 2.800%

5,000,000 587,813 0.9214.01.2021European InvestmentBank 10 EMTN

SEK 3.500%


SEK 1.250%


USD 2.250%



EUR

% of netassets*


10,000,000 1,142,710 1.7801.12.2020Kommuninvest ISverige AB 14

SEK 2.500%Sweden


SEK 1.000%


SEK 0.750%

15.179,720,647Total - Sweden

1,000,000 887,938 1.3921.02.2024Inter-AmericanDevelopment Bank14


2,250,000 2,500,057 3.9015.06.2025Inter-AmericanDevelopment Bank95

USD 7.000%

1,000,000 832,122 1.3019.04.2023International Bank forReconstruction &Development 16

USD 1.750%


76.9849,325,177Total - Bonds


8,000,000 5,491,324 8.5715.12.2022Province of AlbertaCanada 12

CAD 2.550%


Canada

2,000,000 1,431,748 2.2301.12.2023Province of AlbertaCanada 13

CAD 3.400%

6,000,000 4,108,753 6.4102.06.2023Province of ManitobaCanada 13

CAD 2.550%

951,000 1,016,232 1.5915.07.2023Province of QuebecCanada 93

USD 7.500%

875,000 932,237 1.4609.02.2024Province of QuebecCanada 94

USD 7.125%


20.2612,980,294Total - Bonds

20.2612,980,294Total - Canada


182

Vontobel Fund - Multi Asset Solution














Performance Fee payable 789(3)

Other liabilities 105







Futures -164,719


Net realised gain/loss on currency exchange -12,955


Increase/Decrease in net assets resulting from operations 605,937




Statement of Operations andChanges in Net Assetsfrom October 17, 2016to August 31, 2017


Net dividends 5,366

Total Income 5,367











from October 17, 2016to August 31, 2017

Not

es


Cost

183






EUR

% of netassets*


100,000 401,650 0.65iShares USD TreasuryBond 20+yr UCITSETF USD Dist

EUR


Investment funds

Ireland

21,500 1,582,830 2.56Source EURO STOXXOptimised BanksUCITS ETF

EUR




37,145 3,692,213 5.96Vontobel Fund -Absolute ReturnBond (EUR) - S

EUR


Investment funds

Luxembourg

87,905 8,854,649 14.30Vontobel Fund -Bond GlobalAggregate - S EUR

EUR

11,600 1,245,608 2.01Vontobel Fund -Emerging MarketsDebt - HS EUR

EUR

31,382 3,634,977 5.87Vontobel Fund -Emerging MarketsEquity - HS EUR

EUR

21,109 2,179,256 3.52Vontobel Fund - EURCorporate Bond MidYield - S EUR

EUR

10,660 1,063,335 1.72Vontobel Fund - EuroBond - S EUR

EUR

77,100 7,723,107 12.47Vontobel Fund - EuroShort Term Bond - SEUR

EUR

33,406 3,632,568 5.87Vontobel Fund -European Equity - SEUR

EUR

8,000 800,000 1.29Vontobel Fund -Global Bond - HSEUR

EUR

12,000 1,266,720 2.05Vontobel Fund -Global CorporateBond Mid Yield - HI(hedged) EUR

EUR

76,507 9,219,153 14.89Vontobel Fund -Global Equity - HSEUR

EUR

32,828 3,529,010 5.70Vontobel Fund -TwentyFour AbsoluteReturn Credit Fund -HI EUR

EUR


EUR

% of netassets*


29,926 3,273,007 5.29Vontobel Fund -TwentyFour GlobalUnconstrained Bond- HI (hedged) EUR

EUR





184

Vontobel Fund - Multi Asset Income






(9)

5,326Other assets










Unrealised loss on options 514(9)











Investments -99,819

Futures -44,517


Swaps -21,502

Options -514






Net realised gain/loss on options 23,638(2)





Statement of Operations andChanges in Net Assetsfrom December 14, 2016to August 31, 2017

Not

es


Cost

185










Bank interest 4,951







from December 14, 2016to August 31, 2017

Not

es


186






EUR

% of netassets*


280,000 206,430 0.95China ConstructionBank Corp

HKD


Shares

China


1,290 231,877 1.07Allianz SEEURGermany

2,329 189,511 0.87BASF SEEUR2,100 225,750 1.04Bayer AGEUR2,933 179,588 0.83Daimler AGEUR6,600 229,977 1.06Deutsche Post AGEUR1,700 186,660 0.86Siemens AGEUR


8,420 205,238 0.95AXA SAEURFrance

3,378 215,888 0.99BNP Paribas SAEUR944 201,591 0.93Unibail-Rodamco SEEUR


6,500 186,977 0.86Japan Tobacco IncJPYJapan

9,200 179,535 0.83NTT DOCOMO IncJPY


3,595 187,373 0.86Bank of Nova ScotiaCADCanada


14,000 175,805 0.81SvenskaHandelsbanken AB

SEKSweden


3,800 187,417 0.86Holcim LtdCHFSwitzerland

3,045 216,809 0.99Nestle SACHF956 203,746 0.94Roche Holding AGCHF2,700 205,241 0.95Swiss Re AGCHF500 211,635 0.98Swisscom AGCHF


40,000 218,360 1.01Banco Santander SAEURSpain

32,000 219,552 1.01Iberdrola SAEUR


3,200 202,674 0.94AbbVie IncUSDUnited States

7,033 190,540 0.88Cisco Systems IncUSD2,332 149,720 0.69Exxon Mobil CorpUSD1,282 154,230 0.71International Business

Machines CorpUSD

2,492 193,403 0.90Procter & GambleCo/The

USD


EUR

% of netassets*


3,099 136,248 0.63QUALCOMM IncUSD2,765 126,819 0.58Target CorpUSD3,160 181,004 0.83Valero Energy CorpUSD4,099 165,387 0.76Verizon

Communications IncUSD


75,000 211,507 0.97Legal & GeneralGroup PLC

GBPUnited Kingdom

27.545,976,492Total - Shares



EUR 3.875%

Bonds

Argentina


EUR 5.000%


400,000 415,664 1.9231.12.2099KBC Groep NV 14FRN

EUR 5.630%Belgium

1.92415,664Total - Belgium

200,000 237,908 1.1031.12.2099DONG Energy A/S 13FRN

EUR 6.250%Denmark

200,000 217,562 1.0031.12.2099Nykredit RealkreditA/S 15 FRN

EUR 6.250%


200,000 204,036 0.9423.04.2075Bertelsmann SE & CoKGaA 15 FRN EMTN

EUR 3.500%Germany


200,000 221,154 1.0231.12.2099AXA SA 14 FRNEMTN

EUR 3.880%France


EUR 4.250%

200,000 227,782 1.0531.12.2099Orange SA 14 FRNEMTN

EUR 5.000%

200,000 229,994 1.0631.12.2099Solvay Finance SA 13FRN

EUR 5.425%

200,000 206,526 0.9531.12.2099TOTAL SA 16 FRNEMTN

EUR 3.369%


GBP 6.000%



EUR 10.130%Italy

200,000 215,766 0.9931.12.2099Intesa Sanpaolo SpA16 FRN EMTN

EUR 7.000%

187






EUR

% of netassets*


200,000 248,801 1.1510.09.2075Enel SpA 13 FRNGBP 7.750%


200,000 229,068 1.0630.07.2027SoftBank Group Corp15

EUR 5.250%Japan

400,000 347,060 1.5931.12.2099SoftBank Group Corp17 FRN

USD 6.875%


200,000 182,145 0.8412.05.2026Banco de Bogota SA16

USD 6.250%Colombia


200,000 295,102 1.3624.01.2033Telecom Italia FinanceSA 03 EMTN



TRY 10.000%


200,000 229,858 1.0624.02.2025Petroleos Mexicanos05

EUR 5.500%Mexico

40,000 175,944 0.8105.03.2026Mexican Bonos 15MXN 5.750%


200,000 207,298 0.9631.12.2099Achmea BV 15 FRNEMTN


200,000 215,160 0.9930.11.2049Gas Natural FenosaFinance BV 14 FRN

EUR 4.125%


EUR 5.875%


EUR 3.500%


EUR 3.875%

200,000 171,163 0.7931.12.2099Demeter InvestmentsBV for Swiss Re Ltd4.625% 17- PERP

USD 4.625%

200,000 172,770 0.8031.12.2099ING Groep NV 15FRN

USD 6.000%


200,000 218,768 1.0131.12.2099Erste Group Bank AG17 FRN

EUR 6.500%Austria

200,000 224,392 1.0431.12.2099OMV AG 15 FRNEUR 5.250%200,000 206,784 0.9531.12.2099Raiffeisen Bank

International AG 17FRN

EUR 6.125%


200,000 220,952 1.0216.09.2075EDP - Energias dePortugal SA 15 FRN

EUR 5.380%Portugal



EUR

% of netassets*


200,000 179,077 0.8231.12.2099Nordea Bank AB 14FRN EMTN

USD 6.125%Sweden

200,000 174,931 0.8131.12.2099SkandinaviskaEnskilda Banken AB14 FRN EMTN

USD 5.750%

200,000 178,350 0.8231.12.2099Swedbank AB 16 FRNUSD 6.000%


400,000 447,288 2.0631.12.2099UBS Group AG 15FRN

EUR 5.750%Switzerland



EUR 8.875%Spain

200,000 215,530 0.9931.12.2099CaixaBank SA 17 FRNEUR 6.750%200,000 223,342 1.0331.03.2047Mapfre SA 17 FRNEUR 4.375%


200,000 202,652 0.9314.06.2025Turkey GovernmentInternational Bond 17EMTN

EUR 3.250%Turkey

200,000 170,517 0.7924.05.2027Turkiye GarantiBankasi AS 17 FRN

USD 6.125%


200,000 201,558 0.9304.09.2036AT&T Inc 17EUR 3.150%United States

15,000,000 205,382 0.9503.06.2019International FinanceCorp 14 EMTN

INR 7.800%

14,000,000 218,780 1.0021.01.2020International FinanceCorp 15

RUB 11.000%


USD 3.750%

200,000 157,436 0.7301.06.2024ContinentalResources Inc/OK 14

USD 3.800%

200,000 164,492 0.7615.03.2045Energy Transfer LP 15USD 5.150%200,000 188,679 0.8702.10.2043General Motors Co

14USD 6.250%




200,000 205,592 0.9531.12.2099HSBC Holdings PLC17 FRN EMTN

EUR 4.750%

200,000 218,055 1.0031.12.2099Barclays PLC 17 FRNGBP 5.875%400,000 452,303 2.0831.12.2099Nationwide Building

Society 14 FRNEMTN

GBP 6.880%

55.1511,967,596Total - Bonds


188






EUR

% of netassets*


26,000 1,463,020 6.75iShares BarclaysCapital EmergingMarket Local GovtBond

EUR

Investment funds

Ireland

2,800 271,498 1.25iShares J.P. MorganUSD EM Bond UCITSETF USD Dist

USD

3,100 276,155 1.27iShares USD HighYield Corp BondUCITS ETF USD Dist

USD



200,000 216,600 1.0031.12.2099Lloyds Banking GroupPLC 14 FRN

EUR

Convertible Bonds - Floating Rate

United Kingdom


1.00216,600Total - Convertible Bonds - Floating Rate


200 21,724 0.10iShares Euro HighYield Corporate BondUCITS ETF

EUR

Transferable securities and money market instruments dealt in on another regulatedmarketInvestment funds

Ireland




4,200 177,588 0.82LUKOIL PJSC ADRUSD


Shares

Russia




EUR

% of netassets*


20,000 274,380 1.26HSBC GlobalInvestment Funds -India Fixed Income -I

EUR

Investment funds

Luxembourg





189

Vontobel Fund - TwentyFour Monument European Asset Backed Securities







Liabilities Payable for investments purchased 3,500,000




















Statement of Operations andChanges in Net Assetsfrom June 27, 2017to August 31, 2017

Income Net interest on bonds 102,613(2)





Bank interest 7,014






from June 27, 2017to August 31, 2017

Not

es


Cost

190






EUR

% of netassets*


1,500,000 918,823 1.5715.12.2043ResLoC UK PLC 07FRN

EUR 0,000%


Bonds

United Kingdom



8,000,000 2,121,290 3.6115.09.2048Lusitano MortgagesNo4 PLC 05 FRN

EUR


Ireland

2,000,000 503,745 0.8620.07.2059Magellan MortgagesNo4 PLC 06 FRN

EUR

500,000 502,250 0.8601.02.2026Taurus 2015-2 DEULtd 15 FRN

EUR


9,000,000 2,106,456 3.5930.04.2043Berica 6 ResidentialMBS Srl 06 FRN

EURItaly

3.592,106,456Total - Italy

1,500,000 1,110,170 1.8915.12.2050Newgate Funding2007-2 07 FRN

EURUnited Kingdom

1,500,000 941,095 1.6012.06.2044RMAC Securities No1 PLC 06 FRN

EUR

1,500,000 1,613,765 2.7515.08.2045Dukinfield PLC 15FRN

GBP

1,000,000 1,095,953 1.8725.05.2053HawksmoorMortgages 2016-1PLC 16 FRN

GBP

2,000,000 1,331,408 2.2714.06.2040Kensington MortgageSecurities PLC 07 FRN

GBP

2,000,000 2,170,236 3.7022.12.2069Lanark Master IssuerPLC 17 FRN

GBP

600,000 652,729 1.1120.08.2025Logistics UK 2015 Plc15 FRN

GBP

1,500,000 944,526 1.6115.01.2043Paragon MortgagesNO 23 PLC 15 FRN

GBP

2,000,000 748,094 1.2815.12.2042Preferred ResidentialSecurities 8 PLC 04FRN

GBP

1,000,000 1,095,190 1.8715.06.2046Residential MortgageSecurities 28 Plc 15FRN

GBP

1,200,000 1,312,923 2.2415.06.2046Residential MortgageSecurities 28 Plc 15FRN

GBP

1,500,000 1,642,040 2.8020.06.2045Rochester FinancingNo 2 PLC 16 FRN

GBP


GBP





EUR

% of netassets*


2,000,000 2,007,500 3.4215.10.2030ARES EUROPEANCLO VII BV 17 FRN

EUR 2.900%


Netherlands

2,500,000 2,505,000 4.2708.12.2077Aurorus 2017 BV 17FRN

EUR 1.277%

7.694,512,500Total - Bonds


1,600,000 1,560,000 2.6630.06.2035Cordusio RMBS 2 Srl06 FRN

EUR


Italy

2.661,560,000Total - Italy

1,000,000 1,001,090 1.7128.01.2048Dutch PropertyFinance 2017-1 BV17 FRN

EURNetherlands


500,000 506,750 0.8626.04.2064SRF 2016-1 Fondo deTitulizacion 16 FRN

EURSpain


2,000,000 1,275,584 2.1712.06.2044RMAC Securities No1 PLC 06 FRN

EURUnited Kingdom

2,000,000 1,320,768 2.2615.04.2049Mansard Mortgages2007-1 Parent Ltd 07FRN

GBP




2,000,000 2,000,000 3.4124.10.2030Armada Euro CLO IDAC 17 FRN **

EUR 3.100%


Bonds

Ireland

1,000,000 1,003,150 1.7115.04.2028GLG Euro CLO I DAC17 FRN

EUR 3.050%

2,000,000 2,026,428 3.4515.10.2030GLG Euro Clo III DAC17 FRN

EUR 3.300%

2,000,000 2,018,373 3.4422.07.2030Oak Hill EuropeanCredit Partners III Ltd17 FRN

EUR 2.950%


1,500,000 1,507,500 2.5705.10.2031BNPP AM Euro CLO2017 BV 17 FRN


1,250,000 1,254,801 2.1420.07.2030Cairn CLO V BV 17FRN

EUR 3.000%

191






EUR

% of netassets*


1,250,000 1,259,611 2.1504.08.2028Penta Clo 2 BV 17FRN

EUR 3.000%

18.8711,069,863Total - Bonds


2,000,000 2,006,840 3.4218.11.2051Cartesian ResidentialMortgages 2 SA 17FRN

EUR


Luxembourg


1,650,000 1,660,272 2.8328.01.2048Dutch PropertyFinance 2017-1 BV17 FRN

EURNetherlands


1,000,000 1,085,202 1.8525.10.2044Castell 2017-1 PLC17 FRN

GBPUnited Kingdom

1,000,000 1,086,527 1.8525.10.2044Castell 2017-1 PLC17 FRN

GBP

1,460,000 1,590,585 2.7125.05.2053HawksmoorMortgages 2016-2PLC 16 FRN

GBP

2,500,000 2,685,412 4.5920.08.2056Ripon Mortgages PLC17 FRN

GBP

1,500,000 1,654,598 2.8220.07.2046Towd Point MortgageFunding 2016-Granite1 PLC 16 FRN

GBP





192

Shares Summary

Swiss Money CHF 169,250.302 182,655.531 160,017.375173,422.604A CHFLU0120694640471,638.939 366,165.717 888,467.801782,994.579B CHFLU0120694996137,832.401 141,505.265 159,453.721163,126.585I CHFLU0278086623

- - 10.00010.000R CHFLU0420001835Euro Short Term Bond EUR 109,449.565 68,116.534 100,649.43959,316.408A EURLU0120688915

411,749.274 393,397.834 588,741.430570,389.990B EURLU01206896402,935.146 18,522.158 12,588.05528,175.067C EURLU0137009238

374,671.204 279,966.162 440,377.953345,672.911I EURLU027809103710.000 - 10.000-NG EURLU1650589689

1,051.309 - 1,287.917236.608R EURLU042000213077,110.000 - 77,110.000-S EURLU1502169581

US Dollar Money USD 85,303.757 63,211.631 112,919.76390,827.637A USDLU0120690143232,774.870 454,787.190 810,050.9451,032,063.265B USDLU012069022644,693.212 63,434.654 29,626.15948,367.601I USDLU1051749858

- - 10.00010.000R USDLU0420002486Swiss Franc Bond CHF 26,794.652 38,927.768 187,558.058199,691.174A CHFLU0035736726

53,323.425 78,022.598 119,645.827144,345.000AI CHFLU133177817292,767.465 17,879.478 142,458.43667,570.449AQG CHFLU1374300454

132,953.352 113,648.865 507,755.184488,450.697B CHFLU00357387713,709.157 2,194.737 17,078.10315,563.683C CHFLU0137003116

383,215.001 303,624.412 1,388,854.7751,309,264.186G CHFLU1206762293120,294.702 258,294.513 732,549.951870,549.762I CHFLU0278084768

- - 810.000810.000R CHFLU0996452701Euro Bond EUR 3,879.822 13,506.866 57,449.23367,076.277A EURLU0035744233

2,478.388 1,050.679 1,864.891437.182AM USDLU05710630149,539.723 31,736.052 108,820.418131,016.747B EURLU0035744829

10.000 - 10.000-C EURLU165144325871,412.139 247,915.414 158,419.547334,922.822I EURLU0278087357

56.265 25.820 1,080.8411,050.396R EURLU099645202410,670.000 - 10,670.000-S EURLU1502168930

EUR Corporate Bond Mid Yield EUR 347,630.207 320,243.007 756,843.834729,456.634A EURLU0153585566283,496.041 29,629.753 518,742.316264,876.028AI EURLU1258889689560,374.641 7,001.200 553,373.441-AQG EURLU1594302512802,903.464 1,666,719.311 2,012,404.6132,876,220.460B EURLU015358572346,497.866 67,478.923 144,988.077165,969.134C EURLU0153585996

631,731.260 66,615.000 565,116.260-G EURLU1525532344121,255.188 84,222.859 760,602.582723,570.253H CHFLU0863290267418,858.072 470,262.800 808,696.624860,101.352HI CHFLU1047498362145,862.392 105,527.420 196,553.083156,218.111HI USDLU1054314221

8,801.971 7,273.552 58,477.39456,948.975HN GBPLU10923176243,446,713.576 4,125,793.613 6,634,090.7737,313,170.810I EURLU0278087860

10.000 - 10.000-N EURLU1612361102219.602 421.909 2,276.8082,479.115R EURLU0420003617

22,168.643 - 22,168.643-S EURLU1502169235High Yield Bond EUR 8,500.000 14,500.000 1,260.0007,260.000AI EURLU1275269402

1,020.520 20.520 1,010.00010.000AMH AUDLU137430029834,334.909 16,254.538 50,408.60532,328.234AMH USDLU10619520051,435.170 1,230.840 214.33010.000AMH ZARLU1374300371

37,131.010 34,736.234 52,849.18550,454.409AS EURLU0756125596204,991.947 348,656.881 610,329.352753,994.286B EURLU0571066462

50.779 - 50.779-C EURLU148206368968,525.567 145,630.566 863,649.941940,754.940H CHFLU057106743729,922.222 38,197.201 133,402.881141,677.860H USDLU05710676011,048.312 979.489 1,955.2881,886.465HC USDLU1061952187

225,235.425 234,218.334 396,447.530405,430.439HI CHFLU0571067866139,172.501 145,802.588 252,626.002259,256.089HI USDLU0571068088378,339.086 301,269.900 817,317.529740,248.343I EURLU0571066975

- 891.000 848.0231,739.023R EURLU057108851610,610.000 10,600.000 10.000-S EURLU1502169318

Bond Global Aggregate EUR 95,241.272 77,126.891 192,608.025174,493.644A EURLU111275076213,191.040 33,095.239 182,989.042202,893.241AH USDLU0035744662

400,288.263 208.000 701,597.800301,517.537AI EURLU14289509992,571.540 4,073.785 7,319.1868,821.431AS EURLU1116636702

375,745.726 499,274.466 791,550.484915,079.224B EURLU1112750929

At the beginningof the financial

year

Subscribed Redeemed At the end ofthe financial

year

ISIN-Code SharesVontobel Fund -

193

Shares Summary

1,389.231 132.672 1,256.559-C EURLU1482063846195,702.618 114,904.176 627,726.383546,927.941H CHFLU118165519925,930.241 45,225.633 121,861.408141,156.800H USDLU003574555221,206.949 97,815.749 205,453.364282,062.164HI USDLU0278091383

798,739.699 817,988.488 1,164,380.2971,183,629.086I EURLU111275106710.000 - 10.000-N EURLU1612360716

2,106.000 1,361.000 5,006.0004,261.000R EURLU042000396390,564.782 - 90,564.782-S EURLU1502169409

Eastern European Bond EUR 12,071.518 58,883.617 258,863.315305,675.414A EURLU008021503010,179.256 58,561.543 298,323.950346,706.237AM EURLU046961803648,425.630 269,005.632 1,020,854.0941,241,434.096AM USDLU057106859124,598.087 29,473.929 126,327.737131,203.579B EURLU0080215204

829.676 1,032.127 4,174.6004,377.051C EURLU0137004601215,298.533 115,848.676 281,398.784181,948.927I EURLU0278087431

160.000 45.000 286.000171.000R EURLU0420004268Absolute Return Bond (CHF) CHF 20,890.531 467,254.020 1,018,352.8651,464,716.354A CHFLU0218908985

16,196.144 274,047.058 622,907.102880,758.016B CHFLU021890910844,863.104 220,860.821 43,074.693219,072.410I CHFLU0278084842

36.000 3,340.000 2,745.7646,049.764R CHFLU0420004698- - 190,378.540190,378.540S CHFLU0571089084

Absolute Return Bond (EUR) EUR 4,527.636 80,445.962 179,382.274255,300.600A EURLU0105717663- - 177.731177.731AM USDLU0571069219

44,043.556 249,723.944 392,326.928598,007.316B EURLU010571782016,258.519 32,783.594 22,417.97538,943.050C EURLU0137004866

- 13,554.964 12,440.00025,994.964H USDLU1028901913- 50,297.000 10,644.09060,941.090HI USDLU1028902051

91,174.178 392,965.516 84,266.202386,057.540I EURLU0278087514- - 435.848435.848R EURLU0420005075

37,145.000 753,656.622 37,155.000753,666.622S EURLU0571089167870.000 920.000 5,491.1715,541.171Absolute Return Bond Dynamic EUR A EURLU1106543751

- - 10.00010.000AI EURLU1116495612295.000 7,656.585 42,081.60349,443.188B EURLU1106543835243.913 3.904 250.00910.000C EURLU1106543918

2,133.739 27,044.625 52,056.23676,967.122H CHFLU1106544130- 5,620.000 6,614.00112,234.001H USDLU1106544213

84.539 23,182.480 1,210.00024,307.941HI CHFLU1106544304- 1,200.000 2,010.0003,210.000HI USDLU1106544486

6,552.034 12,243.461 6,812.40312,503.830I EURLU1106544056- 1,510.000 10.0001,520.000R EURLU1106544569

Global Convertible Bond EUR 4,758.620 9,660.866 37,507.26342,409.509A EURLU041693215910.000 - 10.000-AS USDLU1482064141

15,674.968 57,727.057 154,065.107196,117.196B EURLU0414968270632.220 3,493.992 7,877.05010,738.822C EURLU0414968353

24,247.909 24,569.026 250,670.838250,991.955H CHFLU04149686014,778.423 4,579.900 32,628.95232,430.429H USDLU0414968783

35,053.000 93,554.751 465,752.339524,254.090HI CHFLU0469619943192.000 20,588.463 6,617.00027,013.463HI USDLU0469620016

11,273.708 519,867.512 236,247.707744,841.511I EURLU0414968437- - 1,393.2721,393.272R EURLU0996452610

Emerging Markets LocalCurrency Bond

USD 7,953.013 9,801.786 40,337.80242,186.575A USDLU0563307551

9,408.637 12,322.873 35,037.01337,951.249AM USDLU0563307635209.720 - 219.72010.000AMH AUDLU1374299854635.317 - 645.31710.000AMH ZARLU1374299938

40,039.363 8,679.993 95,054.40463,695.034B CHFLU075207026731,363.511 22,485.370 63,432.34254,554.201B EURLU075207174536,893.378 64,131.447 142,439.932169,678.001B USDLU056330771814,274.482 16,508.177 11,914.99614,148.691C USDLU056330780913,528.803 56,593.193 380,686.971423,751.361H CHFLU05633083697,645.485 10,535.916 51,204.33854,094.769H EURLU0563308443

515.000 19,600.000 515.00019,600.000HI CHFLU056330879927,313.915 54,623.930 590.48227,900.497HI EURLU0563308872

102,260.323 121,078.996 437,187.651456,006.324I USDLU0563307981250.000 - 2,610.0002,360.000R USDLU0563308013


year


year


194

Shares Summary

Swiss Mid and Small Cap Equity CHF 65,020.725 29,036.859 130,031.17294,047.306A CHFLU0129602552507,302.393 363,154.774 620,800.097476,652.478B CHFLU0129602636

10.000 - 10.000-C CHFLU1651443506120,046.379 117,322.819 580,889.684578,166.124I CHFLU0278085229

324.655 631.761 2,520.8942,828.000R CHFLU0420005661European Mid and Small CapEquity

EUR 4,905.278 5,568.668 21,485.21322,148.603A EURLU0120692511

94,761.338 41,854.966 163,227.115110,320.743B EURLU01206944833,219.025 1,142.835 9,912.6017,836.411C EURLU0137005756

245,006.904 211,039.320 579,649.350545,681.766I EURLU0278089486100.000 17.000 1,176.0001,093.000R EURLU0996452370

Japanese Equity JPY 666.643 4,189.846 24,588.41528,111.618A JPYLU003574822674,112.513 67,401.489 380,462.350373,751.326B JPYLU0035748655

159,487.717 228,621.146 547,661.277616,794.706I JPYLU0278094999- 53.000 10.00063.000R JPYLU0996453188

mtx China Leaders USD 35,037.975 10,749.949 56,843.73932,555.713A USDLU027809189696,430.973 220,300.509 299,929.819423,799.355B USDLU0278091979

260,151.349 157,981.260 168,001.09465,831.005C USDLU0278092191261,344.392 132,099.181 182,101.34952,856.138I USDLU0278092514

232.000 463.000 2,928.0003,159.000R USDLU0420007105European Equity EUR 3,001.851 15,397.052 32,120.70544,515.906A EURLU0153585053

224,641.143 460,889.735 709,646.763945,895.355B EURLU01535851378,993.012 12,539.033 59,251.51162,797.532C EURLU0153585210

10.000 - 10.000-G EURLU1506585600- 10.000 -10.000G USDLU1428951617

211,241.377 - 211,241.377-HI USDLU16262167061,263,059.422 1,563,441.656 2,172,234.2442,472,616.478I EURLU0278085062

802.809 1,047.809 2,042.8002,287.800R EURLU042000744433,416.000 - 33,416.000-S EURLU1502169151

US Equity USD 37,749.589 49,183.835 62,916.90174,351.147A USDLU0035763456621,402.000 620,892.000 510.000-AI USDLU1506584975647,471.728 25,828.234 621,643.494-ANG USDLU1550199050127,267.795 213,615.997 468,448.000554,796.202B USDLU003576574126,137.488 21,173.058 63,755.54058,791.110C USDLU0137005913

- 5,709.690 24,036.55029,746.240G USDLU1428951294236,208.119 103,303.551 319,253.987186,349.419H EURLU021891215117,832.493 9,406.029 147,061.379138,634.915HI CHFLU0469626211

781,402.404 394,246.418 842,970.726455,814.740HI EURLU036855703810.000 - 10.000-HS EURLU150216907810.000 - 10.000-I EURLU1664635726

1,770,668.172 1,849,255.094 3,863,978.4673,942,565.389I USDLU027809260530,967.516 9,381.268 62,719.87141,133.623N USDLU0897674072

225.950 279.076 472.000525.126R USDLU0420007790Global Equity USD 98,009.026 75,879.490 235,581.178213,451.642A USDLU0218910023

4,529.366 - 526,791.147522,261.781AI EURLU11215750692,273.001 19,587.046 27,876.08545,190.130B SEKLU0979498168

1,133,805.311 898,437.448 3,062,989.3652,827,621.502B USDLU021891053654,933.489 43,977.166 169,951.523158,995.200C USDLU0218910965

972,631.932 437,956.217 534,675.715-G USDLU14893220471,249,094.542 301,773.771 1,501,860.672554,539.901H EURLU0218911690

38,705.188 2,338.170 43,522.1567,155.138H SEKLU097193959931,381.485 18,279.249 72,512.71659,410.480HC EURLU0333249364

1,014,104.401 268,176.114 2,011,108.6291,265,180.342HI EURLU036855576810.000 - 10.000-HN EURLU1550202458

76,517.489 - 76,517.489-HS EURLU1502168773425,368.382 56,013.915 589,763.079220,408.612I EURLU1171709931

2,015.267 52,691.564 40,322.50290,998.799I GBPLU0824095136959,188.772 2,318,346.718 1,833,272.4773,192,430.423I USDLU027809359532,126.932 16,488.384 116,182.798100,544.250N USDLU08587534513,557.000 987.000 11,724.0559,154.055R USDLU0420007956

32,245.582 12,765.719 949,351.000929,871.137S USDLU0571091494Global Equity Income USD 1,214.398 27,495.832 13,621.23639,902.670A Gross USDLU0129603287

10.000 - 10.000-AQ Gross USDLU165144295310.000 - 10.000-AQN Gross USDLU1651443092


year


year


195

Shares Summary

10,636.418 25,716.446 165,906.834180,986.862B USDLU012960336030,361.502 27,312.129 50,120.65447,071.281H EURLU021909718415,757.995 6,970.463 13,112.4604,324.928HI EURLU036855606349,051.263 65,104.017 109,709.643125,762.397I USDLU0278093322

25.000 - 168.431143.431R USDLU0420008335Emerging Markets Equity USD 48,216.727 73,308.067 178,209.629203,300.969A USDLU0040506734

500.000 9,758.000 1,599,034.9691,608,292.969AHI EURLU085875361813,266.992 19,259.992 9,062.00015,055.000AI USDLU14718056031,602.000 125,814.493 69,597.402193,809.895AN USDLU12336543721,831.265 5,422.277 -3,591.012B SEKLU0979494415

315,205.602 785,398.555 1,522,507.5491,992,700.502B USDLU0040507039- 10.000 -10.000C SEKLU1021192403

58,490.114 98,750.816 175,117.138215,377.840C USDLU0137006218- 38,722.963 10.00038,732.963G GBPLU0863298914

39,308.171 63,141.973 144,002.315167,836.117H CHFLU0469618119351,817.660 363,137.027 419,010.420430,329.787H EURLU0218912235

- 4,771.904 -4,771.904H SEKLU097297606125,537.900 24,510.535 49,781.34948,753.984HC EURLU033324910950,518.521 76,815.189 194,518.064220,814.732HI CHFLU0469618382

1,000,421.019 861,537.457 1,335,238.8121,196,355.250HI EURLU0368556220- - 10.00010.000HN EURLU1179463556- 575.000 10.000585.000HN GBPLU1179464281- - 514,401.690514,401.690HS CHFLU0773616858

31,392.000 - 31,392.000-HS EURLU15021684273,222.532 32,707.044 12,567.57542,052.087I EURLU11794652547,425.610 145,130.029 200,847.846338,552.265I GBPLU0787641983

4,794,860.939 5,534,152.408 9,251,535.1539,990,826.622I USDLU0278093082144,643.672 113,609.007 165,262.380134,227.715N USDLU0858753535

1,722.365 3,003.038 14,912.56816,193.241R USDLU0420008509405,370.792 241,383.505 2,429,910.6292,265,923.342S USDLU0209301448

Far East Equity USD 7,135.518 14,678.721 41,050.21248,593.415A USDLU008445036928,495.689 546,738.169 325,457.585843,700.065B USDLU00844087554,116.110 8,713.702 20,584.05625,181.648C USDLU01370070267,475.793 30,033.177 37,097.48859,654.872H EURLU02189124095,146.708 22,650.392 7,544.33925,048.023HI EURLU0368556733

1,443,561.797 2,465,602.047 1,390,072.0022,412,112.252I USDLU027809154016,451.089 75,370.053 530,664.740589,583.704N USDLU0923573769

2.000 28.000 1,497.9841,523.984R USDLU0420008848New Power EUR 37,086.910 27,639.212 246,390.566236,942.868A EURLU0138258404

81,713.413 148,431.413 652,252.295718,970.295B EURLU01382590485,625.637 7,186.792 21,038.02222,599.177C EURLU01382595501,246.616 4,393.331 2,821.8665,968.581C USDLU0571081347

10,716.270 14,161.834 105,813.680109,259.244H CHFLU04696236227,046.732 370.000 7,605.232928.500H GBPLU0469623978

11,527.326 13,866.117 27,594.92629,933.717H USDLU04696238952,012.000 - 2,022.00010.000HN CHFLU1368732373

180,954.154 118,776.967 508,398.780446,221.593I EURLU027809090675,759.405 49,561.000 358,717.602332,519.197N EURLU0952815248

- 410.000 1,055.9401,465.940R EURLU0420009143Clean Technology EUR 26,517.213 10,604.629 101,056.52385,143.939A CHFLU1407930350

37,829.186 10,407.118 59,652.12532,230.057A EURLU038440551929,078.422 15,763.510 177,628.604164,313.692B CHFLU1407930780

106,654.130 44,925.641 205,939.477144,210.988B EURLU038440560010.000 - 10.000-C EURLU1651443175

14,050.537 195.000 13,865.53710.000H CHFLU140793094710.000 - 10.000-H USDLU1618348079

152,931.874 159,920.316 269,763.987276,752.429I EURLU038440594910,720.400 400.400 10,320.000-N EURLU1598842364

10.000 - 10.000-N GBPLU1618348236807.155 140.661 1,801.9171,135.423R EURLU0385068894

Future Resources EUR 2,693.104 5,265.022 47,087.72949,659.647A CHFLU14079301942,957.350 6,214.549 11,078.50414,335.703A EURLU03844060875,579.013 17,628.322 125,482.819137,532.128B CHFLU1407930277

22,341.477 68,304.991 106,913.513152,877.027B EURLU0384406160


year


year


196

Shares Summary

7,023.286 5,902.464 22,724.08321,603.261C EURLU038440624418,536.595 18,942.104 3,634.2194,039.728C USDLU0571082402

414.790 814.000 7,193.0737,592.283H CHFLU046962338282,574.430 154,974.374 103,375.723175,775.667I EURLU03844063271,273.777 4,127.194 351.9483,205.365N EURLU0952815594

367.300 445.000 5,245.5325,323.232R EURLU0385069272mtx Sustainable Asian Leaders(ex Japan)

USD 22,951.407 14,212.081 24,174.72515,435.399A USDLU0384409180

146,445.654 34,131.129 283,328.407171,013.882B USDLU038440926336,679.810 26,801.390 40,073.98130,195.561H EURLU038440969340,188.796 5,423.000 49,960.35415,194.558HI EURLU0384409933

