UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-06017

Julius Baer Global Equity Fund Inc.
(Exact name of registrant as specified in charter)

330 Madison Avenue, New York, NY					10017
(Address of principal executive offices)					(Zip code)

Tony Williams 330 Madison Avenue, New York, NY 10017
(Name and address of agent for service)

Registrant’s telephone number, including area code:				212-297-3600

Date of fiscal year end:	10/31

Date of reporting period:		11/01/05 – 04/30/06

Item 1. Reports to Stockholders.

SHAREHOLDER EXPENSES (Unaudited)

As a shareholder of the Julius Baer Global Equity Fund Inc., Julius Baer International Equity Fund, Julius Baer International Equity Fund II, Julius Baer Total Return Bond Fund or Julius Baer Global High Yield Bond Fund, you incur ongoing expenses, such as management fees, shareholder service fees, distribution fees and other fund expenses. The following table is intended to help you understand your ongoing expenses (in dollars and cents) of investing in Julius Baer Global Equity Fund Inc., Julius Baer International Equity Fund, Julius Baer International Equity Fund II, Julius Baer Total Return Bond Fund or Julius Baer Global High Yield Bond Fund and to compare these expenses with the ongoing expenses of investing in other funds.

The table is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2005 to April 30, 2006.

Actual Expenses

The first line in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about the hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the funds actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Global Equity Fund Class A

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,189.80		1.40	%	$	7.60
Hypothetical		1,000.00		1,017.90		1.40	%		7.00

Julius Baer Funds 2006 Semi-Annual Report

Global Equity Fund Class I

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,191.40		1.15	%	$	6.25
Hypothetical		1,000.00		1,019.10		1.15	%		5.76

International Equity Fund Class A

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,288.80		1.22	%	$	6.92
Hypothetical		1,000.00		1,018.70		1.22	%		6.11

International Equity Fund Class I

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,290.40		0.96	%	$	5.45
Hypothetical		1,000.00		1,020.00		0.96	%		4.81

International Equity Fund II Class A

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,272.60		1.34	%	$	7.55
Hypothetical		1,000.00		1,031.40		1.34	%		6.75

International Equity Fund II Class I

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,273.70		1.06	%	$	5.98
Hypothetical		1,000.00		1,030.10		1.06	%		5.34

Total Return Bond Fund Class A

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,009.10		0.69	%	$	3.44
Hypothetical		1,000.00		1,021.40		0.69	%		3.46

Total Return Bond Fund Class I

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,011.50		0.44	%	$	2.19
Hypothetical		1,000.00		1,022.60		0.44	%		2.21

Julius Baer Funds 2006 Semi-Annual Report

High Yield Bond Class A

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,064.70		1.17	%	$	5.99
Hypothetical		1,000.00		1,019.00		1.17	%		5.86

High Yield Bond Class I

	Beginning Account Value 11/01/05		Ending Account Value 04/30/06		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,065.80		0.89	%	$	4.56
Hypothetical		1,000.00		1,020.40		0.89	%		4.46

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—96.5%
		United States—39.2%
	12,367	3COM Corp*	$	66,658
	9,720	Aetna Inc		374,220
	4,660	Alltel Corp		299,964
	3,790	Altria Group		277,276
	9,534	American International Group		622,094
	16,048	AmerisourceBergen		692,471
	1,824	Amgen*		123,485
	1	Applied Materials (2)		18
	4,120	Arch Coal (2)		391,359
	29,664	Archer-Daniels-Midland		1,077,990
	4,060	Avery Dennison		253,750
	12,888	Bank of America		643,369
	5,814	Baxter International		219,188
	3,478	Becton Dickinson & Co		219,253
	9,510	Boeing Co		793,610
	4,229	Cardinal Health		284,823
	3,530	Caterpillar Inc		267,362
	9,740	Chevron Corp		594,335
	3,635	Chipoltle Mexican Grill-Class A* (2)		189,711
	13,020	Cisco Systems*		272,769
	14,044	Citigroup Inc		701,498
	8,580	Coach Inc*		283,312
	15,180	Coca-Cola Enterprises		296,465
	5,660	Commerce Bancorp (2)		228,324
	12,858	Compuware Corp*		98,749
	3,850	ConocoPhillips		257,565
	5,860	Conseco Inc*		147,965
	2,660	Dentsply International		158,722
	7,847	Emerson Electric		666,603
	1,620	Freeport-McMoRan Copper & Gold-Class B		104,620
	25,837	General Electric		893,702
	28,738	Genworth Financial Class A		954,102
	11,323	Home Depot		452,127
	7,860	IAC/InterActiveCorp* (2)		226,918
	7,826	IBM Corp		644,393
	6,448	Johnson & Johnson		377,917
	5,385	JPMorgan Chase		244,371
	32,790	King Pharmaceuticals* (2)		570,218
	9,120	Kroger Co*		184,771

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		United States—Continued
	11,270	Lockheed Martin	$	855,393
	9,969	Macquarie Infrastructure		291,095
	20,945	McDonald's Corp		724,069
	4,140	MedImmune Inc*		130,286
	5,432	Merrill Lynch		414,244
	38,078	Microsoft Corp (2)		919,584
	5,013	Molson Coors Brewing-Class B		370,260
	8,680	Morgan Stanley		558,124
	10,025	News Corp-Class B (2)		182,756
	5,500	Oceaneering International*		335,665
	10,740	Omnicom Group		966,707
	3,820	Peabody Energy		243,945
	9,094	Pepsico Inc		529,635
	20,703	Perot Systems-Class A*		312,201
	5,375	Pfizer Inc		136,149
	1,180	Phelps Dodge		101,704
	9,582	Procter & Gamble		557,768
	2,687	Prudential Financial		209,935
	2,611	Raytheon Co		115,589
	6,550	Schering-Plough		126,546
	697	Southern Copper (2)		69,038
	9,291	Texas Instruments		322,491
	11,802	Time Warner		205,355
	2,782	United Parcel Service-Class B		225,537
	1,430	Valero Energy		92,578
	8,492	Verizon Communications		280,491
	1,760	Vertex Pharmaceuticals* (2)		64,011
	3,758	W.W. Grainger		289,065
	3,772	Wyeth		183,583
	19,980	Xerox Corp*		280,519
				25,250,370
		Japan—7.3%
	2,800	Aeon Credit Service		77,233
	1,400	Aiful Corp		83,363
	1,300	Aisin Seiki		48,722
	3,000	Bank of Yokohama		23,459
	11,000	Bosch Corp		52,688
	2,000	Canon Inc		152,539

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Japan—Continued
	2,300	Credit Saison	$	120,236
	1,630	Dai Nippon Printing		29,117
	1,300	Daikin Industries		45,193
	6,540	Daiwa Securities Group		90,426
	3,400	Denso Corp		133,082
	6	Dentsu Inc		20,806
	780	Eisai Co		35,585
	28	Fuji Television Network		69,387
	2,118	Fujitsu Ltd		17,601
	1,856	Honda Motor		131,480
	550	Hoya Corp		22,202
	330	Ibiden Co		15,633
	5,000	Itochu Corp		45,271
	200	JAFCO Co		13,275
	30	Japan Tobacco		120,315
	753	JS Group		16,715
	740	JSR Corp		22,744
	1,420	Kubota Corp		16,003
	300	Kyocera Corp		27,925
	824	Leopalace21 Corp		32,036
	820	Makita Corp		24,270
	18,200	Matsushita Electric Industrial		438,266
	23	Mitsubishi Tokyo Financial		360,508
	3,000	Mitsubishi UFJ Securities		47,128
	1,817	Mitsui Fudosan		40,572
	29	Mizuho Financial		246,576
	2,000	NGK Spark Plug		43,783
	1,840	NHK Spring		21,268
	4,027	Nikko Securities		64,981
	300	Nintendo Co		44,658
	1,000	Nippon Electric Glass		22,504
	3,159	Nissan Motor		41,410
	1,800	Nitto Denko		150,525
	900	NOK Corp		27,268
	6,806	Nomura Holdings		153,463
	4,000	NSK Ltd		36,077
	230	Orix Corp		68,879
	5,000	Ricoh Co		98,949
	700	Sega Sammy Holdings		27,828

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Japan—Continued
	21,000	Seiyu Ltd*	$	51,489
	1,700	Seven & I Holdings		65,648
	4,380	Sharp Corp		76,669
	3,748	Sony Corp		187,728
	1,480	Stanley Electric		34,343
	4,000	Sumitomo Chemical		34,956
	2,078	Sumitomo Corp		31,043
	3,080	Sumitomo Metal Industries		12,946
	14	Sumitomo Mitsui Financial		153,240
	1,850	Suzuki Motor		45,035
	1,100	Takeda Chemical Industries		67,040
	2,000	Teijin Ltd		13,678
	2,900	Toray Industries		27,095
	5,500	Toyota Motor		320,753
	480	Yamada Denki		52,161
	1,800	Yamaha Motor		49,492
	1,400	Yamato Holdings		27,828
	2,200	Yokogawa Electric		34,753
				4,707,846
		France—6.1%
	436	Atos Origin		32,650
	2,781	BNP Paribas		262,381
	1,767	Bouygues SA		96,266
	1,211	Compagnie de Saint-Gobain		90,687
	3,501	Electricite de France*		204,405
	1,553	Generale de Sante		46,187
	1,783	JC Decaux*		53,229
	3,314	Lafarge SA		407,012
	447	Lagardere S.C.A.		36,881
	1,116	L'Air Liquide		241,090
	3,457	LVMH SA		363,392
	1,039	Pernod-Ricard		201,159
	1,055	Pinault-Printemps-Redoute		136,614
	985	Publicis Groupe		40,883
	2,058	Renault SA		238,497
	920	Safran SA		23,583
	4,902	Sanofi-Aventis		461,567
	589	Schneider Electric		66,589

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		France—Continued
	720	Societe Generale-Class A	$	109,831
	3,661	Societe Television Francaise		121,285
	1,479	Suez SA		58,108
	1,765	Total SA		487,343
	935	Vinci SA		92,750
	1,970	Vivendi Universal		71,815
				3,944,204
		United Kingdom—5.2%
	12,041	Aegis Group		29,875
	5,399	Anglo American		229,145
	8,590	Associated British Ports		114,136
	13,116	BAA PLC		202,047
	2,919	BAE Systems		22,151
	9,763	Balfour Beatty		63,707
	3,046	BG Group		40,804
	8,372	BP PLC		102,945
	12,127	Burberry Group		103,931
	29,925	Compass Group		128,640
	26,162	Dawnay Day Treveria*		38,393
	15,538	Diageo PLC		255,596
	14,517	GlaxoSmithkline PLC		410,579
	9,190	Highland Gold Mining*		47,607
	1,227	Imperial Tobacco		38,004
	2,008	Kazakhmys PLC		41,553
	5,110	Michael Page International		35,574
	1,273	Peter Hambro Mining*		38,133
	6,415	Prudential PLC		75,034
	4,770	Reckitt Benckiser		173,317
	760	Rio Tinto		41,663
	13,675	Rolls-Royce Group*		118,441
	543,111	Rolls-Royce Group		987
	1,663	SABMiller PLC		34,973
	4,823	Scottish & Newcastle		44,446
	5,900	Smith & Nephew		48,634
	1,703	Smiths Group		31,558
	39,040	Tesco PLC		226,721
	161,461	Vodafone Group		380,056
	8,409	William Hill		96,981

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		United Kingdom—Continued
	1,024	Wolseley PLC	$	25,555
	7,605	WPP Group		93,583
				3,334,769
		Germany—5.1%
	1,981	Aareal Bank*		93,402
	119	Adidas-Salomon		25,086
	986	Bilfinger and Berger		62,709
	8,263	Commerzbank AG		341,919
	647	Continental AG		76,911
	1,684	DaimlerChrysler AG-Registered		92,190
	2,127	Deutsche Bank		260,747
	1,498	Deutsche Boerse		216,302
	6,668	Deutsche Post		177,478
	1,072	Deutsche Postbank		81,831
	213	Deutsche Wohnen*		69,759
	1,217	E.ON AG		147,980
	5,696	Fraport AG		430,283
	945	Fresenius AG		157,617
	914	Henkel KGaA		100,614
	1,390	Hochtief AG		94,900
	2,143	Hypo Real Estate Holding		149,602
	1,030	IKB Deutsche Industriebank		42,660
	200	Interhyp AG*		26,201
	2,707	IVG Immobilien		77,643
	1,570	KarstadtQuelle AG (2)		47,127
	430	Merck KGaA		45,499
	870	MVV Energie		25,808
	680	Patrizia Immobilien*		18,296
	302	Praktiker Bau-Und Heimwerk*		9,023
	90	Puma AG		36,222
	498	Rhoen Klinikum		23,148
	350	SAP AG		76,360
	2,086	Siemens AG		197,072
	262	Solarworld AG		81,444
				3,285,833

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Russia—4.8%
	400	Avtovaz Sponsored GDR*	$	19,902
	1,519	JSC MMC Norilsk Nickel ADR (2)		200,508
	6,085	LUKOIL ADR		547,650
	98	NovaTek OAO*		389,795
	3,950	OAO Gazprom*		45,030
	13,760	OAO Gazprom ADR (2)		629,658
	1,679	Polyus Gold ADR (1)		79,753
	400	Rosneft-Purneftegaz		19,620
	217	Sberbank RF		392,770
	440	Sibneft		2,202
	11,950	Surgutneftegaz OJSC		20,315
	47,811	TNK-BP (1)		162,557
	6,208	Unified Energy System GDR		476,580
	5,300	Uralsvyazinform ADR (2)		43,990
	4,291	VolgaTelecom ADR*		36,474
				3,066,804
		Switzerland—3.5%
	1,970	Adecco SA		121,803
	380	BKW FMB Energie		39,108
	4,627	Compagnie Financiere Richemont		239,023
	3,935	Credit Suisse-Registered		246,462
	383	Dufry Group*		32,395
	3,210	Holcim Ltd*		268,414
	1,013	Nestle SA-Registered		308,074
	6,779	Novartis AG-Registered		387,800
	1,923	Roche Holding		294,847
	59	SGS SA		58,205
	440	Syngenta AG-Registered*		61,202
	1,230	The Swatch Group-Class B		219,941
				2,277,274
		Italy—3.3%
	2,382	Assicurazioni Generali		89,144
	1,478	Autostrada Torino-Milano		34,283
	14,560	Banca Intesa		86,384
	22,064	Banca Intesa - RNC		122,428
	870	Banca Italease		52,888
	11,834	Banca Popolare di Milano		149,365

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Italy—Continued
	963	Banca Popolare Emilia Romagna	$	58,105
	10,640	Banca Popolare Italiana		112,113
	4,024	Banche Popolari Unite		101,579
	3,355	Banco Popolare di Verona		94,285
	37,444	Beni Stabili		43,435
	2,760	Bulgari SpA		34,221
	4,530	Buzzi Unicem		115,779
	21,961	Capitalia SpA		190,323
	29,059	Cassa di Risparmio di Firenze		102,748
	6,771	Credito Emiliano		94,144
	1,640	Finmeccanica SpA		39,273
	4,979	Geox SpA		70,921
	1,706	Luxottica Group		50,737
	9,009	Parmalat SpA*		30,266
	58,459	UniCredito Italiano		439,839
				2,112,260
		Poland—2.6%
	421	Agora SA		6,123
	8,679	Bank PEKAO		581,678
	771	Bank Prezemyslowo-Handlowy		198,667
	2,533	Budimex*		46,150
	2,837	CCC SA*		40,797
	1,428	Opoczno SA*		15,471
	50,286	Pko Bank Polski		631,510
	11,608	Polski Koncern Miesy Duda*		51,740
	12,683	Telekomunikacja Polska		92,843
				1,664,979
		Netherlands—2.0%
	690	Eurocastle Investment		26,422
	2,014	Euronext NV		179,742
	1,273	Heineken NV*		51,490
	6,112	ING Groep		248,369
	7,792	Koninklijke KPN		91,379
	1,652	Koninklijke Numico		74,747
	2,887	Philips Electronics*		99,461
	830	Randstad Holdings		55,098
	8,049	TNT NV		289,365

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Netherlands—Continued
	3,040	Trader Media East-Class W*	$	27,056
	1,405	Unilever NV		101,322
	2,970	Vedior NV		69,137
				1,313,588
		Austria—1.7%
	3,847	Erste Bank der Oesterreichischen Sparkassen		231,881
	766	Flughafen Wien		58,337
	6,575	Immoeast Immobilien Anlagen*		71,227
	3,817	OMV AG		264,974
	1,490	Raiffeisen International Bank Holding*		129,674
	4,120	Telekom Austria		100,941
	1,879	Wiener Staedtische Versicher		120,190
	2,030	Wienerberger AG		107,168
				1,084,392
		Sweden—1.6%
	2,666	Capio AB*		52,340
	17,089	Ericsson AB-Class B		60,621
	8,107	ForeningsSparbanken AB		222,273
	3,571	Getinge AB-Class B		61,646
	1,329	Modern Times Group-Class B		72,696
	13,102	Nordea AB		168,081
	10,245	Skandinaviska Enskilda Banken		257,311
	6,693	Skanska AB-Class B		115,540
	6,533	TeliaSonera AB		40,423
				1,050,931
		Turkey—1.6%
	5,054	Acibadem Saglik Hizmetleri Ve Ticaret		61,597
	17,013	Akbank TAS		141,668
	3,620	Aksigorta		18,223
	124	Alarko Gayrimenkul Yatirum Ortakligi*		5,538
	5,070	Anadolu Sigorta*		17,041
	1,207	Bim Birlesik Magazalar		47,056
	33,153	Dogan Sirketler Grubu*		158,110
	37,403	Haci Omer Sabanci		176,961
	10,090	Is Gayrimenkul Yatirim Ortakligi		26,122
	36,469	Turkiye Garanti Bankasi		150,459

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Turkey—Continued
	23,227	Turkiye Is Bankasi	$	195,170
	3,861	Turkiye Vakiflar Bankasi*		24,405
	2,000	Yapi Kredi Sigorta		10,295
				1,032,645
		Norway—1.5%
	11,026	Acta Holding		49,619
	1,200	Cermaq ASA		17,580
	5,864	DNB Holding		81,161
	2,622	Norsk Hydro		402,797
	1,210	Orkla ASA		63,561
	10,318	Statoil ASA		339,062
				953,780
		Finland—1.3%
	1,020	Atria Group		25,530
	10,248	Fortum Oyj		258,436
	1,780	Hk-Ruokatalo Oyj-Class A		22,198
	10,712	Nokia Oyj		243,555
	1,000	Nokia Oyj ADR		22,660
	960	Olvi Oyj		18,768
	620	Ramirent Oyj		23,094
	1,920	Sampo Insurance-Class A		39,567
	1,530	Sanomawsoy Oyj-Class B		39,123
	650	Stockmann Oyj-Class B		26,610
	780	Wartsila Oyj-Class B		33,190
	2,760	YIT Oyj		77,738
				830,469
		Australia—1.3%
	10,906	BHP Billiton		242,455
	4,087	Brambles Industries		34,607
	975	CSL Ltd		42,685
	71,685	Macquarie Airports		178,402
	11,290	Newcrest Mining		195,311
	1,941	Rio Tinto		115,831
				809,291
		Czech Republic—1.1%
	4,548	Komercni Banka		720,196

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Belgium—1.0%
	537	Almancora	$	72,446
	3,098	Fortis		115,940
	4,083	KBC Groupe		472,913
				661,299
		Hong Kong—0.9%
	25,310	China Merchants Holdings International		86,340
	6,480	China Resources Enterprise		13,873
	16,000	Clear Media*		19,810
	64,630	Emperor Entertainment Hotel		21,047
	65,740	Galaxy Entertainment Group*		56,807
	36,940	Hutchison Telecommunications*		65,031
	68,550	Melco International Development		154,275
	94,740	Shun TAK Holdings		120,355
	54,600	Texwinca Holdings		40,139
				577,677
		South Korea—0.7%
	1,110	Hyundai Motor		97,560
	76	NHN Corp*		26,993
	518	Samsung Electronics		353,681
				478,234
		Mexico—0.5%
	630	Desarrolladora Homex ADR* (2)		24,142
	4,805	Empresas Ica Sociedad Controladora*		14,952
	6,004	Fomento Economico Mexicano*		55,562
	400	Fomento Economico Mexicano ADR		37,152
	1,534	Grupo Aeroportuario del Sureste ADR		59,473
	40,094	Grupo Financiero Banorte		104,330
	940	Grupo Televisa Sponsored ADR		19,928
				315,539
		Spain—0.5%
	8,276	Banco Bilbao Vizcaya Argentaria		182,539
	4,029	Corporacion Mapfre		85,059
	822	Inditex SA		33,393
				300,991

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Romania—0.4%
	72,428	Impact SA	$	16,533
	14,250	Romanian Bank for Development		89,324
	913,413	SNP Petrom		185,337
				291,194
		Greece—0.4%
	3,871	Alpha Bank		146,283
	5,781	Hellenic Telecommunication		129,183
				275,466
		Denmark—0.4%
	390	Alk-Abello A/S*		59,072
	750	Novo Nordisk-Class B		48,632
	558	Royal UNIBREW		60,209
	2,597	Vestas Wind Systems (2)		70,384
				238,297
		China—0.3%
	60,000	Beijing Capital International Airport-Class H		34,822
	60,730	China Life Insurance-Class H*		81,849
	35,330	Dongfeng Motor Group-Class H*		17,657
	26,500	Weiqiao Textile-Class H		34,861
	16,000	Wumart Stores-Class H*		52,620
				221,809
		Hungary—0.3%
	16,416	Magyar Telekom		74,960
	3,611	OTP Bank		139,853
				214,813
		Cyprus—0.3%
	19,743	Bank of Cyprus		191,991
		India—0.2%
	2,600	India Cements GDR*†		25,696
	1,860	State Bank of India GDR		94,767
				120,463
		Croatia—0.2%
	102	Atlantska Plovidba		14,451
	528	Dom Holding* (1)		12,589

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Croatia—Continued
	84	Ericsson Nikola Tesla	$	30,086
	18	Institut Gradevinarstva		10,481
	492	Podravka Prehrambena Industija*		32,651
	347	Proficio Dd* (1)		4,437
	205	Validus Dd* (1)		3,082
	32	Viadukt Dd (1)		5,916
				113,693
		Canada—0.2%
	7,641	Bema Gold*		43,096
	170	Centerra Gold*		7,161
	3,929	Eldorado Gold*		20,477
	400	Ivanhoe Mines*		3,891
	460	Research in Motion*		35,250
				109,875
		Portugal—0.2%
	14,759	Banco Comercial Portugues		44,991
	4,164	Portugal Telecom-Registered		52,924
				97,915
		Ireland—0.1%
	23,232	Dragon Oil*		82,133
		Luxembourg—0.1%
	1,530	Millicom International Cellular* (2)		75,245
		Venezuela—0.1%
	3,560	CIA Anonima Telefonos De Venezuela ADR		72,517
		Thailand—0.1%
	2,490	Bangkok Bank Public		7,489
	9,910	Bangkok Bank Public-Foreign Registered Shares		31,389
	59,600	Krung Thai Bank Public		19,512
				58,390
		Indonesia—0.1%
	127,083	Bank Mandiri Persero		27,895
	34,036	Telekomunikasi Indonesia		29,033
				56,928

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Bermuda—0.1%
	760	Central European Media Enterprises-Class A*	$	48,952
		Brazil—0.1%
	1,491	Diagnosticos da America		37,787
		New Zealand—0.1%
	27,755	Auckland International Airport		36,002
		Egypt—0.0%
	470	Orascom Telecom Holding GDR		25,239
		Kazakhstan—0.0%
	890	Kazakhgold GDR*		24,787
		Estonia—0.0%
	3,974	Tallink Group		22,226
		South Africa—0.0%
	2,070	MTN Group		20,442
		United Arab Emirates—0.0%
	1,280	Investcom LLC GDR*		19,394
		TOTAL COMMON STOCKS (Cost $55,298,203)		62,228,929
PREFERRED STOCKS—0.3%
		Germany—0.2%
	5,270	ProsiebenSat.1 Media		145,778
		Croatia—0.1%
	32	Adris Grupa		18,107
		TOTAL PREFERRED STOCKS (Cost $140,654)		163,885
INVESTMENT FUNDS—0.2%
		Romania—0.1%
	19,500	SIF 1 Banat Crisana Arad*		16,851
	21,000	SIF 2 Moldova Bacau*		17,120
	16,000	SIF 3 Transilvania Brasov*		12,986
	29,000	SIF 4 Muntenia Bucuresti		16,445
	18,500	SIF 5 Oltenia Craiova*		17,629
				81,031

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
INVESTMENT FUNDS—Continued
		Australia—0.1%
	11,505	Australian Infrastructure Fund	$	19,641
		TOTAL INVESTMENT FUNDS (Cost $78,297)		100,672
WARRANTS—0.9%
		India—0.9%
	25,691	Bharti Televentures-Class A Warrants, Expires 05/31/2010*†		238,988
	8,485	Bharti Televentures Warrants, Expires 03/17/2011*†		76,416
	8,741	Canara Bank Warrants, Expires 01/19/2009*		47,951
	8,086	CLSA State Bank of India Warrants, Expires 05/13/2010*†		185,702
	1,554	State Bank of India Warrants, Expires 1/19/2009*		34,479
				583,536
		Switzerland—0.0%
	320	Syngenta AG Warrants, Expires 05/23/2006*		512
		TOTAL WARRANTS (Cost $567,465)		584,048
RIGHTS—0.0%
		Sweden—0.0%
	2,666	Capio AB, Expires 05/18/06* (Cost $0)		1,949
STRUCTURED NOTES—0.1%

Face
Value

Currency

Philippines—0.1%

USD

Phillippines Notes, due 10/17/2006 (Cost $59,397)*†

77,567

U.S. GOVERNMENT AND AGENCY OBLIGATION—0.1%

United States—0.1%

50,000

USD

U.S. Treasury Bill 4.410% due 05/11/2006 (Cost $49,927) (3)

49,927

OPTIONS—0.0%

United States—0.0%

12,500

USD

AmerisourceBergen Corp Put, Expires 5/20/2006, Strike 45
due 05/20/2006 (Cost $10,062)

