Julius Baer Multicash Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multicash Société d'investissement à Capital Variable Annual Report as at 30 June 2015 (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 semiannual 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 SFAMA 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: GAM Investment Management (Switzerland) 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: GAM (Deutschland) AG, Taunusanlage 15, D Frankfurt / Main Paying Agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A Vienna Register number: R.C.S. Luxembourg B-36405

2 Content Page Organisation and Management 3 Information on risk management (unaudited) 5 Audit Report 6 Report of the Board of Directors 8 Notes to the Annual Report 9 Additional Information for Shareholders in Switzerland (unaudited) 15 Julius Baer Multicash (Umbrella-fund) 16 Julius Baer Multicash - MONEY MARKET FUND DOLLAR 18 Julius Baer Multicash - MONEY MARKET FUND EURO 24 Julius Baer Multicash - MONEY MARKET FUND STERLING 30 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC 36 Addresses 42

3 Organisation and Management The registered office of the Company is: Michel Malpas 25, Grand-Rue Independent Director L Luxembourg Luxembourg, Grand Duchy of Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Group Management Board, GAM Group Head of Operations GAM Investment Management (Switzerland) AG Zurich, Switzerland Members: Me Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges Member of the Group Management Board, GAM Group Region Head UK GAM (UK) Ltd. London, Great Britain Michele Porro Member of the Group Management Board, GAM Group Region Head Continental Europe GAM Investment Management (Switzerland) AG Zurich, Switzerland Managing Directors of the Management Company Ewald Hamlescher Managing Director GAM (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director GAM (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Investment Manager Jean-Michel Loehr GAM Investment Management (Switzerland) AG Independent Director (until 28. April 2015: Swiss & Global Asset Management AG) Luxembourg, Grand Duchy of Luxembourg Hardstraße 201 P.O. Box Dirk Spiegel CH Zurich Head Legal & Compliance Continental Europe GAM Investment Management (Switzerland) AG Each investment manager may hire the support of investment Zurich, Switzerland advisers for individual sub-funds. Management Company and Domiciliary Agent Advisory Company GAM (Luxembourg) S.A. GAM Advisory (Luxembourg) S.A. (until 7 May 2015: Swiss & Global Asset Management (until 7 May 2015: Swiss & Global Advisory S.A.) (Luxembourg) S.A.) 25, Grand-Rue 25, Grand-Rue L Luxembourg L Luxembourg Custodian, Central Administrator and Principal Paying Agent Management Company and Domiciliary Agent as well as Registrar and Transfer Agent Chairman: RBC Investor Services Bank S.A. Martin Jufer (until 7 December 2014) Member of the Group Management Board, GAM Group 14, Porte de France Head of Operations L Esch-sur-Alzette GAM Investment Management (Switzerland) AG Zurich, Switzerland State Street Bank Luxembourg S.C.A. (since 8 December 2014) Members: 49, Avenue J.F. Kennedy Andrew Hanges L Luxembourg Member of the Group Management Board, GAM Group Region Head UK GAM (UK) Ltd. Auditor London, Great Britain PricewaterhouseCoopers, Société coopérative Yvon Lauret 2, rue Gerhard Mercator Independent Director L Luxembourg Luxembourg, Grand Duchy of Luxembourg 3

4 Organisation and Management Legal Adviser Austria: Erste Bank der österreichischen Sparkassen AG Linklaters LLP Graben 21 35, Avenue John F. Kennedy A Vienna L Luxembourg France: Local Representatives Caceis Bank 1-3 Place Valhubert Switzerland: F Paris GAM Investment Management (Switzerland) AG (until 28. April 2015: Swiss & Global Asset Management AG) Spain: Hardstraße 201 ATL12 Capital Inversiones A.V., S.A. P.O. Box C. / Montalbán 9 CH Zurich E Madrid Paying Agent in Germany: Belgium: DekaBank Deutsche Girozentrale RBC Investor Services Belgium S.A. Hahnstraße 55 Place Rogier 11 D Frankfurt / Main B Brussels Information Agent in Germany: Sweden: GAM (Deutschland) AG MFEX Mutual Fund Exchange AB (until 7 May 2015: Swiss & Global Asset Management Kapital AG) Linnégatan 9-11 Taunusanlage 15 SE Stockholm D Frankfurt / Main Distributors The Company may appoint distributors to sell shares in other jurisdictions. 4

5 Information on risk management (unaudited) Commitment Approach Based on the current investment policy and the investment strategy (including the use of derivative financial instruments), the risk profile of the belowmentioned sub-funds was determined using the commitment approach (total risk is ascertained from 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%. In order to calculate the total liability, the positions in derivative financial instruments are converted into equal positions in the underlying instruments. The total liability of the derivative financial instruments is limited to 100% of the portfolio and therefore corresponds to the total of the individual liabilities after netting/hedging. The following sub-funds determine the risk profile using the commitment approach: Julius Baer Multicash - MONEY MARKET FUND DOLLAR MONEY MARKET FUND EURO MONEY MARKET FUND STERLING MONEY MARKET FUND SWISS FRANC 5

6 Audit Report To the Shareholders of Julius Baer Multicash Following our appointment by the General Meeting of the Shareholders, we have audited the accompanying financial statements of Julius Baer Multicash (the SICAV ) and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at 30 June 2015, the profit and loss account and the statement of changes in net assets for the year then ended, and 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 these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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 International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : , F : , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU

7 Opinion In our opinion, the financial statements give a true and fair view of the financial position of Multicash SICAV and of each of its sub-funds as of 30 June 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 8 October 2015 Represented by Marc Schernberg 7

8 Report of the Board of Directors Dear Investor, We are pleased to enclose the Annual Report of the Julius Baer Multicash. 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 Further information on the SICAV and the sub-funds, including prospectuses and semi-annual reports, may be obtained free of charge from the Management Company of the SICAV or its paying agent upon request and may also be viewed online at Luxembourg, in October 2015 On behalf of the Board of Directors of the Julius Baer Multicash Martin Jufer Chairman of the Board of Directors Andrew Hanges Member of the Board of Directors 8

