Julius Baer Multistock Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multistock Société d'investissement à Capital Variable Annual Report as at 30 June 2009 (audited) Subscriptions are only valid if made on the basis of the current prospectus or the simplified prospectus, 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, as well as the information based on the SFA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Julius Baer Investment Funds Services Ltd. (since 1 October 2009: Swiss & Global Asset Management Ltd.), Hohlstraße 602, CH Zurich Paying agent in Switzerland: Bank Julius Baer & Co. AG, Bahnhofstraße 36, Postfach, CH Zurich Paying and information agent in Germany: Bank Julius Bär (Deutschland) AG (since 1 October 2009: Bank Julius Bär Europe AG), An der Welle 1, Postfach , D Frankfurt am Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A Vienna R.C.S. Luxembourg B

2 Contents Page Organisation and Management 3 Auditor s Report 5 Notes to the Annual Report 6 Additional Information for Swiss Shareholders (unaudited) 13 Julius Baer Multistock (Umbrella fund) MS 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 OPE STOCK FUND CESF Julius Baer Multistock - ENERGY TRANSITION FUND ETF (launched on 31 October 2008) Julius Baer Multistock - OLAND VALUE STOCK FUND EUSF Julius Baer Multistock - OPE GROWTH STOCK FUND EGSF Julius Baer Multistock - OPE LEADING STOCK FUND ELSF Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND ESSF Julius Baer Multistock - OPE STOCK FUND ESF Julius Baer Multistock - OPE VALUE STOCK FUND EVSF (Merged with Julius Baer Multistock - OPE STOCK FUND as of 25 June 2009) Julius Baer Multistock - GERMAN VALUE STOCK FUND GVSF Julius Baer Multistock - GLOBAL CONTRARIAN STOCK FUND GCSF Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND GESF Julius Baer Multistock - GLOBAL OPPORTUNITIES STOCK FUND GOSF (Merged with Julius Baer Multistock - GLOBAL STOCK FUND as of 25 June 2009) Julius Baer Multistock - GLOBAL STOCK FUND GSF Julius Baer Multistock - INFRASTRUCTURE FUND INFU Julius Baer Multistock - JAPAN STOCK FUND JSF 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 FUND SSF Julius Baer Multistock - US LEADING STOCK FUND ULSF Julius Baer Multistock - US STOCK FUND USF (Merged with Julius Baer Multistock US VALUE STOCK FUND as of 19 March 2009) Julius Baer Multistock - US VALUE STOCK FUND UVSF Addresses 2

3 Organisation and Management The registered office of the Company is 69, Route d'esch L-1470 Luxembourg Board of Directors of the Company Chairman: Martin Vogel Independent Adviser Horgen, Switzerland Members: Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, UK (since 10 June 2009) Martin Jufer Managing Director Julius Baer Investment Funds Services Ltd. (since 1 October 2009: Swiss & Global Asset Management Ltd.), Zurich, Switzerland Daniel Kornmann Managing Director Bank Julius Bär & Co. AG Zurich, Switzerland (until 10 June 2009) Jean-Michel Loehr Managing Director RBC Dexia Investor Services Bank S.A. Esch-sur-Alzette, Grand Duchy of Luxembourg Fabrice Vallat Managing Director Bank Julius Bär & Co. AG Zurich, Switzerland (from 11 November 2008 until 6 March 2009) Management Company Julius Baer (Luxembourg) S.A. (since 1 October 2009: Swiss & Global Asset Management (Luxembourg) S.A.), 25, Grand-Rue L-1661 Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Managing Director Julius Baer Investment Funds Services Ltd. (since 1 October 2009: Swiss & Global Asset Management Ltd.) Zurich, Switzerland Martin Vogel Independent Adviser Horgen, Switzerland (until 16 March 2009) Members: Andrew Hanges CEO GAM (UK) Ltd. London, UK (since 16 March 2009) Daniel Kornmann Managing Director Bank Julius Bär & Co. AG Zurich, Switzerland (until 16 March 2009) Michel Malpas Independent Adviser Luxembourg, Grand Duchy of Luxembourg Fabio Oetterli Managing Director Julius Bär Holding AG (since 1 October 2009: Julius Baer Group Ltd.) Zurich, Switzerland Managing Directors of the Management Company Dr. Dieter Steberl Managing Director Julius Baer (Luxembourg) S.A. (since 1 October 2009: Swiss & Global Asset Management (Luxembourg) S.A.), Luxembourg, Grand Duchy of Luxembourg Stéphanie Clément Managing Director Julius Baer (Luxembourg) S.A. (since 1 October 2009: Swiss & Global Asset Management (Luxembourg) S.A.), Luxembourg, Grand Duchy of Luxembourg Investment Adviser Bank Julius Bär & Co. AG Bahnhofstraße 36 (since 1 October 2009: Swiss & Global Asset Management Ltd. Hohlstraße 602) P.O. Box CH-8010 Zurich For the INFRASTRUCTURE FUND: Macquarie Capital Investment Management (Australia) Limited Level 7, No. 1 Martin Place 2000 Sydney, Australia For the NATURAL RESOURCES FUND and the AGRICULTURE FUND: Wellington Management Company, LLP 75 State Street, Boston, Massachusetts USA Each investment adviser may enlist the support of sub-advisers for individual sub-funds at their own expense. 3

