Julius Baer Multicash Société d’Investissement à … · Julius Baer Multicash Société d’Investissement à Capital Variable Annual Report as at 30 June 2016 (audited) Subscriptions

Julius Baer Multicash Société d’Investissement à Capital Variable

Annual Report

as at 30 June 2016 (audited)

Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semi-annual report if published thereafter.

The Articles of Association, the valid prospectus and the key investor information, the annual and semi-annual reports, as well as the information based on the Swiss Funds & Asset Management Association (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 UNDER LUXEMBOURG LAW

Representative in Switzerland: GAM Investment Management (Switzerland) AG, Hardstraße 201, P.O. Box, CH - 8037 Zurich Paying Agent in Switzerland: State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH - 8027 Zurich Paying Agent in Germany: DekaBank Deutsche Girozentrale, Mainzer Landstraße 16, D - 60325 Frankfurt / Main Information Agent in Germany: GAM (Deutschland) GmbH, Taunusanlage 15, D - 60325 Frankfurt / Main Paying Agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A - 1100 Vienna

Trade and Companies Register number: R.C.S. Luxembourg B36405

Contents

2

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) 16

Julius Baer Multicash (umbrella fund) 17

Julius Baer Multicash - MONEY MARKET FUND DOLLAR 19

Julius Baer Multicash - MONEY MARKET FUND EURO 25

Julius Baer Multicash - MONEY MARKET FUND STERLING 31

Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC 37

Addresses 43

Organisation and Management

3

The Company has its registered office at Michel Malpas (until 15 October 2015) 25, Grand-Rue Independent Director L - 1661 Luxembourg Luxembourg, Grand Duchy of Luxembourg

Board of Directors of the Company Michele Porro (until 19 August 2015) Member of the Group Management Board, GAM Group Chairman: Region Head Continental Europe Martin Jufer GAM Investment Management (Switzerland) AG Member of the Group Management Board, GAM Group Zurich, Switzerland Region Head Continental Europe GAM Investment Management (Switzerland) AG Managing Directors of the Management Company Zurich, Switzerland Ewald Hamlescher Members: Managing Director Me Freddy Brausch GAM (Luxembourg) S.A. Partner Luxembourg, Grand Duchy of Luxembourg Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director Andrew Hanges GAM (Luxembourg) S.A. Region Head UK GAM (UK) Ltd. Luxembourg, Grand Duchy of Luxembourg London, United Kingdom Investment Manager Jean-Michel Loehr Independent Director GAM Investment Management (Switzerland) AG Frisange, Grand Duchy of Luxembourg Hardstraße 201 P.O. Box Dirk Spiegel CH - 8037 Zurich General Counsel Continental Europe

GAM Investment Management (Switzerland) AG The investment managers may hire investment advisers to Zurich, Switzerland assist them in managing individual sub-funds. Management Company and Domiciliary Agent Advisory company GAM (Luxembourg) S.A. GAM Advisory (Luxembourg) S.A. (until 31 December 2015) 25, Grand-Rue 25, Grand-Rue L - 1661 Luxembourg L - 1661 Luxembourg Board of Directors of the Management Company Custodian, Central Administrator and Principal Paying Agent as well as Registrar and Transfer Agent Chairman: Martin Jufer State Street Bank Luxembourg S.C.A. Member of the Group Management Board, GAM Group 49, Avenue J.F. Kennedy Region Head Continental Europe L - 1855 Luxembourg GAM Investment Management (Switzerland) AG Zurich, Switzerland Auditor Members: PricewaterhouseCoopers, Société coopérative Andrew Hanges 2, rue Gerhard Mercator Region Head UK GAM (UK) Ltd. L - 2182 Luxembourg London, United Kingdom Legal Adviser Yvon Lauret Independent Director Linklaters LLP Luxembourg, Grand Duchy of Luxembourg 35, Avenue J.F. Kennedy

L - 1855 Luxembourg

Organisation and Management

4

Local Representatives Austria: Erste Bank der österreichischen Sparkassen AG Representative in Switzerland: Am Belvedere 1 GAM Investment Management (Switzerland) AG A - 1100 Vienna Hardstraße 201 P.O. Box France: CH - 8037 Zurich Caceis Bank 1-3 Place Valhubert Paying Agent in Switzerland: F - 75013 Paris Bank Julius Bär & Co. AG Bahnhofstrasse 36 Spain: P.O. Box ATL12 Capital Inversiones A.V., S.A. CH - 8010 Zurich C. / Montalbán 9 (until 31 March 2016) E - 28014 Madrid

State Street Bank International GmbH, Munich, Belgium: Zurich Branch RBC Investor Services Belgium S.A. (until 12 May 2016: State Street Bank GmbH, Munich, Boulevard du Roi Albert II, 37 Zurich Branch) B - 1030 Brussels Beethovenstrasse 19 CH - 8027 Zurich Sweden: (since 1 April 2016) MFEX Mutual Funds Exchange AB Grev Turegatan 19 Paying Agent in Germany: SE - 114 38 Stockholm DekaBank Deutsche Girozentrale Mainzer Landstraße 16 Distributors D - 60325 Frankfurt / Main The Company and/or the Management Company has appointed and Information Agent in Germany: may appoint further distributors authorised to sell the shares in one or GAM (Deutschland) GmbH more jurisdictions. (until 14 December 2015: GAM (Deutschland) AG) Taunusanlage 15 D - 60325 Frankfurt / Main

Information on risk management (unaudited)

5

Commitment Approach

On the basis of the respective investment policies and investment strategies (including the use of derivative financial instruments), the risk profile of the sub-funds stated below was determined according to the commitment approach (determining the aggregate risk through the liabilities).

This means that a sub-fund’s aggregate liabilities can be doubled at most through the use of derivative financial instruments. A sub-fund’s aggregate liabilities are therefore capped at 200%. To calculate the aggregate liabilities, the positions in derivative financial instruments are converted into equivalent positions on the underlying assets. The aggregate liabilities of the derivative financial instruments are limited to 100% of the portfolio and therefore equate to the sum of the individual liabilities after netting or hedging. The following sub-funds determine their risk profile in accordance with the commitment approach:

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Report of the Board of Directors

8

Dear Investors, We are pleased to enclose the annual report of the SICAV Julius Baer Multicash. This report contains the Fund Management Report produced on behalf of the Board of Directors for the active sub-funds. It 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 2016). Further information on the SICAV and the sub-funds, including prospectuses and semi-annual reports, may be obtained from the Management Company of the SICAV upon request and may also be viewed online at www.jbfundnet.com. Luxembourg, in October 2016 On behalf of the Board of Directors of Julius Baer Multicash Martin Jufer Andrew Hanges Chairman of the Board of Directors Member of the Board of Directors

Notes to the Annual Report

9

Legal information regarding the Company 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 in the Luxembourg Trade and Companies Register under number B36405. The Company’s registered office is 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 Accounting principles Presentation of annual report The annual report of the Company has been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value (“NAV”) calculation at the end of the accounting period (in the following NAV = Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in Swiss francs by aggregating the assets and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the financial year. Accounting The annual report of the Company was 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 ofthe annual report. The accounting principles are applied consistently. Valuation of assets and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions: Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the transaction date. 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.


10

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 the result of consolidating the sub-fund currencies into the Fund currency. On the other hand, “foreign exchange differences – sub-fund” refer to the conversion of individual share classes into the sub-fund currency. Securities portfolio Securities listed on a stock exchange or any other regulated market open to the public are valued at the last available price of the financial year. Unlisted securities are identified as such. Their value shall be based on a probable realisation value, determined with due care and in good faith.

