Julius Baer Multipartner Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multipartner Société d'investissement à Capital Variable Semi-annual Report as at (unaudited) 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 AG, Hohlstraße 602, CH Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, Postfach, CH Zurich Paying and information agent in Germany (until ): Bank Julius Bär Europe AG, An der Welle 1, Postfach , D Frankfurt am Main Paying agent in Germany (since 1 January 2011): Deka Bank Deutsche Girozentrale, Hahnstraße 55, D Frankfurt am Main Information agent in Germany (since 1 January 2011): Swiss & Global Asset Management Kapital AG, Taunusanlage 15, 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 4 Notes to the Semi-annual Report 6 Additional Information for Swiss Shareholders 15 Julius Baer Multipartner (Umbrella fund) Julius Baer Multipartner - ABSOLUTE 3 Julius Baer Multipartner - ADLER GLOBAL CONVERTIBLE FUND Julius Baer Multipartner - ADNOVIS WORLDTREND FUND Julius Baer Multipartner - ALLROUND QUADINVEST FUND Julius Baer Multipartner - BALIUS SECTOR ROTATION FUND Julius Baer Multipartner - BALIUS SECTOR ROTATION FUND - OPE Julius Baer Multipartner - BALKAN TIGER FUND Julius Baer Multipartner - GOLD EQUITY FUND Julius Baer Multipartner - QUALITY EMERGING MARKETS EQUITY FUND (launched on 31 August 2010) Julius Baer Multipartner - QUALITY OPE EQUITY FUND Julius Baer Multipartner - QUALITY GLOBAL EQUITY FUND Julius Baer Multipartner - QUALITY SWITZERLAND EQUITY FUND Julius Baer Multipartner - QUALITY USA EQUITY FUND Julius Baer Multipartner - SAM Smart Energy Fund Julius Baer Multipartner - SAM Smart Materials Fund Julius Baer Multipartner - SAM Sustainable Climate Fund Julius Baer Multipartner - SAM Sustainable Europe Fund Julius Baer Multipartner - SAM Sustainable Europe Active Fund Julius Baer Multipartner - SAM Sustainable Global Fund Julius Baer Multipartner - SAM Sustainable Global Active Fund Julius Baer Multipartner - SAM Sustainable Healthy Living Fund Julius Baer Multipartner - SAM Sustainable Multi-Theme Fund Julius Baer Multipartner - SAM Sustainable Water Fund Julius Baer Multipartner - STRAIGHTLINE INVESTMENT SYSTEM FUND MP AB3 AGC AWT AQF BSR BSRE BTG GOEF QEMEF QEEF QGEF QSEF QUEF SSE SASM SSECF SSEF SAME SASL SASG SHL SMT SAMF SIS 2

3 Contents Julius Baer Multipartner - URAM ENERGY STOCK FUND Julius Baer Multipartner - URAM GOLD ALLOCATOR Julius Baer Multipartner - URAM GOLD & MINING STOCK FUND Julius Baer Multipartner - WMP ELECTRICITY VALUE CHAIN FUND Julius Baer Multipartner - WMP EMA ESTABLISHED LEADERS FUND Julius Baer Multipartner - WMP GLOBAL EQUITY FUND UESF UGA UGSF WMPEVC WMPEEL WMPGE Addresses 3