4 Organisation and Management Julius Baer Multistock Advisory S.A.H. (since 1 October 2009: Swiss & Global Multistock Advisory S.A.H.) 25, Grand-Rue L-1661 Luxembourg Custodian, Administrator, Principal Paying Agent and Domiciliary Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Registrar and Transfer Agent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d'entreprises 400, Route d'esch L-1471 Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L-1855 Luxembourg RBC Dexia Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette National Representatives Switzerland: Julius Baer Investment Funds Services Ltd. (since 1 October 2009: Swiss & Global Asset Management Ltd.) Hohlstraße 602 CH-8010 Zurich Germany: Bank Julius Bär (Deutschland) AG (since 1 October 2009: Bank Julius Bär Europe AG) An der Welle 1 D Frankfurt am Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Italy: Dott. Matteo Angeloni Via Montesanto, 68 I Rome France: Caceis Bank 1-3, Place Valhubert F Paris Spain: Atlas Capital Inversiones A.V., S.A. C. / Montalbán 9 E Madrid Great Britain: GAM Sterling Management Ltd. 12 St. James s Place London, SW1A 1NX, U.K. Distributors The Company and/or the Management Company has appointed and may appoint further distributors authorised to sell the shares in one or more jurisdictions. 4

5 Auditor s Report To the shareholders of Julius Baer Multistock PricewaterhouseCoopers Société à responsabilité limitée Réviseur d'entreprises 400, route d'esch B.P L-1014 Luxembourg Telephone Facsimile info@lu.pwc.com We were appointed by the Annual General Meeting of Shareholders to audit the appended financial statements of Julius Baer Multistock and its sub-funds, which contain the statements of net and investments as at 30 June 2009, the profit and loss account and the statement of changes in net for the financial year then ended, as well as a summary of the main accounting principles and other notes to the statements. Responsibility of the Board of Directors of the SICAV for the financial statements The SICAV s Board of Directors is responsible for preparing and presenting a true and fair view of these financial statements in accordance with the statutory provisions and regulations relating to the preparation and presentation of financial statements applicable in Luxembourg. This responsibility includes the development, implementation and maintenance of an internal control system with respect to the preparation and presentation of a true and fair view of the financial statements so that they are free of material misstatement, irrespective of whether this arises from inaccuracies or infringements, as well as the selection and use of appropriate accounting principles and the determination of reasonable accounting-related estimates. Auditor s responsibility We are responsible for issuing an opinion based on our audit of these financial statements. We performed our audit in accordance with the International Standards on Auditing adopted by the Institut des Réviseurs d Entreprises. Those standards require that we follow a duty of care and 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 includes taking measures to obtain evidence supporting the amounts and disclosures contained in the financial statements. The choice of which measures to take is at the auditor s discretion, as is the evaluation of the risk that the financial statements contain material misstatement as a result of inaccuracies or infringements. Within the scope of this risk assessment, the auditor considers the internal control system set up to prepare and present a true and fair view of the financial statements in order to determine the appropriate measures to be taken in the circumstances, but not to evaluate the effectiveness of such a system. An audit also includes an assessment of whether the accounting principles used and the estimates made by the Board of Directors of the SICAV are appropriate, as well as an evaluation of the overall presentation of the financial statements. We believe that the evidence obtained provides a sufficient and reasonable basis for our opinion. Audit opinion In our view, the financial statements present a true and fair view of the, liabilities and financial position of Julius Baer Multistock and its sub-funds as at 30 June 2009, as well as the profit and loss account and statement of changes in net for the financial year then ended, in accordance with the statutory provisions and regulations relating to the preparation and presentation of financial statements applicable in Luxembourg. 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 principles. Our opinion does not relate, therefore, to this information. We have no comments to make on this information as part of the overall presentation of the financial statements. PricewaterhouseCoopers S.à r.l. Luxembourg, 12 October 2009 Réviseur d'entreprises represented by Marc Schernberg R.C.S. Luxembourg B TVA LU

