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

Home , Clariant, Julius Baer Group, Lindt, Straumann

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 been modified in order to Not listed securities are identified as such, and their value comply with the 2002 law. is assessed as the probable realisation value, determined with care and in good faith. The Fund is registered under number B 44963 in the Unrealized gains/losses on securities are reported as the company register of the District Court of Luxembourg. difference between market value and average acquisition The registered office of the company is 69, route d’Esch, cost. Securities denominated in currencies other than the L – 1470 Luxembourg. currency of the particular subfund are converted using the exchange rate on the balance sheet date or the date of Accounting principles sale, whichever is applicable. All gains and losses on exchange are shown in the income and expenditure Presentation of the financial statements account, together with the price gains/losses from the securities. The financial statements of the Fund have been prepared The net gain/loss realised from the disposal of securities in conformity with the legal requirements for investment is determined using the average historical costs. funds in Luxembourg. The annual report has been based on the calculation of the last statement of net assets as Dividends are accounted on the „ex-dividend“ date. per year end (hereinafter: NAV = Net Asset Value). Earnings from securities are shown exclusive of taxes at source. Aggregation Securities lending Each subfund of the company prepares accounts relating to its operating result in its denominated currency. Earnings from securities lending are shown separately in the profit and loss statement. Details of the securities lent The accounts of the company (umbrella fund) are as per the balance sheet date are further listed in the prepared in CHF, by aggregating the assets and liabilities statement of investments. of the individual subfunds using the exchange rates The market price of the securities lent as per the balance applicable on the last day of the accounting period. sheet date is listed as follows:

Accounting Julius Baer Multicooperation The financial reports of the company are prepared in accordance with the regulations relating to undertakings EMERGING MARKETS VALUE EUR 1 443 530 for collective investment in transferable securities STOCK FUND (UCITS) applicable in Luxembourg. GLOBAL VALUE STOCK FUND EUR 183 786 The accruals concept is applied in the preparation of the ITALIAN BOND FUND EUR 7 641 000 financial report. The accounting principles are always ITALIAN STOCK FUND EUR 28 872 810 applied. JULIUS BAER STRATEGY CHF 17 379 069 BALANCED (CHF) Valuation of assets and liabilities JULIUS BAER STRATEGY EUR 43 112 638 BALANCED (EURO) Assets and liabilities are valued at their nominal values JULIUS BAER STRATEGY CHF 9 249 403 but with the exceptions described below. CONSERVATIVE (CHF) JULIUS BAER STRATEGY EUR 46 982 462 Foreign currencies CONSERVATIVE (EURO) JULIUS BAER STRATEGY USD 2 207 690 Transactions effected in currencies other than the CONSERVATIVE (USD) currency of the particular subfund are converted using the exchange rate on the date of the transaction.

6 Notes to the financial statements

Taxes Julius Baer Multicooperation

JULIUS BAER STRATEGY According to Luxembourg law, the company is not subject EUR 2 651 273 GROWTH (EURO) to income tax in Luxembourg and dividends paid by the MI-FONDS 30 CHF 102 042 349 company are at present not subject to tax at source in Luxembourg. The company is, however, subject to an MI-FONDS 50 CHF 91 555 997 annual tax of 0.05% of the net asset value („taxe MI-FONDS ECO CHF 3 131 899 d’abonnement“). However, with regard to C shares (for institutional investors) a reduced annual taxe MI-FONDS EURO 40 EUR 28 326 361 d’abonnement of 0.01% will be applied on the respective MI-FONDS EuropeStock CHF 1 683 999 net asset value. This classification is based on the MI-FONDS INTERBOND CHF 74 819 542 company’s understanding of the current legal situation. This legal situation is liable to be changed, even with MI-FONDS InterStock CHF 25 841 305 retrospective effect, which may result in the tax rate of MI-FONDS SwissStock CHF 1 803 175 0.05% being applied, even with retrospective effect. The RBA-PORTFOLIO (LUX) ADAGIO CHF 3 835 255 tax is payable quarterly in arrears, on the basis of the respective net asset value at the end of each quarter. To RBA-PORTFOLIO (LUX) ALLEGRO CHF 14 911 859 the extent that certain countries levy a tax on realised RBA-PORTFOLIO (LUX) VIVACE CHF 14 849 582 capital gains, the sub-funds make the respective provisions on the unrealised capital gains. SANTANDER DEUTSCHE AKTIEN EUR 19 469 713 Share categories

Options Each subfund may issue different share categories:

Purchase of options: when an option is purchased, the - A shares: Shares with distribution of income and/or premium paid is accounted as an investment, and then capital gains valued at the market price. If a purchased put option is exercised, the premium is subtracted from the sale price - B shares: Shares without distribution of income of the underlying asset in order to determine the and/or capital gains gain/loss. If a purchased call option is exercised, the premium is added to the cost price of the underlying - C shares: (for institutional investors): Shares asset. without distribution of income and/or capital gains Sale of options: if an option is written (sold), the premium received is accounted as a liability, and then valued at the - E shares: (for determined distributors, as defined market price. If a written call option is exercised, the in the prospectus): Shares without distribution of premium received is added to the sale price of the income and/or capital gains underlying asset in order to determine the gain/loss. If a written put option is exercised, the cost price of the - H shares: (for determined distributors, as defined underlying asset is reduced. in the prospectus): Shares without distribution of income and/or capital gains. Forward contracts Fees (Currency forward transactions, futures, swaps) Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term To cover the services of the custodian, administrator, of the contract. The unrealised profit is defined as the domiciliary, keeper of the book of registered shareholders difference between the agreed trading price and the and transfer agent, principal paying agent, and for other market price on the balance sheet date. The unrealised companies’ additional investment advisory, distributor and profit is shown in the profit and loss statements. support activities, the company pays a flat-rate fee expressed in a maximum percentage of the net asset Setting-up expenses value of the subfund in question on each valuation day.

The capitalised setting-up costs for new subfunds may be written off in those subfunds over a period of five years in equal amounts.

7 Notes to the financial statements

Overview of fees (p.a.) A and B shares C shares E shares H shares

EMERGING MARKETS VALUE STOCK FUND 2.25% 1.60% 3.00% 2.25% GLOBAL VALUE STOCK FUND 2.00% 1.35% 2.75% 2.00% ITALIAN BOND FUND 1.25% 0.70% - - ITALIAN STOCK FUND 1.75% 0.85% - - JULIUS BAER STRATEGY BALANCED (CHF) 1.50% - 2.25% - JULIUS BAER STRATEGY BALANCED (EURO) 1.50% - 2.25% - JULIUS BAER STRATEGY CONSERVATIVE (CHF) 1.40% - 2.15% - JULIUS BAER STRATEGY CONSERVATIVE (EURO) 1.40% - 2.15% - JULIUS BAER STRATEGY CONSERVATIVE (USD) 1.40% - 2.15% - JULIUS BAER STRATEGY GROWTH (CHF) 1.60% - 2.35% - JULIUS BAER STRATEGY GROWTH (EURO) 1.60% - 2.35% - MI-FONDS 30 1.50% - - - MI-FONDS 50 1.50% - - - MI-FONDS ECO 1.30% - - - MI-FONDS EURO 40 1.30% - - - MI-FONDS EuropeStock 1.40% - - - MI-FONDS INTERBOND 1.50% - - - MI-FONDS InterStock 1.40% - - - MI-FONDS SwissStock 1.25% - - - RBA-PORTFOLIO (LUX) ADAGIO 1.00% - - - RBA-PORTFOLIO (LUX) ALLEGRO 1.50% - - - RBA-PORTFOLIO (LUX) VIVACE 1.25% - - - SANTANDER DEUTSCHE AKTIEN 1.50% - - - Santander TopUSAktien 1.80% - - -

Derivative Financial Instruments

Forward foreign exchange contracts

as at June 30, 2005 Net unrealised Purchases Sales Maturity date gain/loss Currency

JULIUS BAER STRATEGY BALANCED (CHF)

EUR 7 924 699 USD 9 800 000 July 5, 2005 -261 788 CHF CHF 13 441 500 EUR 8 700 000 July 29, 2005 -36 712 CHF CHF 4 544 000 GBP 2 000 000 November 8, 2005 15 833 CHF GBP 2 000 000 CHF 4 205 400 November 8, 2005 322 988 CHF ISK 160 500 000 CHF 2 763 765 May 2, 2006 171 843 CHF 212 164 CHF

JULIUS BAER STRATEGY BALANCED (EURO)

EUR 16 981 428 USD 21 000 000 July 5, 2005 -361 694 EUR EUR 10 380 366 GBP 7 000 000 November 8, 2005 110 597 EUR GBP 7 000 000 EUR 9 764 263 November 8, 2005 506 501 EUR ISK 341 300 000 EUR 3 870 246 May 2, 2006 198 915 EUR 454 319 EUR

8 Notes to the financial statements

as at June 30, 2005 Net unrealised Purchases Sales Maturity date gain/loss Currency

JULIUS BAER STRATEGY CONSERVATIVE (CHF)

EUR 3 234 571 USD 4 000 000 July 5, 2005 -106 852 CHF CHF 12 669 000 EUR 8 200 000 July 29, 2005 -34 602 CHF CHF 2 272 000 GBP 1 000 000 November 8, 2005 7 917 CHF GBP 1 000 000 CHF 2 102 700 November 8, 2005 161 494 CHF ISK 131 600 000 CHF 2 266 115 May 2, 2006 140 900 CHF 168 857 CHF

JULIUS BAER STRATEGY CONSERVATIVE (EURO)

EUR 9 218 528 USD 11 400 000 July 5, 2005 -196 348 EUR GBP 4 000 000 EUR 5 579 579 November 8, 2005 289 429 EUR EUR 5 931 638 GBP 4 000 000 November 8, 2005 63 198 EUR ISK 338 900 000 EUR 3 843 031 May 2, 2006 197 517 EUR 353 796 EUR

JULIUS BAER STRATEGY GROWTH (CHF)

EUR 2 021 607 USD 2 500 000 July 5, 2005 -66 783 CHF CHF 927 000 EUR 600 000 July 29, 2005 -2 532 CHF CHF 1 136 000 GBP 500 000 November 8, 2005 3 959 CHF GBP 500 000 CHF 1 051 350 November 8, 2005 80 747 CHF ISK 25 700 000 CHF 442 547 May 2, 2006 27 516 CHF 42 907 CHF

JULIUS BAER STRATEGY GROWTH (EURO)

EUR 5 822 228 USD 7 200 000 July 5, 2005 -124 009 EUR EUR 4 448 728 GBP 3 000 000 November 8, 2005 47 399 EUR GBP 3 000 000 EUR 4 184 684 November 8, 2005 217 071 EUR ISK 68 600 000 EUR 777 905 May 2, 2006 39 981 EUR 180 442 EUR

Futures

Number of Net unrealised contracts Engagement Maturity gain/loss Currency

MI-FONDS SwissStock

SMI INDEX (without dividends correction) Purchases 50 3 126 000 September 16, 2005 -17 000 CHF

-17 000 CHF

9 Notes to the financial statements

Respective Other expenses include:

Establishment Administrative Other Currency Audit fees Licence fee Total costs Expenses expenses

Julius Baer Multicooperation - EMERGING MARKETS VALUE EUR 5 243 7 276 8 123 819 3 314 24 775 STOCK FUND GLOBAL VALUE STOCK FUND EUR 1 722 2 297 3 352 327 3 187 10 885

ITALIAN BOND FUND EUR 167 18 082 23 757 2 537 3 650 48 193

ITALIAN STOCK FUND EUR 8 315 28 193 40 403 4 281 4 020 85 212 JULIUS BAER STRATEGY CHF 7 032 15 991 19 596 2 038 5 977 50 634 BALANCED (CHF) JULIUS BAER STRATEGY EUR 4 543 17 073 21 760 1 916 4 090 49 382 BALANCED (EURO) JULIUS BAER STRATEGY CHF 7 032 15 502 17 872 2 002 7 498 49 906 CONSERVATIVE (CHF) JULIUS BAER STRATEGY EUR 4 550 19 269 24 992 1 893 4 180 54 884 CONSERVATIVE (EURO) JULIUS BAER STRATEGY USD 7 668 3 762 4 870 454 4 866 21 620 CONSERVATIVE (USD) JULIUS BAER STRATEGY CHF 8 087 2 980 3 585 269 5 643 20 564 GROWTH (CHF) JULIUS BAER STRATEGY EUR 5 101 4 774 6 291 612 3 763 20 541 GROWTH (EURO) MI-FONDS 30 CHF 0 95 575 121 449 17 562 6 299 240 885 MI-FONDS 50 CHF 0 71 234 100 856 13 150 5 580 190 820 MI-FONDS ECO CHF 0 5 779 7 789 1 064 3 560 18 192 MI-FONDS EURO 40 EUR 0 13 452 15 641 2 168 2 547 33 808 MI-FONDS EuropeStock CHF 0 5 128 6 859 873 3 538 16 398 MI-FONDS INTERBOND CHF 0 35 628 46 802 6 455 4 401 93 286 MI-FONDS InterStock CHF 0 15 330 21 378 2 637 3 855 43 200 MI-FONDS SwissStock CHF 0 18 649 26 066 3 412 3 981 52 108 RBA-PORTFOLIO (LUX) ADAGIO CHF 294 8 979 12 090 1 616 2 886 25 865 RBA-PORTFOLIO (LUX) ALLEGRO CHF 294 33 674 42 714 5 880 3 588 86 150 RBA-PORTFOLIO (LUX) VIVACE CHF 294 47 114 57 699 7 832 3 870 116 809 SANTANDER DEUTSCHE AKTIEN EUR 0 6 143 8 005 939 1 632 16 719 Santander TopUSAktien EUR 5 463 533 705 61 1 473 8 235

10 Notes to the financial statements

Customized Benchmark

The customized benchmark breaks down as follows:

ITALIAN BOND FUND JULIUS BAER STRATEGY CONSERVATIVE (EURO) ITALY MTS GENERAL FIXED RATE PI (Yield) 50.00% CG DM Gov. Bond 3-7 55.00% ITALY MTS FLOATING RATE PI (Yield) 50.00% MSCI Europe gross dividend reinvested 12.00% CG EUR 3 Mth. Euro Deposite return Index 8.00% ITALIAN STOCK FUND CG World Gov. Bond Index, 3-7 Years 7.50% Milan MIBTEL Index 85.00% CG US Gov. Bond Index, 3-7 years return index 5.00% ITALY MTS MONETARY RATE PI (Yield) 15.00% MSCI North America reinvested GROSS 5.00% MSCI World gross dividend reinvested 2.50% JULIUS BAER STRATEGY BALANCED (CHF) MSCI Japan GROSS 2.00% CG Swiss Gov. Bond Index, 3-7 years return index 28.00% MSCI Emerging Markets TR GROSS 2.00% MSCI SWITZERLAND – TOT RETURN INDEX, Gross 14.00% MSCI Pacific Free ex Jap. TR Gross 1.00% MSCI Europe Ex Switzerland, Total return gross 12.00% MSCI North America reinvested GROSS 10.00% JULIUS BAER STRATEGY CONSERVATIVE (USD) CG World Gov. Bond Index, 3-7 years 7.50% CG US Gov. Bond Index, 3-7 years return index 55.00% CG DM Gov. Bond 3-7 7.00% MSCI North America reinvested GROSS 12.00% CG US Gov. Bond Index, 3-7 years return index 5.00% CG US 3 Mth. Euro Deposite return Index 8.00% CG CHF 3 Mth. Euro Deposite return Index 5.00% CG World Gov. Bond Index, 3-7 Years 7.50% MSCI Japan GROSS 4.00% MSCI Europe gross dividend reinvested 5.00% MSCI Emerging Markets TR GROSS 3.00% CG DM Gov. Bond 3-7 5.00% MSCI World gross dividend reinvested 2.50% MSCI World gross dividend reinvested 2.50% MSCI Pacific Free ex Jap. TR Gross 2.00% MSCI Emerging Markets TR GROSS 2.00% MSCI Japan GROSS 2.00% JULIUS BAER STRATEGY BALANCED (EURO) MSCI Pacific Free ex Jap. TR Gross 1.00% CG DM Gov. Bond 3-7 35.00% MSCI Europe gross dividend reinvested 26.00% JULIUS BAER STRATEGY GROWTH (CHF) MSCI North America reinvested GROSS 10.00% MSCI SWITZERLAND – TOT RETURN INDEX, Gross 20.00% CG World Gov. Bond Index, 3-7 years 7.50% Msci Europe Ex Switzerland, Total return gross 17.00% CG US Gov. Bond Index, 3-7 years return index 5.00% CG Swiss Gov. Bond Index, 3-7 years return index 16.00% CG EUR 3 Mth. Euro Deposite return Index 5.00% MSCI North America reinvested GROSS 15.00% MSCI Japan GROSS 4.00% CG World Gov. Bond Index, 3-7 Years 7.50% MSCI Emerging Markets TR GROSS 3.00% MSCI Japan GROSS 5.00% MSCI World gross dividend reinvested 2.50% CG CHF 3 Mth. Euro Deposite return Index 5.00% MSCI Pacific Free ex Jap. TR Gross 2.00% MSCI Emerging Markets TR GROSS 5.00% CG DM Gov. Bond 3-7 4.00% JULIUS BAER STRATEGY CONSERVATIVE (CHF) MSCI Pacific Free ex Jap. TR Gross 3.00% CG Swiss Gov. Bond Index, 3-7 years return index 42.00% MSCI World gross dividend reinvested 2.50% CG DM Gov. Bond 3-7 13.00% CG CHF 3 Mth. Euro Deposite return index 8.00% JULIUS BAER STRATEGY GROWTH (EURO) CG World Gov. Bond Index, 3-7 Years 7.50% MSCI Europe gross dividend reinvested 37.00% MSCI SWITZERLAND – TOT RETURN INDEX, Gross 7.00% CG DM Gov. Bond 3-7 20.00% Msci Europe Ex Switzerland, Total return gross 5.00% MSCI North America reinvested GROSS 15.00% MSCI North America reinvested GROSS 5.00% CG World Gov. Bond Index, 3-7 Years 7.50% CG US Gov. Bond Index, 3-7 years return index 5.00% MSCI Japan GROSS 5.00% MSCI World gross dividend reinvested 2.50% CG EUR 3 Mth. Euro Deposite return Index 5.00% MSCI Emerging Markets TR GROSS 2.00% MSCI Emerging Markets TR GROSS 5.00% MSCI Japan GROSS 2.00% MSCI Pacific Free ex Jap. TR Gross 3.00% MSCI Pacific Free ex Jap. TR Gross 1.00% MSCI World gross dividend reinvested 2.50%

11 Notes to the financial statements

Customized Benchmark (continued)

MI-FONDS 30 MI-FONDS INTERBOND Swiss foreign Bond Index 44.00% CG EMU Government Bond Index, all Maturities 50.00% CG EMU Government Bond Index, all Maturities 10.00% CG US Government Bond Index, all Maturities 18.00% SMI (reinvested) 10.00% CG UK Gov. Bond Index, all Maturities 8.00% SSB CHF 1 Mth. Euro Deposite return Index 8.00% CG Danish Government Bond Index, all Maturities 7.00% Dow Jones Industrial average 6.25% Citigroup Sweden Government Bond Index 5.00% DJ Euro Stoxx 50 reinvested 5.50% Citigroup Canada Government Bond Index 5.00% CG US Government Bond Index, all Maturities 4.00% Citigroup Australia Government Bond Index 4.00% FTSE 100 Index 2.50% CG Japanese Gov. Bond Index, all Maturities 3.00% NIKKEI 225 Index 2.25% CG UK Gov. Bond Index, all Maturities 1.50% MI-FONDS InterStock MSCI Nordic Countries GROSS 1.00% DJ Euro Stoxx 50 reinvested 34.00% CG Danish Government Bond Index, all Maturities 1.00% Dow Jones Industrial Index 22.00% MSCI Pacific Free ex Jap. TR Gross 1.00% NIKKEI 225 Index 11.00% Citigroup Sweden Government Bond Index 1.00% FTSE 100 Total Return Index 10.00% MSCI Emerging Markets TR GROSS 1.00% MSCI Nordic Countries GROSS 5.00% Citigroup Canada Government Bond Index 0.50% MSCI Pacific Free ex Jap. TR Gross 5.00% Toronto 300 Compos. 0.50% SMI (reinvested) 5.00% SSB CHF 1 Mth. Euro Deposite return Index 3.00% MI-FONDS 50 MSCI Emerging Markets TR GROSS 2.50% Swiss foreign Bond Index 30.00% S & P Toronto Stock Exchange Composite Index 2.50% SMI (reinvested) 15.00% DJ Euro Stoxx 50 reinvested 11.25% MI-FONDS SwissStock Dow Jones Industrial average 10.75% SPI Large Company Index 60.00% CG EMU Government Bond Index, all Maturities 7.50% SPI Small & Mild Company Index 40.00% SSB CHF 1 Mth. Euro Deposite return Index 7.00% RBA-PORTFOLIO (LUX) ADAGIO NIKKEI 225 Index 3.50% Swiss foreign Bond Index 65.00% FTSE 100 Index 3.00% CG European Gov. Bond Index, all Maturities 18.00% CG US Government Bond Index, all Maturities 2.50% CG CHF 3 Mth. Euro Deposite return Index 10.00% MSCI Nordic Countries GROSS 2.00% CG US Government Bond Index, all Maturities 7.00% MSCI Emerging Markets TR GROSS 2.00% MSCI Pacific Free ex Jap. TR Gross 1.75% RBA-PORTFOLIO (LUX) ALLEGRO CG Danish Government Bond Index, all Maturities 1.00% CG Swiss Gov. Bond Index, 3-7 years return index 25.00% Citigroup Sweden Government Bond Index 1.00% MSCI SWITZERLAND – TOT RETURN INDEX, Gross 25.00% CG UK Gov. Bond Index, all Maturities 1.00% MSCI Europe gross dividend reinvested 15.00% Toronto 300 Compos. 0.75% MSCI USA gross dividend reinvested 12.00% CG European Gov. Bond Index, all Maturities 5.00% MI-FONDS ECO CG US Government Bond Index, all Maturities 5.00% Swiss foreign Bond Index 43.00% MSCI Japan GROSS 5.00% Dow Jones Eco Index in CHF 40.00% CG CHF 3 Mth. Euro Deposite return Index 5.00% CG EMU Government Bond Index, all Maturities 7.00% MSCI Pacific Free ex Jap. TR Gross 3.00% SSB CHF 1 Mth. Euro Deposite return Index 7.00% CG US Government Bond Index, all Maturities 1.50% RBA-PORTFOLIO (LUX) VIVACE CG UK Gov. Bond Index, all Maturities 0.50% CG Swiss Gov. Bond Index, 3-7 years return index 50.00% CG Danish Government Bond Index, all Maturities 0.50% MSCI SWITZERLAND – TOT RETURN INDEX, Gross 18.00% Citigroup Sweden Government Bond Index 0.50% MSCI Europe gross dividend reinvested 10.00% MSCI USA gross dividend reinvested 7.00% MI-FONDS EURO 40 CG European Gov. Bond Index, all Maturities 5.00% CG EMU Government Bond Index, all Maturities 53.00% CG CHF 3 Mth. Euro Deposite return Index 5.00% DJ Europe Stoxx 50 Return Index 40.00% CG US Government Bond Index, all Maturities 5.00% Salomon Smith Barney EUR1 Mth. Euro Deposite 7.00% return I

12 Julius Baer Multicooperation

CONSOLIDATED STATEMENT OF NET ASSETS CONSOLIDATED STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 5 104 505 873 Income from investment 130 068 630 (Cost: 4 881 487 777) Bank interest 3 227 718 Derivative instruments at market value: Other Income 834 536 - Futures contracts -17 000 Net income equalization 5 813 148 - Forward foreign exchange contracts 1 957 145 Total Income 139 944 032 Cash at banks 248 147 093 Due from brokers 24 588 753 Subscriptions receivable 22 153 016 Expenses Dividends and interest 48 939 159 Administration fees 60 306 652 Formation expenses 65 096 Custodian fees and charges 2 240 679 Other assets 773 132 "Taxe d'abonnement" and other taxes 2 448 694 Total Assets 5 451 112 267 Bank interest 128 641 Other expenses 1 579 436 Liabilities Net income equalization 1 362 119

Bank overdraft 4 614 966 Total Expenses 68 066 221 Due to brokers 14 890 292 Net gain/Net loss 71 877 811 Payable for redemptions 9 807 457 Net realised gain/loss on: Administration fees due 2 890 249 "Taxe d'abonnement" due 675 022 - Securities 64 393 327 Capital tax on unrealised gains/losses on securities 23 202 - Options -18 774 Other liabilities 563 311 - Forward foreign exchange contracts 4 469 004 - Futures contracts 3 256 170 Total Liabilities 33 464 499 - Foreign currencies -1 174 480 Net assets 5 417 647 768 - Capital tax on realised gains/losses on securities -21 182 Net realised gain/Net realised loss 142 781 876 Net change in unrealised appreciation/depreciation on: - Securities 346 673 585 - Forward foreign exchange contracts 772 885 - Futures contracts 766 618 - Capital tax on unrealised gains/losses on securities 21 966 Total gain/Total loss 491 016 930

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 4 929 965 874 4 585 569 038 Foreign exchange difference -676 480 927 25 004 793 Total gain/Total loss 312 431 504 491 016 930 Net subscriptions/redemptions 49 958 882 338 546 681 Dividends distributed -30 306 295 -22 489 674

Net assets at the end of the business year 4 585 569 038 5 417 647 768

EXCHANGE RATES USED FOR THE CONSOLIDATION Per June 30, 2005 in CHF 1 EUR = 1.550964 1 USD = 1.281100

The accompanying notes form an integral part of the financial statements.

MCOO - 1 EMERGING MARKETS VALUE STOCK FUND

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 34 452 364 Income from investment 1 400 587 (Cost: 28 218 249) Bank interest 25 098 Due from brokers 2 876 025 Other Income 11 687 Subscritpions receivable 49 330 Total Income 1 437 372 Dividends and interest 300 792 Formation expenses 2 959 Other assets 23 924 Expenses Total Assets 37 705 394 Administration fees 1 125 235 Custodian fees and charges 54 948 Liabilities "Taxe d'abonnement" and other taxes 24 255 Bank interest 2 380 Bank overdraft 2 975 547 Other expenses * 24 775 Payable for redemptions 130 324 Net income equalization 35 485 Administration fees due 38 239 "Taxe d'abonnement" due 4 332 Total Expenses 1 267 078 Capital tax on unrealised gains/losses on securities 14 960 Net gain/Net loss 170 294 Total Liabilities 3 163 402 Net realised gain/loss on: Net assets 34 541 992 - Securities 4 554 666 - Foreign currencies -131 437 - Capital tax on realised gains/losses on securities -13 657 Net realised gain/Net realised loss 4 579 866 Net change in unrealised appreciation/depreciation on: - Securities 6 457 363 - Capital tax on unrealised gains/losses on securities 14 163 Total gain/Total loss 11 051 392

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 22 062 326 52 958 915 Total gain/Total loss 4 357 474 11 051 392 Net subscriptions/redemptions 26 539 115 -29 468 315

Net assets at the end of the business year 52 958 915 34 541 992

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Accumulation shares (shares B) 234 014 405 585 297 922 Accumulation shares (shares C) 45 662 2 2 Accumulation shares (shares E) 1 135 135 Accumulation shares (shares H) 13 601 190 576 11 786

Net assets 22 062 326 52 958 915 34 541 992

NAV per share Accumulation shares (shares B) 75.19 88.80 111.48 Accumulation shares (shares C) 75.40 89.65 113.09 Accumulation shares (shares E) 74.47 87.30 108.78 Accumulation shares (shares H) 75.22 88.83 111.54

* See page 10. The TER (Total Expense Ratio) amounts to 2.43 % for share category B, 1.92 % for share category C, 3.18 % for share category E and 2.43 % for share category H (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. HESF - 1 EMERGING MARKETS VALUE STOCK FUND

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

TOTAL INVESTMENTS 34 452 364 99.74% China 1 859 420 5.38% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 1 556 000CHINA PETROLEUM & CHEMICAL CORP.504 294 1.46 % STOCK EXCHANGE 34 452 364 99.74% 742 000DATANG INT.POWER GENERATION -H-* 465 190 1.35 % PING AN INSURANCE (GROUP) COMPANY OF Shares 34 452 364 99.74% 670 000 CHINA LTD -H- 889 936 2.57 %

South Korea 5 844 500 16.92% Turkey 1 365 936 3.95% 16 680HYUNDAI MOTOR CO. LTD 766 868 2.22 % 179 100AKBANK TAS852 951 2.46 % 32 064KOOKMIN BANK1 206 241 3.49 % 56 041ENKA INSAAT VE SANAYI AS512 985 1.49 % 28 020LG CHEMICAL LTD* 846 870 2.45 % 4 656SAMSUNG ELECTRONICS CO. LTD1 839 063 5.33 % Thailand 1 235 927 3.58% 4 534SHINSEGAE DEPARTMENT STORE1 185 458 3.43 % 158 500ADVANCED INFO SERVPUB, FOR REG310 506 0.90 % 183 000BANGKOK BANK PUBLIC395 084 1.14 % Brazil 4 784 293 13.85% 3 790 000LAND AND HOUSE PUBLIC, FOR REG530 337 1.54 % 5 900AMBEV CIA DE BEBIDAS-CM, ADR124 077 0.36 % 21 900AMBEV CIA DE BEBIDAS-PR, ADR558 964 1.62 % Indonesia 1 090 613 3.16% 21 900BANCO BRADESCO, SADR640 186 1.85 % 2 343 000PT INDOSAT TBK1 090 613 3.16 % 18 800BRASIL DISTR PAO ADR308 869 0.89 % India 956 196 2.77% 26 769CIA VALE DO RIO DOCE, ADR561 626 1.63 % 36 759PETROLEO BRASILEIRO SA, ADR1 582 824 4.58 % 45 916BHARTI TELEVENTURES LTD212 051 0.61 % 38 600TELE NORTE LESTE PARTICIPACOES SA, ADR530 864 1.54 % 682 500GUJARAT AMBUJA CEMENTS, GDR744 145 2.16 % 135 208TELESP CELULAR PARTICIPACOES, ADR476 883 1.38 % Great Britain 899 465 2.60% Taiwan 4 455 954 12.90% 34 400HSBC HOLDINGS PLC456 923 1.32 % 579 400ASUSTEK COMPUTER INC.1 353 307 3.91 % 245 000OLD MUTUAL PLC442 542 1.28 % 965 514 CHINATRUST FINANCIAL HOLDINGS COMPANY Bermuda 668 595 1.94% LTD 870 279 2.52 % 549 865PRESIDENT CHAIN STORE CORP.896 440 2.60 % 880 000JOHNSON ELECTRIC HOLDINGS LTD668 595 1.94 % TAIWAN SEMICONDUCTOR MANUFACTURING 928 006 Hungary 656 444 1.90% CO. LTD 1 335 928 3.87 % 5 400RICHTER GEDEON LTD656 444 1.90 % Federation of Russia 3 060 017 8.86% Singapore 560 035 1.62% 13 800JSC SURGUTNEFTEGAZ, SADR PFD652 584 1.89 % 51 500LUKOIL, SADR1 565 866 4.53 % 80 000DBS GROUP HOLDINGS LTD560 035 1.62 % 11 100MMC NORILSK NICKEL, SADR559 286 1.62 % Malaysia 303 621 0.88% 20 800WIMM-BILL-DANN FODDS, SADR282 281 0.82 % 144 000MAXIS COMMUNICATIONS BHD303 621 0.88 % South Africa 2 801 722 8.11% 46 400BARLOWORLD LTD545 581 1.58 % 7 700IMPALA PLATINUM HOLDINGS LTD568 962 1.65 % 69 100NEDCOR636 225 1.84 % 433 000NETWORK HEALTHCARE HLD LTD328 523 0.95 % 53 500TELKOM SA LTD722 431 2.09 %

Hong Kong 1 996 909 5.78% 231 000CHINA MOBILE (HONG KONG) LTD710 616 2.06 % 2 542 000DENWAY MOTORS LTD749 571 2.17 % 71 900HUTCHISON WHAMPOA INTERNATIONAL LTD536 722 1.55 %

Mexico 1 912 717 5.54% 11 400AMERICA MOVIL SA DE CV561 313 1.63 % 23 079CEMEX, SADR* 808 666 2.34 % 24 600COCA COLA FEMSA SA542 738 1.57 %

* wholly or partially lent out securities

The statement of changes in investments is available free of charge at the office of the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. HESF - 2 GLOBAL VALUE STOCK FUND

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 10 350 708 Income from investment 301 209 (Cost: 10 144 780) Bank interest 5 588 Cash at banks 11 058 Other Income 1 431 Due from brokers 266 009 Net income equalization 12 005 Subscritpions receivable 9 355 Total Income 320 233 Dividends and interest 28 361 Formation expenses 2 724 Other assets 16 666 Expenses Total Assets 10 684 881 Administration fees 289 934 Custodian fees and charges 14 814 Liabilities "Taxe d'abonnement" and other taxes 6 978 Bank interest 139 Payable for redemptions 148 282 Other expenses* 10 885 Administration fees due 7 995 "Taxe d'abonnement" due 1 320 Total Expenses 322 750 Other liabilities 15 Net gain/Net loss -2 517 Total Liabilities 157 612 Net realised gain/loss on: Net assets 10 527 269 - Securities -179 181 - Foreign currencies -28 926 Net realised gain/Net realised loss -210 624 Net change in unrealised appreciation/depreciation on: - Securities 468 511 Total gain/Total loss 257 887

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 14 242 141 16 831 576 Total gain/Total loss 2 898 667 257 887 Net subscriptions/redemptions -309 232 -6 562 194

Net assets at the end of the business year 16 831 576 10 527 269

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Accumulation shares (shares B) 187 463 166 992 108 190 Accumulation shares (shares C) 1 1 1 Accumulation shares (shares E) 1 1 1 Accumulation shares (shares H) 13 570 30 955 11 701

Net assets 14 242 141 16 831 576 10 527 269

NAV per share Accumulation shares (shares B) 70.84 85.02 87.80 Accumulation shares (shares C) 71.30 86.32 89.94 Accumulation shares (shares E) 70.37 84.06 86.35 Accumulation shares (shares H) 70.89 85.08 87.89

* See page 10. The TER (Total Expense Ratio) amounts to 2.18 % for share category B, 1.54 % for share category C, 2.92 % for share category E and 2.18 % for share category H (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. HGSF - 1 GLOBAL VALUE STOCK FUND

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

TOTAL INVESTMENTS 10 350 708 98.32% France 843 927 8.02% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 5 512AXA113 933 1.08 % STOCK EXCHANGE 10 350 708 98.32% 2 200BNP PARIBAS124 740 1.18 % Shares 10 350 708 98.32% 3 800CARREFOUR SUPERMARCHE SA152 380 1.45 % 1 500GROUPE DANONE109 050 1.04 % United States 3 600 015 34.20% 5 800SUEZ130 094 1.24 % 5 400ALLIANCE CAP MANAGEMENT HOLDING208 479 1.97 % 1 100TOTAL FINA ELF SA213 730 2.03 % 3 700AMERICAN INTERNATIONAL GROUP177 566 1.69 % Switzerland 438 836 4.17% 3 500BANK OF AMERICA CORP.131 859 1.25 % 3 700LONZA GROUP AG169 259 1.61 % 5 300BAXTER INTERNATIONAL INC.162 417 1.54 % 828NESTLE SA175 107 1.66 % 6 977BOSTON SCIENTIFIC CORP.155 602 1.48 % 2 400NOVARTIS AG94 470 0.90 % 5 300EASTMAN KODAK CO.117 544 1.12 % 9 100GAP INC.148 453 1.41 % South Korea 422 147 4.01% 7 000GENERAL ELECTRIC CO.200 347 1.90 % 3 500KOOKMIN BANK, SADR131 772 1.25 % 4 800HOME DEPOT INC.154 231 1.47 % 4 380LG CHEMICAL LTD132 380 1.26 % 2 500IBM CORP.153 223 1.46 % 400SAMSUNG ELECTRONICS CO. LTD157 995 1.50 % 16 600INTERPUBLIC GROUP.167 008 1.59 % 6 500JONES APPAREL GROUP LTD166 654 1.58 % Bermuda 366 260 3.48% 6 700JP MORGAN CHASE & CO.195 469 1.86 % 253 500JOHNSON ELECTRIC HOLDINGS LTD192 601 1.83 % 4 300MERCK & CO INC.109 396 1.04 % 7 200TYCO INTERNATIONAL LTD173 659 1.65 % 3 800MERRILL LYNCH & CO INC.172 666 1.64 % Spain 334 587 3.18% 4 000METLIFE INC.148 482 1.41 % 5 800MICROSOFT CORP.119 004 1.13 % 12 700BANCO SANTANDER CENTRAL HISPANO SA121 793 1.16 % 5 471PFIZER INC.124 636 1.18 % 24 375TELEFONICA MOVILES SA212 794 2.02 % 28 300TELLABS INC.203 369 1.93 % Germany 332 832 3.16% 15 800TERADYNE INC.156 219 1.48 % 1 800DEUTSCHE BANK AG116 478 1.11 % 24 500UNISYS CORP.128 101 1.22 % 1 800E.ON AKTIENGESELLSCHAFT132 624 1.25 % 5 200WALT DISNEY COMPANY108 153 1.03 % 1 500LINDE AG83 730 0.80 % 5 200WYETH* 191 137 1.82 % Brazil 324 589 3.08% Great Britain 1 360 167 12.92% 5 300CIA ENERGETICA DE MINAS GERAIS, ADR139 433 1.32 % 5 300ASTRAZENECA PLC181 344 1.72 % 4 300PETROLEO BRASILEIRO SA, ADR185 156 1.76 % 47 100COMPASS GROUP PLC163 528 1.55 % 9 024GLAXOSMITHKLINE PLC180 502 1.71 % Canada 233 868 2.22% 10 708HBOS PLC136 423 1.30 % 2 300ALCAN INC.56 994 0.54 % 15 600HSBC HOLDINGS PLC207 209 1.97 % 15 980CELESTICA INC.176 874 1.68 % 29 400KINGFISHER PLC107 081 1.02 % 17 631LLOYDS TSB GROUP PLC123 471 1.17 % Italy 198 183 1.88% 14 200UNILEVER PLC113 215 1.08 % 9 300ENI SPA198 183 1.88 % 73 200VODAFONE GROUP PLC147 394 1.40 % Netherlands 169 890 1.61% Japan 1 070 678 10.17% 5 000ING GROEP NV116 850 1.11 % 14 000ASAHI GLASS CO. LTD121 683 1.16 % 4 000STMICROELECTRONICS NV53 040 0.50 % 3 800CANON INC.165 424 1.57 % Hong Kong 149 297 1.42% 81 000KAWASAKI HEAVY IND.128 608 1.22 % 42 000MARUBENI CORP.119 283 1.13 % 20 000HUTCHISON WHAMPOA INTERNATIONAL LTD149 297 1.42 % 8 300PIONEER CORP.103 880 0.99 % Finland 144 040 1.37% 5 400SONY CORP.153 766 1.46 % 10 400NOKIA OYJ144 040 1.37 % 33 000SUMITOMO TRUST & BANKING CO. LTD166 042 1.58 % 8 000TOSTEM INAX HOLDING CORP.111 992 1.06 % Singapore 140 009 1.33% 20 000DBS GROUP HOLDINGS LTD140 009 1.33 %

HGSF - 2 GLOBAL VALUE STOCK FUND

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in EUR Assets 1000)

Federation of Russia 124 661 1.18% 4 100LUKOIL, SADR124 661 1.18 %

Indonesia 96 722 0.92% 4 100PT INDOSAT TBK SADR96 722 0.92 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 191 342 109 Income from investment 4 207 855 (Cost: 190 582 516) Bank interest 36 689 Cash at banks 541 304 Other Income 2 703 Dividends and interest 1 449 470 Net income equalization 445 398 Other assets 14 575 Total Income 4 692 645 Total Assets 193 347 458 Expenses Liabilities Administration fees 1 569 362 Payable for redemptions 143 862 Custodian fees and charges 62 483 Administration fees due 77 719 "Taxe d'abonnement" and other taxes 83 605 "Taxe d'abonnement" due 24 067 Bank interest 4 Other liabilities 18 616 Other expenses* 48 193 Total Liabilities 264 264 Total Expenses 1 763 647 Net assets 193 083 194 Net gain/Net loss 2 928 998 Net realised gain/loss on: - Securities 487 622 - Foreign currencies -54 Net realised gain/Net realised loss 3 416 566 Net change in unrealised appreciation/depreciation on: - Securities 378 733 Total gain/Total loss 3 795 299

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 122 496 541 143 715 715 Total gain/Total loss 1 564 565 3 795 299 Net subscriptions/redemptions 19 654 609 45 572 180

Net assets at the end of the business year 143 715 715 193 083 194

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Accumulation shares (shares B) 2 052 088 2 382 402 3 135 420 Accumulation shares (shares C) 1 1 1

Net assets 122 496 541 143 715 715 193 083 194

NAV per share Accumulation shares (shares B) 59.69 60.32 61.58 Accumulation shares (shares C) 60.20 60.37 61.13

* See page 10. The TER (Total Expense Ratio) amounts to 1.09 % for share category B and 0.53 % for share category C (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. IBF - 1 ITALIAN BOND FUND

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

TRANSFERABLE SECURITIES NEGOTIATED ON TOTAL INVESTMENTS 191 342 109 99.10% ANOTHER REGULATED MARKET 2 047 600 1.06% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE 189 294 509 98.04% Bonds 2 047 600 1.06%

Bonds 179 659 209 93.05% EUR 2 047 600 1.06%

EUR 179 659 209 93.05% 2 0003.000 % FRANCE BTAN 0212/07/08 2 047 600 1.06 % 2 500Fl. Rate ABN AMRO BK TV 0508/06/15 2 494 500 1.29 % 5 000Fl. Rate AUTOSTRADE 0409/06/11 5 037 000 2.61 % 2 500Fl. Rate BANCA INTESA TV 0511/05/12 2 493 000 1.29 % 5 000Fl. Rate BANCA LOMBARDA 0431/03/11 5 011 000 2.60 % 5 000Fl. Rate BANCA POPOLARE VERONA 0302/10/13 5 019 000 2.60 % 2 000Fl. Rate BANCA POPOLARE VICENZA 0315/12/08 2 002 992 1.04 % 5 000Fl. Rate BANCHE POP UNIT TV 1130/09/11 4 987 500 2.58 % 2 500Fl. Rate BANCO POPOLARE VERONA 0323/05/13 2 525 919 1.31 % 3 000Fl. Rate BCA POP.VICENZA TV 04 EMTN28/10/11 2 999 353 1.55 % 2 000Fl. Rate BCA POP.VICENZA TV 0503/02/15 1 995 600 1.03 % 2 000Fl. Rate CASSA RISP.TV 14 EMTN15/12/14 1 996 000 1.03 % 2 500Fl. Rate CREDITO VALTELLINESE 0329/10/08 2 501 320 1.30 % 5 000Fl. Rate CRED.VALTELLIN.TV 0926/10/09 4 993 000 2.59 % 2 5003.000 % FINNLAND 0304/07/08 2 555 625 1.32 % 2 500Fl. Rate ITALEASE FINANCE TV 0508/02/12 2 493 750 1.29 % 5 0002.750 % ITALIEN BTP 0415/01/07 5 055 500 2.62 % 7 500Fl. Rate ITALIEN TV 02 CCT01/10/09 7 553 250 3.91 % 5 000Fl. Rate ITALIEN TV 02 CCT01/07/09 5 035 500 2.61 % 7 500Fl. Rate ITALIEN TV 04 CCT01/11/11 7 560 000 3.92 % 5 0004.750 % ITALIEN 0115/03/06 5 094 000 2.64 % 5 0004.500 % ITALIEN 01 BTP01/03/07 5 201 500 2.69 % 10 000Fl. Rate ITALIEN 02 CCT01/04/09 10 068 000 5.21 % 5 000Fl. Rate ITALIEN 02 CCT01/08/09 5 035 500 2.61 % 12 500Fl. Rate ITALIEN 03 CCT01/12/10 12 590 000 6.52 % 10 000Fl. Rate ITALIEN 03 CCT01/02/10 10 073 000 5.22 % 10 0003.000 % ITALIEN 04 BTP15/04/09 10 219 000 5.29 % 10 0002.750 % ITALIEN 05 BTP01/02/08 10 144 000 5.25 % 5 0003.000 % ITALIEN 05 BTP15/01/10 5 100 500 2.64 % 8 0003.000 % ITALIEN 07 BTP01/06/07 8 140 800 4.22 % 2 000Fl. Rate MONTE PASCHI TV 14 EMTN01/06/14 2 010 000 1.04 % 7 5003.000 % NETHERLANDS 04* 15/07/07 7 641 000 3.96 % 3 000Fl. Rate SAN PAOLO TV 16 EMTN28/06/16 3 005 700 1.56 % 5 000Fl. Rate SAO PAOLO IMI 0228/06/12 5 034 000 2.61 % 4 000Fl. Rate UNICREDITO ITALIA 0405/04/11 3 995 200 2.07 % 2 000Fl. Rate VENETO BANCA TV 0906/08/09 1 997 200 1.03 %

