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

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)
Anthony 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:		04/30/08

Item 1. Reports to Stockholders.

The semi-annual report is attached.

Semi-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

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TABLE OF CONTENTS

Shareholder Expenses	1
Portfolio of Investments:
Julius Baer Global Equity Fund Inc.	6
Julius Baer International Equity Fund	25
Julius Baer International Equity Fund II	52
Julius Baer Total Return Bond Fund	72
Julius Baer Global High Income Fund	90
Julius Baer U.S. Microcap Fund	104
Julius Baer U.S. Smallcap Fund	108
Julius Baer U.S. Midcap Fund	113
Julius Baer U.S. Multicap Fund	118
Statement of Assets and Liabilities	122
Statement of Operations	127
Statement of Changes in Net Assets	132
Financial Highlights	141
Notes to Financial Statements	168
Investment Advisory Agreements	194
Additional Information Page	196
Results of Meetings of Shareholders	197

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SHAREHOLDER EXPENSES (Unaudited)

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 November 1, 2007 to April 30, 2008.

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 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	890.80		1.46	%	$	6.86
Hypothetical		1,000.00		1,017.60		1.46			7.32

Global Equity Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	891.90		1.21	%	$	5.69
Hypothetical		1,000.00		1,018.80		1.21			6.07

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Global Equity Fund Class R

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	909.40		1.97	%	$	9.35
Hypothetical		1,000.00		1,015.10		1.97			9.87

Global Equity Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	908.40		2.21	%	$	10.49
Hypothetical		1,000.00		1,013.90		2.21			11.07

International Equity Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	898.80		1.25	%	$	5.90
Hypothetical		1,000.00		1,018.60		1.25			6.27

International Equity Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	900.00		0.99	%	$	4.68
Hypothetical		1,000.00		1,019.90		0.99			4.97

International Equity Fund II Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	907.60		1.29	%	$	6.12
Hypothetical		1,000.00		1,018.40		1.29			6.47

International Equity Fund II Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	908.80		1.01	%	$	4.79
Hypothetical		1,000.00		1,019.80		1.01			5.07

Total Return Bond Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,036.30		0.69	%	$	3.49
Hypothetical		1,000.00		1,021.40		0.69			3.47

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Total Return Bond Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,037.40		0.44	%	$	2.23
Hypothetical		1,000.00		1,022.70		0.44			2.21

Total Return Bond Fund Class R

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,031.00		1.19	%	$	6.01
Hypothetical		1,000.00		1,018.90		1.19			5.97

Total Return Bond Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,029.90		1.44	%	$	7.27
Hypothetical		1,000.00		1,017.70		1.44			7.22

Global High Income Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	996.90		1.02	%	$	5.06
Hypothetical		1,000.00		1,019.80		1.02			5.12

Global High Income Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	998.40		0.77	%	$	3.83
Hypothetical		1,000.00		1,021.00		0.77			3.87

Global High Income Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	994.40		1.77	%	$	8.78
Hypothetical		1,000.00		1,016.10		1.77			8.87

U.S. Microcap Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	794.40		1.80	%	$	8.03
Hypothetical		1,000.00		1,015.90		1.80			9.02

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U.S. Microcap Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	795.00		1.50	%	$	6.69
Hypothetical		1,000.00		1,017.40		1.50			7.52

U.S. Microcap Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	822.50		2.55	%	$	11.55
Hypothetical		1,000.00		1,012.20		2.55			12.76

U.S. Smallcap Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	817.40		1.50	%	$	6.78
Hypothetical		1,000.00		1,017.40		1.50			7.52

U.S. Smallcap Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	819.70		1.20	%	$	5.43
Hypothetical		1,000.00		1,018.90		1.20			6.02

U.S. Smallcap Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	839.60		2.25	%	$	10.29
Hypothetical		1,000.00		1,013.70		2.25			11.27

U.S. Midcap Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	884.45		1.35	%	$	6.33
Hypothetical		1,000.00		1,018.20		1.35			6.77

U.S. Midcap Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	885.30		1.05	%	$	4.92
Hypothetical		1,000.00		1,019.60		1.05			5.27

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U.S. Midcap Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	903.60		2.10	%	$	9.94
Hypothetical		1,000.00		1,014.40		2.10			10.52

U.S. Multicap Fund Class A

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	875.50		1.30	%	$	6.06
Hypothetical		1,000.00		1,018.40		1.30			6.52

U.S. Multicap Fund Class I

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	877.20		1.00	%	$	4.67
Hypothetical		1,000.00		1,019.90		1.00			5.02

U.S. Multicap Fund Consultant Class

	Beginning Account Value 11/01/07		Ending Account Value 04/30/08		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	894.20		2.05	%	$	9.65
Hypothetical		1,000.00		1,014.70		2.05			10.27

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PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—85.2%
			United States—34.5%
		3,980	3M Co		$	306,062
		8,940	Abbott Laboratories			471,585
		4,300	Abercrombie & Fitch			319,533
		20,090	Aecom Technology*			551,671
		11,570	Alpha Natural Resources*			562,880
		8,790	Anheuser-Busch Cos			432,468
		3,703	Apple Inc*			644,137
		11,470	Archer-Daniels-Midland Co			505,368
		10,600	AT&T Inc			410,326
		8,470	Bank of America			317,964
		11,370	Bank of New York Mellon			494,936
		5,010	Baxter International			312,223
		10,400	BE Aerospace*			419,744
		2,710	Boeing Co			229,971
		3,290	Bunge Ltd (1)			375,356
		6,800	Burlington Northern Santa Fe			697,340
		4,975	Carrizo Oil & Gas*			315,863
		5,820	Caterpillar Inc			476,542
		6,448	Celgene Corp*			400,679
		4,868	Century Casinos*			16,162
		8,720	Chesapeake Energy			450,824
		5,700	Clorox Co			302,100
		6,580	Coca-Cola Co			387,365
		23,020	Colonial BancGroup			187,383
		3,710	ConocoPhillips			319,616
		5,730	Consol Energy			463,901
		5,510	Constellation Energy			466,421
		8,350	Costco Wholesale (1)			594,937
		6,883	CR Bard			648,172
		5,200	Deere & Co			437,164
		3,540	Devon Energy			401,436
		10,600	E.I. du Pont de Nemours			518,446
		12,510	EMC Corp*			192,654
		6,700	Exelon Corp			572,716
		186	FairPoint Communications			1,713
		3,300	FedEx Corp			316,371
		2,880	Fluor Corp			440,266
		5,160	Freeport-McMoRan Copper & Gold (1)			586,950
		4,083	Genentech Inc*			278,461

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			United States—Continued
		6,120	Gen-Probe Inc*		$	344,923
		5,010	Gilead Sciences*			259,318
		1,650	Goldman Sachs			315,760
		864	Google Inc-Class A*			496,187
		4,970	Hess Corp			527,814
		11,068	Hewlett-Packard Co			513,002
		7,440	Holly Corp			308,611
		14,850	Intel Corp			330,561
		2,310	IntercontinentalExchange Inc*			358,396
		6,490	J.M. Smucker			323,721
		8,690	Kellogg Co			444,667
		13,590	Life Time Fitness* (1)			493,996
		14,766	Macquarie Infrastructure			437,074
		10,800	Maxim Integrated Products			227,124
		11,718	Medco Health Solutions*			580,510
		20,870	Microsoft Corp			595,212
		4,410	Monsanto Co			502,828
		3,300	Mosaic Co*			404,283
		4,780	Newmont Mining			211,324
		13,822	NII Holdings*			632,218
		11,387	Nordstrom Inc (1)			401,506
		8,690	Peabody Energy			531,220
		14,380	PepsiAmericas Inc			369,566
		10,330	Philip Morris International*			527,140
		5,030	PNC Financial Services			348,830
		7,638	Procter & Gamble (1)			512,128
		13,380	QUALCOMM Inc			577,882
		8,700	Safeway Inc			274,920
		19,230	Sotheby's (1)			532,671
		5,170	State Street			372,964
		9,000	SUPERVALU Inc			297,900
		8,510	Texas Instruments			248,152
		7,410	Thermo Fisher Scientific*			428,817
		8,890	Tiffany & Co			387,071
		3,843	Ultra Petroleum* (1)			319,238
		3,950	Union Pacific			573,501
		28,700	United Natural Foods*			568,260
		4,855	United Technologies			351,842

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			United States—Continued
		7,800	URS Corp*		$	314,652
		4,990	Valero Energy			243,762
		9,910	Verizon Communications			381,337
		10,390	Walt Disney			336,948
		5,616	Weight Watchers International			257,550
		14,310	Wells Fargo (1)			425,723
		10,375	Whole Foods Market (1)			338,640
		4,010	Wynn Resorts (1)			422,413
		11,460	Yum! Brands			466,193
		10,690	Zimmer Holdings*			792,770
						35,738,831
			France—5.9%
		1,573	Aeroports de Paris			187,471
		2,146	Air Liquide			323,152
		901	Alstom			209,012
		1,940	BNP Paribas			209,162
		2,458	Bouygues SA			183,766
		1,422	Compagnie de Saint-Gobain			114,570
		7,144	Electricite de France			747,432
		5,702	France Telecom			178,969
		1,612	JC Decaux			46,179
		1,797	Lafarge SA			324,231
		6,821	LVMH Moet Hennessy Louis Vuitton			779,692
		1,196	Neuf Cegetel			66,810
		2,574	Pernod-Ricard SA			296,552
		746	PPR			97,631
		1,330	Remy Cointreau			82,516
		3,950	Sanofi-Aventis SA			308,410
		2,560	Societe Television Francaise 1			54,285
		960	Sodexo			64,269
		7,326	Suez SA			518,966
		10,484	Total SA			880,438
		721	Veolia Environnement			52,242
		3,994	Vinci SA			294,932
		1,180	Vivendi*			47,894
						6,068,581

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Germany—4.0%
		3,220	Bayer AG		$	274,724
		4,203	Commerzbank AG			152,467
		2,761	Daimler AG			214,629
		1,036	Deutsche Boerse			151,972
		2,569	Deutsche Post-Registered			80,114
		2,258	E.ON AG			459,508
		14,648	Fraport AG			1,059,086
		1,753	Fresenius Medical Care			93,040
		5,986	Fresenius SE			506,427
		2,520	Hamburger Hafen und Logistik*			210,568
		1,767	Henkel KGaA			71,142
		2,380	Premiere AG*			50,023
		10,384	Rhoen-Klinikum AG			313,960
		4,584	Siemens AG-Registered			539,330
						4,176,990
			Japan—3.8%
		9,520	Bank of Yokohama			69,412
		3,567	Canon Inc			177,480
		14	Central Japan Railway			136,638
		4,625	Chiba Bank			36,244
		1,882	Daikin Industries			93,281
		1,841	Denso Corp			63,592
		24	East Japan Railway			190,374
		660	Fanuc Ltd			69,025
		2,330	Honda Motor			73,572
		952	Ibiden Co			41,173
		4,439	ITOCHU Corp			46,085
		30	Japan Tobacco			145,249
		780	JFE Holdings			42,541
		1,440	JSR Corp			32,311
		19	KDDI Corp			121,079
		6,240	Komatsu Ltd			188,078
		2,575	Makita Corp			88,207
		3,751	Matsushita Electric Industrial			87,754
		2,150	Mitsubishi Corp			68,711
		5,425	Mitsubishi Electric			55,127
		15,658	Mitsubishi UFJ Financial			171,397
		2,680	Mitsui & Co			62,570

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Japan—Continued
		1,874	Mitsui Fudosan		$	46,980
		11	Mizuho Financial			56,837
		494	Nintendo Co			269,901
		4,974	Nippon Electric Glass			76,388
		3,120	Nissan Motor			27,525
		1,280	Nitto Denko			52,787
		1,948	Nomura Holdings			33,700
		4,655	NSK Ltd			38,573
		46	NTT DoCoMo			67,343
		1,267	Promise Co			39,885
		2,386	Sharp Corp			39,885
		920	Shin-Etsu Chemical			56,515
		2,980	Shizuoka Bank			36,327
		1,960	Sony Corp			89,645
		1,270	Stanley Electric			32,020
		1,870	Sumitomo Chemical			12,078
		16	Sumitomo Mitsui Financial			137,020
		4,936	Sumitomo Trust & Banking			44,160
		2,570	Suruga Bank			36,075
		4,023	Suzuki Motor			101,239
		8,328	Toyota Motor			419,946
		1,205	Yamada Denki			102,502
		2,092	Yamaha Motor			40,135
						3,917,366
	United Kingdom—3.4%
		6,031	Anglo American			390,472
		4,794	BHP Billiton			170,906
		61,547	BP PLC			744,790
		9,320	Cadbury PLC			107,614
		20,032	Diageo PLC			409,836
		8,065	GlaxoSmithKline PLC			179,059
		2,780	Reckitt Benckiser			161,764
		17,174	Rolls-Royce Group*			149,321
		1,538,790	Rolls-Royce Group-B shares*			3,048
		17,620	Royal Bank of Scotland			120,396
		14,868	Smith & Nephew			192,877
		32,167	Tesco PLC			273,309
		208,759	Vodafone Group			662,773
						3,566,165

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Switzerland—3.2%
		5,190	ABB Ltd		$	158,657
		1,372	BKW FMB Energie			168,742
		8,695	Compagnie Financiere Richemont (Unit)			527,185
		420	Flughafen Zuerich-Registered			183,477
		4,745	Holcim Ltd			464,227
		1,399	Nestle SA-Registered			667,566
		1,100	Nobel Biocare			39,626
		3,088	Roche Holding			512,320
		75	SGS SA			105,492
		370	Swatch Group			99,467
		580	Synthes Inc			79,520
		4,350	Xstrata PLC			339,963
						3,346,242
			Hungary—3.2%
		98,487	Magyar Telekom Telecommunications			524,891
		447	MOL Hungarian Oil and Gas			63,767
		57,616	OTP Bank			2,472,903
		1,098	Richter Gedeon			227,157
						3,288,718
			Russia—3.0%
		14,247	AvtoVAZ Sponsored GDR*			129,352
		3,380	Cherepovets MK Severstal Sponsored GDR†			82,472
		780	Evraz Group Sponsored GDR†			80,925
		19,224	Gazprom OAO Sponsored ADR			1,022,717
		1,770	LUKOIL Sponsored ADR (1)			159,831
		310	Mechel Sponsored ADR			45,198
		3,342	MMC Norilsk Nickel Sponsored ADR			90,167
		10,919	NovaTek OAO			82,657
		6,000	Novorossiysk Sea Trade Port Sponsored GDR*†			93,000
		270	Open Investments*			67,567
		4,683	Pharmstandard Sponsored GDR*†			117,075
		2,242	Polyus Gold Sponsored ADR (1)			119,723
		22,976	Rosneft Oil Sponsored GDR			225,165
		1,747,416	RusHydro OJSC*			132,804
		91,126	Sberbank			296,615
		6,961	Sistema-Hals GDR*†			51,303
		3,720	Uralkali*			38,874

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
11

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Russia—Continued
		780	Uralkali Sponsored GDR*†		$	40,755
		890	Uralsvyazinform Sponsored ADR			8,277
		1	VolgaTelecom Sponsored ADR (1)			9
		10,849	VTB Bank Sponsored GDR*†			81,259
		3,984	X 5 Retail Sponsored GDR-Registered*			139,440
						3,105,185
			Poland—2.9%
		694	Bank BPH			27,874
		5,850	Bank Handlowy w Warszawie			222,830
		20,301	Bank Millennium			71,471
		10,536	Bank Pekao			916,628
		2,570	Bank Zachodni WBK			188,255
		560	BRE Bank*			90,876
		350	ING Bank Slaski			78,649
		38,561	PKO Bank Polski			799,588
		57,630	Polskie Gornictwo Naftowe I Gazownictwo			108,589
		47,005	Telekomunikacja Polska			472,508
						2,977,268
			Australia—2.6%
		11,525	BHP Billiton			459,077
		139,852	Macquarie Airports			413,819
		10,137	Newcrest Mining			276,070
		8,388	Rio Tinto			1,075,635
		3,570	Rio Tinto			417,941
						2,642,542
			Austria—2.1%
		4,312	Erste Bank der Oesterreichischen Sparkassen			320,227
		2,276	Flughafen Wien			287,733
		14,164	Immoeast AG*			143,999
		1,530	Oesterreichische Elektrizitaetswirtschafts-Class A			118,484
		3,993	OMV AG			301,199
		3,545	Raiffeisen International Bank			574,550
		2,643	Vienna Insurance			197,844
		4,700	Wienerberger AG			270,891
						2,214,927

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
12

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Czech Republic—2.1%
		8,827	Komercni Banka		$	2,162,632
			Canada—1.9%
		2,680	Imperial Oil			158,123
		27,227	Ivanhoe Mines*			260,618
		2,040	OPTI Canada*			43,186
		2,267	Potash Corp of Saskatchewan			417,316
		1,980	Research In Motion*			240,827
		5,620	Suncor Energy			634,210
		3,910	Talisman Energy			79,085
		16,030	UTS Energy *			86,111
						1,919,476
			Finland—1.4%
		12,474	Fortum Oyj			529,604
		4,112	Kemira Oyj			59,410
		1,297	Kesko Oyj-Class B			49,130
		11,878	Nokia Oyj			364,679
		5,467	Orion Oyj-Class B			115,076
		1,600	Outotec Oyj			100,115
		4,004	Ramirent Oyj			66,577
		760	Wartsila Oyj			52,063
		3,505	YIT Oyj			99,589
						1,436,243
			Italy—1.3%
		17,870	Banca Popolare di Milano			220,516
		7,711	Buzzi Unicem			197,282
		12,906	Credito Emiliano			171,497
		53,800	Intesa Sanpaolo			381,114
		8,140	Mediobanca SpA			170,201
		27,411	UniCredit SpA			208,302
						1,348,912
			Norway—1.0%
		3,670	Aker Solutions			93,545
		14,713	DnB NOR*			219,687
		4,032	Norsk Hydro			59,809

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
13

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Norway—Continued
		14,513	StatoilHydro ASA		$	524,002
		2,020	Yara International			147,448
						1,044,491
			Hong Kong—0.8%
		46,797	China Merchants Holdings International			240,151
		3,617	China Mobile			62,228
		47,350	GOME Electrical Appliances*			108,130
		50,200	Melco International Development			68,783
		6,970	Melco PBL Entertainment Macau Sponsored ADR*			92,004
		207,439	Shun Tak			276,245
						847,541
			Spain—0.8%
		7,180	Banco Bilbao Vizcaya Argentaria			165,107
		10,840	Iberdrola Renovables*			78,477
		16,610	Iberdrola SA			243,344
		11,838	Telefonica SA			342,256
						829,184
			Netherlands—0.8%
		18,885	KKR Private Equity Investors (Unit)			281,386
		9,778	Koninklijke (Royal) KPN			179,407
		916	Koninklijke Vopak			62,535
		1,628	TNT NV			63,239
		6,907	Unilever NV			232,276
						818,843
			Mexico—0.7%
		31,604	America Movil-Class L			91,644
		6,697	Fomento Economico Mexicano Sponsored ADR			290,985
		49,166	Grupo Financiero Banorte			216,686
		5,590	Grupo Televisa Sponsored ADR			137,961
						737,276
			Sweden—0.7%
		1,744	Getinge AB-Class B			44,518
		24,096	Nordea Bank			398,796
		4,329	Swedbank AB			109,781

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
14

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Sweden—Continued
		13,379	TeliaSonera AB		$	119,418
						672,513
			Belgium—0.5%
		5,090	KBC Ancora			544,976
			India—0.5%
		3,770	ICICI Bank			81,830
		2,040	Oil & Natural Gas			52,033
		3,388	State Bank of India GDR			314,745
		677	State Bank of India GDR-Registered Shares*			62,893
						511,501
			Ireland—0.5%
		50,932	Dragon Oil*			502,349
			Denmark—0.5%
		1,040	Carlsberg A/S-Class B			138,425
		1,000	FLSmidth & Co-Class B			105,563
		2,280	Novo Nordisk-Class B			156,492
		676	Vestas Wind Systems*			73,899
						474,379
			Romania—0.5%
		9,401	BRD-Groupe Societe Generale			85,099
		1,820,013	SNP Petrom			378,227
						463,326
			Ukraine—0.4%
		612,930	Raiffeisen Bank Aval			98,574
		677	Ukrnafta Oil*			38,247
		577,960	Ukrsotsbank JSCB*			110,122
		1,096,759	UkrTelecom*			206,914
						453,857
			China—0.3%
		309,292	Beijing Capital International Airport-Class H			316,252
		49,040	Wumart Stores-Class H			42,468
						358,720

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
15

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

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* (1)		$	159,878
		1,760	Millicom International Cellular* (1)			190,098
						349,976
			Portugal—0.3%
		12,756	Energias de Portugal*			80,631
		23,100	Jeronimo Martins			182,699
						263,330
			Greece—0.2%
		40,300	Alapis Holding Industrial and Commercial			130,506
		4,161	Hellenic Telecommunications Organization			123,864
						254,370
			Cyprus—0.2%
		10,144	Bank of Cyprus Public			139,928
		9,810	Marfin Popular Bank Public*			87,363
						227,291
			Lebanon—0.2%
		6,660	SOLIDERE-Class A			159,973
			New Zealand—0.1%
		78,750	Auckland International Airport			131,104
			Croatia—0.1%
		1,300	Hrvatske Telekomunikacije Sponsored GDR†			76,213
		492	Podravka Prehrambena Industija			42,169
						118,382
			Chile—0.1%
		4,010	Sociedad Quimica y Minera de Chile Sponsored ADR			114,325
			South Korea—0.1%
		154	Samsung Electronics			109,205
			South Africa—0.1%
		2,490	Impala Platinum			101,701
			Indonesia—0.1%
		169,770	Semen Gresik Persero			77,779

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
16

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Turkey—0.1%
		5,174	Acibadem Saglik Hizmetleri ve Ticaret		$	39,700
		1	Anadolu Anonim Turk Sigorta Sirketi			1
		6,152	Turkiye Garanti Bankasi			32,995
						72,696
			Philippines—0.0%
		2,158	Ayala Corp			15,185
		46,092	Ayala Land			10,686
						25,871
			TOTAL COMMON STOCKS (Cost $88,404,530)			88,175,037
WARRANTS—3.2%
			Taiwan—1.5%
		29,896	Asia Cement, Issued by Deutsche Bank AG London, Expires 09/26/2017†			53,783
		57,810	Cathay Financial, Issued by Citigroup, Expires 01/17/2012			161,579
		124,960	Chinatrust Financial, Issued by Citigroup, Expires 01/17/2012*†			129,709
		101,426	Chunghwa Telecom, Issued by Deutsche Bank AG London, Expires 01/11/2018†			261,375
		69,926	Far Eastern Textile, Issued by Citigroup, Expires 01/17/2012†			117,056
		38,200	First Financial, Issued by Citigroup, Expires 01/20/2010			46,184
		47,331	Fubon Financial, Issued by Deutsche Bank AG London, Expires 03/13/2017			56,371
		14,979	President Chain Store, Issued by Deutsche Bank AG London, Expires 10/05/2016†			52,576
		50,423	Taiwan Cement, Issued by Morgan Stanley, Expires 12/04/2009			82,774
		22,103	Taiwan Fertilizer, Issued by Deutsche Bank AG London, Expires 01/19/2017†			107,023
		10,309	Taiwan Liquid, Issued by Goldman Sachs International, Expires 04/02/2009			404,464
		78,351	Tatung Co, Issued by Deutsche Bank AG London, Expires 03/05/2018†			47,349
		43,480	Yuanta Financial, Issued by Citigroup, Expires 01/17/2012*†			41,219
						1,561,462

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
17

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—Continued
			India—1.2%
		12,050	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 10/24/2012†		$	225,913
		4,636	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by CLSA, Expires 03/22/2012†			85,951
		3,802	Bharti Airtel-Issued by CLSA, Expires 05/31/2010*†			86,592
		3,647	ICICI Bank, Issued by Citigroup, Expires 10/24/2012†			79,034
		335	ICICI Bank, Issued by CLSA, Expires 05/10/2010†			7,574
		3,205	Mahindra & Mehindra, Issued by CLSA, Expires 06/28/2010†			50,222
		5,177	State Bank of India, Issued by Citigroup, Expires 10/24/2012†			233,155
		9,478	State Bank of India, Issued by CLSA, Expires 05/13/2010†			420,638
		1,955	State Bank of India, Issued by Deutsche Bank AG, Expires 08/18/2017†			88,981
						1,278,060
			Russia—0.5%
		4	Unified Energy System, Issued by Deutsche Bank AG London-Corporate Action, Expires 12/31/2009*† (2)			0
		4	Unified Energy System, Issued by Deutsche Bank AG London-FAR EAST, Expires 12/31/2009*† (2)			10,800
		4	Unified Energy System, Issued by Deutsche Bank AG London-FSK, Expires 12/31/2009*† (2)			69,122
		4	Unified Energy System, Issued by Deutsche Bank AG London-InterRAO UES, Expires 12/31/2009*† (2)			16,746
		4	Unified Energy System, Issued by Deutsche Bank AG London-MRSK HLD, Expires 12/31/2009*† (2)			64,600
		4	Unified Energy System, Issued by Deutsche Bank AG London-OGK1, Expires 12/31/2009*† (2)			26,552
		4	Unified Energy System, Issued by Deutsche Bank AG London-OGK2, Expires 12/31/2009*† (2)			14,022
		4	Unified Energy System, Issued by Deutsche Bank AG London-OGK3, Expires 12/31/2009*† (2)			13,988
		4	Unified Energy System, Issued by Deutsche Bank AG London-OGK4, Expires 12/31/2009*† (2)			30,410
		4	Unified Energy System, Issued by Deutsche Bank AG London-OGK6, Expires 12/31/2009*† (2)			15,642
		4	Unified Energy System, Issued by Deutsche Bank AG London-OGK7 HYDRO, Expires 12/31/2009*† (2)			88,401
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK1, Expires 12/31/2009*† (2)			17,587

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
18

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—Continued
			Russia—Continued
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK2, Expires 12/31/2009*† (2)		$	4,051
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK3, Expires 12/31/2009*† (2)			19,487
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK4, Expires 12/31/2009*† (2)			5,458
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK6, Expires 12/31/2009*† (2)			4,414
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK7, Expires 12/31/2009*† (2)			9,631
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK8, Expires 12/31/2009*† (2)			8,907
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK9, Expires 12/31/2009*† (2)			7,272
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK10, Expires 12/31/2009*† (2)			13,290
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK11, Expires 12/31/2009*† (2)			2,722
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK12, Expires 12/31/2009*† (2)			6,151
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK13, Expires 12/31/2009*† (2)			4,687
		4	Unified Energy System, Issued by Deutsche Bank AG London-TGK14, Expires 12/31/2009*† (2)			1,010
						454,950
			TOTAL WARRANTS (Cost $3,045,241)			3,294,472
PREFERRED STOCKS—1.0%
			Brazil—0.7%
		30,560	Petroleo Brasileiro			762,058
			Russia—0.3%
		368	Silvinit (2)			285,200
		24,975	URSA Bank*			34,216
						319,416
			Philippines—0.0%
		56,604	Ayala Land* (2)			134
			TOTAL PREFERRED STOCKS (Cost $799,175)			1,081,608

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
19

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
INVESTMENT FUNDS—0.7%
			United States—0.7%
		10,050	Claymore/Mac Global Solar Energy Index ETF*		$	262,707
		12,070	Powershares DB Agriculture Fund* (1)			441,762
						704,469
			Romania—0.0%
		16,000	SIF 3 Transilvania Brasov*			10,404
		22,300	SIF 5 Oltenia Craiova			27,104
						37,508
			TOTAL INVESTMENT FUNDS (Cost $774,776)			741,977

Face Value		Currency
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.5%
			United States—0.5%
			U.S. Treasury Bill
	500,000	USD	0.700% due 05/22/2008 (3)	499,796
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS(Cost $499,796)	499,796
Share Amount
RIGHTS—0.0%
			Austria—0.0%
	2,643		Vienna Insurance (Cost $0)	0
Share Amount
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—5.4%
			United States—5.4%
	5,597,128	USD	State Street Navigator Securities Lending Prime Portfolio (Cost $5,597,128)	5,597,128

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
20

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.

Face Value		Currency	Description	Market Value (Note 2)
REPURCHASE AGREEMENT—1.9%
			United States—1.9%
	1,966,334	USD	State Street Bank & Trust Repurchase Agreement, dated 04/30/2008, due 05/01/2008 with a maturity value of $1,966,391 and an effective yield of 1.05%, collateralized by a U.S. Government and Agency Obligation, with a rate of 2.966%, a maturity of 08/15/2036 and an aggregate market value of $2,009,406. (Cost $1,966,334)	$	1,966,334
			TOTAL INVESTMENTS—97.9% (Cost $101,086,980)		101,356,352
			OTHER ASSETS AND LIABILITIES (Net)—2.1%		2,146,994
			TOTAL NET ASSETS—100.0%	$	103,503,346

Notes to the Portfolio of Investments.

  ADR  American Depositary Receipt

  GDR  Global Depositary Receipt

  (1)  All or a portion of this security was on loan to brokers at April 30, 2008.

  (2)  Illiquid security.

  (3)  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 $101,281,228.

Glossary of Currencies

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
21

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2008

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)
06/12/08	AUD	463,720		434,699		424,872	$	9,827
06/06/08	CAD	615,433		610,904		619,397		(8,493	)
05/15/08	CHF	382,765		367,550		348,570		18,980
06/10/08	HKD	12,285,367		1,577,862		1,580,610		(2,748	)
05/27/08	INR	10,304,951		253,818		257,013		(3,195	)
05/20/08	JPY	97,514,502		934,143		909,174		24,969
06/03/08	KRW	198,145,536		197,492		209,014		(11,522	)
07/24/08	KRW	353,512,500		352,270		355,754		(3,484	)
05/15/08	NOK	1,052,900		205,851		190,746		15,105
06/23/08	TRY	71,854		55,167		54,767		400
05/05/08	TWD	9,159,165		300,818		286,492		14,326
05/16/08	TWD	24,484,782		804,375		814,880		(10,505	)
06/05/08	TWD	9,159,165		301,041		301,229		(188	)
07/21/08	TWD	7,198,635		237,646		243,022		(5,376	)
Net unrealized appreciation on forward foreign exchange contracts to buy							$	38,096

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/06/08	CAD	615,433		610,904		607,175	$	(3,729	)
06/20/08	CAD	261,843		259,886		258,253		(1,633	)
06/20/08	CZK	4,628,149		285,056		288,056		3,000
06/10/08	EUR	2,198,285		3,417,463		3,365,574		(51,889	)
06/18/08	EUR	1,095,000		1,701,651		1,696,703		(4,948	)
06/20/08	EUR	367,991		571,812		572,414		602
06/26/08	EUR	540,986		840,387		830,000		(10,387	)
06/18/08	GBP	324,000		639,642		651,726		12,084
05/19/08	HUF	91,372,587		563,192		503,930		(59,262	)
05/20/08	JPY	41,428,592		396,867		416,498		19,631
05/21/08	MXN	3,022,968		287,125		278,307		(8,818	)
05/19/08	PLN	1,368,571		616,172		556,715		(59,457	)
06/23/08	TRY	71,854		55,167		55,649		482
05/05/08	TWD	9,159,165		300,818		300,655		(163	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(164,487	)

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
22

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

(Unaudited) April 30, 2008

Julius Baer Global Equity Fund Inc.

Glossary of Currencies

  AUD  — Australian Dollar

  CAD  — Canadian Dollar

  CHF  — Swiss Franc

  CZK  — Czech Koruna

  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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
23

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer Global Equity Fund Inc.  

