Julius Baer Multistock Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multistock Société d'investissement à Capital Variable Annual Report as at 30 June 2013 (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 Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D Frankfurt / Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL Vaduz Trade and Companies Register number: R.C.S. Luxembourg B-32188

2 Contents Page Organisation and Management 4 Information on risk management (unaudited) 6 Audit Report 8 Notes to the Annual Report 11 Additional Information for Swiss Shareholders (unaudited) 23 Julius Baer Multistock (Umbrella fund) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Julius Baer Multistock - AFRICA OPPORTUNITIES FUND Julius Baer Multistock - AGRICULTURE FUND Julius Baer Multistock - ASIA STOCK FUND Julius Baer Multistock - BIOTECH FUND Julius Baer Multistock - BLACK SEA FUND Julius Baer Multistock - CENTRAL OPE STOCK FUND Julius Baer Multistock - CHINDONESIA FUND Julius Baer Multistock - ENERGY TRANSITION FUND Julius Baer Multistock - O LARGE CAP STOCK FUND Julius Baer Multistock - OLAND VALUE STOCK FUND Julius Baer Multistock - OPE SELECTION FUND Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND Julius Baer Multistock - OPE STOCK FUND Julius Baer Multistock - GERMAN VALUE STOCK FUND Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) Julius Baer Multistock - HEALTH OPPORTUNITIES FUND Julius Baer Multistock - INFRASTRUCTURE FUND Julius Baer Multistock - JAPAN STOCK FUND MS AREE AOF AGF ASF BTF BSF CESF CHI ETF ELCSF EUSF EGSF ESSF ESF GVSF GESF GSL GSF HOF INFU JSF 2

3 Contents Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE Julius Baer Multistock - LUXURY BRANDS FUND Julius Baer Multistock - NATURAL RESOURCES FUND Julius Baer Multistock - NORTHERN AFRICA FUND Julius Baer Multistock - RUSSIA FUND Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND Julius Baer Multistock - SWISS STOCK FUND Julius Baer Multistock - US LEADING STOCK FUND Julius Baer Multistock - US VALUE STOCK FUND GCSF LBF NRF NAF RUF SSSF SSF ULSF UVSF Addresses 3

4 Organisation and Management The Company has its registered office at 69, Route d'esch L Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Group Management Board, GAM Group Head of Operations Swiss & Global Asset Management Zurich, Switzerland Members: Me Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges Member of the Group Management Board, GAM Group Head of Operations GAM and Region Head UK GAM (UK) Ltd. London, United Kingdom Jean-Michel Loehr Independent Director Luxembourg, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Managing Director Head of Legal & Compliance Swiss & Global Asset Management AG Zurich, Switzerland Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Group Management Board, GAM Group Head of Operations Swiss & Global Asset Management Zurich, Switzerland Members: Andrew Hanges Member of the Group Management Board, GAM Group Head of Operations GAM and Region Head UK GAM (UK) Ltd. London, United Kingdom Yvon Lauret Independent Director Luxembourg, Grand Duchy of Luxembourg Michel Malpas Independent Director Luxembourg, Grand Duchy of Luxembourg Michele Porro Member of the Group Management Board, GAM Group Head of Distribution and Region Head Switzerland 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 (until 31 March 2013) 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 Zurich For the Julius Baer Multistock - US LEADING STOCK FUND: Sarofim International Management Company Two Houston Center Suite Fannin St. Houston, Texas 77070, USA For all other sub-funds (also for the Julius Baer Multistock - NATURAL RESOURCES FUND from 1 April 2013): Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH Zurich The investment managers may hire investment advisers to assist them in managing individual sub-funds. 4

5 Organisation and Management Advisory company Swiss & Global Advisory S.A. 25, Grand-Rue L Luxembourg Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L Esch-sur-Alzette (until 28 July 2013) State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg (since 29 July 2013) 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 Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg Local Representatives Switzerland: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale Hahnstraße 55 D Frankfurt / Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A Vienna France: Caceis Bank 1-3, Place Valhubert F Paris Spain: ATL12 Capital Inversiones A.V., S.A. C. / Montalbán 9 E Madrid United Kingdom: GAM Sterling Management Ltd. 12 St. James s Place London, SW1A 1NX Belgium RBC Investor Services Belgium S.A. (until 27 July 2012: RBC Dexia Investor Services Belgium S.A.) Place Rogier 11 B Brussels Liechtenstein: LGT Bank in Liechtenstein AG Herrengasse 12 FL 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 Stockholm Cyprus: Cyprus Development Bank Public Company Ltd. 50 Arch. Makarios III Avenue P.O. Box CY-1508 Nicosia Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D Frankfurt / Main 5

6 Information on risk management (unaudited) 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 OPE STOCK FUND CHINDONESIA FUND ENERGY TRANSITION FUND O LARGE CAP STOCK FUND OLAND VALUE STOCK FUND OPE SELECTION FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GERMAN VALUE STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND NEW WORLD OPPORTUNITIES FUND (formerly GLOBAL SELECTION FUND) GLOBAL EQUITY INCOME FUND (formerly 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 for the period from 1 July 2012 to 31 December 2012 was calculated using the commitment approach. On the other hand, the sum of the notionals approach was decisive for calculating the leverage for the period from 1 January 2013 to 30 June 2013; the values calculated for this period using the commitment approach are reported for informational purposes only. Average Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Type of VaR approach Absolute VaR VaR limit (in %) Utilisation of the VaR limit Low High Average value Simulation model *) Reference portfolio 10.00% 1.26% 2.45% 1.74% Monte Carlo not applicable Leverage 1 July Dec 2012 Commitment Approach Leverage 1 January June 2013 Sum of Notionals Approach Leverage 1 January June 2013 Commitment Approach 96.3% 70.0% 70.6% *) VaR Simulation Model Parameters: VaR Engine = RiskMetrics, VaR methodology = Monte Carlo (5 000 simulations), covariances based on 1 day returns, simulated period = 20 days, observation period (scaled) = 1 year, decay factor = 0.97*) 6

7 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 2013, 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 agréé, 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 agréé 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. PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé Expert comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU

8 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 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 2013, 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. We refer to the notes to the financial statements concerning the notes "Valuation of assets and liabilities" and "Securities portfolio". Our audit opinion is not qualified in respect of this matter. 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, 11 October 2013 Represented by Roxane Haas 9

9 Report of the Board of Directors Dear Investor, We are pleased to enclose the Annual Report of the SICAV Julius Baer Multistock. This includes the Fund Management Report produced on behalf of the Board of Directors for the active sub-funds. The Annual Report also includes the statement of net assets, the profit and loss account, the statement of changes in net assets, the comparative statement, as well as the respective portfolios of the sub-funds. The Board of Directors confirms that the Company adhered to the rules of the ALFI Code of Conduct for Luxembourg investment funds in all significant aspects during the accounting period and at the end of the financial year (30 June 2013). Further information on the SICAV and the sub-funds, including prospectuses and semi-annual reports, may be obtained from the Management Company of the SICAV upon request and may also be viewed online at Luxembourg, October 2013 On behalf of the Board of Directors of the Julius Baer Multistock Martin Jufer Chairman of the Board of Directors Andrew Hanges Member of the Board of Directors 10

10 Notes to the Annual Report Legal information Julius Baer Multistock (the Company ) was incorporated on 1 December 1989 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg, 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 in the Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d Esch, L Luxembourg. The Julius Baer Multistock - GLOBAL SELECTION FUND was renamed Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND as of 1 April The Julius Baer Multistock - GLOBAL STOCK FUND was renamed Julius Baer Multistock - GLOBAL EQUITY INCOME FUND as of 1 April Share categories The following share classes are issued at present: - 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). 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. 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. Foreign exchange differences Foreign exchange differences are attributable to the fluctuation in exchange rates over the course of the financial year. The "foreign exchange difference" is as a result of consolidating the sub-fund currencies into the Fund currency. On the other hand, the "sub-fund foreign exchange differences" refers to the conversion of the individual share classes into the subfund currency. 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. 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. 11

11 Notes to the Annual Report The Company includes assets which could not be valued using market prices, on account of there being no liquid markets. These securities, as well as all the other assets, will be valued at their market value as determined in good faith by the Management Company and on the basis of generally accepted and verifiable valuation regulations. The proportion of the assets in question in relation to the net assets as at 30 June 2013 is: 6.88% in sub-fund Julius Baer Multistock - BLACK SEA FUND 1.63% in sub-fund Julius Baer Multistock - NATURAL RESOURCES FUND 1.62% in sub-fund Julius Baer Multistock - NORTHERN AFRICA FUND As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received. 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 2013 amounts to: Julius Baer Multistock - AGRICULTURE FUND ASIA STOCK FUND BIOTECH FUND CHINDONESIA FUND ENERGY TRANSITION FUND O LARGE CAP STOCK FUND OLAND VALUE STOCK FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GLOBAL EQUITY INCOME FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JPY JULIUS BAER EQUITY FUND SPECIAL VALUE LUXURY BRANDS FUND NATURAL RESOURCES FUND SWISS SMALL & MID CAP STOCK FUND CHF SWISS STOCK FUND CHF The Fund received the following guarantee amounts for the securities lent: Julius Baer Multistock - Collateral Type amount AGRICULTURE FUND Securities ASIA STOCK FUND Securities BIOTECH FUND Securities CHINDONESIA FUND Securities ENERGY TRANSITION FUND Securities O LARGE CAP STOCK FUND Securities OLAND VALUE STOCK FUND Securities OPE SMALL & MID CAP STOCK FUND Securities OPE STOCK FUND Securities GLOBAL EQUITY INCOME FUND Securities INFRASTRUCTURE FUND Securities JAPAN STOCK FUND JPY Securities JULIUS BAER EQUITY FUND SPECIAL VALUE Securities LUXURY BRANDS FUND Securities NATURAL RESOURCES FUND Securities SWISS SMALL & MID CAP STOCK FUND CHF Securities SWISS STOCK FUND CHF Securities Julius Baer Multistock - Gross Costs and income fees Net income AGRICULTURE FUND AFRICA OPPORTUNITIES FUND ASIA STOCK FUND BIOTECH FUND BLACK SEA FUND CENTRAL OPE STOCK FUND CHINDONESIA FUND ENERGY TRANSITION FUND O LARGE CAP STOCK FUND OLAND VALUE STOCK FUND OPE SELECTION FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GERMAN VALUE STOCK FUND NEW WORLD OPPORTUNITIES FUND GLOBAL EQUITY INCOME FUND HEALTH OPPORTUNITIES FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JPY JULIUS BAER EQUITY FUND SPECIAL VALUE LUXURY BRANDS FUND NATURAL RESOURCES FUND NORTHERN AFRICA FUND SWISS SMALL & MID CAP STOCK FUND CHF SWISS STOCK FUND CHF US LEADING STOCK FUND US VALUE STOCK FUND The securities lending transaction was entered into with the following counterparties. Counterparty BNP Paribas Arbitrage Barclays Capital Securities Limited Citigroup Global Markets Credit Suisse Securities (Europe) Ltd Deutsche Bank AG Goldman Sachs International JP Morgan Securities Plc Merrill Lynch International Morgan Stanley & Co. International PLC UBS AG London Branch 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. 12

12 Notes to the Annual Report 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. Transaction costs incurred during the financial year are included in the costs of securities bought and sold. During the period from 1 July 2012 until 30 June 2013, 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 OPE EQUITY FUND 81 AFRICA OPPORTUNITIES FUND AGRICULTURE FUND ASIA STOCK FUND BIOTECH FUND BLACK SEA FUND CENTRAL OPE STOCK FUND CHINDONESIA FUND ENERGY TRANSITION FUND O LARGE CAP STOCK FUND OLAND VALUE STOCK FUND OPE SELECTION FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GERMAN VALUE STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND NEW WORLD OPPORTUNITIES FUND GLOBAL EQUITY INCOME FUND HEALTH OPPORTUNITIES FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JPY JULIUS BAER EQUITY FUND SPECIAL VALUE LUXURY BRANDS FUND NATURAL RESOURCES FUND NORTHERN AFRICA FUND RUSSIA FUND SWISS SMALL & MID CAP STOCK FUND CHF SWISS STOCK FUND CHF US LEADING STOCK FUND US VALUE STOCK FUND The transaction costs reported above may be misleading given that the various 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 I (Mauritius) Ltd. As at 30 June 2013, 26.43% of the sub-fund's net assets were invested here. Multistock I (Mauritius) Ltd. (the subsidiary ) was incorporated on 17 September 2010 in the form of an open-ended investment company ( Collective Investment Scheme licensed as an Expert Fund under the Category 1 Global Business License issued by the Financial Services Commission of Mauritius) in Mauritius as a whollyowned subsidiary of the sub-fund. As such, is subject to supervision by the Financial Services Commission of Mauritius. The subsidiary relinquished its status as Collective Investment Scheme as at 25 February 2013 and now operates as an Investment Holding Company under Mauritian law. Please refer to the sub-fund prospectus for further information on the subsidiary and its administration. 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 subfund 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. 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 daily updated pool allocation factors. There is no guarantee that the sum of this unrealised profit/loss corresponds to the reported net change in unrealised appreciation/depreciation on securities at sub-fund level. 13

13 Notes to the Annual Report 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 Investor Services Bank S.A. (Until 27 July 2012: RBC Dexia 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 licence fees, in particular for the use of the Julius Baer brand. Information on the costs associated with the purchase of target funds In connection with the purchase of target funds, investors should note that in addition to the costs that are charged to the sub-fund s assets in accordance with the provisions of the prospectus and the Articles of Association, costs for administration, the custodian bank and auditor s fees, taxes as well as other costs, commission and expenses may apply to the target funds, and consequently, similar costs may be paid several times. For the Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND, the management fees that are charged to the target funds by their respective service providers amount to a maximum of 2.00% per annum. Events after the reporting period Effective 29 July 2013, State Street Bank Luxembourg S.A. ( SSBLux ), 49, Avenue J.F. Kennedy, L-1855 Luxembourg, will assume the role of custodian, administrator and principal paying agent, as well as registrar and transfer agent. 14

14 Notes to the Annual Report 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 OPE EQUITY FUND, CHF,, GBP 1.20% 0.60% AFRICA OPPORTUNITIES FUND 1.60% 0.85% AGRICULTURE FUND,, CHF 1.60% 0.85% ASIA STOCK FUND 1.40% 0.65% BIOTECH FUND 1.60% 0.85% BLACK SEA FUND, CHF, 1.60% 0.85% CENTRAL OPE STOCK FUND 1.40% 0.85% CHINDONESIA FUND 1.40% 0.75% ENERGY TRANSITION FUND,, JPY 1.60% 0.85% O LARGE CAP STOCK FUND 1.20% 0.55% OLAND VALUE STOCK FUND 1.20% 0.55% OPE SELECTION FUND 1.20% 0.55% OPE SMALL & MID CAP STOCK FUND 1.60% 0.65% OPE STOCK FUND 1.20% 0.55% GERMAN VALUE STOCK FUND 1.20% 0.50% GLOBAL EMERGING MARKETS STOCK FUND, 1.60% 0.85% NEW WORLD OPPORTUNITIES FUND (formerly GLOBAL SELECTION FUND) 1.85% 0.55% GLOBAL EQUITY INCOME FUND (formerly GLOBAL STOCK FUND) 1.05% 0.55% HEALTH OPPORTUNITIES FUND 1.60% 0.85% INFRASTRUCTURE FUND, CHF, 1.60% 0.85% JAPAN STOCK FUND JPY,,, CHF 1.20% 0.65% JULIUS BAER EQUITY FUND SPECIAL VALUE, CHF, 1.60% 0.85% LUXURY BRANDS FUND, CHF,, GBP 1.60% 0.85% NATURAL RESOURCES FUND, CHF 1.60% 0.85% NORTHERN AFRICA FUND, CHF, 1.60% 0.85% RUSSIA FUND, 1.60% 0.85% SWISS SMALL & MID CAP STOCK FUND CHF 1.40% 0.65% SWISS STOCK FUND CHF 1.00% 0.40% US LEADING STOCK FUND 1.20% 0.55% US VALUE STOCK FUND 1.20% 0.55% *) An additional distribution fee of max. 0.75% p.a. is charged for E shares. **) Regarding the distribution, offering or holding of C, Ca or Ch shares, the Company will not pay the sales offices any commission for public distribution. 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. 15

15 Notes to the Annual Report Performance fee Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND / Julius Baer Multistock - INFRASTRUCTURE FUND In respect of the Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND and the Julius Baer Multistock - INFRASTRUCTURE FUND, the investment manager is entitled to a performance fee. The performance fee for the Julius Baer Multistock - 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 Julius Baer Multistock - ABSOLUTE RETURN OPE 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 Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND and the Julius Baer Multistock - INFRA- STRUCTURE 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 OPE EQUITY FUND in : 3-month LIBOR in CHF: CHF 3-month LIBOR in : 3-month LIBOR in GBP: GBP 3-month LIBOR 16

16 Notes to the Annual Report Other expenses include: Currency Performance fee Service load Brokerage fees Licence fees Other expenses Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND AFRICA OPPORTUNITIES FUND AGRICULTURE FUND ASIA STOCK FUND BIOTECH FUND BLACK SEA FUND CENTRAL OPE STOCK FUND CHINDONESIA FUND ENERGY TRANSITION FUND O LARGE CAP STOCK FUND OLAND VALUE STOCK FUND OPE SELECTION FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GERMAN VALUE STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND NEW WORLD OPPORTUNITIES FUND GLOBAL EQUITY INCOME FUND HEALTH OPPORTUNITIES FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JPY JULIUS BAER EQUITY FUND SPECIAL VALUE LUXURY BRANDS FUND NATURAL RESOURCES FUND NORTHERN AFRICA FUND RUSSIA FUND SWISS SMALL & MID CAP STOCK FUND CHF SWISS STOCK FUND CHF US LEADING STOCK FUND US VALUE STOCK FUND Total Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND CHF July CHF July GBP July

17 Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) July GBP July July Julius Baer Multistock - AGRICULTURE FUND CAD July Julius Baer Multistock - JAPAN STOCK FUND CHF JPY July 2013 JPY JPY July 2013 JPY JPY CHF July 2013 JPY JPY July 2013 JPY JPY July 2013 JPY JPY July 2013 JPY JPY Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE CHF August CHF JPY August CHF August CHF August JPY August August CHF August August JPY August The currency forward foreign exchange contracts listed in the table above were concluded primarily with the following counterparties: BANK JULIUS BAER AND CO LTD Further information on counterparties is available on request at the Management Company. Futures Number of contracts Market Value Maturity date Currency Unrealised profit/loss Counterparty - Underlying Currency Julius Baer Multistock - BLACK SEA FUND RENAISSANCE CAPITAL - RUSSIAN RTS INDEX Purchases September Julius Baer Multistock - RUSSIA FUND RENAISSANCE CAPITAL - RUSSIAN RTS INDEX Purchases September Julius Baer Multistock - SWISS STOCK FUND DEUTSCHE BANK - SMI INDEX/OHNE DIVIDENDENKORR. Purchases CHF September 2013 CHF CHF

18 Notes to the Annual Report Derivative financial instruments (continued) Swaps Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Type* Counterparty - Underlying Nominal Maturity date CFD CFD CFD CFD CFD CFD CFD CFD CFD CFD CFD CREDIT SUISSE INTERNATIONAL LONDON - ACTELION LTD CHF January 2040 CREDIT SUISSE INTERNATIONAL LONDON - AUTOLIV INC/SWEDISH DEPT.RECPT SEK January 2040 CREDIT SUISSE INTERNATIONAL LONDON - DUFRY AG BASEL CHF January 2040 CREDIT SUISSE INTERNATIONAL LONDON - ELECTROLUX AB "B" SEK January 2040 CREDIT SUISSE INTERNATIONAL LONDON - FRESENIUS MEDICAL CARE AG January 2040 CREDIT SUISSE INTERNATIONAL LONDON - FRESENIUS SE & CO KGAA January 2040 CREDIT SUISSE INTERNATIONAL LONDON - GN GREAT NORDIC LTD DKK January 2040 CREDIT SUISSE INTERNATIONAL LONDON - SONOVA HOLDING AG /NOM. CHF January 2040 CREDIT SUISSE INTERNATIONAL LONDON - THE SWATCH GROUP AG CHF January 2040 CREDIT SUISSE INTERNATIONAL LONDON - THROMBOGENICS NV January 2040 DEUTSCHE BANK - ABB LTD ZUERICH /NAMEN. CHF January 2040 CFD DEUTSCHE BANK - ACCOR SA January 2040 CFD DEUTSCHE BANK - AREVA January 2040 CFD DEUTSCHE BANK - ARYZTA AG /NAM. CHF January 2040 CFD DEUTSCHE BANK - ASTRAZENECA PLC GBP January 2040 CFD DEUTSCHE BANK - AUTOGRILL SPA January 2040 CFD CFD CFD DEUTSCHE BANK - BABCOCK INTERNATIONAL GROUP GBP January 2040 DEUTSCHE BANK - BANCO SANTANDER --- REG.SHS January 2040 DEUTSCHE BANK - BMW- BAYER.MOTORENWERKE January 2040 CFD DEUTSCHE BANK - CAPITA --- SHS GBP January 2040 CFD DEUTSCHE BANK - CARNIVAL PLC GBP January 2040 CFD DEUTSCHE BANK - CENTRICA PLC GBP January 2040 CFD DEUTSCHE BANK - DAIMLER AG / NAMEN-AKT January 2040 CFD DEUTSCHE BANK - DANONE January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M CHF % CHF STIB1M SEK % SEK LIB1M CHF % CHF STIB1M SEK % SEK LIB1M % LIB1M % LIB1M DKK % DKK LIB1M CHF % CHF LIB1M CHF % CHF LIB1M % LIB1M CHF % CHF LIB1M % LIB1M % LIB1M CHF % CHF LIB1M GBP % GBP LIB1M % LIB1M GBP % GBP LIB1M % LIB1M % LIB1M GBP % GBP LIB1M GBP % GBP LIB1M GBP % GBP LIB1M % LIB1M %