5,000

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Face Value		Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—6.0%
		United States—6.0%
	40,028	Abbey National 4.770% due 05/03/2006 (4)	$	40,028
	75,039	ABN Amro Bank NV 4.920% due 05/30/2006 (4)		75,039
	36,779	American Beacon Funds 4.751% due 05/01/2006 (4)		36,779
	49,816	ANZ Banking Group 4.890% due 05/22/2006 (4)		49,816
	75,039	BancoBilbao Vizcaya Argentaria 4.950% due 06/20/2006 (4)		75,039
	87,574	Bank of America, with rates ranging from 4.770%-4.970% and maturity dates ranging from 05/16/2006-06/19/2006 (4)		87,574
	30,016	Bank of Montreal 4.770% due 05/02/2006 (4)		30,016
	140,074	Bank of Nova Scotia 4.800% due 05/11/2006 (4)		140,074
	50,026	Barclays 4.790% due 05/10/2006 (4)		50,026
	34,853	Barton Capital 4.786% due 05/05/2006 (4)		34,853
	20,011	Bear Stearns & Co 5.010% due 06/06/2006 (4)		20,011
	155,082	BGI Institional 4.775% due 05/01/2006 (4)		155,082
	150,078	BNP Paribas, with rates ranging from 4.760%-4.820% and maturity dates ranging from 05/02/2006-05/05/2006 (4)		150,078
	25,013	Branch Banker &Trust 4.850% due 05/19/2006 (4)		25,013
	25,013	CAFCO Funding 4.913% due 05/31/2006 (4)		25,013
	70,037	Calyon, with rates ranging from 4.740%-4.910% and maturity dates ranging from 05/09/2006-06/02/2006 (4)		70,037
	70,537	Canadian Imperial Bank of Commerce, with rates ranging from 4.915%-4.970% and maturity dates ranging from 05/18/2006-06/23/2006 (4)		70,537
	25,013	Charta 4.944% due 06/08/2006 (4)		25,013
	49,814	Clipper Receivables 4.941% due 05/26/2006 (4)		49,814
	59,648	Compass Securitization, with rates ranging from 4.789%-4.928% and maturity dates ranging from 05/04/2006-05/22/2006 (4)		59,648
	62,675	CRC Funding, with rates ranging from 4.953%-4.986% and maturity dates ranging from 06/13/2006-06/16/2006 (4)		62,675
	98,095	Credit Suisse First Boston Repo, with rates ranging from
		4.915%-4.960% and matuirty dates ranging from
		05/01/2006-06/16/2006 (4)		98,095
	49,656	Den Danske Bank 4.773% due 05/05/2006 (4)		49,656
	22,012	Deutsche Bank 4.760% due 05/01/2006 (4)		22,012
	75,039	Dexia Group 4.775% due 05/04/2006 (4)		75,039
	49,808	Falcon Asset Securitization Corp, with rates ranging from 4.858%-4.928% and maturity dates ranging from 05/15/2006-05/22/2006 (4)		49,808

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Face Value		Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
		United States—Continued
	118,061	Fortis Bank, with rates ranging from 4.770%-4.970% and maturity dates ranging from 05/01/2006-06/22/2006 (4)	$	118,061
	59,913	General Electric Capital Corporation 4.756% due 05/05/2006 (4)		59,913
	44,382	Goldman Sachs Financial Square Prime Obligations 4.668% due 05/01/2006 (4)		44,382
	213,455	Goldman Sachs Group 4.915% due 05/01/2006 (4)		213,455
	24,853	Greyhawk Funding 4.825% due 05/11/2006 (4)		24,853
	50,026	Harris NA 4.900% due 05/23/2006 (4)		50,026
	125,065	HBOS Halifax Bank of Scotland, with rates ranging from 4.777%-4.789% and maturity dates ranging from 06/06/2006-07/10/2006 (4)		125,065
	25,013	Jupiter Securitization 4.880% due 05/18/2006 (4)		25,013
	49,810	Kitty Hawk Funding 4.891% due 05/22/2006 (4)		49,810
	49,814	Liberty Street 4.790% due 05/02/2006 (4)		49,814
	75,039	Lloyds TSB Bank 4.810% due 05/11/2006 (4)		75,039
	193,101	Merrill Lynch & Co 4.865% due 05/01/2006 (4)		193,101
	122,580	Merrimac Cash Fund-Premium Class 4.605% due 05/01/2006 (4)		122,580
	112,011	Morgan Stanley & Co Repo, with rates ranging from 4.865%-4.925% and with a maturity date of 05/01/2006 (4)		112,011
	10,005	Nordea Bank Finland 4.970% due 05/30/2006 (4)		10,005
	74,622	Old Line Funding, with rates ranging from 4.942%-4.960% and maturity dates ranging from 05/15/2006-06/08/2006 (4)		74,622
	74,676	Paradigm Funding, with rates ranging from 4.933%-4.953% and maturity dates ranging from 05/16/2006-05/30/2006 (4)		74,676
	29,810	Park Avenue Receivables 4.790% due 05/08/2006 (4)		29,810
	49,808	Prefco, with rates ranging from 4.786%-4.962% and maturity dates ranging from 05/01/2006-05/30/2006 (4)		49,808
	128,567	Rabobank, with rates ranging from 4.820%-4.920% and maturity dates ranging from 05/01/2006-06/12/2006 (4)		128,567
	25,013	Ranger Funding 5.009% due 06/09/2006 (4)		25,013
	30,016	Royal Bank of Canada 4.990% due 06/27/2006 (4)		30,016
	170,089	Royal Bank of Scotland, with rates ranging from 4.750%-4.870% and maturity dates ranging from 05/03/2006-05/12/2006 (4)		170,089
	49,884	Sheffiled Receivables 4.884% due 05/16/2006 (4)		49,884
	40,021	Societe Generale 4.700% due 05/05/2006 (4)		40,021

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
			United States—Continued
	25,013		Standard Chartered Bank 5.000% due 06/27/2006 (4)	$	25,013
	50,989		Svenska Handlesbanken 4.820% due 05/01/2006 (4)		50,989
	25,013		The Bank of the West 4.940% due 06/16/2006 (4)		25,013
	29,810		Three Pillars Funding 4.800% due 05/08/2006 (4)		29,810
	195,102		Wells Fargo Eurodollar Term, with rates ranging from 4.860%-4.900% and maturity dates ranging from 05/11/2006-05/15/2006 (4)		195,102
			TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING (Cost $3,898,336)		3,898,336
REPURCHASE AGREEMENT—2.2%
		United States—2.2%
	1,396,573	USD	Investors Bank & Trust Company Repurchase Agreement, dated 04/28/2006, due 05/01/2006, with a maturity value of $1,396,949 and an effective yield of 3.23%, collaterallized by a U.S. Government and Agent Obligation, with a rate of 7.625%, a maturity of 01/25/2027, and an aggregate market value of $1,466,402. (Cost $1,396,573)		1,396,573
			TOTAL INVESTMENTS—106.3% (Cost $61,498,914)		68,506,886
			OTHER ASSETS AND LIABILITIES (NET)—(6.3%)		(4,037,709	)
			TOTAL NET ASSETS—100.0%	$	64,469,177

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

(1) Illiquid security

(2) All or a portion of this security was on loan to brokers at April 30, 2006.

(3) Security has been pledged for futures collateral.

(4) Represents investments of security lending collateral.

* Non-income producing security.

† Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.

Aggregate cost for federal income tax purposes was $61,557,994.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2006

Julius Baer Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation
05/02/2006	JPY	5,318,491		46,572		46,564	$	8
Net unrealized appreciation on forward foreign exchange contracts to buy							$	8

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Depreciation
05/02/2006	AUD	45,456		34,490		34,392	$	(98	)
09/25/2006	CZK	7,797,582		348,973		330,140		(18,833	)
05/02/2006	EUR	101,478		127,826		127,395		(431	)
06/30/2006	EUR	3,648,201		4,611,928		4,478,312		(133,616	)
09/28/2006	EUR	1,549,144		1,968,538		1,874,000		(94,538	)
09/25/2006	HUF	20,971,008		99,807		95,418		(4,389	)
09/25/2006	PLN	577,920		188,851		180,330		(8,521	)
09/25/2006 TRY		207,110		152,320		148,786		(3,534	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(263,960	)

Glossary of Currencies

AUD — Australian Dollar

CZK — Czech Koruna

EUR — Euro

HUF — Hungarian Forint

JPY — Japanese Yen

PLN — Polish Zloty

TRY — Turkish Lira

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2006

Julius Baer Global Equity Fund Inc. (Percentage of Net Assets)

At April 30, 2006, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 1)
INDUSTRY SECTOR
Financials		30.1	%	$	19,416,735
Industrials		13.2			8,525,375
Consumer Discretionary		12.4			7,957,447
Consumer Staples		9.1			5,872,555
Healthcare		7.9			5,092,434
Energy		6.6			4,261,849
Materials		6.5			4,152,248
Information technology		6.0			3,854,763
Utilities		3.2			2,085,108
Telecommunications		3.0			1,943,536
US Treasury Bills		0.1			49,927
Cash & Cash Equivalents		8.2			5,294,909	*
Total Investments		106.3			68,506,886
Other Assets and Liabilities (Net)		(6.3	)		(4,037,709	)*
Net Assets		100.0	%	$	64,469,177

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements and notional market value for futures for $452,890, which is 0.70% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—95.1%
		Japan—11.3%
	784,098	Aeon Credit Service (1)	$	21,627,922
	203,050	Aiful Corp (1)		12,090,543
	614,300	Aisin Seiki		23,022,802
	696,000	Bank of Fukuoka		5,978,774
	2,076,000	Bank of Yokohama (1)		16,233,520
	2,432,556	Bosch Corp (1)		11,651,560
	955,059	Canon Inc		72,842,066
	645,000	Chiba Bank		5,823,074
	1,195,295	Credit Saison		62,486,087
	1,015,000	Dai Nippon Printing		18,131,349
	356,400	Daikin Industries		12,389,737
	2,762,404	Daiwa Securities Group		38,194,710
	1,310,757	Denso Corp		51,305,462
	2,868	Dentsu Inc		9,945,079
	3,973	East Japan Railway		30,928,170
	282,500	Eisai Co		12,888,135
	171,600	Exedy Corp		5,379,405
	219,800	Fanuc Ltd		20,728,949
	207,910	Fuji Machine Manufacturing		3,914,243
	17,429	Fuji Television Network		43,190,954
	1,059,000	Fujitsu Ltd		8,800,271
	1,093,000	Gunma Bank		8,412,846
	1,383,049	Honda Motor		97,976,063
	390,732	Hoya Corp		15,772,982
	242,860	Ibiden Co		11,505,014
	2,125,000	Itochu Corp		19,240,368
	199,800	JAFCO Co		13,261,681
	16,385	Japan Tobacco		65,712,172
	331,931	JS Group		7,368,171
	526,828	JSR Corp		16,192,349
	22,990	Keyence Corp		6,015,247
	1,224,148	Koito Manufacturing		17,579,709
	65,120	Kose Corp		2,366,445
	554,528	Kubota Corp		6,249,365
	100,900	Kyocera Corp		9,392,005
	157,381	Leopalace21 Corp		6,118,841
	129,832	Makita Corp		3,842,663
	6,343,687	Matsushita Electric Industrial		152,759,538
	11,907	Mitsubishi Tokyo Financial		186,633,363

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Japan—Continued
	1,534,000	Mitsubishi UFJ Securities	$	24,098,039
	524,222	Mitsui Fudosan		11,705,482
	14,073	Mizuho Financial		119,657,469
	566,000	NGK Spark Plug		12,390,543
	755,133	NHK Spring		8,728,332
	757,172	Nikko Securities		12,219,502
	122,172	Nintendo Co		18,186,725
	237,000	Nippon Electric Glass		5,333,538
	548,000	Nissan Chemical Industries		9,261,296
	1,558,290	Nissan Motor (1)		20,426,971
	546,100	Nitto Denko		45,667,732
	405,100	NOK Corp (1)		12,273,608
	3,347,799	Nomura Holdings		75,486,711
	1,313,000	NSK Ltd		11,842,294
	106,000	Orix Corp		31,744,308
	79,741	Point Inc (1)		5,627,955
	1,356,000	Ricoh Co		26,835,026
	185,500	Secom Co		10,087,172
	412,400	Sega Sammy Holdings		16,394,886
	2,222,625	Seiyu Ltd* (1)		5,449,518
	822,750	Seven & I Holdings		31,771,694
	2,194,000	Sharp Corp		38,404,606
	1,941,883	Sony Corp		97,264,192
	443,688	Stanley Electric		10,295,737
	2,444,000	Sumitomo Chemical		21,358,249
	1,294,529	Sumitomo Corp		19,338,586
	2,057,175	Sumitomo Metal Industries		8,646,620
	8,166	Sumitomo Mitsui Financial		89,382,662
	1,870,653	Sumitomo Trust & Banking		19,853,165
	895,400	Suzuki Motor		21,796,953
	318,800	Takeda Chemical Industries		19,429,492
	804,000	Teijin Ltd		5,498,459
	434,000	Toppan Printing		5,780,333
	1,578,100	Toray Industries		14,744,595
	2,878,495	Toyota Motor		167,870,199
	146,900	ULVAC Inc		6,367,382
	218,380	Yamada Denki		23,731,137
	940,050	Yamaha Motor		25,847,259
	762,587	Yamato Holdings (1)		15,158,253
	875,410	Yokogawa Electric		13,828,718
				2,273,737,032

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		France—9.9%
	125,691	Accor SA	$	7,898,917
	122,528	Alstom		11,081,784
	176,906	Atos Origin (1)		13,247,817
	1,376,219	BNP Paribas (1)		129,843,214
	1,135,360	Bouygues SA (1)		61,854,257
	488,634	Compagnie de Saint-Gobain		36,591,940
	1,797,929	Electricite de France* (1)		104,971,685
	72,813	Eurazeo		8,791,256
	1,054,213	Generale de Sante (1)		31,352,649
	1,905,570	Havas SA (1)		9,841,440
	530,862	JC Decaux* (1)		15,848,198
	1,714,819	Lafarge SA (1)		210,606,996
	167,858	Lagardere S.C.A. (1)		13,849,473
	611,290	L'Air Liquide (1)		132,056,963
	1,800,604	LVMH SA (1)		189,275,518
	510,356	Pernod-Ricard		98,809,109
	471,183	Pinault-Printemps-Redoute (1)		61,014,438
	230,504	Publicis Groupe (1)		9,567,176
	174,424	Remy Cointreau		9,513,581
	1,013,225	Renault SA		117,420,416
	781,856	Safran SA (1)		20,042,001
	2,454,939	Sanofi-Aventis		231,154,202
	307,038	Schneider Electric (1)		34,711,747
	347,602	Societe Generale-Class A (1)		53,024,466
	1,725,825	Societe Television Francaise (1)		57,174,503
	709,233	Suez SA (1)		27,864,689
	758,510	Total SA		209,436,201
	441,619	Vinci SA (1)		43,807,473
	953,597	Vivendi Universal (1)		34,762,683
				1,985,414,792
		United Kingdom—8.7%
	7,268,178	Aegis Group		18,033,020
	2,765,308	Anglo American		117,365,555
	4,118,619	Associated British Ports		54,724,179
	6,479,304	BAA PLC		99,810,981
	1,628,031	BAE Systems		12,354,621
	2,276,601	Balfour Beatty		14,855,649
	1,497,678	BG Group		20,063,015

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		United Kingdom—Continued
	1,370,792	BP PLC	$	16,855,810
	5,017,455	Burberry Group		43,000,692
	1,501,930	Ceres Power Holdings*		8,763,246
	11,904,368	Compass Group		51,173,810
	15,083,406	Dawnay Day Treveria*		22,134,781
	9,731,808	Diageo PLC		160,085,638
	7,315,028	GlaxoSmithkline PLC		206,888,260
	5,574,974	Highland Gold Mining*		28,880,052
	605,256	Imperial Tobacco		18,746,446
	1,009,379	Kazakhmys PLC		20,888,034
	665,764	London Stock Exchange (1)		14,969,258
	1,733,450	Michael Page International		12,067,585
	1,255,071	Peter Hambro Mining* (1)		37,595,491
	3,267,899	Prudential PLC		38,223,235
	7,671,722	QinetiQ PLC*		28,098,179
	2,341,779	Reckitt Benckiser		85,088,127
	1,980,850	Renovo Group*		4,086,558
	375,780	Rio Tinto		20,600,381
	6,222,814	Rolls-Royce Group* (1)		53,896,428
	334,787,393	Rolls-Royce Group		608,526
	835,279	SABMiller PLC		17,566,093
	2,108,678	Scottish & Newcastle		19,432,492
	2,717,429	Smith & Nephew		22,399,883
	810,869	Smiths Group		15,026,166
	19,094,987	Tesco PLC		110,892,070
	103,810,195	Vodafone Group		244,354,328
	3,345,744	William Hill		38,586,430
	802,415	Wolseley PLC		20,025,337
	4,675,852	WPP Group		57,538,652
				1,755,679,008
		Germany—8.6%
	1,133,703	Aareal Bank* (1)		53,452,622
	83,332	Adidas-Salomon (1)		17,566,588
	678,036	Bilfinger and Berger		43,122,906
	4,186,750	Commerzbank AG (1)		173,245,632
	164,643	Continental AG (1)		19,571,635
	604,418	Curanum AG		6,265,953
	1,028,694	DaimlerChrysler AG-Registered (1)		56,315,224

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Germany—Continued
	1,094,700	Deutsche Bank	$	134,198,329
	624,095	Deutsche Boerse		90,115,373
	3,344,913	Deutsche Post		89,029,557
	502,412	Deutsche Postbank (1)		38,351,515
	122,032	Deutsche Wohnen AG*		39,966,578
	617,937	E.ON AG (1)		75,137,441
	2,759,361	Fraport AG (1)		208,445,470
	247,857	Fresenius AG		41,340,133
	217,660	Fresenius Medical Care (1)		26,076,824
	391,289	Henkel KGaA (1)		43,073,411
	670,844	Hochtief AG (1)		45,800,553
	952,880	Hypo Real Estate Holding (1)		66,520,365
	509,453	IKB Deutsche Industriebank		21,100,164
	118,100	Interhyp AG* (1)		15,471,525
	1,251,215	IVG Immobilien		35,887,637
	369,103	KarstadtQuelle AG (1)		11,079,534
	168,615	Man AG (1)		12,762,869
	203,653	Medicilin AG*		1,069,736
	178,797	Merck KGaA		18,918,618
	675,549	MVV Energie (1)		20,039,997
	1,010,883	Patrizia Immobilien*		27,198,943
	826,323	Praktiker Bau-Und Heimwerk*		24,689,621
	25,416	Puma AG (1)		10,229,197
	523,388	Rhoen Klinikum (1)		24,327,642
	177,182	SAP AG (1)		38,656,041
	1,407,808	Siemens AG		133,000,901
	132,908	Solarworld AG		41,315,306
	111,506	Wacker Chemie*		14,607,687
				1,717,951,527
		Russia—5.8%
	433,831	Alpha Cement JSC* (2)		29,283,593
	289,222	Avtovaz Sponsored GDR*		14,390,580
	44,535,099	Central Telecommunication		27,444,755
	759,893	JSC MMC Norilsk Nickel ADR		100,305,876
	1,572,155	LUKOIL ADR		141,493,950
	433,100	North-West Telecom ADR* (1)		25,986,000
	9,882	NovaTek OAO*		39,305,655
	884,000	NovaTek OAO Sponsored GDR (1)†		32,310,200

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Russia—Continued
	36,634,029	Novorossiysk Trade Port (2)	$	1,923,287
	2,333,447	OAO Gazprom*		26,601,296
	4,171,337	OAO Gazprom ADR (1)		190,880,381
	1,124,333	Polyus Gold ADR (2)		53,405,818
	574,122	RBC Information Systems*		5,425,453
	121,306	Rosneft-Purneftegaz		5,950,059
	106,122	Sberbank RF		192,080,820
	131,021	Sibirtelecom ADR* (1)		9,171,470
	135,748	Sibneft		679,419
	1,247,062	Southern Telecommunication ADR*		10,288,262
	3,665,168	Surgutneftegaz OJSC		6,230,786
	10,139,164	TNK-BP (2)		34,473,158
	2,151,040	Unified Energy System GDR		164,984,768
	3,385,843	VolgaTelecom		14,389,833
	205,040	VolgaTelecom ADR*		1,742,840
	834,518	Wimm-Bill-Dann Foods ADR* (1)(2)		30,209,552
				1,158,957,811
		Switzerland—5.7%
	943,332	Adecco SA		58,325,412
	77,890	BKW FMB Energie		8,016,016
	2,150,210	Compagnie Financiere Richemont		111,076,175
	2,032,916	Credit Suisse-Registered (1)		127,327,965
	208,399	Dufry Group*		17,626,995
	1,689,759	Holcim Ltd* (1)		141,294,421
	531,312	Nestle SA-Registered (1)		161,582,926
	3,295,816	Novartis AG-Registered		188,540,549
	954,165	Roche Holding		146,298,907
	19,887	SGS SA		19,619,175
	193,233	Syngenta AG-Registered*		26,877,836
	611,738	The Swatch Group-Class B		109,387,362
	86,347	Unilabs*		2,638,140
	112,233	Unique Zurich Airport		24,544,624
				1,143,156,503
		Italy—5.2%
	1,459,225	Assicurazioni Generali		54,610,330
	641,375	Autostrada Torino-Milano		14,876,818
	7,581,484	Banca Intesa (1)		44,980,577

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Italy—Continued
	11,425,351	Banca Intesa-RNC (1)	$	63,396,511
	437,775	Banca Italease (1)		26,612,653
	391,498	Banca Popolare dell'Etruria e del Lazio* (1)		8,108,873
	449,825	Banca Popolare di Intra* (1)		8,355,976
	5,811,423	Banca Popolare di Milano (1)		73,349,997
	1,217,726	Banca Popolare di Sondrio (1)		20,247,593
	239,725	Banca Popolare Emilia Romagna		14,464,344
	4,593,120	Banca Popolare Italiana (1)		48,397,578
	1,863,103	Banche Popolari Unite		47,031,028
	1,577,765	Banco Popolare di Verona (1)		44,339,601
	6,696,801	Beni Stabili		7,768,367
	804,005	Bulgari SpA (1)		9,968,645
	1,814,947	Buzzi Unicem (1)		46,386,957
	11,033,264	Capitalia SpA (1)		95,618,591
	14,456,238	Cassa di Risparmio di Firenze		51,114,909
	3,505,119	Credito Emiliano		48,735,233
	826,602	Finmeccanica SpA		19,794,809
	753,641	Geox SpA (1)		10,734,955
	3,458,626	Impregilo SpA*		14,786,498
	612,268	Luxottica Group		18,209,056
	4,575,771	Parmalat SpA*		15,372,241
	1,372,320	Piccolo Credito Valtellinese Scarl		20,370,328
	3,284,374	Safilo SpA*		18,368,998
	462,470	Societa Iniziative Autostradali e Servizi (1)		6,186,685
	26,117,571	UniCredito Italiano (1)		196,505,717
				1,048,693,868
		Poland—4.6%
	1,453,827	Agora SA		21,142,963
	684,562	Bank Handlowy w Warszawie		16,035,809
	6,628,172	Bank Millenium*		14,879,504
	3,263,719	Bank PEKAO		218,738,670
	254,226	Bank Prezemyslowo-Handlowy		65,507,456
	1,707,144	Bank Zachodni WBK		103,306,747
	1,089,193	Budimex*		19,844,422
	725,544	CCC SA*		10,433,538
	2,858,730	Cersanit-Krasnystaw SA*		16,648,371
	444,274	Grupa Kety		20,235,993
	882,334	Inter Cars*		7,348,836

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Poland—Continued
	89,026	Inter Groclin Auto*	$	1,593,034
	217,022	JC Auto		2,471,254
	598,502	Opoczno SA*		6,484,185
	621,954	Orbis SA		9,348,584
	23,266	PBG SA*		1,161,919
	24,231,457	Pko Bank Polski		304,307,335
	158,204	Polish Energy Partners SA*		674,271
	540,697	Polska Grupa Farmaceutyczna		11,733,441
	2,404,170	Polski Koncern Miesy Duda*		10,715,966
	709,930	Sniezka		6,836,799
	82,385	Stomil Sanok*		3,966,938
	6,332,632	Telekomunikacja Polska		46,356,683
				919,772,718
		Netherlands—3.2%
	107,874	Efes Breweries GDR*		4,099,212
	333,563	Eurocastle Investment		12,773,248
	847,947	Euronext NV (1)		75,676,050
	250,877	European Aeronautic Defense and Space* (1)		9,885,018
	675,828	Heineken NV* (1)		27,335,459
	2,955,751	ING Groep (1)		120,110,811
	3,736,494	Koninklijke KPN (1)		43,819,141
	654,796	Koninklijke Numico (1)		29,627,311
	1,699,335	Philips Electronics* (1)		58,544,517
	422,918	Randstad Holdings (1)		28,074,800
	3,557,001	TNT NV (1)		127,875,648
	2,246,096	Trader Media East-Class W*		19,990,254
	572,159	Unilever NV (1)		41,261,225
	1,406,679	Vedior NV (1)		32,745,141
	288,762	VNU NV*		9,897,340
				641,715,175
		Turkey—3.1%
	2,650,970	Acibadem Saglik Hizmetleri Ve Ticaret		32,309,324
	8,321,965	Akbank TAS		69,297,210
	1,483,196	Aksigorta		7,466,505
	44,138	Alarko Gayrimenkul Yatirum Ortakligi*		1,971,341
	2,079,699	Anadolu Sigorta*		6,990,056
	528,658	Bim Birlesik Magazalar		20,610,058

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Turkey—Continued
	1,360,013	Cimsa Cimento Sanayi Ve Ticar	$	11,942,582
	17,876,342	Dogan Sirketler Grubu*		85,254,318
	6,521,079	Eczacibasi Ilac Sanayi ve Ticaret		22,905,228
	1	Enka Insaat ve Sanayi		16
	123,911	Goltas Cimento		7,035,068
	20,498,556	Haci Omer Sabanci		96,984,084
	3,354,425	Is Gayrimenkul Yatirim Ortakligi		8,684,431
	881,141	Migros Turk		12,273,274
	977,513	Selcuk Ecza Deposu Ticaret ve Sanayi*		4,957,863
	22,224,519	Turkiye Garanti Bankasi		91,690,862
	14,372,500	Turkiye Is Bankasi		120,768,168
	3,142,575	Turkiye Vakiflar Bankasi*		19,864,119
	806,008	Yapi Kredi Sigorta		4,149,019
				625,153,526
		Sweden—3.1%
	419,315	Autoliv Inc (1)		23,276,984
	1,373,847	Capio AB* (1)		26,971,732
	692,724	Elekta AB-Class B (1)		11,395,647
	7,103,522	Ericsson AB-Class B (1)		25,198,662
	4,489,049	ForeningsSparbanken AB (1)		123,078,397
	1,754,092	Getinge AB-Class B (1)		30,280,637
	237,650	Hennes & Mauritz-Class B (1)		8,993,362
	539,337	KappAhl Holding (1)		4,217,107
	780,399	Modern Times Group-Class B		42,687,481
	8,853,171	Nordea AB		113,574,420
	491,881	Securitas AB-Class B (1)		10,222,824
	5,484,800	Skandinaviska Enskilda Banken		137,754,935
	2,988,083	Skanska AB-Class B		51,582,846
	816,500	TeliaSonera AB (1)		5,052,134
				614,287,168
		Austria—2.6%
	1,891,045	Erste Bank der Oesterreichischen Sparkassen		114,000,305
	671,218	Flughafen Wien		51,118,915
	3,085,042	Immoeast Immobilien Anlagen* (1)		33,420,229
	1,500,740	OMV AG		104,180,338

