Julius Baer Multistock Société d'Investissement à Capital ...

Trade and Companies Register number: R.C.S. Luxembourg B-32188

Julius Baer Multistock Société d'Investissement à Capital Variable Annual Report as at 30 June 2012 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semi-annual report if published thereafter. The articles of association, the valid prospectus and the key investor information, 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, Hardstraße 201, P.O. Box, CH - 8037 Zurich (new address since 19 September 2011) Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH - 8010 Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D - 60325 Frankfurt / Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL - 9490 Vaduz

Contents

2

Page

Organisation and Management 4

Information on risk management (unaudited) 6

Audit Report 7

Notes to the Annual Report 9

Additional Information for Swiss Shareholders (unaudited) 20

Julius Baer Multistock (Umbrella fund) MS

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND AREE

Julius Baer Multistock - AFRICA OPPORTUNITIES FUND AOF (launched on 31 January 2012)

Julius Baer Multistock - AGRICULTURE FUND AGF

Julius Baer Multistock - ASIA STOCK FUND ASF

Julius Baer Multistock - BIOTECH FUND BTF

Julius Baer Multistock - BLACK SEA FUND BSF

Julius Baer Multistock - CENTRAL EUROPE STOCK FUND CESF

Julius Baer Multistock - CHINDONESIA FUND CHI

Julius Baer Multistock - ENERGY TRANSITION FUND ETF

Julius Baer Multistock - EURO LARGE CAP STOCK FUND ELCSF

Julius Baer Multistock - EUROLAND VALUE STOCK FUND EUSF

Julius Baer Multistock - EUROPE SELECTION FUND EGSF

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

Julius Baer Multistock - EUROPE STOCK FUND ESF

Julius Baer Multistock - GERMAN VALUE STOCK FUND GVSF

Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND GESF

Julius Baer Multistock - GLOBAL SELECTION FUND GSL

Julius Baer Multistock - GLOBAL STOCK FUND GSF

Julius Baer Multistock - HEALTH OPPORTUNITIES FUND HOF

Julius Baer Multistock - INFRASTRUCTURE FUND INFU

Julius Baer Multistock - JAPAN STOCK FUND JSF

Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE GCSF

Contents

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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 VALUE STOCK FUND UVSF

Addresses

ALFI Code of Conduct

The Board of Directors confirms that the Fund had adhered to the rules of the ALFI Code of Conduct for Luxembourg investment funds in all significant aspects during the accounting period and as at the end of the financial year (30 June 2012).

Organisation and Management

4

The Company has its registered office at 69, Route d'Esch L - 1470 Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Members: Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges CEO GAM (UK) Ltd. London, United Kingdom Jean-Michel Loehr Chief Industry & Government Relations RBC Dexia Investor Services Bank S.A. (from 27 July 2012: RBC Investor Services Bank S.A.) Esch-sur-Alzette, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Managing Director Swiss & Global Asset Management AG Zurich, Switzerland Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L -1661 Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Members: Andrew Hanges CEO GAM (UK) Ltd. London, United Kingdom Yvon Lauret Independent Adviser Luxembourg, Grand Duchy of Luxembourg Michel Malpas Independent Adviser Luxembourg, Grand Duchy of Luxembourg

Michele Porro Member of the Executive Board Swiss & Global Asset Management Zurich, Switzerland Managing Directors of the Management Company Ewald Hamlescher Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Investment Manager For the Julius Baer Multistock - INFRASTRUCTURE FUND: Macquarie Capital Investment Management (Australia) Limited Level 7, No. 1 Martin Place 2000 Sydney, Australia For the Julius Baer Multistock - NATURAL RESOURCES FUND and the Julius Baer Multistock - AGRICULTURE FUND: Wellington Management Company, LLP 75 State Street Boston, Massachusetts 02109, USA For the Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE: Bank Julius Bär & Co. AG Bahnhofstraße 36 P.O. Box CH -8010 Zurich For the Julius Baer Multistock - US LEADING STOCK FUND: Sarofim International Management Company Two Houston Center Suite 2907 909 Fannin St. Houston, Texas 77070, USA For all other sub-funds: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich (new address since 19 September 2011) Each investment manager may hire investment advisers to assist them in managing individual sub-funds.

Organisation and Management

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Investment Adviser Swiss & Global Advisory S.A. 25, Grand-Rue L - 1661 Luxembourg Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Dexia Investor Services Bank S.A. (from 27 July 2012: RBC Investor Services Bank S.A.) 14, Porte de France L - 4360 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, Société coopérative 400, Route d'Esch L - 1471 Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Local Representatives Switzerland: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich (new address since 19 September 2011) Paying agent in Germany: DekaBank Deutsche Girozentrale Hahnstraße 55 D - 60528 Frankfurt / Main

Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D - 60325 Frankfurt / Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A - 1010 Vienna France: Caceis Bank 1-3, Place Valhubert F - 75013 Paris Spain: Atlas Capital Inversiones A.V., S.A. C. / Montalbán 9 E - 28014 Madrid United Kingdom: GAM Sterling Management Ltd. 12 St. James’s Place London, SW1A 1NX, United Kingdom Belgium: RBC Dexia Investor Services Belgium S.A. (from 27 July 2012: RBC Investor Services Bank S.A.) Place Rogier 11 B - 1210 Brussels Liechtenstein: LGT Bank in Liechtenstein AG Herrengasse 12 FL - 9490 Vaduz Taiwan: Concord Capital Management Corp. 9F, No. 176, Sec. 1 Keelung Rd. Taipei, Taiwan, R.O.C. Sweden: MFEX Mutual Fund Exchange AB Linnégatan 9-11 SE - 114 47 Stockholm

Information on risk management (unaudited)

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Commitment approach On the basis of the respective investment policies and investment strategies (including the use of derivative financial instruments), the risk profile of the sub-funds stated below was determined according to the commitment approach (determining the aggregate risk through the liabilities). This means that a sub-fund's aggregate liabilities can be doubled at most through the use of derivative financial instruments. A sub-fund's aggregate liabilities are therefore capped at 200%. To calculate the aggregate liabilities, the positions in derivative financial instruments are converted into equivalent positions on the underlying assets. The aggregate liabilities of the derivative financial instruments are limited to 100% of the portfolio and therefore equate to the sum of the individual liabilities after netting or hedging. The following sub-funds determine their risk profile in accordance with the commitment approach: Julius Baer Multistock - AFRICA OPPORTUNITIES FUND AGRICULTURE FUND ASIA STOCK FUND BIOTECH FUND BLACK SEA FUND CENTRAL EUROPE STOCK FUND CHINDONESIA FUND ENERGY TRANSITION FUND EURO LARGE CAP STOCK FUND EUROLAND VALUE STOCK FUND EUROPE SELECTION FUND EUROPE SMALL & MID CAP STOCK FUND EUROPE STOCK FUND GERMAN VALUE STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND GLOBAL SELECTION FUND GLOBAL STOCK FUND HEALTH OPPORTUNITIES FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JULIUS BAER EQUITY FUND SPECIAL VALUE LUXURY BRANDS FUND NATURAL RESOURCES FUND NORTHERN AFRICA FUND RUSSIA FUND SWISS SMALL & MID CAP STOCK FUND SWISS STOCK FUND US LEADING STOCK FUND US VALUE STOCK FUND Value-at-risk The total risk exposure of each of the following sub-funds was determined using a model approach that takes into account all of the general and specific market risks that can lead to a significant change in the portfolio value (value-at-risk approach). The value-at-risk (VaR) is calculated on the basis of a confidence interval of 99%. The holding period for the purpose of calculating the total risk exposure is one month (20 days). The leverage was calculated using the commitment approach. The data relate to the period from 1 July 2011 to 30 June 2012. Julius Baer Multistock - Type of VaR

approach VaR limit

(in %) Utilisation of the VaR limit Simulation

model Reference portfolio

Averageleverage

Lowest value

Highest value

Average value

ABSOLUTE RETURN EUROPE EQUITY FUND

Absolute VaR 10.00% 14.2% 31.5% 19.9% Monte Carlo not applicable 67.9%

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

Cabinet de révision agréé Expert comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

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Audit Report

To the shareholders of Julius Baer Multistock Following our appointment by the Annual General Meeting of Shareholders, we have audited the accompanying financial statements of Julius Baer Multistock and of each of its sub-funds, which comprise the statement of net assets, the statement of investments as at 30 June 2012, the profit and loss account and the statement of changes in net assets for the financial year then ended, as well as a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the financial statements in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg, and for the internal controls that it deems necessary to enable the preparation of financial statements which are free from material misstatement, whether due to inaccuracies or infringements. Responsibility of the Réviseur d'entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. These standards require that we follow the professional code of ethics, and plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The choice of which procedures to perform depends on the judgment of the “Réviseur d'entreprises agree”, as does the evaluation of the risk of material misstatement in the financial statements, whether due to inaccuracies or infringements. In making those risk assessments, the “Réviseur d'entreprises agree” considers the internal control system set up for the purpose of the preparation and fair presentation of the financial statements in order to determine the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control system. An audit also includes an assessment of whether the accounting principles and methods used are appropriate and whether the accounting estimates made by the Board of Directors of the SICAV are reasonable, as well as an evaluation of the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion In our opinion, the financial statements present a true and fair view of the assets and financial position of Julius Baer Multistock and of each of its sub-funds as at 30 June 2012, and of their profit and loss and changes in their net assets for the financial year then ended, in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg. Without restricting our opinion, we refer to the notes to the financial statements concerning the notes "Valuation of assets and liabilities" and "Securities portfolio". Other information We read through the additional information contained in the financial statements as part of our mandate, but no special measures were necessary in accordance with the aforementioned standards. Our opinion does not relate, therefore, to this information. We have no comments to make on this information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 12 October 2012 Represented by Roxane Haas

Notes to the Annual Report

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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, as amended. It has been registered under Part I of the law of 17 December 2010 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B-32188 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 during the financial year: - Julius Baer Multistock - AFRICA OPPORTUNITIES FUND

(on 31 January 2012) 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 ("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 year. Accounting The financial statements of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. The accrual principle is applied in the preparation. The accounting principles are applied consistently. Valuation of assets and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions. In addition, certain securities (including pre-IPO, restricted shares) are valued in accordance with established methods/models for which the Company's Board of Directors is responsible. 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.

Securities portfolio Securities listed on a stock exchange or any other public regulated market are valued at the last available price of the reporting year. 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. 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. The Company includes assets which, in the absence of liquid markets, have been valued in line with the models or broker prices described above. The proportion of the assets in question in relation to the net assets as at 30 June 2012 is: • 7.85% in Julius Baer Multistock - ABSOLUTE RETURN EUROPE

EQUITY FUND • 1.08% in Julius Baer Multistock - AFRICA OPPORTUNITIES

FUND • 0.59% in Julius Baer Multistock - ASIA STOCK FUND • 15.10% in Julius Baer Multistock - BLACK SEA FUND • 0.66% in Julius Baer Multistock - CHINDONESIA FUND • 7.93% in Julius Baer Multistock - CENTRAL EUROPE STOCK

FUND • 0.08% in Julius Baer Multistock - EUROPE STOCK FUND • 1.21% in Julius Baer Multistock - NATURAL RESOURCES FUND • 1.63% in Julius Baer Multistock - NORTHERN AFRICA FUND • 10.85% in Julius Baer Multistock - RUSSIA FUND As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received.


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Securities lending Income from securities lending is shown separately in the profit and loss account. The market value of securities lent on the balance sheet date as at 30 June 2012 amounts to: Julius Baer Multistock - AGRICULTURE FUND USD 1 876 409ASIA STOCK FUND USD 1 526 442BIOTECH FUND USD 862 384BLACK SEA FUND EUR 132 296CENTRAL EUROPE STOCK FUND EUR 174 823CHINDONESIA FUND USD 330 274ENERGY TRANSITION FUND USD 4 590 262EURO LARGE CAP STOCK FUND EUR 782 760EUROLAND VALUE STOCK FUND EUR 2 648 930EUROPE SELECTION FUND EUR 1 207 305EUROPE SMALL & MID CAP STOCK FUND EUR 4 762 851EUROPE STOCK FUND EUR 1 793 961GERMAN VALUE STOCK FUND EUR 3 209 092GLOBAL SELECTION FUND EUR 154 176GLOBAL STOCK FUND EUR 76 827INFRASTRUCTURE FUND EUR 1 765 263JAPAN STOCK FUND JPY 239 083 748JULIUS BAER EQUITY FUND SPECIAL VALUE EUR 3 477 424LUXURY BRANDS FUND EUR 10 799 882NATURAL RESOURCES FUND USD 1 495 348NORTHERN AFRICA FUND EUR 530 467SWISS SMALL & MID CAP STOCK FUND CHF 9 079 836SWISS STOCK FUND CHF 14 932 825US LEADING STOCK FUND USD 3 068 944 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. The forward foreign exchange contracts shown in the overview of derivative financial instruments are grouped by currency, with the latest possible maturity date shown in each case.

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 assets (“taxe d’abonnement”). A reduced taxe d’abonnement of 0.01% p.a. will be applied on the net assets applicable to C, Ca, Ch and Cah 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.

Transaction costs Transaction costs mainly include brokers' fees. Transaction costs also comprise stamp duty, trading levies and other foreign fees. The transaction costs incurred during the reporting period are included in the cost of securities bought and sold. During the period from 1 July 2011 until 30 June 2012, the fund incurred transaction costs in the amount set out below in connection with the purchase and sale of securities: Julius Baer Multistock -

ABSOLUTE RETURN EUROPE EQUITY FUND EUR 160 867AFRICA OPPORTUNITIES FUND EUR 41 027AGRICULTURE FUND USD 220 570ASIA STOCK FUND USD 547 296BIOTECH FUND USD 28 365BLACK SEA FUND EUR 112 183CENTRAL EUROPE STOCK FUND EUR 150 695CHINDONESIA FUND USD 106 246ENERGY TRANSITION FUND USD 120 014EURO LARGE CAP STOCK FUND EUR 121 221EUROLAND VALUE STOCK FUND EUR 54 851EUROPE SELECTION FUND EUR 1 108 891EUROPE SMALL & MID CAP STOCK FUND EUR 185 222EUROPE STOCK FUND EUR 503 408GERMAN VALUE STOCK FUND EUR 216 787GLOBAL EMERGING MARKETS STOCK FUND EUR 264 170GLOBAL SELECTION FUND EUR 7 904GLOBAL STOCK FUND EUR 75 091HEALTH OPPORTUNITIES FUND USD 16 915INFRASTRUCTURE FUND EUR 70 998JAPAN STOCK FUND JPY 22 474 900JULIUS BAER EQUITY FUND SPECIAL VALUE EUR 161 951LUXURY BRANDS FUND EUR 145 664NATURAL RESOURCES FUND USD 126 049NORTHERN AFRICA FUND EUR 187 332RUSSIA FUND USD 89 718SWISS SMALL & MID CAP STOCK FUND CHF 61 374SWISS STOCK FUND CHF 147 379US LEADING STOCK FUND USD 38 243US VALUE STOCK FUND USD 25 607 The transaction costs reported above may be misleading as the different costs incurred in transactions are not always reported separately and in some instances are included directly in the purchase and sale costs. In the case of the above sub-funds, this may therefore result in differing transaction costs for comparable investments and transaction volumes. Description of the subsidiary in Mauritius Julius Baer Multistock - CHINDONESIA FUND (the “sub-fund") invests some or all of its assets in Multistock Fund (Mauritius) Ltd. As at 30 June 2012, 19.81% of the sub-fund's net assets were invested here. Multistock Fund (Mauritius) Ltd. (the "subsidiary”) was incorporated on 17 September 2010 in the form an open-ended investment company (“Collective Investment Scheme” licensed as an “Expert Fund” under the Category 1 Global Business License issued by the Mauritian Financial Services Commission) in Mauritius as a wholly-owned subsidiary of the sub-fund and as such is subject to supervision by the Financial Services Commission of Mauritius. Please refer to the sub-fund prospectus for further information on the subsidiary and its administration. .


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Indirect investments in India may be made via the subsidiary. Such indirect investments are generally eligible to benefit from the double taxation agreement ("DTA") between India and Mauritius. The subsidiary’s investments are reported in the annual report of the sub-fund in the securities portfolio in the same manner as for direct investments by the sub-fund. This ensures the transparency of the subsidiary’s investment activities. The subsidiary has been issued with a tax residency certificate (TRC) by the Mauritius Revenue Authority of the Republic of Mauritius; the subsidiary is therefore treated as a tax resident of the Republic of Mauritius and is able to benefit from the DTA between India and Mauritius. On this basis, the subsidiary should be entitled to receive certain tax reliefs in India. However, there is no guarantee that the subsidiary will retain its status as tax resident. Use of the Mauritian subsidiary and the tax treatment accorded it are based on current laws and practice in the countries concerned, as understood by the subsidiary's Board of Directors following appropriate enquiries. However, no guarantee can be given that the tax benefits under the DTA between India and Mauritius will continue to apply to the sub-fund in future, or that they will not be subject to retroactive changes, because the statutory framework may be subject to change in Mauritius, India or the European Union. Such changes may limit or negate the benefits or applicability of a DTA, which may adversely affect the sub-fund's income. Share categories Different share categories may be issued depending on the sub-fund (see the current prospectus): - 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 "A", "B", "C", "Ca" and "E" shares may also bear the additional "h" (currency-hedged share categories)

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 Swiss & Global Asset Management. 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 pool allocation factors which are updated daily. 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.

Service Load Service Load means the costs incurred in connection with the operation of the Company. These costs include the following – unless already otherwise separately stated or included: Costs of day-to-day management and oversight of the Company’s business; tax advisory, legal and auditing services; purchase and sale of securities; taxes and duties; convening the Annual General Meeting; issue of share confirmations; preparation of financial statements and prospectuses; promotional and marketing measures and other sales support; issue and redemption of shares; the payment of dividends, paying agents and representatives, the payment of RBC Dexia S.A. (from 27 July 2012: RBC Investor Services Bank S.A.) as administrator, principal paying agent, registrar and transfer agent; registration for sale; reporting to supervisory authorities in the various countries of distribution; fees and expenses of the Board of Directors of the Company; insurance premiums; interest; stock exchange admission fees and broker fees; reimbursement of expenses to the custodian and all other contractual partners of the Company; calculation and publication of the net asset value per share and the share prices as well as license fees, in particular for the use of the “Julius Baer” brand.


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Management 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/Ah/B/Bh/E* shares C/Ca/Ch** shares

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

**) The Company does not pay commission to distributors for any services relating to the distribution, offering or holding of C, Ca, Ch and Cah shares.

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.


13

Performance fee Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND and Julius Baer Multistock - INFRASTRUCTURE FUND In respect of the ABSOLUTE RETURN EUROPE EQUITY FUND and the INFRASTRUCTURE FUND, the investment manager is entitled to a performance fee. The performance fee for the INFRASTRUCTURE FUND 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). The performance fee for the ABSOLUTE RETURN EUROPE EQUITY FUND is payable when the percentage return from the start of the accounting year is above that of the benchmark index stated below for each share currency (outperformance of the benchmark index), which will be adjusted to the effective market conditions at the end of each calendar 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 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 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.

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 which has been calculated under the aforementioned conditions and is payable to the investment manager is not paid out until the end of the Company's accounting year. This ensures that the performance fee is only paid out if the percentage return of the ABSOLUTE RETURN EUROPE EQUITY FUND and 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). Benchmark index per sub-fund and share currency Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND in EUR: EUR 3-month LIBOR in CHF: CHF 3-month LIBOR in USD: USD 3-month LIBOR in GBP: GBP 3-month LIBOR


14

Other expenses include:

CurrencyPerformance

fee Service

Load Licence

fees Other

expenses Total

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND EUR 59 216 84 585 1 708 499 146 008AFRICA OPPORTUNITIES FUND EUR - 9 451 0 0 9 451AGRICULTURE FUND USD - 314 279 11 643 640 326 562ASIA STOCK FUND USD - 767 374 30 424 661 798 459BIOTECH FUND USD - 45 382 3 002 659 49 043BLACK SEA FUND EUR - 405 876 18 085 11 376 435 337CENTRAL EUROPE STOCK FUND EUR - 367 233 9 182 500 376 915CHINDONESIA FUND USD - 108 066 2 415 661 111 142ENERGY TRANSITION FUND USD - 109 163 9 551 650 119 364EURO LARGE CAP STOCK FUND EUR - 326 144 16 638 500 343 282EUROLAND VALUE STOCK FUND EUR - 246 771 8 372 6 920 262 063EUROPE SELECTION FUND EUR - 547 160 15 639 1 035 563 834EUROPE SMALL & MID CAP STOCK FUND EUR - 376 733 16 364 10 519 403 616EUROPE STOCK FUND EUR - 605 694 31 075 1 540 638 309GERMAN VALUE STOCK FUND EUR - 750 437 22 892 742 774 071GLOBAL EMERGING MARKETS STOCK FUND EUR - 436 963 12 135 500 449 598GLOBAL SELECTION FUND EUR - 40 375 4 130 530 45 035GLOBAL STOCK FUND EUR - 342 306 8 995 1 000 352 301HEALTH OPPORTUNITIES FUND USD - 57 663 1 634 1 649 60 946INFRASTRUCTURE FUND EUR 0 200 443 9 346 503 210 292JAPAN STOCK FUND JPY - 134 069 633 3 111 207 66 282 137 247 122JULIUS BAER EQUITY FUND SPECIAL VALUE EUR - 865 019 0 3 226 868 245LUXURY BRANDS FUND EUR - 643 959 21 704 830 666 493NATURAL RESOURCES FUND USD - 347 316 13 296 3 333 363 945NORTHERN AFRICA FUND EUR - 528 807 31 361 504 560 672RUSSIA FUND USD - 152 470 5 386 640 158 496SWISS SMALL & MID CAP STOCK FUND CHF - 403 928 25 693 1 202 430 823SWISS STOCK FUND CHF - 847 837 34 096 1 202 883 135US LEADING STOCK FUND USD - 845 161 19 735 1 318 866 214US VALUE STOCK FUND USD - 292 731 12 859 663 306 253 Derivative financial instruments

Forward foreign exchange contracts

Purchases Sales Maturity date Currency Unrealised profit/loss

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND CHF 13 700 000 EUR 11 411 909 18 July 2012 EUR -2 744GBP 2 790 000 EUR 3 442 320 18 July 2012 EUR 5 253USD 7 020 000 EUR 5 591 102 18 July 2012 EUR -60 212

EUR -57 703Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE

CHF 7 421 480 EUR 6 182 656 11 July 2012 EUR -2 894CHF 1 525 443 JPY 127 500 000 11 July 2012 EUR 10 937CHF 4 229 420 USD 4 470 880 11 July 2012 EUR -931EUR 6 164 464 JPY 629 700 000 11 July 2012 EUR -54 878EUR 19 479 294 USD 24 780 000 11 July 2012 EUR -45 450


15

Derivative financial instruments (continued)

Forward foreign exchange contracts (continued)

Purchases Sales Maturity date Currency Unrealised profit/loss

Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE (continued) USD 2 544 350 EUR 2 000 000 11 July 2012 EUR 4 753USD 775 841 JPY 62 300 000 11 July 2012 EUR -4 014

EUR -92 477Futures

Underlying CurrencyNumber of

contracts Market value Maturity date Currency Unrealised profit/loss

Julius Baer Multistock - BLACK SEA FUND

RUSSIAN RTS INDEX USD Purchases USD 320 677 269 17 September 2012 EUR 25 725EUR 25 725

Julius Baer Multistock - GERMAN VALUE STOCK FUND

DT BOERSE MID CAP INDEX Sales EUR 82 -4 223 000 21 September 2012 EUR -45 907EUR -45 907

Julius Baer Multistock - RUSSIA FUND

RUSSIAN RTS INDEX USD Purchases USD 250 671 475 17 September 2012 USD 25 505USD 25 505

Julius Baer Multistock - SWISS STOCK FUND SMI INDEX/OHNE DIVIDENDENKORR. Purchases CHF 1 60 590 21 September 2012 CHF 1 440

CHF 1 440Swaps

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND

Type* Counterparty - Underlying Nominal Maturity date Interest rate

paid Unrealised profit/loss

CFD DEUTSCHE BANK AG - ACERINOX SA EUR 110 000 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - AKZO NOBEL NV (EUR 2) EUR 105 000 1 January 2040

LIB1M EUR - 0.4% EUR -

CFD DEUTSCHE BANK AG - AMEC PLC GBP 240 000 1 January 2040LIB1M GBP +

0.35% EUR -

CFD DEUTSCHE BANK AG - ANTENA 3 DE TELEVISION SA EUR 271 000 1 January 2040


CFD DEUTSCHE BANK AG - ARYZTA AG /NAM. CHF 35 000 1 January 2040

LIB1M CHF + 0.35% EUR -

CFD DEUTSCHE BANK AG - ASTRAZENECA PLC GBP 140 000 1 January 2040

LIB1M GBP - 0.4% EUR -

CFD DEUTSCHE BANK AG - AUTOGRILL SPA EUR 480 000 1 January 2040


CFD DEUTSCHE BANK AG - BABCOCK INTERNATIONAL GROUP GBP 399 400 1 January 2040

LIB1M GBP + 0.35% EUR -

CFD DEUTSCHE BANK AG - BASF NAMEN-AKT. EUR 50 000 1 January 2040

LIB1M EUR + 0.35% EUR -

CFD DEUTSCHE BANK AG - BELGACOM SA EUR 80 000 1 January 2040LIB1M EUR +

0.35% EUR -

CFD DEUTSCHE BANK AG - BHP BILLITON PLC GBP 180 000 1 January 2040


CFD DEUTSCHE BANK AG - BMW-BAYER.MOTORENWERKE EUR 50 000 1 January 2040


CFD DEUTSCHE BANK AG - BNP PARIBAS EUR 100 000 1 January 2040LIB1M EUR +

0.35% EUR -


16


Swaps (continued)

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND (continued)



CFD DEUTSCHE BANK AG - BURBERRY GROUP PLC GBP 270 000 1 January 2040


CFD DEUTSCHE BANK AG - CAPITA --- SHS GBP 305 000 1 January 2040LIB1M GBP -

0.4% EUR -

CFD DEUTSCHE BANK AG - CENTRICA PLC GBP 1 200 000 1 January 2040LIB1M GBP +

0.35% EUR -

CFD DEUTSCHE BANK AG - DAIMLER AG / NAMEN-AKT. EUR 50 000 1 January 2040


CFD DEUTSCHE BANK AG - DEUTSCHE POST AG EUR 350 000 1 January 2040


CFD DEUTSCHE BANK AG - DEUTSCHE TELEKOM /NAM. EUR 170 000 1 January 2040


CFD DEUTSCHE BANK AG - E.ON - NAMEN AKT. EUR 75 700 1 January 2040


CFD DEUTSCHE BANK AG - EADS,EUR.AERONAUT.DEFENCE+SP. EUR 70 000 1 January 2040


CFD DEUTSCHE BANK AG - EDF EUR 207 500 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - ENI SPA ROMA EUR 170 000 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - FERREXPO PLC GBP 240 000 1 January 2040


CFD DEUTSCHE BANK AG - FIAT EUR 1 080 000 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - FRANCE TELECOM SA EUR 250 000 1 January 2040


CFD DEUTSCHE BANK AG - GLAXOSMITHKLINE PLC GBP 300 000 1 January 2040


CFD DEUTSCHE BANK AG - GLENCORE INTL GBP 900 000 1 January 2040


CFD DEUTSCHE BANK AG - HEIDELBERGCEMENT AG EUR 75 000 1 January 2040


CFD DEUTSCHE BANK AG - HENNES & MAURITZ "AB" SEK 130 000 1 January 2040

STIB1M SEK - 0.4% EUR -

CFD DEUTSCHE BANK AG - ILIAD EUR 42 000 1 January 2040LIB1M EUR +

0.35% EUR -

CFD DEUTSCHE BANK AG - IMP TOBACCO GBP 161 100 1 January 2040LIB1M GBP +

0.35% EUR -

CFD DEUTSCHE BANK AG - INDITEX /REG. EUR 60 000 1 January 2040LIB1M EUR +

0.35% EUR -

CFD DEUTSCHE BANK AG - INFORMA PLC GBP 900 000 1 January 2040LIB1M GBP -

0.4% EUR -

CFD DEUTSCHE BANK AG - IPSOS SA PARIS EUR 61 352 1 January 2040


CFD DEUTSCHE BANK AG - ITV PLC GBP 3 000 000 1 January 2040LIB1M GBP +

0.35% EUR -

CFD DEUTSCHE BANK AG - KINGFISHER PLC GBP 550 000 1 January 2040


CFD DEUTSCHE BANK AG - LAGARDERE SCA /NOM. EUR 211 400 1 January 2040



17


Swaps (continued)




CFD DEUTSCHE BANK AG - LANXESS AG EUR 50 000 1 January 2040LIB1M EUR +

0.35% EUR -

CFD DEUTSCHE BANK AG - LOTTOMATICA SPA ROMA EUR 47 000 1 January 2040


CFD DEUTSCHE BANK AG - LVMH MOET HENNESSY EUR 0.3 EUR 39 600 1 January 2040


CFD DEUTSCHE BANK AG - MARKS AND SPENCER /NEW GBP 1 185 800 1 January 2040


CFD DEUTSCHE BANK AG - METRO AG EUR 125 000 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - MITIE GROUP PLC GBP 660 000 1 January 2040


CFD DEUTSCHE BANK AG - MTU AERO ENGINES HOLD EUR 60 000 1 January 2040


CFD DEUTSCHE BANK AG - NATIONAL EXPRESS GROUP PLC GBP 370 000 1 January 2040


CFD DEUTSCHE BANK AG - NATIONAL GRID PLC GBP 450 000 1 January 2040


CFD DEUTSCHE BANK AG - NESTE OIL OYJ EUR 250 000 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - NESTLE / ACT NOM CHF 30 000 1 January 2040

LIB1M CHF - 0.4% EUR -

CFD DEUTSCHE BANK AG - NEXT PLC GBP 85 000 1 January 2040LIB1M GBP +

0.35% EUR -

CFD DEUTSCHE BANK AG - NOPEC GEOPHYSICAL NOK 240 000 1 January 2040

NIB1M NOK + 0.35% EUR -

CFD DEUTSCHE BANK AG - NOVARTIS AG BASEL/NAM. CHF 110 000 1 January 2040


CFD DEUTSCHE BANK AG - PETROLEUM GEO-SERVICES ASA NOK 480 000 1 January 2040

NIB1M NOK - 0.4% EUR -

CFD DEUTSCHE BANK AG - RED ELE CORP --- SHS EUR 80 300 1 January 2040


CFD DEUTSCHE BANK AG - RWE EUR 100 000 1 January 2040LIB1M EUR +

0.35% EUR -

CFD DEUTSCHE BANK AG - SALZGITTER AG EUR 80 000 1 January 2040


CFD DEUTSCHE BANK AG - SANOFI EUR 87 000 1 January 2040LIB1M EUR +

0.35% EUR -

CFD DEUTSCHE BANK AG - SEADRILL LTD NOK 160 000 1 January 2040NIB1M NOK +

0.35% EUR -

CFD DEUTSCHE BANK AG - SGCLN GBP 425 000 1 January 2040LIB1M GBP -

0.4% EUR -

CFD DEUTSCHE BANK AG - SIEMENS AG /NAM. EUR 55 000 1 January 2040


CFD DEUTSCHE BANK AG - THYSSENKRUPP AG DUESSELDORF EUR 200 000 1 January 2040


CFD DEUTSCHE BANK AG - UBS AG /NAMENSAKTIEN CHF 220 000 1 January 2040

LIB1M CHF - 0.4% EUR -

CFD DEUTSCHE BANK AG - UNICREDIT AZ EUR 800 000 1 January 2040LIB1M EUR +

0.35% EUR -


18


Swaps (continued)




CFD DEUTSCHE BANK AG - VALLOUREC EUR 99 400 1 January 2040LIB1M EUR -

0.4% EUR -

CFD DEUTSCHE BANK AG - VOLKSWAGEN AG /VORZUG. EUR 30 000 1 January 2040


CFD DEUTSCHE BANK AG - WHITBREAD PLC GBP 111 100 1 January 2040


CFD DEUTSCHE BANK AG - WILLIAM HILL PLC GBP 1 253 800 1 January 2040


EUR -

Julius Baer Multistock - AGRICULTURE FUND


received Interest rate


TRS GOLDMAN SACHS INTERNATIONAL - SPGCGRP INDEX USD 1 187 905 30 November 2012

SPGCGRP Index 0.25% USD 37 205

TRS JPMORGAN LONDON - IFFDBP1M INDEX USD 93 600 31 October 2012

IFFDBP1M Index 0.00% USD -13 026

TRS JPMORGAN LONDON - IFFDBP1M INDEX USD 93 600 30 November 2012


TRS JPMORGAN LONDON - IFFDBP1M INDEX USD 93 600 31 December 2012


TRS MORGAN STANLEY CIE INTERNATIONAL - SPGCGRP INDEX USD 332 912 29 August 2012


TRS MORGAN STANLEY CIE INTERNATIONAL - SPGCGRP INDEX USD 1 781 399 28 March 2013


USD 384 338

Julius Baer Multistock - EUROPE STOCK FUND



CFD DEUTSCHE BANK AG - BASF NAMEN-AKT. EUR 20 000 1 January 2040


CFD DEUTSCHE BANK AG - BHP BILLITON PLC GBP 30 000 1 January 2040


CFD DEUTSCHE BANK AG - BMW-BAYER.MOTORENWERKE EUR 5 000 1 January 2040


CFD DEUTSCHE BANK AG - CARREFOUR S.A. EUR 40 000 1 January 2040


CFD DEUTSCHE BANK AG - INMARSAT PLC GBP 30 000 1 January 2040LIB1M GBP -

0.4% EUR -

CFD DEUTSCHE BANK AG - RECKITT BENCKISER GROUP PLC GBP 20 000 1 January 2040


CFD DEUTSCHE BANK AG - SIEMENS AG /NAM. EUR 7 200 26 August 2040



19


Swaps (continued)

Julius Baer Multistock - EUROPE STOCK FUND (continued)



CFD DEUTSCHE BANK AG - THE SWATCH GROUP AG CHF 1 200 26 August 2040


CFD DEUTSCHE BANK AG - TOD'S SPA EUR 40 000 1 January 2040LIB1M EUR -

0.4% EUR -

EUR - * CFD = Contract for difference TRS = Total Return Swap

Additional Information for Swiss Shareholders (unaudited)

20

Portfolio Turnover Rate (in %)

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND 795.70% AFRICA OPPORTUNITIES FUND 2.40% AGRICULTURE FUND 184.97% ASIA STOCK FUND 187.27% BIOTECH FUND 29.42% BLACK SEA FUND 89.05% CENTRAL EUROPE STOCK FUND 138.26% CHINDONESIA FUND 186.78% ENERGY TRANSITION FUND 115.13% EURO LARGE CAP STOCK FUND 39.03% EUROLAND VALUE STOCK FUND 211.09% EUROPE SELECTION FUND 715.74% EUROPE SMALL & MID CAP STOCK FUND 103.19% EUROPE STOCK FUND 292.57% GERMAN VALUE STOCK FUND 59.72% GLOBAL EMERGING MARKETS STOCK FUND 169.93% GLOBAL SELECTION FUND 92.39% GLOBAL STOCK FUND 249.62% HEALTH OPPORTUNITIES FUND 53.26% INFRASTRUCTURE FUND 85.63% JAPAN STOCK FUND 86.73% JULIUS BAER EQUITY FUND SPECIAL VALUE 19.62% LUXURY BRANDS FUND -60.69% NATURAL RESOURCES FUND 165.40% NORTHERN AFRICA FUND -60.66% RUSSIA FUND 97.71% SWISS SMALL & MID CAP STOCK FUND 38.79% SWISS STOCK FUND 58.73% US LEADING STOCK FUND -34.46% US VALUE STOCK FUND 105.69%

Correction to Portfolio Turnover Rates stated in the annual report as at 30 June 2011 Owing to a calculation error, some of the PTRs shown in the annual report as at 30 June 2011 were incorrect. The table below shows the corrected PTRs for those sub-funds where incorrect information was given in the annual report. PTR as stated in

annual report as at 30 June 2011

Corrected PTR as at 30 June 2011

Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND 1 046.98% 1 025.23%BLACK SEA FUND 66.95% 58.48%CENTRAL EUROPE STOCK FUND 79.53% 79.18%CHINDONESIA FUND 167.91% 167.06%EUROPE STOCK FUND 322.73% 314.68%GLOBAL EMERGING MARKETS STOCK FUND 246.42% 242.97%GLOBAL SELECTION FUND 3.51% 8.24%HEALTH OPPORTUNITIES FUND -38.95% 31.27%JULIUS BAER EQUITY FUND SPECIAL VALUE 23.25% 22.00%RUSSIA FUND 23.86% 23.54% PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR".