19 Notes to the Annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) Type* Counterparty - Underlying Nominal Maturity date CFD CFD DEUTSCHE BANK - DASSAULT SYSTEMES SA January 2040 DEUTSCHE BANK - DEUTSCHE POST AG January 2040 CFD DEUTSCHE BANK - EDF January 2040 CFD DEUTSCHE BANK - ELECTROCOMPONENTS GBP January 2040 CFD DEUTSCHE BANK - ERICSSON TEL."B" SEK January 2040 CFD CFD CFD DEUTSCHE BANK - FRANKFURT AIRPORT SERV.WORLDW January 2040 DEUTSCHE BANK - FREENET AG NAMENS-AKTIEN January 2040 DEUTSCHE BANK - GLAXOSMITHKLINE PLC GBP January 2040 CFD DEUTSCHE BANK - GTECH S.P.A January 2040 CFD DEUTSCHE BANK - HAYS PLC GBP January 2040 CFD DEUTSCHE BANK - IBERDROLA SA *OPR* January 2040 CFD DEUTSCHE BANK - ILIAD January 2040 CFD DEUTSCHE BANK - INDITEX /REG January 2040 CFD DEUTSCHE BANK - INFORMA PLC GBP January 2040 CFD DEUTSCHE BANK - ITV PLC GBP January 2040 CFD DEUTSCHE BANK - KABEL DEUTSCHLAND HOLDING AG January 2040 CFD DEUTSCHE BANK - KINGFISHER PLC GBP January 2040 CFD DEUTSCHE BANK - MICHELIN B NOM January 2040 CFD DEUTSCHE BANK - MITIE GROUP PLC GBP January 2040 CFD CFD DEUTSCHE BANK - MTU AERO ENGINES HOLD January 2040 DEUTSCHE BANK - NATIONAL GRID PLC GBP January 2040 CFD DEUTSCHE BANK - NESTLE / ACT NOM CHF January 2040 CFD DEUTSCHE BANK - NOVARTIS AG BASEL/NAM. *OPR* CHF January 2040 CFD DEUTSCHE BANK - ORANGE January 2040 CFD DEUTSCHE BANK - PETROLEUM GEO-SERVICES ASA NOK January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M % LIB1M % LIB1M % LIB1M GBP % GBP STIB1M SEK % SEK LIB1M % LIB1M % LIB1M GBP % GBP LIB1M % LIB1M GBP % GBP LIB1M % LIB1M % LIB1M % LIB1M GBP % GBP LIB1M GBP % GBP LIB1M % LIB1M GBP % GBP LIB1M % LIB1M GBP % GBP LIB1M % LIB1M GBP % GBP LIB1M CHF % CHF LIB1M CHF % CHF LIB1M % NIB1M NOK % NOK

20 Notes to the Annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) Type* Counterparty - Underlying Nominal Maturity date CFD DEUTSCHE BANK - PLAYTECH LIMITED GBP January 2040 CFD DEUTSCHE BANK - RED ELE CORP SHS January 2040 CFD DEUTSCHE BANK - RWE January 2040 CFD DEUTSCHE BANK - SABMILLER PLC GBP January 2040 CFD DEUTSCHE BANK - SANOFI January 2040 CFD DEUTSCHE BANK - SCHNEIDER ELECTRIC SA January 2040 CFD DEUTSCHE BANK - SIEMENS AG /NAM January 2040 CFD CFD CFD DEUTSCHE BANK - STMICROELECTRONICS NV January 2040 DEUTSCHE BANK - SVENSKA CELLUL.- B- SEK January 2040 DEUTSCHE BANK - TELEKOM AUSTRIA AG January 2040 CFD DEUTSCHE BANK - TELIASONERA AB January 2040 CFD DEUTSCHE BANK - TGS NOPEC GEOPHYSICAL CO NOK January 2040 CFD DEUTSCHE BANK - TOD'S SPA January 2040 CFD DEUTSCHE BANK - TUI AG January 2040 CFD CFD DEUTSCHE BANK - UNILEVER CERT.OF SHS January 2040 DEUTSCHE BANK - UNITED INTERN.&CO/NAMENSAKT January 2040 CFD DEUTSCHE BANK - VALLOUREC January 2040 CFD DEUTSCHE BANK - VIVENDI January 2040 CFD DEUTSCHE BANK - WHITBREAD PLC GBP January 2040 CFD DEUTSCHE BANK - WILLIAM HILL PLC GBP January 2040 CFD DEUTSCHE BANK - WOLTERS KLUWER NV January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M GBP % GBP LIB1M % LIB1M % LIB1M GBP % GBP LIB1M % LIB1M % LIB1M % LIB1M % STIB1M SEK % SEK LIB1M % LIB1M % NIB1M NOK % NOK LIB1M % LIB1M % LIB1M % LIB1M % LIB1M % LIB1M % LIB1M GBP % GBP LIB1M GBP % GBP LIB1M %

21 Notes to the Annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) Type* Counterparty - Underlying Nominal Maturity date CFD DEUTSCHE BANK - WPP PLC SHS GBP January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M GBP % GBP Julius Baer Multistock - OPE STOCK FUND Type* Counterparty - Underlying Nominal Maturity date CFD DEUTSCHE BANK - BHP BILLITON PLC GBP January 2040 CFD DEUTSCHE BANK - CARREFOUR S.A January 2040 CFD DEUTSCHE BANK - RECKITT BENCKISER GROUP PLC GBP January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M GBP % GBP LIB1M % LIB1M GBP % GBP * CFD = Contract For Difference 22

22 Additional Information for Swiss Shareholders (unaudited) Portfolio Turnover Rate (in %) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND % AFRICA OPPORTUNITIES FUND % AGRICULTURE FUND % ASIA STOCK FUND % BIOTECH FUND % BLACK SEA FUND 96.84% CENTRAL OPE STOCK FUND % CHINDONESIA FUND % ENERGY TRANSITION FUND 49.19% O LARGE CAP STOCK FUND 32.03% OLAND VALUE STOCK FUND 79.57% OPE SELECTION FUND % OPE SMALL & MID CAP STOCK FUND 34.48% OPE STOCK FUND % GERMAN VALUE STOCK FUND 98.12% GLOBAL EMERGING MARKETS STOCK FUND % NEW WORLD OPPORTUNITIES FUND (formerly GLOBAL SELECTION FUND) % GLOBAL EQUITY INCOME FUND (formerly GLOBAL STOCK FUND) % HEALTH OPPORTUNITIES FUND 43.53% INFRASTRUCTURE FUND 78.24% JAPAN STOCK FUND 74.84% JULIUS BAER EQUITY FUND SPECIAL VALUE 28.49% LUXURY BRANDS FUND % NATURAL RESOURCES FUND % NORTHERN AFRICA FUND 2.30% RUSSIA FUND 62.94% SWISS SMALL & MID CAP STOCK FUND 11.46% SWISS STOCK FUND 8.90% US LEADING STOCK FUND % US VALUE STOCK FUND % PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 23

23 Additional Information for Swiss Shareholders (unaudited) Benchmarks Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND BBA LIBOR 3 Months AFRICA OPPORTUNITIES FUND S&P Africa 40 ND* AGRICULTURE FUND n/a ASIA STOCK FUND MSCI AC Asia ex Japan ND* BIOTECH FUND Nasdaq Biotech Index TR BLACK SEA FUND MSCI EM Europe ND* CENTRAL OPE STOCK FUND MSCI EM Europe 10/40 ND* CHINDONESIA FUND n/a ENERGY TRANSITION FUND n/a O LARGE CAP STOCK FUND O STOXX 50 ND OLAND VALUE STOCK FUND MSCI EMU ND * OPE SELECTION FUND MSCI Europe ND* OPE SMALL & MID CAP STOCK FUND MSCI Europe Small Cap ND* OPE STOCK FUND MSCI Europe ND* GERMAN VALUE STOCK FUND Composite DAX Index (CDAX) GD** GLOBAL EMERGING MARKETS STOCK FUND MSCI Emerging Markets ND* NEW WORLD OPPORTUNITIES FUND MSCI World ND* (formerly GLOBAL SELECTION FUND) GLOBAL EQUITY INCOME FUND MSCI World ND* (formerly GLOBAL STOCK FUND) 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 24

24 Additional Information for Swiss Shareholders (unaudited) Performance * Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark ABSOLUTE RETURN OPE EQUITY FUND CHF Ah 2.60% 0.04% % 0.13% ABSOLUTE RETURN OPE EQUITY FUND CHF Bh 2.59% 0.04% % 0.13% ABSOLUTE RETURN OPE EQUITY FUND CHF Ch 3.14% 0.04% % 0.13% ABSOLUTE RETURN OPE EQUITY FUND A 2.81% 0.20% % 2.26% ABSOLUTE RETURN OPE EQUITY FUND B 2.80% 0.20% % 2.26% ABSOLUTE RETURN OPE EQUITY FUND C 3.37% 0.20% % 2.26% ABSOLUTE RETURN OPE EQUITY FUND Ca 3.37% 0.20% % 2.26% ABSOLUTE RETURN OPE EQUITY FUND E 2.12% 0.20% % 2.26% ABSOLUTE RETURN OPE EQUITY FUND GBP Ah 3.41% 0.60% % 1.04% ABSOLUTE RETURN OPE EQUITY FUND GBP Bh 3.34% 0.60% % 1.04% ABSOLUTE RETURN OPE EQUITY FUND GBP Ch 3.84% 0.60% % 1.04% ABSOLUTE RETURN OPE EQUITY FUND Ah 3.07% 0.35% % 0.65% ABSOLUTE RETURN OPE EQUITY FUND Bh 3.06% 0.35% % 0.65% ABSOLUTE RETURN OPE EQUITY FUND Ch 3.60% 0.35% % 0.65% AFRICA OPPORTUNITIES FUND A % % - AFRICA OPPORTUNITIES FUND B % % - AFRICA OPPORTUNITIES FUND C % % - AFRICA OPPORTUNITIES FUND E % % - AGRICULTURE FUND CHF A 1.19% % % - AGRICULTURE FUND CHF B 1.20% % % - AGRICULTURE FUND CHF C 2.05% % % - AGRICULTURE FUND A -1.10% % % - AGRICULTURE FUND B -1.10% % % - AGRICULTURE FUND C -0.30% % % - AGRICULTURE FUND E -1.85% % % - AGRICULTURE FUND A 1.25% % % - AGRICULTURE FUND B 1.25% % % - AGRICULTURE FUND C 2.07% % % - AGRICULTURE FUND E 0.51% % % - ASIA STOCK FUND A 1.02% 8.86% 1.81% 18.49% 54.34% % ASIA STOCK FUND B -0.18% 8.86% 0.59% 18.49% 52.62% % ASIA STOCK FUND C 0.51% 8.86% 2.71% 18.49% 54.28% % ASIA STOCK FUND E -0.92% 8.86% -1.63% 18.49% 76.04% % BIOTECH FUND A 30.35% 34.48% % % 83.00% -** BIOTECH FUND B 30.35% 34.48% % % 83.00% -** BIOTECH FUND C 31.20% 34.48% % % 90.26% -** BIOTECH FUND E 29.38% 34.48% % % 76.08% -** BLACK SEA FUND CHF A 13.38% 3.15% -9.57% -4.03% % % BLACK SEA FUND CHF B 13.36% 3.15% -9.61% -4.03% % % BLACK SEA FUND CHF C 14.38% 3.15% -7.10% -4.03% % % BLACK SEA FUND A 10.70% 0.75% -2.88% 3.08% % % BLACK SEA FUND B 10.69% 0.75% -2.87% 3.08% % % BLACK SEA FUND C 11.69% 0.75% -0.23% 3.08% % % * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) ** The benchmark for the share class changed during the financial year, a benchmark was added or the sub-fund s investment policy was modified. For this reason, no performance was reported. 25

25 Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark BLACK SEA FUND E 9.88% 0.75% -5.03% 3.08% % % BLACK SEA FUND A 13.41% 3.19% 3.05% 9.38% % % BLACK SEA FUND B 13.41% 3.19% 3.05% 9.38% % % BLACK SEA FUND C 14.42% 3.19% 5.84% 9.38% % % BLACK SEA FUND E 12.55% 3.19% 0.76% 9.38% % % CENTRAL OPE STOCK FUND A 3.65% 2.61% -5.22% 5.18% % % CENTRAL OPE STOCK FUND B 3.65% 2.61% -5.23% 5.18% % % CENTRAL OPE STOCK FUND C 4.51% 2.61% -2.90% 5.18% % % CENTRAL OPE STOCK FUND E 2.87% 2.61% -7.34% 5.18% 83.01% % CHINDONESIA FUND A 8.49% % - CHINDONESIA FUND B 8.31% % - CHINDONESIA FUND C 9.16% % - CHINDONESIA FUND E 7.51% % - ENERGY TRANSITION FUND A 11.48% % % - ENERGY TRANSITION FUND B 11.48% % % - ENERGY TRANSITION FUND C 12.22% % % - ENERGY TRANSITION FUND E 10.65% % % - ENERGY TRANSITION FUND JPY C % - ENERGY TRANSITION FUND A 14.24% % % - ENERGY TRANSITION FUND B 14.24% % % - ENERGY TRANSITION FUND C 15.00% % % - ENERGY TRANSITION FUND E 13.38% % % - O LARGE CAP STOCK FUND A 17.03% 18.44% 10.93% 12.02% 10.93% 12.02% O LARGE CAP STOCK FUND B 17.04% 18.44% 10.78% 12.02% 10.78% 12.02% O LARGE CAP STOCK FUND C 18.56% 18.44% 15.38% 12.02% 15.38% 12.02% O LARGE CAP STOCK FUND Ca 18.76% 18.44% 15.48% 12.02% 15.48% 12.02% O LARGE CAP STOCK FUND E 16.15% 18.44% 8.53% 12.02% 8.53% 12.02% OLAND VALUE STOCK FUND A 11.79% 19.20% 14.19% 16.64% 35.03% 23.71% OLAND VALUE STOCK FUND B 11.79% 19.20% 14.20% 16.64% 35.12% 23.71% OLAND VALUE STOCK FUND C 12.51% 19.20% 16.60% 16.64% 48.25% 23.71% OLAND VALUE STOCK FUND Ca 12.51% 19.20% 16.61% 16.64% -4.67% -3.29% OLAND VALUE STOCK FUND E 10.96% 19.20% 11.67% 16.64% -6.86% 11.11% OPE SELECTION FUND A 15.39% 16.06% 10.29% 27.25% -3.33% 7.14% OPE SELECTION FUND B 15.40% 16.06% 10.29% 27.25% -3.33% 7.14% OPE SELECTION FUND C 16.33% 16.06% 12.86% 27.25% 2.11% 7.14% OPE SELECTION FUND E 14.54% 16.06% 7.84% 27.25% -8.58% 7.14% OPE SMALL & MID CAP STOCK FUND A 27.99% 24.54% 42.40% 40.97% 56.17% 51.71% OPE SMALL & MID CAP STOCK FUND B 27.98% 24.54% 42.40% 40.97% 56.23% 51.71% OPE SMALL & MID CAP STOCK FUND C 29.15% 24.54% 46.59% 40.97% 10.42% 16.49% OPE SMALL & MID CAP STOCK FUND E 27.03% 24.54% 39.22% 40.97% % 20.05% OPE STOCK FUND A 15.26% 16.06% 16.79% 27.25% % % OPE STOCK FUND B 15.26% 16.06% 16.79% 27.25% % % OPE STOCK FUND C 16.12% 16.06% 19.44% 27.25% -7.44% 29.16% OPE STOCK FUND E 14.40% 16.06% 14.19% 27.25% % 16.10% * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) 26

26 Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark GERMAN VALUE STOCK FUND A 23.61% 24.92% 36.87% 36.95% % % GERMAN VALUE STOCK FUND B 23.61% 24.92% 36.88% 36.95% % % GERMAN VALUE STOCK FUND C 24.59% 24.92% 40.19% 36.95% % 56.07% GERMAN VALUE STOCK FUND E 22.69% 24.92% 33.84% 36.95% 43.30% 46.47% GLOBAL EMERGING MARKETS STOCK FUND A -2.12% 0.44% -4.96% 4.12% 7.92% 32.72% GLOBAL EMERGING MARKETS STOCK FUND B -2.11% 0.44% -4.95% 4.12% 7.93% 32.72% GLOBAL EMERGING MARKETS STOCK FUND C -1.39% 0.44% -2.61% 4.12% 14.02% 32.72% GLOBAL EMERGING MARKETS STOCK FUND E -2.84% 0.44% -7.06% 4.12% 2.60% 32.72% GLOBAL EMERGING MARKETS STOCK FUND A 0.25% 2.87% 0.68% 10.49% % 12.52% GLOBAL EMERGING MARKETS STOCK FUND B 0.25% 2.87% 0.68% 10.49% % 12.52% GLOBAL EMERGING MARKETS STOCK FUND C 1.07% 2.87% 3.17% 10.49% -6.89% 12.52% GLOBAL EMERGING MARKETS STOCK FUND E -0.48% 2.87% -1.54% 10.49% % 12.52% NEW WORLD OPPORTUNITIES FUND A -** -** -** -** -6.00% -0.66% NEW WORLD OPPORTUNITIES FUND B -** -** -** -** -6.00% -0.66% NEW WORLD OPPORTUNITIES FUND C -** -** -** -** -6.02% -0.66% NEW WORLD OPPORTUNITIES FUND E -** -** -** -** -5.91% -0.66% GLOBAL EQUITY INCOME FUND A -** -** -** -** -2.79% -0.66% GLOBAL EQUITY INCOME FUND B -** -** -** -** -2.78% -0.66% GLOBAL EQUITY INCOME FUND C -** -** -** -** -2.65% -0.66% GLOBAL EQUITY INCOME FUND E -** -** -** -** -2.94% -0.66% HEALTH OPPORTUNITIES FUND A 25.53% 26.77% % 56.01% HEALTH OPPORTUNITIES FUND B 25.53% 26.77% % 56.01% HEALTH OPPORTUNITIES FUND C 26.33% 26.77% % 56.01% HEALTH OPPORTUNITIES FUND E 24.59% 26.77% % 56.01% INFRASTRUCTURE FUND CHF A 12.11% 7.92% 20.45% 13.13% % % INFRASTRUCTURE FUND CHF B 12.11% 7.92% 20.47% 13.13% % % INFRASTRUCTURE FUND CHF C 12.98% 7.92% 23.43% 13.13% % % INFRASTRUCTURE FUND A 9.53% 5.41% 29.80% 21.51% -3.71% 3.67% INFRASTRUCTURE FUND B 9.53% 5.41% 29.79% 21.51% -3.71% 3.67% INFRASTRUCTURE FUND C 10.46% 5.41% 33.05% 21.51% 1.13% 3.67% INFRASTRUCTURE FUND E 8.72% 5.41% 26.89% 21.51% -7.94% 3.67% INFRASTRUCTURE FUND A 11.90% 7.96% 36.85% 28.94% -8.52% -0.22% INFRASTRUCTURE FUND B 11.90% 7.96% 36.84% 28.94% -8.51% -0.22% INFRASTRUCTURE FUND C 12.87% 7.96% 40.27% 28.94% -3.90% -0.22% INFRASTRUCTURE FUND E 11.19% 7.96% 34.20% 28.94% % -0.22% JAPAN STOCK FUND CHF Ah % 21.59% JAPAN STOCK FUND CHF Bh % 21.59% JAPAN STOCK FUND CHF Ch % 21.59% JAPAN STOCK FUND A 15.56% 19.36% 22.27% 20.78% -5.89% % JAPAN STOCK FUND Ah % -9.20% JAPAN STOCK FUND B 14.67% 19.36% 21.28% 20.78% -6.81% % JAPAN STOCK FUND Bh % -9.20% JAPAN STOCK FUND C 15.60% 19.36% 24.48% 20.78% -1.57% % JAPAN STOCK FUND Ch % -9.20% * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) ** The benchmark for the share class changed during the financial year, a benchmark was added or the sub-fund s investment policy was modified. For this reason, no performance was reported. 27

27 Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark JAPAN STOCK FUND E 13.80% 19.36% 18.59% 20.78% % % JAPAN STOCK FUND JPY A 51.46% 52.19% 47.55% 43.87% 27.87% % JAPAN STOCK FUND JPY B 48.52% 52.19% 44.68% 43.87% 25.32% % JAPAN STOCK FUND JPY C 49.73% 52.19% 48.51% 43.87% 13.41% -4.01% JAPAN STOCK FUND JPY E 47.41% 52.19% 41.47% 43.87% -1.14% 5.98% JAPAN STOCK FUND Ah % 0.11% JAPAN STOCK FUND Bh % 0.11% JAPAN STOCK FUND Ch % 0.11% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ah 13.86% 18.54% 19.41% 29.03% 8.59% 12.42% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Bh 13.85% 18.54% 19.41% 29.03% 8.59% 12.42% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ch 14.71% 18.54% 22.06% 29.03% 11.12% 12.42% JULIUS BAER EQUITY FUND SPECIAL VALUE A 12.04% 15.78% 24.30% 38.58% 20.41% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE B 12.05% 15.78% 24.31% 38.58% 20.41% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE C 12.95% 15.78% 27.26% 38.58% 26.59% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE E 11.22% 15.78% 21.56% 38.58% 13.80% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE Ah 13.69% 18.58% % 17.05% JULIUS BAER EQUITY FUND SPECIAL VALUE Bh 13.70% 18.58% % 17.05% JULIUS BAER EQUITY FUND SPECIAL VALUE Ch 14.59% 18.58% % 35.49% LUXURY BRANDS FUND CHF A 21.86% % % - LUXURY BRANDS FUND CHF B 21.87% % % - LUXURY BRANDS FUND CHF C 22.79% % % - LUXURY BRANDS FUND A 19.01% % % - LUXURY BRANDS FUND B 19.01% % % - LUXURY BRANDS FUND C 19.92% % % - LUXURY BRANDS FUND E 18.13% % % - LUXURY BRANDS FUND GBP B 26.06% % - LUXURY BRANDS FUND GBP C 27.01% % - LUXURY BRANDS FUND A 21.91% % % - LUXURY BRANDS FUND B 21.91% % % - LUXURY BRANDS FUND C 22.84% % % - LUXURY BRANDS FUND E 21.01% % % - NATURAL RESOURCES FUND CHF A -4.21% % % - NATURAL RESOURCES FUND CHF B -4.20% % % - NATURAL RESOURCES FUND CHF C -3.41% % % - NATURAL RESOURCES FUND A -6.47% % % - NATURAL RESOURCES FUND B -6.47% % % - NATURAL RESOURCES FUND C -5.68% % % - NATURAL RESOURCES FUND E -7.17% % % - NATURAL RESOURCES FUND A -4.15% % % - NATURAL RESOURCES FUND B -4.16% % % - NATURAL RESOURCES FUND C -3.36% % % - NATURAL RESOURCES FUND E -4.87% % % - NORTHERN AFRICA FUND CHF A % % % - NORTHERN AFRICA FUND CHF B % % % - * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) 28