9 Notes to the Annual Report Legal information Julius Baer Multicash (the Company ) was incorporated on 15 March 1991 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 amended 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 25, Grand Rue, L-1661 Luxembourg. Share categories The following share classes are issued at present: - 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 - E shares (for specific distributors, as defined in the prospectus): shares without distribution of income and/or capital gains Change of custodian, administrator and principal paying agent as well as registrar and transfer agent Since 8 December 2014, State Street Bank Luxembourg S.C.A. ( SSBLux ), 49, Avenue J.F. Kennedy, L-1855 Luxembourg, has assumed the role of custodian, administrator and principal paying agent, as well as registrar and transfer agent. Accounting principles Presentation of the Annual Report The Annual Report and the unaudited Semi-annual Report of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value ( NAV ) calculation at the end of the accounting period (in the following: NAV = (Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operational result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in Swiss francs by aggregating the assets and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting year. Accounting The annual report of the Company has been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. The accrual principle is applied in the preparation of the annual report and the unaudited semi-annual report. The accounting principles are applied consistently. Valuation of Assets and Liabilities Assets and Liabilities are generally valued at their nominal value, with the following exceptions: Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange profits and losses are included in the profit and loss account for the current financial year. 9

10 Notes to the Annual Report 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 sub-fund currency. Securities portfolio Securities traded on a stock exchange, or another regulated market which is open to the public, are valued using the last available price for the accounting year. Unquoted securities are identified as such, and their value is determined as the probable realisation value, determined with due care and in good faith. The realised profit/loss from the sale of securities is determined using the average historical cost. Securities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All gains and losses on exchange are shown in the profit and loss account, together with the net realised gains/losses from the securities. Dividends are recorded on the ex-dividend date. Income from securities is shown net of withholding taxes. The Fund may contain securities which are difficult to price (i.e. stale price, limited pricing sources). In those instances, the concerned securities are regularly monitored through a detailed analysis which is carried out at least monthly, and a quarterly more general overview. The monitoring is performed according to the principles and criteria defined by the Board of Directors. Options A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ( strike price ) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Purchased Options: Premiums paid by the sub-fund for purchased options are included in the statement of net assets as cost of an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealised appreciation or depreciation. If the option is allowed to expire, the sub-fund will lose the entire premium it paid and record a realised loss for the premium amount. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realised profit/loss or cost basis of the security. Written Options: Premiums received by the sub-fund for written options are included in the statement of net assets as negative cost of an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealised appreciation or depreciation. Premiums received from written options that expire are treated as realised profits. The sub-fund records a realised profit or loss on written options based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the sub-fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realised profit or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of purchased security. Written uncovered call options subject the sub-fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the sub-fund to risk of loss if the value of the security declines below the exercise price minus the put premium. The sub-fund is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract. Outstanding options traded on a regulated market are valued based on the closing price or the last available market price of the instruments. OTC options are marked to market based upon prices obtained from third party pricing agents and verified against the value from the counterparty. The market value of options is included in the statement of net assets under the heading Derivative instruments - Options. The realised profits/losses and change in unrealised appreciation/depreciation on options are disclosed in the profit and loss account under the headings Realised profit/loss on options and Net change in unrealised appreciation/depreciation on options. The number of options, warrants and rights are recorded in the securities portfolio. 10

11 Notes to the Annual Report Futures contracts (Futures) Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the sub-fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin account. Subsequent payments, referred to as variation margin, are made or received by the sub-fund periodically and are based on changes in the market value of open futures contracts. The unrealised appreciation/depreciation on future contracts is disclosed in the statement of net assets under Derivative instruments - Futures. Changes in the market value of open futures contracts are recorded as unrealised appreciation/depreciation in the profit and loss account under Net change in unrealised appreciation/depreciation on futures. Realised profits or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported at the closing or expiration of futures contracts in the profit and loss account under Realised profit/loss on futures. Securities deposited as initial margin are designated in the securities portfolio and cash deposited is recorded in the statement of net assets. A receivable and/or a payable to brokers for the daily variation margin is also recorded in the statement of net assets. Forward foreign exchange contracts Forward foreign exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The values of the forward foreign exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealised appreciation or depreciation until the contract settlement date. When the forward contract is closed, the sub-fund records a realised profit or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The unrealised appreciation/depreciation on forward foreign exchange contracts is disclosed in the statement of net assets under Derivative Instruments - Forward foreign exchange contracts. Realised profits/losses and change in unrealised appreciation/depreciation resulting there from are included in the profit and loss account respectively under Realised profit/loss on forward foreign exchange contracts and Net change in unrealised appreciation/depreciation on forward foreign exchange contracts. The forward foreign exchange contracts detailed in the overview of derivative instruments are grouped by traded currency and by maturity date. Contracts for differences (CFD) Contracts for differences are contracts entered into between a broker and the sub-fund under which the parties agree to make payments to each other so as to replicate the economic consequences of holding a long or short position in the underlying security. Contracts for differences also mirror any corporate actions that take place. Contracts for differences are valued based on the closing market price of the underlying security, less any financing charges attributable to each contract. Upon entering into contracts for differences, the sub-fund may be required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount ( initial margin ). Subsequently, payments known as variation margin are made or received by the sub-fund periodically, depending on fluctuations in the value of the underlying security. The unrealised appreciation/depreciation is disclosed in the statement of net assets under Derivative instruments - Swaps. Realised profits /losses and changes in unrealised appreciation/depreciation as a result thereof are included in the profit and loss account under Realised profit/loss on swaps and Net change in unrealised appreciation/depreciation on swaps. Interest Rate Swaps (IRS) An interest rate swap is a bilateral agreement in which each party agrees to exchange a series of interest payments for another series of interest payments (usually fixed/floating) based on a notional amount that serves as a computation basis which is usually not exchanged. During the life of the swap, each party pays interest (in the currency of the principal received) to the other. Interest rate swaps are marked to market at each NAV calculation date. The market value is based on the valuation elements laid down in the contracts, and is obtained from third party pricing agents, market makers or internal models. The unrealised appreciation/depreciation is disclosed in the statement of net assets under Derivative instruments - Swaps. Realised profits/losses and changes in unrealised appreciation/depreciation as a result thereof are included in the profit and loss account under Realised profit/loss on swaps and Net change in unrealised appreciation/depreciation on swaps. Credit Default Swaps (CDS) A credit default swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party (the protection buyer) pays the other (the protection seller) a fixed periodic coupon for the specified life of the agreement in return for a payment contingent on a credit event related to the underlying reference obligation. If a credit event occurs, the protection seller would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a sub-fund s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected in the statement of net assets. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation. 11

