JULIUS BAER INVESTMENT FUNDS, N-30D, 2000-07-07

JULIUS BAER INVESTMENT FUNDS
N-30D, 2000-07-07

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<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
AND JULIUS BAER GLOBAL INCOME FUND
SEMI-ANNUAL REPORT
APRIL 30, 2000
--------------------------------------------------------------------------------

Dear Fellow Shareholder:

I am pleased to report on the activity and performance of the Julius Baer
Investment Funds (the "Funds") for the six month period that ended April 30,
2000. During the first half of the fiscal year, the Julius Baer International
Equity Fund ("Equity Fund") continued to provide shareholders with strong
results, solidly outperforming its benchmark index and the average return of its
competitors' funds. The Julius Baer Global Income Fund ("Income Fund"), while
slightly outperforming its customized benchmark, did post a decline of less than
1% primarily due to the continuing difficult conditions in the world's bond
markets. Further information on the Funds' performance as well as the economic
outlook for the upcoming period, is detailed in the sections below.

JULIUS BAER INTERNATIONAL EQUITY FUND

The Equity Fund's Class A shares returned on an annualized basis, +41.37%
for the past 6 months, +65.61% over the past 12 months, +36.09% over the past
3 years, and +27.35% over the past 5 years versus MSCI EAFE's returns of +6.72%,
+13.89%, +14.02%, and +10.35% over comparable periods. Returns for the Lipper
International Equity Fund Index, a reasonable proxy for our competitors, were
+13.57%, +22.53%, +15.10%, and +14.34% respectively.

<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN*--CLASS A SHARES
---------------------------------------------------------------------------------
6-MONTH 1-YEAR 3-YEAR 5-YEAR
10/31/99-04/30/00 04/30/99-04/30/00 04/30/97-04/30/00 04/30/95-04/30/00
------------------ ------------------ ------------------ ------------------

<S> <C> <C> <C> <C>
Julius Baer International
Equity Fund................. +41.37% +65.61% +36.09% +27.35%
MSCI EAFE with net dividend
reinvested.................. +6.72% +13.89% +14.02% +10.35%
LIPPER International Equity
Fund Index.................. +13.57% +22.53% +15.10% +14.34%
Julius Baer International
Equity Fund vs. MSCI EAFE... +34.65% +51.72% +22.07% +17.00%
Julius Baer International
Equity Fund vs. LIPPER...... +27.80% +43.08% +20.99% +13.01%
</TABLE>

We are pleased to report a successful start of the Equity Fund's
"institutional share class" (Class I shares) launched on November 15, 1999. As
of April 30, 2000 total net assets for the Class I shares was approximately USD
171.0 million. For the reporting period from November 15, 1999 through
April 30, 2000 the Equity Fund's Class I shares achieved a performance gain of
29.05%.*

The end of the reporting period marks the fifth anniversary of the current
investment management team of the Equity Fund. The Equity Fund's long term
success as outlined in the above chart, in our opinion, can be attributed to our
active management and the investment style and discipline of our team. First, a
significant part of our strong performance was due to our geographical and
country allocation. We have consistently favored Europe at the expense of Japan;
we successfully exited emerging markets in the aftermath of the Thai-Baht
devaluation; and we invested in Greece in advance of its acceptance into the
European Monetary Union ("EMU"). All of these geographic allocations proved to
be rewarding for the Equity Fund. Second, our sector allocation has added value.
We were heavily invested in European financial stocks in advance of the EMU, and
last year we emphasized the telecommunication, media, and technology sectors
both in Europe and Japan. Third, our asset allocation decisions have helped us
reduce risk as well as improve portfolio returns. We have, at numerous times,
raised our cash position during general market corrections or when our
investments were losing favor in the marketplace. Finally, our stock selection
has been equally rewarding as many of the portfolio holdings have experienced
significant returns.

------------------
* Past performance is no indication of future results. More recent returns may
be more or less than those shown. Performance figures given assume reinvestment
of dividends at NAV and do not take into account any adjustment for taxes
payable on reinvested distributions. Investment returns and principal value will
fluctuate so that an investor's shares when sold may be worth more or less than
their original cost. Performance data reflects an expense waiver in effect.
Without it, total returns would have been lower.

<PAGE>
The Equity Fund's performance over the first half of the fiscal year is by
far the best performance it has had on an absolute and relative basis despite
having entered the period with a cash position of approximately 18% of fund
assets. The large cash position was mainly due to our concern about the high
valuations prevailing in worldwide equity markets. We redeployed most of the
cash in November 1999 as worldwide equity markets and especially "new economy"
stocks rallied on a daily basis as global bond yields began to fall. However,
since early March 2000 the general rally in worldwide equities has reversed and
at a quicker pace. As a result, the Equity Fund has underperformed and incurred
some losses since then. We have reduced our exposure to the telecommunications,
media, and technology sectors and reinvested some of the proceeds in "old
economy" stocks while currently holding the balance in cash awaiting attractive
investment opportunities and calmer financial markets.

In Japan, we have reduced our exposure to approximately 10% with a bias
towards "new economy" stocks. We remain frustrated by the slow pace of the
economic recovery and the half-hearted efforts towards corporate restructuring.
In Europe we are basically neutral but have significantly reduced our strong
overweight in "new economy" companies and sold many of our investments in small
and mid-cap companies, as we believe that liquidity becomes more valuable during
volatile markets. Most of our foreign currency exposure versus the U.S. dollar
is currently unhedged as we feel that the current strength in the U.S dollar is
a little excessive.

We maintain a significant exposure to Eastern Europe. We continue to
believe that several countries in the region are serious candidates to join the
European Union and, at a later stage, the EMU. However, we believe it will take
several years before this occurs and there could be some bumps along the road,
but markets may start to rally in anticipation. And for patient investors, we
expect the gains to be significant because an EMU membership will cause a
significant re-rating of the equity markets of those countries as the inherent
investment risks and the cost of funding are greatly reduced.

JULIUS BAER GLOBAL INCOME FUND

During the six month period ending April 30, 2000, the Income Fund's
Class A shares returned -0.43%* as compared to the customized benchmark of
-0.46% (80% Merrill Lynch 1-10Yr US Government/Corporate Bond Index and 20% JP
Morgan Global Government Non-US in US$ Bond Index). The Income Fund introduced a
new "institutional share class" (Class I shares) on November 15, 1999. For the
reporting period from November 15, 1999 through April 30, 2000 the Income Fund's
Class I shares returned -0.99%.*

The U.S. Federal Reserve ("Fed") raised the Federal Funds rate steadily
from 5.25% to 6.00% over the reporting period and as of the date of this report,
it stood at 6.5%. In the face of continued torrid growth and employment in the
U.S., the Fed took steps to ensure that conditions were not too stimulative.
Increasing productivity kept the Fed sanguine on the inflation picture through
the middle of 1999, but as the U.S. economy continued to surge, they felt it
prudent to step in.

The action by the Fed pushed yields in short term U.S. Treasuries
significantly higher. The 2-Year U.S. Treasury Note yield rose 0.96% to 6.68%
and the 5-Year U.S. Treasury Note rose 0.70% to 6.54%. At the start of the year
2000, an interesting phenomenon also took hold of the U.S. Treasury bond market.
U.S. short term bonds continued to sell off, but the long 30-year bond actually
began to rally quite strongly. The long bond yield peaked at 6.75% in
mid-January 2000 and then fell precipitously to 5.75% by early April. This
caused a significant inversion of the U.S. bond yield curve. The 30-year bond
yielded 0.40% more than the 2-Year U.S. Treasury did at the start of the period.
By late April, the 30-year bond yielded 0.70% less than the 2-Year-U.S.
Treasury. Long bonds rallied in the face of the Fed moves because of a very
supportive technical supply picture. As the U.S. budget has marched into
surplus, the need for future bond issuance by the U.S. Government has waned.
During this period, the U.S. Treasury Department announced that it would buy
back USD 30 billion dollars worth of long maturity U.S. Treasuries and commenced
these operations on March 9th.