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Austria—Continued
	904,494	Raiffeisen International Bank Holding* (1)	$	78,717,406
	2,184,075	Telekom Austria (1)		53,510,258
	552,844	Wiener Staedtische Versicher		35,362,681
	786,242	Wienerberger AG (1)		41,507,234
				511,817,366
		Norway—2.4%
	5,591,657	Acta Holding		25,163,588
	626,568	Cermaq ASA (1)		9,179,183
	2,868,806	DNB Holding (1)		39,705,854
	996,132	Norsk Hydro (1)		153,027,805
	595,833	Orkla ASA (1)		31,298,714
	55,473,894	PAN Fish*		56,214,743
	4,117,189	Statoil ASA (1)		135,295,729
	839,577	Telenor ASA (1)		9,717,484
	1,662,011	Tomra Systems (1)		16,478,863
				476,081,963
		Finland—2.1%
	45,853	Atria Group		1,147,666
	5,354,455	Fortum Oyj (1)		135,029,680
	1,258,563	Hk-Ruokatalo Oyj-Class A		15,694,954
	5,270,534	Nokia Oyj (1)		119,834,458
	789,582	Olvi Oyj		15,436,145
	411,564	Rakentajain Konevuokraam-Class B		6,884,705
	601,788	Ramirent Oyj		22,415,309
	943,050	Sampo Insurance-Class A		19,434,256
	725,049	Sanomawsoy Oyj-Class B (1)		18,540,152
	430,680	Stockmann Oyj-Class B (1)		17,631,447
	219,703	Wartsila Oyj-Class B		9,348,577
	1,171,856	YIT Oyj		33,006,231
				414,403,580
		Australia—1.9%
	5,369,484	BHP Billiton		119,371,012
	1,863,506	Brambles Industries		15,779,517
	494,971	CSL Ltd		21,669,769
	31,591,095	Macquarie Airports		78,620,758
	5,547,108	Newcrest Mining		95,962,195

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Australia—Continued
	894,479	Rio Tinto	$	53,378,649
				384,781,900
		Hong Kong—1.8%
	8,857,932	China Mengniu Dairy		10,110,425
	9,691,004	China Merchants Holdings International		33,058,889
	5,055,429	China Netcom Group Corp HK		9,225,890
	4,346,004	China Resources Enterprise		9,304,478
	30,433,082	Clear Media*		37,680,007
	40,101,244	Emperor Entertainment Hotel		13,059,094
	24,443,529	Galaxy Entertainment Group*		21,121,877
	43,649,570	GOME Electrical Appliances Holdings		37,717,993
	16,627,041	Hutchison Telecommunications*		29,271,261
	35,808,574	Melco International Development		80,589,093
	53,189,767	Shun TAK Holdings		67,570,655
	23,667,274	Texwinca Holdings		17,398,704
				366,108,366
		Belgium—1.7%
	262,782	Almancora		35,451,529
	1,865,126	Fortis		69,800,851
	1,982,716	KBC Groupe (1)		229,647,719
				334,900,099
		Czech Republic—1.3%
	1,708,612	Komercni Banka		270,566,447
		Mexico—1.2%
	862,366	Consorcio Ara		4,558,009
	5,147,249	Controladora Comercial Mexicana		8,728,085
	9,613,131	Corp Moctezuma		19,942,456
	252,399	Desarrolladora Homex ADR* (1)		9,671,930
	3,234,452	Empresas Ica Sociedad Controladora*		10,064,814
	1,978,866	Fomento Economico Mexicano*		18,312,587
	553,144	Fomento Economico Mexicano ADR		51,376,015
	332,246	Grupo Aeroportuario del Pacifico SA de CV, ADR		11,057,147
	927,808	Grupo Aeroportuario del Sureste ADR		35,971,116
	2,107,000	Grupo Cementos de Chihuahua		6,841,526
	20,317,523	Grupo Financiero Banorte		52,869,175
	473,605	Grupo Televisa SA Sponsored ADR		10,040,426

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Mexico—Continued
	966,393	Urbi Desarrollos Urbanos*	$	7,914,538
				247,347,824
		South Korea—1.2%
	563,345	Hyundai Motor		49,513,677
	38,558	NHN Corp*		13,694,794
	262,303	Samsung Electronics		179,095,772
				242,304,243
		Romania—1.0%
	1,900,000	Asigurarea Romaneasca-Asirom*		413,058
	16,921,274	Biofarm Bucuresti*		3,908,588
	5,220,000	Compa-Sibi*		2,534,440
	36,722,828	Impact SA		8,382,688
	2,164,000	Rolast AG*		51,122
	8,722,587	Romanian Bank for Development		54,676,168
	59,500	Santierul Naval Braila* (2)		78,689
	8,152,018	Sicomed SA*		4,593,061
	579,582,257	SNP Petrom		117,600,660
	7,627,000	Socep Constanta		585,863
				192,824,337
		Spain—0.9%
	4,219,104	Banco Bilbao Vizcaya Argentaria		93,058,547
	1,954,506	Corporacion Mapfre		41,263,011
	682,414	Grupo Empresarial Chapultec (1)		28,186,376
	399,141	Inditex SA		16,214,589
				178,722,523
		China—0.8%
	78,347,451	Beijing Capital International Airport-Class H		45,470,653
	29,393,909	China Life Insurance-Class H*		39,615,710
	23,671,021	Dongfeng Motor Group-Class H*		11,829,939
	10,867,372	Shenzhen Chiwan Wharf-Class B		18,711,112
	11,551,955	Weiqiao Textile-Class H		15,196,706
	6,835,533	Wumart Stores-Class H*		22,480,521
				153,304,641

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Hungary—0.7%
	128,735	Egis Rt	$	20,937,605
	7,848,442	Magyar Telekom		35,838,243
	2,071,310	OTP Bank		80,221,357
				136,997,205
		Venezuela—0.6%
	608,816	Banco Provincial (2)		252,338
	112,623	Banco Venezolano de Credito (2)		189,602
	15,843,815	Cemex Venezuela Saca-I (2)		5,792,109
	3,536,369	CIA Anonima Telef De Ven ADR		72,035,837
	6,029,312	Electricidad de Caracas (2)		1,432,148
	19,969,105	Mercantil Servicios Financieros-Class B (2)		32,548,721
	145,933,489	Siderurgica Venezolana Sivensa SACA* (2)		7,781,579
				120,032,334
		United States—0.6%
	1,308,996	BMB Munai*		13,613,558
	2,976,168	News Corp		54,557,326
	2,000,260	News Corp-Class B (1)		36,464,740
	148,082	Southern Copper (1)		14,667,522
				119,303,146
		Greece—0.6%
	1,565,951	Alpha Bank		59,176,505
	2,609,391	Hellenic Telecommunication		58,309,950
				117,486,455
		Denmark—0.5%
	127,300	Alk-Abello A/S* (1)		19,281,853
	306,072	Novo Nordisk-Class B (1)		19,846,446
	335,340	Royal UNIBREW (1)		36,183,798
	1,175,623	Vestas Wind Systems (1)		31,861,854
				107,173,951
		Cyprus—0.5%
	9,532,298	Bank of Cyprus		92,696,813
	1,025,702	Urals Energy Public*		7,392,216
				100,089,029

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Ukraine—0.4%
	69,500,000	Bank Aval (2)	$	8,395,600
	2,053,250	Centrenergo* (2)		1,699,100
	165,000	Centrenergo ADR* (2)		1,454,896
	20,500	Dniproenergo* (2)		1,635,095
	2,750,000	Kirovogradoblenergo (2)		1,919,242
	69,861,006	Lutsk Automobile Plant (2)		4,401,243
	52,818	Retail Group (2)		13,204,500
	5,000	Rodovid Bank (2)		9,860,000
	2,040,000	Slavutich Pivzavod (2)		3,716,472
	270,000,000	Ukrinbank (2)		8,100,000
	24,898	Ukrnafta Oil ADR (2)		8,880,681
	5,285,700	Ukrsotsbank (2)		1,370,171
	24,623,666	UkrTelecom* (2)		5,351,904
	573,260	UkrTelecom GDR* (2)		6,210,120
	15,000	Zakhidenergo* (2)		463,609
	395,792	Zakhidenergo GDR (2)		3,058,213
	400,000	Zhytomyroblenergo (2)		340,977
				80,061,823
		Indonesia—0.3%
	48,570,121	Bank Mandiri Persero		10,661,397
	35,835,820	Indofood Sukses Makmur		4,564,813
��	5,595,740	Semen Gresik		17,437,961
	35,993,615	Telekomunikasi Indonesia		30,702,544
				63,366,715
		Bulgaria—0.3%
	7,602,910	Bulgarian Telecommunication		50,477,173
	212,919	DZI Insurance & Reinsurance*		12,408,506
				62,885,679
		Ireland—0.3%
	219,934	DePfa Bank		4,122,353
	15,755,284	Dragon Oil*		55,700,116
				59,822,469
		Canada—0.3%
	3,555,964	Bema Gold*		20,055,948
	53,152	Centerra Gold*		2,238,878

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Canada—Continued
	3,958,181	Eldorado Gold*	$	20,628,956
	243,177	Ivanhoe Mines*		2,365,472
	135,760	Research in Motion* (1)		10,403,289
				55,692,543
		Thailand—0.3%
	746,800	Airports of Thailand		1,162,837
	1,354,489	Bangkok Bank Public		4,073,922
	4,902,900	Bangkok Bank Public-Foreign Registered Shares		15,529,547
	40,129,500	Bank of Ayudhya		19,973,959
	30,015,573	Krung Thai Bank Public		9,826,765
				50,567,030
		Portugal—0.2%
	5,988,128	Banco Comercial Portugues		18,253,928
	565,547	Jeronimo Martins		10,187,195
	1,706,095	Portugal Telecom-Registered		21,684,243
				50,125,366
		India—0.2%
	1,334,100	India Cements GDR*†		13,185,044
	523,875	State Bank of India GDR		26,691,431
				39,876,475
		Luxembourg—0.2%
	809,492	Millicom International Cellular* (1)		39,810,817
		Brazil—0.2%
	163,045	Aracruz Celulose ADR (1)		8,980,519
	849,996	Diagnosticos da America		21,542,038
				30,522,557
		Egypt—0.1%
	320,051	Orascom Telecom Holding SAE GDR (1)		17,186,739
	603,218	Telecom Egypt GDR*†		7,841,834
				25,028,573
		New Zealand—0.1%
	18,940,995	Auckland International Airport		24,569,009

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Philippines—0.1%
	504,288	Ayala Corp	$	3,506,735
	22,221,000	Ayala Land		5,043,399
	3,066,000	Bank of the Philippine Islands		3,612,633
	153,320	Globe Telecom		2,665,405
	152,993	Philippine Long Distance Telephone		6,043,475
				20,871,647
		Bermuda—0.1%
	306,568	Central European Media Enterprises-Class A*		19,746,045
		Serbia—0.1%
	272,646	AIK Banka AD		14,724,206
	13,082	Tigar AD (2)		3,617,175
				18,341,381
		United Arab Emirates—0.1%
	920,918	Investcom LLC GDR* (1)		13,951,908
		Papua New Guinea—0.1%
	4,943,540	Lihir Gold		11,890,388
		Estonia—0.1%
	1,920,438	Tallink Group		10,740,714
		Kazakhstan—0.0%
	362,475	Kazakhgold GDR*		10,094,929
		Lebanon—0.0%
	386,000	Solidere-Class A		8,657,980
		Croatia—0.0%
	8,149	Atlantska Plovidba		1,154,528
	20,979	Dom Holding* (2)		500,208
	11,424	Ericsson Nikola Tesla		4,091,702
	779	Institut Gradevinarstva		453,580
	27,137	Podravka Prehrambena Industija*		1,800,913
	3,957	Proficio Dd* (2)		50,592
	12,811	Validus Dd* (2)		192,592
				8,244,115
		Latvia—0.0%
	1,424,182	Parex Bank (2)(3)		7,732,415

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Morocco—0.0%
	21,439	Ciments du Maroc*	$	5,372,816
		South Africa—0.0%
	524,709	MTN Group		5,181,669
		Argentina—0.0%
	676,203	Grupo Financiero Galicia ADR* (1)		4,922,758
		Lithuania—0.0%
	179,733	Rokiskio Suris		4,327,598
		TOTAL COMMON STOCKS (Cost $13,324,898,105)		19,091,169,956
PREFERRED STOCKS—0.4%
		Germany—0.4%
	70,840	Henkel KGaA		8,505,748
	2,658,240	ProsiebenSat.1 Media (1)		73,532,006
				82,037,754
		Croatia—0.0%
	4,541	Adris Grupa		2,569,504
		TOTAL PREFERRED STOCKS (Cost $54,984,828)		84,607,258
INVESTMENT FUNDS—0.2%
		Romania—0.1%
	5,488,000	SIF 1 Banat Crisana Arad*		4,742,519
	5,190,500	SIF 2 Moldova Bacau*		4,231,539
	5,460,500	SIF 3 Transilvania Brasov*		4,431,871
	8,070,000	SIF 4 Muntenia Bucuresti		4,576,090
	5,801,500	SIF 5 Oltenia Craiova*		5,528,441	��
				23,510,460
		Australia—0.1%
	10,812,849	Australian Infrastructure Fund		18,459,561
		Russia—0.0%
	3,277,081	RenShares Utilites (2)		6,324,766
		TOTAL INVESTMENT FUNDS (Cost $40,898,776)		48,294,787

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
WARRANTS—1.3%
		India—1.2%
	329,062	Apollo Hospital Enterprise, Expires 7/20/2010*† (2)	$	3,455,250
	10,197,260	Bharti Televentures-Class A Warrants, Expires 05/31/2010*†		94,859,172
	4,278,617	Canara Bank Warrants, Expires 01/19/2009*		23,471,637
	4,739,230	CLSA State Bank of India Warrants, Expires 05/13/2010*†		108,840,281
	435,781	State Bank of India Warrants, Expires 1/19/2009* (1)		9,668,745
				240,295,085
		Bulgaria—0.1%
	301,290	Bulgarian American Credit Bank JSCO Warrants, Expires 03/30/2007* (2)		6,286,171
	1,961,673	DZI Insurance & Reinsurance Warrants, Expires 2/28/2007*		5,164,435
				11,450,606
		Russia—0.0%
	117	Russian Exchange Warrants, Expires 12/22/2007*†		2,059,200
		Switzerland—0.0%
	193,233	Syngenta AG Warrants, Expires 05/23/2006*		309,173
		TOTAL WARRANTS (Cost $229,040,077)		254,114,064
RIGHTS—0.0%
		Sweden—0.0%
	1,373,847	Capio AB, Expires 05/18/06* (Cost $0)		1,004,464

Face
Value

Currency

FOREIGN GOVERNMENT BONDS—0.1%

Bulgaria—0.1%

12,071,674

BGN

Bulgaria Compensation Notes* (2)

4,998,446

3,842,865

BGN

Bulgaria Housing Compensation Notes* (2)

1,589,955

27,296,242

BGN

Bulgaria Registered Compensation Vouchers* (2)

11,258,447

TOTAL FOREIGN GOVERNMENT BONDS
(Cost $18,766,251)

17,846,848

STRUCTURED NOTES—0.2%

Philippines—0.2%

1,679

USD

Phillippines Notes, due 10/17/2006
(Cost $24,931,891)*†

32,558,532

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 1)
U.S. GOVERNMENT AND AGENCY OBLIGATION—0.0%
			United States—0.0%
			U.S. Treasury Bills
	9,000,000	USD	4.410% due 05/11/2006 (4)	$	8,986,770
U.S. GOVERNMENT AND AGENCY OBLIGATION—Continued
			United States—Continued
			U.S. Treasury Bills
	500,000	USD	4.450% due 05/11/2006 (4)		499,258
	1,500,000	USD	4.460% due 05/11/2006 (4)		1,497,770
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION (Cost $10,983,798)		10,983,798
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—19.0%
			United States—19.0%
	39,116,220		Abbey National 4.770% due 05/03/2006 (5)		39,116,220
	73,342,917		ABN Amro Bank NV 4.920% due 05/30/2006 (5)		73,342,917
	35,947,688		American Beacon Funds 4.751% due 05/01/2006 (5)		35,947,688
	48,690,231		ANZ Banking Group 4.890% due 05/22/2006 (5)		48,690,231
	73,342,917		BancoBilbao Vizcaya Argentaria 4.950% due 06/20/2006 (5)		73,342,917
	85,593,501		Bank of America, with rates ranging from 4.770%-4.970% and maturity dates ranging from 05/16/206-06/19/2006 (5)		85,593,501
	29,337,167		Bank of Montreal 4.770% due 05/02/2006 (5)		29,337,167
	136,906,778		Bank of Nova Scotia 4.800% due 05/11/2006 (5)		136,906,778
	48,895,278		Barclays 4.790% due 05/10/2006 (5)		48,895,278
	34,064,729		Barton Capital 4.786% due 05/05/2006 (5)		34,064,729
	19,558,111		Bear Stearns & Co 5.010% due 06/06/2006 (5)		19,558,111
	151,575,362		BGI Institional 4.775% due 05/01/2006 (5)		151,575,362
	146,685,834		BNP Paribas, with rates ranging from 4.760%-4.820% and maturity dates ranging from 05/02/2006-05/05/2006 (5)		146,685,834
	24,447,639		Branch Banker &Trust 4.850% due 05/19/2006 (5)		24,447,639
	24,447,639		CAFCO Funding 4.913% due 05/31/2006 (5)		24,447,639
	68,453,389		Calyon, with rates ranging from 4.740%-4.910% and maturity dates ranging from 05/09/2006-06/02/2006 (5)		68,453,389
	68,942,342		Canadian Imperial Bank of Commerce, with rates ranging from 4.915%-4.970% and maturity dates ranging from 05/18/2006-06/23/2006 (5)		68,942,342

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
			United States—Continued
	24,447,639		Charta 4.944% due 06/08/2006 (5)	$	24,447,639
	48,688,125		Clipper Receivables 4.941% due 05/26/2006 (5)		48,688,125
	58,299,918		Compass Securitization, with rates ranging from 4.789%-4.928% and maturity dates ranging from 05/04/2006-05/22/2006 (5)		58,299,918
	61,258,449		CRC Funding, with rates ranging from 4.953%-4.986% and maturity dates ranging from 06/13/2006-06/16/2006 (5)		61,258,449
	95,877,177		Credit Suisse First Boston, with rates ranging from 4.915%-4.960% and maturity dates ranging from 05/01/2006-06/16/2006 (5)		95,877,177
	48,533,616		Den Danske Bank 4.773% due 05/05/2006 (5)		48,533,616
	21,513,922		Deutsche Bank 4.760% due 05/01/2006 (5)		21,513,922
	73,342,917		Dexia Group 4.775% due 05/04/2006 (5)		73,342,917
	48,682,380		Falcon Asset Securitization, with rates ranging from 4.858%-4.928% and maturity dates ranging from 05/15/2006-05/22/2006 (5)		48,682,380
	115,392,856		Fortis Bank, with rates ranging from 4.770%-4.970% and maturity dates ranging from 05/01/2006-06/22/2006 (5)		115,392,856
	58,558,207		General Electric Capital Corporation 4.756% due 05/05/2006 (5)		58,558,207
	43,378,764		Goldman Sachs Financial Square Prime Obligations 4.668% due 05/01/2006 (5)		43,378,764
	208,629,388		Goldman Sachs Group 4.915% due 05/01/2006 (5)		208,629,388
	24,290,848		Greyhawk Funding 4.825% due 05/11/2006 (5)		24,290,848
	48,895,278		Harris NA 4.900% due 05/23/2006 (5)		48,895,278
	122,238,195		HBOS Halifax Bank of Scotland, with rates ranging from 4.777%-4.789% and maturity dates ranging from 06/06/2006-07/10/2006 (5)		122,238,195
	24,447,639		Jupiter Securitization 4.880% due 05/18/2006 (5)		24,447,639
	48,683,616		Kitty Hawk Funding 4.891% due 05/22/2006 (5)		48,683,616
	48,687,962		Liberty Street 4.790% due 05/02/2006 (5)		48,687,962
	73,342,917		Lloyds TSB Bank 4.810% due 05/11/2006 (5)		73,342,917
	188,735,773		Merrill Lynch & Co 4.865% due 05/01/2006 (5)		188,735,773
	119,808,736		Merrimac Cash Fund-Premium Class 4.605% due 05/01/2006 (5)		119,808,736

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
			United States—Continued
	109,478,065		Morgan Stanley & Co Repo, with rates ranging from 4.865%-4.925% and a maturity date of 05/01/2006 (5)	$	109,478,065
	9,779,056		Nordea Bank Finland 4.970% due 05/30/2006 (5)		9,779,056
	72,934,464		Old Line Funding, with rates ranging from 4.942%-4.960% and maturity dates ranging from 05/15/2006-06/08/2006 (5)		72,934,464
	72,988,292		Paradigm Funding, with rates ranging from 4.933%-4.953% and maturity dates ranging from
			05/16/2006-05/30/2006 (5)		72,988,292
	29,136,329		Park Avenue Receivables 4.790% due 05/08/2006 (5)		29,136,329
	48,681,707		Prefco, with rates ranging from 4.786%-4.962% and maturity dates ranging from 05/01/2006-05/30/2006 (5)		48,681,707
	125,660,864		Rabobank, with rates ranging from 4.820%-4.920% and maturity dates ranging from 05/01/2006-06/12/2006 (5)		125,660,864
	24,447,639		Ranger Funding 5.009% due 06/09/2006 (5)		24,447,639
	29,337,167		Royal Bank of Canada 4.990% due 06/27/2006 (5)		29,337,167
	166,243,946		Royal Bank of Scotland, with rates ranging from 4.750%-4.870% and maturity dates ranging from 05/03/2006-05/12/2006 (5)		166,243,946
	48,756,375		Sheffiled Receivables 4.884% due 05/16/2006 (5)		48,756,375
	39,116,222		Societe Generale 4.700% due 05/05/2006 (5)		39,116,222
	24,447,639		Standard Chartered Bank 5.000% due 06/27/2006 (5)		24,447,639
	49,836,113		Svenska Handlesbanken 4.820% due 05/01/2006 (5)		49,836,113
	24,447,639		The Bank of the West 4.940% due 06/16/2006 (5)		24,447,639
	29,135,909		Three Pillars Funding 4.800% due 05/08/2006 (5)		29,135,909
	190,691,584		Wells Fargo, with rates ranging from 4.860%-4.900% and maturity dates ranging from 05/11/2006-05/15/2006 (5)		190,691,584
			TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING (Cost $3,810,201,074)		3,810,201,074

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

Face
Value

Currency

Description

Market
Value (Note 1)

REPURCHASE AGREEMENT—0.4%

United States—0.4%

74,056,368

USD

Investors Bank & Trust Company Repurchase

Agreement, dated 04/28/2006, due 05/01/2006,

with a maturity value of $74,076,301 and an

effective yield of 3.23%, collaterallized by

U.S. Government and Agency Obligations, with

rates ranging from 5.253%-8.125%, maturities

from 11/25/2022-01/15/2036, and an aggregate

market value of $77,759,086 (Cost $74,056,368)

74,056,368

TOTAL INVESTMENTS — 116.7%
(Cost $17,588,761,168)

23,424,837,149

Other Assets and Liabilities (NET)—(16.7%)

(3,359,161,538

)

TOTAL NET ASSETS—100.0%

20,065,675,611

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

(1) All or a portion of this security was on loan to brokers at April 30, 2006.

(2) Illiquid security

(3) Security valued at fair value utilizing the fair value model in accordance with valuation policies approved by the board of directors.

(4) Security has been pledged for futures collateral.

(5) Represents investments of security lending collateral.

* Non-income producing security.

Aggregate cost for federal income tax purposes was $17,697,075,659.

