Julius Baer Multicash Société d'investissement à Capital Variable

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 - 8037 Zurich Paying Agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH - 8010 Zurich Paying Agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt / Main Information Agent in Germany: GAM (Deutschland) AG, Taunusanlage 15, D - 60325 Frankfurt / Main Paying Agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Register number: R.C.S. Luxembourg B-36405

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

Organisation and Management The registered office of the Company is: Michel Malpas 25, Grand-Rue Independent Director L - 1661 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 - 8037 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 - 1661 Luxembourg L - 1661 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 - 4360 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 - 1855 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 - 2182 Luxembourg Luxembourg, Grand Duchy of Luxembourg 3

Organisation and Management Legal Adviser Austria: Erste Bank der österreichischen Sparkassen AG Linklaters LLP Graben 21 35, Avenue John F. Kennedy A - 1010 Vienna L - 1855 Luxembourg France: Local Representatives Caceis Bank 1-3 Place Valhubert Switzerland: F - 75013 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 - 8037 Zurich E - 28014 Madrid Paying Agent in Germany: Belgium: DekaBank Deutsche Girozentrale RBC Investor Services Belgium S.A. Hahnstraße 55 Place Rogier 11 D - 60528 Frankfurt / Main B - 1210 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 - 114 47 Stockholm D - 60325 Frankfurt / Main Distributors The Company may appoint distributors to sell shares in other jurisdictions. 4

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

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 : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n 10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 6

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

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 2015. 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 www.jbfundnet.com. 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

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-36405 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

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

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

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

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 34 944 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 373 278-373 278 MONEY MARKET FUND EURO EUR 378 354 386 378 740 MONEY MARKET FUND STERLING GBP 39 328-39 328 MONEY MARKET FUND SWISS FRANC CHF 134 156-134 156 13

Notes to the Annual Report Subsequent events The cost overview in the prospectus under section Fees and Costs was restructured as per 1 July 2015. 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

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% 102.39% 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% 105.91% 145.91% 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% 130.76% 158.31% 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

Julius Baer Multicash COMBINED STATEMENT OF NET ASSETS as at 30 June 2015 CHF Assets Investments at market value (acquisition cost: CHF 615 926 093) 613 348 290 Cash at banks* 14 983 041 Receivables on subscription of shares 636 183 Receivables on securities sold 5 206 377 Dividends and interest receivable 3 352 111 Total Assets 637 526 002 Liabilities Liabilities on redemption of shares 825 644 Liabilities on securities purchases 6 225 058 Management fees payable 101 310 Taxe d abonnement payable 15 759 Other liabilities 75 214 Total liabilities 7 242 985 Net Assets 630 283 017 The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 16

Julius Baer Multicash COMBINED PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 CHF Income Income on investments 7 777 937 Bank interest 93 068 Other income 5 452 Equalisation 96 841 Total Income 7 973 298 Expenses Management fees 1 269 525 Taxe d'abonnement" and other taxes 63 199 Interest expense on bank liabilities 11 816 Other expenses 935 179 Equalisation 123 026 Total Expenses 2 402 745 Net profit/loss 5 570 553 Realised profit/loss on: - Securities -6 718 573 - Foreign currencies -172 Equalisation 96 706 Net realised profit/loss -1 051 486 Net change in unrealised appreciation/depreciation on: - Securities -145 180 Total profit/loss -1 196 666 COMBINED STATEMENT OF CHANGES IN NET ASSETS 30 June 2014 30 June 2015 CHF CHF Net Assets at the beginning of the financial year 961 186 223 602 575 423 Foreign exchange difference -24 852 937-9 351 994 Foreign exchange difference - sub-fund 0 776 107 Total profit/loss -619 951-1 196 666 Net receipts/payments from the issue and redemption of shares -333 137 912 37 480 147 Net Assets at the end of the financial year 602 575 423 630 283 017 EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2015 in CHF 1 EUR = 1.04128 CHF 1 GBP = 1.46977 CHF 1 USD = 0.93455 CHF The accompanying notes form an integral part of the financial statements. 17

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 2014. 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 2015. The very low level of interest had a negative effect on the performance up to late 2014. 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

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 321 387 034) 320 546 897 Cash at banks 5 644 288 Receivables on subscription of shares 364 834 Dividends and interest receivable 488 284 Total Assets 327 044 303 Liabilities Liabilities on redemption of shares 446 281 Liabilities on securities purchases 4 998 444 Management fees payable 53 344 Taxe d abonnement payable 8 034 Other liabilities 28 866 Total Liabilities 5 534 969 Net Assets 321 509 334 The accompanying notes form an integral part of the financial statements. 19

Julius Baer Multicash - MONEY MARKET FUND DOLLAR PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 USD Income Income on investments 2 566 058 Bank interest 74 960 Other income 5 833 Total Income 2 646 851 Expenses Management fees 695 394 Taxe d'abonnement" and other taxes 33 769 Other expenses* 373 278 Equalisation 100 322 Total Expenses 1 202 763 Net profit/loss 1 444 088 Realised profit/loss on: - Securities -1 097 725 - Foreign currencies -155 Equalisation 88 909 Net realised profit/loss 435 117 Net change in unrealised appreciation/depreciation on: - Securities -477 688 Total profit/loss -42 571 STATEMENT OF CHANGES IN NET ASSETS 30 June 2014 30 June 2015 USD USD Net Assets at the beginning of the financial year 384 332 020 320 298 223 Foreign exchange difference - sub-fund 0 79 074 Total profit/loss -161 429-42 571 Net receipts/payments from the issue and redemption of shares -63 872 368 1 174 608 Net Assets at the end of the financial year 320 298 223 321 509 334 The accompanying notes form an integral part of the financial statements. *see page 14. 20