28 Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark NORTHERN AFRICA FUND CHF C % % % - NORTHERN AFRICA FUND A % % % - NORTHERN AFRICA FUND B % % % - NORTHERN AFRICA FUND C % % % - NORTHERN AFRICA FUND E % % % - NORTHERN AFRICA FUND A % % % - NORTHERN AFRICA FUND B % % % - NORTHERN AFRICA FUND C % % % - NORTHERN AFRICA FUND E % % % - RUSSIA FUND A 0.48% -2.56% -2.99% -2.32% % % RUSSIA FUND B 0.47% -2.56% -2.99% -2.32% % % RUSSIA FUND C 1.16% -2.56% -1.01% -2.32% -9.82% % RUSSIA FUND E -0.26% -2.56% -5.14% -2.32% % % RUSSIA FUND A 2.91% -0.20% 2.98% 3.65% % % RUSSIA FUND B 2.90% -0.20% 2.94% 3.65% % % RUSSIA FUND C 3.60% -0.20% 5.02% 3.65% % % RUSSIA FUND E 2.14% -0.20% 0.65% 3.65% % % SWISS SMALL & MID CAP STOCK FUND CHF A 19.37% 20.75% 12.93% 18.87% % % SWISS SMALL & MID CAP STOCK FUND CHF B 19.37% 20.75% 12.94% 18.87% % % SWISS SMALL & MID CAP STOCK FUND CHF C 20.51% 20.75% 15.96% 18.87% 99.90% % SWISS SMALL & MID CAP STOCK FUND CHF E 18.48% 20.75% 10.42% 18.87% 2.04% 60.17% SWISS STOCK FUND CHF A 25.45% 28.66% 21.44% 34.02% % % SWISS STOCK FUND CHF B 25.45% 28.66% 21.44% 34.02% % % SWISS STOCK FUND CHF C 26.42% 28.66% 24.30% 34.02% 31.78% 55.65% SWISS STOCK FUND CHF E 24.52% 28.66% 18.74% 34.02% -4.04% 39.20% US LEADING STOCK FUND A 7.48% 20.60% 50.60% 66.20% % % US LEADING STOCK FUND B 7.48% 20.60% 50.60% 66.20% % % US LEADING STOCK FUND C 8.34% 20.60% 54.33% 66.20% 41.77% 52.63% US LEADING STOCK FUND E 6.68% 20.60% 47.25% 66.20% 17.96% 61.61% US VALUE STOCK FUND A 15.13% 19.85% 45.87% 63.55% 46.57% % US VALUE STOCK FUND B 15.13% 19.85% 45.85% 63.55% 46.58% % US VALUE STOCK FUND C 16.05% 19.85% 49.40% 63.55% 68.30% % US VALUE STOCK FUND E 14.27% 19.85% 42.62% 63.55% 34.59% % * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) 29

29 Julius Baer Multistock CONSOLIDATED STATEMENT OF NET ASSETS as at 30 June 2013 CHF CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 CHF Assets Investments at market value (Cost: ) Derivative instruments at market value: - Futures Forward foreign exchange contracts Swaps Cash at banks Receivable from brokers Subscriptions receivable Receivables on swaps Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Capital gains tax on unrealised gains/losses on securities Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Exceptional and other income, trailer fees Interest income on swaps Other income Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Swaps Forward foreign exchange contracts Futures Foreign currencies Capital gains tax on realised gains/losses on securities Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Swaps Forward foreign exchange contracts Futures Capital gains tax on unrealised gains/losses on securities Total profit/loss CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 30 June 2013 CHF Net assets at the beginning of the financial year Foreign exchange difference Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2013 in CHF 1 = CHF 1 = CHF 1 JPY = CHF The accompanying notes form an integral part of the financial statements. MS

30 Report of the Fund Management Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Investment policy The Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND seeks to achieve positive absolute returns, irrespective of the present market environment and at considerably lower volatility than equity markets. The sub-fund invests (long and short) in liquid equities and equityrelated securities of European companies. For the purpose of maintaining liquidity, the sub-fund also holds a portfolio of short-term fixed-income investments. The sub-fund is suitable for investors with a long-term horizon and medium to high risk tolerances who want to diversify their portfolio with an absolute-return strategy offering a low correlation with other asset classes. Market and portfolio review In the reporting year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized its commitment to buy peripheral sovereign debt at unlimited amounts if necessary. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the reporting year, the sub-fund outperformed the benchmark 3-months-Libor (). Through the entire fiscal year, the sub-fund maintained a market neutral long-/short investment strategy and achieved the return through long-/short pair trades. The long-/short pair selection in the telecom, technology and utilities sector delivered the biggest positive contribution to the performance. On the other hand, the pair selection in the consumer staples and energy sector had a negative effect on the absolute performance. The Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND managed to maintain a very low volatility and low correlation to other asset classes. The information in this report is based on historical data and is no indication of future performance. AREE - 1

31 Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Derivative instruments at market value: - Forward foreign exchange contracts Swaps Cash at banks Subscriptions receivable Receivables on swaps Dividends and interest Total Assets Liabilities Payable to brokers Payables for redemptions Payables for swaps Management fees payable Performance fees "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 804 Interest income on swaps Equalisation Total Income Expenses Management fees Custodian fees and charges 266 "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Swaps Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Swaps Forward foreign exchange contracts Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.30%, respectively 1.56% including the performance fee (0.26%) for A-, 1.29%, respectively 1.51% including the performance fee (0.22%) for Ah-CHF, 1.17%**, respectively 1.49%** including the performance fee (0.32%) for Ah-GBP, 1.29%, respectively 1.57% including the performance fee (0.28%) for Ah-, 1.29%, respectively 1.54% including the performance fee (0.25%) for B-, 1.29%, respectively 1.55% including the performance fee (0.26%) for Bh-CHF, 1.23%**, respectively 1.55%** including the performance fee (0.32%) for Bh-GBP, 1.27%, respectively 1.31% including the performance fee (0.04%) for Bh-, 0.69%, respectively 0.95% including the performance fee (0.26%) for Ca-, 0.70%, respectively 1.02% including the performance fee (0.32%) for C-, 0.70%, respectively 1.02% including the performance fee (0.32%) for Ch-CHF, 0.70%, respectively 1.08% including the performance fee (0.38%) for Ch-GBP, 0.69%, respectively 0.97% including the performance fee (0.28%) for Ch- and 2.05%, respectively 2.27% including the performance fee (0.22%) for E-. (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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. AREE - 2

32 Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ah-CHF) Distribution shares (Shares Ah-GBP) Distribution shares (Shares Ah-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares Bh-CHF) Accumulation shares (Shares Bh-GBP) Accumulation shares (Shares Bh-) Accumulation shares (Shares C-) Accumulation shares (Shares Ch-CHF) Accumulation shares (Shares Ch-GBP) Accumulation shares (Shares Ch-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ah-CHF) Distribution shares (Shares Ah-GBP) Distribution shares (Shares Ah-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares Bh-CHF) Accumulation shares (Shares Bh-GBP) Accumulation shares (Shares Bh-) Accumulation shares (Shares C-) Accumulation shares (Shares Ch-CHF) Accumulation shares (Shares Ch-GBP) Accumulation shares (Shares Ch-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ah-CHF) Dividend for the previous financial year (Shares Ah-GBP) Dividend for the previous financial year (Shares Ah-) Dividend for the previous financial year (Shares Ca-) AREE - 3

33 Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bonds % % % BAVARIA 06 S % % BEI % % BNG 03 EMTN % % BNPP HM LN COV % % BRD 06 S % % BRD 07 S % % GCE COV BDS % % GERMANY % % GERMANY % % GERMANY % % HBOS TSY SVCS % % KFW % % KFW % % LBK BW % % LD NIEDERS S % % NATIONWIDE % Fl. Rate NWB % % OEKB % % SFEF % % SPBK BOLIKR % % STADSHYPOTEK % % SWEDBK % CASH EQUIVALENTS % Treasury bills % % % FRANCE 12 BTF % % FRANCE 12 BTF % % FRANCE 13 BTF % % FRANCE 13 BTF % % FRANCE 13 BTF % % FRANCE 13 BTF % % FRANCE 13 TB % % FRANCE 13 TB % % FRANCE 13 TB % % FRANCE 13 TB % % GERMANY 12 TB % % GERMANY 13 TB % % GERMANY 13 TB % % GERMANY 13 TB % % GERMANY 13 TB % % GERMANY TB % % NETHERLANDS 13 TB % % NETHERLANDS 13 TB % % NETHERLANDS 13 TB % % NETHERLANDS 13 TB % % NETHERLANDS 13 TB % Commercial Papers % % % CZECH EX BK 13 CP % % RATP 13 CP % % UNION FI GR 13 CP % % VASTERAS 13 CP % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AREE - 4

34 Report of the Fund Management Julius Baer Multistock - AFRICA OPPORTUNITIES FUND Investment policy The Julius Baer Multistock - AFRICA OPPORTUNITIES FUND invests in stocks of companies in emerging African countries. The selection of stocks is based on a bottom-up /top-down approach focused on sector and country allocations. The aim is to develop a broad-based portfolio, spread over countries and sectors, of the companies considered by the financial manager to be the most promising, in order to achieve the highest and most sustainable capital growth. The Julius Baer Multistock - AFRICA OPPORTUNITIES FUND is suitable for investors oriented towards the long term who wish to participate in the growth potential of African companies through an actively managed portfolio. Market and portfolio review During the reported period, the African region underperformed both the MSCI World and Emerging Markets. The north of the continent was the worst performing region with Egypt being the biggest detractor, followed by Morocco, respectively losing -16.2% and -12.9% in euro terms. The Sub Saharan markets were the best performing markets clearly decorrelated from the rest of the region. Nigeria and Kenya both outperformed respectively gaining +63% and +18.6% in euro. South Africa lost -5.1% due to the devaluation fo the Rand. In terms of sectors, the materials and energy were the lagging sectors, maily driven by global growth uncertainties, especially focusing on China. Whereas both the consumer discretionary and staples were the best performing sectors The Julius Baer Multistock - AFRICA OPPORTUNITIES FUND ended the fiscal year with a negative performance of -19.4% in Euro terms. Our stock selection was strong in Egypt and in Kenya where our holdings performed substancially better than the undelying indices. Our stock selection was negative in Nigeria and within the materials and energy sectors. During the reporting period, the Julius Baer Multistock - AFRICA OPPORTUNITIES FUND introduced a new benchmark, the S&P Africa 40. A portfolio restructuring took place in March The information in this report is based on historical data and is no indication of future performance. AOF - 1

35 Julius Baer Multistock - AFRICA OPPORTUNITIES FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable 147 Dividends and interest Other receivables 190 Total Assets Liabilities Bank overdraft Management fees payable "Taxe d'abonnement" payable 386 Other liabilities 543 Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending 682 Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 483 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions - -3 Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.81% for A- shares, 1.89% for B- shares, 1.21% for C- shares and 2.61% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. AOF - 2

36 Julius Baer Multistock - AFRICA OPPORTUNITIES FUND COMPARATIVE STATEMENT 30 June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) AOF - 3

37 Julius Baer Multistock - AFRICA OPPORTUNITIES FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % South Africa % ANGLOGOLD ASHANTI LTD % FIRSTRAND LTD /NEW % MTN GROUP LTD % NASPERS LTD N % NORTHAM PLATINUM (PTY)LTD % SASOL LTD / REG % STANDARD BANK GROUP LIMITED % Kenya % EQUITY BANK LTD % KENYA COMMERCIAL BANK % SAFARICOM % UNLISTED SECURITIES % Equities % Nigeria % LAFARGE CEMENT WAPCO NIGERIA % United Kingdom % AFREN PLC % BOWLEVEN PLC EDINBURGH % LN MINING % OLD MUTUAL PLC % OPHIR ENERGY PLC % TULLOW OIL PLC % Canada % AFRICA OIL CORP % FIRST QUANTUM MINERALS LTD % IAMGOLD % NEVSUN RESOURCES LTD % SEMAFO INC % Egypt % COMMERCIAL INTL / GDR (REGS) % COMMERCIAL INTL. BANK LTD % JUHAYNA FOOD INDUSTRIES % ORASCOM TEL MED % ORASCOM TELECOM HLD / GDR (REGS) % Jersey % RANDGOLD RESOURCES LTD % United States % COBALT INTL ENERGY INC % Netherlands % OCI NV -ORD % Bermuda Islands % AFRICAN MINERALS LTD % KOSMOS ENERGY % France % ETABLISSEMENT MAUREL & PROM % Ireland % KENMARE RESOURCES PLC % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Nigeria % FBN HOLDINGS PLC % GUARANTY TRUST BANK % ZENITH BANK % 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. AOF - 4

38 Julius Baer Multistock - AGRICULTURE FUND Report of the Fund Management Investment policy The Julius Baer Multistock - AGRICULTURE FUND aims to achieve long-term capital growth by investing in equities of companies involved in the agriculture value chain worldwide. The sub-fund is suitable for long-term oriented investors willing to accept higher risk and wishing to diversify their portfolios towards agriculture equities. Market and portfolio review Global equities resumed their ascent during the third quarter of 2012 and finished the year on a strong note despite concerns about the US fiscal cliff and economic malaise in Europe. The surge in global equities continued in the first half of 2013 thanks to solid corporate earnings results and favourable global liquidity dynamics. Bullish sentiment was tempered somewhat by mixed Chinese economic data and renewed European sovereign debts concerns. Global equities declined in June following seven consecutive months of gains. The Julius Baer Multistock - AGRICULTURE FUND posted positive returns, mainly due to exposure to Food Products, Oil and Gas and Building Products. The positive returns were offset by exposure to Chemicals and Machinery. Green Plains Renewable Energy, a US ethanol producer, S&W Seed, a provider of expertise in agricultural breeding and production, and Green Mountain Coffee, a company that specializes in organic, fair trade, and gourmet coffees, were top contributors. Fertilizantes Heringer, a producer and distributor of basic fertilizers, Potash, one of the world' s largest fertilizer company, and Kernel Holding, a Ukrainian oilseed and grain producing and processing company, were top detractors. The sub-fund initiated positions in Bunge, a global soybean and corn processing and trading company, and Potash; and added to Monsanto Company, a global agricultural biotechnology corporation. The sub-fund eliminated Agrium, a producer and retailer of fertilizers, Green Plain Renewable Energy and Deere & Co, a leading global agricultural equipment manufacturer. The information in this report is based on historical data and is no indication of future performance. AGF - 1

39 Julius Baer Multistock - AGRICULTURE FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Derivative instruments at market value: - Forward foreign exchange contracts Cash at banks Receivable from brokers Dividends and interest Other receivables 849 Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 152 Income from securities lending Exceptional and other income, trailer fees Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest 198 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Swaps Forward foreign exchange contracts Foreign currencies Capital gains tax on realised gains/losses on securities -2 Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Swaps Forward foreign exchange contracts Capital gains tax on unrealised gains/losses on securities 3 Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.19% for A-CHF shares, 2.20% for A- shares, 2.20% for A- shares, 2.19% for B-CHF shares, 2.19% for B- shares, 2.19% for B- shares, 1.36% for C-CHF shares, 1.36% for C- shares, 1.36%** for C- shares, 2.95% for E- shares and 2.95%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. AGF - 2

40 Julius Baer Multistock - AGRICULTURE FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) AGF - 3

41 Julius Baer Multistock - AGRICULTURE FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % AGCO CORP % ANDERSONS INC % ARCHER-DANIELS MIDLAND CO % CERES INC % CF INDUSTRIES HOLDING INC % FMC CORP % INTERNATIONAL PAPER CO % KRAFT FOODS GROUP INC % LIMONEIRA CO % MONSANTO CO % MONSTER BEVERAGE CORP % MOSAIC CO % TITAN INTERNATIONAL INC % TRIMBLE NAVIGATION LTD % TYSON FOODS INC. -A % ZOETIS INC -A % Bermuda Islands % ASIAN CITRUS HLDGS % BUNGE LTD % PURECIRCLE LTD. REGISTERED % Canada % CERES GLOBAL AG / IPO % ECOSYNTHETIX INC % GLG % MAPLE LEAF FOODS INC % POTASH CORP SASKATCHEWAN % Brazil % ALL AMERICA /CONV % JBS AS % MINERVA SA % SLC AGRICOLA SA OPR % Italy % FIAT INDUSTRIAL SPA % Luxembourg % ADECOAGRO SA % KERNEL HOLDING SA % MHP GLOBAL NOMINATIVE / GDR % Norway % MARINE HARVEST ASA % Singapore % BUMITAMA AGRI LTD % FIRST RESSOURCES LTD % WILMAR INTERNATIONAL LTD % Thailand % CHAROEN POK /FOREIGN REG % THAI VEGETABL.OIL/FOREIGN REG % Spain % EBRO FOODS SHS % Australia % AUSTRALIAN AGRICULTURAL COMP % Japan % NIHON NOHYAKU CO LTD % Papua New Guinea % NEW BRITAIN PALM OIL LTD % Cayman Islands % CHINA MENGNIU DAIRY CO LTD % CHINA MODERN DAIRY HODLINGS % Israel % EVOGENE LTD % ISRAEL CHEMICALS % China % CHINA BLUECHEMICAL LTD -H % FIRST TRACTOR CO LTD H % India % MCLEOD RUSSEL INDIA LTD / DEMAT % REI AGRO % United Kingdom % GENUS PLC HAMPSHIRE % Cyprus % ROS AGRO PLC / GDR % Russia % URALKALITY / GDR % Denmark % TRIGON AGRI A/S % Indonesia % BW PLANTATION % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Zambia % ZAMBEEF PRODUCT PLC % Belgium % AB INBEV /SADR % Mauritius % GOLDEN AGRI - RESOURCES LTD % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AGF - 4

42 Julius Baer Multistock - ASIA STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - ASIA STOCK FUND aims to achieve long-term capital growth by actively investing in Asian (ex Japan) stocks. The investment strategy is based on a top-down approach as regards determination of the country allocation as well as on a bottom-up share selection. The sub-fund is suitable for investors who wish to participate in the economic development of Asian economies and have a long-term investment horizon as well as a high degree of risk tolerance. Market and portfolio review The second half of 2012 started amidst fear of an EU meltdown and Asian indices remained volatile. Last quarter of 2012 saw stronger markets as the Fed announced the launch of the third quantitative easing program. Market traded sideways during most of 2013 as concerns grew around the end of QE in the US and a liquidity crunch in the Chinese banking system. Overall, South East Asian high-growth markets benefited the most from global easy monetary conditions prevailing during the last twelve months as yields shrunk and currencies appreciated. After reaching all time high levels, local indices corrected heavily and underperformed the broad region in May and June The Julius Baer Multistock - ASIA STOCK FUND underperformed during the period under review. Generally, the strategic focus on the value segment of the market contributed negatively to the sub-fund's performance. From a country perspective, the overweight in China, India and the underweight in Malaysia and Taiwan also detracted from the performance. The overweight in Indonesia and Philippines could somehow mitigate the results. At single stock level, individual investments in IT, Korean materials and Chinese energy generated negative contribution to the portfolio. On the positive side, investments in Philippino and Indonesian infrastructure, Chinese consumers and utilities stocks contributed positively to the overall performance. The Julius Baer Multistock - ASIA STOCK FUND increased its overall exposure to India during the period under review while investments in materials, energy and capital goods got reduced. The initial overweight in China was also reduced and the proceeds where invested in Philippines and Taiwan. The information in this report is based on historical data and is no indication of future performance. ASF - 1

43 Julius Baer Multistock - ASIA STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft 19 Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Capital gains tax on unrealised gains/losses on securities Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 61 Income from securities lending Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Capital gains tax on realised gains/losses on securities Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Capital gains tax on unrealised gains/losses on securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.14% for A- shares, 2.14% for B- shares, 1.44% for C- shares and 2.88% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ASF - 2

44 Julius Baer Multistock - ASIA STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) ASF - 3

45 Julius Baer Multistock - ASIA STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Republic of Korea % HYUNDAI FIRE & MARINE INS CO % HYUNDAI MOBIS % LOTTE SHOPPING LTD % POSCO % SAMSUNG ELECTRONICS CO LTD % Hong Kong % AIA GROUP % CATHAY PACIFIC AIRWAYS % CHEUNG KONG HOLDINGS HKD % CHINA AGRI INDUSTRIES HOLDINGS % CHINA INSURANCE INTERNATIONAL % CHINA MOBILE LTD % CLP HOLDINGS LTD % HANG SENG BANK LTD % HONGKONG+SHANGH.HOTELS % HUTCHISON WHAMP / HK % NEW WORLD DEVELOPMENT CO. LTD % SUN HUNG KAI PROPERTIES LTD % Taiwan % CHINA PETROCHEMICAL DEVELOP % CLEVO COMPANY % DELTA ELECTRONIC INDUSTRIAL % FAR EASTONE TELECOM. CO LTD % INVENTEC CORPORATION % SHIN KONG FINANCIAL HLD CO LTD % TAIWAN MOBILE CORP % TAIWAN SEMICOND. MANUFACT % WEI CHUAN FOOD CORP % China % AIR CHINA LTD -H % AVICHINA INDUST.&TECHN./-H % BANK OF COMMUNICATIONS CO -H % CHINA CONSTRUCTION BANK CO -H % CHINA OILFIELD SERVICES -H % CHINA PACI INSU(GROUP) LTD -H % CHINA PETROLEUM & CHEM CORP H % DATANG INT. POWER GENERATION -H % GREAT WALL MOTOR CO LTD -H % Bermuda Islands % BEIJING ENTERPRISES WATER GP % NAM % ORIENT OVERSEAS (INTERNATIONAL) % Philippines % ALLIANCE GLOBAL GROUP INC % FILINVEST LAND INC % Singapore % DBS GROUP HOLDINGS LTD % Indonesia % PT INDOCEMENT TUNGGAL / DEMAT % Malaysia % MALAYAN BANKING BERHAD % Thailand % KASIKORNBANK PUB. COMP. / FOR. REG % Options, warrants, rights % MYR % SUNWAY CW / SUNWAY % UNLISTED SECURITIES % Equities % Malta % BGP HOLDINGS % Luxembourg % GMS POWER PUBL. CO LTD / FOR. REG % Options, warrants, rights % HKD % RIGHTS NEW WLD DEV % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP % India % BANK OF BARODA / DEMATERIALISED % ICICI BK LTD / DEMATERIALISED % ITC LTD / DEMAT % MARUTI SUZUKI INDIA LTD % TATA MOTORS % Cayman Islands % AAC TECHNOLOGIE SHS % CHINA SHINEWAY PHARMA GRP LTD % MINTH GROUP LTD % QIHOO 360 TECHN /ADR % REAL % SOHO CHINA LTD % TENCENT HOLDINGS % TINGYI HLD CORP.(CAYMAN ISL.) % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ASF - 4