The realised profits/losses on the sale of securities are determined using the average historical acquisition costs. Securities in currencies other than the currency of the particular sub-fund will be converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange profits and losses are shown in the profit and loss account, together with net realised profit/loss from securities. Dividends are recorded on the ex-dividend date. Income from securities is shown net of withholding taxes. The portfolio of 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. Securities lending Income from securities lending is shown separately in the profit and loss account. There were no outstanding securities lending positions as at 30 June 2016. Repurchase agreement Income from the repurchase agreement for securities is shown separately in the profit and loss account. There are no repurchase agreements at the end of the financial year. Income from zero-coupon bonds For zero coupon bonds, the notional interest portion is calculated as interest income and reclassified in the profit and loss account under the item “Income from securities” instead of the item “Net change in the unrealised appreciation/depreciation on securities”. Commercial papers Commercial papers are issued at a discount until maturity.

Options

A purchaser of a put option has the right, but not the obligation, to sell an underlying instrument (“underlying”) at an agreed 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.


11

Purchased options: Premiums paid by the sub-fund for purchased options are included in the statement of net assets as acquisition costs of the investement. The valuation of options is adjusted daily to reflect the current market value of the option. The change is recorded as “Net change in the unrealised appreciation/depreciation” in the profit and loss account. If the option expires without being executed, the sub-fund loses the paid premium and a realised loss of the corresponding value is booked. If a sold option is exercised or closed, the paid premium with the sales proceeds of the underlying asset is settled or added to the cost price of the underlying asset in order to determine the realised profit/loss as well as the costs of the underlying asset.

Written options: Premiums received by the sub-fund for written options are included in the statement of net assets as negative acquisition costs of an investment. The valuation of options is adjusted daily to reflect the current market value of the option. The change is shown under “Net change in the unrealised appreciation/depreciation” in the profit and loss account. Premiums received from written options that expire without being executed are treated as realised profits of corresponding value. 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 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 expose the sub-fund to an unlimited risk of loss. For written covered call options the potential for profit is limited to the strike price. Written put options expose the sub-fund to a risk of loss if the value of the underlying declines below the strike price minus the premium. The sub-fund is not subject to any 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 underlying security. 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 the change in unrealised profits / losses on options are disclosed in the profit and loss account under the heading“Realised profit/loss on options” and “Net change in the unrealised appreciation/depreciation on options”.

Options, warrants and rights are recorded in numbers in the securities portfolio.

For a future-style option contract the buyer of a future-style option does not prepay the premium. Buyers and sellers post margins as in a future contract, and the option premium is marked to market daily. Valuation differs from traditional futures options primarily in the analysis of the timing of cash flows associated with the buyer's non-payment of an upfront premium.

The unrealised profit / loss of future-style options is recorded in the Statement of Net Assets under “Derivative instruments - Options”.

Futures contracts (Futures)

The contractual parties of a future agree on the 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 amounting to a certain percentage of the contract amount, a so called initial margin.

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 profit / loss 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 profit / loss 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.


12

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 profit / loss 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 profit / loss 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 difference (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 profit / loss is disclosed in the statement of net assets under “Derivative instruments - Swaps”. Realised profits /losses and changes in unrealised profit / loss 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 vs. floating) based on a nominal 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 independent third party pricing agents, market makers or internal models.

The unrealised profit / loss is disclosed in the statement of net assets under “Derivative instruments - Swaps”. Realised profits / losses and changes in unrealised profit / loss 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.

Credit default swaps are marked to market at each NAV calculation day. The market value is based on the valuation elements laid down in the contracts, and is obtained from independent third party pricing agents, market makers or internal models.

The unrealised profit / loss is shown in the statement of net assets under “Derivative instruments - Swaps”. Realised profits / losses and change in the unrealised profit / loss resulting there from are included in the profit and loss account under “Realised profit / loss on swaps” and “Net change in the unrealised appreciation/depreciation on swaps”.


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Total return swaps (TRS)

A total return swap is a bilateral contract in which each party agrees to exchange payments based on the performance of an underlying 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 periodical payments. The total performance includes 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 number. 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 independent third party pricing agents, market makers or internal models.

The unrealised profit / loss is disclosed in the statement of net assets under “Derivative instruments - Swaps”. Realised profits / losses and changes in unrealised profit / loss 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”. Taxation In accordance with current legal practice in the European Union, the Company may apply to local EU tax authorities for a refund of the withholding tax levied on dividend payments by a number of EU Member States. In the case that a reimbursement request of withholding taxes is filed, any receivables are neither recorded nor reported in the sub-fund, since the outcome of the refund applications is uncertain and the estimated likelihood of success may change over the course of a refund procedure. Only upon receipt of the withholding tax refund are the amounts recorded in the sub-funds in question and reported accordingly. Any costs associated with submitting refund applications were/are charged to the concerned sub-funds. Any reimbursements of withholding taxes are included in the profit and loss account under the item “Other income”. 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. shall apply to the net assets in share classes C and Ca (for institutional investors). The sub-funds of the Company, which are invested exclusively in deposits and money market instruments in accordance with 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 the reduced tax rate of 0.01% p.a. of their net asset value. However, if parts of the Company’s assets are invested in other Luxembourg UCITS and taxed, these are not taxed in the Company. This classification is based on the Company’s understanding of the current legal situation, which may be subject to change with retroactive effect. 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 net assets at the end of each quarter.


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Costs and fees The statement of costs under the section entitled “Costs and fees” in the prospectus was restructured as at 1 July 2015. As of this date, the taxe d’abonnement is included in the service fee, which has increased by the percentage rate of the taxe d’abonnement as a result. Management fees For advisory services relating to the securities portfolios of the sub-funds, related administrative services and distribution services, the following annual fees based on the net asset value of the respective sub-fund will be charged to the sub-fund at the end of each month:

Overview of fees (p.a.) Shares Shares Shares

B C* E



0.20% 0.10% 0.45%


0.20% 0.10% 0.45%


0.25% 0.10% 0.50%


0.15% 0.10% 0.40%

* The Company does not pay distributors any commission for public sale undertaken in connection with the sale, offering or holding of C shares. The fees stated above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors.

Servicing fee A servicing fee (“Servicing Fee”) will be debited by the Management Company to each sub-fund and/or share category. The Servicing Fee constitutes remuneration 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 categories within a given sub-fund or may be waived in full. The annual maximum Servicing Fee is shown in the table below. 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 category and debited to such sub-fund and/or such share category on each valuation day (as defined in the section “Calculation of net asset value”), and will be payable monthly in arrears. The Management Fee and the Servicing Fee together constitute the Total Expense Ratio (TER) of the respective sub-fund and/or share category. The Management Fee and the Servicing are both capped. Any costs exceeding this cap are borne by the Management Company.


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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 2015 to 30 June 2016, the Company incurred transaction costs in the amount set out below in connection with the purchase and sale of securities:


MONEY MARKET FUND DOLLAR USD 0

MONEY MARKET FUND EURO EUR 0

MONEY MARKET FUND STERLING GBP 0

MONEY MARKET FUND SWISS FRANC CHF 31 234 The transaction costs reported above may be misleading, as the different costs incurred in transactions are not always reported separately and, in some instances, are included directly in the purchase and sale costs. For the sub-funds stated above, this may therefore result in differing transaction costs for comparable investments and transaction volumes. Other expenses include:

Currency Servicing Fee Other Expenses Total


MONEY MARKET FUND DOLLAR USD 451 811 99 451 910

MONEY MARKET FUND EURO EUR 346 023 313 346 336

MONEY MARKET FUND STERLING GBP 55 770 0 55 770

MONEY MARKET FUND SWISS FRANC CHF 149 331 130 149 461

Additional Information for Shareholders in Switzerland (unaudited)