At April 30, 2008, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		19.3	%	$	19,987,140
Industrials		12.1			12,541,872
Energy		11.2			11,648,202
Consumer Staples		9.4			9,770,758
Materials		9.1			9,399,046
Consumer Discretionary		7.2			7,458,866
Healthcare		7.2			7,442,714
Telecommunications		5.1			5,268,262
Information Technology		5.0			5,151,913
Utilities		4.5			4,624,321
Cash & Cash Equivalents		7.8			8,063,258	*
Total Investments		97.9			101,356,352
Other Assets and Liabilities (Net)		2.1			2,146,994	*
Net Assets		100.0	%	$	103,503,346

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $2,444,171 and notional market value for futures, which is 2.36% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
24

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—80.4%
			France—8.2%
		101,564	Accor SA		$	8,428,062
		497,143	Aeroports de Paris			59,249,848
		766,906	Air Liquide (1)			115,483,288
		137,453	Alstom			31,886,086
		740,648	BNP Paribas			79,853,205
		722,977	Bouygues SA (1)			54,051,451
		163,544	Bureau Veritas*			9,102,724
		512,772	Compagnie de Saint-Gobain			41,313,822
		81,434	EDF Energies Nouvelles (1)			5,475,827
		1,787,613	Electricite de France			187,026,650
		133,390	Eurazeo			17,247,400
		2,201,833	France Telecom			69,109,161
		501,024	JC Decaux (1)			14,352,814
		645,792	Lafarge SA			116,519,696
		1,804,033	LVMH Moet Hennessy Louis Vuitton			206,214,679
		479,412	Neuf Cegetel (1)			26,780,708
		184,063	Nexity (1)			8,238,821
		689,930	Pernod-Ricard SA			79,487,249
		190,646	PPR			24,950,417
		279,674	Remy Cointreau			17,351,664
		582,037	Sanofi-Aventis SA			45,444,596
		942,496	Societe Television Francaise 1 (1)			19,985,607
		161,857	Sodexo (1)			10,835,792
		2,640,553	Suez SA (1)			187,054,002
		148,860	Technip SA (1)			13,757,282
		3,754,129	Total SA			315,268,698
		267,505	Veolia Environnement			19,382,911
		1,117,741	Vinci SA			82,538,206
		302,337	Vivendi* (1)			12,271,370
		60,491	Wendel (1)			8,347,035
						1,887,009,071
			United Kingdom—6.5%
		1,782,442	AMEC PLC			28,065,213
		2,243,311	Anglo American			145,241,330
		1,628,031	BAE Systems			15,049,872
		1,782,928	BHP Billiton			63,561,205
		21,914,425	BP PLC			265,189,974
		3,248,726	BT Group			14,332,324

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
25

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			United Kingdom—Continued
		2,633,297	Burberry Group		$	25,229,383
		2,944,635	Cadbury PLC			34,000,542
		2,281,335	Ceres Power*			6,641,898
		4,716,951	Compass Group			31,856,756
		7,744,971	Diageo PLC			158,454,993
		2,832,791	GlaxoSmithKline PLC			62,893,528
		7,490,844	Highland Gold Mining*			28,670,553
		593,123	Intertek Group			11,429,926
		660,020	Peter Hambro Mining*			16,496,897
		1,840,300	QinetiQ PLC			7,070,924
		1,025,404	Reckitt Benckiser			59,666,781
		6,035,867	Rolls-Royce Group*			52,479,537
		540,813,683	Rolls-Royce Group-B shares*			1,071,109
		6,590,375	Royal Bank of Scotland			45,031,357
		5,348,135	Smith & Nephew			69,379,229
		11,543,422	Tesco PLC			98,079,372
		75,879,402	Vodafone Group			240,903,568
		924,334	William Hill			7,066,462
		942,323	WPP Group			11,543,176
		671,076	Xchanging PLC*			3,322,749
						1,502,728,658
			Japan—5.8%
		261,890	Acom Co (1)			8,068,948
		465,349	Aeon Credit Service			7,355,818
		291,700	Aiful Corp (1)			5,693,886
		313,527	Aisin Seiki			10,889,896
		361,726	Bank of Kyoto			4,586,039
		3,028,686	Bank of Yokohama			22,082,659
		1,172,688	Canon Inc			58,348,269
		1,149	Central Japan Railway			11,214,047
		1,770,000	Chiba Bank			13,870,730
		262,147	Credit Saison			7,023,362
		631,000	Daihatsu Motor			7,498,823
		199,300	Daikin Industries			9,878,232
		795,458	Daiwa Securities			7,847,261
		688,406	Denso Corp			23,779,023
		1,347	Dentsu Inc			3,080,404
		3,148	East Japan Railway			24,970,740

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
26

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Japan—Continued
		282,500	Eisai Co		$	9,947,373
		171,600	Exedy Corp			4,704,181
		255,400	Fanuc Ltd			26,710,573
		4,086	Fuji Television Network			6,646,445
		1,093,000	Gunma Bank			8,690,872
		817,852	Honda Motor			25,824,434
		272,332	HOYA Corp			7,504,700
		263,260	Ibiden Co			11,385,850
		1,344,000	Isuzu Motors			6,494,307
		1,259,297	ITOCHU Corp			13,073,746
		256,000	Japan Airport Terminal (1)			5,095,015
		9,717	Japan Tobacco			47,046,235
		187,301	JFE Holdings			10,215,441
		331,931	JS Group			5,720,101
		297,728	JSR Corp			6,680,434
		3,345	KDDI Corp			21,316,333
		1,224,148	Koito Manufacturing			16,047,103
		1,373,800	Komatsu Ltd			41,407,234
		581,269	Kubota Corp			4,049,027
		100,900	Kyocera Corp			9,229,777
		584,112	Makita Corp			20,008,812
		1,469,132	Matsushita Electric Industrial			34,370,182
		841,397	Mitsubishi Corp			26,889,924
		1,369,000	Mitsubishi Electric			13,911,377
		5,532,022	Mitsubishi UFJ Financial			60,555,288
		1,058,000	Mitsui & Co			24,701,177
		307,022	Mitsui Fudosan			7,696,849
		3,671	Mizuho Financial (1)			18,967,946
		496,000	Nabtesco Corp			7,285,044
		121,500	Nichi-iko Pharmaceutical			3,173,811
		171,926	Nintendo Co			93,933,352
		1,159,314	Nippon Electric Glass			17,804,028
		1,729	Nippon Telegraph & Telephone			7,411,654
		400,226	Nissan Motor			3,530,843
		161,531	Nitto Denko			6,661,550
		697,049	Nomura Holdings			12,058,794
		935,000	NSK Ltd			7,747,680
		15,923	NTT DoCoMo			23,310,870
		119,279	Olympus Corp			3,903,303

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
27

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Japan—Continued
		278,580	Promise Co (1)		$	8,769,766
		761,000	Ricoh Co			13,055,909
		485	Sapporo Hokuyo			3,893,551
		64,700	SAWAI Pharmaceutical (1)			2,717,759
		169,841	Seven & I			5,021,612
		479,000	Sharp Corp			8,007,014
		214,600	Shin-Etsu Chemical			13,182,777
		914,603	Shizuoka Bank			11,149,213
		740,708	Sony Corp			33,877,947
		443,688	Stanley Electric			11,186,660
		1,468,000	Sumitomo Chemical			9,481,389
		769,652	Sumitomo Corp			10,288,048
		469,600	Sumitomo Electric Industries			6,012,102
		1,502,696	Sumitomo Heavy Industries			12,581,179
		2,877,175	Sumitomo Metal Industries			12,030,671
		5,091	Sumitomo Mitsui Financial			43,598,172
		1,777,653	Sumitomo Trust & Banking			15,903,794
		776,000	Suruga Bank			10,892,661
		1,529,200	Suzuki Motor			38,482,404
		318,800	Takeda Pharmaceutical			16,746,838
		277,950	Takefuji Corp			6,555,801
		59,150	TOWA Pharmaceutical (1)			2,286,537
		1,720,689	Toyota Motor			86,767,113
		146,900	Ulvac Inc (1)			5,973,830
		348,680	Yamada Denki			29,659,987
		503,500	Yamaha Motor			9,659,530
		333,587	Yamato Holdings			4,842,135
						1,340,524,201
			Germany—5.2%
		123,006	Adidas AG			7,849,915
		481,957	Arcandor AG* (1)			9,056,831
		1,061,205	Bayer AG (1)			90,540,016
		1,571,200	Commerzbank AG (1)			56,996,490
		90,063	Continental AG (1)			10,590,747
		1,386,693	Curanum AG			10,039,082
		995,053	Daimler AG (1)			77,351,457
		297,625	Deutsche Beteiligungs			7,390,789
		332,563	Deutsche Boerse (1)			48,784,038

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
28

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Germany—Continued
		1,041,248	Deutsche Post-Registered		$	32,471,014
		311,640	Deutsche Postbank (1)			27,326,031
		526,317	Deutsche Wohnen			12,946,882
		825,325	E.ON AG (1)			167,955,617
		3,212,832	Fraport AG (1)			232,295,580
		841,095	Fresenius Medical Care (1)			44,640,882
		794,018	Fresenius SE			67,175,468
		293,013	Hamburger Hafen und Logistik*			24,483,821
		664,751	Henkel KGaA			26,763,829
		81,782	MAN AG (1)			11,426,271
		723,632	Marseille-Kliniken AG (3)			11,942,200
		1,832,860	Mediclin AG* (3)			6,163,732
		145,299	Merck KGaA			20,633,163
		165,892	MLP AG (1)			2,776,480
		284,513	Praktiker Bau-und Heimwerkermaerkte			6,170,409
		330,732	Premiere AG*			6,951,375
		225,463	Rheinmetall AG			17,091,327
		1,111,625	Rhoen-Klinikum AG			33,609,980
		908,672	Siemens AG-Registered			106,909,743
		267,844	Tognum AG*			7,714,617
		266,561	Wacker Construction Equipment*			5,303,813
						1,191,351,599
			Russia—4.6%
		444,544	AFI Development Sponsored GDR*†			3,214,053
		437,925	Alfa Cement* (2)			65,688,750
		2,906,455	AvtoVAZ Sponsored GDR*			26,388,455
		16,054,502	Central Telecommunication (2)			10,957,198
		53,536,950	Chelindbank OJSC* (2)			12,848,868
		326,584	Cherepovets MK Severstal Sponsored GDR†			7,968,650
		248,080	Evraz Group Sponsored GDR†			25,738,300
		3,948,290	Gazprom OAO Sponsored ADR			210,049,028
		2,232,256,372	IDGC of Center and Volga* (2)			25,894,174
		654,446,547	IDGC of North-West* (2)			7,431,744
		166,480,998	IDGC of the South* (2)			3,381,019
		547,651	Kuban Energy Retail* (2)			1,095,302
		547,651	Kuban Trunk Grid* (2)			273,826
		547,651	Kubanenergo* (2)			14,810,760
		11,287,332	Lenenergo* (2)			19,188,464

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
29

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Russia—Continued
		261,746	LUKOIL Sponsored ADR		$	23,635,664
		87,778	Mechel Sponsored ADR (1)			12,798,032
		1,224,818	MMC Norilsk Nickel Sponsored ADR			33,045,590
		50,181,127	Moscow City Electricity Distribution (2)			2,684,690
		273,975	North-West Telecom Sponsored ADR			15,753,563
		1,894,015	NovaTek OAO			14,337,694
		111,590	NovaTek OAO Sponsored GDR†			8,447,363
		141,148	NovaTek OAO Sponsored GDR-Registered Shares			10,684,904
		66,772,886	Novorossiysk Sea Trade Port			13,688,442
		167,314	Novorossiysk Sea Trade Port Sponsored GDR*† (1)			2,593,367
		441,444	OAO Dalsvyaz* (2)			1,995,327
		77,528	Open Investments*			19,401,382
		166,537	Pharmstandard*			11,083,037
		423,630	Polyus Gold Sponsored ADR (1)			22,621,842
		143,415	RBC Information Systems*			1,210,423
		2,748,622	Rosneft Oil			26,799,065
		2,472,048	Rosneft Oil Sponsored GDR			24,226,070
		78,061	RTS Stock Exchange (2)			43,362,886
		338,985,782	RusHydro OJSC*			25,762,919
		16,906,493	Sberbank			55,030,635
		277,410	Sibirskiy Cement (2)			51,459,555
		56,811	Sibirtelecom Sponsored ADR			3,840,424
		20,946	Sistema-Hals* (2)			3,087,440
		1,483,076	Sistema-Hals GDR*†			10,930,270
		787,702	Southern Telecommunication Sponsored ADR			5,297,296
		7,429,891	Sverdlovenergo* (2)			6,686,902
		5,026,557	Uralkali*			52,527,521
		59,670	Uralkali Sponsored GDR*†			3,117,758
		645,906	Veropharm* (3)			34,006,951
		1,150,473	VolgaTelecom			5,234,652
		205,040	VolgaTelecom Sponsored ADR (1)			1,824,856
		64,840	Volskcement* (2)			26,908,600
		823,770	Vostok Nafta Investment*			16,079,997
		1,725,734	VTB Bank Sponsored GDR*†			12,925,748
		54,208	Wimm-Bill-Dann Foods Sponsored ADR (1)			6,597,114
		552,344	X 5 Retail Sponsored GDR-Registered*			19,332,040
						1,063,948,610

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
30

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Switzerland—4.3%
		2,047,855	ABB Ltd		$	62,602,566
		292,446	BKW FMB Energie			35,967,868
		1,953,511	Compagnie Financiere Richemont (Unit)			118,442,916
		567,614	Dufry Group			61,527,167
		136,505	Flughafen Zuerich-Registered (1)			59,632,063
		1,158,646	Holcim Ltd			113,356,082
		401,177	Nestle SA-Registered			191,431,011
		242,530	Nobel Biocare			8,736,715
		340,902	Roche Holding			56,557,885
		23,975	SGS SA			33,722,217
		384,991	Swatch Group			103,497,172
		114,499	Synthes Inc			15,698,197
		1,512,761	Xstrata PLC			118,226,059
						979,397,918
			Poland—4.1%
		4,274,721	Agora SA (3)			78,330,062
		185,249	Bank BPH			7,440,356
		892,087	Bank Handlowy w Warszawie			33,980,054
		2,858,170	Bank Millennium			10,062,346
		2,542,436	Bank Pekao			221,191,015
		922,930	Bank Zachodni WBK			67,605,538
		108,622	BRE Bank*			17,627,083
		542,832	Budimex SA*			19,257,518
		103,866	Dom Development			3,090,135
		347,671	Grupa Kety			18,258,056
		436,617	Inter Cars			21,708,824
		87,826	Inter Groclin Auto*			675,006
		588,065	NFI Empik Media & Fashion*			5,328,212
		378,963	Opoczno SA*			4,894,199
		10,316,952	PKO Bank Polski			213,928,864
		557,625	Polish Energy Partners*			7,211,622
		117,363	Polnord SA*			5,290,435
		979,956	Polska Grupa Farmaceutyczna			36,443,549
		4,783,965	Polski Koncern Miesny Duda*			9,790,480
		4,910,883	Polskie Gornictwo Naftowe I Gazownictwo			9,253,287
		320,892	Sniezka SA			5,337,592
		9,876,593	Stalexport Autostrady*			12,198,821

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
31

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Poland—Continued
		823,850	Stomil Sanok		$	4,976,375
		24,508	Techmex SA*			427,542
		12,134,290	Telekomunikacja Polska			121,977,401
						936,284,372
			Australia—3.6%
		1,190,950	Austereo Group			1,930,342
		4,226,529	BHP Billiton			168,355,898
		134,226	Consolidated Media			457,886
		134,226	Crown Ltd			1,387,572
		530,382	Fairfax Media (1)			1,749,319
		34,959,693	Macquarie Airports			103,444,997
		4,106,412	Newcrest Mining			111,833,675
		709,992	Prime Media			2,040,636
		2,206,336	Rio Tinto (1)			282,929,470
		1,310,037	Rio Tinto			153,366,438
		786,814	Ten Network (1)			1,660,857
						829,157,090
			Hungary—3.4%
		980,663	Ablon Group			3,457,209
		101,460	Egis Gyogyszergyar			11,247,048
		27,472,662	Magyar Telekom Telecommunications			146,416,760
		92,386	MOL Hungarian Oil and Gas			13,179,453
		13,774,898	OTP Bank			591,224,539
		120,470	Richter Gedeon			24,923,152
						790,448,161
			Canada—2.8%
		916,446	Cameco Corp			31,858,579
		167,194	Canadian Natural Resources			14,202,608
		3,030,263	Eldorado Gold*			20,671,142
		900,411	Imperial Oil			53,125,232
		9,330,696	Ivanhoe Mines*			89,313,782
		1,027,304	OPTI Canada*			21,747,713
		831,516	Potash Corp of Saskatchewan			153,067,969
		772,834	Research In Motion*			93,999,799
		1,212,681	Suncor Energy			136,849,564
		1,330,638	Talisman Energy (1)			26,914,007
		2,158,874	UTS Energy*			11,597,168
						653,347,563

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
32

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Austria—2.8%
		1,328,162	CA Immo International*		$	21,050,361
		333,794	CA Immobilien Anlagen*			7,769,274
		993,588	Erste Bank der Oesterreichischen Sparkassen			73,787,948
		806,641	Flughafen Wien (1)			101,975,781
		2,884,917	Immoeast AG*			29,329,673
		380,083	Oesterreichische Elektrizitaetswirtschafts-Class A			29,433,706
		1,488,123	OMV AG			112,251,804
		1,122,569	Raiffeisen International Bank (1)			181,938,451
		265,045	Telekom Austria			6,540,480
		607,871	Vienna Insurance (1)			45,502,641
		448,818	Wienerberger AG			25,868,271
						635,448,390
			Finland—2.7%
		970,228	Atria PLC (1)			21,162,777
		307,704	Citycon Oyj (1)			1,786,910
		334,294	Cramo Oyj (1)			7,786,116
		128,352	Elisa Oyj (1)			2,889,560
		3,901,076	Fortum Oyj			165,626,669
		2,196,603	HKScan Oyj			28,487,694
		1,317,969	Kemira Oyj (1)			19,042,058
		227,496	Kesko Oyj-Class B			8,617,407
		184,946	Metso Oyj (1)			8,004,799
		5,395,809	Nokia Oyj (1)			165,662,495
		789,582	Olvi Oyj			30,904,607
		340,800	Oriola-KD Oyj-Class A			1,544,021
		2,522,169	Oriola-KD Oyj-Class B			11,662,492
		980,081	Orion Oyj-Class B			20,630,007
		717,952	Outotec Oyj			44,923,557
		677,976	Pohjola Bank			13,510,923
		1,142,504	Ramirent Oyj			18,997,205
		388,931	Sanoma-WSOY Ojy (1)			9,960,914
		136,198	Wartsila Oyj			9,330,053
		1,505,949	YIT Oyj (1)			42,789,169
						633,319,433

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
33

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Italy—2.6%
		2,215,356	Aeffe SpA*		$	6,111,783
		1,323,930	Aicon SpA*			2,848,615
		132,215	Autogrill SpA			2,014,610
		341,041	Banca Popolare dell' Emilia Romagna			7,566,276
		391,498	Banca Popolare dell'Etruria e del Lazio			5,479,614
		6,215,776	Banca Popolare di Milano			76,702,610
		744,757	Banca Popolare di Sondrio (1)			10,435,610
		2,213,177	Buzzi Unicem			56,623,110
		4,144,862	Credito Emiliano			55,077,513
		166,318	Finmeccanica SpA			5,800,267
		676,521	Geox SpA (1)			9,797,569
		19,985,016	Intesa Sanpaolo			141,571,755
		603,240	Italcementi SpA			13,080,960
		70,800	Lottomatica SpA (1)			2,185,832
		2,841,415	Mediobanca SpA (1)			59,411,621
		1,292,320	Piccolo Credito Valtellinese (1)			15,363,731
		514,748	SAVE SpA			8,006,097
		9,070,345	Telecom Italia			19,092,430
		10,001,311	UniCredit SpA			76,002,252
		758,327	Unione di Banche Italiane (1)			20,051,978
						593,224,233
			Czech Republic—2.3%
		2,126,273	Komercni Banka (3)			520,940,950
			Norway—2.0%
		965,759	Aker Solutions			24,616,460
		2,465,150	Austevoll Seafood*			17,608,214
		3,292,006	Copeinca ASA*			22,547,986
		5,199,346	DnB NOR*			77,634,070
		1,966,882	Marine Farms* (3)			9,872,901
		1,479,209	Norsk Hydro (1)			21,942,083
		731,971	Norske Skogindustrier* (1)			3,258,775
		865,827	RomReal Ltd*			1,999,366
		2,783,755	Scandanavian Property Development*			13,891,537
		5,239,362	StatoilHydro ASA (1)			189,170,702
		1,139,842	Telenor ASA*			22,975,289
		737,420	Yara International (1)			53,827,331
						459,344,714

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
34

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Ukraine—1.7%
		214,485	Anthousa Ltd Sponsored GDR*† (2)		$	11,019,746
		8,831,598	Bank Forum*			45,523,703
		76,611,005	Bohdan Automobile Plant*			15,796,084
		2,343,250	Centrenergo*			9,517,943
		178,305	Centrenergo Sponsored ADR*			7,280,018
		1,237,519	Chernivsioblenergo* (2)			2,704,681
		5,006,914	Davento Sponsored GDR* (2)			33,519,637
		20,500	Dniproenergo* (2)			8,235,928
		13,797,906	Dragon-Ukrainian Properties & Development* (3)			30,470,099
		7,562,990	Harkivoblenergo* (2)			11,851,283
		10,700	Ivano-Frankivskcement* (2)			3,695,361
		902,412	Khmelnitskoblenergo JSC* (2)			2,000,192
		2,750,000	Kirovogradoblenergo* (2)			5,783,505
		240,262	Korukivskas Technical Papers Factory* (2)			2,229,235
		3,228,131	Krymenergo* (2)			6,655,940
		115,161	Kyivmedpreparat* (2)(3)			7,182,722
		189,156	Lvivoblenergo* (2)			370,512
		267,596	Odessaoblenergo*			273,113
		319,268	Oranta* (2)			9,545,126
		488,244	Poltavaoblenergo* (2)			870,786
		93,280,824	Raiffeisen Bank Aval			15,001,864
		65,228	Retail Group* (2)			32,770,345
		21,017	Rodovid Bank* (2)			30,333,814
		6,895,336	Slavutich Brewery* (2)			4,094,550
		641,180	Ternopil'oblenergo* (2)			1,526,934
		2,636,403	Tsukrovyy soyz Ukrros* (2)			7,066,647
		1,153,346,022	Ukrinbank* (2)(3)			8,442,020
		17,577	Ukrnafta Oil Sponsored ADR*			5,883,611
		84,835,914	Ukrsotsbank JSCB*			16,164,302
		116,751,392	UkrTelecom*			22,026,293
		573,260	UkrTelecom Sponsored GDR*			5,239,025
		65,728	Vinnitsaoblenergo* (2)			6,979,365
		4,114,636	Volynoblenergo* (2)			1,717,967
		4,799,516	Zakarpattyaoblenergo* (2)			8,411,523
		15,000	Zakhidenergo*			1,280,412
		595,792	Zakhidenergo GDR*			12,780,201
		400,000	Zhytomyroblenergo* (2)			779,381
						395,023,868

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
35

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Sweden—1.5%
		969,958	East Capital Explorer*		$	14,968,862
		893,711	Elekta AB-Class B (1)			15,544,161
		785,886	Getinge AB-Class B (1)			20,060,655
		207,117	Hemtex AB (1)			2,237,431
		430,493	Hennes & Mauritz-Class B			25,568,793
		253,930	Modern Times-Class B			18,640,640
		1,619,369	Morphic Technologies* (1)			2,796,278
		8,721,610	Nordea Bank (1)			144,345,239
		7,816	RaySearch Laboratories*			146,048
		2,376,933	Rezidor Hotel			12,452,046
		1,594,416	Swedbank AB (1)			40,433,316
		7,103,522	Telefonaktiebolaget LM Ericsson-Class B			18,108,864
		3,581,655	TeliaSonera AB			31,969,192
						347,271,525
			Hong Kong—1.5%
		9,985,758	China Merchants Holdings International			51,244,492
		1,331,626	China Mobile			22,909,584
		34,129,602	Clear Media* (3)			29,205,405
		40,296,244	Emperor Entertainment Hotel			9,253,878
		14,816,208	Galaxy Entertainment* (1)			11,233,904
		18,828,868	GOME Electrical Appliances*			42,998,210
		5,823,459	Hutchison Telecommunications International*			8,188,375
		34,260,718	Melco International Development			46,943,328
		7,648	Melco PBL Entertainment Macau Sponsored ADR*			100,954
		67,095,612	Shun Tak			89,350,634
		20,230,339	Texwinca Holdings			15,235,174
		18,639,053	Tianjin Port Development			10,449,883
						337,113,821
			Spain—1.4%
		55,540	Acciona SA			15,888,904
		2,674,589	Banco Bilbao Vizcaya Argentaria			61,503,279
		240,227	Gamesa Corporacion Tecnologica			11,657,874
		1,412,443	Grupo Empresarial Ence			13,282,156
		3,561,110	Iberdrola Renovables* (1)			25,780,959
		4,666,605	Iberdrola SA			68,367,765
		150,855	Inditex SA			8,215,618
		4,494,944	Telefonica SA			129,956,171
						334,652,726

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
36

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Netherlands—1.4%
		378,701	Draka Holding* (1)		$	13,572,582
		7,327,894	KKR Private Equity Investors (Unit) (1)			109,185,621
		3,508,540	Koninklijke (Royal) KPN			64,374,925
		327,092	Koninklijke Vopak			22,330,592
		4,034,049	Plaza Centers*			15,080,437
		578,221	TNT NV			22,460,795
		2,486,315	Unilever NV			83,612,387
						330,617,339
			Bulgaria—1.2%
		301,290	Bulgarian American Credit Bank			15,588,514
		11,652,801	Bulgarian Telecommunication (2)(5)			104,813,063
		1,609,434	Central Cooperative Bank*			6,379,831
		10,335,724	Chimimport AD* (3)			68,375,549
		138,554	Devin AD* (2)			562,465
		354,861	DZI Insurance & Reinsurance* (2)(5)			31,777,473
		138,320	Kaolin AD*			1,247,445
		1,224,550	LEV INS* (2)(5)			25,693,814
		5,416,968	Prime Property REIT* (2)(3)			6,467,764
		826,010	Sopharma AD			4,073,177
		1,425,011	Sparki Eltos-Lovetch* (3)			14,802,510
						279,781,605
			Denmark—1.1%
		100,454	ALK-Abello A/S (1)			11,819,720
		150,146	Almindelig Brand*			9,459,792
		249,339	Carlsberg A/S-Class B (1)			33,187,287
		98,381	Danske Bank			3,401,932
		220,315	FLSmidth & Co-Class B (1)			23,257,094
		345,732	Harboes Bryggeri-Class B			9,881,457
		1,193,478	Novo Nordisk-Class B			81,916,460
		376,560	Royal UNIBREW (3)			46,742,508
		726,577	TK Development* (1)			10,686,405
		208,382	Vestas Wind Systems*			22,779,928
						253,132,583
			Mexico—1.0%
		691,494	America Movil-Class L			2,005,170
		316,700	America Movil Sponsored ADR-Class L			18,355,932
		1,276,253	Banco Compartamos*			5,319,872

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
37

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Mexico—Continued
		6,668,348	Consorcio ARA		$	6,974,390
		2,319,255	Controladora Comercial Mexicana (Unit)			6,511,196
		10,057,272	Corporacion Moctezuma Series*			26,215,763
		1,190,997	Fomento Economico Mexicano Sponsored ADR			51,748,820
		689,795	Grupo Aeroportuario del Centro Norte ADR			15,003,041
		331,195	Grupo Aeroportuario del Sureste Sponsored ADR			18,556,856
		2,084,100	Grupo Cementos de Chihuahua			10,609,170
		10,991,661	Grupo Financiero Banorte			48,442,704
		1,011,036	Grupo Televisa Sponsored ADR			24,952,368
		2,150,507	Urbi Desarrollos Urbanos*			6,886,780
						241,582,062
			Belgium—1.0%
		104,348	Groupe Bruxelles Lambert (1)			13,259,936
		841,547	KBC Ancora			90,102,765
		970,279	KBC Groep* (1)			131,636,069
						234,998,770
			Romania—1.0%
		18,589,504	Albalact SA*			3,373,374
		1,257,300	Antibiotice			748,059
		66,353,981	ARDAF-Societatea de Asigurare Reasigurare*			2,265,801
		4,814,944	Banca Transilvania*			1,503,999
		50,060,712	Biofarm Bucuresti* (3)			5,403,804
		4,241,419	BRD-Groupe Societe Generale			38,393,670
		425,305	Cemacon SA* (3)			2,024,358
		62,668,800	Compania Hoteliera Intercontinental Romania* (3)			4,461,029
		8,667,500	Compa-Sibiu*			3,830,858
		5,949,304	Concefa SA*			1,441,152
		11,250,200	Condmag SA* (3)			3,012,102
		66,191,800	Dafora SA* (3)			8,185,892
		1,759,680	Farmaceutica Remedia*			194,436
		169,124,951	Impact Developer & Contractor* (3)			15,165,578
		693,300	Policolor*			704,187
		648,444,600	Rompetrol Rafinare*			16,658,581
		113,050	Santierul Naval Braila* (2)			98,250
		139,400	Simcor Oradea*			787,922
		555,587,557	SNP Petrom			115,459,645

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
38

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Romania—Continued
		13,131,100	Socep Constanta*		$	2,070,350
		3,654,000	Spicul Buzau*			931,727
		18,317,818	Zentiva SA*			4,203,745
						230,918,519
			Ireland—0.9%
		871,556	CRH PLC			33,176,829
		16,586,602	Dragon Oil*			163,595,961
						196,772,790
			Greece—0.7%
		11,780,453	Alapis Holding Industrial and Commercial			38,149,254
		1,099,641	Athens Medical Center			5,238,815
		128,599	Fourlis Holdings			4,064,380
		1,494,412	Hellenic Telecommunications Organization			44,485,549
		420,595	Heracles General Cement			11,118,918
		6,403,979	Marfin Investment*			56,631,616
		828,796	Nireus Aquaculture			2,967,811
		1,458,900	Sprider Stores			7,858,910
						170,515,253
			Serbia—0.6%
		18,481	Agrobanka AD*			5,983,324
		412,158	AIK Banka* (2)(3)			62,222,563
		146,409	Energoprojekt Holding			5,097,881
		83,273	Imlek AD*			2,886,690
		42,159	Komercijalna Banka* (2)			48,715,262
		7,116	Metals Banka*			4,286,593
		92,524	Privredna Banka*			3,670,668
		130,820	Tigar AD* (3)			3,703,522
		78,160	Toza Markovic* (2)(3)			4,967,318
		15,514	Univerzal Banka* (2)			7,469,427
						149,003,248
			China—0.6%
		318,668	AirMedia Group ADR* (1)			6,328,746
		70,353,574	Beijing Capital International Airport-Class H (1)			71,936,724
		265,265	Guangzhou Pharmaceutical-Class H			219,506
		8,839,558	Lianhua Supermarket Holdings-Class H			12,021,055

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
39

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			China—Continued
		10,852,024	Shenzhen Chiwan Wharf-Class B		$	18,572,602
		5,526,552	Weiqiao Textile-Class H			6,608,096
		27,342,132	Wumart Stores-Class H			23,677,853
						139,364,582
			India—0.5%
		1,660,024	ICICI Bank			36,031,719
		622,040	State Bank of India GDR			57,787,516
		124,408	State Bank of India GDR-Registered Shares*			11,557,503
						105,376,738
			Portugal—0.3%
		4,278,637	Energias de Portugal*			27,045,324
		5,089,133	Jeronimo Martins			40,250,218
						67,295,542
			Cyprus—0.3%
		2,065,835	Bank of Cyprus Public			28,496,405
		2,263,903	Hellenic Bank			9,904,324
		3,155,233	Marfin Popular Bank Public*			28,098,827
						66,499,556
			Multinational—0.3%
		114,389	Central European Media Enterprises-Class A* (1)			12,127,522
		497,437	Millicom International Cellular* (1)			53,728,170
						65,855,692
			Venezuela—0.3%
		3,845,152	Banco Provincial (2)			322,324
		156,169	Banco Venezolano de Credito (2)			195,639
		15,843,815	Cemex Venezuela SACA-I (2)			7,526,052
		2,795,674	Mercantil Servicios Financieros-Class B (2)			30,595,790
		2,680,386	Siderurgica Venezolana Sivensa SACA (2)			20,596,269
						59,236,074
			Georgia—0.2%
		2,380,062	Bank of Georgia GDR-Registered Shares* (3)			56,978,685

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
40

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			South Korea—0.2%
		40,612	NHN Corp*		$	9,437,586
		61,245	Samsung Electronics			43,430,105
						52,867,691
			New Zealand—0.2%
		24,491,996	Auckland International Airport			40,774,471
			Lebanon—0.2%
		789,983	SOLIDERE-Class A			18,975,392
		752,109	SOLIDERE GDR†			18,163,432
						37,138,824
			Chile—0.2%
		1,279,646	Sociedad Quimica y Minera de Chile Sponsored ADR (1)			36,482,707
			Turkey—0.2%
		1,737,033	Acibadem Saglik Hizmetleri ve Ticaret			13,328,315
		70,329	BIM Birlesik Magazalar			6,387,538
		1,220,951	Selcuk Ecza Deposu Ticaret ve Sanayi*			1,883,239
		912,828	TAV Havalimanlari*			6,396,657
		1,396,932	Turkiye Garanti Bankasi			7,492,158
		67,001	Yapi Kredi Sigorta*			655,741
						36,143,648
			South Africa—0.1%
		835,526	Impala Platinum			34,126,167
			Kazakhstan—0.1%
		699,345	BMB Munai* (1)			3,846,398
		475,595	KazakhGold Group GDR* (1)			10,558,209
		3,457,266	Steppe Cement*			19,172,407
						33,577,014
			Zambia—0.1%
		9,363,990	Zambeef Products (2)			18,593,246
			Indonesia—0.1%
		16,891,866	Indofood Sukses Makmur			4,167,100
		30,701,260	Semen Gresik Persero			14,065,585
						18,232,685

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
41

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Brazil—0.1%
		330,696	Diagnosticos da America		$	7,464,745
		493,152	Dufry South America BDR*			10,170,185
		20,000	Medial Saude ADR*†			194,410
						17,829,340
			Croatia—0.1%
		8,149	Atlantska Plovidba			4,715,048
		20,979	Dom Holding*			572,984
		11,424	Ericsson Nikola Tesla			6,609,978
		12,811	FIMA Validus			282,773
		779	Institut Gradevinarstva Hrvatske			1,835,318
		27,137	Podravka prehrambena industija			2,325,871
		3,957	Proficio DD*			35,632
		2,053	Viadukt DD			1,091,085
						17,468,689
			Thailand—0.1%
		22,158,400	Bank of Ayudhya NVDR*			16,980,420
			Latvia—0.1%
		1,424,182	SC Parex Banka* (2)(5)			14,289,452
			Estonia—0.1%
		1,994,329	Arco Vara*			2,483,977
		1,247,952	Olympic Entertainment			4,954,488
		6,012,166	Tallink Group*			6,739,446
						14,177,911
			Slovenia—0.1%
		265,000	Nova Kreditna Banka Maribor*			12,785,395
			Morocco—0.0%
		21,439	Ciments Du Maroc			6,988,557
			Philippines—0.0%
		623,062	Ayala Corp			4,385,166
		7,519,733	Ayala Land			1,743,397
						6,128,563
			Lithuania—0.0%
		1,797,330	Rokiskio Suris			4,052,056

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
42

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Israel—0.0%
		145,642	Queenco Leisure International Sponsored GDR*†		$	2,069,094
			TOTAL COMMON STOCKS (Cost $13,104,797,173)			18,499,171,871
WARRANTS—4.5%
			India—2.3%
		2,865,998	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 10/24/2012†			53,731,731
		875,230	Bharti Airtel-Issued by CLSA, Expires 05/31/2010*†			19,933,626
		149,938	ICICI Bank, Issued by Citigroup, Expires 10/24/2012†			3,249,306
		768,887	ICICI Bank, Issued by CLSA, Expires 05/10/2010†			17,383,459
		1,757,432	India Cements, Issued by ABN Amro Bank, Expires 06/30/2009			7,450,054
		630,454	Mahindra & Mehindra, Issued by CLSA, Expires 06/28/2010†			9,879,214
		337,985	Oil & Natural Gas, Issued by CLSA, Expires 05/13/2010†			8,621,997
		1,706,536	State Bank of India, Issued by Citigroup, Expires 10/24/2012†			76,856,716
		7,466,701	State Bank of India, Issued by CLSA, Expires 05/13/2010†			331,375,213
						528,481,316
			Taiwan—1.7%
		8,004,806	Asia Cement, Issued by Deutsche Bank AG London, Expires 09/26/2017†			14,400,646
		11,090,754	Cathay Financial, Issued by Citigroup, Expires 01/17/2012			30,998,657
		35,327,649	Chinatrust Financial, Issued by Citigroup, Expires 01/17/2012*†			36,670,100
		27,427,387	Chunghwa Telecom, Issued by Deutsche Bank AG London, Expires 01/11/2018†			70,680,376
		19,500,563	Far Eastern Textile, Issued by Citigroup, Expires 01/17/2012†			32,643,942
		12,746,907	First Financial, Issued by Citigroup, Expires 01/20/2010			15,411,011	��
		10,858,180	Fubon Financial, Issued by Deutsche Bank AG London, Expires 03/13/2017			12,932,092
		3,326,207	President Chain Store, Issued by Deutsche Bank AG London, Expires 10/05/2016†			11,674,987
		12,435,119	Taiwan Cement, Issued by Morgan Stanley, Expires 12/04/2009			20,413,491
		5,453,347	Taiwan Fertilizer, Issued by Deutsche Bank AG London, Expires 01/19/2017†			26,405,106
		2,420,796	Taiwan Liquid, Issued by Goldman Sachs International, Expires 04/02/2009			94,977,732
		17,513,591	Tatung Co, Issued by Deutsche Bank AG London, Expires 03/05/2018†			10,583,794