46 Julius Baer Multistock - BIOTECH FUND Report of the Fund Management Investment policy The Julius Baer Multistock - BIOTECH FUND strives for long-term capital growth through investments in companies from the biotechnology sector. The portfolio is composed of shares in companies from the entire biotechnology value chain that develop innovative technology and products for the healthcare, agriculture, environment and foodstuff production sectors. The Julius Baer Multistock - BIOTECH FUND is suitable for investors with a long-term investment horizon, who wish to diversify their portfolio through investments in the biotechnology sector and who are prepared to assume a higher risk. Market and portfolio review Historically, M&A and new product lauches have been a key tenant of the biotech investment thesis. Pharma s need to replenish its product portfolio and pipeline has often resulted in it paying substantial premium for assets or collaborations with the biotech companies. In fact, several acquisitions, including Bristol Myers Squibb announcing its intention to purchase Amylin Pharmaceuticals for $5B+, a 95% premium to the pre-auction stock price have been credited with sparking prior biotech rallies. Second, several large new products such as Kyprolis for blood cancers from Onyxx (peak sales 600 million in 2015) or Kalydeco against cystic fibrosis from Vertex (pek sales 900 million in 2015) have reached commercialization during the year. Biotech sector stock performance has been very strong. The NASDAQ Biotechnology Index is up 34% over the past twelve months. The performance of Julius Baer Multistock - BIOTECH FUND was mainly driven by innovative product introductions or news flow from clinical phase III results. Celgene was an overweight due to the growth of Revlimid and pipeline newsflow (Abraxane, pomalidomide, apremilast). The Gilead position was an overweight since awaited hepatitis product readouts and filing, HIV franchise and the long-term oncology potential transformed the company. Vertex position was maintained for it's long-term cistic fibrosis prospects and nuc potential in the hepatitis area. Within the smaller cap titles position such as Biomarin, Incyte or Aegerion were added or newly bought. The information in this report is based on historical data and is no indication of future performance. BTF - 1

47 Julius Baer Multistock - BIOTECH FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Other receivables 145 Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Income from securities lending Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 174 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.83% for A- shares, 1.84% for B- shares, 1.19% for C- shares and 2.57% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. BTF - 2

48 Julius Baer Multistock - BIOTECH FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) BTF - 3

49 Julius Baer Multistock - BIOTECH FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % AEGERION PHARMA % ALEXION PHARMACEUTICALS INC % ALLERGAN INC % AMGEN INC % AMICUS THERAPEUTICS INC % ANACOR PHARMACEUTICALS INC % ARIAD PHARMACEUTICALS % BIOGEN IDEC INC % BIOMARIN PHARMACEUTICAL INC % CELGENE CORP % CUBIST PHARMACEUTICALS INC % ENDO HEALTH SOL SHS % GILEAD SCIENCES INC % HYPERION THERAPEUTICS % INCYTE CORP % MEDIVATION % NEKTAR THERAPEUTICS SYSTEMS % NOCRINE BIOSCIENCES INC % NPS PHARMACEUTICALS INC % ONYX PHARMACEUTICALS INC % OPTIMER PHARMACEUTICALS INC % QUESTCOR PHARMACEUTICAL INC % RAPTOR PHARM % REGENERON PHARMACEUTICALS INC % SALIX PHARMACEUTICALS LTD DE % SEATTLE GENETICS INC % SYNAGEVA BIOPH SHS % THERAVANCE INC % THRESHOLD PHARMACEUTICALS % TRIUS THERAPEUTICS INC % UTD THERAPEUTICS CORP (DE) % VERTEX PHARMACEUTICALS % VIROPHARMA % Ireland % JAZZ PHARMA % Jersey % SHIRE PLC / ADR % Denmark % ZEALAND PHARMA A/S % 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. BTF - 4

50 Julius Baer Multistock - BLACK SEA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - BLACK SEA FUND invests on Shares from the Black Sea region. Bottom-up approach, investing in firms with good macroeconomic, sector- and security-specific aspects that consider risk diversification. The sub-fund is suitable for investors who wish to participate in the development of the Black Sea markets over the long term and who have a very high degree of risk tolerance. With regard to diversification, the sub-fund may also be used as a supplementary investment in a globally diversified portfolio. Market and portfolio review The Black Sea Region was a mixed bag during the year, with Bulgaria beeing the best performing market, followed by Romania and Turkey. Russia, Kazakhstan and Ukraine underperformed during the reporting period. The reasons for the underperformance were a growth slowdown in China coupled with a lower oil price. Russia, Kazakhstan and Ukraine are commodity driven markets and highly dependent on Chinese growth expectations. A Chinese economic recovery will increase risk appetite. The Julius Baer Multistock - BLACK SEA FUND outperformed the reference Index during the reporting period. The underweight in Russia and the overweight in Turkey, Bulgaria and Romania have contributed positively to the sub-fund s performance. The exposure to Ukraine and Kazakhstan had a negative contribution. The overweight in Consumer Discretionary and Industrials had a positive contribution, whereas the underweight in Financials a negative one. Stock selection was one of the biggest positive contributor. Not only the stocks selected in the Consumer Discretionary and Consumer Staples sector, but also the stock selected in the Health Care and Material space developed positively. During the reporting period the overweight in Turkey was reduced in favour of Russia, locking in the profits generated in all the country. The information in this report is based on historical data and is no indication of future performance. BSF - 1

51 Julius Baer Multistock - BLACK SEA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Derivative instruments at market value: - Futures Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Futures Foreign currencies 696 Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Futures Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.59% for A-CHF shares, 2.59% for A- shares, 2.58% for A- shares, 2.59% for B-CHF shares, 2.59% for B- shares, 2.59% for B- shares, 1.70% for C-CHF shares, 1.68% for C- shares, 1.66% for C- shares, 3.33% for E- shares and 3.34% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. BSF - 2

52 Julius Baer Multistock - BLACK SEA FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) BSF - 3

53 Julius Baer Multistock - BLACK SEA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Turkey % DOGUS OTOMOTIV SERVIS VE TICAR % GUBRE.FABRIKALARI.TAS % KARDEMIR KARABUK -D % KOC HLD AS % SABANCI HOLDING % SEKERBANK % TOFAS TURK OTOMOBIL FABRIKASI % TURK HAVA YOLLARI AO % TURKIYE HALK BANKASI A.S % TURKIYE IS BANKASI AS C % TURKIYE VAKIFLAR BANKASI TAO % Russia % MAGNIT OJSC - SGDR % MEGAFON OJSC /GDR % MMC NORILSK NICKEL / SADR % PHOSAGRO OJSC / SGDR % VNESHTORGBANK SGDR % Luxembourg % MHP GLOBAL NOMINATIVE / GDR % Isle Of Man % PETRO MATAD LTD % ZHAIKMUNAI LP - GDR REG S-W / I % Netherlands % YANDEX NV -A % Kazakhstan % KCELL JSC /GDR % Bulgaria % 294 BLAGOEVGRAD BT % FIRST INVESTMENT BANK % Bermuda Islands % VIMPELCOM SP /ADR % Romania % C.N. TRANSELECTRICA % Australia % ASPIRE MINING LTD % MCB AGRICOLE HOLDING / SGDR % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Russia % AEROFLOT MOSCOW % AKRON OJSC % ALROSA CJSC % ARZAMAS INSTRUMENT ENGINE FACT % BANK ST.PETERSBURG /ISSUE % BASHNEFT OJSC % FEDERAL HYDROGENERATING COMPANY OJSC % GAZPROM AVTOMATIZATSIYA / 3PREF % GAZPROM AVTOMATIZATSIYA OJSC % IDGC VENTER & VOL % IDGC VOLGA % JSC SURGUTNEFTEGAZ / PREF % M VIDEO COMPANY JSC % MAGNIT JSC % PROTEK % SBERBANK OF RUSSIA OJSC % SOLLERS JSC % TNK-BP HOLDING % 170 TRANSNEFT OJSC MOSCOW % TUPOLEV OAO MOSCOA % YAKUTIA RAILWAYS JSC % Ukraine % ALCHEVSKYY KOKSOCHIMICHNYY ZAV % MOTOR SICH JSC % OJSC KRAMATORSKY TSEM % YASYNOVSKIY COCKING % Cyprus % AVANGARDCO INVESTMENTS GDR % United States % CASPIAN SERVICES INC % KARAVAN REAL ESTATE LTD B % MARANI BRAND / REST % TKS REAL ESTATE PUBL COMP / GDR % UNLISTED SECURITIES % Equities % Ukraine % EKVIN CORP OJSC % RURIK REAL ESTATE INV % United States % ONLINE AUTOMOTIVE PARTNERS LLC % Cyprus % XXI CENTURY INVESTEMNTS PUBLIC % United States % BMB MUNAI INC % Canada % EAST ASIA MINERALS CORP % 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. BSF - 4

54 Report of the Fund Management Julius Baer Multistock - CENTRAL OPE STOCK FUND Investment policy The Julius Baer Multistock - CENTRAL OPE STOCK FUND invests primarily in stocks of Central and Eastern European companies. The investment process currently heavily weights criteria such as market positioning, sales opportunities, transparency of shareholder information and political/economic stability. It is suitable for equity investors with a long-term approach and a very high degree of risk tolerance, who are convinced of the economic potential of the former Eastern Block countries. It is also suitable as a supplement to a globally diversified portfolio, for diversification purposes. Market and portfolio review During the last year Eastern European market was very volitile. From June 2012 till January 2013 index (MSCI EM Europe 10/40 ND) went up 21.3%. Afterwards corerection has started pushing market 10% down till April And again up 11% in May and finishing the year with 18% down in June. Overall market went up 2.6% during the last twelve months. In the positive territory finished Turkish, Polish and Hungarian market while Russian and Czech market went down. Emerging Europe index was following news coming from the weak recovery in Europe, bad data coming from China and positive developments in US. In the fiscal year the Julius Baer Multistock - CENTRAL OPE STOCK FUND outperformed the index by 1.04%. Main drivers were stockpicking in Russia, Poland and Turkey and no exposure to Czech Republic. In Russia the sub-fund was underweighting Energy sector and overweighting Consumer sector. In Poland the sub-fund was overweighting Media and Industrial sectors at cost of Banks and Utilities. The information in this report is based on historical data and is no indication of future performance. CESF - 1

55 Julius Baer Multistock - CENTRAL OPE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending 890 Other income Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.34% for A- shares, 2.34% for B- shares, 1.50% for C- shares and 3.09%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. CESF - 2

56 Julius Baer Multistock - CENTRAL OPE STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) CESF - 3

57 Julius Baer Multistock - CENTRAL OPE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Russia % AFK SISTEMA / SGDR % GAZPR SPONS. ADR REPR 2 SHS % GROUPE LSR / SGDR REPR. SREG S % JSC SURGUTNEFTEGAZ / SADR % LUKOIL / SADR REP.1 SHS % MEGAFON OJSC /GDR % MMC NORILSK NICKEL / SADR % MOBILE TELESYSTEMS / SADR % NOVATEK OAO / SGDR % OAO TATNEFT / SGDR REP.6 REGS % PHOSAGRO OJSC / SGDR % SBERBANK OF RUSSIA OJSC / SADR % SEVERSTL CHERPVT MET / SGDR % VNESHTORGBANK SGDR % Turkey % ARCELIK AS % ENKA INSAAT VE SANAYI AS % ISGYO % KOC HLD AS % SABANCI HOLDING % SINPAS GAYRIM YATITIM % TOFAS TURK OTOMOBIL FABRIKASI % TUPRAS TURKIYE PETROL RAFINEL % TURK HAVA YOLLARI AO % TURKCELL ILETISIM HIZMET % TURKIYE GARANTI BANKASI /NOM % TURKIYE HALK BANKASI A.S % TURKIYE IS BANKASI AS C % TURKIYE VAKIFLAR BANKASI TAO % YAPI KREDI BANKASA % United Kingdom % HMS HYDRAU/GDR % Netherlands % YANDEX NV -A % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Russia % AEROFLOT MOSCOW % ALROSA CJSC % FTH GEN. CO. WHOLES. EL. OJSC WGC % GROUP LSR OJSC % IDGC VENTER & VOL % JSC SURGUTNEFTEGAZ / PREF % LUKOIL HOLDING % MAGNIT JSC % MOSTOTREST % 5 OAO OPEN INVESTMENTS / GDR % PROTEK % ROSTELEKOM % SBERBANK / PREF % SOLLERS JSC % VNESHTORGBANK % UNLISTED SECURITIES % Equities % Romania % CONCEFA S.A % Poland % BANK ZACHODNI WBK SA WROCLAW % BK POLSKA KASA OPIEKI PEKAO % CYFROWY POLSAT SA % OCASH SA % FASING % GRUPA LOTOS SA % INSTAL KRAKOW S.A % KGHM POLSKA MIEDZ SA % PGE POLSKA GRUPA ENERGETYCZNA % POLISH OIL & GAS CO % POLSKI KONCERN NAFTOWY ORLEN % POWSZECHNA KASA OSZCZED.POLSKI % POWSZECHNY ZAKLAD UBEZPIECZEN % Cyprus % GLOBALTRANS INVESTMENT PLC GDR % ROS AGRO PLC / GDR % Czech Republic % CEZ.CESKE ENERGETICKE ZAVODY % 800 KOMERCNI BANKA AS % Hungary % MOL MAGYAR / -A % OTP BANK LTD % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. CESF - 4

58 Julius Baer Multistock - CHINDONESIA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - CHINDONESIA FUND seeks to achieve long-term capital growth by investing in companies in China, India and Indonesia. The aim of the sub-fund is to profit from the superior economic growth and the positive demographic developments in these countries. The Julius Baer Multistock - CHINDONESIA FUND is suitable for equity investors with a long-term horizon and high risk tolerance who want to add investments in the Chindonesia region to their portfolio. Market and portfolio review The second half of 2012 started amidst fear of an EU meltdown and Asian indices remained volatile. Last quarter of 2012 saw stronger markets as the Fed announced the launch of the third quantitative easing program. Market traded sideways during most of 2013 as concerns grew around the end of QE in the US and a liquidity crunch in the Chinese banking system. High-growth markets such as Indonesia benefited the most from global easy monetary conditions prevailing during the last twelve months as yields shrunk and currencies appreciated. India remained very volatile over the last 12 month as risk appetite swung heavily. Moreover, a stray of bold economic reforms couldn t convince investors to add exposure to cyclical sectors. The Julius Baer Multistock - CHINDONESIA FUND (B share) gained 8.3% in U.S. dollar term from end of June 2012 to end of June Stocks in all three countries delivered positive returns in the period. Indonesian stocks delivered the strongest return, followed by Indian stocks. Chinese stocks in the portfolio achieved only low single digit returns. In particular, the sub-fund's focus on domestic driven companies in Indonesia paid off, and stock selection added considerable value as the sub-fund was heavily exposed to real estate, consumption and infrastructure stocks. Over the last twelve months, the sub-funds' exposure to India was increased while exposure to Indonesia was decreased as valuation became rich and the currency more volatile. In terms of sector allocation, exposure to Consumer and Technology sectors were increased, while exposure to Energy and Financials were decreased. The information in this report is based on historical data and is no indication of future performance. CHI - 1

59 Julius Baer Multistock - CHINDONESIA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable 195 Dividends and interest Other receivables Total Assets Liabilities Bank overdraft 31 Payable to brokers Management fees payable "Taxe d'abonnement" payable 891 Other liabilities Total Liabilities Net Assets Income Income from investments Income from securities lending Total Income Expenses Management fees Custodian fees and charges 420 "Taxe d'abonnement" and other taxes Bank interest 355 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.11%** for A- shares, 2.10% for B- shares, 1.34% for C- shares and 2.82%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. CHI - 2

60 Julius Baer Multistock - CHINDONESIA FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) CHI - 3

61 Julius Baer Multistock - CHINDONESIA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Bermuda Islands % BEIJING ENTERPRISES WATER GP % CHEUNG KONG INFRASTRUCTURE HLD % HAIER ELECTRONICS GROUP CO LTD % Equities % India % BANK OF BARODA / DEMATERIALISED % HCL TECHNOLOGIES /DEMAT % ICICI BK LTD / DEMATERIALISED % INDUSIND BANK LTD % ITC LTD / DEMAT % LARSEN & TOUBRO LTD / DEMAT % MADRAS CEMENTS /DS % MARUTI SUZUKI INDIA LTD % SHREE CEMENTS LTD % SHRIRAM TRANSPORT FINANCE % TATA MOTORS % TECH MAHINDRA LTD /DEMAT % Cayman Islands % AAC TECHNOLOGIE SHS % AJISEN CHINA HOLDINGS LTD % CHINA SHINEWAY PHARMA GRP LTD % EVA PRECISION INDUSTRIAL HLDG % KINGDEE INT SOFTWARE GR. CO LTD % MINTH GROUP LTD % QIHOO 360 TECHN /ADR % REAL % SANDS CHINA / IPO % SOHO CHINA LTD % TENCENT HOLDINGS % TINGYI HLD CORP.(CAYMAN ISL.) % XINGDA INTERNATIONAL HLDGS % China % AIR CHINA LTD -H % AVICHINA INDUST.&TECHN./-H % BANK OF CHINA LTD -H % BANK OF COMMUNICATIONS CO -H % CHINA CITIC BK -H % CHINA OILFIELD SERVICES -H % CHINA PACI INSU(GROUP) LTD -H % CHINA PETROLEUM & CHEM CORP H % DATANG INT. POWER GENERATION -H % GREAT WALL MOTOR CO LTD -H % SHANGHAI FOSUN PHARMACEUTI-H % Indonesia % PT BANK RAKYAT INDONESIA % PT INDOCEMENT TUNGGAL / DEMAT % PT SUMMARECON AGUNG TBK % PT SURYA CITRA MEDIA TBK % PT WIJAYA KARYA (PERSERO) TBK % SUPRA BOGA LEST % TELKOM INDONESIA / S -B- OPR % Hong Kong % CHINA AGRI INDUSTRIES HOLDINGS % CHINA INSURANCE INTERNATIONAL % CHINA MOBILE LTD % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. CHI - 4

62 Report of the Fund Management Julius Baer Multistock - ENERGY TRANSITION FUND Investment policy The Julius Baer Multistock - ENERGY TRANSITION FUND invests along the energy sector value-added chain in climate-friendly solutions and firms supplying the market with long-lived, cost-effective resources. It is suitable for long-term-oriented investors who are prepared to accept a higher equities risk and want a broad, growth-oriented and actively managed participation in the energy sector. Market and portfolio review Equity markets have been very volatile during the reporting period with sharp corrections in the fall of 2012 and spring of Nevertheless, the market posted a double digit positive return. Macro news flow, especially about the Euro crisis and US budget concerns, was the dominant market driver. In this environment, commodity related industries like energy and materials underperformed other sectors. The Julius Baer Multistock - ENERGY TRANSITION FUND slightly underperformed the overall market as investors avoided commodity related stocks. Companies active within the LNG value chain and in electric power grids were the most positive performance contributors as infrastructure expansion in these markets continued to accelerate. In the first six months of 2013, solar stocks gained as well. Oil price related companies were the most negative contributors despite continued high oil prices. Our focus is on structural energy infrastructure growth markets like power grids, LNG, efficient buildings/lighting. In 2013 we have increased our exposure to solar and wind. In solar, costs are becoming competitive with conventional energy and new installations are likely to exceed expectations in 2013 as demand is driven by the US, Japan and China. We focus on companies active in niches which benefit from low solar module prices and rising volumes. In Wind, the Chinese market is re-accelerating after a two-year lull. Our exposure in wind is primarily in wind farm developers and operators. The information in this report is based on historical data and is no indication of future performance. ETF - 1

63 Julius Baer Multistock - ENERGY TRANSITION FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft 221 Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Other income Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Forward foreign exchange contracts -15 Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.81% for A- shares, 1.80% for A- shares, 1.81% for B- shares, 1.80% for B- shares, 1.14% for C- shares, 1.15%** for C-JPY shares, 1.13% for C- shares, 2.55% for E- shares and 2.54% for E- 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 ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. ETF - 2

64 Julius Baer Multistock - ENERGY TRANSITION FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares C-JPY) * Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares C-JPY) * Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) * The share class was launched on 18 September ETF - 3

65 Julius Baer Multistock - ENERGY TRANSITION FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % ADA ES INC % CAPSTONE % CHART INDUSTRIES INC % COBALT INTL ENERGY INC % ENERNOC INC % ENPHASE % GEVO % GRAN TIERRA ENERGY INC % GT % JOHNSON CONTROLS INC % KIOR % MASTEC INC % MYR GROUP INC % NATIONAL OILWELL VARCO INC % POWER INTEGRATIONS INC % QUANTA SERVICES INC % REGAL BELOIT CORP % SOLARCITY % SOUTHWESTERN ENERGY CO % SUNEDISON % Canada % ALGONQUIN POWER & UTILITIES % ALTAGAS % BANKERS PETROLEUM -A % BORALEX INC -A % ELECTOVAYA % KEYERA % LEGACY OIL + GAS % NEWALTA CORP % WESTPORT % Spain % EDP RENOVAVEIS SA % Luxembourg % PROSPECTOR OFFSHORE DRILLING S % SUBSEA 7 SA % France % ALSTOM % SAINT-GOBAIN % Netherlands % CHICAGO BRIDGE & IRON / NY % United Kingdom % AMERISUR RESOURCES PLC % OPHIR ENERGY PLC % RUSPETRO % Curaçao % SCHLUMBERGER LTD % Belgium % EXMAR SA % Ireland % KENTZ CORPORATION % Germany % CENTROTEC SUSTAINABLE AG % Norway % PETROLEUM GEO-SERVICES ASA % Isle Of Man % GREENKO GROUP PLC % Switzerland % ABB LTD ZUERICH / NAMEN % BURCKHARDT % FOSTER WHEELER % Italy % ENEL GREEN POWER S.P.A % PRYSMIAN SPA % Japan % CHIYODA CORP % JGC CORP % Bermuda Islands % HOEGH LNG HOLDINGS LTD % KUNLUN ENERGY COMPANY LTD % China % CHINA LG PWR -H % CHINA SUNTIEN -H % Cayman Islands % COASTAL ENERGY COMPANY % GCL-POLY % POLARCUS LTD % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ETF - 4