Glossary of Currencies

BGN — Bulgarian Lev

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2006

Julius Baer International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Appreciation (Depreciation)
05/02/2006	CHF	2,000,000		1,608,040		1,572,574	$	35,466
09/25/2006	GBP	59,136,140		107,722,228		103,109,588		4,612,640
07/20/2006	JPY	26,477,720,000		234,403,465		227,973,206		6,430,259
07/31/2006	JPY	27,695,000,000		245,553,062		244,316,628		1,236,434
09/25/2006	JPY	43,589,880,788		389,419,249		382,303,505		7,115,744
05/02/2006 RON		128,414		46,529		46,175		354
05/03/2006 RON		666,706		241,555		241,999		(444	)
05/03/2006 UAH		40,491,495		8,074,077		8,046,000		28,077
Net unrealized appreciation on forward foreign exchange contracts to buy							$	19,458,530

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Depreciation
09/25/2006	CZK	4,596,912,098		205,729,995		194,663,869	$	(11,066,126	)
06/30/2006	EUR	314,905,503		398,092,515		386,559,101		(11,533,414	)
09/25/2006	HUF	6,413,325,474		30,522,948		29,180,660		(1,342,288	)
09/25/2006	PLN	272,254,543		88,966,747		84,849,764		(4,116,983	)
09/22/2006 TRY		23,095,160		16,995,035		16,549,739		(445,296	)
09/25/2006 TRY		55,908,389		41,118,148		40,352,500		(765,648	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(29,269,755	)

Glossary of Currencies

CHF — Swiss Franc

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

JPY — Japanese Yen

PLN — Polish Zloty

RON — Romanian Leu

TRY — Turkish Lira

UAH — Ukraine Hryvna

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2006

Julius Baer International Equity Fund (Percentage of Net Assets)

At April 30, 2006, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 1)
INDUSTRY SECTOR
Financials		35.8	%	$	7,194,480,896
Consumer Discretionary		12.3			2,467,210,981
Industrials		11.2			2,257,732,990
Materials		7.4			1,488,471,418
Consumer Staples		7.2			1,455,765,515
Energy		5.9			1,178,649,758
Health care		5.8			1,164,886,586
Telecommunications		4.6			922,805,670
Utilities		4.2			838,424,269
Information Technology		2.8			561,167,827
US Treasury Bills		0.1			10,983,798
Cash & Cash Equivalents		19.4			3,884,257,441	*
Total Investments		116.7			23,424,837,149
Other Assets and Liabilities (Net)		(16.7	)		(3,359,161,538	)*
Net Assets		100.0	%	$	20,065,675,611

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements and notional market value for futures for $340,684,413, which is 1.7% of net assets, and $60,725,397 in market value for swaps, which is 0.3% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—97.5%
		Japan—11.9%
	69,568	Aeon Credit Service	$	1,918,907
	30,600	Aiful Corp		1,822,067
	85,345	Aisin Seiki		3,198,569
	42,000	Bank of Fukuoka		360,788
	198,633	Bank of Yokohama		1,553,234
	96,844	Canon Inc		7,386,263
	34,000	Chiba Bank		306,953
	123,072	Credit Saison		6,433,799
	78,000	Dai Nippon Printing		1,393,345
	41,900	Daikin Industries		1,456,594
	295,186	Daiwa Securities Group		4,081,425
	129,826	Denso Corp		5,081,631
	268	Dentsu Inc		929,317
	351	East Japan Railway		2,732,391
	25,500	Eisai Co		1,163,354
	18,900	Fanuc Ltd		1,782,426
	1,780	Fuji Television Network		4,411,033
	57,467	Fujitsu Ltd		477,550
	100,000	Gunma Bank		769,702
	136,960	Honda Motor		9,702,333
	45,738	Hoya Corp		1,846,341
	20,310	Ibiden Co		962,146
	183,000	Itochu Corp		1,656,935
	15,600	JAFCO Co		1,035,447
	1,667	Japan Tobacco		6,685,517
	41,391	JS Group		918,793
	61,717	JSR Corp		1,896,906
	2,420	Keyence Corp		633,184
	69,576	Kubota Corp		784,101
	10,600	Kyocera Corp		986,672
	16,870	Leopalace21 Corp		655,891
	13,996	Makita Corp		414,242
	656,306	Matsushita Electric Industrial		15,804,216
	1,117	Mitsubishi Tokyo Financial		17,508,144
	168,000	Mitsubishi UFJ Securities		2,639,159
	68,793	Mitsui Fudosan		1,536,096
	1,355	Mizuho Financial		11,521,060
	84,000	NGK Spark Plug		1,838,879
	92,294	NHK Spring		1,066,796

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Japan—Continued
	114,500	Nikko Securities	$	1,847,842
	11,238	Nintendo Co		1,672,907
	27,000	Nippon Electric Glass		607,618
	58,000	Nissan Chemical Industries		980,210
	217,867	Nissan Motor		2,855,927
	68,469	Nitto Denko		5,725,735
	35,400	NOK Corp		1,072,539
	317,907	Nomura Holdings		7,168,218
	144,000	NSK Ltd		1,298,774
	10,580	Orix Corp		3,168,441
	137,000	Ricoh Co		2,711,208
	27,000	Secom Co		1,468,214
	42,200	Sega Sammy Holdings		1,677,653
	246,000	Seiyu Ltd* (1)		603,152
	81,740	Seven & I Holdings		3,156,510
	235,000	Sharp Corp		4,113,529
	195,430	Sony Corp		9,788,613
	42,161	Stanley Electric		978,342
	199,000	Sumitomo Chemical		1,739,072
	118,111	Sumitomo Corp		1,764,425
	259,158	Sumitomo Metal Industries		1,089,281
	739	Sumitomo Mitsui Financial		8,088,879
	176,633	Sumitomo Trust & Banking		1,874,599
	98,000	Suzuki Motor		2,385,639
	28,896	Takeda Chemical Industries		1,761,087
	91,000	Teijin Ltd		622,338
	63,000	Toppan Printing		839,081
	210,200	Toray Industries		1,963,953
	288,524	Toyota Motor		16,826,356
	25,500	Yamada Denki		2,771,060
	111,644	Yamaha Motor		3,069,721
	80,505	Yamato Holdings		1,600,231
	79,900	Yokogawa Electric		1,262,168
				225,905,528
		France—10.4%
	14,999	Accor SA		942,596
	8,074	Alstom		730,236
	12,855	Atos Origin		962,662

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		France—Continued
	126,656	BNP Paribas	$	11,949,713
	104,099	Bouygues SA		5,671,299
	46,245	Compagnie de Saint-Gobain		3,463,112
	182,968	Electricite de France*		10,682,546
	10,261	Eurazeo		1,238,887
	7,356	Havas SA		37,991
	88,628	JC Decaux*		2,645,874
	177,399	Lafarge SA		21,787,413
	13,220	Lagardere S.C.A.		1,090,744
	61,901	L'Air Liquide		13,372,472
	184,607	LVMH SA		19,405,480
	56,073	Pernod-Ricard		10,856,193
	57,866	Pinault-Printemps-Redoute		7,493,185
	20,165	Publicis Groupe		836,958
	95,977	Renault SA		11,122,563
	92,241	Safran SA		2,364,494
	242,942	Sanofi-Aventis		22,875,136
	41,579	Schneider Electric		4,700,655
	30,774	Societe Generale-Class A		4,694,377
	196,354	Societe Television Francaise		6,504,971
	80,334	Suez SA		3,156,201
	76,694	Total SA		21,176,385
	40,728	Vinci SA		4,040,113
	105,512	Vivendi Universal		3,846,363
				197,648,619
		Germany—9.0%
	6,631	Adidas-Salomon		1,397,831
	490,593	Commerzbank AG		20,300,494
	15,209	Continental AG		1,807,942
	94,297	DaimlerChrysler AG-Registered		5,162,232
	111,822	Deutsche Bank		13,708,163
	57,683	Deutsche Boerse		8,329,061
	341,232	Deutsche Post		9,082,369
	68,903	Deutsche Postbank		5,259,696
	64,404	E.ON AG		7,831,141
	312,876	Fraport AG (1)		23,635,032
	62,997	Fresenius AG		10,507,286
	30,927	Fresenius Medical Care		3,705,219

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Germany—Continued
	40,885	Henkel KGaA	$	4,500,654
	113,569	Hochtief AG		7,753,700
	124,904	Hypo Real Estate Holding		8,719,524
	59,657	IKB Deutsche Industriebank		2,470,831
	215,142	IVG Immobilien		6,170,752
	48,565	KarstadtQuelle AG (1)		1,457,798
	16,515	Man AG		1,250,059
	20,265	Merck KGaA		2,144,252
	2,327	Puma AG		936,549
	23,060	SAP AG		5,031,032
	130,448	Siemens AG		12,323,912
	17,742	Solarworld AG		5,515,215
	14,429	Wacker Chemie*		1,890,251
				170,890,995
		United Kingdom—8.8%
	615,793	Aegis Group		1,527,839
	271,604	Anglo American		11,527,452
	525,620	Associated British Ports		6,983,924
	695,025	BAA PLC		10,706,571
	135,293	BAE Systems		1,026,696
	214,737	Balfour Beatty		1,401,237
	143,807	BG Group		1,926,450
	138,431	BP PLC		1,702,203
	444,682	Burberry Group		3,811,022
	1,138,714	Compass Group		4,895,038
	963,441	Diageo PLC		15,848,347
	746,394	GlaxoSmithkline PLC		21,109,988
	58,166	Imperial Tobacco		1,801,561
	256,821	Kazakhmys PLC		5,314,640
	80,902	London Stock Exchange		1,819,027
	297,752	Prudential PLC		3,482,679
	227,424	Reckitt Benckiser		8,263,411
	56,275	Rio Tinto		3,085,014
	596,563	Rolls-Royce Group*		5,166,893
	24,781,679	Rolls-Royce Group		45,044
	215,925	SABMiller PLC		4,540,948
	193,372	Scottish & Newcastle		1,782,017
	319,308	Smith & Nephew		2,632,069

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		United Kingdom—Continued
	79,582	Smiths Group	$	1,474,729
	1,855,856	Tesco PLC		10,777,683
	9,956,798	Vodafone Group		23,436,876
	326,724	William Hill		3,768,104
	81,094	Wolseley PLC		2,023,809
	450,530	WPP Group		5,543,993
				167,425,264
		Russia—6.0%
	57,236	AFK Sistema Sponsored GDR		1,402,282
	101,617	JSC MMC Norilsk Nickel ADR (1)		13,413,444
	176,503	LUKOIL ADR (1)		15,885,270
	1,541	NovaTek OAO*		6,129,328
	80,500	NovaTek OAO Sponsored GDR†		2,942,275
	579,520	OAO Gazprom*		6,606,528
	385,297	OAO Gazprom ADR (1)		17,631,191
	74,092	Polyus Gold ADR (2)		3,519,370
	11,303	Rosneft-Purneftegaz		554,412
	12,412	Sberbank RF		22,465,720
	18,923	Sibneft		94,710
	998,322	Surgutneftegaz OJSC		1,697,147
	870,631	TNK-BP (2)		2,960,145
	231,371	Unified Energy System GDR		17,760,426
				113,062,248
		Switzerland—5.8%
	89,522	Adecco SA		5,535,069
	17,637	BKW FMB Energie		1,815,104
	216,749	Compagnie Financiere Richemont		11,196,883
	195,560	Credit Suisse-Registered		12,248,542
	182,383	Holcim Ltd*		15,250,518
	49,955	Nestle SA-Registered		15,192,345
	312,395	Novartis AG-Registered		17,870,878
	91,955	Roche Holding		14,099,151
	2,475	SGS SA		2,441,668
	17,203	Syngenta AG-Registered*		2,392,860
	64,159	The Swatch Group-Class B		11,472,532
				109,515,550

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Italy—5.2%
	133,815	Assicurazioni Generali	$	5,007,920
	842,394	Banca Intesa		4,997,883
	1,029,823	Banca Intesa-RNC		5,714,239
	67,301	Banca Italease		4,091,276
	597,805	Banca Popolare di Milano		7,545,311
	133,277	Banca Popolare di Sondrio		2,216,047
	28,265	Banca Popolare Emilia Romagna		1,705,432
	455,063	Banca Popolare Italiana		4,794,986
	184,138	Banche Popolari Unite		4,648,267
	166,077	Banco Popolare di Verona		4,667,227
	44,144	Bulgari SpA		547,330
	272,967	Buzzi Unicem		6,976,572
	1,333,268	Capitalia SpA		11,554,623
	1,514,375	Cassa di Risparmio di Firenze		5,354,584
	314,468	Credito Emiliano		4,372,368
	78,661	Finmeccanica SpA		1,883,711
	56,887	Geox SpA		810,305
	46,963	Luxottica Group		1,396,695
	358,657	Parmalat SpA*		1,204,903
	2,518,321	UniCredito Italiano		18,947,569
				98,437,248
		Poland—4.8%
	155,976	Bank Handlowy w Warszawie		3,653,725
	369,338	Bank PEKAO		24,753,511
	42,625	Bank Prezemyslowo-Handlowy		10,983,359
	181,600	Bank Zachodni WBK		10,989,410
	2,631,875	Pko Bank Polski		33,052,031
	951,906	Telekomunikacja Polska		6,968,225
				90,400,261
		Netherlands—3.5%
	83,092	Euronext NV		7,415,645
	83,416	European Aeronautic Defense and Space*		3,286,745
	117,900	Heineken NV*		4,768,744
	288,840	ING Groep		11,737,392
	338,385	Koninklijke KPN		3,968,356
	79,409	Koninklijke Numico		3,592,989
	145,809	Philips Electronics*		5,023,328

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Netherlands—Continued
	47,303	Randstad Holdings	$	3,140,141
	376,291	TNT NV		13,527,816
	56,813	Unilever NV		4,097,067
	206,522	Vedior NV		4,807,488
	28,280	VNU NV*		969,299
				66,335,010
		Sweden—2.9%
	38,055	Autoliv Inc		2,112,506
	683,066	Ericsson AB-Class B		2,423,073
	449,172	ForeningsSparbanken AB		12,315,163
	218,815	Getinge AB-Class B		3,777,372
	34,798	Hennes & Mauritz-Class B		1,316,857
	71,115	Modern Times Group-Class B		3,889,959
	810,289	Nordea AB		10,394,931
	48,058	Securitas AB-Class B		998,795
	525,291	Skandinaviska Enskilda Banken		13,193,084
	283,941	Skanska AB-Class B		4,901,633
	46,248	TeliaSonera AB		286,162
				55,609,535
		Turkey—2.8%
	880,955	Akbank TAS		7,335,734
	1,568,332	Dogan Sirketler Grubu*		7,479,555
	2,355,534	Haci Omer Sabanci		11,144,654
	2,422,391	Turkiye Garanti Bankasi		9,993,967
	1,503,245	Turkiye Is Bankasi		12,631,355
	720,089	Turkiye Vakiflar Bankasi*		4,551,660
				53,136,925
		Austria—2.8%
	181,928	Erste Bank der Oesterreichischen Sparkassen		10,984,488
	822,019	Immofinanz Immobilien Anlagen* (1)		8,987,760
	141,653	OMV AG		9,833,454
	88,648	Raiffeisen International Bank Holding* (1)		7,714,966
	228,813	Telekom Austria		5,605,963
	69,171	Wiener Staedtische Versicher		4,424,525
	95,647	Wienerberger AG		5,049,390
				52,600,546

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Norway—2.4%
	319,627	DNB Holding	$	4,423,814
	105,938	Norsk Hydro		16,274,409
	95,357	Orkla ASA		5,009,040
	5,054,458	PAN Fish*		5,121,960
	436,151	Statoil ASA		14,332,441
	44,566	Telenor ASA		515,819
				45,677,483
		Australia—2.3%
	535,530	BHP Billiton		11,905,568
	159,855	Brambles Industries		1,353,596
	45,099	CSL Ltd		1,974,429
	4,000,238	Macquarie Airports		9,955,392
	832,382	Newcrest Mining		14,399,792
	73,639	Rio Tinto		4,394,458
				43,983,235
		Belgium—2.2%
	156,384	Almancora		21,097,533
	179,404	Fortis		6,714,051
	112,094	KBC Groupe		12,983,267
				40,794,851
		Hong Kong—2.1%
	2,742,371	China Merchants Holdings International		9,355,041
	1,034,617	China Netcom Group Corp HK		1,888,121
	473,222	China Resources Enterprise		1,013,134
	5,024,116	Galaxy Entertainment Group*		4,341,385
	2,723,352	Hutchison Telecommunications*		4,794,356
	3,967,537	Melco International Development		8,929,152
	7,981,970	Shun TAK Holdings		10,140,051
				40,461,240
		Finland—1.8%
	530,181	Fortum Oyj		13,370,207
	510,456	Nokia Oyj		11,606,076
	101,174	Sampo Insurance-Class A		2,084,981
	90,592	Sanomawsoy Oyj-Class B (1)		2,316,519
	29,562	Wartsila Oyj-Class B		1,257,892
	132,507	YIT Oyj		3,732,162
				34,367,837

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Czech Republic—1.6%
	188,777	Komercni Banka	$	29,893,693
		South Korea—1.4%
	67,486	Hyundai Motor		5,931,499
	6,970	NHN Corp*		2,475,562
	27,201	Samsung Electronics		18,572,354
				26,979,415
		Mexico—1.2%
	887,767	Fomento Economico Mexicano*		8,215,468
	17,315	Fomento Economico Mexicano ADR		1,608,217
	3,856,847	Grupo Financiero Banorte		10,036,082
	168,969	Grupo Televisa SA Sponsored ADR		3,582,143
				23,441,910
		Hungary—1.1%
	19,948	Gedeon RT		4,292,119
	1,621,245	Magyar Telekom		7,403,071
	238,749	OTP Bank		9,246,694
				20,941,884
		Spain—0.8%
	384,521	Banco Bilbao Vizcaya Argentaria		8,481,176
	178,962	Corporacion Mapfre		3,778,198
	69,698	Inditex SA		2,831,392
				15,090,766
		China—0.8%
	7,213,056	China Life Insurance-Class H*		9,721,413
	10,039,141	Dongfeng Motor Group-Class H*		5,017,208
				14,738,621
		Romania—0.7%
	549,557	Romanian Bank for Development		3,444,812
	43,648,900	SNP Petrom		8,856,619
				12,301,431
		Greece—0.6%
	152,990	Alpha Bank		5,781,416
	254,960	Hellenic Telecommunication		5,697,385
				11,478,801

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Cyprus—0.6%
	1,147,293	Bank of Cyprus	$	11,156,848
		United States—0.5%
	242,465	News Corp		4,444,723
	100,000	News Corp-Class B (1)		1,823,000
	26,374	Southern Copper (1)		2,612,345
				8,880,068
		Indonesia—0.5%
	16,027,242	Bank Mandiri Persero		3,518,064
	6,191,831	Telekomunikasi Indonesia		5,281,630
				8,799,694
		Venezuela—0.4%
	378,944	CIA Anonima Telef De Ven ADR		7,719,089
		Canada—0.4%
	174,058	Barrick Gold		5,281,310
	15,874	Research in Motion*		1,216,425
				6,497,735
		Denmark—0.3%
	24,566	Novo Nordisk-Class B		1,592,919
	154,423	Vestas Wind Systems (1)		4,185,188
				5,778,107
		Thailand—0.2%
	163,272	Bangkok Bank Public		491,076
	651,100	Bangkok Bank Public-Foreign Registered Shares		2,062,308
	5,208,672	Krung Thai Bank Public		1,705,261
				4,258,645
		Luxembourg—0.2%
	82,018	Millicom International Cellular* (1)		4,033,645
		Papua New Guinea—0.2%
	1,663,340	Lihir Gold		4,000,728
		Portugal—0.2%
	567,370	Banco Comercial Portugues		1,729,544
	177,563	Portugal Telecom-Registered		2,256,802
				3,986,346

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
COMMON STOCKS—Continued
		Bermuda—0.2%
	61,325	Central European Media Enterprises-Class A* (1)	$	3,949,943
		Philippines—0.2%
	1,093,664	Bank of the Philippine Islands		1,288,652
	65,697	Philippine Long Distance Telephone		2,595,139
				3,883,791
		Egypt—0.2%
	47,282	Orascom Telecom Holding SAE GDR		2,539,043
	74,179	Telecom Egypt GDR*†		964,327
				3,503,370
		India—0.1%
	48,776	State Bank of India GDR		2,485,137
		Ukraine—0.1%
	1,876,334	UkrTelecom* (2)		407,817
	161,195	UkrTelecom GDR* (2)		1,746,224
				2,154,041
		United Arab Emirates—0.1%
	113,503	Investcom LLC GDR*		1,719,570
		South Africa—0.1%
	146,949	MTN Group		1,451,168
		Brazil—0.1%
	15,621	Aracruz Celulose ADR		860,405
		Ireland—0.0%
	10,775	DePfa Bank		201,962
		TOTAL COMMON STOCKS (Cost $1,596,153,850)		1,846,439,188
PREFERRED STOCKS—0.4%
		Germany—0.4%
	3,451	Henkel KGaA		414,361
	272,279	ProsiebenSat.1 Media		7,531,758
		TOTAL PREFERRED STOCKS (Cost $6,255,733)		7,946,119

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 1)
RIGHTS—0.0%
		Austria—0.0%
	822,019	IMMOFINANZ Immobilien Anlagen Rights, Expires 5/15/2006 (Cost $0)*	$	0
WARRANTS—1.2%
		India—1.2%
	950,847	Bharti Televentures-Class A Warrants, Expires 05/31/2010*†		8,845,176
	505,204	Canara Bank Warrants, Expires 01/19/2009*		2,771,448
	415,495	CLSA State Bank of India Warrants, Expires 05/13/2010*†		9,542,182
	51,678	State Bank of India Warrants, Expires 1/19/2009*		1,146,588
				22,305,394
		Switzerland—0.0%
	13,481	Syngenta AG Warrants, Expires 05/23/2006*		21,570
		TOTAL WARRANTS (Cost $22,089,067)		22,326,964

Face Value		Currency
U.S. GOVERNMENT AND AGENCY OBLIGATION—0.2%
			United States—0.2%
			U.S. Treasury Bills
	2,000,000	USD	4.410% due 05/11/2006 (3)	1,997,060
	400,000	USD	4.430% due 05/11/2006 (3)	399,409
	660,000	USD	4.470% due 05/11/2006 (3)	659,017
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION (Cost $3,055,486)	3,055,486
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—4.3%
			United States—4.3%
	843,757		Abbey National 4.770% due 05/03/2006 (4)	843,757
	1,582,044		ABN Amro Bank NV 4.920% due 05/30/2006 (4)	1,582,044
	775,410		American Beacon Funds 4.751% due 05/01/2006 (4)	775,410
	1,050,273		ANZ Banking Group 4.890% due 05/22/2006 (4)	1,050,273
	1,582,044		BancoBilbao Vizcaya Argentaria 4.950% due 06/20/2006 (4)	1,582,044
	1,846,295		Bank of America, rates ranging from 4.770%-4.970% and maturity dates ranging from 05/16/2006-06/19/2006 (4)	1,846,295
	632,817		Bank of Montreal 4.770% due 05/02/2006 (4)	632,817
	2,953,148		Bank of Nova Scotia 4.800% due 05/11/2006 (4)	2,953,148

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
			United States—Continued
	1,054,696		Barclays 4.790% due 05/10/2006 (4)	$	1,054,696
	734,793		Barton Capital 4.786% due 05/05/2006 (4)		734,793
	421,878		Bear Stearns & Co 5.010% due 06/06/2006 (4)		421,878
	3,269,557		BGI Institional 4.775% due 05/01/2006 (4)		3,269,557
	3,164,088		BNP Paribas, with rates ranging from 4.760%-4.820% and maturity dates ranging from 05/02/2006-05/05/2006 (4)		3,164,088
	527,348		Branch Banker &Trust 4.850% due 05/19/2006 (4)		527,348
	527,348		CAFCO Funding 4.913% due 05/31/2006 (4)		527,348
	1,476,574		Calyon, with rates ranging from 4.740%-4.910% and maturity dates ranging from 05/09/2006-06/02/2006 (4)		1,476,574
	1,487,121		Canadian Imperial Bank of Commerce, with rates ranging from 4.915%-4.970% and maturity dates ranging from 05/18/2006-06/23/2006 (4)		1,487,121
	527,348		Charta 4.944% due 06/08/2006 (4)		527,348
	1,050,227		Clipper Receivables 4.941% due 05/26/2006 (4)		1,050,227
	1,257,558		Compass Securitization, with rates ranging from 4.789%-4.928% and maturity dates ranging from 05/04/2006-05/22/2006 (4)		1,257,558
	1,321,376		CRC Funding, with rates ranging from 4.953%-4.986% and maturity dates ranging from 06/13/2006-06/16/2006 (4)		1,321,376
	1,582,044		Credit Suisse First Boston 4.960% due 06/16/2006 (4)		1,582,044
	486,075		Credit Suisse First Boston Repo 4.915% due 05/01/2006 (4)		486,075
	1,046,895		Den Danske Bank 4.773% due 05/05/2006 (4)		1,046,895
	464,066		Deutsche Bank 4.760% due 05/01/2006 (4)		464,066
	1,582,044		Dexia Group 4.775% due 05/04/2006 (4)		1,582,044
	1,050,104		Falcon Asset Securitization Corp, with rates ranging from 4.858%-4.928% and maturity dates ranging from 05/15/2006-05/22/2006 (4)		1,050,104
	2,489,082		Fortis Bank, with rates ranging from 4.770%-4.970% and maturity dates ranging from 05/01/2006-06/22/2006 (4)		2,489,082
	1,263,130		General Electric Capital Corporation 4.756% due 05/05/2006 (4)		1,263,130
	935,702		Goldman Sachs Financial Square Prime Obligations 4.668% due 05/01/2006 (4)		935,702
	4,500,241		Goldman Sachs Group 4.915% due 05/01/2006 (4)		4,500,241
	523,966		Greyhawk Funding 4.825% due 05/11/2006 (4)		523,966
	1,054,696		Harris NA 4.900% due 05/23/2006 (4)		1,054,696

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 1)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
			United States—Continued
	2,636,740		HBOS Halifax Bank of Scotland, with rates ranging from 4.777%-4.789% and maturity dates ranging from 06/06/2006-07/10/2006 (4)	$	2,636,740
	527,348		Jupiter Securitization 4.880% due 05/18/2006 (4)		527,348
	1,050,130		Kitty Hawk Funding 4.891% due 05/22/2006 (4)		1,050,130
	1,050,224		Liberty Street 4.790% due 05/02/2006 (4)		1,050,224
	1,582,044		Lloyds TSB Bank 4.810% due 05/11/2006 (4)		1,582,044
	4,071,126		Merrill Lynch & Co 4.865% due 05/01/2006 (4)		4,071,126
	2,584,335		Merrimac Cash Fund-Premium Class 4.605% due 05/01/2006 (4)		2,584,335
	2,361,497		Morgan Stanley & Co, with rates ranging from 4.865%-4.925% and due 05/01/2006 (4)		2,361,497
	210,939		Nordea Bank Finland 4.970% due 05/30/2006 (4)		210,939
	1,573,233		Old Line Funding, with rates ranging from 4.942%-4.960% and maturity dates ranging from 05/15/2006-06/08/2006 (4)		1,573,233
	1,574,394		Paradigm Funding, with rates ranging from 4.933%-4.953% and maturity dates ranging from 05/16/2006-05/30/2006 (4)		1,574,394
	628,485		Park Avenue Receivables 4.790% due 05/08/2006 (4)		628,485
	1,050,089		Prefco, with rates ranging from 4.786%-4.962% and maturity dates ranging from 05/01/2006-05/30/2006 (4)		1,050,089
	2,710,568		Rabobank, with rates ranging from 4.820%-4.920% and maturity dates ranging from 05/01/2006-06/12/2006 (4)		2,710,568
	527,348		Ranger Funding 5.009% due 06/09/2006 (4)		527,348
	632,817		Royal Bank of Canada 4.990% due 06/27/2006 (4)		632,817
	3,585,966		Royal Bank of Scotland, with rates ranging from 4.750%-4.870% and maturity dates ranging from 05/03/2006-05/12/2006 (4)		3,585,966
	1,051,700		Sheffiled Receivables 4.884% due 05/16/2006 (4)		1,051,700
	843,757		Societe Generale 4.700% due 05/05/2006 (4)		843,757
	527,348		Standard Chartered Bank 5.000% due 06/27/2006 (4)		527,348
	1,074,990		Svenska Handlesbanken 4.820% due 05/01/2006 (4)		1,074,990
	527,348		The Bank of the West 4.940% due 06/16/2006 (4)		527,348
	628,476		Three Pillars Funding 4.800% due 05/08/2006 (4)		628,476
	4,113,310		Wells Fargo, with rates ranging from 4.860%-4.900% and maturity dates ranging from 05/11/2006-05/15/2006 (4)		4,113,310
			TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING (Cost $82,187,957)		82,187,957

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

Face
Value

Currency

Description

Market
Value (Note 1)

REPURCHASE AGREEMENT—2.1%

United States—2.1%

38,916,053

USD

Investors Bank & Trust Company Repurchase Agreement,

dated 04/28/2006, due 05/01/2006, with a maturity

value of $38,926,528 and an effective yield of 3.23%,

collaterallized by U.S. Government and Agency Obligations,

with rates ranging from 5.459%-8.125%, maturities from

09/25/2023-03/25/2033, and an aggregate market value

of $40,861,856 (Cost $38,916,053)

38,916,053

TOTAL INVESTMENTS—105.7% (Cost $1,748,658,146)

2,000,871,767

OTHER ASSETS AND LIABILITIES (NET)—(5.7%)

(107,491,329

)

TOTAL NET ASSETS—100.0%

1,893,380,438

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

(1) All or a portion of this security was on loan to brokers at April 30, 2006.