6 Notes to the Annual Report Legal information Julius Baer Multistock (the Company ) was incorporated on 1 December 1989 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg. It has been registered under Part I of the law of 20 December 2002 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B in the Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d Esch, L-1470 Luxembourg. The following sub-fund was launched: Julius Baer Multistock ENERGY TRANSITION FUND (on 31 October 2008). The Julius Baer Multistock US STOCK FUND sub-fund was merged with Julius Baer Multistock US VALUE STOCK FUND as of 19 March Julius Baer Multistock OPE VALUE STOCK FUND was merged with Julius Baer Multistock OPE STOCK FUND and Julius Baer Multistock GLOBAL OPPORTUNITIES STOCK FUND was merged with Julius Baer Multistock GLOBAL STOCK FUND as of 25 June Accounting principles Presentation of the financial statements The financial statements of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value calculation at the end of the accounting period (hereinafter: NAV = Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in CHF, by aggregating the and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting period. Accounting The financial statements of the Company are 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 of the financial statements. The accounting principles are applied consistently. Valuation of and liabilities Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange gains and losses are included in the profit and loss account for the current accounting period. portfolio listed on a stock exchange or any other public regulated market are valued at the last available price of the reporting period. Non-listed securities are identified as such. Their value shall be based on a foreseeable sale price, estimated with care and in good faith. Unrealised profits/losses on securities are reported as the difference between market value and average acquisition cost. denominated in currencies other than the currency of the respective sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange gains and losses are shown in the profit and loss account, together with the price profits/losses from securities. The realised net profit/loss from the sale of securities is determined using the average historical costs. Dividends are recorded on the ex-dividend date. Income from securities is shown exclusive of withholding taxes. The number of options, warrants and rights are recorded in the statement of net. lending Income from securities lending is shown separately in the profit and loss account. The market value on the balance sheet date of securities lent amounts to: Julius Baer Multistock AGRICULTURE FUND ASIA STOCK FUND CENTRAL OPE STOCK FUND ENERGY TRANSITION FUND OLAND VALUE STOCK FUND OPE GROWTH STOCK FUND OPE LEADING STOCK FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GERMAN VALUE STOCK FUND Assets and liabilities are valued at their nominal value, with the following exceptions: 6

7 Notes to the Annual Report Julius Baer Multistock (continued) GLOBAL CONTRARIAN STOCK FUND GLOBAL STOCK FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JPY LUXURY BRANDS FUND NATURAL RESOURCES FUND SWISS SMALL & MID CAP STOCK FUND CHF SWISS STOCK FUND CHF US LEADING STOCK FUND US VALUE STOCK FUND Forward contracts (Forward foreign exchange, futures, swaps) Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term of the contract. The unrealised profit/loss is defined as the difference between the agreed trading price and the market price on the balance sheet date. The unrealised profit/loss is shown in the profit and loss account. Taxes In accordance with Luxembourg law, the Company is not subject to any Luxembourg income tax. Dividends paid by the Company are currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05% of the net ( taxe d abonnement ). A reduced taxe d abonnement of 0.01% will be applied on the net applicable to C shares (for institutional investors). This classification is based on the Company s understanding of the current legal situation. This legal situation is liable to be changed with retroactive effect, which may result in the tax rate of 0.05% being applied retroactively. The tax is payable quarterly in arrears on the basis of the respective net at the end of each quarter. To the extent that certain countries levy a tax on realised capital gains, the sub-funds make respective provisions on the unrealised capital gains. Share categories Each sub-fund may issue different share categories: - A shares: Shares with distribution of income and/or capital gains - B shares: Shares without distribution of income and/or capital gains - C shares (for institutional investors): Shares without distribution of income and/or capital gains - Ca shares (for institutional investors): Shares with distribution of income and/or capital gains - E shares (for specific distributors, as defined in the prospectus): Shares without distribution of income and/or capital gains Pooling and co-management For the purpose of efficient management and to reduce administrative costs and if allowed by the investment policies of the sub-funds, the Board of Directors may decide to co-manage some or all of the of certain sub-funds and other Luxembourg UCITS of the Julius Baer Group ("co-managed "). In this case, the pooling technique will be applied to the co-managed of the various sub-funds. Assets that are co-managed will be referred to 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. The unrealised profit/loss of the pool is allocated to the sub-funds at each NAV calculation on the basis of daily updated pool allocation factors. There is no guarantee that the sum of this unrealised profit/loss corresponds to the reported net change in unrealised appreciation/depreciation on securities at sub-fund level. 7