The European Central Bank also began to raise official short term interest
rates in the second half of 1999, from 2.5% to 3.75%. European economic growth
appeared to be picking up and while inflation was not a threat, official
interest rates need not be so stimulative. Short term bonds suffered a similar
fate to U.S. bonds as yields on 5-Year bonds rose 0.60% to 5.0%. Long maturity
bonds in Europe, although not supported by a supply story such as the U.S.,
rallied in sympathy with the U.S. The yield curve (30-year yields less 2 year
yields) also flattened substantially from its peak of 200 basis points to 100
basis points. The Euro declined another 15% from 1.06 to 0.90 versus the U.S.
dollar. Despite both rising interest rates and economic growth in Europe, the
Euro has not rebounded

2
<PAGE>
and investor sentiment has been severely damaged. This was not purely a Euro
event-however, the U.S. dollar rose against most foreign currencies over the
reporting period. The British pound fell 7% and the Australian dollar and New
Zealand dollar declined 8% and 5%, respectively, versus the U.S. dollar.

The Japanese bond market continues to remain extremely uncorrelated to
other developed bond markets. 10-year bond yields traded in a volatile range
between 1.6% and 1.9%. The Japanese yen also fell nearly 10% versus the U.S.
dollar from the start of the New Year through the end of February, but has since
regained some ground.

The Income Fund was well positioned to benefit from the rally in long
maturity U.S. Treasuries at the start of the year. As the trend seemed to
reverse in early April, we took some profit on these positions and reduced our
duration to underweight versus the benchmark. U.S. Agency and Corporate bonds
underperformed U.S. Treasuries markedly during the rally. As their bond yields
appeared to offer good value we added to exposure at that time. We continue to
hold Greek bond positions in favor of core Western European bonds. Greece
received approval from the European Union to join the Euro in 2001 and there is
still value in this convergence trade. We remain underweight in the Japanese
bond market as ballooning budget deficits and the possibility of higher interest
rates seem likely.

We believe well selected, high grade global bonds offer attractive future
potential relative to other asset classes at this juncture.

Finally, we would like to express our appreciation to all shareholders for
their support and the Fund's investment management team for their continued
excellent work.

Sincerely,

/s/ Michael Quain
Michael Quain
President
June 9, 2000

The views expressed in this shareholder letter reflect those of the President of
the Funds only through the end of the period covered by the report as stated on
the cover. This shareholder letter contains certain forward looking statements
regarding the intent, belief or current expectations of the President.
Shareholders are cautioned that such forward looking statements are not
guarantees of future performance and involve risks and uncertainties and that
actual results may differ materially from those in the forward looking
statements, as a result of various factors. The President's views are subject to
change based on market and other conditions.

3
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER GLOBAL INCOME FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
MARKET
FACE VALUE
CURRENCY VALUE (NOTE 1)
--------- ------------- ------------
<S> <C>
CORPORATE BONDS -- 35.7%
UNITED STATES-29.5%
ABN-Amro Bank NV (Chicago)
USD 1,200,000 7.250% due 05/31/2005.......................................................... $ 1,190,114
Conoco, Inc
USD 1,300,000 6.350% due 04/15/2009.......................................................... 1,193,850
Ford Motor Credit Company
USD 1,250,000 6.125% due 04/28/2003.......................................................... 1,202,947
IBP Inc
USD 970,000 7.950% due 02/01/2010.......................................................... 979,389
Worldcom Inc
USD 1,000,000 6.125% due 08/15/2001.......................................................... 986,150
------------
5,552,450
------------
NETHERLANDS-6.2%
Household Netherlands BV (Yankee)
USD 1,225,000 6.200% due 12/01/2003.......................................................... 1,170,426
------------
TOTAL CORPORATE BONDS (COST $6,915,022).......................................... 6,722,876
------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 31.1%
Federal Home Loan Mortgage Corporation
USD 400,000 5.750% due 07/15/2003.......................................................... 384,188
Federal National Mortgage Association
USD 420,000 5.750% due 04/15/2003.......................................................... 404,906
USD 750,000 7.250% due 01/15/2010.......................................................... 747,656
------------
1,152,562
------------
U.S. Treasury Bond
USD 500,000 6.250% due 08/15/2023.......................................................... 500,156
------------
U.S. Treasury Inflation Indexed Bonds
USD 2,000,000 3.801% due 04/15/2028.......................................................... 2,012,001
------------
U.S. Treasury Inflation Indexed Notes
USD 610,000 3.806% due 01/15/2028.......................................................... 624,268
------------
</TABLE>

See Notes to Financial Statements.

4
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER GLOBAL INCOME FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
MARKET
FACE VALUE
CURRENCY VALUE (NOTE 1)
--------- ------------- ------------
<S> <C>
U.S. Treasury Note
USD 775,000 6.625% due 06/30/2001.......................................................... $ 774,637
USD 435,000 5.500% due 05/15/2009.......................................................... 409,784
------------
1,184,421
------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $5,835,102)................... 5,857,596
------------
FOREIGN GOVERNMENT BONDS-18.8%
GREECE-10.3%
Hellenic Republic
GRD 280,000,000 8.900% due 03/21/2004.......................................................... 872,445
GRD 357,300,000 8.600% due 03/26/2008.......................................................... 1,062,588
------------
1,935,033
------------
AUSTRALIA-3.6%
Australian Government
AUD 1,100,000 9.750% due 03/15/2002.......................................................... 681,467
------------
ITALY-2.9%
Republic of Italy
JPY 52,000,000 3.750% due 06/08/2005.......................................................... 542,433
------------
FANCE-2.0%
Government of France
EUR 450,000 4.000% due 10/25/2009.......................................................... 367,653
------------
TOTAL FOREIGN GOVERNMENT BONDS (COST $3,978,967)................................. 3,526,586
------------
REPURCHASE AGREEMENTS--10.9% -- 51.0%
UNITED STATES-10.9%

USD 2,049,354 Investors Bank & Trust Repurchase Agreement, dated 04/28/2000, due 05/01/2000,
with a maturity value of $2,050,198 and an effective yield of 4.940%,
collateralized by a Federal Home Loan Mortgage Corporation Obligation, with a
rate of 6.757%, a maturity of 08/01/2022 and a market value of $2,151,828 (Cost
$2,049,354) 2,049,354
------------
TOTAL INVESTMENTS -- 96.5% (COST 18,778,445)..................................... 18,156,412
OTHER ASSETS AND LIABILITIES (NET) -- 3.5%....................................... 667,008
------------
TOTAL NET ASSETS -- 100.0%....................................................... $ 18,823,420
============
</TABLE>

See Notes to Financial Statements.

5
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER GLOBAL INCOME FUND
SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS
APRIL 30, 2000 (UNAUDITED)

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

<TABLE>
<CAPTION>
CONTRACTS TO RECEIVE
---------------------------------- NET UNREALIZED
EXPIRATION LOCAL VALUE IN IN EXCHANGE APPRECIATION
DATE CURRENCY USD FOR USD DEPRECIATION
---------- -------------------- --------- ----------- --------------
<S> <C> <C> <C> <C>
06/22/00 CAD 731,350 495,091 500,000 $ (4,909)
05/26/00 EUR 1,200,000 1,093,389 1,158,960 (65,571)
07/25/00 EUR 883,180 808,001 853,681 (45,680)
07/25/00 EUR 80,000 73,190 77,576 (4,386)
07/25/00 EUR 400,000 365,951 405,680 (39,729)
----------
Net unrealized depreciation on forward foreign
exchange contracts to buy.......................... $ (160,275)
==========
</TABLE>

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

<TABLE>
<CAPTION>
CONTRACTS TO DELIVER
----------------------------------- NET UNREALIZED
EXPIRATION LOCAL VALUE IN IN EXCHANGE APPRECIATION
DATE CURRENCY USD FOR USD (DEPRECIATION)
---------- --------------------- --------- ----------- --------------
<S> <C> <C> <C> <C>
05/26/00 EUR 1,200,000 1,093,389 1,250,880 $ 157,491
07/25/00 EUR 863,180 789,703 884,759 95,056
----------
Net unrealized appreciation on forward foreign
exchange contracts to sell.......................... $ 252,547
==========
</TABLE>

GLOSSARY OF CURRENCIES

AUD -- Australian Dollar GRD -- Greek Drachma
CAD -- Canadian Dollar JPY -- Japanese Yen
EUR -- Euro USD -- United States Dollar

See Notes to Financial Statements.