Julius Baer Multicash - MONEY MARKET FUND DOLLAR COMPARATIVE STATEMENT 30 June 2013 30 June 2014 30 June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-USD) 175 420.59 147 568.12 126 412.18 Accumulation shares (Shares C-USD) 25 853.51 16 119.91 35 342.74 Accumulation shares (Shares E-USD) 14 690.00 18 828.84 21 812.28 USD USD USD Net Assets 384 332 020 320 298 223 321 509 334 in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-USD) 1 815.65 1 815.01 1 815.27 Accumulation shares (Shares C-USD) 1 872.95 1 874.36 1 876.67 Accumulation shares (Shares E-USD) 1 184.92 1 181.53 1 178.74 21

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 320 546 897 99.70% SECURITIES TRADED ON A STOCK EXCHANGE 108 088 986 33.62% Bonds 108 088 986 33.62% USD 108 088 986 33.62% 5 000 0.294% Bank Nederlandse Gemeenten NV 14 30.11.15 5 000 200 1.55% 2 299 1.500% Bank of America Corp. 12 09.10.15 2 304 046 0.72% 2 000 1.250% Bank of America Corp. 13 11.01.16 2 004 030 0.62% 1 000 0.610% BP Capital Markets Plc. 13 06.11.15 1 000 510 0.31% 2 000 0.629% BP Capital Markets Plc. 15 10.02.17 1 999 200 0.62% 1 000 0.584% Daimler Finance North America LLC 15 02.03.17 998 115 0.31% 1 325 1.250% Export-Import Bank of Korea 12 20.11.15 1 327 769 0.41% 8 200 0.274% FMS Wertmanagement AoeR 13 06.08.15 8 200 533 2.55% 10 000 0.289% FMS Wertmanagement AoeR 14 28.01.16 10 000 650 3.11% 3 000 4.625% Hutchison Whampoa International Ltd. 09 11.09.15 3 021 375 0.94% 5 000 0.243% KFW 13 09.07.15 5 000 200 1.55% 9 000 0.197% KFW 14 30.10.15 9 000 045 2.80% 10 000 0.366% Kommunalbanken AS 13 18.03.16 10 004 500 3.11% 5 000 0.331% Kommunekredit 13 21.09.15 5 000 500 1.56% 2 780 0.351% Kommunekredit 12 05.10.15 2 780 403 0.86% 2 500 0.392% Kommunekredit 13 23.05.16 2 501 850 0.78% 5 000 0.406% Landeskreditbank Baden-Wuerttemberg Foerderbank 13 14.09.15 5 001 450 1.56% 5 000 0.327% Landeskreditbank Baden-Wuerttemberg Foerderbank 14 25.04.16 5 001 425 1.56% 7 500 0.335% Municipality Finance Plc. 14 19.01.16 7 501 838 2.33% 2 500 0.475% Nederlandse Waterschapsbank NV 13 18.10.16 2 505 275 0.78% 4 800 0.475% Nederlandse Waterschapsbank NV 144A 13 18.10.16 4 810 128 1.50% 5 000 2.375% Province of Nova Scotia Canada 10 21.07.15 5 004 650 1.56% 5 000 2.200% Toronto-Dominion Bank 10 29.07.15 5 006 100 1.56% 2 100 3.125% Total Capital S.A. 09 02.10.15 2 113 934 0.66% 1 000 1.074% Westpac Banking Corp. 12 17.07.15 1 000 260 0.31% SECURITIES TRADED ON ANOTHER REGULATED MARKET 99 989 520 31.10% Bonds 99 989 520 31.10% USD 99 989 520 31.10% 1 000 0.409% American Honda Finance Corp. 14 02.09.16 999 895 0.31% 250 0.771% American Honda Finance Corp. 13 07.10.16 251 076 0.08% 1 000 0.327% Apple, Inc. 15 12.05.17 999 835 0.31% 7 500 0.894% Australia & New Zealand Banking Group Ltd. 144A 12 06.10.15 7 510 275 2.34% 1 500 0.756% Bank of Montreal 12 11.09.15 1 501 223 0.47% 2 500 0.532% Bank of Montreal 13 24.09.15 2 501 137 0.78% 5 000 1.650% Bank of Nova Scotia 144A 10 29.10.15 5 019 275 1.56% 5 000 2.500% Barclays Bank Plc. 144A 10 21.09.15 5 021 875 1.56% 2 500 0.446% Berkshire Hathaway Finance Corp. 15 13.01.17 2 502 112 0.78% 5 750 2.200% BNP Paribas Home Loan SFH S.A. 144A 10 02.11.15 5 781 222 1.80% 250 0.480% Canadian National Railway Co. 13 06.11.15 249 954 0.08% 2 000 0.423% Caterpillar Financial Services Corp. 15 03.03.17 2 004 890 0.62% 1 000 0.379% Chevron Corp. 14 09.11.16 999 565 0.31% 1 000 0.333% Cisco Systems, Inc. 14 03.09.15 1 000 150 0.31% 4 000 1.074% Citigroup, Inc. 13 01.04.16 4 009 660 1.25% 4 000 1.086% Commonwealth Bank of Australia 144A 12 18.09.15 4 006 260 1.25% 2 500 0.562% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY 14 23.11.16 2 500 550 0.78% 8 000 2.100% DNB Boligkreditt AS 144A 10 14.10.15 8 036 680 2.50% 2 500 0.474% General Electric Capital Corp. 06 08.01.16 2 501 275 0.78% 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