Treasury bills 9 635 300 4.99%

EUR 9 635 300 4.99% 10 000Fl. Rate ITALIEN 05 CTZ30/04/07 9 635 300 4.99 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 293 994 498 Income from investment 5 574 745 (Cost: 266 297 384) Bank interest 69 353 Cash at banks 7 383 633 Other Income 213 359 Due from brokers 174 256 Total Income 5 857 457 Dividends and interest 155 455 Other assets 17 707 Expenses Total Assets 301 725 549 Administration fees 3 942 314 Liabilities Custodian fees and charges 110 645 "Taxe d'abonnement" and other taxes 137 004 Due to brokers 315 981 Bank interest 5 Payable for redemptions 639 659 Other expenses* 85 212 Administration fees due 180 609 Net income equalization 94 553 "Taxe d'abonnement" due 37 309 Other liabilities 35 854 Total Expenses 4 369 733 Total Liabilities 1 209 412 Net gain/Net loss 1 487 724 Net assets 300 516 137 Net realised gain/loss on: - Securities 24 854 188 - Foreign currencies -127 Net realised gain/Net realised loss 26 341 785 Net change in unrealised appreciation/depreciation on: - Securities 22 995 647 Total gain/Total loss 49 337 432

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 190 352 866 243 165 474 Total gain/Total loss 39 235 731 49 337 432 Net subscriptions/redemptions 13 576 877 8 013 231

Net assets at the end of the business year 243 165 474 300 516 137

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Accumulation shares (shares B) 3 622 147 3 857 396 3 946 937 Accumulation shares (shares C) 1 1 1

Net assets 190 352 866 243 165 474 300 516 137

NAV per share Accumulation shares (shares B) 52.55 63.04 76.14 Accumulation shares (shares C) 52.84 63.86 77.57

* See page 10. The TER (Total Expense Ratio) amounts to 1.59 % for share category B and 0.86 % for share category C (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. ISF - 1 ITALIAN STOCK FUND

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

5 000Fl. Rate ITALIEN 05 BOT15/03/06 4 922 992 1.64 % TOTAL INVESTMENTS 293 994 498 97.83% 5 000Fl. Rate ITALIEN 05 BOT13/04/06 4 917 107 1.64 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 5 000Fl. Rate ITALIEN 05 BOT15/05/06 4 910 990 1.63 % STOCK EXCHANGE 293 749 154 97.75% Options, Warrants, Rights 9 755 350 3.25% Shares 211 546 672 70.39% Italy 9 755 350 3.25% Italy 211 546 672 70.39% 10 000 000EDISON 03 WRT8 595 000 2.86 % 600 000ACEGAS-APS5 439 000 1.81 % 230 000FONDIARIA SAI 08 WRT1 160 350 0.39 % 343 299ACQUEDOTTO DE FERRARI GALLIERA1 579 175 0.53 % 500 000ACQUEDOTTO NICOLAY SPA1 950 000 0.65 % Convertible bonds and bonds with warrants 573 056 0.19% 710 000ACSM SPA1 844 225 0.61 % 15 000 000AEM SPA* 25 229 999 8.40 % EUR 573 056 0.19% 1 320 000ASM BRESCIA SPA* 3 498 000 1.16 % 3625.500 % VITTORIA ASS 01, CV01/01/16 573 056 0.19 % 650 000ASSICURAZIONI GENERALI SPA16 770 000 5.58 % 1 600 000BANCA FIDEURAM SPA* 6 280 000 2.09 % OTHER TRANSFERABLE SECURITIES 245 344 0.08% 300 000BANCO POPOLARE DI VERONA4 224 000 1.41 % Convertible bonds and bonds with warrants 245 344 0.08% 283 195BONIFICIA TERR.FERR.8 056 898 2.68 % 150 000BUZZI UNICEM SPA1 291 500 0.43 % EUR 245 344 0.08% 307 280CREDITO ARTIGIANO SPA998 660 0.33 % 2394.000 % BUZZI UNICEM 03, CV24/02/08 245 344 0.08 % 10 100 000EDISON SPA* 18 584 000 6.18 % 619 585EDISON SPA-RNC1 053 295 0.35 % 350 000ENI SPA* 7 458 500 2.48 % 1 950 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA SPA* 14 040 000 4.67 % 14 000 000FINMECCANICA SPA* 10 815 000 3.60 % 200 000FONDIARIA - SAI SPA3 258 000 1.08 % 600 000ITALCEMENTI5 472 000 1.82 % 150 000ITALMOBILIARE SPA5 979 000 1.99 % 470 000MEDIOBANCA BANCA CREDITO FINANZ* 7 280 300 2.42 % 800 000META-MODENA ENER TERR AMBIENTE2 360 000 0.79 % 842 000SANPAOLO IMI SPA9 565 120 3.18 % 100 000SAVE SPA2 312 000 0.77 % 1 500 000SNAM RETE GAS SPA6 637 500 2.21 % 1 800 000SOL SPA* 8 730 000 2.91 % 30 000STE CATTOLICA DI ASSICURAZIONI* 1 101 000 0.37 % 6 200 000TELECOM ITALIA SPA15 996 000 5.32 % 2 400 000TELECOM ITALIA SPA5 148 000 1.71 % 200 000TORO ASSICURAZIONI2 570 000 0.86 % 1 000 000UNICREDITO ITALIANO SPA4 367 500 1.45 % 200 000VITTORIA ASS1 658 000 0.55 %

Treasury bills 71 874 076 23.92%

EUR 71 874 076 23.92% 5 000Fl. Rate ITALIEN CTZ 0428/04/06 4 920 000 1.64 % 7 500Fl. Rate ITALIEN 04 BOT15/12/05 7 426 428 2.47 % 5 000Fl. Rate ITALIEN 04 BOT15/11/05 4 959 502 1.65 % 2 500Fl. Rate ITALIEN 04 BOT14/10/05 2 484 431 0.83 % 10 000Fl. Rate ITALIEN 05 BOT15/02/06 10 000 000 3.33 % 10 000Fl. Rate ITALIEN 05 BOT16/01/06 9 881 950 3.29 % 7 500Fl. Rate ITALIEN 05 BOT15/09/05 7 466 744 2.48 % 5 000Fl. Rate ITALIEN 05 BOT15/07/05 4 997 320 1.66 % 5 000Fl. Rate ITALIEN 05 BOT15/08/05 4 986 612 1.66 % * wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 152 070 205 Income from investment 2 812 368 (Cost: 141 326 940) Bank interest 62 256 Derivative instruments at market value: Other Income 19 636 - Forward foreign exchange contracts 212 164 Net income equalization 81 188 Cash at banks 7 484 820 Total Income 2 975 448 Due from brokers 679 534 Subscritpions receivable 675 628 Dividends and interest 1 071 266 Expenses Other assets 53 569 Administration fees 1 800 717 Total Assets 162 247 186 Custodian fees and charges 63 512 "Taxe d'abonnement" and other taxes 64 528 Liabilities Bank interest 12 776 Other expenses* 50 634 Due to brokers 400 430 Payable for redemptions 82 341 Total Expenses 1 992 167 Administration fees due 102 285 Net gain/Net loss 983 281 "Taxe d'abonnement" due 20 138 Net realised gain/loss on: Other liabilities 10 871 - Securities 4 847 965 Total Liabilities 616 065 - Forward foreign exchange contracts 954 595 Net assets 161 631 121 - Futures contracts 143 612 - Foreign currencies -503 397 Net realised gain/Net realised loss 6 426 056 Net change in unrealised appreciation/depreciation on: - Securities 9 891 500 - Forward foreign exchange contracts -98 084 - Futures contracts 155 686 Total gain/Total loss 16 375 158

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 100 811 148 110 403 099 Total gain/Total loss 6 977 127 16 375 158 Net subscriptions/redemptions 2 716 296 34 936 944 Dividends distributed -101 472 -84 080

Net assets at the end of the business year 110 403 099 161 631 121

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 38 384 47 084 67 411 Accumulation shares (shares B) 875 217 889 124 1 147 913 Accumulation shares (shares E) 1 1 1

Net assets 100 811 148 110 403 099 161 631 121

NAV per share Distribution shares (shares A) 101.29 105.63 117.40 Accumulation shares (shares B) 110.74 118.58 133.91 Accumulation shares (shares E) 109.83 116.64 130.12 Dividend for preceding business year 1.50 2.75 1.70

* See page 10. The TER (Total Expense Ratio) amounts to 1.57 % for share category A, 1.57 % for share category B and 2.37 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SBCH - 1 JULIUS BAER STRATEGY BALANCED (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

9 750CASINO GUICHARD-PERRACH* 877 826 0.54 % TOTAL INVESTMENTS 152 070 205 94.08% 34 000CREDIT AGRICOLE SA* 1 105 279 0.68 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 34 200FRANCE TELECOM SA* 1 281 519 0.80 % STOCK EXCHANGE 152 070 205 94.08% 9 000LVHM MOET HENNESSY LOUIS VUITTON SA891 959 0.55 % Shares 73 919 278 45.72% 13 000PEUGEOT SA* 987 561 0.61 % 6 800RENAULT SA768 844 0.48 % United States 23 434 934 14.49% Germany 4 642 836 2.87% 18 500AFFILIATED COMPUTER SERVICE1 211 088 0.75 % 22 000ALCOA INC.* 736 453 0.46 % 3 200ADIDAS-SALOMON AG687 437 0.43 % 4 700AMERADA HESS641 315 0.40 % 16 600BMW AG* 971 397 0.60 % 4 000APOLLO GROUP INC. -A-400 831 0.25 % 720LANXESS AG20 681 0.01 % 17 700BED BATH & BEYOND INC.947 381 0.59 % 50 400MG TECHNOLOGIES AG780 122 0.48 % MÜNCHENER 31 700BOSTON SCIENTIFIC CORP.1 096 494 0.68 % 5 250 RÜCKVERSICHERUNGSGESELLSCHAFT AG 717 522 0.44 % 25 000CAREER EDUCATION CORP.1 172 527 0.73 % 3 000PUMA AG952 354 0.59 % 8 000CAREMARK RX INC.456 277 0.28 % 23 000THYSSENKRUPP AG513 323 0.32 % 19 000CERADYNE INC.585 886 0.36 % 8 100CHEVRONTEXACO CORP.580 277 0.36 % Great Britain 4 292 190 2.66% 15 000COCA-COLA CO.802 289 0.50 % 79 000CATTLES558 738 0.35 % 8 200CONOCOPHILLIPS603 934 0.37 % 120 000COMPASS GROUP PLC646 181 0.40 % 38 400COUNTRYWIDE FINANCIAL CORP.* 1 899 389 1.17 % 31 000INMARSAT PLC240 607 0.15 % 12 600DOW CHEMICAL CO.* 718 797 0.44 % 95 000LLOYDS TSB GROUP PLC1 031 846 0.63 % 13 000EXXON MOBIL CORP.957 123 0.59 % 28 000MCCARTHY & STONE PLC356 846 0.22 % 24 000FIRST DATA CORP.1 234 161 0.75 % 22 000ROYAL BANK OF SCOTLAND GROUP PLC851 747 0.53 % 20 000FOREST LABORATORIES995 415 0.62 % 40 000UNITED UTILITIES PLC606 225 0.38 % 7 000HARLEY DAVIDSON INC.444 798 0.28 % 14 000LOWE'S COMPANIES INC.* 1 044 199 0.65 % Netherlands 3 730 503 2.31% 10 200MERCK & CO INC.* 402 470 0.25 % 59 500ELSEVIER NV1 063 093 0.66 % 11 000NEWMONT MINING CORP.550 015 0.34 % 32 000ING GROEP NV1 159 873 0.72 % 5 450NORDSTROM INC.474 566 0.29 % 18 000ROYAL DUTCH PETROLEUM CO.1 507 537 0.93 % 34 500PFIZER INC.1 218 980 0.75 % Italy 2 856 097 1.77% 9 000RADIAN GROUP INC.544 442 0.34 % 12 300TOLL BROTHERS1 600 178 0.98 % 28 500ENI SPA* 941 955 0.59 % ENTE NAZIONALE PER L'ENREGIA ELETTRICA 18 800TRACTOR SUPPLY CO.1 182 558 0.73 % 45 000 SPA* 502 512 0.31 % 17 900WASHINGTON MUTUAL INC.933 091 0.58 % 17 000GEOX181 928 0.11 % Switzerland 17 294 998 10.69% 121 100TELECOM ITALIA SPA484 580 0.30 % 110 000UNICREDITO ITALIANO SPA745 122 0.46 % 2 600BARRY CALLEBAUT AG845 000 0.52 % 480BELL HOLDING AG528 000 0.33 % Japan 2 637 749 1.63% 12 000CIBA SPEZ CHEMIE HOLDING896 400 0.55 % 7 000CANON INC.472 623 0.29 % 45 500CREDIT SUISSE GROUP2 300 025 1.42 % 15 600HONDA MOTOR CO. LTD986 545 0.61 % 2 400DOTTIKON ES HOLDING AG529 200 0.33 % 330NTT DOCOMO INC.625 694 0.39 % 2 000HELVETIA PATRIA HLDG414 600 0.26 % 23 500YAMAHA MOTOR CO. LTD552 887 0.34 % 8 500MICRONAS SEMICONDUCTOR HOLDING AG412 250 0.26 % 1 670MOBIMO HOLDING AG310 453 0.19 % Sweden 1 626 115 1.01% 7 600NESTLE SA2 492 800 1.54 % 28 000ELECTROLUX AB -B-764 825 0.47 % 58 000NOVARTIS AG3 540 900 2.18 % 21 000SVENSKA CELLUL. -B-861 290 0.54 % 1 000PHOENIX MECANO AG315 000 0.19 % Cayman Islands 1 376 401 0.85% 7 500ROCHE HOLDINGS AG1 216 500 0.75 % 11 700SEZ HOLDING AG363 870 0.23 % 9 400ACE LTD540 099 0.33 % 31 300UBS AG3 130 000 1.94 % 16 000GLOBALSANTAFE CORP.836 302 0.52 %

France 6 510 047 4.03% Canada 1 353 058 0.84% 9 600CARREFOUR SUPERMARCHE SA597 059 0.37 % 43 700PLACER DOME INC.861 035 0.54 %

SBCH - 2 JULIUS BAER STRATEGY BALANCED (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

89 600QUADRA MINING LTD492 023 0.30 % 1 0003.000 % NED.WATERSCH. 09 EMTN25/02/09 1 064 500 0.66 % 1 0002.125 % POLAND 0425/03/09 1 021 000 0.63 % Luxembourg 1 279 643 0.79% 1 0002.625 % POLAND 0512/05/15 1 013 500 0.63 % 50 867ARCELOR SA* 1 279 643 0.79 % 1 0003.500 % RABOBANK 9829/12/08 1 077 500 0.67 % Norway 1 071 429 0.66% 2 5003.250 % RFF 9901/06/11 2 726 250 1.69 % 2252.000 % SWISS PRIME 0503/02/10 234 000 0.14 % 8 200NORSK HYDRO AS* 964 090 0.59 % 1 5002.500 % TELSTRA 0519/04/13 1 515 750 0.94 % 12 200REVUS ENERGY ASA107 339 0.07 % EUR 10 005 207 6.19% Portugal 911 967 0.56% 1 0004.200 % CRH 1125/04/11 1 665 735 1.03 % 75 000PORTUGAL TELECOM SGPS SA911 967 0.56 % 8003.750 % DEPFA 9915/01/09 1 303 554 0.81 % Finland 487 274 0.30% 1 0006.000 % DEUTSCHE BAHN 0015/06/10 1 793 225 1.11 % 29 500OUTOKUMPU OYJ -A-487 274 0.30 % 1 2004.000 % DEUTSCHLAND 9904/07/09 1 975 433 1.22 % 1 0004.250 % HENKEL KGAA 03* 10/06/13 1 640 144 1.01 % Virgin Islands (UK) 210 239 0.13% 1 000 4.125 % VOLKSWAGEN INTERNATIONAL 300 000EUROPEAN MINERALS CORP.210 239 0.13 % FINANCE 03* 22/05/09 1 627 116 1.01 %

South Africa 202 875 0.13% GBP 5 290 005 3.27% 18 500HARMONY GOLD MINING, SPONS ADR202 875 0.13 % 5755.625 % BNG 0108/02/11 1 399 864 0.87 % 5755.375 % CARREFOUR 0219/12/12 1 368 043 0.85 % China 923 0.00% 1 0754.750 % LCR FINANCE 9931/12/10 2 522 098 1.55 % 2 000CHINA TELECOM CORP LTD -H-923 0.00 % MXN 4 853 366 3.00% Bonds 63 953 485 39.57% 8 00010.500 % MEXICO 0114/07/11 1 025 375 0.63 % 13 0008.000 % MEXICO 0323/12/10 1 469 719 0.91 % CHF 39 386 162 24.38% 13 0008.000 % MEXICO 0319/12/13 1 423 699 0.88 % 5004.125 % ABN AMRO BK 9910/12/09 556 250 0.34 % 8 0009.000 % MEXIKO 0320/12/12 934 573 0.58 % 2 0004.250 % ALLSTATE LIFE FUNDING 0014/01/10 2 224 000 1.38 % 1 5004.500 % BANK AUSTRIA 0020/12/10 1 722 750 1.07 % PLN 4 418 745 2.73% 1 0004.500 % BAWAG 0016/10/15 1 220 000 0.75 % 5 5006.000 % POLAND 0024/11/10 2 252 611 1.39 % 2 0003.125 % BAYERISCHE LANDESBANK 9910/02/09 2 130 000 1.32 % 5 5005.000 % POLAND 0224/10/13 2 166 134 1.34 % 3253.000 % BIG MBH 0216/07/07 338 163 0.21 % Investment funds 6 166 868 3.82% 1 0002.250 % CFF 0411/05/11 1 032 000 0.64 % 1 0001.875 % COLGATE-PALMOLIVE 0506/04/10 1 013 000 0.63 % Luxembourg 6 166 868 3.82% 1 0005.000 % COMMERZBANK 0018/08/10 1 150 500 0.71 % 22 700JB MULTISTOCK - JAPAN STOCK FUND CAP2 824 381 1.75 % 1 000 3.500 % DEUTSCHE FINANCE NETHERLANDS 98 29/05/08 1 065 500 0.66 % 8 300JB MULTISTOCK - PACIFIC STOCK FUND CAP1 256 411 0.78 % 1 5004.000 % DEXIA MUNICIPAL AGENCY 00* 08/03/10 1 676 250 1.04 % 4 750PICTET FUNDS - EMERGING MARKETS FUND2 086 076 1.29 % 1 0002.000 % EKSPORTFINANZ 0317/03/09 1 028 500 0.64 % Convertible bonds and bonds with warrants 4 570 744 2.83% 1 500 4.250 % EUROPAEISCHE HYPOTHEKENBANK 00 20/10/10 1 704 000 1.05 % CHF 3 011 250 1.87% 1 000 4.375 % GENERAL ELECTRIC CAPITAL CORP. 00 05/12/12 1 170 500 0.72 % 1 5000.500 % ARES INTERNATIONAL 03, CV26/11/08 1 512 000 0.94 % 1 000 3.125 % GENERAL ELECTRIC CAPITAL 1 5000.250 % SCHWEIZ 03, CV19/12/07 1 499 250 0.93 % CORP. 99 15/07/09 1 069 000 0.66 % 1 0002.375 % GREECE 0418/03/11 1 025 500 0.63 % EUR 1 559 494 0.96% 1 5002.750 % ITALIEN 04* 01/07/11 1 572 750 0.97 % 1 0001.375 % 3I GROUP 03, CV* 01/08/08 1 559 494 0.96 % 1 0003.125 % ITALIEN 9915/07/10 1 070 500 0.66 % Options, Warrants, Rights 2 154 401 1.33% 3 000 3.750 % LANDESBANK HESSEN- THUERINGEN 01 01/02/11 3 338 999 2.07 % Germany 2 154 401 1.33% 5002.000 % LGT FINANCE 0908/12/09 509 750 0.32 % 1 000 4.125 % MBNA MASTER CREDIT CARD 1 680UBS INV 04-30.6.09 WRT2 154 401 1.33 % TRUST II 00 (ABS) 17/03/07 1 068 500 0.66 % 1 5002.125 % MC DONALD'S CORP. 0520/04/10 1 527 750 0.95 % 1 5003.000 % MEXICO 0514/06/12 1 519 500 0.94 %

SBCH - 3 JULIUS BAER STRATEGY BALANCED (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

Index linked instruments 1 305 429 0.81%

Cayman Islands 1 305 429 0.81% 4 200MSCI CHINA 01-7.4.07 OPALS S83842 859 0.52 % 2 100MSCI KOREA IND II 00-07 OPALS S82462 570 0.29 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 233 600 149 Income from investment 3 943 867 (Cost: 219 366 872) Bank interest 150 921 Derivative instruments at market value: Other Income 35 576 - Forward foreign exchange contracts 454 319 Net income equalization 600 432 Cash at banks 7 679 290 Total Income 4 730 796 Due from brokers 719 795 Subscritpions receivable 4 091 885 Dividends and interest 2 332 790 Expenses Other assets 66 932 Administration fees 2 148 582 Total Assets 248 945 160 Custodian fees and charges 65 468 "Taxe d'abonnement" and other taxes 82 574 Liabilities Bank interest 18 992 Other expenses* 49 382 Due to brokers 860 061 Payable for redemptions 411 748 Total Expenses 2 364 998 Administration fees due 164 204 Net gain/Net loss 2 365 798 "Taxe d'abonnement" due 30 834 Net realised gain/loss on: Other liabilities 9 579 - Securities 6 318 764 Total Liabilities 1 476 426 - Forward foreign exchange contracts 843 425 Net assets 247 468 734 - Futures contracts 613 630 - Foreign currencies -432 878 Net realised gain/Net realised loss 9 708 739 Net change in unrealised appreciation/depreciation on: - Securities 11 718 218 - Forward foreign exchange contracts 247 760 - Futures contracts 123 519 Total gain/Total loss 21 798 236

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 91 107 874 107 517 110 Total gain/Total loss 8 690 731 21 798 236 Net subscriptions/redemptions 7 920 850 118 336 544 Dividends distributed -202 345 -183 156

Net assets at the end of the business year 107 517 110 247 468 734

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Distribution shares (shares A) 72 685 86 188 95 034 Accumulation shares (shares B) 875 814 942 750 1 989 199 Accumulation shares (shares E) 1 1 1 167

Net assets 91 107 874 107 517 110 247 468 734

NAV per share Distribution shares (shares A) 89.69 95.18 105.69 Accumulation shares (shares B) 96.58 105.34 119.29 Accumulation shares (shares E) 95.58 102.65 115.26 Dividend for preceding business year 1.25 2.50 1.90

* See page 10. The TER (Total Expense Ratio) amounts to 1.58 % for share category A, 1.58 % for share category B and 2.31 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SBEU - 1 JULIUS BAER STRATEGY BALANCED (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

119 000MCCARTHY & STONE PLC977 841 0.40 % TOTAL INVESTMENTS 233 600 149 94.40% 220 000PRUDENTIAL PLC1 616 410 0.65 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 52 000ROYAL BANK OF SCOTLAND GROUP PLC1 298 044 0.52 % STOCK EXCHANGE 233 600 149 94.40% 57 000UNITED UTILITIES PLC556 990 0.23 % Shares 115 280 656 46.59% Germany 8 338 450 3.37% United States 38 404 950 15.53% 13 000ADIDAS-SALOMON AG1 800 630 0.74 % 48 000AFFILIATED COMPUTER SERVICE2 026 019 0.82 % 32 400BMW AG* 1 222 452 0.49 % 39 000ALCOA INC.* 841 754 0.34 % 2 120LANXESS AG* 39 262 0.02 % 15 000AMERADA HESS1 319 663 0.53 % 151 400MG TECHNOLOGIES AG1 510 972 0.61 % MÜNCHENER 17 000AMERICAN INTERNATIONAL GROUP* 815 843 0.33 % 9 100 RÜCKVERSICHERUNGSGESELLSCHAFT AG* 801 892 0.32 % 24 000APOLLO GROUP INC. -A-1 550 638 0.63 % 8 150PUMA AG1 668 142 0.67 % 35 000BED BATH & BEYOND INC.1 207 864 0.49 % 90 000THYSSENKRUPP AG1 295 100 0.52 % 73 600BOSTON SCIENTIFIC CORP.1 641 432 0.66 % 60 000CAREER EDUCATION CORP.1 814 397 0.73 % Italy 7 508 746 3.03% 13 000CAREMARK RX INC.478 057 0.19 % 112 000ENI SPA* 2 386 720 0.96 % 37 000CERADYNE INC.735 630 0.30 % 210 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA 38 000CHEVRONTEXACO CORP.1 755 222 0.71 % SPA* 1 512 000 0.61 % 24 700COCA-COLA CO.* 851 794 0.34 % 57 500GEOX396 750 0.16 % 36 000CONOCOPHILLIPS1 709 528 0.69 % 640 100TELECOM ITALIA SPA1 651 458 0.67 % 90 000COUNTRYWIDE FINANCIAL CORP.* 2 870 277 1.17 % 357 600UNICREDITO ITALIANO SPA* 1 561 818 0.63 % 30 000DOW CHEMICAL CO.* 1 103 457 0.45 % Switzerland 7 174 376 2.90% 30 000EXXON MOBIL CORP.1 424 111 0.58 % 17 000CIBA SPEZ CHEMIE HOLDING818 781 0.33 % 44 000FIRST DATA CORP.1 458 853 0.59 % 50 000CREDIT SUISSE GROUP1 629 632 0.66 % 39 000FOREST LABORATORIES1 251 518 0.51 % 6 500NESTLE SA1 374 629 0.56 % 23 800HARLEY DAVIDSON INC.975 080 0.39 % 36 000NOVARTIS AG1 417 054 0.57 % 33 400LOWE'S COMPANIES INC.* 1 606 202 0.65 % 30 000UBS AG1 934 280 0.78 % 100 000MBNA CORP.* 2 160 823 0.87 % 16 900MERCK & CO INC.* 429 951 0.17 % Japan 5 097 901 2.06% 13 500NEWMONT MINING CORP.435 225 0.18 % 43 000CANON INC.1 871 905 0.75 % 8 850NORDSTROM INC.496 869 0.20 % 38 000HONDA MOTOR CO. LTD1 549 436 0.63 % 69 800PFIZER INC.* 1 590 124 0.64 % 751NTT DOCOMO INC.918 092 0.37 % 16 000RADIAN GROUP INC.624 061 0.25 % 50 000YAMAHA MOTOR CO. LTD758 468 0.31 % 23 500TOLL BROTHERS1 971 193 0.80 % 32 300TRACTOR SUPPLY CO.1 309 982 0.53 % Netherlands 4 829 109 1.95% 58 000WASHINGTON MUTUAL INC.1 949 383 0.79 % 147 000ELSEVIER NV* 1 693 440 0.68 % 63 700ING GROEP NV1 488 669 0.60 % France 11 289 490 4.57% 30 500ROYAL DUTCH PETROLEUM CO.1 647 000 0.67 % 22 000BNP PARIBAS1 247 400 0.50 % 26 000CARREFOUR SUPERMARCHE SA1 042 600 0.42 % Norway 3 613 469 1.46% 21 200CASINO GUICHARD-PERRACH* 1 230 660 0.50 % 18 500NORSK HYDRO AS* 1 402 406 0.57 % 98 000CREDIT AGRICOLE SA* 2 054 080 0.83 % 30 000REVUS ENERGY ASA170 184 0.07 % 85 000FRANCE TELECOM SA* 2 053 600 0.83 % 121 000STATOIL ASA* 2 040 879 0.82 % 22 000LVHM MOET HENNESSY LOUIS VUITTON SA* 1 405 800 0.57 % Sweden 3 171 700 1.28% 20 000PEUGEOT SA* 979 600 0.40 % 17 500RENAULT SA* 1 275 750 0.52 % 90 000ELECTROLUX AB -B-1 585 057 0.64 % 60 000SVENSKA CELLUL. -B-1 586 643 0.64 % Great Britain 10 577 548 4.27% Belgium 2 260 000 0.91% 310 000CATTLES1 413 646 0.57 % 280 000COMPASS GROUP PLC972 141 0.39 % 80 000BELGACOM SA2 260 000 0.91 % 115 000DIAGEO PLC1 401 284 0.57 % Canada 2 187 948 0.88% 76 000INMARSAT PLC380 328 0.15 % 134 100PLACER DOME INC.* 1 703 595 0.68 % 280 000LLOYDS TSB GROUP PLC1 960 864 0.79 %

SBEU - 2 JULIUS BAER STRATEGY BALANCED (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

136 800QUADRA MINING LTD484 353 0.20 % 2 9004.125 % DEUTSCHLAND 9804/07/08 3 060 080 1.23 % 3 0004.000 % DEUTSCHLAND 9904/07/09 3 184 200 1.28 % Luxembourg 2 049 235 0.83% 2 5005.250 % DEXIA HYPOBANK BERLIN 01* 22/02/13 2 885 000 1.17 % 126 340ARCELOR SA* 2 049 235 0.83 % 2 0005.500 % DG HYPOTHEKENBANK 0001/04/10 2 259 200 0.91 % Cayman Islands 1 987 858 0.80% 1 0004.250 % DT FINANCE NL 99* 28/07/09 1 063 500 0.43 % 1 2005.750 % DT GEN.HYPBK 9722/01/07 1 266 240 0.51 % 20 000ACE LTD740 924 0.30 % 1 0005.000 % E.D.F. 9828/01/09 1 086 400 0.44 % 37 000GLOBALSANTAFE CORP.1 246 934 0.50 % 2 0004.500 % ELF AQUITAINE 9923/03/09 2 141 800 0.87 % Spain 1 638 560 0.66% 2 0005.750 % EUR.HYPBK LUX 0004/01/11 2 311 600 0.93 % 77 000INDITEX SA* 1 638 560 0.66 % 1 5004.750 % GENERALI FINANCE 9912/05/14 1 672 950 0.68 % 1 2004.375 % HEINEKEN 03* 04/02/10 1 260 600 0.51 % Portugal 1 571 920 0.64% 1 5004.500 % IBERDROLA INTL 9925/05/09 1 603 800 0.65 % 200 500PORTUGAL TELECOM SGPS SA* 1 571 920 0.64 % 1 0005.875 % ING BANK 0123/02/11 1 149 900 0.46 % 3 0003.500 % KFW 0215/11/05 3 013 800 1.21 % Finland 1 528 140 0.62% 2 500 5.500 % LANDESBANK BADEN- 66 000OUTOKUMPU OYJ -A-702 900 0.28 % WUERTTEMBERG 00 06/07/10 2 835 000 1.15 % 78 000STORA ENSO AB -R-825 240 0.34 % 1 600 4.625 % LANDESKANTONALBANK BADEN-WUERTTEMBERG 98 29/07/05 1 602 400 0.65 % Austria 569 240 0.23% 1 5003.375 % LVMH MOET HENNESSY 0522/06/12 1 498 650 0.61 % 7 600AGRANA BETEILIGUNG AG569 240 0.23 % 2 0004.250 % MEXICO 0516/06/15 1 984 916 0.80 % 1 0005.000 % MUENCHENER HYPBK 9802/06/08 1 077 100 0.44 % South Korea 568 290 0.23% 1 2005.375 % NATIONWIDE FIN FUND 9924/11/06 1 248 600 0.50 % 32 000KT CORPORATION SADR568 290 0.23 % 2 5005.000 % RHEINBODEN HYPBK 9824/08/12 2 824 750 1.14 % 2 0005.250 % SOUTH AFRICA 0316/05/13 2 193 800 0.89 % Denmark 472 329 0.19% 1 5003.250 % STORA ENSO 0522/06/10 1 503 750 0.61 % 19 000DANSKE BANK AS472 329 0.19 % 1 5004.500 % TCHIBO HOLDING 1413/10/14 1 553 550 0.63 % Virgin Islands (UK) 271 108 0.11% 1 500 4.125 % VOLKSWAGEN INTERNATIONAL FINANCE 03* 22/05/09 1 573 650 0.64 % 600 000EUROPEAN MINERALS CORP.271 108 0.11 % 2 5005.750 % WUERTT.HYPBK 0019/10/10 2 877 250 1.16 % South Africa 169 694 0.07% 2 0004.250 % WUERTT.HYPBK 9802/10/08 2 118 200 0.86 % 24 000HARMONY GOLD MINING, SPONS ADR169 694 0.07 % GBP 9 568 300 3.87%

China 595 0.00% 1 1255.625 % BNG 0108/02/11 1 765 910 0.71 % 1 1254.750 % LCR FINANCE 9931/12/10 1 701 783 0.69 % 2 000CHINA TELECOM CORP LTD -H-595 0.00 % 7006.625 % LLOYDS TSB 0030/03/15 1 180 768 0.48 % Bonds 103 073 313 41.65% 1 125 5.625 % NEDERLANDES WATERSCHAPSBANK NV 98 17/11/15 1 817 309 0.73 % EUR 78 385 126 31.66% 1 0005.375 % SUNAMERICA 9907/12/09 1 524 837 0.62 % 1 2004.625 % ABBEY NATL. 99* 11/02/11 1 310 640 0.53 % 1 0006.125 % TRAVELERS 0123/02/11 1 577 693 0.64 % 2 000 4.250 % ALLGEMEINE PLN 6 475 071 2.62% HYPOTHEKENBANK 99 20/01/14 2 170 000 0.88 % 1 0003.250 % ASFINAG 0419/10/09 1 030 700 0.42 % 12 5006.000 % POLAND 0024/11/10 3 300 895 1.34 % 1 5003.500 % BASF 03* 08/07/10 1 549 800 0.63 % 12 5005.000 % POLAND 0224/10/13 3 174 176 1.28 % 1 0005.625 % BEI 0015/10/10 1 147 200 0.46 % MXN 4 424 148 1.79% 2 0005.000 % BEI 9815/04/08 2 152 800 0.87 % 15 0009.000 % MEXICO 0324/12/09 1 141 748 0.46 % 1 5004.500 % CARREFOUR 99* 18/03/09 1 602 600 0.65 % 15 0008.000 % MEXICO 0323/12/10 1 093 403 0.44 % 2 0005.125 % DEGUSSA 0310/12/13 2 175 000 0.88 % 15 0008.000 % MEXICO 0319/12/13 1 059 167 0.43 % 2 0004.500 % DEPFA 9815/01/14 2 213 400 0.89 % 15 0009.000 % MEXIKO 0320/12/12 1 129 830 0.46 % 3 7503.750 % DEPFA 9915/01/09 3 939 750 1.58 % 2 0006.000 % DEUTSCHE BAHN 0015/06/10 2 312 400 0.93 % SEK 4 220 668 1.71% DEUTSCHE HYPOTHEKENBANK 2 000 6.000 % 10 0003.000 % DEUTSCHE BANK 0521/04/10 1 076 062 0.43 % 00 14/02/12 2 384 400 0.96 % 10 0002.250 % RABOBANK 0508/05/09 1 054 695 0.43 % 1 500 4.000 % DEUTSCHE TELEKOM INT. FINANCE BV 05* 19/01/15 1 545 750 0.62% 17 5004.500 % SWEDEN 0412/08/15 2 089 911 0.85 %

SBEU - 3 JULIUS BAER STRATEGY BALANCED (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in EUR Assets 1000)

Investment funds 7 949 722 3.21%

Luxembourg 7 949 722 3.21% 41 000JB MULTISTOCK - JAPAN STOCK FUND CAP3 289 118 1.33 % 19 900JB MULTISTOCK - PACIFIC STOCK FUND CAP1 942 249 0.78 % 9 600PICTET FUNDS - EMERGING MARKETS FUND2 718 355 1.10 %

Convertible bonds and bonds with warrants 3 481 851 1.41%

EUR 3 481 851 1.41% 1 600 0.875 % HEIDELBERG INTERNATIONAL FINANCE BV 05 09/02/12 1 582 576 0.64 % 8502.500 % UNICREDITO ITALIA 03, CV19/12/08 893 775 0.36 % 1 0001.375 % 3I GROUP 03, CV* 01/08/08 1 005 500 0.41 %

Options, Warrants, Rights 2 592 154 1.05%

Germany 2 546 632 1.03% 3 080UBS INV 04-30.6.09 WRT2 546 632 1.03 %

Canada 45 522 0.02% 300 000EUROP.MIN.CORP 05-11.4.10 WRT45 522 0.02 %

Index linked instruments 1 222 453 0.49%

Cayman Islands 1 222 453 0.49% 6 100MSCI CHINA 01-7.4.07 OPALS S83789 285 0.31 % 3 050MSCI KOREA IND II 00-07 OPALS S82433 168 0.18 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 124 133 123 Income from investment 2 634 302 (Cost: 117 269 133) Bank interest 62 711 Derivative instruments at market value: Other Income 6 178 - Forward foreign exchange contracts 168 857 Net income equalization 76 873 Cash at banks 7 171 475 Total Income 2 780 064 Due from brokers 330 059 Subscritpions receivable 174 814 Dividends and interest 1 153 270 Expenses Other assets 34 291 Administration fees 1 545 866 Total Assets 133 165 889 Custodian fees and charges 53 694 "Taxe d'abonnement" and other taxes 57 569 Liabilities Bank interest 7 294 Other expenses* 49 906 Due to brokers 200 215 Payable for redemptions 798 399 Total Expenses 1 714 329 Administration fees due 77 794 Net gain/Net loss 1 065 735 "Taxes d'abonnement" due 16 463 Net realised gain/loss on: Other liabilities 10 692 - Securities 3 710 119 Total Liabilities 1 103 563 - Forward foreign exchange contracts 733 038 Net assets 132 062 326 - Futures contracts 46 077 - Foreign currencies -237 749 Net realised gain/Net realised loss 5 317 220 Net change in unrealised appreciation/depreciation on: - Securities 6 217 465 - Forward foreign exchange contracts -19 102 - Futures contracts 92 773 Total gain/Total loss 11 608 356

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 98 314 434 104 543 150 Total gain/Total loss 2 907 452 11 608 356 Net subscriptions/redemptions 3 481 548 16 093 480 Dividends distributed -160 284 -182 660

Net assets at the end of the business year 104 543 150 132 062 326

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 62 710 82 838 115 112 Accumulation shares (shares B) 928 924 945 034 1 066 452 Accumulation shares (shares E) 1 1 1

Net assets 98 314 434 104 543 150 132 062 326

NAV per share Distribution shares (shares A) 93.38 93.34 100.76 Accumulation shares (shares B) 99.53 102.44 112.96 Accumulation shares (shares E) 98.76 101.13 110.89 Dividend for preceding business year 1.50 2.75 2.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.50 % for share category A, 1.50 % for share category B and 2.28 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SCCH - 1 JULIUS BAER STRATEGY CONSERVATIVE (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

2 000 7.125 % DEUTSCHE TELEKOM TOTAL INVESTMENTS 124 133 123 94.00% INTINTERNATIONAL BV 00 06/07/10 3 652 520 2.76 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 1 0004.250 % HENKEL KGAA 03* 10/06/13 1 640 144 1.24 % STOCK EXCHANGE 124 133 123 94.00% 8005.250 % SOUTH AFRICA 0316/05/13 1 361 002 1.03 % Bonds 79 094 688 59.89% 1 0004.500 % TCHIBO HOLDING 1413/10/14 1 606 333 1.22 % 8004.750 % VODAFONE FINANCE BV 0927/05/09 1 333 209 1.01 % CHF 50 780 975 38.45% MXN 3 887 667 2.94% 1 0002.375 % ABN AMRO BK 0413/10/10 1 032 500 0.78 % 18 5008.000 % MEXICO 0319/12/13 2 026 034 1.53 % 1 000 2.000 % AUTOBAHNEN- UND SCHNELLSTRASSENFINANZIER 18 5008.000 % MEXICO 0307/12/23 1 861 633 1.41 % UNGS AG 04 29/07/10 1 021 000 0.77 % GBP 3 798 185 2.88% 1 500 1.500 % BANQUE AFRICAINE DE DEVELOPEMENT 03 11/04/08 1 513 500 1.15 % 6005.625 % AIG SUNAMERICA II 0201/02/12 1 442 954 1.10 % 3 0004.000 % BAYERISCHE LANDESBANK 0119/01/11 3 379 500 2.55 % 6005.375 % CARREFOUR 0219/12/12 1 427 523 1.08 % 1 0004.500 % BNG 0005/07/10 1 147 000 0.87 % 4005.250 % GOLDMAN SACHS 0515/12/15 927 708 0.70 % 2 5001.250 % BP CAPITAL MARKETS PLC 0529/12/09 2 482 500 1.88 % PLN 3 615 337 2.74% 1 0002.375 % CDC FINANCE IXIS 0319/12/13 1 025 000 0.78 % 1 0002.250 % CFF 0411/05/11 1 032 000 0.78 % 4 5006.000 % POLAND 0024/11/10 1 843 045 1.40 % 1 5002.500 % CITIBANK 0523/02/15 1 518 750 1.15 % 4 5005.000 % POLAND 0224/10/13 1 772 292 1.34 % 1 0004.000 % DEXIA MUNICIPAL AGENCY 00* 08/03/10 1 117 500 0.85 % Shares 32 223 753 24.40% 2 0003.000 % DSL 9913/09/05 2 008 200 1.52 % 1 1502.000 % EKSPORTFINANZ 0317/03/09 1 182 775 0.90 % United States 10 465 527 7.91% GENERAL ELECTRIC CAPITAL 1 000 3.125 % 17 000AFFILIATED COMPUTER SERVICE1 112 891 0.83 % CORP. 99 15/07/09 1 069 000 0.81 % 8 500ALCOA INC.284 539 0.22 % 3 0002.125 % GREECE 0310/04/09 3 067 500 2.32 % 1 700AMERADA HESS231 965 0.18 % 1 0001.750 % HBOS TSY 0514/01/10 1 008 000 0.76 % 1 500APOLLO GROUP INC. -A-150 312 0.11 % 1 0002.000 % ITALIEN 0330/04/09 1 020 500 0.77 % 7 000BED BATH & BEYOND INC.374 671 0.28 % 2 0002.750 % ITALIEN 0401/07/11 2 097 000 1.59 % 11 000BOSTON SCIENTIFIC CORP.380 487 0.29 % 2 0002.500 % ITALIEN 0502/03/15 2 031 000 1.54 % 8 800CAREER EDUCATION CORP.412 730 0.31 % 1 0003.000 % KOMMUNEKREDIT 0119/11/08 1 057 000 0.80 % 3 600CAREMARK RX INC.205 325 0.16 % 2 500 3.750 % LANDESBANK HESSEN- THUERINGEN 01 01/02/11 2 782 500 2.11 % 8 000CERADYNE INC.246 689 0.19 % 2 0002.125 % MC DONALD'S CORP. 0520/04/10 2 037 000 1.54 % 2 900CHEVRONTEXACO CORP.207 753 0.16 % 1 5003.000 % MEXICO 0514/06/12 1 519 500 1.15 % 7 200COCA-COLA CO.385 099 0.29 % 1 0002.125 % NEW YORK LIFE FUNDING 05* 08/12/10 1 015 500 0.77 % 3 000CONOCOPHILLIPS220 951 0.17 % 2 0001.875 % NIPPON T&T 0527/06/12 1 995 000 1.51 % 18 100COUNTRYWIDE FINANCIAL CORP.895 284 0.67 % 500 3.625 % PFANDBRIEFBANK 5 000DOW CHEMICAL CO.285 237 0.22 % INTERNATIONAL 02 14/10/08 536 750 0.41 % 5 500EXXON MOBIL CORP.404 937 0.31 % 1 0004.000 % PFANDBRIEFZENTRALE 0120/02/13 1 147 000 0.87 % 11 000FIRST DATA CORP.565 657 0.43 % 2 0002.125 % POLAND 0425/03/09 2 042 000 1.55 % 8 600FOREST LABORATORIES428 028 0.32 % 2 0002.000 % PR.ONTARIO 0415/09/09 2 049 000 1.55 % 3 300HARLEY DAVIDSON INC.209 691 0.16 % 1 5001.250 % RABOBANK 0330/04/07 1 510 500 1.14 % 6 600LOWE'S COMPANIES INC.492 265 0.37 % 1 0002.000 % RABOBANK 0507/02/11 1 021 500 0.77 % 6 400MERCK & CO INC.* 252 530 0.19 % 2252.000 % SWISS PRIME 0503/02/10 234 000 0.18 % 5 500NEWMONT MINING CORP.275 007 0.21 % 1 0002.375 % TOTAL CAPITAL 0430/11/12 1 030 500 0.78 % 2 700NORDSTROM INC.235 106 0.18 % 2 0002.000 % TOYOTA MOTOR CREDIT 0318/12/08 2 050 000 1.55 % 14 000PFIZER INC.494 658 0.37 % EUR 17 012 524 12.88% 4 200RADIAN GROUP INC.254 073 0.19 % 5 500TOLL BROTHERS715 527 0.53 % 1 2005.000 % BEI 9815/04/08 2 003 349 1.52 % 5 200TRACTOR SUPPLY CO.327 091 0.25 % 1 0003.875 % CITIGROUP 0321/05/10 1 633 941 1.24 % 8 000WASHINGTON MUTUAL INC.417 024 0.32 % 8005.125 % DEGUSSA 0310/12/13 1 349 339 1.02 % 5005.250 % DEUTSCHE HYPOBANK 9811/02/08 834 419 0.63 % Switzerland 8 340 173 6.32% DEUTSCHE TELEKOM INT. 1 000 4.000 % 1 200BARRY CALLEBAUT AG390 000 0.30 % FINANCE BV 05* 19/01/15 1 598 268 1.21% 200BELL HOLDING AG220 000 0.17 %

