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Pictet Société d’Investissement à Capital Variable de droit luxembourgeois, Luxembourg

Rapport annuel révisé au 30 septembre 2011

Pictet

Rapport annuel révisé au 30 septembre 2011

Aucune souscription ne peut être reçue sur base du présent rapport. Les souscriptions ne peuvent être acceptées que sur la base du dernier prospectus accompagné du dernier rapport annuel et du dernier rapport semi-annuel, si celui-ci est plus récent que le rapport annuel.

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Pictet

TABLE DES MATIERES

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ORGANISATION DE LA SICAV 11

INFORMATIONS GENERALES 13

COMMERCIALISATION A L’ETRANGER 14

RAPPORT DE GESTION 18

RAPPORT DU REVISEUR D’ENTREPRISES AGREE 21

ETATS FINANCIERS

ETAT DES ACTIFS NETS 24

ETAT DES OPERATIONS ET DES VARIATIONS DES ACTIFS NETS 42

NOMBRE D’ACTIONS EN CIRCULATION ET ACTIF NET PAR ACTION 59

Compartiment : Pictet - EUR Bonds - Etat du portefeuille-titres et autres actifs nets 80 - Répartition économique et géographique du portefeuille-titres 100

Compartiment : Pictet - USD Government Bonds - Etat du portefeuille-titres et autres actifs nets 101 - Répartition économique et géographique du portefeuille-titres 104

Compartiment : Pictet - CHF Liquidity - Etat du portefeuille-titres et autres actifs nets 105 - Répartition économique et géographique du portefeuille-titres 110

Compartiment : Pictet - USD Liquidity - Etat du portefeuille-titres et autres actifs nets 111 - Répartition économique et géographique du portefeuille-titres 115

Compartiment : Pictet - EUR Liquidity - Etat du portefeuille-titres et autres actifs nets 116 - Répartition économique et géographique du portefeuille-titres 122

Compartiment : Pictet - EUR Corporate Bonds - Etat du portefeuille-titres et autres actifs nets 123 - Répartition économique et géographique du portefeuille-titres 131

Compartiment : Pictet - Global Emerging Debt - Etat du portefeuille-titres et autres actifs nets 132 - Répartition économique et géographique du portefeuille-titres 143

Compartiment : Pictet - World Government Bonds - Etat du portefeuille-titres et autres actifs nets 145 - Répartition économique et géographique du portefeuille-titres 152

Compartiment : Pictet - EUR High Yield - Etat du portefeuille-titres et autres actifs nets 153 - Répartition économique et géographique du portefeuille-titres 158

Pictet

TABLE DES MATIERES (suite)

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Compartiment : Pictet - EUR Short Mid-Term Bonds - Etat du portefeuille-titres et autres actifs nets 159 - Répartition économique et géographique du portefeuille-titres 162

Compartiment : Pictet - USD Short Mid-Term Bonds - Etat du portefeuille-titres et autres actifs nets 163 - Répartition économique et géographique du portefeuille-titres 165

Compartiment : Pictet - CHF Bonds - Etat du portefeuille-titres et autres actifs nets 166 - Répartition économique et géographique du portefeuille-titres 175

Compartiment : Pictet - EUR Government Bonds - Etat du portefeuille-titres et autres actifs nets 176 - Répartition économique et géographique du portefeuille-titres 181

Compartiment : Pictet - EUR Inflation Linked Bonds - Etat du portefeuille-titres et autres actifs nets 182 - Répartition économique et géographique du portefeuille-titres 184

Compartiment : Pictet - Emerging Local Currency Debt - Etat du portefeuille-titres et autres actifs nets 185 - Répartition économique et géographique du portefeuille-titres 194

Compartiment : Pictet - Asian Local Currency Debt - Etat du portefeuille-titres et autres actifs nets 195 - Répartition économique et géographique du portefeuille-titres 204

Compartiment : Pictet - Global Emerging Currencies - Etat du portefeuille-titres et autres actifs nets 205 - Répartition économique et géographique du portefeuille-titres 211

Compartiment : Pictet - JPY Liquidity - Etat du portefeuille-titres et autres actifs nets 212 - Répartition économique et géographique du portefeuille-titres 214

Compartiment : Pictet - Latin American Local Currency Debt - Etat du portefeuille-titres et autres actifs nets 215 - Répartition économique et géographique du portefeuille-titres 217

Compartiment : Pictet - USD Sovereign Liquidity - Etat du portefeuille-titres et autres actifs nets 218 - Répartition économique et géographique du portefeuille-titres 220

Compartiment : Pictet - EUR Sovereign Liquidity - Etat du portefeuille-titres et autres actifs nets 221 - Répartition économique et géographique du portefeuille-titres 223

Compartiment : Pictet - US High Yield - Etat du portefeuille-titres et autres actifs nets 224 - Répartition économique et géographique du portefeuille-titres 230

Compartiment : Pictet - EUR Corporate Bonds Ex Financial - Etat du portefeuille-titres et autres actifs nets 231 - Répartition économique et géographique du portefeuille-titres 237

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Compartiment : Pictet - European Equity Selection - Etat du portefeuille-titres et autres actifs nets 238 - Répartition économique et géographique du portefeuille-titres 241

Compartiment : Pictet - Small Cap Europe - Etat du portefeuille-titres et autres actifs nets 242 - Répartition économique et géographique du portefeuille-titres 245

Compartiment : Pictet - Emerging Markets - Etat du portefeuille-titres et autres actifs nets 246 - Répartition économique et géographique du portefeuille-titres 252

Compartiment : Pictet - Eastern Europe - Etat du portefeuille-titres et autres actifs nets 253 - Répartition économique et géographique du portefeuille-titres 256

Compartiment : Pictet - Europe Index - Etat du portefeuille-titres et autres actifs nets 257 - Répartition économique et géographique du portefeuille-titres 269

Compartiment : Pictet - USA Index - Etat du portefeuille-titres et autres actifs nets 270 - Répartition économique et géographique du portefeuille-titres 281

Compartiment : Pictet - European Sustainable Equities - Etat du portefeuille-titres et autres actifs nets 282 - Répartition économique et géographique du portefeuille-titres 287

Compartiment : Pictet - Japan Index - Etat du portefeuille-titres et autres actifs nets 288 - Répartition économique et géographique du portefeuille-titres 295

Compartiment : Pictet - Pacific Ex Japan Index - Etat du portefeuille-titres et autres actifs nets 296 - Répartition économique et géographique du portefeuille-titres 300

Compartiment : Pictet - Digital Communication - Etat du portefeuille-titres et autres actifs nets 301 - Répartition économique et géographique du portefeuille-titres 304

Compartiment : Pictet - Biotech - Etat du portefeuille-titres et autres actifs nets 305 - Répartition économique et géographique du portefeuille-titres 307

Compartiment : Pictet - Premium Brands - Etat du portefeuille-titres et autres actifs nets 308 - Répartition économique et géographique du portefeuille-titres 310

Compartiment : Pictet - Water - Etat du portefeuille-titres et autres actifs nets 311 - Répartition économique et géographique du portefeuille-titres 315

Compartiment : Pictet - Indian Equities - Etat du portefeuille-titres et autres actifs nets 316 - Répartition économique et géographique du portefeuille-titres 318

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Compartiment : Pictet - Japanese Equity Opportunities (note 1) - Etat du portefeuille-titres et autres actifs nets 319 - Répartition économique et géographique du portefeuille-titres 321

Compartiment : Pictet - Asian Equities Ex Japan - Etat du portefeuille-titres et autres actifs nets 322 - Répartition économique et géographique du portefeuille-titres 326

Compartiment : Pictet - Greater China - Etat du portefeuille-titres et autres actifs nets 327 - Répartition économique et géographique du portefeuille-titres 330

Compartiment : Pictet - Japanese Equity Selection - Etat du portefeuille-titres et autres actifs nets 331 - Répartition économique et géographique du portefeuille-titres 333

Compartiment : Pictet - Generics - Etat du portefeuille-titres et autres actifs nets 334 - Répartition économique et géographique du portefeuille-titres 336

Compartiment : Pictet - Emerging Markets Index - Etat du portefeuille-titres et autres actifs nets 337 - Répartition économique et géographique du portefeuille-titres 356

Compartiment : Pictet - Euroland Index - Etat du portefeuille-titres et autres actifs nets 357 - Répartition économique et géographique du portefeuille-titres 364

Compartiment : Pictet - US Equity Growth Selection - Etat du portefeuille-titres et autres actifs nets 365 - Répartition économique et géographique du portefeuille-titres 367

Compartiment : Pictet - Security - Etat du portefeuille-titres et autres actifs nets 368 - Répartition économique et géographique du portefeuille-titres 370

Compartiment : Pictet - Clean Energy - Etat du portefeuille-titres et autres actifs nets 371 - Répartition économique et géographique du portefeuille-titres 374

Compartiment : Pictet - Russian Equities - Etat du portefeuille-titres et autres actifs nets 375 - Répartition économique et géographique du portefeuille-titres 377

Compartiment : Pictet - Timber - Etat du portefeuille-titres et autres actifs nets 378 - Répartition économique et géographique du portefeuille-titres 381

Compartiment : Pictet - Agriculture - Etat du portefeuille-titres et autres actifs nets 382 - Répartition économique et géographique du portefeuille-titres 386

Compartiment : Pictet - Global Megatrend Selection - Etat du portefeuille-titres et autres actifs nets 387 - Répartition économique et géographique du portefeuille-titres 400

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Compartiment : Pictet - US Equity Value Selection - Etat du portefeuille-titres et autres actifs nets 401 - Répartition économique et géographique du portefeuille-titres 403

Compartiment : Pictet - Middle East And North Africa - Etat du portefeuille-titres et autres actifs nets 404 - Répartition économique et géographique du portefeuille-titres 407

Compartiment : Pictet - Environmental Megatrend Selection - Etat du portefeuille-titres et autres actifs nets 408 - Répartition économique et géographique du portefeuille-titres 416

Compartiment : Pictet - High Dividend Selection - Etat du portefeuille-titres et autres actifs nets 417 - Répartition économique et géographique du portefeuille-titres 421

Compartiment : Pictet - Brazil Index (note 1) - Etat du portefeuille-titres et autres actifs nets 422 - Répartition économique et géographique du portefeuille-titres 424

Compartiment : Pictet - Bric Index (note 1) - Etat du portefeuille-titres et autres actifs nets 425 - Répartition économique et géographique du portefeuille-titres 433

Compartiment : Pictet - China Index (note 1) - Etat du portefeuille-titres et autres actifs nets 434 - Répartition économique et géographique du portefeuille-titres 438

Compartiment : Pictet - India Index (note 1) - Etat du portefeuille-titres et autres actifs nets 439 - Répartition économique et géographique du portefeuille-titres 441

Compartiment : Pictet - Latam Index (note 1) - Etat du portefeuille-titres et autres actifs nets 442 - Répartition économique et géographique du portefeuille-titres 446

Compartiment : Pictet - Russia Index (note 1) - Etat du portefeuille-titres et autres actifs nets 447 - Répartition économique et géographique du portefeuille-titres 448

Compartiment : Pictet - Piclife - Etat du portefeuille-titres et autres actifs nets 449 - Répartition économique et géographique du portefeuille-titres 485

Compartiment : Pictet - Absolute Return Global Diversified - Etat du portefeuille-titres et autres actifs nets 487 - Répartition économique et géographique du portefeuille-titres 509

Compartiment : Pictet - Absolute Return Global Conservative - Etat du portefeuille-titres et autres actifs nets 510 - Répartition économique et géographique du portefeuille-titres 531

Compartiment : Pictet - Convertible Bonds - Etat du portefeuille-titres et autres actifs nets 532 - Répartition économique et géographique du portefeuille-titres 538

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NOTES AUX ETATS FINANCIERS 539

TER (TOTAL EXPENSE RATIO) POUR L'EXERCICE CLOTURE AU 30 SEPTEMBRE 2011 671

PTR (PORTFOLIO TURNOVER RATIO) 692

PERFORMANCE 693

Pictet

ORGANISATION DE LA SICAV

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Siège social 3, boulevard Royal, L-2449 Luxembourg

Conseil d’administration

Président M. Laurent RAMSEY, Administrateur Délégué, Pictet Funds S.A., Genève

Membres M. Christian SOGUEL, Directeur Adjoint, Pictet Funds S.A., Genève (jusqu’au 31 mai 2011)

Mme Michèle BERGER, Directeur, Pictet Funds (Europe) S.A., Luxembourg

M. Christoph SCHWEIZER, Directeur Adjoint, Pictet Funds S.A., Genève

M. Pascal CHAUVAUX, Sous-Directeur, Pictet & Cie (Europe) S.A., Luxembourg

Société de gestion Pictet Funds (Europe) S.A., 3, boulevard Royal, L-2449 Luxembourg

Conseil d’administration de la Société de Gestion

Président M. Rémy BEST, Associé, Pictet & Cie, Genève

Membres M. Pierre ETIENNE, Administrateur Délégué, Pictet & Cie (Europe) S.A., Luxembourg

M. Laurent RAMSEY, Administrateur Délégué, Pictet Funds S.A., Genève

Dirigeants de la Société de Gestion

Mme Michèle BERGER, Directeur, Pictet Funds (Europe) S.A., Luxembourg M. Christoph SCHWEIZER, Directeur Adjoint, Pictet Funds S.A., Genève

M. Rolf BANZ, Directeur, Pictet & Cie, Genève

M. Christian SOGUEL, Directeur Adjoint, Pictet Funds S.A., Genève (jusqu’au 31 mai 2011)

M. Laurent RAMSEY, Administrateur-Délégué, Pictet Funds S.A., Genève

M. Cédric VERMESSE, Directeur Adjoint, Pictet Funds S.A., Genève

Banque Dépositaire, Agent de Transfert, Agent Administratif et Agent Payeur

Pictet & Cie (Europe) S.A., 1, boulevard Royal, L-2449 Luxembourg

Gestionnaires Pictet Asset Management S.A., 60, route des Acacias, CH-1211 Genève 73, Suisse

Pictet Asset Management Limited, Moor House, Level 11, 120 London Wall, LondresEC2Y 5ET, Royaume-Uni

Bank Pictet & Cie (Asia) Ltd, Singapour, 8, Marina Boulevard #05-02, Marina Bay, Financial Centre Tower, 1, Singapour 018981

Pictet Asset Management (Japan) Ltd, Kishimoto Building 7F, 2-2-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japon

Pictet

ORGANISATION DE LA SICAV (suite)

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Sectoral Asset Management Inc., 1000 Sherbrooke Street, Montréal, Québec, H3A 3G4, Canada

Waddell & Reed Investment Management Company, 6300 Lamar, Shawnee Mission,Kansas 66202, Etats-Unis

Westwood Management Corp., 200 Crescent Court Suite 1200, Dallas, Texas 75201, Etats-Unis

Metropolitan West Asset Management LLC, 865 South Figueroa Street, Los Angeles,CA 90017 Etats-Unis

Jabre Capital Partners S.A., 1, rue des Moulins, CH-1204 Genève, Suisse

Cabinet de révision agréé de la SICAV et de la Société de Gestion

Deloitte S.A., 560, rue de Neudorf, L-2220 Luxembourg

Conseiller juridique Elvinger, Hoss & Prussen, 2, place Winston Churchill, L-1340 Luxembourg

Pictet

INFORMATIONS GENERALES

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Les rapports annuels révisés et les rapports semi-annuels non révisés sont mis gratuitement à la disposition des actionnaires au siège social de la SICAV ainsi qu’auprès de la Banque Dépositaire et de tout Agent Payeur ou représentant des pays où la SICAV est commercialisée i.e. : Allemagne, Autriche, Belgique (uniquement pour les classes d’actions autorisées par la Commission Bancaire, Financière et des Assurances), Chili, Danemark (uniquement pour les compartiments autorisés par la FSA au Danemark), Espagne (uniquement pour les classes d’actions autorisées à la vente par la "Comisión Nacional del Mercado de Valores"), Finlande, France, Grèce (uniquement pour les compartiments autorisés par la HCMC), Hong-Kong (uniquement pour les compartiments autorisés par la SFC), Italie (uniquement pour les classes d’actions autorisées par la CONSOB et la "Banca d’Italia"), Liechtenstein, Macao (uniquement pour les compartiments autorisés par la MMA), Pays-Bas, Pérou, Portugal, Royaume-Uni, Singapour, Suède, Suisse et Taïwan (uniquement pour les compartiments enregistrés à Taïwan).

Toute autre information financière devant être publiée, telle que la valeur nette par action de la SICAV et toute suspension de cette valeur, est tenue à disposition du public au siège social de la SICAV.

Le détail des changements intervenus au courant de l’exercice clôturé au 30 septembre 2011 dans la composition des portefeuille-titres pour l’ensemble des compartiments est disponible sur simple demande et sans frais au siège social de la SICAV ou auprès du représentant de chaque pays où la SICAV est commercialisée.

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COMMERCIALISATION A L’ETRANGER

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Commercialisation/ Distribution en Suisse

Représentant

Le représentant en Suisse est Pictet Funds S.A., 60, route des Acacias, 1211 Genève 73.

Service de paiement

Le service de paiement en Suisse est Pictet & Cie, ayant son siège social au 60, route desAcacias, 1211 Genève 73.

Lieu de distribution des documents déterminants

Le prospectus et le prospectus simplifié, les statuts ainsi que les rapports annuel etsemi-annuel peuvent être obtenus gratuitement auprès du représentant.

Publications

Les informations relatives aux placements collectifs étrangers sont publiées en Suissedans "La Feuille Officielle Suisse du Commerce" (FOSC) et sur le site de Swiss Fund Data AG. (www.swissfunddata.ch)

Les prix d’émission et de rachat de toutes les classes d’actions, respectivement la valeurd’inventaire avec la mention "commissions non comprises" sont publiés lors de chaque émission et chaque rachat d’actions. Les prix sont publiés chaque jour ouvrable surSwiss Fund Data AG. (www.swissfunddata.ch)

Paiement de rétrocessions et d’indemnités liées aux activités de distribution

Dans le cadre de sa commercialisation en Suisse, la SICAV peut verser desrétrocessions aux investisseurs qualifiés énumérés ci-après, détenant selon une appréciation économique des parts de placements collectifs pour des tiers:

• compagnies d’assurance-vie ; • caisses de pension et autres institutions de prévoyance ; • fondations de placement ; • directions suisses de la SICAV ; • directions et sociétés étrangères de la SICAV ; • sociétés d’investissement.

Dans le cadre de sa commercialisation en Suisse, la SICAV peut verser des indemnitésliées aux activités de distribution aux distributeurs et partenaires de distributionci-après:

• distributeurs soumis à autorisation; • distributeurs libérés de l’obligation d’obtenir une autorisation; • partenaires de distribution qui placent les parts de placements collectifs

exclusivement auprès d’investisseurs institutionnels dont la trésorerie est gérée àtitre professionnel;

• partenaires de distribution qui placent les parts de placements collectifsexclusivement sur la base d’un mandat écrit de gestion de fortune.

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COMMERCIALISATION A L’ETRANGER (suite)

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Lieu d’exécution et for Le lieu d’exécution et le for se trouvent au siège du représentant pour les actions de laSICAV distribuées en Suisse ou à partir de celle-ci.

Informations supplémentaires à l’attention des investisseurs allemands

Agent Payeur et d’information : Deutsche Bank AG Taunusanlage 12 D-60325 Francfort-sur-le-Main Les demandes de rachat et de conversion d’actions peuvent être adressées à l’AgentPayeur et d’information en Allemagne.

Les actionnaires peuvent, s’ils le souhaitent, demander à ce que les produits de rachats,les dividendes éventuels et autres paiements pour leur compte transitent par l’AgentPayeur et d’information en Allemagne.

Des exemplaires du prospectus complet, des prospectus simplifiés, des statuts de la SICAV et des rapports annuel et semi-annuel les plus récents peuvent être obtenus gratuitement auprès de l’Agent Payeur et d’information en Allemagne. Les prixd’émission, de rachat et de conversion des actions ainsi que tous les autres avis aux actionnaires peuvent également être obtenus gratuitement auprès de l’Agent Payeur etd’information en Allemagne.

En outre, les documents suivants sont disponibles gratuitement pour consultationauprès de l’Agent Payeur et d’information en Allemagne :

• le contrat de gestion conclu entre la SICAV et la Société de Gestion; • le contrat de Banque Dépositaire conclu entre Pictet & Cie (Europe) S.A. et la SICAV.

Par ailleurs, les prix d’émission et de rachat ainsi que les éventuels avis aux actionnaires sont publiés chaque jour boursier dans le "Börsen-Zeitung".

Informations supplémentaires à l’attention des investisseurs aux Pays-Bas

Pictet & Cie (Europe) S.A. a été désignée en qualité d’Agent Payeur de la SICAV auxPays-Bas. La dernière version du prospectus, du prospectus simplifié ainsi que les rapports annuelet semestriel peuvent être obtenus gratuitement auprès de l’Agent Payeur et surwww.pictetfunds.com. Il est également possible d’y consulter les autres documentsdisponibles.

La valeur nette d’inventaire par action de chaque compartiment enregistré aux Pays-Basest publiée, chaque jour de calcul de la valeur nette d’inventaire, sur le site Internet dePictet Funds S.A.: www.pictetfunds.com.

Les demandes de souscription et de rachat d’actions peuvent être transmises àPictet & Cie (Europe) S.A., 1 boulevard Royal, BP 687, L-2016 Luxembourg,Tél. (+352) 46.71.71.7666, Fax (+352) 46.69.95.

Pour de plus amples informations sur les modalités de souscription et rachat, se reporter aux chapitres "Souscriptions", "Rachats" et "Conversions" des actions duprospectus en vigueur.

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Agent Payeur au Liechtenstein

LGT Bank in Liechtenstein Aktiengesellschaft Herrengasse 12 FL-9490 Vaduz

Le prospectus en vigueur, les prospectus simplifiés, les statuts ainsi que les rapportsannuels et semi-annuels en langue allemande sont disponibles sans frais auprès del’Agent Payeur au Liechtenstein.

Tout avis ainsi que toute modification apportée au prospectus en vigueur et aux statutsdoivent être publiés dans un journal au Liechtenstein, le "Liechtensteiner Vaterland".

Les prix d’achat et de remboursement des actions de la SICAV seront publiés auminimum deux fois par mois dans un journal au Liechtenstein, le "Liechtensteiner Vaterland".

Le lieu d’exécution et le for juridique pour les actions distribuées au Liechtenstein estVaduz.

Belgique L’Agent Financier en Belgique est :

Fastnet Belgium S.A. Société de bourse de droit belge Avenue du Port/Havenlaan, 86C Bte 320 B-1000 Bruxelles Tél. : (+32) 2/209.26.00 Fax : (+32) 2/209.26.01 N° d’entreprise: 0460.019.728.

Informations pour les investisseurs de la République d’Autriche

Agent Payeur pour les actions de la SICAV vendues au public : Raiffeisen Bank International AG Am Stadtpark 9 A-1030 Vienne

Les demandes de rachat d’actions de la SICAV peuvent être introduites auprès del’Agent Payeur en Autriche, qui se chargera également de l’exécution du rachat et du paiement du prix de rachat en collaboration avec la Banque Dépositaire.

La dernière version du prospectus de vente, les prospectus simplifiés, les rapportsannuels et semestriels, les Statuts de la SICAV ainsi que les prix de souscription et derachat des actions de la SICAV susmentionnée sont disponibles auprès de l’Agent Payeur en Autriche.

Les valeurs nettes d’inventaire des compartiments et des classes d’actions publiées auLuxembourg le seront également en Autriche dans le quotidien "Der Standard".

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Exception:

Comme le compartiment "Pictet - CHF Bonds" n’est pas enregistré auprès des autoritésautrichiennes, sa distribution auprès du public n’est pas autorisée en Autriche.

Le représentant fiscal de la SICAV en Autriche est : Deloitte Exinger GmbH Renngasse 1/Freyung P.O. Box 18 A-1013 Vienne

Fiscalité

Les actionnaires sont invités à consulter leur conseiller fiscal afin d’obtenir desinformations sur le régime fiscal applicable à leur participation dans leur pays ou danstout autre pays concerné.