134,452.622 114,246.373 85,387.88065,181.631I USDLU03844102792.000 420.000 599.1291,017.129R USDLU0385070528

mtx Sustainable EmergingMarkets Leaders

USD 148,200.793 34,469.251 172,119.38958,387.847A USDLU0571085330

248,022.140 2,804.000 245,218.140-AI USDLU160930829819,330.538 5,081.991 14,248.547-B SEKLU1602272657

1,141,258.403 551,358.458 1,549,246.810959,346.865B USDLU057108541310.000 - 10.000-C USDLU165144333210.000 - 10.000-H EURLU164658511410.000 - 10.000-HC EURLU1651443415

48,632.343 6,951.746 41,680.597-HI CHFLU155020261581,600.000 - 81,600.000-HI EURLU1650589762

101,035.000 - 101,035.000-I EURLU16262168881,482,558.306 663,537.976 2,076,308.0181,257,287.688I USDLU0571085686

10.000 - 10.000-N GBPLU1618348582215.000 - 215.000-N USDLU1626216961

2,184.737 1,890.000 3,335.9733,041.236R USDLU057109289899,108.206 - 99,108.206-S USDLU15721420961,550.630 18,640.931 54,664.57471,754.875mtx Sustainable Global Leaders USD A USDLU0848325295

- 4,010.000 -4,010.000AHI EURLU127526982419,464.809 326,415.057 414,744.556721,694.804B USDLU08483253783,066.559 18,364.616 44,157.33359,455.390H CHFLU08483261867,971.590 37,835.068 61,535.10491,398.582H EURLU08483262698,133.859 111,114.359 74,683.262177,663.762HI CHFLU0848326772

778.204 80,047.400 39,573.271118,842.467HI EURLU0848326855- 2,165.439 10.0002,175.439HN EURLU1179465684- 9,836.735 1,652.28111,489.016HN GBPLU1179465338

58,479.722 786,642.706 358,072.7911,086,235.775I USDLU0848325618994.530 1,937.608 2,113.6993,056.777N USDLU084832570953.014 2,348.000 21,125.99323,420.979R USDLU0848325881

- 10.000 -10.000S USDLU0848325964Commodity USD 312,433.642 718,302.760 829,387.9171,235,257.035B USDLU0415414829

25,413.727 4,672.516 45,088.88624,347.675C USDLU041541512322,225.599 - 22,225.599-G GBPLU149597255317,850.980 56,791.309 410,778.419449,718.748H CHFLU0415415479

363,386.326 342,943.819 470,927.424450,484.917H EURLU0415415636242,152.865 129,898.403 528,135.325415,880.863H SEKLU0505242726147,638.000 32,744.084 143,268.00028,374.084HI CHFLU041541628728,146.252 127,386.878 615,996.677715,237.303HI EURLU0415416444

220,359.000 649,309.000 1,173,283.0001,602,233.000HI SEKLU0505242999174,550.532 - 705,083.355530,532.823HS CHFLU0692735565462,784.668 561,391.341 2,180,178.5312,278,785.204I USDLU0415415800

1,210.000 1,260.000 1,191.1491,241.149R USDLU0415416790Dynamic Commodity USD 88,662.084 49,468.054 105,280.87166,086.841B USDLU0759371569

21,815.886 9,376.249 26,365.15713,925.520H CHFLU0759371999427,521.449 322,018.661 228,862.054123,359.266H EURLU0759372021223,198.018 110,537.696 248,150.322135,490.000HI CHFLU0759372450169,066.227 202,207.830 21,040.11754,181.720HI EURLU0759372534537,236.151 471,161.911 470,349.853404,275.613I USDLU0759372880

109.000 525.000 3,724.0004,140.000R USDLU0759372963- - 250,010.000250,010.000S USDLU0759376105

Non-Food Commodity USD - - 10.00010.000AHI EURLU1130323832- - 10.00010.000AI USDLU1140754778


year


year


197

Shares Summary

2,848.511 2,473.425 8,032.9757,657.889B USDLU11065446432,449.114 1,183.932 9,368.6488,103.466H CHFLU1106545293

658.421 669.649 523.651534.879H EURLU1106545376600.000 77,605.306 10.00077,015.306HI CHFLU1106545533

258,707.768 200,154.127 59,683.8731,130.232HI EURLU110654561630,000.000 - 30,010.00010.000I USDLU1106544999

65.000 - 75.00010.000R USDLU1106545962634,714.356 115.000 1,231,325.734596,726.378S USDLU1106545020

Target Return Defensive EUR 265.000 - 925.000660.000A EURLU05052442684,023.250 42,242.497 85,646.011123,865.258B EURLU0505244425

131.213 2,106.104 5,473.0317,447.922C EURLU05052446981,915.647 2.604 4,660.5282,747.485H CHFLU1190892122

- 190.000 110.000300.000H USDLU1190891827- - 10.00010.000HI CHFLU1190892395

1,550.000 - 1,560.00010.000HI USDLU119089204916.989 26,948.924 58,318.93085,250.865I EURLU0505244771

- - 59.00059.000R EURLU0505244854Target Return Balanced EUR 374.961 9,174.505 13,278.58022,078.124A EURLU1190890936

1,341.821 36,000.296 161,851.744196,510.219B EURLU1190891074440.557 - 450.55710.000C EURLU1190891157

2,980.177 30,653.818 61,794.18989,467.830H CHFLU1190891660562.152 2,357.757 2,561.0354,356.640H USDLU1190891405

- - 23.24423.244HI CHFLU1190891744- 5,500.000 23.4525,523.452HI USDLU1190891587- - 23.54023.540I EURLU1190891231

20.000 1,201.874 1,043.9832,225.857R EURLU1190891314Target Return Growth EUR - 1,083.363 -1,083.363A EURLU1190889920

78.964 3,477.112 -3,398.148B EURLU1190890001- 10.000 -10.000C EURLU1190890183

79.341 435.673 -356.332H CHFLU1190890779- 10.000 -10.000H USDLU1190890423- 10.000 -10.000HI CHFLU1190890852- 312,785.089 -312,785.089HI USDLU1190890696- 85,134.494 -85,134.494I EURLU1190890266- 10.000 -10.000I USDLU1230325943- 90.000 -90.000R EURLU1190890340

Emerging Markets Debt USD 32,399.852 - 32,399.852-AH EURLU148206422471,521.106 4,597.595 66,923.511-AHI CHFLU1572142336

236,699.352 21,954.256 214,745.096-AHI EURLU1572142252171,643.160 23,126.570 162,197.79013,681.200AI EURLU108676655461,416.376 2,315.606 59,100.770-AI USDLU1572142179

154,253.418 471,522.645 772,311.5631,089,580.790AQG USDLU14227635623,295.534 - 3,295.534-AS USDLU1482064067

759,916.033 807,396.734 789,735.013837,215.714B USDLU09264395624,120.384 - 4,120.384-C USDLU1482063762

142,567.595 15,710.249 245,082.275118,224.929H CHFLU0926440065513,224.424 77,202.552 561,472.538125,450.666H EURLU092643999223,603.857 5,575.099 18,028.758-HC EURLU1482063929

350,923.451 401,947.436 641,775.511692,799.496HI CHFLU09264404951,916,682.153 758,216.475 2,290,399.6651,131,933.987HI EURLU0926440222

135,045.655 - 135,045.655-HS CHFLU162776711111,610.000 - 11,610.000-HS EURLU1502168690

3,250,762.949 750,248.419 3,938,732.9031,438,218.373I USDLU09264397292,070.417 445.000 1,906.417281.000N USDLU0926439646

702.085 160.450 2,149.6351,608.000R USDLU0992847904950.000 - 876,039.148875,089.148S USDLU1171709691

Harcourt Dividend Strategy USD - 67,535.000 -67,535.000I USDLU0971937205Harcourt Momentum Strategy USD 4.825 15,077.456 -15,072.631B USDLU0971937973

- 5,110.247 -5,110.247H CHFLU097193827891.869 22,654.848 -22,562.979H EURLU0971938435

- 3,994.000 -3,994.000HI CHFLU0971938351- 26,960.882 -26,960.882HI EURLU0971938518- 54,990.474 -54,990.474I USDLU0971938195- 2,175.000 -2,175.000R USDLU0971938609


year


year


198

Shares Summary

Harcourt Premium Strategy USD - 53,077.000 -53,077.000I USDLU0971938864Global Bond USD 33,950.000 200.000 152,577.290118,827.290HI CHFLU1246874892

54,422.283 22.460 171,409.823117,010.000HI EURLU1246874629- 19,700.000 178,374.324198,074.324HS CHFLU1246875196

8,010.000 - 8,010.000-HS EURLU15021688561,642.000 1,642.000 1,372.0001,372.000I USDLU1246874462

Absolute Return Credit Fund USD 47,500.000 142,000.000 225,510.000320,010.000X USDLU1242417589Global Corporate Bond MidYield

USD 9,312.542 230.000 21,907.54212,825.000A USDLU1395536086

119,287.848 1,045.000 135,242.84817,000.000AH CHFLU139553616913,334.853 2,967.935 17,176.9186,810.000AH EURLU1395536243

- - 10.00010.000AHI EURLU139553632612,780.180 - 15,090.1802,310.000B USDLU13955365994,767.459 - 4,977.439209.980C USDLU1395536672

294,995.401 208,951.339 541,362.883455,318.821G USDLU130998704515,971.221 291.245 15,689.97610.000H EURLU13955367559,444.402 8,366.509 1,107.08829.195HC EURLU1395536839

128,248.740 165,238.262 194,478.740231,468.262HG EURLU129111275027,320.000 8,203.000 38,201.00019,084.000HI CHFLU1395536912

151,313.206 2,836.253 219,833.74571,356.792HI EURLU13955370503,757.569 3,757.569 10.00010.000I USDLU1395537134

- - 10.00010.000R USDLU1435047193Emerging Markets Blend USD 62,300.000 - 148,010.00085,710.000X USDLU1256229680Emerging Markets CorporateBond

USD 248,000.000 - 326,010.00078,010.000I USDLU1305089796

130.000 - 130.000-R USDLU1646585627TwentyFour Absolute ReturnCredit Fund

GBP 118,537.019 23,700.000 96,142.0191,305.000AH CHFLU1380459195

500,626.442 128,287.356 380,654.0868,315.000AH EURLU138045927812,178.329 36.000 12,188.32946.000AH USDLU138045935183,484.000 - 83,484.000-AHI EURLU1599320105

932.285 5,334.426 858.7165,260.857AI GBPLU1267852249720.000 730.000 -10.000AN GBPLU126785275110.000 - 10.000-AQG GBPLU1530788402

55,707.980 - 55,707.980-AQHG EURLU15307882387,542.280 4,862.280 2,690.00010.000AQHN EURLU1331789450

144,439.504 6,545.488 142,257.1884,363.172AQHNG USDLU1410502493634.609 - 644.60910.000AQN GBPLU1331789377

2,560,409.560 76,655.143 2,826,334.183342,579.766AQNG GBPLU136873067410.000 - 10.000-C EURLU1651443688

1,683,345.048 163,726.237 1,825,955.778306,336.967G GBPLU1273680238690,092.229 29,759.951 660,332.278-H EURLU155175443268,606.304 1,738.702 66,867.602-HI CHFLU1599320444

1,768,174.681 340,041.234 1,479,361.90551,228.458HI EURLU1331789617955.975 - 965.97510.000I GBPLU1267852082988.338 - 998.33810.000N GBPLU1267852595

1,862.000 2,500.000 44,595.02145,233.021R GBPLU1273680154TwentyFour GlobalUnconstrained Bond

GBP 100,885.808 8,433.203 99,288.0156,835.410AH CHFLU1380459435

107,155.779 116.680 114,799.0997,760.000AH EURLU138045951826,145.809 60.000 26,155.80970.000AH USDLU138045960983,731.105 25,681.419 83,251.17125,201.485AHI EURLU1325139290

245.624 11,000.000 139,255.624150,010.000AMH EURLU13251372451,190,343.611 539,662.027 2,477,503.8491,826,822.265AQG GBPLU1322872018

60,921.542 80,624.478 136,243.765155,946.701AQHI USDLU13317920824,255.000 350.000 7,760.0003,855.000AQHN EURLU1325135033

43,688.548 2,489.829 74,376.96333,178.244AQHNG EURLU132513422677,320.046 5,639.373 96,425.00724,744.334AQHNG USDLU14515805238,126.965 1,421.360 10,204.8003,499.195AQN GBPLU1322871630

10.000 - 10.000-C EURLU165144376120,081.870 - 27,561.8707,480.000G GBPLU132287171329,326.758 255.290 29,071.468-H EURLU1551754515

259,478.627 13,353.238 274,425.38928,300.000HI CHFLU1325143136704,654.236 57,409.168 721,141.05073,895.982HI EURLU1325141510


year


year


199

Shares Summary

59,614.094 13,573.000 57,009.21710,968.123HI USDLU132514402764,574.773 10,415.886 131,035.80976,876.922HNG EURLU13251339218,547.000 - 8,547.000-HR CHFLU16505899296,461.165 25.000 6,446.16510.000I GBPLU13228713905,707.092 763.554 6,858.2891,914.751N GBPLU1322871556

188,691.404 11,567.016 251,915.57474,791.186NG GBPLU1322871986316.000 - 18,870.01218,554.012R GBPLU1322872109

LCR Global Bond EUR 452,810.000 - 452,810.000-G EURLU1504208908220,660.000 20,650.000 200,010.000-I EURLU1481721451

Multi Asset Solution EUR 417,593.997 14,918.644 402,675.353-B EURLU148172064436,281.477 1,078.939 35,202.538-C EURLU1481721022

217,591.715 49,379.923 168,211.792-I EURLU1564308895Multi Asset Income EUR 200,010.000 - 200,010.000-I EURLU1515106984

6,110.000 - 6,110.000-R EURLU1543561341TwentyFour MonumentEuropean Asset BackedSecurities

EUR 115,010.000 - 115,010.000-HI CHFLU1602256296

44,810.000 - 44,810.000-HI USDLU16022567003,543.000 - 3,543.000-HR CHFLU1650590000

441,713.017 - 441,713.017-I EURLU1602255561775.000 - 775.000-R EURLU1627767970


year


year


200

Net Asset Value Summary

Swiss Money CHF 126,552,090 122,476,651 132,350,840 92.16 91.30 89.97A CHF115.00 115.32 114.84B CHF99.89 100.21 99.84I CHF99.91 100.34 100.13R CHF

Euro Short Term Bond EUR 130,575,587 124,423,554 146,324,696 91.77 90.74 89.59A EUR132.57 132.81 132.60B EUR160.26 159.51 158.26C EUR111.78 112.15 112.16I EUR

- - 100.01NG EUR100.43 100.66 100.55R EUR

- - 100.18S EURUS Dollar Money USD 163,268,276 146,315,874 119,074,409 87.42 87.49 87.72A USD

128.28 129.32 131.01B USD100.38 101.35 102.82I USD100.44 101.33 102.74R USD

Swiss Franc Bond CHF 309,492,855 426,945,380 417,088,827 127.44 129.95 126.52A CHF- 102.76 100.22AI CHF- 101.70 99.35AQG CHF

242.03 248.66 243.76B CHF193.65 198.19 193.53C CHF99.55 102.79 101.27G CHF

133.78 137.94 135.70I CHF105.20 108.50 106.78R CHF

Euro Bond EUR 132,489,159 118,403,393 78,717,505 145.09 152.15 147.21A EUR88.10 91.41 93.69AM USD

379.56 404.94 397.47B EUR- - 100.02C EUR

153.16 164.16 162.02I EUR111.46 119.62 118.12R EUR

- - 99.82S EUREUR Corporate Bond Mid Yield EUR 1,406,141,459 1,993,359,138 1,902,035,206 107.69 111.23 110.47A EUR

100.09 105.95 105.31AI EUR- - 102.29AQG EUR

163.63 172.86 175.34B EUR203.57 214.23 216.49C EUR

- - 104.47G EUR111.73 117.10 118.20H CHF106.06 111.78 113.38HI CHF106.93 114.50 118.64HI USD102.29 109.44 112.36HN GBP149.63 158.94 162.13I EUR

- - 101.21N EUR138.34 147.30 150.63R EUR

- - 103.26S EURHigh Yield Bond EUR 412,571,027 386,976,934 375,240,164 100.17 103.52 108.30AI EUR

- 102.96 101.79AMH AUD90.46 87.83 87.11AMH USD

- 1,016.70 975.07AMH ZAR103.30 97.57 98.93AS EUR123.19 126.58 131.67B EUR

- - 103.40C EUR121.18 123.56 127.91H CHF123.65 128.01 135.36H USD98.30 101.36 106.66HC USD

105.66 108.37 112.81HI CHF100.71 104.87 111.38HI USD125.31 129.52 135.53I EUR105.89 109.73 115.12R EUR

- - 105.20S EURBond Global Aggregate EUR 194,081,522 431,079,402 444,059,556 104.74 107.24 103.38A EUR

110.19 113.61 110.66AH USD- 102.41 101.12AI EUR

104.54 106.00 102.22AS EUR104.85 109.02 107.42B EUR

- - 98.36C EUR101.42 104.61 102.58H CHF305.56 320.20 319.52H USD138.81 145.77 145.94HI USD105.17 109.74 108.49I EUR

- - 100.66N EUR93.56 97.81 96.77R EUR

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017

Net Assets Net asset value per ShareVontobel Fund -

201


- - 100.84S EUREastern European Bond EUR 138,240,266 131,038,150 124,292,752 42.42 43.41 41.66A EUR

55.11 54.70 50.71AM EUR50.49 49.82 49.28AM USD

129.57 138.79 138.84B EUR169.85 181.21 180.55C EUR123.71 133.29 134.13I EUR102.34 110.56 111.55R EUR

Absolute Return Bond (CHF) CHF 405,749,749 259,228,069 171,942,319 85.63 83.09 80.47A CHF107.73 106.08 104.78B CHF108.53 107.24 106.28I CHF106.94 105.70 104.80R CHF105.73 104.88 104.33S CHF

Absolute Return Bond (EUR) EUR 458,860,959 253,641,133 96,837,672 97.82 95.45 92.66A EUR74.65 71.64 74.18AM USD

158.04 155.98 154.58B EUR170.31 167.45 165.34C EUR102.72 102.23 102.99H USD103.48 103.39 104.54HI USD121.49 120.44 119.86I EUR112.20 111.37 110.98R EUR99.73 99.35 99.34S EUR

Absolute Return Bond Dynamic EUR 47,634,001 16,632,161 10,391,628 98.24 94.50 92.20A EUR98.68 94.91 96.43AI EUR98.26 95.50 96.57B EUR

146.96 142.30 143.32C EUR97.20 93.77 94.34H CHF98.29 96.15 98.71H USD97.66 94.60 95.60HI CHF98.83 97.19 100.15HI USD98.65 96.32 97.72I EUR98.77 96.57 98.15R EUR

Global Convertible Bond EUR 257,149,269 244,390,496 149,578,376 137.29 136.79 136.83A EUR- - 104.83AS USD

141.35 141.38 141.42B EUR191.27 190.54 189.83C EUR135.58 134.52 133.80H CHF142.26 143.34 145.63H USD127.60 127.32 127.38HI CHF106.26 107.79 110.28HI USD146.81 147.71 148.63I EUR108.48 109.43 110.39R EUR

Emerging Markets LocalCurrency Bond

USD 105,557,342 122,191,448 123,122,089 68.48 71.42 73.15A USD

63.22 65.05 66.28AM USD- 100.82 101.99AMH AUD- 1,017.19 1,056.05AMH ZAR

81.64 90.97 96.68B CHF90.84 100.25 102.04B EUR81.61 89.52 97.26B USD

120.19 131.30 142.09C USD76.80 82.58 87.55H CHF79.47 86.07 91.61H EUR79.11 85.56 91.33HI CHF78.71 85.68 91.77HI EUR83.98 92.72 101.41I USD85.00 94.13 103.24R USD

Swiss Mid and Small Cap Equity CHF 135,911,803 172,511,170 246,326,659 154.10 177.33 211.35A CHF155.29 179.08 214.68B CHF

- - 100.80C CHF104.20 121.20 146.56I CHF121.09 141.61 172.15R CHF

European Mid and Small CapEquity

EUR 127,326,843 109,582,253 149,924,598 179.55 188.52 222.49A EUR

188.50 198.80 236.22B EUR168.68 176.83 208.85C EUR141.16 150.16 179.98I EUR126.31 135.09 162.77R EUR

Japanese Equity JPY 9,690,807,632 7,593,448,764 8,304,170,116 6,218.00 5,339.00 6,231.00A JPY7,532.00 6,466.00 7,581.00B JPY9,428.00 8,148.00 9,617.00I JPY

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017


202


12,845.00 11,137.00 13,186.00R JPYmtx China Leaders USD 76,838,271 100,361,211 169,322,450 132.37 157.36 216.46A USD

146.88 175.10 242.75B USD152.28 180.45 248.67C USD136.38 164.10 229.58I USD125.60 152.00 213.91R USD

European Equity EUR 563,844,696 657,793,947 591,146,326 247.89 255.79 264.95A EUR265.73 275.78 288.32B EUR187.76 193.70 201.29C EUR

- - 109.71G EUR- 100.55 -G USD- - 93.04HI USD

144.02 150.77 158.99I EUR237.82 250.31 265.37R EUR

- - 109.72S EURUS Equity USD 1,222,940,774 1,530,580,295 1,917,713,377 704.59 774.48 910.39A USD

- - 119.78AI USD- - 112.43ANG USD

870.64 963.54 1,136.87B USD219.09 241.02 282.67C USD

- 103.98 124.38G USD159.13 174.66 202.63H EUR

- 105.42 122.68HI CHF190.85 211.30 247.06HI EUR

- - 121.40HS EUR- - 100.21I EUR

171.89 191.89 228.37I USD132.37 147.72 175.73N USD255.92 287.23 343.67R USD

Global Equity USD 1,523,829,961 1,826,908,645 2,394,802,426 195.89 214.34 250.40A USD118.13 131.03 144.30AI EUR146.96 162.94 176.81B SEK203.27 223.09 260.98B USD196.15 213.98 248.82C USD

- - 118.68G USD113.36 123.31 141.64H EUR111.58 122.03 140.69H SEK191.20 206.90 236.42HC EUR128.56 141.12 163.43HI EUR

- - 115.44HN EUR- - 120.99HS EUR

100.08 111.46 123.21I EUR135.60 176.29 211.43I GBP152.44 168.75 199.13I USD125.52 138.90 163.84N USD220.55 245.47 291.21R USD141.56 158.24 188.56S USD

Global Equity Income USD 98,087,575 74,854,861 69,176,690 207.77 219.16 228.91A Gross USD

- - 100.95 AQ Gross USD

- - 100.99AQN Gross USD

230.19 243.89 257.10B USD127.79 133.80 138.17H EUR103.36 109.15 113.81HI EUR107.14 114.51 121.78I USD176.83 190.01 202.91R USD

Emerging Markets Equity USD 5,074,533,432 4,714,818,105 4,921,301,384 527.09 592.47 674.85A USD89.00 99.03 110.93AHI EUR

- 98.71 113.77AI USD87.05 98.27 112.20AN USD

121.25 137.90 -B SEK629.32 707.82 808.68B USD130.76 147.93 -C SEK169.16 189.12 214.77C USD96.72 129.27 151.90G GBP91.26 100.87 112.65H CHF

172.51 192.01 215.24H EUR93.42 104.97 -H SEK

158.60 175.48 195.73HC EUR107.47 119.86 134.84HI CHF109.98 123.40 139.41HI EUR88.41 99.34 112.27HN EUR

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017


203


88.49 99.73 113.61HN GBP105.81 119.06 135.08HS CHF

- - 116.22HS EUR89.41 102.08 110.22I EUR

105.25 140.25 164.32I GBP152.98 173.59 200.09I USD91.75 104.05 119.86N USD

181.29 206.78 239.57R USD287.84 329.84 383.90S USD

Far East Equity USD 860,151,002 861,872,739 519,036,356 352.00 380.71 429.73A USD401.52 435.37 493.67B USD167.20 180.20 203.12C USD153.81 165.22 184.55H EUR121.65 131.86 148.45HI EUR146.61 160.35 183.39I USD108.20 118.29 135.25N USD192.02 211.16 242.81R USD

New Power EUR 208,785,531 226,145,587 245,655,638 115.28 127.17 136.98A EUR115.61 127.53 137.37B EUR105.82 116.04 124.24C EUR123.50 134.61 153.84C USD112.17 122.72 131.35H CHF114.32 125.80 136.14H GBP112.35 124.14 135.27H USD

- 110.72 119.52HN CHF87.98 97.90 106.37I EUR

111.77 124.32 135.02N EUR137.60 153.94 168.15R EUR

Clean Technology EUR 88,413,588 170,615,382 219,541,947 - 185.26 211.68A CHF243.99 268.75 292.89A EUR

- 187.19 213.88B CHF244.55 270.43 295.96B EUR

- - 101.19C EUR- 103.01 112.09H CHF- - 96.34H USD

259.43 289.39 319.46I EUR- - 96.94N EUR- - 101.65N GBP

268.94 301.61 334.73R EURFuture Resources EUR 68,780,272 98,812,847 67,188,923 - 133.64 129.73A CHF

190.80 195.50 181.78A EUR- 133.64 129.73B CHF

190.34 195.02 181.34B EUR182.27 185.65 171.58C EUR117.24 118.68 117.11C USD98.41 100.00 92.47H CHF

202.00 208.78 195.81I EUR103.84 107.28 100.59N EUR209.33 217.52 205.11R EUR

mtx Sustainable Asian Leaders(ex Japan)

USD 46,176,213 82,790,910 180,521,711 220.34 262.68 346.53A USD

225.40 270.07 357.43B USD218.11 259.34 337.91H EUR229.70 275.90 362.40HI EUR239.27 289.20 386.08I USD248.63 302.12 405.48R USD

mtx Sustainable EmergingMarkets Leaders

USD 128,362,827 263,337,594 633,780,968 90.35 110.84 141.03A USD

- - 115.11AI USD- - 101.46B SEK

91.94 112.80 144.45B USD- - 105.47C USD- - 105.43H EUR- - 105.39HC EUR- - 122.31HI CHF- - 102.76HI EUR- - 106.69I EUR

95.31 117.94 152.36I USD- - 112.58N GBP- - 113.27N USD

97.39 121.17 157.36R USD

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017


204


- - 124.39S USDmtx Sustainable Global Leaders USD 366,827,481 292,430,079 153,777,912 135.56 123.00 141.17A USD

98.70 89.65 -AHI EUR135.56 123.31 142.20B USD132.93 119.15 134.34H CHF133.95 120.74 136.71H EUR111.94 101.13 114.76HI CHF112.73 102.40 116.86HI EUR101.34 92.05 104.95HN EUR101.37 92.33 106.13HN GBP138.49 126.99 147.60I USD101.50 93.03 108.09N USD140.25 129.19 150.85R USD138.24 127.88 -S USD

Commodity USD 338,515,109 490,673,877 481,243,645 57.11 55.75 57.28B USD95.16 92.33 94.30C USD

- - 101.64G GBP50.68 48.66 48.89H CHF38.36 37.00 37.38H EUR

582.51 558.80 562.11H SEK74.77 72.20 73.03HI CHF68.92 66.92 67.99HI EUR

539.24 522.19 529.24HI SEK57.22 55.66 56.77HS CHF75.19 73.97 76.61I USD48.64 48.08 50.01R USD

Dynamic Commodity USD 57,661,082 75,536,885 95,722,178 65.25 64.11 63.36B USD63.10 60.93 58.92H CHF63.78 61.90 60.00H EUR64.77 62.96 61.27HI CHF65.36 63.91 62.41HI EUR66.83 66.14 65.85I USD76.01 75.54 75.68R USD88.74 89.37 89.88S USD

Non-Food Commodity USD 48,561,362 54,328,580 111,165,786 81.29 75.80 77.14AHI EUR82.21 77.80 80.67AI USD81.76 76.70 79.03B USD80.17 73.88 74.42H CHF80.59 74.57 75.39H EUR80.70 74.79 75.82HI CHF81.05 75.63 77.21HI EUR82.25 77.75 80.66I USD82.48 78.41 81.71R USD82.80 78.98 82.72S USD

Target Return Defensive EUR 42,912,882 22,065,971 15,601,444 95.27 94.65 94.30A EUR97.99 97.34 96.98B EUR

144.12 142.68 141.66C EUR94.79 93.33 92.45H CHF95.25 95.67 96.79H USD95.07 94.24 94.04HI CHF95.55 96.58 98.37HI USD

101.11 101.07 101.36I EUR100.23 100.53 101.15R EUR

Target Return Balanced EUR 36,628,516 28,541,019 20,908,816 93.65 91.42 88.60A EUR93.65 91.96 90.25B EUR93.50 91.46 89.46C EUR

- 90.71 88.48H CHF- 92.29 91.83H USD

93.39 91.73 90.09HI CHF- 93.32 93.54HI USD

93.87 92.75 91.56I EUR94.01 93.18 92.35R EUR

Target Return Growth EUR 35,410,736 34,021,769 - 92.71 90.89 90.13*A EUR92.71 90.92 90.15*B EUR92.59 90.52 89.56*C EUR92.12 89.68 88.54*H CHF92.35 90.94 91.14*H USD92.38 90.50 89.69*HI CHF92.60 91.74 92.06*HI USD92.96 91.72 91.32*I EUR95.42 93.61 93.66*I USD

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017


* The last official NAV per share is as of May 30, 2017.

205


93.08 92.15 92.03 *R EUREmerging Markets Debt USD 655,857,501 741,827,242 1,431,456,103 - - 106.64AH EUR

- - 106.74AHI CHF- - 106.99AHI EUR

117.18 129.90 127.10AI EUR- - 107.95AI USD- 108.20 115.51AQG USD- - 108.12AS USD

99.86 114.96 125.93B USD- - 108.14C USD

97.83 110.87 118.64H CHF98.91 112.73 121.20H EUR

- - 106.34HC EUR98.77 112.59 121.16HI CHF

100.28 114.90 124.15HI EUR- - 102.30HS CHF- - 107.71HS EUR

101.20 117.18 129.10I USD100.95 116.85 128.68N USD107.62 124.94 137.98R USD101.63 118.39 131.22S USD

Harcourt Dividend Strategy USD 8,486,554 6,395,966 - 92.75 94.71 92.41 **I USDHarcourt Momentum Strategy USD 71,036,142 12,795,485 - 101.29 92.99 91.34 **B USD

100.03 90.49 88.50 **H CHF100.94 91.82 89.88 **H EUR101.25 92.36 90.47 **HI CHF102.28 93.60 91.76 **HI EUR102.66 94.93 93.37 **I USD103.55 96.24 94.73 **R USD

Harcourt Premium Strategy USD 7,636,102 4,838,439 - 93.66 91.16 90.58 **I USDGlobal Bond USD 21,451,295 47,717,574 58,009,223 100.27 105.06 103.56HI CHF

100.41 105.68 104.42HI EUR- 104.63 103.37HS CHF- - 99.99HS EUR

100.52 106.75 107.17I USDAbsolute Return Credit Fund USD 20,072,635 33,516,909 24,797,820 100.36 104.74 109.96X USDGlobal Corporate Bond MidYield

USD - 91,103,606 140,887,088 - 104.14 106.42A USD

- 103.55 103.61AH CHF- 103.79 104.23AH EUR- 103.98 105.56AHI EUR- 104.13 107.21B USD- 103.98 106.52C USD- 107.81 111.99G USD- 103.76 105.10H EUR- 103.61 104.49HC EUR- 106.88 108.91HG EUR- 103.79 105.09HI CHF- 103.95 105.64HI EUR- 104.33 108.01I USD- 102.22 106.12R USD

Emerging Markets Blend USD 1,408,271 10,092,906 20,724,034 100.52 117.76 140.02X USDEmerging Markets CorporateBond

USD - 9,422,847 44,663,083 - 120.79 136.96I USD

- - 101.11R USDTwentyFour Absolute ReturnCredit Fund

GBP 9,098,942 79,851,391 788,814,328 - 104.30 104.66AH CHF

- 104.41 105.28AH EUR- 105.04 109.71AH USD- - 101.71AHI EUR

100.00 105.90 104.53AI GBP100.00 106.00 -AN GBP

- - 105.09AQG GBP- - 101.94AQHG EUR- 104.40 104.25AQHN EUR- 104.11 103.65AQHNG USD- 105.23 109.37AQN GBP- 105.84 104.70AQNG GBP- - 98.63C EUR

100.00 106.06 110.43G GBP- - 103.07H EUR

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017


* The last o�cial NAV per share is as of May 30, 2017.** The last o�cial NAV per share is as of October 31, 2016.

