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Rating Action:

Moody's Assigns Aa/MR2 and Aa/MR3 Ratings Respectively to the Dollar Medium Term Bond Fund and Dollar Bond Fund of the Julius Baer Multibond SICAV.

24 Jan 2007
Moody's Assigns Aa/MR2 and Aa/MR3 Ratings Respectively to the Dollar Medium Term Bond Fund and Dollar Bond Fund of the Julius Baer Multibond SICAV.

First Time Ratings Assigned to two Sub-Funds of the Julius Baer Multibond SICAV

London, 24 January 2007 -- Moody's Investors Service assigned a bond fund credit rating of Aa and a market risk rating of MR2 to the Dollar Medium Term Bond Fund ("DMTBF") of the Julius Baer Multibond SICAV and a bond fund credit rating of Aa and a market risk rating of MR3 to the Dollar Bond Fund ("DBF"), part of the Julius Baer Multibond SICAV, both of which are managed by Bank Julius Baer & Co. AG. The funds' credit ratings reflect the high credit quality of their investments, the diversification of their portfolios, as well as the investment advisor's opportunistic and disciplined investment strategy, well-established team approach and strong risk management capabilities. Moody's also cited the quality of the advisor's investment tools and the strength of its trading, and compliance processes and systems. The MR2 rating assigned to DMTBF reflects its low sensitivity to changing interest rates and other market conditions. The MR3 rating assigned to DBF reflects its moderate sensitivity to changing interest rates and other market conditions.

Julius Baer Multibond is an umbrella-type open-ended Investment Company with variable capital organized under the laws of Luxembourg and operating under UCITS III regulations. MTDBF and DBF were launched on October 29th, 1999 and July 1st, 1990, respectively, and are both denominated in US Dollars. The funds are sold mainly to retail clients and have a T+3 settlement period, reducing the liquidity risk that could arise from large and unexpected redemptions. The funds' manager, Bank Julius Baer & Co. AG., has delegated investment management advisory function to New York -based Julius Baer Investments LLC. RBC Dexia Investor Services Bank S.A is the funds' administrator and custodian.

Both funds seek to achieve above-average returns in the long term by investing in fixed-income securities issued or guaranteed by issuers of good creditworthiness from recognized countries, while observing the principle of risk diversification.

The DMTBF and DBF invest in fixed income instruments of creditworthiness ranging from Aaa to Baa2. The investment universe includes government securities, corporate bonds, and asset-backed and mortgage-backed securities as well as subordinated and convertible bonds and preferred stocks. The funds may also invest up to 4% of their assets under management in other funds. The MTDBF's benchmark is the Merrill Lynch US Government and Corporate Bond 3-5 Year Index, whereas the DBF's benchmark is the Merrill Lynch US Government and Corporate Bond Index. Both funds expect to maintain the ex-ante tracking error relative to the benchmark of less than 2.5%.

The basis for the funds' credit ratings is predicated on their current portfolio profiles and investment strategies. The weighted average expected loss of the DMTBF's portfolio is comparable to the expected loss of a fixed-income security rated Aa with a three-year maturity and the weighted average expected loss of the DBF's portfolio is comparable to the expected loss of a fixed-income security rated Aa with a seven-year maturity.

The MTDBF's market risk rating of MR2 reflects its low sensitivity to market changes, the result of its short duration profile and exposure only to investment-grade credits. At the end of September 2006, the fund's modified duration was 3.1 years. The DBF's market risk rating of MR3 reflects its moderate sensitivity to market changes, the result of its medium-term duration profile and exposure to investment-grade credits. At the end of September 2006, the fund's modified duration was 4.25 years. Duration is an important source of alpha for both funds, and the funds take tactical bets on interest rate movements and use fixed-income futures and interest rate swaps actively to manage duration relative to benchmarks. The funds' durations are managed within a -1 / +1 year range compared to their benchmarks. The funds can invest up to 30% of their assets in Canadian dollars. Also, the funds express views on exchange rates by choosing not to hedge back up to 10% of the currency risk associated with investing in assets denominated in CAD.

Bank Julius Baer & Co. AG, established in 1890, had CHF 197 billion in assets under management business at the end of December 2005. Julius Baer Asset Management focuses on the Swiss and European retail and institutional markets and offers a comprehensive range of investment funds (equity funds, bond funds, cash funds, strategy funds and alternative funds) to investors.

Moody's money market and bond fund ratings are opinions on the investment quality of shares in mutual funds, and similar investment vehicles that principally invest in short-term and long-term fixed income obligations, respectively. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield. Funds rated Aa are judged to be of an investment quality similar to Aa-rated fixed income obligations -- that is, they are judged to be of high quality by all standards.

Moody's market risk ratings are opinions on the relative degree of volatility of a rated fund's net asset value. Funds exhibiting the least sensitivity to market changes will receive an MR1, whilst those exhibiting the most sensitivity will be rated MR5.

London
Marina Cremonese
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

New York
Henry Shilling
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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