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:		10/31/07

Item 1. Reports to Stockholders.

The annual report is attached.

Annual Report

Julius Baer Funds

Julius Baer Global Equity Fund Inc.

Julius Baer International Equity Fund

Julius Baer International Equity Fund II

Julius Baer Total Return Bond Fund

Julius Baer Global High Income Fund

Julius Baer U.S. Microcap Fund

Julius Baer U.S. Smallcap Fund

Julius Baer U.S. Midcap Fund

Julius Baer U.S. Multicap Fund

October 31, 2007

SHAREHOLDERS LETTER October 31, 2007

December 7, 2007

Dear Shareholder

I am pleased to present the Annual Report for the Julius Baer Funds (the "Funds") for the fiscal year ending October 31, 2007 (the "Reporting Period").

While the Reporting Period ended with many major world indices advancing significantly, financial markets faced several major hurdles. The most notable was the subprime mortgage crisis. For the last several years, economists warned that the "housing bubble" was due to burst. Despite these admonishments, homeowners qualified for loans which they ordinarily would not have been granted and in turn, refinanced their properties to fuel further consumer spending. When housing prices began to tumble, many homeowners could not meet the necessary payments. The sharp rise in foreclosures led to a chain reaction of corporate write-offs and bankruptcies. Not surprisingly, the major lending institutions' stock prices were severely punished. As investors attempted to reassess their risk exposure, the fixed income, equity and derivative markets became increasingly volatile.

Fortunately, the Funds did not have any material exposure to subprime investments and weathered the market meltdown. During the Reporting Period, most of our Funds had solid performance results (see each fund's commentary) and all experienced positive cash flows. Investors continued to be attracted to our International Equity Strategy, with strong growth in the Julius Baer International Equity Fund II ("International Equity Fund II") over the Reporting Period. Additionally, our fixed income products gained more traction. The Julius Baer Global High Income Fund ("Global High Income Fund") will soon reach its 5-year track record. For the twelve month period ending October 31, 2007, the Global High Income Fund Class A shares again received a 5-star overall rating from Morningstar out of 454 US domiciled high yield bond funds. The Julius Baer International Equity Fund Class A shares ("International Equity Fund") and Julius Baer Total Return Bond Fund Class A shares ("Total Return Bond Fund") were also rated with a 5-star overall from Morningstar for the same period, out of 571 funds in the foreign large blend funds and 972 funds in the intermediate-term bond funds, respectively. The Morningstar Overall Rating^TM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Ratings metrics, which are based on risk-adjusted performance. Such visibility combined with solid performance helped each fund increase assets significantly over the Reporting Period.

The Funds continue to expand their distribution capacities. In the past, they were available through packaged product platforms such as broker-dealer wrap fee

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programs and research models, primarily limiting them to the fee-based financial advisors that use these products. Effective November 1, 2007, we launched a Consultant share class for our global, US equity, and fixed income funds with a higher 12b-1 fee to provide a mechanism for commission-based advisors to create their own asset allocation program for more sophisticated clients. To accommodate some of the small to midsize retirement plans, we also launched an R-share class for the Julius Baer Global Equity Fund Inc. ("Global Equity Fund") and Total Return Bond Fund. The higher 12b-1 fee on this share class is used by plan sponsors to cover administration costs. With the passage of the Pension Protection Act of 2006, there is a significant opportunity to garner assets in the growing defined contribution marketplace. Corporations continue to freeze and close their defined benefit plans, offering employees a 401(k) plan. The provision also al lows employers to automatically enroll their employees and thus dramatically boost plan participation.

Our fund managers reacted to the changing investment landscape by positioning our Funds to be able to invest in both new products and new markets. For example, the Global High Income Fund began investing in bank loans late last year. Over the last several years, the bank loan market has evolved considerably. Bank loans are the most senior element of a firm's capital structure typically secured by the assets of the issuing firm. The use of loans was primarily a defensive tactic that seeks to protect the fund from bankruptcies in a down market; however, the loan market also gives us the ability to gain credit exposure to companies that do not have high yield bonds outstanding. As of the end of the Reporting Period, these instruments represented 19.1% of the Global High Income Fund's net assets.

As I stated in my letter last year, the International Equity Fund, International Equity Fund II and Global Equity Fund increased their potential exposure to emerging markets to 35%. Consequently, we changed each Fund's benchmark to make it more representative of the underlying holdings. The International Equity Fund and the International Equity Fund II now benchmark to MSCI (Morgan Stanley Capital International) ACWI (All Country World Index) ex-US and the Global Equity Fund benchmarks to MSCI ACWI.

In conclusion, I'd like to express our appreciation to you as shareholders for your continued support during these changing times and to wish you and your family a happy and healthy holiday season.

Sincerely,

Tony Williams

President

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This material is provided for informational purposes only and does not in any sense constitute a solicitation or offer of the purchase or sale of securities unless preceded or accompanied by a prospectus.

The Julius Baer International Equity Fund Class A shares received 5 stars among 571 foreign large blend funds for the three-year period, 5 stars among 470 funds for the five-year period, 5 stars among 225 funds for the ten-year period and 5 stars among 571 funds for the overall period.

The Julius Baer Total Return Bond Fund Class A shares received 5 stars among 972 intermediate-term bond funds for the three-year period, 5 stars among 828 funds for the five-year period, 4 stars among 409 funds for the ten-year period, and 5 stars among 972 funds for the overall period.

The Julius Baer Global High Income Fund Class A shares received 5 stars among 454 U.S.-domiciled high yield bond funds for the three-year period and 5 stars among 454 U.S.-domiciled high yield bond funds for the overall period.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

© 2007 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Mutual funding investing involves risk; principle loss is possible.

Distributor: Quasar Distributors, LLC (12/07)

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MANAGEMENT'S COMMENTARY

JULIUS BAER GLOBAL EQUITY FUND INC.
2007 Annual Report

On many levels, the fiscal year 2007 was one of extremes. Commodities, led by oil, gold and grain saw some of their largest gains in years, supported by China's continued demand (and no foreseeable cessation) for raw materials. The euro surged against the US dollar and investors flocked to US Treasury issues amid subprime concerns.

Extremes were also apparent across global equities with emerging markets far outpacing returns for developed markets. Asia, led by China, outperformed all other regions and in Latin America, Brazil was notably strong given its commodity orientation. Finally, of the larger developed markets, Japan and the United States underperformed.

During this twelve month period ending October 31, 2007, the Julius Baer Global Equity Fund Inc. Class A Shares returned 23.02%, versus 24.19% for the MSCI All Country World Index. Effective March 1, 2007, the MSCI All Country World Index replaced the MSCI World Index as the Fund's benchmark. This change coincided with our ability to invest up to 35% of the portfolio in emerging markets.

From a geographic perspective, the Fund benefited from an underweight position to Japanese and US equities. Within Japan, lack of reforms, poor corporate governance and extended valuations leave little incentive to increase exposure. With regard to our stance in the US, we prefer opportunities within Continental Europe and those emerging markets we believe offer more compelling growth potential.

Our underweight to Asia, specifically South Korea, China and Hong Kong detracted from results as did our underweight to commodity-oriented countries such as Canada and Brazil. For some time, we have referred to the global imbalances, including current account and fiscal deficits, which exist today. Overconsumption within Anglo-Saxon countries, mainly the US, was one of the major imbalance concerns and subprime worries provided the global economy's first real stress-test. As these Anglo-Saxon imbalances began to unfold, Asian markets were the primary beneficiaries.

Our positioning in Central and Eastern Europe, including Russia, benefited returns. Economic growth within the region has been driven more by domestic demand than US consumption growth, providing diversification benefits. Our overweight to India also had a positive impact. While economic growth there was equally impressive as China, India offers an industry mix more focused on services than manufacturing, which we believe leaves the country less susceptible to a global slowdown.

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Financial services had a positive effect on performance. Several positions held in emerging market banks were particularly strong, including PKO Bank Polski and Bank Polska Kasa Opieki (Poland), Komercni Banka (Czech Republic), State Bank of India warrants and OTP Bank (Hungary). Our decision to underweight major banks in the United States, the United Kingdom and to a lesser degree Japan proved beneficial given fears of the impact of the subprime debacle. This positioning more than made up for poor performance from E*Trade Financial Group (United States) which was caught up in write-downs related to its mortgage-backed securities. Our defensive allocation to cash equivalents during a strong equity environment detracted. Within the energy sector, our underweight in China had a negative effect as did stock selection in Russia and Romania.

Stock selection was positive in the US healthcare sector. We have been particularly interested in companies benefiting from demographic shifts or capitalizing on baby boomers entering retirement age who want to maintain their active lifestyle. Companies involved in orthopedics is one way to tap into this trend; demand for knee and hip replacements, spinal surgeries and other procedures has been growing. ArthroCare Corp., whose medical devices are used to perform closed joint and cosmetic surgeries, was a positive contributor to results. Additionally, Medco Health Solutions Inc., the country's largest prescription benefits manager, was also a strong performer. These positions offset the underperformance of C.R. Bard Inc., the maker of hernia mesh and heart stents.

Weak performance from NII Holdings Inc. (United States), a vendor of mobile-phone service throughout Latin America, led returns from the telecommunications sector to detract. On a positive note, stock selection as well as our overweight to industrials supported performance. Shares of Stericycle Inc. (United States) which provides regulated medical waste management services had solid results. Additionally as part of our interest in transportation infrastructure, Beijing Capital International Airport Co. Ltd. (China) performed well. Finally, our overweight to and stock selection within consumer discretionary stocks detracted. Specifically, shares of Cheesecake Factory and Nordstrom (United States) as well as Melco PBL Entertainment (Macau) Ltd. ADR exhibited negative performance.

Looking ahead, we continue to find compelling opportunities across emerging markets. Specifically, Central and Eastern Europe including Russia remain an important component of the strategy. In addition, we established positions in South Korea and Taiwan which have become more like developed markets, although they are classified as emerging by MSCI.

Strong demand drove commodity-oriented markets such as Brazil, South Africa, Canada and Australia and during the period we increased our exposure. The UK is also underrepresented, especially given our avoidance to the UK banking sector. We still find transportation infrastructure companies, such as airports, compelling

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businesses with attractive franchises (restaurants, duty free shops, etc.) amid an increase in global travel and trade. Construction and cement companies are also well positioned given the increase in infrastructure projects. Luxury goods and spirits companies are expected to continue benefiting from emerging market consumer demand.

As we move into the next fiscal year, we remain focused on uncovering opportunities worldwide and managing the unique risks presented by the global equity markets on behalf of our valued shareholders.

Richard Pell

Chief Investment Officer

Past performance does not guarantee future results.

Investing internationally involves additional risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

The views expressed solely reflect those of Julius Baer Investment Management LLC ("JBIM") and the managers of the fund, and do not necessarily reflect the views of any affiliated companies. The material contains forward-looking statements regarding the intent, beliefs, or current expectations. Readers are cautioned that such forward-looking statements are not a guarantee of future performance, involve risks and uncertainties, and actual results may differ materially from those statements as a result of various factors. The views expressed are subject to change based on market and other conditions. Furthermore, the opinions expressed do not constitute investment advice or recommendation by the managers, JBIM, the fund, or any affiliated company.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) is a free float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in the Americas, Europe/Middle East, and Asia/Pacific Regions.

It is not possible to invest directly in an index.

Please see the Schedule of Investments in this report for complete fund holdings. Fund holdings and/or sector weightings are subject to change at any time and are not recommendations to buy or sell any security mentioned.

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MANAGEMENT'S COMMENTARY

JULIUS BAER INTERNATIONAL EQUITY FUND
JULIUS BAER INTERNATIONAL EQUITY FUND II
2007 Annual Report

In the middle of this fiscal year, we made a decision to change our benchmark from MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index to MSCI ACWI (All Country World Index) (ex-US). Although the difference in the ten-year performance between the two indices is less than 1%, we felt the difference in geographical composition would start to become relevant and the performance would start to diverge in a pronounced manner. The rationale for our move is that MSCI ACWI (ex-US) has substantial exposure to emerging markets (about 18%) and Canada (about 6%) while MSCI EAFE has no exposure to these markets. We believe that these geographic areas can greatly benefit from current US trade policies and the trend in globalization.

Since our benchmark transitioned mid-year, for this report, we will compare our performance to both indices.

The Julius Baer International Equity Fund (Class A Shares) and Julius Baer International Equity Fund II (Class A Shares) had another strong year, up 33.33% and 30.89% respectively for the one year period ending October 31, 2007. During the same period MSCI EAFE gained 24.91%, MSCI ACWI (ex-US) rose 32.43%.

The current subprime debacle seems another pyrrhic victory for sanity in this age of decadence. It is pyrrhic because, like the tech bubble, it lasted longer than a skeptic could remain sane or solvent; decadence because greed apparently continues to blind many of the essential economic agents in our society.

For several years, we have warned about global imbalances driven mainly by excessive US consumption and Asian over-investment. The Anglo Saxons' voracious appetite to consume and their addiction to spend and borrow against asset prices has disproportionately benefited Asia through increased trade and other countries and regions such as Canada, Australia, Brazil, Russia, Africa, and the Middle East from the resulting increase in commodity prices. China has been winning on two fronts: record trade surplus and strong foreign direct investment. These two engines have caused investment in China to grow at an alarming rate (almost 50% of GDP), planting the seeds for a potential investment bubble whose dimension can only be scaled once the global economy slows down or the Anglo Saxons wake up from their malaise and start mending their errant ways of borrow and spend.

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While the first shoe of the global imbalance was being dropped, the second one was feverishly bid up by the decoupling and reflation crowd. On one hand we were rewarded for being underweight domestic Anglo Saxon sectors such as UK retailers and banks. On the other hand, we were punished for being underweight the beneficiaries of that boom: Canadian and Australian currencies dramatically shot up in a very short period; many Asian markets, including Hong Kong, rallied more than 40% between mid-August and the end of October. During that time, the rallying cry was that China's growth would not be impeded by the US slowdown. In addition, the Hong Kong market was overwrought on the prospect of a newly suggested law that may allow Chinese mainlanders to invest in Hong Kong.

In response, a precautionary move, we selectively increased our exposure to Canada, Australia, Hong Kong, South Korea, and Taiwan. This move did not mean we were advocating that Asian economies could decouple. However, in the short-term, given the huge foreign reserves these countries possess and China's continued spending for the summer 2008 Olympics, we acknowledge the region's capability to engineer a delayed coupling, one that could last long enough to make 2007 and even 2008 pyrrhic years for disbelievers.

In Europe, the decoupling theme also dominated. Sectors and companies with high exposure to Asia were strong and resilient. Those with US or even domestic exposure fared poorly. Given our aversion to global trade we did not benefit from that rally.

It was disheartening to witness many European financial companies prove once again that they are the dumping ground for America's toxic waste. While the insurers were caught during the tech bubble (holding debt from the likes of Enron and WorldCom), this time around it was the banks that seemed to rapaciously amass large sums of subprime collateralized debt obligations (CDOs), both on- and off-balance sheet. French and German banks—that we favored for their domestic exposure—negated that advantage by making investments that were not core to their activities. By doing so, they exposed us to an area we sought to avoid, depriving us of what we believed to be a safe-haven status.

In the aftermath of the subprime crisis, Asia became the darling of the hot money looking for a new home. The region's attractiveness seemed to be the positive short-term visibility it provides: record trade surpluses and the potential decoupling from a US slowdown driven by high spending on infrastructure and uninterrupted demand from China. There are also those who expect the recent interest rate cuts in the US to ignite asset reflation in the region. Finally, additional currency gains are possible as pressure for currency revaluation mounts from the US and Europe.

Three major factors contributed to Western Europe's poor performance during the crisis. First, a strong euro hindered the competitiveness and the margins of the export sector. With Asian central banks staunchly defending their currencies from

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significant appreciation, the only voting booth open for those who dislike the US dollar is the "euro booth". Second, as mentioned above, many European financial companies were caught in the US subprime mess. Finally, many investors sold European positions to fund their increasing exposure to Asia.

Latin America, Africa, and the Middle East continued to prosper as prices of commodities and oil stayed on an upward trajectory. In addition, trade surpluses, record foreign reserves, and hot money flows put upward pressure on many currencies in these regions.

For similar reasons, the Australian and Canadian dollars staged a rally against the US dollar. Surprisingly, they appreciated approximately 20% against the US dollar this fiscal year. What was also unusual was the drubbing that the US dollar received against third world currencies.

Our underweight in Japan was a positive contributor to performance. During the year, the country's domestic sectors such as banks and consumer related stocks underperformed the exporters, particularly those with significant exposure to Asia and China.

In most global markets, post the subprime crisis, the rally was narrowly focused on Asian decoupling and commodities, while the sell-off centered on the financial sector and the US dollar versus most currencies.

Again this year, actions by corporations, private equity funds, and sovereign wealth funds continued to drive prices of many stocks and sectors: ports, airports and stock exchanges continued to experience interest and bidding from a wide spectrum of investors due to the monopolistic nature of these businesses. Euronext was acquired by the New York Stock Exchange (NYSE) and OMX, the Swedish stock exchange, is scheduled to be taken over by a consortium led by NASDAQ and Bourse Dubai. The consolidation in the Italian banking sector continued as UniCredito Italiano acquired Capitalia and Banca Intesa Sanpaolo bid for Banca Carifirenze. With the recent approach of BHP Billiton to acquire Rio Tinto, the consolidation in the mining sector began to worry the Chinese government. Such a consolidation could mean pricing power for the mines and higher prices for the commodity hungry Chinese economy.

At the company level, we continue to focus on companies that we believe are: exhibiting strong leadership in a growing sector such as FLSmidth, a Danish company that is a global leader in cement plants and a consolidator in the mineral equipment space; undertaking a genuine restructuring such as Siemens in Germany; following a credible growth and expansion strategy such as OTP Bank (Hungary); or a conservative and consistent management sticking to their competence and competitive advantage such as Banca Credem in Italy.

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We continue to favor industries that are monopolistic or oligopolistic in nature such as airports, seaports and stock exchanges. We also prefer industries leveraged to infrastructure spending such as mining and cement and are attracted to the positive dynamic in the agriculture industry with exposure to producers of agriculture chemicals such Potash Corp. of Saskatchewan in Canada. In addition, we like the Indian banking sector due to its low relative valuations and high growth opportunities. Russia is expected to be our favorite country next year as it has lagged many emerging markets despite the cheap valuation and the $90 per barrel oil environment.

At the regional level, we feel strongly about Central and Eastern Europe based on our belief that it offers the best risk and reward tradeoff. We believe that if there is a genuine decoupling investment immune to the expected global imbalance adjustment, it is Central and Eastern Europe, whose fortune is mainly driven by its integration into the European Union. However, the region is currently confronted by its own imbalances. Strong, appreciating currencies accompanied by new money flow ignited consumption for imported goods, spiked inflation and eroded competitiveness. In particular, Romania and the three Baltic states need to rein in inflation and trade imbalances. An adjustment is needed and welcome. Although the current imbalances prevented the region from being what we consider a safe-haven this time, we expect it to be resilient when the second shoe of the global imbalance drops, especially if today's local excesses are largely addres sed.

Looking at the big picture, we believe that the process of correcting the imbalances has begun. As a result, we believe that both the Anglo Saxons and the Asian economies will share the pain of adjustment. Hence, unlike consensus thinking, we remain cautious on China and Asia. The most crucial issue is to understand how this global imbalance will end. We coined this period of imbalance the "Age of Decadence", and now make an attempt to share our thoughts and beliefs about its origin, its unfolding, and its implication on investment.

The Age of Decadence

Alan Greenspan, former chairman of the US Federal Reserve Bank (the "Fed"), predicted in a recently authored book that we are about to enter a new world: "The Age of Turbulence". That might very well be true. To survive and succeed in such a world it helps to understand the world we are about to exit. Upon reflection it doesn't take long to realize that we were living for more than two decades in the Age of Decadence. This decadence was so prevalent that everyone from the government down to the regular citizen was an accomplice.

During this period we saw America continually make the wrong decisions, lose its industrial might, damage its national balance sheet, and erode the reserve status of its

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currency. We also created structural imbalances and excesses in our economy that led to one bubble then another—the least painful way to contain one bubble is to create another; hence postponing the day of reckoning. In this period, we made useless financiers fly-by-night billionaires, destroyed most American's living standards by depressing their wages and sinking the dollar against most currencies known to man—with few exceptions such as the Zimbabwe dollar. How did we do it?

Decadence started at the top, with the government, and has gone on for more than two decades. The government has, since the early 1980s, rigged the inflation index to artificially depress the cost of living. It has used the flawed method of cash accounting instead of accrual accounting in order to "hide" the albatross of unfunded liabilities and entitlements such as Social Security; spent irresponsibly and accumulated record budget deficits; espoused trade policies responsible for the record deficits; and, damaged to the long-term prospects of the economy—all in an effort to appease the corporate lobby.

The Fed has shirked many of its responsibilities: by allowing asset bubbles to form unfettered; by maintaining ultra-lax monetary policies; by neglecting its regulatory oversight authority; and, by succumbing easily to the faintest political pressure.

The rampant decadence at the top trickled, as expected, all the way to the bottom resulting in two major bubbles while laying the foundation for future ones.

The tech bubble of the 1990's was the first major one. What enabled that bubble to form and fester was the contribution from the referees, the intermediaries and the players to the fertile background laid in by the government. The Financial Accounting Standards Board (FASB), under pressure from the US Congress, allowed firms to omit the cost of stock options in their earnings, thereby encouraging manipulation of earnings. Its abuse was a major enabler for the first bubble. Research analysts invented heretic valuation metrics to justify buying those stocks at any price and later some were accused of fraud. Accounting firms let conflicts of interest cloud their judgment, provided suspect audits and in some cases aided the fraud. Corporations were accused of malfeasance, aggressive accounting, abuse of tax loopholes and fraud. Financial entities were found guilty of market timing and predatory pricing. Even the regular citizen was guilty as his internet day-trading fad, leverage, and momentum investing took the mania to extreme.

The second bubble in real estate (especially in the subprime segment) started as soon as the tech bubble began to deflate. Again it was aided by top to bottom decadence, but through different agents. One agent included the Fed, which pursued an ultra-easy monetary policy. Rating agencies are also being accused of conflicts of interest and rendering suspect opinion on many of the structured products created. Appraisers are being sued by state attorneys for inflating home values. Loan originators

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are being accused of setting weak standards and for pressuring appraisers. Financial innovation was found to be nothing but a mix of concoction, hallucination, and heresy. Banks shocked the market with their lack of risk management, especially in the way the CDO exposure sneaked off balance sheet. Unregulated funds through their opacity and leverage also added to the confusion and the damage. Finally, the individual was a main agent by willingly filling these "liar loans".

Unfortunately, there is no Mother Theresa among us. We were decadent from top to bottom.

The Cardinal Sin: Believing in Santa Claus

If there were one cardinal sin to point to as the main enabler of the Age of Decadence, it would be the overhauling of the inflation index. The high inflation environment from the late 1970s to early 1980s created a vicious cycle for the Federal government because entitlement benefits were indexed to the inflation rate. High inflation led to higher entitlement costs and bigger government deficits.

One way to lower the entitlements was to bring inflation rates down, translating into lower cost of living adjustments (COLA). Instead of inflicting the pain to bring down the inflation rate, the government chose to alter the way it measured inflation, bringing the index artificially down. It replaced house prices with owners' equivalent rent (OER), introduced the concept of product substitution; and reduced prices of goods for quality improvements. Under these rules, the new inflation index was consistently below the old one. For example, under the old method, inflation during the past ten years would have ranged between 8% and 10% while under the new method it ranged between 2% and 4%.

While the artificially low inflation reading aided our fiscal situation, it inflicted fatal blows to our economic policies. With the new index understating inflation by approximately 4%-6% during the past decade, the Fed set interest rates too low and helped create the mirage of high real growth and low inflation which led credence to the theories of "the productivity miracle" and "paradigm shift".

However, history has taught us that the only miracle that comes from easy monetary policies is a bubble in asset prices. Had the inflation methodology been kept intact, inflation readings would have been 4%-6% higher and interest rates would have been correspondingly higher. In such an environment, we would have grown slower during the boom but we would have avoided the bubbles and the ensuing bust. Like the tortoise, we would have beaten the hare through the full economic (boom/bust) cycle.

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Directly targeting asset prices has always been political suicide for the Fed. The old inflation index—since it included asset prices—would have allowed the Fed to fight asset bubbles while only targeting inflation.

In short, the government (the parents) invented Santa Claus in order to cheer up pensioners and laborers (the children) who were worried about their parent's ability to pay for their entitlements (gifts). The whole family was happy with Santa Claus. The children were happy with the yearly gifts and parents were satisfied that their children were buying the fairly tale and able to rein in spending. But as in real life, it is a blessing only when children believe in Santa Claus and a tragedy when parents do!

The Fed now conducts its policies based on the new method, ignoring many obvious signs: the 8%-10% reading from the old method, the tech bubble, record trade deficits, record budget deficits, free falling US dollars, skyrocketing commodities, subprime bubble, housing bubble, etc... What a tragedy indeed!

"Turbulence" Ahead But Is It with More Decadence or Do We Experience Renaissance?

The case for renaissance would be based on the assumptions of the government adopting accrual accounting, balance the budget, releasing honest inflation figures, espousing sound trade policies, and curtailing lobbies' influence. It also entails having an independent and proactive Fed that fights inflation and asset bubbles, punishes risky behavior, and resists political pressure.

The probability, therefore, of renaissance is almost zero.

Hence, we anticipate more decadence emboldened by the following rationales:

1. We can't turn back the clock on innovation and globalization. The status quo seems to equate excessive leverage with innovation, trade deficits with globalization, and trade balance with protectionism.

2. We are better off being third in a fast growing world than being first in a slow growing one. Wealth is relative not an absolute. If I have one million dollars but everyone else has one billion then I must be a poor man. In our "fast growing world" the only ones who are better off are Wall Street and multinationals who are "the opium pushers" into the US economy.

3. Our policies are eradicating poverty around the world. This is akin to a surgeon boasting to a dead patient's parents that the surgery was extremely successful, because the donated organs will save many lives.

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4. Blame it on foreign exchange. The proponents of the status quo should continue to divert attention towards foreign exchange (FX) levels as the main culprit to our imbalance. It is the perfect decoy. By the time we figure out that the FX rate is no panacea to our ills, it might be too late to reverse course.

Hence, one should expect more turbulence and bubbles in the new age. We expect the ultimate winners to be real assets, commodities, emerging markets, and equities in general, and the big losers to be fiat currencies: money and bonds.

Rudolph-Riad Younes, CFA

International Equity Fund and International Equity Fund II Portfolio Manager

Past performance does not guarantee future results.

The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets excluding the US.

The MSCI EAFE Index is an unmanaged list of equity securities from Europe, Australasia, and the Far East with all values expressed in U.S. dollars.

It is not possible to invest directly in an index or average.

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MANAGEMENT'S COMMENTARY

JULIUS BAER TOTAL RETURN BOND FUND
2007 Annual Report

The Julius Baer Total Return Bond Fund Class A Shares (the "Fund") returned 6.75% for the 12 months ending October 31, 2007, outperforming its benchmark, the Lehman Brothers Aggregate Bond Index, which returned 5.38%.

A major source of the Fund's outperformance was our currency positioning. Our belief for most of the period was that the US dollar was in a long-term bear market. In the first few weeks of January 2007, the US dollar experienced a strong rally and it took until the end of March for the Fund's performance to overtake the index. All but one month since that time saw currency positioning contribute to outperformance. August was the exception, when the subprime mortgage driven credit crunch hit financial markets hard. Though we reduced risk before the liquidity crises emerged, it was not enough. Currencies that worked well over the twelve months included the Australian dollar, the euro and the Brazilian real while the Mexican peso was the largest detractor (especially in January).

For much of the fiscal year, the Fund was positioned to spend its duration budget in the US and away from most international markets. Our belief was that many international economies were in better condition than the US. While that is usually a good reason to like a country's currency, it's also likely to result in rates moving higher, which is bad for bondholders.

Of the few international bonds the Fund held during the period, a position in Mexican Bonos was the best performer. In the second calendar quarter of 2007, as rates around the world were rising, Mexican Bonos yields were moving down. One driver of this reduction in yield was a surge in investor optimism due to political cooperation after a contentious election and poor governmental relations between parties during the previous administration. Another contributing factor was a drop in inflation and inflationary expectations. The gain that resulted from this drop in yield was more than enough to offset the currency loss and led to Mexico's overall positive contribution. The Fund's position in a Romanian treasury bill also contributed to performance.

Within the US market, our interest rate positioning detracted from performance, particularly in July and August. When financial markets started to struggle with the liquidity crises, the Fund was positioned for interest rates to continue to increase. However, as yields dropped and markets began to freeze up, our repositioning did not occur fast enough.

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Within the spread sectors, our strategy to underweight US corporate bonds contributed most to outperformance. This positioning was based on the belief that corporate spreads were too tight and given the active leveraged buyout (LBO) market, we could achieve better risk-adjusted returns in other sectors. That stance paid off after the credit crunch unfolded in August and corporate bonds significantly underperformed. We used this spread widening to increase our positioning in the sector and anticipate we will continue to do so in an opportunistic manner.

Outlook

Looking forward, we anticipate the US dollar (USD) will remain in a long-term bear market. Our rationale includes the nation's huge current account deficit, considerable foreign participation in US financial markets, and a dampening in the economic growth advantage that the US enjoyed over the last two decades. It may take several years for such headwinds to USD performance to be resolved. Nonetheless, it is also possible for the USD to undergo a bear market rally that could last two or three quarters. Ultimately, we believe that the USD needs to fall more for the imbalances in the US economy to correct.

One currency that we like is the euro. Even though it is sitting close to its all-time high versus the USD, its importance as a credible replacement to the USD—as the reserve currency of the world—should encourage bidding by market participants as long as the economy of the eurozone keeps growing.

We also favor emerging market currencies because: a majority of them now float freely; fiscal and monetary policies in most emerging market countries are now more credible; and economic growth is likely to be markedly higher than in the developed world. However, we will continue to monitor changes in the political environment and market sentiment for emerging economies, as these countries and their currencies can pose more challenging risks than developed nations.

At the same time, we do not consider international sovereign bonds to be compelling investments. With most of the global economy growing at a decent pace, we think that foreign interest rates are more likely to increase than those in the US or that rates in the US will fall more than those abroad. Hence, our exposure to foreign government bonds is mild.

We do not have a strong opinion on the direction of US interest rates over the near-term. A reasonable case can be made for rates moving higher as well as lower. Given that level of uncertainty, we do not believe it is constructive to have a large duration position versus the benchmark. The yield curve is another matter. We believe that over the next several months the curve will steepen. With the Fed likely to ease interest rates a few more times over the next year, we think that short-term rates

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will trend lower. At the long end of the yield curve, inflation and inflationary expectations exert greater influence. With global growth likely to remain strong, we expect some inflationary pressure in the US over the next year, mostly due to higher commodity prices leading to higher prices throughout the economy. Therefore, it is more probable for interest rates at the short end of the yield curve to go down more or up less than rates at the long end of the curve.

In the domestic spread sectors, after being underweight corporate bonds for almost the entire fiscal year, we built-up our position after the increase in yield spreads that took place during the August and September credit crunch. At this time, we believe there is still value in corporate bonds. However, we continue to be cautious amid investor concern that many financial institutions have not fully disclosed their participation in the various beleaguered housing-related markets. One encouraging facet in the leveraged loan market is the lack of liquidity, because it is less likely that a corporate bond's value will implode due to a leveraged buyout.

Of the structured products in fixed income markets, we favor mortgage-backed securities (MBS) that have either a high coupon or a low one. A MBS with a high coupon—a premium bond—trades at a higher price than a current coupon bond. The price for a high coupon MBS will not rise as much as it would if it were a corporate or treasury bond, given that the prospect of the homeowner prepaying early by refinancing is high. Yet in the current housing market, we do not think premium bonds will experience prepayments at the same level that might have transpired a few years ago. Consequently, we expect these higher coupon bonds to pay higher yields than what the market presumes. At the same time, we also favor lower coupon bonds, as they should perform well if interest rates drop over the next few quarters.

Within the commercial mortgage-backed securities (CMBS) market, we continue to prefer the super senior structures. Despite a widening in spreads over the last few months, we believe that investors are still not correctly pricing these bonds versus the poorly structured bonds that are also available in the market. As such, we expect to continue choosing these securities until the market addresses the pricing discrepancy.

Donald Quigley

Total Return Bond Fund Portfolio Manager

Past performance does not guarantee future results.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investing

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internationally involves additional risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

The Lehman Brothers US Aggregate Bond Index is a benchmark index composed of US securities in Treasury, Government-Related, Corporate, and Securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million. It is not possible to invest directly in an index or average.

A basis point is a unit of measure equal to 1/100th of 1%.

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18

MANAGEMENT'S COMMENTARY

JULIUS BAER GLOBAL HIGH INCOME FUND
2007 Annual Report

For the twelve months ending October 31, 2007, the Julius Baer Global High Income Fund (Class A Shares) rose 8.58%, beating its benchmark, the Merrill Lynch Global High Yield Constrained Index (in US dollars [USD]) which returned 8.33%.

These returns masked two divergent periods within the fiscal year. During the first eight months (through June 2007), global markets experienced robust performance, capping five years of generally improving prices. This was driven by a healthy global economy centered on GDP (Gross Domestic Product) growth in some of the largest emerging markets, strength in US consumer demand, rising corporate earnings, and ample liquidity. In addition, yield spreads over comparable treasuries for our benchmark declined from 3.17% to 2.87% in a generally benign interest rate environment, leading to total returns in USD terms of 6.36%.

However, beginning in the early summer, the persistent declines in US residential real estate prices and sales activity began manifesting itself in rising delinquency rates among subprime mortgage borrowers. Falling housing prices and rising subprime mortgage delinquencies caused several concerns among investors. First, there were (and still are) fears that weakness in this sector would spread to the rest of the US economy via its impact on the consumers' ability to continue spending. Second, there were concerns that the subprime mortgage market excesses would repeat in related markets, including high yield corporate securities which comprise the bulk of the Fund's investments. Finally, beginning in late summer and early fall, the rapidly accelerating decline in the value of subprime debt and related collateralized debt obligations (CDOs) forced many financial institutions to announce substantial write-downs. Banks became less willing to len d to each other in the money markets out of concern over what the actual subprime debt exposure of their counterparties might be as well as a desire to guard their own liquidity.

Beginning in August, the major developed country central banks repeatedly injected reserves into the financial system, including the US Federal Reserve which also cut their benchmark interest rate by fifty basis points on September 18. These actions on the part of policy makers helped stabilize the markets in late September and October, but, by the end of October there was still a great deal of uncertainty and volatility persisted.

During the final four months of the fiscal year, this economic and market backdrop was exacerbated within the high yield bond market by an historically unprecedented surge in the new issuance pipeline. In the highly confident period leading

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up to the summer, many investment banks made large, multi-billion dollar commitments to finance increasingly bigger transactions, most of which were leveraged buy-outs of public and private companies by private equity firms. In our opinion, this over-extension on the part of underwriters is one of the few attributes the subprime and high yield markets share. However, in terms of market structure, diversification, research and pricing practices, we believe the two have far more differences than similarities.

During these final four more challenging months, the US treasury yield curve declined substantially in yield, from 4.92% to 4.17% on the a five year bond, as investors sought the comparative safety of government bonds. In the opposite reaction, yields on high yield bonds expanded from 7.81% to 8.49%. Thus, the spread of high yield bonds to the benchmark treasury widened from the end of June's 2.89% to 4.32% at the end of October. The price depreciation implied by these moves was partially offset by coupon income such that the index total return for these final four months was still a positive, though meager, 1.84%.

Most credit markets followed similar patterns during the twelve month period, exhibiting tightening yield margins over riskless benchmarks and good total returns until June then widening for the final four months and showing considerably lower, though still positive, total returns. Leveraged loan markets moved along with the high yield bond market but turned in better returns for the latter four months of the period. Leveraged loans share some similarities to high yield bonds but differ in several respects, most importantly, they generally carry a more senior claim on assets.

Many non-US markets, whether dollar denominated or not, exhibited less volatility than the US market and turned in significantly better total returns. Emerging market sovereign bonds issued in hard currencies were especially strong, reflecting the issuers improved credit quality since the markets last went through a serious downturn. The local currency markets of emerging countries also performed considerably better than US high yield, both on a local currency and USD basis. The European high yield market, though less volatile, turned in lower returns in local currency terms, as benchmark European government interest rates were rising for much of the period, causing an underlying price erosion. For unhedged dollar investors, however, European high yield still outperformed its US counterpart as the effect of appreciating European currencies against the US dollar offset interest rate and credit related local price declines.

The Fund's performance was aided by several factors, all of which we believe are grounded in our more diversified, global approach to this asset class. First, beginning early in the period, we migrated the portfolio from close to 0% loans to 14% at the end of June. These securities were more defensive in nature and aided

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performance during the more difficult final four months. We executed this change out of relative value considerations, not because we necessarily predicted the turbulence of the June through October period. Second, our continued positioning in local emerging market sovereign debt, which performed better than US high yield debt, helped relative returns, even though our holdings in these markets never exceeded 9% of the portfolio. Finally, and again for relative value reasons, we gradually improved the credit quality of the portfolio between late 2006 and the summer of 2007. We accomplished this by selling out of some bonds whose issuers were particularly highly leveraged or vulnerable from an industry standpoint.

These positive contributions were somewhat offset by other factors. First, partly because of our loan position, the portfolio carried a significantly lower duration for much of the period. As investors sought the safety of government bonds beginning in July and interest rates declined precipitously, this lower duration hurt relative performance. Secondly, although issue selection was positive, there were some specific issues that detracted.

As the Fund enters its sixth fiscal year, high yield securities are generally at the highest yield and exhibit the highest premium over treasuries since late 2003. There are many uncertainties in the global economy and financial markets. However, we believe that current levels on high yield securities discount all but the direst scenarios. For the first time in many years the "premium" is back into the risk premia and investors are being paid to take risks, provided they take a longer-term view, greater than the next month or the next few quarters. There is no guarantee that these yields will ultimately prove high enough to compensate for what the future may bring, but we believe our more diversified approach, combined with our investment discipline, should continue to help us navigate these markets successfully.

Greg Hopper

Global High Income Fund Portfolio Manager

Past performance does not guarantee future results.

The securities in which the Fund will invest may be considered more speculative in nature and are sometimes known as "junk bonds." These securities tend to offer higher yields than higher rated securities fixed income securities can present a greater risk of loss of income and principal than higher rated securities. Investing internationally involves additional risks, such as currency fluctuations, social and economic instability, differing securities

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regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

Investments in Asset Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

The Merrill Lynch Global High Yield Constrained Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating (based on a composite of Moody's and S&P). The index is weighted by outstanding issuance, but constrained such that the percentage that any one issuer may not represent more than 3% of the index. It is not possible to invest in an index.

A basis point is a unit of measure equal to 1/100th of 1%.

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MANAGEMENT'S COMMENTARY

JULIUS BAER U.S. MICROCAP FUND
JULIUS BAER U.S. SMALLCAP FUND
JULIUS BAER U.S. MIDCAP FUND
JULIUS BAER U.S. MULTICAP FUND
2007 Annual Report

Equity Market Commentary

The twelve months ended October 31, 2007 was characterized by the return of share price volatility. It's difficult to recall a period with so many twists and turns led by repeating bouts of optimism and pessimism. Investors had many challenges to overcome throughout the year including the ongoing military effort in and around Iraq; a significant deterioration in the U.S. housing market in terms of oversupply and reduced purchases; the falling U.S. dollar; subprime credit concerns that paralyzed credit markets resulting in a sharp slowdown in merger and acquisition activity as well as surprisingly large financial sector write-downs; and, lower consumer spending growth rates toward the end of the year.

Despite these challenges, the U.S equity market saw a favorable environment in terms of capital formation underscored by a vibrant initial public offering market, decent job growth and manageable inflation levels. Performance leaders were dominated by the energy and materials sectors, which benefited from positive global demand. These two sectors led across the market capitalization spectrum, topping the Russell 2000 Index as well as the S&P 500 Index.

The past fiscal year saw small cap stocks cede leadership to their large counterparts for the first time since 2000 with the S&P 500 posting a gain of 14.56%, outpacing the Russell 2000's return of 9.29%. Earnings growth rates fell across the board during the period, but the rate of decline was greater for smaller companies. Sectors that lagged were financial services, the only sector that posted an absolute decline during the year, and consumer discretionary.

Portfolio Strategy and Investment Focus Areas

We manage concentrated portfolios and diversify our investment positions across multiple sectors. We believe our value added is from thoroughly researching and selecting stocks that seek to outperform the broader market. Our goal is to identify emerging growth companies and turn-around situations early on. Our dedicated analyst team has unique sector responsibilities which allow them to become experts of their respective sector's industries and individual companies.

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In terms of strategy, we are not interested in constructing portfolios that satisfy a certain style box category, i.e. smallcap growth—our goal is for each fund to outperform the U.S. market and all the various style boxes over a complete market cycle. We believe style investing limits a portfolio team to a narrower investment universe and prohibits any significant participation in anticipatory shifts in the markets' proclivity for certain types of risks or exposure. Our sector weights incorporate macroeconomic as well as fundamental, company-specific analysis. While we normally have fairly even representation across all sectors, from time-to-time we consciously overweight or underweight sectors. Nevertheless, sector allocation is generally a smaller, secondary factor with regard to our r elative returns—stock selection is the most important.

As the year progressed, we increased exposure to the technology sector, reflecting a favorable corporate spending environment and solid purchasing power based on many companies' record cash levels as a percentage of assets. As credit markets came under pressure during the summer, we reduced our weighting in the financial services sector and added to our industrials exposure. We felt it was difficult to assess the potential risks and exposure by many financial companies and the market would re-price the risk to reflect this uncertainty in the form of lower price-to-earnings and price-to-book multiple valuations. A second and more obvious indicator was falling loan demand due to a weakening housing market—diminished demand for mortgages was due to buyers not stepping up to purchase because home prices were declining. In summary, most banks were writing fewer loans, while at the same time, a small but increasing number of loans on their bo oks were becoming delinquent—both factors adversely impacting earnings prospects. As we ended the fiscal year, we had overweight positions in the consumer discretionary sector and small underweight positions in the energy and materials sectors. We also were overweight the healthcare sector based on the fact that we like the long-term demographic theme of aging and the demand it will create for healthcare and financial services such as aesthetics and asset management. Late in the period, we began to selectively add to our financial services exposure.

Julius Baer U.S. Microcap Fund

For the period of November 1, 2006 through October 31, 2007 the Julius Baer U.S. Microcap Fund (Class A Shares) returned 12.43%, ahead of its benchmark, the Russell 2000 Index, return of 9.29% as well as the Russell Microcap Index gain of 5.05%.

Outperformance versus the Russell 2000 and Russell Microcap Indexes was driven by our stock selection. In particular, consumer staples and healthcare holdings did well, more than offsetting unfavorable relative stock results in the technology and financial services sectors. Our best contributors to returns included Green

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Mountain Coffee Roasters, Abaxis Inc. and Measurement Specialties, Inc.; the largest detractors included Jones Soda Co., Evercore Partners, Inc. and Seacoast Banking Corp. of Florida. Our sector positioning had a modest negative impact. The Fund finished the fiscal year overweight in the consumer discretionary and healthcare sectors and underweight in the financial services and industrials sectors.