Pictet

RAPPORT DE GESTION

Les performances passées ne constituent pas une garantie des performances futures. 18

La période a été marquée par une montée de la volatilité sur les marchés actions, la fragilité de l’économie et les querelles politiques ayant sapé le moral des investisseurs. Les espoirs de voir les problèmes à l’origine de la crise économique et financière de 2008-2009 résolus se sont évaporés et les craintes d’un nouveau coup de frein conjoncturel se sont accrues. Les investisseurs ont davantage pris conscience du retour à une période de risque systémique, ce sentiment étant d’autant plus fort que les options politiques pour restaurer la stabilité se sont avérées limitées, la rigueur étant de mise au vu du contexte domestique. Après un ralentissement de l’activité économique américaine au milieu de l’exercice sous revue, les marchés actions mondiaux se sont redressés au dernier trimestre 2010, dopés par la deuxième vague d’assouplissement quantitatif initiée par le FOMC. Le nouveau plan de relance d’un montant de 600 milliards de dollars US a vu le jour sur fond de dissipation des craintes inflationnistes et d’inquiétudes croissantes liées à la persistance d’un taux de chômage élevé aux Etats-Unis. Dans la zone euro, les problèmes de dette souveraine se sont propagés à l’Irlande qui s’est vue contrainte de faire appel au mécanisme européen de stabilité financière et a ainsi bénéficié d’un plan de sauvetage de 85 milliards d’euros. Les investisseurs ont continué de mettre à l’épreuve les marchés de la dette espagnol et portugais alors que la durabilité de l’union monétaire était de plus en plus remise en question et que les difficultés politiques liées à l’élaboration d’une stratégie de sauvetage à l’échelle de la région apparaissaient au grand jour. La région a toutefois conservé sa dynamique conjoncturelle, et ce en grande partie grâce à la vigueur des exportations allemandes qui reflètent une demande mondiale de machines toujours solide. Alors que les économies développées ont bénéficié d’un nouvel assouplissement monétaire, les marchés émergents ont quant à eux connu un resserrement sur fond de croissance vigoureuse et de montée des prix (en particulier alimentaires). Les devises ont de ce fait été poussées à la hausse, ce qui a conduit à la mise en place de contrôles des capitaux dans des marchés tels que le Brésil et la Corée. Au premier trimestre 2011, les marchés ont de nouveau gagné du terrain, les statistiques américaines faisant état d’une hausse des dépenses de consommation et d’investissement tandis que les exportations ont elles aussi soutenu l’activité. Seule ombre au tableau dans un environnement en constante amélioration : la faiblesse persistante du secteur du logement, le niveau toujours élevé des saisies empêchant un retour à la stabilité des prix. Les investisseurs semblaient toutefois accepter la longue convalescence du secteur et étaient entre-temps rassurés par une croissance bénéficiaire toujours solide et l’amélioration des marges bénéficiaires des entreprises. Dans la zone euro, les investisseurs se sont focalisés sur la forte croissance de l’Allemagne (+3.6% en 2010), qui témoigne de la vigueur des dépenses intérieures et des exportations. La bonne santé de l’Allemagne a soutenu la croissance d’une bonne partie de la région nordique et de la France, même si le Royaume-Uni a montré des signes de ralentissement de l’activité sur fond de restrictions budgétaires. En dépit de statistiques économiques solides, la chancelière Angela Merkel a dû faire face à une levée de boucliers, les électeurs étant peu disposés à financer le sauvetage des Etats membres de la zone euro en proie à des difficultés. Si un accord a finalement pu être trouvé afin de porter la capacité d’intervention du nouveau Fonds européen de stabilité financière à 440 milliards d’euros, les barrières politiques ont été de plus en plus manifestes lorsqu’il s’est agi de trouver une solution fondamentale à la crise de la dette souveraine de la région. Les faiblesses inhérentes à la structure de la zone euro ont été renforcées lorsque la BCE a averti qu’il pourrait être nécessaire de relever les taux d’intérêt afin de compenser les pressions inflationnistes naissantes.

Pictet

RAPPORT DE GESTION (suite)


En mars, le Japon a été frappé par un séisme suivi d’un tsunami dans la préfecture de Fukushima, provoquant une crise au niveau de la centrale nucléaire. Cette situation alarmante a particulièrement préoccupé les marchés mondiaux. La région du nord-est qui a été frappée représentait 7% de la production japonaise. Ce chiffre et les pénuries d’énergie qui ont suivi les événements ont conduit à une révision à la baisse (de l’ordre de 3%) du PIB pour les mois suivants. Il a fallu un certain temps pour que soit perçu l’impact qu’allait avoir la crise sur l’approvisionnement en pièces, en particulier dans le secteur automobile mondial. Au printemps et au début de l’été 2011, les marchés actions ont perdu l’optimisme affiché au cours des deux trimestres précédents. L’impact du séisme au Japon a vite été ressenti dans le secteur manufacturier à travers le monde et la crise politique au Moyen-Orient n’a fait qu’accroître la pression haussière exercée sur les prix pétroliers. Outre les nouveaux signes d’un ralentissement de la croissance mondiale, les inquiétudes liées à la dette souveraine de la zone euro se sont intensifiées, le Portugal étant le nouveau bénéficiaire d’un plan de sauvetage d’un montant de 78 milliards d’euros. Une fois le sauvetage acquis, les opérateurs ont à nouveau tourné leur attention vers la Grèce et les spreads des obligations des pays périphériques se sont considérablement tendus par rapport à leur équivalent allemand. Les craintes d’une contagion se sont accrues lorsqu’il est devenu de plus en plus manifeste que la Grèce n’atteindrait pas ses objectifs de réduction du déficit et que, dans un contexte de querelles politiques, l’UE n’est pas parvenue à établir un plan cohérent pour faire face à la crise grandissante. Les marchés actions ont finalement capitulé en août, l’indice MSCI World chutant de quelque 15% sur la première quinzaine. Face aux nouvelles craintes d’une récession à double creux dans les marchés développés et aux problèmes insolubles en apparence au sein de la zone euro, les investisseurs se sont massivement désintéressés des actifs risqués tandis que les rendements des obligations considérées comme sûres, en particulier aux Etats-Unis et en Allemagne, se sont effondrés. Aux Etats-Unis, la conjoncture économique a perdu de son allant, la fin de la deuxième vague d’assouplissement quantitatif ayant coïncidé avec les perturbations provoquées par le séisme au Japon. Les querelles politiques qui ont entouré la question de la nécessité de relever le plafond de la dette américaine et la rétrogradation de la note des Etats-Unis par l’agence de notation S&P n’ont fait qu’intensifier le sentiment selon lequel les responsables politiques ne maîtrisaient plus la situation. Alors que les valeurs bancaires américaines ont été minées par l’extrême faiblesse du secteur du logement, leurs homologues européens ont été pénalisés par les craintes d’une inadéquation du capital compte tenu des prêts octroyés aux états périphériques de la zone euro. En Europe, les marchés se sont effondrés et l’euro s’est considérablement déprécié alors que surgissaient les craintes d’une contagion à l’Espagne et à l’Italie et que la France s’interrogeait sur sa capacité à conserver sa note AAA. Tandis que la chancelière Angela Merkel et le Président Nicolas Sarkozy se sont montrés peu enthousiastes à l’idée de relever la capacité d’intervention du FESF et se sont opposés à la création d’euro-obligations, les opérateurs de marché ont de plus en plus craint un effondrement incontrôlé de la zone euro. Ce n’est que vers la fin du mois de septembre qu’un semblant d’ordre est revenu sur les marchés lorsque les chefs d’Etat du G20 réunis à Washington se sont mis d’accord sur la nécessité de répondre de manière coordonnée à la crise. Au cours de l’exercice, l’indice MSCI World a chuté de 3.9% (TR, en USD), une performance qui masque le recul de 22.4% enregistré entre le pic de l’indice début mai et son plus bas en septembre 2011.

Pictet

RAPPORT DE GESTION (suite)


Une information détaillée, pour tous les compartiments, se rapportant à l'exercice financier au 30 septembre 2011 est disponible sur notre site internet www.pictetfunds.com, en fonction des pays dans lesquels la Sicav est autorisée à la commercialisation. Le Conseil d’Administration 12 octobre 2011

Deloitte.

RAPPORT DU REVISEUR D'ENTREPR ISES AGREE

Aux actionnaires de

Pictet (Societe d'lnvestissement a Capital Variable) 3, boulevard Royal, L-2449 Luxembourg

Conformement au mandat donne par I'Assembh~e Generale des Actionnaires du 3 decembre 2010, nous avons effectue I' audit des etats financiers ci-joints de Pictet (Societe d'lnvestissement a Capital Variable) et de chacun de ses compartiments. comprenant l'etat globalise des actifs nets, l'etal des actifs nets et l'etat du portefeuilletitres et autres actifs nets de chacun de ses comparliments au 30 septembre 2011 ainsi que l'etat globalise des operations et des variations des actifs nets. et l'etat des operations et des variations des actifs nets de chacun de ses compartiments pour l'exercice dos a cette date, et un resume des principaJes methodes comptables et d'autres notes explicatives.

Responsabilite du Conseil d 'Administration de Ia SICA V pour les etats financ1ers

Le Conseil d' Administration de Ia SICA V est responsable de l'etablissement et de Ia presentation sincere de ces etats financiers, conformement aux prescriptions legales et reglementaires relatives a l'etablissement et Ia presentation des etats financiers en vigueur au Luxembourg ainsi que d'un contr6le interne qu'il juge necessaire pour permettre l'etabHssement d'etats financiers ne compor tant pas d'anomalies significatives. que celles-ci proviennent de fraudes ou resultent d'erreurs.

Responsabilite du reviseur d 'entreprises agree

Notre responsabilite est d 'exprimer une opinion sur ces etats financiers sur Ia base de notre audit. Nous avons effectue notre audit seton les Normes lnternationales d'Audit telles qu'adoptees pour le Luxembourg par La Commission de Surveillance du Secteur Financier. Ces normes req uierent de notre part de nous conformer aux regles d'ethlque et de planifier et de realiser !'audit en vue d 'obtenir une assurance raisonnable que les etats financiers ne comportent pas d'anomalies signlficalives.

Un audit implique Ia mise en reuvre de procedures en vue de recueillir des elements probants concernant les montants et les informations fournis dans les etats financiers . Le choix des procedures reh~ve du jugement du reviseur d'entreprises agree. de meme que revaluation des risques que les etats financiers comportent des anomaJies significatives, que celles-ci proviennent de fraudcs ou resultent d' erreurs. En procedant a cette evaluation, le r(wiseur d'entreprises agree prend en compte le contr61e interne en vigueur dans l'entite relatif a l'tHablissement et Ia presentation sincere des etats fmanciers afin de definir des procedures d'audit appropriees en Ia circonstance. et non dans le but d'exprimer une opinion sur le fonctionnement efficace du controle interne de l'enti te. Un audit comporte egalement l' appreciallon du caractere approprie des methodes comptables retenues et le caractere raisonnable des estimations comptables faites par le Conseil d'Administration de Ia S!CAV, de meme que )'appreciation de Ia presentation d'cnsemble des etats financiers.

Nous estlmons que les elements probants recueill is sont suffisants et appropries pour fonder notre opinion.

21

Deloitte.

22

RAPPORT DU REVISEUR D'ENTR EPR ISES AGR EE (suite)

Opinion

A notre avis, les etats financiers donnent une image fidele du patrimoine, de Ia situation financiere de Pictet et de chacun de ses compartiments au 30 septembre 2011, ainsi que du resultat de leurs operations et des changements de leurs actiFs nets pour l'exercice clos a cette date, conformement aux prescriptions legales et reglementaires relatives a l'etablissement et Ia presentation des etats financiers en vigueur au Luxembourg.

Autre sujet

Les informations supph~mentaires incluses dans le rapport annuel ont ete examinees dans le cadre de notre mission, mais n'ont pas fait !'objet de procedures d 'audit specifiques seton lcs normes dtkrites d -avant. Par consequent, nous n'emettons pas d'opinion sur ccs informations. Ncanmoins, ces informations n'appellent pas d'observalion de notre part dans le contexte des cHats financiers pris dans leur ensemble.

B. Michaelis. Reviseur d'entrepriscs agree Partner

Le 23 novembre 2011 560. rue de Neudorf, L-2220 Luxembourg

Pictet

23

Pictet

ETAT DES ACTIFS NETS AU 30 SEPTEMBRE 2011

Les notes annexées font partie intégrante de ces états financiers. 24

Globalisé EUR Bonds USD Government Bonds

EUR EUR USD ACTIF

Portefeuille-titres au coût d’acquisition 33,455,938,598.93 182,842,554.64 348,438,041.75

Plus/Moins value nette non réalisée sur investissements -1,546,354,515.84 -2,486,871.06 15,151,859.91

Portefeuille-titres à la valeur d’évaluation (note 2) 31,909,584,083.09 180,355,683.58 363,589,901.66

Avoirs en banque 2,128,310,856.86 13,771,397.13 3,389,182.10

Intérêts à recevoir, nets 271,922,366.58 3,778,597.08 2,958,516.61

Intérêts à recevoir sur swaps 4,158,992.90 3,343.76 0.00

Intérêts à recevoir sur CDS 340,386.65 3,362.45 0.00

Plus-value nette non réalisée sur contrats de change à terme (note 11) 122,978,793.13 132,415.35 0.00

Plus-value nette non réalisée sur CDS (note 13) 16,110,644.90 0.00 0.00

Plus-value nette non réalisée sur swaps (note 12) 80,062,286.43 103,784.48 0.00

Autres actifs 407,100.91 0.00 0.00

34,533,875,511.45 198,148,583.83 369,937,600.37

PASSIF EXIGIBLE

Découvert bancaire 44,723,456.29 0.00 0.00

Commission de conseil en investissement et de gestion à payer (note 4)

22,128,531.30 82,884.74 61,418.13

Commission de performance à payer (note 8) 1,879,790.26 0.00 0.00

Intérêts à payer sur swaps 95,908.02 0.00 0.00

Intérêts à payer sur CDS 56,019.44 0.00 0.00

Moins-value nette non réalisée sur contrats de change à terme (note 11)

17,869,879.86 0.00 0.00

Moins-value nette non réalisée sur CDS (note 13) 16,587,710.65 474,256.60 0.00

Moins-value nette non réalisée sur swaps (note 12) 13,116,846.75 0.00 0.00

Taxe d’abonnement à payer (note 3) 4,185,393.03 17,298.40 21,204.18

Autres frais à payer (note 6) 9,107,685.64 34,281.13 44,133.45

Autres passifs 2,108,990.50 0.00 0.00

131,860,211.74 608,720.87 126,755.76

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2011 34,402,015,299.71 197,539,862.96 369,810,844.61



Pictet


Les notes annexées font partie intégrante de ces états financiers.

25

CHF Liquidity USD Liquidity EUR Liquidity EUR Corporate Bonds Global Emerging Debt

CHF USD EUR EUR USD

647,731,134.21 787,335,760.69 1,844,910,527.08 1,665,914,560.65 2,510,138,985.93

-1,075,536.35 -11,969,554.10 -9,257,472.75 -64,460,346.37 44,021,055.50

646,655,597.86 775,366,206.59 1,835,653,054.33 1,601,454,214.28 2,554,160,041.43

70,738,364.85 9,911,432.40 138,418,690.11 24,760,063.33 190,203,001.56

5,609,368.94 636,831.84 6,017,272.23 40,685,384.73 45,087,687.25

0.00 0.00 0.00 0.00 506,019.75

0.00 0.00 0.00 112,941.09 57,658.54

0.00 12,429,817.71 9,129,721.55 456,094.39 7,536,859.84

0.00 0.00 0.00 0.00 2,762,879.60

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

723,003,331.65 798,344,288.54 1,989,218,738.22 1,667,468,697.82 2,800,314,147.97

0.00 0.00 0.00 0.00 0.00

33,316.98 67,517.84 275,102.25 700,537.64 1,654,047.73

0.00 0.00 0.00 0.00 0.00

44,965.34 0.00 54,332.06 0.00 0.00

0.00 0.00 0.00 0.00 0.00

648,883.19 0.00 0.00 0.00 0.00

0.00 0.00 0.00 14,840,319.36 0.00

25,712.00 0.00 12,710.25 0.00 2,439,713.95

68,040.80 55,413.71 173,964.64 101,365.64 186,927.41

61,122.12 68,167.91 165,646.03 353,426.94 731,095.02

0.00 0.00 0.00 0.00 0.00

882,040.43 191,099.46 681,755.23 15,995,649.58 5,011,784.11

722,121,291.22 798,153,189.08 1,988,536,982.99 1,651,473,048.24 2,795,302,363.86

1,358,408,384.18 851,699,965.25 1,571,866,378.09 2,044,037,734.79 2,519,741,894.09

2,164,092,534.67 958,765,867.32 2,163,271,942.21 972,359,309.54 1,057,784,478.16

Pictet



World Government Bonds

EUR High Yield EUR Short Mid-Term Bonds

EUR EUR EUR ACTIF

Portefeuille-titres au coût d’acquisition 163,402,567.86 391,205,714.63 339,465,272.18

Plus/Moins value nette non réalisée sur investissements 8,409,947.75 -57,599,179.71 -2,822,468.98

Portefeuille-titres à la valeur d’évaluation (note 2) 171,812,515.61 333,606,534.92 336,642,803.20

Avoirs en banque 7,607,136.39 25,923,196.85 2,175,275.54


Intérêts à recevoir sur swaps 0.00 0.00 0.00

Intérêts à recevoir sur CDS 0.00 0.00 0.00

Plus-value nette non réalisée sur contrats de change à terme (note 11) 5,520.76 260,087.44 81,768.35

Plus-value nette non réalisée sur CDS (note 13) 0.00 3,970,534.39 0.00

Plus-value nette non réalisée sur swaps (note 12) 0.00 0.00 0.00

Autres actifs 0.00 0.00 0.00

180,847,721.21 374,081,880.26 344,937,697.37

PASSIF EXIGIBLE

Découvert bancaire 0.00 0.00 0.00


26,410.77 275,505.79 61,406.38

Commission de performance à payer (note 8) 0.00 0.00 0.00

Intérêts à payer sur swaps 0.00 0.00 0.00

Intérêts à payer sur CDS 0.00 56,019.44 0.00


0.00 0.00 0.00

Moins-value nette non réalisée sur CDS (note 13) 0.00 0.00 0.00

Moins-value nette non réalisée sur swaps (note 12) 0.00 0.00 0.00

Taxe d’abonnement à payer (note 3) 7,618.13 29,426.21 27,233.77

Autres frais à payer (note 6) 18,540.46 94,347.69 36,553.98

Autres passifs 0.00 0.00 0.00

52,569.36 455,299.13 125,194.13

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2011 180,795,151.85 373,626,581.13 344,812,503.24



Pictet



27

USD Short Mid-Term Bonds CHF Bonds EUR Government Bonds EUR Inflation Linked Bonds

Emerging Local Currency Debt

USD CHF EUR EUR USD

236,474,828.92 377,158,592.31 569,499,985.70 180,754,495.21 8,237,916,583.07

1,881,420.69 12,207,421.34 1,715,548.97 -1,593,553.83 -429,842,210.63

238,356,249.61 389,366,013.65 571,215,534.67 179,160,941.38 7,808,074,372.44

13,600,842.69 2,786,146.66 21,858,418.20 610,453.77 631,277,704.47

785,126.23 5,197,873.33 9,614,145.27 562,781.09 120,601,748.29

0.00 53,316.26 0.00 0.00 3,406,407.52

0.00 655.11 0.00 0.00 71,662.83

0.00 0.00 63,562.16 0.00 62,556,584.44

0.00 0.00 0.00 0.00 9,141,740.22

0.00 0.00 0.00 0.00 102,744,671.64

0.00 0.00 0.00 0.00 0.00

252,742,218.53 397,404,005.01 602,751,660.30 180,334,176.24 8,737,874,891.85

0.00 0.00 0.00 0.00 0.00

58,474.05 93,150.25 110,072.22 61,855.86 5,417,452.35

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 46,801.32 0.00 0.00 0.00

0.00 105,265.10 0.00 0.00 0.00

23,028.06 21,262.86 36,128.51 15,815.55 2,420,968.84

31,884.01 56,478.19 68,881.52 30,278.99 2,584,495.06

0.00 1,187,680.10 0.00 0.00 0.00

113,386.12 1,510,637.82 215,082.25 107,950.40 10,422,916.25

252,628,832.41 395,893,367.19 602,536,578.05 180,226,225.84 8,727,451,975.60

285,310,237.78 453,259,961.95 680,566,353.03 222,513,454.22 8,772,965,857.34

169,440,177.48 457,032,905.67 952,197,832.35 138,657,118.48 508,365,674.20

Pictet



Asian Local Currency Debt

Global Emerging Currencies

JPY Liquidity

USD USD JPY ACTIF

Portefeuille-titres au coût d’acquisition 1,488,869,494.48 829,954,952.08 5,471,381,214.00

Plus/Moins value nette non réalisée sur investissements 23,525,613.61 -68,377,884.64 -175,526,348.00

Portefeuille-titres à la valeur d’évaluation (note 2) 1,512,395,108.09 761,577,067.44 5,295,854,866.00

Avoirs en banque 250,404,589.88 202,452,964.45 188,613,739.00


Intérêts à recevoir sur swaps 1,431,494.11 152,542.89 0.00

Intérêts à recevoir sur CDS 25,307.98 0.00 0.00

Plus-value nette non réalisée sur contrats de change à terme (note 11) 7,729,154.21 29,909,757.64 176,820,636.31

Plus-value nette non réalisée sur CDS (note 13) 4,383,812.29 0.00 0.00

Plus-value nette non réalisée sur swaps (note 12) 2,983,747.74 0.00 0.00


1,793,814,102.51 995,547,513.75 5,666,792,995.31

PASSIF EXIGIBLE



1,393,747.06 604,715.42 285,140.00



Intérêts à payer sur CDS 0.00 0.00 0.00


0.00 0.00 0.00


Moins-value nette non réalisée sur swaps (note 12) 0.00 367,001.41 0.00




2,490,603.95 1,274,362.81 1,313,467.00

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2011 1,791,323,498.56 994,273,150.94 5,665,479,528.31

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 1,430,860,216.41 685,545,620.35 5,571,304,428.01

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 136,098,150.07 21,679,821.97 25,484,406,861.72

Pictet



29

Latin American Local Currency Debt

USD Sovereign Liquidity EUR Sovereign Liquidity US High Yield EUR Corporate Bonds Ex Financial

USD USD EUR USD EUR

372,865,704.46 430,291,867.15 1,350,936,020.07 1,423,623,370.08 178,151,397.58

-29,165,139.09 -9,717,284.13 -13,329,539.72 -110,146,941.99 -3,028,634.68

343,700,565.37 420,574,583.02 1,337,606,480.35 1,313,476,428.09 175,122,762.90

56,484,451.38 12,607,533.67 53,322,337.31 57,970,339.43 12,524,469.41

2,653,658.88 1,937,416.94 8,686,684.91 30,474,428.18 4,689,477.35

15,386.98 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 625.00

0.00 9,934,973.44 13,595,376.79 0.00 241,208.02

0.00 0.00 0.00 0.00 0.00

1,401,552.78 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

404,255,615.39 445,054,507.07 1,413,210,879.36 1,401,921,195.70 192,578,542.68

0.00 0.00 0.00 0.00 0.00

303,305.61 17,593.30 114,617.41 623,514.38 66,554.90

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

2,071,627.98 0.00 0.00 6,931,874.83 0.00

0.00 0.00 0.00 0.00 439,015.04

0.00 0.00 0.00 0.00 0.00

23,029.80 56,703.68 95,421.69 76,468.41 10,855.92

138,953.60 33,662.99 115,898.33 264,412.90 36,035.97

0.00 0.00 0.00 0.00 0.00

2,536,916.99 107,959.97 325,937.43 7,896,270.52 552,461.83

401,718,698.40 444,946,547.10 1,412,884,941.93 1,394,024,925.18 192,026,080.85

268,420,290.80 441,973,414.47 1,136,489,846.07 642,606,845.57 214,566,654.39

27,847,118.22 682,532,545.24 1,914,322,187.74 - -

Pictet



European Equity Selection

Small Cap Europe Emerging Markets

EUR EUR USD ACTIF

Portefeuille-titres au coût d’acquisition 220,780,752.02 164,667,167.08 1,118,002,403.73

Plus/Moins value nette non réalisée sur investissements -23,163,336.67 -10,585,672.39 -154,982,485.61