8 Notes to the Annual Report Fees For advisory services relating to the portfolios of the sub-funds, related administrative services and distribution services, the following annual fees based on the net asset value of the respective sub-fund will be charged to the sub-fund at the end of each month: Overview of fees (p.a.) Currency classes A/B/E* shares C/Ca** shares Julius Baer Multistock- AGRICULTURE FUND,, CHF 1.60% 0.85% ASIA STOCK FUND 1.40% 0.65% BIOTECH FUND, CHF 1.60% 0.85% BLACK SEA FUND, CHF, 1.60% 0.85% CENTRAL OPE STOCK FUND, 1.40% 0.85% ENERGY TRANSITION FUND,, CHF 1.60% 0.85% OLAND VALUE STOCK FUND, 1.20% 0.55% OPE GROWTH STOCK FUND 1.20% 0.55% OPE LEADING STOCK FUND, 1.20% 0.55% OPE SMALL & MID CAP STOCK FUND 1.60% 0.65% OPE STOCK FUND 1.20% 0.55% OPE VALUE STOCK FUND 1.20% 0.55% GERMAN VALUE STOCK FUND, 1.20% 0.50% GLOBAL CONTRARIAN STOCK FUND 1.40% 0.85% GLOBAL EMERGING MARKETS STOCK FUND, 1.60% 0.85% GLOBAL OPPORTUNITIES STOCK FUND, 1.40% 0.55% GLOBAL STOCK FUND 1.20% 0.55% INFRASTRUCTURE FUND, CHF, 1.60% 0.85% JAPAN STOCK FUND JPY,, 1.20% 0.65% LUXURY BRANDS FUND, CHF, 1.60% 0.85% NATURAL RESOURCES FUND, CHF 1.60% 0.85% NORTHERN AFRICA FUND, CHF, 1.60% 0.85% RUSSIA FUND,, 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 1.20% 0.55% US STOCK FUND 1.20% 0.55% US VALUE STOCK FUND 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 or Ca 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 investment managers for distributing shares of the sub-funds and to reimburse institutional investors who hold shares of the sub-funds beneficially for third parties. The relevant investment adviser is also entitled to receive a performance-related fee ( performance fee ) for specific sub-funds subject to the following principles. 8

9 Notes to the Annual Report Julius Baer Multistock - CENTRAL OPE STOCK FUND* The performance fee is calculated on each valuation day and is set aside from the net asset value of the CENTRAL OPE STOCK FUND subject to the following rates and conditions. Any performance fee owed to the investment adviser is actually paid out at the end of the financial year. The performance fee for the CENTRAL OPE STOCK FUND and the respective share categories is subject to a high water mark and a hurdle rate (benchmark index). In order for the investment adviser to be entitled to a performance fee, the net asset value per share at the end of the financial year must be above both the high water mark and the hurdle rate (as defined below). If the net asset value per share on the last valuation day of a subsequent financial year is higher than the previous high water mark, the high water mark is set to the net asset value per share calculated before deduction of the performance fee. Otherwise, the high water mark remains unchanged. The hurdle rate base level at the beginning of the financial year is identical to the net asset value per share on the last valuation day of the previous financial year. On this basis, the investment adviser shall be entitled to a performance fee only if any losses recorded by the CENTRAL OPE STOCK FUND are recovered in full. The performance fee shall be 20% of the amount by which the net asset value per share (before deduction of the performance fee) exceeds whichever of the hurdle rate and the high water mark is higher ("outperformance"); however, the outperformance is limited to 25%. The hurdle rate corresponds to the MSCI Emerging Europe 10/40 Total Return Index. * The performance fee of the CENTRAL OPE STOCK FUND will be established, provisioned and paid out under the above-mentioned requirements for the last time for the period ending 31 July 2008 with effect from 1 August Julius Baer Multistock - INFRASTRUCTURE FUND The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark index, the Macquarie Global Infrastructure Index, (outperformance of the benchmark index) and when simultaneously the net asset value per share is higher than the high water mark (outperformance of the high water mark). Both conditions must be fulfilled. The performance fee amounts to 10% p.a. of the outperformance of the high water mark or outperformance of the benchmark index, with the lower of the two percentage outperformance values serving as a basis for calculation of the performance fee. High water mark: At the launch of the INFRASTRUCTURE FUND 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. The amount of the performance fee is recalculated on each valuation day subject to the aforementioned conditions on the basis of the outperformance since the start of the accounting year and a provision is established for the sub-fund. The recalculated performance fee amount is compared on each valuation day with the provision set aside on the previous valuation day. The amount provisioned on the previous day is adjusted up or down accordingly on the basis of the difference found between the newly calculated amount and the amount previously provisioned. Any performance fee owed to the investment adviser and calculated under the aforementioned conditions is only actually paid out at the end of the Company's accounting year. This ensures that the performance fee is only paid out if the percentage return of the INFRASTRUCTURE FUND measured over an entire accounting year is above that of the benchmark index (outperformance of the benchmark index) and simultaneously the net asset value per share is higher than the high water mark (outperformance of the high water mark).. 9