16

Benchmarks Julius Baer Multicash - MONEY MARKET FUND DOLLAR BofA ML USD LIBID Overnight TR MONEY MARKET FUND EURO EMMI EONIA Euro Overnight Index Average MONEY MARKET FUND STERLING SONIA Sterling OverNight Index Average MONEY MARKET FUND SWISS FRANC Citigroup CHF Eurodeposit 1 Month Performance* Julius Baer Multicash - Shares Currency 1 year 3 years Since launch Perf. Benchmark Perf. Benchmark Perf. Benchmark MONEY MARKET FUND DOLLAR B USD 0.29% 0.16% 0.26% 0.27% 82.05% 102.71% MONEY MARKET FUND DOLLAR C USD 0.40% 0.16% 0.60% 0.27% 40.80% 43.33% MONEY MARKET FUND DOLLAR E USD 0.04% 0.16% -0.49% 0.27% 17.89% 28.67% MONEY MARKET FUND EURO B EUR -0.46% -0.22% -0.92% -0.10% 104.96% 145.37% MONEY MARKET FUND EURO C EUR -0.31% -0.22% -0.48% -0.10% 34.20% 43.77% MONEY MARKET FUND EURO E EUR -0.71% -0.22% -1.66% -0.10% 17.42% 33.08% MONEY MARKET FUND STERLING B GBP 0.33% 0.46% 0.79% 1.34% 131.52% 159.51% MONEY MARKET FUND STERLING C GBP 0.46% 0.46% 1.17% 1.34% 59.77% 65.10% MONEY MARKET FUND STERLING E GBP 0.08% 0.46% 0.03% 1.34% 35.63% 48.96% MONEY MARKET FUND SWISS FRANC B CHF -0.91% -1.04% -1.12% -1.73% 45.82% 57.84% MONEY MARKET FUND SWISS FRANC C CHF -0.81% -1.04% -0.83% -1.73% 11.22% 15.33% MONEY MARKET FUND SWISS FRANC E CHF -1.15% -1.04% -1.86% -1.73% 0.72% 10.05%

Total Expense Ratio (TER)

TER excluding Performance TER including

Currency performance fee fees performance fee

in % in % in %



Accumulation shares (B-USD shares) USD 0.32 - 0.32 Accumulation shares (C-USD shares) USD 0.21 - 0.21 Accumulation shares (E-USD shares) USD 0.57 - 0.57


Accumulation shares (B-EUR shares) EUR 0.45 - 0.45 Accumulation shares (C-EUR shares) EUR 0.30 - 0.30 Accumulation shares (E-EUR shares) EUR 0.71 - 0.71


Accumulation shares (B-GBP shares) GBP 0.40 - 0.40 Accumulation shares (C-GBP shares) GBP 0.27 - 0.27 Accumulation shares (E-GBP shares) GBP 0.65 - 0.65


Accumulation shares (B-CHF shares) CHF 0.28 - 0.28 Accumulation shares (C-CHF shares) CHF 0.18 - 0.18 Accumulation shares (E-CHF shares) CHF 0.53 - 0.53

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 past reporting periods and do not provide an indication of future income. The performance of the sub-funds is calculated in accordance with the applicable SFAMA “Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes”.

Julius Baer Multicash

*Also include deposits at brokers. The accompanying notes form an integral part of the financial statements.

17

COMBINED STATEMENT OF NET ASSETS as at 30 June 2016 CHF

Assets

Investments at market value (acquisition cost: CHF 703 505 927) 700 446 472 Bank deposits* 19 966 017Receivables from the issue of shares 2 063 574Receivables on securities sold 797 125Dividends and interest 4 608 276

Total Assets 727 881 464

Liabilities

Liabilities on the redemption of shares 4 299 298Liabilities on securities purchases 8 656 062Management fees payable 106 970Other liabilities 86 604

Total liabilities 13 148 934Net Assets 714 732 530

Julius Baer Multicash

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

18

COMBINED PROFIT AND LOSS ACCOUNT from 1 July 2015 until 30 June 2016 CHF Income

Income from securities 9 543 692 Bank interest 9 303 Equalisation 166 693

Total income 9 719 688 Expenses

Management fees 1 297 349 Interest expense on bank liabilities 56 096 Other expenses 1 037 177 Equalisation 57 032

Total expenses 2 447 654 Net profit/loss 7 272 034

Realised profit/loss on: - Securities -7 188 351 Equalisation -154 846

Net realised profit/loss -71 163 Net change in the unrealised appreciation/depreciation on: - Securities -438 893

Total profit/loss -510 056 COMBINED STATEMENT OF CHANGES IN NET ASSETS 30 June 2015 30 June 2016 CHF CHF Net assets at the beginning of the financial year 602 575 423 630 283 017 Foreign exchange difference -9 351 994 13 469 041 Foreign exchange difference - sub-fund 776 107 0 Total profit/loss -1 196 666 -510 056 Net receipts/payments from the issue and redemption of shares 37 480 147 71 490 528 Net assets at the end of the financial year 630 283 017 714 732 530 EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2016 (in CHF) 1 EUR = 1.08229 CHF 1 GBP = 1.30231 CHF 1 USD = 0.97420 CHF

Julius Baer Multicash - MONEY MARKET FUND DOLLAR

The information in this report is based on historical data and is no indication of future performance.

19

Fund Management Report Investment Policy Julius Baer Multicash - MONEY MARKET FUND DOLLAR invests predominantly in money market investments and variable or fixed-income securities denominated in US dollars. The investment objective is to achieve current income in accordance with the money market while aiming for high levels of liquidity and capital security. The sub-fund enables investors to invest their liquid assets efficiently. Market review and portfolio Owing to the sound performance of the US economy, many market participants expected the Fed to begin tightening its monetary policy in autumn 2015. Fears of an economic slowdown in China sparked an increase in risk premiums on US bond markets from the middle of 2015. This meant that the Fed could not increase its key interest rates until December 2015. At the beginning of 2016, burgeoning fears of a recession as well as price falls on the commodity and energy markets again triggered market turbulence. Over the following months, economic growth slowed down slightly, and fewer new jobs were created than expected. The Brexit referendum at the end of June led to further uncertainty, which is set to continue for some time. The portfolio comprises money market investments with short maturities and high credit ratings. From the middle of 2015, the sub-fund was able to benefit from rising US money market interest rates. Variable interest-bearing instruments make up around 30% of the portfolio; the remainder is invested in bonds with short maturities and commercial papers. The sectors with the highest weightings are agencies, industrial companies and mortgage bonds. Canada, Germany, Sweden and the United States dominate the country allocation. Issuers from southern European countries are underweighted.


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

20

STATEMENT OF NET ASSETS as at 30 June 2016 USD Assets

Investments at market value (acquisition cost: USD 399 449 948) 399 012 671Bank deposits 9 355 711Receivables from the issue of shares 1 176 490Dividends and interest 978 029

Total Assets 410 522 901 Liabilities

Liabilities on the redemption of shares 192 315Liabilities on securities purchases 7 495 241Management fees payable 59 913Other liabilities 38 768



* See page 15. The accompanying notes form an integral part of the financial statements.

21

PROFIT AND LOSS ACCOUNT from 1 July 2015 until 30 June 2016 USD Income

Income from securities 3 669 829 Bank interest 7 269 Equalisation 85 976

Total Income 3 763 074 Expenses

Management fees 714 903 Other expenses* 451 910

Total Expenses 1 166 813 Net profit/loss 2 596 261


Net realised profit/loss 822 157 Net change in the unrealised appreciation/depreciation on: - Securities 402 860

Total profit/loss 1 225 017 CHANGES IN NET ASSETS 30 June 2015 30 June 2016 USD USD Net assets at the beginning of the financial year 320 298 223 321 509 334 Foreign exchange difference - sub-fund 79 074 0 Total profit/loss -42 571 1 225 017 Net receipts/payments from the issue and redemption of shares 1 174 608 80 002 313 Net assets at the end of the financial year 321 509 334 402 736 664


22

COMPARATIVE STATEMENT 30 June 2014 30 June 2015 30 June 2016 Number of shares Number of shares Number of shares

Number of shares in circulation Accumulation shares (B-USD shares) 147 568.12 126 412.18 138 913.34Accumulation shares (C-USD shares) 16 119.91 35 342.74 69 019.53Accumulation shares (E-USD shares) 18 828.84 21 812.28 16 801.62

USD USD USDNet Assets 320 298 223 321 509 334 402 736 664

In the share class

currencyIn the share class


currencyNAV per share Accumulation shares (B-USD shares) 1 815.01 1 815.27 1 820.45Accumulation shares (C-USD shares) 1 874.36 1 876.67 1 884.10Accumulation shares (E-USD shares) 1 181.53 1 178.74 1 179.16