66 Report of the Fund Management Julius Baer Multistock - O LARGE CAP STOCK FUND Investment policy The Julius Baer Multistock - O LARGE CAP STOCK FUND aims for long-term capital growth by investing in large-cap companies in EMU countries. It is suitable for long-term equity investors with high risk tolerance who want to supplement their portfolios with large caps from EMU countries. Market and portfolio review In the fiscal year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized its commitment to buy peripheral sovereign debt at unlimited amounts if necessary. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the fiscal year, the sub-fund slightly underperformed the benchmark Eurostoxx50. The stock selection in the telecom and utilities sector delivered the biggest positive contribution to the performance. The French mid-sized company Iliad strongly outperformed the telecom sector throughout the entire reporting period. On the other hand, the stock selection in the consumer discretionary sector and the underweight in food and beverage stocks had a negative effect on the relative performance. Otherwise, sector bets against the benchmark have been kept low. The information in this report is based on historical data and is no indication of future performance. ELCSF - 1

67 Julius Baer Multistock - O LARGE CAP STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 83 Income from securities lending Other income Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 812 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.61% for A- shares, 1.60% for B- shares, 0.16%** for Ca- shares, 0.33%** for C- shares and 2.36% for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. ELCSF - 2

68 Julius Baer Multistock - O LARGE CAP STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ca-) ELCSF - 3

69 Julius Baer Multistock - O LARGE CAP STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % France % AIR LIQUIDE % AXA % BNP PARIBAS % DANONE % ESSILOR INTERNATIONAL % GDF SUEZ % ILIAD % L OREAL % LVMH MOET HENNESSY % PERNOD-RICARD % SAINT-GOBAIN % SANOFI % SCHNEIDER ELECTRIC SA % STE GEN. PARIS -A % TECHNIP % TOTAL % VINCI % VIVENDI % Finland % NOKIA % United Kingdom % ROYAL DUTCH SHELL PLC -A % Options, warrants, rights % % RIGHTS REPSOL SA % Germany % ALLIANZ SE / NAM. VINKULIERT % BASF NAMEN-AKT % BAYER % BMW - BAYER. MOTORENWERKE % COMMERZBANK AKT % DEUTSCHE BANK AG / NAM % DEUTSCHE TELEKOM / NAM % E.ON - NAMEN AKT % K+S AKTIENGESELLSCHAFT % MUENCHENER RUECKVERS / NAMENSAKT % SAP AG % SIEMENS AG / NAM % VOLKSWAGEN AG / VORZUG % Spain % BANCO SANTANDER REG. SHS % BCO BILBAO VIZ. ARGENTARIA / NAM % IBERDROLA SA % INDITEX / REG % REPSOL SA % TELEFONICA SA % Netherlands % ASML HOLDING NV % EADS. OPEAN AERONAUTIC DEFENCE AND SPACE COMPANY % ING GROEP NV / CERT. OF SHS % UNILEVER CERT. OF SHS % Italy % ASSICURAZIONI GENERALI SPA % ENEL % ENI SPA ROMA % INTESA SANPAOLO SPA % UNICREDIT AZ % Belgium % ANHEUSER-BUSH INBEV SA % 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. ELCSF - 4

70 Report of the Fund Management Julius Baer Multistock - OLAND VALUE STOCK FUND Investment policy The Julius Baer Multistock - OLAND VALUE STOCK FUND implements a value-based approach, investing primarily in Euroland stocks that the investment adviser regards as good value in terms of fundamental valuation criteria (price-to-book, price-earnings, price-cash flow, price-sales, etc.). The sub-fund is suitable for risk-aware equity investors with a long-term approach, who are convinced of the long-term economic potential of the Eurozone and who would like to invest in a portfolio that is composed applying a "value-approach". Market and portfolio review For most of the past twelve months Euroland equity markets traded higher, only to sell-off in late January, on the back of a hung parliament in Italy and the need for a Cyprus bailout package and again in late May, caused by the Fed's indication of QE tapering, which triggered a mini bond crash, draging equity markets lower. The late January sell-off in the equity market coincided with a buying-climax in Defensives/Growth stocks and a sellingclimax in Cyclicals/Value stocks. From June 2012 to the end of January 2013 the Julius Baer Multistock - OLAND VALUE STOCK FUND comfortably outperformed the respective benchmark. From January 2013 to early April the sub-fund experienced a pronounced underperformance, as Defensives/Growth stocks, which had already traded at historic highs, experienced a massive buying climax. As value investors we did obviously not have any exposure to those very expensively valued growth stocks which over that tree-months period outperformed value stocks by a staggering 12%. From early April to June that trend slowly started to reverse, leading to a gradual outperformance of the benchmark. Over the full twelve months reporting period the sub-fund had, on a net basis, underperformed the benchmark. The information in this report is based on historical data and is no indication of future performance. EUSF - 1

71 Julius Baer Multistock - OLAND VALUE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 22 Income from securities lending Other income Equalisation Total Income Expenses Management fees Custodian fees and charges 38 "Taxe d'abonnement" and other taxes Bank interest 622 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies 510 Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.75% for A- shares, 1.76% for B- shares, 1.11% for Ca- shares, 1.11% for C- shares and 2.50% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EUSF - 2

72 Julius Baer Multistock - OLAND VALUE STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ca-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ca-) EUSF - 3

73 Julius Baer Multistock - OLAND VALUE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % France % AXA % BNP PARIBAS % BOUYGUES % CARREFOUR S.A % ERAMET % FRANCE TELECOM SA % SAINT-GOBAIN % STE % TOTAL % VALLOUREC % VEOLIA % VINCI % VIVENDI % Netherlands % AEGON NV % ING GROEP NV / CERT. OF SHS % KONINKLIJKE KPN / % Germany % DEUTSCHE LUFTHANSA / NAM % LANXESS AG % METRO AG % Luxembourg % APERAM SA % ARCELORMITTAL SA REG SHS % Italy % ENEL % TELECOM ITALIA SPA % Spain % BANCO SANTANDER REG. SHS % United Kingdom % ROYAL DUTCH SHELL PLC -A % 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. EUSF - 4

74 Julius Baer Multistock - OPE SELECTION FUND Report of the Fund Management Investment policy The aim of the Julius Baer Multistock - OPE SELECTION FUND is to achieve long-term capital growth. To this end, it invests in selected equities in European companies, while focusing on stock picking. Stock picking is based on a thorough analysis of equities and companies. The companies selected have good fundamental data (i.e. sound balance-sheet data) and their equities show positive momentum and an attractive valuation. The Julius Baer Multistock - OPE SELECTION FUND is suitable for investors with a long-term investment horizon and high risk tolerance. Market and portfolio review In the fiscal year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized its commitment to buy peripheral sovereign debt at unlimited amounts if necessary. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the fiscal year, the Julius Baer Multistock - OPE SELECTION FUND performed in line with the benchmark MSCI Europe. The initial outperformance in the first half year has been lost over the course of the reporting period. The stock selection in the consumer discretionary and energy sector delivered the biggest positive contribution to the performance. On the other hand, the stock selecton in the materials and utilities sector had a negative effect on the relative performance. Sector bets against the benchmark have been kept low. The focus on core European markets was beneficial to the sub-funds' performance. The information in this report is based on historical data and is no indication of future performance. EGSF - 1

75 Julius Baer Multistock - OPE SELECTION FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Other income Total Income Expenses Management fees Custodian fees and charges 13 "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.00% for A- shares, 2.00% for B- shares, 1.21% for Ca- shares, 1.20% for C- shares and 2.75% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EGSF - 2

76 Julius Baer Multistock - OPE SELECTION FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ca-) * Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ca-) * Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ca-) * The share class was launched on 4 June EGSF - 3

77 Julius Baer Multistock - OPE SELECTION FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Germany % BMW AG /VORZUG % DEUTSCHE POST AG. BONN % E.ON - NAMEN AKT % MTU AERO ENGINES HLDS / NAMEN % SAP AG % Switzerland % ARYZTA AG/NAM % CIE FINANCIERE RICHEMONT SA % NESTLE / ACT NOM % ROCHE HOLDING AG / GENUSSSCHEIN % THE SWATCH GROUP AG % France % ARKEMA % MICHELIN B /NOM % SANOFI % SCHNEIDER ELECTRIC SA % SODEXO % United Kingdom % BETEX GROUP PLC % COBHAM PLC % RIO TINTO PLC / REG % ROYAL DUTCH SHELL PLC -A % SABMILLER PLC % TESCO PLC % Spain % AMADEUS IT HOLDING SR. A % BANCO SANTANDER REG. SHS % Netherlands % AEGON NV % ING GROEP NV / CERT. OF SHS % Italy % ENI SPA ROMA % UNLISTED SECURITIES % Equities % Germany % WIMAN HOLDING INC % 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. EGSF - 4

78 Report of the Fund Management Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND Investment policy The Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND invests primarily in European small and mid-cap shares in what the investment adviser deems to be growth sectors. The investment process is currently characterised by an active management style. It is suitable for investors with a long-term approach and a high to very high degree of risk tolerance, wishing to share in the development potential of young, dynamic industries and companies in Europe. The sub-fund is also an appropriate complement to an equity portfolio containing European blue chips. Market and portfolio review Despite the ongoing problems in Europe, most European indices experienced significant growth during the reporting period. Issues such as the recapitalisation of Spanish banks, persistently high unemployment, Cyprus s financial problems and the fiscal cliff in the United States in late 2012 unsettled the equity markets for only a relatively brief period. The strong willingness of central banks to make unlimited liquidity available to financial markets calmed the nerves of many investors. In this environment, small- and mid-caps achieved a significantly better performance than large-caps. No major changes were made during the financial year just ended. The focus remained on companies with strong balance sheets and business models that give the company the ability to grow either organically or via acquisitions and thus to generate value for the shareholder. At the level of individual stocks, we invested in more cyclical stocks with attractive growth profiles (e.g. Ashtead, Barrat Develop) and reduced companies whose high valuations already price in some of their future growth (e.g. Elekta, Dominos Pizza). During the reporting period, the Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND outperformed its benchmark index due to the selection of individual stocks in the financial, industrial and materials sectors. The information in this report is based on historical data and is no indication of future performance. ESSF - 1

79 Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 39 Income from securities lending Other income Equalisation Total Income Expenses Management fees Custodian fees and charges 38 "Taxe d'abonnement" and other taxes Bank interest 6 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.15% for A- shares, 2.15% for B- shares, 1.26% for C- shares and 2.90% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ESSF - 2

80 Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) ESSF - 3

81 Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United Kingdom % ASHTEAD GROUP PLC % AVEVA GROUP PLC % BARRATT DEVEL. PLC % CRODA INTL PLC % GREENE KING PLC % HUNTING PLC % INCHCAPE % ITV PLC % MONEYSUPERMARKET. COM % PREMIER OIL PLC % RESTAURANT GROUP PLC % SCHRODERS PLC % SPECTRIS PLC % WEIR GROUP PLC % WILLIAM HILL PLC % Germany % BIOTEST AG /VORZUG % CENTROTEC SUSTAINABLE AG % CTS EVENTIM AG. BREMEN % DRAEGERWERK % FIELMANN AG % HEIDELBERGER % LEONI AG / NAMEN-AKT % SUESS MICROTEC AG % TIPP % TOMORROW FOCUS AG % Sweden % AF AB B % HUSQVARNA AB -B % INTRUM JUSTITIA AB % Norway % DET NORSKE OLJE % DOLPHIN GROUP ASA % STOREBRAND AS / BUNDNA % Austria % ANDRITZ AG GRAZ % RHI AG % Finland % CRAMO PLC % KONECRANES PLC % Ireland % FBD HOLDINGS PLC % Denmark % FLSMIDTH & CO. A/S B % JYSKE BANK A/S SILKEBORG % Switzerland % ARYZTA AG/NAM % BUCHER INDUSTRIES AG / NAM OPR % DUFRY AG BASEL % SULZER AG/ NAMENSAKTIEN % SWISS LIFE HOLDING / NAM % SWISSQUOTE GROUP HLD / NOM % France % ALTEN % ARKEMA % ID LOGISTICS GROUP % TELEPERFORMANCE % TELEVISION FRANCAISE % VIRBAC % Netherlands % AALBERTS INDUSTRIES NV % DELTA LLOYD % UNIT4 N.V % USG PEOPLE NV % Italy % AMPLIFON % LOTTOMATICA SPA ROMA % MEDIOLANUM SPA % 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. ESSF - 4

82 Julius Baer Multistock - OPE STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - OPE STOCK FUND invests primarily in stocks of European companies. The sub-fund is currently actively managed on a fundamental analysis basis. The sub-fund is appropriate for investors convinced of the long-term economic potential of Europe. It is a broadlybased equity fund centred around the reference index MSCI Europe (net), making it a good basic product for meeting a need to invest in shares in the European area. Market and portfolio review In fiscal year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized ist commitment to buy peripheral sovereign debt at unlimited amounts. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the reporting year, the Julius Baer Multistock - OPE STOCK FUND performed in line with the benchmark MSCI Europe. The overweight of the consumer discretionary sector and the stock selection within the telecom and consumer sectors delivered the biggest positive contribution to the performance. On the other hand, the overweight in materials and the stock selection in the mining sector had a negative effect on the relative performance. The focus on core European markets was beneficial to the sub-funds' performance. The information in this report is based on historical data and is no indication of future performance. ESF - 1

83 Julius Baer Multistock - OPE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Payables for swaps Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Interest income on swaps 868 Other income Total Income Expenses Management fees Custodian fees and charges 13 "Taxe d'abonnement" and other taxes Bank interest Interest expense on swaps Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Swaps Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.95% for A- shares, 1.95% for B- shares, 1.20% for C- shares and 2.69% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ESF - 2

84 Julius Baer Multistock - OPE STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) ESF - 3

85 Julius Baer Multistock - OPE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value %of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United Kingdom % ARM HOLDINGS PLC % BABCOCK INTERNATIONAL GROUP % BARCLAYS PLC % BETEX GROUP PLC % BHP BILLITON PLC % CARNIVAL PLC % CENTRICA PLC % COBHAM PLC % DIAGEO PLC % HSBC HOLDINGS PLC % PRUDENTIAL PLC % RIO TINTO PLC / REG % ROLLS ROYCE HLD % ROYAL DUTCH SHELL PLC -A % ROYAL DUTCH SHELL PLC -A % SABMILLER PLC % VODAFONE GROUP PLC % WILLIAM HILL PLC % Spain % AMADEUS IT HOLDING SR. A % BANCO SANTANDER REG. SHS % RED ELE CORP % Italy % ENI SPA ROMA % Isle Of Man % PLAYTECH LIMITED % Jersey % SHIRE PLC % UNLISTED SECURITIES % Equities % United Kingdom % ROLLS-ROYCE HLGS -C-/ENT JUL % Switzerland % ARYZTA AG/NAM % CIE FINANCIERE RICHEMONT SA % NESTLE / ACT NOM % NOVARTIS AG BASEL / NAM % ROCHE HOLDING AG / GENUSSSCHEIN % SYNGENTA AG / NAM % THE SWATCH GROUP AG % Germany % ADIDAS AG % ALLIANZ SE / NAM. VINKULIERT % BASF NAMEN-AKT % BMW - BAYER. MOTORENWERKE % DEUTSCHE POST AG. BONN % FREENET AG NAMENS-AKTIEN % MTU AERO ENGINES HLDS / NAMEN % SAP AG % VOLKSWAGEN AG / VORZUG % France % ARKEMA % FRANCE TELECOM SA % LVMH MOET HENNESSY % SANOFI % SCHNEIDER ELECTRIC SA % SODEXO % TOTAL SA % Netherlands % AEGON NV % ASML HOLDING NV % EADS. OPEAN AERONAUTIC DEFENCE AND SPACE COMPANY % ING GROEP NV / CERT. OF SHS % STMICROELECTRONICS NV % 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. ESF - 4

86 Report of the Fund Management Julius Baer Multistock - GERMAN VALUE STOCK FUND Investment policy The Julius Baer Multistock - GERMAN VALUE STOCK FUND follows a value-based approach, investing primarily in German stocks the investment adviser regards as good value in terms of fundamental valuation criteria (price-to-book, price-earnings, price-cash flow, price-sales, etc.). It is suitable for risk-aware equity investors with a long-term approach, who are convinced of the medium to long-term economic potential of Germany and who would like to invest in a portfolio assembled on the basis of the "value" method. Market and portfolio review Statistically, the DAX has achieved a return of nearly 9% over the past 48 years. In 2012, the DAX was up 29%. The historic probability of this return is only 12%. One-third of the return can be explained by the earnings growth of German stocks, the rest by the loose monetary policies of the central banks and the search for safe investment havens. The DAX, with many global market leaders, seems to be predestined to be the target of this search takes its place as one of the years in which the value approach played a subordinated role to the growth approach. Since 2010, the value approach has been subordinate to the growth approach in Germany. In 2012, the sub-fund was unable to outperform the benchmark because bank stocks were overweight after the first quarter. Despite favourable valuations, often of less than half the book value, the sector overcame the consequences of the financial crisis more slowly than expected. Capital increases, highly volatile equity returns, increased regulatory requirements and write-downs on bad investments put pressure on share prices. Stock selection in the automotive and telecoms sectors was successful and enabled the Julius Baer Multistock - GERMAN VALUE STOCK FUND to post an annual performance of 25.6% net. The average net fund performance for the last three years was 9.8% per year. Thus, the long-term expected value of the benchmark has been beaten in the last three years by nearly one per cent per year, although the growth trend of the last three years undermined the sub-fund style. The information in this report is based on historical data and is no indication of future performance. GVSF - 1

87 Julius Baer Multistock - GERMAN VALUE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Other receivables Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 101 Income from securities lending Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 104 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Futures Foreign currencies -232 Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Futures Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A- shares, 1.90% for B- shares, 1.10% for C- shares and 2.64% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. GVSF - 2

88 Julius Baer Multistock - GERMAN VALUE STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) GVSF - 3

89 Julius Baer Multistock - GERMAN VALUE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Germany % ADIDAS AG % ALLIANZ SE / NAM. VINKULIERT % ANALYTIK JENA AG. JENA % BASF NAMEN-AKT % BAYER % BEIERSDORF AG % BMW AG /VORZUG % COMMERZBANK AKT % CTS EVENTIM AG. BREMEN % DAIMLER AG / NAMEN-AKT % DEUTSCHE BANK AG / NAM % DEUTSCHE BOERSE AG / NAM % DEUTSCHE POST AG. BONN % DRILLISCH AG % FREENET AG NAMENS-AKTIEN % FRESENIUS SE & CO KGAA % HENKEL / VORZUG % HENKEL AG & CO. KGAA % K+S AKTIENGESELLSCHAFT % KHD HUMBOLDT WEDAG INTL AG % KLOECKNER & CO AG / NAMENSAKTIEN % KOENIG + BAUER AG % LINDE AG % M.A.X. AUTOMATION AG % METRO VORZUG./GATTUNG % MTU AERO ENGINES HLDS / NAMEN % MUENCHENER RUECKVERS / NAMENSAKT % NORMA GROUP % SAP AG % 750 SARTORIUS AG /VORZUG % SIEMENS AG / NAM % SIXT / VORZ. - O. STIMMR. / EM % STADA ARZNEIMITTEL AG % TALANX AG - NAMEN-AKT % TELEFONICA DEUTSCHLAND HOLD % TIPP % TUI AG % UNITED INTERN. & CO / NAMENSAKT % VILLEROY+BOCH AG /VORZ % VOLKSWAGEN AG % VOLKSWAGEN AG / VORZUG % Netherlands % EADS. OPEAN AERONAUTIC DEFENCE AND SPACE COMPANY % 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. GVSF - 4

90 Report of the Fund Management Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND Investment policy The Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND aims to achieve long-term capital growth by actively investing in emerging markets stocks. The sub-fund pursues a focussed bottom-up strategy based on fundamental data. The Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND is suitable for investors who wish to participate in the economic development of emerging markets and have a long-term investment horizon as well as a very high degree of risk tolerance. Market and portfolio review At the second half of the 2012 emerging markets was slowly but steady climbing up. Achieving almost 20% return till mid January. Market was driven by growing expectations of EU recovery, positive numbers from US economy and hope for the restocking effect in Asia. Afterwards till April, markets went into 7% correction mainly due to worrying information coming from EU, but had recovered all the losses till beginning of May. Weaker macro data from China and Fed announcement about possibility of stopping easing monetary policy pushed the market into sharp correction which erased all the gains from the last twelve months. In the fiscal year the Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND underperformed the MSCI Emerging Markets index. During that period the sub-fund went through the significant changes of strategy and portfolio. From November 2012 the sub-fund has no longer two pools - Systematic and Pearl. The quantitative part of the portfolio was fully replaced by the Pearl pool which use fundamental, bottom up approach. Number of stocks in the pearl pool was decreased from 50 to about names. In terms of country allocation sub-fund has been overweighting Turkey against South Africa and in sectors Consumer at cost of Financials. Going forward the sub-fund will have bigger bets on the country level. The information in this report is based on historical data and is no indication of future performance. GESF - 1

91 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Total Assets Liabilities Bank overdraft 61 Payables for redemptions Management fees payable "Taxe d'abonnement" payable Capital gains tax on unrealised gains/losses on securities Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Other income Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Capital gains tax on realised gains/losses on securities Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Capital gains tax on unrealised gains/losses on securities -311 Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.17% for A- shares, 2.10% for A- shares, 2.18% for B- shares, 2.16% for B- shares, 1.43% for C- shares, 1.35% for C- shares, 2.93%** for E- shares and 2.92% for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GESF - 2