206


- - 101.54HI CHF- 104.45 107.51HI EUR

100.00 106.03 110.30I GBP100.00 106.00 110.23N GBP100.00 106.00 110.30R GBP

TwentyFour GlobalUnconstrained Bond

GBP - 245,259,992 483,278,480 - 104.93 109.23AH CHF

- 105.19 109.97AH EUR- 105.77 114.11AH USD- 102.59 106.26AHI EUR- 100.40 102.53AMH EUR- 100.98 103.98AQG GBP- 102.05 107.16AQHI USD- 100.37 102.42AQHN EUR- 100.53 102.26AQHNG EUR- 102.27 107.00AQHNG USD- 103.39 104.57AQN GBP- - 98.88C EUR- 103.61 111.73G GBP- - 104.70H EUR- 102.14 108.50HI CHF- 102.67 109.52HI EUR- 103.49 112.40HI USD- 102.71 109.70HNG EUR- - 99.88HR CHF- 103.38 111.32I GBP- 103.39 111.29N GBP- 103.54 111.62NG GBP- 103.65 111.97R GBP

LCR Global Bond EUR - - 64,071,127 - - 98.18G EUR- - 98.07I EUR

Multi Asset Solution EUR - - 61,909,254 - - 102.32B EUR- - 101.90C EUR- - 101.77I EUR

Multi Asset Income EUR - - 21,700,225 - - 105.30I EUR- - 104.46R EUR

TwentyFour MonumentEuropean Asset BackedSecurities

EUR - - 58,659,627 - - 100.35HI CHF

- - 100.77HI USD- - 100.15HR CHF- - 100.45I EUR- - 100.47R EUR

31.08.2015 31.08.2016 31.08.2017 31.08.2015 31.08.2016 31.08.2017


Report of the Board of Directors for the financial year from September 1, 2016

to August 31, 2017

207

Dear Investor, During the period under review, the assets of the Vontobel Fund increased by 15.5%, from CHF 18,387.63 million to CHF 21,229.14 million. The positive performance is due primarily to the markets. The following sub-funds were launched during the financial year:

Vontobel Fund - Currency Launch date

LCR Global Bond EUR 17.10.2016

Multi Asset Solution EUR 17.10.2016

Multi Asset Income EUR 14.12.2016

TwentyFour Monument European Asset Backed Securities EUR 27.06.2017

The following share classes were launched during the financial year:

Vontobel Fund - Share Classes Currency Launch date

Bond Global Aggregate C EUR 08.09.2016

Emerging Markets Debt AH (hedged) EUR 08.09.2016

Emerging Markets Debt HC (hedged) EUR 08.09.2016

Emerging Markets Debt AS USD 08.09.2016

Emerging Markets Debt C USD 08.09.2016

Global Convertible Bond AS USD 08.09.2016

High Yield Bond C EUR 08.09.2016

Global Equity G USD 21.09.2016

Commodity G GBP 30.09.2016

Bond Global Aggregate S EUR 17.10.2016

Emerging Markets Debt HS (hedged) EUR 17.10.2016

Emerging Markets Equity HS (hedged) EUR 17.10.2016

EUR Corporate Bond Mid Yield S EUR 17.10.2016

Euro Bond S EUR 17.10.2016

Euro Short Term Bond S EUR 17.10.2016

European Equity S EUR 17.10.2016

Global Bond HS (hedged) EUR 17.10.2016

Global Equity HS (hedged) EUR 17.10.2016

High Yield Bond S EUR 17.10.2016

LCR Global Bond I EUR 17.10.2016

LCR Global Bond G EUR 17.10.2016

Multi Asset Solution B EUR 17.10.2016

Multi Asset Solution C EUR 17.10.2016

US Equity HS (hedged) EUR 17.10.2016

European Equity G EUR 28.10.2016

US Equity AI USD 28.10.2016

EUR Corporate Bond Mid Yield G EUR 25.11.2016

TwentyFour Absolute Return Credit Fund AQG GBP 05.12.2016

TwentyFour Absolute Return Credit Fund AQHG (hedged) EUR 05.12.2016

Multi Asset Income I EUR 14.12.2016

Multi Asset Income R EUR 06.01.2017

US Equity ANG USD 27.01.2017

Global Equity HN (hedged) EUR 31.01.2017

TwentyFour Absolute Return Credit Fund H (hedged) EUR 31.01.2017

TwentyFour Global Unconstrained Bond H (hedged) EUR 31.01.2017

Multi Asset Solution I EUR 23.02.2017

mtx Sustainable Emerging Markets Leaders HI (hedged) CHF 28.02.2017

mtx Sustainable Emerging Markets Leaders S USD 28.02.2017

Emerging Markets Debt AHI (hedged) CHF 10.03.2017

Emerging Markets Debt AHI (hedged) EUR 10.03.2017

Emerging Markets Debt AI USD 10.03.2017

EUR Corporate Bond Mid Yield AQG EUR 20.04.2017

TwentyFour Absolute Return Credit Fund HI (hedged) CHF 25.04.2017

TwentyFour Absolute Return Credit Fund AHI (hedged) EUR 25.04.2017

Report of the Board of Directors for the financial year from September 1, 2016

to August 31, 2017

208

Vontobel Fund - Share Classes Currency Launch date

Clean Technology N EUR 27.04.2017

mtx Sustainable Emerging Markets Leaders B SEK 10.05.2017

mtx Sustainable Emerging Markets Leaders AI USD 18.05.2017

Bond Global Aggregate N EUR 30.05.2017

EUR Corporate Bond Mid Yield N EUR 30.05.2017

mtx Sustainable Emerging Markets Leaders N GBP 31.05.2017

Clean Technology H (hedged) USD 02.06.2017

European Equity HI (hedged) USD 16.06.2017

mtx Sustainable Emerging Markets Leaders I EUR 16.06.2017

mtx Sustainable Emerging Markets Leaders N USD 16.06.2017

Emerging Markets Debt HS (hedged) CHF 21.06.2017

TwentyFour Monument European Asset Backed Securities R EUR 27.06.2017

TwentyFour Monument European Asset Backed Securities HI (hedged) USD 27.06.2017

TwentyFour Monument European Asset Backed Securities HI (hedged) CHF 27.06.2017

TwentyFour Monument European Asset Backed Securities I EUR 27.06.2017

Emerging Markets Corporate Bond R USD 21.07.2017

Clean Technology N GBP 04.08.2017

Euro Short Term Bond NG EUR 04.08.2017

TwentyFour Monument European Asset Backed Securities HR (hedged) CHF 04.08.2017

TwentyFour Global Unconstrained Bond HR (hedged) CHF 04.08.2017

mtx Sustainable Emerging Markets Leaders HI (hedged) EUR 08.08.2017

Clean Technology C EUR 11.08.2017

Euro Bond C EUR 11.08.2017

mtx Sustainable Emerging Markets Leaders HC (hedged) EUR 11.08.2017

mtx Sustainable Emerging Markets Leaders C USD 11.08.2017

mtx Sustainable Emerging Markets Leaders H (hedged) EUR 11.08.2017

Swiss Mid and Small Cap Equity C CHF 11.08.2017

TwentyFour Absolute Return Credit Fund C EUR 11.08.2017

TwentyFour Global Unconstrained Bond C EUR 11.08.2017

Global Equity Income AQ Gross USD 18.08.2017

Global Equity Income AQN Gross USD 18.08.2017

US Equity I EUR 18.08.2017

You can find detailed information on the individual share classes and their performances in the relevant accounts and statements. For information on the events during and after the financial year, see points 13 and 14 of the Notes to the financial statements. The Board of Directors points out that the statements contained in the auditor's opinion with respect to the statutory responsibility of the Board of Directors are exclusively those of the auditor. The responsibilities and obligations of the Board of Directors are regulated by law. The Board of Directors considers that it has met these obligations in their entirety.

Notes to the Financial Statements

209

1 General information The Vontobel Fund (hereinafter referred to as the “Fund”) is an open-ended investment company with variable capital under Luxembourg law, incorporated on October 4, 1991 for an indefinite duration as a “Société d'Investissement à Capital Variable” (“SICAV”) in accordance with the provisions of Part I of the amended Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment. The Fund's financial year ends on August 31. The legal basis for the Fund is laid down by the Articles of Association of the Fund. The Fund's Articles of Association were published for the first time on November 18, 1991 in the Luxembourg Official Gazette (“Mémorial C, Recueil des Sociétés et Associations - Mémorial”) and last amended on April 30, 2016. They are filed with the Trade and Companies Register of the District Court of Luxembourg, where they may be consulted and copies thereof may be obtained. The Fund is registered in the Trade and Companies Register of the District Court of Luxembourg with registration number B38170. The Fund is composed of several sub-funds (“Sub-Funds”), each of which represents a specific portfolio of assets and liabilities and is managed in accordance with its own specific investment objectives. The Articles of Association permit the Fund's board of directors (“Board of Directors”) at any time to issue various share classes (“Share Classes”) within a Sub-Fund, the assets of these Share Classes being managed jointly. The Share Classes may, however, differ in their specific characteristics, e.g. with respect to their investor profile, fee structure, minimum investment amount, taxation and their distribution policy. As at August 31, 2017, the Fund had the following Sub-Funds and Share Classes available:

Vontobel Fund - Currency Distributing Share Classes Accumulating Share Classes

Swiss Money CHF A B, I, R

Euro Short Term Bond EUR A B, C, I, NG, R, S

US Dollar Money USD A B, I, R

Swiss Franc Bond CHF A, AI, AQG B, C, G, I, R

Euro Bond EUR A, AM (USD) B, C, I, R, S

EUR Corporate Bond Mid Yield EUR A, AI, AQG B, C, G, H (CHF), HI (CHF), HI (USD), HN (GBP), I, N, R, S

High Yield Bond EUR AI, AMH (AUD), AMH (USD), AMH (ZAR), AS

B, C, H (CHF), H (USD), HC (USD), HI (CHF), HI (USD), I, R, S

Bond Global Aggregate EUR A, AH (USD), AI, AS B, C, H (CHF), H (USD), HI (USD), I, N, R, S

Eastern European Bond EUR A, AM, AM (USD) B, C, I, R

Absolute Return Bond (CHF) CHF A B, I, R, S

Absolute Return Bond (EUR) EUR A, AM (USD) B, C, H (USD), HI (USD), I, R, S

Absolute Return Bond Dynamic EUR A, AI B, C, H (CHF), H (USD), HI (CHF), HI (USD), I, R

Global Convertible Bond EUR A, AS (USD) B, C, H (CHF), H (USD), HI (CHF), HI (USD), I, R

Emerging Markets Local Currency Bond USD A, AM, AMH (AUD), AMH (ZAR)

B, B (CHF), B (EUR), C, H (CHF), H (EUR), HI (CHF), HI (EUR), I, R

Swiss Mid and Small Cap Equity CHF A B, C, I, R

European Mid and Small Cap Equity EUR A B, C, I, R

Japanese Equity JPY A B, I, R

mtx China Leaders USD A B, C, I, R

European Equity EUR A B, C, G, HI (USD), I, R, S

US Equity USD A, AI, ANG B, C, G, H (EUR), HI (CHF), HI (EUR), HS (EUR), I, I (EUR), N, R

Global Equity USD A, AI (EUR) B, B (SEK), C, G, H (EUR), H (SEK), HC (EUR), HI (EUR), HN (EUR), HS (EUR), I, I (EUR), I (GBP), N, R, S

Global Equity Income USD A Gross, AQ Gross, AQN Gross

B, H (EUR), HI (EUR), I, R

Emerging Markets Equity USD A, AHI (EUR), AI, AN B, C, G (GBP), H (CHF), H (EUR), HC (EUR), HI (CHF), HI (EUR), HN (EUR), HN (GBP), HS (CHF), HS (EUR), I, I (EUR), I (GBP), N, R, S

Far East Equity USD A B, C, H (EUR), HI (EUR), I, N, R

New Power EUR A B, C, C (USD), H (CHF), H (GBP), H (USD), HN (CHF) I, N, R

Clean Technology EUR A, A (CHF) B, B (CHF), C, H (CHF), H (USD), I, N, N (GBP), R

Future Resources EUR A, A (CHF) B, B (CHF), C, C (USD), H (CHF), I, N, R

mtx Sustainable Asian Leaders (ex Japan) USD A B, H (EUR), HI (EUR), I, R

mtx Sustainable Emerging Markets Leaders USD A, AI B, B (SEK), C, H (EUR), HC (EUR), HI (CHF), HI (EUR), I, I (EUR), N (GBP), N, R, S

mtx Sustainable Global Leaders USD A B, H (CHF), H (EUR), HI (CHF), HI (EUR), HN (EUR), HN (GBP), I, N, R

Commodity USD - B, C, G (GBP), H (CHF), H (EUR), H (SEK), HI (CHF), HI (EUR), HI (SEK), HS (CHF), I, R


210

1 General information (continued)

Vontobel Fund - Currency Distributing Share Classes Accumulating Share Classes

Dynamic Commodity USD - B, H (CHF), H (EUR), HI (CHF), HI (EUR), I, R, S

Non-Food Commodity USD AHI (EUR), AI B, H (CHF), H (EUR), HI (CHF), HI (EUR), I, R, S

Target Return Defensive EUR A B, C, H (CHF), H (USD), HI (CHF), HI (USD), I, R

Target Return Balanced EUR A B, C, H (CHF), H (USD), HI (CHF), HI (USD), I, R

Emerging Markets Debt USD AI (EUR), AI, AH (EUR), AHI (CHF), AHI (EUR), AQG, AS

B, C, H (CHF), H (EUR), HC (EUR), HI (CHF), HI (EUR), HS (CHF), HS (EUR), I, N, R, S

Global Bond USD - HI (CHF), HI (EUR), HS (CHF), HS (EUR), I

Absolute Return Credit Fund USD - X

Global Corporate Bond Mid Yield USD A, AH (CHF), AH (EUR), AHI (EUR)

B, C, G, H (EUR), HC (EUR), HG (EUR), HI (CHF), HI (EUR), I, R

Emerging Markets Blend USD - X

Emerging Markets Corporate Bond USD - I, R

TwentyFour Absolute Return Credit Fund GBP AH (CHF), AH (EUR), AH (USD), AHI (EUR), AI, AQG, AQHG (EUR), AQN, AQHN (EUR), AQNG, AQHNG (USD)

C (EUR), G, H (EUR), HI (CHF), HI (EUR), I, N, R

TwentyFour Global Unconstrained Bond GBP AH (CHF), AH (EUR), AH (USD), AHI (EUR), AMH (EUR), AQG, AQHI (USD), AQHN (EUR), AQHNG (EUR), AQHNG (USD), AQN

C (EUR), G, H (EUR), HI (CHF), HI (EUR), HI (USD), HNG (EUR), HR (CHF), I, N, NG, R

LCR Global Bond EUR - G, I

Multi Asset Solution EUR - B, C, I

Multi Asset Income EUR - I, R

TwentyFour Monument European Asset Backed Securities

EUR - HI (CHF), HI (USD), HR (CHF), I, R

The Board of Directors may at any time decide to issue the Share Classes listed below for any given Sub-Fund. Share Classes may be issued in the reference currency of the Sub-Fund, but also in alternative currencies. If the alternative currency is hedged against currency fluctuations against the reference currency of the Sub-Fund, this is indicated in the name of the Share Class by the addition of the letter “H” and the suffix “(hedged)”. The Net Asset Value and, accordingly, the performance of the hedged shares may differ from the Net Asset Value of the shares in the reference currency. In accordance with the provisions below, certain Share Classes are reserved for specific investors. Not all Share Classes are available in all distribution countries: a) Distributing Share Classes:

− A shares can be subscribed to by all investors and pay distributions on an annual basis. − AM shares can be subscribed to by all investors and pay distributions on a monthly basis.

− AQ shares can be subscribed to by all investors and pay distributions on a quarterly basis.

− AS shares can be subscribed to by all investors and pay distributions on a semi-annual basis.

The Board of Directors may decide on the distribution amounts at its sole discretion.

The Board of Directors may decide to launch gross Distributing Share Classes that can pay distributions on a gross basis before fees and expenses. To achieve this, some or all of its fees and expenses may be paid out of capital; this results in an increase in the distributable income for the payment of dividends to these Share Classes. This may lead to a distribution of the income and, furthermore, to a distribution of both realised and unrealised capital gains, if applicable, as well as capital attributable to these shares within the limits of Luxembourg law. The distribution of capital represents a withdrawal of a portion of the investor's original investment. Over time, such distributions may lead to a reduction in the Net Asset Value per share and the Net Asset Value per share may fluctuate more sharply than in the case of other Share Classes. These gross distributing Share Classes are indicated with the addition of the suffix "gross" in the name of the Share Class entitled to distributions. The use of income and in particular of the definitive distribution amount to be paid out is decided for each Share Class by the General Meeting of the Shareholders of the Fund, which may override the distribution provisions contained in the prospectus.


211

1 General information (continued) The Board of Directors may decide at any time to launch distributing classes with characteristics of the accumulating Share Classes outlined below (e.g. “AQG” Share Classes). These Share Classes pay distributions, but otherwise have the same characteristics as accumulating Share Classes.

b) Non-distributing Share Classes (accumulating Share Classes):

− B shares can be subscribed to by all investors and are accumulating (no distributions).

− C shares can be subscribed to by all investors and are accumulating (no distributions). They are only available from

specific distributors.

− E shares can be subscribed to by all investors and are accumulating (no distributions). The Board of Directors may decide at any time to close the E Share Class to subscription by additional investors if it reaches a certain subscription volume. The Board of Directors reserves the right to set a different management fee for each Share Class of each Sub-Fund.

− F shares can only be subscribed to by institutional investors within the meaning of Art. 174 (2) (c) of the Law of 2010 that invest at least 20 millon in the currency of the respective Share Class and have concluded a corresponding agreement with a company in the Vontobel Group. F shares are accumulating (no distributions) and are only issued by Sub-Funds for which a performance fee is set in the Special Part of the Sub-Fund description; the management fee charged for F Shares is higher than that of other Share Classes for institutional investors, but no performance fee is calculated or charged for these Share Classes.

− G shares are exclusively reserved for institutional investors as defined in article 174 (2) (c) of the Law of 2010 who invest and hold at least 50 million in the currency of the Share Class. An investor is entitled to hold G shares even if the value of its investment falls below the aforementioned minimum investment amount due to market movements. G shares are accumulating (no distributions);

− H (hedged) shares can be subscribed to by all investors, are accumulating (no distributions) and are issued in a currency other than the reference currency of the respective Sub-Fund. The subscription currency is always hedged against the reference currency of the respective Sub-Fund. However, this hedging may not be comprehensive;

− I shares can only be subscribed to by institutional investors within the meaning of Art. 174 (2) (c) of the Law of 2010 and are accumulating (no distributions);

− N shares can only be subscribed to by distributors that are acting on behalf of their clients (who may be investors of any type) and that have concluded a separate agreement with their clients. The shares are accumulating (no distributions). Rebates and retrocessions are not granted.

− R shares are reserved exclusively for investors that are entitled, in line with the employee regulations of a Vontobel group company, to hold such shares in their account/custody account at Bank Vontobel AG, Zurich, at employee conditions, or who have concluded a special agreement with a company in the Vontobel Group. It is therefore possible that shares may be subscribed to and held by persons who have access to material information that is not open to the public and relates to the relevant Sub-Fund. In order to prevent conflicts of interest, the Vontobel Group and its affiliates have issued corresponding instructions, compliance with which is constantly monitored.

− S shares can only be subscribed to by institutional investors within the meaning of Art. 174 (2) (c) of the Law of 2010 that have concluded a corresponding agreement with a company in the Vontobel Group. S shares are accumulating (no distributions). No management or performance fees are charged on S shares;

− U shares can be subscribed to by all investors and are accumulating (no distributions). Provisions for the issuing of fractional shares do not apply to U shares. The conversion of shares in Share Class U into shares of other Share Classes in the Fund is not permitted;

− X shares can only be subscribed to by institutional investors within the meaning of Art. 174 (2) (c) of the Law of 2010 who invest a minimum of 50 million in the Share Class currency at initial subscription and have concluded a corresponding agreement with a company in the Vontobel Group. X shares are accumulating (no distributions).

The Board of Directors may decide at any time to issue Share Classes with a combination of Share Class characteristics. In several of the above-mentioned Share Classes there are minimum investment and minimum holding amounts for the purchase and holding of shares. The Board of Directors may, at its discretion, reduce the above-mentioned minimum investment and/or minimum holding amounts whilst taking into account the principle of equal treatment of the investors.


212

1 General information (continued) If an investor who holds a Share Class, the holding of which depends on the existence of certain prerequisites, does not meet or no longer meets one or more of these prerequisites, the Fund shall be entitled to buy back the shares concerned in accordance with the redemption provisions specified in the prospectus. The shareholder will then be informed of this measure. Alternatively, the Board of Directors may offer to convert the shares of the shareholder concerned into another class for which they meet all prerequisites. Different Share Classes may be issued within a single Sub-Fund. A Share Class does not contain a separate portfolio of investments. A Share Class of shares is therefore also exposed to the liability risk of commitments that were specifically entered into for a different Share Class of the same Sub-Fund, for instance as a result of currency hedging in the case of the issue of currency-hedged Share Classes. The lack of separation may result in negative effects on the Net Asset Value of the non currency-hedged Share Classes. The following sub-funds have been liquidated during the year and the cash balance as of 31 August 2017 is as follows: Sub-fund Currency Amount Vontobel Fund - Harcourt Dividend Strategy USD 4’878 Vontobel Fund - Harcourt Momentum Strategy USD 53’319 Vontobel Fund - Harcourt Premium Strategy USD 822 Vontobel Fund - Target Return Growth EUR 22’638

2 Accounting principles

a) Financial statements

The financial statements have been drawn up in accordance with Luxembourg legal provisions relating to investment funds.

The financial statements are drawn up on the basis of the Net Asset Value calculated on August 31, 2017.

b) Valuation of the assets

i. The value of any cash on hand or on deposit, bills, demand notes, accounts receivable, pre-paid income and expenses, cash dividends and interest declared or accrued but not yet received shall be deemed to be the full amount, unless there is any possibility of this amount not being paid or received in full, in which case the value shall be obtained after deducting an amount deemed appropriate by the Fund to reflect the true value of the assets.

ii. The value of all securities and/or derivatives listed or traded on the stock exchange based on the last known price on the day preceding the valuation day. The securities and/or derivative instruments of the Sub-Funds specified in the Special Part of the prospectus which are invested in Asia and the Far East in accordance with the investment policy and whose value is determined in accordance with the last known price at the time of valuation on the valuation date constitute an exception to this.

iii. The value of the securities and/or derivatives traded on other regulated markets is calculated based on the last price on the day preceding the valuation day.

iv. If any securities and/or derivative financial instruments in the Fund's portfolio on the relevant valuation day are not listed or traded on an exchange or another regulated market, or if the price calculated in accordance with sections ii. and iii. is not representative of the fair value of the securities and/or derivative financial instruments listed or traded on an exchange or another regulated market, the value of these securities and/or derivative financial instruments shall be estimated with due care and in good faith based on a selling price that is to be assumed according to rational criteria.

v. In the case of fixed interest and/or floating-rate money market paper and securities with a residual maturity of less than three months, the valuation price, based on the net acquisition price, shall be progressively adjusted to the redemption price while keeping the resulting investment return constant. The valuation price calculated in this way may therefore differ from the actual market price. In the event of significant changes in market conditions, the valuation principles for the individual investments will be adjusted in line with the new market returns.

vi. The value of the units or shares in other UCITS/UCIs is based on the last available net asset value.

vii. If the aforementioned valuation methods are inappropriate or misleading, the Board of Directors may adjust the value of the investments or permit the use of another method of valuing the Fund's assets. If extraordinary circumstances make a valuation in accordance with the aforementioned valuation criteria appear impossible or improper, or if it is in the interests of the Fund or a Sub-Fund and/or the shareholder (e.g. to avoid market timing), the Board of Directors is authorised to temporarily and in good faith use other generally accepted and auditable valuation methods in relation to the assets of the Fund or of a Sub-Fund on a uniform basis in order to achieve a proper valuation of the Fund or the relevant Sub-Fund.

c) Net realised gain/loss on the sale of securities

Realised net gains and losses from the sale of securities are calculated on the basis of average costs.


213

2 Accounting principles (continued) Realised gains and losses are reported in the statement of net income under “Net realised gain/loss on the sale of securities”. d) Income

Dividends are recognised as income in the statement of net income on the day on which the security is first listed as ex-dividend, provided this information is available to the Fund. Accrued interest is allocated on a daily basis. Coupons received from the issuers of the underlying securities are included in the item “Net interest on bonds”. Interest receivable for the Fund is booked to “Interest and dividends receivable”.

e) Net realised gain/loss on futures

Futures are recorded off-balance sheet and valued on the basis of the last available price. Realised net gains and losses from the sale of futures are calculated according to the FIFO-principle. Net gains and losses are reported net in the statement of net income under “Realised net gains/losses on futures”. Changes in unrealised gains and losses are reported in the statement of net income under “Change in unrealised gain/loss on futures”. f) Net realised gain/loss on forward foreign exchange contracts

Forward foreign exchange contracts are recorded off-balance sheet and valued on the basis of the forward foreign exchange rates on the valuation date. Realised net gains and losses are reported in the statement of net income under “Net realised gain/loss on forward foreign exchange contracts”. Changes in unrealised gains and losses are reported in the statement of net income under “Change in unrealised gain/loss on forward foreign exchange contracts”. g) Net realised gain and loss on options Options are recorded off-balance sheet and valued on the basis of the last available price. Realised net gains and losses are reported in the statement of net income under “Net realised gain/loss on options”. Changes in unrealised gains and losses are reported in the statement of net income under “Change in unrealised gain/loss on options”.

h) Valuation of swaps The value of the traded swaps is calculated by RBC Investor Services Bank S.A. on the basis of the net asset value of all monetary flows, both inflows and outflows. This valuation method is used with the Fund's consent. If extraordinary circumstances render a valuation in accordance with the aforementioned method impracticable or inadequate, the Fund is authorised to use other generally accepted and auditable valuation methods in good faith in order to achieve an appropriate valuation of the net assets. Profits and losses are reported in the statement of net income under “Realised net gains/losses on swaps”. Interest is recognised as income or expenses and recorded in the statement of net income under “Interest on swaps”. Changes in unrealised gains and losses are reported in the statement of net income under “Change in unrealised gains/losses on swaps”. The outstanding swaps are shown in Note 9.

i) Valuation of contracts for difference

Contracts for difference are agreements between Sub-Funds and third parties which allow the Sub-Fund to benefit from price movements of shares, commodities, indices, interest rate products or currencies without the need to own them directly. Upon entering into such contracts, the Sub-Funds are required to deposit with a broker a one-off cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Sub-Fund depending on the movement in the value of the underlying. Contracts for difference are valued as the difference between the market price of the underlying on the valuation day and the contract price. The changes in contract values are recorded as unrealised gains or losses and the Sub-Funds recognise a realised gain or loss when the contract is closed. Unrealised gains and losses are reported in the statement of net assets under “Unrealised gain/loss on contracts for difference”. Realised gains and losses are reported in the statement of net income under “Net realised gain/loss on contracts for difference”.


214

2 Accounting principles (continued) Changes in unrealised gains and losses are reported in the statement of net income under “Change in unrealised gain/loss on contracts for difference”. Interest is recognised as income or expenses and recorded in the statement of net income under “Interest on contracts for difference”. The outstanding contracts for difference are shown in Note 9. j) Combined financial statements

The reference currencies of the Sub-Funds are converted into Swiss francs to produce combined financial statements that comply with provisions under Luxembourg Law. Assets and liabilities denominated in foreign currencies are converted into the reference currency using the exchange rate applicable as at the balance sheet date. k) Conversion of items in foreign currencies Cash at banks, other net assets, as well as the valuation of securities in the portfolio that are expressed in currencies other than the reference currency of the different Sub-Funds, are converted at the last known exchange rate on the valuation day. Income and expenses expressed in currencies other than the reference currency of the different Sub-Funds are converted at the exchange rate on the payment day. Realised gains and losses on currency exchanges are reported in the statement of net income under “Net realised gains/losses on currency exchange”. The acquisition cost of securities expressed in currencies other than the reference currency of the different Sub-Funds will be converted at the exchange rate of the acquisition date. l) Formation expenses

The formation expenses for the Fund have been allocated to the individual Sub-Funds in proportion to their initial subscription amounts and were written off in full over a period of five years. m) Taxation With the exception of the “taxe d’abonnement” listed under Note 4, the Fund is not subject to any Luxembourg taxes. However, in accordance with the applicable foreign legislation, the Fund may be subject to capital gains taxes and withholding tax on interest and dividend income at differing rates. For the purpose of disclosure, non-refundable withholding taxes are deducted from the gross dividends/interest amounts. Capital gains taxes are deducted from sales proceeds as a reduction in realised gains. n) Swinging single pricing

In order to offset the costs (in particular taxes, fees, spreads or other transactions costs) incurred by the Sub-Fund’s assets as a result of share subscriptions and redemptions, the Board of Directors may raise or lower the net asset value per share for each valuation day. The adjustment of the net asset value depends on whether there is a net asset inflow or outflow that exceeds a defined threshold for each valuation day. The maximum adjustment is 1% of the net asset value of the Sub-Fund concerned in each case. The effects of swinging single pricing are detailed under "Other assets" in the statement of net assets.

3 Management fee and performance fee a) Management fee

The Fund pays a service charge, described as a “management fee”, which covers all costs in respect of the range of possible services in connection with investment management and distribution and which is payable at the end of each month. The management fee is divided between the investment managers, the sub-investment managers and the relevant distributors. This management fee is calculated on the basis of the average daily net asset value of the relevant Sub-Fund during the relevant month. The applicable rate for the management fee is confirmed by the Board of Directors and set out in Appendix 1 of the prospectus for the individual Sub-Funds. The applicable effective fees rates per annum and per share class valid at August 31, 2017 are as follows:

Vontobel Fund -

A, A Gross, AH (hedged), AQ Gross, B, H (hedged)

AM, AMH (hedged)

AS

C, HC (hedged)

ANG, AQG, AQHG (hedged), AQNG, AQHNG (hedged), G, HG (hedged),

HNG (hedged), NG

Swiss Money 0.150% - - - -

Euro Short Term Bond 0.300% - - 0.700% 0.070%

US Dollar Money 0.300% - - - -

Swiss Franc Bond 0.650% - - 1.050% 0.220%

Euro Bond 0.850% 1.250% - 1.250% -

EUR Corporate Bond Mid Yield 1.100% - - 1.500% 0.400%

High Yield Bond 1.100% 1.500% 1.500% 1.500% -

Bond Global Aggregate 0.800% - 1.200% 1.200% -


215

3 Management fee and performance fee (continued)

Vontobel Fund -

A, A Gross, AH (hedged), AQ Gross, B, H (hedged)

AM, AMH (hedged)

AS

C, HC (hedged)

ANG, AQG, AQHG (hedged), AQNG, AQHNG (hedged), G, HG (hedged),

HNG (hedged), NG

Eastern European Bond 1.100% 1.500% - 1.500% -

Absolute Return Bond (CHF) 0.650% - - - -

Absolute Return Bond (EUR) 0.850% 1.250% - 1.250% -

Absolute Return Bond Dynamic 0.850% - - 1.250% -

Global Convertible Bond 1.100% - 1.500% 1.500% -

Emerging Markets Local Currency Bond

1.200% 1.600% - 1.600% -

Swiss Mid and Small Cap Equity 1.650% - - 2.250% -

European Mid and Small Cap Equity

1.650% - - 2.250% -

Japanese Equity 1.250% - - - -

mtx China Leaders 1.750% - - 2.350% -

European Equity 1.650% - - 2.250% 0.550%

US Equity 1.650% - - 2.250% 0.550%

Global Equity 1.650% - - 2.250% 0.650%

Global Equity Income 1.500% - - - -

Emerging Markets Equity 1.650% - - 2.250% 0.650%

Far East Equity 1.650% - - 2.250% -

New Power 1.650% - - 2.250% -

Clean Technology 1.650% - - 2.250% -

Future Resources 1.650% - - 2.250% -

mtx Sustainable Asian Leaders (ex Japan)

1.650% - - - -

mtx Sustainable Emerging Markets Leaders

1.650% - - 2.250% -

mtx Sustainable Global Leaders 1.500% - - - -

Commodity 1.500% - - 2.100% 0.500%

Dynamic Commodity 1.500% - - - -

Non-Food Commodity 1.500% - - - -

Target Return Defensive 1.250% - - 1.600% -

Target Return Balanced 1.250% - - 1.600% -

Emerging Markets Debt 1.100% - 1.500% 1.500% 0.400%

Global Bond - - - - -

Absolute Return Credit Fund - - - - -

Global Corporate Bond Mid Yield

1.100% - - 1.600% 0.300%

Emerging Markets Blend - - - - -

Emerging Markets Corporate Bond

- - - - -

TwentyFour Absolute Return Credit Fund

0.800% - - 1.200% 0.250%

TwentyFour Global Unconstrained Bond

1.200% 1.200% - 1.600% 0.450%

LCR Global Bond - - - - 0.125%

Multi Asset Solution 1.400% - - 2.000% -

Multi Asset Income - - - - -


- - - - -


216


Vontobel Fund - AI, AHI (hedged), AQHI (hedged), HI (hedged), I

AN, AQN, AQN Gross, AQHN (hedged), HN (hedged), N

R, HR (hedged) S, HS (hedged) X

Swiss Money 0.100% - 0.100% - -

Euro Short Term Bond 0.150% - 0.250% 0.000% -

US Dollar Money 0.150% - 0.250% - -

Swiss Franc Bond 0.325% - 0.250% - -

Euro Bond 0.325% - 0.250% 0.000% -

EUR Corporate Bond Mid Yield 0.550% 0.550% 0.250% 0.000% -

High Yield Bond 0.550% - 0.250% 0.000% -

Bond Global Aggregate 0.400% 0.400% 0.250% 0.000% -

Eastern European Bond 0.550% - 0.250% - -

Absolute Return Bond (CHF) 0.325% - 0.250% 0.000% -

Absolute Return Bond (EUR) 0.425% - 0.250% 0.000% -

Absolute Return Bond Dynamic 0.425% - 0.250% - -

Global Convertible Bond 0.550% - 0.250% - -


0.600% - 0.250% - -

Swiss Mid and Small Cap Equity 0.825% - 0.250% - -

European Mid and Small Cap Equity

0.825% - 0.250% - -

Japanese Equity 0.625% - 0.250% - -

mtx China Leaders 0.875% - 0.250% - -

European Equity 0.825% - 0.250% 0.000% -

US Equity 0.825% 0.825% 0.250% 0.000% -

Global Equity 0.825% 0.825% 0.250% 0.000% -

Global Equity Income 0.750% 0.750% 0.250% - -

Emerging Markets Equity 0.825% 0.825% 0.250% 0.000% -

Far East Equity 0.825% 0.825% 0.250% - -

New Power 0.825% 0.825% 0.250% - -

Clean Technology 0.825% 0.825% 0.250% - -

Future Resources 0.825% 0.825% 0.250% - -

mtx Sustainable Asian Leaders (ex Japan)

0.825% - 0.250% - -

mtx Sustainable Emerging Markets Leaders

0.825% 0.825% 0.250% 0.000% -

mtx Sustainable Global Leaders 0.750% 0.750% 0.250% - -

Commodity 0.750% - 0.250% 0.000% -

Dynamic Commodity 0.750% - 0.250% 0.000% -

Non-Food Commodity 0.750% - 0.250% 0.000% -

Target Return Defensive 0.625% - 0.250% - -

Target Return Balanced 0.625% - 0.250% - -

Emerging Markets Debt 0.550% 0.550% 0.250% 0.000% -

Global Bond 0.350% - - 0.000% -

Absolute Return Credit Fund - - - - 0.425%

Global Corporate Bond Mid Yield

0.550% - 0.250% - -

Emerging Markets Blend - - - - 0.550%

Emerging Markets Corporate Bond

- - 0.250% - 0.550%

TwentyFour Absolute Return Credit Fund

0.400% 0.400% 0.250% - -


0.600% 0.600% 0.250% - -

LCR Global Bond 0.250% - - - -

Multi Asset Solution 0.700% - - - -

Multi Asset Income 0.625% - 0.250% - -


0.500% - 0.250% - -


217


The maximum rates of the management fees as at August 31, 2017 at target fund level are as follows:

Sub-Funds Annual

Management Fee


Vontobel Fund - High Yield Bond - I EUR= 0.550%


Vontobel Fund - Global Bond - HI CHF 0.350%

Vontobel Fund - Global Convertible Bond - HI CHF 0.550%

Vontobel Fund - High Yield Bond - I EUR 0.550%


Vontobel Fund - Global Bond - HI EUR 0.350%

Vontobel Fund - Global Convertible Bond - I EUR 0.550%

Vontobel Fund - Global Corporate Bond Mid Yield - HG EUR 0.300%



iShares EURO STOXX Banks 30-15 UCITS ETF 0.510%

Vontobel Fund - Emerging Markets Corporate Bond - I USD 0.550%



Vontobel Fund - Global Convertible Bond - I EUR 0.550%

Vontobel Fund - Absolute Return Credit Fund - X USD 0.425%


Vontobel Fund - TwentyFour Monument European Asset Backed Securities - I EUR 0.500%






Vontobel Fund - Dynamic Commodity - S USD 0.000%


AXA IM FIIS - US Short Duration High Yield - A Cap H EUR 0.700%

CGS FMS Global Evolution Frontier Markets - I EUR 1.000%

iShares Euro High Yield Corporate Bond UCITS ETF 0.500%

Vontobel Fund - Emerging Markets Local Currency Bond - I USD 0.600%


AXA IM FIIS - US Short Duration High Yield - F Cap USD 1.000%

AXA World Funds Global High Yield Bonds - I Hedged EUR 0.550%

CGS FMS Global Evolution Frontier Markets - I EUR 1.000%

iShares Core MSCI World UCITS ETF 0.200%

iShares Oil & Gas Exploration & Production UCITS ETF 0.550%

Vontobel Fund - Emerging Markets Equity - I USD 0.825%

Vontobel Fund - Emerging Markets Local Currency Bond - I USD 0.600%



Vontobel Fund - Emerging Markets Blend - X USD 0.550%



Source EURO STOXX Optimised Banks UCITS ETF 0.300%

iShares USD Treasury Bond 20+yr UCITS ETF 0.200%

Vontobel Fund - Absolute Return Bond (EUR) - S 0.000%

Vontobel Fund - Bond Global Aggregate - S EUR 0.000%

Vontobel Fund - Emerging Markets Debt - HS EUR 0.000%

Vontobel Fund - Emerging Markets Equity - HS EUR 0.000%

Vontobel Fund - EUR Corporate Bond Mid Yield - S EUR 0.000%

Vontobel Fund - Euro Bond - S EUR 0.000%

Vontobel Fund - Euro Short Term Bond - S EUR 0.000%

Vontobel Fund - European Equity - S EUR 0.000%

Vontobel Fund - Global Bond - HS EUR 0.000%

Vontobel Fund - Global Corporate Bond Mid Yield - HI (hedged) EUR 0.550%

Vontobel Fund - Global Equity - HS EUR 0.000%

Vontobel Fund - TwentyFour Absolute Return Credit Fund - HI EUR 0.400%

Vontobel Fund - TwentyFour Global Unconstrained Bond - HI (hedged) EUR 0.600%


218


Sub-Funds Annual

Management Fee


HSBC GIF - India Fixed Income - ICEUR 0.550%

iShares Barclays Capital Emerging Market Local Govt Bond 0.500%

iShares Euro High Yield Corporate Bond UCITS ETF 0.500%

iShares USD High Yield Corporate Bond UCITS ETF 0.500%

iShares JP Morgan EM Bond UCITS ETF USD 0.450%

b) Performance fee

The performance fee is calculated on each valuation day of the relevant Sub-Fund or corresponding share class in accordance with a period defined for the relevant Sub-Fund (“performance fee period”) and recognised for accounting purposes as an accrual. Any performance fee owed at the end of the relevant performance fee period is paid out to the portfolio manager. Neither equalisation nor multi-series accounting methods are used to calculate the performance fee. This may mean that under certain circumstances, an investor is unable to participate in a positive performance depending on the timing of their subscription of shares, although it will nevertheless be charged a performance fee on the basis of a positive overall performance by the Sub-Fund during the performance fee period. In the event of a redemption of shares during a performance fee period, the portion of the performance fee that was accrued during the relevant performance fee period up to the valuation cut-off date for the redemption of the shares shall also be paid out, regardless of whether a performance fee is due or not at the end of the relevant performance fee period. The performance fee is calculated either through cumulative application of the “high-watermark principle” (“HWM principle”) and “hurdle-rate principle” or alternatively in accordance with one of the aforementioned principles. The calculation method to be applied for each Sub-Fund is set out in the Special Part of the prospectus. According to the prospectus, a performance fee can apply to the following Sub-Funds for the financial year in question: Vontobel Fund - High Yield Bond Vontobel Fund - Bond Global Aggregate Vontobel Fund - Absolute Return Bond (CHF) Vontobel Fund - Absolute Return Bond (EUR) Vontobel Fund - Absolute Return Bond Dynamic Vontobel Fund - Dynamic Commodity Vontobel Fund - Emerging Markets Debt Vontobel Fund - Harcourt Dividend Strategy (liquidated on October 31, 2016) Vontobel Fund - Harcourt Momentum Strategy (liquidated on October 31, 2016) Vontobel Fund - Harcourt Premium Strategy (liquidated on October 31, 2016) Vontobel Fund - Absolute Return Credit Fund Vontobel Fund - Emerging Markets Corporate Bond Vontobel Fund - Multi Asset Solution

4 Subscription tax

In accordance with the 2010 Law, as amended, the Fund is currently exempt from income and capital gains taxes in Luxembourg. However, under this Law the Fund is subject to a subscription tax (“taxe d'abonnement”). For all Share Classes in all Sub-Funds reserved for institutional investors, the tax amounts to 0.01%, and for all other Share Classes of all Sub-Funds to 0.05% of the net assets of the Share Classes concerned. However, the tax rate for Sub-Funds invested exclusively in money market instruments amounts to 0.01%. The tax is payable quarterly and is based on the net assets of the Fund at the end of the relevant quarter.