21

Performance *

Julius Baer Multistock - Currency Shares 1 year 3 years Since inception Perf. Benchmark Perf. Benchmark Perf. Benchmark

ABSOLUTE RETURN EUROPE EQUITY FUND CHF Ah 1.30% 0.09% - - 1.04% 0.09% ABSOLUTE RETURN EUROPE EQUITY FUND CHF Bh 1.42% 0.09% - - 1.19% 0.09% ABSOLUTE RETURN EUROPE EQUITY FUND CHF Ch 1.88% 0.09% - - 1.62% 0.09% ABSOLUTE RETURN EUROPE EQUITY FUND EUR A 2.23% 1.28% - - 9.72% 2.05% ABSOLUTE RETURN EUROPE EQUITY FUND EUR B 2.20% 1.28% - - 9.62% 2.05% ABSOLUTE RETURN EUROPE EQUITY FUND EUR C 2.77% 1.28% - - 11.02% 2.05% ABSOLUTE RETURN EUROPE EQUITY FUND EUR Ca 2.71% 1.28% - - 10.96% 2.05% ABSOLUTE RETURN EUROPE EQUITY FUND EUR E 1.31% 1.28% - - 8.39% 2.05% ABSOLUTE RETURN EUROPE EQUITY FUND USD Ah - - - - -0.43% 0.30% ABSOLUTE RETURN EUROPE EQUITY FUND USD Bh - - - - -0.43% 0.30% ABSOLUTE RETURN EUROPE EQUITY FUND USD Ch - - - - -0.17% 0.30% ABSOLUTE RETURN EUROPE EQUITY FUND GBP Ah - - - - 0.18% 0.44% ABSOLUTE RETURN EUROPE EQUITY FUND GBP Bh - - - - 0.18% 0.44% ABSOLUTE RETURN EUROPE EQUITY FUND GBP Ch - - - - 0.39% 0.44% AFRICA OPPORTUNITIES FUND EUR A - - - - -6.92% - AFRICA OPPORTUNITIES FUND EUR B - - - - -6.95% - AFRICA OPPORTUNITIES FUND EUR C - - - - -6.63% - AFRICA OPPORTUNITIES FUND EUR E - - - - -7.22% - AGRICULTURE FUND CHF A -8.32% - 9.66% - -37.62% - AGRICULTURE FUND CHF B -8.35% - 9.65% - -37.62% - AGRICULTURE FUND CHF C -7.60% - 12.33% - -35.60% - AGRICULTURE FUND EUR A -6.85% - 39.44% - -16.47% - AGRICULTURE FUND EUR B -6.86% - 39.43% - -16.48% - AGRICULTURE FUND EUR C -6.10% - 42.85% - -13.75% - AGRICULTURE FUND EUR E -7.55% - 36.34% - -18.93% - AGRICULTURE FUND USD A -18.49% - 26.23% - -32.66% - AGRICULTURE FUND USD B -18.48% - 26.24% - -32.65% - AGRICULTURE FUND USD C -17.87% - 29.20% - -30.53% - AGRICULTURE FUND USD E -19.09% - 23.41% - -34.69% - ASIA STOCK FUND USD A -16.69% -13.40% 13.32% 32.93% 52.78% 235.75% ASIA STOCK FUND USD B -16.69% -13.40% 13.33% 32.93% 52.90% 235.75% ASIA STOCK FUND USD C -16.11% -13.40% 15.81% 32.93% 53.50% 115.61% ASIA STOCK FUND USD E -17.32% -13.40% 10.81% 32.93% 77.67% 213.00% BIOTECH FUND USD A 23.31% 22.35% 54.36% 80.92% 40.39% - BIOTECH FUND USD B 23.31% 22.35% 54.36% 80.92% 40.39% - BIOTECH FUND USD C 24.18% 22.35% 57.65% 80.92% 45.02% - BIOTECH FUND USD E 22.39% 22.35% 51.09% 80.92% 36.10% - BLACK SEA FUND CHF A -20.05% -15.26% 9.65% 16.72% -78.75% -43.33% BLACK SEA FUND CHF B -20.02% -15.26% 9.65% 16.72% -78.75% -43.33% BLACK SEA FUND CHF C -19.28% -15.26% 12.73% 16.72% -77.68% -43.33% BLACK SEA FUND EUR A -18.75% -13.88% 39.45% 48.23% -70.99% -24.06% BLACK SEA FUND EUR B -18.74% -13.88% 39.47% 48.23% -70.99% -24.06% BLACK SEA FUND EUR C -18.01% -13.88% 43.29% 48.23% -69.55% -24.06% BLACK SEA FUND EUR E -19.35% -13.88% 36.34% 48.23% -72.16% -24.06%

* The information and returns relate to past reporting periods and do not provide an indication of future income. (Fund performance is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of Fund Performance".)


22

Performance * (continued)


BLACK SEA FUND USD A -28.90% -24.62% 26.16% 34.12% -72.85% -26.92% BLACK SEA FUND USD B -28.91% -24.62% 26.16% 34.12% -72.85% -26.92% BLACK SEA FUND USD C -28.28% -24.62% 29.55% 34.12% -71.50% -26.92% BLACK SEA FUND USD E -29.44% -24.62% 23.34% 34.12% -73.95% -26.92% CENTRAL EUROPE STOCK FUND EUR A -18.36% -13.03% 38.30% 54.11% 98.33% 243.02% CENTRAL EUROPE STOCK FUND EUR B -18.36% -13.03% 38.30% 54.11% 98.30% 243.02% CENTRAL EUROPE STOCK FUND EUR C -17.62% -13.03% 41.50% 54.11% 112.89% 243.02% CENTRAL EUROPE STOCK FUND EUR E -18.97% -13.03% 35.23% 54.11% 77.89% 208.99% CHINDONESIA FUND USD A -13.56% - - - -17.83% - CHINDONESIA FUND USD B -13.55% - - - -17.84% - CHINDONESIA FUND USD C -12.69% - - - -16.52% - CHINDONESIA FUND USD E -14.20% - - - -18.88% - ENERGY TRANSITION FUND EUR A -17.74% - 3.40% - 14.96% - ENERGY TRANSITION FUND EUR B -17.74% - 3.37% - 14.90% - ENERGY TRANSITION FUND EUR C -17.25% - 5.49% - 17.90% - ENERGY TRANSITION FUND EUR E -18.35% - 1.07% - 11.82% - ENERGY TRANSITION FUND USD A -27.99% - -6.41% - 14.90% - ENERGY TRANSITION FUND USD B -27.99% - -6.41% - 14.86% - ENERGY TRANSITION FUND USD C -27.56% - -4.50% - 17.86% - ENERGY TRANSITION FUND USD E -28.53% - -8.50% - 11.78% - EURO LARGE CAP STOCK FUND EUR A -17.98% -17.29% - - -5.22% -5.42% EURO LARGE CAP STOCK FUND EUR B -17.98% -17.29% - - -5.35% -5.42% EURO LARGE CAP STOCK FUND EUR C -16.77% -17.29% - - -2.68% -5.42% EURO LARGE CAP STOCK FUND EUR Ca -16.84% -17.29% - - -2.76% -5.42% EURO LARGE CAP STOCK FUND EUR E -18.03% -17.29% - - -6.56% -5.42% EUROLAND VALUE STOCK FUND EUR A -11.55% -15.94% 16.84% 10.99% 20.79% 3.78% EUROLAND VALUE STOCK FUND EUR B -11.55% -15.94% 16.85% 10.99% 20.87% 3.78% EUROLAND VALUE STOCK FUND EUR C -10.94% -15.94% 19.44% 10.99% 31.77% 3.78% EUROLAND VALUE STOCK FUND EUR Ca -10.94% -15.94% 19.57% 10.99% -15.28% -18.87% EUROLAND VALUE STOCK FUND EUR E -12.22% -15.94% 14.25% 10.99% -16.07% -6.79% EUROPE SELECTION FUND EUR A -10.07% -4.58% 15.99% 32.70% -16.23% -7.68% EUROPE SELECTION FUND EUR B -10.09% -4.58% 15.98% 32.70% -16.23% -7.68% EUROPE SELECTION FUND EUR C -9.41% -4.58% 18.64% 32.70% -12.23% -7.68% EUROPE SELECTION FUND EUR Ca -9.40% -4.58% 18.48% 32.70% -5.23% -0.26% EUROPE SELECTION FUND EUR E -10.75% -4.58% 13.42% 32.70% -20.19% -7.68% EUROPE SMALL & MID CAP STOCK FUND EUR A -11.76% -7.96% 36.03% 48.72% 22.02% 21.82% EUROPE SMALL & MID CAP STOCK FUND EUR B -11.75% -7.96% 36.04% 48.72% 22.07% 21.82% EUROPE SMALL & MID CAP STOCK FUND EUR C -10.87% -7.96% 40.17% 48.72% -14.50% -6.46% EUROPE SMALL & MID CAP STOCK FUND EUR E -12.42% -7.96% 33.01% 48.72% -36.55% -3.61% EUROPE STOCK FUND EUR A -11.46% -4.58% 17.35% 32.70% 140.70% 239.94% EUROPE STOCK FUND EUR B -11.46% -4.58% 17.34% 32.70% 156.38% 236.19% EUROPE STOCK FUND EUR C -10.80% -4.58% 20.01% 32.70% -20.29% 11.29% EUROPE STOCK FUND EUR E -12.13% -4.58% 14.71% 32.70% -40.57% 0.04% GERMAN VALUE STOCK FUND EUR A -12.89% -12.68% 38.90% 37.05% 302.83% 171.97% GERMAN VALUE STOCK FUND EUR B -12.89% -12.68% 38.89% 37.05% 303.33% 171.97%



23



GERMAN VALUE STOCK FUND EUR C -12.19% -12.68% 42.26% 37.05% 66.33% 24.93% GERMAN VALUE STOCK FUND EUR E -13.54% -12.68% 35.81% 37.05% 16.80% 17.25% GLOBAL EMERGING MARKETS STOCK FUND EUR A -7.95% -3.98% 34.73% 46.20% 10.25% 32.14% GLOBAL EMERGING MARKETS STOCK FUND EUR B -7.95% -3.98% 34.74% 46.20% 10.26% 32.14% GLOBAL EMERGING MARKETS STOCK FUND EUR C -7.17% -3.98% 38.20% 46.20% 15.62% 32.14% GLOBAL EMERGING MARKETS STOCK FUND EUR E -8.63% -3.98% 31.73% 46.20% 5.60% 32.14% GLOBAL EMERGING MARKETS STOCK FUND USD A -19.54% -15.95% 21.63% 32.28% -11.64% 9.39% GLOBAL EMERGING MARKETS STOCK FUND USD B -19.54% -15.95% 21.61% 32.28% -11.70% 9.39% GLOBAL EMERGING MARKETS STOCK FUND USD C -18.87% -15.95% 24.65% 32.28% -7.88% 9.39% GLOBAL EMERGING MARKETS STOCK FUND USD E -20.14% -15.95% 18.92% 32.28% -15.01% 9.39% GLOBAL SELECTION FUND EUR A -6.74% 8.55% 30.53% 51.05% 0.49% 16.99% GLOBAL SELECTION FUND EUR B -6.74% 8.55% 31.91% 51.05% 1.49% 16.99% GLOBAL SELECTION FUND EUR C -6.10% 8.55% 34.55% 51.05% 4.57% 16.99% GLOBAL SELECTION FUND EUR E -7.43% 8.55% 27.22% 51.05% -3.04% 16.99% GLOBAL STOCK FUND EUR A -2.71% 8.55% 29.36% 51.05% -25.51% 21.37% GLOBAL STOCK FUND EUR B -2.71% 8.55% 29.37% 51.05% -25.78% 21.37% GLOBAL STOCK FUND EUR C -1.94% 8.55% 32.38% 51.05% -28.11% 4.18% GLOBAL STOCK FUND EUR E -3.43% 8.55% 26.50% 51.05% -50.30% -8.06% HEALTH OPPORTUNITIES FUND USD A 2.31% 5.40% - - 17.03% 23.07% HEALTH OPPORTUNITIES FUND USD B 2.31% 5.40% - - 16.97% 23.07% HEALTH OPPORTUNITIES FUND USD C 3.03% 5.40% - - 18.53% 23.07% HEALTH OPPORTUNITIES FUND USD E 1.55% 5.40% - - 15.53% 23.07% INFRASTRUCTURE FUND CHF A 6.99% 8.93% 11.34% 8.15% -36.85% -28.62% INFRASTRUCTURE FUND CHF B 7.00% 8.93% 11.35% 8.15% -36.90% -28.62% INFRASTRUCTURE FUND CHF C 7.92% 8.93% 14.08% 8.15% -34.30% -28.62% INFRASTRUCTURE FUND EUR A 8.87% 10.71% 42.03% 37.35% -12.08% -1.65% INFRASTRUCTURE FUND EUR B 8.87% 10.71% 42.02% 37.35% -12.09% -1.65% INFRASTRUCTURE FUND EUR C 9.80% 10.71% 45.50% 37.35% -8.45% -1.65% INFRASTRUCTURE FUND EUR E 8.05% 10.71% 38.87% 37.35% -15.32% -1.65% INFRASTRUCTURE FUND USD A -4.89% -3.09% 27.87% 24.27% -18.25% -7.58% INFRASTRUCTURE FUND USD B -4.89% -3.09% 27.87% 24.27% -18.24% -7.58% INFRASTRUCTURE FUND USD C -4.11% -3.09% 30.98% 24.27% -14.86% -7.58% INFRASTRUCTURE FUND USD E -5.52% -3.09% 25.37% 24.27% -20.99% -7.58% JAPAN STOCK FUND EUR A 7.97% 5.99% 26.54% 16.76% -18.56% -27.10% JAPAN STOCK FUND EUR B 7.94% 5.99% 26.49% 16.76% -18.73% -27.10% JAPAN STOCK FUND EUR C 8.92% 5.99% 29.94% 16.76% -14.85% -27.10% JAPAN STOCK FUND EUR E 7.14% 5.99% 23.68% 16.76% -21.98% -27.10% JAPAN STOCK FUND JPY A -7.24% -8.34% -6.15% -12.64% -15.58% -40.87% JAPAN STOCK FUND JPY B -7.25% -8.34% -6.16% -12.64% -15.62% -40.87% JAPAN STOCK FUND JPY C -6.42% -8.34% -3.60% -12.64% -24.26% -36.92% JAPAN STOCK FUND JPY E -7.95% -8.34% -8.24% -12.64% -32.94% -30.36% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ah -0.73% 6.81% - - -4.63% -5.16% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Bh -0.72% 6.81% - - -4.62% -5.16% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ch 0.02% 6.81% - - -3.13% -5.16% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR A 0.00% 8.55% 33.88% 51.05% 7.47% 3.32% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR B -0.02% 8.55% 33.86% 51.05% 7.46% 3.32%



24



JULIUS BAER EQUITY FUND SPECIAL VALUE EUR C 0.79% 8.55% 36.78% 51.05% 12.08% 3.32% JULIUS BAER EQUITY FUND SPECIAL VALUE EUR E -0.76% 8.55% 30.89% 51.05% 2.32% 3.32% JULIUS BAER EQUITY FUND SPECIAL VALUE USD Ah -7.20% -4.98% - - -4.20% -1.29% JULIUS BAER EQUITY FUND SPECIAL VALUE USD Bh -7.20% -4.98% - - -4.20% -1.29% JULIUS BAER EQUITY FUND SPECIAL VALUE USD Ch - - - - 7.62% 14.26% LUXURY BRANDS FUND CHF A 1.48% - 65.42% - 18.48% - LUXURY BRANDS FUND CHF B 1.46% - 65.41% - 18.47% - LUXURY BRANDS FUND CHF C 2.24% - 69.42% - 22.71% - LUXURY BRANDS FUND EUR A 3.14% - 110.23% - 58.46% - LUXURY BRANDS FUND EUR B 3.14% - 110.26% - 58.47% - LUXURY BRANDS FUND EUR C 3.91% - 115.28% - 64.09% - LUXURY BRANDS FUND EUR E 2.38% - 105.58% - 53.38% - LUXURY BRANDS FUND GBP B - - - - -7.11% - LUXURY BRANDS FUND GBP C - - - - -5.90% - LUXURY BRANDS FUND USD A -9.76% - 90.10% - 35.81% - LUXURY BRANDS FUND USD B -9.76% - 90.09% - 35.80% - LUXURY BRANDS FUND USD C -9.09% - 94.74% - 40.70% - LUXURY BRANDS FUND USD E -10.44% - 85.85% - 31.43% - NATURAL RESOURCES FUND CHF A -13.71% - -4.57% - -40.53% - NATURAL RESOURCES FUND CHF B -13.71% - -4.57% - -40.54% - NATURAL RESOURCES FUND CHF C -12.89% - -2.15% - -38.18% - NATURAL RESOURCES FUND EUR A -12.31% - 21.25% - -17.73% - NATURAL RESOURCES FUND EUR B -12.31% - 21.25% - -17.72% - NATURAL RESOURCES FUND EUR C -11.48% - 24.38% - -14.43% - NATURAL RESOURCES FUND EUR E -12.96% - 18.55% - -20.45% - NATURAL RESOURCES FUND USD A -23.27% - 9.68% - -26.24% - NATURAL RESOURCES FUND USD B -23.27% - 9.68% - -26.25% - NATURAL RESOURCES FUND USD C -22.54% - 12.53% - -23.28% - NATURAL RESOURCES FUND USD E -23.84% - 7.23% - -28.69% - NORTHERN AFRICA FUND CHF A -14.12% - -17.59% - -40.30% - NORTHERN AFRICA FUND CHF B -14.12% - -17.59% - -40.32% - NORTHERN AFRICA FUND CHF C -13.27% - -15.25% - -37.64% - NORTHERN AFRICA FUND EUR A -12.75% - 4.60% - -17.53% - NORTHERN AFRICA FUND EUR B -12.75% - 4.78% - -17.37% - NORTHERN AFRICA FUND EUR C -11.87% - 7.62% - -13.83% - NORTHERN AFRICA FUND EUR E -13.40% - 2.30% - -20.22% - NORTHERN AFRICA FUND USD A -23.64% - -5.40% - -26.28% - NORTHERN AFRICA FUND USD B -23.64% - -5.39% - -26.26% - NORTHERN AFRICA FUND USD C -22.89% - -2.72% - -23.02% - NORTHERN AFRICA FUND USD E -24.21% - -7.51% - -28.72% - RUSSIA FUND EUR A -16.42% -18.71% 51.95% 60.42% -13.57% -18.73% RUSSIA FUND EUR B -16.42% -18.71% 51.93% 60.42% -13.58% -18.73% RUSSIA FUND EUR C -15.92% -18.71% 55.34% 60.42% -10.85% -18.73% RUSSIA FUND EUR E -17.04% -18.71% 48.87% 60.42% -15.92% -18.73% RUSSIA FUND USD A -26.87% -28.85% 37.80% 45.15% -30.27% -34.54% RUSSIA FUND USD B -26.87% -28.85% 37.73% 45.15% -30.31% -34.54%



25



RUSSIA FUND USD C -26.43% -28.85% 40.74% 45.15% -28.14% -34.54% RUSSIA FUND USD E -27.42% -28.85% 34.84% 45.15% -32.20% -34.54% SWISS SMALL & MID CAP STOCK FUND CHF A -12.90% -10.87% 11.89% 19.04% 260.81% 379.83% SWISS SMALL & MID CAP STOCK FUND CHF B -12.90% -10.87% 11.89% 19.04% 261.13% 379.83% SWISS SMALL & MID CAP STOCK FUND CHF C -12.16% -10.87% 14.77% 19.04% 65.89% 71.15% SWISS SMALL & MID CAP STOCK FUND CHF E -13.55% -10.87% 9.40% 19.04% -13.88% 32.64% SWISS STOCK FUND CHF A -6.11% -0.90% 10.13% 20.82% 244.13% 437.88% SWISS STOCK FUND CHF B -6.10% -0.90% 10.14% 20.82% 244.44% 437.88% SWISS STOCK FUND CHF C -5.39% -0.90% 12.74% 20.82% 4.24% 20.98% SWISS STOCK FUND CHF E -6.81% -0.90% 7.70% 20.82% -22.93% 8.19% US LEADING STOCK FUND USD A 8.29% 5.45% 55.76% 57.70% 261.95% 391.95% US LEADING STOCK FUND USD B 8.29% 5.45% 55.76% 57.70% 319.18% 504.33% US LEADING STOCK FUND USD C 9.15% 5.45% 59.70% 57.70% 30.85% 26.56% US LEADING STOCK FUND USD E 7.48% 5.45% 52.28% 57.70% 10.57% 34.01% US VALUE STOCK FUND USD A -2.40% 4.41% 40.26% 55.04% 27.31% 71.68% US VALUE STOCK FUND USD B -2.40% 4.41% 40.25% 55.04% 27.32% 71.68% US VALUE STOCK FUND USD C -1.61% 4.41% 43.66% 55.04% 45.02% 71.68% US VALUE STOCK FUND USD E -3.13% 4.41% 37.16% 55.04% 17.78% 71.68% * The information and returns relate to the past reporting period and are not indicative of future income. (Fund performance is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of Fund Performance".)


26

Benchmarks Julius Baer Multistock - ABSOLUTE RETURN EUROPE EQUITY FUND BBA LIBOR EUR 3 Months AFRICA OPPORTUNITIES FUND n/a AGRICULTURE FUND n/a ASIA STOCK FUND MSCI AC Asia ex Japan ND* BIOTECH FUND MSCI EM Europe ND* BLACK SEA FUND MSCI EM Europe ND* CENTRAL EUROPE STOCK FUND MSCI EM Europe 10/40 ND* CHINDONESIA FUND n/a ENERGY TRANSITION FUND n/a EURO LARGE CAP STOCK FUND EURO STOXX 50 ND EUROLAND VALUE STOCK FUND MSCI EMU ND * EUROPE SELECTION FUND MSCI Europe ND* EUROPE SMALL & MID CAP STOCK FUND MSCI Europe Small Cap ND* EUROPE STOCK FUND MSCI Europe ND* GERMAN VALUE STOCK FUND Composite DAX Index (CDAX) GD** GLOBAL EMERGING MARKETS STOCK FUND MSCI Emerging Markets ND * GLOBAL SELECTION FUND MSCI World ND* GLOBAL STOCK FUND MSCI World ND* HEALTH OPPORTUNITIES FUND MSCI World Health Care ND* INFRASTRUCTURE FUND Macquarie Global Infrastructure Index Main GD** JAPAN STOCK FUND MSCI Japan / ND* JULIUS BAER EQUITY FUND SPECIAL VALUE MSCI World ND* LUXURY BRANDS FUND n/a NATURAL RESOURCES FUND n/a NORTHERN AFRICA FUND n/a RUSSIA FUND MSCI Russia 10/40 ND* SWISS SMALL & MID CAP STOCK FUND Swiss Performance Index (SPI) Small- & Mid-Cap GD** SWISS STOCK FUND Swiss Performance Index (SPI) GD** US LEADING STOCK FUND S&P 500 GD** US VALUE STOCK FUND MSCI USA ND *

* ND= Net Dividend ** GD = Gross Dividend

Julius Baer Multistock

MS

CONSOLIDATED STATEMENT OF NET ASSETS as at 30 June 2012 CHF

Assets Investments at market value 2 365 332 981(Cost: 2 424 006 987) Derivative instruments at market value:- Futures 1 339- Forward foreign exchange contracts -180 390- Swaps 363 776Cash at banks 47 797 326Receivable from brokers 26 569 132Subscriptions receivable 8 102 942Receivables on swaps 451 953Dividends and interest 7 354 330Other receivables 188 833

Total Assets 2 455 982 222

Liabilities Bank overdraft 365 619Payable to brokers 29 094 735Payables for redemptions 8 480 052Payables for swaps 2 702 034Management fees payable 2 239 625Performance fees 71 129"Taxe d'abonnement" payable 233 141Capital gains tax on realised gains/losses on securities 16 234Capital gains tax on unrealised gains/losses on securities 94 068 Other liabilities 1 036 550

Total Liabilities 44 333 187

Net Assets 2 411 649 035

CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2011 until 30 June 2012 CHF

Income Income from investments 58 977 281 Bank interest 138 772 Income from securities lending 2 535 377 Exceptional and other income, trailer fees 77 Interest income on swaps 11 005 Other income 585 272 Equalisation 928 611

Total Income 63 176 395

Expenses Management fees 29 117 643 Custodian fees and charges 153 878 "Taxe d'abonnement" and other taxes 955 335 Bank interest 37 548 Interest expense on swaps 528 646 Other expenses 14 468 219 Equalisation 2 337 071

Total Expenses 47 598 340

Net profit/loss 15 578 055 Realised profit/loss on: - Securities -125 046 525 - Swaps -1 312 831 - Forward foreign exchange contracts -2 726 971 - Futures 1 589 011 - Foreign currencies -1 934 638 Capital gains tax on realised gains/losses on securities -53 550

Net realised profit/loss -113 907 449 Net change in unrealised appreciation/ depreciation on: - Securities -139 082 379 - Swaps 934 734 - Forward foreign exchange contracts -384 790 - Futures -5 533 Capital gains tax on unrealised gains/losses on securities -59 707

Total profit/loss -252 505 124 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

30 June 2011 CHF

30 June 2012

CHF Net assets at the beginning of the financial year 2 418 705 879 2 559 207 009 Foreign exchange difference -229 626 284 60 420 277 Foreign exchange difference – sub-fund 8 687 166 -3 962 543 Total profit/loss 269 599 003 -252 505 124 Net subscriptions/redemptions 93 699 900 50 156 535 Dividend distributions -1 858 655 -1 667 119 Net assets at the end of the financial year 2 559 207 009 2 411 649 035 EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2012 in CHF 1 EUR = 1.20116 CHF 1 USD = 0.94650 CHF 1 JPY = 0.01186 CHF

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


* See Page 14

The TER (Total Expense Ratio) amounts to 1.37% (performance fee: 0.06%) for Ah-CHF shares, 1.35% (performance fee: 0.03%) for A-EUR shares, 1.32% (performance fee: 0.02%) for Ah-GBP shares, 1.33% (performance fee: 0.00%) for Ah-USD shares, 1.34% (performance fee: 0.04%) for Bh-CHF shares, 1.36% (performance fee: 0.05%) for B-EUR shares, 1.32% (performance fee: 0.02%) for Bh-GBP shares, 1.32% (performance fee: 0.00%) for Bh-USD shares, 0.76% (performance fee: 0.05%) for Ch-CHF shares, 0.77% (performance fee: 0.06%) for C-EUR shares, 0.73% (performance fee: 0.03%) for Ch-GBP shares, 0.69% (performance fee: 0.00%) for Ch-USD shares 0.76% (performance fee: 0.06%) for Ca-EUR shares and 2.14% (performance fee: 0.07%) for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


AREE - 1

STATEMENT OF NET ASSETS as at 30 June 2012 EUR

Assets Investments at market value 213 104 768 (Cost: 213 376 785) Derivative instruments at market value: - Forward foreign exchange contracts -57 703 Cash at banks 4 874 465 Receivable from brokers 1 239 929 Subscriptions receivable 798 992 Receivables on swaps 376 265 Dividends and interest 1 111 740

Total Assets 221 448 456

Liabilities Payable to brokers 1 145 502 Payables for redemptions 990 934 Payables for swaps 2 188 038 Management fees payable 130 358 Performance fees 59 217 "Taxe d'abonnement" payable 10 882 Other liabilities 13 570


Net Assets 216 909 955

PROFIT AND LOSS ACCOUNT from 1 July 2011 until 30 June 2012 EUR

Income Income from investments 1 058 372 Bank interest 6 147 Exceptional and other income, trailer fees 64 Interest income on swaps 7 804


Expenses Management fees 863 556 Custodian fees and charges 28 "Taxe d'abonnement" and other taxes 27 870 Bank interest 23 Interest expense on swaps 401 767 Other expenses* 146 008 Equalisation 724 063


Net profit/loss -1 090 928 Realised profit/loss on: - Securities 222 865 - Swaps 396 806 - Forward foreign exchange contracts 194 029 - Foreign currencies -123 941

Net realised profit/loss -401 169 Net change in unrealised appreciation/ depreciation on: - Securities -365 804 - Swaps 411 - Forward foreign exchange contracts -57 717

Total profit/loss -824 279

STATEMENT OF CHANGES IN NET ASSETS

30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year - 21 629 492 Foreign exchange difference – sub-fund - 2 510 Total profit/loss 642 117 -824 279 Net subscriptions/redemptions 20 987 375 196 117 082 Dividend distributions - -14 850 Net assets at the end of the financial year 21 629 492 216 909 955


AREE - 2

COMPARATIVE STATEMENT 30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 19 067.00 71 316.82Distribution shares (Shares Ah-CHF) 10.00 26 214.85Distribution shares (Shares Ah-GBP) - 10.00Distribution shares (Shares Ah-USD) - 6 020.00Accumulation shares (Shares B-EUR) 52 323.50 302 486.76Accumulation shares (Shares Bh-CHF) 1 860.00 54 016.00Accumulation shares (Shares Bh-GBP) - 10.00Accumulation shares (Shares Bh-USD) - 46 790.66Accumulation shares (Shares C-EUR) 127 408.45 1 179 874.59Distribution shares (Shares Ca-EUR) 10.00 177 736.00Accumulation shares (Shares Ch-CHF) 10.00 55 263.15Accumulation shares (Shares Ch-GBP) - 27 938.36Accumulation shares (Shares Ch-USD) - 17 720.00Accumulation shares (Shares E-EUR) 494.48 44 273.96

Net Assets 21 629 492 216 909 955

NAV per share Distribution shares (Shares A-EUR) 107.33 109.62Distribution shares (Shares Ah-CHF) 99.74 101.04Distribution shares (Shares Ah-GBP) - 100.18Distribution shares (Shares Ah-USD) - 99.57Accumulation shares (Shares B-EUR) 107.26 109.62Accumulation shares (Shares Bh-CHF) 99.77 101.19Accumulation shares (Shares Bh-GBP) - 100.18Accumulation shares (Shares Bh-USD) - 99.57Accumulation shares (Shares C-EUR) 108.03 111.02Distribution shares (Shares Ca-EUR) 108.03 110.86Accumulation shares (Shares Ch-CHF) 99.74 101.62Accumulation shares (Shares Ch-GBP) - 100.39Accumulation shares (Shares Ch-USD) - 99.83Accumulation shares (Shares E-EUR) 106.99 108.39

Dividend for the previous financial year (Shares A-EUR) - 0.10Dividend for the previous financial year (Shares Ca-EUR) - 0.10


SECURITIES PORTFOLIO AS AT 30 JUNE 2012

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.

AREE - 3

Number/ Nominal value (in 1000)

Securities

Market

valueEUR

% ofnet

assets

TOTAL 213 104 768 98.25%

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

41 632 740 19.18%

Bonds 41 632 740 19.18%

EUR 41 632 740 19.18%

2 000 4.625% BNG 02 13.09.12 2 017 260 0.93%3 000 4.375% BRD 07 27.09.12 3 028 290 1.40%5 000 4.750% CMCIC HML 07 17.07.12 5 007 500 2.31%1 000 4.625% DNB NOR 07 (RBG) 03.07.12 1 000 000 0.46%

10 000 5.000% GERMANY 02 (RBG) 04.07.12 10 002 700 4.61%6 500 0.750% GERMANY 10 14.09.12 6 509 750 3.00%1 000 5.250% KFW 02 (RBG) 04.07.12 1 000 150 0.46%5 000 4.625% KFW 07 12.10.12 5 061 400 2.33%

458 4.500% RBC 07 05.11.12 464 265 0.21%2 500 2.500% SPAR ND BK AS (RBG) 10.07.12 2 500 875 1.15%5 000 2.375% SPBK BOLIKR 09 03.12.12 5 040 550 2.32%

CASH EQUIVALENTS 171 472 028 79.07%

Treasury bills 92 998 150 42.90%

EUR 92 998 150 42.90%

3 000 0.000% FRANCE 11 BTF 23.08.12 2 999 700 1.38%13 000 0.000% FRANCE 12 BTF 02.08.12 12 999 350 5.99%10 000 0.000% FRANCE 12 BTF 19.07.12 9 999 500 4.61%

6 000 0.000% FRANCE 12 BTF 31.10.12 5 999 100 2.77%5 000 0.000% FRANCE 12 BTF 05.07.12 5 000 000 2.31%2 000 0.000% FRANCE 12 BTF 06.09.12 1 999 800 0.92%7 000 0.000% GERMANY 11 TB 26.09.12 7 000 700 3.23%

20 000 0.000% NETHERLANDS 11 TB 28.09.12 19 999 000 9.23%17 000 0.000% NETHERLANDS 12 TB 31.08.12 17 000 000 7.85%10 000 0.000% NETHERLANDS 12 TB 31.07.12 10 001 000 4.61%

Commercial Papers 78 473 878 36.17%

EUR 78 473 878 36.17%

5 000 0.000% ACOSS 12 CP 12.07.12 4 999 783 2.31%5 000 0.000% CADES 12 CP 05.09.12 4 997 802 2.30%

10 000 0.000% FMS WERTMAN 12 CP 11.09.12 9 995 686 4.61%7 500 0.000% FMS WERTMAN 12 CP 20.07.12 7 499 125 3.46%6 000 0.000% FMS WERTMAN 12 CP 16.08.12 5 998 401 2.77%5 000 0.000% FMS WERTMAN 12 CP 17.07.12 4 999 400 2.30%3 000 0.000% FMS WERTMAN 12 CP 21.09.12 2 997 206 1.38%

10 000 0.000% KA FINANZ 12 CP 29.08.12 9 996 613 4.61%10 000 0.000% MUNI FIN CP 05.09.12 9 998 867 4.61%

4 000 0.000% RATP 12 CP 09.08.12 3 998 976 1.84%5 000 0.000% SEINE & MARNE 12 CP 20.07.12 4 999 096 2.30%5 000 0.000% UNEDIC 12 CP 12.12.12 4 993 783 2.30%3 000 0.000% UNEDIC 12 CP 13.07.12 2 999 140 1.38%

Julius Baer Multistock - AFRICA OPPORTUNITIES FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.95% for A-EUR shares, 2.04% for B-EUR shares, 1.20%** for C-EUR shares and 2.74% for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER amount stated is not representative.