12 Notes to the Annual Report Credit default swaps are marked to market at each NAV calculation date. The market value is based on the valuation elements laid down in the contracts, and is obtained from third party pricing agents, market makers or internal models. The unrealised appreciation/depreciation is disclosed in the statement of net assets under Derivative instruments - Swaps. Realised profits/losses and change in unrealised appreciation/depreciation resulting there from are included in the profit and loss account under the heading Realised profit/loss on swaps and Net change in unrealised appreciation/depreciation on swaps. Total Return Swaps (TRS) A total return swap is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include profits and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity. To the extent the total return of the reference asset underlying the transaction exceeds or falls short of the offsetting payment, the sub-fund will receive a payment from or make a payment to the counterparty. Total return swaps are marked to market at each NAV calculation date. The estimated market value is based on the valuation elements laid down in the contracts, and is obtained from third party pricing agents, market makers or internal models. The unrealised appreciation/depreciation is disclosed in the statement of net assets under Derivative instruments - Swaps. Realised profits/losses and changes in unrealised appreciation/depreciation as a result thereof are included in the profit and loss account under Realised profit/loss on swaps and Net change in unrealised appreciation/depreciation on swaps. Securities lending Income from securities lending is shown separately in the profit and loss account. As at 30 June 2015, there were no open securities lending positions. Income from zero-coupon bonds For zero-coupon bonds, the "notional" interest portion is calculated as interest income and reclassified in the profit and loss account to the caption "Income on investments" instead of the caption "Net change in unrealised appreciation/depreciation on securities". 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 and Ca shares (for institutional investors). The sub-funds of the Company which invest exclusively in deposits and money market instruments pursuant to the Law of 2010 (currently MONEY MARKET FUND DOLLAR, MONEY MARKET FUND EURO, MONEY MARKET FUND STERLING and MONEY MARKET FUND SWISS FRANC) are subject to a reduced tax rate of 0.01% p.a. of their net asset value. However, if and to the extent parts of the Company s assets are invested in other Luxembourg UCITS which are subject to taxation, these parts are not also subject to taxation at the level of the Company. 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. Fees and costs Transaction costs The transaction costs primarily include brokerage fees. The transaction costs incurred during the financial year are included in the costs of the securities purchased and sold. During the period from 1 July 2014 to 30 June 2015, the Company incurred transaction costs in the amount set out below in connection with the purchase and sale of securities: 12

13 Notes to the Annual Report Julius Baer Multicash - MONEY MARKET FUND DOLLAR USD 162 MONEY MARKET FUND EURO EUR 0 MONEY MARKET FUND STERLING GBP - MONEY MARKET FUND SWISS FRANC CHF The informative value of the reported transaction costs is relative, since the various costs incurred in connection with transactions are sometimes not reported separately. In these cases, they are included directly in the purchase costs. For this reason, comparable investments and transaction volumes may lead to differing transaction costs in connection with the aforementioned sub-funds. Management fees For advisory services relating to the portfolios of the sub-funds and related administrative services as well as for distribution services, the following actual annual investment management fee, 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.) Shares- Shares- Shares- B C E Julius Baer Multicash - MONEY MARKET FUND DOLLAR 0.20% 0.10% 0.45% MONEY MARKET FUND EURO 0.20% 0.10% 0.45% MONEY MARKET FUND STERLING 0.25% 0.10% 0.50% MONEY MARKET FUND SWISS FRANC 0.15% 0.10% 0.40% The fees as set out above are used to pay distributors and asset managers for distributing the sub-funds and retrocessions to institutional investors who hold shares in the sub-funds. 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 7 July 2014) and State Street Bank Luxembourg S.A. (from 8 July 2014) 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. Other expenses consist of: Currency Service Load Other expenses Total Julius Baer Multicash - MONEY MARKET FUND DOLLAR USD MONEY MARKET FUND EURO EUR MONEY MARKET FUND STERLING GBP MONEY MARKET FUND SWISS FRANC CHF

14 Notes to the Annual Report Subsequent events The cost overview in the prospectus under section Fees and Costs was restructured as per 1 July Servicing fee The Management Company charges a servicing fee for each sub-fund and/or each share class. The service fee is charged for the following services rendered by the Management Company or its appointees and delegates: Custody and Administration Services: business activities in accordance with custody and sub-custody services, registrar and transfer agency, central administration (fund administration, fund accounting), principal paying agency; Operational Management: Remuneration of the Management Company for the operational management and supervision of the business activities of the Company; Risk Management; remuneration and expenses of the Board of Directors of the Company; expenses in relation to the convening of general meetings of shareholders; notary fees; Sales and Marketing: Sales and marketing expenses, further distribution support, licence fees; Regulatory: Public charges: taxes (particularly the taxe d abonnement); mandatory fund documents (prospectus, KIID, annual and semi-annual reports); auditing fees; costs associated with registration and reporting to supervisory authorities in different distribution countries; listing fees; publication costs for NAVs and corporate actions; Other Services: Legal and tax services; paying agents and representatives; insurance premiums and any other costs incurred by the Management Company on behalf of the Company. The Servicing Fee may be charged by the Management Company at different rates for individual sub-funds and/or share classes of a given sub-fund or may waive it entirely. The annual maximum Servicing Fee is shown in the prospectus. Both, Management Fee and the Servicing Fee, will be calculated on the basis of the net asset value of the respective sub-fund and/or share class and debited to such sub-fund and/or such share class on each valuation day (as defined in the section Calculation of net asset value ), and will be payable monthly in arrears. Since the change of the structure of the fees, the Management Fee and the Servicing Fee together constitute the Total Expense Ratio (TER) of the respective sub-fund and/or share class. The Management Fee and the Servicing are both capped. Any costs exceeding this cap are borne by the Management Company. 14