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 1 000 0.326% Honeywell International, Inc. 13 17.11.15 1 000 225 0.31% 4 000 1.921% ING Bank NV 12 25.09.15 4 012 900 1.25% 5 000 2.500% ING Bank NV 10 14.01.16 5 051 375 1.57% 2 500 0.309% International Business Machines Corp. 13 29.07.15 2 500 113 0.78% 4 000 0.528% JPMorgan Chase Bank NA 13 30.07.15 4 000 660 1.24% 2 500 0.531% National Australia Bank Ltd. 14 09.12.16 2 498 300 0.78% 4 000 0.875% Norddeutsche Landesbank Girozentrale 12 16.10.15 4 004 820 1.24% 2 500 0.478% PepsiCo, Inc. 13 30.07.15 2 500 688 0.78% 2 000 0.506% Royal Bank of Canada 13 16.12.15 2 001 190 0.62% 3 000 0.731% Svenska Handelsbanken AB 13 21.03.16 3 006 375 0.93% 3 000 0.606% Volkswagen International Finance NV 144A 13 18.11.15 3 002 910 0.93% 4 000 1.375% Westpac Banking Corp. 12 17.07.15 4 001 240 1.24% 2 000 1.074% Westpac Banking Corp. 144A 12 17.07.15 2 000 520 0.62% 3 000 2.550% Woolworths Ltd. 144A 10 22.09.15 3 011 295 0.94% CASH-EQUIVALENT FINANCIAL INSTRUMENTS 112 468 391 34.98% Commercial Papers 100 968 558 31.40% USD 100 968 558 31.40% 5 000 Akzo Nobel NV 4 999 400 1.56% 5 000 Bacardi USA, Inc. 4 997 667 1.55% 5 000 Campbell Soup Co. 4 999 208 1.56% 5 000 CNPC Finance 4 997 722 1.55% 5 000 Danone S.A. 4 998 210 1.55% 5 000 Deutsche Telekom AG 4 996 667 1.55% 4 500 ENI Finance USA, Inc. 4 498 011 1.40% 5 000 Holcim US Finance SARL&S 4 998 833 1.55% 5 000 Hyundai Capital America 4 996 736 1.55% 5 000 Kellogg Co. 5 000 000 1.56% 5 000 Kroger Co. 4 998 945 1.56% 5 000 Michelin Luxembourg S.C.S. 4 998 944 1.56% 5 000 Michelin Luxembourg S.C.S. 4 998 944 1.55% 5 000 Mondelez International, Inc. 4 996 875 1.55% 5 000 Monsanto Co. 4 996 954 1.55% 5 000 Nissan Motor Acceptance Co. 4 998 533 1.55% 5 000 Pentair Finance S.A. 4 999 043 1.56% 6 500 Regie Autonome Des Transports 6 498 990 2.02% 5 000 SABMiller Holdings, Inc. 4 999 320 1.56% 5 000 Sinopec Century Bright 4 999 556 1.56% Treasury Bonds 11 499 833 3.58% USD 11 499 833 3.58% 1 500 0.000% United States Treasury Bill 14 23.07.15 1 500 007 0.47% 5 000 0.000% United States Treasury Bill 15 24.09.15 4 999 976 1.56% 5 000 0.000% United States Treasury Bill 15 22.10.15 4 999 850 1.55% 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

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-2014. 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 2014. 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

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 146 078 062) 145 359 817 Cash at banks* 2 956 741 Receivables on subscription of shares 45 375 Receivables on securities sold 5 000 000 Dividends and interest receivable 1 200 966 Total Assets 154 562 899 Liabilities Liabilities from the redemption of shares 215 218 Management fees payable 25 278 Taxe d abonnement payable 3 861 Other liabilities 30 786 Total Liabilities 275 143 Net Assets 154 287 756 The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 25

Julius Baer Multicash - MONEY MARKET FUND EURO PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 EUR Income Income on investments 2 232 602 Bank interest 17 173 Total Income 2 249 775 Expenses Management fees 308 980 Taxe d'abonnement" and other taxes 15 451 Interest expense on bank liabilities 1 966 Other expenses* 378 740 Equalisation 13 587 Total Expenses 718 724 Net profit/loss 1 531 051 Realised profit/loss on: - Securities -2 486 667 - Foreign currencies -2 Equalisation 92 975 Net realised profit/loss -862 643 Net change in unrealised appreciation/depreciation on: - Securities 78 116 Total profit/loss -784 527 STATEMENT OF CHANGES IN NET ASSETS 30 June 2014 30 June 2015 EUR EUR Net Assets at the beginning of the financial year 302 216 986 136 224 098 Foreign exchange difference - sub-fund 0 393 350 Total profit/loss -400 839-784 527 Net subscriptions/redemptions -165 592 049 18 454 835 Net Assets at the end of the financial year 136 224 098 154 287 756 The accompanying notes form an integral part of the financial statements. *see page 14. 26