(2) Illiquid security

(3) Security has been pledged for futures collateral.

(4) Represents investments of security lending collateral.

* Non-income producing security.

Aggregate cost for federal income tax purposes was $1,753,987,238.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2006

Julius Baer International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
05/02/2006	CZK	47,002,068		2,079,048		2,056,713	$	22,335
05/03/2006	DKK	5,249,318		886,458		854,520		31,938
08/03/2006	DKK	5,249,318		891,386		892,741		(1,355	)
05/03/2006	EUR	15,000,000		18,894,750		18,838,500		56,250
06/06/2006	EUR	10,833,609		13,677,009		13,100,000		577,009
05/02/2006	GBP	401,427		729,654		711,450		18,204
05/03/2006	GBP	2,400,000		4,362,360		4,340,880		21,480
05/24/2006	GBP	5,659,000		10,288,926		9,869,805		419,121
06/09/2006	GBP	558,634		1,015,899		970,989		44,910
06/23/2006	GBP	1,668,000		3,033,930		2,932,611		101,319
08/03/2006	GBP	401,427		730,610		732,766		(2,156	)
10/19/2006	GBP	2,541,000		4,630,482		4,512,562		117,920
05/02/2006	JPY	1,674,664,568		14,664,313		14,664,825		(512	)
05/08/2006	JPY	442,812,744		3,880,730		3,753,366		127,364
05/09/2006	JPY	1,959,000,000		17,170,687		16,785,913		384,774
05/16/2006	JPY	1,169,000,000		10,256,224		10,067,606		188,618
05/24/2006	JPY	365,578,000		3,210,948		3,120,265		90,683
06/14/2006	JPY	167,336,000		1,474,031		1,422,925		51,106
06/23/2006	JPY	1,694,000,000		14,940,795		14,799,154		141,641
07/18/2006	JPY	1,050,368,000		9,296,189		8,968,937		327,252
07/20/2006	JPY	117,544,846		1,040,608		1,012,061		28,547
07/24/2006	JPY	1,061,000,000		9,398,075		9,143,005		255,070
09/25/2006	JPY	764,282,416		6,827,876		6,697,700		130,176
10/05/2006	JPY	734,252,640		6,568,503		6,388,694		179,809
05/02/2006	PLN	23,166,254		7,537,050		7,448,957		88,093
05/03/2006	SEK	8,262,864		1,118,750		1,087,434		31,316
Net unrealized appreciation on forward foreign exchange contracts to buy							$	3,430,912

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2006

Julius Baer International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
05/01/2006	AUD	1,393,262		1,057,138		1,045,365	$	(11,773	)
05/02/2006	AUD	3,112,407		2,361,539		2,354,848		(6,691	)
05/22/2006	CZK	32,582,000		1,443,471		1,373,609		(69,862	)
06/16/2006	CZK	389,697,000		17,300,374		16,421,432		(878,942	)
09/25/2006	CZK	26,279,692		1,176,120		1,112,603		(63,517	)
05/03/2006	DKK	5,249,318		886,459		887,759		1,300
05/02/2006	EUR	2,769,511		3,488,614		3,476,844		(11,770	)
06/06/2006	EUR	10,833,609		13,677,009		12,943,346		(733,663	)
06/30/2006	EUR	40,991,807		51,820,407		50,319,082		(1,501,325	)
05/02/2006	GBP	401,427		729,654		731,802		2,148
05/24/2006	GBP	5,659,000		10,288,926		9,829,117		(459,809	)
06/16/2006	HUF	1,782,641,000		8,513,754		8,104,019		(409,735	)
09/25/2006	HUF	26,922,463		128,132		122,553		(5,579	)
09/25/2006	PLN	1,313,945		429,368		409,508		(19,860	)
05/03/2006	SEK	8,262,864		1,118,750		1,077,409		(41,341	)
09/22/2006 TRY		403,460		296,894		289,115		(7,779	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(4,218,198	)

Glossary of Currencies

AUD — Australian Dollar

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

JPY — Japanese Yen

PLN — Polish Zloty

SEK — Swedish Krona

TRY — Turkish Lira

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2006

Julius Baer International Equity Fund II (Percentage of Net Assets)

At April 30, 2006, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 1)
INDUSTRY SECTOR
Financials		38.2	%	$	722,763,805
Consumer Discretionary		11.8			223,292,970
Industrials		10.9			205,472,618
Materials		7.7			146,207,058
Consumer Staples		6.8			129,535,590
Energy		5.9			111,873,373
Healthcare		5.3			100,844,314
Telecommunications		4.9			93,372,252
Utilities		4.6			87,272,761
Information Technology		3.0			56,077,530
US Treasury Bills		0.2			3,055,486
Cash & Cash Equivalents		6.4			121,104,010	*
Total Investments		105.7			2,000,871,767
Other Assets and Liabilities (Net)		(5.7	)		(107,491,329	)*
Net Assets		100.0	%	$	1,893,380,438

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements and notional market value for futures for $28,823,292, which is 1.5% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Face Value		Currency	Security	Market Value (Note 1)
U.S. GOVERNMENT AND AGENCY OBLIGATION—56.3%
			Federal Agricultural Mortgage
	4,000,000	USD	4.250% due 07/29/2008	$	3,924,332
			Federal Home Loan Bank
	2,000,000	USD	4.370% due 02/22/2007 (1)		1,999,286
	6,000,000	USD	4.625% due 08/08/2007		5,960,976
	4,643,763	USD	4.720% due 09/20/2012		4,468,171
					12,428,433
			Federal Home Loan Mortgage
	3,800,000	USD	3.750% due 11/15/2006		3,770,843
	3,600,000	USD	4.050% due 06/28/2007		3,555,540
	15,000,000	USD	5.000% due 05/01/2021*		14,582,820
	7,000,000	USD	5.500% due 06/01/2021*		6,934,375
	3,837,877	USD	4.623% due 09/01/2035 (1)		3,771,073
					32,614,651
			Federal National Mortgage Association
	632,225	USD	4.271% due 11/15/2006		632,235
	1,424,549	USD	4.663% due 02/15/2007 (1)		1,424,431
	6,000,000	USD	4.875% due 08/27/2007		5,979,108
	3,100,000	USD	5.125% due 04/15/2011		3,081,552
	19,500,000	USD	4.500% due 05/01/2021*		18,567,666
	17,000,000	USD	5.500% due 05/01/2021*		16,872,500
	2,862,426	USD	4.418% due 01/01/2034 (1)		2,828,558
	4,593,143	USD	4.634% due 11/01/2035 (1)		4,526,378
	5,400,000	USD	6.000% due 05/01/2036*		5,376,375
					59,288,803
			Government National Mortgage Association
	79,873	USD	7.000% due 04/15/2032		82,926
	6,100,000	USD	6.000% due 05/01/2036*		6,124,778
					6,207,704
			U.S. Treasury Inflation Indexed Notes
	14,902,631	USD	3.625% due 01/15/2008		15,358,443
	15,596,980	USD	2.375% due 01/15/2025		15,414,215
					30,772,658

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Face Value		Currency	Security	Market Value (Note 1)
U.S. GOVERNMENT AND AGENCY OBLIGATION—Continued
			U.S. Treasury Notes
	13,500,000	USD	5.750% due 08/15/2010	$	13,944,028
	6,085,000	USD	4.375% due 12/15/2010		5,950,704
	6,540,000	USD	4.500% due 02/28/2011		6,422,489
	2,400,000	USD	4.250% due 08/15/2013		2,290,219
	2,955,000	USD	4.500% due 11/15/2015		2,828,952
	827,000	USD	4.500% due 02/15/2016		791,207
					32,227,599
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION (Cost $177,988,278)		177,464,180
CORPORATE BONDS—29.3%
			United States—16.4%
			Alliance Capital Management
	2,300,000	USD	5.625% due 08/15/2006		2,302,334
			Ameriprise Financial
	2,350,000	USD	5.350% due 11/15/2010		2,322,510
			BHP Billiton Finance USA
	3,560,000	USD	5.000% due 12/15/2010		3,491,150
			Cargill Inc
	1,700,000	USD	3.625% due 03/04/2009†		1,620,549
			Charter One Bank
	1,760,000	USD	5.500% due 04/26/2011		1,757,367
			Cisco Systems
	2,350,000	USD	5.250% due 02/22/2011		2,328,709
			Citigroup
	3,500,000	USD	5.000% due 09/15/2014		3,320,436
			ConocoPhillips
	2,350,000	USD	8.750% due 05/25/2010		2,626,727
			General Dynamics
	1,900,000	USD	2.125% due 05/15/2006		1,898,142
			General Electric Capital
	900,000	USD	5.500% due 04/28/2011		901,356

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

United States—Continued

Genworth Global Funding

1,350,000

USD

5.125% due 03/15/2011

1,327,850

Home Depot

1,500,000

USD

5.200% due 03/01/2011

1,486,428

HSBC Bank USA

9,400,000

USD

4.720% due 05/04/2006 (1)

9,399,906

MidAmerican Energy

1,235,000

USD

6.375% due 06/15/2006

1,236,640

Omnicom Group

1,300,000

USD

5.900% due 04/15/2016

1,270,743

Private Export Funding

1,800,000

USD

7.650% due 05/15/2006

1,801,631

Private Export Funding Series D

3,040,000

USD

5.870% due 07/31/2008

3,086,530

Reed Elsevier Capital

2,350,000

USD

6.125% due 08/01/2006

2,354,324

Selkirk Cogen Funding, Series A

2,001,784

USD

8.650% due 12/26/2007

2,047,801

Valero Energy

2,250,000

USD

6.875% due 04/15/2012

2,368,899

Wachovia Bank

2,950,000

USD

4.375% due 08/15/2008

2,892,755

51,842,787

Supra National—5.1%

European Investment Bank

2,700,000

USD

4.500% due 02/17/2009

2,661,355

14,350,000

NZD

6.000% due 07/15/2009

8,970,555

11,631,910

Inter-American Development Bank

3,000,000

USD

due 12/16/2008

2,617,029

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

Supra National—Continued

International Bank for Reconstruction & Development

2,000,000

USD

9.250% due 01/15/2008

1,827,266

16,076,205

United Kingdom—2.2%

CE Electric UK Funding

4,000,000

USD

6.995% due 12/30/2007†

4,054,892

Vodafone Group

3,000,000

USD

5.500% due 06/15/2011

2,969,955

7,024,847

Austria—1.6%

Bank Austria Creditanstalt

5,000,000

USD

5.750% due 06/08/2006

5,001,710

Singapore—1.1%

Temasek Financial I

3,750,000

USD

4.500% due 09/21/2015†

3,452,141

Qatar—0.9%

Ras Laffan Liquefied Natural Gas II

3,150,000

USD

5.298% due 09/30/2020†

2,973,401

Germany—0.7%

Kreditanstalt fuer Wiederaufbau

2,300,000

USD

3.875% due 06/30/2009

2,215,721

Norway—0.7%

Eksportfinans A/S

2,150,000

USD

4.750% due 12/15/2008

2,127,840

Netherlands—0.4%

Russian Auto Loans

1,262,563

USD

6.830% due 08/10/2010 (1)

1,263,194

Australia—0.2%

Rio Tinto Finance USA

500,000

USD

5.750% due 07/03/2006

500,750

TOTAL CORPORATE BONDS (Cost $93,979,540)

92,478,596

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

ASSET BACKED SECURITIES—19.7%

Astoria Depositor Corp Series 2005, Class A

4,100,000

USD

5.744% due 05/01/2016†

4,024,048

Bank One Issuance Trust, Series 2003-A5, Class A-5

1,600,000

USD

4.951% due 02/17/2009 (1)

1,601,041

Bank One Issuance Trust, Series 2004-A2, Class A2

10,400,000

USD

4.931% due 10/15/2009 (1)

10,409,097

Chase Credit Card Master Trust, Series 2001-2, Class A

9,500,000

USD

5.021% due 09/15/2008 (1)

9,504,427

Citibank Credit Card Issuance Trust, Series 2001-A6, Class A6

9,000,000

USD

5.650% due 06/16/2008

9,013,644

Harley-Davidson Motorcycle Trust, Series 2003-2, Class A2

1,907,092

USD

2.070% due 02/15/2011

1,850,569

JP Morgan Chase Commercial Mortgage Securities Corp
Series 2002-CIB4 Class A3

1,440,000

USD

6.162% due 05/12/2034

1,482,116

JP Morgan Chase Commercial Mortgage Securities Corp
Series 2006-CB14, Class A4

3,300,000

USD

5.481% due 12/12/2044

3,240,044

JP Morgan Chase Commercial Mortgage Securities Corp
Series 2006-LDP6, Class A4

2,773,000

USD

5.475% due 04/15/2043

2,714,600

MBNA Credit Card Master Note Trust, Series 2001-3A, Class A

8,584,000

USD

5.178% due 12/15/2008 (1)

8,591,731

Small Business Administration, Series 2005-P10B, Class 1

2,640,547

USD

4.940% due 08/10/2015

2,565,706

Small Business Administration, Series 2006-P10A, Class 1

4,300,000

USD

5.408% due 02/10/2016

4,210,240

USAA Auto Owner Trust, Series 2006-1, Class A1

2,908,676

USD

4.755% due 03/15/2007

2,909,376

TOTAL ASSET BACKED SECURITIES (Cost $62,480,253)

62,116,639

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

FOREIGN GOVERNMENT BONDS—11.6%

Canada—3.2%

Canada Mortgage and Housing

4,300,000

USD

4.800% due 10/01/2010

4,233,944

Ontario Province

6,000,000

USD

2.350% due 06/30/2006

5,974,824

10,208,768

United Kingdom—3.0%

United Kingdom

5,160,000

GBP

4.750% due 09/07/2015

9,457,661

Israel—1.9%

Israel Trust

5,961,000

USD

due 11/15/2006

5,806,747

Mexico—1.8%

United Mexican States

66,265,000

MXN

8.000% due 12/19/2013

5,802,297

Turkey—1.3%

Turkey Trust

4,500,000

USD

due 11/15/2007

4,165,344

France—0.4%

French Republic

1,400,000

USD

due 05/01/2009

1,194,376

TOTAL FOREIGN GOVERNMENT BONDS
(Cost $36,889,484)

36,635,193

REPURCHASE AGREEMENT—3.2%

United States—3.2%

10,212,546

USD

Investors Bank & Trust Compay Repurchase Agreement,

dated 04/28/2006, due 05/01/2006, with a maturity

value of $10,215,295 and an effective yield of 3.23%,

collaterallized by US. Government and Agency

Obligations, with rates ranging from 4.375-8.375,

maturities from 09/25/2015-04/20/2032, and an

aggregate market value of $10,732,173.

(Cost $10,212,546)

10,212,546

TOTAL INVESTMENTS—120.1% (Cost $381,550,101)

378,907,154

OTHER ASSETS AND LIABILITIES (NET)—(20.1%)

(63,435,395

)

TOTAL NET ASSETS—100.0%

315,471,759

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

Portfolio Footnotes:

(1) Variable rate security.

* TBA - To Be Announced: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement.

Aggregate cost for federal income tax purposes was $381,662,966.

Glossary of Currencies

GBP — British Pound Sterling

MXN — Mexican Nuevo Peso

NZD — New Zealand Dollar

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2006

Julius Baer Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Appreciation (Depreciation)
06/23/2006	AUD	11,021,847		8,355,356		8,090,266	$	265,090
10/24/2006	AUD	6,000,000		4,538,532		4,410,000		128,532
06/15/2006	CAD	20,170,570		18,021,781		17,426,301		595,480
06/16/2006	EUR	7,125,000		9,000,094		8,613,056		387,038
07/03/2006	EUR	4,920,000		6,220,740		6,235,116		(14,376	)
06/27/2006	HUF	1,330,000,000		6,349,567		6,267,081		82,486
06/15/2006	JPY	1,704,799,000		15,019,334		14,859,887		159,447
06/20/2006	JPY	338,000,000		2,979,860		2,909,780		70,080
05/03/2006	KRW	4,200,000,000		4,452,926		4,391,009		61,917
06/20/2006	KRW	6,050,000,000		6,422,926		6,329,135		93,791
05/30/2006	MXN	51,000,000		4,590,733		4,831,833		(241,100	)
05/22/2006	MYR	11,500,000		3,175,424		3,142,077		33,347
07/20/2006	NOK	117,700,000		19,149,913		18,749,299		400,614
08/02/2006	PLN	29,000,000		9,460,129		9,447,793		12,336
07/05/2006	RUB	254,000		9,328,804		9,205,810		122,994
06/20/2006	SGD	15,200,000		9,630,737		9,488,804		141,933
05/31/2006	ZAR	30,000,000		4,946,377		4,864,996		81,381
06/20/2006	ZAR	36,900,000		6,077,182		6,145,391		(68,209	)
Net unrealized appreciation on forward foreign exchange contracts to buy							$	2,312,781

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Appreciation (Depreciation)
06/15/2006	CAD	12,300,000		10,989,670		10,828,956	$	(160,714	)
06/16/2006	EUR	7,125,000		9,000,093		8,613,769		(386,324	)
06/15/2006	JPY	625,511,200		5,510,774		5,358,576		(152,198	)
06/20/2006	JPY	338,000,000		2,979,860		2,906,077		(73,783	)
05/03/2006	KRW	4,200,000,000		4,452,926		4,285,058		(167,868	)
05/30/2006	MXN	51,000,000		4,590,733		4,724,497		133,764
07/20/2006	NOK	78,200,000		12,723,222		12,476,935		(246,287	)
06/15/2006	NZD	14,480,000		9,180,512		9,357,400		176,888
05/31/2006	ZAR	30,000,000		4,946,377		4,771,039		(175,338	)
06/20/2006	ZAR	36,900,000		6,077,182		6,053,149		(24,033	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(1,075,893	)

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund

Glossary of Currencies

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro

HUF — Hungarian Forint

JPY — Japanese Yen

KRW — Republic of Korea Won

MXN — Mexican Nuevo Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

RUB — New Russian Ruble

SGD — Singapore Dollar

ZAR — South African Rand

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2006

Julius Baer Total Return Bond Fund (Percentage of Net Assets)

At April 30, 2006, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 1)
INDUSTRY SECTOR
U.S. Government and Agency Obligations		56.3	%	$	177,464,180
Corporate Bonds		29.3			92,478,596
Asset Backed Securities		19.7			62,116,639
Foreign Government Bonds		11.6			36,635,193
Cash & Cash Equivalents		3.2			10,212,546
Total Investments		120.1			378,907,154
Other Assets and Liabilities (Net)		(20.1	)		(63,435,395	)
Net Assets		100.0	%	$	315,471,759

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—77.0%

United States—53.8%

Affinion Group

150,000

USD

11.500% due 10/15/2015†

154,500

Airgas Inc

820,000

USD

6.250% due 07/15/2014

799,500

Alliance Imaging

250,000

USD

7.250% due 12/15/2012

218,750

Alpha Natural Resources

560,000

USD

10.000% due 06/01/2012

616,000

ArvinMeritor Inc

450,000

USD

8.125% due 09/15/2015

443,250

Autonation Inc

390,000

USD

7.000% due 04/15/2014†

393,900

Buckeye Technologies

515,000

USD

8.000% due 10/15/2010

502,125

Callon Petroleum

380,000

USD

9.750% due 12/08/2010

401,850

Calpine Generating

780,000

USD

10.773% due 04/01/2010 (1)(2)

836,550

Case New Holland

460,000

USD

6.000% due 06/01/2009

451,950

Choctaw Resort Development Enterprise

575,000

USD

7.250% due 11/15/2019†

582,906

Church & Dwight

590,000

USD

6.000% due 12/15/2012

572,300

CMS Energy

600,000

USD

8.500% due 04/15/2011

647,250

Cooper-Standard Automotive

495,000

USD

8.375% due 12/15/2014

405,900

Crown Cork & Seal

650,000

USD

7.500% due 12/15/2096

537,875

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

United States—Continued

Delphi Corp

670,000

USD

7.125% due 05/01/2029

469,000

Dex Media

300,000

USD

8.000% due 11/15/2013

309,375

Dex Media West

138,000

USD

9.875% due 08/15/2013

152,662

Dresser-Rand Group

671,000

USD

7.375% due 11/01/2014†

689,452

Ethyl Corp

575,000

USD

8.875% due 05/01/2010

603,750

Exco Resources

580,000

USD

7.250% due 01/15/2011

575,650

Festival Fun Parks

445,000

USD

10.875% due 04/15/2014†

452,788

Fisher Scientific International

400,000

USD

6.750% due 08/15/2014

403,000

Ford Motor

1,000,000

USD

7.450% due 07/16/2031

735,000

Foundation PA Coal

980,000

USD

7.250% due 08/01/2014

987,350

Hertz Corp

425,000

USD

10.500% due 01/01/2016†

472,281

Hexcel Corp

300,000

USD

6.750% due 02/01/2015

296,250

IASIS Healthcare Capital

445,000

USD

8.750% due 06/15/2014

451,675

Intcomex Inc

285,000

USD

11.750% due 01/15/2011†

289,275

INVISTA

540,000

USD

9.250% due 05/01/2012†

579,150

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

United States—Continued

KI Holdings Step Note

1,025,000

USD

9.875% due 11/15/2014 (1)†

763,625

LaBranche & Co

350,000

USD

9.500% due 05/15/2009

376,250

Level 3 Financing

660,000

USD

10.750% due 10/15/2011

684,750

MedCath Holdings

600,000

USD

9.875% due 07/15/2012†

624,000

Mohegan Tribal Gaming Authority

855,000

USD

6.125% due 02/15/2013

834,694

MSW Energy Holdings

400,000

USD

7.375% due 09/01/2010

413,000

300,000

USD

8.500% due 09/01/2010

318,000

731,000

Neff Rental/Neff Finance

350,000

USD

11.250% due 06/15/2012†

386,750

NRG Energy

655,000

USD

7.375% due 02/01/2016

662,369

OM Group

535,000

USD

9.250% due 12/15/2011

555,063

Owens Brockway Glass Container

540,000

EUR

6.750% due 12/01/2014

676,810

Qwest Communications International

250,000

USD

7.500% due 02/15/2014

253,125

Range Resources

545,000

USD

6.375% due 03/15/2015

528,650

RH Donnelley

500,000

USD

6.875% due 01/15/2013†

467,500

Serena Software

335,000

USD

10.375% due 03/15/2016†

357,613

SGS International

500,000

USD

12.000% due 12/15/2013†

530,000

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

United States—Continued

Southern Natural Gas

510,000

USD

8.000% due 03/01/2032

547,795

Station Casinos

395,000

USD

6.875% due 03/01/2016

390,063

SunGuard Data Systems

500,000

USD

10.250% due 08/15/2015†

540,000

Terex Corp

340,000

USD

7.375% due 01/15/2014

345,950

UGS Corp

715,000

USD

10.000% due 06/01/2012

784,713

Wesco Distribution

500,000

USD

7.500% due 10/15/2017†

512,500

Williams Cos

700,000

USD

7.750% due 06/15/2031

734,125

Witco Corp

633,000

USD

6.875% due 02/01/2026

590,273

Wynn Las Vegas

500,000

USD

6.625% due 12/01/2014

488,750

XM Satellite Radio

140,000

USD

12.000% due 06/15/2010

158,375

28,556,007

Canada—4.8%

Angiotech Pharmaceuticals

250,000

USD

7.750% due 04/01/2014†

252,500

Rogers Wireless

670,000

CAD

7.625% due 12/15/2011

638,280

Shaw Communications

1,000,000

CAD

7.500% due 11/20/2013

964,125

Utilicorp Canada Finance

670,000

USD

7.750% due 06/15/2011

696,800

2,551,705

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

United Kingdom—3.8%

Ineos Group Holdings

640,000

EUR

7.875% due 02/15/2016†

775,944

Ono Finance

635,000

EUR

10.500% due 05/15/2014

869,867

WRG Finance

175,000

GBP

9.000% due 12/15/2014†

353,079

1,998,890

Germany—3.0%

Gerresheimer Holdings

400,000

EUR

7.875% due 03/01/2015

506,379

Grohe Holding

360,000

EUR

8.625% due 10/01/2014

456,875

Tele Columbus

500,000

EUR

9.375% due 04/15/2012†

655,018

1,618,272

Luxembourg—2.8%

ALROSA Finance

350,000

USD

8.875% due 11/17/2014

397,495

Norilsk Nickel Finance Luxemburg

560,000

USD

7.125% due 09/30/2009

566,328

Teksid Aluminum Luxembourg

500,000

EUR

11.375% due 07/15/2011

499,136

1,462,959

Netherlands—2.1%

Kazkommerts International

500,000

USD

8.000% due 11/03/2015†

502,500

Sensata Technologies

495,000

EUR

9.000% due 05/01/2016†

635,997

1,138,497

Brazil—1.6%

Petrobras International Finance

750,000

USD

8.375% due 12/10/2018

843,750

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

CORPORATE BONDS—Continued

Greece—1.1%

Fage Dairy Industry

500,000

EUR

7.500% due 01/15/2015

598,334

Belgium—1.1%

Telenet Group Holding Step Note

671,000

USD

11.500% due 06/15/2014† (1)

558,607

Mexico—0.9%

Cablemas SA de CV

450,000

USD

9.375% due 11/15/2015†

484,875

Ireland—0.8%

JSG Funding PLC

350,000

EUR

7.750% due 04/01/2015

432,060

Cayman Islands—0.8%

CSN Islands VIII

350,000

USD

10.000% due 01/15/2015

403,812

Denmark—0.4%

Nordic Telephone

150,000

EUR

8.250% due 05/01/2016†

188,948

TOTAL CORPORATE BONDS (Cost $40,019,462)

40,836,716

U.S. GOVERNMENT AND AGENCY OBLIGATION—5.6%

U.S. Treasury Bill

3,000,000

USD

4.540% due 06/01/2006 (Cost $2,987,514)

2,987,514

FOREIGN GOVERNMENT BONDS—4.6%

Brazil—1.6%

Republic of Brazil

2,000,000

BRL

10.000% due 01/01/2010

863,777

Uruguay—1.5%

Republica of Uruguay

15,000,000

UYU

10.500% due 10/20/2006

762,826

Norway—1.1%

Ocean RIG ASA

600,000

USD

8.375% due 04/04/2011 (1)

601,500

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face Value		Currency		Security	Market Value (Note 1)
FOREIGN GOVERNMENT BONDS—Continued
				Bulgaria—0.4%
	540,000		BGN	Bulgaria Registered Compensation Vouchers* (3)	$	222,725
				TOTAL FOREIGN GOVERNMENT BONDS (Cost $2,213,754)		2,450,828
INVESTMENT FUNDS—2.0%
				Canada—2.0%
	22,130		CAD	ACS Media Income Fund		163,918
	25,000		CAD	Duke Energy Income Fund		289,590
	17,000		CAD	Innergex Power Income Fund		207,693
	33,300		CAD	Osprey Media Income Fund		213,372
	13,825		CAD	Pembina Pipeline Income Fund		207,890
						1,082,463
				TOTAL INVESTMENT FUNDS (Cost $991,704)		1,082,463
CONVERTIBLE DEBT—1.2%
				United States—1.2%
				Graftech International
	270,000	USD		1.625% due 01/15/2024		197,775
				Northwest Airlines Note Convertible
	130,000	USD		6.625% due 05/15/2023 (2)		54,438
	870,000	USD		7.625% due 11/15/2023 (2)		365,400
						419,838
				TOTAL CONVERTIBLE DEBT (Cost $640,561)		617,613
COMMON STOCKS—0.3%
				Canada—0.3%
	5,000		CAD	Harvest Energy Trust (Cost $166,973)		153,451

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

Face
Value

Currency

Security

Market
Value (Note 1)

OPTIONS—0.1%

United States—0.1%

U.S. Long Bond (CBT) Futures September 2006 Put
Expires 08/25/2006 Strike $105

50,000

USD

due 08/25/2006 (Cost $39,263)

40,625

REPURCHASE AGREEMENT—5.0%

United States—5.0%

2,652,953

USD

Investors Bank & Trust Repurchase Agreement,

dated 04/28/2006, due 05/01/2006, with a maturity

value of $2,653,667 and an effective yield of 3.23%,

collaterallized by U.S. Goverment Agency and Obligations,

with rates ranging from 5.500%-8.375%, maturities from

08/25/2014-03/20/2032, and an aggregate market value

of $2,785,601 (Cost $2,652,953)

2,652,953

TOTAL INVESTMENTS—95.8% (Cost $49,712,184)

50,822,163

OTHER ASSETS AND LIABILITIES (NET)—4.2%

2,217,636

TOTAL NET ASSETS—100.0%

53,039,799

Portfolio Footnotes:

(1) Variable rate security.