AOF - 1


Assets Investments at market value 7 204 816 (Cost: 7 855 180) Cash at banks 169 433 Dividends and interest 9 467


Liabilities Management fees payable 9 766 "Taxe d'abonnement" payable 1 911 Other liabilities 2 132

Total Liabilities 13 809


PROFIT AND LOSS ACCOUNT from 31 January 2012 (Launch date) until 30 June 2012

EUR

Income Income from investments 103 139 Bank interest 514

Total Income 103 653

Expenses Management fees 43 235 "Taxe d'abonnement" and other taxes 1 911 Bank interest 171 Other expenses* 9 451 Equalisation 13 157

Total Expenses 67 925

Net profit/loss 35 728 Realised profit/loss on: - Securities -108 674 - Foreign currencies 7 927

Net realised profit/loss -65 019 Net change in unrealised appreciation/ depreciation on: - Securities -650 364



30 June 2012EUR

Net assets at the beginning of the financial period - Total profit/loss -715 383 Net subscriptions/redemptions 8 085 290 Net assets at the end of the financial period 7 369 907


AOF - 2

COMPARATIVE STATEMENT 30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 10.00Accumulation shares (Shares B-EUR) 78 810.00Accumulation shares (Shares C-EUR) 10.00Accumulation shares (Shares E-EUR) 377.57


NAV per share Distribution shares (Shares A-EUR) 93.08Accumulation shares (Shares B-EUR) 93.05Accumulation shares (Shares C-EUR) 93.37Accumulation shares (Shares E-EUR) 92.78





AOF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 7 204 816 97.76%


6 595 269 89.48%

Equities 6 595 269 89.48%

South Africa 3 391 310 46.00%

28 530 BARLOWORLD LTD 222 656 3.02%18 067 IMPERIAL HOLDINGS LTD 299 408 4.06%

6 229 KUMBA IRON ORE LTD 329 235 4.47%38 062 MTN GROUP LTD 516 788 7.01%79 325 MURRAY AND ROBERTS HOLDINGS 188 856 2.56%

8 494 NASPERS LTD N 355 992 4.83%30 855 NEDBANK GROUP 516 950 7.01%12 700 SASOL LTD / REG. 418 973 5.68%21 197 THE FOSCHINI GROUP 261 437 3.55%58 054 WOOLWORTHS HLD LTD 281 015 3.81%

Canada 953 814 12.94%

119 915 BANRO CORP 345 730 4.69%30 515 FIRST QUANTUM MINERALS LTD 424 562 5.76%19 720 IAMGOLD SHS 183 522 2.49%

United Kingdom 719 820 9.78%

39 620 TULLOW OIL PLC 719 820 9.78%

Egypt 444 771 6.04%

31 841 COMMERCIAL INTL. BANK LTD 107 509 1.46%66 032 EZZ STEEL 60 033 0.81%79 899 JUHAYNA FOOD INDUSTRIES 49 362 0.67%

3 000 ORASCOM CONSTRUCTION INDUSTRIE 96 990 1.32%103 662 ORASCOM TELECOM HOLDING 40 987 0.56%

11 068 SIXTH OF OC. DVPT & INV / SOD SA 24 400 0.33%114 960 TMG HOLDING 65 490 0.89%

Bermuda Islands 373 072 5.06%

95 223 AFRICAN MINERALS LTD 373 072 5.06%

Ireland 285 892 3.88%

585 615 KENMARE RESOURCES PLC 285 892 3.88%

Jersey 272 180 3.69%

3 840 RANDGOLD RESOURCES LTD 272 180 3.69%

Tunisia 154 410 2.09%

20 445 POULINA GROUP HOLDING 77 646 1.05%25 085 TUNISIE PROFIELS ALUMINIUM 76 764 1.04%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 156 406 2.12%

Equities 156 406 2.12%

Morocco 156 406 2.12%

5 165 ATTIJARIWAFA BANK 156 406 2.12%

UNLISTED SECURITIES 453 141 6.16%

Equities 449 765 6.11%

Nigeria 330 787 4.49%

66 280 GUINESS NIGERIA 73 163 0.99%389 050 LAFARGE CEMENT WAPCO NIGERIA 77 226 1.05%

2 709 920 ZENITH BANK 180 398 2.45%

Number/Nominal value (in 1000)

Securities

Market

valueEUR

% ofnet

assets

Kenya 118 978 1.62%

477 800 EQUITY BANK LTD 94 960 1.29%48 000 SCAN GROUP LTD 24 018 0.33%

Options, warrants, rights 3 376 0.05%

TND 3 376 0.05%

25 085 RIGHTS TUNISIE PROFILES 2012 3 376 0.05%


* See Page 14

The TER (Total Expense Ratio) amounts to 2.32% for A-CHF shares, 2.31% for A-EUR shares, 2.31% for A-USD shares, 2.32% for B-CHF shares, 2.31% for B-EUR shares, 2.31% for B-USD shares, 1.52% for C-CHF shares, 1.52% for C-EUR shares, 1.53% for C-USD shares, 3.06% for E-EUR shares and 3.06% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


AGF - 1

STATEMENT OF NET ASSETS as at 30 June 2012 USD

Assets Investments at market value 37 072 093 (Cost: 42 605 228) Derivative instruments at market value: - Swaps 384 338 Cash at banks 1 362 800 Receivable from brokers 3 077 877 Subscriptions receivable 2 650 Dividends and interest 38 481


Liabilities Payable to brokers 3 691 893 Payables for redemptions 10 791 Management fees payable 46 553 "Taxe d'abonnement" payable 4 279 Other liabilities 19 351



PROFIT AND LOSS ACCOUNT from 1 July 2011 until 30 June 2012 USD

Income Income from investments 458 387 Bank interest 64 Income from securities lending 146 045 Other income 750 Equalisation 123 130


Expenses Management fees 755 130 "Taxe d'abonnement" and other taxes 20 196 Bank interest 77 Other expenses* 326 562


Net profit/loss -373 589 Realised profit/loss on: - Securities -7 151 151 - Swaps -933 752 - Forward foreign exchange contracts -2 489 - Foreign currencies -49 734

Net realised profit/loss -8 510 715 Net change in unrealised appreciation/ depreciation on: - Securities 359 265 - Swaps 987 047 - Forward foreign exchange contracts 10

Total profit/loss -7 164 393


30 June 2011 USD

30 June 2012USD

Net assets at the beginning of the financial year 31 711 496 71 802 194 Foreign exchange difference – sub-fund 3 859 693 -5 291 750 Total profit/loss 4 664 361 -7 164 393 Net subscriptions/redemptions 31 596 718 -21 089 051 Dividend distributions -30 074 -91 628 Net assets at the end of the financial year 71 802 194 38 165 372


AGF - 2

COMPARATIVE STATEMENT 30 June 2010USD

30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-CHF) 14 686.60 34 979.05 34 606.91Distribution shares (Shares A-EUR) 22 809.20 48 456.10 34 921.62Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 8 312.37 29 329.37 16 786.97Accumulation shares (Shares B-CHF) 40 380.91 62 532.15 56 037.06Accumulation shares (Shares B-EUR) 92 898.09 154 219.45 112 002.44Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-USD) 211 119.43 275 328.71 145 779.15Accumulation shares (Shares C-CHF) 25 010.00 11 010.00 11 010.00Accumulation shares (Shares C-EUR) 23 497.34 35 791.50 28 416.93Accumulation shares (Shares C-USD) 30.00 33 160.00 714.00Accumulation shares (Shares E-EUR) 8 835.63 28 183.94 15 620.67Accumulation shares (Shares E-USD) 2 257.05 4 950.28 4 138.84

Net Assets 31 711 496 71 802 194 38 165 372

NAV per share Distribution shares (Shares A-CHF) 62.67 67.64 61.32Distribution shares (Shares A-EUR) 76.20 89.20 82.18Distribution shares (Shares A-GBP) 84.27 - -Distribution shares (Shares A-USD) 59.31 82.14 66.21Accumulation shares (Shares B-CHF) 62.77 68.06 62.38Accumulation shares (Shares B-EUR) 76.31 89.67 83.52Accumulation shares (Shares B-GBP) 84.27 - -Accumulation shares (Shares B-USD) 59.40 82.62 67.35Accumulation shares (Shares C-CHF) 63.77 69.70 64.40Accumulation shares (Shares C-EUR) 77.55 91.85 86.25Accumulation shares (Shares C-USD) 60.35 84.59 69.47Accumulation shares (Shares E-EUR) 75.19 87.69 81.07Accumulation shares (Shares E-USD) 58.48 80.72 65.31

Dividend for the previous financial year (Shares A-CHF) 0.10 0.35 0.70Dividend for the previous financial year (Shares A-EUR) 0.10 0.35 0.90Dividend for the previous financial year (Shares A-GBP) - 0.35 -Dividend for the previous financial year (Shares A-USD) 0.10 0.35 0.80



* fully or partially lent securities



AGF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 37 072 093 97.14%


31 002 941 81.24%

Equities 30 097 572 78.87%

United States 15 379 167 40.29%

8 820 AGCO CORP. 403 339 1.06%29 700 AMYRIS INC * 131 571 0.34%11 470 ARCHER-DANIELS MIDLAND CO 338 594 0.89%24 349 BIOFUEL ENERGY CORPORATION SHS 86 682 0.23%86 360 CHIQUITA BRANDS INTERNAT. 431 800 1.13%10 400 CODEXIS INC 38 896 0.10%

4 830 DEERE & CO. 390 602 1.02%9 900 DIAMOND FOODS INC * 176 616 0.46%

43 185 DOLE FOOD COMPANY INC * 379 164 0.99%6 590 DOW CHEMICAL CO. 207 585 0.54%

75 500 GEVO INC 375 235 0.98%20 790 GREEN MOUTAIN COFFEE ROAST * 452 806 1.19%

356 452 GREEN PLAINS RENEWA. ENERGY INC 2 224 260 5.83%62 483 INTREPID POTASH INC 1 422 113 3.73%

9 532 KRAFT FOODS INC -A- 368 126 0.96%2 799 MONSANTO CO 231 701 0.61%

37 567 MOSAIC CO 2 057 169 5.39%30 996 OMEGA PROTEIN CORP. 228 131 0.60%

273 412 PILGRIMS PRIDE 1 954 896 5.12%175 270 S&W SEED CO * 927 178 2.43%

68 536 SMITHFIELD FOODS 1 482 434 3.88%5 145 TITAN MACHINERY INC 156 254 0.41%

17 220 TYSON FOODS INC. -A- 324 253 0.85%64 035 ZHONGPIN INC * 589 762 1.55%

Canada 2 723 336 7.14%

2 701 AGRIUM INC 239 061 0.63%108 140 ALLANA POTASH CORP * 55 160 0.14%

6 100 ALLIANCE GRAIN TRADERS INC 81 736 0.21%319 340 BIOEXX SPECIALTY PROTEINS 31 325 0.08%178 329 COTT CORP. 1 464 081 3.84%130 093 GLG LIFE TECH CORP * 59 843 0.16%127 300 IC POTASH CORP * 87 410 0.23%

16 130 POTASH CORP SASKATCHEWAN 704 720 1.85%

Norway 2 099 730 5.50%

67 938 AUSTEVOLL SEAFOOD ASA 285 720 0.75%6 975 GRIEG SEAFOOD ASA 8 800 0.02%

32 563 SALMAR ASA 172 553 0.45%37 501 YARA INTERNATIONAL ASA 1 632 657 4.28%

France 2 016 542 5.28%

32 419 DANONE 2 016 542 5.28%

Mexico 1 080 343 2.83%

122 920 GRUPO MODELO SAB DE CV C 1 080 343 2.83%

Israel 1 009 541 2.65%

93 915 ISRAEL CHEMICALS 1 009 541 2.65%

Indonesia 986 919 2.59%

11 733 490 PT BISI INTERNATIONAL TBK 986 919 2.59%

Germany 916 229 2.40%

20 055 K+S AKTIENGESELLSCHAFT 916 229 2.40%

Australia 728 140 1.91%

249 244 INCITEC PIVOT LTD 728 140 1.91%


Securities

Market

valueUSD

% ofnet

assets

Belgium 677 822 1.78%

8 510 AB INBEV /SADR 677 822 1.78%

Singapore 625 061 1.64%

412 410 FIRST RESSOURCES LTD 625 061 1.64%

Papua New Guinea 407 198 1.07%

33 937 NEW BRITAIN PALM OIL LTD 407 198 1.07%

Mauritius 394 553 1.03%

746 000 GOLDEN AGRI - RESOURCES LTD 394 553 1.03%

Netherlands 296 696 0.78%

7 635 CNH GLOBAL NV 296 696 0.78%

Brazil 218 084 0.57%

35 300 FERTILIZANTES HERINGER SA 218 084 0.57%

Spain 173 290 0.45%

420 156 DEOLEO SHS 173 290 0.45%

Switzerland 145 169 0.38%

425 SYNGENTA AG / NAM. 145 169 0.38%

Russia 127 412 0.34%

2 874 PHOSAGRO OJSC / SGDR 33 052 0.09%2 465 URALKALITY / GDR 94 360 0.25%

Denmark 75 276 0.20%

2 905 NOVOZYMES SHS -B- 75 276 0.20%

Jersey 17 064 0.04%

13 160 BLACK EARTH FARMING LTD / SDR 17 064 0.04%


USD 905 369 2.37%

127 739 ETFS. COM. SEC 06- WRT / LI. CAT 905 369 2.37%


Equities 501 012 1.31%

Russia 501 012 1.31%

14 714 AKRON OJSC 501 012 1.31%



USD 3 875 259 10.15%

3 230 0.000% USA 12 TB 09.08.12 3 215 285 8.42%660 0.000% USA 12 TB 02.08.12 659 974 1.73%

Certificate of Deposits 1 692 881 4.44%

USD 1 692 881 4.44%

29 ETFS COMM. 06- / ETFS SOYBEANS Perp. 655 587 1.72%200 ETFS COMM. SEC 06- / WHEAT IND Perp. 370 016 0.97%

1 518 ETFS COMM. SEC. / 06 NATL GAS COM Perp. 181 508 0.48%17 IPATH DJ-UBS LIVESTOCK SUB Perp. 485 770 1.27%

Julius Baer Multistock - ASIA STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.20% for A-USD shares, 2.20% for B-USD shares, 1.50% for C-USD shares and 2.95% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


ASF - 1


Assets Investments at market value 94 294 442 (Cost: 94 294 579) Cash at banks 434 939 Receivable from brokers 6 103 724 Subscriptions receivable 5 993 Dividends and interest 759 568


Liabilities Bank overdraft 20 129 Payable to brokers 5 045 589 Payables for redemptions 46 244 Management fees payable 102 508 "Taxe d'abonnement" payable 10 871 Capital gains tax on realised gains/losses on securities 11 511 Capital gains tax on unrealised gains/losses on securities 63 627 Other liabilities 53 296




Income Income from investments 2 495 797 Bank interest 775 Income from securities lending 27 493 Equalisation 23 929


Expenses Management fees 1 482 997 Custodian fees and charges 30 757 "Taxe d'abonnement" and other taxes 47 169 Bank interest 3 487 Other expenses* 798 459


Net profit/loss 185 125 Realised profit/loss on: - Securities -11 760 578 - Forward foreign exchange contracts -2 - Foreign currencies -222 474 Capital gains tax on realised gains/losses on securities -37 653

Net realised profit/loss -11 835 582 Net change in unrealised appreciation/ depreciation on: - Securities -10 154 325 Capital gains tax on unrealised gains/losses on securities -37 871



30 June 2011 USD

30 June 2012USD

Net assets at the beginning of the financial year 121 904 034 132 535 694 Total profit/loss 26 067 827 -22 027 778 Net subscriptions/redemptions -15 339 269 -14 174 012 Dividend distributions -96 898 -89 013 Net assets at the end of the financial year 132 535 694 96 244 891


ASF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-USD) 125 748.85 150 380.26 147 557.13Accumulation shares (Shares B-USD) 646 545.95 532 326.78 462 562.45Accumulation shares (Shares C-USD) 56 558.14 50 889.07 42 934.79Accumulation shares (Shares E-USD) 2 928.04 21 019.28 10 935.46

Net Assets 121 904 034 132 535 694 96 244 891

NAV per share Distribution shares (Shares A-USD) 111.12 133.71 110.82Accumulation shares (Shares B-USD) 151.72 183.54 152.90Accumulation shares (Shares C-USD) 164.70 200.64 168.31Accumulation shares (Shares E-USD) 178.87 214.77 177.58

Dividend for the previous financial year (Shares A-USD) 0.95 0.75 0.60





ASF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 94 294 442 97.97%


92 162 972 95.75%

Equities 92 161 563 95.75%

Republic of Korea 27 837 136 28.91%

15 160 BS FINL SHS 167 227 0.17%2 206 CJ CORPORATION 153 698 0.16%2 583 DAELIM INDUSTRIAL CO LTD 203 164 0.21%

12 750 DGB FINANCIAL GROUP 153 984 0.16%3 750 DONGBU INSURANCE CO LTD 137 176 0.14%1 400 DOOSAN CORPORATION 158 094 0.16%4 412 GS HOLDINGS CORP 200 058 0.21%

52 290 HANA FINANCIAL GROUP INC 1 650 607 1.72%8 430 HANWHA CHEMICAL CORP 155 105 0.16%1 302 HONAM PETROCHEMICAL CO 268 509 0.28%3 000 HYOSUNG CORPORATION 143 095 0.15%8 430 HYUNDAI DEVELOPM. CO-ENG. & CONS. 177 526 0.18%5 840 HYUNDAI FIRE & MARINE INS CO 150 737 0.16%6 964 HYUNDAI HEAVY INDUSTRIES 1 563 697 1.62%3 275 HYUNDAI MOTOR / PFD ISSUED 99 212 757 0.22%

15 877 HYUNDAI MOTOR CO LTD 3 218 902 3.34%4 940 HYUNDAI STEEL CO 361 845 0.38%

14 490 INDUSTRIAL BANK OF KOREA 161 100 0.17%28 680 KB FINANCIAL GROUP INC 922 831 0.96%

618 KCC CORP 149 813 0.16%16 000 KOREA ELECTRIC POWER CORP. 357 869 0.37%22 080 KOREA EXCHANGE BANK 156 918 0.16%

4 090 KOREA GAS CORP 144 442 0.15%3 700 KOREA ZINC CO LTD 1 242 164 1.29%

13 270 KP CHEMICAL CORPORATION 153 322 0.16%12 200 KT CORPORATION / SADR 155 550 0.16%

1 655 KUMHO PETRO SHS 173 179 0.18%2 076 LG CHEM LTD / PFD SHS / I01 159 847 0.17%7 885 LG CORP 378 165 0.39%

32 000 LG UPLUS CORP 154 588 0.16%955 LOTTE SHOPPING LTD 259 405 0.27%

2 222 LS CORP 166 051 0.17%6 000 NHN CORPORATION 1 308 000 1.36%1 276 OCI COMPANY LTD 250 908 0.26%7 700 POSCO 2 440 683 2.54%5 864 SAMSUNG ELECTRONICS CO LTD 6 141 202 6.37%

42 000 SAMSUNG HEAVY INDUSTRIES 1 366 075 1.42%23 000 SHINHAN FINANCIAL GROUP 796 223 0.83%

766 SHINSEGAE CO LTD 140 270 0.15%2 181 SK HOLDINGS CO LTD 251 993 0.26%5 677 SK INNOVATION CO LTD 683 147 0.71%

19 590 SK NETWORKS CO LTD 147 934 0.15%15 200 SK TELECOM / SPONS. ADR (1/9 ACT) 178 144 0.19%29 580 WOORI FINANCE HOLDINGS CO LTD 321 132 0.33%

Hong Kong 15 983 696 16.59%

244 000 AIA GROUP 833 610 0.87%167 460 CHEUNG KONG HOLDINGS HKD0.5 2 042 346 2.12%

1 981 000 CHINA AGRI INDUSTRIES HOLDINGS 1 080 319 1.12%500 000 CHINA EVERBRIGHT LTD 703 914 0.73%276 060 CHINA MOBILE LTD 3 016 269 3.13%111 000 CITIC PACIFIC LTD 167 431 0.17%126 000 CLP HOLDINGS LTD 1 068 054 1.11%790 000 CNOOC LTD 1 568 465 1.63%280 000 FOSUN INTERNATIONAL LTD 145 115 0.15%

45 000 H.K. EXCHANGES AND CLEARING LTD 638 164 0.66%246 000 HANG LUNG PROPERTIES LTD 830 928 0.86%

64 000 HANG SENG BANK LTD 874 607 0.91%2 446 000 MINMETALS RESOURCES 1 018 559 1.06%



Securities

Market

valueUSD

% ofnet

assets

324 962 NEW WORLD DEVELOPMENT CO. LTD 377 472 0.39%359 000 POLY (HONG KONG) INVESTMENTS LTD 192 074 0.20%486 000 SHOUGANG FUSHAN RES GR LTD 124 686 0.13%293 000 SJM HOLDINGS LTD 539 415 0.56%

40 200 SUN HUNG KAI PROPERTIES LTD 472 400 0.49%77 000 WHEELOCK & CO 289 868 0.30%

China 14 699 336 15.27%

1 847 000 AGRICULT BK CHINA / H-SHARES 735 788 0.76%224 000 AIR CHINA LTD -H- 131 109 0.14%

2 052 000 BANK OF CHINA LTD -H- 777 771 0.81%679 000 BANK OF COMMUNICATIONS CO -H- 454 322 0.47%215 500 BBMG -H- 149 193 0.16%

3 885 000 CHINA CITIC BK -H- 1 978 405 2.06%382 000 CHINA COAL ENERGY CO LTD -H- 312 234 0.32%

1 507 000 CHINA COMMUNICATIONS CONSTR-H- 1 315 313 1.37%2 170 000 CHINA CONSTRUCTION BANK CO -H- 1 479 934 1.54%1 380 000 CHINA LG PWR -H- 898 457 0.93%

774 000 CHINA MINSHENG BK -H- * 685 527 0.71%278 000 CHINA NATL BLDING MATERIAL -H- 297 116 0.31%968 000 CHINA PETROLEUM & CHEM CORP H 858 600 0.89%224 000 CHINA RAILWAY CONSTR CORP -H- 185 111 0.19%471 000 CHINA RAILWAY GROUP LTD -H- 195 526 0.20%272 000 CHINA SHIPPING DEVELOPMENT -H- 126 240 0.13%352 000 CHINA SOUTHERN AIRLINES H 154 294 0.16%380 000 CHONGQING RURAL SHS-H- 152 360 0.16%456 000 DATANG INT. POWER GENERATION -H- 179 893 0.19%120 400 GUANGZHOU R&F PROP. -H- / NEW * 158 016 0.16%

1 273 000 IND & COM BOC -H- 704 065 0.73%313 000 JIANGXI COPPER CO LTD H 683 573 0.71%760 000 METALLURGICAL CORP OF CHINA -H- 161 668 0.17%

1 160 000 PETROCHINA CO LTD /-H- 1 488 018 1.55%492 000 SINOPEC SHANGHAI PETROCHEM. -H- 143 351 0.15%190 000 YANZHOU COAL MINING CO H 293 452 0.30%

Taiwan 9 216 501 9.58%

1 108 000 ASIA CEMENT CORP 1 389 862 1.44%168 000 CHINA PETROCHEMICAL DEVELOP. 140 679 0.15%275 264 CHUNGHWA TELECOM CO LTD 866 677 0.90%842 000 HIGHWEALTH CONSTRUCTION CORP 1 314 250 1.37%

67 000 HIWIN TECHNOLOGIES 677 738 0.70%554 842 HON HAI PRECISION IND. CO LTD 1 661 448 1.73%463 000 INVENTEC CORPORATION 149 344 0.16%508 000 MACRONIX INTERNATIONAL CO LTD 159 435 0.17%

82 000 POWERTECH TECHNOLOGY INC 158 478 0.16%293 000 SYNNEX TECHNOLOGY INTERNATL. 712 499 0.74%665 313 TAIWAN SEMICOND. MANUFACT 1 811 743 1.88%154 000 UNIMICRON TECHNOLOGY CORP 174 348 0.18%

India 8 057 094 8.38%

57 000 BANK OF BARODA / DEMATERIALISED 744 051 0.77%20 720 CANARA BANK / DEMAT. 152 299 0.16%

100 100 HINDALCO INDUSTRIES / DEMAT. 213 480 0.22%45 000 ICICI BK LTD / DEMATERIALISED 717 582 0.75%34 000 INFOSYS SHS 1 525 612 1.59%

289 000 ITC LTD / DEMAT 1 339 411 1.39%13 670 JSW STEEL LTD / DEMAT 167 269 0.17%59 910 POWER FINANCE CORPORATION LTD 190 554 0.20%

128 200 RELIANCE COMMUNICATIONS / DEMAT 146 735 0.15%18 380 RELIANCE INFRASTRUCTURE 183 912 0.19%41 790 SESA GOA LTD / DEMATERIALISED 142 038 0.15%

125 400 STERLITE IND (INDIA) SHS 228 751 0.24%287 000 TATA MOTORS 1 247 248 1.30%575 000 TATA POWER CO LTD 1 058 152 1.10%


SECURITIES PORTFOLIO AS AT 30 JUNE 2012 (continued)



ASF - 4


Securities

Market

valueUSD

% ofnet

assets

Cayman Islands 4 962 747 5.16%

144 000 AGILE PROPERTY HOLDINGS LTD 184 348 0.19%220 000 CHINA SHANSHUI CEMENT GRP LTD 148 905 0.15%224 000 DONGYUE GROUP * 103 674 0.11%453 000 EVERGRANDE REAL * 229 519 0.24%681 000 GCL-POLY ENERGY HOLDINGS LTD * 147 497 0.15%

64 500 KINGBOARD CHEMICALS HOLDINGS 124 067 0.13%512 000 LONKING HOLDINGS LTD 121 455 0.13%480 000 REAL GOLD MINING * 548 279 0.57%

1 143 000 SHIMAO PROPERTY HLD LTD 1 744 717 1.81%393 500 SHUI ON LAND LTD 159 295 0.17%

49 800 TENCENT HOLDINGS 1 450 991 1.51%

Singapore 4 576 182 4.76%

143 000 DBS GROUP HOLDINGS LTD 1 561 864 1.62%321 000 SEMBCORP MARINE LTD 1 208 269 1.26%122 910 UTD OVERSEAS BK / LOCAL 1 806 049 1.88%

Indonesia 2 355 702 2.45%

1 960 000 PT ASTRA INTERNATIONAL TBK 1 429 466 1.49%1 370 000 PT BANK RAKYAT INDONESIA 926 236 0.96%

Bermuda Islands 1 378 106 1.43%

280 000 LI & FUNG LTD 534 975 0.56%141 000 ORIENT OVERSEAS (INTERNATIONAL) 684 402 0.71%360 000 SKYWORTH DIGITAL HLD LTD 158 729 0.16%

Thailand 1 298 798 1.35%

250 000 KASIKORNBANK PUB. COMP. / FOR. REG 1 298 798 1.35%

Malaysia 1 287 612 1.34%

624 500 BERJAYA CORPORATION BHD 154 380 0.16%370 000 GENTING BERHAD 1 098 756 1.14%

47 599 SUNWAY SDN BHD 34 476 0.04%

Mauritius 301 788 0.31%


British, Virgin Islands 190 596 0.20%

386 000 SINO - OCEAN LAND HOLDINGS LTD 190 596 0.20%

Philippines 16 269 0.02%

6 844 400 AYALA LAND INC / PREF 16 269 0.02%


MYR 1 409 0.00%

9 519 SUNWAY 10-2015 CW / SUNWAY 1 409 0.00%

UNLISTED SECURITIES 0 0.00%

Equities 0 0.00%

Malta 0 0.00%

771 600 BGP HOLDINGS 0 0.00%

Luxembourg 0 0.00%

1 000 000 GMS POWER PUBL. CO LTD / FOR. REG. 0 0.00%

India 0 0.00%

324 500 INDIABULLS INFR AND POWER 0 0.00%



Securities

Market

valueUSD

% ofnet

assets

INVESTMENT FUNDS 2 131 470 2.22%

Luxembourg 1 381 420 1.44%

17 000 JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP

1 381 420 1.44%

United States 750 050 0.78%

35 000 CHINA FUND 750 050 0.78%

Julius Baer Multistock - BIOTECH FUND

* See Page 14



BTF - 1


Assets Investments at market value 16 138 408 (Cost: 11 669 569) Cash at banks 301 341 Subscriptions receivable 57 564


Liabilities Payables for redemptions 4 002 Management fees payable 14 054 "Taxe d'abonnement" payable 1 016 Other liabilities 3 682




Income Income from investments 27 302 Bank interest 228 Income from securities lending 3 465 Other income 70 Equalisation 10 085

Total Income 41 150



Net profit/loss -181 459 Realised profit/loss on: - Securities 2 218 366 - Foreign currencies -4 480

Net realised profit/loss 2 032 427 Net change in unrealised appreciation/ depreciation on: - Securities 1 239 961

Total profit/loss 3 272 388


30 June 2011 USD

30 June 2012USD

Net assets at the beginning of the financial year 11 701 034 15 977 984 Foreign exchange difference – sub-fund 873 787 - Total profit/loss 3 686 210 3 272 388 Net subscriptions/redemptions -282 786 -2 775 681 Dividend distributions -261 -132 Net assets at the end of the financial year 15 977 984 16 474 559


BTF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-CHF) 733.00 - -Distribution shares (Shares A-EUR) 508.80 - -Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 240.00 913.19 2 358.20Accumulation shares (Shares B-CHF) 26 513.50 - -Accumulation shares (Shares B-EUR) 8 902.18 - -Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-USD) 25 902.25 45 725.18 40 876.21Accumulation shares (Shares C-CHF) 10.00 - -Accumulation shares (Shares C-EUR) 10.00 - -Accumulation shares (Shares C-USD) 65 701.75 90 634.77 68 790.76Accumulation shares (Shares E-EUR) 1 613.40 - -Accumulation shares (Shares E-USD) 10.00 755.24 3 169.01

Net Assets 11 701 034 15 977 984 16 474 559

NAV per share Distribution shares (Shares A-CHF) 86.16 - -Distribution shares (Shares A-EUR) 104.86 - -Distribution shares (Shares A-GBP) 85.39 - -Distribution shares (Shares A-USD) 86.57 113.17 139.41Accumulation shares (Shares B-CHF) 86.47 - -Accumulation shares (Shares B-EUR) 105.10 - -Accumulation shares (Shares B-GBP) 85.39 - -Accumulation shares (Shares B-USD) 86.96 113.85 140.39Accumulation shares (Shares C-CHF) 88.26 - -Accumulation shares (Shares C-EUR) 107.25 - -Accumulation shares (Shares C-USD) 88.62 116.78 145.02Accumulation shares (Shares E-EUR) 103.23 - -Accumulation shares (Shares E-USD) 85.52 111.20 136.10

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






BTF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 16 138 408 97.96%


16 138 408 97.96%

Equities 16 138 408 97.96%

United States 14 712 193 89.30%

35 000 ACHILLION PHARMACEUTICALS INC 217 000 1.32%40 000 AFFYMAX INC 515 200 3.13%14 500 ALEXION PHARMACEUTICALS INC 1 439 851 8.73%

9 500 AMGEN INC. 693 880 4.21%7 000 AMYLIN PHARMACEUTICALS INC. 197 610 1.20%

26 000 ARIAD PHARMACEUTICALS 447 460 2.72%7 500 AVEO PHARMACEUTICALS INC 91 200 0.55%8 000 BIOGEN IDEC INC 1 155 040 7.01%

16 280 BIOMARIN PHARMACEUTICAL INC 644 362 3.91%17 000 CELGENE CORP. 1 090 720 6.62%12 000 CUBIST PHARMACEUTICALS INC. 454 920 2.76%20 000 GILEAD SCIENCES INC. 1 025 600 6.23%20 000 HALOZYME THERAPEUTICS INC 177 200 1.08%12 000 IDENIX PHARMACEUTICALS INC 123 600 0.75%12 000 ILLUMINA INC 484 680 2.94%25 000 INCYTE CORP * 567 500 3.44%

8 000 INTERMUNE INC 95 600 0.58%20 000 ISIS PHARMACEUTICALS 240 000 1.46%10 000 MEDICINES CO 229 400 1.39%16 000 ONYX PHARMACEUTICALS INC 1 063 200 6.45%10 000 OPTIMER PHARMACEUTICALS INC * 155 200 0.94%

5 000 QUESTCOR PHARMACEUTICAL INC * 266 200 1.62%6 000 REGENERON PHARMACEUTICALS INC. 685 320 4.16%9 000 SEATTLE GENETICS INC 228 510 1.39%5 000 SYNAGEVA BIOPH SHS 202 800 1.23%

20 000 THRESHOLD PHARMACEUTICALS 148 000 0.90%11 000 UTD THERAPEUTICS CORP (DE) 543 180 3.30%18 000 VERTEX PHARMACEUTICALS 1 006 560 6.11%10 000 VIROPHARMA 237 000 1.44%10 000 VIVUS INC 285 400 1.73%

Jersey 518 340 3.15%

6 000 SHIRE PLC / ADR 518 340 3.15%


30 000 AMARIN CORP PLC / SADR 433 800 2.63%

Ireland 337 575 2.05%

7 500 JAZZ PHARMA 337 575 2.05%

Cayman Islands 136 500 0.83%

10 000 3SBIO INC / SADR 136 500 0.83%


* See Page 14



BSF - 1


Assets Investments at market value 28 563 888 (Cost: 59 519 699) Derivative instruments at market value: - Futures 25 725 Cash at banks 636 461 Receivable from brokers 1 644 280 Subscriptions receivable 31 078 Dividends and interest 661 042


Liabilities Bank overdraft 57 607 Payable to brokers 984 345 Payables for redemptions 39 245 Management fees payable 36 605 "Taxe d'abonnement" payable 3 026 Other liabilities 23 080




Income Income from investments 1 582 425 Bank interest 5 566 Income from securities lending 13 036 Other income 7 871 Equalisation 3 315


Expenses Management fees 629 806 "Taxe d'abonnement" and other taxes 15 716 Bank interest 1 175 Other expenses* 435 337 Equalisation 85 227


Net profit/loss 444 952 Realised profit/loss on: - Securities -5 842 161 - Futures -80 599 - Foreign currencies 21 667

Net realised profit/loss -5 456 141 Net change in unrealised appreciation/ depreciation on: - Securities -5 448 247 - Futures 24 695



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 58 942 536 55 838 111 Foreign exchange difference – sub-fund -803 444 1 259 528 Total profit/loss 6 204 892 -10 879 693 Net subscriptions/redemptions -8 488 402 -15 790 148 Dividend distributions -17 471 -9 232 Net assets at the end of the financial year 55 838 111 30 418 566


BSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-CHF) 34 339.55 25 668.48 20 715.58Distribution shares (Shares A-EUR) 44 893.45 34 632.96 26 122.43Distribution shares (Shares A-USD) 36 129.19 28 641.93 19 195.76Accumulation shares (Shares B-CHF) 260 974.18 219 302.14 182 888.43Accumulation shares (Shares B-EUR) 909 755.27 736 969.86 488 271.77Accumulation shares (Shares B-USD) 246 282.87 216 120.14 124 747.86Accumulation shares (Shares C-CHF) 4 010.00 21 814.03 4 010.00Accumulation shares (Shares C-EUR) 352 593.75 343 807.17 218 644.91Accumulation shares (Shares C-USD) 9 990.00 24 390.00 24 315.00Accumulation shares (Shares E-EUR) 30 950.89 45 409.24 31 614.30Accumulation shares (Shares E-USD) 52 107.00 42 060.00 34 139.00

Net Assets 58 942 536 55 838 111 30 418 566

NAV per share Distribution shares (Shares A-CHF) 26.27 26.08 20.76Distribution shares (Shares A-EUR) 32.34 34.69 28.00Distribution shares (Shares A-USD) 29.47 37.52 26.59Accumulation shares (Shares B-CHF) 26.65 26.57 21.25Accumulation shares (Shares B-EUR) 33.06 35.70 29.01Accumulation shares (Shares B-USD) 29.88 38.19 27.15Accumulation shares (Shares C-CHF) 27.48 27.65 22.32Accumulation shares (Shares C-EUR) 34.09 37.14 30.45Accumulation shares (Shares C-USD) 30.81 39.74 28.50Accumulation shares (Shares E-EUR) 32.21 34.52 27.84Accumulation shares (Shares E-USD) 29.10 36.92 26.05

Dividend for the previous financial year (Shares A-CHF) 0.15 0.15 0.10Dividend for the previous financial year (Shares A-EUR) 0.30 0.25 0.20Dividend for the previous financial year (Shares A-USD) 0.15 0.15 0.10






BSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 28 563 888 93.90%


18 210 450 59.85%

Equities 18 210 450 59.85%

Russia 7 325 701 24.07%

160 000 GAZPR SPONS. ADR REPR 2 SHS 1 175 027 3.86%43 500 GAZPROM NEFT OJSC / ADR 782 101 2.57%

112 000 GROUPE LSR / SGDR REPR. SREG S 378 526 1.24%25 000 LUKOIL / SADR REP.1 SHS. 1 081 518 3.56%32 000 MMC NORILSK NICKEL / SADR 416 564 1.37%90 000 NOMOS BANK OJSC SHS / SGDR 722 369 2.37%