Avoirs en banque 2,375,025.65 4,638,755.98 15,830,832.23

Intérêts à recevoir, nets 0.00 3,429.94 0.00



Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 0.00 0.00

Plus-value nette non réalisée sur CDS (note 13) 0.00 0.00 0.00



199,992,441.00 158,723,680.61 978,850,750.35

PASSIF EXIGIBLE



175,556.88 142,188.70 1,010,398.05





0.00 0.00 646,390.94






252,286.19 205,115.11 2,107,431.23




Pictet



31

Eastern Europe Europe Index USA Index European Sustainable Equities

Japan Index

EUR EUR USD EUR JPY

353,530,121.68 691,939,194.20 1,154,664,506.10 97,061,014.48 51,491,798,851.00

-47,817,058.38 -22,665,924.23 -25,134,556.71 -3,559,591.68 -7,590,704,620.00

305,713,063.30 669,273,269.97 1,129,529,949.39 93,501,422.80 43,901,094,231.00

2,811,332.75 0.00 5,330,728.80 0.00 534,143,317.00

2,654.17 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 24,634.07 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 366,963.87 118,074.10 0.00

308,527,050.22 669,273,269.97 1,135,227,642.06 93,644,130.97 44,435,237,548.00

0.00 32,267,251.93 0.00 8,757,863.56 0.00

455,425.37 116,089.47 241,087.07 36,128.36 5,375,693.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 6,478.95 0.00 0.00 301,359.44

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

31,866.00 7,925.06 14,328.14 6,176.43 549,006.00

222,378.95 89,016.74 167,707.89 25,875.31 958,681.00

0.00 214,327.32 0.00 0.00 31,807,261.00

709,670.32 32,701,089.47 423,123.10 8,826,043.66 38,992,000.44

307,817,379.90 636,572,180.50 1,134,804,518.96 84,818,087.31 44,396,245,547.56

435,276,436.46 726,669,991.73 1,182,417,226.45 92,333,122.24 46,155,285,452.90

325,394,060.81 954,715,412.43 1,009,554,317.53 79,839,567.99 64,060,216,339.55

Pictet



Pacific Ex Japan Index Digital Communication Biotech

USD USD USD ACTIF




Avoirs en banque 2,624,732.96 3,838,798.29 0.00

Intérêts à recevoir, nets 0.00 0.00 0.00







299,011,924.40 148,896,084.34 925,426,883.33

PASSIF EXIGIBLE

Découvert bancaire 0.00 0.00 4,385,864.73


55,972.06 192,812.82 1,259,624.08





0.00 9,443.10 2,288,801.26





Autres passifs 335,086.35 0.00 0.00

439,141.22 267,120.88 8,386,161.91




Pictet



33

Premium Brands Water Indian Equities Japanese Equity Opportunities (note 1)

Asian Equities Ex Japan

EUR EUR USD JPY USD

428,808,115.51 1,921,171,878.76 270,214,931.15 5,494,648,171.13 417,676,734.31

-18,007,971.07 70,753,480.65 5,092,629.96 -324,461,074.33 -34,207,712.88

410,800,144.44 1,991,925,359.41 275,307,561.11 5,170,187,096.80 383,469,021.43

30,522,782.02 21,324,031.32 23,626,760.18 412,589,627.50 11,882,194.04

16,013.37 0.00 0.00 8,592.99 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

65,786.64 138,496.46 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 11,612,779.89 0.00

0.00 0.00 0.00 0.00 0.00

441,404,726.47 2,013,387,887.19 298,934,321.29 5,594,398,097.18 395,351,215.47

0.00 0.00 0.00 0.00 0.00

601,601.85 2,568,486.49 486,978.60 4,642,651.00 484,824.91

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 159,437.16

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

46,884.11 213,210.03 35,630.73 834,483.00 37,200.07

157,899.20 686,474.72 163,687.02 1,683,599.00 153,275.75

0.00 0.00 0.00 0.00 0.00

806,385.16 3,468,171.24 686,296.35 7,160,733.00 834,737.89

440,598,341.31 2,009,919,715.95 298,248,024.94 5,587,237,364.18 394,516,477.58

180,870,716.48 2,305,958,005.15 516,800,400.48 4,814,076,498.33 694,001,534.45

77,182,882.78 2,264,942,411.48 459,480,822.98 7,584,741,945.60 857,629,529.81

Pictet



Greater China Japanese Equity Selection

Generics

USD JPY USD ACTIF

Portefeuille-titres au coût d’acquisition 336,905,209.32 13,806,430,924.95 379,630,175.65

Plus/Moins value nette non réalisée sur investissements -36,684,627.92 -1,258,473,450.24 -26,071,974.86

Portefeuille-titres à la valeur d’évaluation (note 2) 300,220,581.40 12,547,957,474.71 353,558,200.79

Avoirs en banque 9,846,795.09 154,841,336.80 2,478,641.33








310,067,551.01 12,702,798,811.51 356,036,842.12

PASSIF EXIGIBLE



472,767.00 9,170,055.03 437,492.85





0.00 7,598,028.17 931,283.86




Autres frais à payer (note 6) 122,034.81 4,117,463.89 129,234.96


628,251.35 21,651,012.73 1,527,845.66

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2011 309,439,299.66 12,681,147,798.78 354,508,996.46



Pictet



35

Emerging Markets Index Euroland Index US Equity Growth Selection

Security Clean Energy

USD EUR USD USD USD

1,018,860,403.50 108,003,943.17 751,094,058.87 201,517,157.79 421,510,094.76

-247,679,955.03 -14,052,488.92 68,396,174.14 -14,304,559.01 -63,873,428.67

771,180,448.47 93,951,454.25 819,490,233.01 187,212,598.78 357,636,666.09

3,413,859.69 0.00 41,156,998.23 7,752,197.19 9,348,553.48

0.00 0.00 3,439.05 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 15,520.93 0.00 0.00 0.00

774,594,308.16 93,966,975.18 860,650,670.29 194,964,795.97 366,985,219.57

0.00 429,463.71 0.00 0.00 0.00

155,647.16 12,292.46 817,160.77 275,553.54 495,687.86

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 4,020,165.15 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

14,581.97 2,627.92 85,598.68 18,562.01 33,631.09

197,462.09 8,723.60 300,100.80 71,567.18 137,887.14

486,771.18 0.00 0.00 0.00 0.00

854,462.40 453,107.69 5,223,025.40 365,682.73 667,206.09

773,739,845.76 93,513,867.49 855,427,644.89 194,599,113.24 366,318,013.48

1,140,549,900.73 96,781,963.86 1,407,075,038.99 162,817,186.46 643,362,071.50

994,108,926.90 111,040,679.33 1,711,084,606.71 142,156,097.67 671,237,424.48

Pictet



Russian Equities Timber Agriculture

USD USD EUR ACTIF




Avoirs en banque 7,379,494.97 4,155,971.24 2,828,074.76

Intérêts à recevoir, nets 0.00 693.94 1,321.65







370,284,020.61 183,419,377.86 183,504,611.58

PASSIF EXIGIBLE



557,375.08 204,204.68 260,995.91





0.00 299,352.66 0.00






760,860.64 585,979.43 346,720.18




Pictet



37

Global Megatrend Selection US Equity Value Selection Middle East And North Africa

Environmental Megatrend Selection

High Dividend Selection

USD USD USD EUR EUR

908,931,329.25 170,661,180.93 24,162,734.82 19,679,673.29 369,103,226.98

-75,135,727.43 -16,823,740.10 -1,929,559.56 -1,864,026.65 -9,444,559.09

833,795,601.82 153,837,440.83 22,233,175.26 17,815,646.64 359,658,667.89

19,525,913.46 1,155,637.42 425,341.38 378,392.05 5,630,296.07

4,247.85 0.00 0.00 32.36 2,880.88

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

853,325,763.13 154,993,078.25 22,658,516.64 18,194,071.05 365,291,844.84

0.00 0.00 0.00 0.00 0.00

1,361,391.43 180,736.22 31,278.51 24,956.24 472,425.71

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

86,163.73 278,008.42 54,224.27 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

87,801.44 18,783.76 2,087.53 1,950.31 38,037.11

875,645.71 55,550.47 10,397.28 6,439.71 96,571.50

0.00 0.00 0.00 0.00 0.00

2,411,002.31 533,078.87 97,987.59 33,346.26 607,034.32

850,914,760.82 154,459,999.38 22,560,529.05 18,160,724.79 364,684,810.52

485,369,777.38 159,498,372.27 26,945,498.38 3,077,792.84 84,472,728.97

53,885,106.91 21,964,307.53 14,234,042.70 - -

Pictet



Brazil Index (note 1) Bric Index (note 1) China Index (note 1)

USD USD USD ACTIF

Portefeuille-titres au coût d’acquisition 5,977,855.92 163,360.74 14,763,705.05

Plus/Moins value nette non réalisée sur investissements -1,651,485.40 -43,896.66 -4,063,583.87

Portefeuille-titres à la valeur d’évaluation (note 2) 4,326,370.52 119,464.08 10,700,121.18

Avoirs en banque 11,605.92 3,292.09 22,909.38








4,337,976.44 122,756.17 10,723,030.56

PASSIF EXIGIBLE



1,857.72 41.99 12,267.62





0.00 0.00 0.00



Taxe d’abonnement à payer (note 3) 142.25 12.43 1,191.86

Autres frais à payer (note 6) 3,045.45 32.99 7,642.49


5,045.42 87.41 21,101.97

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2011 4,332,931.02 122,668.76 10,701,928.59

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 - - -

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 - - -

Pictet



39

India Index (note 1) Latam Index (note 1) Russia Index (note 1) Piclife Absolute Return Global Diversified

USD USD USD CHF EUR

6,438,904.93 1,395,555.02 3,018,705.56 66,730,158.66 319,998,929.41

-1,211,841.73 -347,498.03 -955,782.31 -970,614.41 -26,852,086.94

5,227,063.20 1,048,056.99 2,062,923.25 65,759,544.25 293,146,842.47

11,030.10 2,533.27 1,316.51 13,316,730.24 305,158,299.47

0.00 0.00 0.00 618,811.38 1,676,613.89

0.00 0.00 0.00 4,632.27 0.00

0.00 0.00 0.00 415.47 98,955.85

0.00 0.00 0.00 4,420.70 106,679.03

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

5,238,093.30 1,050,590.26 2,064,239.76 79,704,554.31 600,187,390.71

0.00 0.00 0.00 0.00 0.00

1,597.50 657.96 1,365.26 56,582.27 365,569.50

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 4,310.57

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 51,773.33 693,817.16

0.00 0.00 0.00 9,049.33 9,849,229.46

124.39 39.87 87.74 10,069.16 40,851.30

1,723.36 810.85 1,566.08 14,955.15 135,350.70

0.00 0.00 0.00 0.00 0.00

3,445.25 1,508.68 3,019.08 142,429.24 11,089,128.69

5,234,648.05 1,049,081.58 2,061,220.68 79,562,125.07 589,098,262.02

- - - 97,905,813.27 629,664,567.31

- - - 120,771,881.65 1,223,817,185.98

Pictet



Absolute Return Global Conservative

Convertible Bonds

EUR EUR ACTIF

Portefeuille-titres au coût d’acquisition 36,091,731.92 619,547,357.60

Plus/Moins value nette non réalisée sur investissements -2,601,911.53 -101,061,226.51

Portefeuille-titres à la valeur d’évaluation (note 2) 33,489,820.39 518,486,131.09

Avoirs en banque 52,667,669.55 124,152,381.30

Intérêts à recevoir, nets 296,711.85 3,916,609.55

Intérêts à recevoir sur swaps 0.00 0.00

Intérêts à recevoir sur CDS 8,375.28 0.00

Plus-value nette non réalisée sur contrats de change à terme (note 11) 0.00 0.00

Plus-value nette non réalisée sur CDS (note 13) 0.00 0.00

Plus-value nette non réalisée sur swaps (note 12) 0.00 0.00

Autres actifs 0.00 0.00

86,462,577.07 646,555,121.94

PASSIF EXIGIBLE

Découvert bancaire 0.00 0.00

Commission de conseil en investissement et de gestion à payer (note 4) 26,289.35 640,280.98

Commission de performance à payer (note 8) 0.00 1,879,790.26

Intérêts à payer sur swaps 368.32 0.00

Intérêts à payer sur CDS 0.00 0.00

Moins-value nette non réalisée sur contrats de change à terme (note 11) 54,407.96 3,950,759.14

Moins-value nette non réalisée sur CDS (note 13) 59,415.39 0.00

Moins-value nette non réalisée sur swaps (note 12) 1,048,102.07 0.00

Taxe d’abonnement à payer (note 3) 3,756.65 42,620.14

Autres frais à payer (note 6) 17,646.91 282,021.57

Autres passifs 0.00 0.00

1,209,986.65 6,795,472.09

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2011 85,252,590.42 639,759,649.85

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2010 74,951,927.54 837,254,170.43

TOTAL DES ACTIFS NETS AU 30 SEPTEMBRE 2009 106,913,293.60 -

Pictet

41

Pictet

ETAT DES OPERATIONS ET DES VARIATIONS DES ACTIFS NETS POUR L'EXERCICE CLOTURE AU 30 SEPTEMBRE 2011


Globalisé EUR Bonds USD Government Bonds

EUR EUR USD ACTIFS NETS AU DEBUT DE L'EXERCICE 35,298,881,895.17 258,401,018.91 230,931,834.24

REVENUS

Intérêts sur prêts de titres 7,751,778.33 0.00 0.00

Intérêts sur contrats de swaps 190,572,725.42 170,179.08 0.00

Intérêts sur credit default swaps 762,662.78 62,634.81 0.00

Intérêts sur les obligations, nets 993,469,409.62 10,026,474.04 8,570,471.60

Intérêts bancaires 5,776,010.98 32,411.86 1,884.05

Dividendes 273,255,237.49 0.00 0.00

1,471,587,824.62 10,291,699.79 8,572,355.65

DEPENSES

Commission de conseil en investissement et de gestion (note 4) 293,982,133.63 1,045,478.03 602,651.87

Commission de banque dépositaire, intérêts et frais bancaires 27,555,435.48 148,036.38 111,773.20

Commission de service (note 5) 71,752,784.30 227,331.57 141,616.42

Commission de performance (note 8) 1,879,790.26 0.00 0.00

Frais de révision et autres frais 18,746,147.31 59,003.44 63,519.52

Taxe d’abonnement (note 3) 10,419,552.18 65,613.20 68,826.30

Intérêts payés sur repo's 7,295.28 908.41 0.00

Intérêts payés sur contrats de swaps 173,796,418.07 388,368.21 0.00

Primes sur credit default swaps 696,881.94 0.00 0.00

598,836,438.45 1,934,739.24 988,387.31

REVENUS NETS DES INVESTISSEMENTS 872,751,386.17 8,356,960.55 7,583,968.34

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 956,338,799.20 -2,887,566.08 4,566,359.84

Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling (note 1)

134,039,096.01 985,629.76 0.00

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 114,559,916.78 2,149,194.20 0.00

Bénéfice/perte de change, net(te) -216,002,778.88 -1,173,523.96 -4,996.95

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 50,755,758.24 -551,892.62 -755,958.68

Bénéfice/perte net(te) réalisé(e) sur swaps/credit default swaps 134,496,502.08 353,869.13 0.00

BENEFICE NET REALISE 2,046,938,679.60 7,232,670.98 11,389,372.55

Variation de la plus/moins-value nette non réalisée :

- sur portefeuille-titres -3,814,063,960.19 -12,445,800.87 6,212,628.80

- sur contrats de change à terme 123,868,507.16 8,273.50 0.00

- sur contrats à terme -1,171,766.38 -22,484.91 -86,562.05

- sur credit default swaps 711,660.30 -261,269.79 0.00

- sur swaps -137,906,203.74 -289,474.80 0.00

BENEFICE/PERTE PROVENANT DES OPERATIONS -1,781,623,083.25 -5,778,085.89 17,515,439.30

Souscriptions d’actions 29,193,735,197.58 72,731,692.63 418,611,528.12

Rachats d’actions -28,814,075,101.23 -129,231,311.58 -296,727,842.51

Dividendes payés (note 15) -66,082,147.62 -189,237.03 -520,114.54

Ecart de conversion* 24,684,659.24 1,605,785.92 0.00

Ecart de conversion sur les actifs nets au début de la période** 546,493,879.82

ACTIFS NETS EN FIN D'EXERCICE 34,402,015,299.71 197,539,862.96 369,810,844.61

*L’écart mentionné ci-dessus résulte des fluctuations des taux de conversion en devise des compartiments concernés des différents postes afférents aux classes d’actions libellées dans une autre devise que la devise du compartiment entre le 1er octobre 2010 et le 30 septembre 2011. **L’écart mentionné ci-dessus résulte des fluctuations des taux de conversion en devise des compartiments concernés des différents postes afférents aux compartiments libellés dans une autre devise que l’Euro entre le 1er octobre 2010 et le 30 septembre 2011.

Pictet



43

CHF Liquidity USD Liquidity EUR Liquidity EUR Corporate Bonds Global Emerging Debt

CHF USD EUR EUR USD

1,358,408,384.18 851,699,965.25 1,571,866,378.09 2,044,037,734.79 2,519,741,894.09

0.00 0.00 0.00 0.00 0.00

13,646.43 0.00 1,056,199.60 2,254,018.57 54,349,961.10

0.00 0.00 0.00 36,405.84 60,290.22

9,601,789.47 6,917,979.46 22,684,954.61 93,473,350.45 164,670,997.29

15,951.83 84,169.45 771,200.72 271,154.68 280,188.01

0.00 0.00 0.00 0.00 0.00

9,631,387.73 7,002,148.91 24,512,354.93 96,034,929.54 219,361,436.62

390,377.13 839,256.22 2,374,645.35 9,781,752.77 21,351,863.88

101,096.18 159,952.07 299,322.06 1,560,573.48 1,278,614.31

148,508.97 210,088.05 399,840.19 2,917,320.40 6,193,499.28

0.00 0.00 0.00 0.00 0.00

234,807.07 211,231.77 396,382.36 504,668.24 729,937.20

244,813.80 195,781.27 493,488.60 461,347.61 764,719.05

0.00 0.00 0.00 0.00 0.00

44,965.34 0.00 1,162,420.98 421,110.72 53,248,718.41

37,006.94 0.00 0.00 261,463.66 146,658.45

1,201,575.43 1,616,309.38 5,126,099.54 15,908,236.88 83,714,010.58

8,429,812.30 5,385,839.53 19,386,255.39 80,126,692.66 135,647,426.04

-33,224,228.74 23,840,435.82 7,114,443.21 -35,764,353.89 -41,430,578.65

0.00 0.00 0.00 7,969,857.06 63,348,363.48

29,929,141.90 -31,806,775.60 -19,485,507.35 20,107,954.54 90,623,309.46

-3,262,869.80 4,347,003.01 2,414,520.92 -11,814,440.27 -75,765,919.39

-121,550.00 -48,250.00 52,500.00 -4,918,908.98 6,979,968.49

0.00 0.00 0.00 534,017.74 18,224,300.07

1,750,305.66 1,718,252.76 9,482,212.17 56,240,818.86 197,626,869.50

4,544,168.34 -24,733,522.26 -8,193,102.44 -118,195,141.63 -188,811,870.55

-5,020,880.67 25,080,042.87 10,724,110.46 1,622,896.72 7,278,874.36

20,500.00 0.00 4,375.00 338,395.78 -198,717.86

0.00 0.00 0.00 -9,856,507.06 -2,503,924.57

-25,330.00 0.00 -93,161.32 0.00 -1,182,497.75

1,268,763.33 2,064,773.37 11,924,433.87 -69,849,537.33 12,208,733.13

346,165,654.37 1,897,088,402.58 2,341,826,942.71 1,126,019,793.56 2,558,722,321.97

-983,104,970.32 -1,952,687,990.35 -1,936,992,904.97 -1,466,671,384.16 -2,280,705,962.76

-616,540.34 -11,961.77 -87,866.71 -3,432,590.46 -9,812,319.00

0.00 0.00 0.00 21,369,031.84 -4,852,303.57

722,121,291.22 798,153,189.08 1,988,536,982.99 1,651,473,048.24 2,795,302,363.86

Pictet



World Government Bonds

EUR High Yield EUR Short Mid-Term Bonds

EUR EUR EUR ACTIFS NETS AU DEBUT DE L'EXERCICE 168,601,015.25 345,270,286.52 687,214,203.74

REVENUS

Intérêts sur prêts de titres 0.00 0.00 0.00

Intérêts sur contrats de swaps 0.00 0.00 166,069.95

Intérêts sur credit default swaps 0.00 406,045.32 0.00


Intérêts bancaires 7,697.03 253,477.61 19,352.36

Dividendes 0.00 0.00 0.00

3,963,698.43 45,843,086.17 17,188,909.63

DEPENSES

Commission de conseil en investissement et de gestion (note 4) 270,023.08 4,523,569.45 990,033.89

Commission de banque dépositaire, intérêts et frais bancaires 85,449.90 202,351.47 322,838.04

Commission de service (note 5) 76,427.83 925,665.98 196,269.91

Commission de performance (note 8) 0.00 0.00 0.00

Frais de révision et autres frais 33,145.99 227,670.30 114,017.02

Taxe d’abonnement (note 3) 22,404.93 167,546.90 125,493.85

Intérêts payés sur repo's 0.00 0.19 0.00

Intérêts payés sur contrats de swaps 0.00 713,430.24 0.00

Primes sur credit default swaps 0.00 0.00 0.00

487,451.73 6,760,234.53 1,748,652.71


Bénéfice/perte net(te) réalisé(e) sur ventes de titres 1,139,615.35 -25,984,064.80 -17,043,757.42


-3,478,701.91 245,536.56 2,941,412.71

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 116,840.17 8,490,760.26 4,800,729.10

Bénéfice/perte de change, net(te) -249,542.11 -2,610,674.73 -2,040,845.84

Bénéfice/perte net(te) réalisé(e) sur contrats à terme -881,073.74 -1,542,010.40 449,238.51

Bénéfice/perte net(te) réalisé(e) sur swaps/credit default swaps 0.00 -2,286,150.51 -435,240.13

BENEFICE NET REALISE 123,384.46 15,396,248.02 4,111,793.85


- sur portefeuille-titres 4,427,579.84 -82,096,230.83 -2,354,073.92

- sur contrats de change à terme 13,668.30 320,951.43 244,774.53

- sur contrats à terme -46,109.46 14,748.74 4,250.00

- sur credit default swaps 0.00 4,451,638.00 0.00

- sur swaps 0.00 0.00 -148,110.00

BENEFICE/PERTE PROVENANT DES OPERATIONS 4,518,523.14 -61,912,644.64 1,858,634.46

Souscriptions d’actions 181,871,286.16 908,525,632.31 164,798,691.28

Rachats d’actions -174,631,341.68 -820,106,292.35 -513,051,557.67

Dividendes payés (note 15) -11,249.12 -927,993.20 -501,267.60

Ecart de conversion* 446,918.10 2,777,592.49 4,493,799.03

ACTIFS NETS EN FIN D'EXERCICE 180,795,151.85 373,626,581.13 344,812,503.24

*L’écart mentionné ci-dessus résulte des fluctuations des taux de conversion en devise des compartiments concernés des différents postes afférents aux classes d’actions libellées dans une autre devise que la devise du compartiment entre le 1er octobre 2010 et le 30 septembre 2011.

