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			811-06652
Julius Baer Investment Funds
(Exact name of registrant as specified in charter)
330 Madison Avenue, New York, NY					10017
(Address of principal executive offices)					(Zip code)
Tony Williams 330 Madison Avenue, New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code:				212-297-3600
Date of fiscal year end:	10/31
Date of reporting period:		11/01/06 – 04/30/07

Item 1. Reports to Stockholders.

The semi - annual report is attached.

Julius Bär

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

April 30, 2007

TABLE OF CONTENTS

Shareholder Expenses	1
Portfolio of Investments:
Julius Baer Global Equity Fund Inc.	5
Julius Baer International Equity Fund	26
Julius Baer International Equity Fund II	52
Julius Baer Total Return Bond Fund	73
Julius Baer Global High Income Fund	85
Julius Baer U.S. Microcap Fund	99
Julius Baer U.S. Smallcap Fund	103
Julius Baer U.S. Midcap Fund	108
Julius Baer U.S. Multicap Fund	113
Statement of Assets and Liabilities	117
Statement of Operations	122
Statement of Changes in Net Assets	127
Financial Highlights	136
Notes to Financial Statements	154
Investment Advisory Agreement	177
Results of Meeting of Stockholders and Shareholders	179

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, 2006 to April 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Global Equity Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,130.00		1.40	%	$	7.39
Hypothetical		1,000.00		1,017.90		1.40			7.00

Julius Baer Funds 2007 Semi-Annual Report
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Global Equity Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,131.20		1.15	%	$	6.08
Hypothetical		1,000.00		1,019.10		1.15			5.76

International Equity Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,194.70		1.20	%	$	6.53
Hypothetical		1,000.00		1,018.80		1.20			6.01

International Equity Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,196.20		0.94	%	$	5.12
Hypothetical		1,000.00		1,020.10		0.94			4.71

International Equity Fund II Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,173.80		1.32	%	$	7.11
Hypothetical		1,000.00		1,018.20		1.32			6.61

International Equity Fund II Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,174.80		1.04	%	$	5.61
Hypothetical		1,000.00		1,019.60		1.04			5.21

Total Return Bond Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,029.00		0.69	%	$	3.47
Hypothetical		1,000.00		1,021.40		0.69			3.46

Total Return Bond Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,030.60		0.44	%	$	2.22
Hypothetical		1,000.00		1,022.60		0.44			2.21

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Global High Income Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,068.60		1.00	%	$	5.13
Hypothetical		1,000.00		1,019.80		1.00			5.01

Global High Income Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,069.80		0.75	%	$	3.85
Hypothetical		1,000.00		1,021.10		0.75			3.76

U.S. Microcap Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,081.70		1.80	%	$	9.29
Hypothetical		1,000.00		1,015.90		1.80			9.00

U.S. Microcap Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,084.40		1.50	%	$	7.75
Hypothetical		1,000.00		1,017.40		1.50			7.50

U.S. Smallcap Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,105.00		1.50	%	$	7.83
Hypothetical		1,000.00		1,017.40		1.50			7.50

U.S. Smallcap Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,107.30		1.20	%	$	6.27
Hypothetical		1,000.00		1,018.80		1.20			6.01

U.S. Midcap Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,137.60		1.35	%	$	7.16
Hypothetical		1,000.00		1,018.10		1.35			6.76

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U.S. Midcap Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,138.90		1.05	%	$	5.57
Hypothetical		1,000.00		1,019.60		1.05			5.26

U.S. Multicap Fund Class A

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,103.30		1.30	%	$	6.78
Hypothetical		1,000.00		1,018.30		1.30			6.51

U.S. Multicap Fund Class I

	Beginning Account Value 11/01/06		Ending Account Value 04/30/07		Annualized Expense Ratio			Expense Paid during Period
Actual	$	1,000.00	$	1,104.70		1.00	%	$	5.22
Hypothetical		1,000.00		1,019.80		1.00			5.01

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—92.2%
		United States—34.8%
	26,320	Activision Inc* (4)	$	526,400
	2,640	Air Products & Chemicals		201,960
	21,420	Alberto-Culver Co		520,292
	4,240	Apple Inc*		423,152
	12,540	ArthroCare Corp* (4)		517,400
	6,890	Boeing Co		640,770
	10,720	Carrizo Oil & Gas*		395,032
	8,350	Celgene Corp*		510,686
	12,291	Century Casinos*		102,999
	15,870	Cheesecake Factory* (4)		438,012
	5,900	CR Bard		490,467
	13,920	Daktronics Inc (4)		317,098
	21,120	E*Trade Financial* (4)		466,330
	11,200	Fair Isaac (4)		399,952
	5,300	Genentech Inc*		423,947
	15,647	General Electric		576,748
	950	Google Inc-Class A*		447,811
	10,930	Hewlett-Packard		460,590
	10,290	Hexcel Corp* (4)		223,293
	30,480	Hudson City Bancorp		405,994
	3,560	IntercontinentalExchange Inc*		452,120
	8,815	JPMorgan Chase		459,261
	11,440	Juniper Networks*		255,798
	7,240	Laboratory Corp of America* (4)		571,526
	5,360	Lamar Advertising (4)		323,422
	5,170	Legg Mason		512,812
	10,620	Lowe's Companies		324,547
	11,769	Macquarie Infrastructure (4)		501,124
	27,030	Marvell Technology*		435,994
	7,350	Medco Health Solutions*		573,447
	8,880	Medtronic Inc		470,018
	7,670	MetroPCS Communications* (4)		215,144
	7,630	Moody's Corp		504,496
	5,880	Morgan Stanley		493,979
	22,840	Motorola Inc		395,817
	12,080	Network Appliance*		449,497
	19,975	News Corp-Class B (4)		479,400
	7,930	NII Holdings-Class B* (4)		608,628
	7,350	Nordstrom Inc		403,662
	13,260	Nuveen Investments-Class A		706,758

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued
	3,580	Omnicom Group	$	374,862
	6,632	Procter & Gamble		427,101
	25,420	QLogic Corp*		454,510
	11,040	Rowan Companies (4)		404,506
	3,550	RTI International Metals*		334,659
	40,160	Sally Beauty*		394,371
	6,910	Stericycle Inc*		602,137
	26,070	Symantec Corp*		458,832
	22,060	The Colonial BancGroup		530,764
	2,562	United Parcel Service-Class B (4)		180,442
	6,750	United Technologies		453,128
	16,040	Urban Outfitters*		413,190
	7,970	Wachovia Corp		442,654
	10,190	Weight Watchers International		489,018
	11,180	Whole Foods Market		523,112
				24,109,669
		France—7.3%
	190	Accor SA (1)		17,852
	1,050	Aeroports de Paris* (1)		104,546
	1,013	Air Liquide (1)		251,103
	223	Alstom* (1)		33,073
	230	Atos Origin* (1)		16,475
	2,701	BNP Paribas (1)		312,596
	1,917	Bouygues SA (1)		152,333
	1,100	Carrefour SA (1)		84,287
	2,261	CIE de Saint-Gobain (1)		240,503
	240	EDF Energies Nouvelles* (1)		14,059
	2,581	Electricite de France (1)		223,697
	220	Eurazeo (1)		34,667
	6,360	France Telecom (1)		185,403
	880	Gaz de France (1)		41,172
	1,213	Generale de Sante (1)		54,295
	170	Hermes International (1)		24,534
	1,783	JC Decaux (1)		55,357
	2,294	Lafarge SA (1)		370,975
	447	Lagardere S.C.A. (1)		35,060
	3,287	LVMH Moet Hennessy Louis Vuitton (1)		382,743

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		France—Continued
	970	Natixis (1)	$	26,404
	1,020	Neuf Cegetel* (1)		41,412
	430	Nexity (1)		37,134
	1,100	Pernod-Ricard (1)		233,690
	895	PPR (1)		155,160
	505	Publicis Groupe (1)		24,023
	290	Remy Cointreau (1)		21,176
	478	Renault SA (1)		62,014
	3,042	Sanofi-Aventis (1)		279,338
	1,640	Societe Generale (1)		347,118
	270	Sodexho Alliance (1)		21,385
	3,789	Suez SA (1)		214,945
	310	Thales SA (1)		18,794
	7,380	Total SA (1)		544,877
	580	Veolia Environnement (1)		47,892
	945	Vinci SA (1)		151,596
	3,320	Vivendi (1)		136,842
	200	Wendel Investissement (1)		34,327
				5,032,857
		Germany—6.0%
	931	Aareal Bank* (1)		49,395
	346	Adidas AG (1)		20,656
	1,426	Bilfinger Berger (1)		133,904
	300	Celesio AG (1)		21,512
	9,613	Commerzbank AG (1)		481,011
	157	Continental AG (1)		21,898
	2,900	DaimlerChrysler AG-Registered (1)		236,215
	1,737	Deutsche Bank-Registered (1)		267,625
	598	Deutsche Boerse (1)		140,775
	12,398	Deutsche Post-Registered (1)		427,957
	1,512	Deutsche Postbank (1)		148,110
	1,867	E.ON AG (1)		281,025
	6,956	Fraport AG (1)		506,786
	2,965	Fresenius AG (1)		246,787
	580	Fresenius Medical Care (1)		87,367
	744	Henkel KGaA (1)		104,255
	1,443	Hypo Real Estate (1)		96,570
	1,990	IKB Deutsche Industriebank (1)		82,704

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued
	3,987	IVG Immobilien (1)	$	179,413
	2,350	KarstadtQuelle AG* (1)		90,801
	2,240	Landesbank Berlin* (1)		21,040
	70	MAN AG (1)		9,369
	204	Merck KGaA (1)		27,161
	770	Metro AG (1)		59,495
	400	MTU Aero Engines (1)		23,219
	60	Puma AG (1)		27,200
	1,128	Rhoen-Klinikum AG (1)		67,832
	2,476	Siemens AG-Registered (1)		299,009
	270	Symrise* (1)		7,875
				4,166,966
		United Kingdom—6.0%
	11,541	Aegis Group (1)		31,974
	4,390	Alliance Boots (1)		98,045
	3,650	Amec PLC (1)		40,441
	4,809	Anglo American (1)		254,506
	900	Arriva PLC (1)		13,517
	2,919	BAE Systems (1)		26,493
	6,950	BHP Billiton (1)		154,993
	9,322	BP PLC (1)		104,740
	4,047	Burberry Group (1)		55,544
	26,195	Compass Group (1)		189,527
	16,598	Diageo PLC (1)		350,051
	2,350	Firstgroup PLC (1)		30,868
	16,497	GlaxoSmithkline PLC (1)		477,318
	380	Go-Ahead Group (1)		19,769
	2,670	Group 4 Securicor (1)		12,188
	9,190	Highland Gold Mining* (1)		32,183
	1,097	Imperial Tobacco (1)		47,527
	2,180	Intertek Group (1)		40,392
	4,830	Kingfisher PLC (1)		26,103
	1,010	National Express (1)		24,586
	1,643	Peter Hambro Mining* (1)		37,906
	5,665	Prudential PLC (1)		84,076
	2,800	Reckitt Benckiser (1)		153,431
	12,540	Rentokil Initial (1)		43,159
	2,320	Rio Tinto (1)		141,435

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—Continued
	12,085	Rolls-Royce Group* (1)	$	115,479
	1,398,008	Rolls-Royce Group-Class B-Entitlement Shares* (1)(3)		2,796
	893	SABMiller PLC (1)		21,104
	3,426	Scottish & Newcastle (1)		41,998
	22,330	Smith & Nephew (1)		279,284
	1,703	Smiths Group (1)		36,803
	6,220	Stagecoach Group (1)		23,006
	26,820	Tesco PLC (1)		246,460
	218,757	Vodafone Group (1)		622,713
	7,359	William Hill (1)		87,548
	1,024	Wolseley PLC (1)		24,594
	8,485	WPP Group (1)		125,643
				4,118,200
		Switzerland—3.9%
	670	Adecco SA (1)		45,954
	430	BKW FMB Energie (1)		45,939
	3,757	Compagnie Financiere Richemont (1)		226,494
	3,435	Credit Suisse-Registered (1)		269,930
	383	Dufry Group* (1)		42,691
	30	Givaudan SA-Registered (1)		28,049
	2,765	Holcim Ltd (1)		295,666
	1,253	Nestle SA-Registered (1)		496,411
	6,559	Novartis AG-Registered (1)		381,828
	2,113	Roche Holding (1)		398,597
	109	SGS SA (1)		138,340
	350	Syngenta AG-Registered* (1)		69,618
	950	The Swatch Group (1)		271,435
				2,710,952
		Japan—3.3%
	260	Acom Co (1)		9,381
	820	Aeon Credit Service (1)		13,646
	330	Aiful Corp (1)		8,223
	710	Aisin Seiki (1)		23,340
	4,698	Bank of Yokohama (1)		34,415
	3,300	Bosch Corp (1)		15,875
	1,775	Canon Inc (1)		99,241
	3,040	Chiba Bank (1)		25,143
	520	Credit Saison (1)		14,794

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	1,870	Daihatsu Motor (1)	$	15,688
	800	Daikin Industries (1)		27,046
	1,420	Daiwa Securities (1)		15,795
	1,340	Denso Corp (1)		47,366
	5	East Japan Railway (1)		40,521
	780	Eisai Co (1)		37,070
	15	Fuji Television Network (1)		35,149
	2,118	Fujitsu Ltd (1)		13,306
	3,610	Fukuoka Financial* (1)		27,494
	1,722	Honda Motor (1)		59,267
	550	Hoya Corp (1)		16,883
	330	Ibiden Co (1)		18,746
	1,850	Itochu Corp (1)		18,188
	12	Japan Tobacco (1)		58,580
	753	JS Group (1)		17,006
	740	JSR Corp (1)		16,574
	3	KDDI Corp (1)		23,552
	2,419	Kubota Corp (1)		22,807
	300	Kyocera Corp (1)		29,149
	420	Makita Corp (1)		16,040
	3,674	Matsushita Electric Industrial (1)		71,026
	2,000	Mitsubishi Electric (1)		19,388
	13	Mitsubishi UFJ Financial (1)		135,910
	1,017	Mitsui Fudosan (1)		29,698
	14	Mizuho Financial (1)		84,354
	1,008	NGK Spark Plug (1)		17,741
	1,840	NHK Spring (1)		15,829
	50	Nintendo Co (1)		15,556
	1,500	Nippon Electric Glass (1)		25,710
	9	Nippon Telegraph & Telephone (1)		44,789
	840	Nitto Denko (1)		37,008
	1,136	Nomura Holdings (1)		21,879
	2,000	NSK Ltd (1)		19,368
	28	NTT DoCoMo (1)		47,773
	90	ORIX Corp (1)		23,974
	480	Promise Co (1)		14,442
	2,160	Ricoh Co (1)		47,370
	2	Sapporo Hokuyo (1)		19,292
	14,630	Seiyu Ltd* (1)		16,994
	1,020	Sharp Corp (1)		18,670

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	1,338	Sony Corp (1)	$	71,268
	1,480	Stanley Electric (1)		29,364
	4,000	Sumitomo Chemical (1)		26,407
	688	Sumitomo Corp (1)		11,699
	1,260	Sumitomo Electric Industries (1)		17,871
	3,080	Sumitomo Metal Industries (1)		15,608
	10	Sumitomo Mitsui Financial (1)		87,498
	2,230	Sumitomo Trust & Banking (1)		21,774
	2,610	Suzuki Motor (1)		74,310
	380	Takata Corp (1)		13,876
	550	Takeda Pharmaceutical (1)		35,652
	460	Takefuji Corp (1)		15,440
	2,000	Teijin Ltd (1)		10,320
	2,000	Toray Industries (1)		13,751
	3,030	Toyota Motor (1)		184,599
	620	Yamada Denki (1)		57,128
	1,270	Yamaha Motor (1)		33,548
	1,400	Yamato Holdings (1)		20,321
	1,300	Yokogawa Electric (1)		19,116
				2,286,606
		Italy—2.8%
	1,682	Assicurazioni Generali (1)		77,368
	13,977	Banca CR Firenze (1)		110,516
	1,239	Banca Popolare dell' Emilia Romagna (1)		34,930
	8,534	Banca Popolare di Milano (1)		143,461
	10,470	Banca Popolare Italiana* (1)		174,361
	3,055	Banco Popolare di Verona e Novara (1)		101,865
	2,760	Bulgari SpA (1)		42,120
	5,240	Buzzi Unicem (1)		167,108
	21,471	Capitalia SpA (1)		204,062
	5,751	Credito Emiliano (1)		95,429
	2,960	ENI SpA (1)		98,222
	1,210	Finmeccanica SpA (1)		37,111
	4,349	Geox SpA (1)		79,660
	24,744	Intesa Sanpaolo* (1)		199,197
	816	Luxottica Group (1)		28,400

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
11

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued
	11,940	Telecom Italia (1)	$	35,882
	28,039	UniCredito Italiano (1)		287,406
	1,324	Unione di Banche Italiane (1)		40,053
				1,957,151
		Hungary—2.5%
	63,926	Magyar Telekom Telecommunications (1)		370,945
	480	MOL Hungarian Oil and Gas (1)		58,506
	22,781	OTP Bank (1)		1,158,200
	600	Richter Gedeon (1)		123,360
				1,711,011
		Netherlands—2.4%
	643	Heineken NV (1)		34,343
	5,372	ING Groep (1)		243,862
	13,130	KKR Private Equity Investors		320,372
	7,630	Koninklijke Ahold* (1)		96,902
	820	Koninklijke Vopak (1)		49,128
	6,812	Royal KPN (1)		115,382
	2,112	Royal Numico (1)		116,645
	3,337	Royal Philips Electronics (1)		136,468
	7,039	TNT NV (1)		317,095
	8,405	Unilever NV (1)		255,759
				1,685,956
		Russia—2.4%
	400	AvtoVAZ GDR		40,124
	1,530	CTC Media*		39,902
	2,614	Gazprom ADR (4)		104,220
	440	Gazpromneft		1,635
	716	LUKOIL ADR		56,091
	1,229	MMC Norilsk Nickel ADR		239,194
	20,930	NovaTek OAO		109,673
	1	OJSC Evrocement* (3)		13,000
	170	Open Investments* (3)		48,195
	1,483	Polyus Gold ADR* (4)		67,996
	691	Rosneft Oil* (1)		5,988
	26,082	Rosneft Oil GDR* (1)		224,080
	64	Sberbank RF		253,760

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
12

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued
	2,920	Sistema Hals GDR*†	$	43,946
	32,521	TNK-BP		68,457
	2,055	Unified Energy System GDR (1)		263,062
	5,300	Uralsvyazinform ADR (4)		66,250
	1	VolgaTelecom ADR		12
				1,645,585
		Poland—2.3%
	421	Agora SA (1)		6,799
	471	Bank BPH (1)		166,459
	1,010	Bank Handlowy w Warszawie (1)		34,229
	18,460	Bank Millenium (1)		71,537
	3,929	Bank Pekao (1)		366,537
	2,490	Bank Zachodni WBK (1)		270,408
	1,943	Budimex SA* (1)		87,297
	1,428	Opoczno SA* (1)		27,519
	21,456	PKO Bank Polski (1)		391,061
	9,538	Polski Koncern Miesny Duda* (1)		46,112
	9,538	Polski Koncern Miesny Duda*		46,171
	12,683	Telekomunikacja Polska (1)		101,372
				1,615,501
		Sweden—1.8%
	2,701	Getinge AB-Class B (1)		61,790
	1,490	Hennes & Mauritz-Class B (1)		98,477
	1,049	Modern Times-Class B (1)		61,268
	14,272	Nordea AB (1)		246,692
	1,790	OMX AB (1)		42,789
	8,155	Skandinaviska Enskilda Banken (1)		298,041
	3,293	Skanska AB-Class B (1)		76,090
	7,907	Swedbank AB (1)		303,763
	13,009	Telefonaktiebolaget LM Ericsson-Class B (1)		49,594
	3,843	TeliaSonera AB (1)		31,124
				1,269,628
		Austria—1.8%
	980	CA Immo Anlagen* (1)		32,652
	2,887	Erste Bank der Oesterreichischen Sparkassen (1)		231,542
	626	Flughafen Wien* (1)		67,824

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
13

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Austria—Continued
	6,495	Immoeast AG* (1)	$	91,673
	2,837	OMV AG (1)		179,575
	1,910	Raiffeisen International Bank (1)		262,813
	3,950	Telekom Austria (1)		111,395
	1,649	Wiener Staedtische Versicherung (1)		123,731
	2,030	Wienerberger AG* (1)		145,667
				1,246,872
		Australia—1.5%
	9,986	BHP Billiton (1)		243,896
	5,397	Brambles Ltd* (1)		58,870
	945	CSL Ltd (1)		68,072
	1,580	Fairfax Media (1)		6,825
	81,945	Macquarie Airports (1)		269,592
	10,390	Newcrest Mining (1)		198,819
	800	Publishing & Broadcasting (1)		13,548
	2,921	Rio Tinto (1)		199,036
				1,058,658
		Canada—1.5%
	5,640	Cognos Inc*		243,140
	3,929	Eldorado Gold*		22,762
	15,330	Ivanhoe Mines*		189,916
	1,810	Kinross Gold*		24,087
	590	Potash Corp of Saskatchewan		105,678
	7,900	Ultra Petroleum*		448,404
				1,033,987
		Belgium—1.5%
	2,507	Almancora Comm Va (1)		413,656
	3,188	Fortis (1)		142,786
	3,483	KBC Groep (1)		459,783
				1,016,225
		Finland—1.5%
	710	Elisa Oyj-Class A (1)		20,649
	7,588	Fortum Oyj (1)		234,380
	828	Kemira Oyj (1)		20,054
	580	Kesko Oyj-Class B (1)		40,100

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
14

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Finland—Continued
	8,772	Nokia Oyj* (1)	$	221,753
	440	Nokian Renkaat (1)		13,501
	1,420	Orion Oyj-Class B (1)		33,763
	2,810	Sampo Oyj-Class A (1)		87,421
	1,530	Sanoma-WSOY Oyj-Class B (1)		45,086
	1,240	Stockmann Oyj-Class B (1)		61,773
	310	Wartsila Oyj-Class B (1)		20,653
	6,050	YIT Oyj (1)		213,883
				1,013,016
		Hong Kong—1.4%
	29,950	China Merchants Holdings International (1)		132,846
	16,000	Clear Media* (1)		16,861
	64,630	Emperor Entertainment Hotel (1)		12,193
	25,680	Galaxy Entertainment* (1)		24,951
	12,470	Hutchison Telecommunications International* (1)		25,704
	50,200	Melco International Development (1)		97,248
	25,815	Melco PBL Entertainment Macau ADR* (4)		449,697
	97,650	Shun Tak (1)		135,637
	54,600	Texwinca Holdings (1)		38,767
				933,904
		Czech Republic—1.3%
	4,808	Komercni Banka (1)		900,894
		Norway—0.6%
	690	Cermaq ASA (1)		12,078
	2,254	DnB NOR (1)		32,115
	4,270	Norsk Hydro (1)		147,610
	6,300	Orkla ASA (1)		100,355
	1,508	Statoil ASA (1)		42,349
	1,030	Storebrand ASA (1)		17,441
	4,970	Telenor ASA (1)		93,054
				445,002
		Romania—0.6%
	14,360	BRD-Groupe Societe Generale		136,226
	90,930	Impact SA*		29,780
	1,019,413	SNP Petrom		232,346
				398,352

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
15

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Cyprus—0.6%
	15,973	Bank of Cyprus (1)	$	251,421
	11,150	Marfin Popular Bank Public		128,422
				379,843
		Mexico—0.5%
	5,920	Controladora Comercial Mexicana		15,270
	10,570	Corporacion Moctezuma		30,884
	370	Desarrolladora Homex ADR*		21,475
	240	Fomento Economico Mexicano ADR		25,846
	1,214	Grupo Aeroportuario del Sureste ADR		58,515
	19,254	Grupo Financiero Banorte		83,701
	1,804	Grupo Televisa ADR		50,602
	20,150	Urbi Desarrollos Urbanos*		84,174
				370,467
		Turkey—0.5%
	3,984	Acibadem Saglik Hizmetleri ve Ticaret (1)		48,883
	4,989	Anadolu Sigorta (1)		10,231
	48,068	Dogan Sirketler Grubu (1)		90,291
	10,032	Haci Omer Sabanci (1)		43,883
	12,251	Turkiye Garanti Bankasi (1)		59,102
	22,250	Turkiye Is Bankasi (1)		105,159
	1,520	Yapi Kredi Sigorta (1)		10,446
				367,995
		Spain—0.4%
	560	Gamesa Corporacion Tecnologica (1)		19,175
	800	Grifols SA* (1)		13,847
	682	Inditex SA (1)		41,807
	16,055	Mapfre SA (1)		83,321
	6,260	Telefonica SA (1)		139,636
				297,786
		Denmark—0.4%
	280	ALK-Abello (1)		54,631
	240	Carlsberg A/S-Class B (1)		26,869
	1,360	Novo-Nordisk-Class B (1)		132,879
	200	Rockwool International-Class B (1)		45,621
	450	Vestas Wind Systems* (1)		29,063
				289,063

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
16

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—0.4%
	830	Ukrnafta Oil (1)	$	63,111
	925,722	UkrTelecom*		204,300
				267,411
		China—0.4%
	171,180	Beijing Capital International Airport-Class H (1)		166,793
	300	China Communications Construction-Class H* (1)		388
	26,500	Weiqiao Textile-Class H (1)		47,260
	49,040	Wumart Stores-Class H* (2)(3)		34,480
				248,921
		Croatia—0.3%
	102	Atlantska Plovidba		29,042
	528	Dom Holding*		22,122
	84	Ericsson Nikola Tesla		60,727
	205	FIMA Validus*		7,410
	18	Institut Gradevinarstva Hrvatske*		20,020
	492	Podravka Prehrambena Industija*		54,721
	347	Proficio Dd* (3)		4,953
	32	Viadukt Dd		16,010
				215,005
		Portugal—0.2%
	4,750	Energias de Portugal (1)		26,314
	4,650	Jeronimo Martins (1)		133,040
				159,354
		South Korea—0.2%
	210	Hyundai Motor (1)		13,303
	46	NHN Corp* (1)		7,186
	212	Samsung Electronics (1)		129,817
				150,306
		Multinational—0.2%
	980	Central European Media Enterprises-Class A*		88,337
	640	Millicom International Cellular*		52,000
				140,337

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
17

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		India—0.2%
	2,050	State Bank of India GDR (1)	$	139,651
		Greece—0.2%
	4,241	Hellenic Telecommunication Organization* (1)		121,670
		Philippines—0.1%
	2,810	Ayala Corp (1)		35,184
	67,170	Ayala Land (1)		24,411
	8,985	Bank of the Philippine Islands (1)		12,143
				71,738
		Ireland—0.1%
	20,332	Dragon Oil* (1)		70,019
		Malaysia—0.1%
	16,190	Sime Darby (1)		43,275
		Thailand—0.1%
	2,490	Bangkok Bank NVDR (1)		7,837
	2,210	Bangkok Bank-Foreign Registered Shares (1)		7,132
	59,600	Krung Thai Bank NVDR (1)		18,625
				33,594
		Estonia—0.1%
	19,076	Tallink Group*		33,061
		Brazil—0.0%
	1,121	Diagnosticos da America (1)		24,284
		Kazakhstan—0.0%
	890	Kazakhgold GDR* (1)		19,892
		Venezuela—0.0%
	1,270	CA La Anonima Nacional TeleFonos De Venezuela ADR		18,542
		TOTAL COMMON STOCKS (Cost $55,312,460)		63,819,206
PREFERRED STOCKS—0.3%
		Germany—0.2%
	190	Fresenius AG (1)		16,068
	2,480	ProsiebenSat.1 Media (1)		90,083
				106,151

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
18

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
PREFERRED STOCKS—Continued
		Russia—0.1%
	60	Silvinit (3)	$	11,160
	16,260	URSA Bank		38,325
				49,485
		Croatia—0.0%
	320	Adris Grupa		33,002
		TOTAL PREFERRED STOCKS (Cost $152,143)		188,638
INVESTMENT FUNDS—0.2%
		Romania—0.2%
	19,500	SIF 1 Banat Crisana Arad		25,065
	21,000	SIF 2 Moldova Bacau		27,295
	16,000	SIF 3 Transilvania Brasov		24,279
	29,000	SIF 4 Muntenia Bucuresti		23,104
	18,500	SIF 5 Oltenia Craiova		27,047
				126,790
		Luxembourg—0.0%
	1,520	Prologis European Properties (1)		32,302
		TOTAL INVESTMENT FUNDS (Cost $83,158)		159,092
WARRANTS—1.3%
		India—1.3%
	24,566	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 01/20/2010†		334,122
	2,810	Bharti Airtel-Class A, Issued by CLSA, Expires 05/31/2010*†		55,533
	8,741	Canara Bank, Issued by Citigroup, Expires 01/19/2009		47,949
	4,558	Idea Cellular Ltd, Issued by Citigroup, Expires 01/17/2012*†		12,653
	3,356	Idea Cellular Ltd, Issued by CLSA, Expires 03/2/2012*†		9,296
	3,481	Idea Cellular Ltd, Issued by Lehman, Expires 03/26/2012*		9,651
	4,464	India Cements Ltd, Issued by ABNA, Expires 06/04/2007*†		19,418
	4,037	State Bank of India, Issued by Citigroup, Expires 01/19/2009†		129,903
	8,820	State Bank of India, Issued by CLSA, Expires 05/13/2010†		283,208
	990	Suzlon Energy, Issued by Citigroup, Expires 01/20/2010		28,442
		TOTAL WARRANTS (Cost $775,547)		930,175

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
19

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Units		Currency	Description	Market Value (Note 2)
STRUCTURED NOTES—0.3%
		Philippines—0.3%
	8	USD	Phillippines Notes, due 10/17/2008 (Cost $182,308)*†	$	233,173
Face Value
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.0%
		United States—0.0%
	25,000	USD	US Treasury Bill 4.805% due 06/28/2007 (Cost $24,807) (5)		24,807
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—9.1%
	258,764		Abbey National, with rates ranging from 5.260%-5.280% and maturity dates ranging from 05/04/2007-06/12/2007		258,764
	40,838		American Beacon Funds		40,838
	23,524		BancoBilbao Vizcaya Argentaria 5.305% due 05/14/2007		23,524
	239,945		Bank of America, with rates ranging from 5.270%-5.310% and maturity dates ranging from 05/08/2007-07/10/2007		239,945
	235,240		Bank of Ireland 5.285% due 06/29/2007		235,240
	299,932		Bank of Montreal, with rates ranging from 5.275%-5.28% and maturity dates ranging from 05/16/2007-06/01/2007		299,932
	88,215		Bank of Nova Scotia, with a rate of 5.280% and maturity dates ranging from 05/01/2007-05/09/2007		88,215
	294,051		Barclays, with rates ranging from 5.285%-5.300% and maturity dates ranging from 05/07/2007-06/08/2007		294,051
	93,744		Barton Capital, with rates ranging from 5.261%-5.291% and maturity dates ranging from 05/01/2007-05/03/2007		93,744
	5,881		Bear Stearns & Co 5.310% due 07/10/2007		5,881
	66,781		BGI Institutional 5.247% due 05/01/2007		66,781
	117,620		BNP Paribas 5.265% due 05/09/2007		117,620
	29,027		CAFCO Funding 5.294% due 05/16/2007		29,027
	23,524		Calyon 5.305% due 05/24/2007		23,524
	129,382		Canadian Imperial Bank of Commerce, with a rate of 5.28% and maturity dates 05/16/2007-05/29/2007		129,382
	46,738		Charta, with rates ranging from 5.289%-5.298% and maturity dates ranging from 05/08/2007-06/13/2007		46,738
	11,762		Citigroup 5.310% due 05/04/2007		11,762
	117,054		Clipper Receivables, with rates ranging from 5.275%-5.286% and a maturity date of 05/22/2007		117,054
	23,266		Compass Securitization 5.293% due 05/25/2007		23,266

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
20

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	136,907		CRC Funding, with rates ranging from 5.282%-5.293% and maturity dates ranging from 05/16/2007-06/15/2007	$	136,907
	264,645		Credit Suisse First Boston, with rates ranging from 5.275%-5.300% and maturity dates ranging from 05/03/2007-06/25/2007		264,645
	292,884		Den Danske Bank, with rates ranging from 5.276%-5.282% and maturity dates ranging from 05/21/2007-05/23/2007		292,884
	188,192		Deutsche Bank, with rates ranging from 5.275%-5.300% and maturity dates ranging from 05/01/2007-05/15/2007		188,192
	58,810		Erste Bank 5.290% due 05/09/2007		58,810
	23,283		Fairway Finance 5.297% due 05/07/2007		23,283
	93,574		Falcon Asset Securitization, with rates ranging from 5.283%-5.292% and maturity dates ranging from 05/07/2007-05/24/2007		93,574
	17,643		First Tennessee National Corporation 5.310% due 05/02/2007		17,643
	294,051		Fortis Bank, with rates ranging from 5.270%-5.300% and maturity dates ranging from 05/11/2007-06/25/2007		294,051
	58,552		Grampian Funding 5.283% due 05/23/2007		58,552
	126,340		Greyhawk Funding, with rates ranging from 5.282%-5.297% and maturity dates ranging from 05/02/2007-05/22/2007		126,340
	117,620		HBOS Halifax Bank of Scotland, with a rate of 5.300% and maturity dates ranging from 05/08/2007-06/13/2007		117,620
	71,868		Jupiter Securitization, with rates ranging from 5.284%-5.292% and maturity dates ranging from 05/02/2007-05/04/2007		71,868
	17,643		KBC Bank 5.270% due 05/02/2007		17,643
	58,552		Lexington Parker Capital 5.293% due 05/18/2007		58,552
	87,931		Liberty Street, with rates ranging from 5.282%-5.296% and maturity dates ranging from 05/03/2007-05/25/2007		87,931
	214,069		Lloyds TSB Bank, with rates ranging from 5.270%-5.280% and maturity dates ranging from 05/14/2007-05/24/2007		214,069
	17,643		Morgan Stanley & Co 5.320% due 08/01/2007		17,643
	23,231		Old Line Funding 5.296% due 05/15/2007		23,231
	76,152		Paradigm Funding, with rates ranging from 5.287%-5.297 and maturity dates ranging from 05/29/2007-05/31/2007		76,152
	117,173		Park Avenue Receivables, with rates ranging from 5.280%-5.290% and maturity dates ranging from 05/09/2007-05/15/2007		117,173
	247,002		Rabobank, with rates ranging from 5.275%-5.300% and maturity dates ranging from 05/01/2007-05/30/2007		247,002

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
21

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	46,344		Ranger Funding, with rates ranging from 5.287%-5.293% and maturity dates ranging from 05/01/2007-06/19/2007	$	46,344
	53,900		Reserve Primary Money Market Fund		53,900
	129,382		Royal Bank of Scotland, with rates ranging from 5.285%-5.310% and maturity dates ranging from 05/07/2007-05/25/2007		129,382
	89,473		Sheffiled Receivables, with rates ranging from 5.286%-5.295% and maturity dates ranging from 05/04/2007-05/23/2007		89,473
	76,453		Skandinaviska Enskilda Banken, with rates ranging from 5.280%-5.285% and maturity dates ranging from 05/15/2007-05/29/2007		76,453
	455,184		Societe Generale, with rates ranging from 5.270%-5.313% and maturity dates ranging from 05/01/2007-06/11/2007		455,184
	164,668		Standard Chartered Bank, with rates ranging from 5.280%-5.285% and maturity dates ranging from 05/14/2007-05/30/2007		164,668
	23,524		Swedbank 5.300% due 05/11/2007		23,524
	5,881		The Bank of the West 5.250% due 05/07/2007		5,881
	76,393		Three Pillars Funding, with rates ranging from 5.255%-5.282% and maturity dates ranging from 05/01/2007-05/24/2007		76,393
	235,240		Toronto Dominion Bank, with rates ranging from 5.275%-5.280% and maturity dates ranging from 05/10/2007-05/22/2007		235,240
	70,289		Variable Funding Capital, with rates ranging from 5.277%-5.280% and maturity dates ranging from 05/17/2007-05/22/2007		70,289
	87,639		Yorktown Capital, with rates ranging from 5.287%-5.295% and maturity dates ranging from 05/14/2007-05/23/2007		87,639
			TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING (Cost $6,263,423)		6,263,423

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
22

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
REPURCHASE AGREEMENT—1.5%
		United States—1.5%
	1,024,716	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007, with a maturity value
			of $1,024,816 and pan effective yield of 3.51%, collateralized
			by a U.S. Government and Agency Obligation, with a rate
			of 8.875%, a maturity of 07/25/2026 and an aggregate
			market value of $1,075,952. (Cost $1,024,716)	$	1,024,716
			TOTAL INVESTMENTS—104.9% (Cost $63,818,562)		72,643,230
			OTHER ASSETS AND LIABILITIES (Net)—(4.9%)		(3,411,137	)
			TOTAL NET ASSETS—100.0%	$	69,232,093

Notes to the Portfolio of Investments:

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

NVDR  Non Voting Depositary Receipt

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

(2)  Security valued at fair value as determined by the policies approved by the board of directors.