4 Organisation and Management The Company has its registered office at 69, Route d'esch L Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management AG Zurich, Switzerland 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 Leni Boeren Chairman of the Executive Committee SAM Sustainable Asset Management AG Zurich, Switzerland Thomas van Ditzhuyzen Managing Director Swiss & Global Asset Management AG Zurich, Switzerland Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management AG Zurich, Switzerland Members: Andrew Hanges CEO GAM (UK) Ltd. London, UK Michel Malpas Independent Adviser Luxembourg, Grand Duchy of Luxembourg Managing Directors of the Management Company Dr. Dieter Steberl Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg (until 26 October 2010) Ewald Hamlescher Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg (since 1 December 2010) Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Investment Adviser or Investment Manager For the ADNOVIS WORLDTREND FUND: TRAFINA PRIVATBANK AG Rennweg 50 CH Basel For the ADLER GLOBAL CONVERTIBLE FUND: Adler & Co. Privatbank AG Claridenstraße 22 CH Zurich For the ALLROUND QUADINVEST FUND: Wehama Finanz AG Hurdnerstraße 117 CH Hurden and BRUNO WALTER FINANCE S.A. Avenue de Belmont 33 CH Montreux For the BALIUS SECTOR ROTATION FUND and the BALIUS SECTOR ROTATION FUND - OPE: Balius Asset Management AG Universitätsstraße 100 CH Zurich For the BALKAN TIGER FUND: Gold Coin Invest AG Börsenstraße 26 CH Zurich For the SAM Funds: SAM Sustainable Asset Management AG Josefstraße 218 CH Zurich For the ABSOLUTE 3 and the GOLD EQUITY FUND: Swiss & Global Asset Management AG Hohlstraße 602 CH Zurich 4

5 Organisation and Management For the QUALITY Funds: CE Asset Management AG General-Wille-Straße 2001 CH Meilen/Zurich For the URAM Funds: URAM S.A. Route de Malagnou 40A CH Geneva For the WMP GLOBAL EQUITY FUND, WMP ELECTRICITY VALUE CHAIN FUND and WMP EMA ESTABLISHED LEADERS FUND: WMPartners Vermögensverwaltungs AG Strehlgasse 33 CH Zurich For the STRAIGHTLINE INVESTMENT SYSTEM FUND: STRAIGHTLINE INVESTMENT AG Rütistraße 20 CH Appenzell Each investment manager or investment advisor may enlist the support of investment advisers or sub-advisers for individual subfunds. Swiss & Global Advisory S.A. 25, Grand-Rue L Luxembourg 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 National Representatives Switzerland: Swiss & Global Asset Management AG Hohlstraße 602 CH Zurich Paying and information agent in Germany: Bank Julius Bär Europe AG Postfach An der Welle 1 D Frankfurt am Main (until ) Paying Agent in Germany: Deka Bank Deutsche Girozentrale Hahnstraße 55 D Frankfurt am Main (since 1 January 2011) Information Agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D Frankfurt am Main (since 1 January 2011) Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A Vienna Italy: Dott. Matteo Angeloni Via Montesanto 68 I Rome Spain: Atlas Capital Inversiones A.V., S.A. C./ Montalbán, 9 E Madrid France: Banque Robeco 21, boulevard de la Madeleine F Paris Cedex 01 Belgium RBC Dexia Investor Services Belgium S.A. Place Rogier 11 B Brussels Ireland: RBC Dexia Investor Services Ireland Limited George's Quay House, 43 Townsend Street Dublin 2, Ireland England: GAM Sterling Management Ltd. 12. St. James s Place UK - London SW1A 1NX 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 5

6 Notes to the Semi-annual Report Legal information Julius Baer Multipartner (the Company ) was incorporated on 26 April 2000 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. The following sub-fund was launched: - Julius Baer Multipartner - QUALITY EMERGING MARKETS EQUITY FUND (on 31 August 2010). Accounting principles Presentation of the annual report and the unaudited semi-annual report The annual report and the unaudited semi-annual report 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 period (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) are prepared in CHF, by aggregating the assets and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting period. Accounting The annual report and the unaudited semi-annual report 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 report and the unaudited semi-annual report. The accounting principles are applied consistently. Securities portfolio Securities 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. Securities 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 profits 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. Basic 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 assets. Securities lending Income from securities lending is shown separately in the profit and loss account. The market value as at of securities lent on the balance sheet date amounts to: Julius Baer Multipartner BALIUS SECTOR ROTATION FUND - OPE 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. Valuation of assets and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions: 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 profits and losses are included in the profit and loss account for the current accounting period. 6

