Julius Baer Multibond Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multibond Société d'investissement à Capital Variable Annual Report as at 30 June 2010 (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: Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.), Hohlstraße 602, CH Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, Postfach, CH Zurich Paying and information agent in Germany: Bank Julius Bär Europe AG (until 1 October 2009: Bank Julius Bär (Deutschland) 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 Section B

2 Contents Page Organisation and Management 3 Audit Report 5 Notes to the Annual Report 7 Additional Information for Swiss Shareholders (unaudited) 66 Julius Baer Multibond (Umbrella fund) Julius Baer Multibond - ABS FUND Julius Baer Multibond - ABSOLUTE RETURN BOND FUND Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND (until 15 September 2009: Julius Baer Multibond - O CORPORATE BOND FUND) Julius Baer Multibond - DOLLAR BOND FUND Julius Baer Multibond - DOLLAR MEDIUM TERM BOND FUND Julius Baer Multibond - EMERGING BOND FUND () Julius Baer Multibond - EMERGING BOND FUND (USD) Julius Baer Multibond - O BOND FUND (until 15 September 2009: Julius Baer Multibond - OPE BOND FUND) Julius Baer Multibond - O GOVERNMENT BOND FUND Julius Baer Multibond - GLOBAL CONVERT BOND FUND Julius Baer Multibond - GLOBAL HIGH YIELD BOND FUND Julius Baer Multibond - INFLATION LINKED BOND FUND Julius Baer Multibond - INFLATION LINKED BOND FUND USD Julius Baer Multibond - LOCAL EMERGING BOND FUND Julius Baer Multibond - SWISS FRANC BOND FUND Julius Baer Multibond - TOTAL RETURN BOND FUND MB ABS ARBF ARBFD ARBFP AREBF COBF DBF DMTBF EBFEU EBFUS EBF EGBF GCBF GHYBF ILBFEU ILBFUS LEBF SFBF TRBF Addresses 2

3 Organisation and Management The registered office of the Company is 69, Route d'esch L Luxembourg Board of Directors of the Company Chairman: Martin Vogel Independent Adviser Horgen, Switzerland (until 31 December 2009) Martin Jufer Member of the Management Committee Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Zurich, Switzerland (Chairman since 1 January 2010) Members: Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, UK Jean-Michel Loehr Chief Industry & Government Relations RBC Dexia Investor Services Bank S.A. Esch-sur-Alzette, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Head of Legal & Compliance Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Zurich, Switzerland (since 1 January 2010) Management Company Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) 25, Grand-Rue L Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Management Committee Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Zurich, Switzerland Members: Michel Malpas, Independent Adviser Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, UK Fabio Oetterli Managing Director Julius Bär Group Ltd. (until 1 October 2009: Julius Bär Holding AG) Zurich, Switzerland (until 1 October 2009) Managing Directors of the Management Company Dr. Dieter Steberl Managing Director Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) Luxembourg, Grand Duchy of Luxembourg Stéphanie Clément Managing Director Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) Luxembourg, Grand Duchy of Luxembourg (until 1 May 2010) Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. (until 1 October 2009: Julius Baer (Luxembourg) S.A.) Luxembourg, Grand Duchy of Luxembourg (since 1 May 2010) Investment Adviser Bank Julius Bär & Co. AG Bahnhofstraße 36 Postfach CH Zurich (until 1 October 2009) Swiss & Global Asset Management Ltd. Hohlstraße 602 Postfach CH Zurich (since 1 October 2009) For the sub-fund GLOBAL CONVERT BOND FUND: EMCore AG Städtle 22 FL Vaduz (since 1 September 2009) Each investment adviser may enlist the support of sub-advisers for individual sub-funds. Swiss & Global Advisory S.A. (until 1 June 2010: Swiss & Global Multibond Advisory S.A.H.) (until 1 October 2009: Julius Baer Multibond Advisory S.A.H.) 25, Grand-Rue L Luxembourg 3

4 Organisation and Management Custodian, Administrator, Principal Paying Agent and Domiciliary Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L Esch-sur-Alzette Registrar and Transfer Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L Esch-sur-Alzette 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. Auditor PricewaterhouseCoopers S.à r.l. 400, Route d'esch L Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg National Representatives Switzerland: Swiss & Global Asset Management Ltd. (until 1 October 2009: Julius Baer Investment Funds Services Ltd.) Hohlstraße 602 CH Zurich Germany: Bank Julius Bär Europe AG (until 1 October 2009: Bank Julius Bär (Deutschland) AG) An der Welle 1 D Frankfurt am Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A 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 United Kingdom: GAM Sterling Management Ltd. 12 St. James s Place London, SW1A 1 NX, U.K. Belgium RBC Dexia Investor Services Belgium S.A. Place Rogier 11 B Brussels 4