(3)  Illiquid security

(4)  All or a portion of this security was on loan to brokers at April 30, 2007.

(5)  Security has been pledged for futures collateral.

*  Non-income producing security.

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

Aggregate cost for federal income tax purposes was $63,930,656.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
23

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2007

Julius Baer Global 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)
05/02/2007	HUF	1,173,897		6,466		6,526	$	(60	)
05/31/2007	JPY	169,437,056		1,423,389		1,463,364		(39,975	)
05/07/2007	UAH	312,028		62,265		62,250		15
Net unrealized depreciation on forward foreign exchange contracts to buy							$	(40,020	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Depreciation
06/22/2007	CZK	6,589,050		320,120		317,140	$	(2,980	)
07/31/2007	EUR	1,259,911		1,724,902		1,718,563		(6,339	)
06/22/2007	HUF	20,971,008		115,116		112,229		(2,887	)
06/22/2007	PLN	577,920		208,598		199,118		(9,480	)
06/21/2007	TRY	207,110		148,973		144,086		(4,887	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(26,573	)

Glossary of Currencies

CZK  — Czech Koruna

EUR  — Euro

HUF  — Hungarian Forint

JPY  — Japanese Yen

PLN  — Polish Zloty

TRY  — Turkish Lira

UAH  — Ukraine Hryvna

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
24

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)  April 30, 2007

Julius Baer Global Equity Fund

At April 30, 2007, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		29.4	%	$	20,362,167
Consumer Discretionary		12.3			8,540,303
Industrials		10.4			7,176,365
Healthcare		9.0			6,215,303
Information Technology		8.9			6,143,569
Consumer Staples		6.5			4,538,428
Materials		5.6			3,909,035
Energy		5.4			3,740,703
Telecommunications		5.0			3,442,087
Utilities		1.8			1,262,324
Cash & Cash Equivalents		10.6			7,312,946	*
Total Investments		104.9			72,643,230
Other Assets and Liabilities (Net)		(4.9	)		(3,411,137	)*
Net Assets		100.0	%	$	69,232,093

*  Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $887,997 and notional market value for futures, which is 1.40% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
25

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—92.6%
		France—11.5%
	101,564	Accor SA (1)(2)	$	9,542,711
	497,143	Aeroports de Paris* (1)(2)		49,499,450
	577,218	Air Liquide (1)		143,081,019
	82,557	Alstom* (1)		12,244,030
	93,167	Atos Origin* (1)		6,673,555
	1,447,972	BNP Paribas (1)(2)		167,578,945
	1,008,435	Bouygues SA (1)(2)		80,134,467
	664,640	Carrefour SA (1)(2)		50,927,954
	1,192,181	CIE de Saint-Gobain (1)		126,812,626
	81,434	EDF Energies Nouvelles* (1)(2)		4,770,281
	1,495,151	Electricite de France (1)(2)		129,585,527
	127,039	Eurazeo (1)(2)		20,018,700
	3,840,947	France Telecom (1)(2)		111,969,100
	399,933	Gaz de France (1)(2)		18,711,204
	931,440	Generale de Sante (1)		41,691,739
	1,905,570	Havas SA (1)(2)		10,603,733
	94,793	Hermes International (1)(2)		13,680,564
	776,232	JC Decaux (1)(2)		24,099,749
	1,285,281	Lafarge SA (1)(2)		207,849,790
	303,045	Lagardere S.C.A. (1)(2)		23,768,951
	1,685,194	LVMH Moet Hennessy Louis Vuitton (1)(2)		196,226,571
	559,384	Natixis (1)		15,226,802
	479,412	Neuf Cegetel* (1)		19,464,024
	128,324	Nexity (1)		11,081,675
	583,555	Pernod-Ricard (1)(2)		123,973,655
	457,070	PPR (1)		79,239,248
	229,436	Publicis Groupe (1)		10,914,395
	158,704	Remy Cointreau (1)		11,588,940
	215,874	Renault SA (1)(2)		28,006,753
	1,776,934	Sanofi-Aventis (1)		163,170,664
	885,203	Societe Generale (1)(2)		187,359,732
	161,857	Sodexho Alliance (1)		12,819,378
	2,110,960	Suez SA (1)(2)		119,752,267
	184,537	Thales SA (1)		11,187,766
	4,360,320	Total SA (1)(2)		321,929,423
	327,895	Veolia Environnement (1)(2)		27,075,183
	573,688	Vinci SA (1)(2)		92,030,465
	1,990,514	Vivendi (1)(2)		82,044,148
	23,794	Vranken Pommery Monopole (1)		1,844,556
	78,860	Wendel Investissement (1)		13,535,027
				2,781,714,767

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
26

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—9.5%
	7,060,145	Aegis Group (1)	$	19,560,118
	1,104,692	Alliance Boots (1)		24,671,983
	1,283,186	Amec PLC (1)		14,217,187
	2,732,181	Anglo American (1)		144,594,562
	778,662	Arriva PLC (1)		11,694,953
	1,628,031	BAE Systems (1)		14,775,879
	4,052,545	BHP Billiton (1)		90,376,529
	2,152,109	BP PLC (1)		24,180,557
	2,315,798	Burberry Group (1)		31,783,549
	1,873,767	Ceres Power* (1)		8,640,608
	14,121,095	Compass Group (1)		102,169,384
	9,531,213	Diageo PLC (1)		201,013,062
	817,238	Firstgroup PLC (1)		10,734,845
	9,761,106	GlaxoSmithkline PLC (1)		282,424,310
	192,598	Go-Ahead Group (1)		10,019,699
	1,608,955	Group 4 Securicor (1)		7,344,653
	805,586	Gyrus Group* (1)		7,614,027
	6,558,611	Highland Gold Mining* (1)		22,967,895
	628,721	Imperial Tobacco (1)		27,238,782
	1,178,029	Intertek Group (1)		21,827,160
	2,549,191	Kingfisher PLC (1)		13,776,615
	320,183	National Express (1)		7,794,218
	916,337	Peter Hambro Mining* (1)(2)		21,140,995
	3,267,899	Prudential PLC (1)		48,499,888
	6,163,648	QinetiQ PLC (1)		23,443,549
	1,612,571	Reckitt Benckiser (1)		88,363,579
	5,935,581	Rentokil Initial (1)		20,428,451
	1,274,775	Rio Tinto (1)		77,714,716
	8,929,906	Rolls-Royce Group* (1)		85,330,430
	672,117,195	Rolls-Royce Group-Class B-Entitlement Shares* (4)		1,344,033
	612,019	SABMiller PLC (1)		14,463,814
	2,162,059	Scottish & Newcastle (1)		26,503,774
	11,389,157	Smith & Nephew (1)		142,445,382
	810,869	Smiths Group (1)		17,523,478
	672,416	Southern Cross Healthcare (1)		6,665,502
	2,879,194	Stagecoach Group (1)		10,649,397
	14,774,673	Tesco PLC (1)		135,770,559
	120,148,126	Vodafone Group (1)		342,013,142
	3,345,744	William Hill (1)		39,803,249
	607,022	Wolseley PLC (1)		14,579,068
	4,951,846	WPP Group (1)		73,325,148
	2,227,414	Xchanging Ltd* (1)		11,703,305
				2,301,132,034

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
27

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Germany—9.0%
	906,648	Aareal Bank* (1)	$	48,103,459
	195,198	Adidas AG (1)(2)		11,653,285
	608,641	Bilfinger Berger (1)		57,152,372
	173,811	Celesio AG (1)		12,463,385
	5,413,099	Commerzbank AG (1)		270,858,193
	90,063	Continental AG (1)(2)		12,561,911
	1,386,693	Curanum AG (1)		15,181,493
	1,588,970	DaimlerChrysler AG-Registered (1)(2)		129,426,857
	1,000,743	Deutsche Bank-Registered (1)		154,187,860
	345,614	Deutsche Boerse (1)(2)		81,360,693
	6,414,132	Deutsche Post-Registered (1)		221,404,253
	560,659	Deutsche Postbank (1)		54,920,095
	534,824	Deutsche Wohnen (1)		31,353,569
	322,221	DIC Asset (1)		13,307,442
	1,058,125	E.ON AG (1)(2)		159,271,402
	102,991	Eurocastle Investment (1)		5,419,831
	3,028,714	Fraport AG (1)(2)		220,659,987
	794,018	Fresenius AG (1)		66,088,877
	280,365	Fresenius Medical Care (1)		42,232,254
	368,680	Henkel KGaA (1)(2)		51,662,232
	754,137	Hypo Real Estate (1)		50,469,293
	802,708	IKB Deutsche Industriebank (1)		33,360,305
	100,019	Interhyp AG* (1)(2)		12,361,119
	676,474	IVG Immobilien (1)(2)		30,441,004
	1,002,089	KarstadtQuelle AG* (1)(2)		38,719,428
	584,894	Landesbank Berlin* (1)(2)		5,493,870
	44,920	MAN AG (1)(2)		6,012,431
	308,758	Marseille-Kliniken AG (1)		6,824,696
	1,582,979	Medicilin AG* (1)		10,249,783
	145,299	Merck KGaA (1)(2)		19,345,542
	308,442	Metro AG (1)		23,832,085
	239,084	MTU Aero Engines (1)		13,878,466
	127,231	MVV Energie (1)		5,298,990
	574,379	Patrizia Immobilien* (1)		12,161,111
	532,355	Praktiker Bau-Und Heimwerkermaerkte (1)		22,200,535
	10,324	Puma AG (1)(2)		4,680,183
	549,283	Rhoen-Klinikum AG (1)		33,031,134
	1,504,316	Siemens AG-Registered (1)		181,665,451
	93,611	Symrise* (1)		2,730,197
				2,172,025,073

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
28

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Switzerland—6.6%
	395,727	Adecco SA (1)	$	27,142,185
	130,657	BKW FMB Energie (1)		13,958,629
	2,157,625	Compagnie Financiere Richemont (1)		130,074,225
	1,975,539	Credit Suisse-Registered (1)(2)		155,242,515
	378,533	Dufry Group* (1)		42,192,634
	122,142	Flughafen Zuerich-Registered (1)		48,408,831
	17,807	Givaudan SA-Registered (1)		16,649,067
	1,385,498	Holcim Ltd (1)(2)		148,153,454
	759,547	Nestle SA-Registered (1)		300,916,088
	3,815,800	Novartis AG-Registered (1)(2)		222,134,139
	1,232,331	Roche Holding (1)		232,467,050
	37,619	SGS SA (1)(2)		47,744,932
	542,365	Swatch Group (1)		154,965,091
	244,418	Syngenta AG-Registered* (1)(2)		48,616,892
	378,145	Unilabs* (1)		12,558,624
				1,601,224,356
		Japan—5.4%
	261,890	Acom Co (1)(2)		9,449,339
	465,349	Aeon Credit Service (1)		7,744,101
	291,700	Aiful Corp (1)(2)		7,268,948
	421,927	Aisin Seiki (1)		13,870,085
	361,726	Bank of Kyoto (1)(2)		4,179,307
	2,052,686	Bank of Yokohama (1)		15,036,915
	1,107,556	Bosch Corp (1)(2)		5,328,185
	1,034,488	Canon Inc (1)		57,838,702
	1,230,000	Chiba Bank (1)		10,172,937
	262,147	Credit Saison (1)		7,458,214
	631,000	Daihatsu Motor (1)		5,293,785
	199,300	Daikin Industries (1)		6,737,943
	795,458	Daiwa Securities (1)		8,848,153
	528,906	Denso Corp (1)		18,695,660
	1,347	Dentsu Inc (1)		3,828,831
	3,148	East Japan Railway (1)		25,512,079
	282,500	Eisai Co (1)		13,425,834
	171,600	Exedy Corp (1)		4,540,514
	177,900	Fanuc Ltd (1)		17,408,543
	4,086	Fuji Television Network (1)		9,574,610
	1,059,000	Fujitsu Ltd (1)		6,652,896
	1,365,000	Fukuoka Financial* (1)		10,395,866
	1,093,000	Gunma Bank (1)		7,274,904
	1,045,452	Honda Motor (1)		35,982,081

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
29

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	558,132	Hoya Corp (1)	$	17,132,137
	180,860	Ibiden Co (1)		10,273,832
	677,297	Itochu Corp (1)		6,658,897
	7,661	Japan Tobacco (1)		37,398,730
	331,931	JS Group (1)		7,496,481
	297,728	JSR Corp (1)(2)		6,668,146
	1,478	KDDI Corp (1)		11,603,275
	22,990	Keyence Corp (1)		5,116,714
	1,224,148	Koito Manufacturing (1)		14,281,469
	1,149,269	Kubota Corp (1)		10,835,408
	100,900	Kyocera Corp (1)		9,803,771
	309,132	Makita Corp (1)		11,805,832
	2,465,151	Matsushita Electric Industrial (1)		47,656,323
	677,000	Mitsubishi Electric (1)		6,562,697
	7,520	Mitsubishi UFJ Financial (1)		78,618,883
	439,728	Mitsubishi UFJ Securities (1)		4,624,477
	307,022	Mitsui Fudosan (1)		8,965,563
	51	Mitsui Mining & Smelting (1)		246
	8,338	Mizuho Financial (1)		50,238,923
	292,553	NGK Spark Plug (1)		5,148,928
	755,133	NHK Spring (1)		6,496,180
	41,606	Nintendo Co (1)		12,944,081
	528,000	Nippon Electric Glass (1)		9,049,916
	5,032	Nippon Telegraph & Telephone (1)		25,041,981
	342,000	Nissan Chemical Industries (1)		3,878,798
	905,126	Nissan Motor (1)		9,132,028
	516,131	Nitto Denko (1)		22,739,229
	697,049	Nomura Holdings (1)		13,424,989
	935,000	NSK Ltd (1)		9,054,698
	15,923	NTT DoCoMo (1)		27,167,388
	47,570	ORIX Corp (1)		12,671,744
	278,580	Promise Co (1)		8,381,942
	1,747	Resona Holdings (1)(2)		3,942,375
	1,032,000	Ricoh Co (1)		22,632,167
	485	Sapporo Hokuyo (1)		4,678,251
	2,222,625	Seiyu Ltd* (1)(2)		2,581,741
	169,841	Seven & I (1)		4,893,903
	479,000	Sharp Corp (1)		8,767,448
	454,603	Shizuoka Bank (1)		4,790,861
	740,708	Sony Corp (1)		39,453,586
	443,688	Stanley Electric (1)		8,803,048
	2,103,000	Sumitomo Chemical (1)		13,883,348

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
30

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	360,152	Sumitomo Corp (1)	$	6,124,048
	713,700	Sumitomo Electric Industries (1)		10,122,659
	1,345,175	Sumitomo Metal Industries (1)		6,816,632
	5,715	Sumitomo Mitsui Financial (1)		50,005,028
	1,777,653	Sumitomo Trust & Banking (1)		17,357,296
	425,000	Suruga Bank (1)		5,145,206
	1,474,700	Suzuki Motor (1)		41,986,810
	231,279	Takata Corp (1)		8,445,279
	318,800	Takeda Pharmaceutical (1)		20,665,455
	277,950	Takefuji Corp (1)		9,329,735
	804,000	Teijin Ltd (1)		4,148,727
	434,000	Toppan Printing (1)		4,410,418
	1,135,431	Toray Industries (1)		7,806,521
	1,787,089	Toyota Motor (1)		108,876,087
	146,900	Ulvac Inc (1)		4,800,034
	348,680	Yamada Denki (1)		32,128,129
	589,800	Yamaha Motor (1)		15,580,076
	333,587	Yamato Holdings (1)		4,842,004
	724,895	Yokogawa Electric (1)		10,659,061
				1,307,068,071
		Italy—4.4%
	1,323,930	Aicon Spa (1)		7,806,755
	1,084,310	Assicurazioni Generali (1)(2)		49,875,836
	186,293	Autostrada Torino-Milano (1)(2)		4,690,183
	9,041,856	Banca CR Firenze (1)		71,493,837
	599,984	Banca Popolare dell' Emilia Romagna (1)(2)		16,915,009
	391,498	Banca Popolare dell'Etruria e del Lazio (1)(2)		8,565,405
	4,567,724	Banca Popolare di Milano (1)(2)		76,785,583
	1,217,726	Banca Popolare di Sondrio (1)(2)		27,251,498
	4,406,968	Banca Popolare Italiana* (1)		73,390,827
	1,317,296	Banco Popolare di Verona e Novara (1)(2)		43,923,369
	1,145,390	Bulgari SpA (1)(2)		17,479,565
	1,806,130	Buzzi Unicem (1)		57,599,071
	11,418,198	Capitalia SpA (1)(2)		108,519,436
	3,379,666	Credito Emiliano (1)		56,080,642
	1,657,438	ENI SpA (1)(2)		54,998,725
	657,492	Finmeccanica SpA (1)(2)		20,165,408
	753,641	Geox SpA (1)(2)		13,804,394
	1,356,020	Impregilo SpA* (1)		10,972,240
	12,727,535	Intesa Sanpaolo* (1)		102,460,712

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
31

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued
	434,695	Luxottica Group (1)(2)	$	15,129,234
	1,292,320	Piccolo Credito Valtellinese (1)(2)		22,813,489
	644,749	Poltrona Frau* (1)(2)		2,679,905
	184,635	SAVE SpA (1)		6,612,352
	462,470	Societa Iniziative Autostradali e Servizi (1)(2)		7,860,907
	6,718,143	Telecom Italia (1)(2)		20,189,553
	14,894,526	UniCredito Italiano (1)(2)		152,672,419
	916,324	Unione di Banche Italiane (1)		27,720,267
				1,078,456,621
		Netherlands—4.3%
	257,449	AmRest Holdings* (1)		8,876,939
	610,467	Draka Holding* (1)(2)		23,256,698
	5,114	Endemol NV (1)		159,861
	377,219	Heineken NV (1)(2)		20,147,603
	3,068,340	ING Groep (1)(2)		139,287,609
	7,327,894	KKR Private Equity Investors		178,800,614
	4,170,401	Koninklijke Ahold* (1)		52,964,724
	327,092	Koninklijke Vopak (1)(2)		19,596,831
	765,937	Koninklijke Wessanen (1)(2)		12,099,780
	4,034,049	Plaza Centers* (1)		15,175,991
	3,736,494	Royal KPN (1)(2)		63,289,060
	827,118	Royal Numico (1)(2)		45,681,439
	2,098,250	Royal Philips Electronics (1)		85,808,796
	2,025,490	Spazio Investment (1)		41,533,281
	3,736,426	TNT NV (1)(2)		168,319,766
	4,933,245	Unilever NV (1)		150,115,833
	544,938	Wavin NV (1)		12,261,823
				1,037,376,648
		Russia—4.1%
	456,607	Alfa Cement* (4)		34,245,525
	60,135	Armada* (4)		15,657
	289,222	AvtoVAZ GDR		29,011,606
	34,722,025	Central Telecommunication		34,027,585
	567,981	CTC Media*		14,812,944
	1,562,095	Gazprom ADR (2)		62,280,571
	135,748	Gazpromneft		504,304
	547,651	Kuban Energy Retail* (4)		1,725,101
	547,651	Kuban Main Network (1)(4)		0
	547,651	Kubanenergo OJSC* (4)		27,930,201
	374,821	LUKOIL ADR (2)		29,363,177

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
32

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued
	508,856	MMC Norilsk Nickel ADR	$	99,036,099
	336,961	North-West Telecom ADR		28,136,244
	4,578,826	NovaTek OAO		23,993,048
	66,772,886	Novorossiysk Trade Port (4)		4,356,931
	440	OJSC Evrocement* (4)		5,720,000
	65,895	Open Investments* (4)		18,681,233
	93,713	Polyus Gold*		4,287,370
	992,899	Polyus Gold ADR* (2)		45,524,419
	2,817,254	Promstroibank St. Petersburg		4,620,297
	754,914	RBC Information Systems*		7,198,105
	2,759,690	Rosneft Oil* (1)		23,912,714
	9,148,177	Rosneft Oil GDR* (1)(2)		78,595,511
	29,236	Sberbank RF		115,920,740
	226,753	Sibirskiy Cement* (4)		14,172,063
	131,021	Sibirtelecom ADR		12,944,875
	21,446	Sistema Hals-Board		6,455,246
	1,483,076	Sistema Hals GDR*†		22,320,294
	787,702	Southern Telecommunication ADR*		8,231,486
	8,267,339,496	TGK-8		9,920,807
	8,001,294	TNK-BP		16,842,724
	789,191	Unified Energy System GDR (1)		101,024,799
	4,773,678	Uralkaliy		9,225,133
	1,042,702	Urals Energy* (1)		8,860,087
	720,589	Veropharm*		34,191,948
	2,725,137	VolgaTelecom		17,079,796
	205,040	VolgaTelecom ADR (2)		2,536,345
	64,340	Volskcement-Class BRD* (4)		12,707,150
	406,285	Wimm-Bill-Dann Foods ADR (2)		32,746,571
				1,003,158,706
		Poland—4.0%
	4,394,619	Agora SA (1)		70,966,817
	189,274	Bank BPH (1)		66,892,480
	906,066	Bank Handlowy w Warszawie (1)		30,706,563
	4,790,646	Bank Millenium (1)		18,564,861
	2,057,051	Bank Pekao (1)		191,902,372
	995,583	Bank Zachodni WBK (1)		108,117,958
	53,169	BRE Bank* (1)		9,608,378
	505,243	Budimex SA* (1)		22,700,033
	705,253	Cersanit-Krasnystaw* (1)		12,007,132
	190,582	Globe Trade Centre*		3,342,171

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
33

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Poland—Continued
	385,645	Grupa Kety (1)	$	26,894,020
	565,414	Inter Cars* (1)		15,794,983
	87,826	Inter Groclin Auto* (1)		2,019,803
	217,022	JC Auto (1)		2,261,336
	1,316,446	NFI Empik Media & Fashion* (1)		10,375,873
	598,502	Opoczno SA* (1)		11,533,727
	84,439	PBG SA* (1)		12,970,869
	10,955,763	PKO Bank Polski (1)		199,681,897
	334,695	Polish Energy Partners (1)		3,573,212
	860,953	Polska Grupa Farmaceutyczna (1)		26,532,276
	2,404,170	Polski Koncern Miesny Duda* (1)		11,623,058
	2,404,170	Polski Koncern Miesny Duda*		11,638,042
	320,892	Sniezka SA* (1)		6,330,260
	10,000,000	Stalexport SA* (1)		24,937,004
	82,385	Stomil Sanok (1)		6,656,424
	24,508	Techmex SA* (1)		293,009
	6,599,473	Telekomunikacja Polska (1)		52,747,973
				960,672,531
		Hungary—3.1%
	1,181,290	Ablon Group /Wi (1)		7,582,199
	110,765	Egis Gyogyszergyar (1)		13,122,627
	22,992,899	Magyar Telekom Telecommunications (1)		133,421,305
	198,026	MOL Hungarian Oil and Gas (1)		24,136,843
	10,870,750	OTP Bank (1)		552,675,503
	103,055	Richter Gedeon (1)		21,188,100
				752,126,577
		Sweden—3.0%
	125,319	Autoliv Inc (1)(2)		7,254,742
	612,278	Elekta AB-Class B (1)(2)		10,808,121
	1,476,609	Getinge AB-Class B (1)(2)		33,780,029
	266,493	Hemtex Ab (1)		5,472,498
	806,174	Hennes & Mauritz-Class B (1)(2)		53,281,789
	479,959	Modern Times-Class B (1)		28,032,596
	7,521,140	Nordea AB (1)(2)		130,002,893
	1,130,660	OMX AB (1)(2)		27,028,077
	7,816	RaySearch Laboratories AB* (1)		221,554
	1,597,533	Rezidor Hotel* (1)		14,018,528
	4,556,998	Skandinaviska Enskilda Banken (1)		166,544,634
	1,842,368	Skanska AB-Class B (1)(2)		42,571,068

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
34

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Sweden—Continued
	4,459,140	Swedbank AB (1)(2)	$	171,306,454
	7,103,522	Telefonaktiebolaget LM Ericsson-Class B (1)(2)		27,080,406
	1,883,670	TeliaSonera AB (1)(2)		15,255,691
				732,659,080
		Finland—2.9%
	645,414	Atria Group (1)		23,456,108
	1,610,610	Citycon Oyj (1)		12,781,816
	710,821	Cramo Oyj (1)		27,877,281
	401,687	Elisa Oyj-Class A (1)		11,682,292
	4,330,952	Fortum Oyj (1)(2)		133,775,598
	2,014,597	HKScan Oyj (1)(2)		48,600,655
	297,995	Kemira Oyj (1)		7,217,523
	83,525	Kesko Oyj-Class B (1)		5,774,763
	5,117,272	Nokia Oyj* (1)(2)		129,362,587
	227,741	Nokian Renkaat (1)(2)		6,988,215
	789,582	Olvi Oyj (1)		26,142,845
	340,800	Oriola-KD Oyj-Class A (1)		1,594,104
	2,458,727	Oriola-KD Oyj-Class B (1)		11,629,511
	698,770	Orion Oyj-Class B (1)(2)		16,614,263
	550,559	Outotec Oyj (1)		23,749,696
	2,070,148	Ramirent Oyj (1)(2)		50,898,106
	1,395,320	Sampo Oyj-Class A (1)(2)		43,409,146
	725,049	Sanoma-WSOY Oyj-Class B (1)(2)		21,365,507
	521,575	Stockmann Oyj-Class B (1)(2)		25,983,258
	124,508	Wartsila Oyj-Class B (1)		8,294,984
	1,980,514	YIT Oyj (1)(2)		70,016,328
				707,214,586
		Austria—2.7%
	353,250	CA Immo Anlagen* (1)		11,769,622
	1,328,162	CA Immo International* (1)		29,289,617
	1,452,926	Erste Bank der Oesterreichischen Sparkassen (1)		116,526,750
	671,218	Flughafen Wien* (1)(2)		72,723,222
	2,374,564	Immoeast AG* (1)(2)		33,515,684
	1,638,628	OMV AG (1)		103,720,904
	896,749	Raiffeisen International Bank (1)(2)		123,391,140
	2,042,601	Telekom Austria (1)		57,603,733
	607,871	Wiener Staedtische Versicherung (1)		45,611,123
	786,242	Wienerberger AG* (1)(2)		56,418,352
				650,570,147

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
35

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Australia—2.2%
	1,190,950	Austereo Group (1)	$	2,073,776
	5,815,017	BHP Billiton (1)		142,024,790
	2,550,440	Brambles Ltd* (1)		27,819,868
	568,884	CSL Ltd (1)		40,978,786
	530,382	Fairfax Media (1)		2,291,051
	28,660,890	Macquarie Airports (1)		94,291,766
	5,527,995	Newcrest Mining (1)		105,781,755
	709,992	Prime Television (1)		2,313,784
	134,226	Publishing & Broadcasting (1)		2,273,044
	1,689,038	Rio Tinto (1)		115,090,388
	178,845	Southern Cross Broadcasting (1)		2,461,273
	786,814	Ten Network (1)		1,986,201
				539,386,482
		Belgium—1.8%
	601,107	Almancora Comm Va (1)		99,182,997
	1,722,327	Fortis (1)		77,140,843
	233,923	Ion Beam Applications* (1)(2)		6,926,062
	1,973,328	KBC Groep (1)(2)		260,494,673
				443,744,575
		Czech Republic—1.6%
	2,126,273	Komercni Banka (1)		398,408,057
		Romania—1.3%
	2,950,900	Antibiotice*		2,229,792
	39,827,000	ARDAF-Societatea de Asigurare Reasigurare* (4)		3,066,698
	1,900,000	Asigurarea Romaneasca-Asirom* (4)		604,710
	8,700,000	Banca Transilvania*		3,894,376
	24,113,009	Biofarm Bucuresti*		7,402,096
	8,044,477	BRD-Groupe Societe Generale		76,313,595
	9,223,800	Compa-Sibi*		5,776,594
	16,622,500	Condmag*		13,311,380
	67,182,500	Dafora SA*		26,072,345
	59,449,499	Impact SA*		19,470,227
	693,300	Policolor*		854,151
	2,164,000	Rolast Pitesti*		133,303
	667,041,400	Rompetrol Rafinare*		28,489,071
	59,500	Santierul Naval Braila* (4)		113,011
	555,587,557	SNP Petrom		126,630,294
	13,131,100	Socep Constanta*		1,445,200
	118,690	Transelectrica SA*		2,359,129
	8,152,018	Zentiva SA*		6,059,487
				324,225,459

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
36

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Norway—1.3%
	1,742,454	Acta Holding (1)	$	10,170,354
	2,669,666	Austevoll Seafood* (1)		24,465,653
	482,738	Cermaq ASA (1)(2)		8,450,210
	474,558	Copeinca ASA* (1)		4,631,677
	954,127	DnB NOR (1)(2)		13,594,244
	166,343	Electromagnetic Geoservices (1)(2)		3,564,673
	881,560	Marine Famrs (1)		3,818,118
	2,397,086	Norsk Hydro (1)(2)		82,865,143
	591,334	Norwegian Property* (1)(2)		7,060,945
	2,050,640	Orkla ASA (1)(2)		32,665,557
	2,783,755	Scandinavian Property Development*		22,926,197
	880,222	Statoil ASA (1)(2)		24,719,328
	610,342	Storebrand ASA (1)(2)		10,334,761
	3,519,899	Telenor ASA (1)(2)		65,903,236
				315,170,096
		Hong Kong—1.3%
	8,717,292	China Merchants Holdings International (1)		38,666,272
	31,906,602	Clear Media* (1)		33,624,482
	40,296,244	Emperor Entertainment Hotel (1)		7,602,018
	14,816,208	Galaxy Entertainment* (1)		14,395,583
	33,985,042	GOME Electrical Appliances (1)		52,407,926
	5,823,459	Hutchison Telecommunications International* (1)		12,003,903
	30,594,019	Melco International Development (1)		59,267,313
	7,648	Melco PBL Entertainment Macau ADR*		133,228
	53,823,712	Shun Tak (1)		74,761,818
	23,667,274	Texwinca Holdings (1)		16,804,090
	6,095,473	Tianjin Port Development Holdings		3,420,833
				313,087,466
		Ukraine—1.2%
	214,485	Anthousa Ltd GDR† (4)		8,166,843
	6,501,285	Bank Forum* (4)		55,260,923
	2,053,250	Centrenergo* (4)		6,801,147
	165,000	Centrenergo ADR* (4)		5,465,430
	20,500	Dniproenergo* (4)		6,802,654
	10,700	Ivano-Frankivskcement* (4)		909,500
	2,750,000	Kirovogradoblenergo* (4)		2,469,321
	77,861,005	Lutsk Automobile Plant* (4)		10,978,402

