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 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 (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 AG, An der Welle 1, Postfach 15 02 52, D - 60062 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 () 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 : 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 in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg, and for the internal controls that it deems necessary to enable the preparation of financial statements which are free from material misstatement, whether due to inaccuracies or infringements.

Responsibility of the Réviseur d'entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. These standards require that we follow the professional code of ethics, and plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The choice of which procedures to perform depends on the judgment of the Réviseur d'entreprises agréé, as does the evaluation of the risk of material misstatement in the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'entreprises agréé considers the internal control system set up for the purpose of preparation and fair presentation of the financial statements in order to determine the appropriate audit procedures to perform in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control system. An audit also includes an assessment of whether the accounting principles and methods used are appropriate and whether the accounting estimates made by the Board of Directors of the SICAV are reasonable, as well as an evaluation of the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

PricewaterhouseCoopers S.à r.l., 400 Route d’Esch, B.P. 1443, L - 1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°00123693) R.C.S. Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447

6

Audit opinion

In our opinion, the financial statements present a true and fair view of the assets and financial position of Julius Baer Multistock and of each of its sub-funds as at 30 June 2011, and of their profit and loss and changes in their net assets for the financial year then ended, in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg.

Without restricting our opinion, we refer to the notes to the financial statements concerning the note "Valuation of assets and liabilities" and "Securities portfolio".

Other information

We read through the additional information contained in the financial statements as part of our mandate, but no special measures were necessary in accordance with the aforementioned standards. Our opinion does not relate, therefore, to this information. We have no comments to make on this information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Luxembourg, 12 October 2011 Represented by

Marc Schernberg

7 Notes to the Annual Report

• Legal information Valuation of assets and liabilities

Julius Baer Multistock (the “Company”) was incorporated on Assets and liabilities are valued at their nominal value, with the 1 December 1989 for an indefinite period. It is organised as a Société following exceptions: d’Investissement à Capital Variable (open-ended investment company – SICAV) under the law of 10 August 1915 of the Grand In addition, certain securities (including pre-IPO, restricted shares) Duchy of Luxembourg, as amended. Until 30 June 2011, it was are valued in accordance with established methods/models for which registered as an undertaking for collective investment in transferable the Company's Board of Directors is responsible. securities (UCITS) under Part I of the law of 20 December 2002 and from 1 July 2011 as an undertaking for collective investment in Foreign currencies transferable securities (UCITS) in accordance with Part I of the law of 17 December 2010. Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date The Company is registered under number B 32 188 in the of the transaction. Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d’Esch, L - 1470 Luxembourg. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the The following sub-funds were launched on 30 September 2010: exchange rate on the balance sheet date. Foreign exchange gains and - Julius Baer Multistock – ABSOLUTE RETURN EUROPE EQUITY losses are included in the profit and loss account for the current FUND accounting period. - Julius Baer Multistock – CHINDONESIA FUND - Julius Baer Multistock – HEALTH OPPORTUNITIES FUND Securities portfolio

The following sub-fund was launched on 28 June 2011: Securities listed on a stock exchange or any other public regulated - Julius Baer Multistock – GLOBAL SELECTION FUND market are valued at the last available price of the reporting year. Non-listed securities are identified as such. Their value shall be Subsequently, the assets of the Julius Baer Multicooperation – based on a foreseeable sale price, estimated with care and in good GLOBAL SELECTION FUND were integrated into the recently faith. launched sub-fund. Unrealised profits/losses on securities are reported as the difference The Julius Baer Multistock – GLOBAL CONTRARIAN STOCK FUND between market value and average acquisition cost. Securities sub-fund was renamed Julius Baer Multistock – JULIUS BAER denominated in currencies other than the currency of the respective EQUITY FUND SPECIAL VALUE as of 1 October 2010. sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign The Julius Baer Multistock – EUROPE LEADING STOCK FUND exchange profits and losses are shown in the profit and loss sub-fund was merged with Julius Baer Multistock – EUROPE account, together with the price profits/losses from securities. GROWTH STOCK FUND as of 28 June 2011. On the same day, Julius Baer Multistock – EUROPE GROWTH STOCK FUND was The realised net profit/loss from the sale of securities is determined using renamed Julius Baer Multistock – EUROPE SELECTION FUND. the average historical costs.

Accounting principles Dividends are recorded on the ex-dividend date. Income from securities is shown exclusive of withholding taxes. Presentation of the financial statements The number of options, warrants and rights are recorded in the The financial statements have been prepared in compliance with the statement of net assets. legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value The Company includes assets which, in the absence of liquid ("NAV") calculation at the end of the accounting period (in the markets, have been valued in line with the models or broker prices following: NAV = Net Asset Value). described above. The proportion of the assets in question in relation to the Fund's net assets as at 30 June 2011 is: Aggregation • 10.80% in the Julius Baer Multistock - BLACK SEA FUND sub- Each sub-fund of the Company prepares accounts relating to its fund operating result in its denominated currency. The accounts of the • 10.60% in the Julius Baer Multistock - RUSSIA FUND sub- Company (umbrella fund) are prepared in CHF, by aggregating the fund assets and liabilities of the individual sub-funds using the exchange • 4.80% in the Julius Baer Multistock - CENTRAL EUROPE rates applicable on the last day of the accounting period. STOCK FUND sub-fund

Accounting As a result, when these securities are sold discrepancies may arise between the valuation and the sale price received. The financial statements of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg.

The accrual principle is applied in the preparation. The accounting principles are applied consistently.

8 Notes to the Annual Report

Securities lending Taxes

Income from securities lending is shown separately in the profit and In accordance with Luxembourg law, the Company is not subject to loss account. The market value of securities lent on the balance any Luxembourg income tax. Dividends paid by the Company are sheet date as at 30 June 2011 amounts to: currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05% of the net Julius Baer Multistock – assets (“taxe d’abonnement”). A reduced taxe d’abonnement of 0.01% p.a. will be applied on the net assets applicable to C and Ca AGRICULTURE FUND USD 5 767 211 shares (for institutional investors). This classification is based on the ASIA STOCK FUND USD 32 839 Company’s understanding of the current legal situation. This legal BLACK SEA FUND EUR 495 631 situation is liable to be changed with retroactive effect, which may CENTRAL EUROPE STOCK FUND EUR 1 452 032 result in the tax rate of 0.05% being applied retroactively. The tax is CHINDONESIA FUND USD 342 200 payable quarterly in arrears on the basis of the respective net ENERGY TRANSITION FUND USD 11 166 437 assets at the end of each quarter. To the extent that certain countries EURO LARGE CAP STOCK FUND EUR 2 793 218 levy a tax on realised capital gains, the sub-funds make respective EUROLAND VALUE STOCK FUND EUR 3 321 812 provisions on the unrealised capital gains. EUROPE SMALL & MID CAP STOCK FUND EUR 3 750 429 Share categories EUROPE STOCK FUND EUR 5 568 846 GERMAN VALUE STOCK FUND EUR 4 999 009 Different share categories may be issued depending on the sub-fund GLOBAL STOCK FUND EUR 2 385 564 (see the relevant part of the current prospectus): INFRASTRUCTURE FUND EUR 1 810 294 JAPAN STOCK FUND JPY 242 287 484 - A shares: Shares with distribution of income and/or capital gains. JULIUS BAER EQUITY FUND SPECIAL VALUE EUR 6 259 472 - AH shares: Shares with distribution of income and/or capital LUXURY BRANDS FUND EUR 14 015 070 gains. NATURAL RESOURCES FUND USD 2 612 713 NORTHERN AFRICA FUND EUR 5 159 723 - B shares: Shares without distribution of income and/or capital SWISS SMALL & MID CAP STOCK FUND CHF 4 898 616 gains SWISS STOCK FUND CHF 5 818 030 US LEADING STOCK FUND USD 2 013 705 - BH shares: Shares without distribution of income and/or capital gains Forward contracts (Forward foreign exchange contracts, futures, swaps) - C shares (for institutional investors): Shares without distribution of income and/or capital gains Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term of the contract. The - Ca shares (for institutional investors): Shares with distribution of unrealised profit/loss is defined as the difference between the agreed income and/or capital gains. trading price and the market price on the balance sheet date. The unrealised profit/loss is shown in the profit and loss account. - E shares (for specific distributors, as defined in the prospectus): Shares without distribution of income and/or capital gains Options "A", "B", "C", "Ca" and "E" shares may also bear the additional "h" Purchase of options: When an option is purchased, the premium paid (currency-hedged share categories) is recorded as an investment and is subsequently valued at the market price. If a purchased put option is exercised, the premium is Pooling and co-management subtracted from the sale price of the underlying asset to determine the profit/loss. If a purchased call option is exercised, the premium is For the purpose of efficient management and to reduce added to the cost price of the underlying asset. administrative costs and if allowed by the investment policies of the sub-funds, the Board of Directors may decide to co-manage some Sale of options: if an option is written (sold), the premium received is or all of the assets of certain sub-funds and other Luxembourg recorded as a liability and is subsequently valued at the market price. UCITS of the . The assets of such sub-funds are If a written call option is exercised, the premium received is added to referred to in the following as "co-managed assets". In this case, the the sale price of the underlying asset to determine the profit/loss. If a pooling technique will be applied to the co-managed assets of the written put option is exercised, the cost price of the underlying asset various sub-funds. Assets that are co-managed will be referred to is reduced. using the term "pool”. Such pools will only be used for the purpose of internal management. They will not constitute distinct legal entities and will not be directly accessible to investors.

9 Notes to the Annual Report

The unrealised profit/loss of the pool is allocated to the sub-funds at Dexia as administrator and principle paying agent, registrar and each NAV calculation on the basis of daily updated pool allocation transfer agent; registration for sale; reporting to supervisory factors. There is no guarantee that the sum of this unrealised authorities in the various countries of distribution; fees and expenses profit/loss corresponds to the reported net change in unrealised of the Board of Directors of the Company; insurance premiums; appreciation/depreciation on securities at sub-fund level. interest; stock exchange admission fees and broker fees; reimbursement of expenses to the custodian and all other contracting Service load parties of the Company; calculation and publication of the net asset value per share and the share prices as well as licence fees, in Service Load means the costs incurred in connection with the particular for the use of the “Julius Baer” brand. operation of the Company. These costs include the following – unless already otherwise separately stated or included: Management fees

Costs of operational management and monitoring of the Company’s For advisory services relating to the portfolios of the sub-funds, related business; of tax advisory, legal and auditing services; purchase and administrative services and distribution services, the following annual sale of securities; state levies; convening the Annual General fees based on the net asset value of the respective sub-fund will be Meeting; issue of share acknowledgements; preparation of financial charged to the sub-fund at the end of each month: statements and prospectuses; promotional and marketing measures as well as other sales support; issue and redemption of shares; the payment of dividends, paying agents and representatives, of RBC

Overview of fees (p.a.) Currency classes A/Ah/B/Bh/E* shares C/Ca/Ch** shares

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND EUR, CHF 1.20% 0.60% AGRICULTURE FUND USD, EUR, CHF, GBP 1.60% 0.85% ASIA STOCK FUND USD 1.40% 0.65% BIOTECH FUND USD, GBP, CHF, EUR 1.60% 0.85% BLACK SEA FUND EUR, CHF, USD 1.60% 0.85% CENTRAL EUROPE STOCK FUND EUR, USD 1.40% 0.85% CHINDONESIA FUND USD 1.40% 0.75% ENERGY TRANSITION FUND USD, EUR, GBP, CHF 1.60% 0.85% EURO LARGE CAP STOCK FUND EUR 1.20% 0.55% EUROLAND VALUE STOCK FUND EUR, USD 1.20% 0.55% EUROPE SELECTION FUND EUR, GBP 1.20% 0.55% EUROPE LEADING STOCK FUND EUR, USD 1.20% 0.55% EUROPE SMALL & MID CAP STOCK FUND EUR 1.60% 0.65% EUROPE STOCK FUND EUR, GBP 1.20% 0.55% GERMAN VALUE STOCK FUND EUR, GBP, USD 1.20% 0.50% GLOBAL EMERGING MARKETS STOCK FUND EUR, USD 1.60% 0.85% GLOBAL SELECTION FUND EUR 1.20% 0.55% GLOBAL STOCK FUND EUR 1.20% 0.55% HEALTH OPPORTUNITIES FUND USD 1.60% 0.85% INFRASTRUCTURE FUND EUR, CHF, USD 1.60% 0.85% JAPAN STOCK FUND JPY, EUR, GBP, USD 1.20% 0.65% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR, CHF, USD 1.60% 0.85% LUXURY BRANDS FUND EUR, CHF, USD, GBP 1.60% 0.85% NATURAL RESOURCES FUND USD, CHF EUR, GBP 1.60% 0.85% NORTHERN AFRICA FUND EUR, CHF, USD, GBP 1.60% 0.85% RUSSIA FUND USD, EUR, GBP, CHF 1.60% 0.85% SWISS SMALL & MID CAP STOCK FUND CHF 1.40% 0.65% SWISS STOCK FUND CHF 1.00% 0.40% US LEADING STOCK FUND USD 1.20% 0.55% US VALUE STOCK FUND USD 1.20% 0.55%

*) An additional distribution fee of max. 0.75% p.a. is charged for E shares. **) Regarding the distribution, offering or holding of C, Ca or Ch shares, the Company will not pay commission to distributors for possible distribution services.

The fees as set out above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors who hold shares of the Company on behalf of third parties.

10 Notes to the Annual Report

Performance fee The amount of the performance fee is recalculated on each valuation Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY day subject to the aforementioned conditions on the basis of the FUND/Julius Baer Multistock - INFRASTRUCTURE FUND outperformance since the start of the accounting year and a provision is established for the sub-fund. The recalculated In respect of the ABSOLUTE RETURN EUROPE EQUITY FUND performance fee amount is compared on each valuation day with the and the INFRASTRUCTURE FUND, the investment adviser/asset provision set aside on the previous valuation day. The amount manager is entitled to a performance-related asset management fee provisioned on the previous day is adjusted up or down accordingly ("performance fee"). on the basis of the difference found between the newly calculated amount and the amount previously provisioned. The performance fee for the INFRASTRUCTURE FUND is payable when the percentage return from the start of the accounting year is Any performance fee owed to the investment adviser or asset above that of the benchmark index, the Macquarie Global manager and calculated under the aforementioned conditions is only Infrastructure Index, (outperformance of the benchmark index) and actually paid out at the end of the Company's accounting year. when simultaneously the net asset value per share is higher than the High Water Mark (outperformance of the High Water Mark). This ensures that the performance fee is only paid out if the percentage return of the ABSOLUTE RETURN EUROPE EQUITY The performance fee for the ABSOLUTE RETURN EUROPE FUND and the INFRASTRUCTURE FUND measured over an entire EQUITY FUND is payable when the percentage return from the start accounting year is above that of the benchmark index of the accounting year is above that of the benchmark index, the (outperformance of the benchmark index) and simultaneously the net EUR 3 month LIBOR (outperformance of the benchmark index), asset value per share is higher than the High Water Mark which will be adjusted to the effective market conditions at the end of (outperformance of the High Water Mark). each calendar quarter (on the last valuation day of March, June, September, December), and when simultaneously the net asset Benchmark index per sub-fund and share currency value per share is higher than the High Water Mark (outperformance of the High Water Mark). Julius Baer Multistock-

Both conditions must be fulfilled. The performance fee amounts to ABSOLUTE RETURN EUROPE EQUITY FUND 10% p.a. of the outperformance of the High Water Mark or in EUR: EUR 3 Monats-LIBOR outperformance of the benchmark index, with the lower of the two in CHF: CHF 3 Monats-LIBOR percentage outperformance values serving as a basis for calculation in USD: USD 3 Monats-LIBOR of the performance fee. High Water Mark: at the launch of the sub- in GBP: GBP 3 Monats-LIBOR fund or, if applicable, a share category in a currency other than the sub-fund’s accounting currency, the High Water Mark is identical to the initial issue price. If the net asset value per share on the last valuation day of a subsequent accounting year is higher than the previous High Water Mark and the percentage return during the accounting year is higher than that of the benchmark index, the High Water Mark is set to the net asset value per share calculated on the last valuation day of that accounting year before deduction of the deferred performance fee. In all other cases the High Water Mark remains unchanged.

11 Notes to the Annual Report

Other expenses include:

Performance Service Licence Other Currency fee load fees expenses Total Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND EUR 86 037 7 899 5 440 0 99 376 AGRICULTURE FUND USD - 361 600 36 256 0 397 856 ASIA STOCK FUND USD - 774 413 85 483 0 859 896 BIOTECH FUND USD - 35 242 9 013 0 44 255 BLACK SEA FUND EUR - 451 162 45 103 0 496 265 CENTRAL EUROPE STOCK FUND EUR - 478 159 35 772 0 513 931 CHINDONESIA FUND USD - 64 271 5 645 0 69 916 ENERGY TRANSITION FUND USD - 76 015 19 776 0 95 791 EURO LARGE CAP STOCK FUND EUR - 191 524 30 610 0 222 134 EUROLAND VALUE STOCK FUND EUR - 345 286 34 839 0 380 125 EUROPE SELECTION FUND EUR - 347 665 34 099 557 382 321 EUROPE LEADING STOCK FUND EUR - 326 762 32 467 0 359 229 EUROPE SMALL & MID CAP STOCK FUND EUR - 455 043 52 982 0 508 025 EUROPE STOCK FUND EUR - 755 506 61 514 1 443 818 463 GERMAN VALUE STOCK FUND EUR - 865 469 82 365 0 947 834 GLOBAL EMERGING MARKETS STOCK FUND EUR - 470 447 47 793 0 518 240 GLOBAL SELECTION FUND EUR - 292 0 0 292 GLOBAL STOCK FUND EUR - 381 120 38 231 0 419 351 HEALTH OPPORTUNITIES FUND USD - 40 277 5 391 0 45 668 INFRASTRUCTURE FUND EUR 0 353 004 40 068 0 393 072 JAPAN STOCK FUND JPY - 108 666 071 9 989 757 18 516 118 674 344 JULIUS BAER EQUITY FUND SPECIAL VALUE EUR - 746 223 0 586 746 809 LUXURY BRANDS FUND EUR - 383 991 49 417 0 433 408 NATURAL RESOURCES FUND USD - 381 721 43 147 0 424 868 NORTHERN AFRICA FUND EUR - 670 805 69 544 0 740 349 RUSSIA FUND USD - 111 275 15 168 0 126 443 SWISS SMALL & MID CAP STOCK FUND CHF - 552 394 77 731 0 630 125 SWISS STOCK FUND CHF - 838 327 151 264 0 989 591 US LEADING STOCK FUND USD - 680 578 55 890 0 736 468 US VALUE STOCK FUND USD - 379 837 37 715 0 417 552

Derivative financial instruments

Forward foreign exchange contracts Unrealised Purchases Sales Maturity date Currency profit/loss Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND EUR 156 919 CHF 187 000 4 July 2011 EUR 2 092 CHF 187 000 EUR 157 011 20 July 2011 EUR -2 078 EUR 14 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE CHF 3 910 650 EUR 3 100 000 15 August 2011 EUR 108 601 CHF 1 414 140 JPY 130 000 000 15 August 2011 EUR 48 231 CHF 1 149 070 USD 1 300 000 15 August 2011 EUR 44 877 EUR 7 046 005 CHF 8 884 665 15 August 2011 EUR -243 272 EUR 12 502 695 JPY 1 450 000 000 15 August 2011 EUR 99 854 EUR 9 946 067 USD 14 200 000 15 August 2011 EUR 138 608 USD 2 749 223 CHF 2 300 000 15 August 2011 EUR 11 641

12 Notes to the Annual Report

Derivative financial instruments (continued)

Forward foreign exchange contracts (continued) Unrealised Purchases Sales Maturity date Currency profit/loss Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE (continued) USD 7 798 995 EUR 5 426 609 15 August 2011 EUR -40 210 USD 197 653 JPY 16 000 000 15 August 2011 EUR -347 EUR 167 983

Futures Number of Unrealised contracts Market Value Maturity date Currency profit/loss Julius Baer Multistock - EUROPE SELECTION FUND DOW JONES STOXX 50 /PRICE EUR Purchases 80 2 044 800 16 September 2011 EUR 19 800 EUR 19 800 Julius Baer Multistock - SWISS STOCK FUND SMI INDEX/OHNE DIVIDENDENKORR. Purchases 27 1 670 760 16 September 2011 CHF -13 770 CHF -13 770

Swaps

Purchase Sale Interest on Unrealised Type* Counterparty - Underlying Buy/Sell Nominal Maturity date interest rate interest rate swaps profit/loss

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND DEUTSCHE BANK AG LONDON - BASF NAMEN- LIB1M EUR CFD AKT. Purchases EUR 405 420 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - BMW- LIB1M EUR CFD BAYER.MOTORENWERKE Purchases EUR 564 242 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M GBP - CFD LONDON - INMARSAT PLC Sales GBP 155 680 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - CHEMRING LIB1M GBP CFD GROUP PLC Purchases GBP 256 000 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - LAGARDERE SCA LIB1M EUR - CFD /NOM. Sales EUR 378 755 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - QIAGEN NV Sales EUR 237 960 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP - CFD LONDON - INVENSYS Sales GBP 202 797 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP - CFD LONDON - TULLOW OIL PLC Sales GBP 434 000 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - ACERINOX SA Sales EUR 327 080 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - ELRINGKLINGER LIB1M EUR - CFD AG /NAM. Sales EUR 244 700 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - TIETO LIB1M EUR - CFD CORPORATION Sales EUR 215 895 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - FRANKFURT LIB1M EUR - CFD AIRPORT SERV.WORLDW. Sales EUR 221 800 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - PETROFAC LTD Purchases GBP 302 800 1 January 2040 0.00% +0.35% EUR - -

13 Notes to the Annual Report

Derivative financial instruments (continued)

Swaps (continued)

Purchase Sale Interest on Unrealised Type* Counterparty - Underlying Buy/Sell Nominal Maturity date interest rate interest rate swaps profit/loss

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND (continued) DEUTSCHE BANK AG LIB1M GBP CFD LONDON - KINGFISHER PLC Purchases GBP 320 640 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - DASSAULT LIB1M EUR - CFD SYSTEMES SA Sales EUR 340 518 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - ANTENA 3 DE LIB1M EUR - CFD TELEVISION SA Sales EUR 403 990 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - LIB1M EUR - CFD HEIDELBERGCEMENT AG Sales EUR 396 225 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - AFREN PLC Purchases GBP 315 800 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - FRANCE LIB1M EUR - CFD TELECOM SA Sales EUR 205 310 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - FREENET AG LIB1M EUR CFD NAMENS-AKTIEN Purchases EUR 477 700 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR CFD LONDON - SAP AG Purchases EUR 304 775 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - 3I GROUP PLC Purchases GBP 160 227 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - WARTSILA LIB1M EUR CFD CORPORATION -B- Purchases EUR 218 926 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - NESTE OIL OYJ Sales EUR 216 200 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - EDP LIB1M EUR - CFD RENOVAVEIS SA Sales EUR 386 665 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - TNT NV NEW Sales EUR 315 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG NIB1M NOK - CFD LONDON - FRONTLINE LTD Sales NOK 1 942 500 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR CFD LONDON - MOBISTAR Purchases EUR 471 420 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR CFD LONDON - CONTINENTAL AG Purchases EUR 499 905 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - FORTUM LIB1M EUR CFD CORPORATION Purchases EUR 399 400 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - KABEL DEUTSCHLAND LIB1M EUR CFD HOLDING AG Purchases EUR 327 200 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - FERREXPO PLC Purchases GBP 328 720 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - AXEL SPRINGER LIB1M EUR - CFD AG / NAM.VINK*** Sales EUR 306 540 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - RED ELECTRICA LIB1M EUR CFD CORPORACION SA Purchases EUR 428 738 1 January 2040 0.00% +0.35% EUR - -

14 Notes to the Annual Report

Derivative financial instruments (continued)

Swaps (continued)

Purchase Sale Interest on Unrealised Type* Counterparty - Underlying Buy/Sell Nominal Maturity date interest rate interest rate swaps profit/loss

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND (continued) DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - METRO AG Sales EUR 292 530 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - TUI AG Sales EUR 442 080 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - DEUTSCHE LIB1M EUR CFD POST AG Purchases EUR 194 775 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - AIXTRON LIB1M EUR CFD /NAMEN AKT. Purchases EUR 211 770 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - TOMTOM NV Sales EUR 292 000 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - CENTRICA PLC Purchases GBP 193 980 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - HSBC LIB1M GBP - CFD HOLDINGS PLC Sales GBP 168 087 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - WILLIAM HILL PLC Purchases GBP 411 120 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR CFD LONDON - ILIAD Purchases EUR 277 590 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - AMEC PLC Purchases GBP 195 840 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - UPONOR OYJ "A" Sales EUR 220 792 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - EDF Sales EUR 189 735 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - POSTNL Sales EUR 257 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP - CFD LONDON - WHITBREAD PLC Sales GBP 436 050 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP CFD LONDON - IMP TOBACCO Purchases GBP 310 650 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - PORSCHE A LIB1M EUR CFD HLDG/PREF Purchases EUR 437 600 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - LOTTOMATICA LIB1M EUR - CFD SPA ROMA Sales EUR 294 360 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M EUR - CFD LONDON - ENI SPA ROMA Sales EUR 228 340 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - PORTUGAL LIB1M EUR - CFD TELEC.SGPS NOM. Sales EUR 410 220 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LONDON - E.ON - LIB1M EUR - CFD NAMEN AKT. Sales EUR 405 410 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG NIB1M NOK CFD LONDON - SEADRILL LTD Purchases NOK 2 088 900 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - LVMH MOET LIB1M EUR CFD HENNESSY EUR 0.3 Purchases EUR 372 300 1 January 2040 0.00% +0.35% EUR - -

15 Notes to the Annual Report

Derivative financial instruments (continued)

Swaps (continued)

Purchase Sale Interest on Unrealised Type* Counterparty - Underlying Buy/Sell Nominal Maturity date interest rate interest rate swaps profit/loss

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND (continued) DEUTSCHE BANK AG LIB1M EUR CFD LONDON - SANOFI Purchases EUR 277 200 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LIB1M EUR CFD LONDON - IPSOS SA PARIS Purchases EUR 277 737 1 January 2040 0.00% +0.35% EUR - - EUR --

Julius Baer Multistock - AGRICULTURE FUND J.P. MORGAN CHASE IFFDBP1M TRS LONDON - IFFDBP1M INDEX Purchases USD 101 520 30 December 2011 Index 0.00% USD - -29 768 J.P. MORGAN CHASE IFFDBP1M TRS LONDON - IFFDBP1M INDEX Purchases USD 166 520 31 October 2011 Index 0.00% USD - -46 970 J.P. MORGAN CHASE IFFDBP1M TRS LONDON - IFFDBP1M INDEX Purchases USD 166 520 30 November 2011 Index 0.00% USD - -46 955 J.P. MORGAN CHASE IFFDBP1M TRS LONDON - IFFDBP1M INDEX Purchases USD 65 000 31 December 2011 Index 0.00% USD - -29 768 MORGAN STANLEY CIE INTL SPGCGRP TRS - SPGCGRP INDEX Purchases USD 2 304 574 30 March 2012 Index 0.25% USD - -336 350 MORGAN STANLEY CIE INTL SPGCGRP TRS - SPGCGRP INDEX Purchases USD 919 001 30 March 2012 Index 0.15% USD - -134 127 USD - -623 938

Julius Baer Multistock - EUROPE STOCK FUND DEUTSCHE BANK AG LONDON - SIEMENS AG LIB1M EUR CFD /NAM. Purchases EUR 681 840 26 August 2011 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - THE SWATCH LIB1M CHF CFD GROUP AG Purchases CHF 508 560 26 August 2011 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - BHP LIB1M GBP CFD BILLITON PLC Purchases GBP 735 600 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - BASF NAMEN- LIB1M EUR CFD AKT. Purchases EUR 1 351 400 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - BMW- LIB1M EUR CFD BAYER.MOTORENWERKE Purchases EUR 344 050 1 January 2040 0.00% +0.35% EUR - - DEUTSCHE BANK AG LONDON - DIALOG LIB1M EUR - CFD SEMICONDUCTOR Sales EUR 226 080 1 January 2040 0.40% 0.00% EUR - - DEUTSCHE BANK AG LIB1M GBP - CFD LONDON - INMARSAT PLC Sales GBP 166 800 1 January 2040 0.40% 0.00% EUR - - EUR --

* CFD = Contract For Difference TRS = Total Return Swap

16 Additional Information for Swiss Shareholders (unaudited)

Portfolio Turnover Rate (in %)

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND 1 046.98% AGRICULTURE FUND 186.64% ASIA STOCK FUND 124.30% BIOTECH FUND 35.82% BLACK SEA FUND 66.95% CENTRAL EUROPE STOCK FUND 79.53% CHINDONESIA FUND 167.91% ENERGY TRANSITION FUND 18.04% EURO LARGE CAP STOCK FUND 115.24% EUROLAND VALUE STOCK FUND 120.60% EUROPE SELECTION FUND 440.90% EUROPE LEADING STOCK FUND 218.79% EUROPE SMALL & MID CAP STOCK FUND 75.16% EUROPE STOCK FUND 322.73% GERMAN VALUE STOCK FUND 35.50% GLOBAL EMERGING MARKETS STOCK FUND 246.42% GLOBAL SELECTION FUND 3.51% GLOBAL STOCK FUND 358.94% HEALTH OPPORTUNITIES FUND -38.95% INFRASTRUCTURE FUND 72.28% JAPAN STOCK FUND 74.81% JULIUS BAER EQUITY FUND SPECIAL VALUE 23.25% LUXURY BRANDS FUND -75.17% NATURAL RESOURCES FUND 126.54% NORTHERN AFRICA FUND -71.40% RUSSIA FUND 23.86% SWISS SMALL & MID CAP STOCK FUND 32.20% SWISS STOCK FUND 32.50% US LEADING STOCK FUND -26.74% US VALUE STOCK FUND 78.93%

PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").

Performance *

Julius Baer Multistock - Currency Share 1 year 3 years Since inception Perf. Benchmark Perf. Benchmark Perf. Benchmark ABSOLUTE RETURN EUROPE EQUITY FUND CHF Ah - - - - -0.26% - ABSOLUTE RETURN EUROPE EQUITY FUND CHF Bh - - - - -0.23% - ABSOLUTE RETURN EUROPE EQUITY FUND CHF Ch - - - - -0.26% - ABSOLUTE RETURN EUROPE EQUITY FUND EUR A - - - - 7.33% 0.81% ABSOLUTE RETURN EUROPE EQUITY FUND EUR B - - - - 7.26% 0.81% ABSOLUTE RETURN EUROPE EQUITY FUND EUR C - - - - 8.03% 0.81% ABSOLUTE RETURN EUROPE EQUITY FUND EUR Ca - - - - 8.03% 0.81% AGRICULTURE FUND CHF A 8.41% - -31.95% - -31.95% - AGRICULTURE FUND CHF B 8.43% - -31.94% - -31.94% - AGRICULTURE FUND CHF C 9.30% - -30.30% - -30.30% - AGRICULTURE FUND EUR A 17.49% - -10.34% - -10.34% - AGRICULTURE FUND EUR B 17.51% - -10.33% - -10.33% -

* The information and returns relate to the past reporting period/financial year and are not a reliable reflection of future income.

17 Additional Information for Swiss Shareholders (unaudited)

Performance * (continued)

Julius Baer Multistock - Währung Aktien 1 Jahr 3 Jahre Seit Start Perf. Benchmark Perf. Benchmark Perf. Benchmark AGRICULTURE FUND EUR C 18.44% --8.15% - -8.15% - AGRICULTURE FUND USD A 39.08% - -17.39% - -17.39% - AGRICULTURE FUND USD B 39.09% - -17.38% - -17.38% - AGRICULTURE FUND USD C 40.17% - -15.41% - -15.41% - ASIA STOCK FUND USD A 20.97% 25.68% 7.62% 25.84% 83.54% 287.68% ASIA STOCK FUND USD B 20.97% 25.68% 7.62% 25.84% 83.54% 287.68% ASIA STOCK FUND USD C 21.82% 25.65% 10.09% 25.84% 82.98% 148.96% BIOTECH FUND USD A 30.92% 38.56% 15.83% - 13.86% - BIOTECH FUND USD B 30.92% 38.56% 15.83% - 13.85% - BIOTECH FUND USD C 31.78% 38.56% 18.41% - 16.78% - BLACK SEA FUND CHF A -0.30% 9.80% -71.75% -33.60% -73.43% -33.13% BLACK SEA FUND CHF B -0.30% 9.80% -71.75% -33.60% -73.43% -33.13% BLACK SEA FUND CHF C 0.62% 9.80% -70.98% -33.60% -72.35% -33.13% BLACK SEA FUND EUR A 7.99% 18.80% -62.81% -12.71% -64.30% -11.83% BLACK SEA FUND EUR B 7.99% 18.80% -62.81% -12.71% -64.30% -11.83% BLACK SEA FUND EUR C 8.95% 18.80% -61.80% -12.71% -62.86% -11.83% BLACK SEA FUND USD A 27.81% 40.62% -65.81% -19.67% -61.81% -3.05% BLACK SEA FUND USD B 27.81% 40.62% -65.81% -19.67% -61.81% -3.05% BLACK SEA FUND USD C 28.98% 40.62% -64.88% -19.67% -60.26% -3.05% CENTRAL EUROPE STOCK FUND EUR A 12.00% 17.86% -16.64% -4.12% 143.02% 294.41% CENTRAL EUROPE STOCK FUND EUR B 12.00% 17.86% -16.64% -4.12% 142.89% 294.41% CENTRAL EUROPE STOCK FUND EUR C 12.78% 17.86% -15.00% -4.12% 158.43% 294.41% CHINDONESIA FUND USD A - - - - -4.95% - CHINDONESIA FUND USD B - - - - -4.96% - CHINDONESIA FUND USD C - - - - -4.39% - ENERGY TRANSITION FUND EUR A 10.64% - - - 39.75% - ENERGY TRANSITION FUND EUR B 10.64% - - - 39.68% - ENERGY TRANSITION FUND EUR C 11.37% - - - 42.47% - ENERGY TRANSITION FUND USD A 31.01% - - - 59.55% - ENERGY TRANSITION FUND USD B 31.01% - - - 59.51% - ENERGY TRANSITION FUND USD C 31.87% - - - 62.70% - EURO LARGE CAP STOCK FUND EUR A 15.56% 14.36% - - 15.56% 14.36% EURO LARGE CAP STOCK FUND EUR B 15.40% 14.36% - - 15.40% 14.36% EURO LARGE CAP STOCK FUND EUR C 16.93% 14.36% - - 16.93% 14.36% EURO LARGE CAP STOCK FUND EUR Ca 16.93% 14.36% - - 16.93% 14.36% EUROLAND VALUE STOCK FUND EUR A 15.50% 16.41% -8.82% -5.46% 36.66% 23.46% EUROLAND VALUE STOCK FUND EUR B 15.50% 16.41% -8.82% -5.46% 36.66% 23.46% EUROLAND VALUE STOCK FUND EUR C 16.37% 16.41% -6.79% -5.46% 47.95% 23.46% EUROLAND VALUE STOCK FUND EUR Ca 16.40% 16.41% - - -4.86% - EUROPE SELECTION FUND EUR A 6.29% 14.91% 0.03% 2.28% -6.82% -3.24% EUROPE SELECTION FUND EUR B 6.29% 14.91% 0.03% 2.28% -6.84% -3.24% EUROPE SELECTION FUND EUR C 7.09% 14.91% 2.26% 2.28% -3.11% -3.24% EUROPE SELECTION FUND EUR Ca 6.99% 14.91% - - 4.61% - EUROPE SMALL & MID CAP STOCK FUND EUR A 26.08% 22.99% 15.86% 18.73% 38.32% 32.36% EUROPE SMALL & MID CAP STOCK FUND EUR B 26.08% 22.99% 15.86% 18.73% 38.32% 32.36% EUROPE SMALL & MID CAP STOCK FUND EUR C 27.35% 22.99% 19.36% 18.73% -4.07% 2.82% EUROPE STOCK FUND EUR A 14.45% 14.91% -6.17% 2.28% 171.96% 252.38%

* The information and returns relate to the past reporting period/financial year and are not a reliable reflection of future income.

18 Additional Information for Swiss Shareholders (unaudited)

Performance * (continued)

Julius Baer Multistock - Währung Aktien 1 Jahr 3 Jahre Seit Start Perf. Benchmark Perf. Benchmark Perf. Benchmark EUROPE STOCK FUND EUR B 14.45% 14.91% -6.17% 2.28% 189.58% 252.36% EUROPE STOCK FUND EUR C 15.31% 14.91% -4.07% 2.28% -10.64% 15.54% GERMAN VALUE STOCK FUND EUR A 27.12% 25.55% 13.50% 12.24% 362.65% 211.46% GERMAN VALUE STOCK FUND EUR B 27.12% 25.55% 13.50% 12.24% 363.00% 211.46% GERMAN VALUE STOCK FUND EUR C 28.14% 25.55%16.22% 12.24% 89.42% 43.07% GLOBAL EMERGING MARKETS STOCK FUND EUR A 5.49% 7.97% 0.05% 23.02% 19.27% 43.07% GLOBAL EMERGING MARKETS STOCK FUND EUR B 5.49% 7.97% 0.05% 23.02% 19.22% 43.07% GLOBAL EMERGING MARKETS STOCK FUND EUR C 6.39% 7.97% 2.59% 23.02% 23.97% 43.07% GLOBAL EMERGING MARKETS STOCK FUND USD A 24.83% 27.80% -8.38% 13.21% 9.89% 30.15% GLOBAL EMERGING MARKETS STOCK FUND USD B 24.83% 27.80% -8.38% 13.21% 9.75% 30.15% GLOBAL EMERGING MARKETS STOCK FUND USD C 25.81% 27.79% -6.11% 13.21% 13.54% 30.15% GLOBAL SELECTION FUND EUR A 18.38% 10.26% 1.74% 10.19% 7.75% 7.77% GLOBAL SELECTION FUND EUR B 18.29% 10.26% 2.79% 10.19% 8.83% 7.77% GLOBAL SELECTION FUND EUR C 18.92% 10.26% 4.92% 10.19% 11.36% 7.77% GLOBAL STOCK FUND EUR A 8.03% 10.26% -4.92% 10.20% -23.71% 11.80% GLOBAL STOCK FUND EUR B 8.03% 10.26% -4.92% 10.20% -23.71% 11.80% GLOBAL STOCK FUND EUR C 8.85% 10.26% -2.80% 10.20% -26.69% -1.61% HEALTH OPPORTUNITIES FUND USD A - - - - 14.39% 16.76% HEALTH OPPORTUNITIES FUND USD B - - - - 14.33% 16.76% HEALTH OPPORTUNITIES FUND USD C - - - - 15.04% 16.76% INFRASTRUCTURE FUND CHF A 0.42% -3.77% -20.10% -24.90% -40.98% -34.48% INFRASTRUCTURE FUND CHF B 0.43% -3.77% -20.18% -24.90% -41.03% -34.48% INFRASTRUCTURE FUND CHF C 1.23% -3.77% -18.26% -24.90% -39.12% -34.48% INFRASTRUCTURE FUND EUR A 8.85% 4.12% 5.75% -1.27% -19.18% -11.16% INFRASTRUCTURE FUND EUR B 8.84% 4.12% 5.65% -1.27% -19.25% -11.16% INFRASTRUCTURE FUND EUR C 9.70% 4.12% 8.20% -1.28% -16.62% -11.16% INFRASTRUCTURE FUND USD A 28.62% 23.24% -3.52% -9.15% -13.92% -4.63% INFRASTRUCTURE FUND USD B 28.57% 23.24% -3.66% -9.15% -14.04% -4.63% INFRASTRUCTURE FUND USD C 29.60% 23.24% -1.33% -9.15% -11.21% -4.63% JAPAN STOCK FUND EUR A -2.02% -4.53% 13.56% -4.87% -24.57% -31.22% JAPAN STOCK FUND EUR B -2.02% -4.53% 13.56% -4.87% -24.71% -31.22% JAPAN STOCK FUND EUR C -1.13% -4.53% 16.63% -4.87% -21.82% -31.22% JAPAN STOCK FUND JPY A 5.03% 3.14% -20.43% -33.31% -8.96% -35.48% JAPAN STOCK FUND JPY B 5.03% 3.14% -20.43% -33.31% -9.02% -35.48% JAPAN STOCK FUND JPY C 5.99% 3.14% -18.25% -33.31% -19.06% -32.66% LUXURY BRANDS FUND CHF A 24.49% - 29.09% - 16.81% - LUXURY BRANDS FUND CHF B 24.50% - 29.05% - 16.76% - LUXURY BRANDS FUND CHF C 25.52% - 32.17% - 20.02% - LUXURY BRANDS FUND EUR A 34.73% - 69.82% - 53.67% - LUXURY BRANDS FUND EUR B 34.74% - 69.79% - 53.64% - LUXURY BRANDS FUND EUR C 35.82% - 73.87% - 57.91% - LUXURY BRANDS FUND USD A 59.52% - 56.37% - 50.57% - LUXURY BRANDS FUND USD B 59.52% - 56.29% - 50.49% - LUXURY BRANDS FUND USD C 60.81% - 60.12% - 54.76% - NATURAL RESOURCES FUND CHF A 6.52% - -34.45% - -31.03% - NATURAL RESOURCES FUND CHF B 6.52% - -34.50% - -31.09% - NATURAL RESOURCES FUND CHF C 7.38% - -32.94% - -29.03% -

* The information and returns relate to the past reporting period/financial year and are not a reliable reflection of future income.