Julius Baer Multicash - MONEY MARKET FUND EURO COMPARATIVE STATEMENT 30 June 2013 30 June 2014 30 June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-EUR) 136 818.67 54 447.43 69 327.81 Accumulation shares (Shares C-EUR) 8 393.81 10 931.70 5 105.54 Accumulation shares (Shares E-EUR) 1 040.42 375.73 549.41 EUR EUR EUR Net Assets 302 216 986 136 224 098 154 287 756 in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-EUR) 2 068.76 2 065.01 2 059.07 Accumulation shares (Shares C-EUR) 2 136.03 2 135.35 2 132.42 Accumulation shares (Shares E-EUR) 1 194.18 1 189.03 1 182.67 27

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 145 359 817 94.21% SECURITIES TRADED ON A STOCK EXCHANGE 107 357 156 69.58% Bonds 107 357 156 69.58% EUR 107 357 156 69.58% 4 000 3.250% ABN AMRO Bank NV 05 21.09.15 4 028 940 2.61% 2 000 3.125% AIB Mortgage Bank 12 04.12.15 2 025 050 1.31% 1 000 3.250% Banco Bilbao Vizcaya Argentaria S.A. 06 24.01.16 1 017 660 0.66% 2 000 3.125% Banco Santander S.A. 05 28.09.15 2 014 500 1.31% 800 0.191% Bank of America Corp. 06 18.05.16 800 236 0.52% 2 000 3.125% Bank of Ireland Mortgage Bank 12 20.11.15 2 022 770 1.31% 750 0.218% Bayer AG 14 24.01.16 750 660 0.49% 2 500 0.191% BMW Finance NV 13 22.10.15 2 500 738 1.62% 2 000 2.177% BP Capital Markets Plc. 12 16.02.16 2 025 690 1.31% 1 500 0.492% BPCE S.A. 14 13.01.16 1 502 955 0.97% 4 000 0.091% Bpifrance Financement S.A. 14 17.02.16 4 002 000 2.59% 3 000 2.750% Caisse Francaise de Financement Local 10 20.07.15 3 004 110 1.95% 2 500 2.250% Cie de Financement Foncier S.A. 12 21.08.15 2 507 737 1.63% 2 000 4.000% Citigroup, Inc. 10 26.11.15 2 030 880 1.32% 2 000 0.137% Coca-Cola Co. 15 09.03.17 1 999 210 1.30% 2 000 0.261% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 14 15.01.16 2 001 960 1.30% 2 500 2.625% Credit Suisse AG 10 01.12.15 2 527 062 1.64% 2 000 3.250% Danske Bank A/S 11 09.03.16 2 044 560 1.32% 3 500 2.625% DNB Boligkreditt AS 11 11.01.16 3 548 090 2.30% 4 000 0.000% Dutch Treasury Certificate 15 30.10.15 4 003 740 2.59% 4 000 0.000% Dutch Treasury Certificate 15 30.11.15 4 004 600 2.60% 1 500 3.875% GlaxoSmithKline Capital Plc. 09 06.07.15 1 500 630 0.97% 3 050 2.250% ING Bank NV 10 31.08.15 3 061 361 1.98% 1 500 0.345% JPMorgan Chase & Co. 13 03.05.16 1 501 913 0.97% 2 500 0.312% Lloyds Bank Plc. 13 14.10.15 2 501 750 1.62% 1 750 4.250% McDonald's Corp. 09 10.06.16 1 817 270 1.18% 3 300 2.875% Nationwide Building Society 10 14.09.15 3 319 288 2.15% 2 000 3.625% Nordea Bank AB 11 11.02.16 2 043 410 1.32% 3 500 3.250% OP Mortgage Bank 11 01.04.16 3 585 417 2.32% 10 000 0.000% Propertize BV 14 04.04.16 10 001 000 6.48% 3 000 3.000% Royal Bank of Scotland Plc. 10 08.09.15 3 016 740 1.96% 1 000 0.258% Scania CV AB 14 26.11.15 1 000 575 0.65% 3 000 3.000% Skandinaviska Enskilda Banken AB 11 20.01.16 3 049 800 1.98% 2 000 0.000% Spain Letras del Tesoro 14 21.08.15 1 999 950 1.30% 2 500 0.001% Svensk Exportkredit AB 14 12.08.16 2 500 563 1.62% 1 500 1.500% Svenska Handelsbanken AB 12 06.07.15 1 500 248 0.97% 2 000 2.250% Swedbank Hypotek AB 11 07.09.15 2 008 370 1.30% 2 000 3.000% Swedbank Hypotek AB 11 21.01.16 2 033 410 1.32% 2 000 0.271% UBS AG 15 15.05.17 2 000 920 1.30% 1 000 0.391% Volkswagen Bank GmbH 13 09.05.16 1 002 120 0.65% 2 500 0.186% Wells Fargo & Co. 06 23.03.16 2 502 200 1.62% 1 500 3.875% Wesfarmers Ltd. 10 10.07.15 1 501 223 0.97% 3 500 2.125% Westpac Banking Corp. 12 16.02.16 3 545 850 2.30% 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