111 828 PHOSAGRO OJSC / SGDR 1 013 400 3.33%190 000 SEVERSTL CHERPVT MET / SGDR 1 756 196 5.77%

Turkey 5 698 957 18.73%

100 000 DOGUS OTOMOTIV SERVIS VE TICAR 242 231 0.80%900 000 SEKERBANK 399 942 1.31%220 000 TOFAS TURK OTOMOBIL FABRIKASI 741 853 2.44%140 000 TURK HAVA YOLLARI AO 193 959 0.64%600 000 TURK SISE CAM 773 744 2.54%100 000 TURKIYE GARANTI BANKASI /NOM. 309 323 1.02%100 000 TURKIYE HALK BANKASI A.S. 616 469 2.03%450 000 TURKIYE IS BANKASI AS C 941 040 3.09%825 000 TURKIYE SINAI KALKINMA BANKASI 661 342 2.17%500 000 TURKIYE VAKIFLAR BANKASI TAO 819 054 2.69%

Ireland 1 003 880 3.30%

150 000 DRAGON OIL PLC 1 003 880 3.30%

Isle Of Man 919 565 3.03%

350 000 PETRO MATAD LTD 41 635 0.14%131 075 ZHAIKMUNAI LP - GDR REG S-W / I 877 930 2.89%

Guernsey 858 910 2.82%

200 000 ETALON GROUP / SGDR 858 910 2.82%

Kazakhstan 732 438 2.41%

55 000 KAZMUNAIGAS EXPL. PR / REGS / GDR 732 438 2.41%


5 500 000 HAMBLEDON MINING PLC 101 964 0.34%800 000 KRYSO RESOURCES PLC 351 003 1.15%


600 000 TETHYS PETROLEUM LTD * 278 264 0.91%

Bulgaria 239 550 0.79%

294 BLAGOEVGRAD BT 6 255 0.02%311 523 FIRST INVESTMENT BANK 233 295 0.77%

Canada 184 366 0.61%

30 000 DUNDEE PRECIOUS METALS INC 142 147 0.47%52 000 EAST ASIA MINERALS CORP * 11 053 0.04%64 000 ENTREE GOLD INC 31 166 0.10%

Jersey 161 548 0.53%

100 000 LYDIAN INTL * 161 548 0.53%

Romania 153 419 0.50%

56 040 C.N. TRANSELECTRICA 153 419 0.50%


Securities

Market

valueEUR

% ofnet

assets

Australia 121 685 0.40%

451 727 ASPIRE MINING LTD 54 731 0.18%196 923 MCB AGRICOLE HOLDING / SGDR 66 954 0.22%


314 500 BMB MUNAI INC 53 282 0.18%21 744 440 MARANI BRAND / REST 0 0.00%

Luxembourg 16 659 0.05%

500 000 RURIK REAL ESTATE INV 16 659 0.05%

Cyprus 9 259 0.03%

193 324 XXI CENTURY INVESTEMNTS PUBLIC 9 259 0.03%

TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 8 897 804 29.27%

Equities 8 897 804 29.27%

Russia 8 716 376 28.67%

1 500 AKRON OJSC 40 247 0.13%124 284 ARMADA JSC 734 510 2.41%

4 100 ARZAMAS INSTRUMENT ENGINE FACT 210 000 0.69%135 000 BANK ST. PETERSBURG -A- PREF 252 650 0.83%

20 000 BASHNEFT OJSC 765 294 2.52%

352 249 FEDERAL HYDROGENERATING COMPANY OJSC

7 827 0.03%

7 400 000 FTH GEN. CO. WHOLES. EL. OJSC WGC4 454 828 1.50%15 378 GAZPROM AVTOMATIZATSIYA / 3PREF 90 883 0.30%10 635 GAZPROM AVTOMATIZATSIYA OJSC 251 409 0.83%

2 400 000 JSC SURGUTNEFTEGAZ / PREF. 1 049 604 3.45%196 110 M VIDEO COMPANY JSC 1 091 775 3.59%

5 000 MAGNIT JSC 457 035 1.50%915 215 SBERBANK OF RUSSIA OJSC 1 828 194 6.01%255 000 TNK-BP HOLDING 464 166 1.53%

650 TRANSNEFT OJSC MOSCOW 650 487 2.14%162 260 000 TUPOLEV OAO MOSCOA 351 613 1.16%

1 006 000 YAKUTIA RAILWAYS JSC 15 854 0.05%

Cyprus 156 810 0.52%

20 000 AVANGARDCO INVESTMENTS GDR 156 810 0.52%


1 108 000 CASPIAN SERVICES INC 24 447 0.08%171 010 TKS REAL ESTATE PUBL COMP / GDR 171 0.00%

UNLISTED SECURITIES 1 455 634 4.78%

Equities 1 455 634 4.78%

Ukraine 1 452 772 4.77%

3 550 817 ALCHEVSKYY KOKSOCHIMICHNYY ZAV 98 364 0.32%31 000 EKVIN CORP OJSC 0 0.00%

4 350 MOTOR SICH JSC 916 500 3.01%14 763 037 OJSC KRAMATORSKY TSEM 432 002 1.42%

35 000 YASYNOVSKIY COCKING 5 906 0.02%


1 178 KARAVAN REAL ESTATE LTD B 2 862 0.01%14 000 000 ONLINE AUTOMOTIVE PARTNERS LLC 0 0.00%

Julius Baer Multistock - CENTRAL EUROPE STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.45% for A-EUR shares, 2.45% for B-EUR shares, 1.55% for C-EUR shares and 3.20% for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


CESF - 1


Assets Investments at market value 30 620 445 (Cost: 33 276 419) Cash at banks 320 335 Receivable from brokers 376 164 Subscriptions receivable 6 639 Dividends and interest 468 814 Other receivables 1 260


Liabilities Payable to brokers 379 302 Payables for redemptions 262 166 Management fees payable 34 328 "Taxe d'abonnement" payable 3 610 Other liabilities 23 213




Income Income from investments 1 118 466 Bank interest 4 885 Income from securities lending 4 595 Other income 226 198


Expenses Management fees 540 628 Custodian fees and charges 13 419 "Taxe d'abonnement" and other taxes 16 395 Bank interest 1 929 Other expenses* 376 915 Equalisation 42 257


Net profit/loss 362 601 Realised profit/loss on: - Securities -2 565 352 - Foreign currencies -8 061

Net realised profit/loss -2 210 812 Net change in unrealised appreciation/ depreciation on: - Securities -7 645 510



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 50 759 099 56 215 388 Foreign exchange difference – sub-fund -262 741 - Total profit/loss 5 942 311 -9 856 322 Net subscriptions/redemptions -200 752 -15 255 530 Dividend distributions -22 529 -12 498 Net assets at the end of the financial year 56 215 388 31 091 038


CESF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 18 833.31 17 799.15 13 773.82Distribution shares (Shares A-USD) 762.00 - -Accumulation shares (Shares B-EUR) 193 942.37 168 862.61 131 680.16Accumulation shares (Shares B-USD) 8 575.00 - -Accumulation shares (Shares C-EUR) 7 378.62 39 587.32 9 002.27Accumulation shares (Shares C-USD) 18 534.39 - -Accumulation shares (Shares E-EUR) 7 901.19 4 664.08 3 259.03Accumulation shares (Shares E-USD) 10.00 - -

Net Assets 50 759 099 56 215 388 31 091 038

NAV per share Distribution shares (Shares A-EUR) 197.90 220.72 179.47Distribution shares (Shares A-USD) 71.93 - -Accumulation shares (Shares B-EUR) 216.87 242.89 198.30Accumulation shares (Shares B-USD) 73.35 - -Accumulation shares (Shares C-EUR) 229.14 258.43 212.89Accumulation shares (Shares C-USD) 74.98 - -Accumulation shares (Shares E-EUR) 200.93 223.35 180.99Accumulation shares (Shares E-USD) 71.72 - -

Dividend for the previous financial year (Shares A-EUR) 1.30 0.95 0.75Dividend for the previous financial year (Shares A-USD) 0.50 0.45 -






CESF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 30 620 445 98.49%


23 800 665 76.55%

Equities 23 800 665 76.55%

Russia 10 534 479 33.88%

47 640 AFK SISTEMA / SGDR 700 307 2.25%315 000 FED. HYDR. CO - RUSHYDRO OJSC / SADR 592 991 1.91%270 970 GAZPR SPONS. ADR REPR 2 SHS 1 989 981 6.41%

46 400 GAZPROM NEFT OJSC / ADR 834 241 2.68%271 950 GROUPE LSR / SGDR REPR. SREG S 919 108 2.96%

27 540 LUKOIL / SADR REP.1 SHS. 1 191 400 3.83%45 000 MOBILE TELESYSTEMS / SADR 609 905 1.96%11 800 NOVATEK OAO / SGDR 985 619 3.17%51 074 NOVOROSSIYSK COMM. SEA PORT / GDR 253 348 0.81%77 796 PHOSAGRO OJSC / SGDR 704 998 2.27%

100 000 ROSNEFT OIL CO OJSC / SGDR 493 282 1.59%88 065 SBERBANK OF RUSSIA OJSC / SADR 750 848 2.41%25 000 SEVERSTL CHERPVT MET / SGDR 231 078 0.74%

100 000 VNESHTORGBANK SGDR 277 373 0.89%

Turkey 6 160 677 19.82%

26 485 ANADOLU EFES BIRACILIK VE MALT 267 119 0.86%83 028 ARCELIK AS 330 617 1.06%

7 441 BIM BIRLESIK MAGAZALAR AS 241 514 0.78%26 365 CIMSA CIMENTO SANAYI VE TICAR. 96 026 0.31%

9 872 COCA COLA ICECEK SANAYI 120 425 0.39%146 615 ENKA INSAAT VE SANAYI AS 309 795 1.00%213 853 ISGYO 106 212 0.34%

99 374 KOC HLD AS 298 728 0.96%327 180 REYSAS TASIMACILIK VE LOJISTIK 125 436 0.40%108 603 SABANCI HOLDING 359 592 1.16%199 516 SINPAS GAYRIM YATITIM 107 784 0.35%

47 007 TAV HAVALIMALARI HOLDING AS 199 060 0.64%33 250 TOFAS TURK OTOMOBIL FABRIKASI 112 121 0.36%20 287 TUPRAS TURKIYE PETROL RAFINEL 342 045 1.10%

196 494 TURK HAVA YOLLARI AO 272 227 0.88%43 962 TURK TELEKOMUNIKASYON 141 348 0.45%

120 995 TURKCELL ILETISIM HIZMET 482 856 1.55%308 426 TURKIYE GARANTI BANKASI /NOM. 954 034 3.07%

88 223 TURKIYE HALK BANKASI A.S. 543 867 1.75%245 763 TURKIYE IS BANKASI AS C 513 940 1.65%

67 831 TURKIYE VAKIFLAR BANKASI TAO 111 114 0.36%77 223 YAPI KREDI BANKASA 124 817 0.40%

Poland 4 541 223 14.61%

15 262 ELEKTROBUDOWA SA 348 649 1.12%880 000 GETIN HOLDING S.A. * 361 541 1.16%

1 000 000 GETIN NOBLE BANK SA 422 648 1.36%41 700 LW BOGDANKA 1 201 216 3.86%71 580 MOSTOSTAL WARSZAWA SA 245 067 0.79%

100 000 PGE POLSKA GRUPA ENERGETYCZNA 459 009 1.48%801 451 POLIMEX - MOSTOSTAL SA 141 927 0.46%

10 000 POWSZECHNY ZAKLAD UBEZPIECZEN 788 627 2.54%137 574 SOLAR COMPANY S.A. 432 030 1.39%

28 473 SYGNITY SA 140 509 0.45%

Guernsey 1 103 700 3.55%

257 000 ETALON GROUP / SGDR 1 103 700 3.55%

Hungary 812 059 2.61%

65 000 OTP BANK LTD 812 059 2.61%

Cyprus 425 515 1.37%

30 000 GLOBALTRANS INVESTMENT PLC GDR 425 515 1.37%


Securities

Market

valueEUR

% ofnet

assets


121 715 RUSPETRO PLC 203 232 0.65%

Romania 19 780 0.06%

550 000 TERAPLAST SA 19 780 0.06%


Equities 6 776 971 21.80%

Russia 6 375 871 20.51%

6 000 000 AO MOSENERGO 205 666 0.66%61 500 ARMADA JSC 363 461 1.17%

40 000 000 FSK EES 182 814 0.59%10 000 000 FTH GEN. CO. WHOLES. EL. OJSC WGC4 614 633 1.98%2 400 000 IDGC HOLDING 113 471 0.36%1 787 320 JSC SURGUTNEFTEGAZ / PREF. 781 658 2.51%

550 000 KRASNY KOTELSHIK JSC -PREF SHS 99 681 0.32%23 000 LUKOIL HOLDING 971 435 3.12%

110 000 M VIDEO COMPANY JSC 612 387 1.97%5 OAO OPEN INVESTMENTS / GDR 9 0.00%

150 000 SBERBANK / PREF. 218 668 0.70%840 000 SBERBANK OF RUSSIA OJSC 1 677 947 5.41%

400 TRANSNEFT OJSC MOSCOW 400 299 1.29%7 750 VEROFARM -A- 133 742 0.43%

Cyprus 392 026 1.26%

50 000 AVANGARDCO INVESTMENTS GDR 392 026 1.26%

Romania 9 074 0.03%

1 389 500 CEMACON S.A. 6 871 0.02%98 000 CONDMAG SA 2 203 0.01%


Equities 42 809 0.14%

Russia 37 824 0.12%

160 000 KRASNY KOTELSHIK JSC 37 824 0.12%

Romania 4 985 0.02%

2 174 257 CONCEFA S.A 4 985 0.02%

Julius Baer Multistock - CHINDONESIA FUND

* See Page 14



CHI - 1


Assets Investments at market value 18 324 348 (Cost: 18 731 890) Cash at banks 321 353 Receivable from brokers 1 575 007 Subscriptions receivable 185 Dividends and interest 171 333


Liabilities Payable to brokers 1 585 103 Management fees payable 13 374 "Taxe d'abonnement" payable 921 Other liabilities 9 021




Income Income from investments 424 904 Bank interest 188 Income from securities lending 3 679


Expenses Management fees 160 960 Custodian fees and charges 6 183 "Taxe d'abonnement" and other taxes 2 879 Bank interest 250 Other expenses* 111 142 Equalisation 8 194



Net realised profit/loss -2 004 185 Net change in unrealised appreciation/ depreciation on: - Securities -259 060



30 June 2011 USD

30 June 2012USD

Net assets at the beginning of the financial year - 17 142 893 Total profit/loss -630 430 -2 263 245 Net subscriptions/redemptions 17 773 323 3 904 330 Dividend distributions - -171 Net assets at the end of the financial year 17 142 893 18 783 807


CHI - 2

COMPARATIVE STATEMENT 30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-USD) 1 315.00 2 864.78Accumulation shares (Shares B-USD) 47 038.87 54 633.09Accumulation shares (Shares C-USD) 130 010.00 166 010.00Accumulation shares (Shares E-USD) 1 234.50 2 481.25

Net Assets 17 142 893 18 783 807

NAV per share Distribution shares (Shares A-USD) 95.05 82.07Accumulation shares (Shares B-USD) 95.04 82.16Accumulation shares (Shares C-USD) 95.61 83.48Accumulation shares (Shares E-USD) 94.54 81.12

Dividend for the previous financial year (Shares A-USD) - 0.10



* fully or partially lent securities 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.

CHI - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 18 324 348 97.55%


18 324 348 97.55%

Equities 18 324 348 97.55%

China 4 554 241 24.25%

1 416 300 BANK OF CHINA LTD -H- 536 821 2.86%934 000 CHINA CITIC BK -H- 475 632 2.53%546 000 CHINA COMMUNICATIONS CONSTR-H- 476 550 2.54%609 000 CHINA MINSHENG BK -H- * 539 388 2.87%222 000 CHINA PETROLEUM & CHEM CORP H 196 910 1.05%553 000 CHINA RAILWAY CONSTR CORP -H- 456 994 2.43%

65 000 CHINA SHENHUA ENERGY CO -H- 226 677 1.21%370 000 CHINA SOUTHERN AIRLINES H 162 184 0.86%209 000 JIANGXI COPPER CO LTD H 456 443 2.43%340 000 PETROCHINA CO LTD /-H- 436 143 2.32%144 000 PICC PROPERTY & CASUALTY -H- 160 957 0.86%

54 000 PING AN INSUR. (GRP) CO -H- 429 542 2.29%

Indonesia 4 069 354 21.66%

609 500 ACE HARDWARE 327 712 1.74%2 650 000 ANEKA TAMBANG TBK PERSERO 378 075 2.01%

55 000 INDO TAMBANGRAYA MEGAH (ITM) 210 518 1.12%3 490 000 LIPPO KARAWACI 297 264 1.58%

630 000 PT ASTRA INTERNATIONAL TBK 459 471 2.45%618 000 PT BANK RAKYAT INDONESIA 417 820 2.22%

37 500 PT GUDANG GARAM TBK / DEMAT 245 546 1.31%218 000 PT INDOCEMENT TUNGGAL / DEMAT. 402 701 2.14%630 000 PT JASA MARGA (PERSERO) TBK 362 211 1.93%142 000 PT MAYORA INDAH TBK / DEMAT. 382 504 2.04%

1 900 000 PT WIJAYA KARYA (PERSERO) TBK 212 408 1.13%430 000 TELKOM INDONESIA / S -B- OPR 373 124 1.99%

India 3 992 240 21.24%

22 500 BANK OF BARODA / DEMATERIALISED 293 704 1.56%53 000 BHARAT HEAVY ELECTRICAL 219 333 1.17%30 000 HDFC BANK LTD 300 451 1.60%29 000 ICICI BK LTD / DEMATERIALISED 462 442 2.46%

9 100 INFOSYS SHS 408 326 2.17%108 000 ITC LTD / DEMAT 500 541 2.66%

16 000 LARSEN & TOUBRO LTD / DEMAT. 400 287 2.13%26 000 RELIANCE INDUS. / DEMAT OPR 342 228 1.82%96 500 TATA MOTORS 419 371 2.23%

203 000 TATA POWER CO LTD 373 574 1.99%68 000 TITAN INDUSTRIES 271 983 1.45%

Hong Kong 2 619 893 13.95%

714 000 CHINA AGRI INDUSTRIES HOLDINGS 389 373 2.07%249 000 CHINA EVERBRIGHT LTD 350 549 1.87%

84 500 CHINA MOBILE LTD 923 260 4.92%130 000 CHINA RESOURCES POWER HOLDINGS 266 482 1.42%266 000 CNOOC LTD 528 116 2.81%303 000 POLY (HONG KONG) INVESTMENTS LTD 162 113 0.86%


108 000 BELLE INTERNATIONAL HOLDI LTD 182 677 0.97%108 000 REAL GOLD MINING * 123 363 0.66%264 000 SA SA INTL HOLDINGS LTD 165 072 0.88%118 800 SANDS CHINA / IPO 375 240 2.00%306 000 SHIMAO PROPERTY HLD LTD 467 090 2.49%

18 000 TENCENT HOLDINGS 524 455 2.79%


41 000 CHEUNG KONG INFRASTRUCTURE HLD 247 111 1.32%286 000 KUNLUN ENERGY COMPANY LTD 454 997 2.42%


Securities

Market

valueUSD

% ofnet

assets

Republic of Korea 366 959 1.95%

1 810 HYUNDAI MOTOR CO LTD 366 959 1.95%

Singapore 181 656 0.97%

169 000 SAKARI RESOURCE SHS 181 656 0.97%

Julius Baer Multistock - ENERGY TRANSITION FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.88% for A-EUR shares, 1.87% for A-USD shares, 1.88% for B-EUR shares, 1.88% for B-USD shares, 1.29% for C-EUR shares, 1.28% for C-USD shares, 2.63% for E-EUR shares and 2.63% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


ETF - 1


Assets Investments at market value 26 447 840 (Cost: 32 823 092) Cash at banks 1 126 742 Receivable from brokers 66 107 Subscriptions receivable 4 981 Dividends and interest 36 624






Income Income from investments 340 698 Bank interest 3 306 Income from securities lending 161 871 Equalisation 85 163


Expenses Management fees 566 931 Custodian fees and charges 6 021 "Taxe d'abonnement" and other taxes 12 795 Bank interest 930 Other expenses* 119 364


Net profit/loss -115 003 Realised profit/loss on: - Securities -10 582 747 - Forward foreign exchange contracts -36 108 - Foreign currencies -36 740

Net realised profit/loss -10 770 598 Net change in unrealised appreciation/ depreciation on: - Securities -3 888 696 - Forward foreign exchange contracts 17



30 June 2011 USD

30 June 2012USD



ETF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-CHF) 10.00 - -Distribution shares (Shares A-EUR) 3 337.00 5 438.00 2 841.00Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 7 874.00 10 397.96 7 210.09Accumulation shares (Shares B-CHF) 8 513.64 - -Accumulation shares (Shares B-EUR) 57 124.75 91 697.14 60 441.58Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-USD) 39 738.99 137 644.37 60 152.94Accumulation shares (Shares C-CHF) 12 510.00 - -Accumulation shares (Shares C-EUR) 27 252.29 42 929.67 11 896.73Accumulation shares (Shares C-USD) 6 209.19 100 986.05 53 526.79Accumulation shares (Shares E-EUR) 7 037.76 15 072.97 12 163.00Accumulation shares (Shares E-USD) 321.65 622.45 611.96

Net Assets 23 513 797 71 665 709 26 841 499

NAV per share Distribution shares (Shares A-CHF) 112.61 - -Distribution shares (Shares A-EUR) 126.21 139.15 114.07Distribution shares (Shares A-GBP) 81.51 - -Distribution shares (Shares A-USD) 121.70 159.13 114.37Accumulation shares (Shares B-CHF) 112.66 - -Accumulation shares (Shares B-EUR) 126.25 139.68 114.90Accumulation shares (Shares B-GBP) 81.51 - -Accumulation shares (Shares B-USD) 121.75 159.51 114.86Accumulation shares (Shares C-CHF) 114.13 - -Accumulation shares (Shares C-EUR) 127.93 142.47 117.90Accumulation shares (Shares C-USD) 123.38 162.70 117.86Accumulation shares (Shares E-EUR) 124.71 136.95 111.82Accumulation shares (Shares E-USD) 120.28 156.40 111.78

Dividend for the previous financial year (Shares A-CHF) 0.10 0.30 -Dividend for the previous financial year (Shares A-EUR) 0.10 0.50 0.40Dividend for the previous financial year (Shares A-GBP) - 0.30 -Dividend for the previous financial year (Shares A-USD) 0.10 0.30 0.25



* fully or partially lent securities The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland.


ETF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 26 447 840 98.53%


26 302 355 97.99%

Equities 26 302 355 97.99%

United States 9 316 463 34.70%

55 141 AMERESCO INC -A- 657 832 2.45%52 200 CALGON CARBON CORP. 742 284 2.77%

545 156 CAPSTONE TURBINE CORP * 550 608 2.05%18 200 COBALT INTL ENERGY INC 427 700 1.59%12 000 CREE INC 308 040 1.15%39 800 ENERNOC INC 288 152 1.07%38 900 GEVO INC * 193 333 0.72%

6 300 ITC HOLDINGS CORP 434 133 1.62%24 500 KIOR INC * 219 275 0.82%58 000 MASTEC INC 872 320 3.25%21 550 MAXWELL TECHNOLOGIES INC. 141 368 0.53%35 100 MYR GROUP INC 598 806 2.23%

5 100 NATIONAL OILWELL VARCO INC 328 644 1.22%4 600 OIL STATES INTL INC 304 520 1.13%3 500 PIONEER NATURAL RESOURCES CO 308 735 1.15%

12 500 POWER INTEGRATIONS INC 466 250 1.74%45 100 QUANTA SERVICES INC 1 085 557 4.03%11 300 REGAL BELOIT CORP 703 538 2.62%38 300 RUBICON TECHNOLOGY INC * 390 660 1.46%

8 200 UNIVERSAL DISPLAY CORP. 294 708 1.10%

Canada 2 272 449 8.46%

94 900 ALGONQUIN POWER & UTILITIES 612 528 2.28%142 700 ALTERRA POWER CORP 63 690 0.24%101 900 BANKERS PETROLEUM -A- 177 921 0.66%149 100 ELECTOVAYA INC * 78 978 0.29%

6 400 KEYERA 266 057 0.99%99 800 RAM POWER 23 495 0.09%

8 200 SHAWCOR LTD / -A- 296 405 1.10%20 500 WESTPORT INNOVATIONS INC * 753 375 2.81%

Italy 2 266 706 8.45%

449 200 ENEL GREEN POWER S.P.A. 711 431 2.65%48 600 PRYSMIAN SPA * 724 074 2.70%10 500 SAIPEM SPA 466 243 1.74%81 700 SNAM AZ 364 958 1.36%

Switzerland 2 023 404 7.53%

42 800 ABB LTD ZUERICH / NAMEN. 698 637 2.60%1 800 BURCKHARDT COMPRESSION HLDG AG 461 743 1.72%

24 000 MEYER BURGER * 371 474 1.38%8 220 ZEHNDER GROUP AG 491 550 1.83%

United Kingdom 1 923 570 7.17%

774 000 AMERISUR RESOURCES PLC 409 718 1.53%31 800 BG GROUP PLC 648 397 2.42%

8 600 ENSCO PLC 403 942 1.50%217 800 RUSPETRO PLC 461 513 1.72%


16 140 GOLAR LNG LTD BERMUDA * 608 478 2.27%72 032 HOEGH LNG HOLDINGS LTD 540 441 2.01%

317 700 KUNLUN ENERGY COMPANY LTD 505 412 1.88%

Netherlands 1 192 125 4.45%

23 800 CHICAGO BRIDGE & IRON / NY SHS 903 448 3.37%4 500 KONINKLIJKE VOPAK 288 677 1.08%


Securities

Market

valueUSD

% ofnet

assets

France 1 103 493 4.11%

9 700 ALSTOM * 306 883 1.14%10 000 SAINT-GOBAIN 369 294 1.38%

7 700 SCHNEIDER ELECTRIC SA 427 316 1.59%


23 600 COASTAL ENERGY COMPANY 310 206 1.16%2 728 400 GCL-POLY ENERGY HOLDINGS LTD * 590 923 2.20%

Japan 652 920 2.43%

22 700 JGC CORP. 652 920 2.43%

Spain 628 800 2.34%

117 300 EDP RENOVAVEIS SA 402 070 1.50%126 800 GAMESA CORP. TECNOLOGICA SA * 226 730 0.84%

Germany 596 014 2.22%

36 155 CENTROTEC SUSTAINABLE AG * 596 014 2.22%

Belgium 496 550 1.85%

67 578 EXMAR SA 496 550 1.85%

Curaçao 460 861 1.72%

7 100 SCHLUMBERGER LTD 460 861 1.72%


171 466 PROSPECTOR OFFSHORE DRILLING S 331 714 1.24%

Brazil 294 720 1.10%

16 000 CEMIG / SADR 294 720 1.10%

Isle Of Man 187 106 0.70%

118 700 LAMPRELL PLC 187 106 0.70%


Equities 145 485 0.54%


4 500 ROWAN COMPANIES LTD 145 485 0.54%

Julius Baer Multistock - EURO LARGE CAP STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.63% for A-EUR shares, 1.62% for B-EUR shares, 0.12%** for C-EUR shares, 0.10%** for Ca-EUR shares and 1.79%** for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the indicated TER amount is not representative.


ELCSF - 1


Assets Investments at market value 115 901 216 (Cost: 118 715 101) Cash at banks 2 429 598 Receivable from brokers 2 186 627 Other receivables 31 200


Liabilities Bank overdraft 40 Payable to brokers 2 632 492 Management fees payable 105 341 "Taxe d'abonnement" payable 13 793 Other liabilities 30 725




Income Income from investments 3 453 118 Bank interest 6 631 Income from securities lending 302 849 Equalisation 126 707


Expenses Management fees 1 118 201 Custodian fees and charges 1 017 "Taxe d'abonnement" and other taxes 48 653 Bank interest 1 460 Other expenses* 343 282


Net profit/loss 2 376 692 Realised profit/loss on: - Securities -8 034 536 - Foreign currencies -113




30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 35 754 500 89 009 798 Total profit/loss 7 812 815 -15 629 117 Net subscriptions/redemptions 45 442 483 44 387 020 Dividend distributions - -1 451 Net assets at the end of the financial year 89 009 798 117 766 250


ELCSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 1.00 10.35 2 012.57Accumulation shares (Shares B-EUR) 357 541.00 771 314.46 1 242 210.35Accumulation shares (Shares C-EUR) 1.00 1.00 1.00Distribution shares (Shares Ca-EUR) 1.00 1.00 1.00Accumulation shares (Shares E-EUR) 1.00 1.00 6.38

Net Assets 35 754 500 89 009 798 117 766 250

NAV per share Distribution shares (Shares A-EUR) 100.00 115.56 93.92Accumulation shares (Shares B-EUR) 100.00 115.40 94.65Accumulation shares (Shares C-EUR) 100.00 116.93 97.32Distribution shares (Shares Ca-EUR) 100.00 116.93 96.21Accumulation shares (Shares E-EUR) 100.00 113.99 93.44

Dividend for the previous financial year (Shares A-EUR) - - 0.85Dividend for the previous financial year (Shares Ca-EUR) - - 1.00





ELCSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 115 901 216 98.42%


115 901 216 98.42%

Equities 115 901 216 98.42%

France 43 909 232 37.29%

34 320 AIR LIQUIDE 3 090 516 2.62%141 000 AXA 1 477 680 1.25%120 000 BNP PARIBAS 3 640 200 3.09%

80 000 CARREFOUR S.A. * 1 163 600 0.99%83 000 DANONE 4 068 245 3.45%82 000 FRANCE TELECOM SA 850 750 0.72%50 000 GDF SUEZ 937 750 0.80%25 000 ILIAD 2 856 250 2.43%

8 000 L OREAL 737 920 0.63%32 000 LVMH MOET HENNESSY EUR 0.3 3 835 200 3.26%39 000 SAINT-GOBAIN 1 134 900 0.96%

116 000 SANOFI 6 929 841 5.89%56 000 SCHNEIDER ELECTRIC SA * 2 448 880 2.08%80 000 STE GEN. PARIS -A- 1 472 800 1.25%16 000 TECHNIP 1 311 200 1.11%

126 900 TOTAL SA 4 504 950 3.83%50 000 VINCI 1 839 250 1.56%

110 000 VIVENDI 1 609 300 1.37%

Germany 36 544 699 31.03%

39 000 ALLIANZ SE / NAM. VINKULIERT 3 085 290 2.62%91 000 BASF NAMEN-AKT. 4 977 700 4.23%77 000 BAYER 4 372 060 3.71%45 700 BMW - BAYER. MOTORENWERKE 2 601 701 2.21%93 000 DEUTSCHE BANK AG / NAM. 2 650 500 2.25%

222 000 DEUTSCHE TELEKOM / NAM. 1 921 188 1.63%111 000 E.ON - NAMEN AKT. 1 887 000 1.60%

23 000 K+S AKTIENGESELLSCHAFT 828 000 0.70%19 000 MUENCHENER RUECKVERS / NAMENSAKT 2 111 850 1.79%78 000 RWE 2 509 650 2.13%88 000 SAP AG 4 095 960 3.48%50 000 SIEMENS AG / NAM. 3 307 000 2.81%

8 000 VOLKSWAGEN AG 950 800 0.81%10 000 VOLKSWAGEN AG / VORZUG. 1 246 000 1.06%

Spain 14 290 453 12.14%

880 199 BANCO SANTANDER REG. SHS 4 595 519 3.90%200 000 BCO BILBAO VIZ. ARGENTARIA / NAM. 1 125 800 0.96%107 050 GAS NATURAL SDG / SPLIT ISSUE 1 081 740 0.92%303 797 IBERDROLA SA 1 129 821 0.96%

35 000 INDITEX / REG. 2 853 550 2.42%337 900 TELEFONICA SA 3 504 023 2.98%

Italy 8 453 649 7.17%

128 300 ASSICURAZIONI GENERALI SPA 1 367 678 1.16%733 700 ENEL 1 865 065 1.58%146 600 ENI SPA ROMA 2 459 948 2.09%721 000 INTESA SANPAOLO SPA 806 078 0.68%656 000 UNICREDIT AZ 1 954 880 1.66%


487 000 ING GROEP NV / CERT. OF SHS 2 564 542 2.18%119 683 UNILEVER CERT. OF SHS 3 157 836 2.68%

Belgium 4 720 100 4.01%

77 000 ANHEUSER-BUSH INBEV SA 4 720 100 4.01%

Luxembourg 1 223 110 1.04%

101 000 ARCELORMITTAL SA REG SHS 1 223 110 1.04%



Securities

Market

valueEUR

% ofnet

assets


39 000 ROYAL DUTCH SHELL PLC -A- 1 037 595 0.88%

Julius Baer Multistock - EUROLAND VALUE STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.95% for A-EUR shares, 1.95% for B-EUR shares, 1.25% for C-EUR shares, 1.25% for Ca-EUR shares and 2.71% for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


EUSF - 1


Assets Investments at market value 35 610 346 (Cost: 35 727 974) Cash at banks 151 376 Subscriptions receivable 3 036 Dividends and interest 101 Other receivables 21 602






Income Income from investments 1 460 203 Bank interest 3 639 Income from securities lending 94 316




Net profit/loss 835 655 Realised profit/loss on: - Securities -3 833 212 - Foreign currencies 29 312




30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 57 344 571 48 072 521 Foreign exchange difference – sub-fund -5 141 - Total profit/loss 8 338 202 -5 763 877 Net subscriptions/redemptions -17 557 508 -6 594 321 Dividend distributions -47 603 -38 848 Net assets at the end of the financial year 48 072 521 35 675 475


EUSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 27 696.39 24 652.81 15 861.16Distribution shares (Shares A-USD) 10.00 - -Accumulation shares (Shares B-EUR) 406 097.78 286 338.94 234 284.74Accumulation shares (Shares B-USD) 635.00 - -Accumulation shares (Shares C-EUR) 45 409.02 38 094.65 41 413.70Accumulation shares (Shares C-USD) 10.00 - -Distribution shares (Shares Ca-EUR) 160.00 160.00 160.00Accumulation shares (Shares E-EUR) 9 060.37 5 633.66 4 151.63Accumulation shares (Shares E-USD) 10.00 - -

Net Assets 57 344 571 48 072 521 35 675 475

NAV per share Distribution shares (Shares A-EUR) 98.08 111.54 96.95Distribution shares (Shares A-USD) 56.33 - -Accumulation shares (Shares B-EUR) 118.32 136.66 120.87Accumulation shares (Shares B-USD) 61.10 - -Accumulation shares (Shares C-EUR) 127.14 147.95 131.77Accumulation shares (Shares C-USD) 62.38 - -Distribution shares (Shares Ca-EUR) 80.45 92.08 80.62Accumulation shares (Shares E-EUR) 83.74 96.00 84.27Accumulation shares (Shares E-USD) 59.85 - -

Dividend for the previous financial year (Shares A-EUR) 2.40 1.70 1.60Dividend for the previous financial year (Shares A-USD) 1.50 1.05 -Dividend for the previous financial year (Shares Ca-EUR) 1.35 1.50 1.30






EUSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 35 610 346 99.82%


35 610 346 99.82%

Equities 35 610 346 99.82%

France 15 719 994 44.08%

131 253 AXA 1 375 531 3.86%51 144 BNP PARIBAS * 1 551 453 4.35%86 539 CARREFOUR S.A. * 1 258 710 3.53%70 451 EDF 1 236 415 3.47%

128 142 FRANCE TELECOM SA 1 329 473 3.73%43 381 LAFARGE SA * 1 525 059 4.27%54 158 SAINT-GOBAIN 1 575 998 4.42%29 691 SCHNEIDER ELECTRIC SA 1 298 387 3.64%86 939 STE GEN. PARIS -A- 1 600 547 4.49%