92 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) GESF - 3

93 Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Republic of Korea % HYUNDAI FIRE & MARINE INS CO % HYUNDAI MOBIS % LOTTE SHOPPING LTD % POSCO % SAMSUNG ELECTRONICS CO LTD % SK HYNIX INC % Cayman Islands % GEELY AUTOMOBILE HLD LTD % GREENTOWN CHINA HOLDINGS LTD % MINTH GROUP LTD % TENCENT HOLDINGS % TINGYI HLD CORP.(CAYMAN ISL.) % TPK HOLDINGS CO % Brazil % CIA BRASILEIRA /PFD % PORTO SEGURO SA % TELECOM SAO PAULO / PFD % ULTRAPAR PARTICIPACOES SA % VALE -A- / PREF % United Kingdom % OLD MUTUAL PLC % Thailand % KASIKORNBANK PUB. COMP. / FOR. REG % Philippines % ALLIANCE GLOBAL GROUP INC % Indonesia % PT WIJAYA KARYA (PERSERO) TBK % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Russia % M VIDEO COMPANY JSC % PROTEK % SOLLERS JSC % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP % Taiwan % DELTA ELECTRONIC INDUSTRIAL % ETERNAL CHEMICAL CO LTD % SHIN KONG FINANCIAL HLD CO LTD % WEI CHUAN FOOD CORP % Mexico % ALFA SAB DE CV A % GRUPO FAMSA SAB DE CV-A % ORGANIZAC.SORIANA SAB DE CV B % India % BANK OF BARODA / DEMATERIALISED % ITC LTD / DEMAT % MARUTI SUZUKI INDIA LTD % China % AIR CHINA LTD -H % AVICHINA INDUST.&TECHN./-H % BANK OF COMMUNICATIONS CO -H % Turkey % TOFAS TURK OTOMOBIL FABRIKASI % TURKIYE HALK BANKASI A.S % South Africa % MTN GROUP LTD % Malaysia % MALAYAN BANKING BERHAD % Hong Kong % CHINA MOBILE LTD % Poland % CYFROWY POLSAT SA % 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. GESF - 4

94 Report of the Fund Management Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) Investment policy The Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND aims to achieve long-term capital growth by investing in regulated Julius Baer equity investment funds. In doing so, it focuses primarily on topical funds and funds that invest in emerging markets. The Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND is suitable for long-term-oriented investors with a high risk tolerance who wish to supplement their portfolio with a diversified fund of funds. Market and portfolio review The last financial year was a successful one for equities: the MSCI World Index closed the year 16.55% higher than at the end of June The commodities sector (-1.89%) was the only sector which had a negative return. But utilities (4.57%), information technology (6.80%), energy (7.80%), telecommunications services (9.77%) and consumer staples (15.01%) also returned less than the index. The strongest returns were reported by the sectors industrials (18.50%), healthcare (24.52%), financials (26.83%) and consumer discretionary (28.72%). As of 1st April 2013, the Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND strategy and name changed. The Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND was created, with the aim to get a global exposure into the most prominent regions and sectors of today's world. The fund of fund structure allows investors to get a focused approach in some of the key funds offered by Swiss & Global Asset management. The exposure is now dividied into two investment pillars: a thematic approach including luxury, healthcare, energy transition, natural resources, infrastructure and agriculture, and a regional approach including emerging Asia, central and eastern Europe and Africa. The information in this report is based on historical data and is no indication of future performance. GSL - 1

95 Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Other receivables Total Assets Liabilities "Taxe d'abonnement" payable 361 Total Liabilities 361 Net Assets Income Income from investments Bank interest 196 Income from securities lending Other income Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest 59 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts -9 - Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The synthetic TER (Total Expense Ratio) amounts to 2.85% for A- shares, 2.88% for B- shares, 2.34%** for C- shares and 3.36%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GSL - 2

96 Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) GSL - 3

97 Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % INVESTMENT FUNDS % Luxembourg % JULIUS BAER MULTISTOCK - AFRICA OPPORTUNITIES -C - CAP % JULIUS BAER MULTISTOCK - AGRICULTURE FUND -C - CAP % JULIUS BAER MULTISTOCK - CENTRAL OPE -C - CAP % JULIUS BAER MULTISTOCK - ENERGY TRANSITION - C - CAP % JULIUS BAER MULTISTOCK - HEALTH OPPORTUNITIES -C -CAP % JULIUS BAER MULTISTOCK - INFRASTRUCTURE FUND -C - CAP % JULIUS BAER MULTISTOCK - LUXURY BRANDS FUND -C - CAP % JULIUS BAER MULTISTOCK - NATURAL RESSOURCES -C - CAP % JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP % 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. GSL - 4

98 Report of the Fund Management Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) Investment policy The Julius Baer Multistock - GLOBAL EQUITY INCOME FUND aims to achieve long-term capital growth and consistent income through global investments in equities of companies that give rise to expectation of a sustainable and above-average dividend yield or rising dividend payments. The selection of the companies is based on a value-oriented equity selection in conjunction with a fundamental analysis of the dividend sustainability. The sub-fund is suitable for long-term-oriented investors with a high risk tolerance who wish to supplement their portfolio with globally diversified investments. Market and portfolio review The last financial year was a successful one for equities: the MSCI World Index closed the year 16.55% higher than at the end of June The commodities sector (-1.89%) was the only sector which had a negative return. But utilities (4.57%), information technology (6.80%), energy (7.80%), telecommunications services (9.77%) and consumer staples (15.01%) also returned less than the index. The strongest returns were reported by the sectors industrials (18.50%), healthcare (24.52%), financials (26.83%) and consumer discretionary (28.72%). During the past financial year, the Julius Baer Multistock - GLOBAL EQUITY INCOME FUND s investment strategy was switched to a dividend strategy. The new strategy focuses on companies that are expected to generate above-average, but economically sustainable, dividend yields. The strategy was officially changed on 1 April The Julius Baer Multistock - GLOBAL EQUITY INCOME FUND had a negative relative return for the last financial year compared to the benchmark index. This was attributable in roughly equal measure to the stock selection and the sector weighting. The stock selection in industrials, consumer staples and telecommunications services resulted in a negative contribution. In particular, the overweight in the information technology sector, and the underweight in financials made a negative contribution to the relative return. The overweight in healthcare and the underweight in commodities and energy made a positive contribution. The information in this report is based on historical data and is no indication of future performance. GSF - 1

99 Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Other income Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 838 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A- shares, 1.89% for B- shares, 1.13% for C- shares and 2.49%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GSF - 2

100 Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) GSF - 3

101 Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % AGILENT TECHNOLOGIES % AMGEN INC % APPLE INC % CISCO SYSTEMS INC % CONOCOPHILLIPS % HARTFORD FIN. SERV. GROUP % HESS CORP % HEWLETT-PACKARD CO % JPMORGAN CHASE & CO % KIMBERLY CLARK CORP % KROGER CO % LINCOLN NATIONAL CORP % MARATHON PETROLEUM CORP % MATECH CORP / RESTRICTED % MATTEL INC % MERCK % MICROSOFT CORP % PFIZER INC % STAPLES INC % THERMO FISHER SCIENTIFIC INC % TIME WARNER CABLE % WELLPOINT INC % WORLDCOM INC / GROUP SHS % 349 WORLDCOM INC / MCI GR. SHS % Switzerland % LONZA GROUP AG /NOM % NESTLE / ACT NOM % NOVARTIS AG BASEL / NAM % ROCHE HOLDING AG / GENUSSSCHEIN % STRAUMANN % SWISS LIFE HOLDING / NAM % SWISS RE-NAMEN % United Kingdom % ASTRAZENECA PLC % BRITISH AMERICAN TOBACCO (25P) % MONEYSUPERMARKET. COM % RECKITT BENCKISER GROUP PLC % RIO TINTO PLC / REG % VEDANTA RESOURCES PLC % Germany % BASF NAMEN-AKT % FREENET AG NAMENS-AKTIEN % HENKEL / VORZUG % HUGO BOSS % METRO AG % MUENCHENER RUECKVERS / NAMENSAKT % SIEMENS AG / NAM % Australia % TELSTRA CORPORATION LTD % WESFARMERS % WESTPAC BANKING CORP % Sweden % ERICSSON TEL. B % SVENSKA CELLUL. -B % Japan % CANON INC % DAITO TRUST CONSTRUCT % MARUBENI CORP % SUMITOMO CORP % France % AXA % L OREAL % SCHNEIDER ELECTRIC SA % Spain % ACS % FERROVIAL SA % GAS NATURAL SDG / SPLIT ISSUE % Israel % TEVA PHM. / ADR REP. 1SHS % Cayman Islands % HOME LSSL % MGM CHINA % Singapore % SINGAPORE POST LTD % STARHUB LTD % Bermuda Islands % GIORDANO % SEADRILL LTD % Norway % AKER SOLUTIONS ASA % ORKLA AS A % Italy % BREMBO SPA % Ireland % SEAGATE TECHNOLOGIE PLC % Finland % SAMPO PLC A % Austria % OMV AG % Belgium % DELHAIZE GROUP % Denmark % TDC % Hong Kong % POWER ASSETS HOLDINGS LTD % Taiwan % CHICONY ELECTRONICS CO % 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. GSF - 4

102 Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) SECURITIES PORTFOLIO AS AT 30 JUNE 2013 (continued) Number/ Nominal value (in 1000) Securities Market value % of net assets Canada % BANK OF NOVA SCOTIA % Greece % OPAP % Netherlands % BOSKALIS WESTMINSTER % South Africa % OCEANA GROUP LTD % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Russia % LUKOIL HOLDING % 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. GSF - 5

103 Report of the Fund Management Julius Baer Multistock - HEALTH OPPORTUNITIES FUND Investment policy The Julius Baer Multistock - HEALTH OPPORTUNITIES FUND seeks to achieve long-term capital growth by investing globally in companies active in health-care sub-sectors such as pharmaceuticals, biotechnology, health-care services & supplies, medical technology, specialty pharmaceuticals and generics. It is suitable for equity investors with a long-term horizon and high risk tolerance who want to complement their portfolio with investments in the health-care sector. Market and portfolio review In the reporting year the MSCI TR World rose 18.6% on strong monetary stimulus in the US and Japan, improving economic activity in the US and a stabilisation of the European sovereign crisis. The MSCI TR World Healthcare outperformed global markets by eight percentage points. This strong outperformance was driven by an overall re-rating of the sector based on new product launches, strong merger-and-acquisition activity, improved earnings visibility and attractive valuations. During the reporting period the Julius Baer Multistock - HEALTH OPPORTUNITIES FUND performed in line with its benchmark, the MSCI TR World Healthcare Index. Positive contributions included a strong overweight in Biotech (up 54%) and Life Sciences Tools & Services (+45%) as well as an underweight in Pharmceuticals (+22%) and HC Equipment & Supplies (+19%). The contribution from stock selection to performance was mixed. Positive contribution from stock selection in Biotech (Celgene, Onyx, Vertex) and Pharmaceuticals (Roche, Pfizer, Hikma), while stock selection within HC Equipment and Life Sciences Tools and some mid-cap companies had a negative impact on the performance. The information in this report is based on historical data and is no indication of future performance. HOF - 1

104 Julius Baer Multistock - HEALTH OPPORTUNITIES FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables 554 Total Assets Liabilities Bank overdraft 388 Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable 921 Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 147 Income from securities lending Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 509 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.84% for A- shares, 1.83% for B- shares, 1.19% for C- shares and 2.56% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. HOF - 2

105 Julius Baer Multistock - HEALTH OPPORTUNITIES FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) HOF - 3

106 Julius Baer Multistock - HEALTH OPPORTUNITIES FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % ABBOTT LABORATORIES INC % ABBVIE INC % AETNA INC % AGILENT TECHNOLOGIES % ALEXION PHARMACEUTICALS INC % ALLERGAN INC % AMERISOURCEBERGEN CORP % BIOMARIN PHARMACEUTICAL INC % CELGENE CORP % CERNER CORP % CIGNA CORP % COVANCE INC % CUBIST PHARMACEUTICALS INC % EXPRESS SCRIPTS HOLDING CO % 900 HENRY SCHEIN INC % HOLOGIC INC % ILLUMINA INC % JOHNSON & JOHNSON % ONYX PHARMACEUTICALS INC % PEDIATRIX MEDICAL GROUP INC % PFIZER INC % QUESTCOR PHARMACEUTICAL INC % STRYKER CORP % THERMO FISHER SCIENTIFIC INC % UNITEDHEALTH GROUP INC % VERTEX PHARMACEUTICALS % WELLPOINT INC % 900 ZIMMER HOLDINGS INC % Switzerland % NOVARTIS AG BASEL / NAM % ROCHE HOLDING AG / GENUSSSCHEIN % SONOVA HOLDING AG /NOM % Jersey % SHIRE PLC % France % SANOFI % Ireland % COVIDIEN % United Kingdom % HIKMA PHARMACEUTICALS PLC % Canada % VALEANT PHARMACEUTICALS INTL % Denmark % NOVO-NORDISK A/S -B % 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. HOF - 4

107 Julius Baer Multistock - INFRASTRUCTURE FUND Report of the Fund Management Investment policy The Julius Baer Multistock - INFRASTRUCTURE FUND invests in equities of companies which are engaged in infrastructure activities and the like. Infrastructure assets typically feature high entry barriers for competitors and monopoly-like characteristics. Their revenue performance depends on the business cycle. The Julius Baer Multistock - INFRASTRUCTURE FUND is suitable for investors with a long-term investment horizon who want to benefit from the characteristics of listed infrastructure securities which can include low correlation, attractive returns from stable and predictable cash flows and moderate capital growth. Market and portfolio review The first half of the fiscal year (1 July 2012 to 30 June 2013) saw increased appetite for risk assets, buoyed by a range of factors, including the coordinated policy action and liquidity easing measures by central banks, the more positive economic data in the US and expectations that Chinese growth has bottomed. Later in the year however, concerns about the Fed s proposed quantitative easing (QE) tapering strategy dominated caused volatility in equity markets as capital flows fluctuated according to changing investor sentiment. Positive economic news typically prompted a negative market reaction, because it was seen as indicating that it was more likely that tapering would commence sooner. During the fiscal year, the Julius Baer Multistock - INFRASTRUCTURE FUND strongly outperformed its benchmark, the Macquarie Global Infrastructure Index in. Relative to the benchmark, on a sector level, the key contributors included positions in the Toll Roads (led by Abertis Infraestructuras, Atlantia, Transurban), Airports (Aeroports de Paris) and Electricity Transmission (ITC Holdings) sectors.positions in the Seaports and Electricity and Gas Distribution sectors detracted. At a country level, positions in Australia, Germany and Italy contributed positively to performance while positions in Japan and China detracted. On an absolute basis, the biggest contributors to fund performance were the Toll Roads, Pipelines and Airport sectors. There were no detractors from performance. The information in this report is based on historical data and is no indication of future performance. INFU - 1

108 Julius Baer Multistock - INFRASTRUCTURE FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft 165 Payables for redemptions Management fees payable Performance fees 234 "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 40 Income from securities lending Other income Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 24 Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.18% (performance Fee: 0.00%) for A-CHF shares, 2.18% (performance Fee: 0.00%) for A- shares, 2.18% (performance Fee: 0.00%) for A- shares, 2.18% (performance Fee: 0.00%) for B-CHF shares, 2.18% (performance Fee: 0.00%) for B- shares, 2.18% (performance Fee: 0.00%) for B- shares, 1.39% (performance Fee: 0.00%) for C-CHF shares, 1.39%, respectively 1.40% including the performance fee (0.01%) for C-, 1.30% (performance Fee: 0.00%) for C- shares, 2.92% (performance Fee: 0.00%) for E- shares and 2.82% (performance Fee: 0.00%) for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. INFU - 2

109 Julius Baer Multistock - INFRASTRUCTURE FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) INFU - 3

110 Julius Baer Multistock - INFRASTRUCTURE FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % AMERICAN WATER WORKS CO INC % CORRECTIONS CORP. AMERICA % CROWN CASTLE INTL CORP % DUKE ENERGY % ITC HOLDINGS CORP % PG&E CORP % SEMPRA ENERGY % SOUTHERN CO % SPECTRA ENERGY CORP OPA % WILLIAMS COMPANIES INC % France % AEROPORTS DE PARIS ADP % EUTELSAT COMMUNICATIONS PARIS % GDF SUEZ % GROUPE OTUNNEL REGROUPEMT % VINCI % Italy % ATLANTIA SPA % Netherlands % KONINKLIJKE VOPAK % Bermuda Islands % COSCO PACIFIC LTD % Luxembourg % INTELSAT GL CV % China % DALIAN PORT PDA CO LTD -H % Mexico % PROMOTORA Y OPERADORA DE INFRA % India % POWER GRID CORP OF INDIA LTD % United Kingdom % CENTRICA PLC % NATIONAL GRID PLC % PENNON GROUP PLC % SSE PLC % Australia % ASCIANO LTD % TRANSURBAN GROUP % Canada % ENBRIDGE INC % TRANSCANADA % Germany % FRANKFURT AIRPORT SERV. WORLDW % HAMBURGER HAFEN UND LOGISTIK AG % Hong Kong % BEIJING ENTERPRISES HLD LTD % CHINA MERCHANTS HOLDINGS % CLP HOLDINGS LTD % Japan % OSAKA GAS CO LTD % TOKYO GAS CO. LTD OPR % WEST JAPAN RAILWAY CO % Spain % ABERTIS INFRAESTRUCTURAS SA % ENAGAS % RED ELE CORP % Brazil % EDP ENERGIAS DO BRASIL SA % LLX LOGISTICA SA % TAESA (1 SH +2 PFD SH) % Switzerland % FLUGHAFEN ZUERICH / NOM % 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. INFU - 4

111 Julius Baer Multistock - JAPAN STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - JAPAN STOCK FUND invests actively in Japanese equities. The management method is based on a multi-manager principle and pursues, on the one hand, a focused, strict bottom-up approach (diamond) and, on the other hand, a broadly based systematic value approaches (systematic). The sub-fund is suitable for long-term oriented, risk-aware equities investors, who are convinced of the Japanese market's potential and wish to benefit from its performance. Market and portfolio review The fiscal year in Japan was marked by a significant inflection point in November 2012 with the arrival of Prime Minister Shinzo Abe. PM Abe adopted weaker Japanese yen currency, and aggressive economic policies to boost the economy. His economic policy Abenomics consists of three elements: bold monetary policy, flexible fiscal policy, and pro-growth strategies. Although the market has gone through a healthy digesting period in May, it has continued rallying towards the end of period as the business environments continued an improving trend. During the fiscal year, the Julius Baer Multistock - JAPAN STOCK FUND underperformed the benchmark. Stock selection in Consumer Discretionary, namely in the auto sector, primarily detracted from performance, followed by that in Consumer Staples. Key positive contributors were stock selection in Industrials and Information Technology, and underweight in Health Care sector. At the stock level, positions in Sumitomo Mitsui Trust (banking), Bridgestone and Orix (leasing) had positive contribution. Sumitomo Mitsui Trust performed strongly on the back of its repayment of public funds that the bank received during the financial crisis. Bridgestone benefited from lower rubber price and weakened yen currency. The underweight in Toyota Motor and Nomura (brokerage), and positions in Nitori (furniture retailer) and Kurita Water (semiconductor/lcd equipment maker) had negative contribution. The information in this report is based on historical data and is no indication of future performance. JSF - 1

112 Julius Baer Multistock - JAPAN STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 JPY PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 JPY Assets Investments at market value (Cost: ) Derivative instruments at market value: - Forward foreign exchange contracts Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Other income Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Forward foreign exchange contracts Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 JPY 30 June 2013 JPY Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.93% for A- shares, 1.97% for Ah-CHF shares, 1.97% for Ah- shares, 1.99%** for Ah- shares, 1.96% for A-JPY shares, 1.97% for B- shares, 1.86%** for Bh-CHF shares, 1.97% for Bh- shares, 2.20%** for Bh- shares, 1.96% for B-JPY shares, 1.15% for C- shares, 1.12% for Ch-CHF shares, 1.09% for Ch- shares, 1.06%** for Ch- shares, 1.15% for C-JPY shares, 2.67% for E- shares and 2.69% for E-JPY 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 ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. JSF - 2

113 Julius Baer Multistock - JAPAN STOCK FUND COMPARATIVE STATEMENT 30 June 2011 JPY 30 June 2012 JPY 30 June 2013 JPY Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares A-JPY) Accumulation shares (Shares Ah-CHF) * Accumulation shares (Shares Ah-) Accumulation shares (Shares Ah-) ** Accumulation shares (Shares B-) Accumulation shares (Shares B-JPY) Accumulation shares (Shares Bh-CHF) * Accumulation shares (Shares Bh-) Accumulation shares (Shares Bh-) ** Accumulation shares (Shares C-) Accumulation shares (Shares C-JPY) Accumulation shares (Shares Ch-CHF) * Accumulation shares (Shares Ch-) Accumulation shares (Shares Ch-) ** Accumulation shares (Shares E-) Accumulation shares (Shares E-JPY) Accumulation shares (Shares Eh-) *** Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares A-JPY) Accumulation shares (Shares Ah-CHF) Accumulation shares (Shares Ah-) Accumulation shares (Shares Ah-) Accumulation shares (Shares B-) Accumulation shares (Shares B-JPY) Accumulation shares (Shares Bh-CHF) Accumulation shares (Shares Bh-) Accumulation shares (Shares Bh-) Accumulation shares (Shares C-) Accumulation shares (Shares C-JPY) Accumulation shares (Shares Ch-CHF) Accumulation shares (Shares Ch-) Accumulation shares (Shares Ch-) Accumulation shares (Shares E-) Accumulation shares (Shares E-JPY) Accumulation shares (Shares Eh-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-JPY) * The share class was launched on 31 January ** The share class was launched on 31 May *** The share class was liquidated in the current period under review JSF - 3