SCCH - 2 JULIUS BAER STRATEGY CONSERVATIVE (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

4 300CIBA SPEZ CHEMIE HOLDING321 210 0.24 % 17 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA 25 000CREDIT SUISSE GROUP1 263 750 0.96 % SPA 189 838 0.14 % 1 000DOTTIKON ES HOLDING AG220 500 0.17 % 8 100GEOX86 683 0.07 % 1 000HELVETIA PATRIA HLDG207 300 0.16 % 44 980TELECOM ITALIA SPA179 987 0.14 % 4 100MICRONAS SEMICONDUCTOR HOLDING AG198 850 0.15 % 34 600UNICREDITO ITALIANO SPA234 375 0.18 % 1 020MOBIMO HOLDING AG189 618 0.14 % Canada 876 556 0.66% 2 900NESTLE SA951 200 0.72 % 24 700PLACER DOME INC.486 672 0.36 % 25 500NOVARTIS AG1 556 775 1.18 % 71 000QUADRA MINING LTD389 884 0.30 % 400PHOENIX MECANO AG126 000 0.10 % 3 500ROCHE HOLDINGS AG567 700 0.43 % Sweden 696 865 0.53% 5 700SEZ HOLDING AG177 270 0.13 % 13 500ELECTROLUX AB -B-368 755 0.28 % 19 500UBS AG1 950 000 1.47 % 8 000SVENSKA CELLUL. -B-328 110 0.25 %

France 2 202 253 1.67% Cayman Islands 551 783 0.42% 4 600CARREFOUR SUPERMARCHE SA286 091 0.22 % 4 600ACE LTD264 304 0.20 % 2 500CASINO GUICHARD-PERRACH225 084 0.17 % 5 500GLOBALSANTAFE CORP.287 479 0.22 % 6 000CREDIT AGRICOLE SA195 049 0.15 % 11 500FRANCE TELECOM SA430 920 0.33 % Luxembourg 488 039 0.37% 2 000LVHM MOET HENNESSY LOUIS VUITTON SA198 213 0.15 % 19 400ARCELOR SA488 039 0.37 % 6 500PEUGEOT SA* 493 781 0.37 % Norway 337 042 0.26% 3 300RENAULT SA373 115 0.28 % 2 500NORSK HYDRO AS293 930 0.23 % Germany 1 904 705 1.44% 4 900REVUS ENERGY ASA43 112 0.03 % 1 600ADIDAS-SALOMON AG343 718 0.26 % Portugal 328 308 0.25% 8 000BMW AG468 143 0.35 % 320LANXESS AG9 192 0.01 % 27 000PORTUGAL TELECOM SGPS SA328 308 0.25 % 16 400MG TECHNOLOGIES AG253 849 0.19 % Finland 181 695 0.14% 1 350 MÜNCHENER RÜCKVERSICHERUNGSGESELLSCHAFT AG 184 506 0.14 % 11 000OUTOKUMPU OYJ -A-181 695 0.14 % 1 400PUMA AG444 432 0.34 % South Africa 137 078 0.10% 9 000THYSSENKRUPP AG200 865 0.15 % 12 500HARMONY GOLD MINING, SPONS ADR137 078 0.10 % Great Britain 1 789 570 1.36% Virgin Islands (UK) 98 112 0.07% 28 000CATTLES198 034 0.15 % 140 000EUROPEAN MINERALS CORP.98 112 0.07 % 47 000COMPASS GROUP PLC253 088 0.19 % 13 000INMARSAT PLC100 900 0.08 % China 923 0.00% 44 000LLOYDS TSB GROUP PLC477 907 0.36 % 2 000CHINA TELECOM CORP LTD -H-923 0.00 % 10 000MCCARTHY & STONE PLC127 445 0.10 % 8 500ROYAL BANK OF SCOTLAND GROUP PLC329 083 0.25 % Convertible bonds and bonds with warrants 5 633 744 4.27% 20 000UNITED UTILITIES PLC303 113 0.23 % CHF 4 074 250 3.09% Japan 1 552 351 1.18% 1 5000.500 % ARES INTERNATIONAL 03, CV26/11/08 1 512 000 1.15 % 7 000CANON INC.472 623 0.36 % 1 000 1.000 % LUZERNER KANTONALBANK 7 500HONDA MOTOR CO. LTD474 300 0.36 % 04CV 15/09/08 1 063 000 0.80 % 158NTT DOCOMO INC.299 575 0.23 % 1 5000.250 % SCHWEIZ 03, CV* 19/12/07 1 499 250 1.14 % 13 000YAMAHA MOTOR CO. LTD305 853 0.23 % EUR 1 559 494 1.18% Netherlands 1 185 278 0.90% 1 0001.375 % 3I GROUP 03, CV* 01/08/08 1 559 494 1.18 %

14 500ELSEVIER NV259 073 0.20 % Investment funds 3 391 823 2.57% 14 000ING GROEP NV507 445 0.38 % 5 000ROYAL DUTCH PETROLEUM CO.418 760 0.32 % Luxembourg 3 391 823 2.57%

Italy 1 087 495 0.82% 9 000JB MULTISTOCK - JAPAN STOCK FUND CAP1 119 798 0.85 % 5 000JB MULTISTOCK - PACIFIC STOCK FUND CAP756 874 0.57 % 12 000ENI SPA396 612 0.29 % 3 450PICTET FUNDS - EMERGING MARKETS FUND1 515 151 1.15 %

SCCH - 3 JULIUS BAER STRATEGY CONSERVATIVE (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

Options, Warrants, Rights 3 167 482 2.40%

Germany 3 167 482 2.40% 2 470UBS INV 04-30.6.09 WRT3 167 482 2.40 %

Index linked instruments 621 633 0.47%

Cayman Islands 621 633 0.47% 2 000MSCI CHINA 01-7.4.07 OPALS S83401 362 0.30 % 1 000MSCI KOREA IND II 00-07 OPALS S82220 271 0.17 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 266 323 502 Income from investment 5 554 439 (Cost: 256 039 179) Bank interest 247 417 Derivative instruments at market value: Other Income 20 820 - Forward foreign exchange contracts 353 796 Net income equalization 1 682 287 Cash at banks 19 069 374 Total Income 7 504 963 Due from brokers 438 136 Subscritpions receivable 7 137 577 Dividends and interest 3 464 196 Expenses Other assets 65 168 Administration fees 2 361 318 Total Assets 296 851 749 Custodian fees and charges 78 825 "Taxe d'abonnement" and other taxes 98 254 Liabilities Bank interest 14 425 Other expenses* 54 884 Due to brokers 1 742 571 Payable for redemptions 610 088 Total Expenses 2 607 706 Administration fees due 181 384 Net gain/Net loss 4 897 257 "Taxe d'abonnement" due 36 670 Net realised gain/loss on: Other liabilities 9 720 - Securities 6 057 532 Total Liabilities 2 580 433 - Forward foreign exchange contracts 587 346 Net assets 294 271 316 - Futures contracts 751 300 - Foreign currencies -224 474 Net realised gain/Net realised loss 12 068 961 Net change in unrealised appreciation/depreciation on: - Securities 8 556 781 - Forward foreign exchange contracts 234 775 - Futures contracts 26 101 Total gain/Total loss 20 886 618

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 90 249 492 127 446 308 Total gain/Total loss 5 487 945 20 886 618 Net subscriptions/redemptions 32 047 028 146 308 438 Dividends distributed -338 157 -370 048

Net assets at the end of the business year 127 446 308 294 271 316

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Distribution shares (shares A) 97 191 128 603 169 339 Accumulation shares (shares B) 763 117 1 028 199 2 230 908 Accumulation shares (shares E) 1 1 7 311

Net assets 90 249 492 127 446 308 294 271 316

NAV per share Distribution shares (shares A) 98.11 100.23 108.23 Accumulation shares (shares B) 105.77 111.41 123.29 Accumulation shares (shares E) 105.08 110.14 121.16 Dividend for preceding business year 1.50 3.00 2.50

* See page 10. The TER (Total Expense Ratio) amounts to 1.49 % for share category A, 1.49 % for share category B and 2.23 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SCEU - 1 JULIUS BAER STRATEGY CONSERVATIVE (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

1 900 4.625 % LANDESKANTONALBANK TOTAL INVESTMENTS 266 323 502 90.50% BADEN-WUERTTEMBERG 98 29/07/05 1 902 850 0.65 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 1 500 4.000 % LEGAL & GENERAL GROUP PLC STOCK EXCHANGE 266 323 502 90.50% 05 08/06/25 1 525 500 0.52 % 2 0004.750 % LLOYDS BK PLC 99* 18/03/11 2 202 600 0.75 % Bonds 185 026 296 62.87% 2 0003.375 % LVMH MOET HENNESSY 0522/06/12 1 998 200 0.68 % 2 0004.250 % MEXICO 0516/06/15 1 984 916 0.67 % EUR 154 606 691 52.54% 4 0005.000 % MUENCHENER HYPBK 9802/06/08 4 308 400 1.45 % 2 0004.625 % ABBEY NATL. 99* 11/02/11 2 184 400 0.74 % 2 0005.375 % NATIONWIDE FIN FUND 9924/11/06 2 081 000 0.71 % 1 500Fl. Rate ABN AMRO BK TV 0508/06/15 1 496 700 0.51 % 1 5003.750 % PORTUGAL TELE. INTL 0526/03/12 1 544 100 0.52 % 3 000 4.250 % ALLGEMEINE HYPOTHEKENBANK 99 20/01/14 3 255 000 1.11 % 3 0004.625 % PORTUGAL TELECOM 9907/04/09 3 209 100 1.09 % REPSOL INTERNATIONAL 2 000 3.750 % ALLGEMEINE 1 600 6.000 % HYPOTHEKENBANK 99 01/08/05 2 002 200 0.68 % FINANCE 00 05/05/10 1 814 240 0.62 % 2 0005.000 % ALLIANZ FINANCE 9825/03/08 2 143 400 0.73 % 1 5006.375 % ROLLS-ROYCE 0014/06/07 1 613 250 0.55 % 1 500 4.875 % BAT INTERNATIONAL FINANCE 1 5000.000 % SANPAOLO IMI TV 1027/09/10 1 502 400 0.51 % PLC 99 25/02/09 1 601 100 0.54 % 1 5004.250 % SCHLESWIGHOLST. 9829/09/08 1 587 000 0.54 % 2 5005.000 % BEI 9815/04/08 2 691 000 0.91 % 3 0004.250 % SCHLESWIGHOLST. 99* 18/03/09 3 193 500 1.09 % 5 5004.250 % BNG 98* 05/01/09 5 871 251 1.99 % 1 5006.000 % SNS BANK NETHERLANDS 0716/10/07 1 622 250 0.55 % 2 0007.125 % BRITISH TELECOM PLC 0115/02/11 2 412 600 0.82 % 2 0005.250 % SOUTH AFRICA 0316/05/13 2 193 800 0.75 % 1 0004.000 % CADES 0425/10/19 1 054 100 0.36 % 2 000 5.375 % STANDARD CHARTERED BANK 2 0006.125 % CARREFOUR SA 0026/05/10 2 302 800 0.78 % 99 06/05/09 2 184 800 0.74 % 2 0004.500 % CARREFOUR 99* 18/03/09 2 136 800 0.73 % 2 0003.250 % STORA ENSO 0522/06/10 2 005 000 0.68 % 2 0006.125 % CIE FIN FONCIER 0023/02/15 2 504 800 0.85 % 2 0006.250 % SUEDZUCKER 0008/06/10 2 293 455 0.78 % 2 5005.625 % CIE FIN FONCIER 9925/06/10 2 840 250 0.97 % 1 6004.500 % TCHIBO HOLDING 1413/10/14 1 657 120 0.56 % 2 000 4.125 % VOLKSWAGEN INTERNATIONAL 2 0006.125 % CITIGROUP 0001/10/10 2 326 400 0.79 % FINANCE 03* 22/05/09 2 098 200 0.71 % 3 0004.200 % CRH 1125/04/11 3 222 000 1.09 % 2 5005.750 % WUERTT.HYPBK 0019/10/10 2 877 250 0.98 % 2 0005.125 % DEGUSSA 0310/12/13 2 175 000 0.74 % 3 0004.250 % WUERTT.HYPBK 98* 02/10/08 3 177 300 1.08 % 2 0005.750 % DEKABANK 0012/05/10 2 282 000 0.78 % 1 0004.500 % 3CIF 9925/04/11 1 081 800 0.37 % 2 0004.500 % DEPFA 9815/01/14 2 213 400 0.75 % 4 0003.750 % DEPFA 9915/01/09 4 202 400 1.42 % GBP 10 724 698 3.64% 2 5006.000 % DEUTSCHE BAHN 0015/06/10 2 890 500 0.98 % 1 3505.625 % BANK AUSTRIA 0112/07/11 2 105 501 0.72 % 2 5005.250 % DEXIA HYPOBANK BERLIN 01* 22/02/13 2 885 000 0.98 % 1 3505.625 % BNG 0108/02/11 2 119 093 0.72 % 2 0005.500 % DG HYPOTHEKENBANK 0001/04/10 2 259 200 0.77 % 1 3504.750 % LCR FINANCE 9931/12/10 2 042 140 0.69 % 2 0004.250 % DT FINANCE NL 99* 28/07/09 2 127 000 0.72 % 1 3506.625 % LLOYDS TSB 00* 30/03/15 2 277 194 0.77 % 1 5005.750 % DT GEN.HYPBK 9722/01/07 1 582 800 0.54 % 1 350 5.625 % NEDERLANDES 2 5005.750 % E.D.F. 00* 25/10/10 2 869 500 0.98 % WATERSCHAPSBANK NV 98 17/11/15 2 180 770 0.74 % 2 5005.000 % E.D.F. 98* 28/01/09 2 716 000 0.92 % PLN 7 770 085 2.64% 4 5004.500 % ELF AQUITAINE 9923/03/09 4 819 050 1.63 % 15 0006.000 % POLAND 0024/11/10 3 961 074 1.35 % 2 5004.235 % EUROCLEAR FINANCE SA 05Perp. 2 560 000 0.87 % 15 0005.000 % POLAND 0224/10/13 3 809 011 1.29 % 2 500 5.750 % EUROPAEISCHE HYPOTHEKENBANK 00 19/07/10 2 857 500 0.97 % MXN 6 661 490 2.26% 3 500 4.750 % FRANFURTER HYPOCENTRALBANK 98 05/08/08 3 752 350 1.28 % 30 0009.000 % MEXICO 0324/12/09 2 283 497 0.77 % 2 0005.875 % GAZ CAPITAL 0501/06/15 2 125 000 0.72 % 30 0008.000 % MEXICO 0319/12/13 2 118 334 0.72 % 1 5004.750 % GENERALI FINANCE 9912/05/14 1 672 950 0.57 % 30 0009.000 % MEXIKO 0320/12/12 2 259 659 0.77 % 1 0004.750 % GOLDMAN SACHS GROUP 0428/01/14 1 085 500 0.37 % SEK 5 263 332 1.79% 1 0004.375 % HEINEKEN 03* 04/02/10 1 050 500 0.36 % 1 0004.250 % HENKEL KGAA 03* 10/06/13 1 057 500 0.36 % 24 0006.000 % SPINTAB SWEDMORTGAGE 9720/04/09 2 870 758 0.98 % 2 0005.250 % HYPOTHEKENBANK ESSEN 0117/01/11 2 263 200 0.77 % 8 0005.250 % SWEDEN 0015/03/11 966 981 0.33 % 3 0004.250 % HYPOTHEKENBANK ESSEN 9906/07/09 3 202 500 1.09 % 12 0006.500 % SWEDEN 9705/05/08 1 425 593 0.48 % 2 0004.500 % IBERDROLA INTL 9925/05/09 2 138 400 0.73 % Shares 66 302 485 22.53% 1 5004.500 % INA 9928/05/09 1 607 509 0.55 % 1 5005.875 % ING BANK 0123/02/11 1 724 850 0.59 % United States 24 747 434 8.42% 2 5005.500 % ING GROEP 99* 14/09/09 2 784 250 0.95 % 26 300AFFILIATED COMPUTER SERVICE1 110 090 0.38 %

SCEU - 2 JULIUS BAER STRATEGY CONSERVATIVE (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

32 000ALCOA INC.* 690 670 0.23 % 16 300BMW AG* 614 999 0.21 % 12 200AMERADA HESS1 073 326 0.36 % 1 730LANXESS AG32 040 0.01 % 20 000AMERICAN INTERNATIONAL GROUP959 815 0.33 % 50 300MG TECHNOLOGIES AG501 994 0.17 % 14 600APOLLO GROUP INC. -A-943 305 0.32 % 5 000 MÜNCHENER 20 600BED BATH & BEYOND INC.710 914 0.24 % RÜCKVERSICHERUNGSGESELLSCHAFT AG 440 600 0.15 % 42 000BOSTON SCIENTIFIC CORP.936 687 0.32 % 4 900PUMA AG1 002 932 0.34 % 33 000CAREER EDUCATION CORP.997 918 0.34 % 43 000THYSSENKRUPP AG618 770 0.21 % 8 000CAREMARK RX INC.294 189 0.10 % Italy 3 911 584 1.33% 45 000CERADYNE INC.894 685 0.30 % 43 000ENI SPA* 916 330 0.31 % 30 000CHEVRONTEXACO CORP.1 385 702 0.48 % 113 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA 8 900CITIGROUP INC.339 856 0.12 % SPA* 813 600 0.28 % 15 000COCA-COLA CO.* 517 284 0.18 % 47 100GEOX324 990 0.11 % 30 900CONOCOPHILLIPS1 467 345 0.51 % 449 800TELECOM ITALIA SPA1 160 484 0.39 % 48 000COUNTRYWIDE FINANCIAL CORP.* 1 530 813 0.53 % 159 400UNICREDITO ITALIANO SPA* 696 180 0.24 % 11 300DOW CHEMICAL CO.* 415 635 0.14 % Switzerland 3 810 565 1.29% 23 500EXXON MOBIL CORP.1 115 554 0.38 % 25 000FIRST DATA CORP.828 894 0.28 % 6 000CIBA SPEZ CHEMIE HOLDING288 982 0.10 % 22 000FOREST LABORATORIES705 984 0.24 % 27 000CREDIT SUISSE GROUP880 001 0.30 % 11 000HARLEY DAVIDSON INC.450 667 0.15 % 4 500NESTLE SA951 666 0.31 % 20 100LOWE'S COMPANIES INC.* 966 606 0.33 % 20 000NOVARTIS AG787 252 0.27 % 48 000MBNA CORP.* 1 037 195 0.35 % 14 000UBS AG902 664 0.31 % 14 250MERCK & CO INC.* 362 533 0.12 % Japan 2 538 697 0.86% 14 000NEWMONT MINING CORP.451 344 0.15 % 20 000CANON INC.870 654 0.30 % 5 500NORDSTROM INC.308 789 0.10 % 21 000HONDA MOTOR CO. LTD856 267 0.29 % 43 500PFIZER INC.* 990 980 0.34 % 560MITSUI MARINE & FIRE INSURANCE CO. LTD4 170 0.00 % 22 000RADIAN GROUP INC.858 085 0.29 % 338NTT DOCOMO INC.413 203 0.14 % 11 000TOLL BROTHERS922 686 0.31 % 26 000YAMAHA MOTOR CO. LTD394 403 0.13 % 16 600TRACTOR SUPPLY CO.673 242 0.23 % 24 000WASHINGTON MUTUAL INC.806 641 0.27 % Netherlands 2 269 443 0.77% Great Britain 6 502 151 2.22% 59 000ELSEVIER NV679 680 0.23 % 29 900ING GROEP NV698 763 0.24 % 151 000CATTLES688 583 0.23 % 16 500ROYAL DUTCH PETROLEUM CO.891 000 0.30 % 155 000COMPASS GROUP PLC538 149 0.18 % 67 000DIAGEO PLC816 400 0.28 % Norway 1 807 004 0.61% 44 000INMARSAT PLC220 190 0.07 % 11 500NORSK HYDRO AS* 871 766 0.29 % 140 000LLOYDS TSB GROUP PLC980 433 0.34 % 16 200REVUS ENERGY ASA91 899 0.03 % 105 000MCCARTHY & STONE PLC862 801 0.29 % 50 000STATOIL A* 843 339 0.29 % 130 000PRUDENTIAL PLC955 151 0.33 % 35 000ROYAL BANK OF SCOTLAND GROUP PLC873 683 0.31 % Canada 1 783 250 0.61% 58 000UNITED UTILITIES PLC566 761 0.19 % 112 500PLACER DOME INC.1 429 191 0.49 % 100 000QUADRA MINING LTD354 059 0.12 % France 5 808 125 1.97% 14 000BNP PARIBAS793 800 0.27 % Sweden 1 718 123 0.58% 20 300CARREFOUR SUPERMARCHE SA814 030 0.28 % 42 000ELECTROLUX AB -B-739 693 0.25 % 11 800CASINO GUICHARD-PERRACH* 684 990 0.23 % 37 000SVENSKA CELLUL. -B-978 430 0.33 % 53 000CREDIT AGRICOLE SA* 1 110 880 0.37 % Belgium 1 412 500 0.48% 34 000FRANCE TELECOM SA* 821 440 0.28 % 9 350LVHM MOET HENNESSY LOUIS VUITTON SA597 465 0.20 % 50 000BELGACOM SA1 412 500 0.48 % 10 000PEUGEOT SA* 489 800 0.17 % Cayman Islands 1 184 178 0.40% 6 800RENAULT SA495 720 0.17 % 16 500ACE LTD611 263 0.21 % Germany 4 014 693 1.36% 17 000GLOBALSANTAFE CORP.572 915 0.19 % 5 800ADIDAS-SALOMON AG* 803 358 0.27 %

SCEU - 3 JULIUS BAER STRATEGY CONSERVATIVE (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in EUR Assets 1000)

Luxembourg 1 081 387 0.37% 66 670ARCELOR SA*1 081 387 0.37 %

Portugal 940 800 0.32% 120 000PORTUGAL TELECOM SGPS SA*940 800 0.32 %

Spain 925 680 0.31% 43 500INDITEX SA*925 680 0.31 %

Finland 636 900 0.22% 30 000OUTOKUMPU OYJ -A-319 500 0.11 % 30 000STORA ENSO AB -R-317 400 0.11 %

Austria 344 540 0.12% 4 600AGRANA BETEILIGUNG AG344 540 0.12 %

South Korea 337 422 0.11% 19 000KT CORPORATION SADR337 422 0.11 %

Denmark 223 735 0.08% 9 000DANSKE BANK AS223 735 0.08 %

South Africa 159 088 0.05% 22 500HARMONY GOLD MINING, SPONS ADR159 088 0.05 %

Virgin Islands (UK) 144 591 0.05% 320 000EUROPEAN MINERALS CORP.144 591 0.05 %

China 595 0.00% 2 000CHINA TELECOM CORP LTD -H-595 0.00 %

Convertible bonds and bonds with warrants 5 680 820 1.93%

EUR 5 680 820 1.93% 2 000 0.875 % HEIDELBERG INTERNATIONAL FINANCE BV 05 09/02/12 1 978 220 0.67 % 1 8002.500 % UNICREDITO ITALIA 03, CV19/12/08 1 892 700 0.64 % 1 8001.375 % 3I GROUP 03, CV*01/08/08 1 809 900 0.62 %

Investment funds 5 503 969 1.87%

Luxembourg 5 503 969 1.87% 17 000JB MULTISTOCK - JAPAN STOCK FUND CAP1 363 781 0.46 % 19 500JB MULTISTOCK - PACIFIC STOCK FUND CAP1 903 209 0.65 % 7 900PICTET FUNDS - EMERGING MARKETS FUND2 236 979 0.76 %

Options, Warrants, Rights 3 228 766 1.10%

Germany 3 228 766 1.10% 3 905UBS INV 04-30.6.09 WRT3 228 766 1.10 %

Index linked instruments 581 166 0.20%

Cayman Islands 581 166 0.20% 2 900MSCI CHINA 01-7.4.07 OPALS S83375 234 0.13 % 1 450MSCI KOREA IND II 00-07 OPALS S82205 932 0.07 % * wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 USD from July 1, 2004 to June 30, 2005 USD Assets Income

Investment at market value 54 473 995 Income from investment 1 447 031 (Cost: 53 775 727) Bank interest 54 836 Cash at banks 3 301 230 Other Income 409 Due from brokers 113 664 Net income equalization 189 893 Subscriptions receivable 394 197 Total Income 1 692 169 Dividends and interest 719 012 Formation expenses 25 592 Other assets 27 786 Expenses Total Assets 59 055 476 Administration fees 606 177 Custodian fees and charges 21 442 Liabilities "Taxe d'abonnement" and other taxes 23 839 Bank interest 1 271 Payable for redemptions 230 226 Other expenses 21 620 Administration fees due 33 652 "Taxe d'abonnement" due 7 332 Total Expenses 674 349 Total Liabilities 271 210 Net gain/Net loss 1 017 820 Net assets 58 784 266 Net realised gain/loss on: - Securities 1 470 550 - Forward foreign exchange contracts -191 345 - Futures contracts 43 235 - Foreign currencies 42 778 Net realised gain/Net realised loss 2 383 038 Net change in unrealised appreciation/depreciation on: - Securities 1 238 788 - Forward foreign exchange contracts 869 - Futures contracts 28 663 Total gain/Total loss 3 651 358

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 USD USD Net assets at the beginning of the business year 0 36 510 139 Total gain/Total loss -49 373 3 651 358 Net subscriptions/redemptions 36 559 512 18 670 362 Dividends distributed 0 -47 593

Net assets at the end of the business year 36 510 139 58 784 266

COMPARATIVE STATEMENT 2004 2005 USD USD Number of shares outstanding Distribution shares (shares A) 24 886 35 973 Accumulation shares (shares B) 336 376 500 902 Accumulation shares (shares E) 1 1

Net assets 36 510 139 58 784 266

NAV per share Distribution shares (shares A) 101.06 107.80 Accumulation shares (shares B) 101.06 109.61 Accumulation shares (shares E) 100.37 106.86

* See page 10. The TER (Total Expense Ratio) amounts to 1.47 % for share category A, 1.47 % for share category B and 3.08 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SCUS - 1 JULIUS BAER STRATEGY CONSERVATIVE (USD)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in USD Assets Nominal (in USD Assets 1000) 1000)

3006.375 % HALIFAX 9803/04/08 564 299 0.96 % TOTAL INVESTMENTS 54 473 995 92.67% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EUR 2 206 991 3.75% STOCK EXCHANGE 49 303 900 83.87% 4503.000 % BELGIUM 0328/09/08 557 704 0.95 % Bonds 30 253 887 51.46% 4003.750 % CAJA AHOR.MTE 0322/10/09 507 892 0.86 % 4503.500 % HYPOBANK ESSEN 0326/09/08 564 514 0.96 % USD 22 758 290 38.71% 4504.250 % VODAFONE GROUP 0327/05/09 576 881 0.98 %

5003.625 % AMERICAN EXPRESS 0420/02/09 489 950 0.83 % MXN 1 716 649 2.92% 5004.875 % BANK OF AMERICA 0215/09/12 512 550 0.87 % 7 0008.000 % MEXICO 0319/12/13 597 765 1.02 % 6002.375 % BNG 0315/09/08 571 080 0.97 % 6 0589.000 % MEXICO 0327/12/07 559 770 0.95 % 7504.125 % CADES 0409/12/11 750 000 1.28 % 6 0679.000 % MEXICO 0324/12/09 559 114 0.95 % 5504.125 % CDC FINANCE IXIS 01* 21/11/06 552 585 0.94 % 5005.125 % DENMARK 0128/12/06 509 450 0.87 % NZD 1 046 727 1.78% 550 3.375 % DEPFA 02* 05/10/07 543 785 0.93 % 1 0006.500 % BEI 0410/09/14 702 897 1.20 % 7004.250 % EUROFIMA BALE 0404/02/14 699 860 1.19 % 5006.250 % RABOBANK 0422/11/11 343 830 0.58 % 5503.750 % FINANCE FONCIER 0210/09/07 547 690 0.93 % 5506.000 % FRANCE TELECOM 0820/05/08 574 915 0.98 % Shares 14 459 159 24.60% 550 5.750 % GENERAL ELECTRIC CAPITAL CORP. 98 22/09/08 578 050 0.98 % United States 7 286 613 12.41% 6003.750 % HBOS 0330/09/08 595 020 1.01 % 4 200AFFILIATED COMPUTER SERVICE214 620 0.37 % 5505.450 % HUTCHISON WHAMPOA 0324/11/10 567 820 0.97 % 14 500ALCOA INC.378 885 0.65 % 7004.750 % IBM CORP 0229/11/12 714 420 1.22 % 2 000AMERADA HESS213 020 0.36 % 5003.875 % ICO 0415/07/09 498 650 0.85 % 3 900AMERICAN INTERNATIONAL GROUP226 590 0.39 % 7004.500 % ITALIEN 05 GLOBAL21/01/15 703 080 1.20 % 2 400APOLLO GROUP INC. -A-187 728 0.32 % 6003.250 % ITALY 0415/05/09 583 980 0.99 % 4 900BED BATH & BEYOND INC.204 722 0.35 % 600 3.500 % KFW INTERNATIONAL FINANCE 2%BERKSHIRE HATHAWAY INC. -A-167 000 0.28 03 15/12/11 579 900 0.99 % 3 100BLOCK INC. H+R180 885 0.31 % 1 0004.000 % KOMMUNINVEST I SVERIGE 0521/01/10 999 100 1.69 % 8 800BOSTON SCIENTIFIC CORP.237 600 0.40 % 600 4.625 % KREDITANSTALT FUER WIEDERAUFBAU 02* 29/09/09 617 040 1.05 % 4 700CAREER EDUCATION CORP.172 067 0.29 % 5007.375 % KUZNETSKI 0526/11/10 515 050 0.88 % 1 700CAREMARK RX INC.75 684 0.13 % 600 3.000 % LANDESKREIS BADEN- 6 000CERADYNE INC.144 420 0.25 % WUERTTEMBERG 03 30/09/08 582 480 0.99% 4 000CHEVRONTEXACO CORP.223 680 0.38 % 1 000 4.000 % LANDWIRTSCHAFTLICHE 2 300CITIGROUP INC.106 329 0.18 % RENTENBANK 03* 28/01/10 999 000 1.69% 3 200COCA-COLA CO.133 600 0.23 % 1 000 2.750 % NEDERLANDSE WATERSCHAPSBANK 03 30/12/08 959 200 1.63 % 5 500CONOCOPHILLIPS316 195 0.54 % 5002.625 % NETWORK RAIL 0426/03/08 484 050 0.82 % 15 000COUNTRYWIDE FINANCIAL CORP.579 149 1.00 % 5505.625 % PFIZER 0215/04/09 577 610 0.98 % 1 400DEERE & CO.91 686 0.16 % 7006.250 % POLAND 0203/07/12 776 650 1.32 % 4 600DOW CHEMICAL CO.204 838 0.35 % 6005.000 % QUEBEC 0217/07/09 620 520 1.06 % 3 000EXXON MOBIL CORP.172 410 0.29 % 6003.250 % ROCHE HOLDING 0302/10/07 590 520 1.00 % 5 200FIRST DATA CORP.208 728 0.36 % 5506.375 % SINGAPORE TELECOM 0101/12/11 602 910 1.03 % 4 450FOREST LABORATORIES172 883 0.29 % 1 0004.125 % TOTAL CAPITAL 0406/10/11 991 300 1.68 % 2 000GOLDEN WEST FINANCIAL CORP.128 760 0.22 % 5003.500 % TOTAL CAPITAL 0405/01/09 491 250 0.84 % 3 100HARLEY DAVIDSON INC.153 760 0.26 % 5504.875 % TOYOTA MOTOR CREDIT 0220/06/07 559 460 0.95 % 5 350HONEYWELL INTERNATIONAL INC.195 971 0.33 % 5505.125 % UNILEVER 0120/12/06 558 635 0.95 % 2 375JOS A BANK CLOTHIERS INC.102 838 0.17 % 5505.000 % UNILEVER 0221/12/07 561 605 0.96 % 2 700LENNAR CORP -A-171 315 0.29 % 7000.000 % WINGS FZCO TV 0515/06/12 699 125 1.19 % 4 000LOWE'S COMPANIES INC.232 880 0.40 % 8 600MBNA CORP.224 976 0.38 % GBP 2 525 230 4.30% 2 900MERCK & CO INC.89 320 0.15 % 3505.375 % CARREFOUR 0219/12/12 650 005 1.11 % 1 800NEWMONT MINING CORP.70 254 0.12 % 3505.500 % CITIGROUP 0318/11/15 663 681 1.13 % 1 200NORDSTROM INC.81 564 0.14 % 350 5.250 % GENERAL ELECTRIC CAPITAL 10 750PFIZER INC.296 485 0.50 % CORP. 03 10/12/13 647 245 1.10 %

SCUS - 2 JULIUS BAER STRATEGY CONSERVATIVE (USD)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in USD Assets Nominal (in USD Assets 1000) 1000)

35PIPER JAFFRAY COS1 065 0.00 % Canada 501 873 0.85% 2 000RADIAN GROUP INC.94 440 0.16 % 4 300SYMANTEC CORP.93 482 0.16 % 23 100PLACER DOME INC.355 278 0.60 % 3 000TOLL BROTHERS304 650 0.52 % 34 200QUADRA MINING LTD146 595 0.25 % 3 400TRACTOR SUPPLY CO.166 940 0.28 % Italy 357 270 0.61% 3 600WASHINGTON MUTUAL INC.146 484 0.25 % 6 500ENI SPA167 693 0.29 % 3 000WILLIAMS-SONOMA INC.118 710 0.20 % 9 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA Great Britain 1 142 996 1.94% SPA 78 450 0.13 % 3 600GEOX30 073 0.05 % 15 000CATTLES82 811 0.14 % 25 950TELECOM ITALIA SPA81 054 0.14 % 27 000COMPASS GROUP PLC113 489 0.19 % 7 000INMARSAT PLC42 409 0.07 % Netherlands 325 808 0.55% 21 000LLOYDS TSB GROUP PLC178 044 0.30 % 3 500ELSEVIER NV48 813 0.08 % 5 100MCCARTHY & STONE PLC50 735 0.09 % 5 400ING GROEP NV152 782 0.26 % 17 000PRUDENTIAL PLC151 216 0.26 % 1 900ROYAL DUTCH PETROLEUM CO.124 213 0.21 % 15 000ROYAL BANK OF SCOTLAND GROUP PLC453 311 0.77 % 6 000UNITED UTILITIES PLC70 981 0.12 % Sweden 258 127 0.44% 5 800ELECTROLUX AB -B-123 666 0.21 % Cayman Islands 772 470 1.31% 4 200SVENSKA CELLUL. -B-134 461 0.23 % 4 000ACE LTD179 400 0.31 % 11 800GLOBALSANTAFE CORP.481 440 0.81 % Norway 241 329 0.41% 1 500XL CAPITAL LTD -A-111 630 0.19 % 2 450NORSK HYDRO AS224 846 0.38 % 2 400REVUS ENERGY ASA16 483 0.03 % France 750 152 1.28% 2 100CARREFOUR SUPERMARCHE SA101 949 0.17 % Luxembourg 205 597 0.35% 1 150CASINO GUICHARD-PERRACH80 820 0.14 % 10 470ARCELOR SA205 597 0.35 % 2 600CREDIT AGRICOLE SA65 976 0.11 % Finland 186 234 0.32% 5 000FRANCE TELECOM SA146 246 0.25 % 1 500LVHM MOET HENNESSY LOUIS VUITTON SA116 041 0.20 % 6 000OUTOKUMPU OYJ -A-77 361 0.13 % 1 800PEUGEOT SA106 736 0.18 % 8 500STORA ENSO AB -R-108 873 0.19 % 1 500RENAULT SA132 384 0.23 % Brazil 156 390 0.27% Japan 666 380 1.13% 3 000PETROLEO BRASILEIRO SA, ADR156 390 0.27 %

4 500CANON INC.237 163 0.41 % Portugal 132 881 0.23% 4 700HONDA MOTOR CO. LTD232 010 0.39 % 14 000PORTUGAL TELECOM SGPS SA132 881 0.23 % 65NTT DOCOMO INC.96 201 0.16 % 5 500YAMAHA MOTOR CO. LTD101 006 0.17 % Bermuda 114 120 0.19%

Germany 661 151 1.12% 1 800BUNGE LTD114 120 0.19 % 700ADIDAS-SALOMON AG117 381 0.20 % South Korea 90 300 0.15% 3 400BMW AG155 305 0.26 % 4 200KT CORPORATION SADR90 300 0.15 % 440LANXESS AG9 865 0.02 % 7 400MG TECHNOLOGIES AG89 409 0.15 % Denmark 69 221 0.12% 350 MÜNCHENER 2 300DANSKE BANK AS69 221 0.12 % RÜCKVERSICHERUNGSGESELLSCHAFT AG 37 339 0.06 % 700PUMA AG173 456 0.30 % Virgin Islands (UK) 38 292 0.07% 4 500THYSSENKRUPP AG78 396 0.13 % 70 000EUROPEAN MINERALS CORP.38 292 0.07 %

Switzerland 501 955 0.85% Investment funds 1 649 588 2.81% 3 000CREDIT SUISSE GROUP118 375 0.20 % Luxembourg 1 649 588 2.81% 650NESTLE SA166 419 0.28 % 2 100NOVARTIS AG100 074 0.17 % 4 000JB MULTISTOCK - JAPAN STOCK FUND CAP388 485 0.66 % 1 500UBS AG117 087 0.20 % 4 000JB MULTISTOCK - PACIFIC STOCK FUND CAP472 640 0.80 % 2 300PICTET FUNDS - EMERGING MARKETS FUND788 463 1.35 %

SCUS - 3 JULIUS BAER STRATEGY CONSERVATIVE (USD)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in USD Assets 1000)

Options, Warrants, Rights 1 401 400 2.38%

Germany 1 401 400 2.38% 1 400UBS INV 04-30.6.09 WRT1 401 400 2.38 %

Convertible bonds and bonds with warrants 1 326 363 2.26%

USD 1 204 632 2.05% 5002.375 % ANGLOGOLD 04, CV27/02/09 468 532 0.80 % 3000.000 % STMICROELECTRONICS 03, CV05/07/13 282 600 0.48 % 5000.125 % SVENSK EXPORTKREDIT 04, CV30/04/09 453 500 0.77 %

EUR 121 731 0.21% 1001.375 % 3I GROUP 03, CV01/08/08 121 731 0.21 %

Index linked instruments 213 503 0.36%

Cayman Islands 213 503 0.36% 880MSCI CHINA 01-7.4.07 OPALS S83137 850 0.23 % 440MSCI KOREA IND II 00-07 OPALS S8275 653 0.13 % TRANSFERABLE SECURITIES NEGOTIATED ON ANOTHER REGULATED MARKET 5 170 095 8.80%

Bonds 4 539 946 7.73%

USD 3 993 177 6.80% 550 4.750 % DAIMLERCHRYSLER NORTH- AMERICA 03 15/01/08 551 815 0.94 % 700 5.250 % DEUTSCHE TELEKOM INTERNATIONAL FINANCE 03 22/07/13 723 100 1.24 % 5705.150 % GOLDMAN SACHS 0415/01/14 581 457 0.99 % 5005.100 % SBC COMMUNICATION INC. 0415/09/14 502 150 0.85 % 5504.250 % SCOTLAND INTERNATIONAL 0323/05/13 539 660 0.92 % 5504.250 % SK TELECOM 0401/04/11 540 485 0.92 % 5504.550 % WAL MART STORES 0301/05/13 554 510 0.94 %

GBP 546 769 0.93% 3004.875 % GLAXOSMITHKLINE 0202/10/08 546 769 0.93 %

Convertible bonds and bonds with warrants 630 149 1.07%

SGD 630 149 1.07% 1 0000.000 % SOMERSET GLOBAL 04, CV12/01/09 630 149 1.07 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 24 007 209 Income from investment 355 843 (Cost: 22 088 598) Bank interest 22 582 Derivative instruments at market value: Other Income 398 - Forward foreign exchange contracts 42 907 Total Income 378 823 Cash at banks 1 932 139 Subscritpions receivable 602 000 Dividends and interest 72 318 Expenses Formation expenses 4 564 Administration fees 313 591 Other assets 33 221 Custodian fees and charges 14 360 Total Assets 26 694 358 "Taxe d'abonnement" and other taxes 10 504 Bank interest 2 449 Liabilities Other expenses* 20 564 Net income equalization 12 882 Due to brokers 100 107 Payable for redemptions 33 624 Total Expenses 374 350 Administration fees due 18 250 Net gain/Net loss 4 473 "Taxe d'abonnement" due 3 307 Net realised gain/loss on: Total Liabilities 155 288 - Securities 1 081 612 Net assets 26 539 070 - Forward foreign exchange contracts 196 018 - Futures contracts 108 926 - Foreign currencies -49 962 Net realised gain/Net realised loss 1 341 067 Net change in unrealised appreciation/depreciation on: - Securities 1 885 568 - Forward foreign exchange contracts -24 313 - Futures contracts 34 438 Total gain/Total loss 3 236 760

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 12 005 613 16 847 509 Total gain/Total loss 1 295 723 3 236 760 Net subscriptions/redemptions 3 550 081 6 467 011 Dividends distributed -3 908 -12 210

Net assets at the end of the business year 16 847 509 26 539 070

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 2 965 10 640 8 213 Accumulation shares (shares B) 175 476 216 617 302 208 Accumulation shares (shares E) 1 1 1

Net assets 12 005 613 16 847 509 26 539 070

NAV per share Distribution shares (shares A) 65.25 70.48 80.08 Accumulation shares (shares B) 67.31 74.31 85.64 Accumulation shares (shares E) 66.80 72.81 82.93 Dividend for preceding business year 0.75 1.50 1.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.76 % for share category A, 1.76 % for share category B and 2.54 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SGCH - 1 JULIUS BAER STRATEGY GROWTH (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