7 Notes to the Semi-annual Report 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. Formation expenses Capitalised formation expenses of new sub-funds can be written off in those sub-funds over a period of five years in equal amounts. Swing Pricing The price-setting method known as swing pricing ("full swing") is used for the sub-funds indicated below. Under this method, the issue and redemption prices correspond to a uniform price which is calculated by modifying the net asset value ("modified NAV") as follows: based on the total subscriptions and redemptions received, the net inflows (net subscriptions) or net outflows (net redemptions) are calculated for each valuation day. The net asset value is then adjusted upwards or downwards on each valuation day by the average costs incurred in investing the net subscriptions or disposing of assets as a result of net redemptions. The maximum swing is not permitted to exceed 2% of the NAV. SAM Sustainable Europe Active Fund; SAM Sustainable Europe Fund; SAM Sustainable Global Active Fund; SAM Sustainable Global Fund. Taxes Luxembourg 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 assets ( taxe d abonnement ). A reduced taxe d abonnement of 0.01% will be applied on the net assets 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 assets 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 D shares (for specific investors, as defined in the prospectus): Shares without 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 assets of certain sub-funds and other Luxembourg UCITS of the Julius Baer Group. The assets of such sub-funds are referred to in the following as "co-managed assets". In this case, the pooling technique will be applied to the co-managed assets 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. Repurchase agreement Income from the repurchase agreement for securities is shown separately in the profit and loss account. There are no remaining repurchase agreements as at the end of the financial year. 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 assets differs from the unrealised profit/loss in the profit and loss account. France According to the legal requirements defined under L of the French Code monétaire et financier, the following sub-funds have invested more than 75% of their assets in the equity or equity-related securities of companies that have their registered office in member countries of the EU or the European Economic Community: - SAM Sustainable Europe Active Fund 7

8 Notes to the Semi-annual Report Fees For the following sub-funds, the Company pays a general annual fee for services provided under the custodian bank agreement, the central administration, domiciliary and transfer agent agreement, the principal paying agent agreement, investment adviser agreements as well as additional agreements for distribution and sales support. The fee is calculated as a percentage of the net asset value of the respective sub-fund on each valuation day: Overview of fees (p.a.) A shares B Shares C shares D shares E shares Julius Baer Multipartner - ADLER GLOBAL CONVERTIBLE FUND 1.50% % - - ALLROUND QUADINVEST FUND % 1.10% 0.90% - BALKAN TIGER FUND % GOLD EQUITY FUND (CHF share class) % GOLD EQUITY FUND ( share class) % GOLD EQUITY FUND (USD share class) % QUALITY EMERGING MARKETS EQUITY FUND % 0.90% 0.65% - QUALITY OPE EQUITY FUND % 0.90% - - QUALITY GLOBAL EQUITY FUND % 0.90% - - QUALITY SWITZERLAND EQUITY FUND % 0.90% - - QUALITY USA EQUITY FUND % 0.90% - - WMP ELECTRICITY VALUE CHAIN FUND % 1.00% 0.25% - WMP EMA ESTABLISHED LEADERS FUND % 1.00% 0.25% - WMP GLOBAL EQUITY FUND % 1.00% 0.25% - 8