5 Service fee

The Fund pays a “service fee” which covers the costs of central administration, supervision, custodian services and support services for the Fund. This service fee is calculated on the basis of the average of the Fund's daily net asset value during the month in question and amounts to a maximum of 0.08745% per month. It is charged to the Fund at the end of the month.

6 Fees applicable to subscriptions and redemptions of target funds In accordance with the Law of 2010, as amended, no fees were charged for the subscription or redemption of shares of target funds that are managed by the same management company or by another company that is affiliated to the management company.


219

6 Fees applicable to subscriptions and redemptions of target funds (continued) Some Sub-Funds of the Vontobel Fund invest in other Sub-Funds of the Vontobel Fund. As at August 31, 2017, the value of these investments (known as “cross investments”) amounts to:

Target Funds Market value in CHF

Vontobel Fund - Absolute Return Bond (EUR) S EUR 4,218,472 Vontobel Fund - Absolute Return Credit Fund X USD 23,861,430

Vontobel Fund - Bond Global Aggregate S EUR 10,116,720

Vontobel Fund - Dynamic Commodity S USD 20,983,429

Vontobel Fund - Emerging Markets Blend X USD 19,276,886

Vontobel Fund - Emerging Markets Corporate Bond I USD 38,345,608

Vontobel Fund - Emerging Markets Debt HS EUR 1,423,147

Vontobel Fund - Emerging Markets Equity HS EUR 4,153,078

Vontobel Fund - Emerging Markets Equity I USD 287,449

Vontobel Fund - Emerging Markets Local Currency Bond I USD 243,013

Vontobel Fund - EUR Corporate Bond Mid Yield S EUR 2,489,870

Vontobel Fund - Euro Bond S EUR 1,214,894

Vontobel Fund - Euro Short Term Bond S EUR 8,823,897

Vontobel Fund - European Equity S EUR 4,150,326

Vontobel Fund - Global Convertible Bond HI CHF 1,779,331

Vontobel Fund - Global Convertible Bond I EUR 24,196,170

Vontobel Fund - Global Bond HI EUR 13,959,810

Vontobel Fund - Global Bond HI CHF 2,792,636

Vontobel Fund - Global Bond HS EUR 914,026

Vontobel Fund - Global Corporate Bond Mid Yield HG EUR 24,059,536

Vontobel Fund - Global Corporate Bond Mid Yield HI EUR 1,447,268

Vontobel Fund - Global Equity HS EUR 10,533,177

Vontobel Fund - High Yield Bond I EUR 33,433,880

Vontobel Fund - TwentyFour Absolute Return Credit Fund HI EUR 4,032,007

Vontobel Fund - TwentyFour Monument European Asset Backed Securities I EUR 5,736,653

Vontobel Fund - TwentyFour Global Unconstrained Bond HI EUR 3,739,515

7 Exchange rates When converting balance sheet positions denominated in foreign currencies into Swiss francs as at August 31, 2017, the following exchange rates were used: 1 CHF 18.064423 ARS 1 CHF 8.144061 HKD 1 CHF 53.245817 PHP 1 CHF 1.311962 AUD 1 CHF 267.440868 HUF 1 CHF 109.465916 PKR 1 CHF 83.972159 BDT 1 CHF 13,883.695797 IDR 1 CHF 3.718413 PLN 1 CHF 3.274147 BRL 1 CHF 3.732203 ILS 1 CHF 4.018269 RON 1 CHF 1.304631 CAD 1 CHF 66.520680 INR 1 CHF 104.329557 RSD 1 CHF 654.043369 CLP 1 CHF 114.526604 JPY 1 CHF 60.432255 RUB 1 CHF 6.866722 CNH 1 CHF 1,173.148816 KRW 1 CHF 8.280282 SEK 1 CHF 6.864638 CNY 1 CHF 159.061908 LKR 1 CHF 1.413112 SGD 1 CHF 3,060.538235 COP 1 CHF 18.546072 MXN 1 CHF 34.552497 THB 1 CHF 22.859908 CZK 1 CHF 4.443802 MYR 1 CHF 3.592665 TRY 1 CHF 6.509828 DKK 1 CHF 8.095591 NOK 1 CHF 31.403398 TWD 1 CHF 0.875249 EUR 1 CHF 1.452923 NZD 1 CHF 1.040583 USD 1 CHF 0.807561 GBP 1 CHF 3.373051 PEN 1 CHF 13.524955 ZAR

8 Other expenses

Sub-Funds Description Amount in the currency

of the Sub-Fund

Vontobel Fund - Swiss Money General Tax Advice 6,908 Other expenses 8,588 Clearing brokerage fees 2,333 Legal fees 2,698 Total CHF 20,527

Vontobel Fund - Euro Short Term Bond General Tax Advice 6,059 Other expenses 9,004 Clearing brokerage fees 3,850 Legal fees 2,034 Total EUR 20,947

Vontobel Fund - US Dollar Money General Tax Advice 7,949 Other expenses 5,037 Legal fees 2,182 Total USD 15,168


220

8 Other expenses (continued)


of the Sub-Fund

Vontobel Fund - Swiss Franc Bond General Tax Advice 8,493 Other expenses 22,767 Clearing brokerage fees 67,672 Legal fees 3,636 Total CHF 102,568

Vontobel Fund - Euro Bond General Tax Advice 12,774 Other expenses 5,697 Clearing brokerage fees 13,083 Legal fees 1,885 Total EUR 33,439

Vontobel Fund - EUR Corporate Bond Mid Yield General Tax Advice 14,107 Other expenses 103,445 Clearing brokerage fees 9,579 Legal fees 11,260 Total EUR 138,391

Vontobel Fund - High Yield Bond General Tax Advice 11,935 Other expenses 35,035 Clearing brokerage fees 119 Legal fees 3,356 Total EUR 50,445

Vontobel Fund - Bond Global Aggregate General Tax Advice 11,946 Other expenses 48,702 Clearing brokerage fees 913,125 Legal fees 6,127 Total EUR 979,900

Vontobel Fund - Eastern European Bond General Tax Advice 6,709 Other expenses 8,590 Legal fees 4,464 Total EUR 19,763

Vontobel Fund - Absolute Return Bond (CHF) General Tax Advice 11,826 Other expenses 10,278 Clearing brokerage fees 85,605 Legal fees 2,676 Total CHF 110,385

Vontobel Fund - Absolute Return Bond (EUR) General Tax Advice 9,583 Other expenses 11,462 Clearing brokerage fees 68,411 Legal fees 2,285 Total EUR 91,741

Vontobel Fund - Absolute Return Bond Dynamic General Tax Advice 14,544 Other expenses 1,077 Clearing brokerage fees 20,053 Legal fees 918 Total EUR 36,592

Vontobel Fund - Global Convertible Bond General Tax Advice 13,886 Other expenses 8,593 Clearing brokerage fees 155,394 Legal fees 2,545 Total EUR 180,418

Vontobel Fund - Emerging Markets Local Currency Bond General Tax Advice 19,602 Other expenses 15,095 Clearing brokerage fees 780 Legal fees 2,615 Total USD 38,092

Vontobel Fund - Swiss Mid and Small Cap Equity General Tax Advice 6,168 Other expenses 5,272 Legal fees 2,354 Total CHF 13,794

Vontobel Fund - European Mid and Small Cap Equity General Tax Advice 6,058 Other expenses 9,006 Legal fees 1,894 Total EUR 16,958

Vontobel Fund - Japanese Equity General Tax Advice 708,951 Other expenses 408,228 Legal fees 239,574 Total JPY 1,356,753


221



of the Sub-Fund

Vontobel Fund - mtx China Leaders General Tax Advice 7,959 Other expenses 10,937 Legal fees 1,960 Total USD 20,856

Vontobel Fund - European Equity General Tax Advice 6,709 Other expenses 42,174 Legal fees 22,218 Total EUR 71,101

Vontobel Fund - US Equity General Tax Advice 12,184 Other expenses 88,968 Legal fees 28,727 Total USD 129,879

Vontobel Fund - Global Equity General Tax Advice 16,635 Other expenses 121,462 Legal fees 39,079 Total USD 177,176

Vontobel Fund - Global Equity Income General Tax Advice 11,057 Other expenses 11,217 Legal fees 20,845 Total USD 43,119

Vontobel Fund - Emerging Markets Equity General Tax Advice 24,886 Other expenses 287,000 Legal fees 40,111 Total USD 351,997

Vontobel Fund - Far East Equity General Tax Advice 13,400 Other expenses 52,342 Legal fees 24,216 Total USD 89,958

Vontobel Fund - New Power General Tax Advice 11,180 Other expenses 20,686 Clearing brokerage fees 829 Legal fees 17,662 Total EUR 50,357

Vontobel Fund - Clean Technology General Tax Advice 7,237 Other expenses 13,762 Legal fees 23,941 Total EUR 44,940

Vontobel Fund - Future Resources General Tax Advice 11,276 Other expenses 6,034 Legal fees 23,557 Total EUR 40,867

Vontobel Fund - mtx Sustainable Asian Leaders (ex Japan) General Tax Advice 10,298 Other expenses 13,302 Legal fees 25,469 Total USD 49,069

Vontobel Fund - mtx Sustainable Emerging Markets Leaders General Tax Advice 8,721 Other expenses 29,273 Legal fees 26,387 Total USD 64,381

Vontobel Fund - mtx Sustainable Global Leaders General Tax Advice 26,090 Other expenses 14,136 Clearing brokerage fees 4,377 Legal fees 26,225 Total USD 70,828

Vontobel Fund - Commodity General Tax Advice 14,819 Other expenses 32,115 Legal fees 6,302 Total USD 53,236

Vontobel Fund - Dynamic Commodity General Tax Advice 11,674 Other expenses 7,959 Legal fees 1,976 Total USD 21,609


222



of the Sub-Fund

Vontobel Fund - Non-Food Commodity General Tax Advice 15,728 Other expenses 5,653 Legal fees 561 Total USD 21,942

Vontobel Fund - Target Return Defensive General Tax Advice 15,765 Other expenses 2,745 Clearing brokerage fees 19,827 Legal fees 1,428 Total EUR 39,765

Vontobel Fund - Target Return Balanced General Tax Advice 16,492 Other expenses 1,722 Clearing brokerage fees 31,881 Legal fees 1,459 Total EUR 51,554

Vontobel Fund - Target Return Growth General Tax Advice 8,737 Other expenses 501 Clearing brokerage fees 155,212 Legal fees 1,503 Total EUR 165,953

Vontobel Fund - Emerging Markets Debt General Tax Advice 18,344 Other expenses 50,491 Clearing brokerage fees 612,356 Legal fees 4,669 Total USD 685,860

Vontobel Fund - Harcourt Dividend Strategy Other expenses 647 Clearing brokerage fees 10,003 Legal fees 1,262 Total USD 11,912

Vontobel Fund - Harcourt Momentum Strategy Other expenses 682 Clearing brokerage fees 4,974 Legal fees 1,274 Total USD 6,930

Vontobel Fund - Harcourt Premium Strategy Other expenses 362 Clearing brokerage fees 1,246 Legal fees 1,259 Total USD 2,867

Vontobel Fund - Global Bond General Tax Advice 926 Other expenses 1,102 Clearing brokerage fees 6,909 Legal fees 232 Total USD 9,169

Vontobel Fund - Absolute Return Credit Fund General Tax Advice 4,161 Other expenses 711 Clearing brokerage fees 23,761 Legal fees 121 Total USD 28,754

Vontobel Fund - Global Corporate Bond Mid Yield General Tax Advice 5,894 Other expenses 7,343 Clearing brokerage fees 5,167 Legal fees 707 Total USD 19,111

Vontobel Fund - Emerging Markets Blend General Tax Advice 1,596 Other expenses 6,810 Clearing brokerage fees 13,414 Legal fees 50 Total USD 21,870

Vontobel Fund - Emerging Markets Corporate Bond General Tax Advice 1,590 Other expenses 339 Clearing brokerage fees 26,672 Legal fees 57 Total USD 28,658

Vontobel Fund - TwentyFour Absolute Return Credit Fund General Tax Advice 5,187 Other expenses 25,346 Legal fees 974 Total GBP 31,507


223



of the Sub-Fund

Vontobel Fund - TwentyFour Global Unconstrained Bond General Tax Advice 17,627 Other expenses 29,902 Clearing brokerage fees 4 Legal fees 8,160 Total GBP 55,693

Vontobel Fund - LCR Global Bond Other expenses 327 Clearing brokerage fees 29,921 Legal fees 197 Total EUR 30,445

Vontobel Fund - Multi Asset Solution Other expenses 187 Clearing brokerage fees 4,261 Legal fees 71 Total EUR 4,519

Vontobel Fund - Multi Asset Income Other expenses 212 Clearing brokerage fees 33,352 Legal fees 67 Total EUR 33,631

Vontobel Fund - TwentyFour Monument European Asset Backed Securities General Tax Advice 2,000 Other expenses 90 Clearing brokerage fees 1,215 Total EUR 3,305

9 Off-balance-sheet transactions

The counterparties to the forward foreign exchange contracts and futures listed below are: Bank Vontobel AG, Barclays Bank Wholesale London, JP Morgan London Securities, Merrill Lynch International London, Morgan Stanley & Co. International, RBC IS Bank Luxbg, Société Générale and UBS Limited London. a) Forward foreign exchange contracts In order to protect its assets against currency fluctuations, the Fund may carry out transactions, the object of which is to dispose of foreign exchange forward contracts and call options on currencies, and to acquire put options on currencies. The arrangement of hedging transactions is subject to the condition that there is a direct connection between the transaction and the assets to be hedged. That means that transactions concluded in a given currency must not significantly exceed the total value of the assets denominated in that currency or the period during which the assets are held. The following forward foreign exchange contracts were open as at August 31, 2017:

Sub-Funds Maturity Purchase SaleUnrealised

gain/loss in Sub-Fund currency

Vontobel Fund - Swiss Money 29.09.2017 CHF 1,740,732 AUD 2,300,000 CHF -8,436 29.09.2017 CHF 10,517,928 EUR 9,300,000 CHF -103,807 29.09.2017 CHF 16,809,625 USD 17,500,000 CHF 24,454 29.09.2017 CHF 685,068 EUR 600,000 CHF -203 29.09.2017 CHF 799,432 EUR 700,000 CHF -51 29.09.2017 CHF 971,445 USD 1‘000,000 CHF 12,313 -75,730

Vontobel Fund - Euro Short Term Bond 14.12.2017 EUR 438,718 USD 475,000 EUR 41,689 15.09.2017 EUR 1,190,760 USD 1,400,000 EUR 14,138 15.09.2017 EUR 1,693,710 USD 2,000,000 EUR 12,816 15.09.2017 EUR 1,742,327 USD 2,000,000 EUR 61,472 15.09.2017 EUR 1,749,567 USD 2,000,000 EUR 68,717 15.09.2017 EUR 111,795 GBP 100,000 EUR 3,445 15.09.2017 EUR 2,187,887 GBP 2,000,000 EUR 20,865 15.09.2017 EUR 2,262,264 GBP 2,000,000 EUR 95,263 15.09.2017 EUR 2,543,237 USD 2,900,000 EUR 106,010 15.09.2017 EUR 428,351 USD 500,000 EUR 8,131 15.09.2017 EUR 478,550 USD 560,000 EUR 7,903 26.09.2017 EUR 530,000 USD 567,959 EUR 53,020 493,469


224

9 Off-balance-sheet transactions (continued)



Vontobel Fund - Swiss Franc Bond 29.09.2017 CHF 1,713,068 EUR 1,500,000 CHF -110 29.09.2017 CHF 1,942,890 USD 2,000,000 CHF 24,627 29.09.2017 CHF 18,250,450 USD 19,000,000 CHF 26,550 29.09.2017 CHF 2,854,450 EUR 2,500,000 CHF -845 29.09.2017 CHF 31,101,400 EUR 27,500,000 CHF -306,956 29.09.2017 CHF 6,584,508 AUD 8,700,000 CHF -31,912 -288,646

Vontobel Fund - EUR Corporate Bond Mid Yield 01.09.2017 CHF 24,490 EUR 21,507 EUR -71 01.09.2017 EUR 1,931,804 USD 2,323,962 EUR -22,680 01.09.2017 EUR 2,097 GBP 1,948 EUR -15 01.09.2017 EUR 62,002 CHF 70,651 EUR 164 04.09.2017 CHF 15,007 EUR 13,135 EUR 1 04.09.2017 EUR 2,101 GBP 1,939 EUR 0 04.09.2017 EUR 8,034 CHF 9,186 EUR -6 06.09.2017 EUR 1,773,995 USD 2,000,000 EUR 92,326 06.09.2017 EUR 2,129,153 USD 2,500,000 EUR 27,038 06.09.2017 EUR 2,142,219 USD 2,500,000 EUR 40,109 06.09.2017 EUR 4,457,381 USD 5,000,000 EUR 253,215 06.09.2017 EUR 4,683,362 USD 5,500,000 EUR 58,710 06.09.2017 EUR 426,908 USD 500,000 EUR 6,486 06.09.2017 EUR 884,486 GBP 800,000 EUR 17,535 06.09.2017 EUR 98,551,409 GBP 86,000,000 EUR 5,354,605 06.09.2017 EUR 99,050,004 USD 112,000,000 EUR 4,876,436 29.09.2017 CHF 836,703 EUR 732,631 EUR -42 29.09.2017 CHF 89'069,038 EUR 78'228,659 EUR -242,813 29.09.2017 CHF 91'783,330 EUR 80,612,600 EUR -250,212 29.09.2017 EUR 68,702 USD 82,751 EUR -793 29.09.2017 GBP 6,575,524 EUR 7,076,818 EUR 45,974 29.09.2017 USD 2,323,962 EUR 1,929,840 EUR 21,832 29.09.2017 USD 21,076,305 EUR 17,500,513 EUR 199,453 10,477,252

Vontobel Fund - High Yield Bond 01.09.2017 CHF 2,760,066 EUR 2,423,843 EUR -8,032 01.09.2017 EUR 1,306,268 CHF 1,488,473 EUR 3,448 01.09.2017 EUR 1,493,167 USD 1,796,282 EUR -17,530 01.09.2017 EUR 137 ZAR 2,138 EUR -1 01.09.2017 EUR 83 USD 99 EUR -1 01.09.2017 USD 1,494 EUR 1,243 EUR 14 04.09.2017 CHF 2,400 EUR 2,100 EUR 0 04.09.2017 CHF 3,721 EUR 3,257 EUR 0 05.09.2017 EUR 139 USD 166 EUR 0 05.09.2017 USD 1,780 EUR 1,495 EUR 2 29.09.2017 AUD 102,539 EUR 67,914 EUR 364 29.09.2017 CHF 1,488,473 EUR 1,307,254 EUR -3,997 29.09.2017 CHF 109,109,646 EUR 95,830,172 EUR -297,446 29.09.2017 CHF 47,212,364 EUR 41,466,260 EUR -128,706 29.09.2017 EUR 1,240 USD 1,494 EUR -14 29.09.2017 EUR 181,001,787 USD 218,000,000 EUR -2,078,727 29.09.2017 EUR 2,423,607 CHF 2,760,066 EUR 6,983 29.09.2017 EUR 27,985,878 GBP 26,000,000 EUR -178,147 29.09.2017 USD 1,422 EUR 1,195 EUR -1 29.09.2017 USD 1,796,282 EUR 1,491,650 EUR 16,875 29.09.2017 USD 18,049,677 EUR 14,987,381 EUR 170,811 29.09.2017 USD 206,734 EUR 171,659 EUR 1,956 29.09.2017 USD 26,465,640 EUR 21,975,497 EUR 250,454 29.09.2017 USD 4,410,007 EUR 3,661,808 EUR 41,734 29.09.2017 USD 99 EUR 83 EUR 1 29.09.2017 ZAR 2,138 EUR 136 EUR 1 29.09.2017 ZAR 207,987 EUR 13,237 EUR 138 -2,219,821


225




Vontobel Fund - Bond Global Aggregate 01.09.2017 EUR 17,966 CHF 20,472 EUR 47 01.09.2017 GBP 2,177,500 USD 2,812,132 EUR -5,128 01.09.2017 GBP 4,550,000 USD 5,874,050 EUR -8,994 01.09.2017 JPY 1,073,426,250 USD 9,750,000 EUR 3,255 01.09.2017 JPY 1,789,661,250 USD 16,250,000 EUR 10,145 01.09.2017 JPY 2,892,500 USD 26,230 EUR 45 01.09.2017 USD 26,000,000 JPY 2,865,980,000 EUR -35,504 01.09.2017 USD 39,046 EUR 32,479 EUR 359 01.09.2017 USD 41,957,500 GBP 32,500,000 EUR 64,235 01.09.2017 USD 8,390,200 GBP 6,500,000 EUR 11,754 03.10.2017 BRL 51,601,875 USD 16,250,000 EUR 55,771 03.10.2017 USD 16,250,000 CLP 10,432,500,000 EUR -284,202 04.09.2017 EUR 5,870 CHF 6,712 EUR -5 05.09.2017 EUR 43 USD 52 EUR 0 05.09.2017 GBP 16,250,000 USD 20,944,788 EUR -1,750 05.09.2017 GBP 6,500,000 USD 8,383,050 EUR -5,019 05.09.2017 GBP 9,901,964 USD 12,791,693 EUR -25,419 05.09.2017 SGD 3,525,210 USD 2,600,000 EUR -3,370 05.09.2017 SGD 4,406,805 USD 3,250,000 EUR -4,032 05.09.2017 SGD 4,407,033 USD 3,250,000 EUR -3,891 05.09.2017 USD 7,242,182 ZAR 97,735,625 EUR -227,461 05.09.2017 USD 9,095,300 SGD 12,339,048 EUR 7,340 05.09.2017 ZAR 97,735,625 USD 7,475,000 EUR 31,417 09.04.2018 CNH 23,923,900 USD 3,575,000 EUR 2,573 09.04.2018 CNH 68,947,125 USD 9,750,000 EUR 472,480 09.04.2018 USD 9,750,000 CNH 68,942,250 EUR -478,114 13.09.2017 AUD 18,384,600 USD 14,572,002 EUR 6,526 13.09.2017 USD 14,571,726 AUD 18,384,600 EUR -6,758 14.09.2017 EUR 1,244,972 USD 1,485,706 EUR -3,765 14.09.2017 EUR 6,411,185 USD 7,640,248 EUR -10,440 14.09.2017 JPY 284,326,250 USD 2,602,838 EUR -14,997 14.09.2017 NOK 73,220,559 EUR 7,875,719 EUR 37,260 14.09.2017 SEK 248,905,290 EUR 26,167,916 EUR 143,323 14.09.2017 SGD 12,339,048 USD 9,096,279 EUR -7,520 14.09.2017 TRY 77,875,614 EUR 18,770,975 EUR 111,294 14.09.2017 USD 14,571,818 AUD 18,384,600 EUR -6,527 14.09.2017 USD 15,478,189 ZAR 204,700,601 EUR -197,977 14.09.2017 USD 2,813,280 GBP 2,177,500 EUR 5,162 14.09.2017 USD 25,138,302 EUR 21,301,624 EUR -172,917 14.09.2017 USD 26,244 JPY 2,892,500 EUR -45 14.09.2017 USD 4,631,217 JPY 504,628,031 EUR 36,389 14.09.2017 USD 43,334,014 GBP 33,687,498 EUR -79,414 14.09.2017 USD 6,649,486 SGD 9,061,234 EUR -20,051 14.09.2017 USD 765,914 CAD 964,600 EUR -2,999 14.09.2017 USD 9,125,583 SGD 12,335,050 EUR 34,641 16.10.2017 KRW 11,001,480,000 USD 9,800,000 EUR -7,303 16.10.2017 USD 346,091 KRW 392,910,000 EUR -3,017 16.10.2017 USD 9,450,000 KRW 10,608,570,000 EUR 7,019 16.11.2017 RUB 2,108,193,120 USD 33,660,000 EUR 1,792,240 16.11.2017 USD 24,376,792 RUB 1,530,374,996 EUR -1,368,706 16.11.2017 USD 317,170 RUB 19,945,205 EUR -18,290 16.11.2017 USD 8,910,000 RUB 557,872,920 EUR -478,598 17.01.2018 TRY 40,626,300 USD 9,750,000 EUR 1,315,790 17.01.2018 USD 9,750,000 TRY 40,628,250 EUR -1,368,912 17.11.2017 USD 5,525,000 KRW 6,297,118,750 EUR -66,589 18.09.2017 KRW 392,910,000 USD 345,999 EUR 2,774 18.09.2017 KRW 6,903,340,000 USD 6,079,131 EUR 48,732 18.09.2017 USD 6,500,000 KRW 7,296,250,000 EUR 11,442 20.10.2017 EUR 1,779,297 JPY 230,000,000 EUR 22,176 20.10.2017 EUR 134,696,997 USD 156,000,000 EUR 3,850,347 20.10.2017 EUR 22,567,123 GBP 20,000,000 EUR 913,335 21.05.2018 KRW 16,201,900,000 USD 14,300,000 EUR 141,557 21.08.2018 USD 10,400,000 KRW 11,762,400,000 EUR -106,157 21.08.2018 USD 3,900,000 KRW 4,413,240,000 EUR -41,555 21.11.2017 CNH 100,214,400 USD 14,300,000 EUR 689,332 21.11.2017 USD 11,805,584 CNH 82,496,360 EUR -541,378


226




Vontobel Fund - Bond Global Aggregate (continued)

21.11.2017 USD 31,386,954 CNH 219,366,875 EUR -1,444,136 22.01.2018 TRY 67,633,963 USD 17,225,000 EUR 1,333,352 22.01.2018 USD 17,225,000 TRY 67,608,125 EUR -1,382,301 24.01.2018 HKD 344,523,928 USD 44,200,000 EUR -13,613 24.01.2018 USD 44,200,000 HKD 344,534,580 EUR 12,418 24.10.2017 COP 39,520,000,000 USD 13,000,000 EUR 267,676 24.10.2017 MXN 234,647,725 USD 13,131,553 EUR -69,639 24.10.2017 USD 13,000,000 MXN 232,045,775 EUR 81,414 24.10.2017 USD 13,442,177 COP 39,520,000,000 EUR 105,173 25.09.2017 CHF 16,151,311 EUR 14,210,873 EUR -70,048 25.09.2017 EUR 44,268,590 CHF 50,414,000 EUR 129,993 28.03.2018 KRW 942,597,500 USD 845,000 EUR -3,535 29.01.2018 KRW 10,845,900,000 USD 9,750,000 EUR -72,591 29.01.2018 USD 6,091,200 KRW 6,903,340,000 EUR -49,969 29.09.2017 CHF 63,879,959 EUR 56,105,282 EUR -174,144 29.09.2017 USD 20,293,661 EUR 16,850,651 EUR 192,047 29.09.2017 USD 30,010,321 EUR 24,918,790 EUR 283,999 29.09.2017 USD 39,078,414 EUR 32,448,396 EUR 369,814 29.12.2017 USD 13,000,000 TWD 394,810,000 EUR -157,380 3,560,486

Vontobel Fund - Eastern European Bond 29.09.2017 CZK 315,000,000 EUR 12,070,080 EUR 2,389 29.09.2017 EUR 1,590,299 HUF 485,000,000 EUR 3,252 29.09.2017 EUR 2,224,369 PLN 9,500,000 EUR -8,652 29.09.2017 EUR 5,662,435 TRY 23,750,000 EUR -67,309 -70,320

Vontobel Fund - Absolute Return Bond (CHF) 13.09.2017 EUR 287,144 USD 338,661 CHF 2,841 13.09.2017 JPY 410,938,860 USD 3,778,008 CHF -40,420 13.09.2017 USD 3,738,850 CAD 4,700,000 CHF -9,985 13.09.2017 USD 4,518,059 SGD 6,149,340 CHF -10,284 18.05.2018 KRW 14,381,785,000 USD 12,650,000 CHF 185,410 20.08.2018 USD 3,575,000 KRW 4,060,842,500 CHF -56,625 20.08.2018 USD 9,075,000 KRW 10,299,217,500 CHF -136,004 20.10.2017 CHF 10,988,690 EUR 10,000,000 CHF -430,000 20.10.2017 CHF 115,000,000 EUR 104,653,057 CHF -4,500,078 20.10.2017 CHF 150,029 AUD 200,000 CHF -1,822 20.10.2017 CHF 36,968,607 USD 39,000,000 CHF -387,247 31.10.2017 KRW 2,876,197,500 USD 2,475,000 CHF 81,508 31.10.2017 USD 2,475,000 KRW 2,878,425,000 CHF -83,132 -5,385,838

Vontobel Fund - Absolute Return Bond (EUR) 13.09.2017 EUR 170,074 USD 200,587 EUR 1,473 13.09.2017 JPY 262,301,400 USD 2,411,495 EUR -22,581 13.09.2017 USD 2,386,500 CAD 3,000,000 EUR -5,578 13.09.2017 USD 2,811,237 SGD 3,826,256 EUR -5,601 18.05.2018 KRW 11,766,915,000 USD 10,350,000 EUR 132,774 20.08.2018 USD 2,925,000 KRW 3,322,507,500 EUR -40,550 20.08.2018 USD 7,425,000 KRW 8,426,632,500 EUR -97,394 20.10.2017 EUR 26,742,212 USD 31,000,000 EUR 740,567 20.10.2017 EUR 341,510 AUD 500,000 EUR 9,087 29.09.2017 USD 1,112,649 EUR 923,878 EUR 10,529 29.09.2017 USD 1,282,428 EUR 1,064,852 EUR 12,136 31.10.2017 KRW 2,353,252,500 USD 2,025,000 EUR 58,369 31.10.2017 USD 2,025,000 KRW 2,355,075,000 EUR -59,531

733,700


227





01.09.2017 CHF 9,522 EUR 8,362 EUR -28 06.11.2017 TRY 1,200,000 CAD 415,248 EUR 7,902 13.09.2017 EUR 652,574 USD 769,652 EUR 5,650 13.09.2017 USD 226,542 JPY 24,641,295 EUR 2,120 13.09.2017 USD 278,425 CAD 350,000 EUR -651 13.09.2017 USD 500,168 AUD 629,767 EUR 619 13.09.2017 USD 632,528 SGD 860,908 EUR -1,260 13.09.2017 USD 762,605 GBP 591,026 EUR 594 29.09.2017 CHF 115,066 EUR 101,061 EUR -314 29.09.2017 CHF 4,933,542 EUR 4,333,092 EUR -13,449 29.09.2017 USD 200,170 EUR 166,209 EUR 1,894 29.09.2017 USD 649,610 EUR 539,397 EUR 6,149 9‘226

Vontobel Fund - Global Convertible Bond 01.09.2017 CHF 13,331 EUR 11,707 EUR -39 04.09.2017 CHF 5,327 EUR 4,662 EUR 0 05.09.2017 USD 14 EUR 11 EUR 0 05.09.2017 USD 7,247 EUR 6,084 EUR 10 15.09.2017 CHF 1,500,000 EUR 1,319,908 EUR -6,791 15.09.2017 EUR 3,652,701 CHF 4,000,000 EUR 151,027 15.09.2017 EUR 37,299,515 JPY 4,800,000,000 EUR 620,307 15.09.2017 EUR 71,229,142 USD 81,000,000 EUR 3,155,015 15.09.2017 EUR 8,518,468 GBP 7,500,000 EUR 392,223 29.09.2017 CHF 33,661,385 EUR 29,564,539 EUR -91,765 29.09.2017 CHF 59,356,015 EUR 52,131,936 EUR -161,811 29.09.2017 EUR 179,494 CHF 205,045 EUR -37 29.09.2017 EUR 6,099 USD 7,261 EUR 2 29.09.2017 USD 4,752,630 EUR 3,946,302 EUR 44,976 29.09.2017 USD 732,154 EUR 607,938 EUR 6,929 4,110,046


01.09.2017 CHF 10,755 USD 11,359 USD -167 01.09.2017 USD 12,004 EUR 9,985 USD 131 03.11.2017 USD 2,850,000 PHP 144,780,000 USD 43,646 05.09.2017 USD 206 CHF 198 USD 0 06.11.2017 IDR 76,904,400,000 USD 5,700,000 USD 27,840 08.09.2017 CZK 32,250,000 USD 1,473,000 USD -4,335 08.09.2017 USD 2,364,779 EUR 2,100,000 USD -132,858 20.11.2017 COP 20,174,000,000 USD 6,559,584 USD 218,880 24.11.2017 USD 3,744,441 BRL 11,973,600 USD -13,583 29.09.2017 AUD 22,177 USD 17,691 USD -107 29.09.2017 CHF 33,286,370 USD 35,209,960 USD -506,124 29.09.2017 CHF 46,581 USD 49,273 USD -708 29.09.2017 EUR 4,654,311 USD 5,606,025 USD -63,885 29.09.2017 EUR 54,137 USD 65,207 USD -743 29.09.2017 MXN 85,000,000 USD 4,659,258 USD 87,482 29.09.2017 USD 4,048,213 TRY 14,600,000 USD -146,693 29.09.2017 ZAR 675,958 USD 51,815 USD -54 -491,278

Vontobel Fund - European Equity 29.09.2017 EUR 254,170 USD 303,351 EUR -586 29.09.2017 USD 19,646,281 EUR 16,313,105 EUR 185,920 185,334

Vontobel Fund - US Equity 01.09.2017 EUR 1,165,462 USD 1,402,052 USD -16,268 01.09.2017 EUR 122,167 USD 146,967 USD -1,705 01.09.2017 EUR 51,423 USD 61,862 USD -718 01.09.2017 USD 61,750 CHF 58,516 USD 850 05.09.2017 USD 33,645 EUR 28,247 USD 53 05.09.2017 USD 7,417 EUR 6,227 USD 12 29.09.2017 CHF 17,749,076 USD 18,774,780 USD -269,877 29.09.2017 CHF 207,032 USD 215,812 USD 36 29.09.2017 EUR 1,198 USD 1,443 USD -16 29.09.2017 EUR 206,730,553 USD 249,002,817 USD -2,837,584 29.09.2017 EUR 64,113,316 USD 77,223,207 USD -880,020 -4,005,237