138 854 VEOLIA ENVIRONNEMENT 1 386 318 3.89%108 141 VIVENDI 1 582 103 4.43%

Netherlands 8 396 692 23.52%

461 098 AEGON NV 1 680 241 4.71%338 734 ING GROEP NV / CERT. OF SHS 1 783 774 5.00%118 432 KONINKLIJKE AHOLD NV OPR 1 157 554 3.24%144 677 KONINKLIJKE KPN / EUR 0.24 1 093 179 3.06%

60 105 RANDSTAD HOLDING (EUR 0.1) 1 392 933 3.90%82 317 ROY. PHILIPS ELECTR. / ,EUR 0.2 1 281 676 3.59%

278 UNILEVER CERT. OF SHS 7 335 0.02%

Germany 3 646 264 10.22%

137 921 DEUTSCHE LUFTHANSA / NAM. 1 256 874 3.52%20 890 LANXESS AG 1 038 651 2.91%58 715 METRO AG 1 350 739 3.79%

Italy 3 304 979 9.26%

601 997 ENEL 1 530 276 4.29%2 273 801 TELECOM ITALIA SPA 1 774 703 4.97%

Luxembourg 2 771 677 7.77%

144 766 APERAM SA 1 499 776 4.20%105 029 ARCELORMITTAL SA REG SHS 1 271 901 3.57%

Spain 1 757 624 4.93%

336 645 BANCO SANTANDER REG. SHS 1 757 624 4.93%


493 ROYAL DUTCH SHELL PLC -A- * 13 116 0.04%

Julius Baer Multistock - EUROPE SELECTION FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.96% for A-EUR shares, 1.96% for B-EUR shares, 1.21% for C-EUR shares, 1.21% for Ca-EUR shares and 2.71% for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


EGSF - 1


Assets Investments at market value 63 030 298 (Cost: 64 134 439) Cash at banks 2 104 869 Receivable from brokers 682 505 Subscriptions receivable 2 314 Dividends and interest 83 246 Other receivables 7 531








Expenses Management fees 883 535 "Taxe d'abonnement" and other taxes 34 202 Bank interest 4 974 Other expenses* 563 834 Equalisation 193 487


Net profit/loss 1 021 103 Realised profit/loss on: - Securities -6 903 839 - Forward foreign exchange contracts 188 883 - Futures -844 654 - Foreign currencies -86 649

Net realised profit/loss -6 625 156 Net change in unrealised appreciation/ depreciation on: - Securities -2 488 085 - Forward foreign exchange contracts -112 - Futures -19 800



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 60 353 527 92 960 016 Foreign exchange difference – sub-fund -190 - Total profit/loss 4 668 177 -9 133 153 Net subscriptions/redemptions 27 957 072 -19 212 702 Dividend distributions -18 570 -30 661 Net assets at the end of the financial year 92 960 016 64 583 500


EGSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 47 556.68 113 109.93 94 061.81Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares Ca-EUR) 10.00 18.81 18.81Accumulation shares (Shares B-EUR) 573 811.26 993 029.47 846 013.41Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares C-EUR) 221 318.13 146 090.59 35 975.54Accumulation shares (Shares E-EUR) 8 185.57 3 673.88 3 361.88

Net Assets 60 353 527 92 960 016 64 583 500

NAV per share Distribution shares (Shares A-EUR) 55.55 58.64 52.44Distribution shares (Shares A-GBP) 83.06 - -Distribution shares (Shares Ca-EUR) 97.27 103.36 93.10Accumulation shares (Shares B-EUR) 70.24 74.66 67.13Accumulation shares (Shares B-GBP) 83.06 - -Accumulation shares (Shares C-EUR) 76.44 81.86 74.16Accumulation shares (Shares E-EUR) 59.15 62.40 55.69

Dividend for the previous financial year (Shares A-EUR) 0.55 0.40 0.30Dividend for the previous financial year (Shares A-GBP) - 0.40 -Dividend for the previous financial year (Shares Ca-EUR) 0.50 0.70 0.50






EGSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 63 030 298 97.60%


63 030 298 97.60%

Equities 63 030 298 97.60%


300 000 BARCLAYS PLC 603 811 0.93%241 848 BETEX GROUP PLC 0 0.00%120 000 BHP BILLITON PLC 2 678 497 4.15%280 000 DRAX GROUP PLC 1 939 661 3.00%100 000 GLAXOSMITHKLINE PLC 1 788 383 2.77%

80 000 IMP TOBACCO 2 427 357 3.76%80 000 NEXT PLC 3 162 979 4.90%75 000 RECKITT BENCKISER GROUP PLC 3 119 166 4.83%90 000 RIO TINTO PLC / REG. 3 358 132 5.20%90 000 ROYAL DUTCH SHELL PLC -A- 2 394 450 3.71%

332 491 SERCO GROUP PLC 2 202 606 3.41%

Switzerland 10 333 379 15.99%

80 000 CIE FINANCIERE RICHEMONT SA 3 453 339 5.34%70 000 NESTLE / ACT NOM 3 295 576 5.10%35 000 NOVARTIS AG BASEL / NAM. 1 541 432 2.39%15 000 ROCHE HOLDING AG / GENUSSSCHEIN 2 043 032 3.16%

France 9 051 100 14.02%

100 000 BNP PARIBAS 3 033 500 4.70%55 000 SANOFI 3 285 700 5.09%30 000 SCHNEIDER ELECTRIC SA * 1 311 900 2.03%40 000 TOTAL SA 1 420 000 2.20%

Germany 7 328 985 11.35%

274 713 FREENET AG NAMENS-AKTIEN 3 149 585 4.88%40 000 MTU AERO ENGINES HLDS / NAMEN. 2 317 600 3.59%40 000 SAP AG 1 861 800 2.88%

Spain 2 714 920 4.20%

520 000 BANCO SANTANDER REG. SHS 2 714 920 4.20%


500 000 ING GROEP NV / CERT. OF SHS 2 633 000 4.08%

Sweden 2 308 694 3.57%

105 000 ASSA ABLOY AB /-B- 2 308 694 3.57%

Jersey 2 037 793 3.16%

90 000 SHIRE PLC 2 037 793 3.16%

Italy 1 678 000 2.60%

100 000 ENI SPA ROMA 1 678 000 2.60%

Norway 1 269 385 1.97%

60 000 TGS NOPEC GEOPHYSICAL CO 1 269 385 1.97%


Equities 0 0.00%

Germany 0 0.00%

200 000 WIMAN HOLDING INC 0 0.00%

Julius Baer Multistock - EUROPE SMALL & MID CAP STOCK FUND

* See Page 14



ESSF - 1




Liabilities Bank overdraft 8 004 Payable to brokers 771 641 Payables for redemptions 226 585 Management fees payable 73 046 "Taxe d'abonnement" payable 6 880 Other liabilities 27 800








Net profit/loss 205 621 Realised profit/loss on: - Securities 318 787 - Foreign currencies -97 110

Net realised profit/loss 427 298 Net change in unrealised appreciation/ depreciation on: - Securities -9 565 196



30 June 2011 EUR

30 June 2012EUR



ESSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 14 108.99 11 155.01 8 785.80Accumulation shares (Shares B-EUR) 619 981.11 530 879.20 459 716.46Accumulation shares (Shares C-EUR) 19 729.10 14 648.07 13 068.61Accumulation shares (Shares E-EUR) 5 957.45 5 216.84 5 010.55

Net Assets 72 036 222 77 345 180 59 113 391

NAV per share Distribution shares (Shares A-EUR) 91.97 115.59 101.68Accumulation shares (Shares B-EUR) 109.71 138.32 122.07Accumulation shares (Shares C-EUR) 120.35 153.26 136.60Accumulation shares (Shares E-EUR) 58.06 72.65 63.63

Dividend for the previous financial year (Shares A-EUR) 0.50 0.35 0.30






ESSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 58 309 839 98.64%


58 309 839 98.64%

Equities 58 309 839 98.64%


200 000 ASHTEAD GROUP PLC 642 434 1.09%650 000 BARRATT DEVEL. PLC 1 117 462 1.89%150 000 BOVIS HOMES GROUP PLC 872 996 1.48%

60 000 CRODA INTL PLC 1 678 139 2.84%185 000 DOMINO S PIZZA GROUP PLC 1 176 384 1.99%175 000 FENNER 781 444 1.32%110 000 GREENE KING PLC 748 414 1.27%120 000 HUNTING PLC 1 070 064 1.81%325 000 INCHCAPE 1 327 940 2.25%900 000 ITV PLC 852 047 1.44%

1 240 000 MONEYSUPERMARKET. COM 1 918 749 3.24%300 000 NATIONAL EXPRESS GROUP PLC 794 205 1.34%325 000 RESTAURANT GROUP PLC 1 188 960 2.01%

85 000 SCHRODERS PLC 1 403 516 2.37%100 000 SPECTRIS PLC 1 893 437 3.20%

45 000 WEIR GROUP PLC 850 934 1.44%450 000 WILLIAM HILL PLC 1 572 838 2.66%

Germany 6 443 505 10.90%

16 500 DRAEGERWERK AG & CO. KGAA/VZ.A * 1 283 700 2.17%20 000 GERRESHEIMER AG 741 800 1.25%25 000 LEONI AG / NAMEN-AKT. 750 625 1.27%35 000 LOTTO24 AG 87 500 0.15%35 000 MORPHOSYS 616 175 1.04%

165 000 SUESS MICROTEC AG 1 494 405 2.53%20 000 TIPP24 791 800 1.34%50 000 UNITED INTERN. & CO / NAMENSAKT 677 500 1.15%

Sweden 6 099 407 10.31%

100 000 AF AB B 1 526 914 2.58%25 000 ELEKTA AB 899 595 1.52%

225 000 HUSQVARNA AB -B- * 836 092 1.41%150 000 INTRUM JUSTITIA AB 1 720 989 2.91%

90 000 SWEDBANK AB -A- 1 115 817 1.89%

Switzerland 6 066 406 10.27%

30 000 ARYZTA AG/NAM. 1 176 367 1.99%9 000 BUCHER INDUSTRIES AG / NAM OPR 1 134 407 1.92%

13 000 DUFRY AG BASEL 1 239 223 2.10%12 000 SULZER AG/ NAMENSAKTIEN 1 118 922 1.89%35 000 SWISSQUOTE GROUP HLD / NOM. 783 828 1.33%90 000 TORNOS HLDG 613 659 1.04%

France 4 905 950 8.31%

55 000 ALTEN 1 203 125 2.04%17 500 ARKEMA 902 125 1.53%25 000 ID LOGISTICS GROUP 496 750 0.84%65 000 TELEPERFORMANCE 1 130 350 1.91%

9 000 VIRBAC * 1 173 600 1.99%


15 000 FUGRO NV 715 950 1.21%50 000 ROYAL IMTECH SHS 938 750 1.59%95 000 UNIT4 N.V. 1 909 025 3.23%

154 615 USG PEOPLE NV 873 575 1.48%


Securities

Market

valueEUR

% ofnet

assets

Italy 3 299 051 5.57%

550 000 AMPLIFON SPA / AFTER SPLIT 2 027 301 3.42%250 000 MEDIOLANUM SPA * 693 500 1.17%225 000 UNIONE DI BANCHE ITALIANE SCPA 578 250 0.98%

Austria 2 550 875 4.32%

30 000 ANDRITZ AG GRAZ 1 215 600 2.06%80 000 CONWERT IMMOBILIEN INV.SE 693 200 1.17%35 000 RHI AG 642 075 1.09%

307 800 YLINE INTERNET BUS. SV. 0 0.00%

Finland 1 678 600 2.84%

55 000 CRAMO PLC 541 200 0.92%55 000 KONECRANES PLC * 1 137 400 1.92%

Norway 1 445 158 2.44%

50 000 DET NORSKE OLJE 522 945 0.88%300 000 STOREBRAND AS / BUNDNA 922 213 1.56%

Ireland 885 500 1.50%

110 000 FBD HOLDINGS PLC 885 500 1.50%

Denmark 608 124 1.03%

30 000 CHRISTIAN HANSEN HOLDING A/S 608 124 1.03%


* See Page 14



ESF - 1


Assets Investments at market value 79 216 996 (Cost: 74 445 589) Cash at banks 1 685 098 Receivable from brokers 2 344 006 Subscriptions receivable 4 318 Dividends and interest 170 687 Other receivables 12 003


Liabilities Payable to brokers 718 580 Payables for redemptions 406 741 Payables for swaps 61 490 Management fees payable 75 578 "Taxe d'abonnement" payable 9 556 Other liabilities 44 929




Income Income from investments 2 811 648 Bank interest 7 584 Income from securities lending 174 853 Interest income on swaps 1 358 Other income 418


Expenses Management fees 1 016 915 "Taxe d'abonnement" and other taxes 40 217 Bank interest 2 051 Interest expense on swaps 38 347 Other expenses* 638 309 Equalisation 56 276


Net profit/loss 1 203 746 Realised profit/loss on: - Securities -13 177 654 - Swaps -753 991 - Foreign currencies 36 136

Net realised profit/loss -12 691 763 Net change in unrealised appreciation/ depreciation on: - Securities 284 883



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 120 083 362 106 252 457 Foreign exchange difference – sub-fund -189 - Total profit/loss 16 420 466 -12 406 880 Net subscriptions/redemptions -29 999 995 -11 512 877 Dividend distributions -251 187 -216 466 Net assets at the end of the financial year 106 252 457 82 116 234


ESF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 112 577.23 111 068.46 108 715.85Distribution shares (Shares A-GBP) 10.00 - -Accumulation shares (Shares B-EUR) 361 651.59 281 240.27 239 092.25Accumulation shares (Shares B-GBP) Accumulation shares (Shares C-EUR) 37 954.52 14 479.94 12 418.20Accumulation shares (Shares E-EUR) 2 348.56 627.76 682.54

Net Assets 120 083 362 106 252 457 82 116 234

NAV per share Distribution shares (Shares A-EUR) 161.14 182.22 159.25Distribution shares (Shares A-GBP) 82.57 - -Accumulation shares (Shares B-EUR) 253.02 289.58 256.38Accumulation shares (Shares B-GBP) 82.57 - -Accumulation shares (Shares C-EUR) 271.24 312.77 278.99Accumulation shares (Shares E-EUR) 59.75 67.87 59.64

Dividend for the previous financial year (Shares A-EUR) 3.10 2.20 1.95Dividend for the previous financial year (Shares A-GBP) - 1.00 -






ESF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 79 216 996 96.47%


77 765 789 94.70%

Equities 77 765 789 94.70%


80 000 AMEC PLC 990 717 1.21%250 000 BABCOCK INTERNATIONAL GROUP 2 637 155 3.21%300 000 BARCLAYS PLC 603 811 0.74%408 152 BETEX GROUP PLC 0 0.00%

25 000 BHP BILLITON PLC 558 020 0.68%200 000 BP PLC 1 042 997 1.27%

30 000 BRITISH AMERICAN TOBACCO (25P) 1 201 875 1.46%70 000 BURBERRY GROUP PLC 1 146 320 1.40%40 000 DIAGEO PLC 811 756 0.99%35 000 DIALOG SEMICONDUCTOR 499 275 0.61%

730 835 FERREXPO PLC 1 943 810 2.37%90 000 GLAXOSMITHKLINE PLC 1 609 545 1.96%

300 000 HSBC HOLDINGS PLC 2 080 433 2.53%100 000 IMP TOBACCO 3 034 196 3.69%

1 438 INCHCAPE 5 876 0.01%200 000 INTERNATIONAL POWER PLC 1 032 245 1.26%

20 000 INTERTEK GROUP PLC 660 478 0.80%150 000 KINGFISHER PLC 532 807 0.65%200 000 LAND SEC GROUP PLC REIT / CAP 1 825 461 2.22%200 000 PRUDENTIAL PLC 1 824 225 2.22%

37 REED ELSEVIER PLC 234 0.00%20 000 RIO TINTO PLC / REG. 746 252 0.91%

100 000 ROLLS ROYCE HLD 1 060 424 1.29%100 000 ROYAL DUTCH SHELL PLC -A- 2 660 500 3.23%

16 UNILEVER PLC 424 0.00%1 200 000 VODAFONE GROUP PLC 2 658 475 3.24%

730 000 WILLIAM HILL PLC 2 551 493 3.11%40 000 XSTRATA PLC 394 804 0.48%

Switzerland 11 658 020 14.19%

50 000 NESTLE / ACT NOM 2 353 983 2.87%70 000 NOVARTIS AG BASEL / NAM. 3 082 863 3.74%13 000 ROCHE HOLDING AG / GENUSSSCHEIN 1 770 628 2.16%10 000 SCHINDLER HOLDING / PARTIC. OPR 880 818 1.07%

6 000 SYNGENTA AG / NAM. 1 614 944 1.97%4 000 THE SWATCH GROUP AG 1 243 802 1.51%4 000 ZURICH INSURANCE GROUP / NAM 710 982 0.87%

Germany 9 900 167 12.06%

100 000 AIXTRON / NAMEN AKT. * 1 126 000 1.37%8 000 ALLIANZ SE / NAM. VINKULIERT 632 880 0.77%

12 000 BASF NAMEN-AKT. 656 400 0.80%13 000 BMW - BAYER. MOTORENWERKE 740 090 0.90%

151 976 FREENET AG NAMENS-AKTIEN 1 742 405 2.12%36 693 MTU AERO ENGINES HLDS / NAMEN. 2 125 992 2.59%10 000 PORSCHE A HLDG / PREF * 391 450 0.48%30 000 RWE 965 250 1.18%20 000 SALZGITTER AG 647 500 0.79%

7 000 VOLKSWAGEN AG / VORZUG. 872 200 1.06%

France 9 623 225 11.72%

70 000 BNP PARIBAS 2 123 450 2.59%11 432 ILIAD 1 306 106 1.59%25 319 IPSOS SA PARIS * 587 654 0.72%10 000 LVMH MOET HENNESSY EUR 0.3 1 198 500 1.46%50 000 SANOFI 2 987 000 3.63%40 000 TOTAL SA 1 420 000 1.73%

14 VINCI 515 0.00%


Securities

Market

valueEUR

% ofnet

assets

Spain 3 345 620 4.08%

100 000 BANCO SANTANDER REG. SHS 522 100 0.64%130 000 BCO BILBAO VIZ. ARGENTARIA / NAM. 731 770 0.89%

25 000 RED ELE CORP SHS 860 250 1.05%40 000 REPSOL SA 505 600 0.62%70 000 TELEFONICA SA 725 900 0.88%

Italy 2 128 600 2.59%

1 200 000 TELECOM ITALIA SPA 936 600 1.14%400 000 UNICREDIT AZ 1 192 000 1.45%

Belgium 1 756 400 2.14%

14 000 ANHEUSER-BUSH INBEV SA 858 200 1.05%40 000 BELGACOM SA 898 200 1.09%

Jersey 1 698 161 2.07%

75 000 SHIRE PLC 1 698 161 2.07%

Luxembourg 1 279 158 1.55%

100 000 ARCELORMITTAL SA REG SHS 1 211 000 1.47%4 725 REINET INVESTMENTS SCA 68 158 0.08%


200 000 ING GROEP NV / CERT. OF SHS 1 053 200 1.28%

Sweden 678 121 0.83%

100 000 NORDEA BANK AB 678 121 0.83%

Finland 449 100 0.55%

30 000 FORTUM CORPORATION 449 100 0.55%


132 000 EASTPHARMA / SGDR REG-S. 62 409 0.08%

Greece 20 000 0.02%

10 000 HELLENIC TELECOM 20 000 0.02%

UNLISTED SECURITIES 1 421 320 1.73%

Equities 1 399 160 1.70%


50 000 SEADRILL LTD 1 399 160 1.70%


EUR 22 160 0.03%

40 000 RIGHTS REPSOL YPF 5.7.12 22 160 0.03%

INVESTMENT FUNDS 29 887 0.04%

France 29 887 0.04%

319 SPDR MSCI EU SM CAP / CAP / DIS 29 887 0.04%


* See Page 14



GVSF - 1


Assets Investments at market value 102 388 563 (Cost: 100 969 657) Derivative instruments at market value: - Futures -45 907 Cash at banks 2 257 655 Receivable from brokers 2 170 565 Subscriptions receivable 41 950 Dividends and interest 168 Other receivables 8 955


Liabilities Bank overdraft 159 949 Payable to brokers 1 072 391 Payables for redemptions 405 594 Management fees payable 98 690 "Taxe d'abonnement" payable 11 647 Other liabilities 52 973






Expenses Management fees 1 415 161 Custodian fees and charges 247 "Taxe d'abonnement" and other taxes 51 001 Bank interest 901 Other expenses* 774 071 Equalisation 15 855


Net profit/loss 2 326 621 Realised profit/loss on: - Securities -3 425 257 - Futures 1 306 775 - Foreign currencies 634

Net realised profit/loss 208 773 Net change in unrealised appreciation/ depreciation on: - Securities -19 294 197 - Futures -45 907



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 122 167 312 144 267 960 Foreign exchange difference – sub-fund -12 177 - Total profit/loss 30 767 487 -19 131 331 Net subscriptions/redemptions -8 588 112 -20 023 796 Dividend distributions -66 550 -92 128 Net assets at the end of the financial year 144 267 960 105 020 705


GVSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 36 604.33 38 544.26 30 466.76Distribution shares (Shares Ah-GBP) 10.00 - -Distribution shares (Shares A-USD) 25.00 - -Accumulation shares (Shares B-EUR) 547 156.31 453 992.25 407 013.58Accumulation shares (Shares Bh-GBP) 10.00 - -Accumulation shares (Shares B-USD) 1 146.30 - -Accumulation shares (Shares C-EUR) 52 188.25 45 180.42 36 107.84Accumulation shares (Shares C-USD) 10.00 - -Accumulation shares (Shares E-EUR) 43 655.81 135 957.70 71 701.57Accumulation shares (Shares E-USD) 10.00 - -

Net Assets 122 167 312 144 267 960 105 020 705

NAV per share Distribution shares (Shares A-EUR) 136.83 172.17 147.21Distribution shares (Shares Ah-GBP) 88.16 - -Distribution shares (Shares A-USD) 74.06 - -Accumulation shares (Shares B-EUR) 186.23 236.73 206.22Accumulation shares (Shares Bh-GBP) 88.16 - -Accumulation shares (Shares B-USD) 79.48 - -Accumulation shares (Shares C-EUR) 200.42 256.81 225.50Accumulation shares (Shares C-USD) 81.24 - -Accumulation shares (Shares E-EUR) 108.16 136.47 117.99Accumulation shares (Shares E-USD) 77.42 - -

Dividend for the previous financial year (Shares A-EUR) 2.15 1.60 2.55Dividend for the previous financial year (Shares AH-GBP) - 1.90 -Dividend for the previous financial year (Shares A-USD) 1.40 1.00 -






GVSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 102 388 563 97.49%


102 388 563 97.49%

Equities 102 388 563 97.49%

Germany 101 270 963 96.43%

64 924 ALLIANZ SE / NAM. VINKULIERT 5 136 138 4.89%16 000 ANALYTIK JENA AG. JENA 174 400 0.17%82 000 AXEL SPRINGER AG / NAM.VINK 2 777 750 2.64%

182 000 BASF NAMEN-AKT. 9 955 399 9.47%99 732 BAYER 5 662 783 5.39%

800 000 COMMERZBANK AG 1 068 800 1.02%124 475 DAIMLER AG / NAMEN-AKT. 4 399 569 4.19%260 500 DEUTSCHE BANK AG / NAM. 7 424 250 7.06%

65 924 DEUTSCHE BOERSE AG / NAM. 2 803 748 2.67%440 519 DEUTSCHE POST AG. BONN 6 140 835 5.85%533 631 DEUTSCHE TELEKOM / NAM. 4 618 043 4.40%133 000 DRILLISCH AG 1 003 485 0.96%305 232 E.ON - NAMEN AKT. 5 188 944 4.94%367 017 FREENET AG NAMENS-AKTIEN * 4 207 850 4.01%

25 700 FRESENIUS MEDICAL CARE AG 1 434 831 1.37%10 000 FRESENIUS SE & CO KGAA 817 800 0.78%31 600 HENKEL / VORZUG 1 654 892 1.58%24 100 HENKEL AG & CO. KGAA 1 055 098 1.00%

348 400 INFINEON TECHNOLOGIES / NAM. 1 857 669 1.77%30 500 K+S AKTIENGESELLSCHAFT 1 098 000 1.05%29 762 KUKA AKTIENGESELLSCHAFT 527 829 0.50%20 981 LINDE AG 2 573 320 2.45%

290 000 M.A.X. AUTOMATION AG * 1 136 800 1.08%30 000 METRO AG 690 150 0.66%40 000 MORPHOSYS 704 200 0.67%32 000 MTU AERO ENGINES HLDS / NAMEN. 1 854 080 1.77%26 000 SALZGITTER AG 841 750 0.80%

101 800 SAP AG 4 738 281 4.51%25 000 SCHULER AG 510 000 0.49%73 500 SIEMENS AG / NAM. 4 861 290 4.63%93 903 SIXT / VORZ. - O. STIMMR. / EM97 1 117 446 1.06%

100 000 SUESS MICROTEC AG * 905 700 0.86%478 086 TUI AG 2 253 219 2.15%170 000 UNITED INTERN. & CO / NAMENSAKT 2 303 500 2.19%

4 257 VOLKSWAGEN AG 505 944 0.48%58 324 VOLKSWAGEN AG / VORZUG. 7 267 170 6.92%


40 000 EADS. EUR. AERONAUT. DEFENCE + SP. 1 117 600 1.06%

Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.42% for A-EUR shares, 2.42% for B-EUR shares, 1.58% for C-EUR shares, 3.17% for E-EUR shares, 2.42% for A-USD shares, 2.42% for B-USD shares, 1.58% for C-USD shares and 3.16% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


GESF - 1


Assets Investments at market value 53 388 587 (Cost: 54 556 877) Cash at banks 1 027 276 Receivable from brokers 1 195 286 Subscriptions receivable 18 337 Dividends and interest 432 087


Liabilities Bank overdraft 9 497 Payable to brokers 1 726 045 Payables for redemptions 51 234 Management fees payable 59 279 "Taxe d'abonnement" payable 4 907 Capital gains tax on realised gains/losses on securities 4 445 Capital gains tax on unrealised gains/losses on securities 28 177 Other liabilities 31 312








Net profit/loss 386 738 Realised profit/loss on: - Securities -3 428 621 - Forward foreign exchange contracts 7 632 - Foreign currencies -215 335 Capital gains tax on realised gains/losses on securities -14 912

Net realised profit/loss -3 264 498 Net change in unrealised appreciation/ depreciation on: - Securities -2 954 694 Capital gains tax on unrealised gains/losses on securities -19 866



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 71 105 639 69 469 243 Foreign exchange difference – sub-fund -502 730 505 776 Total profit/loss 4 493 361 -6 239 058 Net subscriptions/redemptions -5 607 136 -9 578 715 Dividend distributions -19 891 -10 569 Net assets at the end of the financial year 69 469 243 54 146 677


GESF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 37 520.00 26 429.66 24 669.92Distribution shares (Shares A-USD) 1 712.25 130.00 385.00Accumulation shares (Shares B-EUR) 550 394.96 487 644.20 417 036.41Accumulation shares (Shares B-USD) 39 142.49 24 589.49 15 337.70Accumulation shares (Shares C-EUR) 248 303.40 241 322.86 202 665.73Accumulation shares (Shares C-USD) 10.00 10.00 10.00Accumulation shares (Shares E-EUR) 1 383.33 8 639.36 8 326.46Accumulation shares (Shares E-USD) 4 411.23 22 863.81 16 233.70

Net Assets 71 105 639 69 469 243 54 146 677

NAV per share Distribution shares (Shares A-EUR) 73.09 76.63 70.13Distribution shares (Shares A-USD) 86.31 106.33 84.47Accumulation shares (Shares B-EUR) 79.45 83.81 77.15Accumulation shares (Shares B-USD) 87.92 109.75 88.30Accumulation shares (Shares C-EUR) 85.50 90.96 84.44Accumulation shares (Shares C-USD) 90.25 113.54 92.12Accumulation shares (Shares E-EUR) 118.84 124.42 113.68Accumulation shares (Shares E-USD) 85.90 106.43 84.99

Dividend for the previous financial year (Shares A-EUR) 0.60 0.50 0.40Dividend for the previous financial year (Shares A-USD) 0.70 1.45 1.15





GESF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 53 388 587 98.60%


52 671 039 97.28%

Equities 52 671 039 97.28%


15 633 BS FINL SHS 136 041 0.25%2 266 CJ CORPORATION 124 550 0.23%

13 120 DGB FINANCIAL GROUP 125 003 0.23%11 340 DONGKUK STEEL MILL CO LTD 119 355 0.22%

1 400 DOOSAN CORPORATION 124 719 0.23%3 477 GS HOLDINGS CORP 124 378 0.23%

36 762 HANA FINANCIAL GROUP INC 915 468 1.69%8 650 HANWHA CHEMICAL CORP 125 555 0.23%

859 HONAM PETROCHEMICAL CO 139 753 0.26%3 127 HYOSUNG CORPORATION 117 666 0.22%5 960 HYUNDAI FIRE & MARINE INS CO 121 359 0.22%3 535 HYUNDAI MOTOR / PFD ISSUED 99 181 168 0.33%5 670 HYUNDAI MOTOR CO LTD 906 863 1.67%

14 890 INDUSTRIAL BANK OF KOREA 130 599 0.24%24 190 KB FINANCIAL GROUP INC 614 042 1.13%

643 KCC CORP 122 968 0.23%15 600 KOREA ELECTRIC POWER CORP. 275 263 0.51%22 500 KOREA EXCHANGE BANK 126 147 0.23%

4 190 KOREA GAS CORP 116 736 0.22%2 390 KOREA ZINC CO LTD 632 986 1.17%

12 700 KT CORPORATION / SADR 131 899 0.24%1 737 KUMHO PETRO SHS 143 389 0.26%2 139 LG CHEM LTD / PFD SHS / I01 129 929 0.24%6 136 LG CORP 232 158 0.43%

33 270 LG UPLUS CORP 126 794 0.23%679 LOTTE SHOPPING LTD 145 500 0.27%

2 345 LS CORP 138 248 0.26%3 400 NHN CORPORATION 584 729 1.08%6 104 POSCO 1 526 351 2.82%2 860 SAMSUNG ELECTRONICS CO LTD 2 362 895 4.37%

24 800 SAMSUNG HEAVY INDUSTRIES 636 350 1.18%23 150 SHINHAN FINANCIAL GROUP 632 233 1.17%

1 682 SK HOLDINGS CO LTD 153 312 0.28%4 274 SK INNOVATION CO LTD 405 741 0.75%

12 600 SK TELECOM / SPONS. ADR (1/9 ACT) 120 137 0.22%22 978 WOORI FINANCE HOLDINGS CO LTD 196 796 0.36%

1 675 YUHAN CORP 153 827 0.28%

Brazil 7 881 188 14.56%

34 000 AMBEV CIA DE BEDIDAS / PREF. 1 026 035 1.89%104 020 BANCO DO BRASIL SA 793 090 1.46%116 000 BRASKEM SA -A-/ PREF. 605 923 1.12%

46 750 CIA ENERGET. MIN. GERAIS / PRIV. 684 958 1.27%20 400 ELETROB. EL. BRASIL / PREF. B 155 458 0.29%94 000 GERDAU / PREF. 649 538 1.20%

215 000 JBS AS 506 127 0.93%197 000 KLABIN RIOCELL SA / PREF. 699 860 1.29%

19 800 METALURGICA GERDAU / PREF. 171 138 0.32%70 300 PDG REALTY SA 96 331 0.18%37 600 PETROLEO BRASILEIRO /SADR 556 126 1.03%44 400 ROSSI RESIDENCIAL ON 85 454 0.16%86 000 SANTANDER BR / UNITS (55 ,SH + 50 PFD) 517 038 0.95%48 000 SUZANO PAPEL E CELULOSE -A- / PFD 74 394 0.14%

144 920 TIM PARTICIPACOES SA 631 388 1.17%41 100 VALE -A- / PREF 628 330 1.16%

Russia 5 887 431 10.87%

9 411 AFK SISTEMA / SGDR 138 342 0.26%137 500 GAZPR SPONS. ADR REPR 2 SHS 1 009 789 1.86%

49 910 JSC SURGUTNEFTEGAZ / SADR 325 248 0.60%


Securities

Market

valueEUR

% ofnet

assets

37 860 LUKOIL / SADR REP.1 SHS. 1 637 849 3.03%22 500 MECHEL OJSC / ADR 114 357 0.21%46 252 MMC NORILSK NICKEL / SADR 602 091 1.11%10 000 OAO TATNEFT / SGDR REP.6 REG.S 264 371 0.49%

219 700 ROSNEFT OIL CO OJSC / SGDR 1 083 741 2.00%13 000 SBERBANK OF RUSSIA OJSC / SADR 110 839 0.20%65 000 SEVERSTL CHERPVT MET / SGDR 600 804 1.11%

China 4 682 055 8.66%

2 541 000 BANK OF CHINA LTD -H- 758 904 1.40%1 929 000 CHINA CITIC BK -H- 774 041 1.43%

769 000 CHINA COMMUNICATIONS CONSTR-H- 528 871 0.98%167 000 CHINA MINSHENG BK -H- 116 549 0.22%216 000 CHINA NATL BLDING MATERIAL -H- 181 904 0.34%832 000 CHINA PETROLEUM & CHEM CORP H 581 496 1.07%485 000 CHINA RAILWAY GROUP LTD -H- 158 647 0.29%356 000 CHINA SOUTHERN AIRLINES H 122 960 0.23%492 000 DATANG INT. POWER GENERATION -H- 152 940 0.28%299 000 JIANGXI COPPER CO LTD H 514 540 0.95%770 000 METALLURGICAL CORP OF CHINA -H- 129 065 0.24%513 000 PETROCHINA CO LTD /-H- 518 532 0.96%118 000 YANZHOU COAL MINING CO H 143 606 0.27%

Hong Kong 4 073 661 7.52%

1 214 000 CHINA AGRI INDUSTRIES HOLDINGS 521 668 0.96%447 000 CHINA EVERBRIGHT LTD 495 867 0.92%164 400 CHINA MOBILE LTD 1 415 391 2.61%105 000 CITIC PACIFIC LTD 124 799 0.23%346 000 CNOOC LTD 541 292 1.00%360 000 MINMETALS RESOURCES 118 124 0.22%

1 790 000 POLY (HONG KONG) INVESTMENTS LTD 754 633 1.39%504 000 SHOUGANG FUSHAN RES GR LTD 101 887 0.19%

India 3 396 744 6.27%

20 950 CANARA BANK / DEMAT. 122 006 0.23%50 400 ICICI BK LTD / DEMATERIALISED 639 806 1.18%

176 000 ITC LTD / DEMAT 643 075 1.19%19 960 PIRAMAL HEALTHCARE LTD 148 706 0.27%

129 700 RELIANCE COMMUNICATIONS / DEMAT 116 233 0.21%18 560 RELIANCE INFRASTRUCTURE 146 226 0.27%

126 600 SATYAM COMPUTER SERVICES 140 345 0.26%97 830 STERLITE IND (INDIA) SHS 141 794 0.26%

148 000 TATA MOTORS 506 408 0.94%5 900 TATA MOTORS LTD / ADR REPR 5 SHS 102 095 0.19%

467 000 TATA POWER CO LTD 690 050 1.27%

Taiwan 2 718 188 5.03%

598 000 ASIA CEMENT CORP 590 509 1.09%454 000 HIGHWEALTH CONSTRUCTION CORP 557 847 1.03%250 000 HON HAI PRECISION IND. CO LTD 589 319 1.09%516 000 MACRONIX INTERNATIONAL CO LTD 127 486 0.24%

85 000 POWERTECH TECHNOLOGY INC 129 321 0.24%288 000 TAIWAN SEMICOND. MANUFACT 617 385 1.14%634 000 TATUNG CO LTD 106 321 0.20%

Mexico 2 538 352 4.69%

57 000 ALFA SAB DE CV A 713 248 1.32%51 600 AMERICA MOVIL SAB / ADR -L- 1 059 608 1.96%61 100 GRUPO MEXICO SAB DE CV /-B- 142 188 0.26%90 000 GRUPO MODELO SAB DE CV C 623 308 1.15%

South Africa 1 321 021 2.44%

41 600 ABSA GROUP LTD 565 948 1.05%48 300 MTN GROUP LTD 655 795 1.21%54 260 TELKOM SA LTD 99 278 0.18%





GESF - 4


Securities

Market

valueEUR

% ofnet

assets


718 000 CHINA RONGSHENG 130 561 0.24%220 000 DONGYUE GROUP 80 233 0.15%694 000 GCL-POLY ENERGY HOLDINGS LTD 118 441 0.22%

67 500 KINGBOARD CHEMICALS HOLDINGS 102 307 0.19%534 000 LONKING HOLDINGS LTD 99 815 0.18%

3 258 000 REHNE COMMERCIAL HOLD COMP LTD 104 255 0.19%24 000 TENCENT HOLDINGS 551 004 1.02%

Turkey 1 050 812 1.94%

164 200 ASYA KATILIM BANKASI A.S 129 481 0.24%125 025 TURKIYE HALK BANKASI A.S. 770 740 1.42%

91 930 TURKIYE VAKIFLAR BANKASI TAO 150 591 0.28%

Hungary 939 681 1.74%

3 028 MOL MAGYAR / -A- 172 723 0.32%61 390 OTP BANK LTD 766 958 1.42%

Poland 789 467 1.46%

11 430 ASSECO POLAND S.A. 131 702 0.24%20 800 GRUPA LOTOS SA 137 023 0.25%10 050 KGHM POLSKA MIEDZ SA 344 080 0.64%20 000 POLSKI KONCERN NAFTOWY ORLEN 176 662 0.33%

Malaysia 706 950 1.30%

620 000 BERJAYA CORPORATION BHD 120 773 0.22%250 500 GENTING BERHAD 586 177 1.08%

Chile 650 850 1.20%

44 300 ENTEL. EMPR. NAC. DE TELECOM. 650 850 1.20%

Indonesia 635 187 1.17%

5 650 000 ANEKA TAMBANG TBK PERSERO 635 187 1.17%

Thailand 622 252 1.15%

152 000 KASIKORNBANK PUB. COMP. / FOR. REG 622 252 1.15%


399 500 SINO - OCEAN LAND HOLDINGS LTD 155 436 0.29%


8 400 KERNEL HOLDING SA 120 887 0.22%

Egypt 118 041 0.22%

59 920 ORASCOM TELECOM HLD / GDR (REG.S) 118 041 0.22%


139 000 CHINA YURUN FOOD GROUP LTD 95 313 0.18%


Equities 125 515 0.23%

Russia 125 515 0.23%

110 TRANSNEFT OJSC MOSCOW 125 515 0.23%



9 000 JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP

592 033 1.09%

Julius Baer Multistock - GLOBAL SELECTION FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.05% for A-EUR shares, 2.06% for B-EUR shares, 1.38%** for C-EUR shares and 2.80%** for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the indicated TER amount is not representative.