9 Notes to the Semi-annual Report 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-funds below at the end of each month Overview of fees (p.a.) A shares B Shares C shares D shares E shares Julius Baer Multipartner - ABSOLUTE % % ADNOVIS WORLDTREND FUND % 1.40% 1.40% - BALIUS SECTOR ROTATION FUND % 1.00% - - BALIUS SECTOR ROTATION FUND - OPE % 1.00% - - SAM Smart Energy Fund (CHF share class) % 0.80% - - SAM Smart Energy Fund ( share class) % 0.80% 0.13% 2.25% SAM Smart Energy Fund (USD share class) % 0.80% - - SAM Smart Energy Fund (SGD share class) % SAM Smart Energy Fund (GBP share class) 1.50% 1.50% 0.80% - - SAM Smart Materials Fund ( share class) % 0.80% % SAM Smart Materials Fund (GBP share class) 1.50% SAM Sustainable Climate Fund ( share class) % 0.80% % SAM Sustainable Climate Fund (USD share class) % 0.80% - - SAM Sustainable Climate Fund (CHF share class) % 0.80% - - SAM Sustainable Climate Fund (GBP share class) 1.50% SAM Sustainable Europe Fund % 0.50% - - SAM Sustainable Europe Active Fund % 0.70% - - SAM Sustainable Global Fund % 0.50% - - SAM Sustainable Global Active Fund % 0.70% - - SAM Sustainable Healthy Living Fund ( share class) % 0.80% 0.13% 2.25% SAM Sustainable Healthy Living Fund (USD share class) % SAM Sustainable Multi-Theme Fund % 0.80% - - SAM Sustainable Water Fund ( share class) % 0.80% 0.13% 2.25% SAM Sustainable Water Fund (USD share class) % 0.80% - - SAM Sustainable Water Fund (CHF share class) % 0.80% - - SAM Sustainable Water Fund (SGD share class) % SAM Sustainable Water Fund (GBP share class) 1.50% % - - STRAIGHTLINE INVESTMENT SYSTEM FUND (CHF share class) % 1.05% - - STRAIGHTLINE INVESTMENT SYSTEM FUND ( share class) % 1.05% - - URAM ENERGY STOCK FUND ( share class) % 1.50% % URAM ENERGY STOCK FUND (USD share class) % 1.50% % URAM GOLD ALLOCATOR ( share class) % 1.50% % URAM GOLD ALLOCATOR (USD share class) % 1.50% % URAM GOLD & MINING STOCK FUND ( share class) % 1.50% % URAM GOLD & MINING STOCK FUND (USD share class) % 1.50% % 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. 9

10 Notes to the Semi-annual Report Performance fee The relevant investment adviser is also entitled to receive a performance-related fee ( performance fee ) for specific sub-funds subject to the following principles. Julius Baer Multipartner - ABSOLUTE 3 The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark index, the 3-month LIBOR (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 amounts to 15% 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. Julius Baer Multipartner - BALIUS SECTOR ROTATION FUND The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark 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 15% p.a. of the outperformance of the High Water Mark or outperformance of the benchmark index. The higher of the two outperformance values shall apply (see the prospectus for more details). Sub-fund Performance fee Benchmark Julius Baer Multipartner - BALIUS SECTOR 15% MSCI North America ROTATION FUND Julius Baer Multipartner - BALIUS SECTOR ROTATION FUND OPE The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark 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 15% p.a. of the outperformance of the High Water Mark or outperformance of the benchmark index. The higher of the two outperformance values shall apply (see the prospectus for more details). Sub-fund Julius Baer Multipartner - BALIUS SECTOR ROTATION FUND OPE Performance fee 15% Benchmark MSCI Daily TR Net Europe Local Julius Baer Multipartner - BALKAN TIGER FUND The performance fee for the Julius Baer Multipartner - BALKAN TIGER FUND 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 Julius Baer Multipartner - BALKAN TIGER 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). The hurdle rate corresponds to the benchmark index below: Sub-fund Julius Baer Multipartner - BALKAN TIGER FUND Performance fee 20% Julius Baer Multipartner - GOLD EQUITY FUND Benchmark IBOR Euro 3- month + 2% The performance fee is payable when the percentage return of the Julius Baer Multipartner - GOLD EQUITY FUND from the start of the accounting year is above that of the benchmark index and when simultaneously the net asset value per share is higher than the High Water Mark. At the launch of the Julius Baer Multipartner- GOLD EQUITY FUND the High Water Mark is identical to the initial issue price (see the prospectus for details). The performance fee amounts to 10% p.a. and is calculated on each valuation day subject to the aforementioned conditions and is deducted from the assets of Julius Baer Multipartner - GOLD EQUITY FUND. The benchmark index is the FTSE Gold Mines Total Return Index. Any performance fee owed to the investment adviser is paid out at the end of the accounting year for Julius Baer Multipartner - GOLD EQUITY FUND. Sub-fund Julius Baer Multipartner - GOLD EQUITY FUND Performance fee 10% p.a. Benchmark FTSE Gold Mines Total Return Index 10