114 Julius Baer Multistock - JAPAN STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value JPY % of net assets Number/ Nominal value (in 1000) Securities Market value JPY % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Japan % AEON CO LTD % AISIN SEIKI CO LTD % AJINOMOTO CO. INC % ALL % AOZORA BANK LTD % ASAHI % BK OF YOKOHAMA % BRIDGESTONE CORP % CANON INC % CENTRAL JAPAN RAILWAY CO % CHIBA BANK % CHUGOKU BANK LTD % COCA-COLA % COSMO OIL CO LTD % DAI NIPPON PRINTING CO.LTD % DAIHATSU MOTOR CO % DAIKIN INDUSTRIES LTD % DAITO TRUST CONSTRUCT % DENA % DENKI KAGAKU KOGYO KK % EAST JAPAN RAILWAY CO % ELECTRIC POWER DEVELOPMENT CO % FAMILYMART CO LTD % FANUC CORP % FUJIFILM HOLDINGS CORP % FUJITSU LTD % FUKUOKA FINANCIAL GROUP % GREE % GUNMA BANK LTD % HACHIJUNI BANK LTD % HITACHI CHEMICAL CO % HITACHI LTD % HONDA MOTOR CO. LTD % IBIDEN CO LTD % IDEMITSU KOSAN % 493 INPEX CORP % ITOCHU CORP % IYO BANK LTD % JAPAN AIR LINES CO. JPY % JAPAN PETROLEUM EXPLORATION CO % JAPAN TOBACCO INC % JFE HOLDINGS INC % JTEKT CORP % JX HOLDINGS % KANEKA CORP % KAO CORP % KDDI CORP % KINDEN CORP % KOBE STEEL LTD % KONICA MINOLTA HOLDINGS INC % LIXIL GROUP SHS % MAKITA CORP % MARUBENI CORP % MEDIPAL HOLDINGS CORP % MEIJI HOLDINGS CO LTD % MISUMI GROUP INC % MITSUBISHI CHEMICAL HLDGS CORP % MITSUBISHI CORP % MITSUBISHI MATERIALS CORP % MITSUBISHI TANABE PHARMA CORP % MITSUBISHI UFJ FINANCIAL GROUP % MITSUBISHI UFJ LEASE & FINANCE % MITSUI & CO LTD % MITSUI CHEMICALS INC % MIZUHO FINANCIAL GROUPINC % NHK SPRING CO % NIDEC % NIPPON % NIPPON ELECTRIC GLASS % NIPPON MEAT PACKERS % NIPPON TEL&TEL % NISHI NIPPON CITY BK % NISSHIN SEIFUN GROUP INC % NITORI HOLDINGS CO LTD % NOK CORP % 275 NTT DATA CORP % NTT DOCOMO INC % OBIC CO LTD TOKYO % OJI PAPER CO LTD % ORIX CORP % OSAKA GAS CO LTD % OTSUKA HOLDINGS CO LTD % RESONA HOLDINGS INC % RICOH CO. LTD % ROHM CO. LTD % SHIMANO INC % SHIN-ETSU CHEMICAL CO % SHOWA % SHOWA DENKO KK % SMC CORP % SOJITZ CORP % SUMCO CORP % SUMITOMO CORP % SUMITOMO ELECTRIC INDUSTRIES % SUMITOMO HEAVY INDUSTRIES LTD % SUMITOMO METAL MINING CO. LTD % SUMITOMO MITSUI FINANC. GR % SUMITOMO MITSUI TRUST HOLDINGS % SUMITOMO RUBBER IND % SUZUKI MOTOR CORP % T&D HOLDINGS INC TOKYO % TAISHO PHARMACEUTICAL HOLDINGS % TAKEDA PHARMACEUTICAL CO LTD % TDK CORP % TEIJIN LTD % TONENGENERAL SEKIYU KK TOKYO % TOPPAN PRINTING CO. LTD % TOYO SEIKAN KAISHA LTD % TOYODA GOSEI CO LTD % TOYOTA BOSHOKU CORP % TOYOTA MOTOR CORP % TOYOTA TSUSHO CORP % TREND MICRO INC. TOKYO % UBE INDUSTRIES LTD % UNICHARM CORP % WEST JAPAN RAILWAY CO % YAHOO JAPAN CORP TOKYO % YAMADA DENKI CO LTD % YAMAGUCHI FINANCIAL GROUP INC % YAMAZAKI BAKING CO % INVESTMENT FUNDS % Japan % TOPIX EXCHANGE TRADED FUND % 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. JSF - 4

115 Report of the Fund Management Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE Investment policy The Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE invests worldwide in companies with valuations that are, in the opinion of the investment manager, too low and thus display strong potential for price gains. The Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE is suitable for risk-conscious investors with a long-term investment horizon who want to profit from a globally diversified stock portfolio and achieve the highest possible growth applying a relatively defensive approach. Market and portfolio review In the fiscal year from 1 July 2012 to 30 June 2013, the global equity markets recovered significantly from their lows at the end of the previous period. The monetary policy measures of the major central banks and the related hope that the economy had bottomed out were the main drivers for the strong gains. The US and Japan were the clear winners, while markets in the emerging countries in Asia and Latin America encountered some difficulties. The Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE generated a performance of around 13.7% in the reporting period. In the first half, the result was well below the benchmark index. The main reason for this was that the sub-fund was significantly underweight in the US and overweight in the reference currency. In the second half, the Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE benefited from its overweighting of Japan and exceptionally good stock picks in the US and Japan, allowing the sub-fund to achieve slightly above-market returns. By sector, the sub-fund was overweight in the less economically sensitive segments such as healthcare, consumer staples and telecoms. Stocks with above-average dividend yields were also preferred. The portfolio s valuation discount to the market was kept well above 25% most of the time, while the average expected dividend yield was 4% or more. To smooth out currency effects, currencies were partially hedged. The information in this report is based on historical data and is no indication of future performance. GCSF - 1

116 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Derivative instruments at market value: - Forward foreign exchange contracts -979 Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft 394 Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Other income Equalisation Total Income Expenses Management fees Custodian fees and charges "Taxe d'abonnement" and other taxes Bank interest Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Forward foreign exchange contracts Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.21% for A- shares, 2.20% for Ah-CHF shares, 2.22% for Ah- shares, 2.21% for B- shares, 2.21% for Bh-CHF shares, 2.22% for Bh- shares, 1.41% for C- shares, 1.46% for Ch-CHF shares, 1.43% for Ch- shares and 2.95%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GCSF - 2

117 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares Ah-CHF) Distribution shares (Shares Ah-) Accumulation shares (Shares B-) Accumulation shares (Shares Bh-CHF) Accumulation shares (Shares Bh-) Accumulation shares (Shares C-) Accumulation shares (Shares Ch-CHF) Accumulation shares (Shares Ch-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares Ah-CHF) Distribution shares (Shares Ah-) Accumulation shares (Shares B-) Accumulation shares (Shares Bh-CHF) Accumulation shares (Shares Bh-) Accumulation shares (Shares C-) Accumulation shares (Shares Ch-CHF) Accumulation shares (Shares Ch-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares Ah-CHF) Dividend for the previous financial year (Shares Ah-) GCSF - 3

118 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value %of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % M CO % ALCOA INC % BAKER HUGHES INC % BECTON DICKINSON & CO % CITIGROUP INC % COMPUTER ASSOCIATES INTL INC % CONOCOPHILLIPS % EXELON CORP % INTEL CORP % JOHNSON & JOHNSON % JPMORGAN CHASE & CO % KOHL S CORP % LEGG MASON INC % MEDTRONIC INC % MERCK % MICROSOFT CORP % NASDAQ OMX GROUP INC % NEWMONT MINING CORP % ORACLE CORP % PEPSICO INC % STAPLES INC % WALGREEN CO. OPA % XEROX CORP % France % AXA % CARREFOUR S.A % DANONE % FRANCE TELECOM SA % GDF SUEZ % NEOPOST % SANOFI % TOTAL SA % VEOLIA % VINCI % VIVENDI % Japan % DAI NIPPON PRINTING CO.LTD % FUJI MEDIA HOLDINGS INC % HOYA CORP % KURITA WATER IND. LTD % NIPPON TEL&TEL % NTT DOCOMO INC % RICOH CO. LTD % ROHM CO. LTD % SECOM LTD % SEVEN & I HOLDINGS CO LTD % SONY CORP JPY % Germany % ALLIANZ SE / NAM. VINKULIERT % DEUTSCHE BANK AG / NAM % E.ON - NAMEN AKT % METRO AG % RWE % SIEMENS AG / NAM % SOFTWARE AG % United Kingdom % AVIVA PLC % BP PLC % ROYAL DUTCH SHELL PLC -A % TESCO PLC % Italy % ENI SPA ROMA % TELECOM ITALIA SPA / RISP. N-CV % Belgium % BELGACOM SA % Republic of Korea % KT CORPORATION / SADR % Netherlands % ING GROEP NV / CERT. OF SHS % Israel % TEVA PHM. / ADR REP. 1SHS % Canada % BARRICK GOLD CORP % Russia % GAZPR SPONS. ADR REPR 2 SHS % Bermuda Islands % CHINA YURUN FOOD GROUP LTD % ESPRIT HOLDINGS LTD % South Africa % GOLD FIELDS / SPONS. ADR % HARMONY % SIBANYE GOLD /SADR % Switzerland % NESTLE / ACT NOM % NOVARTIS AG BASEL / NAM % ROCHE HOLDING AG / GENUSSSCHEIN % SWISSCOM / NAM % ZURICH INSURANCE GROUP / NAM % 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. GCSF - 4

119 Julius Baer Multistock - LUXURY BRANDS FUND Report of the Fund Management Investment policy The Julius Baer Multistock - LUXURY BRANDS FUND aims to achieve long-term capital growth by investing in companies worldwide which own established brands and offer products and services in the luxury goods sector. It selects leading luxury companies with excellent brands, high quality products and continuous innovation. The fund manager follows a bottom-up stock selection. The sub-fund is suitable for long-term oriented investors willing to accept higher risk and to have an equity exposure in their portfolios towards luxury goods. Market and portfolio review The Julius Baer Multistock - LUXURY BRANDS FUND returned 19% over one year, outperforming the MSCI World which rose 15% (in Euro). Strong demand for luxury goods especially from emerging markets consumers were the main driver of outperformance. Also, financials of the industry remain very healthy. The operating margin in the sub-fund is on average 18%. Luxury is very profitable as it is one of few industries having pricing power. The Swiss watch and jewelry companies Swatch and Richemont were among the top performers during the year and showed the highest contribution to the sub-fund. The positive performance was mainly a result of alleviating concerns regarding Chinese watch consumption. In addition, Richemont's Cartier and VanCleef & Arpels benefitted from strong jewelry demand. Kering (previous PPR) shares rerated following the company's disposal of French retail assets to focus on the faster growing and more profitable global luxury and lifestyle industry. Ferragamo and Prada contributed positively supported by above industry average growth. On the other hand, Coach underperformed as increased competition lead to slower sales of handbags in the US. Burberry contributed negatively as the company issued a sales warning in October. While revenues improved since, the shares have not fully recovered from their decline. Shares of the Chinese companies Chow Tai Fook, Belle and Hengdeli dropped due to slowing economic growth in China and margin pressure from increased wage costs. The information in this report is based on historical data and is no indication of future performance. LBF - 1

120 Julius Baer Multistock - LUXURY BRANDS FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 494 Income from securities lending Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Forward foreign exchange contracts 2 Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.08% for A-CHF shares, 2.08% for A- shares, 2.09% for A- shares, 2.08% for B-CHF shares, 2.08% for B- shares, 2.08% for B-GBP shares, 2.09% for B- shares, 1.31% for C-CHF shares, 1.33% for C- shares, 1.33% for C-GBP shares, 1.32% for C- shares, 2.82% for E- shares and 2.82% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. LBF - 2

121 Julius Baer Multistock - LUXURY BRANDS FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-GBP) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-GBP) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) LBF - 3

122 Julius Baer Multistock - LUXURY BRANDS FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % France % DIOR SA. CHRISTIAN % HERMES INTERNATIONAL % L OREAL % LVMH MOET HENNESSY % PERNOD-RICARD % PPR SA % REMY COINTREAU SA % United States % BROWN-FORMAN CORP. B /NON-VOT % DECKERS OUTDOOR CORP % ESTEE LAUDER COS A % NIKE INC B % POLO RALPH LAUREN % TIFFANY & CO % UNDER ARMOUR INC /-A % Italy % CAMPARI AZ / POST FRAZIONAMENTO % LUXOTTICA GROUP % PRADA % SALVATORE % TOD % YOOX S.P.A % Switzerland % CIE FINANCIERE RICHEMONT SA % 277 LINDT & SPRUENGLI / REG OPR % THE SWATCH GROUP AG % Germany % ADIDAS AG % BMW - BAYER. MOTORENWERKE % HUGO BOSS % United Kingdom % BURBERRY GROUP PLC % DIAGEO PLC % British, Virgin Islands % MICHAEL KORS HOLDINGS LTD % Cayman Islands % BELLE INTERNATIONAL HOLDI LTD % CHOW % HENGDELI % Panama % CARNIVAL CORP % Options, warrants, rights % % RIGHTS PPR 13 / FNAC % 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. LBF - 4

123 Report of the Fund Management Julius Baer Multistock - NATURAL RESOURCES FUND Investment policy The Julius Baer Multistock - NATURAL RESSOURCES FUND aims to achieve long-term capital growth by investment in a diversified portfolio of natural resources companies. The portfolio is built around four natural resources building blocks: energy, metals, agriculture and water. The sub-fund aims to add value through rigorous bottom-up stock selection and strategic and tactical allocation between the four building blocks. The Julius Baer Multistock - NATURAL RESSOURCES FUND is suitable for long-term oriented investors willing to accept higher risk and wishing to diversify their portfolios towards natural resources. Market and portfolio review Global equities resumed their ascent during the third quarter of 2012 and finished the year on a strong note despite concerns about the US fiscal cliff and economic malaise in Europe. The surge in global equities continued in the first quarter of 2013 thanks to solid corporate earnings results and favourable global liquidity dynamics. Bullish sentiment was tempered somewhat by mixed Chinese economic data and renewed European sovereign debts concerns. Global equities rose in March. While the drama surrounding the Cyprus banking crisis reignited concerns about Europe s fragile state, favourable global liquidity dynamics continued to provide a tailwind for stocks. The sub-fund was insourced to Swiss & Global on 31 March 2013, and the strategy was changed to add water as a sector and also to make the sector allocation fully flexible. Since then, natural resources sectors have been very volatlie, especially mining and agriculture. This was mainly due to worries around emerging market growth (esp. China) negatively impacting the demand/supply situation for commodities, hence putting pressure on prices. The less volatile sectors were the more defensive energy subsectors (integrated oil companies, pipelines) and the water sector. The Julius Baer Multistock - NATURAL RESSOURCES FUND posted positive returns, mainly due to Oil & Gas, Food Products and Chemicals. Phillips 66, a US based company engaged in producing natural gas liquids and petrochemical, Rio Tinto, a leading metals and mining company based in the UK, and Repsol, a Spanish oil and gas exploration and production company, were top contributors. Fortescue Metals, an Australian iron ore producer, Freeport McMoRan, a copper and gold mining company, and Anglo American, a British multinational mining company, were top detractors. The Julius Baer Multistock - NATURAL RESSOURCES FUND added to BHP Billiton, diversified metals and mining company, and Whitehaven Coal, an Austrlian based mining company. The sub-fund initiated new positions in Deere & Co, a leading global agricultural equipment manufacturer. The Julius Baer Multistock - NATURAL RESSOURCES FUND eliminated Anglo American, Freepot-McMoRan and Antofagasta, a holding company with interests in copper mining, transport and water distribution businesses. Since insourcing, the portfolio structure has significantly changed. We reduced the energy sector to ca. 40% of the portfolio, investing more heavily into the LNG theme and higher growth E&P sector. In mining, we have a very concentrated portfolio with significant exposure to US steel equities alongside less than 2% in gold equities. As gold prices have slumped and pulled equities with them, this has been a major driver of outperformance versus peers. In agriculture, we are largely exposed to equipment companies and have exposure only to phosphate fertilizers as they benefit from a strong long term supply/demand scenario. This reduces our volatility as these companies tend to be less impacted by fluctuations in the corn price. In the water sector, water utilities are ca. 50% of the allocation, and represent the most defensive investment universe with high dividend yields and strong balance sheets. Water equipment companies have demonstrated relsilience as well, mainly due to their independence from economic growth. The information in this report is based on historical data and is no indication of future performance. NRF - 1

124 Julius Baer Multistock - NATURAL RESOURCES FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Other receivables Total Assets Liabilities Bank overdraft Payable to brokers Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest Income from securities lending Other income Equalisation Total Income Expenses Management fees Custodian fees and charges 200 "Taxe d'abonnement" and other taxes Bank interest Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.21% for A-CHF shares, 2.19% for A- shares, 2.20% for A- shares, 2.21% for B-CHF shares, 2.21% for B- shares, 2.21% for B- shares, 1.37% for C-CHF shares, 1.37% for C- shares, 1.37% for C- shares, 2.95% for E- shares and 2.95% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. NRF - 2

125 Julius Baer Multistock - NATURAL RESOURCES FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) NRF - 3

126 Julius Baer Multistock - NATURAL RESOURCES FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % AGCO CORP % AMERICAN WATER WORKS CO INC % ANADARKO PETROL. CORP % AQUA AMERICA INC % CHART INDUSTRIES INC % CHEVRON CORPORATION % COBALT INTL ENERGY INC % CONSOL ENERGY INC % DEERE & CO % GRAN TIERRA ENERGY INC % MARATHON PETROLEUM CORP % MASTEC INC % MONSANTO CO % MOSAIC CO % MUELLER WATER PRODUCTS INC -A % NUCOR CORP % NUVERRA % PEABODY ENERGY % RELIANCE STEEL & ALUMINIUM CO % SOUTHWESTERN ENERGY CO % TESORO CORP % TRIMBLE NAVIGATION LTD % WATTS WATER TECHNOLOGIES INC % Canada % AGRIUM INC % ALTAGAS % BANKERS PETROLEUM -A % ENBRIDGE INC % GOLDCORP INC % MBAC % METHANEX CORP % NEWALTA CORP % SUNCOR ENERGY % YAMANA GOLD INC % Jersey % GLENCORE XSTRATA PLC % Luxembourg % ARCELORMITTAL % SUBSEA 7 SA % Japan % CHIYODA CORP % EBARA CORP % China % CHINA PETROLEUM & CHEM CORP H % Curaçao % SCHLUMBERGER LTD % France % SUEZ ENVIRONNEMENT CIE % Mexico % GRUPO MEXICO SAB DE CV /-B % Italy % ENI SPA ROMA % Cayman Islands % COASTAL ENERGY COMPANY % UNLISTED SECURITIES % Equities % British, Virgin Islands % UNION AGRICULTURE GROUP CORP % United Kingdom % BHP BILLITON PLC % BP PLC % OPHIR ENERGY PLC % RIO TINTO PLC / REG % Switzerland % BUCHER INDUSTRIES AG / NAM OPR % NOBLE CORP NAMEN-AKT % PENTAIR % SYNGENTA AG / NAM % Hong Kong % CHINA EVERBRIGHT INTL LTD % CNOOC LTD % GUANGDONG INVESTMENT LTD % Bermuda Islands % AFRICAN MINERALS LTD % BEIJING ENTERPRISES WATER GP % 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. NRF - 4

127 Julius Baer Multistock - NORTHERN AFRICA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - NORTHERN AFRICA FUND aims to achieve long-term capital growth by investment in selected Northern African companies. It intends to participate in the high economic growth of Northern Africa. The Julius Baer Multistock - NORTHERN AFRICA FUND employs a bottom-up stock selection approach combined with top-down country and sector analysis. The Julius Baer Multistock - NORTHERN AFRICA FUND is suitable for long-term oriented investors willing to accept higher risk and wishing to gain access to Northern African companies and diversify their global portfolios. Market and portfolio review During the fiscal year, the African region underperformed both the MSCI World and Emerging Markets. The north of the continent was the worst performing region with Egypt being the biggest detractor, followed by Tunisia and Morocco, respectively losing -16.2%, -13.9% and -12.9% in Euro terms. The sub-saharan markets were the best performing markets, clearly decorrelated from the rest of the region. Nigeria and Kenya both outperformed respectively gaining +63% and +18.6% in Euro. In terms of sectors, the materials and energy were the lagging sectors, maily driven by global growth uncertainties, especially focusing on China. Whereas both the consumer discretionary and staples were the best performing sectors. The Julius Baer Multistock - NORTHERN AFRICA FUND ended the fiscal year with a negative performance of -14% in Euro terms. Our stock selection was strong in Egypt, Nigeria, Kenya and Morocco where our holdings performed substancially better than the underlying indices. Our stock selection was negative in Tunisia and within the material sector in the sub-saharan region. During the period the sub-fund has decreased its exposure to Materials in favor on Nigeria and Kenya. Tunisia and Morocco and Egypt kept the same weightings. The information in this report is based on historical data and is no indication of future performance. NAF - 1

128 Julius Baer Multistock - NORTHERN AFRICA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables 638 Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 566 Income from securities lending Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.54% for A-CHF shares, 2.54% for A- shares, 2.54% for A- shares, 2.55% for B-CHF shares, 2.54% for B- shares, 2.54% for B- shares, 1.60% for C-CHF shares, 1.60% for C- shares, 1.60% for C- shares, 3.29% for E- shares and 3.30% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. NAF - 2

129 Julius Baer Multistock - NORTHERN AFRICA FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-CHF) Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-CHF) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-CHF) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-CHF) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) NAF - 3

130 Julius Baer Multistock - NORTHERN AFRICA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Egypt % AMER GROUP % COMMERCIAL INTL / GDR (REGS) % COMMERCIAL INTL. BANK LTD % CREDIT AGRICOLE EGYPT % EGYPTIAN INTL. PHARMACEUTICAL % EZZ STEEL % JUHAYNA FOOD INDUSTRIES % NATIONAL SOCIETE GENERALE BANK % ORASCOM CONSTRUCTION INDUSTRIE % ORASCOM TEL MED % ORASCOM TELECOM HOLDING % PALM HILLS DEVLOPMENTS SAE % SEWEDY ELEC % SIXTH OF OC. DVPT & INV / SOD SA % TELECOM EGYPT % TMG HOLDING % Tunisia % ADWYA SA % AMEN BANK AB TUNISIE % BANQUE DE TUNISIE % BANQUE NATIONALE AGRICOLE BNA % BIAT % L ACCUMULAT TUNISIEN (ASSAD) % POULINA GROUP HOLDING % TUNISIE PROFIELS ALUMINIUM % Canada % AUREUS MINING % FIRST QUANTUM MINERALS LTD % IAMGOLD % United Kingdom % BOWLEVEN PLC EDINBURGH % LN MINING % LONRHO % OPHIR ENERGY PLC % TULLOW OIL PLC % Netherlands % OCI NV -ORD % Morocco % MAROC TELECOM % Jersey % CENTAMIN SHS % RANDGOLD RESOURCES LTD % Australia % MINERAL DEPOSITS LIMITED % WORLD TITANIUM RESOURCES LTD % Bermuda Islands % AFRICAN MINERALS LTD % France % ETABLISSEMENT MAUREL & PROM % Ireland % KENMARE RESOURCES PLC % Options, warrants, rights % TND % RIGHT L ACCUMULAT % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Nigeria % ACCESS BANK NIGERIA % ASHAKA CEMENT % DANGOTE CEMENT PLC % DANGOTE FLOUR MILLS PLC % DANGOTE SUGAR REFINERY % DIAMOND BANK NIGERIA PLC % FBN HOLDINGS PLC % GLAXOSMITHKLINE NIGERIA % GUARANTY TRUST BANK % NESTLE FOODS NIGERIA PLC % NIGERIAN BREWERIES PLC % UNITED BANK FOR AFRICA % ZENITH BANK % Kenya % ATHI RIVER MINING LTD % BAMBURI CEMENT CO LTD % BARCLAYS BANK % DIAMOND TRUST OF KENYA LTD % EAST AFRICAN BREWERIES LTD % EQUITY BANK LTD % KENYA AIRWAYS LTD % KENYA COMMERCIAL BANK % SAFARICOM % Morocco % ATTIJARIWAFA BANK % DOUJA PROM. GRP ADDOHA MAROC % SALAFIN (GRP BMCE) % 703 WAFA ASSURANCES. MAROC % Togo % ECOBANK TRANSNATIONAL INCORP % UNLISTED SECURITIES % Equities % Zambia % ZAMBEEF PRODUCT PLC % Options, warrants, rights % TND % RIGHT TPR % RIGHTS BQE DE TUNISIE % RIGHTS TUNISIE PROFILES AL % Nigeria % GUARANTY TRUST BK PLC / SGDR % 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. NAF - 4