GSL - 1


Assets Investments at market value 3 641 475 (Cost: 3 802 895) Cash at banks 132 260 Dividends and interest 16 012 Other receivables 287


Liabilities Payable to brokers 99 664 Management fees payable 3 524 "Taxe d'abonnement" payable 449 Other liabilities 1 890




Income Income from investments 125 273 Bank interest 837 Income from securities lending 4 481 Equalisation 3 539


Expenses Management fees 75 122 Custodian fees and charges 6 631 "Taxe d'abonnement" and other taxes 1 824 Bank interest 101 Other expenses* 45 035


Net profit/loss 5 417 Realised profit/loss on: - Securities -281 678 - Forward foreign exchange contracts -2 394 - Foreign currencies 16 302

Net realised profit/loss -262 353 Net change in unrealised appreciation/ depreciation on: - Securities -279 079



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year - 8 239 908 Total profit/loss 118 352 -541 432 Net subscriptions/redemptions 8 121 556 -4 013 969 Net assets at the end of the financial year 8 239 908 3 684 507


GSL - 2

COMPARATIVE STATEMENT 30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 1 959.81 1 571.63Accumulation shares (Shares B-EUR) 78 220.35 36 714.99Accumulation shares (Shares C-EUR) 24.99 24.99Accumulation shares (Shares E-EUR) 1 010.39 631.45

Net Assets 8 239 908 3 684 507

NAV per share Distribution shares (Shares A-EUR) 101.46 94.62Accumulation shares (Shares B-EUR) 101.46 94.62Accumulation shares (Shares C-EUR) 101.47 95.28Accumulation shares (Shares E-EUR) 101.45 93.91






GSL - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 3 641 475 98.83%


3 641 475 98.83%

Equities 3 641 475 98.83%


2 790 AGILENT TECHNOLOGIES 86 269 2.34%3 700 ALTRIA GROUP 100 733 2.74%1 500 CELGENE CORP. 75 836 2.06%1 060 MCDONALD S CORP. 73 946 2.01%3 800 MICROSOFT CORP 91 598 2.49%1 060 NIKE INC B 73 320 1.99%3 000 ORACLE CORP 70 210 1.91%4 900 QUANTA SERVICES INC 92 938 2.52%

18 500 SEQUENOM INC * 59 186 1.61%1 300 TIFFANY & CO 54 241 1.47%


7 677 CLARIANT/NAMEN-AKT. 59 599 1.62%172 GALENICA AG / NAMENAKTIE 86 275 2.34%513 GEBERIT AG / NAMEN-AKTIEN OPR 79 737 2.16%320 KUONI REISEN HOLDING / NAM.-B- 77 259 2.10%

11 583 LOGITECH INTERNATIONAL SA OPR * 98 554 2.67%1 855 NOVARTIS AG BASEL / NAM. 81 696 2.22%

596 STRAUMANN HOLDING AG / NOM. 69 020 1.87%246 THE SWATCH GROUP AG 76 494 2.08%

Germany 353 296 9.59%

7 447 AIXTRON / NAMEN AKT. 83 853 2.28%1 598 BASF NAMEN-AKT. 87 411 2.37%1 359 CONTINENTAL AG 89 178 2.42%6 661 DEUTSCHE POST AG. BONN 92 854 2.52%

Japan 343 787 9.33%

2 500 FAMILYMART CO LTD 90 117 2.45%2 700 MIRACA HOLDINGS INC 88 127 2.39%5 100 MITSUBISHI CORP 80 385 2.18%1 170 ORIX CORP 85 158 2.31%

Russia 199 867 5.42%

7 901 GAZPR SPONS. ADR REPR 2 SHS 58 024 1.57%1 704 LUKOIL / SADR REP.1 SHS. 73 716 2.00%

13 811 ROSNEFT OIL CO OJSC / SGDR 68 127 1.85%

France 161 103 4.37%

643 LVMH MOET HENNESSY EUR 0.3 77 064 2.09%2 673 RENAULT SA 84 039 2.28%


28 737 BARCLAYS PLC 57 839 1.57%21 573 TESCO PLC 82 667 2.24%


12 448 NORD GOLD NV / SADR 50 025 1.36%14 506 USG PEOPLE NV 81 959 2.22%

Hong Kong 111 504 3.02%

129 000 CHINA AGRI INDUSTRIES HOLDINGS 55 433 1.50%8 300 HUTCHISON WHAMP / HK0.25 56 071 1.52%

Malaysia 105 152 2.86%

75 000 TELEKOM MALAYSIA BHD 105 152 2.86%


Securities

Market

valueEUR

% ofnet

assets

India 99 601 2.70%

3 900 ICICI BK / SADR 99 601 2.70%

China 87 696 2.38%

84 800 GUANGZHOU R&F PROP. -H- / NEW 87 696 2.38%

Indonesia 84 426 2.29%

58 000 PT INDOCEMENT TUNGGAL / DEMAT. 84 426 2.29%

Egypt 82 863 2.25%

2 593 ORASCOM CONSTR. IND. / SGDR 82 863 2.25%

Israel 77 696 2.11%

2 500 TEVA PHM. / ADR REP. 1SHS 77 696 2.11%

Norway 72 661 1.97%

2 118 YARA INTERNATIONAL ASA 72 661 1.97%

Curaçao 63 936 1.74%



5 184 ARCELORMITTAL SA REG SHS 62 778 1.70%


14 219 AFRICAN MINERALS LTD 55 708 1.51%

Julius Baer Multistock - GLOBAL STOCK FUND

* See Page 14



GSF - 1


Assets Investments at market value 43 025 060 (Cost: 41 005 259) Cash at banks 901 883 Subscriptions receivable 4 624 Dividends and interest 252 538 Other receivables 2 820








Expenses Management fees 524 893 "Taxe d'abonnement" and other taxes 20 634 Bank interest 239 Other expenses* 352 301 Equalisation 30 432



Net realised profit/loss -4 938 244 Net change in unrealised appreciation/ depreciation on: - Securities 3 436 477



30 June 2011 EUR

30 June 2012EUR



GSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 57 408.56 50 661.88 42 448.96Accumulation shares (Shares B-EUR) 724 975.86 582 057.76 486 976.72Accumulation shares (Shares C-EUR) 106 688.41 67 378.41 63 651.88Accumulation shares (Shares E-EUR) 758.51 555.39 492.97

Net Assets 62 899 000 53 372 868 44 059 587

NAV per share Distribution shares (Shares A-EUR) 62.05 66.53 64.30Accumulation shares (Shares B-EUR) 70.62 76.29 74.22Accumulation shares (Shares C-EUR) 75.96 82.68 81.08Accumulation shares (Shares E-EUR) 48.64 52.15 50.36

Dividend for the previous financial year (Shares A-EUR) 0.65 0.50 0.40





GSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 43 025 060 97.65%


43 025 060 97.65%

Equities 43 025 060 97.65%

United States 19 294 141 43.80%

27 200 AGILENT TECHNOLOGIES 841 045 1.91%17 900 AIG 452 631 1.03%13 500 AKAMAI TECHNOLOGIES INC 337 753 0.77%26 000 AMGEN INC. 1 496 426 3.40%

3 300 APPLE INC 1 518 616 3.44%15 900 AT & T 446 786 1.01%17 200 AUTODESK INC. 474 235 1.08%15 900 COBALT INTL ENERGY INC 294 433 0.67%14 600 ESTEE LAUDER COS A 622 633 1.41%14 000 EXXON MOBIL CORP 943 997 2.14%19 300 FOREST LABORATORIES 532 136 1.21%49 600 GENWAORTH FINANCIAL / -A- 221 217 0.50%

900 GOOGLE INC A 411 381 0.93%17 600 HARTFORD FIN. SERV. GROUP 244 504 0.55%12 200 HOSPIRA INC 336 280 0.76%

6 100 IBM 940 103 2.13%31 200 INTEL CORP. 655 199 1.49%15 100 JPMORGAN CHASE & CO 425 139 0.96%

9 900 KINDER MORGAN INC 251 352 0.57%13 400 LIFE TECHNOLOGIES CORP 475 053 1.08%23 400 LINCOLN NATIONAL CORP. 403 261 0.92%18 600 MARRIOTT INTL INC. A 574 540 1.30%

2 770 MASTERCARD INC. SHS-A- 938 816 2.13%149 500 MATECH CORP / RESTRICTED 24 0.00%

16 800 METLIFE INC 408 400 0.93%28 800 MGM RESORTS INTERNATIONAL 253 267 0.57%36 900 MICROSOFT CORP 889 461 2.02%30 400 MYLAN INC 511 917 1.16%

3 800 NETFLIX INC 205 024 0.47%400 PRICELINE COM INC 209 454 0.48%

9 700 RED HAT INC 431 706 0.98%6 100 SOUTHERN CO. 222 552 0.51%

16 000 THERMO FISHER SCIENTIFIC INC 654 474 1.49%14 000 WAL-MART STORES INC 769 142 1.75%34 200 WELLS FARGO & CO 901 184 2.05%

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

Japan 5 301 111 12.05%

5 900 ALFRESA HLD CORP TOKYO 245 888 0.56%14 000 ASTELLAS PHARMA INC 479 076 1.09%46 000 DAI NIPPON PRINTING CO.LTD 282 112 0.64%28 000 DAINIPPON SUMITOMO PHARMA CO 224 260 0.51%25 000 KYOWA HAKKO KIRIN CO LTD 201 713 0.46%23 000 MEDIPAL HOLDINGS CORP 255 764 0.58%20 100 MITSUBISHI TANABE PHARMA CORP 227 287 0.52%27 900 NIPPON TEL&TEL 1 019 480 2.31%

5 900 ONO PHARMACEUTICAL CO 291 336 0.66%17 000 OTSUKA HOLDINGS CO LTD 410 152 0.93%22 200 SHIONOGI & CO LTD 236 782 0.54%

9 400 SUZUKEN CO 249 256 0.57%3 400 TAISHO PHARMACEUTICAL HOLDINGS 225 307 0.51%

13 300 TAKEDA PHARMACEUTICAL CO LTD 474 824 1.08%46 000 TOPPAN PRINTING CO. LTD 240 772 0.55%11 400 TSUMURA & CO 237 102 0.54%


Securities

Market

valueEUR

% ofnet

assets


9 057 CIE FINANCIERE RICHEMONT SA 390 961 0.89%32 000 NESTLE / ACT NOM 1 506 549 3.41%31 000 NOVARTIS AG BASEL / NAM. 1 365 268 3.10%

3 187 SWISS LIFE HOLDING / NAM 236 274 0.54%9 357 SWISS RE-NAMEN 463 894 1.05%


11 358 CELLTRION INC 236 745 0.54%43 000 KOREA EXCHANGE BANK 241 080 0.55%22 000 KT CORPORATION / SADR 228 486 0.52%20 820 LG DISPLAY CO LTD 305 784 0.69%

1 642 SAMSUNG ELECTRONICS CO LTD 1 356 600 3.08%22 100 SK TELECOM / SPONS. ADR (1/9 ACT) 210 717 0.48%

2 890 YUHAN CORP 265 408 0.60%

Taiwan 2 507 864 5.68%

270 000 ACER INC 219 274 0.50%47 640 ASUSTEK COMPUTER INC 341 047 0.77%

147 800 CHICONY ELECTRONICS CO 213 564 0.48%318 000 COMPAL ELECTRONICS INC 229 328 0.52%

40 000 HTC CORPORATION 410 810 0.93%840 000 INVENTEC CORPORATION 213 294 0.48%233 200 LITE-ON TECHNOLOGY CORPOR. 229 356 0.52%

94 000 TRIPOD TECHNOLOGY CO LTD 208 200 0.47%280 000 UNIMICRON TECHNOLOGY CORP 249 544 0.57%201 000 WISTRON CORP 193 447 0.44%

France 2 108 797 4.79%

21 570 FRANCE TELECOM SA 223 789 0.51%5 296 NEOPOST 223 015 0.51%6 857 RENAULT SA 215 584 0.49%

16 020 SANOFI 957 035 2.17%33 450 VIVENDI 489 374 1.11%

Germany 1 479 779 3.36%

74 690 DEUTSCHE TELEKOM / NAM. 646 367 1.47%11 870 HENKEL / VORZUG 621 632 1.41%

4 550 SAP AG 211 780 0.48%

Ireland 944 089 2.15%

35 940 ELAN CORP PLC 413 310 0.94%17 600 SEAGATE TECHNOLOGIE PLC 342 972 0.78%13 300 WARNER CHILCOTT PLC SHS 187 807 0.43%

Poland 645 795 1.46%

11 850 KGHM POLSKA MIEDZ SA 405 706 0.92%222 500 TAURON POLSKA ENERGIA SA 240 089 0.54%

Canada 569 271 1.29%

29 200 CENTERRA GOLD INC 160 701 0.36%13 000 ENBRIDGE INC. 408 570 0.93%

Brazil 494 195 1.12%

37 200 ELETROB. EL. BRASIL / PREF. B 283 483 0.64%21 300 ELETROPAULO ELETRICIDADE PREF 210 712 0.48%

Spain 493 832 1.12%

87 730 BCO BILBAO VIZ. ARGENTARIA / NAM. 493 832 1.12%


13 180 ASTRAZENECA PLC 464 739 1.05%





GSF - 4


Securities

Market

valueEUR

% ofnet

assets


415 000 DONGYUE GROUP * 151 348 0.34%6 300 HERBALIFE LTD 239 927 0.54%

Russia 251 023 0.57%

38 520 JSC SURGUTNEFTEGAZ / SADR 251 023 0.57%


44 740 ING GROEP NV / CERT. OF SHS 235 601 0.53%

Hungary 235 368 0.53%

1 808 RICHTER GEDEON LTD 235 368 0.53%

Turkey 233 147 0.53%

15 290 KOZA ALTIN ISLETMELE A.S 233 147 0.53%

India 206 478 0.47%

230 400 RELIANCE COMMUNICATIONS / DEMAT 206 478 0.47%

Italy 183 916 0.42%

435 200 A2A SPA 183 916 0.42%

South Africa 176 417 0.40%

96 420 TELKOM SA LTD 176 417 0.40%

Philippines 456 0.00%

243 780 AYALA LAND INC / PREF 456 0.00%


Julius Baer Multistock - HEALTH OPPORTUNITIES FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.91% for A-USD shares, 1.92% for B-USD shares, 1.21% for C-USD shares and 2.72%** for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the indicated TER amount is not representative.


HOF - 1


Assets Investments at market value 19 204 552 (Cost: 17 218 000) Cash at banks 236 694 Subscriptions receivable 6 207 Dividends and interest 16 593 Other receivables 287


Liabilities Management fees payable 13 764 "Taxe d'abonnement" payable 640 Other liabilities 4 954




Income Income from investments 291 393 Bank interest 263 Income from securities lending 6 716 Other income 32 Equalisation 371




Net profit/loss 79 020 Realised profit/loss on: - Securities 48 406 - Foreign currencies 4 802

Net realised profit/loss 132 228 Net change in unrealised appreciation/ depreciation on: - Securities 410 698

Total profit/loss 542 926


30 June 2011 USD

30 June 2012USD

Net assets at the beginning of the financial year - 16 860 474 Total profit/loss 1 764 680 542 926 Net subscriptions/redemptions 15 095 794 2 042 218 Dividend distributions - -643 Net assets at the end of the financial year 16 860 474 19 444 975


HOF - 2

COMPARATIVE STATEMENT 30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-USD) 6 430.00 6 472.00Accumulation shares (Shares B-USD) 5 944.23 8 690.13Accumulation shares (Shares C-USD) 134 247.64 148 737.64Accumulation shares (Shares E-USD) 10.00 369.12

Net Assets 16 860 474 19 444 975

NAV per share Distribution shares (Shares A-USD) 114.39 116.92Accumulation shares (Shares B-USD) 114.33 116.97Accumulation shares (Shares C-USD) 115.04 118.53Accumulation shares (Shares E-USD) 113.77 115.53

Dividend for the previous financial year (Shares A-USD) - 0.10





HOF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 19 204 552 98.76%


19 204 552 98.76%

Equities 19 204 552 98.76%

United States 12 546 614 64.50%

4 000 ABBOTT LABORATORIES INC 257 880 1.33%6 300 AETNA INC 244 251 1.26%

25 000 AGILENT TECHNOLOGIES 981 000 5.04%4 000 ALEXION PHARMACEUTICALS INC 397 200 2.04%7 000 ALLERGAN INC. 647 990 3.33%3 100 AMERISOURCEBERGEN CORP 121 985 0.63%8 000 AMGEN INC. 584 320 3.00%

15 000 AUXILIUM PHARMACEUTICALS INC 403 350 2.07%2 000 BAXTER INTL INC. OPA 106 300 0.55%1 300 BECTON DICKINSON & CO. 97 175 0.50%7 000 CAREFUSION 179 760 0.92%

20 000 CELGENE CORP. 1 283 200 6.59%8 000 COVANCE INC 382 800 1.97%3 539 EXPRESS SCRIPTS HOLDING CO 197 582 1.02%1 500 FOREST LABORATORIES 52 485 0.27%6 000 GILEAD SCIENCES INC. 307 680 1.58%

25 000 HALOZYME THERAPEUTICS INC 221 500 1.14%900 HENRY SCHEIN INC. 70 641 0.36%

20 000 HOLOGIC INC 360 800 1.86%12 000 ILLUMINA INC 484 680 2.49%20 000 INSULET CORP 427 400 2.20%

2 000 JOHNSON & JOHNSON 135 120 0.69%10 000 MEDICIS PHARMACEUTICAL A 341 500 1.76%20 000 MERCK 835 000 4.29%59 000 PFIZER INC. 1 357 001 6.97%

1 000 STRYKER CORP. 55 100 0.28%8 000 THERMO FISHER SCIENTIFIC INC 415 280 2.14%9 000 UNITEDHEALTH GROUP INC 526 500 2.71%5 000 UTD THERAPEUTICS CORP (DE) 246 900 1.27%8 000 VERTEX PHARMACEUTICALS 447 360 2.30%5 000 WELLPOINT INC 318 950 1.64%

900 ZIMMER HOLDINGS INC 57 924 0.30%


5 500 ROCHE HOLDING AG / GENUSSSCHEIN 950 660 4.89%2 000 SONOVA HOLDING AG /NOM. 193 238 0.99%3 500 STRAUMANN HOLDING AG / NOM. 514 369 2.65%1 200 TECAN GROUP SA / NAM. 83 043 0.43%


25 469 GLAXOSMITHKLINE PLC 578 031 2.97%40 000 HIKMA PHARMACEUTICALS PLC 409 365 2.11%

Israel 788 800 4.06%

20 000 TEVA PHM. / ADR REP. 1SHS 788 800 4.06%

Ireland 665 556 3.43%

11 000 COVIDIEN 588 500 3.03%4 300 WARNER CHILCOTT PLC SHS 77 056 0.40%

Germany 616 413 3.17%

8 000 BAYER 576 453 2.96%400 MERCK KGAA 39 960 0.21%

France 583 059 3.00%

7 000 IPSEN 173 669 0.89%5 400 SANOFI 409 390 2.11%


Securities

Market

valueUSD

% ofnet

assets

Jersey 431 010 2.22%

15 000 SHIRE PLC 431 010 2.22%

Japan 313 974 1.62%

2 000 ASTELLAS PHARMA INC 86 853 0.45%3 000 DAIICHI SANKYO CO LTD 50 345 0.26%3 000 TAKEDA PHARMACEUTICAL CO LTD 135 919 0.70%1 000 TERUMO CORP. 40 857 0.21%

Canada 223 950 1.15%

5 000 VALEANT PHARMACEUTICALS INTL 223 950 1.15%

Australia 161 630 0.83%

4 000 CSL LTD 161 630 0.83%

Denmark 144 840 0.74%

1 000 NOVO-NORDISK A/S -B- 144 840 0.74%

Julius Baer Multistock - INFRASTRUCTURE FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.26% (performance fee: 0.00%) for A-CHF shares, 2.25% (performance fee: 0.00%) for A-EUR shares, 2.26% (performance fee: 0.00%) for A-USD shares, 2.26% (performance fee: 0.00%) for B-CHF shares, 2.26% (performance fee: 0.00%) for B-EUR shares, 2.26% (performance fee: 0.00%) for B-USD shares, 1.42% (performance fee: 0.00%) for C-CHF shares, 1.42% (performance fee: 0.00%) for C-EUR shares, 1.32% (performance fee: 0.00%) for C-USD shares, 3.01% (performance fee: 0.00%) for E-EUR shares and 2.92%** (performance fee: 0.00%) for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the indicated TER amount is not representative.


INFU - 1










Expenses Management fees 495 772 "Taxe d'abonnement" and other taxes 13 665 Other expenses* 210 292 Equalisation 57 015


Net profit/loss 446 102 Realised profit/loss on: - Securities 944 270 - Foreign currencies -133 866

Net realised profit/loss 1 256 506 Net change in unrealised appreciation/ depreciation on: - Securities 172 843



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 65 900 733 42 128 356 Foreign exchange difference – sub-fund -959 508 998 577 Total profit/loss 6 122 453 1 429 349 Net subscriptions/redemptions -28 584 635 -15 234 604 Dividend distributions -350 687 -170 663 Net assets at the end of the financial year 42 128 356 29 151 015


INFU - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-CHF) 7 280.12 6 963.89 4 579.24Distribution shares (Shares A-EUR) 152 859.50 96 015.04 51 142.16Distribution shares (Shares A-USD) 20 648.72 9 996.00 9 916.00Accumulation shares (Shares B-CHF) 109 568.81 51 398.36 31 950.29Accumulation shares (Shares B-EUR) 351 043.59 227 775.66 153 159.43Accumulation shares (Shares B-USD) 166 608.13 88 372.49 45 906.39Accumulation shares (Shares C-CHF) 78 210.00 32 010.00 32 010.00Accumulation shares (Shares C-EUR) 126 912.17 66 516.87 45 952.88Accumulation shares (Shares C-USD) 12 010.00 12 010.00 10.00Accumulation shares (Shares E-EUR) 2 740.60 3 762.58 4 646.76Accumulation shares (Shares E-USD) 10.00 10.00 10.00

Net Assets 65 900 733 42 128 356 29 151 015

NAV per share Distribution shares (Shares A-CHF) 54.02 53.03 55.34Distribution shares (Shares A-EUR) 68.58 72.97 76.85Distribution shares (Shares A-USD) 61.18 77.02 71.35Accumulation shares (Shares B-CHF) 58.72 58.97 63.10Accumulation shares (Shares B-EUR) 74.19 80.75 87.91Accumulation shares (Shares B-USD) 66.86 85.96 81.76Accumulation shares (Shares C-CHF) 60.14 60.88 65.70Accumulation shares (Shares C-EUR) 76.01 83.38 91.55Accumulation shares (Shares C-USD) 68.51 88.79 85.14Accumulation shares (Shares E-EUR) 72.55 78.37 84.68Accumulation shares (Shares E-USD) 65.46 83.63 79.01

Dividend for the previous financial year (Shares A-CHF) 1.90 1.35 1.25Dividend for the previous financial year (Shares A-EUR) 2.00 1.70 2.25Dividend for the previous financial year (Shares A-USD) 2.20 1.60 1.80






INFU - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 28 503 155 97.78%


27 802 391 95.37%

Equities 27 802 391 95.37%

United States 7 447 067 25.54%

8 300 AMERICAN ELECTRIC POWER CO. INC 260 959 0.90%26 900 AMERICAN WATER WORKS CO INC 726 632 2.49%18 900 CORRECTIONS CORP. AMERICA 438 600 1.50%15 800 CROWN CASTLE INTL CORP 730 332 2.51%10 749 ITC HOLDINGS CORP 583 676 2.00%16 200 NEXTERA ENERGY 878 391 3.01%24 500 PG&E CORP 873 973 3.00%16 400 SOUTHERN CO. 598 337 2.05%44 600 SPECTRA ENERGY CORP OPA 1 021 296 3.50%44 500 WILLIAMS COMPANIES INC 1 010 591 3.47%10 400 WISCONSIN ENERGY CORP 324 280 1.11%

Australia 3 777 762 12.98%

336 894 ASCIANO LTD 1 183 719 4.07%489 795 SPARK INFRASTRUCTUR GROUP 603 324 2.07%137 306 SYDNEY AIRPORT-STAPLED SECURITY 321 628 1.10%363 163 TRANSURBAN GROUP 1 669 091 5.74%

France 2 394 180 8.21%

11 932 AEROPORTS DE PARIS ADP 711 147 2.44%39 955 GDF SUEZ 749 356 2.57%25 382 VINCI 933 677 3.20%


151 950 CENTRICA PLC 597 200 2.05%70 959 NATIONAL GRID PLC 592 414 2.03%35 817 SEVERN TRENT PLC 731 736 2.51%55 951 UNITED UTILITIES GROUP PLC 466 771 1.60%

Canada 2 338 177 8.02%

37 439 ENBRIDGE INC. 1 176 648 4.04%35 217 TRANSCANADA CORP OPA * 1 161 529 3.98%

Germany 1 761 771 6.04%

26 314 E.ON - NAMEN AKT. 447 338 1.53%14 004 FRANKFURT AIRPORT SERV. WORLDW. 593 980 2.04%35 790 HAMBURGER HAFEN UND LOGISTIK AG * 720 453 2.47%

Spain 1 572 365 5.39%

101 022 ABERTIS INFRAESTRUCTURAS SA 1 075 379 3.69%34 585 ENAGAS 496 986 1.70%

Japan 1 289 503 4.43%

144 000 OSAKA GAS CO LTD 474 987 1.63%82 323 TOKYO GAS CO. LTD OPR 330 894 1.14%14 930 WEST JAPAN RAILWAY CO 483 622 1.66%

China 1 111 906 3.81%

628 000 BEIJING CAP. INTL AIRPORT H 299 842 1.03%2 122 000 DALIAN PORT PDA CO LTD -H- 370 773 1.27%

600 000 JIANGSU EXPRESSWAY CO H 441 291 1.51%

Italy 862 501 2.96%

85 821 ATLANTIA SPA 862 501 2.96%

Brazil 835 046 2.86%

114 300 EDP ENERGIAS DO BRASIL SA 575 179 1.97%301 200 LLX LOGISTICA SA 259 867 0.89%


Securities

Market

valueEUR

% ofnet

assets

Hong Kong 793 592 2.72%

168 000 BEIJING ENTERPRISES HLD LTD 793 592 2.72%


1 654 FLUGHAFEN ZUERICH / NOM 458 543 1.57%


416 000 COSCO PACIFIC LTD 443 729 1.52%

Mexico 328 128 1.13%

105 704 GRUPO AEROPORT. DEL PACIFICO B 328 128 1.13%


Equities 49 169 0.17%

Spain 49 169 0.17%

4 619 ABERTIS ISSUE 2012 49 169 0.17%


Australia 651 595 2.24%

175 246 AUTRALIAN INFRASTRUCTURE FUND 339 724 1.17%209 841 DUET GRP QUADRUPL STAPLED SEC. 311 871 1.07%

Julius Baer Multistock - JAPAN STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.05% for A-EUR shares, 2.07% for A-JPY shares, 2.07% for B-EUR shares, 2.08% for B-JPY shares, 1.15% for C-EUR shares, 1.18% for C-JPY shares, 2.82% for E-EUR shares and 2.82% for E-JPY shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


JSF - 1

STATEMENT OF NET ASSETS as at 30 June 2012 JPY

Assets Investments at market value 14 987 307 450 (Cost: 15 245 364 403) Cash at banks 212 639 225 Subscriptions receivable 31 464 894 Dividends and interest 85 479 638 Other receivables 86

Total Assets 15 316 891 293

Liabilities Bank overdraft 343 329 Payable to brokers 79 308 710 Payables for redemptions 6 656 521 Management fees payable 11 686 922 "Taxe d'abonnement" payable 1 297 844 Other liabilities 9 012 693


Net Assets 15 208 585 274

PROFIT AND LOSS ACCOUNT from 1 July 2011 until 30 June 2012 JPY



Expenses Management fees 198 939 750 Custodian fees and charges 1 762 947 "Taxe d'abonnement" and other taxes 7 263 889 Bank interest 90 662 Other expenses* 137 247 122 Equalisation 33 258 902


Net profit/loss 89 070 219 Realised profit/loss on: - Securities -1 964 924 226 - Foreign currencies -63 679 049

Net realised profit/loss -1 939 533 056 Net change in unrealised appreciation/ depreciation on: - Securities 685 820 294

Total profit/loss -1 253 712 762


30 June 2011 JPY

30 June 2012JPY

Net assets at the beginning of the financial year 17 187 940 612 15 218 206 598 Foreign exchange difference – sub-fund 121 770 602 -179 265 791 Total profit/loss 493 011 096 -1 253 712 762 Net subscriptions/redemptions -2 582 898 804 1 424 662 789 Dividend distributions -1 616 908 -1 305 560 Net assets at the end of the financial year 15 218 206 598 15 208 585 274


JSF - 2

COMPARATIVE STATEMENT 30 June 2010JPY

30 June 2011 JPY

30 June 2012JPY

Number of shares outstanding Distribution shares (Shares A-EUR) 1 230.00 288.76 476.04Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-JPY) 64 967.34 78 794.10 45 727.75Distribution shares (Shares A-USD) 10.00 - -Accumulation shares (Shares B-EUR) 86 078.73 34 646.72 53 495.46Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-JPY) 1 216 349.47 1 088 820.58 1 007 602.63Accumulation shares (Shares B-USD) 54 583.01 - -Accumulation shares (Shares C-EUR) 179 042.96 103 553.24 201 221.39Accumulation shares (Shares C-JPY) 321 271.77 305 103.14 419 203.99Accumulation shares (Shares C-USD) 10.00 - -Accumulation shares (Shares E-EUR) 209.20 2 101.69 4 020.38Accumulation shares (Shares E-JPY) 71 551.14 50 278.86 40 364.26Accumulation shares (Shares E-EUR) 10.00 - -

Net Assets 17 187 940 612 15 218 206 598 15 208 585 274

NAV per share Distribution shares (Shares A-EUR) 76.42 74.00 79.12Distribution shares (Shares A-GBP) 93.92 - -Distribution shares (Shares A-JPY) 7 710.68 8 075.50 7 471.10Distribution shares (Shares A-USD) 70.88 - -Accumulation shares (Shares B-EUR) 76.84 75.29 81.27Accumulation shares (Shares B-GBP) 93.92 - -Accumulation shares (Shares B-JPY) 8 661.95 9 098.10 8 438.24Accumulation shares (Shares B-USD) 72.33 - -Accumulation shares (Shares C-EUR) 79.07 78.18 85.15Accumulation shares (Shares C-JPY) 9 404.83 9 967.63 9 328.09Accumulation shares (Shares C-USD) 74.31 - -Accumulation shares (Shares E-EUR) 74.87 72.82 78.02Accumulation shares (Shares E-JPY) 7 020.30 7 318.62 6 737.25Accumulation shares (Shares E-USD) 70.85 - -

Dividend for the previous financial year (Shares A-EUR) 0.10 0.90 0.70Dividend for the previous financial year (Shares A-JPY) 22.00 23.00 18.40Dividend for the previous financial year (Shares A-GBP) - 0.20 -Dividend for the previous financial year (Shares A-USD) 0.35 0.25 -






JSF - 3


Securities

Market

valueJPY

% ofnet

assets

TOTAL 14 987 307 450 98.55%


14 828 707 450 97.51%

Equities 14 828 707 450 97.51%

Japan 14 828 707 450 97.51%

80 100 AEON CO LTD 79 459 200 0.52%50 000 AIR WATER INC OSAKA 48 150 000 0.32%25 800 AISIN SEIKI CO LTD 67 879 800 0.45%

139 000 ASAHI GLASS CO. LTD 74 087 000 0.49%169 000 ASAHI KASEI CORP 72 670 000 0.48%165 000 BK OF YOKOHAMA 61 875 000 0.41%210 400 BRIDGESTONE CORP 381 875 999 2.51%

63 450 CANON INC. * 200 819 250 1.32%196 CENTRAL JAPAN RAILWAY CO 122 892 000 0.81%

102 000 CHIBA BANK 48 654 000 0.32%48 000 CHUGOKU BANK LTD 49 728 000 0.33%34 700 COCA-COLA WEST 48 198 300 0.32%

233 000 COSMO OIL CO LTD 47 066 000 0.31%99 000 DAICEL SHS 48 213 000 0.32%95 000 DAIDO STEEL CO LTD 46 835 000 0.31%33 000 DAIHATSU MOTOR CO 45 771 000 0.30%96 400 DAIKIN INDUSTRIES LTD 214 393 600 1.41%30 800 DAITO TRUST CONSTRUCT. 232 540 000 1.53%63 000 DAIWA H. INDUSTR. CO. LTD 71 001 000 0.47%24 500 DENA CO LTD TOKYO 51 131 500 0.34%

163 000 DENKI KAGAKU KOGYO KK 44 988 000 0.30%89 000 EAST JAPAN RAILWAY CO 444 999 999 2.93%22 800 ELECTRIC POWER DEVELOPMENT CO 47 629 200 0.31%69 800 FAMILYMART CO LTD 254 769 999 1.68%16 900 FANUC CORP 218 855 000 1.44%81 000 FUJI HEAVY INDUSTRIES LTD 51 597 000 0.34%61 700 FUJIFILM HOLDINGS CORP 92 426 600 0.61%