11 Notes to the Semi-annual Report Julius Baer Multipartner - STRAIGHTLINE INVESTMENT SYSTEM FUND The performance fee for the Julius Baer Multipartner - STRAIGHTLINE INVESTMENT SYSTEM FUND is subject to a High Water Mark. The investment adviser is entitled to a performance fee when the net asset value per share of Julius Baer Multipartner - STRAIGHTLINE INVESTMENT SYSTEM FUND at the end of the financial year is higher than the previous High Water Mark (outperformance of the High Water Mark). The performance fee is calculated and set aside on each valuation day and is paid out annually after the end of the financial year. Sub-fund Julius Baer Multipartner - URAM ENERGY STOCK FUND URAM GOLD & MINING STOCK FUND URAM GOLD ALLOCATOR Performance fee 15% p.a. 15% p.a. 15% p.a. Julius Baer Multipartner - WMP FONDS Benchmark MSCI World Energy Index S&P/TSX Global Mining (in USD) FT Gold Mines Index At the launch of the Julius Baer Multipartner - STRAIGHTLINE INVESTMENT SYSTEM FUND the High Water Mark is identical to the initial issue price per share. If the net asset value per share of Julius Baer Multipartner STRAIGHTLINE INVESTMENT SYSTEM FUND on the last valuation day of a 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. In all other cases the High Water Mark remains unchanged. The performance fee is 10%, calculated on the basis of the outperformance of the High Water Mark. Julius Baer Multipartner - URAM FONDS The performance fee for the URAM FUNDS and the respective share categories for each sub-fund are subject to a High Water Mark and a hurdle rate (benchmark index, as indicated below). 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 respective sub-fund are recovered in full. The performance fee shall be 15% 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). The hurdle rate corresponds to the benchmark index indicated below: Moreover, all three sub-funds will charge a performance fee for the benefit of the investment adviser. This is calculated and set aside on each valuation day and is paid out after the end of the financial year. In order for the investment adviser to be entitled to a performance fee, the net asset value per share of the respective sub-fund at the end of the financial year must be above both the so-called High Water Mark and the so-called 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 respective sub-fund are recovered in full. The performance fee shall be the percentage indicated below 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). Sub-fund Julius Baer Multipartner - WMP GLOBAL EQUITY FUND WMP ELECTRICITY VALUE CHAIN FUND WMP EMA ESTABLISHED LEADERS FUND Performance fee 15% p.a. 15% p.a. 15% p.a. Benchmark MSCI Daily TR Net World in CHF MSCI Daily TR Net World in CHF MSCI Daily TR Net Emerging Markets in CHF 11

12 Notes to the Semi-annual Report Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multipartner - ABSOLUTE 3 AUD USD January CAD USD January CHF January USD January NOK January NZD USD January USD AUD January USD NZD January Julius Baer Multipartner - ADLER GLOBAL CONVERTIBLE FUND USD January Julius Baer Multipartner - ALLROUND QUADINVEST FUND CHF March Julius Baer Multipartner - QUALITY EMERGING MARKETS EQUITY FUND HKD USD December 2010 USD -328 ZAR USD December 2010 USD USD 784 Julius Baer Multipartner - QUALITY OPE EQUITY FUND GBP March Julius Baer Multipartner - QUALITY GLOBAL EQUITY FUND CHF January CHF January GBP January JPY January USD January JPY January USD January Julius Baer Multipartner - SAM Smart Energy Fund USD January USD January USD January Julius Baer Multipartner - SAM Sustainable Healthy Living Fund JPY January GBP January Julius Baer Multipartner - URAM ENERGY STOCK FUND USD January 2011 USD USD Julius Baer Multipartner - URAM GOLD ALLOCATOR USD January 2011 USD USD January 2011 USD USD