Julius Baer U.S. Smallcap Fund

For the fiscal year ended October 31, 2007, the Julius Baer U.S. Smallcap Fund (Class A Shares) returned 29.44%, surpassing the Russell 2000 Index return of 9.29%.

The Fund's relative outperformance can be attributed to strong results within the consumer discretionary and technology sectors, which more than offset weak performance within the materials and financial services sectors. Our best contributors to returns included Chipotle Mexican Grill, Inc., Morningstar, Inc. and Ventana Medical Systems Inc.; the largest detractors included Palomar Medical Technologies Inc., Privatebancorp Inc. and Evercore Partners Inc. Our sector positioning had a modest negative impact. The Fund ended the period under review overweight in the technology, consumer discretionary and consumer staples sectors and underweight in the industrials and financial services sectors.

Julius Baer U.S. Midcap Fund

The Julius Baer U.S. Midcap Fund (Class A Shares) returned 17.16%, above the Russell Midcap Index return of 15.37%, for the twelve months ending October 31, 2007.

Outperformance versus the Russell Midcap benchmark was driven by stock selection, particularly our technology, consumer discretionary and healthcare holdings. This more than offset unfavorable results in the materials, energy and financial services sectors. Our largest contributors included VMware Inc., Express Scripts, Inc. and Wynn Resorts Ltd. while the largest detractors included E*TRADE Financial Corp., Qlogic Inc. and Melco PBL Entertainment Ltd. Our sector positioning had a relatively large negative effect, mainly due to low representation of materials, energy and utilities holdings in the portfolio. At the end of the fiscal year, the Fund was overweight the technology and healthcare sectors and underweight the financial services and utilities sectors.

Julius Baer U.S. Multicap Fund

For the period of November 1, 2007 to October 31, 2007 the Julius Baer U.S. Multicap Fund (Class A Shares) returned 17.47%, ahead of the Russell 3000 Index's return of 14.59%.

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Relative outperformance versus the Russell 3000 benchmark was driven by stock selection, an overweight technology sector position and an underweight financial services sector position. In particular, our technology and healthcare sector holdings did well, more than offsetting unfavorable stock performance in the materials and consumer discretionary sectors. Our best contributors to returns included Apple Inc., VMware Inc. and ArthroCare Inc. while the largest detractors included E*TRADE Financial Corp., Qlogic, Inc. and Akamai Technologies Inc. Overall sector positioning had a positive impact to annual performance and the Fund finished the fiscal year overweight the technology and healthcare sectors and underweight the energy and consumer staples sectors.

Outlook

Shortly after the end of the fiscal year, fears of a potential U.S. recession intensified. Questions about how the continued soft housing market and hard-to-quantify exposure financial institutions had to subprime loans via lending or investments and SIVs (structured investment vehicles) may spill over and impact "Main Street" were a concern. The falling value of U.S. dollar versus other major world currencies was also on people's mind because it erodes purchasing power. However, the tradeoff is that U.S. exports are competitively priced in the market place, satisfying strong demand from Europe, China and India. While much was written about investment opportunities in China, I offer one simple thought: it is estimated that the number of middle class Chinese will soon be six-to-eight times larger than the U.S. While a Western influence on their economy is readily apparent by the success of some largecap, multinational companies that invested early there, the long-term opportunity is probably much greater.

From a short-term perspective, we believe that U.S. economic growth will slow in the coming year due to the leverage effect that consumer spending has on U.S. gross domestic product. Since the end of World War II, consumer spending remained fairly steady, between 60% and 65% of gross domestic product (GDP). The combination of low interest rates and easy credit likely caused consumer spending to peak at over 70% of GDP in the last few years. However, housing price declines slowed the rate of housing turnover and associated spending. In addition, rising default rates and greater credit losses should result in higher lending standards, ultimately reducing the pool of potential borrowers and the aggregate demand for mortgages. One of our major concerns is the health of the job market. Any protracted economic slowdown may slow job creation and increase the unemployment rate, both of which could negatively impact consumer confidence and hurt consu mer spending. If consumer spending slows for several quarters, investment or capital spending by businesses will likely decline in the future, resulting in a one-two punch to domestic economic

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growth. While we feel the strong housing and related industries helped our economy in terms of incremental growth during the early part of this decade, we believe the pendulum is swinging back and they will be a drag on our economy until 2009.

For 2008, a potentially slower economy and uncertainty regarding the outcome of the presidential election should create an interesting investment backdrop. Presidential elections generally create questions around the potential for change to tax and healthcare policies, so our goal is to be prepared to capitalize on any opportunities that surface. Our mantra is to be early in uncovering and investing in companies that we believe will improve their operating results and/or grow their sales and earnings in good or bad economic times. While a slowing economy will almost certainly reduce investor confidence, we do our best to capitalize where and when we see opportunities. Over the years, we learned that investors overreact with both optimism and pessimism, especially around inflection and/or turning points that have some substantive impact to the economy. A relevant, current example may be housing, financial services and consumer discretionary s tocks. All three benefited greatly during the favorable upswing in the housing market in the early part of this decade but struggled this year. We feel the pessimism may be close to a climax, so we are investigating these and other opportunities as we write this.

We take some solace in knowing that historically, the economy grows approximately 85% of the time and is in recession the remaining 15%. There have been twelve recessions since the Great Depression, with an average duration of 10.4 months. The average expansion period since World War II, including the current one, has lasted 58.3 months. As we construct our portfolios, we strongly believe that the most successful businesses are ones that create products and services that change the habits of consumers and business spenders, irrespective of the economy. Many of these companies will be smaller in size with the ability to prosper and outperform irrespective of the headwinds that develop in every economic cycle.

It is our duty to shareholders to capitalize on the opportunities that will undoubtedly present themselves as we reconcile the U.S. and global economic crosscurrents and we consider it a privilege to act as your Fund manager.

Samuel Dedio

U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund Portfolio Manager

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Past performance does not guarantee future results.

Please refer to the prospectus for more complete information on the special risks associated with investing in the Julius Baer U.S. Equity Funds, including, but not limited to: stock market risk, smaller companies risk, liquidity risk, foreign investment risk, derivatives risk.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market, with all values expressed in U.S. dollars.

The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index, with all values expressed in U.S. dollars.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index, with all values expressed in U.S. dollars.

The Russell Microcap Index measures the performance of the smallest 1,000 securities in the small-cap Russell 2000 Index along with the next smallest 1,000 companies, based on a ranking of all U.S. equities by market capitalization.

It is not possible to invest directly in an index.

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SHAREHOLDER EXPENSES

As a stockholder of the Julius Baer Global Equity Fund or a shareholder of Julius Baer Investment Funds, 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 the Funds 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 May 1, 2007 to October 31, 2007.

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 the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,088.70		1.42	%	$	7.48
Hypothetical		1,000.00		1,018.00		1.42			7.22

Global Equity Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,090.00		1.17	%	$	6.16
Hypothetical		1,000.00		1,019.30		1.17			5.95

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International Equity Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,116.00		1.24	%	$	6.61
Hypothetical		1,000.00		1,019.00		1.24			6.31

International Equity Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,117.30		0.99	%	$	5.28
Hypothetical		1,000.00		1,020.20		0.99			5.04

International Equity Fund II Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,115.10		1.30	%	$	6.93
Hypothetical		1,000.00		1,018.70		1.30			6.61

International Equity Fund II Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,116.40		1.02	%	$	5.44
Hypothetical		1,000.00		1,020.10		1.02			5.19

Total Return Bond Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,037.50		0.69	%	$	3.54
Hypothetical		1,000.00		1,021.70		0.69			3.52

Total Return Bond Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,039.50		0.44	%	$	2.26
Hypothetical		1,000.00		1,023.00		0.44			2.24

Global High Income Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,016.10		1.00	%	$	5.08
Hypothetical		1,000.00		1,020.20		1.00			5.09

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Global High Income Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,017.20		0.75	%	$	3.81
Hypothetical		1,000.00		1,021.40		0.75			3.82

U.S. Microcap Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,039.40		1.80	%	$	9.25
Hypothetical		1,000.00		1,016.10		1.80			9.15

U.S. Microcap Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,041.00		1.50	%	$	7.72
Hypothetical		1,000.00		1,017.60		1.50			7.63

U.S. Smallcap Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,171.40		1.50	%	$	8.21
Hypothetical		1,000.00		1,017.60		1.50			7.63

U.S. Smallcap Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,171.80		1.20	%	$	6.57
Hypothetical		1,000.00		1,019.20		1.20			6.11

U.S. Midcap Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,029.90		1.35	%	$	6.91
Hypothetical		1,000.00		1,018.40		1.35			6.87

U.S. Midcap Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,031.50		1.05	%	$	5.38
Hypothetical		1,000.00		1,019.90		1.05			5.35

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31

U.S. Multicap Fund Class A

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,064.70		1.30	%	$	6.77
Hypothetical		1,000.00		1,018.70		1.30			6.61

U.S. Multicap Fund Class I

	Beginning Account Value 05/01/07		Ending Account Value 10/31/07		Annualized Expense Ratio			Expense Paid During Period
Actual	$	1,000.00	$	1,066.30		1.00	%	$	5.21
Hypothetical		1,000.00		1,020.20		1.00			5.09

Julius Baer Funds 2007 Annual Report
32

Julius Baer Global Equity Fund Inc.(1)

It is the Julius Baer Global Equity Fund Inc.'s, policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended October 31, 2007	23.02	%
Five years ended 10/31/07	13.62	%
Ten years ended 10/31/07	(6.72	)%
7/1/04 - 10/31/07⁽¹⁾	20.02	%

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in shares of Julius Baer Global Equity Fund
Inc. vs. MSCI All Country World Index and MSCI World Index (in U.S. dollars)
July 1, 2004-October 31, 2007†

† Hypothetical illustration of $10,000 invested on July 1, 2004 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. No adjustment has been made for shareholder tax liability on dividends or cap gains distributions. The MSCI All Country World Index ("MSCI ACWI") is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. As of June 2006, the MSCI ACWI consisted of 48 developed and emerging market country indices. The MSCI ACWI contemplates emerging market securities, which have become a significant part of the Fund's holdings. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed and emerging market countries in the Americas, Europe/Middle East and Asia/Pacific regions.

(1) On July 1, 2004, the Fund changed its name from The European Warrant Fund, Inc. and converted from a close-end, non diversified investment company ("closed-end fund") to an open-end diversified investment company with a different investment objective, different investment strategies, different management team 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, and the Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equity securities of issuers located throughout the world. For periods prior thereto, all historical performance informat ion for Class A shares reflects the Net Asset Value (NAV) performance of the Fund's common stock while it was a closed-end fund.

(2) Effective March 1, 2007, the index was changed to the MSCI All Country World Index.

Note: All figures cited here and on the following pages represent past performance of the Global Equity Fund, Inc., and do not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost.

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33

Julius Baer International Equity Fund

It is the Julius Baer International Equity Fund's policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07	33.33	%
Five Years Ended 10/31/07	26.61	%
Ten Years Ended 10/31/07	18.20	%
Inception (10/4/93) through 10/31/07	13.55	%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate and will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For up to date month-end performance information, please call 800-387-6977.

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The International Equity Fund Class A commenced operations on October 4, 1993. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer International Equity Fund vs. MSCI All Country World ex-U.S. Index and Morgan Stanley EAFE Index October 31, 1997-October 31, 2007†

† Hypothetical illustration of $10,000 invested on October 31, 1997 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the Interational Equity Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The MSCI All Country World ex-US Index⁽¹⁾ is a composite portfolio consisting of equity total returns for the countries of Europe, Australia, New Zealand and countries in the Far East, weighted based on each country's gross domestic product. Indexes do not incur expenses and are not available for investment.

(1) Effective March 1, 2007 the benchmark for comparison changed to the MSCI All Country ex-U.S. Index.

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34

Julius Baer International Equity Fund II

It is the Julius Baer International Equity Fund II's policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07					30.89	%
Inception (5/4/2005) through 10/31/07					27.72	%

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The International Equity Fund II Class A commenced operations on May 4, 2005. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer International Equity Fund II vs. MSCI All Country World ex-U.S. Index⁽¹⁾ and Morgan Stanley EAFE Index May 4, 2005-October 31, 2007†

† Hypothetical illustration of $10,000 invested on May 4, 2005 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the Interational Equity Fund II today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The MSCI All Country World ex-U.S. Index⁽¹⁾ is a composite portfolio consisting of equity total returns for the countries of Europe, Australia, New Zealand and countries in the Far East, weighted based on each country's gross domestic product. Indexes do not incur expenses and are not available for investment.

(1) Effective March 1, 2007 the benchmark for comparison changed to the MSCI All Country World ex-U.S. Index.

Julius Baer Funds 2007 Annual Report
35

Julius Baer Total Return Bond Fund

It is the Julius Baer Total Return Bond Fund's policy to declare and pay monthly dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07	6.75	%
Five Years Ended 10/31/07	6.19	%
Ten Years Ended 10/31/07	5.98	%
Inception (7/1/92) through 10/31/07	6.13	%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For up to date month-end performance information, please call 800-387-6977.

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The Julius Baer Total Return Bond Fund commenced operations on July 1, 1992 and the service providers waived their advisory, sub-advisory and administration fees from 7/1/92 to 10/31/92 and from 9/1/98 to 10/31/03; without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer Total Return Bond Fund vs. Lehman Brothers U.S. Aggregate Bond Index October 31, 1997-October 31, 2007†

† Hypothetical illustration of $10,000 invested on October 31, 1996 assuming reinvestment of dividends and capital gains distributions and application of fee waivers through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered a representation of the income or capital gain or loss which may be realized from an investment in the Total Return Bond Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The Lehman Brothers U.S. Aggregate Bond Index, an unmanaged index used as a general measure of U.S. fixed income securities, tracks the performance of debt instruments issued by corporations and the U.S. Government and its agencies. Indexes do not incur expenses and are not available for investment.

(1) Effective July 1, 2005 the benchmark for comparison changed to the Lehman Brothers U.S. Aggregate Bond Index.

Julius Baer Funds 2007 Annual Report
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Julius Baer Global High Income Fund

It is the Julius Baer Global High Income Fund's policy to declare and pay monthly dividends from its net investment income and distribute net realized capital gains, if any, annually.

Total Return*—Class A

Year Ended 10/31/07					8.58	%
Inception (12/17/02) through 10/31/07					11.94	%

* Total return figures shown reflect the reinvestment of dividends and capital gains distributions. The Global High Income Fund commenced operations on December 17, 2002 and the Adviser had contractually agreed to reimburse certain expenses of the Fund through 2/28/2006; without such reimbursements total returns woiuld have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer Global High Income Fund vs. Merrill Lynch Global High Yield Constrained Index December 17, 2002-October 31, 2007†

† Hypothetical illustration of $10,000 invested on December 17, 2002 assuming reinvestment of dividends and capital gains distributions and application of fee waivers through 2/28/2006. This period was one in which stock and bond prices fluctuated and the results should not be considered a representation of the income or capital gain or loss which may be realized from an investment in the Global High Income Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The Merrill Lynch Global High Yield Constrained Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade of foreign currency long-term debt rating (based on a composite of Moody's Investors Service, Inc. and Standard & Poor's Rating Service). Indexes do not incur expenses and are not available for investment.

Julius Baer Funds 2007 Annual Report
37

Julius Baer U.S. Microcap Fund

It is the Julius Baer U.S. Microcap Fund's policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07					12.43	%
Inception (7/24/06) through 10/31/07					20.39	%

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Microcap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer U.S. Microcap Fund vs. Russell 2000 Index July 24, 2006-October 31, 2007†

† Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Microcap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.

Julius Baer Funds 2007 Annual Report
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Julius Baer U.S. Smallcap Fund

It is the Julius Baer U.S. Smallcap Fund's policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07					29.44	%
Inception (7/24/06) through 10/31/07					32.99	%

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Smallcap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer U.S. Smallcap Fund vs. Russell 2000 Index July 24, 2006-October 31, 2007†

† Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Smallcap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.

Julius Baer Funds 2007 Annual Report
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Julius Baer U.S. Midcap Fund

It is the Julius Baer U.S. Midcap Fund's policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07					17.16	%
Inception (7/24/06) through 10/31/07					22.52	%

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Midcap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer U.S. Midcap Fund vs. Russell Midcap Index July 24, 2006-October 31, 2007†

† Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Midcap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.

Julius Baer Funds 2007 Annual Report
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Julius Baer U.S. Multicap Fund

It is the Julius Baer U.S. Multicap Fund's policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A

Year Ended 10/31/07					17.47	%
Inception (7/24/06) through 10/31/07					23.21	%

* All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Multicap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Julius Baer U.S. Multicap Fund vs. Morgan Stanley EAFE Index July 24, 2006-October 31, 2007†

† Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2007. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Multicap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.

Julius Baer Funds 2007 Annual Report
41

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—87.7%
		United States—33.6%
	1,950		3M Co	$	168,402
	24,374		Activision Inc*		576,445
	9,080		Adobe Systems*		434,932
	5,710		Air Products & Chemicals		558,724
	3,070		Altria Group		223,895
	16,770		American Express		1,022,132
	3,293		Apple Inc*		625,505
	14,420		Aqua America		335,409
	8,863		ArthroCare Corp* (2)		574,677
	12,770		AT&T Inc		533,658
	8,220		Boeing Co		810,410
	6,800		Burlington Northern Santa Fe		592,620
	11,525		Carrizo Oil & Gas* (2)		592,270
	8,518		Celgene Corp*		562,188
	64,467		Century Casinos*		460,939
	34,308		Cheesecake Factory* (2)		769,528
	26,340		Cisco Systems*		870,800
	2,350		Colonial BancGroup		45,073
	6,883		CR Bard		575,488
	3,720		Crown Holdings*		92,256
	22,181		Daktronics Inc (2)		661,437
	4,800		Exelon Corp		397,344
	9,890		Freeport-McMoRan Copper & Gold		1,163,855
	9,863		Genentech Inc*		731,144
	25,970		General Electric		1,068,925
	1,324		Google Inc-Class A*		936,068
	11,670		Guess? Inc		599,721
	17,048		Hewlett-Packard		881,041
	17,611		Hexcel Corp* (2)		440,803
	4,310		Johnson & Johnson		280,883
	15,023		JPMorgan Chase		706,081
	8,200		Lehman Brothers		519,388
	18,866		Macqarie Infrastructure		787,844
	25,310		Marvell Technology*		456,339
	3,770		McDonald's Corp		225,257
	6,184		Medco Health Solutions*		583,646
	27,160		Mentor Graphics*		435,103
	6,750		Merrill Lynch		445,635
	14,390		Microsoft Corp		529,696

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
42

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		United States—Continued
	22,614		Network Appliance*	$	712,115
	12,060		Newmont Mining		613,854
	13,482		NII Holdings*		781,956
	14,630		Noble Corp		774,659
	16,817		Nordstrom Inc		663,262
	5,210		Nymex Holdings		669,589
	11,340		Polo Ralph Lauren (2)		780,192
	14,048		Procter & Gamble (2)		976,617
	10,487		RTI International Metals* (2)		819,874
	10,750		Southern Co		394,095
	14,196		Stericycle Inc*		828,053
	11,810		T Rowe Price		758,674
	9,060		Terex Corp*		671,800
	8,835		United Technologies		676,673
	6,460		Vulcan Materials		552,395
	16,590		WABCO Holdings		843,10 4
	8,466		Weight Watchers International		433,798
	19,730		Wells Fargo		671,017
	16,570		Western Refining		607,788
	19,375		Whole Foods Market (2)		959,838
	2,830		Wynn Resorts (2)		456,847
	8,600		Yum! Brands		346,322
	10,690		Zimmer Holdings*		742,848
					38,010,931
		France—5.6%
	163		Accor SA (1)		15,590
	1,573		Aeroports de Paris (1)		180,571
	2,146		Air Liquide (1)		295,942
	871		Alstom (1)		207,200
	1,660		BNP Paribas (1)		183,650
	2,878		Bouygues SA (1)		277,098
	830		Bureau Veritas* (1)		48,008
	1,612		Compagnie de Saint-Gobain (1)		173,945
	2,160		Credit Agricole (1)		85,587
	209		EDF Energies Nouvelles (1)		16,777
	3,844		Electricite de France (1)		461,797
	302		Eurazeo (1)		45,073
	4,962		France Telecom (1)		183,309

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
43

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		France—Continued
	139		Hermes International (1)	$	18,305
	2,092		JC Decaux (1)		77,084
	4,077		Lafarge SA (1)		664,912
	5,331		LVMH Moet Hennessy Louis Vuitton (1)		687,537
	1,020		M6-Metropole Television (1)		30,215
	876		Neuf Cegetel (1)		44,352
	847		Nexity (1)		56,394
	982		Pernod-Ricard (1)		226,994
	1,126		PPR (1)		223,525
	320		Remy Cointreau (1)		24,609
	1,086		Renault SA (1)		182,952
	4,080		Societe Television Francaise (1)		113,102
	420		Sodexho Alliance (1)		30,456
	6,846		Suez SA (1)		446,178
	570		Technip SA (1)		51,220
	9,944		Total SA (1)		801,531
	1,411		Veolia Environnement (1)		126,121
	3,144		Vinci SA (1)		258,527
	780		Vivendi (1)		35,172
	250		Wendel (1)		42,921
					6,316,654
		United Kingdom—4.5%
	8,504		Amec PLC (1)		148,654
	7,981		Anglo American (1)		550,470
	2,530		BAE Systems (1)		26,262
	12,534		BHP Billiton (1)		477,708
	66,187		BP PLC (1)		859,810
	6,423		Burberry Group (1)		82,312
	19,421		Compass Group (1)		140,095
	27,847		Diageo PLC (1)		637,808
	8,065		GlaxoSmithKline PLC (1)		207,818
	3,701		Intertek Group (1)		79,175
	5,241		Kingfisher PLC (1)		21,540
	1,000		Persimmon PLC (1)		21,883
	1,073		Peter Hambro Mining* (1)		31,383
	4,410		Reckitt Benckiser (1)		256,024

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
44

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		United Kingdom—Continued
	17,050		Rolls-Royce Group* (1)	$	191,180
	688,820		Rolls-Royce Group-Class B-Entitlement Shares*		1,431
	4,646		Scottish & Newcastle (1)		75,801
	8,188		Smith & Nephew (1)		110,751
	7,080		Taylor Wimpey (1)		36,607
	29,087		Tesco PLC (1)		295,614
	186,729		Vodafone Group (1)		735,840
	4,833		William Hill (1)		62,368
	2,417		WPP Group (1)		33,062
					5,083,596
		Germany—4.3%
	303		Adidas AG (1)		20,244
	3,534		Arcandor AG* (1)(2)		113,571
	690		BASF AG (1)		95,409
	1,600		Bayer AG (1)		133,797
	506		Bilfinger Berger (1)		45,257
	580		Celesio AG (1)		32,867
	15,213		Commerzbank AG (1)		647,554
	240		Continental AG (1)		36,315
	4,627		Daimler AG (1)		510,942
	1,336		Deutsche Boerse (1)		211,729
	2,569		Deutsche Post-Registered (1)		77,890
	1,520		Deutsche Postbank (1)		111,267
	2,942		E.ON AG (1)		574,525
	9,948		Fraport AG (1)		778,949
	1,753		Fresenius Medical Care (1)		92,621
	2,996		Fresenius SE (1)		233,262
	2,257		Henkel KGaA (1)		104,773
	2,631		Hypo Real Estate (1)		156,949
	1,655		IKB Deutsche Industriebank* (1)		34,656
	183		Merck KGaA (1)		22,931
	897		Rheinmetall AG (1)		80,233
	5,184		Rhoen-Klinikum AG (1)		165,584
	1,000		RWE AG (1)		136,607
	2,784		Siemens AG-Registered (1)		378,849
	1,060		Tognum AG* (1)		38,347
					4,835,128

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
45

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Russia—4.2%
	8,000		AvtoVAZ GDR (3)	$	65,972
	2,330		Cherepovets MK Severstal Sponsored GDR†		55,221
	1,524		CTC Media* (2)		38,237
	2,450		Evraz Group GDR†		183,819
	11		Evrocement Group* (3)		133,897
	19,687		Gazprom Sponsored ADR (2)		977,656
	3,173		LUKOIL Sponsored ADR		286,839
	530		Mechel OAO ADR		44,600
	148		MMC Norilsk Nickel		43,438
	1,690		MMC Norilsk Nickel ADR (2)		535,730
	21,156		NovaTek OAO		121,435
	50		NovaTek OAO Sponsored GDR†		2,870
	1,070		NovaTek OAO Sponsored GDR-Registered Shares (1)		61,621
	270		Open Investments* (3)		74,520
	4,683		Pharmstandard GDR*† (3)		102,136
	3,392		Polyus Gold Sponsored ADR		155,184
	841		Rosneft Oil		7,376
	44,852		Rosneft Oil GDR (1)		398,297
	66,300		Sayano-Shushenskaya (3)		116,191
	101,356		Sberbank		435,831
	6,961		Sistema Hals GDR*† (3)		67,870
	3,445		Unified Energy System GDR*		423,735
	3,720		Uralkali		18,600
	780		Uralkali Sponsored GDR*†		19,500
	1,700		Uralsvyazinform ADR		21,590
	1		VolgaTelecom ADR		11
	34,510		Volzhskaya Hydroelectric Power Station (3)		32,612
	9,589		VTB Bank Sponsored GDR*†		92,054
	1,880		Wimm-Bill-Dann Foods ADR		225,130
					4,741,972
		Japan—3.3%
	340		Acom Co (1)		8,126
	576		Aeon Credit Service (1)		8,861
	330		Aiful Corp (1)		7,792
	1,099		Aisin Seiki (1)		44,999
	820		Bank of Kyoto (1)		10,458
	9,520		Bank of Yokohama (1)		67,241
	2,567		Canon Inc (1)		129,795

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
46

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Japan—Continued
	2,625		Chiba Bank (1)	$	21,030
	445		Credit Saison (1)		14,126
	1,593		Daihatsu Motor (1)		16,950
	682		Daikin Industries (1)		34,268
	2,097		Daiwa Securities (1)		20,212
	2,591		Denso Corp (1)		104,779
	4		Dentsu Inc (1)		10,490
	7		East Japan Railway (1)		57,664
	668		Eisai Co (1)		28,040
	660		Fanuc Ltd (1)		72,290
	16		Fuji Television Network (1)		32,282
	1,430		Gunma Bank (1)		10,161
	3,780		Honda Motor (1)		141,748
	486		HOYA Corp (1)		17,676
	1,082		Ibiden Co (1)		92,010
	2,439		ITOCHU Corp (1)		31,073
	16		Japan Tobacco (1)		93,188
	480		JFE Holdings (1)		28,060
	679		JS Group (1)		10,978
	640		JSR Corp (1)		16,575
	9		KDDI Corp (1)		68,178
	1,760		Komatsu Ltd (1)		59,001
	2,079		Kubota Corp (1)		17,494
	261		Kyocera Corp (1)		22,117
	805		Makita Corp (1)		38,943
	3,751		Matsushita Electric Industrial (1)		71,740
	2,150		Mitsubishi Corp (1)		66,887
	3,425		Mitsubishi Electric (1)		41,572
	16,308		Mitsubishi UFJ Financial (1)		162,565
	2,680		Mitsui & Co (1)		69,720
	874		Mitsui Fudosan (1)		24,147
	21		Mizuho Financial (1)		118,103
	554		Nintendo Co (1)		349,353
	2,974		Nippon Electric Glass (1)		50,428
	7		Nippon Telegraph & Telephone (1)		32,098
	1,620		Nissan Motor (1)		18,678
	1,080		Nitto Denko (1)		52,716
	1,948		Nomura Holdings (1)		34,731
	2,655		NSK Ltd (1)		23,623

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
47

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Japan—Continued
	36		NTT DoCoMo (1)	$	52,209
	490		Olympus Corp (1)		20,505
	437		Promise Co (1)		13,127
	1,199		Ricoh Co (1)		23,654
	2		Sapporo Hokuyo (1)		20,577
	570		Seven & I (1)		14,685
	1,386		Sharp Corp (1)		21,836
	980		Shizuoka Bank (1)		10,258
	1,960		Sony Corp (1)		96,903
	1,270		Stanley Electric (1)		28,209
	4,870		Sumitomo Chemical (1)		43,222
	1,898		Sumitomo Corp (1)		33,092
	1,075		Sumitomo Electric Industries (1)		17,322
	3,749		Sumitomo Heavy Industries (1)		49,605
	6,563		Sumitomo Metal Industries (1)		32,362
	12		Sumitomo Mitsui Financial (1)		97,986
	1,936		Sumitomo Trust & Banking (1)		14,387
	1,570		Suruga Bank (1)		20,651
	5,533		Suzuki Motor (1)		180,932
	560		Takata Corp (1)		19,949
	476		Takeda Pharmaceutical (1)		29,731
	713		Takefuji Corp (1)		18,233
	1,785		Toray Industries (1)		13,766
	5,298		Toyota Motor (1)		302,871
	535		Yamada Denki (1)		55,105
	2,092		Yamaha Motor (1)		59,589
	1,203		Yamato Holdings (1)		17,668
	1,163		Yokogawa Electric (1)		14,683
					3,776,083
		Australia—3.0%
	25,455		BHP Billiton (1)		1,102,434
	428		BHP Billiton Sponsored ADR (2)		37,347
	4,611		Brambles Ltd (1)		61,106
	6,130		Fairfax Media (1)		27,093
	108,192		Macquarie Airports (1)		442,035
	19,137		Newcrest Mining		574,621
	980		Publishing & Broadcasting (1)		19,053
	220		Rio Tinto Sponsored ADR (2)		82,500

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
48

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Australia—Continued
	10,168		Rio Tinto (1)	$	999,951
					3,346,140
		Switzerland—2.7%
	9,410		ABB Ltd (1)		284,365
	1,372		BKW FMB Energie (1)		164,973
	5,565		Compagnie Financiere Richemont (1)		397,830
	2,012		Credit Suisse-Registered (1)		135,758
	383		Dufry Group (1)		42,346
	330		Flughafen Wien-Registered (1)		133,467
	3,125		Holcim Ltd (1)		357,270
	809		Nestle SA-Registered (1)		373,756
	120		Nobel Biocare Holding* (1)		35,031
	898		Roche Holding (1)		153,420
	95		SGS SA (1)		125,139
	1,020		Swatch Group (1)		326,798
	580		Synthes Inc (1)		72,490
	2,100		UBS AG-Registered (1)		112,645
	4,930		Xstrata PLC (1)		353,671
					3,068,959
		Poland—2.6%
	694		Bank BPH (1)		272,587
	5,850		Bank Handlowy w Warszawie (1)		273,745
	14,591		Bank Millenium (1)		79,260
	5,876		Bank Pekao (1)		627,176
	2,410		Bank Zachodni WBK (1)		267,566
	150		BRE Bank* (1)		34,274
	1,943		Budimex SA* (1)		57,669
	210		ING Bank Slaski (1)		74,580
	508		Opoczno SA* (1)		8,741
	27,001		PKO Bank Polski (1)		600,468
	57,630		Polskie Gornictwo Naftowe I (1)		131,396
	20,837		Polski Koncern Miesny Duda* (1)		80,487
	45,275		Telekomunikacja Polska (1)		428,808
					2,936,757

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
49

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Hungary—2.4%
	98,487		Magyar Telekom Telecommunications (1)	$	529,662
	447		MOL Hungarian Oil and Gas (1)		68,792
	36,086		OTP Bank (1)		1,956,800
	868		Richter Gedeon (1)		188,466
					2,743,720
		Canada—2.2%
	3,830		Cameco Corp		187,710
	570		Canadian Natural Resources		47,146
	2,760		Eldorado Gold*		19,150
	1,930		Imperial Oil		104,547
	24,147		Ivanhoe Mines*		330,248
	2,510		OPTI Canada*		50,343
	3,496		Potash Corp of Saskatchewan		432,859
	770		Research in Motion*		95,873
	2,680		Suncor Energy		291,899
	3,910		Talisman Energy		84,721
	11,113		Ultra Petroleum*		787,467
	7,350		UTS Energy*		47,282
					2,479,245
		Austria—1.7%
	578		CA Immobilien Anlagen* (1)		15,606
	4,842		Erste Bank der Oesterreichischen Sparkassen (1)		394,710
	626		Flughafen Wien (1)		74,208
	14,164		Immoeast AG* (1)		172,907
	1,530		Oesterreichische Elektrizitaetswirtschafts-Class A (1)		101,162
	5,283		OMV AG (1)		395,921
	2,705		Raiffeisen International Bank (1)		449,086
	1,622		Telekom Austria (1)		46,576
	2,253		Wiener Staedtische Versicherung (1)		166,339
	2,570		Wienerberger AG (1)		160,666
					1,977,181
		Finland—1.5%
	619		Elisa Oyj (1)(2)		18,394
	9,094		Fortum Oyj (1)		394,767
	4,112		Kemira Oyj (1)		97,534
	1,297		Kesko Oyj-Class B (1)		77,768
	620		Metso Oyj (1)		37,959

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
50

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Finland—Continued
	12,928		Nokia Oyj (1)	$	512,831
	389		Nokian Renkaat (1)		14,677
	1,660		OKO Bank-Class A (1)		35,626
	5,467		Orion Oyj-Class B (1)		140,437
	1,600		Outotec Oyj (1)		122,934
	4,754		Ramirent Oyj (1)		106,529
	1,305		Sanoma-WSOY Oyj (1)		37,691
	3,505		YIT Oyj (1)		108,721
					1,705,868
		Belgium—1.5%
	5,350		Fortis (1)		171,469
	357		Groupe Bruxelles Lambert (1)		45,788
	9,260		KBC Ancora (1)		1,045,731
	2,777		KBC Groep (1)		389,747
					1,652,735
		Hong Kong—1.4%
	2,850		Alibaba.com Ltd*†		4,964
	46,797		China Merchants Holdings International (1)		331,772
	12,960		China Mobile (1)		270,499
	16,000		Clear Media* (1)		17,003
	64,630		Emperor Entertainment Hotel (1)		14,907
	27,978		Galaxy Entertainment* (1)		30,533
	130,240		GOME Electrical Appliances (1)		298,022
	10,929		Hutchison Telecommunications International (1)		15,597
	50,200		Melco International Development (1)		95,806
	6,970		Melco PBL Entertainment ADR* (2)		110,823
	209,769		Shun Tak (1)		329,449
	48,540		Texwinca Holdings (1)		42,744
					1,562,119
		Italy—1.4%
	560		Autogrill SpA (1)		11,187
	12,830		Banca Popolare di Milano (1)		200,130
	2,752		Banco Popolare Scarl* (1)		65,945
	1,939		Bulgari SpA (1)		30,192
	9,391		Buzzi Unicem (1)		265,813
	4,716		Credito Emiliano (1)		63,722
	1,030		Finmeccanica SpA (1)		30,487

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
51

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Italy—Continued
	4,398		Geox SpA (1)	$	105,201
	27,050		Intesa Sanpaolo* (1)		205,595
	3,642		Italcementi SpA (1)		83,571
	300		Lottomatica SpA (1)		10,691
	3,970		Mediobanca SpA (1)		94,150
	10,327		Telecom Italia (1)		32,390
	31,121		UniCredito Italiano (1)		266,366
	2,360		Unione di Banche Italiane (1)		65,492
					1,530,932
		Norway—1.3%
	3,670		Aker Kvaerner (1)		128,122
	690		Cermaq ASA (1)		10,544
	12,113		DnB NOR (1)		199,522
	23,580		Marine Harvest* (1)		23,901
	18,472		Norsk Hydro (1)		270,422
	14,743		StatoiHydro ASA (1)		496,900
	4,465		Telenor ASA* (1)		104,853
	5,700		Yara International (1)		220,898
					1,455,162
		Czech Republic—1.3%
	6,242		Komercni Banka (1)		1,434,104
		Mexico—1.2%
	25,277		America Movil SAB de CV-Class L		79,823
	5,870		America Movil SAB de CV ADR-Class L		383,839
	4,705		Controladora Comercial Mexicana		14,599
	28,730		Corporacion Moctezuma		91,264
	650		Desarrolladora Homex ADR* (2)		36,731
	4,817		Fomento Economico Mexicano Sponsored ADR		171,533
	854		Grupo Aeroportuario del Sureste ADR (2)		50,933
	49,166		Grupo Financiero Banorte		221,870
	7,090		Grupo Televisa Sponsored ADR		176,186
	20,427		Urbi Desarrollos Urbanos*		79,012
					1,305,790
		Sweden—1.1%
	1,642		Getinge AB-Class B (1)		43,571
	1,499		Hennes & Mauritz-Class B (1)		99,893

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
52

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Sweden—Continued
	897		Modern Times-Class B (1)	$	63,134
	22,366		Nordea Bank AB (1)		400,871
	2,097		OMX AB (1)		88,185
	820		Securitas AB-Class B (1)		10,358
	5,682		Skandinaviska Enskilda Banken (1)		174,588
	9,989		Swedbank AB (1)		313,353
	11,168		Telefonaktiebolaget LM Ericsson-Class B (1)		33,503
	3,299		TeliaSonera AB (1)		32,497
					1,259,953
		Netherlands—1.0%
	2,167		ING Groep (1)		97,685
	18,885		KKR Private Equity Investors		370,146
	2,270		Koninklijke Ahold* (1)		34,140
	916		Koninklijke Vopak (1)		52,582
	8,268		Royal KPN (1)		156,122
	1,628		TNT NV (1)		66,850
	6,307		Unilever NV (1)		205,166
	3,260		X 5 Retail GDR-Registered* (1)		117,779
					1,100,470
		Cyprus—0.6%
	1,911		AFI Development GDR*†		19,874
	19,334		Bank of Cyprus (1)		378,481
	18,430		Marfin Popular Bank Public (1)		300,696
					699,051
		China—0.5%
	265,262		Beijing Capital International Airport-Class H (1)		532,640
	700		China Communications Construction-Class H (1)		2,221
	15,280		Weiqiao Textile-Class H (1)		28,705
	49,040		Wumart Stores-Class H		44,606
					608,172
		Spain—0.5%
	953		Gamesa Corporacion Tecnologica (1)		48,644
	4,970		Iberdrola SA (1)		79,985
	589		Inditex SA (1)		43,962
	10,998		Telefonica SA (1)		363,695
					536,286

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
53

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Greece—0.5%
	40,300		Alapis Holding Industrial and Commercial* (1)	$	148,151
	5,071		Hellenic Telecommunication Organization (1)		185,586
	19,020		Marfin Investment (1)		180,503
					514,240
		Ukraine—0.4%
	2,526		Ukrnafta Oil* (1)		201,301
	1,096,759		UkrTelecom*		243,989
					445,290
		Romania—0.4%
	9,401		BRD-Groupe Societe Generale		106,630
	112,299		Impact Developer and Contractor*		50,266
	1,207,713		SNP Petrom		275,542
					432,438
		India—0.4%
	3,388		State Bank of India GDR (1)		422,482
		Ireland—0.3%
	4,300		CRH PLC (1)		165,137
	32,342		Dragon Oil* (1)		210,090
					375,227
		Denmark—0.3%
	60		ALK-Abello (1)		12,987
	579		Carlsberg A/S-Class B (1)		78,114
	430		FLSmidth & Co (1)		46,835
	1,150		Novo-Nordisk-Class B (1)		143,039
	104		Rockwool International-Class B (1)		33,369
	386		Vestas Wind Systems* (1)		34,725
					349,069
		South Africa—0.3%
	3,670		Impala Platinum (1)		134,704
	5,420		MTN Group (1)		105,483
	3,990		Standard Bank (1)		71,683
					311,870

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
54

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Multinational—0.3%
	1,508		Central European Media Enterprises-Class A* (2)	$	173,043
	1,180		Millicom International Cellular*		138,626
					311,669
		South Korea—0.2%
	610		Hyundai Motor (1)		48,508
	530		Kookmin Bank (1)		43,766
	146		NHN Corp* (1)		47,385
	234		Samsung Electronics (1)		145,283
					284,942
		Croatia—0.2%
	102		Atlantska Plovidba		69,975
	528		Dom Holding*		19,420
	84		Ericsson Nikola Tesla		53,695
	205		FIMA Validus*		6,330
	18		Institut Gradevinarstva Hrvatske		49,331
	492		Podravka prehrambena industija		49,545
	347		Proficio DD*		4,300
	32		Viadukt DD*		25,169
					277,765
		Brazil—0.2%
	9,690		Bovespa Holding* (1)		181,023
	791		Diagnosticos da America (1)		18,496
	2,600		Unibanco-Units		40,950
	140		Unibanco GDR (1)		22,126
					262,595
		Portugal—0.2%
	12,756		Energias de Portugal (1)		82,111
	23,100		Jeronimo Martins (1)		171,311
					253,422
		Turkey—0.2%
	5,174		Acibadem Saglik Hizmetleri ve Ticaret (1)		38,315
	1		Anadolu Anonim Turk Sigorta Sirketi (1)		3
	5,022		Haci Omer Sabanci (1)		34,368
	11,382		Turkiye Garanti Bankasi (1)		104,953
	9,011		Turkiye Is Bankasi (1)		61,757
					239,396

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
55

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		New Zealand—0.1%
	71,050		Auckland International Airport (1)	$	157,500
		Chile—0.1%
	530		Sociedad Quimica y Minera de Chile Sponsored ADR		101,760
		Thailand—0.1%
	80,380		Bank of Ayudhya-NVDR (1)		70,519
		Indonesia—0.1%
	88,770		Semen Gresik Persero (1)		61,014
		Lebanon—0.0%
	2,540		SOLIDERE-Class A		46,253
		Philippines—0.0%
	1,798		Ayala Corp (1)		25,930
	46,092		Ayala Land (1)		16,045
					41,975
		Taiwan—0.0%
	1,850		Taiwan Semiconductor Manufacturing Sponsored ADR		19,703
			TOTAL COMMON STOCKS (Cost $91,927,176)		99,146,137
		WARRANTS—1.9%
		India—1.6%
	6,565		Bharti Airtel-Class A, Issued by CLSA, Expires 05/31/2010*†		168,151
	17,698		Canara Bank, Issued by Citigroup, Expires 10/24/2012		132,043
	2,458		Oil and Natural Gas, Issued by CLSA, Expires 05/13/2010†		77,943
	831		Reliance Industrial, Issued by CLSA, Expires 05/17/2010†		58,860
	3,484		ICICI Bank, Issued by CLSA, Expires 05/10/2010†		111,173
	1,874		ICICI Bank, Issued by ABN Amro Bank, Expires 06/30/2009		59,904
	6,553		ICICI Bank, Issued by Citigroup, Expires 10/24/2012†		210,089
	3,869		India Cements, Issued by ABN Amro Bank, Expires 06/30/2009		27,818
	3,205		Mahindra & Mehindra, Issued by CLSA, Expires 06/28/2010†		61,536
	4,314		State Bank of India, Issued by Citigroup, Expires 10/24/2012†		269,617
	7,899		State Bank of India, Issued by CLSA, Expires 05/13/2010†		492,596
	1,629		State Bank of India, Issued by Deutsche Bank AG, Expires 08/18/2017†		102,740
	473		Suzlon Energy, Issued by Citigroup, Expires 10/24/2012		23,592
	116		Suzlon Energy, Issued by CLSA, Expires 06/22/2011†		5,825
					1,801,887

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
56

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		WARRANTS—Continued
		Taiwan—0.3%
	29,520		Formosa Plastics, Issued by Deutsche Bank, AG London, Expires 01/24/2017†	$	90,922
	21,628		Hon Hai Precision Industry, Issued by Deutsche Bank, AG London, Expires 08/19/2008†		164,221
	31,743		Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank, AG London, Expires 01/19/2017		62,502
					317,645
			TOTAL WARRANTS (Cost $1,543,338)		2,119,532
		INVESTMENT FUNDS—1.7%
		India—0.6%
	28,256		Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 10/24/2012†		650,934
	4,636		Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by CLSA, Expires 03/22/2012†		107,694
					758,628
		France—0.6%
	15,265		Lyxor ETF Eastern Europe (1)		671,807
		United States—0.3%
	3,790		IShares MSCI Brazil (2)		324,424
		Romania—0.2%
	23,500		SIF 1 Banat Crisana Arad		36,459
	25,400		SIF 2 Moldova Bacau		39,627
	38,700		SIF 3 Transilvania Brasov*		40,195
	35,000		SIF 4 Muntenia Bucuresti		38,025
	22,300		SIF 5 Oltenia Craiova		41,962
					196,268
			TOTAL INVESTMENT FUNDS (Cost $1,471,913)		1,951,127
		PREFERRED STOCKS—1.2%
		Brazil—0.8%
	19,690		Cia Vale do Rio Doce (1)		618,531
	7,780		Petroleo Brasileiro (1)		322,076
					940,607

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
57

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		PREFERRED STOCKS—Continued
		Russia—0.2%
	348		Silvinit (3)	$	138,330
	24,975		URSA Bank (3)		47,452
					185,782
		Germany—0.2%
	163		Fresenius SE (1)		12,923
	740		Volkswagen AG		140,434
					153,357
		Croatia—0.0%
	390		Adris Grupa		39,887
			TOTAL PREFERRED STOCKS (Cost $1,073,390)		1,319,633
Face Value		Currency
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS—1.0%
		United States—1.0%
			U.S. Treasury Bills
	1,000,000	USD	3.790% due 12/06/2007 (4)		996,315
	100,000	USD	3.800% due 12/06/2007 (4)		99,631
					1,095,946
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS	(Cost $1,095,946)		1,095,946
		STRUCTURED NOTES—0.2%
		Philippines—0.2%
	8	USD	Phillippines Notes, due 10/17/2008 Zero Coupon (Cost $182,308)*†		301,563
Share Amount
		RIGHTS—0.0%
		Philippines—0.0%
	56,604		Ayala Land Rights, Expires TBD (Cost $121)		130

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
58

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global Equity Fund Inc.