6
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- 84.0%
UNITED KINGDOM-13.1%
ARM Holdings Plc ADR............................................................... 115,300 $ 3,660,775
Autonomy Corporation Plc........................................................... 30,625 4,073,130
BG Group Plc....................................................................... 315,000 1,878,081
BP Amoco Plc....................................................................... 511,198 4,412,611
British Airport Authority Plc...................................................... 176 1,136
British Telecommunications Plc..................................................... 62,311 1,116,465
Colt Telecom Group Plc............................................................. 7,000 1,195,250
Diageo Plc......................................................................... 412,800 3,338,337
Glaxo Wellcome Plc................................................................. 98,521 3,038,213
HSBC Holdings Plc.................................................................. 44,244 489,699
Lloyds TSB Group Plc............................................................... 76,752 750,333
Marconi Plc........................................................................ 70,097 874,597
Netcall Plc........................................................................ 111,963 226,581
Psion Plc.......................................................................... 31,225 1,865,087
Reckitt Benckiser Plc.............................................................. 308,390 3,149,264
Reuters Group Plc.................................................................. 64,500 1,153,678
Royal Bank of Scotland Group Plc................................................... 23,828 369,632
Royal & Sun Alliance Insurance Group Plc........................................... 560 3,125
Shell Transport & Trading Company.................................................. 450,000 3,660,191
Smithkline Beecham Plc............................................................. 72,783 995,352
Tesco Plc.......................................................................... 805,071 2,744,626
Unilever Plc....................................................................... 408,718 2,451,158
Vodafone AirTouch Plc.............................................................. 878,729 4,028,517
------------
45,475,838
------------
JAPAN-12.8%
Acom Company Ltd................................................................... 17,000 1,636,565
Bank of Tokyo-Mitsubishi Ltd....................................................... 93,000 1,198,890
Canon Sales Company Inc............................................................ 400 6,399
Circle K Japan Company Ltd......................................................... 66 2,570
Crayfish Company Ltd ADR*.......................................................... 10,500 156,188
Daiwa Securities Company Ltd....................................................... 114,000 1,739,492
DDI Corporation.................................................................... 2,710 3,107,597
Fast Retailing Company Ltd......................................................... 1,800 792,343
Fuji Television Network, Inc....................................................... 1,180 1,964,211
Fujitsu Ltd........................................................................ 25,500 721,598
</TABLE>

See Notes to Financial Statements.

7
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
JAPAN -- CONTINUED
Furukawa Electric Company Ltd...................................................... 184,000 $ 2,550,664
Honda Motor Company Ltd............................................................ 32,000 1,429,324
Internet Initiative Japan Inc ADR*................................................. 500 30,000
Ito-Yokado Company Ltd............................................................. 19,000 1,386,323
Japan Telecom Company Ltd.......................................................... 1,100 5,594,858
Kao Corporation.................................................................... 60,000 1,825,496
KDD Corporation.................................................................... 26,900 3,114,514
Kirin Brewery Company Ltd.......................................................... 46,000 598,530
Matsushita Communication Industrial Company Ltd.................................... 11,000 1,723,216
Nikko Securities Company Ltd....................................................... 145,000 1,709,668
Nippon Telegraph & Telephone Corporation........................................... 790 978,961
Nippon Telegraph & Telephone Corporation ADR....................................... 5,375 338,625
Nomura Securities Company Ltd...................................................... 61,000 1,534,378
NTT Data Corporation............................................................... 670 892,218
Ryohin Keikaku Company Ltd......................................................... 7,000 1,297,915
Sakura Bank Ltd.................................................................... 242,000 1,696,361
Sankyo Company Ltd................................................................. 10,000 220,095
Sanwa Bank Ltd..................................................................... 131,000 1,264,752
SoftBank Corporation--New*......................................................... 6,000 1,481,481
SoftBank Corporation............................................................... 3,000 737,966
Sony Corporation................................................................... 5,400 624,220
Sony Corporation--New*............................................................. 5,400 619,725
Takeda Chemical Industries......................................................... 31,000 2,038,285
------------
45,013,428
------------
FRANCE-12.1%
Accor SA........................................................................... 20,155 748,656
Aerospatiale Matra................................................................. 7,755 160,001
Alcatel Alsthom.................................................................... 12,900 2,991,142
Axa-UAP............................................................................ 22,100 3,277,581
Banque National De Paris........................................................... 34,047 2,752,250
Bouygues SA........................................................................ 1,400 893,660
Bouygues SA--New*.................................................................. 93 59,449
Canal Plus......................................................................... 16,400 3,161,454
Cap Gemini SA (a).................................................................. 3,294 646,971
</TABLE>

See Notes to Financial Statements.

8
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
FRANCE -- CONTINUED
Carrefour SA....................................................................... 50,940 $ 3,316,494
Castorama Dubois................................................................... 1,470 320,801
Compagnie De Saint Goban........................................................... 22,500 3,070,933
Credit Lyonnais*................................................................... 36,000 1,402,686
France Telecom SA.................................................................. 9,880 1,529,057
L'Oreal............................................................................ 1 678
Rhone Polenc....................................................................... 36,666 2,017,094
Societe Generale................................................................... 4,937 1,022,643
Suez Lyonnaise des Eaux............................................................ 35,000 5,489,899
Total SA Class B................................................................... 40,389 6,129,522
Unilog SA.......................................................................... 6,000 646,512
Vivendi............................................................................ 29,329 2,901,572
------------
42,539,055
------------
GERMANY-9.5%
ADVA AG Optical Networking*........................................................ 8,400 4,613,424
Aixtron AG......................................................................... 600 154,399
Allianz AG (Registered)............................................................ 5,100 1,963,024
AVA Allgemeine Handelsgesellschaft der Verbraucher AG.............................. 940 542,761
BASF AG............................................................................ 41,900 1,832,213
Bayer AG........................................................................... 61,700 2,555,529
Commerzbank AG..................................................................... 47,900 1,812,779
Deutsche Bank AG................................................................... 13,000 873,565
Epcos AG*.......................................................................... 5,515 777,292
Infineon Technologies AG*.......................................................... 14,400 991,864
Karstadt AG........................................................................ 7,000 213,231
Medion AG.......................................................................... 7,200 654,696
Metro AG........................................................................... 8,560 324,966
MobilCom AG........................................................................ 21,174 2,579,971
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)......................... 6,600 1,935,445
Pandatel AG*....................................................................... 16,925 2,200,756
Pixelpark AG*...................................................................... 7,750 817,461
Preussag AG........................................................................ 13,000 536,669
PrimaCom AG*....................................................................... 8,225 639,454
Schering AG........................................................................ 14,200 2,007,825
</TABLE>

See Notes to Financial Statements.