10 Notes to the Annual Report Derivative financial instruments Currency forward transactions Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multistock OPE GROWTH STOCK FUND CHF August August Julius Baer Multistock - OPE LEADING STOCK FUND CHF September Julius Baer Multistock GLOBAL CONTRARIAN STOCK FUND JPY September September Julius Baer Multistock GLOBAL STOCK FUND CZK October PLN October PLN November CZK October PLN October PLN November

11 Notes to the Annual Report Derivative financial instruments (continued) Futures Julius Baer Multistock BLACK SEA FUND Number of contracts Commitment Maturity date Currency Unrealised profit/loss RUSSIAN RTS INDEX Purchases September Julius Baer Multistock OPE GROWTH STOCK FUND DOW JONES STOXX 50 /PRICE Purchases September Julius Baer Multistock OPE LEADING STOCK FUND DOW JONES STOXX 50 /PRICE Purchases September Julius Baer Multistock GLOBAL EMERGING MARKETS STOCK FUND HSCEI - HKD CHINA ENT Purchases July Julius Baer Multistock SWISS STOCK FUND SMI INDEX/OHNE DIVIDENDENKORR. Purchases September 2009 CHF CHF Total return swaps Type* Counterparty - Underlying Buy/Sell Nominal Maturity date Purchase interest rate Sale interest rate Interest on swaps Unrealised profit/loss Julius Baer Multistock AGRICULTURE FUND TRS TRS TRS TRS TRS TRS J.P. Morgan Chase London - Spgclvp Index Barclays Capital London - Ispgssfp Barclays Capital London - Spgcsfp Index J.P. Morgan Chase London - Iffdbp1M Index J.P. Morgan Chase London - Iffdbp1M Index J.P. Morgan Chase London - Iffdbp1M Index Buy December % SPGCLVP Index Buy May % ispgssfp Buy May % SPGCSFP Index Buy October % IFFDBP1M Index Buy November % IFFDBP1M Index Buy December % IFFDBP1M Index * TRS = Total Return Swap 11

12 Notes to the Annual Report Other expenses include: Currency Licence fees Service load fee and other expenses Total Julius Baer Multistock - AGRICULTURE FUND ASIA STOCK FUND BIOTECH FUND BLACK SEA FUND CENTRAL OPE STOCK FUND ENERGY TRANSITION FUND OLAND VALUE STOCK FUND OPE GROWTH STOCK FUND OPE LEADING STOCK FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND OPE VALUE STOCK FUND GERMAN VALUE STOCK FUND GLOBAL CONTRARIAN STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND GLOBAL OPPORTUNITIES STOCK FUND GLOBAL STOCK FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JPY LUXURY BRANDS FUND NATURAL RESOURCES FUND NORTHERN AFRICA FUND RUSSIA FUND SWISS SMALL & MID CAP STOCK FUND CHF SWISS STOCK FUND CHF US LEADING STOCK FUND US STOCK FUND US VALUE STOCK FUND

13 Additional Information for Swiss Shareholders (unaudited) Portfolio Turnover Rate (in %) Julius Baer Multistock - AGRICULTURE FUND % ASIA STOCK FUND 78.34% BIOTECH FUND 20.45% BLACK SEA FUND 26.39% CENTRAL OPE STOCK FUND % ENERGY TRANSITION FUND 24.27% OLAND VALUE STOCK FUND 63.14% OPE GROWTH STOCK FUND % OPE LEADING STOCK FUND % OPE SMALL & MID CAP STOCK FUND 67.37% OPE STOCK FUND % GERMAN VALUE STOCK FUND % GLOBAL CONTRARIAN STOCK FUND 67.53% GLOBAL EMERGING MARKETS STOCK FUND 36.77% GLOBAL STOCK FUND % INFRASTRUCTURE FUND -0.59% JAPAN STOCK FUND % LUXURY BRANDS FUND % NATURAL RESOURCES FUND 73.66% NORTHERN AFRICA FUND % RUSSIA FUND % SWISS SMALL & MID CAP STOCK FUND 48.82% SWISS STOCK FUND 82.37% US LEADING STOCK FUND % US VALUE STOCK FUND % PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 13

14 Julius Baer Multistock CONSOLIDATED STATEMENT OF NET ASSETS as at 30 June 2009 CHF CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2008 to 30 June 2009 CHF Assets Investments at market value (Cost: ) Derivative instruments at market value - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Payables for swaps 873 Management fees due Taxe d abonnement payable Capital gains tax on unrealised profits/losses on securities Other liabilities Total Liabilities Net Assets Income Income from investment Bank interest Income from securities lending Other income Interest income on swaps Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Interest rate swaps Other expenses Equalisation Total Expenses Net profit/loss Realised profit/loss on: Swaps Options Forward foreign exchange contracts Futures Foreign currencies Net realised profit/loss Net change in unrealised appreciation/depreciation on: Swaps Options Forward foreign exchange contracts Futures Capital gains tax on unrealised profits/losses on securities Total profit/loss CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June June 2009 CHF CHF Net at the beginning of the financial year Foreign exchange difference Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net at the end of the financial year/reporting period EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2009, in CHF 1 = GBP = = JPY = The accompanying notes form an integral part of the financial statements. MS - 1