15 Additional Information for Shareholders in Switzerland (unaudited) Benchmarks Julius Baer Multicash - MONEY MARKET FUND DOLLAR MONEY MARKET FUND EURO MONEY MARKET FUND STERLING MONEY MARKET FUND SWISS FRANC BofA ML USD LIBID Overnight TR EMMI EONIA Euro Overnight Index Average SONIA Sterling OverNight Index Average Citigroup CHF Eurodeposit 1 Month Performance* Julius Baer Multicash - Shares Currency 1 year 3 years Since start Perf. Benchmark Perf. Benchmark Perf. Benchmark MONEY MARKET FUND DOLLAR B USD 0.01% 0.05% 0.04% 0.18% 81.53% % MONEY MARKET FUND DOLLAR C USD 0.12% 0.05% 0.36% 0.18% 40.25% 43.10% MONEY MARKET FUND DOLLAR E USD -0.24% 0.05% -0.71% 0.18% 17.85% 28.46% MONEY MARKET FUND EURO B EUR -0.29% -0.03% -0.69% 0.21% % % MONEY MARKET FUND EURO C EUR -0.14% -0.03% -0.24% 0.21% 34.62% 44.08% MONEY MARKET FUND EURO E EUR -0.53% -0.03% -1.43% 0.21% 18.25% 33.37% MONEY MARKET FUND STERLING B GBP 0.23% 0.44% 0.61% 1.31% % % MONEY MARKET FUND STERLING C GBP 0.36% 0.44% 1.02% 1.31% 59.04% 64.33% MONEY MARKET FUND STERLING E GBP -0.02% 0.44% -0.14% 1.31% 35.52% 48.27% MONEY MARKET FUND SWISS FRANC B CHF -0.13% -0.56% -0.27% -0.88% 47.15% 59.50% MONEY MARKET FUND SWISS FRANC C CHF -0.04% -0.56% 0.02% -0.88% 12.13% 16.54% MONEY MARKET FUND SWISS FRANC E CHF -0.38% -0.56% -1.01% -0.88% 1.89% 11.21% TER (Total Expense Ratio) Julius Baer Multicash - Shares Currency TER MONEY MARKET FUND DOLLAR B USD 0.32 % MONEY MARKET FUND DOLLAR C USD 0.21 % MONEY MARKET FUND DOLLAR E USD 0.57 % MONEY MARKET FUND EURO B EUR 0.45 % MONEY MARKET FUND EURO C EUR 0.30 % MONEY MARKET FUND EURO E EUR 0.71 % MONEY MARKET FUND STERLING B GBP 0.40 % MONEY MARKET FUND STERLING C GBP 0.27 % MONEY MARKET FUND STERLING E GBP 0.65 % MONEY MARKET FUND SWISS FRANC B CHF 0.27 % MONEY MARKET FUND SWISS FRANC C CHF 0.18 % MONEY MARKET FUND SWISS FRANC E CHF 0.52 % The TER is calculated in accordance with the relevant "SFAMA-Guidelines on the Calculation and Disclosure of the TER". * The information and returns relate to the past reporting period and are not indicative of future income. The performance of the sub-funds is calculated in accordance with the relevant "SFAMA-Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes". 15

16 Julius Baer Multicash COMBINED STATEMENT OF NET ASSETS as at 30 June 2015 CHF Assets Investments at market value (acquisition cost: CHF ) Cash at banks* Receivables on subscription of shares Receivables on securities sold Dividends and interest receivable Total Assets Liabilities Liabilities on redemption of shares Liabilities on securities purchases Management fees payable Taxe d abonnement payable Other liabilities Total liabilities Net Assets The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 16

17 Julius Baer Multicash COMBINED PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 CHF Income Income on investments Bank interest Other income Equalisation Total Income Expenses Management fees Taxe d'abonnement" and other taxes Interest expense on bank liabilities Other expenses Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies -172 Equalisation Net realised profit/loss Net change in unrealised appreciation/depreciation on: - Securities Total profit/loss COMBINED STATEMENT OF CHANGES IN NET ASSETS 30 June June 2015 CHF CHF Net Assets at the beginning of the financial year Foreign exchange difference Foreign exchange difference - sub-fund Total profit/loss Net receipts/payments from the issue and redemption of shares Net Assets at the end of the financial year EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2015 in CHF 1 EUR = CHF 1 GBP = CHF 1 USD = CHF The accompanying notes form an integral part of the financial statements. 17