13 Notes to the Semi-annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multipartner - URAM GOLD & MINING STOCK FUND USD January 2011 USD USD Julius Baer Multipartner - WMP EMA ESTABLISHED LEADERS FUND CHF USD June 2011 CHF CHF Futures Number of contracts Commitment Maturity date Currency Unrealised profit/loss Julius Baer Multipartner - ABSOLUTE 3 10Y BTP ITALIAN BOND Purchases March DOW JONES O STOXX 50/PR.IND Purchases March DOWJONES AIG COMMODITY INDEX Purchases March O BUND Sales March O CHF 3 MONTH Sales June NASDAQ 100 E-MINI INDEX Purchases March S&P 500 EMINI INDEX Purchases March Julius Baer Multipartner - ADNOVIS WORLDTREND FUND DOW JONES O STOXX 50/PR.IND Purchases March 2011 CHF NIKKEI 225 INDICES D Purchases March 2011 CHF DAX-INDEX Purchases March 2011 CHF DT BOERSE MID CAP INDEX Purchases March 2011 CHF FTSE 250 INDEX Purchases March 2011 CHF HSCEI - HKD CHINA ENT Purchases January 2011 CHF NASDAQ 100 INDEX 100-INDEX Purchases March 2011 CHF S&P 500 INDICES Purchases March 2011 CHF TOPIX INDEX (TOKYO) Purchases March 2011 CHF UKX FTSE 100 INDEX Purchases March 2011 CHF CHF Julius Baer Multipartner - WMP ELECTRICITY VALUE CHAIN FUND DOW JONES O STOXX 50/PR.IND Sales March 2011 CHF CHF Julius Baer Multipartner - WMP GLOBAL EQUITY FUND DJ STOXX 600 BASIC RES.PRICE Sales March 2011 CHF CHF

14 Notes to the Semi-annual Report Other expenses include: Currency Audit fees Performance fee Service load Other expenses Total Julius Baer Multipartner - ABSOLUTE ADLER GLOBAL CONVERTIBLE FUND ADNOVIS WORLDTREND FUND CHF ALLROUND QUADINVEST FUND BALIUS SECTOR ROTATION FUND USD BALIUS SECTOR ROTATION FUND - OPE BALKAN TIGER FUND GOLD EQUITY FUND USD QUALITY EMERGING MARKETS EQUITY FUND USD QUALITY OPE EQUITY FUND QUALITY GLOBAL EQUITY FUND QUALITY SWITZERLAND EQUITY FUND CHF QUALITY USA EQUITY FUND USD SAM Smart Energy Fund SAM Smart Materials Fund SAM Sustainable Climate Fund SAM Sustainable Europe Fund SAM Sustainable Europe Active Fund SAM Sustainable Global Fund SAM Sustainable Global Active Fund SAM Sustainable Healthy Living Fund SAM Sustainable Multi-Theme Fund SAM Sustainable Water Fund STRAIGHTLINE INVESTMENT SYSTEM FUND URAM ENERGY STOCK FUND USD URAM GOLD ALLOCATOR USD URAM GOLD & MINING STOCK FUND USD WMP ELECTRICITY VALUE CHAIN FUND CHF WMP EMA ESTABLISHED LEADERS FUND CHF WMP GLOBAL EQUITY FUND CHF