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
37

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—Continued
	191,865,265	Raiffeisen Bank Aval*	$	36,753,597
	64,091	Retail Group* (4)		17,625,025
	18,800	Rodovid Bank* (4)		29,967,200
	6,895,337	Slavutich Brewery* (4)		7,223,490
	1,328,616,000	Ukrinbank* (4)		13,286,160
	24,898	Ukrnafta Oil ADR*		11,356,412
	50,766,364	Ukrsotsbank AKB (4)		36,265,306
	116,751,392	UkrTelecom*		25,766,146
	573,260	UkrTelecom GDR* (1)		6,141,049
	18,621,729	VK Development* (4)		4,972,002
	15,000	Zakhidenergo*		1,299,012
	595,792	Zakhidenergo GDR* (4)		12,899,019
	400,000	Zhytomyroblenergo* (4)		438,990
				300,847,628
		Turkey—1.1%
	2,625,287	Acibadem Saglik Hizmetleri ve Ticaret (1)		32,211,744
	633,196	Aksigorta AS (1)		2,950,188
	46,397	Alarko Gayrimenkul Yatirim Ortakligi* (1)		1,095,242
	2,048,481	Anadolu Sigorta (1)		4,200,689
	400,437	BIM Birlesik Magazalar*		25,384,977
	1,420,369	Cimsa Cimento Sanayi ve Ticaret (1)		9,892,802
	25,521,717	Dogan Sirketler Grubu (1)		47,940,053
	3,150,261	Eczacibasi Ilac Sanayi* (1)		13,157,840
	3,555,326	Haci Omer Sabanci (1)		15,551,915
	3,214,590	Selcuk Ecza Deposu Ticaret ve Sanayi* (1)		13,764,427
	1,598,349	TAV Havalimanlari* (1)		13,483,552
	3,467,134	Turk Sise ve Cam Fabrikalari* (1)		13,147,868
	7,365,934	Turkiye Garanti Bankasi (1)		35,535,291
	9,756,813	Turkiye Is Bankasi (1)		46,113,124
	553,611	Yapi Kredi Sigorta (1)		3,804,772
				278,234,484
		Serbia—1.0%
	18,481	Agrobanka AD*		12,945,125
	344,461	AIK Banka*		85,966,951
	83,273	Imlek AD*		3,814,277
	41,520	Komercijalna Banka* (4)		102,345,433
	4,530	Privredna Banka*		9,827,874

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
38

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Serbia—Continued
	130,820	Tigar AD*	$	6,402,958
	78,160	Toza Markovic* (4)		3,430,964
	13,809	Univerzal Banka*		11,190,815
				235,924,397
		Mexico—0.9%
	1,276,253	Banco Compartamos		6,454,739
	6,668,348	Consorcio ARA		10,898,879
	2,628,521	Controladora Comercial Mexicana		6,780,168
	9,613,131	Corporacion Moctezuma		28,088,294
	125,329	Desarrolladora Homex ADR* (2)		7,274,095
	1,050,246	Empresas ICA Sociedad Controladora*		4,142,717
	120,801	Fomento Economico Mexicano ADR		13,009,060
	704,852	Grupo Aeroportuario del Centro Norte ADR*		20,609,872
	195,970	Grupo Aeroportuario del Pacifico ADR		8,861,763
	678,588	Grupo Aeroportuario del Sureste ADR		32,707,942
	2,107,000	Grupo Cementos de Chihuahua		11,335,425
	9,271,077	Grupo Financiero Banorte		40,303,142
	796,907	Grupo Televisa ADR		22,353,241
	2,150,507	Urbi Desarrollos Urbanos*		8,983,436
				221,802,773
		Denmark—0.9%
	100,694	ALK-Abello (1)(2)		19,646,479
	150,146	Almindelig Brand* (1)		10,731,678
	108,113	Carlsberg A/S-Class B (1)		12,103,804
	230,391	Harboes Bryggeri-Class B (1)		9,145,473
	741,689	Novo-Nordisk-Class B (1)		72,466,714
	64,340	Rockwool International-Class B (1)		14,676,254
	335,340	Royal UNIBREW* (1)		45,424,102
	697,167	TK Development* (1)		16,228,114
	273,463	Vestas Wind Systems* (1)		17,661,326
				218,083,944
		Spain—0.9%
	240,227	Gamesa Corporacion Tecnologica (1)		8,225,445
	561,452	Grifols SA* (1)		9,717,908
	2,759,745	Grupo Empresarial Ence (1)(2)		38,713,451
	394,017	Inditex SA (1)		24,153,312
	9,078,303	Mapfre SA (1)		47,113,651
	3,705,241	Telefonica SA (1)		82,649,241
				210,573,008

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
39

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Cyprus—0.9%
	5,338,369	Bank of Cyprus (1)	$	84,028,094
	5,292,008	Hellenic Bank		23,398,433
	8,738,292	Marfin Popular Bank Public		100,644,554
				208,071,081
		Canada—0.7%
	3,030,263	Eldorado Gold*		17,555,267
	5,594,484	Ivanhoe Mines*		69,307,284
	950,173	Kinross Gold*		12,644,432
	347,124	Potash Corp of Saskatchewan		62,175,197
				161,682,180
		China—0.5%
	72,018,772	Beijing Capital International Airport-Class H (1)		70,173,046
	265,265	Guangzhou Pharmaceutical-Class H (1)		189,463
	10,852,372	Shenzhen Chiwan Wharf-Class B (1)		24,067,566
	6,677,369	Weiqiao Textile-Class H (1)		11,908,468
	27,342,132	Wumart Stores-Class H* (3)(4)		19,224,500
				125,563,043
		United States—0.5%
	2,976,168	News Corp (1)		72,844,738
	2,000,260	News Corp-Class B (2)		48,006,240
				120,850,978
		Bulgaria—0.5%
	301,290	Bulgarian American Credit Bank		15,151,833
	8,167,841	Bulgarian Telecommunication		68,745,187
	212,919	DZI Insurance & Reinsurance*		24,684,149
	826,010	Sopharma AD		4,327,076
				112,908,245
		South Korea—0.4%
	117,813	Hyundai Motor (1)		7,463,367
	11,406	NHN Corp* (1)		1,781,872
	127,082	Samsung Electronics (1)		77,818,103
				87,063,342
		Greece—0.4%
	1,099,641	Athens Medical Center (1)		7,310,908
	128,599	Fourlis SA (1)		3,208,631

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
40

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Greece—Continued
	2,464,820	Hellenic Telecommunication Organization* (1)	$	70,713,031
	123,051	Heracles General Cement Comp (1)		2,989,381
	403,760	Nirefs SA (1)		2,510,422
				86,732,373
		Venezuela—0.4%
	3,652,895	Banco Provincial (4)		646,440
	117,127	Banco Venezolano de Credito (4)		201,821
	607,433	CA La Anonima Nacional TeleFonos De Venezuela ADR		8,868,522
	15,843,815	Cemex Venezuela Saca-1 (4)		8,042,546
	9,029,312	Electricidad de Caracas (4)		2,354,778
	19,969,105	Mercantil Servicios Financieros-Class B (4)		50,311,022
	262,677,795	Siderurgica Venezolana Sivensa SACA (4)		14,190,204
				84,615,333
		Multinational—0.3%
	264,304	Central European Media Enterprises-Class A* (2)		23,824,363
	789,537	Metro International-Class A* (1)		873,876
	736,174	Millicom International Cellular* (2)		59,814,138
				84,512,377
		Brazil—0.3%
	813,940	Diagnosticos da America (1)		17,632,495
	684,513	Dufry South America BDR* (1)		12,975,112
	363,451	Medial Saude* (1)		5,189,345
	244,357	Medial Saude ADR*†		3,450,453
	1,606,412	Santos-Brasil SA (1)		19,772,685
	417,217	Sao Martinho*		5,404,450
				64,424,540
		Ireland—0.3%
	18,339,296	Dragon Oil* (1)		63,156,700
		Portugal—0.2%
	2,498,283	Energias de Portugal (1)		13,839,718
	1,290,344	Jeronimo Martins (1)		36,917,737
				50,757,455
		Malaysia—0.2%
	3,343,500	Sime Darby (1)		8,937,070
	6,725,890	Steppe Cement* (1)		39,177,319
				48,114,389

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
41

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		India—0.2%
	2,163,321	Ishaan Real Estate* (1)	$	3,932,024
	622,040	State Bank of India GDR (1)(2)		42,374,918
				46,306,942
		New Zealand—0.1%
	18,940,995	Auckland International Airport (1)(2)		34,690,665
		Estonia—0.1%
	940,201	Olympic Entertainment*		14,113,498
	9,218,104	Tallink Group*		15,975,947
				30,089,445
		Philippines—0.1%
	1,276,552	Ayala Corp (1)		15,983,638
	9,606,873	Ayala Land (1)		3,491,375
	1,401,758	Bank of the Philippine Islands (1)		1,894,507
	101,369	Philippine Long Distance Telephone (1)		5,357,625
				26,727,145
		Thailand—0.1%
	489	Bangkok Bank NVDR (1)		1,539
	845,100	Bangkok Bank-Foreign Registered Shares (1)		2,727,448
	27,918,900	Bank of Ayudhya NVDR (1)		17,026,566
	20,018,473	Krung Thai Bank (1)		6,255,806
				26,011,359
		Kazakhstan—0.1%
	1,608,996	BMB Munai*		9,251,727
	654,461	Kazakhgold GDR* (1)		14,627,891
				23,879,618
		Indonesia—0.1%
	29,661,866	Indofood Sukses Makmur (1)		5,309,799
	3,070,126	Semen Gresik Persero (1)		12,900,459
				18,210,258
		Croatia—0.1%
	8,149	Atlantska Plovidba		2,320,258
	20,979	Dom Holding*		878,967
	11,424	Ericsson Nikola Tesla		8,258,926
	12,811	FIMA Validus*		463,083
	779	Institut Gradevinarstva Hrvatske*		866,422

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
42

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Croatia—Continued
	27,137	Podravka Prehrambena Industija*	$	3,018,240
	3,957	Proficio Dd* (4)		56,480
				15,862,376
		Latvia—0.1%
	1,424,182	Parex Bank* (3)(4)		12,533,136
		Morocco—0.0%
	21,439	Ciments du Maroc (1)		8,179,077
		Chile—0.0%
	51,192	Sociedad Quimica y Minera de Chile ADR		8,068,883
		Lebanon—0.0%
	386,000	Solidere-Class A		6,060,200
		Zambia—0.0%
	6,745,282	Zambeef Products		4,887,886
		Lithuania—0.0%
	179,733	Rokiskio Suris*		3,977,965
		TOTAL COMMON STOCKS (Cost $14,515,024,378)		22,448,824,557
PREFERRED STOCKS—0.3%
		Germany—0.2%
	89,379	Fresenius AG (1)		7,558,949
	1,361,836	ProsiebenSat.1 Media (1)		49,467,081
				57,026,030
		Russia—0.1%
	27,931	Silvinit (4)		5,195,166
	5,848,531	URSA Bank		13,784,988
				18,980,154
		Croatia—0.0%
	45,410	Adris Grupa		4,683,174
		TOTAL PREFERRED STOCKS (Cost $49,232,638)		80,689,358

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
43

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
INVESTMENT FUNDS—0.5%
		Romania—0.2%
	5,488,000	SIF 1 Banat Crisana Arad	$	7,054,245
	5,190,500	SIF 2 Moldova Bacau		6,746,446
	5,460,500	SIF 3 Transilvania Brasov		8,285,886
	8,070,000	SIF 4 Muntenia Bucuresti		6,429,355
	5,801,500	SIF 5 Oltenia Craiova		8,481,690
				36,997,622
		Russia—0.1%
	92,634	Renaissance Pre-IPO Fund* (4)		10,282,374
	99,000	Renfin Ltd.Class A Closed End Fund* (4)		14,008,500
	3,277,081	RenShares Utilites*		12,387,366
				36,678,240
		Australia—0.1%
	10,812,849	Australian Infrastructure Fund (1)		26,109,472
		Luxembourg—0.1%
	864,879	Prologis European Properties (1)		18,379,827
		Sweden—0.0%
	1,485,000	Naxs Norsic Access Buyout		8,865,606
		TOTAL INVESTMENT FUNDS (Cost $84,950,381)		127,030,767
WARRANTS—2.3%
		India—2.2%
	12,686,170	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 01/20/2010†		172,544,598
	1,549,351	Bharti Airtel-Class A, Issued by CLSA, Expires 05/31/2010*†		30,619,193
	4,278,617	Canara Bank, Issued by Citigroup, Expires 01/19/2009		23,470,565
	4,612,180	Idea Cellular Ltd, Issued by Citigroup, Expires 01/17/2012*†		12,803,412
	32,284	Idea Cellular Ltd, Issued by CLSA, Expires 03/2/2012*†		89,427
	1,757,432	India Cements Ltd, Issued by ABNA, Expires 06/04/2007*†		7,644,829
	76,404	Indian Bank, Issued by Citigroup, Expires 01/17/2012†		213,625
	1,725,813	State Bank of India, Issued by Citigroup, Expires 01/19/2009†		55,533,211
	6,355,228	State Bank of India, Issued by CLSA, Expires 05/13/2010†		204,064,592
	334,899	Suzlon Energy, Issued by Citigroup, Expires 01/20/2010		9,621,313
				516,604,765

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
44

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
WARRANTS—Continued
		Georgia—0.1%
	659,842	Bank of Georgia, Issued by Bank of Austria, Expires 09/14/2007*	$	22,970,566
		Ukraine—0.0%
	900	Laona Investments, Issued by Bank of Austria, Expires 11/16/2007*		6,263,743
		Russia—0.0%
	117	Russian Domestic Small-Cap Basket, Issued by UBS, Expires 12/22/2007*†		1,731,600
		TOTAL WARRANTS (Cost $427,709,896)		547,570,674

Face Value		Currency
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
			Bulgaria—0.1%
	12,071,674	BGN	Bulgaria Compensation Notes*	3,717,540
	3,842,865	BGN	Bulgaria Housing Compensation Notes*	1,164,106
	29,663,486	BGN	Bulgaria Registered Compensation Vouchers*	8,952,708
			TOTAL FOREIGN GOVERNMENT BONDS(Cost $19,710,351)	13,834,354
Units
STRUCTURED NOTES—0.2%
			Philippines—0.2%
	1,679	USD	Phillippines Notes, due 10/17/2008 (Cost $38,261,791)*†	48,937,177
Face Value
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.0%
			United States—0.0%
			US Treasury Bills
	2,000,000	USD	4.805% due 06/28/2007 (5)	1,984,517
	4,000,000	USD	4.810% due 06/28/2007 (5)	3,969,002
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS(Cost $5,953,520)	5,953,519

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
45

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—18.1%
	181,140,075		Abbey National, with rates ranging from 5.260%-5.280% and maturity dates ranging from 05/04/2007-06/12/2007	$	181,140,075
	28,587,486		American Beacon Funds		28,587,486
	16,467,280		BancoBilbao Vizcaya Argentaria 5.305% due 05/14/2007		16,467,280
	167,966,253		Bank of America, with rates ranging from 5.27%-5.31% and maturity dates ranging from 05/08/2007-07/10/2007		167,966,253
	164,672,797		Bank of Ireland 5.285% due 06/29/2007		164,672,797
	209,957,816		Bank of Montreal, with rates ranging from 5.275%-5.28% and maturity dates ranging from 05/16/2007-06/01/2007		209,957,816
	61,752,299		Bank of Nova Scotia, with a rate of 5.28% and maturity dates ranging from 05/01/2007-05/09/2007		61,752,299
	205,840,996		Barclays, with rates ranging from 5.285%-5.30% and maturity dates ranging from 05/07/2007-06/08/2007		205,840,996
	65,622,350		Barton Capital, with rates ranging from 5.261%-5.291% and maturity dates ranging from 05/01/2007-05/03/2007		65,622,350
	4,116,820		Bear Stearns & Co 5.310% due 07/10/2007		4,116,820
	46,747,719		BGI Institutional 5.247% due 05/01/2007		46,747,719
	82,336,398		BNP Paribas 5.265% due 05/09/2007		82,336,398
	20,319,434		CAFCO Funding 5.294% due 05/16/2007		20,319,434
	16,467,280		Calyon 5.305% due 05/24/2007		16,467,280
	90,570,038		Canadian Imperial Bank of Commerce, with a rate of 5.28% and maturity dates ranging from 05/16/2007-05/29/2007		90,570,038
	32,717,603		Charta, with rates ranging from 5.289%-5.298% and maturity dates ranging from 05/08/2007-06/13/2007		32,717,603
	8,233,640		Citigroup 5.310% due 05/04/2007		8,233,640
	81,939,766		Clipper Receivables, with rates ranging from 5.275%-5.286% and a maturity date of 05/22/2007		81,939,766
	16,286,483		Compass Securitization 5.293% due 05/25/2007		16,286,483
	95,837,835		CRC Funding, with rates ranging from 5.282%-5.293% and maturity dates ranging from 05/16/2007-06/15/2007		95,837,835

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
46

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	185,256,896		Credit Suisse First Boston, with rates ranging from 5.275%-5.30% and maturity dates ranging from 05/03/2007-06/25/2007	$	185,256,896
	205,024,494		Den Danske Bank, with rates ranging from 5.276%-5.282% and maturity dates ranging from 05/21/2007-05/23/2007		205,024,494
	131,738,237		Deutsche Bank, with rates ranging from 5.275%-5.30% and maturity dates ranging from 05/01/2007-05/15/2007		131,738,237
	41,168,199		Erste Bank 5.290% due 05/09/2007		41,168,199
	16,298,376		Fairway Finance 5.297% due 05/07/2007		16,298,376
	65,503,664		Falcon Asset Securitization, with rates ranging from 5.283%-5.292% and maturity dates ranging from 05/07/2007-05/24/2007		65,503,664
	12,350,460		First Tennessee National Corporation 5.310% due 05/02/2007		12,350,460
	205,840,996		Fortis Bank, with rates ranging from 5.27%-5.30% and maturity dates ranging from 05/11/2007-06/25/2007		205,840,996
	40,987,746		Grampian Funding 5.283% due 05/23/2007		40,987,746
	88,440,674		Greyhawk Funding, with rates ranging from 5.282%-5.297% and maturity dates ranging from 05/02/2007-05/22/2007		88,440,674
	82,336,398		HBOS Halifax Bank of Scotland, with a rate of 5.30% and maturity dates ranging from 05/08/2007-06/13/2007		82,336,398
	50,309,179		Jupiter Securitization, with rates ranging from 5.284%-5.292% and maturity dates ranging from 05/02/2007-05/04/2007		50,309,179
	12,350,460		KBC Bank 5.270% due 05/02/2007		12,350,460
	40,987,402		Lexington Parker Cap Comp Domestic Fixed CP 5.293% due 05/18/2007		40,987,402
	61,553,422		Liberty Street, with rates ranging from 5.282%-5.296% and maturity dates ranging from 05/03/2007-05/25/2007		61,553,422
	149,852,241		Lloyds TSB Bank, with rates ranging from 5.27%-5.28% and maturity dates ranging from 05/14/2007-05/24/2007		149,852,241
	12,350,460		Morgan Stanley & Co 5.320% due 08/01/2007		12,350,460
	16,262,376		Old Line Funding 5.296% due 05/15/2007		16,262,376

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
47

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	53,307,729		Paradigm Funding, with rates ranging from 5.287%-5.297 and maturity dates ranging from 05/29/2007-05/31/2007	$	53,307,729
	82,023,315		Park Avenue Receivables, with rates ranging from 5.280%-5.290% and maturity dates ranging from 05/09/2007-05/15/2007		82,023,315
	172,906,437		Rabobank, with rates ranging from 5.275%-5.30% and maturity dates ranging from 05/01/2007-05/30/2007		172,906,437
	32,441,559		Ranger Funding, with rates ranging from 5.287%-5.293% and maturity dates ranging from 05/01/2007-06/19/2007		32,441,559
	37,731,171		Reserve Primary Money Market Fund		37,731,171
	90,570,038		Royal Bank of Scotland, with rates ranging from 5.285%-5.310% and maturity dates ranging from 05/07/2007-05/25/2007		90,570,038
	62,631,741		Sheffiled Receivables, with rates ranging from 5.286%-5.295% and maturity dates ranging from 05/04/2007-05/23/2007		62,632,741
	53,518,659		Skandinaviska Enskilda Banken, with rates ranging from 5.280%-5.285% and maturity dates ranging from 05/15/2007-05/29/2007		53,518,659
	318,637,420		Societe Generale, with rates ranging from 5.270%-5.313% and maturity dates ranging from 05/01/2007-06/11/2007		318,637,420
	115,270,958		Standard Chartered Bank, with rates ranging from 5.280%-5.285% and maturity dates ranging from 05/14/2007-05/30/2007		115,270,958
	16,467,280		Swedbank 5.300% due 05/11/2007		16,467,280
	4,116,820		The Bank of the West 5.250% due 05/07/2007		4,116,820
	53,476,633		Three Pillars Funding, with rates ranging from 5.255%-5.282% and maturity dates ranging from 05/01/2007-05/24/2007		53,476,633
	164,672,797		Toronto Dominion Bank, with rates ranging from 5.275%-5.280% and maturity dates ranging from 05/10/2007-05/22/2007		164,672,797
	49,203,529		Variable Funding Capital, with rates ranging from 5.277%-5.280% and maturity dates ranging from 05/17/2007-05/22/2007		49,203,529

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
48

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund  (Percentage of Net Assets)

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	61,348,920		Yorktown Capital, with rates ranging from 5.287%-5.295% and maturity dates ranging from 05/14/2007-05/23/2007	$	61,348,921
			TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING (Cost $4,384,518,055)		4,384,518,055
REPURCHASE AGREEMENT—1.0%
			United States—1.0%
	236,294,249	USD	Investors Bank & Trust Company Repurchase Agreement, dated 04/30/2007, due 05/01/2007, with a maturity value of $236,317,288 and an effective yield of 3.51%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 4.279%-8.875%, maturities ranging from 01/25/2017-05/15/2036, and an aggregate market value of $248,108,961. (Cost $236,294,249)	$	236,294,249
			TOTAL INVESTMENTS—115.1%(Cost $19,761,655,259)		27,893,652,710
			OTHER ASSETS AND LIABILITIES (NET)—(15.1%)		(3,650,390,795	)
			TOTAL NET ASSETS—100.0%	$	24,243,261,915

Notes to the Portfolio of Investments:

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

NVDR  Non Voting Depositary Receipt

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

(2)  All or a portion of this security was on loan to brokers at April 30, 2007.

(3)  Security valued at fair value as determined by the policies approved by the board of directors.

(4)  Illiquid security

(5)  Security has been pledged for futures collateral.

*  Non-income producing security.

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

Aggregate cost for federal income tax purposes was $19,888,884,540.

Glossary of Currencies

BGN  — Bulgarian Lev

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
49

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2007

Julius Baer International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/22/2007	GBP	59,136,140		118,218,719		115,801,661	$	2,417,058
05/03/2007	HUF	287,605,742		1,584,182		1,585,303		(1,121	)
06/22/2007	JPY	13,106,000,000		110,412,274		112,680,173		(2,267,899	)
06/25/2007	JPY	30,483,880,789		256,912,652		263,098,268		(6,185,616	)
07/23/2007	JPY	26,477,720,000		223,950,378		227,227,805		(3,277,427	)
07/31/2007	JPY	70,609,000,000		597,826,797		602,239,468		(4,412,671	)
Net unrealized depreciation on forward foreign exchange contracts to buy							$	(13,727,676	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Depreciation
06/22/2007	CZK	4,596,912,098		223,334,274		221,237,775	$	(2,096,499	)
07/31/2007	EUR	238,933,193		327,115,444		325,913,245		(1,202,199	)
06/22/2007	HUF	6,413,325,474		35,204,545		34,321,553		(882,992	)
05/02/2007	PHP	3,801,338		79,843		79,776		(67	)
06/22/2007	PLN	272,254,543		98,269,317		93,803,247		(4,466,070	)
06/21/2007	TRY	79,003,549		56,826,955		55,268,494		(1,558,461	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(10,206,288	)

Glossary of Currencies

CZK  — Czech Koruna

EUR  — Euro

GBP  — British Pound Sterling

HUF  — Hungarian Forint

JPY  — Japanese Yen

PHP  — Philippine Peso

PLN  — Polish Zloty

TRY  — Turkish Lira

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
50

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2007

Julius Baer International Equity Fund

At April 30, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		35.9	%	$	8,706,627,359
Industrials		10.4			2,522,334,176
Consumer Discretionary		10.2			2,461,650,479
Materials		8.5			2,064,901,868
Consumer Staples		7.6			1,835,787,826
Healthcare		6.7			1,634,614,208
Telecommunications		6.1			1,488,583,532
Energy		5.8			1,398,004,891
Utilities		2.8			678,418,578
Information Technology		2.0			475,963,971
Cash & Cash Equivalents		19.1			4,626,765,822	*
Total Investments		115.1			27,893,652,710
Other Assets and Liabilities (Net)		(15.1	)		(3,650,390,795	)*
Net Assets		100.0	%	$	24,243,261,915

*  Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $303,919,035 and notional market value for futures, which is 1.25% of net assets, and $56,776,193 in market value for swaps, which is 0.23% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
51

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—93.3%
		France—12.8%
	20,418	Accor SA (1)	$	1,918,425
	202,211	Aeroports de Paris* (1)(2)		20,133,710
	158,086	Air Liquide (1)		39,186,418
	30,434	Alstom* (1)		4,513,667
	20,436	Atos Origin* (1)		1,463,831
	405,185	BNP Paribas (1)		46,893,500
	337,964	Bouygues SA (1)(2)		26,856,034
	182,876	Carrefour SA (1)(2)		14,012,850
	323,692	CIE de Saint-Gobain (1)		34,431,208
	13,286	EDF Energies Nouvelles* (1)(2)		778,274
	408,145	Electricite de France (1)(2)		35,374,143
	36,493	Eurazeo (1)(2)		5,750,536
	975,889	France Telecom (1)(2)		28,448,561
	87,988	Gaz de France (1)(2)		4,116,593
	417,659	Havas SA (1)(2)		2,324,105
	23,610	Hermes International (1)(2)		3,407,405
	254,843	JC Decaux (1)(2)		7,912,135
	383,897	Lafarge SA (1)		62,082,074
	87,217	Lagardere S.C.A. (1)(2)		6,840,755
	487,259	LVMH Moet Hennessy Louis Vuitton (1)(2)		56,737,184
	184,474	Natixis (1)		5,021,504
	131,672	Neuf Cegetel* (1)		5,345,855
	62,700	Nexity (1)		5,414,584
	187,447	Pernod-Ricard (1)(2)		39,822,278
	132,385	PPR (1)		22,950,725
	64,059	Publicis Groupe (1)		3,047,321
	52,485	Remy Cointreau (1)		3,832,578
	60,129	Renault SA (1)(2)		7,800,930
	448,037	Sanofi-Aventis (1)		41,141,930
	244,847	Societe Generale (1)		51,823,670
	63,294	Sodexho Alliance (1)		5,013,004
	592,954	Suez SA (1)(2)		33,637,580
	67,624	Thales SA (1)		4,099,782
	1,047,928	Total SA (1)(2)		77,370,206
	70,538	Veolia Environnement (1)(2)		5,824,515
	149,714	Vinci SA (1)(2)		24,016,973
	504,696	Vivendi (1)(2)		20,802,342
	28,010	Wendel Investissement (1)		4,807,457
				764,954,642

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
52

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—9.9%
	1,667,244	Aegis Group (1)	$	4,619,096
	294,211	Alliance Boots (1)		6,570,853
	373,343	Amec PLC (1)		4,136,491
	661,316	Anglo American (1)		34,998,669
	188,523	Arriva PLC (1)		2,831,482
	318,820	BAE Systems (1)		2,893,585
	963,402	BHP Billiton (1)		21,485,000
	506,821	BP PLC (1)		5,694,514
	705,824	Burberry Group (1)		9,687,197
	3,693,135	Compass Group (1)		26,720,685
	2,759,739	Diageo PLC (1)		58,202,832
	288,592	Firstgroup PLC (1)		3,790,806
	2,432,210	GlaxoSmithkline PLC (1)		70,372,684
	43,832	Go-Ahead Group (1)		2,280,311
	629,178	Group 4 Securicor (1)		2,872,109
	181,714	Imperial Tobacco (1)		7,872,599
	343,195	Intertek Group (1)		6,358,903
	565,853	Kingfisher PLC (1)		3,058,044
	72,595	National Express (1)		1,767,181
	69,944	Peter Hambro Mining* (1)		1,613,692
	842,950	Prudential PLC (1)		12,510,479
	1,294,779	QinetiQ PLC (1)		4,924,716
	436,400	Reckitt Benckiser (1)		23,913,283
	1,654,335	Rentokil Initial (1)		5,693,714
	321,005	Rio Tinto (1)		19,569,581
	2,229,021	Rolls-Royce Group* (1)		21,299,588
	144,002,224	Rolls-Royce Group-Class B-Entitlement Shares* (1)(3)		287,961
	180,115	SABMiller PLC (1)		4,256,649
	850,572	Scottish & Newcastle (1)		10,426,805
	3,146,141	Smith & Nephew (1)		39,349,116
	238,695	Smiths Group (1)		5,158,375
	871,657	Stagecoach Group (1)		3,224,035
	4,165,197	Tesco PLC (1)		38,275,712
	29,697,988	Vodafone Group (1)		84,538,166
	1,256,496	William Hill (1)		14,948,132
	121,235	Wolseley PLC (1)		2,911,745
	1,350,958	WPP Group (1)		20,004,498
				589,119,288

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
53

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Germany—9.6%
	59,485	Adidas AG (1)(2)	$	3,551,244
	167,355	Bilfinger Berger (1)		15,714,904
	61,722	Celesio AG (1)		4,425,871
	1,539,449	Commerzbank AG (1)		77,030,251
	20,348	Continental AG (1)(2)		2,838,122
	379,243	DaimlerChrysler AG-Registered (1)		30,890,595
	256,841	Deutsche Bank-Registered (1)(2)		39,572,362
	89,572	Deutsche Boerse (1)		21,086,067
	1,758,582	Deutsche Post-Registered (1)		60,703,075
	147,738	Deutsche Postbank (1)		14,471,872
	266,318	E.ON AG (1)(2)		40,086,796
	26,592	Eurocastle Investment (1)		1,399,386
	857,135	Fraport AG (1)(2)		62,447,427
	385,915	Fresenius AG (1)		32,121,046
	103,448	Fresenius Medical Care (1)		15,582,695
	111,335	Henkel KGaA (1)(2)		15,601,103
	254,948	Hypo Real Estate (1)		17,061,947
	240,635	IKB Deutsche Industriebank (1)		10,000,719
	173,754	IVG Immobilien (1)		7,818,846
	288,296	KarstadtQuelle AG* (1)(2)		11,139,386
	143,137	Landesbank Berlin* (1)(2)		1,344,476
	8,826	MAN AG (1)		1,181,338
	35,429	Merck KGaA (1)(2)		4,717,123
	102,698	Metro AG (1)		7,935,066
	57,694	MTU Aero Engines (1)(2)		3,349,050
	5,839	Puma AG (1)(2)		2,646,996
	332,342	Rhoen-Klinikum AG (1)(2)		19,985,387
	383,917	Siemens AG-Registered (1)		46,362,902
	15,574	Symrise* (1)		454,221
				571,520,273
		Switzerland—6.5%
	113,727	Adecco SA (1)		7,800,325
	33,394	BKW FMB Energie (1)		3,567,619
	522,868	Compagnie Financiere Richemont (1)		31,521,534
	508,389	Credit Suisse-Registered (1)		39,950,407
	4,271	Givaudan SA-Registered (1)		3,993,270
	430,660	Holcim Ltd (1)		46,051,143
	191,873	Nestle SA-Registered (1)		76,015,931

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
54

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Switzerland—Continued
	944,137	Novartis AG-Registered (1)(2)	$	54,962,278
	312,458	Roche Holding (1)		58,942,110
	9,723	SGS SA (1)(2)		12,340,146
	134,167	Swatch Group (1)		38,334,335
	63,860	Syngenta AG-Registered* (1)(2)		12,702,316
				386,181,414
		Japan—5.2%
	65,930	Acom Co (1)(2)		2,378,842
	110,316	Aeon Credit Service (1)		1,835,823
	73,450	Aiful Corp (1)		1,830,320
	161,748	Aisin Seiki (1)		5,317,172
	72,396	Bank of Kyoto (1)(2)		836,448
	405,593	Bank of Yokohama (1)		2,971,164
	256,616	Canon Inc (1)		14,347,519
	264,000	Chiba Bank (1)		2,183,460
	51,023	Credit Saison (1)		1,451,630
	162,000	Daihatsu Motor (1)		1,359,102
	38,800	Daikin Industries (1)		1,311,752
	277,928	Daiwa Securities (1)		3,091,489
	141,129	Denso Corp (1)		4,988,599
	621	Dentsu Inc (1)		1,765,185
	728	East Japan Railway (1)		5,899,871
	67,900	Eisai Co (1)		3,226,953
	38,800	Fanuc Ltd (1)		3,796,804
	983	Fuji Television Network (1)		2,303,436
	155,467	Fujitsu Ltd (1)		976,682
	311,000	Fukuoka Financial* (1)		2,368,582
	286,000	Gunma Bank (1)		1,903,589
	252,232	Honda Motor (1)		8,681,252
	148,638	Hoya Corp (1)		4,562,517
	43,110	Ibiden Co (1)		2,448,882
	142,000	Itochu Corp (1)		1,396,084
	1,894	Japan Tobacco (1)		9,245,946
	60,291	JS Group (1)		1,361,639
	61,717	JSR Corp (1)(2)		1,382,262
	357	KDDI Corp (1)		2,802,685
	5,020	Keyence Corp (1)		1,117,264
	280,484	Kubota Corp (1)		2,644,427