SECURITIES PORTFOLIO AS AT 30 JUNE 2016

The statement of changes in the securities portfolio 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

Quantity/ Nominal (in 1 000)

Security Maturitydate

Market valueUSD

% ofnet

assets TOTAL 399 012 671 99.08%

SECURITIES TRADED ON A STOCK EXCHANGE 162 087 887 40.25%

Bonds 162 087 887 40.25%

USD 162 087 887 40.25%5 000 1.125% Agence Francaise de Developpement 13 03.10.16 5 004 825 1.24%1 100 0.824% Anheuser-Busch InBev Finance, Inc. 14 27.01.17 1 099 819 0.27%5 000 0.700% Bank Nederlandse Gemeenten NV 15 14.07.17 4 996 475 1.24%5 000 0.625% Bank Nederlandse Gemeenten NV 144A 14 15.09.16 4 999 150 1.24%3 600 1.026% BMW US Capital LLC 14 02.06.17 3 597 336 0.89%2 000 0.980% BP Capital Markets Plc. 15 10.02.17 1 999 810 0.50%5 000 1.125% Caisse d’Amortissement de la Dette Sociale 14 30.01.17 5 010 350 1.25%1 000 0.986% Daimler Finance North America LLC 15 02.03.17 999 330 0.25%

10 000 0.680% FMS Wertmanagement AoeR 13 27.09.16 10 000 750 2.48%10 000 0.625% FMS Wertmanagement AoeR 14 30.01.17 9 996 600 2.48%2 000 1.250% General Electric Capital Co. 12 21.11.16 2 003 070 0.50%

10 000 2.250% Japan Bank for International Cooperation 11 13.07.16 10 002 800 2.49%10 000 0.787% KFW 16 29.12.17 10 015 050 2.49%10 000 0.757% Kommunalbanken AS 144A 13 02.05.17 10 002 700 2.48%6 500 0.875% Kommunekredit 13 29.07.16 6 501 397 1.62%

10 000 0.625% Kommuninvest I Sverige AB 14 11.09.16 10 000 150 2.48%5 000 0.689% Landwirtschaftliche Rentenbank 144A 13 17.10.16 4 999 000 1.24%5 000 1.250% Municipality Finance Plc. 13 12.09.16 5 005 625 1.24%2 500 0.833% Nederlandse Waterschapsbank NV 13 18.10.16 2 501 038 0.62%4 800 0.833% Nederlandse Waterschapsbank NV 144A 13 18.10.16 4 801 992 1.19%6 500 1.250% Network Rail Infrastructure Finance Plc. 11 31.08.16 6 506 240 1.62%

10 000 2.125% Nordea Eiendomskreditt AS 11 22.09.16 10 028 050 2.49%5 000 1.600% Province of Ontario Canada 11 21.09.16 5 010 700 1.25%

10 000 1.125% Royal Bank of Canada 13 22.07.16 10 002 050 2.48%2 000 0.950% Shell International Finance BV 15 10.05.17 2 002 230 0.50%5 000 0.810% Svensk Exportkredit AB 15 10.11.17 5 000 050 1.24%

10 000 0.625% Sweden Government International Bond 14 19.09.16 10 001 300 2.48%

SECURITIES TRADED ON ANOTHER REGULATED MARKET 122 921 793 30.52%

Bonds 122 921 793 30.52%

USD 122 921 793 30.52%4 000 1.434% ABN AMRO Bank NV 144A 13 28.10.16 4 007 200 1.00%4 570 1.148% American Express Credit Corp. 13 29.07.16 4 571 782 1.14%1 000 0.811% American Honda Finance Corp. 14 02.09.16 1 000 370 0.25%

250 1.153% American Honda Finance Corp. 13 07.10.16 250 301 0.06%10 000 2.400% Australia & New Zealand Banking Group Ltd. 144A 11 23.11.16 10 060 100 2.50%4 405 0.890% Bank of America Corp. 06 14.10.16 4 403 789 1.09%5 000 1.950% Bank of Montreal 144A 12 30.01.17 5 030 800 1.25%

10 000 2.150% Bank of Nova Scotia 11 03.08.16 10 011 100 2.49%3 950 0.903% Bayer US Finance LLC 144A 14 07.10.16 3 948 104 0.98%2 500 0.800% Berkshire Hathaway Finance Corp. 15 13.01.17 2 500 388 0.62%2 000 0.821% Caterpillar Financial Services Corp. 15 03.03.17 2 000 430 0.50%1 000 0.732% Chevron Corp. 14 09.11.16 1 000 160 0.25%5 000 2.250% Commonwealth Bank of Australia 144A 12 16.03.17 5 046 350 1.25%2 500 0.934% Cooperatieve Centrale Raiffeisen-Boerenleenbank

UA/NY 14 23.11.16 2 501 425 0.62%600 1.008% Daimler Finance North America LLC 14 10.03.17 600 087 0.15%

5 000 1.250% Dexia Credit Local S.A. 13 18.10.16 5 005 075 1.24%


SECURITIES PORTFOLIO AS AT 30 JUNE 2016 (continued)


24



Market valueUSD

% ofnet

assets

1 000 1.274% Exxon Mobil Corp. 16 28.02.18 1 006 905 0.25%2 500 1.023% Home Depot, Inc. 15 15.09.17 2 507 825 0.62%5 000 1.146% JPMorgan Chase & Co. 14 15.02.17 5 003 900 1.24%2 500 0.907% National Australia Bank Ltd. 14 09.12.16 2 500 775 0.62%3 000 0.883% PepsiCo, Inc. 15 17.07.17 3 006 270 0.75%4 075 1.112% Svenska Handelsbanken AB 13 23.09.16 4 078 443 1.01%

11 250 2.125% Swedbank Hypotek AB 144A 11 31.08.16 11 276 831 2.80%3 500 0.800% Toronto-Dominion Bank 14 13.07.16 3 500 228 0.87%5 000 1.625% Toronto-Dominion Bank 11 14.09.16 5 008 000 1.24%2 000 1.033% Toyota Motor Credit Corp. 16 06.04.18 2 002 060 0.50%

500 1.083% UnitedHealth Group, Inc. 15 17.01.17 500 650 0.12%5 000 2.183% Verizon Communications, Inc. 13 15.09.16 5 012 650 1.24%3 000 1.232% Wells Fargo Bank NA 16 07.09.17 3 004 995 0.75%2 500 1.375% Wells Fargo Bank NA 16 22.01.18 2 510 450 0.62%

10 000 2.450% Westpac Banking Corp. 11 28.11.16 10 064 350 2.50%

CASH-EQUIVALENT FINANCIAL INSTRUMENTS 114 002 991 28.31%

Commercial papers 98 509 574 24.46%

USD 98 509 574 24.46%5 000 000 Agence Centrale Organismes 4 999 054 1.24%5 000 000 Agence Centrale Organismes 4 997 572 1.24%5 000 000 Agrium, Inc. 4 996 044 1.24%5 000 000 BAT International Finance Plc. 4 994 375 1.24%5 000 000 Bell Canada 4 990 213 1.24%5 000 000 Deutsche Telekom AG 4 998 861 1.24%5 000 000 ENI Finance USA, Inc. 4 993 931 1.24%5 000 000 Export Finance & Insurance Corp. 5 000 000 1.24%5 000 000 Ford Motor Credit Company LLC 4 996 222 1.24%5 000 000 Korea Development Bank 4 997 199 1.24%4 000 000 LVMH Finance Belgique S.A. 3 994 419 0.99%5 000 000 Merck Financial Services GmbH 4 999 507 1.24%5 000 000 Mondelez International, Inc. 4 989 246 1.24%5 000 000 Nissan Motor Acceptance Co. 4 992 370 1.24%5 000 000 Potash Corp. SASK 4 997 608 1.24%5 000 000 Schlumberger Holdings Corp. 4 997 875 1.24%5 000 000 Suncor Energy, Inc. 4 996 833 1.24%5 000 000 Vasteras kommun 4 988 293 1.24%4 000 000 Vinci S.A. 3 998 492 1.00%5 600 000 VW CR, Inc. 5 591 460 1.39%