Face Value		Currency	Description	Market Value (Note 2)
		SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—9.5%
		United States—9.5%
	10,713,067	USD	State Street Navigator Securities Lending Prime Portfolio (Cost $10,713,067)	$	10,713,067
		REPURCHASE AGREEMENT—4.4%
		United States—4.4%
	4,958,667	USD	State Street Bank and Trust Repurchase Agreement, dated 10/31/2007, due 11/01/2007, with a maturity value $4,959,082 and an effective yield of 3.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.760%, a maturity date of 09/01/2034, and an aggregate market value of $5,059,068. (Cost $4,958,667)	$	4,958,667
			TOTAL INVESTMENTS—107.6% (Cost $112,965,926)		121,605,802
			OTHER ASSETS AND LIABILITIES (Net)—(7.6%)		(8,577,152	)
			TOTAL NET ASSETS—100.0%	$	113,028,650

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

ETF Exchange-Traded Funds

GDR Global Depositary Receipt

NVDR Non Voting Depositary Receipt

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

(2) All or a portion of this security was on loan to brokers at October 31, 2007.

(3) Illiquid security

(4) Security has been pledged for futures 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 $113,289,325.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
59

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS

October 31, 2007

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 (Depreciation)
11/02/07	AUD	2,403		2,227		2,218	$	9
11/20/07	AUD	1,196,141		1,107,433		1,027,944		79,489
12/12/07	AUD	463,720		428,807		404,366		24,441
01/24/08	BRL	363,738		206,924		197,531		9,393
11/01/07	CAD	10,706		11,272		11,221		51
11/02/07	CAD	14,273		15,027		14,994		33
11/19/07	CAD	834,756		878,917		823,182		55,735
12/27/07	CAD	615,433		648,130		614,278		33,852
01/24/08	CAD	128,543		135,390		131,261		4,129
11/08/07	HKD	9,471,733		1,222,111		1,220,733		1,378
12/17/07	HKD	1,268,800		163,787		163,579		208
01/24/08	HKD	1,544,834		199,527		199,346		181
11/19/07	HUF	180,235,617		1,036,588		1,008,412		28,176
12/27/07	HUF	14,730,036		84,494		82,387		2,107
11/27/07	INR	10,304,951		261,734		258,903		2,831
11/01/07	JPY	9,367,357		81,254		81,711		(457	)
11/02/07	JPY	3,101,534		26,903		26,874		29
11/20/07	JPY	121,084,361		1,052,475		1,085,292		(32,817	)
11/30/07	JPY	119,012,588		1,035,655		1,050,421		(14,766	)
12/03/07	KRW	198,145,536		220,296		217,337		2,959
11/20/07	MXN	2,261,045		210,964		205,061		5,903
11/01/07	NOK	400,990		74,377		75,049		(672	)
11/02/07	NOK	1,921		356		356		0
11/19/07	PLN	1,728,941		689,497		646,177		43,320
12/24/07	PLN	405,931		161,865		151,909		9,956
11/19/07	TRY	293,735		249,322		240,569		8,753
12/24/07	TRY	145,474		122,141		117,861		4,280
12/03/07	TWD	15,015,025		464,934		464,135		799
01/04/08	ZAR	3,777,686		571,931		540,701		31,230
Net unrealized appreciation on forward foreign exchange contracts to buy							$	300,530

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
60

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

October 31, 2007

Julius Baer Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Depreciation
11/20/07	AUD	1,196,141		1,107,433		931,777	$	(175,656	)
11/19/07	CAD	834,756		878,917		776,481		(102,436	)
12/27/07	CZK	4,628,149		249,440		237,441		(11,999	)
01/24/08	EUR	370,950		537,180		528,138		(9,042	)
01/31/08	EUR	884,961		1,281,603		1,275,017		(6,586	)
11/19/07	HUF	271,608,204		1,562,099		1,397,898		(164,201	)
12/27/07	HUF	14,730,036		84,494		81,920		(2,574	)
11/20/07	MXN	5,284,013		493,018		465,889		(27,129	)
11/19/07	PLN	3,097,513		1,235,280		1,087,960		(147,320	)
12/24/07	PLN	405,931		161,865		151,207		(10,658	)
11/19/07	TRY	504,886		428,546		349,416		(79,130	)
12/24/07	TRY	145,474		122,141		114,447		(7,694	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(744,425	)

Glossary of Currencies

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CZK — Czech Koruna

EUR — Euro

HKD — Hong Kong Dollar

HUF — Hungarian Forint

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Nuevo Peso

NOK — Norwegian Krone

PLN — Polish Zloty

TRY — Turkish Lira

TWD — New Taiwan Dollar

ZAR — South African Rand

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
61

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer Global Equity Fund Inc.

At October 31, 2007, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		23.9	%	$	27,078,283
Materials		12.3			13,925,240
Industrials		11.5			13,038,431
Consumer Discretionary		10.2			11,591,050
Energy		7.8			8,791,737
Information Technology		7.7			8,699,954
Healthcare		5.3			5,956,296
Telecommunications		4.9			5,486,908
Consumer Staples		4.8			5,402,945
Utilities		4.3			4,867,278
Cash & Cash Equivalents		14.9			16,767,680	*
Total Investments		107.6			121,605,802
Other Assets and Liabilities (Net)		(7.6	)		(8,577,152	)*
Net Assets		100.0	%	$	113,028,650

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for futures with a notional market value of $5,524,118, which is 4.89% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
62

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—85.6%
		France—8.4%
	101,564		Accor SA (1)	$	9,713,738
	497,143		Aeroports de Paris (1)(2)		57,069,133
	766,906		Air Liquide (1)		105,759,245
	241,822		Alstom (1)		57,526,290
	712,708		BNP Paribas (1)		78,848,762
	1,032,289		Bouygues SA (1)		99,390,264
	226,707		Bureau Veritas* (1)		13,112,974
	598,228		Compagnie de Saint-Gobain (1)		64,552,580
	955,991		Credit Agricole (1)		37,879,792
	81,434		EDF Energies Nouvelles (1)(2)		6,537,083
	1,611,991		Electricite de France (1)		193,655,643
	133,390		Eurazeo (1)		19,908,276
	1,873,901		France Telecom (1)		69,226,608
	94,793		Hermes International (1)(2)		12,483,581
	776,232		JC Decaux (1)(2)		28,601,703
	1,372,925		Lafarge SA (1)		223,908,316
	1,804,033		LVMH Moet Hennessy Louis Vuitton (1)		232,665,571
	399,388		M6-Metropole Television (1)		11,831,010
	479,412		Neuf Cegetel (1)		24,272,641
	238,058		Nexity (1)		15,850,180
	344,965		Pernod-Ricard (1)		79,740,433
	255,995		PPR (1)		50,818,140
	158,704		Remy Cointreau (1)		12,204,846
	265,494		Renault SA (1)		44,726,288
	1,301,439		Societe Television Francaise 1 (1)		36,077,233
	161,857		Sodexho Alliance (1)		11,736,928
	2,485,318		Suez SA (1)		161,977,046
	241,760		Technip SA (1)		21,724,522
	3,914,870		Total SA (1)		315,556,011
	536,028		Veolia Environnement (1)		47,912,226
	1,117,741		Vinci SA (1)		91,910,503
	302,337		Vivendi (1)		13,633,121
	78,860		Wendel (1)(2)		13,539,073
					2,264,349,760
		United Kingdom—7.3%
	2,178,091		Amec PLC (1)		38,074,113
	2,776,711		Anglo American (1)		191,516,780
	1,628,031		BAE Systems (1)		16,899,036

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
63

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		United Kingdom—Continued
	4,662,632		BHP Billiton (1)	$	177,706,883
	24,901,505		BP PLC (1)		323,485,923
	2,679,507		Burberry Group (1)		34,338,329
	2,281,335		Ceres Power* (1)		16,010,588
	6,910,185		Compass Group (1)		49,847,260
	9,750,347		Diageo PLC (1)		223,321,958
	53,674		Equest Investments Balkans*		1,369,774
	2,832,791		GlaxoSmithKline PLC (1)		72,995,066
	4,424,974		Highland Gold Mining* (1)		11,412,224
	1,178,029		Intertek Group (1)		25,201,486
	1,531,230		Kingfisher PLC (1)		6,293,245
	235,679		Persimmon PLC (1)		5,157,346
	660,020		Peter Hambro Mining* (1)		19,304,285
	6,163,648		QinetiQ PLC (1)		24,316,491
	1,396,159		Reckitt Benckiser (1)		81,054,524
	5,992,092		Rolls-Royce Group* (1)		67,188,870
	242,080,516		Rolls-Royce Group-Class B-Entitlement Shares*		502,886
	1,025,555		Scottish & Newcastle (1)		16,732,181
	8,374,603		Smith & Nephew (1)		113,275,427
	1,670,778		Taylor Wimpey (1)		8,638,690
	11,543,422		Tesco PLC (1)		117,316,783
	72,750,579		Vodafone Group (1)		286,686,975
	1,797,488		William Hill (1)		23,195,840
	942,323		WPP Group (1)		12,889,846
	835,295		Xchanging Ltd* (1)		4,738,779
					1,969,471,588
		Germany—6.8%
	263,947		Aareal Bank (1)(2)		13,727,797
	123,006		Adidas AG (1)		8,218,283
	881,773		Arcandor AG* (1)(2)		28,337,192
	205,207		BASF AG (1)		28,374,832
	479,499		Bayer AG (1)		40,097,113
	207,755		Bilfinger Berger (1)		18,581,705
	135,990		Celesio AG (1)		7,706,214
	5,552,825		Commerzbank AG (1)		236,360,572
	90,063		Continental AG (1)		13,627,583
	1,386,693		Curanum AG (1)		18,148,853

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
64

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Germany—Continued
	1,700,644		Daimler AG (1)	$	187,795,688
	236,572		Demag Cranes (1)		13,669,452
	297,625		Deutsche Beteiligungs (1)		10,392,781
	489,175		Deutsche Boerse (1)		77,524,375
	1,041,248		Deutsche Post-Registered (1)		31,569,696
	535,303		Deutsche Postbank (1)		39,185,061
	526,317		Deutsche Wohnen (1)		23,295,869
	1,064,142		E.ON AG (1)		207,809,768
	3,212,832		Fraport AG (1)(2)		251,571,359
	841,095		Fresenius Medical Care (1)		44,439,664
	794,018		Fresenius SE (1)		61,820,568
	850,340		Henkel KGaA (1)		39,473,869
	1,015,879		Hypo Real Estate (1)(2)		60,601,165
	802,708		IKB Deutsche Industriebank* (1)(2)		16,808,740
	67,520		Interhyp AG (1)(2)		5,816,879
	379,393		Marseille-Kliniken AG (1)		9,170,035
	1,832,860		Mediclin AG* (1)(4)		9,311,705
	145,299		Merck KGaA (1)		18,206,784
	165,892		MLP AG (2)		2,202,010
	150,364		MVV Energie (1)		6,524,294
	335,062		Prakitker Bau-und Heimwerkermaerkte (1)		12,164,406
	277,619		Rheinmetall AG (1)		24,831,949
	1,111,625		Rhoen-Klinikum AG (1)		35,506,869
	382,812		RWE AG (1)		52,294,762
	1,081,590		Siemens AG-Registered (1)		147,183,764
	409,004		Tognum AG* (1)		14,796,391
	266,561		Wacker Construction Equipment* (1)		6,377,106
					1,823,525,153
		Russia—6.1%
	457,611		Alfa Cement* (3)		70,700,900
	5,624,640		AvtoVAZ GDR (3)		46,383,453
	34,722,025		Central Telecommunication (3)		31,770,653
	53,536,950		Chelindbank (3)		15,258,031
	326,584		Cherepovets MK Severstal Sponsored GDR†		7,740,041
	231,825		CTC Media*		5,816,489
	15,070,348		Dagestan Regional Generation		2,637,311
	772,406		Evraz Group GDR†		57,952,077
	440		Evrocement Group* (3)		5,355,900

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
65

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Russia—Continued
	6,016,784		Gazprom Sponsored ADR	$	298,793,493
	547,651		Kuban Energy Retail* (3)		1,807,248
	547,651		Kuban Main Network* (1)(3)		0
	547,651		Kubanenergo OJSC (3)		15,886,307
	11,287,332		Lenenergo* (3)		20,542,944
	632,127		LUKOIL Sponsored ADR		57,144,281
	124,979		Mechel OAO ADR		10,516,983
	640,995		MMC Norilsk Nickel ADR (2)		203,195,415
	50,181,127		Moscow Energy Network		3,487,588
	281,975		North-West Telecom ADR		25,307,256
	4,578,826		NovaTek OAO		26,282,461
	152,124		NovaTek OAO Sponsored GDR†		8,731,918
	376,326		NovaTek OAO Sponsored GDR-Registered Shares (1)		21,672,655
	66,772,886		Novorossiysk Sea Trade Port (3)		16,860,154
	77,528		Open Investments* (3)		21,397,728
	166,537		Pharmstandard* (3)		14,528,688
	93,713		Polyus Gold		4,254,570
	1,074,505		Polyus Gold Sponsored ADR		49,158,604
	646,001		RBC Information Systems*		6,040,109
	3,952,052		Rosneft Oil		34,659,496
	9,653,647		Rosneft Oil GDR (1)(2)		85,726,835
	32,146,187		Rostovenergo* (3)		3,061,603
	21,446,429		Sberbank		92,219,645
	333,982		Sibirskiy Cement (3)		31,895,281
	56,811		Sibirtelecom ADR		5,135,714
	21,446		Sistema Hals*†		4,181,970
	1,483,076		Sistema Hals GDR* (3)		14,459,991
	787,702		Southern Telecommunication ADR		7,581,632
	13,669,823,591		TGK-8		18,226,796
	738,555		Unified Energy System GDR* (2)		90,842,265
	6,347,868		Uralkali		31,739,340
	184,983		Uralkali Sponsored GDR*†		4,624,575
	645,906		Veropharm* (4)		30,519,059
	1,600,473		VolgaTelecom		9,122,696
	205,040		VolgaTelecom ADR (2)		2,337,456
	64,840		Volskcement-Class BRD (3)		23,342,400
	4,126,097		Volzhskaya Hydroelectric Power Station (3)		3,899,162
	2,502,584		VTB Bank Sponsored GDR*†		24,024,806
	428,130		Wimm-Bill-Dann Foods ADR (2)		51,268,568

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
66

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Russia—Continued
	207,398,357		Zagorskaya Gaes (3)	$	8,347,784
	26,482,383		Zhigulyovskaya Hydro (3)		13,671,530
					1,640,111,861
		Japan—5.7%
	261,890		Acom Co (1)(2)		6,259,481
	465,349		Aeon Credit Service (1)		7,158,595
	291,700		Aiful Corp (1)(2)		6,888,037
	421,927		Aisin Seiki (1)		17,275,911
	361,726		Bank of Kyoto (1)(2)		4,613,180
	3,028,686		Bank of Yokohama (1)		21,391,999
	1,172,688		Canon Inc (1)		59,294,672
	1,230,000		Chiba Bank (1)		9,854,148
	262,147		Credit Saison (1)		8,321,644
	631,000		Daihatsu Motor (1)		6,713,981
	199,300		Daikin Industries (1)		10,014,001
	795,458		Daiwa Securities (1)		7,667,199
	869,406		Denso Corp (1)		35,158,336
	1,347		Dentsu Inc (1)		3,532,511
	3,148		East Japan Railway (1)		25,932,502
	282,500		Eisai Co (1)		11,858,042
	171,600		Exedy Corp (1)		5,629,209
	255,400		Fanuc Ltd (1)		27,973,933
	4,086		Fuji Television Network (1)		8,243,906
	1,093,000		Gunma Bank (1)		7,766,155
	1,409,652		Honda Motor (1)		52,861,296
	558,132		HOYA Corp (1)		20,299,032
	263,260		Ibiden Co (1)		22,386,819
	1,259,297		ITOCHU Corp (1)		16,043,740
	7,661		Japan Tobacco (1)		44,619,571
	187,301		JFE Holdings (1)		10,949,114
	331,931		JS Group (1)		5,366,801
	297,728		JSR Corp (1)		7,710,831
	3,345		KDDI Corp (1)		25,339,461
	1,224,148		Koito Manufacturing (1)		17,042,044
	641,700		Komatsu Ltd (1)		21,511,885
	581,269		Kubota Corp (1)		4,891,153
	100,900		Kyocera Corp (1)		8,550,286
	419,932		Makita Corp (1)		20,314,758

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
67

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Japan—Continued
	1,469,132		Matsushita Electric Industrial (1)	$	28,098,023
	841,397		Mitsubishi Corp (1)		26,175,983
	1,369,000		Mitsubishi Electric (1)		16,616,509
	6,404,522		Mitsubishi UFJ Financial (1)		63,842,814
	1,058,000		Mitsui & Co (1)		27,523,778
	307,022		Mitsui Fudosan (1)		8,482,563
	5,658		Mizuho Financial (1)		31,820,266
	496,000		Nabtesco Corp		8,463,936
	171,926		Nintendo Co (1)		108,416,667
	1,159,314		Nippon Electric Glass (1)		19,657,509
	1,729		Nippon Telegraph & Telephone (1)		7,928,235
	400,226		Nissan Motor (1)		4,614,567
	516,131		Nitto Denko (1)		25,193,084
	697,049		Nomura Holdings (1)		12,427,748
	935,000		NSK Ltd (1)		8,319,156
	15,923		NTT DoCoMo (1)		23,092,511
	522,000		OKUMA Corp		7,382,470
	119,279		Olympus Corp (1)		4,991,494
	278,580		Promise Co (1)(2)		8,368,461
	761,000		Ricoh Co (1)		15,013,044
	485		Sapporo Hokuyo (1)		4,989,864
	169,841		Seven & I (1)		4,375,784
	479,000		Sharp Corp (1)		7,546,452
	454,603		Shizuoka Bank (1)		4,758,507
	740,708		Sony Corp (1)		36,620,951
	443,688		Stanley Electric (1)		9,855,050
	2,103,000		Sumitomo Chemical (1)		18,664,405
	769,652		Sumitomo Corp (1)		13,418,873
	713,700		Sumitomo Electric Industries (1)		11,499,922
	1,502,696		Sumitomo Heavy Industries (1)		19,882,913
	2,877,175		Sumitomo Metal Industries (1)		14,187,415
	5,091		Sumitomo Mitsui Financial (1)(2)		41,570,695
	1,777,653		Sumitomo Trust & Banking (1)		13,210,581
	425,000		Suruga Bank (1)		5,590,304
	1,918,700		Suzuki Motor (1)		62,742,330
	231,279		Takata Corp (1)		8,238,827
	318,800		Takeda Pharmaceutical (1)		19,912,198
	277,950		Takefuji Corp (1)(2)		7,107,977
	1,135,431		Toray Industries (1)(2)		8,756,389

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
68

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Japan—Continued
	2,065,689		Toyota Motor (1)	$	118,089,493
	146,900		Ulvac Inc (1)(2)		5,748,857
	348,680		Yamada Denki (1)		35,913,745
	503,500		Yamaha Motor (1)		14,341,810
	333,587		Yamato Holdings (1)		4,899,233
	724,895		Yokogawa Electric (1)		9,151,646
					1,526,937,272
		Australia—4.3%
	1,190,950		Austereo Group (1)		2,857,085
	8,994,236		BHP Billiton (1)		389,532,476
	130,749		BHP Billiton Sponsored ADR (2)		11,409,158
	2,550,440		Brambles Ltd (1)		33,799,269
	530,382		Fairfax Media (1)		2,344,172
	31,440,390		Macquarie Airports (1)		128,454,590
	6,663,269		Newcrest Mining		200,075,979
	709,992		Prime Television (1)		2,558,244
	134,226		Publishing & Broadcasting (1)		2,609,638
	2,048,563		Rio Tinto (1)		191,598,239
	1,941,406		Rio Tinto (1)(2)		200,630,693
	178,845		Southern Cross Broadcasting (1)		2,888,424
	786,814		Ten Network (1)(2)		2,017,936
					1,170,775,903
		Switzerland—4.2%
	3,015,377		ABB Ltd (1)		91,123,172
	292,446		BKW FMB Energie (1)		35,164,457
	1,953,511		Compagnie Financiere Richemont (1)		139,652,504
	787,983		Credit Suisse-Registered (1)		53,168,589
	573,760		Dufry Group (1)		63,437,349
	136,505		Flughafen Wien-Registered (1)		55,208,956
	1,272,183		Holcim Ltd (1)		145,444,140
	303,380		Nestle SA-Registered (1)		140,160,784
	28,226		Nobel Biocare Holding* (1)		8,239,934
	432,797		Roche Holding (1)		73,941,804
	32,367		SGS SA (1)		42,635,607

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
69

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Switzerland—Continued
	384,991		Swatch Group (1)	$	123,347,227
	114,499		Synthes Inc (1)		14,310,489
	847,116		UBS AG-Registered (1)		45,439,731
	1,576,605		Xstrata PLC (1)		113,103,408
					1,144,378,151
		Poland—3.8%
	4,394,619		Agora SA (1)(4)		98,026,219
	185,249		Bank BPH (1)		72,761,582
	892,087		Bank Handlowy w Warszawie (1)		41,744,339
	2,858,170		Bank Millenium (1)		15,525,904
	1,784,509		Bank Pekao (1)		190,470,034
	932,930		Bank Zachodni WBK (1)		103,576,740
	24,257		BRE Bank* (1)		5,542,575
	542,832		Budimex SA* (1)		16,111,547
	103,866		Dom Development (1)		5,521,713
	347,671		Grupa Kety (1)		26,348,709
	436,617		Inter Cars (1)		24,081,143
	87,826		Inter Groclin Auto* (1)		1,547,562
	588,065		NFI Empik Media & Fashion* (1)		5,637,724
	378,963		Opoczno SA* (1)		6,520,490
	23,352		PBG SA* (1)		3,177,452
	9,159,649		PKO Bank Polski (1)		203,699,010
	557,625		Polish Energy Partners* (1)		9,063,191
	4,910,883		Polskie Gornictwo Naftowe I (1)		11,196,802
	117,363		Polnord SA* (1)		7,766,692
	788,945		Polska Grupa Farmaceutyczna (1)(4)		32,440,947
	4,783,965		Polski Koncern Miesny Duda* (1)		18,479,004
	320,892		Sniezka SA (1)		7,043,400
	9,876,593		Stalexport SA* (1)		15,974,005
	82,385		Stomil Sanok (1)		6,691,415
	24,508		Techmex SA* (1)		406,376
	9,911,197		Telekomunikacja Polska (1)		93,870,760
					1,023,225,335
		Hungary—3.1%
	980,663		Ablon Group* (1)		5,000,754
	101,460		Egis Gyogyszergyar (1)		12,933,007
	24,778,286		Magyar Telekom Telecommunications (1)		133,257,467

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
70

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Hungary—Continued
	127,969		MOL Hungarian Oil and Gas (1)	$	19,694,072
	11,464,773		OTP Bank (1)		621,689,113
	179,059		Richter Gedeon (1)		38,878,590
					831,453,003
		Finland—3.1%
	970,228		Atria Group (1)		28,857,338
	833,620		Citycon Oyj (1)		5,426,403
	626,506		Cramo Oyj (1)(2)		23,636,610
	401,687		Elisa Oyj (1)(2)		11,936,669
	3,901,076		Fortum Oyj (1)		169,344,358
	2,138,569		HKScan Oyj (1)		50,382,721
	704,368		Kemira Oyj (1)		16,707,095
	227,496		Kesko Oyj-Class B (1)		13,640,608
	184,946		Metso Oyj (1)		11,323,167
	6,088,640		Nokia Oyj (1)		241,525,430
	227,741		Nokian Renkaat (1)(2)		8,592,874
	677,976		OKO Bank-Class A (1)		14,550,201
	789,582		Olvi Oyj (1)		30,660,183
	340,800		Oriola-KD Oyj-Class A (1)		1,589,120
	2,522,169		Oriola-KD Oyj-Class B (1)		11,788,046
	980,081		Orion Oyj-Class B (1)(2)		25,176,437
	569,191		Outotec Oyj (1)		43,733,007
	2,187,983		Ramirent Oyj (1)		49,028,941
	388,931		Sanoma-WSOY Oyj (1)		11,233,014
	1,849,765		YIT Oyj (1)(2)		57,377,503
					826,509,725
		Austria—2.6%
	333,794		CA Immobilien Anlagen* (1)		9,012,211
	1,328,162		CA Immo International* (1)		23,231,157
	1,300,623		Erste Bank der Oesterreichischen Sparkassen (1)		106,024,242
	806,641		Flughafen Wien (1)		95,621,523
	2,884,917		Immoeast AG* (1)		35,217,614
	380,083		Oesterreichische Elektrizitaetswirtschafts-Class A (1)		25,130,670
	1,717,600		OMV AG (1)		128,721,258
	897,852		Raiffeisen International Bank (1)(2)		149,062,027
	573,101		Telekom Austria (1)		16,456,530

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
71

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Austria—Continued
	607,871		Wiener Staedtische Versicherung (1)	$	44,879,165
	918,868		Wienerberger AG (1)		57,443,850
					690,800,247
		Norway—2.2%
	1,742,454		Acta Holding (1)(2)		6,925,854
	965,759		Aker Kvaerner (1)		33,715,235
	2,564,094		Austevoll Seafood* (1)		20,667,132
	722,307		Cermaq ASA (1)		11,037,650
	3,292,006		Copeinca ASA* (1)		33,259,313
	4,331,384		DnB NOR (1)		71,345,262
	1,966,882		Marine Farms* (1)(4)		10,649,204
	7,706,646		Marine Harvest* (1)(2)		7,811,422
	5,399,624		Norsk Hydro (1)		79,048,232
	731,971		Norske Skogindustrier ASA Class A		8,044,056
	865,827		RomReal Ltd*		3,677,639
	2,783,755		Scandanavian Property Development* (1)		20,008,070
	5,438,825		StatoiHydro ASA (1)		183,310,880
	1,713,940		Telenor ASA* (1)		40,248,807
	1,693,260		Yara International (1)		65,620,754
					595,369,510
		Italy—2.2%
	2,215,356		Aeffe SpA* (1)		11,853,175
	1,323,930		Aicon SpA* (1)		7,141,649
	132,215		Autogrill SpA (1)		2,641,165
	341,041		Banca Popolare dell' Emilia Romagna (1)		8,083,693
	391,498		Banca Popolare dell'Etruria e del Lazio (1)(2)		7,197,661
	4,405,764		Banca Popolare di Milano (1)		68,723,605
	1,202,461		Banca Popolare di Sondrio (1)(2)		19,154,751
	1,078,766		Banco Popolare Scarl* (1)		25,850,076
	657,922		Bulgari SpA (1)		10,244,537
	2,482,727		Buzzi Unicem (1)		70,273,743
	1,486,418		Credito Emiliano (1)		20,084,342
	354,175		Finmeccanica SpA (1)		10,483,212
	753,641		Geox SpA (1)		18,027,156
	11,364,278		Intesa Sanpaolo* (1)		86,374,836
	859,140		Italcementi SpA (1)(2)		19,714,254
	70,800		Lottomatica SpA (1)		2,523,170
	1,172,831		Mediobanca SpA (1)		27,814,141

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
72

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Italy—Continued
	1,292,320		Piccolo Credito Valtellinese (1)(2)	$	17,986,139
	299,825		Poltrona Frau (1)		1,173,174
	257,374		SAVE SpA (1)		8,932,254
	6,718,143		Telecom Italia (1)		21,071,172
	12,181,195		UniCredito Italiano (1)		104,259,426
	758,327		Unione di Banche Italiane (1)(2)		21,044,105
					590,651,436
		Sweden—2.2%
	893,711		Elekta AB-Class B (1)(2)		17,287,471
	739,658		Getinge AB-Class B (1)(2)		19,627,039
	462,506		Hemtex AB (1)		6,740,177
	806,174		Hennes & Mauritz-Class B (1)		53,723,359
	479,959		Modern Times-Class B (1)		33,781,077
	266,132		Nobia AB		2,335,293
	8,721,610		Nordea Bank AB (1)		156,319,267
	806,572		OMX AB (1)(2)		33,918,665
	7,816		RaySearch Laboratories* (1)		243,456
	2,630,451		Rezidor Hotel (1)		21,035,214
	193,254		Securitas AB-Class B (1)		2,441,061
	2,174,457		Skandinaviska Enskilda Banken (1)		66,813,411
	3,839,075		Swedbank AB (1)(2)		120,431,169
	7,103,522		Telefonaktiebolaget LM Ericsson-Class B (1)		21,309,840
	1,883,670		TeliaSonera AB (1)		18,554,994
	105,162		Trelleborg AB -B Shares		2,690,487
	823,770		Vostok Nafta Investment* (1)		12,378,383
					589,630,363
		Canada—2.1%
	1,334,672		Cameco Corp		65,412,699
	167,194		Canadian Natural Resources		13,828,975
	3,030,263		Eldorado Gold*		21,024,882
	617,286		Imperial Oil		33,437,950
	7,464,735		Ivanhoe Mines*		102,091,922
	735,635		OPTI Canada*		14,754,524
	1,197,661		Potash Corp of Saskatchewan		148,289,044
	221,094		Research in Motion*		27,528,414
	978,042		Suncor Energy		106,526,053

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
73

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Canada—Continued
	1,330,638		Talisman Energy	$	28,831,891
	2,158,874		UTS Energy*		13,887,892
					575,614,246
		Hong Kong—1.9%
	674,150		Alibaba.com Ltd*†		1,174,205
	9,985,758		China Merchants Holdings International (1)		70,794,962
	3,434,766		China Mobile (1)		71,689,943
	34,129,602		Clear Media* (1)(4)		36,268,597
	40,296,244		Emperor Entertainment Hotel (1)		9,294,095
	14,816,208		Galaxy Entertainment* (1)		16,169,326
	35,007,354		GOME Electrical Appliances (1)		80,105,741
	5,823,459		Hutchison Telecommunications International (1)		8,310,612
	34,260,718		Melco International Development (1)		65,385,834
	7,648		Melco PBL Entertainment ADR* (2)		121,603
	68,752,661		Shun Tak (1)		107,978,256
	20,230,339		Texwinca Holdings (1)		17,814,844
	18,639,053		Tianjin Port Development (1)		19,512,377
					504,620,395
		Czech Republic—1.8%
	2,126,273		Komercni Banka (1)(4)		488,512,803
		Netherlands—1.8%
	627,209		Draka Holding (1)(2)		27,474,619
	863,421		ING Groep (1)		38,921,827
	7,327,894		KKR Private Equity Investors		143,626,722
	897,698		Koninklijke Ahold* (1)		13,501,091
	327,092		Koninklijke Vopak (1)(2)		18,776,275
	4,034,049		Plaza Centers* (1)		18,894,443
	2,986,868		Royal KPN (1)		56,400,085
	1,208,182		Spazio Investment (1)		21,001,152
	578,221		TNT NV (1)		23,743,391
	2,486,315		Unilever NV (1)		80,879,698
	212,040		Vedior NV (1)		4,841,952
	1,369,339		Wavin NV (1)		23,702,672
	451,920		X 5 Retail GDR-Registered* (1)		16,327,250
					488,091,177

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
74

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Ukraine—1.6%
	214,485		Anthousa Ltd Sponsored GDR† (3)	$	8,750,634
	6,188,223		Bank Forum*		55,433,360
	2,343,250		Centrenergo*		12,047,558
	178,305		Centrenergo Sponsored ADR* (3)		9,167,352
	20,500		Dniproenergo* (1)		10,458,770
	10,201,398		Dragon-Ukrainian Properties & Development* (4)		27,473,006
	12,260		Farmak* (3)		593,787
	7,562,990		Harkivoblenergo* (3)		18,806,525
	902,412		Hmelnitskoblenergo* (3)		2,052,153
	10,700		Ivano-Frankivskcement* (3)		2,010,085
	116,601,842		JSCB Ukrsotsbank* (3)		31,312,102
	2,750,000		Kirovogradoblenergo* (3)		4,078,505
	240,262		Korukivskas Technical Papers* (3)		3,254,488
	3,228,131		Krymenergo* (3)		9,575,235
	115,161		Kyivmedpreparat* (3)(4)		9,906,078
	76,611,005		Lutsk Automobile Plant*		22,080,391
	189,156		Lvivoblenergo* (3)		455,403
	488,244		Poltavaoblenergo* (3)		1,158,578
	183,743,363		Raiffeisen Bank Aval		40,403,920
	65,228		Retail Group* (3)		32,614,000
	21,206		Rodovid Bank* (3)		37,740,558
	6,895,337		Slavutich Brewery* (3)		7,022,145
	2,636,403		Tsukrovyy Soyz Ukrros* (3)		5,930,212
	1,153,346,022		Ukrinbank* (3)(4)		6,842,075
	17,577		Ukrnafta Oil ADR*		8,803,956
	116,751,392		UkrTelecom*		25,972,971
	573,260		UkrTelecom GDR* (1)		6,236,817
	18,621,729		VK Development* (3)		6,536,201
	3,553,786		Zakarpattyaoblenergo* (3)		7,378,832
	15,000		Zakhidenergo*		1,812,488
	595,792		Zakhidenergo GDR* (3)		17,997,761
	400,000		Zhytomyroblenergo* (3)		779,118
					434,685,064
		Romania—1.3%
	18,586,112		Albalact SA*		6,703,956
	1,312,300		Antibiotice		1,072,150
	57,310,400		ARDAF-Societatea de Asigurare Reasigurare* (3)		3,636,226
	4,814,944		Banca Transilvania*		1,893,670

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
75

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Romania—Continued
	50,060,712		Biofarm Bucuresti* (4)	$	13,705,727
	4,415,699		BRD-Groupe Societe Generale		50,084,631
	425,284		Cemacon SA* (4)		3,308,239
	62,668,800		Compania Hoteliera Intercontinental* (4)		7,625,598
	8,672,500		Compa-Sibiu*		5,804,028
	1,487,326		Concefa SA*		2,662,980
	11,250,200		Condmag* (4)		7,822,485
	66,191,800		Dafora SA* (4)		15,820,907
	175,968		Farmaceutica Remedia SA Deva*		562,064
	97,126,031		Impact Developer and Contractor* (4)		43,474,778
	693,300		Policolor*		1,295,550
	648,444,600		Rompetrol Rafinare*		32,970,328
	113,050		Santierul Naval Braila* (3)		171,950
	139,400		Simcor Oradea*		1,090,435
	555,587,557		SNP Petrom		126,758,273
	16,413,875		Socep Constanta*		2,139,917
	3,654,000		Spicul Buzau*		2,143,714
	90,000		Transelectrica SA		1,517,535
	18,317,818		Zentiva SA*		10,826,228
					343,091,369
		Belgium—1.2%
	1,679,951		Fortis (1)		53,842,998
	104,348		Groupe Bruxelles Lambert (1)		13,383,327
	233,923		Ion Beam Applications* (1)		6,544,504
	841,547		KBC Ancora (1)		95,035,785
	1,120,678		KBC Groep (1)(2)		157,285,059
					326,091,673
		Mexico—1.2%
	8,526,894		America Movil SAB de CV-Class L		26,927,369
	443,203		America Movil SAB de CV ADR-Class L		28,981,044
	1,276,253		Banco Compartamos*		6,677,458
	6,668,348		Consorcio ARA		7,351,680
	2,319,255		Controladora Comercial Mexicana		7,196,208
	9,613,131		Corporacion Moctezuma		30,537,265
	125,329		Desarrolladora Homex ADR* (2)		7,082,342
	1,190,997		Fomento Economico Mexicano Sponsored ADR		42,411,403
	704,852		Grupo Aeroportuario del Centro Norte ADR		21,519,132

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
76

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Mexico—Continued
	96,852		Grupo Aeroportuario del Pacifico ADR	$	5,079,887
	376,921		Grupo Aeroportuario del Sureste ADR (2)		22,479,568
	2,084,100		Grupo Cementos de Chihuahua		11,622,686
	10,991,661		Grupo Financiero Banorte		49,601,729
	1,625,699		Grupo Televisa Sponsored ADR		40,398,620
	2,150,507		Urbi Desarrollos Urbanos*		8,318,166
					316,184,557
		Bulgaria—1.2%
	301,290		Bulgarian American Credit Bank		18,495,670
	11,641,174		Bulgarian Telecommunication		94,710,191
	1,408,255		Central Cooperative Bank*		12,498,842
	10,049,867		Chimimport AD*		124,749,024
	138,554		Devin AD* (3)		809,568
	212,919		DZI Insurance & Reinsurance* (3)		29,309,925
	138,320		Kaolin AD*		2,015,387
	1,224,550		LEV INS* (3)		23,874,219
	826,010		Sopharma AD		5,651,117
					312,113,943
		Denmark—0.9%
	131,379		ALK-Abello (1)(2)		28,436,162
	150,146		Almindelig Brand* (1)(2)		9,961,004
	108,113		Carlsberg A/S-Class B (1)(2)		14,585,771
	176,717		FLSmidth & Co (1)		19,247,722
	747,425		GN Store Nord*		7,978,380
	345,732		Harboes Bryggeri-Class B (1)		10,552,010
	434,604		Novo-Nordisk-Class B (1)		54,056,772
	42,413		Rockwool International-Class B (1)(2)		13,608,292
	376,560		Royal UNIBREW (1)(4)		48,151,749
	726,577		TK Development* (1)(2)		13,821,213
	273,463		Vestas Wind Systems* (1)		24,601,055
					245,000,130
		Cyprus—0.9%
	731,292		AFI Development GDR*†		7,605,437
	4,339,425		Bank of Cyprus (1)		84,948,210
	5,117,681		Hellenic Bank		41,018,188
	6,007,254		Marfin Popular Bank Public (1)		98,011,837
					231,583,672

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
77

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		China—0.8%
	73,813,492		Beijing Capital International Airport-Class H (1)	$	148,215,893
	265,265		Guangzhou Pharmaceutical-Class H (1)		292,014
	8,839,558		Lianhua Supermarket Holdings-H		14,143,243
	11,294,724		Shenzhen Chiwan Wharf-Class B (1)		26,968,602
	5,526,552		Weiqiao Textile-Class H (1)		10,382,028
	27,342,132		Wumart Stores-Class H	��	24,869,953
					224,871,733
		Spain—0.8%
	240,227		Gamesa Corporacion Tecnologica (1)		12,261,885
	2,234,060		Grupo Empresarial Ence (1)		28,478,151
	1,668,490		Iberdrola SA (1)		26,851,818
	266,198		Inditex SA (1)		19,868,802
	4,116,169		Telefonica SA (1)		136,118,522
					223,579,178
		Serbia—0.8%
	18,481		Agrobanka AD*		9,135,284
	412,158		AIK Banka (3)(4)		77,592,202
	146,409		Energoprojekt Holding		7,864,505
	83,273		Imlek AD*		3,965,529
	42,159		Komercijalna Banka* (3)		90,647,565
	7,116		Metals Banka*		6,179,485
	90,600		Privredna Banka*		7,283,911
	130,820		Tigar AD* (4)		4,647,247
	78,160		Toza Markovic* (3)(4)		4,822,436
	13,809		Univerzal Banka*		10,348,811
					222,486,975
		Greece—0.8%
	11,780,453		Alapis Holding Industrial and Commercial* (1)		43,307,384
	1,099,641		Athens Medical Center (1)		8,156,759
	128,599		Fourlis Holding (1)		5,182,437
	1,832,621		Hellenic Telecommunication Organization (1)		67,069,201
	503,701		Heracles General Cement (1)		12,933,010
	6,403,979		Marfin Investment Group (1)		60,774,712
	828,796		ireus Aquaculture (1)		4,761,879
	596,170		Sprider Stores SA (1)		13,131,968
					215,317,350

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
78

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Ireland—0.6%
	1,075,586		CRH PLC (1)	$	41,306,686
	18,239,543		Dragon Oil* (1)		118,481,982
	213,317		Kingspan Group (1)		5,097,645
					164,886,313
		Brazil—0.5%
	2,267,795		Bovespa Holding* (1)		42,365,544
	706,740		Diagnosticos da America (1)		16,525,943
	610,100		Drogasil SA (1)		5,604,069
	684,513		Dufry South America BDR* (1)		20,342,198
	209,357		Medial Saude ADR*†		2,719,704
	1,552,612		Santos-Brasil SA (1)		22,356,113
	779,163		Unibanco		12,271,694
	36,327		Unibanco GDR (1)		5,741,119
					127,926,384
		Multinational—0.4%
	222,192		Central European Media Enterprises-Class A*		25,496,532
	736,174		Millicom International Cellular* (2)		86,485,722
					111,982,254
		South Korea—0.4%
	143,990		Hyundai Motor (1)		11,450,391
	156,099		Kookmin Bank (1)		12,890,280
	40,612		NHN Corp* (1)		13,180,811
	94,816		Samsung Electronics (1)		58,868,219
					96,389,701
		South Africa—0.3%
	1,082,662		Impala Platinum (1)		39,737,984
	1,662,842		MTN Group (1)		32,361,858
	1,148,401		Standard Bank Group (1)		20,631,664
					92,731,506
		Venezuela—0.3%
	3,652,895		Banco Provincial (3)		467,818
	156,169		Banco Venezolano de Credito (3)		191,820
	15,843,815		Cemex Venezuela SACA-1 (3)		7,378,482
	27,956,747		Mercantil Servicios Financieros-Class B (3)		43,602,266
	262,677,795		Siderurgica Venezolana Sivensa SACA (3)		27,524,102
					79,164,488