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 38 002 661 24.63% Commercial Papers 24 997 926 16.20% EUR 24 997 926 16.20% 2 000 ASSA Abloy Financial Services AB 1 999 824 1.30% 5 000 Bundesimmobiliengesellschaft 4 999 892 3.24% 3 000 Bundesimmobiliengesellschaft 2 999 310 1.94% 2 000 Cie Gen Des Ets Michelin 1 999 989 1.30% 2 000 Danone S.A. 1 999 613 1.29% 2 000 Imperial Tobacco Finance Plc. 1 999 770 1.29% 2 000 Kering Finance 1 999 883 1.30% 2 500 National Grid Plc. 2 499 922 1.62% 2 500 Schneider Electric S.E. 2 499 801 1.62% 2 000 Vinci S.A. 1 999 922 1.30% Treasury Bonds 13 004 735 8.43% EUR 13 004 735 8.43% 4 000 0.000% France Treasury Bill 15 08.07.15 4 000 160 2.59% 5 000 0.000% France Treasury Bill 14 16.09.15 5 001 975 3.24% 4 000 0.000% France Treasury Bill 14 11.11.15 4 002 600 2.60% 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

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 2015. 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 2009. The market expectation is for a "gradual and limited" by mid 2016. 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

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 32 546 082) 32 426 591 Cash at banks* 771 029 Receivables on subscription of shares 124 916 Dividends and interest receivable 220 478 Total Assets 33 543 014 Liabilities Liabilities from the redemption of shares 52 000 Management fees payable 7 014 Taxe d abonnement payable 837 Other liabilities 3 680 Total Liabilities 63 531 Net Assets 33 479 483 The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 31

Julius Baer Multicash - MONEY MARKET FUND STERLING PROFIT AND LOSS ACCOUNT from 1 July 2014 until 30 June 2015 GBP Income Income on investments 433 420 Bank interest 3 492 Equalisation 65 889 Total Income 502 801 Expenses Management fees 74 988 Taxe d'abonnement" and other taxes 2 859 Other expenses* 39 328 Total Expenses 117 175 Net profit/loss 385 626 Realised profit/loss on: - Securities -352 908 - Foreign currencies -8 Equalisation -62 800 Net realised profit/loss -30 090 Net change in unrealised appreciation/depreciation on: - Securities 42 348 Total profit/loss 12 258 STATEMENT OF CHANGES IN NET ASSETS 30 June 2014 30 June 2015 GBP GBP Net Assets at the beginning of the financial year 33 212 151 23 532 396 Foreign exchange difference - sub-fund 0 49 406 Total profit/loss 33 129 12 258 Net subscriptions/redemptions -9 712 884 9 885 423 Net Assets at the end of the financial year 23 532 396 33 479 483 The accompanying notes form an integral part of the financial statements. *see page 14. 32

Julius Baer Multicash - MONEY MARKET FUND STERLING COMPARATIVE STATEMENT 30 June 2013 30 June 2014 30 June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-GBP) 13 676.36 9 051.49 12 827.46 Accumulation shares (Shares C-GBP) 2.05 221.00 419.85 Accumulation shares (Shares E-GBP) 1 320.27 1 598.35 2 121.48 GBP GBP GBP Net Assets 33 212 151 23 532 396 33 479 483 in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-GBP) 2 297.16 2 302.32 2 307.63 Accumulation shares (Shares C-GBP) 2 371.66 2 379.89 2 388.48 Accumulation shares (Shares E-GBP) 1 356.14 1 355.77 1 355.51 33

