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Julius Baer Multistock Société D'investissement À Capital Variable Julius Baer Multistock Société d'Investissement à Capital Variable Annual Report as at 30 June 2015 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semi- annual report if published thereafter. The articles of association, the valid prospectus and the key investor information, the annual and semi-annual reports, as well as the information based on the SFAMA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: GAM Investment Management (Switzerland) AG, Hardstraße 201, P.O. Box, CH - 8037 Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH - 8010 Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt / Main Information agent in Germany: GAM (Deutschland) AG, Taunusanlage 15, D - 60325 Frankfurt am Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Trade and Companies Register number: R.C.S. Luxembourg B-32188 Contents Page Organisation and Management 4 Information on risk management (unaudited) 6 Audit Report 7 Report of the Board of Directors 9 Notes to the Annual Report 10 Additional Information for Shareholders in Switzerland (unaudited) 22 Julius Baer Multistock (Umbrella fund) 32 Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND 34 Julius Baer Multistock - AFRICA FOCUS FUND 45 Julius Baer Multistock - AGRICULTURE FUND 52 (as at 18 December 2014: merger into Julius Baer Multistock - NATURAL RESOURCES FUND) Julius Baer Multistock - ASIA FOCUS FUND 54 Julius Baer Multistock - CHINA EVOLUTION FUND 60 Julius Baer Multistock - EASTERN EUROPE FOCUS FUND 67 Julius Baer Multistock - EMERGING EQUITY FUND 74 (launched on 25 February 2015) Julius Baer Multistock - ENERGY TRANSITION FUND 87 Julius Baer Multistock - EURO LARGE CAP STOCK FUND 93 Julius Baer Multistock - EUROLAND VALUE STOCK FUND 99 Julius Baer Multistock - EUROPE FOCUS FUND 105 Julius Baer Multistock - EUROPE SMALL & MID CAP STOCK FUND 111 Julius Baer Multistock - GERMAN VALUE STOCK FUND 117 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND 122 (as at 25 June 2015: merger into Julius Baer Multistock - EMERGING EQUITY FUND) Julius Baer Multistock - GLOBAL EQUITY INCOME FUND 125 Julius Baer Multistock - HEALTH INNOVATION FUND 133 Julius Baer Multistock - INFRASTRUCTURE FUND 139 Julius Baer Multistock - JAPAN STOCK FUND 145 Julius Baer Multistock - LUXURY BRANDS FUND 152 Julius Baer Multistock - NATURAL RESOURCES FUND 157 Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND 163 (as at 19 June 2015: liquidation of the sub-fund) 2 Contents Julius Baer Multistock - RUSSIA FUND 165 (as at 29 July 2014: merger into Julius Baer Multistock - EASTERN EUROPE FOCUS FUND) Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND 167 Julius Baer Multistock - SWISS STOCK FUND 173 Julius Baer Multistock - US LEADING STOCK FUND 179 Julius Baer Multistock - US VALUE STOCK FUND 187 Addresses 193 3 Organisation and Management The Company has its registered office at Michel Malpas 25, Grand-Rue Independent Director L - 1661 Luxembourg Luxembourg, Grand Duchy of Luxembourg Board of Directors of the Company Michele Porro Member of the Group Management Board, GAM Group Chairman: Region Head Continental Europe Martin Jufer GAM Investment Management (Switzerland) AG Member of the Group Management Board, GAM Group Zurich, Switzerland Head of Operations GAM Investment Management (Switzerland) AG Managing Directors of the Management Company Zurich, Switzerland Ewald Hamlescher Members: Managing Director Me Freddy Brausch GAM (Luxembourg) S.A. Partner Luxembourg, Grand Duchy of Luxembourg Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director Andrew Hanges GAM (Luxembourg) S.A. Member of the Group Management Board, GAM Group Luxembourg, Grand Duchy of Luxembourg Region Head UK GAM (UK) Ltd. London, United Kingdom Investment Manager Jean-Michel Loehr For the Julius Baer Multistock - INFRASTRUCTURE FUND: Independent Director Macquarie Capital Investment Management (Australia) Limited Luxembourg, Grand Duchy of Luxembourg Level 7, No. 1 Martin Place 2000 Sydney, Australia Dirk Spiegel Head Legal & Compliance Continental Europe For the Julius Baer Multistock - AGRICULTURE FUND: GAM Investment Management (Switzerland) AG Wellington Management Company, LLP Zurich, Switzerland 75 State Street Boston, Massachusetts 02109, USA Management Company and Domiciliary Agent (until 18 December 2014) GAM (Luxembourg) S.A. For the Julius Baer Multistock - US LEADING STOCK FUND: (until 7 May 2015: Swiss & Global Asset Management Sarofim International