228




Vontobel Fund - Global Equity 01.09.2017 EUR 9,992 USD 12,020 USD -139 01.09.2017 USD 230,769 EUR 191,955 USD 2,525 01.09.2017 USD 404 SEK 3,200 USD 2 01.09.2017 USD 92,826 EUR 77,213 USD 1,016 05.09.2017 USD 115,405 EUR 96,890 USD 181 05.09.2017 USD 14,275 EUR 11,985 USD 22 05.09.2017 USD 193,101 EUR 162,120 USD 302 05.09.2017 USD 30,206 EUR 25,360 USD 47 05.09.2017 USD 320,189 EUR 268,817 USD 501 29.09.2017 EUR 1,142 USD 1,376 USD -16 29.09.2017 EUR 16,920,873 USD 20,380,854 USD -232,256 29.09.2017 EUR 211,061,268 USD 254,219,076 USD -2,897,027 29.09.2017 EUR 324,103,669 USD 390,376,388 USD -4,448,647 29.09.2017 EUR 9,156,778 USD 11,029,155 USD -125,686 29.09.2017 SEK 6,048,529 USD 764,949 USD -3,578 -7,702,753

Vontobel Fund - Global Equity Income 01.09.2017 USD 1,378 EUR 1,146 USD 15 29.09.2017 EUR 1,478,318 USD 1,780,605 USD -20,291 29.09.2017 EUR 6,875,317 USD 8,281,182 USD -94,371 -114,647

Vontobel Fund - Emerging Markets Equity 01.09.2017 EUR 12,998 USD 15,637 USD -181 01.09.2017 EUR 34,244 USD 41,196 USD -478 01.09.2017 USD 245,380 EUR 204,109 USD 2,685 01.09.2017 USD 52,860 CHF 50,092 USD 727 05.09.2017 USD 112,122 EUR 94,133 USD 175 05.09.2017 USD 141,391 EUR 118,706 USD 221 05.09.2017 USD 513,149 CHF 492,489 USD 491 29.09.2017 CHF 15,595,327 USD 16,496,568 USD -237,129 29.09.2017 CHF 26,182,985 USD 27,696,077 USD -398,116 29.09.2017 CHF 492,489 USD 514,295 USD -834 29.09.2017 CHF 68,871,613 USD 72,851,644 USD -1,047,202 29.09.2017 EUR 1,113 USD 1,341 USD -15 29.09.2017 EUR 175,854,536 USD 211,813,272 USD -2,413,779 29.09.2017 EUR 185,091,799 USD 222,939,370 USD -2,540,570 29.09.2017 EUR 3,615,152 USD 4,354,378 USD -49,622 29.09.2017 EUR 9,777,175 USD 11,776,412 USD -134,202 29.09.2017 EUR 90,008,556 USD 108,413,506 USD -1,235,457 29.09.2017 GBP 1,126 USD 1,459 USD -7 29.09.2017 USD 34,950 CHF 33,478 USD 46 -8,053,247

Vontobel Fund - Far East Equity 29.09.2017 EUR 1,123,784 USD 1,353,316 USD -14,048 29.09.2017 EUR 6,955,433 USD 8,376,074 USD -86,950 29.09.2017 USD 125,026 EUR 104,387 USD 622 -100,376


01.09.2017 CHF 20,003 EUR 17,566 EUR -58 04.09.2017 EUR 21,388 CHF 24,454 EUR -17 29.09.2017 CHF 13,819,238 EUR 12,137,332 EUR -37,673 29.09.2017 CHF 240,349 EUR 211,097 EUR -655 29.09.2017 CHF 97,777 EUR 85,616 EUR -5 29.09.2017 EUR 13,324 GBP 12,383 EUR -90 29.09.2017 EUR 149,033 CHF 169,708 EUR 442 29.09.2017 EUR 17,564 CHF 20,003 EUR 51 29.09.2017 EUR 2,563 CHF 2,919 EUR 8 29.09.2017 EUR 36,724 USD 44,234 EUR -424 29.09.2017 GBP 1,029,756 EUR 1,108,261 EUR 7,200 29.09.2017 USD 3,712,509 EUR 3,082,647 EUR 35,131 3,910


229




Vontobel Fund - Clean Technology 04.09.2017 EUR 33,543 CHF 38,353 EUR -27

29.09.2017 CHF 1,502,605 EUR 1,319,727 EUR -4,096

29.09.2017 CHF 20,652 EUR 18,083 EUR -1

29.09.2017 CHF 38,353 EUR 33,571 EUR 9

29.09.2017 EUR 11 USD 13 EUR 0

29.09.2017 EUR 18,912 CHF 21,611 EUR -10

29.09.2017 USD 13 EUR 11 EUR 0

29.09.2017 USD 955 EUR 793 EUR 9

-4,116

Vontobel Fund - Future Resources 29.09.2017 CHF 658,199 EUR 578,091 EUR -1,794 29.09.2017 EUR 7,618 CHF 8,705 EUR -4 -1,798


29.09.2017 EUR 13,161,964 USD 15,850,282 USD -164,538 29.09.2017 EUR 153,787 USD 185,220 USD -1,944 29.09.2017 EUR 17,983,188 USD 21,656,236 USD -224,808 29.09.2017 EUR 90,164 USD 107,399 USD 54 29.09.2017 USD 8,081 EUR 6,712 USD 82 -391,154


05.09.2017 USD 2,056,466 EUR 1,726,524 USD 3,217 29.09.2017 CHF 20,053 USD 20,904 USD 3 29.09.2017 CHF 5,091,770 USD 5,386,019 USD -77,421 29.09.2017 EUR 1,050 USD 1,265 USD -14 29.09.2017 EUR 1,050 USD 1,265 USD -14 29.09.2017 EUR 1,726,524 USD 2,060,045 USD -4,180 29.09.2017 EUR 114,911 USD 136,799 USD 31 29.09.2017 EUR 6,611,202 USD 7,963,060 USD -90,745 29.09.2017 USD 54,356 EUR 45,560 USD 105

-169,018


01.09.2017 USD 116 EUR 97 USD 1 05.09.2017 USD 20,806 CHF 19,968 USD 20 05.09.2017 USD 505 EUR 424 USD 1 29.09.2017 CHF 34,392 USD 35,851 USD 6 29.09.2017 CHF 5,795,699 USD 6,130,628 USD -88,124 29.09.2017 CHF 8,451,653 USD 8,940,066 USD -128,509 29.09.2017 EUR 1,035 USD 1,246 USD -14 29.09.2017 EUR 4,559,208 USD 5,491,475 USD -62,580 29.09.2017 EUR 8,249,998 USD 9,936,958 USD -113,239 29.09.2017 GBP 172,838 USD 224,032 USD -1,096 -393,534

Vontobel Fund - Commodity 01.09.2017 CHF 2,781 USD 2,937 USD -43 01.09.2017 USD 2,178 EUR 1,812 USD 24 01.09.2017 USD 21,301 SEK 168,799 USD 85 01.09.2017 USD 990,417 CHF 938,556 USD 13,625 05.09.2017 CHF 44 USD 46 USD 0 05.09.2017 CHF 45 USD 47 USD 0 05.09.2017 USD 118 EUR 99 USD 0 05.09.2017 USD 15,106 CHF 14,498 USD 14 05.09.2017 USD 16,158 CHF 15,508 USD 15 05.09.2017 USD 71,270 SEK 568,766 USD -229 29.09.2017 CHF 19,678,956 USD 20,816,185 USD -299,221 29.09.2017 CHF 39,236,124 USD 41,503,546 USD -596,591 29.09.2017 CHF 40,752 USD 43,114 USD -627 29.09.2017 CHF 9,310,301 USD 9,848,335 USD -141,564 29.09.2017 CHF 938,556 USD 992,851 USD -14,328 29.09.2017 EUR 17,167,063 USD 20,677,384 USD -235,635 29.09.2017 EUR 217,956 USD 260,102 USD -570 29.09.2017 EUR 41,085,002 USD 49,486,063 USD -563,933 29.09.2017 EUR 99 USD 118 USD 0


230




Vontobel Fund - Commodity (continued) 29.09.2017 SEK 168,799 USD 21,349 USD -101 29.09.2017 SEK 2,926,314 USD 370,159 USD -1,804 29.09.2017 SEK 288,992,849 USD 36,548,507 USD -170,955 29.09.2017 SEK 608,886,633 USD 77,005,011 USD -360,189 29.09.2017 USD 62,043 EUR 52,125 USD -22 -2,372,049

Vontobel Fund - Dynamic Commodity 01.09.2017 CHF 4,614 USD 4,873 USD -71 01.09.2017 CHF 777,530 USD 821,251 USD -12,047 01.09.2017 EUR 22,050 USD 26,526 USD -308 01.09.2017 USD 2,862 EUR 2,381 USD 31 05.09.2017 USD 256 CHF 246 USD 0 29.09.2017 CHF 1,501,351 USD 1,588,112 USD -22,828 29.09.2017 CHF 15,430,893 USD 16,322,631 USD -234,629 29.09.2017 CHF 189,308 USD 200,280 USD -2,911 29.09.2017 CHF 24,317 USD 25,400 USD -47 29.09.2017 CHF 246 USD 257 USD 0 29.09.2017 EUR 1,266,088 USD 1,524,978 USD -17,378 29.09.2017 EUR 13,389,206 USD 16,127,031 USD -183,780 29.09.2017 EUR 15,673 USD 18,878 USD -216 29.09.2017 USD 16,810 CHF 16,133 USD -10 29.09.2017 USD 822,162 CHF 777,530 USD 11,499 -462,695

Vontobel Fund - Non Food Commodity 01.09.2017 CHF 1,403 USD 1,482 USD -22 05.09.2017 EUR 40,223 USD 47,837 USD -2 05.09.2017 USD 5,209,114 EUR 4,373,357 USD 8,150 29.09.2017 CHF 11 USD 11 USD 0 29.09.2017 CHF 683,555 USD 723,057 USD -10,394 29.09.2017 CHF 737 USD 779 USD -11 29.09.2017 EUR 11 USD 13 USD 0

29.09.2017 EUR 166,888 USD 201,013 USD -2,291 29.09.2017 EUR 2,293 USD 2,736 USD -6 29.09.2017 EUR 38,363 USD 46,208 USD -527 29.09.2017 EUR 4,373,357 USD 5,218,180 USD -10,588 29.09.2017 EUR 563 USD 672 USD -1 29.09.2017 EUR 749 USD 903 USD -10 29.09.2017 USD 49,708 EUR 41,762 USD -20 -15,722

Vontobel Fund - Target Return Defensive 29.09.2017 CHF 430,805 EUR 378,373 EUR -1,174 29.09.2017 CHF 944 EUR 829 EUR -3 29.09.2017 USD 10,652 EUR 8,845 EUR 101 29.09.2017 USD 152,331 EUR 126,486 EUR 1,441 365

Vontobel Fund - Target Return Balanced 01.09.2017 CHF 2,996 EUR 2,631 EUR -9 29.09.2017 CHF 2,100 EUR 1,844 EUR -6 29.09.2017 CHF 5,466,670 EUR 4,801,335 EUR -14,903 29.09.2017 USD 2,184 EUR 1,814 EUR 21 29.09.2017 USD 234,372 EUR 194,609 EUR 2,218 -12,679

Vontobel Fund - Emerging Markets Debt 01.09.2017 EUR 33,198 USD 39,937 USD -463 01.09.2017 USD 1,773,978 EUR 1,475,611 USD 19,411 01.09.2017 USD 12,720 CHF 12,054 USD 175 01.09.2017 USD 71,611 CHF 67,862 USD 985 05.09.2017 USD 174,213 CHF 167,200 USD 167 05.09.2017 USD 2,004 CHF 1,924 USD 2 05.09.2017 USD 324,407 EUR 272,358 USD 508 05.09.2017 USD 45,446 EUR 38,154 USD 71 20.10.2017 USD 11,888,660 EUR 10,000,000 USD -32,651 20.10.2017 USD 12,654,700 JPY 1,412,000,000 USD -204,716 20.10.2017 USD 18,006,103 CHF 17,100,000 USD 152,358 20.10.2017 USD 347,580,000 EUR 300,000,000 USD -10,034,653 20.10.2017 USD 35,594,460 EUR 30,000,000 USD -169,279


231




Vontobel Fund - Emerging Markets Debt (continued)

20.10.2017 USD 43,245,933 EUR 37,000,000 USD -860,901 20.10.2017 USD 57,570,832 GBP 44,000,000 USD 775,527 29.09.2017 CHF 13,675,054 USD 14,465,324 USD -207,931 29.09.2017 CHF 149,507 USD 156,127 USD -253 29.09.2017 CHF 157,020 USD 164,011 USD -304 29.09.2017 CHF 28,531,351 USD 30,180,153 USD -433,823 29.09.2017 CHF 7,200,947 USD 7,617,084 USD -109,491 29.09.2017 CHF 77,143,505 USD 81,601,562 USD -1,172,978 29.09.2017 EUR 1,236,656 USD 1,489,527 USD -16,974 29.09.2017 EUR 1,906,596 USD 2,296,457 USD -26,170 29.09.2017 EUR 22,905,678 USD 27,589,431 USD -314,403 29.09.2017 EUR 280,411,783 USD 337,750,385 USD -3,848,932 29.09.2017 EUR 3,440,081 USD 4,143,508 USD -47,219 29.09.2017 EUR 67,431,858 USD 81,220,324 USD -925,570 29.09.2017 USD 32,243 CHF 30,892 USD 35 29.09.2017 USD 70,115 CHF 67,161 USD 91 -17'457,381

Vontobel Fund - Global Bond 26.10.2017 USD 26,698,510 EUR 22,600,000 USD -252,033 26.10.2017 USD 3,478,410 GBP 2,700,000 USD -7,362 26.10.2017 USD 573,366 AUD 725,000 USD -1,268 26.10.2017 USD 907,138 CAD 1,140,000 USD -2,670 26.10.2017 USD 962,905 JPY 105,000,000 USD 6,319 29.09.2017 CHF 15,642,177 USD 16,546,124 USD -237,841 29.09.2017 CHF 167,658 USD 175,123 USD -325 29.09.2017 CHF 18,290,753 USD 19,347,760 USD -278,113 29.09.2017 EUR 17,860,916 USD 21,513,117 USD -245,159 29.09.2017 EUR 798,413 USD 961,672 USD -10,959 -1,029,411

Vontobel Fund - Absolute Return Credit Fund 06.11.2017 TRY 4,300,000 CAD 1,487,804 USD 33,796 14.09.2017 AUD 645,326 USD 512,186 USD -421 14.09.2017 EUR 1,010,475 USD 1,200,000 USD 2,233 14.09.2017 JPY 131,675,760 USD 1,199,252 USD -2,096 14.09.2017 JPY 132,419,040 USD 1,200,000 USD 3,914 14.09.2017 USD 1,000,000 CNH 6,600,995 USD 161 14.09.2017 USD 1,200,000 EUR 1,003,728 USD 5,790 14.09.2017 USD 1,200,000 JPY 131,675,760 USD 2,842 14.09.2017 USD 1,200,000 SGD 1,627,451 USD 1,431 14.09.2017 USD 512,454 AUD 645,326 USD 690 14.09.2017 USD 600,000 MXN 10,726,016 USD -454 14.09.2017 USD 600,000 ZAR 8,118,710 USD -23,254 14.09.2017 USD 920,772 GBP 713,623 USD 799 20.10.2017 USD 5,447,140 EUR 4,700,000 USD -155,495 -130,064


01.09.2017 EUR 90 USD 108 USD -1 01.09.2017 USD 31,440 CHF 29,794 USD 433 01.09.2017 USD 40,040 EUR 33,306 USD 438 20.10.2017 EUR 1,000,000 USD 1,169,555 USD 22,585 20.10.2017 EUR 500,000 USD 573,635 USD 22,435 20.10.2017 USD 1,056,060 EUR 900,000 USD -16,820 20.10.2017 USD 1,491,711 EUR 1,300,000 USD -57,913 20.10.2017 USD 33,874,187 EUR 29,700,000 USD -1,528,207 20.10.2017 USD 8,279,872 GBP 6,400,000 USD 18,899 29.09.2017 CHF 115,232 USD 120,119 USD 20 29.09.2017 CHF 13,856,318 USD 14,657,063 USD -210,687 29.09.2017 CHF 29,794 USD 31,517 USD -455 29.09.2017 CHF 3,988,340 USD 4,218,823 USD -60,643 29.09.2017 EUR 1,056 USD 1,272 USD -14 29.09.2017 EUR 1,637,630 USD 1,972,493 USD -22,478


232




Vontobel Fund - Global Corporate Bond Mid Yield (continued)

29.09.2017 EUR 1,742,233 USD 2,098,485 USD -23,914 29.09.2017 EUR 115,566 USD 139,197 USD -1,586 29.09.2017 EUR 21,060,750 USD 25,367,253 USD -289,080 29.09.2017 EUR 23,151,670 USD 27,885,724 USD -317,780 29.09.2017 EUR 33,306 USD 40,114 USD -457 29.09.2017 USD 108 EUR 90 USD 1 -2,465,224

Vontobel Fund - Emerging Markets Blend 06.11.2017 IDR 17,529,200,000 USD 1,300,000 USD 3,997 20.10.2017 RUB 48,849,000 USD 809,503 USD 22,493 20.10.2017 USD 1,057,758 GBP 810,000 USD 12,466 20.10.2017 USD 207,528 JPY 23,175,000 USD -3,473 20.10.2017 USD 4,924,050 EUR 4,250,000 USD -140,448 20.10.2017 USD 43,222 CHF 41,000 USD 437 20.10.2017 ZAR 5,650,000 USD 430,268 USD 1,166 24.11.2017 BRL 1,384,460 USD 432,941 USD 2,693 -100,669


20.10.2017 EUR 360,000 USD 424,248 USD 4,923 20.10.2017 USD 1,457,274 GBP 1,115,000 USD 18,032 20.10.2017 USD 3,012,100 EUR 2,600,000 USD -87,226 20.10.2017 USD 320,445 EUR 270,000 USD -1,429 20.10.2017 USD 347,682 JPY 38,800,000 USD -5,679 -71,379


01.09.2017 CHF 598 GBP 488 GBP -5 01.09.2017 GBP 16,926 USD 21,926 GBP -89 01.09.2017 GBP 165,111 EUR 177,870 GBP 990 01.09.2017 GBP 564,902 EUR 608,555 GBP 3,386 01.09.2017 GBP 770,919 EUR 830,492 GBP 4,621 01.09.2017 GBP 814,769 CHF 999,972 GBP 7,173 01.09.2017 GBP 87,902 EUR 94,695 GBP 527 04.09.2017 GBP 44,537 EUR 48,322 GBP -52 04.09.2017 GBP 86,013 EUR 93,323 GBP -101 18.09.2017 GBP 1,105,715 USD 1,424,147 GBP 1,164 18.09.2017 GBP 33,661,733 EUR 36,968,166 GBP -458,805 18.09.2017 GBP 55,438,382 USD 71,736,158 GBP -199,459 29.09.2017 CHF 50,586 GBP 40,899 GBP -10 29.09.2017 CHF 6,818,878 GBP 5,565,186 GBP -53,530 29.09.2017 CHF 9,010,505 GBP 7,353,869 GBP -70,735 29.09.2017 CHF 999,972 GBP 816,304 GBP -8,033 29.09.2017 EUR 157,659,670 GBP 146,512,500 GBP -966,346 29.09.2017 EUR 177,870 GBP 165,314 GBP -1,110 29.09.2017 EUR 277,974 GBP 258,321 GBP -1,704 29.09.2017 EUR 39,392,342 GBP 36,607,146 GBP -241,448 29.09.2017 EUR 48,322 GBP 44,593 GBP 16 29.09.2017 EUR 5,664,970 GBP 5,264,434 GBP -34,722 29.09.2017 EUR 530,076 GBP 489,209 GBP 139 29.09.2017 EUR 608,555 GBP 565,596 GBP -3,798 29.09.2017 EUR 67,393,679 GBP 62,628,677 GBP -413,077 29.09.2017 EUR 8,252,505 GBP 7,669,020 GBP -50,582 29.09.2017 EUR 830,492 GBP 771,866 GBP -5,183 29.09.2017 EUR 94,695 GBP 88,010 GBP -591 29.09.2017 GBP 488 CHF 598 GBP 4 29.09.2017 USD 1,313,995 GBP 1,013,852 GBP 4,862 29.09.2017 USD 14,705,570 GBP 11,346,514 GBP 54,408 29.09.2017 USD 21,926 GBP 16,920 GBP 78 -2'432,012


233





01.09.2017 CHF 13,416 GBP 10,945 GBP -110 01.09.2017 EUR 1,254,151 GBP 1,165,272 GBP -8,062 01.09.2017 EUR 261,801 GBP 243,248 GBP -1,683 01.09.2017 GBP 101,794 CHF 124,932 GBP 896 01.09.2017 GBP 2,149 EUR 2,315 GBP 13 01.09.2017 GBP 60,084 USD 77,835 GBP -316 01.09.2017 GBP 9,255 EUR 9,970 GBP 55 01.09.2017 GBP 901,345 USD 1,167,625 GBP -4,738 04.09.2017 GBP 152,849 CHF 189,595 GBP -285 04.09.2017 GBP 186,870 CHF 231,795 GBP -348 04.09.2017 GBP 202,454 EUR 219,660 GBP -237 04.09.2017 GBP 23,530 EUR 25,530 GBP -28 04.09.2017 GBP 5,969 EUR 6,477 GBP -7 04.09.2017 GBP 59,053 EUR 64,072 GBP -69 05.09.2017 GBP 36,357 USD 47,000 GBP -111 05.09.2017 USD 100,052 GBP 77,465 GBP 168 14.09.2017 EUR 1,933,061 GBP 1,768,181 GBP 15,851 14.09.2017 EUR 3,526,191 GBP 3,210,050 GBP 44,289 14.09.2017 EUR 558,769 GBP 508,117 GBP 7,574 14.09.2017 EUR 6,000,000 GBP 5,462,484 GBP 74,947 14.09.2017 GBP 1,430,157 USD 1,832,425 GBP 8,748 14.09.2017 GBP 1,582,388 USD 2,049,976 GBP -7,783 14.09.2017 GBP 109,040,928 EUR 120,693,926 GBP -2,347,504 14.09.2017 GBP 122,410,081 USD 159,190,026 GBP -1,074,241 14.09.2017 GBP 15,459,074 AUD 25,515,249 GBP -236,920 14.09.2017 GBP 2,024,072 USD 2,606,245 GBP 2,406 14.09.2017 GBP 2,431,593 EUR 2,616,783 GBP 16,547 14.09.2017 GBP 41,805,850 USD 53,976,118 GBP -63,493 14.09.2017 GBP 7,666,170 AUD 12,436,490 GBP 15,803 14.09.2017 GBP 775,861 USD 1,000,000 GBP 160 29.09.2017 CHF 10,373,727 GBP 8,466,455 GBP -81,436 29.09.2017 CHF 124,932 GBP 101,986 GBP -1,004 29.09.2017 CHF 231,795 GBP 187,246 GBP 112 29.09.2017 CHF 29,570,641 GBP 24,133,901 GBP -232,137 29.09.2017 CHF 847,234 GBP 691,465 GBP -6,651 29.09.2017 CHF 99,083 GBP 80,050 GBP 39 29.09.2017 EUR 10,101,117 GBP 9,386,927 GBP -61,913 29.09.2017 EUR 12,378,891 GBP 11,503,654 GBP -75,874 29.09.2017 EUR 133,353 GBP 123,072 GBP 35 29.09.2017 EUR 14,146,177 GBP 13,145,985 GBP -86,706 29.09.2017 EUR 14,302,763 GBP 13,291,501 GBP -87,666 29.09.2017 EUR 2,315 GBP 2,152 GBP -14 29.09.2017 EUR 219,660 GBP 202,712 GBP 71 29.09.2017 EUR 3,006,635 GBP 2,794,054 GBP -18,429 29.09.2017 EUR 33,011 GBP 30,480 GBP -5 29.09.2017 EUR 5,456 GBP 5,038 GBP -1 29.09.2017 EUR 64,072 GBP 59,129 GBP 21 29.09.2017 EUR 7,570,368 GBP 7,035,113 GBP -46,401 29.09.2017 EUR 79,094,553 GBP 73,502,251 GBP -484,796 29.09.2017 EUR 790,967 GBP 735,042 GBP -4,848 29.09.2017 EUR 9,641 GBP 8,897 GBP 3 29.09.2017 EUR 9,970 GBP 9,266 GBP -62 29.09.2017 GBP 1,165,116 EUR 1,254,151 GBP 7,322 29.09.2017 GBP 10,944 CHF 13,416 GBP 100 29.09.2017 GBP 243,215 EUR 261,801 GBP 1,528 29.09.2017 USD 1,167,625 GBP 901,035 GBP 4,200 29.09.2017 USD 10,390,864 GBP 8,017,376 GBP 38,444 29.09.2017 USD 14,562,701 GBP 11,236,279 GBP 53,879 29.09.2017 USD 2,899,207 GBP 2,236,968 GBP 10,726 29.09.2017 USD 5,181,563 GBP 3,997,987 GBP 19,171 29.09.2017 USD 5,787 GBP 4,489 GBP -2 29.09.2017 USD 77,835 GBP 60,064 GBP 282 -4,610,490


234




Vontobel Fund - LCR Global Bond 08.09.2017 EUR 11,388,187 SEK 109,400,000 EUR -176,029 08.09.2017 EUR 17,793,761 CAD 26,600,000 EUR -45,744 08.09.2017 EUR 26,884,882 USD 32,000,000 EUR -19,990 08.09.2017 EUR 6,010,742 AUD 8,975,000 EUR 26,117 -215,646

Vontobel Fund - Multi Asset Income 20.12.2017 EUR 310,015 JPY 40,000,000 EUR 4,509 20.12.2017 EUR 704,070 CHF 800,000 EUR 2,966 21.09.2017 EUR 349,069 USD 400,000 EUR 13,014 21.09.2017 EUR 391,311 JPY 50,000,000 EUR 9,250 21.09.2017 EUR 4,609,520 USD 5,200,000 EUR 240,882 21.09.2017 EUR 434,648 GBP 400,000 EUR 1,292 21.09.2017 EUR 966,348 GBP 850,000 EUR 45,483 21.09.2017 JPY 10,000,000 EUR 77,821 EUR -1,409 21.09.2017 JPY 40,000,000 EUR 306,094 EUR -444 21.09.2017 USD 400,000 EUR 336,547 EUR -479 315,066


29.09.2017 CHF 11,501,000 EUR 10,101,241 EUR -31,353 29.09.2017 CHF 354,832 EUR 311,647 EUR -967 29.09.2017 EUR 23,736,506 GBP 22,072,435 EUR -173,067 29.09.2017 USD 4,481,000 EUR 3,720,756 EUR 42,405 -162,982

b) Futures The following futures contracts were open as at August 31, 2017 :

Sub-Funds Contract Currency Number of contracts

Commitment Unrealised gain/loss in

Sub-Fund currencyVontobel Fund - Swiss Money EURO CHF 3 MONTH

18/12/2017 CHF -24 -6‘044‘400 CHF 2‘400

EURO SCHATZ 07/09/2017 EUR -65 -7‘297‘225 CHF -8‘169 CHF -5‘769

Vontobel Fund - Euro Short Term Bond EURO SCHATZ 07/09/2017 EUR -100 -11,226,500 EUR -11,000 EUR -11,000

Vontobel Fund - Swiss Franc Bond EURO BUND 07/09/2017

EUR -50 -8‘254‘000 CHF -17‘424

CHF -17‘424

Vontobel Fund - Euro Bond EURO BOBL 07/09/2017 EUR -3 -399,420 EUR 0 EURO BUND 07/09/2017 EUR -10 -1,650,800 EUR 4,800 EURO OAT FUTURES

07/09/2017 EUR -10 -1,507,600 EUR -5,900

EURO-BUXL-FUTURES 07/09/2017

EUR -10 -1,683,400 EUR -5,280

EUR -6,380


EURO BUND 07/09/2017 EUR 45 7‘428‘600 EUR 12‘150

TREASURY BONDS USA 19/12/2017

USD 200 31‘218‘750 EUR 63‘084

EUR 75‘234


10Y BTP ITALIAN BOND 07/09/2017

EUR -240 -32‘961‘600 EUR -844‘610

10Y TREASURY NOTES USA 19/12/2017

USD -766 -97‘270‘031 EUR -411‘909


USD 1‘366 295‘482‘875 EUR -16‘650


USD -692 -82‘002‘000 EUR -177‘344

90 DAYS - EURO $ FUTURE 17/12/2018

USD -200 -49‘190‘000 EUR -168‘223

EURO BUND 07/09/2017 EUR -477 -78‘743‘160 EUR -42‘930 EURO OAT FUTURES

07/09/2017 EUR -320 -48‘243‘200 EUR -289‘600

EUR -1‘951‘266


235




Sub-Fund currency



EUR -66 -9,064,440 CHF -31,671


USD -258 -32,761,969 CHF -162,709


USD 311 67,273,188 CHF 18,679


USD -382 -45,267,000 CHF -114,719

EURO BUND 07/09/2017 EUR -41 -6,768,280 CHF 342 EURO OAT FUTURES

07/09/2017 EUR -90 -13,568,400 CHF -92,545

LONG GILT STERLING FUTURES 27/12/2017

GBP -32 -4,073,600 CHF -26,153

CHF -408,776



EUR -39 -5,356,260 EUR -16,380


USD -241 -30,603,234 EUR -133,027


USD 196 42,397,250 EUR 10,304


USD -115 -13,627,500 EUR -30,228

EURO BUND 07/09/2017 EUR -22 -3,631,760 EUR 2,285 EURO OAT FUTURES

07/09/2017 EUR -65 -9,799,400 EUR -58,500


GBP -20 -2,546,000 EUR -14,306

EUR -239,852



EUR -9 -1,236,060 EUR -3,780


USD -44 -5,587,313 EUR -24,288


USD 53 11,464,563 EUR 2,786


USD -33 -3,910,500 EUR -8,674

EURO BUND 07/09/2017 EUR 3 495,240 EUR 7,380 EURO OAT FUTURES

07/09/2017 EUR -9 -1,356,840 EUR -4,320


GBP -4 -509,200 EUR -2,861

EUR -33,757



USD -8 -1,015,875 USD 1,000,


USD -11 1,717,031 USD 2,836

USD 3,836


CBOE SPX VOLATILITY INDEX 20/09/2017

USD 2 25‘250 EUR -2‘767

DJS 600 OIL & GAS STOXX 600 15/09/2017

EUR 10 142‘600 EUR -1‘250

EUR/USD SPOT -CROSS RATES 18/09/2017

USD 32 4‘764‘800 EUR 123‘533

S&P 500 EMINI INDEX 15/09/2017

USD 2 247‘000 EUR 2‘218

TOPIX INDEX (TOKYO) 07/09/2017

JPY 1 16‘210‘000 EUR -343

VSTOXX 20/09/2017 EUR 20 31‘900 EUR -3‘750 EUR 117‘641


236




Sub-Fund currency



USD -10 -1‘690‘625 EUR -10‘513

DJS 600 OIL & GAS STOXX 600 15/09/2017

EUR 25 356‘500 EUR -17‘500


USD 60 8‘934‘000 EUR 411‘199

EURO BUND 07/09/2017 EUR -23 -3‘796‘840 EUR -10‘810 EURO STOXX 50 PR

15/09/2017 EUR -20 -684‘800 EUR -4‘400


EUR -2 -336‘680 EUR -3‘280

FTSE MIB INDEX 15/09/2017 EUR 3 324‘945 EUR 9‘645 MSEMI - MSCI EMER MKTS

INDEX 15/09/2017 USD 10 543‘100 EUR 30‘490

NIKKEI 225 INDICES D 07/09/2017

JPY 4 78‘760‘000 EUR -7‘948


USD -15 -1‘852‘500 EUR -20‘250

EUR 376‘633



USD 800 101‘587‘500 USD 518‘780


USD 700 82‘950‘000 USD 213‘290

EURO BOBL 07/09/2017 EUR -270 -35‘947‘800 USD -6‘420

EURO BUND 07/09/2017 EUR -460 -75‘936‘800 USD -217‘500


EUR -450 -75‘753‘000 USD -282‘652


GBP -450 -57‘285‘000 USD -382‘699


USD 650 101‘460‘938 USD 959‘757

USD 802‘556



EUR -17 -2,334,780 USD -8,488


USD -98 -12,444,469 USD -64,313


USD 102 22,063,875 USD 6,375


USD -47 -5,569,500 USD -14,688

EURO BUND 07/09/2017 EUR 6 990,480 USD 17,548


GBP -9 -1,145,700 USD -7,654


USD -10 -1,235,000 USD 2,875

USD -68,345



USD 100 21‘631‘250 USD 6‘250


USD 60 10‘143‘750 USD 101‘250


USD -160 -18‘960‘000 USD -50‘000

USA 2% 15-15.08.25 /TBO 19/12/2017

USD -70 -9‘557‘188 USD -71‘094

USD -13‘594


237




Sub-Fund currency



USD 15 1‘904‘766 USD 9‘726


USD 7 829‘500 USD 2‘133

EURO BOBL 07/09/2017 EUR -4 -532‘560 USD -95 EURO BUND 07/09/2017 EUR -5 -825‘400 USD -2‘364 EURO-BUXL-FUTURES

07/09/2017 EUR -6 -1‘010‘040 USD -8‘442


GBP -7 -891‘100 USD -5‘953


USD 6 936‘563 USD 8‘859

USD 3‘864

Vontobel Fund - Emerging Markets Corporate Bonds


USD 6 761‘906 USD 3‘890


USD 5 592‘500 USD 1‘524

EURO BOBL 07/09/2017 EUR -6 -798‘840 USD -143

EURO BUND 07/09/2017 EUR -9 -1‘485‘720 USD -4‘255


EUR -2 -336‘680 USD -2‘814


GBP -10 -1‘273‘000 USD -8‘504


USD 2 312‘188 USD 2‘953

USD -7‘349



USD -8 -1,191,200 EUR -58,625

EURO STOXX 50 PR 15/09/2017

EUR -45 -1,540,800 EUR 37,800

MSEMI - MSCI EMER MKTS INDEX 15/09/2017

USD -25 -1,357,750 EUR -94,205


USD -34 -4,199,000 EUR -49,689

EUR -164,719

Vontobel Fund - Multi Asset Income 10Y BTP ITALIAN BOND 07/09/2017

EUR -9 -1,236,060 EUR -32,580


USD -7 -888,891 EUR -2,254

EURO BOBL 07/09/2017 EUR -10 -1,331,400 EUR -6,950

EURO BUND 07/09/2017 EUR -10 -1,650,800 EUR -3,210


GBP -2 -254,600 EUR 477

EUR -44,517


238


c) Swaps The counterparties to the swap contracts listed below are Barclays Bank, Citigroup Global Market London, Credit Suisse International London, JP Morgan Securities and Société Générale Paris. The following swap contracts were open as at August 31, 2017 : Vontobel Fund - Swiss Franc Bond Credit Default Swaps

Type Counter-

partyNotional

ValueCurrency

Sub-Fund pays to/receives from the

counterparty

Currency MaturityInterest receivable/

interest payableon swaps

Unrealised gain/loss in Sub-

Fund currency

Deposited collateral

Form Value

CDS Protection Buyer

JPM SEC PLC 5,000,000 EUR 0 CHF 20.06.2021 -57,127 -655,120 Cash

-1,405,314 CDS

Protection Buyer

JPM SEC PLC 5,000,000 EUR 0 CHF 20.06.2021 -57,127 -655,120 Cash


CS INTL LDN 10,000,000 EUR 0 CHF 20.06.2022 -114,253 -1,337,033 Cash -1,350,000

Underlyings: MARKIT ITRX EUR XOVER 06/21, MARKIT ITRX EUR XOVER 06/22

Total CHF -228,507 CHF -2,647,273 CHF -2,755,314

Vontobel Fund - EUR Corporate Bond Mid Yield Credit Default Swaps

Type Counter-

partyNotional

ValueCurrency


counterparty




Fund currency


Form Value

CDS Protection Buyer SG PARIS100,000,000 EUR 0 EUR 20.06.2022 -1,000,000 -11,702,349

Underlyings: MARKIT ITRX EUR XOVER 06/22

Total EUR -1,000,000 EUR -11,702,349

Vontobel Fund - High Yield Bond Credit Default Swaps

Type Counter-

partyNotional

ValueCurrency


counterparty

Currency Maturity Interest receivable/



Fund currency


Form Value


CS INTL LDN 10,000,000 EUR 0 EUR 20.06.2022 -100,000 -1,170,235 Cash -1,250,000


BARCLAYS BK PLC 10,000,000 USD 0 EUR 20.06.2022 -84,111 -607,401 Cash

Underlyings: MARKIT ITRX EUR XOVER 06/22, MARKIT CDX.NA.HY.28 06/22

Total EUR -184,111 EUR -1,777,636 EUR -1,250,000


Credit Default Swaps

Type Counter-

partyNotional

ValueCurrency


counterparty

Currency Maturity Interest receivable/



Fund currency


Form Value


JPM SEC PLC100'000'000 EUR 0 EUR 20.06.2021 -200'000 -2'240'968 Cash -2,350,000

Underlyings: MARKIT ITRX EUROPE 06/21

Total EUR -200,000 EUR -2'240'968 EUR -2,350,000


239


Vontobel Fund - Absolute Return Bond Dynamic Credit Default Swaps

Type Counter-

partyNotional

ValueCurrency


counterparty




Fund currency


Form Value


CITI GLOBAL

LDN 3'000'000 EUR 0 EUR 20.06.2022 -6,000 -64'505 Cash -100,000


Total EUR -6,000 EUR -64,505 EUR -100,000



Type Counter-

partyNotional

ValueCurrency


counterparty




Fund currency


Form Value


BARCLAYS BK PLC 10'000'000 EUR 0 USD 20.12.2021 -23'778 -264,698 Cash -280,000


JPM SEC PLC 15'000'000 USD 0 USD 20.06.2022 -30'000 -286,921 Cash

-558,783 CDS

Protection Buyer

JPM SEC PLC 10'000'000 EUR 0 USD 20.12.2021 -23,778 -264,698 Cash

Underlyings: MARKIT CDX.NA.IG.28 06/22, MARKIT ITRX EUROPE 12/21

Total USD -77,556 USD -816,317 USD -838,783



Type Counter-

partyNotional

ValueCurrency


counterparty




Fund currency


Form Value


BARCLAYS BK PLC 6'000'000 EUR 0 USD 20.06.2022 -71'334 -834,775

Underlyings: MARKIT ITRX EUR XOVER 06/22

Total USD -71'334 USD -834,775



Type Counter-

partyNotional

ValueCurrency


counterparty




Fund currency


Form Value


JPM SEC PLC 1'000'000 EUR 0 EUR 20.06.2022 -2'000 -21'502


Total EUR -2’000 EUR -21’502


240

9 Off-balance-sheet transactions (continued) d) Contracts for difference

The counterparties of the CFDs listed below are Citi Global London, Goldman Sachs, JP Morgan London Securities, Macquarie Bank Limited, Morgan Stanley, Société Générale and UBS London.