9
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
GERMANY -- CONTINUED
Singulus Technologies AG........................................................... 8,000 $ 908,573
Steag Hamatech AG*................................................................. 31,600 1,672,312
Viag AG............................................................................ 118,900 2,320,164
------------
32,928,373
------------
SWEDEN-6.0%
Aspiro Information AB*............................................................. 13,830 416,845
Atlas Copco AB Class B............................................................. 86,500 1,979,516
Autoliv Inc ADR.................................................................... 70,300 1,969,781
Cell Network AB*................................................................... 12,788 239,829
Electrolux AB Class B.............................................................. 104,300 1,763,948
Ericsson AB Class B................................................................ 65,340 5,813,349
Europolitian Holdings AB........................................................... 102,163 1,562,439
Framtidsfabriken AB................................................................ 42,784 702,082
Icon Medialab International AB..................................................... 21,095 320,263
Infocast AB Class B*............................................................... 49,255 714,797
Information Highway AB*............................................................ 60,187 618,129
Mandamus AB........................................................................ 625 3,489
Modern Times Group MTG AB*......................................................... 25,300 1,245,512
Netcom Systems AB Class B*......................................................... 14,000 995,535
Nocom AB Class B*.................................................................. 13,800 246,484
Nordic Baltic Holding AB........................................................... 239,000 1,502,007
Switchcore AB*..................................................................... 10,800 777,629
Tele 1 Europe Holding AB*.......................................................... 2,500 39,350
Trio*.............................................................................. 44,691 169,624
------------
21,080,608
------------
FINLAND-5.0%
Comptel Oyj........................................................................ 83,850 1,895,446
Helsingin Puhelin Oyj.............................................................. 39,799 3,144,844
Nokia Oyj.......................................................................... 100,640 5,774,404
Raisio Group Plc................................................................... 33,100 84,274
Sonera Group Oyj................................................................... 57,000 3,135,721
Stora Enso Oyj Class R............................................................. 190,578 1,966,871
UPM-Kymmene Oyj.................................................................... 60,210 1,560,345
</TABLE>

See Notes to Financial Statements.

10
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
FINLAND -- CONTINUED
Valmet-Rauma Oyj................................................................... 181 $ 2,386
------------
17,564,291
------------
ITALY-4.3%
AEM SPA............................................................................ 314,802 1,358,540
Assicurazioni Generali............................................................. 84,900 2,409,399
Banca Intesa SPA................................................................... 772,000 2,873,904
Eni Spa............................................................................ 978,600 4,847,854
Gucci Group........................................................................ 3,000 262,875
Instituto Nazionale delle Assicurazioni............................................ 150,000 321,756
Telecom Italia Mobile.............................................................. 88,000 840,593
Tiscali SPA........................................................................ 43,000 2,292,427
------------
15,207,348
------------
POLAND-3.5%
Agora SA*.......................................................................... 52,395 1,260,059
Bank Handlowy w Warszawie.......................................................... 80,700 1,159,047
Bank Polska Kasa Opieki SA*........................................................ 150,000 1,778,523
Bank Rozwoju Eksportu SA........................................................... 52,860 1,655,570
BIG Bank Gdanski SA................................................................ 114,600 283,295
Budimex SA*........................................................................ 200,300 1,317,409
Elektrim SA*....................................................................... 5,000 63,758
Mostostal-Export SA................................................................ 10,558 9,684
Netia Holdings SA ADR*............................................................. 62,500 1,722,656
OPTIMUS SA......................................................................... 5,800 202,416
Powszechny Bank Kredytow........................................................... 69,000 1,535,906
Telekomunikacja Polska SA.......................................................... 179,000 1,381,544
------------
12,369,867
------------
SWITZERLAND-3.1%
Adecco SA.......................................................................... 1,139 935,829
Fantastic Corporation*............................................................. 50,790 928,285
Kuoni Reisen Holding (Registered).................................................. 130 563,872
Nestle SA (Registered)............................................................. 1,000 1,765,184
Novartis AG (Registered)........................................................... 1,290 1,804,442
Roche Holding AG--Genusschein...................................................... 900 941,180
</TABLE>

See Notes to Financial Statements.

11
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
SWITZERLAND -- CONTINUED
Roche Holdings AG.................................................................. 460 $ 551,562
SEZ Holding AG..................................................................... 1,447 1,340,126
Zurich Allied AG................................................................... 4,980 2,119,580
------------
10,950,060
------------
NETHERLANDS-3.1%
Heineken NV........................................................................ 37,375 2,073,090
ING Groep NV....................................................................... 53,394 2,914,041
Koninklijke (Royal) Philips Electronics NV......................................... 32,080 1,431,389
Laurus NV.......................................................................... 46,514 496,968
United Pan-Europe Communications NV*............................................... 61,650 2,244,016
Vendex NV.......................................................................... 8,099 124,827
Versatel Telecom International NV*................................................. 37,440 1,501,349
Wolters Kluwer NV.................................................................. 36 850
------------
10,786,530
------------
CZECH REPUBLIC-1.6%
Ceska Sporitelna AS*............................................................... 347,288 1,824,767
Ceske Radiokomunikace*............................................................. 22,500 1,019,529
Komercni Banka AS*................................................................. 115,728 2,666,837
------------
5,511,133
------------
CANADA-1.6%
724 Solutions, Inc................................................................. 7,000 353,241
Canadian Imperial Bank of Commerce................................................. 64 1,679
Cell-Loc Inc....................................................................... 21,500 472,352
Certicom Corporation............................................................... 16,040 818,644
JDS Uniphase Corporation........................................................... 10,600 1,098,121
Nortel Networks Corporation........................................................ 16,194 1,833,971
Research in Motion Ltd............................................................. 12,720 540,856
Royal Bank of Canada............................................................... 6,740 318,479
------------
5,437,343
------------
TURKEY-1.4%
Aksigorta AS....................................................................... 11,622,000 308,929
Dogan Yayin Holding AS*............................................................ 71,500,000 1,725,132
</TABLE>

See Notes to Financial Statements.

12
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

See Notes to Financial Statements.

13
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
BELGIUM-0.4%
Algemene Maatschappij voor Nijverheidskredit NV*................................... 90 $ 7
Mobistar SA*....................................................................... 40,765 1,495,678
------------
1,495,685
------------
EGYPT-0.3%
MobiNil--Egyptian Company for Mobile Services*..................................... 29,855 1,138,161
------------
UNITED STATES-0.3%
Poet Holdings, Inc................................................................. 16,000 1,018,416
------------
MALAYSIA-0.2%
Arab-Malaysian Merchant Bank....................................................... 358 1,357
Commerce Asset-Holding Berhad...................................................... 110,000 309,733
Malayan Banking Berhad............................................................. 70,000 291,049
RHB Capital Berhad................................................................. 171,000 242,997
------------
845,136
------------
GREECE-0.2%
Hellenic Telecommunication Organization SA......................................... 18,102 407,672
Interamerican SA................................................................... 5,490 113,546
National Bank of Greece............................................................ 2,073 88,512
------------
609,730
------------
HONG KONG-0.2%
China Everbright Ltd............................................................... 21,000 14,828
China Telecom (Hong Kong) Ltd*..................................................... 74,000 534,394
Hongkong.com Corporation*.......................................................... 250,000 47,181
------------
596,403
------------
AUSTRALIA-0.2%
Australia & New Zealand Bank Group................................................. 1,231 8,526
The News Corporation Ltd........................................................... 43,463 552,911
------------
561,437
------------
IRELAND-0.1%
Bank of Ireland.................................................................... 43,666 292,829
Bord Telecom Eireann Plc........................................................... 66,700 232,291
------------
525,120
------------
</TABLE>

See Notes to Financial Statements.

