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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 2011 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the simplified prospectus, or the “key investor information”, as soon as it is available, 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 simplified prospectus, the annual and semi-annual reports (or the “key investor information”, as soon as it is available), as well as the information based on the SFA 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: Swiss & Global Asset Management AG, Hardstraße 201, CH - 8005 Zurich (new address from 19 September 2011) Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, Postfach, CH - 8010 Zurich Paying and information agent in Germany (until 31 December 2010): Bank Julius Bär Europe AG, An der Welle 1, Postfach 15 02 52, D - 60062 Frankfurt am Main Paying agent in Germany (since 1 January 2011): Deka Bank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt am Main Information agent in Germany (since 1 January 2011): Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D - 60325 Frankfurt am Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL - 9490 Vaduz Trade and Companies Register number: R.C.S. Luxembourg B-32188 Contents Page Organisation and Management 4 Audit Report 6 Notes to the Annual Report 8 Additional Information for Swiss Shareholders (unaudited) 17 Julius Baer Multistock (Umbrella fund) MS Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND (launched on 30 September 2010) AREE Julius Baer Multistock - AGRICULTURE FUND AGF Julius Baer Multistock - ASIA STOCK FUND ASF Julius Baer Multistock - BIOTECH FUND BTF Julius Baer Multistock - BLACK SEA FUND BSF Julius Baer Multistock - CENTRAL EUROPE STOCK FUND CESF Julius Baer Multistock - CHINDONESIA FUND (launched on 30 September 2010) CHI Julius Baer Multistock - ENERGY TRANSITION FUND ETF Julius Baer Multistock - EURO LARGE CAP STOCK FUND ELCSF Julius Baer Multistock - EUROLAND VALUE STOCK FUND EUSF Julius Baer Multistock - EUROPE SELECTION FUND (until 27 June 2011: Julius Baer Multistock – EUROPE GROWTH STOCK FUND) EGSF Julius Baer Multistock - EUROPE LEADING STOCK FUND (as at 28 June 2011: merger with the Julius Baer Multistock – EUROPE SELECTION FUND) ELSF Julius Baer Multistock - EUROPE SMALL & MID CAP STOCK FUND ESSF Julius Baer Multistock - EUROPE STOCK FUND ESF Julius Baer Multistock - GERMAN VALUE STOCK FUND GVSF Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND GESF Julius Baer Multistock - GLOBAL SELECTION FUND (launched on 28 June 2011) GSL Julius Baer Multistock - GLOBAL STOCK FUND GSF Julius Baer Multistock - HEALTH OPPORTUNITIES FUND (launched on 30 September 2010) HOF Julius Baer Multistock - INFRASTRUCTURE FUND INFU Julius Baer Multistock - JAPAN STOCK FUND JSF 2 Contents Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE (until 30 September 2010: Julius Baer Multistock - GLOBAL CONTRARIAN STOCK FUND) GCSF Julius Baer Multistock - LUXURY BRANDS FUND LBF Julius Baer Multistock - NATURAL RESOURCES FUND NRF Julius Baer Multistock - NORTHERN AFRICA FUND NAF Julius Baer Multistock - RUSSIA FUND RUF Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND SSSF Julius Baer Multistock - SWISS STOCK FUNDto be translated SSF Julius Baer Multistock - US LEADING STOCK FUND ULSF Julius Baer Multistock - US VALUE STOCK FUND UVSF Addresses ALFI Code of Conduct The Board of Directors confirms that the fund had adhered to the rules of the ALFI Code of Conduct for Luxembourg investment funds in all significant aspects during the accounting period as at the end of the financial year (30 June 2011). 3 Organisation and Management F The Company has its registered office at Michele Porro 69, Route d'Esch Member of the Executive Board L - 1470 Luxembourg Swiss & Global Asset Management AG Zurich, Switzerland Board of Directors of the Company (since 15 March 2011) Chairman: Managing Directors of the Management Company Martin Jufer Member of the Executive Board Dr. Dieter Steberl Swiss & Global Asset Management AG Managing Director Zurich, Switzerland Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Members: (until 26 October 2010) Freddy Brausch Partner Linklaters LLP Ewald Hamlescher Luxembourg, Grand Duchy of Luxembourg Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Andrew