131 Julius Baer Multistock - RUSSIA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - RUSSIA FUND aims to achieve long-term capital growth by investing in the Russian Federation equity market. It will follow a bottom-up stock selection approach based on fundamental research. The Julius Baer Multistock - RUSSIA FUND is suitable for experienced investors who have experience with volatile investments and wish to benefit from developments in specialised markets. The investors should also be familiar with the investment opportunities and risks specific to these market segments. The Julius Baer Multistock - RUSSIA FUND may be used as a supplementary investment within a widely diversified portfolio. Market and portfolio review The Russian market was pretty much flat during the last year underperforming Emerging and Developed markets. The reasons for the underperformance were a growth slowdown in China coupled with a lower oil price. Russia is a commodity driven market and highly dependent on Chinese growth expectations. A Chinese economic recovery will increase risk appetite. Beside that domestic and geopolitical developments have solidified the negative perception of Russian equity investors. The Julius Baer Multistock - RUSSIA FUND outperformed the reference Index during the fiscal year. The underweight in Utilities and the overweight in Consumer Staples and Health Care contributed positively to the fund s performance. The underweight in Telecoms and Financials had a negative contribution to the fund s performance. Stock selection was one of the biggest positive contributors. Not only the stocks selected in the Consumer Discretionary and Consumer Staples sector, but also the stock selected in the Health Care and Material space developed positively. During the reporting period the underweight in Energy was reduced in favour of Consumer Staples, Consumer Discretionary and Health Care, locking in the profits generated in all those sectors. The information in this report is based on historical data and is no indication of future performance. RUF - 1

132 Julius Baer Multistock - RUSSIA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Derivative instruments at market value: - Futures Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 275 Other income Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Futures Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Futures Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Foreign exchange difference sub-fund Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 2.09% for A- shares, 2.05% for A- shares, 2.09% for B- shares, 2.09% for B- shares, 1.40% for C- shares, 1.40% for C- shares, 2.81% for E- shares and 2.76%** for E- 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 TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. RUF - 2

133 Julius Baer Multistock - RUSSIA FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) Dividend for the previous financial year (Shares A-) RUF - 3

134 Julius Baer Multistock - RUSSIA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Russia % AFK SISTEMA / SGDR % GAZPR SPONS. ADR REPR 2 SHS % JSC SURGUTNEFTEGAZ / SADR % LUKOIL / SADR REP.1 SHS % MAGNIT OJSC - SGDR % MEGAFON OJSC /GDR % MMC NORILSK NICKEL / SADR % MOBILE TELESYSTEMS / SADR % NOVATEK OAO / SGDR % OAO TATNEFT / SGDR REP.6 REGS % PHOSAGRO OJSC / SGDR % VNESHTORGBANK SGDR % Netherlands % YANDEX NV -A % United States % CTC MEDIA INC % Bermuda Islands % VIMPELCOM SP /ADR % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Russia % AEROFLOT MOSCOW % AKRON OJSC % ALROSA CJSC % AO TATNEFT % BASHNEFT OJSC % FEDERAL HYDROGENERATING COMPANY OJSC % FSK EES % GAZ AUTO WORKS % GAZPROM AVTOMATIZATSIYA / 3PREF % GAZPROM AVTOMATIZATSIYA OJSC % IDGC VENTER & VOL % IDGC VOLGA % JSC SURGUTNEFTEGAZ / PREF % LUKOIL HOLDING % M VIDEO COMPANY JSC % MAGNIT JSC % PROTEK % ROSTELEKOM % SBERBANK / PREF % SBERBANK OF RUSSIA OJSC % SEVERSTAL CHEREPOV.MET F % SOLLERS JSC % TNK-BP HOLDING % 480 TRANSNEFT OJSC MOSCOW % URALKALIY. BEREZNIKI % VNESHTORGBANK % YAKUTIA RAILWAYS JSC % 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. RUF - 4

135 Report of the Fund Management Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND Investment policy The Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND aims to achieve long-term capital appreciation primarily through investments in a diversified portfolio of Swiss small and mid-cap shares. The sub-fund is suitable for equity investors with a long-term approach and a high to very high degree of risk tolerance, wishing to participate in the potential of small and mid-cap companies in Switzerland. It is an appropriate complement to an equity portfolio containing Swiss blue chip instruments. Market and portfolio review In the period under review the Swiss small & midcaps were up 20.8%. After the European Central Bank s pledge to do whatever is needed so save the the market started a rally led by defensive stocks. Investors were looking for stable cash flows and an attractive dividend yield. Small caps and cyclical stocks were less in favor. The portfolio was positioned for a market rebound but lagged the benchmark slightly. Our overweights in Kardex, Burckhardt Compression, Bucher, Partners Group, Clariant and Daetwyler as well as the underweights in Swiss Prime Site, Valiant, PSP and Meyer Burger contributed positively to the relative performance. Detracting were the overweights in Logitech, Zehnder, Galenica, Straumann, Tornos, Kaba and Barry Callebaut as well as the underweights in Lonza and Ems Chemie. The information in this report is based on historical data and is no indication of future performance. SSSF - 1

136 Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 CHF PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 CHF Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable 182 Other receivables Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Bank interest 13 Income from securities lending Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies -399 Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 30 June 2013 CHF Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A-CHF shares, 1.89% for B-CHF shares, 0.95% for C-CHF shares and 2.64% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. SSSF - 2

137 Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND COMPARATIVE STATEMENT 30 June 2011 CHF 30 June 2012 CHF 30 June 2013 CHF Number of shares outstanding Distribution shares (Shares A-CHF) Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) Net Assets NAV per share Distribution shares (Shares A-CHF) Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) Dividend for the previous financial year (Shares A-CHF) SSSF - 3

138 Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value CHF % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Switzerland % ACTELION LTD OPR % ARYZTA AG/NAM % BALOISE HOLDING / NAMEN % BARRY % 231 BELIMO HOLDING AG / NAM % 661 BELL AG % BOBST GROUP SA. PRILLY / NOM % BOSSARD HOLDING AG % BUCHER INDUSTRIES AG / NAM OPR % BURCKHARDT % CLARIANT/NAMEN-AKT % DAETWYLER HOLDING AG % DKSH HOLDING LTD % DUFRY AG BASEL % FISCHER GEORG AG / NAM % GALENICA AG / NAMENAKTIE % GAM HOLDING AG / NAMEN-AKT OPR % HELVETIA HOLDING SA / NOM % INTERROLL HOLDING LTD / NAM % KABA HOLDING AG RUEMLANG % KARDEX / NAMEN AKT % KOMAX HOLDING AG % KUEHNE + NAGEL INTERNATIONAL % KUONI REISEN HOLDING / NAM.-B % 458 LINDT & SPRUENGLI / PARTIZ OPR % LOGITECH INTERNATIONAL SA OPR % NOBEL BIOCARE HOLDING LTD / NAM % PARTNERS GROUP HOLDING % PHOENIX MECANO AG (CHF 10) OPR % SCHINDLER HOLDING / PARTIC. OPR % SIKA SA. BAAR % SONOVA HOLDING AG /NOM % SULZER AG/ NAMENSAKTIEN % SWISS LIFE HOLDING / NAM % SWISSQUOTE GROUP HLD / NOM % THE SWATCH GROUP AG / NAM % 682 VETROP. HLD SA. SAINT - PREX % VZ HOLDING AG % ZEHNDER % UNLISTED SECURITIES % Equities % Switzerland % MINICAP TECHN. -A- /REG % INVESTMENT FUNDS % Switzerland % CS ETF (CH) SMIM R % 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. SSSF - 4

139 Julius Baer Multistock - SWISS STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - SWISS STOCK FUND primarily invests in the equities in Swiss companies and in doing so, takes account of the theoretical and empirical findings of the style investing approach. Because of Luxembourg guidelines, large caps tend to be underweighted. It serves riskaware investors who are convinced of the medium- to long-term potential of Swiss companies and wish to cover their investment needs in this area with a single product. Market and portfolio review The Swiss equity market turned in a very strong performance, gaining 28.7%. Low interest rates, high liquidity and the stabilisation of the crisis in Europe led to a rally in the markets. Defensive stocks achieved above-average performance. The rally was led by blue chips. Small-caps turned in a very modest performance. The Julius Baer Multistock - SWISS STOCK FUND lagged behind the benchmark during the fiscal year. The majority of the negative performance is due to the underweighting of blue chips and the overweighting of small- and mid-caps. During the reporting period, the performance of small- and mid-caps was below average. The overweighting in services and the underweighting in healthcare had a negative impact on performance. The underweight in consumer goods also made a positive contribution. At the level of individual stocks, the overweights in Logitech, Straumann, Kuoni, Sonova, Galenica, Aryzta, Dufry, Kaba and Zehnder and the underweight in Roche and Novartis hurt performance. The overweights in Richemont, DKSH, Bucher, Swisslife, Actelion, Kardex, Clariant, Partners Group and Sika, and the underweight in Nestlé, Swiss Prime Site and Swisscom made a positive contribution. The information in this report is based on historical data and is no indication of future performance. SSF - 1

140 Julius Baer Multistock - SWISS STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 CHF PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 CHF Assets Investments at market value (Cost: ) Derivative instruments at market value: - Futures Cash at banks Subscriptions receivable Other receivables Total Assets Liabilities Bank overdraft Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Income from securities lending Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Futures Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Futures Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 30 June 2013 CHF Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.50% for A-CHF shares, 1.50% for B-CHF shares, 0.75% for C-CHF shares and 2.24% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. SSF - 2

141 Julius Baer Multistock - SWISS STOCK FUND COMPARATIVE STATEMENT 30 June 2011 CHF 30 June 2012 CHF 30 June 2013 CHF Number of shares outstanding Distribution shares (Shares A-CHF) Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) Net Assets NAV per share Distribution shares (Shares A-CHF) Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) Dividend for the previous financial year (Shares A-CHF) SSF - 3

142 Julius Baer Multistock - SWISS STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value CHF % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % Switzerland % ABB LTD ZUERICH / NAMEN % ACTELION LTD OPR % ADECCO / ACT. NOM % ARYZTA AG/NAM % BALOISE HOLDING / NAMEN % BOBST GROUP SA. PRILLY / NOM % BUCHER INDUSTRIES AG / NAM OPR % CIE FINANCIERE RICHEMONT SA % CLARIANT/NAMEN-AKT % CREDIT SUISSE GROUP / NOM % DKSH HOLDING LTD % DUFRY AG BASEL % FISCHER GEORG AG / NAM % GALENICA AG / NAMENAKTIE % GAM HOLDING AG / NAMEN-AKT OPR % GEBERIT AG / NAMEN-AKTIEN OPR % HELVETIA HOLDING SA / NOM % HOLCIM LTD / NAM % INTERROLL HOLDING LTD / NAM % KABA HOLDING AG RUEMLANG % KARDEX / NAMEN AKT % KOMAX HOLDING AG % KUEHNE + NAGEL INTERNATIONAL % KUONI REISEN HOLDING / NAM.-B % LOGITECH INTERNATIONAL SA OPR % NESTLE / ACT NOM % NOBEL % NOVARTIS AG BASEL / NAM % PARTNERS GROUP HOLDING % ROCHE HOLDING AG / GENUSSSCHEIN % SIKA SA. BAAR % SONOVA HOLDING AG /NOM % SULZER AG/ NAMENSAKTIEN % SWISS LIFE HOLDING / NAM % SWISS RE-NAMEN % SYNGENTA AG / NAM % THE SWATCH GROUP AG / NAM % TRANSOCEAN LTD % UBS AG / NAMENSAKTIEN % VZ HOLDING AG % WEATHERFORD % ZEHNDER GROUP AG % ZURICH INSURANCE GROUP / NAM % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % Switzerland % JULIUS BAER GRP OPR % 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. SSF - 4

143 Julius Baer Multistock - US LEADING STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - US LEADING STOCK FUND invests primarily in a selection of North American stocks. Preference is given to large companies that the investment adviser regards as being among the industry leaders in their field. It is suitable for risk-aware equity investors with a long-term approach, who are convinced of the medium to long-term potential of the large North American companies and who would like to use a single product to meet their investment needs in this area. Market and portfolio review The S&P 500 advanced through most of the trailing twelve-month period to 30 June 2013, setting successive new highs before peaking in late May. Equities were buoyed by the Federal Reserve s announcement of an open-ended quantitative easing program in September and rallied against a backdrop of mixed economic data and concerns about fiscal tightening. Volatility spiked in the last six weeks of the period on the first hint that the Fed may begin to withdraw stimulus later in The Julius Baer Multistock - US LEADING STOCK FUND lagged its benchmark, the S&P 500, in the reporting year. The sub-fund s emphasis on high quality industry leaders with sustainable earnings power impeded relative returns in an environment that favored smaller, lower quality and cyclical issues. Stock selection among technology and health care issues was detrimental. The overweighted and selectively focused representations in consumer staples and energy, two underperforming sectors, also impeded relative returns. Stock selection in financials was constructive, but this benefit was offset by underweighting this leading sector. The lack of exposure in telecom and utilities added value as did the growing dividend income streams of portfolio companies. If the potential withdrawal of monetary stimulus focuses investors' attention on fundamentals, the reasonably valued, financially strong companies in the sub-fund should have added appeal. The information in this report is based on historical data and is no indication of future performance. ULSF - 1

144 Julius Baer Multistock - US LEADING STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Receivable from brokers Subscriptions receivable Dividends and interest Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Income from securities lending Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies 311 Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.99% for A- shares, 1.99% for B- shares, 1.20% for C- shares and 2.75% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ULSF - 2

145 Julius Baer Multistock - US LEADING STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) ULSF - 3

146 Julius Baer Multistock - US LEADING STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % ABBOTT LABORATORIES INC % AIR PRODUCTS & CHEMICALS % ALTRIA GROUP % AMERICAN EXPRESS CO % APPLE INC % AUTOMATIC DATA PROCES % BLACKROCK INC % CATERPILLAR INC % CHEVRON CORPORATION % COCA-COLA CO % CONOCOPHILLIPS % ESTEE LAUDER COS A % EXXON MOBIL CORP % FRANKLIN RESOURCES INC % FREEPORT MCMORA. COPPER & GOLD % GENERAL ELECTRIC CO % IBM % INTEL CORP % INTUITIVE SURGICAL INC % JOHNSON & JOHNSON % JPMORGAN CHASE & CO % 1 KINDER MORGAN MANAGEMENT LLC % KRAFT FOODS GROUP INC % MCDONALD S CORP % MCGRAW HILL COMPANIES INC % MERCK % MONDELEZ INTERNATIONAL INC WI % NEWS CORP -A % OCCIDENTAL PETROLEUM CORP % ORACLE CORP % PEPSICO INC % PHILIP MORRIS INT % PHILLIPS 66 - SHS WHEN ISSUED % PRAXAIR % PROCTER & GAMBLE CO % QUALCOMM INC % TARGET CORP % TEXAS INSTRUMENTS INC % TIME WARNER CABLE % UNITED TECHNOLOGIES CORP % WALGREEN CO. OPA % WAL-MART STORES INC % WALT DISNEY / DISNEY SER % WHOLE FOODS MARKET INC % XILINX INC % Canada % CANADIAN NATURAL RESOUR % CANADIAN PACIFIC RAILW % IMPERIAL OIL LTD % The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ULSF - 4

147 Julius Baer Multistock - US VALUE STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - US VALUE STOCK FUND implements a value-based approach, investing primarily in stocks issued on US stock exchange the investment adviser regards as good value in terms of fundamental valuation criteria (price-to-book, price-earnings, price-cash flow, pricesales, etc.). The Julius Baer Multistock - US VALUE STOCK FUND is suitable for risk-aware equity investors with a long-term approach, who are convinced of the long-term economic potential of the USA and who would like to invest in a portfolio which is composed applying a "value-approach". Market and portfolio review In the last fiscal year (1 July 2012 to 30 June 2013) the US equity market (MSCI USA) generated a return of 19.8%. The financial sector turned in the top performance (+32.5%). Also recording above-average returns were the consumer cyclical sector (+31.7%), healthcare (+27.3%) and industrials (+22.1%). Utilities (+5.7%) and the IT sector (+7.1%) brought up the rear. The Julius Baer Multistock - US VALUE STOCK FUND generated a return of 15.1% for the fiscal year. Approximately 80% of the underperformance against the benchmark was attributable to stock selection, while the sector weighting was responsible for around 20% of the negative impact. Here, in particular, the overweighting of the IT sector and the slight underweighting of the financial sector were not rewarded. Stock selection made a negative contribution, particular in the consumer cyclical (Dollar Tree, Time Warner Cable, Wyndham Worldwide), healthcare (Baxter, Express Scripts, UnitedHealth, Amgen) and consumer staples (Philip Morris, Reynolds American, PepsiCo, Coca-Cola). Stock selection in the commodities, IT and financial sectors made a positive contribution to performance, but within the IT sector a few stocks, such as Oracle, IBM and Apple, disappointed again and again, which had a negative impact on performance. The information in this report is based on historical data and is no indication of future performance. UVSF - 1

148 Julius Baer Multistock - US VALUE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value (Cost: ) Cash at banks Subscriptions receivable Dividends and interest Other receivables 148 Total Assets Liabilities Payables for redemptions Management fees payable "Taxe d'abonnement" payable Other liabilities Total Liabilities Net Assets Income Income from investments Income from securities lending 227 Other income Equalisation Total Income Expenses Management fees "Taxe d'abonnement" and other taxes Bank interest 27 Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Forward foreign exchange contracts Foreign currencies Equalisation Net realised profit/loss Net change in unrealised appreciation/ depreciation on: - Securities Total profit/loss STATEMENT OF CHANGES IN NET ASSETS 30 June June 2013 Net assets at the beginning of the financial year Total profit/loss Net subscriptions/redemptions Dividend distributions Net assets at the end of the financial year * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A- shares, 1.90% for B- shares, 1.10% for C- shares and 2.63% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. UVSF - 2

149 Julius Baer Multistock - US VALUE STOCK FUND COMPARATIVE STATEMENT 30 June June June 2013 Number of shares outstanding Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Net Assets NAV per share Distribution shares (Shares A-) Accumulation shares (Shares B-) Accumulation shares (Shares C-) Accumulation shares (Shares E-) Dividend for the previous financial year (Shares A-) UVSF - 3

150 Julius Baer Multistock - US VALUE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL % TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE % Equities % United States % ABBVIE INC % AIG % ALTRIA GROUP % AMERICAN EXPRESS CO % AMGEN INC % ANADARKO PETROL. CORP % APACHE CORP % APPLE INC % AT & T % BANK OF AMERICA CORP % BEST BUY CO INC % BRISTOL MYERS SQUIBB CO % CELGENE CORP % CHEVRON CORPORATION % CISCO SYSTEMS INC % CITIGROUP INC % COCA-COLA CO % COLGATE-PALMOLIVE CO % COMCAST CORP / -A % CONTINENTAL RESOURCES INC % DISCOVER FIN SVC % DOLLAR TREE INC % DOW CHEMICAL CO % DU PONT DE NEM. & CO % EBAY INC % EXPRESS SCRIPTS HOLDING CO % EXXON MOBIL CORP % FEDEX CORP % FIFTH THIRD BANCORP % FORD MOTOR CO % GENERAL ELECTRIC CO % GILEAD SCIENCES INC % GOLDMAN SACHS GROUP INC % GOOGLE INC A % GRAINGER INC. WW % HARTFORD FIN. SERV. GROUP % HEWLETT-PACKARD CO % IBM % INTEL CORP % JOHNSON & JOHNSON % JPMORGAN CHASE & CO % LILLY (ELI) & CO % LINCOLN NATIONAL CORP % LKQ % MARATHON PETROLEUM CORP % MASTERCARD INC. SHS-A % MCDONALD S CORP % MERCK % METLIFE INC % MICROSOFT CORP % MORGAN STANLEY % MUELLER WATER PRODUCTS INC -A % NEWS CORP -A % OCCIDENTAL PETROLEUM CORP % OFFICE DEPOT INC % ORACLE CORP % PFIZER INC % PHILIP MORRIS INT % PHILLIPS 66 - SHS WHEN ISSUED % 500 PRICELINE COM INC % PROCTER & GAMBLE CO % PRUDENTIAL FINANCIAL INC % REYNOLDS AMERICAN INC % ROPER INDUSTRIES % STANLEY BLACK & DECKER INC % STARBUCKS CORP % TIME WARNER % TOLL BROTHERS % UNION PACIFIC CORP % UNITED TECHNOLOGIES CORP % US BANCORP % VERIZON COMMUNICATIONS INC % VISA INC -A % WAL-MART STORES INC % WALT DISNEY / DISNEY SER % WELLS FARGO & CO % WYNDHAM WORLDWIDE CORP % Canada % AIR CANADA -B % BOMBARDIER INC -B % Ireland % EATON CORPORATION PUBLIC LTD % Israel % CAESARSTONE SDOT-YAM LTD % Netherlands % LYONDELLBASELL IND NV -A % TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET % Equities % United States % NUVIM INC % UNLISTED SECURITIES % Equities % United States % MATECH CORP -A- REST % INVESTMENT FUNDS % United States % SPDR S&P500 ETF TRUST S % 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. UVSF - 4

151 Addresses Registered office of the Company Julius Baer Multistock 69, Route d'esch L Luxembourg Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand- Rue L Luxembourg Tel. (+352) Fax (+352) Representative in Switzerland Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH Zurich Tel. (+41) (0) Fax (+41) (0) Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L Esch-sur-Alzette (until 28 July 2013) Tel. (+352) Fax (+352) State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg (since 29 July 2013) Tel. (+352) Fax (+352) Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L Luxembourg Tel. (+352) Fax (+352) Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg Tel. (+352) Fax (+352)