19 Additional Information for Swiss Shareholders (unaudited)

Performance * (continued)

Julius Baer Multistock - Währung Aktien 1 Jahr 3 Jahre Seit Start Perf. Benchmark Perf. Benchmark Perf. Benchmark NATURAL RESOURCES FUND EUR A 15.27% - -13.72% - -6.10% - NATURAL RESOURCES FUND EUR B 15.27% - -13.80% - -6.17% - NATURAL RESOURCES FUND EUR C 16.20% - -11.70% - -3.33% - NATURAL RESOURCES FUND USD A 36.48% - -20.61% - -3.78% - NATURAL RESOURCES FUND USD B 36.48% - -20.69% - -3.89% - NATURAL RESOURCES FUND USD C 37.57% - -18.76% - -0.96% - NORTHERN AFRICA FUND CHF A -15.20% - -29.07% - -30.36% - NORTHERN AFRICA FUND CHF B -15.19% - -29.21% - -30.51% - NORTHERN AFRICA FUND CHF C -14.40% - -27.21% - -28.10% - NORTHERN AFRICA FUND EUR A -8.27% - -6.80% - -5.33% - NORTHERN AFRICA FUND EUR B -8.10% - -6.78% - -5.30% - NORTHERN AFRICA FUND EUR C -7.38% - -4.35% - -2.22% - NORTHERN AFRICA FUND USD A 8.60% --14.39% - -3.23% - NORTHERN AFRICA FUND USD B 8.60% - -14.57% - -3.43% - NORTHERN AFRICA FUND USD C 9.58% - -12.24% - -0.17% - RUSSIA FUND EUR A 15.51% 23.32% 3.40% -0.02% 3.40% -0.02% RUSSIA FUND EUR B 15.52% 23.32% 3.40% -0.02% 3.40% -0.02% RUSSIA FUND EUR C 16.39% 23.32% 6.03% -0.02% 6.03% -0.02% RUSSIA FUND USD A 36.84% 45.97% -4.65% -8.00% -4.65% -8.00% RUSSIA FUND USD B 36.81% 45.97% -4.70% -8.00% -4.70% -8.00% RUSSIA FUND USD C 37.79% 45.97% -2.32% -8.00% -2.32% -8.00% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ah 5.64% 1.91% - - -3.93% -8.57% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Bh 5.64% 1.91% - - -3.93% -8.57% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ch 6.38% 1.91% - - -3.15% -8.57% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR A 10.96% 10.26% 24.64% 10.20% 7.51% -4.82% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR B 10.96% 10.26% 24.64% 10.20% 7.48% -4.82% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR C 11.79% 10.84% 27.10% 12.11% 11.20% -4.82% JULIUS BAER EQUITY FUND SPECIAL VALUE USD Ah - - - - 3.23% - JULIUS BAER EQUITY FUND SPECIAL VALUE USD Bh - - - - 3.23% - SWISS SMALL & MID CAP STOCK FUND CHF A 8.62% 10.15% -3.60% 2.11% 314.06% 436.93% SWISS SMALL & MID CAP STOCK FUND CHF B 8.62% 10.45% -3.60% 2.11% 314.60% 436.93% SWISS SMALL & MID CAP STOCK FUND CHF C 9.54% 10.45% -1.15% 2.11% 88.84% 92.01% SWISS STOCK FUND CHF A 3.10% 5.12% -5.79% -2.92% 266.29% 442.75% SWISS STOCK FUND CHF B 3.10% 5.12% -5.79% -2.92% 266.83% 442.75% SWISS STOCK FUND CHF C 3.92% 5.12% -3.53% -2.92% 10.18% 22.07% US LEADING STOCK FUND USD A 29.40% 30.69% 2.89% 10.35% 234.27% 474.95% US LEADING STOCK FUND USD B 29.40% 30.69% 2.89% 10.35% 287.10% 473.11% US LEADING STOCK FUND USD C 30.50% 30.69% 5.47% 10.35% 19.88% 20.03% US VALUE STOCK FUND USD A 29.80% 30.70% -6.65% 8.19% 30.51% 64.43% US VALUE STOCK FUND USD B 29.80% 30.70% -6.65% 8.19% 30.45% 64.43% US VALUE STOCK FUND USD C 30.85% 30.70% -4.44% 8.19% 47.40% 64.43%

* The information and returns relate to the past reporting period/financial year and are not a reliable reflection of future income.

20 Julius Baer Multistock

CONSOLIDATED STATEMENT OF NET ASSETS CONSOLIDATED PROFIT AND LOSS ACCOUNT as at 30 June 2011 CHF from 1 July 2010 to 30 June 2011 CHF

Assets Income Investments at market value 2 500 427 039 Income from investment 50 912 943 (Cost: 2 422 155 070) Bank interest 178 664 Derivative instruments at market value: Income from securities lending 2 290 091 - Futures 10 401 - Forward foreign exchange contracts 205 086 Interest income on swaps 12 757 - Swaps -525 356 Other income 62 064 Cash at banks 70 014 291 Equalisation 1 299 971 Receivable from brokers 16 393 653 Total Income 54 756 490 Subscriptions receivable 13 954 648 Receivables on swaps 582 403 Dividends and interest 4 589 168 Expenses Capital gains tax on realised gains/losses on securities 1 543 Other receivables 284 499 Management fees 31 518 796 Custodian fees and charges 1 758 195 Total Assets 2 605 937 375 "Taxe d'abonnement" and other taxes 1 124 999

Bank interest 61 145 Liabilities Interest expense on swaps 58 463 Bank overdraft 1 945 855 Other expenses 15 307 998 Payable to brokers 32 082 914 Equalisation 1 779 045 Payables for redemptions 7 476 251 Payables for swaps 35 697 Total Expenses 51 608 641 Management fees payable 2 744 264 Performance fees 151 195 "Taxe d'abonnement" payable 275 119 Net profit/loss 3 147 849 Capital gains tax on unrealised gains/losses on securities 31 956 Realised profit/loss on: Other liabilities 1 987 115 - Securities 104 211 394 Total Liabilities 46 730 366 - Swaps 1 760 478 - Options -68 555 Net Assets 2 559 207 009 - Forward foreign exchange contracts 1 584 661 - Futures 1 001 999 - Foreign currencies -5 759 424 Capital gains tax on realised gains/losses on securities -176 676 Net realised profit/loss 105 701 726 Net change in unrealised appreciation/ depreciation on: - Securities 160 074 807 - Swaps -501 581 - Options -15 - Forward foreign exchange contracts 2 853 722 - Futures 1 494 190 Capital gains tax on unrealised gains/losses on securities -23 846 Total profit/loss 269 599 003

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 CHF CHF Net assets at the beginning of the financial year 2 498 303 817 2 418 705 879 Foreign exchange difference -178 767 241 -229 626 284 Foreign exchange difference – sub-fund 7 376 911 8 687 166 Total profit/loss 417 284 552 269 599 003 Net subscriptions/redemptions -323 380 992 93 699 900 Dividend distributions -2 111 168 -1 858 655 Net assets at the end of the financial year 2 418 705 879 2 559 207 009

EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2011 in CHF 1 EUR = 1.22077 CHF 1 USD = 0.84200 CHF 1 JPY = 0.01043 CHF

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

MS Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 30 September 2010 (launch) EUR to 30 June 2011

Assets Investments at market value 20 762 571 Income (Cost: 20 736 191) Income from investment 47 354 Derivative instruments at market value: Bank interest 2 768 - Forward foreign exchange contracts 14 Interest income on swaps 3 469 Cash at banks 384 682 Total Income 53 591 Subscriptions receivable 846 270 Receivables on swaps 317 292 Dividends and interest 1 081 Expenses Management fees 82 731 Total Assets 22 311 910 Custodian fees and charges 4 228

"Taxe d'abonnement" and other taxes 3 918 Liabilities Bank interest 5 Payable to brokers 499 700 Interest expense on swaps 27 436 Payables for swaps 24 723 Other expenses* 99 376 Management fees payable 14 077 Equalisation 124 908 Performance fees 86 037 Total Expenses 342 602 "Taxe d'abonnement" payable 2 015 Other liabilities 55 866 Net profit/loss -289 011 Total Liabilities 682 418 Realised profit/loss on: Net Assets 21 629 492 - Securities 337 378 - Swaps 563 740 - Foreign currencies 7 286 Net realised profit/loss 619 393 Net change in unrealised appreciation/ depreciation on: - Securities 22 434 - Swaps 276 - Forward foreign exchange contracts 14 Total profit/loss 642 117

STATEMENT OF CHANGES IN NET ASSETS 30 June 2011 EUR Net assets at the beginning of the reporting period - Total profit/loss 642 117 Net subscriptions/redemptions 20 987 375 Net assets at the end of the reporting period 21 629 492

* See Page 12 The TER (Total Expense Ratio) amounts to 1.45%, or 1.85% including the performance fee (0.40%) for EUR Ah shares, 0.55%1 (performance fee 0.00%) for CHF A shares, 1.45%, or 1.85% including the performance fee (0.40%) for EUR Bh shares, 2.80%1 (performance fee 0.00%) for CHF B shares, 0.79%, or 1.54% including the performance fee (0.75%) for EUR Ch shares, 0.73%1 (performance fee 0.00%) for CHF C shares, 2.25%, or 2.69% including the performance fee (0.44%) for EUR E shares and 0.78%1, or 1.54% including the performance fee (0.76%) for EUR CA shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

AREE - 1 Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND

COMPARATIVE STATEMENT 30 June 2011 EUR Number of shares outstanding Distribution shares (Shares Ah-CHF) 10.00 Distribution shares (Shares A-EUR) 19 067.00 Distribution shares (Shares Ca-EUR) 10.00 Accumulation shares (Shares Bh-CHF) 1 860.00 Accumulation shares (Shares B-EUR) 52 323.50 Accumulation shares (Shares Ch-CHF) 10.00 Accumulation shares (Shares C-EUR) 127 408.45 Accumulation shares (Shares E-EUR) 494.48

Net Assets 21 629 492

NAV per share Distribution shares (Shares Ah-CHF) 99.74 Distribution shares (Shares A-EUR) 107.33 Distribution shares (Shares Ca-EUR) 108.03 Accumulation shares (Shares Bh-CHF) 99.77 Accumulation shares (Shares B-EUR) 107.26 Accumulation shares (Shares Ch-CHF) 99.74 Accumulation shares (Shares C-EUR) 108.03 Accumulation shares (Shares E-EUR) 106.99

AREE - 2 Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

TOTAL 20 762571 95.98%

TRANSFERABLE SECURITIES ADMITTED TO AN 5 545 723 25.65% OFFICIAL STOCK EXCHANGE

Treasury bills 4 743 747 21.94%

EUR 4 743 747 21.94% 1 000 0.000% GERMANY 10 TB 24.08.11 998 800 4.62% 1 500 0.000% GERMANY 10 TB 27.07.11 1 499 129 6.93% 1 000 0.000% GERMANY 11 TB 10.08.11 998 930 4.62% 750 0.000% GERMANY 11 TB 12.10.11 747 863 3.46% 500 0.000% GERMANY 11 TB 14.09.11 499 025 2.31%

Bonds 801 976 3.71%

EUR 801 976 3.71% 800 0.000% KFW FLR 09 29.05.12 801 976 3.71%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 9 725 580 44.95%

Treasury bills 9 725 580 44.95%

EUR 9 725 580 44.95% 1 500 0.000% FRANCE 10 BTF 20.10.11 1 494 330 6.91% 500 0.000% FRANCE 10 BTF 28.07.11 499 650 2.31% 500 0.000% FRANCE 11 BTF 07.07.11 499 950 2.31% 1 000 0.000% FRANCE 11 BTF 08.09.11 997 850 4.61% 1 000 0.000% FRANCE 11 BFT 21.07.11 999 500 4.62% 1 000 0.000% FRANCE 11 BTF 04.08.11 999 100 4.62% 1 000 0.000% NETHERLANDS 10 TB 30.09.11 997 300 4.61% 1 000 0.000% NETHERLANDS 11 TB 31.08.11 998 550 4.62% 750 0.000% NETHERLANDS 11 TB 31.10.11 747 000 3.45% 1 500 0.000% NETHERLANDS 11 TB 30.11.11 1 492 350 6.89%

CASH EQUIVALENTS 5 491 268 25.38%

Commercial Papers 5 491 268 25.38%

EUR 5 491 268 25.38% 1 000 0.000% BNG 11 CP 12.09.11 997 380 4.61% 1 000 0.000% CADES 11 CP 06.07.11 999 816 4.62% 500 0.000% DEUT BAHN 11 CP 20.07.11 499 679 2.31% 500 0.000% FMS WERTMAN 11 CP 22.07.11 499 700 2.31% 500 0.000% RABOBK 11 CP 06.07.11 499 902 2.31% 1 000 0.000% REGION NORD CP 20.09.11 996 652 4.60% 500 0.000% TOTAL CAP 11 CP 19.08.11 499 169 2.31% 500 0.000% UNEDIC 11 CP 29.08.11 498 970 2.31%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

AREE - 3 Julius Baer Multistock - AGRICULTURE FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 67 737 360 Income from investment 537 741 (Cost: 69 213 634) Bank interest 2 270 Derivative instruments at market value: Income from securities lending 51 524 - Swaps -623 938 Interest income on swaps 9 009 Cash at banks 4 722 343 Total Income 600 544 Receivable from brokers 1 513 739 Subscriptions receivable 175 910 Dividends and interest 38 308 Expenses Management fees 1 012 359 Total Assets 73 563 722 Custodian fees and charges 64 177 "Taxe d'abonnement" and other taxes 31 388 Liabilities Bank interest 129 Bank overdraft 2 367 Interest expense on swaps 2 071 Payable to brokers 134 771 Other expenses* 397 856 Payables for redemptions 1 476 538 Equalisation 173 683 Management fees payable 94 420 Total Expenses 1 681 663 "Taxe d'abonnement" payable 8 136 Other liabilities 45 296 Net profit/loss -1 081 119 Total Liabilities 1 761 528 Realised profit/loss on: Net Assets 71 802 194 - Securities 9 002 084 - Swaps 414 490 - Forward foreign exchange contracts -63 619 - Foreign currencies -139 618 Net realised profit/loss 8 132 218 Net change in unrealised appreciation/ depreciation on: - Securities -2 871 977 - Swaps -596 102 - Forward foreign exchange contracts 222 Total profit/loss 4 664 361

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 16 205 284 31 711 496 Foreign exchange difference – sub-fund -962 702 3 859 693 Total profit/loss 976 379 4 664 361 Net subscriptions/redemptions 15 495 801 31 596 718 Dividend distributions -3 266 -30 074 Net assets at the end of the financial year 31 711 496 71 802 194

* See Page 12 The TER (Total Expense Ratio) amounts to 2.38% (performance fee 0.00%) for CHF A shares, 2.37% (performance fee 0.00%) for EUR A shares, 2.39% (performance fee 0.00%) for USD A shares, 2.29% (performance fee 0.00%) for GBP A shares, 2.37% (performance fee 0.00%) for CHF B shares, 2.37% (performance fee 0.00%) for EUR B shares, 2.36% (performance fee 0.00%) for USD B shares, 2.29% (performance fee 0.00%) for GBP B shares, 1.51% (performance fee 0.00%) for CHF C shares, 1.55% (performance fee 0.00%) for EUR C shares, 1.65% (performance fee 0.00%) for USD C shares, 3.13% (performance fee 0.00%) for EUR E shares and 3.14% (performance fee 0.00%) for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

AGF - 1 Julius Baer Multistock - AGRICULTURE FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-CHF) 2 440.08 14 686.60 34 979.05 Distribution shares (Shares A-EUR) 16 598.00 22 809.20 48 456.10 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 3 207.37 8 312.37 29 329.37 Accumulation shares (Shares B-CHF) 18 724.00 40 380.91 62 532.15 Accumulation shares (Shares B-EUR) 32 266.85 92 898.09 154 219.45 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 108 608.82 211 119.43 275 328.71 Accumulation shares (Shares C-CHF) 25 010.00 25 010.00 11 010.00 Accumulation shares (Shares C-EUR) 43 140.00 23 497.34 35 791.50 Accumulation shares (Shares C-USD) 10.00 30.00 33 160.00 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 10.00 8 835.63 28 183.94 Accumulation shares (Shares E-USD) 996.07 2 257.05 4 950.28

Net Assets 16 205 284 31 711 496 71 802 194

NAV per share Distribution shares (Shares A-CHF) 56.89 62.67 67.64 Distribution shares (Shares A-EUR) 59.90 76.20 89.20 Distribution shares (Shares A-GBP) - 84.27 - Distribution shares (Shares A-USD) 53.35 59.31 82.14 Accumulation shares (Shares B-CHF) 56.89 62.77 68.06 Accumulation shares (Shares B-EUR) 59.90 76.31 89.67 Accumulation shares (Shares B-GBP) - 84.27 - Accumulation shares (Shares B-USD) 53.35 59.40 82.62 Accumulation shares (Shares C-CHF) 57.33 63.77 69.70 Accumulation shares (Shares C-EUR) 60.38 77.55 91.85 Accumulation shares (Shares C-USD) 53.77 60.35 84.59 Accumulation shares (Shares E-CHF) 56.44 - - Accumulation shares (Shares E-EUR) 59.46 75.19 87.69 Accumulation shares (Shares E-USD) 52.92 58.48 80.72

Dividend for the previous financial year (Shares A-CHF) - 0.10 0.35 Dividend for the previous financial year (Shares A-EUR) - 0.10 0.35 Dividend for the previous financial year (Shares A-GBP) - - 0.35 Dividend for the previous financial year (Shares A-USD) - 0.10 0.35

AGF - 2 Julius Baer Multistock - AGRICULTURE FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 67 737360 94.34% Israel 1 080 763 1.51% 68 098 ISRAEL CHEMICALS 1 080 763 1.51% TRANSFERABLE SECURITIES ADMITTED TO AN 66 973 559 93.27% OFFICIAL STOCK EXCHANGE Australia 1 059 139 1.48% 256 294 INCITEC PIVOT LTD 1 059 139 1.48% Equities 60 360887 84.06%

Brazil 1 028 758 1.43% United States 29 900 262 41.66% 44 301 FERTILIZANTES HERINGER SA 279 318 0.39% 25 687 AGCO CORP 1 267 910 1.77% 239 430 MINERVA SA 749 440 1.04% 131 552 BIOFUEL ENERGY CORP 54 476 0.08%

144 658 CENTRAL EUROP.DISTRIBUTION COR 1 620 170 2.26% Russia 787 682 1.10% 7 688 CF INDUSTRIES HOLDING INC 1 089 159 1.52% 39 582 CHERKIZOVO GROUP /SGDR 787 682 1.10% 2 250 DEERE & CO. 185 512 0.26%

62 601 GENERAL MILLS INC 2 330 009 3.25% Mexico 763 127 1.06% 151 500 GREEN PLAINS RENEWA.ENERGY INC * 1 634 685 2.28% 55 718 INTREPID POTASH INC 1 810 835 2.52% 126 400 GRUPO MODELO SAB DE CV C 763 127 1.06% 72 839 KRAFT FOODS INC -A- 2 566 118 3.57% 710 043 0.99% 10 207 LINDSAY CORP 702 242 0.98% Chile 6 909 MONSANTO CO 501 179 0.70% 10 971 SOCIE.QUIMICA Y MIN/SPON.ADR-B 710 043 0.99% 83 382 MOSAIC CO 5 647 462 7.86% 112 353 OMEGA PROTEIN CORP 1 550 471 2.16% Spain 663 985 0.92% 36 032 PEPSICO INC 2 537 734 3.53% 864 091 SOS CORP * 663 985 0.92% 158 165 PILGRIMS PRIDE 855 673 1.19% 213 420 S&W SEED CO * 909 169 1.27% Luxembourg 569 580 0.79% 124 571 SMITHFIELD FOODS 2 724 368 3.79% 34 520 MHP GLOBAL NOMINATIVE /GDR 569 580 0.79% 65 420 TYSON FOODS INC-A- 1 270 456 1.77% 61 320 ZHONGPIN INC * 642 634 0.90% Bermuda Islands 461 611 0.64% 53 110 CHINA YURUN FOOD GROUP LTD 149 476 0.21% Canada 4 987 195 6.94% 2 478 370 PACIFIC ANDES INTL HOLDINGS 312 135 0.43% 25 891 AGRIUM INC 2 272 002 3.16% 183 369 COTT CORP 1 542 133 2.15% Ireland 196 997 0.27% 96 653 GLG LIFE TECH CORP * 649 508 0.90% 231 761 MAPLE ENERGY PLC 196 997 0.27% 157 900 SINO FOREST * 523 5520.73% Argentina 177 503 0.25% Norway 2 931 662 4.08% 10 930 CRESUD /SADR 177 503 0.25% 57 340 BAKKAFROST 487 323 0.68% 22 449 COPEINCA ASA 209 200 0.29% Virgin Islands, British 144 362 0.20% 39 488 YARA INTERNATIONAL ASA 2 235 139 3.11% 63 040 TIANLI AGRITECH INC * 144 362 0.20%

India 2 671 940 3.72% Marshall Islands 141 471 0.20% 707 100 BAJAJ HINDUSTHAN LTD 1 124 647 1.57% 33 764 DRYSHIPS INC 141 471 0.20% 413 599 BALRAMPUR CHINI MILLS /DEMAT. 577 338 0.80% 689 263 DHAMPUR SUGAR MILLS LTD DEMAT. 875 789 1.22% 3 054 744 4.25% Options, warrants, rights 190 475 KS OILS LTD 94 166 0.13% USD 3 054 744 4.25% France 2 486 916 3.46% 104 400 BARCLAYS WRT/DJ-UBS L 3 054 744 4.25% 33 339 DANONE 2 486 916 3.46% 3 557 928 4.96% Investment funds Germany 2 414 946 3.36% 3 557 928 4.96% 26 352 ASIAN BAMBOO AG * 993 368 1.38% Jersey 18 500 K & S AG 1 421 578 1.98% 2 367 583 ETFS COMM.06 /LEAN HOGS IND 2 489 514 3.47% 103 499 ETFS LIVE CATTLE 759 165 1.06% Singapore 2 229 669 3.11% 162 506 ETFS COMMODITY SEC - ETFS CORN 309 249 0.43% 1 749 780 FIRST RESSOURCES LTD * 1 981 261 2.76% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 442 025 0.62% 191 790 INDOFOOD AGRI RESOURCES LTD * 248 408 0.35%

Equities 442 025 0.62% Indonesia 1 687 653 2.35% 11 132 790 PT BISI INTERNATIONAL TBK 1 687 653 2.35% 442 025 0.62% Russia Cayman Islands 1 647 232 2.29% 9 296 AKRON OJSC 442 025 0.62% 1 785 613 CHAODA MODERN AGRICULT HOLD * 775 630 1.08% UNLISTED SECURITIES 321 776 0.45% 1 156 733 MEWAH INTERNATIONAL INC 871 602 1.21%

Equities 321 776 0.45% Netherlands 1 618 391 2.25% Jordan 321 776 0.45% 41 873 CNH GLOBAL NV 1 618 391 2.25% 5 510 ARAB POTASH 321 776 0.45%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s). Any inconsistencies in the net asset percentages are the result of rounding differences. AGF - 3 Julius Baer Multistock - ASIA STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 129 322 350 Income from investment 2 817 493 (Cost: 119 168 163) Bank interest 804 Cash at banks 4 994 194 Income from securities lending 3 495 Receivable from brokers 932 715 Equalisation 51 786 Subscriptions receivable 8 446 Total Income 2 873 578 Dividends and interest 683 316 Capital gains tax on realised gains/losses on securities 1 832 Expenses Total Assets 135 942 853 Management fees 1 897 712 Custodian fees and charges 128 869 Liabilities "Taxe d'abonnement" and other taxes 67 589 Bank overdraft 755 Bank interest 2 814 Payable to brokers 2 700 215 Other expenses* 859 896 Payables for redemptions 445 953 Total Expenses 2 956 880 Management fees payable 148 753 "Taxe d'abonnement" payable 15 338 Capital gains tax on unrealised gains/losses on securities 25 756 Net profit/loss -83 302 Other liabilities 70 389 Realised profit/loss on: Total Liabilities 3 407 159 - Securities 17 613 433 - Forward foreign exchange contracts 1 029 Net Assets 132 535 694 - Foreign currencies -284 669 Capital gains tax on realised gains/losses on securities -126 687 Net realised profit/loss 17 119 804 Net change in unrealised appreciation/ depreciation on: - Securities 8 973 779 Capital gains tax on unrealised gains/losses on securities -25 756 Total profit/loss 26 067 827

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 116 023 468 121 904 034 Total profit/loss 14 890 532 26 067 827 Net subscriptions/redemptions -8 897 075 -15 339 269 Dividend distributions -112 891 -96 898 Net assets at the end of the financial year 121 904 034 132 535 694

* See Page 12 The TER (Total Expense Ratio) amounts to 2.17% (performance fee 0.00%) for A shares, 2.15% for B shares, 1.45% for C shares and 2.92% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

ASF - 1 Julius Baer Multistock - ASIA STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-USD) 117 477.85 125 748.85 150 380.26 Accumulation shares (Shares B-USD) 718 857.98 646 545.95 532 326.78 Accumulation shares (Shares C-USD) 47 303.68 56 558.14 50 889.07 Accumulation shares (Shares E-USD) 2 866.52 2 928.04 21 019.28

Net Assets 116 023 468 121 904 034 132 535 694

NAV per share Distribution shares (Shares A-USD) 99.61 111.12 133.71 Accumulation shares (Shares B-USD) 134.92 151.72 183.54 Accumulation shares (Shares C-USD) 145.33 164.70 200.64 Accumulation shares (Shares E-USD) 160.26 178.87 214.77

Dividend for the previous financial year (Shares A-USD) 1.20 0.95 0.75

ASF - 2 Julius Baer Multistock - ASIA STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 129 322350 97.58% 270 000 HARBIN POWER EQUIPMENT CO H 308 044 0.23% 630 000 HUANENG POWER INTL H 331 054 0.25% TRANSFERABLE SECURITIES ADMITTED TO AN 128 284 988 96.79% 2 816 300 IND & COM BOC -H- 2 138 463 1.61% OFFICIAL STOCK EXCHANGE 600 000 MAANSHAN IRON & STEEL CO H * 277 5170.21% 760 000 METALLURGICAL CORP OF CHINA-H- 296 840 0.22% Equities 124 581305 93.99% 1 594 000 PETROCHINA CO LTD /-H- 2 330 590 1.76% 174 320 PING AN INSUR.(GRP)CO -H- 1 799 570 1.36% Republic of Korea 39 210 292 29.55% 51 000 WEICHAI POWER CO LTD /-H- 297 483 0.22% 24 000 BS FINL SHS 339 569 0.26% 290 000 ZHUZHOU CSR TIMES ELECTRIC -H- 978 054 0.74% 1 400 CJ CHEILJEDANG CORP 308 929 0.23%

3 020 DAELIM INDUSTRIAL CO LTD 363 622 0.27% Taiwan 17 422 453 13.15% 15 670 DGB FINANCIAL GROUP 237 861 0.18% 570 000 AU OPTRONICS CORP 387 937 0.29% 8 250 DONGKUK STEEL MILL CO LTD 316 940 0.24% 678 968 CATHAY FINANCIAL HOLDING 1 047 975 0.79% 2 400 DOOSAN CORPORATION 281 100 0.21% 420 000 CHIMEI INNOLUX CORPORATION 298 974 0.23% 7 390 E-MART CO LTD 1 693 024 1.27% 1 615 728 CHINATRUST FINANCIAL HLDG CO 1 402 614 1.06% 62 000 HANA FINANCIAL GROUP INC 2 166 906 1.63% 553 264 CHUNGHWA TELECOM CO LTD 1 898 100 1.43% 11 000 HANJIN SHIPPING CO LTD 230 361 0.17% 1 400 000 CMC MAGNETICS CORP 315 988 0.24% 10 000 HANWHA CORPORATION 456 788 0.34% 359 461 COMPAL ELECTRONICS INC 439 364 0.33% 43 000 HYNIX SEMICONDUCTOR INC 1 009 290 0.76% 380 000 EVERGREEN MARINE CORP (TAIWAN) 304 807 0.23% 4 100 HYOSUNG CORPORATION 352 668 0.27% 642 584 HON HAI PRECISION IND.CO LTD 2 197 839 1.66% 12 000 HYUNDAI DEVELOPM.CO-ENG.&CONS. 336 196 0.25% 180 000 LITE-ON TECHNOLOGY CORPOR. 236 262 0.18% 4 450 HYUNDAI HEAVY INDUSTRIES 1 849 240 1.40% 560 000 MACRONIX INTERNATIONAL CO LTD 342 240 0.26% 2 000 HYUNDAI MIPO DOCKYARD CO LTD 317 643 0.24% 340 000 PEGATRON CORPORATION 351 233 0.27% 2 240 HYUNDAI MOBIS 839 5520.63% 100 000 POWERTECH TECHNOLOGY INC 334 739 0.25% 15 115 HYUNDAI MOTOR CO LTD 3 356 572 2.53% 330 000 SILICONWARE PRECISION INDUSTR. 423 407 0.32% 27 000 HYUNDAI SECURITIES CO LTD 301 058 0.23% 599 100 TAISHIN FINANCIAL HOLDINGS 354 694 0.27% 19 000 INDUSTRIAL BANK OF KOREA 332 026 0.25% 1 294 313 TAIWAN SEMICOND.MANUFACT 3 244 936 2.45% 1 000 KCC CORP 312 958 0.24% 669 466 TATUNG CO LTD 309 179 0.23% 20 000 KOREA ELECTRIC POWER CORP 531 279 0.40% 3 855 000 UNITED MICROELECTRONIC CORP 1 907 520 1.44% 39 000 KOREA EXCHANGE BANK 350 813 0.26% 1 000 000 WINBOND ELECTRONICS CORP 295 154 0.22% 9 700 KOREA GAS CORP 336 289 0.25% 601 125 WISTRON CORP 1 064 547 0.80% 9 500 KOREA INVESTMENT HOLDINGS CO 321 344 0.24% 350 000 YANG MING MARINE TRANSPORT 264 944 0.20% 5 100 KOREAN AIR 333 075 0.25%

19 000 KT CORPORATION /SADR 364 610 0.28% Hong Kong 12 978 015 9.79% 11 000 KT&G CORPORATION 684 385 0.52% 437 500 BOC HONG KONG HOLDINGS LTD 1 270 346 0.96% 2 000 LG CHEM LTD /PFD SHS /I01 309 210 0.23% 700 000 CATHAY PACIFIC AIRWAYS 1 620 647 1.22% 66 110 LG DISPLAY CO LTD 1 830 477 1.38% 129 460 CHEUNG KONG HOLDINGS HKD0.5 1 892 838 1.43% 84 000 LG UPLUS CORP 455 719 0.34% 280 000 CHINA AGRI INDUSTRIES HOLDINGS 296 429 0.22% 220 LOTTE CONFECTIONERY CO LTD 350 644 0.26% 192 060 CHINA MOBILE LTD 1 776 663 1.34% 880 LOTTE SHOPPING LTD 419 701 0.32% 676 800 CHINA OVERSEAS LAND+INVESTMENT 1 450 414 1.09% 9 500 POSCO 4 130 295 3.12% 1 600 000 CHINA TRAVEL INTL INVESTM.H.K. 277 517 0.21% 9 300 SAMSUNG CARD CO LTD 503 675 0.38% 290 000 FOSUN INTERNATIONAL LTD 220 947 0.17% 1 600 SAMSUNG ELECTR./PFD N-VOT. 839 552 0.63% 100 000 HOPEWELL HOLDINGS LTD 316 703 0.24% 8 141 SAMSUNG ELECTRONICS CO LTD 6 300 824 4.75% 222 048 NEW WORLD DEVELOPMENT CO. LTD 335 498 0.25% 37 000 SHINHAN FINANCIAL GROUP 1 764 652 1.33% 116 200 SUN HUNG KAI PROPERTIES LTD 1 691 498 1.28% 2 610 SHINSEGAE CO LTD 830 271 0.62% 263 310 WHARF HLD .THE 1 828 515 1.38% 2 300 SK HOLDINGS CO LTD 398 694 0.30%

24 000 SK TELECOM /SPONS.ADR(1/9ACT) 432 480 0.33% India 7 267 288 5.49% 6 032 SK TELECOM CO LTD 912 795 0.69% 22 000 BHARAT PETROL./DEMATERIALISED 318 215 0.24% 30 000 STX PAN OCEAN CO LTD 210 263 0.16% 157 000 BHARTI AIRTEL LTD/DEMAT 1 376 871 1.04% 46 000 TONG YANG SECURITIES INC 268 094 0.20% 93 000 HOUSING DEVELOPMENT AND INFRA 333 772 0.25% 25 000 WOORI FINANCE HOLDINGS CO LTD 326 779 0.25% 29 500 ICICI BK LTD /DEMATERIALISED 714 353 0.54% 17 000 WOORI INVESTMENT&SECURIT.CO 273 182 0.21% 389 000 ITC LTD /DEMAT 1 753 396 1.32% 2 600 YUHAN CORP 328 887 0.25% 67 000 OIL&NATURAL GAS CORP LTD 412 559 0.31%

49 000 SESA GOA LTD /DEMATERIALISED 312 796 0.24% China 21 883 650 16.51% 92 000 TATA MOTORS LTD/DEMATERIALISED 2 045 326 1.55% 380 000 ANHUI EXPRESSWAY CO LTD H 317 346 0.24%

4 302 000 BANK OF CHINA LTD -H- 2 094 812 1.59% Singapore 7 057 194 5.34% 945 000 BBMG -H- 1 408 398 1.06% 120 000 DBS GROUP HOLDINGS LTD 1 431 524 1.08% 370 000 CHINA COMMUNICATIONS CONSTR-H- 318 027 0.24% 318 500 SEMBCORP MARINE LTD 1 373 627 1.04% 1 620 000 CHINA CONSTRUCTION BANK CO -H- 1 342 488 1.01% 46 000 SINGAPORE AIRLINES LTD 530 784 0.40% 3 402 400 CHINA PETROLEUM&CHEM CORP H 3 422 809 2.58% 510 000 STRAITS ASIA RESOURCE LTD 1 240 866 0.94% 790 000 CHINA SHIPPING CONTAINER -H- 266 943 0.20% 120 000 UOL GROUP LTD 486 289 0.37% 840 000 CHINA SOUTHERN AIRLINES H 451 119 0.34% 124 520 UTD OVERSEAS BK /LOCAL 1 994 104 1.51% 2 600 000 CHINA TELECOM CORP LTD -H- 1 683 602 1.27%

960 000 DATANG INT.POWER GENERATION-H- 325 620 0.25% 791 500 DONGFENG MOTOR -H- 1 494 871 1.13%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. ASF - 3 Julius Baer Multistock - ASIA STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

Cayman Islands 5 665 883 4.27% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 1 037 362 0.79% 230 000 CH HS TRANSMISS EQ GR CO LTD 254 133 0.19% 669 800 CHINA ZHONGWANG * 294 311 0.22% Equities 1 037 362 0.79% 430 000 FUFENG GROUP LTD 278 442 0.21% 220 000 GREENTOWN CHINA HOLDINGS LTD 210 861 0.16% Taiwan 1 037 362 0.79% 1 321 NEWTON RESOURCES 297 0.00% 1 300 000 HANNSTAR DISPLAY CORP 193 656 0.15% 480 000 REAL GOLD MINING * 546 4000.41% 610 000 KGI SECURITIES CO LTD 320 902 0.24% 586 000 SANDS CHINA /IPO 1 581 075 1.19% 1 700 000 POWERCHIP TECHNOLOGY CORP 211 330 0.16% 3 200 000 SEMICONDUC.MANUFACT.INTL CORP 259 016 0.20% 600 000 VANGUARD INTL.SEMICONDUCT 311 474 0.24% 82 600 TENCENT HOLDINGS 2 241 348 1.69% UNLISTED SECURITIES 0 0.00% Malaysia 5 423 503 4.09% Equities 0 0.00% 440 000 AIRASIA BHD 512 933 0.39% 640 000 BERJAYA CORPORATION BHD 256 467 0.19% Luxembourg 0 0.00% 615 000 CIMB GROUP HOLDINGS BHD 1 818 829 1.37% 1 000 000 GMS POWER PUBL.CO LTD/FOR.REG 0 0.00% 467 500 GENTING BERHAD 1 737 160 1.31% 59 000 HONG LEONG FINANCIAL GROUP BHD 257 533 0.19% 57 000 PPB GROUP BHD 325 067 0.25% 229 925 TENAGA NASIONAL 515 514 0.39%

Indonesia 4 855 519 3.67% 801 000 ACE HARDWARE 282 525 0.21% 3 950 000 BUMI RESOURCES 1 358 682 1.03% 2 300 000 PT BANK RAKYAT INDONESIA 1 743 170 1.32% 740 000 PT INDOCEMENT TUNGGAL /DEMAT. 1 471 142 1.11%

Thailand 1 771 911 1.34% 380 000 KASIKORNBANK PUB.COMP./FOR.REG 1 545 460 1.17% 240 000 THAI AIRWAYS INT PUBLIC CO.LTD 226 451 0.17%

Bermuda Islands 703 332 0.53% 390 000 FIRST PACIFIC CO LTD 348 245 0.26% 55 000 ORIENT OVERSEAS (INTERNATIONAL) 355 087 0.27%

Mauritius 326 471 0.25% 590 000 GOLDEN AGRI-RESOURCES LTD 326 471 0.25%

Philippines 15 794 0.01% 6 844 400 AYALA LAND INC /PREF 15 794 0.01%

Malta 0 0.00% 771 600 BGP HOLDINGS 0 0.00%

Options, warrants, rights 3 520 279 2.66%

MYR 14 064 0.01% 32 666 SUNWAY CITY 07-17WRT/SUNWAY 14 064 0.01%

USD 3 506 215 2.65% 50 800 BARCLAYS 18.12.36 CERT/INP US 3 506 215 2.65%

Investment funds 183 404 0.14%

United States 183 150 0.14% 3 000 ISHARES/MSCI ALL COUN AS EX JP 183 150 0.14%

China 254 0.00% 300 HUTCHISON PORT /DIS 254 0.00%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. ASF - 4 Julius Baer Multistock - BIOTECH FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 15 702 665 Income from investment 24 472 (Cost: 12 473 787) Bank interest 282 Cash at banks 235 064 Income from securities lending 617 Receivable from brokers 121 402 Equalisation 803 Other receivables 1 515 Total Income 26 174 Total Assets 16 060 646

Expenses Liabilities Management fees 179 883 Payables for redemptions 62 947 Custodian fees and charges 2 463 Management fees payable 14 564 "Taxe d'abonnement" and other taxes 4 234 "Taxe d'abonnement" payable 934 Bank interest 24 Other liabilities 4 217 Other expenses* 44 255 Total Liabilities 82 662 Equalisation 15 538 Net Assets 15 977 984 Total Expenses 246 397

Net profit/loss -220 223 Realised profit/loss on: - Securities 4 848 - Foreign currencies 8 674 Net realised profit/loss -206 701 Net change in unrealised appreciation/ depreciation on: - Securities 3 892 911 Total profit/loss 3 686 210

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 14 078 503 11 701 034 Foreign exchange difference – sub-fund -218 860 873 787 Total profit/loss -496 373 3 686 210 Net subscriptions/redemptions -1 662 129 -282 786 Dividend distributions -107 -261 Net assets at the end of the financial year 11 701 034 15 977 984

* See Page 12 The TER (Total Expense Ratio) amounts to 1.82% for CHF A shares, 1.81% for EUR A shares, 1.91% for USD A shares, 1.81% for GBP A shares, 1.82% for CHF B shares, 1.81% for EUR B shares, 1.90% for USD B shares, 1.81% for GBP B shares, 1.18% for CHF C shares, 1.21% for EUR C shares, 1.23% for USD C shares, 2.57% for EUR E shares and 2.70% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

BTF - 1 Julius Baer Multistock - BIOTECH FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-CHF) 70.00 733.00 - Distribution shares (Shares A-EUR) 14.80 508.80 - Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 240.00 240.00 913.19 Accumulation shares (Shares B-CHF) 42 883.50 26 513.50 - Accumulation shares (Shares B-EUR) 10 967.76 8 902.18 - Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 49 743.62 25 902.25 45 725.18 Accumulation shares (Shares C-CHF) 10.00 10.00 - Accumulation shares (Shares C-EUR) 3 305.37 10.00 - Accumulation shares (Shares C-USD) 43 010.00 65 701.75 90 634.77 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 297.83 1 613.40 - Accumulation shares (Shares E-USD) 10.00 10.00 755.24