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
43

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—Continued
			Taiwan—Continued
		4,647,252	Uni-President Enterprises, issued by CLSA, Expires 01/04/2011†		$	6,645,570
		13,575,104	Yuanta Financial, Issued by Citigroup, Expires 01/17/2012*†			12,869,199
						397,306,703
			Russia—0.4%
		853	Unified Energy System, Issued by Deutsche Bank AG London-Corporate Action, Expires 12/31/2009*† (2)			0
		853	Unified Energy System, Issued by Deutsche Bank AG London-FAR EAST, Expires 12/31/2009*† (2)			2,303,100
		853	Unified Energy System, Issued by Deutsche Bank AG London-FSK, Expires 12/31/2009*† (2)			14,740,335
		853	Unified Energy System, Issued by Deutsche Bank AG London-InterRAO UES, Expires 12/31/2009*† (2)			3,571,025
		853	Unified Energy System, Issued by Deutsche Bank AG London-MRSK HLD, Expires 12/31/2009*† (2)			13,775,950
		853	Unified Energy System, Issued by Deutsche Bank AG London-OGK1, Expires 12/31/2009*† (2)			5,662,163
		853	Unified Energy System, Issued by Deutsche Bank AG London-OGK2, Expires 12/31/2009*† (2)			2,990,277
		853	Unified Energy System, Issued by Deutsche Bank AG London-OGK3, Expires 12/31/2009*† (2)			2,982,856
		853	Unified Energy System, Issued by Deutsche Bank AG London-OGK4, Expires 12/31/2009*† (2)			6,484,967
		853	Unified Energy System, Issued by Deutsche Bank AG London-OGK6, Expires 12/31/2009*† (2)			3,335,563
		853	Unified Energy System, Issued by Deutsche Bank AG London-OGK7 HYDRO, Expires 12/31/2009*† (2)			18,851,488
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK1, Expires 12/31/2009*† (2)			3,750,487
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK2, Expires 12/31/2009*† (2)			863,799
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK3, Expires 12/31/2009*† (2)			4,155,569
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK4, Expires 12/31/2009*† (2)			1,163,859
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK6, Expires 12/31/2009*† (2)			941,251
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK7, Expires 12/31/2009*† (2)			2,053,751

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
44

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—Continued
			Russia—Continued
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK8, Expires 12/31/2009*† (2)		$	1,899,512
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK9, Expires 12/31/2009*† (2)			1,550,788
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK10, Expires 12/31/2009*† (2)			2,834,092
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK11, Expires 12/31/2009*† (2)			580,466
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK12, Expires 12/31/2009*† (2)			1,311,743
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK13, Expires 12/31/2009*† (2)			999,562
		853	Unified Energy System, Issued by Deutsche Bank AG London-TGK14, Expires 12/31/2009*† (2)			215,425
						97,018,028
			Ukraine—0.1%
		1,013	Laona Investments, Issued by Bank Austria Creditanstalt, Expires 11/14/2008*			6,848,729
			TOTAL WARRANTS (Cost $809,552,100)			1,029,654,776
PREFERRED STOCKS—1.4%
			Brazil—0.9%
		7,716,560	Petroleo Brasileiro			192,423,821
			Russia—0.4%
		112,300	Silvinit (2)			87,032,500
		7,791,100	URSA Bank*			10,673,807
						97,706,307
			Germany—0.1%
		89,379	Fresenius SE			7,403,002
		135,272	Volkswagen AG			22,322,021
						29,725,023
			Croatia—0.0%
		45,410	Adris Grupa DD			3,892,508
			Philippines—0.0%
		11,528,247	Ayala Land* (2)			27,273
			TOTAL PREFERRED STOCKS (Cost $239,481,303)			323,774,932

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
45

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
INVESTMENT FUNDS—0.5%
			Australia—0.1%
		10,919,015	Australian Infrastructure Fund		$	28,810,695
			Russia—0.1%
		92,634	Renaissance Pre-IPO Fund* (2)			8,429,694
		99,000	RenFin Ltd-Class A* (2)			9,900,000
		3,277,081	RenShares Utilites*			10,322,805
						28,652,499
			Romania—0.1%
		4,035,500	SIF 1 Banat Crisana Arad			4,218,920
		3,406,316	SIF 2 Moldova Bacau			3,286,091
		9,533,500	SIF 3 Transilvania Brasov*			6,198,872
		4,871,855	SIF 4 Muntenia Bucuresti			3,374,821
		4,143,975	SIF 5 Oltenia Craiova			5,036,769
						22,115,473
			Brazil—0.1%
		128,617	IShares MSCI Brazil (1)			11,616,687
			Bulgaria—0.1%
		518,674	Equest Investments Balkans*			10,632,139
			Sweden—0.0%
		1,485,000	NAXS Nordic Access Buyout Fund*			6,565,480
			TOTAL INVESTMENT FUNDS (Cost $87,332,034)			108,392,973

Face Value		Currency
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.3%
			United States—0.3%
			U.S. Treasury Bills
	15,000,000	USD	0.300% due 05/15/2008 (4)	14,998,250
	30,000,000	USD	1.210% due 05/15/2008 (4)	29,985,883
	29,500,000	USD	0.700% due 05/22/2008 (4)	29,487,954
	5,000,000	USD	0.890% due 05/22/2008 (4)	4,997,404
				79,469,491
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $79,469,491)	79,469,491

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
46

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

Share Amount		Currency	Description	Market Value (Note 2)
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
			Bulgaria—0.1%
	12,071,674	BGN	Bulgaria Compensation Notes*	$	3,610,068
	3,842,865	BGN	Bulgaria Housing Compensation Notes*		1,168,490
	29,663,486	BGN	Bulgaria Registered Compensation Vouchers*		9,229,847
			TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES (Cost $19,710,351)		14,008,405
CONVERTIBLE BOND—0.0%
			Greece—0.0%
	591,950		Nirefs SA (Cost $783,810)		900,410
RIGHTS—0.0%
			Austria—0.0%
	607,871		Vienna Insurance (Cost $0)		0
Share Amount
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—9.4%
			United States—9.4%
	2,164,895,443		State Street Navigator Securities Lending Prime Portfolio (Cost $2,164,895,443)		2,164,895,443
Face Value
REPURCHASE AGREEMENT—2.0%
			United States—2.0%
	471,256,301	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with a maturity value of $471,270,047 and an effective yield of 1.05%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 3.066%-5.534%, maturities ranging from 12/01/2020-07/15/2036 and an aggregate market value of $480,691,387. (Cost $471,256,301)	$	471,256,301
			TOTAL INVESTMENTS—98.6%(Cost $16,977,278,006)		22,691,524,602
			OTHER ASSETS AND LIABILITIES (Net)—1.4%		311,518,901
			TOTAL NET ASSETS—100.0%	$	23,003,043,503

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
47

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

Notes to the Portfolio of Investments.

  ADR  American Depositary Receipt

  BDR  Brazilian Depositary Receipt

  GDR  Global Depositary Receipt

NVDR  Non-Voting Depositary Receipt

  REIT  Real Estate Investment Trust

  (1)  All or a portion of this security was on loan to brokers at April 30, 2008.

  (2)  Illiquid security.

  (3)  Affiliated Security.

  (4)  Security has been pledged for futures collateral.

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

  *  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 $17,145,270,043.

Glossary of Currencies

  BGN  — Bulgarian Lev

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
48

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2008

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)
06/12/08	AUD	191,457,668		179,475,616		175,418,494	$	4,057,122
06/06/08	CAD	204,198,087		202,695,441		205,513,372		(2,817,931	)
06/10/08	HKD	4,527,928,766		581,541,072		582,553,829		(1,012,757	)
05/27/08	INR	4,977,107,487		122,589,828		124,132,872		(1,543,044	)
05/20/08	JPY	37,418,503,092		358,451,773		348,890,472		9,561,301
06/23/08	JPY	18,513,554,527		177,710,021		189,723,049		(12,013,028	)
07/22/08	JPY	26,477,720,000		254,562,939		256,060,887		(1,497,948	)
08/01/08	JPY	22,031,886,629		211,934,821		211,997,947		(63,126	)
06/03/08	KRW	95,603,810,146		95,288,517		100,847,901		(5,559,384	)
07/24/08	KRW	121,961,812,500		121,533,004		122,735,050		(1,202,046	)
06/23/08	TRY	14,497,901		11,130,932		11,050,229		80,703
05/05/08	TWD	3,063,535,024		100,616,964		95,825,306		4,791,658
05/16/08	TWD	9,544,166,561		313,545,279		317,640,190		(4,094,911	)
06/05/08	TWD	3,063,535,024		100,691,373		100,754,293		(62,920	)
07/21/08	TWD	2,322,701,500		76,678,413		78,412,962		(1,734,549	)
Net unrealized depreciation on forward foreign exchange contracts to buy							$	(13,110,860	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/06/2008	CAD	204,198,087		202,695,441		201,458,256	$	(1,237,185	)
06/20/2008	CAD	58,067,101		57,633,127		57,271,033		(362,094	)
06/20/2008	CZK	4,596,912,098		283,132,548		286,057,801		2,925,253
06/18/2008	EUR	350,000,000		543,906,758		542,325,000		(1,581,758	)
06/20/2008	EUR	137,511,705		213,675,732		213,900,830		225,098
07/31/2008	EUR	238,933,193		370,539,832		371,352,181		812,349
06/18/2008	GBP	255,000,000		503,422,346		512,932,500		9,510,154
05/19/2008	HUF	43,674,927,202		269,198,440		240,872,089		(28,326,351	)
05/21/2008	MXN	1,337,605,694		127,047,444		123,145,433		(3,902,011	)
05/19/2008	PLN	654,159,621		294,522,265		266,102,437		(28,419,828	)
06/23/2008	TRY	52,385,301		40,219,425		40,571,020		351,595
05/05/2008	TWD	3,063,535,024		100,616,964		100,562,467		(54,497	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(50,059,275	)

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
49

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

(Unaudited) April 30, 2008

Julius Baer International Equity Fund

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  — Republic of Korea Won

  MXN  — Mexican Nuevo Peso

  PLN  — Polish Zloty

  TRY  — Turkish Lira

  TWD  — New Taiwan Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
50

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer International Equity Fund  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		25.4	%	$	5,843,384,627
Materials		11.9			2,734,077,216
Energy		9.1			2,091,281,437
Industrials		9.9			2,282,716,441
Consumer Discretionary		7.4			1,706,057,272
Telecommunications		5.9			1,366,625,306
Consumer Staples		5.8			1,329,584,471
Utilities		5.3			1,219,576,433
Healthcare		3.6			837,104,286
Information Technology		2.5			565,495,879
Cash & Cash Equivalents		11.8			2,715,621,234	*
Total Investments		98.6			22,691,524,602
Other Assets and Liabilities (Net)		1.4			311,518,901	*
Net Assets		100.0	%	$	23,003,043,503

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $1,622,258,276 and notional market value for futures, which is 7.05% of net assets, and $39,881,108 in market value for swaps, which is 0.17% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
51

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—76.0%
			France—8.6%
		27,905	Accor SA		$	2,315,634
		222,660	Aeroports de Paris (1)			26,536,774
		358,695	Air Liquide			54,013,501
		75,409	Alstom			17,493,237
		331,944	BNP Paribas			35,788,650
		328,329	Bouygues SA (1)			24,546,644
		66,252	Bureau Veritas*			3,687,532
		234,719	Compagnie de Saint-Gobain			18,911,210
		25,382	EDF Energies Nouvelles (1)			1,706,749
		789,899	Electricite de France			82,642,140
		60,331	Eurazeo			7,800,831
		1,018,208	France Telecom			31,958,600
		282,762	JC Decaux (1)			8,100,272
		325,737	Lafarge SA			58,772,447
		920,485	LVMH Moet Hennessy Louis Vuitton			105,218,429
		206,001	Neuf Cegete (1)			11,507,540
		115,466	Nexity (1)			5,168,359
		421,765	Pernod-Ricard SA			48,591,799
		138,155	PPR			18,080,761
		211,329	Remy Cointreau			13,111,372
		264,561	Sanofi-Aventis SA			20,656,535
		431,750	Societe Television Francaise 1 (1)			9,155,249
		66,129	Sodexo (1)			4,427,118
		1,181,816	Suez SA			83,718,604
		74,048	Technip SA			6,843,337
		1,774,418	Total SA			149,014,179
		117,072	Veolia Environnement			8,482,818
		536,822	Vinci SA			39,640,959
		147,699	Vivendi*			5,994,864
		29,220	Wendel (1)			4,032,011
						907,918,155
			United Kingdom—6.4%
		847,538	AMEC PLC			13,344,801
		1,050,324	Anglo American			68,002,366
		718,728	BAE Systems			6,644,078
		821,785	BHP Billiton			29,296,553
		10,409,504	BP PLC			125,967,079
		1,568,786	BT Group			6,920,974

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
52

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			United Kingdom—Continued
		1,324,177	Burberry Group		$	12,686,821
		1,340,260	Cadbury PLC			15,475,455
		2,314,374	Compass Group			15,630,531
		3,901,058	Diageo PLC			79,812,064
		1,288,506	GlaxoSmithKline PLC			28,607,366
		310,259	Intertek Group			5,978,924
		246,234	Peter Hambro Mining*			6,154,506
		842,292	QinetiQ PLC			3,236,311
		469,509	Reckitt Benckiser			27,320,052
		2,665,457	Rolls-Royce Group*			23,175,121
		238,824,947	Rolls-Royce Group-B shares*			473,005
		2,899,259	Royal Bank of Scotland			19,810,340
		2,386,290	Smith & Nephew			30,956,392
		5,372,842	Tesco PLC			45,650,672
		34,821,343	Vodafone Group			110,551,554
		280,754	William Hill			2,146,343
		324,950	WPP Group			3,980,541
						681,821,849
			Japan—5.6%
		154,740	Acom Co (1)			4,767,609
		110,316	Aeon Credit Service			1,743,776
		184,300	Aiful Corp (1)			3,597,474
		140,948	Aisin Seiki			4,895,620
		183,396	Bank of Kyoto			2,325,133
		1,474,773	Bank of Yokohama			10,752,818
		562,816	Canon Inc			28,003,475
		506	Central Japan Railway			4,938,475
		759,000	Chiba Bank			5,947,957
		126,623	Credit Saison			3,392,445
		168,000	Daihatsu Motor			1,996,517
		107,500	Daikin Industries			5,328,198
		288,928	Daiwa Securities			2,850,299
		309,849	Denso Corp			10,702,850
		648	Dentsu Inc			1,481,887
		1,444	East Japan Railway			11,454,177
		146,100	Eisai Co			5,144,465
		128,440	Fanuc Ltd			13,432,678
		2,666	Fuji Television Network			4,336,618

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
53

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Japan—Continued
		298,000	Gunma Bank		$	2,369,515
		368,132	Honda Motor			11,624,109
		119,338	HOYA Corp			3,288,618
		182,610	Ibiden Co			7,897,782
		605,000	Isuzu Motors			2,923,404
		452,000	ITOCHU Corp			4,692,565
		4,484	Japan Tobacco			21,709,923
		62,779	JFE Holdings			3,423,981
		118,991	JS Group			2,050,548
		93,417	JSR Corp			2,096,095
		1,596	KDDI Corp			10,170,663
		631,530	Komatsu Ltd			19,034,729
		271,484	Kubota Corp			1,891,114
		30,100	Kyocera Corp			2,753,382
		257,796	Makita Corp			8,830,826
		612,551	Matsushita Electric Industrial			14,330,564
		384,273	Mitsubishi Corp			12,280,852
		670,000	Mitsubishi Electric			6,808,344
		2,638,032	Mitsubishi UFJ Financial			28,876,745
		488,800	Mitsui & Co			11,412,037
		165,793	Mitsui Fudosan			4,156,326
		1,350	Mizuho Financial (1)			6,975,409
		80,641	Nintendo Co			44,058,952
		540,500	Nippon Electric Glass			8,300,665
		621	Nippon Telegraph & Telephone			2,662,023
		169,243	Nissan Motor			1,493,082
		124,478	Nitto Denko			5,133,482
		393,454	Nomura Holdings			6,806,668
		362,000	NSK Ltd			2,999,636
		6,461	NTT DoCoMo			9,458,741
		56,493	Olympus Corp			1,848,685
		160,920	Promise Co			5,065,800
		254,000	Ricoh Co			4,357,688
		141	Sapporo Hokuyo			1,131,940
		99,254	Seven & I			2,934,598
		209,000	Sharp Corp			3,493,666
		113,980	Shin-Etsu Chemical			7,001,738
		421,119	Shizuoka Bank			5,133,534
		332,698	Sony Corp			15,216,692

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
54

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Japan—Continued
		229,061	Stanley Electric		$	5,775,292
		663,000	Sumitomo Chemical			4,282,126
		239,611	Sumitomo Corp			3,202,914
		194,700	Sumitomo Electric Industries			2,492,667
		944,642	Sumitomo Heavy Industries			7,908,925
		1,434,318	Sumitomo Metal Industries			5,997,483
		2,450	Sumitomo Mitsui Financial			20,981,246
		829,633	Sumitomo Trust & Banking			7,422,322
		356,000	Suruga Bank			4,997,149
		688,200	Suzuki Motor			17,318,591
		130,196	Takeda Pharmaceutical			6,839,308
		91,200	Takefuji Corp			2,151,067
		794,394	Toyota Motor			40,057,950
		155,540	Yamada Denki			13,230,797
		278,977	Yamaha Motor			5,352,109
		127,505	Yamato Holdings			1,850,781
						593,648,319
			Germany—5.2%
		39,051	Adidas AG			2,492,131
		191,539	Arcandor AG* (1)			3,599,359
		484,901	Bayer AG (1)			41,370,842
		691,186	Commerzbank AG (1)			25,073,304
		38,042	Continental AG (1)			4,473,460
		437,153	Daimler AG (1)			33,982,533
		145,468	Deutsche Boerse (1)			21,338,864
		429,732	Deutsche Post-Registered			13,401,066
		125,362	Deutsche Postbank			10,992,318
		367,332	E.ON AG (1)			74,752,943
		1,649,150	Fraport AG (1)			119,237,562
		463,871	Fresenius Medical Care (1)			24,619,824
		432,124	Fresenius SE			36,558,531
		265,752	Hamburger Hafen und Logistik*			22,205,924
		430,098	Henkel KGaA			17,316,362
		42,774	MAN AG (1)			5,976,221
		58,430	Merck KGaA			8,297,343
		270,350	Praktiker Bau-und Heimwerkermaerkte			5,863,247
		175,070	Premiere AG*			3,679,648
		82,745	Rheinmetall AG			6,272,523

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
55

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Germany—Continued
		719,250	Rhoen-Klinikum AG		$	21,746,522
		399,826	Siemens AG-Registered			47,041,501
		131,066	Tognum AG*			3,775,048
						554,067,076
			Russia—4.7%
		236,334	AFI Development Sponsored GDR*†			1,708,695
		6,255,000	AvtoVAZ*			11,571,750
		160,000	AvtoVAZ Sponsored GDR*			1,452,681
		499,420	Cherepovets MK Severstal Sponsored GDR†			12,185,848
		131,998	Evraz Group Sponsored GDR†			13,694,792
		2,431,177	Gazprom OAO Sponsored ADR			129,338,616
		3,158	LUKOIL			282,957
		293,852	LUKOIL Sponsored ADR			26,534,836
		54,531	Mechel Sponsored ADR (1)			7,950,620
		565,520	MMC Norilsk Nickel Sponsored ADR			15,257,730
		603,435	NovaTek OAO			4,568,003
		176,283	NovaTek OAO Sponsored GDR†			13,344,623
		27,553	NovaTek OAO Sponsored GDR-Registered Shares			2,085,762
		946,323	Novorossiysk Sea Trade Port Sponsored GDR*†			14,668,006
		31,488	Open Investments*			7,879,872
		779,078	Pharmstandard Sponsored GDR*†			19,476,950
		350,926	Polyus Gold			18,774,541
		1,048,918	Rosneft Oil			10,226,950
		3,663,351	Rosneft Oil Sponsored GDR (1)			35,900,840
		265,514,617	RusHydro OJSC*			20,179,111
		16,556,486	Sberbank			53,891,362
		1,114,080	Sistema-Hals GDR*†			8,210,770
		2,014,839	Uralkali*			21,055,068
		64,997	Uralkali Sponsored GDR*†			3,396,093
		101,014	Uralsvyazinform Sponsored ADR			939,430
		1,661,152	VTB Bank Sponsored GDR*†			12,442,028
		115,096	Wimm-Bill-Dann Foods			9,250,841
		666,284	X 5 Retail Sponsored GDR-Registered* (1)			23,319,940
						499,588,715
			Switzerland—4.2%
		937,741	ABB Ltd			28,666,577
		140,946	BKW FMB Energie			17,334,917

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
56

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Switzerland—Continued
		1,021,622	Compagnie Financiere Richemont (Unit)		$	61,941,750
		64,716	Flughafen Zuerich-Registered			28,271,115
		547,276	Holcim Ltd			53,542,724
		186,289	Nestle SA-Registered			88,892,164
		144,765	Nobel Biocare (1)			5,214,904
		157,532	Roche Holding			26,135,596
		11,024	SGS SA			15,505,890
		193,643	Swatch Group			52,057,069
		75,037	Synthes Inc			10,287,824
		720,439	Xstrata PLC			56,304,111
						444,154,641
			Poland—4.2%
		102,244	Bank BPH			4,106,536
		804,820	Bank Handlowy w Warszawie			30,656,009
		3,318,348	Bank Millennium			11,682,428
		1,434,026	Bank Pekao			124,759,745
		371,360	Bank Zachodni WBK			27,202,488
		122,099	BRE Bank*			19,814,118
		53,993	ING Bank Slaski			12,132,848
		5,880,068	PKO Bank Polski			121,927,122
		7,374,514	Polskie Gornictwo Naftowe I Gazownictwo			13,895,361
		7,446,273	Telekomunikacja Polska			74,852,095
						441,028,750
			Hungary—3.8%
		14,941,215	Magyar Telekom Telecommunications			79,629,862
		60,360	MOL Hungarian Oil and Gas			8,610,740
		6,551,076	OTP Bank			281,174,996
		144,138	Richter Gedeon			29,819,651
						399,235,249
			Australia—3.7%
		1,954,502	BHP Billiton			77,853,941
		108,147	Consolidated Media			368,923
		108,147	Crown Ltd			1,117,978
		690,724	Fairfax Media (1)			2,278,163
		17,067,990	Macquarie Airports			50,503,824
		2,051,271	Newcrest Mining			55,864,140

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
57

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Australia—Continued
		1,021,027	Rio Tinto (1)		$	130,931,385
		605,669	Rio Tinto			70,905,858
						389,824,212
			Canada—3.0%
		435,145	Cameco Corp			15,127,025
		71,189	Canadian Natural Resources			6,047,283
		2,111,678	Eldorado Gold*			14,404,953
		444,722	Imperial Oil			26,239,084
		4,561,303	Ivanhoe Mines*			43,660,968
		484,731	OPTI Canada*			10,261,607
		385,365	Potash Corp of Saskatchewan			70,939,149
		339,357	Research In Motion*			41,275,992
		588,749	Suncor Energy			66,439,603
		655,641	Talisman Energy			13,261,252
		1,072,420	UTS Energy*			5,760,890
						313,417,806
			Austria—2.7%
		161,785	CA Immobilien Anlagen*			3,765,652
		673,448	Erste Bank der Oesterreichischen Sparkassen			50,013,030
		2,019,738	Immoeast AG*			20,533,781
		197,493	Oesterreichische Elektrizitaetswirtschafts-Class A (1)			15,293,899
		725,643	OMV AG			54,736,561
		553,935	Raiffeisen International Bank			89,778,068
		109,498	Telekom Austria			2,702,067
		379,848	Vienna Insurance			28,433,808
		354,804	Wienerberger AG (1)			20,449,639
						285,706,505
			Italy—2.5%
		92,018	Autogrill SpA			1,402,113
		93,202	Banca Popolare dell' Emilia Romagna			2,067,763
		2,808,630	Banca Popolare di Milano			34,658,464
		309,222	Banca Popolare di Sondrio (1)			4,332,850
		1,221,905	Buzzi Unicem			31,261,875
		2,136,393	Credito Emiliano			28,388,692
		61,037	Finmeccanica SpA			2,128,638

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
58

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Italy—Continued
		273,764	Geox SpA (1)		$	3,964,728
		8,928,468	Intesa Sanpaolo			63,248,330
		389,940	Italcementi SpA			8,455,655
		49,275	Lottomatica SpA (1)			1,521,283
		1,361,144	Mediobanca SpA			28,460,387
		4,091,847	Telecom Italia			8,613,047
		4,589,635	UniCredit SpA			34,877,687
		327,910	Unione di Banche Italiane (1)			8,670,724
						262,052,236
			Finland—2.4%
		149,149	Elisa Oyj (1)			3,357,758
		1,778,878	Fortum Oyj			75,525,224
		371,080	Kemira Oyj			5,361,376
		203,230	Kesko Oyj-Class B (1)			7,698,226
		99,697	Metso Oyj			4,315,068
		2,451,162	Nokia Oyj			75,255,742
		723,966	Orion Oyj-Class B			15,238,969
		255,499	Outotec Oyj			15,987,035
		343,952	Pohjola Bank			6,854,385
		623,576	Ramirent Oyj			10,368,630
		382,814	Sanoma-WSOY Ojy (1)			9,804,251
		72,576	Wartsila Oyj			4,971,717
		846,858	YIT Oyj			24,062,136
						258,800,517
			Czech Republic—2.4%
		1,053,524	Komercni Banka			258,115,394
			Norway—1.7%
		494,764	Aker Solutions			12,611,157
		2,287,034	DnB NOR*			34,148,864
		683,661	Norsk Hydro (1)			10,141,194
		2,481,676	StatoilHydro ASA (1)			89,602,587
		545,612	Telenor ASA*			10,997,659
		340,881	Yara International (1)			24,882,312
						182,383,773
			Hong Kong—1.4%
		7,147,779	China Merchants Holdings International			36,680,671
		609,451	China Mobile			10,485,128

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
59

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Hong Kong—Continued
		8,319,909	Galaxy Entertainment* (1)		$	6,308,298
		11,015,901	GOME Electrical Appliances*			25,156,267
		1,843,323	Hutchison Telecommunications International*			2,591,900
		8,573,505	Melco International Development			11,747,239
		904,740	Melco PBL Entertainment Macau Sponsored ADR* (1)			11,942,568
		34,615,422	Shun Tak			46,097,052
						151,009,123
			Spain—1.4%
		28,816	Acciona SA			8,243,692
		1,177,922	Banco Bilbao Vizcaya Argentaria			27,086,803
		106,672	Gamesa Corporacion Tecnologica			5,176,640
		1,951,717	Iberdrola Renovables*			14,129,621
		1,983,679	Iberdrola SA			29,061,748
		57,202	Inditex SA			3,115,242
		2,003,739	Telefonica SA			57,931,367
						144,745,113
			Mexico—1.4%
		950,206	America Movil-Class L			2,755,374
		259,940	America Movil Sponsored ADR-Class L			15,066,122
		2,973,203	Controladora Comercial Mexicana (Unit)			8,347,124
		5,222,028	Corporacion Moctezuma Series*			13,611,986
		8,349,499	Fomento Economico Mexicano (Unit)			36,138,585
		160,224	Fomento Economico Mexicano Sponsored ADR			6,961,733
		1,112,550	Grupo Cementos de Chihuahua			5,663,467
		7,050,924	Grupo Financiero Banorte			31,074,996
		744,676	Grupo Televisa Sponsored ADR			18,378,604
		1,908,777	Urbi Desarrollos Urbanos*			6,112,664
						144,110,655
			Sweden—1.3%
		335,167	Getinge AB-Class B (1)			8,555,528
		171,347	Hennes & Mauritz-Class B			10,177,020
		174,315	Modern Times-Class B (1)			12,796,216
		3,969,567	Nordea Bank			65,697,514
		70,621	OMX AB*			3,063,383
		732,937	Swedbank AB (1)			18,586,789
		3,286,518	Telefonaktiebolaget LM Ericsson-Class B			8,378,254

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
60

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Sweden—Continued
		1,626,162	TeliaSonera AB		$	14,514,822
						141,769,526
			Netherlands—1.3%
		3,040,877	KKR Private Equity Investors (Unit)(1)			45,309,067
		1,669,161	Koninklijke (Royal) KPN			30,625,877
		120,206	Koninklijke Vopak (1)			8,206,471
		267,281	TNT NV			10,382,438
		1,155,559	Unilever NV			38,860,340
						133,384,193
			Belgium—1.0%
		42,614	Groupe Bruxelles Lambert (1)			5,415,139
		828,662	KBC Ancora (1)			88,723,194
		91,273	KBC Groep* (1)			12,382,850
						106,521,183
			Ireland—0.9%
		395,632	CRH PLC			15,060,209
		8,406,838	Dragon Oil*			82,917,812
						97,978,021
			Denmark—0.9%
		5,202	ALK-Abello A/S (1)			612,083
		164,815	Carlsberg A/S-Class B			21,937,052
		47,939	Danske Bank			1,657,690
		181,580	FLSmidth & Co-Class B (1)			19,168,114
		557,460	Novo Nordisk-Class B			38,262,247
		104,774	Vestas Wind Systems*			11,453,696
						93,090,882
			Romania—0.7%
		1,922,691	BRD-Groupe Societe Generale			17,404,355
		251,516,199	SNP Petrom			52,268,937
						69,673,292
			India—0.6%
		128,869	Bharti Airtel*			2,858,878
		1,186,690	ICICI Bank			25,757,749

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
61

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			India—Continued
		113,175	Oil & Natural Gas		$	2,886,710
		336,749	State Bank of India GDR			31,283,982
		67,349	State Bank of India GDR-Registered Shares*			6,256,722
						69,044,041
			Greece—0.6%
		5,043,309	Alapis Holding Industrial and Commercial			16,332,010
		715,376	Hellenic Telecommunications Organization			21,295,261
		2,591,066	Marfin Investment*			22,913,294
						60,540,565
			Ukraine—0.5%
		87,841,591	Raiffeisen Bank Aval			14,127,101
		39,541	Ukrnafta Oil*			2,233,863
		33,398	Ukrnafta Oil Sponsored ADR*			10,919,524
		13,114,606	Ukrsotsbank JSCB*			2,498,806
		92,477,349	UkrTelecom*			17,446,757
		627,195	UkrTelecom Sponsored GDR*			5,731,937
						52,957,988
			Multinational—0.5%
		231,026	Central European Media Enterprises-Class A* (1)			24,493,376
		240,135	Millicom International Cellular*			25,936,981
						50,430,357
			China—0.4%
		36,354,705	Beijing Capital International Airport-Class H (1)			37,172,786
		4,401,718	Shenzhen Chiwan Wharf-Class B			7,533,282
		1,824,882	Weiqiao Textile-Class H			2,182,011
						46,888,079
			Portugal—0.4%
		1,822,302	Energias de Portugal*			11,518,796
		3,653,552	Jeronimo Martins			28,896,133
						40,414,929
			Cyprus—0.3%
		1,554,803	Bank of Cyprus Public			21,447,161
		1,555,219	Marfin Popular Bank Public*			13,849,953
						35,297,114

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
62

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			South Korea—0.2%
		20,396	NHN Corp*		$	4,739,708
		28,041	Samsung Electronics			19,884,457
						24,624,165
			Lebanon—0.2%
		184,252	SOLIDERE-Class A			4,425,733
		797,891	SOLIDERE GDR†			19,269,068
						23,694,801
			New Zealand—0.2%
		11,356,092	Auckland International Airport			18,905,713
			Chile—0.2%
		616,564	Sociedad Quimica y Minera de Chile Sponsored ADR (1)			17,578,240
			South Africa—0.1%
		395,282	Impala Platinum			16,144,871
			Indonesia—0.1%
		26,391,170	Semen Gresik Persero			12,090,945
			Croatia—0.1%
		200,629	Hrvatske Telekomunikacije Sponsored GDR†			11,761,974
			Thailand—0.1%
		14,108,400	Bank of Ayudhya NVDR*			10,811,546
			United Arab Emirates—0.1%
		5,427,405	DP World			5,698,775
			Turkey—0.0%
		659,588	Turkiye Garanti Bankasi			3,537,565
			Philippines—0.0%
		278,186	Ayala Corp			1,957,897
		5,911,338	Ayala Land			1,370,502
						3,328,399
			Morocco—0.0%
		9,208	Ciments Du Maroc			3,001,569
			TOTAL COMMON STOCKS (Cost $7,124,696,660)			8,060,796,821