Pictet



45

USD Short Mid-Term Bonds CHF Bonds EUR Government Bonds EUR Inflation Linked Bonds

Emerging Local Currency Debt

USD CHF EUR EUR USD

285,310,237.78 453,259,961.95 680,566,353.03 222,513,454.22 8,772,965,857.34

0.00 0.00 0.00 0.00 0.00

0.00 99,023.47 0.00 0.00 143,466,001.15

89,432.93 597.77 0.00 0.00 25,299.36

3,516,901.32 10,773,503.84 20,654,309.27 4,304,614.78 565,983,847.98

10,617.86 5,022.21 35,577.77 5,295.37 537,821.56

0.00 0.00 0.00 0.00 0.00

3,616,952.11 10,878,147.29 20,689,887.04 4,309,910.15 710,012,970.05

734,071.65 1,086,585.53 1,262,756.24 812,012.18 63,200,777.08

108,322.32 162,285.93 190,353.97 113,609.03 3,582,724.79

126,621.33 321,309.58 306,027.69 181,887.47 20,781,575.69

0.00 0.00 0.00 0.00 0.00

74,282.03 223,276.97 134,442.85 55,754.38 2,671,587.98

96,371.38 85,587.53 129,798.23 74,122.48 2,048,239.62

0.00 0.00 405.78 5,969.08 0.00

141,800.05 9,979.17 0.00 0.00 135,805,960.35

0.00 7,680.07 0.00 0.00 0.00

1,281,468.76 1,896,704.78 2,023,784.76 1,243,354.62 228,090,865.51

2,335,483.35 8,981,442.51 18,666,102.28 3,066,555.53 481,922,104.54

2,865,829.54 3,280,230.89 -6,680,659.49 342,338.70 31,276,676.22

0.00 -158,455.39 412,457.92 0.00 55,951,371.93

0.00 65,686.22 3,387,930.26 19,186.54 43,490,546.24

-2,274.53 -125,445.14 -1,788,652.14 13,681.50 -30,944,156.22

-1,739,181.22 -106,737.85 -1,406,864.60 -939,084.98 10,479,305.86

201,502.68 266,957.74 0.00 0.00 160,873,542.04

3,661,359.82 12,203,678.98 12,590,314.23 2,502,677.29 753,049,390.61

-2,352,347.58 -6,941,482.83 -19,693,616.93 -7,948,223.73 -1,063,735,372.59

0.00 3,888.16 223,899.21 -7,140.69 76,434,182.78

148,575.92 14,842.03 17,565.00 -47,761.93 290,806.32

0.00 -46,801.32 0.00 0.00 9,102,390.26

0.00 -105,265.10 0.00 0.00 -171,665,887.95

1,457,588.16 5,128,859.92 -6,861,838.49 -5,500,449.06 -396,524,490.57

169,749,518.04 151,434,676.91 533,807,193.67 149,052,700.16 5,097,068,630.33

-203,845,497.82 -213,770,569.62 -607,647,395.19 -185,791,309.79 -4,681,697,910.68

-43,013.75 -159,561.97 -230,055.58 -48,169.69 -54,948,506.06

0.00 0.00 2,902,320.61 0.00 -9,411,604.76

252,628,832.41 395,893,367.19 602,536,578.05 180,226,225.84 8,727,451,975.60

Pictet



Asian Local Currency Debt

Global Emerging Currencies

JPY Liquidity

USD USD JPY ACTIFS NETS AU DEBUT DE L'EXERCICE 1,430,860,216.41 685,545,620.35 5,571,304,428.01

REVENUS

Intérêts sur prêts de titres 0.00 0.00 0.00

Intérêts sur contrats de swaps 42,224,054.22 924,183.00 0.00

Intérêts sur credit default swaps 29,859.83 0.00 0.00



Dividendes 0.00 0.49 0.00

99,714,612.19 37,983,150.34 39,207,360.00

DEPENSES

Commission de conseil en investissement et de gestion (note 4) 15,300,179.34 7,379,416.94 3,547,401.00

Commission de banque dépositaire, intérêts et frais bancaires 1,111,003.91 396,681.51 1,249,109.00

Commission de service (note 5) 4,194,884.51 1,624,134.61 1,755,399.00


Frais de révision et autres frais 622,557.87 266,321.79 1,697,164.00

Taxe d’abonnement (note 3) 530,325.27 311,399.61 1,705,255.00


Intérêts payés sur contrats de swaps 39,510,344.15 0.00 0.00

Primes sur credit default swaps 71,213.35 0.00 0.00

61,340,508.40 9,977,954.46 9,954,328.00


Bénéfice/perte net(te) réalisé(e) sur ventes de titres 15,466,494.49 -19,549,812.85 -65,076,738.00


-612,106.52 16,734,070.16 0.00

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 2,130,986.53 34,995,853.21 751,788.00

Bénéfice/perte de change, net(te) 9,843,665.51 -23,376,168.30 42,732,179.55

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 3,987,346.53 -197.22 0.00

Bénéfice/perte net(te) réalisé(e) sur swaps/credit default swaps 5,327,578.98 -43,067.84 0.00

BENEFICE NET REALISE 74,518,069.31 36,765,873.04 7,660,261.55


- sur portefeuille-titres -48,607,305.45 -86,485,435.44 -174,581,731.00

- sur contrats de change à terme 7,556,868.31 23,423,906.97 170,111,976.75

- sur contrats à terme -352,326.53 0.00 0.00

- sur credit default swaps 3,646,259.23 0.00 0.00

- sur swaps 528,397.70 -367,001.41 0.00

BENEFICE/PERTE PROVENANT DES OPERATIONS 37,289,962.57 -26,662,656.84 3,190,507.30

Souscriptions d’actions 1,398,744,236.32 1,485,989,822.34 7,008,716,215.00

Rachats d’actions -1,070,081,558.53 -1,141,689,670.02 -6,917,725,298.00

Dividendes payés (note 15) -5,489,358.21 -57,004.33 -6,324.00

Ecart de conversion* 0.00 -8,852,960.56 0.00

ACTIFS NETS EN FIN D'EXERCICE 1,791,323,498.56 994,273,150.94 5,665,479,528.31


Pictet



47

Latin American Local Currency Debt

USD Sovereign Liquidity EUR Sovereign Liquidity US High Yield EUR Corporate Bonds Ex Financial

USD USD EUR USD EUR

268,420,290.80 441,973,414.47 1,136,489,846.07 642,606,845.57 214,566,654.39

0.00 0.00 0.00 0.00 0.00

560,427.08 0.00 0.00 79,481.55 49,959.67

3.02 0.00 0.00 0.00 0.00

31,554,580.22 937,912.96 4,406,391.96 89,798,552.93 8,220,668.30

63,555.77 47,015.59 370,616.28 251,213.47 54,918.36

8,422.00 0.00 0.00 43,629.29 0.00

32,186,988.09 984,928.55 4,777,008.24 90,172,877.24 8,325,546.33

3,438,406.57 198,827.06 1,023,359.36 5,926,345.04 771,343.68

150,810.72 79,293.67 211,204.23 412,133.78 76,783.52

1,059,755.16 95,929.67 296,742.15 1,582,104.71 293,326.80

0.00 0.00 0.00 0.00 0.00

124,080.18 101,685.93 303,072.96 256,751.70 47,866.68

98,108.72 142,405.68 256,562.95 278,775.72 38,318.70

0.00 0.00 0.00 0.00 0.00

198,221.70 0.00 0.00 39.56 8,969.16

688.72 0.00 0.00 0.00 9,037.66

5,070,071.77 618,142.01 2,090,941.65 8,456,150.51 1,245,646.20

27,116,916.32 366,786.54 2,686,066.59 81,716,726.73 7,079,900.13

9,651,461.06 67,003,554.69 71,543,978.89 10,609,413.99 -7,894,439.28

2,852,495.52 -39,449.24 -5,738.78 20,540,381.64 -2,167,249.73

2,686,003.30 -67,927,150.26 -71,099,812.59 40,345,633.38 7,878,501.73

-3,496,650.74 6,240,334.95 3,010,255.77 -38,139,937.17 -4,262,754.04

1,879,379.08 0.00 0.00 0.00 -440,163.89

-320,405.46 0.00 0.00 0.00 -10,870.64

40,369,199.08 5,644,076.68 6,134,749.88 115,072,218.57 182,924.28

-44,995,077.11 -35,343,073.15 -14,910,734.42 -140,184,405.60 -4,080,059.89

-1,844,516.34 30,403,784.85 15,040,520.26 -8,417,629.83 884,406.74

0.00 0.00 0.00 0.00 294,275.00

-134,075.00 0.00 0.00 0.00 -360,752.14

1,267,265.66 0.00 0.00 0.00 0.00

-5,337,203.71 704,788.38 6,264,535.72 -33,529,816.86 -3,079,206.01

545,625,352.68 457,964,622.39 1,981,835,733.12 1,505,317,564.29 150,317,337.09

-403,632,225.91 -455,696,278.14 -1,711,702,793.79 -720,130,448.47 -176,716,982.94

-2,276,289.96 0.00 -2,379.19 -212,202.15 -180,093.00

-1,081,225.50 0.00 0.00 -27,017.20 7,118,371.32

401,718,698.40 444,946,547.10 1,412,884,941.93 1,394,024,925.18 192,026,080.85

Pictet



European Equity Selection

Small Cap Europe Emerging Markets

EUR EUR USD ACTIFS NETS AU DEBUT DE L'EXERCICE 252,365,498.81 196,882,723.11 1,489,508,297.47

REVENUS

Intérêts sur prêts de titres 457,699.19 205,164.63 62,308.07

Intérêts sur contrats de swaps 0.00 0.00 0.00

Intérêts sur credit default swaps 0.00 0.00 0.00

Intérêts sur les obligations, nets 0.00 0.00 0.00


Dividendes 6,524,152.72 4,456,202.11 34,220,181.47

6,985,769.76 4,703,226.85 34,292,664.20

DEPENSES


Commission de banque dépositaire, intérêts et frais bancaires 151,096.08 295,882.11 3,341,310.23

Commission de service (note 5) 749,678.87 604,831.59 2,886,881.56





Intérêts payés sur contrats de swaps 0.00 0.00 0.00


4,596,335.79 3,497,380.66 25,003,446.18


Bénéfice/perte net(te) réalisé(e) sur ventes de titres 11,787,498.08 31,054,156.02 168,351,201.66


65,385.30 24,484.73 2,495,180.37

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -94,952.40 1,489.09 3,033,404.44

Bénéfice/perte de change, net(te) -1,356,607.78 -218,871.44 -6,544,450.87

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 9.11 0.00 0.00

Bénéfice/perte net(te) réalisé(e) sur swaps/credit default swaps 0.00 0.00 0.00




- sur contrats de change à terme 0.00 0.00 -1,306,400.95

- sur contrats à terme 0.00 0.00 0.00

- sur credit default swaps 0.00 0.00 0.00

- sur swaps 0.00 0.00 0.00

BENEFICE/PERTE PROVENANT DES OPERATIONS -23,039,108.98 -10,969,214.77 -195,424,137.60



Dividendes payés (note 15) -4,759.68 0.00 0.00

Ecart de conversion* 0.00 0.00 -648,763.76



Pictet



49

Eastern Europe Europe Index USA Index European Sustainable Equities

Japan Index

EUR EUR USD EUR JPY

435,276,436.46 726,669,991.73 1,182,417,226.45 92,333,122.24 46,155,285,452.90

46,794.41 1,709,573.88 0.00 225,898.70 5,122,014.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

65,004.21 0.00 3,828.10 0.00 0.00

10,565,968.17 24,147,468.98 18,834,883.96 3,111,282.80 1,027,654,197.07

10,677,766.79 25,857,042.86 18,838,712.06 3,337,181.50 1,032,776,211.07

7,195,066.04 1,792,397.69 3,244,452.47 604,561.39 72,869,397.00

877,829.58 590,611.80 584,667.46 159,544.06 43,196,834.96

2,348,427.95 479,892.72 960,456.72 298,614.08 26,858,894.00

0.00 0.00 0.00 0.00 0.00

413,285.29 354,555.63 539,571.80 106,532.81 11,904,462.00

176,050.73 83,055.96 142,715.72 31,986.10 3,959,313.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

11,010,659.59 3,300,513.80 5,471,864.17 1,201,238.44 158,788,900.96

-332,892.80 22,556,529.06 13,366,847.89 2,135,943.06 873,987,310.11

30,919,999.74 33,916,019.53 59,195,170.35 -929,251.74 -2,128,462,068.08

4,825,333.51 0.00 0.00 -0.12 0.00

65,336.23 -37,668.39 0.00 -31,739.74 1,549,067.00

-5,777,680.11 -78,422.09 158.63 -65,839.38 -1,975,844.71

0.00 0.00 -120,781.48 0.00 -432,009.00

0.00 0.00 0.00 0.00 0.00

29,700,096.57 56,356,458.11 72,441,395.39 1,109,112.08 -1,255,333,544.68

-104,793,838.18 -145,975,142.54 -72,610,402.26 -10,647,572.93 -3,465,228,766.00

0.00 -6,478.95 0.00 24,634.07 -301,359.44

0.00 0.00 -4,800.00 0.00 7,250,000.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

-75,093,741.61 -89,625,163.38 -173,806.87 -9,513,826.78 -4,713,613,670.12

199,822,839.26 446,119,487.40 958,890,207.94 46,233,116.06 34,278,434,182.00

-252,188,154.21 -446,546,652.49 -1,006,304,109.45 -44,030,574.80 -31,322,800,879.00

0.00 -45,482.76 -24,999.11 -203,749.41 -1,059,538.22

0.00 0.00 0.00 0.00 0.00

307,817,379.90 636,572,180.50 1,134,804,518.96 84,818,087.31 44,396,245,547.56

Pictet



Pacific Ex Japan Index Digital Communication Biotech

USD USD USD ACTIFS NETS AU DEBUT DE L'EXERCICE 288,619,954.06 100,410,679.70 1,436,435,659.92

REVENUS





Intérêts bancaires 0.00 8,384.65 33,905.76

Dividendes 14,035,393.17 2,347,959.98 1,378,471.68

14,065,023.10 2,402,754.64 1,452,917.61

DEPENSES

Commission de conseil en investissement et de gestion (note 4) 813,119.68 2,376,832.30 20,230,133.64


Commission de service (note 5) 59,984.72 461,415.46 4,355,714.50







1,577,664.34 3,335,856.43 26,485,575.13

REVENUS NETS DES INVESTISSEMENTS 12,487,358.76 -933,101.79 -25,032,657.52

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 25,157,467.26 10,537,593.21 -49,274,588.32


0.00 689,724.03 7,535,467.49

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 167,279.65 71,586.32 13,693,995.14

Bénéfice/perte de change, net(te) -424,673.02 -101,595.61 -10,012,128.58



BENEFICE NET REALISE 37,387,432.65 10,264,206.16 -63,089,911.79


- sur portefeuille-titres -83,709,194.69 -25,162,389.60 33,692,219.01

- sur contrats de change à terme 0.00 -9,678.95 -5,350,141.74



- sur swaps 0.00 0.00 0.00




Dividendes payés (note 15) -47,915.71 -47.44 0.00

Ecart de conversion* 0.00 -228.03 -4,043,701.58



Pictet



51

Premium Brands Water Indian Equities Japanese Equity Opportunities (note 1)

Asian Equities Ex Japan

EUR EUR USD JPY USD

180,870,716.48 2,305,958,005.15 516,800,400.48 4,814,076,498.33 694,001,534.45

386,543.84 2,477,877.27 0.00 56,383.00 29,977.97

0.00 0.00 0.00 1,769,460.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

35,244.58 132,079.65 0.00 105,951.00 2,548.79

4,322,110.46 48,543,543.15 4,692,977.79 104,512,706.14 12,873,414.27

4,743,898.88 51,153,500.07 4,692,977.79 106,444,500.14 12,905,941.03

6,242,203.60 36,044,413.67 8,003,930.09 68,346,701.00 7,941,706.78

225,268.22 632,601.64 507,625.14 18,611,501.00 1,278,635.13

1,171,195.01 7,184,987.41 1,919,429.08 16,786,504.00 1,491,102.35

0.00 0.00 0.00 0.00 0.00

436,844.07 1,355,804.43 353,996.81 8,262,780.00 695,489.70

172,717.77 990,781.43 193,504.88 2,729,008.00 194,497.18

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

8,248,228.67 46,208,588.58 10,978,486.00 114,736,494.00 11,601,431.14

-3,504,329.79 4,944,911.49 -6,285,508.21 -8,291,993.86 1,304,509.89

13,052,564.97 77,406,592.33 48,062,246.93 -359,258,986.01 88,470,135.14

-6,071,520.82 6,426,191.08 0.00 34,462,679.80 819,450.28

-210,216.68 -343,190.55 0.00 6,901.00 -299,322.84

-594,854.39 -451,830.55 -3,684,329.43 -2,340,897,017.95 -3,368,169.20

203.32 0.00 0.00 0.00 0.00

0.00 0.00 0.00 40,821,150.77 0.00

2,671,846.61 87,982,673.80 38,092,409.29 -2,633,157,266.25 86,926,603.27

-48,278,041.03 -76,432,033.42 -180,278,510.17 -84,341,534.13 -157,926,389.62

65,786.64 193,156.44 0.00 0.00 -568,072.78

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 -11,062,039.77 0.00

-45,540,407.78 11,743,796.82 -142,186,100.88 -2,728,560,840.15 -71,567,859.13

718,556,743.17 465,856,429.09 107,182,747.44 40,094,155,190.00 162,814,820.84

-413,288,710.56 -773,430,918.90 -183,549,022.10 -36,592,433,484.00 -390,333,517.17

0.00 -259,686.55 0.00 0.00 0.00

0.00 52,090.34 0.00 0.00 -398,501.41

440,598,341.31 2,009,919,715.95 298,248,024.94 5,587,237,364.18 394,516,477.58

Pictet



Greater China Japanese Equity Selection

Generics

USD JPY USD ACTIFS NETS AU DEBUT DE L'EXERCICE 397,938,170.04 13,247,362,846.13 421,735,638.69

REVENUS





Intérêts bancaires 6,993.12 1,039,828.87 23,394.86

Dividendes 9,764,741.17 301,169,722.75 3,230,144.06

9,811,376.64 302,499,938.32 3,323,205.04

DEPENSES


Commission de banque dépositaire, intérêts et frais bancaires 248,740.50 22,125,134.59 151,905.28

Commission de service (note 5) 1,309,024.66 42,421,931.30 1,479,181.81


Frais de révision et autres frais 705,743.30 12,109,758.09 465,928.71

Taxe d’abonnement (note 3) 164,749.38 3,455,560.69 152,939.12




9,333,872.18 206,127,303.92 9,059,733.95

REVENUS NETS DES INVESTISSEMENTS 477,504.46 96,372,634.40 -5,736,528.91

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 38,076,568.12 -1,423,846,260.68 38,218,488.92


-138.03 275,099,979.01 9,989,377.10

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme 191.17 17,852,999.57 3,192,786.29

Bénéfice/perte de change, net(te) -880,632.70 -381,492,726.58 -3,625,812.13

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 0.00 -17,149.00 0.00


BENEFICE NET REALISE 37,673,493.02 -1,416,030,523.28 42,038,311.27



- sur contrats de change à terme 0.00 -28,103,596.09 -2,413,390.38



- sur swaps 0.00 0.00 0.00

BENEFICE/PERTE PROVENANT DES OPERATIONS -61,893,696.44 -1,564,504,550.40 -47,018,666.97

Souscriptions d’actions 226,501,303.58 17,863,063,367.03 479,076,800.03

Rachats d’actions -253,102,357.29 -16,619,060,206.16 -497,849,534.57

Dividendes payés (note 15) -4,120.23 -15,101.26 0.00

Ecart de conversion* 0.00 -245,698,556.56 -1,435,240.72

ACTIFS NETS EN FIN D'EXERCICE 309,439,299.66 12,681,147,798.78 354,508,996.46


Pictet



53

Emerging Markets Index Japanese Mid-Small Cap (note 1)

Euroland Index US Equity Growth Selection

Security

USD JPY EUR USD USD

1,140,549,900.73 685,732,494.79 96,781,963.86 1,407,075,038.99 162,817,186.46

62,094.04 0.00 325,418.60 0.00 37,757.95

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

979.65 1,728.00 284.33 80,074.27 10,937.14

29,165,221.20 7,633,576.00 3,020,007.18 10,678,619.10 2,089,175.49

29,228,294.89 7,635,304.00 3,345,710.11 10,758,693.37 2,137,870.58

3,213,749.02 7,930,515.00 181,071.15 13,520,621.83 3,737,765.46

3,407,505.82 94,164.00 25,606.18 457,510.40 144,533.06

684,716.11 1,492,399.00 41,240.90 3,737,528.25 728,186.50

0.00 0.00 0.00 0.00 0.00

409,471.32 137,535.00 29,064.38 653,018.79 389,336.52

128,742.51 198,544.00 14,109.18 450,835.18 88,769.07

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

7,844,184.78 9,853,157.00 291,091.79 18,819,514.45 5,088,590.61

21,384,110.11 -2,217,853.00 3,054,618.32 -8,060,821.08 -2,950,720.03

356,329,547.48 -75,975,376.44 2,754,697.37 199,502,584.04 15,777,432.48

0.00 -9,423,753.00 0.00 11,844,709.85 905,375.06

-78,470.99 -4.00 0.00 42,179,546.31 3,995.48

-3,239,736.31 -4,646,513.26 -63.19 -18,069,266.78 -516,790.28

-93,798.91 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

374,301,651.38 -92,263,499.70 5,809,252.50 227,396,752.34 13,219,292.71

-511,906,014.90 34,462,613.00 -22,784,156.60 -140,236,906.58 -41,483,366.08

0.00 0.00 0.00 -11,041,289.71 0.00

-204,637.40 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

-137,809,000.92 -57,800,886.70 -16,974,904.10 76,118,556.05 -28,264,073.37

508,922,524.15 970,520,015.00 67,149,113.55 692,963,670.75 259,385,199.64

-737,842,372.93 -1,598,451,623.09 -53,432,618.95 -1,311,457,559.96 -199,339,199.49

-81,205.27 0.00 -9,686.87 0.00 0.00

0.00 0.00 0.00 -9,272,060.94 0.00

773,739,845.76 0.00 93,513,867.49 855,427,644.89 194,599,113.24

Pictet



Clean Energy Russian Equities Timber

USD USD USD ACTIFS NETS AU DEBUT DE L'EXERCICE 643,362,071.50 320,093,395.55 114,583,152.00

REVENUS






Dividendes 8,772,997.31 7,968,657.44 6,898,746.10

9,314,406.20 8,023,017.93 7,110,135.68

DEPENSES



Commission de service (note 5) 1,798,480.20 1,617,827.01 492,769.70







12,135,393.28 9,785,153.03 3,572,306.11

REVENUS NETS DES INVESTISSEMENTS -2,820,987.08 -1,762,135.10 3,537,829.57

Bénéfice/perte net(te) réalisé(e) sur ventes de titres -103,031,125.34 -1,042,497.07 -11,993,428.74


-3,731,165.86 0.00 -1,727,304.64

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -10,438.07 0.00 1,147,825.17

Bénéfice/perte de change, net(te) -2,080,273.39 -363,803.06 -1,808,525.51

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 0.00 -5.30 0.00


BENEFICE NET REALISE -111,673,989.74 -3,168,440.53 -10,843,604.15



- sur contrats de change à terme 0.00 0.00 -406,085.25



- sur swaps 0.00 0.00 0.00




Dividendes payés (note 15) 0.00 0.00 -330,898.46

Ecart de conversion* 0.00 0.00 -104,567.08



Pictet



55

Agriculture Global Megatrend Selection US Equity Value Selection

Middle East And North Africa

Environmental Megatrend Selection

EUR USD USD USD EUR

139,167,388.20 485,369,777.38 159,498,372.27 26,945,498.38 3,077,792.84

18,169.62 488,302.78 0.00 0.00 15,930.45

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

16,786.63 50,386.40 12,656.98 1,927.32 899.34

2,298,724.09 12,517,120.67 3,110,741.25 1,049,120.85 304,745.35

2,333,680.34 13,055,809.85 3,123,398.23 1,051,048.17 321,575.14

3,352,897.71 16,220,468.43 2,429,975.75 455,082.98 246,226.65

172,032.47 591,333.51 116,910.94 174,201.32 7,873.99

665,344.20 2,833,266.69 538,601.72 30,235.27 46,417.32

0.00 0.00 0.00 0.00 0.00

226,993.78 1,018,131.99 72,567.88 19,896.49 19,904.91

85,626.53 372,944.26 89,183.98 10,180.13 7,601.79

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

4,502,894.69 21,036,144.88 3,247,240.27 689,596.19 328,024.66

-2,169,214.35 -7,980,335.03 -123,842.04 361,451.98 -6,449.52

6,119,003.33 19,605,081.63 7,533,188.04 -874,129.27 -1,295,330.71

-105,548.85 -43,120,221.49 898,746.83 191,535.02 -573,773.73

11,363.88 -566,633.36 955,644.34 281,897.12 -24,170.21

-992,391.36 847,273.88 -1,158,494.55 -344,555.22 -141,809.05

0.00 59.67 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

2,863,212.65 -31,214,774.70 8,105,242.62 -383,800.37 -2,041,533.22

-41,663,864.89 -118,614,760.81 -17,151,214.77 -3,448,551.11 -1,994,549.45

0.00 -97,223.81 -290,269.26 -108,427.70 396.05

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

-38,800,652.24 -149,926,759.32 -9,336,241.41 -3,940,779.18 -4,035,686.62

224,054,083.62 864,109,306.43 104,315,001.00 18,676,416.61 23,904,586.59

-141,262,884.17 -348,637,502.18 -100,003,319.43 -19,063,115.00 -4,785,968.02

-44.01 -61.49 0.00 -102.90 0.00

0.00 0.00 -13,813.05 -57,388.86 0.00

183,157,891.40 850,914,760.82 154,459,999.38 22,560,529.05 18,160,724.79

Pictet



High Dividend Selection Brazil Index (note 1) Bric Index (note 1)