Net Assets 14 078 503 11 701 034 15 977 984

NAV per share Distribution shares (Shares A-CHF) 91.05 86.16 - Distribution shares (Shares A-EUR) 95.91 104.86 - Distribution shares (Shares A-GBP) - 85.39 - Distribution shares (Shares A-USD) 90.69 86.57 113.17 Accumulation shares (Shares B-CHF) 91.24 86.47 - Accumulation shares (Shares B-EUR) 96.04 105.10 - Accumulation shares (Shares B-GBP) - 85.39 - Accumulation shares (Shares B-USD) 90.95 86.96 113.85 Accumulation shares (Shares C-CHF) 92.35 88.26 - Accumulation shares (Shares C-EUR) 97.20 107.25 - Accumulation shares (Shares C-USD) 91.99 88.62 116.78 Accumulation shares (Shares E-CHF) 90.35 - - Accumulation shares (Shares E-EUR) 95.05 103.23 - Accumulation shares (Shares E-USD) 90.08 85.52 111.20

Dividend for the previous financial year (Shares A-CHF) 0.20 0.15 0.15 Dividend for the previous financial year (Shares A-EUR) 0.15 0.10 0.15 Dividend for the previous financial year (Shares A-GBP) - - 0.15 Dividend for the previous financial year (Shares A-USD) 0.25 0.15 0.15

BTF - 2 Julius Baer Multistock - BIOTECH FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) USD assets

TOTAL 15 702665 98.28%

TRANSFERABLE SECURITIES ADMITTED TO AN 15 461 665 96.77% OFFICIAL STOCK EXCHANGE

Equities 15 461665 96.77%

United States 13 268 919 83.05% 13 000 AFFYMAX INC 89 310 0.56% 18 000 ALEXION PHARMACEUTICALS INC 846 540 5.30% 21 000 AMGEN INC 1 225 350 7.67% 14 400 AUXILIUM PHARMACEUTICALS INC 282 240 1.77% 5 000 BIOGEN IDEC INC 534 600 3.35% 16 280 BIOMARIN PHARMACEUTICAL INC 442 979 2.77% 17 000 CELGENE CORP 1 025 440 6.42% 15 000 DENDREON CORP 591 600 3.70% 20 000 GILEAD SCIENCES INC 828 200 5.18% 6 000 HUMAN GENOME SCIENCES 147 240 0.92% 9 000 ILLUMINA INC 676 350 4.23% 13 000 INCYTE CORP 246 220 1.54% 8 000 INTERMUNE INC 286 800 1.79% 6 000 LIFE TECHNOLOGIES CORP 312 420 1.96% 38 000 MICROMET INC 218 120 1.37% 10 000 MOMENTA PHARMACEUTICALS INC 194 600 1.22% 10 000 MYLAN INC 246 700 1.54% 14 000 NEKTAR THERAPEUTICS SYSTEMS 101 780 0.64% 16 000 ONYX PHARMACEUTICALS INC 564 800 3.53% 7 000 OPTIMER PHARMACEUTICALS INC 83 230 0.52% 6 000 PERRIGO 527 220 3.30% 8 000 PHARMASSET INC 897 600 5.62% 9 000 REGENERON PHARMACEUTICALS INC 510 390 3.19% 6 000 SALIX PHARMACEUTICALS LTD DE 238 980 1.50% 16 000 SEATTLE GENETICS INC 328 320 2.05% 30 000 SEQUENOM INC 226 500 1.42% 10 500 UTD THERAPEUTICS CORP (DE) 578 550 3.62% 16 000 VERTEX PHARMACEUTICALS 831 840 5.21% 10 000 VIROPHARMA 185 000 1.16%

Denmark 752 830 4.71% 6 000 NOVO-NORDISK A/S -B- 752 830 4.71%

Israel 665 436 4.16% 13 800 TEVA PHM./ADR REP.1SHS 665 436 4.16%

United Kingdom 565 260 3.54% 6 000 SHIRE PLC / ADR 565 260 3.54%

Netherlands 209 220 1.31% 11 000 QIAGEN NV 209 220 1.31%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 241 000 1.51%

Equities 241 000 1.51%

United States 241 000 1.51% 10 000 QUESTCOR PHARMACEUTICAL INC 241 000 1.51%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

BTF - 3 Julius Baer Multistock - BLACK SEA FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 54 816 623 Income from investment 1 290 735 (Cost: 81 409 214) Bank interest 8 666 Cash at banks 919 514 Income from securities lending 33 666 Subscriptions receivable 24 249 Other income 2 981 Dividends and interest 235 556 Equalisation 124 968 Other receivables 12 276 Total Income 1 461 016 Total Assets 56 008 218

Expenses Liabilities Management fees 1 048 014 Bank overdraft 418 Custodian fees and charges 200 071 Payables for redemptions 40 412 "Taxe d'abonnement" and other taxes 28 970 Management fees payable 69 999 Bank interest 3 046 "Taxe d'abonnement" payable 5 556 Other expenses* 496 265 Other liabilities 53 722 Total Expenses 1 776 366 Total Liabilities 170 107 Net Assets 55 838 111 Net profit/loss -315 350 Realised profit/loss on: - Securities 5 945 299 - Forward foreign exchange contracts -7 923 - Foreign currencies -156 584 Net realised profit/loss 5 465 442 Net change in unrealised appreciation/ depreciation on: - Securities 739 458 - Forward foreign exchange contracts -8 Total profit/loss 6 204 892

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 35 596 052 58 942 536 Foreign exchange difference – sub-fund 1 883 960 -803 444 Total profit/loss 19 465 257 6 204 892 Net subscriptions/redemptions 2 022 248 -8 488 402 Dividend distributions -24 981 -17 471 Net assets at the end of the financial year 58 942 536 55 838 111

* See Page 12 The TER (Total Expense Ratio) amounts to 2.64% for CHF A shares, 2.66% for EUR A shares, 2.63% for USD A shares, 2.64% for CHF B shares, 2.65% for EUR B shares, 2.66% for USD B shares, 1.89% for CHF C shares, 1.75% for EUR C shares, 1.85% for USD C shares, 3.46% for EUR E shares and 3.42% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

BSF - 1 Julius Baer Multistock - BLACK SEA FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-CHF) 31 391.28 34 339.55 25 668.48 Distribution shares (Shares A-EUR) 49 039.04 44 893.45 34 632.96 Distribution shares (Shares A-USD) 52 072.64 36 129.19 28 641.93 Accumulation shares (Shares B-CHF) 269 311.61 260 974.18 219 302.14 Accumulation shares (Shares B-EUR) 846 401.42 909 755.27 736 969.86 Accumulation shares (Shares B-USD) 352 402.35 246 282.87 216 120.14 Accumulation shares (Shares C-CHF) 117 988.00 4 010.00 21 814.03 Accumulation shares (Shares C-EUR) 180 297.96 352 593.75 343 807.17 Accumulation shares (Shares C-USD) 10 240.00 9 990.00 24 390.00 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 25 972.19 30 950.89 45 409.24 Accumulation shares (Shares E-USD) 60 808.00 52 107.00 42 060.00

Net Assets 35 596 052 58 942 536 55 838 111

NAV per share Distribution shares (Shares A-CHF) 19.22 26.27 26.08 Distribution shares (Shares A-EUR) 20.57 32.34 34.69 Distribution shares (Shares A-USD) 21.33 29.47 37.52 Accumulation shares (Shares B-CHF) 19.38 26.65 26.57 Accumulation shares (Shares B-EUR) 20.80 33.06 35.70 Accumulation shares (Shares B-USD) 21.52 29.88 38.19 Accumulation shares (Shares C-CHF) 19.80 27.48 27.65 Accumulation shares (Shares C-EUR) 21.25 34.09 37.14 Accumulation shares (Shares C-USD) 22.00 30.81 39.74 Accumulation shares (Shares E-CHF) 19.12 - - Accumulation shares (Shares E-EUR) 20.42 32.21 34.52 Accumulation shares (Shares E-USD) 21.12 29.10 36.92

Dividend for the previous financial year (Shares A-CHF) 0.20 0.15 0.15 Dividend for the previous financial year (Shares A-EUR) 0.40 0.30 0.25 Dividend for the previous financial year (Shares A-USD) 0.25 0.15 0.15

BSF - 2 Julius Baer Multistock - BLACK SEA FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 54 816623 98.17% Australia 652 310 1.17% 451 727 ASPIRE MINING LTD 190 132 0.34% TRANSFERABLE SECURITIES ADMITTED TO AN 36 222 548 64.88% 196 923 MCB AGRICOLE HOLDING /SGDR 462 178 0.83% OFFICIAL STOCK EXCHANGE

Cayman Islands 463 105 0.83% Equities 36 222548 64.88% 600 000 TETHYS PETROLEUM LTD * 463 105 0.83%

Russia 13 789 941 24.68% Georgia 285 313 0.51% 135 000 BANK ST.PETERSBURG -A- PREF 512 122 0.92% 25 378 BANK OF GEORGIA /GDR REG.S 285 313 0.51% 160 000 CHELYABINSK ZINC PLAN.OJSC/GDR 485 567 0.87%

44 641 CHERKIZOVO GROUP /SGDR 612 723 1.10% United States 261 912 0.47% 33 500 LUKOIL /SADR REP.1 SHS. 1 466 400 2.63% 314 500 BMB MUNAI INC 216 919 0.39% 203 000 MMC NORILSK NICKEL /SADR 3 656 479 6.54% 21 744 440 MARANI BRAND /REST 44 993 0.08% 13 500 NOVATEK OAO /SGDR 1 285 892 2.30%

300 000 ROSNEFT OIL CO OJSC/SGDR 1 742 249 3.12% Virgin Islands, British 159 454 0.29% 165 000 RUSHYDRO OJSC /SADR 548 255 0.98% 210 000 SEVERSTAL CHEREPOVETS MET/SGDR 2 646 375 4.73% 400 000 CHAARAT GOLD HOLDINGS LTD 159 454 0.29% 390 000 TNK-BP HOLDING 833 879 1.49% 131 781 0.24% Cyprus Turkey 7 845 860 14.04% 260 000 CB RETAIL INVEST PUBLIC /GDR 260 0.00% 250 000 FORD OTOMOTIV SANAYI AS 1 481 172 2.65% 170 589 KREMNEY PUBLIC CO /GDR 116 001 0.21% 1 066 666 SEKERBANK 507 385 0.91% 193 324 XXI CENTURY INVESTEMNTS PUBLIC 15 520 0.03% 180 000 TOFAS TURK OTOMOBIL FABRIKASI 565 712 1.01% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 15 460 045 27.67% 7 000 TUPRAS TURKIYE PETROL RAFINEL 118 324 0.21% 568 181 TURK SISE CAM 856 656 1.53% Equities 15 460 045 27.67% 80 000 TURK TRAKTOR VE ZIRAAT MAKINEL 1 263 933 2.26% 320 000 TURKIYE GARANTI BANKASI /NOM. 1 000 274 1.80% Russia 13 090 797 23.43% 799 999 TURKIYE SINAI KALKINMA BANKASI 883 393 1.58% 28 000 AKRON OJSC 918 302 1.64% 750 000 TURKIYE VAKIFLAR BANKASI TAO 1 169 011 2.09% 150 784 ARMADA JSC 1 441 777 2.58%

4 100 ARZAMAS INSTRUMENT ENGINE FACT 424 182 0.76% Kazakhstan 2 960 979 5.30% 13 500 BASHNEFT OJSC 509 794 0.91% 160 000 HALYK BANK /SGDR 977 933 1.75% FEDERAL HYDROGENERATING 352 249 11 419 0.02% 160 000 KAZKOMMERTSBANK /SGDR 599 165 1.07% COMPANY OJSC 100 000 KAZMUNAIGAS EXPL.PR/REGS/GDR 1 383 881 2.48% 80 000 000 FSK EES 748 767 1.34% 287 000 GAZPR SPONS.ADR REPR 2 SHS 2 884 748 5.17% United Kingdom 1 777 684 3.19% 15 378 GAZPROM AVTOMATIZATSIYA /PREF 121 976 0.22% 133 000 FERREXPO PLC 691 597 1.24% 10 635 GAZPROM AVTOMATIZATSIYA OJSC 183 381 0.33% 5 500 000 HAMBLEDON MINING PLC * 251 223 0.45% 31 784 KALINA CONCERN OJSC 1 096 113 1.96% 270 000 HIGHLAND GOLD MINING LTD 533 673 0.96% 180 000 M VIDEO COMPANY JSC 1 129 772 2.02% 1 600 000 KRYSO RESOURCES PLC 301 191 0.54% 850 000 SBERBANK OF RUSSIA OJSC 2 090 044 3.74% 162 260 000 TUPOLEV OAO MOSCOA 335 745 0.60% Canada 1 753 254 3.15% 8 000 VSMPO-AVISMA CORPORATION 882 850 1.58% 62 000 DUNDEE PRECIOUS METALS INC 346 057 0.62% 1 006 000 YAKUTIA RAILWAYS JSC 311 927 0.56% 52 000 EAST ASIA MINERALS CORP 117 063 0.21% 120 000 ENTREE GOLD INC 176 666 0.32% Bulgaria 1 032 275 1.85% 32 000 IVANHOE MINES LIMITED 557 327 1.00% 294 BLAGOEVGRAD BT 7 755 0.01% 73 000 SOUTHGOBI RESOURCES LTD 556 141 1.00% 380 425 BULGARIAN HLDG CO CHIMIMPORT 534 814 0.96% 311 523 FIRST INVESTMENT BANK 489 706 0.88% Isle Of Man 1 576 118 2.82% 350 000 PETRO MATAD LTD * 443 759 0.79% Romania 1 013 691 1.81% 165 000 ZHAIKMUNAI LP - GDR REG S-W/I 1 132 359 2.03% 56 040 C.N. TRANSELECTRICA 291 395 0.52% 8 000 000 OMV PETROM 722 296 1.29% Luxembourg 1 503 949 2.69% 70 000 EVRAZ GROUP SA /SGDR REP.REG-S 1 503 949 2.69% United States 323 282 0.58% 1 123 000 CASPIAN SERVICES INC 66 767 0.12% Jersey 1 273 988 2.29% 171 010 TKS REAL ESTATE PUBL COMP/GDR 256 515 0.46% 200 000 LYDIAN INTL * 327 3180.59% 1 000 000 UNITED COMPANY RUSAL PLC 946 670 1.70% UNLISTED SECURITIES 3 134 030 5.62%

Romania 1 063 681 1.91% Equities 3 134 030 5.62% 3 600 308 BANCA TRANSILVANIA SA 1 063 681 1.91% Ukraine 3 013 818 5.41% Ireland 723 219 1.30% 4 011 817 ALCHEVSKYY KOKSOCHIMICHNYY ZAV 131 723 0.24% 125 000 DRAGON OIL PLC 723 219 1.30% 31 000 EKVIN CORP OJSC 8 036 0.01% 100 000 KRUKIVKA LOCOMOT PT OJS /TEMP 201 237 0.36% 5 200 MOTOR SICH JSC 1 418 571 2.55%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

BSF - 3 Julius Baer Multistock - BLACK SEA FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

14 763 037 OJSC KRAMATORSKY TSEM 255 119 0.46% 18 000 000 RBK AVAL 479 184 0.86% 374 333 STAHANOV CAR 238 700 0.43% 1 000 000 YASYNOVSKIY COCKING 281 248 0.50%

Luxembourg 102 597 0.18% 500 000 RURIK REAL ESTATE INV 102 597 0.18%

United States 17 615 0.03% 1 178 KARAVAN REAL ESTATE LTD B 17 615 0.03% 14 000 000 ONLINE AUTOMOTIVE PARTNERS LLC 0 0.00%

Options, warrants, rights 0 0.00%

USD 0 0.00% 9 400 000 MARANI 0.5 - 20.06.2011 WRT 0 0.00% 4 600 000 MARANI BRANDS WRT 0 0.00%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

BSF - 4 Julius Baer Multistock - CENTRAL EUROPE STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 54 842 685 Income from investment 1 013 008 (Cost: 49 853 149) Bank interest 6 113 Cash at banks 1 235 369 Income from securities lending 11 238 Receivable from brokers 967 763 Equalisation 5 608 Subscriptions receivable 11 610 Total Income 1 035 967 Dividends and interest 551 799 Other receivables 2 742 Expenses Total Assets 57 611 968 Management fees 773 366 Custodian fees and charges 175 252 Liabilities "Taxe d'abonnement" and other taxes 25 441 Bank overdraft 331 872 Bank interest 1 413 Payable to brokers 867 465 Other expenses* 513 931 Payables for redemptions 69 796 Total Expenses 1 489 403 Management fees payable 62 072 "Taxe d'abonnement" payable 5 997 Other liabilities 59 378 Net profit/loss -453 436 Total Liabilities 1 396 580 Realised profit/loss on: - Securities 6 341 964 Net Assets 56 215 388 - Forward foreign exchange contracts 68 - Foreign currencies -83 733 Net realised profit/loss 5 804 863 Net change in unrealised appreciation/ depreciation on: - Securities 137 448 Total profit/loss 5 942 311

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 48 719 286 50 759 099 Foreign exchange difference – sub-fund 92 544 -262 741 Total profit/loss 20 817 963 5 942 311 Net subscriptions/redemptions -18 831 657 -200 752 Dividend distributions -39 037 -22 529 Net assets at the end of the financial year 50 759 099 56 215 388

* See Page 12 The TER (Total Expense Ratio) amounts to 2.66% for EUR A shares, 2.55% for USD A shares, 2.66% for EUR B shares, 2.56% for USD B shares, 2.06% for EUR C shares, 1.85%1 for USD C shares, 3.39% for EUR E shares and 3.27%1 for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

CESF - 1 Julius Baer Multistock - CENTRAL EUROPE STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 29 768.15 18 833.31 17 799.15 Distribution shares (Shares A-USD) 10.00 762.00 - Accumulation shares (Shares B-EUR) 289 156.66 193 942.37 168 862.61 Accumulation shares (Shares B-USD) 610.00 8 575.00 - Accumulation shares (Shares C-EUR) 9 671.12 7 378.62 39 587.32 Accumulation shares (Shares C-USD) 15 239.39 18 534.39 - Accumulation shares (Shares E-EUR) 9 295.76 7 901.19 4 664.08 Accumulation shares (Shares E-USD) 10.00 10.00 -

Net Assets 48 719 286 50 759 099 56 215 388

NAV per share Distribution shares (Shares A-EUR) 131.80 197.90 220.72 Distribution shares (Shares A-USD) 54.83 71.93 - Accumulation shares (Shares B-EUR) 143.38 216.87 242.89 Accumulation shares (Shares B-USD) 55.57 73.35 - Accumulation shares (Shares C-EUR) 150.45 229.14 258.43 Accumulation shares (Shares C-USD) 56.40 74.98 - Accumulation shares (Shares E-EUR) 133.84 200.93 223.35 Accumulation shares (Shares E-USD) 54.72 71.72 -

Dividend for the previous financial year (Shares A-EUR) 0.60 1.30 0.95 Dividend for the previous financial year (Shares A-USD) 0.40 0.50 0.45

CESF - 2 Julius Baer Multistock - CENTRAL EUROPE STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 54 842685 97.56% 334 844 TURKIYE IS BANKASI AS C 708 212 1.26% 178 435 TURKIYE VAKIFLAR BANKASI TAO 278 123 0.49% TRANSFERABLE SECURITIES ADMITTED TO AN 37 990 822 67.59% 211 305 YAPI KREDI BANKASA 366 152 0.65% OFFICIAL STOCK EXCHANGE

Hungary 1 689 803 3.01% Equities 37 990822 67.59% 150 000 MAGYAR TELEKOM LTD 332 750 0.59% 10 000 MOL MAGYAR /-A- 790 916 1.41% Russia 16 593 935 29.53% 25 200 OTP BANK LTD * 566 137 1.01% 18 375 AFK SISTEMA /SGDR 325 943 0.58%

115 000 BANK ST.PETERSBURG -A- PREF 436 252 0.78% Romania 1 240 422 2.20% 40 000 GROUPE LSR /SGDR REPR.SREG S 217 954 0.39% 335 000 BANCA ROMANA PENTRU DEZVOLTARE 1 108 498 1.97% 73 500 LUKOIL /SADR REP.1 SHS. 3 217 325 5.72% 402 400 IMPACT SA BUCHAREST 35 190 0.06% 25 000 MAGNIT OJSC - SGDR 541 263 0.96% 909 500 TERAPLAST SA 96 734 0.17% 30 000 MECHEL OJSC /ADR 494 327 0.88%

120 000 MMC NORILSK NICKEL /SADR 2 161 464 3.85% Czech Republic 554 691 0.99% 115 000 MOBILE TELESYSTEMS /SADR 1 508 638 2.68% 3 300 KOMERCNI BANKA AS 554 691 0.99% 10 000 NOVATEK OAO /SGDR 952 512 1.69%

10 000 NOVOLIPETSK STEEL REGS /GDR 268 490 0.48% Luxembourg 480 150 0.85% 46 786 OAO TATNEFT /SGDR REP.6 REGS 1 380 901 2.46% 94 000 AUTOMOTIVE COMP 203 102 0.36% 14 000 PHARMSTANDARD OKT (SGDR) 220 161 0.39% 14 500 KERNEL HOLDING SA 277 048 0.49% 15 000 POLYUS ZOLOTO OAO /SADR *OPE* 324 861 0.58%

411 290 ROSNEFT OIL CO OJSC/SGDR 2 388 565 4.25% Cyprus 414 962 0.73% 258 912 RUSHYDRO OJSC /SADR 860 302 1.53% 350 000 SBERBANK /PREF. 576 956 1.03% 180 000 ASBISC ENTREPRISES PLC 114 414 0.20% 45 000 SEVERSTAL CHEREPOVETS MET/SGDR 567 080 1.01% 24 000 GLOBALTRANS INVESTMENT PLC GDR 300 548 0.53% 12 000 TRUBNAYA METALL.KOMP./SGDR REG 150 941 0.27% 308 894 0.55% Guernsey Poland 8 358 384 14.87% 65 000 ETALON GROUP /SGDR 308 894 0.55% 44 000 ACTION SA 214 568 0.38% 279 300 0.50% 14 000 ASSECO POLAND SA 174 320 0.31% Austria 17 000 BK POLSKA KASA OPIEKI PEKAO 692 767 1.23% 95 000 IMMOFINANZ AG 279 300 0.50% 145 000 CYFROWY POLSAT SA 601 090 1.07% 31 173 ELEKTROTIM 81 452 0.14% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 15 229 387 27.08% 30 362 ENERGOINSTAL 61 712 0.11% Equities 15 229 387 27.08% 14 072 FABRYK FARB I LAKIEROW SNIEZKA 134 205 0.24% 18 000 KGHM POLSKA MIEDZ SA 890 894 1.58% Russia 15 077 851 26.81% 155 000 NETIA SA 224 306 0.40% 1 500 000 AO MOSENERGO 96 217 0.17% 100 000 PGE POLSKA GRUPA ENERGETYCZNA 602 471 1.07% 1 ENEL WGC-5 OJSC 0 0.00% 700 000 POLISH OIL & GAS CO 740 402 1.32% FEDERAL HYDROGENERATING 6 465 829 209 604 0.37% 150 000 POLISH TELECOM WARSZAWA 627 847 1.12% COMPANY OJSC 85 000 POWSZECHNA KASA OSZCZED.POLSKI 896 924 1.60% 60 000 000 FSK EES 561 575 1.00% 14 000 POWSZECHNY ZAKLAD UBEZPIECZEN 1 319 005 2.35% 485 000 GAZPR SPONS.ADR REPR 2 SHS 4 874 920 8.67% 550 000 TAURON POLSKA ENERGIA SA * 909 2341.62% 5 460 GAZPROM AVTOMATIZATSIYA /PREF 43 308 0.08% 130 363 TRAKCJA POLSKA 94 982 0.17% 1 500 000 JSC SURGUTNEFTEGAZ /PREF 499 707 0.88% 100 000 WIELTON SA 92 205 0.16% 150 000 JSC SURGUTNEFTEGAZ /SADR 1 024 244 1.82% 550 000 KRASNY KOTELSHIK JSC -PREF SHS 84 083 0.15% Turkey 8 070 281 14.36% 35 000 LUKOIL HOLDING 1 517 828 2.70% 12 266 ANADOLU EFES BIRACILIK VE MALT 114 348 0.20% 80 000 M VIDEO COMPANY JSC 502 121 0.89% 68 655 ARCELIK AS 242 015 0.43% 5 OAO OPEN INVESTMENTS /GDR 15 0.00% 50 375 ASYA KATILIM BANKASI AS 54 129 0.10% 1 980 000 SBERBANK OF RUSSIA OJSC 4 868 572 8.66% 12 256 BIM BIRLESIK MAGAZALAR AS 274 576 0.49% 15 000 VEROFARM -A- 464 588 0.83% 36 600 CIMSA CIMENTO SANAYI VE TICAR. 134 614 0.24% 3 000 VSMPO-AVISMA CORPORATION 331 069 0.59% 10 122 COCA COLA ICECEK SANAYI 102 959 0.18% 90 332 ENKA INSAAT VE SANAYI AS 189 906 0.34% Romania 151 536 0.27% 352 815 ISGYO 184 308 0.33% 2 068 200 ELECTROMAGNETICA 151 536 0.27% 187 486 KOC HLD AS 555 796 0.99% 186 932 SABANCI HOLDING 541 451 0.96% 241 386 SINPAS GAYRIM YATITIM 186 584 0.33% 35 500 TAV HAVALIMALARI HOLDING AS 122 728 0.22% 22 745 TOFAS TURK OTOMOBIL FABRIKASI 71 484 0.13% 25 525 TUPRAS TURKIYE PETROL RAFINEL 431 460 0.77% 146 405 TURK HAVA YOLLARI AO 264 263 0.47% 130 696 TURK SISE CAM 197 052 0.35% 116 338 TURK TELEKOMUNIKASYON 423 936 0.75% 126 759 TURKCELL ILETISIM HIZMET 469 447 0.84% 510 428 TURKIYE GARANTI BANKASI /NOM. 1 595 524 2.84% 108 758 TURKIYE HALK BANKASI AS 561 214 1.00%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. CESF - 3 Julius Baer Multistock - CENTRAL EUROPE STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

UNLISTED SECURITIES 1 622 476 2.89%

Investment funds 1 036 498 1.84%

Romania 1 036 498 1.84% 1 007 440 SIF 1 BANAT CRISANA 244 303 0.43% 345 250 SIF 2 MOLDOVA 102 328 0.18% 422 370 SIF 3 TRANSILVANIA 51 212 0.09% 1 780 300 SIF 5 OLTENIA SA 576 469 1.03% 381 590 SISF 4 MUNTENIA SA 62 186 0.11%

Equities 585 978 1.05%

Russia 344 787 0.62% 165 000 AEROFLOT MOSCOW 285 195 0.51% 160 000 KRASNY KOTELSHIK JSC 59 592 0.11%

Romania 241 191 0.43% 837 000 ALBALACT SA 43 839 0.08% 3 095 339 CEMACON SA 68 258 0.12% 2 097 029 CONCEFA SA 58 486 0.10% 1 068 353 CONDMAG SA 70 601 0.13% 300 DAFORA SA 7 0.00%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. CESF - 4 Julius Baer Multistock - CHINDONESIA FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 30 September 2010 (launch) USD to 30 June 2011

Assets Investments at market value 16 191 948 Income (Cost: 16 340 430) Income from investment 162 599 Cash at banks 1 285 796 Bank interest 284 Subscriptions receivable 25 483 Income from securities lending 3 232 Dividends and interest 73 144 Total Income 166 115 Total Assets 17 576 371

Expenses Liabilities Management fees 86 851 Payable to brokers 408 917 Custodian fees and charges 15 310 Management fees payable 12 834 "Taxe d'abonnement" and other taxes 2 730 "Taxe d'abonnement" payable 1 416 Bank interest 365 Other liabilities 10 311 Other expenses* 69 916 Equalisation 39 870 Total Liabilities 433 478 Total Expenses 215 042 Net Assets 17 142 893

Net profit/loss -48 927 Realised profit/loss on: - Securities -431 942 - Forward foreign exchange contracts -540 - Foreign currencies -539 Net realised profit/loss -481 948 Net change in unrealised appreciation/ depreciation on: - Securities -148 482 Total profit/loss -630 430

STATEMENT OF CHANGES IN NET ASSETS 30 June 2011 USD Net assets at the beginning of the reporting period - Total profit/loss -630 430 Net subscriptions/redemptions 17 773 323 Net assets at the end of the reporting period 17 142 893

* See Page 12 The TER (Total Expense Ratio) amounts to 2.49% for USD A shares, 2.50% for USD B shares, 1.60% for USD C shares and 3.28% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

CHI - 1 Julius Baer Multistock - CHINDONESIA FUND

COMPARATIVE STATEMENT 30 June 2011 USD Number of shares outstanding Distribution shares (Shares A-USD) 1 315.00 Accumulation shares (Shares B-USD) 47 038.87 Accumulation shares (Shares C-USD) 130 010.00 Accumulation shares (Shares E-USD) 1 234.50

Net Assets 17 142 893

NAV per share Distribution shares (Shares A-USD) 95.05 Accumulation shares (Shares B-USD) 95.04 Accumulation shares (Shares C-USD) 95.61 Accumulation shares (Shares E-USD) 94.54

CHI - 2 Julius Baer Multistock – CHINDONESIA FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 16 191948 94.45% Canada 501 975 2.94% 9 000 CENTERRA GOLD INC 148 371 0.87% TRANSFERABLE SECURITIES ADMITTED TO AN 16 178 825 94.37% 52 000 ENTREE GOLD INC 109 200 0.64% OFFICIAL STOCK EXCHANGE 4 942 IVANHOE MINES LIMITED 124 538 0.73% 11 100 SOUTHGOBI ENERGY RESOURCES LTD 119 866 0.70% Equities 14 467129 84.39%

Singapore 441 061 2.57% China 4 841 199 28.24% 166 000 CHINA MINZHONG FOOD CORP LTD * 202 620 1.18% 988 300 BANK OF CHINA LTD -H- 481 242 2.81% 98 000 STRAITS ASIA RESOURCE LTD 238 441 1.39% 320 000 BANK OF COMMUNICATIONS CO -H- 306 296 1.79%

608 000 CHINA CITIC BK -H- 378 862 2.21% Republic of Korea 396 042 2.31% 230 000 CHINA COAL ENERGY CO LTD -H- 309 688 1.81% 1 160 HYUNDAI MOTOR CO LTD 257 600 1.50% 360 000 CHINA COMMUNICATIONS CONSTR-H- 309 431 1.81% 5 000 LG DISPLAY CO LTD 138 442 0.81% 377 240 CHINA CONSTRUCTION BANK CO -H- 312 617 1.82%

60 000 CHINA LIFE INSURANCE CO LTD-H- 205 054 1.20% Bermuda Islands 154 629 0.90% 263 200 CHINA MINSHENG BK -H- 242 460 1.41% 148 400 MAN WAH HOLDINGS 154 629 0.90% 466 000 CHINA PETROLEUM&CHEM CORP H 468 795 2.73%

520 000 CHINA TELECOM CORP LTD -H- 336 720 1.96% Options, warrants, rights 1 711 696 9.98% 100 000 HARBIN POWER EQUIPMENT CO H 114 090 0.67% 500 000 HUANENG POWER INTL H 262 742 1.53% USD 1 711 696 9.98% 120 000 JIANGXI COPPER CO LTD H 398 545 2.32% 24 800 BARCLAYS 18.12.36 CERT/INP US 1 711 696 9.98% 660 000 MAANSHAN IRON & STEEL CO H * 305 268 1.78%

280 000 PETROCHINA CO LTD /-H- 409 389 2.39% UNLISTED SECURITIES 13 123 0.08%

Indonesia 3 396 989 19.81% Options, warrants, rights 13 123 0.08% 809 500 ACE HARDWARE 285 523 1.67% 755 000 ADARO ENERGY 215 681 1.26% HKD 13 123 0.08% 700 000 BUMI RESOURCES 240 779 1.40% 121 600 RIGHTS CHINA CITIC 25.7.11 13 123 0.08% 2 750 000 CLIPAN FINANCE INDONESIA TBK 218 042 1.27% 37 000 PT ASTRA INTERNATIONAL TBK 274 167 1.60% 311 000 PT BANK MANDIRI PERSERO TBK 261 091 1.52% 462 000 PT BANK RAKYAT INDONESIA 350 150 2.04% 58 500 PT GUDANG GARAM TBK/DEMAT 339 691 1.98% 213 000 PT INDOCEMENT TUNGGAL /DEMAT. 423 450 2.47% 530 000 PT JASA MARGA (PERSERO) TBK 224 018 1.31% 172 000 PT MAYORA INDAH TBK /DEMAT. 260 718 1.52% 130 500 PT UNILEVER INDONESIA 226 723 1.32% 1 000 000 PT WIJAYA KARYA (PERSERO) TBK 76 956 0.45%

Hong Kong 2 210 499 12.90% 108 000 CATHAY PACIFIC AIRWAYS 250 043 1.46% 68 000 CHINA MOBILE LTD 629 038 3.67% 200 000 CHINA RESOURCES POWER HOLDINGS 390 065 2.28% 150 000 CHINA UNICO (HK) 302 185 1.76% 96 000 CNOOC LTD 223 987 1.31% 166 000 DAH CHONG HONG HOLDINGS LTD 197 921 1.15% 380 000 LENOVO GROUP LTD 217 260 1.27%

India 1 380 276 8.05% 5 500 ICICI BK /SADR 269 830 1.57% 4 100 INFO.SP.AM.DEPOSIT REC.REPR1SH 264 409 1.54% 7 100 LARSEN TOUBRO /GDR REPR.1 SHS 286 406 1.67% 14 200 STERLITE IND(INDIA)/ADR 214 136 1.25% 15 500 TATA MOTORS LTD /ADR 345 495 2.02%

Cayman Islands 1 144 459 6.67% 100 000 CH HS TRANSMISS EQ GR CO LTD 110 493 0.64% 108 000 REAL GOLD MINING * 122 9400.72% 128 000 SANDS CHINA /IPO 345 354 2.01% 360 000 SOHO CHINA LTD 321 457 1.88% 9 000 TENCENT HOLDINGS 244 215 1.42%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

CHI - 3 Julius Baer Multistock - ENERGY TRANSITION FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 69 776 589 Income from investment 571 012 (Cost: 69 203 033) Bank interest 1 760 Cash at banks 2 047 477 Income from securities lending 170 897 Subscriptions receivable 1 922 756 Equalisation 390 Dividends and interest 116 530 Total Income 744 059 Other receivables 2 279 Total Assets 73 865 631 Expenses Management fees 586 076 Liabilities Custodian fees and charges 7 880 Bank overdraft 2 562 "Taxe d'abonnement" and other taxes 18 691 Payable to brokers 1 747 110 Bank interest 3 907 Payables for redemptions 348 387 Other expenses* 95 791 Management fees payable 80 432 Equalisation 186 621 "Taxe d'abonnement" payable 6 332 Total Expenses 898 966 Other liabilities 15 099 Total Liabilities 2 199 922 Net profit/loss -154 907 Net Assets 71 665 709 Realised profit/loss on: - Securities 388 570 - Forward foreign exchange contracts 1 925 - Foreign currencies -89 037 Net realised profit/loss 146 551 Net change in unrealised appreciation/ depreciation on: - Securities 1 441 128 - Forward foreign exchange contracts -21 Total profit/loss 1 587 658

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 5 264 120 23 513 797 Foreign exchange difference – sub-fund -377 272 3 320 584 Total profit/loss -3 325 624 1 587 658 Net subscriptions/redemptions 21 952 806 43 248 717 Dividend distributions -233 -5 047 Net assets at the end of the financial year 23 513 797 71 665 709

* See Page 12 The TER (Total Expense Ratio) amounts to 1.78% for CHF A shares, 1.89% for EUR A shares, 1.88% for USD A shares, 1.80% for GBP A shares, 1.82% for CHF B shares, 1.89% for EUR B shares, 1.91% for USD B shares, 1.80% for GBP B shares, 1.17% for CHF C shares, 1.23% for EUR C shares, 1.26% for USD C shares, 2.65% for EUR E shares and 2.64% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

ETF - 1 Julius Baer Multistock - ENERGY TRANSITION FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-CHF) 10.00 10.00 - Distribution shares (Shares A-EUR) 10.00 3 337.00 5 438.00 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 1 350.00 7 874.00 10 397.96 Accumulation shares (Shares B-CHF) 2 277.96 8 513.64 - Accumulation shares (Shares B-EUR) 13 205.93 57 124.75 91 697.14 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 15 150.02 39 738.99 137 644.37 Accumulation shares (Shares C-CHF) 10.00 12 510.00 - Accumulation shares (Shares C-EUR) 5 762.00 27 252.29 42 929.67 Accumulation shares (Shares C-USD) 10.00 6 209.19 100 986.05 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 192.37 7 037.76 15 072.97 Accumulation shares (Shares E-USD) 10.00 321.65 622.45

Net Assets 5 264 120 23 513 797 71 665 709

NAV per share Distribution shares (Shares A-CHF) 114.61 112.61 - Distribution shares (Shares A-EUR) 111.18 126.21 139.15 Distribution shares (Shares A-GBP) - 81.51 - Distribution shares (Shares A-USD) 122.76 121.70 159.13 Accumulation shares (Shares B-CHF) 114.56 112.66 - Accumulation shares (Shares B-EUR) 111.15 126.25 139.68 Accumulation shares (Shares B-GBP) - 81.51 - Accumulation shares (Shares B-USD) 122.73 121.75 159.51 Accumulation shares (Shares C-CHF) 115.19 114.13 - Accumulation shares (Shares C-EUR) 111.76 127.93 142.47 Accumulation shares (Shares C-USD) 123.42 123.38 162.70 Accumulation shares (Shares E-CHF) 114.05 - - Accumulation shares (Shares E-EUR) 110.64 124.71 136.95 Accumulation shares (Shares E-USD) 122.16 120.28 156.40

Dividend for the previous financial year (Shares A-CHF) - 0.10 0.30 Dividend for the previous financial year (Shares A-EUR) - 0.10 0.50 Dividend for the previous financial year (Shares A-GBP) - - 0.30 Dividend for the previous financial year (Shares A-USD) - 0.10 0.30

ETF - 2 Julius Baer Multistock - ENERGY TRANSITION FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 69 776589 97.36% Germany 3 464 990 4.84% 38 200 CENTROTEC SUSTAINABLE AG 1 171 377 1.63% TRANSFERABLE SECURITIES ADMITTED TO AN 69 776 589 97.36% 10 074 SMA SOLAR TECHNOLOGY AG * 1 122 017 1.57% OFFICIAL STOCK EXCHANGE 2 600 SOLAR MILLENNIUM AG * 69 116 0.10% 5 100 WACKER CHEMIE AG MUENCHEN 1 102 480 1.54% Equities 69 776589 97.36%

Switzerland 3 398 388 4.74% United States 29 069 505 40.59% 76 900 ABB LTD ZUERICH /NAMEN. 1 990 997 2.78% 110 940 AMERESCO INC -A- 1 573 129 2.20% 4 629 BURCKHARDT COMPRESSION HLDG AG 1 407 391 1.96% 95 100 CALGON CARBON CORP 1 616 700 2.26%

24 400 CAMERON INTERNATIONAL CORP 1 227 076 1.71% United Kingdom 3 201 671 4.46% 399 965 CAPSTONE TURBINE CORP 611 946 0.85% 1 079 579 AMERISUR RESOURCES PLC 420 303 0.59% 42 600 CHART INDUSTRIES INC 2 299 548 3.22% 56 000 BG GROUP PLC 1 271 260 1.77% 16 520 CLEAN ENERGY FUELS CORP * 217 238 0.30% 275 761 SIG PLC 604 313 0.84% 126 904 CODEXIS INC 1 222 086 1.71% 45 500 TULLOW OIL PLC 905 795 1.26% 85 000 ECHELON CORP 772 650 1.08%

56 000 ENERNOC INC * 881 440 1.23% Bermuda Islands 2 744 118 3.83% 5 200 FLOWSERVE CORP 571 428 0.80% 42 740 GOLAR LNG LTD BERMUDA 1 491 199 2.08% 16 000 FUEL SYSTEMS SOLUTION INC 399 200 0.56% 35 400 SEADRILL LTD 1 252 919 1.75% 42 900 GEVO INC 674 817 0.94%