15 Additional Information for Swiss Shareholders Portfolio Turnover Rate (in %) Julius Baer Multipartner - ABSOLUTE % ADLER GLOBAL CONVERTIBLE FUND 47.01% ADNOVIS WORLDTREND FUND 94.08% ALLROUND QUADINVEST FUND 30.67% BALIUS SECTOR ROTATION FUND % BALIUS SECTOR ROTATION FUND - OPE % BALKAN TIGER FUND % GOLD EQUITY FUND % QUALITY EMERGING MARKETS EQUITY FUND 28.95% QUALITY OPE EQUITY FUND % QUALITY GLOBAL EQUITY FUND % QUALITY SWITZERLAND EQUITY FUND 56.21% QUALITY USA EQUITY FUND % SAM Smart Energy Fund % SAM Smart Materials Fund % SAM Sustainable Climate Fund 21.76% SAM Sustainable Europe Fund 4.79% SAM Sustainable Europe Active Fund % SAM Sustainable Global Fund % SAM Sustainable Global Active Fund 93.87% SAM Sustainable Healthy Living Fund % SAM Sustainable Multi-Theme Fund 97.01% SAM Sustainable Water Fund % STRAIGHTLINE INVESTMENT SYSTEM FUND 81.41% URAM ENERGY STOCK FUND 6.49% URAM GOLD ALLOCATOR 1.11% URAM GOLD & MINING STOCK FUND % WMP ELECTRICITY VALUE CHAIN FUND % WMP EMA ESTABLISHED LEADERS FUND % WMP GLOBAL EQUITY FUND % The PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR". 15

16 Julius Baer Multipartner CONSOLIDATED STATEMENT OF NET ASSETS as at CHF CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2010 until CHF Assets Investments at market value (Cost: ) Derivative instruments at market value: - Futures Forward foreign exchange contracts Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Management fees payable Performance fees "Taxe d'abonnement" payable Capital gains tax on unrealised gains/losses on securities Other liabilities Total Liabilities Net Assets Income Income from investment Bank interest Income from securities lending Interest income on swaps 555 Equalisation 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: - Securities Options Forward foreign exchange contracts Futures Foreign currencies Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Options Forward foreign exchange contracts Futures Capital gains tax on unrealised gains/losses on securities Total profit/loss CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 CHF CHF Net assets at the beginning of the reporting period Foreign exchange difference Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the reporting period EXCHANGE RATES USED FOR THE CONSOLIDATION as at in CHF 1 = CHF 1 USD = CHF The accompanying notes form an integral part of the financial statements. MP - 1

17 Julius Baer Multipartner - ABSOLUTE 3 STATEMENT OF NET ASSETS as at PROFIT AND LOSS ACCOUNT from 1 July 2010 until Assets Investments at market value (Cost: ) Derivative instruments at market value: - Futures Forward foreign exchange contracts Cash at banks Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Management fees payable Performance fees "Taxe d'abonnement" payable Total Liabilities Net Assets Income Income from investment Bank interest 558 Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest 8 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Options Forward foreign exchange contracts Futures Foreign currencies Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Options Forward foreign exchange contracts Futures Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 Net assets at the beginning of the reporting period Total profit/loss Net subscriptions/redemptions Net assets at the end of the reporting period * See Page 14 The TER (Total Expense Ratio) amounts to 2.12%, or 2.58% including the performance fee (amounts to 0.46%), for B shares, and 2.48%, or 2.49% including the performance fee (amounts to 0.01%), for E shares. (The 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. AB3-1

18 Julius Baer Multipartner - ABSOLUTE 3 COMPARATIVE STATEMENT 30 June June 2010 Number of shares outstanding Accumulation shares (Shares B-) Accumulation shares (Shares E-) Net Assets NAV per share Accumulation shares (Shares B-) Accumulation shares (Shares E-) AB3-2

19 Julius Baer Multipartner - ABSOLUTE 3 SECURITIES PORTFOLIO AS AT 31 DECEMBER 2010 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % % % AB SKF % % AM.HONDA F % 500 Fl. Rate AUTOSTRADE 04 EMTN % % BASF AG % % BELGACOM % % BRAZIL % % COMP FIN FONC % % CS LN % % DT BK AG 08 EMTN % % FRANCE % % FRANCE 03 /INFL % % FRANCE 01 OAT/INFL % % FRANCE % % GE CAP % % GERMAN POST % % GERMANY % % GERMANY % % ING NV % % ITALY 10 BTP % % ITALY 07 BTP % % MUNICH RE % % NIPPON % % PROCTER&GAMB % % RABOBANK NED % % SAP AG % % TOYOTA % % UNICREDIT % % ZRCH FIN US % Convertible bonds and bonds with warrants % % % UBS JERSEY 07 /BSKT % UNLISTED SECURITIES % Investment funds % Virgin Islands, British % 649 GAM MULTI-ARBITRAGE/-SI-1 USD % 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. AB3-3