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
63

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—4.6%
			Taiwan—2.0%
		4,591,246	Asia Cement, Issued by Deutsche Bank AG London, Expires 09/26/2017†		$	8,259,652
		6,235,094	Cathay Financial, Issued by Citigroup, Expires 01/17/2012			17,427,088
		20,490,596	Chinatrust Financial, Issued by Citigroup, Expires 01/17/2012*†			21,269,239
		13,755,285	Chunghwa Telecom, Issued by Deutsche Bank AG London, Expires 01/11/2018†			35,447,370
		11,399,415	Far Eastern Textile, Issued by Citigroup, Expires 01/17/2012†			19,082,621
		6,732,705	First Financial, Issued by Citigroup, Expires 01/20/2010			8,139,840
		5,260,128	Fubon Financial, Issued by Deutsche Bank AG London, Expires 03/13/2017			6,264,812
		2,029,832	President Chain Store, Issued by Deutsche Bank AG London, Expires 10/05/2016†			7,124,710
		8,129,575	Taiwan Cement, Issued by Morgan Stanley, Expires 12/04/2009			13,345,510
		3,565,661	Taiwan Fertilizer, Issued by Deutsche Bank AG London, Expires 01/19/2017†			17,264,931
		1,159,615	Taiwan Liquid, Issued by Goldman Sachs International, Expires 04/02/2009			45,496,441
		10,617,585	Tatung Co, Issued by Deutsche Bank AG London, Expires 03/05/2018†			6,416,407
		2,624,929	Uni-President Enterprises, issued by CLSA, Expires 01/04/2011†			3,753,649
		6,701,309	Yuanta Financial, Issued by Citigroup, Expires 01/17/2012*†			6,352,841
						215,645,111
			India—2.0%
		1,837,594	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 10/24/2012†			34,451,212
		170,000	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by CLSA, Expires 03/22/2012†			3,151,800
		528,514	Bharti Airtel-Issued by CLSA, Expires 05/31/2010*†			12,037,065
		513,794	ICICI Bank, Issued by Citigroup, Expires 10/24/2012†			11,134,430
		29,989	ICICI Bank, Issued by CLSA, Expires 05/10/2010†			678,009
		443,063	Mahindra & Mehindra, Issued by CLSA, Expires 06/28/2010†			6,942,797
		147,895	Oil & Natural Gas, Issued by CLSA, Expires 05/13/2010†			3,772,801
		1,350,871	State Bank of India, Issued by Citigroup, Expires 10/24/2012†			60,838,745
		1,356,170	State Bank of India, Issued by CLSA, Expires 05/13/2010†			60,187,374
		372,851	State Bank of India, Issued by Deutsche Bank AG, Expires 08/18/2017†			16,970,149
						210,164,382

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
64

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—Continued
			Russia—0.6%
		552	Unified Energy System, Issued by Deutsche Bank AG London-Corporate Action, Expires 12/31/2009*† (2)		$	0
		552	Unified Energy System, Issued by Deutsche Bank AG London-FAR EAST, Expires 12/31/2009*† (2)			1,490,400
		552	Unified Energy System, Issued by Deutsche Bank AG London-FSK, Expires 12/31/2009*† (2)			9,538,880
		552	Unified Energy System, Issued by Deutsche Bank AG London-InterRAO UES, Expires 12/31/2009*† (2)			2,310,909
		552	Unified Energy System, Issued by Deutsche Bank AG London-MRSK HLD, Expires 12/31/2009*† (2)			8,914,800
		552	Unified Energy System, Issued by Deutsche Bank AG London-OGK1, Expires 12/31/2009*† (2)			3,664,143
		552	Unified Energy System, Issued by Deutsche Bank AG London-OGK2, Expires 12/31/2009*† (2)			1,935,091
		552	Unified Energy System, Issued by Deutsche Bank AG London-OGK3, Expires 12/31/2009*† (2)			1,930,289
		552	Unified Energy System, Issued by Deutsche Bank AG London-OGK4, Expires 12/31/2009*† (2)			4,196,602
		552	Unified Energy System, Issued by Deutsche Bank AG London-OGK6, Expires 12/31/2009*† (2)			2,158,535
		552	Unified Energy System, Issued by Deutsche Bank AG London-OGK7 HYDRO, Expires 12/31/2009*† (2)			12,199,321
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK1, Expires 12/31/2009*† (2)			2,427,045
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK2, Expires 12/31/2009*† (2)			558,988
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK3, Expires 12/31/2009*† (2)			2,689,184
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK4, Expires 12/31/2009*† (2)			753,165
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK6, Expires 12/31/2009*† (2)			609,110
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK7, Expires 12/31/2009*† (2)			1,329,039
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK8, Expires 12/31/2009*† (2)			1,229,227
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK9, Expires 12/31/2009*† (2)			1,003,558
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK10, Expires 12/31/2009*† (2)			1,834,020

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
65

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—Continued
			Russia—Continued
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK11, Expires 12/31/2009*† (2)		$	375,636
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK12, Expires 12/31/2009*† (2)			848,866
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK13, Expires 12/31/2009*† (2)			646,845
		552	Unified Energy System, Issued by Deutsche Bank AG London-TGK14, Expires 12/31/2009*† (2)			139,408
						62,783,061
			TOTAL WARRANTS (Cost $424,472,563)			488,592,554
PREFERRED STOCKS—1.4%
			Brazil—0.8%
		3,619,608	Petroleo Brasileiro			90,260,272
			Russia—0.5%
		2,621,234	Sberbank			5,360,424
		44,697	Silvinit (2)			34,640,175
		7,015,479	URSA Bank*			9,611,206
						49,611,805
			Germany—0.1%
		39,085	Fresenius SE			3,237,296
		61,569	Volkswagen AG			10,159,860
						13,397,156
			Philippines—0.0%
		8,687,023	Ayala Land* (2)			20,551
			TOTAL PREFERRED STOCKS (Cost $125,556,601)			153,289,784

Face Value		Currency
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—34.5%
			United States—0.6%
			U.S. Treasury Bills
	15,000,000	USD	0.300% due 05/15/2008 (3)	14,998,250
	20,000,000	USD	1.210% due 05/15/2008 (3)	19,990,588

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
66

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

Face Value		Currency	Description	Market Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
			United States—Continued
	15,000,000	USD	0.700% due 05/22/2008 (3)	$	14,993,875
	15,000,000	USD	0.890% due 05/22/2008 (3)		14,992,212
					64,974,925
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS(Cost $64,974,925)			64,974,925
Share Amount
INVESTMENT FUNDS—0.1%
			Brazil—0.1%
	58,842		IShares MSCI Brazil (Cost $4,257,648) (1)		5,314,609
RIGHTS—0.0%
			Austria—0.0%
	379,848		Vienna Insurance (Cost $0)		0
Face Value
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—7.0%
			United States—7.0%
	739,603,068		State Street Navigator Securities Lending Prime Portfolio (Cost $739,603,068)		739,603,068

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
67

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer International Equity Fund II

Face Value		Currency	Description	Market Value (Note 2)
REPURCHASE AGREEMENT—4.3%
			United States—4.3%
	452,772,954	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with a maturity value of $452,786,161 and an effective yield of 1.05%, collateralized by U.S. Government Agency and Obligations, with rates ranging from 2.966%-5.824%, maturities ranging from 12/01/2020-08/01/2037 and an aggregate market value of $461,837,135. ( Cost $452,772,954)	$	452,772,954
			TOTAL INVESTMENTS—94.0%(Cost $8,936,334,419)		9,965,344,715
			OTHER ASSETS AND LIABILITIES (Net)—6.0%		634,293,811
			TOTAL NET ASSETS—100.0%	$	10,599,638,526

Notes to the Portfolio of Investments.

  ADR  American Depositary Receipt

  GDR  Global Depositary Receipt

  NVDR  Non-Voting Depositary Receipt

  (1)  All or a portion of this security was on loan to brokers at April 30, 2008.

  (2)  Illiquid security.

  (3)  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 $9,010,920,084.

Glossary of Currencies

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
68

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2008

Julius Baer International Equity Fund II  

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/12/08	AUD	99,775,888		93,531,583		91,417,262	$	2,114,321
05/02/08	CAD	9,857,691		9,788,110		9,794,030		(5,920	)
06/06/08	CAD	101,907,349		101,157,436		102,563,757		(1,406,321	)
05/05/08	CHF	73,032,000		70,118,573		67,239,235		2,879,338
05/15/08	CHF	53,307,500		51,188,540		49,522,206		1,666,334
06/18/08	CHF	52,129,160		50,077,759		51,768,749		(1,690,990	)
05/07/08	DKK	5,249,318		1,095,044		1,029,278		65,766
06/18/08	EUR	29,401,545		45,690,569		46,499,409		(808,840	)
06/18/08	GBP	6,910,500		13,642,746		13,908,763		(266,017	)
06/10/08	HKD	2,473,722,906		317,710,711		318,228,247		(517,536	)
05/27/08	INR	1,689,229,812		41,606,976		42,130,692		(523,716	)
05/08/08	JPY	8,700,051,319		83,278,193		84,353,927		(1,075,734	)
05/14/08	JPY	9,783,971,000		93,689,738		91,614,504		2,075,234
05/20/08	JPY	22,614,662,880		216,637,902		213,228,175		3,409,727
05/29/08	JPY	12,561,096,700		120,399,085		116,893,081		3,506,004
06/23/08	JPY	14,011,809,817		134,498,160		143,550,702		(9,052,542	)
07/22/08	JPY	530,634,445		5,101,643		5,131,665		(30,022	)
06/03/08	KRW	37,186,784,318		37,064,146		39,226,566		(2,162,420	)
07/24/08	KRW	56,915,512,500		56,715,402		57,276,357		(560,955	)
05/19/08	NOK	152,875,400		29,877,116		27,917,349		1,959,767
06/23/08	TRY	8,879,076		6,817,014		6,767,589		49,425
05/05/08	TWD	1,216,832,765		39,964,948		38,061,701		1,903,247
05/16/08	TWD	3,816,360,607		125,375,206		127,012,603		(1,637,397	)
06/05/08	TWD	1,216,832,765		39,994,503		40,019,500		(24,997	)
07/21/08	TWD	1,077,688,395		35,577,295		36,382,092		(804,797	)
Net unrealized depreciation on forward foreign exchange contracts to buy							$	(939,041	)

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
69

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

(Unaudited) April 30, 2008

Julius Baer International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/06/08	CAD	101,907,349		101,157,436		100,540,006	$	(617,430	)
06/20/08	CAD	25,697,244		25,505,192		25,344,949		(160,243	)
06/20/08	CZK	448,558,692		27,627,582		27,919,749		292,167
06/18/08	EUR	108,254,150		168,229,040		167,739,805		(489,235	)
06/20/08	EUR	60,687,882		94,301,264		94,400,607		99,343
06/26/08	EUR	91,137,582		141,576,243		139,826,468		(1,749,775	)
07/31/08	EUR	12,539,990		19,447,134		19,489,777		42,643
06/18/08	GBP	70,251,000		138,689,895		141,309,887		2,619,992
05/19/08	HUF	14,709,674,550		90,665,782		81,125,494		(9,540,288	)
06/20/08	HUF	26,922,463		165,157		162,792		(2,365	)
05/14/08	JPY	9,783,971,000		93,689,738		98,322,473		4,632,735
05/21/08	MXN	488,674,219		46,414,882		44,989,341		(1,425,541	)
05/19/08	PLN	220,320,347		99,194,823		89,623,051		(9,571,772	)
06/23/08	TRY	8,879,076		6,817,014		6,876,608		59,594
05/05/08	TWD	1,216,832,765		39,964,948		39,943,302		(21,646	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(15,831,821	)

Glossary of Currencies

AUD  — Australian Dollar

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
70

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer International Equity Fund II  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		23.7	%	$	2,524,633,918
Materials		11.2			1,189,031,006
Energy		10.2			1,081,532,250
Industrials		8.7			919,707,174
Consumer Discretionary		6.6			698,989,019
Telecommunications		6.0			630,808,826
Consumer Staples		5.4			569,434,801
Utilities		4.7			497,129,633
Healthcare		3.2			342,116,018
Information Technology		2.4			254,611,123
Cash & Cash Equivalents		11.9			1,257,350,947	*
Total Investments		94.0			9,965,344,715
Other Assets and Liabilities (Net)		6.0			634,293,811	*
Net Assets		100.0	%	$	10,599,638,526

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $1,069,482,871 and notional market value for futures, which is 10.09% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
71

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—37.6%
			United States—29.1%
			3M Co
	4,530,000	USD	5.700% due 03/15/2037 (1)		$	4,630,154
			Abbott Laboratories
	2,800,000	USD	4.350% due 03/15/2014 (1)			2,769,777
	4,400,000	USD	5.600% due 11/30/2017 (1)			4,556,297
						7,326,074
			AIG SunAmerica Global Financing VII
	420,000	USD	5.850% due 08/01/2008†			421,385
			Allstate Life Global Funding Trusts
	1,560,000	USD	5.375% due 04/30/2013			1,585,183
			American Express Bank FSB
	5,500,000	USD	5.550% due 10/17/2012			5,509,504
			American General
	4,900,000	USD	7.500% due 08/11/2010			5,176,723
			American Honda Finance
	6,000,000	USD	4.625% due 04/02/2013†			5,901,612
			Anheuser-Busch Cos
	4,660,000	USD	7.500% due 03/15/2012 (1)			5,152,818
			Archer-Daniels-Midland Co
	9,550,000	USD	6.450% due 01/15/2038 (1)			9,930,271
			AT&T Inc
	12,000,000	USD	5.500% due 02/01/2018 (1)			12,020,400
			Bank of America, Multi-Coupon
	7,950,000	USD	8.000% due 12/29/2049 (1)(2)			8,101,742
			Bottling Group
	3,055,000	USD	5.500% due 04/01/2016 (1)			3,129,368
			Bristol-Myers Squibb
	3,970,000	USD	6.125% due 05/01/2038 (1)			4,019,212
			Burlington Northern Santa Fe
	3,280,000	USD	6.150% due 05/01/2037 (1)			3,229,829

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
72

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Cargill Inc
	5,000,000	USD	4.375% due 06/01/2013† (1)		$	4,801,920
			Caterpillar Financial Services
	3,850,000	USD	4.250% due 02/08/2013			3,798,783
			CIT Group
	800,000	USD	7.625% due 11/30/2012			746,934
	4,350,000	USD	5.400% due 01/30/2016			3,608,495
						4,355,429
			Citigroup Inc
	5,200,000	USD	5.500% due 04/11/2013			5,237,284
	1,300,000	USD	6.000% due 08/15/2017			1,308,657
						6,545,941
			Citigroup Inc, Multi-Coupon
	4,960,000	USD	8.400% due 04/29/2049 (1)			5,026,117
			Coca-Cola Co
	4,790,000	USD	5.350% due 11/15/2017 (1)			4,976,475
			Comcast Corp
	690,000	USD	6.300% due 11/15/2017 (1)			718,246
	4,530,000	USD	6.950% due 08/15/2037 (1)			4,803,444
						5,521,690
			Consolidated Edison
	2,570,000	USD	3.625% due 08/01/2008 (1)			2,566,268
	2,400,000	USD	5.500% due 09/15/2016 (1)			2,410,034
	7,250,000	USD	5.850% due 04/01/2018 (1)			7,449,179
						12,425,481
			Credit Suisse
	5,020,000	USD	6.125% due 11/15/2011 (1)			5,229,821
	3,730,000	USD	4.875% due 01/15/2015			3,637,791
						8,867,612
			CVS Caremark
	4,260,000	USD	5.750% due 06/01/2017 (1)			4,324,433

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
73

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Devon Energy
	2,340,000	USD	7.950% due 04/15/2032 (1)		$	2,886,329
			Eli Lilly
	7,930,000	USD	5.550% due 03/15/2037 (1)			7,692,354
			Estee Lauder
	4,300,000	USD	5.550% due 05/15/2017 (1)			4,244,457
			Florida Power & Light
	1,530,000	USD	5.950% due 02/01/2038 (1)			1,558,680
			General Electric
	12,250,000	USD	4.800% due 05/01/2013			12,311,397
	8,110,000	USD	5.250% due 12/06/2017			8,086,019
						20,397,416
			GlaxoSmithKline Capital
	4,950,000	USD	4.375% due 04/15/2014 (1)			4,900,045
			Harley-Davidson Funding
	8,180,000	USD	5.250% due 12/15/2012† (1)			8,217,718
			HSBC Bank
	3,740,000	USD	5.875% due 11/01/2034			3,437,576
			HSBC Finance
	600,000	USD	4.125% due 12/15/2008			598,632
			IBM International Group Capital
	4,820,000	USD	5.050% due 10/22/2012 (1)			4,976,197
			Jefferies Group
	1,000,000	USD	6.450% due 06/08/2027 (1)			804,350
			JPMorgan Chase
	12,520,000	USD	4.750% due 05/01/2013			12,505,965
			JPMorgan Chase, Multi-Coupon
	1,650,000	USD	7.900% due 04/29/2049 (1)			1,686,288
			Kellogg Co
	4,080,000	USD	2.875% due 06/01/2008 (1)			4,077,719
	5,990,000	USD	5.125% due 12/03/2012 (1)			6,114,544
						10,192,263

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
74

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Kohl's Corp
	1,180,000	USD	6.250% due 12/15/2017 (1)		$	1,147,875
			Kraft Foods
	6,880,000	USD	6.125% due 02/01/2018			7,035,364
			Lehman Brothers
	5,800,000	USD	5.625% due 01/24/2013			5,720,801
			Litton Industries
	4,380,000	USD	6.980% due 03/15/2036 (1)			4,795,316
			McCormick & Co
	2,350,000	USD	5.750% due 12/15/2017 (1)			2,412,635
			McDonald's Corp
	4,850,000	USD	6.300% due 03/01/2038 (1)			5,019,401
			Merna Reinsurance, Series B
	2,700,000	USD	4.446% due 07/07/2010† (2)			2,540,970
			Merrill Lynch
	11,400,000	USD	5.450% due 02/05/2013			11,102,973
			Metropolitan Life Global Funding I
	3,130,000	USD	5.125% due 04/10/2013†			3,133,177
			Morgan Stanley
	13,200,000	USD	5.950% due 12/28/2017			13,099,033
			National Rural Utilities Cooperative Finance
	5,650,000	USD	5.750% due 12/01/2008			5,702,025
	5,180,000	USD	5.450% due 02/01/2018 (1)			5,165,600
						10,867,625
			Pacificorp
	3,060,000	USD	6.100% due 08/01/2036 (1)			3,073,629
			Pfizer Inc
	690,000	USD	4.500% due 02/15/2014			702,874
			Private Export Funding, Series D
	3,040,000	USD	5.870% due 07/31/2008			3,066,308
			Procter & Gamble
	3,010,000	USD	5.550% due 03/05/2037 (1)			2,994,736

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
75

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Raytheon Co
	3,710,000	USD	6.400% due 12/15/2018 (1)		$	3,990,895
			SC Johnson & Son
	3,500,000	USD	5.750% due 02/15/2033†			3,228,946
			Southern Co, Series A
	5,130,000	USD	5.300% due 01/15/2012 (1)			5,282,859
			SunTrust Banks
	4,000,000	USD	6.000% due 09/11/2017			3,905,872
			SYSCO Corp
	7,040,000	USD	5.250% due 02/12/2018 (1)			7,086,013
			Toyota Motor Credit
	9,610,000	USD	2.875% due 08/01/2008			9,594,547
			United Parcel Service
	10,750,000	USD	6.200% due 01/15/2038 (1)			11,346,614
			UnitedHealth Group
	2,950,000	USD	6.875% due 02/15/2038 (1)			2,887,354
			Verizon Communications
	1,440,000	USD	5.500% due 02/15/2018 (1)			1,446,788
			Wachovia Corp
	4,300,000	USD	5.750% due 06/15/2017			4,285,767
	4,600,000	USD	5.750% due 02/01/2018			4,591,876
						8,877,643
			Wachovia Corp, Multi-Coupon
	1,460,000	USD	7.980% due 02/28/2049 (1)			1,440,846
			Wal-Mart Stores
	2,270,000	USD	4.250% due 04/15/2013			2,281,727
	5,120,000	USD	6.500% due 08/15/2037			5,452,047
						7,733,774
			Wells Fargo
	8,700,000	USD	4.375% due 01/31/2013			8,615,488
	2,970,000	USD	5.625% due 12/11/2017			3,066,979
						11,682,467

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
76

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Wyeth
	3,150,000	USD	5.500% due 02/01/2014 (1)		$	3,238,805
	3,250,000	USD	5.450% due 04/01/2017 (1)			3,292,133
						6,530,938
						382,624,699
			United Kingdom—2.3%
			AstraZeneca PLC
	2,400,000	USD	5.400% due 06/01/2014 (1)			2,516,688
	2,320,000	USD	6.450% due 09/15/2037 (1)			2,515,335
						5,032,023
			Diageo Capital
	5,040,000	USD	5.125% due 01/30/2012 (1)			5,145,034
			Lloyds TSB, Multi-Coupon
	3,500,000	USD	6.267% due 11/29/2049† (1)			2,913,792
			Royal Bank of Scotland, Multi-Coupon
	4,900,000	USD	7.640% due 03/31/2049 (1)			4,619,710
			Standard Chartered Bank
	6,000,000	USD	6.400% due 09/26/2017†			6,154,380
			Vodafone Group
	6,270,000	USD	6.150% due 02/27/2037 (1)			6,197,575
						30,062,514
			Canada—1.3%
			Alcan Inc
	5,000,000	USD	7.250% due 03/15/2031 (1)			5,340,230
			BP Canada Finance
	6,940,000	USD	3.625% due 01/15/2009			6,962,284
			Thomson Reuters
	4,800,000	USD	5.700% due 10/01/2014 (1)			4,665,509
						16,968,023
			Germany—0.8%
			Deutsche Bank
	9,740,000	USD	5.375% due 10/12/2012			10,076,985

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
77

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			France—0.7%
			AXA SA
	5,400,000	USD	8.600% due 12/15/2030		$	6,024,866
			Lafarge SA
	2,670,000	USD	7.125% due 07/15/2036 (1)			2,495,035
						8,519,901
			Netherlands—0.6%
			Philips Electronics NV
	7,750,000	USD	6.875% due 03/11/2038 (1)			8,394,033
			Brazil—0.6%
			Embraer Overseas
	3,250,000	USD	6.375% due 01/24/2017 (1)			3,217,500
			Petrobras International Finance
	4,100,000	USD	5.875% due 03/01/2018 (1)			4,103,190
						7,320,690
			Chile—0.5%
			Celulosa Arauco y Constitucion
	3,600,000	USD	7.750% due 09/13/2011			3,911,857
			Transelec SA
	3,000,000	USD	7.875% due 04/15/2011			3,257,667
						7,169,524
			Russia—0.5%
			Norilsk Nickel Finance
	3,500,000	USD	7.125% due 09/30/2009			3,596,950
			VTB Capital
	3,300,000	USD	3.839% due 08/01/2008† (2)			3,300,000
						6,896,950
			Australia—0.5%
			BHP Billiton Finance
	6,790,000	USD	5.400% due 03/29/2017			6,565,950
			Norway—0.4%
			StatoilHydro ASA
	5,000,000	USD	6.360% due 01/15/2009 (1)			5,091,780

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
78

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			Mexico—0.3%
			Monterrey Power
	4,181,348	USD	9.625% due 11/15/2009† (1)		$	4,536,762
				TOTAL CORPORATE BONDS (Cost $495,026,142)		494,227,811

U.S. GOVERNMENT AND AGENCY OBLIGATIONS—32.5%

		Federal Home Loan Mortgage Corporation
1,846,715	USD	5.313% due 09/01/2035 (2)	1,918,275
2,372,656	USD	4.922% due 04/01/2036 (2)	2,380,145
3,996,876	USD	5.597% due 12/01/2036 (2)	4,085,266
965,058	USD	5.507% due 01/01/2037 (2)	985,494
5,750,857	USD	5.182% due 02/01/2037 (2)	5,834,524
3,124,093	USD	5.497% due 03/01/2037 (2)	3,181,471
1,324,149	USD	5.620% due 04/01/2037 (2)	1,351,885
3,803,007	USD	5.618% due 07/01/2037 (2)	3,877,420
11,211,706	USD	5.092% due 02/01/2038 (2)	11,292,290
			34,906,770
		Federal Home Loan Mortgage Corporation TBA
2,500,000	USD	5.000% due 05/01/2038*	2,456,640
108,900,000	USD	6.500% due 06/01/2038*	112,558,387
			115,015,027
		Federal National Mortgage Association Corporation
1,427,610	USD	4.324% due 01/01/2034 (2)	1,454,581
3,837,464	USD	4.251% due 10/01/2034 (2)	3,824,083
59,597	USD	5.500% due 05/01/2035	60,036
127,847	USD	5.500% due 06/01/2035	128,789
2,941,983	USD	4.738% due 11/01/2035 (2)	3,054,717
2,266,799	USD	5.550% due 02/01/2036 (2)	2,306,885
807,313	USD	6.000% due 06/01/2036	827,570
154,177	USD	6.000% due 11/01/2036	157,822
880,654	USD	5.000% due 12/01/2036	866,244
864,334	USD	6.000% due 12/01/2036	884,763
1,412,395	USD	5.000% due 01/01/2037	1,389,284
2,398,430	USD	5.000% due 02/01/2037	2,358,674
2,194,043	USD	5.000% due 03/01/2037	2,157,877
2,775,029	USD	5.364% due 03/01/2037 (2)	2,786,064
4,260,956	USD	5.500% due 03/01/2037	4,290,365
775,104	USD	6.000% due 03/01/2037	793,419

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
79

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
	1,004,100	USD	5.000% due 04/01/2037		$	987,457
	9,297,146	USD	5.000% due 05/01/2037			9,143,040
	26,764	USD	6.000% due 05/01/2037			27,391
	1,218,212	USD	5.000% due 06/01/2037			1,198,019
	166,934	USD	5.500% due 06/01/2037			168,051
	13,059,935	USD	5.887% due 06/01/2037 (2)			13,300,728
	1,551,590	USD	6.000% due 06/01/2037			1,587,935
	968,730	USD	5.000% due 07/01/2037			952,673
	12,158,167	USD	5.500% due 07/01/2037			12,239,500
	463,471	USD	6.000% due 07/01/2037			474,329
	1,744,418	USD	5.500% due 08/01/2037			1,756,247
	5,891,660	USD	5.919% due 08/01/2037 (2)			5,984,906
	18,181,684	USD	6.000% due 08/01/2037			18,607,578
	934,309	USD	5.000% due 09/01/2037			918,823
	4,221,067	USD	6.000% due 09/01/2037			4,319,943
	377,071	USD	5.500% due 10/01/2037			379,593
	5,576,536	USD	5.636% due 10/01/2037 (2)			5,676,691
	6,179,980	USD	6.000% due 10/01/2037			6,324,742
	2,421,649	USD	5.500% due 11/01/2037			2,437,848
	12,316,851	USD	6.000% due 11/01/2037			12,605,365
	819,106	USD	5.500% due 12/01/2037			824,585
	5,633,082	USD	5.788% due 12/01/2037 (2)			5,734,839
	11,479,075	USD	5.860% due 12/01/2037 (2)			11,723,006
	3,828,314	USD	6.000% due 12/01/2037			3,917,990
	1,693,298	USD	5.000% due 01/01/2038			1,665,231
	9,268,988	USD	5.520% due 01/01/2038 (2)			9,434,577
	1,941,720	USD	6.000% due 01/01/2038			1,987,009
	2,896,792	USD	5.600% due 01/01/2047 (2)			2,967,488
						164,686,757
			Federal National Mortgage Association Corporation TBA
	9,500,000	USD	6.000% due 05/01/2038*			9,712,268
	26,900,000	USD	5.500% due 06/01/2038*			26,979,866
						36,692,134
			Government National Mortgage Association
	49,794	USD	7.000% due 04/15/2032			53,306
	4,092,934	USD	6.000% due 03/15/2037			4,211,907
	2,637,055	USD	6.000% due 04/15/2037			2,713,709
	470,629	USD	6.000% due 05/15/2037			484,309

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
80

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
	4,227,187	USD	6.000% due 06/15/2037		$	4,350,063
	1,981,508	USD	6.000% due 07/15/2037			2,039,106
	1,205,286	USD	6.000% due 09/15/2037			1,240,321
						15,092,721
			Government National Mortgage Association TBA
	57,900,000	USD	6.000% due 05/01/2038*			59,483,218
			U.S. Treasury Bond
	2,100,000	USD	5.000% due 05/15/2037			2,276,532
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $423,842,519)				428,153,159
ASSET BACKED SECURITIES—22.0%
			United States—21.9%
	1,170,000	USD	American Express Credit Account Master Trust Series 2005-3, Class A, 2.716% due 01/18/2011 (1)(2)			1,169,682
	1,891,897	USD	Banc of America Alternative Loan Trust Series 2004-10, Class 2CB1, 6.000% due 11/25/2034 (1)			1,841,601
			Banc of America Commercial Mortgage
	2,000,000	USD	Series 2002-2, Class A3, 5.118% due 07/11/2043 (1)			1,995,303
	10,270,000	USD	Series 2006-2, Class A4, 5.740% due 05/10/2045 (1)(2)			10,371,320
	8,500,000	USD	Series 2006-5, Class A4, 5.414% due 09/10/2047 (1)			8,350,811
						20,717,434
			Bear Stearns Commercial Mortgage Securities
	3,205,000	USD	Series 2006-PW14, Class A4, 5.201% due 12/11/2038 (1)			3,095,163
	11,140,000	USD	Series 2006-PW11, Class A4, 5.457% due 03/11/2039 (1)(2)			11,082,296
	11,200,000	USD	Series 2007-PWR16, Class A4, 5.712% due 06/11/2040 (1)(2)			11,148,217

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
81

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			United States—Continued
			Series 2005-PWR8, Class A4,
	13,100,000	USD	4.674% due 06/11/2041 (1)		$	12,612,165
						37,937,841
	3,098,334	USD	Capital Auto Receivables Asset Trust Series 2006-1, Class A3, 5.030% due 10/15/2009 (1)			3,110,974
	4,046,965	USD	Capital One Prime Auto Receivables Trust Series 2006-1, Class A3, 4.990% due 09/15/2010 (1)			4,074,515
	6,645,000	USD	Citibank Credit Card Issuance Trust Series 2003-A6, Class A6, 2.900% due 05/17/2010 (1)			6,645,388
	12,600,000	USD	Series 2008-A1, Class A1, 5.350% due 02/07/2020 (1)			12,042,844
						18,688,232
	612,929	USD	CNH Equipment Trust Series 2007-A, Class A2, 5.130% due 10/15/2009 (1)			615,553
	2,599,778	USD	Series 2006-B, Class A3, 5.200% due 06/15/2010 (1)			2,616,814
	5,000,000	USD	Series 2007-C, Class A3A, 5.210% due 12/15/2011 (1)			5,005,035
						8,237,402
	7,500,000	USD	Commercial Mortgage Pass Through Certificates Series 2006-C7, Class A4, 5.768% due 06/10/2046 (1)(2)			7,587,232
	8,157,687	USD	Credit Suisse Mortgage Capital Certificates Series 2007-7, Class 3A1, 5.500% due 03/25/2023 (1)			7,436,918
	10,600,000	USD	Series 2006-C4, Class A3, 5.467% due 09/15/2039 (1)			10,427,277
	10,200,000	USD	Series 2006-C5, Class A3, 5.311% due 12/15/2039 (1)			9,916,561
						27,780,756

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
82

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			United States—Continued
	943,387	USD	Ford Credit Auto Owner Trust Series 2005-C, Class A3, 4.300% due 08/15/2009 (1)		$	944,934
	7,000,000	USD	Ford Credit Floorplan Master Owner Trust Series 2005-1, Class A, 2.866% due 05/15/2010 (1)(2)			6,999,222
	6,700,000	USD	GE Capital Commercial Mortgage Corporation Series 2002-1A, Class A3, 6.269% due 12/10/2035 (1)			6,937,106
	552,827	USD	Honda Auto Receivables Owner Trust Series 2005-3, Class A3, 3.870% due 04/20/2009 (1)			553,359
	1,072,997	USD	Series 2005-5, Class A3, 4.610% due 08/17/2009 (1)			1,076,054
	3,245,231	USD	Series 2005-6, Class A3, 4.850% due 10/19/2009 (1)			3,258,630
						4,888,043
	5,500,000	USD	John Deere Owner Trust Series 2008-A, Class A1, 2.741% due 05/08/2009 (1)			5,466,484
	1,920,000	USD	JPMorgan Chase Commercial Mortgage Securities Corporation Series 2002-CIB4, Class A3, 6.162% due 05/12/2034 (1)			1,981,866
	8,420,000	USD	Lehman Brothers-UBS Commercial Mortgage Trust Series 2001-C3, Class A2, 6.365% due 12/15/2028 (1)			8,737,000
	10,389,237	USD	Lehman Mortgage Trust Series 2007-10, Class 4A1, 6.000% due 01/25/2027 (1)			10,441,183
	3,760,721	USD	MASTR Alternative Loans Trust Series 2005-1, Class 1A1, 5.500% due 02/25/2035 (1)			3,484,065

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
83

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			United States—Continued
			Series 2007-HF1, Class 4A1,
	6,410,293	USD	7.000% due 10/25/2047 (1)		$	5,576,955
						9,061,020
	6,250,045	USD	MASTR Asset Securitization Trust Series 2007-2, Class A3, 6.250% due 01/25/2038 (1)			6,226,608
	5,300,000	USD	Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class A4, 5.700% due 09/12/2049 (1)			5,231,824
	2,600,000	USD	Morgan Stanley Capital I Series 2006-T23, Class A4, 5.811% due 08/12/2041 (1)(2)			2,641,018
	12,850,000	USD	Series 2006-IQ12, Class A4, 5.332% due 12/15/2043 (1)			12,512,948
	12,050,000	USD	Series 2007-IQ13, Class A4, 5.364% due 03/15/2044 (1)			11,654,084
						26,808,050
	483,201	USD	Morgan Stanley Dean Witter Capital I Series 2001-TOP3, Class A4, 6.390% due 07/15/2033 (1)			503,785
	5,200,000	USD	Series 2001-TOP5, Class A4, 6.390% due 10/15/2035 (1)			5,436,981
	7,500,000	USD	Series 2002-TOP7, Class A2, 5.980% due 01/15/2039 (1)			7,809,144
						13,749,910
	3,106,529	USD	Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A 6.133% due 11/25/2034 (1)(2)			2,845,818
	2,387,884	USD	Nissan Auto Receivables Owner Trust Series 2004-B, Class A4, 4.000% due 12/15/2009 (1)			2,391,001
	4,269,764	USD	PG&E Energy Recovery Funding LLC Series 2005-1, Class A2, 3.870% due 06/25/2011 (1)			4,276,277

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
84

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			United States—Continued
	3,996,223	USD	Prime Mortgage Trust Series 2004-CL1, Class 1A1 6.000% due 02/25/2034 (1)		$	3,691,234
	2,439,367	USD	Residential Accredit Loans Series 2003-QS10, Class A14 4.500% due 05/25/2033 (1)			2,147,919
	5,700,000	USD	SLM Student Loan Trust Series 2008-4, Class A1, 3.396% due 07/25/2013 (1)(2)			5,686,394
	2,078,069	USD	Series 2007-2, Class A1, 2.900% due 04/25/2014 (1)(2)			2,067,680
	2,075,466	USD	Series 2005-6, Class A3, 2.970% due 04/25/2018 (1)(2)			2,071,067
						9,825,141
	2,077,744	USD	Small Business Administration Series 2005-P10B, Class 1, 4.940% due 08/10/2015 (1)			2,073,947
	3,580,771	USD	Series 2006-P10A, Class 1, 5.408% due 02/10/2016			3,633,788
	6,115,060	USD	Series 2007-P10A, Class 1, 5.459% due 02/10/2017			6,153,044
						11,860,779
	7,500,000	USD	TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class A3, 6.100% due 08/15/2039 (1)(2)			7,634,262
	3,563,311	USD	U-Haul S Fleet LLC Series 2007-BT1, Class BT, 5.559% due 02/25/2020† (1)			3,358,691
	912,568	USD	Volkswagen Auto Loan Enhanced Trust Series 2007-1, Class A2, 5.290% due 05/20/2009 (1)			915,406
						287,565,447

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
85

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			Russia—0.1%
	1,529,619	USD	City Mortgage MBS Finance B.V. Series 2006-1A, Class AFL, 4.322% due 09/10/2033† (1)(2)		$	1,460,787
				TOTAL ASSET BACKED SECURITIES (Cost $291,066,085)		289,026,234
MUNICIPAL OBLIGATIONS—2.2%
			United States—2.2%
	10,340,000	USD	Texas State Transportation Commission Mobility Fund 5.000% due 04/01/2031 (1)			10,542,457
	9,160,000	USD	Washington State, Series A 5.000% due 07/01/2032 (1)			9,368,848
	8,550,000	USD	Wisconsin State, Series A 5.000% due 05/01/2022 (1)			8,950,995
						28,862,300
				TOTAL MUNICIPAL OBLIGATIONS (Cost $28,486,602)		28,862,300
FOREIGN GOVERNMENT BONDS—0.1%
			France—0.1%
	1,400,000	USD	CCCE-Principal Certificate Zero Coupon due 05/01/2009 (Cost $1,328,974)			1,356,723
REPURCHASE AGREEMENT—19.1%
			United States—19.1%
	251,991,027	USD	State Street Bank and Trust Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with maturity value of $251,998,377, and an effective yield of 1.05%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 3.016%-4.500%, maturities ranging from 12/01/2020-08/15/2036, and an aggregate market value of $257,037,130. (Cost $251,991,027)		$	251,991,027
			TOTAL INVESTMENTS—113.5% (Cost $1,491,741,349)			1,493,617,254
			OTHER ASSETS AND LIABILITIES (Net)—(13.5%)			(178,028,886	)
			TOTAL NET ASSETS—100.0%		$	1,315,588,368

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
86

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

Portfolio Footnotes:

    Aggregate cost for federal income tax purposes was $1,491,808,762.