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
79

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Turkey—0.3%
	1,737,033		Acibadem Saglik Hizmetleri ve Ticaret (1)	$	12,863,113
	158,846		BIM Birlesik Magazalar		13,019,608
	793,019		Haci Omer Sabanci (1)		5,426,947
	2,526,850		Selcuk Ecza Deposu Ticaret ve Sanayi* (1)		5,227,172
	912,828		TAV Havalimanlari* (1)		8,419,482
	118,940		Turk Sise ve Cam Fabrikalari (1)		261,869
	1,684,020		Turkiye Garanti Bankasi (1)		15,528,336
	2,126,268		Turkiye Is Bankasi (1)		14,572,379
	369,693		Yapi Kredi Sigorta (1)		3,561,944
					78,880,850
		India—0.3%
	622,040		State Bank of India GDR (1)		77,568,144
		Portugal—0.2%
	4,278,637		Energias de Portugal (1)		27,541,896
	5,089,133		Jeronimo Martins (1)		37,741,297
					65,283,193
		New Zealand—0.2%
	18,940,995		Auckland International Airport (1)		41,987,483
		Chile—0.1%
	147,376		Sociedad Quimica y Minera de Chile Sponsored ADR		28,296,192
		Malaysia—0.1%
	5,146,082		Steppe Cement* (1)		27,280,489
		Indonesia—0.1%
	16,891,866		Indofood Sukses Makmur (1)		4,126,276
	30,701,260		Semen Gresik Persero (1)		21,101,782
					25,228,058
		Estonia—0.1%
	1,994,329		Arco Vara*		4,183,678
	1,247,952		Olympic Entertainment		9,532,906
	6,012,166		Tallink Group*		8,959,044
					22,675,628

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
80

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Croatia—0.1%
	8,149		Atlantska Plovidba	$	5,590,487
	20,979		Dom Holding*		771,605
	11,424		Ericsson Nikola Tesla		7,302,480
	12,811		FIMA Validus*		395,596
	779		Institut Gradevinarstva Hrvatske		2,134,938
	27,137		Podravka prehrambena industija		2,732,755
	3,957		Proficio DD*		49,039
	2,053		Viadukt DD*		1,614,760
					20,591,660
		Kazakhstan—0.1%
	1,608,996		BMB Munai* (2)		9,396,537
	475,595		KazakhGold GDR* (1)(2)		10,664,844
					20,061,381
		Thailand—0.1%
	22,158,400		Bank of Ayudhya NVDR (1)		19,077,306
		United States—0.1%
	483,784		News Corp (1)		11,046,713
	348,957		News Corp-Class B (2)		8,001,584
					19,048,297
		Georgia—0.1%
	571,956		Bank of Georgia GDR-Registered Shares*		18,874,548
		Lebanon—0.1%
	741,983		SOLIDERE-Class A		13,511,510
		Latvia—0.0%
	1,424,182		Parex Bank* (1)(3)		13,200,451
		Zambia—0.0%
	8,072,405		Zambeef Products (3)		11,943,320
		Philippines—0.0%
	519,218		Ayala Corp (1)		7,487,909
	7,519,733		Ayala Land (1)		2,617,660
					10,105,569

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
81

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Taiwan—0.0%
	744,339		Taiwan Semiconductor Manufacturing Sponsored ADR	$	7,927,210
		Morocco—0.0%
	21,439		Ciments Du Maroc (1)		7,662,748
		Lithuania—0.0%
	179,733		Rokiskio Suris*		5,874,366
		Israel—0.0%
	145,642		Queenco Leisure International GDR*† (3)		2,528,491
			TOTAL COMMON STOCKS (Cost $14,768,381,375)		23,049,721,112
		WARRANTS—2.9%
		India—2.6%
	1,284,846		Bharti Airtel-Class A, Issued by CLSA, Expires 05/31/2010*†		32,909,018
	4,278,617		Canara Bank, Issued by Citigroup, Expires 10/24/2012		31,922,299
	1,096,677		ICIC Bank, Issued by CLSA, Expires 05/10/2010†		34,994,634
	1,218,388		ICICI Bank, Issued by Citigroup, Expires 10/24/2012†		39,061,519
	1,757,432		India Cements, Issued by ABN Amro Bank, Expires 06/30/2009		12,635,936
	76,404		Indian Bank, Issued by Citigroup, Expires 01/17/2012†		299,045
	630,454		Mahindra & Mehindra, Issued by CLSA, Expires 06/28/2010†		12,104,717
	483,733		Oil & Natural Gas, Issued by CLSA, Expires 05/13/2010†		15,339,173
	194,244		Reliance Industries, Issued by CLSA, Expires 05/17/2010†		13,758,303
	1,431,418		State Bank of India, Issued by Citigroup, Expires 10/24/2012†		89,460,884
	6,355,228		State Bank of India, Issued by CLSA, Expires 05/13/2010†		396,323,521
	232,678		Suzlon Energy, Issued by Citigroup, Expires 10/24/2012		11,605,281
					690,414,330
		Taiwan—0.3%
	6,857,371		Formosa Plastics, Issued by Deutsche Bank AG London, Expires 01/24/2017†		21,120,703
	6,826,828		Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/19/2008†		51,836,105
	9,027,285		Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank AG London, Expires 01/19/2017		17,774,724
					90,731,532
		Ukraine—0.0%
	1,013		Laona Investments, Issued by Bank Austria Creditanatalt, Expires 11/16/2007*		10,991,683

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
82

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		WARRANTS—Continued
		Russia—0.0%
		117	Russian Domestic Small-Cap Basket, Issued by UBS, Expires 12/22/2007*†	$	2,141,100
			TOTAL WARRANTS (Cost $425,621,001)		794,278,645
		INVESTMENT FUNDS—1.8%
		India—1.1%
	12,686,170		Banking Index Benchmark Exchange Traded Scheme- Bank BeES, Issued by Citigroup, Expires 10/24/2012†		292,251,298
		United States—0.4%
	1,107,933		IShares MSCI Brazil (2)		94,839,065
		Romania—0.1%
	4,035,500		SIF 1 Banat Crisana Arad		6,260,804
	3,406,316		SIF 2 Moldova Bacau		5,314,273
	9,533,500		SIF 3 Transilvania Brasov*		9,901,815
	4,871,855		SIF 4 Muntenia Bucuresti		5,292,963
	4,143,975		SIF 5 Oltenia Craiova		7,797,754
					34,567,609
		Australia—0.1%
	10,919,015		Australian Infrastructure Fund (1)		34,214,410
		Russia—0.1%
	92,634		Renaissance Pre-IPO Fund* (3)		9,494,985
	99,000		Renfin Ltd-Class A* (3)		11,360,250
	3,277,081		RenShares Utilites*		10,978,221
					31,833,456
		Sweden—0.0%
	1,485,000		NAXS Nordic Access Buyout* (1)		7,759,103
			TOTAL INVESTMENT FUNDS (Cost $314,097,685)		495,464,941
		PREFERRED STOCKS—1.7%
		Brazil—1.2%
	7,335,675		Cia Vale do Rio Doce (1)		230,438,948
	2,360,659		Petroleo Brasileiro (1)		97,726,425
					328,165,373

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
83

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		PREFERRED STOCKS—Continued
		Russia—0.3%
	121,092		Silvinit (3)	$	48,134,070
	7,791,100		URSA Bank (3)		14,803,090
					62,937,160
		Germany—0.2%
	89,379		Fresenius SE (1)		7,086,328
	259,214		Volkswagen AG		49,192,433
					56,278,761
		Croatia—0.0%
	45,410		Adris Grupa		4,644,247
			TOTAL PREFERRED STOCKS (Cost $345,610,514)		452,025,541
Face Value		Currency
		STRUCTURED NOTES—0.2%
		Philippines—0.2%
	1,679	USD	Phillippines Notes, due 10/17/2008 Zero Coupon (Cost $38,261,791)*†		63,290,528
Share Amount
		FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
		Bulgaria—0.1%
	12,071,674	BGN	Bulgaria Compensation Notes*		4,082,968
	3,842,865	BGN	Bulgaria Housing Compensation Notes*		1,335,858
	29,663,486	BGN	Bulgaria Registered Compensation Vouchers*		9,670,992
		TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES (Cost $19,710,351)			15,089,818

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
84

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Face
Value

Currency

Description

Market
Value (Note 2)

U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.1%

United States—0.1%

U.S. Treasury Bills

8,000,000

USD

3.790% due 12/06/2007 (5)

7,970,520

5,500,000

USD

3.800% due 12/06/2007 (5)

5,479,680

13,450,200

TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS (Cost $13,450,200)

13,450,200

Share
Amount

(Percentage of
Net Assets)

CONVERTIBLE BOND—0.0%

Greece—0.0%

591,950

Nirefs SA (Cost $782,184) (1)

836,706

RIGHTS—0.0%

Bulgaria—0.0%

1,408,255

Central Cooperative Bank Rights, Expires 12/05/2007

781,178

Philippines—0.0%

11,528,247

Ayala Land Rights, Expires TBD

26,392

TOTAL RIGHTS (Cost $24,683)

807,570

Face
Value

Currency

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITY LENDING—3.6%

United States—3.6%

970,162,722

USD

State Street Navigator Securities Lending Prime Portfolio
(Cost $970,162,722)

970,162,722

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
85

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund

Face
Value

Currency

Description

Market
Value (Note 2)

REPURCHASE AGREEMENT—0.1%

United States—0.1%

22,464,979

USD

State Street Bank and Trust Repurchase Agreement,

dated 10/31/2007, due 11/01/2007, with a

maturity value of $22,466,858 and an effective

yield of 3.01%, collateralized by a U.S. Government

and Agency Obligation, with a rate of 5.375%,

a maturity of 09/25/2031, and an aggregate

market value of $22,917,340. (Cost $22,464,979)

22,464,979

TOTAL INVESTMENTS—96.1%
(Cost $16,918,567,485)

25,877,592,762

OTHER ASSETS AND LIABILITIES (Net)—3.9%

1,052,581,537

TOTAL NET ASSETS—100.0%

26,930,174,299

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

BDR Brazilian Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

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

(2) All or a portion of this security was on loan to brokers at October 31, 2007.

(3) Illiquid security

(4) Affiliated Security

(5) Security has been pledged for futures 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 $17,179,351,851.

Glossary of Currencies

BGN — Bulgarien Lev

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
86

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS

October 31, 2007

Julius Baer International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
11/20/07	AUD	601,245,004		556,655,652		516,769,669	$	39,885,983
12/12/07	AUD	191,457,668		177,043,204		166,216,202		10,827,002
11/01/07	CAD	10,000,000		10,528,532		10,471,770		56,762
11/19/07	CAD	251,756,313		265,075,006		248,265,697		16,809,309
12/27/07	CAD	410,001,357		431,783,996		409,790,907		21,993,089
12/24/07	GBP	59,136,140		122,642,260		118,510,572		4,131,688
11/08/07	HKD	3,849,092,841		496,637,503		496,077,783		559,720
12/17/07	HKD	678,835,925		87,629,724		87,518,304		111,420
11/19/07	HUF	47,320,515,799		272,154,273		264,702,548		7,451,725
12/27/07	HUF	6,413,325,474		36,787,871		35,870,717		917,154
11/27/07	INR	4,977,107,487		126,412,724		125,045,412		1,367,312
11/20/07	JPY	52,924,897,211		460,027,235		474,371,498		(14,344,263	)
12/26/07	JPY	43,589,880,789		380,436,167		382,532,015		(2,095,848	)
01/23/08	JPY	26,477,720,000		231,792,997		231,957,536		(164,539	)
01/31/08	JPY	70,609,000,000		618,660,079		621,421,336		(2,761,257	)
12/03/07	KRW	95,603,810,146		106,291,411		104,868,475		1,422,936
11/20/07	MXN	1,318,424,321		123,013,792		119,572,625		3,441,167
11/01/07	NOK	142,152,501		26,366,773		26,530,888		(164,115	)
11/19/07	PLN	665,779,268		265,510,926		248,829,355		16,681,571
12/24/07	PLN	272,254,543		108,561,697		101,884,044		6,677,653
11/01/07	RON	2,121,265		921,848		920,289		1,559
11/19/07	TRY	137,880,606		117,032,942		112,932,652		4,100,290
12/03/07	TWD	5,022,188,565		155,509,787		155,228,164		281,623
11/01/07	UAH	14,090,640		2,786,364		2,788,293		(1,929	)
11/07/07	UAH	22,582,474		4,465,861		4,468,680		(2,819	)
11/13/07	UAH	10,042,779		1,986,184		1,987,292		(1,108	)
01/04/08	ZAR	1,272,490,551		192,651,272		182,103,236		10,548,036
Net unrealized appreciation on forward foreign exchange contracts to buy							$	127,730,121

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
87

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

October 31, 2007

Julius Baer International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration	Local Date		Value in Currency		In Exchange USDfor USD		Net Unrealized Depreciation
11/20/07	AUD	601,245,004		556,655,652		468,361,280	$	(88,294,372	)
11/19/07	CAD	251,756,313		265,075,006		234,181,027		(30,893,979	)
12/27/07	CZK	4,596,912,098		247,756,143		235,891,540		(11,864,603	)
11/01/07	EUR	22,916,667		33,154,688		33,000,000		(154,688	)
01/31/08	EUR	238,933,193		346,023,714		344,245,384		(1,778,330	)
11/19/07	HUF	90,995,443,002		523,341,689		468,330,319		(55,011,370	)
12/27/07	HUF	6,413,325,474		36,787,871		35,667,235		(1,120,636	)
11/20/07	MXN	2,656,030,015		247,817,277		234,180,643		(13,636,634	)
11/19/07	PLN	1,319,938,888		526,387,969		463,610,992		(62,776,977	)
12/24/07	PLN	272,254,543		108,561,697		101,413,448		(7,148,249	)
11/01/07	RON	440,103		191,258		188,837		(2,421	)
11/02/07	RON	886,499		385,250		383,185		(2,065	)
11/01/07	TRY	4,282,410		3,656,273		3,632,855		(23,418	)
11/19/07	TRY	169,188,489		143,607,048		117,090,321		(26,516,727	)
12/24/07	TRY	79,003,549		66,332,179		62,012,205		(4,319,974	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(303,544,443	)

Glossary of Currencies

AUD — Australian Dollar

CAD — Canadian Dollar

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

HUF — Hungarian Forint

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Nuevo Peso

NOK — Norwegian Krone

PLN — Polish Zloty

RON — Romanian Leu

TRY — Turkish Lira

TWD — New Taiwan Dollar

UAH — Ukraine Hryvnia

ZAR — South African Rand

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
88

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer International Equity Fund

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		29.0	%	$	7,847,560,653
Materials		13.4			3,612,584,927
Consumer Discretionary		9.8			2,639,848,953
Industrials		9.8			2,627,159,721
Energy		9.7			2,602,076,576
Consumer Staples		5.7			1,528,791,413
Telecommunications		5.4			1,443,658,163
Utilities		4.0			1,069,556,406
Healthcare		3.1			839,505,195
Information Technology		2.5			660,772,853
Cash & Cash Equivalents		3.7			1,006,077,902	*
Total Investments		96.1			25,877,592,762
Other Assets and Liabilities (Net)		3.9			1,052,581,537	*
Net Assets		100.0	%	$	26,930,174,299

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for futures with a notional market value of $1,721,043,488, which is 6.39% of net assets, and market value for swaps of $54,611,024, which is 0.20% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
89

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—84.5%
		France—9.0%
	27,905		Accor SA (1)	$	2,668,877
	204,248		Aeroports de Paris (1)(2)		23,446,486
	296,350		Air Liquide (1)(2)		40,867,788
	101,770		Alstom (1)		24,209,752
	229,187		BNP Paribas (1)		25,355,561
	390,029		Bouygues SA (1)		37,552,551
	91,840		Bureau Veritas* (1)		5,312,123
	219,375		Compagnie de Saint-Gobain (1)		23,671,948
	288,317		Credit Agricole (1)		11,424,154
	25,382		EDF Energies Nouvelles (1)(2)		2,037,530
	580,842		Electricite de France (1)		69,779,131
	39,972		Eurazeo (1)		5,965,767
	679,420		France Telecom (1)		25,099,481
	41,746		Hermes International (1)		5,497,659
	328,872		JC Decaux (1)(2)		12,117,897
	581,244		Lafarge SA (1)		94,794,228
	716,647		LVMH Moet Hennessy Louis Vuitton (1)		92,425,739
	195,111		M6-Metropole Television (1)		5,779,743
	166,855		Neuf Cegetel (1)(2)		8,447,872
	115,466		Nexity (1)		7,687,861
	138,160		Pernod-Ricard (1)		31,936,394
	144,678		PPR (1)		28,720,353
	77,679		Remy Cointreau (1)		5,973,764
	115,503		Renault SA (1)		19,458,144
	544,904		Societe Television Francaise 1 (1)		15,105,301
	66,129		Sodexho Alliance (1)		4,795,290
	886,079		Suez SA (1)		57,748,932
	85,754		Technip SA (1)		7,705,843
	1,429,576		Total SA (1)		115,230,212
	206,292		Veolia Environnement (1)		18,439,165
	450,365		Vinci SA (1)		37,032,974
	147,699		Vivendi (1)		6,660,112
	29,220		Wendel (1)(2)		5,016,634
					877,965,266
		United Kingdom—7.5%
	1,128,541		Amec PLC (1)		19,727,458
	1,051,635		Anglo American (1)		72,533,926
	405,574		BAE Systems (1)		4,209,877

See Notes to Financial Statements.
90

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		United Kingdom—Continued
	1,680,237		BHP Billiton (1)	$	64,038,869
	9,123,989		BP PLC (1)		118,526,250
	1,147,019		Burberry Group (1)		14,699,240
	2,640,525		Compass Group (1)		19,047,672
	3,738,487		Diageo PLC (1)		85,626,310
	1,090,450		GlaxoSmithKline PLC (1)		28,098,603
	420,772		Intertek Group (1)		9,001,544
	432,422		Kingfisher PLC (1)		1,777,223
	164,027		Persimmon PLC (1)		3,589,391
	69,944		Peter Hambro Mining* (1)		2,045,724
	2,214,715		QinetiQ PLC (1)		8,737,374
	580,584		Reckitt Benckiser (1)		33,706,018
	2,357,206		Rolls-Royce Group* (1)		26,431,171
	95,231,122		Rolls-Royce Group-Class B-Entitlement Shares*		197,828
	562,553		Scottish & Newcastle (1)		9,178,190
	3,625,267		Smith & Nephew (1)		49,035,598
	1,017,096		Taylor Wimpey (1)		5,258,854
	3,998,012		Tesco PLC (1)		40,632,137
	26,181,155		Vodafone Group (1)		103,171,634
	660,056		William Hill (1)		8,517,750
	324,950		WPP Group (1)		4,444,925
					732,233,566
		Germany—7.1%
	39,051		Adidas AG (1)		2,609,077
	360,161		Arcandor AG* (1)(2)		11,574,352
	90,412		BASF AG (1)		12,501,646
	216,678		Bayer AG (1)		18,119,250
	73,576		Bilfinger Berger (1)		6,580,672
	78,871		Celesio AG (1)		4,469,423
	2,105,376		Commerzbank AG (1)		89,617,064
	38,042		Continental AG (1)		5,756,199
	615,344		Daimler AG (1)		67,950,112
	171,450		Deutsche Boerse (1)		27,171,368
	372,147		Deutsche Post-Registered (1)		11,283,160
	215,640		Deutsche Postbank (1)		15,785,203
	402,033		E.ON AG (1)		78,510,560
	1,419,108		Fraport AG (1)(2)		111,119,077

See Notes to Financial Statements.
91

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Germany—Continued
	394,849		Fresenius Medical Care (1)	$	20,862,039
	402,595		Fresenius SE (1)		31,345,198
	342,773		Henkel KGaA (1)		15,911,960
	361,178		Hypo Real Estate (1)(2)		21,545,684
	331,500		IKB Deutsche Industriebank* (1)(2)		6,941,624
	46,593		Merck KGaA (1)		5,838,366
	318,382		Praktiker Bau-und Heimwerkermaerkte (1)		11,558,839
	126,954		Rheinmetall AG (1)		11,355,546
	719,250		Rhoen-Klinikum AG (1)		22,973,858
	134,617		RWE AG (1)		18,389,612
	381,729		Siemens AG-Registered (1)		51,946,034
	247,841		Tognum AG* (1)		8,966,055
					690,681,978
		Russia—6.4%
	2,827,000		AvtoVAZ (3)		4,509,065
	160,000		AvtoVAZ GDR (3)		1,319,436
	355,039		Cherepovets MK Severstal Sponsored GDR†		8,414,424
	199,997		CTC Media* (2)		5,017,925
	339,223		Evraz Group GDR†		25,451,223
	106		Evrocement Group* (3)		1,290,285
	2,789,709		Gazprom Sponsored ADR (2)		138,536,949
	417,857		LUKOIL Sponsored ADR		37,774,273
	90,679		Mechel OAO ADR		7,630,638
	11,113		MMC Norilsk Nickel		3,261,666
	238,507		MMC Norilsk Nickel ADR (2)		75,606,719
	1,169,091		NovaTek OAO		6,710,582
	191,731		NovaTek OAO Sponsored GDR†		11,005,359
	130,375		NovaTek OAO Sponsored GDR-Registered Shares (1)		7,508,310
	31,488		Open Investments* (3)		8,690,688
	652,224		Pharmstandard GDR*† (3)		14,225,005
	427,422		Polyus Gold		19,404,959
	155,249		Polyus Gold Sponsored ADR		7,102,642
	1,124,453		Rosneft Oil		9,861,453
	5,381,186		Rosneft Oil GDR (1)(2)		47,786,297
	14,222,282		Sberbank		61,155,813
	1,128,331		Sistema Hals GDR*† (3)		11,001,227
	448,571		Unified Energy System GDR* (2)		55,174,233
	1,916,811		Uralkali		9,584,055

See Notes to Financial Statements.
92

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Russia—Continued
	64,997		Uralkali Sponsored GDR*†	$	1,624,925
	193,659		Uralsvyazinform ADR		2,459,469
	465,490		Volzhskaya Hydroelectric Power Station (3)		439,888
	1,520,728		VTB Bank Sponsored GDR*†		14,598,989
	115,096		Wimm-Bill-Dann Foods		9,426,362
	139,090		Wimm-Bill-Dann Foods ADR (2)		16,656,028
					623,228,887
		Japan—5.7%
	68,780		Acom Co (1)(2)		1,643,923
	110,316		Aeon Credit Service (1)		1,697,022
	76,550		Aiful Corp (1)(2)		1,807,608
	200,448		Aisin Seiki (1)		8,207,396
	183,396		Bank of Kyoto (1)(2)		2,338,894
	1,170,773		Bank of Yokohama (1)		8,269,320
	446,316		Canon Inc (1)		22,567,094
	465,000		Chiba Bank (1)		3,725,349
	73,723		Credit Saison (1)		2,340,277
	168,000		Daihatsu Motor (1)		1,787,558
	107,500		Daikin Industries (1)		5,401,431
	288,928		Daiwa Securities (1)		2,784,897
	365,249		Denso Corp (1)		14,770,484
	648		Dentsu Inc (1)		1,699,382
	1,014		East Japan Railway (1)		8,353,099
	101,100		Eisai Co (1)		4,243,710
	128,440		Fanuc Ltd (1)		14,068,019
	1,025		Fuji Television Network (1)		2,068,038
	298,000		Gunma Bank (1)		2,117,396
	532,632		Honda Motor (1)		19,973,453
	155,038		HOYA Corp (1)(2)		5,638,669
	152,010		Ibiden Co (1)		12,926,462
	452,000		ITOCHU Corp (1)		5,758,586
	2,708		Japan Tobacco (1)		15,772,066
	62,779		JFE Holdings (1)		3,669,892
	118,991		JS Group (1)		1,923,897
	93,417		JSR Corp (1)		2,419,399
	1,176		KDDI Corp (1)		8,908,582
	259,630		Komatsu Ltd (1)		8,703,648
	271,484		Kubota Corp (1)		2,284,432

See Notes to Financial Statements.
93

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Japan—Continued
	30,100		Kyocera Corp (1)	$	2,550,680
	112,996		Makita Corp (1)		5,466,329
	516,551		Matsushita Electric Industrial (1)		9,879,345
	384,273		Mitsubishi Corp (1)		11,954,789
	464,000		Mitsubishi Electric (1)		5,631,892
	2,104,647		Mitsubishi UFJ Financial (1)		20,979,956
	408,800		Mitsui & Co (1)		10,634,897
	98,793		Mitsui Fudosan (1)		2,729,504
	1,791		Mizuho Financial (1)		10,072,481
	75,941		Nintendo Co (1)		47,888,453
	414,500		Nippon Electric Glass (1)		7,028,327
	621		Nippon Telegraph & Telephone (1)		2,847,562
	169,243		Nissan Motor (1)		1,951,355
	151,478		Nitto Denko (1)		7,393,855
	272,154		Nomura Holdings (1)		4,852,257
	362,000		NSK Ltd (1)		3,220,892
	4,612		NTT DoCoMo (1)		6,688,605
	56,493		Olympus Corp (1)		2,364,075
	73,220		Promise Co (1)(2)		2,199,507
	254,000		Ricoh Co (1)		5,010,924
	141		Sapporo Hokuyo (1)		1,450,662
	99,254		Seven & I (1)		2,557,180
	209,000		Sharp Corp (1)		3,292,711
	217,119		Shizuoka Bank (1)		2,272,669
	289,898		Sony Corp (1)		14,332,693
	229,061		Stanley Electric (1)		5,087,827
	724,000		Sumitomo Chemical (1)		6,425,597
	239,611		Sumitomo Corp (1)		4,177,615
	228,500		Sumitomo Electric Industries (1)		3,681,844
	944,642		Sumitomo Heavy Industries (1)		12,499,025
	1,026,318		Sumitomo Metal Industries (1)		5,060,797
	1,419		Sumitomo Mitsui Financial (1)(2)		11,586,882
	548,633		Sumitomo Trust & Banking (1)		4,077,152
	175,000		Suruga Bank (1)		2,301,890
	755,200		Suzuki Motor (1)		24,695,371
	105,482		Takata Corp (1)		3,757,574
	101,596		Takeda Pharmaceutical (1)		6,345,670
	91,200		Takefuji Corp (1)(2)		2,332,245
	329,286		Toray Industries (1)(2)		2,539,438

See Notes to Financial Statements.
94

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Japan—Continued
	758,794		Toyota Motor (1)	$	43,378,068
	117,830		Yamada Denki (1)		12,136,390
	278,977		Yamaha Motor (1)		7,946,445
	127,505		Yamato Holdings (1)		1,872,605
	188,965		Yokogawa Electric (1)		2,385,643
					555,409,661
		Australia—4.6%
	3,230,239		BHP Billiton (1)		139,898,819
	65,399		BHP Billiton Sponsored ADR (2)		5,706,717
	750,768		Brambles Ltd (1)		9,949,424
	690,724		Fairfax Media (1)		3,052,848
	14,106,625		Macquarie Airports (1)		57,634,805
	2,675,449		Newcrest Mining		80,334,905
	108,147		Publishing & Broadcasting (1)		2,102,607
	774,436		Rio Tinto (1)		72,431,541
	713,414		Rio Tinto (1)(2)		73,726,333
					444,837,999
		Switzerland—4.4%
	1,249,548		ABB Ltd (1)		37,760,709
	123,253		BKW FMB Energie (1)		14,820,257
	838,826		Compagnie Financiere Richemont (1)		59,965,954
	280,341		Credit Suisse-Registered (1)		18,915,808
	57,851		Flughafen Wien-Registered (1)		23,397,629
	487,481		Holcim Ltd (1)		55,731,962
	114,452		Nestle SA-Registered (1)		52,876,531
	16,371		Nobel Biocare Holding* (1)		4,779,139
	153,550		Roche Holding (1)		26,233,463
	12,492		SGS SA (1)		16,455,155
	147,119		Swatch Group (1)		47,135,441
	75,037		Synthes Inc (1)		9,378,389
	304,554		UBS AG-Registered (1)		16,336,431
	648,294		Xstrata PLC (1)		46,507,693
					430,294,561
		Poland—3.9%
	102,244		Bank BPH (1)		40,159,111
	615,418		Bank Handlowy w Warszawie (1)		28,797,884
	1,986,795		Bank Millenium (1)		10,792,496

See Notes to Financial Statements.
95

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Poland—Continued
	819,117		Bank Pekao (1)	$	87,428,667
	386,131		Bank Zachodni WBK (1)		42,869,444
	16,489		BRE Bank* (1)		3,767,635
	28,986		ING Bank Slaski (1)		10,294,222
	3,763,616		PKO Bank Polski (1)		83,698,060
	5,034,913		Polskie Gornictwo Naftowe I (1)		11,479,590
	6,240,866		Telekomunikacja Polska (1)		59,108,383
					378,395,492
		Hungary—3.8%
	12,945,423		Magyar Telekom Telecommunications (1)		69,620,404
	60,360		MOL Hungarian Oil and Gas (1)		9,289,236
	4,845,747		OTP Bank (1)		262,765,617
	131,883		Richter Gedeon (1)		28,635,394
					370,310,651
		Finland—3.1%
	148,859		Elisa Oyj (1)(2)		4,423,545
	1,556,906		Fortum Oyj (1)		67,584,750
	371,080		Kemira Oyj (1)		8,801,747
	203,230		Kesko Oyj-Class B (1)(2)		12,185,624
	99,697		Metso Oyj (1)		6,103,867
	2,278,646		Nokia Oyj (1)		90,389,801
	68,855		Nokian Renkaat (1)		2,597,961
	343,952		OKO Bank-Class A (1)		7,381,634
	723,966		Orion Oyj-Class B (1)(2)		18,597,325
	255,499		Outotec Oyj (1)		19,630,914
	869,702		Ramirent Oyj (1)(2)		19,488,528
	382,814		Sanoma-WSOY Oyj (1)(2)		11,056,344
	996,213		YIT Oyj (1)		30,901,338
					299,143,378
		Austria—2.8%
	161,785		CA Immobilien Anlagen* (1)		4,368,085
	636,523		Erste Bank der Oesterreichischen Sparkassen (1)		51,888,109
	2,019,738		Immoeast AG* (1)		24,655,945
	160,231		Oesterreichische Elektrizitaetswirtschafts-Class A (1)		10,594,297
	725,952		OMV AG (1)		54,404,666
	377,237		Raiffeisen International Bank (1)(2)		62,629,113
	243,391		Telekom Austria (1)		6,988,945

See Notes to Financial Statements.
96

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Austria—Continued
	334,813		Wiener Staedtische Versicherung (1)	$	24,719,271
	509,515		Wienerberger AG (1)		31,852,783
					272,101,214
		Canada—2.3%
	533,347		Cameco Corp		26,139,506
	71,189		Canadian Natural Resources		5,888,195
	264,094		Imperial Oil		14,305,787
	3,281,760		Ivanhoe Mines*		44,883,199
	365,427		OPTI Canada*		7,329,316
	478,845		Potash Corp of Saskatchewan		59,288,452
	85,460		Research in Motion*		10,640,625
	375,025		Suncor Energy		40,846,848
	541,166		Talisman Energy		11,725,833
	1,072,420		UTS Energy*		6,898,806
					227,946,567
		Italy—2.2%
	92,018		Autogrill SpA (1)		1,838,178
	93,202		Banca Popolare dell' Emilia Romagna (1)		2,209,167
	1,619,525		Banca Popolare di Milano (1)		25,262,269
	309,222		Banca Popolare di Sondrio (1)		4,925,790
	379,389		Banco Popolare Scarl* (1)		9,091,160
	285,223		Bulgari SpA (1)		4,441,222
	1,305,586		Buzzi Unicem (1)(2)		36,954,693
	578,063		Credito Emiliano (1)		7,810,734
	120,427		Finmeccanica SpA (1)		3,564,514
	273,764		Geox SpA (1)		6,548,458
	3,867,934		Intesa Sanpaolo* (1)		29,398,451
	496,902		Italcementi SpA (1)		11,402,161
	49,275		Lottomatica SpA (1)		1,756,062
	530,570		Mediobanca SpA (1)(2)		12,582,673
	2,267,806		Telecom Italia (1)		7,112,878
	4,321,445		UniCredito Italiano (1)		36,987,453
	327,910		Unione di Banche Italiane (1)(2)		9,099,732
					210,985,595

See Notes to Financial Statements.
97

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Hong Kong—2.2%
	240,909		Alibaba.com Ltd*†	$	419,605
	6,743,779		China Merchants Holdings International (1)		47,810,650
	1,749,012		China Mobile (1)		36,505,127
	4,806,909		Galaxy Entertainment* (1)		5,245,909
	17,588,525		GOME Electrical Appliances (1)		40,247,024
	1,843,323		Hutchison Telecommunications International (1)		2,630,592
	8,573,505		Melco International Development (1)		16,362,348
	904,740		Melco PBL Entertainment ADR* (2)		14,385,366
	29,397,676		Shun Tak (1)		46,169,991
					209,776,612
		Sweden—2.0%
	315,452		Getinge AB-Class B (1)(2)		8,370,610
	269,956		Hennes & Mauritz-Class B (1)		17,989,842
	197,752		Modern Times-Class B (1)		13,918,430
	3,480,907		Nordea Bank AB (1)		62,389,035
	274,320		OMX AB (1)(2)		11,535,943
	134,500		Securitas AB-Class B (1)		1,698,918
	802,717		Skandinaviska Enskilda Banken (1)		24,664,668
	1,392,631		Swedbank AB (1)		43,686,612
	2,579,736		Telefonaktiebolaget LM Ericsson-Class B (1)		7,738,944
	663,675		TeliaSonera AB (1)		6,537,496
					198,530,498
		Norway—2.0%
	494,764		Aker Kvaerner (1)(2)		17,272,513
	1,748,439		DnB NOR (1)		28,799,765
	3,643,118		Marine Harvest* (1)(2)		3,692,648
	2,119,528		Norsk Hydro (1)		31,029,002
	2,078,863		StatoiHydro ASA (1)		70,066,274
	642,043		Telenor ASA* (1)		15,077,228
	787,275		Yara International (1)		30,510,128
					196,447,558
		Czech Republic—2.0%
	841,449		Komercni Banka (1)		193,323,533
		Netherlands—1.5%
	297,857		ING Groep (1)		13,426,983
	2,476,619		KKR Private Equity Investors (2)		48,541,732

See Notes to Financial Statements.
98

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Netherlands—Continued
	322,216		Koninklijke Ahold* (1)	$	4,846,026
	120,206		Koninklijke Vopak (1)(2)		6,900,263
	1,141,648		Royal KPN (1)		21,557,379
	206,515		TNT NV (1)		8,480,090
	860,910		Unilever NV (1)		28,005,358
	154,402		Vedior NV (1)		3,525,783
	396,350		X 5 Retail GDR-Registered* (1)		14,319,582
					149,603,196
		Mexico—1.5%
	5,295,782		America Movil SAB de CV-Class L		16,723,730
	181,337		America Movil SAB de CV ADR-Class L		11,857,626
	1,936,259		Controladora Comercial Mexicana		6,007,845
	5,222,028		Corporacion Moctezuma		16,588,399
	91,126		Desarrolladora Homex ADR* (2)		5,149,530
	7,425,291		Fomento Economico Mexicano Sponsored ADR		25,959,936
	1,112,550		Grupo Cementos de Chihuahua		6,204,510
	6,024,418		Grupo Financiero Banorte		27,186,205
	932,888		Grupo Televisa Sponsored ADR		23,182,267
	1,908,777		Urbi Desarrollos Urbanos*		7,383,153
					146,243,201
		Belgium—1.2%
	754,647		Fortis (1)		24,186,692
	42,614		Groupe Bruxelles Lambert (1)		5,465,530
	798,532		KBC Ancora (1)		90,178,107
					119,830,329
		Cyprus—1.0%
	364,349		AFI Development GDR*†		3,789,230
	2,784,847		Bank of Cyprus (1)		54,515,925
	2,488,927		Marfin Popular Bank Public (1)		40,608,289
					98,913,444
		China—0.8%
	33,128,735		Beijing Capital International Airport-Class H (1)		66,521,782
	4,583,518		Shenzhen Chiwan Wharf-Class B (1)		10,944,143
	1,824,882		Weiqiao Textile-Class H (1)		3,428,173
					80,894,098

See Notes to Financial Statements.
99

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Romania—0.8%
	1,922,691		BRD-Groupe Societe Generale	$	21,807,933
	229,613,399		SNP Petrom		52,386,699
					74,194,632
		Spain—0.7%
	67,395		Gamesa Corporacion Tecnologica (1)		3,440,037
	710,393		Iberdrola SA (1)		11,432,699
	101,859		Inditex SA (1)		7,602,673
	1,509,270		Telefonica SA (1)		49,910,390
					72,385,799
		Greece—0.7%
	4,611,870		Alapis Holding Industrial and Commercial* (1)		16,954,189
	686,817		Hellenic Telecommunication Organization (1)		25,135,730
	2,583,144		Marfin Investment Group (1)		24,514,420
					66,604,339
		Denmark—0.6%
	5,202		ALK-Abello (1)		1,125,940
	81,865		Carlsberg A/S-Class B (1)(2)		11,044,594
	101,985		FLSmidth & Co (1)		11,108,037
	165,754		Novo-Nordisk-Class B (1)		20,616,760
	16,347		Rockwool International-Class B (1)(2)		5,244,966
	88,887		Vestas Wind Systems* (1)		7,996,380
					57,136,677
		Multinational—0.5%
	201,453		Central European Media Enterprises-Class A* (2)		23,116,732
	229,760		Millicom International Cellular* (2)		26,992,205
					50,108,937
		Ukraine—0.5%
	2,809,196		Raiffeisen Bank Aval		617,723
	39,541		Ukrnafta Oil* (1)		3,151,082
	33,398		Ukrnafta Oil ADR*		16,728,367
	92,477,349		UkrTelecom*		20,572,873
	627,195		UkrTelecom GDR* (1)		6,823,606
					47,893,651

See Notes to Financial Statements.
100

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount			(Percentage of Net Assets)	Description	Market Value (Note 2)
			COMMON STOCKS—Continued
			Ireland—0.5%
	582,334			CRH PLC (1)	$	22,363,891
	2,878,829			Dragon Oil* (1)		18,700,543
	148,464			Kingspan Group (1)		3,547,850
						44,612,284
			India—0.5%
	33,840			ICICI Bank ADR		2,349,850
	336,749			State Bank of India GDR (1)		41,992,468
						44,342,318
			South Africa—0.5%
	503,844			Impala Platinum (1)		18,493,071
	745,369			MTN Group (1)		14,506,204
	578,734			Standard Bank Group (1)		10,397,279
						43,396,554
			South Korea—0.4%
	50,645			Hyundai Motor (1)		4,027,398
	67,294			Kookmin Bank (1)		5,556,977
	20,396			NHN Corp* (1)		6,619,615
	33,360			Samsung Electronics (1)		20,712,156
						36,916,146
			Portugal—0.4%
	1,822,302	��		Energias de Portugal (1)		11,730,290
	3,065,373			Jeronimo Martins (1)		22,732,979
						34,463,269
			Brazil—0.3%
	1,220,329			Bovespa Holding* (1)		22,797,432
	312,538			Unibanco		4,922,424
	26,755			Unibanco GDR (1)		4,228,360
						31,948,216
			Turkey—0.3%
	686,787			Haci Omer Sabanci (1)		4,699,959
	1,514,981			Turkiye Garanti Bankasi (1)		13,969,629
	1,775,611			Turkiye Is Bankasi (1)		12,169,151
						30,838,739

See Notes to Financial Statements.
101

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		New Zealand—0.2%
	10,069,150		Auckland International Airport (1)	$	22,320,805
		Indonesia—0.2%
	24,162,170		Semen Gresik Persero (1)		16,607,294
		Chile—0.2%
	74,316		Sociedad Quimica y Minera de Chile Sponsored ADR (2)		14,268,672
		Thailand—0.1%
	8,944,800		Bank of Ayudhya NVDR* (1)		7,701,038
		Philippines—0.1%
	231,822		Ayala Corp (1)		3,343,215
	5,911,338		Ayala Land (1)		2,057,769
					5,400,984
		United States—0.0%
	163,464		News Corp (1)(2)		3,732,533
	31,492		News Corp-Class B (2)		722,112
					4,454,645
		Taiwan—0.0%
	376,367		Taiwan Semiconductor Manufacturing Sponsored ADR		4,008,309
		Morocco—0.0%
	9,208		Ciments Du Maroc (1)		3,291,132
		Croatia—0.0%
	41,502		Hrvatske Telekomunikacije Sponsored GDR*† (3)		3,003,901
		Lebanon—0.0%
	101,972		SOLIDERE-Class A		1,856,910
			TOTAL COMMON STOCKS (Cost $6,629,448,438)		8,224,852,535
		WARRANTS—3.2%
		India—2.7%
	732,053		Bharti Airtel-Class A, Issued by CLSA, Expires 05/31/2010*†		18,750,220
	2,297,183		Canara Bank, Issued by Citigroup, Expires 10/24/2012		17,139,034
	417,259		ICIC Bank, Issued by CLSA, Expires 05/10/2010†		13,314,609
	322,516		ICICI Bank, Issued by ABN Amro Bank, Expires 06/30/2009		10,309,423
	646,950		ICICI Bank, Issued by Citigroup, Expires 10/24/2012†		20,741,217
	443,063		Mahindra & Mehindra, Issued by CLSA, Expires 06/28/2010†		8,506,810

See Notes to Financial Statements.
102

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		WARRANTS—Continued
		India—Continued
	339,977		Oil & Natural Gas, Issued by CLSA, Expires 05/13/2010†	$	10,780,671
	122,298		Reliance Industries, Issued by CLSA, Expires 05/17/2010†		8,662,367
	1,027,723		State Bank of India, Issued by Citigroup, Expires 10/24/2012†		64,230,719
	1,130,142		State Bank of India, Issued by CLSA, Expires 05/13/2010†		70,477,701
	310,709		State Bank of India, Issued by Deutsche Bank AG, Expires 08/18/2017†		19,596,292
	69,051		Suzlon Energy, Issued by Citigroup, Expires 10/24/2012		3,444,057
	2,900		Suzlon Energy, Issued by CLSA, Expires 06/22/2011†		145,638
					266,098,758
		Taiwan—0.5%
	4,204,838		Formosa Plastics, Issued by Deutsche Bank AG London, Expires 01/24/2017†		12,950,901
	2,954,740		Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/19/2008†		22,435,341
	3,943,432		Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank AG London, Expires 01/19/2017		7,764,618
					43,150,860
			TOTAL WARRANTS (Cost $202,651,900)		309,249,618
		PREFERRED STOCKS—2.0%
		Brazil—1.4%
	2,720,206		Cia Vale do Rio Doce (1)		85,451,088
	1,093,698		Petroleo Brasileiro (1)		45,276,846
					130,727,934
		Russia—0.4%
	1,274,840		Sberbank		3,748,030
	47,697		Silvinit (3)		18,959,557
	7,015,479		URSA Bank (3)		13,329,410
					36,036,997
		Germany—0.2%
	39,085		Fresenius SE (1)		3,098,817
	107,087		Volkswagen AG		20,322,475
					23,421,292
			TOTAL PREFERRED STOCKS (Cost $151,117,376)		190,186,223

See Notes to Financial Statements.
103

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Share
Amount

(Percentage of
Net Assets)

Description

Market
Value (Note 2)

INVESTMENT FUNDS—1.5%

India—1.0%

4,158,537

Banking Index Benchmark Exchange Traded Scheme-Bank
BeES, Issued by Citigroup, Expires 10/24/2012†

95,800,217

170,000

Banking Index Benchmark Exchange Traded Scheme-Bank
BeES, Issued by CLSA, Expires 03/22/2012†

3,949,100

99,749,317

United States—0.5%

509,815

IShares MSCI Brazil (2)

43,640,164

TOTAL INVESTMENT FUNDS (Cost $96,340,713)

143,389,481

Face
Value

Currency

U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.2%

United States—0.2%

		U.S. Treasury Bills
15,000,000	USD	3.780% due 12/06/2007 (4)	14,943,300
3,000,000	USD	3.790% due 12/06/2007 (4)	2,988,629
2,400,000	USD	3.800% due 12/06/2007 (4)	2,390,880
			20,322,809
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $20,322,809)	20,322,809

Share
Amount

RIGHTS—0.0%

Philippines—0.0%

8,687,023

Ayala Land Rights, Expires TBD (Cost $18,600)

19,888

Face
Value

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITY LENDING—4.2%

United States—4.2%

410,296,503

USD

State Street Navigator Securities
Lending Prime Portfolio (Cost $410,296,503)

410,296,503

See Notes to Financial Statements.
104

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer International Equity Fund II

Face
Value

Currency

Description

Market
Value (Note 2)

REPURCHASE AGREEMENT—1.6%

United States—1.6%

159,431,189

USD

State Street Bank and Trust Company Repurchase
Agreement, dated 10/31/2007, due 11/1/2007,
with a maturity value of $159,444,519 and an
effective yield of 3.01%, collateralized by U.S.
Government and Agency Obligations, with rates
ranging from 4.768%-5.810%, maturities ranging
from 9/25/2031-7/15/2036, and an aggregate
market value of $162,620,704.
(Cost $159,431,189)

159,431,189

TOTAL INVESTMENTS—97.2% (Cost $7,669,627,528)

9,457,748,246

OTHER ASSETS AND LIABILITIES (Net)—2.8%

275,716,335

TOTAL NET ASSETS—100.0%

9,733,464,581

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

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

(2) All or a portion of this security was on loan to brokers at October 31, 2007.