18 Julius Baer Multicash - MONEY MARKET FUND DOLLAR Fund Management Report Investment Policy The Julius Baer Multicash - MONEY MARKET FUND DOLLAR invests predominantly in money market investments and variable or fixed-income securities in US Dollar. The investment objective consists of achieving current income in accordance with the money market while aiming for high levels of liquidity and security of the capital. The sub-fund enables efficient investment of liquid assets. Market review and portfolio Based on solid economic growth and the fall in unemployment, the US Federal Reserve gradually normalised its monetary policy in As of late October 2014, the quantitative easing programme, in force since 2012, was stopped. From December 2014 to June 2015, the markets saw a slight increase in money market interest rates, but the first interest rate interest by the US Federal Reserve is not expected until late summer The very low level of interest had a negative effect on the performance up to late However, from the beginning of 2015, the sub-fund was able to benefit from rising money market interest rates. The portfolio is comprised of money market investments with good credit ratings and short terms to maturity. Variable interest instruments make up around 45% of the portfolio; the remainder is invested in bonds with short terms to maturity and commercial papers. The sectors with the highest weightings are government agencies, industrial companies and financials. Germany, the US and the Netherlands dominate the country allocation. Issuers from Southern European countries are underweighted. The information in this report is based on historical data and is no indication of future performance. 18

19 Julius Baer Multicash - MONEY MARKET FUND DOLLAR STATEMENT OF NET ASSETS as at 30 June 2015 USD Assets Investments at market value (acquisition cost: USD ) Cash at banks Receivables on subscription of shares Dividends and interest receivable Total Assets Liabilities Liabilities on redemption of shares Liabilities on securities purchases Management fees payable Taxe d abonnement payable Other liabilities Total Liabilities Net Assets The accompanying notes form an integral part of the financial statements. 19

20 Julius Baer Multicash - MONEY MARKET FUND DOLLAR PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 USD Income Income on investments Bank interest Other income 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 -155 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 2015 USD USD Net Assets at the beginning of the financial year Foreign exchange difference - sub-fund Total profit/loss Net receipts/payments from the issue and redemption of shares Net Assets at the end of the financial year The accompanying notes form an integral part of the financial statements. *see page

21 Julius Baer Multicash - MONEY MARKET FUND DOLLAR COMPARATIVE STATEMENT 30 June June June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD) USD USD USD Net Assets in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-USD) Accumulation shares (Shares C-USD) Accumulation shares (Shares E-USD)

22 Julius Baer Multicash - MONEY MARKET FUND DOLLAR SECURITIES PORTFOLIO AS AT 30 JUNE 2015 Quantity/ Nominal (in 1000) Security Maturity Market value USD % of net assets TOTAL % SECURITIES TRADED ON A STOCK EXCHANGE % Bonds % USD % % Bank Nederlandse Gemeenten NV % % Bank of America Corp % % Bank of America Corp % % BP Capital Markets Plc % % BP Capital Markets Plc % % Daimler Finance North America LLC % % Export-Import Bank of Korea % % FMS Wertmanagement AoeR % % FMS Wertmanagement AoeR % % Hutchison Whampoa International Ltd % % KFW % % KFW % % Kommunalbanken AS % % Kommunekredit % % Kommunekredit % % Kommunekredit % % Landeskreditbank Baden-Wuerttemberg Foerderbank % % Landeskreditbank Baden-Wuerttemberg Foerderbank % % Municipality Finance Plc % % Nederlandse Waterschapsbank NV % % Nederlandse Waterschapsbank NV 144A % % Province of Nova Scotia Canada % % Toronto-Dominion Bank % % Total Capital S.A % % Westpac Banking Corp % SECURITIES TRADED ON ANOTHER REGULATED MARKET % Bonds % USD % % American Honda Finance Corp % % American Honda Finance Corp % % Apple, Inc % % Australia & New Zealand Banking Group Ltd. 144A % % Bank of Montreal % % Bank of Montreal % % Bank of Nova Scotia 144A % % Barclays Bank Plc. 144A % % Berkshire Hathaway Finance Corp % % BNP Paribas Home Loan SFH S.A. 144A % % Canadian National Railway Co % % Caterpillar Financial Services Corp % % Chevron Corp % % Cisco Systems, Inc % % Citigroup, Inc % % Commonwealth Bank of Australia 144A % % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY % % DNB Boligkreditt AS 144A % % General Electric Capital 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 assets percentages are the result of rounding differences. 22

23 Julius Baer Multicash - MONEY MARKET FUND DOLLAR SECURITIES PORTFOLIO AS AT 30 JUNE 2015 (continued) Quantity/ Nominal (in 1000) Security Maturity Market value USD % of net assets % Honeywell International, Inc % % ING Bank NV % % ING Bank NV % % International Business Machines Corp % % JPMorgan Chase Bank NA % % National Australia Bank Ltd % % Norddeutsche Landesbank Girozentrale % % PepsiCo, Inc % % Royal Bank of Canada % % Svenska Handelsbanken AB % % Volkswagen International Finance NV 144A % % Westpac Banking Corp % % Westpac Banking Corp. 144A % % Woolworths Ltd. 144A % CASH-EQUIVALENT FINANCIAL INSTRUMENTS % Commercial Papers % USD % Akzo Nobel NV % Bacardi USA, Inc % Campbell Soup Co % CNPC Finance % Danone S.A % Deutsche Telekom AG % ENI Finance USA, Inc % Holcim US Finance SARL&S % Hyundai Capital America % Kellogg Co % Kroger Co % Michelin Luxembourg S.C.S % Michelin Luxembourg S.C.S % Mondelez International, Inc % Monsanto Co % Nissan Motor Acceptance Co % Pentair Finance S.A % Regie Autonome Des Transports % SABMiller Holdings, Inc % Sinopec Century Bright % Treasury Bonds % USD % % United States Treasury Bill % % United States Treasury Bill % % United States Treasury Bill % 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 assets percentages are the result of rounding differences. 23