The following contracts for difference were open as at August 31, 2017:

Vontobel Fund - Commodity - Long positions

CFD Counterparty Currency Maturity Notional Unrealised



Form

BBG COM IND - BCOM 31/12/2099 CITI GLOBAL LDN

USD 31.12.2099 42,000,000 1,054,331 Cash*

BBG COM IND 3M FRWD - BCOMF3 31/12/2099

GOLDMAN INTL

USD 31.12.2099 91,905,158 2,372,007 Cash*


JPM SEC PLC USD 31.12.2099 67,399,530 1,659,906 Cash*


MACQUARIE USD 31.12.2099 81,600,936 2,009,656 Cash*


MSCI LDN USD 31.12.2099 36,260,279 893,013 Cash*


SG PARIS USD 31.12.2099 26,735,872 658,447 Cash*

BBGCI-F6 INDEX - BCOMF6 31/12/2099

SG PARIS USD 31.12.2099 96,528,810 2,106,040 Cash*

BO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 10,284,459 411,052 Cash* BRENT CRUDE 31/12/2099 JPM SEC PLC USD 31.12.2099 157,160,015 4,735,335 Cash* CC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 6,619,280 150,970 Cash* COFFEE OVER 31/12/2099 JPM SEC PLC USD 31.12.2099 17,108,218 242,978 Cash* CORN OVERWE 31/12/2099 JPM SEC PLC USD 31.12.2099 163,038 2,795 Cash* COTTON OVER 31/12/2099 JPM SEC PLC USD 31.12.2099 24,407,270 284,549 Cash* EN0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 122,709,243 1,248,920 Cash* GC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 29,618,190 256,752 Cash* HEATING OIL 31/12/2099 JPM SEC PLC USD 31.12.2099 73,031,640 2,642,493 Cash* HO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 48,362,510 1,045,752 Cash* J.P. MORGAN LHO OW DIVERSFD IND 31/12/20

JPM SEC PLC USD 31.12.2099 38,507,580 363,673 Cash*

JMABW33E -JP MORGAN EW33 COM.ER 31/12/20


JMABWMW0 - MINEAPOLIS WHEAT 31/12/2099


JMABWS0 J.P.MORGAN SOYBEAN OV 31/12/2099


JP MORGAN LV0 UW DIVERSFD IND 31/12/2099


LA0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 47,787,070 775,235 Cash* LC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 23,423,620 93,345 Cash* LL0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 19,144,940 170,059 Cash* LX0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 23,308,003 449,083 Cash* MQ CUSTOM 136 ER INDEX 31/12/2099

MACQUARIE USD 31.12.2099 20,000,000 528,693 Cash*

MQCE0011-MBL ISSUED CERT BCOMNG 31/12/20


MQCE0018-MBL ISSUED BCOMCO3 31/12/2099


MS DYNAMIC ROLL - MOTC3395 31/12/2099

MSCI LDN USD 31.12.2099 154,590,565 5,996,487 Cash*

NATURAL GAS 31/12/2099 JPM SEC PLC USD 31.12.2099 54,088,422 1,321,412 Cash* NICKEL OVER 31/12/2099 JPM SEC PLC USD 31.12.2099 21,342,020 260,816 Cash* PALLADIUM O 31/12/2099 JPM SEC PLC USD 31.12.2099 92,263,557 2,426,237 Cash* PM0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 28,482,961 689,472 Cash* PRE-ROLL (B 31/12/2099 CITI GLOBAL

LDN USD 31.12.2099 227,695,522 5,931,282 Cash*

QS0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 143,381,909 3,701,058 Cash* SEASONAL CA 31/12/2099 SG PARIS USD 31.12.2099 80,365,182 341,503 Cash* SGI LIQUIDI 31/12/2099 SG PARIS USD 31.12.2099 34,563,200 839,531 Cash* SI0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 30,658,970 473,963 Cash* SM0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 26,328,290 559,770 Cash* SO0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 40,522,260 806,627 Cash* SOYBEAN MEA 31/12/2099 JPM SEC PLC USD 31.12.2099 29,408,215 634,315 Cash* TIN OVERWEI 31/12/2099 JPM SEC PLC USD 31.12.2099 39,410,572 1,059,791 Cash*


241

9 Off-balance-sheet transactions (continued) Vontobel Fund - Commodity - Long positions (continued)




Form

UBS LN PERP CERT /DJUBSKC3 31/12/2099

UBS AG LDN USD 31.12.2099 11,942,324 -172,723 Cash*

UBS LN PERP CERT DJUBSBO 31/12/2099

UBS AG LDN USD 31.12.2099 15,049,928 43,037 Cash*

UBS LN PERP CERT DJUBSBO3 31/12/2099


UBS LN PERP CERT DJUBSCC 31/12/2099


UBS LN PERP CERT DJUBSCN 31/12/2099


UBS LN PERP CERT DJUBSCT3 31/12/2099


UBS LN PERP CERT DJUBSFC 31/12/2099


UBS LN PERP CERT DJUBSHO 31/12/2099

UBS AG LDN USD 31.12.2099 24,655,236 1,359,404 Cash*

UBS LN PERP CERT DJUBSLC 31/12/2099

UBS AG LDN USD 31.12.2099 463,898 -12,734 Cash*

UBS LN PERP CERT DJUBSLC3 31/12/2099


UBS LN PERP CERT DJUBSLH 31/12/2099


UBS LN PERP CERT DJUBSNG3 31/12/2099

UBS AG LDN USD 31.12.2099 57,727,270 1,006,674 Cash*

UBS LN PERP CERT DJUBSSB3 31/12/2099


UBS LN PERP CERT DJUBSSM 31/12/2099


UBS LN PERP CERT DJUBSZS3 31/12/2099


UBS LN PERP CERT/DJUBSGO 31/12/2099


WHEAT OVERW 31/12/2099 JPM SEC PLC USD 31.12.2099 27,733,500 305,909 Cash* WTI CRUDE O 31/12/2099 JPM SEC PLC USD 31.12.2099 156,767,754 2,521,105 Cash* XB0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 22,186,910 621,515 Cash* Total USD 64,404,376

Vontobel Fund - Commodity - Short positions




Form

BBG COM IND - BCOM 31/12/2099 CITI GLOBAL LDN

USD 31.12.2099 -133,178,233 -3,447,746 Cash*

BBG COM IND - BCOM 31/12/2099 MSCI LDN USD 31.12.2099 -310,460,907 -7,457,614 Cash* BBG COM IND - BCOM 31/12/2099 SG PARIS USD 31.12.2099 -147,024,711 -3,690,777 Cash* BBG COM IND 3M FRWD - BCOMF3 31/12/2099

GOLDMAN INTL

USD 31.12.2099 -10,000,000 -246,279 Cash*

BM0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -60,883,869 -1,121,700 Cash* BRENT CRUDE 31/12/2099 JPM SEC PLC USD 31.12.2099 -103,557,080 -1,724,597 Cash* CL0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -126,482,957 -980,560 Cash* EN0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -119,702,620 -895,308 Cash* FC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -14,287,404 -336,075 Cash* GR0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -26,076,562 -864,110 Cash* J.P. MORGAN LHO OW DIVERSFD IND 31/12/20

JPM SEC PLC USD 31.12.2099 -61,911,010 580,824 Cash*


JPM SEC PLC USD 31.12.2099 -639,581,685 -13,942,675 Cash*


JPM SEC PLC USD 31.12.2099 -43,905,910 -684,724 Cash*

LC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -14,562,140 -135,967 Cash* MBL ISSUED CERT-DJUBSHG 31/12/2099

MACQUARIE USD 31.12.2099 -5,981,601 -215,399 Cash*


MACQUARIE USD 31.12.2099 -49,604,192 -1,600,135 Cash*


242


Vontobel Fund - Commodity - Short positions (continued)




Form

MQCE0015-MBL ISSU CERT BCOMCL3 31/12/209

MACQUARIE USD 31.12.2099 -38,745 -1,299 Cash*



NATURAL GAS 31/12/2099 JPM SEC PLC USD 31.12.2099 -105,682,829 -2,914,678 Cash* NG0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -32,677,980 -598,508 Cash* NICKEL OVER 31/12/2099 JPM SEC PLC USD 31.12.2099 -51,287,823 -1,955,227 Cash* PALLADIUM O 31/12/2099 JPM SEC PLC USD 31.12.2099 -25,106,750 -269,976 Cash* PM0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -41,356,290 -729,942 Cash* QS0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -47,234,480 -1,675,906 Cash* SB0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -45,174,088 -1,777,220 Cash* SEASONAL CA 31/12/2099 SG PARIS USD 31.12.2099 -80,852,619 651,923 Cash* SI0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -41,208,696 -1,099,785 Cash* SO0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -12,733,950 -198,265 Cash* UBS LN PERP CERT DJUBSBO 31/12/2099

UBS AG LDN USD 31.12.2099 -4,000,000 -42,660 Cash*





UBS LN PERP CERT DJUBSNG 31/12/2099


UBS LN PERP CERT DJUBSRB 31/12/2099


UBS LN PERP CERT DJUBSRB3 31/12/2099


UBS LN PERP CERT DJUBSWH 31/12/2099


UBS LN PERP CERT/DJUBSGO 31/12/2099

UBS AG LDN USD 31.12.2099 -7,000,000 0 Cash*

WHEAT OVERW 31/12/2099 JPM SEC PLC USD 31.12.2099 -25,241,494 -413,027 Cash* WTI CRUDE O 31/12/2099 JPM SEC PLC USD 31.12.2099 -1,903,029 -54,057 Cash* XB0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -10,128,690 -135,098 Cash* Total USD -50,147,760 * The total sum of the deposited collateral as at August 31, 2017 amounts to USD 1,370,000 (Citi Global London), USD 640,000 (Goldman Sachs), USD 1,986,057 (J.P. Morgan Securities), USD 1,400,000 (Macquarie Bank Limited), USD 1,400,000 (Morgan Stanley), USD 1,100,000 (Société Générale) and USD 3,146,186 (UBS AG London).

Vontobel Fund - Commodity - Short/long positions

Total USD 14,256,616

Vontobel Fund - Dynamic Commodity - Long positions




Form


GOLDMAN INTL

USD 31.12.2099 2,335,229 60,271 Cash*


JPM SEC PLC USD 31.12.2099 786,807 19,377 Cash*




GOLDMAN INTL

USD 31.12.2099 56,453,404 1,467,270 Cash*



BM0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 11,310,314 283,612 Cash* BO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 11,888,650 232,929 Cash* C0 OW DIVER 31/12/2099 JPM SEC PLC USD 31.12.2099 5,023,600 79,700 Cash* CC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 3,309,030 76,093 Cash* CL0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 4,881,720 24,194 Cash* CO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 36,484,566 927,848 Cash* CORN OVERWE 31/12/2099 JPM SEC PLC USD 31.12.2099 38,944,796 667,013 Cash* CT0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 11,392,620 241,844 Cash* EN0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 64,459,610 867,945 Cash* FC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 3,613,680 20,107 Cash*


243


Vontobel Fund - Dynamic Commodity - Long positions (continued)




Form GASOLINE OV 31/12/2099 JPM SEC PLC USD 31.12.2099 5,323,630 76,170 Cash* GC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 6,314,714 165,377 Cash* GR0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 41,780,664 1,384,503 Cash* HO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 35,962,524 949,983 Cash* JMABWS0 J.P.MORGAN SOYBEAN OV 31/12/2099

JPM SEC PLC USD 31.12.2099 684,425 16,687 Cash*



KW0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 3,332,539 57,490 Cash* LC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 11,724,310 34,177 Cash* MACQUARIE COMMODITY INVESTOR 31/12/2099


MACQUARIE MBL ISSUED CERT 31/12/2099

MACQUARIE USD 31.12.2099 655,432 25,460 Cash*

MBL ISSUED CERT MQCE0002 31/12/2099



MACQUARIE USD 31.12.2099 783,500 2,250 Cash*

MBL ISSUED CERTIFICATE DJUBSGC 31/12/209


MBL ISSUED CERTIFICATE DJUBSSI 31/12/209


MQCE0003 - MBL ISSUED CERT 31/12/2099


MQCE0006 -MBL ISSUED CERT 31/12/2099




MQCE0012-MBL ISSUED BCOMNG3 31/12/2099






MQCE0016-MBL ISSUED BCOMCL6 31/12/2099


MQCE0017-MBL ISSUED BCOMC0 31/12/2099






MQCE0020 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 4,945,301 63,700 Cash* MQCE0021 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 7,778,101 282,898 Cash* NG0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 9,476,040 96,081 Cash* PA0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 1,424,846 38,134 Cash* QS0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 28,709,708 564,101 Cash* S0 OW DIVER 31/12/2099 JPM SEC PLC USD 31.12.2099 7,378,120 153,458 Cash* SB0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 2,115,750 98,502 Cash* SI0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 8,367,949 223,325 Cash* SM0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 2,105,260 45,781 Cash* SOYBEAN OVE 31/12/2099 JPM SEC PLC USD 31.12.2099 4,791,919 117,883 Cash* UBS LN PERP CERT /BSKT 31/12/2099


UBS LN PERP CERT /DJUBSKC3 31/12/2099




UBS LN PERP CERT DJUBSCC 31/12/2099

UBS AG LDN USD 31.12.2099 619,867 -22,038 Cash*


UBS AG LDN USD 31.12.2099 1,500,000 0 Cash*

UBS LN PERP CERT DJUBSCN3 31/12/2099


UBS LN PERP CERT DJUBSCO 31/12/2099


UBS LN PERP CERT DJUBSCT3 31/12/2099

UBS AG LDN USD 31.12.2099 805,743 10,596 Cash*


244


Vontobel Fund - Dynamic Commodity - Long positions (continued)




Form UBS LN PERP CERT DJUBSHO 31/12/2099


UBS LN PERP CERT DJUBSKW3 31/12/2099




UBS LN PERP CERT DJUBSLH 31/12/2099


UBS LN PERP CERT DJUBSNG 31/12/2099


UBS LN PERP CERT DJUBSNI 31/12/2099


UBS LN PERP CERT DJUBSPL 31/12/2099


UBS LN PERP CERT DJUBSRB 31/12/2099


UBS LN PERP CERT DJUBSRB3 31/12/2099

UBS AG LDN USD 31.12.2099 1,500,000 0 Cash*

UBS LN PERP CERT DJUBSSB 31/12/2099


UBS LN PERP CERT DJUBSSB3 31/12/2099


UBS LN PERP CERT DJUBSSM3 31/12/2099


UBS LN PERP CERT DJUBSSY 31/12/2099


UBS LN PERP CERT DJUBSSY3 31/12/2099


UBS LN PERP CERT DJUBSWH3 31/12/2099


UBS LN PERP CERT DJUBSZS 31/12/2099


W0 OW DIVER 31/12/2099 JPM SEC PLC USD 31.12.2099 6,221,805 100,553 Cash* XB0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 20,794,228 1,248,173 Cash* Total USD 25,228,501

Vontobel Fund - Dynamic Commodity - Short positions




Form BBG COM IND - BCOM 31/12/2099 SG PARIS USD 31.12.2099 -52,796,337 -1,325,352 Cash* BO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -3,257,439 -130,194 Cash*

BRENT CRUDE 31/12/2099 JPM SEC PLC USD 31.12.2099 -10,199,275 -308,619 Cash*

C0 OW DIVER 31/12/2099 JPM SEC PLC USD 31.12.2099 -47,250,858 -779,140 Cash*

CL0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -74,031,974 -811,212 Cash*

CO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -5,152,380 -84,177 Cash*

EN0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -76,917,411 -865,249 Cash*

FC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -3,561,755 -83,781 Cash*

GASOLINE OV 31/12/2099 JPM SEC PLC USD 31.12.2099 -13,270,984 -430,920 Cash*

GR0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -18,709,080 -465,470 Cash*

HG0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -5,021,848 -151,348 Cash*

HO0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -9,044,830 -366,276 Cash*






245


Vontobel Fund - Dynamic Commodity - Short positions (continued)




Form LC0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -5,803,850 -75,392 Cash* LL0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -1,102,148 260 Cash* LN0 OW DIVE 31/12/2099 31/12/2099


LP0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -5,002,843 -146,712 Cash* MBL ISSUED CERT MQCE0008 31/12/2099


MBL ISSUED CERT-DJUBSHG 31/12/2099












MQCE0014-MBL ISSUED CERT BCOMCL 31/12/20





MACQUARIE USD 31.12.2099 -29,293,559 -1,521,187 Cash*





MQCE0020 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 -63,862,953 -2,655,267 Cash* MQCE0021 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 -74,927,993 -3,614,785 Cash* MW0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -377,890 -1,992 Cash* NG0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -6,170,418 -131,271 Cash* PL0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -1,549,557 -37,715 Cash* PM0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -10,122,275 -245,024 Cash* QS0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -4,724,350 -166,690 Cash* S0 OW DIVER 31/12/2099 JPM SEC PLC USD 31.12.2099 -11,867,262 -354,334 Cash* SM0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -6,968,043 -174,599 Cash* SO0 UW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -11,841,677 -237,537 Cash* SOYBEAN MEA 31/12/2099 JPM SEC PLC USD 31.12.2099 -5,300,903 -116,099 Cash* UBS LN PERP CERT /BSKT 31/12/2099


UBS LN PERP CERT BSKT DJPAE 31/12/2099




UBS LN PERP CERT DJUBSCN3 31/12/2099




UBS LN PERP CERT DJUBSLH3 31/12/2099



UBS AG LDN USD 31.12.2099 -752,059 -13,115 Cash*

UBS LN PERP CERT DJUBSSY 31/12/2099


UBS LN PERP CERT DJUBSWH6 31/12/2099


XB0 OW DIVE 31/12/2099 JPM SEC PLC USD 31.12.2099 -17,730,720 -516,021 Cash* Total USD -21,319,308

* The total sum of the deposited collateral as at August 31, 2017 amounts to USD 530,000 (Goldman Sachs), USD 1,166,311 (J.P. Morgan Securities), USD 150,000 (Macquarie Bank Limited), USD 420,000 (Société Générale) and USD 1,960,000 (UBS AG London).

Vontobel Fund - Dynamic Commodity - Short/long positions

Total USD 3,909,193


246


Vontobel Fund - Non-Food Commodity - Long positions




Form BBUXALC INDEX 31/12/2099 MACQUARIE USD 31.12.2099 4,351,511 175,792 Cash* EN0 UW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 20,905,466 266,640 HO0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 15,752,180 356,301 MACQUARIE COMMODITY CUSTOM PROD 31/12/20


MACQUARIE MQCC254E 31/12/2099





MACQUARIE USD 31.12.2099 1,665,120 -4,273 Cash*



MQ CUSTOM 136 ER INDEX 31/12/2099








MQCE0016-MBL ISSUED BCOMCL6 31/12/2099








MQCE0020 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 4,999,999 125,357 Cash* NB0 UW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 1,400,935 47,928 QS0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 9,155,141 287,125 SI0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 2,912,971 90,831 UBS LN PERP CERT DJUBSAL3 31/12/2099


UBS LN PERP CERT DJUBSCO 31/12/2099


UBS LN PERP CERT DJUBSCO3 31/12/2099


UBS LN PERP CERT DJUBSHO 31/12/2099




UBS LN PERP CERT DJUBSPB 31/12/2099


UBS LN PERP CERT DJUBSSI 31/12/2099


XB0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 11,502,790 494,781 Total USD 10,170,449


247


Vontobel Fund - Non-Food Commodity - Short positions




Form CL0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 -21,996,273 -293,355 EN0 UW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 -21,771,260 -271,720 HO0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 -4,445,994 -212,733 LL0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 -2,026,269 -14,155 MBL ISSUED CERT MQCE0008 31/12/2099


MBL ISSUED CERT-DJUBSHG 31/12/2099














MQCE0014-MBL ISSUED CERT BCOMCL 31/12/20








MQCE0020 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 -23,156,138 -1,028,412 Cash* MQCE0021 INDEX 31/12/2099 MACQUARIE USD 31.12.2099 -41,164,252 -2,012,288 Cash* PM0 UW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 -2,066,287 -63,500 UBS LN PERP CERT DJUBSRB3 31/12/2099


XB0 OW EXAL 31/12/2099 JPM SEC PLC USD 31.12.2099 -8,277,734 -467,929 Total USD -6,327,129

* The total sum of the deposited collateral as at August 31, 2017 amounts to USD 1,300,000 (Macquarie Bank Limited) and USD 41 (UBS AG London). Vontobel Fund - Non-Food Commodity - Short/long positions

Total USD 3,843,320


248


e) Options The following options were open as at August 31, 2017 : Vontobel Fund - Bond Global Aggregate

Description Quantity Strike price

Currency Maturity Market value

Commitment Cost price


Fund currency CALL USD/KRW SPOT CROSS 130,000,000 1,200 USD 19.10.2017 183,443 1,226,842,880 870,025 -686,582 CALL USD/HKD SPOT CROSS -195,000,000 8 USD 12.01.2018 -1,927 -12,835,983 -810,288 808,361 CALL USD/CAD SPOT CROSS -195,000,000 1 USD 23.03.2018 -92,791 -2,046,852 -1,348,568 1,255,777 PUT EUR/NOK SPOT CROSS 104,000,000 9 EUR 26.03.2018 74,837 9,611,160 394,160 -319,323 CALL EUR/USD SPOT CROSS 260,000,000 1 EUR 19.10.2017 2,367,984 3,097,120 730,600 1,637,384 PUT GBP/USD SPOT CROSS 65,000,000 1 GBP 18.09.2017 6,487 911,598 455,075 -448,588 CALL USD/KRW SPOT CROSS -65,000,000 1,400 USD 27.06.2018 -241,282 -613,421,440 -362,668 121,386 CALL USD/KRW SPOT CROSS -65,000,000 1,300 USD 27.06.2018 -528,828 -613,421,440 -644,108 115,280 CALL USD/KRW SPOT CROSS -65,000,000 1,230 USD 15.11.2017 -123,510 -613,421,440 -321,318 197,808 PUT GBP/USD SPOT CROSS -227,500,000 1 GBP 16.02.2018 -562,023 -3,190,595 -687,468 125,445 PUT EUR/JPY SPOT - CROSS RATES -260,000,000 115 EUR 16.08.2018 -2,354,656 -340,392,000 -2,627,560 272,904 CALL USD/HKD SPOT CROSS 97,500,000 8 USD 22.01.2018 1,269 6,417,991 25,692 -24,422 CALL USD/JPY SPOT CROSS -97,500,000 112 USD 26.09.2017 -220,629 -90,279,145 -235,659 15,030 CALL USD/RUB SPOT CROSS 80,000,000 105 USD 15.11.2017 0 38,993,187 111,711 -111,711 PUT EUR/USD SPOT -CROSS RATES -130,000,000 1 EUR 20.02.2018 -23,845 -1,548,560 -845,000 821,155 CALL EUR/USD SPOT CROSS -260,000,000 1 EUR 19.10.2017 -2,367,984 -3,097,120 -216,580 -2,151,404 PUT EUR/JPY SPOT - CROSS RATES 162,500,000 125 EUR 16.02.2018 1,727,175 212,745,000 2,087,313 -360,137 PUT AUD/JPY SPOT CROSS 97,500,000 75 AUD 01.11.2017 2,866 56,823,403 2,561,920 -2,559,054 CALL USD/RUB SPOT CROSS -80,000,000 105 USD 15.11.2017 0 -38,993,187 -809,806 809,806 CALL USD/HKD SPOT CROSS 195,000,000 8 USD 12.01.2018 427,276 12,835,983 1,266,657 -839,381 PUT USD/TRY SPOT CROSS 195,000,000 4 USD 16.01.2018 2,441,468 5,688,607 1,851,627 589,841 CALL USD/CNH SPOT CROSS -130,000,000 8 USD 03.04.2018 -7,791 -8,575,580 -743,257 735,466 CALL USD/CNH SPOT CROSS 130,000,000 7 USD 03.04.2018 225,202 8,575,580 2,280,090 -2,054,888 CALL EUR/USD SPOT CROSS 260,000,000 1 EUR 19.10.2017 5,102,180 3,097,120 482,170 4,620,010 CALL USD/JPY SPOT CROSS 97,500,000 125 USD 18.06.2018 129,234 90,279,145 265,549 -136,315 CALL GBP/USD SPOT CROSS -65,000,000 1 GBP 18.09.2017 -95,840 -911,598 -513,855 418,014 CALL USD/KRW SPOT CROSS 65,000,000 1,225 USD 27.06.2018 824,614 613,421,440 1,102,306 -277,692 PUT GBP/USD SPOT CROSS 130,000,000 1 GBP 15.11.2017 781,963 1,823,197 844,282 -62,320 CALL USD/KRW SPOT CROSS 97,500,000 1,215 USD 17.05.2018 1,133,748 920,132,160 1,419,842 -286,094 PUT USD/JPY SPOT CROSS 97,500,000 105 USD 26.09.2017 43,004 90,279,145 49,096 -6,092 PUT GBP/USD SPOT CROSS 130,000,000 1 GBP 21.12.2017 218,739 1,823,197 246,707 -27,969


249


Vontobel Fund - Bond Global Aggregate (continued)



Commitment Cost price


Fund currency PUT USD/TRY SPOT CROSS -195,000,000 3 USD 16.01.2018 -600,431 -5,688,607 -1,011,315 410,885 CALL USD/CAD SPOT CROSS 130,000,000 1 USD 23.03.2018 127,231 1,364,568 1,645,036 -1,517,804 CALL USD/JPY SPOT CROSS 97,500,000 112 USD 26.09.2017 220,629 90,279,145 169,727 50,903 PUT USD/RUB SPOT CROSS 80,000,000 60 USD 15.11.2017 2,243,831 38,993,187 1,018,595 1,225,236 CALL USD/CNH SPOT CROSS 65,000,000 7 USD 03.04.2018 347,060 4,287,790 347,060 0 PUT EUR/USD SPOT -CROSS RATES 130,000,000 1 EUR 20.02.2018 23,845 1,548,560 958,750 -934,905 CALL USD/JPY SPOT CROSS 97,500,000 127 USD 21.05.2018 67,232 90,279,145 274,341 -207,109 CALL USD/CNH SPOT CROSS -390,000,000 8 USD 17.11.2017 0 -25,726,740 -2,346,908 2,346,908 CALL USD/CNH SPOT CROSS 195,000,000 7 USD 17.11.2017 1,015 12,863,370 2,844,869 -2,843,854 CALL USD/KRW SPOT CROSS 97,500,000 1,220 USD 26.03.2018 850,586 920,132,160 1,489,189 -638,603 CALL USD/KRW SPOT CROSS 140,000,000 1,200 USD 12.10.2017 165,522 1,321,215,409 484,107 -318,585 PUT AUD/JPY SPOT CROSS 130,000,000 81 AUD 25.07.2018 2,104,432 75,764,538 2,189,091 -84,659 CALL USD/HKD SPOT CROSS -97,500,000 8 USD 22.01.2018 -212,861 -6,417,991 -191,445 -21,417 PUT USD/TRY SPOT CROSS -195,000,000 4 USD 19.01.2018 -2,445,686 -5,688,607 -1,667,692 -777,994 CALL USD/KRW SPOT CROSS -195,000,000 1,315 USD 26.03.2018 -761,786 -1,840,264,320 -1,382,895 621,109 PUT AUD/JPY SPOT CROSS -227,500,000 76 AUD 25.07.2018 -1,904,747 -132,587,941 -2,091,700 186,953 CALL EUR/USD SPOT CROSS -260,000,000 2 EUR 19.10.2017 -5,102,180 -3,097,120 -1,583,400 -3,518,780 PUT AUD/JPY SPOT CROSS -195,000,000 70 AUD 01.11.2017 -2,292 -113,646,807 -2,799,617 2,797,325 PUT USD/TRY SPOT CROSS 195,000,000 3 USD 19.01.2018 611,661 5,688,607 729,672 -118,011 CALL USD/CNH SPOT CROSS -130,000,000 7 USD 03.04.2018 -49,400 -8,575,580 -1,243,542 1,194,142 CALL EUR/CHF SPOT CROSS -32,500,000 1 EUR 04.09.2017 -783,490 -371,166 -64,188 -719,302 PUT GBP/USD SPOT CROSS 130,000,000 1 GBP 21.09.2017 51,622 1,823,197 262,257 -210,636 CALL USD/KRW SPOT CROSS 130,000,000 1,150 USD 05.01.2018 367,854 1,226,842,880 421,926 -54,072 PUT USD/RUB SPOT CROSS -80,000,000 60 USD 15.11.2017 -2,243,831 -38,993,187 -2,383,169 139,337 CALL USD/KRW SPOT CROSS -140,000,000 1,200 USD 12.10.2017 -165,522 -1,321,215,409 -557,871 392,349 CALL USD/KRW SPOT CROSS -156,000,000 1,340 USD 17.08.2018 -1,208,809 -1,472,211,456 -1,521,141 312,332 CALL USD/CNH SPOT CROSS -130,000,000 7 USD 03.04.2018 -292,388 -8,575,580 -292,388 0 CALL EUR/NOK SPOT CROSS -104,000,000 11 EUR 26.03.2018 -63,444 -9,611,160 -413,400 349,956 PUT USD/JPY SPOT CROSS -97,500,000 105 USD 26.09.2017 -43,004 -90,279,145 -125,953 82,949 PUT FUT-US LONG BOND-DEC17 -2,600 148 USD 27.10.2017 -273,362 18,774,869 -587,752 314,390 PUT FUT-US LONG BOND-DEC17 1,300 153 USD 22.09.2017 205,021 -22,529,843 760,606 -555,585 Total EUR 304,692 209,540 95,153


250





Commitment Cost price Unrealised


CALL USD/JPY SPOT CROSS 60,000,000 127 USD 21.05.2018 47,271 63,474,994 184,181 -136,910 CALL USD/KRW SPOT CROSS -120,000,000 1,340 USD 16.08.2018 -1,057,297 -1,293,884,294 -1,448,671 391,374 CALL USD/KRW SPOT CROSS 85,000,000 1,245 USD 27.10.2017 36,680 916,501,375 265,386 -228,706 CALL USD/KRW SPOT CROSS 75,000,000 1,215 USD 16.05.2018 992,386 808,677,684 1,337,136 -344,750 Total CHF 19,039 338,031 -318,992






CALL USD/JPY SPOT CROSS 30,000,000 127 USD 21.05.2018 20,687 27,778,198 84,413 -63,726 CALL USD/KRW SPOT CROSS -104,000,000 1,340 USD 16.08.2018 -802,012 -981,474,304 -1,099,891 297,879 CALL USD/KRW SPOT CROSS 65,000,000 1,215 USD 16.05.2018 752,773 613,421,440 1,015,208 -262,435 CALL USD/KRW SPOT CROSS 65,000,000 1,245 USD 27.10.2017 24,550 613,421,440 189,094 -164,545 Total EUR -4,002 188,825 -192,827






CALL USD/JPY SPOT CROSS 5,000,000 127 USD 21.05.2018 3,448 4,629,700 14,069 -10,621 CALL USD/KRW SPOT CROSS -16,000,000 1,340 USD 16.08.2018 -123,386 -150,996,047 -169,214 45,828 CALL USD/KRW SPOT CROSS 10,000,000 1,215 USD 16.05.2018 115,811 94,372,529 156,186 -40,375 PUT SX5E-EURO STOXX 50 PR 30 3,350 EUR 15.09.2017 4,470 -235,055 10,620 -6,150 Total EUR 343 11,661 -11,318






PUT SX5E-EURO STOXX 50 PR -1,650 3,050 EUR 16.03.2018 -973,500 11,460,214 -858,000 -115,500 PUT SX5E-EURO STOXX 50 PR 1,000 3,300 EUR 19.01.2018 876,000 -12,933,157 777,000 99,000 Total EUR -97,500 -81,000 -16,500


251







PUT USD/RUB SPOT CROSS -5,000,000 60 USD 15.11.2017 -166,731 -2,897,438 -85,650 -81,081 CALL USD/RUB SPOT CROSS 10,000,000 105 USD 15.11.2017 0 5,794,875 59,400 -59,400 CALL USD/RUB SPOT CROSS -15,000,000 105 USD 15.11.2017 0 -8,692,313 -162,900 162,900 PUT USD/TRY SPOT CROSS -15,000,000 3 USD 16.01.2018 -54,912 -520,245 -82,500 27,588 PUT USD/RUB SPOT CROSS 15,000,000 60 USD 15.11.2017 500,192 8,692,313 204,900 295,292 PUT USD/TRY SPOT CROSS 15,000,000 4 USD 16.01.2018 223,282 520,245 151,050 72,232 Total USD 501,831 84,300 417,531






PUT FUT- EURO FX -DEC17 7 1 USD 06.10.2017 1,398 -104,834 4,771 -3,373 CALL FUT- US ULTRA BOND-DEC17 7 171 USD 22.09.2017 4,876 995,405 5,399 -523 PUT SPX-S&P 500 INDICES 4 2,400 USD 30.11.2017 11,204 831,575 19,795 -8,592 CALL SX5E-EURO STOXX 50 PR 220 3,600 EUR 15.09.2017 1,320 173,126 8,153 -6,832 Total EUR 18,798 38,118 -19,320






CALL SX5E-EURO STOXX 50 PR 600 3,600 EUR 15.09.2017 3,600 472,163 32,332 -28,732 CALL SPX-S&P 500 INDICES 15 2,475 USD 15.09.2017 14,509 1,347,152 29,133 -14,624 CALL SX5E-EURO STOXX 50 PR 400 3,550 EUR 15.09.2017 6,800 752,723 17,800 -11,000 CALL SX5E-EURO STOXX 50 PR 100 3,700 EUR 15.09.2017 200 27,372 20,920 -20,720 Total EUR 25,109 100,185 -75,076


252







PUT AUD/JPY SPOT CROSS -38,000,000 75 AUD 02.04.2018 -125,683 -26,330,042 -451,275 325,592 PUT AUD/JPY SPOT CROSS 20,000,000 80 AUD 02.04.2018 200,856 13,857,917 453,868 -253,012 PUT AUD/JPY SPOT CROSS -20,000,000 80 AUD 02.04.2018 -200,856 -13,857,917 -215,810 14,954 CALL USD/JPY SPOT CROSS 15,000,000 127 USD 21.05.2018 12,297 16,512,750 47,250 -34,953 PUT AUD/JPY SPOT CROSS 38,000,000 75 AUD 02.04.2018 125,683 26,330,042 138,763 -13,080 PUT AUD/JPY SPOT CROSS 20,000,000 81 AUD 31.07.2018 392,739 13,857,917 395,736 -2,996 PUT AUD/JPY SPOT CROSS -35,000,000 76 AUD 31.07.2018 -358,997 -24,251,354 -369,390 10,393 CALL FUT-S&P 500 EMINI INDEX--SEP17 100 2,560 USD 15.09.2017 1,250 209,950 22,750 -21,500 CALL GOLDCORP INC** 200 21 USD 20.10.2017 800 273,739 6,000 -5,201 Total USD 48,090 27,892 20,197

** See Note 10






CALL BNP PARIBAS -33 70 EUR 15.09.2017 0 -17,083 -1,561 1,561 CALL VALERO ENER. CORP -31 68 USD 15.09.2017 -3,755 -101,569 -1,319 -2,436 CALL QUALCOMM INC. -30 55 USD 15.09.2017 -278 -16,751 -638 361 Total EUR -4,033 -3,518 -514

10 Securities valuation

Securities valued at zero The Board of Directors has decided to continue to value certain securities at zero. Securities ISIN Code Sub-Funds

PEACE MARK (HOLDINGS) LIMITED BMG6957A2098 Vontobel Fund - Far East Equity Vontobel Fund - Emerging Markets Equity

IRISH BANK Resolution Corp Ltd IE00B06H8J93 Vontobel Fund - mtx Sustainable Global Leaders Vontobel Fund - Target Return Balanced

ROMANIA PROPERTY Fund LTD/GBP

GG00B2334D09 Vontobel Fund - mtx Sustainable Emerging Markets Leaders

The Board of Directors has decided to value the following security at BRL 9.50. Securities ISIN Code Sub-Funds CIA VALE DO RIO DOCE BRVALEDBSO28 Vontobel Fund - Emerging Markets Equity Securities valued at cost as at August 31, 2017:

Securities ISIN Code/Telekurs valor number

Sub-Funds

Equisar International Inc 11 XS0638823137 Vontobel Fund - Emerging Markets Debt Armada Euro CLO I DAC 17 FRN XS1650074096 Vontobel Fund - TwentyFour Monument European Asset Backed Securities Metinvest BV 14 EMTN XS1145219652 Vontobel Fund - Emerging Markets Debt

Metinvest BV 11 EMTN XS0591549232 Vontobel Fund - Emerging Markets Debt & Vontobel Fund - Emerging Markets Corporate Bond

Options valued at cost as at August 31, 2017: Options Sub-Funds CALL GOLDCORP INC Vontobel Fund - Absolute Return Credit Fund


253

11 Dividend distribution The Board of Directors decided with effect from November 28, 2016 to pay out the following dividends. These were approved at the General Meeting of Shareholders on February 14, 2017.