Hanges Luxembourg, Grand Duchy of Luxembourg CEO (since 1 December 2010) GAM (UK) Ltd. London, UK Steve Kieffer Managing Director Jean-Michel Loehr Swiss & Global Asset Management (Luxembourg) S.A. Chief Industry & Government Relations Luxembourg, Grand Duchy of Luxembourg RBC Dexia Investor Services Bank S.A. Esch-sur-Alzette, Grand Duchy of Luxembourg Investment adviser or asset manager Dr. Thomas von Ballmoos For the Julius Baer Multistock - INFRASTRUCTURE FUND: Executive Director Macquarie Capital Investment Management (Australia) Limited Swiss & Global Asset Management AG Level 7, No. 1 Martin Place Zurich, Switzerland 2000 Sydney, Australia Management Company For the Julius Baer Multistock - NATURAL RESOURCES FUND and the Julius Baer Multistock - AGRICULTURE FUND: Swiss & Global Asset Management (Luxembourg) S.A. Wellington Management Company, LLP 25, Grand-Rue 75 State Street, L - 1661 Luxembourg Boston, Massachusetts 02109, USA Board of Directors of the Management Company For Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE: Chairman: (until 30 September 2010: Julius Baer Multistock - GLOBAL Martin Jufer CONTRARIAN STOCK FUND) Member of the Executive Board Bank Julius Baer & Co. AG Swiss & Global Asset Management AG Bahnhofstraße 36 Zurich, Switzerland Postfach CH - 8010 Zurich Members: Andrew Hanges For the Julius Baer Multistock - US LEADING STOCK FUND: CEO Sarofim International Management Company GAM (UK) Ltd. Two Houston Center London, UK Suite 2907 909 Fannin St. YvonLauret Houston, Texas 77070, USA Independent Adviser Luxembourg, Grand Duchy of Luxembourg For the other Funds: (since 15 March 2011) Swiss & Global Asset Management AG Hardstraße 201 Michel Malpas CH - 8005 Zurich Independent Adviser (new address from 19 September 2011) Luxembourg, Grand Duchy of Luxembourg Each asset manager or investment advisor may enlist the support of investment advisers or sub-advisers for individual sub-funds. 4 Organisation and Management Swiss & Global Advisory S.A. Italy: 25, Grand-Rue Dott. Matteo Angeloni L - 1661 Luxembourg Via Montesanto, 68 I - 00195 Rome Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent France: Caceis Bank RBC Dexia Investor Services Bank S.A. 1-3, Place Valhubert 14, Porte de France F - 75013 Paris L - 4360 Esch-sur-Alzette Spain: Distributors Atlas Capital Inversiones A.V., S.A. C. / Montalbán 9 The Company and/or the Management Company has appointed and E - 28014 Madrid may appoint further distributors authorised to sell the shares in one or more jurisdictions. United Kingdom: GAM Sterling Management Ltd. Auditor 12 St. James’s Place London, SW1A 1NX, U.K. PricewaterhouseCoopers S.à r.l. 400, Route d'Esch Belgium L - 1471 Luxembourg RBC Dexia Investor Services Belgium S.A. Place Rogier 11 Legal Adviser B - 1211 Brussels Linklaters LLP Liechtenstein: 35, Avenue John F. Kennedy LGT Bank in Liechtenstein AG L - 1855 Luxembourg Herrengasse 12 FL - 9490 Vaduz National Representatives Taiwan: Switzerland: Concord Capital Management Corp. Swiss & Global Asset Management AG 9F, No. 176, Sec. 1 Hardstraße 201 Keelung Rd. CH - 8005 Zurich Taipei, Taiwan, R.O.C. (new address from 19 September 2011) Sweden: Paying and information agent in Germany: MFEX Mutual Fund Bank Julius Baer Europe AG Exchange AB An der Welle 1 Linnégatan 9-11 Postfach 15 02 52 SE - 1114 47 Stockholm D - 60062 Frankfurt am Main (until 31 December 2010) Paying agent in Germany: Deka Bank Deutsche Girozentrale Hahnstraße 55 D - 60528 Frankfurt am Main (since 1 January 2011) Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D - 60325 Frankfurt am Main (since 1 January 2011) Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A - 1010 Vienna 5 Auditor’s note To the shareholders of Julius Baer Multistock Following our appointment by the Annual General Meeting of Shareholders, we have audited the accompanying financial statements of Julius Baer Multistock and of each of its sub-funds, which comprise the statement of net assets, the statement of investments as at 30 June 2011, the profit and loss account and the statement of changes in net assets for the financial year then ended, as well as a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the financial statements
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