15 Julius Baer Multistock - AGRICULTURE FUND STATEMENT OF NET ASSETS as at 30 June 2009 PROFIT AND LOSS ACCOUNT from 1 July 2008 to 30 June 2009 Assets Investments at market value (Cost: ) Derivative instruments at market value - Swaps Cash at banks Subscriptions receivable Dividends and interest Other receivables 422 Total Assets Liabilities Bank overdraft Payables for swaps 803 Management fees due Taxe d abonnement payable Other liabilities Total Liabilities Net Assets Income Income from investment Bank interest Income from securities lending Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Interest rate swaps Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: Swaps Forward foreign exchange contracts Foreign currencies Net realised profit/loss Net change in unrealised appreciation/depreciation on: Swaps Forward foreign exchange contracts -40 Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2009 Net at the beginning of the financial year Foreign exchange difference Total profit/loss Net subscriptions/redemptions Net at the end of the financial year * See Page 12. The TER (Total Expense Ratio) amounts to 2.40% for CHF A shares, 2.39% for A shares, 2.36% for A shares*, 2.44% for CHF B shares, 2.46% for B shares, 2.44% for B shares, 1.58% for CHF C shares, 1.60% for C shares, 1.61%, for C shares, 3.15% for CHF E shares, 3.25% for E shares and 3.14% for E shares*. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). * Since this share category is low-volume, the stated TER is not meaningful. The accompanying notes form an integral part of the financial statements. AGF - 1

16 Julius Baer Multistock - AGRICULTURE FUND COMPARATIVE STATEMENT 30 June June 2009 Number of shares outstanding Distribution shares (A shares - CHF) Distribution shares (A shares - ) Distribution shares (A shares - ) Accumulation shares (B shares - CHF) Accumulation shares (B shares - ) Accumulation shares (B shares - ) Accumulation shares (C shares - CHF) Accumulation shares (C shares - ) Accumulation shares (C shares - ) Accumulation shares (E shares - CHF) Accumulation shares (E shares - ) Accumulation shares (E shares - ) Net Assets NAV per share Distribution shares (A shares - CHF) Distribution shares (A shares - ) Distribution shares (A shares - ) Accumulation shares (B shares - CHF) Accumulation shares (B shares - ) Accumulation shares (B shares - ) Accumulation shares (C shares - CHF) Accumulation shares (C shares - ) Accumulation shares (C shares - ) Accumulation shares (E shares - CHF) Accumulation shares (E shares - ) Accumulation shares (E shares - ) AGF - 2

17 SECURITIES PORTFOLIO AS AT 30 JUNE 2009 Julius Baer Multistock - AGRICULTURE FUND % of net % of net TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % AGCO CORP % ARCHER-DANIELS MIDLAND CO % CENTRAL OP.DISTRIBUTION COR % CF INDUSTRIES HOLDING INC % CHEESECAKE FACTORY INC % COCA COLA ENTERPRISE % DARLING INTERNATIONAL INC % DEERE & CO % DOW CHEMICAL CO % FORTUNE BRANDS % GENERAL MILLS INC % HORMEL FOODS CORPORATI % KELLOGG CO % LINDSAY CORP % MARTEK BIOSCIENCES CORP % MONSANTO CO % MOSAIC CO % OMEGA PROTEIN CORP % RALCORP HOLDINGS INC.(NEW) % SADIA /ADR % SONIC CORP % TERRA INDUSTRIES INC % WHOLE FOODS MARKET INC % Canada % AGRIUM INC % COTT CORP % POTASH CORP SASKATCHEWAN % Brazil % ACUCAR GUARANI SA AGY % ALL AMERICA LATINA /UNIT % FERTILIZANTES HERINGER SA % PERDIGAO /SADR % SAO MARTINHO SA % SLC AGRICOLA SA % Norway % AUSTEVOLL SEAFOOD ASA % GRIEG SEAFOOD ASA % LEROY SEAFOOD GROUP ASA % MARINE HARVEST ASA % SALMAR ASA % YARA INTERNATIONAL ASA % Switzerland % NESTLE / ACT NOM % Netherlands % CNH GLOBAL NV % HEINEKEN NV % Marshall Islands % Denmark % CARLSBERG ASB % United Kingdom % PREMIER FOODS PLC % TATE + LYLE PLC % Australia % AUSTRALIAN AGRICULTURAL COMP % INCITEC PIVOT LTD % Bermuda % CHINA YURUN FOOD GROUP LTD % COSAN LTD -A % Mauritius % GOLDEN AGRI-RESOURCES LTD % Chile % SOCIE.QUIMICA Y MIN/SPON.ADR-B % Germany % K & S AG % Israel % ISRAEL CHEMICALS % Russian Federation % WIMM-BILL-DANN FODDS /SADR % India % BALRAMPUR CHINI MILLS /DEMAT % MAHINDRA&MAHINDRA/GDR REG.S % TATA CHEMICALS LTD/DS % France % DANONE % Greece % COCA COLA HELLENIC BOTTLING % Cayman Islands % CHINA MENGNIU DAIRY CO LTD % Singapore % INDOFOOD AGRI RESOURCES LTD % OLAM INTERNATIONAL LTD % Malaysia % KUALA LUMPUR KEPONG BHD % Turkey % COCA COLA ICECEK SANAYI % Investment funds % Jersey % ETFS COMMODITY SEC - ETFS CORN % DIANA SHIPPING INC % DRYSHIPS INC % EAGLE BULK SHIPPING % GENCO SHIPPING & TRADING LTD % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AGF - 3