174 300 GT SOLAR INTL 2 823 660 3.95% Netherlands 2 629 235 3.67% 87 800 MAXWELL TECHNOLOGIES INC 1 421 482 1.98% 22 200 NATIONAL OILWELL VARCO INC 1 736 262 2.42% 33 000 CHICAGO BRIDGE & IRON / ADR 1 283 700 1.79% 32 000 PETROLEUM DEVELOPMENT CORP 957 120 1.34% 50 880 SBM OFFSHORE NV 1 345 535 1.88% 10 000 PIONEER NATURAL RESOURCES CO 895 700 1.25% 1 440 329 2.01% 31 600 POWER INTEGRATIONS INC 1 214 388 1.69% Luxembourg 88 100 QUANTA SERVICES INC 1 779 620 2.48% 56 000 SUBSEA 7 SA 1 440 329 2.01% 18 000 REGAL BELOIT CORP 1 201 860 1.68% 91 800 RUBICON TECHNOLOGY INC * 1 547 748 2.16% Spain 1 340 838 1.87% 22 500 SCHLUMBERGER LTD 1 944 000 2.71% 203 300 EDP RENOVAVEIS SA 1 340 838 1.87% 99 223 STR HOLDINGS * 1 480 407 2.07% Australia 877 892 1.22% Cayman Islands 6 516 774 9.10% 20 000 WOODSIDE PETROLEUM LTD 877 892 1.22% 639 800 CH HS TRANSMISS EQ GR CO LTD 707 120 0.99% 101 620 DAQO NEW ENERGY CORP ADR 796 701 1.11% Virgin Islands, British 864 954 1.21% 342 600 ENN ENERGY HOLDINGS 1 162 363 1.62% 165 700 RENESOLA ADR REPR.2SH. * 864 954 1.21% 25 000 EURASIA DRILLING CO LTD/ GDR 729 590 1.02% 2 500 000 GCL-POLY ENERGY HOLDINGS LTD * 1 294 779 1.81% Belgium 619 787 0.86% 122 000 HANWHA SOLARONE /SADR * 778 360 1.09% 68 949 EXMAR SA 619 787 0.86% 30 000 TRINA SOLAR LTD /ADR * 672 600 0.94% 800 000 WASION GROUP HOLDINGS LTD * 375 261 0.52% Republic of Korea 39 120 0.05% 1 000 TAEWOONG CO LTD 39 120 0.05%

Canada 4 872 261 6.78% 150 900 ALTERRA POWER CORP 111 013 0.15% 162 300 BANKERS PETROLEUM -A- 1 157 003 1.61% 157 000 ELECTOVAYA INC * 274 9250.38% 42 000 PEN WEST PETE * 969 164 1.35% 16 000 PETROMINERALES 469 340 0.65% 105 100 RAM POWER 51 728 0.07% 72 000 TRANSGLOBE ENERGY CORP 820 640 1.15% 42 400 WESTPORT INNOVATIONS INC 1 018 448 1.42%

France 4 725 183 6.59% 19 700 ALSTOM * 1 214 458 1.69% 40 000 CIE GEN.GEOPHYSIQUE/VERITAS 1 473 048 2.06% 12 200 SCHNEIDER ELECTRIC SA 2 037 677 2.84%

Italy 3 971 544 5.54% 405 000 ENEL GREEN POWER S.P.A. 1 116 834 1.56% 251 330 LANDI RENZO SPA * 783 440 1.09% 103 000 PRYSMIAN SPA 2 071 270 2.89%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

ETF - 3 Julius Baer Multistock - EURO LARGE CAP STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 87 663 111 Income from investment 2 319 040 (Cost: 80 505 837) Bank interest 6 691 Cash at banks 1 436 817 Income from securities lending 176 493 Dividends and interest 16 306 Equalisation 13 805 Other receivables 11 651 Total Income 2 516 029 Total Assets 89 127 885

Expenses Liabilities Management fees 766 100 Management fees payable 84 097 Custodian fees and charges 6 090 "Taxe d'abonnement" payable 10 928 "Taxe d'abonnement" and other taxes 40 809 Other liabilities 23 062 Bank interest 8 393 Total Liabilities 118 087 Other expenses* 222 134 Net Assets 89 009 798 Total Expenses 1 043 526

Net profit/loss 1 472 503 Realised profit/loss on: - Securities -816 938 - Foreign currencies -24 Net realised profit/loss 655 541 Net change in unrealised appreciation/ depreciation on: - Securities 7 157 274 Total profit/loss 7 812 815

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year - 35 754 500 Total profit/loss - 7 812 815 Net subscriptions/redemptions 35 754 500 45 442 483 Net assets at the end of the financial year 35 754 500 89 009 798

* See Page 12 The TER (Total Expense Ratio) amounts to 1.59% for EUR A shares, 1.63% for EUR B shares, 0.38%1 for EUR C shares, 2.85%1 for EUR E shares and 0.38%1 for EUR CA shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

ELCSF - 1 Julius Baer Multistock - EURO LARGE CAP STOCK FUND

COMPARATIVE STATEMENT 30 June 2010 30 June 2011 EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 1.00 10.35 Distribution shares (Shares Ca-EUR) 1.00 1.00 Accumulation shares (Shares B-EUR) 357 541.00 771 314.46 Accumulation shares (Shares C-EUR) 1.00 1.00 Accumulation shares (Shares E-EUR) 1.00 1.00

Net Assets 35 754 500 89 009 798

NAV per share Distribution shares (Shares A-EUR) 100.00 115.56 Distribution shares (Shares Ca-EUR) 100.00 116.93 Accumulation shares (Shares B-EUR) 100.00 115.40 Accumulation shares (Shares C-EUR) 100.00 116.93 Accumulation shares (Shares E-EUR) 100.00 113.99

ELCSF - 2 Julius Baer Multistock - EURO LARGE CAP STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 87 663111 98.49% Belgium 1 000 000 1.12% 25 000 ANHEUSER-BUSH INBEV SA 1 000 000 1.12% TRANSFERABLE SECURITIES ADMITTED TO AN 87 663 111 98.49% OFFICIAL STOCK EXCHANGE

Equities 87 663111 98.49%

France 33 954 277 38.15% 26 200 AIR LIQUIDE 2 589 608 2.91% 35 000 ALSTOM * 1 488 200 1.67% 87 900 AXA 1 377 393 1.55% 65 000 BNP PARIBAS 3 459 950 3.89% 105 300 CREDIT AGRICOLE SA. PARIS 1 091 961 1.23% 30 000 DANONE 1 543 500 1.73% 53 000 FRANCE TELECOM SA 777 245 0.87% 7 000 L OREAL 626 920 0.70% 22 000 LVMH MOET HENNESSY EUR 0.3 2 730 200 3.07% 33 000 RENAULT SA 1 349 205 1.52% 50 000 SAINT-GOBAIN 2 232 750 2.51% 65 700 SANOFI 3 642 408 4.09% 18 000 SCHNEIDER ELECTRIC SA 2 073 600 2.33% 37 400 STE GEN.PARIS -A- 1 530 408 1.72% 11 200 TECHNIP 828 016 0.93% 108 900 TOTAL SA 4 342 932 4.88% 31 900 VINCI 1 409 023 1.58% 44 900 VIVENDI 860 958 0.97%

Germany 29 919 067 33.63% 20 400 ALLIANZ SE/NAM.VINKULIERT 1 965 132 2.21% 69 200 BASF NAMEN-AKT. 4 675 844 5.26% 49 000 BAYER 2 716 560 3.05% 39 700 BMW-BAYER.MOTORENWERKE 2 731 757 3.07% 18 000 CONTINENTAL AG 1 304 100 1.47% 36 000 DAIMLER AG / NAMEN-AKT. 1 868 400 2.10% 36 100 DEUTSCHE BANK AG /NAM. 1 471 075 1.65% 120 000 DEUTSCHE TELEKOM /NAM. 1 297 800 1.46% 50 000 E.ON - NAMEN AKT. 979 250 1.10% 20 000 K & S AG 1 060 000 1.19% 16 000 MUENCHENER RUECKVERS/NAMENSAKT 1 687 200 1.90% 51 000 SAP AG 2 129 250 2.39% 53 000 SIEMENS AG /NAM. 5 019 099 5.64% 8 000 VOLKSWAGEN AG 1 013 600 1.14%

Spain 11 217 509 12.60% 348 784 BANCO SANTANDER SA / REG. 2 777 367 3.12% 110 000 BCO BILBAO VIZ.ARGENTARIA/NAM. 889 900 1.00% 60 000 GAS NATURAL SDG /SPLIT ISSUE 866 700 0.97% 245 200 IBERDROLA SA 1 504 792 1.69% 85 400 REPSOL YPF SA. MADRID * 2 044 476 2.30% 185 900 TELEFONICA SA 3 134 274 3.52%

Italy 6 455 148 7.25% 57 300 ASSICURAZIONI GENERALI SPA 833 715 0.94% 367 700 ENEL 1 656 121 1.86% 133 600 ENI SPA ROMA 2 179 016 2.45% 486 500 INTESA SANPAOLO SPA 893 214 1.00% 611 700 UNICREDIT S.P.A. 893 082 1.00%

Netherlands 3 495 048 3.92% 282 300 ING GROEP NV/CERT.OF SHS 2 396 445 2.69% 48 600 UNILEVER CERT.OF SHS 1 098 603 1.23%

Luxembourg 1 622 062 1.82% 67 600 ARCELORMITTAL SA REG SHS 1 622 062 1.82%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

ELCSF - 3 Julius Baer Multistock - EUROLAND VALUE STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 47 477 637 Income from investment 1 349 144 (Cost: 44 799 633) Bank interest 3 662 Cash at banks 549 074 Income from securities lending 139 163 Receivable from brokers 216 673 Equalisation 41 413 Subscriptions receivable 14 154 Total Income 1 533 382 Dividends and interest 23 372 Other receivables 55 708 Expenses Total Assets 48 336 618 Management fees 612 040 Custodian fees and charges 20 644 Liabilities "Taxe d'abonnement" and other taxes 23 914 Bank overdraft 75 309 Bank interest 14 Payables for redemptions 107 389 Other expenses* 380 125 Management fees payable 43 912 Total Expenses 1 036 737 "Taxe d'abonnement" payable 5 361 Other liabilities 32 126 Net profit/loss 496 645 Total Liabilities 264 097 Realised profit/loss on: Net Assets 48 072 521 - Securities 254 560 - Foreign currencies -7 159 Net realised profit/loss 744 046 Net change in unrealised appreciation/ depreciation on: - Securities 7 594 156 Total profit/loss 8 338 202

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 99 097 378 57 344 571 Foreign exchange difference – sub-fund 5 884 -5 141 Total profit/loss 15 191 184 8 338 202 Net subscriptions/redemptions -56 881 331 -17 557 508 Dividend distributions -68 544 -47 603 Net assets at the end of the financial year 57 344 571 48 072 521

* See Page 12 The TER (Total Expense Ratio) amounts to 2.00% for EUR A shares, 1.79%1 for USD A shares, 2.00% for EUR B shares, 1.92% for USD B shares, 1.25% for EUR C shares, 1.09%1 for USD C shares, 2.74% for EUR E shares, 2.55%1 for USD E shares and 1.26% for EUR Ca shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

EUSF - 1 Julius Baer Multistock - EUROLAND VALUE STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 30 403.59 27 696.39 24 652.81 Distribution shares (Shares A-USD) 30.73 10.00 - Distribution shares (Shares Ca-EUR) 10.00 160.00 160.00 Accumulation shares (Shares B-EUR) 736 803.93 406 097.78 286 338.94 Accumulation shares (Shares B-USD) 880.00 635.00 - Accumulation shares (Shares C-EUR) 174 153.39 45 409.02 38 094.65 Accumulation shares (Shares C-USD) 10.00 10.00 - Accumulation shares (Shares E-EUR) 13 000.33 9 060.37 5 633.66 Accumulation shares (Shares E-USD) 10.00 10.00 -

Net Assets 99 097 378 57 344 571 48 072 521

NAV per share Distribution shares (Shares A-EUR) 87.75 98.08 111.54 Distribution shares (Shares A-USD) 57.60 56.33 - Distribution shares (Shares Ca-EUR) 70.86 80.45 92.08 Accumulation shares (Shares B-EUR) 103.44 118.32 136.66 Accumulation shares (Shares B-USD) 61.23 61.10 - Accumulation shares (Shares C-EUR) 110.32 127.14 147.95 Accumulation shares (Shares C-USD) 62.00 62.38 - Accumulation shares (Shares E-EUR) 73.76 83.74 96.00 Accumulation shares (Shares E-USD) 60.36 59.85 -

Dividend for the previous financial year (Shares A-EUR) 3.55 2.40 1.70 Dividend for the previous financial year (Shares A-USD) 2.20 1.50 1.05 Dividend for the previous financial year (Shares Ca-EUR) - 1.35 1.50

EUSF - 2 Julius Baer Multistock - EUROLAND VALUE STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 47 477637 98.76% United Kingdom 2 437 453 5.08% 40 000 DIALOG SEMICONDUCTOR 502 400 1.05% TRANSFERABLE SECURITIES ADMITTED TO AN 47 477 637 98.76% 202 626 FERREXPO PLC 1 053 651 2.19% OFFICIAL STOCK EXCHANGE 64 RIO TINTO PLC /REG. 3 182 0.01% 35 875 ROYAL DUTCH SHELL PLC-A- 878 220 1.83% Equities 47 477637 98.76%

Belgium 2 213 500 4.61% Germany 17 785 373 36.99% 22 600 ANHEUSER-BUSH INBEV SA 904 000 1.88% 30 000 AIXTRON /NAMEN AKT. * 705 900 1.47% 25 000 MOBISTAR 1 309 500 2.73% 7 000 ALLIANZ SE/NAM.VINKULIERT 674 310 1.40%

18 000 BASF NAMEN-AKT. 1 216 260 2.53% Turkey 1 380 163 2.88% 10 000 BAYER 554 400 1.15% 27 454 ALARKO GAYRIMENKUL YATIRIM 219 207 0.46% 9 000 BMW-BAYER.MOTORENWERKE 619 290 1.29% 114 135 COCA COLA ICECEK SANAYI 1 160 956 2.42% 100 000 COMMERZBANK A.G. 296 900 0.62%

10 000 CONTINENTAL AG 724 500 1.51% Italy 1 217 885 2.53% 18 177 DAIMLER AG / NAMEN-AKT. 943 386 1.96% 40 000 ASSICURAZIONI GENERALI SPA 582 000 1.21% 12 000 DEUTSCHE BANK AG /NAM. 489 000 1.02% 30 000 ENI SPA ROMA 489 300 1.02% 10 000 DEUTSCHE POST AG 132 500 0.28% 91 PIRELLI & C.AZ.DI RISP 541 0.00% 50 000 DEUTSCHE TELEKOM /NAM. 540 750 1.12% 91 PRELIOS 44 0.00% 57 166 FREENET AG NAMENS-AKTIEN 546 164 1.14% 100 000 UNICREDIT SPA 146 000 0.30% 10 000 HEIDELBERGCEMENT AG 440 250 0.92%

110 000 INFINEON TECHNOLOGIES /NAM. 852 720 1.77% Austria 863 920 1.80% 8 000 K & S AG 424 000 0.88% 6 000 LANXESS AG 339 600 0.71% 10 000 ERSTE GROUP BANK AG 361 500 0.75% 4 636 LINDE AG 560 492 1.17% 6 173 MAYR-MELNHOF KARTON 502 420 1.05% 16 000 MTU AERO ENGINES HLDS /NAMEN. 881 280 1.83% 753 345 1.57% 8 767 MUENCHENER RUECKVERS/NAMENSAKT 924 480 1.92% Luxembourg 18 750 PORSCHE A HLDG/PREF 1 025 625 2.13% 1 500 APERAM SA 33 495 0.07% 8 000 RHEINMETALL AG DUESSELDORF 488 400 1.02% 30 000 ARCELORMITTAL SA REG SHS 719 850 1.50% 10 000 RWE AG (NEU). ESSEN A 382 350 0.80% 12 000 SAP AG 501 000 1.04% Finland 599 100 1.25% 20 000 SIEMENS AG /NAM. 1 894 001 3.93% 30 000 FORTUM CORPORATION 599 100 1.25% 21 000 SOFTWARE AG 867 615 1.80% 6 000 VOLKSWAGEN AG 760 200 1.58% Switzerland 461 019 0.96% 4 000 ROCHE HOLDING AG /GENUSSSCHEIN 461 019 0.96% France 12 237 893 25.43% 6 720 AIR LIQUIDE 664 205 1.38% Bermuda Islands 123 692 0.26% 137 950 EASTPHARMA /SGDR REGS 123 692 0.26% 15 000 ALSTOM * 637 800 1.33% 40 000 AXA 626 800 1.30% 25 000 BNP PARIBAS 1 330 750 2.77% 7 000 CASINO GUICHARD-PERRACH 455 000 0.95% 14 000 ILIAD * 1 295 420 2.69% 6 242 IPSOS SA PARIS * 201 585 0.42% 6 400 LVMH MOET HENNESSY EUR 0.3 794 240 1.65% 3 500 PPR SA 429 800 0.89% 30 000 SANOFI 1 663 200 3.45% 4 874 SCHNEIDER ELECTRIC SA 561 485 1.17% 20 715 SOC. GEN.PARIS -A- * 847 658 1.76% 5 000 TECHNIP 369 650 0.77% 40 000 TOTAL SA 1 595 200 3.31% 5 000 VALLOUREC 419 950 0.87% 18 000 VIVENDI 345 150 0.72%

Spain 4 466 975 9.28% 112 153 BANCO SANTANDER SA / REG. 893 074 1.86% 20 000 RED ELECTRICA CORPORACION SA * 832 5001.73% 30 000 REPSOL YPF SA. MADRID 718 200 1.49% 120 000 TELEFONICA SA 2 023 201 4.20%

Netherlands 2 937 319 6.12% 26 100 ASML HOLDING NV 662 940 1.38% 120 000 ING GROEP NV/CERT.OF SHS 1 018 680 2.12% 50 724 KONINKLIJKE KPN NV /EUR 0.24 508 762 1.06% 33 043 UNILEVER CERT.OF SHS 746 937 1.56%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

EUSF - 3 Julius Baer Multistock - EUROPE SELECTION FUND (formerly Julius Baer Multistock - EUROPE GROWTH STOCK FUND)

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 89 110 746 Income from investment 927 399 (Cost: 87 726 690) Bank interest 10 108 Derivative instruments at market value: Income from securities lending 59 831 - Futures 19 800 Total Income 997 338 Cash at banks 4 821 470 Receivable from brokers 3 042 732 Subscriptions receivable 113 873 Expenses Dividends and interest 130 056 Management fees 570 224 Other receivables 35 998 Custodian fees and charges 33 449 "Taxe d'abonnement" and other taxes 21 532 Total Assets 97 274 675 Bank interest 1 920 Other expenses* 382 321 Liabilities Equalisation 17 067 Bank overdraft 19 800 Total Expenses 1 026 513 Payable to brokers 3 942 387 Payables for redemptions 82 359 Management fees payable 84 910 Net profit/loss -29 175 "Taxe d'abonnement" payable 10 286 Realised profit/loss on: Other liabilities 174 917 - Securities 1 394 496 Total Liabilities 4 314 659 - Forward foreign exchange contracts 99 092 - Futures -62 104 Net Assets 92 960 016 - Foreign currencies -104 090 Net realised profit/loss 1 298 219 Net change in unrealised appreciation/ depreciation on: - Securities 3 231 359 - Futures 138 599 Total profit/loss 4 668 177

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 45 973 925 60 353 527 Foreign exchange difference – sub-fund - -190 Total profit/loss 9 648 203 4 668 177 Net subscriptions/redemptions 4 756 685 27 957 072 Dividend distributions -25 286 -18 570 Net assets at the end of the financial year 60 353 527 92 960 016

* See Page 12 The TER (Total Expense Ratio) amounts to 2.03% for EUR A shares, 2.08% for GBP A shares, 2.02% for EUR B shares, 2.08% for GBP B shares, 1.25% for EUR C shares, 2.70% for EUR E shares and 1.37%1 for EUR Ca shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

EGSF - 1 Julius Baer Multistock - EUROPE SELECTION FUND (formerly Julius Baer Multistock - EUROPE GROWTH STOCK FUND)

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 46 113.12 47 556.68 113 109.93 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares Ca-EUR) 10.00 10.00 18.81 Accumulation shares (Shares B-EUR) 549 203.06 573 811.26 993 029.47 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares C-EUR) 191 166.31 221 318.13 146 090.59 Accumulation shares (Shares E-EUR) 2 159.64 8 185.57 3 673.88

Net Assets 45 973 925 60 353 527 92 960 016

NAV per share Distribution shares (Shares A-EUR) 46.23 55.55 58.64 Distribution shares (Shares A-GBP) - 83.06 - Distribution shares (Shares Ca-EUR) 79.99 97.27 103.36 Accumulation shares (Shares B-EUR) 57.88 70.24 74.66 Accumulation shares (Shares B-GBP) - 83.06 - Accumulation shares (Shares C-EUR) 62.51 76.44 81.86 Accumulation shares (Shares E-EUR) 49.10 59.15 62.40

Dividend for the previous financial year (Shares A-EUR) 0.60 0.55 0.40 Dividend for the previous financial year (Shares A-GBP) - - 0.40 Dividend for the previous financial year (Shares Ca-EUR) - 0.50 0.70

EGSF - 2 Julius Baer Multistock - EUROPE SELECTION FUND (formerly Julius Baer Multistock - EUROPE GROWTH STOCK FUND)

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 89 110746 95.86% UNLISTED SECURITIES 0 0.00%

TRANSFERABLE SECURITIES ADMITTED TO AN 89 110 746 95.86% Equities 0 0.00% OFFICIAL STOCK EXCHANGE Germany 0 0.00% Equities 89 110746 95.86% 200 000 WIMAN HOLDING INC 0 0.00%

31 350 964 33.72% United Kingdom United Kingdom 0 0.00% 400 000 3I GROUP PLC 1 245 072 1.34% 241 848 BETEX GROUP PLC 0 0.00% 77 000 ASTRAZENECA PLC 2 649 996 2.85% 1 274 892 BARRATT DEVEL.PLC 1 612 178 1.73% 200 000 BP PLC 1 015 746 1.09% 580 000 CENTRICA PLC 2 076 382 2.23% 135 000 IMP TOBACCO 3 095 903 3.33% 194 000 KAZAKHMYS LIMITED 2 964 520 3.19% 870 000 MITIE GROUP PLC 2 291 855 2.47% 100 000 NEXT PLC 2 574 521 2.77% 75 000 RIO TINTO PLC /REG. 3 729 319 4.02% 103 000 ROYAL DUTCH SHELL PLC-A- 2 521 440 2.71% 100 000 WEIR GROUP PLC 2 355 272 2.53% 700 000 WM MORRISON SUPERMARKETS PLC 2 307 546 2.48% 60 000 XSTRATA PLC 911 214 0.98%

Germany 17 984 730 19.35% 49 000 BASF NAMEN-AKT. 3 310 930 3.56% 35 000 CONTINENTAL AG 2 535 750 2.73% 57 000 DEUTSCHE BANK AG /NAM. 2 322 750 2.50% 250 000 DEUTSCHE TELEKOM /NAM. 2 703 750 2.91% 325 000 FREENET AG NAMENS-AKTIEN 3 105 050 3.34% 50 000 MTU AERO ENGINES HLDS /NAMEN. 2 754 000 2.96% 30 000 SAP AG 1 252 500 1.35%

France 15 814 260 17.00% 54 000 BNP PARIBAS 2 874 420 3.09% 64 000 RENAULT SA 2 616 640 2.81% 56 000 SAFRAN SA 1 649 200 1.77% 50 000 SANOFI 2 772 000 2.98% 27 000 SCHNEIDER ELECTRIC SA 3 110 400 3.35% 70 000 TOTAL SA 2 791 600 3.00%

Switzerland 10 188 576 10.97% 43 000 AG /NAM. 1 586 821 1.71% 68 000 NESTLE / ACT NOM *OPR* 2 910 448 3.13% 83 000 AG /NAM. *OPR* 3 501 467 3.77% 19 000 ROCHE HOLDING AG /GENUSSSCHEIN 2 189 840 2.36%

Netherlands 6 359 380 6.85% 110 000 ASML HOLDING NV 2 794 000 3.01% 420 000 ING GROEP NV/CERT.OF SHS 3 565 380 3.84%

Italy 3 292 336 3.54% 135 828 DANIELI+C. /RISP.N-CV 1 416 686 1.52% 115 000 ENI SPA ROMA 1 875 650 2.02%

Sweden 2 904 801 3.12% 250 000 SWEDBANK AB -A- 2 904 801 3.12%

Bermuda Islands 1 215 699 1.31% 49 800 SEADRILL LTD 1 215 699 1.31%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

EGSF - 3 Julius Baer Multistock - EUROPE LEADING STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 20 June 2011 EUR (Merger of the sub-fund in Julius Baer Multistock – EUROPE SELECTION FUND)) No holding as at 30 June 2011

Income Income from investment 1 375 375 Bank interest 10 085 Income from securities lending 63 947 Total Income 1 449 407

Expenses Management fees 593 300 Custodian fees and charges 16 299 "Taxe d'abonnement" and other taxes 23 265 Bank interest 345 Other expenses* 359 229 Equalisation 37 323 Total Expenses 1 029 761

Net profit/loss 419 646 Realised profit/loss on: - Securities 19 962 - Forward foreign exchange contracts -65 735 - Futures 244 839 - Foreign currencies 86 671 Net realised profit/loss 705 383 Net change in unrealised appreciation/ depreciation on: - Securities 1 045 557 - Forward foreign exchange contracts 63 - Futures 143 486 Total profit/loss 1 894 489

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year / beginning of the period 118 161 732 54 329 822 Foreign exchange difference – sub-fund 715 413 -40 414 Total profit/loss 19 210 765 1 894 489 Net subscriptions/redemptions -83 671 464 -56 128 572 Dividend distributions -86 624 -55 325 Net assets at the end of the financial year / end of the period 54 329 822 -

* See Page 12 The accompanying notes form an integral part of the financial statements.

ELSF - 1 Julius Baer Multistock - EUROPE LEADING STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 69 466.20 63 846.34 - Distribution shares (Shares A-USD) 10.00 10.00 - Distribution shares (Shares Ca-EUR) 10.00 10.00 - Accumulation shares (Shares B-EUR) 1 350 091.70 567 467.12 - Accumulation shares (Shares B-USD) 10.00 5 510.00 - Accumulation shares (Shares C-EUR) 157 167.13 32 396.67 - Accumulation shares (Shares C-USD) 118 368.69 10.00 - Accumulation shares (Shares E-EUR) 3 275.57 2 382.41 - Accumulation shares (Shares E-USD) 10.00 - -

Net Assets 118 161 732 54 329 822 -

NAV per share Distribution shares (Shares A-EUR) 57.14 64.44 - Distribution shares (Shares A-USD) 54.75 54.00 - Distribution shares (Shares Ca-EUR) 76.08 86.56 - Accumulation shares (Shares B-EUR) 71.85 82.68 - Accumulation shares (Shares B-USD) 57.47 57.70 - Accumulation shares (Shares C-EUR) 76.84 88.97 - Accumulation shares (Shares C-USD) 58.41 59.05 - Accumulation shares (Shares E-EUR) 57.09 65.11 - Accumulation shares (Shares E-USD) 56.58 - -

Dividend for the previous financial year (Shares A-EUR) 1.80 1.25 0.90 Dividend for the previous financial year (Shares A-USD) 1.90 1.25 0.90 Dividend for the previous financial year (Shares Ca-EUR) - 1.70 1.20

ELSF - 2 Julius Baer Multistock - EUROPE SMALL & MID CAP STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 76 700 058 Income from investment 1 347 682 (Cost: 83 129 148) Bank interest 6 841 Cash at banks 1 017 570 Income from securities lending 83 953 Subscriptions receivable 3 690 Other income 46 797 Dividends and interest 45 972 Equalisation 111 410 Other receivables 43 981 Total Income 1 596 683 Total Assets 77 811 271

Expenses Liabilities Management fees 1 303 615 Bank overdraft 954 Custodian fees and charges 30 141 Payable to brokers 124 118 "Taxe d'abonnement" and other taxes 40 851 Payables for redemptions 185 438 Other expenses* 508 025 Management fees payable 101 092 Total Expenses 1 882 632 "Taxe d'abonnement" payable 9 309 Other liabilities 45 180 Net profit/loss -285 949 Total Liabilities 466 091 Realised profit/loss on: Net Assets 77 345 180 - Securities 5 144 539 - Foreign currencies -162 402 Net realised profit/loss 4 696 188 Net change in unrealised appreciation/ depreciation on: - Securities 14 563 756 Total profit/loss 19 259 944

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 70 423 568 72 036 222 Total profit/loss 16 401 829 19 259 944 Net subscriptions/redemptions -14 779 432 -13 946 396 Dividend distributions -9 743 -4 590 Net assets at the end of the financial year 72 036 222 77 345 180

* See Page 12 The TER (Total Expense Ratio) amounts to 2.29% for A shares, 2.30% for B shares, 1.29% for C shares and 3.05% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

ESSF - 1 Julius Baer Multistock - EUROPE SMALL & MID CAP STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 17 280.79 14 108.99 11 155.01 Accumulation shares (Shares B-EUR) 744 531.51 619 981.11 530 879.20 Accumulation shares (Shares C-EUR) 19 732.44 19 729.10 14 648.07 Accumulation shares (Shares E-EUR) 8 030.85 5 957.45 5 216.84

Net Assets 70 423 568 72 036 222 77 345 180

NAV per share Distribution shares (Shares A-EUR) 75.64 91.97 115.59 Accumulation shares (Shares B-EUR) 89.73 109.71 138.32 Accumulation shares (Shares C-EUR) 97.45 120.35 153.26 Accumulation shares (Shares E-EUR) 47.84 58.06 72.65

Dividend for the previous financial year (Shares A-EUR) 0.75 0.50 0.35

ESSF - 2 Julius Baer Multistock - EUROPE SMALL & MID CAP STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 76 700058 99.17% Italy 3 512 299 4.55% 500 000 AMPLIFON SPA/AFTER SPLIT 2 146 999 2.78% TRANSFERABLE SECURITIES ADMITTED TO AN 76 700 058 99.17% 180 000 RECORDATI IND CHIMICA/POST RAG 1 365 300 1.77% OFFICIAL STOCK EXCHANGE

Austria 2 820 400 3.65% Equities 76 700058 99.17% 20 000 ANDRITZ AG GRAZ 1 420 000 1.84% 120 000 CONWERT IMMOBILIEN INV.SE 1 400 400 1.81% United Kingdom 22 511 615 29.11%

250 000 BOVIS HOMES GROUP PLC 1 223 590 1.58% Norway 2 608 380 3.38% 175 000 CHEMRING GROUP PLC 1 240 200 1.60% 90 000 AKER SOLUTIONS ASA 1 249 505 1.62% 230 000 COOKSON GRP 1 712 749 2.21% 230 000 STOREBRAND AS /BUNDNA 1 358 875 1.76% 95 000 CRODA INTL PLC 1 985 039 2.58%

200 000 GREENE KING PLC 1 079 417 1.40% Finland 1 804 800 2.33% 175 000 HOMESERVE PLC 974 719 1.26% 120 000 CRAMO PLC 1 804 800 2.33% 160 000 HUNTING PLC 1 355 361 1.75%

400 000 INCHCAPE 1 850 998 2.40% Belgium 898 200 1.16% 1 800 000 MONEYSUPERMARKET.COM 2 027 062 2.63% 400 000 RESTAURANT GROUP PLC 1 302 210 1.68% 90 000 NYRSTAR NV 898 200 1.16% 75 000 SCHRODERS PLC 1 284 769 1.66% 786 500 1.01% 800 000 SIG PLC 1 209 195 1.56% Ireland 155 000 SPECTRIS PLC 2 732 424 3.53% 110 000 FBD HOLDINGS PLC 786 500 1.01% 70 000 WEIR GROUP PLC 1 648 690 2.13% 350 000 WILLIAM HILL PLC 885 192 1.14% Luxembourg 619 217 0.80% 5 500 000 METRO INTL A /SWEDISH DEP.REC. 619 217 0.80% Germany 11 648 200 15.06% 60 000 AAREAL BANK AG 1 418 100 1.83% Portugal 560 175 0.72% 30 000 AIXTRON /NAMEN AKT. * 705 900 0.91% 175 000 ZON MULTIMEDIA 560 175 0.72% 18 000 CONTINENTAL AG 1 304 100 1.69% 8 000 DRAEGERWERK AG & CO. KGAA/VZ.A 616 000 0.80% UNLISTED SECURITIES 0 0.00% 25 000 GERRESHEIMER AG 822 875 1.06% Equities 0 0.00% 80 000 KHD HUMBOLDT WEDAG INTL AG 488 000 0.63% 40 000 LEONI AG /NAMEN-AKT. 1 634 000 2.11% Austria 0 0.00% 15 000 PFEIFFER VACUUM TECHNOLOGY 1 297 050 1.68% 307 800 YLINE INTERNET BUS.SV. 0 0.00% 45 000 SOFTWARE AG *** 1 859 175 2.41% 150 000 SUESS MICROTEC AG. GARCHING 1 503 000 1.94%

Switzerland 8 462 950 10.95% 35 000 ARYZTA AG /NAM. 1 291 598 1.67% 9 000 BUCHER INDUSTRIES AG/NAM *OPR* 1 366 838 1.77% 20 000 DAETWYLER HOLDING AG 1 197 601 1.55% 4 000 KUONI REISEN HOLDING /NAM.-B- 1 064 898 1.38% 33 000 SWISSQUOTE GROUP HLD /NOM. 1 216 441 1.57% 60 000 TEMENOS GROUP AG /NAMEN. 1 272 963 1.65% 100 000 TORNOS HLDG 1 052 611 1.36%

Netherlands 7 677 229 9.92% 65 000 ARCADIS NV * 1 096 550 1.42% 24 000 FUGRO NV 1 193 280 1.54% 50 000 IMTECH NV 1 219 500 1.58% 105 000 UNIT4 N.V. 2 617 649 3.38% 130 000 USG PEOPLE NV 1 550 250 2.00%

Sweden 7 320 319 9.46% 115 000 AF AB B 1 552 415 2.01% 170 000 INTRUM JUSTITIA AB 1 728 125 2.23% 200 000 MEDA AB -A- 1 504 048 1.94% 25 000 MODERN TIMES GROUP AB B 1 141 426 1.48% 120 000 SWEDBANK AB -A- 1 394 305 1.80%

France 5 469 774 7.07% 80 000 ALTEN * 2 194 799 2.84% 125 000 TECHNICOLOR /PROV.REGRPMT 526 375 0.68% 60 000 TELEPERFORMANCE 1 215 900 1.57% 13 000 VIRBAC 1 532 700 1.98%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

ESSF - 3 Julius Baer Multistock - EUROPE STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 104 331 076 Income from investment 2 741 518 (Cost: 99 844 552) Bank interest 7 729 Cash at banks 5 646 639 Income from securities lending 210 731 Receivable from brokers 847 045 Interest income on swaps 767 Subscriptions receivable 213 827 Equalisation 24 278 Receivables on swaps 159 785 Total Income 2 985 023 Dividends and interest 137 041 Other receivables 24 365 Expenses Total Assets 111 359 778 Management fees 1 366 453 Custodian fees and charges 26 589 Liabilities "Taxe d'abonnement" and other taxes 54 877 Bank overdraft 559 514 Bank interest 317 Payable to brokers 3 065 317 Interest expense on swaps 19 026 Payables for redemptions 1 303 553 Other expenses* 818 463 Payables for swaps 4 518 Total Expenses 2 285 725 Management fees payable 102 498 "Taxe d'abonnement" payable 12 693 Other liabilities 59 228 Net profit/loss 699 298 Total Liabilities 5 107 321 Realised profit/loss on: - Securities 2 555 952 Net Assets 106 252 457 - Swaps 592 475 - Forward foreign exchange contracts 1 262 - Foreign currencies -105 826 Net realised profit/loss 3 743 161 Net change in unrealised appreciation/ depreciation on: - Securities 12 677 305 Total profit/loss 16 420 466

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 116 294 138 120 083 362 Foreign exchange difference – sub-fund - -189 Total profit/loss 18 045 023 16 420 466 Net subscriptions/redemptions -13 900 908 -29 999 995 Dividend distributions -354 891 -251 187 Net assets at the end of the financial year 120 083 362 106 252 457

* See Page 12 The TER (Total Expense Ratio) amounts to 1.98% for EUR A shares, 2.06% for GBP A shares, 1.97% for EUR B shares, 2.06% for GBP B shares, 1.21% for EUR C shares and 2.68% for EUR E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

ESF - 1 Julius Baer Multistock - EUROPE STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 114 202.84 112 577.23 111 068.46 Distribution shares (Shares A-GBP) - 10.00 - Accumulation shares (Shares B-EUR) 424 470.87 361 651.59 281 240.27 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares C-EUR) 30 978.31 37 954.52 14 479.94 Accumulation shares (Shares E-EUR) 3 048.58 2 348.56 627.76

Net Assets 116 294 138 120 083 362 106 252 457

NAV per share Distribution shares (Shares A-EUR) 141.78 161.14 182.22 Distribution shares (Shares A-GBP) - 82.57 - Accumulation shares (Shares B-EUR) 218.49 253.02 289.58 Accumulation shares (Shares B-GBP) - 82.57 - Accumulation shares (Shares C-EUR) 232.48 271.24 312.77 Accumulation shares (Shares E-EUR) 51.99 59.75 67.87

Dividend for the previous financial year (Shares A-EUR) 4.35 3.10 2.20 Dividend for the previous financial year (Shares A-GBP) - - 1.00

ESF - 2 Julius Baer Multistock - EUROPE STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 104 331076 98.19% 4 000 AG 1 388 627 1.31% 90 000 UBS AG /NAMENSAKTIEN 1 130 184 1.06% TRANSFERABLE SECURITIES ADMITTED TO AN 104 317 257 98.18% 4 000 ZURICH /NAM 696 607 0.66% OFFICIAL STOCK EXCHANGE

France 12 765 613 12.01% Equities 104 284256 98.15% 107 628 ALCATEL-LUCENT 429 220 0.40% 20 000 BNP PARIBAS 1 064 600 1.00% United Kingdom 36 206 613 34.08% 10 000 ILIAD * 925 300 0.87% 380 000 3I GROUP PLC 1 182 817 1.10% 19 183 IPSOS SA PARIS * 619 515 0.58% 850 000 AFREN PLC 1 486 191 1.40% 10 000 LVMH MOET HENNESSY EUR 0.3 1 241 000 1.17% 80 000 ANTOFAGASTA PLC 1 234 884 1.16% 26 000 SANOFI 1 441 440 1.36% 180 000 ARM HOLDINGS PLC 1 171 989 1.10% 14 000 SCHNEIDER ELECTRIC SA 1 612 800 1.52% 25 000 ASTRAZENECA PLC 860 388 0.81% 65 000 STE GEN.PARIS -A- 2 659 800 2.50% 30 000 AUTONOMY CORPORATION PLC 567 059 0.53% 24 000 TECHNIP 1 774 320 1.67% 350 000 BARCLAYS PLC 993 904 0.94% 25 000 TOTAL SA 997 000 0.94% 25 000 BHP BILLITON PLC 678 788 0.64% 14 VINCI 618 0.00% 280 000 BP PLC 1 422 044 1.34%

50 000 BRITISH AMERICAN TOBACCO (25P) 1 512 047 1.42% Spain 5 277 845 4.97% 142 208 CHEMRING GROUP PLC 1 007 807 0.95% 140 000 BANCO SANTANDER SA / REG. 1 114 820 1.05% 646 901 FERREXPO PLC 3 363 872 3.17% 25 000 RED ELECTRICA CORPORACION SA * 1 040 625 0.98% 140 000 GLAXOSMITHKLINE PLC 2 068 033 1.95% 60 000 REPSOL YPF SA. MADRID * 1 436 400 1.35% 130 000 HSBC HOLDINGS PLC 890 198 0.84% 100 000 TELEFONICA SA 1 686 000 1.59% 30 000 IMP TOBACCO 687 979 0.65%

160 000 INCHCAPE 740 3990.70% Belgium 2 804 731 2.64% 100 000 INTERNATIONAL POWER PLC 356 225 0.34% 42 114 MOBISTAR 2 205 931 2.08% 35 000 INTERTEK GROUP PLC 764 661 0.72% 60 000 NYRSTAR NV 598 800 0.56% 250 000 KINGFISHER PLC 739 690 0.70%

110 000 PETROFAC LTD 1 844 132 1.74% Netherlands 2 299 040 2.16% 244 843 PRUDENTIAL PLC 1 952 063 1.84% 200 000 AEGON NV 940 800 0.88% 37 REED ELSEVIER PLC 232 0.00% 160 000 ING GROEP NV/CERT.OF SHS 1 358 240 1.28% 40 000 RIO TINTO PLC /REG. 1 988 970 1.87%