(3) Illiquid security

(4) Security has been pledged for futures collateral.

* Non-income producing security.

Aggregate cost for federal income tax purposes was $7,741,065,901.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.
105

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS

October 31, 2007

Julius Baer International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Appreciation (Depreciation)
11/20/07	AUD	183,154,401		169,571,359		157,384,487	$	12,186,872
12/12/07	AUD	68,392,688		63,243,539		59,392,683		3,850,856
01/24/08	BRL	50,708,097		28,846,930		27,537,497		1,309,433
11/01/07	CAD	1,577,493		1,660,868		1,653,383		7,485
11/02/07	CAD	2,105,925		2,217,236		2,212,339		4,897
11/19/07	CAD	76,695,840		80,753,289		75,632,448		5,120,841
12/27/07	CAD	140,026,864		147,466,241		139,953,883		7,512,358
01/24/08	CAD	17,942,134		18,897,955		18,321,574		576,381
11/14/07	CHF	22,708,000		19,608,083		19,149,134		458,949
11/07/07	DKK	5,249,318		1,018,986		973,177		45,809
11/30/07	GBP	5,055,000		10,491,919		10,138,308		353,611
12/06/07	GBP	29,499,900		61,216,747		59,278,526		1,938,221
12/24/07	GBP	25,129,200		52,115,371		50,484,927		1,630,444
11/06/07	HKD	3,285,087		423,856		423,854		2
11/08/07	HKD	1,339,999,596		172,896,337		172,701,480		194,857
12/17/07	HKD	238,544,350		30,793,267		30,754,113		39,154
01/24/08	HKD	215,362,565		27,815,756		27,790,511		25,245
11/19/07	HUF	29,641,538,712		170,477,250		166,008,471		4,468,779
12/20/07	HUF	1,782,641,000		10,229,945		9,971,701		258,244
11/27/07	INR	1,689,229,812		42,904,467		42,440,396		464,071
11/01/07	JPY	1,834,894,512		15,916,160		16,005,709		(89,549	)
11/02/07	JPY	363,149,285		3,150,013		3,146,602		3,411
11/08/07	JPY	4,034,737,744		35,022,011		34,603,242		418,769
11/14/07	JPY	2,222,000,000		19,300,502		19,105,756		194,746
11/16/07	JPY	1,169,000,000		10,156,374		9,989,315		167,059
11/20/07	JPY	18,541,689,363		161,165,775		166,191,163		(5,025,388	)
11/26/07	JPY	2,154,286,400		18,738,126		18,998,242		(260,116	)
11/30/07	JPY	4,300,000,000		37,418,876		37,952,359		(533,483	)
12/06/07	JPY	8,261,096,700		71,937,639		72,333,357		(395,718	)
12/19/07	JPY	6,392,971,000		55,751,483		55,833,937		(82,454	)
12/26/07	JPY	13,094,832,320		114,286,796		114,155,904		130,892
01/23/08	JPY	10,411,860,846		91,148,197		91,212,899		(64,702	)
01/31/08	JPY	8,455,100,000		74,081,673		74,412,321		(330,648	)
12/03/07	KRW	37,186,784,318		41,343,915		40,793,215		550,700
11/20/07	MXN	886,785,190		82,740,289		80,425,500		2,314,789
11/01/07	NOK	65,967,817		12,235,862		12,346,588		(110,726	)
11/30/07	NOK	216,500,000		40,138,426		37,003,171		3,135,255
11/19/07	PLN	322,496,691		128,610,786		120,530,403		8,080,383
12/24/07	PLN	1,313,945		523,936		491,709		32,227
11/19/07	TRY	45,072,565		38,257,555		36,917,474		1,340,081
12/24/07	TRY	403,460		338,749		326,794		11,955
12/03/07	TWD	1,994,807,810		61,768,317		61,668,094		100,223
01/04/08	ZAR	544,018,762		82,362,817		77,858,153		4,504,664
Net unrealized appreciation on forward foreign exchange contracts to buy							$	54,538,879

See Notes to Financial Statements.
106

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

October 31, 2007

Julius Baer International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Depreciation
11/20/07	AUD	183,154,401		169,571,359		142,674,665	$	(26,896,694	)
11/19/07	CAD	76,695,840		80,753,289		71,341,649		(9,411,640	)
11/23/07	CZK	32,582,000		1,753,852		1,594,968		(158,884	)
12/19/07	CZK	389,697,000		20,997,186		19,793,631		(1,203,555	)
12/27/07	CZK	26,279,692		1,416,376		1,348,160		(68,216	)
01/24/08	EUR	12,932,200		18,727,378		18,321,574		(405,804	)
01/24/08	EUR	38,797,320		56,183,177		55,328,008		(855,169	)
01/31/08	EUR	66,823,410		96,773,848		96,276,495		(497,353	)
11/19/07	HUF	44,351,213,263		255,076,937		228,264,374		(26,812,563	)
12/20/07	HUF	1,782,641,000		10,229,945		9,694,062		(535,883	)
12/27/07	HUF	26,922,463		154,432		149,727		(4,705	)
11/20/07	MXN	1,375,459,409		128,335,374		121,273,467		(7,061,907	)
11/19/07	PLN	542,817,038		216,473,930		190,657,271		(25,816,659	)
12/24/07	PLN	1,313,945		523,936		489,438		(34,498	)
11/19/07	TRY	77,308,625		65,619,496		53,503,000		(12,116,496	)
12/24/07	TRY	403,460		338,749		316,687		(22,062	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(111,902,088	)

Glossary of Currencies

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

HUF — Hungarian Forint

INR — Indian Rupee

JPY — Japanese Yen

KRW — Republic of Korea Won

MXN — Mexican Nuevo Peso

NOK — Norwegian Krone

PLN — Polish Zloty

TRY — Turkish Lira

TWD — New Taiwan Dollar

ZAR — South African Rand

See Notes to Financial Statements.
107

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer International Equity Fund II

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		28.7	%	$	2,800,544,021
Materials		13.4			1,303,589,337
Consumer Discretionary		9.8			952,439,775
Energy		9.4			913,480,229
Industrials		9.1			894,000,680
Telecommunications		5.6			548,345,123
Utilities		5.0			487,633,542
Consumer Staples		4.9			473,455,593
Healthcare		3.0			287,663,524
Information Technology		2.1			206,545,921
Cash & Cash Equivalents		6.1			590,050,501	*
Total Investments		97.1			9,457,748,246
Other Assets and Liabilities (Net)		2.9			275,716,335	*
Net Assets		100.0	%	$	9,733,464,581

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for futures with a notional market value of $722,161,097, which is 7.42% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
108

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer Total Return Bond Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			U.S. GOVERNMENT AND AGENCY OBLIGATIONS—57.7%
			Federal Home Loan Bank
	9,000,000	USD	4.500% due 09/16/2013	$	8,898,264
	13,645,000	USD	5.500% due 08/13/2014		14,207,474
					23,105,738
			Federal Home Loan Mortgage Corporation
	25,600,000	USD	4.875% due 02/09/2010		25,901,184
	15,754,000	USD	5.500% due 08/20/2012		16,346,177
	2,822,919	USD	4.655% due 09/01/2035 (1)		2,851,628
	2,512,462	USD	4.917% due 04/01/2036 (1)		2,509,762
	4,350,974	USD	5.640% due 12/01/2036 (1)		4,390,455
	1,181,024	USD	5.502% due 01/01/2037 (1)		1,187,467
	5,465,321	USD	5.177% due 02/01/2037 (1)		5,445,558
	3,264,123	USD	5.504% due 03/01/2037 (1)		3,283,186
	1,434,875	USD	5.630% due 04/01/2037 (1)		1,448,634
	4,024,222	USD	5.620% due 07/01/2037 (1)		4,058,086
	58,880,000	USD	5.000% due 11/01/2037*		56,515,615
	23,300,000	USD	5.500% due 11/01/2037*		22,961,428
	26,300,000	USD	6.500% due 11/01/2037*		26,936,960
					173,836,140
			Federal National Mortgage Association Corporation
	53,700,000	USD	6.000% due 11/01/2021*		54,631,373
	1,621,406	USD	4.332% due 01/01/2034 (1)		1,647,829
	4,305,590	USD	4.247% due 10/01/2034 (1)		4,275,939
	3,273,979	USD	4.670% due 11/01/2035 (1)		3,291,659
	2,607,173	USD	5.539% due 02/01/2036 (1)		2,623,001
	856,557	USD	6.000% due 06/01/2036		863,162
	167,654	USD	6.000% due 11/01/2036		168,947
	995,596	USD	6.000% due 12/01/2036		1,003,272
	2,969,989	USD	5.387% due 03/01/2037 (1)		2,970,110
	876,225	USD	6.000% due 03/01/2037		882,978
	1,684,488	USD	5.000% due 05/01/2037		1,617,053
	26,941	USD	6.000% due 05/01/2037		27,145
	1,584,928	USD	6.000% due 06/01/2037		1,596,958
	492,113	USD	6.000% due 07/01/2037		495,848
	6,651,715	USD	5.960% due 08/01/2037 (1)		6,713,090
	19,744,127	USD	6.000% due 08/01/2037		19,893,990
	17,100,000	USD	5.000% due 11/01/2037*		16,413,332
	22,620,000	USD	6.000% due 11/01/2037*		22,786,121
	3,779,039	USD	5.643% due 01/01/2047		3,817,921
					145,719,728

See Notes to Financial Statements.
109

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
			Government National Mortgage Association
	56,256	USD	7.000% due 04/15/2032	$	59,235
	4,282,650	USD	6.000% due 03/15/2037		4,337,664
	3,166,592	USD	6.000% due 04/15/2037		3,207,270
	499,184	USD	6.000% due 05/15/2037		505,597
	4,885,604	USD	6.000% due 06/15/2037		4,948,363
	2,078,702	USD	6.000% due 07/15/2037		2,105,405
	1,598,317	USD	6.000% due 09/15/2037		1,618,848
	43,500,000	USD	6.000% due 11/01/2037*		44,050,537
					60,832,919
			U.S. Treasury Bonds
	900,000	USD	5.000% due 05/15/2037		936,071
			U.S. Treasury Inflation Indexed Bonds
	10,999,485	USD	2.375% due 04/15/2011		11,173,937
	18,642,824	USD	1.625% due 01/15/2015		18,101,026
					29,274,963
			U.S. Treasury Inflation Indexed Note
	20,864,947	USD	2.375% due 01/15/2025		21,311,603
			U.S. Treasury Notes
	6,550,000	USD	4.000% due 09/30/2009		6,561,259
	9,400,000	USD	3.625% due 10/31/2009		9,349,334
	4,800,000	USD	4.500% due 05/15/2010		4,869,379
	916,000	USD	4.125% due 08/31/2012		915,356
	16,140,000	USD	3.875% due 10/31/2012		15,938,266
	24,000,000	USD	3.875% due 02/15/2013		23,688,768
	20,740,000	USD	3.625% due 05/15/2013		20,193,957
					81,516,319
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $530,713,651)		536,533,481
			ASSET BACKED SECURITIES—25.8%
			American Express Credit Account Master Trust
	4,600,000	USD	5.430% due 09/15/2010 (1)		4,601,662
	8,050,000	USD	5.721% due 10/15/2010 (1)		8,053,388
					12,655,050

See Notes to Financial Statements.
110

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			ASSET BACKED SECURITIES—Continued
			Banc of America Commercial Mortgage
	2,000,000	USD	5.118% due 07/11/2043	$	1,990,512
	10,270,000	USD	5.929% due 05/10/2045 (1)		10,422,913
	8,500,000	USD	5.414% due 09/10/2047		8,390,473
					20,803,898
			Bank One Issuance Trust
��	3,400,000	USD	5.440% due 09/15/2010 (1)		3,401,160
			Bear Stearns Commercial Mortgage Securities
	3,205,000	USD	5.201% due 12/11/2038		3,112,384
	12,400,000	USD	4.674% due 06/11/2041		11,731,616
					14,844,000
			Capital Auto Receivables Asset Trust
	5,145,857	USD	3.580% due 01/15/2009		5,132,863
	5,000,000	USD	5.030% due 10/15/2009		4,998,792
					10,131,655
			Capital One Prime Auto Receivables Trust, Series 2006-1, Class A3
	6,517,803	USD	4.990% due 09/15/2010		6,520,307
			Citibank Credit Card Issuance Trust
	9,100,000	USD	5.460% due 01/15/2010 (1)		9,107,827
	6,100,000	USD	3.100% due 03/10/2010		6,059,464
	8,500,000	USD	5.846% due 08/20/2014 (1)		8,550,394
					23,717,685
			City Mortgage MBS Finance BV, Series 2006-1A, Class AFL
	1,887,317	USD	6.920% due 09/10/2033† (1)		1,859,007
			CNH Equipment Trust, Series 2007-A, Class A2
	2,700,000	USD	5.130% due 10/15/2009		2,705,210
			Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4
	7,500,000	USD	5.769% due 06/10/2046 (1)		7,628,130

See Notes to Financial Statements.
111

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			ASSET BACKED SECURITIES—Continued
			Credit Suisse Mortgage Capital Certificates
	9,100,000	USD	5.467% due 09/15/2039	$	8,999,895
	6,600,000	USD	5.311% due 12/15/2039		6,452,708
					15,452,603
			Discover Card Master Trust I
	2,800,000	USD	5.540% due 01/15/2008 (1)		2,801,543
			Ford Credit Auto Owner Trust
	1,387,857	USD	3.540% due 11/15/2008		1,385,698
	3,285,686	USD	4.300% due 08/15/2009		3,277,446
					4,663,144
			GE Capital Commercial Mortgage Corporation, Series 2002-1A, Class A3
	3,700,000	USD	6.269% due 12/10/2035		3,839,295
			Harley-Davidson Motorcycle Trust
	1,717,091	USD	2.070% due 02/15/2011 (2)		1,711,145
			Honda Auto Receivables Owner Trust
	143,966	USD	5.322% due 03/18/2008		143,991
	3,583,754	USD	5.326% due 06/23/2008 (3)		3,585,195
	2,533,867	USD	3.870% due 04/20/2009		2,524,654
	2,771,611	USD	4.610% due 08/17/2009		2,767,085
	6,739,104	USD	4.850% due 10/19/2009		6,734,214
					15,755,139
			John Deere Owner Trust
	2,864,621	USD	3.980% due 06/15/2009		2,859,059
			JPMorgan Chase Commercial Mortgage Securities Corp, Series 2002-CIB4, Class A3
	1,920,000	USD	6.162% due 05/12/2034		1,985,646
			Lehman Brothers-UBS Commercial Mortgage Trust, Series 2001-C3, Class A2
	5,620,000	USD	6.365% due 12/15/2028		5,843,976

See Notes to Financial Statements.
112

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			ASSET BACKED SECURITIES—Continued
			MBNA Credit Card Master Note Trust, Series 2000-L, Class A
	10,000,000	USD	6.500% due 04/15/2010	$	10,005,151
			Morgan Stanley Capital I
	2,600,000	USD	5.810% due 08/12/2041 (1)		2,657,255
	8,650,000	USD	5.332% due 12/15/2043		8,474,273
					11,131,528
			Morgan Stanley Dean Witter Capital I
	500,000	USD	6.390% due 07/15/2033		518,826
	5,200,000	USD	6.390% due 10/15/2035		5,406,761
	7,500,000	USD	5.980% due 01/15/2039		7,699,822
					13,625,409
			Nelnet Student Loan Trust, Series 2006-3, Class A1
	3,974,732	USD	5.183% due 09/25/2012 (1)		3,972,213
			Nissan Auto Receivables Owner Trust
	416,183	USD	5.321% due 03/17/2008		416,243
	4,750,269	USD	4.000% due 12/15/2009		4,729,688
					5,145,931
			SLM Student Loan Trust
	3,221,505	USD	5.340% due 04/25/2014 (1)		3,215,906
	3,415,557	USD	5.410% due 04/25/2018 (1)		3,412,191
					6,628,097
			Small Business Administration
	2,387,402	USD	4.940% due 08/10/2015		2,360,623
	4,016,683	USD	5.408% due 02/10/2016		4,018,602
	6,309,667	USD	5.459% due 02/10/2017		6,332,619
					12,711,844
			Taganka Car Loan Finance PLC, Series 2006-1A, Class A
	1,005,218	USD	6.320% due 11/14/2013† (1)		1,006,224
			TIAA Retail Commercial Trust, Series 2007-C4, Class A3
	4,500,000	USD	6.104% due 08/15/2039 (1)		4,593,402

See Notes to Financial Statements.
113

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

ASSET BACKED SECURITIES—Continued

U-Haul S Fleet LLC,
Series 2007-BT1, Class BT

3,776,971

USD

5.559% due 02/25/2020†

3,815,429

Volkswagen Auto Lease Trust,
Series 2006-A, Class A2

4,534,101

USD

5.550% due 11/20/2008

4,537,878

Volkswagen Auto Loan Enhanced Trust,
Series 2007-1, Class A2

3,303,848

USD

5.290% due 05/20/2009

3,306,627

TOTAL ASSET BACKED SECURITIES (Cost $239,206,554)

239,657,385

CORPORATE BONDS—20.5%

United States—12.1%

Alabama Power

1,280,000

USD

Series CC, 3.500% due 11/15/2007

1,279,384

American Express Bank

4,500,000

USD

5.550% due 10/17/2012

4,546,413

American General

4,900,000

USD

7.500% due 08/11/2010

5,199,130

Anheuser-Busch Co

1,000,000

USD

6.450% due 09/01/2037

1,084,808

Bottling Group

2,400,000

USD

5.500% due 04/01/2016

2,416,716

Burlington Northern Santa Fe

3,000,000

USD

6.150% due 05/01/2037

2,973,756

Cargill Inc

4,400,000

USD

4.375% due 06/01/2013†

4,213,343

Chubb Corp

6,300,000

USD

4.934% due 11/16/2007

6,300,063

CIT Group

2,500,000

USD

5.400% due 01/30/2016

2,292,858

Citigroup Inc, Global Senior Note

4,300,000

USD

6.000% due 08/15/2017

4,390,691

See Notes to Financial Statements.
114

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

Coca-Cola Co

3,750,000

USD

5.350% due 11/15/2017

3,731,190

Comcast Corp

690,000

USD

6.300% due 11/15/2017

713,078

2,700,000

USD

6.950% due 08/15/2037

2,898,763

3,611,841

ConocoPhillips

3,300,000

USD

8.750% due 05/25/2010

3,605,098

Consolidated Edison

2,050,000

USD

5.500% due 09/15/2016

2,043,598

Credit Suisse, Senior Note

3,000,000

USD

4.875% due 01/15/2015

2,886,852

CVS Caremark

2,700,000

USD

5.750% due 06/01/2017

2,691,020

Eli Lilly

3,900,000

USD

5.550% due 03/15/2037

3,737,159

Estee Lauder

3,500,000

USD

5.550% due 05/15/2017

3,475,682

Genentech Inc, Senior Note

1,200,000

USD

4.750% due 07/15/2015

1,151,927

General Electric Capital

3,600,000

USD

5.400% due 02/15/2017

3,579,772

GlaxoSmithKline Capital

2,300,000

USD

4.375% due 04/15/2014

2,180,179

Grand Metropolitan Investment,
Guaranteed Senior Note

800,000

USD

7.450% due 04/15/2035

930,702

Hewlett-Packard Co

2,100,000

USD

5.250% due 03/01/2012

2,125,313

HSBC Bank, Global Note

3,100,000

USD

5.875% due 11/01/2034

2,875,290

See Notes to Financial Statements.
115

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

IBM International Group Capital

2,500,000

USD

5.050% due 10/22/2012

2,501,578

International Lease Finance

4,400,000

USD

5.320% due 12/09/2007

4,399,512

Jefferies Group

1,200,000

USD

6.450% due 06/08/2027

1,131,932

JPMorgan Chase

2,000,000

USD

5.875% due 06/13/2016

2,026,800

JPMorgan Chase, Subordinated Note

2,500,000

USD

6.000% due 07/05/2017

2,545,260

Kohls Corp

1,180,000

USD

6.250% due 12/15/2017

1,183,518

Merna Reinsurance

2,700,000

USD

7.110% due 07/07/2010† (1)

2,699,595

Private Export Funding, Series D

3,040,000

USD

5.870% due 07/31/2008

3,069,911

SC Johnson & Son

2,700,000

USD

5.750% due 02/15/2033†

2,537,430

Selkirk Cogen Funding, Series A

402,308

USD

8.650% due 12/26/2007

402,889

Southern Co, Series A, Senior Note

3,900,000

USD

5.300% due 01/15/2012

3,923,404

SunTrust Banks, Senior Note

3,300,000

USD

6.000% due 09/11/2017

3,356,516

Wachovia Corp

3,800,000

USD

5.750% due 06/15/2017

3,821,652

Wyeth

3,600,000

USD

5.450% due 04/01/2017

3,554,262

Zeneca Wilmington, Guaranteed Note

1,900,000

USD

7.000% due 11/15/2023

2,128,399

112,605,443

See Notes to Financial Statements.
116

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

CORPORATE BONDS—Continued

Supra National—1.7%

European Investment Bank

16,000,000

USD

4.625% due 03/21/2012

16,062,400

United Kingdom—1.6%

Astrazeneca PLC

1,500,000

USD

5.400% due 06/01/2014

1,504,538

Diageo Capital

3,900,000

USD

5.125% due 01/30/2012

3,883,207

Lloyds TSB

3,500,000

USD

6.267% due 05/14/2049† (1)(2)

3,243,335

Royal Bank of Scotland

2,000,000

USD

7.640% due 03/31/2049 (1)

2,076,622

Standard Chartered Bank,
Subordinated Note

3,200,000

USD

6.400% due 09/26/2017†

3,276,464

Vodafone Group

470,000

USD

6.150% due 02/27/2037

462,859

14,447,025

Norway—0.9%

Eksportfinans A/S

8,100,000

USD

5.000% due 02/14/2012

8,215,409

Chile—0.8%

Celulosa Arauco y Constitucion

3,600,000

USD

7.750% due 09/13/2011

3,871,534

Transelec SA

3,000,000

USD

7.875% due 04/15/2011

3,200,637

7,072,171

France—0.7%

AXA SA

3,800,000

USD

8.600% due 12/15/2030

4,767,142

Lafarge SA

2,000,000

USD

7.125% due 07/15/2036

2,059,944

6,827,086

See Notes to Financial Statements.
117

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

CORPORATE BONDS—Continued

Canada—0.7%

Alcan Inc

2,700,000

USD

7.250% due 03/15/2031

3,013,024

Thomson Corp

3,800,000

USD

5.700% due 10/01/2014

3,801,056

6,814,080

Mexico—0.5%

Monterrey Power

4,181,348

USD

9.625% due 11/15/2009†

4,547,215

Russia—0.4%

Norilsk Nickel

3,500,000

USD

7.125% due 09/30/2009

3,605,805

Brazil—0.4%

Embraer Overseas

2,350,000

USD

6.375% due 01/24/2017

2,303,000

Petrobras International Finance, Global Note

1,250,000

USD

5.875% due 03/01/2018

1,234,375

3,537,375

Luxembourg—0.4%

VTB Capital (Vneshtorgbank)

3,300,000

USD

5.955% due 08/01/2008† (1)

3,271,125

Australia—0.3%

BHP Billiton Finance

3,100,000

USD

5.400% due 03/29/2017

3,051,535

TOTAL CORPORATE BONDS (Cost $188,653,292)

190,056,669

FOREIGN GOVERNMENT BONDS—3.8%

United Kingdom—1.7%

United Kingdom

7,790,000

GBP

4.000% due 03/07/2009

15,938,912

Sweden—0.9%

Kingdom of Sweden

8,000,000

USD

4.875% due 01/19/2010

8,096,320

See Notes to Financial Statements.
118

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

FOREIGN GOVERNMENT BONDS—Continued

Australia—0.8%

New South Wales Treasury

8,352,000

AUD

5.500% due 08/01/2014

7,207,627

Turkey—0.3%

Turkey Trust

3,000,000

USD

Zero Coupon due 11/15/2007

2,995,212

France—0.1%

CCCE-Principal Certificate

1,400,000

USD

Zero Coupon due 05/01/2009

1,308,601

TOTAL FOREIGN GOVERNMENT BONDS
(Cost $33,742,632)

35,546,672

SHORT-TERM INVESTMENTS—2.3%

United States—1.5%

Capital One Prime Auto Receivables Trust,
Series 2007-1, Class A1

4,715,416

USD

5.344% due 06/15/2008

4,715,416

Ford Credit Auto Owner Trust,
Series 2007-A, Class A1

4,229,782

USD

5.349% due 07/15/2008†

4,229,782

Nissan Auto Lease Trust,
Series 2007-A, Class A1

1,654,854

USD

5.330% due 08/15/2008

1,654,854

Wachovia Auto Owner Trust,
Series 2007-A, Class A1

3,933,105

USD

5.340% due 07/18/2008

3,933,105

14,533,157

Romania—0.8%

Romania Government

17,000,000

RON

Zero Coupon due 03/12/2008

7,189,889

TOTAL SHORT-TERM INVESTMENTS (Cost $21,028,511)

21,723,046

See Notes to Financial Statements.
119

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Total Return Bond Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

MUNICIPAL OBLIGATIONS—0.3%

United States—0.3%

Duke University

2,700,000

USD

5.850% due 04/01/2037 (Cost $2,700,000)

2,764,638

REPURCHASE AGREEMENT—15.3%

United States—15.3%

142,560,577

USD

State Street Bank and Trust Repurchase Agreement,

dated 10/31/2007, due 11/01/2007, with a maturity

value of $142,572,496 and an effective yield of 3.01%,

collateralized by a U.S. Government and Agency

Obligation, with rates ranging from 5.233%-5.441%,

maturities from 12/15/2034-08/15/2036, and

an aggregate market value of $145,414,410

(Cost $142,560,577)

142,560,577

TOTAL INVESTMENTS—125.7%
(Cost $1,158,605,217)

1,168,842,468

OTHER ASSETS AND LIABILITIES (Net)—(25.7%)

(239,233,734

)

TOTAL NET ASSETS—100.0%

929,608,734

Portfolio Footnotes:

(1) Variable rate security.

(2) Callable

* 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 $1,159,116,876.

Glossary of Currencies

AUD — Australian Dollar

GBP — British Pound Sterling

RON — Romanian Leu

USD — United States Dollar

See Notes to Financial Statements.
120

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS

October 31, 2007

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)
11/02/07	AUD	42,814,861		39,678,672		35,978,465	$	3,700,207
12/11/07	AUD	5,179,902		4,790,186		4,270,000		520,186
01/10/08	AUD	21,125,650		19,502,342		18,740,000		762,342
02/04/08	AUD	10,500,000		9,678,060		9,653,700		24,360
12/24/07	BRL	24,362,000		13,918,516		12,917,285		1,001,231
01/02/08	BRL	24,918,500		14,220,945		13,520,066		700,879
02/06/08	BRL	35,000,000		19,871,686		19,841,270		30,416
11/27/07	EUR	66,858,007		96,766,184		92,323,806		4,442,378
11/08/07	GBP	7,912,023		16,432,993		16,377,589		55,404
02/06/08	HUF	1,624,000,000		9,290,288		9,277,344		12,944
01/02/08	INR	521,900,000		13,232,423		13,136,171		96,252
02/04/08	INR	475,000,000		12,028,057		12,057,369		(29,312	)
11/13/07	JPY	1,968,694,520		17,098,305		16,919,995		178,310
11/19/07	JPY	1,869,642,000		16,249,206		16,159,995		89,211
12/11/07	JPY	962,546,175		8,386,568		8,549,999		(163,431	)
01/02/08	MYR	44,838,000		13,470,933		13,198,646		272,287
02/04/08	NOK	52,170,965		9,659,716		9,700,000		(40,284	)
11/13/07	NZD	11,204,707		8,608,399		7,976,854		631,545
01/09/08	NZD	36,420,965		27,820,495		27,260,000		560,495
01/02/08	PEN	27,084,000		9,047,581		8,804,429		243,152
01/03/08	RON	20,705,000		8,969,066		8,791,745		177,321
11/27/07	SEK	89,500,000		14,075,604		13,076,097		999,507
Net unrealized appreciation on forward foreign exchange contracts to buy							$	14,265,400

See Notes to Financial Statements.
121

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

October 31, 2007

Julius Baer Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Appreciation (Depreciation)
11/02/07	AUD	42,814,861		39,678,672		36,356,308	$	(3,322,364	)
11/27/07	EUR	40,700,000		58,906,687		57,162,625		(1,744,062	)
11/01/07	GBP	7,719,843		16,036,816		15,990,883		(45,933	)
11/08/07	GBP	15,521,050		32,236,675		31,304,373		(932,302	)
01/02/08	INR	260,950,000		6,616,212		6,502,616		(113,596	)
11/13/07	JPY	1,968,694,520		17,098,305		17,163,532		65,227
11/19/07	JPY	1,869,642,000		16,249,205		16,229,037		(20,168	)
12/11/07	JPY	962,546,175		8,386,568		8,447,017		60,449
11/13/07	NZD	11,204,707		8,608,399		8,380,000		(228,399	)
11/27/07	SEK	89,500,000		14,075,604		13,686,382		(389,222	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(6,670,370	)

Glossary of Currencies

AUD — Australian Dollar

BRL — Brazilian Real

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

INR — Polish Zloty

JPY — Japanese Yen

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Nuevo Sol (Peruvian)

RON — Romanian Leu

SEK — Swedish Krona

See Notes to Financial Statements.
122

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer Total Return Bond Fund

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
U.S. Government and Agency Obligations		57.7	%	$	536,533,481
Asset Backed Securities		25.8			239,657,385
Corporate Bonds		20.5			190,056,669
Foreign Government Bonds		3.8			35,546,672
Short Term Investments		2.3			21,723,046
Municipal Obligations		0.3			2,764,638
Cash & Cash Equivalents		15.3			142,560,577
Total Investments		125.7			1,168,842,468
Other Assets and Liabilities (Net)		(25.7	)		(239,233,734	)
Net Assets		100.0	%	$	929,608,734

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
123

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—65.6%
			United States—41.4%
	2,215,000	USD	Advanced Medical Optics 7.500% due 05/01/2017 (2)	$	2,098,710
	1,070,000	USD	Airgas Inc 6.250% due 07/15/2014 (2)		1,051,275
	530,000	USD	Alliance Imaging 7.250% due 12/15/2012 (2)		508,800
	2,600,000	USD	Alliant Techsystems 6.750% due 04/01/2016 (2)		2,600,000
	1,694,000	USD	Allison Transmission 11.250% due 11/01/2015†		1,679,177
	2,615,000	USD	Alpha Natural Resources 10.000% due 06/01/2012 (2)		2,798,050
	1,600,000	USD	American Airlines Series 1999-1 7.324% due 10/15/2009		1,580,000
	850,000	USD	Atlantic & Western, Series B 11.610% due 01/09/2009† (1)		860,480
	250,000	USD	Calabash Re 13.760% due 01/08/2010† (1)		259,887
	1,675,000	USD	Calpine Generating 11.070% due 04/01/2010 (3)(1)(2)		452,250
	330,000	USD	Carillon Ltd 15.355% due 01/08/2010† (1)		345,510
	640,000	USD	Cascadia Ltd 8.485% due 06/13/2008† (1)		640,992
	2,910,000	USD	Case New Holland 6.000% due 06/01/2009		2,924,550
	2,610,000	USD	Choctaw Resort Development Enterprise 7.250% due 11/15/2019† (2)		2,557,800
	1,090,000	USD	Church & Dwight 6.000% due 12/15/2012 (2)		1,066,837
	2,300,000	USD	CMS Energy 8.500% due 04/15/2011		2,477,666

See Notes to Financial Statements.
124

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—Continued
			United States—Continued
	2,245,000	USD	Community Health Systems 8.875% due 07/15/2015† (2)	$	2,284,287
	2,100,000	USD	Cooper-Standard Automotive 7.000% due 12/15/2012 (2)		1,921,500
	1,500,000	USD	Delphi Corp Zero Coupon due 06/15/2008		1,380,000
	300,000	USD	Dex Media 8.000% due 11/15/2013 (2)		302,250
	338,000	USD	Dex Media West 9.875% due 08/15/2013 (2)		362,082
	1,431,000	USD	Dresser-Rand 7.375% due 11/01/2014 (2)		1,447,099
	645,000	USD	Eurus Ltd 11.610% due 04/08/2009† (1)		656,739
	1,232,000	USD	Federal-Mogul 7.875% due 07/01/2010		1,084,160
	1,580,000	USD	Fisher Scientific International 6.750% due 08/15/2014 (2)		1,612,635
	1,540,000	USD	Ford Motor 7.125% due 11/15/2025		1,155,000
	1,500,000	USD	7.450% due 07/16/2031		1,192,500
					2,347,500
	1,000,000	USD	Ford Motor Credit 7.375% due 02/01/2011		943,853
	1,100,000	USD	Foundation Re 7.310% due 01/06/2009† (1)		1,086,250
	270,000	USD	Freeport-McMoran Copper & Gold 8.250% due 04/01/2015 (2)		292,275
	805,000	USD	8.375% due 04/01/2017 (2)		883,487
					1,175,762
	3,550,000	USD	General Motors 8.375% due 07/15/2033		3,248,250

See Notes to Financial Statements.
125

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—Continued
			United States—Continued
	790,000	USD	Helix 04 10.749% due 06/30/2009† (1)	$	799,654
	2,425,000	USD	Hertz Corp 10.500% due 01/01/2016† (2)		2,619,000
	2,125,000	USD	Hexcel Corp 6.750% due 02/01/2015 (2)		2,098,437
	2,470,000	USD	IASIS Healthcare Capital 8.750% due 06/15/2014 (2)		2,507,050
	2,115,000	USD	Intcomex Inc 11.750% due 01/15/2011† (2)		2,167,875
	1,150,000	USD	Invacare Corp 9.750% due 02/15/2015 (2)		1,175,875
	1,620,000	USD	KAR Holdings 8.750% due 05/01/2014†		1,571,400
	1,275,000	USD	KB Home 6.250% due 06/15/2015		1,153,875
	1,491,000	USD	Koppers Holdings Multi-Coupon 9.875% due 11/15/2014 (1)(2)		1,285,987
	3,445,000	USD	Level 3 Financing 9.250% due 11/01/2014 (2)		3,264,138
	1,600,000	USD	LVB Acquisition Merger, Senior Note 10.000% due 10/15/2017†		1,652,000
	2,215,000	USD	MacDermid Inc 9.500% due 04/15/2017† (2)		2,126,400
	1,885,000	USD	Meritage Homes 7.000% due 05/01/2014 (2)		1,545,700
	2,105,000	USD	Mohegan Tribal Gaming Authority 6.125% due 02/15/2013 (2)		2,015,538
	1,390,000	USD	Mosaic Co 7.625% due 12/01/2016† (2)		1,504,675

See Notes to Financial Statements.
126

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—Continued
			United States—Continued
	550,000	USD	Mystic Re 11.660% due 12/05/2008† (1)	$	559,983
	2,335,000	USD	Newmarket Corp 7.125% due 12/15/2016 (2)		2,352,513
	3,151,000	USD	NRG Energy 7.375% due 02/01/2016 (2)		3,151,000
	250,000	USD	Redwood Capital VII 10.610% due 01/09/2008† (1)		250,688
	2,760,000	USD	RH Donnelly, Senior Note 8.875% due 10/15/2017†		2,773,800
	2,060,000	USD	Serena Software 10.375% due 03/15/2016† (2)		2,142,400
	1,900,000	USD	Service Corp International 7.000% due 06/15/2017†		1,866,750
	800,000	USD	Stanadyne Corp 10.000% due 08/15/2014 (2)		816,000
	2,980,000	USD	Sunguard Data Systems 10.250% due 08/15/2015 (2)		3,121,550
	675,000	USD	Tartan Capital 8.360% due 01/07/2009*† (1)		674,055
	1,390,000	USD	Terex Corp 7.375% due 01/15/2014 (2)		1,403,900
	1,965,000	USD	Verso Paper 9.125% due 08/01/2014		2,038,688
	3,590,000	USD	Vought Aircraft Industries 8.000% due 07/15/2011		3,585,513
	1,450,000	USD	WCA Waste 9.250% due 06/15/2014† (2)		1,508,000
	500,000	USD	Wesco Distribution 7.500% due 10/15/2017 (2)		470,000

See Notes to Financial Statements.
127

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—Continued
			United States—Continued
	4,350,000	USD	Wynn Las Vegas 6.625% due 12/01/2014 (2)	$	4,295,625
					102,252,420
			Brazil—4.4%
	350,000	USD	Cia Energetica de Sao Paulo 9.250% due 08/11/2013†		384,125
	7,320,000	BRL	9.750% due 01/15/2015† (1)		4,553,040
					4,937,165
	2,155,000	USD	Cosan Finance 7.000% due 02/01/2017†		2,084,962
	350,000	USD	CSN Islands IX, Multi-Coupon 10.500% due 01/15/2015		414,295
	1,250,000	USD	ISA Capital do Brasil 8.800% due 01/30/2017†		1,303,125
	1,065,000	USD	Petrobras International Finance 5.875% due 03/01/2018		1,051,687
	1,000,000	USD	8.375% due 12/10/2018		1,180,000
					2,231,687
					10,971,234
			Norway—3.6%
	2,900,000	USD	Biofuel Energy 10.000% due 06/07/2012 (2)		2,784,000
	2,700,000	USD	Ocean RIG 9.24% due 04/04/2011† (1)(2)		2,700,000
	3,400,000	USD	Sea Production 9.825% due 02/14/2012† (1)(2)		3,327,750
					8,811,750
			Russia—3.2%
	2,480,000	USD	ALROSA Finance 8.875% due 11/17/2014†		2,730,872

See Notes to Financial Statements.
128

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—Continued
			Russia—Continued
	560,000	USD	Norilsk Nickel 7.125% due 09/30/2009	$	576,929
	1,400,000	USD	SibacademFinance (Ursabk) 12.000% due 12/30/2011		1,408,158
	1,400,000	USD	TMK Capital (OAO TMK) 8.500% due 09/29/2009		1,409,897
	1,025,000	USD	TNK-BP Finance 7.500% due 07/18/2016†		1,001,937
	890,000	USD	6.625% due 03/20/2017†		815,462
					1,817,399
					7,943,255
			Canada—2.2%
	970,000	USD	Aquila Inc 7.750% due 06/15/2011		1,024,587
	1,000,000	USD	Gerdau Ameristeel 10.375% due 07/15/2011 (2)		1,062,500
	1,300,000	USD	Rogers Wireless 7.500% due 03/15/2015		1,410,991
	1,000,000	CAD	Shaw Communications 7.500% due 11/20/2013		1,134,407
	860,000	CAD	5.700% due 03/02/2017		861,422
					1,995,829
					5,493,907
			Netherlands—1.5%
	3,655,000	USD	Sensata Technologies 8.000% due 05/01/2014 (2)		3,604,744
			Spain—1.3%
	2,155,000	EUR	Ono Finance 10.500% due 05/15/2014 (2)		3,316,503

See Notes to Financial Statements.
129

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

CORPORATE BONDS—Continued

Denmark—1.2%

1,900,000

EUR

Nordic Telephone
8.250% due 05/01/2016 (2)

2,941,243

Greece—1.0%

1,615,000

EUR

Hellas Telecommunications
8.232% due 10/15/2012 (1)

2,339,422

France—0.9%

1,600,000

EUR

Europcar Groupe
8.125% due 05/15/2014† (2)

2,285,865

Supra National—0.8%

2,550,000

NZD

European Investment Bank
6.000% due 07/15/2009

1,884,982

United Kingdom—0.7%

800,000

GBP

Global Crossing UK Finance
11.750% due 12/15/2014 (2)

1,778,212

New Zealand—0.7%

2,200,000

NZD

International Bank Reconciliation & Development
6.375% due 07/15/2009

1,634,567

Kazakhstan—0.6%

1,605,000

USD

Kazakhgold
9.375% due 11/06/2013 (2)

1,544,986

Mexico—0.5%

1,170,000

USD

Axtel SAB
7.625% due 02/01/2017† (2)

1,184,625

Ireland—0.4%

1,000,000

USD

Osiris Capital
10.243% due 01/15/2010† (1)

1,012,900

Hungary—0.4%

617,739

EUR

Invitel Holdings
12.982% due 04/15/2013† (1)(2)

907,120

Germany—0.3%

600,000

EUR

Grohe Holding
8.625% due 10/01/2014 (2)