18 SECURITIES PORTFOLIO AS AT 30 JUNE 2009 (continued) Julius Baer Multistock - AGRICULTURE FUND % of net CASH EQUIVALENTS % Treasury bills % % % USA 0% % Commercial paper % % 600 0% FHLMC 0% CP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AGF - 4

19 Julius Baer Multistock - ASIA STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2009 PROFIT AND LOSS ACCOUNT from 1 July 2008 to 30 June 2009 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees due Taxe d abonnement payable Capital gains tax on unrealised profits/losses on securities Other liabilities Total Liabilities Net Assets Income Income from investment Bank interest Income from securities lending Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: Forward foreign exchange contracts Foreign currencies Net realised profit/loss Net change in unrealised appreciation/depreciation on: Capital gains tax on unrealised profits/losses on securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2009 Net at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net at the end of the financial year * See Page 12. The TER (Total Expense Ratio) amounts to 2.28% for A shares, 2.28% for B shares, 1.48% for C shares and 3.01% 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

20 Julius Baer Multistock - ASIA STOCK FUND COMPARATIVE STATEMENT 30 June June June 2009 Number of shares outstanding Distribution shares (A shares - ) Accumulation shares (B shares - ) Accumulation shares (C shares - ) Accumulation shares (E shares - ) Net Assets NAV per share Distribution shares (A shares - ) Accumulation shares (B shares - ) Accumulation shares (C shares - ) Accumulation shares (E shares - ) Dividend for the previous financial year (A shares - ) ASF - 2