Treasury notes 15 493 417 3.85%

USD 15 493 417 3.85%8 000 0.000% United States Treasury Bill 16 11.08.16 7 998 232 1.99%7 500 0.000% United States Treasury Bill 16 29.09.16 7 495 185 1.86%

Julius Baer Multicash - MONEY MARKET FUND EURO


25

Fund Management Report Investment Policy Julius Baer Multicash - MONEY MARKET FUND EURO invests predominantly in money market investments and variable or fixed-income securities denominated in euro. The investment objective is to achieve current income in accordance with the money market while aiming for high levels of liquidity and capital security. The sub-fund enables investors to invest their liquid assets efficiently. Market review and portfolio Political risks in Greece and fears of an economic slowdown in China sparked an increase in risk premiums on European bond markets from the middle of 2015. However, the markets recovered towards the end of the year, after the European Central Bank (ECB) announced further measures to ease its monetary policy. At the beginning of 2016, burgeoning fears of a recession as well as price falls on the commodity and energy markets again triggered market turbulence. In March 2016, the ECB reduced its key interest rates in order to stimulate growth and inflation. In June, the ECB launched a fresh series of targeted longer-term refinancing operations (TLTRO II) and began buying bonds from the corporate sector (Corporate Sector Purchase Programme – CSPP). The Brexit referendum at the end of June led to uncertainty as to its future relationship with the European Union. This uncertainty is set to continue for some time. The portfolio comprises money market investments with short maturities and high credit ratings. Over the past twelve months, the EURO OverNight Index Average (EONIA) continued its downward trend and has been listed at below -0.3% since March 2016. The low money market rates had a adverse impact on the sub-fund’s performance. Around three quarters of the portfolio are invested in bonds with short maturities and commercial papers; the remainder comprises variable interest-bearing securities. The sectors with the highest weightings are mortgage bonds, industrial companies and government bonds. France, Germany, Sweden, the United Kingdom and the United States dominate the country allocation. Issuers from southern European countries are underweighted.



26

STATEMENT OF NET ASSETS as at 30 June 2016 EUR Assets

Investments at market value (acquisition cost: EUR 137 908 527) 136 727 773Bank deposits* 3 809 866Receivables from the issue of shares 167 385Dividends and interest 1 857 510


Liabilities on the redemption of shares 328 397Liabilities on securities purchases 1 251 238Management fees payable 22 369Other liabilities 28 428




27

PROFIT AND LOSS ACCOUNT from 1 July 2015 until 30 June 2016 EUR Income

Income from securities 2 675 699 Equalisation 23 601

Total income 2 699 300 Expenses

Management fees 272 373 Interest expense on bank liabilities 16 550 Other expenses* 346 336

Total expenses 635 259 Net profit/loss 2 064 041



Total profit/loss -618 829 CHANGES IN NET ASSETS 30 June 2015 30 June 2016 EUR EUR Net assets at the beginning of the financial year 136 224 098 154 287 756 Foreign exchange difference - sub-fund 393 350 0 Total profit/loss -784 527 -618 829 Net receipts/payments from the issue and redemption of shares 18 454 835 -12 736 825 Net assets at the end of the financial year 154 287 756 140 932 102


28


Number of shares in circulation Accumulation shares (B-EUR shares) 54 447.43 69 327.81 62 704.08Accumulation shares (C-EUR shares) 10 931.70 5 105.54 5 334.75Accumulation shares (E-EUR shares) 375.73 549.41 911.58

EUR EUR EURNet Assets 136 224 098 154 287 756 140 932 102

In the share class



currencyNAV per share Accumulation shares (B-EUR shares) 2 065.01 2 059.07 2 049.64Accumulation shares (C-EUR shares) 2 135.35 2 132.42 2 125.84Accumulation shares (E-EUR shares) 1 189.03 1 182.67 1 174.32




29



Market valueEUR

% ofnet

assets TOTAL 136 727 773 97.02%


Bonds 125 690 763 89.19%

EUR 125 690 763 89.19%2 000 2.625% AIB Mortgage Bank 13 29.07.16 2 003 520 1.42%1 250 4.625% Airbus Group Finance BV 09 12.08.16 1 256 138 0.89%1 250 1.250% Anheuser-Busch InBev S.A./NV 12 24.03.17 1 262 238 0.90%3 000 3.000% ANZ New Zealand Int’l Ltd. 11 20.10.16 3 028 680 2.15%2 500 1.875% ASB Finance Ltd. 12 10.07.17 2 551 475 1.81%3 000 2.250% AXA Bank Europe SCF 12 19.04.17 3 059 610 2.17%2 000 4.500% Banco Santander S.A. 04 29.07.16 2 006 100 1.42%3 000 3.000% Bank Nederlandse Gemeenten NV 10 30.03.17 3 075 525 2.18%1 750 4.750% Bank of America Corp. 10 03.04.17 1 812 632 1.29%2 500 2.250% Barclays Bank Plc. 12 22.02.17 2 538 150 1.80%1 000 0.000% Bayer Nordic S.E. 14 28.03.17 1 000 690 0.71%1 000 1.250% BMW US Capital LLC 12 20.07.16 1 000 565 0.71%2 500 2.750% BPCE SFH S.A. 12 16.02.17 2 546 762 1.81%2 000 3.750% Caisse de Refinancement de l’Habitat S.A. 08 12.12.16 2 035 240 1.44%3 000 3.500% Caisse de Refinancement de l’Habitat S.A. 05 25.04.17 3 092 085 2.19%2 750 5.250% Caisse Francaise de Financement Local 02 06.02.17 2 840 214 2.02%2 250 3.750% Cie de Financement Foncier S.A. 05 24.01.17 2 300 557 1.63%1 250 4.375% Citigroup, Inc. 07 30.01.17 1 281 931 0.91%3 250 0.000% Coca-Cola Co. 15 09.03.17 3 252 844 2.31%2 500 2.625% Commonwealth Bank of Australia 12 12.01.17 2 537 000 1.80%1 250 4.250% Cooperatieve Rabobank UA 07 16.01.17 1 279 494 0.91%2 000 2.875% Credit Agricole Home Loan SFH S.A. 11 09.09.16 2 012 140 1.43%3 000 2.125% Credit Suisse AG 12 18.01.17 3 037 560 2.16%1 000 1.000% Daimler AG 13 08.07.16 1 000 120 0.71%1 000 0.219% Daimler AG 16 09.03.18 1 003 325 0.71%2 000 4.500% Danske Bank A/S 09 01.07.16 2 000 000 1.42%1 000 0.169% DH Europe Finance S.A. 15 30.06.17 1 002 020 0.71%2 500 3.375% DNB Boligkreditt AS 10 20.01.17 2 550 025 1.81%2 500 1.625% FMS Wertmanagement AoeR 12 22.02.17 2 532 462 1.80%1 000 4.125% GE Capital European Funding 06 27.10.16 1 013 475 0.72%1 000 1.000% GE Capital European Funding 13 02.05.17 1 009 635 0.72%1 000 3.000% Groupe Auchan S.A. 11 02.12.16 1 012 660 0.72%1 230 4.625% Heineken NV 09 10.10.16 1 245 277 0.88%1 000 0.242% Honeywell International, Inc. 16 22.02.18 1 003 610 0.71%1 000 4.625% Hutchison Whampoa Finance Ltd. 06 21.09.16 1 009 840 0.72%1 200 0.189% ING Bank NV 13 09.09.16 1 200 906 0.85%2 000 0.000% JPMorgan Chase & Co. 14 20.11.16 2 000 930 1.42%1 000 4.375% Korea Expressway Corp. 06 27.09.16 1 009 865 0.72%1 000 4.750% Linde Finance BV 07 24.04.17 1 039 880 0.74%3 000 3.500% Lloyds Bank Plc. 12 11.01.17 3 056 460 2.17%1 000 1.125% Mondelez International, Inc. 13 26.01.17 1 007 000 0.71%1 000 0.051% National Australia Bank Ltd. 13 19.07.16 1 000 135 0.71%2 500 2.625% National Australia Bank Ltd. 12 13.01.17 2 537 275 1.80%1 500 3.125% Nationwide Building Society 11 13.10.16 1 513 680 1.07%3 000 3.375% Nederlandse Waterschapsbank NV 10 01.02.17 3 065 505 2.18%1 000 0.750% Nestle Finance International Ltd. 12 17.10.16 1 002 795 0.71%3 000 3.500% Nordea Hypotek AB 10 18.01.17 3 061 365 2.17%2 000 3.375% Royal Bank of Scotland Plc. 11 23.11.16 2 027 220 1.44%2 000 4.000% SA de Gestion de Stocks de Securite 06 20.10.16 2 025 840 1.44%