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
55

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	28,900	Kyocera Corp (1)	$	2,808,018
	75,296	Makita Corp (1)		2,875,574
	595,322	Matsushita Electric Industrial (1)		11,508,771
	110,000	Mitsubishi Electric (1)		1,066,317
	1,556	Mitsubishi UFJ Financial (1)		16,267,418
	205,360	Mitsubishi UFJ Securities (1)		2,159,705
	94,793	Mitsui Fudosan (1)		2,768,116
	9	Mitsui Mining & Smelting (1)		43
	1,829	Mizuho Financial (1)		11,020,268
	63,361	NGK Spark Plug (1)		1,115,153
	290,294	NHK Spring (1)		2,497,311
	10,441	Nintendo Co (1)		3,248,309
	103,500	Nippon Electric Glass (1)		1,773,989
	1,099	Nippon Telegraph & Telephone (1)(2)		5,469,224
	58,000	Nissan Chemical Industries (1)		657,808
	170,173	Nissan Motor (1)		1,716,915
	119,078	Nitto Denko (1)		5,246,230
	167,154	Nomura Holdings (1)		3,219,344
	347,000	NSK Ltd (1)		3,360,407
	4,421	NTT DoCoMo (1)		7,542,989
	11,655	ORIX Corp (1)		3,104,670
	70,220	Promise Co (1)		2,112,786
	269	Resona Holdings (1)(2)		607,040
	247,000	Ricoh Co (1)		5,416,807
	75	Sapporo Hokuyo (1)		723,441
	246,000	Seiyu Ltd* (1)(2)		285,747
	43,454	Seven & I (1)		1,252,110
	101,000	Sharp Corp (1)		1,848,669
	68,119	Shizuoka Bank (1)		717,876
	210,298	Sony Corp (1)		11,201,459
	219,561	Stanley Electric (1)		4,356,228
	521,000	Sumitomo Chemical (1)		3,439,479
	100,711	Sumitomo Corp (1)		1,712,496
	219,100	Sumitomo Electric Industries (1)		3,107,573
	298,158	Sumitomo Metal Industries (1)		1,510,906
	1,254	Sumitomo Mitsui Financial (1)		10,972,232
	330,633	Sumitomo Trust & Banking (1)		3,228,355
	65,000	Suruga Bank (1)		786,914
	400,500	Suzuki Motor (1)		11,402,806

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
56

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	48,482	Takata Corp (1)	$	1,770,347
	79,096	Takeda Pharmaceutical (1)		5,127,211
	87,500	Takefuji Corp (1)		2,937,046
	258,000	Teijin Ltd (1)		1,331,308
	63,000	Toppan Printing (1)		640,222
	316,286	Toray Industries (1)		2,174,587
	414,494	Toyota Motor (1)		25,252,511
	84,110	Yamada Denki (1)		7,750,077
	157,877	Yamaha Motor (1)		4,170,457
	40,505	Yamato Holdings (1)		587,929
	181,165	Yokogawa Electric (1)		2,663,901
				310,302,479
		Italy—4.5%
	268,713	Assicurazioni Generali (1)(2)		12,360,197
	2,206,993	Banca CR Firenze (1)(2)		17,450,665
	189,411	Banca Popolare dell' Emilia Romagna (1)		5,339,957
	1,099,018	Banca Popolare di Milano (1)		18,475,008
	318,796	Banca Popolare di Sondrio (1)(2)		7,134,338
	1,068,282	Banca Popolare Italiana* (1)		17,790,485
	328,920	Banco Popolare di Verona e Novara (1)(2)		10,967,372
	421,000	Bulgari SpA (1)(2)		6,424,796
	772,304	Buzzi Unicem (1)(2)		24,629,453
	3,165,205	Capitalia SpA (1)(2)		30,082,353
	852,786	Credito Emiliano (1)		14,150,743
	400,187	ENI SpA (1)(2)		13,279,396
	176,598	Finmeccanica SpA (1)(2)		5,416,295
	179,131	Geox SpA (1)(2)		3,281,131
	348,887	Impregilo SpA* (1)		2,823,020
	3,118,068	Intesa Sanpaolo* (1)		25,101,441
	137,869	Luxottica Group (1)(2)		4,798,427
	1,493,522	Telecom Italia (1)(2)		4,488,374
	3,918,522	UniCredito Italiano (1)(2)		40,165,779
	222,421	Unione di Banche Italiane (1)		6,728,591
				270,887,821
		Netherlands—4.3%
	102,970	Heineken NV (1)(2)		5,499,720
	801,404	ING Groep (1)(2)		36,379,817

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
57

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—Continued
	1,754,014	KKR Private Equity Investors (2)	$	42,797,942
	1,309,202	Koninklijke Ahold* (1)		16,627,063
	115,052	Koninklijke Vopak (1)(2)		6,893,029
	956,354	Royal KPN (1)(2)		16,198,807
	318,123	Royal Numico (1)(2)		17,569,822
	531,995	Royal Philips Electronics (1)		21,756,154
	1,051,304	TNT NV (1)(2)		47,359,494
	1,441,825	Unilever NV (1)(2)		43,873,913
				254,955,761
		Russia—4.2%
	348,618	CTC Media*		9,091,957
	761,725	Gazprom ADR (2)		30,369,900
	18,923	Gazpromneft		70,299
	104,971	LUKOIL ADR (2)		8,223,344
	174,118	MMC Norilsk Nickel ADR		33,887,716
	1,123,845	NovaTek OAO		5,888,948
	122,212	NovaTek OAO GDR†		6,403,909
	102	OJSC Evrocement* (3)		1,326,000
	20,146	Open Investments* (3)		5,711,391
	336,096	Polyus Gold*		15,376,392
	65,431	Polyus Gold ADR* (2)		3,000,011
	631,714	Rosneft Oil* (1)		5,473,802
	3,263,080	Rosneft Oil GDR* (1)(2)		28,034,377
	9,357	Sberbank RF		37,100,505
	441,262	Sistema Hals GDR*†		6,640,993
	2,985,319	TNK-BP		6,284,097
	303,898	Unified Energy System GDR (1)(2)		38,902,160
	953,776	Uralkaliy		1,843,172
	590,059	Uralsvyazinform ADR (2)		7,375,737
				251,004,710
		Hungary—4.1%
	9,055,360	Magyar Telekom Telecommunications (1)		52,545,699
	94,806	MOL Hungarian Oil and Gas (1)		11,555,642
	3,215,196	OTP Bank (1)		163,462,509
	91,261	Richter Gedeon (1)		18,763,255
				246,327,105

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
58

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Poland—3.8%
	76,924	Bank BPH (1)	$	27,186,181
	558,268	Bank Handlowy w Warszawie (1)		18,919,694
	675,135	Bank Millenium (1)		2,616,304
	542,395	Bank Pekao (1)		50,600,052
	268,802	Bank Zachodni WBK (1)		29,191,261
	17,937	BRE Bank* (1)		3,241,466
	94,249	Globe Trade Centre* (1)		1,652,812
	27,786	ING Bank Slaski (1)		8,178,685
	3,239,319	PKO Bank Polski (1)		59,040,467
	3,441,784	Telekomunikacja Polska (1)		27,509,337
				228,136,259
		Austria—3.3%
	172,672	CA Immo Anlagen* (1)		5,753,105
	486,129	Erste Bank der Oesterreichischen Sparkassen (1)		38,988,243
	1,395,185	Immoeast AG* (1)		19,692,280
	489,531	OMV AG (1)		30,986,043
	295,813	Raiffeisen International Bank (1)(2)		40,703,366
	649,280	Telekom Austria (1)		18,310,454
	269,994	Wiener Staedtische Versicherung (1)		20,258,788
	288,109	Wienerberger AG* (1)(2)		20,673,832
				195,366,111
		Sweden—3.3%
	36,076	Autoliv Inc (1)		2,088,447
	449,626	Getinge AB-Class B (1)(2)		10,285,986
	233,027	Hennes & Mauritz-Class B (1)(2)		15,401,260
	150,409	Modern Times-Class B (1)(2)		8,784,823
	1,794,696	Nordea AB (1)(2)		31,021,318
	299,523	OMX AB (1)(2)		7,160,004
	1,260,117	Skandinaviska Enskilda Banken (1)(2)		46,053,504
	620,316	Skanska AB-Class B (1)		14,333,464
	1,291,540	Swedbank AB (1)(2)		49,616,997
	1,910,427	Telefonaktiebolaget LM Ericsson-Class B (1)		7,283,027
	353,646	TeliaSonera AB (1)(2)		2,864,150
				194,892,980
		Finland—2.9%
	142,692	Elisa Oyj-Class A (1)		4,149,922
	1,205,104	Fortum Oyj (1)(2)		37,223,573

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
59

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Finland—Continued
	127,164	Kemira Oyj (1)	$	3,079,948
	95,926	Kesko Oyj-Class B (1)		6,632,145
	1,236,852	Nokia Oyj* (1)(2)		31,267,123
	66,003	Nokian Renkaat (1)(2)		2,025,297
	272,284	Orion Oyj-Class B (1)(2)		6,473,944
	186,552	Ramirent Oyj (1)		4,586,698
	524,207	Sampo Oyj-Class A (1)(2)		16,308,358
	354,918	Sanoma-WSOY Oyj-Class B (1)(2)		10,458,608
	347,552	Stockmann Oyj-Class B (1)(2)		17,313,969
	25,966	Wartsila Oyj-Class B (1)(2)		1,729,909
	885,188	YIT Oyj (1)(2)		31,293,701
				172,543,195
		Australia—2.6%
	1,421,215	BHP Billiton (1)		34,711,465
	612,860	Brambles Ltd* (1)		6,684,997
	161,073	CSL Ltd (1)		11,602,675
	662,106	Fairfax Media (1)		2,860,050
	10,786,181	Macquarie Airports (1)		35,485,571
	1,731,180	Newcrest Mining (1)		33,127,247
	103,667	Publishing & Broadcasting (1)		1,755,544
	421,591	Rio Tinto (1)		28,727,046
				154,954,595
		Belgium—2.4%
	765,160	Almancora Comm Va (1)		126,251,835
	408,765	Fortis (1)		18,308,066
				144,559,901
		Czech Republic—2.0%
	642,578	Komercni Banka (1)		120,402,344
		Hong Kong—1.2%
	4,778,245	China Merchants Holdings International (1)		21,194,302
	4,607,909	Galaxy Entertainment* (1)		4,477,093
	3,943,392	GOME Electrical Appliances (1)		6,081,058
	1,843,323	Hutchison Telecommunications International* (1)		3,799,644
	8,573,505	Melco International Development (1)		16,608,756
	99,253	Melco PBL Entertainment Macau ADR*		1,728,987
	13,270,196	Shun Tak (1)		18,432,470
				72,322,310

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
60

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Norway—1.0%
	174,583	DnB NOR (1)(2)	$	2,487,430
	608,288	Norsk Hydro (1)(2)		21,027,978
	655,555	Orkla ASA (1)(2)		10,442,627
	216,703	Statoil ASA (1)(2)		6,085,684
	215,455	Storebrand ASA (1)(2)		3,648,243
	935,650	Telenor ASA (1)(2)		17,518,219
				61,210,181
		Cyprus—1.0%
	2,172,379	Bank of Cyprus (1)		34,194,127
	2,143,918	Marfin Popular Bank Public		24,692,889
				58,887,016
		Romania—1.0%
	1,851,597	BRD-Groupe Societe Generale		17,565,098
	175,673,899	SNP Petrom		40,039,841
				57,604,939
		Turkey—0.9%
	7,725,311	Dogan Sirketler Grubu (1)		14,511,242
	1,535,292	Haci Omer Sabanci (1)		6,715,764
	3,150,931	Turkiye Garanti Bankasi (1)		15,200,958
	3,877,969	Turkiye Is Bankasi (1)		18,328,246
				54,756,210
		Mexico—0.8%
	818,838	Controladora Comercial Mexicana		2,112,161
	1,307,675	Corporacion Moctezuma		3,820,853
	87,219	Desarrolladora Homex ADR*		5,062,191
	991,841	Fomento Economico Mexicano		10,663,837
	3,774,577	Grupo Financiero Banorte		16,408,807
	265,462	Grupo Televisa ADR		7,446,209
	1,224,006	Urbi Desarrollos Urbanos*		5,113,110
				50,627,168
		Ukraine—0.8%
	2,586,054	Raiffeisen Bank Aval*		495,383
	37,845	Ukrnafta Oil (1)		2,877,629
	5,575	Ukrnafta Oil ADR*		2,542,855

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
61

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—Continued
	26,391	Ukrnafta Oil ADR* (3)	$	12,038,277
	92,477,349	UkrTelecom*		20,409,049
	627,195	UkrTelecom GDR* (1)		6,718,828
				45,082,021
		Canada—0.7%
	1,884,030	Ivanhoe Mines*		23,340,312
	430,103	Kinross Gold*		5,723,598
	88,516	Potash Corp of Saskatchewan		15,854,564
				44,918,474
		Spain—0.7%
	46,911	Gamesa Corporacion Tecnologica (1)		1,606,247
	147,210	Grifols SA* (1)		2,547,989
	99,980	Inditex SA (1)		6,128,792
	2,269,753	Mapfre SA (1)		11,779,333
	898,590	Telefonica SA (1)		20,043,981
				42,106,342
		Denmark—0.6%
	23,898	ALK-Abello (1)		4,662,756
	39,482	Carlsberg A/S-Class B (1)		4,420,212
	204,882	Novo-Nordisk-Class B (1)		20,017,993
	23,397	Rockwool International-Class B (1)		5,336,965
	58,660	Vestas Wind Systems* (1)		3,788,496
				38,226,422
		Multinational—0.5%
	170,038	Central European Media Enterprises-Class A* (2)		15,327,225
	206,640	Millicom International Cellular* (2)		16,789,500
				32,116,725
		United States—0.5%
	724,468	News Corp (1)		17,732,091
	500,121	News Corp-Class B (2)		12,002,904
				29,734,995

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
62

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Portugal—0.4%
	524,333	Energias de Portugal (1)	$	2,904,643
	761,834	Jeronimo Martins (1)		21,796,658
				24,701,301
		South Korea—0.4%
	36,463	Hyundai Motor (1)		2,309,904
	7,528	NHN Corp* (1)		1,176,042
	32,530	Samsung Electronics (1)		19,919,602
				23,405,548
		China—0.4%
	21,225,365	Beijing Capital International Airport-Class H (1)		20,681,393
	775,147	China Citic Bank* (1)		651,043
	824,431	Country Garden Holdings (1)		743,025
				22,075,461
		Greece—0.3%
	649,576	Hellenic Telecommunication Organization* (1)		18,635,636
		Philippines—0.2%
	446,598	Ayala Corp (1)		5,591,829
	7,239,186	Ayala Land (1)		2,630,899
	574,269	Bank of the Philippine Islands (1)		776,137
	51,161	Philippine Long Distance Telephone (1)		2,703,997
				11,702,862
		Thailand—0.2%
	1,343,172	Bangkok Bank NVDR (1)		4,227,455
	100,500	Bangkok Bank-Foreign Registered Shares (1)		324,350
	7,828,500	Bank of Ayudhya NVDR (1)		4,774,274
	5,208,672	Krung Thai Bank NVDR (1)		1,627,719
				10,953,798
		India—0.2%
	146,740	State Bank of India GDR (1)(2)		9,996,295
		Malaysia—0.1%
	1,853,400	Sime Darby (1)		4,954,079
		Chile—0.0%
	9,662	Sociedad Quimica y Minera de Chile ADR (2)		1,522,924

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
63

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Venezuela—0.0%
	79,214	CA La Anonima Nacional TeleFonos De Venezuela ADR	$	1,156,524
		TOTAL COMMON STOCKS (Cost $4,591,548,790)		5,572,806,109
PREFERRED STOCKS—0.4%
		Germany—0.3%
	37,487	Fresenius AG (1)		3,170,346
	320,725	ProsiebenSat.1 Media (1)		11,649,956
				14,820,302
		Russia—0.1%
	6,677	Silvinit (3)		1,241,922
	2,796,026	URSA Bank		6,590,233
				7,832,155
		TOTAL PREFERRED STOCKS (Cost $18,338,516)		22,652,457
INVESTMENT FUNDS—0.1%
		Luxembourg—0.1%
	271,275	Prologis European Properties (Cost $5,066,473) (1)		5,764,954
WARRANTS—2.3%
		India—2.3%
	3,328,000	Banking Index Benchmark Exchange Traded Scheme-Bank BeES, Issued by Citigroup, Expires 01/20/2010†		45,264,128
	604,219	Bharti Airtel-Class A, Issued by CLSA, Expires 05/31/2010*†		11,940,934
	1,391,073	Canara Bank, Issued by Citigroup, Expires 01/19/2009		7,630,800
	57,401	Idea Cellular Ltd, Issued by Bear Sterns, Expires 03/13/2017*		159,563
	2,005,013	Idea Cellular Ltd, Issued by Citigroup, Expires 01/17/2012*†		5,565,916
	46,193	Idea Cellular Ltd, Issued by Lehman, Expires 03/26/2012*		128,071
	871,478	State Bank of India, Issued by Citigroup, Expires 01/19/2009†		28,042,419
	1,063,873	State Bank of India, Issued by CLSA, Expires 05/13/2010†		34,160,664
	106,348	Suzlon Energy, Issued by Citigroup, Expires 01/20/2010		3,055,272
		TOTAL WARRANTS (Cost $113,274,554)		135,947,767

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
64

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency	Description	Market Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.0%
			United States—0.0%
			US Treasury Bills
	500,000	USD	4.805% due 06/28/2007 (4)	$	496,129
	1,000,000	USD	4.810% due 06/28/2007 (4)		992,251
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $1,488,380)		1,488,380
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—15.6%
	38,601,159		Abbey National, rates ranging from 5.260%-5.280% and maturity dates ranging from 05/04/2007-06/12/2007		38,601,159
	6,092,026		American Beacon Funds		6,092,026
	3,509,196		BancoBilbao Vizcaya Argentaria 5.305% due 05/14/2007		3,509,196
	35,793,802		Bank of America, rates ranging from 5.270%-5.310% and maturity dates ranging from 05/17/2007-07/10/2007		35,793,802
	35,091,963		Bank of Ireland 5.285% due 06/29/2007		35,091,963
	44,742,253		Bank of Montreal, rates ranging from 5.275%-5.28% and maturity dates ranging from 05/16/2007-06/01/2007		44,742,253
	13,159,486		Bank of Nova Scotia 5.280% maturity dates ranging from 05/01/2007-05/09/2007		13,159,486
	43,864,954		Barclays, with rates ranging from 5.285%-5.30% and maturity dates ranging from 05/07/2007-06/08/2007		43,864,954
	13,984,198		Barton Capital, with rates ranging from 5.261%-5.291% and maturity dates ranging from 05/01/2007-05/03/2007		13,984,198
	877,299		Bear Stearns & Co 5.310% due 07/10/2007		877,299
	9,961,993		BGI Institutional 5.247% due 05/01/2007		9,961,993
	17,545,981		BNP Paribas 5.265% due 05/09/2007		17,545,981
	4,330,095		CAFCO Funding 5.294% due 05/16/2007		4,330,095
	3,509,196		Calyon 5.305% due 05/24/2007		3,509,196
	19,300,580		Canadian Imperial Bank of Commerce, with a rate of 5.28% and maturity dates ranging from 05/16/2007-05/29/2007		19,300,580

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
65

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	6,972,159		Charta, with rates ranging from 5.289%-5.298% and maturity dates ranging from 05/08/2007-06/13/2007	$	6,972,159
	1,754,598		Citigroup 5.310% due 05/04/2007		1,754,598
	17,461,459		Clipper Receivables, with rates ranging from 5.275%-5.286% and a maturity date of 05/22/2007		17,461,459
	3,470,668		Compass Securitization 5.293% due 05/25/2007		3,470,668
	20,423,153		CRC Funding, with rates ranging from 5.282%-5.293% and maturity dates ranging from 05/16/2007-06/15/2007		20,423,153
	39,478,458		Credit Suisse First Boston, with rates ranging from 5.275%-5.30% and maturity dates ranging from 05/03/2007-06/25/2007		39,478,458
	43,690,956		Den Danske Bank, with rates ranging from 5.276%-5.282% and maturity dates ranging from 05/21/2007-05/23/2007		43,690,956
	28,073,570		Deutsche Bank, with rates ranging from 5.270%-5.300% and maturity dates ranging from 04/10/2007-05/15/2007		28,073,570
	8,772,991		Erste Bank 5.290% due 05/09/2007		8,772,991
	3,473,203		Fairway Finance 5.297% due 05/07/2007		3,473,203
	13,958,906		Falcon Asset Securitization, with rates ranging from 5.283%-5.292% and maturity dates ranging from 05/07/2007-05/24/2007		13,958,906
	2,631,897		First Tennessee National Corporation 5.310% due 05/02/2007		2,631,897
	43,864,954		Fortis Bank, with rates ranging from 5.27%-5.30% and maturity dates ranging from 05/11/2007-06/25/2007		43,864,954
	8,734,536		Grampian Funding 5.283% due 05/23/2007		8,734,536
	18,846,810		Greyhawk Funding, with rates ranging from 5.282%-5.297% and maturity dates ranging from 05/02/2007-05/22/2007		18,846,810
	17,545,981		HBOS Halifax Bank of Scotland, with a rate of 5.30% and maturity dates ranging from 05/08/2007-06/13/2007		17,545,981
	10,720,944		Jupiter Securitization, with rates ranging from 5.284%-5.292% and maturity dates ranging from 05/02/2007-05/04/2007		10,720,944

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
66

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	2,631,897		KBC Bank 5.270% due 05/02/2007	$	2,631,897
	8,734,463		Lexington Parker Capital 5.293% due 05/18/2007		8,734,463
	13,117,105		Liberty Street, with rates ranging from 5.282%-5.296% and maturity dates ranging from 05/03/2007-05/25/2007		13,117,105
	31,933,686		Lloyds TSB Bank, with rates ranging from 5.27%-5.28% and maturity dates ranging from 05/14/2007-05/24/2007		31,933,686
	2,631,897		Morgan Stanley & Co 5.320% due 08/01/2007		2,631,897
	3,465,531		Old Line Funding 5.296% due 05/15/2007		3,465,531
	11,359,938		Paradigm Funding, with rates ranging from 5.287%-5.297 and maturity dates ranging from 05/29/2007-05/31/2007		11,359,938
	17,479,263		Park Avenue Receivables, with rates ranging from 5.280%-5.290% and maturity dates ranging from 05/09/2007-05/15/2007		17,479,263
	36,846,561		Rabobank, with rates ranging from 5.275%-5.30% and maturity dates ranging from 05/01/2007-05/30/2007		36,846,561
	6,913,334		Ranger Funding, with rates ranging from 5.287%-5.293% and maturity dates ranging from 05/01/2007-06/19/2007		6,913,334
	8,040,556		Reserve Primary Money Market Fund		8,040,556
	19,300,580		Royal Bank of Scotland, with rates ranging from 5.285%-5.310% and maturity dates ranging from 05/07/2007-05/25/2007		19,300,580
	13,347,109		Sheffiled Receivables, with rates ranging from 5.286%-5.295% and maturity dates ranging from 05/04/2007-05/23/2007		13,347,109
	11,404,888		Skandinaviska Enskilda Banken, with rates ranging from 5.280%-5.285% and maturity dates ranging from 05/15/2007-05/29/2007		11,404,888
	67,902,002		Societe Generale, with rates ranging from 5.270%-5.313% and maturity dates ranging from 05/01/2007-06/11/2007		67,902,002
	24,564,374		Standard Chartered Bank, with rates ranging from 5.280%-5.285% and maturity dates ranging from 05/14/2007-05/30/2007		24,564,374
	3,509,196		Swedbank 5.300% due 05/11/2007		3,509,196

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
67

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency	Description	Market Value (Note 2)
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING—Continued
	877,299		The Bank of the West 5.250% due 05/07/2007	$	877,299
	11,395,932		Three Pillars Funding, with rates ranging from 5.255%-5.282% and maturity dates ranging from 05/01/2007-05/24/2007		11,395,932
	35,091,963		Toronto Dominion Bank, with rates ranging from 5.275%-5.280% and maturity dates ranging from 05/10/2007-05/22/2007		35,091,963
	10,485,329		Variable Funding Capital, with rates ranging from 5.277%-5.280% and maturity dates ranging from 05/17/2007-05/22/2007		10,485,329
	13,073,529		Yorktown Capital, with rates ranging from 5.287%-5.295% and maturity dates ranging from 05/14/2007-05/23/2007		13,073,529
			TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITY LENDING (Cost $934,345,856)		934,345,856
REPURCHASE AGREEMENT—3.9%
			United States—3.9%
	233,286,457	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007,
			with a maturity value of $233,309,203 and an
			effective yield of 3.51%, collateralized by
			U.S. Government and Agency Obligations, with
			rates ranging from 4.560%-9.125%, maturities
			from 03/25/2015-10/01/2036 and an aggregate
			market value of $244,950,780 (Cost $233,286,457)		233,286,457
			TOTAL INVESTMENTS—115.6% (Cost $5,897,349,026)		6,906,291,980
			OTHER ASSETS AND LIABILITIES (Net)—(15.6%)		(934,008,477	)
			TOTAL NET ASSETS—100.0%	$	5,972,283,503

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
68

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer International Equity Fund II

Notes to the Portfolio of Investments:

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

NVDR  Non Voting Depositary Receipt

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

(2)  All or a portion of this security was on loan to brokers at April 30, 2007.

(3)  Illiquid security

(4)  Security has been pledged for futures collateral.

*  Non-income producing security.

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

Aggregate cost for federal income tax purposes was $5,923,629,839.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
69

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2007

Julius Baer International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
05/07/2007	DKK	5,249,318		961,586		917,072	$	44,514
05/03/2007	EUR	23,191,711		31,648,568		31,649,728		(1,160	)
05/31/2007	GBP	5,055,000		10,107,107		9,917,910		189,197
06/05/2007	GBP	7,338,000		14,671,403		14,397,156		274,247
06/12/2007	GBP	3,683,000		7,363,269		7,099,240		264,029
06/22/2007	GBP	5,278,200		10,551,619		10,339,994		211,625
05/02/2007	HUF	139,106,789		766,224		773,331		(7,107	)
05/03/2007	HUF	51,617,316		284,317		287,402		(3,085	)
05/07/2007	JPY	806,855,000		6,757,133		6,780,180		(23,047	)
05/08/2007	JPY	3,227,882,744		27,035,898		27,156,558		(120,660	)
05/16/2007	JPY	1,169,000,000		9,801,365		9,802,606		(1,241	)
05/22/2007	JPY	2,154,286,400		18,076,425		18,129,146		(52,721	)
05/31/2007	JPY	4,300,000,000		36,122,984		36,092,599		30,385
06/05/2007	JPY	1,129,152,000		9,491,800		9,706,372		(214,572	)
06/12/2007	JPY	1,388,132,000		11,679,339		11,976,153		(296,814	)
06/18/2007	JPY	1,663,603,000		14,007,897		14,467,497		(459,600	)
06/25/2007	JPY	7,513,329,680		63,320,988		64,847,451		(1,526,463	)
07/10/2007	JPY	734,252,640		6,200,062		6,258,706		(58,644	)
07/12/2007	JPY	2,426,000,000		20,490,479		20,613,826		(123,347	)
07/19/2007	JPY	2,125,618,000		17,969,440		18,013,712		(44,272	)
07/23/2007	JPY	10,411,860,846		88,064,236		89,425,444		(1,361,208	)
07/31/2007	JPY	8,455,100,000		71,586,984		72,119,723		(532,739	)
05/31/2007	NOK	216,500,000		36,420,045		35,457,508		962,537
Net unrealized depreciation on forward foreign exchange contracts to buy							$	(2,850,146	)

See Notes to Financial Statements.

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70

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

(Unaudited) April 30, 2007

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 Depreciation
05/22/2007	CZK	32,582,000		1,579,320		1,533,199	$	(46,121	)
06/19/2007	CZK	389,697,000		18,928,822		18,476,057		(452,765	)
06/22/2007	CZK	26,279,692		1,276,761		1,264,906		(11,855	)
07/31/2007	EUR	52,784,000		72,264,809		71,999,225		(265,584	)
06/20/2007	HUF	1,782,641,000		9,786,640		9,345,921		(440,719	)
06/22/2007	HUF	26,922,463		147,785		144,078		(3,707	)
06/22/2007	PLN	1,313,945		474,264		452,710		(21,554	)
06/21/2007	TRY	403,460		290,207		282,248		(7,959	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(1,250,264	)

Glossary of Currencies

CZK  — Czech Koruna

DKK  — Danish Krone

EUR  — Euro

GBP  — British Pound Sterling

HUF  — Hungarian Forint

JPY  — Japanese Yen

NOK  — Norwegian Krone

PLN  — Polish Zloty

TRY  — Turkish Lira

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
71

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)  April 30, 2007

Julius Baer International Equity Fund II

At April 30, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		36.3	%	$	2,165,977,487
Consumer Discretionary		10.4			619,173,476
Industrials		9.8			587,782,838
Materials		8.2			491,281,516
Consumer Staples		7.1			426,656,268
Telecommunications		6.7			397,823,025
Healthcare		6.3			376,765,085
Energy		6.0			360,286,830
Utilities		3.3			195,562,223
Information Technology		1.9			115,862,540
Cash & Cash Equivalents		19.6			1,169,120,692	*
Total Investments		115.6			6,906,291,980
Other Assets and Liabilities (Net)		(15.6	)		(934,008,477	)*
Net Assets		100.0	%	$	5,972,283,503

*  Cash and Cash Equivalents and Other Assets and Liabilities (Net) include the margin requirements for $100,631,528 and notional market value for futures, which is 2.31% of net assets.

See Notes to Financial Statements.

