Vontobel AM Fixed Income US LLC

ITEM 5. FEES AND COMPENSATION
       At present, the Firm will be compensated by VAMAG for its services and does not charge any fees or expenses directly to VAMAG
       clients. We do not automatically deduct advisory fees from VAMAG. As indicated in the Investment Advisory Agreement, the fees
       are billed monthly and based on total expenses plus 10%. The other fees and expenses paid to the Firm include employee
       compensation and benefits, operating expenses such as rent and hardware, travel expenses, and other office expenses.

       VAMAG has the option of paying fees in advance. Any pre-paid fees that have not been earned at the termination of a contract with
       VAMAG will be refunded. This policy is designed to avoid placing VAMAG in the position of deciding between forfeiting the unused
       portion of its fee or continuing to receive services that are no longer needed. The amount of the refund will be calculated pro rata and
       will reflect a deduction of reasonable costs incurred.

       In the future, it is anticipated that VAMFIUS will enter into investment advisory agreements with U.S. clients. All fees and
       compensation to be received by VAMFIUS will be outlined in the relevant investment advisory or other agreements, as applicable.

       VAMAG clients will incur brokerage and other transaction costs, see Item 12 of this Brochure for more information with respect to
       brokerage.

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ITEM 7. TYPES OF CLIENTS

       As noted previously, at present, VAMFIUS has only one client, VAMAG. VAMAG provides investment management services to non-
       U.S. institutional investors via separate accounts, and to UCITS and Swiss funds in Europe which are targeted toward non-U.S.
       investors. In the future, it is anticipated that VAMFIUS may provide investment advisory services directly to investors via separately
       managed accounts, or to pooled investment vehicles offered in the U.S. as private funds, or as investment companies registered under
       the Investment Company Act of 1940, as amended (“1940 Act”).

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