Vontobel Fund - Share Class

Record date Ex-date Payment date

Currency Amount per

share

Swiss Money A 28.11.2016 29.11.2016 02.12.2016 CHF 0.95

Euro Short Term Bond A 28.11.2016 29.11.2016 02.12.2016 EUR 1.01

US Dollar Money A 28.11.2016 29.11.2016 02.12.2016 USD 0.90

Swiss Franc Bond A 28.11.2016 29.11.2016 02.12.2016 CHF 0.88

AI 28.11.2016 29.11.2016 02.12.2016 CHF 0.87

Euro Bond A 28.11.2016 29.11.2016 02.12.2016 EUR 2.11

EUR Corporate Bond Mid Yield A 28.11.2016 29.11.2016 02.12.2016 EUR 2.27

AI 28.11.2016 29.11.2016 02.12.2016 EUR 2.65

Bond Global Aggregate A 28.11.2016 29.11.2016 02.12.2016 EUR 2.25

AH 28.11.2016 29.11.2016 02.12.2016 USD 2.61

AI 28.11.2016 29.11.2016 02.12.2016 EUR 0.28

AS 28.11.2016 29.11.2016 02.12.2016 EUR 1.88

Eastern European Bond A 28.11.2016 29.11.2016 02.12.2016 EUR 1.70

Absolute Return Bond (CHF) A 28.11.2016 29.11.2016 02.12.2016 CHF 1.60

Absolute Return Bond (EUR) A 28.11.2016 29.11.2016 02.12.2016 EUR 1.92

Absolute Return Bond Dynamic A 28.11.2016 29.11.2016 02.12.2016 EUR 3.28 Emerging Markets Local Currency Bond A 28.11.2016 29.11.2016 02.12.2016 USD 3.86

Swiss Mid and Small Cap Equity A 28.11.2016 29.11.2016 02.12.2016 CHF 1.02

European Mid and Small Cap Equity A 28.11.2016 29.11.2016 02.12.2016 EUR 1.26

Japanese Equity A 28.11.2016 29.11.2016 02.12.2016 JPY 25.88

mtx China Leaders A 28.11.2016 29.11.2016 02.12.2016 USD 1.21

European Equity A 28.11.2016 29.11.2016 02.12.2016 EUR 2.24

US Equity A 28.11.2016 29.11.2016 02.12.2016 USD 2.94

Global Equity A 28.11.2016 29.11.2016 02.12.2016 USD 0.29

AI 28.11.2016 29.11.2016 02.12.2016 EUR 0.50

Global Equity Income A 28.11.2016 29.11.2016 02.12.2016 USD 1.80

Emerging Markets Equity A 28.11.2016 29.11.2016 02.12.2016 USD 1.60

AHI 28.11.2016 29.11.2016 02.12.2016 EUR 0.73

AN 28.11.2016 29.11.2016 02.12.2016 USD 0.78

Far East Equity A 28.11.2016 29.11.2016 02.12.2016 USD 1.62

Clean Technology A 28.11.2016 29.11.2016 02.12.2016 EUR 1.15 mtx Sustainable Asian Leaders (Ex Japan) A 28.11.2016 29.11.2016 02.12.2016 USD 0.82 mtx Sustainable Emerging Markets Leaders A 28.11.2016 29.11.2016 02.12.2016 USD 0.69

mtx Sustainable Global Leaders A 28.11.2016 29.11.2016 02.12.2016 USD 0.56

Target Return Balanced A 28.11.2016 29.11.2016 02.12.2016 EUR 1.12

Emerging Markets Debt AI 28.11.2016 29.11.2016 02.12.2016 EUR 6.82

Global Corporate Bond Mid Yield A 28.11.2016 29.11.2016 02.12.2016 USD 0.74

AH 28.11.2016 29.11.2016 02.12.2016 CHF 0.78

AH 28.11.2016 29.11.2016 02.12.2016 EUR 0.79 TwentyFour Absolute Return Credit Fund AH 28.11.2016 29.11.2016 02.12.2016 CHF 1.71

AH 28.11.2016 29.11.2016 02.12.2016 EUR 1.74

AI 28.11.2016 29.11.2016 02.12.2016 GBP 5.30 TwentyFour Global Unconstrained Bond AH 28.11.2016 29.11.2016 02.12.2016 CHF 1.40

AH 28.11.2016 29.11.2016 02.12.2016 EUR 1.42

AHI 28.11.2016 29.11.2016 02.12.2016 EUR 2.92

High Yield Bond AS 28.11.2016 29.11.2016 02.12.2016 EUR 2.07


254

11 Dividend distribution (continued)

For the AM Share Class, the following interim dividends have been distributed on a monthly basis:


Record date Ex-date Payment date Currency

Amount per share

Eastern European Bond AM 23.09.2016 26.09.2016 30.09.2016 EUR 0.33 AM 24.10.2016 25.10.2016 31.10.2016 EUR 0.33 AM 24.11.2016 25.11.2016 01.12.2016 EUR 0.31 AM 24.12.2016 27.12.2016 02.01.2017 EUR 0.32 AM 24.01.2017 25.01.2017 31.01.2017 EUR 0.31 AM 24.02.2017 27.02.2017 03.03.2017 EUR 0.32 AM 24.03.2017 27.03.2017 31.03.2017 EUR 0.32 AM 24.04.2017 25.04.2017 02.05.2017 EUR 0.32 AM 24.05.2017 26.05.2017 01.06.2017 EUR 0.32 AM 24.06.2017 26.06.2017 30.06.2017 EUR 0.31 AM 24.07.2017 25.07.2017 31.07.2017 EUR 0.31 AM 24.08.2017 25.08.2017 31.08.2017 EUR 0.30 Eastern European Bond AM 23.09.2016 26.09.2016 30.09.2016 USD 0.30 AM 24.10.2016 25.10.2016 31.10.2016 USD 0.29 AM 24.11.2016 25.11.2016 01.12.2016 USD 0.27 AM 24.12.2016 27.12.2016 02.01.2017 USD 0.27 AM 24.01.2017 25.01.2017 31.01.2017 USD 0.27 AM 24.02.2017 27.02.2017 03.03.2017 USD 0.28 AM 24.03.2017 27.03.2017 31.03.2017 USD 0.28 AM 24.04.2017 25.04.2017 02.05.2017 USD 0.28 AM 24.05.2017 26.05.2017 01.06.2017 USD 0.29 AM 24.06.2017 26.06.2017 30.06.2017 USD 0.29 AM 24.07.2017 25.07.2017 31.07.2017 USD 0.29 AM 24.08.2017 25.08.2017 31.08.2017 USD 0.29 Emerging Markets Local Currency Bond

AM 23.09.2016 26.09.2016 30.09.2016 USD 0.33 AM 24.10.2016 25.10.2016 31.10.2016 USD 0.33

AM 24.11.2016 25.11.2016 01.12.2016 USD 0.30 AM 24.12.2016 27.12.2016 02.01.2017 USD 0.31 AM 24.01.2017 25.01.2017 31.01.2017 USD 0.32 AM 24.02.2017 27.02.2017 03.03.2017 USD 0.32 AM 24.03.2017 27.03.2017 31.03.2017 USD 0.33 AM 24.04.2017 25.04.2017 02.05.2017 USD 0.33 AM 24.05.2017 26.05.2017 01.06.2017 USD 0.33 AM 24.06.2017 26.06.2017 30.06.2017 USD 0.32 AM 24.07.2017 25.07.2017 31.07.2017 USD 0.33 AM 24.08.2017 25.08.2017 31.08.2017 USD 0.33 Euro Bond AM 23.09.2016 26.09.2016 30.09.2016 USD 0.14 AM 24.10.2016 25.10.2016 31.10.2016 USD 0.13 AM 24.11.2016 25.11.2016 01.12.2016 USD 0.13 AM 24.12.2016 27.12.2016 02.01.2016 USD 0.12 AM 24.01.2017 25.01.2017 31.01.2017 USD 0.13 AM 24.02.2017 27.02.2017 03.03.2017 USD 0.12 AM 24.03.2017 27.03.2017 31.03.2017 USD 0.13 AM 24.04.2017 25.04.2017 02.05.2017 USD 0.13 AM 24.05.2017 26.05.2017 01.06.2017 USD 0.13 AM 24.06.2017 26.06.2017 30.06.2017 USD 0.13 AM 24.07.2017 25.07.2017 31.07.2017 USD 0.14 AM 24.08.2017 25.08.2017 31.08.2017 USD 0.14 Absolute Return Bond (EUR) AM 23.09.2016 26.09.2016 30.09.2016 USD 0.11 AM 24.10.2016 25.10.2016 31.10.2016 USD 0.10 AM 24.11.2016 25.11.2016 01.12.2016 USD 0.10 AM 24.12.2016 27.12.2016 02.01.2017 USD 0.10 AM 24.01.2017 25.01.2017 31.01.2017 USD 0.10 AM 24.02.2017 27.02.2017 03.03.2017 USD 0.10 AM 24.03.2017 27.03.2017 31.03.2017 USD 0.10 AM 24.04.2017 25.04.2017 02.05.2017 USD 0.10 AM 24.05.2017 26.05.2017 01.06.2017 USD 0.11 AM 24.06.2017 26.06.2017 30.06.2017 USD 0.10 AM 24.07.2017 25.07.2017 31.07.2017 USD 0.11 AM 24.08.2017 25.08.2017 31.08.2017 USD 0.11


255


For the AMH Share Class, the following interim dividends have been distributed on a monthly basis:


Record date Ex-date Payment date Currency Amount per

share


AMH 31.08.2016 01.09.2016 07.09.2016 EUR 0.30 AMH 30.09.2016 03.10.2016 07.10.2016 EUR 0.30

AMH 31.10.2016 02.11.2016 08.11.2016 EUR 0.30 AMH 30.11.2016 01.12.2016 07.12.2016 EUR 0.30 AMH 02.01.2017 03.01.2017 09.01.2017 EUR 0.30 AMH 31.01.2017 01.02.2017 07.02.2017 EUR 0.30 AMH 28.02.2017 01.03.2017 07.03.2017 EUR 0.30 AMH 31.03.2017 03.04.2017 07.04.2017 EUR 0.30 AMH 28.04.2017 02.05.2017 08.05.2017 EUR 0.30 AMH 31.05.2017 01.06.2017 08.06.2017 EUR 0.31 AMH 30.06.2017 03.07.2017 07.07.2017 EUR 0.31 AMH 31.07.2017 01.08.2017 07.08.2017 EUR 0.31 High Yield Bond AMH 23.09.2016 26.09.2016 30.09.2016 USD 0.44 AMH 24.10.2016 25.10.2016 31.10.2016 USD 0.44 AMH 24.11.2016 25.11.2016 01.12.2016 USD 0.43 AMH 27.12.2016 28.12.2016 03.01.2017 USD 0.44 AMH 24.01.2017 25.01.2017 31.01.2017 USD 0.44 AMH 24.02.2017 27.02.2017 03.03.2017 USD 0.44 AMH 24.03.2017 27.03.2017 31.03.2017 USD 0.44 AMH 24.04.2017 25.04.2017 02.05.2017 USD 0.44 AMH 24.05.2017 26.05.2017 01.06.2017 USD 0.44 AMH 24.06.2017 26.06.2017 30.06.2017 USD 0.44 AMH 24.07.2017 25.07.2017 31.07.2017 USD 0.44 AMH 24.08.2017 25.08.2017 31.08.2017 USD 0.44 High Yield Bond AMH 23.09.2016 26.09.2016 30.09.2016 AUD 0.60 AMH 24.10.2016 25.10.2016 31.10.2016 AUD 0.60 AMH 24.11.2016 25.11.2016 01.12.2016 AUD 0.59 AMH 27.12.2016 28.12.2016 03.01.2017 AUD 0.60 AMH 24.01.2017 25.01.2017 31.01.2017 AUD 0.60 AMH 24.02.2017 27.02.2017 03.03.2017 AUD 0.60 AMH 24.03.2017 27.03.2017 31.03.2017 AUD 0.59 AMH 24.04.2017 25.04.2017 02.05.2017 AUD 0.60 AMH 24.05.2017 26.05.2017 01.06.2017 AUD 0.60 AMH 24.06.2017 26.06.2017 30.06.2017 AUD 0.59 AMH 24.07.2017 25.07.2017 31.07.2017 AUD 0.60 AMH 24.08.2017 25.08.2017 31.08.2017 AUD 0.59 High Yield Bond AMH 23.09.2016 26.09.2016 30.09.2016 ZAR 9.34 AMH 24.10.2016 25.10.2016 31.10.2016 ZAR 9.34 AMH 24.11.2016 25.11.2016 01.12.2016 ZAR 9.14 AMH 27.12.2016 28.12.2016 03.01.2017 ZAR 9.26 AMH 24.01.2017 25.01.2017 31.01.2017 ZAR 9.26 AMH 24.02.2017 27.02.2017 03.03.2017 ZAR 9.27 AMH 24.03.2017 27.03.2017 31.03.2017 ZAR 9.14 AMH 24.04.2017 25.04.2017 02.05.2017 ZAR 9.16 AMH 24.05.2017 26.05.2017 01.06.2017 ZAR 9.18 AMH 24.06.2017 26.06.2017 30.06.2017 ZAR 9.07 AMH 24.07.2017 25.07.2017 31.07.2017 ZAR 9.07 AMH 24.08.2017 25.08.2017 31.08.2017 ZAR 9.03 Emerging Markets Local Currency Bond

AMH 23.09.2016 26.09.2016 30.09.2016 AUD 0.59 AMH 24.10.2016 25.10.2016 31.10.2016 AUD 0.59

AMH 24.11.2016 25.11.2016 01.12.2016 AUD 0.54 AMH 27.12.2016 28.12.2016 02.01.2017 AUD 0.56 AMH 24.01.2017 25.01.2017 31.01.2017 AUD 0.57 AMH 24.02.2017 27.02.2017 03.03.2017 AUD 0.58 AMH 24.03.2017 27.03.2017 31.03.2017 AUD 0.59 AMH 24.04.2017 25.04.2017 02.05.2017 AUD 0.59 AMH 24.05.2017 26.05.2017 01.06.2017 AUD 0.59 AMH 24.06.2017 26.06.2017 30.06.2017 AUD 0.58 AMH 24.07.2017 25.07.2017 31.07.2017 AUD 0.59 AMH 24.08.2017 25.08.2017 31.08.2017 AUD 0.59 Emerging Markets Local Currency Bond

AMH 23.09.2016 26.09.2016 30.09.2016 ZAR 6.94 AMH 24.10.2016 25.10.2016 31.10.2016 ZAR 6.95

AMH 24.11.2016 25.11.2016 01.12.2016 ZAR 6.38 AMH 27.12.2016 28.12.2016 02.01.2017 ZAR 6.53 AMH 24.01.2017 25.01.2017 31.01.2017 ZAR 6.68 AMH 24.02.2017 27.02.2017 03.03.2017 ZAR 6.79 AMH 24.03.2017 27.03.2017 31.03.2017 ZAR 6.93 AMH 24.04.2017 25.04.2017 02.05.2017 ZAR 6.94 AMH 24.05.2017 26.05.2017 01.06.2017 ZAR 6.94 AMH 24.06.2017 26.06.2017 30.06.2017 ZAR 6.89 AMH 24.07.2017 25.07.2017 31.07.2017 ZAR 6.97 AMH 24.08.2017 25.08.2017 31.08.2017 ZAR 7.05


256


The following interim dividends have been distributed on a quarterly basis:


Record date Ex-date Payment date Currency Amount per

share

Swiss Franc Bond AQG 12.09.2016 13.09.2016 30.09.2016 CHF 0.23 AQG 12.12.2016 13.12.2016 30.12.2016 CHF 0.21 AQG 10.03.2017 13.03.2017 31.03.2017 CHF 0.20 AQG 12.06.2017 13.06.2017 16.06.2017 CHF 0.20

EUR Corporate Bond Mid Yield AQG 12.12.2017 13.12.2017 19.12.2017 EUR 0.61 Emerging Markets Debt AQG 12.12.2016 13.12.2016 30.12.2016 USD 1.26 AQG 10.03.2017 13.03.2017 31.03.2017 USD 1.11 AQG 12.06.2017 13.06.2017 16.06.2017 USD 1.28 AQG 12.12.2017 13.12.2017 19.12.2017 USD 1.56 TwentyFour Absolute Return Credit Fund

AQHNG 12.09.2016 13.09.2016 30.09.2016 USD 1.32 AQHNG 12.12.2016 13.12.2016 30.12.2016 USD 0.38

AQHNG 10.03.2017 13.03.2017 31.03.2017 USD 1.58 AQHNG 12.06.2017 13.06.2017 30.06.2017 USD 2.08 AQHNG 12.12.2017 13.12.2017 29.12.2017 USD 0.80 AQNG 12.09.2016 13.09.2016 30.09.2016 GBP 1.22 AQNG 12.12.2016 13.12.2016 30.12.2016 GBP 0.82 AQNG 10.03.2017 13.03.2017 31.03.2017 GBP 1.44 AQNG 12.06.2017 13.06.2017 30.06.2017 GBP 1.80 AQNG 12.12.2017 13.12.2017 29.12.2017 GBP 0.60 AQHG 10.03.2017 13.03.2017 31.03.2017 EUR 0.80 AQHG 12.06.2017 13.06.2017 30.06.2017 EUR 1.61 AQHG 12.12.2017 13.12.2017 29.12.2017 EUR 0.68 AQHN 12.06.2017 13.06.2017 30.06.2017 EUR 3.12 AQHN 12.12.2017 13.12.2017 29.12.2017 EUR 0.68 AQN 12.12.2017 13.12.2017 29.12.2017 GBP 0.60 TwentyFour Global Unconstrained Bond

AQHI 12.09.2016 13.09.2016 30.09.2016 USD 0.96 AQHI 12.12.2016 13.12.2016 30.12.2016 USD 1.26

AQHI 12.06.2017 13.06.2017 30.06.2017 USD 1.25 AQHI 12.12.2017 13.12.2017 29.12.2017 USD 1.10 AQHN 12.09.2016 13.09.2016 30.09.2016 EUR 1.03 AQHN 12.12.2016 13.12.2016 30.12.2016 EUR 1.01 AQHN 10.03.2017 13.03.2017 31.03.2017 EUR 0.96 AQHN 12.06.2017 13.06.2017 30.06.2017 EUR 1.44 AQHN 12.12.2017 13.12.2017 29.12.2017 EUR 0.93 AQHNG 12.09.2016 13.09.2016 30.09.2016 EUR 1.06 AQHNG 12.12.2016 13.12.2016 30.12.2016 EUR 1.05 AQHNG 10.03.2017 13.03.2017 31.03.2017 EUR 1.19 AQHNG 12.06.2017 13.06.2017 30.06.2017 EUR 1.56 AQHNG 12.12.2017 13.12.2017 29.12.2017 EUR 0.93 AQHNG 12.09.2016 13.09.2016 30.09.2016 USD 0.42 AQHNG 12.12.2016 13.12.2016 30.12.2016 USD 0.47 AQHNG 10.03.2017 13.03.2017 31.03.2017 USD 1.90 AQHNG 12.06.2017 13.06.2017 30.06.2017 USD 1.25 AQHNG 12.12.2017 13.12.2017 29.12.2017 USD 1.10 AQN 12.09.2016 13.09.2016 30.09.2016 GBP 3.29 AQN 12.12.2016 13.12.2016 30.12.2016 GBP 0.99 AQN 10.03.2017 13.03.2017 31.03.2017 GBP 1.09 AQN 12.06.2017 13.06.2017 30.06.2017 GBP 0.95 AQN 12.12.2017 13.12.2017 29.12.2017 GBP 0.82 AQG 12.09.2016 13.09.2016 30.09.2016 GBP 1.04 AQG 12.12.2016 13.12.2016 30.12.2016 GBP 1.03 AQG 10.03.2017 13.03.2017 31.03.2017 GBP 1.22 AQG 12.06.2017 13.06.2017 30.06.2017 GBP 1.34 AQG 12.12.2017 13.12.2017 29.12.2017 GBP 0.82


257

12 Transaction costs

Transaction costs are costs incurred by the Fund through purchases and sales of securities and derivative financial instruments in the course of portfolio management.

Vontobel Fund - Currency Amount

Swiss Money CHF 37,777

Euro Short Term Bond EUR 21,358

US Dollar Money USD 28,382

Swiss Franc Bond CHF 48,834

Euro Bond EUR 36,034

EUR Corporate Bond Mid Yield EUR 297,592

High Yield Bond EUR 192,962

Bond Global Aggregate EUR 147,735

Eastern European Bond EUR 0

Absolute Return Bond (CHF) CHF 209,140

Absolute Return Bond (EUR) EUR 205,355

Absolute Return Bond Dynamic EUR 10,262

Global Convertible Bond EUR 253,825

Emerging Markets Local Currency Bond USD 3,675

Swiss Mid and Small Cap Equity CHF 470,420

European Mid and Small Cap Equity EUR 609,165

Japanese Equity JPY 13,562,167

mtx China Leaders USD 278,015

European Equity EUR 624,556

US Equity USD 357,584

Global Equity USD 1,978,775

Global Equity Income USD 118,168

Emerging Markets Equity USD 4,886,905

Far East Equity USD 849,957

New Power EUR 145,341

Clean Technology EUR 202,604

Future Resources EUR 198,667

mtx Sustainable Asian Leaders (ex Japan) USD 263,928

mtx Sustainable Emerging Markets Leaders USD 807,101

mtx Sustainable Global Leaders USD 235,801

Commodity USD 99,778

Dynamic Commodity USD 22,714

Non-Food Commodity USD 25,891

Target Return Defensive EUR 39,772

Target Return Balanced EUR 21,252

Target Return Growth EUR 88,023

Emerging Markets Debt USD 497,121

Harcourt Dividend Strategy USD 7,969

Harcourt Momentum Strategy USD 3,338

Harcourt Premium Strategy USD 1,145

Global Bond USD 6,908

Absolute Return Credit Fund USD 22,581

Global Corporate Bond Mid Yield USD 49,213

Emerging Markets Blend USD 12,175

Emerging Markets Corporate Bond USD 25,206

TwentyFour Absolute Return Credit Fund GBP 0

TwentyFour Global Unconstrained Bond GBP 4

LCR Global Bond EUR 29,895

Multi Asset Solution EUR 2,499

Multi Asset Income EUR 30,058

TwentyFour Monument European Asset Backed Securities EUR 1,215

13 Events during the financial year

The Sub-Fund Vontobel Fund - Emerging Markets Bond was renamed Vontobel Fund - Emerging Markets Blend on September 30, 2016. The Sub-Funds Vontobel Fund - Multi Asset Solution and Vontobel Fund - LCR Global Fund were launched on October 17, 2016. On October 25, 2016, the following Sub-Funds were put into liquidation: Vontobel Fund - Harcourt Momentum Strategy, Vontobel Fund - Harcourt Dividend Strategy and Vontobel Fund - Harcourt Premium Strategy. The Sub-Fund Vontobel Fund - Multi Asset Income was launched on December 14, 2016.


258

13 Events during the financial year (continued)

The following Sub-Funds were renamed on December 14, 2016:

Old name of Sub-Funds New name of Sub-Funds

Vontobel Fund - Harcourt Absolute Return Credit Fund Vontobel Fund - Absolute Return Credit Fund

Vontobel Fund - Harcourt Commodity Vontobel Fund - Commodity

Vontobel Fund - Harcourt Dynamic Commodity Vontobel Fund - Dynamic Commodity

Vontobel Fund - Harcourt Non-Food Commodity Vontobel Fund - Non-Food Commodity On December 30, 2016, the Sub-Fund Vontobel Fund - Global Equity (ex-US) was repositioned and renamed Vontobel Fund - Global Equity Income. On March 8, 2017, the Sub-Fund Vontobel Fund - Target Return Growth was put into liquidation. The Sub-Fund Vontobel Fund - TwentyFour Monument European Asset Backed Securities was launched on June 27, 2017. On June 30, 2017, the Sub-Fund Vontobel Fund - Euro Money was repositioned and renamed Vontobel Fund - Euro Short Term Bond.

14 Events after the end of the financial year The Sub-Fund Vontobel Fund - TwentyFour Global Unconstrained Bond Fund was renamed Vontobel Fund - TwentyFour Strategic Income Fund on September 5, 2017. Euronova Asset Management UK LLP replaced Vontobel Asset Management AG as investment manager for the Sub-Fund Vontobel Fund - European Mid and Small Cap Equity on September 29, 2017. The Sub-Fund Vontobel Fund - Target Return Balanced was merged with the Sub-Fund Vontobel Fund - Multi Asset Income on November 30, 2017. The Sub-Fund Vontobel Fund - Multi Asset Defensive was launched on November 30, 2017.

15 TER (Total Expense Ratio)

In accordance with the Swiss Funds & Asset Management Association (SFAMA) guideline, the Fund must show a TER for the past 12-month period. This figure expresses the total fees and costs which are charged on an ongoing basis to the Sub-fund’s assets (operating expenditure) retrospectively as a percentage of net Fund assets, and is generally calculated according to the following formula:

TER = Total operating expenses in AC*

X 100 Average net Fund assets in AC*

* AC = units in Sub-fund accounting currency

The TER of the Sub-Fund, excluding the performance fee for classes A to AMH (AUD), is as follows:

Distributing

Vontobel Fund - A

A (CHF)

AHI (CHF)

AHI (EUR)

AH (CHF)

AH (EUR)

AH (USD)

AI

AI (EUR)

AM

AM (USD)

AMH (AUD)

Swiss Money 0.31% - - - - - - - - - - -

Euro Short Term Bond 0.51% - - - - - - - - - - -

US Dollar Money 0.48% - - - - - - - - - - -

Swiss Franc Bond 0.90% - - - - - - 0.54% - - - -

Euro Bond 1.14% - - - - - - - - - 1.54% -

EUR Corporate Bond Mid Yield 1.30% - - - - - - 0.73% - - - -

High Yield Bond - - - - - - - 0.78% - - - 1.83%

High Yield Bond1 - - - - - - - 0.78% - - - 1.83%

Bond Global Aggregate 1.05% - - - - - 1.11% 0.63% - - - -

Bond Global Aggregate 1 1.15% - - - - - 1.52% 0.63% - - - -

Eastern European Bond 1.39% - - - - - - - - 1.79% 1.79% -

Absolute Return Bond (CHF) 0.90% - - - - - - - - - - -

Absolute Return Bond (CHF)1 0.90% - - - - - - - - - - -

Absolute Return Bond (EUR) 1.10% - - - - - - - - - 1.47% -

Absolute Return Bond (EUR)1 1.10% - - - - - - - - - 1.47% -

Absolute Return Bond Dynamic 1.45% - - - - - - 0.99% - - - -

Absolute Return Bond Dynamic1 1.58% - - - - - - 1.17% - - - -

Global Convertible Bond 1.37% - - - - - - - - - - -

Emerging Markets Local Currency Bond 1.59% - - - - - - - - 1.99% - 2.05%

Swiss Mid and Small Cap Equity 2.04% - - - - - - - - - - -


259

15 TER (Total Expense Ratio) (continued)

Distributing

Vontobel Fund - A

A (CHF)

AHI (CHF)

AHI (EUR)

AH (CHF)

AH (EUR)

AH (USD)

AI

AI (EUR)

AM

AM (USD)

AMH (AUD)

European Mid and Small Cap Equity 2.07% - - - - - - - - - - -

Japanese Equity 1.68% - - - - - - - - - - -

mtx China Leaders 2.18% - - - - - - - - - - -

European Equity 2.04% - - - - - - - - - - -

US Equity 2.04% - - - - - - 1.17% - - - -

Global Equity 2.04% - - - - - - - 1.18% - - -

Global Equity Income 1.87% - - - - - - - - - - -

Emerging Markets Equity 2.10% - - 1.28% - - - 1.22% - - - -

Far East Equity 2.06% - - - - - - - - - - -

New Power 2.06% - - - - - - - - - - -

Clean Technology 2.06% 2.06% - - - - - - - - - -

Future Resources 2.11% 2.11% - - - - - - - - - -

mtx Sustainable Asian Leaders (ex Japan) 2.09% - - - - - - - - - - -

mtx Sustainable Emerging Markets Leaders 2.04% - - - - - - 1.18% - - - -

mtx Sustainable Global Leaders 1.95% - - 1.22% - - - - - - - -

Commodity - - - - - - - - - - - -

Dynamic Commodity - - - - - - - - - - - -

Dynamic Commodity 1 - - - - - - - - - - - -

Non-Food Commodity - - - 1.15% - - - 1.09% - - - -

Target Return Defensive 1.88% - - - - - - - - - - -

Target Return Balanced 1.76% - - - - - - - - - - -

Emerging Markets Debt - - 0.83% 0.83% - 1.40% - 0.77% 0.77% - - -

Global Bond - - - - - - - - - - - -

Absolute Return Credit Fund - - - - - - - - - - - -

Global Corporate Bond Mid Yield 1.39% - - 0.86% 1.45% 1.45% - - - - - -

Emerging Markets Blend - - - - - - - - - - - -

Emerging Markets Corporate Bond - - - - - - - - - - - -

TwentyFour Absolute Return Credit Fund - - - 0.61% 1.05% 1.05% 1.05% 0.55% - - - -

TwentyFour Global Unconstrained Bond - - - 0.83% 1.47% 1.47% 1.47% - - - - -

LCR Global Bond - - - - - - - - - - - -

Multi Asset Solution - - - - - - - - - - - -

Multi Asset Solution1 - - - - - - - - - - - -

Multi Asset Income - - - - - - - - - - - -


- - - - - - - - - - - -

1 TER including the performance fee. The TER of the Sub-Fund, excluding the performance fee for classes AMH (EUR) to AS (USD), is as follows:

Distributing

Vontobel Fund - AMH (EUR)

AMH (USD)

AMH (ZAR)

ANG AQ AQG AQHN (EUR)

AQHI (USD)

AQHNG (USD)

AQHNG / AQHG (EUR)

AN/AQN AQNG AS AS

(USD)

Swiss Money - - - - - - - - - - - - - -

Euro Short Term Bond - - - - - - - - - - - - - -

US Dollar Money - - - - - - - - - - - - - -

Swiss Franc Bond - - - - - 0.40% - - - - - - - -

Euro Bond - - - - - - - - - - - - - -

EUR Corporate Bond Mid Yield - - - - - 0.55% - - - - - - - -

High Yield Bond - 1.83% 1.83% - - - - - - - - - 1.77% -

High Yield Bond1 - 1.83% 1.93% - - - - - - - - - 1.77% -

Bond Global Aggregate - - - - - - - - - - - - 1.43% -

Bond Global Aggregate 1 - - - - - - - - - - - - 1.49% -

Eastern European Bond - - - - - - - - - - - - - -

Absolute Return Bond (CHF) - - - - - - - - - - - - - -

Absolute Return Bond (CHF)1 - - - - - - - - - - - - - -

Absolute Return Bond (EUR) - - - - - - - - - - - - - -

Absolute Return Bond (EUR)1 - - - - - - - - - - - - - -


260

15 TER (Total Expense Ratio) (continued)

Distributing

Vontobel Fund - AMH (EUR)

AMH (USD)

AMH (ZAR)

ANG AQ AQG AQHN (EUR)

AQHI (USD)

AQHNG (USD)

AQHNG/ AQHG (EUR)

AN/AQN AQNG AS AS

(USD)

Absolute Return Bond Dynamic - - - - - - - - - - - - - -

Absolute Return Bond Dynamic1 - - - - - - - - - - - - - -

Global Convertible Bond - - - - - - - - - - - - - 1.77%

Emerging Markets Local Currency Bond - - 2.05% - - - - - - - - - - -

Swiss Mid and Small Cap Equity - - - - - - - - - - - - - -

European Mid and Small Cap Equity - - - - - - - - - - - - - -

Japanese Equity - - - - - - - - - - - - - -

mtx China Leaders - - - - - - - - - - - - - -

European Equity - - - - - - - - - - - - - -

US Equity - - - 0.70% - - - - - - - - - -

Global Equity - - - - - - - - - - - - - -

Global Equity Income - - - - 1.87% - - - - - 1.02% - - -

Emerging Markets Equity - - - - - - - - - - 1.28% - - -

Far East Equity - - - - - - - - - - - - - -

New Power - - - - - - - - - - - - - -

Clean Technology - - - - - - - - - - - - - -

Future Resources - - - - - - - - - - - - - -

mtx Sustainable Asian Leaders (ex Japan) - - - - - - - - - - - - - -

mtx Sustainable Emerging Markets Leaders - - - - - - - - - - - - - -

mtx Sustainable Global Leaders - - - - - - - - - - - - - -

Commodity - - - - - - - - - - - - - -

Dynamic Commodity - - - - - - - - - - - - - -

Dynamic Commodity 1 - - - - - - - - - - - - - -

Non-Food Commodity - - - - - - - - - - - - - -

Target Return Defensive - - - - - - - - - - - - - -

Target Return Balanced - - - - - - - - - - - - - -

Emerging Markets Debt - - - - - 0.55% - - - - - - 1.73% -

Global Bond - - - - - - - - - - - - - -

Absolute Return Credit Fund - - - - - - - - - - - - - -

Global Corporate Bond Mid Yield - - - - - - - - - - - - - -

Emerging Markets Blend - - - - - - - - - - - - - -

Emerging Markets Corporate Bond - - - - - - - - - - - - - -

TwentyFour Absolute Return Credit Fund - - - - - 0.40% 0.65% - 0.50% 0.46% 0.59% 0.44% - -

TwentyFour Global Unconstrained Bond 1.47% - - - - 0.66% 0.87% 0.87% 0.72% 0.72% 0.81% - - -

LCR Global Bond - - - - - - - - - - - - - -

Multi Asset Solution - - - - - - - - - - - - - -

Multi Asset Solution1 - - - - - - - - - - - - - -

Multi Asset Income - - - - - - - - - - - - - -


- - - - - - - - - - - - - -

1 TER including the performance fee.


261

15 TER (Total Expense Ratio) (continued) The TER of the Sub-Fund, excluding the performance fee for classes B to G (USD), is as follows:

Accumulating

Vontobel Fund - B

B (CHF)

B (EUR)

B (SEK)

C C

(EUR) C

(USD) C

(SEK) G G

(GBP) G

(USD)

Swiss Money 0.31% - - - - - - - - - -

Euro Short Term Bond 0.51% - - - 0.91% - - - - - -

US Dollar Money 0.48% - - - - - - - - - -

Swiss Franc Bond 0.90% - - - 1.29% - - - 0.40% - -

Euro Bond 1.14% - - - 1.54% - - - - - -

EUR Corporate Bond Mid Yield 1.30% - - - 1.68% - - - 0.56% - -

High Yield Bond 1.37% - - - 1.77% - - - - - -

High Yield Bond1 1.37% - - - 1.77% - - - - - -

Bond Global Aggregate 1.05% - - - 1.43% - - - - - -

Bond Global Aggregate1 1.16% - - - 1.44% - - - - - -

Eastern European Bond 1.39% - - - 1.79% - - - - - -

Absolute Return Bond (CHF) 0.90% - - - - - - - - - -

Absolute Return Bond (CHF)1 0.90% - - - - - - - - - -

Absolute Return Bond (EUR) 1.10% - - - 1.47% - - - - - -

Absolute Return Bond (EUR)1 1.10% - - - 1.47% - - - - - -

Absolute Return Bond Dynamic 1.45% - - - 1.85% - - - - - -

Absolute Return Bond Dynamic1 1.57% - - - 2.13% - - - - - -

Global Convertible Bond 1.37% - - - 1.77% - - - - - -

Emerging Markets Local Currency Bond 1.59% 1.59% 1.59% - 1.99% - - - - - -

Swiss Mid and Small Cap Equity 2.04% - - - 2.64% - - - - - -

European Mid and Small Cap Equity 2.07% - - - 2.67% - - - - - -

Japanese Equity 1.68% - - - - - - - - - -

mtx China Leaders 2.18% - - - 2.78% - - - - - -

European Equity 2.04% - - - 2.64% - - - 0.66% - 0.66%

US Equity 2.04% - - - 2.64% - - - 0.66% - -

Global Equity 2.04% - - 2.04% 2.64% - - - 0.76% - -

Global Equity Income 1.87% - - - - - - - - - -

Emerging Markets Equity 2.10% - - 2.10% 2.70% - - 2.70% - 0.93%

Far East Equity 2.06% - - - 2.66% - - - - - -

New Power 2.06% - - - 2.66% - 2.66% - - - -

Clean Technology 2.06% 2.06% - - 2.66% - - - - - -

Future Resources 2.11% 2.11% - - 2.71% - 2.71% - - - -

mtx Sustainable Asian Leaders (ex Japan) 2.09% - - - - - - - - - -

mtx Sustainable Emerging Markets Leaders 2.04% - - 2.04% 2.64% - - - - - -

mtx Sustainable Global Leaders 1.95% - - - - - - - - - -

Commodity 1.84% - - - 2.44% - - - - 0.63% -

Dynamic Commodity 1.88% - - - - - - - - - -

Dynamic Commodity 1 2.04% - - - - - - - - - -

Non-Food Commodity 1.88% - - - - - - - - - -

Target Return Defensive 1.88% - - - 2.23% - - - - - -

Target Return Balanced 1.76% - - - 2.10% - - - - - -

Emerging Markets Debt 1.34% - - - 1.73% - - - - - -

Global Bond - - - - - - - - - - -

Absolute Return Credit Fund - - - - - - - - - - -

Global Corporate Bond Mid Yield 1.39% - - - 1.89% - - - 0.51% - -

Emerging Markets Blend - - - - - - - - - - -

Emerging Markets Corporate Bond - - - - - - - - - - -

TwentyFour Absolute Return Credit Fund - - - - - 1.38% - - 0.40% - -

TwentyFour Global Unconstrained Bond - - - - - 1.81% - - 0.62% - -

LCR Global Bond - - - - - - - - 0.30% - -

Multi Asset Solution 1.70% - - - 2.24% - - - - - -

Multi Asset Solution1 1.95% - - - 2.47% - - - - - -

Multi Asset Income - - - - - - - - - - -


- - - - - - - - - - -



262

15 TER (Total Expense Ratio) (continued) The TER of the Sub-Fund, excluding the performance fee for classes H (CHF) to HN (CHF), is as follows:

Accumulating

Vontobel Fund - H

(CHF) H

(EUR) H

(GBP) H

(SEK) H

(USD) HC

(EUR) HC

(USD) HI

(CHF) HI

(EUR) HI

(SEK) HI

(USD) HG (EUR)

HN (CHF)

Swiss Money - - - - - - - - - - - - -

Euro Short Term Bond - - - - - - - - - - - - -

US Dollar Money - - - - - - - - - - - - -

Swiss Franc Bond - - - - - - - - - - - - -

Euro Bond - - - - - - - - - - - - -

EUR Corporate Bond Mid Yield 1.36% - - - - - - 0.79% - - 0.79% - -

High Yield Bond 1.43% - - - 1.43% - 1.83% 0.84% - - 0.84% - -

High Yield Bond1 1.43% - - - 1.43% - 1.83% 0.84% - - 0.85% - -

Bond Global Aggregate 1.11% - - - 1.11% - - - - - 0.69% - -

Bond Global Aggregate 1 1.12% - - 1.50% - - - - - 1.15% - -

Eastern European Bond - - - - - - - - - - - - -

Absolute Return Bond (CHF) - - - - - - - - - - - - -

Absolute Return Bond (CHF)1 - - - - - - - - - - - - -

Absolute Return Bond (EUR) - - - - 1.16% - - - - - 0.73% - -

Absolute Return Bond (EUR)1 - - - - 1.16% - - - - - 0.73% - -

Absolute Return Bond Dynamic 1.51% - - - 1.51% - - 1.05% - - 1.05% - -

Absolute Return Bond Dynamic1 1.57% - - - 1.76% - - 1.16% - - 1.34% - -

Global Convertible Bond 1.43% - - - 1.43% - - 0.84% - - 0.84% - -

Emerging Markets Local Currency Bond 1.65% 1.65% - - - - - 0.99% 0.99% - - - -

Swiss Mid and Small Cap Equity - - - - - - - - - - - - -

European Mid and Small Cap Equity - - - - - - - - - - - - -

Japanese Equity - - - - - - - - - - - - -

mtx China Leaders - - - - - - - - - - - - -

European Equity - - - - - - - - - - 1.23% - -

US Equity - 2.10% - - - - - 1.23% 1.23% - - - -

Global Equity - 2.10% - 2.10% - 2.70% - - 1.24% - - - -

Global Equity Income - 1.93% - - - - - - 1.04% - - - -

Emerging Markets Equity 2.16% 2.16% - 2.16% - 2.76% - 1.28% 1.28% - - - -

Far East Equity - 2.12% - - - - - - 1.26% - - - -

New Power 2.12% - 2.12% - 2.12% - - - - - - - 1.29%

Clean Technology 2.12% - - - 2.12% - - - - - - - -

Future Resources 2.17% - - - - - - - - - - - -

mtx Sustainable Asian Leaders (ex Japan) - 2.15% - - - - - - 1.29% - - - -

mtx Sustainable Emerging Markets Leaders - 2.10% - - - 2.70% - 1.24% 1.24% - - - -

mtx Sustainable Global Leaders 2.01% 2.01% - - - - - 1.22% 1.22% - - - -

Commodity 1.90% 1.90% - 1.90% - - - 1.11% 1.11% 1.11% - - -

Dynamic Commodity 1.94% 1.94% - - - - - 1.15% 1.15% - - - -

Dynamic Commodity 1 1.95% 1.97% - - - - - 1.18% 1.28% - - - -

Non-Food Commodity 1.94% 1.94% - - - - - 1.15% 1.15% - - - -

Target Return Defensive 1.94% - - - 1.94% - - 1.28% - - 1.28% - -

Target Return Balanced 1.82% - - - 1.82% - - 1.17% - - 1.17% - -

Emerging Markets Debt 1.40% 1.40% - - - 1.79% - 0.83% 0.83% - - - -

Global Bond - - - - - - - 0.64% 0.64% - - - -

Absolute Return Credit Fund - - - - - - - - - - - - -

Global Corporate Bond Mid Yield - 1.45% - - - 1.95% - 0.86% 0.86% - - 0.57% -

Emerging Markets Blend - - - - - - - - - - - - -

Emerging Markets Corporate Bond - - - - - - - - - - - - -

TwentyFour Absolute Return Credit Fund - 1.05% - - - - - 0.61% 0.61% - - - -

TwentyFour Global Unconstrained Bond - 1.47% - - - - - 0.83% 0.83% - 0.83% - -

LCR Global Bond - - - - - - - - - - - - -

Multi Asset Solution - - - - - - - - - - - - -

Multi Asset Solution1 - - - - - - - - - - - - -

Multi Asset Income - - - - - - - - - - - - -


- - - - - - - 0.66% - - 0.66% - -



263

15 TER (Total Expense Ratio) (continued) The TER of the Sub-Fund, excluding the performance fee for classes HN (GBP) to X, is as follows:

Accumulating

Vontobel Fund - HN (GBP)

HN (EUR)

HNG (EUR)

HR (CHF)

HS (CHF)

HS (EUR)

I I

(EUR) I

(GBP) N

N (GBP)

NG R S X

Swiss Money - - - - - - 0.26% - - - - - 0.26% - -

Euro Short Term Bond - - - - - - 0.32% - - - - 0.27% 0.46% 0.17% -

US Dollar Money - - - - - - 0.33% - - - - - 0.43% - -

Swiss Franc Bond - - - - - - 0.54% - - - - - 0.50% - -

Euro Bond - - - - - - 0.57% - - - - - 0.54% 0.25% -

EUR Corporate Bond Mid Yield 0.83% - - - - - 0.73% - - 0.77% - - 0.49% 0.21% -

High Yield Bond - - - - - - 0.78% - - - - - 0.52% 0.23% -

High Yield Bond1 - - - - - - 0.78% - - - - - 0.52% 0.23% -

Bond Global Aggregate - - - - - - 0.63% - - 0.67% - - 0.53% 0.25% -

Bond Global Aggregate1 - - - - - - 0.81% - - 0.72% - - 0.77% 0.25% -

Eastern European Bond - - - - - - 0.80% - - - - - 0.54% - -

Absolute Return Bond (CHF) - - - - - - 0.56% - - - - - 0.53% 0.19% -

Absolute Return Bond (CHF)1 - - - - - - 0.56% - - - - - 0.53% 0.19% -

Absolute Return Bond (EUR) - - - - - - 0.67% - - - - - 0.55% 0.21% -

Absolute Return Bond (EUR)1 - - - - - - 0.67% - - - - - 0.55% 0.21% -

Absolute Return Bond Dynamic - - - - - - 0.99% - - - - - 0.85% - -

Absolute Return Bond Dynamic1 - - - - - - 1.33% - - - - - 0.93% - -

Global Convertible Bond - - - - - - 0.78% - - - - - 0.52% - -

Emerging Markets Local Currency Bond - - - - - - 0.93% - - - - - 0.64% - -

Swiss Mid and Small Cap Equity - - - - - - 1.17% - - - - - 0.64% - -

European Mid and Small Cap Equity - - - - - - 1.20% - - - - - 0.67% - -

Japanese Equity - - - - - - 1.02% - - - - - 0.68% - -

mtx China Leaders - - - - - - 1.27% - - - - - 0.68% - -

European Equity - - - - - - 1.17% - - - - - 0.64% 0.35% -

US Equity - - - - - 0.41% 1.17% 1.17% - 1.21% - - 0.64% - -

Global Equity - 1.22% - - - 0.26% 1.18% 1.18% 1.18% 1.22% - - 0.64% 0.20% -

Global Equity Income - - - - - - 0.98% - - - - - 0.62% - -

Emerging Markets Equity 1.34% 1.34% - - 0.30% 0.30% 1.22% 1.22% 1.22% 1.28% - - 0.70% 0.24% -

Far East Equity - - - - - - 1.20% - - 1.24% - - 0.66% - -

New Power - - - - - - 1.19% - - 1.23% - - 0.66% - -

Clean Technology - - - - - - 1.20% - - 1.24% 0.99% - 0.66% - -

Future Resources - - - - - - 1.24% - - 1.28% - - 0.71% - -

mtx Sustainable Asian Leaders (ex Japan) - - - - - - 1.23% - - - - - 0.69% - -

mtx Sustainable Emerging Markets Leaders - - - - - - 1.18% 1.18% - 1.22% 1.02% - 0.64% 0.22% -

mtx Sustainable Global Leaders 1.26% 1.26% - - - - 1.16% - - 1.20% - - 0.70% 0.26% -

Commodity - - - - 0.26% - 1.05% - - - - - 0.59% - -

Dynamic Commodity - - - - - - 1.09% - - - - - 0.63% 0.24% -

Dynamic Commodity 1 - - - - - - 1.17% - - - - - 0.63% 0.24% -

Non-Food Commodity - - - - - - 1.09% - - - - - 0.63% 0.24% -

Target Return Defensive - - - - - - 1.22% - - - - - 0.89% - -

Target Return Balanced - - - - - - 1.11% - - - - - 0.78% - -

Emerging Markets Debt - - - - 0.23% 0.23% 0.77% - - 0.81% - - 0.52% 0.17% -

Global Bond - - - - 0.22% 0.25% 0.58% - - - - - - - -

Absolute Return Credit Fund - - - - - - - - - - - - - 0.78%

Global Corporate Bond Mid Yield - - - - - - 0.80% - - - - - 0.54% - -

Emerging Markets Blend - - - - - - - - - - - - - 1.02%

Emerging Markets Corporate Bond - - - - - - - - - - - - 0.52% - 0.78%

TwentyFour Absolute Return Credit Fund - - - - - - 0.55% - - 0.59% - - 0.44% - -

TwentyFour Global Unconstrained Bond - - 0.72% 0.52% - - 0.77% - - 0.81% - 0.66% 0.46% - -

LCR Global Bond - - - - - - 0.42% - - - - - - - -

Multi Asset Solution - - - - - - 1.03% - - - - - - - -

Multi Asset Solution1 - - - - - - 1.13% - - - - - - - -

Multi Asset Income - - - - - - 0.81% - - - - - 0.48% - -


- - - 0.45% - - 0.60% - - - - - 0.39% - -


Additional Unaudited Appendix

264

Performance Historical performance is not an indicator of current or future performance. Performance data do not take account of any commissions and expenses charged on the issue and redemption of shares, or of possible safekeeping account management fees or withholding taxes that decrease the value of the assets. The Fund's return can rise or fall due to currency fluctuations. Investors should note that past performance is not necessarily indicative of the future performance of the various Sub-Funds. The unaudited performance figures have been calculated in accordance with the guidelines of the Swiss Funds & Asset Management Association (SFAMA) of May 16, 2008 (version from July 1, 2013).

Sub-Fund name/Index name Share class

Currency Launch date 31.08.2014 -

31.08.2015 31.08.2015 – 31.08.2016

31.08.2016 – 31.08.2017

Since launch

Vontobel Fund - Swiss Money B CHF 24.10.2000 -0.44% 0.28% -0.42% 14.84% Citigroup CHF 3-Month Eurodeposit, (Ex Salomon Brothers CHF-MM Perf. Index) CHF -0.64% -0.91% -0.89% 11.43%

Vontobel Fund - Euro Money B EUR 24.10.2000 -0.13%** 0.18%** -0.18%** 32.57%**

Citigroup EUR 3-Month Eurodeposit, (Ex Salomon Brothers EUR-MM Perf. Index)

EUR 0.02%** -0.24%** -0.30%** 35.49%**

Vontobel Fund - Euro Short Term Bond B EUR 24.10.2000 - - 0.02%*** 0.02% Citigroup EUR 3-Month Eurodeposit, EUR - - 0.20%*** 0.19%

Vontobel Fund - US Dollar Money B USD 24.10.2000 -0.10% 0.81% 1.31% 31.01% Citigroup USD 3-Month Eurodeposit, USD 0.28% 0.67% 1.01% 36.78%

Vontobel Fund - Swiss Franc Bond B CHF 25.10.1991 1.32% 2.74% -1.97% 143.76% SBI ® Foreign Rating AAA Total Return CHF 3.42% 2.60% -1.85% 183.47%

Vontobel Fund - Euro Bond B EUR 25.10.1991 1.51% 6.69% -1.84% 297.47% J.P. Morgan EMU Bond Inv Grade Index EUR 2.74% 8.22% -2.77% 388.46%

Vontobel Fund - EUR Corporate Bond Mid Yield B EUR 27.09.2002 1.87% 5.64% 1.43% 75.34% Merrill Lynch EMU Corporate A-BBB EUR 0.66% 6.75% 0.78% 95.20% Vontobel Fund - High Yield Bond B EUR 11.06.2012 -1.93% 2.75% 4.02% 31.67% Customized Merrill Lynch High Yield Index EUR -1.29% 7.06% 6.19% 41.26% Vontobel Fund - Bond Global Aggregate B EUR 03.10.2014 4.85%* 3.98% -1.47% 7.42% Barclays Global Aggregate Bond Index Hedged EUR EUR 2.18%* 6.11% -1.61% 6.68% Vontobel Fund - Eastern European Bond B EUR 05.09.1997 -6.12% 7.12% 0.04% 171.55% JP Morgan Global Bond Index Emerging Europe EUR -6.44% 8.64% 0.48% 134.24% Vontobel Fund - Absolute Return Bond (CHF) B CHF 01.07.2005 -2.52% -1.53% -1.23% 4.78% Vontobel Fund - Absolute Return Bond (EUR) B EUR 09.12.1999 -1.32% -1.30% -0.90% 54.58% Vontobel Fund - Absolute Return Bond Dynamic B EUR 30.09.2014 -1.74%* -2.81% 1.12% -3.43% Vontobel Fund - Global Convertible Bond B EUR 14.04.2009 2.13% 0.02% 0.03% 41.42% Thomson Reuters Convertible Global Focus Investment Grade (hedged in EUR)

EUR 2.10% 1.29% 2.01% 76.52%

Vontobel Fund - Emerging Markets Local Currency Bond B USD 25.01.2011 -22.32% 9.69% 8.65% -2.74% JPM Government Bond Index Emerging Markets Global Diversified Composite USD

USD -21.54% 11.33% 9.86% 6.49%

Vontobel Fund - Swiss Mid and Small Cap Equity B CHF 12.06.2001 3.73% 15.32% 19.88% 114.68% SPI Extra TR CHF 4.08% 14.86% 22.11% 208.32% Vontobel Fund - European Mid and Small Cap Equity B EUR 08.11.2000 16.16% 5.46% 18.82% 136.22% MSCI Europe Small Cap Index TR net EUR 19.38% 1.29% 15.86% 273.12% Vontobel Fund - Japanese Equity B JPY 21.11.1991 24.87% -14.15% 17.24% -24.19% MSCI Japan Index TR net JPY 21.52% -12.21% 20.98% 23.85%

* Performance since inception date of Sub-Fund. ** Performance until the Sub-Fund was renamed and repositioned on June 30, 2017 *** Performance since the Sub-Fund was renamed and repositioned on June 30, 2017


265

Performance (continued)



31.08.2015 31.08.2015 – 31.08.2016

31.08.2016 – 31.08.2017

Since launch

Vontobel Fund - mtx China Leaders B USD 02.02.2007 0.38% 19.21% 38.64% 142.75% MSCI China Index TR net USD -9.34% 8.04% 35.00% 113.03%

Vontobel Fund - European Equity B EUR 16.12.2002 14.14% 3.78% 4.55% 188.32% MSCI Europe Index TR net EUR 7.61% -2.55% 11.88% 160.84%

Vontobel Fund - US Equity B USD 21.11.1991 6.59% 10.67% 17.99% 1’036.87% S&P 500 - TR USD 0.48% 12.55% 16.23% 1’000.65%

Vontobel Fund - Global Equity B USD 01.07.2005 0.31% 9.75% 16.98% 160.98% MSCI World Index TR net USD -6.29% 7.24% 17.11% 108.44%

Vontobel Fund - Global Equity (ex-US) B USD 12.06.2001 -7.11%*** 5.95%*** -9.00%*** 121.94%***

MSCI EAFE Index TR net USD -12.35%*** 2.92%*** -0.52%*** 82.42%***

Vontobel Fund - Global Equity Income B USD 12.06.2001 - - 15.84%**** 15.84%**** MSCI All Country USD - - 15.03%**** 15.03%****

Vontobel Fund - Emerging Markets Equity B USD 03.11.1992 -17.12% 12.47% 14.25% 708.68% MSCI Emerging Market TR net USD -22.95% 11.83% 24.53% 361.07%

Vontobel Fund - Far East Equity B USD 25.02.1998 -9.14% 8.43% 13.39% 393.67% MSCI All Country Asia Pacific Ex-Japan TR net USD -18.80% 13.34% 23.18% 282.68%

Vontobel Fund - New Power B EUR 12.12.2001 -5.31% 10.31% 7.72% 37.37% MSCI World Index TR net EUR 12.70% 7.33% 8.84% 105.97%

Vontobel Fund - Clean Technology B EUR 17.11.2008 15.25% 10.58% 9.44% 195.96% MSCI World Index TR net EUR EUR 12.70% 7.33% 8.84% 191.85%

Vontobel Fund - Future Resources B EUR 17.11.2008 -7.24% 2.46% -7.01% 81.34% MSCI World Index TR net EUR 12.70% 7.33% 8.84% 191.85%


B USD 17.11.2008 -6.48% 19.82% 32.35% 257.43%

MSCI AC Asia (ex Japan) net TR USD USD -16.06% 12.94% 24.83% 209.50%


B USD 15.07.2011 -11.61% 22.69% 28.06% 44.45%

MSCI Emerging Market TR net (USD) USD -22.95% 11.83% 24.53% 11.41%

Vontobel Fund - mtx Sustainable Global Leaders B USD 14.12.2012 -1.61% -9.04% 15.32% 42.20% MSCI All Countries World Index USD -4.13% 7.02% 17.11% 64.24%

Vontobel Fund - Commodity B USD 04.04.2007 -32.25% -2.38% 2.74% -42.72% Bloomberg Commodity Index TR USD -28.18% -8.71% 2.99% -47.92%

Vontobel Fund - Dynamic Commodity B USD 02.05.2012 -28.04% -1.75% -1.17% -36.64% Bloomberg Commodity Index TR USD -28.18% -8.71% 2.99% -38.51%

Vontobel Fund - Non-Food Commodity B USD 28.11.2014 -18.24% -6.19% 3.04% -20.97% Bloomberg Commodity ex-Agriculture and Livestock Capped Index TR

USD -21.69% -9.90% 8.57 -23.39%

Vontobel Fund - Target Return Defensive B EUR 25.05.2010 -3.06% -0.66% -0.37% -3.02%

Vontobel Fund - Target Return Balanced B EUR 31.03.2015 -6.35%* -1.80% -1.86% -9.75%

Vontobel Fund - Target Return Growth B EUR 31.03.2015 -7.29%* -1.93% -0.85%** -9.85%**

Vontobel Fund - Emerging Markets Debt B USD 15.05.2013 -4.53% 15.12% 9.54% 25.93% JPMorgan EMBI Global Diversified USD -1.15% 14.24% 5.02% 23.72%

* Performance since inception date of Sub-Fund.

** The Sub-Fund was put into liquidation on March 8, 2017. *** Performance until the Sub-Fund was renamed and repositioned on December 30, 2016 **** Performance since the Sub-Fund was renamed and repositioned on December 30, 2016


266

Performance (continued)



31.08.2015 31.08.2015 – 31.08.2016

31.08.2016 – 31.08.2017

Since launch

Vontobel Fund - Harcourt Dividend Strategy B USD 21.10.2013 -9.83% ** ** ** 3M USD Libor 0.28% ** ** **

Vontobel Fund - Harcourt Momentum Strategy B USD 21.10.2013 -4.71% -8.19% -1.74%*** -8.63%*** 3M USD Libor 0.28% 0.67% 0.13%*** 1.28%***

Vontobel Fund - Harcourt Premium Strategy B USD 09.12.2013 -8.09% ** ** ** 3M USD Libor 0.28% ** ** ** Vontobel Fund - Global Bond I USD 30.06.2015 0.52%* 6.20% 0.39% 7.17% Barclays Global Aggregate Bond Index Hedged USD 0.72%* 7.19% 0.20% 8.18% Vontobel Fund - Absolute Return Credit Fund X USD 30.06.2015 0.36%* 4.36% 4.98% 9.96%

Vontobel Fund - Global Corporate Bond Mid Yield HG EUR 29.10.2015 - 7.81%* 1.90% 8.91% Vontobel Fund - Emerging Markets Blend X USD 24.08.2015 0.52%* 17.15% 18.90% 40.02% 40% JPM EMBI Global Diversified & 40% JPM GBI EM Global Diversified & 20% JPM CEMBI Broad Diversified Composite

0.72%* 12.29% 6.97% 20.99%

Vontobel Fund - Emerging Markets Corporate Bond I USD 13.11.2015 - 20.79%* 13.39% 36.96% JPM CEMBI Broad Diversified - - 5.61% 15.58% Vontobel Fund - TwentyFour Absolute Return Credit Fund

I GBP 28.08.2015 0.00%* 6.03% 4.03% 10.30%

GBP 3 month Libor 0.00%* 0.60% 0.35% 0.95%


G GBP 30.11.2015 - 3.61%* 7.84% 11.73%

Vontobel Fund - LCR Global Bond G EUR 14.12.2016 - - -1.82% * -1.82%

Vontobel Fund - Multi Asset Solution B EUR 18.10.2016 - - 2.32% * 2.32%

Vontobel Fund - Multi Asset Income I EUR 16.12.2016 - - 5.30% * 5.30% Vontobel Fund - TwentyFour Monument European Asset Backed Securities

I EUR 27.06.2017 - - 0.45% * 0.45%

* Performance since inception date of Sub-Fund.

** The Share Class was liquidated on April 8, 2016.

*** The Share Class was liquidated on October 31, 2016.

Information about the remuneration of employees (in EUR) of Vontobel Asset Management S.A. for the 2016 financial year

Number of employees on December 31, 2016: 42 Total remuneration in 2016 financial year 8,803,613 of which variable components in 2016 2,520,658 Identified employee categories* Fixed salaries p.a. As at December 31, 2016 764,360 Variable components in 2016 219,926

* Identified employee categories

Senior management: executives, control functions

Details of remuneration practices for identified employee categories are described in the company's remuneration policy, which is

made available to investors on request.


267

Global exposure The method of calculating global exposure is the Commitment Approach for all Sub-Funds, except for the Sub-Funds mentioned below. For the Sub-Funds mentioned, global exposure is instead calculated using a VaR method. The global exposure data for the financial year ended August 31, 2017 are as follows.

Vontobel Fund - Calculation of global exposure

Model type Reference portfolio

VaR limit

Lowest VaR in period

Highest VaR in period

Average VaR in period

Average leverage level (3)

Absolute Return Bond (CHF)

Absolute VaR Monte Carlo (4) - 20% 0.81% 7.77% 1.36% 196.34%

Absolute Return Bond (EUR)


Absolute Return Bond Dynamic


Absolute Return Credit Fund


Bond Global Aggregate Absolute VaR Monte Carlo (4) - 20% 1.97% 7.37% 3.32% 766.16%

Commodity Relative VaR Monte Carlo (4)

Bloomberg Commodity Index Total Return

200% 49.81% 107.61% 86.58% 680.55%

Dynamic Commodity Relative VaR Monte Carlo (4)

Bloomberg Commodity Index Total Return

200% 66.56% 164.71% 113.83% 1010.14%

Eastern European Bond Relative VaR Monte Carlo (4)

JP Morgan GBI- EM Global Europe

200% 77.36% 96.34% 88.32% 10.89%

Emerging Markets Debt Relative VaR Monte Carlo (4)

JP Morgan EMBI Global Diversified

200% 78.21% 102.38% 88.66% 135.76%


Relative VaR Monte Carlo (4)

JP Morgan GBI- EM Global Diversified Comp. unhedged USD

200% 89.63% 110.12% 98.53% 76.19%

Multi Asset Income (1) Absolute VaR Monte Carlo (4) 20% 2.44% 3.85% 3.00% 32.10%

Multi Asset Solution (2) Absolute VaR Monte Carlo (4) 20% 0.00% 1.65% 1.01% 7.51%

Non-Food Commodity Relative VaR Monte Carlo (4)

Bloomberg Commodity ex-Agriculture and Livestock Capped Index Total Return

200% 81.69% 144.62% 100.35% 306.78%

Target Return Balanced Absolute VaR Monte Carlo (4) - 12% 2.01% 5.01% 3.95% 154.61%

Target Return Defensive


Twentyfour Global Unconstrained Bond


(1) Data observed for the period from December 16, 2016 to August 31, 2017.

(2) Data observed for the period from October 18, 2016 to August 31, 2017.

(3) In accordance with CSSF Circular 11/512, the data published here was collected twice a month. Leverage is calculated using the sum of notionals approach.

(4) The VaR is calculated with a confidence level of 99% and a horizon of 20 business days.


268

Securities Financing Transactions Regulation The Fund is subject to the Regulation (EU) 2015/2365 of the European Parliament and of the Council on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 of the European Parliament (“SFTR”). A Securities Financing Transaction (“SFT”) is defined in Article 3(11) of the SFTR as:

� repurchase transactions or reverse repurchase transactions;

� securities or commodities lending and securities or commodities borrowing;

� buy-sell back transactions or sell-buy back transactions;

� margin lending transactions.

The SFTR also covers transactions that are commonly referred as total return swaps (“TRS”) which includes contracts for difference (“CFD”). In accordance with Article 13 (11) of the Regulation, the Fund is involved in securities financing transactions through its engagement in CFD for the year ended 31 August 2017 as detailed below: a) Global Data

Amount of assets engaged in contracts for difference The following table represents the total value engaged in contracts for difference transactions expressed as an absolute amount and as a proportion of the Sub-Funds’ Net Asset Value at 31 August 2017:

Sub-Fund Name Gross Unrealised gain and loss

(in Sub-Fund Currency AND in absolute value)

% of Total Net Asset Value

Vontobel Fund - Commodity USD 117,993,436 24.52%

Vontobel Fund - Dynamic Commodity USD 46,745,123 48.83%

Vontobel Fund - Non-Food Commodity USD 16,514,799 14.86%

b) Concentration data

Ten largest collateral issuers All collateral received in respect of the contracts for difference transactions as at 31 August 2017 is cash collateral. The ten largest collateral issuers disclosure is therefore not applicable. Top ten counterparties The following table provides details of the top ten counterparties (based on gross volume of outstanding transactions) in respect of the contracts for difference transactions as at 31 August 2017 per Sub-Fund.

Sub-Fund Name Counterparty Counterparty’s country of

incorporation

Gross Unrealised Gain and Loss (in Sub-Fund Currency AND in absolute value)


CITI GLOBAL LDN UK USD 10,433,358

GOLDMAN INTL UK USD 2,618,285

JPM SEC PLC UK USD 69,359,978

MACQUARIE Australia USD 7,036,543

MSCI LDN UK USD 14,347,115

SG PARIS France USD 8,314,501

UBS AG LDN UK USD 5,883,656


GOLDMAN INTL UK USD 1,527,541



SG PARIS France USD 1,325,352

UBS AG LDN UK USD 3,114,436




UBS AG LDN UK USD 810,728


269

Securities Financing Transactions Regulation (continued) c) Aggregate Transaction data

Type and quality of collateral The following table provides details on the collateral received by each Sub-Fund in respect of the contracts for difference transactions as at 31 August 2017.

Sub-Fund Name Type Quality Market Value of the Collateral

(in Sub-Fund Currency)

Vontobel Fund - Commodity Cash N/A USD 11,042,243

Vontobel Fund - Dynamic Commodity Cash N/A USD 4,226,311

Vontobel Fund - Non-Food Commodity Cash N/A USD 1,300,041

Maturity tenor of the collateral As mentioned under the section “Type and quality of collateral”, all collateral received in respect of the contracts for differences transactions as at 31 August 2017 is cash collateral. The disclosure of the maturity tenor of the collateral is therefore not applicable. Currency of collateral The collateral received for the contracts for difference transactions is received in USD only. Maturity tenor of contracts for differences transactions For all Sub-Funds there are no maturities for the contracts for difference transactions. Country in which counterparties are established The country in which counterparties are established is disclosed under the section “Top Ten Counterparties” above. Settlement and clearing All trades open as at 31 August 2017 have been transacted through bilateral settlement. d) Reuse of collateral

There is no reuse of cash collateral received in respect of the contracts for difference transactions as at 31 August 2017. e) Safekeeping of collateral

Collateral received Cash collateral granted by the counterparties is received on the Fund,s cash account at RBC Investors Services Bank S.A., Luxembourg. Collateral received per Sub-Fund is disclosed under section “Type and quality of collateral”. Collateral granted Cash collateral paid to the counterparties is delivered to a segregated cash account at the counterparty. The following table provides an analysis of the collateral granted in respect of the contracts for difference transactions as at 31 August 2017.

Market Value of the collateral (in Sub-Fund Currency)

Custodian / Sub-Fund Name Vontobel Fund - Commodity Vontobel Fund - Dynamic

Commodity Vontobel Fund -

Non-Food Commodity RBC Investors Services Bank S.A., Luxembourg

USD 0 USD 0 USD 0

Return and cost Return and Cost of the contracts for difference transactions as at 31 August 2017 are disclosed in the “Combined Statement of Operations and Changes in Net Assets” under the headings “Interest on Contracts for Difference”, “Net realised gain/loss on Contracts for Difference” and “Change in unrealised appreciation/depreciation on Contracts for Difference”.

Report of the Réviseur d'Entreprises Agréé for the financial year from September 1, 2016

to August 31, 2017

270

To the Shareholders of Vontobel Fund Opinion We have audited the annual financial statements of Vontobel Fund ("the Fund") and of each of its Sub-Funds, which comprise the Statement of Net Assets and the Portfolios as at August 31, 2017, the Statement of Net Income and the Statement of Changes in Net Assets for the year then ended, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the assets and financial position of Vontobel Fund and of each of its Sub-Funds as at August 31, 2017, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Basis for opinion We conducted our audit in accordance with the Audit Law (Law of July 23, 2016) and International Standards on Auditing ("ISAs") as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier ("CSSF"). Our responsibilities under that law and those standards are further described in the Responsibilities of the Réviseur d'Entreprises Agréé section of our report. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) adopted for Luxembourg by the CSSF together with the professional code of conduct, which we are required to comply with in the course of the audit of the annual financial statements, and we have fulfilled our other responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Other information The Fund's Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the annual financial statements and our report thereon as Réviseur d'Entreprises Agréé. Our opinion on the annual financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon. In connection with our audit of the annual financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the annual financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Fund's Board of Directors and those charged with governance for the annual financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the annual financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as it determines is necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud or error. In preparing the annual financial statements, the Board of Directors of the Fund is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Responsibilities of the Réviseur d'Entreprises Agréé for the audit of the annual financial statements Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from misstatement, whether due to fraud or error, and to issue a report that includes our opinion, as Réviseur d'Entreprises Agréé. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016 and in accordance with the ISAs adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual financial statements.

Report of the Réviseur d'Entreprises Agréé for the financial year from September 1, 2016

to August 31, 2017

271

As part of an audit in accordance with the Law of July 23, 2016 and the ISAs adopted for Luxembourg by the CSSF, we exercise professional judgement and maintain professional scepticism throughout the audit. We also, - identify and assess the risks of material misstatement of the annual financial statements whether due to fraud or error, design and

perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- obtain an understanding of internal control relevant to the audit 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 Fund's internal control. - evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures

made by the Board of Directors of the Fund. - conclude on the appropriateness of the use of the going concern basis of accounting by the Board of Directors of the Fund and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report as the Réviseur d'Entreprises Agréé to the related disclosures in the annual financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report as Réviseur d’Entreprises Agréé. However, future events or conditions may cause the Fund to cease to continue as a going concern.

- evaluate the overall presentation, structure and content of the annual financial statements, including the disclosures in the notes,

and whether they represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young

Société anonyme

Cabinet de révision agréé

Nadia Faber Luxembourg, December 22, 2017

Documents

Vontobel Asset Management Vontobel Fund · Vontobel Asset Management ... Vontobel Fund - Global Convertible Bond Vontobel Fund ... Receivable on swaps 1,387,799