EUR USD USD ACTIFS NETS AU DEBUT DE L'EXERCICE 84,472,728.97 0.00 0.00

REVENUS

Intérêts sur prêts de titres 418,971.11 0.00 1.37




Intérêts bancaires 17,235.15 0.00 0.00

Dividendes 9,588,501.76 50,762.19 390.07

10,024,708.02 50,762.19 391.44

DEPENSES

Commission de conseil en investissement et de gestion (note 4) 3,760,618.79 1,857.72 41.99

Commission de banque dépositaire, intérêts et frais bancaires 935,145.03 2,329.83 26.18

Commission de service (note 5) 551,289.70 885.96 9.58


Frais de révision et autres frais 316,944.96 763.26 9.45

Taxe d’abonnement (note 3) 111,406.07 142.25 12.43




5,675,404.55 5,979.02 99.63

REVENUS NETS DES INVESTISSEMENTS 4,349,303.47 44,783.17 291.81

Bénéfice/perte net(te) réalisé(e) sur ventes de titres -3,222,012.09 -49,020.68 175.24


0.00 244,124.11 27,063.85

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -19.20 -8,886.51 1.56

Bénéfice/perte de change, net(te) 84,340.52 -4,496.84 -776.54



BENEFICE NET REALISE 1,211,612.70 226,503.25 26,755.92


- sur portefeuille-titres -8,054,437.62 -1,651,485.40 -43,896.66

- sur contrats de change à terme 0.00 0.00 0.00



- sur swaps 0.00 0.00 0.00

BENEFICE/PERTE PROVENANT DES OPERATIONS -6,842,824.92 -1,424,982.15 -17,140.74

Souscriptions d’actions 382,273,945.05 5,758,111.08 139,809.50

Rachats d’actions -90,980,868.88 -197.91 0.00

Dividendes payés (note 15) -4,238,169.70 0.00 0.00

Ecart de conversion* 0.00 0.00 0.00

ACTIFS NETS EN FIN D'EXERCICE 364,684,810.52 4,332,931.02 122,668.76


Pictet



57

China Index (note 1) India Index (note 1) Latam Index (note 1) Russia Index (note 1) Piclife

USD USD USD USD CHF

0.00 0.00 0.00 0.00 97,905,813.27

866.06 0.00 0.00 0.40 4,375.07

0.00 0.00 0.00 0.00 27,287.75

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 1,515,631.54

0.00 0.00 0.00 0.00 1,899.06

72,895.39 8,728.95 10,585.19 31,080.99 348,844.22

73,761.45 8,728.95 10,585.19 31,081.39 1,898,037.64

12,267.62 1,597.50 657.96 1,365.26 775,152.32

6,183.90 1,212.91 601.88 1,392.79 45,193.69

2,223.27 501.32 235.85 455.60 109,524.01

0.00 0.00 0.00 0.00 0.00

2,064.53 1,070.91 174.90 192.97 36,290.01

1,191.86 124.39 39.87 87.74 43,843.87

0.00 0.00 0.00 0.00 14.41

0.00 0.00 0.00 0.00 17,533.02

0.00 0.00 0.00 0.00 369.97

23,931.18 4,507.03 1,710.46 3,494.36 1,027,921.30

49,830.27 4,221.92 8,874.73 27,587.03 870,116.34

-112,366.13 1,467.25 -11,830.09 -53,399.77 -737,996.58

676,836.52 510,404.65 15,341.75 -171,392.86 -44,549.60

1,370.71 6,320.43 -1,354.00 -519.64 -20,364.14

-6,273.06 -31,352.27 -1,773.71 -5,216.79 -1,628,075.97

0.00 0.00 0.00 0.00 1,017,642.11

0.00 0.00 0.00 0.00 45,751.78

609,398.31 491,061.98 9,258.68 -202,942.03 -497,476.06

-4,063,583.87 -1,211,841.73 -347,498.03 -955,782.31 -4,261,885.25

0.00 0.00 0.00 0.00 -907.81

0.00 0.00 0.00 0.00 -249,986.58

0.00 0.00 0.00 0.00 -33,303.98

0.00 0.00 0.00 0.00 -22,967.97

-3,454,185.56 -720,779.75 -338,239.35 -1,158,724.34 -5,066,527.65

14,518,035.43 5,955,528.49 1,555,367.78 7,565,400.85 51,028,778.91

-361,921.28 -100.69 -168,046.85 -4,345,455.83 -64,305,939.46

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

10,701,928.59 5,234,648.05 1,049,081.58 2,061,220.68 79,562,125.07

Pictet



Absolute Return Global Diversified

Absolute Return Global Conservative

Convertible Bonds

EUR EUR EUR ACTIFS NETS AU DEBUT DE L'EXERCICE 629,664,567.31 74,951,927.54 837,254,170.43

REVENUS

Intérêts sur prêts de titres 164,282.74 15,052.38 0.00

Intérêts sur contrats de swaps 1,173,700.45 94,937.39 5,403,091.72

Intérêts sur credit default swaps 96,071.54 8,309.40 0.00

Intérêts sur les obligations, nets 5,409,453.87 873,289.04 18,913,067.67

Intérêts bancaires 1,515,216.47 284,490.28 313,398.73

Dividendes 4,138,418.26 377,266.01 606,817.21

12,497,143.33 1,653,344.50 25,236,375.33

DEPENSES

Commission de conseil en investissement et de gestion (note 4) 4,794,863.45 316,862.92 10,289,289.92

Commission de banque dépositaire, intérêts et frais bancaires 1,103,291.46 143,819.00 2,559,357.72

Commission de service (note 5) 1,158,522.64 129,609.86 1,910,067.65

Commission de performance (note 8) 0.00 0.00 1,879,790.26




Intérêts payés sur contrats de swaps 395,613.10 32,517.58 6,749.13

Primes sur credit default swaps 205,969.44 20,541.16 0.00

8,074,061.46 684,425.17 17,481,719.68

REVENUS NETS DES INVESTISSEMENTS 4,423,081.87 968,919.33 7,754,655.65

Bénéfice/perte net(te) réalisé(e) sur ventes de titres 12,821,695.07 578,712.68 67,081,791.50


10,590,361.38 343,815.59 -588,283.79

Bénéfice/perte net(te) réalisé(e) sur contrats de change à terme -6,409,575.27 -933,517.72 8,512,847.91

Bénéfice/perte de change, net(te) 1,045,662.73 465,803.62 -5,251,986.52

Bénéfice/perte net(te) réalisé(e) sur contrats à terme 35,297,628.86 2,827,465.43 6,835,659.10

Bénéfice/perte net(te) réalisé(e) sur swaps/credit default swaps 10,322,693.89 1,658,587.14 -13,627,122.53




- sur contrats de change à terme -4,571,478.98 -657,256.66 -605,433.27

- sur contrats à terme -6,771,930.59 -425,733.58 5,878,513.31

- sur credit default swaps -681,437.64 -49,959.01 0.00

- sur swaps -8,222,254.57 -903,685.36 -253,830.11

BENEFICE/PERTE PROVENANT DES OPERATIONS -1,070,506.95 55,034.66 -40,205,024.16



Dividendes payés (note 15) -12,394.00 -478.50 0.00

Ecart de conversion* 2,425,302.94 0.00 13,830,545.87



Pictet

NOMBRE D’ACTIONS EN CIRCULATION ET ACTIF NET PAR ACTION


59

Compartiment

Type d'actions

Devise Nombre d'actions en circulation

Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - EUR Bonds I EUR 78,991.17 415.79 423.60 395.39

P EUR 202,550.43 401.00 410.07 384.22

P dy EUR 14,116.90 284.67 300.71 292.39

R EUR 42,562.57 388.38 398.45 374.52

Z EUR 104,677.74 422.75 428.72 398.30

HI CHF CHF 36,610.00 563.18 580.72 545.10

HP CHF CHF 3,959.30 543.10 562.15 529.67

Pictet - USD Government Bonds I USD 365,190.29 595.67 568.64 529.78

P USD 116,874.83 576.25 551.41 514.96

P dy USD 110,857.11 399.57 394.27 377.87

R USD 12,278.78 559.23 536.20 501.76

Z USD 56,077.80 602.12 573.15 532.39

Pictet - CHF Liquidity I CHF 2,027,310.53 125.26 125.03 125.05

P CHF 2,721,948.92 124.29 124.13 124.23

P dy CHF 393,399.32 93.12 93.34 93.77

R CHF 289,541.28 123.58 123.46 123.60

Z CHF 457,353.31 125.62 125.30 125.16

Z dy CHF 100.00 94.64 94.91 95.36

Pictet - USD Liquidity I USD 2,129,196.52 133.36 132.99 132.58

P USD 1,489,835.80 131.40 131.19 131.00

P dy USD 51,172.93 84.80 84.95 85.54

R USD 526,044.44 128.65 128.65 128.73

Z USD 1,843,393.76 133.68 133.13 132.53

Pictet - EUR Liquidity I EUR 4,642,314.40 139.32 138.10 137.51

P EUR 5,585,864.13 137.17 136.22 135.88

P dy EUR 507,670.94 96.94 96.85 97.93

R EUR 1,926,093.61 134.20 133.57 133.53

Z EUR 1,917,844.81 139.66 138.26 137.47

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - EUR Corporate Bonds I EUR 4,045,779.84 156.85 162.62 150.16

P EUR 1,421,966.72 150.46 156.70 145.34

P dy EUR 1,154,290.20 98.12 106.23 102.18

R EUR 1,123,949.30 146.92 153.56 142.92

R dm EUR 25,306.75 144.61 - -

Z EUR 2,169,122.82 159.29 164.28 150.87

Z dy EUR 100.00 109.24 118.32 113.58

DH I EUR 8,181.25 158.09 - -

DH P EUR 8,527.95 151.65 - -

DH R EUR 100.00 148.09 - -

HI CHF CHF 388,214.37 212.31 222.99 207.06

HP CHF CHF 499,594.04 203.76 214.95 200.48

HZ CHF CHF 33,409.88 213.50 223.02 -

HI USD USD 16,058.17 179.22 187.03 172.87

HP USD USD 109,000.59 171.97 180.25 167.34

Pictet - Global Emerging Debt I USD USD 955,450.12 284.79 281.44 248.20

P USD USD 1,135,763.22 271.19 269.57 239.16

P dy USD USD 555,338.78 167.60 175.07 162.70

P dm USD USD 340.00 163.50 171.46 -

R USD USD 257,819.84 261.16 260.91 232.64

Z USD USD 846,201.04 294.30 288.75 252.81

HI CHF CHF 187,872.13 331.56 329.80 292.76

HP CHF CHF 338,885.55 315.63 315.81 282.00

HI EUR EUR 1,704,760.20 202.54 199.72 176.61

HI dy EUR EUR 73,340.00 202.54 - -

HP EUR EUR 1,154,180.70 194.14 192.56 171.28

HR EUR EUR 996,858.88 198.88 198.24 177.22

HR dm EUR EUR 25,696.31 194.41 - -

HZ EUR EUR 1,693,932.54 205.06 200.74 -

HI JPY JPY 666,971.07 11,126.00 11,043.00 -

HI ILS ILS 1,768.84 994.90 - -

Pictet



61

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - World Government Bonds I EUR EUR 628,474.83 141.51 134.45 118.24

P EUR EUR 95,139.08 137.45 130.92 115.43

P dy EUR EUR 425.01 106.60 104.57 97.05

R EUR EUR 74,989.54 134.16 128.03 113.11

Z EUR EUR 179,146.60 143.26 135.74 119.05

I USD USD 250,300.31 189.42 181.85 171.93

P USD USD 29,481.18 184.05 177.12 167.86

P dy USD USD 1,327.14 145.32 143.63 138.94

R USD USD 26,016.39 179.71 173.28 164.55

Pictet - EUR High Yield I EUR 578,626.11 158.44 175.57 145.14

P EUR 587,331.17 150.96 168.28 139.94

P dy EUR 181,917.41 78.22 92.24 81.13

R EUR 426,374.82 144.85 162.28 135.63

R dm EUR 10,556.18 141.70 - -

Z EUR 641,501.07 122.57 134.88 110.71

HI CHF CHF 29,505.36 216.01 242.08 201.13

HP CHF CHF 189,260.49 205.83 232.04 193.92

Pictet - EUR Short Mid-Term Bonds I EUR 358,406.81 124.64 123.39 122.72

P EUR 624,533.88 122.66 121.64 121.22

P dy EUR 133,771.46 90.57 92.91 95.66

R EUR 663,975.78 120.89 120.07 119.83

Z EUR 824,506.66 125.88 124.33 123.36

HI CHF CHF 138,172.54 109.49 109.65 109.58

HP CHF CHF 169,463.34 107.60 107.95 108.09

Pictet - USD Short Mid-Term Bonds I USD 599,677.84 126.32 125.34 122.28

P USD 863,381.21 124.40 123.67 120.88

P dy USD 26,812.90 99.42 100.53 100.05

R USD 449,769.19 122.71 122.16 119.59

Z USD 92,311.63 125.76 124.50 121.17

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - CHF Bonds I CHF 309,029.79 448.92 442.99 425.15

P CHF 187,882.52 436.65 432.26 416.17

P dy CHF 21,301.27 395.66 399.09 391.03

R CHF 48,039.57 426.04 422.81 408.10

Z CHF 1,340,116.32 109.12 107.22 102.45

Pictet - EUR Government Bonds I EUR 2,263,873.14 121.74 122.21 117.34

P EUR 1,317,092.99 120.17 120.92 116.39

P dy EUR 97,560.41 101.40 105.75 105.03

R EUR 294,133.26 118.88 119.87 115.61

Z EUR 883,024.84 123.47 123.59 118.32

HI CHF CHF 112,105.66 112.25 114.08 110.13

HP CHF CHF 48,989.67 110.80 112.88 109.23

Pictet - EUR Inflation Linked Bonds I EUR 259,644.45 112.98 115.38 110.83

P EUR 270,912.26 111.53 114.18 109.93

P dy EUR 23,602.67 103.47 107.41 104.62

R EUR 734,998.39 110.40 113.24 109.25

Z EUR 323,634.46 114.61 116.70 111.75

Pictet



63

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Emerging Local Currency Debt I USD USD 11,223,911.78 180.77 185.59 157.31

P USD USD 4,864,075.34 174.63 180.44 153.94

P dy USD USD 1,247,024.78 140.41 152.27 136.60

P dm USD USD 380,239.43 136.50 149.07 -

R USD USD 999,424.05 169.56 176.17 151.13

R dm USD USD 100.00 167.89 - -

Z USD USD 7,518,408.26 188.02 191.56 161.11

I dy GBP GBP 2,650,922.76 110.45 117.48 -

P dy GBP GBP 557,688.04 92.71 99.11 88.13

I EUR EUR 3,596,947.78 134.73 136.47 108.17

P EUR EUR 4,093,929.89 130.12 132.65 105.82

R EUR EUR 3,365,633.53 126.38 129.55 103.92

Z dy EUR EUR 2,807,531.01 132.00 140.86 -

J dy EUR EUR 344,153.83 138.93 140.83 -

HI EUR EUR 1,467,926.34 120.32 124.09 105.99

HP EUR EUR 1,164,941.79 116.27 120.67 103.74

HR EUR EUR 489,836.29 112.90 117.82 101.84

HI dy EUR EUR 428,384.00 120.32 - -

HZ EUR EUR 128,993.90 145.76 149.12 -

HZ dy EUR EUR 2,024,045.86 144.55 149.12 -

HZ CHF CHF 148,411.99 156.66 - -

Pictet - Asian Local Currency Debt I USD USD 3,132,160.64 147.49 141.75 125.58

I dy USD USD 174,100.00 147.08 141.75 -

P USD USD 3,250,322.45 142.46 137.79 122.87

P dy USD USD 874,790.94 128.57 127.68 113.86

R USD USD 202,316.14 138.36 134.56 120.66

Z USD USD 936,012.55 153.36 146.26 128.57

I GBP GBP 59,660.41 94.46 89.19 -

P dy GBP GBP 316,837.11 83.56 81.49 71.78

I EUR EUR 1,319,016.33 109.05 103.72 85.62

P EUR EUR 1,618,835.86 105.33 100.83 83.77

R EUR EUR 588,309.02 102.29 98.46 82.27

HP EUR EUR 100.00 104.46 - -

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Global Emerging Currencies I USD USD 533,684.07 105.29 106.00 101.09

P USD USD 586,841.76 103.55 104.78 100.45

P dy USD USD 96,299.33 98.44 100.98 98.38

R USD USD 223,198.30 102.14 103.81 99.97

Z USD USD 1,806,337.80 107.30 107.40 101.83

I EUR EUR 433,700.25 78.11 77.54 69.28

P EUR EUR 1,336,043.86 76.84 76.66 68.85

R EUR EUR 1,844,172.06 75.71 75.87 68.45

HI EUR EUR 1,204,121.08 66.73 67.45 64.84

HP EUR EUR 798,498.62 65.64 66.69 64.44

HR EUR EUR 494,159.06 64.67 66.00 64.06

P CHF CHF 118,035.76 93.82 102.08 -

Z GBP GBP 442,667.43 68.89 - -

Pictet - JPY Liquidity I JPY 32,629.08 101,398.71 101,311.37 101,160.16

P JPY 222,295.14 10,114.94 10,112.07 10,103.05

P dy JPY 150.00 9,793.03 9,852.63 9,923.05

R JPY 9,490.39 10,093.64 10,095.83 10,091.88

Z JPY 100.00 10,182.80 10,162.98 10,136.36

J JPY 100.00 101,498.03 101,382.21 101,209.94

Pictet - Latin American Local Currency Debt

I USD USD 1,765,776.19 139.04 136.76 116.30

I dy USD USD 80,100.00 138.82 136.77 -

P USD USD 354,596.93 135.65 134.29 114.94

P dy USD USD 29,105.86 110.70 115.78 106.21

P dm USD USD 136,898.80 107.00 113.54 -

R USD USD 60,223.48 132.81 132.19 113.77

Z USD USD 2,714.88 143.21 139.77 117.93

P dy GBP GBP 125,458.75 73.43 75.72 69.18

I EUR EUR 146,710.02 104.52 101.45 80.72

P EUR EUR 108,303.40 101.99 99.63 79.78

R EUR EUR 156,643.75 99.82 98.05 78.96

Pictet



65

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - USD Sovereign Liquidity I USD 1,038,800.04 102.08 101.91 101.75

P USD 1,273,217.43 101.73 101.63 101.57

P dy USD 75,796.00 100.22 100.12 100.86

R USD 496,421.24 101.35 101.32 101.39

Z USD 1,478,752.49 102.43 102.16 101.87

Pictet - EUR Sovereign Liquidity I EUR 5,989,014.18 103.38 102.72 102.55

P EUR 3,054,111.89 102.99 102.44 102.38

P dy EUR 428,908.14 100.46 99.96 101.02

R EUR 2,298,672.92 102.50 102.11 102.19

Z EUR 1,931,730.52 103.78 102.99 102.68

J EUR 100.00 103.40 102.70 102.51

Pictet - US High Yield I USD USD 1,952,640.33 114.12 113.42 -

P USD USD 944,488.26 112.82 112.79 -

P dy USD USD 120,763.78 107.56 112.79 -

P dm USD USD 5,535.00 104.46 109.56 -

R USD USD 312,947.36 111.76 112.29 -

Z USD USD 4,933,280.76 115.63 114.12 -

HI EUR EUR 1,603,027.71 76.70 76.09 -

HP EUR EUR 300,582.65 75.84 75.69 -

HR EUR EUR 800,307.16 76.80 77.03 -

HR dm EUR EUR 33,557.99 75.10 - -

HI CHF CHF 283,193.32 114.53 114.57 -

HP CHF CHF 1,027,646.26 113.24 113.96 -

HP ILS ILS 3,808.94 398.26 - -

Pictet - EUR Corporate Bonds Ex Financial

I EUR 383,946.83 117.62 117.56 -

P EUR 154,296.10 116.34 116.80 -

P dy EUR 188,564.00 109.83 114.11 -

R EUR 184,689.65 115.31 116.17 -

Z EUR 168,171.07 119.44 118.60 -

HI CHF CHF 407,995.57 175.18 177.46 -

HZ CHF CHF 64,535.89 154.42 - -

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - European Equity Selection I EUR EUR 89,568.48 394.40 440.10 403.06

P EUR EUR 151,065.05 377.80 424.28 391.06

P dy EUR EUR 1,770.00 354.56 402.41 377.65

R EUR EUR 253,480.20 358.80 404.96 375.14

Z EUR EUR 38,872.17 405.59 449.11 408.11

Pictet - Small Cap Europe I EUR EUR 71,398.29 496.16 544.99 456.98

P EUR EUR 127,632.76 469.03 519.53 439.30

P dy EUR EUR 1,717.00 463.51 513.41 434.79

R EUR EUR 41,306.35 441.41 492.37 419.26

Z EUR EUR 84,947.51 520.33 566.03 470.00

Pictet - Emerging Markets I USD USD 439,521.39 487.02 594.43 512.84

P USD USD 445,659.82 461.11 565.84 490.82

P dy USD USD 889.95 456.37 560.02 486.95

R USD USD 83,945.40 438.30 540.55 471.23

Z USD USD 706,464.25 534.31 641.02 543.57

I EUR EUR 87,450.99 362.99 434.97 349.66

P EUR EUR 80,518.91 343.67 414.05 334.64

R EUR EUR 54,425.63 326.67 395.55 321.29

HI EUR EUR 16,059.71 334.65 411.35 358.26

HP EUR EUR 27,183.43 316.84 391.57 342.90

HR EUR EUR 49,945.40 301.18 374.08 329.22

Pictet - Eastern Europe I EUR EUR 229,315.60 305.06 370.93 285.04

P EUR EUR 668,663.66 294.93 360.00 277.73

P dy EUR EUR 1,928.58 294.67 359.57 277.74

R EUR EUR 144,150.15 277.24 340.78 264.75

Z EUR EUR 106.00 331.52 396.23 299.29

P dy GBP GBP 283.04 253.79 309.40 253.47

Pictet



67

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Europe Index I EUR EUR 2,177,060.29 96.03 106.81 97.11

IS EUR EUR 966,945.02 95.97 107.45 97.48

P EUR EUR 1,864,612.88 95.06 105.87 96.37

P dy EUR EUR 50,329.71 83.68 95.37 89.60

R EUR EUR 422,084.29 92.32 103.72 94.25

Z EUR EUR 1,170,774.92 97.24 107.84 97.74

R dy GBP GBP 4,981.92 75.68 87.15 85.36

Pictet - USA Index I USD USD 5,365,809.44 94.70 94.33 86.39

IS USD USD 566,684.28 95.17 94.29 86.86

P USD USD 3,850,360.81 93.69 93.44 85.70

P dy USD USD 169,911.55 89.47 90.23 83.61

R USD USD 975,335.46 91.22 90.76 83.92

Z USD USD 1,118,334.89 95.85 95.20 86.94

P EUR EUR 750.00 69.83 - -

R EUR EUR 100.00 67.99 - -

R dy GBP GBP 6,238.31 57.78 57.02 52.28

Pictet - European Sustainable Equities I EUR EUR 177,583.29 132.78 145.54 131.13

P EUR EUR 189,917.06 127.78 140.60 127.18

P dy EUR EUR 91,995.37 116.65 130.26 119.94

R EUR EUR 37,942.63 124.57 137.62 124.98

Z EUR EUR 159,648.37 134.75 146.71 131.29

Pictet - Japan Index I JPY JPY 1,200,195.15 7,594.44 8,260.26 8,856.70

IS JPY JPY 1,085,127.40 7,652.15 8,326.57 8,885.21

P JPY JPY 735,141.62 7,516.13 8,185.97 8,789.06

P dy JPY JPY 6,714.00 7,120.96 7,845.18 8,524.94

R JPY JPY 125,887.50 7,374.22 8,049.70 8,614.64

Z JPY JPY 2,195,011.21 7,777.28 8,434.84 9,014.38

IS EUR EUR 442,272.54 73.86 73.38 -

P EUR EUR 100.00 72.33 - -

R EUR EUR 688.98 70.93 - -

R dy GBP GBP 363.06 60.24 60.08 59.54

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Pacific Ex Japan Index I USD USD 228,818.74 263.64 296.74 262.04