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72

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—57.2%
			Federal Home Loan Bank
	6,000,000	USD	4.625% due 08/08/2007	$	5,990,994
			Federal Home Loan Mortgage Corporation
	3,600,000	USD	4.050% due 06/28/2007		3,593,462
	17,800,000	USD	5.500% due 05/01/2022*		17,827,804
	3,126,405	USD	4.631% due 09/01/2035 (1)		3,123,188
	4,398,244	USD	5.640% due 12/01/2036 (1)		4,430,715
	1,341,003	USD	5.502% due 01/01/2037 (1)		1,349,122
	5,502,974	USD	5.177% due 02/01/2037 (1)		5,509,157
	3,331,851	USD	5.504% due 03/01/2037 (1)		3,343,009
	36,700,000	USD	5.000% due 05/01/2037*		35,472,825
					74,649,282
			Federal National Mortgage Association Corporation
	40,200,000	USD	6.000% due 05/01/2022*		40,853,250
	2,105,247	USD	4.390% due 01/01/2034 (1)		2,109,220
	4,715,593	USD	4.271% due 10/01/2034 (1)		4,657,164
	3,526,322	USD	4.653% due 11/01/2035 (1)		3,524,859
	3,032,671	USD	5.387% due 03/01/2037 (1)		3,051,334
	27,600,000	USD	5.000% due 05/01/2037*		26,668,500
	15,000,000	USD	6.000% due 05/01/2037*		15,117,180
	40,200,000	USD	6.500% due 05/01/2037*		41,054,250
					137,035,757
			Government National Mortgage Association
	61,984	USD	7.000% due 04/15/2032		65,067
	26,100,000	USD	6.000% due 05/01/2037*		26,458,875
					26,523,942
			U.S. Treasury Bonds
	25,805,000	USD	4.500% due 02/15/2036		24,478,468
			U.S. Treasury Inflation Indexed Notes
	25,145,593	USD	2.375% due 01/15/2025		25,286,056

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
73

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
			U.S. Treasury Notes
	9,730,000	USD	4.625% due 02/29/2012	$	9,777,132
	5,650,000	USD	4.500% due 03/31/2012		5,647,136
	22,380,000	USD	3.875% due 02/15/2013		21,664,892
	36,940,000	USD	4.250% due 11/15/2013		36,338,284
	3,720,000	USD	4.625% due 02/15/2017		3,719,420
					77,146,864
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS(Cost $370,401,297)		371,111,363
ASSET BACKED SECURITIES—32.7%
			American Express Credit Account Master Trust, Series 2002-3, Class A
	4,805,000	USD	5.430% due 12/15/2009 (1)		4,807,890
			American Express Credit Account Master Trust, Series 2003-1, Class A
	4,600,000	USD	5.430% due 09/15/2010 (1)		4,607,213
			Banc of America Commercial Mortgage, Series 2006-5, Class A4
	3,900,000	USD	5.414% due 09/10/2047		3,912,895
			Bank One Auto Securitization Trust, Series 2003-1, Class A4
	3,842,025	USD	2.430% due 03/22/2010		3,830,308
			Bank One Issuance Trust, Series 2002-A1, Class A1
	4,600,000	USD	5.430% due 01/15/2010 (1)		4,602,766
			BMW Vehicle Owner Trust, Series 2004-A, Class A4
	2,120,953	USD	3.320% due 02/25/2009 (2)		2,108,339
			Capital Auto Receivables Asset Trust, Series 2004-2, Class A3
	2,090,000	USD	3.580% due 01/15/2009		2,077,284
			CityMortgage MBS Finance B.V., Series 2006-1A, Class AFL
	2,264,353	USD	6.920% due 09/10/2033† (1)		2,264,466
			CNH Equipment Trust, Series 2007-A, Class A2
	2,700,000	USD	5.130% due 10/15/2009		2,695,359
			Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4
	5,600,000	USD	5.769% due 06/10/2046 (1)		5,787,512

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
74

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			Credit Suisse Mortgage Capital Certificates, Series 2006-C4, Class A3
	4,500,000	USD	5.467% due 09/15/2039	$	4,524,143
			Credit Suisse Mortgage Capital Certificates, Series 2006-C5, Class A3
	6,600,000	USD	5.311% due 12/15/2039		6,553,158
			Daimler Chrysler Master Owner Trust, Series 2004-B, Class A
	13,000,000	USD	5.330% due 08/17/2009 (1)		13,009,237
			Discover Card Master Trust I, Series 2000-4, Class A
	4,500,000	USD	5.530% due 11/17/2009 (1)		4,502,887
			Discover Card Master Trust I, Series 2002-3, Class A
	7,000,000	USD	5.430% due 11/17/2009 (1)		7,004,210
			Discover Card Master Trust I, Series 2003-1, Class A3
	15,000,000	USD	5.460% due 04/16/2010 (1)		15,020,364
			First USA Credit Card Master Trust, Series 1997-4, Class A
	9,000,000	USD	5.530% due 02/17/2010 (1)		9,008,397
			Ford Credit Auto Owner Trust, Series 2005-A, Class A3
	2,918,402	USD	3.480% due 11/15/2008		2,907,699
			Harley-Davidson Motorcycle Trust, Series 2003-2, Class A2
	2,414,922	USD	2.070% due 02/15/2011 (2)		2,378,695
			Harley-Davidson Motorcycle Trust, Series 2007-1, Class A1
	2,788,055	USD	5.300% due 02/15/2008		2,789,865
			Honda Auto Receivables Owner Trust, Series 2007-1, Class A1
	1,676,982	USD	5.322% due 03/18/2008		1,660,474
			John Deere Owner Trust, Series 2006-A, Class A2
	4,964,221	USD	5.410% due 11/17/2008		4,967,831
			JPMorgan Chase Commercial Mortgage Securities Corp, Series 2002-CIB4, Class A3
	1,920,000	USD	6.162% due 05/12/2034		1,995,623
			Lehman Brothers- UBS Commercial Mortgage Trust, Series 2001-C2, Class A2
	4,500,000	USD	6.653% due 11/15/2027		4,720,308

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
75

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			Lehman Brothers- UBS Commercial Mortgage Trust, Series 2001-C3, Class A2
	5,620,000	USD	6.365% due 12/15/2028	$	5,858,951
			MBNA Credit Card Master Note Trust, Series 2002-A10, Class A10
	2,000,000	USD	5.460% due 02/16/2010 (1)		2,002,471
			MBNA Master Credit Card Trust, Series 2000-L, Class A
	10,000,000	USD	6.500% due 04/15/2010		10,077,714
			Merrill Lynch/ Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
	5,900,000	USD	5.414% due 07/12/2046 (1)		5,907,560
			Morgan Stanley Capital I, Series 2006-IQ12, Class A4
	3,850,000	USD	5.332% due 12/15/2043		3,831,756
			Morgan Stanley Capital I, Series 2006-T23, Class A4
	2,600,000	USD	5.810% due 08/12/2041 (1)		2,700,844
			Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4
	4,200,000	USD	6.390% due 10/15/2035		4,386,109
			Morgan Stanley Dean Witter Capital I, Series 2002-TOP7, Class A2
	7,500,000	USD	5.980% due 01/15/2039		7,735,014
			Nissan Auto Lease Trust, Series 2004-A, Class A4B
	3,209,978	USD	3.180% due 06/15/2010		3,196,434
			Nissan Auto Receivables Owner Trust, Series 2005-A, Class A3
	3,280,517	USD	3.540% due 10/15/2008		3,270,044
			Nissan Auto Receivables Owner Trust, Series 2007-A, Class A1
	5,946,886	USD	5.321% due 03/17/2008		5,947,815
			Pinnacle Capital Inc, Series 2006-A, Class A1
	1,344,466	USD	5.415% due 11/25/2007†		1,345,416
			Providian Gateway Master Trust, Series 2004-DA, Class A
	7,900,000	USD	3.350% due 09/15/2011†		7,841,984

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
ASSET BACKED SECURITIES—Continued
			SLM Student Loan Trust, Series 2007-2, Class A1
	5,414,054	USD	5.335% due 04/25/2014 (1)	$	5,413,208
			Small Business Administration, Series 2005-P10B, Class 1
	2,566,235	USD	4.940% due 08/10/2015		2,556,071
			Small Business Administration, Series 2006-P10A, Class 1
	4,136,676	USD	5.408% due 02/10/2016		4,168,995
			Taganka Car Loan Finance PLC, Series 2006-1A, Class A
	2,542,244	USD	6.320% due 11/14/2013† (1)		2,554,955
			Volkswagen Auto Lease Trust, Series 2006-A, Class A2
	7,200,000	USD	5.550% due 11/20/2008		7,214,355
			Volkswagen Auto Loan Enhanced Trust, Series 2003-2, Class A4
	3,931,776	USD	2.940% due 03/22/2010 (2)		3,892,637
			Volkswagen Auto Loan Enhanced Trust, Series 2007-1, Class A2
	4,400,000	USD	5.290% due 05/20/2009		4,404,716
			Total Asset Backed Securities (Cost $211,570,647)		212,043,972
CORPORATE BONDS—15.3%
			United States—6.8%
			Alabama Power, Series L
	1,000,000	USD	7.125% due 10/01/2007		1,007,110
			Alcoa Inc
	2,400,000	USD	5.950% due 02/01/2037		2,391,405
			BAE Systems Holdings
	3,800,000	USD	6.400% due 12/15/2011†		3,980,793
			Burlington Northern Santa Fe
	2,200,000	USD	6.150% due 05/01/2037		2,225,487
			Cargill Inc
	3,000,000	USD	4.375% due 06/01/2013†		2,855,877
			Cisco Systems
	3,400,000	USD	5.250% due 02/22/2011		3,427,207
			Devon Financing
	3,100,000	USD	6.875% due 09/30/2011		3,307,678

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
77

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			Estee Lauder
	2,500,000	USD	5.550% due 05/15/2017	$	2,512,467
			FirstEnergy Corp
	1,985,000	USD	7.130% due 07/01/2007		1,990,481
			Hewlett-Packard Co
	2,700,000	USD	5.250% due 03/01/2012		2,720,930
			International Business Machines
	1,000,000	USD	6.450% due 08/01/2007		1,002,454
			Lehman Brothers
	2,600,000	USD	5.250% due 02/06/2012		2,603,029
			Martin Marietta Materials
	2,600,000	USD	6.250% due 05/01/2037		2,626,458
			Private Export Funding, Series D
	3,040,000	USD	5.870% due 07/31/2008		3,072,832
			SC Johnson & Son
	1,800,000	USD	5.750% due 02/15/2033†		1,719,590
			Selkirk Cogen Funding, Series A
	946,538	USD	8.650% due 12/26/2007		951,494
			Southern Co, Series A, Senior Note
	3,200,000	USD	5.300% due 01/15/2012		3,226,061
			Wyeth
	2,500,000	USD	5.450% due 04/01/2017		2,506,478
					44,127,831
			Supra National—2.9%
			European Investment Bank
	17,700,000	NZD	6.000% due 07/15/2009		12,647,875
			Nordic Investment Bank
	6,500,000	USD	5.000% due 02/01/2017		6,541,879
					19,189,754
			United Kingdom—1.4%
			Diageo Capital
	3,200,000	USD	5.125% due 01/30/2012		3,192,717

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			United Kingdom—Continued
			HSBC Holdings
	2,200,000	USD	6.500% due 05/02/2036	$	2,364,613
			Lloyds TSB Group
	3,500,000	USD	6.267% due 05/14/2049† (1)(2)		3,487,918
					9,045,248
			Norway—0.9%
			Eksportfinans A/S
	5,600,000	USD	5.000% due 02/14/2012		5,641,938
			Russia—0.8%
			Norilsk Nickel
	2,900,000	USD	7.125% due 09/30/2009		2,997,121
			TNK-BP Finance
	2,300,000	USD	6.625% due 03/20/2017†		2,294,250
					5,291,371
			Mexico—0.6%
			Monterrey Power
	3,428,813	USD	9.625% due 11/15/2009†		3,771,695
			Luxembourg—0.5%
			VTB Capital (Vneshtorgbank)
	3,300,000	USD	5.955% due 08/01/2008† (1)		3,307,425
			Singapore—0.4%
			PSA International
	2,500,000	USD	5.750% due 06/29/2011†		2,562,697
			Canada—0.4%
			TransCanada Pipelines
	1,800,000	USD	9.875% due 01/01/2021		2,469,622
			Australia—0.4%
			BHP Billiton Finance
	2,400,000	USD	5.400% due 03/29/2017		2,397,922
			Brazil—0.2%
			Petrobras International Finance
	1,400,000	USD	6.125% due 10/06/2016		1,440,250
			TOTAL CORPORATE BONDS (Cost $97,694,678)		99,245,753

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
79

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
FOREIGN GOVERNMENT BONDS—15.2%
			United Kingdom—3.8%
			United Kingdom
	12,825,000	GBP	4.000% due 03/07/2009	$	24,981,199
			Mexico—3.4%
			Mexican Bonos
	196,500,000	MXN	10.000% due 12/05/2024		21,812,202
			Australia—3.0%
			New South Wales Treasury
	24,250,000	AUD	5.500% due 08/01/2014		19,328,316
			Poland—2.0%
			Republic of Poland
	33,000,000	PLN	6.250% due 10/24/2015		12,675,373
			Iceland—1.5%
			Republic of Iceland
	577,102,962	ISK	3.750% due 09/15/2014		9,424,348
			Sweden—0.9%
			Kingdom of Sweden
	6,000,000	USD	4.875% due 01/19/2010		6,015,576
			Turkey—0.4%
			Turkey Trust
	3,000,000	USD	Zero coupon due 11/15/2007		2,921,907
			France—0.2%
			CCCE-Principal Certificate
	1,400,000	USD	Zero coupon due 05/01/2009		1,266,700
			TOTAL FOREIGN GOVERNMENT BONDS(Cost $94,036,487)		98,425,621
SHORT-TERM INVESTMENTS—5.7%
			United States—4.7%
			Federal Home Loan Bank
	30,000,000	USD	5.12% due 05/16/2007		29,936,000
			Romania—1.0%
			Romanian Government
	17,000,000	RON	Zero coupon due 03/12//2008		6,570,417
			TOTAL SHORT-TERM INVESTMENTS(Cost $36,157,893)		36,506,417

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
80

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

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

Face Value		Currency		Market Value (Note 2)
REPURCHASE AGREEMENT—9.9%
			United States—9.9%
	64,401,472	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007, with a maturity
			value of $64,407,752 and an effective yield of 3.51%,
			collateralized by U.S. Government and Agency
			Obligations, with rates ranging from 4.648%-5.670%,
			maturities ranging from 07/01/2034-02/15/2036 and
			an aggregate market value of $67,621,546.
			(Cost $64,401,472)	$	64,401,472
			TOTAL INVESTMENTS—136.0% (Cost $874,262,474)		881,734,598
			OTHER ASSETS AND LIABILITIES (Net)—(36.0%)		(233,167,031	)
			TOTAL NET ASSETS—100.0%	$	648,567,567

Portfolio Footnotes:

  (1)  Variable rate security.

  (2)  Callable

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

  †  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 $874,383,365.

Glossary of Currencies

AUD  — Australian Dollar

GBP  — British Pound Sterling

ISK  — Icelandic Krona

MXN  — Mexican Nuevo Peso

NZD  — New Zealand Dollar

PLN  — Polish Zloty

RON  — Romanian Lei

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
81

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2007

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)
06/05/2007	AUD	18,500,670		15,352,378		14,777,172	$	575,206
05/14/2007	CAD	14,510,953		13,079,199		12,462,917		616,282
06/26/2007	CAD	10,796,244		9,743,122		9,465,087		278,035
06/01/2007	EUR	8,828,953		12,062,513		11,850,000		212,513
06/01/2007	EUR	15,177,594		20,736,312		20,500,000		236,312
07/17/2007	EUR	4,704,026		6,437,193		6,440,000		(2,807	)
07/19/2007	EUR	7,385,000		10,106,611		10,041,237		65,374
05/08/2007	GBP	7,634,421		15,266,121		15,101,279		164,842
06/22/2007	HUF	2,310,000,000		12,680,239		12,410,947		269,292
07/27/2007	INR	528,900,000		12,633,538		12,787,718		(154,180	)
06/01/2007	JPY	779,330,600		6,547,766		6,700,000		(152,234	)
07/13/2007	RUB	326,800,000		12,733,209		12,662,373		70,836
06/01/2007	SEK	82,537,028		12,338,143		11,875,768		462,375
05/17/2007	SKK	182,000,000		7,373,671		7,389,963		(16,292	)
06/13/2007	ZAR	91,370,000		12,892,172		12,363,169		529,003
Net unrealized appreciation on forward foreign exchange contracts to buy							$	3,154,557

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
82

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2007

Julius Baer Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
06/05/2007	AUD	18,500,670		15,352,378		14,950,645	$	(401,733	)
08/01/2007	AUD	7,775,477		6,442,318		6,440,000		(2,318	)
06/01/2007	EUR	14,180,000		19,373,354		19,355,700		(17,654	)
05/08/2007	GBP	12,028,271		24,052,255		23,392,813		(659,442	)
06/01/2007	JPY	779,330,600		6,547,766		6,589,865		42,099
06/11/2007	NZD	20,095,268		14,847,054		13,920,635		(926,419	)
07/03/2007	PLN	36,000,000		12,998,019		12,491,499		(506,520	)
06/01/2007	SEK	82,537,028		12,338,143		11,850,000		(488,143	)
06/13/2007	ZAR	91,370,000		12,892,172		12,333,724		(558,448	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(3,518,578	)

Glossary of Currencies

AUD  — Australian Dollar

CAD  — Canadian Dollar

EUR  — Euro

GBP  — British Pound Sterling

HUF  — Hungarian Forint

INR  — Indian Rupiah

JPY  — Japanese Yen

NZD  — New Zealand Dollar

PLN  — Polish Zloty

RUB  — New Russian Ruble

SEK  — Swedish Krona

SKK  — Slovakia Koruna

ZAR  — South African Rand

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
83

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2007

Julius Baer Total Return Bond Fund

At April 30, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
U.S. Government and Agency Obligations		57.2	%	$	371,111,363
Asset Backed Securities		32.7			212,043,972
Foreign Government Bonds		15.2			98,425,621
Corporate Bonds		15.3			99,245,753
Short-Term Investments		5.7			36,506,417
Cash & Cash Equivalents		9.9			64,401,472
Total Investments		136.0			881,734,598
Other Assets and Liabilities (Net)		(36.0	)		(233,167,031	)
Net Assets		100.0	%	$	648,567,567

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
84

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—72.8%
			United States—48.4%
			Advanced Medical Optics
	615,000	USD	7.500% due 05/01/2017† (2)	$	636,526
			AGY Holding
	925,000	USD	11.000% due 11/15/2014† (2)		974,719
			Airgas Inc
	1,070,000	USD	6.250% due 07/15/2014 (2)		1,043,250
			Alliance Imaging
	530,000	USD	7.250% due 12/15/2012 (2)		526,025
			Alliant Techsystems
	1,500,000	USD	6.750% due 04/01/2016 (2)		1,522,500
			Alpha Natural Resources
	1,615,000	USD	10.000% due 06/01/2012 (2)		1,752,275
			American Airlines Series 1999-1
	1,600,000	USD	7.324% due 10/15/2009		1,625,000
			Baldor Electric
	630,000	USD	8.625% due 02/15/2017 (2)		675,675
			Calabash Re
	250,000	USD	13.750% due 01/08/2010† (1)		255,037
			Calpine Generating
	1,675,000	USD	11.070% due 04/01/2010 (1)(2)(3)		427,125
			Carillon Ltd
	330,000	USD	15.355% due 01/08/2010† (1)		335,197
			Cascadia Ltd
	640,000	USD	8.475% due 06/13/2008† (1)		639,206
			Case New Holland
	460,000	USD	6.000% due 06/01/2009		465,175
			Choctaw Resort Development Enterprise
	2,610,000	USD	7.250% due 11/15/2019† (2)		2,658,937
			Church & Dwight
	1,090,000	USD	6.000% due 12/15/2012 (2)		1,079,100

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
85

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			CMS Energy
	2,300,000	USD	8.500% due 04/15/2011	$	2,521,375
			Constellation Brands
	635,000	USD	7.250% due 09/01/2016		649,287
			Cooper-Standard Automotive
	1,500,000	USD	7.000% due 12/15/2012 (2)		1,462,500
			Dex Media
	300,000	USD	8.000% due 11/15/2013 (2)		315,750
			Dex Media West
	338,000	USD	9.875% due 08/15/2013 (2)		369,687
			Dresser-Rand
	1,431,000	USD	7.375% due 11/01/2014 (2)		1,466,775
			Edison Mission Energy
	1,020,000	USD	7.500% due 06/15/2013		1,065,900
			Eurus Ltd
	645,000	USD	11.605% due 04/08/2009† (1)		658,610
			Festival Fun Parks
	1,325,000	USD	10.875% due 04/15/2014 (2)		1,373,031
			Fisher Scientific International
	400,000	USD	6.750% due 08/15/2014 (2)		413,878
			Ford Motor
	1,540,000	USD	7.125% due 11/15/2025		1,178,100
	1,500,000	USD	7.450% due 07/16/2031		1,194,375
					2,372,475
			Ford Motor Credit
	1,000,000	USD	7.375% due 02/01/2011		989,860
			Foundation Re
	250,000	USD	7.310% due 01/06/2009† (1)		244,975
			Freeport-McMoran Copper & Gold
	270,000	USD	8.250% due 04/01/2015 (2)		292,613
	805,000	USD	8.375% due 04/01/2017 (2)		882,481
					1,175,094

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
86

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			General Motors
	2,550,000	USD	8.375% due 07/15/2033	$	2,317,313
			Hawker Beechcraft Acquistion
	1,370,000	USD	8.500% due 04/01/2015† (2)		1,448,775
			Helix 04 Ltd
	145,000	USD	10.749% due 06/30/2009† (1)		145,987
			Hertz Corp
	425,000	USD	10.500% due 01/01/2016 (2)		486,625
			Hexcel Corp
	1,850,000	USD	6.750% due 02/01/2015 (2)		1,863,875
			IASIS Healthcare Capital
	1,320,000	USD	8.750% due 06/15/2014 (2)		1,374,450
			Intcomex Inc
	1,795,000	USD	11.750% due 01/15/2011 (2)		1,869,044
			Invacare Corp
	1,150,000	USD	9.750% due 02/15/2015† (2)		1,175,875
			KB Home
	1,800,000	USD	6.250% due 06/15/2015		1,683,000
			Koppers Holdings, Multi-Coupon
	1,025,000	USD	9.875% due 11/15/2014 (1)(2)		876,375
			Level 3 Financing
	2,045,000	USD	9.250% due 11/01/2014† (2)		2,134,469
			Lyondell Chemical
	2,220,000	USD	8.250% due 09/15/2016 (2)		2,386,500
			MacDermid Inc
	1,350,000	USD	9.500% due 04/15/2017† (2)		1,407,375
			Meritage Homes
	725,000	USD	7.000% due 05/01/2014 (2)		701,438
			Mohegan Tribal Gaming Authority
	2,105,000	USD	6.125% due 02/15/2013 (2)		2,073,425
			Mosaic Co
	1,390,000	USD	7.625% due 12/01/2016† (2)		1,490,775

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
87

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Mystic Realty
	550,000	USD	11.660% due 12/05/2008† (1)	$	552,200
			NewMarket Corp
	2,335,000	USD	7.125% due 12/15/2016†		2,346,675
			NRG Energy
	1,551,000	USD	7.375% due 02/01/2016 (2)		1,614,979
			Qwest Communications International
	250,000	USD	7.500% due 02/15/2014 (2)		259,375
			Qwest Corp
	1,500,000	USD	7.875% due 09/01/2011		1,605,000
			Redwood Capital VII
	250,000	USD	10.610% due 01/09/2008† (1)		251,253
			Residential Reinsurance 2004
	510,000	USD	11.310% due 06/08/2007† (1)		510,000
	300,000	USD	14.860% due 06/08/2007† (1)		300,420
					810,420
			RH Donnelley
	500,000	USD	6.875% due 01/15/2013 (2)		498,125
			RH Donnelley Series A-1
	950,000	USD	6.875% due 01/15/2013 (2)		946,438
			RH Donnelley Series A-2
	345,000	USD	6.875% due 01/15/2013 (2)		343,706
			Rural/Metro Corp
	1,000,000	USD	9.875% due 03/15/2015 (2)		1,070,000
			Serena Software
	2,460,000	USD	10.375% due 03/15/2016† (2)		2,684,475
			Service Corp International
	1,900,000	USD	7.000% due 06/15/2017†		1,900,000
			Stanadyne Corp
	800,000	USD	10.000% due 08/15/2014 (2)		860,000
			Sunguard Data Systems
	2,120,000	USD	10.250% due 08/15/2015 (2)		2,342,600

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
88

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			United States—Continued
			Tartan Capital
	675,000	USD	8.350% due 01/07/2009*† (1)	$	673,481
			Terex Corp
	840,000	USD	7.375% due 01/15/2014 (2)		882,000
			UGS Corp
	3,165,000	USD	10.000% due 06/01/2012		3,465,675
			United Auto
	220,000	USD	7.750% due 12/15/2016† (2)		224,400
			Verso Paper
	1,965,000	USD	9.125% due 08/01/2014† (2)		2,077,988
			VWR International
	2,125,000	USD	8.000% due 04/15/2014 (2)		2,263,125
			WCA Waste
	1,450,000	USD	9.250% due 06/15/2014 (2)		1,551,500
			Wesco Distribution
	500,000	USD	7.500% due 10/15/2017 (2)		515,000
			Wynn Las Vegas
	3,205,000	USD	6.625% due 12/01/2014 (2)		3,229,038
					86,097,698
			Brazil—5.4%
			Cia Energetica de Sao Paulo
	350,000	USD	9.250% due 08/11/2013†		393,312
	4,470,000	BRL	9.750% due 01/15/2015†		2,396,097
					2,789,409
			Cosan Finance
	2,155,000	USD	7.000% due 02/01/2017†		2,149,612
			CSN Islands IX, Multi-Coupon
	350,000	USD	10.500% due 01/15/2015		417,375
			ISA Capital do Brasil
	1,250,000	USD	8.800% due 01/30/2017†		1,350,000
			JBS SA
	1,500,000	USD	10.500% due 08/04/2016†		1,721,250

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
89

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			Brazil—Continued
			Petrobras International
	1,000,000	USD	8.375% due 12/10/2018	$	1,210,000
					9,637,646
			Canada—3.4%
			Aquila Inc
	970,000	USD	7.750% due 06/15/2011		1,050,025
			Gerdau Ameristeel
	1,000,000	USD	10.375% due 07/15/2011 (2)		1,063,750
			Rogers Wireless
	670,000	CAD	7.625% due 12/15/2011		672,149
	1,300,000	USD	7.500% due 03/15/2015		1,430,000
					2,102,149
			Shaw Communications
	1,000,000	CAD	7.500% due 11/20/2013		1,003,253
	860,000	CAD	5.700% due 03/02/2017		773,892
					1,777,145
					5,993,069
			Russia—2.1%
			ALROSA Finance
	300,000	USD	8.875% due 11/17/2014†		346,875
	680,000	USD	8.875% due 11/17/2014		787,372
					1,134,247
			Norilsk Nickel
	560,000	USD	7.125% due 09/30/2009		578,754
			TNK-BP Finance
	1,025,000	USD	7.500% due 07/18/2016†		1,087,781
	890,000	USD	6.625% due 03/20/2017†		887,775
					1,975,556
					3,688,557
			Spain—1.8%
			Ono Finance
	2,085,000	EUR	10.500% due 05/15/2014 (2)		3,200,957

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
90

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			United Kingdom—1.6%
			CEVA Group
	780,000	EUR	10.000% due 12/01/2016† (2)	$	1,141,598
			Global Crossing UK Finance
	800,000	GBP	11.750% due 12/15/2014 (2)		1,777,733
					2,919,331
			Belgium—1.6%
			Telenet Group Holding, Multi-Coupon
	3,096,000	USD	0.000% due 06/15/2014† (1)		2,917,980
			Australia—1.4%
			Australis Ltd
	495,000	USD	8.990% due 03/24/2009† (1)		497,945
			Sea Production
	2,000,000	USD	9.610% due 02/14/2012† (1)(2)		2,023,760
					2,521,705
			Kazakhstan—1.3%
			Kazakhgold
	1,605,000	USD	9.375% due 11/06/2013 (2)		1,634,131
			Kazkommerts International
	500,000	USD	8.000% due 11/03/2015†		507,500
			Kazkommerts International-Registered
	100,000	USD	8.000% due 11/03/2015		101,510
					2,243,141
			Norway—1.2%
			Ocean RIG
	2,200,000	USD	9.350% due 04/04/2011† (1)(2)		2,205,500
			Supra National—0.7%
			European Investment Bank
	1,800,000	NZD	6.000% due 07/15/2009		1,286,225
			Mexico—0.7%
			Axtel SAB de CV
	1,170,000	USD	7.625% due 02/01/2017† (2)		1,190,475

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
91

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
CORPORATE BONDS—Continued
			France—0.6%
			Europcar Groupe
	400,000	EUR	8.125% due 05/15/2014 (2)	$	584,752
	400,000	EUR	8.125% due 05/15/2014† (2)		584,752
					1,169,504
			Ireland—0.6%
			Osiris Capital
	1,000,000	USD	10.356% due 01/15/2010† (1)		1,010,100
			Netherlands—0.5%
			Sensata Technologies
	930,000	USD	8.000% due 05/01/2014 (2)		936,975
			Germany—0.5%
			Grohe Holding
	600,000	EUR	8.625% due 10/01/2014 (2)		849,495
			Hungary—0.5%
			Invitel Holdings
	580,938	EUR	12.218% due 04/15/2013† (1)(2)		828,452
			Denmark—0.3%
			Nordic Telephone
	400,000	EUR	8.250% due 05/01/2016† (2)		600,446
			Ukraine—0.2%
			Rodovid Bank
	1,500,000	UAH	13.500% due 09/22/2009 (1)		300,464
			TOTAL CORPORATE BONDS (Cost $125,294,669)		129,597,720
FOREIGN GOVERNMENT BONDS—4.7%
			Brazil—1.5%
			Federative Republic of Brazil
	4,980,000	BRL	10.000% due 01/01/2010		2,406,125
	600,000	BRL	10.000% due 01/01/2012		287,704
					2,693,829
			Colombia—1.0%
			Republic of Columbia
	3,500,000,000	COP	11.750% due 03/01/2010		1,766,559

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
92

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
FOREIGN GOVERNMENT BONDS—Continued
			Hungary—0.8%
			Republic of Hungary
	250,000,000	HUF	6.500% due 08/12/2009	$	1,357,630
			Vietnam—0.7%
			Socialist Republic of Vietnam
	580,000	USD	6.875% due 01/15/2016†		624,950
	680,000	USD	6.875% due 01/15/2016		732,319
					1,357,269
			Turkey—0.7%
			Republic of Turkey
	1,700,000	TRY	10.000% due 02/15/2012		1,260,043
			TOTAL FOREIGN GOVERNMENT BONDS (Cost $7,878,441)		8,435,330
BANK LOANS—10.6%
			United States—7.3%
			Hawker Beechcraft
	1,382,979	USD	7.320% due 05/29/2007		1,389,522
	117,021	USD	5.250% due 06/29/2007		117,575
					1,507,097
			HBI Branded Apparel
	2,480,000	USD	9.110% due 07/26/2007		2,543,937
			HCA Inc
	3,000,000	USD	7.600% due 06/29/2007		3,034,863
			Sandridge Energy
	1,000,000	USD	8.625% due 07/02/2007		1,032,500
			Univision Communications
	2,900,000	USD	7.570% due 04/30/2007		2,897,776
			W&T Offshore
	2,000,000	USD	7.600% due 06/29/2007		2,016,250
					13,032,423

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
93

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
BANK LOANS—Continued
			Netherlands—2.4%
			Sensata Technologies Finance
	2,536,106	EUR	7.100% due 07/27/2007	$	2,537,762
			UPC Broadband Holding
	1,700,000	EUR	7.370% due 07/02/2007		1,703,643
					4,241,405
			Canada—0.9%
			Great Canadian Gaming
	1,650,000	CAD	6.860% due 05/14/2007		1,658,593
			TOTAL BANK NOTES (Cost $18,909,169)		18,932,421
COMMERCIAL PAPER—4.5%
			United States—3.9%
			Coca-Cola Co
	1,000,000	USD	5.210% due 05/11/2007		998,553
			General Electric Capital
	1,000,000	USD	5.170% due 06/08/2007		994,543
			Motorola Inc
	2,000,000	USD	5.310% due 05/17/2007		1,995,280
			United Parcel Service
	2,000,000	USD	5.200% due 05/31/2007		1,991,333
			Walt Disney
	1,000,000	USD	5.260% due 05/02/2007		999,854
					6,979,563
			Germany—0.6%
			WestLB AG
	1,000,000	USD	5.200% due 06/14/2007†		993,644
			TOTAL COMMERCIAL PAPER (Cost $7,973,207)		7,973,207
INVESTMENT TRUSTS—1.9%
			Canada—1.9%
	22,560	CAD	ARC Energy Trust		443,517
	52,780	CAD	Contrans Income Fund		537,358

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
94

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
INVESTMENT TRUSTS—Continued
			Canada—Continued
	19,800	CAD	Labrador Iron ORE Royalty Income Fund	$	546,066
	26,570	CAD	NAL Oil & Gas Trust		296,845
	10,690	CAD	Newalta Income Fund		253,308
	20,100	CAD	Penn West Energy Trust		601,062
	42,000	CAD	Teranet Income Fund		370,844
	11,690	CAD	Vermilion Energy Trust		355,471
					3,404,471
			TOTAL INVESTMENT FUNDS (Cost $3,303,298)		3,404,471
STRUCTURED NOTES—0.7%
			Dominican Republic—0.5%
			Dominican Republic, Issued by Standard Bank,
	500,000	USD	16.000% due 07/20/2009 (1)		534,500
			Dominican Republic, Issued by Standard Bank,
	313,632	USD	16.000% due 07/27/2009 (1)		329,000
					863,500
			Ukraine—0.2%
			Nadra Bank, Issued by ING Bank,
	1,800,000	UAH	12.420% due 02/01/2008†		357,152
			TOTAL STRUCTURED NOTES (Cost $1,170,599)		1,220,652
ASSET BACKED SECURITIES—0.6%
			Fremont Home Loan Trust Series 2005-E, Class M5
	1,000,000	USD	5.980% due 01/25/2036 (Cost $960,664) (1)		976,787
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
			Bulgaria—0.1%
			Bulgaria Registered Compensation Vouchers
	540,000	BGN	(Cost $250,371)*		162,977
SHORT-TERM INVESTMENTS—1.3%
			Mexico—1.3%
			Mexican Cetes
	11,700,000	MXN	Zero coupon due 11/22/2007		1,024,122
	1,412,300	USD	Zero coupon due 11/22/2007		1,260,465
			TOTAL SHORT-TERM INVESTMENTS (Cost $2,284,587)		2,284,587

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
95

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer Global High Income Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
REPURCHASE AGREEMENT—5.3%
			United States—5.3%
	9,483,820	USD	Investors Bank & Trust Company Repurchase Agreement, dated 04/30/2007, due 05/01/2007, with a maturity value of $9,484,745 and an effective yield of 3.51%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 8.150%-8.375%, maturities from 07/25/2027-03/25/2029, and an aggregate market value of $9,958,011. (Cost $9,483,820)	$	9,483,820
			TOTAL INVESTMENTS—102.5% (Cost $177,508,825)		182,471,972
			OTHER ASSETS AND LIABILITIES (NET)—(2.5%)		(4,517,427	)
			TOTAL NET ASSETS—100.0%	$	177,954,545

Portfolio Footnotes:

(1)  Variable rate security.

(2)  Callable

(3)  Defaulted Security.

*  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 $177,520,779.