TOTAL INVESTMENTS 24 007 209 90.46% Great Britain 1 057 211 3.98% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 21 000CATTLES148 525 0.56 % STOCK EXCHANGE 24 007 209 90.46% 30 000COMPASS GROUP PLC161 545 0.61 % Shares 17 068 534 64.31% 7 500INMARSAT PLC58 211 0.22 % 23 600LLOYDS TSB GROUP PLC256 333 0.96 % United States 5 151 822 19.41% 8 000MCCARTHY & STONE PLC101 956 0.38 % 4 800AFFILIATED COMPUTER SERVICE314 228 1.18 % 5 800ROYAL BANK OF SCOTLAND GROUP PLC224 552 0.85 % 5 600ALCOA INC.187 461 0.71 % 7 000UNITED UTILITIES PLC106 089 0.40 % 1 300AMERADA HESS177 385 0.67 % Spain 990 135 3.73% 1 000APOLLO GROUP INC. -A-100 208 0.38 % 30 000INDITEX SA990 135 3.73 % 2 700BED BATH & BEYOND INC.144 516 0.54 % 5 000BOSTON SCIENTIFIC CORP.172 949 0.65 % France 978 914 3.69% 5 800CAREER EDUCATION CORP.272 026 1.03 % 2 000CARREFOUR SUPERMARCHE SA124 387 0.47 % 2 200CAREMARK RX INC.125 476 0.47 % 1 700CASINO GUICHARD-PERRACH153 057 0.58 % 5 000CERADYNE INC.154 180 0.58 % 2 900CREDIT AGRICOLE SA94 274 0.36 % 2 200CHEVRONTEXACO CORP.157 606 0.59 % 5 700FRANCE TELECOM SA213 587 0.80 % 3 700COCA-COLA CO.197 898 0.75 % 2 800PEUGEOT SA212 705 0.80 % 2 200CONOCOPHILLIPS162 031 0.61 % 1 600RENAULT SA180 904 0.68 % 8 200COUNTRYWIDE FINANCIAL CORP.405 599 1.52 % 3 300DOW CHEMICAL CO.188 256 0.71 % Germany 870 889 3.28% 3 500EXXON MOBIL CORP.257 687 0.97 % 800ADIDAS-SALOMON AG171 859 0.65 % 6 100FIRST DATA CORP.313 683 1.18 % 2 400BMW AG140 443 0.53 % 5 100FOREST LABORATORIES253 831 0.96 % 180LANXESS AG5 170 0.02 % 1 750HARLEY DAVIDSON INC.111 200 0.42 % 8 500MG TECHNOLOGIES AG131 568 0.50 % 3 000LOWE'S COMPANIES INC.223 757 0.84 % 900PUMA AG285 707 1.07 % 2 200MERCK & CO INC.86 807 0.33 % 6 100THYSSENKRUPP AG136 142 0.51 % 1 800NEWMONT MINING CORP.90 002 0.34 % Japan 741 526 2.79% 1 250NORDSTROM INC.108 845 0.41 % 5 700PFIZER INC.201 397 0.76 % 3 000CANON INC.202 553 0.76 % 2 500RADIAN GROUP INC.151 234 0.57 % 3 500HONDA MOTOR CO. LTD221 340 0.83 % 2 200TOLL BROTHERS286 211 1.08 % 103NTT DOCOMO INC.195 292 0.74 % 2 400TRACTOR SUPPLY CO.150 965 0.57 % 5 200YAMAHA MOTOR CO. LTD122 341 0.46 % 3 000WASHINGTON MUTUAL INC.156 384 0.59 % Netherlands 638 591 2.41% Switzerland 4 057 850 15.29% 14 600ELSEVIER NV260 860 0.99 % 600BARRY CALLEBAUT AG195 000 0.73 % 5 800ING GROEP NV210 227 0.79 % 140BELL HOLDING AG154 000 0.58 % 2 000ROYAL DUTCH PETROLEUM CO.167 504 0.63 % 3 500CIBA SPEZ CHEMIE HOLDING261 450 0.99 % Italy 598 895 2.26% 10 200CREDIT SUISSE GROUP515 610 1.94 % 6 000ENI SPA198 307 0.75 % 700DOTTIKON ES HOLDING AG154 350 0.58 % 11 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA 2 000EMS CHEMIE HOLDING AG215 000 0.81 % SPA 122 836 0.46 % 500HELVETIA PATRIA HLDG103 650 0.39 % 4 000GEOX42 807 0.16 % 1 900MICRONAS SEMICONDUCTOR HOLDING AG92 150 0.35 % 30 275TELECOM ITALIA SPA121 145 0.46 % 350MOBIMO HOLDING AG65 065 0.25 % 16 800UNICREDITO ITALIANO SPA113 800 0.43 % 1 800NESTLE SA590 400 2.22 % 7 500NOVARTIS AG457 875 1.73 % Sweden 444 138 1.67% 300PHOENIX MECANO AG94 500 0.36 % 6 500ELECTROLUX AB -B-177 549 0.67 % 2 500ROCHE HOLDINGS AG405 500 1.53 % 6 500SVENSKA CELLUL. -B-266 589 1.00 % 3 000SEZ HOLDING AG93 300 0.35 % Luxembourg 301 880 1.14% 6 600UBS AG660 000 2.48 % 12 000ARCELOR SA301 880 1.14 %

SGCH - 2 JULIUS BAER STRATEGY GROWTH (CHF)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

805.250 % SOUTH AFRICA 0316/05/13 136 100 0.51 % Cayman Islands 292 667 1.10% 1 000ACE LTD57 457 0.22 % Investment funds 1 040 683 3.92% 4 500GLOBALSANTAFE CORP.235 210 0.88 % Luxembourg 1 040 683 3.92% Canada 224 686 0.85% 1 000 JB MULTISTOCK - EMERGING MARKETS VALUE 7 000PLACER DOME INC.137 923 0.52 % STOCK FUND CAP 173 941 0.66 % 15 800QUADRA MINING LTD86 763 0.33 % 1 800JB MULTISTOCK - JAPAN STOCK FUND CAP223 960 0.84 % 1 200JB MULTISTOCK - PACIFIC STOCK FUND CAP181 650 0.68 % Portugal 218 872 0.82% 1 050PICTET FUNDS - EMERGING MARKETS FUND461 132 1.74 % 18 000PORTUGAL TELECOM SGPS SA218 872 0.82 % Convertible bonds and bonds with warrants 848 483 3.20% Norway 180 998 0.68% CHF 451 475 1.70% 1 300NORSK HYDRO AS152 843 0.57 % 3 200REVUS ENERGY ASA28 155 0.11 % 2000.500 % ARES INTERNATIONAL 03, CV26/11/08 201 600 0.76 % 2500.250 % SCHWEIZ 03, CV19/12/07 249 875 0.94 % Finland 132 142 0.50% EUR 397 008 1.50% 8 000OUTOKUMPU OYJ -A-132 142 0.50 % 1002.500 % UNICREDITO ITALIA 03, CV19/12/08 163 084 0.61 % Austria 81 906 0.31% 1501.375 % 3I GROUP 03, CV01/08/08 233 924 0.89 % 1 000RAIFFEISEN INTERNATIONAL BANK81 906 0.31 % Index linked instruments 707 609 2.67% Virgin Islands (UK) 56 064 0.21% Cayman Islands 707 609 2.67% 80 000EUROPEAN MINERALS CORP.56 064 0.21 % 1 000MSCI AUSTRALIA 7.4.07 S23 OPALS268 944 1.01 % South Africa 49 348 0.19% 920MSCI CHINA 01-7.4.07 OPALS S83184 626 0.70 % 4 500HARMONY GOLD MINING, SPONS ADR49 348 0.19 % 1 500MSCI HONKONG 96-7.4.07 S30 OPALS152 714 0.58 % 460MSCI KOREA IND II 00-07 OPALS S82101 325 0.38 % Bonds 4 076 010 15.36% Options, Warrants, Rights 265 890 1.00% CHF 1 891 075 7.12% 2502.375 % BNG 0322/12/09 260 000 0.97 % Germany 256 476 0.96% 1502.125 % DEUTSCHE BAHN 0429/12/11 152 250 0.57 % 200UBS INV 04-30.6.09 WRT256 476 0.96 % 2502.375 % GREECE 0418/03/11 256 375 0.97 % Canada 9 414 0.04% 2001.500 % IBM CORP. 0410/06/08 201 100 0.76 % 2002.000 % KOMMUNALKREDIT AUSTRIA 0330/04/10 204 600 0.77 % 40 000EUROP.MIN.CORP 05-11.4.10 WRT9 414 0.04 % 2503.000 % MEXICO 0514/06/12 253 250 0.95 % 2502.125 % NEW YORK LIFE FUNDING 0508/12/10 253 875 0.96 % 502.000 % SWISS PRIME 0503/02/10 52 000 0.20 % 2502.375 % TOTAL CAPITAL 0430/11/12 257 625 0.97 %

PLN 763 238 2.88% 9506.000 % POLAND 0024/11/10 389 088 1.47 % 9505.000 % POLAND 0224/10/13 374 150 1.41 %

MXN 511 912 1.93% 2 3008.000 % MEXICO 0323/12/10 260 027 0.98 % 2 3008.000 % MEXICO 0319/12/13 251 885 0.95 %

GBP 472 534 1.78% 1005.375 % CARREFOUR 0219/12/12 237 920 0.90 % 1004.750 % LCR FINANCE 9931/12/10 234 614 0.88 %

EUR 437 251 1.65% 805.125 % DEGUSSA 0310/12/13 134 934 0.51 % 1004.250 % DT HYPBK ACT.G. 9925/02/10 166 217 0.63 %

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 46 574 912 Income from investment 747 462 (Cost: 42 697 063) Bank interest 40 102 Derivative instruments at market value: Other Income 5 696 - Forward foreign exchange contracts 180 442 Total Income 793 260 Cash at banks 4 747 811 Due from brokers 337 991 Subscritpions receivable 97 735 Expenses Dividends and interest 249 376 Administration fees 600 952 Formation expenses 2 943 Custodian fees and charges 21 506 Other assets 18 762 "Taxe d'abonnement" and other taxes 20 141 Total Assets 52 209 972 Bank interest 11 392 Other expenses* 20 541 Liabilities Net income equalization 19 100

Payable for redemptions 182 952 Total Expenses 693 632 Administration fees due 32 510 Net gain/Net loss 99 628 "Taxe d'abonnement" due 6 483 Net realised gain/loss on: Other liabilities 1 612 - Securities 3 129 775 Total Liabilities 223 557 - Options -12 105 Net assets 51 986 415 - Forward foreign exchange contracts 394 214 - Futures contracts 176 840 - Foreign currencies -180 955 Net realised gain/Net realised loss 3 607 397 Net change in unrealised appreciation/depreciation on: - Securities 3 022 819 - Forward foreign exchange contracts 106 306 - Futures contracts 70 630 Total gain/Total loss 6 807 152

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 28 650 417 32 798 928 Total gain/Total loss 3 805 089 6 807 152 Net subscriptions/redemptions 386 685 12 401 872 Dividends distributed -43 263 -21 537

Net assets at the end of the business year 32 798 928 51 986 415

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Distribution shares (shares A) 28 674 24 543 18 352 Accumulation shares (shares B) 402 952 413 186 571 939 Accumulation shares (shares E) 1 1 1

Net assets 28 650 417 32 798 928 51 986 415

NAV per share Distribution shares (shares A) 64.30 71.04 82.28 Accumulation shares (shares B) 66.53 75.16 88.25 Accumulation shares (shares E) 65.74 73.14 85.05 Dividend for preceding business year 0.75 1.50 1.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.71 % for share category A, 1.71 % for share category B and 2.46 % for share category E (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SGEU - 1 JULIUS BAER STRATEGY GROWTH (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

52 000PRUDENTIAL PLC382 061 0.73 % TOTAL INVESTMENTS 46 574 912 89.59% 18 000ROYAL BANK OF SCOTLAND GROUP PLC449 323 0.86 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 28 000UNITED UTILITIES PLC273 609 0.53 % STOCK EXCHANGE 46 574 912 89.59% Switzerland 2 248 327 4.32% Shares 33 400 057 64.25% 4 000CIBA SPEZ CHEMIE HOLDING192 654 0.37 % United States 12 019 845 23.13% 16 500CREDIT SUISSE GROUP537 778 1.03 % 13 300AFFILIATED COMPUTER SERVICE561 376 1.08 % 2 200NESTLE SA465 259 0.89 % 15 500ALCOA INC.334 543 0.64 % 12 000NOVARTIS AG472 351 0.91 % 3 800AMERADA HESS334 315 0.64 % 9 000UBS AG580 285 1.12 % 10 000AMERICAN INTERNATIONAL GROUP479 907 0.92 % Germany 2 227 093 4.28% 6 000APOLLO GROUP INC. -A-387 660 0.75 % 3 300ADIDAS-SALOMON AG* 457 083 0.87 % 16 000BED BATH & BEYOND INC.552 166 1.06 % 12 200BMW AG460 306 0.88 % 27 400BOSTON SCIENTIFIC CORP.611 076 1.19 % 800LANXESS AG14 816 0.03 % 13 900CAREER EDUCATION CORP.420 335 0.81 % 35 600MG TECHNOLOGIES AG355 288 0.68 % 6 300CAREMARK RX INC.231 674 0.45 % 2 450 MÜNCHENER 10 000CERADYNE INC.198 819 0.38 % RÜCKVERSICHERUNGSGESELLSCHAFT AG 215 894 0.42 % 10 500CHEVRONTEXACO CORP.484 996 0.93 % 2 200PUMA AG450 296 0.87 % 11 200COCA-COLA CO.386 239 0.74 % 19 000THYSSENKRUPP AG273 410 0.53 % 6 600CONOCOPHILLIPS313 413 0.60 % 24 800COUNTRYWIDE FINANCIAL CORP.790 920 1.53 % Japan 1 758 706 3.38% 9 000DOW CHEMICAL CO.* 331 037 0.64 % 16 000CANON INC.696 523 1.33 % 10 000EXXON MOBIL CORP.474 704 0.91 % 12 500HONDA MOTOR CO. LTD509 683 0.98 % 16 500FIRST DATA CORP.547 070 1.05 % 241NTT DOCOMO INC.294 621 0.57 % 13 600FOREST LABORATORIES436 427 0.84 % 17 000YAMAHA MOTOR CO. LTD257 879 0.50 % 5 100HARLEY DAVIDSON INC.208 946 0.40 % Netherlands 1 368 090 2.63% 12 500LOWE'S COMPANIES INC.601 122 1.16 % 25 500MBNA CORP.* 551 010 1.06 % 41 000ELSEVIER NV472 320 0.91 % 6 400MERCK & CO INC.162 822 0.31 % 21 000ING GROEP NV490 770 0.94 % 5 500NEWMONT MINING CORP.177 314 0.34 % 7 500ROYAL DUTCH PETROLEUM CO.405 000 0.78 % 3 900NORDSTROM INC.218 959 0.42 % Italy 1 300 508 2.50% 20 600PFIZER INC.469 292 0.90 % 23 000ENI SPA490 130 0.93 % 6 300RADIAN GROUP INC.245 724 0.47 % 33 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA 8 500TOLL BROTHERS712 984 1.38 % SPA 237 600 0.46 % 8 000TRACTOR SUPPLY CO.324 454 0.62 % 15 700GEOX108 330 0.21 % 14 000WASHINGTON MUTUAL INC.470 541 0.91 % 89 960TELECOM ITALIA SPA232 097 0.45 % 53 200UNICREDITO ITALIANO SPA232 351 0.45 % France 3 261 070 6.28% 4 000BNP PARIBAS226 800 0.44 % Norway 1 285 752 2.47% 11 700CARREFOUR SUPERMARCHE SA469 170 0.90 % 7 900NORSK HYDRO AS598 865 1.15 % 5 000CASINO GUICHARD-PERRACH* 290 250 0.56 % 8 100REVUS ENERGY ASA45 950 0.09 % 21 500CREDIT AGRICOLE SA* 450 640 0.87 % 38 000STATOIL ASA640 937 1.23 % 20 000FRANCE TELECOM SA* 483 200 0.93 % Sweden 916 260 1.76% 8 000LVHM MOET HENNESSY LOUIS VUITTON SA511 200 0.98 % 9 500PEUGEOT SA* 465 310 0.90 % 26 500ELECTROLUX AB -B-466 711 0.90 % 5 000RENAULT SA364 500 0.70 % 17 000SVENSKA CELLUL. -B-449 549 0.86 %

Great Britain 2 747 068 5.29% Finland 731 700 1.41% 98 000CATTLES446 895 0.86 % 24 000OUTOKUMPU OYJ -A-255 600 0.49 % 85 000COMPASS GROUP PLC295 114 0.57 % 45 000STORA ENSO AB -R-476 100 0.92 % 21 500INMARSAT PLC107 593 0.21 % Cayman Islands 728 386 1.40% 85 000LLOYDS TSB GROUP PLC595 261 1.15 % 9 200ACE LTD340 825 0.66 % 24 000MCCARTHY & STONE PLC197 212 0.38 %

SGEU - 2 JULIUS BAER STRATEGY GROWTH (EURO)

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

11 500GLOBALSANTAFE CORP.387 561 0.74 % 300 5.625 % NEDERLANDES WATERSCHAPSBANK NV 98 17/11/15 484 616 0.93 % Canada 710 907 1.37% SEK 920 815 1.77% 41 300PLACER DOME INC.524 672 1.01 % 52 600QUADRA MINING LTD186 235 0.36 % 2 5003.000 % DEUTSCHE BANK 0521/04/10 269 015 0.52 % 2 5002.250 % RABOBANK 0508/05/09 263 674 0.51 % Luxembourg 625 119 1.20% 3 2504.500 % SWEDEN 0412/08/15 388 126 0.74 % 38 540ARCELOR SA* 625 119 1.20 % MXN 884 830 1.70% Spain 393 680 0.76% 3 0009.000 % MEXICO 0324/12/09 228 350 0.44 % 18 500INDITEX SA393 680 0.76 % 3 0008.000 % MEXICO 0323/12/10 218 681 0.42 % 3 0008.000 % MEXICO 0319/12/13 211 833 0.41 % Portugal 364 560 0.70% 3 0009.000 % MEXIKO 0320/12/12 225 966 0.43 % 46 500PORTUGAL TELECOM SGPS SA364 560 0.70 % Investment funds 1 252 540 2.41% Austria 299 980 0.58% 3 300AGRANA BETEILIGUNG AG247 170 0.48 % Luxembourg 1 252 540 2.41% 1 000RAIFFEISEN INTERNATIONAL BANK52 810 0.10 % 5 000JB MULTISTOCK - PACIFIC STOCK FUND CAP488 002 0.94 % 2 700PICTET FUNDS - EMERGING MARKETS FUND764 538 1.47 % South Korea 239 747 0.46% 13 500KT CORPORATION SADR239 747 0.46 % Index linked instruments 1 177 764 2.27%

Virgin Islands (UK) 94 888 0.18% Cayman Islands 1 177 764 2.27% 210 000EUROPEAN MINERALS CORP.94 888 0.18 % 2 000MSCI AUSTRALIA 7.4.07 S23 OPALS346 808 0.67 % 3 000MSCI CHINA 01-7.4.07 OPALS S83388 173 0.75 % South Africa 77 776 0.15% 3 500MSCI HONKONG 96-7.4.07 S30 OPALS229 750 0.44 % 11 000HARMONY GOLD MINING, SPONS ADR77 776 0.15 % 1 500MSCI KOREA IND II 00-07 OPALS S82213 033 0.41 %

China 595 0.00% Convertible bonds and bonds with warrants 1 063 019 2.04% 2 000CHINA TELECOM CORP LTD -H-595 0.00 % EUR 1 063 019 2.04% Bonds 9 169 502 17.64% 400 0.875 % HEIDELBERG INTERNATIONAL FINANCE BV 05 09/02/12 395 644 0.75 % EUR 5 113 318 9.84% 3002.500 % UNICREDITO ITALIA 03, CV19/12/08 315 450 0.61 % 2505.125 % ARCELOR FINANCE 0324/09/10 271 350 0.52 % 3501.375 % 3I GROUP 03, CV01/08/08 351 925 0.68 % 2505.125 % DEGUSSA 0310/12/13 271 875 0.52 % Options, Warrants, Rights 512 030 0.98% 4503.250 % DEXIA MUNICIPAL AG 0312/07/08 462 840 0.89 % 5003.000 % IBM CORP. 0508/02/10 505 050 0.97 % Germany 496 097 0.95% 3003.375 % LVMH MOET HENNESSY 0522/06/12 299 730 0.58 % 600UBS INV 04-30.6.09 WRT496 097 0.95 % 3004.250 % MEXICO 0516/06/15 297 737 0.57 % 250 4.375 % MORGAN STANLEY DEAN Canada 15 933 0.03% WITTER & CO. 03 14/01/11 266 700 0.51 % 5002.500 % NRW BANK 0426/11/07 503 250 0.97 % 105 000EUROP.MIN.CORP 05-11.4.10 WRT15 933 0.03 % 2505.250 % SOUTH AFRICA 0316/05/13 274 225 0.53 % 3003.250 % STORA ENSO 0522/06/10 300 750 0.58 % 5004.500 % TCHIBO HOLDING 1413/10/14 517 850 1.00 % 6003.750 % TOTAL CAPITAL 0411/02/10 629 461 1.21 % 5003.250 % 3CIF 0401/12/11 512 500 0.99 %

PLN 1 295 014 2.49% 2 5006.000 % POLAND 0024/11/10 660 179 1.27 % 2 5005.000 % POLAND 0224/10/13 634 835 1.22 %

GBP 955 525 1.84% 3005.625 % BNG 0108/02/11 470 909 0.91 % * wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 818 128 411 Income from investment 24 925 309 (Cost: 771 101 988) Bank interest 776 522 Cash at banks 54 266 139 Other Income 90 810 Due from brokers 4 194 670 Total Income 25 792 641 Subscritpions receivable 395 897 Dividends and interest 10 426 512 Other assets 26 138 Expenses Total Assets 887 437 767 Administration fees 9 315 020 Custodian fees and charges 381 052 Liabilities "Taxe d'abonnement" and other taxes 435 035 Bank interest 1 541 Due to brokers 2 997 086 Other expenses* 240 885 Payable for redemptions 1 635 295 Net income equalization 464 267 Administration fees due 389 747 "Taxe d'abonnement" due 109 933 Total Expenses 10 837 800 Other liabilities 125 863 Net gain/Net loss 14 954 841 Total Liabilities 5 257 924 Net realised gain/loss on: Net assets 882 179 843 - Securities 494 684 - Foreign currencies 1 006 294 Net realised gain/Net realised loss 16 455 819 Net change in unrealised appreciation/depreciation on: - Securities 47 521 534 Total gain/Total loss 63 977 353

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 880 405 155 877 492 295 Total gain/Total loss 36 643 704 63 977 353 Net subscriptions/redemptions -29 492 445 -51 881 870 Dividends distributed -10 064 119 -7 407 935

Net assets at the end of the business year 877 492 295 882 179 843

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 3 136 838 3 008 947 2 818 108 Accumulation shares (shares B) 3 467 632 3 370 050 3 184 822

Net assets 880 405 155 877 492 295 882 179 843

NAV per share Distribution shares (shares A) 113.04 114.57 120.69 Accumulation shares (shares B) 151.63 158.09 170.20 Dividend for preceding business year 1.75 3.25 2.50

* See page 10. The TER (Total Expense Ratio) amounts to 1.19 % for share category A and 1.19 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MI30 - 1 MI-FONDS 30

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

2 5002.375 % HYPO TIROL BANK 0521/03/17 2 505 313 0.28 % TOTAL INVESTMENTS 818 128 411 92.74% 11 5003.125 % ICO 9826/08/05 11 540 910 1.32 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 5 0003.750 % ING VERZEKERING 0029/12/05 5 070 500 0.57 % STOCK EXCHANGE 813 007 266 92.16% 4 0003.000 % ING VERZEKERING 0119/01/07 4 124 000 0.47 % Bonds 537 609 886 60.94% 5 0003.625 % ITALIEN 0110/01/06 5 072 750 0.58 % 10 0003.500 % ITALIEN 9825/09/08 10 703 375 1.21 % CHF 384 655 519 43.60% 13 0003.125 % ITALIEN 9915/07/10 13 943 582 1.59 % 3 0003.000 % ALLIANZ FINANCE 9926/08/05 3 009 000 0.34 % 3 0001.875 % JP MORGAN CHASE 0516/03/10 3 015 000 0.34 % 4 5003.000 % ASIAN DEVELOPMENT BANK 9824/04/06 4 578 750 0.52 % 2 0003.500 % JP MORGAN CHASE 9717/10/05 2 015 000 0.23 % 3 0003.375 % AUSTRIA 0225/01/12 3 303 000 0.37 % 7 000 4.000 % KFW INTERNATIONAL FINANCE 8 5003.250 % AUSTRIA 9827/01/06 8 616 450 0.98 % 00* 15/02/12 8 023 750 0.91 % KFW INTERNATIONAL FINANCE 8 000 2.000 % AUTOBAHNEN- UND 3 860 3.500 % SCHNELLSTRASSENFINANZIER 97 15/08/07 4 070 370 0.46 % UNGS AG 04 29/07/10 8 179 040 0.93 % 8 000 3.000 % KFW INTERNATIONAL FINANCE 99 04/12/09 8 581 000 0.97 % 3 0004.125 % BANK AUSTRIA 9610/01/06 3 049 200 0.35 % 2 0002.750 % KOMMUNALFINANZ 9920/11/07 2 083 700 0.24 % 2 5003.250 % BANK OF AMERICA 0410/12/14 2 668 750 0.30 % 3 0003.000 % KOMMUNALKREDIT AUSTRIA 0420/02/14 3 208 500 0.36 % 5 0004.500 % BAWAG 0016/10/15 6 100 000 0.69 % 5 0004.000 % KOMMUNEKREDIT 0023/05/07 5 287 500 0.60 % 6 5003.250 % BAWAG 9923/02/11 7 091 500 0.80 % 8 000 3.125 % LANDESBANK BADEN- 7 000 4.250 % BAYERISCHE LANDESBANK GZ WUERTTEMBERG 00 10/02/09 7 724 500 0.88 % FOERDERUNG 02 05/04/07 8 307 000 0.94 % 10 0003.375 % BEI 0121/11/11 10 990 000 1.25 % 6 000 2.625 % LANDESBANK BADEN- 3 0002.375 % BEI 0510/07/20 2 994 000 0.34 % WUERTTEMBERG 01 07/12/06 6 150 000 0.70 % 4 6705.000 % BEI 9518/10/07 5 094 970 0.58 % 4 000 2.000 % LANDESBANK BADEN- 7 5003.500 % BEI 9928/01/14 8 407 500 0.95 % WUERTTEMBERG 03 18/06/10 4 090 000 0.46 % 8 000 4.000 % LANDESBANK HESSEN- 4 0003.500 % BIG M.B.H. 0122/08/08 4 277 000 0.48 % THUERINGEN 00 04/12/07 8 560 000 0.97 % 1 0006.000 % BIRD 8523/08/05 1 006 800 0.11 % 4 000 1.750 % LANDESBANK HESSEN- 6 0003.625 % BNG 9720/08/09 6 560 250 0.74 % THUERINGEN 04 23/01/09 4 068 066 0.46 % 5 0003.250 % BNG 9827/05/08 5 316 875 0.60 % 500 4.375 % LANDESBANK WUERTTEMBERG 3 0704.250 % CARREFOUR 0011/08/05 3 080 438 0.35 % CPA 96 22/05/06 515 875 0.06 % 5 000 4.000 % LANDWIRTSCHAFTLICHE 4 0002.375 % CDC FINANCE IXIS 0319/12/13 4 110 000 0.47 % RENTENBANK 03 06/10/05 5 044 500 0.57 % 2 0002.000 % CHESS II 0328/11/08 2 027 000 0.23 % 2 0003.125 % MUN HOUSING 9815/12/05 2 020 400 0.23 % 3 0004.000 % CITIGROUP INC. 0006/12/05 3 039 900 0.34 % 4 000 3.500 % NEDERLANDS WATERSCHAPS 3 0003.000 % CITIGROUP INC. 0417/12/14 3 141 000 0.36 % 98 06/03/08 4 262 000 0.48 % 3 5003.125 % DEKABANK 0416/12/15 3 771 833 0.43 % 3 000 2.750 % NV BANK NEDERLANDSE 3 500 3.750 % DEUTSCHE FINANCE GEMEENTEN 03 03/07/15 3 151 478 0.36 % NETHERLANDS BV 97 17/07/07 3 694 250 0.42 % 8 0003.375 % NWB 0227/08/12 8 810 666 1.00 % 5 000 3.500 % DEUTSCHE FINANCE 2 000 4.500 % OESTERREICHISCHE ELEKTRO NETHERLANDS 98 29/05/08 5 327 500 0.60 % 93 06/10/05 2 018 200 0.23 % 4 0002.375 % DEXIA MUNIPAL AGENCY 0412/10/11 4 146 000 0.47 % 3 000 2.750 % ÖSTERREICHISCHE 4 0004.500 % DRESDNER BANK 9606/11/06 4 191 800 0.48 % KONTROLLBANK AG 05 28/01/20 3 129 000 0.35 % 2 000 3.500 % ÖSTERREICHISCHE 6 0002.500 % EKSPORTFINANS ASA 0128/12/05 6 048 600 0.69 % KONTROLLBANK AG 98 18/02/08 2 130 750 0.24 % 4 500 4.250 % ENERGIE BEHEER NEDERLAND BV 00 09/08/05 4 514 490 0.51 % 6 0003.500 % PROCTER & GAMBLE 0024/02/06 6 100 800 0.69 % 4 000 1.625 % ENERGIE BEHEER NEDERLAND 5 0001.250 % RABOBANK 0330/04/07 5 038 750 0.57 % 05 14/06/10 4 021 830 0.46 % 8 0003.500 % RABOBANK 9829/12/08 8 637 000 0.98 % 2 6952.750 % ERSTE EUROPÄISCHE P&K 0507/02/20 2 773 155 0.31 % 3 4003.250 % RESEAU FERRE FRANCE 9812/09/08 3 626 100 0.41 % 2 500 4.375 % GENERAL ELECTRIC CAPITAL 4 0004.500 % STATKRAFT ASA 0010/05/10 4 604 000 0.52 % CORP. 00 05/12/12 2 926 250 0.33 % 7 000 3.750 % STATLIGA AKADEMISKA HUS AB 3 000 3.125 % GENERAL ELECTRIC CAPITAL 01 19/01/06 7 110 600 0.81 % CORP. 04 06/12/19 3 172 125 0.36 % 3 0004.000 % SWEDEN 9731/01/07 3 147 000 0.36 % GENERAL ELECTRIC CAPITAL 9 500 3.125 % 3 270 4.000 % SWISS RE AMERICAN HOLDING CORP. 99 15/07/09 10 167 533 1.15 % CORP. 01 29/06/15 3 739 245 0.42 % 2 5004.625 % HAUTS DE SEINE 9515/11/05 2 534 250 0.29 % 1 000 4.500 % TOKYO ELECTRIC POWER CO 3 0001.750 % HBOS TSY 0514/01/10 3 022 500 0.34 % INC. 96 27/09/06 1 044 700 0.12 % 4 0002.000 % HBOS 0328/05/08 4 091 000 0.46 % 2 0002.375 % TOTAL CAPITAL 0430/11/12 2 059 500 0.23 %

MI30 - 2 MI-FONDS 30

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

4 0003.500 % TOTAL FINA ELF 0024/02/06 4 068 000 0.46 % 5507.875 % COMMERZBANK 9707/12/07 1 352 690 0.15 % 2 0002.500 % UBS JERSEY 9929/03/06 2 024 600 0.23 % 150 8.000 % EXPORT IMPORT BANK OF 3 0003.500 % ZURICH FINANCE USA INC. 98* 22/07/08 3 183 000 0.36 % JAPAN 97 05/02/07 363 209 0.04 % 3004.250 % GREAT BRITAIN 0007/06/32 694 371 0.08 % EUR 82 857 575 9.39% 3405.000 % GREAT BRITAIN 0107/03/25 862 264 0.10 % 1 0003.500 % AUSTRIA 0515/07/15 1 595 952 0.18 % 5008.000 % GREAT BRITAIN 9327/09/13 1 454 537 0.16 % 3 5005.625 % BEI 0015/10/10 6 234 166 0.71 % 5507.750 % GREAT BRITAIN 9308/09/06 1 315 188 0.15 % 7004.000 % DEUTSCHLAND 05* 04/01/37 1 155 848 0.13 % 5805.750 % GREAT BRITAIN 9807/12/09 1 422 796 0.16 % 3 2766.000 % DEUTSCHLAND 86* 20/06/16 6 393 552 0.72 % 3006.000 % GREAT BRITAIN 9807/12/28 872 373 0.10 % 2 0006.250 % DEUTSCHLAND 96* 26/04/06 3 207 095 0.36 % 950 5.500 % KFW INTERNATIONAL FINANCE 01 07/12/15 2 370 232 0.28 % 1 2096.000 % DEUTSCHLAND 97* 04/07/07 2 019 842 0.23 % 130 8.000 % LANDESBANK SCHLESWIG- 2 5504.750 % DEUTSCHLAND 98* 04/07/08 4 245 850 0.48 % HOLSTEIN 96 28/12/06 312 861 0.04 % 6004.750 % DEUTSCHLAND 98 04/07/28 1 090 769 0.12 % 2009.125 % LLOYDS TSB 9617/10/11 567 742 0.06 % 1 0006.000 % FINLAND 9725/04/08 1 709 162 0.19 % 3 5005.000 % FRANCE 0125/10/11 6 145 293 0.70 % DKK 9 536 022 1.08% 4 0006.000 % FRANCE 94* 25/10/25 8 357 459 0.95 % 9 5005.000 % DENMARK 0215/11/13 2 281 245 0.26 % 8996.500 % FRANCE 95 OAT25/04/11 1 683 346 0.19 % 3 5004.000 % DENMARK 03* 15/11/15 786 066 0.09 % 8237.250 % FRANCE 95 OAT25/04/06 1 329 984 0.15 % 2 0004.000 % DENMARK 0415/11/10 446 865 0.05 % 1 5855.500 % FRANCE 97 OAT25/10/07 2 648 010 0.30 % 1 9007.000 % DENMARK 9410/11/24 587 674 0.07 % 3 8004.000 % FRANCE 98 OAT* 25/04/09 6 253 660 0.71 % 3 0007.000 % DENMARK 9515/11/07 694 944 0.08 % 1 5004.250 % FRANCE 03 OAT25/04/19 2 548 543 0.29 % 6 1005.000 % DENMARK 9715/08/05 1 273 565 0.14 % 2 0005.000 % IRLAND 0218/04/13 3 551 027 0.40 % 9 3006.000 % DENMARK 9815/11/09 2 223 606 0.25 % 4996.125 % ITALIEN 9729/05/12 929 094 0.11 % 5 0006.000 % DENMARK 9915/11/11 1 242 057 0.14 % 1 4006.750 % NETHERLANDS 95* 15/11/05 2 207 458 0.25 % SEK 8 532 192 0.97% 1 3526.000 % NETHERLANDS 9615/01/06 2 140 575 0.24 % 7495.750 % NETHERLANDS 97 15/02/07 1 229 921 0.14 % 9 5005.250 % SWEDEN 0015/03/11 1 782 155 0.20 % 2 5975.250 % NETHERLANDS 98* 15/07/08 4 385 776 0.50 % 3 5005.000 % SWEDEN 0301/12/20 703 092 0.08 % 1 0003.950 % PORTUGAL 9915/07/09 1 640 396 0.19 % 1 8008.000 % SWEDEN 9515/08/07 332 782 0.04 % 9975.500 % SIEMENS FINANCE 9712/03/07 1 630 707 0.18 % 7 0006.500 % SWEDEN 9625/10/06 1 218 804 0.14 % 2 3007.350 % SPAIN 9731/03/07 3 891 694 0.44 % 6 9006.750 % SWEDEN 9705/05/14 1 469 655 0.17 % 2 8004.000 % SPAIN 9931/01/10 4 632 396 0.53 % 4 6006.500 % SWEDEN 9705/05/08 847 889 0.10 % 12 1005.000 % SWEDEN 9828/01/09 2 177 815 0.24 % USD 34 778 694 3.94% FRF 2 695 492 0.31% 9005.250 % AUSTRIA 9905/10/09 1 214 080 0.14 % 1 5005.875 % BANKAMERICA CORP. 0915/02/09 2 034 035 0.23 % 3 8006.625 % JP MORGAN 9626/09/08 1 013 301 0.11 % 2 5003.875 % EKSPORTFINANS 02* 05/11/07 3 198 167 0.36 % 5 9006.250 % SPANIEN 9710/04/12 1 682 191 0.20 % GENERAL ELECTRIC CAPITAL 1 000 5.750 % DEM 2 332 209 0.26% CORP. 98 22/09/08 1 347 754 0.15 % 2 000 6.875 % KFW INTERNATIONAL FINANCE 1 900 6.250 % DEUTSCHE FLUGSICHERUNG 96 21/08/06 2 648 589 0.30 % 96 09/01/06 1 536 922 0.17 % 1 0006.250 % SINGAPORE TELE 0806/09/08 1 355 450 0.15 % 1 0007.000 % TOKYO GAS CO 9527/07/05 795 287 0.09 % 6807.000 % TOYOTA MOTOR CREDIT 9711/06/07 920 592 0.10 % Shares 185 752 251 21.06% 1 0005.750 % USA 00*15/08/10 1 401 604 0.16 % 1 7005.000 % USA 01* 15/08/11 2 324 877 0.26 % Switzerland 93 867 575 10.65% 1 0004.875 % USA 02* 15/02/12 1 361 569 0.15 % 235 314ABB LTD1 976 638 0.22 % 1 7007.250 % USA 86* 15/05/16 2 794 821 0.32 % 8 892ABB LTD, NAMENSAKTIE74 033 0.01 % 2 3006.250 % USA 93* 15/08/23 3 685 005 0.42 % 16 000ADECCO SA934 400 0.11 % 3 3006.500 % USA 96* 15/10/06 4 382 203 0.51 % 40 000AIG PRIVATE EQUITY5 156 000 0.58 % 1 7506.000 % USA 96* 15/02/26 2 772 982 0.31 % 7 000BALOISE HOLDING448 000 0.05 % 1 3907.000 % WACHOVIA BANK 9617/10/08 1 924 612 0.22 % 2 000BOBST GROUP SA99 600 0.01 % 1 0006.875 % WAL-MART STORES INC. 9910/08/09 1 412 354 0.16 % 9 030CIBA SPEZ CHEMIE HOLDING674 541 0.08 % GBP 12 222 183 1.39% 62 000CIE FINANCIERE RICHEMONT AG2 672 200 0.30 % 27 700CLARIANT472 285 0.05 % 2505.375 % BEI 9807/06/21 633 920 0.07 %

MI30 - 3 MI-FONDS 30

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

142 168CREDIT SUISSE GROUP7 186 592 0.81 % 30 600PROCTER & GAMBLE CO.* 2 067 888 0.23 % 812GIVAUDAN SA605 346 0.07 % 24 000SBC COMMUNICATIONS INC.730 227 0.08 % 19 975HOLCIM LTD1 558 050 0.18 % 8 000SCHERING-PLOUGH CORP.195 342 0.02 % 5 000JULIUS BAER HOLDING AG392 000 0.04 % 800STARBUCKS CORP.52 945 0.01 % 3 000KUDELSKI SA140 700 0.02 % 5 000SYNTHES-STRATEC INC.703 500 0.08 % 4 600LONZA GROUP AG326 370 0.04 % 2 800TEXAS INSTRUMENTS INC.100 689 0.01 % 47 700NESTLE SA15 645 599 1.78 % 32 000UNITED TECHNOLOGIES CORP.* 2 105 104 0.24 % 292 080NOVARTIS AG17 831 483 2.03 % 31 000VERIZON COMMUNICATIONS INC.1 372 122 0.16 % 81 700ROCHE HOLDINGS AG13 251 740 1.51 % 31 300WAL-MART STORES INC.* 1 932 745 0.22 % 38 600 SCHWEIZERISCHE 28 800WALT DISNEY COMPANY929 033 0.11 % RÜCKVERSICHERUNGSGESELLSCHAFT 3 041 680 0.34 % 27 1003M CO.2 510 098 0.28 % 800SERONO SA655 200 0.07 % 575SGS SA506 288 0.06 % France 15 914 685 1.80% 3 200SWISS LIFE HOLDING541 440 0.06 % 23 400ALCATEL* 329 174 0.04 % 2 400SWISSCOM1 003 200 0.11 % 30 220AXA* 968 806 0.11 % 12 272SYNGENTA AG1 618 677 0.18 % 15 524BNP PARIBAS* 1 365 175 0.15 % 4 250THE SWATCH GROUP AG765 000 0.09 % 11 180CARREFOUR SUPERMARCHE SA695 325 0.08 % 6 000THE SWATCH GROUP AG, NAMENSAKTIE219 900 0.02 % 6 660CIE DE SAINT-GOBAIN* 474 017 0.05 % 121 977UBS AG12 197 700 1.39 % 13 000CREDIT AGRICOLE SA422 607 0.05 % 500UNAXIS HOLDING AG88 000 0.01 % 29 150FRANCE TELECOM SA* 1 092 288 0.12 % 400VALORA HOLDING AG116 100 0.01 % 5 360GROUPE DANONE604 367 0.07 % 16 616ZURICH FINANCIAL SERVICES3 668 813 0.42 % 3 281LAFARGE SA383 435 0.04 % 2 195L'AIR LIQUIDE479 675 0.05 % United States 50 958 716 5.78% 6 000L'OREAL552 298 0.06 % 31 000ALCOA INC.* 1 037 730 0.12 % 5 210LVHM MOET HENNESSY LOUIS VUITTON SA516 345 0.06 % 1 854ALLSTATE CORP.141 916 0.02 % 19 711SANOFI AVENTIS* 2 075 774 0.24 % 26 800ALTRIA GROUP2 220 003 0.25 % 8 340SOCIETE GENERALE DE PARIS1 088 484 0.12 % 29 900AMERICAN EXPRESS CO.* 2 038 970 0.23 % 17 050SUEZ593 137 0.07 % 32 500AMERICAN INTERNATIONAL GROUP* 2 419 038 0.27 % 11 429TOTAL FINA ELF SA3 444 156 0.40 % 27 000BOEING CO.* 2 282 921 0.26 % 20 526VIVENDI UNIVERSAL* 829 622 0.09 % 27 600CATERPILLAR INC.3 370 006 0.38 % 29 100CITIGROUP INC.* 1 723 455 0.20 % Germany 10 852 121 1.23% 29 750COCA-COLA CO.1 591 207 0.18 % 6 834ALLIANZ AG1 006 614 0.11 % 30 200DU PONT DE NEMOURS & CO.* 1 664 024 0.19 % 11 100BASF AG946 864 0.11 % 2 000ELI LILLY & CO.142 740 0.02 % 13 600BAYER AG* 581 959 0.07 % 25 240EXXON MOBIL CORP.1 858 291 0.21 % 15 601DAIMLERCHRYSLER AG* 812 521 0.09 % 22 700GENERAL ELECTRIC CO.1 007 656 0.11 % 9 850DEUTSCHE BANK AG988 574 0.11 % 24 800GENERAL MOTORS CORP.1 080 224 0.12 % 49 800DEUTSCHE TELEKOM AG* 1 181 742 0.13 % 26 153HEWLETT-PACKARD CO.* 787 694 0.09 % 13 704E.ON AKTIENGESELLSCHAFT1 566 025 0.18 % 24 000HOME DEPOT INC.1 196 035 0.14 % 1 510LANXESS AG43 373 0.00 % 27 800HONEYWELL INTERNATIONAL INC.* 1 304 562 0.15 % 3 600 MÜNCHENER 31 000IBM CORP.2 946 787 0.33 % RÜCKVERSICHERUNGSGESELLSCHAFT AG 492 015 0.06 % 24 200INTEL CORP.807 928 0.09 % 9 150RWE AG* 757 533 0.09 % 29 000JOHNSON & JOHNSON* 2 414 874 0.27 % 4 010SAP AG895 651 0.10 % 30 455JP MORGAN CHASE & CO.1 378 042 0.16 % 16 875SIEMENS AG1 579 250 0.18 % 2 500KIMBERLY-CLARK CORP.200 460 0.02 % Netherlands 8 415 001 0.95% 9 112LUCENT TECHNOLOGIES INC.33 970 0.00 % 35 703ABN AMRO HOLDING NV1 126 862 0.13 % 26 100MC DONALD'S CORP.927 869 0.11 % 26 622AEGON NV442 213 0.05 % 30 300MERCK & CO INC.* 1 195 574 0.14 % 30 000AHOLD NV316 397 0.04 % 37 000MICROSOFT CORP.1 177 434 0.13 % 37 000ING GROEP NV1 341 103 0.15 % 4 500MOTOROLA INC.105 268 0.01 % 40 420ROYAL DUTCH PETROLEUM CO.3 385 259 0.37 % 2 000PEPSICO INC.138 179 0.02 % 26 089ROYAL PHILIPS ELECTRONICS NV845 679 0.10 % 30 175PFIZER INC.1 066 166 0.12 %

MI30 - 4 MI-FONDS 30

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

11 507UNILEVER NV957 488 0.11 % Investment funds 10 966 710 1.24% Finland 2 275 539 0.26% United States 9 310 268 1.05% 1 500CARGOTEC -B-53 671 0.01 % ISHARES / MSCI EMERGING MARKETS 1 500KONE OYJ -B-115 159 0.01 % 101 500 INDUSTRIES* 9 310 268 1.05 % 84 400NOKIA OYJ1 812 984 0.21 % 8 000STORA ENSO AB -R-131 274 0.01 % Ireland 1 656 442 0.19% 6 600UPM-KYMMENE CORP.162 451 0.02 % 140 000BARCLAYS ISHARES - IFTSE 1001 656 442 0.19 %