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 32 426 591 96.86% SECURITIES TRADED ON A STOCK EXCHANGE 27 380 014 81.78% Bonds 27 380 014 81.78% GBP 27 380 014 81.78% 1 000 0.869% Abbey National Treasury Services Plc. 14 20.01.17 1 001 770 2.99% 300 1.500% ANZ New Zealand Int'l Ltd. 12 17.12.15 300 830 0.90% 500 1.000% Asian Development Bank 12 15.12.15 500 827 1.50% 1 000 0.838% Australia & New Zealand Banking Group Ltd. 13 04.02.16 1 001 030 2.99% 750 5.250% Bank Nederlandse Gemeenten NV 07 26.02.16 772 245 2.31% 500 1.021% Bank of Montreal 13 24.10.16 502 032 1.50% 300 0.818% BMW US Capital LLC 15 06.02.17 299 613 0.89% 300 1.167% BNP Paribas S.A. 13 16.05.16 300 881 0.90% 300 1.371% BPCE S.A. 14 06.03.17 301 341 0.90% 750 1.271% Commonwealth Bank of Australia 12 04.09.15 750 915 2.24% 700 1.171% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 12 07.09.15 700 731 2.09% 500 0.866% Credit Mutuel - CIC Home Loan SFH 13 22.04.16 500 583 1.49% 500 0.886% Credit Suisse AG 15 21.01.16 500 038 1.49% 300 0.972% Credit Suisse AG 14 15.07.16 299 972 0.90% 300 0.800% Dexia Credit Local S.A. 14 15.04.16 300 095 0.90% 500 4.375% European Investment Bank 05 08.07.15 500 310 1.49% 300 0.640% European Investment Bank 10 05.01.16 300 147 0.90% 750 3.625% Export Development Canada 09 07.09.15 754 155 2.25% 1 000 1.000% FMS Wertmanagement AoeR 12 01.12.15 1 001 290 2.99% 600 1.118% GE Capital UK Funding 13 09.05.16 601 947 1.80% 500 0.967% HSBC Bank Plc. 13 16.05.16 501 247 1.50% 1 000 0.625% Inter-American Development Bank 13 15.12.15 999 985 2.99% 500 2.750% KFW 11 07.09.15 501 957 1.50% 750 5.500% KFW 01 07.12.15 765 611 2.29% 500 1.750% KFW 12 22.01.16 503 140 1.50% 1 100 1.375% Kommunalbanken AS 12 23.12.15 1 103 580 3.30% 1 000 1.500% Landeskreditbank Baden-Wuerttemberg Foerderbank 12 07.12.15 1 003 485 3.00% 400 6.500% Linde Finance BV 01 29.01.16 412 608 1.23% 950 0.821% Lloyds Bank Plc. 14 16.01.17 951 444 2.84% 700 0.868% National Australia Bank Ltd. 13 12.08.16 701 277 2.09% 500 1.121% Nederlandse Waterschapsbank NV 12 25.01.16 501 510 1.50% 1 000 4.875% Network Rail Infrastructure Finance Plc. 04 27.11.15 1 017 170 3.04% 500 0.597% Network Rail Infrastructure Finance Plc. 13 18.02.16 500 120 1.49% 500 3.875% Nordea Bank AB 10 15.12.15 506 660 1.51% 500 1.118% Pohjola Bank OYJ 12 09.11.15 500 860 1.50% 500 1.250% Prudential Plc. 12 16.11.15 500 390 1.49% 600 0.756% Royal Bank of Canada 14 22.01.16 600 360 1.79% 1 000 2.375% SNCF Reseau 10 23.12.15 1 007 645 3.01% 1 000 0.797% Stadshypotek AB 13 15.02.16 1 000 870 2.99% 600 0.875% Svensk Exportkredit AB 13 15.12.15 600 456 1.79% 500 0.968% Svenska Handelsbanken AB 13 10.05.16 501 270 1.50% 250 2.000% Volkswagen Financial Services NV 12 23.10.15 250 794 0.75% 250 1.250% Volkswagen International Finance NV 12 20.08.15 250 108 0.75% 500 1.375% Westpac Banking Corp. 12 23.12.15 501 180 1.50% 500 2.322% Yorkshire Building Society 12 23.03.16 505 535 1.51% 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

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 299 379 0.90% Bonds 299 379 0.90% GBP 299 379 0.90% 300 0.557% New York Life Global Funding 15 15.04.16 299 379 0.90% CASH-EQUIVALENT FINANCIAL INSTRUMENTS 4 747 198 14.18% Certificates of Deposit 500 114 1.49% GBP 500 114 1.49% 500 Banque Federative du Credit Mutuel 500 114 1.49% Commercial Papers 3 247 939 9.70% GBP 3 247 939 9.70% 500 Agence Centrale des Organismes de Securite Sociale 499 852 1.49% 500 Heineken NV 499 949 1.49% 500 Schlumberger Finance BV 499 555 1.49% 500 Swedbank AB 500 000 1.50% 750 Toyota Kreditbank GmbH 748 996 2.24% 500 Unilever NV 499 587 1.49% Treasury Bonds 999 145 2.99% GBP 999 145 2.99% 1 000 0.000% United Kingdom Treasury Bill 15 07.09.15 999 145 2.99% 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

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

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 115 631 166) 114 762 026 Cash at banks* 5 496 156 Receivables on subscription of shares 64 382 Dividends and interest receivable 1 321 197 Total Assets 121 643 761 Liabilities Liabilities from the redemption of shares 108 043 Liabilities on securities purchased 1 553 762 Management fees payable 14 827 Taxe d'abonnement payable 3 000 Other liabilities 10 772 Total Liabilities 1 690 404 Net Assets 119 953 357 The accompanying notes form an integral part of the financial statements. *Also include deposits at brokers. 37

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 2 418 047 Total Income 2 418 047 Expenses Management fees 187 697 Taxe d'abonnement" and other taxes 11 349 Interest expense on bank liabilities 9 769 Other expenses* 134 156 Equalisation 15 122 Total Expenses 358 093 Net profit/loss 2 059 954 Realised profit/loss on: - Securities -2 584 696 - Foreign currencies -13 Equalisation 9 105 Net realised profit/loss -515 650 Net change in unrealised appreciation/depreciation on: - Securities 157 661 Total profit/loss -357 989 STATEMENT OF CHANGES IN NET ASSETS 30 June 2014 30 June 2015 CHF CHF Net Assets at the beginning of the financial year 178 207 801 117 454 761 Foreign exchange difference - sub-fund 0 220 007 Total profit/loss -40 346-357 989 Net subscriptions/redemptions -60 712 694 2 636 578 Net Assets at the end of the financial year 117 454 761 119 953 357 The accompanying notes form an integral part of the financial statements. *see page 14. 38

Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC COMPARATIVE STATEMENT 30 June 2013 30 June 2014 30 June 2015 Number of Shares Number of Shares Number of Shares Number of outstanding shares Accumulation shares (Shares B-CHF) 97 380.38 66 687.04 69 061.15 Accumulation shares (Shares C-CHF) 18 118.09 9 080.95 9 715.91 Accumulation shares (Shares E-CHF) 7 260.20 5 454.72 3 700.94 CHF CHF CHF Net Assets 178 207 801 117 454 761 119 953 357 in share class currency in share class currency in share class currency NAV per share Accumulation shares (Shares B-CHF) 1 474.69 1 473.52 1 471.54 Accumulation shares (Shares C-CHF) 1 498.54 1 498.79 1 498.18 Accumulation shares (Shares E-CHF) 1 026.32 1 022.93 1 019.00 39

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 114 762 026 95.67% SECURITIES TRADED ON A STOCK EXCHANGE 114 762 026 95.67% Bonds 114 762 026 95.67% CHF 114 762 026 95.67% 1 000 2.500% ABN AMRO Bank NV 06 30.12.15 1 018 350 0.85% 1 870 0.000% ABN AMRO Bank NV 14 27.05.16 1 866 868 1.56% 300 3.000% ADCB Finance Cayman Ltd. 11 08.12.15 304 260 0.25% 1 000 3.125% Aeroports de Paris 09 15.07.15 1 002 750 0.84% 1 240 1.500% Akademiska Hus AB 11 20.04.16 1 261 328 1.05% 1 000 2.125% ANZ New Zealand Int'l Ltd. 11 25.02.16 1 018 500 0.85% 2 000 0.000% ANZ New Zealand Int'l Ltd. 12 23.10.15 2 004 030 1.67% 1 130 0.000% Asian Development Bank 86 07.02.16 1 135 368 0.95% 1 120 3.000% ASIF III Jersey Ltd. 04 29.12.15 1 138 312 0.95% 2 000 2.375% AusNet Services Holdings Pty Ltd. 10 08.09.15 2 011 400 1.68% 750 3.500% Autonomous Community of Madrid 08 15.07.15 751 050 0.63% 900 0.000% Banco de Chile 14 21.03.16 904 860 0.75% 1 675 0.750% Banco de Credito e Inversiones 13 23.12.15 1 684 212 1.40% 500 2.250% Banco Santander Chile 10 16.12.15 506 300 0.42% 870 2.750% Bank Nederlandse Gemeenten NV 09 11.05.16 896 652 0.75% 1 900 2.500% Barclays Bank Plc. 11 29.03.16 1 944 270 1.62% 1 000 0.000% BAT International Finance Plc. 14 05.08.16 1 000 050 0.83% 1 000 1.250% BAWAG PSK Bank fuer Arbeit and Wirtschaft and Oesterreichische Postsparkasse AG 10 30.09.15 1 003 400 0.84% 1 890 3.250% Bradford & Bingley Plc. 07 16.07.15 1 892 835 1.58% 480 3.000% Bradford & Bingley Plc. 06 01.06.16 495 912 0.41% 1 400 1.500% Caisse de Refinancement de l'habitat S.A. 10 21.09.15 1 406 930 1.17% 525 1.750% Caisse de Refinancement de l'habitat S.A. 11 29.03.16 534 240 0.45% 1 535 2.375% Caisse Francaise de Financement Local 06 09.02.16 1 562 093 1.30% 225 3.000% CBQ Finance Ltd. 10 07.12.15 228 341 0.19% 1 670 2.125% Cie de Financement Foncier S.A. 11 11.05.16 1 710 247 1.43% 1 500 2.000% CIF Euromortgage S.A. 05 06.10.15 1 510 650 1.26% 1 000 2.375% Citigroup, Inc. 05 23.09.15 1 006 350 0.84% 1 770 0.000% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 14 09.06.16 1 773 066 1.48% 205 3.000% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 09 10.06.16 211 652 0.18% 1 500 2.625% Corporacion Andina de Fomento 10 05.11.15 1 516 950 1.26% 1 000 0.000% Credit Suisse AG 14 19.08.16 998 239 0.83% 1 250 3.500% Danske Bank A/S 08 02.07.15 1 250 000 1.04% 1 000 3.125% DekaBank Deutsche Girozentrale 04 16.12.15 1 016 250 0.85% 500 2.250% Deutsche Telekom AG 10 08.07.16 513 650 0.43% 1 030 2.125% DNB Bank ASA 10 12.11.15 1 039 476 0.87% 2 100 1.875% DNB Bank ASA 11 02.02.16 2 138 640 1.78% 700 2.000% Enel Finance International NV 11 23.12.15 708 085 0.59% 500 2.750% Erste Group Bank AG 07 10.12.15 505 450 0.42% 1 200 0.000% Export-Import Bank of Korea 14 03.03.17 1 205 580 1.00% 2 005 3.000% First Gulf Bank PJSC 11 16.02.16 2 046 002 1.71% 2 000 2.625% General Electric Capital Corp. 10 20.01.16 2 038 400 1.70% 880 3.625% Glencore Finance Europe S.A. 10 06.04.16 904 508 0.75% 1 065 1.750% HSBC SFH France S.A. 10 07.09.15 1 069 633 0.89% 1 000 3.375% Hypothekenbank in Essen AG 07 07.01.16 1 018 850 0.85% 1 000 3.000% Hyundai Capital Services, Inc. 11 27.05.16 1 029 850 0.86% 750 0.000% Hyundai Capital Services, Inc. 14 20.09.16 746 175 0.62% 1 000 2.500% Kommuninvest I Sverige AB 09 04.12.15 1 014 400 0.85% 1 500 2.000% Korea Development Bank 11 13.07.15 1 504 425 1.25% 2 210 2.250% Korea Gas Corp. 10 06.10.15 2 229 006 1.86% 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