  (1)  Callable

  (2)  Variable rate security.

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

  †  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.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
87

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2008

Julius Baer Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/03/08	AED	41,700,000		11,366,631		11,629,755	$	(263,124	)
06/05/08	AUD	21,860,000		20,510,495		20,087,643		422,852
05/09/08	EUR	12,422,385		19,337,318		18,893,071		444,247
05/19/08	EUR	4,357,825		6,780,900		6,670,000		110,900
05/30/08	EUR	16,540,473		25,726,117		25,965,487		(239,370	)
05/30/08	GBP	11,552,000		22,836,430		22,872,267		(35,837	)
06/04/08	JPY	2,545,798,380		24,410,707		24,610,001		(199,294	)
07/02/08	PEN	34,508,000		12,165,778		11,620,316		545,462
08/28/08	RUB	592,000,000		24,851,106		24,187,948		663,158
05/30/08	SKK	262,400,000		12,659,269		12,060,487		598,782
Net unrealized appreciation on forward foreign exchange contracts to buy							$	2,047,776

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/05/08	AUD	21,860,000		20,510,495		20,035,540	$	(474,955	)
05/09/08	EUR	7,300,000		11,363,552		11,243,752		(119,800	)
05/30/08	EUR	7,307,927		11,366,336		11,400,000		33,664
05/30/08	GBP	11,552,000		22,836,430		23,017,245		180,815
06/04/08	JPY	2,545,798,382		24,410,707		25,073,114		662,407
05/30/08	SKK	262,400,000		12,659,269		12,544,221		(115,048	)
Net unrealized appreciation on forward foreign exchange contracts to sell							$	167,083

Glossary of Currencies

AED  — United Arab Emirates Dirham

AUD  — Australian Dollar

EUR  — Euro

GBP  — British Pound Sterling

JPY  — Japanese Yen

PEN  — Peruvian Nuevo Sol

RUB  — New Russian Ruble

SKK  — Slovakia Koruna

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
88

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer Total Return Bond Fund  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		37.6	%	$	494,227,811
U.S. Government and Agency Obligations		32.5			428,153,159
Asset Backed Securities		22.0			289,026,234
Municipal Obligations		2.2			28,862,300
Foreign Government Bonds		0.1			1,356,723
Cash & Cash Equivalents		19.1			251,991,027	*
Total Investments		113.5			1,493,617,254
Other Assets and Liabilities (Net)		(13.5	)		(178,028,886	)*
Net Assets		100.0	%	$	1,315,588,368

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $(14,155,532) and notional market value for futures, which is (1.08)% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
89

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—60.2%
			United States—38.4%
			Advanced Medical Optics
	3,465,000	USD	7.500% due 05/01/2017 (2)		$	3,153,150
			Alliant Techsystems
	2,600,000	USD	6.750% due 04/01/2016 (2)			2,587,000
			Allison Transmission
	3,122,000	USD	11.250% due 11/01/2015† (2)			2,989,315
			American Airlines, Series 99-1
	2,250,000	USD	7.324% due 10/15/2009			2,158,650
			Atlantic & Western, Series B
	850,000	USD	8.948% due 01/09/2009† (1)			853,060
			Calabash Re II, Series A1
	250,000	USD	11.200% due 01/08/2010† (1)			252,912
			Calpine Generating
	1,675,000	USD	Zero Coupon due 04/01/2010* (2)(3)			87,937
			Carillon Ltd, Series A1
	330,000	USD	12.800% due 01/08/2010† (1)			334,752
			Cascadia Ltd
	640,000	USD	6.115% due 06/13/2008† (1)			639,744
			Case New Holland
	2,910,000	USD	6.000% due 06/01/2009 (2)			2,960,925
			Chesapeake Energy
	2,425,000	EUR	6.250% due 01/15/2017 (2)			3,605,586
			Church & Dwight
	1,090,000	USD	6.000% due 12/15/2012 (2)			1,079,100
			Citigroup Capital XXI, Multi-Coupon
	1,750,000	USD	8.300% due 12/21/2057 (2)			1,791,617
			CMS Energy
	2,800,000	USD	8.500% due 04/15/2011 (2)			3,012,666
			Community Health Systems
	2,245,000	USD	8.875% due 07/15/2015 (2)			2,346,025

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
90

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Cooper-Standard Automotive
	2,765,000	USD	7.000% due 12/15/2012 (2)		$	2,549,330
			DAE Aviation
	3,675,000	USD	11.250% due 08/01/2015† (2)			3,753,094
			Delphi Corp
	1,500,000	USD	Zero Coupon due 06/15/2006* (2)(3)			532,500
			Dex Media
	300,000	USD	8.000% due 11/15/2013 (2)			231,000
			Dex Media West, Series B
	338,000	USD	9.875% due 08/15/2013 (2)			319,410
			Dresser-Rand Group
	3,546,000	USD	7.375% due 11/01/2014 (2)			3,563,730
			Exide Technologies, Series B
	3,000,000	USD	10.500% due 03/15/2013 (2)			2,940,000
			Ford Motor
	2,940,000	USD	7.125% due 11/15/2025			1,999,200
	1,500,000	USD	7.450% due 07/16/2031			1,128,750
						3,127,950
			Ford Motor Credit
	1,000,000	USD	7.375% due 02/01/2011			920,003
			Foundation Re, Series B
	1,100,000	USD	5.020% due 01/06/2009† (1)			1,086,965
			General Motors
	3,550,000	USD	8.375% due 07/15/2033 (2)			2,720,187
			Hawker Beechcraft Acquisition
	3,810,000	USD	9.750% due 04/01/2017 (2)			4,038,600
			Helix 04
	790,000	USD	8.096% due 06/30/2009† (1)			801,297
			Hertz Corp
	2,425,000	USD	10.500% due 01/01/2016 (2)			2,452,281

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
91

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Hexcel Corp
	2,355,000	USD	6.750% due 02/01/2015 (2)		$	2,352,056
			IASIS Healthcare Capital
	2,470,000	USD	8.750% due 06/15/2014 (2)			2,544,100
			Intcomex Inc
	2,415,000	USD	11.750% due 01/15/2011 (2)			2,318,400
			Invacare Corp
	2,700,000	USD	9.750% due 02/15/2015 (2)			2,720,250
			Jarden Corp
	1,400,000	USD	7.500% due 05/01/2017 (2)			1,295,000
			KB Home
	1,275,000	USD	6.250% due 06/15/2015 (2)			1,153,875
			Koppers Holdings, Multi-Coupon
	1,491,000	USD	9.875% due 11/15/2014 (2)(4)			1,312,080
			Level 3 Financing
	3,445,000	USD	9.250% due 11/01/2014 (2)			3,152,175
			LVB Acquisition Merger
	2,350,000	USD	10.000% due 10/15/2017† (2)			2,532,125
			MacDermid Inc
	2,215,000	USD	9.500% due 04/15/2017† (2)			2,126,400
			Meritage Homes
	3,320,000	USD	7.000% due 05/01/2014 (2)			2,851,050
			Mystic Re, Series A
	550,000	USD	9.390% due 12/05/2008† (1)			544,390
			Nalco Co, Series*
	1,795,000	EUR	7.750% due 11/15/2011 (2)			2,822,582
			NewMarket Corp
	3,495,000	USD	7.125% due 12/15/2016 (2)			3,425,100
			NRG Energy
	3,151,000	USD	7.375% due 02/01/2016 (2)			3,253,408

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
92

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Redwood Capital X, Series D
	870,000	USD	7.360% due 01/09/2009† (1)(2)		$	872,567
			Stanadyne Corp, Series I
	1,350,000	USD	10.000% due 08/15/2014 (2)			1,309,500
			Sunguard Data Systems
	3,885,000	USD	10.250% due 08/15/2015 (2)			4,147,238
			Tartan Capital, Series B
	675,000	USD	5.728% due 01/07/2009† (1)			671,186
			Toll Corp
	3,345,000	USD	8.250% due 02/01/2011 (2)			3,236,288
			Verso Paper, Series B
	2,790,000	USD	9.125% due 08/01/2014 (2)			2,894,625
			Vought Aircraft Industries
	4,355,000	USD	8.000% due 07/15/2011 (2)			4,159,025
			WCA Waste
	3,505,000	USD	9.250% due 06/15/2014 (2)			3,557,575
			Wesco Distribution
	500,000	USD	7.500% due 10/15/2017 (2)			457,500
			Wynn Las Vegas Capital
	5,255,000	USD	6.625% due 12/01/2014† (2)			5,149,900
						117,747,181
			United Kingdom—3.6%
			Ardagh Glass Finance
	840,000	EUR	7.125% due 06/15/2017 (2)			1,199,903
			Ardagh Glass Finance BV
	2,585,000	EUR	8.875% due 07/01/2013 (2)			4,034,648
			Eurus Ltd
	645,000	USD	9.163% due 04/08/2009† (1)			657,900
			Global Crossing UK Finance
	2,035,000	GBP	11.750% due 12/15/2014 (2)			3,959,887

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
93

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			United Kingdom—Continued
			Royal Bank of Scotland, Multi-Coupon
	1,300,000	USD	7.640% due 03/31/2049 (2)		$	1,225,637
						11,077,975
			Brazil—3.4%
			Cia Energetica de Sao Paulo
	350,000	USD	9.250% due 08/11/2013†			387,625
	7,320,000	BRL	9.750% due 01/15/2015†			4,675,650
						5,063,275
			ISA Capital do Brasil
	2,430,000	USD	8.800% due 01/30/2017† (2)			2,594,025
			Petrobras International Finance
	1,450,000	USD	5.875% due 03/01/2018 (2)			1,451,128
	1,000,000	USD	8.375% due 12/10/2018			1,185,000
						2,636,128
						10,293,428
			Russia—3.3%
			ALROSA Finance
	300,000	USD	8.875% due 11/17/2014†			323,625
	2,680,000	USD	8.875% due 11/17/2014			2,886,869
						3,210,494
			Evraz Group
	2,600,000	USD	8.250% due 11/10/2015† (2)			2,541,500
			Norilsk Nickel Finance
	560,000	USD	7.125% due 09/30/2009			575,512
			Sibacademfinance (Ursabk)
	1,400,000	USD	12.000% due 12/30/2011			1,365,000
			TNK-BP Finance
	1,025,000	USD	7.500% due 07/18/2016†			995,531
	1,615,000	USD	6.625% due 03/20/2017†			1,471,669
						2,467,200
						10,159,706

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
94

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			Norway—2.7%
			Biofuel Energy
	2,900,000	USD	10.000% due 06/07/2012 (2)		$	2,233,000
			Ocean RIG
	2,700,000	USD	6.700% due 04/04/2011† (1)(2)			2,700,000
			Sea Production
	3,500,000	USD	7.318% due 02/14/2012† (1)(2)			3,255,000
						8,188,000
			Netherlands—1.6%
			Sensata Technologies
	3,495,000	EUR	9.000% due 05/01/2016 (2)			4,815,608
			France—1.1%
			Europcar Groupe
	1,625,000	EUR	8.125% due 05/15/2014 (2)			1,960,721
	1,200,000	EUR	8.125% due 05/15/2014† (2)			1,447,917
						3,408,638
			Denmark—0.9%
			Nordic Telephone
	1,900,000	EUR	8.250% due 05/01/2016† (2)			2,928,529
			Canada—0.9%
			Gerdau Ameristeel
	1,000,000	USD	10.375% due 07/15/2011 (2)			1,051,250
			Shaw Communications
	1,000,000	CAD	7.500% due 11/20/2013 (2)			1,057,214
	860,000	CAD	5.700% due 03/02/2017			807,970
						1,865,184
						2,916,434
			Greece—0.9%
			Hellas Telecommunications
	1,965,000	EUR	8.247% due 10/15/2012 (1)(2)			2,860,453

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
95

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
CORPORATE BONDS—Continued
			Spain—0.8%
			Ono Finance
	2,155,000	EUR	10.500% due 05/15/2014 (2)		$	2,583,442
			Germany—0.6%
			Unitymedia GmbH
	720,000	EUR	10.125% due 02/15/2015 (2)			1,121,125
	705,000	USD	10.375% due 02/15/2015† (2)			673,275
						1,794,400
			Kazakhstan—0.5%
			KazakhGold Group
	1,605,000	USD	9.375% due 11/06/2013 (2)			1,486,562
			Mexico—0.4%
			Axtel SAB de CV
	1,170,000	USD	7.625% due 02/01/2017† (2)			1,187,550
			Ireland—0.3%
			Osiris Capital, Series D3
	1,000,000	USD	7.713% due 01/15/2010† (1)			1,007,400
			Hungary—0.3%
			Invitel Holdings
	658,925	EUR	12.997% due 04/15/2013† (1)(2)			820,704
			Australia—0.2%
			Australis Ltd, Series 2
	495,000	USD	6.434% due 03/24/2009† (1)			498,391
			Japan—0.2%
			AKIBARE Ltd
	485,000	USD	6.028% due 05/22/2012† (1)			489,801
			Ukraine—0.1%
			Rodovid Bank Series A, Multi-Coupon
	1,500,000	UAH	11.250% due 09/22/2009			305,041
			TOTAL CORPORATE BONDS (Cost $185,026,768)			184,569,243

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
96

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
BANK LOANS—17.8%
			United States—14.6%
			ATP Oil & Gas
	3,241,970	USD	6.660% due 04/14/2010		$	3,145,726
			Boston Generating
	553,883	USD	2.696% due 12/20/2013			514,814
	1,931,448	USD	4.946% due 12/20/2013			1,795,212
						2,310,026
			Carrizo Oil & Gas
	3,180,964	USD	7.446% due 07/21/2011			3,033,845
			Covanta Energy
	1,462,778	USD	2.588% due 02/10/2014			1,400,000
	2,794,927	USD	5.079% due 02/10/2014			2,674,977
						4,074,977
			Delphi Corp
	4,500,000	USD	6.875% due 07/01/2008			4,528,931
			Delta Air Lines
	2,736,216	USD	6.149% due 04/30/2014			2,188,972
			Hawker Beechcraft
	1,559,840	USD	4.696% due 03/28/2014			1,491,111
			HBI Brand Apparel
	4,480,000	USD	6.657% due 03/05/2014			4,452,000
			HCA Inc
	3,876,005	USD	4.696% due 11/16/2012			3,666,863
			Helicon Cable
	2,150,000	USD	6.120% due 07/05/2014			1,666,250
			NewPage Corp
	4,593,500	USD	6.313% due 12/05/2014			4,573,086
			Progressive Moulded Products
	2,078,462	USD	8.399% due 08/16/2011			1,292,111
			Spectrum Brands
	2,799,041	USD	6.894% due 03/30/2013			2,564,621

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
97

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
BANK LOANS—Continued
			United States—Continued
			TXU Corp
	2,190,000	USD	6.579% due 10/10/2014		$	2,101,031
			Univision Communications
	4,320,000	USD	5.147% due 09/29/2014			3,649,052
						44,738,602
			Netherlands—1.9%
			UPC Broadband
	6,507,842	EUR	6.361% due 12/31/2014			5,931,085
			Canada—1.3%
			Great Canadian Gaming
	4,204,488	USD	4.570% due 02/13/2014			4,059,959
			TOTAL BANK LOANS (Cost $57,779,127)			54,729,646
COMMERCIAL PAPER—3.9%
			United States—3.9%
			Dow Chemical
	5,000,000	USD	3.000% due 07/01/2008			4,974,583
			Eaton Corp
	5,000,000	USD	2.670% due 06/03/2008†			4,987,763
			Kraft Foods
	2,000,000	USD	2.820% due 05/02/2008			1,999,843
						11,962,189
			TOTAL COMMERCIAL PAPER (Cost $11,962,189)			11,962,189
FOREIGN GOVERNMENT BONDS—3.3%
			Brazil—1.3%
			Brazil Notas do Tesouro Nacional, Series F
	4,980,000	BRL	10.000% due 01/01/2010			2,784,186
	2,600,000	BRL	10.000% due 01/01/2012			1,377,765
						4,161,951

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
98

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Face Value		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
FOREIGN GOVERNMENT BONDS—Continued
			Mexico—1.1%
			Mexican Cetes, Series BI
	35,835,150	MXN	Zero Coupon due 10/23/2008		$	3,286,320
			Colombia—0.9%
			Colombia Government International Bond
	4,400,000,000	COP	12.000% due 10/22/2015			2,683,188
			TOTAL FOREIGN GOVERNMENT BONDS (Cost $9,033,445)			10,131,459
MUNICIPAL OBLIGATIONS—2.7%
			United States—2.7%
			Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2
	2,625,000	USD	5.875% due 06/01/2047 (2)			2,316,457
			Florida State Turnpike Authority Turnpike Revenue, Series A
	870,000	USD	5.000% due 07/01/2022 (2)			913,056
			Maryland State Health & Higher Educational Facilities Authority Revenue, John Hopkins University, Series A
	2,200,000	USD	5.000% due 07/01/2032 (2)			2,236,146
			Texas State Transportation Commission Mobility Fund, Series A
	1,350,000	USD	4.750% due 04/01/2035 (2)			1,335,785
			University of California Revenue, Series L
	1,375,000	USD	5.000% due 05/15/2040 (2)			1,399,984
						8,201,428
			TOTAL MUNICIPAL OBLIGATIONS (Cost $8,304,904)			8,201,428
Share Amount
INVESTMENT FUNDS—1.8%
			Canada—1.8%
	32,660	CAD	ARC Energy Trust			844,471
	31,860	CAD	Crescent Point Energy Trust			1,022,139
	26,570	CAD	NAL Oil & Gas Trust			382,021
	21,690	CAD	Newalta Income Fund			434,188

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
99

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Share Amount		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
INVESTMENT FUNDS—Continued
			Canada—Continued
	22,600	CAD	Penn West Energy Trust		$	680,626
	60,450	CAD	Progress Energy Trust			843,335
	18,990	CAD	Vermilion Energy Trust			748,022
	27,320	CAD	Zargon Energy Trust			660,552
						5,615,354
			TOTAL INVESTMENT FUNDS (Cost $4,996,923)			5,615,354
Face Value
SHORT-TERM INVESTMENTS—0.2%
			United States—0.2%
			Javelin Re, Series B
	730,000	USD	5.684% due 07/25/2008† (1)			730,000
			TOTAL SHORT-TERM INVESTMENTS (Cost $730,000)			730,000
Share Amount
COMMON STOCKS—0.2%
			United States—0.2%
	1,232,000	USD	Federal Mogul-Escrow Shares			—
	28,233	USD	Federal Mogul Class A*			592,893
						592,893
			TOTAL COMMON STOCKS (Cost $1,040,431)			592,893
FOREIGN GOVERNMENT COMPENSATION NOTES—0.2%
			Bulgaria—0.2%
	1,575,213	BGN	Bulgaria Registered Compensation Vouchers (Cost $570,983)*			490,130
OPTIONS—0.0%
			United States—0.0%
			U.S. 5 Year Treasury Note (CBT), June 2008 Call, Expires 05/23/2008, Strike $114
	300	USD	Zero Coupon due 05/23/2008 (Cost $319,950)			25,781

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
100

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

Share Amount		Currency	(Percentage of Net Assets)	Description	Market Value (Note 2)
WARRANTS—0.0%
			Norway—0.0%
			Biofuel Energy
	136,474	USD	Zero Coupon due 06/07/2012 (Cost $0)		$	—
Face Value
REPURCHASE AGREEMENT—12.8%
			United States—12.8%
	39,097,614	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with a maturity value of $39,098,754 and an effective yield of 1.05%, collateralized by a U.S. Government Agency Obligation, with a rate of 4.500%, a maturity of 12/01/2020 and an aggregate market value of $39,880,978. (Cost $39,097,614)		$	39,097,614
				TOTAL INVESTMENTS—103.1% (Cost $318,862,334)		316,145,737
				OTHER ASSETS AND LIABILITIES (Net)—(3.1%)		(9,558,842	)
				TOTAL NET ASSETS—100.0%	$	306,586,895

Portfolio Footnotes:

Aggregate cost for federal income tax purposes was $318,878,869.

  (1)  Variable rate security.

  (2)  Callable

  (3)  Defaulted Security.

  (4)  Step Bond

  *  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.

Glossary of Currencies

  BGN  — Bulgarian Lev

  BRL  — Brazilian Real

  CAD  — Canadian Dollar

  COP  — Colombian Peso

  EUR  — Euro

  GBP  — British Pound Sterling

  MXN  — Mexican Nuevo Peso

  UAH  — Ukraine Hryvnia

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
101

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2008

Julius Baer Global High Income 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)
12/01/08	AED	7,746,900		2,131,871		2,170,000	$	(38,129	)
05/05/08	BRL	15,000,000		8,863,676		8,823,529		40,147
Net unrealized appreciation on forward foreign exchange contracts to buy							$	2,018

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
05/05/08	BRL	15,000,000		8,863,677		8,627,632	$	(236,045	)
06/03/08	BRL	7,940,000		4,658,491		4,640,018		(18,473	)
06/20/08	CAD	4,706,000		4,670,829		4,744,908		74,079
06/20/08	EUR	19,829,238		30,812,118		30,508,968		(303,150	)
06/20/08	GBP	1,887,030		3,724,857		3,718,111		(6,746	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(490,335	)

Glossary of Currencies

  AED  — United Arab Emirates Dirham

  BRL  — Brazilian Real

  CAD  — Canadian Dollar

  EUR  — Euro

  GBP  — British Pound Sterling

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
102

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer Global High Income Fund  

At April 30, 2008, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		60.2	%	$	184,569,243
Bank Loans		17.8			54,729,646
Commercial Paper		3.9			11,962,189
Foreign Government Bonds		3.3			10,131,459
Municipal Obligations		2.7			8,201,428
Investment Funds		1.8			5,615,354
Short Term Investments		0.2			730,000
Common Stock		0.2			592,893
Foreign Government Compensation Notes		0.2			490,130
U.S. Government and Agency Obligations Options		0.0			25,781
Cash & Cash Equivalents		12.8			39,097,614	*
Total Investments		103.1			316,145,737
Other Assets and Liabilities (Net)		(3.1	)		(9,558,842	)*
Net Assets		100.0	%	$	306,586,895

* Cash and Cash Equivalents and Other Assets and Liabilities (Net) includes $(553,648) in market value for swaps, which is (0.18)% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
103

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer U.S. Microcap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—90.8%
			Health Care Equipment & Services—12.0%
		4,780	Abaxis Inc*		$	121,794
		2,800	ArthroCare Corp*			126,168
		6,750	Kensey Nash*			196,830
		5,340	SonoSite Inc*			170,293
		9,580	Volcano Corp*			113,331
						728,416
			Semiconductors & Semiconductor Equipment—10.5%
		5,840	Micrel Inc			57,349
		86,440	RF Micro Devices*			291,303
		12,770	Rudolph Technologies*			129,743
		12,290	Zoran Corp*			161,736
						640,131
			Diversified Financials—10.4%
		24,515	Epoch Holding			291,483
		10,590	optionsXpress Holdings			227,367
		11,990	TradeStation Group*			111,867
						630,717
			Energy—9.2%
		8,530	BPZ Resources*			166,165
		2,500	Carrizo Oil & Gas*			158,725
		4,620	Matrix Service*			92,908
		16,230	Quest Resource*			143,473
						561,271
			Capital Goods—8.7%
		9,040	Babcock & Brown Air Limited ADR			107,757
		7,000	Beacon Roofing Supply *			74,550
		2,530	Columbus McKinnon*			71,624
		1,930	Middleby Corp*			121,108
		3,910	RBC Bearings*			156,283
						531,322
			Software & Services—7.1%
		13,030	DivX Inc*			97,464
		10,790	Perficient Inc*			99,052
		7,600	RightNow Technologies*			90,972

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
104

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Microcap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Software & Services—Continued
		2,792	Sourcefire Inc*		$	19,125
		3,000	SPSS Inc*			126,720
						433,333
			Consumer Services—5.0%
		35,964	Century Casinos*			119,401
		23,200	Morton's Restaurant*			185,368
						304,769
			Technology Hardware & Equipment—4.8%
		5,830	CyberOptics Corp*			51,537
		8,330	Electronics for Imaging*			120,119
		11,910	LoJack Corp*			117,790
						289,446
			Banks—4.5%
		7,020	Home BancShares			163,075
		5,460	Smithtown Bancorp			109,965
						273,040
			Commercial Services & Supplies—3.4%
		53,970	GlobalOptions Group*			128,988
		4,300	Korn/Ferry International*			80,238
						209,226
			Household & Personal Products—3.1%
		5,960	WD-40 Co			185,475
			Retailing—2.7%
		7,900	Zumiez Inc*			165,505
			Media—1.8%
		13,730	Martha Stewart Living Omnimedia-Class A*			108,604
			Consumer Durables & Apparel—1.8%
		7,590	Carter's Inc*			107,323
			Real Estate—1.7%
		11,100	Hersha Hospitality Trust REIT			105,672
			Materials—1.5%
		6,130	LSB Industries*			93,850

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
105

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Microcap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Food, Beverage & Tobacco—1.5%
		2,280	Alico Inc		$	91,063
			Automobiles & Components—1.1%
		4,390	Amerigon Inc*			64,445
			TOTAL COMMON STOCKS (Cost $5,983,616)			5,523,608
INVESTMENT FUNDS—2.3%
			Real Estate—1.2%
		2,050	Ultra Real Estate ProShares			74,312
			Semiconductors & Semiconductor Equipment—1.1%
		1,270	Ultra Semiconductor ProShares			67,069
			TOTAL INVESTMENT FUNDS (Cost $137,102)			141,381

Face Value		Currency
REPURCHASE AGREEMENT—3.7%
	224,022	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with maturity value of $224,029, and an effective yield of 1.05%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.500%, a maturity of 12/01/2020, and an aggregate market value of $230,548. (Cost $224,022)	$	224,022
			TOTAL INVESTMENTS—96.8% (Cost $6,344,740)		5,889,011
			OTHER ASSETS AND LIABILITIES (Net)—3.2%		194,086
			TOTAL NET ASSETS—100.0%	$	6,083,097

Notes to the Portfolio of Investments.

  ADR  American Depositary Receipt

  REIT  Real Estate Investment Trust

  *  Non-income producing security.

    Aggregate cost for federal income tax purposes was $6,376,250.

Glossary of Currencies

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
106

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer U.S. Microcap Fund  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		24.7	%	$	1,504,292
Financials		16.6			1,009,428
Consumer Discretionary		12.3			750,646
Industrials		12.2			740,548
Healthcare		12.0			728,416
Energy		9.2			561,271
Consumer Staples		4.6			276,538
Materials		1.5			93,850
Cash & Cash Equivalents		3.7			224,022
Total Investments		96.8			5,889,011
Other Assets and Liabilities (Net)		3.2			194,086
Net Assets		100.0	%	$	6,083,097

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
107

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer U.S. Smallcap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—96.7%
			Health Care Equipment & Services—14.3%
		5,360	Abaxis Inc*		$	136,572
		8,830	Align Technology*			108,432
		4,000	ArthroCare Corp*			180,240
		4,750	Cynosure Inc-Class A*			123,595
		2,880	Gen-Probe Inc*			162,317
		3,300	Integra LifeSciences*			139,821
		2,330	NuVasive Inc*			88,890
		3,150	Psychiatric Solutions*			109,337
						1,049,204
			Energy—11.5%
		2,630	Arena Resources*			118,087
		7,380	BPZ Resources*			143,762
		2,670	Carrizo Oil & Gas*			169,518
		910	Core Laboratories*			114,005
		4,090	CVR Energy*			88,058
		2,600	Holly Corp			107,848
		8,100	Warren Resources*			99,468
						840,746
			Software & Services—9.9%
		1,410	Equinix Inc*			127,492
		3,350	Factset Research Systems			201,101
		4,060	Micros Systems*			144,739
		9,420	Perficient Inc*			86,476
		7,850	THQ Inc*			167,048
						726,856
			Materials—9.5%
		3,700	Airgas Inc			178,081
		800	CF Industries			106,960
		8,590	Eldorado Gold*			58,068
		3,850	International Flavors & Fragrances			175,599
		3,670	Intrepid Potash*			174,288
						692,996
			Consumer Services—8.2%
		5,150	Cedar Fair			121,437
		23,560	Morton's Restaurant*			188,244

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
108

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Smallcap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Consumer Services—Continued
		4,030	Orient-Express Hotels-Class A		$	187,597
		2,210	Weight Watchers International			101,351
						598,629
			Semiconductors & Semiconductor Equipment—5.8%
		14,460	Integrated Device Technology*			154,577
		79,920	RF Micro Devices*			269,330
						423,907
			Capital Goods—5.1%
		7,980	Beacon Roofing Supply*			84,987
		2,250	Middleby Corp*			141,187
		2,410	Roper Industries			149,709
						375,883
			Banks—5.0%
		14,070	Colonial BancGroup			114,530
		7,360	Valley National Bancorp			141,238
		4,370	Webster Financial			113,838
						369,606
			Food, Beverage & Tobacco—4.8%
		2,960	J.M. Smucker			147,645
		8,030	PepsiAmericas Inc			206,371
						354,016
			Diversified Financials—3.8%
		4,980	optionsXpress Holdings			106,921
		5,910	Raymond James Financial			170,031
						276,952
			Media—3.7%
		2,830	Arbitron Inc			135,387
		13,530	Lions Gate Entertainment*			138,953
						274,340

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
109

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Smallcap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Consumer Durables & Apparel—3.6%
		7,960	Jarden Corp*		$	169,707
		2,730	Under Armour-Class A*			90,991
						260,698
			Technology Hardware & Equipment—2.3%
		280	Itron Inc*			26,062
		15,420	Vishay Intertechnology*			145,719
						171,781
			Commercial Services & Supplies—2.2%
		2,450	Copart Inc*			100,132
		3,360	Korn/Ferry International*			62,698
						162,830
			Retailing—2.2%
		4,210	Guess? Inc			161,159
			Transportation—1.9%
		4,720	Macquarie Infrastructure			139,712
			Real Estate—1.5%
		2,610	Rayonier Inc REIT			109,698
			Automobiles & Components—1.4%
		2,190	WABCO Holdings			104,594
			TOTAL COMMON STOCKS (Cost $7,302,328)			7,093,607
INVESTMENT FUNDS—2.2%
			Real Estate—1.2%
		2,460	Ultra Real Estate ProShares			89,175
			Semiconductors & Semiconductor Equipment—1.0%
		1,350	Ultra Semiconductor ProShares			71,294
			TOTAL INVESTMENT FUNDS (Cost $155,880)			160,469

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
110

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Smallcap Fund

Face Value		Currency	Description	Market Value (Note 2)
REPURCHASE AGREEMENT—0.9%
	64,389	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with maturity value of $64,391, and an effective yield of 1.05%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.500%, a maturity of 12/01/2020, and an aggregate market value of $69,164. (Cost $64,389)	$	64,389
			TOTAL INVESTMENTS—99.8% (Cost $7,522,597)		7,318,465
			OTHER ASSETS AND LIABILITIES (Net)—0.2%		14,821
			TOTAL NET ASSETS—100.0%	$	7,333,286

Notes to the Portfolio of Investments.

  REIT  Real Estate Investment Trust

  *  Non-income producing security.

    Aggregate cost for federal income tax purposes was $7,529,147.