14
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
SINGAPORE-0.1%
DBS Group Holdings Ltd............................................................. 16,282 $ 224,191
Singapore Press Holdings Ltd....................................................... 9,000 176,129
Singapore Telecommunications Ltd................................................... 86,000 123,959
------------
524,279
------------
INDONESIA-0.1%
Bank Negara Indonesia*............................................................. 1,100,000 27,848
Pt Bank International Indonesia--Foreign*.......................................... 2,400,000 30,380
Pt Indocement Tunggal Prakarsa*.................................................... 178,000 69,848
Pt Indofood Sukses Makmur*......................................................... 46,000 31,443
Pt Indostat........................................................................ 18,500 24,530
Pt Kalbe Farma*.................................................................... 1,375,000 130,538
Pt Lippo Bank Tbk*................................................................. 5,020,000 95,316
Pt Semen Gresik.................................................................... 23,000 23,873
Pt Telekomunikasi Indonesia........................................................ 177,120 77,350
------------
511,126
------------
THAILAND-0.1%
Bangkok Bank Public Company Ltd (Foreign Shares) (Registered)*..................... 67,000 113,529
Siam Commercial Bank (Foreign Shares)*............................................. 199,000 167,293
Thai Farmers Bank Public Company Ltd (Foreign Shares)*............................. 146,000 153,422
------------
434,244
------------
PHILIPPINES-0.1%
Ayala Land Inc..................................................................... 205,000 32,276
Bank of the Philippine Islands..................................................... 47,500 106,425
Metropolitan Bank & Trust Company.................................................. 20,906 116,468
Philippine Long Distance Telephone Company......................................... 2,440 43,735
------------
298,904
------------
CHILE-0.0%
Vina Concha Y Toro................................................................. 2,500 96,719
------------
MAURITIUS-0.0%
New Mauritius Hotels Ltd........................................................... 23,500 38,609
State Bank of Mauritius Ltd........................................................ 72,000 47,485
------------
86,094
------------
</TABLE>

See Notes to Financial Statements.

15
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
SHARE MARKET
DESCRIPTION AMOUNT VALUE
----------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
COMMON STOCKS -- CONTINUED
NEW ZEALAND-0.0%
Lion Nathan........................................................................ 27,000 $ 54,543
Sky Network Television Ltd*........................................................ 1,000 20,188
------------
74,731
------------
INDIA-0.0%
ICICI Bank Ltd ADR*................................................................ 2,000 34,500
SSI Ltd GDR*....................................................................... 3,000 26,925
------------
61,425
------------
SOUTH AFRICA-0.0%
Edgars Consolidated Stores Ltd..................................................... 100 954
Nedcor Investment Bank Holdings.................................................... 2,946 1,262
Nedcor Ltd......................................................................... 2,979 56,579
------------
58,795
------------
BRAZIL-0.0%
Telecomunicacoes Brasileiras*...................................................... 5,000 138
------------
TOTAL COMMON STOCKS (COST $266,323,458)............................................ 294,439,099
------------
PREFERRED STOCKS -- 1.6%
GERMANY-1.6%
Henkel KGAA--Vorzug................................................................ 36,500 2,124,125
Marschollek, Lautenschlaeger und Partner AG........................................ 3,000 1,587,638
SAP AG--Vorzug..................................................................... 3,200 1,891,344
------------
TOTAL PREFERRED STOCKS (COST $5,243,062)........................................... 5,603,107
------------
INVESTMENT FUNDS -- 0.0%
POLAND-0.0%
NFI Drugi SA*...................................................................... 1,500 893
NFI Foksal SA*..................................................................... 1,500 859
NFI Fortuna SA*.................................................................... 1,500 1,023
NFI Hetman SA*..................................................................... 1,500 1,248
NFI Kwiatkowski SA................................................................. 1,500 1,829
NFI Magna Polonia SA............................................................... 1,500 1,547
NFI Octava SA*..................................................................... 1,500 2,030
NFI Piast SA*...................................................................... 1,500 715
NFI Pierwszy SA*................................................................... 1,500 1,225
</TABLE>

See Notes to Financial Statements.

16
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

FACE
CURRENCY VALUE
-------- ----------
<S> <C> <C> <C>
CORPORATE BONDS -- 0.0%
GERMANY-0.0%
Preussag AG 2.125%, due 06/17/2004........................................ EUR 21,000 18,851
------------
PORTUGAL-0.0%
Jeronimo Martins 0.000%, due 12/30/2004................................... PTE 2,879,000 16,388
------------
TOTAL CORPORATE BONDS (COST $36,906)...................................... 35,239
------------
</TABLE>

See Notes to Financial Statements.

17
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
(PERCENTAGE OF NET ASSETS)

<TABLE>
<CAPTION>
FACE MARKET
CURRENCY VALUE VALUE
-------- ---------- ------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS -- 10.0%
UNITED STATES-10.0%
Investors Bank & Trust Repurchase Agreement, dated 04/28/2000,
due 05/01/2000, with a maturity value of $25,010,292, and an effective
yield of 4.940%, collateralized by U.S. Government and Agency
Obligations with rates ranging from 5.550% to 7.188%, with maturity
dates ranging from 01/05/2004 to 05/15/2023 and an aggregate
market value of $36,975,366 (Cost $35,204,957)............................ USD 35,204,957 $ 35,204,957
------------
TOTAL INVESTMENTS--96.0% (COST $308,459,072).............................. 336,626,757
OTHER ASSETS AND LIABILITIES (NET)-4.0%................................... 14,038,889
------------
TOTAL NET ASSETS-100.0%................................................... $350,665,646
============
</TABLE>

<TABLE>
NOTES TO THE SCHEDULE OF INVESTMENTS:
<C> <S>
ADR American Depositary Receipt
GDR Global Depositary Receipt
(a) Securities that may be resold to "qualified institutional buyers" under rule 144A or securities
offered pursuant to Section 4(2) of the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of Trustees.
* Non-income producing security.
</TABLE>

GLOSSARY OF CURRENCIES

EUR -- Euro PTE -- Portuguese Escudo
USD -- United States Dollar

See Notes to Financial Statements.

18
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS--INDUSTRY SECTOR (UNAUDITED)
APRIL 30, 2000
(PERCENTAGE OF NET ASSETS)

At April 30, 2000, sector diversification of the Fund's investments was as
follows:

<TABLE>
<CAPTION>
MARKET
% OF NET VALUE
ASSETS (NOTE 1)
---------- ------------
<S> <C> <C>
INDUSTRY SECTOR
Telephone Systems.......................................................................... 13.0% $ 45,698,029
Communications............................................................................. 10.5 36,969,259
Banking.................................................................................... 9.0 31,517,568
Electronics................................................................................ 4.8 16,946,034
Oil and Gas................................................................................ 4.6 16,114,770
Insurance.................................................................................. 4.4 15,366,426
Financial Services......................................................................... 4.4 15,286,791
Pharmaceuticals............................................................................ 3.7 12,972,929
Computer Software and Processing........................................................... 3.7 12,842,497
Media--Broadcasting and Publishing......................................................... 2.9 10,263,335
Chemicals.................................................................................. 2.7 9,640,303
Retailers.................................................................................. 2.6 9,009,069
Beverages, Food and Tobacco................................................................ 2.3 8,080,178
Industrial--Diversified.................................................................... 2.3 7,898,762
Food Retailers............................................................................. 2.0 6,558,088
Computers and Information.................................................................. 1.1 3,909,700
Commercial Services........................................................................ 1.1 3,837,401
Forest Products and Paper.................................................................. 1.1 3,527,216
Automotive................................................................................. 1.0 3,399,105
Household Products......................................................................... 0.9 3,149,264
Health..................................................................................... 0.8 2,743,865
Other...................................................................................... 7.1 25,691,211
------ ------------
TOTAL INVESTMENTS............................................................................ 86.0 301,421,800
OTHER ASSETS AND LIABILITIES (NET)........................................................... 14.0 49,243,846
------ ------------
NET ASSETS................................................................................... 100.0% $350,665,646
====== ============
</TABLE>

See Notes to Financial Statements.