5 Audit Report To the shareholders of Julius Baer Multibond PricewaterhouseCoopers Société à responsabilité limitée 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 Multibond and its sub-funds, which contain the statements of net and investments as at 30 June 2010, 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. Responsibility of the Réviseur d'entreprises agréé 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 as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. 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. Cabinet de révision agréé Expert comptable (autorisation gouvernementale n 95992) R.C.S. Luxembourg B Capital social TVA LU

6 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 discretion of the Réviseur d'entreprises agréé, 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 Réviseur d'entreprises agréé 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 Multibond and its sub-funds as at 30 June 2010 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. Without restricting our opinion, we refer to the notes to the financial statements with regard to the notes Valuation of and liabilities, portfolio" and Lehman Brothers International (Europe). 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 as part of the overall presentation of the financial statements. PricewaterhouseCoopers S.à r.l. Luxembourg, 8 October 2010 Represented by Marc Schernberg 6

7 Notes to the Annual Report Legal information Julius Baer Multibond (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 Luxembourg. As at 15 September 2009, the name of the sub-fund Julius Baer Multibond - O CORPORATE BOND FUND was changed to Julius Baer Multibond CREDIT OPPORTUNITIES BOND FUND. As at 15 September 2009, the name of the sub-fund Julius Baer Multibond - OPE BOND FUND was changed to Julius Baer Multibond - O BOND FUND. Accounting principles Presentation of the annual and the unaudited semi-annual reports The annual and the unaudited semi-annual reports 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 ("NAV") calculation at the end of the accounting year (in the following: 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) have been 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 year. Accounting The annual and the unaudited semi-annual reports 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 of the annual and the unaudited semi-annual reports. The accounting principles are applied consistently. Valuation of and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions. 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 year. 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 Fund includes which, in the absence of liquid markets, have been valued using broker prices. The proportion of the in question in relation to the Fund's net as at 30 June 2010 is 30.3% in the Julius Baer Multibond - ABS FUND sub-fund 2.1% in the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND sub-fund 2.9% in the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS sub-fund 4.2% in the Julius Baer Multibond - CREDIT OPPORTUNITIES BOND FUND sub-fund 4.8% in the Julius Baer Multibond - O BOND FUND sub-fund 5.2% in the Julius Baer Multibond - TOTAL RETURN BOND FUND sub-fund. As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received. lending Income from securities lending is shown separately in the profit and loss account. Details of the securities lent as per the balance sheet date are listed in the statement of investments. There were no outstanding securities lending positions as at 30 June 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. 7

8 Notes to the Annual Report Options Purchase of options: When an option is purchased, the premium paid is recorded as an investment and is subsequently valued at the market price. If a purchased put option is exercised, the premium is subtracted from the sale price of the underlying asset to determine the profit/loss. If a purchased call option is exercised, the premium is added to the cost price of the underlying asset. Sale of options: If an option is written (sold), the premium received is recorded as a liability and is subsequently valued at the market price. If a written call option is exercised, the premium received is added to the sale price of the underlying asset to determine the profit/loss. If a written put option is exercised, the cost price of the underlying asset is reduced. Forward contracts (Forward foreign exchange contracts, 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. Lehman Brothers International (Europe) In the framework of the bankruptcy of Lehman Brothers International (Europe) (further referred to as LBIE ) in September 2008, the exposure of the sub-funds of the SICAV to accounts receivable and accounts payables with LBIE are as follows as at 30 June 2010: These accounts receivable and accounts payables with LBIE are represented by margin cash accounts and financial derivative instruments concluded between the SICAV and LBIE under ISDA agreements. The Board of Directors of the SICAV decided not to apply a discount or to write-off those amounts as of 30 June 2010 due to the fact that they are still considered as being recoverable. As of 30 June 2010, no amounts due by LBIE to the SICAV have been recovered so far. In view of the uncertainty linked to the final settlement of all accounts receivable and accounts payables with LBIE, the actual realisable value of any of those amounts may differ from its probable realisable value as presented above, and the difference could be material. Sub-fund name Receivable Payable Net ( - = Payable) Julius Baer Multibond Currency Amount (in 1 000) in % of NAV Amount (in 1 000) in % of NAV Amount (in 1 000) in % of NAV ABSOLUTE RETURN BOND FUND ABSOLUTE RETURN BOND FUND PLUS DOLLAR BOND FUND USD