Glossary of Currencies

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
111

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer U.S. Smallcap Fund  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		21.8	%	$	1,596,851
Consumer Discretionary		19.1			1,399,420
Healthcare		14.3			1,049,204
Energy		11.5			840,746
Materials		9.4			692,996
Industrials		9.2			678,425
Financials		8.8			642,418
Consumer Staples		4.8			354,016
Cash & Cash Equivalents		0.9			64,389
Total Investments		99.8			7,318,465
Other Assets and Liabilities (Net)		0.2			14,821
Net Assets		100.0	%	$	7,333,286

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
112

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer U.S. Midcap Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—96.6%
			Materials—12.5%
		1,300	Agrium Inc		$	102,700
		1,900	Air Products & Chemicals			187,017
		650	Cleveland-Cliffs Inc			104,260
		1,630	Ecolab Inc			74,915
		2,910	International Flavors & Fragrances			132,725
		3,390	Intrepid Potash*			160,991
		5,780	Yamana Gold			74,100
						836,708
			Energy—10.9%
		1,510	Forest Oil*			88,984
		660	Hess Corp			70,092
		1,780	Holly Corp			73,834
		2,490	Nexen Inc			86,677
		1,540	Noble Corp			86,671
		2,150	Quicksilver Resources*			89,203
		2,600	SandRidge Energy*			117,468
		1,380	Ultra Petroleum*			114,637
						727,566
			Diversified Financials—8.5%
		830	IntercontinentalExchange Inc*			128,774
		1,390	Nymex Holdings			128,714
		5,320	Raymond James Financial			153,056
		2,660	T Rowe Price			155,770
						566,314
			Health Care Equipment & Services—7.9%
		990	CR Bard			93,228
		1,810	Express Scripts*			126,736
		2,400	Gen-Probe Inc*			135,264
		2,320	Zimmer Holdings*			172,051
						527,279
			Retailing—5.9%
		1,660	Abercrombie & Fitch			123,354
		3,410	Guess? Inc			130,535
		3,170	Tiffany & Co			138,022
						391,911

See Notes to Financial Statements.

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113

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Midcap Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Commercial Services & Supplies—5.8%
		2,230	Copart Inc*		$	91,140
		4,600	Corrections Corp of America*			117,300
		3,360	Stericycle Inc*			179,357
						387,797
			Semiconductors & Semiconductor Equipment—5.2%
		9,760	Maxim Integrated Products			205,253
		6,860	Nvidia Corp*			140,973
						346,226
			Software & Services—4.8%
		4,570	Activision Inc*			123,618
		2,020	Factset Research Systems			121,261
		2,870	Yahoo! Inc*			78,667
						323,546
			Banks—4.6%
		9,460	Colonial BancGroup			77,004
		4,020	Marshall & Ilsley			100,420
		6,880	New York Community Bancorp			128,450
						305,874
			Telecommunication Services—4.2%
		6,160	NII Holdings*			281,758
			Real Estate—4.2%
		600	AvalonBay Communities REIT			59,850
		1,200	Boston Properties REIT			120,588
		2,400	Rayonier Inc REIT			100,872
						281,310
			Technology Hardware & Equipment—4.2%
		1,520	Mettler-Toledo International*			144,795
		14,190	Vishay Intertechnology*			134,096
						278,891
			Consumer Services—3.8%
		2,410	Weight Watchers International			110,523
		1,340	Wynn Resorts			141,156
						251,679

See Notes to Financial Statements.

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114

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Midcap Fund  

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Food, Beverage & Tobacco—2.8%
		7,390	PepsiAmericas Inc		$	189,923
			Capital Goods—2.4%
		2,550	BE Aerospace*			102,918
		700	SunPower Corp-Class A*			61,089
						164,007
			Pharmaceuticals & Biotechnology—2.4%
		2,580	Celgene Corp*			160,321
			Consumer Durables & Apparel—2.3%
		7,370	Jarden Corp*			157,128
			Automobiles & Components—1.7%
		2,430	WABCO Holdings			116,057
			Transportation—1.5%
		1,490	Canadian Pacific Railway			103,048
			Household & Personal Products—1.0%
		1,480	Estee Lauder-Class A			67,503
			TOTAL COMMON STOCKS (Cost $6,352,026)			6,464,846
INVESTMENT FUNDS—1.0%
			Semiconductors & Semiconductor Equipment—1.0%
		1,230	Ultra Semiconductor ProShares (Cost $59,225)			64,957

Face Value		Currency
REPURCHASE AGREEMENT—0.3%
	18,548	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2008, due 05/01/2008, with a maturity value of $18,549, and an effective yield of 1.05%, collateralized by a U.S. Government and Agency Obligation, with a rate of 2.966%, a maturity of 08/15/2036, and an aggregate market value of $19,028. (Cost $18,548)	$	18,548
			TOTAL INVESTMENTS—97.9% (Cost $6,429,799)		6,548,351
			OTHER ASSETS AND LIABILITIES (Net)—2.1%		141,277
			TOTAL NET ASSETS—100.0%	$	6,689,628

See Notes to Financial Statements.

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115

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Midcap Fund  

Notes to the Portfolio of Investments.

  REIT  Real Estate Investment Trust

  *  Non-income producing security.

    Aggregate cost for federal income tax purposes was $6,431,726.

Glossary of Currencies

  USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
116

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer U.S. Midcap Fund  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		17.2	%	$	1,153,498
Information Technology		15.2			1,013,619
Consumer Discretionary		13.7			916,774
Materials		12.5			836,708
Energy		10.9			727,567
Healthcare		10.3			687,601
Industrials		9.8			654,852
Telecommunications		4.2			281,758
Consumer Staples		3.8			257,426
Cash & Cash Equivalents		0.3			18,548
Total Investments		97.9			6,548,351
Other Assets and Liabilities (Net)		2.1			141,277
Net Assets		100.0	%	$	6,689,628

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
117

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2008

Julius Baer U.S. Multicap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—94.0%
			Materials—11.3%
		1,340	Agrium Inc		$	105,860
		530	Cleveland-Cliffs Inc			85,012
		1,700	Goldcorp Inc			60,724
		250	Monsanto Co			28,505
		410	Potash Corporation of Saskatchewan			75,420
		1,970	Praxair Inc			179,881
		260	Rio Tinto Sponsored ADR			122,200
		5,540	Yamana Gold			71,023
						728,625
			Energy—9.9%
		1,900	Carrizo Oil & Gas*			120,631
		900	Devon Energy			102,060
		2,330	Holly Corp			96,648
		1,740	Noble Corp			97,927
		830	Suncor Energy			93,533
		1,560	Ultra Petroleum*			129,589
						640,388
			Software & Services—8.6%
		4,420	Activision Inc*			119,561
		3,320	eBay Inc*			103,883
		260	Google Inc-Class A*			149,315
		1,220	Visa Inc-Class A*			101,809
		2,810	Yahoo! Inc*			77,022
						551,590
			Diversified Financials—8.3%
		2,660	American Express			127,733
		870	IntercontinentalExchange Inc*			134,980
		1,470	Nymex Holdings			136,122
		2,320	T Rowe Price			135,859
						534,694
			Technology Hardware & Equipment—7.6%
		820	Apple Inc*			142,639
		3,960	EMC Corp*			60,984
		4,800	Hewlett-Packard Co			222,480
		6,840	Vishay Intertechnology*			64,638
						490,741

See Notes to Financial Statements.

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118

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Multicap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Health Care Equipment & Services—6.8%
		1,030	CR Bard		$	96,995
		2,900	Medco Health Solutions*			143,666
		2,630	Zimmer Holdings*			195,041
						435,702
			Capital Goods—5.2%
		1,720	Emerson Electric			89,887
		730	SunPower Corp-Class A*			63,707
		2,520	United Technologies			182,624
						336,218
			Food, Beverage & Tobacco—4.4%
		7,130	PepsiAmericas Inc			183,241
		1,950	Philip Morris International*			99,508
						282,749
			Telecommunication Services—4.2%
		5,920	NII Holdings*			270,781
			Retailing—4.1%
		3,320	Guess? Inc			127,090
		3,160	Tiffany & Co			137,586
						264,676
			Consumer Services—4.0%
		2,820	Weight Watchers International			129,325
		1,240	Wynn Resorts			130,622
						259,947
			Pharmaceuticals & Biotechnology—4.0%
		2,670	Celgene Corp*			165,914
		1,360	Genentech Inc*			92,752
						258,666
			Semiconductors & Semiconductor Equipment—3.3%
		10,060	Maxim Integrated Products			211,562
			Banks—2.7%
		5,960	Colonial BancGroup			48,514
		4,300	Wells Fargo			127,925
						176,439

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
119

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2008

Julius Baer U.S. Multicap Fund

	Share Amount		(Percentage of Net Assets)	Description	Market Value (Note 2)
COMMON STOCKS—Continued
			Commercial Services & Supplies—2.7%
		3,300	Stericycle Inc*		$	176,154
			Household & Personal Products—2.2%
		2,100	Procter & Gamble			140,805
			Media—1.9%
		3,790	Walt Disney			122,910
			Transportation—1.8%
		1,110	Burlington Northern Santa Fe			113,831
			Real Estate—1.0%
		610	AvalonBay Communities REIT			60,848
			TOTAL COMMON STOCKS (Cost $5,776,436)			6,057,326
INVESTMENT FUNDS—1.1%
			Semiconductors & Semiconductor Equipment—1.1%
		1,290	Ultra Semiconductor ProShares (Cost $62,114)			68,125
				TOTAL INVESTMENTS—95.1% (Cost $5,838,550)		6,125,451
				OTHER ASSETS AND LIABILITIES (Net)—4.9%		318,897
				TOTAL NET ASSETS—100.0%	$	6,444,348

Notes to the Portfolio of Investments.

  ADR  American Depositary Receipt

  REIT  Real Estate Investment Trust

  *  Non-income producing security.

    Aggregate cost for federal income tax purposes was $5,839,174.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
120

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2008

Julius Baer U.S. Multicap Fund  

At April 30, 2008, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		20.5	%	$	1,322,018
Financials		12.0			771,982
Materials		11.3			728,624
Healthcare		10.8			694,368
Consumer Discretionary		10.1			647,532
Energy		9.9			640,389
Industrials		9.7			626,203
Consumer Staples		6.6			423,554
Telecommunications		4.2			270,781
Total Investments		95.1			6,125,451
Other Assets and Liabilities (Net)		4.9			318,897
Net Assets		100.0	%	$	6,444,348

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
121

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)  April 30, 2008

	Julius Baer Global Equity			Julius Baer International Equity
ASSETS:
Investments in securities, at market value including market value of securities on loan of $5,442,440 and $2,047,839,754 respectively (Cost $99,120,646 and $15,788,574,400 respectively)	$	99,390,018		$	21,181,198,077
Repurchase agreements (Cost $1,966,334 and $471,256,301)		1,966,334			471,256,301
Affiliated securities (Cost $0 and $717,447,305)		—			1,039,070,224
Cash on deposit for broker (Note 2)		55,557			50,079,789
Foreign currency, at market value (Cost $6,712,610 and $2,234,024,016 respectively)		6,710,580			2,315,263,363
Receivables:
Investments sold		2,007,870			239,745,389
Fund shares sold		14,744			11,737,763
Interest and dividends		139,057			56,282,022
Tax reclaim		31,515			5,704,724
Miscellaneous		—			29,061
Daily variation margin on open financial futures contracts		12,142			8,257,871
Unrealized appreciation on open swap contracts		—			39,881,108
Unrealized appreciation on forward foreign exchange contracts		119,406			32,315,233
Prepaid expense		734			78,654
Total Assets		110,447,957			25,450,899,579
LIABILITIES:
Payables:
Investments purchased		894,231			152,124,955
Fund shares repurchased		7,017			13,868,488
Collateral for securities loaned (Note 2)		5,597,128			2,164,895,443
Investment advisory fee (Note 3)		110,023			16,329,017
Unrealized depreciation on forward foreign exchange contracts		245,797			95,485,368
Accrued expenses and other payables		90,415			5,152,805
Total Liabilities		6,944,611			2,447,856,076
NET ASSETS	$	103,503,346		$	23,003,043,503
NET ASSETS Consist of:
Par value	$	2,463		$	552,630
Paid in capital in excess of par value		222,176,945			16,952,362,649
Undistributed net investment income (loss)		306,045			(78,147,963	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(119,205,058	)		238,209,916
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		222,951			5,890,066,271
NET ASSETS	$	103,503,346		$	23,003,043,503
Class A	$	36,523,760		$	9,789,597,968
Class I	$	66,977,749		$	13,213,445,535
Class R	$	919		$	—
Consultant Class	$	918		$	—
SHARES OUTSTANDING (Note 7)
Class A		873,323			238,509,611
Class I		1,589,067			314,120,211
Class R		103			—
Consultant Class		103			—
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	41.82		$	41.04
Class I	$	42.15		$	42.06
Class R	$	8.91		$	—
Consultant Class	$	8.90		$	—

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
122

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)  April 30, 2008

	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 $698,979,245 and $0 respectively (Cost $8,483,561,465 and $1,239,750,322 respectively)	$	9,512,571,761		$	1,241,626,227
Repurchase agreements (Cost $452,772,954 and $251,991,027)		452,772,954			251,991,027
Cash		697,306,313			—
Cash on deposit for broker (Note 2)		24,243,097			289,170
Foreign currency, at market value (Cost $594,460,002 and $1,343,772 respectively)		608,412,220			892,192
Receivables:
Investments sold		109,303,694			165,809,754
Fund shares sold		33,204,389			22,093,539
Interest and dividends		19,341,540			9,994,283
Tax reclaim		2,450,763			—
Daily variation margin on open financial futures contracts		5,588,837			—
Unrealized appreciation on forward foreign exchange contracts		27,375,637			3,662,287
Prepaid expense		27,375			2,701
Total Assets		11,492,598,580			1,696,361,180
LIABILITIES:
Payables:
Investments purchased		94,216,108			377,790,147
Fund shares repurchased		5,145,593			847,633
Daily variation margin on open financial futures contracts		—			72,250
Dividends payable		—			102
Collateral for securities loaned (Note 2)		739,603,068			—
Investment advisory fee (Note 3)		7,599,518			337,492
Unrealized depreciation on forward foreign exchange contracts		44,146,499			1,447,428
Accrued expenses and other payables		2,249,268			277,760
Total Liabilities		892,960,054			380,772,812
NET ASSETS	$	10,599,638,526		$	1,315,588,368
NET ASSETS Consist of:
Par value	$	650,149		$	97,765
Paid in capital in excess of par value		9,750,454,814			1,290,625,849
Undistributed net investment income (loss)		44,371,494			(5,900,553	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, and foreign currency related transactions		(304,813,478	)		27,141,956
Net unrealized appreciation on investments, forward foreign exchange contracts, and foreign currency related transactions		1,108,975,547			3,623,351
NET ASSETS	$	10,599,638,526		$	1,315,588,368
Class A	$	2,201,787,479		$	309,652,367
Class I	$	8,397,851,047		$	1,005,933,920
Class R	$	—		$	1,040
Consultant Class	$	—		$	1,041
SHARES OUTSTANDING (Note 7)
Class A		135,677,002			23,004,388
Class I		514,471,565			74,760,185
Class R		—			105
Consultant Class		—			105
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	16.23		$	13.46
Class I	$	16.32		$	13.46
Class R	$	—		$	9.95
Consultant Class	$	—		$	9.94

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
123

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)  April 30, 2008

	Julius Baer Global High Income			Julius Baer U.S. Microcap
ASSETS:
Investments in securities, at market value (Cost $279,764,720 and $6,120,718 respectively)	$	277,048,123		$	5,664,989
Repurchase agreements (Cost $39,097,614 and $224,022)		39,097,614			224,022
Foreign currency, at market value (Cost $297,469 and $0 respectively)		290,177			—
Receivables:
Investments sold		—			517,047
Fund shares sold		5,968,927			—
Interest and dividends		5,494,723			5,237
Receivable on open swap contracts		59,493			—
Receivable from advisor—net (Note 3)		—			2,033
Unrealized appreciation on forward foreign exchange contracts		114,226			—
Prepaid expense		726			23
Total Assets		328,074,009			6,413,351
LIABILITIES:
Payables:
Investments purchased		19,951,644			304,286
Fund shares repurchased		96,561			—
Investment advisory fee (Note 3)		133,708			—
Unrealized depreciation on forward foreign exchange contracts		602,543			—
Unrealized depreciation on open swap contracts		613,141			—
Accrued expenses and other payables		89,517			25,968
Total Liabilities		21,487,114			330,254
NET ASSETS	$	306,586,895		$	6,083,097
NET ASSETS Consist of:
Par value	$	29,330		$	687
Paid in capital in excess of par value		310,710,262			7,008,181
Undistributed net investment income (loss)		173,941			(63,754	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(663,317	)		(406,288	)
Net unrealized depreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(3,663,321	)		(455,729	)
NET ASSETS	$	306,586,895		$	6,083,097
Class A	$	120,370,226		$	3,017,722
Class I	$	186,215,665		$	3,064,544
Consultant Class	$	1,004		$	831
SHARES OUTSTANDING (Note 7)
Class A		11,283,903			340,683
Class I		18,046,443			345,763
Consultant Class		104			119
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.67		$	8.86
Class I	$	10.32		$	8.86
Consultant Class	$	9.66		$	6.97

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
124

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)  April 30, 2008

	Julius Baer U.S. Smallcap			Julius Baer U.S. Midcap
ASSETS:
Investments in securities, at market value (Cost $7,458,208 and $6,411,251 respectively)	$	7,254,076		$	6,529,803
Repurchase agreements (Cost $64,389 and $18,548)		64,389			18,548
Receivables:
Investments sold		814,997			563,038
Fund shares sold		1,470			—
Interest and dividends		1,491			3,881
Receivable from advisor—net (Note 3)		—			3,395
Prepaid expense		37			23
Total Assets		8,136,460			7,118,688
LIABILITIES:
Payables:
Investments purchased		774,670			404,015
Investment advisory fee (Note 3)		2,099			—
Accrued expenses and other payables		26,405			25,045
Total Liabilities		803,174			429,060
NET ASSETS	$	7,333,286		$	6,689,628
NET ASSETS Consist of:
Par value	$	825		$	645
Paid in capital in excess of par value		7,982,991			6,650,254
Undistributed net investment loss		(48,325	)		(34,579	)
Accumulated net realized loss on investments sold		(398,073	)		(45,244	)
Net unrealized appreciation (depreciation) on investments		(204,132	)		118,552
NET ASSETS	$	7,333,286		$	6,689,628
Class A	$	3,882,459		$	3,243,612
Class I	$	3,449,978		$	3,445,103
Consultant Class	$	849		$	913
SHARES OUTSTANDING (Note 7)
Class A		436,675			312,932
Class I		387,860			332,427
Consultant Class		150			113
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	8.89		$	10.37
Class I	$	8.89		$	10.36
Consultant Class	$	5.66		$	8.09

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
125

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)  April 30, 2008

	Julius Baer U.S. Multicap
ASSETS:
Investments in securities, at market value (Cost $5,838,550)	$	6,125,451
Receivables:
Investments sold		496,730
Interest and dividends		3,379
Receivable from advisor—net (Note 3)		2,748
Prepaid expense		23
Total Assets		6,628,331
LIABILITIES:
Payables:
Investments purchased		129,346
Accrued expenses and other payables		54,637
Total Liabilities		183,983
NET ASSETS	$	6,444,348
NET ASSETS Consist of:
Par value	$	633
Paid in capital in excess of par value		6,549,630
Undistributed net investment loss		(30,266	)
Accumulated net realized loss on investments sold		(362,550	)
Net unrealized appreciation on investments		286,901
NET ASSETS	$	6,444,348
Class A	$	3,004,923
Class I	$	3,438,523
Consultant Class	$	902
SHARES OUTSTANDING (Note 7)
Class A		295,304
Class I		337,687
Consultant Class		115
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.18
Class I	$	10.18
Consultant Class	$	7.83

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
126

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2008

	Julius Baer Global Equity			Julius Baer International Equity
INVESTMENT INCOME:
Interest†	$	58,422		$	5,408,510
Dividends, from unaffiliated issuers††		733,063			168,452,126
Dividends, from affiliated issuers†††		—			946,138
Total investment income		791,485			174,806,774
EXPENSES:
Investment advisory fee (Note 3)		466,142			102,853,337
Custody fees		54,915			12,001,941
Administration fees		175,969			—
Professional fees		14,548			559,956
Trustees' fees and expenses		1,497			343,065
Registration and filing fees		37,411			166,060
Shareholder reports		11,225			96,624
Insurance premium expense		219			95,311
Commitment fee		2,528			—
Compliance expense		562			128,941
Miscellaneous fees		6,196			85,637
Total expenses common to all classes		771,212			116,330,872
Transfer agent fees
Class A		8,553			533,569
Class I		3,147			198,714
Class R		2,500			—
Consultant Class		2,500			—
Distribution and shareholder servicing fees (Note 4)
Class A		46,926			12,716,044
Class R		3			—
Consultant Class		5			—
Total gross expenses		834,846	��		129,779,199
Custody offset arrangement (Note 3)		(32,364	)		(11,356,671	)
Expenses waived by investment advisor (Note 3)		(159,912	)		—
Net expenses		642,570			118,422,528
NET INVESTMENT INCOME		148,915			56,384,246
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Realized gain (loss) on:
Investments		(3,481,558	)		687,952,906
Investments from affiliates		—			160,238
Financial futures contracts and synthetic futures		(314,834	)		(246,672,640	)
Swap contracts		—			(21,855,076	)
Forward foreign exchange contracts		3,790			(16,614,616	)
Foreign currency transactions		(650,483	)		(129,523,555	)
Net realized gain (loss) on investments		(4,443,085	)		273,447,257
Net change in unrealized appreciation (depreciation) on:
Investments		(8,370,504	)		(3,244,778,681	)
Financial futures contracts and synthetic futures		(73,840	)		65,886,193
Swap contracts		—			(14,790,486	)
Forward foreign exchange contracts		291,991			163,116,754
Foreign currency transactions		153			(1,444,901	)
Net change in unrealized depreciation of investments		(8,152,200	)		(3,032,011,121	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(12,595,285	)		(2,758,563,864	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,446,370	)	$	(2,702,179,618	)

  †  Interest income includes security lending income which is net of rebate and agent fees of $23,947 and $8,876,324 for the Global Equity Fund and International Equity Fund, respectively.

  ††  Net of foreign withholdings taxes of $45,028 and $16,187,829 for the Global Equity Fund and International Equity Fund, respectively.

  †††  Net of foreign withholding taxes $253,983 for the International Equity Fund.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
127

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2008

	Julius Baer International Equity II			Julius Baer Total Return Bond
INVESTMENT INCOME:
Interest†	$	8,569,969		$	26,831,643
Dividends††		63,573,738			—
Total investment income		72,143,707			26,831,643
EXPENSES:
Investment advisory fee (Note 3)		43,186,280			2,314,584
Custody fees		3,901,200			154,323
Administration fees		305,354			66,974
Professional fees		240,803			38,816
Trustees' fees and expenses		141,371			16,351
Registration and filing fees		258,792			77,690
Shareholder reports		372,084			50,317
Insurance premium expense		35,636			3,704
Commitment fee		—			5,056
Compliance expense		55,977			6,674
Miscellaneous fees		37,157			7,753
Total expenses common to all classes		48,534,654			2,742,242
Transfer agent fees
Class A		322,657			28,141
Class I		215,785			16,051
Class R		—			2,500
Consultant Class		—			2,500
Distribution and shareholder servicing fees (Note 4)
Class A		2,419,895			294,786
Class R		—			4
Consultant Class		—			5
Total gross expenses		51,492,991			3,086,229
Custody offset arrangement (Note 3)		(3,611,878	)		(3,361	)
Expenses waived by investment advisor (Note 3)		—			(315,893	)
Net expenses		47,881,113			2,766,975
NET INVESTMENT INCOME		24,262,594			24,064,668
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(76,929,599	)		21,064,216
Financial futures contracts and synthetic futures		(154,493,907	)		—
Forward foreign exchange contracts		(9,165,466	)		(193,303	)
Foreign currency transactions		(23,891,655	)		8,493,131
Net realized gain (loss) on investments		(264,480,627	)		29,364,044
Net change in unrealized appreciation (depreciation) on:
Investments		(759,110,422	)		(8,361,346	)
Financial futures contracts and synthetic futures		62,309,415			(15,833	)
Forward foreign exchange contracts		44,482,974			(5,471,184	)
Foreign currency transactions		(459,568	)		(26,395	)
Net change in unrealized depreciation of investments		(652,777,601	)		(13,874,758	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(917,258,228	)		15,489,286
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(892,995,634	)	$	39,553,954

  †  Interest income includes security lending income which is net of rebate and agent fees of $3,903,036 for the International Equity Fund II.

  ††  Net of withholdings taxes of $7,016,215 for the International Equity Fund II.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
128

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2008

	Julius Baer Global High Income			Julius Baer U.S. Microcap
INVESTMENT INCOME:
Interest	$	9,343,141		$	2,198
Dividends†		221,501			19,086
Total investment income		9,564,642			21,284
EXPENSES:
Investment advisory fee (Note 3)		877,171			38,721
Custody fees		62,158			4,575
Administration fees		19,248			14,247
Professional fees		19,556			12,916
Trustees' fees and expenses		3,561			90
Registration and filing fees		41,497			21,217
Shareholder reports		10,766			5
Insurance premium expense		890			25
Commitment fee		5,056			—
Compliance expense		1,443			—
Miscellaneous fees		4,751			2,116
Total expenses common to all classes		1,046,097			93,912
Transfer agent fees
Class A		19,699			6,032
Class I		3,938			2,528
Consultant Class		2,500			2,500
Distribution and shareholder servicing fees (Note 4)
Class A		115,343			3,878
Consultant Class		5			4
Total gross expenses		1,187,582			108,854
Custody offset arrangement (Note 3)		(28,258	)		—
Expenses waived by investment advisor (Note 3)		(121,961	)		(57,732	)
Net expenses		1,037,363			51,122
NET INVESTMENT INCOME (LOSS)		8,527,279			(29,838	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Realized gain (loss) on:
Investments		159,019			(405,706	)
Swap contracts		916,866			—
Forward foreign exchange contracts		167,914			—
Foreign currency transactions		(1,907,229	)		—
Net realized loss on investments		(663,430	)		(405,706	)
Net change in unrealized appreciation (depreciation) on:
Investments		(6,272,416	)		(1,092,048	)
Swap contracts		(463,809	)		—
Forward foreign exchange contracts		(364,404	)		—
Foreign currency transactions		55,713			—
Net change in unrealized depreciation of investments		(7,044,916	)		(1,092,048	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(7,708,346	)		(1,497,754	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	818,933		$	(1,527,592	)

†  Net of withholding taxes of $39,088 for the Global High Income Fund.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
129

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2008

	Julius Baer U.S. Smallcap			Julius Baer U.S. Midcap
INVESTMENT INCOME:
Interest	$	1,836		$	1,312
Dividends		32,771			46,157
Total investment income		34,607			47,469
EXPENSES:
Investment advisory fee (Note 3)		34,344			26,298
Custody fees		4,890			4,622
Administration fees		19,382			10,527
Professional fees		12,945			12,926
Trustees' fees and expenses		103			95
Registration and filing fees		21,201			21,204
Shareholder reports		7			3
Insurance premium expense		43			27
Compliance expense		—			36
Miscellaneous fees		2,121			2,116
Total expenses common to all classes		95,036			77,854
Transfer agent fees
Class A		6,046			6,032
Class I		2,531			2,530
Consultant Class		2,500			2,500
Distribution and shareholder servicing fees (Note 4)
Class A		4,691			3,982
Consultant Class		4			5
Total gross expenses		110,808			92,903
Expenses waived by investment advisor (Note 3)		(61,792	)		(53,606	)
Net expenses		49,016			39,297
NET INVESTMENT INCOME (LOSS)		(14,409	)		8,172
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Realized loss on:
Investments		(390,511	)		(43,092	)
Net realized loss on investments		(390,511	)		(43,092	)
Net change in unrealized depreciation on:
Investments		(1,122,738	)		(814,864	)
Net change in unrealized depreciation of investments		(1,122,738	)		(814,864	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(1,513,249	)		(857,956	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,527,658	)	$	(849,784	)

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
130

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2008

	Julius Baer U.S. Multicap
INVESTMENT INCOME:
Interest	$	766
Dividends		34,858
Total investment income		35,624
EXPENSES:
Investment advisory fee (Note 3)		24,432
Custody fees		4,610
Administration fees		11,888
Professional fees		12,924
Trustees' fees and expenses		94
Registration and filing fees		21,204
Shareholder reports		37
Insurance premium expense		27
Compliance expense		36
Miscellaneous fees		2,118
Total expenses common to all classes		77,370
Transfer agent fees
Class A		6,030
Class I		2,530
Consultant Class		2,500
Distribution and shareholder servicing fees (Note 4)
Class A		3,848
Consultant Class		5
Total gross expenses		92,283
Expenses waived by investment advisor (Note 3)		(55,084	)
Net expenses		37,199
NET INVESTMENT LOSS		(1,575	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Realized loss on:
Investments		(358,710	)
Net realized loss on investments		(358,710	)
Net change in unrealized depreciation on:
Investments		(575,508	)
Net change in unrealized depreciation of investments		(575,508	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(934,218	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(935,793	)

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
131

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Global Equity Fund Inc.

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	148,915		$	677,280
Net realized gain (loss) on investments		(4,443,085	)		10,271,893
Net change in unrealized appreciation (depreciation) of investments		(8,152,200	)		4,869,986
Net increase (decrease) in net assets resulting from operations		(12,446,370	)		15,819,159
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(69,201	)		—
Class I		(300,285	)		—
Class R		(20	)		—
Consultant Class		(20	)		—
Total distributions to shareholders		(369,526	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		6,984,766			9,518,604
Class I		1,720,718			59,719,862
Class R	��	1,010			—
Consultant Class		1,010			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		57,112			—
Class I		227,284			—
Class R		20			—
Consultant Class		20			—
Cost of shares redeemed
Class A		(4,976,295	)		(7,378,540	)
Class I		(725,053	)		(24,100,668	)
Class R		—			—
Consultant Class		—			—
Net increase from Fund share transactions		3,290,592			37,759,258
Net increase (decrease) in net assets		(9,525,304	)		53,578,417
NET ASSETS:
Beginning of period		113,028,650			59,450,233
End of period (including undistributed net investment income of $306,045 and $526,656, respectively)	$	103,503,346		$	113,028,650

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
132

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	56,384,246		$	397,713,966
Net realized gain on investments		273,447,257			2,639,947,789
Net change in unrealized appreciation (depreciation) of investments		(3,032,011,121	)		3,725,410,913
Net increase (decrease) in net assets resulting from operations		(2,702,179,618	)		6,763,072,668
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(159,458,420	)		(59,400,112	)
Class I		(238,477,841	)		(97,389,687	)
Distributions from realized gain
Class A		(1,170,523,883	)		(880,815,538	)
Class I		(1,508,138,936	)		(1,057,761,836	)
Total distributions to shareholders		(3,076,599,080	)		(2,095,367,173	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		615,530,935			1,611,747,637
Class I		830,190,705			2,352,325,275
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		1,246,272,637			885,050,416
Class I		1,508,761,824			1,012,198,966
Cost of shares redeemed
Class A		(1,186,256,484	)		(1,990,356,059	)
Class I		(1,162,851,715	)		(1,778,609,637	)
Net increase from Fund share transactions		1,851,647,902			2,092,356,598
Net increase (decrease) in net assets		(3,927,130,796	)		6,760,062,093
NET ASSETS:
Beginning of period		26,930,174,299			20,170,112,206
End of period (including undistributed net investment (loss) income of ($78,147,963) and $263,404,052, respectively)	$	23,003,043,503		$	26,930,174,299

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
133

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund II

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	24,262,594		$	130,866,952
Net realized gain (loss) on investments		(264,480,627	)		109,187,452
Net change in unrealized appreciation (depreciation) of investments		(652,777,601	)		1,414,646,345
Net increase (decrease) in net assets resulting from operations		(892,995,634	)		1,654,700,749
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(15,166,313	)		(1,953,851	)
Class I		(75,653,553	)		(11,447,304	)
Distributions from realized gain
Class A		(29,650,459	)		(2,983,592	)
Class I		(120,095,288	)		(10,064,024	)
Total distributions to shareholders		(240,565,613	)		(26,448,771	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		765,005,637			1,254,778,148
Class I		2,104,362,590			4,517,095,068
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		40,734,426			4,509,126
Class I		135,373,131			16,754,682
Cost of shares redeemed
Class A		(361,230,270	)		(335,414,636	)
Class I		(684,510,322	)		(514,794,780	)
Net increase from Fund share transactions		1,999,735,192			4,942,927,608
Net increase in net assets		866,173,945			6,571,179,586
NET ASSETS:
Beginning of period		9,733,464,581			3,162,284,995
End of period (including undistributed net investment income of $44,371,494 and $110,928,766, respectively)	$	10,599,638,526		$	9,733,464,581

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
134

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Total Return Bond Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	24,064,668		$	31,898,502
Net realized gain on investments		29,364,044			6,198,398
Net change in unrealized appreciation (depreciation) of investments		(13,874,758	)		13,147,860
Net increase in net assets resulting from operations		39,553,954			51,244,760
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(6,965,522	)		(4,751,855	)
Class I		(30,891,532	)		(26,752,826	)
Class R		(36	)		—
Consultant Class		(36	)		—
Total distributions to shareholders		(37,857,126	)		(31,504,681	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		187,709,497			79,050,470
Class I		318,237,661			487,023,641
Class R		1,010			—
Consultant Class		1,010			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		6,359,334			4,318,464
Class I		20,545,676			17,281,842
Class R		36			—
Consultant Class		36			—
Cost of shares redeemed
Class A		(33,493,718	)		(41,786,343	)
Class I		(115,077,736	)		(138,938,609	)
Class R		—			—
Consultant Class		—			—
Net increase from Fund share transactions		384,282,806			406,949,465
Net increase in net assets		385,979,634			426,689,544
NET ASSETS:
Beginning of period		929,608,734			502,919,190
End of period (including undistributed net investment (loss) income of ($5,900,553) and $7,891,905, respectively)	$	1,315,588,368		$	929,608,734

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
135

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Global High Income Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,527,279		$	11,689,934
Net realized loss on investments		(663,430	)		(973,107	)
Net change in unrealized appreciation (depreciation) of investments		(7,044,916	)		1,639,722
Net increase in net assets resulting from operations		818,933			12,356,549
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(3,021,010	)		(4,072,440	)
Class I		(5,573,730	)		(6,532,304	)
Consultant Class		(28	)		—
Distributions from realized gain
Class A		—			(420,733	)
Class I		—			(457,444	)
Consultant Class		—			—
Return of capital
Class A		—			(448,526	)
Class I		—			(719,449	)
Consultant Class		—			—
Total distributions to shareholders		(8,594,768	)		(12,650,896	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		59,044,436			79,811,932
Class I		64,731,361			133,818,463
Consultant Class		1,010			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		2,694,501			4,232,194
Class I		2,289,534			3,403,772
Consultant Class		28			—
Cost of shares redeemed
Class A		(32,963,645	)		(35,767,124	)
Class I		(28,552,232	)		(19,116,348	)
Consultant Class		—			—
Net increase from Fund share transactions		67,244,993			166,382,889
Net increase in net assets		59,469,158			166,088,542
NET ASSETS:
Beginning of period		247,117,737			81,029,195
End of period (including undistributed net investment income of $173,941 and $241,430, respectively)	$	306,586,895		$	247,117,737