Spain 1 241 902 0.14% Options, Warrants, Rights 9 525 901 1.08% 13 000BANCO BILBAO VIZCAYA ARGENTARIA SA257 274 0.03 % 20 000BANCO SANTANDER CENTRAL HISPANO SA297 475 0.03 % Switzerland 9 525 901 1.08% 2 000ENDESA SA60 208 0.01 % 15 000BANK VONTOBEL 01-WRT / VON NIPPON1 971 000 0.22 % 4 000IBERDROLA SA135 368 0.02 % 39 000BANK VONTOBEL 03- WRT / SCAN LARG7 554 901 0.86 % 3 000REPSOL YPF SA98 455 0.01 % Treasury bills 3 166 880 0.36% 18 720TELEFONICA SA393 122 0.04 %

Sweden 1 066 769 0.12% USD 3 166 880 0.36% 7 500ATLAS COPCO AB152 571 0.02 % 3 000Fl. Rate PRINCESS PRIV 9931/12/10 3 166 880 0.36 % 1 800HENNES & MAURITZ AB81 207 0.01 % TRANSFERABLE SECURITIES NEGOTIATED ON ANOTHER REGULATED MARKET 5 121 145 0.58% 15 000NORDIC BALTIC HOLDING AB174 719 0.02 % 3 000SANDVIK AB142 974 0.02 % Bonds 5 119 545 0.58% 6 500SKANDINAVISKA ENSKILDA BANKEN138 627 0.02 % 6 200SVENSKA CELLUL. -B-254 286 0.02 % CAD 5 119 545 0.58% 20 000TELIASONERA AB122 385 0.01 % 9005.250 % CANADA 0101/06/12 1 037 082 0.12 % Belgium 847 200 0.10% 8005.500 % CANADA 9801/06/09 909 519 0.10 % 4005.750 % CANADA 9801/06/29 513 338 0.06 % 3 070DEXIA-STRIP VVPR48 0.00 % 7005.500 % CANADA 9901/06/10 804 997 0.09 % 23 800FORTIS SA847 152 0.10 % 5005.000 % CANADA 0301/06/14 572 142 0.06 % Norway 181 933 0.02% 1 0907.000 % SWEDEN 9301/12/08 1 282 467 0.15 %

3 750NORSKE SKOGINDUSTRIER AS79 177 0.01 % Warrants 1 600 0.00% 12PETROLEUM GEO-SERVICES ASA370 0.00 % 10 000TELENOR ASA102 386 0.01 % Sweden 1 600 0.00%

Denmark 130 810 0.01% 12 500RIGHTS TELIASONERA 14.6.051 600 0.00 % 1 300H LUNDBECK A/S41 938 0.00 % 1 400NOVOZYMES -B-88 872 0.01 %

Index linked instruments 65 985 638 7.48%

Cayman Islands 65 985 638 7.48% 20 500BCI-30 94-7.4.07 OPALS MORGAN STANLEY5 882 031 0.67 % 73 600FTSE 100-7.4.07 S11 OPALS MORGAN STANLEY20 426 339 2.31 % 23 500MSCI AUSTRALIA 7.4.07 S23 OPALS6 320 161 0.72 % 14 000MSCI CANADA ISLANDS 93-7.4.07 OPALS5 458 818 0.62 % 21 800MSCI HONKONG 96-7.4.07 S30 OPALS2 219 450 0.25 % 8 000MSCI NEW ZEALAND -7.4.07 OPALS S24490 407 0.06 % 15 950MSCI SINGAPORE 94-7.4.07 OPALS S19948 229 0.11 % 28 700MSCI SPAIN 94-7.4.07 S21 OPALS5 427 429 0.62 % 139 970NIKKEI 225 -7.4.07 OPALS MORGAN STANLEY18 812 774 2.12 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 629 660 653 Income from investment 16 601 684 (Cost: 597 816 461) Bank interest 452 967 Cash at banks 33 985 388 Other Income 141 427 Due from brokers 5 761 244 Total Income 17 196 078 Subscritpions receivable 242 274 Dividends and interest 5 944 631 Other assets 35 460 Expenses Total Assets 675 629 650 Administration fees 7 011 969 Custodian fees and charges 287 777 Liabilities "Taxe d'abonnement" and other taxes 328 428 Bank interest 1 403 Due to brokers 1 998 085 Other expenses* 190 820 Payable for redemptions 1 151 701 Net income equalization 286 226 Administration fees due 299 185 "Taxe d'abonnement" due 83 791 Total Expenses 8 106 623 Other liabilities 97 592 Net gain/Net loss 9 089 455 Total Liabilities 3 630 354 Net realised gain/loss on: Net assets 671 999 296 - Securities -1 854 769 - Futures contracts -66 - Foreign currencies 560 644 Net realised gain/Net realised loss 7 795 264 Net change in unrealised appreciation/depreciation on: - Securities 49 057 557 Total gain/Total loss 56 852 821

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 632 587 621 659 797 591 Total gain/Total loss 52 066 111 56 852 821 Net subscriptions/redemptions -20 859 690 -41 986 722 Dividends distributed -3 996 451 -2 664 394

Net assets at the end of the business year 659 797 591 671 999 296

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 1 453 409 1 346 852 1 259 890 Accumulation shares (shares B) 3 048 302 2 995 719 2 811 328

Net assets 632 587 621 659 797 591 671 999 296

NAV per share Distribution shares (shares A) 113.08 119.71 128.38 Accumulation shares (shares B) 153.60 166.43 181.50 Dividend for preceding business year 1.50 2.75 2.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.20 % for share category A and 1.20 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MI50 - 1 MI-FONDS 50

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

8 000 3.000 % KFW INTERNATIONAL FINANCE TOTAL INVESTMENTS 629 660 653 93.70% 99 04/12/09 8 580 999 1.27 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 1 0002.750 % KOMMUNALFINANZ 9920/11/07 1 041 850 0.16 % STOCK EXCHANGE 629 036 787 93.61% 2 0003.000 % KOMMUNALKREDIT AUSTRIA 0420/02/14 2 139 000 0.32 % Bonds 286 721 304 42.67% 4 0002.750 % KOMMUNEKREDIT 0307/05/13 4 230 000 0.63 % 4 000 2.625 % LANDESBANK BADEN- WUERTTEMBERG 01 07/12/06 4 100 000 0.61 % CHF 199 150 058 29.64% 4 000 2.000 % LANDESBANK BADEN- 3 0003.000 % ALLIANZ FINANCE 9926/08/05 3 009 000 0.45 % WUERTTEMBERG 03 18/06/10 4 090 000 0.61 % 2 5003.000 % ASIAN DEVELOPMENT BANK 9824/04/06 2 543 750 0.38 % 8 000 4.000 % LANDESBANK HESSEN- 1 5003.375 % AUSTRIA 0225/01/12 1 651 500 0.25 % THUERINGEN 00 04/12/07 8 559 999 1.26 % 2 000 1.750 % LANDESBANK HESSEN- 1 7003.250 % AUSTRIA 9827/01/06 1 723 290 0.26 % THUERINGEN 04 23/01/09 2 034 033 0.30 % AUTOBAHNEN- UND 3 000 2.000 % 5 000 4.000 % LANDWIRTSCHAFTLICHE SCHNELLSTRASSENFINANZIER RENTENBANK 03 06/10/05 5 044 500 0.75 % UNGS AG 04 29/07/10 3 067 140 0.46 % 1 7503.125 % MUN HOUSING 9815/12/05 1 767 850 0.26 % 3 0004.125 % BANK AUSTRIA 9610/01/06 3 049 200 0.45 % 1 000 3.500 % NEDERLANDS WATERSCHAPS 2 0003.250 % BANK OF AMERICA 0410/12/14 2 135 000 0.32 % 98 06/03/08 1 065 500 0.16 % 3 5003.250 % BAWAG 9923/02/11 3 818 500 0.57 % 2 000 2.750 % NV BANK NEDERLANDSE 7 000 4.250 % BAYERISCHE LANDESBANK GZ GEMEENTEN 03 03/07/15 2 100 985 0.31 % 00 10/02/09 7 724 500 1.14 % 1 000 4.500 % OESTERREICHISCHE ELEKTRO 3 0003.375 % BEI 0121/11/11 3 297 000 0.49 % 93 06/10/05 1 009 100 0.15 % 2 0002.375 % BEI 0510/07/20 1 996 000 0.30 % 2 000 2.750 % ÖSTERREICHISCHE KONTROLLBANK AG 05 28/01/20 2 086 000 0.31 % 9605.000 % BEI 9518/10/07 1 047 360 0.16 % 2 000 3.500 % ÖSTERREICHISCHE 2 5003.500 % BEI 9928/01/14 2 802 500 0.42 % KONTROLLBANK AG 98 18/02/08 2 130 750 0.32 % 2 0003.625 % BNG 9720/08/09 2 186 750 0.33 % 3 0003.500 % PROCTER & GAMBLE 0024/02/06 3 050 400 0.45 % 2 0004.250 % CARREFOUR 0011/08/05 2 006 800 0.30 % 5 0001.250 % RABOBANK 0330/04/07 5 038 750 0.75 % 2 0002.375 % CDC FINANCE IXIS 0319/12/13 2 055 000 0.31 % 2 0003.500 % RABOBANK 9829/12/08 2 159 250 0.32 % 1 0002.000 % CHESS II 0328/11/08 1 013 500 0.15 % 3 0003.250 % RESEAU FERRE FRANCE 9812/09/08 3 199 500 0.48 % 3 0004.000 % CITIGROUP INC. 0006/12/05 3 039 900 0.45 % 4 0004.500 % STATKRAFT ASA 0010/05/10 4 604 000 0.69 % 1 5003.125 % DEKABANK 0416/12/15 1 616 500 0.24 % 2 000 3.750 % STATLIGA AKADEMISKA HUS AB 5 000 3.500 % DEUTSCHE AUSGLEICHSBANK 01 19/01/06 2 031 600 0.30 % 97 26/03/07 5 233 750 0.77 % 2 0004.000 % SWEDEN 9731/01/07 2 098 000 0.31 % 3 500 3.750 % DEUTSCHE FINANCE 3 0004.250 % SWEDISH EXPORT CREDIT 9431/01/06 3 058 500 0.46 % NETHERLANDS BV 97 17/07/07 3 694 250 0.55 % 1 500 4.000 % SWISS RE AMERICAN HOLDING 1 0004.500 % DRESDNER BANK 9606/11/06 1 047 950 0.16 % CORP. 01 29/06/15 1 715 250 0.26 % 4 500 4.250 % ENERGIE BEHEER NEDERLAND 2 0002.375 % TOTAL CAPITAL 0430/11/12 2 059 500 0.31 % BV 00 09/08/05 4 514 490 0.67 % 4 0003.500 % TOTAL FINA ELF 0024/02/06 4 068 000 0.61 % 2 0002.750 % ERSTE EUROPÄISCHE P&K 05* 07/02/20 2 058 000 0.31 % 1 0002.500 % UBS JERSEY 9929/03/06 1 012 300 0.15 % 2 500 4.375 % GENERAL ELECTRIC CAPITAL CORP. 00 05/12/12 2 926 250 0.44 % 2 0003.500 % ZURICH FINANCE USA INC. 9822/07/08 2 122 000 0.32 % 1 500 3.125 % GENERAL ELECTRIC CAPITAL CORP. 04 06/12/19 1 586 063 0.24 % EUR 48 341 725 7.19% 2 220 5.000 % GENERAL ELECTRIC CAPITAL 5115.750 % ALLIANZ FINANCE BV 97* 30/07/07 850 191 0.13 % CORP 95 28/07/05 2 225 772 0.33 % 1 0003.500 % AUSTRIA 0515/07/15 1 595 952 0.24 % GENERAL ELECTRIC CAPITAL 7 000 3.125 % 3004.000 % DEUTSCHLAND 05* 04/01/37 495 363 0.07 % CORP. 99 15/07/09 7 491 866 1.10 % 2 0446.000 % DEUTSCHLAND 86* 20/06/16 3 987 883 0.59 % 1 5404.625 % HAUTS DE SEINE 9515/11/05 1 561 098 0.23 % 9206.500 % DEUTSCHLAND 95 14/10/05 1 444 581 0.21 % 3 0002.000 % HBOS 0328/05/08 3 068 250 0.46 % 1 0486.000 % DEUTSCHLAND 97* 04/07/07 1 751 063 0.26 % 2 5002.375 % HYPO TIROL BANK 0521/03/17 2 505 313 0.37 % 1 1004.750 % DEUTSCHLAND 98* 04/07/28 1 999 742 0.30 % 7 5003.125 % ICO 9826/08/05 7 526 681 1.11 % 7006.000 % FINLAND 9725/04/08 1 196 414 0.18 % 3 0003.000 % ING VERZEKERING 0119/01/07 3 093 000 0.46 % 2 0005.000 % FRANCE 0125/10/11 3 511 596 0.52 % 4 5003.500 % ITALIEN 9825/09/08 4 816 519 0.72 % 1 9004.750 % FRANCE 01 OAT25/10/12 3 312 889 0.49 % 3 0003.125 % ITALIEN 9915/07/10 3 217 750 0.48 % 7004.000 % FRANCE 03 OAT25/10/14 1 165 255 0.17 % 3 000 4.000 % KFW INTERNATIONAL FINANCE 00 15/02/12 3 438 750 0.51 % 1 7006.000 % FRANCE 94* 25/10/25 3 551 920 0.53 % 3 000 3.500 % KFW INTERNATIONAL FINANCE 8386.500 % FRANCE 95 OAT25/04/11 1 569 222 0.23 % 97 15/08/07 3 163 500 0.47 % 6867.250 % FRANCE 95 OAT25/04/06 1 108 320 0.16 %

MI50 - 2 MI-FONDS 50

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

8004.250 % FRANKREICH 03 OAT25/04/19 1 359 223 0.20 % FRF 879 149 0.13% 1 8005.000 % IRLAND 0218/04/13 3 195 924 0.48 % 3 5005.750 % ITALIEN 9710/07/07 5 812 013 0.87 % 1 8006.625 % JP MORGAN 9626/09/08 479 985 0.07 % 5456.125 % ITALIEN 9729/05/12 1 013 557 0.15 % 1 4006.250 % SPANIEN 9710/04/12 399 164 0.06 % 1 3165.250 % NETHERLANDS 98* 15/07/08 2 222 116 0.33 % DEM 811 193 0.12% 1 0003.950 % PORTUGAL 9915/07/09 1 640 396 0.24 % 1 0207.000 % TOKYO GAS CO 9527/07/05 811 193 0.12 % 3666.625 % SPAIN 9631/07/06 594 823 0.09 % 3 0004.000 % SPAIN 9931/01/10 4 963 282 0.75 % NLG 370 966 0.06%

USD 15 591 560 2.32% 5006.750 % DRESDNER BANK AG 9610/10/06 370 966 0.06 % 1 4005.875 % BANKAMERICA CORP. 0915/02/09 1 898 433 0.28 % Shares 253 058 843 37.66% 1 8003.875 % EKSPORTFINANS 02* 05/11/07 2 302 681 0.34 % 1 200 6.875 % KFW INTERNATIONAL FINANCE Switzerland 106 192 626 15.80% 96 21/08/06 1 589 153 0.24 % 273 791ABB LTD2 299 844 0.34 % 1 0006.250 % SINGAPORE TELE 0806/09/08 1 355 450 0.20 % 18 000ADECCO SA1 051 200 0.16 % 5005.750 % USA 00* 15/08/10 700 802 0.10 % 46 960AIG PRIVATE EQUITY6 053 144 0.90 % 1 5005.000 % USA 01* 15/08/11 2 051 362 0.31 % 8 000BALOISE HOLDING512 000 0.08 % 7007.250 % USA 86* 15/05/16 1 150 808 0.17 % 4 000BOBST GROUP SA199 200 0.03 % 1 0007.625 % USA 92* 15/11/22 1 811 756 0.27 % 10 000CIBA SPEZ CHEMIE HOLDING747 000 0.11 % 1 1006.000 % USA 96* 15/02/26 1 743 017 0.26 % 69 000CIE FINANCIERE RICHEMONT AG2 973 900 0.44 % 4006.500 % USA 96* 15/10/06 531 176 0.08 % 30 700CLARIANT523 435 0.08 % 3307.000 % WACHOVIA BANK 9617/10/08 456 922 0.07 % 162 052CREDIT SUISSE GROUP8 191 729 1.22 % DKK 7 426 936 1.11% 60DAETWYLER HOLDING203 400 0.03 % 901GIVAUDAN SA671 696 0.10 % 6 5005.000 % DENMARK 0215/11/13 1 560 852 0.23 % 21 475HOLCIM LTD1 675 050 0.25 % 4 0004.000 % DENMARK 03* 15/11/15 898 361 0.13 % 7 500JULIUS BAER HOLDING AG588 000 0.09 % 4007.000 % DENMARK 9410/11/24 123 721 0.02 % 3 000KUDELSKI SA140 700 0.02 % 2 0007.000 % DENMARK 9515/11/07 463 296 0.07 % 5 200LONZA GROUP AG368 940 0.05 % 5 0005.000 % DENMARK 9715/08/05 1 043 905 0.16 % 53 000NESTLE SA17 383 999 2.59 % 9 8006.000 % DENMARK 9815/11/09 2 343 156 0.35 % 331 000NOVARTIS AG20 207 549 3.00 % 4 0006.000 % DENMARK 9915/11/11 993 645 0.15 % 92 400ROCHE HOLDINGS AG14 987 279 2.23 % GBP 7 408 969 1.10% 43 700 SCHWEIZERISCHE RÜCKVERSICHERUNGSGESELLSCHAFT 3 443 560 0.51 % 3505.375 % BEI 9807/06/21 887 488 0.13 % 928SERONO SA760 032 0.11 % 2004.250 % GREAT BRITAIN 0007/06/32 462 914 0.07 % 575SGS SA506 288 0.08 % 2505.000 % GREAT BRITAIN 0107/03/25 634 018 0.09 % 3 400SWISS LIFE HOLDING575 280 0.09 % 2005.000 % GREAT BRITAIN 0207/09/14 488 461 0.07 % 2 750SWISSCOM1 149 500 0.17 % 3007.750 % GREAT BRITAIN 9308/09/06 717 375 0.11 % 13 655SYNGENTA AG1 801 095 0.27 % 2008.000 % GREAT BRITAIN 9327/09/13 581 815 0.09 % 4 800THE SWATCH GROUP AG864 000 0.13 % 3006.250 % GREAT BRITAIN 9425/11/10 761 204 0.11 % 6 000THE SWATCH GROUP AG, NAMENSAKTIE219 900 0.03 % 4705.750 % GREAT BRITAIN 9807/12/09 1 152 955 0.17 % 138 488UBS AG13 848 800 2.06 % 450 5.500 % KFW INTERNATIONAL FINANCE 01 07/12/15 1 122 742 0.17 % 500UNAXIS HOLDING AG88 000 0.01 % 2506.250 % TOYOTA MOTOR CREDIT 9807/12/07 599 997 0.09 % 18 832ZURICH FINANCIAL SERVICES4 158 106 0.62 %

SEK 6 740 748 1.00% United States 66 323 096 9.87% 5 5005.250 % SWEDEN 0015/03/11 1 031 774 0.15 % 40 800ALCOA INC.* 1 365 786 0.20 % 3 0005.000 % SWEDEN 0301/12/20 602 650 0.09 % 2 410ALLSTATE CORP.184 475 0.03 % 3 0008.000 % SWEDEN 9515/08/07 554 636 0.08 % 35 000ALTRIA GROUP* 2 899 258 0.43 % 4 4006.500 % SWEDEN 9625/10/06 766 105 0.11 % 38 200AMERICAN EXPRESS CO.* 2 604 971 0.39 % 5 5006.750 % SWEDEN 9705/05/14 1 171 464 0.17 % 41 500AMERICAN INTERNATIONAL GROUP* 3 088 925 0.46 % 1 0006.500 % SWEDEN 9705/05/08 184 324 0.03 % 35 300BOEING CO.* 2 984 708 0.44 % 13 5005.000 % SWEDEN 9828/01/09 2 429 795 0.37 % 36 000CATERPILLAR INC. 4 395 661 0.64 % 38 300CITIGROUP INC.* 2 268 328 0.34 %

MI50 - 3 MI-FONDS 50

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

39 600COCA-COLA CO.2 118 043 0.32 % Germany 16 716 583 2.49% 37 100DU PONT DE NEMOURS & CO.* 2 044 215 0.30 % 2 000ELI LILLY & CO.142 740 0.02 % 10 803ALLIANZ AG1 591 228 0.24 % 32 640EXXON MOBIL CORP.2 403 115 0.36 % 16 750BASF AG1 428 826 0.21 % 29 300GENERAL ELECTRIC CO.1 300 631 0.19 % 21 000BAYER AG* 898 613 0.13 % 33 550GENERAL MOTORS CORP.1 461 351 0.22 % 25 248DAIMLERCHRYSLER AG1 314 950 0.20 % 34 953HEWLETT-PACKARD CO.* 1 052 738 0.16 % 15 400DEUTSCHE BANK AG* 1 545 588 0.23 % 35 000HOME DEPOT INC.1 744 218 0.26 % 76 200DEUTSCHE TELEKOM AG* 1 808 207 0.27 % 37 200HONEYWELL INTERNATIONAL INC.* 1 745 673 0.26 % 21 042E.ON AKTIENGESELLSCHAFT2 404 576 0.36 % 40 400IBM CORP.3 840 330 0.56 % 2 380LANXESS AG* 68 363 0.01 % MÜNCHENER 33 200INTEL CORP.1 108 398 0.16 % 5 640 RÜCKVERSICHERUNGSGESELLSCHAFT AG 770 824 0.11 % 5 000INTERNATIONAL PAPER CO.193 510 0.03 % 14 000RWE AG* 1 159 066 0.17 % 34 000JOHNSON & JOHNSON* 2 831 232 0.42 % 6 240SAP AG1 393 731 0.21 % 39 685JP MORGAN CHASE & CO.* 1 795 685 0.27 % 24 925SIEMENS AG2 332 611 0.35 % 2 500KIMBERLY-CLARK CORP.200 460 0.03 % 9 760LUCENT TECHNOLOGIES INC.36 385 0.01 % Netherlands 12 938 664 1.93% 30 900MC DONALD'S CORP.* 1 098 511 0.16 % 52 435ABN AMRO HOLDING NV1 654 960 0.25 % 41 800MERCK & CO INC.* 1 649 340 0.25 % 41 639AEGON NV691 658 0.10 % 44 000MICROSOFT CORP.1 400 191 0.21 % 47 436AHOLD NV* 500 286 0.07 % 5 700MOTOROLA INC.133 339 0.02 % 58 000ING GROEP NV2 102 270 0.32 % 3 000PEPSICO INC.* 207 269 0.03 % 62 800ROYAL DUTCH PETROLEUM CO.5 259 629 0.79 % 39 375PFIZER INC.* 1 391 227 0.21 % 40 238ROYAL PHILIPS ELECTRONICS NV* 1 304 321 0.19 % 35 700PROCTER & GAMBLE CO.2 412 536 0.36 % 17 132UNILEVER NV* 1 425 540 0.21 % 41 000SBC COMMUNICATIONS INC.1 247 471 0.19 % 8 800SCHERING-PLOUGH CORP.214 876 0.03 % Great Britain 11 357 583 1.69% 800STARBUCKS CORP.52 945 0.01 % 6 070ANGLO AMERICAN PLC182 456 0.03 % 5 500SYNTHES-STRATEC INC.773 850 0.12 % 7 020ASTRAZENECA PLC373 716 0.06 % 5 000TEXAS INSTRUMENTS INC.179 802 0.03 % 13 240AVIVA PLC189 107 0.03 % 42 400UNITED TECHNOLOGIES CORP.* 2 789 263 0.42 % 32 300BARCLAYS PLC412 019 0.06 % 41 000VERIZON COMMUNICATIONS INC.* 1 814 743 0.27 % 15 000BG GROUP PLC158 101 0.02 % 41 700WAL-MART STORES INC.* 2 574 935 0.38 % 6 000BOOTS GROUP PLC83 907 0.01 % 38 650WALT DISNEY COMPANY1 246 776 0.19 % 81 000BP AMOCO PLC1 080 665 0.16 % 35 9003M CO.3 325 186 0.49 % 5 000BRITISH AMERICAN TOBACCO PLC123 541 0.02 % 5 000BRITISH LAND100 578 0.01 % France 24 236 290 3.61% 10 000BRITISH SKY BROADCASTING GROUP PLC121 130 0.02 % 39 150ALCATEL* 550 733 0.08 % 50 289BT GROUP PLC265 602 0.04 % 47 000AXA* 1 506 746 0.22 % 5 049CABLE & WIRELESS PLC17 275 0.00 % 23 898BNP PARIBAS2 101 582 0.31 % 18 000CADBURY BEVERAGES CANADA INC.220 308 0.03 % 17 800CARREFOUR SUPERMARCHE SA* 1 107 047 0.16 % 1 000CAIRN ENERGY PLC30 954 0.00 % 10 000CIE DE SAINT-GOBAIN711 737 0.11 % 22 500CENTRICA PLC119 738 0.02 % 20 000CREDIT AGRICOLE SA* 650 164 0.10 % 12 000COMPASS GROUP PLC64 618 0.01 % 44 250FRANCE TELECOM SA* 1 658 105 0.25 % 21 000DIAGEO PLC396 871 0.06 % 6 600GROUPE DANONE744 184 0.11 % 23 844GLAXOSMITHKLINE PLC739 715 0.11 % 4 373LAFARGE SA511 051 0.08 % 8 000GREAT UNIVERSAL STORES PLC161 752 0.02 % 2 456L'AIR LIQUIDE* 536 712 0.08 % 7 000HAYS PLC20 816 0.00 % 9 350L'OREAL860 665 0.13 % 15 350HBOS PLC303 312 0.05 % 8 235LVHM MOET HENNESSY LOUIS VUITTON SA816 143 0.12 % 46 025HSBC HOLDINGS PLC940 619 0.14 % 29 858SANOFI AVENTIS* 3 144 360 0.47 % 4 000IMPERIAL TOBACCO GROUP PLC138 054 0.02 % 13 020SOCIETE GENERALE DE PARIS1 699 287 0.25 % 6 000KESA ELECTRICALS38 509 0.01 % 27 200SUEZ* 946 237 0.14 % 11 250KINGFISHER PLC63 550 0.01 % 17 735TOTAL FINA ELF SA* 5 344 482 0.80 % 50 000LEGAL & GENERAL GROUP PLC132 038 0.02 % 33 328VIVENDI UNIVERSAL* 1 347 055 0.20 % 29 000LLOYDS TSB GROUP PLC314 985 0.05 %

MI50 - 4 MI-FONDS 50

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

2%MARCONI CORP PLC14 0.00 12 000BOMBARDIER INC. -B-32 760 0.00 % 8 095MARKS AND SPENCER67 012 0.01 % 500CANADIAN IMPERIAL BANK OF COMMERCE39 637 0.01 % 20 000NATIONAL GRID TRANSCO PLC248 461 0.04 % 2 000ENCANA CORP.101 103 0.02 % 70 400O2 PLC220 262 0.03 % 10 000NORTEL NETWORKS CO.33 366 0.00 % 9 450PRUDENTIAL PLC107 687 0.02 % 568NOVELIS INC.18 459 0.00 % 6 000RECKITT BENCKISER PLC226 646 0.03 % 8 000PLACER DOME INC.157 627 0.02 % 10 000REED ELSEVIER PLC122 738 0.02 % 1 000ROYAL BANK OF CANADA79 389 0.01 % 7 000RIO TINTO PLC /REG.274 547 0.04 % 2 000TORONTO DOMINION BANK114 303 0.02 % 14 135ROYAL BANK OF SCOTLAND GROUP PLC547 247 0.08 % Sweden 1 766 505 0.26% 10 000SABMILLER PLC200 123 0.03 % 6 000SCOTTISH & SOUTHERN ENERGY PLC139 570 0.02 % 8 100ATLAS COPCO AB164 777 0.02 % 7 000SCOTTISH POWER PLC79 808 0.01 % 500BOLIDEN AB2 764 0.00 % 5 000SEVERN TRENT PLC116 767 0.02 % 50 000ERICSSON AB -B-205 889 0.03 % 40 000SHELL TRANSPORT & TRADING CO PLC498 528 0.07 % 3 000HENNES & MAURITZ AB135 345 0.02 % 10 000SMITH & NEPHEW PLC126 527 0.02 % 20 000NORDIC BALTIC HOLDING AG 232 958 0.03 % 5 112STANDARD CHARTERED PLC119 735 0.02 % 5 000SANDVIK AB238 290 0.04 % 36 475TESCO PLC266 978 0.04 % 10 000SKANDIA INSURANCE AB70 380 0.01 % 11 000UNILEVER PLC136 022 0.02 % 11 300SKANDINAVISKA ENSKILDA BANKEN240 997 0.04 % 297 374VODAFONE GROUP PLC931 657 0.14 % 8 600SVENSKA CELLUL. -B-352 720 0.05 % 12 000WM MORRISON SUPERMARKETS PLC51 254 0.01 % 20 000TELIASONERA AB122 385 0.02 % 4 000WPP GROUP PLC52 769 0.01 % Belgium 1 317 111 0.20% 3 000YELL GROUP PLC29 295 0.00 % 7 070DEXIA-STRIP VVPR110 0.00 % Finland 3 519 828 0.52% 37 000FORTIS SA1 317 001 0.20 %

1 600CARGOTEC -B-57 249 0.01 % Denmark 257 977 0.04% 1 600KONE OYJ -B-122 836 0.02 % 1 700H LUNDBECK A/S54 842 0.01 % 132 100NOKIA OYJ2 837 621 0.41 % 3 200NOVOZYMES -B-203 135 0.03 % 15 000STORA ENSO AB -R-246 138 0.04 % 10 400UPM-KYMMENE CORP.255 984 0.04 % Norway 234 996 0.03%

Spain 3 304 350 0.49% 6 250NORSKE SKOGINDUSTRIER AS131 962 0.01 % 21PETROLEUM GEO-SERVICES ASA648 0.00 % 35 000BANCO BILBAO VIZCAYA ARGENTARIA SA692 661 0.10 % 10 000TELENOR ASA102 386 0.02 % 56 000BANCO SANTANDER CENTRAL HISPANO SA832 930 0.12 % 8 000ENDESA SA240 834 0.04 % Index linked instruments 49 588 098 7.38% 8 000IBERDROLA SA270 736 0.04 % 8 000REPSOL YPF SA262 547 0.04 % Cayman Islands 49 588 098 7.38% 47 840TELEFONICA SA1 004 642 0.15 % 15 700BCI-30 94-7.4.07 OPALS MORGAN STANLEY4 504 775 0.67 % 33 000FTSE 100-7.4.07 S11 OPALS MORGAN STANLEY9 158 549 1.36 % Italy 3 002 518 0.45% 29 470MSCI AUSTRALIA 7.4.07 S23 OPALS7 925 751 1.18 % 12 500ASSICURAZIONI GENERALI SPA500 186 0.07 % 9 500MSCI CANADA ISLANDS 93-7.4.07 OPALS3 704 198 0.55 % 29 000ENI SPA* 958 481 0.15 % 29 700MSCI HONKONG 96-7.4.07 S30 OPALS3 023 746 0.45 % ENTE NAZIONALE PER L'ENREGIA ELETTRICA 45 000 12 000MSCI NEW ZEALAND -7.4.07 OPALS S24735 610 0.11 % SPA* 502 512 0.08 % 20 700MSCI SINGAPORE 94-7.4.07 OPALS S191 230 617 0.18 % 14 000SANPAOLO IMI SPA246 665 0.04 % 37 300MSCI SPAIN 94-7.4.07 S21 OPALS7 053 767 1.05 % 107 182TELECOM ITALIA SPA428 887 0.06 % 91 150NIKKEI 225 -7.4.07 OPALS MORGAN STANLEY12 251 085 1.83 % 54 000UNICREDITO ITALIANO SPA365 787 0.05 % Options, Warrants, Rights 22 667 553 3.37% Canada 1 890 716 0.28% 2 840ALCAN INC110 192 0.02 % Switzerland 20 246 547 3.01% 6 000BANK OF MONTREAL357 909 0.05 % 73 000BANK VONTOBEL 01-WRT / VON NIPPON9 592 200 1.43 % 12 000BANK OF NOVA SCOTIA* 508 842 0.08 % 55 000BANK VONTOBEL 03- WRT / SCAN LARG10 654 347 1.58 % 2 000BARRICK GOLD CORP.64 132 0.01 % 9 000BCE INC.* 272 997 0.04 %

MI50 - 5 MI-FONDS 50

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

Great Britain 2 421 006 0.36% 89MARCONI CORP 03-19.05.07 WRT6 0.00 % 180 000UBS LONDON 01- PERLES IND / NIKKEI2 421 000 0.36 %

Investment funds 14 889 736 2.22%

United States 14 015 853 2.09% 152 800 ISHARES / MSCI EMERGING MARKETS INDUSTRIES* 14 015 853 2.09 %

Australia 873 883 0.13% 21 121STREETTRACKS S&P / ASX 200 FUND873 883 0.13 %

Treasury bills 2 111 253 0.31%

USD 2 111 253 0.31% 2 000Fl. Rate PRINCESS PRIV 9931/12/10 2 111 253 0.31 % TRANSFERABLE SECURITIES NEGOTIATED ON ANOTHER REGULATED MARKET 623 866 0.09%

Options, Warrants, Rights 621 627 0.09%

Switzerland 621 627 0.09% 12 000BANK VONTOBEL 01-... WRT / MIB 30621 627 0.09 %

Warrants 2 239 0.00%

Sweden 2 239 0.00% 17 500RIGHTS TELIASONERA 14.6.052 239 0.00 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 45 663 544 Income from investment 1 308 851 (Cost: 49 141 491) Bank interest 37 478 Cash at banks 2 745 793 Other Income 4 444 Due from brokers 268 578 Total Income 1 350 773 Subscritpions receivable 269 282 Dividends and interest 590 870 Other assets 14 093 Expenses Total Assets 49 552 160 Administration fees 609 847 Custodian fees and charges 27 036 Liabilities "Taxe d'abonnement" and other taxes 24 086 Bank interest 818 Administration fees due 25 850 Other expenses* 18 192 "Taxe d'abonnement" due 6 186 Net income equalization 7 837 Other liabilities 2 275 Total Expenses 687 816 Total Liabilities 34 311 Net assets 49 517 849 Net gain/Net loss 662 957 Net realised gain/loss on: - Securities -2 013 902 - Foreign currencies 42 406 Net realised gain/Net realised loss -1 308 539 Net change in unrealised appreciation/depreciation on: - Securities 3 941 327 Total gain/Total loss 2 632 788

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 51 616 504 48 456 092 Total gain/Total loss 2 062 416 2 632 788 Net subscriptions/redemptions -4 623 908 -1 256 765 Dividends distributed -598 920 -314 266

Net assets at the end of the business year 48 456 092 49 517 849

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 240 730 160 184 160 117 Accumulation shares (shares B) 381 647 400 538 386 674

Net assets 51 616 504 48 456 092 49 517 849

NAV per share Distribution shares (shares A) 78.51 79.26 81.58 Accumulation shares (shares B) 85.72 89.28 94.28 Dividend for preceding business year 1.25 2.50 2.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.41 % for share category A and 1.41 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MIEC - 1 MI-FONDS ECO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

4807.000 % DENMARK 9515/11/07 111 191 0.23 % TOTAL INVESTMENTS 45 663 544 92.22% 3006.000 % DENMARK 9815/11/09 71 729 0.14 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE 45 663 544 92.22% SEK 198 999 0.40%

Bonds 25 757 693 52.02% 4004.500 % SWEDEN 0412/08/15 74 184 0.15 % 2006.500 % SWEDEN 9625/10/06 34 823 0.07 % CHF 20 655 165 41.71% 5005.000 % SWEDEN 9828/01/09 89 992 0.18 %

5003.000 % ALLIANZ FINANCE 9926/08/05 501 500 1.01 % Shares 19 890 695 40.17% 1 3003.250 % AUSTRIA 9827/01/06 1 317 810 2.66 % 1 000 4.000 % BAYERISCHE HYPO- UND United States 9 927 529 20.05% VEREINSBANK 99 14/10/09 1 098 750 2.22 % 3 000ACTIVE POWER INC12 491 0.03 % 8004.250 % BAYERISCHE VEREINSBANK 9721/02/07 841 000 1.70 % 1 300ADVANCED MICRO DEVICES INC.28 879 0.06 % 5003.000 % CITIGROUP INC. 0417/12/14 523 500 1.06 % 1 200AETNA INC.127 321 0.26 % 1 3003.750 % COPENHAGEN 0014/03/08 1 392 300 2.81 % 1 000AGILENT TECHNOLOGIES INC.29 491 0.06 % 1 3003.000 % DEUTSCHE BAHN 0216/12/08 1 371 663 2.77 % 2 900ANHEUSER-BUSCH INC.169 970 0.34 % 1 3005.125 % HOLCIM CAP 9512/10/05 1 314 690 2.65 % 1 500AT &T CORP.36 588 0.07 % 1 000 3.000 % KFW INTERNATIONAL FINANCE 99 04/12/09 1 072 625 2.17 % 1 900AVON PRODUCTS INC.92 130 0.19 % 1 0003.000 % KOMMUNALKREDIT AUSTRIA 0420/02/14 1 069 500 2.16 % 15 100BANK OF AMERICA CORP.882 308 1.78 % 500 2.000 % LANDESBANK BADEN- 2 000BAXTER INTERNATIONAL INC.95 058 0.19 % WUERTTEMBERG 03 18/06/10 511 250 1.03 % 7 850BRISTOL MYERS SQUIBB* 251 215 0.51 % LANDESBANK BADEN- 620 2.750 % 10 000CAPSTONE TURBINE CORP16 270 0.03 % WUERTTEMBERG 98 14/12/05 625 332 1.26 % 20 000CITIGROUP INC.* 1 184 504 2.38 % 500 2.750 % NV BANK NEDERLANDSE GEMEENTEN 03 03/07/15 525 246 1.06 % 8 000DELL INC.404 930 0.82 % 1 0003.375 % NWB 0227/08/12 1 101 333 2.22 % 500DOW JONES & CO INC.22 708 0.05 % 2704.250 % RABOBANK 0014/09/12 314 854 0.64 % 3 600FANNIE MAE269 339 0.54 % 2 1003.250 % RESEAU FERRE FRANCE 9812/09/08 2 239 650 4.52 % 500FREESCALE SEMICONDUCTOR -B-13 567 0.03 % 8003.250 % RFF 9901/06/11 874 500 1.77 % 1 000FUELCELL ENERGY INC.13 080 0.03 % 1 600 3.625 % SCHIENENINFRASTRUKTURFIN 3 000GAP INC.75 905 0.15 % ANZIERUNGSGESELLSCHAFT 1 000GENERAL MILLS INC.59 943 0.12 % MBH 97 23/07/07 1 688 000 3.41 % 3 300GILLETTE CO.214 045 0.43 % 1 1004.500 % SNCF 9604/10/06 1 151 810 2.33 % 300HERMAN MILLER INC.11 853 0.02 % 4004.000 % SWEDEN 9731/01/07 419 600 0.85 % 10 536HEWLETT-PACKARD CO.* 317 330 0.64 % 7003.375 % UNILEVER 0111/07/05 700 252 1.41 % 8 000HOME DEPOT INC.398 678 0.81 % EUR 3 797 601 7.67% 6 500IBM CORP.617 875 1.25 % 2505.000 % AUSTRIA 9815/01/08 415 108 0.84 % 23 000INTEL CORP.767 866 1.55 % 6004.125 % AUSTRIA 9915/01/14 1 009 149 2.03 % 11 200JOHNSON & JOHNSON* 932 641 1.88 % 4006.750 % NETHERLANDS 95* 15/11/05 630 702 1.27 % 1 600MATTEL INC.37 511 0.08 % 1506.000 % NETHERLANDS 9615/01/06 237 443 0.48 % 4 300MEDTRONIC INC.285 297 0.58 % 1805.500 % NETHERLANDS 9815/01/28 359 167 0.73 % 100MOLSON COORS BREW.-B-/NON-VOT7 943 0.02 % 3005.750 % NETHERLANDS 97 15/02/07 492 798 1.00 % 8 800MOTOROLA INC.205 857 0.42 % 4003.750 % NETHERLANDS 99 15/07/09 653 234 1.32 % 1 200PITNEY BOWES INC.66 950 0.14 % 2 000PLUG POWER INC.17 551 0.04 % USD 518 824 1.05% 9 400PROCTER & GAMBLE CO.635 234 1.28 % 2405.250 % AUSTRIA 9905/10/09 323 755 0.66 % 500ROCKWELL AUTOMATION31 201 0.06 % 1505.000 % GILLETTE CO 9821/12/06 195 069 0.39 % 700ROHM & HAAS CO41 556 0.08 % 1 600SLM CORP.104 128 0.21 % GBP 344 151 0.70% 1 600STARBUCKS CORP.105 891 0.21 % 50 5.500 % KFW INTERNATIONAL FINANCE 6 600TEXAS INSTRUMENTS INC.237 339 0.48 % 01 07/12/15 124 749 0.25 % 4 600UNITEDHEALTH GROUP INC.307 264 0.62 % 907.750 % LLOYDS BANK 9718/06/07 219 402 0.45 % 10 500VERIZON COMMUNICATIONS INC.464 751 0.94 % DKK 242 953 0.49% 200WHOLE FOODS MARKET INC.30 311 0.06 % 2505.000 % DENMARK 0215/11/13 60 033 0.12 % 1 000WILD OATS MARKETS INC.14 669 0.03 %