Glossary of Currencies

BGN  — Bulgarian Lev

BRL  — Brazilian Real

CAD  — Canadian Dollar

COP  — Colombian Peso

EUR  — Euro

GBP  — British Pound Sterling

HUF  — Hungarian Forint

MXN  — Mexican Nuevo Peso

NZD  — New Zealand Dollar

TRY  — New Turkish Lira

UAH  — Ukraine Hryvna

USD   — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
96

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited)

April 30, 2007

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)
05/03/2007	BRL	7,195,250		3,542,539		3,433,792	$	108,747
06/29/2007	EUR	3,745,674		5,122,680		5,100,000		22,680
06/29/2007	GBP	101,900		203,696		199,882		3,814
07/30/2007	IDR	5,691,000,000		620,913		600,000		20,913
09/18/2007	IDR	4,755,000,000		517,010		500,000		17,010
10/31/2007	INR	75,294,000		1,774,702		1,800,000		(25,298	)
06/29/2007	JPY	573,478,000		4,835,664		4,960,883		(125,219	)
06/29/2007	MXN	2,000,000		182,042		179,759		2,283
11/06/2007	ZAR	6,173,440		857,325		800,000		57,325
Net unrealized appreciation on forward foreign exchange contracts to buy							$	82,255

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
Expiration Date	Local Currency		Value in USD		In Exchange for USD		Net Unrealized Appreciation (Depreciation)
05/03/2007	BRL	7,195,250		3,542,539		3,400,000	$	(142,539	)
06/29/2007	CAD	3,469,949		3,131,737		3,011,069		(120,668	)
06/29/2007	EUR	5,524,392		7,555,299		7,400,502		(154,797	)
07/30/2007	IDR	5,691,000,000		620,913		622,648		1,735
09/18/2007	IDR	4,755,000,000		517,010		505,851		(11,159	)
06/29/2007	JPY	573,478,000		4,835,664		4,863,857		28,193
08/01/2007	TRY	1,700,000		1,205,041		1,202,008		(3,033	)
11/06/2007	ZAR	6,173,440		857,325		814,073		(43,252	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(445,520	)

Glossary of Currencies

BRL  — Brazilian Real

CAD  — Canadian Dollar

EUR  — Euro

GBP  — British Pound Sterling

IDR  — Indonesian Rupiah

INR  — Indian Rupiah

JPY  — Japanese Yen

MXN  — Mexican Nuevo Peso

TRY  — Turkish Lira

ZAR  — South African Rand

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
97

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)  April 30, 2007

Julius Baer Global High Income Fund

At April 30, 2007, sector diversification of the Fund's investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		72.8	%	$	129,597,720
Bank Loans		10.6			18,932,421
Foreign Government Bonds		4.7			8,435,330
Commercial Paper		4.5			7,973,207
Investment Trusts		1.9			3,404,471
Structured Notes		0.7			1,220,652
Asset Backed Securities		0.6			976,787
Foreign Government Compensation Notes		0.1			162,977
Short-Term Investments		1.3			2,284,587
Cash & Cash Equivalents		5.3			9,483,820	*
Total Investments		102.5			182,471,972
Other Assets and Liabilities (Net)		(2.5	)		(4,517,427	)*
Net Assets		100.0	%	$	177,954,545

*  Cash and Cash Equivalents and Other Assets and Liabilities (Net) includes $95,731 in market value for swaps, which is 0.05% of net assets.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
98

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer U.S. Microcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—95.0%
		Banks—14.7%
	4,950	Bank of the Ozarks	$	145,876
	5,860	Bridge Capital Holdings*		131,791
	9,330	Seacoast Banking Corp of Florida		213,564
	13,702	Southern Community Financial		136,335
	4,320	Sussex Bancorp		66,874
	9,194	TIB Financial		129,635
	6,357	Vineyard National Bancorp		145,448
	6,501	Virginia Commerce Bancorp*		121,894
				1,091,417
		Semiconductors & Semiconductor Equipment—11.4%
	4,740	ATMI Inc*		146,608
	18,880	MoSys Inc*		164,067
	14,130	Photronics Inc*		212,657
	4,470	Standard Microsystems*		143,308
	13,120	Ultratech Inc*		181,712
				848,352
		Health Care Equipment & Services—9.5%
	5,550	Abaxis Inc*		126,707
	5,190	Cutera Inc*		151,963
	7,460	Gentiva Health Services*		139,651
	4,820	SonoSite Inc*		139,684
	4,560	Viasys Healthcare*		146,011
				704,016
		Consumer Durables & Apparel—9.2%
	8,250	Everlast Worldwide*		171,187
	12,650	K2 Inc*		190,888
	7,210	Lifetime Brands		157,322
	4,900	Movado Group		161,308
				680,705
		Technology Hardware & Equipment—8.3%
	16,670	CalAmp Corp*		138,861
	7,697	Daktronics Inc		175,338
	10,730	Measurement Specialties*		219,643
	8,350	Super Micro Computer*		86,924
				620,766

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
99

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Microcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Consumer Services—7.8%
	9,020	BJ's Restaurants*	$	185,722
	17,634	Century Casinos*		147,773
	2,480	PF Chang's China Bistro*		94,860
	3,800	Red Robin Gourmet Burgers*		150,480
				578,835
		Energy—7.0%
	3,490	Carrizo Oil & Gas*		128,607
	18,520	Newpark Resources*		152,234
	17,820	Quest Resource*		171,072
	3,730	Superior Offshore International*		68,147
				520,060
		Real Estate—3.9%
	4,310	BRT Realty Trust REIT		133,308
	11,240	Education Realty Trust REIT		160,058
				293,366
		Diversified Financials—3.3%
	7,355	Epoch Holding*		124,814
	4,110	Evercore Partners-Class A		118,943
				243,757
		Food, Beverage & Tobacco—3.2%
	2,590	Green Mountain Coffee Roasters*		158,301
	3,200	Jones Soda*		78,688
				236,989
		Household & Personal Products—3.1%
	6,720	WD-40 Co		232,378
		Transportation—2.8%
	4,940	Macquarie Infrastructure		210,345
		Materials—2.8%
	7,550	Schweitzer-Mauduit International		207,248
		Software & Services—2.5%
	18,650	24/7 Real Media*		185,568

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
100

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Microcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Food & Staples Retailing—2.4%
	9,740	Wild Oats Markets*	$	175,612
		Pharmaceuticals & Biotechnology—1.5%
	3,080	Omrix Biopharmaceuticals*		109,340
		Capital Goods—1.4%
	4,970	Trex Company*		101,338
		Insurance—0.2%
	2,080	CRM Holdings*		17,472
		TOTAL COMMON STOCKS (Cost $6,343,067)		7,057,564
INVESTMENT FUNDS—0.8%
		Financial Services—0.8%
	720	iShares Russell 2000 Index Fund (Cost $57,298)		58,133

Face Value		Currency
REPURCHASE AGREEMENT—3.3%
			Financial Services—3.3%
	246,630	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007, with a maturity value
			of $246,654, and an effective yield of 3.51%, collateralized
			by a U.S. Government and Agency Obligation, with a rate
			of 8.255%, a maturity of 03/25/2022 and an aggregate
			market value of $258,961. (Cost $246,630)	$	246,630
			TOTAL INVESTMENTS—99.1% (Cost $6,646,995)		7,362,327
			OTHER ASSETS AND LIABILITIES (Net)—0.9%		63,611
			TOTAL NET ASSETS—100.0%	$	7,425,938

Notes to the Portfolio of Investments:

REIT  Real Estate Investment Trust

*  Non-income producing security.

Aggregate cost for federal income tax purposes was $6,644,856.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
101

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2007

Julius Baer U.S. Microcap Fund

At April 30, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		22.9	%	$	1,704,145
Information Technology		22.3			1,654,685
Consumer Discretionary		17.0			1,259,541
Healthcare		10.9			813,356
Consumer Staples		8.7			644,979
Energy		7.0			520,060
Industrials		4.2			311,684
Materials		2.8			207,248
Cash & Cash equivalents		3.3			246,629
Total Investments		99.1			7,362,327
Other Assets and Liabilities (Net)		0.9			63,611
Net Assets		100.0	%	$	7,425,938

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
102

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer U.S. Smallcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—96.8%
		Banks—11.5%
	4,210	Boston Private Financial	$	117,080
	3,600	Community Trust Bancorp		119,736
	5,430	PrivateBancorp Inc		178,267
	4,330	Signature Bank*		136,222
	4,110	Western Alliance Bancorp*		132,506
	2,580	Wintrust Financial		110,888
				794,699
		Health Care Equipment & Services—11.3%
	7,890	Angiodynamics Inc*		131,290
	3,700	ArthroCare Corp*		152,662
	2,670	Healthways Inc*		113,261
	2,450	Inverness Medical Innovations*		98,123
	2,890	Palomar Medical Technologies*		118,317
	3,140	Psychiatric Solutions*		110,120
	1,920	Vital Images*		59,251
				783,024
		Technology Hardware & Equipment—7.9%
	3,880	Ciena Corp*		113,141
	7,120	Daktronics Inc		162,194
	6,590	Global Imaging Systems*		190,385
	7,550	Super Micro Computer*		78,596
				544,316
		Consumer Services—7.8%
	4,730	BJ's Restaurants*		97,391
	2,120	Chipotle Mexican Grill-Class A*		138,288
	2,940	Orient-Express Hotels		154,791
	5,430	The Cheesecake Factory*		149,868
				540,338
		Real Estate—7.6%
	2,400	CBL & Associates Properties REIT		109,080
	4,030	Maguire Properties REIT		145,201
	8,820	Omega Healthcare Investors REIT		148,176
	2,240	Sovran Self Storage REIT		123,782
				526,239

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
103

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Smallcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—7.5%
	2,770	Factset Research Systems	$	170,383
	3,330	Fair Isaac		118,914
	1,880	Kronos Inc*		102,592
	3,920	THQ Inc*		130,810
				522,699
		Semiconductors & Semiconductor Equipment—6.5%
	3,830	Hittite Microwave*		173,039
	16,400	MoSys Inc*		142,516
	9,230	Semtech Corp*		133,097
				448,652
		Energy—4.9%
	1,430	CARBO Ceramics		62,133
	3,120	Carrizo Oil & Gas*		114,972
	3,440	Superior Offshore International*		62,849
	7,650	Warren Resources*		101,056
				341,010
		Capital Goods—4.6%
	2,610	Baldor Electric		102,808
	5,100	Hexcel Corp*		110,670
	2,110	Toro Co		106,027
				319,505
		Consumer Durables & Apparel—4.4%
	4,530	Jarden Corp*		190,894
	2,030	Phillips-Van Heusen		113,477
				304,371
		Diversified Financials—4.3%
	2,420	International Securities Exchange		161,390
	5,480	optionsXpress Holdings		135,246
				296,636
		Retailing—4.0%
	3,560	Guess? Inc		140,264
	13,820	Sally Beauty*		135,712
				275,976

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
104

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Smallcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Pharmaceuticals & Biotechnology—3.6%
	2,890	Omrix Biopharmaceuticals*	$	102,595
	2,980	Ventana Medical Systems*		144,798
				247,393
		Media—2.7%
	3,550	Morningstar Inc*		184,849
		Household & Personal Products—2.5%
	5,080	WD-40 Co		175,666
		Food & Staples Retailing—2.2%
	4,960	United Natural Foods*		154,702
		Commercial Services and Supplies—1.5%
	3,210	Brady Corp-Class A		105,481
		Materials—1.3%
	950	RTI International Metals*		89,557
		Telecommunication Services—0.7%
	3,420	Aruba Networks*		46,751
		TOTAL COMMON STOCKS (Cost $5,978,082)		6,701,864
INVESTMENT FUNDS—2.0%
		Financial Services—2.0%
	1,720	iShares Russell 2000 Index Fund (Cost $136,757)		138,873

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
105

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Smallcap Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
REPURCHASE AGREEMENT—0.8%
			Financial Services—0.8%
	53,677	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007, with a maturity value
			of $53,682 and an effective yield of 3.51%, collateralized
			by a U.S. Government and Agency Obligation, with a rate
			of 9.125%, a maturity of 09/25/2019 and an aggregate
			market value of $56,361. (Cost $53,677)	$	53,677
			TOTAL INVESTMENTS—99.6% (Cost $6,168,516)		6,894,414
			OTHER ASSETS AND LIABILITIES (Net)—0.4%		27,397
			TOTAL NET ASSETS—100.0%	$	6,921,811

Notes to the Portfolio of Investments:

REIT  Real Estate Investment Trust

*  Non-income producing security.

Aggregate cost for federal income tax purposes was $6,166,803.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
106

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2007

Julius Baer U.S. Smallcap Fund

At April 30, 2007, 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	%	$	1,756,448
Information Technology		21.9			1,515,666
Consumer Discretionary		18.8			1,305,533
Healthcare		14.9			1,030,416
Industrials		6.1			424,986
Energy		4.9			341,011
Consumer Staples		4.8			330,369
Materials		1.3			89,557
Telcommunications		0.7			46,751
Cash & Cash Equivalents		0.8			53,677
Total Investments		99.6			6,894,414
Other Assets and Liabilities (Net)		0.4			27,397
Net Assets		100.0	%	$	6,921,811

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
107

PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer U.S. Midcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—98.3%
		Diversified Financials—11.0%
	6,970	E*Trade Financial*	$	153,898
	1,270	IntercontinentalExchange Inc*		161,290
	1,400	Legg Mason		138,866
	2,420	Moody's Corp		160,010
	3,750	Nuveen Investments-Class A		199,875
				813,939
		Health Care Equipment & Services—10.1%
	1,730	CR Bard		143,815
	1,750	Express Scripts*		167,213
	2,420	Henry Schein*		126,155
	1,240	Intuitive Surgical*		160,778
	1,920	Laboratory Corp of America*		151,565
				749,526
		Software & Services—9.9%
	8,230	Activision Inc*		164,599
	3,140	Cognos Inc*		135,365
	3,790	Fair Isaac		135,341
	5,275	Iron Mountain*		148,228
	8,360	Symantec Corp*		147,136
				730,669
		Consumer Services—8.2%
	5,210	Cheesecake Factory*		143,796
	8,300	Melco PBL Entertainment Macau ADR*		144,586
	2,030	Station Casinos		176,610
	2,980	Weight Watchers International		143,010
				608,002
		Retailing—7.9%
	6,000	Chico's FAS*		158,160
	2,670	Nordstrom Inc		146,636
	12,050	Sally Beauty*		118,331
	6,210	Urban Outfitters*		159,970
				583,097

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
108

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Midcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Technology Hardware & Equipment—7.7%
	4,640	National Instruments	$	129,270
	3,040	NCR Corp*		153,216
	3,850	Network Appliance*		143,259
	8,150	QLogic Corp*		145,722
				571,467
		Banks—7.0%
	10,420	Hudson City Bancorp		138,795
	10,110	People's United Financial		201,290
	7,520	The Colonial BancGroup		180,931
				521,016
		Energy—6.7%
	2,990	Helix Energy Solutions*		114,397
	1,430	Noble Corp		120,420
	3,450	Rowan Companies		126,408
	2,330	Ultra Petroleum*		132,251
				493,476
		Capital Goods—5.5%
	1,710	Oshkosh Truck		95,657
	2,340	Terex Corp*		182,169
	2,830	USG Corp*		130,605
				408,431
		Pharmaceuticals & Biotechnology—4.1%
	1,130	Allergan Inc		136,956
	2,670	Celgene Corp*		163,297
				300,253
		Telecommunication Services—3.4%
	2,410	MetroPCS Communications*		67,601
	2,360	NII Holdings-Class B*		181,130
				248,731
		Consumer Durables & Apparel—3.3%
	630	Harman International Industries		76,791
	1,810	Polo Ralph Lauren		166,719
				243,510

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Midcap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Commercial Services and Supplies—2.4%
	2,050	Stericycle Inc*	$	178,637
		Food & Staples Retailing—2.1%
	3,280	Whole Foods Market		153,471
		Household & Personal Products—2.1%
	6,290	Alberto-Culver Co		152,784
		Materials—2.0%
	6,000	Crown Holdings*		145,020
		Semiconductors & Semiconductor Equipment—1.8%
	8,510	Marvell Technology*		137,266
		Real Estate—1.7%
	1,070	Boston Properties REIT		125,789
		Media—1.4%
	1,670	Lamar Advertising		100,768
		TOTAL COMMON STOCKS (Cost $6,325,171)		7,265,852
INVESTMENT FUNDS—1.6%
		Financial Services—1.6%
	1,090	iShares Russell Midcap Index Fund (Cost $113,277)		117,720

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Midcap Fund  (Percentage of Net Assets)

Face Value		Currency		Market Value (Note 2)
REPURCHASE AGREEMENT—1.3%
		Financial Services—1.3%
	94,551	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007, with a maturity value
			of $94,580 and an effective yield of 3.51%, collateralized
			by a U.S. Government and Agency Obligation, with a rate
			of 4.575%, a maturity of 09/01/2034 and an aggregate
			market value of $99,279. (Cost $94,551)	$	94,551
			TOTAL INVESTMENTS—101.2% (Cost $6,532,999)		7,478,123
			OTHER ASSETS AND LIABILITIES (Net)—(1.2%)		(85,906	)
			TOTAL NET ASSETS—100.0%	$	7,392,217

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 $6,544,354.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2007

Julius Baer U.S. Midcap Fund

At April 30, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Financials		21.3	%	$	1,578,464
Consumer Discretionary		20.8			1,535,377
Information Technology		19.5			1,439,403
Healthcare		14.2			1,049,778
Energy		6.7			493,477
Industrials		6.2			456,463
Consumer Staples		4.1			306,255
Materials		3.7			275,625
Telecommunications		3.4			248,731
Cash & Cash Equivalents		1.3			94,550
Total Investments		101.2			7,478,123
Other Assets and Liabilities (Net)		(1.2	)		(85,906	)
Net Assets		100.0	%	$	7,392,217

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Unaudited)April 30, 2007

Julius Baer U.S. Multicap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—98.0%
		Diversified Financials—15.2%
	6,880	E*Trade Financial*	$	151,910
	1,080	IntercontinentalExchange Inc*		137,160
	2,760	JPMorgan Chase		143,796
	1,610	Legg Mason		159,696
	2,510	Moody's Corp		165,961
	1,950	Morgan Stanley		163,820
	4,410	Nuveen Investments-Class A		235,053
				1,157,396
		Technology Hardware & Equipment—11.8%
	1,380	Apple Inc*		137,724
	4,390	Daktronics Inc		100,004
	3,600	Hewlett-Packard		151,704
	3,721	Juniper Networks*		83,202
	7,590	Motorola Inc		131,535
	3,980	Network Appliance*		148,096
	8,450	QLogic Corp*		151,086
				903,351
		Health Care Equipment & Services—11.1%
	4,170	ArthroCare Corp*		172,054
	1,840	CR Bard		152,959
	2,410	Laboratory Corp of America*		190,245
	2,320	Medco Health Solutions*		181,006
	2,870	Medtronic Inc		151,909
				848,173
		Software & Services—9.1%
	9,020	Activision Inc*		180,400
	1,830	Cognos Inc*		78,891
	3,720	Fair Isaac		132,841
	320	Google Inc-Class A*		150,842
	8,670	Symantec Corp*		152,592
				695,566
		Retailing—6.5%
	3,540	Lowe's Companies		108,182
	2,410	Nordstrom Inc		132,357
	12,920	Sally Beauty*		126,874

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Multicap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Retailing—Continued
	5,060	Urban Outfitters*	$	130,346
				497,759
		Capital Goods—6.3%
	1,630	Boeing Co		151,590
	4,900	General Electric		180,614
	2,220	United Technologies		149,029
				481,233
		Banks—5.9%
	7,150	Colonial BancGroup		172,029
	10,100	Hudson City Bancorp		134,532
	2,650	Wachovia Corp		147,181
				453,742
		Consumer Services—5.8%
	5,020	Cheesecake Factory*		138,552
	8,630	Melco PBL Entertainment Macau ADR*		150,335
	3,180	Weight Watchers International		152,608
				441,495
		Energy—5.4%
	3,520	Carrizo Oil & Gas*		129,712
	3,610	Rowan Companies		132,270
	2,580	Ultra Petroleum*		146,441
				408,423
		Pharmaceuticals & Biotechnology—4.0%
	2,760	Celgene Corp*		168,802
	1,680	Genentech Inc*		134,383
				303,185
		Household & Personal Products—3.9%
	6,680	Alberto-Culver Co		162,257
	2,070	Procter & Gamble		133,308
				295,565

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued) (Unaudited)April 30, 2007

Julius Baer U.S. Multicap Fund  (Percentage of Net Assets)

Share Amount		Description	Market Value (Note 2)
COMMON STOCKS—Continued
		Telecommunication Services—3.4%
	2,470	MetroPCS Communications*	$	69,284
	2,530	NII Holdings-Class B*		194,178
				263,462
		Media—2.9%
	1,720	Lamar Advertising-Class A		103,785
	1,120	Omnicom Group		117,275
				221,060
		Commercial Services and Supplies—2.5%
	2,200	Stericycle Inc*		191,708
		Food & Staples Retailing—2.3%
	3,690	Whole Foods Market		172,655
		Semiconductors & Semiconductor Equipment—1.9%
	8,810	Marvell Technology*		142,105
		TOTAL COMMON STOCKS (Cost $6,834,793)		7,476,878

Face Value		Currency
REPURCHASE AGREEMENT—2.1%
			Financial Services—2.1%
	157,801	USD	Investors Bank & Trust Company Repurchase Agreement,
			dated 04/30/2007, due 05/01/2007, with a maturity value
			of $157,816 and an effective yield of 3.51%, collateralized
			by a U.S. Government and Agency Obligation, with a rate
			of 8.875%, a maturity of 09/25/2014 and an aggregate
			market value of $165,691. (Cost $157,801)	$	157,801
			TOTAL INVESTMENTS—100.1% (Cost $6,992,594)		7,634,679
			OTHER ASSETS AND LIABILITIES (Net)—(0.1%)		(7,894	)
			TOTAL NET ASSETS—100.0%	$	7,626,785

Notes to the Portfolio of Investments:

ADR  American Depositary Receipt

*  Non-income producing security.

Aggregate cost for federal income tax purposes was $6,992,694.

Glossary of Currencies

USD  — United States Dollar

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)April 30, 2007

Julius Baer U.S. Multicap Fund

At April 30, 2007, sector diversification of the Fund's non-cash equivalents investments were as follows:

	% of Net Assets			Market Value (Note 2)
INDUSTRY SECTOR
Information Technology		22.8	%	$	1,741,022
Financials		21.1			1,611,138
Consumer Discretionary		15.2			1,160,314
Healthcare		15.1			1,151,359
Industrials		8.8			672,941
Consumer Staples		6.1			468,220
Energy		5.4			408,423
Telecommunications		3.5			263,461
Cash & Cash Equivalents		2.1			157,801
Total Investments		100.1			7,634,679
Other Assets and Liabilities (Net)		(0.1	)		(7,894	)
Net Assets		100.0	%	$	7,626,785

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
116

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)April 30, 2007

	Julius Baer Global Equity			Julius Baer International Equity
ASSETS:
Investments in securities, unaffiliated, at market value, including market value of securities on loan of $6,073,652 and $4,163,433,890, respectively (Cost $63,818,562 and $19,097,089,014, respectively)	$	72,643,230		$	26,751,626,643
Investments in securities, affiliated, at market value (Cost $0 and 664,566,245, respectively)		—			1,142,026,067
Cash on deposit for broker (Note 2)		17,008			10,021,187
Foreign currency, at market value (Cost $1,563,808 and $809,195,606 respectively)		1,565,502			807,631,253
Receivables:
Investments sold		213,287			44,603,980
Fund shares sold		2,093,630			20,709,775
Interest and dividends		108,686			87,043,586
Tax reclaim		18,530			2,950,376
Daily variation margin on open financial futures contracts		2,098			1,272,051
Miscellaneous		—			29,061
Unrealized appreciation on open swap contracts		—			56,932,166
Receivable from advisor—net (Note 3)		10,520			—
Unrealized appreciation on forward foreign exchange contracts		15			2,417,058
Prepaid expense		13,426			41,927
Total Assets		76,685,932			28,927,305,130
LIABILITIES:
Payables:
Investments purchased		953,664			205,103,899
Fund shares repurchased		84,702			46,088,074
Collateral for securities loaned (Note 2)		6,263,423			4,384,518,055
Investment advisory fee (Note 3)		—			17,609,489
Unrealized depreciation on forward foreign exchange contracts		66,608			26,351,022
Accrued expenses and other payables		85,442			4,372,676
Total Liabilities		7,453,839			4,684,043,215
NET ASSETS	$	69,232,093		$	24,243,261,915
NET ASSETS Consist of:
Par value	$	1,596		$	514,511
Paid in capital in excess of par value		181,670,204			15,224,323,397
Undistributed net investment income (loss)		15,615			(36,731,204	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(121,216,190	)		891,543,292
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		8,760,868			8,163,611,919
NET ASSETS	$	69,232,093		$	24,243,261,915
Class A	$	34,481,126		$	10,633,999,380
Class I	$	34,750,967		$	13,609,262,535
SHARES OUTSTANDING (Note 7)
Class A		798,059			228,411,365
Class I		798,333			286,099,251
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	43.21		$	46.56
Class I	$	43.53		$	47.57

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES (Unaudited)April 30, 2007

	Julius Baer International Equity II		Julius Baer Total Return Bond
ASSETS:
Investments in securities, at market value, including market value of securities on loan of $887,460,911 and $0, respectively (Cost $5,897,349,026 and $874,262,474, respectively)	$	6,906,291,980	$	881,734,598
Cash on deposit for broker (Note 2)		3,265,560		—
Foreign currency, at market value (Cost $42,963,038 and $671,068 respectively)		43,024,641		401,468
Receivables:
Investments sold		16,607,874		49,317,684
Fund shares sold		35,806,374		2,426,536
Interest and dividends		15,615,922		6,356,997
Tax reclaim		953,772		—
Daily variation margin on open financial futures contracts		435,850		—
Receivable from advisor—net (Note 3)		—		—
Unrealized appreciation on forward foreign exchange contracts		1,976,533		3,522,169
Prepaid expense		5,052		825
Total Assets		7,023,983,558		943,760,277
LIABILITIES:
Payables:
Investments purchased		100,442,455		258,800,672
Fund shares repurchased		5,440,818		2,325,006
Dividends payable		—		192
Collateral for securities loaned (Note 2)		934,345,856		—
Payable for when-issued securities		—		29,936,000
Investment advisory fee (Note 3)		4,357,362		116,561
Unrealized depreciation on forward foreign exchange contracts		6,076,943		3,886,190
Accrued expenses and other payables		1,036,621		128,089
Total Liabilities		1,051,700,055		295,192,710
NET ASSETS	$	5,972,283,503	$	648,567,567
NET ASSETS Consist of:
Par value	$	362,274	$	49,021
Paid in capital in excess of par value		4,938,524,073		639,872,669
Undistributed net investment income		16,073,758		1,486,466
Accumulated net realized gain on investments sold, forward foreign exchange contracts, and foreign currency related transactions		12,184,347		199,354
Net unrealized appreciation on investments, forward foreign exchange contracts, and foreign currency related transactions		1,005,139,051		6,960,057
NET ASSETS	$	5,972,283,503	$	648,567,567
Class A	$	1,270,820,225	$	113,246,194
Class I	$	4,701,463,278	$	535,321,373
SHARES OUTSTANDING (Note 7)
Class A		77,376,844		8,570,782
Class I		284,896,806		40,450,004
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	16.42	$	13.21
Class I	$	16.50	$	13.23

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES (Unaudited)April 30, 2007

	Julius Baer Global High Income			Julius Baer U.S. Microcap
ASSETS:
Investments in securities, at market value (Cost $177,508,825 and $6,646,995 respectively)	$	182,471,972		$	7,362,327
Cash		102,114			—
Foreign currency, at market value (Cost $8,818 and $0 respectively)		8,853			—
Receivables:
Investments sold		—			49,894
Fund shares sold		1,159,110			30,400
Interest and dividends		3,235,887			4,895
Unrealized appreciation on open swap contracts		95,731			—
Receivable from advisor—net (Note 3)		—			14,413
Prepaid offering costs		—			9,678
Unrealized appreciation on forward foreign exchange contracts		262,700			—
Prepaid expense		126			—
Total Assets		187,336,493			7,471,607
LIABILITIES:
Payables:
Investments purchased		8,528,345			—
Fund shares repurchased		113,651			7,483
Dividends payable		129			—
Investment advisory fee (Note 3)		54,761			—
Unrealized depreciation on forward foreign exchange contracts		625,965			—
Accrued expenses and other payables		59,097			38,186
Total Liabilities		9,381,948			45,669
NET ASSETS	$	177,954,545		$	7,425,938
NET ASSETS Consist of:
Par value	$	16,143		$	609
Paid in capital in excess of par value		172,385,839			6,269,735
Undistributed net investment loss		(40,788	)		(31,402	)
Accumulated net realized gain on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		860,944			471,664
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		4,732,407			715,332
NET ASSETS	$	177,954,545		$	7,425,938
Class A	$	65,543,315		$	3,840,212
Class I	$	112,411,230		$	3,585,726
SHARES OUTSTANDING (Note 7)
Class A		5,826,945			315,285
Class I		10,315,789			293,695
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	11.25		$	12.18
Class I	$	10.90		$	12.21

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES (Unaudited)April 30, 2007

	Julius Baer U.S. Smallcap			Julius Baer U.S. Midcap
ASSETS:
Investments in securities, at market value (Cost $6,168,516 and $6,532,999 respectively)	$	6,894,414		$	7,478,123
Receivables:
Fund shares sold		32,834			—
Interest and dividends		6,342			4,571
Receivable from advisor—net (Note 3)		17,575			15,499
Prepaid offering costs		9,678			8,868
Total Assets		6,960,843			7,507,061
LIABILITIES:
Payables:
Investments purchased		—			77,200
Accrued expenses and other payables		39,032			37,644
Total Liabilities		39,032			114,844
NET ASSETS	$	6,921,811		$	7,392,217
NET ASSETS Consist of:
Par value	$	572		$	597
Paid in capital in excess of par value		5,850,943			6,130,723
Undistributed net investment loss		(22,553	)		(12,314	)
Accumulated net realized gain on investments sold		366,951			328,087
Net unrealized appreciation on investments		725,898			945,124
NET ASSETS	$	6,921,811		$	7,392,217
Class A	$	3,534,925		$	3,689,340
Class I	$	3,386,886		$	3,702,877
SHARES OUTSTANDING (Note 7)
Class A		292,554			297,825
Class I		279,790			298,835
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	12.08		$	12.39
Class I	$	12.11		$	12.39

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES (Unaudited)April 30, 2007

	Julius Baer U.S. Multicap
ASSETS:
Investments in securities, at market value (Cost $6,992,594)	$	7,634,679
Receivables:
Interest and dividends		4,788
Receivable from advisor—net (Note 3)		18,304
Prepaid offering costs		8,363
Total Assets		7,666,134
LIABILITIES:
Accrued expenses and other payables		39,349
Total Liabilities		39,349
NET ASSETS	$	7,626,785
NET ASSETS Consist of:
Par value	$	632
Paid in capital in excess of par value		6,562,884
Undistributed net investment loss		(8,584	)
Accumulated net realized gain on investments sold		429,768
Net unrealized appreciation on investments		642,085
NET ASSETS	$	7,626,785
Class A	$	4,247,754
Class I	$	3,379,031
SHARES OUTSTANDING (Note 7)
Class A		352,260
Class I		280,176
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	12.06
Class I	$	12.06

See Notes to Financial Statements.

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STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2007

	Julius Baer Global Equity			Julius Baer International Equity
INVESTMENT INCOME:
Interest†	$	33,904		$	15,342,448
Dividends, from unaffiliated issuers††		440,763			167,743,564
Dividends, from affiliated issuers†††		—			908,895
Total investment income		474,667			183,994,907
EXPENSES:
Investment advisory fee (Note 3)		280,887			95,524,638
Custody fees		16,982			6,445,472
Administration fees		125,746			2,541,248
Professional fees		14,291			592,085
Trustees' fees and expenses		4,413			353,463
Registration and filing fees		72,579			287,929
Shareholder reports		39,221			1,232,540
Insurance premium expense		39,840			124,409
Interest expense		2,690			—
Compliance expense		279			111,951
Miscellaneous fees		1,162			92,905
Total expenses common to all classes		598,090			107,306,640
Transfer agent fees
Class A		11,284			602,942
Class I		3,095			150,393
Distribution and shareholder servicing fees (Class A) (Note 4)		39,762			12,186,814
Total gross expenses		652,231			120,246,789
Less: Custody offset arrangement (Note 3)		(6,352	)		(4,556,678	)
Expenses waived by investment advisor (Note 3)		(247,039	)		—
Net expenses		398,840			115,690,111
NET INVESTMENT INCOME		75,827			68,304,796
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		2,504,662			940,199,249
Financial futures contracts		68,341			33,724,791
Interest rate swap contracts		—			424,159
Forward foreign exchange contracts		(11,808	)		(2,959,201	)
Foreign currency transactions		(183,163	)		(54,049,481	)
Net realized gain on investments		2,378,032			917,339,517
Net change in unrealized appreciation (depreciation) on:
Investments		5,330,087			2,994,935,809
Financial futures contracts		(19,579	)		(16,191,471	)
Interest rate swap contracts		—			2,999,342
Forward foreign exchange contracts		(53,592	)		(14,568,601	)
Foreign currency transactions		(1,213	)		(229,639	)
Net change in unrealized appreciation of investments		5,255,703			2,966,945,440
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		7,633,735			3,884,284,957
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,709,562		$	3,952,589,753

  †  Interest income includes security lending income of $9,662 and $8,767,621 for the Global Equity Fund and International Equity Fund, respectively.

  ††  Net of foreign withholdings taxes of $29,988 and $16,869,423 for the Global Equity Fund and International Equity Fund, respectively.

  †††  Net of foreign withholding taxes of $53,275 for the International Equity Fund.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
122

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2007

	Julius Baer International Equity II			Julius Baer Total Return Bond
INVESTMENT INCOME:
Interest†	$	5,986,644		$	14,524,822
Dividends††		36,347,891			—
Total investment income		42,334,535			14,524,822
EXPENSES:
Investment advisory fee (Note 3)		19,467,896			1,322,567
Custody fees		816,859			95,314
Administration fees		1,107,961			37,041
Professional fees		127,762			27,623
Trustees' fees and expenses		100,625			9,619
Registration and filing fees		355,567			62,663
Shareholder reports		430,969			65,990
Insurance premium expense		14,352			2,322
Interest expense		—			5,028
Compliance expense		23,718			3,123
Miscellaneous fees		15,915			2,932
Total expenses common to all classes		22,461,624			1,634,222
Transfer agent fees
Class A		169,167			16,858
Class I		90,167			4,839
Distribution and shareholder servicing fees (Class A) (Note 4)		1,203,861			134,573
Total gross expenses		23,924,819			1,790,492
Less: Custody offset arrangement (Note 3)		(270,340	)		(11,677	)
Recoupment of expenses previously assumed by investment advisor (Note 3)		196,954			—
Expenses waived by investment advisor (Note 3)		—			(351,062	)
Net expenses		23,851,433			1,427,753
NET INVESTMENT INCOME		18,483,102			13,097,069
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		39,294,716			1,801,836
Financial futures contracts		7,818,520			(110	)
Forward foreign exchange contracts		(4,755,523	)		(23,893	)
Foreign currency transactions		(12,868,386	)		516,504
Net realized gain on investments		29,489,327			2,294,337
Net change in unrealized appreciation (depreciation) on:
Investments		662,770,058			2,485,041
Financial futures contracts		(1,765,217	)		—
Forward foreign exchange contracts		(2,960,412	)		26,823
Foreign currency transactions		(12,181	)		97,944
Net change in unrealized appreciation of investments		658,032,248			2,609,808
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		687,521,575			4,904,145
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	706,004,677		$	18,001,214

  †  Interest income incudes security lending income of $2,214,994 for the International Equity Fund II.