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
136

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Microcap Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(29,838	)	$	(52,659	)
Net realized gain (loss) on investments		(405,706	)		859,303
Net change in unrealized appreciation (depreciation) of investments		(1,092,048	)		2,200
Net increase (decrease) in net assets resulting from operations		(1,527,592	)		808,844
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from realized gain
Class A		(415,935	)		—
Class I		(421,345	)		—
Consultant Class		(149	)		—
Total distributions to shareholders		(837,429	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		55,876			1,033,965
Class I		188,075			528,215
Consultant Class		1,010			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		414,730			—
Class I		418,948			—
Consultant Class		149			—
Cost of shares redeemed
Class A		(44,054	)		(605,058	)
Class I		(44,938	)		(79,393	)
Consultant Class		—			—
Net increase from Fund share transactions		989,796			877,729
Net increase (decrease) in net assets		(1,375,225	)		1,686,573
NET ASSETS:
Beginning of period		7,458,322			5,771,749
End of period (including undistributed net investment loss of ($63,754) and ($33,916), respectively)	$	6,083,097		$	7,458,322

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
137

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Smallcap Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(14,409	)	$	(53,176	)
Net realized gain (loss) on investments		(390,511	)		1,800,207
Net change in unrealized appreciation (depreciation) of investments		(1,122,738	)		457,173
Net increase (decrease) in net assets resulting from operations		(1,527,658	)		2,204,204
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		—			—
Class I		—			(1,456	)
Consultant Class		—			—
Distributions from realized gain
Class A		(898,222	)		(47,337	)
Class I		(886,173	)		(46,110	)
Consultant Class		(306	)		—
Total distributions to shareholders		(1,784,701	)		(94,903	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		543,812			5,152,744
Class I		188,599			421,237
Consultant Class		1,010			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		890,036			47,337
Class I		886,050			47,144
Consultant Class		306			—
Cost of shares redeemed
Class A		(211,369	)		(4,914,765	)
Class I		(65,101	)		(35,479	)
Consultant Class		—			—
Net increase from Fund share transactions		2,233,343			718,218
Net increase (decrease) in net assets		(1,079,016	)		2,827,519
NET ASSETS:
Beginning of period		8,412,302			5,584,783
End of period (including undistributed net investment loss of ($48,325) and ($33,916), respectively)	$	7,333,286		$	8,412,302

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
138

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Midcap Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,172		$	42,297
Net realized gain (loss) on investments		(43,092	)		579,568
Net change in unrealized appreciation (depreciation) of investments		(814,864	)		422,673
Net increase (decrease) in net assets resulting from operations		(849,784	)		1,044,538
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		—			(34,293	)
Class I		(12,213	)		(42,422	)
Consultant Class		(4	)		—
Distributions from realized gain
Class A		(278,853	)		(11,538	)
Class I		(294,292	)		(12,014	)
Consultant Class		(98	)		—
Total distributions to shareholders		(585,460	)		(100,267	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		39,090			497,510
Class I		102,454			627,149
Consultant Class		1,010			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		278,853			36,212
Class I		303,338			43,010
Consultant Class		101			—
Cost of shares redeemed
Class A		(25,703	)		(230,323	)
Class I		(61,694	)		(82,467	)
Consultant Class		—			—
Net increase from Fund share transactions		637,449			891,091
Net increase (decrease) in net assets		(797,795	)		1,835,362
NET ASSETS:
Beginning of period		7,487,423			5,652,061
End of period (including undistributed net investment (loss) of ($34,579) and ($30,534), respectively)	$	6,689,628		$	7,487,423

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
139

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Multicap Fund

	For the Six Month Period Ended April 30, 2008 (Unaudited)			For the Year Ended October 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,575	)	$	54,762
Net realized gain (loss) on investments		(358,710	)		665,255
Net change in unrealized appreciation (depreciation) of investments		(575,508	)		333,356
Net increase (decrease) in net assets resulting from operations		(935,793	)		1,053,373
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		—			(34,572	)
Class I		(9,248	)		(41,349	)
Consultant Class		(5	)		—
Distributions from realized gain
Class A		(317,605	)		(11,507	)
Class I		(351,375	)		(11,636	)
Consultant Class		(115	)		—
Total distributions to shareholders		(678,348	)		(99,064	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		18,390			1,319,599
Class I		42,290			660,159
Consultant Class		1,011			—
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		317,605			35,926
Class I		358,289			40,976
Consultant Class		120			—
Cost of shares redeemed
Class A		(184,984	)		(965,928	)
Class I		(61,729	)		(35,201	)
Consultant Class		—			—
Net increase from Fund share transactions		490,992			1,055,531
Net increase (decrease) in net assets		(1,123,149	)		2,009,840
NET ASSETS:
Beginning of period		7,567,497			5,557,657
End of period (including undistributed net investment (loss) of ($30,266) and ($19,438), respectively)	$	6,444,348		$	7,567,497

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
140

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global Equity Fund Inc.

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30,			Year Ended October 31,									April 01, 2004 through October 31,			Year Ended March 31,
	2008			2007			2006			2005(7)			2004(7)			2004(7)			2003(7)
Net Asset Value, beginning of period	$	47.02		$	38.23		$	31.45		$	26.90		$	25.30		$	24.10		$	42.50
Income (loss) from investment operations:
Net investment income (loss) (2)		0.03			0.33			0.23			0.21			(0.30	)		(0.80	)		(0.60	)
Net realized and unrealized gain (loss) on investments		(5.15	)		8.46			6.55			4.36			1.90			2.00			(17.50	)
Total income (loss) from investment operations		(5.12	)		8.79			6.78			4.57			1.60			1.20			(18.10	)
Less distributions:
From net investment income		(0.08	)		—			—			(0.02	)		—			—			(0.30	)
Total Distributions		(0.08	)		—			—			(0.02	)		—			—			(0.30	)
Net Asset Value, end of period	$	41.82		$	47.02		$	38.23		$	31.45		$	26.90		$	25.30		$	24.10
Market Value, end of period (8)	$	—		$	—		$	—		$	—		$	—		$	23.600		$	19.700
Total Return		(10.92	)%(5)		23.02	%		21.56	%		17.00	%		6.32	%(5)		19.80	%		(49.75	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	36,524		$	38,995		$	29,852		$	34,608		$	24,688		$	36,930		$	35,122
Ratio of net investment income to average net assets		0.13	%(4)		0.78	%		0.65	%		0.71	%		(1.80	)%(4)		(3.25	)%		(2.21	)%
Ratio of expenses to average net assets (1)		1.46	%(4)		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	%(4)		1.40	%		1.40	%		1.50	%		2.30	%(4)(6)		3.25	%		2.82	%
Portfolio turnover rate		69	%(5)		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	1.79	%	1.97	%	2.24	%	2.98	%	3.73	%	3.50	%	3.07	%
Ratio of expenses to average net assets (3)	1.73	%	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 equity securities of issuers located throughout the world. For periods prior thereto, all historical perf ormance 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 2008 Semi-Annual Report
141

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global Equity Fund Inc.

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30,			Year Ended October 31,						Period Ended October 31,
	2008			2007			2006			2005(6)(7)
Net Asset Value, beginning of period	$	47.45		$	38.48		$	31.58		$	30.80
Income (loss) from investment operations:
Net investment income (2)		0.08			0.46			0.38			0.23
Net realized and unrealized gain (loss) on investments		(5.19	)		8.51			6.52			0.56
Total income (loss) from investment operations		(5.11	)		8.97			6.90			0.79
Less distributions:
From net investment income		(0.19	)		—			—	(8)		(0.01	)
Total Distributions		(0.19	)		—			—			(0.01	)
Net Asset Value, end of period	$	42.15		$	47.45		$	38.48		$	31.58
Total Return		(10.81	)%(5)		23.31	%		21.89	%		2.56	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	66,978		$	74,033		$	29,598		$	16,810
Ratio of net investment income to average net assets		0.38	%(4)		1.08	%		1.06	%		1.15	%(4)
Ratio of expenses to average net assets (1)		1.21	%(4)		1.17	%		1.17	%		1.17	%(4)
Ratio of expenses to average net assets (1)(3)		1.15	%(4)		1.15	%		1.15	%		1.15	%(4)
Portfolio turnover rate		69	%(5)		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	1.50	%	1.63	%	1.86	%	2.49	%
Ratio of expenses to average net assets (3)	1.44	%	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)  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 2008 Semi-Annual Report
142

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global Equity Fund Inc.

For a share outstanding throughout the period

	Class R
	Six Months Ended April 30, 2008(6)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment loss		(0.02	)(2)
Net realized and unrealized loss on investments		(0.87	)
Total loss from investment operations		(0.89	)
Less distributions:
From net investment income		(0.20	)
Total Distributions		(0.20	)
Net Asset Value, end of period	$	8.91
Total Return		(9.06	)%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment loss to average net assets		(0.41	)%(4)
Ratio of expenses to average net assets		1.97	%(1)(4)
Ratio of expenses to average net assets		1.90	%(1)(3)(4)
Portfolio turnover rate		69	%(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	545.06	%
Ratio of expenses to average net assets (3)	545.00	%

  (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)  Commenced operations on November 1, 2007.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
143

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global Equity Fund Inc.

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(6)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment loss		(0.03	)(2)
Net realized and unrealized loss on investments		(0.87	)
Total loss from investment operations		(0.90	)
Less distributions:
From net investment income		(0.20	)
Total Distributions		(0.20	)
Net Asset Value, end of period	$	8.90
Total Return		(9.16	)%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment loss to average net assets		(0.65	)%(4)
Ratio of expenses to average net assets		2.21	%(1)(4)
Ratio of expenses to average net assets		2.15	%(1)(3)(4)
Portfolio turnover rate		69	%(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	545.64	%
Ratio of expenses to average net assets (3)	545.58	%

  (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)  Commenced operations on November 1, 2007.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
144

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30,			Year Ended October 31,
	2008			2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	51.95		$	43.09		$	34.29		$	28.99		$	24.45		$	19.60
Income (loss) from investment operations:
Net investment income (2)		0.07			0.71			0.50			0.35			0.16			0.24
Net realized and unrealized gain (loss) on investments		(5.01	)		12.60			9.87			5.98			4.71			4.93
Total income (loss) from investment operations		(4.94	)		13.31			10.37			6.33			4.87			5.17
Less distributions:
From net investment income		(0.71	)		(0.28	)		—			(0.45	)		(0.33	)		(0.32	)
From net realized gains on investments		(5.26	)		(4.17	)		(1.57	)		(0.58	)		—			—
Total Distributions		(5.97	)		(4.45	)		(1.57	)		(1.03	)		(0.33	)		(0.32	)
Net Asset Value, end of period	$	41.04		$	51.95		$	43.09		$	34.29		$	28.99		$	24.45
Total Return		(10.12	)%(4)		33.33	%		31.20	%		22.19	%		20.05	%		26.78	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	9,789,598		$	11,619,663		$	9,092,359		$	7,018,030		$	3,721,409		$	1,705,074
Ratio of net investment income to average net assets		0.33	%(3)		1.54	%		1.28	%		1.09	%		0.58	%		0.83	%
Ratio of expenses to average net assets (1)		1.25	%(3)		1.24	%		1.24	%		1.32	%		1.35	%		1.37	%
Ratio of expenses to average net assets		1.15	%(3)		1.19	%		1.19	%		1.31	%		1.32	%		1.31	%
Portfolio turnover rate		17	%(4)		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.

  (3)  Annualized.

  (4)  Not annualized.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
145

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30,			Year Ended October 31,
	2008			2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	53.15		$	43.97		$	34.96		$	29.47		$	24.79		$	19.79
Income (loss) from investment operations:
Net investment income (2)		0.13			0.85			0.52			0.44			0.23			0.28
Net realized and unrealized gain (loss) on investments		(5.13	)		12.88			10.15			6.09			4.79			5.05
Total income (loss) from investment operations		(5.00	)		13.73			10.67			6.53			5.02			5.33
Less distributions:
From net investment income		(0.83	)		(0.38	)		—			(0.46	)		(0.34	)		(0.33	)
From net realized gains on investments		(5.26	)		(4.17	)		(1.66	)		(0.58	)		—			—
Total Distributions		(6.09	)		(4.55	)		(1.66	)		(1.04	)		(0.34	)		(0.33	)
Net Asset Value, end of period	$	42.06		$	53.15		$	43.97		$	34.96		$	29.47		$	24.79
Total Return		(10.00	)%(4)		33.65	%		31.53	%		22.52	%		20.39	%		27.39	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	13,213,446		$	15,310,511		$	11,077,753		$	8,220,356		$	3,844,713		$	1,114,010
Ratio of net investment income to average net assets		0.59	%(3)		1.81	%		1.29	%		1.33	%		0.87	%		1.16	%
Ratio of expenses to average net assets (1)		0.99	%(3)		0.99	%		0.99	%		1.05	%		1.08	%		1.08	%
Ratio of expenses to average net assets		0.89	%(3)		0.94	%		0.94	%		1.04	%		1.05	%		1.02	%
Portfolio turnover rate		17	%(4)		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.

  (3)  Annualized.

  (4)  Not annualized.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
146

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30,			Year Ended October 31,						Period Ended October 31,
	2008			2007			2006			2005(5)
Net Asset Value, beginning of period	$	18.31		$	14.07		$	10.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (7)		0.02			0.31			0.16			(0.01	)
Net realized and unrealized gain (loss) on investments		(1.69	)		4.01			2.97			0.95
Total income (loss) from investment operations		(1.67	)		4.32			3.13			0.94
Less distributions:
From net investment income		(0.14	)		(0.03	)		—			—
From net realized gains on investments		(0.27	)		(0.05	)		—			—
Total Distributions		(0.41	)		(0.08	)		—			—
Net Asset Value, end of period	$	16.23		$	18.31		$	14.07		$	10.94
Total Return		(9.24	)%(2)		30.89	%		28.73	%		9.30	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	2,201,787		$	1,980,188		$	722,531		$	127,435
Ratio of net investment income (loss) to average net assets		0.30	%(3)		1.93	%		1.25	%		(0.11	)%(3)
Ratio of expenses to average net assets (1)(4)(6)		1.29	%(3)		1.31	%		1.33	%		1.36	%(3)
Ratio of expenses to average net assets		1.22	%(3)		1.29	%		1.32	%		1.35	%(3)
Portfolio turnover rate		28	%(2)		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 2008 Semi-Annual Report
147

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30,			Year Ended October 31,						Period Ended October 31,
	2008			2007			2006			2005(5)
Net Asset Value, beginning of period	$	18.42		$	14.14		$	10.96		$	10.00
Income (loss) from investment operations:
Net investment income (7)		0.05			0.37			0.20			—
Net realized and unrealized gain (loss) on investments		(1.71	)		4.02			2.98			0.96
Total income (loss) from investment operations		(1.66	)		4.39			3.18			0.96
Less distributions:
From net investment income		(0.17	)		(0.06	)		—			—
From net realized gains on investments		(0.27	)		(0.05	)		—			—
Total Distributions		(0.44	)		(0.11	)		—			—
Net Asset Value, end of period	$	16.32		$	18.42		$	14.14		$	10.96
Total Return		(9.12	)%(2)		31.15	%		29.11	%		9.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	8,397,851		$	7,753,276		$	2,439,754		$	297,617
Ratio of net investment income (loss) to average net assets		0.55	%(3)		2.28	%		1.54	%		(0.01	)%(3)
Ratio of expenses to average net assets (1)(4)(6)		1.01	%(3)		1.03	%		1.06	%		1.09	%(3)
Ratio of expenses to average net assets		0.94	%(3)		1.01	%		1.05	%		1.08	%(3)
Portfolio turnover rate		28	%(2)		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 2008 Semi-Annual Report
148

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30,			Year Ended October 31,
	2008			2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	13.41		$	13.08		$	13.33		$	13.37		$	13.34		$	12.55
Income from investment operations:
Net investment income		0.27			0.57			0.56			0.42			0.37			0.30
Net realized and unrealized gain on investments (3)		0.21			0.29			0.07			0.10			0.35			0.92
Total income from investment operations		0.48			0.86			0.63			0.52			0.72			1.22
Less distributions:
From net investment income		(0.43	)		(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		(0.43	)		(0.53	)		(0.88	)		(0.56	)		(0.69	)		(0.43	)
Net Asset Value, end of period	$	13.46		$	13.41		$	13.08		$	13.33		$	13.37		$	13.34
Total Return		3.63	%(6)		6.75	%		4.98	%		3.93	%		5.50	%		9.83	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	309,652		$	148,603		$	103,732		$	68,223		$	58,823		$	63,449
Ratio of net investment income to average net assets		4.09	%(5)		4.34	%		4.32	%		3.11	%		2.79	%		2.24	%
Ratio of expenses to average net assets (1)		0.69	%(5)		0.69	%		0.69	%		0.78	%		1.17	%		1.16	%
Ratio of expenses to average net assets		0.69	%(2)(5)		0.69	%(2)		0.69	%(2)		0.77	%(2)		1.17	%		1.16	%
Portfolio turnover rate (4)		205	%(6)		433	%		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 0.76%, 0.81%, 0.83%, and 0.93% for the periods ended April 30, 2008, October 31, 2007, October 31, 2006 and October 31, 2005.

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

  (4)  The portfolio turnover rate not including TBA transactions was 113%, 238%, 220%, 174%, 67% and 155% for the periods ended April 30, 2008, October 31, 2007, October 31, 2006, October 31, 2005, October 31, 2004 and October 31, 2003.

  (5)  Annualized.

  (6)  Not annualized.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
149

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30,			Year Ended October 31,
	2008			2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	13.43		$	13.12		$	13.38		$	13.41		$	13.37		$	12.56
Income from investment operations:
Net investment income (3)		0.29			0.61			0.60			0.47			0.41			0.37
Net realized and unrealized gain on investments		0.21			0.29			0.07			0.08			0.34			0.89
Total income from investment operations		0.50			0.90			0.67			0.55			0.75			1.26
Less distributions:
From net investment income		(0.47	)		(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		(0.47	)		(0.59	)		(0.93	)		(0.58	)		(0.71	)		(0.45	)
Net Asset Value, end of period	$	13.46		$	13.43		$	13.12		$	13.38		$	13.41		$	13.37
Total Return		3.74	%(6)		7.13	%		5.25	%		4.10	%		5.82	%		10.19	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1,005,934		$	781,006		$	399,187		$	141,145		$	31,862		$	14,188
Ratio of net investment income to average net assets		4.33	%(5)		4.61	%		4.64	%		3.50	%		3.08	%		2.50	%
Ratio of expenses to average net assets (1)		0.44	%(5)		0.44	%		0.44	%		0.47	%		0.88	%		0.90	%
Ratio of expenses to average net assets		0.44	%(2)(5)		0.44	%(2)		0.44	%(2)		0.47	%(2)		0.88	%		0.89	%
Portfolio turnover rate (4)		205	%(6)		433	%		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 0.49%, 0.54%, 0.56%, and 0.65% for periods ended April 30, 2008, October 31, 2007, October 31, 2006, and October 31, 2005.

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

  (4)  The portfolio turnover rate not including TBA transactions was 113%, 238%, 220%, 174%, 67% and 155% for the periods ended April 30, 2008, October 31, 2007, October 31, 2006, October 31, 2005, October 31, 2004 and October 31, 2003.

  (5)  Annualized.

  (6)  Not Annualized.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
150

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Total Return Bond Fund

For a share outstanding throughout the period

	Class R
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Income from investment operations:
Net investment income		0.18	(6)
Net realized and unrealized gain on investments		0.12
Total income from investment operations		0.30
Less distributions:
From net investment income		(0.35	)
Total Distributions		(0.35	)
Net Asset Value, end of period	$	9.95
Total Return		3.10	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment income to average net assets		3.50	%(4)
Ratio of expenses to average net assets		1.19	%(2)(4)
Ratio of expenses to average net assets		1.19	%(3)(4)
Portfolio turnover rate		205	%(5)(7)

  (1)  Commenced operations on November 1, 2007.

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

  (3)  The net expenses of the Fund reflect a waiver of fee by the Fund's investment advisor. Had such action not been taken, the operating expense ratio would have been 490.70% for the period ended April 30, 2008.

  (4)  Annualized.

  (5)  Not annualized.

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

  (7)  The portfolio turnover rate not including TBA transactions was 113% for the period ended April 30, 2008.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
151

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Total Return Bond Fund

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Income from investment operations:
Net investment income		0.17	(6)
Net realized and unrealized gain on investments		0.12
Total income from investment operations		0.29
Less distributions:
From net investment income		(0.35	)
Total Distributions		(0.35	)
Net Asset Value, end of period	$	9.94
Total Return		2.99	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment income to average net assets		3.26	%(4)
Ratio of expenses to average net assets		1.44	%(2)(4)
Ratio of expenses to average net assets		1.44	%(3)(4)
Portfolio turnover rate		205	%(5)(7)

  (1)  Commenced operations on November 1, 2007.

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

  (3)  The net expenses of the Fund reflect a waiver of fee by the Fund's investment advisor. Had such action not been taken, the operating expense ratio would have been 491.27% for the period ended April 30, 2008.

  (4)  Annualized.

  (5)  Not annualized.

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

  (7)  The portfolio turnover rate not including TBA transactions was 113% for the period ended April 30, 2008.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
152

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global High Income Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30,			Year Ended October 31,												Period Ended October 31,
	2008			2007			2006			2005			2004			2003(1)
Net Asset Value, beginning of period	$	11.05		$	10.99		$	11.93		$	12.07		$	11.43		$	10.00
Income (loss) from investment operations:
Net investment income (2)		0.36			0.76			0.68			0.73			0.70			0.64
Net realized and unrealized gain (loss)  on investments		(0.40	)		0.15			0.43			(0.01	)		0.72			1.37
Total income (loss) from investment operations		(0.04	)		0.91			1.11			0.72			1.42			2.01
Less distributions:
From net investment income		(0.34	)		(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		(0.34	)		(0.85	)		(2.05	)		(0.86	)		(0.78	)		(0.58	)
Net Asset Value, end of period	$	10.67		$	11.05		$	10.99		$	11.93		$	12.07		$	11.43
Total Return		(0.31	)%(6)		8.58	%		10.49	%		6.15	%		12.87	%		20.57	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	120,370		$	94,348		$	45,930		$	36,166		$	45,164		$	28,195
Ratio of net investment income to average net assets		6.79	%(3)		6.89	%		6.16	%		6.01	%		5.97	%		6.71	%(3)
Ratio of expenses to average net assets (4)		1.02	%(3)		1.01	%		1.10	%(7)		1.28	%		1.24	%		1.26	%(3)
Ratio of expenses to average net assets		1.00	%(3)(5)		1.00	%(5)		1.08	%(5)(7)		1.25	%(5)		1.25	%		1.25	%(3)(5)
Portfolio turnover rate		24	%(6)		63	%		96	%		99	%		93	%		83	%(6)

  (1)  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 1.12%, 1.20%, 1.35%, 1.30% and 1.95% for the periods ended April 30, 2008, 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 2008 Semi-Annual Report
153

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global High Income Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30,			Year Ended October 31,												Period Ended October 31,
	2008			2007			2006			2005			2004			2003(1)
Net Asset Value, beginning of period	$	10.71		$	10.66		$	11.61		$	12.01		$	11.36		$	10.00
Income (loss) from investment operations:
Net investment income (2)		0.36			0.77			0.70			0.78			0.73			0.57
Net realized and unrealized gain (loss)  on investments		(0.39	)		0.14			0.40			(0.05	)		0.72			1.35
Total income (loss) from investment operations		(0.03	)		0.91			1.10			0.73			1.45			1.92
Less distributions:
From net investment income		(0.36	)		(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		(0.36	)		(0.86	)		(2.05	)		(1.13	)		(0.80	)		(0.56	)
Net Asset Value, end of period	$	10.32		$	10.71		$	10.66		$	11.61		$	12.01		$	11.36
Total Return		(0.16	)%(6)		8.82	%		10.76	%		6.37	%		13.28	%		19.66	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	186,216		$	152,769		$	35,100		$	7,586		$	45,636		$	20,839
Ratio of net investment income to average net assets		7.03	%(3)		7.15	%		6.61	%		6.47	%		6.24	%		6.91	%(3)
Ratio of expenses to average net assets (4)		0.77	%(3)		0.76	%		0.81	%(7)		1.03	%		0.97	%		1.02	%(3)
Ratio of expenses to average net assets		0.75	%(3)(5)		0.75	%(5)		0.79	%(5)(7)		1.00	%(5)		1.00	%		1.00	%(3)(5)
Portfolio turnover rate		24	%(6)		63	%		96	%		99	%		93	%		83	%(6)

  (1)  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 0.83%, 0.92%, 1.08%, 1.04% and 1.41% for the periods ended April 30, 2008, 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 2008 Semi-Annual Report
154

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer Global High Income Fund

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment income		0.29	(2)
Net realized and unrealized loss on investments		(0.35	)
Total loss from investment operations		(0.06	)
Less distributions:
From net investment income		(0.28	)
Total Distributions		(0.28	)
Net Asset Value, end of period	$	9.66
Total Return		(0.56	)%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment income to average net assets		6.11	%(3)
Ratio of expenses to average net assets		1.77	%(3)(4)
Ratio of expenses to average net assets		1.75	%(3)(5)
Portfolio turnover rate		24	%(6)

  (1)  Commenced operations on November 1, 2007.

  (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 previous 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 513.76% for the period ended April 30, 2008.

  (6)  Not annualized.

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
155

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Microcap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	12.66		$	11.26		$	10.00
Income (loss) from investment operations:
Net investment loss (5)		(0.05	)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(2.35	)		1.51			1.29
Total income (loss) from investment operations		(2.40	)		1.40			1.26
Less distributions:
From net realized gains on investments		(1.40	)		—			—
Total Distributions		(1.40	)		—			—
Net Asset Value, end of period	$	8.86		$	12.66		$	11.26
Total Return		(20.56	)%(2)		12.43	%		12.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,018		$	3,781		$	2,955
Ratio of net investment loss to average net assets		(1.11	)%(3)		(0.90	)%		(0.99	)%(3)
Ratio of expenses to average net assets (4)		1.80	%(3)		1.80	%		1.80	%(3)
Portfolio turnover rate		109	%(2)		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 3.67%, 3.52% and 4.52% for the period ended April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
156

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Microcap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	12.71		$	11.27		$	10.00
Income (loss) from investment operations:
Net investment loss (5)		(0.04	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(2.35	)		1.51			1.29
Total income (loss) from investment operations		(2.39	)		1.44			1.27
Less distributions:
From net realized gains on investments		(1.46	)		—			—
Total Distributions		(1.46	)		—			—
Net Asset Value, end of period	$	8.86		$	12.71		$	11.27
Total Return		(20.50	)%(2)		12.88	%		12.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,065		$	3,677		$	2,816
Ratio of net investment loss to average net assets		(0.81	)%(3)		(0.60	)%		(0.69	)%(3)
Ratio of expenses to average net assets (4)		1.50	%(3)		1.50	%		1.50	%(3)
Portfolio turnover rate		109	%(2)		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 3.20%, 3.08% and 4.03% for the period ended April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
157

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Microcap Fund

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment loss		(0.07	)(5)
Net realized and unrealized loss on investments		(1.49	)
Total loss from investment operations		(1.56	)
Less distributions:
From net realized gains on investments		(1.47	)
Total Distributions		(1.47	)
Net Asset Value, end of period	$	6.97
Total Return		(17.75	)%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment loss to average net assets		(1.89	)%(3)
Ratio of expenses to average net assets		2.55	%(3)(4)
Portfolio turnover rate		109	%(2)

  (1)  Commenced operations on November 1, 2007.

  (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 584.55% for the period ended April 30, 2008.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
158

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	14.13		$	11.10		$	10.00
Income (loss) from investment operations:
Net investment loss (5)		(0.03	)		(0.10	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(2.25	)		3.31			1.11
Total income (loss) from investment operations		(2.28	)		3.21			1.10
Less distributions:
From net realized gains on investments		(2.96	)		(0.18	)		—
Total Distributions		(2.96	)		(0.18	)		—
Net Asset Value, end of period	$	8.89		$	14.13		$	11.10
Total Return		(18.26	)%(2)		29.44	%		11.00	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,882		$	4,339		$	2,807
Ratio of net investment loss to average net assets		(0.54	)%(3)		(0.85	)%		(0.29	)%(3)
Ratio of expenses to average net assets (4)		1.50	%(3)		1.50	%		1.50	%(3)
Portfolio turnover rate		119	%(2)		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 3.21%, 2.97% and 4.22% for the periods ending April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
159

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	14.18		$	11.11		$	10.00
Income (loss) from investment operations:
Net investment loss (5)		(0.01	)		(0.06	)		—
Net realized and unrealized gain (loss) on investments		(2.27	)		3.32			1.11
Total income (loss) from investment operations		(2.28	)		3.26			1.11
Less distributions:
From net investment income		—			(0.01	)		—
From net realized gains on investments		(3.01	)		(0.18	)		—
Total Distributions		(3.01	)		(0.19	)		—
Net Asset Value, end of period	$	8.89		$	14.18		$	11.11
Total Return		(18.03	)%(2)		29.75	%		11.10	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,450		$	4,073		$	2,777
Ratio of net investment loss to average net assets		(0.25	)%(3)		(0.52	)%		0.01	%(3)
Ratio of expenses to average net assets (4)		1.20	%(3)		1.20	%		1.20	%(3)
Portfolio turnover rate		119	%(2)		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 2.77%, 2.79% and 3.68% for the periods ending April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
160

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment loss		(0.04	)(5)
Net realized and unrealized loss on investments		(1.27	)
Total loss from investment operations		(1.31	)
Less distributions:
From net realized gains on investments		(3.03	)
Total Distributions		(3.03	)
Net Asset Value, end of period	$	5.66
Total Return		(16.04	)%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment loss to average net assets		(1.32	)%(3)
Ratio of expenses to average net assets (4)		2.25	%(3)
Portfolio turnover rate		119	%(2)

  (1)  Commenced operations on November 1, 2007

  (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 583.80% for the period ending April 30, 2008.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
161

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Midcap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	12.74		$	11.05		$	10.00
Income (loss) from investment operations:
Net investment income (5)		0.01			0.05			0.01
Net realized and unrealized gain (loss) on investments		(1.40	)		1.81			1.04
Total income (loss) from investment operations		(1.39	)		1.86			1.05
Less distributions:
From net investment income		—			(0.13	)		—
From net realized gains on investments		(0.98	)		(0.04	)		—
Total Distributions		(0.98	)		(0.17	)		—
Net Asset Value, end of period	$	10.37		$	12.74		$	11.05
Total Return		(11.55	)%(2)		17.16	%		10.50	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,244		$	3,646		$	2,887
Ratio of net investment income to average net assets		0.10	%(3)		0.43	%		0.52	%(3)
Ratio of expenses to average net assets (4)		1.35	%(3)		1.35	%		1.35	%(3)
Portfolio turnover rate		95	%(2)		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 3.00%, 2.98% and 3.94% for the periods ended April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
162

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Midcap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	12.76		$	11.06		$	10.00
Income (loss) from investment operations:
Net investment income (5)		0.02			0.09			0.01
Net realized and unrealized gain (loss) on investments		(1.40	)		1.80			1.05
Total income (loss) from investment operations		(1.38	)		1.89			1.06
Less distributions:
From net investment income		(0.04	)		(0.15	)		—
From net realized gains on investments		(0.98	)		(0.04	)		—
Total Distributions		(1.02	)		(0.19	)		—
Net Asset Value, end of period	$	10.36		$	12.76		$	11.06
Total Return		(11.47	)%(2)		17.47	%		10.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,445		$	3,842		$	2,765
Ratio of net investment income to average net assets		0.39	%(3)		0.77	%		0.22	%(3)
Ratio of expenses to average net assets (4)		1.05	%(3)		1.05	%		1.05	%(3)
Portfolio turnover rate		95	%(2)		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 2.52%, 2.51% and 3.46% for the periods ended April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
163

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Midcap Fund

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment loss		(0.03	)(5)
Net realized and unrealized loss on investments		(0.87	)
Total loss from investment operations		(0.90	)
Less distributions:
From net investment income		(0.03	)
From net realized gains on investments		(0.98	)
Total Distributions		(1.01	)
Net Asset Value, end of period	$	8.09
Total Return		(9.64	)%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment loss to average net assets		(0.66	)%(3)
Ratio of expenses to average net assets		2.10	%(3)(4)
Portfolio turnover rate		95	%(2)

  (1)  Commenced operations on November 1, 2007.