30



Market valueEUR

% ofnet

assets

1 500 3.625% Santander UK Plc. 09 14.10.16 1 515 780 1.08%3 000 0.000% SEB AG 13 02.12.16 3 003 030 2.13%2 000 4.000% Societe Generale SCF S.A 09 07.07.16 2 000 750 1.42%1 500 2.375% SpareBank 1 Boligkreditt AS 11 22.11.16 1 515 075 1.07%1 000 3.250% SpareBank 1 Boligkreditt AS 10 17.03.17 1 024 650 0.73%3 000 1.875% Stadshypotek AB 12 21.03.17 3 046 875 2.16%2 500 0.000% Svensk Exportkredit AB 14 12.08.16 2 500 875 1.77%2 750 3.250% Sveriges Sakerstallda Obligationer AB 10 30.03.17 2 821 981 2.00%3 000 3.375% Swedbank Hypotek AB 10 22.03.17 3 079 215 2.18%3 000 0.250% Sweden Government International Bond 13 27.11.16 3 007 890 2.13%1 000 4.875% Telenor ASA 07 29.05.17 1 045 570 0.74%

500 0.000% Toyota Motor Credit Corp. 15 08.09.17 500 480 0.36%2 000 0.022% UBS AG 15 15.05.17 2 002 060 1.42%1 000 4.625% Unibail-Rodamco S.E. 09 23.09.16 1 010 250 0.72%2 500 2.625% UniCredit Bank AG 10 31.05.17 2 564 950 1.82%

500 0.542% United Technologies Corp. 16 22.02.18 504 515 0.36%300 0.012% Volkswagen Leasing GmbH 15 11.08.17 299 202 0.21%

1 500 4.375% Wells Fargo & Co. 06 01.08.16 1 505 160 1.07%


Treasury notes 11 037 010 7.83%

EUR 11 037 010 7.83%3 000 0.000% France Treasury Bill 15 09.11.16 3 005 880 2.13%3 000 0.000% France Treasury Bill 16 29.03.17 3 012 180 2.14%5 000 0.000% German Treasury Bill 16 25.01.17 5 018 950 3.56%

Julius Baer Multicash - MONEY MARKET FUND STERLING


31

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 pace of expansion of the UK economy slowed down to 2.0% (2.9%), as measured at the end of the first quarter 2016. Despite this relatively solid economic growth the annual inflation rate remained at ultra low 0.3% and far away from the central bank target of 2%. As the year unfolded the market expectation for a normalisation of interest rates was deferred. Because of the softening economy and inflation rate below target, the Bank of England (BOE) kept its key lending rate at a record low of 0.5%, unchanged since 2009. After the British people - to the surprise of most - voted to leave the European Union on 23 June 2016, the Bank of England hinted it will probably have to ease monetary policy. Yields of short dated high quality names were barely changed throughout the year, while government yields declined sharply and the curve flattened. The portfolio comprises short dated and high quality money market instruments. Geographically it is primarily exposed to the UK and Germany, followed by Netherlands. Sectorwise the main sectors are Covered Bonds, Agency, Financials, Supranationals and Industrials. The quality of the portfolio is high with an average rating of AA+. Returns were low because of the Bank of England's low interest rate monetary policy. The sub-fund ends the year positioned at the short end of the curve. In an environment dominated by uncertainty about the path of the economy and low interest rates, the sub-fund’s decision to invest in the safest credit with a significant weight towards longer dated floating rate bonds was positive.



32

STATEMENT OF NET ASSETS as at 30 June 2016 GBP Assets

Investments at market value (acquisition cost: GBP 32 228 272) 32 133 744Bank deposits* 428 984Receivables from the issue of shares 481 654Receivables on securities sold 612 085Dividends and interest 165 605


Liabilities on the redemption of shares 1 920 210Management fees payable 6 522Other liabilities 4 255




33

PROFIT AND LOSS ACCOUNT from 1 July 2015 until 30 June 2016 GBP Income

Income from securities 510 568 Bank interest 1 706

Total Income 512 274 Expenses

Management fees 89 380 Other Expenses* 55 770 Income Equalisation 43 793

Total Expenses 188 943 Net profit/loss 323 331

Realised profit/loss on: - Securities -272 274 Income Equalisation 35 690

Net realised profit/loss 86 747 Net change in the unrealised appreciation/depreciation on: - Securities 24 963

Total profit/loss 111 710 CHANGES IN NET ASSETS 30 June 2015 30 June 2016 GBP GBP Net assets at the beginning of the financial year 23 532 396 33 479 483 Foreign exchange difference - sub-fund 49 406 0 Total profit/loss 12 258 111 710 Net receipts/payments from the issue and redemption of shares 9 885 423 -1 700 108 Net assets at the end of the financial year 33 479 483 31 891 085


34


Number of shares in circulation Accumulation shares (B-GBP shares) 9 051.49 12 827.46 9 566.39Accumulation shares (C-GBP shares) 221.00 419.85 3 062.68Accumulation shares (E-GBP shares) 1 598.35 2 121.48 1 764.60

GBP GBP GBPNet Assets 23 532 396 33 479 483 31 891 085

In the share class



currencyNAV per share Accumulation shares (B-GBP shares) 2 302.32 2 307.63 2 315.24Accumulation shares (C-GBP shares) 2 379.89 2 388.48 2 399.47Accumulation shares (E-GBP shares) 1 355.77 1 355.51 1 356.58




35



Market valueGBP

% ofnet

assets TOTAL 32 133 744 100.76%


Bonds 29 536 704 92.62%

GBP 29 536 704 92.62%250 5.375% ASIF III Jersey Ltd. 04 14.10.16 252 949 0.79%300 0.875% Bank Nederlandse Gemeenten NV 14 12.12.16 300 230 0.94%200 0.738% Bank Nederlandse Gemeenten NV 14 03.04.18 200 003 0.63%500 1.041% Bank of Montreal 13 24.10.16 500 455 1.57%300 1.500% Barclays Bank Plc. 12 04.04.17 302 264 0.95%800 0.762% Barclays Bank Plc. 14 15.09.17 799 060 2.51%300 0.838% BMW US Capital LLC 15 06.02.17 299 733 0.94%300 1.382% BPCE S.A. 14 06.03.17 300 585 0.94%

1 000 1.375% Caisse d’Amortissement de la Dette Sociale 14 06.02.17 1 005 065 3.15%500 0.778% Canadian Imperial Bank of Commerce 15 15.01.18 499 018 1.57%

1 150 0.891% Commonwealth Bank of Australia 14 24.01.18 1 149 155 3.60%500 0.768% Cooperatieve Centrale Raiffeisen-Boerenleenbank UA 16 16.01.17 500 037 1.57%

1 000 1.750% Council Of Europe Development Bank 12 19.12.16 1 005 165 3.15%300 0.988% Credit Suisse AG 14 15.07.16 300 012 0.94%

1 100 0.782% Danske Bank A/S 14 15.09.17 1 098 872 3.45%1 450 0.789% European Investment Bank 12 22.02.17 1 451 240 4.55%