19
<PAGE>
JULIUS BAER INVESTMENT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)

<TABLE>
<CAPTION>
JULIUS BAER JULIUS BAER
GLOBAL INCOME INTERNATIONAL EQUITY
FUND FUND
------------- --------------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (Cost $16,729,091 and $273,254,115,
respectively).................................................................... $16,107,058 $301,421,800
Repurchase agreements, at cost...................................................... 2,049,354 35,204,957
Foreign currency, at value (Cost $161,812 and $7,337,751, respectively)............. 151,093 7,035,963
Receivables:
Investments sold................................................................. 1,168,553 --
Fund shares sold................................................................. 3,404 11,027,957
Interest and dividends........................................................... 255,514 542,662
Tax reclaim...................................................................... -- 125,841
Unrealized appreciation on forward foreign exchange contracts....................... 252,547 --
Prepaid expense..................................................................... 442 2,968
----------- ------------
Total Assets........................................................................ 19,987,965 355,362,148
----------- ------------
LIABILITIES:
Payables:
Investments purchased............................................................ 972,625 3,993,808
Fund shares repurchased.......................................................... -- 83,702
Investment advisory fee payable.................................................. 7,653 466,550
Unrealized depreciation on forward foreign exchange contracts....................... 160,275 --
Distribution and shareholder servicing fees...................................... 8,219 89,605
Accrued expenses and other payables................................................. 15,773 62,837
----------- ------------
Total Liabilities................................................................... 1,164,545 4,696,502
----------- ------------
NET ASSETS............................................................................ $18,823,420 $350,665,646
=========== ============
NET ASSETS CONSIST OF:
Par value........................................................................... $ 1,683 $ 12,307
Paid in capital in excess of par value.............................................. 20,359,541 298,578,915
Undistributed net investment income................................................. 38,214 385,295
Accumulated net realized gain (loss) on investments sold, forward foreign exchange
contracts and foreign currency transactions...................................... (1,029,430) 23,781,032
Net unrealized appreciation (depreciation) on investments, forward foreign exchange
contracts and foreign currency related transactions.............................. (546,588) 27,908,097
----------- ------------
NET ASSETS............................................................................ $18,823,420 $350,665,646
=========== ============
CLASS A............................................................................. $18,234,651 $179,638,947
----------- ------------
CLASS I............................................................................. $ 588,769 $171,026,698
----------- ------------
SHARES OUTSTANDING
CLASS A............................................................................. 1,630,098 6,310,053
----------- ------------
CLASS I............................................................................. 52,682 5,997,696
----------- ------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
CLASS A............................................................................. $ 11.19 $ 28.47
----------- ------------
CLASS I............................................................................. $ 11.18 $ 28.52
----------- ------------
</TABLE>

See Notes to Financial Statements.

20
<PAGE>
JULIUS BAER INVESTMENT FUNDS
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED APRIL 30, 2000 (UNAUDITED)

<TABLE>
<CAPTION>
JULIUS BAER JULIUS BAER
GLOBAL INCOME INTERNATIONAL EQUITY
FUND FUND
------------- --------------------
<S> <C> <C>
INVESTMENT INCOME:
Interest............................................................................ $ 541,882 $ 683,513
Dividends+.......................................................................... -- 922,998
--------- ------------
541,882 1,606,511
EXPENSES:
Investment advisory fee (Note 2).................................................... 43,181 821,153
Custody and administration fees..................................................... 22,238 155,168
Professional fees................................................................... 13,636 53,104
Trustees' fees and expenses (Note 2)................................................ 6,140 6,140
Registration and filing fees........................................................ 8,277 9,436
Shareholder reports................................................................. 4,563 20,319
Insurance premium expense........................................................... 2,280 10,348
Miscellaneous fees.................................................................. 648 992
--------- ------------
Total expenses common to all classes............................................. 100,963 1,076,660
Transfer agent fees
Class A.......................................................................... 10,281 12,296
Class I.......................................................................... 1,768 1,039
Sub-Administration fee (Class A) (Note 2)........................................... 12,285 161,770
Distribution and shareholder servicing fees (Class A) (Note 2)...................... 22,701 171,196
--------- ------------
Total gross expenses............................................................. 147,998 1,422,961
Less: Fees waived by investment adviser (Note 2)................................. (27,552) (161,279)
--------- ------------
Net expenses..................................................................... 120,446 1,261,682
--------- ------------
NET INVESTMENT INCOME................................................................. 421,436 344,829
--------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1 AND 4):
Realized gain (loss) on:
Security transactions............................................................ (473,860) 24,389,010
Forward foreign exchange contracts............................................... (73,476) (935,212)
Foreign currency transactions.................................................... 24,227 426,840
--------- ------------
Net realized gain (loss) on investments........................................ (523,109) 23,880,638
--------- ------------
Net change in unrealized appreciation (depreciation) on:
Securities....................................................................... (93,624) 2,462,345
Forward foreign exchange contracts............................................... 95,283 (307,044)
Currencies and net other assets.................................................. (350) 38,673
--------- ------------
Net change in unrealized appreciation (depreciation) of investments............ 1,309 2,193,974
--------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS................................ (521,800) 26,074,612
--------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................... $(100,364) $ 26,419,441
========= ============
</TABLE>

------------------
+ Net of foreign withholding taxes of $133,830 for the International Equity
Fund.

See Notes to Financial Statements.

21
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER GLOBAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE SIX MONTH
PERIOD ENDED FOR THE YEAR
APRIL 30, 2000 ENDED
(UNAUDITED) OCTOBER 31, 1999
----------------- ----------------
<S> <C> <C>
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income................................................................ $ 421,436 $ 713,650
Net realized loss on investments..................................................... (523,109) (113,676)
Net change in unrealized appreciation (depreciation) of investments.................. 1,309 (938,250)
----------- ------------
Net decrease in net assets resulting from operations................................. (100,364) (338,276)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Distributions from net investment income
Class A......................................................................... (383,386) (573,809)
Class I*........................................................................ (13,567) --
Distributions from capital
Class A......................................................................... -- (135,854)
FUND SHARE TRANSACTIONS:
Class A......................................................................... (2,788,860) 7,293,770
Class I*........................................................................ 609,412 --
----------- ------------
Net increase (decrease) from Fund share transactions (Note 5)...................... (2,179,448) 7,293,770
----------- ------------
Net increase (decrease) in net assets.............................................. (2,676,765) 6,245,831
NET ASSETS:
Beginning of period.................................................................. 21,500,185 15,254,354
----------- ------------
End of period (including undistributed net investment income of $38,214 and $13,731,
respectively)...................................................................... $18,823,420 $ 21,500,185
=========== ============
</TABLE>

* Commenced operations on November 15, 1999

See Notes to Financial Statements.

22
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR
APRIL 30, 2000 ENDED
(UNAUDITED) OCTOBER 31, 1999
-------------- ----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................................... $ 344,829 $ (333,855)
Net realized gain on investments ....................................................... 23,880,638 7,480,316
Net change in unrealized appreciation of investments ................................... 2,193,974 18,661,526
------------ ------------
Net increase in net assets resulting from operations ................................... 26,419,441 25,807,987
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Distributions from net investment income
Class A .............................................................................. (252,502) (1,455,339)
Distributions from capital
Class A .............................................................................. (7,074,976) --
FUND SHARE TRANSACTIONS:
Class A .............................................................................. 67,769,819 6,882,287
Class I* ............................................................................. 175,851,193 --
------------ ------------
Net increase (decrease) from Fund share transactions (Note 5) ........................ 243,621,012 6,882,287
------------ ------------
Net increase in net assets ............................................................. 262,712,975 24,352,648
NET ASSETS:
Beginning of period .................................................................... 87,952,671 56,717,736
------------ ------------
End of period (including undistributed net investment income of $385,295 and $292,968,
respectively) ........................................................................ $350,665,646 $ 87,952,671
============ ============
</TABLE>

* Commenced operations on November 15, 1999

See Notes to Financial Statements.