(2) Defaulted Security.

(3) Illiquid security

* Non-income producing security.

Aggregate cost for federal income tax purposes was $49,700,466.

Glossary of Currencies

BGN — Bulgarian Lev

BRL — Brazilian Real

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound Sterling

USD — United States Dollar

UYU — Uruguayuan Peso

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2006

Julius Baer Global High Yield Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation
06/30/2006	AUD	1,493,287		1,131,881		1,100,000	$	31,881
05/03/2006	BRL	752,850		360,000		350,000		10,000
06/30/2006	GBP	683,000		1,242,434		1,219,687		22,747
07/05/2006	IDR	4,937,500,000		554,478		500,000		54,478
06/30/2006	JPY	124,801,600		1,101,801		1,100,000		1,801
Net unrealized appreciation on forward foreign exchange contracts to buy							$	120,907

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Depreciation
05/03/2006	BRL	751,800		359,498		350,000	$	(9,498	)
06/30/2006	CAD	959,500		857,601		844,025		(13,576	)
06/30/2006	EUR	2,568,000		3,246,376		3,216,159		(30,217	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(53,291	)

Glossary of Currencies

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound Sterling

IDR — Indonesian Rupiah

JPY — Japanese Yen

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2006

Julius Baer Global High Yield Bond Fund (Percentage of Net Assets)

At April 30, 2006, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 1)
INDUSTRY SECTOR
Corporate Bonds		77.0	%	$	40,836,716
U.S. Government and Agency Obligations		5.6			2,987,514
Foreign Government Bonds		4.6			2,450,828
Investment Funds		2.0			1,082,463
Convertible Debt		1.2			617,613
Common Stocks		0.3			153,451
Options		0.1			40,625
Cash & Cash Equivalents		5.0			2,652,953	*
Total Investments		95.8			50,822,163
Other Assets and Liabilities (Net)		4.2			2,217,636	*
Net Assets		100.0	%	$	53,039,799

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) includes $94,967 in market value for swaps, which is 0.2% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2006

	Julius Baer Global Equity			Julius Baer International Equity
ASSETS:
Investments in securities, at market value (Cost $61,498,914 and $17,588,761,168, respectively)	$	68,506,886		$	23,424,837,149
Foreign currency, at market value (Cost $27,988 and $265,775,521, respectively)		30,731			271,402,490
Receivables:
Investments sold		943,221			135,719,467
Fund shares sold		25,695			24,842,818
Interest and dividends		109,349			55,163,549
Unrealized appreciation on open swap contracts		—			60,725,397
Miscellaneous		—			29,061
Tax reclaim		11,928			851,429
Unrealized appreciation on forward foreign exchange contracts		8			19,458,974
Prepaid expense		11,476			39,870
Total Assets		69,639,294			23,993,070,204
LIABILITIES:
Payables:
Investments purchased		854,373			51,325,863
Fund shares repurchased		6,519			15,212,846
Daily variation margin on open financial futures contracts		3,237			2,965,310
Payable on open swap contracts		—			102,483
Collateral for securities loaned (Note 9)		3,898,336			3,810,201,074
Investment advisory fee (Note 2)		47,673			13,945,265
Unrealized depreciation on forward foreign exchange contracts		263,960			29,270,199
Accrued expenses and other payables		96,019			4,371,553
Total Liabilities		5,170,117			3,927,394,593
NET ASSETS	$	64,469,177		$	20,065,675,611
NET ASSETS Consist of:
Par value	$	1,720		$	469,181
Paid in capital in excess of par value		186,062,895			13,241,776,399
Undistributed net investment income		161,276			63,263,880
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency transactions, and swap contracts		(128,535,645	)		843,030,310
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		6,778,931			5,917,135,841
NET ASSETS	$	64,469,177		$	20,065,675,611
Class A	$	37,318,988		$	9,183,434,756
Class I	$	27,150,189		$	10,882,240,855
SHARES OUTSTANDING (Note 6)
Class A		997,647			216,963,435
Class I		721,894			252,217,885
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	37.41		$	42.33
Class I	$	37.61		$	43.15

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2006

	Julius Baer International Equity II		Julius Baer Total Return Bond
ASSETS:
Investments in securities, at market value (Cost $1,748,658,146 and $381,550,101, respectively)	$	2,000,871,767	$	378,907,154
Foreign currency, at market value (Cost $1,409,418 and $1,577,571, respectively)		1,412,455		1,336,255
Receivables:
Investments sold		13,215,162		14,188,143
Fund shares sold		19,932,355		2,867,486
Interest and dividends		4,428,896		3,486,884
Tax reclaim		207,825		—
Unrealized appreciation on forward foreign exchange contracts		3,438,383		2,947,118
Prepaid expense		1,476		453
Total Assets		2,043,508,319		403,733,493
LIABILITIES:
Payables:
Investments purchased		61,396,325		86,298,592
Fund shares repurchased		281,630		96,091
Daily variation margin on open financial futures contracts		338,651		—
Collateral for securities loaned (Note 9)		82,187,957		—
Investment advisory fee (Note 2)		1,227,630		84,902
Unrealized depreciation on forward foreign exchange contracts		4,225,669		1,710,230
Accrued expenses and other payables		470,019		71,919
Total Liabilities		150,127,881		88,261,734
NET ASSETS	$	1,893,380,438	$	315,471,759
NET ASSETS Consist of:
Par value	$	135,742	$	24,456
Paid in capital in excess of par value		1,630,461,061		319,301,546
Undistributed net investment income		6,456,100		555,693
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency transactions, and swap contracts		4,108,011		(2,742,345	)
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		252,219,524		(1,667,591	)
NET ASSETS	$	1,893,380,438	$	315,471,759
Class A	$	454,098,127	$	86,190,885
Class I	$	1,439,282,311	$	229,280,874
SHARES OUTSTANDING (Note 6)
Class A		32,644,647		6,694,411
Class I		103,096,910		17,761,832
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	13.91	$	12.88
Class I	$	13.96	$	12.91

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) April 30, 2006

	Julius Baer Global High Yield Bond
ASSETS:
Investments in securities, at market value (Cost $49,712,814)	$	50,822,163
Foreign currency, at market value (Cost $253,048)		254,591
Receivables:
Investments sold		563,910
Fund shares sold		587,394
Interest and dividends		928,081
Unrealized appreciation on open swap contracts		94,967
Receivable on open swap contracts		10,576
Unrealized appreciation on forward foreign exchange contracts		120,907
Prepaid expense		58
Total Assets		53,382,647
LIABILITIES:
Payables:
Investments purchased		188,948
Fund shares repurchased		45,607
Investment advisory fee (Note 2)		26,141
Unrealized depreciation on forward foreign exchange contracts		53,291
Accrued expenses and other payables		28,861
Total Liabilities		342,848
NET ASSETS	$	53,039,799
NET ASSETS Consist of:
Par value	$	4,895
Paid in capital in excess of par value		50,970,107
Undistributed net investment income		121,938
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency transactions, and swap contracts		660,066
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		1,282,793
NET ASSETS	$	53,039,799
Class A	$	37,206,868
Class I	$	15,832,931
SHARES OUTSTANDING (Note 6)
Class A		3,400,206
Class I		1,494,712
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.94
Class I	$	10.59

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Period Ended April 30, 2006 (Unaudited)

	Julius Baer Global Equity			Julius Baer International Equity
INVESTMENT INCOME:
Interest†	$	22,731		$	12,598,473
Dividends††		400,456			128,639,845
Total investment income		423,187			141,238,318
EXPENSES:
Investment advisory fee (Note 2)		226,967			76,209,174
Custody fees		21,194			4,353,784
Administration fees		150,525			2,697,200
Professional fees		20,141			407,826
Trustees' fees and expenses		27,023			224,920
Registration and filing fees		11,065			154,106
Shareholder reports		18,679			533,790
Insurance premium expense		46,131			143,937
Compliance expense		1,051			327,572
Miscellaneous fees		1,952			90,582
Total expenses common to all classes		524,728			85,142,891
Transfer agent fees
Class A		8,606			474,698
Class I		2,181			97,253
Distribution and shareholder servicing fees (Class A) (Note 3)		43,277			9,962,993
Total gross expenses		578,792			95,677,835
Less: Custody Offset Arrangement (Note 2)		(2,600	)		(1,879,748	)
Expenses Reimbursed by Investment Advisor (Note 2)		(242,899	)		—
Net expenses		333,293			93,798,087
NET INVESTMENT INCOME		89,894			47,440,231
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 4):
Realized gain (loss) on:
Investments		3,838,289			887,315,519
Financial futures contracts		245,560			115,274,411
Interest rate swap contracts		—			182,045
Forward foreign exchange contracts		157,401			15,675,662
Foreign currency transactions		(523,865	)		(153,517,967	)
Net realized gain on investments		3,717,385			864,929,670
Net change in unrealized appreciation (depreciation) on:
Investments		5,048,778			3,444,488,180
Financial futures contracts		(43,464	)		(8,917,696	)
Interest rate swap contracts		—			22,373,670
Forward foreign exchange contracts		(171,294	)		86,511,442
Currencies and net other assets		3,819			1,671,419
Net change in unrealized appreciation of investments		4,837,839			3,546,127,015
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		8,555,224			4,411,056,685
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,645,118		$	4,458,496,916

† Interest income includes security lending income of $6,522 and $9,870,882 for the Global Equity and the International Equity Fund, respectively.

†† Net of foreign withholdings taxes of $30,129 and $17,860,862 for the Global Equity Fund and the International Equity Fund, respectively.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Period Ended April 30, 2006 (Unaudited)

	Julius Baer International Equity II			Julius Baer Total Return Bond
INVESTMENT INCOME:
Interest†	$	963,493		$	5,458,873
Dividends††		9,635,465			—
Total investment income		10,598,958			5,458,873
EXPENSES:
Investment advisory fee (Note 2)		4,768,662			538,411
Custody fees		154,049			40,551
Administration fees		460,461			29,551
Professional fees		43,205			18,337
Trustees' fees and expenses		11,575			3,201
Registration and filing fees		164,944			37,472
Shareholder reports		148,025			12,150
Organization expenses		29,653			—
Insurance premium expense		626			2,149
Compliance expense		12,993			3,548
Miscellaneous fees		2,565			2,819
Total expenses common to all classes		5,796,758			688,189
Transfer agent fees
Class A		38,713			5,406
Class I		7,337			2,946
Distribution and shareholder servicing fees (Class A) (Note 3)		352,227			90,155
Total gross expenses		6,195,035			786,696
Less: Custody Offset Arrangement (Note 2)		(32,249	)		(7,804	)
Expenses Reimbursed by Investment Advisor (Note 2)		(140,293	)		(162,293	)
Net expenses		6,022,493			616,599
NET INVESTMENT INCOME		4,576,465			4,842,274
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 4):
Realized gain (loss) on:
Investments		5,245,192			(2,949,162	)
Financial futures contracts		5,408,440			—
Forward foreign exchange contracts		1,005,956			(144,936	)
Foreign currency transactions		(6,089,177	)		437,586
Net realized gain (loss) on investments		5,570,411			(2,656,512	)
Net change in unrealized appreciation (depreciation) on:
Investments		245,456,003			(1,234,495	)
Financial futures contracts		(441,907	)		—
Forward foreign exchange contracts		1,266,711			1,186,264
Currencies and net other assets		(31,683	)		70,431
Net change in unrealized appreciation of investments		246,249,124			22,200
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		251,819,535			(2,634,312	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	256,396,000		$	2,207,962

† Interest income includes security lending income of $203,102 for the International Equity Fund II.

†† Net of witholding taxes of $1,415,194 for the International Equity Fund II.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Period Ended April 30, 2006 (Unaudited)

	Julius Baer Global High Yield Bond
INVESTMENT INCOME:
Interest	$	1,392,093
Dividends		41,101
Total investment income		1,433,194
EXPENSES:
Investment advisory fee (Note 2)		154,875
Custody fees		12,156
Administration fees		11,544
Professional fees		14,415
Trustees' fees and expenses		577
Registration and filing fees		34,632
Insurance premium expense		287
Interest expense		973
Compliance expense		793
Miscellaneous fees		7,036
Total expenses common to all classes		237,288
Transfer agent fees
Class A		5,213
Class I		2,126
Distribution and shareholder servicing fees (Class A) (Note 3)		41,344
Total gross expenses		285,971
Less: Custody Offset Arrangement (Note 2)		(7,023	)
Expenses Reimbursed by Investment Advisor (Note 2)		(49,166	)
Net expenses		229,782
NET INVESTMENT INCOME		1,203,412
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 4):
Realized gain (loss) on:
Investments		739,354
Financial futures contracts		17,649
Interest rate swap contracts		62,122
Forward foreign exchange contracts		(9,626	)
Foreign currency transactions		(152,189	)
Net realized gain (loss) on investments		657,310
Net change in unrealized appreciation (depreciation) on:
Investments		534,771
Interest rate swap contracts		94,967
Forward foreign exchange contracts		145,569
Currencies and net other assets		8,608
Net change in unrealized appreciation of investments		783,915
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		1,441,225
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,644,637

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

Julius Baer Global Equity Fund

	For the Six Month Period Ended April 30, 2006 (Unaudited)			For the Year Ended October 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	89,894		$	327,084
Net realized gain on investments		3,717,385			4,522,992
Net change in unrealized appreciation of investments		4,837,839			734,401
Net increase in net assets resulting from operations		8,645,118			5,584,477
DISTRIBUTIONS TO SHAREHOLDERS (Note 1):
Distributions from net investment income		(989	)		(26,244	)
FUND SHARE TRANSACTIONS (Note 6):
Proceeds from sale of shares
Class A		6,657,139			14,982,802
Class I		15,846,109			16,623,735
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			17,724
Class I		637			3,411
Cost of shares redeemed
Class A		(9,950,133	)		(9,572,684	)
Class I		(8,147,785	)		(884,078	)
Fees from redemptions		804			1,116
Net increase from Fund share transactions		4,406,771			21,172,026
Net increase in net assets		13,050,900			26,730,259
NET ASSETS:
Beginning of year		51,418,277			24,688,018
End of period (including undistributed net investment income of $161,276 and $72,371, respectively)	$	64,469,177		$	51,418,277

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund

	For the Six Month Period Ended April 30, 2006 (Unaudited)			For the Year Ended October 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	47,440,231		$	150,589,093
Net realized gain on investments		864,929,670			675,654,779
Net change in unrealized appreciation of investments		3,546,127,015			1,384,631,278
Net increase in net assets resulting from operations		4,458,496,916			2,210,875,150
DISTRIBUTIONS TO SHAREHOLDERS (Note 1):
Distributions from net investment income
Class A		—			(65,706,866	)
Class I		—			(71,893,528	)
Distributions from realized gain
Class A		(323,074,339	)		(84,704,257	)
Class I		(394,079,789	)		(90,327,774	)
FUND SHARE TRANSACTIONS (Note 6):
Proceeds from sale of shares
Class A		860,236,188			3,301,554,085
Class I		994,169,494			3,854,830,556
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		303,135,073			140,295,305
Class I		352,636,710			139,663,385
Cost of shares redeemed
Class A		(711,151,640	)		(1,026,587,778	)
Class I		(713,251,743	)		(636,445,754	)
Fees from redemptions		172,206			711,284
Net increase from Fund share transactions		1,085,946,288			5,774,021,083
Net increase in net assets		4,827,289,076			7,672,263,808
NET ASSETS:
Beginning of year		15,238,386,535			7,566,122,727
End of period (including undistributed net investment income of $63,263,880 and $15,823,649, respectively)	$	20,065,675,611		$	15,238,386,535

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund II

	For the Six Month Period Ended April 30, 2006 (Unaudited)			For the Period Ended October 31, 2005(1)
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,576,465		$	(24,836	)
Net realized gain (loss) on investments		5,570,411			(1,735,614	)
Net change in unrealized appreciation of investments		246,249,124			5,970,400
Net increase in net assets resulting from operations		256,396,000			4,209,950
FUND SHARE TRANSACTIONS (Note 6):
Proceeds from sale of shares
Class A		298,586,053			136,031,555
Class I		979,138,764			302,232,671
Cost of shares redeemed
Class A		(39,269,802	)		(10,286,728	)
Class I		(26,578,796	)		(7,148,213	)
Fees from redemptions		56,004			12,980
Net increase from Fund share transactions		1,211,932,223			420,842,265
Net increase in net assets		1,468,328,223			425,052,215
NET ASSETS:
Beginning of year		425,052,215			—
End of period (including undistributed net investment income of $6,456,100 and $1,879,635, respectively)	$	1,893,380,438		$	425,052,215

(1) Commenced operations on May 4, 2005.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

Julius Baer Total Return Bond Fund

	For the Six Month Period Ended April 30, 2006 (Unaudited)			For the Year Ended October 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,842,274		$	5,535,005
Net realized gain (loss) on investments		(2,656,512	)		5,672,781
Net change in unrealized appreciation (depreciation) of investments		22,200			(6,516,844	)
Net increase in net assets resulting from operations		2,207,962			4,690,942
DISTRIBUTIONS TO SHAREHOLDERS (Note 1):
Distributions from net investment income
Class A		(2,430,996	)		(2,241,952	)
Class I		(6,184,606	)		(3,494,839	)
Distributions from realized gain
Class A		(517,211	)		(434,145	)
Class I		(1,194,669	)		(253,638	)
FUND SHARE TRANSACTIONS (Note 6):
Proceeds from sale of shares
Class A		40,121,809			29,288,075
Class I		104,941,333			124,690,812
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		2,577,115			2,338,413
Class I		7,025,192			3,491,042
Cost of shares redeemed
Class A		(22,397,382	)		(21,978,139	)
Class I		(18,052,560	)		(17,419,639	)
Fees from redemptions		8,377			5,764
Net increase from Fund share transactions		114,223,884			120,416,328
Net increase in net assets		106,104,364			118,682,696
NET ASSETS:
Beginning of year		209,367,395			90,684,699
End of period (including undistributed net investment income of $555,693 and $4,329,021, respectively)	$	315,471,759		$	209,367,395

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

Julius Baer Global High Yield Bond Fund

	For the Six Month Period Ended April 30, 2006 (Unaudited)			For the Year Ended October 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,203,412		$	4,164,813
Net realized gain on investments		657,310			4,033,732
Net change in unrealized appreciation of investments		783,915			(4,903,911	)
Net increase in net assets resulting from operations		2,644,637			3,294,634
DISTRIBUTIONS TO SHAREHOLDERS (Note 1):
Distributions from net investment income
Class A		(2,282,257	)		(2,246,194	)
Class I		(544,752	)		(1,813,691	)
Distributions from realized gain
Class A		(2,359,814	)		(523,278	)
Class I		(499,032	)		(569,420	)
FUND SHARE TRANSACTIONS (Note 6):
Proceeds from sale of shares
Class A		11,903,799			12,481,178
Class I		9,397,596			2,897,931
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		3,888,623			2,221,011
Class I		1,018,865			535,898
Cost of shares redeemed
Class A		(12,207,961	)		(23,353,353	)
Class I		(1,674,458	)		(39,975,454	)
Fees from redemptions		2,587			2,836
Net increase from Fund share transactions		12,329,051			(45,189,953	)
Net increase in net assets		9,287,833			(47,047,902	)
NET ASSETS:
Beginning of year		43,751,966			90,799,868
End of period (including undistributed net investment income of $121,938 and $1,745,535, respectively)	$	53,039,799		$	43,751,966

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

FINANCIAL HIGHLIGHTS

Julius Baer Global Equity Fund Inc.†

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2006			Year ended October 31,			April 01, 2004 through October 31,			Year Ended March 31,
	(Unaudited)			2005(7)			2004(7)			2004(7)			2003(7)			2002(7)			2001(7)
Net Asset Value, beginning of period	$	31.45		$	26.90		$	25.30		$	24.10		$	42.50		$	76.60		$	230.00
Income (loss) from investment operations:
Net investment income (loss) (2)		0.04			0.21			(0.30	)		(0.80	)		(0.60	)		(0.70	)		(1.40	)
Net realized and unrealized gain (loss) on investments		5.92			4.36			1.90			2.00			(17.50	)		(33.40	)		(133.30	)
Total income (loss) from investment operations		5.96			4.57			1.60			1.20			(18.10	)		(34.10	)		(134.70	)
Capital effect of dividend reinvestment		—			—			—			—			—			—			(2.70	)
Less distributions:
From net realized gains on investments		—			—			—			—			—			—			(16.00	)
From net investment income		—			(0.02	)		—			—			(0.30	)		—			—
Total Distributions		—			(0.02	)		—			—			(0.30	)		—			(16.00	)
Net Asset Value, end of period	$	37.41		$	31.45		$	26.90		$	25.30		$	24.10		$	42.50		$	76.60
Market Value, end of year	$	—		$	—		$	—		$	23.600		$	19.700		$	39.700		$	67.500
Total Return		18.98	%(5)		17.00	%		6.32	%(5)		19.80	%		(49.75	)%		(41.19	)%		(54.60	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	37,319		$	34,608		$	24,688		$	36,930		$	35,122		$	62,042		$	111,737
Ratio of net investment income to average net assets		0.22	%(4)		0.71	%		(1.80	)%(4)		(3.25	)%		(2.21	)%		(1.11	)%		(0.84	)%
Ratio of expenses to average net assets (1)(3)		1.41	%(4)		1.51	%		2.37	%(4)(6)		3.31	%		2.93	%		2.13	%		1.61	%
Ratio of expenses to average net assets (1)		1.40	%(4)		1.50	%		2.30	%(4)(6)		3.25	%		2.82	%		1.85	%		1.48	%
Portfolio turnover rate		76	%(5)		118	%		204	%(5)		605	%		1,024	%		778	%		216	%

(1) The net expenses of the Fund reflect a waiver of fees by an affiliate of the investment advisor. Had such an action not been taken, the operating expenses ratios would have been:

Ratio of expenses to
average net assets (3)

2.39

2.98

3.73

3.50

3.07

2.10

1.86

Ratio of expenses to
average net assets

2.40

2.99

3.80

3.56

3.18

2.38

1.99

(2) Based on average shares outstanding during the period.

(3) Ratio of expenses including the effect of the expense offset arrangement.

(4) Annualized.

(5) Not Annualized.

(6) The current expenses for the period April 1, 2004 to October 31, 2004 exceed the expense cap of 1.75% due to the expense reimbursement not starting until July 1, 2004.

(7) Per share amounts were adjusted to reflect a 10 for 1 reverse stock split effective September 15, 2005

† On July 1, 2004 the Fund converted from a closed-end, non diversified investment company ("closed-end fund") to an open-end diversified investment company with a different investment objective, different investment strategies and a new investment adviser (an affiliate of the closed-end Fund's adviser). Until the close of business on June 30, 2004, the Fund operated as a closed-end Fund and its common stock (which then comprised of a single share class) was listed on the NYSE. After the close of business on June 30, 2004, all of the common stock was converted into Class A shares of the Fund. For periods prior thereto, all historical performance information for Class A shares reflects the NAV performance of the Fund's common stock while it was a closed-end Fund.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

FINANCIAL HIGHLIGHTS

Julius Baer Global Equity Fund Inc.

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2006 (Unaudited)			Period Ended October 31, 2005(6)(7)
Net Asset Value, beginning of period	$	31.58		$	30.80
Income from investment operations:
Net investment income (2)		0.11			0.23
Net realized and unrealized gain on investments		5.92			0.56
Total income from investment operations		6.03			0.79
Less distributions:
From net investment income		—	(9)		(0.01	)
Total Distributions		—			(0.01	)
Net Asset Value, end of period	$	37.61		$	31.58
Total Return		19.14	% (5)		2.56	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	27,150		$	16,810
Ratio of net investment income to average net assets		0.66	%(4)		1.15	%(4)
Ratio of expenses to average net assets (1)		1.16	%(4)		1.17	%(4)
Ratio of expenses to average net assets (1)(3)		1.15	%(4)		1.15	%(4)
Portfolio turnover rate		76	%(5)		118	%(8)

(1) The net expenses of the Fund reflect a waiver of fees by an affiliate of the investment advisor. Had such an action not been taken, the operating expenses ratios would have been:

Ratio of expenses to average net assets (3)					2.05	%(4)			2.49	%(4)
Ratio of expenses to average net assets					2.06	%(4)			2.51	%(4)

(2) Based on average shares outstanding during the period.