9 Notes to the Annual Report 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 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. The of such sub-funds are referred to in the following as "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. Income from zero-coupon bonds For zero coupon bonds, the "notional" interest portion is calculated as interest income and reclassified in the profit and loss account under the item "Income from securities" instead of the item "Net change in unrealised appreciation/depreciation on securities". Therefore, the unrealised profit/loss in the statement of net differs from the unrealised profit/loss in the profit and loss account. - 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 9

10 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 current 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 class Share categories A/B/E* Share categories C/Ca** Julius Baer Multibond - ABS FUND CHF 0.45% 0.20% ABS FUND 0.55% 0.30% ABSOLUTE RETURN BOND FUND, CHF, GBP, USD 1.00% 0.55% ABSOLUTE RETURN BOND FUND DEFENDER, CHF, GBP, USD 0.90% 0.45% ABSOLUTE RETURN BOND FUND PLUS, CHF, GBP, USD 1.10% 0.65% ABSOLUTE RETURN EMERGING BOND FUND USD, 1.20% 0.65% CREDIT OPPORTUNITIES BOND FUND 1.00% 0.60% DOLLAR BOND FUND USD 0.80% 0.35% DOLLAR MEDIUM TERM BOND FUND USD 0.60% 0.30% EMERGING BOND FUND () 1.40% 0.70% EMERGING BOND FUND (USD) USD 1.40% 0.70% O BOND FUND 0.80% 0.35% O GOVERNMENT BOND FUND 0.70% 0.30% GLOBAL CONVERT BOND FUND, CHF, USD 1.00% 0.55% GLOBAL HIGH YIELD BOND FUND, USD 1.10% 0.60% INFLATION LINKED BOND FUND, CHF 0.70% 0.30% INFLATION LINKED BOND FUND USD USD 0.70% 0.30% LOCAL EMERGING BOND FUND USD,, GBP 1.40% 0.70% SWISS FRANC BOND FUND CHF 0.55% 0.30% TOTAL RETURN BOND FUND 0.80% 0.35% *) An additional distribution fee of max. 0.50% p.a. is charged for E shares. In the case of ABS FUND, this additional fee amounts to max. 0.45% p.a.. **) Regarding the distribution, offering or holding of C and 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 asset managers for distributing shares of the sub-funds and to reimburse institutional investors who hold shares of the sub-funds beneficially for third parties. As of 5 January 2010, the spread on redemptions of maximum 5% in favour of the ABS FUND is no longer payable. 10

11 Notes to the Annual Report Performance fee The investment adviser is also entitled to receive a performancerelated fee ( performance fee ) for the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND, the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER, the Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS and the Julius Baer Multibond - ABSOLUTE RETURN EMERGING BOND FUND. The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark index stated below per sub-fund and share currency (outperformance of the benchmark index), which will be adjusted to the effective market conditions at the end of each quarter (on the last valuation day of March, June, September, December), 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 in each case amounts to 10% p.a. of the outperformance of the High Water Mark or outperformance of the respective benchmark index, with the lower of the two percentage outperformance values serving as a basis for calculation of the performance fee. At the launch of the sub-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. Benchmark index per sub-fund and share currency Julius Baer Multibond - ABSOLUTE RETURN BOND FUND in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN BOND FUND DEFENDER in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN BOND FUND PLUS in : 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR ABSOLUTE RETURN EMERGING BOND FUND in USD: USD 3-month LIBOR in : 3-month LIBOR 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 respective fund or, if applicable, for the respective share category. 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 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 sub-fund in the relevant share currency 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). 11

12 Notes to the Annual Report Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABS FUND CHF July CHF July Julius Baer Multibond - ABSOLUTE RETURN BOND FUND USD July USD July GBP July GBP July CHF July CHF July CHF July GBP July JPY July NZD July SGD July USD July GBP July JPY July NZD July SGD July USD July GBP July NOK July USD July GBP July NOK July USD July JPY July INR USD July AUD CAD July AUD JPY July AUD NZD July AUD USD July CAD AUD July CAD USD July CHF USD July USD July GBP USD July JPY AUD July JPY USD July NOK GBP July NOK USD July NZD AUD July NZD USD July PLN July PLN USD July SEK USD July TRY USD July

13 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) USD AUD July USD CAD July USD CHF July USD July USD GBP July USD JPY July USD NOK July USD NZD July USD PLN July USD SEK July USD TRY July GBP July SEK July USD July GBP July AUD USD July CAD USD July CHF USD July USD July GBP USD July JPY USD July NOK USD July NZD USD July SEK USD July SGD USD July USD AUD July USD CAD July USD CHF July USD July USD GBP July USD JPY July USD NOK July USD NZD July USD SEK July USD SGD July USD July GBP July JPY July USD July USD July AUD USD July CAD USD July CHF USD July USD July GBP USD July JPY USD July NOK USD July NZD USD July