IS USD USD 353,973.74 263.15 297.93 263.29

P USD USD 104,179.72 260.84 293.97 259.98

P dy USD USD 783.48 222.26 257.49 234.17

R USD USD 140,624.54 254.52 288.95 256.29

Z USD USD 296,605.73 267.25 299.89 263.99

P EUR EUR 100.00 192.86 - -

R EUR EUR 1,888.60 188.18 - -

R dy GBP GBP 9,018.56 155.05 177.15 159.27

Pictet - Digital Communication I USD USD 217,856.65 136.16 145.13 116.77

P USD USD 324,681.72 125.13 134.49 109.12

P dy USD USD 4,354.00 120.68 129.71 106.53

R USD USD 98,596.86 116.37 125.95 102.91

Z USD USD 46,820.44 137.32 144.95 115.51

I EUR EUR 104,772.50 101.48 106.20 79.61

P EUR EUR 243,297.83 93.26 98.41 74.40

R EUR EUR 121,849.60 86.73 92.16 70.16

I dy GBP GBP 126.49 87.13 91.32 72.56

P dy GBP GBP 3,560.59 78.39 82.59 66.99

HI EUR EUR 4,678.71 90.89 97.06 78.55

Pictet - Biotech I USD USD 381,706.00 283.46 298.57 317.54

P USD USD 2,053,339.37 261.47 277.74 297.87

P dy USD USD 21,465.62 261.36 277.63 297.75

R USD USD 292,858.31 244.78 261.83 282.78

Z USD USD 23,118.25 284.98 297.74 314.05

I EUR EUR 55,548.34 211.27 219.55 218.34

P EUR EUR 113,632.38 194.88 204.24 204.81

R EUR EUR 23,287.07 182.44 192.54 194.44

I dy GBP GBP 1,763.55 181.96 188.99 199.26

P dy GBP GBP 6,592.87 167.78 175.73 186.84

HI EUR EUR 145,474.51 190.29 201.75 216.63

HP EUR EUR 248,185.07 196.57 210.16 227.55

HR EUR EUR 129,941.69 184.03 198.12 216.03

Pictet



69

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Premium Brands I EUR EUR 1,125,094.73 87.41 88.58 63.25

P EUR EUR 1,705,532.37 80.36 82.12 59.14

P dy EUR EUR 65,846.44 80.31 82.08 59.09

R EUR EUR 1,214,236.26 75.03 77.21 56.00

Z EUR EUR 56,921.41 87.22 87.51 61.86

I USD USD 91,182.47 117.28 121.05 92.77

P USD USD 992,284.13 107.82 112.22 86.74

R USD USD 45,014.76 100.67 105.51 82.14

I dy GBP GBP 51,967.57 75.25 76.13 57.65

P dy GBP GBP 53,476.54 69.17 70.58 53.86

HP USD USD 47,877.57 108.74 - -

HR USD USD 311.62 101.51 - -

HP SGD SGD 173.00 140.68 - -

Pictet - Water I EUR EUR 1,963,797.77 145.76 144.93 123.88

P EUR EUR 9,027,913.62 134.17 134.52 115.96

P dy EUR EUR 305,724.03 132.57 133.39 115.44

R EUR EUR 1,944,091.42 125.31 126.53 109.83

Z EUR EUR 272,960.02 148.48 146.17 123.68

I dy GBP GBP 22,074.43 124.18 124.62 112.91

P dy GBP GBP 105,287.51 114.65 115.17 105.65

I USD USD 383,801.32 195.57 198.06 181.69

P USD USD 751,766.01 180.02 183.83 170.08

R USD USD 39,770.18 168.13 172.92 161.09

HP USD USD 66,714.76 175.04 177.58 154.44

HR USD USD 237.53 163.48 167.03 146.28

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Indian Equities I USD USD 46,598.63 320.09 453.03 358.76

P USD USD 367,433.33 301.94 430.96 344.17

P dy USD USD 3,577.00 301.94 430.96 344.17

R USD USD 335,677.70 287.84 413.72 332.72

Z USD USD 14,647.00 337.13 471.83 369.47

I EUR EUR 15,393.65 236.67 331.50 244.60

P EUR EUR 35,743.76 223.25 315.35 234.66

R EUR EUR 186,281.49 212.82 302.74 226.85

P dy GBP GBP 1,354.54 193.38 271.16 213.88

Pictet - Japanese Equity Opportunities (note 1)

I JPY JPY 78,103.71 4,285.00 4,332.12 4,580.36

P JPY JPY 773,123.72 4,104.64 4,176.59 4,444.23

P dy JPY JPY 104.58 4,071.17 4,142.40 4,421.23

R JPY JPY 138,248.06 3,928.16 4,017.04 4,295.88

I EUR EUR 104,558.30 41.21 38.07 34.90

P EUR EUR 20,081.09 39.48 36.70 33.86

R EUR EUR 52,646.60 37.78 35.30 32.73

Z EUR EUR 185,726.00 41.35 - -

Pictet - Asian Equities Ex Japan I USD USD 679,776.76 157.75 187.34 164.16

P USD USD 1,415,344.14 147.94 177.18 156.57

P dy USD USD 6,815.15 145.16 173.84 154.13

R USD USD 140,049.28 136.52 164.65 146.52

Z USD USD 46,900.00 163.90 192.87 167.45

I EUR EUR 70,785.10 116.64 137.09 111.92

P EUR EUR 120,191.17 109.38 129.65 106.75

R EUR EUR 10,547.68 100.94 120.48 99.90

HI EUR EUR 16,848.83 104.58 125.14 110.93

HP EUR EUR 52,677.57 113.05 136.40 121.92

HR EUR EUR 65,726.34 104.24 126.66 114.01

Pictet



71

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Greater China I USD USD 139,044.31 330.99 390.33 336.27

P USD USD 341,778.91 311.81 370.81 322.16

P dy USD USD 2,021.52 303.53 362.30 316.50

R USD USD 228,488.21 296.63 355.24 310.79

Z USD USD 26,543.00 341.29 398.80 340.44

I EUR EUR 15,147.12 244.72 285.62 229.27

P EUR EUR 104,459.30 230.54 271.34 219.65

R EUR EUR 138,821.53 219.32 259.95 211.90

P dy GBP GBP 2,097.31 193.74 227.03 197.46

Pictet - Japanese Equity Selection I JPY JPY 852,009.03 6,868.37 7,245.77 7,796.65

P JPY JPY 300,078.96 6,587.91 6,994.37 7,574.20

P dy JPY JPY 155.00 6,525.76 6,935.94 7,536.62

R JPY JPY 99,844.21 6,323.38 6,747.24 7,343.20

Z JPY JPY 2,200.00 7,114.39 7,451.52 7,959.77

P dy GBP GBP 678.13 54.52 52.61 52.54

I EUR EUR 2,759.08 66.06 63.67 59.40

P EUR EUR 12,249.77 63.36 61.46 57.71

R EUR EUR 10,440.78 60.81 59.29 55.95

HI EUR EUR 584,102.36 39.30 41.60 45.38

HP EUR EUR 118,963.73 45.85 48.85 53.62

HR EUR EUR 236,197.60 44.01 47.12 51.98

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Generics I USD USD 741,435.87 135.32 150.79 119.42

P USD USD 584,456.30 127.90 143.72 114.78

P dy USD USD 20,356.03 127.86 143.68 114.75

R USD USD 364,904.74 122.20 138.28 111.22

Z USD USD 42,206.73 143.81 158.94 124.84

I EUR EUR 214,681.23 100.86 110.34 81.42

P EUR EUR 179,113.13 95.33 105.17 78.26

R EUR EUR 104,473.11 91.08 101.19 75.83

I dy GBP GBP 100.00 86.87 94.88 74.21

P dy GBP GBP 41,440.13 82.08 90.40 71.31

HI EUR EUR 123,988.99 91.91 102.75 81.73

HP EUR EUR 68,322.98 100.83 113.69 91.18

HR EUR EUR 244,338.08 96.37 109.41 88.37

Pictet - Emerging Markets Index I USD USD 833,409.76 211.75 253.53 212.99

IS USD USD 317,168.54 211.05 256.00 214.91

P USD USD 339,186.32 207.51 249.01 209.70

P dy USD USD 19,230.67 194.91 236.20 200.76

R USD USD 137,523.09 201.34 244.53 206.25

Z USD USD 1,962,439.37 217.99 259.80 217.14

P EUR EUR 100.00 154.66 - -

R EUR EUR 100.00 150.06 - -

R dy GBP GBP 3,331.18 127.95 154.26 128.15

Pictet - Euroland Index I EUR EUR 207,921.64 73.63 87.76 86.78

P EUR EUR 318,528.79 73.21 87.38 86.46

P dy EUR EUR 4,456.00 65.12 79.57 80.85

R EUR EUR 163,716.11 72.11 86.28 85.65

Z EUR EUR 571,504.54 74.51 88.61 87.29

R dy GBP GBP 2,939.25 59.38 72.96 78.28

Pictet



73

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - US Equity Growth Selection I USD USD 1,841,225.23 105.65 103.80 97.56

P USD USD 2,311,274.76 102.19 101.04 95.57

P dy USD USD 1,098,347.06 102.19 101.04 95.57

R USD USD 753,626.51 99.54 98.92 94.03

Z USD USD 175.00 109.05 106.48 99.45

R EUR EUR 28,631.35 74.19 72.74 64.65

HI EUR EUR 533,417.99 79.11 78.21 74.21

HP EUR EUR 1,528,720.17 76.50 76.11 72.69

HR EUR EUR 210,759.77 74.50 74.50 71.51

Pictet - Security I USD USD 357,740.64 111.49 119.49 94.92

P USD USD 330,907.76 106.98 115.62 92.62

P dy USD USD 10,382.89 106.98 115.62 92.62

R USD USD 388,611.60 103.36 112.48 90.74

Z USD USD 56,249.98 114.81 121.81 95.81

I EUR EUR 148,636.24 83.10 87.44 64.72

P EUR EUR 197,930.50 79.74 84.60 63.15

R EUR EUR 323,625.88 77.03 82.31 61.87

I dy GBP GBP 100.00 71.57 75.18 58.99

P dy GBP GBP 3,468.88 68.67 72.75 57.56

Pictet - Clean Energy I USD USD 776,928.71 61.30 79.21 83.29

P USD USD 924,532.07 59.09 76.99 81.64

P dy USD USD 62,332.29 59.09 76.99 81.64

R USD USD 1,064,452.50 57.30 75.18 80.28

Z USD USD 471,813.04 63.43 81.15 84.47

I EUR EUR 793,183.14 45.69 57.96 56.79

I dy EUR EUR 82,400.00 45.69 - -

P EUR EUR 1,041,676.56 44.04 56.34 55.66

R EUR EUR 878,380.29 42.71 55.01 54.74

I dy GBP GBP 650.77 39.35 49.83 51.76

P dy GBP GBP 65,475.68 37.93 48.44 50.73

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Russian Equities I USD USD 2,403,854.12 58.17 71.70 56.29

P USD USD 703,035.61 56.37 70.06 55.48

P dy USD USD 13,340.05 56.33 70.02 55.48

R USD USD 443,897.20 54.95 68.77 54.82

Z USD USD 300.00 60.18 73.50 57.18

I EUR EUR 534,747.55 43.36 52.52 38.51

P EUR EUR 580,635.04 42.01 51.32 37.96

R EUR EUR 1,807,878.27 40.96 50.38 37.50

P dy GBP GBP 30,478.34 36.16 44.43 34.69

Pictet - Timber I USD USD 578,198.86 94.52 112.89 96.04

P USD USD 212,581.52 92.16 111.00 95.23

P dy USD USD 5,876.76 88.92 110.75 95.23

R USD USD 60,532.60 90.25 109.46 94.57

Z USD USD 79,812.16 96.07 113.61 -

I EUR EUR 438,801.99 70.46 82.61 65.48

P EUR EUR 145,914.88 68.69 81.22 64.93

R EUR EUR 163,565.02 67.27 80.10 64.48

I dy GBP GBP 3,607.19 58.22 71.04 59.68

P dy GBP GBP 81,453.86 57.08 69.70 59.18

HP EUR EUR 116,181.06 61.17 74.03 63.92

HR EUR EUR 95,212.23 63.74 77.69 67.56

Pictet - Agriculture I EUR EUR 281,689.75 121.84 139.19 103.99

P EUR EUR 302,594.03 119.46 137.62 103.69

P dy EUR EUR 18,916.19 119.46 137.62 103.69

R EUR EUR 456,730.63 117.52 136.34 103.44

Z EUR EUR 48,928.15 123.83 140.06 -

I USD USD 76,514.67 163.47 190.22 152.52

P USD USD 293,381.81 160.28 188.07 152.08

P dy USD USD 11,145.28 160.28 188.07 152.08

R USD USD 14,796.89 157.68 186.32 151.72

I dy GBP GBP 4,488.79 104.94 119.69 94.78

P dy GBP GBP 22,695.69 102.89 118.34 94.51

Pictet



75

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Global Megatrend Selection I USD USD 888,856.64 132.01 146.03 126.42

P USD USD 249,897.68 128.81 143.68 125.44

P dy USD USD 2,698.05 128.81 143.68 125.44

R USD USD 59,012.18 125.48 141.22 124.41

Z USD USD 38,320.00 135.25 148.27 127.31

I EUR EUR 689,598.84 98.04 106.86 86.19

P EUR EUR 1,126,088.83 96.00 105.14 85.53

P dy EUR EUR 153,881.27 96.00 105.14 85.53

R EUR EUR 3,004,442.08 93.52 103.34 84.82

P CHF CHF 250,196.18 117.00 139.96 129.05

I dy GBP GBP 8,880.44 84.44 91.89 78.56

P dy GBP GBP 132,124.02 82.69 90.40 77.95

HI EUR EUR 12,948.07 90.92 - -

HP EUR EUR 28,876.90 88.71 - -

HR EUR EUR 1,100.35 86.41 - -

Pictet - US Equity Value Selection I USD USD 103,214.18 114.34 118.90 111.04

P USD USD 906,466.09 112.68 117.92 110.85

P dy USD USD 11,350.00 112.67 117.92 -

R USD USD 197,595.59 111.41 117.18 110.71

R EUR EUR 8,485.98 83.03 85.83 -

HP EUR EUR 35,872.37 78.54 82.83 78.58

HR EUR EUR 119,990.82 77.67 82.32 78.48

Pictet - Middle East And North Africa I USD USD 162,431.96 46.01 52.07 51.21

P USD USD 63,781.53 44.73 51.05 50.64

P dy USD USD 8,206.00 44.40 51.02 50.64

R USD USD 4,435.32 43.70 50.22 50.16

Z USD USD 1,200.00 47.30 53.09 51.77

P EUR EUR 18,170.21 33.34 37.39 34.64

R EUR EUR 170,022.20 32.57 36.79 34.32

HP EUR EUR 26,364.20 27.98 31.85 31.74

HR EUR EUR 65,112.56 27.33 31.33 31.44

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Environmental Megatrend Selection

I EUR EUR 17,645.00 85.19 96.80 -

P EUR EUR 51,099.41 84.44 96.76 -

P dy EUR EUR 846.63 84.44 96.76 -

R EUR EUR 46,123.66 83.82 96.73 -

I USD USD 21,880.00 114.30 132.29 -

P USD USD 9,915.53 113.29 132.23 -

P dy USD USD 100.00 113.29 132.23 -

R USD USD 100.00 112.47 132.19 -

P CHF CHF 30,688.62 102.90 128.81 -

I dy GBP GBP 138.63 73.37 - -

P dy GBP GBP 36,526.13 72.72 83.20 -

Pictet - High Dividend Selection I EUR EUR 370,249.05 99.97 99.65 -

P EUR EUR 444,014.37 98.89 99.37 -

P dy EUR EUR 77,572.95 97.29 99.38 -

P dm EUR EUR 43,322.28 95.95 - -

R EUR EUR 426,940.58 98.06 99.19 -

R dm EUR EUR 1,216,104.13 92.91 97.87 -

Z EUR EUR 71,620.00 100.13 - -

I USD USD 202,203.81 136.44 135.51 -

P USD USD 205,766.48 134.97 135.15 -

P dm USD USD 348,878.37 127.91 133.35 -

R USD USD 27,132.05 133.84 134.89 -

R dm USD USD 43,846.03 126.81 133.09 -

I dm GBP GBP 125,568.00 82.60 84.65 -

P dm GBP GBP 56,663.31 81.85 84.41 -

P SGD SGD 475.00 174.42 - -

P dm SGD SGD 1,193.92 169.83 - -

P dy CHF CHF 20,752.00 118.64 131.87 -

P CHF CHF 107,344.24 120.59 131.87 -

Pictet



77

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Brazil Index (note 1) I USD USD 50,000.00 76.56 - -

IS USD USD 100.00 76.55 - -

P USD USD 6,200.00 76.53 - -

R USD USD 100.00 76.50 - -

P EUR EUR 100.00 57.03 - -

R EUR EUR 100.00 57.02 - -

Pictet - Bric Index (note 1) I USD USD 100.00 76.71 - -

IS USD USD 100.00 76.71 - -

P USD USD 1,100.00 76.67 - -

R USD USD 100.00 76.64 - -

P EUR EUR 100.00 57.14 - -

R EUR EUR 100.00 57.12 - -

Pictet - China Index (note 1) I USD USD 2,309.00 77.35 - -

IS USD USD 100.00 77.36 - -

P USD USD 3,113.00 77.32 - -

R USD USD 75,744.00 77.29 - -

P EUR EUR 177.00 57.63 - -

R EUR EUR 57,025.00 57.61 - -

Pictet - India Index (note 1) I USD USD 63,000.00 81.59 - -

IS USD USD 100.00 81.59 - -

P USD USD 730.00 81.54 - -

R USD USD 100.00 81.49 - -

P EUR EUR 124.96 60.77 - -

R EUR EUR 100.00 60.74 - -

Pictet - Latam Index (note 1) I USD USD 11,000.00 78.21 - -

IS USD USD 100.00 78.18 - -

P USD USD 100.00 78.18 - -

R USD USD 100.00 78.12 - -

P EUR EUR 1,915.00 58.27 - -

R EUR EUR 100.00 58.22 - -

R GBP GBP 100.00 50.15 - -

Pictet



Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Russia Index (note 1) I USD USD 23,100.00 69.64 - -

IS USD USD 100.00 69.64 - -

P USD USD 6,100.00 69.63 - -

R USD USD 100.00 69.60 - -

P EUR EUR 100.00 51.89 - -

R EUR EUR 100.00 51.87 - -

Pictet - Piclife P CHF CHF 35,103.03 745.43 788.72 776.35

R CHF CHF 57,232.15 737.11 783.05 773.86

S CHF CHF 14,485.45 773.80 815.88 800.28

Pictet - Absolute Return Global Diversified

I EUR EUR 946,529.30 114.40 114.32 109.96

P EUR EUR 601,013.25 110.61 111.23 107.67

P dy EUR EUR 24,221.14 107.57 108.73 105.25

R EUR EUR 1,634,136.89 107.60 108.75 105.79

Z EUR EUR 591,761.01 118.39 117.52 112.27

HI CHF CHF 111,124.13 166.69 168.04 162.35

HP CHF CHF 61,408.32 161.13 163.49 158.97

HZ CHF CHF 2,600.00 172.51 172.76 165.77

HI USD USD 3,500.00 144.75 145.41 139.84

HP USD USD 41,615.19 139.93 141.46 136.92

HI GBP GBP 2,520.00 96.23 96.45 92.71

HP dy GBP GBP 10,725.00 90.51 91.74 88.72

HZ GBP GBP 1,183,384.90 99.60 99.16 94.64

HI JPY JPY 100.00 12,745.00 12,824.00 12,368.00

HZ JPY JPY 100.00 13,190.00 13,181.00 12,628.00

Pictet - Absolute Return Global Conservative

I EUR EUR 330,344.83 101.28 100.99 97.84

P EUR EUR 13,999.60 99.53 99.68 97.00

P dy EUR EUR 920.24 97.45 98.15 95.53

R EUR EUR 147,669.40 98.18 98.67 96.35

Z EUR EUR 345,951.76 103.53 102.65 98.87

Pictet



79

Compartiment

Type d'actions


Actif net paraction

Actif net paraction

Actif net paraction

30.09.2011 30.09.2011 30.09.2010 30.09.2009

Pictet - Convertible Bonds I EUR EUR 2,254,305.10 95.78 100.44 -

P EUR EUR 1,196,583.20 94.33 99.88 -

P dy EUR EUR 96,981.85 94.61 100.00 -

MG EUR EUR 288,969.35 94.33 99.88 -

R EUR EUR 115,947.54 92.79 99.48 -

I USD USD 247,151.86 128.51 136.59 -

P USD USD 171,813.71 126.56 135.83 -

MG USD USD 991.40 126.56 135.83 -

HI CHF CHF 678,287.91 139.72 147.65 -

HP CHF CHF 422,185.37 137.77 146.92 -

HI GBP GBP 151,709.78 83.27 - -

HR CHF CHF 1,847.59 134.00 146.27 -

HI USD USD 484,354.98 132.65 139.88 -

HP USD USD 297,272.82 131.04 139.22 -

HMG USD USD 66,824.19 131.04 139.22 -

Pictet - EUR Bonds

ETAT DU PORTEFEUILLE-TITRES ET AUTRES ACTIFS NETS AU 30 SEPTEMBRE 2011 (EXPRIME EN EUR)