900 0.769% Finland Government International Bond 12 23.02.17 901 116 2.83%1 800 1.125% FMS Wertmanagement AoeR 14 07.12.16 1 804 248 5.66%

500 3.875% ING Bank NV 11 23.12.16 506 665 1.59%500 1.000% International Bank for Reconstruction & Development 14 28.12.16 501 052 1.57%400 3.750% KFW 09 07.09.16 402 310 1.26%500 0.573% KFW 13 03.07.17 499 970 1.57%

1 200 1.125% Kommunalbanken AS 13 15.12.16 1 202 838 3.77%1 000 1.250% Landeskreditbank Baden-Wuerttemberg Foerderbank 14 15.12.16 1 002 750 3.14%

250 0.768% Landeskreditbank Baden-Wuerttemberg Foerderbank 13 18.07.17 250 200 0.78%1 000 3.250% Landwirtschaftliche Rentenbank 11 07.12.16 1 011 160 3.17%

750 0.858% Leeds Building Society 15 09.02.18 749 092 2.35%1 200 0.838% Lloyds Bank Plc. 14 16.01.17 1 200 006 3.76%

500 5.250% Motability Operations Group Plc. 09 28.09.16 505 162 1.58%1 000 1.250% Municipality Finance Plc. 14 15.12.16 1 002 800 3.14%1 000 0.890% National Australia Bank Ltd. 13 12.08.16 1 000 215 3.14%1 100 0.788% Nationwide Building Society 14 17.07.17 1 098 911 3.45%

650 2.125% Nederlandse Waterschapsbank NV 12 07.09.16 651 761 2.04%980 0.764% Nordea Eiendomskreditt AS 14 11.09.17 978 986 3.07%

1 000 0.888% Santander UK Plc. 14 20.01.17 1 000 220 3.14%250 2.223% Santander UK Plc. 12 05.04.17 252 634 0.79%750 1.125% Svensk Exportkredit AB 12 15.12.16 751 571 2.36%500 0.888% Swedbank AB 15 02.06.17 500 007 1.57%

1 100 0.789% Toronto-Dominion Bank 14 20.11.17 1 098 504 3.45%300 6.375% UBS AG 09 20.07.16 300 701 0.94%400 0.983% Westpac Securities NZ Ltd. 14 02.10.17 399 982 1.25%




36



Market valueGBP

% ofnet

assets


Commercial papers 1 997 811 6.26%

GBP 1 997 811 6.26%500 000 DNB Bank ASA 499 721 1.57%500 000 Skandinaviska Enskilda Banken AB 498 690 1.56%500 000 Toyota Kreditbank Gmbh 499 425 1.56%500 000 Unilever NV 499 975 1.57%

Treasury notes 599 229 1.88%

GBP 599 229 1.88%600 0.000% United Kingdom Treasury Bill 16 07.11.16 599 229 1.88%

Julius Baer Multicash - MONEY MARKET FUND SWISS FRANC


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Fund Management Report Investment Policy 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 is to achieve current income in accordance with the money market while aiming for high levels of liquidity and capital security. The sub-fund enables investors to invest their liquid assets efficiently. Market review and portfolio Fluctuations in the perception of geopolitical uncertainties resulted in increased volatility and alternating risk-on and risk-off phases. The Swiss National Bank consistently weakened the Swiss franc which resulted in the desired decline in demand and alleviated its status as a “safe haven”. It would only be necessary to resort to lowering the investment rate and reducing the allowance if the interest differential in relation to the euro significantly narrows once again. Inflation remained deep in negative territory and probably won’t reach positive levels again until 2017. During the reporting period, the sub-fund achieved a performance of -0.81% (share class C-CHF), which corresponds to an outperformance of 23 basis points against the benchmark. Investing can still produce only negative returns. The sub-fund strove to diversify as broadly as possible and to stagger maturities appropriately. However, investing is becoming increasingly difficult, as the bid-ask spreads have widened and are generating only negligible turnover. The sub-fund targeted short-dated bonds from solid companies and the banking sector, with a preference for mortgage-backed securities. In the interim, floating rate notes became scarce, as they were no longer issued. Due to the continuing low interest rates, and with no prospect of a rapid change, the sub-fund invested primarily at the longer end of the maturity spectrum. It was possible to realise slight credit spreads in these maturities, especially with corporate bonds, which generate advantageous current income in comparison with the benchmark until maturity.


* Also include deposits at brokers. The accompanying notes form an integral part of the financial statements.

38

STATEMENT OF NET ASSETS as at 30 June 2016 CHF Assets

Investments at market value (acquisition cost: CHF 123 133 972) 121 901 531Bank deposits* 6 169 645Receivables from the issue of shares 109 016Dividends and interest 1 429 452


Liabilities on the redemption of shares 1 255 815Management fees payable 15 899Other liabilities 12 528




39

PROFIT AND LOSS ACCOUNT from 1 July 2015 until 30 June 2016 CHF Income

Income from securities 2 407 752 Equalisation 57 392

Total Income 2 465 144 Expenses

Management fees 189 704 Interest expense on bank liabilities 38 184 Other expenses* 149 461

Total Expenses 377 349 Net profit/loss 2 087 795



Total profit/loss -1 179 197 CHANGES IN NET ASSETS 30 June 2015 30 June 2016 CHF CHF Net assets at the beginning of the financial year 117 454 761 119 953 357 Foreign exchange difference - sub-fund 220 007 0 Total profit/loss -357 989 -1 179 197 Net receipts/payments from the issue and redemption of shares 2 636 578 9 551 242 Net assets at the end of the financial year 119 953 357 128 325 402


40


Number of shares in circulation Accumulation shares (B-CHF shares) 66 687.04 69 061.15 72 711.78Accumulation shares (C-CHF shares) 9 080.95 9 715.91 12 210.85Accumulation shares (E-CHF shares) 5 454.72 3 700.94 4 119.71

CHF CHF CHFNet Assets 117 454 761 119 953 357 128 325 402

In the share class



currencyNAV per share Accumulation shares (B-CHF shares) 1 473.52 1 471.54 1 458.22Accumulation shares (C-CHF shares) 1 498.79 1 498.18 1 486.04Accumulation shares (E-CHF shares) 1 022.93 1 019.00 1 007.27




41



Market valueCHF

% ofnet

assets TOTAL 121 901 531 94.99%


Bonds 121 901 531 94.99%

CHF 121 901 531 94.99%2 590 1.625% ABN AMRO Bank NV 10 28.10.16 2 609 943 2.03%1 250 2.500% ABN AMRO Bank NV 12 16.02.17 1 273 875 0.99%

635 1.000% ABN AMRO Bank NV 12 19.04.17 643 223 0.50%1 005 0.000% Aduno Holding AG 14 15.07.16 1 003 724 0.78%2 520 2.500% Aeroports de Paris 10 27.01.17 2 565 234 2.00%

660 2.750% American International Group, Inc. 06 21.12.16 670 263 0.52%1 900 2.125% ASB Finance Ltd. 10 17.11.16 1 925 270 1.50%

750 1.500% AusNet Services Holdings Pty Ltd. 12 21.02.17 759 188 0.59%2 500 2.000% Australia & New Zealand Banking Group Ltd. 10 08.07.16 2 501 837 1.95%

930 2.500% Austria Government International Bond 09 14.07.16 930 884 0.73%500 0.000% Banco de Chile 13 18.07.16 500 050 0.39%

1 115 1.250% Banco de Credito e Inversiones 13 26.09.16 1 119 460 0.87%350 0.201% Banco Santander Chile 13 28.03.17 350 525 0.27%

1 000 2.625% Bank Nederlandse Gemeenten NV 07 09.02.17 1 021 000 0.80%250 0.875% Bank of Communications Co. Ltd. 14 26.06.17 252 750 0.20%

2 000 0.000% BAT International Finance Plc. 14 05.08.16 2 001 500 1.56%250 2.500% Black Sea Trade & Development Bank 12 04.10.16 251 063 0.20%500 3.000% BP Capital Markets Plc. 07 14.06.17 515 525 0.40%