238 000 FUJITSU LTD 90 202 000 0.59%150 000 FUKUOKA FINANCIAL GROUP 46 500 000 0.31%124 000 GUNMA BANK LTD 46 624 000 0.31%117 000 HACHIJUNI BANK LTD 48 321 000 0.32%156 000 HIROSHIMA BANK LTD 44 772 000 0.29%

69 800 HISAMITSU PHARMACEUTICAL CO 273 615 999 1.80%624 000 HITACHI LTD 303 887 999 2.00%360 000 HOKUHOKU FINANCIAL GROUP 46 440 000 0.31%267 700 HONDA MOTOR CO. LTD 735 907 299 4.83%

6 500 IDEMITSU KOSAN 46 150 000 0.30%267 000 IHI CORP 45 123 000 0.30%

298 INPEX CORP 132 461 000 0.87%157 000 ISUZU MOTORS LTD 66 411 000 0.44%198 000 ITOCHU CORP 164 736 000 1.08%

75 000 IYO BANK LTD 47 625 000 0.31%14 200 JAPAN PETROLEUM EXPLORATION CO 42 884 000 0.28%59 000 JTEKT CORP 48 144 000 0.32%

295 760 JX HOLDINGS 120 670 080 0.79%77 000 KAMIGUMI CO LTD 48 741 000 0.32%

104 100 KAO CORP. 228 395 400 1.50%222 000 KAWASAKI HEAVY IND. 47 952 000 0.32%

391 KDDI CORP. 200 583 000 1.32%41 000 KOITO MANUFACTURING CO LTD 45 428 000 0.30%24 300 KONAMI CORP 43 545 600 0.29%45 900 KURARAY CO LTD 47 139 300 0.31%

101 500 KURITA WATER IND. LTD 186 455 500 1.23%77 500 MAKITA CORP 214 907 500 1.41%

217 000 MARUBENI CORP. 114 142 000 0.75%188 500 MITSUBISHI CHEMICAL HLDGS CORP 65 786 500 0.43%186 000 MITSUBISHI CORP 296 855 999 1.95%

97 000 MITSUBISHI GAS CHEMICAL 43 650 000 0.29%215 000 MITSUBISHI MATERIALS CORP 49 235 000 0.32%


Securities

Market

valueJPY

% ofnet

assets

1 292 000 MITSUBISHI UFJ FINANCIAL GROUP 488 375 999 3.21%15 160 MITSUBISHI UFJ LEASE & FINANCE 50 028 000 0.33%

236 100 MITSUI & CO LTD 277 181 399 1.82%3 124 400 MIZUHO FINANCIAL GROUPINC 418 669 599 2.75%

366 000 NEC CORP 45 018 000 0.30%60 600 NHK SPRING CO 51 631 200 0.34%33 800 NIDEC CORP 203 476 000 1.34%85 000 NIPPON ELECTRIC GLASS 39 950 000 0.26%32 800 NIPPON PAPER GROUP INC * 41 459 200 0.27%41 300 NIPPON TEL&TEL 152 810 000 1.00%

239 000 NISHI NIPPON CITY BK 46 127 000 0.30%340 300 NISSAN MOTOR CO. LTD 254 544 399 1.67%

34 950 NITORI HOLDINGS CO LTD 263 522 999 1.73%30 100 NOK CORP 50 628 200 0.33%26 500 NOMURA RESEARCH INST LTD 46 295 500 0.30%92 000 NSK LTD 46 920 000 0.31%

1 113 NTT DOCOMO INC 147 695 100 0.97%14 260 OBIC CO LTD TOKYO 217 750 200 1.43%

137 000 OJI PAPER CO LTD 41 785 000 0.27%46 090 ORIX CORP 339 683 299 2.23%

304 000 OSAKA GAS CO LTD 101 536 000 0.67%32 200 OTSUKA HOLDINGS CO LTD 78 664 600 0.52%

251 600 RESONA HOLDINGS INC 82 273 200 0.54%30 100 SEGA SAMMY HOLDING INC 48 762 000 0.32%76 000 SEKISUI HOUSE LTD 56 848 000 0.37%56 200 SHIMANO INC. 292 239 999 1.92%57 500 SHIN-ETSU CHEMICAL CO 250 699 999 1.65%

493 000 SHINSEI BANK LTD 47 328 000 0.31%48 400 SHIONOGI & CO LTD 52 272 000 0.34%

270 000 SHOWA DENKO KK 41 580 000 0.27%99 200 SHOWA SHELL SEKIYU KK 48 211 200 0.32%17 900 SMC CORP 245 408 999 1.61%

114 800 SOFTBANK 339 004 399 2.23%372 100 SOJITZ CORP 48 745 100 0.32%

38 400 STANLEY ELECTRIC CO LTD 47 078 400 0.31%63 200 SUMCO CORP 45 188 000 0.30%

214 000 SUMITOMO CHEMICAL CO. LTD 52 002 000 0.34%148 500 SUMITOMO CORP. 164 538 000 1.08%101 200 SUMITOMO ELECTRIC INDUSTRIES 99 479 600 0.65%126 000 SUMITOMO HEAVY INDUSTRIES LTD 44 730 000 0.29%457 000 SUMITOMO METAL INDUSTRIES 59 410 000 0.39%

71 000 SUMITOMO METAL MINING CO. LTD 63 261 000 0.42%182 200 SUMITOMO MITSUI FINANC. GR 475 906 399 3.13%

1 233 890 SUMITOMO MITSUI TRUST HOLDINGS 291 198 039 1.91%45 200 SUMITOMO RUBBER IND. 46 556 000 0.31%

133 100 SUZUKI MOTOR CORP 215 755 100 1.42%99 400 TOKIO MARINE HOLDINGS INC 197 408 400 1.30%

233 000 TOSOH CORP 50 095 000 0.33%23 700 TOYOTA INDUSTRIES CORP 53 609 400 0.35%31 300 TOYOTA TSUSHO CORP. 47 294 300 0.31%81 000 TREND MICRO INC. TOKYO 189 459 000 1.25%23 000 TSUMURA & CO 48 438 000 0.32%

248 000 UBE INDUSTRIES LTD 45 632 000 0.30%59 200 UNICHARM CORP 269 063 999 1.77%22 400 WEST JAPAN RAILWAY CO 73 472 000 0.48%12 220 YAMADA DENKI CO LTD 49 552 100 0.33%73 000 YAMAGUCHI FINANCIAL GROUP INC 51 173 000 0.34%52 300 YAMAHA MOTOR CO LTD OPR 39 486 500 0.26%

INVESTMENT FUNDS 158 600 000 1.04%

Japan 158 600 000 1.04%

200 000 TOPIX EXCHANGE TRADED FUND 158 600 000 1.04%

Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE

* See Page 14

The TER (Total Expense Ratio) amounts to 2.21% for Ah-CHF shares, 2.21% for A-EUR shares, 2.21% for Ah-USD shares, 2.21% for Bh-CHF shares, 2.21% for B-EUR shares, 2.22% for Bh-USD shares, 1.47% for Ch-CHF shares, 1.41% for C-EUR shares, 1.39%** for Ch-USD shares and 2.95% for E-EUR shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the indicated TER amount is not representative.


GCSF - 1


Assets Investments at market value 164 244 030 (Cost: 171 161 206) Derivative instruments at market value: - Forward foreign exchange contracts -92 477 Cash at banks 7 208 404 Subscriptions receivable 414 558 Dividends and interest 195 924 Other receivables 24 308


Liabilities Bank overdraft 10 318 Payable to brokers 872 927 Payables for redemptions 1 022 886 Management fees payable 197 896 "Taxe d'abonnement" payable 18 690 Other liabilities 71 681




Income Income from investments 4 665 988 Bank interest 8 002 Income from securities lending 321 698 Equalisation 27 072


Expenses Management fees 2 388 230 Custodian fees and charges 18 665 "Taxe d'abonnement" and other taxes 71 442 Bank interest 765 Other expenses* 868 245 Equalisation 54 838


Net profit/loss 1 620 575 Realised profit/loss on: - Securities 5 231 043 - Forward foreign exchange contracts -2 802 907 - Foreign currencies 566 820

Net realised profit/loss 4 615 531 Net change in unrealised appreciation/ depreciation on: - Securities -5 246 749 - Forward foreign exchange contracts -262 917



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 111 320 515 158 418 708 Foreign exchange difference – sub-fund 230 842 576 427 Total profit/loss 11 611 260 -894 135 Net subscriptions/redemptions 35 344 233 11 890 343 Dividend distributions -88 142 -190 994 Net assets at the end of the financial year 158 418 708 169 800 349


GCSF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-EUR) 48 589.00 64 049.18 71 375.11Distribution shares (Shares Ah-CHF) 6 360.00 64 970.00 80 328.00Distribution shares (Shares Ah-USD) - 17 580.00 23 562.00Accumulation shares (Shares B-EUR) 1 020 853.34 1 143 931.23 1 039 220.25Accumulation shares (Shares Bh-CHF) 22 320.00 97 114.00 160 754.85Accumulation shares (Shares Bh-USD) - 17 430.00 138 708.00Accumulation shares (Shares C-EUR) 48 707.41 111 753.50 140 282.61Accumulation shares (Shares Ch-CHF) 12 200.00 10 624.00 45 864.00Accumulation shares (Shares Ch-USD) - - 110.00Accumulation shares (Shares E-EUR) 3 116.93 5 329.02 3 690.99

Net Assets 111 320 515 158 418 708 169 800 349

NAV per share Distribution shares (Shares A-EUR) 92.31 100.81 99.19Distribution shares (Shares Ah-CHF) 90.94 95.14 93.02Distribution shares (Shares Ah-USD) - 103.23 95.80Accumulation shares (Shares B-EUR) 96.86 107.48 107.46Accumulation shares (Shares Bh-CHF) 90.94 96.07 95.38Accumulation shares (Shares Bh-USD) - 103.23 95.80Accumulation shares (Shares C-EUR) 99.47 111.20 112.08Accumulation shares (Shares Ch-CHF) 91.04 96.85 96.87Accumulation shares (Shares Ch-USD) - - 96.27Accumulation shares (Shares E-EUR) 93.62 103.10 102.32

Dividend for the previous financial year (Shares Ah-CHF) - 0.95 1.40Dividend for the previous financial year (Shares A-EUR) 1.05 1.55 1.55






GCSF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 164 244 030 96.73%


164 244 030 96.73%

Equities 164 244 030 96.73%

United States 59 573 067 35.09%

42 500 3M CO 3 000 670 1.77%255 000 ALCOA INC 1 758 205 1.04%

89 000 BAKER HUGHES INC 2 882 392 1.70%30 000 BECTON DICKINSON & CO. 1 767 070 1.04%

179 000 BEST BUY CO INC. 2 956 416 1.74%260 000 BOSTON SCIENTIFIC CORP. 1 161 656 0.68%103 000 CAMPBELL SOUP CO. 2 709 223 1.60%145 000 CISCO SYSTEMS INC. 1 961 822 1.16%125 000 COMPUTER SCIENCES CORP 2 444 742 1.44%

36 500 CONOCOPHILLIPS 1 607 202 0.95%81 000 EXELON CORP 2 401 182 1.41%70 000 HESS CORP 2 396 675 1.41%

135 000 HEWLETT-PACKARD CO. 2 139 277 1.26%110 000 INTEL CORP. 2 309 996 1.36%

87 000 JOHNSON & JOHNSON 4 631 591 2.73%59 000 MEDTRONIC INC. 1 800 615 1.06%93 000 MERCK 3 059 572 1.80%

195 000 MICROSOFT CORP 4 700 406 2.77%96 000 NASDAQ OMX GROUP INC 1 714 921 1.01%80 000 ORACLE CORP 1 872 267 1.10%79 000 PEPSICO INC 4 398 676 2.59%

322 000 STAPLES INC 3 311 217 1.95%111 000 WALGREEN CO. OPA 2 587 274 1.52%

France 23 721 053 13.98%

195 000 CARREFOUR S.A. * 2 836 275 1.67%32 500 DANONE 1 592 988 0.94%

389 550 FRANCE TELECOM SA 4 041 581 2.38%212 338 GDF SUEZ 3 982 399 2.35%

32 343 SANOFI 1 932 171 1.14%130 300 TOTAL SA 4 625 650 2.72%

96 479 VEOLIA ENVIRONNEMENT * 963 246 0.57%256 100 VIVENDI 3 746 743 2.21%

Japan 20 820 712 12.26%

57 000 ASTELLAS PHARMA INC 1 950 522 1.15%180 000 DAI NIPPON PRINTING CO.LTD 1 103 918 0.65%

1 934 FUJI MEDIA HOLDINGS INC 2 609 036 1.54%100 000 HOYA CORP 1 725 304 1.02%

50 000 ITO EN LTD 736 736 0.43%137 000 KURITA WATER IND. LTD 2 485 436 1.46%

38 000 NIPPON TEL&TEL 1 388 539 0.82%750 NTT DOCOMO INC 982 890 0.58%

130 000 RICOH CO. LTD 855 048 0.50%22 000 ROHM CO. LTD 661 581 0.39%40 000 SECOM LTD 1 439 893 0.85%

110 000 SEVEN & I HOLDINGS CO LTD 2 603 956 1.53%45 400 SONY CORP JPY 50 503 510 0.30%49 700 TAKEDA PHARMACEUTICAL CO LTD 1 774 343 1.04%

Switzerland 16 385 642 9.65%

70 000 ABB LTD ZUERICH / NAMEN. 900 383 0.53%43 000 NESTLE / ACT NOM 2 024 425 1.19%

103 000 NOVARTIS AG BASEL / NAM. 4 536 214 2.67%29 500 ROCHE HOLDING AG / GENUSSSCHEIN 4 017 963 2.37%

9 300 SWISSCOM / NAM. 2 951 457 1.74%11 000 ZURICH INSURANCE GROUP / NAM 1 955 200 1.15%


Securities

Market

valueEUR

% ofnet

assets

Germany 13 141 970 7.73%

16 950 ALLIANZ SE / NAM. VINKULIERT 1 340 914 0.79%105 000 DEUTSCHE POST AG. BONN 1 463 700 0.86%294 100 E.ON - NAMEN AKT. 4 999 700 2.94%

70 000 METRO AG 1 610 350 0.95%41 842 RWE 1 346 266 0.79%36 000 SIEMENS AG / NAM. 2 381 040 1.40%


570 443 BP PLC 2 974 852 1.75%135 285 ROYAL DUTCH SHELL PLC -A- * 3 599 257 2.12%570 000 TESCO PLC 2 184 232 1.29%

Canada 5 399 428 3.18%

106 000 BARRICK GOLD CORP 3 138 111 1.85%75 000 ENCANA CORP 1 229 002 0.72%52 477 HUSKY ENERGY INC * 1 032 315 0.61%


225 000 KOREA ELECTRIC / SADR R. 1/2 SH. 1 982 191 1.17%282 000 KT CORPORATION / SADR 2 928 773 1.72%

Italy 4 740 370 2.79%

238 500 ENI SPA ROMA 4 002 030 2.36%1 160 000 TELECOM ITALIA SPA / RISP. N-CV 738 340 0.43%

Belgium 3 020 198 1.78%

134 500 BELGACOM SA 3 020 198 1.78%

South Africa 2 684 848 1.58%

192 600 GOLD FIELDS / SPONS. ADR 1 944 136 1.14%100 000 HARMONY GOLD MINING / SPONS. ADR 740 712 0.44%


610 000 CHINA YURUN FOOD GROUP LTD * 418 281 0.25%669 418 ESPRIT HOLDINGS LTD * 669 156 0.39%

Julius Baer Multistock - LUXURY BRANDS FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 2.17% for A-CHF shares, 2.16% for A-EUR shares, 2.17% for A-USD shares, 2.17% for B-CHF shares, 2.16% for B-EUR shares, 2.12% for B-GBP shares, 2.17% for B-USD shares, 1.44% for C-CHF shares, 1.43% for C-EUR shares, 1.39% for C-GBP shares, 1.42% for C-USD shares, 2.92% for E-EUR shares and 2.92% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


LBF - 1


Assets Investments at market value 158 744 107 (Cost: 142 571 101) Cash at banks 3 909 420 Subscriptions receivable 2 222 134 Dividends and interest 98 890 Other receivables 1 156


Liabilities Bank overdraft 38 405 Payables for redemptions 2 048 946 Management fees payable 180 590 "Taxe d'abonnement" payable 13 614 Other liabilities 66 150






Expenses Management fees 1 792 638 Custodian fees and charges 512 "Taxe d'abonnement" and other taxes 43 683 Bank interest 2 608 Other expenses* 666 493 Equalisation 298 885


Net profit/loss -527 071 Realised profit/loss on: - Securities 4 150 020 - Forward foreign exchange contracts 174 884 - Foreign currencies -194 318

Net realised profit/loss 3 603 515 Net change in unrealised appreciation/ depreciation on: - Securities -15 282 899 - Forward foreign exchange contracts 375



30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 42 868 755 155 617 826 Foreign exchange difference – sub-fund -481 284 3 292 978 Total profit/loss 23 371 522 -11 679 009 Net subscriptions/redemptions 89 944 098 15 434 552 Dividend distributions -85 265 -38 345 Net assets at the end of the financial year 155 617 826 162 628 002


LBF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-CHF) 27 849.00 40 022.63 42 205.85Distribution shares (Shares A-EUR) 72 963.00 55 689.48 35 099.39Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 12 016.00 19 837.33 29 581.19Accumulation shares (Shares B-CHF) 26 996.02 54 377.47 50 874.16Accumulation shares (Shares B-EUR) 210 197.10 465 232.08 253 237.57Accumulation shares (Shares B-GBP) 10.00 - 6 312.95Accumulation shares (Shares B-USD) 54 872.69 109 533.70 222 909.63Accumulation shares (Shares C-CHF) 660.00 3 265.29 609.93Accumulation shares (Shares C-EUR) 13 643.61 253 419.27 339 774.49Accumulation shares (Shares C-GBP) - - 26 404.14Accumulation shares (Shares C-USD) 125.00 20 515.53 26 761.55Accumulation shares (Shares E-EUR) 1 123.58 30 100.55 56 486.22Accumulation shares (Shares E-USD) 278.00 64 151.20 95 561.20

Net Assets 42 868 755 155 617 826 162 628 002

NAV per share Distribution shares (Shares A-CHF) 91.70 113.64 114.91Distribution shares (Shares A-EUR) 111.40 149.24 153.30Distribution shares (Shares A-GBP) 93.89 - -Distribution shares (Shares A-USD) 92.08 146.29 131.63Accumulation shares (Shares B-CHF) 93.78 116.76 118.47Accumulation shares (Shares B-EUR) 114.03 153.64 158.47Accumulation shares (Shares B-GBP) 93.89 - 92.89Accumulation shares (Shares B-USD) 94.34 150.49 135.80Accumulation shares (Shares C-CHF) 95.62 120.02 122.71Accumulation shares (Shares C-EUR) 116.26 157.91 164.09Accumulation shares (Shares C-GBP) - - 94.10Accumulation shares (Shares C-USD) 96.24 154.76 140.70Accumulation shares (Shares E-EUR) 112.03 149.82 153.38Accumulation shares (Shares E-USD) 92.69 146.75 131.43







LBF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 158 744 107 97.61%


158 744 107 97.61%

Equities 158 744 107 97.61%

United States 40 948 621 25.18%

37 800 BROWN-FORMAN CORP. B /NON-VOT 2 884 780 1.77%183 500 COACH INC 8 455 995 5.20%131 800 ESTEE LAUDER COS A 5 620 753 3.46%

24 200 GUESS INC. 579 137 0.36%101 400 NIKE INC B 7 013 823 4.31%

64 700 POLO RALPH LAUREN 7 140 682 4.39%158 600 TIFFANY & CO 6 617 446 4.07%

41 100 TRUE RELIGION APPAREL INC 938 559 0.58%22 800 UNDER ARMOUR INC /-A- 1 697 446 1.04%

France 37 396 494 23.01%

22 650 CHRISTIAN DIOR SA. 2 451 862 1.51%13 200 HERMES INTERNATIONAL 3 197 700 1.97%67 300 L OREAL 6 207 752 3.82%89 500 LVMH MOET HENNESSY EUR 0.3 10 726 575 6.60%89 000 PERNOD-RICARD * 7 499 140 4.61%39 700 PPR SA 4 456 325 2.74%33 000 REMY COINTREAU SA 2 857 140 1.76%

Switzerland 26 566 086 16.32%

216 700 CIE FINANCIERE RICHEMONT SA 9 354 236 5.75%197 LINDT & SPRUENGLI / REG OPR 5 706 682 3.51%

37 000 THE SWATCH GROUP AG 11 505 168 7.06%

Italy 18 502 924 11.37%

500 500 CAMPARI AZ / POST FRAZIONAMENTO 2 747 745 1.69%190 500 LUXOTTICA GROUP 5 261 610 3.24%100 000 PRADA SHS * 523 677 0.32%285 000 SALVATORE FERRAGAMO SPA 4 674 000 2.87%

53 400 TOD S SPA * 4 215 930 2.59%94 900 YOOX S.P.A 1 079 962 0.66%


523 500 BURBERRY GROUP PLC 8 572 839 5.27%275 800 DIAGEO PLC 5 597 054 3.44%

Germany 11 973 909 7.37%

115 300 BMW - BAYER. MOTORENWERKE 6 564 029 4.04%69 500 HUGO BOSS 5 409 880 3.33%


4 170 000 BELLE INTERNATIONAL HOLDI LTD 5 557 823 3.42%1 320 000 CHOW TAI FOOK JEWELLERY GROUP * 1 287 301 0.79%4 620 000 HENGDELI * 1 145 161 0.70%

100 000 STELLA INTERNATIONAL 194 030 0.12%

Panama 1 001 865 0.62%

37 100 CARNIVAL CORP 1 001 865 0.62%

Julius Baer Multistock - NATURAL RESOURCES FUND

* See Page 14



NRF - 1








Income Income from investments 1 029 166 Bank interest 84 Income from securities lending 40 512 Other income 4 394 Equalisation 47 693


Expenses Management fees 811 180 "Taxe d'abonnement" and other taxes 20 231 Other expenses* 363 946


Net profit/loss -73 508 Realised profit/loss on: - Securities -6 601 194 - Foreign currencies -213 501




30 June 2011 USD

30 June 2012USD



NRF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-CHF) 20 062.09 26 736.87 21 112.09Distribution shares (Shares A-EUR) 5 407.84 6 246.23 6 476.81Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 8 938.39 4 728.00 1 603.68Accumulation shares (Shares B-CHF) 86 987.75 73 970.30 54 048.30Accumulation shares (Shares B-EUR) 113 461.36 127 447.92 94 547.34Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-USD) 317 147.14 315 453.15 179 463.49Accumulation shares (Shares C-CHF) 1 650.00 8 910.00 8 910.00Accumulation shares (Shares C-EUR) 23 951.86 16 616.77 9 010.00Accumulation shares (Shares C-USD) 54 131.43 64 131.43 64 601.11Accumulation shares (Shares E-EUR) 5 287.14 18 767.35 13 123.85Accumulation shares (Shares E-USD) 10 558.84 61 742.55 55 104.79

Net Assets 48 890 865 74 840 855 40 350 871








NRF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 39 965 346 99.04%


38 867 531 96.33%

Equities 38 853 466 96.30%

United States 13 977 651 34.66%

3 615 AGCO CORP. 165 314 0.41%5 510 ALLEGHENY TECHNOLOGIES/WHEN ISS 175 714 0.44%

19 000 ALPHA NATURAL RESOURCES INC 165 490 0.41%1 270 AMERICAN VANGUARD CORP. 33 769 0.08%8 210 ANADARKO PETROL. CORP. 543 502 1.35%

16 800 BAKER HUGHES INC 690 480 1.71%4 720 CAMERON INTERNATIONAL CORP 201 591 0.50%1 600 CERES INC 14 480 0.04%2 100 CF INDUSTRIES HOLDING INC 406 854 1.01%

22 047 CHESAPEAKE ENERGY 410 074 1.02%6 507 CHEVRON CORPORATION 686 488 1.70%

10 200 COBALT INTL ENERGY INC 239 700 0.59%6 424 CODEXIS INC 24 026 0.06%

11 900 CONOCOPHILLIPS 664 972 1.65%27 615 CONSOL ENERGY INC 835 078 2.07%

7 025 CORN PRODUCTS INTERNATIONL INC 347 878 0.86%13 900 DENBURY RESOURCES INC 210 029 0.52%

4 100 DRIL - QUIP INC. HOUSTON TEXAS 268 919 0.67%4 960 EOG RESOURCES INC. 446 946 1.11%5 157 EXXON MOBIL CORP 441 284 1.09%

12 100 FREEPORT MCMORA. COPPER & GOLD 412 247 1.02%18 694 GEVO INC * 92 909 0.23%12 915 GREEN PLAINS RENEWA. ENERGY INC 80 590 0.20%

3 645 KIOR INC * 32 623 0.08%9 100 MARATHON PETROLEUM CORP 408 772 1.01%

10 806 MONSANTO CO 894 521 2.22%17 315 MOSAIC CO 948 168 2.35%

5 308 NATIONAL OILWELL VARCO INC 342 048 0.85%6 574 OCCIDENTAL PETROLEUM CORP 563 852 1.40%

14 300 PATTERSON UTI ENERGY INC 208 208 0.52%21 970 PEABODY ENERGY 538 704 1.34%21 150 PHILLIPS 66 - SHS WHEN ISSUED 703 026 1.74%

4 117 PIONEER NATURAL RESOURCES CO 363 161 0.90%2 415 SMITHFIELD FOODS 52 236 0.13%

13 829 SOUTHWESTERN ENERGY CO 441 560 1.09%14 031 TESORO CORP. 350 214 0.87%

3 222 TITAN INTERNATIONAL INC. 79 036 0.20%400 TRIMBLE NAVIGATION LTD 18 404 0.05%

1 145 TYSON FOODS INC. -A- 21 560 0.05%3 710 WALTER ENERGY INC 163 834 0.41%2 780 WEYERHAEUSER CO 62 161 0.15%5 526 WHITING PETROLEUM CORP 227 229 0.56%

Canada 6 628 680 16.44%

5 598 AGRIUM INC 495 471 1.23%6 775 AURICO GOLD INC EQ USD 54 268 0.13%

15 685 BARRICK GOLD CORP 589 285 1.46%10 910 CANADIAN NATURAL RESOUR. 292 934 0.73%

3 615 CERES GLOBAL AG / IPO 21 134 0.05%4 435 DETOUR GOLD CORPORATION 89 226 0.22%5 355 ECOSYNTHETIX INC 20 486 0.05%

16 797 ENCANA CORP * 349 882 0.87%33 290 FIRST QUANTUM MINERALS LTD 587 787 1.46%28 735 GOLDCORP INC 1 079 860 2.68%11 900 HUSKY ENERGY INC * 297 077 0.74%13 259 IMPERIAL OIL LTD * 553 165 1.37%15 405 IVANHOE MINES LIMITED 151 715 0.38%48 620 KINROSS GOLD CORP 396 253 0.98%

3 746 MAPLE LEAF FOODS INC 43 029 0.11%


Securities

Market

valueUSD

% ofnet

assets

9 885 NEW GOLD INC 93 908 0.23%22 011 POTASH CORP SASKATCHEWAN 960 801 2.38%

8 115 RUBICON MINERALS CORP 24 756 0.06%18 226 SUNCOR ENERGY 527 643 1.31%


35 407 ANGLO AMERICAN PLC 1 159 829 2.87%23 740 ANTOFAGASTA PLC 405 117 1.00%44 695 BG GROUP PLC 911 323 2.26%18 240 BHP BILLITON PLC 516 670 1.28%76 653 BP PLC 507 295 1.26%

5 530 BP PLC / ADR (6 SHS) 224 186 0.56%72 467 CAIRN ENERGY 301 088 0.75%

5 700 ENSCO PLC 267 729 0.66%40 644 RIO TINTO PLC / REG. 1 924 554 4.78%

Australia 2 196 813 5.44%

142 494 AUSTRALIAN AGRICULTURAL COMP. 163 591 0.41%43 940 BURU ENERGY LTD * 141 428 0.35%

169 775 FORTESCUE METALS GROUP LTD 852 737 2.11%3 046 GRAINCORP LTD -A- 29 662 0.07%

79 909 INCITEC PIVOT LTD 233 446 0.58%53 590 KAROON GAS AUSTRALIA LTD 221 378 0.55%

192 597 NEW STANDARD ENERGY LTD 106 608 0.26%105 305 WHITEHAVEN COAL 447 963 1.11%

Norway 1 038 197 2.57%

241 145 MARINE HARVEST ASA 171 028 0.42%27 374 STATOIL ASA 651 142 1.61%

4 962 YARA INTERNATIONAL ASA 216 027 0.54%

Japan 848 109 2.10%

75 800 JX HOLDINGS 387 597 0.96%11 995 NIHON NOHYAKU CO LTD 52 917 0.13%46 000 TONENGENERAL SEKIYU KK TOKYO 407 595 1.01%


386 213 ASIAN CITRUS HLDGS 216 586 0.54%7 990 BUNGE LTD 501 293 1.24%

50 066 PURECIRCLE LTD. REGISTERED * 110 722 0.27%

India 742 823 1.84%

35 219 ABAN OFFSHORE 245 844 0.61%16 351 MCLEOD RUSSEL INDIA LTD / DEMAT. 87 298 0.22%

271 106 REI AGRO 45 399 0.11%27 566 RELIANCE INDUS. / DEMAT OPR 364 282 0.90%

Brazil 657 604 1.62%

26 109 MINERVA SA 109 690 0.27%19 873 PETROLEO BRASILEIRO /SADR 373 016 0.92%17 660 SLC AGRICOLA SA OPR 174 898 0.43%

Spain 641 985 1.59%

40 022 REPSOL SA 641 985 1.59%

Singapore 481 751 1.19%

162 900 BUMITAMA AGRI LTD 126 020 0.31%92 270 CHINA MINZHONG FOOD CORP LTD 42 246 0.10%57 595 FIRST RESSOURCES LTD 87 293 0.22%14 755 OLAM INTERNATIONAL LTD 21 082 0.05%71 976 WILMAR INTERNATIONAL LTD 205 110 0.51%


1 404 SYNGENTA AG / NAM. 479 570 1.19%






NRF - 4


Securities

Market

valueUSD

% ofnet

assets

Hong Kong 436 569 1.08%

141 610 CHINA AGRI INDUSTRIES HOLDINGS 77 223 0.19%181 000 CNOOC LTD 359 346 0.89%

Papua New Guinea 411 873 1.02%

61 065 OIL SEARCH LTD. 411 873 1.02%

Germany 393 633 0.97%

6 863 ASIAN BAMBOO AG 65 974 0.16%7 172 K+S AKTIENGESELLSCHAFT 327 659 0.81%

Portugal 366 743 0.91%

28 899 GALP ENERGIA SGPS SA -B- SHRS 366 743 0.91%

Mauritius 351 607 0.87%


Turkey 347 117 0.86%

16 223 TUPRAS TURKIYE PETROL RAFINEL 347 117 0.86%

South Africa 341 256 0.85%

8 039 SASOL LTD / SPONS. ADR 341 256 0.85%

Curaçao 328 120 0.81%



272 901 CHINA MODERN DAIRY HODLINGS 63 679 0.16%432 000 MONGOLIAN MINING CORP 242 820 0.60%


10 482 ADECOAGRO SA 96 120 0.24%9 149 KERNEL HOLDING SA 167 090 0.41%2 630 MHP GLOBAL NOMINATIVE / GDR 30 245 0.07%

Italy 207 038 0.51%

21 078 FIAT INDUSTRIAL SPA 207 038 0.51%

Russia 107 605 0.27%

2 811 URALKALITY / GDR 107 605 0.27%

Denmark 87 396 0.22%

90 713 TRIGON AGRI A/S 87 396 0.22%

Israel 67 461 0.17%

4 149 EVOGENE LTD 18 615 0.05%4 544 ISRAEL CHEMICALS 48 846 0.12%

Cyprus 56 977 0.14%

9 996 ROS AGRO PLC / GDR 56 977 0.14%


200 CNH GLOBAL NV 7 772 0.02%

China 2 770 0.01%

4 884 CHINA BLUECHEMICAL LTD -H- 2 770 0.01%


CAD 14 065 0.03%

15 585 RIGHTS IVANHOE MINE 17.7.12 * 14 065 0.03%


Securities

Market

valueUSD

% ofnet

assets


Equities 512 597 1.26%


37 134 UNION AGRICULTURE GROUP CORP 344 158 0.85%15 803 UNION AGRICULTURE GROUP CORP 146 462 0.36%

Zambia 21 977 0.05%

46 902 ZAMBEEF PRODUCT PLC 21 977 0.05%


EUR 28 138 0.07%

40 022 RIGHTS REPSOL YPF 5.7.12 28 138 0.07%

CASH EQUIVALENTS 557 080 1.38%

Treasury bills 557 080 1.38%

USD 557 080 1.38%

557 0.000% USA 12 TB 04.10.12 557 080 1.38%

Julius Baer Multistock - NORTHERN AFRICA FUND

* See Page 14



NAF - 1


Assets Investments at market value 42 802 945 (Cost: 53 843 429) Cash at banks 2 938 516 Subscriptions receivable 1 120 431 Dividends and interest 109 999


Liabilities Bank overdraft 2 Payable to brokers 777 901 Payables for redemptions 161 094 Management fees payable 49 994 "Taxe d'abonnement" payable 4 220 Other liabilities 31 001




Income Income from investments 1 324 730 Bank interest 6 137 Income from securities lending 22 790 Other income 237 Equalisation 152 578








30 June 2011 EUR

30 June 2012EUR

Net assets at the beginning of the financial year 84 006 424 84 214 601 Foreign exchange difference – sub-fund -2 045 511 5 032 767 Total profit/loss -13 663 772 -14 218 747 Net subscriptions/redemptions 16 058 865 -28 993 390 Dividend distributions -141 405 -87 552 Net assets at the end of the financial year 84 214 601 45 947 679


NAF - 2


30 June 2011 EUR

30 June 2012EUR

Number of shares outstanding Distribution shares (Shares A-CHF) 3 226.58 4 434.61 2 890.02Distribution shares (Shares A-EUR) 19 012.13 28 234.36 29 569.59Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 14 958.25 24 194.87 22 286.02Accumulation shares (Shares B-CHF) 37 448.82 88 664.91 93 914.41Accumulation shares (Shares B-EUR) 358 549.71 325 821.85 221 883.57Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-USD) 89 014.38 393 856.66 49 144.28Accumulation shares (Shares C-CHF) 22 170.00 35 810.00 35 510.00Accumulation shares (Shares C-EUR) 228 502.27 64 387.65 92 934.48Accumulation shares (Shares C-USD) 95 777.32 94 183.42 76 720.31Accumulation shares (Shares E-EUR) 19 830.95 31 003.19 27 374.43Accumulation shares (Shares E-USD) 9 976.00 5 891.00 1 914.00

Net Assets 84 006 424 84 214 601 45 947 679







NAF - 3


Securities

Market

valueEUR

% ofnet

assets

TOTAL 42 802 945 93.16%


35 953 287 78.25%

Equities 35 953 287 78.25%

Egypt 10 650 674 23.19%

2 938 500 AMER GROUP 252 246 0.55%99 453 COMMERCIAL INTL / GDR (REG.S) 333 456 0.73%

146 275 COMMERCIAL INTL. BANK LTD 493 890 1.07%233 279 CREDIT AGRICOLE EGYPT 275 193 0.60%137 694 EGYPTIAN INTL. PHARMACEUTICAL 569 863 1.24%704 164 EZZ STEEL 640 186 1.39%

2 300 000 JUHAYNA FOOD INDUSTRIES 1 420 943 3.09%94 734 NATIONAL SOCIETE GENERALE BANK 357 321 0.78%53 850 ORASCOM CONSTR. IND. / SGDR 1 720 845 3.75%38 213 ORASCOM CONSTRUCTION INDUSTRIE 1 235 421 2.69%

