JULIUS BAER MULTISTOCK A SICAV UNDER LUXEMBOURG LAW PROSPECTUS 31 DECEMBER 2011 Subscriptions are validly made only on the basis of this Prospectus or the Key Investor Information Document in conjunction with the most recent annual report and the most recent semi-annual report where this is published after the annual report. No information other than that contained in this Prospectus or the Key Investor Information Document may be given. PROSPECTUS - 2 - JULIUS BAER MULTISTOCK TABLE OF CONTENTS 1. Introduction..................................................................................................................................................5 2. Organisation and management...................................................................................................................8 3. Investment objectives and policy..................................................................................................................10 4. Investor profile...........................................................................................................................................34 5. Investment limits........................................................................................................................................35 6. Special investment techniques and financial instruments ........................................................................41 6.1 Options on securities..................................................................................................................................... 41 6.2 Financial futures, swaps and options on financial instruments ...................................................................... 41 6.3 Securities lending .......................................................................................................................................... 42 6.4 Securities repurchase agreements................................................................................................................ 43 6.5 Techniques and instruments for hedging currency risks................................................................................ 43 6.6 Structured products ....................................................................................................................................... 43 6.7 Risks associated with the use of derivatives and other special investment techniques and financial instruments................................................................................................................................................................ 44 6.8. Leverage ....................................................................................................................................................... 45 7. The Company............................................................................................................................................46 8. Custodian ..................................................................................................................................................47 9. Management Company.............................................................................................................................47 10. Principal administrative agent, domiciliary and principal paying agent, Registrar and transfer agent.....48 11. General information on Investment Management and Investment Advice ...............................................48 11.1 Investment managers / Investment advisers ................................................................................................. 48 11.2 Adviser .......................................................................................................................................................... 49 12. Paying agents and representatives...........................................................................................................49 13. Distributors ................................................................................................................................................49 14. Co-management........................................................................................................................................50 15. Description of Shares ................................................................................................................................51 16. Issue of Shares / Application procedure ...................................................................................................53 16.1 Application and confirmation ......................................................................................................................... 55 16.2 General ......................................................................................................................................................... 55 17. Redemption of Shares...............................................................................................................................56 18. Switching of Shares...................................................................................................................................58 19. Dividends...................................................................................................................................................59 20. Calculation of net asset value ...................................................................................................................59 21. Suspension of calculation of net asset value, and of the issue, redemption and switching of Shares....60 22. Fees and costs ..........................................................................................................................................61 23. Taxation.....................................................................................................................................................63 23.1 The Company............................................................................................................................................ 63 23.2 The shareholders .......................................................................................................................................... 64 24. General meeting of shareholders and reporting .......................................................................................64 25. Applicable law, jurisdiction ........................................................................................................................64 - 3 - PROSPECTUS 26. Documents for inspection..........................................................................................................................65 27. Additional Information for Investors in Switzerland ...................................................................................65 Annex I: Overview of comparative indices....................................................................................................67 Annex II: Overview table with all share categories and identification numbers.........................................68 - 4 - JULIUS BAER MULTISTOCK 1. INTRODUCTION Julius Baer Multistock (the “Company“, ”Julius Baer Multistock“) is established as a ”société d'investissement à capital variable“ (SICAV) in accordance with the current version of the law of the Grand Duchy of Luxembourg dated August 10, 1915 (“the 1915 Law“), and authorised as an undertaking for collective investments in transferable securities (UCITS) under Part I of the law dated December17, 2010 (“the 2010 Law “). The Company has an “umbrella structure”, which allows subfunds (“Subfunds”) to be established which correspond to different investment portfolios and which can be issued in different categories of shares. The Board of Directors of the Company is authorised to issue shares (“Shares“) without par value in various investment portfolios (“Subfunds“) relating to the Subfunds described in the section ”Investment objectives and policy“, and, as noted in the section “Description of Shares“, the following share categories (“Share Category”) may be issued for each Subfund: distributing “A“ Shares, accumulating “B“ Shares, accumulating “C“ Shares (for ”institutional investors“, as defined in section “Description of Shares”), distributing “Ca” shares (for “institutional investors“, as defined in section “Description of Shares”) and accumulating “E“ Shares (for determined Distributors, as defined in the section “Description of Shares“). Furthermore the above-mentioned share categories may be issued in different currencies, in particular in CHF, EUR, USD, JPY or GBP. Hedged Share Categories are indicated by the addition of the letter “h” (as described in the section “Description of Shares”). The price of the Shares is denominated in the same accounting currency of the Subfund or, as applicable, the currency of the Share Category in question. As described in the section “Issue of Shares / Application procedure“, a selling fee of up to 5% may be charged in addition to the Issue Price. Overview of Subfunds: Denomination / Accounting Currency / Initial subscription period Denomination of Subfund: JULIUS BAER MULTISTOCK - Accounting Initial subscription period Currency ABSOLUTE RETURN EUROPE EQUITY FUND EUR 23 – 30 September 2010 AFRICA OPPORTUNITIES FUND EUR 24-31 January 2012 AGRICULTURE FUND USD 19 – 30 June 2008 ASIA STOCK FUND USD 5 – 27 September 1991 (until 30.01.2006: PACIFIC STOCK FUND) BIOTECH FUND USD 21 – 31 January 2008 BLACK SEA FUND EUR 29 December