Management Company (Luxembourg) S.A.) Two Houston Center 25, Grand-Rue Suite 2907 L - 1661 Luxembourg 909 Fannin St. Houston, Texas 77070, USA Board of Directors of the Management Company (until 18 December 2014) Chairman: Wellington Management International Ltd. Martin Jufer Cardinal Place Member of the Group Management Board, GAM Group 80 Victoria Street Head of Operations London SW1E 5JL, United Kingdom GAM Investment Management (Switzerland) AG (since 19 December 2014) Zurich, Switzerland For the Julius Baer Multistock - EMERGING EQUITY FUND: Members: GAM International Management Limited Andrew Hanges 20 King Street Member of the Group Management Board, GAM Group London SW1Y 6QY, United Kingdom Region Head UK GAM (UK) Ltd. London, United Kingdom For all other sub-funds: GAM Investment Management (Switzerland) AG Yvon Lauret (until 28 April 2015: Swiss & Global Asset Management AG) Independent Director Hardstraße 201 Luxembourg, Grand Duchy of Luxembourg P.O. Box CH - 8037 Zurich 4 Organisation and Management The investment managers may hire investment advisers to assist Belgium: them in managing individual sub-funds RBC Investor Services Belgium S.A. Place Rogier 11 Advisory company B - 1210 Brussels GAM Advisory (Luxembourg) S.A. France: (until 7 May 2015: Swiss & Global Advisory S.A.) Caceis Bank 25, Grand-Rue 1-3, Place Valhubert L - 1661 Luxembourg F - 75013 Paris Custodian, Administrator, Principal Paying Agent, United Kingdom: as well as Registrar and Transfer Agent GAM Sterling Management Ltd. 12 St. James’s Place State Street Bank Luxembourg S.C.A. London, SW1A 1NX 49, Avenue J.F. Kennedy L - 1855 Luxembourg Ireland: GAM Fund Management Limited Distributors George’s Court 54-62 Townsend Street The Company and/or the Management Company has appointed and Dublin 2 may appoint further distributors authorised to sell the shares in one or Ireland more jurisdictions. Liechtenstein: Auditor LGT Bank in Liechtenstein AG Herrengasse 12 PricewaterhouseCoopers, Société coopérative FL - 9490 Vaduz 2, Rue Gerhard Mercator L - 2182 Luxembourg Spain: ATL12 Capital Inversiones A.V., S.A. Legal Adviser C. / Montalbán 9 E - 28014 Madrid Linklaters LLP 35, Avenue John F. Kennedy Taiwan: L - 1855 Luxembourg Concord Capital Management Corp. 9F, No. 176, Sec. 1 Local Representatives Keelung Rd. Taipei Switzerland: GAM Investment Management (Switzerland) AG Sweden: (until 28 April 2015: Swiss & Global Asset Management AG) MFEX Mutual Fund Hardstraße 201 Exchange AB P.O. Box Linnégatan 9-11 CH - 8037 Zurich SE - 114 47 Stockholm Paying agent in Germany: Cyprus: DekaBank Deutsche Girozentrale Cyprus Development Bank Public Company Ltd. Hahnstraße 55 50 Arch. Makarios III Avenue D - 60528 Frankfurt/Main P.O. Box 21415 CY - 1508 Nicosia Information agent in Germany: GAM (Deutschland) AG (until 7 May 2015: Swiss & Global Asset Management Kapital AG) Taunusanlage 15 D - 60325 Frankfurt/Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A - 1010 Vienna 5 Information on risk management (unaudited) Commitment Approach On the basis of the respective investment policies and investment strategies (including the use of derivative financial instruments), the risk profile of the sub-funds stated below was determined according to the commitment approach (determining the aggregate risk through the liabilities). This means that a sub-fund's aggregate liabilities can be doubled at most through the use of derivative financial instruments. A sub-fund's aggregate liabilities are therefore capped at 200%. To calculate the aggregate liabilities, the positions in derivative financial instruments are converted into equivalent positions on the underlying assets. The aggregate liabilities of the derivative financial instruments are limited to 100% of the portfolio and therefore equate to the sum of the individual liabilities after netting or hedging. The following sub-funds determine their risk profile in accordance with the commitment approach: Julius Baer Multistock - AFRICA FOCUS FUND AGRICULTURE FUND (as at 18 December 2014: merger into Julius Baer Multistock - NATURAL RESOURCES FUND) ASIA FOCUS FUND CHINA EVOLUTION FUND EASTERN EUROPE FOCUS FUND EMERGING EQUITY FUND (launched on 25 February 2015) ENERGY TRANSITION FUND EURO LARGE CAP STOCK FUND EUROLAND VALUE STOCK FUND EUROPE FOCUS FUND EUROPE SMALL & MID CAP STOCK FUND GERMAN VALUE STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND (as at 25 June 2015: merger into Julius Baer Multistock - EMERGING EQUITY FUND) GLOBAL
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