  ††  Net of withholdings taxes of $3,941,330 for the International Equity Fund II.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
123

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2007

	Julius Baer Global High Income			Julius Baer U.S. Microcap
INVESTMENT INCOME:
Interest	$	4,836,209		$	2,769
Dividends†		87,564			27,401
Total investment income		4,923,773			30,170
EXPENSES:
Investment advisory fee (Note 3)		463,801			42,161
Custody fees		20,594			3,228
Administration fees		43,187			9,269
Professional fees		16,920			11,357
Trustees' fees and expenses		2,184			77
Registration and filing fees		44,424			33,479
Shareholder reports		11,339			—
Amortization of offering expenses		—			20,856
Insurance premium expense		375			—
Interest expense		5,028			—
Compliance expense		680			—
Miscellaneous fees		1,012			573
Total expenses common to all classes		609,544			121,000
Transfer agent fees
Class A		10,704			6,398
Class I		3,362			2,684
Distribution and shareholder servicing fees (Class A) (Note 4)		67,956			4,278
Total gross expenses		691,566			134,360
Less: Custody offset arrangement (Note 3)		(2,725	)		—
Expenses waived by investment advisor (Note 3)		(157,084	)		(78,640	)
Net expenses		531,757			55,720
NET INVESTMENT INCOME (LOSS)		4,392,016			(25,550	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		1,004,356			469,525
Interest rate swap contracts		63,107			—
Forward foreign exchange contracts		12,080			—
Foreign currency transactions		(204,518	)		—
Net realized gain on investments		875,025			469,525
Net change in unrealized appreciation (depreciation) on:
Investments		3,240,096			81,213
Interest rate swap contracts		37,288			—
Forward foreign exchange contracts		(316,753	)		—
Foreign currency transactions		29,903			—
Net change in unrealized appreciation of investments		2,990,534			81,213
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		3,865,559			550,738
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,257,575		$	525,188

  †  Net of withholding taxes of $21,079 for the Global High Income Fund.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
124

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2007

	Julius Baer U.S. Smallcap			Julius Baer U.S. Midcap
INVESTMENT INCOME:
Interest	$	1,224		$	2,341
Dividends		24,081			107,016
Total investment income		25,305			109,357
EXPENSES:
Investment advisory fee (Note 3)		29,566			26,710
Custody fees		3,157			3,224
Administration fees		9,662			7,028
Professional fees		11,341			11,381
Trustees' fees and expenses		66			90
Registration and filing fees		33,465			33,482
Amortization of offering expenses		20,856			19,115
Miscellaneous fees		570			574
Total expenses common to all classes		108,683			101,604
Transfer agent fees
Class A		6,398			6,399
Class I		2,684			2,685
Distribution and shareholder servicing fees (Class A) (Note 4)		3,887			4,125
Total gross expenses		121,652			114,813
Expenses waived by investment advisor (Note 3)		(79,646	)		(74,809	)
Net expenses		42,006			40,004
NET INVESTMENT INCOME (LOSS)		(16,701	)		69,353
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on:
Investments		364,907			327,910
Net realized gain on investments		364,907			327,910
Net change in unrealized appreciation on:
Investments		264,465			434,381
Net change in unrealized appreciation of investments		264,465			434,381
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		629,372			762,291
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	612,671		$	831,644

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
125

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2007

	Julius Baer U.S. Multicap
INVESTMENT INCOME:
Interest	$	2,305
Dividends		101,826
Total investment income		104,131
EXPENSES:
Investment advisory fee (Note 3)		24,925
Custody fees		3,207
Administration fees		10,414
Professional fees		11,400
Trustees' fees and expenses		100
Registration and filing fees		33,476
Shareholder reports		250
Amortization of offering expenses		18,025
Compliance expense		5
Miscellaneous fees		572
Total expenses common to all classes		102,374
Transfer agent fees
Class A		6,401
Class I		2,686
Distribution and shareholder servicing fees (Class A) (Note 4)		4,404
Total gross expenses		115,865
Expenses waived by investment advisor (Note 3)		(77,350	)
Net expenses		38,515
NET INVESTMENT INCOME		65,616
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on:
Investments		429,768
Net realized gain on investments		429,768
Net change in unrealized appreciation on:
Investments		113,032
Net change in unrealized appreciation of investments		113,032
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		542,800
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	608,416

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
126

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Global Equity Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	75,827		$	438,419
Net realized gain on investments		2,378,032			7,905,567
Net change in unrealized appreciation of investments		5,255,703			1,564,073
Net increase in net assets resulting from operations		7,709,562			9,908,059
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class I		—			(989	)
Total distributions to shareholders		—			(989	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		5,188,579			10,921,299
Class I		3,887,690			18,354,968
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class I		—			637
Cost of shares redeemed
Class A		(4,462,209	)		(22,181,768	)
Class I		(2,541,762	)		(8,973,789	)
Fees from redemptions		—			3,539
Net increase (decrease) from Fund share transactions		2,072,298			(1,875,114	)
Net increase in net assets		9,781,860			8,031,956
NET ASSETS:
Beginning of period		59,450,233			51,418,277
End of period (including undistributed net investment income of $15,615 and ($60,212), respectively)	$	69,232,093		$	59,450,233

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
127

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	68,304,796		$	235,638,205
Net realized gain on investments		917,339,517			1,735,683,740
Net change in unrealized appreciation of investments		2,966,945,440			2,825,657,653
Net increase in net assets resulting from operations		3,952,589,753			4,796,979,598
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(59,400,112	)		—
Class I		(97,389,687	)		—
Distributions from realized gain
Class A		(880,815,538	)		(323,074,339	)
Class I		(1,057,761,836	)		(394,079,789	)
Total distributions to shareholders		(2,095,367,173	)		(717,154,128	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		849,782,724			1,516,430,147
Class I		1,364,548,661			1,762,515,023
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		885,050,416			303,135,073
Class I		1,012,198,966			352,634,605
Cost of shares redeemed
Class A		(1,002,197,133	)		(1,596,363,910	)
Class I		(893,456,505	)		(1,487,008,935	)
Fees from redemptions		—			558,198
Net increase from Fund share transactions		2,215,927,129			851,900,201
Net increase in net assets		4,073,149,709			4,931,725,671
NET ASSETS:
Beginning of period		20,170,112,206			15,238,386,535
End of period (including undistributed net investment income of ($36,731,204) and $51,753,799, respectively)	$	24,243,261,915		$	20,170,112,206

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
128

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer International Equity Fund II

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	18,483,102		$	25,470,795
Net realized gain (loss) on investments		29,489,327			(19,126,250	)
Net change in unrealized appreciation of investments		658,032,248			341,136,403
Net increase in net assets resulting from operations		706,004,677			347,480,948
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(1,953,851	)		—
Class I		(11,447,304	)		—
Distributions from realized gain
Class A		(2,983,592	)		—
Class I		(10,064,024	)		—
Total distributions to shareholders		(26,448,771	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		534,268,164			611,006,976
Class I		1,919,594,973			1,992,799,751
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		4,509,125			—
Class I		16,754,683			—
Cost of shares redeemed
Class A		(138,024,843	)		(100,844,079	)
Class I		(206,659,500	)		(113,397,417	)
Fees from redemptions		—			186,601
Net increase from Fund share transactions		2,130,442,602			2,389,751,832
Net increase in net assets		2,809,998,508			2,737,232,780
NET ASSETS:
Beginning of period		3,162,284,995			425,052,215
End of period (including undistributed net investment income of $16,073,758 and $10,991,811, respectively)	$	5,972,283,503		$	3,162,284,995

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
129

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Total Return Bond Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	13,097,069		$	14,432,716
Net realized gain (loss) on investments		2,294,337			(1,532,288	)
Net change in unrealized appreciation of investments		2,609,808			6,040,040
Net increase in net assets resulting from operations		18,001,214			18,940,468
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(2,030,486	)		(4,633,879	)
Class I		(10,752,698	)		(13,426,375	)
Distributions from realized gain
Class A		—			(517,211	)
Class I		—			(1,194,669	)
Total distributions to shareholders		(12,783,184	)		(19,772,134	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		27,380,765			72,384,334
Class I		205,961,189			290,781,223
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		1,857,930			4,578,373
Class I		6,638,782			12,496,422
Cost of shares redeemed
Class A		(20,861,165	)		(40,748,651	)
Class I		(80,547,154	)		(45,130,436	)
Fees from redemptions		—			22,196
Net increase from Fund share transactions		140,430,347			294,383,461
Net increase in net assets		145,648,377			293,551,795
NET ASSETS:
Beginning of period		502,919,190			209,367,395
End of period (including undistributed net investment income of $1,486,466 and $1,172,581, respectively)	$	648,567,567		$	502,919,190

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
130

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer Global High Income Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Year Ended October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,392,016		$	3,265,164
Net realized gain on investments		875,025			879,451
Net change in unrealized appreciation of investments		2,990,534			1,242,995
Net increase in net assets resulting from operations		8,257,575			5,387,610
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(1,926,359	)		(3,603,396	)
Class I		(2,646,894	)		(1,282,103	)
Distributions from realized gain
Class A		(420,733	)		(2,359,814	)
Class I		(457,444	)		(499,032	)
Total distributions to shareholders		(5,451,430	)		(7,744,345	)
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		29,291,771			33,421,918
Class I		77,400,935			31,257,017
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		1,956,454			5,028,917
Class I		1,448,718			1,537,266
Cost of shares redeemed
Class A		(12,882,218	)		(26,442,289	)
Class I		(3,096,455	)		(5,182,090	)
Fees from redemptions		—			13,225
Net increase from Fund share transactions		94,119,205			39,633,964
Net increase in net assets		96,925,350			37,277,229
NET ASSETS:
Beginning of period		81,029,195			43,751,966
End of period (including undistributed net investment income of ($40,788) and $140,449, respectively)	$	177,954,545		$	81,029,195

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
131

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Microcap Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(25,550	)	$	(11,957	)
Net realized gain on investments		469,525			8,004
Net change in unrealized appreciation of investments		81,213			634,119
Net increase in net assets resulting from operations		525,188			630,166
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		853,797			2,661,894
Class I		505,143			2,500,000
Cost of shares redeemed
Class A		(229,939	)		(20,311	)
Net increase from Fund share transactions		1,129,001			5,141,583
Net increase in net assets		1,654,189			5,771,749
NET ASSETS:
Beginning of period		5,771,749			—
End of period (including undistributed net investment income of ($31,402) and ($5,852), respectively)	$	7,425,938		$	5,771,749

  *  Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
132

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Smallcap Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(16,701	)	$	(2,036	)
Net realized gain on investments		364,907			93,131
Net change in unrealized appreciation of investments		264,465			461,433
Net increase in net assets resulting from operations		612,671			552,528
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class I		(1,456	)		—
Distributions from realized gain
Class A		(47,337	)		—
Class I		(46,110	)		—
Total distributions to shareholders		(94,903	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		713,742			2,535,318
Class I		298,109			2,500,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		47,337			—
Class I		47,144			—
Cost of shares redeemed
Class A		(287,072	)		(3,063	)
Net increase from Fund share transactions		819,260			5,032,255
Net increase in net assets		1,337,028			5,584,783
NET ASSETS:
Beginning of period		5,584,783			—
End of period (including undistributed net investment income of ($22,553) and ($4,396), respectively)	$	6,921,811		$	5,584,783

  *  Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
133

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Midcap Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	69,353		$	(5,295	)
Net realized gain on investments		327,910			24,072
Net change in unrealized appreciation of investments		434,381			510,743
Net increase in net assets resulting from operations		831,644			529,520
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(34,293	)		—
Class I		(42,422	)		—
Distributions from realized gain
Class A		(11,538	)		—
Class I		(12,014	)		—
Total distributions to shareholders		(100,267	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		450,154			2,625,610
Class I		523,444			2,500,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		36,212			—
Class I		43,011			—
Cost of shares redeemed
Class A		(44,026	)		(3,069	)
Class I		(16	)		—
Net increase from Fund share transactions		1,008,779			5,122,541
Net increase in net assets		1,740,156			5,652,061
NET ASSETS:
Beginning of period		5,652,061			—
End of period (including undistributed net investment income of ($12,314) and ($4,952), respectively)	$	7,392,217		$	5,652,061

  *  Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
134

STATEMENT OF CHANGES IN NET ASSETS

Julius Baer U.S. Multicap Fund

	For the Six Month Period Ended April 30, 2007 (Unaudited)			For the Period from July 24, 2006* to October 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	65,616		$	1,721
Net realized gain on investments		429,768			23,143
Net change in unrealized appreciation of investments		113,032			529,053
Net increase in net assets resulting from operations		608,416			553,917
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
Distributions from net investment income
Class A		(34,572	)		—
Class I		(41,349	)		—
Distributions from realized gain
Class A		(11,507	)		—
Class I		(11,636	)		—
Total distributions to shareholders		(99,064	)		—
FUND SHARE TRANSACTIONS (Note 7):
Proceeds from sale of shares
Class A		1,197,713			2,515,010
Class I		310,926			2,500,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		35,926			—
Class I		40,976			—
Cost of shares redeemed
Class A		(25,765	)		(11,270	)
Net increase from Fund share transactions		1,559,776			5,003,740
Net increase in net assets		2,069,128			5,557,657
NET ASSETS:
Beginning of period		5,557,657			—
End of period (including undistributed net investment income of ($8,584) and $1,721, respectively)	$	7,626,785		$	5,557,657

  *  Commencement of operations.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
135

FINANCIAL HIGHLIGHTS

Julius Baer Global Equity Fund (8)

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007			Year Ended October 31,						April 01, 2004 through October 31,			Year Ended March 31,
	(Unaudited)			2006			2005(7)			2004(7)			2004(7)			2003(7)			2002(7)
Net Asset Value, beginning of period	$	38.23		$	31.45		$	26.90		$	25.30		$	24.10		$	42.50		$	76.60
Income (loss) from investment operations:
Net investment income (loss) (2)		0.02			0.23			0.21			(0.30	)		(0.80	)		(0.60	)		(0.70	)
Net realized and unrealized gain (loss) on investments		4.96			6.55			4.36			1.90			2.00			(17.50	)		(33.40	)
Total income (loss) from investment operations		4.98			6.78			4.57			1.60			1.20			(18.10	)		(34.10	)
Less distributions:
From net investment income		—			—			(0.02	)		—			—			(0.30	)		—
Total Distributions		—			—			(0.02	)		—			—			(0.30	)		—
Net Asset Value, end of period	$	43.21		$	38.23		$	31.45		$	26.90		$	25.30		$	24.10		$	42.50
Market Value, end of year (8)		—			—			—			—		$	23.600		$	19.700		$	39.700
Total Return		13.00	%(5)		21.56	%		17.00	%		6.32	%(5)		19.80	%		(49.75	)%		(41.19	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	34,481		$	29,852		$	34,608		$	24,688		$	36,930		$	35,122		$	62,042
Ratio of net investment income to average net assets		0.12	%(4)		0.65	%		0.71	%		(1.80	)%(4)		(3.25	)%		(2.21	)%		(1.11	)%
Ratio of expenses to average net assets (1)		1.42	%(4)		1.42	%		1.51	%		2.37	%(4)(6)		3.31	%		2.93	%		2.13	%
Ratio of expenses to average net assets (1)(3)		1.40	%(4)		1.40	%		1.50	%		2.30	%(4)(6)		3.25	%		2.82	%		1.85	%
Portfolio turnover rate		52	%(5)		162	%		118	%		204	%(5)		605	%		1024	%		778	%

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

Ratio of expenses to average net assets (3)	2.22	%(4)	2.24	%	2.98	%	3.73	%	3.50	%	3.07	%	2.10	%
Ratio of expenses to average net assets	2.24	%(4)	2.26	%	2.99	%	3.80	%	3.56	%	3.18	%	2.38	%

  (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 performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Fund's common stock while it was a closed-end Fund.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
136

FINANCIAL HIGHLIGHTS

Julius Baer Global Equity Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006			Period Ended October 31, 2005(6)(7)
Net Asset Value, beginning of period	$	38.48		$	31.58		$	30.80
Income from investment operations:
Net investment income (2)		0.08			0.38			0.23
Net realized and unrealized gain on investments		4.97			6.52			0.56
Total income from investment operations		5.05			6.90			0.79
Less distributions:
From net investment income		—			—	(9)		(0.01	)
Total Distributions		—			—			(0.01	)
Net Asset Value, end of period	$	43.53		$	38.48		$	31.58
Total Return		13.12	%(5)		21.89	%		2.56	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	34,751		$	29,598		$	16,810
Ratio of net investment income to average net assets		0.37	%(4)		1.06	%		1.15	%(4)
Ratio of expenses to average net assets (1)		1.17	%(4)		1.17	%		1.17	%(4)
Ratio of expenses to average net assets (1)(3)		1.15	%(4)		1.15	%		1.15	%(4)
Portfolio turnover rate		52	%(5)		162	%		118	%(8)

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

Ratio of expenses to average net assets (3)	1.91	%	1.86	%	2.49	%(4)
Ratio of expenses to average net assets	1.93	%	1.88	%	2.51	%(4)

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

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

  (4)  Annualized.

  (5)  Not Annualized.

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

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

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

  (9)  Rounds to less than $0.01.

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
137

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007			Year Ended October 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	43.09		$	34.29		$	28.99		$	24.45		$	19.60		$	19.95
Income (loss) from investment operations:
Net investment income (2)		0.10			0.50			0.35			0.16			0.24			0.11
Net realized and unrealized gain (loss) on investments		7.82			9.87			5.98			4.71			4.93			(0.46	)
Total income (loss) from investment operations		7.92			10.37			6.33			4.87			5.17			(0.35	)
Less distributions:
From net investment income		(0.28	)		—			(0.45	)		(0.33	)		(0.32	)		—
From net realized gains on investments		(4.17	)		(1.57	)		(0.58	)		—			—			—
Total Distributions		(4.45	)		(1.57	)		(1.03	)		(0.33	)		(0.32	)		—
Net Asset Value, end of period	$	46.56		$	43.09		$	34.29		$	28.99		$	24.45		$	19.60
Total Return		19.47	%(4)		31.20	%		22.19	%		20.05	%		26.78	%		(1.75	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	10,633,999		$	9,092,359		$	7,018,030		$	3,721,409		$	1,705,074		$	615,897
Ratio of net investment income to average net assets		0.47	%(3)		1.28	%		1.09	%		0.58	%		0.83	%		0.49	%
Ratio of expenses to average net assets (1)		1.24	%(3)		1.24	%		1.32	%		1.35	%		1.37	%		1.51	%
Ratio of expenses to average net assets		1.20	%(3)		1.19	%		1.31	%		1.32	%		1.31	%		1.43	%
Portfolio turnover rate		18	%(4)		62	%		57	%		100	%		114	%		93	%

  (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 2007 Semi-Annual Report
138

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007			Year Ended October 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	43.97		$	34.96		$	29.47		$	24.79		$	19.79		$	20.08
Income (loss) from investment operations:
Net investment income (2)		0.17			0.52			0.44			0.23			0.28			0.21
Net realized and unrealized gain (loss) on investments		7.98			10.15			6.09			4.79			5.05			(0.45	)
Total income (loss) from investment operations		8.15			10.67			6.53			5.02			5.33			(0.24	)
Less distributions:
From net investment income		(0.38	)		—			(0.46	)		(0.34	)		(0.33	)		(0.05	)
From net realized gains on investments		(4.17	)		(1.66	)		(0.58	)		—			—			—
Total Distributions		(4.55	)		(1.66	)		(1.04	)		(0.34	)		(0.33	)		(0.05	)
Net Asset Value, end of period	$	47.57		$	43.97		$	34.96		$	29.47		$	24.79		$	19.79
Total Return		19.62	%(4)		31.53	%		22.52	%		20.39	%		27.39	%		(1.21	)%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	13,609,263		$	11,077,753		$	8,220,356		$	3,844,713		$	1,114,010		$	415,159
Ratio of net investment income to average net assets		0.74	%(3)		1.29	%		1.33	%		0.87	%		1.16	%		0.99	%
Ratio of expenses to average net assets (1)		0.98	%(3)		0.99	%		1.05	%		1.08	%		1.08	%		1.00	%
Ratio of expenses to average net assets		0.94	%(3)		0.94	%		1.04	%		1.05	%		1.02	%		0.92	%
Portfolio turnover rate		18	%(4)		62	%		57	%		100	%		114	%		93	%

  (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 2007 Semi-Annual Report
139

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006			Period Ended October 31, 2005(5)
Net Asset Value, beginning of period	$	14.07		$	10.94		$	10.00
Income from investment operations:
Net investment income (loss) (7)		0.04			0.16			(0.01	)
Net realized and unrealized gain on investments		2.39			2.97			0.95
Total income from investment operations		2.43			3.13			0.94
Less distributions:
From net investment income		(0.03	)		—			—
From net realized gains on investments		(0.05	)		—			—
Total Distributions		(0.08	)		—			—
Net Asset Value, end of period	$	16.42		$	14.07		$	10.94
Total Return		17.38	%(2)		28.73	%		9.30	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	1,270,820		$	722,531		$	127,435
Ratio of net investment income to average net assets		0.59	%(3)		1.25	%		(0.11	)%(3)
Ratio of expenses to average net assets (1)(4)		1.33	%(3)		1.33	%		1.36	%(3)
Ratio of expenses to average net assets		1.32	%(3)		1.32	%		1.35	%(3)
Portfolio turnover rate		20	%(2)		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 of fees by the Fund's investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.31% and 1.32% for the periods ended April 30, 2007 and October 31, 2006.

  (5)  Commenced operations on May 4, 2005.

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

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
140

FINANCIAL HIGHLIGHTS

Julius Baer International Equity Fund II

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006			Period Ended October 31, 2005(5)
Net Asset Value, beginning of period	$	14.14		$	10.96		$	10.00
Income from investment operations:
Net investment income (7)		0.07			0.20			—
Net realized and unrealized gain on investments		2.40			2.98			0.96
Total income from investment operations		2.47			3.18			0.96
Less distributions:
From net investment income		(0.06	)		—			—
From net realized gains on investments		(0.05	)		—			—
Total Distributions		(0.11	)		—			—
Net Asset Value, end of period	$	16.50		$	14.14		$	10.96
Total Return		17.48	%(2)		29.11	%		9.60	%(2)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	4,701,463		$	2,439,754		$	297,617
Ratio of net investment income to average net assets		0.93	%(3)		1.54	%		(0.01	)%(3)
Ratio of expenses to average net assets (1)(4)		1.05	%(3)		1.06	%		1.09	%(3)
Ratio of expenses to average net assets		1.04	%(3)		1.05	%		1.08	%(3)
Portfolio turnover rate		20	%(2)		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 of fees by the Fund's investment advisor. Had such action not been taken, the annualized operating expense ratio would have been 1.03% and 1.05% for the periods ended April 30, 2007 and October 31, 2006.

  (5)  Commenced operations on May 4, 2005.

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

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
141

FINANCIAL HIGHLIGHTS

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007			Year Ended October 31,
	(Unaudited)			2006			2005			2004			2003			2002(1)
Net Asset Value, beginning of period	$	13.08		$	13.33		$	13.37		$	13.34		$	12.55		$	12.10
Income from investment operations:
Net investment income (6)		0.28			0.56			0.42			0.37			0.30			0.44
Net realized and unrealized gain on investments		0.10			0.07			0.10			0.35			0.92			0.49
Total income from investment operations		0.38			0.63			0.52			0.72			1.22			0.93
Less distributions:
From net investment income		(0.25	)		(0.77	)		(0.46	)		(0.46	)		(0.32	)		(0.47	)
From net realized gains on investments		—			(0.11	)		(0.10	)		(0.23	)		(0.11	)		—
From capital (Note 2)		—			—			—			—			—			(0.01	)
Total Distributions		(0.25	)		(0.88	)		(0.56	)		(0.69	)		(0.43	)		(0.48	)
Net Asset Value, end of period	$	13.21		$	13.08		$	13.33		$	13.37		$	13.34		$	12.55
Total Return		2.90	%(5)		4.98	%		3.93	%		5.50	%		9.83	%		7.86	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	113,246		$	103,732		$	68,223		$	58,823		$	63,449		$	33,858
Ratio of net investment income to average net assets		4.23	%(4)		4.32	%		3.11	%		2.79	%		2.24	%		3.65	%
Ratio of expenses to average net assets (2)		0.69	%(4)		0.69	%		0.78	%		1.17	%		1.16	%		1.28	%
Ratio of expenses to average net assets		0.69	%(3)(4)		0.69	%(3)		0.77	%(3)		1.17	%		1.16	%		1.28	%(3)
Portfolio turnover rate		215	%(5)		411	%		202	%		69	%		160	%		156	%

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

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

  (3)  The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such action not been taken, the operating expense ratios would have been 0.83%, 0.83%, 0.93% and 1.38% for the periods ended April 30, 2007, October 31, 2006, 2005 and 2002, respectively.

  (4)  Annualized.

  (5)  Not annualized.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
142

FINANCIAL HIGHLIGHTS

Julius Baer Total Return Bond Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007			Year Ended October 31,
	(Unaudited)			2006			2005			2004			2003			2002(1)
Net Asset Value, beginning of period	$	13.12		$	13.38		$	13.41		$	13.37		$	12.56		$	12.07
Income (loss) from investment operations:
Net investment income (6)		0.30			0.60			0.47			0.41			0.37			0.48
Net realized and unrealized gain on investments		0.10			0.07			0.08			0.34			0.89			0.50
Total income (loss) from investment operations		0.40			0.67			0.55			0.75			1.26			0.98
Less distributions:
From net investment income		(0.29	)		(0.82	)		(0.48	)		(0.48	)		(0.34	)		(0.48	)
From net realized gains on investments		—			(0.11	)		(0.10	)		(0.23	)		(0.11	)		—
From capital (Note 2)		—			—			—			—			—			(0.01	)
Total Distributions		(0.29	)		(0.93	)		(0.58	)		(0.71	)		(0.45	)		(0.49	)
Net Asset Value, end of period	$	13.23		$	13.12		$	13.38		$	13.41		$	13.37		$	12.56
Total Return		3.06	%(5)		5.25	%		4.10	%		5.82	%		10.19	%		8.41	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	535,321		$	399,187		$	141,145		$	31,862		$	14,188		$	1,167
Ratio of net investment income to average net assets		4.51	%(4)		4.64	%		3.50	%		3.08	%		2.50	%		4.00	%
Ratio of expenses to average net assets (2)		0.44	%(4)		0.44	%		0.47	%		0.88	%		0.90	%		0.85	%
Ratio of expenses to average net assets		0.44	%(3)(4)		0.44	%(3)		0.47	%(3)		0.88	%		0.89	%		0.85	%(3)
Portfolio turnover rate		215	%(5)		411	%		202	%		69	%		160	%		156	%

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

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

  (3)  The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such action not been taken, the operating expense ratios would have been 0.55%, 0.56%, 0.65% and 0.95% for periods ended April 30, 2007, October 31, 2006, 2005 and 2002, respectively.

  (4)  Annualized.

  (5)  Not annualized.

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

    Accumulated net investment income - Rollforward ending balance

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
143

FINANCIAL HIGHLIGHTS

Julius Baer Global High Income Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007			Year Ended October 31,									Period Ended October 31,
	(Unaudited)			2006			2005			2004			2003(1)
Net Asset Value, beginning of period	$	10.99		$	11.93		$	12.07		$	11.43		$	10.00
Income from investment operations:
Net investment income (2)		0.38			0.68			0.73			0.70			0.64
Net realized and unrealized gain (loss) on investments		0.36			0.43			(0.01	)		0.72			1.37
Total income from investment operations		0.74			1.11			0.72			1.42			2.01
Less distributions:
From net investment income		(0.38	)		(1.17	)		(0.71	)		(0.71	)		(0.58	)
From net realized gains on investments		(0.10	)		(0.88	)		(0.15	)		(0.07	)		—
Total Distributions		(0.48	)		(2.05	)		(0.86	)		(0.78	)		(0.58	)
Net Asset Value, end of period	$	11.25		$	10.99		$	11.93		$	12.07		$	11.43
Total Return		6.86	%(6)		10.49	%		6.15	%		12.87	%		20.57	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	65,543		$	45,930		$	36,166		$	45,164		$	28,195
Ratio of net investment income to average net assets		6.92	%(3)		6.16	%		6.01	%		5.97	%		6.71	%(3)
Ratio of expenses to average net assets (4)		1.00	%(3)		1.10	%(7)		1.28	%		1.24	%		1.26	%(3)
Ratio of expenses to average net assets		1.00	%(3)(5)		1.08	%(5)(7)		1.25	%(5)		1.25	%		1.25	%(3)(5)
Portfolio turnover rate		42	%		96	%		99	%		93	%		83	%(6)

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

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

  (3)  Annualized.

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

  (5)  The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such action not been taken, the operating expenses ratios would have been 1.26%, 1.35%, 1.30% and 1.95% for the periods ended April 30, 2007, October 31, 2006, October 31, 2005 and October 31, 2003.

  (6)  Not annualized.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
144

FINANCIAL HIGHLIGHTS

Julius Baer Global High Income Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007			Year Ended October 31,									Period Ended October 31,
	(Unaudited)			2006			2005			2004			2003(1)
Net Asset Value, beginning of period	$	10.66		$	11.61		$	12.01		$	11.36		$	10.00
Income from investment operations:
Net investment income (2)		0.39			0.70			0.78			0.73			0.57
Net realized and unrealized gain (loss) on investments		0.34			0.40			(0.05	)		0.72			1.35
Total income from investment operations		0.73			1.10			0.73			1.45			1.92
Less distributions:
From net investment income		(0.39	)		(1.17	)		(0.98	)		(0.73	)		(0.56	)
From net realized gains on investments		(0.10	)		(0.88	)		(0.15	)		(0.07	)		—
Total Distributions		(0.49	)		(2.05	)		(1.13	)		(0.80	)		(0.56	)
Net Asset Value, end of period	$	10.90		$	10.66		$	11.61		$	12.01		$	11.36
Total Return		6.98	%(6)		10.76	%		6.37	%		13.28	%		19.66	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	112,411		$	35,100		$	7,586		$	45,636		$	20,839
Ratio of net investment income to average net assets		7.24	%(3)		6.61	%		6.47	%		6.24	%		6.91	%(3)
Ratio of expenses to average net assets (4)		0.75	%(3)		0.81	%(7)		1.03	%		0.97	%		1.02	%(3)
Ratio of expenses to average net assets		0.75	%(3)(5)		0.79	%(5)(7)		1.00	%(5)		1.00	%		1.00	%(3)(5)
Portfolio turnover rate		42	%(6)		96	%		99	%		93	%		83	%(6)

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

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

  (3)  Annualized.

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

  (5)  The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such an action not been taken, the operating expense ratios would have been 1.00%, 1.08%, 1.04% and 1.41% for the periods April 30, 2007, October 31, 2006, October 31, 2005 and October 31, 2003.