130 000 ROLLS ROYCE HLD 928 489 0.87% Luxembourg 1 440 219 1.36% 115 000 ROYAL DUTCH SHELL PLC-A- 2 815 200 2.65% 16 UNILEVER PLC 355 0.00% 2 750 APERAM SA 61 408 0.06% 1 100 000 VODAFONE GROUP PLC 2 013 442 1.89% 55 000 ARCELORMITTAL SA REG SHS 1 319 725 1.24% 680 000 WILLIAM HILL PLC 1 719 802 1.62% 4 725 REINET INVESTMENTS SCA 59 086 0.06% 80 000 XSTRATA PLC 1 214 953 1.14% 1 338 938 1.26% Bermuda Islands Germany 27 852 526 26.21% 132 000 EASTPHARMA /SGDR REG-S. 118 357 0.11% 46 000 AIXTRON /NAMEN AKT. * 1 082 380 1.02% 50 000 SEADRILL LTD 1 220 581 1.15% 12 000 BASF NAMEN-AKT. 810 840 0.76% 743 279 0.70% 23 000 BMW-BAYER.MOTORENWERKE 1 582 630 1.49% Sweden 530 900 COMMERZBANK AG 1 576 242 1.48% 100 000 NORDEA BANK AB 743 279 0.70% 18 000 CONTINENTAL AG 1 304 100 1.23% 56 000 DEUTSCHE BANK AG /NAM. 2 282 000 2.15% Greece 64 300 0.06% 145 661 FREENET AG NAMENS-AKTIEN 1 391 645 1.31% 10 000 HELLENIC TELECOM 64 300 0.06% 340 000 INFINEON TECHNOLOGIES /NAM. 2 635 680 2.48% 30 000 K & S AG 1 590 000 1.50% Investment funds 33 001 0.03% 37 000 KABEL DEUTSCHLAND HOLDING AG 1 568 800 1.48% 33 001 0.03% 33 000 MTU AERO ENGINES HLDS /NAMEN. 1 817 640 1.71% France 30 000 PORSCHE A HLDG/PREF 1 641 000 1.54% 319 SPDR MSCI EU SM CAP/ CAP/DIS 33 001 0.03% 10 000 RHEINMETALL AG DUESSELDORF 610 500 0.57% 12 000 SIEMENS AG /NAM. 1 136 400 1.07% UNLISTED SECURITIES 13 819 0.01% 200 000 SKY DEUTSCHLAND AG 745 000 0.70% Equities 13 819 0.01% 30 000 SOFTWARE AG 1 239 450 1.17% 170 000 SOLARWORLD AG BONN * 1 582 700 1.49% United Kingdom 13 819 0.01% 11 400 THYSSENKRUPP AG DUESSELDORF 408 519 0.38% 408 152 BETEX GROUP PLC 0 0.00% 20 000 VOLKSWAGEN AG /VORZUG. 2 847 000 2.68% 12 480 000 ROLLS ROYCE GP -C- 07-2011 13 819 0.01%

Switzerland 13 491 152 12.70% 30 000 GROUP /NOM. 803 588 0.76% 47 000 NESTLE / ACT NOM *OPR* 2 011 633 1.89% 67 000 NOVARTIS AG BASEL/NAM. *OPR* 2 826 485 2.66% 13 000 ROCHE HOLDING AG /GENUSSSCHEIN 1 498 312 1.41% 10 000 SCHINDLER HOLDING/PARTIC.*OPR* 837 174 0.79% 8 000 HOLDING /NAM. 903 689 0.85% 6 000 SYNGENTA AG /NAM. 1 394 853 1.31%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s). Any inconsistencies in the net asset percentages are the result of rounding differences. ESF - 3 Julius Baer Multistock - GERMAN VALUE STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 143 984 760 Income from investment 3 812 042 (Cost: 123 271 657) Bank interest 10 227 Cash at banks 605 922 Income from securities lending 203 178 Subscriptions receivable 359 613 Total Income 4 025 447 Dividends and interest 11 Total Assets 144 950 306 Expenses Management fees 1 607 274 Liabilities Custodian fees and charges 11 153 Payables for redemptions 431 079 "Taxe d'abonnement" and other taxes 63 176 Management fees payable 143 678 Bank interest 392 "Taxe d'abonnement" payable 16 644 Other expenses* 947 834 Other liabilities 90 945 Equalisation 130 531 Total Liabilities 682 346 Total Expenses 2 760 360 Net Assets 144 267 960

Net profit/loss 1 265 087 Realised profit/loss on: - Securities 3 111 270 - Options -56 157 - Futures -231 552 - Foreign currencies -551 Net realised profit/loss 4 088 097 Net change in unrealised appreciation/ depreciation on: - Securities 26 294 432 - Options -12 - Futures 384 970 Total profit/loss 30 767 487

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 100 493 923 122 167 312 Foreign exchange difference – sub-fund 10 884 -12 177 Total profit/loss 24 616 544 30 767 487 Net subscriptions/redemptions -2 863 493 -8 588 112 Dividend distributions -90 546 -66 550 Net assets at the end of the financial year 122 167 312 144 267 960

* See Page 12 The TER (Total Expense Ratio) amounts to 1.97% for EUR A shares, 1.96% for USD A shares, 2.16%1 for GBP A shares, 1.97% for EUR B shares, 1.92% for USD B shares, 2.04%1 for GBP B shares, 1.16% for EUR C shares, 1.02%1 for USD C shares, 2.75% for EUR E shares and 2.60%1 for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

GVSF - 1 Julius Baer Multistock - GERMAN VALUE STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 46 528.72 36 604.33 38 544.26 Distribution shares (Shares A-USD) 10.00 25.00 - Accumulation shares (Shares AH-GBP) - 10.00 - Accumulation shares (Shares B-EUR) 515 440.44 547 156.31 453 992.25 Accumulation shares (Shares B-USD) 1 420.00 1 146.30 - Accumulation shares (Shares BH-GBP) - 10.00 - Accumulation shares (Shares C-EUR) 97 407.53 52 188.25 45 180.42 Accumulation shares (Shares C-USD) 10.00 10.00 - Accumulation shares (Shares E-EUR) 37 876.84 43 655.81 135 957.70 Accumulation shares (Shares E-USD) 10.00 10.00 -

Net Assets 100 493 923 122 167 312 144 267 960

NAV per share Distribution shares (Shares A-EUR) 110.86 136.83 172.17 Distribution shares (Shares A-USD) 68.69 74.06 - Accumulation shares (Shares AH-GBP) - 88.16 - Accumulation shares (Shares B-EUR) 148.48 186.23 236.73 Accumulation shares (Shares B-USD) 72.58 79.48 - Accumulation shares (Shares BH-GBP) - 88.16 - Accumulation shares (Shares C-EUR) 158.51 200.42 256.81 Accumulation shares (Shares C-USD) 73.56 81.24 - Accumulation shares (Shares E-EUR) 86.88 108.16 136.47 Accumulation shares (Shares E-USD) 71.22 77.42 -

Dividend for the previous financial year (Shares A-EUR) 3.20 2.15 1.60 Dividend for the previous financial year (Shares AH-GBP) - - 1.90 Dividend for the previous financial year (Shares A-USD) 2.00 1.40 1.00

GVSF - 2 Julius Baer Multistock - GERMAN VALUE STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

TOTAL 143 984760 99.80%

TRANSFERABLE SECURITIES ADMITTED TO AN 143 984 760 99.80% OFFICIAL STOCK EXCHANGE

Equities 143 984760 99.80%

Germany 143 984 760 99.80% 70 924 ALLIANZ AG/NAM.VINKULIERT 6 832 109 4.74% 57 000 AXEL SPRINGER AG / NAM.VINK 1 941 420 1.35% 187 058 BASF NAMEN-AKT. 12 639 509 8.75% 20 000 BAUER AG 586 200 0.41% 96 732 BAYER 5 362 822 3.72% 27 000 BECHTLE AG. GAILDORF 832 950 0.58% 10 382 BMW-BAYER.MOTORENWERKE 714 385 0.50% 16 700 CELESIO AG /NAMENAKTIE 229 625 0.16% 28 300 CENTROTEC SUSTAINABLE AG 598 545 0.41% 190 900 COMMERZBANK AG 566 782 0.40% 90 617 COMPUGROUP MEDICAL AG * 960 540 0.67% 56 070 CONTINENTAL AG 4 062 272 2.82% 94 475 DAIMLER AG / NAMEN-AKT. 4 903 253 3.40% 295 500 DEUTSCHE BANK AG /NAM. 12 041 625 8.34% 36 924 DEUTSCHE BOERSE AG /NAM. *OPE* 1 934 818 1.34% 405 519 DEUTSCHE POST AG. BONN 5 373 127 3.72% 775 631 DEUTSCHE TELEKOM /NAM. 8 388 449 5.81% 100 000 DEUTZ AG 681 000 0.47% 34 710 DIC ASSET AG 302 671 0.21% 353 000 DRILLISCH AG 2 831 413 1.96% 98 732 E.ON - NAMEN AKT. 1 933 666 1.34% 390 892 FREENET AG NAMENS-AKTIEN 3 734 582 2.59% 23 700 FRESENIUS MEDICAL CARE AG 1 221 735 0.85% 32 600 HENKEL / VORZUG * 1 560 562 1.08% 22 100 HENKEL AG & CO. KGAA 873 503 0.61% 534 400 INFINEON TECHNOLOGIES /NAM. 4 142 669 2.87% 32 500 K & S AG 1 722 500 1.19% 15 900 KLOECKNER & CO AG/NAMENSAKTIEN 330 005 0.23% 12 981 LINDE AG 1 569 403 1.09% 370 000 M.A.X. AUTOMATION AG 1 868 500 1.30% 50 000 METRO AG 2 089 500 1.45% 80 000 MORPHOSYS 1 631 200 1.13% 40 000 MTU AERO ENGINES HLDS /NAMEN. 2 203 200 1.53% 27 129 MUENCHENER RUECKVERS/NAMENSAKT 2 860 753 1.98% 10 000 PFEIFFER VACUUM TECHNOLOGY 864 700 0.60% 19 188 PROSIEBEN SAT1 MED./VORZ. * 375 125 0.26% 400 000 Q CELLS AG * 527 600 0.37% 35 267 RHEINMETALL AG DUESSELDORF 2 153 050 1.49% 93 800 SAP AG 3 916 150 2.71% 50 000 SCHULER AG 566 7500.39% 124 000 SIEMENS AG /NAM. 11 742 800 8.13% 36 584 SIXT/VORZ.-O.STIMMR./EM97 1 124 592 0.78% 75 032 STADA ARZNEIMITTEL AG 2 025 864 1.40% 900 STO AG /VORZUEGE 106 875 0.07% 250 000 SUESS MICROTEC AG. GARCHING 2 505 000 1.74% 185 000 THYSSENKRUPP AG DUESSELDORF 6 629 475 4.60% 249 086 TUI AG * 1 863 163 1.29% 12 100 VOLKSWAGEN AG 1 533 070 1.06% 57 324 VOLKSWAGEN AG /VORZUG. 8 160 071 5.66% 86 536 WILEX AG 365 182 0.25%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GVSF - 3 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 68 663 081 Income from investment 1 412 948 (Cost: 67 528 436) Bank interest 8 394 Cash at banks 1 210 170 Income from securities lending 5 031 Receivable from brokers 1 598 983 Equalisation 25 618 Subscriptions receivable 135 546 Total Income 1 451 991 Dividends and interest 191 467 Total Assets 71 799 247 Expenses Management fees 1 035 732 Liabilities Custodian fees and charges 126 779 Bank overdraft 593 732 "Taxe d'abonnement" and other taxes 27 917 Payable to brokers 1 460 307 Bank interest 8 111 Payables for redemptions 128 249 Other expenses* 518 240 Management fees payable 79 086 Total Expenses 1 716 779 "Taxe d'abonnement" payable 6 454 Capital gains tax on unrealised gains/losses on securities 8 412 Other liabilities 53 764 Net profit/loss -264 788 Total Liabilities 2 330 004 Realised profit/loss on: - Securities 10 371 054 Net Assets 69 469 243 - Forward foreign exchange contracts 1 479 - Foreign currencies -855 639 Capital gains tax on realised gains/losses on securities -56 031 Net realised profit/loss 9 196 075 Net change in unrealised appreciation/ depreciation on: - Securities -4 700 945 Capital gains tax on unrealised gains/losses on securities -1 769 Total profit/loss 4 493 361

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 50 805 319 71 105 639 Foreign exchange difference – sub-fund 302 214 -502 730 Total profit/loss 18 729 802 4 493 361 Net subscriptions/redemptions 1 291 990 -5 607 136 Dividend distributions -23 686 -19 891 Net assets at the end of the financial year 71 105 639 69 469 243

* See Page 12 The TER (Total Expense Ratio) amounts to 2.52% for EUR A shares, 2.43% for USD A shares, 2.53% for EUR B shares, 2.51% for USD B shares, 1.68% for EUR C shares, 1.78% for USD C shares, 3.37% for EUR E shares and 3.33% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

GESF - 1 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 35 962.36 37 520.00 26 429.66 Distribution shares (Shares A-USD) 10.00 1 712.25 130.00 Accumulation shares (Shares B-EUR) 643 825.52 550 394.96 487 644.20 Accumulation shares (Shares B-USD) 40 201.00 39 142.49 24 589.49 Accumulation shares (Shares C-EUR) 159 807.19 248 303.40 241 322.86 Accumulation shares (Shares C-USD) 10.00 10.00 10.00 Accumulation shares (Shares E-EUR) 2 058.85 1 383.33 8 639.36 Accumulation shares (Shares E-USD) 10.00 4 411.23 22 863.81

Net Assets 50 805 319 71 105 639 69 469 243

NAV per share Distribution shares (Shares A-EUR) 53.17 73.09 76.63 Distribution shares (Shares A-USD) 71.81 86.31 106.33 Accumulation shares (Shares B-EUR) 57.26 79.45 83.81 Accumulation shares (Shares B-USD) 72.61 87.92 109.75 Accumulation shares (Shares C-EUR) 61.10 85.50 90.96 Accumulation shares (Shares C-USD) 73.90 90.25 113.54 Accumulation shares (Shares E-EUR) 86.30 118.84 124.42 Accumulation shares (Shares E-USD) 71.47 85.90 106.43

Dividend for the previous financial year (Shares A-EUR) 0.55 0.60 0.50 Dividend for the previous financial year (Shares A-USD) 0.55 0.70 1.45

GESF - 2 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 68 663081 98.84% Taiwan 5 951 853 8.55% 540 000 AU OPTRONICS CORP 254 152 0.37% TRANSFERABLE SECURITIES ADMITTED TO AN 65 533 501 94.34% 360 938 CHUNGHWA TELECOM CO LTD 856 314 1.23% OFFICIAL STOCK EXCHANGE 450 000 COMPAL ELECTRONICS INC 380 363 0.55% 380 000 EVERGREEN MARINE CORP (TAIWAN) 210 785 0.30% Equities 63 932456 92.04% 110 000 FARGLORY LAND DEVELOPMENT CO 189 125 0.27% 450 000 HON HAI PRECISION IND.CO LTD 1 064 369 1.53% Republic of Korea 15 783 287 22.72% 199 599 LITE-ON TECHNOLOGY CORPOR. 181 173 0.26% 25 993 BS FINL SHS 253 659 0.37% 630 000 MACRONIX INTERNATIONAL CO LTD 266 254 0.38% 2 300 CJ CHEILJEDANG CORP 350 054 0.50% 330 000 PEGATRON CORPORATION 235 746 0.34% 22 000 DGB FINANCIAL GROUP 230 332 0.33% 99 000 POWERTECH TECHNOLOGY INC 229 169 0.33% 7 400 DONGKUK STEEL MILL CO LTD 196 079 0.28% 370 000 TAIWAN SEMICOND.MANUFACT 641 479 0.92% 5 645 E-MART CO LTD 891 988 1.29% 2 889 100 UNITED MICROELECTRONIC CORP 988 601 1.42% 49 992 HANA FINANCIAL GROUP INC 1 205 107 1.73% 1 200 000 WINBOND ELECTRONICS CORP 244 931 0.35% 13 000 HANJIN SHIPPING CO LTD 187 775 0.27% 400 000 YANG MING MARINE TRANSPORT 209 392 0.30% 8 280 HANWHA CORPORATION 260 868 0.38%

37 000 HYNIX SEMICONDUCTOR INC 598 999 0.86% China 5 320 872 7.66% 4 400 HYOSUNG CORPORATION 261 043 0.38% 1 500 000 CHINA CITIC BK -H- 644 852 0.93% 2 300 HYUNDAI HEAVY INDUSTRIES 659 232 0.95% 1 100 000 CHINA COMMUNICATIONS CONSTR-H- 652 298 0.94% 2 200 HYUNDAI MIPO DOCKYARD CO LTD 240 995 0.35% 2 031 598 CHINA PETROLEUM&CHEM CORP H 1 410 025 2.03% 17 000 HYUNDAI MOTOR /PFD ISSUED 99 904 202 1.31% 780 000 CHINA RAILWAY GROUP LTD-H- 252 357 0.36% 4 691 HYUNDAI MOTOR CO LTD 718 506 1.03% 890 000 CHINA SHIPPING CONTAINER -H- 207 479 0.30% 29 000 HYUNDAI SECURITIES CO LTD 223 029 0.32% 670 000 CHINA SOUTHERN AIRLINES H 248 244 0.36% 29 000 INDUSTRIAL BANK OF KOREA 349 537 0.50% 920 000 DATANG INT.POWER GENERATION-H- 215 288 0.31% 1 060 KCC CORP 228 807 0.33% 270 000 GUANGZHOU R&F PROP.-H- /NEW 253 686 0.37% 10 000 KOREA GAS CORP 239 121 0.34% 310 000 HARBIN POWER EQUIPMENT CO H 244 007 0.35% 6 400 KOREAN AIR 288 290 0.41% 620 000 HUANENG POWER INTL H 224 772 0.32% 20 000 KT CORPORATION /SADR 268 166 0.39% 310 000 JIANGXI COPPER CO LTD H 710 313 1.02% 36 500 LG DISPLAY CO LTD 697 054 1.01% 64 000 WEICHAI POWER CO LTD H 257 551 0.37% 63 000 LG UPLUS CORP 235 741 0.34%

180 LOTTE CONFECTIONERY CO LTD 197 876 0.28% Russia 4 379 205 6.30% 5 950 POSCO 1 784 233 2.58% 19 000 LUKOIL /SADR REP.1 SHS. 831 690 1.20% 1 735 SAMSUNG ELECTR./PFD N-VOT. 627 920 0.90% 41 500 MECHEL OJSC /ADR 683 819 0.98% 4 140 SAMSUNG ELECTRONICS CO LTD 2 210 023 3.18% 46 089 MMC NORILSK NICKEL /SADR 830 165 1.19% 1 994 SHINSEGAE CO LTD 437 503 0.63% 13 000 OAO TATNEFT /SGDR REP.6 REGS 383 698 0.55% 2 000 SK HOLDINGS CO LTD 239 121 0.34% 233 700 RUSHYDRO OJSC /SADR 776 529 1.12% 26 000 SK TELECOM /SPONS.ADR(1/9ACT) 335 345 0.48% 69 300 SEVERSTAL CHEREPOVETS MET/SGDR 873 304 1.26% 30 998 WOORI FINANCE HOLDINGS CO LTD 279 463 0.40%

2 100 YUHAN CORP 183 219 0.26% India 3 199 932 4.61%

120 000 BHARTI AIRTEL LTD/DEMAT 731 158 1.05% Brazil 12 251 739 17.67% 76 000 HOUSING DEVELOPMENT AND INFRA 187 267 0.27% 16 000 AMBEV CIA DE BEDIDAS /PREF 362 591 0.52% 263 082 ITC LTD /DEMAT 823 802 1.19% 74 887 BANCO DO BRASIL SA 925 743 1.33% 26 000 RELIANCE INFRASTRUCTURE *OPR* 214 640 0.31% 97 796 BANRISUL PNB -B-/PREF 772 859 1.11% 53 000 SESA GOA LTD /DEMATERIALISED 230 645 0.33% 111 800 BR MALLS PARTICIPAES SA 881 061 1.28% 66 000 TATA MOTORS LTD/DEMATERIALISED 1 012 420 1.46% 18 000 BRADESPAR SA BRASIL/PREF. 314 698 0.45%

27 000 BRASIL TELECOM SA/PREF. 178 806 0.26% Hong Kong 2 544 983 3.66% 60 000 BRASKEM SA -A-/PREF. 590 456 0.85% 55 000 BRF FOODS 643 479 0.93% 395 500 CATHAY PACIFIC AIRWAYS 631 726 0.91% 106 900 CHINA MOBILE LTD 682 241 0.98% 23 000 ELETROB.EL.BRASIL./PREF. B 267 873 0.39% 439 400 CHINA RESOURCES POWER HOLDINGS 591 234 0.85% 73 000 ELETROBRAS 673 267 0.97% 180 000 CHINA UNICO (HK) 250 176 0.36% 20 000 FIBRIA 181 455 0.26% 320 000 FOSUN INTERNATIONAL LTD 168 202 0.24% 74 000 GAFISA SA 242 743 0.35% 460 000 SINOTRUK (HONG KONG) LTD 221 404 0.32% 284 000 KLABIN RIOCELL SA /PREF 727 231 1.05%

32 000 METALURGICA GERDAU /PREF 282 557 0.41% South Africa 1 862 884 2.69% 51 000 PETROLEO BRASILEIRO /SADR 1 191 061 1.72% 17 990 SABESP.CIA SANEAM.BAS.ESTADO 369 167 0.53% 52 000 ABSA GROUP LTD 713 240 1.03% 38 000 SUZANO PAPEL E CELULOSE-A-/PFD 189 410 0.27% 47 300 AVENG LTD 172 288 0.25% 46 000 TELE NORTE LESTE PART. /PREF 486 395 0.70% 40 000 IMPALA PLATINUM HOLDINGS LTD 741 472 1.07% 10 000 TELEMAR A /PFD SHS 229 136 0.33% 63 000 TELKOM SA LTD 235 884 0.34%

311 183 TIM PARTICIPACOES SA/PREF*OPE* 1 037 263 1.50% 28 400 VALE /NAM. 620 529 0.89% 55 000 VALE -A-/PREF 1 083 959 1.57%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GESF - 3 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

Turkey 1 846 934 2.65% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 3 107 243 4.47% 110 000 SABANCI HOLDING 318 617 0.46% 153 000 TOFAS TURK OTOMOBIL FABRIKASI 480 855 0.69% Equities 3 107 243 4.47% 120 000 TURK HAVA YOLLARI AO 216 601 0.31% 118 725 TURKIYE HALK BANKASI A.S. 612 646 0.88% Russia 2 775 086 4.00% 140 000 TURKIYE VAKIFLAR BANKASI TAO 218 215 0.31% 90 000 AO TATNEFT 395 731 0.57% 31 000 000 FSK EES 290 147 0.42% Malaysia 1 839 447 2.64% 180 000 GAZPR SPONS.ADR REPR 2 SHS 1 809 248 2.61% 389 000 CIMB GROUP HOLDINGS BHD 793 494 1.14% 41 000 JSC SURGUTNEFTEGAZ /SADR 279 960 0.40% 299 500 GENTING BERHAD 767 595 1.10% 180 000 TENAGA NASIONAL 278 358 0.40% Taiwan 332 157 0.47% 1 400 000 POWERCHIP TECHNOLOGY CORP 120 352 0.17% Mexico 1 739 644 2.51% 590 000 VANGUARD INTL.SEMICONDUCT 211 805 0.30% 90 000 ALFA SAB DE CV A 923 701 1.34% 178 200 FOMENTO ECO.MEXICANO SAB/UNITS 815 943 1.17% UNLISTED SECURITIES 22 337 0.03%

Options, warrants, rights 22 337 0.03% Indonesia 1 593 300 2.29% 150 000 PT ASTRA INTERNATIONAL TBK 766 690 1.10% HKD 22 337 0.03% 1 581 156 PT BANK RAKYAT INDONESIA 826 610 1.19% 300 000 RIGHTS CHINA CITIC 25.7.11 22 337 0.03%

Poland 1 308 178 1.88% 11 840 ASSECO POLAND S.A. 147 425 0.21% 20 400 GRUPA LOTOS SA 231 406 0.33% 290 000 POLISH OIL & GAS CO 306 738 0.44% 25 000 POLSKI KONCERN NAFTOWY ORLEN 325 041 0.47% 180 000 TAURON POLSKA ENERGIA SA 297 568 0.43%

Cayman Islands 1 005 324 1.45% 250 000 GREENTOWN CHINA HOLDINGS LTD 165 313 0.24% 2 600 000 SEMICONDUC.MANUFACT.INTL CORP 145 192 0.21% 310 000 SHIMAO PROPERTY HLD LTD 263 791 0.38% 570 000 SHUI ON LAND LTD 172 289 0.25% 420 000 SOHO CHINA LTD 258 739 0.37%

Thailand 842 774 1.21% 237 700 KASIKORNBANK PUB.COMP./FOR.REG 667 002 0.96% 270 000 THAI AIRWAYS INT PUBLIC CO LTD 175 772 0.25%

United Kingdom 746 888 1.08% 3 800 000 LONRHO 746 8881.08%

Chile 679 701 0.98% 137 234 CENCOSUD SA 679 701 0.98%

Hungary 483 014 0.70% 21 500 OTP BANK LTD 483 014 0.70%

Bermuda Islands 370 648 0.53% 515 600 MAN WAH HOLDINGS 370 648 0.53%

Egypt 181 849 0.26% 105 400 TELECOM EGYPT 181 849 0.26%

Investment funds 1 601 045 2.30%

Hong Kong 1 287 045 1.85% 1 200 000 ISHARES CSI -A- FINANC INDEX 1 287 045 1.85%

Ireland 314 000 0.45% 10 000 ISHARES MSCI EMERGING MARKETS 314 000 0.45%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GESF - 4 Julius Baer Multistock - GLOBAL SELECTION FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 28 June 2011 (launch) EUR to 30 June 2011

Assets Investments at market value 8 083 790 Income (Cost: 7 966 131) Bank interest 26 Cash at banks 418 062 Total Income 26 Receivable from brokers 540 592 Dividends and interest 17 470 Other receivables 487 Expenses Management fees 543 Total Assets 9 060 401 Custodian fees and charges 1 432

"Taxe d'abonnement" and other taxes 1 021 Liabilities Other expenses* 292 Payable to brokers 450 502 Total Expenses 3 288 Management fees payable 12 522 Performance fees 37 815 "Taxe d'abonnement" payable 1 996 Net profit/loss -3 262 Other liabilities 317 658 Realised profit/loss on: - Securities 4 006 Total Liabilities 820 493 - Foreign currencies -51 Net Assets 8 239 908 Net realised profit/loss 693 Net change in unrealised appreciation/ depreciation on: - Securities 117 659 Total profit/loss 118 352

STATEMENT OF CHANGES IN NET ASSETS 30 June 2011 EUR Net assets at the beginning of the reporting period - Total profit/loss 118 352 Net subscriptions/redemptions 8 121 556 Net assets at the end of the reporting period 8 239 908

* See Page 12 ** Die geschuldeten Performance-Gebühren stammen aus dem Zeitraum vor der Einbringung der Vermögenswerte des Julius Baer Multicooperation - GLOBAL SELECTION FUND in den neu lancierten Subfonds. The TER (Total Expense Ratio) amounts to 4.87% for A shares, 4.88% for B shares, 3.14%1 for C shares and 5.39% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

GSL - 1 Julius Baer Multistock - GLOBAL SELECTION FUND

COMPARATIVE STATEMENT 30 June 2011 EUR Number of shares outstanding Distribution shares (Shares A-EUR) 1959.81 Accumulation shares (Shares B-EUR) 78 220.35 Accumulation shares (Shares C-EUR) 24.99 Accumulation shares (Shares E-EUR) 1 010.39

Net Assets 8 239 908

NAV per share Distribution shares (Shares A-EUR) 101.46 Accumulation shares (Shares B-EUR) 101.46 Accumulation shares (Shares C-EUR) 101.47 Accumulation shares (Shares E-EUR) 101.45

GSL - 2 Julius Baer Multistock - GLOBAL SELECTION FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 8 083790 98.11% Spain 183 808 2.23% 71 800 MAPFRE SA 183 808 2.23% TRANSFERABLE SECURITIES ADMITTED TO AN 7 901 164 95.89% OFFICIAL STOCK EXCHANGE United Kingdom 181 307 2.20% 55 000 WM MORRISON SUPERMARKETS PLC 181 307 2.20% Equities 7 901164 95.89%

Hong Kong 174 921 2.12% United States 1 735 644 21.06% 130 000 CHINA RESOURCES POWER HOLDINGS 174 921 2.12% 8 700 ALTRIA GROUP 158 476 1.92%

4 040 AMGEN INC 162 592 1.97% Norway 174 902 2.12% 9 800 AUXILIUM PHARMACEUTICALS INC 132 483 1.61% 3 800 CELGENE CORP 158 096 1.92% 4 480 YARA INTERNATIONAL ASA 174 902 2.12%

2 800 NIKE INC B 173 772 2.11% Egypt 168 606 2.05% 8 000 ORACLE CORP 181 591 2.20% 13 600 QUANTA SERVICES INC 189 482 2.30% 5 320 ORASCOM CONSTR.IND./SGDR 168 606 2.05% 2 950 SCHLUMBERGER LTD 175 798 2.13% 162 686 1.97% 12 300 STILLWATER MINING CO 186 725 2.27% Luxembourg 4 000 TIFFANY & CO 216 629 2.63% 6 780 ARCELORMITTAL SA REG SHS 162 686 1.97%

Switzerland 1 319 600 16.03% Brazil 144 046 1.75% 460 AG /NAMENAKTIE 202 724 2.46% 3 500 SABESP /SADR 144 046 1.75% 1 150 AG/NAMEN-AKTIEN *OPR* 187 651 2.28% 705 KUONI REISEN HOLDING /NAM.-B- 187 688 2.28% Turkey 103 920 1.26% 11 490 INTERNATIONAL SA 88 662 1.08% 152 928 REYSAS TASIMACILIK VE LOJISTIK 103 920 1.26% 3 060 NOVARTIS AG BASEL/NAM. *OPR* 129 090 1.57% 1 080 HOLDING AG/NOM. 179 149 2.17% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 181 729 2.21% 6 590 TEMENOS GROUP AG /NAMEN. 139 814 1.70% Equities 181 729 2.21% 590 THE SWATCH GROUP AG 204 822 2.49%

Russia 181 729 2.21% Germany 772 731 9.38% 18 080 GAZPR SPONS.ADR REPR 2 SHS 181 729 2.21% 6 790 AIXTRON /NAMEN AKT. 159 769 1.94%

3 080 CONTINENTAL AG 223 146 2.71% UNLISTED SECURITIES 897 0.01% 16 830 DEUTSCHE TELEKOM /NAM. 182 016 2.21% 21 750 FREENET AG NAMENS-AKTIEN 207 800 2.52% Options, warrants, rights 897 0.01%

France 554 354 6.73% EUR 897 0.01% 1 430 LVMH MOET HENNESSY EUR 0.3 177 463 2.15% 89 700 RIGHTS MAPFRE 11 897 0.01% 5 020 RENAULT SA 205 243 2.50% 1 490 SCHNEIDER ELECTRIC SA 171 648 2.08%

Russia 521 251 6.32% 3 900 LUKOIL /SADR REP.1 SHS. 170 715 2.07% 26 400 ROSNEFT OIL CO OJSC/SGDR 153 318 1.86% 15 650 SEVERSTAL CHEREPOVETS MET/SGDR 197 218 2.39%

Japan 345 772 4.20% 6 700 FAMILYMART CO LTD 168 802 2.05% 2 660 ORIX CORP 176 970 2.15%

China 314 167 3.81% 84 000 CHINA MERCHANTS BANK /-H- 139 980 1.70% 110 400 LIANHUA SUPERMARKET HLGS -H- 174 187 2.11%

Netherlands 311 699 3.78% 3 278 FUGRO NV 162 982 1.98% 12 471 USG PEOPLE NV 148 717 1.80%

Canada 271 341 3.29% 2 700 FIRST QUANTUM MINERALS LTD 271 341 3.29%

Indonesia 270 835 3.29% 197 500 PT INDOCEMENT TUNGGAL /DEMAT. 270 835 3.29%

Israel 189 574 2.30% 5 700 TEVA PHM./ADR REP.1SHS 189 574 2.30%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GSL - 3 Julius Baer Multistock - GLOBAL STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 53 044 863 Income from investment 1 357 802 (Cost: 54 461 539) Bank interest 6 023 Cash at banks 309 789 Income from securities lending 32 355 Receivable from brokers 221 148 Total Income 1 396 180 Subscriptions receivable 44 184 Dividends and interest 136 698 Other receivables 3 798 Expenses Management fees 661 538 Total Assets 53 760 480 Custodian fees and charges 56 536 "Taxe d'abonnement" and other taxes 25 883 Liabilities Bank interest 706 Payables for redemptions 290 010 Other expenses* 419 351 Management fees payable 49 827 Equalisation 12 486 "Taxe d'abonnement" payable 6 067 Total Expenses 1 176 500 Other liabilities 41 708 Total Liabilities 387 612 Net profit/loss 219 680 Net Assets 53 372 868 Realised profit/loss on: - Securities 8 245 554 - Forward foreign exchange contracts -290 - Futures 948 077 - Foreign currencies -269 539 Net realised profit/loss 9 143 482 Net change in unrealised appreciation/ depreciation on: - Securities -4 935 122 - Futures 540 291 Total profit/loss 4 748 651

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 54 889 361 62 899 000 Total profit/loss 12 178 125 4 748 651 Net subscriptions/redemptions -4 127 868 -14 246 937 Dividend distributions -40 618 -27 846 Net assets at the end of the financial year 62 899 000 53 372 868

* See Page 12 The TER (Total Expense Ratio) amounts to 2.06% for A shares, 2.06% for B shares, 1.29% for C shares and 2.80% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

GSF - 1 Julius Baer Multistock - GLOBAL STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-EUR) 68 308.06 57 408.56 50 661.88 Accumulation shares (Shares B-EUR) 823 382.63 724 975.86 582 057.76 Accumulation shares (Shares C-EUR) 66 720.21 106 688.41 67 378.41 Accumulation shares (Shares E-EUR) 2 058.56 758.51 555.39

Net Assets 54 889 361 62 899 000 53 372 868

NAV per share Distribution shares (Shares A-EUR) 50.98 62.05 66.53 Accumulation shares (Shares B-EUR) 57.37 70.62 76.29 Accumulation shares (Shares C-EUR) 61.25 75.96 82.68 Accumulation shares (Shares E-EUR) 39.81 48.64 52.15

Dividend for the previous financial year (Shares A-EUR) 1.00 0.65 0.50

GSF - 2 Julius Baer Multistock - GLOBAL STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 53 044863 99.39% United Kingdom 3 359 641 6.30% 140 000 ABERDEEN ASSET MANAGEMENT PLC 345 861 0.65% TRANSFERABLE SECURITIES ADMITTED TO AN 50 514 474 94.66% 20 000 ADMIRAL GROUP PLC 367 852 0.69% OFFICIAL STOCK EXCHANGE 44 000 ASTRAZENECA PLC 1 514 284 2.84% 9 000 BRITISH AMERICAN TOBACCO (25P) 272 168 0.51% Equities 49 848888 93.41% 34 900 ROYAL DUTCH SHELL /-B- 859 476 1.61%

United States 9 330 252 17.49% Republic of Korea 2 515 607 4.71% 12 000 BAKER HUGHES INC 600 559 1.13% 1 800 HYUNDAI HEAVY INDUSTRIES 515 920 0.97% 10 000 CAPITAL ONE FINANCIAL CORP 356 382 0.67% 32 000 INDUSTRIAL BANK OF KOREA 385 696 0.72% 6 400 CLIFFS NATURAL RESOURCES INC 408 097 0.76% 16 000 LG DISPLAY CO LTD 305 558 0.57% 5 500 ESTEE LAUDER COS A 399 038 0.75% 110 000 LG UPLUS CORP 411 612 0.77% 29 000 GILEAD SCIENCES INC 828 286 1.55% 1 680 SAMSUNG ELECTRONICS CO LTD 896 821 1.68% 16 000 HESS CORP 825 023 1.55%

12 000 LAM RESEARCH CORP 366 493 0.69% Brazil 2 442 841 4.57% 24 000 MARATHON OIL CORP 872 035 1.63% 60 000 BRASIL TELECOM SA/PREF. 397 346 0.74% 149 500 MATECH CORP / RESTRICTED 1 031 0.00% 43 700 ELETROB.EL.BRASIL./PREF. B 508 958 0.95% 56 000 MICRON TECHNOLOGY INC 288 913 0.54% 20 000 SABESP.CIA SANEAM.BAS.ESTADO 410 414 0.77% 2 300 NETFLIX INC 416 724 0.78% 34 000 TELE NORTE LESTE PART. /PREF 359 510 0.67% 10 000 NEWMONT MINING CORP 372 245 0.70% 16 000 TELEMAR A /PFD SHS 366 618 0.69% 110 000 PFIZER INC 1 562 920 2.93% 120 000 TIM PARTICIPACOES SA/PREF*OPE* 399 995 0.75% 34 000 STARBUCKS CORP 926 068 1.74%

13 000 THERMO FISHER SCIENTIFIC INC 577 349 1.08% Spain 1 668 759 3.13% 30 000 VALERO ENER. CORP 529 089 0.99% 44 000 FERROVIAL SA 383 504 0.72%

19 000 FOMENTO DE CONSTR.Y CONTRATAS * 399 475 0.75% France 6 173 846 11.57% 37 000 REPSOL YPF SA. MADRID * 885 780 1.66% 21 000 BNP PARIBAS 1 117 830 2.09%

71 000 FRANCE TELECOM SA 1 041 215 1.95% Canada 1 387 310 2.60% 6 100 NEOPOST * 361 364 0.68% 19 300 PEUGEOT SA 595 791 1.12% 12 000 BARRICK GOLD CORP 374 853 0.70% 7 000 CANADIAN UTILIT.LTD /-A-N-VOT. 280 250 0.53% 21 000 RENAULT SA 858 585 1.61% 28 000 CENTERRA GOLD INC 320 171 0.60% 12 000 SAINT-GOBAIN 535 860 1.00% 4 100 FIRST QUANTUM MINERALS LTD * 412 036 0.77% 30 000 SANOFI 1 663 201 3.12%

Netherlands 1 357 644 2.55% Japan 5 786 329 10.84% 458 BOSKALIS WESTMINSTER 14 933 0.03% 84 000 DAICEL CHEMICAL INDUSTRIES CO. 380 221 0.71% 15 000 EISAI CO.LTD 401 615 0.75% 24 000 DELTA LLOYD 393 360 0.74% 15 600 HEINEKEN HOLDING 550 368 1.03% 34 800 ELPIDA MEMORY INC 279 375 0.52% 170 KDDI CORP 837 733 1.57% 47 000 ING GROEP NV/CERT.OF SHS 398 983 0.75% 174 000 MITSUI MINING+SMELTING 401 230 0.75% Germany 1 338 053 2.50% 25 700 NIPPON TEL&TEL 848 327 1.59% 31 000 SEGA SAMMY HOLDING INC 410 104 0.77% 7 900 HENKEL / VORZUG 378 173 0.71% 57 000 SHINKO ELECTRIC INDUSTRIES CO * 367 0510.69% 6 800 HOCHTIEF AG 391 680 0.73% 73 000 TOPPAN PRINTING CO.LTD 387 788 0.73% 6 000 SIEMENS AG /NAM. 568 200 1.06% 140 000 TOSOH CORP 385 003 0.72% 1 139 949 2.13% 38 600 TOYOTA MOTOR CORP 1 087 882 2.04% Hong Kong 37 000 CHEUNG KONG HOLDINGS HKD0.5 373 226 0.70% Switzerland 4 415 992 8.28% 240 000 SJM HOLDINGS LTD 391 858 0.73% 6 500 AG /NOM. 350 351 0.66% 37 000 SWIRE PACIFIC LTD A 374 865 0.70% 38 000 NOVARTIS AG BASEL/NAM. *OPR* 1 603 082 3.00% 1 065 602 1.99% 13 500 ROCHE HOLDING AG /GENUSSSCHEIN 1 555 939 2.92% Bermuda Islands 1 200 /NAM. 378 940 0.71% 17 000 AXIS CAPITAL HOLDINGS LTD 363 017 0.68% 3 030 ZURICH FINANCIAL SERVICES/NAM 527 680 0.99% 70 000 ORIENT OVERSEAS (INTERNATIONAL) 311 789 0.58% 8 100 RENAISSANCERE HLD LTD 390 796 0.73% Taiwan 4 012 078 7.52% 733 965 1.38% 62 000 ASUSTEK COMPUTER INC 424 307 0.79% Ireland 280 000 CHICONY ELECTRONICS CO 373 832 0.70% 33 000 SEAGATE TECHNOLOGIE PLC 367 817 0.69% 493 000 COMPAL ELECTRONICS INC 416 709 0.78% 22 000 WARNER CHILCOTT PLC SHS 366 148 0.69% 20 000 HTC CORPORATION 463 928 0.87% 1 100 000 INVENTEC CORPORATION 396 212 0.74% Sweden 717 647 1.34% 440 000 LITE-ON TECHNOLOGY CORPOR. 399 381 0.75% 31 000 AB INDUSTRIVAERDEN /-C- 354 774 0.66% 870 000 MACRONIX INTERNATIONAL CO LTD 367 684 0.69% 22 000 ELECTROLUX AB B 362 873 0.68% 580 000 POU CHEN CORP 369 077 0.69% 260 000 QUANTA COMPUTER INC 424 547 0.80% Austria 456 780 0.86% 1 100 000 UNITED MICROELECTRONIC CORP 376 401 0.71% 12 000 VOESTALPINE AG 456 780 0.86%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GSF - 3 Julius Baer Multistock - GLOBAL STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