24 Julius Baer Multicash - MONEY MARKET FUND EURO Fund Management Report Investment Policy The Julius Baer Multicash - MONEY MARKET FUND EURO invests predominantly in money market investments and variable or fixed-income securities in Euro. The investment objective consists of achieving current income in accordance with the money market while aiming for high levels of liquidity and security of the capital. It enables efficient investment of liquid assets. Market review and portfolio With the exception of Greece, the imbalances between the different Eurozone countries have evened out over the last twelve months, yet the unemployment level is still a little over 11%. In order to counteract deflationary trends, to better support the economy and to stimulate lending to the corporate sector of the Eurozone, the European Central Bank (ECB) continued to relax its monetary policy from mid As a result of this, the interest rates of Euro money market investments fell to record lows. The EONIA Index (Euro Overnight Index Average) has mostly been below 0% since September The portfolio consists of money market investments with short terms to maturity and high credit ratings. In the last twelve months the low money market rates had a negative impact on fund performance. Around three quarters of the portfolio are invested in bonds with short terms to maturity and commercial papers; the remainder consists of floating rate securities. The sectors with the highest weightings are mortgage bonds, industrial companies and financials. France, the Netherlands, Sweden and Great Britain dominate the country allocation. Issuers from Southern European countries are underweighted. The information in this report is based on historical data and is no indication of future performance. 24

25 Julius Baer Multicash - MONEY MARKET FUND EURO STATEMENT OF NET ASSETS as at 30 June 2015 EUR Assets Investments at market value (acquisition cost: EUR ) Cash at banks* Receivables on subscription of shares Receivables on securities sold Dividends and interest receivable Total Assets Liabilities Liabilities from the redemption of shares Management fees payable Taxe d abonnement payable Other liabilities Total Liabilities Net Assets The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 25

26 Julius Baer Multicash - MONEY MARKET FUND EURO PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 EUR Income Income on investments Bank interest Total Income Expenses Management fees Taxe d'abonnement" and other taxes Interest expense on bank liabilities Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies -2 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 2015 EUR EUR Net Assets at the beginning of the financial year Foreign exchange difference - sub-fund Total profit/loss Net subscriptions/redemptions Net Assets at the end of the financial year The accompanying notes form an integral part of the financial statements. *see page

27 Julius Baer Multicash - MONEY MARKET FUND EURO COMPARATIVE STATEMENT 30 June June June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-EUR) Accumulation shares (Shares C-EUR) Accumulation shares (Shares E-EUR) EUR EUR EUR Net Assets in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-EUR) Accumulation shares (Shares C-EUR) Accumulation shares (Shares E-EUR)

28 Julius Baer Multicash - MONEY MARKET FUND EURO SECURITIES PORTFOLIO AS AT 30 JUNE 2015 Quantity/ Nominal (in 1000) Security Maturity Market value EUR % of net assets TOTAL % SECURITIES TRADED ON A STOCK EXCHANGE % Bonds % EUR % % ABN AMRO Bank NV % % AIB Mortgage Bank % % Banco Bilbao Vizcaya Argentaria S.A % % Banco Santander S.A % % Bank of America Corp % % Bank of Ireland Mortgage Bank % % Bayer AG % % BMW Finance NV % % BP Capital Markets Plc % % BPCE S.A % % Bpifrance Financement S.A % % Caisse Francaise de Financement Local % % Cie de Financement Foncier S.A % % Citigroup, Inc % % Coca-Cola Co % % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA % % Credit Suisse AG % % Danske Bank A/S % % DNB Boligkreditt AS % % Dutch Treasury Certificate % % Dutch Treasury Certificate % % GlaxoSmithKline Capital Plc % % ING Bank NV % % JPMorgan Chase & Co % % Lloyds Bank Plc % % McDonald's Corp % % Nationwide Building Society % % Nordea Bank AB % % OP Mortgage Bank % % Propertize BV % % Royal Bank of Scotland Plc % % Scania CV AB % % Skandinaviska Enskilda Banken AB % % Spain Letras del Tesoro % % Svensk Exportkredit AB % % Svenska Handelsbanken AB % % Swedbank Hypotek AB % % Swedbank Hypotek AB % % UBS AG % % Volkswagen Bank GmbH % % Wells Fargo & Co % % Wesfarmers Ltd % % Westpac Banking 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 assets percentages are the result of rounding differences. 28

29 Julius Baer Multicash - MONEY MARKET FUND EURO SECURITIES PORTFOLIO AS AT 30 JUNE 2015 (continued) Quantity/ Nominal (in 1000) Security Maturity Market value EUR % of net assets CASH-EQUIVALENT FINANCIAL INSTRUMENTS % Commercial Papers % EUR % ASSA Abloy Financial Services AB % Bundesimmobiliengesellschaft % Bundesimmobiliengesellschaft % Cie Gen Des Ets Michelin % Danone S.A % Imperial Tobacco Finance Plc % Kering Finance % National Grid Plc % Schneider Electric S.E % Vinci S.A % Treasury Bonds % EUR % % France Treasury Bill % % France Treasury Bill % % France Treasury Bill % 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 assets percentages are the result of rounding differences. 29

30 Julius Baer Multicash - MONEY MARKET FUND STERLING Fund Management Report Investment Policy The Julius Baer Multicash - MONEY MARKET FUND STERLING invests predominantly in money market investments and variable or fixed-income securities in British Pound. The investment objective consists of achieving current income in accordance with the money market while aiming for high levels of liquidity and security of the capital. The sub-fund enables efficient investment of liquid assets. Market review and portfolio The UK economy grew at a good pace of expansion of 2.9%, as measured at the end of the first quarter Despite the economic recovery - of nine GDP growth quarters - the Consumer Price Index annual inflation rate fell and is now close to zero. This was partly a consequence of the fall in the price of oil. Because of the very low inflation rate and the risk of a Greek crisis, the Bank of England (BOE) was in no hurry to start the process of interest rate normalisation. The key lending rate was kept unchanged at record low 0.5% since The market expectation is for a "gradual and limited" by mid Yields of short dated high quality names raised by some 9bp to 0.52% throughout the year. The government yield curve steepened. The portfolio comprises short dated and high quality money market instruments. It is primarily exposed to the UK and Germany, followed by France, Netherland, Sweden and Australia. New investments were made in money market instruments of Agency, Covered Bonds and stronger corporate names. Returns were low because of the Bank of England's loose monetary policy. The sub-fund ends the year positioned at the short end of the curve with an allocation of above 40% to floating rate instruments to take advantage of the expected rate increase. In an environment where the Bank of England is preparing the interest rate normalization, the sub-fund decision to invest in the safest credit at the short end of the curve with a significant weight towards longer dated floating rate instrument was positive. The information in this report is based on historical data and is no indication of future performance. 30

