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Julius Baer Multicooperation Annual Report 2005 As at June 30, 2005 (Audited)

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Julius Baer Multicooperation Annual Report 2005 As at June 30, 2005 (Audited) Julius Baer Multicooperation Annual Report 2005 as at June 30, 2005 (audited) Subscriptions are only valid if made on the basis of the current Prospectus, the latest Annual Report and the latest Semi-Annual Report if published thereafter. The Articles of Association, the valid Prospectus and the Annual and Semi-Annual Reports may be obtained free of charge at the representative in Switzerland and the respective paying agent. Only the German version of the present Annual Report has been reviewed by the independent auditor. Consequently, the independent auditor's report only refers to the German version of the Report; other versions result from a conscientious translation made under the responsibility of the Board. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Julius Baer Investment Funds Services Ltd., Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstrasse 36, Postfach, CH - 8010 Zurich Paying agent in Germany: Bank Julius Bär (Deutschland) AG, Messe Turm, Friedrich-Ebert-Anlage 49, Postfach 15 01 52, D - 60061 Frankfurt on the Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Contents Page Organisation and Management 4 Independent Auditor's Report 5 Notes to the Financial Statements 6 Julius Baer Multicooperation (Umbrella Fund) MCOO Julius Baer Multicooperation - Emerging Markets Value Stock Fund HESF Julius Baer Multicooperation - Global Value Stock Fund HGSF Julius Baer Multicooperation - Italian Bond Fund IBF Julius Baer Multicooperation - Italian Stock Fund ISF Julius Baer Multicooperation - Julius Baer Strategy Balanced (CHF) SBCH Julius Baer Multicooperation - Julius Baer Strategy Balanced (EURO) SBEU Julius Baer Multicooperation - Julius Baer Strategy Conservative (CHF) SCCH Julius Baer Multicooperation - Julius Baer Strategy Conservative (EURO) SCEU Julius Baer Multicooperation - Julius Baer Strategy Conservative (USD) SCUS Julius Baer Multicooperation - Julius Baer Strategy Growth (CHF) SGCH Julius Baer Multicooperation - Julius Baer Strategy Growth (EURO) SGEU Julius Baer Multicooperation - MI-Fonds 30 MI30 Julius Baer Multicooperation - MI-Fonds 50 MI50 Julius Baer Multicooperation - MI-Fonds Eco MIEC Julius Baer Multicooperation - MI-Fonds Euro 40 MI40 Julius Baer Multicooperation - MI-Fonds EuropeStock MIES Julius Baer Multicooperation - MI-Fonds Interbond MIB Julius Baer Multicooperation - MI-Fonds InterStock MIS Julius Baer Multicooperation - MI-Fonds SwissStock MISS Julius Baer Multicooperation - RBA-Portfolio (LUX) Adagio RBAD Julius Baer Multicooperation - RBA-Portfolio (LUX) Allegro RBAL Julius Baer Multicooperation - RBA-Portfolio (LUX) Vivace RBVI Julius Baer Multicooperation - Sandtander Deutsche Aktien SDA Julius Baer Multicooperation - Santander TopUSAktien STUA Addresses 3 Organisation and Management The registered office of the company is For Emerging Markets Value Stock Fund and 69, route d'Esch, L - 1470 Luxembourg Global Value Stock Fund: Hansberger Global Investors, Inc. Board members of the Company 515 East Las Olas Blvd., Suite 1300 Chairman: Fort Lauderdale, Florida 33301, USA Walter Knabenhans, President of the Group Executive Board Julius Baer, Zurich, Switzerland For the Julius Baer Strategy Funds, for Santander TopUSAktien and Members: for Santander Deutsche Aktien: Dr. Rudolf Ziegler, Bank Julius Bär & Co. AG Senior Vice President, Bahnhofstrasse 36, CH - 8010 Zurich Julius Bär Holding AG, Zurich, Switzerland Each investment adviser may enlist the support of subadvisers for individual sub-funds. Andreas Bär (until April 12th, 2005) Member of the Board of Directors Julius Baer Julius Baer Multicooperation Advisory Investment Funds Services Ltd., 65, avenue de la Gare, L - 1611 Luxembourg Zurich, Switzerland Custodian, Administrator and Domiciliary e M Freddy Brausch, Dexia Banque Internationale à Luxembourg S.A. Partner Linklaters Loesch, 69, route d'Esch, L - 2953 Luxembourg Luxembourg, Grand Duchy of Luxembourg Keeper of the Book of Registered Shareholders Jean-Michel Loehr, and Transfer Agent Senior Vice President, First European Transfer Agent S.A. (³FETA´) Dexia Banque Internationale à Luxembourg S.A., 5, rue Thomas Edison, L - 1445 Strassen Luxembourg, Grand Duchy of Luxembourg National Representatives Dr. Roman von Ah (since November 9th, 2004) Switzerland: Head of the business line Asset Management Julius Baer Investment Funds Services Ltd. of the Julius Baer Group Hohlstrasse 602, CH - 8010 Zurich Zurich, Switzerland Germany: Management Company Bank Julius Bär (Deutschland) AG Julius Baer (Luxembourg) S.A. Messe Turm, Friedrich-Ebert-Anlage 49, 65, avenue de la Gare, L - 1611 Luxembourg D - 60061 Frankfurt on the Main Advisory Board Austria: Erich Hort, Director Erste Bank der oesterreichischen Sparkassen AG MIGROSBANK, Zurich, Switzerland Graben 21, A - 1010 Vienna Ulf Geismar, Managing Director Italy: Santander Direkt Bank AG, Dott. Matteo Angeloni Frankfurt on the Main, Germany Via Montesanto, 68, I - 00195 Rome Dr. Thomas Ankenbrand, Director Spain: RBA-Zentralbank, Berne, Switzerland Atlas Capital Inversiones A.V., S.A. C. / Montalbán 9, E - 28014 Madrid Carlo Negrini, Credito Valtellinese SCaRL, Distributors Sondrio, Italy The company has appointed and may appoint further distributors authorised to sell the shares in one Wesley E. Freeman, or more jurisdictions. Managing Director Institutional Marketing Hansberger Global Investors, Inc., Central Paying Agent Fort Lauderdale, USA Dexia Banque Internationale à Luxembourg S.A. 69, route d'Esch, L - 2953 Luxembourg Stefan Laeng, Head Private Banking Product Management, Independent Auditors Bank Julius Bär & Co. AG, Zurich, Switzerland PricewaterhouseCoopers S.à r.l. Réviseur d'entreprises Investment Advisers 400, route d'Esch, For the MI-FONDS: L - 1471 Luxembourg MIGROSBANK Seidengasse 12, CH - 8023 Zurich Legal Advisers Linklaters Loesch For the RBA-FONDS: 35, avenue John F. Kennedy, RBA-Zentralbank L - 1855 Luxembourg Lagerhausweg 10, CH - 3001 Berne For Italian Stock Fund and Italian Bond Fund: Bancaperta S.p.A. Via Cesura, 3, I - 23100 Sondrio 4 Independent Auditor's Report To the Shareholders of In our opinion, the attached financial statements give, in Julius Baer Multicooperation conformity with the Luxembourg legal and regulatory Luxembourg requirements, a true and fair view of the financial position of JULIUS BAER MULTICOOPERATION and of each of its We have audited the financial statements, which consist of sub-funds at June 30, 2005 and of the results of their the consolidated statement of net assets, the consolidated operations and changes in their net assets for the year then statement of operations, the consolidated statement of ended. changes in net assets, the statement of investments and the notes to the financial statements of JULIUS BAER Supplementary information included in the annual report has MULTICOOPERATION (the Äcompany³), and of each of its been reviewed in the context of our mandate but has not sub-funds for the year ended June 30, 2005. These financial been subject to specific audit procedures carried out in statements are the responsibility of the Board of Directors of accordance with the standards described above. the company. Our responsibility is to express an opinion on Consequently, we express no opinion on such information. these financial statements based on our audit. We have no observation to make concerning such information in the context of the financial statements taken We conducted our audit in accordance with International as a whole. Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material PricewaterhouseCoopers S.à r.l. misstatement. An audit includes examining, on a test basis, Réviseur d'entreprises evidence supporting the amounts and disclosures in the represented by financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the company, in preparing the financial statements, as well as evaluating the overall Jean-Robert Lentz financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. Luxembourg, August 31, 2005 5 Notes to the financial statements Legal and Corporate Background of the Fund Assets and liabilities denominated in currencies other than the currency of the particular subfund are converted The Julius Baer Multicooperation (“Fund”) was using the exchange rate on the balance sheet date. incorporated on September 8, 1993 for an indefinite period. It is organised as a Société d’Investissement à Gains and losses on exchange are included in the income Capital Variable (SICAV, open-ended investment Fund) and expenditure account for the current accounting year. under the law of August 10, 1915 of the Grand Duchy of Luxembourg. Since May 11, 2005, it has been registered Securities portfolio under Part I of the law dated December 20, 2002 as an undertaking for collective investment in transferable Securities traded on a stock exchange, or another securities (UCITS). In view of the supervisory provisions regulated market which is open to the public, are valued applicable in certain sales countries, as of July 1, 2005, using the last available price for the accounting period. the organisational structure has
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