Czech Republic 420 220 0.79% 2 500 KOMERCNI BANKA AS 420 220 0.79%

Norway 390 406 0.73% 10 000 YARA INTERNATIONAL ASA 390 406 0.73%

Cayman Islands 382 923 0.72% 1 800 000 BOSIDENG INTERNATION. HLDG LTD 382 923 0.72%

Mauritius 378 237 0.71% 990 000 GOLDEN AGRI-RESOURCES LTD 378 237 0.71%

South Africa 374 419 0.70% 100 000 TELKOM SA LTD 374 419 0.70%

Philippines 388 0.00% 243 780 AYALA LAND INC /PREF 388 0.00%

Investment funds 665 586 1.25%

United States 665 586 1.25% 20 000 ISHARES MSCI ACWI INDEX FUND * 665 5861.25%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 2 530 389 4.73%

Equities 2 530389 4.73%

Russia 1 708 736 3.20% 170 000 GAZPR SPONS.ADR REPR 2 SHS 1 708 736 3.20%

Japan 418 730 0.78% 590 RAKUTEN INC TOKYO 418 730 0.78%

Taiwan 402 923 0.75% 370 000 CORETRONIC CORP 402 923 0.75%

UNLISTED SECURITIES 0 0.00%

Equities 0 0.00%

United States 0 0.00% 6 624 WORLDCOM INC /GROUP SHS 0 0.00% 349 WORLDCOM INC /MCI GR. SHS 0 0.00%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GSF - 4 Julius Baer Multistock - HEALTH OPPORTUNITIES FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 30 September 2010 (launch) USD to 30 June 2011

Assets Investments at market value 16 002 658 Income (Cost: 14 426 803) Income from investment 175 898 Cash at banks 837 498 Bank interest 212 Receivable from brokers 194 267 Income from securities lending 5 362 Dividends and interest 15 504 Equalisation 4 714 Other receivables 354 Total Income 186 186 Total Assets 17 050 281

Expenses Liabilities Management fees 80 060 Payable to brokers 166 216 Custodian fees and charges 3 658 Payables for redemptions 2 710 "Taxe d'abonnement" and other taxes 1 592 Management fees payable 12 545 Bank interest 382 "Taxe d'abonnement" payable 647 Other expenses* 45 668 Other liabilities 7 689 Total Expenses 131 360 Total Liabilities 189 807 Net Assets 16 860 474 Net profit/loss 54 826 Realised profit/loss on: - Securities 176 456 - Foreign currencies -42 457 Net realised profit/loss 188 825 Net change in unrealised appreciation/ depreciation on: - Securities 1 575 855 Total profit/loss 1 764 680

STATEMENT OF CHANGES IN NET ASSETS 30 June 2011 USD Net assets at the beginning of the reporting period - Total profit/loss 1 764 680 Net subscriptions/redemptions 15 095 794 Net assets at the end of the reporting period 16 860 474

* See Page 12 The TER (Total Expense Ratio) amounts to 2.39% for USD A shares, 2.34% for USD B shares, 1.40% for USD C shares and 2.88%1 for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

HOF - 1 Julius Baer Multistock - HEALTH OPPORTUNITIES FUND

COMPARATIVE STATEMENT 30 June 2011 USD Number of shares outstanding Distribution shares (Shares A-USD) 6 430.00 Accumulation shares (Shares B-USD) 5 944.23 Accumulation shares (Shares C-USD) 134 247.64 Accumulation shares (Shares E-USD) 10.00

Net Assets 16 860 474

NAV per share Distribution shares (Shares A-USD) 114.39 Accumulation shares (Shares B-USD) 114.33 Accumulation shares (Shares C-USD) 115.04 Accumulation shares (Shares E-USD) 113.77

HOF - 2 Julius Baer Multistock - HEALTH OPPORTUNITIES FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 16 002658 94.91% France 361 709 2.15% 4 500 SANOFI 361 709 2.15% TRANSFERABLE SECURITIES ADMITTED TO AN 16 002 658 94.91% OFFICIAL STOCK EXCHANGE Ireland 359 263 2.14% 4 800 COVIDIEN 255 504 1.52% Equities 16 002658 94.91% 4 300 WARNER CHILCOTT PLC SHS 103 759 0.62%

United States 9 804 111 58.13% Japan 327 106 1.95% 10 500 ABBOTT LABORATORIES INC 552 510 3.28% 2 000 ASTELLAS PHARMA INC 77 142 0.46% 6 300 AETNA INC 277 767 1.65% 3 000 DAIICHI SANKYO CO LTD 58 284 0.35% 4 000 ALEXION PHARMACEUTICALS INC 188 120 1.12% 3 000 TAKEDA PHARMACEUTICAL CO LTD 138 002 0.82% 1 000 ALLERGAN INC 83 250 0.49% 1 000 TERUMO CORP 53 678 0.32% 3 100 AMERISOURCEBERGEN CORP 128 340 0.76%

10 000 AMGEN INC 583 500 3.46% Australia 141 576 0.84% 15 000 AUXILIUM PHARMACEUTICALS INC 294 000 1.74% 4 000 CSL LTD 141 576 0.84% 2 000 BAXTER INTL INC 119 380 0.71%

1 300 BECTON DICKINSON & CO. 112 021 0.66% Denmark 125 472 0.74% 2 000 BRISTOL MYERS SQUIBB CO 57 920 0.34% 3 900 CAREFUSION 105 963 0.63% 1 000 NOVO-NORDISK A/S -B- 125 472 0.74% 12 500 CELGENE CORP 754 000 4.47% 103 920 0.62% 5 000 DENDREON CORP 197 200 1.17% Canada 2 000 VALEANT PHARMACEUTICALS INTL 103 920 0.62% 2 000 EXPRESS SCRIPTS INC 107 960 0.64% 1 500 FOREST LABORATORIES 59 010 0.35% 6 000 GILEAD SCIENCES INC 248 460 1.47% 6 000 HEALTH MGT ASSOC. A 64 680 0.38% 900 HENRY SCHEIN INC 64 431 0.38% 1 000 HUMANA INC 80 540 0.48% 2 000 ILLUMINA INC 150 300 0.89% 20 000 JOHNSON & JOHNSON 1 330 400 7.88% 500 LABORATORY CORP OF AMER.HLD 48 395 0.29% 1 900 MEDCOHEALTH SOLUTIONS 107 388 0.64% 10 000 MEDICIS PHARMACEUTICAL A 381 700 2.26% 4 400 MEDTRONIC INC 169 532 1.01% 20 000 MERCK 705 800 4.19% 3 000 PATTERSON COMPANIES INC 98 670 0.59% 70 000 PFIZER INC 1 441 999 8.54% 2 000 PHARMACEUTICAL PRODUCTS DEV 53 680 0.32% 1 000 STRYKER CORP 58 690 0.35% 500 SYNTHES-STRATEC INC 87 827 0.52% 3 000 THERMO FISHER SCIENTIFIC INC 193 170 1.15% 6 300 UNITEDHEALTH GROUP INC 324 954 1.93% 3 000 UTD THERAPEUTICS CORP (DE) 165 300 0.98% 2 800 VERTEX PHARMACEUTICALS 145 572 0.86% 2 600 WELLPOINT INC 204 802 1.21% 900 ZIMMER HOLDINGS INC 56 880 0.34%

Switzerland 2 031 079 12.04% 12 000 NOVARTIS AG BASEL/NAM. *OPR* 733 966 4.35% 5 500 ROCHE HOLDING AG /GENUSSSCHEIN 919 061 5.45% 400 HOLDING AG /NOM. 37 292 0.22% 1 000 STRAUMANN HOLDING AG/NOM. 240 499 1.43% 1 200 GROUP SA /NAM. 100 261 0.59%

Israel 964 400 5.72% 20 000 TEVA PHM./ADR REP.1SHS 964 400 5.72%

United Kingdom 956 463 5.67% 2 000 ASTRAZENECA PLC 99 795 0.59% 40 000 GLAXOSMITHKLINE PLC 856 668 5.08%

Germany 827 559 4.91% 4 300 BAYER 345 633 2.05% 3 300 FRESENIUS MEDICAL CARE AG 246 641 1.46% 1 000 FRESENIUS SE & CO KGAA 104 360 0.62% 1 205 MERCK KGAA 130 925 0.78%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

HOF - 3 Julius Baer Multistock - INFRASTRUCTURE FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 41 131 698 Income from investment 2 173 297 (Cost: 40 133 568) Bank interest 4 986 Cash at banks 449 276 Income from securities lending 71 523 Receivable from brokers 593 019 Other income 7 Subscriptions receivable 14 690 Total Income 2 249 813 Dividends and interest 203 490 Other receivables 16 667 Expenses Total Assets 42 408 840 Management fees 914 462 Custodian fees and charges 20 839 Liabilities "Taxe d'abonnement" and other taxes 31 322 Bank overdraft 2 623 Bank interest 23 Payable to brokers 112 615 Other expenses* 393 072 Payables for redemptions 70 925 Equalisation 261 372 Management fees payable 53 765 Total Expenses 1 621 090 "Taxe d'abonnement" payable 4 439 Other liabilities 36 117 Net profit/loss 628 723 Total Liabilities 280 484 Realised profit/loss on: Net Assets 42 128 356 - Securities 4 733 384 - Foreign currencies -441 494 Net realised profit/loss 4 920 613 Net change in unrealised appreciation/ depreciation on: - Securities 1 201 840 Total profit/loss 6 122 453

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 60 021 955 65 900 733 Foreign exchange difference – sub-fund 4 208 283 -959 508 Total profit/loss 9 803 868 6 122 453 Net subscriptions/redemptions -7 837 634 -28 584 635 Dividend distributions -295 739 -350 687 Net assets at the end of the financial year 65 900 733 42 128 356

* See Page 12 The TER (Total Expense Ratio) amounts to 2.31% (performance fee 0.00%) for CHF A shares, 2.28% (performance fee 0.00%) for EUR A shares, 2.28% (performance fee 0.00%) for USD A shares, 2.28% (performance fee 0.00%) for CHF B shares, 2.28% (performance fee 0.00%) for EUR B shares, 2.29% (performance fee 0.00%) for USD B shares, 1.48% (performance fee 0.00%) for CHF C shares, 1.48% (performance fee 0.00%) for EUR C shares, 1.52% (performance fee 0.00%) for USD C shares, 3.07% (performance fee 0.00%) for EUR E shares and 2.96% (performance fee 0.00%) for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

INFU - 1 Julius Baer Multistock - INFRASTRUCTURE FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-CHF) 6 054.21 7 280.12 6 963.89 Distribution shares (Shares A-EUR) 99 232.31 152 859.50 96 015.04 Distribution shares (Shares A-USD) 20 517.69 20 648.72 9 996.00 Accumulation shares (Shares B-CHF) 373 788.53 109 568.81 51 398.36 Accumulation shares (Shares B-EUR) 335 369.58 351 043.59 227 775.66 Accumulation shares (Shares B-USD) 207 806.71 166 608.13 88 372.49 Accumulation shares (Shares C-CHF) 75 010.00 78 210.00 32 010.00 Accumulation shares (Shares C-EUR) 86 495.70 126 912.17 66 516.87 Accumulation shares (Shares C-USD) 12 010.00 12 010.00 12 010.00 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 1 799.51 2 740.60 3 762.58 Accumulation shares (Shares E-USD) 10.00 10.00 10.00

Net Assets 60 021 955 65 900 733 42 128 356

NAV per share Distribution shares (Shares A-CHF) 53.92 54.02 53.03 Distribution shares (Shares A-EUR) 59.09 68.58 72.97 Distribution shares (Shares A-USD) 60.44 61.18 77.02 Accumulation shares (Shares B-CHF) 56.67 58.72 58.97 Accumulation shares (Shares B-EUR) 61.90 74.19 80.75 Accumulation shares (Shares B-USD) 63.94 66.86 85.96 Accumulation shares (Shares C-CHF) 57.59 60.14 60.88 Accumulation shares (Shares C-EUR) 62.92 76.01 83.38 Accumulation shares (Shares C-USD) 65.00 68.51 88.79 Accumulation shares (Shares E-CHF) 55.84 - - Accumulation shares (Shares E-EUR) 60.98 72.55 78.37 Accumulation shares (Shares E-USD) 63.02 65.46 83.63

Dividend for the previous financial year (Shares A-CHF) 2.80 1.90 1.35 Dividend for the previous financial year (Shares A-EUR) 2.95 2.00 1.70 Dividend for the previous financial year (Shares A-USD) 3.30 2.20 1.60

INFU - 2 Julius Baer Multistock - INFRASTRUCTURE FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 41 131698 97.63% Hong Kong 1 092 677 2.59% 304 000 BEIJING ENTERPRISES HLD LTD 1 092 677 2.59% TRANSFERABLE SECURITIES ADMITTED TO AN 41 131 698 97.63% OFFICIAL STOCK EXCHANGE Luxembourg 1 069 459 2.54% 55 701 SES SA /FDR 1 069 459 2.54% Equities 40 281026 95.61%

Mexico 794 726 1.88% United States 8 707 179 20.67% 151 104 GRUPO AEROPORT.DEL PACIFICO B 426 768 1.01% 23 900 AMERICAN ELECTRIC POWER CO.INC 621 135 1.47% 90 800 GRUPO AEROPORTUARIO -B- 367 958 0.87% 5 500 AMERICAN WATER WORKS CO INC 111 718 0.27%

55 300 CORRECTIONS CORP.AMERICA 825 772 1.96% Switzerland 680 881 1.62% 29 200 CROWN CASTLE INTL CORP 821 511 1.95% 2 166 FLUGHAFEN ZUERICH /NOM 680 881 1.62% 16 578 ITC HOLDINGS CORP 820 639 1.95%

31 600 NEXTERA ENERGY 1 252 361 2.97% Republic of Korea 480 766 1.14% 63 000 PG&E CORP 1 826 320 4.34% 27 500 SOUTHERN CO 765 907 1.82% 26 240 KOREA ELECTRIC POWER CORP. 480 766 1.14% 53 800 SPECTRA ENERGY CORP *OPA* 1 017 111 2.41% 117 986 0.28% 30 900 WILLIAMS COMPANIES INC 644 705 1.53% Cyprus 9 803 GLOBAL PORTS INV /GDR 117 986 0.28% France 4 997 726 11.86% Investment funds 850 672 2.02% 22 889 AEROPORTS DE PARIS ADP 1 484 809 3.52% 60 201 GDF SUEZ 1 519 172 3.61% Australia 437 864 1.04% 45 138 VINCI 1 993 745 4.73% 308 840 AUTRALIAN INFRASTRUCTURE FUND 437 864 1.04% Australia 4 917 581 11.68% Bermuda Islands 412 808 0.98% 1 438 649 ASCIANO LTD 1 742 219 4.14% 1 289 000 MACQUARIE INTL INFRASTRUCTURE 412 808 0.98% 337 578 MAP GROUP 832 578 1.98% 1 603 978 SPARK INFRASTRUCTUR GROUP 1 527 891 3.63% 211 006 TRANSURBAN GROUP 814 893 1.93%

United Kingdom 2 963 793 7.04% 174 789 CENTRICA PLC 625 739 1.49% 220 711 NATIONAL GRID PLC 1 496 937 3.55% 51 603 SEVERN TRENT PLC 841 117 2.00%

China 2 962 986 7.04% 1 184 000 BEIJING CAP.INTL AIRPORT H 382 015 0.91% 3 516 000 DALIAN PORT PDA CO LTD H 857 055 2.03% 982 000 JIANGSU EXPRESSWAY CO H 625 846 1.49% 2 114 000 ZHEJIANG EXPRESSWAY CO LTD H 1 098 070 2.61%

Germany 2 477 775 5.88% 54 743 E.ON - NAMEN AKT. 1 072 142 2.54% 46 917 HAMBURGER HAFEN UND LOGISTIK AG 1 405 633 3.34%

Canada 2 300 881 5.46% 45 381 ENBRIDGE INC. 1 017 079 2.41% 42 417 TRANSCANADA CORP * 1 283 802 3.05%

Italy 2 086 895 4.95% 142 159 ATLANTIA SPA 2 086 895 4.95%

Spain 1 888 784 4.48% 67 557 ABERTIS INFRAESTRUCTURAS SA 1 040 716 2.47% 20 374 RED ELECTRICA CORPORACION SA * 848 068 2.01%

Brazil 1 485 790 3.52% 50 300 EDP ENERGIAS DO BRASIL SA 834 991 1.98% 307 100 LLX LOGISTICA SA 650 799 1.54%

Japan 1 255 141 2.98% 15 825 EAST JAPAN RAILWAY CO 621 702 1.48% 204 323 TOKYO GAS CO.LTD *OPR* 633 439 1.50%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

INFU - 3 Julius Baer Multistock - JAPAN STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 JPY from 1 July 2010 to 30 June 2011 JPY

Assets Income Investments at market value 14 891 211 850 Income from investment 330 892 814 (Cost: 15 596 394 554) Bank interest 14 347 Cash at banks 286 821 368 Income from securities lending 745 095 Subscriptions receivable 17 506 009 Equalisation 1 808 751 Dividends and interest 63 353 557 Total Income 333 461 007 Other receivables 48 786 Total Assets 15 258 941 570 Expenses Management fees 174 494 825 Liabilities Custodian fees and charges 1 095 263 Bank overdraft 14 122 "Taxe d'abonnement" and other taxes 6 243 994 Payables for redemptions 16 486 521 Bank interest 82 825 Management fees payable 21 814 344 Other expenses* 118 674 344 "Taxe d'abonnement" payable 1 490 219 Equalisation 1 128 195 Other liabilities 929 766 Total Expenses 301 719 446 Total Liabilities 40 734 972 Net Assets 15 218 206 598 Net profit/loss 31 741 561 Realised profit/loss on: - Securities -394 357 748 - Futures -4 522 - Foreign currencies -1 658 500 Net realised profit/loss -364 279 209 Net change in unrealised appreciation/ depreciation on: - Securities 857 290 305 Total profit/loss 493 011 096

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 JPY JPY Net assets at the beginning of the financial year 17 848 495 307 17 187 940 612 Foreign exchange difference – sub-fund -16 773 401 121 770 602 Total profit/loss -460 122 500 493 011 096 Net subscriptions/redemptions -182 422 666 -2 582 898 804 Dividend distributions -1 236 128 -1 616 908 Net assets at the end of the financial year 17 187 940 612 15 218 206 598

* See Page 12 The TER (Total Expense Ratio) amounts to 2.06% for EUR A shares, 2.08% for JPY A shares, 1.93%1 for USD A shares, 2.04% for GBP A shares, 2.06% for EUR B shares, 2.06% for JPY B shares, 2.01% for USD B shares, 2.04% for GBP B shares, 1.16% for EUR C shares, 1.17% for JPY C shares, 1.12% for USD C shares, 2.89% for EUR E shares, 2.80% for JPY E shares and 2.76% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

JSF - 1 Julius Baer Multistock - JAPAN STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 JPY JPY JPY Number of shares outstanding Distribution shares (Shares A-EUR) 32.00 1 230.00 288.76 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-JPY) 76 578.24 64 967.34 78 794.10 Distribution shares (Shares A-USD) 10.00 10.00 - Accumulation shares (Shares B-EUR) 8 677.08 86 078.73 34 646.72 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-JPY) 1 503 763.68 1 216 349.47 1 088 820.58 Accumulation shares (Shares B-USD) 3 447.00 54 583.01 - Accumulation shares (Shares C-EUR) 10.00 179 042.96 103 553.24 Accumulation shares (Shares C-JPY) 299 780.25 321 271.77 305 103.14 Accumulation shares (Shares C-USD) 10.00 10.00 - Accumulation shares (Shares E-EUR) 133.66 209.20 2 101.69 Accumulation shares (Shares E-JPY) 96 942.32 71 551.14 50 278.86 Accumulation shares (Shares E-USD) 10.00 10.00 -

Net Assets 17 848 495 307 17 187 940 612 15 218 206 598

NAV per share Distribution shares (Shares A-EUR) 64.00 76.42 74.00 Distribution shares (Shares A-GBP) - 93.92 - Distribution shares (Shares A-JPY) 8 027.00 7 710.68 8 075.50 Distribution shares (Shares A-USD) 68.39 70.88 - Accumulation shares (Shares B-EUR) 64.25 76.84 75.29 Accumulation shares (Shares B-GBP) - 93.92 - Accumulation shares (Shares B-JPY) 8 992.00 8 661.95 9 098.10 Accumulation shares (Shares B-USD) 69.54 72.33 - Accumulation shares (Shares C-EUR) 65.53 79.07 78.18 Accumulation shares (Shares C-JPY) 9 676.00 9 404.83 9 967.63 Accumulation shares (Shares C-USD) 70.75 74.31 - Accumulation shares (Shares E-EUR) 63.08 74.87 72.82 Accumulation shares (Shares E-JPY) 7 342.00 7 020.30 7 318.62 Accumulation shares (Shares E-USD) 68.60 70.85 -

Dividend for the previous financial year (Shares A-EUR) 0.15 0.10 0.90 Dividend for the previous financial year (Shares A-JPY) 21.00 22.00 23.00 Dividend for the previous financial year (Shares A-GBP) - - 0.20 Dividend for the previous financial year (Shares A-USD) 0.50 0.35 0.25

JSF - 2 Julius Baer Multistock - JAPAN STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) JPY assets (in 1000) JPY assets

TOTAL 14 891 211 850 97.85% 150 000 MITSUBISHI CORP 300 000 000 1.97% 93 000 MITSUBISHI GAS CHEMICAL 54 591 000 0.36% TRANSFERABLE SECURITIES ADMITTED TO AN 14 891 211 850 97.85% 680 000 MITSUBISHI UFJ FINANCIAL GROUP 265 200 000 1.74% OFFICIAL STOCK EXCHANGE 19 000 MITSUBISHI UFJ LEASE & FINANCE 58 900 000 0.39% 220 000 MITSUI & CO LTD 304 480 000 2.00% Equities 14 891 211 850 97.85% 210 000 MITSUI MINING+SMELTING 56 700 000 0.37% 140 000 MITSUI O.S.K.LINES LTD TOKYO 60 340 000 0.40% Japan 14 891 211 850 97.85% 1 700 000 MIZUHO FINANCIAL GROUPINC*OPR* 224 400 000 1.47% 72 000 AEON CO LTD 69 696 000 0.46% 77 000 NHK SPRING CO 63 063 000 0.41% 22 000 ALFRESA HLD CORP TOKYO 68 640 000 0.45% 30 000 NIDEC CORP 223 200 000 1.47% 46 000 ASAHI BREWERIES 74 290 000 0.49% 64 000 NIPPON ELECTRIC GLASS 65 664 000 0.43% 120 000 ASAHI KASEI CORP 64 800 000 0.43% 55 000 NIPPON MEAT PACKERS 63 250 000 0.42% 84 000 BANK OF KYOTO 62 076 000 0.41% 38 000 NIPPON PAPER GROUP INC 67 716 000 0.44% 160 000 BK OF YOKOHAMA 64 160 000 0.42% 600 000 NIPPON STEEL CORP 156 000 000 1.03% 166 200 BRIDGESTONE CORP 306 805 200 2.02% 55 000 NIPPON TEL&TEL 212 575 000 1.40% 50 000 BROTHER INDUSTRIES LTD 59 250 000 0.39% 200 000 NIPPON YUSEN K K 59 600 000 0.39% 64 350 CANON INC* 245 173 500 1.61% 270 000 NISHI NIPPON CITY BK 63 990 000 0.42% 61 000 CANON MARKETING JAPAN INC 55 510 000 0.36% 62 000 NISSHIN SEIFUN GROUP INC 62 124 000 0.41% 170 CENTRAL JAPAN RAILWAY CO 107 440 000 0.71% 390 000 NISSHIN STEEL CO LTD 59 670 000 0.39% 130 000 CHIBA BANK 65 260 000 0.43% 35 800 NITORI HOLDINGS CO LTD 273 154 000 1.79% 88 000 CHUBU ELECTRIC POWER C. JPY500 138 160 000 0.91% 43 000 NOK CORP 59 039 000 0.39% 40 000 COCA-COLA WEST 61 600 000 0.40% 230 NTT DATA CORP 61 203 000 0.40% 230 000 COSMO OIL CO LTD 52 440 000 0.34% 20 830 OBIC CO LTD TOKYO 312 241 700 2.05% 46 000 CREDIT SAISON CO LTD 61 962 000 0.41% 170 000 OJI PAPER CO LTD 65 450 000 0.43% 56 000 DAI NIPPON PRINTING CO LTD 50 568 000 0.33% 46 820 ORIX CORP 364 727 800 2.39% 120 000 DAICEL CHEMICAL INDUSTRIES CO 63 600 000 0.42% 13 000 ROHM CO.LTD 59 735 000 0.39% 60 000 DAIHATSU MOTOR CO 81 840 000 0.54% 105 000 SAPPORO HOKUYO HOLDINGS INC 35 280 000 0.23% 79 000 DAIICHI SANKYO CO LTD 123 951 000 0.81% 200 000 SAPPORO HOLDINGS LTD 66 000 000 0.43% 87 900 DAIKIN INDUSTRIES LTD 249 460 200 1.64% 7 400 SBI HOLDINGS INC 54 982 000 0.36% 83 000 DAINIPPON SUMITOMO PHARMA CO 63 329 000 0.42% 60 200 SHIMANO INC 265 783 000 1.75% 49 400 DAITO TRUST CONSTRUCT. 336 414 000 2.22% 62 300 SHIN-ETSU CHEMICAL CO 267 578 500 1.76% 90 200 EAST JAPAN RAILWAY CO 414 920 000 2.73% 86 000 SHINKO ELECTRIC INDUSTRIES CO 64 844 000 0.43% 30 000 ELECTRIC POWER DEVELOPMENT CO 65 250 000 0.43% 380 000 SHOWA DENKO KK 63 080 000 0.41% 49 000 ELPIDA MEMORY INC 46 060 000 0.30% 19 000 SMC CORP 274 360 000 1.80% 90 800 FAMILYMART CO LTD 267 860 000 1.76% 420 000 SOJITZ CORP 63 000 000 0.41% 21 600 FANUC 289 008 000 1.90% 130 000 SUMITOMO CORP. 141 570 000 0.93% 260 000 FUJI ELECTRIC CO LTD *OPR* 65 000 000 0.43% 89 000 SUMITOMO ELECTRIC INDUSTRIES 103 863 000 0.68% 530 FUJI MEDIA HOLDINGS INC 62 964 000 0.41% 88 000 SUMITOMO MITSUI FINANC.GR. 217 184 000 1.43% 56 000 FUJIFILM HOLDINGS CORP 139 944 000 0.92% 1 151 890 SUMITOMO MITSUI TRUST HOLDINGS 321 377 310 2.11% 168 000 FUKUOKA FINANCIAL GROUP 56 280 000 0.37% 42 000 SUZUKEN CO 77 826 000 0.51% 140 000 GUNMA BANK LTD 59 360 000 0.39% 138 200 SUZUKI MOTOR CORP 249 451 000 1.64% 112 000 HACHIJUNI BANK LTD 50 512 000 0.33% 33 000 TAISHO PHARMACEUTICAL CO.LTD 59 730 000 0.39% 75 700 HISAMITSU PHARMACEUTICAL CO 259 272 500 1.70% 120 000 TAKASHIMAYA CO LTD 66 360 000 0.44% 400 000 HOKUHOKU FINANCIAL GROUP 63 600 000 0.42% 140 000 TOKUYAMA 56 560 000 0.37% 154 000 HONDA MOTOR CO LTD 475 090 000 3.12% 75 000 TOKYO STEEL MFG 63 450 000 0.42% 6 700 IDEMITSU KOSAN 57 352 000 0.38% 99 000 TOPPAN PRINTING CO.LTD 61 578 000 0.40% 320 000 IHI CORP 66 240 000 0.44% 190 000 TOSOH CORP 61 180 000 0.40% 180 000 ITOCHU CORP 149 940 000 0.99% 48 000 TOYO SEIKAN KAISHA LTD 64 656 000 0.42% 73 000 IYO BANK LTD 53 947 000 0.35% 44 000 TOYOTA BOSHOKU CORP 58 564 000 0.38% 20 000 JAPAN PETROLEUM EXPLORATION CO 75 300 000 0.49% 85 000 TOYOTA MOTOR CORP 280 500 000 1.84% 55 000 JFE HOLDINGS INC 121 220 000 0.80% 46 200 TOYOTA TSUSHO CORP 63 432 600 0.42% 190 000 JOYO BANK LTD 64 030 000 0.42% 104 300 TREND MICRO INC.TOKYO 259 602 700 1.71% 279 960 JX HOLDINGS 150 898 440 0.99% 89 000 U N Y CO LTD 66 305 000 0.44% 110 000 KANSAI ELECTR. POWER C. JPY500 176 000 000 1.16% 77 200 UNICHARM CORP 270 972 000 1.78% 119 600 KAO CORP 252 356 000 1.66% 20 000 WEST JAPAN RAILWAY CO 62 800 000 0.41% 210 000 KAWASAKI KISEN 58 800 000 0.39% 9 000 YAMADA DENKI CO LTD 58 770 000 0.39% 240 KDDI CORP 138 480 000 0.91% 71 000 YAMAGUCHI FINANCIAL GROUP INC 53 179 000 0.35% 80 000 KINDEN CORP 54 960 000 0.36% 62 000 YAMAZAKI BAKING CO 66 712 000 0.44% 330 000 KOBE STEEL LTD 60 060 000 0.39% 108 700 KURITA WATER IND LTD 260 010 400 1.71% 77 000 KYOWA HAKKO KIRIN CO LTD 58 905 000 0.39% 86 200 MAKITA CORP 321 526 000 2.11% 200 000 MARUBENI CORP 106 400 000 0.70% 110 000 MARUI GROUP CO LTD 66 880 000 0.44% 74 000 MEDIPAL HOLDINGS CORP 52 688 000 0.35% 18 000 MEIJI HOLDINGS CO LTD 60 930 000 0.40% 150 000 MITSUBISHI CHEMICAL HLDGS CORP 85 200 000 0.56%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. JSF - 3 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE (formerly Julius Baer Multistock - GLOBAL CONTRARIAN STOCK FUND)

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 152 693 459 Income from investment 4 107 324 (Cost: 155 521 042) Bank interest 17 927 Derivative instruments at market value: Income from securities lending 264 080 - Forward foreign exchange contracts 167 983 Equalisation 3 023 Cash at banks 6 327 354 Total Income 4 392 354 Subscriptions receivable 2 975 260 Dividends and interest 249 902 Other receivables 16 682 Expenses Management fees 2 048 650 Total Assets 162 430 640 Custodian fees and charges 32 690 "Taxe d'abonnement" and other taxes 66 459 Liabilities Bank interest 337 Payable to brokers 3 308 876 Other expenses* 746 809 Payables for redemptions 380 700 Equalisation 40 586 Management fees payable 198 097 Total Expenses 2 935 531 "Taxe d'abonnement" payable 18 281 Other liabilities 105 978 Net profit/loss 1 456 823 Total Liabilities 4 011 932 Realised profit/loss on: Net Assets 158 418 708 - Securities 4 613 158 - Forward foreign exchange contracts 1 311 895 - Foreign currencies -170 704 Net realised profit/loss 7 211 172 Net change in unrealised appreciation/ depreciation on: - Securities 2 063 834 - Forward foreign exchange contracts 2 336 254 Total profit/loss 11 611 260

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 57 179 652 111 320 515 Foreign exchange difference – sub-fund - 230 842 Total profit/loss 12 873 686 11 611 260 Net subscriptions/redemptions 41 316 958 35 344 233 Dividend distributions -49 781 -88 142 Net assets at the end of the financial year 111 320 515 158 418 708

* See Page 12 The TER (Total Expense Ratio) amounts to 2.19% for EUR A shares, 2.26%1 for CHF A shares, 3.17% for USD A shares, 2.19% for EUR B shares, 2.22% for CHF B shares, 3.15% for USD B shares, 1.43% for EUR C shares, 1.47% for CHF C shares and 2.93% for EUR E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

GCSF - 1 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE (formerly Julius Baer Multistock - GLOBAL CONTRARIAN STOCK FUND)

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-CHF) - 6 360.00 64 970.00 Distribution shares (Shares A-EUR) 40 591.00 48 589.00 64 049.18 Distribution shares (Shares A-USD) - - 17 580.00 Accumulation shares (Shares B-CHF) - 22 320.00 97 114.00 Accumulation shares (Shares B-EUR) 655 589.11 1 020 853.34 1 143 931.23 Accumulation shares (Shares B-USD) - - 17 430.00 Accumulation shares (Shares C-CHF) - 12 200.00 10 624.00 Accumulation shares (Shares C-EUR) 15 362.53 48 707.41 111 753.50 Accumulation shares (Shares E-EUR) 1 892.34 3 116.93 5 329.02

Net Assets 57 179 652 111 320 515 158 418 708

NAV per share Distribution shares (Shares A-CHF) - 90.94 95.14 Distribution shares (Shares A-EUR) 77.43 92.31 100.81 Distribution shares (Shares A-USD) - - 103.23 Accumulation shares (Shares B-CHF) - 90.94 96.07 Accumulation shares (Shares B-EUR) 80.28 96.86 107.48 Accumulation shares (Shares B-USD) - - 103.23 Accumulation shares (Shares C-CHF) - 91.04 96.85 Accumulation shares (Shares C-EUR) 81.94 99.47 111.20 Accumulation shares (Shares E-EUR) 78.17 93.62 103.10

Dividend for the previous financial year (Shares A-CHF) - - 0.95 Dividend for the previous financial year (Shares A-EUR) 1.25 1.05 1.55

GCSF - 2 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE (formerly Julius Baer Multistock - GLOBAL CONTRARIAN STOCK FUND)

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 152 693459 96.39% 55 000 -NAMEN 2 126 970 1.34% 9 450 SWISSCOM /NAM. 2 984 151 1.88% TRANSFERABLE SECURITIES ADMITTED TO AN 152 291 404 96.14% 16 000 ZURICH FINANCIAL SERVICES/NAM 2 786 429 1.76% OFFICIAL STOCK EXCHANGE

Germany 13 116 515 8.29% Equities 152 291404 96.14% 13 950 ALLIANZ AG/NAM.VINKULIERT 1 343 804 0.85% 180 000 DEUTSCHE POST AG. BONN 2 385 000 1.51% United States 42 297 387 26.69% 199 100 E.ON - NAMEN AKT. 3 899 373 2.46% 50 000 AMEREN CORP 994 586 0.63% 62 500 RWE AG (NEU). ESSEN A 2 389 688 1.51% 125 000 AT & T 2 708 039 1.71% 47 000 SAP AG 1 962 250 1.24% 119 000 BEST BUY CO INC. 2 578 053 1.63% 12 000 SIEMENS AG /NAM. 1 136 400 0.72% 310 000 BOSTON SCIENTIFIC CORP 1 477 463 0.93%

70 000 BRISTOL MYERS SQUIBB CO 1 398 214 0.88% United Kingdom 8 549 338 5.39% 158 000 CISCO SYSTEMS INC. 1 701 128 1.07% 313 007 BP PLC 1 589 677 1.00% 40 500 COMPUTER SCIENCES CORP 1 060 372 0.67% 139 782 GLAXOSMITHKLINE PLC 2 064 813 1.30% 36 500 CONOCOPHILLIPS 1 892 910 1.19% 167 439 ROYAL DUTCH SHELL PLC-A- 4 098 906 2.59% 80 000 EXELON CORP 2 363 831 1.49% 120 000 UNITED UTILITIES GROUP PLC 795 942 0.50% 60 000 GILEAD SCIENCES INC 1 713 695 1.08%

110 000 INTEL CORP 1 681 277 1.06% Italy 6 587 515 4.16% 57 000 JOHNSON & JOHNSON 2 615 195 1.65% 257 800 ENEL 1 161 131 0.73% 105 000 KRAFT FOODS INC -A- 2 551 402 1.61% 283 500 ENI SPA ROMA 4 623 884 2.92% 37 000 MEDTRONIC INC 983 281 0.62% 1 000 000 TELECOM ITALIA SPA/RISP.N-CV 802 500 0.51% 87 000 MERCK 2 117 619 1.34%

288 000 MICROSOFT CORP 5 164 671 3.26% Republic of Korea 4 365 576 2.76% 90 000 NASDAQ OMX GROUP INC 1 570 507 0.99% 225 000 KOREA ELECTRIC/SADR R.1/2 SH. 2 059 351 1.30% 75 000 PEPSICO INC 3 643 308 2.31% 172 000 KT CORPORATION /SADR 2 306 225 1.46% 115 000 PPL CORP 2 207 435 1.39%

172 000 STAPLES INC 1 874 401 1.18% Canada 3 252 100 2.05%

France 26 062 188 16.45% 68 000 BARRICK GOLD CORP 2 124 165 1.34% 60 010 HUSKY ENERGY INC * 1 127 935 0.71% 80 000 CARREFOUR SA * 2 265 600 1.43%

45 500 DANONE 2 340 975 1.48% South Africa 2 997 901 1.90% 259 550 FRANCE TELECOM SA 3 806 301 2.41% 107 000 GDF SUEZ 2 700 145 1.70% 207 300 GOLD FIELDS /SPONS.ADR 2 086 083 1.32% 23 000 L OREAL 2 059 880 1.30% 100 000 HARMONY GOLD MINING /SPONS.ADR * 911 818 0.58% 64 343 SANOFI 3 567 176 2.25% 2 816 128 1.78% 119 300 TOTAL SA 4 757 683 3.00% Belgium 130 000 UBISOFT ENTERTAINMENT 898 690 0.57% 114 500 BELGACOM SA 2 816 128 1.78% 52 421 VEOLIA ENVIRONNEMENT 1 019 588 0.64% 138 000 VIVENDI 2 646 150 1.67% Spain 2 010 960 1.27% 84 000 REPSOL YPF SA. MADRID * 2 010 960 1.27% Japan 19 091 038 12.06% 200 000 AJINOMOTO CO. INC 1 627 810 1.02% Netherlands 1 483 470 0.94% 70 000 ASTELLAS PHARMA INC 1 862 245 1.18% 110 000 ING GROEP NV/CERT.OF SHS 933 790 0.59% 140 000 DAI NIPPON PRINTING CO LTD 1 079 684 0.68% 80 000 STMICROELECTRONICS NV 549 680 0.35% 2 334 FUJI MEDIA HOLDINGS INC 2 368 089 1.49% 110 000 HOYA CORP 1 666 583 1.05% Bermuda Islands 1 415 750 0.89% 76 100 ITO EN LTD * 924 848 0.58% 660 000 ESPRIT HOLDINGS LTD 1 415 750 0.89% 38 000 NIPPON TEL&TEL 1 254 336 0.80% 750 NTT DOCOMO INC 915 963 0.58% Hong Kong 1 129 289 0.71% 130 000 RICOH CO LTD 987 020 0.62% 35 000 CHINA MOBILE LIMITED /SADR 1 129 289 0.71% 22 000 ROHM CO LTD 863 354 0.55% 40 000 SECOM LTD 1 313 521 0.83% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 402 055 0.25% 120 000 SEVEN & I HOLDINGS CO LTD 2 210 610 1.40% 45 400 SONY CORP JPY 50 820 838 0.52% Equities 402 055 0.25% 37 700 TAKEDA PHARMACEUTICAL CO LTD 1 196 137 0.76% 402 055 0.25% Russia 40 000 GAZPR SPONS.ADR REPR 2 SHS 402 055 0.25% Switzerland 17 116 249 10.80% 35 000 CREDIT SUISSE GROUP /NOM. 937 520 0.59% 30 000 NESTLE / ACT NOM *OPR* 1 284 021 0.81% 88 000 NOVARTIS AG BASEL/NAM. *OPR* 3 712 398 2.35% 28 500 ROCHE HOLDING AG /GENUSSSCHEIN 3 284 760 2.07%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

GCSF - 3 Julius Baer Multistock - LUXURY BRANDS FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 149 248 055 Income from investment 1 339 180 (Cost: 121 955 743) Bank interest 11 106 Cash at banks 7 305 797 Income from securities lending 69 173 Subscriptions receivable 4 937 678 Equalisation 1 853 Dividends and interest 61 373 Total Income 1 421 312 Other receivables 798 Total Assets 161 553 701 Expenses Management fees 1 323 803 Liabilities Custodian fees and charges 18 608 Payable to brokers 5 572 210 "Taxe d'abonnement" and other taxes 44 929 Payables for redemptions 128 531 Bank interest 391 Management fees payable 165 433 Other expenses* 433 408 "Taxe d'abonnement" payable 15 061 Equalisation 176 057 Other liabilities 54 640 Total Expenses 1 997 196 Total Liabilities 5 935 875 Net Assets 155 617 826 Net profit/loss -575 884 Realised profit/loss on: - Securities 1 550 569 - Foreign currencies -219 776 Net realised profit/loss 754 909 Net change in unrealised appreciation/ depreciation on: - Securities 22 616 613 Total profit/loss 23 371 522