31 Julius Baer Multicash - MONEY MARKET FUND STERLING STATEMENT OF NET ASSETS as at 30 June 2015 GBP Assets Investments at market value (acquisition cost: GBP ) Cash at banks* Receivables on subscription of shares Dividends and interest receivable Total Assets Liabilities Liabilities from the redemption of shares Management fees payable Taxe d abonnement payable 837 Other liabilities Total Liabilities Net Assets The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 31

32 Julius Baer Multicash - MONEY MARKET FUND STERLING PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 GBP Income Income on investments Bank interest Equalisation Total Income Expenses Management fees Taxe d'abonnement" and other taxes Other expenses* Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies -8 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 2015 GBP GBP Net Assets at the beginning of the financial year Foreign exchange difference - sub-fund Total profit/loss Net subscriptions/redemptions Net Assets at the end of the financial year The accompanying notes form an integral part of the financial statements. *see page

33 Julius Baer Multicash - MONEY MARKET FUND STERLING COMPARATIVE STATEMENT 30 June June June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-GBP) Accumulation shares (Shares C-GBP) Accumulation shares (Shares E-GBP) GBP GBP GBP Net Assets in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-GBP) Accumulation shares (Shares C-GBP) Accumulation shares (Shares E-GBP)

34 Julius Baer Multicash - MONEY MARKET FUND STERLING SECURITIES PORTFOLIO AS AT 30 JUNE 2015 Quantity/ Nominal (in 1000) Security Maturity Market value GBP % of net assets TOTAL % SECURITIES TRADED ON A STOCK EXCHANGE % Bonds % GBP % % Abbey National Treasury Services Plc % % ANZ New Zealand Int'l Ltd % % Asian Development Bank % % Australia & New Zealand Banking Group Ltd % % Bank Nederlandse Gemeenten NV % % Bank of Montreal % % BMW US Capital LLC % % BNP Paribas S.A % % BPCE S.A % % Commonwealth Bank of Australia % % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA % % Credit Mutuel - CIC Home Loan SFH % % Credit Suisse AG % % Credit Suisse AG % % Dexia Credit Local S.A % % European Investment Bank % % European Investment Bank % % Export Development Canada % % FMS Wertmanagement AoeR % % GE Capital UK Funding % % HSBC Bank Plc % % Inter-American Development Bank % % KFW % % KFW % % KFW % % Kommunalbanken AS % % Landeskreditbank Baden-Wuerttemberg Foerderbank % % Linde Finance BV % % Lloyds Bank Plc % % National Australia Bank Ltd % % Nederlandse Waterschapsbank NV % % Network Rail Infrastructure Finance Plc % % Network Rail Infrastructure Finance Plc % % Nordea Bank AB % % Pohjola Bank OYJ % % Prudential Plc % % Royal Bank of Canada % % SNCF Reseau % % Stadshypotek AB % % Svensk Exportkredit AB % % Svenska Handelsbanken AB % % Volkswagen Financial Services NV % % Volkswagen International Finance NV % % Westpac Banking Corp % % Yorkshire Building Society % 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 assets percentages are the result of rounding differences. 34

35 Julius Baer Multicash - MONEY MARKET FUND STERLING SECURITIES PORTFOLIO AS AT 30 JUNE 2015 (continued) Quantity/ Nominal (in 1000) Security Maturity Market value GBP % of net assets UNLISTED SECURITIES % Bonds % GBP % % New York Life Global Funding % CASH-EQUIVALENT FINANCIAL INSTRUMENTS % Certificates of Deposit % GBP % 500 Banque Federative du Credit Mutuel % Commercial Papers % GBP % 500 Agence Centrale des Organismes de Securite Sociale % 500 Heineken NV % 500 Schlumberger Finance BV % 500 Swedbank AB % 750 Toyota Kreditbank GmbH % 500 Unilever NV % Treasury Bonds % GBP % % United Kingdom Treasury Bill % 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 assets percentages are the result of rounding differences. 35

36 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC Fund Management Report Investment Policy The Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC invests predominantly in money market investments and variable or fixed income securities in Swiss Francs. The investment objective consists of achieving current income in accordance with the money market while aiming for high levels of liquidity and security of the capital. The sub-fund enables efficient investment of liquid assets. Market review and portfolio Geopolitical uncertainties increased the attractiveness of investments in Swiss francs and prompted a gradually drop in interest rates. Deflationary fears in Europe and the announcement of extraordinary measures by the European Central Bank (ECB) then put the Swiss National Bank (SNB) under pressure at the end of the year: the SNB ultimately lifted the minimum Euro rate against the Swiss francs and negative base rates of -0.75%. While quantitative easing is taking place in Europe, the first interest rate increases are being timidly awaited in the US. In the reporting period the sub-fund achieved a performance of -0.13% (share class B-CHF) which corresponds to an outperformance of 43 basis points against the benchmark. The current income of positions already held in the portfolio made a significant contribution to the overall result. In contrast, reinvestments of maturities and new funds have only produced negative returns since 15 January 2015, diminishing the absolute return. Investments have always been highly diversified, preventing cluster risks. The sub-fund targeted short-dated bonds from solid companies and the banking sector, with a preference towards mortgage-backed securities. The AAA segment was slightly reduced in favour of other rating categories. Due to the continuing low interest rates and with no prospect of a change in the near future, the sub-fund invested primarily at the longer end of the maturity spectrum. Especially in corporate bonds, it was possible to realise slight credit spreads in these maturities, which generate advantageous current income versus the benchmark until maturity. The information in this report is based on historical data and is no indication of future performance. 36