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 2 000 0.000% Korea Land & Housing Corp. 13 18.12.15 2 004 500 1.67% 750 2.625% Korea National Oil Corp. 11 12.05.16 769 800 0.64% 890 3.000% Landesbank Hessen-Thueringen Girozentrale 04 29.12.15 903 884 0.75% 750 2.125% Landeskreditbank Baden-Wuerttemberg Foerderbank 05 24.08.15 753 263 0.63% 3 000 1.750% Lansforsakringar Hypotek AB 10 21.07.15 3 003 600 2.50% 1 780 2.875% LBBW 04 30.12.15 1 799 140 1.50% 650 2.250% LeasePlan Corp. NV 12 18.07.16 666 218 0.56% 2 220 2.125% LGT Finance Ltd. 11 25.11.15 2 243 199 1.87% 1 000 1.875% McDonald's Corp. 10 23.06.16 1 024 700 0.85% 1 500 3.125% Metropolitan Life Global Funding I 06 27.06.16 1 556 250 1.30% 750 2.500% Morgan Stanley 05 17.11.15 758 925 0.63% 815 2.375% Municipality Finance Plc. 09 11.03.16 833 175 0.69% 3 000 0.000% National Australia Bank Ltd. 12 07.08.15 3 000 600 2.50% 1 800 2.625% Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV 08 22.09.15 1 817 100 1.51% 2 400 0.000% Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV 12 27.01.16 2 404 788 2.00% 1 580 2.375% New York Life Funding 06 22.02.16 1 614 760 1.35% 1 560 2.250% Nordea Bank AB 10 06.05.16 1 597 518 1.33% 750 3.375% Norges Statsbaner AS 08 03.08.15 756 150 0.63% 230 1.500% Oesterreichische Kontrollbank AG 11 23.02.16 233 312 0.19% 1 250 0.458% Poland Government International Bond 12 14.08.15 1 252 500 1.04% 750 2.750% Poland Government International Bond 11 25.02.16 766 200 0.64% 1 370 2.536% Powszechna Kasa Oszczednosci Bank Polski S.A. Via PKO Finance AB 12 21.12.15 1 388 289 1.16% 1 550 3.375% Province of Ontario Canada 08 27.05.16 1 608 590 1.34% 1 000 3.125% Province of Quebec Canada 09 11.12.15 1 017 700 0.85% 1 000 0.000% Raiffeisen Switzerland Genossenschaft 14 07.02.17 1 002 304 0.84% 465 1.500% RCI Banque S.A. 13 19.07.16 472 091 0.39% 1 225 2.500% Region of Ile de France 09 28.09.15 1 234 861 1.03% 1 470 2.750% Royal Bank of Scotland Plc. 10 08.10.15 1 481 907 1.24% 2 090 3.375% Sanofi 07 21.12.15 2 129 710 1.78% 2 950 2.000% SBAB Bank AB 11 17.02.16 2 998 970 2.50% 1 275 5.000% SNCF Mobilites Group 95 20.10.15 1 302 540 1.09% 1 900 3.125% State of Hesse 08 30.10.15 1 928 975 1.61% 1 100 2.625% Svensk Exportkredit AB 09 28.12.15 1 121 670 0.94% 2 000 3.125% Total Capital S.A. 07 29.09.15 2 019 700 1.68% 1 550 2.375% Total Capital S.A. 06 13.01.16 1 576 272 1.31% 1 000 2.750% UBS AG 06 28.04.16 1 026 000 0.86% 1 000 2.625% Vorarlberger Landes- and Hypothekenbank AG 06 09.11.15 1 005 750 0.84% 1 400 1.875% Westpac Securities NZ Ltd. 10 25.08.15 1 405 180 1.17% 2 000 3.875% Wuerth Finance International BV 09 03.08.15 2 004 090 1.67% 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

Addresses Registered Office Julius Baer Multicash 25, Grand-Rue L - 1661 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 - 1661 Luxembourg Phone (+352) 26 48 44 1 Fax (+352) 26 48 44 44 Representative in Switzerland GAM Investment Management (Switzerland) AG (until 28. April 2015: Swiss & Global Asset Management AG) Hardstraße 201 P.O. Box CH - 8037 Zurich Phone (+41) (0) 58 426 30 30 Fax (+41) (0) 58 426 30 31 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 - 4360 Esch-sur-Alzette Phone (+352) 26 05 1 Fax (+352) 24 60 95 00 State Street Bank Luxembourg S.C.A. (since 8 December 2014) 49, Avenue J.F. Kennedy L - 1855 Luxembourg Phone (+352) 46 40 10 1 Fax (+352) 46 36 31 Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L - 2182 Luxembourg Phone (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00 Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Phone (+352) 26 08 1 Fax (+352) 26 08 88 88 42