20 Julius Baer Multipartner - ADLER GLOBAL CONVERTIBLE FUND STATEMENT OF NET ASSETS as at PROFIT AND LOSS ACCOUNT from 1 July 2010 until Assets Investments at market value (Cost: ) Derivative instruments at market value: - Forward foreign exchange contracts Cash at banks Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investment Bank interest 3 Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Forward foreign exchange contracts Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June 2010 Net assets at the beginning of the reporting period Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the reporting period * See Page 14 The TER (Total Expense Ratio) amounts to 1.67% for A shares and 1.13% for C shares. (The 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. AGC - 1

21 Julius Baer Multipartner - ADLER GLOBAL CONVERTIBLE FUND COMPARATIVE STATEMENT 30 June June 2010 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares C-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares C-) Dividend for the previous financial year (Shares A-) AGC - 2

22 Julius Baer Multipartner - ADLER GLOBAL CONVERTIBLE FUND SECURITIES PORTFOLIO AS AT 31 DECEMBER 2010 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Convertible bonds and bonds with warrants % CHF % 500 Fl. Rate ACTELION FI 06 CV % % BALOISE 09 CONV % % BC GRISONS 06 CV % 800 Fl. Rate BNPPB 08 CV /ROCHE % % CLARIANT 09 CV/CLN % % % ARCELOR CV(20.25) % % ARTEMIS CV(51.12) % 800 Fl. Rate BNP PAR 06 CV /E.ON % 500 Fl. Rate BNPP AR 08 CV % % BRANDENBURG 06 CV/PPR % 500 Fl. Rate EXANE FIN 08 CONV % % KFW 08 CV/DT TEL % 8 Fl. Rate MICHELIN 07 CV(103.82) % % PEUGEOT CV(25.1) % % PORTUGAL TEL 07 CV % % RABO ST PR 09 CV % % RABOBK 08 CONV % % SUEDZUCKER 09 CV % USD % % ALLERGAN 06 CV % % AMGEN INC 06 CV % % ARCHER D. 07 CV % % BECKMAN COUL. 06 CV % 500 Fl. Rate DANAHER CORP *OPR* % % EMC 06 CV % % INTEL 05 CV % % MEDTRONIC 06 CV % % MICORCHIP TECH 07 CV % 500 Fl. Rate RAFFLESIA CAP 06 CV % % SEADRILL LTD CV % % SYMANTEC 06 CV % % TATA MOT. 04 CV S % Equities % United States % STNLY BL DK CONV FREF % UNLISTED SECURITIES % Investment funds % Luxembourg % SWISSCANTO(LU)MONEY MKT / USD % JPY % Fl. Rate SUZUKI MOTOR 06 CV % Fl. Rate TOSHIBA 04 CV % USD % % RABO BK NED 07 CV % % SGA 06 CV/PFIZER % % SHVANI 10 CV % % SWISS RE AM. 01 CV/REGS % % UBS AG JER 06 CV/JNJ % % UBS JE 06 CV % Equities % United States % BK OF AMERICA CO. -L-/PREF % Switzerland % 615 GIVAUDAN SA /REG % Bonds % CHF % Fl. Rate ARYZTA 10 Perp % Investment funds % France % LYXOR ETF INDIA /-B- DIS/CAP % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Convertible bonds and bonds with warrants % JPY % Fl. Rate NIPPON YUSEN 06 CV % 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. AGC - 3