802,946

See Notes to Financial Statements.
130

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			CORPORATE BONDS—Continued
			Australia—0.2%
	495,000	USD	Australis Ltd 9.005% due 03/24/2009† (1)	$	495,619
			Japan—0.2%
	485,000	USD	Akibare Ltd 8.445% due 05/22/2012† (1)		493,027
			Ukraine—0.1%
	1,500,000	UAH	Rodovid Bank 11.250% due 09/22/2009 (1)		296,826
			TOTAL CORPORATE BONDS (Cost $160,247,723)		161,996,153
			BANK LOANS—19.1%
			United States—15.5%
	2,493,707	USD	ATP Oil & Gas 8.863% due 04/14/2010		2,499,164
	2,493,655	USD	9.948% due 10/14/2010		2,552,879
					5,052,043
	432,721	USD	Boston Generating 5.073% due 12/20/2013		425,208
	2,062,390	USD	7.448% due 12/20/2013		2,026,584
					2,451,792
	1,090,764	USD	Covanta Energy 5.098% due 02/10/2014		1,062,587
	2,204,537	USD	6.876% due 02/10/2014		2,147,587
					3,210,174
	1,000,000	USD	Delphi Corporation Zero Coupon due 12/31/2007		997,750
	2,750,000	USD	Delta Air Lines Zero Coupon due 04/30/2014		2,729,867
	273,410	USD	Hawker Beechcraft 5.198% due 03/28/2014		267,963
	4,974,284	USD	7.169% due 03/28/2014		4,875,187
					5,143,150

See Notes to Financial Statements.
131

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			BANK LOANS—Continued
			United States—Continued
	2,480,000	USD	HBI Branded Apparel 8.815% due 03/05/2014	$	2,497,050
	2,938,002	USD	HCA Inc 7.198% due 11/16/2012		2,845,402
	2,150,000	USD	Helicon Cable Holdings 8.360% due 07/05/2014		2,088,188
	2,089,231	USD	Progressive Moulded 10.460% due 08/16/2011		1,901,200
	2,235,169	USD	Spectrum Brands Zero Coupon due 03/30/2013		2,204,994
	2,000,000	USD	TXU Corporation Zero Coupon due 10/10/2014		2,000,622
	4,175,034	USD	Univision Communications 7.204% due 09/29/2014		3,963,673
	1,395,000	USD	W&T Offshore 7.450% due 05/26/2010		1,389,769
					38,475,674
			Netherlands—1.9%
	4,817,678	EUR	UPC Broadband Holding Zero Coupon due 12/31/2014		4,656,724
			Canada—1.7%
	4,225,723	CAD	Great Canadian Gaming 7.000% due 02/13/2014		4,196,671
			TOTAL BANK LOANS (Cost $47,634,517)		47,329,069
			FOREIGN GOVERNMENT BONDS—4.5%
			Brazil—1.7%
	4,980,000	BRL	Federative Republic of Brazil 10.000% due 01/01/2010		2,779,358
	2,600,000	BRL	10.000% due 01/01/2012		1,415,165
					4,194,523
			Colombia—1.0%
	4,400,000,000	COP	Republic of Colombia 12.000% due 10/22/2015		2,494,785

See Notes to Financial Statements.
132

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face Value		Currency	(Percentage of Net Assets)	Market Value (Note 2)
			FOREIGN GOVERNMENT BONDS—Continued
			Turkey—0.6%
	1,700,000	TRY	Republic of Turkey 10.000% due 02/15/2012	$	1,553,837
			Hungary—0.6%
	250,000,000	HUF	Republic of Hungary 6.500% due 08/12/2009		1,425,087
			Vietnam—0.6%
	1,260,000	USD	Socialist Republic of Vietnam 6.875% due 01/15/2016†		1,344,970
			TOTAL FOREIGN GOVERNMENT BONDS (Cost $9,654,528)		11,013,202
			INVESTMENT FUNDS—2.5%
			Canada—2.5%
	32,660	CAD	ARC Energy Trust		734,833
	31,860	CAD	Crescent Point Energy Trust		778,218
	19,800	CAD	Labrador Iron ORE Royalty, Income Fund		910,992
	26,570	CAD	NAL Oil & Gas Trust		355,274
	21,690	CAD	Newalta Income Fund		429,096
	22,600	CAD	Penn West Energy Trust		716,690
	60,450	CAD	Progress Energy Trust		752,920
	18,990	CAD	Vermilion Energy Trust		787,751
	27,320	CAD	Zargon Energy Trust		779,790
					6,245,564
			TOTAL INVESTMENT FUNDS (Cost $5,467,294)		6,245,564
			COMMERCIAL PAPER—2.4%
			United States—2.4%
	3,000,000	USD	United Healthcare 5.150% due 12/17/2007		2,980,258
	3,000,000	USD	Walt Disney 5.100% due 11/16/2007		2,993,625
					5,973,883
			TOTAL COMMERCIAL PAPER (Cost $5,973,883)		5,973,883

See Notes to Financial Statements.
133

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

SHORT-TERM INVESTMENTS—1.6%

Mexico—1.3%

Mexican Cetes

19,200,000

MXN

Zero Coupon due 11/22/2007

1,785,730

532,300

USD

15.187% due 11/22/2007

527,584

880,000

USD

21.217% due 11/22/2007

869,627

3,182,941

United States—0.3%

730,000

USD

Javelin Re
8.159% due 07/25/2008† (1)

730,000

TOTAL SHORT-TERM INVESTMENTS (Cost $3,880,929)

3,912,941

MUNICIPAL OBLIGATIONS—0.9%

United States—0.9%

2,250,000

USD

Buckeye, OH, Tobacco Settlement Financing Authority
5.875% due 06/01/2047 (Cost $2,184,348)

2,184,368

STRUCTURED NOTES—0.5%

Dominican Republic—0.3%

813,632

USD

16.000% due 07/20/2009 (1)

Dominican Republic, Issued by Standard Bank,
827,449

Ukraine—0.2%

1,800,000

UAH

12.420% due 02/01/2008

Nadra Bank, Issued by ING Bank,
357,302

TOTAL STRUCTURED NOTES (Cost $1,169,763)

1,184,751

FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%

Bulgaria—0.1%

923,000

BGN

Bulgaria Registered Compensation Vouchers
(Cost $365,634)*

300,920

See Notes to Financial Statements.
134

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer Global High Income Fund

Face
Value

Currency

(Percentage of
Net Assets)

Market
Value (Note 2)

REPURCHASE AGREEMENT—4.7%

United States—4.7%

11,622,909

USD

State Street Bank and Trust Company Repurchase Agreement,

dated 10/31/2007, due 11/01/2007, with a maturity

value of $11,623,881 and an effective yield of 3.01%,

collateralized by U.S. Government and Agency

Obligations, with rates ranging from 4.146%-4.452%,

a maturity of 05/01/2033, and an aggregate market

value of $11,856,548. (Cost $11,622,909)

11,622,909

TOTAL INVESTMENTS—101.9% (Cost $248,201,528)

251,763,760

OTHER ASSETS AND LIABILITIES (Net)—(1.9%)

(4,646,023

)

TOTAL NET ASSETS—100.0%

247,117,737

Portfolio Footnotes:

(1) Variable rate security.

(2) Callable

(3) Defaulted Security.

(4) Illiquid security

* Non-income producing security.

Aggregate cost for federal income tax purposes was $248,218,594.

Glossary of Currencies

BGN — Bulgarien Lev

BRL — Brazilian Real

CAD — Canadian Dollar

COP — Colombian Peso

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

MXN — Mexican Nuevo Peso

NZD — New Zealand Dollar

TRY — Turkish Lira

UAH — Ukraine Hryvnia

USD — United States Dollar

See Notes to Financial Statements.
135

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS

October 31, 2007

Julius Baer Global High Income Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Appreciation
12/14/07	AUD	623,885		576,849		563,263	$	13,586
12/14/07	AUD	3,238,700		2,994,528		2,824,308		170,220
12/14/07	EUR	4,225,441		6,116,831		6,000,000		116,831
12/14/07	GBP	117,000		242,728		235,293		7,435
11/06/07	ZAR	6,173,440		943,443		800,000		143,443
Net unrealized appreciation on forward foreign exchange contracts to buy							$	451,515

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local		Value in Currency		In Exchange USDfor USD		Net Unrealized Depreciation
12/14/07	CAD	4,525,157		4,765,114		4,555,876	$	(209,238	)
12/14/07	EUR	6,301,420		9,122,058		8,880,676		(241,382	)
12/14/07	HUF	248,300,000		1,425,435		1,408,395		(17,040	)
12/14/07	NZD	736,310		563,914		563,263		(651	)
12/14/07	NZD	3,800,000		2,910,289		2,802,880		(107,409	)
11/06/07	ZAR	6,173,440		943,443		814,073		(129,370	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(705,090	)

Glossary of Currencies

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

NZD — New Zealand Dollar

ZAR — South African Rand

UAH — Ukraine Hryvnia

See Notes to Financial Statements.
136

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer Global High Income Fund

At October 31, 2007, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		65.6	%	$	161,996,153
Bank Loans		19.1			47,329,069
Foreign Government Bonds		4.5			11,013,202
Investment Funds		2.5			6,245,564
Commercial Paper		2.4			5,973,883
Short Term Investments		1.6			3,912,941
Municipal Obligations		0.9			2,184,368
Structured Notes		0.5			1,184,751
Foreign Government Compensation Notes		0.1			300,920
Cash & Cash Equivalents		4.7			11,622,909	*
Total Investments		101.9			251,763,760
Other Assets and Liabilities (Net)		(1.9	)		(4,646,023	)*
Net Assets		100.0	%	$	247,117,737

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) includes market value for swaps of $(117,872) which is (0.05)% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
137

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer U.S. Microcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—97.2%
		Health Care Equipment & Services—18.1%
	8,310		Abaxis Inc*	$	243,649
	19,010		ADAM Inc*		152,650
	6,770		Cutera Inc*		166,000
	2,240		Genoptix Inc*		55,328
	9,750		Gentiva Health Services*		185,055
	7,410		Kensey Nash*		202,738
	6,090		Micrus Endovascular*		119,668
	4,450		SonoSite Inc*		156,596
	3,950		Volcano Corp*		67,506
					1,349,190
		Technology Hardware & Equipment—10.3%
	5,700		Cyberoptics Corp*		71,307
	7,257		Daktronics Inc		216,404
	8,184		Measurement Specialties*		227,024
	18,510		Netezza Corp*		254,513
					769,248
		Diversified Financials—9.6%
	16,675		Epoch Holding		234,117
	10,100		optionsXpress Holdings		300,576
	14,860		TradeStation Group*		181,292
					715,985
		Software & Services—8.0%
	37,110		Broadcaster Inc*		53,810
	9,880		Mentor Graphics*		158,278
	6,980		Perficient Inc*		131,573
	6,630		SPSS Inc*		251,940
					595,601
		Consumer Services—7.3%
	7,500		BJ's Restaurants*		148,425
	32,314		Century Casinos*		231,045
	12,190		Morton's Restaurant Group*		168,953
					548,423

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
138

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Microcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Semiconductors & Semiconductor Equipment—6.1%
	6,180		ATMI Inc*	$	198,625
	8,230		Rudolph Technologies*		107,237
	3,870		Standard Microsystems*		150,930
					456,792
		Energy—5.1%
	2,170		Carrizo Oil & Gas*		111,516
	20,770		Newpark Resources*		130,228
	15,480		Quest Resource*		135,605
					377,349
		Household & Personal Products—4.6%
	8,650		WD-40 Co		342,540
		Media—4.1%
	4,610		Dolan Media*		124,470
	13,100		Martha Stewart Living Omnimedia-Class A*		180,649
					305,119
		Consumer Durables & Apparel—3.8%
	5,180		Movado Group		155,866
	4,280		Volcom Inc*		125,190
					281,056
		Commercial Services and Supplies—3.2%
	37,600		GlobalOptions Group*		169,200
	5,924		HireRight Inc*		70,970
					240,170
		Retailing—3.2%
	12,740		Coldwater Creek*		114,023
	7,940		hhgregg Inc*		125,134
					239,157
		Capital Goods—3.1%
	4,050		Babcock & Brown Air Limited ADR*		90,153
	1,370		Harbin Electric*		26,331
	2,920		RBC Bearings*		117,355
					233,839

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
139

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Microcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Materials—2.6%
	5,570		Schweitzer-Mauduit International	$	156,071
	1,116		Universal Stainless & Alloy*		41,571
					197,642
		Pharmaceuticals & Biotechnology—2.4%
	5,920		Martek Biosciences*		180,856
		Food, Beverage & Tobacco—2.4%
	4,740		Green Mountain Coffee Roasters*		176,802
		Transportation—2.2%
	3,900		Macquarie Infrastructure		162,864
		Telecommunication Services—1.1%
	2,070		Cbeyond Inc*		80,978
			TOTAL COMMON STOCKS (Cost $6,617,292)		7,253,611

Face Value		Currency
		REPURCHASE AGREEMENT—5.0%
	370,562	USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/31/2007, due 11/01/2007 with a maturity value of $370,593 and an effective yield of 3.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 5.441%, a maturity of 01/15/2035 and an aggregate market value of $380,987. (Cost $370,562)	$	370,562
			TOTAL INVESTMENTS—102.2% (Cost $6,987,854)		7,624,173
			OTHER ASSETS AND LIABILITIES (Net)—(2.2%)		(165,851	)
			TOTAL NET ASSETS—100.0%	$	7,458,322

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

* Non-income producing security.

Aggregate cost for federal income tax purposes was $6,988,430.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
140

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer U.S. Microcap Fund

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		24.4	%	$	1,821,641
Healthcare		20.5			1,530,046
Consumer Discretionary		18.4			1,373,755
Financials		9.6			715,985
Industrials		8.5			636,873
Consumer Staples		7.0			519,342
Energy		5.1			377,349
Materials		2.6			197,642
Telecommunications		1.1			80,978
Cash & Cash equivalents		5.0			370,562
Total Investments		102.2			7,624,173
Other Assets and Liabilities (Net)		(2.2	)		(165,851	)
Net Assets		100.0	%	$	7,458,322

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
141

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer U.S. Smallcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—92.8%
		Software & Services—15.4%
	4,600		Cognos Inc*	$	231,518
	1,230		Equinix Inc*		143,492
	4,500		Factset Research Systems		317,340
	21,160		Mentor Graphics*		338,983
	9,820		THQ Inc*		266,024
					1,297,357
		Technology Hardware & Equipment—11.1%
	3,330		Ciena Corp*		159,374
	6,830		Daktronics Inc		203,671
	4,890		F5 Networks*		176,187
	5,690		Foundry Networks*		120,287
	20,100		Netezza Corp*		276,375
					935,894
		Health Care Equipment & Services—10.6%
	8,250		Angiodynamics Inc*		165,000
	3,130		ArthroCare Corp*		202,949
	4,380		Cynosure Inc-Class A*		166,484
	2,400		Genoptix Inc*		59,280
	2,750		Healthways Inc*		166,925
	3,260		Psychiatric Solutions*		129,096
					889,734
		Consumer Services—7.9%
	5,650		Bright Horizons Family Solutions*		219,220
	1,280		Chipotle Mexican Grill-Class A*		177,920
	4,110		Orient-Express Hotels		266,328
					663,468
		Capital Goods—7.4%
	5,440		Aecom Technology*		183,709
	6,400		Babcock & Brown Air Limited ADR*		142,464
	3,950		Baldor Electric		159,264
	5,320		Hexcel Corp*		133,159
					618,596

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
142

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Smallcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Diversified Financials—6.5%
	9,310		optionsXpress Holdings	$	277,065
	13,760		Pzena Investment Management*		266,669
					543,734
		Energy—6.0%
	2,260		Carrizo Oil & Gas*		116,141
	5,160		CVR Energy*		117,648
	13,930		Parker Drilling*		117,569
	2,820		USEC Inc*		24,816
	8,740		Warren Resources*		132,673
					508,847
		Consumer Durables & Apparel—5.5%
	7,490		Jarden Corp*		266,045
	3,730		Lululemon Athletica-W/I*		198,510
					464,555
		Household & Personal Products—4.4%
	3,630		Herbalife Ltd		160,047
	5,300		WD-40 Co		209,880
					369,927
		Media—3.3%
	11,400		Lions Gate Entertainment*		121,980
	2,140		Morningstar Inc*		159,259
					281,239
		Pharmaceuticals & Biotechnology—3.3%
	3,830		Martek Biosciences*		117,006
	1,790		Ventana Medical Systems*		157,520
					274,526
		Automobiles & Components—3.1%
	5,140		WABCO Holdings		261,215
		Banks—1.9%
	5,520		Boston Private Financial		158,755
		Food & Staples Retailing—1.8%
	5,170		United Natural Foods*		149,620

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
143

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Smallcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Semiconductors & Semiconductor Equipment—1.6%
	2,700		Hittite Microwave*	$	135,675
		Materials—1.4%
	1,530		RTI International Metals*		119,615
		Telecommunication Services—0.9%
	5,740		PAETEC Holding*		77,203
		Commercial Services and Supplies—0.7%
	4,611		HireRight Inc*		55,240
			TOTAL COMMON STOCKS (Cost $6,886,594)		7,805,200
Face Value		Currency
		REPURCHASE AGREEMENT—0.7%
	62,812	USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/31/2007, due 11/01/2007, with a maturity value of $62,817 and an effective yield of 3.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 5.441%, a maturity of 12/15/2034 and an aggregate market value of $66,557. (Cost $62,812)	$	62,812
			TOTAL INVESTMENTS—93.5% (Cost $6,949,406)		7,868,012
			OTHER ASSETS AND LIABILITIES (Net)—6.5%		544,290
			TOTAL NET ASSETS—100.0%	$	8,412,302

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

* Non-income producing security.

Aggregate cost for federal income tax purposes was $6,956,964.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
144

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer U.S. Smallcap Fund

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		28.1	%	$	2,368,926
Consumer Discretionary		20.0			1,670,477
Healthcare		13.8			1,164,260
Financials		8.4			702,489
Industrials		8.0			673,836
Consumer Staples		6.2			519,547
Energy		6.0			508,847
Materials		1.4			119,615
Telcommunications		0.9			77,203
Cash & Cash Equivalents		0.7			62,812
Total Investments		93.5			7,868,012
Other Assets and Liabilities (Net)		6.5			544,290
Net Assets		100.0	%	$	8,412,302

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
145

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer U.S. Midcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—94.3%
		Software & Services—12.0%
	9,960		Activision Inc*	$	235,554
	2,690		Adobe Systems*		128,851
	3,040		Cognos Inc*		153,003
	1,830		Factset Research Systems		129,052
	15,810		Mentor Graphics*		253,276
					899,736
		Health Care Equipment & Services—11.1%
	3,960		CR Bard		331,096
	3,110		Express Scripts*		196,241
	1,640		Gen-Probe Inc*		114,833
	2,700		Zimmer Holdings*		187,623
					829,793
		Capital Goods—7.7%
	2,730		BE Aerospace*		135,708
	790		Precision Castparts		118,350
	4,360		Spirit AeroSystems-Class A*		151,379
	2,360		Terex Corp*		174,994
					580,431
		Consumer Services—7.3%
	6,220		Cheesecake Factory*		139,515
	3,070		Weight Watchers International		157,307
	1,540		Wynn Resorts		248,602
					545,424
		Retailing—6.0%
	3,000		Guess? Inc		154,170
	3,410		Nordstrom Inc		134,490
	6,420		Urban Outfitters*		162,233
					450,893
		Technology Hardware & Equipment—5.8%
	4,860		Foundry Networks*		102,740
	2,850		NCR Corp*		78,632
	4,420		Network Appliance*		139,186
	3,920		Teradata Corp*		111,838
					432,396

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
146

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Midcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Energy—5.7%
	2,920		Noble Corp	$	154,614
	2,170		Ultra Petroleum*		153,766
	3,140		Western Refining		115,175
					423,555
		Materials—4.7%
	7,930		Crown Holdings*		196,664
	2,020		RTI International Metals*		157,924
					354,588
		Consumer Durables & Apparel—4.3%
	4,780		Jarden Corp*		169,786
	2,190		Polo Ralph Lauren		150,672
					320,458
		Commercial Services and Supplies—4.3%
	5,670		Corrections Corp of America*		160,404
	2,730		Stericycle Inc*		159,241
					319,645
		Pharmaceuticals & Biotechnology—4.0%
	1,980		Allergan Inc		133,808
	2,560		Celgene Corp*		168,960
					302,768
		Diversified Financials—3.9%
	1,150		Nymex Holdings		147,798
	2,300		T Rowe Price		147,752
					295,550
		Semiconductors & Semiconductor Equipment—3.9%
	7,150		Marvell Technology*		128,914
	2,220		MEMC Electronic Materials*		162,548
					291,462
		Automobiles & Components—2.9%
	4,250		WABCO Holdings		215,985
		Food & Staples Retailing—2.5%
	3,720		Whole Foods Market		184,289

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
147

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Midcap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Household & Personal Products—2.2%
	3,710		Herbalife Ltd	$	163,574
		Real Estate—2.1%
	1,470		Boston Properties REIT		159,260
		Banks—2.0%
	8,070		New York Community Bancorp		150,183
		Telecommunication Services—1.9%
	2,430		NII Holdings-Class B*		140,940
			TOTAL COMMON STOCKS (Cost $6,127,514)		7,060,930

Face Value		Currency
		REPURCHASE AGREEMENT—5.3%
	396,149	USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/31/2007, due 11/01/2007, with a maturity value of $396,182 and an effective yield of 3.01%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 4.760% to 4.912%, a maturity of 09/01/2034 and an aggregate market value of $406,360. (Cost $396,149)	$	396,149
			TOTAL INVESTMENTS—99.6% (Cost $6,523,663)		7,457,079
			OTHER ASSETS AND LIABILITIES (Net)—0.4%		30,344
			TOTAL NET ASSETS—100.0%	$	7,487,423

Notes to the Portfolio of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

Aggregate cost for federal income tax purposes was $6,525,646.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
148

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer U.S. Midcap Fund

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		21.7	%	$	1,623,594
Consumer Discretionary		20.5			1,532,760
Healthcare		15.1			1,132,561
Industrials		12.0			900,076
Financials		8.1			604,993
Energy		5.7			423,555
Materials		4.7			354,588
Consumer Staples		4.6			347,863
Telecommunications		1.9			140,940
Cash & Cash Equivalents		5.3			396,149
Total Investments		99.6			7,457,079
Other Assets and Liabilities (Net)		0.4			30,344
Net Assets		100.0	%	$	7,487,423

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
149

PORTFOLIO OF INVESTMENTS October 31, 2007

Julius Baer U.S. Multicap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—99.8%
		Health Care Equipment & Services—12.7%
	3,820		ArthroCare Corp*	$	247,689
	3,650		CR Bard		305,177
	2,330		Medco Health Solutions*		219,905
	2,740		Zimmer Holdings*		190,403
					963,174
		Technology Hardware & Equipment—12.2%
	640		Apple Inc*		121,568
	7,120		Cisco Systems*		235,387
	4,150		Daktronics Inc		123,753
	5,760		Hewlett-Packard		297,677
	4,450		Network Appliance*		140,131
					918,516
		Diversified Financials—11.8%
	3,200		American Express		195,040
	4,030		JPMorgan Chase		189,410
	1,830		Lehman Brothers		115,912
	1,510		Merrill Lynch		99,690
	1,160		Nymex Holdings		149,083
	2,280		T Rowe Price		146,467
					895,602
		Software & Services—10.6%
	9,500		Activision Inc*		224,675
	2,920		Adobe Systems*		139,868
	250		Google Inc-Class A*		176,750
	6,980		Mentor Graphics*		111,820
	1,950		Nintendo Co-ADR		150,833
					803,946
		Capital Goods—9.3%
	1,600		Boeing Co		157,744
	3,700		General Electric		152,292
	1,770		Terex Corp*		131,246
	3,380		United Technologies		258,874
					700,156

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
150

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Multicap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Energy—7.1%
	2,280		Carrizo Oil & Gas*	$	117,169
	2,810		Noble Corp		148,790
	2,190		Ultra Petroleum*		155,183
	3,180		Western Refining		116,642
					537,784
		Pharmaceuticals & Biotechnology—4.2%
	2,730		Celgene Corp*		180,180
	1,860		Genentech Inc*		137,882
					318,062
		Consumer Services—4.2%
	6,730		Cheesecake Factory*		150,954
	3,190		Weight Watchers International		163,456
					314,410
		Telecommunication Services—4.1%
	1,220		America Movil SAB de CV ADR-Class L		79,776
	1,980		AT&T Inc		82,744
	2,530		NII Holdings-Class B*		146,740
					309,260
		Retailing—3.6%
	2,570		Guess? Inc		132,072
	3,530		Nordstrom Inc		139,223
					271,295
		Automobiles & Components—2.9%
	4,300		WABCO Holdings		218,526
		Semiconductors & Semiconductor Equipment—2.6%
	11,040		Marvell Technology*		199,051
		Food & Staples Retailing—2.5%
	3,830		Whole Foods Market		189,738
		Household & Personal Products—2.3%
	2,520		Procter & Gamble		175,190
		Commercial Services and Supplies—2.1%
	2,750		Stericycle Inc*		160,407

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
151

PORTFOLIO OF INVESTMENTS (Continued) October 31, 2007

Julius Baer U.S. Multicap Fund

Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
		COMMON STOCKS—Continued
		Materials—2.1%
	2,010		RTI International Metals*	$	157,142
		Consumer Durables & Apparel—2.0%
	2,220		Polo Ralph Lauren		152,736
		Banks—2.0%
	4,410		Wells Fargo		149,984
		Transportation—1.5%
	1,320		Burlington Northern Santa Fe		115,038
			TOTAL COMMON STOCKS (Cost $6,687,608)		7,550,017

Face Value		Currency
		REPURCHASE AGREEMENT—1.0%
	75,416	USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/31/2007, due 11/01/2007, with maturity value of $75,422 and an effective yield of 3.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 5.441%, a maturity of 01/15/2035 and an aggregate market value of $79,073 (Cost $75,416)	$	75,416
			TOTAL INVESTMENTS—100.8% (Cost $6,763,024)		7,625,433
			OTHER ASSETS AND LIABILITIES (Net)—(0.8%)		(57,936	)
			TOTAL NET ASSETS—100.0%	$	7,567,497

Notes to the Portfolio of Investments:

ADR American Depositary Receipt

* Non-income producing security.

Aggregate cost for federal income tax purposes was $6,766,859.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
152

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) October 31, 2007

Julius Baer U.S. Multicap Fund

At October 31, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		25.5	%	$	1,921,511
Healthcare		16.9			1,281,235
Financials		13.8			1,045,587
Industrials		12.9			975,601
Consumer Discretionary		12.6			956,967
Energy		7.1			537,785
Consumer Staples		4.8			364,929
Telecommunications		4.1			309,260
Materials		2.1			157,142
Cash & Cash Equivalents		1.0			75,416
Total Investments		100.8			7,625,433
Other Assets and Liabilities (Net)		(0.8	)		(57,936	)
Net Assets		100.0	%	$	7,567,497

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
153

STATEMENT OF ASSETS AND LIABILITIES October 31, 2007

	Julius Baer Global Equity			Julius Baer International Equity
ASSETS:
Investments in securities, at market value including market value of securities on loan of $10,408,426 and $926,438,950 respectively (Cost $112,965,926 and $16,391,781,615 respectively)	$	121,605,802		$	24,900,671,700
Affiliated securities (Cost $— and $526,785,870)		—			976,921,062
Cash on deposit for broker (Note 2)		272,008			106,607,687
Foreign currency, at market value (Cost $1,901,475 and $1,955,162,615 respectively)		1,924,958			1,985,929,393
Receivables:
Investments sold		34,822,197			208,225,973
Fund shares sold		43,257			13,053,793
Interest and dividends		71,933			26,283,093
Tax reclaim		24,409			3,600,310
Miscellaneous		48,643			139,707
Daily variation margin on open financial futures contracts		29,904			14,553,103
Unrealized appreciation on open swap contracts		29,954			54,611,024
Unrealized appreciation on forward foreign exchange contracts		349,242			147,265,999
Prepaid expense		56,019			143,316
Total Assets		159,278,326			28,438,006,160
LIABILITIES:
Payables:
Investments purchased		34,566,774			176,338,160
Fund shares repurchased		13,327			9,647,294
Payable for closed swap contracts		—			2,761,327
Collateral for securities loaned (Note 2)		10,713,067			970,162,722
Investment advisory fee (Note 3)		58,762			20,349,884
Unrealized depreciation on forward foreign exchange contracts		793,137			323,080,321
Accrued expenses and other payables		104,609			5,492,153
Total Liabilities		46,249,676			1,507,831,861
NET ASSETS	$	113,028,650		$	26,930,174,299
NET ASSETS Consist of:
Par value	$	2,390		$	511,726
Paid in capital in excess of par value		218,886,426			15,100,755,651
Undistributed net investment income		526,656			263,404,052
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(114,761,973	)		2,643,425,478
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		8,375,151			8,922,077,392
NET ASSETS	$	113,028,650		$	26,930,174,299
Class A	$	38,995,328		$	11,619,663,335
Class I	$	74,033,322		$	15,310,510,964
SHARES OUTSTANDING (Note 7)
Class A		829,328			223,648,970
Class I		1,560,213			288,077,240
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	47.02		$	51.95
Class I	$	47.45		$	53.15

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
154

STATEMENT OF ASSETS AND LIABILITIES October 31, 2007

	Julius Baer International Equity II		Julius Baer Total Return Bond
ASSETS:
Investments in securities, at market value including market value of securities on loan of $392,912,596 and $0 respectively (Cost $7,510,196,339 and $1,016,044,640 respectively)	$	9,298,317,057	$	1,026,281,891
Repurchase agreements (Cost $159,431,189 and $142,560,577)		159,431,189		142,560,577
Cash on deposit for broker (Note 2)		37,427,637		—
Foreign currency, at market value (Cost $664,216,507 and $783,566 respectively)		674,278,096		423,000
Receivables:
Investments sold		71,363,560		34,673,891
Fund shares sold		67,873,110		2,898,109
Interest and dividends		9,924,594		6,680,122
Tax reclaim		1,208,676		—
Miscellaneous		39,314		4,242
Daily variation margin on open financial futures contracts		5,243,404		—
Receivable for closed swap contracts		691,664		—
Receivable from advisor—net (Note 3)		—		90,207
Unrealized appreciation on forward foreign exchange contracts		61,431,663		14,624,103
Prepaid expense		51,719		5,300
Total Assets		10,387,281,683		1,228,241,442
LIABILITIES:
Payables:
Investments purchased		112,705,699		290,734,481
Fund shares repurchased		2,622,968		279,671
Collateral for securities loaned (Note 2)		410,296,503		—
Investment advisory fee (Note 3)		7,422,032		367,322
Unrealized depreciation on forward foreign exchange contracts		118,794,872		7,029,073
Accrued expenses and other payables		1,975,028		222,161
Total Liabilities		653,817,102		298,632,708
NET ASSETS	$	9,733,464,581	$	929,608,734
NET ASSETS Consist of:
Par value	$	529,101	$	69,216
Paid in capital in excess of par value		7,750,840,670		906,371,592
Undistributed net investment income		110,928,766		7,891,905
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, and foreign currency related transactions		109,412,896		(2,222,088	)
Net unrealized appreciation on investments, forward foreign exchange contracts, and foreign currency related transactions		1,761,753,148		17,498,109
NET ASSETS	$	9,733,464,581	$	929,608,734
Class A	$	1,980,188,324	$	148,602,767
Class I	$	7,753,276,257	$	781,005,967
SHARES OUTSTANDING (Note 7)
Class A		108,161,190		11,079,640
Class I		420,939,804		58,135,891
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	18.31	$	13.41
Class I	$	18.42	$	13.43

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
155

STATEMENT OF ASSETS AND LIABILITIES October 31, 2007

	Julius Baer Global High Income		Julius Baer U.S. Microcap
ASSETS:
Investments in securities, at market value (Cost $248,201,528 and $6,987,854 respectively)	$	251,763,760	$	7,624,173
Foreign currency, at market value (Cost $5,325,300 and $0 respectively)		5,447,671		—
Receivables:
Investments sold		2,077,660		109,385
Fund shares sold		1,265,847		—
Interest and dividends		4,439,146		3,011
Miscellaneous		1,116		41
Receivable from advisor—net (Note 3)		—		4,983
Unrealized appreciation on forward foreign exchange contracts		451,515		—
Unrealized appreciation on open swap contracts		31,460		—
Prepaid expense		1,322		39
Total Assets		265,479,497		7,741,632
LIABILITIES:
Payables:
Investments purchased		17,029,777		248,781
Fund shares repurchased		255,817		—
Investment advisory fee (Note 3)		117,759		—
Unrealized depreciation on forward foreign exchange contracts		705,090		—
Unrealized depreciation on open swap contracts		149,332		—
Unfunded loan commitments (Note 2)		7,339		—
Accrued expenses and other payables		96,646		34,529
Total Liabilities		18,361,760		283,310
NET ASSETS	$	247,117,737	$	7,458,322
NET ASSETS Consist of:
Par value	$	22,801	$	588
Paid in capital in excess of par value		243,471,798		6,018,484
Undistributed net investment income (loss)		241,430		(33,916	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		113		836,847
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, swap contracts and unfunded loan commitments		3,381,595		636,319
NET ASSETS	$	247,117,737	$	7,458,322
Class A	$	94,348,348	$	3,780,984
Class I	$	152,769,389	$	3,677,338
SHARES OUTSTANDING (Note 7)
Class A		8,538,365		298,547
Class I		14,262,839		289,263
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	11.05	$	12.66
Class I	$	10.71	$	12.71

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
156

STATEMENT OF ASSETS AND LIABILITIES October 31, 2007

	Julius Baer U.S. Smallcap			Julius Baer U.S. Midcap
ASSETS:
Investments in securities, at market value (Cost $6,949,406 and $6,523,663 respectively)	$	7,868,012		$	7,457,079
Receivables:
Investments sold		1,249,194			651,236
Fund shares sold		42,414			—
Interest and dividends		2,690			1,613
Miscellaneous		39			41
Receivable from advisor—net (Note 3)		5,409			6,455
Prepaid expense		64			41
Total Assets		9,167,822			8,116,465
LIABILITIES:
Payables:
Investments purchased		720,859			595,254
Accrued expenses and other payables		34,661			33,788
Total Liabilities		755,520			629,042
NET ASSETS	$	8,412,302		$	7,487,423
NET ASSETS Consist of:
Par value	$	594		$	587
Paid in capital in excess of par value		5,749,879			6,012,863
Accumulated net investment loss		(33,916	)		(30,534	)
Accumulated net realized gain on investments sold		1,777,139			571,091
Net unrealized appreciation on investments		918,606			933,416
NET ASSETS	$	8,412,302		$	7,487,423
Class A	$	4,339,410		$	3,645,760
Class I	$	4,072,892		$	3,841,663
SHARES OUTSTANDING (Note 7)
Class A		307,004			286,151
Class I		287,200			300,988
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	14.13		$	12.74
Class I	$	14.18		$	12.76

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
157

STATEMENT OF ASSETS AND LIABILITIES October 31, 2007

	Julius Baer U.S. Multicap
ASSETS:
Investments in securities, at market value (Cost $6,763,024)	$	7,625,433
Receivables:
Investments sold		628,484
Fund shares sold		1,000
Interest and dividends		4,589
Miscellaneous		42
Receivable from advisor—net (Note 3)		6,471
Prepaid expense		41
Total Assets		8,266,060
LIABILITIES:
Payables:
Investments purchased		665,356
Accrued expenses and other payables		33,207
Total Liabilities		698,563
NET ASSETS	$	7,567,497
NET ASSETS Consist of:
Par value	$	589
Paid in capital in excess of par value		6,058,682
Overdistributed net investment income		(19,438	)
Accumulated net realized gain on investments sold		665,255
Net unrealized appreciation on investments		862,409
NET ASSETS	$	7,567,497
Class A	$	3,620,116
Class I	$	3,947,381
SHARES OUTSTANDING (Note 7)
Class A		282,047
Class I		307,011
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	12.84
Class I	$	12.86

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
158

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2007

	Julius Baer Global Equity			Julius Baer International Equity
INVESTMENT INCOME:
Interest†	$	188,546		$	29,233,438
Dividends, from unaffiliated issuers††		1,400,017			595,848,436
Dividends, from affiliated issuers†††		—			19,189,084
Total investment income		1,588,563			644,270,958
EXPENSES:
Investment advisory fee (Note 3)		647,059			204,020,950
Custody fees		34,816			17,661,106
Administration fees		257,129			4,027,931
Professional fees		30,300			1,184,231
Trustees' fees and expenses		5,463			692,876
Registration and filing fees		62,988			353,516
Shareholder reports		60,528			4,266,604
Insurance premium expense		76,763			233,871
Interest expense		5,009			—
Compliance expense		620			205,815
Miscellaneous fees		11,879			120,265
Total expenses common to all classes		1,192,554			232,767,165
Transfer agent fees
Class A		20,515			1,113,432
Class I		5,824			293,318
Distribution and shareholder servicing fees (Class A) (Note 4)		84,485			24,746,716
Total gross expenses		1,303,378			258,920,631
Custody offset arrangement (Note 3)		(14,844	)		(12,363,639	)
Expenses waived by investment advisor (Note 3)		(377,251	)		—
Net expenses		911,283			246,556,992
NET INVESTMENT INCOME		677,280			397,713,966
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments††††		10,306,057			2,660,841,355
Investments from affiliates		—			(5,218,266	)
Financial futures contracts		228,223			49,678,572
Interest rate swap contracts		29,954			(1,836,465	)
Forward foreign exchange contracts		(48,026	)		(5,909,917	)
Foreign currency transactions		(244,315	)		(57,607,490	)
Net realized gain on investments		10,271,893			2,639,947,789
Net change in unrealized appreciation (depreciation) on:
Investments		5,145,295			3,821,963,635
Financial futures contracts		133,646			36,352,109
Interest rate swap contracts		—			661,693
Forward foreign exchange contracts		(409,111	)		(134,117,826	)
Foreign currency transactions		156			551,302
Net change in unrealized appreciation of investments		4,869,986			3,725,410,913
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		15,141,879			6,365,358,702
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,819,159		$	6,763,072,668

† Interest income includes security lending income (net of rebate and agent fees) of $24,852 and $21,520,253 for the Global Equity Fund and International Equity Fund, respectively.

†† Net of foreign withholdings taxes of $85,414 and $46,532,732 for the Global Equity Fund and International Equity Fund, respectively.

††† Net of foreign withholding taxes of $2,971,498 for the International Equity Fund.

†††† Net of Thai capital gains taxes of $42 and $191,661 for the Global Equity Fund and International Equity Fund, respectively.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
159

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2007

	Julius Baer International Equity II			Julius Baer Total Return Bond
INVESTMENT INCOME:
Interest†	$	15,099,137		$	35,262,212
Dividends††		179,146,279			—
Total investment income		194,245,416			35,262,212
EXPENSES:
Investment advisory fee (Note 3)		53,422,713			3,144,621
Custody fees		2,585,512			208,230
Administration fees		2,463,999			111,909
Professional fees		273,271			55,738
Trustees' fees and expenses		190,010			20,986
Registration and filing fees		485,802			50,506
Shareholder reports		941,808			133,915
Insurance premium expense		40,271			5,413
Interest expense		—			10,139
Compliance expense		50,252			6,040
Miscellaneous fees		21,204			4,298
Total expenses common to all classes		60,474,842			3,751,795
Transfer agent fees
Class A		407,547			33,499
Class I		215,102			12,396
Distribution and shareholder servicing fees (Class A) (Note 4)		3,157,498			288,976
Total gross expenses		64,254,989			4,086,666
Custody offset arrangement (Note 3)		(1,073,479	)		(24,464	)
Recoupment of expenses previously assumed by Investment advisor (Note 3)		196,954			—
Expenses waived by investment advisor (Note 3)		—			(698,492	)
Net expenses		63,378,464			3,363,710
NET INVESTMENT INCOME		130,866,952			31,898,502
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments†††		101,743,187			3,442,612
Financial futures contracts		24,498,880			(110	)
Interest rate swap contracts		691,664			—
Forward foreign exchange contracts		(9,515,033	)		450,068
Foreign currency transactions		(8,231,246	)		2,305,828
Net realized gain on investments		109,187,452			6,198,398
Net change in unrealized appreciation (depreciation) on:
Investments		1,441,947,822			5,250,168
Financial futures contracts		18,714,680			—
Forward foreign exchange contracts		(46,223,225	)		7,894,907
Foreign currency transactions		207,068			2,785
Net change in unrealized appreciation of investments		1,414,646,345			13,147,860
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,523,833,797			19,346,258
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,654,700,749		$	51,244,760

† Interest income includes security lending income (net of rebate and agent fees) of $6,010,802 for the International Equity Fund II.

†† Net of withholding taxes of $13,794,448 for the International Equity Fund II.

††† Net of Thai capital gains tax of $54,672 for the International Equity Fund II.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
160

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2007

	Julius Baer Global High Income			Julius Baer U.S. Microcap
INVESTMENT INCOME:
Interest	$	12,844,090		$	8,206
Dividends†		253,145			55,209
Total investment income		13,097,235			63,415
EXPENSES:
Investment advisory fee (Note 3)		1,244,480			87,762
Custody fees		53,721			4,202
Administration fees		80,086			20,796
Professional fees		44,410			27,219
Trustees' fees and expenses		5,070			176
Registration and filing fees		56,196			33,774
Shareholder reports		26,838			—
Amortization of offering expenses		—			30,534
Insurance premium expense		1,059			19
Interest expense		10,139			—
Compliance expense		1,426			—
Miscellaneous fees		1,454			932
Total expenses common to all classes		1,524,879			205,414
Transfer agent fees
Class A		24,113			12,419
Class I		6,527			5,200
Distribution and shareholder servicing fees (Class A) (Note 4)		162,823			8,963
Total gross expenses		1,718,342			231,996
Custody offset arrangement (Note 3)		(9,253	)		—
Expenses waived by investment advisor (Note 3)		(301,788	)		(115,922	)
Net expenses		1,407,301			116,074
NET INVESTMENT INCOME (LOSS)		11,689,934			(52,659	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		612,223			859,303
Interest rate swap contracts		17,080			—
Forward foreign exchange contracts		58,745			—
Foreign currency transactions		(1,661,155	)		—
Net realized gain (loss) on investments		(973,107	)		859,303
Net change in unrealized appreciation (depreciation) on:
Investments		1,832,768			2,200
Interest rate swap contracts		(198,322	)		—
Forward foreign exchange contracts		(84,727	)		—
Foreign currency transactions		90,003			—
Net change in unrealized appreciation of investments		1,639,722			2,200
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		666,615			861,503
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,356,549		$	808,844

† Net of withholding taxes of $51,460 for the Global High Income Fund.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
161

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2007

	Julius Baer U.S. Smallcap			Julius Baer U.S. Midcap
INVESTMENT INCOME:
Interest	$	6,917		$	5,968
Dividends		42,955			120,314
Total investment income		49,872			126,282
EXPENSES:
Investment advisory fee (Note 3)		71,635			56,068
Custody fees		4,149			4,194
Administration fees		19,087			15,536
Professional fees		27,231			27,243
Trustees' fees and expenses		190			190
Registration and filing fees		35,866			33,779
Amortization of offering expenses		30,534			27,983
Insurance premium expense		20			19
Compliance expense		1			3
Miscellaneous fees		929			918
Total expenses common to all classes		189,642			165,933
Transfer agent fees
Class A		12,420			12,419
Class I		5,199			5,203
Distribution and shareholder servicing fees (Class A) (Note 4)		10,469			8,663
Total gross expenses		217,730			192,218
Expenses waived by investment advisor (Note 3)		(114,682	)		(108,233	)
Net expenses		103,048			83,985
NET INVESTMENT INCOME (LOSS)		(53,176	)		42,297
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on:
Investments		1,800,207			579,568
Net realized gain on investments		1,800,207			579,568
Net change in unrealized appreciation on:
Investments		457,173			422,673
Net change in unrealized appreciation of investments		457,173			422,673
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		2,257,380			1,002,241
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,204,204		$	1,044,538

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
162

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2007

	Julius Baer U.S. Multicap
INVESTMENT INCOME:
Interest	$	5,714
Dividends		130,726
Total investment income		136,440
EXPENSES:

Investment advisory fee (Note 3)		52,947
Custody fees		4,214
Administration fees		17,154
Professional fees		27,264
Trustees' fees and expenses		201
Registration and filing fees		33,767
Amortization of offering expenses		26,388
Insurance premium expense		20
Compliance expense		33
Miscellaneous fees		766
Total expenses common to all classes		162,754
Transfer agent fees
Class A		12,424
Class I		5,204
Distribution and shareholder servicing fees (Class A) (Note 4)		9,235
Total gross expenses		189,617
Expenses waived by investment advisor (Note 3)		(107,939	)
Net expenses		81,678
NET INVESTMENT INCOME		54,762
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on:
Investments		665,255
Net realized gain on investments		665,255
Net change in unrealized appreciation on:
Investments		333,356
Net change in unrealized appreciation of investments		333,356
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		998,611
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,053,373

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
163

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Global Equity Fund Inc.