37 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC STATEMENT OF NET ASSETS as at 30 June 2015 CHF Assets Investments at market value (acquisition cost: CHF ) Cash at banks* Receivables on subscription of shares Dividends and interest receivable Total Assets Liabilities Liabilities from the redemption of shares Liabilities on securities purchased Management fees payable Taxe d'abonnement payable Other liabilities Total Liabilities Net Assets The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 37

38 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 CHF Income Income on investments Total Income Expenses Management fees Taxe d'abonnement" and other taxes Interest expense on bank liabilities Other expenses* Equalisation Total Expenses Net profit/loss Realised profit/loss on: - Securities Foreign currencies -13 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 2015 CHF CHF Net Assets at the beginning of the financial year Foreign exchange difference - sub-fund Total profit/loss Net subscriptions/redemptions Net Assets at the end of the financial year The accompanying notes form an integral part of the financial statements. *see page

39 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC COMPARATIVE STATEMENT 30 June June June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF) CHF CHF CHF Net Assets in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-CHF) Accumulation shares (Shares C-CHF) Accumulation shares (Shares E-CHF)

40 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC SECURITIES PORTFOLIO AS AT 30 JUNE 2015 Quantity/ Nominal (in 1000) Security Maturity Market value CHF % of net assets TOTAL % SECURITIES TRADED ON A STOCK EXCHANGE % Bonds % CHF % % ABN AMRO Bank NV % % ABN AMRO Bank NV % % ADCB Finance Cayman Ltd % % Aeroports de Paris % % Akademiska Hus AB % % ANZ New Zealand Int'l Ltd % % ANZ New Zealand Int'l Ltd % % Asian Development Bank % % ASIF III Jersey Ltd % % AusNet Services Holdings Pty Ltd % % Autonomous Community of Madrid % % Banco de Chile % % Banco de Credito e Inversiones % % Banco Santander Chile % % Bank Nederlandse Gemeenten NV % % Barclays Bank Plc % % BAT International Finance Plc % % BAWAG PSK Bank fuer Arbeit and Wirtschaft and Oesterreichische Postsparkasse AG % % Bradford & Bingley Plc % % Bradford & Bingley Plc % % Caisse de Refinancement de l'habitat S.A % % Caisse de Refinancement de l'habitat S.A % % Caisse Francaise de Financement Local % % CBQ Finance Ltd % % Cie de Financement Foncier S.A % % CIF Euromortgage S.A % % Citigroup, Inc % % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA % % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA % % Corporacion Andina de Fomento % % Credit Suisse AG % % Danske Bank A/S % % DekaBank Deutsche Girozentrale % % Deutsche Telekom AG % % DNB Bank ASA % % DNB Bank ASA % % Enel Finance International NV % % Erste Group Bank AG % % Export-Import Bank of Korea % % First Gulf Bank PJSC % % General Electric Capital Corp % % Glencore Finance Europe S.A % % HSBC SFH France S.A % % Hypothekenbank in Essen AG % % Hyundai Capital Services, Inc % % Hyundai Capital Services, Inc % % Kommuninvest I Sverige AB % % Korea Development Bank % % Korea Gas 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 assets percentages are the result of rounding differences. 40

41 Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC SECURITIES PORTFOLIO AS AT 30 JUNE 2015 (continued) Quantity/ Nominal (in 1000) Security Maturity Market value CHF % of net assets % Korea Land & Housing Corp % % Korea National Oil Corp % % Landesbank Hessen-Thueringen Girozentrale % % Landeskreditbank Baden-Wuerttemberg Foerderbank % % Lansforsakringar Hypotek AB % % LBBW % % LeasePlan Corp. NV % % LGT Finance Ltd % % McDonald's Corp % % Metropolitan Life Global Funding I % % Morgan Stanley % % Municipality Finance Plc % % National Australia Bank Ltd % % Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV % % Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV % % New York Life Funding % % Nordea Bank AB % % Norges Statsbaner AS % % Oesterreichische Kontrollbank AG % % Poland Government International Bond % % Poland Government International Bond % % Powszechna Kasa Oszczednosci Bank Polski S.A. Via PKO Finance AB % % Province of Ontario Canada % % Province of Quebec Canada % % Raiffeisen Switzerland Genossenschaft % % RCI Banque S.A % % Region of Ile de France % % Royal Bank of Scotland Plc % % Sanofi % % SBAB Bank AB % % SNCF Mobilites Group % % State of Hesse % % Svensk Exportkredit AB % % Total Capital S.A % % Total Capital S.A % % UBS AG % % Vorarlberger Landes- and Hypothekenbank AG % % Westpac Securities NZ Ltd % % Wuerth Finance International BV % 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 assets percentages are the result of rounding differences. 41

42 Addresses Registered Office Julius Baer Multicash 25, Grand-Rue L Luxembourg Management Company and Domiciliary Agent GAM (Luxembourg) S.A. (until 7 May 2015: Swiss & Global Asset Management (Luxembourg) S.A.) 25, Grand-Rue L Luxembourg Phone (+352) Fax (+352) Representative in Switzerland GAM Investment Management (Switzerland) AG (until 28. April 2015: Swiss & Global Asset Management AG) Hardstraße 201 P.O. Box CH Zurich Phone (+41) (0) Fax (+41) (0) Custodian, Central Administrator, Principal Paying Agent as well as Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 7 December 2014) 14, Porte de France L Esch-sur-Alzette Phone (+352) Fax (+352) State Street Bank Luxembourg S.C.A. (since 8 December 2014) 49, Avenue J.F. Kennedy L Luxembourg Phone (+352) Fax (+352) Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L Luxembourg Phone (+352) Fax (+352) Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg Phone (+352) Fax (+352)