1 000 1.750% Canadian Imperial Bank of Commerce 10 30.06.17 1 024 700 0.80%1 000 1.000% Canton of Zurich 14 07.03.17 1 006 050 0.78%1 040 0.625% Central American Bank for Economic Integration 13 16.12.16 1 045 980 0.81%1 600 3.000% Cie de Financement Foncier S.A. 08 19.08.16 1 607 680 1.25%1 475 2.750% Cie de Financement Foncier S.A. 04 15.11.16 1 494 101 1.16%1 000 0.000% City of Lausanne Switzerland 13 05.11.17 1 007 447 0.79%1 000 0.000% City of Zurich Switzerland 14 21.11.16 1 002 700 0.78%1 000 0.000% City of Zurich Switzerland 14 25.04.17 1 005 800 0.78%2 160 2.750% Corp Andina de Fomento 11 03.02.17 2 204 064 1.72%

500 1.750% Credit Agricole Home Loan SFH S.A. 10 27.07.17 513 675 0.40%1 250 0.000% Credit Suisse AG 14 19.08.16 1 250 375 0.97%3 000 2.875% Czech Republic International 09 23.11.16 3 042 900 2.37%1 980 1.625% Daimler International Finance BV 11 12.10.16 1 991 979 1.55%1 295 1.500% Danske Bank A/S 12 21.12.16 1 307 626 1.02%2 200 2.375% Danske Bank A/S 09 13.01.17 2 237 510 1.74%2 000 2.250% Deutsche Telekom AG 10 08.07.16 2 000 700 1.56%1 170 3.375% DNB Boligkreditt AS 08 13.07.16 1 171 345 0.91%1 250 3.375% DNB Boligkreditt AS 07 16.11.16 1 269 625 0.99%2 020 1.500% DNB Boligkreditt AS 11 24.02.17 2 048 987 1.60%3 030 0.750% EBN BV 11 03.10.16 3 042 271 2.37%1 665 2.000% European Investment Bank 05 29.08.16 1 672 576 1.30%

250 0.119% European Investment Bank 06 20.12.16 250 138 0.19%1 450 0.000% Export-Import Bank of Korea 14 03.03.17 1 450 362 1.13%2 840 2.250% General Electric Co. 11 19.12.16 2 879 192 2.24%2 080 2.875% General Electric Co. 07 27.02.17 2 128 984 1.66%2 050 2.500% Heathrow Funding Ltd. 12 08.02.17 2 084 850 1.62%1 240 1.875% HSBC Bank Plc. 10 01.09.16 1 248 618 0.97%1 090 2.750% HSBC Bank Plc. 07 03.04.17 1 118 177 0.87%

975 3.250% HSBC Finance Corp. 06 14.07.16 976 073 0.76%385 2.625% HYPO NOE Gruppe Bank AG 06 07.02.17 392 469 0.31%

1 000 0.000% Hyundai Capital Services, Inc. 14 20.09.16 1 000 600 0.78%




42



Market valueCHF

% ofnet

assets

705 2.500% Hyundai Capital Services, Inc. 12 15.02.17 718 325 0.56%500 3.000% Iberdrola International BV 12 13.02.17 510 925 0.40%

1 995 2.125% ING Bank NV 10 07.10.16 2 010 760 1.57%450 2.875% Kommunalbanken AS 09 09.05.17 465 660 0.36%500 0.750% Korea District Heating Corp. 13 20.12.16 503 025 0.39%

1 805 2.000% Korea Gas Corp. 11 11.10.16 1 818 628 1.42%500 1.000% Korea Land & Housing Corp. 13 04.10.16 501 825 0.39%

1 000 1.875% Korea National Oil Corp. 12 08.03.17 1 015 750 0.79%2 795 1.500% Landshypotek Bank AB 10 13.12.16 2 824 627 2.20%1 310 2.625% Landwirtschaftliche Rentenbank 09 07.07.16 1 316 288 1.03%2 425 1.750% Landwirtschaftliche Rentenbank 10 16.01.17 2 461 860 1.92%1 920 2.750% LGT Finance Ltd. 09 08.12.16 1 948 800 1.52%1 500 2.500% LGT Finance Ltd. 10 12.05.17 1 540 350 1.20%

250 0.000% Mondelez International, Inc. 15 30.03.17 250 800 0.20%1 500 2.125% National Australia Bank Ltd. 11 03.02.17 1 523 925 1.19%

260 2.250% National Australia Bank Ltd. 10 14.07.17 267 098 0.21%2 700 2.875% Nederlandse Financierings Maatschappij voor

Ontwikkelingslanden NV 09 19.07.16 2 704 185 2.11%2 110 1.750% Nederlandse Waterschapsbank NV 10 22.07.16 2 112 848 1.65%1 195 1.750% Nykredit Bank A/S 12 26.09.16 1 200 796 0.94%

450 2.750% Oberoesterreichische Landesbank AG 07 19.08.16 451 890 0.35%240 1.750% Oesterreichische Kontrollbank AG 11 14.06.17 245 940 0.19%500 1.625% Orange S.A. 11 13.10.16 503 325 0.39%

1 595 1.125% PACCAR Financial Europe BV 12 06.03.17 1 611 508 1.26%2 200 1.000% Philip Morris International, Inc. 11 06.12.16 2 216 060 1.73%

500 3.625% Poland Government International Bond 08 21.04.17 517 250 0.40%720 3.538% Powszechna Kasa Oszczednosci Bank Polski SA Via

PKO Finance AB11 07.07.16 720 180 0.56%990 2.625% Province of Quebec Canada 06 21.06.17 1 024 601 0.80%

1 000 0.000% Raiffeisen Schweiz Genossenschaft 14 07.02.17 1 003 350 0.78%750 0.000% Raiffeisen Schweiz Genossenschaft 14 05.06.18 759 045 0.59%465 1.500% RCI Banque S.A. 13 19.07.16 465 209 0.36%

2 740 2.375% Region of Ile de France 05 28.12.16 2 782 470 2.17%1 800 2.250% SGSP Australia Assets Pty Ltd. 10 09.08.16 1 804 680 1.41%1 000 1.750% SK Telecom Co. Ltd. 12 12.06.17 1 020 250 0.79%1 750 2.000% Stadshypotek AB 10 01.12.16 1 769 626 1.38%1 270 2.750% State of Berlin 07 03.05.17 1 308 290 1.02%

700 1.625% State of Hesse 10 29.09.16 704 095 0.55%500 3.250% State of Hesse 08 22.05.17 521 400 0.41%

1 000 2.625% Svensk Exportkredit AB 07 09.02.17 1 020 900 0.80%500 2.125% Sveriges Sakerstallda Obligationer AB 10 15.02.17 508 900 0.40%

2 565 2.125% Swedbank Hypotek AB 10 26.08.16 2 574 978 2.01%2 510 2.875% Toyota Motor Credit Corp. 06 20.09.16 2 529 327 1.97%2 735 2.000% Westpac Banking Corp. 11 15.12.16 2 768 914 2.16%

Addresses

43

Registered Office Julius Baer Multicash 25, Grand-Rue L - 1661 Luxembourg Management Company and Domiciliary Agent GAM (Luxembourg) S.A. 25, Grand-Rue L - 1661 Luxembourg Tel. (+352) 26 48 44 1 Fax (+352) 26 48 44 44 Representative in Switzerland GAM Investment Management (Switzerland) AG Hardstraße 201 P.O. Box CH - 8037 Zurich Tel. (+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 State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy L - 1855 Luxembourg Tel. (+352) 46 40 10 1 Fax (+352) 46 36 31 Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L - 2182 Luxembourg Tel. (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00 Legal Adviser Linklaters LLP 35, Avenue J.F. Kennedy L - 1855 Luxembourg Tel. (+352) 26 08 1 Fax (+352) 26 08 88 88

Julius Baer Multicash Société d’Investissement à … · Julius Baer Multicash Société d’Investissement à Capital Variable Annual Report as at 30 June 2016 (audited) Subscriptions

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