	For the Year Ended October 31, 2007			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	677,280		$	438,419
Net realized gain on investments		10,271,893			7,905,567
Net change in unrealized appreciation of investments		4,869,986			1,564,073
Net increase in net assets resulting from operations		15,819,159			9,908,059
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class I		—			(989	)
Total distributions to shareholders		—			(989	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		9,518,604			10,921,299
Class I		59,719,862			18,354,968
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class I		—			637
Cost of shares redeemed
Class A		(7,378,540	)		(22,181,768	)
Class I		(24,100,668	)		(8,973,789	)
Fees from redemptions		—			3,539
Net increase (decrease) from Fund share transactions		37,759,258			(1,875,114	)
Net increase in net assets		53,578,417			8,031,956
NET ASSETS:
Beginning of year		59,450,233			51,418,277
End of period (including undistributed net investment income of $526,656 and ($60,212), respectively)	$	113,028,650		$	59,450,233

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
164

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund

	For the Year Ended October 31, 2007			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	397,713,966		$	235,638,205
Net realized gain on investments		2,639,947,789			1,735,683,740
Net change in unrealized appreciation of investments		3,725,410,913			2,825,657,653
Net increase in net assets resulting from operations		6,763,072,668			4,796,979,598
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(59,400,112	)		—
Class I		(97,389,687	)		—
Distributions from realized gain
Class A		(880,815,538	)		(323,074,339	)
Class I		(1,057,761,836	)		(394,079,789	)
Total distributions to shareholders		(2,095,367,173	)		(717,154,128	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		1,611,747,637			1,516,430,147
Class I		2,352,325,275			1,762,515,023
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		885,050,416			303,135,073
Class I		1,012,198,966			352,634,605
Cost of shares redeemed
Class A		(1,990,356,059	)		(1,596,363,910	)
Class I		(1,778,609,637	)		(1,487,008,935	)
Fees from redemptions		—			558,198
Net increase from Fund share transactions		2,092,356,598			851,900,201
Net increase in net assets		6,760,062,093			4,931,725,671
NET ASSETS:
Beginning of year		20,170,112,206			15,238,386,535
End of year (including undistributed net investment income of $263,404,052 and $51,753,799, respectively)	$	26,930,174,299		$	20,170,112,206

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
165

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund II

	For the Year Ended October 31, 2007			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	130,866,952		$	25,470,795
Net realized gain (loss) on investments		109,187,452			(19,126,250	)
Net change in unrealized appreciation of investments		1,414,646,345			341,136,403
Net increase in net assets resulting from operations		1,654,700,749			347,480,948
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(1,953,851	)		—
Class I		(11,447,304	)		—
Distributions from realized gain
Class A		(2,983,592	)		—
Class I		(10,064,024	)		—
Total distributions to shareholders		(26,448,771	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		1,254,778,148			611,006,976
Class I		4,517,095,068			1,992,799,751
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		4,509,126			—
Class I		16,754,682			—
Cost of shares redeemed
Class A		(335,414,636	)		(100,844,079	)
Class I		(514,794,780	)		(113,397,417	)
Fees from redemptions		—			186,601
Net increase from Fund share transactions		4,942,927,608			2,389,751,832
Net increase in net assets		6,571,179,586			2,737,232,780
NET ASSETS:
Beginning of year		3,162,284,995			425,052,215
End of year (including undistributed net investment income of $110,928,766 and $10,991,811, respectively)	$	9,733,464,581		$	3,162,284,995

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
166

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Total Return Bond Fund

	For the Year Ended October 31, 2007			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	31,898,502		$	14,432,716
Net realized gain (loss) on investments		6,198,398			(1,532,288	)
Net change in unrealized appreciation of investments		13,147,860			6,040,040
Net increase in net assets resulting from operations		51,244,760			18,940,468
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(4,751,855	)		(4,633,879	)
Class I		(26,752,826	)		(13,426,375	)
Distributions from realized gain
Class A		—			(517,211	)
Class I		—			(1,194,669	)
Total distributions to shareholders		(31,504,681	)		(19,772,134	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		79,050,470			72,384,334
Class I		487,023,641			290,781,223
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		4,318,464			4,578,373
Class I		17,281,842			12,496,422
Cost of shares redeemed
Class A		(41,786,343	)		(40,748,651	)
Class I		(138,938,609	)		(45,130,436	)
Fees from redemptions		—			22,196
Net increase from Fund share transactions		406,949,465			294,383,461
Net increase in net assets		426,689,544			293,551,795
NET ASSETS:
Beginning of year		502,919,190			209,367,395
End of year (including undistributed net investment income of $7,891,905 and $1,172,581, respectively)	$	929,608,734		$	502,919,190

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
167

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Global High Income Fund

	For the Year Ended October 31, 2007			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	11,689,934		$	3,265,164
Net realized gain (loss) on investments		(973,107	)		879,451
Net change in unrealized appreciation of investments		1,639,722			1,242,995
Net increase in net assets resulting from operations		12,356,549			5,387,610
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(4,072,440	)		(3,603,396	)
Class I		(6,532,304	)		(1,282,103	)
Distributions from realized gain
Class A		(420,733	)		(2,359,814	)
Class I		(457,444	)		(499,032	)
Return of capital
Class A		(448,526	)
		Class I			(719,449	)
Total distributions to shareholders		(12,650,896	)		(7,744,345	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		79,811,932			33,421,918
Class I		133,818,463			31,257,017
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		4,232,194			5,028,917
Class I		3,403,772			1,537,266
Cost of shares redeemed
Class A		(35,767,124	)		(26,442,289	)
Class I		(19,116,348	)		(5,182,090	)
Fees from redemptions		—			13,225
Net increase from Fund share transactions		166,382,889			39,633,964
Net increase in net assets		166,088,542			37,277,229
NET ASSETS:
Beginning of year		81,029,195			43,751,966
End of year (including undistributed net investment income of $241,430 and $140,449, respectively)	$	247,117,737		$	81,029,195

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
168

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Microcap Fund

	For the Year Ended October 31, 2007			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(52,659	)	$	(11,957	)
Net realized gain on investments		859,303			8,004
Net change in unrealized appreciation of investments		2,200			634,119
Net increase in net assets resulting from operations		808,844			630,166
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		1,033,965			2,661,894
Class I		528,215			2,500,000
Cost of shares redeemed
Class A		(605,058	)		(20,311	)
Class I		(79,393	)		—
Net increase from Fund share transactions		877,729			5,141,583
Net increase in net assets		1,686,573			5,771,749
NET ASSETS:
Beginning of period		5,771,749			—
End of period (including accumulated net investment loss of $(33,916) and $5,852, respectively)	$	7,458,322		$	5,771,749

* Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
169

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Smallcap Fund

	For the Year Ended October 31, 2007			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(53,176	)	$	(2,036	)
Net realized gain on investments		1,800,207			93,131
Net change in unrealized appreciation of investments		457,173			461,433
Net increase in net assets resulting from operations		2,204,204			552,528
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class I		(1,456	)		—
Distributions from realized gain
Class A		(47,337	)		—
Class I		(46,110	)		—
Total distributions to shareholders		(94,903	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		5,152,744			2,535,318
Class I		421,237			2,500,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		47,337			—
Class I		47,144			—
Cost of shares redeemed
Class A		(4,914,765	)		(3,063	)
Class I		(35,479	)		—
Net increase from Fund share transactions		718,218			5,032,255
Net increase in net assets		2,827,519			5,584,783
NET ASSETS:
Beginning of period		5,584,783			—
End of period (including accumulated net investment loss of $(33,916) and $4,396, respectively)	$	8,412,302		$	5,584,783

* Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
170

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Midcap Fund

	For the Year Ended October 31, 2007			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income(loss)	$	42,297		$	(5,295	)
Net realized gain on investments		579,568			24,072
Net change in unrealized appreciation of investments		422,673			510,743
Net increase in net assets resulting from operations		1,044,538			529,520
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(34,293	)		—
Class I		(42,422	)		—
Distributions from realized gain
Class A		(11,538	)		—
Class I		(12,014	)		—
Total distributions to shareholders		(100,267	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		497,510			2,625,610
Class I		627,149			2,500,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		36,212			—
Class I		43,010			—
Cost of shares redeemed
Class A		(230,323	)		(3,069	)
Class I		(82,467	)		—
Net increase from Fund share transactions		891,091			5,122,541
Net increase in net assets		1,835,362			5,652,061
NET ASSETS:
Beginning of period		5,652,061			—
End of period (including overdistributed net investment income of $(30,534) and $4,952, respectively)	$	7,487,423		$	5,652,061

* Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
171

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Multicap Fund

	For the Year Ended October 31, 2007			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	54,762		$	1,721
Net realized gain on investments		665,255			23,143
Net change in unrealized appreciation of investments		333,356			529,053
Net increase in net assets resulting from operations		1,053,373			553,917
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(34,572	)		—
Class I		(41,349	)		—
Distributions from realized gain
Class A		(11,507	)		—
Class I		(11,636	)		—
Total distributions to shareholders		(99,064	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		1,319,599			2,515,010
Class I		660,159			2,500,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		35,926			—
Class I		40,976			—
Cost of shares redeemed
Class A		(965,928	)		(11,270	)
Class I		(35,201	)		—
Net increase from Fund share transactions		1,055,531			5,003,740
Net increase in net assets		2,009,840			5,557,657
NET ASSETS:
Beginning of period		5,557,657			—
End of period (including undistributed (overdistributed) net investment income of ($19,438) and $1,721, respectively)	$	7,567,497		$	5,557,657

* Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
172

FINANCIAL HIGHLIGHTS

Julius Baer Global Equity Fund Inc.(8)

For a share outstanding throughout each period

	Class A
	Year Ended October 31,									April 01, 2004 through October 31,			Year Ended March 31,
	2007			2006			2005(7)			2004(7)			2004(7)			2003(7)
Net Asset Value, beginning of period	$	38.23		$	31.45		$	26.90		$	25.30		$	24.10		$	42.50
Income (loss) from investment operations:
Net investment income (loss) (2)		0.33			0.23			0.21			(0.30	)		(0.80	)		(0.60	)
Net realized and unrealized gain (loss) on investments		8.46			6.55			4.36			1.90			2.00			(17.50	)
Total income (loss) from investment operations		8.79			6.78			4.57			1.60			1.20			(18.10	)
Less distributions:
From net investment income		—			—			(0.02	)		—			—			(0.30	)
Total Distributions		—			—			(0.02	)		—			—			(0.30	)
Net Asset Value, end of period	$	47.02		$	38.23		$	31.45		$	26.90		$	25.30		$	24.10
Market Value, end of period (8)	$	—		$	—		$	—		$	—		$	23.600		$	19.700
Total Return		23.02	%		21.56	%		17.00	%		6.32	%(5)		19.80	%		(49.75	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	38,995		$	29,852		$	34,608		$	24,688		$	36,930		$	35,122
Ratio of net investment income to average net assets		0.78	%		0.65	%		0.71	%		(1.80	)%(4)		(3.25	)%		(2.21	)%
Ratio of expenses to average net assets (1)		1.42	%		1.42	%		1.51	%		2.37	%(4)(6)		3.31	%		2.93	%
Ratio of expenses to average net assets (1)(3)		1.40	%		1.40	%		1.50	%		2.30	%(4)(6)		3.25	%		2.82	%
Portfolio turnover rate		185	%		162	%		118	%		204	%(5)		605	%		1024	%

(1) 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 expenses ratios would have been:

Ratio of expenses to
average net assets (3)

1.97

2.24

2.98

3.73

3.50

3.07

Ratio of expenses to
average net assets

1.99

2.26

2.99

3.80

3.56

3.18

(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

(8) On July 1, 2004 the Fund changed its name from The European Warrant Fund, Inc. 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, different management team 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, and the Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equit y securities of issuers located throughout the world. For periods prior thereto, all historical performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Fund's common stock while it was a closed-end fund.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
173

FINANCIAL HIGHLIGHTS

Julius Baer Global Equity Fund Inc.

For a share outstanding throughout each period

	Class I
	Year Ended October 31,						Period Ended October 31,
	2007			2006			2005(6)(7)
Net Asset Value, beginning of period	$	38.48		$	31.58		$	30.80
Income from investment operations:
Net investment income (2)		0.46			0.38			0.23
Net realized and unrealized gain on investments		8.51			6.52			0.56
Total income from investment operations		8.97			6.90			0.79
Less distributions:
From net investment income		—			—	(8)		(0.01	)
Total Distributions		—			—			(0.01	)
Net Asset Value, end of period	$	47.45		$	38.48		$	31.58
Total Return		23.31	%		21.89	%		2.56	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	74,033		$	29,598		$	16,810
Ratio of net investment income to average net assets		1.08	%		1.06	%		1.15	%(4)
Ratio of expenses to average net assets (1)		1.17	%		1.17	%		1.17	%(4)
Ratio of expenses to average net assets (1)(3)		1.15	%		1.15	%		1.15	%(4)
Portfolio turnover rate		185	%		162	%		118	%(5)

(1) 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 expenses ratios would have been:

Ratio of expenses to average net assets (3)

1.63

1.86

2.49

Ratio of expenses to average net assets

1.65

1.88

2.51

(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) 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) Rounds to less than $0.01.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
174

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31,
	2007			2006			2005			2004			2003
Net Asset Value, beginning of year	$	43.09		$	34.29		$	28.99		$	24.45		$	19.60
Income from investment operations:
Net investment income (2)		0.71			0.50			0.35			0.16			0.24
Net realized and unrealized gain on investments		12.60			9.87			5.98			4.71			4.93
Total income from investment operations		13.31			10.37			6.33			4.87			5.17
Less distributions:
From net investment income		(0.28	)		—			(0.45	)		(0.33	)		(0.32	)
From net realized gains on investments		(4.17	)		(1.57	)		(0.58	)		—			—
Total Distributions		(4.45	)		(1.57	)		(1.03	)		(0.33	)		(0.32	)
Net Asset Value, end of year	$	51.95		$	43.09		$	34.29		$	28.99		$	24.45
Total Return		33.33	%		31.20	%		22.19	%		20.05	%		26.78	%
Ratios/Supplemental Data:
Net Assets, end of year (in 000's)	$	11,619,663		$	9,092,359		$	7,018,030		$	3,721,409		$	1,705,074
Ratio of net investment income to average net assets		1.54	%		1.28	%		1.09	%		0.58	%		0.83	%
Ratio of expenses to average net assets (1)		1.24	%		1.24	%		1.32	%		1.35	%		1.37	%
Ratio of expenses to average net assets		1.19	%		1.19	%		1.31	%		1.32	%		1.31	%
Portfolio turnover rate		51	%		62	%		57	%		100	%		114	%

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

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
175

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31,
	2007			2006			2005			2004			2003
Net Asset Value, beginning of year	$	43.97		$	34.96		$	29.47		$	24.79		$	19.79
Income from investment operations:
Net investment income (2)		0.85			0.52			0.44			0.23			0.28
Net realized and unrealized gain on investments		12.88			10.15			6.09			4.79			5.05
Total income from investment operations		13.73			10.67			6.53			5.02			5.33
Less distributions:
From net investment income		(0.38	)		—			(0.46	)		(0.34	)		(0.33	)
From net realized gains on investments		(4.17	)		(1.66	)		(0.58	)		—			—
Total Distributions		(4.55	)		(1.66	)		(1.04	)		(0.34	)		(0.33	)
Net Asset Value, end of year	$	53.15		$	43.97		$	34.96		$	29.47		$	24.79
Total Return		33.65	%		31.53	%		22.52	%		20.39	%		27.39	%
Ratios/Supplemental Data:
Net Assets, end of year (in 000's)	$	15,310,511		$	11,077,753		$	8,220,356		$	3,844,713		$	1,114,010
Ratio of net investment income to average net assets		1.81	%		1.29	%		1.33	%		0.87	%		1.16	%
Ratio of expenses to average net assets (1)		0.99	%		0.99	%		1.05	%		1.08	%		1.08	%
Ratio of expenses to average net assets		0.94	%		0.94	%		1.04	%		1.05	%		1.02	%
Portfolio turnover rate		51	%		62	%		57	%		100	%		114	%

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

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
176

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class A
	Year Ended October 31,						Period Ended October 31,
	2007			2006			2005(5)
Net Asset Value, beginning of period	$	14.07		$	10.94		$	10.00
Income from investment operations:
Net investment income (loss) (7)		0.31			0.16			(0.01	)
Net realized and unrealized gain on investments		4.01			2.97			0.95
Total income from investment operations		4.32			3.13			0.94
Less distributions:
From net investment income		(0.03	)		—			—
From net realized gains on investments		(0.05	)		—			—
Total Distributions		(0.08	)		—			—
Net Asset Value, end of period	$	18.31		$	14.07		$	10.94
Total Return		30.89	%		28.73	%		9.30	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1,980,188		$	722,531		$	127,435
Ratio of net investment income to average net assets		1.93	%		1.25	%		(0.11	)%(3)
Ratio of expenses to average net assets (1)(4)(6)		1.31	%		1.33	%		1.36	%(3)
Ratio of expenses to average net assets		1.29	%		1.32	%		1.35	%(3)
Portfolio turnover rate		64	%		61	%		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 recoupment or waiver of fees by the Fund's investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.28%, 1.32% and 2.06% for the periods ended October 31, 2007, October 31, 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 2007 Annual Report
177

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class I
	Year Ended October 31,						Period Ended October 31,
	2007			2006			2005(5)
Net Asset Value, beginning of period	$	14.14		$	10.96		$	10.00
Income from investment operations:
Net investment income (7)		0.37			0.20			—
Net realized and unrealized gain on investments		4.02			2.98			0.96
Total income from investment operations		4.39			3.18			0.96
Less distributions:
From net investment income		(0.06	)		—			—
From net realized gains on investments		(0.05	)		—			—
Total Distributions		(0.11	)		—			—
Net Asset Value, end of period	$	18.42		$	14.14		$	10.96
Total Return		31.15	%		29.11	%		9.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of year (in 000's)	$	7,753,276		$	2,439,754		$	297,617
Ratio of net investment income to average net assets		2.28	%		1.54	%		(0.01	)%(3)
Ratio of expenses to average net assets (1)(4)(6)		1.03	%		1.06	%		1.09	%(3)
Ratio of expenses to average net assets		1.01	%		1.05	%		1.08	%(3)
Portfolio turnover rate		64	%		61	%		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 recoupment or waiver of fees by the Fund's investment advisor. Had such action not been taken, the annualized operating expense ratio would have been 1.01%, 1.05%, and 1.60% for the periods ended October 31, 2007, October 31, 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 2007 Annual Report
178

FINANCIAL HIGHLIGHTS

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31,
	2007			2006			2005			2004			2003
Net Asset Value, beginning of year	$	13.08		$	13.33		$	13.37		$	13.34		$	12.55
Income from investment operations:
Net investment income (3)		0.57			0.56			0.42			0.37			0.30
Net realized and unrealized gain on investments		0.29			0.07			0.10			0.35			0.92
Total income from investment operations		0.86			0.63			0.52			0.72			1.22
Less distributions:
From net investment income		(0.53	)		(0.77	)		(0.46	)		(0.46	)		(0.32	)
From net realized gains on investments		—			(0.11	)		(0.10	)		(0.23	)		(0.11	)
Total Distributions		(0.53	)		(0.88	)		(0.56	)		(0.69	)		(0.43	)
Net Asset Value, end of year	$	13.41		$	13.08		$	13.33		$	13.37		$	13.34
Total Return		6.75	%		4.98	%		3.93	%		5.50	%		9.83	%
Ratios/Supplemental Data:
Net Assets, end of year (in 000's)	$	148,603		$	103,732		$	68,223		$	58,823		$	63,449
Ratio of net investment income to average net assets		4.34	%		4.32	%		3.11	%		2.79	%		2.24	%
Ratio of expenses to average net assets (1)		0.69	%		0.69	%		0.78	%		1.17	%		1.16	%
Ratio of expenses to average net assets		0.69	%(2)		0.69	%(2)		0.77	%(2)		1.17	%		1.16	%
Portfolio turnover rate		433	%(4)		411	%		202	%		69	%		160	%

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

(2) 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 0.81%, 0.83%, and 0.93% for the periods ended October 31, 2007, 2006, and 2005, respectively.

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

(4) The portfolio turnover rate not including TBA transactions was 238%, 220%, 174%, 67% and 155% for the years ended October 31, 2007, October 31, 2006, October 31, 2005, October 31, 2004 and October 31, 2003.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
179

FINANCIAL HIGHLIGHTS

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31,
	2007			2006			2005			2004			2003
Net Asset Value, beginning of year	$	13.12		$	13.38		$	13.41		$	13.37		$	12.56
Income from investment operations:
Net investment income (3)		0.61			0.60			0.47			0.41			0.37
Net realized and unrealized gain on investments		0.29			0.07			0.08			0.34			0.89
Total income from investment operations		0.90			0.67			0.55			0.75			1.26
Less distributions:
From net investment income		(0.59	)		(0.82	)		(0.48	)		(0.48	)		(0.34	)
From net realized gains on investments		—			(0.11	)		(0.10	)		(0.23	)		(0.11	)
Total Distributions		(0.59	)		(0.93	)		(0.58	)		(0.71	)		(0.45	)
Net Asset Value, end of year	$	13.43		$	13.12		$	13.38		$	13.41		$	13.37
Total Return		7.13	%		5.25	%		4.10	%		5.82	%		10.19	%
Ratios/Supplemental Data:
Net Assets, end of year (in 000's)	$	781,006		$	399,187		$	141,145		$	31,862		$	14,188
Ratio of net investment income to average net assets		4.61	%		4.64	%		3.50	%		3.08	%		2.50	%
Ratio of expenses to average net assets (1)		0.44	%		0.44	%		0.47	%		0.88	%		0.90	%
Ratio of expenses to average net assets		0.44	%(2)		0.44	%(2)		0.47	%(2)		0.88	%		0.89	%
Portfolio turnover rate		433	%(4)		411	%		202	%		69	%		160	%

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

(2) 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 0.54%, 0.56%, and 0.65% for periods ended October 31, 2007, 2006, and 2005, respectively.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
180

FINANCIAL HIGHLIGHTS

Julius Baer Global High Income Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31,												Period Ended October 31,
	2007			2006			2005			2004			2003(1)
Net Asset Value, beginning of period	$	10.99		$	11.93		$	12.07		$	11.43		$	10.00
Income from investment operations:
Net investment income (2)		0.76			0.68			0.73			0.70			0.64
Net realized and unrealized gain (loss) on investments		0.15			0.43			(0.01	)		0.72			1.37
Total income from investment operations		0.91			1.11			0.72			1.42			2.01
Less distributions:
From net investment income		(0.68	)		(1.17	)		(0.71	)		(0.71	)		(0.58	)
From net realized gains on investments		(0.10	)		(0.88	)		(0.15	)		(0.07	)		—
		Return of capital			(0.07	)
Total Distributions		(0.85	)		(2.05	)		(0.86	)		(0.78	)		(0.58	)
Net Asset Value, end of period	$	11.05		$	10.99		$	11.93		$	12.07		$	11.43
Total Return		8.58	%		10.49	%		6.15	%		12.87	%		20.57	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	94,348		$	45,930		$	36,166		$	45,164		$	28,195
Ratio of net investment income to average net assets		6.89	%		6.16	%		6.01	%		5.97	%		6.71	%(3)
Ratio of expenses to average net assets (4)(7)		1.01	%		1.10	%		1.28	%		1.24	%		1.26	%(3)
Ratio of expenses to average net assets (7)		1.00	%(5)		1.08	%(5)		1.25	%(5)		1.25	%		1.25	%(3)(5)
Portfolio turnover rate		63	%		96	%		99	%		93	%		83	%(6)

(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 Fund's investment advisor.

(5) 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 expenses ratios would have been 1.20%, 1.35%, 1.30% and 1.95% for the periods ended October 31, 2007, October 31, 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%.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
181

FINANCIAL HIGHLIGHTS

Julius Baer Global High Income Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31,												Period Ended October 31,
	2007			2006			2005			2004			2003(1)
Net Asset Value, beginning of period	$	10.66		$	11.61		$	12.01		$	11.36		$	10.00
Income from investment operations:
Net investment income (2)		0.77			0.70			0.78			0.73			0.57
Net realized and unrealized gain (loss) on investments		0.14			0.40			(0.05	)		0.72			1.35
Total income from investment operations		0.91			1.10			0.73			1.45			1.92
Less distributions:
From net investment income		(0.68	)		(1.17	)		(0.98	)		(0.73	)		(0.56	)
From net realized gains on investments		(0.10	)		(0.88	)		(0.15	)		(0.07	)		—
Return of capital		(0.08	)
Total Distributions		(0.86	)		(2.05	)		(1.13	)		(0.80	)		(0.56	)
Net Asset Value, end of period	$	10.71		$	10.66		$	11.61		$	12.01		$	11.36
Total Return		8.82	%		10.76	%		6.37	%		13.28	%		19.66	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	152,769		$	35,100		$	7,586		$	45,636		$	20,839
Ratio of net investment income to average net assets		7.15	%		6.61	%		6.47	%		6.24	%		6.91	%(3)
Ratio of expenses to average net assets (4)(7)		0.76	%		0.81	%		1.03	%		0.97	%		1.02	%(3)
Ratio of expenses to average net assets (7)		0.75	%(5)		0.79	%(5)		1.00	%(5)		1.00	%		1.00	%(3)(5)
Portfolio turnover rate		63	%		96	%		99	%		93	%		83	%(6)

(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 0.92%, 1.08%, 1.04% and 1.41% for the periods October 31, 2007, October 31, 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%.

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
182

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Microcap Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.26		$	10.00
Income from investment operations:
Net investment loss (5)		(0.11	)		(0.03	)
Net realized and unrealized gain on investments		1.51			1.29
Total income from investment operations		1.40			1.26
Net Asset Value, end of period	$	12.66		$	11.26
Total Return		12.43	%		12.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,781		$	2,955
Ratio of net investment income to average net assets		(0.90	)%		(0.99	)%(3)
Ratio of expenses to average net assets (4)		1.80	%		1.80	%(3)
Portfolio turnover rate		172	%		19	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expense ratio would have been 3.52% for the period ended October 31, 2007 and 4.52% for the period ended October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
183

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Microcap Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.27		$	10.00
Income from investment operations:
Net investment loss (5)		(0.07	)		(0.02	)
Net realized and unrealized gain on investments		1.51			1.29
Total income from investment operations		1.44			1.27
Net Asset Value, end of period	$	12.71		$	11.27
Total Return		12.88	%		12.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,677		$	2,816
Ratio of net investment income to average net assets		(0.60	)%		(0.69	)%(3)
Ratio of expenses to average net assets (4)		1.50	%		1.50	%(3)
Portfolio turnover rate		172	%		19	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expense ratio would have been 3.08% for the period ended October 31, 2007 and 4.03% for the period ended October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
184

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.10		$	10.00
Income from investment operations:
Net investment loss (5)		(0.10	)		(0.01	)
Net realized and unrealized gain on investments		3.31			1.11
Total income from investment operations		3.21			1.10
Less distributions:
From net realized gains on investments		(0.18	)		—
Total Distributions		(0.18	)		—
Net Asset Value, end of period	$	14.13		$	11.10
Total Return		29.44	%		11.00	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	4,339		$	2,807
Ratio of net investment income to average net assets		(0.85	)%		(0.29	)%(3)
Ratio of expenses to average net assets (4)		1.50	%		1.50	%(3)
Portfolio turnover rate		238	%		13	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expense ratio would have been 2.97% and 4.22% for the periods ending October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
185

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.11		$	10.00
Income from investment operations:
Net investment loss (5)		(0.06	)		—
Net realized and unrealized gain on investments		3.32			1.11
Total income from investment operations		3.26			1.11
Less distributions:
From net investment income		(0.01	)		—
From net realized gains on investments		(0.18	)		—
Total Distributions		(0.19	)		—
Net Asset Value, end of period	$	14.18		$	11.11
Total Return		29.75	%		11.10	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	4,073		$	2,777
Ratio of net investment income to average net assets		(0.52	)%		0.01	%(3)
Ratio of expenses to average net assets (4)		1.20	%		1.20	%(3)
Portfolio turnover rate		238	%		13	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expense ratio would have been 2.79% and 3.68% for the periods ending October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
186

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Midcap Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.05		$	10.00
Income from investment operations:
Net investment income (5)		0.05			0.01
Net realized and unrealized gain on investments		1.81			1.04
Total income from investment operations		1.86			1.05
Less distributions:
From net investment income		(0.13	)		—
From net realized gains on investments		(0.04	)		—
Total Distributions		(0.17	)		—
Net Asset Value, end of period	$	12.74		$	11.05
Total Return		17.16	%		10.50	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,646		$	2,887
Ratio of net investment income to average net assets		0.43	%		0.52	%(3)
Ratio of expenses to average net assets (4)		1.35	%		1.35	%(3)
Portfolio turnover rate		155	%		11	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expense ratio would have been 2.98% and 3.94% for the periods ended October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
187

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Midcap Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.06		$	10.00
Income from investment operations:
Net investment income (5)		0.09			0.01
Net realized and unrealized gain on investments		1.80			1.05
Total income from investment operations		1.89			1.06
Less distributions:
From net investment income		(0.15	)		—
From net realized gains on investments		(0.04	)		—
Total Distributions		(0.19	)		—
Net Asset Value, end of period	$	12.76		$	11.06
Total Return		17.47	%		10.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,842		$	2,765
Ratio of net investment income to average net assets		0.77	%		0.22	%(3)
Ratio of expenses to average net assets (4)		1.05	%		1.05	%(3)
Portfolio turnover rate		155	%		11	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expense ratio would have been 2.51% and 3.46% for the periods ended October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
188

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Multicap Fund

For a share outstanding throughout each period

	Class A
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.10		$	10.00
Income from investment operations:
Net investment income (6)		0.07			—	(5)
Net realized and unrealized gain on investments		1.85			1.10
Total income from investment operations		1.92			1.10
Less distributions:
From net investment income		(0.13	)		—
From net realized gains on investments		(0.05	)		—
Total Distributions		(0.18	)		—
Net Asset Value, end of period	$	12.84		$	11.10
Total Return		17.47	%		11.00	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,620		$	2,780
Ratio of net investment income to average net assets		0.58	%		(0.03	)%(3)
Ratio of expenses to average net assets (4)		1.30	%		1.30	%(3)
Portfolio turnover rate		152	%		15	%(2)

(1) Commenced operations on July 24, 2006.

(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 been taken, the operating expenses ratio would have been 2.93% and 3.87% for the periods ended October 31, 2007 and October 31, 2006.

(5) Amount was less than $0.01 per share.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
189

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Multicap Fund

For a share outstanding throughout each period

	Class I
	Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.11		$	10.00
Income from investment operations:
Net investment income (5)		0.12			0.01
Net realized and unrealized gain on investments		1.84			1.10
Total income from investment operations		1.96			1.11
Less distributions:
From net investment income		(0.16	)		—
From net realized gains on investments		(0.05	)		—
Total Distributions		(0.21	)		—
Net Asset Value, end of period	$	12.86		$	11.11
Total Return		17.79	%		11.10	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,947		$	2,778
Ratio of net investment income to average net assets		0.99	%		0.27	%(3)
Ratio of expenses to average net assets (4)		1.00	%		1.00	%(3)
Portfolio turnover rate		152	%		15	%(2)

(1) Commenced operations on July 24, 2006.

(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 operating expenses ratio would have been 2.42% and 3.33% for the periods ended October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Annual Report
190

NOTES TO FINANCIAL STATEMENTS

1. Organization

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 October 31, 2007, the Julius Baer Funds comprised nine 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 Fund changed its name from The European Warrant Fund, Inc. 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, different management team and a new investment advisor (an affiliate of the closed-end Fund's advisor). Until the close of business on June 30, 2004, the Fund operated as a closed-end Fund and its common stock (which then comprised 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, and the Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equity securities of issuers located throughout the world. For periods prior thereto, all historical performance information for Class A s hares reflects the Net Asset Value (NAV) performance of the Fund's common stock while it was a closed-end fund.

The Trust is registered with the SEC under the 1940 Act, as an open-end management investment company. As of October 31, 2007, the Trust offered eight 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"), Julius Baer Global High Income Fund (the "Global High Income Fund"), Julius Baer U.S. Microcap Fund (the "U.S. Microcap Fund"), Julius Baer U.S. Smallcap Fund (the "U.S. Smallcap Fund"), Julius Baer U.S. Midcap Fund (the "U.S. Midcap Fund") and Julius Baer U.S. Multicap Fund (the "U.S. Multicap Fund"). On July 24, 2006 Julius Baer U.S. Microcap Fund, Julius Baer U.S. Smallcap Fund, Julius Baer U.S. Midcap Fund and the Julius Baer U.S. Multicap Fund commenced operations.

Julius Baer Funds 2007 Annual Report
191

NOTES TO FINANCIAL STATEMENTS (Continued)

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.

As of October 31, 2007, each Fund offered 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.

Commencing November 1, 2007, some of the Funds will offer Retirement and Consultant Share Classes. (See Subsequent Events in Note 13).

Each Fund has distinct investment objectives. The following are the objectives for the Funds that are covered in this report:

Fund Name				Investment Objective
Global Equity Fund				Seeks to maximize total return, primarily through capital appreciation.

International Equity Fund				Seeks long term growth of capital.

International Equity Fund II				Seeks long term growth of capital.

Total Return Bond Fund				Seeks to provide total return, which consists of two components: (1) changes in the market value of the Fund's portfolio securities (both realized and unrealized appreciation/depreciation) and (2) income received from its portfolio securities.

Global High Income Fund				Seeks to maximize total return, principally through a high level of current income, and secondarily through capital appreciation.

U.S. Microcap Fund				Seeks to achieve long term growth of capital.

U.S. Smallcap Fund				Seeks to achieve long term growth of capital.

U.S. Midcap Fund				Seeks to achieve long term growth of capital.

U.S. Multicap Fund				Seeks to achieve long term growth of capital.

Julius Baer Funds 2007 Annual Report
192

NOTES TO FINANCIAL STATEMENTS (Continued)

2. Significant Accounting Policies

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 U.S. generally accepted accounting principles 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 when a significant event subsequent to the closing of a foreign exchange 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 Bo ard of Directors, the Trust's Board of Trustees (each a "Board" and collectively, the "Boards") or their respective delegates. Debt securities, including bank loans (other than government securities and short-term obligations) are valued by independent pricing services approved by the Board of each respective Fund. 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. To the extent each Fund invests in other open-end funds, the Fund will calculate its NAV based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use fair value pricing and the effects of such fair value pricing.

The Boards have identified certain circumstances in which the use of a fair value pricing method is necessary. In such circumstances, the Boards have also approved

Julius Baer Funds 2007 Annual Report
193

NOTES TO FINANCIAL STATEMENTS (Continued)

an independent fair value service for foreign equities, which may provide the fair value price. For options, swaps, and warrants, a fair value price may be determined using an industry accepted modeling tool. In addition, the Funds' Pricing Committees may determine a fair value price, subject to the approval of the respective Board, 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 agreement by 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 is 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 advisor 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. The funds primarily engage in repurchase agreements with their custodian to accommodate cash sweeps of any residual U.S. dollars held in a particular portfolio.

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

Julius Baer Funds 2007 Annual Report
194

NOTES TO FINANCIAL STATEMENTS (Continued)

and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement 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 a Fund 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 a 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 earmark 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.

Some of the forward foreign currency contracts entered into by the Funds are classified as non-deliverable forwards ("NDF"). NDFs are cash-settled, short-term forward contracts that trade thinly or are denominated in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is

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due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to one year, and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or to hedge exposure to foreign currencies that are not internationally traded.

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. To the extent fluctuations in value are not settled with the counterparty on a daily basis, the Fund is also subject to the credit risk of the counterparty. Cash collateral for futures contracts outstanding may be held by the broker on certain contracts. These amounts are listed on the Statement of Assets and Liabilities as Cash on deposit for broker.

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 generally agree to receive from or pay to the broker an amount of cash equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by a fund as unrealized gains or losses. Fluctuations in the value of the contracts are recorded 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 October 31, 2007).

The Funds may also enter into swap contracts that function similar to futures contracts (synthetic futures) to gain exposure to or protect against changes in security values. Generally these contracts are counterparty agreements, do not require daily variation margin payments, and, as such, the Funds are exposed to the credit risk of the counterparty in addition to the risks described above. The accounting treatment of such contracts is similar to that described above for standard futures contracts. The Funds disclose synthetic futures with other futures contracts.

f) Options: The Funds may write options to generate current income and 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

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 the 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. There wer e no written options at year ended, October 31, 2007.

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. There were no purchased options for the year ended October 31, 2007.

All the funds except the Total Return Bond Fund may purchase and sell call and put options on stock indices. In contrast to an option on a security, an option on a stock index provides the holder with the right but not the 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."

A Fund's risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts' terms and changes in the liquidity of the secondary market for the contracts. When a Fund

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writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying security or the cost basis of the securities purchased is adjusted by the original premium received or paid.

g) Swaps: The Funds may enter into interest rate, currency, index, total return and credit default swaps. These Funds expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of their 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 swap 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. In as much as these swaps are entered into for good faith hedging purposes, the investment advisor believes such obligations do not constitute senior securities under the 1940 Act, and, accordingly, will not treat them as being subject to its 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

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least A by Standard & Poor's (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 advisor. If there is a default by the counterparty, the Funds may have contractual remedies pursuant to the agreements related to the transaction.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Asset and Liabilities. Such risk involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement.

The International Equity Fund and Global High Income Fund engaged in swap transactions during the year ending October 31, 2007.

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

A Total 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 of 0.37% 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 unrealized appreciation of $14,567,706 at October 31, 2007.

A Total 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 of 0.32% on the same notional amount. The value of the contract, which terminates on June 17, 2008, is recorded as unrealized appreciation of $13,254,831 at October 31, 2007.

A Total 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 of 0.37% 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 unrealized appreciation of $13,993,779 at October 31, 2007.

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A Total 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 of 0.32% 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 unrealized appreciation of $12,680,617 at October 31, 2007.

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 0.10%, 6 month Euribor + 6.5%, due 01/31/2009. In exchange, this Fund will pay the net coupon amounts on the notional amount converted into euro at a specified foreign exchange rate. The value of the contract, which expires on February 1, 2009 is recorded as unrealized appreciation of $114,091 at October 31, 2007.

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

A Credit Default Swap Agreement with Credit Suisse International whereby this Fund will receive the notional $1,660,000 amount multiplied by 0.50% per year. 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 June 20, 2012 is unrealized depreciation for open swap contracts of $65,442 at October 31, 2007.

A Credit Default Swap Agreement with JPMorgan Chase Bank, N.A. whereby this Fund will receive the notional $1,000,000 amount multiplied by 0.50% per year. 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 June 20, 2012 is unrealized depreciation for open swap contracts of $38,268 at October 31, 2007.

A Credit Default Swap Agreement with Merrill Lynch whereby this Fund will receive the notional amount of $600,000 multiplied by 0.50% per year. In exchange this Fund will pay the notional amount upon a default of Grohe Holding, 8.625% due October 1, 2014. The value of the contract, which expires December 20, 2011 is unrealized appreciation for open swap contracts of $5,586 at October 31, 2007.

A Credit Default Swap Agreement with JPMorgan Chase Bank, N.A. whereby this Fund will receive the notional amount of $2,000,000 multiplied by 0.50% per year.

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In exchange this Fund will pay the notional amount upon a default of K. Hovnanian Enterprises, Inc., 6.500% due January 15, 2014. The value of the contract, which expires September 20, 2012 is unrealized depreciation for open swap contracts of $19,748 at October 31, 2007.

h) Securities Lending: The Global Equity Fund, the International Equity Fund, the International Equity Fund II, the U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund have established securities lending agreements with State Street Bank and Trust Company under 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 100% of the market value of the securities on loan. These Funds may loan securities to brokers, dealers, and financial institutions determined by the Julius Baer Investment Management LLC ("JBIM" or "Advisor") to be creditworthy, subject to certain limitations. Under these agreements, these Funds continue to earn income on the securities loaned. Collateral received is generally cash, and such Funds inve st the cash in the State Street Navigator Securities Lending Prime Portfolio and receive any interest on the amount invested, but they must also pay the broker a loan rebate fee computed as a varying percentage of the collateral 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.

In the State Street Navigator Securities Lending Prime Portfolio, the security lending income net of the loan rebate fee for the Global Equity Fund, the International Equity Fund and the International Equity Fund II amounted to $24,852, $21,520,253, and $6,010,802, respectively, for the year ended October 31, 2007 and is included in interest income in the statement of operations. The U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund did not participate in securities lending during the year ended October 31, 2007.

As of October 31, 2007, 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	$	10,408,426	$	10,713,067
International Equity Fund		926,438,950		970,162,722
International Equity Fund II		392,912,596		410,296,502

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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 the 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 Global High Income Fund declare and pay monthly dividends. The International Equity Fund, the International Equity Fund II, the Global Equity Fund, the U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund declare and pay dividends from net investment income, if any, annually. The Funds will distribute net 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.

l) Bank Loans: The Global High Income Fund may invest in Bank Loans. Bank Loans include institutionally traded floating and fixed-rate debt securities generally acquired as a participation interest in or assignment of a loan originated by a lender or financial institution. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality. Many such loans are secured, although some may be unsecured. Loans that are fully secured offer a fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. There is no assurance that any collateral securing a loan could be liquidated or, if liquidated, that such collateral would

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be of sufficient value to repay the loans taken against it. There may be limited secondary market liquidity for these instruments which could result in volatile pricing for the securities which in turn may affect this Fund's NAV.

The Global High Income Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. There was one unfunded commitment which amounted to $144,966 and had a market value of $7,339 at October 31, 2007.