  (6)  Not annualized.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
145

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Microcap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.26		$	10.00
Income from investment operations:
Net investment loss (5)		(0.05	)		(0.03	)
Net realized and unrealized gain on investments		0.97			1.29
Total income from investment operations		0.92			1.26
Net Asset Value, end of period	$	12.18		$	11.26
Total Return (2)		8.17	%		12.60	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,840		$	2,955
Ratio of net investment income to average net assets (3)		(0.90	)%		(0.99	)%
Ratio of expenses to average net assets (3)(4)		1.80	%		1.80	%
Portfolio turnover rate (2)		54	%		19	%

  (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 4.22% for the period ended April 30, 2007 and 4.52% for the period ended October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
146

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Microcap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.27		$	10.00
Income from investment operations:
Net investment loss (5)		(0.04	)		(0.02	)
Net realized and unrealized gain on investments		0.98			1.29
Total income from investment operations		0.94			1.27
Net Asset Value, end of period	$	12.21		$	11.27
Total Return (2)		8.44	%		12.60	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,586		$	2,816
Ratio of net investment income to average net assets (3)		(0.61	)%		(0.69	)%
Ratio of expenses to average net assets (3)(4)		1.50	%		1.50	%
Portfolio turnover rate (2)		54	%		19	%

  (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 3.74% for the period ended April 30, 2007 and 4.03% for the period ended October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
147

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.10		$	10.00
Income from investment operations:
Net investment loss (5)		(0.04	)		(0.01	)
Net realized and unrealized gain on investments		1.20			1.11
Total income from investment operations		1.16			1.10
Less distributions:
From net realized gains on investments		(0.18	)		—
Total Distributions		(0.18	)		—
Net Asset Value, end of period	$	12.08		$	11.10
Total Return (2)		10.50	%		11.00	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,535		$	2,807
Ratio of net investment income to average net assets (3)		(0.68	)%		(0.29	)%
Ratio of expenses to average net assets (3)(4)		1.50	%		1.50	%
Portfolio turnover rate (2)		57	%		13	%

  (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 4.15% and 4.22% for the periods ending April 30, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
148

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Smallcap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.11		$	10.00
Income from investment operations:
Net investment loss (5)		(0.02	)		—
Net realized and unrealized gain on investments		1.21			1.11
Total income from investment operations		1.19			1.11
Less distributions:
From net investment income		(0.01	)		—
From net realized gains on investments		(0.18	)		—
Total Distributions		(0.19	)		—
Net Asset Value, end of period	$	12.11		$	11.11
Total Return (2)		10.73	%		11.10	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,387		$	2,777
Ratio of net investment income to average net assets (3)		(0.39	)%		0.01	%
Ratio of expenses to average net assets (3)(4)		1.20	%		1.20	%
Portfolio turnover rate (2)		57	%		13	%

  (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% and 3.68% for the periods ending April 30, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
149

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Midcap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.05		$	10.00
Income from investment operations:
Net investment income (5)		0.11			0.01
Net realized and unrealized gain on investments		1.40			1.04
Total income from investment operations		1.51			1.05
Less distributions:
From net investment income		(0.13	)		—
In excess of net realized gain on investments		(0.04	)		—
Total Distributions		(0.17	)		—
Net Asset Value, end of period	$	12.39		$	11.05
Total Return (2)		13.76	%		10.50	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,689		$	2,887
Ratio of net investment income to average net assets (3)		1.89	%		0.52	%
Ratio of expenses to average net assets (3)(4)		1.35	%		1.35	%
Portfolio turnover rate (2)		37	%		11	%

  (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 3.68% and 3.94% for the periods ended April 30, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
150

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Midcap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.06		$	10.00
Income from investment operations:
Net investment income (5)		0.13			0.01
Net realized and unrealized gain on investments		1.39			1.05
Total income from investment operations		1.52			1.06
Less distributions:
From net investment income		(0.15	)		—
In excess of net realized gain on investments		(0.04	)		—
Total Distributions		(0.19	)		—
Net Asset Value, end of period	$	12.39		$	11.06
Total Return (2)		13.89	%		10.60	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,703		$	2,765
Ratio of net investment income to average net assets (3)		2.26	%		0.22	%
Ratio of expenses to average net assets (3)(4)		1.05	%		1.05	%
Portfolio turnover rate (2)		37	%		11	%

  (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% and 3.46% for the periods ended April 30, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
151

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Multicap Fund

For a share outstanding throughout each period

	Class A
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.10		$	10.00
Income from investment operations:
Net investment income		0.10			—
Net realized and unrealized gain on investments		1.04			1.10
Total income from investment operations		1.14			1.10
Less distributions:
From net investment income		(0.13	)		—
From net realized gains on investments		(0.05	)		—
Total Distributions		(0.18	)		—
Net Asset Value, end of period	$	12.06		$	11.10
Total Return (2)		10.33	%		11.00	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	4,248		$	2,780
Ratio of net investment income to average net assets (3)		1.69	%		(0.03	)%
Ratio of expenses to average net assets (3)(4)		1.30	%		1.30	%
Portfolio turnover rate (2)		54	%		15	%

  (1)  Commenced operations on July 24, 2006.

  (2)  Not Annualized.

  (3)  Annualized.

  (4)  The net expenses of the Fund reflect a waiver of fees by the Fund's investment advisor. Had such action been taken, the operating expenses ratio would have been 3.71% and 3.87% for the periods ended April 30, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
152

FINANCIAL HIGHLIGHTS

Julius Baer U.S. Multicap Fund

For a share outstanding throughout each period

	Class I
	Six Months Ended April 30, 2007 (Unaudited)			Period Ended October 31, 2006(1)
Net Asset Value, beginning of period	$	11.11		$	10.00
Income from investment operations:
Net investment income		0.14			0.01
Net realized and unrealized gain on investments		1.02			1.10
Total income from investment operations		1.16			1.11
Less distributions:
From net investment income		(0.16	)		—
From net realized gains on investments		(0.05	)		—
Total Distributions		(0.21	)		—
Net Asset Value, end of period	$	12.06		$	11.11
Total Return (2)		10.47	%		11.10	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000's)	$	3,379		$	2,778
Ratio of net investment income to average net assets (3)		2.30	%		0.27	%
Ratio of expenses to average net assets (3)(4)		1.00	%		1.00	%
Portfolio turnover rate( 2)		54	%		15	%

  (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 ration would have been 3.23% and 3.33% for the periods ended April 30, 2007 and October 31, 2006.

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

See Notes to Financial Statements.

Julius Baer Funds 2007 Semi-Annual Report
153

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, 2007, the Julius Baer Funds consisted of nine funds (each a "Fund" and together, the "Funds").

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

On July 1, 2004, the Fund changed its name from The European Warrant Fund, Inc. and converted from a closed-end, non-diversified investment company ("closed-end fund") to an open-end diversified investment company with a different investment objective, different investment strategies, different management team and a new investment advisor (an affiliate of the closed-end Fund's advisor). Until the close of business on June 30, 2004, the Fund operated as a closed-end Fund and its common stock (which then comprised a single share class) was listed on the NYSE. After the close of business on June 30, 2004, all of the common stock was converted into Class A shares of the Fund, and the Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equity securities of issuers located throughout the world. For periods prior thereto, all historical performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Fund's common stock while it was a closed-end fund.

The Trust is registered with the SEC under the 1940 Act, as an open-end management investment company. As of April 30, 2007, the Trust offered eight investment funds: Julius Baer International Equity Fund (the "International Equity Fund"), Julius Baer International Equity Fund II (the "International Equity Fund II"), Julius Baer Total Return Bond Fund (the "Total Return Bond Fund"), Julius Baer Global High Income Fund (the "Global High Income Fund"), Julius Baer U.S. Microcap Fund (the "U.S. Microcap Fund"), Julius Baer U.S. Smallcap Fund (the "U.S. Smallcap Fund"), Julius Baer U.S. Midcap Fund (the "U.S. Midcap Fund") and Julius Baer U.S. Multicap Fund (the "U.S. Multicap Fund"). On July 24, 2006 Julius Baer U.S. Microcap Fund, Julius Baer U.S. Smallcap Fund, Julius Baer U.S. Midcap Fund and the Julius Baer U.S. Multicap Fund commenced operations.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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

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

Fund Name	Investment Objective
Global Equity Fund	Seeks to maximize total return, primarily through capital appreciation.
International Equity Fund	Seeks long term growth of capital.
International Equity Fund II	Seeks long term growth of capital.
Total Return Bond Fund	Seeks to provide total return, which consists of two components: (1) changes in the market value of the Fund's portfolio securities (both realized and unrealized appreciation/depreciation) and (2) income received from its portfolio securities.
Global High Income Fund	Seeks to maximize total return, principally through a high level of current income, and secondarily through capital appreciation.
U.S. Microcap Fund	Seeks to achieve long term growth of capital.
U.S. Smallcap Fund	Seeks to achieve long term growth of capital.
U.S. Midcap Fund	Seeks to achieve long term growth of capital.
U.S. Multicap Fund	Seeks to achieve long term growth of capital.

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

Julius Baer Funds 2007 Semi-Annual Report
155

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 that time is likely to have changed such value, including substantial changes in the values of U.S. markets subsequent to the close of a foreign market. In these circumstances, the fair value of those securities will be determined by consideration of other factors by or under the direction of the Global Equity Fund's Board of Directors, the Trust's Board of Trustees (the "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 respective Board. Investments in government securities (other than short-term securities) are valued at the mean of the quoted bid and asked prices in the over-the-counter market. Short-term investments that mature in 60 days or less are valued at amortized cost. Any securities for which market quotations are not readily available, or for which a significant event has occurred since the time of the most recent market quotations, are valued in accordance with fair value pricing approved by the respective Board. 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 independent fair value service for foreign equities, which may provide the fair value price. For options and warrants, a fair value price may be determined using an industry accepted modeling tool. In addition, the Funds' Pricing Committees may determine a fair value price, subject to the approval of the respective Board, based

Julius Baer Funds 2007 Semi-Annual Report
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

upon factors that include the type of the security, the initial cost of the security and price quotations from dealers and/or pricing services in similar securities or in similar markets.

b) Repurchase agreements: The Funds may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation in return for the use of the Fund's available cash, subject to an obligation of the seller to repurchase and the Fund to resell the obligation, at an agreed-upon price and time. Thus, the yield during the Fund's holding period is determinable. This arrangement results in a fixed rate of return that is not subject to market fluctuations during a Fund's holding period. The value of the collateral at all times is equal to at least 100% of the total amount of the repurchase obligations, including accrued interest. In the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is potential loss to a Fund in the event the Fund 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 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 either deposit with its custodian in a segregated account cash or other liquid securities having a value at least equal to its obligations, or continue to own or have the right to sell or acquire respectively, the currency subject to the forward foreign currency contract.

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

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 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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. Cash collateral for futures contracts outstanding may be held by the broker on certain contracts. These amounts are listed on the Statement of Assets and Liabilities as Cash on deposit for broker.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. The Funds 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 12 for outstanding futures contracts at April 30, 2007).

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

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security which that Fund purchased upon exercise. The Funds will write only covered options. There were none for the six months ended April 30, 2007.

The Funds may purchase put and call options that are traded on foreign as well as U.S. exchanges and in the over-the-counter market. Each Fund may utilize up to 2% of its assets to purchase both put and call options on portfolio securities. Purchases of put and call options are recorded as an investment, the value of which is marked-to-market at each valuation date. When a purchased option expires, no proceeds will be expected and a Fund will realize a loss. When a Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. There were none for the six months ended April 30, 2007.

All the funds except the Total Return Bond Fund may purchase and sell call and put options on stock indices. In contrast to an option on a security, an option on a stock index provides the holder with the right but not the obligation to make or receive a cash settlement upon exercise of the option, rather than the right to purchase or sell a security. The amount of this settlement is equal to (i) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a call) or is below (in the case of a put) the closing value of the underlying index on the date of exercise, multiplied by (ii) a fixed "index multiplier."

A Fund's risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts' terms and changes in the liquidity of the secondary market for the contracts. When a Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying security or the cost basis of the securities purchased is adjusted by the original premium received or paid.

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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 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 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 Assets and Liabilities. Such risk involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its

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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, 2007.

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

A Total Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the Nikkei 225 Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 1.10% on the 1,961,000,000 JPY face value plus the repo spread of 0.37% on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on September 17, 2008, is recorded as unrealized appreciation of $14,893,969 at April 30, 2007.

A Total Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the Nikkei 225 Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 0.80% on the 1,958,000,000 JPY face value plus the repo spread of 0.32% on the same notional amount. The value of the contract, which terminates on June 17, 2008, is recorded as unrealized appreciation of $13,814,018 at April 30, 2007.

A Total Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the TOPIX Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 1.10% on the 1,961,000,000 JPY face value plus the repo spread of 0.37% on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on September 17, 2008, is recorded as unrealized appreciation of $14,586,823 at April 30, 2007.

A Total Return Swap Agreement with UBS AG (London) whereby this Fund will receive the dividend yield based on the TOPIX Index net of any relevant withholding tax. In exchange, this Fund will make semi-annual payments equal to 0.80% on the 1,958,000,000 JPY face value plus the repo spread of 0.32% on 1,800,000,000 JPY plus a spread of 0.25% on the same notional amount. The value of the contract, which terminates on June 17, 2008, is recorded as unrealized appreciation of $13,506,873 at April 30, 2007.

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A Total Return Swap Agreement with ING Bank N.V. whereby this fund will receive the notional amount multiplied by the return on SC Impact Bucuresti, variable rate 0.10%, 6 month Euribor + 6.5%, due 01/31/2009. In exchange, this Fund will pay the net coupon amounts on the notional amount converted into EUR at a specified FX rate. The value of the contract, which expires on March 1, 2009 is recorded as unrealized appreciation of $130,483 at April 30, 2007.

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

A Credit Default Swap Agreement with Credit Suisse International whereby this Fund will receive the notional $1,660,000 amount multiplied by 0.50%. 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 appreciation for open swap contracts of $17,549, at April 30, 2007.

A Credit Default Swap Agreement with JPMorgan Chase Bank, N.A. whereby this Fund will receive the notional $1,000,000 amount multiplied by 0.50%. 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 appreciation for open swap contracts of $12,293, at April 30, 2007.

A Credit Default Swap Agreement with Merrill Lynch whereby this Fund will receive the notional amount of $600,000 multiplied by 0.50%. In exchange this Fund will pay the notional amount upon a default of Grohe Holding, 8.625% due October 1, 2014. The value of the contract, which expires December 20, 2011 is unrealized appreciation for open swap contracts of $65,889, at April 30, 2007.

h) Securities Lending: The Global Equity Fund, the International Equity Fund, the International Equity Fund II, the U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund have established securities lending agreements with Investors Bank & Trust Company in which the Funds lend portfolio securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to 100% of the market value of the securities on loan. These Funds may loan securities to brokers, dealers, and financial institutions determined by the Julius Baer Investment Management LLC ("JBIM" or "Advisor") to be creditworthy, subject to certain limitations. Under these agreements, these Funds continue to earn income on the securities loaned. Collateral received is generally cash, and such Funds invest the cash and receive any interest on

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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.

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 $9,662, $8,767,621 and $2,214,994, respectively, for the period ended April 30, 2007 and is included in interest income in the statement of operations. The U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund did not participate in securities lending during the six months ended April 30, 2007.

As of April 30, 2007, the value of the securities loaned and the value of the collateral amounted to approximately the following amounts:

	Market Value of Securities Loaned		Value of Collateral
Global Equity Fund	$	6,073,652	$	6,263,423
International Equity Fund		4,163,433,890		4,384,518,055
International Equity Fund II		887,460,911		934,345,856

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,

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

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

i) 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 secondary market liquidity for these instruments which could result in volatile pricing for the securities which in turn may affect this Fund's NAV.

3.  Investment Advisory Fee and Other Transactions

JBIM serves as the Funds' investment advisor. The Global Equity Fund pays JBIM a fee at an annual rate of 0.90% of average daily net assets. The International Equity Fund pays JBIM a fee at an annual rate of 0.90% of the first $7.5 billion of average daily net assets, 0.88% of the next $2.5 billion of average daily net assets and 0.85% of average daily net assets over $10 billion. The Total Return Bond Fund, the Global High Income Fund and the International Equity Fund II pay JBIM a fee at an annual rate of 0.45%, 0.75% and 0.90% of average daily net assets, respectively. The

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U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund pay JBIM a fee at an annual rate of 1.25%, 0.95%, 0.80% and 0.75% of average daily net assets, respectively.

The Advisor has contractually agreed to reimburse certain expenses of the Funds listed in the table below, through February 28, 2008, so that the net operating expenses of each Fund (excluding interest, taxes, brokerage commissions, and extraordinary expenses) based on average net assets are limited (the "Expense Limit") as specified in the table below. Any Fund with a reimbursement plan has agreed to allow the Advisor to recoup expenses reimbursed to each Fund provided that repayment does not cause each of the Fund's annual operating expenses to exceed the Expense Limit. Any such recoupment must be made within three years after the year in which the Advisor incurred the expense. The table below specifies the reimbursement made to each Fund by the Advisor for the period ended April 30, 2007 and the Advisor's potential recoupment as of April 30, 2007.

	Expense Limitations						Reimbursement Made by Advisor Beginning		Expenses Waived- Current		Expenses Recouped- Current			Total Expenses Eligible for Recoupment- April 30,
Fund	Class A			Class I			of Period		Period		Period			2007
Global Equity Fund		1.40	%		1.15	%	$	1,259,126	$	247,039	$	—			1,506,165
International Equity Fund II*		1.32	%		1.05	%		196,954		—		(196,954	)		—
Total Return Bond Fund		0.69	%		0.44	%		678,849		351,062		—			1,029,911
Global High Income Fund		1.00	%		0.75	%		171,885		157,084		—			328,969
U.S. Microcap Fund		1.80	%		1.50	%		37,233		78,640		—			115,873
U.S. Smallcap Fund		1.50	%		1.20	%		37,032		79,646		—			116,678
U.S. Midcap Fund		1.35	%		1.05	%		35,848		74,809		—			110,657
U.S. Multicap Fund		1.30	%		1.00	%		35,018		77,350		—			112,368

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

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The expenses eligible for recoupment at April 30, 2007 are set to expire as follows:

Fund	Amount	Expires October 31,
Global Equity Fund	$253,584 582,696 422,846 247,039	2007 2008 2009 2010
Total Return Bond Fund	$292,108 386,741 351,062	2008 2009 2010
Global High Income Fund	$28,038 143,847 157,084	2008 2009 2010
U.S. Microcap Fund	$37,233 78,640	2009 2010
U.S. Smallcap Fund	$37,032 79,646	2009 2010
U.S. Midcap Fund	$35,848 74,809	2009 2010
U.S. Multicap Fund	$35,018 77,350	2009 2010

The Funds entered into expense offset arrangements as part of their custody agreement with Investors Bank & Trust Company (the "Bank"). Under this agreement, the custody fees for the Global Equity Fund, International Equity Fund, International Equity Fund II, Total Return Bond Fund and the Global High Income Fund were reduced by $6,352, $4,556,678, $270,340, $11,677 and $2,725, respectively for the six months ended April 30, 2007. These amounts may vary significantly over time, based on the Advisor's decisions regarding cash positions held in the Funds.

4.  Distribution and Shareholder Servicing Plan

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

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

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

On August 1, 2005, the International Equity Fund, closed to new shareholders (at the account level). As a result, all of the 12b-1 payments made by the Fund are only to compensate certain financial institutions for shareholder servicing, administration and accounting and not for additional distribution.

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, 2007 were as follows:

	Cost of Purchases		Proceeds from Sales
Global Equity Fund	$	33,500,997	$	31,039,470
International Equity Fund		4,734,353,688		3,751,844,067
International Equity Fund II		2,914,979,182		838,009,741
Total Return Bond Fund		1,825,241,215		1,538,031,831
Global High Income Fund		112,297,516		43,860,126
U.S. Microcap Fund		4,416,624		3,603,847
U.S. Smallcap Fund		4,102,614		3,501,841
U.S. Midcap Fund		3,487,784		2,466,458
U.S. Multicap Fund		4,917,841		3,550,800

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the period ended April 30, 2007 were $1,440,685,204 and $1,352,381,806, respectively for the Total Return Bond Fund.

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At April 30, 2007, net unrealized appreciation/depreciation for federal income tax purposes is comprised of the following components:

	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ (Depreciation)
Global Equity Fund	$	63,930,656	$	9,852,027	$	(1,139,480	)	$	8,712,547
International Equity Fund		19,888,884,540		8,122,599,516		(117,831,346	)		8,004,768,170
International Equity Fund II		5,923,629,839		1,015,086,070		(32,423,929	)		982,662,141
Total Return Bond Fund		874,383,365		7,858,560		(507,327	)		7,351,233
Global High Income Fund		177,520,779		5,157,390		(206,197	)		4,951,193
U.S. Microcap Fund		6,644,856		886,844		(169,373	)		717,471
U.S. Smallcap Fund		6,166,803		911,487		(183,876	)		727,611
U.S. Midcap Fund		6,544,354		1,068,883		(135,114	)		933,769
U.S. Multicap Fund		6,992,694		828,973		(186,988	)		641,985

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 six months ended April 30, 2007, is set forth below:

Affiliate	Shares Held April 30, 2007		Purchases (Cost)		Sales (Proceeds)		Dividend Income		Market Value April 30, 2007
Agora SA		4,394,619	$	19,779,153	$	—	$	—	$	70,966,817
Agrobanka AD		18,481		7,977,335		—		—		12,945,125
AIK Banka		344,461		—		—		—		85,966,951
Alfa Cement		456,607		1,656,880		—		—		34,245,525
Bank Forum		6,501,285		5,762,086		—		—		55,260,923
Biofarm Bucuresti		24,113,009		495,829		—		—		7,402,096
Bulgaria Compensation Notes		12,071,674		—		—		—		3,717,540
Bulgaria Housing Compensation Notes		3,842,865		—		—		—		1,164,106
Bulgaria Registered Compensation Vouchers		29,663,486		—		—		—		8,952,708
Clear Media		31,906,602		1,513,557		—		—		33,624,482
Compa-Sibiu		9,223,800		706,508		—		—		5,776,594
Condmag		16,622,500		—		—		—		13,311,380
Dafora		67,182,500		8,148,435		—		—		26,072,345
DZI Insurance & Reinsurance		212,919		—		—		—		24,684,149
Impact SA		59,449,499		—		—		—		19,470,227
Komercijalna Banka		41,520		43,054,182		—		—		102,345,433
Komercni Banka		2,126,273		72,577,130		4,984,781		—		398,408,057

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Affiliate	Shares Held April 30, 2007		Purchases (Cost)		Sales (Proceeds)		Dividend Income		Market Value April 30, 2007
Medicilin AG		1,582,979		2,943,067		—		—		10,249,783
Royal UNIBREW		335,340		—		—		—		45,424,102
Siderurgica Venezolana Sivensa SACA		262,677,795		—		—		610,950		14,190,204
Spazio Investment		2,025,490		—		2,453,343		297,945		41,533,281
Stalexport SA		10,000,000		—		—		—		24,937,004
Steppe Cement		6,725,890		6,658,751		—		—		39,177,319
Tigar AD		130,820		—		—		—		6,402,958
Toza Markovic		78,160		4,264,296		—		—		3,430,964
Ukrinbank		1,328,616,000		—		—		—		13,286,160
Veropharm		720,589		—		—		—		34,191,948
Zambeef Products		6,745,282		4,580,318		—		—		4,887,886

7.  Shares of Beneficial Interest

The Global Equity Fund may issue 50,000,000,000 of 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, 2007						Year Ended October 31, 2006
	Shares			Amount			Shares			Amount
Global Equity Fund:
Class A
Sold		126,404		$	5,188,579			307,742		$	10,921,299
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(109,220	)		(4,462,209	)		(627,339	)		(22,181,768	)
Net increase (decrease)		17,184		$	726,370			(319,597	)	$	(11,260,469	)
Class I
Sold		92,057		$	3,887,690			503,222		$	18,354,968
Issued as reinvestment of dividends		—			—			19			637
Redeemed		(62,830	)		(2,541,762	)		(266,446	)		(8,973,789	)
Net increase		29,227		$	1,345,928			236,795		$	9,381,816
International Equity Fund:
Class A
Sold		19,370,619		$	849,782,724			38,738,115		$	1,516,430,147
Issued as reinvestment of dividends		21,032,806			885,050,416			8,479,351			303,135,073
Redeemed		(23,021,619	)		(1,002,197,133	)		(40,843,025	)		(1,596,363,910	)
Net increase		17,381,806		$	732,636,007			6,374,441		$	223,201,310

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	Six Month Period Ended April 30, 2007						Year Ended October 31, 2006
	Shares			Amount			Shares			Amount
Class I
Sold		30,620,243		$	1,364,548,661			44,263,719		$	1,762,515,023
Issued as reinvestment of dividends		23,561,651			1,012,198,966			9,685,161			352,634,605
Redeemed		(19,999,186	)		(893,456,505	)		(37,169,804	)		(1,487,008,935	)
Net increase		34,182,708		$	1,483,291,122			16,779,076		$	628,140,693
International Equity Fund II:
Class A
Sold		34,760,559		$	534,268,164			47,435,232		$	611,006,976
Issued as reinvestment of dividends		299,821			4,509,125			—			—
Redeemed		(9,022,647	)		(138,024,843	)		(7,746,566	)		(100,844,079	)
Net increase		26,037,733		$	400,752,446			39,688,666		$	510,162,897
Class I
Sold		124,638,460		$	1,919,594,973			153,977,557		$	1,992,799,751
Issued as reinvestment of dividends		1,110,317			16,754,683			—			—
Redeemed		(13,337,150	)		(206,659,500	)		(8,638,709	)		(113,397,417	)
Net increase		112,411,627		$	1,729,690,156			145,338,848		$	1,879,402,334
Total Return Bond Fund:
Class A
Sold		2,084,799		$	27,380,765			5,583,049		$	72,384,334
Issued as reinvestment of dividends		141,449			1,857,930			352,886			4,578,373
Redeemed		(1,589,047	)		(20,861,165	)		(3,121,349	)		(40,748,651	)
Net increase		637,201		$	8,377,530			2,814,586		$	36,214,056
Class I
Sold		15,632,434		$	205,961,189			22,370,233		$	290,781,223
Issued as reinvestment of dividends		504,491			6,638,782			960,754			12,496,422
Redeemed		(6,109,358	)		(80,547,154	)		(3,453,641	)		(45,130,436	)
Net increase		10,027,567		$	132,052,817			19,877,346		$	258,147,209
Global High Income Fund:
Class A
Sold		2,631,514		$	29,291,771			3,073,565		$	33,421,918
Issued as reinvestment of dividends		176,145			1,956,454			468,401			5,028,917
Redeemed		(1,158,897	)		(12,882,218	)		(2,394,459	)		(26,442,289	)
Net increase		1,648,762		$	18,366,007			1,147,507		$	12,008,546
Class I
Sold		7,175,675		$	77,400,935			2,972,452		$	31,257,017
Issued as reinvestment of dividends		134,659			1,448,718			147,688			1,537,266
Redeemed		(286,823	)		(3,096,455	)		(481,176	)		(5,182,090	)
Net increase		7,023,511		$	75,753,198			2,638,964		$	27,612,193

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Month Period Ended April 30, 2007						Year Ended October 31, 2006
	Shares			Amount			Shares			Amount
U.S. Microcap Fund:
Class A*
Sold		71,764		$	853,797			264,561		$	2,661,874
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(19,052	)		(229,939	)		(1,988	)		(20,311	)
Net increase		52,712		$	623,858			262,573		$	2,641,563
Class I*
Sold		43,695		$	505,143			250,000		$	2,500,000
Issued as reinvestment of dividends		—			—			—			—
Redeemed		—			—			—			—
Net increase		43,695		$	505,143			250,000		$	2,500,000
U.S. Smallcap Fund:
Class A*
Sold		60,751		$	713,742			253,225		$	2,535,318
Issued as reinvestment of dividends		4,088			47,337			—			—
Redeemed		(25,210	)		(287,072	)		(300	)		(3,063	)
Net increase		39,629		$	474,007			252,925		$	2,532,255
Class I*
Sold		25,723		$	298,109			250,000		$	2,500,000
Issued as reinvestment of dividends		4,067			47,144			—			—
Redeemed		—			—			—			—
Net increase		29,790		$	345,253			250,000		$	2,500,000
U.S. Midcap Fund:
Class A*
Sold		37,283		$	450,154			261,475		$	2,625,610
Issued as reinvestment of dividends		3,079			36,212			—			—
Redeemed		(3,712	)		(44,026	)		(300	)		(3,069	)
Net increase		36,650		$	442,340			261,175		$	2,622,541
Class I*
Sold		45,176		$	523,444			250,000		$	2,500,000
Issued as reinvestment of dividends		3,660			43,011			—			—
Redeemed		(1	)		(16	)		—			—
Net increase		48,835		$	566,439			250,000		$	2,500,000
U.S. Multicap Fund:
Class A*
Sold		101,009		$	1,197,713			251,404		$	2,515,010
Issued as reinvestment of dividends		3,084			35,926			—			—
Redeemed		(2,209	)		(25,765	)		(1,028	)		(11,270	)
Net increase		101,884		$	1,207,874			250,376		$	2,503,740

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Month Period Ended April 30, 2007				Year Ended October 31, 2006
	Shares		Amount		Shares		Amount
Class I*
Sold		26,655	$	310,926		250,000	$	2,500,000
Issued as reinvestment of dividends		3,521		40,976		—		—
Redeemed		—		—		—		—
Net increase		30,176	$	351,902		250,000	$	2,500,000

*  Commenced operations on July 24, 2006.

Through seed capital contributions by Julius Baer Group, an affiliate of the Advisor, ownership of beneficial shares outstanding at April 30, 2007 were:

Fund	% Ownership
U.S. Microcap Fund – Class A shares		79.29	%
U.S. Microcap Fund – Class I shares		85.12	%
U.S. Smallcap Fund – Class A shares		86.77	%
U.S. Smallcap Fund – Class I shares		90.76	%
U.S. Midcap Fund – Class A shares		84.89	%
U.S. Midcap Fund – Class I shares		84.72	%
U.S. Multicap Fund – Class A shares		71.82	%
U.S. Multicap Fund – Class I shares		90.43	%

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 prices 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")

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

with Investors Bank & Trust Company (the "Bank"). The Agreement is a $25,000,000 revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. Total Return Bond Fund and Global High Income Fund may draw up to $10,000,000 and the Global Equity Fund may draw up to $5,000,000. The Borrowers will pay interest on the principal amount of the Loans outstanding at a floating rate per annum equal to the Federal Funds Rate plus 0.75%. In addition, the Borrowers shall pay to the Bank an annual commitment fee, in connection with the establishment and maintenance of the Credit Facility, at the rate of 0.10% per annum on the difference between $10.0 million and the average daily amount of Loans outstanding. Under the Agreement, the average daily outstanding balance utilized by the Global Equity Fund during the six months ended April 30, 2007 was $4,201, at an average weighted interest rate of 6.00%. The Total Return Bond Fund and Global High Income Fund did not utilize the Agreement during the six months ended April 30, 2007. As of April 30, 2007, Global Equity Fund, Total Return Bond Fund and Global High Income Fund had unused available balances of $5,000,000, $10,000,000 and $10,000,000 pursuant to the line of credit.

10.  Financial Futures Contracts

The following financial futures contracts were outstanding as of April 30, 2007:

	Expiration Date	Contracts		Description	Position	Face Amount		Unrealized Appreciation (Depreciation)
Global Equity Fund:	06/07		1	TOPIX Index	Long	$	142,277	$	(701	)
	05/07		5	CAC 40 EUR	Long		404,243		2,145
	06/07		1	EUR STOXX	Short		59,239		(594	)
								$	850
	Expiration Date	Contracts		Description	Position	Face Amount		Unrealized Appreciation (Depreciation)
International Equity Fund:	05/07		2,946	CAC 40 EUR	Long	$	238,180,239	$	1,264,546
	06/07		634	TOPIX Index	Long		90,203,791		(658,934	)
	06/07		48	DAX Index	Short		12,202,427		(239,134	)
	06/07		207	EUR STOXX	Short		12,262,568		(122,830	)
								$	243,648

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Expiration Date	Contracts		Description	Position	Face Amount		Unrealized Appreciation (Depreciation)
International Equity Fund II:	05/07		960	CAC 40 EUR	Long	$	77,614,742	$	411,785
	06/07		177	TOPIX Index	Long		25,183,077		(184,128	)
	06/07		12	DAX Index	Short		3,050,607		(59,793	)
	06/07		50	EUR STOXX	Short		2,961,973		(29,683	)
								$	138,181

11.  Recent Accounting Pronouncements

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

In September 2006, FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 applies to fair value measurements already required or permitted by existing standards. The change to current generally accepted accounting principles from the application of FAS 157 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management of the Funds does not believe the adoption of FAS 157 will materially impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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INVESTMENT ADVISORY AGREEMENT

At a meeting held on April 11, 2007, the Board of Trustees of the Julius Baer Investment Funds and the Board of Directors of the 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 International Equity Fund, International Equity Fund II, Total Return Bond Fund, Global High Income Fund and Global Equity Fund (each a "Fund" and collectively, the "Funds"). The Adviser had previously contractually agreed to reimburse certain expenses of the Total Return Bond Fund, Global High Income Fund and Global Equity Fund through February 28, 2008.

In determining whether to approve the Agreements, the Boards, including all of the Trustees and Directors who are not interested persons under the 1940 Act (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, 2006, 2005 and 2004; 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 personnel providing those services, (iii) their investment advice and performance; (iv) their assets under management and client descriptions; (v) their soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the 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 11, 2007 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 weight

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INVESTMENT ADVISORY AGREEMENT (Continued)

to the relative investment performance of the Funds 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 management/advisory fees for each Fund are reasonable as compared to the median and the average fees paid by comparable funds in their respective peer groups; the proposed total annual portfolio operating expenses to be paid by the Funds are reasonable as compared to the median and average expenses paid by comparable funds in each Fund's respective peer group; the performance of the Funds is reasonable in comparison with each Fund's respective benchmark indices and other mutual funds in its respective peer group; the profitability of the Adviser for advisory services, based on the management/advisory fees, seems reasonable 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.

Julius Baer Funds 2007 Semi-Annual Report
178

RESULTS OF MEETINGS OF STOCKHOLDERS AND SHAREHOLDERS (Unaudited)

JULIUS BAER INVESTMENT FUNDS

Special Meeting of Shareholders

The continuation of a special meeting of shareholders of the Julius Baer International Equity Fund (the "Fund"), a series of the Julius Baer Investment Funds, was held on June 1, 2007. 268,987,153.21 shares (52.62% of the outstanding shares of the Fund as of the record date) were present in person or by proxy at the meeting. The matters below were voted by shareholders of the Fund.

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

	Number of Shares Voted		Percentage of Shares Voted
For		248,913,767.56		92.54	%
Against		16,262,711.07		6.04	%
Abstain		3,810,674.58		1.42	%

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

	Number of Shares Voted		Percentage of Shares Voted
For		246,516,125.46		91.65	%
Against		18,393,729.08		6.84	%
Abstain		4,077,298.67		1.51	%

Julius Baer Funds 2007 Semi-Annual Report
179

JULIUS BAER FUNDS

330 Madison Avenue

New York, New York 10017

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

www.us-funds.juliusbaer.com

Julius Baer Group–worldwide in over 30 locations. From Zurich (head office), Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, New York, Singapore to Tokyo.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Items 5.  Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Schedule of Investments

Not applicable to this filing.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this filing.

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 to this filing.

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

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

SIGNATURES

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

(Registrant)		Julius Baer Investment Funds
By (Signature and Title)			/s/ Tony Williams
			Tony Williams	President (Principal Executive Officer)
Date	06/27/07

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

By (Signature and Title)			/s/ Craig Giunta
			Craig Giunta	Chief Financial Officer (Principal Financial Officer)
Date		06/27/07
By (Signature and Title)			/s/ Tony Williams
			Tony Williams		President (Principal Executive Officer)
Date	06/27/07