(3) Ratio of expenses including the effect of the expense offeset arrangement.

(4) Annualized.

(5) Not Annualized.

(6) Class I commenced operations on March 14, 2005.

(7) Per share amounts were adjusted to reflect a 10 for 1 reverse stock split effective September 15, 2005.

(8) Portfolio turnover is for the year ended October, 31 2005.

(9) Rounds to less than $0.01.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2006			Year Ended October 31,
	(Unaudited)			2005			2004			2003			2002			2001
Net Asset Value, beginning of period	$	34.29		$	28.99		$	24.45		$	19.60		$	19.95		$	25.06
Income (loss) from investment operations:
Net investment income (4)		0.08			0.35			0.16			0.24			0.11			0.07
Net realized and unrealized gain (loss) on investments		9.53			5.98			4.71			4.93			(0.46	)		(5.18	)
Total income (loss) from investment operations		9.61			6.33			4.87	��		5.17			(0.35	)		(5.11	)
Less distributions:
From net realized gains on investments		(1.57	)		(0.58	)		—			—			—			—
From net investment income		—			(0.45	)		(0.33	)		(0.32	)		—			—
Total Distributions		(1.57	)		(1.03	)		(0.33	)		(0.32	)		—			—
Net Asset Value, end of period	$	42.33		$	34.29		$	28.99		$	24.45		$	19.60		$	19.95
Total Return		28.88	%(3)		22.19	%		20.05	%		26.78	%		(1.75	)%		(20.49	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	9,183,435		$	7,018,030		$	3,721,409		$	1,705,074		$	615,897		$	287,174
Ratio of net investment income to average net assets		0.40	%(2)		1.09	%		0.58	%		0.83	%		0.49	%		0.36	%
Ratio of expenses to average net assets (1)		1.24	%(2)		1.32	%		1.35	%		1.37	%		1.51	%		1.53	%
Ratio of expenses to average net assets		1.22	%(2)		1.31	%		1.32	%		1.31	%		1.43	%		1.40	%
Portfolio turnover rate		33	%(3)		57	%		100	%		114	%		93	%		89	%

(1) Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.

(2) Annualized.

(3) Not annualized.

(4) Based on average shares outstanding during the period.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2006			Year Ended October 31,
	(Unaudited)			2005			2004			2003			2002			2001
Net Asset Value, beginning of period	$	34.96		$	29.47		$	24.79		$	19.79		$	20.08		$	25.16
Income (loss) from investment operations:
Net investment income (4)		0.13			0.44			0.23			0.28			0.21			0.14
Net realized and unrealized gain (loss) on investments		9.72			6.09			4.79			5.05			(0.45	)		(5.16	)
Total income (loss) from investment operations		9.85			6.53			5.02			5.33			(0.24	)		(5.02	)
Less distributions:
From net realized gains on investments		(1.66	)		(0.58	)		—			—			—			—
From net investment income		—			(0.46	)		(0.34	)		(0.33	)		(0.05	)		(0.06	)
Total Distributions		(1.66	)		(1.04	)		(0.34	)		(0.33	)		(0.05	)		(0.06	)
Net Asset Value, end of period	$	43.15		$	34.96		$	29.47		$	24.79		$	19.79		$	20.08
Total Return		29.04	%(3)		22.52	%		20.39	%		27.39	%		(1.21	)%		(20.10	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	10,882,241		$	8,220,356		$	3,844,713		$	1,114,010		$	415,159		$	219,614
Ratio of net investment income to average net assets		0.67	%(2)		1.33	%		0.87	%		1.16	%		0.99	%		0.86	%
Ratio of expenses to average net assets (1)		0.98	%(2)		1.05	%		1.08	%		1.08	%		1.00	%		1.02	%
Ratio of expenses to average net assets		0.96	%(2)		1.04	%		1.05	%		1.02	%		0.92	%		0.89	%
Portfolio turnover rate		33	%(3)		57	%		100	%		114	%		93	%		89	%

(1) Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.

(2) Annualized.

(3) Not annualized.

(4) Based on average shares outstanding during the period.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

100

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2006 (Unaudited)			Period Ended October 31, 2005(5)
Net Asset Value, beginning of period	$	10.94		$	10.00
Income from investment operations:
Net investment income (loss) (7)		0.04			(0.01	)
Net realized and unrealized gain on investments		2.93			0.95
Total income from investment operations		2.97			0.94
Net Asset Value, end of period	$	13.91		$	10.94
Total Return		27.26	%(2)		9.30	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	454,098		$	127,435
Ratio of net investment income to average net assets		0.59	%(3)		(0.11	)%(3)
Ratio of expenses to average net assets (1)(6)		1.35	%(3)(4)		1.36	%(3)(4)
Ratio of expenses to average net assets		1.34	%(3)		1.35	%(3)
Portfolio turnover rate		29	%(2)		38	%(2)

(1) Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.

(2) Not annualized.

(3) Annualized.

(4) The net expenses of the Fund reflects a waiver of fees by the Fund's investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.37% and 2.06% for the periods ended April 30, 2006 and October 31, 2005.

(5) Commenced operations on May 4, 2005.

(6) On March 1, 2006 the expense cap changed from 1.35% to 1.32%.

(7) Based on average shares outstanding during the period.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

101

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2006 (Unaudited)			Period Ended October 31, 2005(5)
Net Asset Value, beginning of period	$	10.96		$	10.00
Income from investment operations:
Net investment income (7)		0.06			—
Net realized and unrealized gain on investments		2.94			0.96
Total income from investment operations		3.00			0.96
Net Asset Value, end of period	$	13.96		$	10.96
Total Return		27.37	%(2)		9.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1,439,282		$	297,617
Ratio of net investment income to average net assets		0.96	%(3)		(0.01	)%(3)
Ratio of expenses to average net assets (1)(6)		1.07	%(3)(4)		1.09	%(3)(4)
Ratio of expenses to average net assets		1.06	%(3)		1.08	%(3)
Portfolio turnover rate		29	%(2)		38	%(2)

(1) Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.

(2) Not annualized.

(3) Annualized.

(4) The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such action not been taken, the annulaized operating expense ratio would have been 1.10% and 1.60% for the periods ended April 30, 2006 and October 31, 2005.

(5) Commenced operations on May 4, 2005.

(6) On March 1, 2006 the expense cap changed from 1.08% to 1.05%.

(7) Based on average shares outstanding during the period.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

102

FINANCIAL HIGHLIGHTS

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2006			Year Ended October 31,
	(Unaudited)			2005			2004			2003			2002(1)			2001
Net Asset Value, beginning of period	$	13.33		$	13.37		$	13.34		$	12.55		$	12.10		$	11.09
Income from investment operations:
Net investment income (6)		0.25			0.42			0.37			0.30			0.44			0.54
Net realized and unrealized gain (loss) on investments		(0.12	)		0.10			0.35			0.92			0.49			0.95
Total income from investment operations		0.13			0.52			0.72			1.22			0.93			1.49
Less distributions:
From net realized gains on investments		(0.11	)		(0.10	)		(0.23	)		(0.11	)		—			—
From net investment income		(0.47	)		(0.46	)		(0.46	)		(0.32	)		(0.47	)		(0.36	)
From capital (Note 1)		—			—			—			—			(0.01	)		(0.12	)
Total Distributions		(0.58	)		(0.56	)		(0.69	)		(0.43	)		(0.48	)		(0.48	)
Net Asset Value, end of period	$	12.88		$	13.33		$	13.37		$	13.34		$	12.55		$	12.10
Total Return		0.91	%(5)		3.93	%		5.50	%		9.83	%		7.86	%		13.73	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	86,191		$	68,223		$	58,823		$	63,449		$	33,858		$	24,119
Ratio of net investment income to average net assets		3.87	%(4)		3.11	%		2.79	%		2.24	%		3.65	%		4.70	%
Ratio of expenses to average net assets (2)		0.70	%(4)		0.78	%		1.17	%		1.16	%		1.28	%		1.16	%
Ratio of expenses to average net assets		0.69	%(3)(4)		0.77	%(3)		1.17	%		1.16	%		1.28	%(3)		1.16	%(3)
Portfolio turnover rate		182	%(5)		202	%		69	%		160	%		156	%		96	%

(1) The Fund has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended October 31, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002 and increase the ratio of net investment income to average net assets from 3.63% to 3.65%. Per share data and ratios for the periods prior to November 1, 2002 have not been restated to reflect this change in presentation.

(2) Expense ratio without taking into consideration any reductions related to custody offset arrangement.

(3) The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such action not been taken, the operating expense ratios would have been 0.84%, 0.93%,1.38% and 1.49%, for the periods ended April 30, 2006, October 31, 2005, 2002 and 2001, respectively.

(4) Annualized.

(5) Not annualized.

(6) Based on average shares outstanding during the period.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

103

FINANCIAL HIGHLIGHTS

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2006			Year Ended October 31,
	(Unaudited)			2005			2004			2003			2002(1)			2001
Net Asset Value, beginning of period	$	13.38		$	13.41		$	13.37		$	12.56		$	12.07		$	11.03
Income (loss) from investment operations:
Net investment income (6)		0.27			0.47			0.41			0.37			0.48			0.59
Net realized and unrealized gain (loss) on investments		(0.12	)		0.08			0.34			0.89			0.50			0.94
Total income (loss) from investment operations		0.15			0.55			0.75			1.26			0.98			1.53
Less distributions:
From net realized gains on investments		(0.11	)		(0.10	)		(0.23	)		(0.11	)		—			—
From net investment income		(0.51	)		(0.48	)		(0.48	)		(0.34	)		(0.48	)		(0.39	)
From capital (Note 1)		—			—			—			—			(0.01	)		(0.10	)
Total Distributions		(0.62	)		(0.58	)		(0.71	)		(0.45	)		(0.49	)		(0.49	)
Net Asset Value, end of period	$	12.91		$	13.38		$	13.41		$	13.37		$	12.56		$	12.07
Total Return		1.15	%(5)		4.10	%		5.82	%		10.19	%		8.41	%		14.20	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	229,281		$	141,145		$	31,862		$	14,188		$	1,167		$	538
Ratio of net investment income to average net assets		4.12	%(4)		3.50	%		3.08	%		2.50	%		4.00	%		5.13	%
Ratio of expenses to average net assets (2)		0.45	%(4)		0.47	%		0.88	%		0.90	%		0.85	%		0.74	%
Ratio of expenses to average net assets		0.44	%(3)(4)		0.47	%(3)		0.88	%		0.89	%		0.85	%(3)		0.74	%(3)
Portfolio turnover rate		182	%(5)		202	%		69	%		160	%		156	%		96	%

(1) The Fund has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended October 31, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002 and increase the ratio of net investment income to average net assets from 3.98% to 4.00%. Per share data and ratios for the periods prior to November 1, 2002 have not been restated to reflect this change in presentation.

(2) Expense ratio without taking into consideration any reductions related to custody offset arrangement.

(3) The net expenses of the Fund reflect a waiver of fees by the Fund's investment adviser. Had such action not been taken, the operating expense ratios would have been 0.58%, 0.65%, 0.95% and 1.07% for periods ended April 30, 2006, October 31, 2005, 2002 and 2001, respectively.

(4) Annualized.

(5) Not annualized.

(6) Based on average shares outstanding during the period.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

104

FINANCIAL HIGHLIGHTS

Julius Baer Global High Yield Bond Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2006			Year Ended October 31,						Period Ended October 31,
	(Unaudited)			2005			2004			2003(1)
Net Asset Value, beginning of period	$	11.93		$	12.07		$	11.43		$	10.00
Income from investment operations:
Net investment income (2)		0.32			0.73			0.70			0.64
Net realized and unrealized gain (loss) on investments		0.38			(0.01	)		0.72			1.37
Total income from investment operations		0.70			0.72			1.42			2.01
Less distributions:
From net realized gains on investments		(0.88	)		(0.15	)		(0.07	)		—
From net investment income		(0.81	)		(0.71	)		(0.71	)		(0.58	)
Total Distributions		(1.69	)		(0.86	)		(0.78	)		(0.58	)
Net Asset Value, end of period	$	10.94		$	11.93		$	12.07		$	11.43
Total Return		6.47	%(6)		6.15	%		12.87	%		20.57	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	37,207		$	36,166		$	45,164		$	28,195
Ratio of net investment income to average net assets		5.76	%(3)		6.01	%		5.97	%		6.71	%(3)
Ratio of expenses to average net assets (4)(7)		1.20	%(3)		1.28	%		1.24	%		1.26	%(3)
Ratio of expenses to average net assets (7)		1.17	%(3)		1.25	%(5)		1.25	%		1.25	%(3)(5)
Interest expense		0.00	%(3)(8)		—			—			—
Portfolio turnover rate		59	%(6)		99	%		93	%		83	%

(1) Class A shares commenced operations on December 17, 2002.

(2) Based on average shares outstanding during the period.

(3) Annualized.

(4) Expense ratio without taking into consideration any expense reductions related to custody offset arrangement and reimbursement of expense previously assumed by the investment advisor.

(5) The net expenses of the fund reflect a waiver by the Fund's investment adviser. Had such action not been taken, the operating expenses ratios would have been 1.43%, 1.30% and 1.95% for the periods ended April 30, 2006, October 31, 2005 and October 31, 2003.

(6) Not annualized.

(7) On March 1, 2006, the expense cap changed from 1.25% to 1.00%.

(8) Represents less than 0.01%.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

105

FINANCIAL HIGHLIGHTS

Julius Baer Global High Yield Bond Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2006			Year Ended October 31,						Period Ended October 31,
	(Unaudited)			2005			2004			2003(1)
Net Asset Value, beginning of period	$	11.61		$	12.01		$	11.36		$	10.00
Income from investment operations:
Net investment income (2)		0.33			0.78			0.73			0.57
Net realized and unrealized gain (loss) on investments		0.36			(0.05	)		0.72			1.35
Total income from investment operations		0.69			0.73			1.45			1.92
Less distributions:
From net realized gains on investments		(0.88	)		(0.15	)		(0.07	)		—
From net investment income		(0.83	)		(0.98	)		(0.73	)		(0.56	)
Total Distributions		(1.71	)		(1.13	)		(0.80	)		(0.56	)
Net Asset Value, end of period	$	10.59		$	11.61		$	12.01		$	11.36
Total Return		6.58	%(6)		6.37	%		13.28	%		19.66	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	15,833		$	7,586		$	45,636		$	20,839
Ratio of net investment income to average net assets		6.12	%(3)		6.47	%		6.24	%		6.91	%(3)
Ratio of expenses to average net assets (4)(7)		0.92	%(3)		1.03	%		0.97	%		1.02	%(3)
Ratio of expenses to average net assets (7)		0.89	%(3)		1.00	%(5)		1.00	%		1.00	%(3)(5)
Interest expense		0.00	%(3)(8)		—			—			—
Portfolio turnover rate		59	%(6)		99	%		93	%		83	%

(1) Class I shares commenced operations on January 30, 2003.

(2) Based on average shares outstanding during the period.

(3) Annualized.

(4) Expense ratio without taking into consideration any expense reductions related to custody offset arrangement and reimbursement of expense previously assumed by the Fund's investment advisor.

(5) The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such an action not been taken, the operating expense ratios would have been 1.18%, 1.04% and 1.41% for the periods April 30, 2006, October 31, 2005 and October 31, 2003.

(6) Not annualized.

(7) On March 1, 2006, the expense cap changed from 1.00% to 0.75%.

(8) Represents less than 0.01%.

See Notes to Financial Statements.

Julius Baer Funds 2006 Semi-Annual Report

106

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Significant Accounting Policies

The Julius Baer Funds consist of the Julius Baer Global Equity Fund Inc. ("Global Equity Fund") and the Julius Baer Investment Funds (the "Trust"). As of April 30, 2006, the Julius Baer Funds consisted of five funds (each a "Fund" and together, the "Funds").

The Global Equity Fund was incorporated under the laws of the State of Maryland on May 23, 1990 and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

On July 1, 2004, the Global Equity Fund delisted from the New York Stock Exchange and converted from a closed-end, non diversified investment company ("closed-end Fund") to an open-end diversified investment company with a different investment objective, different investment strategies and a new investment adviser (an affiliate of the closed-end Fund's adviser).

The Trust is registered with the SEC under the 1940 Act, as an open-end management investment company. As of April 30, 2006, the Trust offered four investment funds: Julius Baer International Equity Fund (the "International Equity Fund"), Julius Baer International Equity Fund II (the "International Equity Fund II"), Julius Baer Total Return Bond Fund (the "Total Return Bond Fund"), and Julius Baer Global High Yield Bond Fund (the "High Yield Bond Fund"). The International Equity Fund II commenced operations on May 4, 2005.

The International Equity Fund is closed to new shareholders (at the account level). This excludes 401(k) plans that have existing investments in the Fund through related 401(k) plans and new plan participants within 401(k) plans that hold positions in the Fund. In addition, existing shareholders may continue to invest.

Each Fund offers two share classes, Class A and Class I. The two classes of shares are offered to different types of investors and have different expense structures, as outlined in the Funds' Prospectus. Each class of shares has exclusive voting rights with respect to matters that affect that class. Income, realized gains and losses, unrealized appreciation and depreciation, and expenses that are not attributable to a specific class are allocated daily to each class based on its relative net assets. Expenses directly attributable to a Fund are charged to that Fund. Other expenses are allocated to the respective Fund based on average daily net assets. Class I shares commenced operations on March 14, 2005 for the Global Equity Fund.

The Global Equity Fund's investment objective is to maximize total return through capital appreciation. The International Equity Fund's investment objective is long-term

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growth of capital from primarily investing in a diversified portfolio of common stocks of foreign issuers of all sizes. The International Equity Fund II investment objective is long term growth of capital primarily investing in a diversified portfolio of common stocks, convertible securities and preferred stocks of foreign issuers focusing on mid to large capitalization companies. The Total Return Bond Fund's investment objective is to provide total return by investing in a non-diversified portfolio of high quality fixed income securities of governmental, supranational and corporate issuers denominated in various currencies, including United States (U.S.) dollars. The High Yield Bond Fund's investment objective is to maximize total return, principally through a high level of current income, and secondarily through capital appreciation by investing in a diversified portfolio of below investment grade, fixed income securities (commonly known a s "junk bonds") of issues located throughout the world.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

a) Portfolio valuation: Each Fund's investments are valued at market. Equity securities, which are traded primarily on a U.S. or foreign stock exchange are valued at the last sale price on that exchange or, if there were no sales during the day, at the mean of the current quoted bid and asked prices. Portfolio securities which are traded primarily on foreign securities exchanges are generally valued at the preceding closing values of such securities on their respective exchanges, except that when a significant event subsequent to that time is likely to have changed such value, including substantial changes in the values of U.S. markets subsequent to the close of a foreign market. In these circumstances, the fair value of those securities will be determined by consideration of other factors by or under the direction of the Global Equity Fund's Board of Directors, t he Trust's Board of Trustees (each "Board" and collectively, the "Boards") or their respective delegates. Debt securities (other than government securities and short-term obligations) are valued by independent pricing services approved by the respective Board. Investments in government securities (other than short-term securities) are valued at the mean of the quoted bid and asked prices in the over-the-counter market. Short-term investments that mature in 60 days or less are valued at amortized cost. Any securities for which market quotations are not readily available, or for which a significant event has occurred since the time of the most recent market quotations, are valued in accordance with fair value pricing approved by the respective Board.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The Boards have identified certain circumstances in which the use of fair value pricing method is necessary. In such circumstances, the Boards have also approved an independent fair value service for foreign equities, which may provide the fair value price. For options and warrants, a fair value price may be determined using an industry accepted modeling tool. In addition, the Funds' Pricing Committees may determine the fair value price based upon factors that include the type of the security, the initial cost of the security and price quotations from dealers and/or pricing services in similar securities or in similar markets.

b) Repurchase agreements: The Funds may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation in return for the use of the Fund's available cash, subject to an obligation of the seller to repurchase and the Fund to resell the obligation, at an agreed-upon price and time. Thus, the yield during the Fund's holding period is determinable. This arrangement results in a fixed rate of return that is not subject to market fluctuations during a Fund's holding period. The value of the collateral at all times is equal to at least 100% of the total amount of the repurchase obligations, including accrued interest. In the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is potential loss to a Fund in the event the Fund i s delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its rights. The Funds' investment adviser reviews the value of the collateral and the creditworthiness of those banks and dealers with whom the Funds enter into repurchase agreements to evaluate potential risks.

c) Foreign currency: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies and investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period, purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. Unrealized gains or losses on investments which result from changes in foreign currencies have been included in the net unrealized appreciation (depreciation) of investments. Net realized currency gains and losses include foreign currency gains and losses between trade date and settlement date on investment securities transactions, gains and losses from foreign currency transactions and the gains and losses from differences between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related

Julius Baer Funds 2006 Semi-Annual Report

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

to fluctuations in exchange rates between the purchase trade date and sale trade date is included in realized gains and losses on security transactions.

d) Forward foreign currency contracts: Forward foreign currency contracts are valued at the forward rate and are marked-to-market at each valuation date. The change in market value is recorded by the Funds as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

As part of its investment strategy, a Fund may enter into forward foreign currency contracts to manage the Fund's portfolio holdings against currency risks. A Fund may also utilize forward foreign currency contracts to reduce or eliminate an underweighted position in a currency relative to its benchmark when purchasing underlying equities denominated in that currency is not advisable by the advisor. With respect to a Fund's obligations to purchase or sell currencies under forward foreign currency contracts, a Fund will either deposit with its custodian in a segregated account cash or other liquid securities having a value at least equal to its obligations, or continue to own or have the right to sell or acquire respectively, the currency subject to the forward foreign currency contract.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund's portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, a Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts.

e) Financial Futures Contracts: In order to gain exposure to or protect against changes in security values, the Funds may buy and sell futures contracts. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Funds and the prices of future contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. The Funds agree to receive from or pay to the broker an amount of cash equal to the daily flucation in the value of the contract. Such receipts or payments are know as "variation margin" and are recorded by a Fund as unrealized gains or losses.

Julius Baer Funds 2006 Semi-Annual Report

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. (see Note 11 for outstanding futures contracts at April 30, 2006)

f) Options: The Funds may write options to generate current income to manage investment risk. Each Fund may write put and call options on up to 25% of the net asset value of the securities in its portfolio and will realize fees (referred to as "premiums") for granting the rights evidenced by the options. When a Fund writes a call option or a put option, an amount equal to the premium received by that Fund is recorded as a liability, the value of which is marked-to-market at each valuation date. When a written option expires, that Fund realizes a gain equal to the amount of the premium originally received. When a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized gain or loss on th e underlying security, and the liability related to such option is eliminated. When a call option is exercised, a Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the amount of the premium originally received. When a put option is exercised, the amount of the premium originally received will reduce the cost of the security which that Fund purchased upon exercise. The Funds will write only covered options.

The Funds may purchase put and call options that are traded on foreign as well as U.S. exchanges and in the over-the-counter market. Each Fund may utilize up to 2% of its assets to purchase both put and call options on portfolio securities. Purchases of put and call options are recorded as an investment, the value of which is marked-to-market at each valuation date. When a purchased option expires, no proceeds will be expected and a Fund will realize a loss. When a fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid.

The International Equity Fund, the International Equity Fund II, the High Yield Bond Fund and the Global Equity Fund may purchase and sell call and put options on stock indices. A Fund's possible loss, in either case will be limited to the premium paid for the option, plus related transaction costs. In contrast to an option on a security, an option on a stock index provides the holder with the right but not the

Julius Baer Funds 2006 Semi-Annual Report

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obligation to make or receive a cash settlement upon exercise of the option, rather than the right to purchase or sell a security. The amount of this settlement is equal to (i) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a call) or is below (in the case of a put) the closing value of the underlying index on the date of exercise, multiplied by (ii) a fixed "index multiplier."

The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a call option is that a Fund may forego the opportunity for profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid secondary market. In addition, a Fund could be exposed to risks if the counterparties to the transaction are unable to meet the terms of the contracts.

g) Swaps: The Funds may enter into interest rate, currency, index, total return and credit default swaps. The Funds expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Funds anticipate purchasing at a later date. Interest rate swaps involve the exchange with another party of their respective commitments to pay or receive interest, for example, an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to s wap cash flows on a notional amount based on changes in the values of the reference indices. A total return swap is an agreement to exchange the return on a stock, bond or index for a fixed or variable financing charge. A credit default swap is an agreement between two counterparties that allows one counterparty to be "long" a third-party credit risk, and the other counterparty to be "short" the credit risk. Credit default swaps are designed to transfer the credit exposure of fixed income products between parties.

The Funds will usually enter into swaps on a net basis, that is, the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Inasmuch as these swaps are entered into for good faith hedging purposes, the investment adviser believes such obligations do not constitute senior securities under the 1940 Act, and, accordingly, will not treat them as being subject to its

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

borrowing restrictions. The Funds will not enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the counterparty, combined with any credit enhancements, is rated at least A by S&P or Moody's or has an equivalent rating from a NRSRO or is determined to be of equivalent credit quality by the investment adviser. If there is a default by the counterparty, the Funds may have contractual remedies pursuant to the agreements related to the transaction.

h) Securities Lending: The Global Equity Fund, the International Equity Fund and the International Equity Fund II have established a securities lending agreement with Investors Bank & Trust Company in which the Funds lend portfolio securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to 102% of the market value of the securities on loan. These Funds may loan securities to brokers, dealers, and financial institutions determined by the Adviser to be creditworthy, subject to certain limitations. Under the agreement, these Funds continue to earn income on the securities loaned. Collateral received is generally cash, and such Funds invest the cash and receive any interest on the amount invested, but it must also pay the broker a loan rebate fee computed as a varying percentage of the c ollateral received. In the event of counterparty default, these Funds are subject to potential loss if any such Fund is delayed or prevented from exercising its right to dispose of the collateral. These Funds each bear risk in the event that invested collateral is not sufficient to meet obligations due on the loans.

i) Securities transactions and investment income: Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income is recorded on an accrual basis and includes amortization and accretion of bond premiums and discounts, respectively, using effective interest method. Dividend income is recorded in the statement of operations on the ex-dividend date or when the Fund becomes aware of dividend distribution. It is expected that certain capital gains earned by the Funds and certain dividends and interest received by the Funds will be subject to foreign withholding taxes.

j) Dividends and distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. Each Fund intends to distribute annually to its shareholders substantially all of its taxable income. The Total Return Bond Fund and the High Yield Bond Fund declare and pay monthly dividends. The International Equity Fund, the International Equity Fund II and the Global Equity Fund declare and pay dividends from net investment income, if any, annually. The Funds will distribute net

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realized capital gains, if any, annually. Additional distributions of net investment income and capital gains may be made at the discretion of the Board of the Funds to avoid the application of the excise tax imposed under Section 4982 of the Internal Revenue Code of 1986, as amended, for certain undistributed amounts. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterization of distributions made by the Funds as a whole.

k) Federal income taxes: The Global Equity Fund and the Trust intend that each Fund separately qualify as a regulated investment company for U.S. federal income tax purposes. Accordingly, the Funds do not anticipate that any income taxes will be paid.