  (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 556.88% for the periods ended April 30, 2008.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
164

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Multicap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	12.84		$	11.10		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (6)		(0.01	)		0.07			—	(5)
Net realized and unrealized gain (loss) on investments		(1.51	)		1.85			1.10
Total income (loss) from investment operations		(1.52	)		1.92			1.10
Less distributions:
From net investment income		—			(0.13	)		—
From net realized gains on investments		(1.14	)		(0.05	)		—
Total Distributions		(1.14	)		(0.18	)		—
Net Asset Value, end of period	$	10.18		$	12.84		$	11.10
Total Return		(12.45	)%(2)		17.47	%		11.00	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,005		$	3,620		$	2,780
Ratio of net investment income (loss) to average net assets		(0.21	)%(3)		0.58	%		(0.03	)%(3)
Ratio of expenses to average net assets (4)		1.30	%(3)		1.30	%		1.30	%(3)
Portfolio turnover rate		90	%(2)		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 3.01%, 2.93% and 3.87% for the periods ended April 30, 2008, 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 2008 Semi-Annual Report
165

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Multicap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2008			Year Ended October 31, 2007			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	12.86		$	11.11		$	10.00
Income (loss) from investment operations:
Net investment income (5)		—			0.12			0.01
Net realized and unrealized gain (loss) on investments		(1.51	)		1.84			1.10
Total income (loss) from investment operations		(1.51	)		1.96			1.11
Less distributions:
From net investment income		(0.03	)		(0.16	)		—
From net realized gains on investments		(1.14	)		(0.05	)		—
Total Distributions		(1.17	)		(0.21	)		—
Net Asset Value, end of period	$	10.18		$	12.86		$	11.11
Total Return		(12.28	)%(2)		17.79	%		11.10	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,439		$	3,947		$	2,778
Ratio of net investment income to average net assets		0.09	%(3)		0.99	%		0.27	%(3)
Ratio of expenses to average net assets (4)		1.00	%(3)		1.00	%		1.00	%(3)
Portfolio turnover rate		90	%(2)		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 2.52%, 2.42% and 3.3% for the periods ended April 30, 2008, October 31, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
166

FINANCIAL HIGHLIGHTS (Unaudited)

Julius Baer U.S. Multicap Fund

For a share outstanding throughout the period

	Consultant Class
	Six Months Ended April 30, 2008(1)
Net Asset Value, beginning of period	$	10.00
Loss from investment operations:
Net investment loss		(0.04	)(5)
Net realized and unrealized loss on investments		(0.94	)
Total loss from investment operations		(0.98	)
Less distributions:
From net investment income		(0.05	)
From net realized gains on investments		(1.14	)
Total Distributions		(1.19	)
Net Asset Value, end of period	$	7.83
Total Return		(10.58	)%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1
Ratio of net investment loss to average net assets		(1.11	)%(3)
Ratio of expenses to average net assets		2.05	%(3)(4)
Portfolio turnover rate		90	%(2)

  (1)  Commenced operations on November 1, 2007.

  (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 has been 558.24% for the period ended April 30, 2008.

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

See Notes to Financial Statements.

Julius Baer Funds 2008 Semi-Annual Report
167

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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 April 30, 2008, 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 Global Equity 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 Global Equity Fund's adviser). Until the close of business on June 30, 2004, the Global Equity 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 Global Equity Fund, and the Global Equity 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 th ereto, all historical performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Global Equity 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 April 30, 2008, the Trust offered eight diversified 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").

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

Julius Baer Funds 2008 Semi-Annual Report
168

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

401(k) plans and new plan participants within 401(k) plans that hold positions in the Fund. In addition, existing shareholders may continue to invest.

Each of the Julius Baer Funds offers multiple share classes. As of April 30, 2008, all of the Funds offered Class A and Class I shares. 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 also offer Consultant Class shares. Consultant Class shares are offered primarily through financial advisers, including brokers, and other entities that have a dealer agreement with the Funds' distributor. Additionally, Global Equity and Total Return Bond Fund offer Class R shares which are offered exclusively through certain tax-exempt retirement plans. The classes of shares are offered to different types of investors and have different expense structures, as outlined in the Funds' Prospectuses. Each class of shares has exclusive voting rights with respect to matters that affect that class. Income, realized gains and losses, unrealized appreciation and deprecia tion, 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.

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, principally 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 2008 Semi-Annual Report
169

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 that 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 Board 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 fair value pricing method is necessary. In such circumstances, the Boards have also approved an

Julius Baer Funds 2008 Semi-Annual Report
170

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 and dividends recorded on the books of the Funds and the

Julius Baer Funds 2008 Semi-Annual Report
171

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 to sell foreign currency 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 due to the party

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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 Funds are 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 included 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 10 for outstanding futures contracts at April 30, 2008).

The Funds may also enter into swap contracts that function similar to futures contracts (synthetic futures) to gain exposure or protect against changes in security values. Generally these contracts are counterparty agreements and do not require daily variation margin payments to be directly paid to the counterparty, however they do require hard segregation of cash. These amounts are included on the Statement of Assets and Liabilities as Cash on deposit for broker. 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 value of the securities in its portfolio and will realize fees (referred to as "premiums")

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for granting the rights evidenced by the options. When a Fund writes a call option or a put option, an amount equal to the premium received by that Fund is recorded as a liability, the value of which is marked-to-market at each valuation date. When a written option expires, that Fund realizes a gain equal to the amount of the premium originally received. When a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized gain or loss on 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 premi um originally received will reduce the cost of the security which that Fund purchased upon exercise. The Funds will only write covered options. There were no written options for the six months ended April 30, 2008.

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.

Each Fund, 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."

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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 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 adjuste d by the original premium received or paid.

g) Swaps: The Funds may enter into interest rate, currency, index, total return and credit default swaps. The Funds expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of 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

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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 least A by Standard & Poor's (S&P) or Moody's or has an equivalent rating from a Nationally Recognized Statistical Rating Organization ("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 risks 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 period ending April 30, 2008.

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 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 $10,809,389 at April 30, 2008.

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 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 $9,261,830 at April 30, 2008.

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

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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 $10,617,033 at April 30, 2008.

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 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 $9,068,767 at April 30, 2008.

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 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 $124,089 at April 30, 2008.

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 of $18,699 at April 30, 2008.

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 of $10,160 at April 30, 2008.

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 March 20, 2013 is unrealized appreciation of $74,613 at April 30, 2008.

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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. 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 $189,377 at April 30, 2008.

A Credit Default Swap Agreement with Goldman Sachs whereby this Fund will receive the notional amount of $1,000,000 multiplied by 0.50% per year. In exchange this Fund will pay a proportion of the notional amount upon a default of a security within CDX HY 9, 3.750% due December 20, 2012. The value of the contract, which expires December 20, 2012 is the unrealized depreciation of $51,253 at April 30, 2008.

A Credit Default Swap Agreement with Credit Suisse International whereby this Fund will receive the notional amount of $7,000,000 multiplied by 0.50% per year. In exchange this Fund will pay the notional amount upon a default of CDX NA HY 9, 3.750% due December 20, 2012. The value of the contract, which expires December 20, 2012 is unrealized depreciation of $358,772 at April 30, 2008.

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 in which the Funds lend portfolio securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to 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 "Adviser") 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 invest the cash in the State Street Navigator Securities Lending Prime Portfolio. These Funds 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.

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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 $23,947, $8,876,324 and $3,903,036, respectively, for the period ended April 30, 2008 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 six months ended April 30, 2008.

As of April 30, 2008, 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	$	5,442,440	$	5,597,128
International Equity Fund		2,047,839,754		2,164,895,443
International Equity Fund II		698,979,245		739,603,068

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 Boards 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

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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 be of sufficient value to repay the loans taken against it. There may be limited se condary 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 no unfunded commitment at April 30, 2008.

3.  Investment Advisory Fee and Other Transactions

JBIM serves as the Funds' investment adviser. 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 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. Effective February 28, 2008, the Total Return Bond Fund and the Global High Income Fund pay JBIM a fee at an annual rate of 0.35%

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and 0.65% of average daily net assets, respectively. Prior to February 28, 2008, the Total Return Bond Fund and the Global High Income Fund paid 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 Adviser has contractually agreed to reimburse certain expenses of the Funds listed in the table below, through February 27, 2009, so that the net operating expenses of each Fund (excluding interest, taxes, brokerage commissions, and extraordinary expenses) based on average daily net assets are limited (the "Expense Limit") as specified in the table below. Any Fund with a reimbursement plan has agreed to allow the Adviser 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 Adviser incurred the expense. The table below specifies the reimbursement made to each Fund by the Adviser for the period ended April 30, 2008 and the Adviser's potential recoupment as of April 30, 2008.

	Expense Limitations												Reimbursement made by Adviser		Expenses Waived-		Expenses Recouped or Expired-		Total Expenses Eligible for Recoupment-
Fund	Class A			Class I			Class R			Consultant Class			Beginning of Period		Current Period		Current Period		April 30, 2008
Global Equity Fund		1.40	%		1.15	%		1.90	%		2.15	%	$	1,382,793	$	159,912	$	—	$	1,542,705
Total Return Bond Fund		0.69	%		0.44	%		1.19	%		1.44	%		1,377,341		315,893		—		1,693,234
Global High Income Fund		1.00	%		0.75	%		—			1.75	%		473,673		121,961		—		595,634
U.S. Microcap Fund		1.80	%		1.50	%		—			2.55	%		153,155		57,732		—		210,887
U.S. Smallcap Fund		1.50	%		1.20	%		—			2.25	%		151,714		61,792		—		213,506
U.S. Midcap Fund		1.35	%		1.05	%		—			2.10	%		144,081		53,606		—		197,687
U.S. Multicap Fund		1.30	%		1.00	%		—			2.05	%		142,957		55,084		—		198,041

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The expenses eligible for recoupment at April 30, 2008 are set to expire as follows:

Fund	Amount		Expires October 31,
Global Equity Fund	$	582,696		2008
		422,846		2009
		377,251		2010
		159,912		2011
Total Return Bond Fund	$	292,108		2008
		386,741		2009
		698,492		2010
		315,893		2011
Global High Income Fund	$	28,038		2008
		143,847		2009
		301,788		2010
		121,961		2011
U.S. Microcap Fund	$	37,233		2009
		115,922		2010
		57,732		2011
U.S. Smallcap Fund	$	37,032		2009
		114,682		2010
		61,792		2011
U.S. Midcap Fund	$	35,848		2009
		108,233		2010
		53,606		2011
U.S. Multicap Fund	$	35,018		2009
		107,939		2010
		55,084		2011

During the six month period ending April 30, 2008, the Adviser reimbursed the International Equity Fund, Total Return Bond Fund and the U.S. Microcap Fund for certain security transactions in the amount of $43,445, $134,219 and $9,993. These amounts are recorded by each fund as a realized gain on the Statement of Operations. The percentage of the net assets of these realized gains amounts to 0.0%, 0.05% and approximately 0.16% respectively.

The Adviser also reimbursed the International Equity Fund II in the amount of $136,038 for a loss that resulted due to a shareholder transaction. This amount is recorded as a reduction to the cost of shares redeemed on the Statement of Changes in Net Assets.

The International Equity Fund's purchase of a particular security exceeded the Fund's fundamental restriction of not purchasing more than 10% of the outstanding securities of any class of any one issuer. In addition, the security was purchased by the International Equity Fund from other client accounts. Since the purchase of the security was not in compliance with the Investment Company Act of 1940, the

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Adviser agreed to dispose of the security. Subsequent to the period-end, the Adviser has sold the Fund's entire position and will fully reimburse the Fund for realized losses and expenses totaling $1,261,513, ($39,254 of which has already been paid and is reflected in the $43,445 denoted on the prior page). This will be reflected in the Statement of Operations of the Fund at the fiscal year-end. The Adviser has enhanced its procedures so that similar trades do not occur in the future.

The Funds entered into expense offset arrangements as part of their custody agreement with State Street Bank and Trust Company ("State Street"). 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 $32,364, $11,356,671, $3,611,878, $3,361 and $28,258 respectively, for the six months ended April 30, 2008. These amounts may vary significantly over time, 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 Plans and Shareholder Services Plans (collectively the "Plans"), pursuant to Rule 12b-1 under the 1940 Act. Under the Plans each Fund's Class A, Class R and Consultant Class may compensate certain financial institutions, including the distributor, for certain distribution, shareholder servicing, administrative and accounting services. The Funds Class A, Class R and Consultant Class shares may expend an aggregate amount, on an annual basis, not to exceed 0.25%, 0.75% and 1.00%, respectively of the value of the average daily net assets of a Fund attributable to Class A, Class R and Consultant Class shares. The Adviser 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.

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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 six months ended April 30, 2008 were as follows:

	Cost of Purchases		Proceeds from Sales
Global Equity Fund	$	68,597,209	$	68,061,212
International Equity Fund		3,689,355,380		6,023,443,827
International Equity Fund II		3,081,676,644		2,399,674,308
Total Return Bond Fund		2,502,611,863		2,312,694,578
Global High Income Fund		91,849,506		53,849,202
U.S. Microcap Fund		6,667,489		6,748,364
U.S. Smallcap Fund		9,655,229		8,693,105
U.S. Midcap Fund		6,626,147		6,299,319
U.S. Multicap Fund		5,934,325		6,424,676

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the period ended April 30, 2008 were $1,851,841,472 and $1,976,294,697, respectively for the Total Return Bond Fund.

At April 30, 2008, 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	$	101,281,228	$	6,126,525	$	(6,051,401	)	$	75,124
International Equity Fund		17,145,270,043		6,194,352,310		(648,097,751	)		5,546,254,559
International Equity Fund II		9,010,920,084		1,239,185,344		(284,760,713	)		954,424,631
Total Return Bond Fund		1,491,808,762		10,550,940		(8,742,448	)		1,808,492
Global High Income Fund		318,878,869		7,294,247		(10,027,379	)		(2,733,132	)
U.S. Microcap Fund		6,376,250		331,538		(818,777	)		(487,239	)
U.S. Smallcap Fund		7,529,147		399,409		(610,091	)		(210,682	)
U.S. Midcap Fund		6,431,726		524,276		(407,651	)		116,625
U.S. Multicap Fund		5,839,174		617,650		(331,373	)		286,277

The Funds adopted Financial Accounting Standards Board ("FASB") Interpretation No. 48 ("FIN No. 48"), Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109, during the six months ended April 30, 2008. The adoption of FIN No. 48 did not have a material effect on the net asset value, financial condi

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

tion or results of operations of the Funds, as there was no liability for unrecognized tax benefits and no change to the beginning net asset value of the Fund. As of and during the six months ended April 30, 2008, the Fund did not have a liability for any unrecognized tax benefits nor recognized any interest and penalties related to unrecognized tax benefits.

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 period ended April 30, 2008, is set forth below:

Affiliate	Shares Held April 30, 2008		Purchases (Cost)		Sales (Proceeds)		Dividend Income		Market Value April 30, 2008
Agora SA		4,274,721	$	—	$	2,557,954	$	—	$	78,330,062
AIK Banka		412,158		—		—		—		62,222,563
Bank of Georgia GDR-Registered Shares		2,380,062		47,605,974		—		—		56,978,685
Biofarm Bucuresti		50,060,712								5,403,804
Cemacon SA		425,305								2,024,358
Chimimport AD		10,335,724		2,031,238		—		—		68,375,549
Clear Media		34,129,602		—		—		—		29,205,405
Compania Hoteliera Intercontinental		62,668,800		—		—		—		4,461,029
Condmag SA		11,250,200		—		—		—		3,012,102
Dafora SA		66,191,800		—		—		—		8,185,892
Dragon Ukrainian Properties & Development		13,797,906		9,837,306		—		—		30,470,099
Impact Developer & Contractor		169,124,951		—		—		—		15,165,578
Komercni Banka		2,126,273		—		—		—		520,940,950
Kyivmedpreparat		115,161		—		—		—		7,182,722
Marine Farms		1,966,882		—		—		—		9,872,901
Marseille-Kliniken AG		723,632		6,798,875		—		158,487		11,942,200
Mediclin AG		1,832,860		—		—		—		6,163,732
Prime Property REIT		5,416,968		6,581,517		131,038		—		6,467,764
Royal UNIBREW		376,560		—		—		787,651		46,742,508
Sparki Eltos – Lovetch		1,425,011		17,456,168		—		—		14,802,510
Tigar AD		130,820		—		—		—		3,703,522
Toza Markovic		78,160		—		—		—		4,967,318
Ukrinbank		1,153,346,022		—		—		—		8,442,020
Veropharm		645,906		—		—		—		34,006,951
									$	1,039,070,224

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 on the Funds were as follows:

	Six Month Period Ended April 30, 2008						Year Ended October 31, 2007
	Shares			Amount			Shares			Amount
Global Equity Fund:
Class A
Sold		163,277		$	6,984,766			224,437		$	9,518,604
Issued as reinvestment of dividends		1,277			57,112			—			—
Redeemed		(120,559	)		(4,976,295	)		(175,984	)		(7,378,540	)
Net increase		43,995		$	2,065,583			48,453		$	2,140,064
Class I
Sold		40,707		$	1,720,718			1,341,996		$	59,719,862
Issued as reinvestment of dividends		5,045			227,284			—			—
Redeemed		(16,898	)		(725,053	)		(550,889	)		(24,100,668	)
Net increase		28,854		$	1,222,949			791,107		$	35,619,194
Class R*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		2			20			—			—
Redeemed		—			—			—			—
Net increase		103		$	1,030			—		$	—
Consultant Class*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		2			20			—			—
Redeemed		—			—			—			—
Net increase		103		$	1,030			—		$	—
International Equity Fund:
Class A
Sold		14,344,167		$	615,530,935			35,314,625		$	1,611,747,637
Issued as reinvestment of dividends		28,715,963			1,246,272,637			21,032,806			885,050,416
Redeemed		(28,199,489	)		(1,186,256,484	)		(43,728,020	)		(1,990,356,059	)
Net increase		14,860,641		$	675,547,088			12,619,411		$	506,441,994
Class I
Sold		19,116,828		$	830,190,705			50,750,676		$	2,352,325,275
Issued as reinvestment of dividends		33,950,536			1,508,761,824			23,561,651			1,012,198,966
Redeemed		(27,024,393	)		(1,162,851,715	)		(38,151,630	)		(1,778,609,637	)
Net increase		26,042,971		$	1,176,100,814			36,160,697		$	1,585,914,604
International Equity Fund II:
Class A
Sold		47,205,311		$	765,005,637			77,431,947		$	1,254,778,148
Issued as reinvestment of dividends		2,387,716			40,734,426			299,821			4,509,126
Redeemed		(22,077,215	)		(361,230,270	)		(20,909,689	)		(335,414,636	)
Net increase		27,515,812		$	444,509,793			56,822,079		$	923,872,638

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186

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Month Period Ended April 30, 2008						Year Ended October 31, 2007
	Shares			Amount			Shares			Amount
Class I
Sold		127,717,219		$	2,104,362,590			278,971,033		$	4,517,095,068
Issued as reinvestment of dividends		7,898,082			135,373,131			1,110,317			16,754,682
Redeemed		(42,083,540	)		(684,510,322	)		(31,626,725	)		(514,794,780	)
Net increase		93,531,761		$	1,555,225,399			248,454,625		$	4,019,054,970
Total Return Bond Fund:
Class A
Sold		13,936,543		$	187,709,497			5,995,550		$	79,050,470
Issued as reinvestment of dividends		475,760			6,359,334			328,097			4,318,464
Redeemed		(2,487,555	)		(33,493,718	)		(3,177,588	)		(41,786,343	)
Net increase		11,924,748		$	160,575,113			3,146,059		$	41,582,591
Class I
Sold		23,634,510		$	318,237,661			36,931,702		$	487,023,641
Issued as reinvestment of dividends		1,538,840			20,545,676			1,310,510			17,281,842
Redeemed		(8,549,056	)		(115,077,736	)		(10,528,758	)		(138,938,609	)
Net increase		16,624,294		$	223,705,601			27,713,454		$	365,366,874
Consultant Class*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		4			36			—			—
Redeemed		—			—			—			—
Net increase		105		$	1,046			—		$	—
Class R*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		4			36			—			—
Redeemed		—			—			—			—
Net increase		105		$	1,046			—		$	—
Global High Income Fund:
Class A
Sold		5,580,299		$	59,044,436			7,205,415		$	79,811,932
Issued as reinvestment of dividends		254,933			2,694,501			383,180			4,232,194
Redeemed		(3,089,694	)		(32,963,645	)		(3,228,413	)		(35,767,124	)
Net increase		2,745,538		$	28,775,292			4,360,182		$	48,277,002
Class I
Sold		6,318,812		$	64,731,361			12,438,303		$	133,818,463
Issued as reinvestment of dividends		223,630			2,289,534			318,292			3,403,772
Redeemed		(2,758,838	)		(28,552,232	)		(1,786,034	)		(19,116,348	)
Net increase		3,783,604		$	38,468,663			10,970,561		$	118,105,887
Consultant Class*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		3			28			—			—
Redeemed		—			—			—			—
Net increase		104		$	1,038			—		$	—

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187

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Month Period Ended April 30, 2008						Year Ended October 31, 2007
	Shares			Amount			Shares			Amount
U.S. Microcap Fund:
Class A
Sold		6,433		$	55,876			86,388		$	1,033,965
Issued as reinvestment of dividends		39,993			414,730			—			—
Redeemed		(4,290	)		(44,054	)		(50,414	)		(605,058	)
Net increase		42,136		$	426,552			35,974		$	428,907
Class I
Sold		21,275		$	188,075			45,643		$	528,215
Issued as reinvestment of dividends		40,439			418,948			—			—
Redeemed		(5,214	)		(44,938	)		(6,380	)		(79,393	)
Net increase		56,500		$	562,085			39,263	��	$	448,822
Consultant Class*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		18			149			—			—
Redeemed		—			—			—			—
Net increase		119		$	1,159			—		$	—
U.S. Smallcap Fund:
Class A
Sold		59,201		$	543,812			411,140		$	5,152,744
Issued as reinvestment of dividends		90,635			890,036			4,088			47,337
Redeemed		(20,165	)		(211,369	)		(361,149	)		(4,914,765	)
Net increase		129,671		$	1,222,479			54,079		$	285,316
Class I
Sold		17,776		$	188,599			35,970		$	421,237
Issued as reinvestment of dividends		90,229			886,050			4,067			47,144
Redeemed		(7,345	)		(65,101	)		(2,837	)		(35,479	)
Net increase		100,660		$	1,009,548			37,200		$	432,902
Consultant Class*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		49			306			—			—
Redeemed		—			—			—			—
Net increase		150		$	1,316			—		$	—
U.S. Midcap Fund:
Class A
Sold		3,958		$	39,090			41,116		$	497,510
Issued as reinvestment of dividends		25,213			278,853			3,079			36,212
Redeemed		(2,390	)		(25,703	)		(19,219	)		(230,323	)
Net increase		26,781		$	292,240			24,976		$	303,399
Class I
Sold		10,160		$	102,454			53,857		$	627,149
Issued as reinvestment of dividends		27,451			303,338			3,661			43,010
Redeemed		(6,172	)		(61,694	)		(6,530	)		(82,467	)
Net increase		31,439		$	344,098			50,988		$	587,692

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188

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Month Period Ended April 30, 2008						Year Ended October 31, 2007
	Shares			Amount			Shares			Amount
Consultant Class*
Sold		101		$	1,010			—		$	—
Issued as reinvestment of dividends		11			101			—			—
Redeemed		—			—			—			—
Net increase		112		$	1,111			—		$	—
U.S. Multicap Fund:
Class A
Sold		1,708		$	18,390			110,908		$	1,319,599
Issued as reinvestment of dividends		28,979			317,605			3,084			35,926
Redeemed		(17,430	)		(184,984	)		(82,321	)		(965,928	)
Net increase		13,257		$	151,011			31,671		$	389,597
Class I
Sold		4,266		$	42,290			56,331		$	660,159
Issued as reinvestment of dividends		32,721			358,289			3,521			40,976
Redeemed		(6,311	)		(61,729	)		(2,841	)		(35,201	)
Net increase		30,676		$	338,850			57,011		$	665,934
Consultant Class*
Sold		100		$	1,011			—		$	—
Issued as reinvestment of dividends		15			120			—			—
Redeemed		—			—			—			—
Net increase		115		$	1,131			—		$	—

*  Commenced operations on November 1, 2007.

Through seed capital contributions by Julius Baer Group, an affiliate of the Adviser, ownership of beneficial shares outstanding at April 30, 2008 were:

Fund	% Ownership
Global Equity Fund – Class R shares		100	%
Global Equity Fund – Consultant Class shares		100	%
Total Return Bond Fund – Class R shares		100	%
Total Return Bond Fund – Consultant Class shares		100	%
Global High Income Fund – Consultant Class shares		100	%
U.S. Microcap Fund – Class A shares		83.3	%
U.S. Microcap Fund – Class I shares		82.5	%
U.S. Microcap Fund – Consultant Class shares		100	%
U.S. Smallcap Fund – Class A shares		75.6	%
U.S. Smallcap Fund – Class I shares		85.6	%
U.S. Smallcap Fund – Consultant Class shares		100	%
U.S. Midcap Fund – Class A shares		87.9	%
U.S. Midcap Fund – Class I shares		83.1	%
U.S. Midcap Fund – Consultant Class shares		100	%
U.S. Multicap Fund – Class A shares		94.6	%
U.S. Multicap Fund – Class I shares		83.0	%
U.S. Multicap Fund – Consultant Class shares		100	%

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189

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.  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 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 State Street Bank and Trust Company an annual commitment fee, in connection with the establishment and maintenance of the credit facility, at the rate of 0.10% per annum on any undrawn on amount. The Global Equity Fund, Total Return Bond Fund and Global High Income Fund did not utilize the Agreement during the six months ended April 30, 2008. As of April 30, 2008, 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

10.  Financial Futures Contracts

The following financial futures contracts were outstanding as of April 30, 2008:

	Expiration Date	Contracts			Description	Position	Face Amount			Net Unrealized Appreciation (Depreciation)
Global Equity Fund:	05/08		7		CAC40 10 EURO	Long	$	540,610		$	12,470
	06/08		2		DAX Index	Long		544,214			16,284
	06/08		3		TOPIX Index	Long		388,384			16,105
	06/08		10		FIN FUT DJ EURO STOXX 50	Long		585,550			45,216
	*05/08		8		TAIEX	Long		469,424			2,688
	**05/08		2		BANKING & INSURANCE	Long		80,243			2,009
	06/08		(1	)	S&P/TSE 60 Index	Short		(164,254	)		(14,536	)
										$	80,236
	Expiration Date	Contracts			Description	Position	Face Amount			Net Unrealized Appreciation (Depreciation)
International Equity Fund:	05/08		1919		CAC40 10 EURO	Long	$	148,204,417		$	7,553,430
	06/08		1360		DAX Index	Long		370,065,789			32,938,670
	06/08		10283		FIN FUT DJ EURO STOXX 50	Long		602,121,158			52,297,342
	06/08		555		TOPIX Index	Long		71,851,019			4,399,823
	06/08		1111		FTSE 100 Index	Long		134,157,842			12,438,972
	06/08		882		SPI 200	Long		116,382,157			9,507,962
	*05/08		3006		TAIEX	Long		176,386,225			1,009,878
	**05/08		687		BANKING & INSURANCE	Long		27,563,485			690,352
	06/08		(149	)	S&P/TSE 60 Index	Short		(24,473,816	)		(2,163,008	)
										$	118,673,421
	Expiration Date	Contracts			Description	Position	Face Amount			Net Unrealized Appreciation (Depreciation)
International Equity Fund II:	05/08		1053		CAC40 10 EURO	Long	$	81,323,216		$	4,150,656
	06/08		690		DAX Index	Long		187,753,966			16,263,381
	06/08		660		TOPIX Index	Long		85,444,455			6,095,808
	06/08		8615		FIN FUT DJ EURO STOXX 50	Long		504,451,403			45,223,969
	06/08		402		SPI 200	Long		53,044,929			4,120,760
	06/08		650		FTSE 100 Index	Long		78,490,187			7,275,717
	*05/08		1318		TAIEX	Long		77,337,673			442,788
	**05/08		311		BANKING & INSURANCE	Long		12,477,793			312,517
	06/08		(66	)	S&P/TSE 60 Index	Short		(10,840,751	)		(958,104	)
										$	82,927,492

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191

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Expiration Date	Contracts			Description	Position	Face Amount			Net Unrealized Appreciation (Depreciation)
Total Return Bond Fund:	07/08		(10	)	US 5 YR Note	Short	$	(1,119,844	)	$	(2,936	)
	06/08		(52	)	US 10 YR Note	Short		(6,022,250	)		(34,280	)
	06/08		(60	)	US Long Bond	Short		(7,013,438	)		21,383
										$	(15,833	)

*  Swap transaction on futures indices for each of the respective Funds with a counterparty of Merrill Lynch. The unrealized appreciation for the swap transactions on futures indices are reflected in the unrealized gains/loss on financial futures in the Statement of Operations.

**  Swap transaction on futures indices for each of the respective Funds with a counterparty of Credit Suisse First Boston. The unrealized appreciation for the swap transactions on futures indices are reflected in the unrealized gains/loss on financial futures in the Statement of Operations.

11.  Recent Accounting Pronouncements

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 will be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective fo r financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds' derivative and hedging activities, including how such activities are accounted for, their effect on the Funds' financial position, performance and cash flows and how and why the funds use derivatives. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds' financial statements and related disclosures.

Julius Baer Funds 2008 Semi-Annual Report
192

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

12.  Subsequent Events

Advisory Fee

Effective May 1, 2008, Julius Baer Investment Management LLC agreed to waive a portion of its investment advisory fee for each of the Julius Baer Funds at the annual rate of 0.005% of the respective Fund's average daily net assets.

Global Equity Fund Class I Redemption

On May 12, 2008, a shareholder redeemed a significant number of shares from the Global Equity Fund—Class I shares and transferred the proceeds to the International Equity Fund II—Class I shares. This transaction amounted to approximately 18.6% of the net assets of the Global Equity Fund Class I shares and 0.2% of the net assets of the International Equity Fund II Class I shares.

Shareholder Meeting

At a special meeting held on May 15, 2008, shareholders were asked to approve Amended and Restated Investment Advisory Agreements between each of the Julius Baer Funds and Julius Baer Investment Management, LLC.

Advisor Name Change

Effective June 15, 2008, Julius Baer Investment Management LLC changed its name to Artio Global Management LLC.

Julius Baer Funds 2008 Semi-Annual Report
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INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting held on April 2, 2008, the Board of Trustees of the Julius Baer Investment Funds and the Board of Directors of the Julius Baer Global Equity Fund Inc. (each a "Board" and collectively the "Boards") approved the Investment Advisory Agreements (each an "Agreement" and collectively the "Agreements") with the Adviser for each of the International Equity Fund, International Equity Fund II, Total Return Bond Fund, Global High Income Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund, U.S. Multicap Fund and Global Equity Fund (each a "Fund" and collectively the "Funds").

In determining whether to approve the Investment Advisory Agreements, the Boards, including all of the Trustees and Directors who are not interested persons under the Investment Company Act of 1940, as amended, (the "Independent Board Members"), reviewed and considered, among other items: (1) a guide from independent counsel setting forth each Board's fiduciary duties and responsibilities and the factors each Board should consider in its evaluation of the renewals of the Agreements; (2) comparative information, comparing each Fund's advisory fees, expenses and returns to those of its relevant peer group; (3) the Adviser's complete Form ADV; (4) the Adviser's Financial Statements for December 31, 2007 and 2006; and (5) other reports of and presentations by representatives of the Adviser that described: (i) the nature, extent and quality of the Adviser's services provided to the respective Funds; (ii) the experience and qualifications of the p ersonnel providing those services, (iii) their investment advice and performance; (iv) their assets under management and client descriptions; (v) their soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the advisory fee arrangements with the Funds and other similarly managed clients; (vii) compliance program information; (viii) the Adviser's financial information and profitability analysis related to providing service to the Funds; (ix) fees and other benefits; (x) methodologies to allocate securities among the Funds; (xi) outstanding lawsuits; (xii) breakpoints; and (xiii) the extent to which economies of scale are relevant to the Funds.

In determining whether to approve the Agreements, the Boards, including the Independent Board Members, reviewed and considered the materials presented at the April 2, 2008 meeting of the Boards. The Boards discussed the written materials and the Adviser's presentations and deliberated on the approval of the Agreements in light of this information. In their deliberations, the Boards did not identify any single piece of information that was all important or controlling, but gave significant

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INVESTMENT ADVISORY AGREEMENTS (Unaudited) (Continued)

weight to the relative investment performance of each Fund along with consideration of the other relevant factors.

The Boards, including the Independent Board Members, reached the following conclusions, among others, regarding the Adviser and the respective approvals: the Adviser has the capabilities, resources and personnel necessary to manage the Funds; the Boards are satisfied with the quality of services provided by the Adviser in advising the Funds; the advisory fees for each Fund are reasonable as compared to the median and the average fees paid by comparable funds in their respective peer groups; the proposed total annual portfolio operating expenses to be paid by the Funds are reasonable as compared to the median and average expenses paid by comparable funds in each Fund's respective peer group; the performance of the Funds is reasonable in comparison with each Fund's respective benchmark indices and other mutual funds in its respective peer group; the profitability of the Adviser for advisory services, based on the advisory fees, seems reasonabl e based on the data provided; and the benefits derived by the Adviser from managing the Funds, including how each uses soft dollars and the ways in which each conducts portfolio transactions and selects brokers is reasonable.

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

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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.artiofunds.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 Funds' website at www.artiofunds.com.

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.

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RESULTS OF MEETINGS OF SHAREHOLDERS (Unaudited)

JULIUS BAER INVESTMENT FUNDS

JULIUS BAER GLOBAL EQUITY FUND INC.

Special Meetings of Shareholders

A special meeting of shareholders of the 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, each a series of Julius Baer Investment Funds, and Julius Baer Global Equity Fund Inc. (each a "Fund", collectively the "Julius Baer Funds") was held on May 15, 2008. At the meeting, shareholders considered the following proposal:

To approve Amended and Restated Investment Advisory Agreements between the Julius Baer Funds and Julius Baer Investment Management LLC to take effect upon the successful completion of the initial public offering of Julius Baer Americas, Inc, a Delaware corporation and parent of the Adviser.

Fund	Affirmative		Against		Abstain
Julius Baer International Equity Fund		290,527,987.5253		3,375,068.9420		3,842,924.7704
Julius Baer International Equity Fund II		318,734,830.5628		2,137,322.2890		3,742,044.5805
Julius Baer Total Return Bond Fund		47,323,251.8600		480,814.9120		981,658.0000
Julius Baer Global High Income Fund		15,123,494.5280		120,196.4640		206,663.0000
Julius Baer U.S. Microcap Fund		588,023.9000		1,027.0000		0.0000
Julius Baer U.S. Smallcap Fund		702,234.7840		0.0000		604.0000
Julius Baer U.S. Midcap Fund		576,037.9120		928.0000		109.0000
Julius Baer U.S. Multicap Fund		595,060.5760		0.0000		0.0000
Julius Baer Global Equity Fund Inc.		1,259,840.9890		9,863.0630		5,541.0300

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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.artiofunds.com

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-Ended Management Investments Companies

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which 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) 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)	Not applicable.
(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.
(a)(3)	Not applicable.
(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.

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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:	/s/ Anthony Williams
Name:	Anthony Williams
Title:	President (Principal Executive Officer)
Date:	7/2/08

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:	/s/ Craig Giunta
Name:	Craig Giunta
Title:	Chief Financial Officer (Principal Financial Officer)
Date:	7/2/08
By:	/s/ Anthony Williams
Name:	Anthony Williams
Title:	President (Principal Executive Officer)
Date:	7/2/08

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