14 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) SEK USD July USD AUD July USD CAD July USD CHF July USD July USD GBP July USD JPY July USD NOK July USD NZD July USD SEK July AUD USD August CAD USD August CHF USD August USD August GBP USD August JPY USD August NOK USD August NZD USD August SEK USD August USD AUD August USD CAD August USD CHF August USD August USD GBP August USD JPY August USD NOK August USD NZD August USD SEK August AUD USD August CAD USD August CHF USD August USD August GBP USD August JPY USD August NOK USD August NZD USD August SEK USD August SGD USD August USD AUD August USD CAD August USD CHF August USD August USD GBP August USD JPY August USD NOK August USD NZD August USD SEK August USD SGD August

15 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND (continued) GBP August JPY August USD August USD August BRL August PLN August USD August KRW USD August TWD USD August USD August USD KRW August AUD August CNY August AUD August CNY August GBP August JPY August RON August USD August ZAR August USD August AUD August GBP August SEK August USD August NZD August AUD NZD August NOK AUD August SEK AUD August SEK GBP August SEK USD August USD AUD August CHF September GBP September JPY September SGD September USD September USD September GBP September NOK September USD September AUD JPY September CAD JPY September JPY AUD September NZD October CHF October USD February

16 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER CHF July CHF July GBP July JPY July NZD July SGD July USD July GBP July JPY July NZD July SGD July USD July GBP July NOK July USD July GBP July NOK July USD July JPY July INR USD July AUD CAD July AUD JPY July AUD NZD July CAD AUD July USD July JPY AUD July NOK GBP July NOK USD July NZD AUD July NZD USD July PLN July PLN USD July TRY USD July USD AUD July USD July USD NOK July USD NZD July USD PLN July USD TRY July GBP July SEK July GBP July USD July GBP July JPY July USD July USD July GBP August

17 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) JPY August USD August USD August BRL August PLN August USD August KRW USD August TWD USD August USD August USD KRW August AUD August CNY August AUD August CNY August GBP August JPY August RON August USD August ZAR August RON August USD August AUD August GBP August SEK August USD August NZD August USD August AUD NZD August NOK AUD August SEK AUD August SEK GBP August SEK USD August USD AUD August CHF September CHF September GBP September JPY September SGD September USD September USD September GBP September NOK September USD September NZD October CHF October GBP February USD February CHF July

18 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND DEFENDER (continued) 598 CHF July USD July USD July GBP July GBP July Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS USD July CHF July CHF July GBP July CHF July CHF July GBP July JPY July SGD July USD July GBP July JPY July SGD July USD July GBP July NOK July USD July GBP July NOK July USD July INR USD July AUD CAD July AUD JPY July AUD NZD July AUD USD July CAD AUD July CAD USD July CHF USD July USD July GBP USD July JPY AUD July JPY USD July NOK GBP July NOK USD July NZD AUD July NZD USD July PLN July PLN USD July SEK USD July TRY USD July USD AUD July

19 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) USD CAD July USD CHF July USD July USD GBP July USD JPY July USD NOK July USD NZD July USD PLN July USD SEK July USD TRY July GBP July SEK July GBP July AUD USD July CAD USD July CHF USD July USD July GBP USD July JPY USD July NOK USD July NZD USD July SEK USD July SGD USD July USD AUD July USD CAD July USD CHF July USD July USD GBP July USD JPY July USD NOK July USD NZD July USD SEK July USD SGD July GBP July USD July USD July AUD USD July CAD USD July CHF USD July USD July GBP USD July JPY USD July NOK USD July NZD USD July SEK USD July USD AUD July USD CAD July USD CHF July

20 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multibond - ABSOLUTE RETURN BOND FUND PLUS (continued) USD July USD GBP July USD JPY July USD NOK July USD NZD July USD SEK July AUD USD August CAD USD August CHF USD August USD August GBP USD August JPY USD August NOK USD August NZD USD August SEK USD August USD AUD August USD CAD August USD CHF August USD August USD GBP August USD JPY August USD NOK August USD NZD August USD SEK August AUD USD August CAD USD August CHF USD August USD August GBP USD August JPY USD August NOK USD August NZD USD August SEK USD August SGD USD August USD AUD August USD CAD August USD CHF August USD August USD GBP August USD JPY August USD NOK August USD NZD August USD SEK August USD SGD August GBP August JPY August USD August USD August