3. Investment Advisory Fee and Other Transactions

JBIM serves as the Funds' investment advisor. The Global Equity Fund pays JBIM a fee at an annual rate of 0.90% of average daily net assets. The International Equity Fund pays JBIM a fee at an annual rate of 0.90% of the first $7.5 billion of average daily net assets, 0.88% of the next $2.5 billion of average daily net assets and 0.85% of average daily net assets over $10 billion. The International Equity II Fund paid JBIM a fee at an annual rate of 0.90% of the average daily net assets for the period November 1, 2006 through August 31, 2007. Effective September 1, 2007, the International Equity II Fund pays JBIM a fee at an annual rate of 0.90% of the first $7.5 billion of average daily net assets, 0.88% of the next $2.5 billion of average daily net assets and 0.85% of average daily net assets over $10 billion. The Total Return Bond Fund and the Global High Income Fund pay JBIM a fee at an annual rate of 0.45% and 0.75% of average daily net assets, respectively. The U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund pay JBIM a fee at an annual rate of 1.25%, 0.95%, 0.80% and 0.75% of average daily net assets, respectively.

The Advisor has contractually agreed to reimburse certain expenses of the Funds listed in the table below, through February 28, 2008, 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. Any Fund with a reimbursement plan has agreed to allow the Advisor to recoup expenses reimbursed to 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 Advisor incurred the expense. The table below specifies the reimbursement made to each Fund by the Advisor for the year ended October 31, 2007 and the Advisor's potential recoupment as of October 31, 2007.

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NOTES TO FINANCIAL STATEMENTS (Continued)

	Expense Limitations						Reimbursement made by Advisor Beginning		Expenses Waived- Current		Expenses Recouped or Expired- Current			Total Expenses Eligible for Recoupment- October 31,
Fund	Class A			Class I			of Year		Year		Year			2007
Global Equity Fund		1.40	%		1.15	%	$	1,259,126	$	377,251	$	(253,584	)	$	1,382,793
International Equity Fund II*		1.32	%		1.05	%		196,954		—		(196,954	)		—
Total Return Bond Fund		0.69	%		0.44	%		678,849		698,492		—			1,377,341
Global High Income Fund		1.00	%		0.75	%		171,885		301,788		—			473,673
U.S. Microcap Fund		1.80	%		1.50	%		37,233		115,922		—			153,155
U.S. Smallcap Fund		1.50	%		1.20	%		37,032		114,682		—			151,714
U.S. Midcap Fund		1.35	%		1.05	%		35,848		108,233		—			144,081
U.S. Multicap Fund		1.30	%		1.00	%		35,018		107,939		—			142,957

* The Expense Limitations for Class A and Class I of International Equity Fund II expired as of Feburary 28, 2007.

The expenses eligible for recoupment at October 31, 2007 are set to expire as follows:

Fund	Amount		Expires October 31,
Global Equity Fund	$	582,696		2008
		422,846		2009
		377,251		2010
Total Return Bond Fund	$	292,108		2008
		386,741		2009
		698,492		2010
Global High Income Fund	$	28,038		2008
		143,847		2009
		301,788		2010
U.S. Microcap Fund	$	37,233		2009
		115,922		2010
U.S. Smallcap Fund	$	37,032		2009
		114,682		2010
U.S. Midcap Fund	$	35,848		2009
		108,233		2010
U.S. Multicap Fund	$	35,018		2009
		107,939		2010

The Funds entered into expense offset arrangements as part of their custody agreement with State Street Bank and Trust Company (the "Bank"). Under this agreement, the custody fees for the Global Equity Fund, International Equity Fund, International Equity Fund II, Total Return Bond Fund and the Global High Income Fund were reduced by $14,844, $12,363,639, $1,073,479, $24,464, and $9,253 respectively, for the year ended October 31, 2007. These amounts may vary significantly over time,

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based on the Advisor's decisions and current interest rates from market to market regarding cash positions held in the Funds.

4. Distribution and Shareholder Servicing Plan

The Funds have adopted certain Distribution and Shareholder Services Plans (collectively the "Plans"), pursuant to Rule 12b-1 under the 1940 Act. Under the Plans each Fund's Class A may compensate certain financial institutions, including the distributor, for certain distribution, shareholder servicing, administrative and accounting services. The Funds Class A shares 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 Advisor may pay additional marketing and other distribution costs out of its 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.

On August 1, 2005, the International Equity Fund closed to new shareholders (at the account level). As a result, all of the 12b-1 payments made by the Fund are only to compensate certain financial institutions for shareholder servicing, administration and accounting and not for additional distributions. As a result, 12b-1 expenses incurred by the Fund may be lower than the 0.25% defined in the Plan.

5. Purchases and Sales of Securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments and paydowns, during the year ended October 31, 2007 were as follows:

	Cost of Purchases		Proceeds from Sales
Global Equity Fund	$	157,635,575	$	123,561,850
International Equity Fund		11,426,968,460		11,967,546,540
International Equity Fund II		7,890,950,200		3,589,276,310
Total Return Bond Fund		3,903,668,844		3,517,133,273
Global High Income Fund		186,843,506		80,420,973
U.S. Microcap Fund		12,260,139		11,620,214
U.S. Smallcap Fund		17,130,998		17,193,770
U.S. Midcap Fund		10,997,834		10,539,099
U.S. Multicap Fund		11,415,424		10,431,053

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NOTES TO FINANCIAL STATEMENTS (Continued)

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the year ended October 31, 2007 were $3,079,319,934 and $2,841,686,874, respectively for the Total Return Bond Fund.

At October 31, 2007, net unrealized appreciation/depreciation for federal income tax purposes is comprised of the following components:

	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ (Depreciation)
Global Equity Fund	$	113,289,325	$	10,379,717	$	(2,063,240	)	$	8,316,477
International Equity Fund		17,179,351,851		8,981,306,907		(283,065,996	)		8,698,240,911
International Equity Fund II		7,741,065,901		1,830,544,097		(113,861,752	)		1,716,682,345
Total Return Bond Fund		1,159,116,876		11,064,981		(1,339,389	)		9,725,592
Global High Income Fund		248,218,594		6,281,131		(2,735,965	)		3,545,166
U.S. Microcap Fund		6,988,430		870,441		(234,698	)		635,743
U.S. Smallcap Fund		6,956,964		995,365		(84,317	)		911,048
U.S. Midcap Fund		6,525,646		997,070		(65,637	)		931,433
U.S. Multicap Fund		6,766,859		1,000,352		(141,778	)		858,574

6. 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 International Equity Fund's investments in securities of these issuers for the year ended October 31, 2007, is set forth below:

Affiliate	Shares Held October 31, 2007		Purchases (Cost)		Proceeds (Sales)		Dividend Income		Market Value October 31, 2007
Agora SA		4,394,619	$	19,799,153	$	—	$	2,418,923	$	98,026,219
AIK Banka		412,158		6,827,905		—		208,070		77,592,202
Biofarm Bucuresti		50,060,712		1,387,023		488,798		—		13,705,727
Cemacon SA		425,284		2,547,545		—		—		3,308,239
Clear Media		34,129,602		3,746,127		—		—		36,268,597
Compania Hoteliera										—
Intercontinental		62,668,800		6,988,428		—		—		7,625,598
Condmag		11,250,200		—		4,087,039		—		7,822,485
Dafora		66,191,800		8,148,435		227,323		—		15,820,907
Dragon Ukrainian Properties & Development		10,201,398		20,402,796		—		—		27,473,006
Impact SA		97,126,031		16,547,948		—		—		43,474,778
Komercni Banka		2,126,273		72,577,130		4,984,781		15,126,869		488,512,803
Kyivmedpreparat		115,161		9,154,020		—		—		9,906,078
Marine Farms		1,966,882		8,726,198		—		—		10,649,204
Mediclin AG		1,832,860		4,444,803		—		—		9,311,705
Polska Grupa Farmaceutyczna		788,945		8,564,508		3,622,141		759,509		32,440,947
Royal UNIBREW		376,560		5,066,689		—		611,862		48,151,749

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NOTES TO FINANCIAL STATEMENTS (Continued)

Affiliate	Shares Held October 31, 2007		Purchases (Cost)		Proceeds (Sales)		Dividend Income		Market Value October 31, 2007
Tigar AD		130,820	$	—	$	—	$	63,851	$	4,647,247
Toza Markovic		78,160		4,264,296		—		—		4,822,436
Ukrinbank		1,153,346,022		—		1,384,496		—		6,842,075
Veropharm		645,906		13,424,903		3,659,977		—		30,519,059

7. Shares of Beneficial Interest

The Global Equity Fund may issue 50,000,000,000 shares of beneficial interest with a par value of $.001 per share. The Funds of the Trust 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 of the Funds were as follows:

	Year Ended October 31, 2007						Year Ended October 31, 2006
	Shares			Amount			Shares			Amount
Global Equity Fund:
Class A
Sold		224,437		$	9,518,604			307,742		$	10,921,299
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(175,984	)		(7,378,540	)		(627,339	)		(22,181,768	)
Net increase (decrease)		48,453		$	2,140,064			(319,597	)	$	(11,260,469	)
Class I
Sold		1,341,996		$	59,719,862			503,222		$	18,354,968
Issued as reinvestment of dividends		—			—			19			637
Redeemed		(550,889	)		(24,100,668	)		(266,446	)		(8,973,789	)
Net increase		791,107		$	35,619,194			236,795		$	9,381,816
International Equity Fund:
Class A
Sold		35,314,625		$	1,611,747,637			38,738,115		$	1,516,430,147
Issued as reinvestment of dividends		21,032,806			885,050,416			8,479,351			303,135,073
Redeemed		(43,728,020	)		(1,990,356,059	)		(40,843,025	)		(1,596,363,910	)
Net increase		12,619,411		$	506,441,994			6,374,441		$	223,201,310
Class I
Sold		50,750,676		$	2,352,325,275			44,263,719		$	1,762,515,023
Issued as reinvestment of dividends		23,561,651			1,012,198,966			9,685,161			352,634,605
Redeemed		(38,151,630	)		(1,778,609,637	)		(37,169,804	)		(1,487,008,935	)
Net increase		36,160,697		$	1,585,914,604			16,779,076		$	628,140,693

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207

NOTES TO FINANCIAL STATEMENTS (Continued)

	Year Ended October 31, 2007						Year Ended October 31, 2006
	Shares			Amount			Shares			Amount
International Equity Fund II:
Class A
Sold		77,431,947		$	1,254,778,148			47,435,232		$	611,006,976
Issued as reinvestment of dividends		299,821			4,509,126			—			—
Redeemed		(20,909,689	)		(335,414,636	)		(7,746,566	)		(100,844,079	)
Net increase		56,822,079		$	923,872,638			39,688,666		$	510,162,897
Class I
Sold		278,971,033		$	4,517,095,068			153,977,557		$	1,992,799,751
Issued as reinvestment of dividends		1,110,317			16,754,682			—			—
Redeemed		(31,626,725	)		(514,794,780	)		(8,638,709	)		(113,397,417	)
Net increase		248,454,625		$	4,019,054,970			145,338,848		$	1,879,402,334
Total Return Bond Fund:
Class A
Sold		5,995,550		$	79,050,470			5,583,049		$	72,384,334
Issued as reinvestment of dividends		328,097			4,318,464			352,886			4,578,373
Redeemed		(3,177,588	)		(41,786,343	)		(3,121,349	)		(40,748,651	)
Net increase		3,146,059		$	41,582,591			2,814,586		$	36,214,056
Class I
Sold		36,931,702		$	487,023,641			22,370,233		$	290,781,223
Issued as reinvestment of dividends		1,310,510			17,281,842			960,754			12,496,422
Redeemed		(10,528,758	)		(138,938,609	)		(3,453,641	)		(45,130,436	)
Net increase		27,713,454		$	365,366,874			19,877,346		$	258,147,209
Global High Income Fund:
Class A
Sold		7,205,415		$	79,811,932			3,073,565		$	33,421,918
Issued as reinvestment of dividends		383,180			4,232,194			468,401			5,028,917
Redeemed		(3,228,413	)		(35,767,124	)		(2,394,459	)		(26,442,289	)
Net increase		4,360,182		$	48,277,002			1,147,507		$	12,008,546
Class I
Sold		12,438,303		$	133,818,463			2,972,452		$	31,257,017
Issued as reinvestment of dividends		318,292			3,403,772			147,688			1,537,266
Redeemed		(1,786,034	)		(19,116,348	)		(481,176	)		(5,182,090	)
Net increase		10,970,561		$	118,105,887			2,638,964		$	27,612,193
U.S. Microcap Fund:
Class A*
Sold		86,388		$	1,033,965			264,561		$	2,661,874
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(50,414	)		(605,058	)		(1,988	)		(20,311	)
Net increase		35,974		$	428,907			262,573		$	2,641,563
Class I*
Sold		45,643		$	528,215			250,000		$	2,500,000
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(6,380	)		(79,393	)		—			—
Net increase		39,263		$	448,822			250,000		$	2,500,000

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208

NOTES TO FINANCIAL STATEMENTS (Continued)

	Year Ended October 31, 2007						Year Ended October 31, 2006
	Shares			Amount			Shares			Amount
U.S. Smallcap Fund:
Class A*
Sold		411,140		$	5,152,744			253,225		$	2,535,318
Issued as reinvestment of dividends		4,088			47,337			—			—
Redeemed		(361,149	)		(4,914,765	)		(300	)		(3,063	)
Net increase		54,079		$	285,316			252,925		$	2,532,255
Class I*
Sold		35,970		$	421,237			250,000		$	2,500,000
Issued as reinvestment of dividends		4,067			47,144			—			—
Redeemed		(2,837	)		(35,479	)		—			—
Net increase		37,200		$	432,902			250,000		$	2,500,000
U.S. Midcap Fund:
Class A*
Sold		41,116		$	497,510			261,475		$	2,625,610
Issued as reinvestment of dividends		3,079			36,212			—			—
Redeemed		(19,219	)		(230,323	)		(300	)		(3,069	)
Net increase		24,976		$	303,399			261,175		$	2,622,541
Class I*
Sold		53,857		$	627,149			250,000		$	2,500,000
Issued as reinvestment of dividends		3,661			43,010			—			—
Redeemed		(6,530	)		(82,467	)		—			—
Net increase		50,988		$	587,692			250,000		$	2,500,000
U.S. Multicap Fund:
Class A*
Sold		110,908		$	1,319,599			251,404		$	2,515,010
Issued as reinvestment of dividends		3,084			35,926			—			—
Redeemed		(82,321	)		(965,928	)		(1,028	)		(11,270	)
Net increase		31,671		$	389,597			250,376		$	2,503,740
Class I*
Sold		56,331		$	660,159			250,000		$	2,500,000
Issued as reinvestment of dividends		3,521			40,976			—			—
Redeemed		(2,841	)		(35,201	)		—			—
Net increase		57,011		$	665,934			250,000		$	2,500,000

* Commenced operations on July 24, 2006.

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209

NOTES TO FINANCIAL STATEMENTS (Continued)

Through seed capital contributions by Julius Baer Group, an affiliate of the Advisor, ownership of beneficial shares outstanding at October 31, 2007 were:

Fund	% Ownership
U.S. Microcap Fund – Class A shares		83.7	%
U.S. Microcap Fund – Class I shares		86.4	%
U.S. Smallcap Fund – Class A shares		82.7	%
U.S. Smallcap Fund – Class I shares		88.4	%
U.S. Midcap Fund – Class A shares		88.3	%
U.S. Midcap Fund – Class I shares		84.1	%
U.S. Multicap Fund – Class A shares		89.7	%
U.S. Multicap Fund – Class I shares		82.5	%

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

9. Federal Tax Information

Permanent book and tax differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital, undistributed net investment income or accumulated net realized gains/losses. These include net operating losses not utilized during the current year, commission adjustments, paydown gains and losses, bond premium amortization, foreign currency gains and losses, recharacterized distributions, and adjustments relating to the dispositions of Real Estate Investment Trust and Passive Foreign Investment Company securities. These reclassifications have no effect on net assets or net asset values per share. Any taxable gain remaining at fiscal year end is distributed in the following year.

Julius Baer Funds 2007 Annual Report
210

NOTES TO FINANCIAL STATEMENTS (Continued)

Fund	Paid-In Capital Increase/ (Decrease)			Undistributed Net Investment Income Increase/ (Decrease)			Accumulated Net Realized Gain/(Loss) Increase/ (Decrease)
Global Equity Fund	$	1,530,056		$	(90,412	)	$	(1,439,644	)
International Equity Fund		—			(29,273,914	)		29,273,914
International Equity Fund II		(1,582	)		(17,528,842	)		17,530,424
Total Return Bond Fund		—			6,325,503			(6,325,503	)
Global High Income Fund		(3,092	)		(984,209	)		987,301
U.S. Microcap Fund		—			24,595			(24,595	)
U.S. Smallcap Fund		—			25,112			(25,112	)
U.S. Midcap Fund		(182	)		8,836			(8,654	)
U.S. Multicap Fund		—			—			—

The tax character of distributions paid for the year ended October 31, 2007 were as follows:

	Global Equity Fund		International Equity Fund		International Equity Fund II		Total Return Bond Fund		Global High Income Fund
Ordinary Income	$	—	$	777,618,293	$	24,766,562	$	31,504,681	$	10,906,412
Long Term Capital Gains		—		1,317,748,880		1,682,209		—		576,509
Return of Capital		—		—		—		—		1,167,975

	U.S. Microcap Fund		U.S. Smallcap Fund		U.S. Midcap Fund		U.S. Multicap Fund
Ordinary Income	$	—	$	94,903	$	99,705	$	99,064
Long Term Capital Gains		—		—		562		—

The tax character of distributions paid for the year ended October 31, 2006 were as follows:

	Global Equity Fund		International Equity Fund		International Equity Fund II		Total Return Bond Fund		Global High Income Fund
Ordinary Income	$	989	$	219,796,418	$	—	$	18,265,856	$	5,283,652
Long Term Capital Gains		—		497,357,710		—		1,506,278		2,460,693

U.S. Microcap
Fund

U.S. Smallcap
Fund

U.S. Midcap
Fund

U.S. Multicap
Fund

Ordinary Income

—

Long Term Capital Gains

—

The International Equity Fund II, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund did not have any distributions for the year ended October 31, 2006.

Julius Baer Funds 2007 Annual Report
211

NOTES TO FINANCIAL STATEMENTS (Continued)

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the Global Equity Fund were as follows:

Undistributed Ordinary Income	$	369,516
Unrealized Appreciation	$	8,051,752
Undistributed Long Term Capital Gains	$	—

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.

At October 31, 2007, the Global Equity Fund had $78,444,271, $28,922,938 and $7,288,718 available as capital loss carryforwards which expire in 2009, 2010, and 2011, respectively.

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the International Equity Fund were as follows:

Undistributed Ordinary Income	$	806,060,530
Unrealized Appreciation	$	8,661,293,026
Undistributed Long Term Capital Gains	$	2,270,529,464

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. In addition, short-term capital gains are considered ordinary income for income tax purposes.

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the International Equity Fund II were as follows:

Undistributed Ordinary Income	$	172,771,568
Unrealized Appreciation	$	1,670,314,775
Undistributed Long Term Capital Gains	$	67,792,317

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. In addition, short-term capital gains are considered ordinary income for income tax purposes.

Julius Baer Funds 2007 Annual Report
212

NOTES TO FINANCIAL STATEMENTS (Continued)

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the Total Return Bond Fund were as follows:

Undistributed Ordinary Income	$	14,524,845
Unrealized Appreciation	$	10,353,510
Undistributed Long Term Capital Gains	$	—

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.

At October 31, 2007, the Total Return Bond Fund had $1,695,163 and 15,266 available as capital loss carryforwards which expire in 2014 and 2015 respectively.

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the Global High Income Fund were as follows:

Undistributed Ordinary Income	$	—
Unrealized Appreciation	$	3,364,529
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 Global High Income 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, 2007, the components of Distributable Earnings on a tax basis for the U.S. Microcap Fund were as follows:

Undistributed Ordinary Income	$	738,567
Unrealized Appreciation	$	635,743
Undistributed Long Term Capital Gains	$	98,856

The differences between components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the U.S. Microcap Fund are primarily due to organization cost adjustments. In addition, the short-term capital gains are considered ordinary income for income tax purposes.

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the U.S. Smallcap Fund were as follows:

Undistributed Ordinary Income	$	1,170,429
Unrealized Appreciation	$	911,048
Undistributed Long Term Capital Gains	$	614,268

Julius Baer Funds 2007 Annual Report
213

NOTES TO FINANCIAL STATEMENTS (Continued)

The differences between the compoents of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the U.S. Smallcap Fund are primarily due to organization cost adjustments. In addition, short term capital gains are considered ordinary income for income tax purposes.

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the U.S. Midcap Fund were as follows:

Undistributed Ordinary Income	$	373,789
Unrealized Appreciation	$	931,433
Undistributed Long Term Capital Gains	$	199,450

The differences between components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the U.S. Midcap Fund are primarily due to organization cost adjustments. In addition, short-term capital gains are considered ordinary income for income tax purposes.

As of October 31, 2007, the components of Distributable Earnings on a tax basis for the U.S. Multicap Fund were as follows:

Undistributed Ordinary Income	$	550,950
Unrealized Appreciation	$	858,574
Undistributed Long Term Capital Gains	$	127,392

The differences between the components of Distributable Earnings on a tax basis and the amounts reflected in the statements of assets and liabilities of the U.S. Multicap Fund are primarily due to organization cost adjustments. In addition, short-term capital gains are considered ordinary income for income tax purposes.

10. Line of Credit

On September 28, 2005, Global Equity Fund, Total Return Bond Fund and Global High Income Fund (the "Borrowers") entered into a Credit Agreement (the "Agreement") with State Street Bank and 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 Global High Income Fund may draw up to $10,000,000 and the Global Equity Fund may draw up to $5,000,000. The Borrowers 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 Borrowers shall pay to the Bank an annual commitment fee, in

Julius Baer Funds 2007 Annual Report
214

NOTES TO FINANCIAL STATEMENTS (Continued)

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 Global Equity Fund during the year ended October 31, 2007 was $2,083, at an average weighted interest rate of 6.00%. The Total Return Bond Fund and Global High Income Fund did not utilize the Agreement during the year ended October 31, 2007. As of October 31, 2007, Global Equity Fund, Total Return Bond Fund and Global High Income Fund had unused available balances of $5,000,000, $10,000,000 and $10,000,000 pursuant to the line of credit.

11. Financial Futures Contracts

The following financial futures contracts were outstanding as of October 31, 2007:

	Expiration Date	Contracts			Description	Position	Notional Current Market Value		Net Unrealized Appreciation (Depreciation)
Global Equity Fund:	12/07		14		FTSE/ JSE	Long	$	618,235	$	9,542
	11/07		8		H-SHARES Index	Long		1,031,893		20,310
	11/07		4		HANG SENG Index	Long		806,859		25,447
	12/07		2		NIKKEI 225	Long		168,550		10,383
	12/07		3		S&P/ TSE 60 Index	Long		538,534		22,265
	12/07		1		TOPIX Index	Long		140,218		(3,875	)
	12/07		3		SPI 200	Long		472,225		13,574
	12/07		3		FTSE 100 Index	Long		420,570		15,108
	*11/07		8		TAIEX	Long		482,815		9,861
	*12/07		4		KOSPI2 Index	Long		581,325		8,884
	*11/07		35		S&P CNX NIFTY Index	Long		262,893		22,577
									$	154,076
	Expiration Date	Contracts			Description	Position	Notional Current Market Value		Net Unrealized Appreciation (Depreciation)
International Equity Fund:	12/07		4,537		FTSE/ JSE	Long	$	200,352,455	$	3,103,287
	11/07		2,695		H-SHARES Index	Long		347,619,117		6,839,211
	11/07		1,355		HANG SENG Index	Long		273,323,367		8,615,010
	12/07		2,275		S&P/ TSE 60 Index	Long		408,388,608		15,373,980
	12/07		259		TOPIX Index	Long		36,316,390		1,527,623
	12/07		882		SPI 200	Long		138,834,286		5,088,751
	*11/07		2641		TAIEX	Long		159,389,241		3,255,414
	*12/07		1332		KOSPI2 Index	Long		193,581,437		3,068,963
	*11/07		15230		S&P CNX NIFTY Index	Long		114,395,896		9,823,992
	12/07		(48	)	DAX Index	Short		13,992,098		(450,633	)
	12/07		(2105	)	EUR STOXX	Short		137,165,210		(3,458,369	)
									$	52,787,229

Julius Baer Funds 2007 Annual Report
215

NOTES TO FINANCIAL STATEMENTS (Continued)

	Expiration Date	Contracts		Description	Position	Notional Current Market Value		Net Unrealized Appreciation (Depreciation)
International Equity Fund II:	12/07		1,942	FTSE/ JSE	Long	$	85,758,093	$	1,320,596
	11/07		970	H-SHARES Index	Long		125,117,085		2,462,609
	11/07		562	HANG SENG Index	Long		113,363,640		3,238,259
	12/07		850	S&P/ TSE 60 Index	Long		152,584,754		5,821,221
	12/07		40	TOPIX Index	Long		5,608,709		389,030
	12/07		380	SPI 200	Long		59,815,225		1,893,632
	*11/07		1067	TAIEX	Long		64,395,426		1,315,232
	*12/07		552	KOSPI2 Index	Long		80,222,938		1,146,446
	*11/07		4699	S&P CNX NIFTY Index	Long		35,295,227		3,031,053
								$	20,618,078

* Swap transaction on futures indexes for each of the respective funds' with a counterparty of Merrill Lynch. The unrealized appreciation for the swap transactions on futures indexes are reflected in the unrealized financial futures amount in the Statement of Operations.

12. Recent Accounting Pronouncements

In July 2006, FASB issued FASB Interpretation No. 48, (FIN 48) "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes." This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Funds does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the

Julius Baer Funds 2007 Annual Report
216

NOTES TO FINANCIAL STATEMENTS (Continued)

effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

In February 2007, the FASB issued Statement of Financial Accounting Standard No. 159,("FAS 159") "The Fair Value Option for Financial Assets and Financial Liabilities - including an amendment of FASB Statement No. 115." FAS 159 permits entities to elect to measure certain financial assets and liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected will be reported in earnings at each subsequent reporting date. FAS 159 is effective as of the beginning of the first fiscal year that begins after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 159 will have on the Fund's financial statements.

13. Subsequent Events

New Share Classes

Effective November 1, 2007, additional classes of shares became available for sale for certain Julius Baer Funds. Class R shares became available for Global Equity Fund and Total Return Bond Fund. Consultant Class shares became available for Global Equity Fund, Total Return Bond Fund, Global High Income Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund. Class R shares are offered exclusively through certain tax-exempt retirement plans. Consultant Class shares are offered primarily through financial advisers, including brokers, and other entities that have a dealer agreement with the Fund's distributor.

Investment Advisory Fee Rate Change

On December 19, 2007, the Board of Trustees approved JBIM's investment advisor fee reduction proposal for the Total Return Bond Fund and the Global High Income Fund. The fee for total Return Bond Fund will change from an annual rate of 0.45% to 0.35% on the average daily net assets. The Global High Income Fund fee will change from an annual rate of 0.75% to 0.65% on the average daily net assets. The fee changes will be effective February 28, 2008.

Julius Baer Funds 2007 Annual Report
217

REPORT OF INDEPENDENT AND REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors
Julius Baer Global Equity Fund Inc.

and

To the Shareholders and Board of Trustees
Julius Baer Investment Funds:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Julius Baer Global Equity Fund Inc. and Julius Baer International Equity Fund, Julius Baer International Equity Fund II, Julius BaerTotal Return Bond Fund, Julius Baer Global High Income Fund (formerly Julius Baer Global High Yield Bond Fund), Julius Baer U.S. Microcap Fund, Julius Baer U.S. Smallcap Fund, Julius Baer U.S. Midcap Fund, and Julius Baer U.S. Multicap Fund, each a series of Julius Baer Investment Funds, as of October 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is t o express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2007 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Julius Baer Global Equity Fund Inc., Julius Baer International Equity Fund, Julius Baer International Equity Fund II, Julius Baer Total Return Bond Fund, Julius Baer Global High Income Fund, Julius Baer U.S. Microcap Fund, Julius Baer U.S. Smallcap Fund, Julius Baer U.S. Midcap Fund, and Julius Baer U.S. Multicap Fund as of October 31, 2007, and the results of their operations, the changes in their net assets, and the financial highlights for each of the years or periods described above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 28, 2007

Julius Baer Funds 2007 Annual Report
218

ADDITIONAL INFORMATION PAGE (Unaudited)

1. Proxy Voting Policies

A description of the Fund's proxy voting policies and procedures is available without charge, upon request, (1) on the Fund's website www.us-funds.juliusbaer.com and (2) on the SEC's Securities and Exchange Commission website www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available via the methods noted above.

2. Quarterly Filing Requirements

A Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q, which when filed, will be available on the Commission's web-site at www.sec.gov or on the Fund's website at.

A Fund's forms N-Q may be reviewed and copied at the Commissions's Public Reference Room in Washington, DC. Information regarding the operation of the Public reference Room may be obtained by calling 1-800-SEC-0330.

Julius Baer Funds 2007 Annual Report
219

RESULTS OF MEETINGS OF SHAREHOLDERS (Unaudited)

JULIUS BAER INVESTMENT FUNDS

Special Meetings of Shareholders

The continuation of a special meeting of Shareholders of the Julius Baer International Equity Fund (the "Fund"), a series of Julius Baer Investment Funds, was held on June 1, 2007. At the meeting, 268,987,153.21 shares (52.62% of the record date shares) were represented. Shareholders of the Fund voted the following proposals:

Proposal I: The modification of the fundamental investment restriction of the Fund related to the purchase or sale of real estate, real estate investment trust securities, commodities or commodity contracts, or investment in real estate limited partnerships, oil, gas or mineral exploration or development programs or oil, gas or mineral leases.

Affirmative				Against				Abstain
	248,913,767.56				16,262,711.07				3,810,674.58

Proposal II: The modification of the fundamental investment restriction of the Fund related to the purchase, writing or sale of puts, calls, straddles, spreads or combinations thereof.

Affirmative				Against				Abstain
	246,516,125.46				18,393,729.08				4,077,298.67

Julius Baer Funds 2007 Annual Report
220

JULIUS BAER FUNDS as of October 31, 2007

Julius Baer Funds (Unaudited)

Disinterested Trustees of the Trust and Directors of Julius Baer Global Equity Fund Inc. (Global Equity Fund):

Name, Date of
Birth, and Address

Position(s)
Held
with Fund

Term of
Office and
Length of
Time
Served (1)

Principal Occupation(s)
During the Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Director*

Other
Directorships
Held by
Trustee/
Director (2)

Antoine Bernheim (May 30, 1953) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee since 2004; Director since 1990

President, Dome Capital Management, Inc.; Chairman, Dome Securities Corp.; President, The U.S. Offshore Funds Directory, 1990-present (Publishing)

None

Thomas Gibbons (June 1, 1947) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee since 2004; Director since 1993

President, Cornerstone Associates Management (Consulting Firm).

None

Harvey B. Kaplan (September 22, 1937) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee since 1995; Director since 1990

Retired since 2006; Controller (Chief Financial Officer), Easter Unlimited, Inc. (toy company).

None

Robert S. Matthews (October 16, 1943) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee since 1992; Director since 2002

Partner, Matthews & Co. (certified public accountants).

None

Gerard J.M. Vlak (September 28, 1933) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee of the Trust since 1992.; Director since 2004; Chairman of the Fund Complex since 2005

Retired.

The Rouse Company (1996-present).
Océ North America, 1992-present.

Peter Wolfram (April 2, 1953) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee since 1992; Director since 2004

Partner, Kelley Drye & Warren (law firm).

None

Julius Baer Funds 2007 Annual Report
221

JULIUS BAER FUNDS as of October 31, 2007 (Continued)

Julius Baer Funds (Unaudited)

Disinterested Trustees of the Trust and Directors of Julius Baer Global Equity Fund Inc. (Global Equity Fund)—(Continued):

Name, Date of
Birth, and Address

Position(s)
Held
with Fund

Term of
Office and
Length of
Time
Served (1)

Principal Occupation(s)
During the Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Director*

Other
Directorships
Held by
Trustee/
Director (2)

Robert J. McGuire (December 8, 1936) 330 Madison Avenue New York, New York 10017

Trustee and Director

Trustee since 2006; Director since 2006

Self-employed since 1998; Counsel, Morvillo, Abramowitz, Grand, Iasaon & Silberberg, P.C., (1998-2005).

Mutual of America Investment Corp.; Six Flags, Inc. (entertainment); Protection One, Inc. (Security Systems); GAM Funds, Inc.; GAM Avalon Funds, Inc.; Police Athletic League.

Interested Trustees:

Name, Date of
Birth, and Address

Position(s)
Held
with Fund

Term of
Office and
Length of
Time
Served

Principal Occupation(s)
During the Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by
Trustee/
Director*

Other
Directorships
Held by
Trustee/
Director (2)

Glen Wisher (3) (October 10, 1963) 330 Madison Avenue New York, NY 10017

Trustee and Director

Trustee since 2005; Director since 2005

Managing Director (since 1995) and Chairman of the Board (since 2004) of Julius Baer Investment Management LLC; Chairman of the Board of Julius Baer Americas (since 2005).

None

* The Fund Complex, referred to in the charts above, is comprised of the eight current series of the Trust and Global Equity Fund.

(1) Each Trustee and Director serves during the lifetime of the Trust or Global Equity Fund until he or she dies, resigns, retires, is declared bankrupt or incompetent, or is removed or, if sooner, until the next meeting of the shareholders/stockholders and until the election and qualification of his or her successor.

(2) Directorships include public companies and any company registered as an investment company.

(3) Mr. Wisher is an interested Trustee/Director because he is an employee of Julius Baer Americas.

Julius Baer Funds 2007 Annual Report
222

JULIUS BAER FUNDS as of October 31, 2007 (Continued)

Officers of Funds:

The business address for each officer to the funds, except Mr. Frost, Ms. McFarlane, Mr. Smith and Mr. McVoy, is Julius Baer Investment Management LLC,330 Madison Avenue, New York, New York, 10177. The business address for Mr. Frost, Ms. McFarlane and Mr. Smith is State Street Bank and Trust Company, 200 Clarendon Street, Boston, Massachusetts 02116. The business address for Mr. McVoy is US Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, WI 53202.

Name, Date of Birth,
and Address

Position(s)
Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During the Past 5 Years

Anthony Williams, (March 15, 1964)

President

Since 2004

Chief Executive Officer of Julius Baer Investment Management LLC (formerly, Julius Baer Investment Management, Inc.) and Asset Management Americas (since 2004); Head of Asset Management Americas and Chief Operating Officer, Julius Baer Investment Management LLC (since 2003).

Denise Downey, (September 1, 1961)

Vice President

Since 1995

First Vice President, Director, Institutional Investments, Julius Baer Investment Management LLC (formerly Julius Baer Investment Management, Inc.) (2002-present).

Greg Hopper, (March 24, 1957)

Vice President

Since 2002

First Vice President of Julius Baer Investment Management LLC (formerly, Bank Julius Baer Investment Management, Inc.) (2002-present).

Samuel Dedio, (June 4, 1966)

Vice President

Since 2006

Senior Portfolio Manager and First Vice President of the Adviser of Julius Baer Investment Management LLC (2006-present); Managing Director, Co-Lead Portfolio Manager and Co-Head, Deutsche Asset Management (1999-2006).

Richard C. Pell, (September 21, 1954)

Vice President

Since 1995 for Trust; since 2004 for Global Equity Fund

Senior Vice President and Chief Investment Officer of Julius Baer Investment Management LLC (formerly, Bank Julius Baer & Co., Ltd., New York Branch ) (1995-present).

Donald Quigley, (January 13, 1965)

Vice President

Since 2001

First Vice President and Head of Global Fixed-Income Management for Julius Baer Investment Management LLC (2001-present).

Julius Baer Funds 2007 Annual Report
223

JULIUS BAER FUNDS as of October 31, 2007 (Continued)

Julius Baer Funds (Unaudited)

Officers of Funds—(Continued):

Name, Date of Birth,
and Address

Position(s)
Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During the Past 5 Years

Rudolph-Riad Younes, (September 25, 1961)

Vice President

Since 1997 for Trust; since 2004 for Global Equity Fund

Senior Vice President and Head of International Equity Management of Julius Baer Investment Management LLC (formerly, Bank Julius Baer & Co., Ltd., New York Branch ) (1993-present).

Keith Walter, (June 17, 1968)

Vice President

Since 2006

First Vice President, Julius Baer Investment Management LLC (2000-present).

Craig M. Giunta, (December 20, 1971)

Chief Financial Officer

Since 2003

First Vice President, Julius Baer Investment Management LLC (formerly Julius Baer Investment Management, Inc.) (2002-present).

Alex Bogaenko, (April 13, 1963)

Treasurer

Since 2005

Vice President, Julius Baer Investment Management LLC (formerly Julius Baer Investment Management, Inc.) (2005-present); Manager of Accounting and Director of Portfolio Administration of Van Eck Global (1995-2005).

John Whilesmith, (March 8, 1967)

Secretary

Since 2005

Vice President for Julius Baer Investment Management LLC (formerly Julius Baer Investment Management, Inc.) (2005-present); Compliance Officer, Morgan Stanley Investment Management (2002-2005).

Michael K. Quain, (July 6, 1957)

Chief Compliance Officer

Since 2004

First Vice President of Julius Baer Investment Management LLC (formerly Julius Baer Investment Management, Inc.) (2002-present); First Vice President of Julius Baer Securities Inc. (1998-2002); First Vice President, Bank Julius Baer & Co., Ltd. New York Branch, (1998-2002); President and Chief Executive Officer of Julius Baer Global Equity Fund (formerly, The European Warrant Fund, Inc) (1997-2004); President and Chief Executive Officer of Julius Baer Investment Funds LLC (1998-2004).

Michael McVoy, (August 8, 1957)

Anti-Money Laundering Officer

Since 2004

Chief Compliance Officer for U.S. Bancorp (2002-present); Legal Counsel for U.S. Bancorp (formerly, Firstar Corp.) (1986-2006); Senior Vice President and Risk Manager for U.S. Bancorp (1999-Present).

Julius Baer Funds 2007 Annual Report
224

JULIUS BAER FUNDS as of October 31, 2007 (Continued)

Julius Baer Funds (Unaudited)

Officers of Funds—(Continued):

Name, Date of Birth,
and Address

Position(s)
Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During the Past 5 Years

Rainer L.C. Frost, (March 5, 1957)

Assistant Secretary

Since 2005

Director and Counsel, State Street Bank and Trust Company (2005-present); Principal and General Counsel, Clarity Group (2000-2005).

Victoria McFarlane, (October 2, 1966)

Assistant Treasurer

Since 2003

Senior Director, Mutual Fund Administration, State Street Bank and Trust Company (2005-present); Director, Mutual Fund Administration, State Street Bank and Trust Company (2001-2005).

Brian Smith, (March 15, 1967)

Assistant Treasurer

Since 2007

Director, Mutual Fund Administration, State Street Bank and Trust Company (2005-present); Senior Manager, Mutual Fund Administration, State Street Bank and Trust Company (2003-2005); Manager/Assistant Vice President of Fund Treasury for MFS Investment Services (2001-2003).

Julius Baer Funds 2007 Annual Report
225

SUPPLEMENTAL TAX INFORMATION (Unaudited)

The International Equity Fund and International Equity Fund II paid foreign taxes of $47,219,504 and $11,739,684 and earned $591,685,090 and $173,337,924 of foreign income during the year ended October 31, 2007. Pursuant to Section 853 of the Internal Revenue Code, $0.09 and $0.02 per share were designated as foreign taxes paid for International Equity Fund and International Equity Fund II and $1.16 and $0.33 per share were designated as income earned from foreign sources for the International Equity Fund and International Equity Fund II for the year ended October 31, 2007.

The table below shows distributions paid from investment company taxable income earned in October 31, 2007, or the maximum amount allowable under the tax law, as Qualified Dividend Income in accordance with the Internal Revenue Code. Complete 2007 year end information will be reported to you on your 2007 Form 1099-DIV, which shall be provided to you in early 2008.

Fund	QDI
International Equity Fund	$	356,454,747
International Equity Fund II		24,766,562
Global High Income Fund		304,336
U.S. Smallcap Fund		22,193
U.S. Multicap Fund		56,473
U.S. Midcap Fund		99,705

For corporate shareholders, a portion of the ordinary dividends paid during the Funds' year ended October 31, 2007 qualified dividends received deductions were the following:

Fund	DRD
International Equity Fund		0.09	%
International Equity Fund II		0.86	%
U.S. Smallcap Fund		23.16	%
U.S. Multicap Fund		55.95	%
U.S. Midcap Fund		32.76	%

Pursuant to Sector 852 of the Internal Revenue Code, the Funds designated the following capital gain dividends for the year ended October 31, 2007:

Fund	Long Term Capital Gain Dividend
International Equity Fund	$	1,317,748,880
International Equity Fund II		1,682,209
Global High Income Fund		576,509
U.S. Midcap Fund		562

Julius Baer Funds 2007 Annual Report
226

JULIUS BAER FUNDS

330 Madison Avenue

New York, New York 10017

This report is sent to shareholders of the Julius Baer Global Equity Fund Inc. and the Julius Baer Investment Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the funds or of any securities mentioned in the report.

www.us-funds.juliusbaer.com

Zurich (head office), Buenos Aires, Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, New York, Singapore, Tokyo and 21 other cities around the globe.

Item 2. Code of Ethics.

As of October 31, 2007, the Registrant has adopted a Code of Ethics that applies to the Registrant’s President/Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. During the year ended October 31, 2007, 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-CSR under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that the Registrant has one audit committee financial expert serving on its audit committee. The audit committee financial expert serving on the Registrant’s audit committee is Mr. Harvey B. Kaplan, who is an independent director.

Item 4. Principal Accountant Fees and Services.

(a) AUDIT FEES: The aggregate fees billed for professional services rendered by its principal “Independent Registered Accounting Firm”, KPMG LLP, for the audit of the Registrant’s annual financial statements for the years ended October 31, 2007 and 2006 were $18,900 and $18,000, respectively.

(b) AUDIT RELATED FEES: No such fees were billed to the Registrant by KPMG LLP for the fiscal years ending October 31, 2007 and 2006 were $3000 and $0, respectively.

(c) TAX FEES: The aggregate fees billed for professional services rendered by KPMG LLP for the review of Form 1120-RIC, Form 8613, and review of excise tax distribution calculations for the fiscal years ending October 31, 2007 and 2006 were $8,400 and $8,000, respectively.

(d) ALL OTHER FEES: No such fees were billed to the Registrant by KPMG LLP for the fiscal years ending October 31, 2007 and 2006.

(e) (1)The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services.

(e) (2)The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) Not applicable

(d) Not applicable

(f) Not applicable.

(g) The aggregate non-audit fees billed by KPMG LLP to the Registrant for the fiscal years ending October 31, 2007 and October 31, 2006 were $8,400 and $8,000, respectively. The aggregate non-audit fees billed by KPMG to the Registrant, the Adviser and all entities controlling, controlled by, or under common control with the Adviser that provide services to the Registrant for the fiscal years ended October 31, 2007 and October 31, 2006 were $334,388 and $168,725, respectively.

(h) The Audit Committee has authorized the Chairman of the Audit Committee to pre-approve audit and non-audit services. For the fiscal years ended October 31, 2007 and October 31, 2006, the Audit Committee pre-approved all such services.

Items 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Included as part of the annual report provided in Item 1.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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 Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this 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 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-CSR 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

01/09/08

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

01/09/08

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

Date

01/09/08

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

Item 6. Schedule of Investments

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

SIGNATURES