MIEC - 2 MI-FONDS ECO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

3 200XEROX CORP.56 532 0.11 % 700KYOCERA CORP.68 628 0.14 % 2 5003M CO.231 559 0.47 % 7%MILLEA HOLDINGS INC.120 584 0.24 3 000MITSUBISHI ESTATE CO. LTD42 349 0.09 % Great Britain 2 662 873 5.38% 7 000NEC CORP.48 557 0.10 % 8 692AVIVA PLC124 148 0.25 % 6 000NIKKO CORDIAL CORP.33 851 0.07 % 25 000BARCLAYS PLC318 900 0.64 % 20NIPPON TELEGRAPH & TELEPHONE CORP.109 832 0.22 % 13 500BG GROUP PLC142 291 0.29 % 3 000NORITAKE CO LTD16 718 0.03 % 2 000BODY SHOP INTL PLC10 517 0.02 % 70NTT DOCOMO INC.132 723 0.27 % 2 000BRITISH LAND40 231 0.08 % 1 000OLYMPUS CORP.24 625 0.05 % 5 000BRITISH SKY BROADCASTING GROUP PLC60 565 0.12 % 3 000RICOH CO. LTD60 107 0.12 % 33 383BT GROUP PLC176 313 0.36 % 1 000SEVEN ELEVEN JAPAN CO. LTD35 609 0.07 % 8 000CADBURY BEVERAGES CANADA INC.97 915 0.20 % 3 000SHISEIDO CO. LTD48 557 0.10 % 4 000EMI GROUP PLC23 330 0.05 % 3 000SOMPO JAPAN INSURANCE INC.38 846 0.08 % 1 000FIRSTGROUP PLC7 561 0.02 % 3 700SONY CORP.163 407 0.33 % 10 000FRIENDS PROVIDENT PLC41 793 0.08 % 3 000SUMITOMO ELECTRIC INDUSTRIES39 401 0.08 % 22 063GLAXOSMITHKLINE PLC684 462 1.39 % 20SUMITOMO MITSUI FINANCIAL GR.173 418 0.35 % 1 000HAMMERSON20 426 0.04 % 4 000TEIJIN LTD23 816 0.05 % 10 000ITV PLC28 245 0.06 % 1 000TERUMO CORP.36 996 0.07 % 1 000JOHNSON MATTHEY PLC24 502 0.05 % 10WEST JAPAN RAILWAY CO.43 933 0.09 % 5 687J.SAINSBURY PLC37 251 0.08 % 2 000YOKOGAWA ELECTRIC CORP.31 701 0.06 % 2 000KELDA GROUP PLC32 079 0.06 % 10 038KINGFISHER PLC56 704 0.11 % Germany 962 824 1.94% 1 000LAND SECURITIES GROUP PLC31 919 0.06 % 150ADIDAS-SALOMON AG32 224 0.07 % 25 000LEGAL & GENERAL GROUP PLC66 019 0.13 % 1 451ALLIANZ AG213 725 0.43 % 20 400LLOYDS TSB GROUP PLC221 575 0.45 % 2 000BAYERISCHE HYPO & VEREINSBANK AG66 722 0.13 % 6 000MARKS AND SPENCER49 669 0.10 % 74BEIERSDORF AG10 645 0.02 % 2 500MITCHELLS & BUTLERS PLC19 189 0.04 % 600CONTINENTAL AG55 453 0.11 % 1 310NEW INTERCONTINENTAL HOTELS GR21 193 0.04 % 9 500DEUTSCHE TELEKOM AG225 434 0.45 % 30 000O2 PLC93 862 0.19 % 200HEIDELBERGER DRUCKMASCHINEN AG7 507 0.02 % 2 000PEARSON PLC30 196 0.06 % 200HENKEL KGAA, VORZ.22 960 0.05 % 4 000PILKINGTON PLC10 999 0.02 % 750HYPO REAL ESTATE HOLDING AG36 630 0.07 % 6 000RENTOKIL INITIAL PLC22 010 0.04 % 750SAP AG167 516 0.34 % 2 500REXAM PLC27 656 0.06 % 600SGL CARBON AG9 836 0.02 % 3 200SABMILLER PLC64 039 0.13 % 1 000SOLAR-FABRIK AG16 021 0.03 % 1 200SEVERN TRENT PLC28 024 0.06 % 150SOLARWORLD AG BONN16 867 0.03 % 1 500SMITH & NEPHEW PLC18 979 0.04 % 300SOLON AG13 377 0.03 % 2 000UNITED UTILITIES PLC30 311 0.06 % 800SUNWAYS AG KOBLENZ17 842 0.04 % 2 000T-ONLINE INTERNATIONAL AG26 056 0.05 % Japan 2 188 790 4.42% 400VOSSLOH AG24 009 0.05 % 4 000AEON CO LTD78 200 0.16 % 2 700ASAHI BREWERIES* 41 267 0.08 % Netherlands 877 267 1.77% 3 000CANON INC.202 552 0.40 % 6 512ABN AMRO HOLDING NV205 533 0.42 % 3 000DAI NIPPON PRINTING CO. LTD61 980 0.13 % 2 500ELSEVIER NV44 668 0.09 % 4 000DAIWA SECURITIES GROUP INC.31 724 0.06 % 7 260ING GROEP NV263 145 0.52 % 2 000DENSO CORP.58 384 0.12 % 4 824ROYAL PHILIPS ELECTRONICS NV156 371 0.32 % 15EAST JAPAN RAILWAY CO.98 849 0.20 % 2 000STMICROELECTRONICS NV41 132 0.08 % 3 000EBARA CORP.14 810 0.03 % 2 000UNILEVER NV166 418 0.34 % 1 000EISAI CO. LTD43 123 0.09 % Switzerland 795 111 1.61% 2 000FUJI PHOTO FILM CO. LTD82 547 0.17 % 8 000FUJITSU LTD53 829 0.11 % 100AGIE CHARMILLES HOLDING10 430 0.02 % 1 500ITO-YOKADO CO. LTD63 818 0.13 % 400CIBA SPEZ CHEMIE HOLDING29 880 0.06 % 3 000KONICA MINOLTA HOLDINGS INC35 932 0.07 % 30ENERGIEDIENST HOLDING12 450 0.03 % 4 000KUBOTA CORP.28 117 0.06 % 25FISCHER GEORG AG9 800 0.02 %

MIEC - 3 MI-FONDS ECO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

20GEBERIT AG16 400 0.03 % 1 300L'OREAL119 664 0.24 % 700HOLCIM LTD54 600 0.11 % Denmark 99 580 0.20% 50LEICA GEOSYSTEMS AG23 350 0.05 % 1%LINDT & SPRUENGLI19 645 0.04 1 200NOVO-NORDISK AS78 299 0.16 % 50RAETIA ENERGIE/PARTIZIPSCH.14 325 0.03 % 1 000VESTAS WIND SYSTEMS AS21 281 0.04 % 25SCHINDLER HOLDING11 575 0.02 % Belgium 75 749 0.15% 1 200 SCHWEIZERISCHE RÜCKVERSICHERUNGSGESELLSCHAFT 94 560 0.19 % 200BEKAERT SA19 263 0.04 % 30SERONO SA24 570 0.05 % 2 000DEXIA SA56 486 0.11 % 360SEZ HOLDING AG11 196 0.02 % Spain 53 241 0.11% 30SIKA SA23 985 0.05 % 400AGUAS DE BARCELONA11 055 0.02 % 25SULZER AG13 225 0.03 % 1 000GAMESA CORP. TECNOLOGICA SA17 386 0.04 % 60SWISSCOM25 080 0.05 % 300GRUPO FERROVIAL SA24 800 0.05 % 3 830UBS AG383 000 0.78 % 20VETROPACK HOLDING AG-BEARER17 040 0.03 % Italy 42 120 0.09%

Canada 677 325 1.37% 4 000MONTE DEI PASCHI DI SIENA* 18 100 0.04 % 3 500SNAM RETE GAS SPA24 020 0.05 % 1 000BALLARD POWER SYSTEMS INC5 962 0.01 % 3 500BCE INC.* 106 166 0.22 % Norway 12 698 0.03% 1 200CANADIAN IMPERIAL BANK OF COMMERCE95 129 0.19 % 2 400TOMRA SYSTEMS ASA12 698 0.03 % 900CANADIAN NATIONAL RAILWAY CO.66 536 0.13 % 900CANADIAN PACIFIC RAILWAY39 905 0.08 % Investment funds 15 156 0.03% 2 000DOMTAR INC.18 953 0.04 % Australia 15 156 0.03% 2 000HYDROGENICS CORP.9 121 0.02 % 18 000NORTEL NETWORKS CO.60 059 0.12 % 8 000INVESTA PROPERTY GROUP15 156 0.03 % 400POTASH CORP SASKATCHEWAN48 930 0.10 % 2 400ROYAL BANK OF CANADA190 533 0.39 % 800TELUS CORP.36 031 0.07 %

Sweden 461 971 0.93% 500AXFOOD16 077 0.03 % 1 500ELECTROLUX AB -B-40 973 0.08 % 56 000ERICSSON AB -B-230 596 0.47 % 2 000HENNES & MAURITZ AB90 230 0.18 % 600HOLMEN AB -B-20 769 0.04 % 1 700SKF AB -B-22 312 0.05 % 1 000SVENSKA CELLUL. -B-41 014 0.08 %

Finland 371 329 0.75% 700KEMIRA OYJ11 552 0.02 % 500KESKO OYJ16 084 0.03 % 16 000NOKIA OYJ343 693 0.70 %

Australia 363 802 0.73% 4 000BRAMBLES INDUSTRIES31 913 0.06 % 6 000NATIONAL AUSTRALIA BANK LTD180 225 0.36 % 2 000PACIFIC HYDRO LTD9 785 0.02 % 9 000TELSTRA CORPORATION LTD44 471 0.09 % 5 000WESTPAC BANKING CORP.97 408 0.20 %

France 318 486 0.64% 600ACCOR SA36 079 0.07 % 780GROUPE DANONE87 949 0.18 % 640LAFARGE SA74 794 0.15 % * wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 94 668 586 Income from investment 3 761 666 (Cost: 93 056 865) Bank interest 130 721 Cash at banks 5 661 152 Other Income 4 934 Due from brokers 910 490 Total Income 3 897 321 Subscritpions receivable 47 480 Dividends and interest 1 330 788 Other assets 11 888 Expenses Total Assets 102 630 384 Administration fees 1 270 031 Custodian fees and charges 45 058 Liabilities "Taxe d'abonnement" and other taxes 50 130 Bank interest 213 Due to brokers 67 416 Other expenses* 33 808 Payable for redemptions 223 145 Net income equalization 86 488 Administration fees due 53 825 "Taxe d'abonnement" due 12 754 Total Expenses 1 485 728 Other liabilities 11 806 Net gain/Net loss 2 411 593 Total Liabilities 368 946 Net realised gain/loss on: Net assets 102 261 438 - Securities -1 620 293 - Foreign currencies -40 234 Net realised gain/Net realised loss 751 066 Net change in unrealised appreciation/depreciation on: - Securities 9 346 695 Total gain/Total loss 10 097 761

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 109 088 348 100 679 919 Total gain/Total loss 6 215 511 10 097 761 Net subscriptions/redemptions -13 157 878 -7 585 001 Dividends distributed -1 466 062 -931 241

Net assets at the end of the business year 100 679 919 102 261 438

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Distribution shares (shares A) 454 930 352 406 316 385 Accumulation shares (shares B) 633 313 599 097 563 200

Net assets 109 088 348 100 679 919 102 261 438

NAV per share Distribution shares (shares A) 93.28 95.69 102.96 Accumulation shares (shares B) 105.24 111.77 123.73 Dividend for preceding business year 1.50 3.25 2.75

* See page 10. The TER (Total Expense Ratio) amounts to 1.40 % for share category A and 1.40 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MI40 - 1 MI-FONDS EURO 40

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in EUR Assets Nominal (in EUR Assets 1000) 1000)

145 600SHELL TRANSPORT & TRADING CO PLC1 170 010 1.14 % TOTAL INVESTMENTS 94 668 586 92.58% 117 700TESCO PLC555 463 0.54 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 743 000VODAFONE GROUP PLC1 496 084 1.46 % STOCK EXCHANGE 94 344 213 92.26% 161 660VODAFONE GROUP PLC326 553 0.32 % Bonds 53 070 679 51.90% Switzerland 5 803 430 5.68% EUR 53 070 679 51.90% 18 920CREDIT SUISSE GROUP616 653 0.60 % 307 6.125 % DEUTSCHE AUSGLEICHSBANK 6 280NESTLE SA1 328 103 1.30 % 96 08/11/06 323 163 0.32 % 37 700NOVARTIS AG1 483 971 1.46 % 3 0005.000 % DEUTSCHLAND 02* 04/01/12 3 398 824 3.31 % 10 600ROCHE HOLDINGS AG1 108 549 1.08 % 1 0004.000 % DEUTSCHLAND 05* 04/01/37 1 064 636 1.04 % 5 200 SCHWEIZERISCHE 1 9086.000 % DEUTSCHLAND 86* 20/06/16 2 400 461 2.35 % RÜCKVERSICHERUNGSGESELLSCHAFT 264 197 0.26 % 5816.250 % DEUTSCHLAND 94 04/01/24 794 889 0.78 % 15 540UBS AG1 001 957 0.98 % 1 7146.500 % DEUTSCHLAND 95 14/10/05 1 734 186 1.70 % Germany 4 555 018 4.45% 2 3586.250 % DEUTSCHLAND 96* 26/04/06 2 437 846 2.38 % 5 438ALLIANZ AG516 447 0.51 % 2 5716.000 % DEUTSCHLAND 97* 04/07/07 2 769 850 2.71 % 8 600BASF AG473 000 0.46 % 5565.625 % DEUTSCHLAND 98* 04/01/28 725 340 0.71 % 12 865DAIMLERCHRYSLER AG432 007 0.42 % 1 5005.375 % DEUTSCHLAND 9904/01/10 1 685 235 1.65 % 7 800DEUTSCHE BANK AG504 738 0.49 % 3365.000 % FINNLAND 9825/04/09 368 899 0.36 % 39 450DEUTSCHE TELEKOM AG* 603 585 0.59 % 2 4815.500 % FRANCE OAT 9825/04/29 3 209 922 3.14 % 10 400E.ON AKTIENGESELLSCHAFT766 272 0.75 % 2 0005.000 % FRANCE 0125/10/11 2 264 138 2.21 % 3 400SAP AG489 634 0.48 % 1 3004.750 % FRANCE 01 OAT25/10/12 1 461 487 1.43 % 12 750SIEMENS AG769 335 0.75 % 8004.000 % FRANCE 03 OAT25/10/14 858 641 0.84 % 1 6626.000 % FRANCE 94* 25/10/25 2 238 424 2.19 % France 4 542 385 4.44% 4006.500 % FRANCE 95 OAT25/04/11 482 675 0.47 % 23 600AXA* 487 812 0.48 % 3 0005.500 % FRANCE 97 OAT* 25/10/07 3 230 583 3.16 % 12 450BNP PARIBAS705 915 0.69 % 4 7004.000 % FRANCE 98 OAT* 25/04/09 4 987 084 4.87 % 9 330CARREFOUR SUPERMARCHE SA374 133 0.37 % 1 5005.250 % FRANCE OAT 9825/04/08 1 625 408 1.59 % 4 900L'OREAL290 815 0.28 % 1 0004.600 % IRELAND 9918/04/16 1 130 129 1.11 % 1 000SANOFI AVENTIS67 900 0.07 % 1 5004.250 % NETHERLANDS 03* 15/07/13 1 637 010 1.60 % 6 800SOCIETE GENERALE DE PARIS572 220 0.56 % 2 7506.750 % NETHERLANDS 95* 15/11/05 2 795 731 2.73 % 14 100SUEZ316 263 0.31 % 1 0005.500 % NETHERLANDS 98 15/01/28 1 286 537 1.26 % 8 890TOTAL FINA ELF SA* 1 727 327 1.68 % 2 0635.250 % NETHERLANDS 98* 15/07/08 2 246 084 2.20 % 1 3295.375 % PORTUGAL 9823/06/08 1 449 709 1.42 % Netherlands 3 873 081 3.79% 3666.625 % SPAIN 9631/07/06 383 518 0.38 % 27 569ABN AMRO HOLDING NV561 029 0.55 % 1 4216.150 % SPAIN 9731/01/13 1 733 510 1.70 % 30 600ING GROEP NV715 122 0.70 % 2 2004.000 % SPAIN 9931/01/10 2 346 760 2.29 % 31 500ROYAL DUTCH PETROLEUM CO.1 701 000 1.67 % 20 278ROYAL PHILIPS ELECTRONICS NV423 810 0.41 % Shares 41 273 534 40.36% 8 800UNILEVER NV* 472 120 0.46 %

Great Britain 16 349 751 15.98% Spain 2 531 725 2.48% 23 200ANGLO AMERICAN PLC449 631 0.44 % 52 800BANCO BILBAO VIZCAYA ARGENTARIA SA673 728 0.66 % 23 900ASTRAZENECA PLC817 761 0.80 % 94 400BANCO SANTANDER CENTRAL HISPANO SA* 905 296 0.89 % 36 914AVIVA PLC339 946 0.33 % 70 362TELEFONICA SA952 701 0.93 % 97 900BARCLAYS PLC805 184 0.79 % 321 800BP AMOCO PLC2 768 156 2.71 % Italy 1 645 358 1.61% 131 000BT GROUP PLC446 095 0.44 % 17 050ASSICURAZIONI GENERALI SPA439 890 0.43 % 44 800DIAGEO PLC545 891 0.53 % 39 800ENI SPA* 848 138 0.83 % 88 846GLAXOSMITHKLINE PLC1 777 140 1.74 % 138 500TELECOM ITALIA SPA357 330 0.35 % 58 568HBOS PLC746 173 0.73 % Finland 923 795 0.90% 169 420HSBC HOLDINGS PLC2 232 457 2.18 % 90 200LLOYDS TSB GROUP PLC631 678 0.62 % 66 700NOKIA OYJ923 795 0.90 % 49 736ROYAL BANK OF SCOTLAND GROUP PLC1 241 529 1.21 %

MI40 - 2 MI-FONDS EURO 40

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in EUR Assets 1000)

Sweden 610 646 0.60% 230 000ERICSSON AB -B-610 646 0.60 %

Belgium 438 345 0.43% 19 100FORTIS SA438 345 0.43 % TRANSFERABLE SECURITIES NEGOTIATED ON ANOTHER REGULATED MARKET 324 373 0.32%

Bonds 324 373 0.32%

EUR 324 373 0.32% 301 6.200 % DEUTSCHE AUSGLEICHSBANK 97 24/07/07 324 373 0.32 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 44 740 025 Income from investment 1 214 544 (Cost: 42 836 466) Bank interest 4 840 Cash at banks 436 278 Other Income 2 515 Subscritpions receivable 58 824 Total Income 1 221 899 Dividends and interest 78 374 Other assets 24 035 Expenses Total Assets 45 337 536 Administration fees 574 773 Liabilities Custodian fees and charges 21 133 "Taxe d'abonnement" and other taxes 15 930 Payable for redemptions 35 492 Bank interest 79 Administration fees due 25 685 Other expenses* 16 398 "Taxe d'abonnement" due 5 652 Net income equalization 4 851 Other liabilities 334 Total Expenses 633 164 Total Liabilities 67 163 Net assets 45 270 373 Net gain/Net loss 588 735 Net realised gain/loss on: - Securities -351 405 - Foreign currencies -27 516 Net realised gain/Net realised loss 209 814 Net change in unrealised appreciation/depreciation on: - Securities 6 348 502 Total gain/Total loss 6 558 316

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 40 894 085 39 990 909 Total gain/Total loss 4 358 085 6 558 316 Net subscriptions/redemptions -4 320 565 -448 658 Dividends distributed -940 696 -830 194

Net assets at the end of the business year 39 990 909 45 270 373

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 482 900 415 073 407 919 Accumulation shares (shares B) 51 073 65 863 67 977

Net assets 40 894 085 39 990 909 45 270 373

NAV per share Distribution shares (shares A) 76.58 82.87 94.46 Accumulation shares (shares B) 76.58 84.93 99.13 Dividend for preceding business year - 2.00 2.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.50 % for share category A and 1.50 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MIES - 1 MI-FONDS EuropeStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

TOTAL INVESTMENTS 44 740 025 98.83% Netherlands 4 028 538 8.90% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 18 050ABN AMRO HOLDING NV569 696 1.26 % STOCK EXCHANGE 44 740 025 98.83% 21 125ING GROEP NV765 697 1.69 % Shares 44 740 025 98.83% 22 950ROYAL DUTCH PETROLEUM CO.1 922 110 4.24 % 13 775ROYAL PHILIPS ELECTRONICS NV446 519 0.99 % Great Britain 17 995 390 39.75% 3 900UNILEVER NV324 516 0.72 %

16 100ANGLO AMERICAN PLC483 945 1.07 % Spain 2 744 393 6.06% 17 550ASTRAZENECA PLC931 338 2.06 % 37 050BANCO BILBAO VIZCAYA ARGENTARIA SA733 231 1.62 % 25 500AVIVA PLC364 217 0.80 % 64 000BANCO SANTANDER CENTRAL HISPANO SA* 951 920 2.10 % 69 875BARCLAYS PLC891 325 1.97 % 50 440TELEFONICA SA1 059 242 2.34 % 230 000BP AMOCO PLC3 068 555 6.77 % 87 300BT GROUP PLC461 076 1.02 % Italy 1 781 576 3.94% 32 900DIAGEO PLC621 764 1.37 % 12 500ASSICURAZIONI GENERALI SPA500 186 1.10 % 63 700GLAXOSMITHKLINE PLC1 976 173 4.37 % 27 450ENI SPA* 907 251 2.01 % 41 400HBOS PLC818 053 1.81 % 93 500TELECOM ITALIA SPA374 139 0.83 % 119 350HSBC HOLDINGS PLC2 439 172 5.39 % 56 400LLOYDS TSB GROUP PLC612 591 1.35 % Finland 1 083 172 2.39% 34 150ROYAL BANK OF SCOTLAND GROUP PLC1 322 143 2.92 % 50 425NOKIA OYJ1 083 172 2.39 % 107 000SHELL TRANSPORT & TRADING CO PLC1 333 564 2.95 % Sweden 651 845 1.44% 82 400TESCO PLC603 125 1.33 % 662 300VODAFONE GROUP PLC2 068 349 4.57 % 158 300ERICSSON AB -B-651 845 1.44 %

Switzerland 6 278 650 13.87% Belgium 478 748 1.06% 10 900CREDIT SUISSE GROUP550 995 1.22 % 13 450FORTIS SA478 748 1.06 % 4 350NESTLE SA1 426 800 3.15 % 27 100NOVARTIS AG1 654 455 3.65 % 7 600ROCHE HOLDINGS AG1 232 720 2.72 % 3 600 SCHWEIZERISCHE RÜCKVERSICHERUNGSGESELLSCHAFT 283 680 0.63 % 11 300UBS AG1 130 000 2.50 %

Germany 5 264 273 11.63% 3 800ALLIANZ AG559 721 1.24 % 5 900BASF AG503 288 1.11 % 33 000CURANUM AG212 405 0.47 % 8 650DAIMLERCHRYSLER AG450 504 1.00 % 6 000DEUTSCHE BANK AG602 177 1.33 % 28 250DEUTSCHE TELEKOM AG670 365 1.48 % 5 475E.ON AKTIENGESELLSCHAFT625 656 1.38 % 13 000PFLEIDERER AG288 324 0.64 % 2 250SAP AG502 547 1.11 % 9 075SIEMENS AG849 286 1.87 %

France 4 433 440 9.79% 16 000AXA512 935 1.13 % 9 000BNP PARIBAS791 457 1.75 % 3 200L'OREAL294 559 0.65 % 4 775SOCIETE GENERALE DE PARIS623 203 1.38 % 6 825SUEZ237 429 0.52 % 6 550TOTAL FINA ELF SA1 973 857 4.36 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 325 138 698 Income from investment 14 902 226 (Cost: 312 709 176) Bank interest 238 138 Cash at banks 10 782 201 Other Income 9 840 Subscritpions receivable 858 726 Net income equalization 734 110 Dividends and interest 7 511 840 Total Income 15 884 314 Other assets 13 679 Total Assets 344 305 144 Expenses

Liabilities Administration fees 3 268 216 Custodian fees and charges 130 522 Payable for redemptions 315 235 "Taxe d'abonnement" and other taxes 155 766 Administration fees due 153 174 Bank interest 2 166 "Taxe d'abonnement due" 42 690 Other expenses* 93 286 Other liabilities 45 656 Total Expenses 3 649 956 Total Liabilities 556 755 Net assets 343 748 389 Net gain/Net loss 12 234 358 Net realised gain/loss on: - Securities -3 761 961 - Foreign currencies -260 666 Net realised gain/Net realised loss 8 211 731 Net change in unrealised appreciation/depreciation on: - Securities 25 287 348 Total gain/Total loss 33 499 079

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 340 384 324 283 806 057 Total gain/Total loss -10 690 047 33 499 079 Net subscriptions/redemptions -39 082 419 31 094 568 Dividends distributed -6 805 801 -4 651 315

Net assets at the end of the business year 283 806 057 343 748 389

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 1 674 284 1 185 231 1 360 712 Accumulation shares (shares B) 1 265 282 1 318 895 1 428 190

Net assets 340 384 324 283 806 057 343 748 389

NAV per share Distribution shares (shares A) 102.92 95.93 102.32 Accumulation shares (shares B) 132.83 128.98 143.20 Dividend for preceding business year 2.00 4.09 3.86

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

2 0003.875 % CSFB USA 0315/01/09 2 533 882 0.74 % TOTAL INVESTMENTS 325 138 698 94.59% 2 0003.875 % EKSPORTFINANS 02* 05/11/07 2 558 534 0.74 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 1 500 5.750 % GENERAL ELECTRIC CAPITAL STOCK EXCHANGE 306 647 415 89.21% CORP. 98 22/09/08 2 021 630 0.59 % Bonds 306 647 415 89.21% 1 2505.000 % GILLETTE CO 9821/12/06 1 625 576 0.47 % 1 2505.500 % ING VERZEKERING 0105/09/06 1 629 716 0.47 % EUR 148 798 909 43.28% 2 0006.000 % JAPAN FINANCE 9907/05/09 2 739 313 0.80 % 3 0005.250 % AUSTRIA 0104/01/11 5 276 652 1.54 % 6007.375 % NATL WESTMSTR BK 9901/10/09 859 995 0.25 % 1 500 6.500 % OESTERREICHISCHE 3 5003.500 % AUSTRIA 0515/07/15 5 585 833 1.62 % KONTROLLBANK 96 11/12/06 1 991 997 0.58 % 1 0005.625 % BEI 0015/10/10 1 781 190 0.52 % 1 0507.125 % PRUDENTIAL CORP 9516/08/05 1 349 981 0.39 % 1 5877.500 % BELGIUM 93 OLO29/07/08 2 842 297 0.83 % 2 0006.250 % SINGAPORE TELE 0806/09/08 2 710 899 0.79 % 2 6285.750 % BELGIUM 97 OLO28/03/08 4 461 870 1.30 % 1 2007.000 % TOTAL FINA ELF 0005/10/05 1 549 629 0.45 % 2 5005.000 % DEUTSCHLAND 01* 04/07/11 4 373 235 1.27 % 2 8007.000 % TOYOTA MOTOR CREDIT 9711/06/07 3 790 673 1.10 % 4 0005.000 % DEUTSCHLAND 02* 04/01/12 7 028 606 2.04 % 2 0005.750 % USA TSY 00 15/08/10 2 803 208 0.82 % 1 0004.000 % DEUTSCHLAND 05* 04/01/37 1 651 212 0.48 % 1 5004.250 % USA TSY 04 15/11/14 1 971 493 0.57 % 2 9136.000 % DEUTSCHLAND 86* 20/06/16 5 684 007 1.65 % 2 5005.500 % USA TSY 98* 15/08/28 3 787 753 1.10 % 4 6165.625 % DEUTSCHLAND 98* 04/01/28 9 346 115 2.73 % 3 0005.000 % USA 01* 15/02/11 4 088 310 1.20 % 2 5004.750 % DEUTSCHLAND 98* 04/07/08 4 162 598 1.21 % 1 3004.000 % USA 02* 15/11/12 1 687 289 0.49 % 2 0004.500 % DEUTSCHLAND 99* 04/07/09 3 352 799 0.98 % 2 2004.875 % USA 02* 15/02/12 2 995 453 0.87 % 1 5003.875 % DIAGEO 03* 06/01/09 2 426 899 0.71 % 4 1007.250 % USA 86* 15/05/16 6 740 449 1.97 % 1 000 5.750 % E ON INTERNATIONAL FINANCE BV 02 29/05/09 1 733 350 0.50 % 2 0007.125 % USA 9315/02/23 3 474 184 1.01 % 9778.500 % FRANCE OAT 9225/10/08 1 815 405 0.53 % 1 3006.000 % USA 96* 15/02/26 2 059 929 0.60 % 1 0005.000 % FRANCE 0125/10/11 1 755 798 0.51 % 1 1007.000 % WACHOVIA BANK 9617/10/08 1 523 075 0.44 % 3 8004.750 % FRANCE 01 OAT25/10/12 6 625 778 1.93 % 1 0006.875 % WAL-MART STORES INC. 9910/08/09 1 412 354 0.41 % 3 0004.000 % FRANCE 03 OAT25/10/14 4 993 952 1.45 % GBP 25 707 225 7.48% 3 1326.000 % FRANCE 9425/10/25 6 544 872 1.90 % 8005.375 % BEI 9807/06/21 2 028 543 0.59 % 2 5006.500 % FRANCE 95 OAT25/04/11 4 678 826 1.36 % 600 6.250 % GENERAL ELECTRIC CAPITAL 1 2505.500 % FRANCE 97 OAT25/10/07 2 087 854 0.61 % CORP. 99 01/09/09 1 470 509 0.43 % 4 0004.000 % FRANCE 98 OAT* 25/04/09 6 582 800 1.92 % 7004.250 % GREAT BRITAIN 0007/06/32 1 620 198 0.47 % 1 2004.250 % FRANCE 03 OAT25/04/19 2 038 835 0.59 % 1 4005.000 % GREAT BRITAIN 0107/03/25 3 550 501 1.03 % 3 0005.000 % IRLAND 0218/04/13 5 326 540 1.55 % 9605.000 % GREAT BRITAIN 0107/03/12 2 317 562 0.67 % 3 2004.750 % ITALIEN 0023/01/06 5 034 934 1.46 % 7005.000 % GREAT BRITAIN 0207/03/08 1 647 338 0.48 % 1 5005.750 % ITALIEN 0125/07/16 2 831 750 0.82 % 5005.000 % GREAT BRITAIN 0207/09/14 1 221 152 0.36 % 1 2005.750 % ITALIEN 9710/07/07 1 992 690 0.58 % 6006.250 % GREAT BRITAIN 9425/11/10 1 522 408 0.44 % 5456.125 % ITALIEN 9729/05/12 1 013 557 0.29 % 6507.250 % GREAT BRITAIN 9707/12/07 1 602 718 0.47 % 2 0003.750 % NETHERLANDS 04* 15/07/14 3 267 117 0.95 % 6506.000 % GREAT BRITAIN 9807/12/28 1 890 141 0.55 % 1 0445.500 % NETHERLANDS 9815/01/28 2 082 560 0.61 % 3506.125 % HOUSEHOLD FINANCE 0322/01/10 850 287 0.25 % 1 1257.500 % NETHERLANDS 93 15/01/23 2 654 154 0.77 % 3309.000 % HSBC BANK 9523/11/05 769 053 0.22 % 1 0005.250 % NETHERLANDS 98* 15/07/08 1 688 587 0.49 % 400 5.500 % KFW INTERNATIONAL FINANCE 2 3005.850 % PORTUGAL OTS 0020/05/10 4 099 030 1.19 % 01 07/12/15 997 993 0.29 % 8695.625 % PORTUGAL 9703/04/07 1 428 005 0.42 % 7809.125 % LLOYDS TSB 96* 17/10/11 2 214 194 0.64 % 1 4525.500 % SIEMENS FINANCE 9712/03/07 2 375 024 0.69 % 3008.000 % NATIONAL GRID CO. 9629/03/06 705 320 0.21 % 2288.200 % SPAIN 9428/02/09 426 757 0.12 % 5209.375 % PRUDENTIAL FINANCE 8704/06/07 1 299 308 0.38 % 1 4336.625 % SPAIN 9631/07/06 2 329 722 0.68 % DKK 21 875 403 6.36% 1 5807.350 % SPAIN 9731/03/07 2 673 938 0.78 % 12 0004.000 % DENMARK 0115/08/08 2 632 852 0.77 % 1 1426.150 % SPAIN 9731/01/13 2 160 256 0.63 % 17 0005.000 % DENMARK 0215/11/13 4 082 230 1.19 % 2 0004.750 % SPAIN 98* 30/07/14 3 519 680 1.02 % 9 0004.000 % DENMARK 03* 15/11/15 2 021 313 0.59 % 3 0004.000 % SPAIN 9931/01/10 4 963 281 1.44 % 6 0004.000 % DENMARK 0415/11/10 1 340 596 0.39 % 1 0005.750 % SPANIEN 0130/07/32 2 100 544 0.61 % 13 4008.000 % DENMARK 9415/03/06 2 900 781 0.84 % USD 59 391 982 17.28% 5 8007.000 % DENMARK 9410/11/24 1 793 952 0.52 % 1 1506.875 % BBV INTERNATIONAL 9527/10/05 1 486 660 0.43 % 7 0007.000 % DENMARK 9515/11/07 1 621 535 0.47 %

MIB - 2 MI-FONDS INTERBOND

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

11 5006.000 % DENMARK 9815/11/09 2 749 620 0.80 % ITL 2 161 538 0.63% 11 0006.000 % DENMARK 9915/11/11 2 732 524 0.79 % 1 500 0007.375 % RABOBANK 9620/12/08 1 395 749 0.41 % SEK 15 714 003 4.57% 880 0006.500 % SUEDWESTLB 9706/08/07 765 789 0.22 % 12 5005.250 % SWEDEN 0015/03/11 2 344 941 0.69 % TRANSFERABLE SECURITIES NEGOTIATED ON 7 0005.500 % SWEDEN 0208/10/12 1 355 606 0.39 % ANOTHER REGULATED MARKET 18 491 283 5.38% 3 5005.000 % SWEDEN 0301/12/20 703 092 0.20 % Bonds 18 491 283 5.38% 10 0004.500 % SWEDEN 0412/08/15 1 854 601 0.54 % 4 3008.000 % SWEDEN 9515/08/07 794 979 0.23 % CAD 10 663 060 3.11% 5 2006.500 % SWEDEN 9625/10/06 905 397 0.26 % 1 0006.000 % CANADA 0001/06/11 1 187 398 0.35 % 15 7006.750 % SWEDEN 9705/05/14 3 343 996 0.98 % 1 6005.250 % CANADA 0101/06/12 1 843 702 0.54 % 6 0006.500 % SWEDEN 9705/05/08 1 105 942 0.32 % 5007.250 % CANADA 9601/06/07 565 649 0.16 % 10 5005.000 % SWEDEN 9828/01/09 1 889 840 0.55 % 1 8505.750 % CANADA 9801/06/29 2 374 187 0.70 % 8 5003.500 % SWEDEN 9820/04/06 1 415 609 0.41 % 1 7005.500 % CANADA 9801/06/09 1 932 728 0.56 % JPY 8 793 486 2.56% 6005.500 % CANADA 9901/06/10 689 998 0.20 % 70 0003.750 % AUSTRIA 9403/02/09 911 206 0.27 % 1 5005.000 % CANADA 0301/06/14 1 716 425 0.50 % 150 0001.400 % DBJ 0220/06/12 1 815 455 0.52 % 3007.000 % SWEDEN 9301/12/08 352 973 0.10 % 40 0001.650 % DEUTSCHE BAHN 0401/12/14 479 022 0.14 % AUD 6 131 119 1.78% 50 0001.750 % DSL 9907/10/09 614 479 0.18 % 1 400 6.000 % NEW SOUTH WALES TREASURY 60 0001.750 % FANNIE MAE 98* 26/03/08 724 996 0.21 % 01 01/05/12 1 418 072 0.41 % 40 0001.350 % JAPAN FINANCE 0326/11/13 478 580 0.14 % 1 4006.500 % NEW SOUTH WALES 9401/05/06 1 379 403 0.40 % 50 000 1.750 % KFW INTERNATIONAL FINANCE 7006.000 % QUEENSLAND TSY 0014/06/11 708 117 0.21 % INC. 00 23/03/10 617 025 0.18 % 7006.000 % QUEENSLAND TSY 0314/10/15 721 224 0.21 % 50 000 2.500 % NIPPON TELEGRAPH & TELEPHONE CORP. 97 25/07/07 605 950 0.18 % 1 9006.000 % QUEENSLAND TSY 9814/07/09 1 904 303 0.55 % 100 000 1.600 % PFANDBRIEF OES. LD- HYPOTHEKENBANK01 15/02/11 1 226 951 0.36 % USD 1 697 104 0.49% 110 0003.100 % SPAIN 9620/09/06 1 319 822 0.38 % 1 3005.125 % WELLS FARGO 0215/02/07 1 697 104 0.49 %

DEM 7 228 199 2.10% 1 800 6.250 % DEUTSCHE FLUGSICHERUNG 96 09/01/06 1 456 031 0.42 % 9006.000 % EUROFIMA BASEL 9611/12/06 752 007 0.22 % 4 0005.750 % EXP-IMP BK JAPAN 9710/12/07 3 429 587 1.00 % 2 0007.000 % TOKYO GAS CO 9527/07/05 1 590 574 0.46 %

NLG 5 903 498 1.72% 3 0007.500 % ABN AMRO BANK 9314/01/08 2 370 059 0.69 % 2 8506.250 % ASIAN DEVELOPMENT BANK 9601/03/06 2 058 703 0.60 % 2 0006.750 % FI MTG SECS 9624/07/06 1 474 736 0.43 %

CAD 5 724 462 1.67% 1 8007.250 % BRITISH COLUMBIA 9321/09/05 1 899 770 0.56 % 7507.875 % BRITISH COLUMBIA 9330/11/23 1 092 489 0.32 % 7507.250 % CANADA (CAYMAN) 9301/06/08 872 133 0.25 % 1 7005.100 % CANADA HOUSING 0215/09/07 1 860 070 0.54 %

AUD 5 348 710 1.56% 1 7005.000 % BNG 0316/07/10 1 620 799 0.47 % 1 0006.000 % EUROFIMA BASEL 0428/01/14 1 005 911 0.29 % 1 2006.375 % FNMA 9715/08/07 1 190 374 0.35 % 800 7.250 % KFW IINTERNATIONAL FINANCE 97 16/07/07 811 627 0.24 % 7107.500 % NEW SOUTH WALES TSY 9718/06/07 719 999 0.21 % * wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 142 258 358 Income from investment 2 851 463 (Cost: 150 509 806) Bank interest 30 254 Cash at banks 2 695 808 Other Income 25 114 Due from brokers 789 891 Total Income 2 906 831 Subscritpions receivable 67 262 Dividends and interest 146 435 Other assets 4 320 Expenses Total Assets 145 962 074 Administration fees 1 879 802 Custodian fees and charges 70 035 Liabilities "Taxe d'abonnement" and other taxes 69 247 Bank interest 1 400 Payable for redemptions 162 159 Other expenses* 43 200 Administration fees due 84 157 Net income equalization 7 182 "Taxe d'abonnement" due 18 194 Other liabilities 11 095 Total Expenses 2 070 866 Total Liabilities 275 605 Net gain/Net loss 835 965 Net assets 145 686 469 Net realised gain/loss on: - Securities -6 438 545 - Foreign currencies 30 727 Net realised gain/Net realised loss -5 571 853 Net change in unrealised appreciation/depreciation on: - Securities 21 115 571 Total gain/Total loss 15 543 718

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 116 802 596 136 089 202 Total gain/Total loss 19 916 804 15 543 718 Net subscriptions/redemptions -274 270 -5 629 442 Dividends distributed -355 928 -317 009

Net assets at the end of the business year 136 089 202 145 686 469

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 357 362 287 722 248 600 Accumulation shares (shares B) 1 128 567 1 186 989 1 164 095

Net assets 116 802 596 136 089 202 145 686 469

NAV per share Distribution shares (shares A) 70.58 81.50 89.77 Accumulation shares (shares B) 81.15 94.90 105.98 Dividend for preceding business year 0.75 1.00 1.10

* See page 10. The TER (Total Expense Ratio) amounts to 1.51 % for share category A and 1.51 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MIS - 1 MI-FONDS InterStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

4 680GROUPE DANONE527 694 0.36 % TOTAL INVESTMENTS 142 258 358 97.65% 3 155LAFARGE SA368 710 0.25 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 2 053L'AIR LIQUIDE* 448 644 0.31 % STOCK EXCHANGE 142 255 416 97.65% 6 550L'OREAL602 926 0.41 % Shares 115 119 948 79.03% 4 770LVHM MOET HENNESSY LOUIS VUITTON SA472 738 0.32 % 19 529SANOFI AVENTIS* 2 056 608 1.42 % United States 31 763 182 21.81% 8 360SOCIETE GENERALE DE PARIS1 091 094 0.75 % 18 400ALCOA INC.615 943 0.42 % 15 000SUEZ521 822 0.36 % 16 100ALTRIA GROUP1 333 659 0.92 % 11 565TOTAL FINA ELF SA3 485 138 2.40 % 18 450AMERICAN EXPRESS CO.* 1 258 160 0.86 % 20 110VIVENDI UNIVERSAL* 812 808 0.56 % 18 700AMERICAN INTERNATIONAL GROUP* 1 391 877 0.96 % 1 200VIVENDI UNIVERSAL, ADR48 164 0.03 % 18 300BOEING CO.1 547 313 1.06 % Great Britain 14 601 474 10.02% 16 820CATERPILLAR INC.2 053 751 1.41 % 17 650CITIGROUP INC.* 1 045 326 0.72 % 2 500ALLIANCE & LEICESTER PLC50 232 0.03 % 17 650COCA-COLA CO.944 027 0.65 % 6 000ALLIED DOMECQ PLC93 000 0.06 % 18 350DU PONT DE NEMOURS & CO.* 1 011 087 0.69 % 8 000ANGLO AMERICAN PLC240 469 0.17 % 18 340EXXON MOBIL CORP.1 350 279 0.93 % 8 260ASTRAZENECA PLC438 339 0.30 % 5 740GENERAL ELECTRIC CO252 531 0.17 % 15 785AVIVA PLC225 458 0.15 % 12 350GENERAL ELECTRIC CO.548 218 0.38 % 2 682BAA PLC38 184 0.03 % 16 750GENERAL MOTORS CORP.729 587 0.50 % 16 365BAE SYSTEMS PLC107 852 0.07 % 16 025HEWLETT-PACKARD CO.* 482 652 0.33 % 37 552BARCLAYS PLC479 013 0.33 % 18 500HOME DEPOT INC.921 944 0.63 % 20 803BG GROUP PLC219 265 0.15 % 18 250HONEYWELL INTERNATIONAL INC.856 412 0.59 % 13 459BHP BILLITON PLC220 051 0.15 % 18 300IBM CORP.* 1 739 555 1.19 % 1 600BOC GROUP PLC36 888 0.03 % 16 800INTEL CORP.560 876 0.38 % 5 200BOOTS GROUP PLC72 719 0.05 % 18 300JOHNSON & JOHNSON* 1 523 869 1.05 % 117 458BP AMOCO PLC1 567 071 1.08 % 18 050JP MORGAN CHASE & CO.816 735 0.56 % 2 400BRAMBLES INDUSTRIES PLC16 864 0.01 % 3 000LUCENT TECHNOLOGIES INC.11 184 0.01 % 8 000BRITISH AMERICAN TOBACCO PLC197 666 0.14 % 90MAGNA ENTERTAINMENT650 0.00 % 8 200BRITISH SKY BROADCASTING GROUP PLC99 327 0.07 % 17 200MC DONALD'S CORP.611 469 0.42 % 55 231BT GROUP PLC291 703 0.20 % 18 800MERCK & CO INC.* 741 808 0.51 % 17 167CABLE & WIRELESS PLC58 737 0.04 % 18 200MICROSOFT CORP.579 170 0.40 % 10 000CADBURY BEVERAGES CANADA INC.122 393 0.08 % 19 000PFIZER INC.671 322 0.46 % 1 000CAIRN ENERGY PLC30 954 0.02 % 17 360PROCTER & GAMBLE CO.1 173 155 0.81 % 21 390CENTRICA PLC113 831 0.08 % 19 500SBC COMMUNICATIONS INC.593 310 0.41 % 16 729COMPASS GROUP PLC90 083 0.06 % 500STARBUCKS CORP.33 091 0.02 % 16 436DIAGEO PLC310 618 0.21 % 356SYNTHES-STRATEC INC.50 089 0.03 % 9 762DIXONS GROUP PLC35 194 0.02 % 1 000TEXAS INSTRUMENTS INC.35 960 0.02 % 2 600EMI GROUP PLC15 165 0.01 % 33 520UNITED TECHNOLOGIES CORP.* 2 205 097 1.52 % 10 000FRIENDS PROVIDENT PLC41 793 0.03 % 18 000VERIZON COMMUNICATIONS INC.796 716 0.55 % 4 000GALLAHER GROUP PLC76 146 0.05 % 18 500WAL-MART STORES INC.* 1 142 357 0.78 % 31 227GLAXOSMITHKLINE PLC968 759 0.66 % 18 490WALT DISNEY COMPANY596 452 0.41 % 6 300GREAT UNIVERSAL STORES PLC127 380 0.09 % 16 6003M CO.1 537 551 1.06 % 8 000HAYS PLC23 790 0.02 % 20 557HBOS PLC406 201 0.28 % France 15 730 511 10.80% 6 000HILTON GROUP PLC39 439 0.03 % 25 800ALCATEL* 362 935 0.25 % 61 283HSBC HOLDINGS PLC1 252 449 0.86 % 28 800AXA* 923 283 0.63 % 3 800IMPERIAL CHEMICAL INDUSTRIES22 164 0.02 % 15 602BNP PARIBAS1 372 035 0.94 % 5 000IMPERIAL TOBACCO GROUP PLC172 568 0.12 % 11 240CARREFOUR SUPERMARCHE SA* 699 057 0.48 % 7 113INTERNATIONAL POWER PLC33 647 0.02 % 6 680CIE DE SAINT-GOBAIN475 441 0.33 % 19 557INVENSYS PLC4 715 0.00 % 12 277CREDIT AGRICOLE SA399 103 0.27 % 13 787ITV PLC38 941 0.03 % 28 350FRANCE TELECOM SA* 1 062 311 0.73 % 8 863J.SAINSBURY PLC58 055 0.04 %