Description Devise Nominal Valeur d’évaluation (note 2) % des actifs nets

I. VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE D’UNE BOURSE DE VALEURS OU SUR UN AUTRE MARCHE REGLEMENTE

OBLIGATIONS

AFRIQUE DU SUD

6.75% AFRIQUE DU SUD 06/21 R208-SR ZAR 340,966.35 28,694.00 0.01

7% AFRIQUE DU SUD 10/31 ZAR 1,368,870.77 105,423.35 0.05

7.25% AFRIQUE DU SUD 05/20 ZAR 2,786,430.38 244,876.77 0.12

7.625% CONSOL GLASS 07/14 EUR 47,477.90 44,391.84 0.02

8% AFRIQUE DU SUD 04/18 ZAR 304,710.28 28,433.99 0.01


8.75% AFRIQUE DU SUD 02/14 ZAR 145,807.31 14,422.67 0.01

8.75% FOODCORP 11/18 EUR 59,347.38 50,148.53 0.03


13.5% AFRIQUE DU SUD S157 91/15 ZAR 1,346,557.52 153,435.44 0.08

13.5% TRANSNET 98/28 ZAR 141,217.08 16,402.19 0.01

1,083,080.47 0.54

ALLEMAGNE

FRN AUTO-TEILE-UNGER 04/14 EUR 30,415.53 14,903.61 0.01

FRN MUENCHENER RUECK. 11/41 EUR 302,975.25 258,609.07 0.13

3.25% ALLEMAGNE 10/42 EUR 220,941.18 243,954.41 0.12

3.25% DG DT HYPOBK 05/15 EUR 2,761,764.75 2,894,246.61 1.47

3.375% VOLKSWAGEN LEASING 11/16 EUR 176,148.40 177,464.23 0.09

3.5% K.F.W. 06/21 EUR 3,131,643.96 3,374,158.47 1.71

3.625% DEUTSCHE BANK 05/17 EUR 158,533.56 136,735.19 0.07

3.75% ALLEMAGNE 04/15 EUR 737,785.73 806,355.53 0.41

3.75% ALLEMAGNE 06/17 EUR 159,787.82 179,522.41 0.09

3.75% ALLEMAGNE 08/19 EUR 503,035.72 575,455.26 0.29

4% ALLEMAGNE 05/37 EUR 564,189.08 688,801.53 0.35

4% ALLEMAGNE 06/16 EUR 4,510,553.65 5,092,054.22 2.64

4% ALLEMAGNE 07/18 EUR 282,094.54 324,556.82 0.16

4.25% ALLEMAGNE 07/17 EUR 282,094.54 326,345.30 0.17

4.25% ALLEMAGNE 07/39 EUR 705,236.36 905,227.28 0.46

4.5% MERCK FINANC. SERV. 10/20 EUR 211,378.08 222,526.16 0.11

4.625% R.W.E 10/PE EUR 160,295.04 148,219.22 0.08

4.75% ALLEMAGNE 08/40 EUR 855,160.73 1,188,656.31 0.60

4.75% ALLEMAGNE 98/28 EUR 2,142,340.37 2,748,258.50 1.39

4.75% COMMERZBANK 09/15 EUR 246,607.76 255,009.68 0.13

5% BAYER AG 05/05 EUR 112,734.98 109,635.33 0.06

5% DEUTSCHE BANK 10/20 EUR 211,378.08 198,913.11 0.10


5.125% ROBERT BOSCH 09/17 EUR 105,689.04 118,399.20 0.06

5.25% EWE 09/21 EUR 79,266.78 87,880.70 0.04

5.375% HENKEL 05/04 EUR 574,243.78 569,865.17 0.29

5.625% ALLEMAGNE 98/28 EUR 869,955.90 1,215,154.40 0.62

5.625% K.F.W. 10/17 PEN 73,740.70 20,103.79 0.01

5.767% MUENCHENER RUECK. 07/49 EUR 52,844.52 42,539.84 0.02

6.25% ALLEMAGNE 00/30 EUR 620,410.72 939,301.84 0.48

6.25% ALLEMAGNE 94/24 EUR 644,082.99 915,943.98 0.46

Pictet - EUR Bonds



81


6.25% ELSTER FINANCE 11/18 EUR 29,673.69 27,003.06 0.01

6.352% HT1 FUNDING GMBH 06/PE EUR 103,857.91 49,851.80 0.03

6.5% ALLEMAGNE 97/27 EUR 705,236.36 1,063,517.58 0.54

6.75% HEIDELBERGCEMENT 10/15 EUR 14,836.84 14,836.84 0.01

7.25% MAN 09/16 EUR 123,303.88 143,876.52 0.07


7.5% KABEL BW ERSTE BET. 11/19 EUR 44,510.53 42,952.66 0.02

7.625% METRO 09/15 EUR 215,218.11 243,795.85 0.12

7.625% STYROLUTION GRP 11/16 EUR 22,255.27 16,357.62 0.01

7.75% COMMERZBANK 11/21 EUR 137,395.75 106,344.31 0.05

7.875% BERTELSMANN 09/14 EUR 176,148.40 195,363.55 0.10

8% HEIDELBERG CEMENT 09/17 EUR 95,104.17 92,251.05 0.05

8.00% ALBA GRP PLC 11/18 SR REG. S EUR 51,928.95 47,514.99 0.02

8.125% UPC GERMANY 09/17 EUR 74,184.22 73,998.76 0.04

8.625% TUI 05/PE EUR 8,902.11 6,676.58 0.00

9.625% IESY 09/19 EUR 133,531.60 129,692.56 0.07

11% AUTO-TEILE-UNGER 10/14 EUR 22,255.27 17,136.56 0.01

27,458,696.59 13.97

ANTILLES NEERLANDAISES

8.5% HERTZ HOLDINGS 10/15 EUR 59,347.38 58,160.43 0.03

58,160.43 0.03

AUSTRALIE

3.5% NAT. AUSTRALIA BANK 09/15 EUR 140,918.72 142,274.36 0.07

3.75% ANZ BANKING GROUP 10/17 EUR 140,918.72 140,855.31 0.07

3.875% TELSTRA 05/15 EUR 176,148.40 184,983.12 0.09

3.875% WESTPAC BANKING 10/17 EUR 278,314.47 277,184.51 0.14

4% NAT.AUSTRALIA BANK 10/20 EUR 91,597.17 90,747.15 0.05

4.25% COMMONWEAL. BANK AUST. 09/16 EUR 70,459.36 73,000.83 0.04

4.25% TELSTRA 10/20 EUR 105,689.04 108,999.22 0.06




1,562,498.32 0.79

AUTRICHE

3.4% AUTRICHE 09/14 EUR 660,850.85 700,125.22 0.35

3.50% AUTRICHE 04/15 EUR 761,458.00 813,122.92 0.41

3.9% AUTRICHE 04/20 EUR 282,094.54 309,223.57 0.16

4.15% AUTRICHE 06/37 EUR 235,736.35 266,146.34 0.13

6.25% AUTRICHE 97/27 EUR 921,245.81 1,269,237.21 0.64

6.375% TELEKOM FINANZ. 09/16 EUR 126,826.85 135,923.50 0.07

6.625% SAPPI PAPIER 11/18-SR-REG S EUR 22,255.27 17,915.49 0.01

6.75% SUB. OMV 11/49 -SR- EUR 141,975.61 140,862.52 0.07

11.75% SAPPI PAPIER HLDGS 09/14 EUR 29,673.69 30,712.27 0.02

3,683,269.04 1.86

Pictet - EUR Bonds




BELGIQUE

4.625% FORTIS BANQUE 04/PE EUR 151,487.62 95,437.20 0.05

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 140,918.72 154,543.45 0.08

8% KBC BANK CV 08/PE EUR 103,857.91 66,469.06 0.03

316,449.71 0.16

BERMUDES

11.625% CENTRAL EURO MEDIA 09/16 EUR 26,706.32 22,433.31 0.01

22,433.31 0.01

BRESIL

4.375% VALE 10/18 EUR 56,367.49 56,798.42 0.03

6% BRESIL (INFLATION) 03/15 BRL 59.94 52,387.15 0.03

10% BRESIL (NOTAS DE T.) 05/12 BRL 68.39 27,987.22 0.01



10% BRESIL 07/13 BRL 205.21 83,675.95 0.04

10% BRESIL 10/21 BRL 387.88 145,397.08 0.07

685,090.42 0.34

CANADA

4.875% TORONTO DOMINION BANK 08/13 EUR 140,918.72 146,664.68 0.07

5.25% XSTRATA FINANCE 07/17 EUR 144,441.69 148,971.38 0.08

6.125% BOMBARDIER 10/21 EUR 47,477.90 42,730.11 0.02

6.25% XSTRATA CANADA 08/15 EUR 84,551.23 90,382.73 0.05

7.25% BOMBARDIER 06/16 EUR 14,836.84 14,836.84 0.01

443,585.74 0.23

CHILI

5.5% CHILI 10/20 CLP 4,477,499.53 6,783.90 0.00

6,783.90 0.00

COLOMBIE

7.75% COLOMBIE (DUAL CUR.) 10/21 COP 85,499,787.44 35,745.78 0.02

8.375% EMPRESAS MEDELLIN 11/21 COP 34,529,331.50 13,236.08 0.01

9.85% COLOMBIE 07/27 COP 205,257,542.77 99,370.74 0.05

148,352.60 0.08

COREE DU SUD

FRN EXP-IMP BANK. KOREA 06/11 USD 1,397.32 1,023.79 0.00

7% WOORI BANK 09/15 USD 540.03 426.35 0.00

1,450.14 0.00

DANEMARK

FRN DANSKE BANK 05/18 EUR 246,607.76 223,180.02 0.11

3.125% DANEMARK 09/14 EUR 739,758.42 772,759.04 0.39

3.375% CARLSBERG BREWERIES 10/17 EUR 123,303.88 120,079.48 0.06

4.375% TDC 11/18 EUR 106,393.63 109,009.85 0.06

5.50% DONG (PE) 05/3005 EUR 70,459.36 70,098.61 0.04

8.875% FS FUNDING 06/16 EUR 48,219.74 42,795.02 0.02

1,337,922.02 0.68

Pictet - EUR Bonds



83


EGYPTE

8.75% EGYPTE 07/12 EGP 6,750.34 786.69 0.00

786.69 0.00

ESPAGNE

FRN SANTANDER ISSUANCES 07/19 EUR 70,459.36 58,481.27 0.03

2.625% BANESTO 09/13 EUR 2,071,323.56 2,039,777.31 1.03

3% CAIXA CATALUNYA 09/12 EUR 1,972,689.11 1,964,679.99 0.99

3% F.R.O.B. 09/14 EUR 1,282,247.92 1,236,176.75 0.63

3.15% ESPAGNE 05/16 EUR 353,111.35 342,952.34 0.17

3.25% BBVA SENIOR FIN. 10/15 EUR 211,378.08 196,849.01 0.10

3.406% TELEFONICA EMIS. 10/15 EUR 123,303.88 118,494.41 0.06

3.5% SANTANDER INTL 10/14 SR REG.S EUR 387,526.48 370,562.51 0.19

3.57% CAJA MADRID 10/13 EUR 2,959,033.66 2,930,982.02 1.48

4% ESPAGNE 10/20 EUR 564,189.08 534,636.86 0.27

4.1% ESPAGNE 08/18 EUR 305,766.81 298,113.47 0.15

4.2% ESPAGNE 03/13 EUR 1,616,618.72 1,642,274.46 0.83

4.20% ESPAGNE 05/37 EUR 775,266.82 606,413.71 0.31

4.3% ESPAGNE 09/19 EUR 775,266.82 753,974.12 0.38

4.375% BBVA 04/19 EUR 140,918.72 114,104.00 0.06

4.6% ESPAGNE 09/19 EUR 775,266.82 771,095.88 0.39

4.625% ABERTIS INFRASTR. 09/16 EUR 274,791.50 267,578.23 0.14

4.8% ESPAGNE 08/24 EUR 798,939.09 756,587.33 0.38

5% ESPAGNE 02/12 EUR 188,391.81 191,123.49 0.10

5.25% GAS NATURAL FINANCE 09/14 EUR 634,134.24 644,476.97 0.33

5.5% ESPAGNE 02/17 EUR 657,891.82 695,042.97 0.35

5.625% GAS NATURAL CAP. 11/17 EUR 264,222.60 264,682.35 0.13

5.75% ESPAGNE 01/32 EUR 343,247.90 338,250.22 0.17

7.375% HUARTE LAIN 10/15 EUR 133,531.60 124,852.04 0.06

7.5% IBERDROLA FINANZAS 08/15 EUR 281,837.44 314,262.84 0.16

8.25% CAMPOFRIO ALIMENT. 09/16 EUR 38,575.79 35,682.61 0.02

8.5% ABENGOA 10/16 EUR 59,347.38 54,006.11 0.03

8.75% HUARTE LAIN 11/18 EUR 44,510.53 40,949.69 0.02

17,707,062.96 8.96

ETATS-UNIS

3.625% CITIGROUP 05/17 EUR 399,856.87 316,886.57 0.16

3.625% SUB. CS GROUP FIN (US) 05/20-S EUR 176,148.40 148,147.85 0.07

3.75% JPMORGAN CHASE 11/16 SR-S- EUR 264,222.60 262,011.06 0.13

3.75% MORGAN STANLEY 06/13 EUR 123,303.88 120,557.29 0.06

4% CITIGROUP 10/15 EUR 317,067.12 302,726.17 0.15

4% MORGAN STANLEY 05/15 EUR 299,452.28 277,813.86 0.14

4.25% NOVARTIS 09/16 EUR 105,689.04 114,862.85 0.06

4.375% AMERICAN INTL GROUP 06/16 EUR 176,148.40 160,074.86 0.08

4.375% JP MORGAN 06/21 EUR 465,031.77 414,501.42 0.21

4.375% WELLS FARGO 06/18 EUR 70,459.36 64,969.17 0.03

4.45% MERRILL LYNCH 07/14 EUR 105,689.04 100,563.12 0.05

4.5% HSBC FINANCE 06/16 EUR 528,445.20 528,270.81 0.27

4.50% GOLDMAN SACHS 11/16 SR -S- EUR 98,643.10 94,568.16 0.05

4.625% JP MORGAN CHASE 07/17 EUR 317,067.12 285,758.33 0.14

4.75% BANK OF AMERICA 04/19 EUR 282,894.33 202,446.25 0.10


Pictet - EUR Bonds





4.75% CITIGROUP 04/19 EUR 211,378.08 172,448.58 0.09

4.75% PFIZER 07/14 EUR 528,445.20 571,978.51 0.29

5.125% GOLDMAN SACHS 07/14 EUR 669,363.92 671,107.61 0.34

5.125% PROCTER & GAMBLE 07/17 EUR 211,378.08 240,895.97 0.12

5.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 70,459.36 50,338.98 0.03

5.5% GE CAPITAL TRUST II 10/67 EUR 228,992.92 187,345.98 0.09

5.625% ROCHE HOLDINGS 09/16 EUR 352,296.80 399,613.78 0.20

5.75% PHILIP MORRIS 09/16 EUR 105,689.04 119,428.09 0.06

5.983% DEUTSCHE POSTBANK 07/PE EUR 57,863.69 31,755.59 0.02

6% WACHOVIA BANK 08/09 EUR 211,378.08 222,104.46 0.11

6.25% AMERICAN HONDA 08/13 EUR 105,689.04 113,483.61 0.06

6.25% CARGILL 08/17 EUR 123,303.88 139,445.59 0.07

6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 12,833.87 12,737.62 0.01

6.50% KRONOS INT. 06/13 EUR 29,644.01 23,003.76 0.01

6.875% NALCO 10/19 EUR 22,255.27 24,091.33 0.01

7% SWISS RE TREASURY 09/14 EUR 123,303.88 135,190.37 0.07

7.375% CITIGROUP 09/19 EUR 176,148.40 192,030.82 0.10

7.375% CONVATEC HEALTHCARE 10/17 EUR 17,804.21 16,379.88 0.01

7.75% LEVI STRAUSS 10/18 EUR 14,836.84 12,759.69 0.01

8% AMERICAN INTL GROUP 08/38 EUR 29,673.69 23,738.95 0.01

8% LBI ESCROW CORP 10/17 EUR 22,255.27 18,747.84 0.01

8.5% REYNOLDS ESCROW 09/16 EUR 29,673.69 28,486.74 0.01

8.75% VERIZON WIRELESS 08/15 EUR 133,872.78 166,443.36 0.08

8.875% CEDC FINANCIAL INTL 09/16 EUR 16,320.53 11,587.58 0.01

10.875% TRAVELPORT LLC 07/16 EUR 35,608.43 16,023.79 0.01

7,478,937.10 3.77

FINLANDE

FRN METSO 09/14 EUR 239,491.36 263,828.48 0.13

STEP M-REAL 06/13 EUR 18,546.06 17,711.48 0.01

3.375% FINLANDE 10/20 EUR 348,179.63 375,793.75 0.19

4% FINLANDE 09/25 EUR 225,872.90 255,561.64 0.13

4% FORTUM 11/21 EUR 70,459.36 72,439.97 0.04

5.5% NOKIA 09/14 EUR 102,166.07 104,688.55 0.05

1,090,023.87 0.55

FRANCE

FRN AXA 10/20 EUR 140,918.72 102,116.05 0.05

FRN B.F.C.M. 05/PE EUR 105,689.04 62,730.67 0.03

FRN BNP PARIBAS 06/PE EUR 144,441.69 94,627.36 0.05

FRN BPCE 10/PE EUR 52,844.52 41,718.63 0.02

FRN CNP ASSURANCES 06/PE EUR 140,918.72 73,806.18 0.04

FRN CREDIT LOGEMENT 07/17 EUR 28,183.74 26,502.16 0.01

FRN LA POSTE 06/16 EUR 70,459.36 68,874.02 0.03

2.875% AUCHAN 10/17 EUR 51,083.04 50,513.97 0.03

3% B.F.C.M. 10/15 EUR 352,296.80 341,530.61 0.17

3.125% EUTELSAT 10/17 EUR 334,681.96 339,056.25 0.17

3.25% O.A.T. 05/16 EUR 235,736.35 251,758.17 0.13

3.25% S.F.E.F. 09/14 EUR 3,131,643.96 3,250,646.43 1.65

3.375% S.F.R. 05/12 EUR 35,229.68 35,558.37 0.02

3.375% UNIBAIL-RODAMCO 10/15 EUR 169,102.46 170,391.02 0.09

3.5% AREVA 10/21 EUR 88,074.20 76,822.72 0.04

Pictet - EUR Bonds



85


3.5% O.A.T. 04/15 EUR 939,986.36 1,007,984.97 0.51

3.5% O.A.T. 10/20 EUR 1,288,165.99 1,385,873.38 0.70


3.6% DANONE 10/20 EUR 95,120.14 97,227.05 0.05

3.625% EDENRED 10/17 EUR 116,257.94 112,962.61 0.06

3.875% BANQUE PSA FIN. 11/15 EUR 281,837.44 270,220.10 0.14

4% B.T.A.N. 02/13 EUR 846,283.63 896,971.79 0.45

4% BOUYGUES 10/18 EUR 288,883.37 294,986.04 0.15

4% C.I.F. 10/18 EUR 176,148.40 160,548.70 0.08

4% O.A.T. 03/14 EUR 188,391.81 201,891.03 0.10

4% O.A.T. 03/14 EUR 921,245.81 996,530.02 0.50

4% O.A.T. 04/55 EUR 494,158.62 537,827.42 0.27

4% O.A.T. 05/38 EUR 798,939.09 868,550.65 0.44

4% O.A.T. 09/60 EUR 169,651.26 184,918.18 0.09

4% SAINT GOBAIN 10/18 EUR 208,735.85 202,362.10 0.10

4% VIVENDI 10/17 EUR 211,378.08 213,125.12 0.11

4.125% ALSTOM 10/17 EUR 176,148.40 175,897.39 0.09

4.13% CREDIT AGRICOLE 05/PE EUR 140,918.72 77,857.59 0.04

4.196% SOCIETE GENERALE 05/PE EUR 112,770.21 56,427.96 0.03

4.25% KLEPIERRE 06/16 EUR 105,689.04 107,589.86 0.05

4.25% O.A.T. 03/19 EUR 916,314.09 1,036,488.68 0.52

4.25% O.A.T. 06/17 EUR 752,580.89 846,728.76 0.43

4.25% O.A.T. 06/23 EUR 404,401.27 457,236.29 0.23

4.3% DEXIA C.L.F. 05/PE EUR 37,092.11 7,789.34 0.00

4.339% TOTAL INFRASTR. 11/21 -SR EUR 59,890.46 62,187.55 0.03

4.375% L.V.M.H. 09/14 EUR 140,918.72 149,033.52 0.08

4.375% RCI BANQUE 10/15 EUR 159,026.77 154,742.59 0.08

4.375% THALES 09/13 EUR 160,295.04 165,406.05 0.08

4.379% CASINO GUICHARD 10/17 EUR 211,378.08 207,960.10 0.11

4.5% AXA 09/15 EUR 105,689.04 107,567.13 0.05

4.5% CREDIT AGRICOLE CB 09/16 EUR 3,156,302.57 3,354,344.78 1.70

4.5% NATIXIS 07/19 EUR 546,060.04 508,507.49 0.26

4.5% O.A.T. 09/41 EUR 423,141.81 499,413.13 0.25

4.50% SAINT GOBAIN 11/19 -SR- EUR 195,524.72 189,811.49 0.10

4.625% AGF 05/PE EUR 176,148.40 136,649.76 0.07

4.726% CASINO GUICHARD PERR. 11/21 SR EUR 105,689.04 100,387.68 0.05

4.75% AUCHAN 09/15 EUR 133,872.78 144,574.57 0.07

4.75% O.A.T. 03/35 EUR 733,840.35 883,837.32 0.45

4.82% SUEZ ENVIRONNEMENT 10/PE EUR 288,883.37 268,131.44 0.14

5% AUTOROUTES P.R.R. 11/17 EUR 70,459.36 71,656.11 0.04

5% CRH 02/13 EUR 3,131,643.96 3,317,851.51 1.68

5% CRH 09/19 EUR 1,084,979.01 1,207,158.50 0.61

5% IMERYS 07/17 EUR 454,462.87 466,515.22 0.24

5% O.A.T. 00/16 EUR 329,439.08 379,586.30 0.19

5.019% SUB. TV BNP PARIBAS 07/PERP EUR 52,844.52 35,053.36 0.02

5.125% TOTAL CAPITAL 09/24 EUR 179,671.37 210,566.76 0.11

5.375% C.F.C.M. 09/14 EUR 112,734.98 118,009.28 0.06

5.375% LAFARGE 10/18 EUR 42,275.62 37,096.85 0.02

5.375% SCHNEIDER ELECTRIC 07/15 EUR 176,148.40 192,110.09 0.10

5.50% O.A.T. 97/29 EUR 719,045.18 916,890.46 0.46

5.625% A.S.F. 07/22 EUR 211,378.08 229,546.02 0.12

5.75% O.A.T. 00/32 EUR 822,611.36 1,099,831.39 0.56

5.777% AXA 06/PE EUR 126,826.85 81,089.92 0.04

Pictet - EUR Bonds




5.95% GDF SUEZ 11/2111 EUR 109,212.01 105,389.59 0.05

5.971% CREDIT AGRICOLE 08/18 EUR 281,837.44 267,765.30 0.14

6% CNP ASSURANCE 10/20 EUR 52,844.52 38,154.54 0.02

6% O.A.T. 94/25 EUR 931,109.26 1,233,300.77 0.62

6% TPSA EUROFINANCE 09/14 EUR 140,918.72 152,815.08 0.08

6.117% C.N.C.E.P. 07/PE EUR 140,918.72 77,663.83 0.04

6.125% SUB. STE GENERALE 08/18 EUR 123,303.88 114,746.59 0.06

6.125% VEOLIA ENVIRON. 03/33 EUR 158,533.56 173,571.26 0.09

6.154% SCOR ASSISTANCE 06/PE EUR 59,890.46 42,197.92 0.02

6.25% SODEXHO 09/15 EUR 105,689.04 115,813.52 0.06

6.25% VINCI 06/PE EUR 352,296.80 346,265.48 0.18

6.375% GDF SUEZ 09/21 EUR 281,837.44 344,932.39 0.17

6.375% TEREOS EUROPE 07/14 EUR 30,415.53 30,263.45 0.02

6.50% B.F.C.M. 01/13 EUR 299,452.28 309,847.76 0.16


7% REXEL 11/18 EUR 29,673.69 27,522.35 0.01

7.125% CROWN EURO HOLDINGS 10/18 EUR 44,510.53 43,063.94 0.02

8.125% FRANCE TELECOM 03/33 EUR 105,689.04 140,971.21 0.07

8.25% REXEL 09/16 EUR 29,673.69 29,673.69 0.02

8.5% LABCO SAS 11/18 EUR 74,184.22 57,863.69 0.03

8.50% O.A.T. 89/19 EUR 992,262.62 1,435,044.93 0.73

9% PICARD BONDCO 10/18 EUR 14,836.84 14,169.19 0.01

9.375% EUROPCAR 10/18 EUR 37,092.11 22,255.27 0.01

9.375% SUB. SOC. GENERALE 09/PE EUR 105,689.04 84,551.23 0.04

36,001,611.38 18.25

GEORGIE

9.875% GEORGIAN RAILWAY 10/15 USD 4,927.75 3,556.30 0.00

3,556.30 0.00

GUERNESEY

3.625% CS GROUP FIN. GUERN. 06/18 EUR 457,985.84 432,874.47 0.22

432,874.47 0.22

HONGRIE

5.5% HONGRIE 03/14 HUF 13,838,193.92 45,933.31 0.02

5.5% HONGRIE 05/16 HUF 3,915,196.33 12,564.36 0.01

6.5% HONGRIE 08/19 HUF 16,991,952.07 53,790.26 0.03

6.75% HONGRIE 11/28 A HUF 1,620,081.24 4,871.34 0.00

6.75% HONGRIE 'B' 06/17 HUF 26,771,504.97 88,637.67 0.04

6.75% HONGRIE 'D' 02/13 HUF 4,657,733.57 15,971.16 0.01

