JULIUS BAER INVESTMENT
FUNDS
Julius Baer Global Income Fund
Julius Baer International Equity Fund
SUPPLEMENT DATED DECEMBER 8, 2000 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 31, 2000
THIS SUPPLEMENT SUPERSEDES ALL PREVIOUS SUPPLEMENTS
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FOR THE JULIUS BAER INTERNATIONAL EQUITY FUND AND THE JULIUS BAER GLOBAL INCOME
FUND
INFORMATION REGARDING A CHANGE IN THE INVESTMENT ADVISER TO THE FUNDS
At a shareholder meeting of the Julius Baer Investment Funds held on December
6, 2000, shareholders of each Fund approved new investment advisory agreements
between their Fund and Julius Baer Investment Management Inc. ("JBIMI"),
located at 330 Madison Avenue, New York, New York 10017. The new investment
advisory agreements will become effective on January 1, 2001. Until that time,
each Fund will continue to be managed by Bank Julius Baer & Co., Ltd., New York
Branch ("BJB-NY"), located at 330 Madison Avenue, New York, NY 10017. The
personnel providing research and rendering investment advice to each Fund will
be transferred as a business unit from BJB-NY to JBIMI so that there will be no
material changes in the advisory personnel who manage the Funds. Also, the
terms of the new advisory agreements between each of the Funds and JBIMI are
substantially identical to the terms of the advisory agreements with BJB-NY,
except for different effective and termination dates. Specifically, the new
advisory agreements approved by shareholders on December 6, 2000 did not result
in a change in advisory fees paid by the Funds. Prior to July 1, 1998, JBIMI
served as the investment adviser to the Global Income Fund.
JBIMI is a registered investment adviser and a majority owned subsidiary of
Julius Baer Securities Inc. ("JBS"). JBS, located at 330 Madison Avenue, New
York, NY, 10017, is a wholly owned subsidiary of Julius Baer Holding Ltd. of
Zurich, Switzerland. As of August 31, 2000, JBIMI had assets under management
of approximately $5.7 billion.
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IN THE STATEMENT OF ADDITIONAL INFORMATION, THE FIRST PARAGRAPH OF SECTION
"ADDITIONAL INFORMATION CONCERNING EXCHANGE PRIVILEGE" IS REPLACED WITH THE
FOLLOWING:
Shares of one Fund may be exchanged for the same class of Shares of the other
Fund to the extent such Shares are offered for sale in the shareholder's state
of residence. Shareholders may exchange their Shares on the basis of relative
net asset value at the time of exchange. No exchange fee is charged for this
privilege, provided that the registration remains identical. However, a
redemption fee of 2.00% of the amount exchanged will apply to shares of a Fund
exchanged within 90 days of their date of purchase. This redemption fee may be
waived for certain tax advantaged retirement plans. The Fund may terminate or
modify the terms of the redemption fee waiver at any time. Please consult your
investment advisor concerning the availability of the redemption waiver before
purchasing shares.
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FOR THE JULIUS BAER INTERNATIONAL EQUITY FUND
The Adviser's contractual agreement to waive that portion of its fee equal to
an annual rate of 0.15% of the Fund's average daily net assets will expire on
November 15, 2000, and will not be renewed.
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