MIS - 2 MI-FONDS InterStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

13 046KINGFISHER PLC73 696 0.05 % 16 150SIEMENS AG1 511 400 1.04 % 1 575LAND SECURITIES GROUP PLC50 272 0.03 % Switzerland 9 516 932 6.53% 54 000LEGAL & GENERAL GROUP PLC142 601 0.10 % 32 500LLOYDS TSB GROUP PLC353 000 0.24 % 20 599ABB LTD173 032 0.12 % 9 917MARKS AND SPENCER82 095 0.06 % 4 988ABB LTD, NAMENSAKTIE41 529 0.03 % 18 176NATIONAL GRID TRANSCO PLC225 801 0.15 % 1 500ADECCO SA87 600 0.06 % 3 273NEW INTERCONTINENTAL HOTELS GR52 949 0.04 % 17 000AIG PRIVATE EQUITY2 191 299 1.51 % 55 231O2 PLC172 802 0.12 % 600BALOISE HOLDING38 400 0.03 % 5 000PEARSON PLC75 491 0.05 % 760CIBA SPEZ CHEMIE HOLDING56 772 0.04 % 16 303PRUDENTIAL PLC185 780 0.13 % 4 900CIE FINANCIERE RICHEMONT AG211 190 0.14 % 4 800RECKITT BENCKISER PLC181 316 0.12 % 2 600CLARIANT44 330 0.03 % 6 900REED ELSEVIER PLC84 689 0.06 % 1 500CONVERIUM HOLDING AG15 600 0.01 % 11 000RENTOKIL INITIAL PLC40 352 0.03 % 11 680CREDIT SUISSE GROUP590 424 0.41 % 7 553REUTERS GROUP PLC68 509 0.05 % 84GIVAUDAN SA62 622 0.04 % 6 300RIO TINTO PLC /REG.247 092 0.17 % 1 950HOLCIM LTD152 100 0.10 % 8 175ROLLS-ROYCE GROUP PLC53 923 0.04 % 500JULIUS BAER HOLDING AG39 200 0.03 % 408 750ROLLS-ROYCE GROUP PLC -B-943 0.00 % 500KUDELSKI SA23 450 0.02 % 6 818ROYAL & SUN ALLIANCE13 112 0.01 % 250LONZA GROUP AG17 738 0.01 % 16 854ROYAL BANK OF SCOTLAND GROUP PLC652 515 0.45 % 3 800NESTLE SA1 246 400 0.86 % 7 400SABMILLER PLC148 091 0.10 % 23 900NOVARTIS AG1 459 095 1.00 % 6 000SAGE GROUP PLC30 828 0.02 % 6 600ROCHE HOLDINGS AG1 070 520 0.73 % SCHWEIZERISCHE 2 000SCHRODERS PLC34 766 0.02 % 2 600 RÜCKVERSICHERUNGSGESELLSCHAFT 204 880 0.14 % 4 300SCOTTISH & SOUTHERN ENERGY PLC100 025 0.07 % 64SERONO SA52 416 0.04 % 3 000SCOTTISH NEWCASTLE31 947 0.02 % 50SGS SA44 025 0.03 % 10 000SCOTTISH POWER PLC114 012 0.08 % 40SULZER AG21 160 0.01 % 51 861SHELL TRANSPORT & TRADING CO PLC646 355 0.44 % 160SWISS LIFE HOLDING27 072 0.02 % 4 378SHIRE PHARMACEUTICALS GROUP PLC61 526 0.04 % 220SWISSCOM91 960 0.06 % 7 000SMITH & NEPHEW PLC88 569 0.06 % 1 000SYNGENTA AG131 900 0.09 % 5 000SMITHS GROUP PLC105 515 0.07 % 500THE SWATCH GROUP AG90 000 0.06 % 7 628STANDARD CHARTERED PLC178 666 0.12 % 9 896UBS AG989 600 0.68 % 43 835TESCO PLC320 849 0.22 % 100UNAXIS HOLDING AG17 600 0.01 % 16 000UNILEVER PLC197 850 0.14 % 1 472ZURICH FINANCIAL SERVICES325 018 0.22 % 2 238UNITED UTILITIES PLC33 918 0.02 % 180 512VODAFONE GROUP PLC565 535 0.39 % Netherlands 8 620 044 5.92% 161 150VODAFONE GROUP PLC503 268 0.35 % 35 524ABN AMRO HOLDING NV1 121 213 0.77 % 14 000WM MORRISON SUPERMARKETS PLC59 796 0.04 % 26 647AEGON NV442 629 0.30 % 7 000WPP GROUP PLC92 346 0.06 % 30 000AHOLD NV316 397 0.22 % 4 000YELL GROUP PLC39 060 0.03 % 1 000AKZO NOBEL NV50 530 0.03 % 3 5003I PLC54 491 0.04 % 1 000HEINEKEN NV39 612 0.03 % Germany 10 997 685 7.55% 38 139ING GROEP NV1 382 386 0.95 % 10 000KPN NV107 637 0.07 % 6 780ALLIANZ AG998 660 0.69 % 39 800ROYAL DUTCH PETROLEUM CO.3 333 331 2.29 % 10 780BASF AG919 567 0.63 % 26 000ROYAL PHILIPS ELECTRONICS NV842 794 0.58 % 14 510BAYER AG* 620 899 0.43 % 2 000STMICROELECTRONICS NV41 132 0.03 % 16 213DAIMLERCHRYSLER AG844 395 0.58 % 11 007UNILEVER NV915 884 0.63 % 11 000DEUTSCHE BANK AG1 103 992 0.76 % 1 080WOLTERS KLUWER NV26 499 0.02 % 53 100DEUTSCHE TELEKOM AG* 1 260 050 0.86 % 13 400E.ON AKTIENGESELLSCHAFT1 531 286 1.05 % Spain 6 499 581 4.46% 3 000INFINEON TECHNOLOGIES AG35 920 0.02 % 61 266BANCO BILBAO VIZCAYA ARGENTARIA SA1 212 473 0.83 % 3 720 MÜNCHENER 116 840BANCO SANTANDER CENTRAL HISPANO SA* 1 737 848 1.19 % RÜCKVERSICHERUNGSGESELLSCHAFT AG 508 416 0.35 % 5 000BCO POPULAR ESPANOL /REG.77 471 0.05 % 9 000RWE AG* 745 114 0.51 % 17 600ENDESA SA* 529 834 0.36 % 4 110SAP AG917 986 0.63 %

MIS - 3 MI-FONDS InterStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

15 000IBERDROLA SA* 507 631 0.35 % 4 400SKANSKA -B-69 658 0.05 % 16 400REPSOL YPF SA* 538 222 0.37 % 4 000SKF AB -B-52 498 0.04 % 800SOGECABLE SA36 466 0.03 % 2 500SVENSKA CELLUL. -B-102 534 0.07 % 86 692TELEFONICA SA1 820 536 1.25 % 8 200SVENSKA HANDELSBANKEN -A-214 568 0.15 % 1 000UNION ELECTRICA FENOSA SA39 100 0.03 % 3 000SWEDISH MATCH AB43 680 0.03 % 26 000TELIASONERA AB* 159 101 0.11 % Italy 4 947 071 3.40% 9 786TELIASONERA AB59 648 0.04 % 19 570ASSICURAZIONI GENERALI SPA783 091 0.54 % 2 900VOLVO -B-151 292 0.10 % 2 000BANCHE POPOLARI UNITE SCARL50 872 0.03 % 49 000ENI SPA* 1 619 501 1.11 % Canada 2 966 475 2.04% 64 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA 1 750ABITIBI-CONSOLIDATED INC9 994 0.01 % SPA* 714 684 0.49 % 1 600ALCAN INC.61 553 0.04 % 5 000MEDIOLANUM SPA* 40 092 0.03 % 2 400BANK OF MONTREAL143 164 0.10 % 20 783SANPAOLO IMI SPA366 175 0.25 % 9 000BANK OF NOVA SCOTIA381 632 0.25 % 23 171SEAT PAGINE GIALLE SPA12 398 0.01 % 2 600BARRICK GOLD CORP.83 217 0.06 % 180 846TELECOM ITALIA SPA723 653 0.50 % 5 000BCE INC.* 151 665 0.10 % 93 980UNICREDITO ITALIANO SPA* 636 605 0.44 % 8 800BOMBARDIER INC. -B-24 024 0.02 % Finland 3 436 984 2.36% 1 300CANADIAN IMPERIAL BANK OF COMMERCE103 056 0.07 % 1 800CANADIAN NATIONAL RAILWAY CO.133 072 0.09 % 400CARGOTEC -B-14 312 0.01 % 1 500CANADIAN TIRE CORP.88 834 0.06 % 6 000FORTUM CORPORATION123 302 0.08 % 1 500CELESTICA /SUB.VOT.WHEN ISSUED25 731 0.02 % 2 500KEMIRA OYJ41 256 0.03 % 3 300ENCANA CORP.166 820 0.11 % 400KONE OYJ -B-30 709 0.02 % 908HUSKY ENERGY INC.46 281 0.03 % 1 500METSO CORPORATION41 923 0.03 % 1 200INCO LTD57 926 0.04 % 1 500NESTE OIL OYJ49 786 0.03 % 2 000LAIDLAW INC.0 0.00 % 124 400NOKIA OYJ2 672 217 1.84 % 450MAGNA INTERNATIONAL40 507 0.03 % 1 400OUTOKUMPU OYJ -A-23 125 0.02 % 3 000MANULIFE FINANCIAL CORP.183 599 0.13 % 2 000POHJOLA YHTYMAE OYJ -D-37 223 0.03 % 225MI DEVELOPMENTS9 098 0.01 % 3 000RAISIO GROUP PLC -V-11 353 0.01 % 2 400NEXEN INC.93 384 0.06 % 1 000RAUTARUUKKI OY19 154 0.01 % 18 652NORTEL NETWORKS CO.62 235 0.04 % 4 000SAMPO PLC -A-79 906 0.05 % 602NOVA CHEMICALS CORP.23 550 0.02 % 1 500SANOMA WSOY OYJ HELSINKI46 878 0.03 % 320NOVELIS INC.10 399 0.01 % 6 600STORA ENSO AB -R-108 301 0.07 % 1 900PETRO-CANADA158 490 0.11 % 1 000TIETOENATOR OYJ39 084 0.03 % 1 800PLACER DOME INC.35 301 0.02 % 4 000UPM-KYMMENE CORP.98 455 0.07 % 800RESEARCH IN MOTION LTD /WI75 452 0.05 % Sweden 3 226 770 2.21% 2 680ROYAL BANK OF CANADA212 762 0.15 % 2 000ALFA LAVAL AB37 076 0.03 % 2 000TALISMAN ENERGY96 020 0.07 % 4 000ASSA ABLOY AB65 950 0.05 % 1 750TECK COMINCO LTD -B-75 670 0.05 % 5 400ATLAS COPCO AB109 851 0.08 % 1 200THOMSON CORP51 487 0.04 % 5 000ELECTROLUX AB -B-136 576 0.09 % 3 800TORONTO DOMINION BANK217 176 0.15 % 140 900ERICSSON AB -B-580 196 0.39 % 2 000TRANSALTA CORP.42 738 0.03 % 7 000HENNES & MAURITZ AB315 806 0.21 % 3 014TRANSCANADA CORP.101 638 0.07 % 1 000HOLMEN AB -B-34 616 0.02 % Denmark 997 867 0.68% 4 700INVESTOR AB -B-81 732 0.06 % 15AP MOELLER - MAERSK A/S -B-183 571 0.13 % 3 000NETCOM AB36 174 0.02 % 500CARLSBERG AS -B-32 885 0.02 % 5 100NORDEA BANK AB58 929 0.04 % 500DANISCO A/S41 626 0.03 % 34 704NORDIC BALTIC HOLDING AB404 229 0.27 % 4 000DANSKE BANK AS154 224 0.11 % 3 000SANDVIK AB142 974 0.10 % 5 000GN GREAT NORDIC LTD72 585 0.05 % 1 200SCANIA AB -B-56 697 0.04 % 2 000H LUNDBECK A/S64 520 0.04 % 4 000SECURITAS AB85 637 0.06 % 3 500NOVO-NORDISK AS228 370 0.15 % 12 000SKANDIA INSURANCE AB84 456 0.06 % 1 100NOVOZYMES -B-69 828 0.05 % 6 700SKANDINAVISKA ENSKILDA BANKEN142 892 0.10 % 1 960TDC A/S -B-107 695 0.07 %

MIS - 4 MI-FONDS InterStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

2 000VESTAS WIND SYSTEMS AS42 563 0.03 %

Norway 961 061 0.66% 12 000DNB NOR ASA160 486 0.11 % 1 933NORSK HYDRO AS227 266 0.16 % 2 500NORSKE SKOGINDUSTRIER AS52 785 0.04 % 2 500ORKLA AS -A-118 062 0.08 % 18PETROLEUM GEO-SERVICES ASA556 0.00 % 1 000SCHIBSTED35 272 0.02 % 8 000STATOIL ASA209 277 0.14 % 3 800STOREBRAND AS45 608 0.03 % 5 000TELENOR ASA51 193 0.04 % 4 000TOMRA SYSTEMS ASA* 21 163 0.01 % 1 933YARA INTERNATIONAL ASA39 393 0.03 %

Belgium 854 311 0.59% 2 560DEXIA-STRIP VVPR40 0.00 % 24 000FORTIS SA854 271 0.59 %

Index linked instruments 11 965 580 8.21%

Cayman Islands 11 965 580 8.21% 14 030MSCI AUSTRALIA 7.4.07 S23 OPALS3 773 271 2.59 % 4 500MSCI NEW ZEALAND -7.4.07 OPALS S24275 854 0.19 % 13 350MSCI SINGAPORE 94-7.4.07 OPALS S19793 659 0.54 % 10 000MSCI 94-7.4.07 S18 OPALS1 762 695 1.21 % 39 880NIKKEI 225 -7.4.07 OPALS MORGAN STANLEY5 360 101 3.68 %

Options, Warrants, Rights 10 690 875 7.34%

Switzerland 6 635 700 4.56% 50 500BANK VONTOBEL 01-WRT / VON NIPPON6 635 700 4.56 %

Great Britain 4 055 175 2.78% 301 500UBS LONDON 01- PERLES IND / NIKKEI4 055 175 2.78 %

Investment funds 4 479 013 3.07%

United States 3 467 272 2.38% 37 800 ISHARES / MSCI EMERGING MARKETS INDUSTRIES* 3 467 272 2.38 %

Australia 892 668 0.61% 21 575STREETTRACKS S&P / ASX 200 FUND892 668 0.61 %

Hong Kong 119 073 0.08% 50 000TRACKER FUND OF HONG KONG119 073 0.08 % TRANSFERABLE SECURITIES NEGOTIATED ON ANOTHER REGULATED MARKET 2 942 0.00%

Warrants 2 942 0.00%

Sweden 2 942 0.00% 9 786RIGHTS TELIASONERA1 214 0.00 % 13 500RIGHTS TELIASONERA 14.6.051 728 0.00 % * wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 124 730 354 Income from investment 1 307 150 (Cost: 135 463 515) Bank interest 41 778 Derivative instruments at market value: Other Income 3 284 - Futures contracts -17 000 Net income equalization 367 646 Cash at banks 12 087 380 Total Income 1 719 858 Subscritpions receivable 329 562 Other assets 12 867 Expenses Total Assets 137 143 163 Administration fees 1 944 453 Liabilities Custodian fees and charges 76 382 "Taxe d'abonnement" and other taxes 76 393 Payable for redemptions 239 173 Bank interest 669 Administration fees due 76 835 Other expenses* 52 108 "Taxe d'abonnement" due 17 071 Other liabilities 21 548 Total Expenses 2 150 005 Total Liabilities 354 627 Net gain/Net loss -430 147 Net assets 136 788 536 Net realised gain/loss on: - Securities -3 901 065 - Futures contracts 511 198 - Foreign currencies -12 Net realised gain/Net realised loss -3 820 026 Net change in unrealised appreciation/depreciation on: - Securities 22 561 375 - Futures contracts 105 400 Total gain/Total loss 18 846 749

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 141 629 265 176 183 427 Total gain/Total loss 36 694 816 18 846 749 Net subscriptions/redemptions -1 456 528 -57 496 611 Dividends distributed -684 126 -745 029

Net assets at the end of the business year 176 183 427 136 788 536

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 909 446 832 915 362 439 Accumulation shares (shares B) 1 393 216 1 442 422 1 195 165

Net assets 141 629 265 176 183 427 136 788 536

NAV per share Distribution shares (shares A) 58.08 72.39 80.19 Accumulation shares (shares B) 63.75 80.34 90.13 Dividend for preceding business year 0.75 0.75 0.90

* See page 10. The TER (Total Expense Ratio) amounts to 1.34 % for share category A and 1.34 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. MISS - 1 MI-FONDS SwissStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

200LEM HOLDING SA93 700 0.07 % TOTAL INVESTMENTS 124 730 354 91.18% 65LINDT & SPRUENGLI1 276 925 0.93 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 250LINDT & SPRUENGLI, PARTIZIPATIONSAKTIE478 250 0.35 % STOCK EXCHANGE 113 534 194 82.99% 30 268LOGITECH INTERNATIONAL SA1 247 042 0.91 % Shares 113 534 194 82.99% 15 000LONZA GROUP AG * 1 064 250 0.78 % 30METALL ZUG SA112 200 0.08 % Switzerland 111 120 444 81.23% 11 245MICRONAS SEMICONDUCTOR HOLDING AG545 383 0.40 % 230A HIESTAND HOLDING AG232 070 0.17 % 5 000MYSTERY PARK AG38 000 0.03 % 300 000ABB LTD2 520 000 1.84 % 39 000NESTLE SA12 792 000 9.34 % 8 000ACTELION LTD1 064 800 0.78 % 2 080NEXTROM HOLDING SA26 624 0.02 % 20 000ADECCO SA1 168 000 0.85 % 3 000NOBEL BIOCARE HOLDING SA780 000 0.57 % 1 000AFG ARBONIA FORSTER HOLDING AG357 000 0.26 % 100 000NOVARTIS AG6 105 000 4.46 % 1 000AGEFI GROUPE SA22 500 0.02 % 1 490ORELL FUESSLI HOLDING SA224 841 0.16 % 1 450AGIE CHARMILLES HOLDING151 235 0.11 % 290PARGESA HOLDING SA1 360 390 0.99 % 373ALSO HOLDING AG138 476 0.10 % 450PHOENIX MECANO AG141 750 0.10 % 16 800AMAZYS HOLDING AG1 276 800 0.93 % 12 500PHONAK HOLDING SA601 250 0.44 % 4 000BACHEM AG281 800 0.21 % 3 172PSP SWISS PROPERTY176 363 0.13 % 24 000BALOISE HOLDING1 536 000 1.12 % 1 500PUBLIGROUPE SA525 000 0.38 % 292BANK ASARASIN 6 CIE -B-670 432 0.49 % 995RIETER HOLDING AG353 225 0.26 % 1 542BARRY CALLEBAUT AG501 150 0.37 % 83 800ROCHE HOLDINGS AG13 592 360 9.93 % 325BELIMO HOLDING AG240 500 0.18 % 300SAIA-BURGESS ELECTRONICS HOLDING AG277 650 0.20 % 101 050BERNA BIOTECH AG970 080 0.71 % 5 000SAURER400 000 0.29 % 6 950BOBST GROUP SA346 110 0.25 % 870SCHAFFNER HOLDING AG140 070 0.10 % 730BOSSARD HOLDING AG56 940 0.04 % 101SCHLATTER HOLDING22 644 0.02 % 2 000BQE.CANTONALE VAUDOISE616 500 0.45 % 800SCHWEITER TECHNOLOGIES175 600 0.13 % 4 650BUCHER INDUSTRIES AG362 700 0.27 % 40 000 SCHWEIZERISCHE 17 000CHARLES VOEGELE HOLDING AG1 388 900 1.02 % RÜCKVERSICHERUNGSGESELLSCHAFT 3 152 000 2.30 % 12 000CIBA SPEZ CHEMIE HOLDING896 400 0.66 % 1 165SERONO SA954 135 0.70 % 60 000CIE FINANCIERE RICHEMONT AG2 586 000 1.89 % 8 400SEZ HOLDING AG261 240 0.19 % 130 000CLARIANT2 216 500 1.62 % 2 500SGS SA2 201 250 1.61 % 20 343CONVERIUM HOLDING AG211 567 0.15 % 580SIA ABRASIVES HOLDING AG171 100 0.13 % 105CONZZETA HOLDING ZUERICH149 100 0.11 % 2 000SIG HOLDING580 500 0.42 % 1 200COS COMPUTER SYSTEMS SA50 100 0.04 % 1 536SULZER AG812 544 0.59 % 145 000CREDIT SUISSE GROUP7 329 750 5.36 % 10 000SWISS LIFE HOLDING1 692 000 1.24 % 40DAETWYLER HOLDING135 600 0.10 % 3 520SWISSCOM1 471 360 1.08 % 500EICHHHOF HOLDING AG670 500 0.49 % 93 750SWISSLOG HOLDING AG102 188 0.07 % 400FEINTOOL INTERNATIONAL HOLDING116 800 0.09 % 12 000SYNGENTA AG1 582 800 1.16 % 1 500FISCHER GEORG AG588 000 0.43 % 5 000TECAN GROUP AG205 000 0.15 % 2 150GALENICA AG467 625 0.34 % 5 000THE SWATCH GROUP AG900 000 0.66 % 896GEBERIT AG734 720 0.54 % 10 000THE SWATCH GROUP AG, NAMENSAKTIE366 500 0.27 % 6 700GRETAG IMAGING HOLDING0 0.00 % 7 010TORNOS HLDG58 183 0.04 % 21 857HOLCIM LTD1 704 846 1.25 % 120 000UBS AG12 000 000 8.77 % 3 100HUBER & SUHNER KABEL AG263 500 0.19 % 4 500UNAXIS HOLDING AG 792 000 0.58 % 600INDUSTRIEHOLDING CHAM188 250 0.14 % 6 501UNILABS SA269 466 0.20 % 1 000INFICON HOLDING AG121 000 0.09 % 539VALORA HOLDING AG156 445 0.11 % 215JELMOLI HOLDING AG380 550 0.28 % 9 000VON ROLL HOLDING20 880 0.02 % 20 000JULIUS BAER HOLDING AG1 568 000 1.15 % 200WMH WALTER MEIER HOLDING15 020 0.01 % 1 030KABA HOLDING AG360 500 0.26 % 75ZEHNDER GROUP AG117 375 0.09 % 1 500KOMAX HOLDING AG147 000 0.11 % 20 000ZURICH FINANCIAL SERVICES4 416 000 3.23 % 5 600KUDELSKI SA262 640 0.19 % United States 2 107 686 1.54% 1 000KUONI REISEN HOLDING AG520 500 0.38 % 14 980SYNTHES-STRATEC INC.2 107 686 1.54 % 1 500LEICA GEOSYSTEMS AG700 500 0.51 %

MISS - 2 MI-FONDS SwissStock

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

Liechtenstein 306 064 0.22% 1 628VERWALTUNGS-UND PRIVAT-BANK AG306 064 0.22 %

OTHER TRANSFERABLE SECURITIES 11 196 160 8.19%

Options, Warrants, Rights 11 196 160 8.19%

Great Britain 6 220 000 4.55% 200 000BARCL.BK 04-15.12.05 WRT6 220 000 4.55 %

Switzerland 4 976 160 3.64% 2 800BQ LEU 05-22.6.06 WRT / SSMC10 BSK4 976 160 3.64 %

*wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 77 720 093 Income from investment 2 561 196 (Cost: 75 085 700) Bank interest 10 217 Cash at banks 1 860 690 Other Income 730 Subscritpions receivable 69 640 Net income equalization 34 576 Dividends and interest 1 158 454 Total Income 2 606 719 Other assets 11 004 Total Assets 80 819 881 Expenses

Liabilities Administration fees 733 291 Custodian fees and charges 35 422 Due to brokers 1 497 751 "Taxe d'abonnement" and other taxes 38 090 Payable for redemptions 70 243 Bank interest 660 Administration fees due 31 747 Other expenses* 25 865 "Taxe d'abonnement" due 9 856 Other liabilities 5 266 Total Expenses 833 328 Total Liabilities 1 614 863 Net gain/Net loss 1 773 391 Net assets 79 205 018 Net realised gain/loss on: - Securities 225 249 - Futures contracts -65 - Foreign currencies 1 999 Net realised gain/Net realised loss 2 000 574 Net change in unrealised appreciation/depreciation on: - Securities 2 396 950 Total gain/Total loss 4 397 524

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 83 225 105 73 747 297 Total gain/Total loss -1 247 685 4 397 524 Net subscriptions/redemptions -7 627 547 1 546 410 Dividends distributed -602 576 -486 213

Net assets at the end of the business year 73 747 297 79 205 018

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 188 937 163 683 171 445 Accumulation shares (shares B) 555 980 509 711 516 471

Net assets 83 225 105 73 747 297 79 205 018

NAV per share Distribution shares (shares A) 102.20 97.55 100.22 Accumulation shares (shares B) 114.96 113.36 120.09 Dividend for preceding business year 1.75 3.25 3.00

* See page 10. The TER (Total Expense Ratio) amounts to 1.11 % for share category A and 1.11 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. RBAD - 1 RBA-PORTFOLIO (LUX) ADAGIO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

1 000 2.250 % PF.OESTERREICHISCHE LD- TOTAL INVESTMENTS 77 720 093 98.13% HYPBK 05 18/02/13 1 016 500 1.28 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 2 0001.250 % RABOBANK 0330/04/07 2 014 000 2.54 % STOCK EXCHANGE 76 972 500 97.19% 2 0004.500 % SNCF 9604/10/06 2 094 200 2.64 % Bonds 76 972 500 97.19% 2 0003.000 % STATKRAFT ASA 0128/12/06 2 061 000 2.60 % 2 000 2.250 % VORARLBERGER LANDES- UND HYPOTHEKENBANK AG 04 09/11/10 2 060 000 2.60 % CHF 58 310 076 73.62% 2 000 2.250 % AUSTRALIA & NEW ZEALAND EUR 11 903 625 15.03% BANKING GROUP LTD 03 22/12/08 2 056 000 2.60 % 500 4.605 % AGENCE FRANCAISE DE 2 0003.375 % AUSTRIA 0225/01/12 2 199 000 2.79 % DEVELOPPEMENT 04 Perp. 840 390 1.06 % 2 000 3.500 % BANQUE DE DEVELOPPEMENT 5005.750 % ALLIANZ FINANCE BV 9730/07/07 830 541 1.05 % & CONSTRUCTION 5007.500 % BARCLAYS BANK PLC 00Perp. 944 149 1.19 % EUROPEENNE 00 21/02/07 2 085 000 2.63 % COCA-COLA ENTERPRISES INC. BAYERISCHE LANDESBANK GZ 250 5.875 % 2 000 4.250 % 00 08/03/07 409 687 0.52 % 00 10/02/09 2 207 001 2.80 % 500 5.330 % DEUTSCHE CAPITAL TRUST IV 1 5002.375 % BEI 0510/07/20 1 497 000 1.89 % 03* Perp. 856 132 1.08 % 1 0002.250 % BNG 0517/03/14 1 017 500 1.28 % 5005.250 % DEUTSCHE HYPOBANK 9811/02/08 834 419 1.05 % CAISSE NATIONALE DES 1 500 3.375 % 1004.000 % DEUTSCHLAND 0504/01/37 164 604 0.21 % AUTOROUTES 98 27/02/08 1 590 750 2.01 % 5006.000 % DEUTSCHLAND 8620/06/16 974 393 1.23 % 1 5002.500 % CITIBANK 0419/10/11 1 554 000 1.96 % 9005.625 % DEUTSCHLAND 98* 04/01/28 1 818 396 2.31 % 1 0003.000 % CITIGROUP INC. 0417/12/14 1 047 000 1.32 % 500 3.750 % ENTREPRISE DE RECHERCHES 5002.125 % DEKABANK 0508/03/13 503 750 0.64 % ET D'ACTIVITES PETROLIERES 1 5003.250 % DEUTSCHE FINANCE NL 9715/08/05 1 503 900 1.90 % 03 25/04/10 817 436 1.03 % 1 5003.000 % DSL 9913/09/05 1 506 150 1.90 % 5005.750 % FINNLAND 0023/02/11 901 963 1.14 % 2 0002.000 % EKSPORTFINANZ 0317/03/09 2 057 000 2.60 % 5004.250 % ING BANK NV 9929/01/09 825 733 1.04 % 2 000 2.250 % ENBW INTERNATIONAL 5006.000 % ITALIEN 9701/11/07 843 492 1.06 % FINANCE 03 25/02/08 2 042 000 2.58 % 5004.200 % SPAIN 0330/07/13 842 290 1.06 % 1 0002.750 % EUROHYPO LUX 0507/02/20 1 030 000 1.30 % 1 150 2.750 % EUROPAEISCHE USD 4 480 746 5.66% HYPOTHEKENBANK 99 13/12/06 1 180 475 1.49 % 2505.250 % BEI 9901/02/06 322 901 0.41 % 2 000 3.000 % GENERAL ELECTRIC CAPITAL CORP. 98 29/12/06 2 061 000 2.60 % 2505.750 % COCA-COLA CO 9930/04/09 337 634 0.43 % 1 000 2.750 % GENERAL ELECTRIC CAPITAL 5007.250 % KANSAI ELECTRIC 9625/09/06 665 596 0.84 % CORP. 99 16/04/07 1 031 500 1.30 % 2004.500 % PROVINCE OF ONTARIO 0503/02/15 260 320 0.33 % 5003.625 % ITALIEN 0110/01/06 507 100 0.64 % 1007.000 % TOKYO ELECTRIC PWR 9713/02/07 135 015 0.17 % 2 0002.000 % ITALIEN 0330/04/09 2 041 000 2.58 % 5005.750 % USA TSY 00* 15/08/10 700 602 0.87 % 2 0003.125 % ITALIEN 9915/07/10 2 141 000 2.70 % 5004.750 % USA TSY 98* 15/11/08 662 169 0.84 % 2 000 3.750 % JACKSON NATIONAL LIFE 2007.250 % USA 8615/05/16 328 762 0.42 % FUNDING LLC 01 28/02/08 2 132 000 2.69 % 3756.375 % USA 9715/08/27 625 287 0.79 % 2 000 3.750 % JOHN HANCOCK GLOBAL FUNDING LTD 98 22/12/08 2 157 000 2.73 % 2507.625 % WELTBANK 9319/01/23 442 460 0.56 % 1 0002.500 % JP MORGAN CHASE 0516/03/15 999 500 1.26 % GBP 1 723 595 2.18% 1 000 4.000 % KFW INTERNATIONAL FINANCE 00 15/02/12 1 143 500 1.44 % 1404.250 % GREAT BRITAIN 0307/03/36 325 068 0.41 % 1 0002.375 % KOMMUNALKREDIT 0515/03/17 1 000 500 1.26 % 2506.250 % GREAT BRITAIN 9425/11/10 634 389 0.80 % 2 0003.375 % LA POSTE 0110/07/07 2 094 000 2.64 % 1508.000 % GREAT BRITAIN 9507/12/15 455 709 0.58 % 1 000 2.875 % LANDESBANK BADEN- 1257.250 % GREAT BRITAIN 9707/12/07 308 429 0.39 % WUERTTEMBERG 04 30/12/15 1 047 500 1.32 % 1 0002.000 % LDW RENTENBANK 0530/06/15 989 000 1.25 % DKK 313 132 0.40% 5002.625 % LONZA GRP 0502/06/10 505 000 0.64 % 1 5005.000 % DENMARK 9715/08/05 313 132 0.40 % 5003.000 % MEXICO 0514/06/12 506 500 0.64 % SEK 241 326 0.30% 2 000 3.625 % MONUMENTAL GLOBAL FUNDING 01 14/02/07 2 086 000 2.63 % 5006.750 % SWEDEN 9705/05/14 106 393 0.13 % 1 000 1.500 % OESTERREICHISCHE 7505.000 % SWEDEN 9828/01/09 134 933 0.17 % KONTROLLBANK AG 03 27/03/08 1 014 000 1.28 % 500 3.500 % ÖSTERREICHISCHE KONTROLLBANK AG 98 18/02/08 531 750 0.67 %

RBAD - 2 RBA-PORTFOLIO (LUX) ADAGIO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

OTHER TRANSFERABLE SECURITIES 747 593 0.94%

Bonds 747 593 0.94%

AUD 747 593 0.94% 7506.750 % AUSTRALIA 9315/11/06 747 593 0.94 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 272 846 418 Income from investment 6 188 176 (Cost: 261 977 918) Bank interest 154 672 Cash at banks 18 428 811 Other Income 16 319 Due from brokers 1 701 402 Total Income 6 359 167 Dividends and interest 1 987 622 Other assets 10 747 Expenses Total Assets 294 975 000 Administration fees 4 156 277 Liabilities Custodian fees and charges 137 968 "Taxe d'abonnement" and other taxes 139 196 Due to brokers 1 499 199 Bank interest 6 288 Payable for redemptions 262 248 Other expenses* 86 150 Administration fees due 178 900 Net income equalization 44 197 "Taxe d'abonnement" due 36 520 Other liabilities 39 474 Total Expenses 4 570 076 Total Liabilities 2 016 341 Net gain/Net loss 1 789 091 Net assets 292 958 659 Net realised gain/loss on: - Securities -119 595 - Futures contracts -65 - Foreign currencies -55 766 Net realised gain/Net realised loss 1 613 665 Net change in unrealised appreciation/depreciation on: - Securities 21 397 333 Total gain/Total loss 23 010 998

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 283 638 263 292 773 376 Total gain/Total loss 19 705 384 23 010 998 Net subscriptions/redemptions -9 650 103 -22 160 798 Dividends distributed -920 168 -664 917

Net assets at the end of the business year 292 773 376 292 958 659

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 459 640 452 409 429 331 Accumulation shares (shares B) 2 944 361 2 843 654 2 622 421

Net assets 283 638 263 292 773 376 292 958 659

NAV per share Distribution shares (shares A) 78.32 81.73 86.94 Accumulation shares (shares B) 84.11 89.95 97.48 Dividend for preceding business year 1.00 2.00 1.50

* See page 10. The TER (Total Expense Ratio) amounts to 1.58 % for share category A and 1.58 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. RBAL - 1 RBA-PORTFOLIO (LUX) ALLEGRO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

3 300ANHEUSER-BUSCH INC.193 414 0.07 % TOTAL INVESTMENTS 272 846 418 93.13% 7 000ASSOCIATED BANC-CORP.301 853 0.10 % TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL 3 800AUTOMATIC DATA PROCESSING INC.204 318 0.07 % STOCK EXCHANGE 272 846 418 93.13% 7 200BELLSOUTH CORP.245 080 0.08 % Shares 147 832 183 50.46% 8 900BK OF NEW YORK CO.328 144 0.11 % 5 300BOEING CO.448 129 0.15 % Switzerland 73 763 571 25.17% 6 700BRISTOL MYERS SQUIBB214 413 0.07 % 189 000ABB LTD1 587 600 0.54 % 2 900CAPITAL ONE FINANCIAL CORP.297 252 0.10 % 13 300ADECCO SA776 720 0.27 % 2 700CATERPILLAR INC.329 675 0.11 % 7 000CIBA SPEZ CHEMIE HOLDING522 900 0.18 % 8 900CENDANT CORPORATION255 058 0.09 % 53 000CIE FINANCIERE RICHEMONT AG2 284 300 0.78 % 9 800CHEVRONTEXACO CORP.702 064 0.25 % 23 500CLARIANT400 675 0.14 % 2 400CHUBB CORP.263 220 0.09 % 107 000CREDIT SUISSE GROUP5 408 850 1.85 % 22 800CISCO SYSTEMS INC.558 186 0.19 % 350GEBERIT AG287 000 0.10 % 5 300CITIGROUP INC.313 894 0.11 % 800GIVAUDAN SA596 400 0.20 % 6 300COCA-COLA CO.336 961 0.12 % 14 750HOLCIM LTD1 150 500 0.39 % 6 900COMCAST CORP.264 746 0.09 % 3 350KUDELSKI SA157 115 0.05 % 8 000DELL INC.404 930 0.14 % 300KUONI REISEN HOLDING AG156 150 0.05 % 6 800DOW CHEMICAL CO.* 387 922 0.13 % 8 700LOGITECH INTERNATIONAL SA358 440 0.12 % 6 900DU PONT DE NEMOURS & CO.380 191 0.13 % 3 850LONZA GROUP AG273 158 0.09 % 5 900EBAY INC.249 506 0.09 % 3 250MICRONAS SEMICONDUCTOR HOLDING AG157 625 0.05 % 3 300ELI LILLY & CO.* 235 521 0.08 % 38 045NESTLE SA12 478 759 4.26 % 13 800EMC CORP.242 382 0.08 % 2 350NOBEL BIOCARE HOLDING SA611 000 0.21 % 3 400EMERSON ELECTRIC CO.272 800 0.09 % 224 740NOVARTIS AG13 720 376 4.69 % 8 100ENERGY EAST CORP.300 723 0.10 % 4 300PHONAK HOLDING SA206 830 0.07 % 21 200EXXON MOBIL CORP.1 560 848 0.54 % 3 400PSP SWISS PROPERTY189 040 0.06 % 4 300FIRST DATA CORP.221 120 0.08 % 450RIETER HOLDING AG159 750 0.05 % 5 300FIRST HORIZON NATL CORP.286 531 0.10 % 66 260ROCHE HOLDINGS AG10 747 372 3.67 % 2 100GENENTECH INC.215 978 0.07 % 525SCHINDLER HOLDING243 075 0.08 % 10 400GENERAL ELECTRIC CO.461 657 0.16 % 30 300 SCHWEIZERISCHE 5 900GENERAL MOTORS CORP.256 989 0.09 % RÜCKVERSICHERUNGSGESELLSCHAFT 2 387 640 0.82 % 4 200GILLETTE CO.272 421 0.09 % 650SERONO SA532 350 0.18 % 2 700GUIDANT232 789 0.08 % 435SGS SA383 018 0.13 % 13 400HEWLETT-PACKARD CO.* 403 590 0.14 % 650SIG HOLDING188 663 0.06 % 10 500HOME DEPOT INC.523 265 0.18 % 800STRAUMANN HOLDING AG213 600 0.07 % 6 400HONEYWELL INTERNATIONAL INC.300 331 0.10 % 370SULZER AG195 730 0.07 % 10 700HUNTINGTON BANCSHARES INC.330 906 0.11 % 2 700SWISSCOM1 128 600 0.39 % 3 500IBM CORP.332 702 0.11 % 10 850SYNGENTA AG1 431 115 0.49 % 24 400INTEL CORP.814 607 0.29 % 4 700THE SWATCH GROUP AG846 000 0.29 % 7 400JOHNSON & JOHNSON* 616 209 0.21 % 104 300UBS AG10 430 000 3.56 % 2 300KIMBERLY-CLARK CORP.184 423 0.06 % 1 150UNAXIS HOLDING AG* 202 400 0.07 % 3 400LEHMAN BROTHERS HOLD. INC.432 438 0.15 % 400VALORA HOLDING AG116 100 0.04 % 22 200LIBERTY MED. CORP. NEW SA289 808 0.10 % 14 650ZURICH FINANCIAL SERVICES3 234 720 1.10 % 4 300LOCKHEED MARTIN CORP.357 351 0.12 % United States 34 640 138 11.82% 4 800LOWE'S COMPANIES INC.358 011 0.12 % 9 900MBNA CORP.331 784 0.11 % 4 800ABBOTT LABORATORIES INC.301 376 0.10 % 9 400MC DONALD'S CORP.334 175 0.11 % 3 500AFLAC INC194 061 0.07 % 4 900MEDTRONIC INC.325 106 0.11 % 7 400ALCOA INC.247 716 0.08 % 7 400MERCK & CO INC.291 988 0.10 % 7 700ALTRIA GROUP637 837 0.22 % 6 900MERRILL LYNCH & CO INC.486 266 0.17 % 6 900AMERICAN EXPRESS CO.470 531 0.16 % 21 400MICROSOFT CORP.681 003 0.24 % 6 200AMERICAN INTERNATIONAL GROUP461 478 0.16 % 5 400MORGAN STANLEY DEAN WITTER & CO.362 984 0.12 % 3 700AMGEN INC.286 585 0.10 % 12 500MOTOROLA INC.* 292 411 0.10 % 10 600AMSOUTH BANCORP353 071 0.12 %

RBAL - 2 RBA-PORTFOLIO (LUX) ALLEGRO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

5 400NEW CORP -A-111 932 0.04 % 19 200DIAGEO PLC362 853 0.12 % 4 000OCCIDENTAL PETROLEUM CORP.394 220 0.13 % 14 300GALLAHER GROUP PLC272 220 0.09 % 19 800ORACLE CORP.334 828 0.11 % 32 400GLAXOSMITHKLINE PLC1 005 149 0.35 % 4 500PEPSICO INC.* 310 904 0.11 % 15 700GREAT UNIVERSAL STORES PLC317 438 0.11 % 14 000PFIZER INC.494 658 0.17 % 34 200HBOS PLC675 783 0.23 % 5 300PINNACLE WEST CAP.CORP.301 808 0.10 % 9 900HSBC HOLDINGS PLC202 328 0.07 % 4 600PROCTER & GAMBLE CO.310 859 0.11 % 7 700IMPERIAL TOBACCO GROUP PLC265 754 0.09 % 4 700PRUDENTIAL FINANCIAL INC.395 350 0.13 % 131 300LEGAL & GENERAL GROUP PLC346 731 0.12 % 7 500QUALCOMM INC.317 168 0.11 % 57 400LLOYDS TSB GROUP PLC623 452 0.21 % 8 300SBC COMMUNICATIONS INC.252 537 0.09 % 17 200NATIONAL GRID TRANSCO PLC213 676 0.07 % 5 400SCANA CORPORATION295 465 0.10 % 32 900PRUDENTIAL PLC374 910 0.13 % 4 500SIMON PROPERTY/PAIRED SHS417 901 0.14 % 6 400RECKITT BENCKISER PLC241 755 0.08 % 12 500SOVEREIGN BANCORP INC.357 747 0.12 % 10 500RIO TINTO PLC /REG.411 820 0.14 % 4 650SYNTHES-STRATEC INC.654 255 0.23 % 8 200SCOTTISH & SOUTHERN ENERGY PLC190 745 0.07 % 5 800TARGET CORP.404 287 0.14 % 20 000SCOTTISH POWER PLC228 023 0.08 % 10 500TEXAS INSTRUMENTS INC.377 585 0.13 % 63 700SHELL TRANSPORT & TRADING CO PLC793 907 0.27 % 2 800 THE HARTFORD FINANCIAL SERVICES GROUP 13 000SMITHS GROUP PLC274 340 0.09 % INC. 268 242 0.09 % 53 100TESCO PLC388 664 0.13 % 7 900TIME WARNER INC.169 117 0.06 % 288 800VODAFONE GROUP PLC901 916 0.32 % 3 900UNIONBANCAL CORP.334 352 0.11 % 13 500WOLSELEY PLC363 942 0.12 % 3 800UNITED PARCEL SERVICE INC.336 683 0.11 % 22 200WPP GROUP PLC292 869 0.10 % 6 000UNITED TECHNOLOGIES CORP.* 394 707 0.13 % 8 400UNITEDHEALTH GROUP INC.561 091 0.19 % France 6 767 509 2.31% 6 900VERIZON COMMUNICATIONS INC.305 408 0.10 % 5 600ACCOR SA336 733 0.11 % 6 500VIACOM INC.266 635 0.09 % 12 100ALCATEL* 170 214 0.06 % 6 100WALGREEN CO.359 399 0.12 % 5 100CARREFOUR SUPERMARCHE SA317 188 0.11 % 8 100WAL-MART STORES INC.500 167 0.17 % 5 300CIE DE SAINT-GOBAIN* 377 221 0.13 % 9 400WALT DISNEY COMPANY303 226 0.10 % 10 600FRANCE TELECOM SA397 196 0.14 % 11 400WASHINGTON MUTUAL INC.594 259 0.20 % 2 800GROUPE DANONE315 714 0.11 % 4 600WELLPOINT INC.410 393 0.14 % 2 600LAFARGE SA303 849 0.10 % 6 100WISCONSIN ENERGY CORP.304 774 0.10 % 2 800LAGARDERE SCA* 265 990 0.09 % 4 500WYETH256 540 0.09 % 1 300L'AIR LIQUIDE284 090 0.10 % 12 900XCEL ENERGY INC.322 591 0.11 % 2 700L'OREAL* 248 534 0.08 % 6 300YAHOO INC.279 658 0.10 % 3 000LVHM MOET HENNESSY LOUIS VUITTON SA297 320 0.10 % 3 800ZIONS BANCORP357 957 0.12 % 6 000PAGESJAUNES PARIS179 695 0.06 % 3 7003M CO.342 707 0.12 % 2 900RENAULT SA327 889 0.11 % 5 900SANOFI AVENTIS* 621 332 0.21 % Great Britain 15 373 461 5.25% 3 200SCHNEIDER ELECTRIC SA309 448 0.11 % 13 900ANGLO AMERICAN PLC417 816 0.14 % 8 500SUEZ295 699 0.10 % 10 400ASTRAZENECA PLC551 904 0.19 % 3 000TOTAL FINA ELF SA904 057 0.32 % 27 000AVIVA PLC385 642 0.13 % 5 100VEOLIA ENVIRONNEMENT245 761 0.08 % 21 800BAA PLC310 369 0.11 % 2 800VINCI* 298 778 0.10 % 52 600BAE SYSTEMS PLC346 655 0.12 % 6 700VIVENDI UNIVERSAL270 801 0.09 % 44 300BARCLAYS PLC565 090 0.19 % 34 300BG GROUP PLC361 524 0.12 % Germany 4 249 649 1.45% 23 500BHP BILLITON PLC384 218 0.13 % 2 400ALLIANZ AG353 508 0.12 % 106 300BP AMOCO PLC1 418 207 0.49 % 4 900BASF AG417 985 0.13 % 13 600BRITISH AMERICAN TOBACCO PLC336 033 0.11 % 7 900BAYER AG338 050 0.12 % 16 000BRITISH LAND321 851 0.11 % 8 600BAYERISCHE HYPO & VEREINSBANK AG286 907 0.10 % 13 500BRITISH SKY BROADCASTING GROUP PLC163 526 0.06 % 7 600DAIMLERCHRYSLER AG395 818 0.14 % 98 100BT GROUP PLC518 116 0.18 % 3 800DEUTSCHE BANK AG381 379 0.13 % 24 900CADBURY BEVERAGES CANADA INC.304 759 0.10 % 7 400DEUTSCHE POST AG221 738 0.08 % 45 000CENTRICA PLC239 476 0.08 % 9 500DEUTSCHE TELEKOM AG225 433 0.08 %