2. Investment Advisory Fee and Other Transactions

Julius Baer Investment Management LLC ("JBIM" or "Adviser") serves as the investment adviser. The Global Equity Fund pays JBIM a fee at an annual rate of 0.90% of average daily net assets. Effective April 1, 2005, the International Equity Fund pays JBIM a fee at an annual rate of 0.90% for the first $7.5 billion dollars of average daily next assets, 0.88% for the next $2.5 billion dollars of average daily net assets and 0.85% for average daily net assets over $10.0 billion dollars. Prior to April 1, 2005, the International Equity Fund paid JBIM a fee at an annual rate of 0.90% of daily average net assets. The Total Return Bond Fund, the High Yield Bond Fund and the International Equity Fund II pay JBIM a fee at an annual rate of 0.45%, 0.75% and 0.90% of average daily net assets, respectively.

From July 1, 2004 until March 1, 2005 the adviser contractually agreed to reimburse certain expenses of the Global Equity Fund so that the net annual expenses of the Global Equity Fund based on average net assets were limited to 1.75% and 1.50% of the Class A and Class I shares, respectively. Commencing on March 1, 2005, the adviser contractually agreed to reimburse certain expenses of the Global Equity Fund so that the net annual expenses of the Global Equity Fund based on average net assets were limited to 1.40% and 1.15% of the Class A and Class I shares, respectively.

Commencing March 1, 2006, January 1, 2005 and March 1, 2006, the Adviser has contractually agreed to reimburse certain expenses of the the International Equity Fund II, the Total Return Bond Fund and the High Yield Bond Fund, respectively, through

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February 28, 2007, so that the net operating expenses of each Fund (excluding interest, taxes, brokerage commissions, and extraordinary expenses) based on average net assets are limited (the "Expense Limit") as specified in the table below. In addition, in connection with the commencement of these reimbursement plans, the Global Equity Fund, the Total Return Bond Fund, the High Yield Bond Fund and the International Equity Fund II have agreed to allow the Adviser to recoup expenses reimbursed to the each Fund provided that repayment does not cause each of the Fund's annual operating expenses to exceed the Expense Limit. Any such recoupment must be made within three years after the year in which the Adviser incurred the expense. The table below specifies the reimbursement made to each Fund by the Adviser for the period ended April 30, 2006 and the Adviser's potential recoupment as of April 30, 2006.

	Expense Limit								Potential
Fund	Class A			Class I			Reimbursement		Recoupment
Global Equity Fund		1.40	%		1.15	%	$	242,899	$	1,079,179
International Equity Fund II		1.32			1.05			140,293		544,163
Total Return Bond Fund		0.69			0.44			162,293		454,401
High Yield Bond Fund		1.00			0.75			49,166		158,627

For the period ended April 30, 2006, the Global Equity Fund incurred total brokerage commissions of $99,397 of which $388 and $40 was paid to UBS Securities LLC and Kepler Equities, respectively, affiliated broker dealers of the Adviser.

For the period ended April 30, 2006, the International Equity Fund incurred total brokerage commissions of $21,543,668 of which $499,381 was paid to Kepler Equities,an affiliated broker dealer of the Adviser.

For the period ended April 30, 2006, the International Equity Fund II incurred total brokerage commissions of $2,045,723 of which $10,680 was paid to Kepler Equities, an affiliated broker dealers of the Adviser.

During the period ended April 30, 2006, the Adviser reimbursed the International Global Equity Fund, for losses incurred on certain security transactions in the amount of $1,442. This dollar amount recorded by the fund as realized gain on the Statement of Operations. The percentage of net assets for this realized gain was less that 0.01% for the Fund.

The Funds entered into expense offset arrangements as part of their custody agreement with Investors Bank and Trust Company. Under this agreement, each Fund's custody fees were reduced by $2,600, $1,879,748, $32,249, $7,804 and $7,023 respectively for the Global Equity Fund, International Equity Fund, International Equity Fund II, Total Return Bond Fund and the Global High Yield Bond Fund.

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In June 2005, the Funds adopted a commission recapture program with Franklin Russell Securities Inc. Under the program, a percentage of commissions generated by the portfolio transactions of a Fund is rebated to that Fund by the broker-dealers and are recorded as to short-term security gain. The commission recapture amounts for the Funds during the period ended 04/30/06 were as follows:

Fund	Broker Commission Recaptured during the period ended 04/30/06
Global Equity Fund	$	1,123
International Equity Fund		206,353
International Equity Fund II		35,764

3. Distribution and Shareholder Servicing Plan

The Funds have adopted a Shareholder Services Plan and a Distribution Plan (the "Plans") for the Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, the Funds may compensate certain financial institutions, including the distributor, for certain distribution, shareholder servicing, administrative and accounting services for their clients and customers who are beneficial owners of each of the Funds' Class A shares. A Fund may expend an aggregate amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of a Fund attributable to Class A Shares. The Adviser may pay additional marketing and other distribution costs out of their profits.

Quasar Distributors, LLC ("Quasar" or "Distributor") is the Distributor of the Funds' shares.

Under their terms, the Funds' Plans shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of the Directors/Trustees and a majority of those Directors/Trustees who are not "interested persons" of the Funds and who have no direct or indirect financial interest in the operation of the Plans or in any agreement related to the Plans.

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4. Purchases and Sales of Securities

Cost of purchases and proceeds from sales (including paydowns) of securities, excluding short-term investments, during the period ended April 30, 2006 were as follows:

Fund	Cost of Purchases		Proceeds from Sales
Global Equity Fund	$	46,490,832	$	37,472,759
International Equity Fund		7,529,319,150		5,574,108,823
International Equity Fund II		1,583,472,900		299,093,785
Total Return Bond Fund		647,005,227		498,286,424
High Yield Bond Fund		31,317,752		21,789,892

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the period ended April 30, 2006 were $382,876,949 and $310,800,961, respectively for the Total Return Bond Fund.

At April 30, 2006, net unrealized appreciation/depreciation for federal income tax purposes is comprised of the following components:

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ (Depreciation)
Global Equity Fund	$	61,557,994	$	7,722,330	$	(773,438	)	$	6,948,892
International Equity Fund		17,697,075,659		5,818,003,184		(90,241,694	)		5,727,761,490
International Equity Fund II		1,753,987,238		253,926,088		(7,041,559	)		246,884,529
Total Return Bond Fund		381,662,966		237,896		(2,993,708	)		(2,755,812	)
High Yield Bond Fund		49,700,466		1,415,334		(302,337	)		1,112,997

Thacher Proffitt & Wood are the legal counsel for the Funds and certain individuals of this firm served as principal officers of the Funds until November 11, 2005. The following fees were paid by the Funds during the period November 1, 2005 to November 30, 2005:

Fund	Fund Fees paid to Thacher Proffitt during the period from 11/01/05 to 11/30/05
Global Equity Fund	$	133
International Equity Fund		42,931
International Equity Fund II		1,627
Total Return Bond Fund		565
High Yield Bond Fund		111

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5. Investments in Affiliated Issuers

An affiliated issuer, as defined under 1940 Act is one in which a Fund's holdings of an issuer represents 5% or more of the outstanding voting securities of the issuer. A summary of each Fund's investments in securities of these issuers for the period ended April 30, 2006, is set forth below:

Summary of Transactions with Affiliated Companies
Julius Baer International Equity Fund

Affiliate	Shares Held April 30, 2006		Purchases (Cost)		Proceeds Sales		Dividend Income		Market Value April 30, 2006
Beijing Capital International Airport – Class H		78,347,451	$	24,486,786	$	—	$	—	$	45,470,653
Clear Media		30,433,082		7,109,149		—		—		37,680,007
DZI Insurance & Reinsurance		212,919		—		—		—		12,408,506
Inter Cars		882,334		—		—		—		7,348,836
Shenzen Chiwan Wharf – Class B		10,867,372		10,451,218		—		—		18,711,112
Royal UNIBREW		335,340		—		—		426,597		36,183,798
Sniezka		709,930		—		—		77,693		6,836,799
Ukrinbank		270,000,000		40,491,495		—		—		8,100,000
Olvi Oyj		789,582		—		—		349,971		15,436,145
Mercantil Servicios Financieros – Class B		19,969,105		3,595,589		3,375,900		559,088		32,548,721
CIA Anonima Telef De Ven ADR		3,536,369		—		—		5,326,033		72,035,837
Wumart		6,835,533		—		—		153,225		22,480,521
TOTALS			$	86,134,237	$	3,375,900	$	6,892,607	$	315,240,935

6. Shares of Beneficial Interest

The Funds may issue an unlimited number of shares of beneficial interest of each Fund, with a par value of $.001 per share. Changes in outstanding shares of beneficial interest on the Global Equity Fund, the International Equity Fund, the

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International Equity Fund II, the Total Return Bond Fund and the High Yield Bond Fund were as follows:

	Six Month Period Ended April 30, 2006						Year Ended October 31, 2005
	Shares			Amount			Shares			Amount
Global Equity Fund:
Class A†
Sold		190,781		$	6,657,139			504,221		$	14,982,802
Issued as reinvestment of dividends		—			—			595			17,724
Redeemed		(293,606	)		(9,950,133	)		(321,159	)		(9,572,684	)
Net increase (decrease)		(102,825	)	$	(3,292,994	)		183,657		$	5,427,842
Class I*
Sold		433,246		$	15,846,109			562,288		$	16,623,735
Issued as reinvestment of dividends		19			637			108			3,411
Redeemed		(243,682	)		(8,147,785	)		(30,084	)		(884,078	)
Net increase		189,583		$	7,698,961			532,312		$	15,743,068
International Equity Fund:
Class A
Sold		22,618,332		$	860,236,188			103,621,498		$	3,301,554,085
Issued as reinvestment of dividends		8,479,351			303,135,073			4,473,703			140,295,305
Redeemed		(18,789,366	)		(711,151,640	)		(31,794,210	)		(1,026,587,778	)
Net increase		12,308,317		$	452,219,621			76,300,991		$	2,415,261,612
Class I
Sold		25,757,294		$	994,169,494			119,507,433		$	3,854,830,556
Issued as reinvestment of dividends		9,685,219			352,636,710			4,379,535			139,663,385
Redeemed		(18,362,095	)		(713,251,743	)		(19,229,479	)		(636,445,754	)
Net increase		17,080,418		$	633,554,461			104,657,489		$	3,358,048,187
International Equity Fund II:
Class A**
Sold		24,070,654		$	298,586,053			12,611,282		$	136,031,555
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(3,076,452	)		(39,269,802	)		(960,837	)		(10,286,728	)
Net increase		20,994,202		$	259,316,251			11,650,445		$	125,744,827
Class I**
Sold		78,044,762		$	979,138,764			27,800,516		$	302,232,671
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(2,094,183	)		(26,578,796	)		(654,185	)		(7,148,213	)
Net increase		75,950,579		$	952,559,968			27,146,331		$	295,084,458
Total Return Bond Fund:
Class A
Sold		3,079,722		$	40,121,809			2,168,655		$	29,288,075
Issued as reinvestment of dividends		197,844			2,577,115			173,411			2,338,413
Redeemed		(1,702,150	)		(22,397,382	)		(1,624,188	)		(21,978,139	)
Net increase		1,575,416		$	20,301,542			717,878		$	9,648,349

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	Six Month Period Ended April 30, 2006						Year Ended October 31, 2005
	Shares			Amount			Shares			Amount
Class I
Sold		8,043,894		$	104,941,333			9,201,128		$	124,690,812
Issued as reinvestment of dividends		538,269			7,025,192			258,094			3,491,042
Redeemed		(1,365,422	)		(18,052,560	)		(1,290,448	)		(17,419,639	)
Net increase		7,216,741		$	93,913,965			8,168,774		$	110,762,215
High Yield Bond Fund:
Class A
Sold		1,092,202		$	11,903,799			1,027,360		$	12,481,178
Issued as reinvestment of dividends		362,882			3,888,623			184,133			2,221,011
Redeemed		(1,085,554	)		(12,207,961	)		(1,922,780	)		(23,353,353	)
Net increase (decrease)		369,530		$	3,584,461			(711,287	)	$	(8,651,164	)
Class I
Sold		892,695		$	9,397,596			243,650		$	2,897,931
Issued as reinvestment of dividends		98,238			1,018,865			45,502			535,898
Redeemed		(149,535	)		(1,674,458	)		(3,436,553	)		(39,975,454	)
Net increase (decrease)		841,398		$	8,742,003			(3,147,401	)	$	(36,541,625	)

† Share transactions were adjusted to reflect a 10 for 1 reverse split effective September 15, 2005.

* Commenced operations on March 14, 2005.

** Commenced operations on May 4, 2005.

The Funds assess a redemption fee of 2% for shares redeemed within 90 days of purchase. For the year ended April 30, 2006, the Global Equity Fund, the International Equity Fund, the International Equity Fund II, the Total Return Bond Fund and High Yield Bond Fund received redemption fees of $804, $172,206, $56,004, $8,377 and $2,587, respectively, which are disclosed in the statement of changes in net assets.

7. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include the loss of value in investments of foreign securities because of currency exchange rate fluctuations, price volatility that may exceed the volatility of U.S. securities, uncertain political conditions, lack of timely and reliable financial information and other factors. These risks are increased for investment in emerging markets. Emerging market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging market securities than other foreign securities. Moreover,

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securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.

8. Federal Tax Information

The tax character of distributions paid for the period ended October 31, 2005 were as follows:

	Global Equity Fund		International Equity Fund		International Equity Fund II		Total Return Bond Fund		High Yield Bond Fund
Ordinary Income	$	26,244	$	239,978,606	$	—	$	5,736,791	$	5,121,653
Long Term Capital Gains		—		72,653,819		—		687,783		30,930

The tax character of distributions paid for the year ended October 31, 2004 were as follows:

	Total Return Bond Fund		International Equity Fund		High Yield Bond Fund
Ordinary Income	$	3,192,805	$	49,724,845	$	5,379,480
Long Term Capital Gains		918,177		—		8,504

The Global Equity Fund did not have any distributions for the period ended October 31, 2004 and for the year ended March 31, 2004.

At October 31, 2005, the Global Equity Fund had $3,303,809, $92,632,637, $28,922,938 and $7,288,718 available as capital loss carryforwards which expire in 2008, 2009, 2010 and 2011, respectively.

As of October 31, 2005, the components of Distributable Earnings on a tax basis for the Global Equity Fund were as follows:

Undistributed Ordinary Income	$	230
Unrealized Appreciation	$	1,908,305
Undistributed Long Term Capital Gains	$	0

The difference between the components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the Global Equity Fund are primarily due to mark-to-market of forwards.

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As of October 31, 2005, the components of Distributable Earnings on a tax basis for the International Equity Fund were as follows:

Undistributed Ordinary Income	$	219,792,699
Unrealized Appreciation	$	2,364,937,310
Undistributed Long Term Capital Gains	$	497,357,234

The differences between components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the International Equity Fund are primarily due to wash sales, mark-to-market of passive foreign investment companies, futures and forwards.

At October 31, 2005, the International Equity Fund II had $585,104 available as capital loss carryforwards which expire in 2013.

As of October 31, 2005, the components of Distributable Earnings on a tax basis for the International Equity Fund II were as follows:

Undistributed Ordinary Income	$	—
Unrealized Appreciation	$	6,972,739
Undistributed Long Term Capital Gains	$	—

The differences between components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the International Equity Fund II are primarily due to wash sales, mark-to-market of passive foreign investment companies, futures and forwards.

As of October 31, 2005, the components of Distributable Earnings on a tax basis for the Total Return Bond Fund were as follows:

Undistributed Ordinary Income	$	4,433,698
Unrealized Depreciation	$	(1,658,182	)
Undistributed Long Term Capital Gains	$	1,489,761

The difference between the components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the Total Return Bond Fund are primarily due to wash sales and forwards. In addition, short-term capital gains are considered ordinary income for income tax purposes.

As of October 31, 2005, the components of Distributable Earnings on a tax basis for the High Yield Bond Fund were as follows:

Undistributed Ordinary Income	$	2,047,593
Unrealized Appreciation	$	597,741
Undistributed Long Term Capital Gains	$	2,460,681

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The differences between components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the High Yield Bond Fund are primarily due to wash sales and forwards. In addition, short-term capital gains are considered ordinary income for income tax purposes.

9. Security Lending Agreement

The security lending income net of the loan rebate fee for the Global Equity Fund, the International Equity and the International Equity Fund II amounted to $6,522, $9,870,882 and $203,102, respectively, for the period ended April 30, 2006 and is included in interest income in the statement of operations.

As of April 30, 2006, the value of the securities loaned and the value of the collateral amounted to approximately the following amounts:

	Market Value of Securities Loaned		Value of Collateral
Global Equity Fund	$	3,769,092	$	3,898,336
International Equity Fund		3,619,578,966		3,810,201,074
International Equity Fund II		77,797,919		82,187,957

10. Line of Credit

On September 28, 2005, Global Equity Fund Julius Baer Total Return Bond Fund and Julius Baer High Yield Bond Fund (the "Borrowers) entered into a Credit Agreement (the "Agreement") with Investors Bank & Trust Company (the "Bank"). The Agreement is a $25,000,000 revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. Total Return Bond Fund and High Yield Bond Fund may draw up to $10,000,000 and the Global Equity Fund may draw up to $5,000,000. The Borrower will pay interest on the principal amount of the Loans outstanding at a floating rate per annum equal to the Federal Funds Rate plus 0.75%. In addition, the Borrower shall pay to the Bank an annual commitment fee, in connection with the establishment and maintenance of the Credit Facility, at the rate of 0.10% per annum on the difference between $10.0 million and the average daily amount of Loans outstanding. Under the Agreement, the average daily outstanding balance utilized by the High Yield Bond Fund during the period was $39,261, at an average weighted interest rate 5.00%. The Global Equity Fund and Total Return Bond Fund did not utilize the Agreement during the period. As of April 30, 2006, the Global

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Equity Fund Inc., Total Return Bond Fund and High Yield Bond Fund had unused available balances of $5,000,000, $10,000,000 and $10,000,000 outstanding pursuant to the line of credit.

11. Financial Futures Contracts

The following financial futures contracts were outstanding on the Fund as of April 30, 2006:

Expiration
Date

Contracts

Description

Position

Net Unrealized
Appreciation

Global Equity Fund:

06/06

TOPIX Index

Long

29,369

Expiration
Date

Contracts

Description

Position

Net Unrealized
Appreciation

International Equity Fund:

06/06

1012

NIKKEI 225 Index

Long

10,916,419

06/06

1260

TOPIX Index

Long

12,334,749

23,251,168

Expiration
Date

Contracts

Description

Position

Net Unrealized
Appreciation

International Equity Fund II:

06/06

NIKKEI 225 Index

Long

159,658

06/06

121

TOPIX Index

Long

652,622

812,280

12. Written Options

As of April 30, 2006 there were no written options.

13. Swaps

The International Equity Fund has entered into the following swap agreements:

A Relative Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the Nikkei 225 Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 1.10% on the 1,961,000,000 JPY face value plus the repo spread (0.30% for the first reset period) on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on September 17, 2008, is recorded as a receivable for open swap contracts of $15,365,913 at April 30, 2006.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

A Relative Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the Nikkei 225 Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 0.80% on the 1,958,000,000 JPY face value plus the repo spread (0.32% for the first reset period) on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on June 17, 2008, is recorded as a receivable for open swap contracts of $14,250,633 at April 30, 2006.

A Relative Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the TOPIX Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 1.10% on the 1,961,000,000 JPY face value plus the repo spread (0.37% for the first reset period) on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on September 17, 2008, is recorded as a receivable for open swap contracts of $16,122,105 at April 30, 2006.

A Relative Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the TOPIX Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 0.80% on the 1,958,000,000 JPY face value plus the repo spread (0.32% for the first reset period) on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on June 17, 2008, is recorded as a receivable for open swap contracts of $15,006,824 at April 30, 2006.

A Total Return Swap Agreement with ING Bank N.V. whereby this Fund will receive the notional amount multiplied by the return on SC Impact Bucuresti, variable rate, 6 month Euribor + 6.5%, due January 31, 2009. In exchange, this Fund will pay the net coupon amounts on the notional amount converted into EUR at a specified FX rate. The value of the contract, which expires on March 1, 2009 is recorded as payable for open swap contracts of $20,078 at April 30, 2006.

The Global High Yield Bond Fund has entered into the following swap agreements:

A Credit Default Swap Agreement with Goldman Sachs International whereby this Fund will receive the notional amount multiplied by 4.00%. In exchange this Fund will pay the notional amount upon a default of Allied Waste North America, Inc., 7.375% due April 15, 2014. The value of the contract, which expires December 20, 2010 is recorded as a receivable for open swap contracts of $35,592, at April 30, 2006.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

A Credit Default Swap Agreement with Goldman Sachs International whereby this Fund will receive 0.40% of the notional amount of $2,500,000 quarterly. The value of the contract, which terminates on December 20, 2011 is recorded as a payable for open swap agreements of $59,375 at April 30, 2006.

14. Subsequent Event

Effective September 1, 2006, the Funds will eliminate the use of the 2% redemption fee policy and will adopt a "purchase blocking policy" to discourage excessive short-term trading. This policy prohibits a shareholder who has redeemed or exchanged Fund shares having a value of greater than $5,000 from investing in that Fund for 30 calendar days after such transaction. The Funds continue to reserve the right to restrict, reject or cancel, without any prior notice, any purchase or exchange order for any reason, including any purchase or exchange order accepted by any shareholder's financial intermediary.

Additional Information (Unaudited)

Investment Advisory Agreement

At a meeting held on December 14, 2005, the Board of the Trust and the Board of the Global Equity Fund (each a "Board" and collectively, the "Boards") approved the Investment Advisory Agreements (each an "Agreement" and collectively, the "Agreements") with the Adviser for the Total Return Bond Fund, the International Equity Fund, the International Equity Fund II, the High Yield Bond Fund, and the Global Equity Fund (each a "Fund" and collectively, the "Funds"). The Adviser also contractually agreed to reimburse certain expenses of the Total Return Bond Fund for the period January 1, 2006 through February 28, 2007, and of the International Equity Fund II and the High Yield Bond Fund for the period March 1, 2006 through February 28, 2007.

In determining whether to approve the Agreements, the Trustees and Directors (Trustees and Directors, collectively, the "Members") of the Boards, including all of the Members of each Board who are not interested persons under the 1940 Act reviewed and considered, among other items: (1) a guide from independent counsel setting forth each Board's fiduciary duties, responsibilities and the factors the Boards should consider in their evaluation of the renewals of the Agreements; (2) comparative information,

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

comparing each Fund's proposed advisory fees, expenses and returns to those of its relevant peer group; (3) the Adviser's complete Form ADV; (4) the Adviser's Financial Statements for December 31, 2005, 2004 and 2003; (5) other reports of and presentations by representatives of the Adviser that described: (i) the nature, extent and quality of the Adviser's services provided to the respective Funds; (ii) the experience and qualifications of the personnel providing those services, (iii) their investment advice and performance; (iv) their assets under management and client descriptions; (v) their soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the current and proposed advisory fee arrangements with the Funds and other similarly managed clients; (vii) compliance program information; (viii) the Adviser's financial informatio n and profitability analysis related to providing service to the Funds; (ix) fees and other benefits; (x) methodologies to allocate securities among the Funds; (xi) outstanding lawsuits; (xii) breakpoints; and (xiii) the extent to which economies of scale are relevant to the Funds.

In determining whether to approve the Agreements, the Boards, including all of the Independent Members, reviewed and considered the materials presented at the December 14, 2005 meeting of the Boards, and a financial forecast for the fiscal year ended 2006. The Members discussed the written materials, the Adviser's presentations and deliberated on the approval of the Agreements in light of this information. In their deliberations, the Members did not identify any single piece of information that was all important or controlling but gave significant weight to the relative investment performance of the Funds along with consideration of the other relevant factors.

The Boards, including all of the Independent Members, reached the following conclusions, among others, regarding the Adviser and the respective approvals: the Adviser has the capabilities, resources and personnel necessary to manage the Funds; the Boards are satisfied with the quality of service provided by the Adviser in advising the Funds; the proposed management/advisory fees for each Fund are reasonable as compared to the median and the average fees paid by comparable funds in their respective peer groups; the proposed total annual portfolio operating expenses to be paid by the Funds are reasonable as compared to the median and average expenses paid by comparable funds in each Fund's respective peer group; the performance of the Funds is reasonable in comparison with each Fund's respective benchmark indices and other mutual funds in its peer group; the expected profit of the Adviser for advisory services, based on the proposed fees, seem s reasonable based on the data provided; and the benefits derived by the

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Adviser from managing the Funds, including how each uses soft dollars and the ways in which each conducts portfolio transactions and selects brokers is reasonable.

At a meeting on April 5, 2006, the Board again met to consider extending the termination date of the advisory agreement from December 2006 to April 2007. At that time the Board considered additional information relating to the Funds' performance and expenses relative to its peers. The Board approved extending the termination date of the agreement to April 2007.

Based upon the Boards' deliberations and evaluation of the information described above, the Members, including all of the Independent Members, determined that the renewal terms of each of the Agreements were fair to, and in the best interests of, each of the respective Funds and its shareholders.

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Item 2. Code of Ethics.

As of April 30, 2006, the Registrant has adopted a code of ethics that applies to the Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. During the period ended April 30, 2006, there were no amendments to a provision of the Code of Ethics nor were there any waivers granted from a provision of the Code of Ethics. A copy of its code of ethics is filed with this Form N-CSRS under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Items 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Schedule of Investments

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this filing.

Items 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Items 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal half-year (the Registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)		Code of Ethics is attached.

(a)(2)		Separate certifications for the Registrant’s of Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(b)		Certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b), under the Investment Company Act of 1940 are attached here to as Exhibit 99.906CERT. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and are not being filed as part of the Form N-CSRS with the Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		Julius Baer Global Equity Fund Inc.

By (Signature and Title)			/s/ Tony Williams
			Tony Williams	President (Principal Executive Officer)

Date	07/07/2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ Craig Giunta
		Craig Giunta Chief Financial Officer (Principal Financial Officer)

Date	07/07/2006

By (Signature and Title)		/s/ Tony Williams
		Tony Williams	President (Principal Executive Officer)
Date	07/07/2006

Aberdeen Global Select Opportunities Fund (EWF) Inactive N-CSRSCertified semi-annual shareholder report (management investment company)

Items 5. Audit Committee of Listed Registrants

Item 6. Schedule of Investments

Items 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

SIGNATURES