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 21 762 613 42 868 755 Foreign exchange difference – sub-fund 470 970 -481 284 Total profit/loss 11 034 976 23 371 522 Net subscriptions/redemptions 9 616 256 89 944 098 Dividend distributions -16 060 -85 265 Net assets at the end of the financial year 42 868 755 155 617 826

* See Page 12 The TER (Total Expense Ratio) amounts to 2.20% for CHF A shares, 2.18% for EUR A shares, 2.18% for USD A shares, 2.15% for GBP A shares, 2.18% for CHF B shares, 2.20% for EUR B shares, 2.19% for USD B shares, 2.11% for GBP B shares, 1.35% for CHF C shares, 1.44% for EUR C shares, 1.42% for USD C shares, 2.99% for EUR E shares and 3.01% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

LBF - 1 Julius Baer Multistock - LUXURY BRANDS FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-CHF) 10 354.00 27 849.00 40 022.63 Distribution shares (Shares A-EUR) 2 279.00 72 963.00 55 689.48 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 7 720.00 12 016.00 19 837.33 Accumulation shares (Shares B-CHF) 23 255.04 26 996.02 54 377.47 Accumulation shares (Shares B-EUR) 215 756.15 210 197.10 465 232.08 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 22 682.00 54 872.69 109 533.70 Accumulation shares (Shares C-CHF) 10.00 660.00 3 265.29 Accumulation shares (Shares C-EUR) 28 564.62 13 643.61 253 419.27 Accumulation shares (Shares C-USD) 10.00 125.00 20 515.53 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 188.71 1 123.58 30 100.55 Accumulation shares (Shares E-USD) 515.00 278.00 64 151.20

Net Assets 21 762 613 42 868 755 155 617 826

NAV per share Distribution shares (Shares A-CHF) 70.55 91.70 113.64 Distribution shares (Shares A-EUR) 74.43 111.40 149.24 Distribution shares (Shares A-GBP) - 93.89 - Distribution shares (Shares A-USD) 70.21 92.08 146.29 Accumulation shares (Shares B-CHF) 71.62 93.78 116.76 Accumulation shares (Shares B-EUR) 75.37 114.03 153.64 Accumulation shares (Shares B-GBP) - 93.89 - Accumulation shares (Shares B-USD) 71.44 94.34 150.49 Accumulation shares (Shares C-CHF) 72.43 95.62 120.02 Accumulation shares (Shares C-EUR) 76.22 116.26 157.91 Accumulation shares (Shares C-USD) 72.25 96.24 154.76 Accumulation shares (Shares E-CHF) 70.89 - - Accumulation shares (Shares E-EUR) 74.61 112.03 149.82 Accumulation shares (Shares E-USD) 70.72 92.69 146.75

Dividend for the previous financial year (Shares A-CHF) 1.00 0.65 0.50 Dividend for the previous financial year (Shares A-EUR) 0.90 1.00 0.75 Dividend for the previous financial year (Shares A-GBP) - - 0.20 Dividend for the previous financial year (Shares A-USD) 1.05 0.65 0.50

LBF - 2 Julius Baer Multistock - LUXURY BRANDS FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

TOTAL 149 248055 95.91%

TRANSFERABLE SECURITIES ADMITTED TO AN 149 248 055 95.91% OFFICIAL STOCK EXCHANGE

Equities 149 248055 95.91%

United States 39 799 968 25.57% 42 000 BROWN-FORMAN CORP. B /NON-VOT. 2 163 658 1.38% 205 000 COACH INC 9 039 314 5.81% 60 000 ESTEE LAUDER COS A 4 353 140 2.80% 75 000 GUESS INC. 2 175 742 1.40% 100 000 NIKE INC B 6 206 159 3.99% 60 000 POLO RALPH LAUREN A 5 487 878 3.53% 137 000 TIFFANY & CO 7 419 554 4.77% 29 000 TRUE RELIGION APPAREL INC 581 660 0.37% 44 500 UNDER ARMOUR INC /-A- 2 372 863 1.52%

France 35 159 490 22.59% 18 000 DIOR SA.CHRISTIAN 1 953 000 1.25% 27 500 HERMES INTERNATIONAL * 5 607 250 3.60% 60 000 L OREAL 5 373 600 3.45% 84 000 LVMH MOET HENNESSY EUR 0.3 10 424 400 6.70% 92 000 PERNOD-RICARD * 6 253 240 4.02% 31 000 PPR SA 3 806 800 2.45% 30 000 REMY COINTREAU SA 1 741 200 1.12%

Switzerland 25 735 636 16.54% 210 000 CIE FINANCIERE SA 9 469 810 6.09% 240 & SPRUENGLI / REG *OPR* 6 024 702 3.87% 29 500 THE SWATCH GROUP AG 10 241 124 6.58%

Italy 21 435 206 13.77% 106 000 BULGARI SPA 1 290 020 0.82% 640 000 CAMPARI AZ/POST FRAZIONAMENTO 3 628 800 2.33% 73 000 GEOX 301 636 0.19% 210 000 LUXOTTICA GROUP 4 645 200 2.99% 190 000 SALVATORE FERRAGAMO SPA 1 957 000 1.26% 83 000 TOD S SPA 7 656 750 4.92% 154 000 YOOX SPA * 1 955 800 1.26%

United Kingdom 10 529 958 6.77% 410 000 BURBERRY GROUP PLC 6 583 023 4.23% 280 000 DIAGEO PLC 3 946 935 2.54%

Panama 5 969 514 3.84% 230 000 CARNIVAL CORP 5 969 514 3.84%

Cayman Islands 5 410 912 3.48% 2 800 000 BELLE INTERNATIONAL HOLDI LTD 4 070 328 2.62% 3 200 000 HENGDELI 1 165 787 0.75% 100 000 STELLA INTERNATIONAL 174 797 0.11%

Germany 2 460 336 1.58% 31 000 BMW-BAYER.MOTORENWERKE 2 133 111 1.37% 1 500 PUMA AG 327 225 0.21%

Denmark 1 473 250 0.95% 68 000 PANDORA A/S * 1 473 250 0.95%

Bermuda Islands 1 273 785 0.82% 781 000 PORTS DESIGN LTD 1 273 785 0.82%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

LBF - 3 Julius Baer Multistock - NATURAL RESOURCES FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 73 291 844 Income from investment 949 791 (Cost: 70 855 113) Bank interest 982 Cash at banks 1 258 056 Income from securities lending 14 430 Receivable from brokers 2 830 610 Total Income 965 203 Subscriptions receivable 23 232 Dividends and interest 46 695 Other receivables 6 694 Expenses Management fees 1 099 936 Total Assets 77 457 131 Custodian fees and charges 156 054 "Taxe d'abonnement" and other taxes 32 839 Liabilities Bank interest 58 Bank overdraft 5 905 Other expenses* 424 868 Payable to brokers 2 044 543 Equalisation 54 778 Payables for redemptions 411 331 Total Expenses 1 768 533 Management fees payable 97 303 "Taxe d'abonnement" payable 8 284 Other liabilities 48 910 Net profit/loss -803 330 Total Liabilities 2 616 276 Realised profit/loss on: - Securities 5 160 079 Net Assets 74 840 855 - Forward foreign exchange contracts -1 721 - Foreign currencies -451 525 Capital gains tax on realised gains/losses on securities -1 905 Net realised profit/loss 3 901 598 Net change in unrealised appreciation/ depreciation on: - Securities 8 577 957 - Forward foreign exchange contracts 1 701 Total profit/loss 12 481 256

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 133 637 467 48 890 865 Foreign exchange difference – sub-fund -1 944 738 4 544 946 Total profit/loss 21 078 008 12 481 256 Net subscriptions/redemptions -103 869 123 8 935 645 Dividend distributions -10 749 -11 857 Net assets at the end of the financial year 48 890 865 74 840 855

* See Page 12 The TER (Total Expense Ratio) amounts to 2.50% for CHF A shares, 2.49% for EUR A shares, 2.46% for USD A shares, 2.30%1 for GBP A shares, 2.48% for CHF B shares, 2.49% for EUR B shares, 2.49% for USD B shares, 2.30%1 for GBP B shares, 1.78% for CHF C shares, 1.65% for EUR C shares, 1.69% for USD C shares, 3.30% for EUR E shares and 3.25% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

NRF - 1 Julius Baer Multistock - NATURAL RESOURCES FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-CHF) 19 966.00 20 062.09 26 736.87 Distribution shares (Shares A-EUR) 6 886.00 5 407.84 6 246.23 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 16 116.39 8 938.39 4 728.00 Accumulation shares (Shares B-CHF) 143 555.42 86 987.75 73 970.30 Accumulation shares (Shares B-EUR) 126 068.71 113 461.36 127 447.92 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 1 373 330.90 317 147.14 315 453.15 Accumulation shares (Shares C-CHF) 30 010.00 1 650.00 8 910.00 Accumulation shares (Shares C-EUR) 34 361.99 23 951.86 16 616.77 Accumulation shares (Shares C-USD) 187 014.13 54 131.43 64 131.43 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 1 386.54 5 287.14 18 767.35 Accumulation shares (Shares E-USD) 4 139.78 10 558.84 61 742.55

Net Assets 133 637 467 48 890 865 74 840 855

NAV per share Distribution shares (Shares A-CHF) 61.77 63.86 67.76 Distribution shares (Shares A-EUR) 67.15 80.13 92.08 Distribution shares (Shares A-GBP) - 84.24 - Distribution shares (Shares A-USD) 66.46 69.27 94.23 Accumulation shares (Shares B-CHF) 62.31 64.69 68.91 Accumulation shares (Shares B-EUR) 67.86 81.40 93.83 Accumulation shares (Shares B-GBP) - 84.24 - Accumulation shares (Shares B-USD) 67.24 70.42 96.11 Accumulation shares (Shares C-CHF) 63.18 66.09 70.97 Accumulation shares (Shares C-EUR) 68.80 83.19 96.67 Accumulation shares (Shares C-USD) 68.18 71.99 99.04 Accumulation shares (Shares E-CHF) 61.65 - - Accumulation shares (Shares E-EUR) 67.10 79.89 91.40 Accumulation shares (Shares E-USD) 66.50 69.12 93.63

Dividend for the previous financial year (Shares A-CHF) 0.45 0.30 0.30 Dividend for the previous financial year (Shares A-EUR) 0.60 0.40 0.30 Dividend for the previous financial year (Shares A-GBP) - - 0.30 Dividend for the previous financial year (Shares A-USD) 0.60 0.40 0.30

NRF - 2 Julius Baer Multistock - NATURAL RESOURCES FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 73 291844 97.93% 21 030 BP PLC /ADR (6 SHS) 931 419 1.24% 44 906 RIO TINTO PLC /REG. 3 237 395 4.33% TRANSFERABLE SECURITIES ADMITTED TO AN 71 394 418 95.40% 38 625 XSTRATA PLC 850 474 1.14% OFFICIAL STOCK EXCHANGE

Australia 4 668 268 6.25% Equities 71 394418 95.40% 106 633 ASTON RESOURCES LTD * 1 000 053 1.34% 191 198 AUSTRALIAN AGRICULTURAL COMP. 283 505 0.38% United States 17 917 728 23.94% 132 440 CGA MINING LTD 410 316 0.55% 6 800 AGCO CORP 335 648 0.45% 25 770 ENERGY RESOURCES AUSTRALIA -A- 113 116 0.15% 10 177 ARCHER-DANIELS MIDLAND CO 306 837 0.41% 193 554 FORTESCUE METALS GROUP LTD 1 315 840 1.76% 11 320 CABOT OIL+GAS INC/CL. 750 629 1.00% 35 929 GRAINCORP LTD -A- 319 264 0.43% 7 411 CF INDUSTRIES HOLDING INC 1 049 916 1.40% 193 130 INCITEC PIVOT LTD 798 113 1.07% 33 182 CHESAPEAKE ENERGY 985 174 1.32% 45 741 KAROON GAS AUSTRALIA LTD 256 115 0.34% 8 204 CODEXIS INC 79 005 0.11% 69 527 REX MINERALS LTD 171 946 0.23% 29 930 CONSOL ENERGY INC 1 451 006 1.95%

10 660 EOG RESOURCES INC 1 114 503 1.49% Brazil 2 790 760 3.74% 10 128 EXXON MOBIL CORP 824 217 1.10% 27 305 COSAN SA INDUSTRIA E COMERCIO 429 958 0.58% 12 300 FREEPORT MCMORA.COPPER&GOLD 650 670 0.87% 35 639 MINERVA SA 111 554 0.15% 9 600 GENERAL MILLS INC 357 312 0.48% 38 900 OGX PETROLEO E GAS PARTICIP SA 363 291 0.49% 4 624 GEVO INC 72 736 0.10% 36 941 PETROLEO BRASILEIRO /SADR 1 250 822 1.67% 8 819 INTREPID POTASH INC 286 618 0.38% 6 921 SAO MARTINHO SA 106 767 0.14% 3 600 KIOR INC 54 540 0.07% 36 210 SLC AGRICOLA SA *OPR* 428 563 0.58% 356 LINDSAY CORP 24 493 0.03% 6 604 VALE FERTILIZANTES SA 99 805 0.13% 13 231 MONSANTO CO 959 777 1.28%

14 900 MOSAIC CO 1 009 177 1.35% India 1 962 135 2.62% 12 925 NATIONAL OILWELL VARCO INC 1 010 864 1.35% 41 605 ABAN OFFSHORE 488 247 0.65% 9 804 OCCIDENTAL PETROLEUM CORP 1 020 008 1.36% 25 846 JAIN IRRIGATION SYSTEMS 98 492 0.13% 6 185 PIONEER NATURAL RESOURCES CO 553 990 0.74% 21 927 MCLEOD RUSSEL INDIA LTD/DEMAT. 132 290 0.18% 11 640 RANGE RESOURCES 646 020 0.86% 336 973 REI AGRO 191 844 0.26% 949 SANDERSON FARMS INC 45 343 0.06% 52 303 RELIANCE INDUS./DEMATERIALISED 1 051 262 1.40% 13 665 SCHLUMBERGER LTD 1 180 656 1.58%

20 400 SMITHFIELD FOODS 446 148 0.60% Cayman Islands 1 923 959 2.57% 17 432 SOUTHWESTERN ENERGY CO 747 484 1.00% 306 600 CHINA METAL RECYCLING HOLDINGS 373 141 0.50% 19 331 TESORO CORP 442 873 0.59% 278 021 CHINA MODERN DAIRY HODLINGS 85 751 0.11% 4 122 TITAN INTERNATIONAL INC 100 000 0.13% 127 000 ENN ENERGY HOLDINGS 430 882 0.58% 23 580 TYSON FOODS INC-A- 457 924 0.61% 435 000 MONGOLIAN MINING CORP 537 793 0.72% 16 114 VALERO ENER. CORP 412 035 0.55% 272 743 VANTAGE DRILLING COMPANY 496 392 0.66% 9 526 WHITING PETROLEUM CORP 542 125 0.72%

Norway 1 880 315 2.51% Canada 12 616 137 16.84% 134 209 AKER DRILLING ASA 420 229 0.56% 5 123 AGRIUM INC 449 556 0.60% 44 500 ATACAMA PACIFIC GOLD CORP 235 157 0.31% 57 350 STATOIL ASA 1 460 086 1.95% 151 400 BELO SUN MINING CORP 163 150 0.22% 1 426 367 1.90% 22 510 CANADIAN NATURAL RESOUR. 942 269 1.26% Hong Kong 12 500 DETOUR GOLD CORPORATION 362 009 0.48% 158 500 BEIJING ENTERPRISES HLD LTD 825 982 1.10% 18 997 ENCANA CORP 584 918 0.78% 566 960 CHINA AGRI INDUSTRIES HOLDINGS 600 385 0.80% 8 100 FIRST QUANTUM MINERALS LTD * 1 180 211 1.58% 1 345 233 1.80% 6 075 GLG LIFE TECH CORP 40 727 0.05% Bermuda Islands 20 850 GOLDCORP INC 1 006 430 1.34% 354 228 CHINA GREEN (HOLDINGS) LTD * 225 7950.30% 23 609 IMPERIAL OIL LTD 1 099 943 1.47% 55 728 CHINA YURUN FOOD GROUP LTD * 156 844 0.21% 57 600 KINROSS GOLD CORP 910 080 1.22% 29 052 COSAN LTD -A- 357 049 0.48% 8 761 MAPLE LEAF FOODS INC 107 935 0.14% 32 976 FRONTLINE LTD 477 544 0.64% 17 110 NEXEN INC 384 975 0.51% 90 089 PURECIRCLE LTD REGISTERED * 128 001 0.17% 12 100 NORTHERN DYN MIN 122 868 0.16% 30 211 POTASH CORP SASKATCHEWAN 1 724 195 2.30% Indonesia 1 315 751 1.76% 25 700 QUADRA FNX MINING LTD 381 332 0.51% 3 240 840 BUMI RESOURCES 1 114 847 1.49% 30 636 SUNCOR ENERGY 1 197 868 1.60% 38 500 INDO TAMBANGRAYA MEGAH (ITM) 200 904 0.27% 20 000 TAHOE RESOURCES INC 373 018 0.50% 15 900 TECK RESOURCES / -B- 806 766 1.08% Germany 1 235 087 1.65% 11 850 ULTRA PETROLEUM 542 730 0.73% 8 527 ASIAN BAMBOO AG * 321 435 0.43% 11 890 K & S AG 913 652 1.22% United Kingdom 11 735 187 15.70% 47 984 ANGLO AMERICAN PLC 2 378 483 3.18% Switzerland 1 153 358 1.54% 37 165 ANTOFAGASTA PLC 831 752 1.11% 1 938 SYNGENTA AG /NAM. 653 212 0.87% 64 152 BG GROUP PLC 1 456 319 1.96% 7 747 TRANSOCEAN LTD *OPR* 500 146 0.67%

20 973 BHP BILLITON PLC 825 615 1.10% 166 191 BP PLC 1 223 730 1.64%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. NRF - 3 Julius Baer Multistock - NATURAL RESOURCES FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

Italy 983 113 1.31% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 736 283 0.98% 14 309 ENI SPA /SADR REP.10 SH. 680 393 0.91% 23 460 FIAT INDUSTRIAL SPA 302 720 0.40% Equities 736 283 0.98%

Netherlands 899 298 1.20% Russia 736 283 0.98% 34 006 SBM OFFSHORE NV * 899 298 1.20% 48 824 GAZPR SPONS.ADR REPR 2 SHS 711 512 0.95% 14 155 RAZGULAY GROUP OJSC 24 771 0.03% South Africa 849 889 1.14% UNLISTED SECURITIES 1 161 143 1.55% 16 069 SASOL LTD /SPONS.ADR 849 889 1.14%

Equities 1 111 943 1.48% Singapore 820 578 1.09% 63 783 CHINA MINZHONG FOOD CORP LTD 77 936 0.10% Virgin Islands, British 698 764 0.93% 315 144 EZRA HOLDINGS LTD 382 506 0.51% 231 420 UNION AGRICULTURE /REG.S 509 124 0.68% 66 805 FIRST RESSOURCES LTD * 75 643 0.10% 86 200 UNION AGRICULTURE GROUP CORP 189 640 0.25% 64 436 WILMAR INTERNATIONAL LTD 284 493 0.38%

Bermuda Islands 413 179 0.55% Papua New Guinea 797 340 1.07% 454 746 ASIAN CITRUS HLDGS 413 179 0.55% 111 994 OIL SEARCH LTD 797 3401.07%

Options, warrants, rights 49 200 0.07% Kazakhstan 604 675 0.81% 30 137 KAZMUNAIGAS EXPL.PR/REGS/GDR 604 675 0.81% EUR 49 200 0.07%

11 319 RIGHTS BOURBON SA 12.07.11 * 49 200 0.07% Jersey 568 695 0.76% 28 121 BLACK EARTH FARMING LTD /SDR * 109 1850.15% 58 293 GLENCORE INTL 459 510 0.61%

Austria 566 575 0.76% 12 972 OMV AG 566 575 0.76%

Japan 526 003 0.70% 236 000 SUMITOMO METAL INDUSTRIES 526 003 0.70%

Israel 482 701 0.64% 5 294 EVOGENE LTD 24 879 0.03% 28 847 ISRAEL CHEMICALS 457 822 0.61%

France 482 261 0.64% 11 095 BOURBON 482 261 0.64%

Argentina 480 909 0.64% 10 675 YPF / SADS -D- ADR 480 909 0.64%

Thailand 415 040 0.55% 171 168 THAI OIL PUBLIC CO/FOR.REG. 415 040 0.55%

Luxembourg 234 800 0.31% 11 592 ADECOAGRO SA 129 367 0.17% 3 806 KERNEL HOLDING SA 105 433 0.14%

Ireland 191 114 0.26% 201 935 PLC 191 114 0.26%

Russia 180 485 0.24% 4 020 URALKALITY /GDR 180 485 0.24%

Denmark 173 942 0.23% 100 236 TRIGON AGRI A/S 173 942 0.23%

Cyprus 162 150 0.22% 11 750 ROS AGRO PLC /GDR 162 150 0.22%

China 4 565 0.01% 5 524 CHINA BLUECHEMICAL LTD -H- 4 565 0.01%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences. NRF - 4 Julius Baer Multistock - NORTHERN AFRICA FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 EUR from 1 July 2010 to 30 June 2011 EUR

Assets Income Investments at market value 79 154 948 Income from investment 1 403 988 (Cost: 88 231 573) Bank interest 17 723 Cash at banks 5 814 947 Income from securities lending 19 972 Receivable from brokers 470 443 Other income 1 055 Subscriptions receivable 42 713 Equalisation 409 620 Dividends and interest 102 515 Total Income 1 852 358 Total Assets 85 585 566

Expenses Liabilities Management fees 1 541 561 Bank overdraft 1 616 Custodian fees and charges 215 353 Payable to brokers 850 889 "Taxe d'abonnement" and other taxes 43 402 Payables for redemptions 337 826 Bank interest 15 059 Management fees payable 105 019 Other expenses* 740 349 "Taxe d'abonnement" payable 8 973 Equalisation 236 794 Other liabilities 66 642 Total Expenses 2 792 518 Total Liabilities 1 370 965 Net Assets 84 214 601 Net profit/loss -940 160 Realised profit/loss on: - Securities -3 216 769 - Forward foreign exchange contracts 1 712 - Foreign currencies -1 440 675 Net realised profit/loss -5 595 892 Net change in unrealised appreciation/ depreciation on: - Securities -8 067 881 - Forward foreign exchange contracts 1 Total profit/loss -13 663 772

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 EUR EUR Net assets at the beginning of the financial year 45 249 082 84 006 424 Foreign exchange difference – sub-fund 1 340 371 -2 045 511 Total profit/loss 10 740 046 -13 663 772 Net subscriptions/redemptions 26 815 475 16 058 865 Dividend distributions -138 550 -141 405 Net assets at the end of the financial year 84 006 424 84 214 601

* See Page 12 The TER (Total Expense Ratio) amounts to 2.66% for CHF A shares, 2.49% for EUR A shares, 2.62% for USD A shares, 2.50%1 for GBP A shares, 2.68% for CHF B shares, 2.78% for EUR B shares, 2.84% for USD B shares, 2.51%1 for GBP B shares, 1.72% for CHF C shares, 1.65% for EUR C shares, 1.69% for USD C shares, 3.47% for EUR E shares and 3.20%1 for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 1 Due to the limited volume of this share class, the TER amount indicated is not applicable. The accompanying notes form an integral part of the financial statements.

NAF - 1 Julius Baer Multistock - NORTHERN AFRICA FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 EUR EUR EUR Number of shares outstanding Distribution shares (Shares A-CHF) 2 196.58 3 226.58 4 434.61 Distribution shares (Shares A-EUR) 18 145.80 19 012.13 28 234.36 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 23 364.19 14 958.25 24 194.87 Accumulation shares (Shares B-CHF) 26 444.86 37 448.82 88 664.91 Accumulation shares (Shares B-EUR) 316 155.84 358 549.71 325 821.85 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 97 099.02 89 014.38 393 856.66 Accumulation shares (Shares C-CHF) 10.00 22 170.00 35 810.00 Accumulation shares (Shares C-EUR) 111 949.35 228 502.27 64 387.65 Accumulation shares (Shares C-USD) 8 951.32 95 777.32 94 183.42 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 11 158.45 19 830.95 31 003.19 Accumulation shares (Shares E-USD) 12 769.00 9 976.00 5 891.00

Net Assets 45 249 082 84 006 424 84 214 601

NAV per share Distribution shares (Shares A-CHF) 67.50 73.35 60.50 Distribution shares (Shares A-EUR) 73.77 92.83 83.29 Distribution shares (Shares A-GBP) - 96.37 - Distribution shares (Shares A-USD) 71.45 78.12 82.60 Accumulation shares (Shares B-CHF) 72.42 81.94 69.49 Accumulation shares (Shares B-EUR) 78.86 103.05 94.70 Accumulation shares (Shares B-GBP) - 96.37 - Accumulation shares (Shares B-USD) 77.94 88.92 96.57 Accumulation shares (Shares C-CHF) 73.58 84.00 71.90 Accumulation shares (Shares C-EUR) 80.07 105.57 97.78 Accumulation shares (Shares C-USD) 79.13 91.10 99.83 Accumulation shares (Shares E-CHF) 71.66 - - Accumulation shares (Shares E-EUR) 77.99 101.15 92.12 Accumulation shares (Shares E-USD) 77.07 87.28 94.05

Dividend for the previous financial year (Shares A-CHF) 4.35 2.90 2.20 Dividend for the previous financial year (Shares A-EUR) 4.60 3.00 2.20 Dividend for the previous financial year (Shares A-GBP) - - 1.80 Dividend for the previous financial year (Shares A-USD) 5.25 3.50 2.50

NAF - 2 Julius Baer Multistock - NORTHERN AFRICA FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) EUR assets (in 1000) EUR assets

TOTAL 79 154948 93.99% Switzerland 1 010 795 1.20% 44 547 ORASCOM DEVELOPMENT HOLDING AG 1 010 795 1.20% TRANSFERABLE SECURITIES ADMITTED TO AN 55 743 479 66.16% OFFICIAL STOCK EXCHANGE Nigeria 928 258 1.10% 7 066 991 GUARANTY TRUST BANK 497 948 0.59% Equities 55 587256 65.97% 124 777 GUARANTY TRUST BK PLC/SGDR 430 310 0.51%

Egypt 18 627 245 22.10% Singapore 861 096 1.02% 2 710 000 AMER GROUP 460 360 0.55% 6 521 741 GMG GLOBAL * 861 096 1.02% 122 728 COMMERCIAL INTL /GDR(REGS) 428 323 0.51%

207 528 COMMERCIAL INTL.BANK LTD 713 708 0.85% France 789 862 0.94% 472 114 CREDIT AGRICOLE EGYPT 559 219 0.66% 8 750 STE.INTERN.PLAN.HEVEAS SIPH* 789 862 0.94% 483 444 EGYPT LEBANON CERAMICS 842 478 1.00%

219 694 EGYPTIAN INTL.PHARMACEUTICAL 970 331 1.15% Germany 516 800 0.61% 605 664 EGYPTIAN KUWAITI HOLDING 534 710 0.63% 882 405 EZZ STEEL 1 081 918 1.28% 68 000 ADC AFRICAN DE CORP GMBH & CO 516 800 0.61% 420 400 MARIDIVE & OIL SERVICES S.A.E. 985 868 1.17% 445 850 0.53% 140 122 NATIONAL SOCIETE GENERALE BANK 582 935 0.69% Jersey 480 693 OLYMPIC GROUP FINANCIAL INV 1 983 111 2.35% 7 662 RANDGOLD RESOURCES LTD 445 850 0.53% 171 511 ORASCOM CONSTRUCTION INDUSTRIE 5 344 256 6.34% 2 755 159 ORASCOM TELECOM HOLDING 1 299 026 1.54% Morocco 414 176 0.49% 1 801 810 PALM HILLS DEVLOPMENTS SAE 485 150 0.58% 32 640 MAROC TELECOM 414 176 0.49% 139 068 SEWEDY ELEC 586 746 0.70% 158 111 SIXTH OF OCT.DVPT&INV/SODIC SA 1 134 292 1.35% Options, warrants, rights 156 223 0.19% 367 939 TELECOM EGYPT 634 814 0.75% 156 223 0.19% USD United Kingdom 8 164 302 9.70% 150 000 BANRO CORPORAT 08 WRT 156 223 0.19% 2 183 156 FIRESTONE DIAMONDS PLC * 740 345 0.88% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 19 341 424 22.98% 270 000 HUMMINGBIRD RESOURCES PLC 370 731 0.44% 651 531 KALAHARI MINERALS PLC * 1 688 202 2.00% Equities 19 198 808 22.82% 112 000 LN MINING 443 681 0.53% 12 447 635 LONRHO * 2 446 576 2.91% Morocco 7 795 270 9.27% 180 235 TULLOW OIL PLC 2 474 767 2.94% 62 970 ATTIJARIWAFA BANK 1 986 500 2.36%

7 087 BCP MAROC 249 801 0.30% Canada 7 909 978 9.39% 182 550 DOUJA PROM.GRP ADDOHA MAROC 1 576 448 1.87% 239 700 ANVIL MINING LTD 1 048 393 1.24% 8 793 HOLCIM 1 851 854 2.20% 701 252 BANRO CORP 1 834 438 2.18% 6 670 LAFARGE CIMENTS 981 554 1.17% 27 561 FIRST QUANTUM MINERALS LTD * 2 769 789 3.29% 4 795 SALAFIN (GRP BMCE) 291 125 0.35% 174 124 IAMGOLD SHS 2 257 358 2.68% 3 465 WAFA ASSURANCES. MAROC 857 988 1.02%

Tunisia 5 073 009 6.03% Nigeria 6 456 019 7.67% 27 966 AMEN BANK AB TUNISIE 882 177 1.05% 23 407 275 ACCESS BANK NIGERIA 751 608 0.89% 9 867 BANQUE DE L HABITAT 90 302 0.11% 7 300 301 DANGOTE FLOUR MILLS PLC 528 254 0.63% 54 000 BANQUE DE TUNISIE 297 122 0.35% 9 199 396 DANGOTE SUGAR REFINERY 535 451 0.64% 136 600 BANQUE NATIONALE AGRICOLE BNA 820 564 0.97% 7 188 500 DIAMOND BANK NIGERIA PLC 167 428 0.20% 17 700 BIAT 518 223 0.62% 112 200 DIAMOND BANK NIGERIA PLC/GDR 328 896 0.39% 80 300 L ACCUMULATEUR TUNISIEN(ASSAD) 451 9660.54% 8 351 975 FIRST BK OF NIGERIA 472 151 0.56% 268 199 POULINA GROUP HOLDING 1 104 746 1.31% 1 872 080 GLAXOSMITHKLINE NIGERIA 228 089 0.27% 377 851 TUNISIE PROFIELS ALUMINIUM 907 909 1.08% 402 999 GUINESS NIGERIA 446 532 0.53%

1 211 925 NIGERIAN BREWERIES PLC 479 585 0.57% Bermuda Islands 4 639 429 5.50% 21 375 655 SKYE BANK PLC 713 441 0.85% 649 021 AFRICAN MINERALS LTD 3 722 734 4.41% 36 957 500 UNITED BANK FOR AFRICA 942 679 1.12% 5 301 290 DOMINION PETROLEUM * 213 3830.25% 13 000 000 ZENITH BANK 861 905 1.02% 1 578 006 NAMAKWA DIAMONDS LTD 703 312 0.84%

Kenya 3 206 734 3.81% Ireland 3 901 156 4.62% 3 796 000 BARCLAYS BANK 504 146 0.60% 4 765 724 KENMARE RESOURCES PLC 3 110 901 3.68% 580 300 EAST AFRICAN BREWERIES LTD 873 752 1.04% 7 245 320 PETROCELTIC INTL PLC * 790 255 0.94% 4 985 800 EQUITY BANK LTD 991 318 1.18%

27 459 700 SAFARICOM 837 518 0.99% Australia 2 305 300 2.74%

817 900 CENTAMIN EGYPT 1 141 154 1.36% Egypt 1 061 456 1.26% 105 000 MINERAL DEPOSITS LIMITED 440 394 0.52% 1 655 000 JUHAYNA FOOD INDUSTRIES 1 061 456 1.26% 5 620 000 NYOTA MINERALS 723 752 0.86%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

NAF - 3 Julius Baer Multistock - NORTHERN AFRICA FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011 (continued)

Number/ Securities Market % of Nominal value value net (in 1000) EUR assets

Zambia 679 329 0.81% 1 389 629 ZAMBEEF PRODUCT PLC 679 329 0.81%

Options, warrants, rights 142 616 0.16%

TND 142 616 0.16% 80 300 RIGHTS ASSAD 20 544 0.02% 377 851 RIGHTS TUNISIE PROFILES AL 122 072 0.14%

UNLISTED SECURITIES 4 070 045 4.85%

Equities 4 070045 4.85%

Kenya 2 353 636 2.81% 374 200 ATHI RIVER MINING LTD 525 867 0.63% 296 800 BAMBURI CEMENT CO LTD 410 221 0.49% 254 400 DIAMOND TRUST OF KENYA LTD 235 722 0.28% 1 125 400 KENYA AIRWAYS LTD 330 211 0.40% 3 090 810 KENYA COMMERCIAL BANK 572 776 0.68% 2 665 100 KENYA ELECTR GEN CO 278 839 0.33%

Nigeria 1 501 403 1.78% 3 590 000 ASHAKA CEMENT 377 485 0.45% 951 794 DANGOTE CEMENT PLC 559 545 0.66% 311 978 NESTLE FOODS NIGERIA PLC 564 373 0.67%

Togo 215 006 0.26% 3 150 000 ECOBANK TRANSNATIONAL INC 215 006 0.26%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

NAF - 4 Julius Baer Multistock - RUSSIA FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 39 463 900 Income from investment 508 902 (Cost: 36 705 371) Bank interest 1 306 Cash at banks 386 121 Income from securities lending 22 Receivable from brokers 802 883 Equalisation 791 Subscriptions receivable 531 Total Income 511 021 Dividends and interest 320 830 Total Assets 40 974 265 Expenses Management fees 410 624 Liabilities Custodian fees and charges 116 626 Payable to brokers 1 096 767 "Taxe d'abonnement" and other taxes 11 456 Payables for redemptions 10 807 Bank interest 695 Management fees payable 45 841 Other expenses* 126 443 "Taxe d'abonnement" payable 3 478 Equalisation 124 745 Other liabilities 22 821 Total Expenses 790 589 Total Liabilities 1 179 714 Net Assets 39 794 551 Net profit/loss -279 568 Realised profit/loss on: - Securities 2 636 025 - Forward foreign exchange contracts -115 - Futures 9 092 - Foreign currencies -119 191 Net realised profit/loss 2 246 243 Net change in unrealised appreciation/ depreciation on: - Securities 286 415 - Forward foreign exchange contracts -4 - Futures -55 Total profit/loss 2 532 599

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 59 527 503 20 840 719 Foreign exchange difference – sub-fund -528 547 3 289 351 Total profit/loss 24 763 074 2 532 599 Net subscriptions/redemptions -62 916 701 13 136 589 Dividend distributions -4 610 -4 707 Net assets at the end of the financial year 20 840 719 39 794 551

* See Page 12 The TER (Total Expense Ratio) amounts to 2.42% for CHF A shares, 2.46% for EUR A shares, 2.52% for USD A shares, 2.50% for GBP A shares, 2.42% for CHF B shares, 2.47% for EUR B shares, 2.45% for USD B shares, 2.50% for GBP B shares, 1.77% for CHF C shares, 1.69% for EUR C shares, 1.78% for USD C shares, 3.19% for EUR E shares and 3.27% for USD E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

RUF - 1 Julius Baer Multistock - RUSSIA FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-CHF) 22 562.33 21 515.10 - Distribution shares (Shares A-EUR) 2 585.31 2 994.21 14 583.21 Distribution shares (Shares A-GBP) - 10.00 - Distribution shares (Shares A-USD) 8 622.88 1 606.00 17 974.49 Accumulation shares (Shares B-CHF) 14 765.00 12 677.30 - Accumulation shares (Shares B-EUR) 33 075.52 41 037.60 85 825.92 Accumulation shares (Shares B-GBP) - 10.00 - Accumulation shares (Shares B-USD) 1 046 164.64 57 570.09 75 191.30 Accumulation shares (Shares C-CHF) 10.00 10.00 - Accumulation shares (Shares C-EUR) 18 010.00 82 260.96 88 948.99 Accumulation shares (Shares C-USD) 10.00 10.00 11 507.18 Accumulation shares (Shares E-CHF) 10.00 - - Accumulation shares (Shares E-EUR) 10.00 3 123.79 4 790.95 Accumulation shares (Shares E-USD) 10.00 546.64 4 003.45

Net Assets 59 527 503 20 840 719 39 794 551

NAV per share Distribution shares (Shares A-CHF) 54.05 73.47 - Distribution shares (Shares A-EUR) 56.88 89.35 103.05 Distribution shares (Shares A-GBP) - 86.65 - Distribution shares (Shares A-USD) 50.60 69.59 95.06 Accumulation shares (Shares B-CHF) 54.04 73.66 - Accumulation shares (Shares B-EUR) 56.88 89.51 103.40 Accumulation shares (Shares B-GBP) - 86.65 - Accumulation shares (Shares B-USD) 50.60 69.66 95.30 Accumulation shares (Shares C-CHF) 54.53 74.96 - Accumulation shares (Shares C-EUR) 57.39 91.10 106.03 Accumulation shares (Shares C-USD) 51.06 70.89 97.68 Accumulation shares (Shares E-CHF) 53.68 - - Accumulation shares (Shares E-EUR) 56.48 88.40 101.35 Accumulation shares (Shares E-USD) 50.28 68.80 93.41

Dividend for the previous financial year (Shares A-CHF) - 0.20 0.15 Dividend for the previous financial year (Shares A-EUR) - 0.15 0.15 Dividend for the previous financial year (Shares A-GBP) - - 0.40 Dividend for the previous financial year (Shares A-USD) - 0.10 0.15

RUF - 2 Julius Baer Multistock - RUSSIA FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) USD assets

TOTAL 39 463900 99.17%

TRANSFERABLE SECURITIES ADMITTED TO AN 22 539 789 56.64% OFFICIAL STOCK EXCHANGE

Equities 22 539789 56.64%

Russia 19 686 365 49.47% 25 000 BANK ST.PETERSBURG -A- PREF 137 500 0.35% 53 900 CHELYABINSK ZINC PLAN.OJSC/GDR 237 160 0.59% 17 500 CHERKIZOVO GROUP /SGDR 348 250 0.88% 43 000 LUKOIL /SADR REP.1 SHS. 2 728 974 6.86% 15 000 MAGNIT OJSC - SGDR 470 850 1.18% 45 000 MECHEL OJSC /ADR 1 075 050 2.70% 132 500 MMC NORILSK NICKEL /SADR 3 460 238 8.70% 10 500 NOVATEK OAO /SGDR 1 450 050 3.64% 43 000 OAO TATNEFT /SGDR REP.6 REGS 1 840 086 4.62% 20 000 POLYMETAL JT STK CO/SGDR REGS 381 886 0.96% 203 000 ROSNEFT OIL CO OJSC/SGDR 1 709 260 4.30% 195 000 RUSHYDRO OJSC /SADR 939 412 2.36% 100 000 SBERBANK /PREF. 239 000 0.60% 107 000 SEVERSTAL CHEREPOVETS MET/SGDR 1 954 965 4.91% 270 000 TNK-BP HOLDING 837 000 2.10% 20 000 URALKALITY /GDR 897 934 2.26% 150 000 VNESHTORGBANK SGDR 920 250 2.31% 1 500 000 WGC-6 58 500 0.15%

Luxembourg 1 090 250 2.74% 35 000 EVRAZ GROUP SA /SGDR REP.REGS 1 090 250 2.74%

Jersey 823 518 2.07% 600 000 UNITED COMPANY RUSAL PLC 823 518 2.07%

Cyprus 481 139 1.21% 26 500 GLOBALTRANS INVESTMENT PLC GDR 481 139 1.21%

United Kingdom 458 517 1.15% 160 000 HIGHLAND GOLD MINING LTD 458 517 1.15%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 16 924 111 42.53%