RBAL - 3 RBA-PORTFOLIO (LUX) ALLEGRO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

2 600E.ON AKTIENGESELLSCHAFT297 115 0.10 % Bermuda 422 712 0.14% 1 900 MÜNCHENER RÜCKVERSICHERUNGSGESELLSCHAFT AG 259 675 0.09 % 11 300TYCO INTERNATIONAL LTD422 712 0.14 % 3 500RWE AG289 767 0.10 % Netherlands Antilles 340 504 0.12% 1 575SAP AG351 783 0.12 % 4 600SIEMENS AG430 491 0.14 % 3 500SCHLUMBERGER LTD340 504 0.12 %

Netherlands 3 591 733 1.23% Ireland 322 145 0.11% 18 800AEGON NV312 284 0.11 % 6 200ALLIED IRISH BANKS PLC170 203 0.06 % 25 700ELSEVIER NV459 185 0.16 % 7 300BANK OF IRELAND151 942 0.05 % 13 200ING GROEP NV478 448 0.16 % Portugal 251 703 0.09% 29 900KPN NV321 834 0.11 % 20 700PORTUGAL TELECOM SGPS SA251 703 0.09 % 11 900ROYAL DUTCH PETROLEUM CO.996 649 0.34 % 12 400ROYAL PHILIPS ELECTRONICS NV401 948 0.14 % Bonds 96 162 135 32.82% 7 600TNT NV246 944 0.08 % 4 500UNILEVER NV374 441 0.13 % CHF 66 955 749 22.85% 2 0003.000 % AUSTRIA 9921/08/09 2 138 000 0.73 % Spain 2 342 519 0.80% 3 0003.750 % BAWAG 0216/04/09 3 243 000 1.11 % 28 500BANCO BILBAO VIZCAYA ARGENTARIA SA564 024 0.19 % 2 0002.000 % BAYERISCHE LANDESBANK0310/02/10 2 038 000 0.70 % 39 400BANCO SANTANDER CENTRAL HISPANO SA* 586 025 0.21 % 2 5002.500 % CITIBANK 0419/10/11 2 590 000 0.88 % 17 500BCO POPULAR ESPANOL /REG.271 147 0.09 % 2 5004.000 % CITIGROUP INC. 0006/12/05 2 533 250 0.86 % 7 200IBERDROLA SA243 663 0.08 % 3 0003.000 % DEUTSCHE BAHN 0216/12/08 3 162 000 1.08 % 10 600REPSOL YPF SA* 347 875 0.12 % 5 5002.375 % EKSPORTFINANS ASA 0326/06/13 5 665 000 1.93 % 15 704TELEFONICA SA329 785 0.11 % 1 5004.375 % HELABA 0015/08/08 1 644 750 0.56 % Italy 2 279 667 0.78% 4 0003.000 % HYPOTHEKENBANKG TIROL 0220/11/12 4 290 000 1.46 % 3 5001.750 % ITALIEN 0403/03/08 3 561 250 1.22 % 43 300BANCA INTESA SPA254 188 0.09 % 2 0002.750 % ITALIEN 0401/07/11 2 097 000 0.72 % 10 000BANCHE POPOLARI UNITE SCARL254 358 0.09 % 3 000 3.750 % JOHN HANCOCK GLOBAL 10 900BANCO POPOLARE DI VERONA238 030 0.08 % FUNDING LTD 98 22/12/08 3 235 500 1.10 % 14 000ENI SPA462 715 0.16 % 3 0002.250 % KOMMUNINVEST I SVERIGE 0324/06/11 3 099 000 1.06 % ENTE NAZIONALE PER L'ENREGIA ELETTRICA 11 400 2 000 2.000 % KREDITANSFALT FÜR SPA 127 303 0.04 % WIEDERAUFBAU 04 27/02/09 2 050 000 0.70 % 14 000SANPAOLO IMI SPA246 665 0.08 % 2 000 2.750 % LAND BADEN-WUERTTEMBERG 69 200TELECOM ITALIA SPA230 216 0.08 % 02 20/08/07 2 074 000 0.71 % 51 500TELECOM ITALIA SPA206 077 0.07 % 6 0002.250 % LAND HESSEN 0215/10/08 6 191 999 2.10 % 38 400UNICREDITO ITALIANO SPA260 115 0.09 % 2 500 3.000 % LANDKREIS BADEN- WUERTTEMBERG 03 14/10/13 2 682 500 0.92 % Sweden 1 513 163 0.52% 4 000 4.125 % MBNA MASTER CREDIT CARD TRUST II 00 (ABS) 17/03/07 4 274 000 1.46 % 75 000ERICSSON AB -B-308 834 0.11 % 2 5002.500 % OESTER KONTROLBK 0418/10/12 2 603 750 0.89 % 6 200HENNES & MAURITZ AB279 714 0.10 % 3 0002.250 % PFAND OEST L-HYPO 0427/03/12 3 075 000 1.05 % 30 800NORDEA BANK AG358 756 0.12 % 2 000 3.000 % PFANDBRIEFSTELLE DER 12 300SKANDINAVISKA ENSKILDA BANKEN262 324 0.09 % ÖSTERREICHISCHEN LANDES- 11 600SVENSKA HANDELSBANKEN -A-303 535 0.10 % HYPOTHEKENBANKEN 01 19/01/09 2 114 000 0.72 % 2 5002.375 % TOTAL CAPITAL 0323/06/10 2 593 750 0.89 % Belgium 788 727 0.27% 12 200FORTIS SA434 254 0.15 % EUR 17 195 771 5.87% 3 500KBC GROUPE SA354 473 0.12 % 1 8003.800 % AUSTRIA 0320/10/13 2 950 864 1.01 % 1 5005.250 % DEUTSCHLAND 00* 04/07/10 2 620 509 0.89 % Finland 614 352 0.21% 2 5004.250 % DEUTSCHLAND 04* 04/07/14 4 236 070 1.45 % 28 600NOKIA OYJ614 352 0.21 % 1 5003.750 % DEUTSCHLAND 04* 04/01/15 2 449 748 0.84 % Denmark 570 630 0.19% 3 0004.000 % DEUTSCHLAND 9904/07/09 4 938 580 1.68 % 14 800DANSKE BANK AS570 630 0.19 % USD 10 061 922 3.43% 1 5003.625 % AUSTRIA 04* 27/05/11 1 879 758 0.64 %

RBAL - 4 RBA-PORTFOLIO (LUX) ALLEGRO

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

2 5003.750 % BNG 0315/07/13 3 090 976 1.05 % 1 500 6.000 % GENERAL ELECTRIC CAPITAL CORP 98 06/08/13 2 124 192 0.72 % 1 2506.125 % PROCTER & GAMBLE 9808/05/08 1 689 611 0.58 % 1 0003.875 % SWEDEN 0515/06/10 1 277 385 0.44 %

GBP 1 948 693 0.67% 6006.250 % BEI 9807/12/08 1 460 452 0.50 % 2007.375 % MERRILL LYNCH 9717/12/07 488 241 0.17 %

Index linked instruments 25 312 896 8.64%

Cayman Islands 25 312 896 8.64% 3 800MSCI AUSTRALIA 7.4.07 S23 OPALS1 021 983 0.35 % 3 400MSCI HONKONG 96-7.4.07 S30 OPALS346 153 0.12 % 5 600MSCI JAPAN 93-7.4.07 OPALS S33 790 342 1.29 % 2 500MSCI SINGAPORE 94-7.4.07 OPALS S19148 625 0.05 % 3 500 MSCI SWITZERLAND -7.4.07 S6 OPALS MORGAN STANLEY 1 644 755 0.56 % 500MSCI US /93-7.4.07 /OPAL S4416 153 0.14 % 110 000MSCI 7.4.07 OPALS PAC. IND 10717 944 885 6.13 %

Investment funds 3 539 204 1.21%

France 3 539 204 1.21% 22 200STREETTR. SM MSCI P. EUR / EXCH. TR3 539 204 1.21 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 CHF from July 1, 2004 to June 30, 2005 CHF Assets Income

Investment at market value 349 779 583 Income from investment 9 233 905 (Cost: 335 022 491) Bank interest 164 390 Cash at banks 20 038 774 Other Income 17 009 Due from brokers 1 438 656 Total Income 9 415 304 Subscritpions receivable 89 477 Dividends and interest 3 430 224 Other assets 1 495 Expenses Total Assets 374 778 209 Administration fees 4 526 564 Custodian fees and charges 175 143 Liabilities "Taxe d'abonnement" and other taxes 182 122 Bank interest 10 007 Due to brokers 1 566 201 Other expenses* 116 809 Payable for redemptions 643 656 Net income equalization 169 231 Administration fees due 186 772 "Taxe d'abonnement" due 46 439 Total Expenses 5 179 876 Other liabilities 50 635 Net gain/Net loss 4 235 428 Total Liabilities 2 493 703 Net realised gain/loss on: Net assets 372 284 506 - Securities 2 245 746 - Futures contracts -65 - Foreign currencies -53 038 Net realised gain/Net realised loss 6 428 071 Net change in unrealised appreciation/depreciation on: - Securities 19 824 601 Total gain/Total loss 26 252 672

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 CHF CHF Net assets at the beginning of the business year 387 994 589 379 335 185 Total gain/Total loss 11 932 337 26 252 672 Net subscriptions/redemptions -18 643 278 -31 570 594 Dividends distributed -1 948 463 -1 732 757

Net assets at the end of the business year 379 335 185 372 284 506

COMPARATIVE STATEMENT 2003 2004 2005 CHF CHF CHF Number of shares outstanding Distribution shares (shares A) 780 838 778 216 740 050 Accumulation shares (shares B) 3 433 439 3 242 101 2 954 228

Net assets 387 994 589 379 335 185 372 284 506

NAV per share Distribution shares (shares A) 85.48 85.60 89.52 Accumulation shares (shares B) 93.56 96.46 103.59 Dividend for preceding business year 1.25 2.50 2.25

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

2 000 3.000 % PFANDBRIEFSTELLE DER TOTAL INVESTMENTS 349 779 583 93.95% ÖSTERREICHISCHEN LANDES- TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL HYPOTHEKENBANKEN 01 19/01/09 2 114 000 0.57 % STOCK EXCHANGE 347 634 445 93.37% 8 0002.500 % SIEMENS FINANCE 0128/02/07 8 188 000 2.19 % 4 0004.500 % SNCF 9604/10/06 4 188 400 1.13 % Bonds 215 029 054 57.75% 10 0002.375 % TOTAL CAPITAL 0323/06/10 10 375 001 2.78 % CHF 180 802 501 48.56% 1 8002.000 % WESTLB 0430/12/10 1 829 700 0.49 % 2 0003.500 % AKADEMISKA HUS 0125/04/08 2 127 000 0.57 % EUR 22 060 563 5.92% 3 0003.375 % AUSTRIA 0225/01/12 3 298 500 0.89 % 4 0003.800 % AUSTRIA 0320/10/13 6 557 476 1.75 % 3 5003.000 % AUSTRIA 9921/08/09 3 741 500 1.01 % 1 0005.250 % DEUTSCHLAND 00* 04/07/10 1 747 006 0.47 % 4 0004.000 % BAYERISCHE LANDESBANK 0119/01/11 4 506 000 1.21 % 1 3005.000 % DEUTSCHLAND 02* 04/01/12 2 281 895 0.61 % 2 0002.000 % BAYERISCHE LANDESBANK0310/02/10 2 038 000 0.55 % 2 5004.250 % DEUTSCHLAND 04* 04/07/14 4 236 070 1.14 % 4 0003.500 % BEI 9928/01/14 4 484 000 1.20 % 2 5004.000 % DEUTSCHLAND 9904/07/09 4 115 483 1.11 % 2 0003.000 % BIG MBH 0216/07/07 2 081 000 0.56 % 1 5003.250 % GERMANY 0504/07/15 2 345 988 0.63 % 1 8002.000 % BK NED GEMEENTEN 0230/12/08 1 845 900 0.50 % 500 4.625 % LANDESKANTONALBANK 3 5002.000 % CIE FIN FONC 0311/06/09 3 591 000 0.96 % BADEN-WUERTTEMBERG 98 29/07/05 776 645 0.21 % 5 0002.500 % CITIBANK 0419/10/11 5 180 000 1.39 % USD 9 240 103 2.48% 5 0002.125 % DEKABANK 0401/04/10 5 120 000 1.38 % 1 7003.250 % AUSTRIA 0325/06/13 2 048 852 0.55 % 3 0003.000 % DEUTSCHE BAHN 0216/12/08 3 162 000 0.85 % 1 7003.625 % AUSTRIA 04* 27/05/11 2 130 393 0.57 % 3 000 3.500 % DEUTSCHE FINANCE NETHERLANDS 98 29/05/08 3 196 500 0.86 % 3 0003.750 % BNG 0315/07/13 3 709 169 1.00 % 2 5004.000 % DEXIA MUNICIPAL AGENCY 00* 08/03/10 2 793 750 0.75 % 1 0006.125 % PROCTER & GAMBLE 9808/05/08 1 351 689 0.36 % 5 0003.000 % DEXIA MUNICIPAL AGENCY 0130/11/07 5 225 000 1.40 % GBP 2 925 887 0.79% 7 0002.375 % EKSPORTFINANS ASA 0326/06/13 7 210 000 1.94 % 4 0003.000 % HYPOTHEKENBANKG TIROL 0220/11/12 4 290 000 1.15 % 5006.250 % BEI 9807/12/08 1 217 043 0.33 % 6 0001.750 % ITALIEN 0403/03/08 6 105 000 1.64 % 7007.375 % MERRILL LYNCH 9717/12/07 1 708 844 0.46 % 3 0002.750 % ITALIEN 0401/07/11 3 145 500 0.84 % Shares 131 009 585 35.19% 3 0003.500 % ITALIEN 9825/09/08 3 213 000 0.86 % 3 000 3.750 % JOHN HANCOCK GLOBAL Switzerland 69 946 083 18.80% FUNDING LTD 98 22/12/08 3 235 500 0.87 % 176 250ABB LTD1 480 500 0.40 % 3 5003.000 % KOMMUNALKREDIT AUSTRIA 0420/02/14 3 752 000 1.01 % 12 450ADECCO SA727 080 0.20 % 5 0002.250 % KOMMUNINVEST I SVERIGE 0324/06/11 5 165 000 1.39 % 6 500CIBA SPEZ CHEMIE HOLDING485 550 0.13 % 3 5002.750 % KOMMUNINVEST I SVERIGE 0317/09/13 3 694 250 0.99 % 49 500CIE FINANCIERE RICHEMONT AG2 133 450 0.57 % 2 000 2.000 % KREDITANSFALT FÜR WIEDERAUFBAU 04 27/02/09 2 050 000 0.55 % 21 800CLARIANT371 690 0.10 % 2 000 2.750 % LAND BADEN-WUERTTEMBERG 103 070CREDIT SUISSE GROUP5 210 189 1.40 % 02 20/08/07 2 074 000 0.56 % 350GEBERIT AG287 000 0.08 % 4 0002.250 % LAND HESSEN 0215/10/08 4 128 000 1.11 % 800GIVAUDAN SA596 400 0.16 % 4 000 4.000 % LANDESBANK HESSEN- 14 250HOLCIM LTD1 111 500 0.30 % THUERINGEN 00 04/12/07 4 280 000 1.15 % 3 100KUDELSKI SA145 390 0.04 % 8 000 3.750 % LANDESBANK HESSEN- THUERINGEN 01 01/02/11 8 904 000 2.38 % 270KUONI REISEN HOLDING AG140 535 0.04 % 1 000 3.000 % LANDESBANK SCHLESWIG- 8 200LOGITECH INTERNATIONAL SA337 840 0.09 % HOLSTEIN 99 20/12/06 1 030 000 0.28 % 3 600LONZA GROUP AG255 420 0.07 % 7 000 3.000 % LANDKREIS BADEN- 3 000MICRONAS SEMICONDUCTOR HOLDING AG145 500 0.04 % WUERTTEMBERG 03 14/10/13 7 511 000 2.02 % 36 510NESTLE SA11 975 280 3.22 % 3 0003.250 % LDW RENTENBANK 0228/08/12 3 270 000 0.88 % 2 150NOBEL BIOCARE HOLDING SA559 000 0.15 % 5 0002.500 % LGT FINANCE 0411/02/11 5 172 500 1.39 % 215 100NOVARTIS AG13 131 855 3.53 % 2 0004.500 % MBIA 0015/06/10 2 235 000 0.60 % 4 000PHONAK HOLDING SA192 400 0.05 % 7 000 4.125 % MBNA MASTER CREDIT CARD TRUST II 00 (ABS) 17/03/07 7 479 500 2.01 % 3 200PSP SWISS PROPERTY177 920 0.05 % 4 0004.500 % MERRILL LYNCH 0030/08/05 4 022 000 1.08 % 400RIETER HOLDING AG142 000 0.04 % 4 500 2.500 % NEDERLANDSE 63 850ROCHE HOLDINGS AG10 356 470 2.78 % WATERSCHAPSBANK NV 99 30/03/07 4 626 000 1.24 % 475SCHINDLER HOLDING219 925 0.06 % 5 0002.250 % PFAND OEST L-HYPO 0427/03/12 5 125 000 1.38 % 29 000 SCHWEIZERISCHE RÜCKVERSICHERUNGSGESELLSCHAFT 2 285 200 0.61 %

RBVI - 2 RBA-PORTFOLIO (LUX) VIVACE

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

600SERONO SA491 400 0.13 % 4 400GENERAL MOTORS CORP.191 653 0.05 % 400SGS SA352 200 0.09 % 3 200GILLETTE CO.207 559 0.06 % 600SIG HOLDING174 150 0.05 % 2 100GUIDANT181 058 0.05 % 725STRAUMANN HOLDING AG193 575 0.05 % 10 200HEWLETT-PACKARD CO.* 307 210 0.08 % 350SULZER AG185 150 0.05 % 8 000HOME DEPOT INC.398 678 0.11 % 2 500SWISSCOM1 045 000 0.28 % 4 900HONEYWELL INTERNATIONAL INC.229 941 0.06 % 10 000SYNGENTA AG1 319 000 0.35 % 8 000HUNTINGTON BANCSHARES INC.247 406 0.07 % 4 500THE SWATCH GROUP AG810 000 0.22 % 2 700IBM CORP.256 656 0.07 % 97 500UBS AG9 750 000 2.62 % 18 500INTEL CORP.617 631 0.18 % 1 000UNAXIS HOLDING AG* 176 000 0.05 % 5 600JOHNSON & JOHNSON466 321 0.13 % 360VALORA HOLDING AG104 490 0.03 % 1 800KIMBERLY-CLARK CORP.144 331 0.04 % 13 030ZURICH FINANCIAL SERVICES2 877 024 0.77 % 2 600LEHMAN BROTHERS HOLD. INC.330 688 0.09 % 17 000LIBERTY MED. CORP. NEW SA221 925 0.06 % United States 26 656 399 7.16% 3 300LOCKHEED MARTIN CORP.274 246 0.07 % 3 700ABBOTT LABORATORIES INC.232 311 0.06 % 3 700LOWE'S COMPANIES INC.275 967 0.07 % 3 600AFLAC INC199 606 0.05 % 7 600MBNA CORP.254 703 0.07 % 5 700ALCOA INC.190 808 0.05 % 7 200MC DONALD'S CORP.255 964 0.07 % 5 800ALTRIA GROUP480 448 0.13 % 3 700MEDTRONIC INC.245 488 0.07 % 5 300AMERICAN EXPRESS CO.361 423 0.10 % 5 700MERCK & CO INC.* 224 910 0.06 % 4 700AMERICAN INTERNATIONAL GROUP349 830 0.09 % 5 200MERRILL LYNCH & CO INC.366 461 0.10 % 2 800AMGEN INC.216 875 0.06 % 16 100MICROSOFT CORP.512 343 0.15 % 7 900AMSOUTH BANCORP263 138 0.07 % 4 100MORGAN STANLEY DEAN WITTER & CO.275 599 0.07 % 1 900ANHEUSER-BUSCH INC.111 360 0.03 % 9 600MOTOROLA INC.224 572 0.06 % 5 500ASSOCIATED BANC-CORP.237 170 0.06 % 4 100NEW CORP -A-84 986 0.02 % 2 900AUTOMATIC DATA PROCESSING INC.155 927 0.04 % 3 000OCCIDENTAL PETROLEUM CORP.295 665 0.08 % 1 500BANK OF AMERICA CORP.87 646 0.02 % 15 200ORACLE CORP.257 040 0.07 % 5 400BELLSOUTH CORP.183 810 0.05 % 3 400PEPSICO INC.* 234 905 0.06 % 6 800BK OF NEW YORK CO.250 716 0.07 % 11 000PFIZER INC.388 660 0.10 % 4 100BOEING CO.346 666 0.09 % 4 000PINNACLE WEST CAP.CORP.227 780 0.06 % 5 100BRISTOL MYERS SQUIBB163 210 0.04 % 3 500PROCTER & GAMBLE CO.236 523 0.06 % 2 200CAPITAL ONE FINANCIAL CORP.225 502 0.06 % 3 600PRUDENTIAL FINANCIAL INC.302 821 0.08 % 2 100CATERPILLAR INC.256 414 0.07 % 5 800QUALCOMM INC.245 277 0.07 % 6 700CENDANT CORPORATION192 010 0.05 % 8 400SBC COMMUNICATIONS INC.255 580 0.07 % 7 500CHEVRONTEXACO CORP.537 293 0.15 % 4 100SCANA CORPORATION224 335 0.06 % 1 800CHUBB CORP.197 415 0.05 % 3 400SIMON PROPERTY/PAIRED SHS315 748 0.08 % 17 700CISCO SYSTEMS INC.433 328 0.12 % 9 300SOVEREIGN BANCORP INC.266 164 0.07 % 3 700CITIGROUP INC.219 133 0.06 % 4 350SYNTHES-STRATEC INC.612 045 0.17 % 4 800COCA-COLA CO.256 733 0.07 % 4 400TARGET CORP.306 701 0.08 % 5 300COMCAST CORP.203 355 0.05 % 7 700TEXAS INSTRUMENTS INC.276 896 0.07 % 6 100DELL INC.308 759 0.08 % 2 100 THE HARTFORD FINANCIAL SERVICES GROUP 5 300DOW CHEMICAL CO.302 351 0.08 % INC. 201 181 0.05 % 5 300DU PONT DE NEMOURS & CO.292 031 0.08 % 5 900TIME WARNER INC.126 302 0.03 % 4 500EBAY INC.190 301 0.05 % 3 000UNIONBANCAL CORP.257 194 0.07 % 2 500ELI LILLY & CO.178 425 0.05 % 2 900UNITED PARCEL SERVICE INC.256 943 0.07 % 10 600EMC CORP.186 177 0.05 % 4 800UNITED TECHNOLOGIES CORP.* 315 766 0.08 % 2 600EMERSON ELECTRIC CO.208 612 0.06 % 6 400UNITEDHEALTH GROUP INC.427 498 0.11 % 6 200ENERGY EAST CORP.230 183 0.06 % 5 200VERIZON COMMUNICATIONS INC.230 162 0.06 % 16 200EXXON MOBIL CORP.1 192 722 0.33 % 5 000VIACOM INC.205 104 0.06 % 3 300FIRST DATA CORP.169 697 0.05 % 4 700WALGREEN CO.276 914 0.07 % 3 900FIRST HORIZON NATL CORP.210 843 0.06 % 6 200WAL-MART STORES INC.382 844 0.10 % 1 600GENENTECH INC.164 555 0.04 % 7 300WALT DISNEY COMPANY235 484 0.06 % 7 500GENERAL ELECTRIC CO.332 926 0.09 % 8 300WASHINGTON MUTUAL INC.432 662 0.12 %

RBVI - 3 RBA-PORTFOLIO (LUX) VIVACE

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Number/ Securities Market value % of Net Nominal (in CHF Assets Nominal (in CHF Assets 1000) 1000)

3 600WELLPOINT INC.321 177 0.09 % 2 400GROUPE DANONE270 612 0.07 % 4 700WISCONSIN ENERGY CORP.234 826 0.06 % 2 200LAFARGE SA257 103 0.07 % 3 500WYETH* 199 531 0.05 % 2 500LAGARDERE SCA* 237 491 0.06 % 9 800XCEL ENERGY INC.245 069 0.07 % 1 100L'AIR LIQUIDE240 384 0.06 % 4 800YAHOO INC.213 073 0.06 % 2 300L'OREAL211 714 0.06 % 2 900ZIONS BANCORP273 178 0.07 % 2 600LVHM MOET HENNESSY LOUIS VUITTON SA257 677 0.07 % 2 8003M CO.259 346 0.07 % 5 000PAGESJAUNES PARIS149 746 0.04 % 2 500RENAULT SA282 663 0.08 % Great Britain 13 482 184 3.62% 5 100SANOFI AVENTIS537 084 0.14 % 12 100ANGLO AMERICAN PLC363 710 0.10 % 2 800SCHNEIDER ELECTRIC SA270 767 0.07 % 9 100ASTRAZENECA PLC482 916 0.13 % 7 400SUEZ257 432 0.07 % 23 600AVIVA PLC337 080 0.09 % 2 600TOTAL FINA ELF SA783 517 0.22 % 18 800BAA PLC267 658 0.07 % 4 500VEOLIA ENVIRONNEMENT216 848 0.06 % 45 800BAE SYSTEMS PLC301 841 0.08 % 2 250VINCI* 240 089 0.06 % 38 700BARCLAYS PLC493 657 0.13 % 6 000VIVENDI UNIVERSAL242 509 0.07 % 29 900BG GROUP PLC315 148 0.08 % 20 400BHP BILLITON PLC333 534 0.09 % Germany 3 698 530 0.99% 92 600BP AMOCO PLC1 235 426 0.34 % 2 100ALLIANZ AG309 320 0.08 % 11 800BRITISH AMERICAN TOBACCO PLC291 558 0.08 % 4 200BASF AG358 272 0.10 % 13 900BRITISH LAND279 608 0.08 % 6 900BAYER AG295 259 0.08 % 15 900BRITISH SKY BROADCASTING GROUP PLC192 597 0.05 % 7 400BAYERISCHE HYPO & VEREINSBANK AG246 873 0.07 % 85 300BT GROUP PLC450 513 0.12 % 6 600DAIMLERCHRYSLER AG343 737 0.09 % 21 500CADBURY BEVERAGES CANADA INC.263 145 0.07 % 3 400DEUTSCHE BANK AG341 234 0.09 % 39 500CENTRICA PLC210 207 0.06 % 6 400DEUTSCHE POST AG191 774 0.05 % 20 000DIAGEO PLC377 972 0.10 % 8 300DEUTSCHE TELEKOM AG196 957 0.05 % 12 000GALLAHER GROUP PLC228 437 0.06 % 2 300E.ON AKTIENGESELLSCHAFT262 833 0.07 % 28 300GLAXOSMITHKLINE PLC877 954 0.24 % 1 600 MÜNCHENER 13 500GREAT UNIVERSAL STORES PLC272 956 0.07 % RÜCKVERSICHERUNGSGESELLSCHAFT AG 218 674 0.06 % 29 700HBOS PLC586 864 0.16 % 3 000RWE AG248 371 0.07 % 8 800HSBC HOLDINGS PLC179 847 0.05 % 1 350SAP AG301 528 0.08 % 6 700IMPERIAL TOBACCO GROUP PLC231 241 0.06 % 4 100SIEMENS AG383 698 0.10 % 114 400LEGAL & GENERAL GROUP PLC302 102 0.08 % Netherlands 2 957 262 0.79% 50 000LLOYDS TSB GROUP PLC543 077 0.15 % 16 400AEGON NV272 418 0.07 % 15 200NATIONAL GRID TRANSCO PLC188 830 0.05 % 8 200ELSEVIER NV146 510 0.04 % 28 600PRUDENTIAL PLC325 909 0.09 % 13 900ING GROEP NV503 820 0.14 % 5 400RECKITT BENCKISER PLC203 981 0.05 % 26 100KPN NV280 932 0.08 % 9 100RIO TINTO PLC /REG.356 911 0.10 % 10 400ROYAL DUTCH PETROLEUM CO.871 021 0.22 % 7 100SCOTTISH & SOUTHERN ENERGY PLC165 157 0.04 % 10 700ROYAL PHILIPS ELECTRONICS NV346 842 0.09 % 17 500SCOTTISH POWER PLC199 520 0.05 % 6 500TNT NV211 203 0.06 % 55 400SHELL TRANSPORT & TRADING CO PLC690 462 0.19 % 3 900UNILEVER NV324 516 0.09 % 11 300SMITHS GROUP PLC238 465 0.06 % 46 400TESCO PLC339 624 0.09 % Spain 2 044 448 0.55% 250 700VODAFONE GROUP PLC782 931 0.21 % 24 800BANCO BILBAO VIZCAYA ARGENTARIA SA490 799 0.13 % 11 700WOLSELEY PLC315 416 0.08 % 34 300BANCO SANTANDER CENTRAL HISPANO SA* 510 169 0.14 % 19 400WPP GROUP PLC255 930 0.07 % 15 500BCO POPULAR ESPANOL /REG.240 159 0.06 % France 6 087 835 1.64% 6 200IBERDROLA SA209 821 0.06 % 9 300REPSOL YPF SA305 211 0.08 % 5 000ACCOR SA300 654 0.08 % 13 728TELEFONICA SA288 289 0.08 % 10 500ALCATEL* 147 706 0.04 % 3 000AUTOROUTE PARIS RHIN RHONE228 085 0.06 % Italy 1 985 810 0.53% 4 500CARREFOUR SUPERMARCHE SA279 871 0.08 % 37 400BANCA INTESA SPA219 553 0.06 % 4 600CIE DE SAINT-GOBAIN327 399 0.09 % 8 700BANCHE POPOLARI UNITE SCARL221 292 0.06 % 9 300FRANCE TELECOM SA348 484 0.09 %

RBVI - 4 RBA-PORTFOLIO (LUX) VIVACE

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005 (continued)

Number/ Securities Market value % of Net Nominal (in CHF Assets 1000)

9 500BANCO POPOLARE DI VERONA207 457 0.06 % 12 200ENI SPA403 224 0.10 % 10 000 ENTE NAZIONALE PER L'ENREGIA ELETTRICA SPA 111 669 0.03 % 12 200SANPAOLO IMI SPA214 951 0.06 % 60 200TELECOM ITALIA SPA200 274 0.05 % 45 100TELECOM ITALIA SPA180 467 0.05 % 33 500UNICREDITO ITALIANO SPA226 923 0.06 %

Sweden 1 354 559 0.36% 75 300ERICSSON AB -B-310 069 0.08 % 5 400HENNES & MAURITZ AB243 622 0.07 % 26 700NORDIC BALTIC HOLDING AG 310 999 0.08 % 10 700SKANDINAVISKA ENSKILDA BANKEN228 201 0.06 % 10 000SVENSKA HANDELSBANKEN -A-261 668 0.07 %

Belgium 681 137 0.18% 10 600FORTIS SA377 303 0.10 % 3 000KBC GROUPE SA303 834 0.08 %

Finland 537 021 0.14% 25 000NOKIA OYJ537 021 0.14 %

Denmark 493 518 0.13% 12 800DANSKE BANK AS493 518 0.13 %

Bermuda 325 451 0.09% 8 700TYCO INTERNATIONAL LTD325 451 0.09 %

Ireland 281 450 0.08% 5 400ALLIED IRISH BANKS PLC148 241 0.04 % 6 400BANK OF IRELAND133 209 0.04 %

Netherlands Antilles 262 674 0.07% 2 700SCHLUMBERGER LTD262 674 0.07 %

Portugal 215 224 0.06% 17 700PORTUGAL TELECOM SGPS SA215 224 0.06 %

Index linked instruments 1 595 806 0.43%

Cayman Islands 1 595 806 0.43% 1 200MSCI EUR SWITZERLAND 7.4.07 OPALS S77655 946 0.18 % 2 000 MSCI SWITZERLAND -7.4.07 S6 OPALS MORGAN STANLEY 939 860 0.25 % TRANSFERABLE SECURITIES NEGOTIATED ON ANOTHER REGULATED MARKET 2 145 138 0.58%

Bonds 2 145 138 0.58%

USD 2 145 138 0.58% 1 500 6.875 % GENERAL ELECTRIC CAPITAL CORP. 03 15/11/10 2 145 138 0.58 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 54 029 509 Income from investment 1 104 294 (Cost: 51 419 254) Bank interest 2 097 Cash at banks 15 636 Other Income 23 755 Due from brokers 260 096 Net income equalization 15 524 Subscritpions receivable 52 800 Total Income 1 145 670 Other assets 56 162 Total Assets 54 414 203 Expenses

Liabilities Administration fees 738 280 Custodian fees and charges 21 119 Payable for redemptions 137 096 "Taxe d'abonnement" and other taxes 25 427 Administration fees due 33 455 Bank interest 3 683 "Taxe d'abonnement" due 6 745 Other expenses* 16 719 Other liabilities 4 336 Total Expenses 805 228 Total Liabilities 181 632 Net assets 54 232 571 Net gain/Net loss 340 442 Net realised gain/loss on: - Securities 886 479 - Foreign currencies -26 Net realised gain/Net realised loss 1 226 895 Net change in unrealised appreciation/depreciation on: - Securities 5 950 026 Total gain/Total loss 7 176 921

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 39 412 773 51 855 523 Total gain/Total loss 12 864 580 7 176 921 Net subscriptions/redemptions -421 830 -4 799 873

Net assets at the end of the business year 51 855 523 54 232 571

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Accumulation shares (shares B) 544 286 538 664 490 013

Net assets 39 412 773 51 855 523 54 232 571

NAV per share Accumulation shares (shares B) 72.41 96.27 110.68

* See page 10. The TER (Total Expense Ratio) amounts to 1.59 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. SDA - 1 SANTANDER DEUTSCHE AKTIEN

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Nominal (in EUR Assets 1000)

TOTAL INVESTMENTS 54 029 509 99.63% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE 54 029 509 99.63%

Shares 54 029 509 99.63%

Germany 53 239 009 98.17% 36 662ALLIANZ AG3 481 790 6.42 % 20 000ALTANA AG* 946 600 1.75 % 10 000AXEL SPRINGER VERLAG AG968 100 1.79 % 45 000BASF AG* 2 475 000 4.56 % 90 000BAYER AG* 2 483 100 4.58 % 10 000BEIERSDORF AG* 927 500 1.71 % 60 000BMW AG2 263 800 4.17 % 80 000BOSS AG2 144 000 3.95 % 90 000BOSS AG, VORZ.2 445 300 4.51 % 70 000DAIMLERCHRYSLER AG2 350 600 4.33 % 35 000DEUTSCHE BANK AG* 2 264 850 4.18 % 22 000DEUTSCHE LUFTHANSA AG* 223 520 0.41 % 145 000DEUTSCHE TELEKOM AG* 2 218 500 4.09 % 32 000E.ON AKTIENGESELLSCHAFT2 357 760 4.35 % 15 000FIELMANN AG* 837 000 1.54 % 20 958HENKEL KGAA, VORZ.* 1 551 311 2.86 % 91 500HYRICAN INFORMATIONSSYSTEME817 095 1.51 % 68 000KÖNIG & BAUER AG* 1 356 600 2.50 % 13 326LEIFHEIT AG319 824 0.59 % 10 000MAN AG* 343 300 0.63 % 25 756 MÜNCHENER RÜCKVERSICHERUNGSGESELLSCHAFT AG 2 269 619 4.18 % 30 000RHOEN KLINIKUM AG, VORZ.1 719 000 3.17 % 20 000RWE AG* 1 067 600 1.97 % 60 000SALZGITTER AG1 346 400 2.48 % 20 000SAP AG2 880 200 5.31 % 20 000SCHERING AG1 017 600 1.88 % 36 000SIEMENS AG2 172 240 4.01 % 100 000SOFTWARE AG* 3 425 000 6.32 % 40 000THYSSENKRUPP AG575 600 1.06 % 90 000VOLKSWAGEN AG* 3 403 800 6.28 % 20 000VOLKSWAGEN AG, VORZ.586 400 1.08 %

Netherlands 790 500 1.46% 30 000 EUROPEAN AERONAUTIC DEFENCE AND SPACE NV 790 500 1.46 %

* wholly or partially lent out securities

STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS as per June 30, 2005 EUR from July 1, 2004 to June 30, 2005 EUR Assets Income

Investment at market value 2 185 713 Income from investment 43 966 (Cost: 2 904 944) Bank interest 388 Cash at banks 25 378 Other Income 38 Dividends and interest 3 118 Net income equalization 1 015 Formation expenses 9 263 Total Income 45 407 Other assets 6 490 Total Assets 2 229 962 Expenses

Liabilities Administration fees 41 802 Custodian fees and charges 1 723 Payable for redemptions 5 364 "Taxe d'abonnement" and other taxes 1 149 Administration fees due 1 681 Bank interest 2 "Taxe d'abonnement" due 281 Other expenses* 8 235 Other liabilities 24 Total Expenses 52 911 Total Liabilities 7 350 Net assets 2 222 612 Net gain/Net loss -7 504 Net realised gain/loss on: - Securities -423 251 - Foreign currencies -46 181 Net realised gain/Net realised loss -476 936 Net change in unrealised appreciation/depreciation on: - Securities 507 186 Total gain/Total loss 30 250

STATEMENT OF CHANGE IN NET ASSETS 2004 2005 EUR EUR Net assets at the beginning of the business year 3 208 733 2 699 864 Total gain/Total loss 112 071 30 250 Net subscriptions/redemptions -620 940 -507 502

Net assets at the end of the business year 2 699 864 2 222 612

COMPARATIVE STATEMENT 2003 2004 2005 EUR EUR EUR Number of shares outstanding Accumulation shares (shares B) 100 524 81 531 65 600

Net assets 3 208 733 2 699 864 2 222 612

NAV per share Accumulation shares (shares B) 31.92 33.11 33.88

* See page 10. The TER (Total Expense Ratio) amounts to 2.24 % for share category B (according to the SFA¶s method of calculation) The accompanying notes form an integral part of the financial statements. STUA - 1 Santander TopUSAktien

STATEMENT OF INVESTMENTS AS PER JUNE 30, 2005

Number/ Securities Market value % of Net Nominal (in EUR Assets 1000)

TOTAL INVESTMENTS 2 185 713 98.34% TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE 2 185 713 98.34%

Shares 2 185 713 98.34%

United States 2 185 713 98.34% 1 200ABBOTT LABORATORIES INC.48 579 2.19 % 3 500ALTRIA GROUP186 932 8.40 % 1 000AMERICAN EXPRESS CO.43 968 1.98 % 358AMERICAN INTERNATIONAL GROUP17 181 0.77 % 800ANHEUSER-BUSCH INC.30 232 1.36 % 800BANK OF AMERICA CORP.30 139 1.36 % 2 200CHEVRONTEXACO CORP.101 618 4.57 % 2 500CITIGROUP INC.95 465 4.30 % 3 000COCA-COLA CO.103 457 4.65 % 600COLGATE-PALMOLIVE CO.24 735 1.11 % 1 000CONOCOPHILLIPS47 487 2.14 % 1 100ELI LILLY & CO.50 618 2.28 % 700EMERSON ELECTRIC CO.36 213 1.63 % 4 200EXXON MOBIL CORP.199 375 8.96 % 4 500GENERAL ELECTRIC CO.128 794 5.79 % 1 000HOME DEPOT INC.32 132 1.45 % 6 000INTEL CORP.129 154 5.80 % 1 200JOHNSON & JOHNSON64 428 2.90 % 2 000JP MORGAN CHASE & CO.58 349 2.63 % 900MC DONALD'S CORP.20 629 0.93 % 1 600MCGRAW-HILL COMPANIES INC.58 481 2.63 % 1 500MERCK & CO INC.38 161 1.72 % 3 400MICROSOFT CORP.69 761 3.14 % 800OCCIDENTAL PETROLEUM CORP.50 836 2.29 % 2 000PEPSICO INC.89 093 4.01 % 3 500PFIZER INC.79 734 3.59 % 600PRAXAIR INC.23 095 1.04 % 1 800PROCTER & GAMBLE CO.78 429 3.53 % 500SUNTRUST BANKS INC.29 835 1.34 % 800TARGET CORP.35 954 1.62 % 1 500TIME WARNER INC.20 704 0.93 % 1 000VIACOM INC.26 449 1.19 % 2 000WALGREEN CO.75 976 3.42 % 1 500WAL-MART STORES INC.59 720 2.69 %

Julius Baer Multicooperation Julius Baer Multicooperation 69, route d'Esch L - 2953 Luxembourg Phone (+352) 45 90 1 Fax (+352) 45 90 20 10

Distribution and Marketing Julius Baer Investment Funds Services Ltd. Hohlstrasse 602 CH - 8010 Zurich Phone/Fax (+41) 848 84 11 84

Custodian, Administrator and Domiciliary Dexia Banque Internationale à Luxembourg S.A. 69, route d'Esch L - 2953 Luxembourg Phone (+352) 45 90 1 Fax (+352) 45 90 20 10

Keeper of the Book of Registered Shareholders and Transfer Agent First European Transfer Agent S.A. (³FETA´) 5, rue Thomas Edison L - 1445 Strassen Phone (+352) 25 47 01 1 Fax (+352) 25 47 01 95 00

Independent Auditors PricewaterhouseCoopers S.à r.l. Réviseur d'entreprises 400, route d'Esch L - 1471 Luxembourg Phone (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00

Legal Advisers Linklaters Loesch 35, avenue John F. Kennedy L - 1855 Luxembourg Phone (+352) 26 08 1 Fax (+352) 26 08 88 88 Important legal information

As far as Julius Baer investment funds domiciled in Luxembourg (SICAV) are described here, these are admitted for public distribution and represented for fiscal purposes in Switzerland, Germany and Austria. Representative in Switzerland is Julius Baer Investment Funds Services Ltd., Hohlstrasse 602, Postfach, CH-8010 Zurich. Paying Agent in Switzerland is Bank Julius Bär & Co. AG, Bahnhofstrasse 36, Postfach, CH-8010 Zurich. Paying Agent in Germany is Bank Julius Bär (Deutschland) AG, Friedrich-Ebert-Anlage 49, D-60061 Frankfurt/Main. Paying Agent in Austria is Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna. As far as Julius Baer investment funds domiciled in Switzerland (of the categories 'Securities Funds' or 'Other Funds') are described here, these are admitted for public distribution exclusively in Switzerland. Fund Management is Julius Baer Investment Funds Services Ltd., Zurich. Custodian Bank is Bank Julius Bär & Co. AG, Zurich. As far as Julius Baer investment funds domiciled in Austria are described here, these are admitted for public distribution exclusively in Austria. Fund Management is ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Habsburgergasse 1a, A- 1010 Vienna. Custodian Bank is Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna. The details given on these pages do not constitute an offer. They are given for information purposes only. No liability is assumed for the correctness and accuracy of the details given. Investments should only be made after a thorough reading of the current Prospectus and/or the Fund Regulations, the latest annual and semi-annual reports and after advice has been obtained from an independent finance and tax specialist. The documents mentioned can be obtained free of charge from your bank or from the addresses indicated above. For further information please call +41 (0) 848 84 11 84. The value of the units and the return they generate can go down as well as up. They are affected by market volatility and by fluctuations in exchange rates. Past performance is no indication of future results. The breakdown into sectors, countries and currencies as well as possibly indicated benchmarks are liable to change at any time in line with the investment policy determined in the Prospectus.