23
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER GLOBAL INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

<TABLE>
<CAPTION>
CLASS A CLASS I
--------------------------------------------------------------------------------- --------------
SIX MONTHS PERIOD
ENDED YEAR ENDED OCTOBER 31, ENDED
APRIL 30, 2000 --------------------------------------------------------------- APRIL 30, 2000
(UNAUDITED) 1999 1998 1997 1996 1995 (UNAUDITED)
-------------- ---------- ------- ------- ------- ------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of
period...................... $ 11.48 $ 12.22 $ 11.70 $ 12.01 $ 12.11 $ 11.16 $ 11.54*
-------- ---------- ------- ------- ------- ------- --------
Income (Loss) from investment
operations:
Net investment income....... 0.26 0.51(2) 0.48 0.50 0.59 0.59(1) 0.23
Net realized and unrealized
gain (loss) on
investments............... (0.31) (0.77) 0.59 (0.13) 0.36 0.92 (0.34)
-------- ---------- ------- ------- ------- ------- --------
Total income (loss) from
investment operations... (0.05) (0.26) 1.07 0.37 0.95 1.51 (0.11)
-------- ---------- ------- ------- ------- ------- --------
Less distributions:
From (in excess of) net
investment income
(loss).................... (0.24) (0.41) (0.55) (0.58) (1.05) (0.56) (0.25)
From capital (Note 1)....... -- (0.07) -- (0.10) -- -- --
-------- ---------- ------- ------- ------- ------- --------
Total distributions....... (0.24) (0.48) (0.55) (0.68) (1.05) (0.56) (0.25)
-------- ---------- ------- ------- ------- ------- --------
Net Asset Value, end of period $ 11.19 $ 11.48 $ 12.22 $ 11.70 $ 12.01 $ 12.11 $ 11.18
======== ========== ======= ======= ======= ======= ========
Total Return.................. (0.43)% (2.17)% 9.43% 3.24% 8.25% 13.90% (0.99)%
======== ========== ======= ======= ======= ======= ========
Ratios/Supplemental Data:
Net assets, end of period (in
000's)...................... $ 18,235 $ 21,500 $15,254 $11,889 $14,584 $17,327 $ 589
Ratio of net investment income
to average net assets....... 4.50%+ 4.11% 3.93% 4.32% 4.71% 5.19% 4.32%+
Ratio of total expenses to
average net assets.......... 1.28%(3)+ 1.36%(2)(3) 1.77%(2)(3) 1.99% 2.53%(2) 2.15%(2) 1.42%(3)+
Portfolio turnover rate....... 54% 136% 269% 162% 219% 319% 54%
======== ========== ======= ======= ======= ======= ========
</TABLE>

------------------
+ Annualized

* Class I shares commenced operations on November 17, 1999. The opening net
asset value per share was equal to the ending net asset value of Class A
shares on the day prior to commencement of operations.

(1) Per share amounts have been calculated using the monthly average share
method, which more appropriately represents the per share data for the
period since the use of the undistributed income method does not accord with
results of operations.

(2) Includes indirectly paid expenses. Excluding indirectly paid expenses the
ratio of total expenses to average net assets would have been 1.36%, 1.77%,
2.43% and 2.05% for the years ended October 31, 1999, 1998, 1996 and 1995,
respectively.

(3) Net of the voluntary expense waiver by the Adviser. Excluding this waiver,
the ratio would have been 1.66% for Class A shares and 1.80% for Class I
shares for the six months ended April 30, 2000, and 1.69% and 1.83% for
Class A shares for the years ended October 31, 1999 and 1998, respectively.

See Notes to Financial Statements.

24
<PAGE>
JULIUS BAER INVESTMENT FUNDS
JULIUS BAER INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

<TABLE>
<CAPTION>
CLASS A CLASS I
------------------------------------------------------------------------------- --------------
SIX MONTHS PERIOD
ENDED YEAR ENDED OCTOBER 31, ENDED
APRIL 30, 2000 ------------------------------------------------------------- APRIL 30, 2000
(UNAUDITED) 1999 1998 1997 1996 1995 (UNAUDITED)
-------------- ---------- ------- ------- ------- ------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of
period . ..................... $ 21.80 $ 15.39 $ 13.41 $ 11.43 $ 10.13 $ 11.30 $ 22.19*
-------- ---------- ------- ------- ------- ------- --------
Income from investment
operations:
Net investment income
(loss)...................... (0.01) (0.07) (0.03)(2) 0.00(1)(2) (0.02)(2) (0.06)(1) 0.07
Net realized and unrealized
gain (loss) on
investments................. 8.50 6.87 2.16 2.02 1.32 (1.11) 6.26
-------- ---------- ------- ------- ------- ------- --------
Total income (loss) from
investment operations..... 8.49 6.80 2.13 2.02 1.30 (1.17) 6.33
-------- ---------- ------- ------- ------- ------- --------
Less distributions:
From net realized gains on
investments................... (1.76) (0.39) -- -- -- -- --
In excess of net investment
income........................ (0.06) -- (0.15) (0.04) -- -- --
-------- ---------- ------- ------- ------- ------- --------
Total distributions........... (1.82) (0.39) (0.15) (0.04) -- -- --
-------- ---------- ------- ------- ------- ------- --------
Net Asset Value, end of
period........................ $ 28.47 $ 21.80 $ 15.39 $ 13.41 $ 11.43 $ 10.13 $ 28.52
======== ========== ======= ======= ======= ======= ========
Total Return.................... 41.37% 44.84% 16.10% 17.68% 12.73% (10.35)% 29.05%
======== ========== ======= ======= ======= ======= ========
Ratios/Supplemental Data:
Net assets, end of period (in
000's)........................ $179,639 $ 87,953 $56,718 $44,302 $19,161 $ 9,643 $171,027
Ratio of net investment income
(loss) to average net
assets........................ (0.07)%+ (0.48)% (0.15)% 0.00% (0.58)% (0.63)% 0.92%+
Ratio of total expenses to
average net assets............ 1.38%(2)+ 1.96%(3) 1.85%(2)(3) 1.79%(2) 2.46%(2)(3) 2.84%(3) 0.79%(2)+
Portfolio turnover rate......... 41% 73% 134% 94% 67% 116% 41%
</TABLE>

------------------
+ Annualized.

(2) Net of the voluntary expense waiver by the Adviser. Excluding this waiver,
the ratio would have been 1.53% for Class A shares and 0.94% for Class I
shares for the six months ended April 30, 2000, and 2.09%, 2.29% and 2.96%
for Class A shares for the years ended October 31, 1998, 1997 and 1996,
respectively.

(3) Includes indirectly paid expenses. Excluding indirectly paid expenses the
ratio would have been 1.96%, 1.87%, 2.37% and 2.67% for Class A shares for
the years ended October 31, 1999, 1998, 1996 and 1995, respectively.

See Notes to Financial Statements.

25
<PAGE>
JULIUS BAER INVESTMENT FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

Julius Baer Investment Funds (the "Trust") is registered with the
Securities and Exchange Commission under the Investment Company Act of 1940, as
amended (the "1940 Act"), as an open-end management investment company. The
Trust currently offers two investment funds: Julius Baer Global Income Fund (the
"Income Fund") and Julius Baer International Equity Fund (the "Equity Fund")
(individually, a "Fund" and collectively, the "Funds"). The Trust is a
Massachusetts business trust.

Effective November 17, 1999, a new class of shares, Class I, was offered
for both Funds in addition to the existing Class A shares. The two classes of
shares are offered to different types of investors and have different expense
structures, as outlined in the Trust's Prospectus.