21 Julius Baer Multistock - ASIA STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2009 % of net % of net TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % China % ANHUI CONCH CEMENT CO -H % BANK OF CHINA LTD -H % CHINA BLUECHEMICAL LTD -H % CHINA COAL ENERGY CO LTD -H % CHINA CONSTRUCTION BANK CO -H % CHINA LIFE INSURANCE CO LTD-H % CHINA MERCHANTS BANK /-H % CHINA PETROLEUM&CHEM CORPH % CHINA RAILWAY CONSTR CORP -H % CHINA SHENHUA ENERGY CO -H % CHINA SHIPPING DEVELOPMENT -H % CHINA TELECOM CORP LTD -H % DATANG INT.POWER GENERATION-H % GUANGZHOU R&F PROP.-H- /NEW % IND & COM BOC -H % PETROCHINA CO LTD /-H % PING AN INSUR.(GRP)CO -H % ZIJIN MINING GROUP -H % Hong Kong % BK OF EAST ASIA LTD % CHEUNG KONG HOLDINGSHKD % CHINA MOBILE LTD % CHINA OVERSEAS LAND+INVESTMENT % CHINA RESOURCES POWER HOLDINGS % CHINA UNICO (HK) % CLP HOLDINGS LTD % CNOOC LTD % H.K.EXCHANGES AND CLEARING LTD % HANG SENG BANK LTD % HENDERSON LAND DEV % HONGKONG & CHINA GAS % HONGKONG ELECTRIC HOLDINGS LTD % HUTCHISON WHAMP/HK % NEW WORLD DEVELOPMENT CO. LTD % SUN HUNG KAI PROPERTIES LTD % WHARF HLD.THE % Republic of Korea % CJ CHEILJEDANG CORP % HYUNDAI DEVELOPM.CO-ENG.&CONS % HYUNDAI HEAVY INDUSTRIES % HYUNDAI MOBIS % HYUNDAI MOTOR CO LTD % KB FINANCIAL GROUP INC % KOREA ELECTRIC POWER CORP % KT&G CORPORATION % LG CHEMICAL LTD % LG CORP % LG DISPLAY CO LTD % LG ELECTRONICS INC % NHN CORPORATION % POSCO % SAMSUNG C&T CORP % SAMSUNG ELECTR./PFD N-VOT % SAMSUNG ELECTRONICS CO LTD % SAMSUNG SECURITIES CO LTD % SHINHAN FINANCIAL GROUP % SHINSEGAE CO LTD % SK ENERGY % SK HOLDINGS CO LTD % SK TELECOM CO LTD % Taiwan % ACER INC % ASUSTEK COMPUTER INC % AU OPTRONICS CORP % CATHAY FINANCIAL HOLDING % CHINA STEEL % CHINATRUST FINANCIAL HLDG CO % CHUNGHWA TELECOM CO LTD % COMPAL ELECTRONICS INC % FIRST FINANCIAL HOLDING COMP % FORMOSA PLASTICS % HON HAI PRECISION IND.CO LTD % HTC CORPORATION % INNOLUX DISPLAY CORP % MEDIA TEK INCORPORATION % QUANTA COMPUTER INC % TAIWAN SEMICONDUCTOR MANUFACT % UNI-PRESIDENT ENTERPRISES CORP % WISTRON CORP % YUANTA FINANCIAL HOLDING CO % India % BHARAT HEAVY EL./DEMATERIAL % CAIRN INDIA LIMITED % GRASIM INDUST./DEMATERIALISED % HINDUSTAN UNILEVER LTD % HOUSING DEVT /DEMATERIALISED % ICICI BK LTD /DEMATERIALISED % INFOSYS TECH LTD /DEMAT % ITC LTD /DEMAT % LARSEN & TOUBRO LTD / DEMAT % MAHINDRA&MAHINDRA/DEMATERIAL % NTPC LTD / DEMATERIALISED % RELIANCE COMMUNICATIONS/DEMAT % RELIANCE INDUS./DEMATERIALISED % Singapore % CAPITALAND LTD % DBS GROUP HOLDINGS LTD % KEPPEL CORP LTD % SEMBCORP MARINE LTD % SINGAPORE AIRLINES LTD % SINGAPORE EXCHANGE LTD % SINGAPORE PRESS HOLDINGS LTD % SINGAPORE TELEC/BOARD LOT % UTD OVERSEAS BK /LOCAL % WILMAR INTERNATIONAL LTD % Indonesia % BANK RAKYAT INDONESIA % BUMI RESOURCES % PT ASTRA INTERNATIONAL TBK % PT INDOCEMENT TUNGGAL /DEMAT % TELKOM INDONESIA /S-B % Thailand % BANGKOK BANK PUBLIC /FOREIGN % KASIKORNBANK PUB.COMP./FOR.REG % PTT PLC CO LTD /FOREIGN REG % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ASF - 3

22 SECURITIES PORTFOLIO AS AT 30 JUNE 2009 (continued) Julius Baer Multistock - ASIA STOCK FUND % of net Malaysia % BUMIPUTRA-COMMERCE HOLDINGS % GENTING BERHAD % IOI CORPORATION BHD % PUBLIC BANK /FOR.REG % SIME DARBY BHD % Bermuda % ESPRIT HOLDINGS LTD % LI & FUNG LTD % Cayman Islands % TENCENT HOLDINGS LIMITED % Philippines % AYALA LAND INC /PREF % Options, warrants, rights % HKD % RIGHTS CN RESOURCES % MYR % SUNWAY CITY 07-17WRT/SUNWAY % UNLISTED SECURITIES % Equities % Luxembourg % GMS POWER PUBL.CO LTD/FOR.REG % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ASF - 4

23 Julius Baer Multistock - BIOTECH FUND STATEMENT OF NET ASSETS as at 30 June 2009 PROFIT AND LOSS ACCOUNT from 1 July 2008 to 30 June 2009 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest 432 Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees due Taxe d abonnement payable Other liabilities Total Liabilities Net Assets Income Income from investment Bank interest Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest 77 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: Foreign currencies Net realised profit/loss Net change in unrealised appreciation/depreciation on: Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2009 Net at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions 0-54 Net at the end of the financial year * See Page 12. The TER (Total Expense Ratio) amounts to 2.13% for CHF A shares, 2.18% for A shares, 2.16% for A shares, 2.18% for CHF B shares, 2.18% for B shares, 2.18% for B shares, 1.30% for CHF C shares*, 1.43% for C shares*, 1.36%, for C shares, 2.85% for CHF E shares*, 2.90% for E shares and 2.84% for E shares* (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). * Since this share category is low-volume, the stated TER is not meaningful. The accompanying notes form an integral part of the financial statements. BTF - 1