2 263 643 ORASCOM TEL MED 435 737 0.95%2 263 643 ORASCOM TELECOM HOLDING 895 028 1.95%1 781 810 PALM HILLS DEVLOPMENTS SAE 444 957 0.97%

154 788 SEWEDY ELEC 475 927 1.04%198 278 SIXTH OF OC. DVPT & INV / SOD SA 437 119 0.95%218 345 TELECOM EGYPT 377 703 0.82%500 000 TMG HOLDING 284 839 0.62%

Canada 5 530 215 12.03%

135 000 AUREUS MINING 93 436 0.20%647 364 BANRO CORP 1 866 434 4.06%

51 650 BANRO CORP 148 554 0.32%156 224 FIRST QUANTUM MINERALS LTD 2 173 579 4.73%134 124 IAMGOLD SHS 1 248 212 2.72%

Nigeria 4 319 932 9.40%

14 840 328 ACCESS BANK NIGERIA 466 295 1.01%2 653 700 ASHAKA CEMENT 119 483 0.26%

773 936 DANGOTE CEMENT PLC 412 164 0.90%5 396 265 DANGOTE FLOUR MILLS PLC 142 384 0.31%6 208 768 DANGOTE SUGAR REFINERY 125 648 0.27%4 278 880 DIAMOND BANK NIGERIA PLC 44 539 0.10%4 436 738 FIRST BK OF NIGERIA 234 563 0.51%1 383 930 GLAXOSMITHKLINE NIGERIA 155 779 0.34%3 154 152 GUARANTY TRUST BANK 229 058 0.50%

109 804 GUARANTY TRUST BK PLC / SGDR 475 885 1.04%231 439 GUINESS NIGERIA 255 472 0.56%157 893 NESTLE FOODS NIGERIA PLC 341 125 0.74%696 394 NIGERIAN BREWERIES PLC 341 300 0.74%

11 655 555 SKYE BANK PLC 162 517 0.35%19 539 732 UNITED BANK FOR AFRICA 346 236 0.75%7 022 500 ZENITH BANK 467 484 1.02%


2 083 156 FIRESTONE DIAMONDS PLC 160 914 0.35%153 000 HUMMINGBIRD RESOURCES PLC 209 897 0.46%483 800 LN MINING 1 168 974 2.54%

9 042 871 LONRHO * 752 166 1.64%85 311 TULLOW OIL PLC 1 549 939 3.37%

Tunisia 3 709 602 8.08%

28 132 AMEN BANK AB TUNISIE 532 795 1.16%17 737 BANQUE DE L HABITAT 153 375 0.33%23 350 BANQUE DE TUNISIE 136 509 0.30%97 750 BANQUE NATIONALE AGRICOLE BNA 567 569 1.24%

7 364 BIAT 256 914 0.56%68 950 L ACCUMULATEUR TUNISIEN (ASSAD) 356 703 0.78%



Securities

Market

valueEUR

% ofnet

assets

220 899 POULINA GROUP HOLDING 838 927 1.83%53 600 SOCIETE TUNISIENNE DE L AIR 42 743 0.09%

269 289 TUNISIE PROFIELS ALUMINIUM 824 067 1.79%


613 021 AFRICAN MINERALS LTD 2 401 743 5.22%1 443 206 NAMAKWA DIAMONDS LTD 74 915 0.16%

Ireland 2 092 602 4.56%

3 205 152 KENMARE RESOURCES PLC 1 564 724 3.41%6 520 788 PETROCELTIC INTL PLC 527 878 1.15%

Jersey 976 641 2.12%

570 000 CENTAMIN SHS 487 850 1.06%6 896 RANDGOLD RESOURCES LTD 488 791 1.06%

Australia 676 124 1.47%

105 000 MINERAL DEPOSITS LIMITED 367 235 0.80%4 671 500 NYOTA MINERALS 308 889 0.67%

Zambia 573 569 1.25%

1 389 629 ZAMBEEF PRODUCT PLC 573 569 1.25%

France 519 482 1.13%

7 750 STE. INTERN. PLAN. HEVEAS SIPH 519 482 1.13%

Germany 358 386 0.78%

42 665 ADC AFRICAN DE CORP GMBH & CO 358 386 0.78%

Morocco 227 512 0.50%

22 702 MAROC TELECOM 227 512 0.50%


Equities 6 666 531 14.51%

Kenya 3 310 346 7.22%

269 200 ATHI RIVER MINING LTD 508 583 1.11%159 800 BAMBURI CEMENT CO LTD 248 096 0.54%

1 721 000 BARCLAYS BANK 209 247 0.46%143 990 DIAMOND TRUST OF KENYA LTD 140 056 0.30%208 300 EAST AFRICAN BREWERIES LTD 444 181 0.97%

2 335 800 EQUITY BANK LTD 464 227 1.01%3 271 680 KENYA AIRWAYS LTD 413 086 0.90%1 600 810 KENYA COMMERCIAL BANK 348 095 0.76%1 415 100 KENYA ELECTR GEN CO 113 821 0.25%

12 859 700 SAFARICOM 420 954 0.92%

Morocco 3 060 500 6.65%

35 713 ATTIJARIWAFA BANK 1 081 458 2.35%5 169 BCP MAROC 92 487 0.20%

68 213 DOUJA PROM. GRP ADDOHA MAROC 413 001 0.90%2 219 HOLCIM 391 022 0.85%2 766 LAFARGE CIMENTS 386 680 0.84%3 695 SALAFIN (GRP BMCE) 166 953 0.36%1 888 WAFA ASSURANCES. MAROC 528 899 1.15%

Togo 178 895 0.39%

3 150 000 ECOBANK TRANSNATIONAL INC 178 895 0.39%

Nigeria 116 790 0.25%

112 200 DIAMOND BANK NIGERIA PLC / GDR 116 790 0.25%





NAF - 4


Securities

Market

valueEUR

% ofnet

assets



TND 183 127 0.40%

269 289 RIGHTS TUNISIE PROFILES 2012 36 237 0.08%377 851 RIGHTS TUNISIE PROFILES AL 146 890 0.32%


* See Page 14

The TER (Total Expense Ratio) amounts to 2.18% for A-EUR shares, 2.17% for A-USD shares, 2.17% for B-EUR shares, 2.17% for B-USD shares, 1.57% for C-EUR shares, 1.57% for C-USD shares, 2.92% for E-EUR shares and 2.92% for E-USD shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


RUF - 1


Assets Investments at market value 25 079 386 (Cost: 30 004 849) Derivative instruments at market value: - Futures 25 505 Cash at banks 492 373 Subscriptions receivable 9 099 Dividends and interest 496 384


Liabilities Bank overdraft 148 Payable to brokers 630 438 Payables for redemptions 2 579 Management fees payable 26 940 "Taxe d'abonnement" payable 2 256 Other liabilities 11 300




Income Income from investments 932 501 Bank interest 642 Equalisation 1 912




Net profit/loss 335 258 Realised profit/loss on: - Securities -3 182 275 - Futures -40 324 - Foreign currencies -60 956




30 June 2011 USD

30 June 2012USD



RUF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-CHF) 21 515.10 - -Distribution shares (Shares A-EUR) 2 994.21 14 583.21 18 572.73Distribution shares (Shares A-GBP) 10.00 - -Distribution shares (Shares A-USD) 1 606.00 17 974.49 19 248.34Accumulation shares (Shares B-CHF) 12 677.30 - -Accumulation shares (Shares B-EUR) 41 037.60 85 825.92 68 406.81Accumulation shares (Shares B-GBP) 10.00 - -Accumulation shares (Shares B-USD) 57 570.09 75 191.30 74 061.87Accumulation shares (Shares C-CHF) 10.00 - -Accumulation shares (Shares C-EUR) 82 260.96 88 948.99 70 171.69Accumulation shares (Shares C-USD) 10.00 11 507.18 10 787.35Accumulation shares (Shares E-EUR) 3 123.79 4 790.95 2 967.37Accumulation shares (Shares E-USD) 546.64 4 003.45 5 466.50

Net Assets 20 840 719 39 794 551 25 429 086

NAV per share Distribution shares (Shares A-CHF) 73.47 - -Distribution shares (Shares A-EUR) 89.35 103.05 86.04Distribution shares (Shares A-GBP) 86.65 - -Distribution shares (Shares A-USD) 69.59 95.06 69.43Accumulation shares (Shares B-CHF) 73.66 - -Accumulation shares (Shares B-EUR) 89.51 103.40 86.42Accumulation shares (Shares B-GBP) 86.65 - -Accumulation shares (Shares B-USD) 69.66 95.30 69.69Accumulation shares (Shares C-CHF) 74.96 - -Accumulation shares (Shares C-EUR) 91.10 106.03 89.15Accumulation shares (Shares C-USD) 70.89 97.68 71.86Accumulation shares (Shares E-EUR) 88.40 101.35 84.08Accumulation shares (Shares E-USD) 68.80 93.41 67.80

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





RUF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 25 079 386 98.62%


15 640 191 61.51%

Equities 15 640 191 61.51%

Russia 14 085 197 55.40%

20 000 AFK SISTEMA / SGDR 373 100 1.47%150 000 FED. HYDR. CO - RUSHYDRO OJSC / SADR 358 350 1.41%185 000 GAZPR SPONS. ADR REPR 2 SHS 1 724 164 6.78%

30 500 GAZPROM NEFT OJSC / ADR 695 909 2.74%120 000 GROUPE LSR / SGDR REPR. SREG S 514 680 2.02%

17 500 LUKOIL / SADR REP.1 SHS. 960 750 3.78%21 000 MAGNIT OJSC - SGDR 631 680 2.48%56 000 MMC NORILSK NICKEL / SADR 925 120 3.64%68 000 MOBILE TELESYSTEMS / SADR 1 169 600 4.60%50 000 NOMOS BANK OJSC SHS / SGDR 509 290 2.00%

5 800 NOVATEK OAO / SGDR 614 800 2.42%28 500 OAO TATNEFT / SGDR REP.6 REG.S 956 175 3.76%53 000 PHOSAGRO OJSC / SGDR 609 516 2.40%

1 158 POLYM. JT STK CO / SGDR REGS 18 764 0.07%85 000 ROSNEFT OIL CO OJSC / SGDR 532 100 2.09%

160 000 SEVERSTL CHERPVT MET / SGDR 1 876 799 7.39%70 000 TRUBNAYA METALL. KOMP. / SGDR REG 840 000 3.30%

220 000 VNESHTORGBANK SGDR 774 400 3.05%

Guernsey 926 500 3.64%

170 000 ETALON GROUP / SGDR 926 500 3.64%

Ireland 628 494 2.47%

74 000 DRAGON OIL PLC 628 494 2.47%


Equities 9 439 195 37.11%

Russia 9 439 195 37.11%

25 000 BANK ST. PETERSBURG -A- PREF 59 375 0.23%11 170 BASHNEFT OJSC 542 413 2.13%

6 000 000 FEDERAL HYDROGENERATING COMPANY OJSC

169 200 0.67%

120 000 000 FSK EES 696 000 2.74%5 000 000 FTH GEN. CO. WHOLES. EL. OJSC WGC4 390 000 1.53%

4 000 GAZPROM AVTOMATIZATSIYA / 3PREF 30 000 0.12%3 000 GAZPROM AVTOMATIZATSIYA OJSC 90 000 0.35%

1 500 000 JSC SURGUTNEFTEGAZ / PREF. 832 500 3.27%14 000 LUKOIL HOLDING 750 400 2.95%

122 500 M VIDEO COMPANY JSC 865 462 3.40%3 700 MAGNIT JSC 429 200 1.69%

240 000 ROSTELEKOM 1 165 200 4.58%707 000 SBERBANK OF RUSSIA OJSC 1 792 245 7.05%160 000 TNK-BP HOLDING 369 600 1.45%

650 TRANSNEFT OJSC MOSCOW 825 500 3.25%60 000 URALKALIY. BEREZNIKI 430 200 1.69%95 000 YAKUTIA RAILWAYS JSC 1 900 0.01%

Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.92% for A-CHF shares, 1.92% for B-CHF shares, 1.08% for C-CHF shares and 2.67% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


SSSF - 1

STATEMENT OF NET ASSETS as at 30 June 2012 CHF

Assets Investments at market value 85 033 599 (Cost: 96 574 936) Cash at banks 503 069 Subscriptions receivable 946





PROFIT AND LOSS ACCOUNT from 1 July 2011 until 30 June 2012 CHF



Expenses Management fees 1 169 241 Custodian fees and charges 878 "Taxe d'abonnement" and other taxes 37 829 Other expenses* 430 823


Net profit/loss 130 578 Realised profit/loss on: - Securities -4 300 721 - Foreign currencies -37




30 June 2011 CHF

30 June 2012CHF



SSSF - 2

COMPARATIVE STATEMENT 30 June 2010CHF

30 June 2011 CHF

30 June 2012CHF

Number of shares outstanding Distribution shares (Shares A-CHF) 67 446.34 49 139.00 48 665.33Accumulation shares (Shares B-CHF) 228 973.72 183 195.93 158 871.68Accumulation shares (Shares C-CHF) 29 576.62 58 929.18 33 930.75Accumulation shares (Shares E-CHF) 4 060.20 4 367.32 4 806.98

Net Assets 120 471 097 119 302 974 85 223 977

NAV per share Distribution shares (Shares A-CHF) 302.88 328.41 285.54Accumulation shares (Shares B-CHF) 381.71 414.60 361.13Accumulation shares (Shares C-CHF) 414.86 454.45 399.21Accumulation shares (Shares E-CHF) 91.43 98.57 85.21

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






SSSF - 3


Securities

Market

valueCHF

% ofnet

assets

TOTAL 85 033 599 99.78%


84 199 437 98.80%

Equities 84 199 437 98.80%

Switzerland 84 199 437 98.80%

103 108 ARYZTA AG/NAM. 4 856 387 5.69%22 040 BALOISE HOLDING / NAMEN 1 377 500 1.62%

3 270 BARRY CALLEBAUT AG / NAM. 2 815 470 3.30%798 BELL AG 1 480 290 1.74%

47 372 BOBST GROUP SA. PRILLY / NOM. 1 231 672 1.45%11 051 BOSSARD HOLDING AG 1 362 588 1.60%13 551 BUCHER INDUSTRIES AG / NAM OPR 2 051 621 2.41%

7 587 BURCKHARDT COMPRESSION HLDG AG 1 842 124 2.16%364 336 CLARIANT/NAMEN-AKT. 3 397 433 3.99%

19 298 DAETWYLER HOLDING AG 1 304 545 1.53%26 008 DKSH HOLDING LTD SHS 1 352 416 1.59%20 521 DUFRY AG BASEL 2 349 654 2.76%

6 219 FISCHER GEORG AG / NAM. 2 028 949 2.38%6 838 GALENICA AG / NAMENAKTIE * 4 119 895 4.82%

129 786 GAM HOLDING AG / NAMEN-AKT OPR 1 369 242 1.61%9 528 GOLDBACH GROUP AG / NAMEN AKT 209 140 0.25%3 708 HELVETIA HOLDING SA / NOM. 1 060 488 1.24%4 400 INTERROLL HOLDING LTD / NAM. 1 438 800 1.69%7 285 KABA HOLDING AG RUEMLANG 2 622 600 3.08%

53 747 KARDEX / NAMEN AKT. 873 389 1.02%8 483 KOMAX HOLDING AG 609 079 0.71%

35 350 KUEHNE + NAGEL INTERNATIONAL 3 542 070 4.16%8 557 KUONI REISEN HOLDING / NAM.-B- 2 481 530 2.91%

552 LINDT & SPRUENGLI / PARTIZ OPR 1 617 360 1.90%335 553 LOGITECH INTERNATIONAL SA OPR * 3 429 352 4.02%

9 999 PANALPINA WELTR. / NAMEN - AKT. 849 415 1.00%18 487 PARTNERS GROUP HOLDING 3 116 908 3.66%

2 454 PHOENIX MECANO AG (CHF 10) OPR 1 141 110 1.34%23 823 SCHINDLER HOLDING / PARTIC. OPR 2 520 473 2.96%

2 221 SIKA SA. BAAR * 4 059 988 4.75%55 501 SONOVA HOLDING AG /NOM. 5 075 566 5.95%16 887 STRAUMANN HOLDING AG / NOM. * 2 348 982 2.76%14 243 SULZER AG/ NAMENSAKTIEN 1 595 216 1.87%16 924 SWISS LIFE HOLDING / NAM 1 507 082 1.77%22 462 SWISS PRIME SITE AG / NOM. 1 777 867 2.09%38 612 SWISSQUOTE GROUP HLD / NOM. 1 038 663 1.22%57 795 THE SWATCH GROUP AG / NAM. 3 800 021 4.46%84 219 TORNOS HLDG 689 754 0.81%

822 VETROP. HLD SA. SAINT - PREX 1 370 274 1.61%8 309 VZ HOLDING AG 746 564 0.88%

30 706 ZEHNDER GROUP AG 1 737 960 2.04%


Equities 0 0.00%

Switzerland 0 0.00%

6 139 EASYONE AG 0 0.00%18 000 MINICAP TECHN. -A- /REG. 0 0.00%



7 059 CS ETF (CH) SMIM R 834 162 0.98%

Julius Baer Multistock - SWISS STOCK FUND

* See Page 14

The TER (Total Expense Ratio) amounts to 1.51% for A-CHF shares, 1.51% for B-CHF shares, 0.78% for C-CHF shares and 2.26% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR").


SSF - 1

STATEMENT OF NET ASSETS as at 30 June 2012 CHF

Assets Investments at market value 178 053 644 (Cost: 188 187 706) Derivative instruments at market value: - Futures 1 440 Cash at banks 249 248 Receivable from brokers 41 034 Subscriptions receivable 135 353


Liabilities Bank overdraft 1 440 Payables for redemptions 105 575 Management fees payable 137 992 "Taxe d'abonnement" payable 21 270 Other liabilities 62 206



PROFIT AND LOSS ACCOUNT from 1 July 2011 until 30 June 2012 CHF



Expenses Management fees 1 860 457 Custodian fees and charges 679 "Taxe d'abonnement" and other taxes 89 524 Bank interest 46 Other expenses* 883 135


Net profit/loss 1 998 917 Realised profit/loss on: - Securities -4 424 618 - Futures 1 168 910 - Foreign currencies 7 630




30 June 2011 CHF

30 June 2012CHF



SSF - 2

COMPARATIVE STATEMENT 30 June 2010CHF

30 June 2011 CHF

30 June 2012CHF

Number of shares outstanding Distribution shares (Shares A-CHF) 166 330.44 159 769.99 152 670.98Accumulation shares (Shares B-CHF) 549 546.52 455 988.03 395 993.84Accumulation shares (Shares C-CHF) 24 029.40 43 071.40 5 215.31Accumulation shares (Shares E-CHF) 10 151.59 5 905.85 7 065.75

Net Assets 250 194 644 228 984 935 178 152 236

NAV per share Distribution shares (Shares A-CHF) 268.28 275.66 257.09Accumulation shares (Shares B-CHF) 355.81 366.83 344.44Accumulation shares (Shares C-CHF) 384.02 399.09 377.56Accumulation shares (Shares E-CHF) 79.81 81.67 76.11

Dividend for the previous financial year (Shares A-CHF) 0.80 1.00 1.65






SSF - 3


Securities

Market

valueCHF

% ofnet

assets

TOTAL 178 053 644 99.94%


176 495 602 99.07%

Equities 176 495 602 99.07%

Switzerland 176 495 602 99.07%

522 474 ABB LTD ZUERICH / NAMEN. 8 072 223 4.53%74 103 ACTELION LTD OPR 2 882 607 1.62%

131 299 ADECCO / ACT. NOM. 5 514 558 3.10%111 083 ARYZTA AG/NAM. 5 232 009 2.94%

20 096 BALOISE HOLDING / NAMEN 1 256 000 0.71%5 003 BOBST GROUP SA. PRILLY / NOM. 130 078 0.07%

14 076 BUCHER INDUSTRIES AG / NAM OPR 2 131 106 1.20%156 853 CIE FINANCIERE RICHEMONT SA 8 132 828 4.57%289 033 CLARIANT/NAMEN-AKT. 2 695 233 1.51%213 936 CREDIT SUISSE GROUP / NOM. 3 692 535 2.07%

75 347 DKSH HOLDING LTD SHS 3 918 044 2.20%22 660 DUFRY AG BASEL 2 594 570 1.46%

5 667 FISCHER GEORG AG / NAM. 1 848 859 1.04%4 978 GALENICA AG / NAMENAKTIE * 2 999 245 1.68%

41 256 GAM HOLDING AG / NAMEN-AKT OPR 435 251 0.24%9 008 GEBERIT AG / NAMEN-AKTIEN OPR 1 681 794 0.94%1 198 HELVETIA HOLDING SA / NOM. 342 628 0.19%

31 027 HOLCIM LTD / NAM. 1 624 263 0.91%4 357 INTERROLL HOLDING LTD / NAM. 1 424 739 0.80%6 373 KABA HOLDING AG RUEMLANG 2 294 280 1.29%

28 819 KARDEX / NAMEN AKT. 468 309 0.26%4 544 KOMAX HOLDING AG 326 259 0.18%6 045 KUEHNE + NAGEL INTERNATIONAL 605 709 0.34%

15 479 KUONI REISEN HOLDING / NAM.-B- 4 488 910 2.52%656 074 LOGITECH INTERNATIONAL SA OPR * 6 705 076 3.76%287 340 NESTLE / ACT NOM 16 249 078 9.12%

95 806 NOBEL BIOCARE HOLDING LTD / NAM 937 941 0.53%280 892 NOVARTIS AG BASEL / NAM. 14 859 187 8.34%

21 470 PANALPINA WELTR. / NAMEN - AKT. * 1 823 876 1.02%11 803 PARTNERS GROUP HOLDING * 1 989 986 1.12%

101 918 ROCHE HOLDING AG / GENUSSSCHEIN 16 673 786 9.35%2 573 SIKA SA. BAAR 4 703 444 2.64%

52 443 SONOVA HOLDING AG /NOM. 4 795 912 2.69%26 538 STRAUMANN HOLDING AG / NOM. * 3 691 436 2.07%12 331 SULZER AG/ NAMENSAKTIEN 1 381 072 0.78%22 741 SWISS LIFE HOLDING / NAM 2 025 086 1.14%68 480 SWISS RE-NAMEN 4 077 984 2.29%12 684 SYNGENTA AG / NAM. 4 100 737 2.30%94 705 THE SWATCH GROUP AG / NAM. 6 226 854 3.50%70 051 TRANSOCEAN LTD 2 957 553 1.66%

613 768 UBS AG / NAMENSAKTIEN 6 782 136 3.81%12 454 VZ HOLDING AG 1 118 992 0.63%

283 349 WEATHERFORD INTL * 3 343 518 1.88%19 001 ZEHNDER GROUP AG 1 075 457 0.60%28 967 ZURICH INSURANCE GROUP / NAM 6 184 454 3.47%


Equities 1 558 042 0.87%


45 477 JULIUS BAER GRP OPR 1 558 042 0.87%

Julius Baer Multistock - US LEADING STOCK FUND

* See Page 14



ULSF - 1


Assets Investments at market value 159 256 105 (Cost: 125 588 835) Cash at banks 1 397 439 Subscriptions receivable 1 988 912 Dividends and interest 223 720






Income Income from investments 2 117 764 Bank interest 5 Income from securities lending 1 119 Other income 2 167 Equalisation 123 365


Expenses Management fees 1 172 060 "Taxe d'abonnement" and other taxes 45 335 Other expenses* 866 214


Net profit/loss 160 811 Realised profit/loss on: - Securities 943 821 - Foreign currencies 1 341

Net realised profit/loss 1 105 973 Net change in unrealised appreciation/ depreciation on: - Securities 9 006 925



30 June 2011 USD

30 June 2012USD

Net assets at the beginning of the financial year 79 171 897 100 184 295 Total profit/loss 23 481 921 10 112 898 Net subscriptions/redemptions -2 426 877 49 956 117 Dividend distributions -42 646 -35 985 Net assets at the end of the financial year 100 184 295 160 217 325


ULSF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-USD) 43 094.79 46 388.74 43 564.18Accumulation shares (Shares B-USD) 212 508.47 163 161.86 190 396.26Accumulation shares (Shares C-USD) 20 363.81 58 704.25 145 431.42Accumulation shares (Shares E-USD) 2 753.28 453.71 9 335.75

Net Assets 79 171 897 100 184 295 160 217 325








ULSF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 159 256 105 99.40%


150 057 244 93.66%

Equities 150 057 244 93.66%

United States 143 766 144 89.74%

65 000 ABBOTT LABORATORIES INC 4 190 550 2.62%16 500 AIR PRODUCTS & CHEMICALS 1 332 045 0.83%

125 400 ALTRIA GROUP 4 332 570 2.70%26 000 AMERICAN EXPRESS CO. 1 513 460 0.94%12 000 APACHE CORP. 1 054 680 0.66%20 200 APPLE INC 11 796 799 7.35%35 000 AUTOMATIC DATA PROCES. 1 948 100 1.22%

2 400 BECTON DICKINSON & CO. 179 400 0.11%10 000 BLACKROCK INC 1 698 200 1.06%34 000 CATERPILLAR INC. 2 886 940 1.80%70 000 CHEVRON CORPORATION 7 385 000 4.61%

105 100 COCA-COLA CO. 8 217 769 5.13%46 900 CONOCOPHILLIPS 2 620 772 1.64%50 000 ESTEE LAUDER COS A 2 706 000 1.69%

109 498 EXXON MOBIL CORP 9 369 744 5.84%14 000 FRANKLIN RESOURCES INC. 1 553 860 0.97%72 000 FREEPORT MCMORA. COPPER & GOLD 2 453 040 1.53%45 200 GENERAL ELECTRIC CO 941 968 0.59%26 000 IBM 5 085 080 3.17%

160 000 INTEL CORP. 4 264 000 2.66%3 000 INTUITIVE SURGICAL INC 1 661 370 1.04%

50 300 JOHNSON & JOHNSON 3 398 268 2.12%85 054 JPMORGAN CHASE & CO 3 038 979 1.90%

1 KINDER MORGAN MANAGEMENT LLC 8 0.00%65 000 KRAFT FOODS INC -A- 2 510 300 1.57%60 000 MCDONALD S CORP. 5 311 800 3.32%20 400 MCGRAW HILL COMPANIES INC 918 000 0.57%25 600 MEDTRONIC INC. 991 488 0.62%44 000 MERCK 1 837 000 1.15%73 800 NEWS CORP -A- 1 645 002 1.03%60 000 OCCIDENTAL PETROLEUM CORP 5 146 200 3.21%40 800 PEPSICO INC 2 882 928 1.80%

125 000 PHILIP MORRIS INT. 10 907 500 6.80%23 450 PHILLIPS 66 - SHS WHEN ISSUED 779 478 0.49%23 800 PRAXAIR 2 587 774 1.62%70 800 PROCTER & GAMBLE CO. 4 336 500 2.71%35 000 QUALCOMM INC. 1 948 800 1.22%52 700 TARGET CORP 3 066 613 1.91%73 500 TEXAS INSTRUMENTS INC 2 108 715 1.32%17 000 TIME WARNER CABLE 1 395 700 0.87%40 000 UNITED TECHNOLOGIES CORP 3 021 200 1.89%40 000 WALGREEN CO. OPA 1 183 200 0.74%45 700 WAL-MART STORES INC 3 186 204 1.99%38 000 WALT DISNEY / DISNEY SER. 1 843 000 1.15%19 500 WHOLE FOODS MARKET INC. 1 858 740 1.16%20 000 XILINX INC. 671 400 0.42%

Canada 6 291 100 3.92%

110 000 CANADIAN NATURAL RESOUR. 2 953 500 1.84%80 000 IMPERIAL OIL LTD * 3 337 600 2.08%



USD 9 198 861 5.74%

5 000 0.000% USA 11 TB 26.07.12 4 999 892 3.12%4 200 0.000% USA 12 TB 11.10.12 4 198 969 2.62%

Julius Baer Multistock - US VALUE STOCK FUND

* See Page 14



UVSF - 1


Assets Investments at market value 38 681 337 (Cost: 30 185 959) Cash at banks 155 174 Subscriptions receivable 5 351 Dividends and interest 32 753






Income Income from investments 634 393 Income from securities lending 31 Other income 75


Expenses Management fees 458 915 Custodian fees and charges 217 "Taxe d'abonnement" and other taxes 15 737 Other expenses* 306 253 Equalisation 9 238


Net profit/loss -155 861 Realised profit/loss on: - Securities 4 506 576 - Foreign currencies 1 003

Net realised profit/loss 4 351 718 Net change in unrealised appreciation/ depreciation on: - Securities -7 636 234



30 June 2011 USD

30 June 2012USD



UVSF - 2


30 June 2011 USD

30 June 2012USD

Number of shares outstanding Distribution shares (Shares A-USD) 53 406.50 54 383.22 44 782.18Accumulation shares (Shares B-USD) 282 844.96 216 783.98 183 400.73Accumulation shares (Shares C-USD) 214 033.16 203 932.40 67 741.15Accumulation shares (Shares E-USD) 3 696.85 2 918.75 2 728.01

Net Assets 57 920 351 65 314 963 38 795 036







UVSF - 3


Securities

Market

valueUSD

% ofnet

assets

TOTAL 38 681 337 99.71%


38 680 758 99.71%

Equities 38 680 758 99.71%

United States 38 019 742 98.01%

5 200 ABBOTT LABORATORIES INC 335 244 0.86%7 000 ALTRIA GROUP 241 850 0.62%9 570 AMERICAN EXPRESS CO. 557 070 1.44%1 590 ANADARKO PETROL. CORP. 105 258 0.27%3 750 APPLE INC 2 190 001 5.64%

20 200 AT & T 720 332 1.86%1 000 AUTOZONE INC 367 170 0.95%

33 300 BANK OF AMERICA CORP 272 394 0.70%10 000 BRISTOL MYERS SQUIBB CO 359 500 0.93%

5 900 CAPITAL ONE FINANCIAL CORP. 322 494 0.83%2 100 CATERPILLAR INC. 178 311 0.46%5 500 CELGENE CORP. 352 880 0.91%6 800 CHEVRON CORPORATION 717 400 1.85%

24 460 CISCO SYSTEMS INC. 419 978 1.08%6 673 CITIGROUP INC 182 907 0.47%3 500 CITRIX SYSTEMS INC 293 790 0.76%4 000 COACH INC 233 920 0.60%6 950 COCA-COLA CO. 543 420 1.40%2 000 COLGATE-PALMOLIVE CO. 208 200 0.54%

19 500 COMCAST CORP / -A- 623 415 1.61%8 600 COMMVAULT SYSTEMS INC 426 302 1.10%3 900 CONCHO RESOURCES INC 331 968 0.86%3 700 CUMMINS INC 358 567 0.92%6 700 DANAHER CORP 348 936 0.90%5 000 DISCOVER FIN SVC 172 900 0.45%7 302 DOLLAR TREE INC 392 848 1.01%

13 000 DR HORTON INC 238 940 0.62%14 400 EBAY INC 604 944 1.56%16 300 EXXON MOBIL CORP 1 394 791 3.60%

2 300 F5 NETWORKS INC. 228 988 0.59%5 000 FACEBOOK INC -A- 155 600 0.40%1 000 FEDEX CORP. 91 610 0.24%

15 000 FIFTH THIRD BANCORP 201 000 0.52%36 200 GENERAL ELECTRIC CO 754 408 1.94%

2 500 GILEAD SCIENCES INC. 128 200 0.33%2 050 GOLDMAN SACHS GROUP INC. 196 513 0.51%1 350 GOOGLE INC A 783 094 2.02%1 900 GRAINGER INC. WW 363 356 0.94%3 200 HARLEY DAVIDSON INC. 146 336 0.38%7 000 HEWLETT-PACKARD CO. 140 770 0.36%7 220 IBM 1 412 089 3.64%4 200 IHS INC 452 466 1.17%

24 650 INTEL CORP. 656 922 1.69%8 930 JOHNSON & JOHNSON 603 311 1.56%

17 540 JPMORGAN CHASE & CO 626 704 1.62%9 200 KRAFT FOODS INC -A- 355 304 0.92%7 200 LENNAR CORP. -A- 222 552 0.57%3 400 LILLY (ELI) & CO 145 894 0.38%

950 MASTERCARD INC. SHS-A- 408 604 1.05%2 662 250 MATECH CORP / RESTRICTED 532 0.00%

8 000 MCDONALD S CORP. 708 240 1.83%13 000 MERCK 542 750 1.40%

7 970 METLIFE INC 245 874 0.63%25 800 MICROSOFT CORP 789 222 2.03%

3 600 MONSANTO CO 298 008 0.77%5 800 NETAPP INC 184 556 0.48%

27 300 NEWS CORP -A- 608 517 1.57%2 000 NIKE INC B 175 560 0.45%4 700 O REILLY AUTOMOTIVE INC 393 719 1.01%

35 580 ORACLE CORP 1 056 726 2.72%


Securities

Market

valueUSD

% ofnet

assets

3 600 PARKER-HANNIFIN 276 768 0.71%5 900 PEPSICO INC 416 894 1.07%

25 890 PFIZER INC. 595 470 1.53%10 010 PHILIP MORRIS INT. 873 473 2.25%

2 300 PIONEER NATURAL RESOURCES CO 202 883 0.52%4 620 PNC FINANCIAL SERVICES GP 282 328 0.73%2 200 PRECISION CASTPARTS 361 878 0.93%9 000 PROCTER & GAMBLE CO. 551 250 1.42%3 800 PRUDENTIAL FINANCIAL INC 184 034 0.47%9 000 PULTEGROUP INC 96 300 0.25%8 900 QUALCOMM INC. 495 552 1.28%

34 000 REGIONS FINANCIAL CORP 229 500 0.59%6 900 REYNOLDS AMERICAN INC 309 603 0.80%3 900 ROPER INDUSTRIES 384 462 0.99%2 400 ROSS STORES INC. 149 928 0.39%2 500 STARBUCKS CORP. 133 300 0.34%6 500 STARWOOD HOTELS RESORTS WW 344 760 0.89%

10 600 SUNTRUST BANKS INC. 256 838 0.66%200 SUSQUEHANNA BANCSHARES INC 2 060 0.01%

5 600 TERADATA 403 256 1.04%5 000 TJX COS INC. 214 650 0.55%6 000 TRUE RELIGION APPAREL INC 173 880 0.45%4 000 UNION PACIFIC CORP. 477 240 1.23%2 800 UNITED TECHNOLOGIES CORP 211 484 0.55%7 000 UNITEDHEALTH GROUP INC 409 500 1.06%

11 700 US BANCORP 376 272 0.97%9 600 VERIZON COMMUNICATIONS INC 426 624 1.10%3 700 VISA INC -A 457 431 1.18%8 300 WALGREEN CO. OPA 245 514 0.63%6 410 WAL-MART STORES INC 446 905 1.15%5 700 WALT DISNEY / DISNEY SER. 276 450 0.71%

24 250 WELLS FARGO & CO 810 920 2.09%7 000 WYNDHAM WORLDWIDE CORP 369 180 0.95%


9 000 LYONDELLBASELL IND NV -A- 362 430 0.93%

Curaçao 298 586 0.77%


TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 579 0.00%

Equities 579 0.00%

United States 579 0.00%

965 000 NUVIM INC 579 0.00%

Addresses

Registered office of the Company Julius Baer Multistock 69, Route d'Esch L - 1470 Luxembourg Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand- Rue L - 1661 Luxembourg Tel. (+352) 26 48 44 1 Fax (+352) 26 48 44 44 Representative in Switzerland Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich (new address since 19 September 2011) Tel. (+41) (0) 58 426 60 60 Fax (+41) (0) 58 426 61 00 Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Dexia Investor Services Bank S.A. (from 27 July 2012: RBC Investor Services Bank S.A.) 14, Porte de France L - 4360 Esch-sur-Alzette Tel. (+352) 26 05 1 Fax (+352) 24 60 95 00 Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'Esch L - 1471 Luxembourg Tel. (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00 Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Tel. (+352) 26 08 1 Fax (+352) 26 08 88 88

Julius Baer Multistock Société d'Investissement à Capital ...

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