Equities 16 924111 42.53%

Russia 16 924 111 42.53% 20 000 AKRON OJSC 951 000 2.39% 30 000 ARMADA JSC 414 300 1.04% 55 000 BANK ST.PETERSBURG OJSC 286 000 0.72% 8 500 BASHNEFT OJSC 465 375 1.17% FEDERAL HYDROGENERATING 5 847 335 274 825 0.69% COMPANY OJSC 130 000 000 FSK EES 1 764 100 4.43% 230 000 GAZPR SPONS.ADR REPR 2 SHS 3 351 790 8.43% 4 000 GAZPROM AVTOMATIZATSIYA /PREF 46 000 0.12% 3 000 GAZPROM AVTOMATIZATSIYA OJSC 75 000 0.19% 3 000 000 IDGC HOLDING 402 000 1.01% 420 000 JSC SURGUTNEFTEGAZ 403 410 1.01% 910 000 JSC SURGUTNEFTEGAZ /PREF 439 530 1.10% 50 000 JSC SURGUTNEFTEGAZ /SADR 495 000 1.25% 18 000 KALINA CONCERN OJSC 900 000 2.26% 13 000 LUKOIL HOLDING 817 375 2.05% 95 000 M VIDEO COMPANY JSC 864 500 2.17% 980 000 SBERBANK OF RUSSIA OJSC 3 493 699 8.78% 550 TRANSNEFT OJSC MOSCOW 797 500 2.00% 4 000 VSMPO-AVISMA CORPORATION 640 000 1.61% 95 000 YAKUTIA RAILWAYS JSC 42 707 0.11%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

RUF - 3 Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 CHF from 1 July 2010 to 30 June 2011 CHF

Assets Income Investments at market value 118 524 671 Income from investment 1 677 441 (Cost: 117 553 392) Bank interest 16 Cash at banks 774 872 Income from securities lending 82 826 Receivable from brokers 633 918 Equalisation 105 557 Subscriptions receivable 2 609 Total Income 1 865 840 Dividends and interest 66 590 Total Assets 120 002 660 Expenses Management fees 1 617 985 Liabilities Custodian fees and charges 46 899 Payable to brokers 369 510 "Taxe d'abonnement" and other taxes 55 391 Payables for redemptions 139 364 Bank interest 2 973 Management fees payable 124 798 Other expenses* 630 125 "Taxe d'abonnement" payable 12 008 Total Expenses 2 353 373 Other liabilities 54 006 Total Liabilities 699 686 Net profit/loss -487 533 Net Assets 119 302 974 Realised profit/loss on: - Securities 4 350 427 - Foreign currencies -880 Net realised profit/loss 3 862 014 Net change in unrealised appreciation/ depreciation on: - Securities 5 864 930 Total profit/loss 9 726 944

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 CHF CHF Net assets at the beginning of the financial year 96 302 432 120 471 097 Total profit/loss 16 525 159 9 726 944 Net subscriptions/redemptions 7 683 097 -10 865 688 Dividend distributions -39 591 -29 379 Net assets at the end of the financial year 120 471 097 119 302 974

* See Page 12 The TER (Total Expense Ratio) amounts to 2.00% for A shares, 2.00% for B shares, 1.17% for C shares and 2.76% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

SSSF - 1 Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 CHF CHF CHF Number of shares outstanding Distribution shares (Shares A-CHF) 49 305.57 67 446.34 49 139.00 Accumulation shares (Shares B-CHF) 238 115.59 228 973.72 183 195.93 Accumulation shares (Shares C-CHF) 18 252.75 29 576.62 58 929.18 Accumulation shares (Shares E-CHF) 5 635.30 4 060.20 4 367.32

Net Assets 96 302 432 120 471 097 119 302 974

NAV per share Distribution shares (Shares A-CHF) 256.79 302.88 328.41 Accumulation shares (Shares B-CHF) 322.76 381.71 414.60 Accumulation shares (Shares C-CHF) 347.82 414.86 454.45 Accumulation shares (Shares E-CHF) 77.89 91.43 98.57

Dividend for the previous financial year (Shares A-CHF) 0.50 0.80 0.60

SSSF - 2 Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) CHF assets (in 1000) CHF assets

TOTAL 118 524671 99.35% UNLISTED SECURITIES 0 0.00%

TRANSFERABLE SECURITIES ADMITTED TO AN 114 903 985 96.32% Equities 0 0.00% OFFICIAL STOCK EXCHANGE Switzerland 0 0.00% Equities 113 226182 94.91% 6 139 EASYONE AG 0 0.00% 18 000 MINICAP TECHN.-A-/REG. 0 0.00% Switzerland 113 226 182 94.91% 125 986 ARYZTA AG /NAM. 5 675 668 4.75% 26 930 BALOISE HOLDING/NAMEN 2 336 178 1.96% 10 036 BANK SARASIN & CO LTD -B- 334 199 0.28% 4 279 AG /NAM. 3 564 407 2.99% 976 BELL AG 2 000 800 1.68% 44 926 BOBST GROUP SA. PRILLY /NOM. 1 415 169 1.19% 14 230 BUCHER INDUSTRIES AG/NAM *OPR* 2 638 242 2.21% 9 270 BURCKHARDT COMPRESSION HLDG AG 2 373 120 1.99% 306 250 /NAMEN-AKT. 4 921 438 4.13% 17 442 DAETWYLER HOLDING AG 1 275 010 1.07% 6 659 FISCHER GEORG AG/NAM. 3 078 123 2.58% 8 355 GALENICA AG /NAMENAKTIE * 4 494 990 3.77% 158 587 GAM HOLDING AG/NAMEN-AKT *OPR* 2 188 501 1.83% 31 488 GEBERIT AG/NAMEN-AKTIEN *OPR* 6 272 409 5.25% 3 669 SA /REG. 3 263 576 2.74% 11 415 GOLDBACH GROUP AG/NAMEN AKT 389 822 0.33% 4 530 HELVETIA HOLDING SA /NOM. 1 630 800 1.37% 5 375 INTERROLL HOLDING LTD/NAM. 2 018 313 1.69% 6 928 KABA HOLDING AG RUEMLANG 2 530 452 2.12% 45 973 KARDEX / NAMEN AKT. 965 433 0.81% 10 364 KOMAX HOLDING AG 1 018 263 0.85% 43 194 KUEHNE +NAGEL INTERNATIONAL 5 511 553 4.62% 10 454 KUONI REISEN HOLDING /NAM.-B- 3 397 550 2.85% 675 LINDT & SPRUENGLI /PARTIZ 1 768 500 1.48% 368 056 LOGITECH INTERNATIONAL SA * 3 467 088 2.91% 22 589 HOLDING 3 361 243 2.82% 2 305 PHOENIX MECANO AG (CHF10) 1 490 183 1.25% 29 110 SCHINDLER HOLDING/PARTIC.*OPR* 2 975 042 2.49% 2 384 SCHLATTER HOLDING/NAMEN-AKT 571 922 0.48% 178 809 SCHMOLZ+BICKENBACH/NAM.(CHF10) 1 859 614 1.56% 2 715 SIKA SA. BAAR 5 503 304 4.61% 67 818 SONOVA HOLDING AG /NOM. 5 323 712 4.46% 17 073 STRAUMANN HOLDING AG/NOM. 3 457 283 2.90% 20 680 SWISS LIFE HOLDING /NAM. 2 851 772 2.39% 39 189 SWISSQUOTE GROUP HLD /NOM. 1 763 505 1.48% 138 071 TEMENOS GROUP AG /NAMEN. 3 576 039 3.00% 65 771 THE SWATCH GROUP AG/NAM. 4 965 710 4.16% 102 908 TORNOS HLDG 1 322 368 1.11% 1 003 VETROP. HLD SA.SAINT-PREX 1 795 370 1.50% 10 153 VZ HOLDING AG 1 440 711 1.21% 938 ZEHNDER GROUP AG 2 438 800 2.04%

Investment funds 1 677 803 1.41%

Switzerland 1 677 803 1.41% 12 375 CS ETF (CH) SMIM R 1 677 803 1.41%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 3 620 686 3.03%

Equities 3 620686 3.03%

Switzerland 3 620 686 3.03% 26 467 SULZER AG/ NAMENSAKTIEN 3 620 686 3.03%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

SSSF - 3 Julius Baer Multistock - SWISS STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 CHF from 1 July 2010 to 30 June 2011 CHF

Assets Income Investments at market value 226 901 229 Income from investment 4 682 116 (Cost: 222 753 732) Bank interest 171 Derivative instruments at market value: Income from securities lending 224 186 - Futures -13 770 Equalisation 123 105 Cash at banks 2 515 621 Total Income 5 029 578 Subscriptions receivable 42 291 Dividends and interest 20 082 Expenses Total Assets 229 465 453 Management fees 2 384 086 Custodian fees and charges 54 881 Liabilities "Taxe d'abonnement" and other taxes 114 936 Payables for redemptions 174 844 Bank interest 850 Management fees payable 182 249 Other expenses* 989 591 "Taxe d'abonnement" payable 26 452 Total Expenses 3 544 344 Other liabilities 96 973 Total Liabilities 480 518 Net profit/loss 1 485 234 Net Assets 228 984 935 Realised profit/loss on: - Securities 8 928 254 - Futures -103 403 - Foreign currencies -8 579 Net realised profit/loss 10 301 506 Net change in unrealised appreciation/ depreciation on: - Securities -2 219 499 - Futures 20 340 Total profit/loss 8 102 347

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 CHF CHF Net assets at the beginning of the financial year 241 695 881 250 194 644 Total profit/loss 33 850 188 8 102 347 Net subscriptions/redemptions -25 214 797 -29 150 008 Dividend distributions -136 628 -162 048 Net assets at the end of the financial year 250 194 644 228 984 935

* See Page 12 The TER (Total Expense Ratio) amounts to 1.48% for A shares, 1.48% for B shares, 0.70% for C shares and 2.21% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

SSF - 1 Julius Baer Multistock - SWISS STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 CHF CHF CHF Number of shares outstanding Distribution shares (Shares A-CHF) 173 431.77 166 330.44 159 769.99 Accumulation shares (Shares B-CHF) 618 360.36 549 546.52 455 988.03 Accumulation shares (Shares C-CHF) 20 647.31 24 029.40 43 071.40 Accumulation shares (Shares E-CHF) 5 358.27 10 151.59 5 905.85

Net Assets 241 695 881 250 194 644 228 984 935

NAV per share Distribution shares (Shares A-CHF) 236.49 268.28 275.66 Accumulation shares (Shares B-CHF) 312.74 355.81 366.83 Accumulation shares (Shares C-CHF) 334.89 384.02 399.09 Accumulation shares (Shares E-CHF) 70.67 79.81 81.67

Dividend for the previous financial year (Shares A-CHF) 1.20 0.80 1.00

SSF - 2 Julius Baer Multistock - SWISS STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) CHF assets

TOTAL 226 901229 99.09%

TRANSFERABLE SECURITIES ADMITTED TO AN 225 075 534 98.29% OFFICIAL STOCK EXCHANGE

Equities 225 075534 98.29%

Switzerland 219 757 937 95.97% 533 865 ABB LTD ZUERICH /NAMEN. 11 638 257 5.08% 15 636 ACTELION LTD *OPR* 647 487 0.28% 116 556 ADECCO /ACT.NOM. 6 282 368 2.74% 135 554 ARYZTA AG /NAM. 6 106 708 2.67% 8 556 BALOISE HOLDING/NAMEN 742 233 0.32% 2 412 BARRY CALLEBAUT AG /NAM. 2 009 196 0.88% 5 446 BOBST GROUP SA. PRILLY /NOM. 171 549 0.07% 7 351 BUCHER INDUSTRIES AG/NAM *OPR* 1 362 875 0.60% 191 406 CIE FINANCIERE RICHEMONT SA 10 536 900 4.60% 123 646 CLARIANT /NAMEN-AKT. 1 986 991 0.87% 372 495 CREDIT SUISSE GROUP /NOM. 12 180 586 5.32% 2 008 FISCHER GEORG AG/NAM. 928 198 0.41% 6 075 GALENICA AG /NAMENAKTIE 3 268 350 1.43% 49 546 GAM HOLDING AG/NAMEN-AKT *OPR* 683 735 0.30% 10 991 GEBERIT AG/NAMEN-AKTIEN *OPR* 2 189 407 0.96% 1 431 HELVETIA HOLDING SA /NOM. 515 160 0.22% 62 125 HOLCIM LTD /NAM. 3 941 831 1.72% 4 330 INTERROLL HOLDING LTD/NAM. 1 625 915 0.71% 7 778 KABA HOLDING AG RUEMLANG 2 840 915 1.24% 22 491 KARDEX / NAMEN AKT. 472 311 0.21% 5 430 KOMAX HOLDING AG 533 498 0.23% 9 443 KUEHNE +NAGEL INTERNATIONAL 1 204 927 0.53% 16 501 KUONI REISEN HOLDING /NAM.-B- 5 362 825 2.34% 431 299 LOGITECH INTERNATIONAL SA * 4 062 837 1.77% 410 843 NESTLE / ACT NOM *OPR* 21 466 546 9.37% 116 911 NOBEL BIOCARE HOLDING LTD /NAM 2 003 855 0.88% 443 326 NOVARTIS AG BASEL/NAM. *OPR* 22 831 288 9.97% 14 405 PARTNERS GROUP HOLDING 2 143 464 0.94% 161 617 ROCHE HOLDING AG /GENUSSSCHEIN 22 739 511 9.93% 126 869 SCHMOLZ+BICKENBACH/NAM.(CHF10) 1 319 438 0.58% 936 SIKA SA. BAAR 1 897 272 0.83% 63 575 SONOVA HOLDING AG /NOM. 4 990 638 2.18% 22 558 STRAUMANN HOLDING AG/NOM. 4 567 995 1.99% 27 751 SWISS LIFE HOLDING /NAM. 3 826 863 1.67% 20 322 SYNGENTA AG /NAM. 5 767 384 2.52% 178 170 TEMENOS GROUP AG /NAMEN. * 4 614 603 2.02% 91 429 THE SWATCH GROUP AG/NAM. 6 902 890 3.01% 85 483 TRANSOCEAN LTD 4 675 920 2.04% 667 102 UBS AG /NAMENSAKTIEN 10 226 674 4.47% 15 215 VZ HOLDING AG 2 159 009 0.94% 318 479 WEATHERFORD INTL * 5 019 229 2.19% 579 ZEHNDER GROUP AG 1 505 400 0.66% 46 119 ZURICH FINANCIAL SERVICES/NAM 9 804 899 4.28%

United States 5 317 597 2.32% 35 954 SYNTHES-STRATEC INC 5 317 597 2.32%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 1 825 695 0.80%

Equities 1 825695 0.80%

Switzerland 1 825 695 0.80% 19 095 JULIUS BAER GRP *OPR* 663 169 0.29% 8 498 SULZER AG/ NAMENSAKTIEN 1 162 526 0.51%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

SSF - 3 Julius Baer Multistock - US LEADING STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 97 758 420 Income from investment 1 716 546 (Cost: 73 098 074) Bank interest 1 640 Cash at banks 2 759 193 Income from securities lending 619 Subscriptions receivable 29 053 Equalisation 73 128 Dividends and interest 151 891 Total Income 1 791 933 Total Assets 100 698 557

Expenses Liabilities Management fees 1 030 323 Payables for redemptions 355 014 Custodian fees and charges 7 709 Management fees payable 84 094 "Taxe d'abonnement" and other taxes 42 009 "Taxe d'abonnement" payable 9 899 Other expenses* 736 468 Other liabilities 65 255 Total Expenses 1 816 509 Total Liabilities 514 262 Net Assets 100 184 295 Net profit/loss -24 576 Realised profit/loss on: - Securities -1 867 897 - Foreign currencies -171 Net realised profit/loss -1 892 644 Net change in unrealised appreciation/ depreciation on: - Securities 25 374 565 Total profit/loss 23 481 921

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 97 153 404 79 171 897 Total profit/loss 11 785 189 23 481 921 Net subscriptions/redemptions -29 700 071 -2 426 877 Dividend distributions -66 625 -42 646 Net assets at the end of the financial year 79 171 897 100 184 295

* See Page 12 The TER (Total Expense Ratio) amounts to 2.07% for A shares, 2.06% for B shares, 1.24% for C shares and 2.81% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

ULSF - 1 Julius Baer Multistock - US LEADING STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-USD) 47 037.70 43 094.79 46 388.74 Accumulation shares (Shares B-USD) 260 298.33 212 508.47 163 161.86 Accumulation shares (Shares C-USD) 62 957.08 20 363.81 58 704.25 Accumulation shares (Shares E-USD) 3 425.36 2 753.28 453.71

Net Assets 97 153 404 79 171 897 100 184 295

NAV per share Distribution shares (Shares A-USD) 184.74 204.05 262.95 Accumulation shares (Shares B-USD) 269.12 299.15 387.10 Accumulation shares (Shares C-USD) 288.51 323.44 422.10 Accumulation shares (Shares E-USD) 72.74 80.25 103.06

Dividend for the previous financial year (Shares A-USD) 2.00 1.40 1.00

ULSF - 2 Julius Baer Multistock - US LEADING STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Nominal value value net (in 1000) USD assets

TOTAL 97 758420 97.58%

TRANSFERABLE SECURITIES ADMITTED TO AN 97 758 420 97.58% OFFICIAL STOCK EXCHANGE

Equities 97 758420 97.58%

United States 95 694 483 95.52% 41 700 ABBOTT LABORATORIES INC 2 194 254 2.19% 6 900 AIR PRODUCTS & CHEMICALS 659 502 0.66% 101 600 ALTRIA GROUP *OPA* 2 683 256 2.68% 18 000 APPLE INC 6 042 060 6.03% 20 800 AUTOMATIC DATA PROCES. 1 095 744 1.09% 3 400 BECTON DICKINSON & CO 292 978 0.29% 19 500 CATERPILLAR INC 2 075 970 2.07% 46 400 CHEVRON CORPORATION 4 771 776 4.76% 87 100 COCA-COLA CO 5 860 959 5.85% 44 800 CONOCOPHILLIPS 3 368 512 3.36% 5 700 ESTEE LAUDER COS A 599 583 0.60% 83 298 EXXON MOBIL CORP 6 778 791 6.76% 9 700 FRANKLIN RESOURCES INC 1 273 513 1.27% 57 200 FREEPORT MCMORA.COPPER&GOLD 3 025 880 3.02% 65 700 GENERAL ELECTRIC CO 1 239 102 1.24% 14 500 IBM CORP 2 487 475 2.48% 145 000 INTEL CORP 3 213 200 3.21% 2 600 INTUITIVE SURGICAL INC 967 486 0.97% 47 400 JOHNSON & JOHNSON 3 153 048 3.15% 55 554 JPMORGAN CHASE & CO 2 274 381 2.27% 0 KINDER MORGAN MANAGEMENT LLC 7 0.00% 34 100 KRAFT FOODS INC -A- 1 201 343 1.20% 41 500 MCDONALD S CORP 3 499 280 3.49% 23 400 MCGRAW HILL COMPANIES INC 980 694 0.98% 26 700 MEDTRONIC INC 1 028 751 1.03% 45 900 MERCK 1 619 811 1.62% 82 100 NEWS CORP -A- 1 453 170 1.45% 30 600 OCCIDENTAL PETROLEUM CORP 3 183 624 3.18% 36 300 PEPSICO INC 2 556 609 2.55% 101 400 PHILIP MORRIS INT 6 770 478 6.76% 22 700 PRAXAIR 2 460 453 2.46% 49 400 PROCTER & GAMBLE CO 3 140 358 3.13% 13 600 PRUDENTIAL FINANCIAL INC 864 824 0.86% 21 700 QUALCOMM INC. 1 232 343 1.23% 40 500 TARGET CORP 1 899 855 1.90% 50 700 TEXAS INSTRUMENTS INC 1 664 481 1.66% 17 100 UNITED TECHNOLOGIES CORP 1 513 521 1.51% 50 700 WALGREEN CO. *OPA* 2 152 722 2.15% 41 500 WAL-MART STORES INC 2 205 310 2.20% 23 600 WALT DISNEY /DISNEY SER. 921 344 0.92% 20 300 WHOLE FOODS MARKET INC 1 288 035 1.29%

Canada 2 063 937 2.06% 44 300 IMPERIAL OIL LTD * 2 063 937 2.06%

* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

ULSF - 3 Julius Baer Multistock - US VALUE STOCK FUND

STATEMENT OF NET ASSETS PROFIT AND LOSS ACCOUNT as at 30 June 2011 USD from 1 July 2010 to 30 June 2011 USD

Assets Income Investments at market value 63 953 037 Income from investment 730 389 (Cost: 47 821 425) Bank interest 612 Cash at banks 1 416 827 Income from securities lending 1 708 Dividends and interest 66 053 Equalisation 14 130 Total Assets 65 435 917 Total Income 746 839

Liabilities Expenses Payables for redemptions 32 103 Management fees 576 499 Management fees payable 47 240 Custodian fees and charges 6 657 "Taxe d'abonnement" payable 5 085 "Taxe d'abonnement" and other taxes 20 911 Other liabilities 36 526 Other expenses* 417 552 Total Liabilities 120 954 Total Expenses 1 021 619 Net Assets 65 314 963

Net profit/loss -274 780 Realised profit/loss on: - Securities 6 850 386 - Foreign currencies -233 Net realised profit/loss 6 575 373 Net change in unrealised appreciation/ depreciation on: - Securities 9 527 056 Total profit/loss 16 102 429

STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 30 June 2011 USD USD Net assets at the beginning of the financial year 62 533 863 57 920 351 Total profit/loss 7 793 039 16 102 429 Net subscriptions/redemptions -12 372 936 -8 674 807 Dividend distributions -33 615 -33 010 Net assets at the end of the financial year 57 920 351 65 314 963

* See Page 12 The TER (Total Expense Ratio) amounts to 1.98% for A shares, 1.97% for B shares, 1.17% for C shares and 2.73% for E shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements.

UVSF - 1 Julius Baer Multistock - US VALUE STOCK FUND

COMPARATIVE STATEMENT 30 June 2009 30 June 2010 30 June 2011 USD USD USD Number of shares outstanding Distribution shares (Shares A-USD) 47 374.55 53 406.50 54 383.22 Accumulation shares (Shares B-USD) 378 823.23 282 844.96 216 783.98 Accumulation shares (Shares C-USD) 234 142.52 214 033.16 203 932.40 Accumulation shares (Shares E-USD) 5 110.18 3 696.85 2 918.75

Net Assets 62 533 863 57 920 351 65 314 963

NAV per share Distribution shares (Shares A-USD) 85.84 94.29 121.75 Accumulation shares (Shares B-USD) 90.78 100.50 130.45 Accumulation shares (Shares C-USD) 100.95 112.65 147.40 Accumulation shares (Shares E-USD) 85.87 94.37 121.58

Dividend for the previous financial year (Shares A-USD) 1.20 0.80 0.60

UVSF - 2 Julius Baer Multistock - US VALUE STOCK FUND

SECURITIES PORTFOLIO AS AT 30 JUNE 2011

Number/ Securities Market % of Number/ Securities Market % of Nominal value value net Nominal value value net (in 1000) USD assets (in 1000) USD assets

TOTAL 63 953037 97.91% 42 000 MICROSOFT CORP 1 092 000 1.67% 3 500 NAVISTAR INTL CORP 197 610 0.30% TRANSFERABLE SECURITIES ADMITTED TO AN 63 936 632 97.88% 13 000 NETGEAR INC 568 360 0.87% OFFICIAL STOCK EXCHANGE 35 000 NEWS CORP -A- 619 500 0.95% 4 610 OIL STATES INTL INC 368 385 0.56% Equities 63 936632 97.88% 45 580 ORACLE CORP 1 500 037 2.30% 15 700 PACCAR INC 802 113 1.23% United States 63 054 962 96.54% 9 420 PEABODY ENERGY 554 932 0.85% 8 400 ABBOTT LABORATORIES INC 442 008 0.68% 14 000 PEPSICO INC 986 020 1.51% 6 000 ALLIANT ENERGY CORP 243 960 0.37% 45 890 PFIZER INC 945 334 1.45% 7 500 ALPHA NATURAL RESOURCES INC 340 800 0.52% 15 390 PHILIP MORRIS INT 1 027 590 1.57% 25 600 ALTRIA GROUP 676 096 1.04% 3 320 PNC FINANCIAL SERVICES GP 197 905 0.30% 10 570 AMERICAN EXPRESS CO 546 469 0.84% 4 800 PRECISION CASTPARTS 790 320 1.21% 9 790 ANADARKO PETROL.CORP 751 480 1.15% 18 800 PROCTER & GAMBLE CO 1 195 116 1.83% 5 990 APPLE INC 2 010 662 3.08% 15 500 QUALCOMM INC 880 245 1.35% 31 900 AT & T 1 001 979 1.53% 11 000 REYNOLDS AMERICAN INC 407 550 0.62% 54 600 BANK OF AMERICA CORP 598 416 0.92% 7 000 ROPER INDUSTRIES 583 100 0.89% 9 700 BAXTER INTL INC 578 993 0.89% 10 800 SANDISK CORP 448 200 0.69% 10 750 BRISTOL MYERS SQUIBB CO 311 320 0.48% 12 320 SCHLUMBERGER LTD 1 064 448 1.63% 10 000 BRUKER CORP 203 600 0.31% 12 420 STARWOOD HOTELS RESORTS WW 696 017 1.07% 10 700 CARDINAL HEALTH INC 485 994 0.74% 46 040 STILLWATER MINING CO 1 013 340 1.55% 9 860 CATERPILLAR INC 1 049 696 1.61% 9 500 SUNTRUST BANKS INC 245 100 0.38% 12 600 CENTURYLINK INC 509 418 0.78% 27 000 SYMANTEC CORP 532 440 0.82% 11 000 CHEVRON CORPORATION 1 131 240 1.73% 14 000 TENNECO INC 616 980 0.94% 5 000 CIMAREX ENERGY CO /WHEN ISSUED 449 600 0.69% 7 190 THERMO FISHER SCIENTIFIC INC 462 964 0.71% 31 460 CISCO SYSTEMS INC 491 091 0.75% 10 780 TIME WARNER CABLE 841 271 1.29% 8 573 CITIGROUP INC 356 980 0.55% 12 000 TRW AUTOMOTIVE HOLDINGS CORP 708 360 1.08% 20 000 CMS ENERGY CORP 393 800 0.60% 8 000 UNION PACIFIC CORP 835 200 1.28% 14 550 COCA-COLA CO 979 070 1.50% 9 350 UNITED TECHNOLOGIES CORP 827 569 1.27% 2 650 COLGATE-PALMOLIVE CO 231 637 0.35% 12 000 US BANCORP 306 120 0.47% 25 000 COMCAST CORP/-A- 633 500 0.97% 7 680 VERIFONE SYSTEMS INC 340 608 0.52% 5 000 CONCHO RESOURCES INC 459 250 0.70% 15 600 VERIZON COMMUNICATIONS INC 580 788 0.89% 8 000 CORN PRODUCTS INTL 442 240 0.68% 10 000 W.H.BRADY -A-/NON-VOTING 320 600 0.49% 33 630 CSX CORP 881 779 1.35% 10 600 WALGREEN CO. *OPA* 450 076 0.69% 5 930 CUMMINS INC 613 696 0.94% 11 010 WAL-MART STORES INC 585 071 0.90% 30 500 DEAN FOODS CO 374 235 0.57% 15 000 WALT DISNEY /DISNEY SER. 585 600 0.90% 21 000 DENBURY RESOURCES INC 420 000 0.64% 2 000 WALTER ENERGY INC 231 600 0.35% 15 960 DOW CHEMICAL CO 574 560 0.88% 27 250 WELLS FARGO & CO 764 635 1.17% 19 400 EBAY INC 626 038 0.96% 7 400 WHITING PETROLEUM CORP 421 134 0.64% 8 580 EXPRESS SCRIPTS INC 463 148 0.71% 32 600 WINDSTREAM CORP 422 496 0.65% 14 000 EXXON MOBIL CORP 1 139 320 1.74% 7 000 ZIMMER HOLDINGS INC 442 400 0.68% 1 600 FEDEX CORP 151 760 0.23%

4 590 FLOWSERVE CORP 504 395 0.77% Ireland 532 300 0.81% 5 000 FLUOR CORP (NEW) 323 300 0.49% 10 000 COVIDIEN 532 300 0.81% 7 800 FMC TECHNOLOGIES INC 349 362 0.53%

19 850 FORD MOTOR CO 273 732 0.42% Switzerland 349 370 0.53% 5 920 FREEPORT MCMORA.COPPER&GOLD 313 168 0.48% 11 500 FOSTER WHEELER 349 370 0.53% 57 700 GENERAL ELECTRIC CO 1 088 222 1.67%

13 500 GENERAL MILLS INC 502 470 0.77% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 16 405 0.03% 2 650 GOLDMAN SACHS GROUP INC 352 689 0.54% 1 910 GOOGLE INC A 967 186 1.48% Equities 16 405 0.03% 11 500 HALLIBURTON CO 586 500 0.90% 12 900 HEWLETT-PACKARD CO 469 560 0.72% United States 16 405 0.03% 8 000 HUMANA INC 644 320 0.99% 965 000 NUVIM INC 16 405 0.03% 24 000 HUNTSMAN CORP 452 400 0.69% 11 920 IBM CORP 2 044 875 3.13% 31 650 INTEL CORP 701 364 1.07% 15 630 JOHNSON & JOHNSON 1 039 708 1.59% 18 320 JOHNSON CONTROLS INC 763 211 1.17% 6 800 JOY GLOBAL INC 647 632 0.99% 21 740 JPMORGAN CHASE & CO 890 036 1.36% 15 000 KRAFT FOODS INC -A- 528 450 0.81% 2 662 250 MATECH CORP / RESTRICTED 26 623 0.04% 10 500 MCDONALD S CORP 885 360 1.36% 11 420 MEDCOHEALTH SOLUTIONS 645 458 0.99% 16 600 MERCK 585 814 0.90% 10 170 METLIFE INC 446 158 0.68%

The statement of changes in investments is available free of charge from the national paying agent(s).

Any inconsistencies in the net asset percentages are the result of rounding differences.

UVSF - 3 Addresses

Registered office of the Company

Julius Baer Multistock 69, Route d'Esch L - 1470 Luxembourg

Management Company

Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand- Rue L - 1661 Luxembourg Tel. (+352) 26 48 44 1 Fax (+352) 26 48 44 44

Representative in Switzerland

Swiss & Global Asset Management AG Hardstraße 201 CH - 8005 Zurich (new address from 19 September 2011) Tel. (+41) (0) 58 426 60 60 Fax (+41) (0) 58 426 61 00

Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent

RBC Dexia Investor Services Bank S.A. 14, Porte de France L - 4360 Esch-sur-Alzette Tel. (+352) 26 05 1 Fax (+352) 24 60 95 00

Auditor

PricewaterhouseCoopers S.à r.l. 400, Route d'Esch L - 1471 Luxembourg Tel. (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00

Legal Adviser

Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Tel. (+352) 26 08 1 Fax (+352) 26 08 88 88

Important legal information

The information in this document constitutes neither an offer nor investment advice. It is given for information purposes only. No liability is assumed for the accuracy and completeness of the information. Opinions and assessments contained in this document may change and reflect the point of view of Swiss & Global Asset Management in the current economic environment.

Investments should only be made after a thorough reading of the current prospectus and/or the fund regulations, the current simplified prospectus (or the Key Investor Information Document, as soon as it is available), the articles of association, and the current annual and semi-annual reports (the “legal documents”), as well as after consulting an independent finance and tax specialist. The mentioned documents can be obtained in hard copy and free of charge by calling [+41 58 426 60 00] or from the addresses indicated below. Swiss & Global Asset Management is not a member of the Julius Baer Group.

The value of the units and the return they generate can go down as well as up. They both are affected by market volatility and by fluctuations in exchange rates. Swiss & Global Asset Management does not assume any liability for possible losses. The performance of past values and returns is no indicator of their current or future development. The performance of values and returns does not include the fees and costs which may be charged when buying, selling and/or switching units. The breakdown into sectors, countries and currencies and their respective positions as well as possibly indicated benchmarks are subject to change at any time in line with the investment policy determined in the prospectus.

Swiss domiciled funds: The funds domiciled in Switzerland described herein are contractual funds according to the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA) of 23 June 2006.

The funds Julius Baer Institutional Fund, Julius Baer Institutional Funds II, Julius Baer Inst BVG – LPP Flexible Fund and the Julius Baer Inst BVG/LPP are, as they are funds for qualified investors, exclusively addressing qualified investors according to the CISA and the relevant fund contract.

Other funds domiciled in Switzerland mentioned herein are admitted for public distribution and offering exclusively in Switzerland. Fund Management: Swiss & Global Asset Management Ltd., Zurich. Custodian Bank: Bank Julius Baer & Co. Ltd., Bahnhofstrasse 36, P.O. Box, CH-8001 Zurich or RBC Dexia Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Badenerstrasse 567, CH-8048 Zurich.

Luxembourg domiciled funds:

Non-EU harmonized funds (non-UCITS):

The funds Julius Baer Multiselect I, Julius Baer Multiopportunities and Julius Baer SICAV II are Part II (non-UCITS) SICAVs (“Société d’investissement à capitale variable”) domiciled in Luxembourg. The fund Julius Baer SICAV II is admitted for public distribution and offering exclusively in Switzerland.

The fund Julius Baer Multiflex is an undertaking for collective investment under Luxembourg law subject to the law of February 13, 2007 on Specialised Investment Funds (“SIF”) with the legal structure of a SICAV (“Société d’investissement à capitale variable”). Units of Julius Baer Multiflex are offered for sale solely in the context of “Private Placement” and may be purchased only by certain qualified investors. The relevant prerequisites and categories are described in the full prospectus of the fund.

EU harmonized funds (UCITS):

The Julius Baer Strategy Fund and the Hyposwiss (Lux) Fund are Part I (EU harmonized) FCPs (“Fonds commun de placement “) domiciled in Luxembourg.

The Julius Baer Multibond, Julius Baer Multistock, Julius Baer Multicash, Julius Baer Multipartner, Julius Baer Multilabel, Julius Baer Multirange, Julius Baer Special Funds are Part I (EU harmonized) SICAVs (“Société d’investissement à capitale variable”) domiciled in Luxembourg.

UCITS (Undertakings for Collective Investment in Transferable Securities) are, as a general rule, registered for public offering in Luxembourg, Switzerland, Germany and Austria. However, due to the different registration proceedings, no guarantee can be given that each fund, sub-fund or share category is or will be registered in every jurisdiction and at the same time. Namely the funds of funds are registered exclusively in some of the countries. You find an up-to-date registration list, on www.jbfundnet.com . As far as UCITS are registered for public offering in other countries, please refer to the country-specific information indicated below. Please note that in any jurisdiction where a fund, sub-fund or share category is not registered for public offering, they may, subject to the applicable local regulation, only be sold in the course of private placement or institutional investments. Particularly, the Julius Baer funds are not registered and, therefore, may not be offered for sale or be sold in the United States of America and their dependencies. SWITZERLAND: Representative: Swiss & Global Asset Management Ltd., Hardstrasse 201, Postfach, CH-8037 Zurich. Paying Agent: Bank Julius Baer & Co. AG, Bahnhofstrasse 36, Postfach, CH-8010 Zurich.

GERMANY: Paying Agent is DekaBank Deutsche Girozentrale, Hahnstrasse 55, D-60528 Frankfurt am Main; Information Agent is Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D-60325 Frankfurt am Main.

LIECHTENSTEIN: Representative and Paying Agent is LGT Bank in Liechtenstein AG, Herrengasse 12, FL-9490 Vaduz.

AUSTRIA: Paying Agent and Information Agent: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna.

SPAIN: Registration number of the CNMV: Julius Baer Multibond (No. 200), Julius Baer Multicash (No. 201), Julius Baer Multistock (No. 202), Julius Baer Multicooperation (Nr. 298) and Julius Baer Multipartner (Nr. 421).

ASIA PACIFIC: The funds mentioned herein are not authorised or registered for public sale in Asia Pacific. Therefore, no public marketing must be carried out for it in the region. In Hong Kong, the document is restricted to professional investors (as defined in the Securities and Futures Ordinance (Cap. 571)) only. In Singapore, shares in the fund are not allowed to be offered to the retail public. This document is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore (“SFA”). Accordingly, statutory liability under that Act in relation to the content of prospectuses would not apply. This document may not be circulated or distributed to persons in Singapore other than (i) to an institutional investor specified in Section 304 of the SFA, (ii) to a relevant person, or any person pursuant to Section 305(2), and in accordance with the conditions, specified in Section 305 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In other countries in Asia Pacific, this document is intended only for circulation to professional, institutional and/or qualified investors (as defined in the jurisdiction of the reader). In Japan, the funds mentioned herein are not registered for public sale or private placement pursuant to the Law on Investment Trusts and Investment Companies and shall not be disclosed publicly pursuant to the Financial Instruments and Exchange Law (the "FIEL"). Therefore, none of the Shares of the funds mentioned herein may be solicited in Japan or to residents in Japan. This material is intended for circulation to professional, institutional and/or qualified investors only. Any person in receipt of this material is not allowed to distribute it to residents in Japan nor communicate to residents in Japan about the fund mentioned herein. In other countries in Asia Pacific, this document is intended only for circulation to professional, institutional and/or qualified investors (as defined in the jurisdiction of the reader).

UNITED KINGDOM: As far as UCITS domiciled in Luxembourg described herein are recognised schemes under section 264 of the Financial Services and Markets Act 2000: Facilities Agent is GAM Sterling Management Limited, 12 St. James’s Place, London SW1A 1NX. Copies of the legal documents can be obtained free of charge from the Facilities Agent or by Swiss & Global Asset Management (Luxembourg) S.A. - UK Branch, UK Establishment No. BR014702, 12 St James’s Place, London SW1A 1NX. Investments in the funds are not protected by the Financial Services Compensation Scheme.

BELGIUM: Within the scope of this document the term “funds” shall be defined as SICAV, as sub-funds of a SICAV or FCPs. Stock- exchange taxes and commissions are borne by the investor. The stock-exchange tax is 0.5% applicable for the redemption and the conversion of accumulative shares (with a maximum of EUR 750 per transaction). The issuing commission charged by intermediaries is a maximum of 5% for the sub-funds of the Julius Baer Multistock and Julius Baer Multipartner and a maximum of 3% for the sub-funds of the Julius Baer Multibond. The effective fees must at all times comply with the provisions of the prospectus. The prospectus and its appendix for Belgium, the Key Investor Information Document, the annual report and the most recent half-yearly report for Julius Baer Multistock, Julius Baer Multibond, and Julius Baer Multipartner are available free of charge to the public at the following locations: the company's registered office in Luxembourg; at the head office of RBC Dexia Investor Services Belgium, Place Rogier 11, 1210 Brussels, which provides financial services in Belgium; and at the counters of Dexia Bank Belgium, located at Boulevard Pacheco 44, 1000 Brussels.

SWEDEN: Paying Agent is MFEX Mutual Funds Exchange AB, Linnégatan 9-11, SE-114 47 Stockholm.

FRANCE: The prospectus and its appendix for France, the Key Investor Information Document, annual report and the most recent half- yearly report for Julius Baer Multistock, Julius Baer Multibond, Julius Baer Multicash and Julius Baer Multipartner are available free of charge to the public at the company’s registered office in Luxembourg, at the head office of the centralising and financial correspondent in France, for SICAV Julius Baer Multistock, Julius Baer Multibond and Julius Baer Multicash: CACEIS Bank, registered office 1-3, place Valhubert – 75013 Paris, for SICAV Julius Baer Multipartner: Oddo & Cie, registered office 12, boulevard de la Madeleine – 75440 Paris Cedex 09. Investors are requested to consult the SICAV prospectus for details of the various risks borne. This document qualifies as marketing material.

ISRAEL: No action has been or will be taken in Israel that would permit an offering of the products or a distribution of this marketing document to the public in Israel. In particular, the marketing document had not been reviewed or approved by the Israeli Authority. Accordingly, this marketing document may be used to offer or sell any products directly or indirectly only to investors of the type listed in the First Supplement to the Israeli Securities Law, 1968, and for that purpose only. This marketing document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Any offeree who purchases the product is purchasing it according to its own understanding, for its own benefit and on its own account and with no aim or intention of distributing or offering it to other parties. Any offeree who purchases the product has such knowledge, expertise, and experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in the product. Nothing in this marketing document should be considered Investment Advice or Investment Marketing, as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995.

ITALY: This document is destined exclusively for internal use by intermediaries appointed by Swiss & Global Asset Management and/or institutional or qualified investors and shall not be passed on to third parties. Particularly, this document shall not be used as advertising material for public distribution or any other kind of public offering of the funds, their sub-funds or share categories.

The Prospectus, the Key Investor Information Document – KIID, the annual, the semi-annual reports as well as the subscription form and the Italian distribution partners’ list of each SICAV are not included in the above mentioned restriction.

ESTONIA: The legal documents can be obtained free of charge from the Distributor: Swedbank, AS, Liivalaia 8, EE-15040 Tallinn.

LATVIA: The legal documents can be obtained free of charge from the Authorized Representative: Swedbank AS, Balasta dambis 1a, LV- 1048 Riga.

LITHUANIA: The legal documents can be obtained free of charge from the Authorized Representative: Swedbank AB, Konstitucijos pr. 20A, LT - 03502 Vilnius.

IRELAND: The legal documents Paying agent is RBC Dexia Investor Services Ireland George’s Quay House, 43 Townsend Street, Dublin 2, Ireland.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Swiss & Global Asset Management Ltd. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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