The Income Fund's investment objective is to maximize current income
consistent with the protection of principal by investing in a non-diversified
portfolio of fixed income securities of governmental, supranational and
corporate issuers denominated in various currencies, including United States
(U.S.) dollars. The Equity Fund's investment objective is long-term growth of
capital from investing in a diversified portfolio of common stocks of foreign
issuers of all sizes.

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 generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from these estimates.

Portfolio valuation: Generally, each Fund's investments are valued at
market value. A security which is traded primarily on a United States or foreign
stock exchange is 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 an occurrence
subsequent to the time that a value was so established is likely to have changed
such value, then the fair value of those securities will be determined by
consideration of other factors by or under the direction of the Trust's Board of
Trustees or its delegates. Debt securities (other than government securities and
short-term obligations) are valued by independent pricing services approved by
the Trust's Board of Trustees. 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. In the absence of a readily available market
value, fair value is determined by or under the direction of the Trust's Board
of Trustees. Short-term investments that mature in 60 days or less are valued at
amortized cost.

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, thereby
determining the yield during the Fund's holding period. 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 adviser reviews the value of the
collateral and the creditworthiness of those banks and dealers with whom the
Funds enter into repurchase agreements to evaluate potential risks.

Foreign currency: The books and records of the Funds are maintained in
U.S. dollars. Foreign currencies, investments and other assets and liabilities
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

26
<PAGE>
JULIUS BAER INVESTMENT FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED)

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

Forward foreign currency contracts: Forward foreign currency contracts are
valued at the forward rate and are marked-to-market daily. 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.

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 their contracts.

Option contracts: Purchase of put and call options are recorded as an
investment, the value of which is marked-to-market daily. When a purchased
option expires, a Fund will realize a loss equal to the premium paid. When a
Fund enters into a closing sale transaction, the Fund will realize a gain or
loss depending on whether the sales proceeds from the closing sale transaction
are greater or less than the premium paid. 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.

When a Fund writes a call option or a put option, an amount equal to the
premium received by a Fund is recorded as a liability, the value of which is
marked-to-market daily. When a written option expires, a Fund realizes a gain
equal to the amount of the premium 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 received when the option was
sold) 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 premium originally
received. When a put option is exercised, the amount of the premium originally
received will reduce the cost of the security which a Fund purchased upon
exercise.

Unlike options on specific securities, all settlements of options on stock
indices are in cash and gains or losses depend on general movements in the
stocks included in the index rather than price movements on a particular stock.
There is no physical delivery of securities.

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

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 the accrual basis. Dividend income is recorded on the ex-dividend
date. 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.

Amortization of bond premium and accretion of bond discount: Any premium
resulting from the purchase of securities in excess of maturity value is
amortized on a yield-to-maturity basis. Discounts on original issue discount
bonds are accreted according to the yield-to-maturity basis.

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 Income Fund
declares and pays monthly dividends. The Equity Fund declares and pays dividends
from its net investment income, if any, annually. Both 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

27
<PAGE>
JULIUS BAER INVESTMENT FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED)

of the Board of Trustees 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.

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

2. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS

Bank Julius Baer & Co., Ltd., New York Branch ("Bank Julius Baer") serves
as the investment adviser. The Income Fund pays Bank Julius Baer a quarterly fee
calculated at an annual rate of 0.50% of average daily net assets. The adviser
has voluntarily agreed to waive 0.325% of its advisory fee on the first
$25 million of the Income Fund's average daily net assets. The Equity Fund pays
Bank Julius Baer a quarterly fee calculated at an annual rate of 0.75% of
average daily net assets. The adviser has voluntarily agreed to waive 0.15% of
its advisory fee for the International Equity Fund. The waivers can be
terminated at any time.

Effective November 17, 1999, Bank Julius Baer serves as Co-Administrator of
the Class A shares and is paid a fee for providing administrative and
shareholder services at an annual rate of 0.25% and 0.15% of average daily net
assets of the Equity and Income Fund, respectively.

No director, officer or employee of Bank Julius Baer or any affiliates
receives any compensation from the Trust for serving as an officer or Trustee of
the Funds.

The Funds have entered into expense offset arrangements as part of their
custody agreement with Investors Bank & Trust Company. Under this arrangement,
the Fund's custody fees are reduced when the Fund maintains cash on deposit at
the custodian.

For the period ended April 30, 2000 the Equity Fund incurred total
brokerage commissions of $814,130 of which $177,669 was paid to affiliates of
the adviser.

3. DISTRIBUTION AND SHAREHOLDER SERVICING PLAN

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

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

4. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of securities, excluding U.S.
Government securities and short-term investments, during the six months ended
April 30, 2000 were as follows:

<TABLE>
<CAPTION>
COST OF PROCEEDS
PURHASES FROM SALES
------------ -----------
<S> <C> <C>
Income Fund............................................................ $ 5,973,607 $ 5,637,172
Equity Fund............................................................ 281,668,061 80,166,434
</TABLE>

Cost of purchases and proceeds from sales of long-term U.S. Government
securities during the six months ended April 30, 2000 were $2,719,907 and
$3,818,387, respectively for the Income Fund.

28
<PAGE>
JULIUS BAER INVESTMENT FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED)

At April 30, 2000, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost, and aggregate
gross unrealized depreciation for all securities in which there was an excess of
tax cost over value was:

<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
------------- ------------
<S> <C> <C>
Income Fund.............................................................. $ 114,215 $ 736,248
Equity Fund.............................................................. 51,271,228 23,103,543
</TABLE>

5. SHARES OF BENEFICIAL INTEREST

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 Income Fund and the Equity Fund were as follows:

<TABLE>
<CAPTION>
SIX MONTH PERIOD ENDED
04/30/00 YEAR ENDED 10/31/99
-------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
INCOME FUND:
CLASS A
Sold................................................. 213,239 $ 2,408,617 1,114,316 $13,085,932
Issued as reinvestment of dividends.................. 31,584 355,392 51,781 609,359
Redeemed............................................. (488,001) (5,552,869) (541,028) (6,401,521)
---------- ------------ ---------- -----------
Net increase (decrease)........................... (243,178) (2,788,860) 625,069 $ 7,293,770
========== ============ ========== ===========
CLASS I*
Sold................................................. 68,167 $ 783,631
Issued as reinvestment of dividends.................. 1,206 13,567
Redeemed............................................. (16,691) (187,786)
---------- ------------
Net increase...................................... 52,682 $ 609,412
========== ============
EQUITY FUND:
CLASS A
Sold................................................. 4,571,723 $135,199,391 2,012,216 $37,678,745
Issued as reinvestment of dividends.................. 288,790 6,382,259 59,878 1,019,125
Redeemed............................................. (2,585,866) (73,811,831) (1,722,047) (31,815,583)
---------- ------------ ---------- -----------
Net increase...................................... 2,274,647 67,769,819 350,047 $ 6,882,287
========== ============ ========== ===========
CLASS I*
Sold................................................. 6,084,767 $178,346,697
Issued as reinvestment of dividends.................. -- --
Redeemed............................................. (87,071) (2,495,504)
---------- ------------
Net increase...................................... 5,997,696 $175,851,193
========== ============
</TABLE>

------------------
* Commenced operations on November 17, 1999

6. 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 United States government. These risks
include revaluation of currencies and future adverse political and economic
developments. 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 United States
government.

29
<PAGE>

[This page intentionally left blank]

<PAGE>

Julius Baer
Global
Income
Fund

Julius Baer
International
Equity
Fund

April 30, 2000

This report is sent to the shareholders of 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.

SEMI-ANNUAL REPORT

[GRAPHIC OF COMPASS POINTS]

[GRAPHIC OF STEAMER TRUNK STAMPS FROM
LONDON, HONG KONG, ZURICH AND NEW YORK]