7% HONGRIE 11/22 A -SR- HUF 5,805,291.11 18,301.13 0.01

7.5% HONGRIE 09/13 HUF 3,986,844.42 13,844.66 0.01

7.5% HONGRIE 'A' 04/20 HUF 27,502,796.15 91,414.65 0.05

8% HONGRIE 'A' 04/15 HUF 23,680,052.45 83,097.26 0.04

428,425.80 0.22

ILES CAÏMANS

0% CAP. GUARD. NOM. 'S' 01/13 USD 7.42 0.00 0.00

3.25% THAMES WATER UT. CAY. 10/16 EUR 79,266.78 79,212.09 0.04

4.5% SANTANDER ISSUANCES 04/19 EUR 246,607.76 203,049.43 0.10

4.75% HUTCHISON WHAMP. INTL 9/16 EUR 281,837.44 291,142.30 0.15

Pictet - EUR Bonds



87


5.169% RZB FIN. (JERSEY) 06/PE EUR 59,347.38 29,673.69 0.02

5.875% IPIC GMTN 11/21 EUR 140,566.42 142,544.89 0.07

6% HUTCHISON INTL 10/PE USD 5,400.27 3,828.07 0.00

749,450.47 0.38

INDONESIE

0% INDONESIE 08/13 IDR 10,935,548.37 841.51 0.00

4.875% INDONESIE 11/21 USD 18,984.65 14,118.29 0.01

5.25% PERTAMINA 11/21 USD 18,738.94 13,386.38 0.01

6.5% PERTAMINA 11/41 USD 11,297.37 8,091.10 0.00

7.375% INDONESIE 10/16 IDR 1,323,066.35 113.64 0.00

7.95% INDONESIE 10/13 IDR 54,002,708.00 4,592.15 0.00

8.15% INDONESIE 11/14 IDR 67,503,385.00 5,738.01 0.00

8.25% INDONESIE 10/21 IDR 148,129,428.04 13,173.44 0.01

8.7% INDONESIE 10/13 IDR 66,963,357.92 5,651.60 0.00

9% INDONESIE 07/13 IDR 21,601,083.20 1,893.54 0.00

9% INDONESIE 07/18 IDR 36,451,827.90 3,361.32 0.00

9.25% INDONESIE 09/15 IDR 91,912,609.02 8,096.32 0.00

9.35% INDONESIE 09/12 IDR 35,101,760.20 2,983.16 0.00

9.5% INDONESIE 04/15 IDR 135,750,657.30 12,407.08 0.01

9.5% INDONESIE 07/23 IDR 698,255,014.44 67,448.42 0.03

9.5% INDONESIE 08/12 IDR 409,070,513.10 34,336.72 0.02

9.5% INDONESIE 10/31 IDR 37,927,451.90 3,740.41 0.00

9.5% INDONESIE 11/41 FR0057 SR IDR 720,936.15 71.36 0.00

9.75% INDONESIE 07/37 IDR 310,785,584.54 30,295.44 0.02

10% INDONESIE 05/17 IDR 108,005,416.00 10,363.51 0.01

10% INDONESIE 07/24 IDR 522,746,213.44 52,309.09 0.03

10% INDONESIE 07/28 IDR 792,489,739.90 79,246.15 0.04

10.25% INDONESIE 07/22 IDR 636,556,920.55 64,376.60 0.03

10.25% INDONESIE 07/27 IDR 664,014,597.43 67,673.22 0.03

10.25% INDONESIE 10/30 IDR 69,528,486.55 7,179.10 0.00

10.5% INDONESIE 08/38 IDR 808,147,825.08 84,238.28 0.04

10.5% INDONESIE 09/30 IDR 234,932,030.82 24,402.12 0.01

10.75% INDONESIE 05/16 IDR 78,303,926.60 7,595.70 0.00

11% INDONESIE 03/12 IDR 21,601,083.20 1,906.91 0.00

11% INDONESIE 04/14 IDR 13,500,677.00 1,259.59 0.00

11% INDONESIE 05/20 IDR 232,211,644.40 24,257.13 0.01

11% INDONESIE 06/25 IDR 80,582,840.88 8,646.89 0.00

11.45% INDONESIE 08/13 IDR 22,951,150.90 2,077.84 0.00

11.5% INDONESIE 06/19 IDR 48,216,317.84 5,081.18 0.00

12% INDONESIE 09/12 IDR 6,750,338.50 569.96 0.00

12.5% INDONESIE 06/13 IDR 13,500,677.00 1,227.06 0.00

12.8% INDONESIE 05/21 IDR 130,956,566.90 15,112.17 0.01

12.9% INDONESIE 05/22 IDR 41,177,064.85 4,838.65 0.00

14.25% INDONESIE 02/13 IDR 40,502,031.00 3,775.22 0.00

14.275% INDONESIE 02/13 IDR 6,750,338.50 649.03 0.00

697,125.29 0.32

IRLANDE

2.875% GE CAP. EUROP. FUND. 10/15 EUR 570,720.81 563,926.38 0.29

3.75% GE CAP. EURO FDG 11/16 EUR 140,918.72 141,244.24 0.07

4.5% ALLIED IRISH BANK 09/12 EUR 74,184.22 62,685.67 0.03

4.625% BANK OF IRELAND 09/13 EUR 44,510.53 37,166.29 0.02

Pictet - EUR Bonds




4.75% GE CAP. UK FUNDING 09/14 EUR 422,756.16 441,560.35 0.22

7.25% SMURFIT KAPPA ACQUI. 09/17 EUR 29,673.69 27,893.27 0.01

7.375% ARDAGH PACK. FIN. 10/17 EUR 29,673.69 27,596.53 0.01

7.5% CLOVERIE 09/39 EUR 123,303.88 123,749.62 0.06

7.75% JSG FUNDING 05/15 EUR 101,632.38 95,534.44 0.05

7.75% SMURFIT KAPPA ACQUI. 09/19 EUR 31,899.22 29,985.26 0.02

8.75% ARDAGH GLASS FIN. 10/20 EUR 74,184.22 57,678.23 0.03

8.875% NARA CABLE FUNDING 10/18 EUR 118,694.75 98,219.91 0.05



9.5% INAER AVIATION 10/17 EUR 89,021.07 67,656.01 0.03

1,853,383.11 0.93

ITALIE

3.375% INTESA SANPAOLO 10/15 EUR 422,756.16 392,915.91 0.20

3.5% ENI 10/18 EUR 177,909.88 171,525.59 0.09

3.75% ITALIE 05/15 EUR 1,033,689.09 1,004,756.14 0.51

3.75% ITALIE 06/16 EUR 869,955.90 829,337.66 0.42

3.75% ITALIE 06/21 EUR 3,101,067.28 2,710,100.22 1.37

3.75% BANCO POPOLARE 09/12 EUR 405,141.32 399,894.74 0.20

3.75% SANPAOLO IMI 05/20 EUR 598,904.56 493,557.25 0.25

3.875% EDISON 10/17 EUR 211,378.08 192,767.30 0.10

4% ITALIE 06/17 EUR 564,189.08 539,974.09 0.27

4% BCA POPOLARE MILANO 11/13 EUR 463,270.29 443,435.37 0.22

4.00% INTESA SANP 10/18 579 -SR-S EUR 105,689.04 90,327.14 0.05


4.125% MONTE PASCHI SIENA 11/13 EUR 301,213.76 291,873.12 0.15

4.25% ITALIE 03/13 EUR 4,228,459.10 4,230,573.33 2.14

4.25% ITALIE 04/14 EUR 1,128,378.17 1,120,490.81 0.57

4.25% ITALIE 04/15 EUR 540,516.82 534,917.06 0.27

4.25% ITALIE 08/13 EUR 869,955.90 870,747.56 0.44

4.25% ITALIE 09/20 EUR 1,531,793.09 1,408,560.34 0.71

4.375% UNICREDIT 04/20 EUR 140,918.72 119,846.44 0.06

4.5% ITALIE 07/18 EUR 1,691,580.91 1,618,047.89 0.82

4.5% ITALIE 08/18 EUR 2,162,067.26 2,059,866.34 1.04

4.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 140,918.72 117,637.54 0.06

4.625% MEDIOBANCA 11/16 SR-S- EUR 218,424.01 212,293.94 0.11


4.75% TERNA 11/21 EUR 140,918.72 133,883.35 0.07

4.875% UNICREDIT 08/13 EUR 281,837.44 279,336.13 0.14

5% ITALIE (BTP) 07/39 EUR 869,955.90 717,383.03 0.36

5% AUTOSTRADE 04/14 EUR 49,321.55 50,096.15 0.03

5% ENI 09/16 EUR 422,756.16 445,445.48 0.23

5.25% ITALIE (BTP) 02/17 EUR 1,475,571.45 1,481,650.81 0.75

5.25% ITALIE 98/29 EUR 939,986.36 835,685.47 0.42

5.25% TELECOM ITALIA 05/55 EUR 299,452.28 196,350.86 0.10

5.375% LOTTOMATICA 10/18 EUR 299,452.28 260,960.68 0.13


5.625% ATLANTIA 09/16 EUR 264,222.60 273,113.69 0.14

5.75% ITALIE 02/33 EUR 1,033,689.09 944,326.67 0.48

6.25% FIAT INDUSTRIAL 11/18 EUR 163,205.29 131,380.26 0.07

6.50% ITALIE 97/27 EUR 94,689.08 95,149.27 0.05

6.9% ASSICURAZIONI GEN. 00/22 EUR 352,226.34 330,652.48 0.17

Pictet - EUR Bonds



89


7% PIAGGIO 09/16 EUR 7,418.42 7,195.87 0.00

7.25% ITALIE 96/26 EUR 752,580.89 811,334.89 0.41

8.25% LOTTOMATICA 'S' 06/66 EUR 103,857.91 78,932.01 0.04


8.375% INTESA SANPAOLO 09/PE EUR 52,844.52 36,198.50 0.02

9% ITALIE 93/23 EUR 873,901.28 1,062,393.04 0.54

9.5% SUB. INTESA SANPAOLO 10/PE EUR 176,148.40 119,377.53 0.06

10.5% SEAT PAGINE GIALLE 10/17 EUR 44,510.53 29,376.95 0.01


12.25% WIND ACQUISIT. -PIK- 09/17 EUR 18,202.24 14,379.77 0.01

28,902,585.78 14.63

JAPON

8.375% EACCESS 11/18 EUR 89,021.07 81,009.17 0.04

81,009.17 0.04

JERSEY

4.125% BAA FUDING 10/18 EUR 35,229.68 34,740.34 0.02

4.28% UBS PREF. FUNDING 05/PE EUR 105,689.04 69,754.77 0.04

4.5% UBS JERSEY BRANCH 04/19 EUR 669,363.92 594,689.68 0.30

4.6% BAA FUNDING 08/16 EUR 133,872.78 138,758.47 0.07

5.294% ERSTE CAP.FIN. 06/PE EUR 20,771.58 10,385.79 0.01

5.3687% HSBC CAP FUNDING 03/PE EUR 177,170.06 153,123.65 0.08

7.627% HBOS EURO FIN. 09/PE EUR 37,092.11 26,335.40 0.01

1,027,788.10 0.53

LUXEMBOURG

FRN KION FINANCE 11/18 EUR 29,673.69 21,068.32 0.01

FRN LECTA (UNSEC.) 07/14 EUR 74,184.22 60,831.06 0.03

FRN SIGN. LUX. CLN (ISS DC 2D) 07/15 EUR 51,928.95 44,139.61 0.02

3.25% JOHN DEERE BANK11/16 SR REG. S EUR 162,056.53 166,327.53 0.08

4.75% SES 11/21 EUR 122,246.99 124,410.76 0.06

4.892% DEXIA FUNDING LUX 06/PE EUR 31,899.22 7,974.80 0.00

5% HANNOVER FINANCE 05/PE EUR 105,689.04 83,062.60 0.04

5.00% ENEL FIN. INTL 11/21 SR -S- EUR 287,826.48 274,298.64 0.14

5.25% FIMECCANICA FIN. 09/22 EUR 72,220.84 62,543.25 0.03

5.75% HANNOVER FINANCE 04/24 EUR 509,068.87 502,420.43 0.25

6.375% FIAT FIN. & TRADE 11/16 EUR 103,857.91 87,240.64 0.04


7.125% GLENCORE FINANCE 08/15 EUR 281,837.44 294,520.12 0.15

7.375% WIND ACQUISITION 10/18 EUR 155,786.86 132,418.83 0.07

7.5% RSHB CAPITAL 10/13 RUB 2,084,504.53 47,109.81 0.02

7.625% FIAT FIN & TRADE 09/14 EUR 14,836.84 14,095.00 0.01

7.875% AGUILA 3 11/18 CHF 40,059.48 30,058.65 0.02

7.875% KION FINANCE 11/18 EUR 37,833.95 26,672.94 0.01

8% XEFIN LUX 11/18 EUR 29,673.69 26,483.77 0.01

8.125% FINMECCANIACA FIN 08/13 EUR 140,918.72 151,384.05 0.08

8.25% CODERE FINANCE (LUX) 05/15 EUR 7,418.42 6,565.30 0.00

8.25% CODERE-FINANCE(LUX) 10/15 EUR 29,673.69 26,112.85 0.01

8.5% SUNRISE COMMUNICA. 10/18 EUR 140,950.02 131,083.52 0.07

8.625% MICHELIN LUXEMBOURG 09/14 EUR 70,459.36 79,902.32 0.04

8.7% RSHB CAPITAL -LPN- 11/16 RUB 5,401,755.87 120,526.54 0.06

8.75% CIRSA FUNDING 10/18 EUR 89,021.07 69,436.43 0.04

Pictet - EUR Bonds




8.875% CEMEX LUXEMBOURG 10/17 EUR 21,810.16 14,612.81 0.01

8.875% ZINC CAPITAL 11/18 EUR 91,246.59 67,978.71 0.03

9.375% ARCELORMITTAL 09/16 EUR 383,122.77 423,482.84 0.21

9.5% BEVERAGE PACKAGING 07/17 EUR 117,952.91 79,028.45 0.04

9.625% OXEA FINANCE 10/17 EUR 44,510.53 39,747.91 0.02

10% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 20,029.74 19,629.14 0.01

10.75% TMD FRICTION FIN. 10/17 EUR 20,029.74 20,630.63 0.01

11.125% ARDAGH FIN. -PIK- 11/18 EUR 14,836.84 10,830.90 0.01

11.75% WIND AQUISITION 09/17 EUR 76,038.83 62,351.84 0.03

3,342,482.53 1.67

MALAISIE

2.615% DANGA CAPITAL 10/15 SGD 21,601.08 12,228.97 0.01

2.711% MALAISIE 09/12 MYR 47,252.37 10,881.54 0.01

3.21% MALAISIE 09/13 MYR 97,879.91 22,608.92 0.01

3.7% MALAISIE 07/13 MYR 4,725.24 1,100.18 0.00

3.725% DANGA CAPITAL 10/20 SGD 23,963.70 13,547.49 0.01

3.741% MALAISIE 09/15 MYR 487,914.47 113,770.08 0.06

3.814% MALAISIE 07/17 MYR 53,057.66 12,390.13 0.01

3.82% MALAISIE 06/16 MYR 11,340.57 2,652.19 0.00

3.835% MALAISIE 10/15 MYR 255,972.84 59,863.82 0.03

3.90% SILTERRA CAPITAL 07/14 MYR 8,370.42 1,947.35 0.00

4.012% MALAISIE 10/17 MYR 338,056.95 79,645.14 0.04

4.02% CAGAMAS 05/17 MYR 675.03 150.54 0.00

4.16% MALAISIE 11/21 MYR 353,434.22 84,490.10 0.04

4.24% MALAISIE 03/18 MYR 10,800.54 2,574.45 0.00

4.262% MALAISIE 06/16 MYR 114,215.73 27,356.46 0.01

4.378% MALAISIE 09/19 MYR 358,577.98 86,381.03 0.04

4.498% MALAISIE 10/30 MYR 40,502.03 9,663.53 0.00

5.094% MALAISIE 04/14 MYR 869,376.10 209,331.52 0.11

5.248% MALAISIE 08/28 MYR 9,855.49 2,594.56 0.00

5.734% MALAISIE 04/19 MYR 60,753.05 15,930.81 0.01

769,108.81 0.39

MEXIQUE

4.75% AMERICA MOVIL 10/22 EUR 110,973.49 114,918.04 0.06

6% MEXIQUE 10/15 MXN 2,176.98 12,230.89 0.01

6.50% MEXIQUE 10/21 MXN100 MXN 4,225.71 23,042.23 0.01

7.25% MEXIQUE 07/16 MXN 5,091.51 30,123.06 0.02

7.5% MEXIQUE 06/27 MXN 9,855.49 55,543.88 0.03

7.75% MEXIQUE 08/17 MXN 8,583.73 52,149.98 0.03

8% MEXIQUE 05/15 MXN 14,289.12 86,266.09 0.04

8% MEXIQUE 09/20 MXN 14,020.45 85,065.99 0.04

8.5% MEXIQUE 09/38 MXN 12,042.60 71,557.93 0.04

9.5% MEXIQUE 04/14 MXN 5,062.75 31,290.77 0.02

10% MEXIQUE 04/24 MXN 16,886.65 118,281.25 0.06

10% MEXIQUE 06/36 MXN 15,789.04 108,402.28 0.05

788,872.39 0.41

NORVEGE

3.875% DNB NOR BANK 10/20 EUR 140,918.72 138,676.70 0.07

4.125% TELENOR 10/20 EUR 105,689.04 109,426.73 0.06

4.5% DNB NOR BANK 09/14 EUR 299,452.28 313,510.07 0.16

Pictet - EUR Bonds



91


5.5% STATKRAFT 09/15 EUR 66,936.39 73,765.58 0.04

5.625% STATOIL 09/21 EUR 91,597.17 109,790.20 0.06

7% NORSKE SKOGINDUSTR. 07/17 EUR 14,836.84 6,973.32 0.00

752,142.60 0.39

PAYS-BAS

2.75% SCHLUMBERGER FIN. 10/15 EUR 103,927.56 105,408.52 0.05

3% PACCAR FINANCIAL 11/14 EUR 227,231.43 229,663.95 0.12

3.25% PAYS-BAS 05/15 EUR 705,236.36 755,720.71 0.38

3.625% BMW FINANCE 11/18-S- EUR 67,993.28 69,577.19 0.04

3.625% SNS BANK 10/13 EUR 176,148.40 173,011.20 0.09

3.75% RABOBANK 10/20 EUR 387,526.48 350,188.30 0.18

3.75% ROYAL BANK SCOTLAND 09/14 EUR 3,156,302.57 3,300,166.84 1.67

3.75% WUERTH FINANCE INTL 11/18 SR EUR 71,163.95 72,750.91 0.04

3.875% GENERALI FINANCE 05/15 EUR 105,689.04 105,014.21 0.05

3.875% ING BANK 11/16 EUR 487,578.77 486,033.14 0.25

4% PAYS-BAS 05/37 EUR 752,580.89 909,652.05 0.46

4% PAYS-BAS 08/18 EUR 1,879,972.72 2,122,677.20 1.07

4% FORTIS BANK NED. 10/15 EUR 211,378.08 213,597.55 0.11

4% URENCO FINANCE 10/17 EUR 70,459.36 72,639.37 0.04

4.125% LANXESS FINANCE 11/18 EUR 158,533.56 156,113.54 0.08

4.125% RABOBANK 11/21 EUR 387,526.48 405,011.67 0.21

4.125% SUEDZUCKER 11/18 EUR 61,651.94 63,966.35 0.03

4.176% ING GROEP 05/PE EUR 29,673.69 18,100.95 0.01

4.25% PAYS-BAS 03/13 EUR 282,094.54 299,867.91 0.15

4.25% COCA COLA HBC FIN. 09/16 EUR 123,303.88 127,059.10 0.06

4.25% DEUTSCHE TEL. FIN. 10/22 EUR 264,222.60 260,828.66 0.13

4.31% ABN AMRO 06/PE EUR 14,836.84 8,457.00 0.00

4.375% RABOBANK 09/14 EUR 352,296.80 371,037.23 0.19

4.375% RABOBANK 09/16 EUR 598,904.56 638,231.62 0.32

4.43% SCHIPHOL NEDERLAND 11/21 -SR EUR 105,689.04 110,778.50 0.06

4.5% KONINKLIJKE KPN 11/21 SR-S- EUR 192,354.05 191,789.49 0.10

4.5% PORTUGAL TELE. INTL 05/25 EUR 170,863.95 112,770.21 0.06


4.625% BAYER CAPITAL 09/14 EUR 176,148.40 187,438.63 0.09

4.625% ING BANK 04/19 EUR 584,178.55 549,241.75 0.28

4.75% ADECCO INTL FIN. 11/18SR-S- EUR 211,378.08 208,710.49 0.11

4.75% RABOBANK 08/18 EUR 281,837.44 306,261.47 0.16

4.875% ALLIANDER 10/PE EUR 246,607.76 245,137.98 0.12

5.125% BASF FINANCE 09/15 EUR 246,607.76 269,417.74 0.14

5.25% SIEMENS FINANCE 06/66 EUR 535,491.13 547,293.36 0.28

5.317% GENERALI FINANCE 06/PE EUR 105,689.04 69,556.60 0.04

5.375% VOLKSWAGEN 09/13 EUR 179,671.37 191,082.30 0.10

5.5% E. ON INTL FINANCE 09/16 EUR 352,296.80 390,771.13 0.20

5.5% EADS FINANCE 03/18 EUR 105,689.04 118,783.91 0.06

5.50% PAYS-BAS 98/28 EUR 470,486.35 636,041.09 0.32

5.625% KPN KONINKLIJKE 09/24 EUR 42,275.62 45,031.56 0.02

5.75% ALLIANZ FINANCE II 11/41 EUR 232,515.89 183,786.37 0.09

5.75% ASML HLDG 07/17 EUR 265,984.08 277,448.00 0.14


5.875% EDP FINANCE 11/16 EUR 425,398.38 344,627.99 0.17

5.875% TELEFONICA EUROPE 03/33 EUR 105,689.04 101,628.99 0.05

6.125% ALLIANZ FINANCE 02/22 EUR 140,918.72 137,695.91 0.07

Pictet - EUR Bonds




6.25% ING VERZEKERINGEN 01/21 EUR 59,347.38 43,026.85 0.02

6.25% KPN 09/14 EUR 140,918.72 152,040.02 0.08

6.258% SNS REAAL 07/PE EUR 24,985.25 12,242.77 0.01

6.375% WOLTERS KLUWER 08/18 EUR 70,459.36 79,290.74 0.04

6.5% ALLIANZ FIN. II 02/25 EUR 193,763.24 194,267.99 0.10

6.5% CONTI-GUMMI FINANCE 10/16 EUR 14,836.84 14,095.00 0.01

6.5% REPSOL INTL FINANCE 09/14 EUR 258,938.15 279,075.77 0.14

6.625% RWE FINANCE 08/19 EUR 352,296.80 421,512.55 0.21

6.655% TENNET HOLDING BV 10/PE EUR 334,681.96 335,906.89 0.17

6.75% OI EUROP GROUP 10/20 EUR 29,673.69 27,151.42 0.01

6.875% OI EUROPEAN GROUP 07/17 EUR 37,092.11 35,052.04 0.02


7.375% CRH FINANCE 09/14 EUR 91,597.17 99,672.37 0.05

7.375% EUREKO 09/14 EUR 123,303.88 132,887.67 0.07

7.375% LINDE FINANCE 06/66 EUR 287,438.96 306,253.27 0.16

7.375% NEW WORLD RESOUR. 07/15 EUR 23,738.95 20,771.58 0.01


7.5% GMAC INTERNAT. FIN. 10/15 EUR 44,510.53 40,393.31 0.02

7.625% ADECCO INT. FIN. 09/14 EUR 201,231.93 222,089.62 0.11


7.875% DAIMLER INTL 09/14 EUR 528,445.20 591,863.91 0.30

7.875% NEW WORLD RESOURCES 10/18 EUR 22,255.27 19,695.91 0.01

8% CLONDALKIN BV 04/14 EUR 81,795.52 61,346.64 0.03

8% ZIGGO BOND 10/18 EUR 178,042.13 171,810.66 0.09

8.875% BMW FINANCE 08/13 EUR 70,459.36 79,351.68 0.04

9.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 40,059.48 40,860.67 0.02

9.5% INTERXION HOLDING 10/17 EUR 10,385.79 10,905.08 0.01

9.625% CEMEX FINANCE 09/17 EUR 14,836.84 10,274.51 0.01

11% BOATS INVES -PIK- 07/17 EUR 109,006.29 104,231.83 0.05

11.25% SNS BANK 09/PE EUR 44,510.53 30,267.16 0.02

20,623,903.35 10.47

PEROU

6.85% PEROU (DUAL CUR.) 10/42 PEN 46.36 12,244.08 0.01





116,584.53 0.07

PHILIPPINES

2.85% ASIAN DEV. BANK 10/20 CNY 54,677.74 6,464.31 0.00

4.95% PHILIPPINES 10/21 PHP 542,727.22 8,612.75 0.00

6.25% PHILIPPINES 11/36 PHP 1,254,212.89 19,929.93 0.01

7% PETRON (D. CCY) 10/17 PHP 1,055,752.94 16,842.81 0.01

51,849.80 0.02

POLOGNE

2.75% POLOGNE (INFLATION) 08/23 PLN 234,776.77 56,101.92 0.03

3% POLOGNE (INFLATION) 04/16 PLN 6,750.34 1,888.49 0.00

5% POLOGNE 02/13 PLN 17,550.88 4,019.16 0.00

5.25% POLOGNE 06/17 PLN 158,119.93 35,348.95 0.02

5.25% POLOGNE 07/13 PLN 90,090.02 20,687.25 0.01

Pictet - EUR Bonds



93


5.25% POLOGNE 09/20 PLN 139,948.02 30,402.60 0.02

5.5% POLOGNE 08/19 PLN 702,083.81 156,493.01 0.08

5.5% POLOGNE 09/15 PLN 487,104.43 112,259.66 0.06

5.75% POLOGNE 01/22 PLN 169,780.46 38,042.38 0.02

5.75% POLOGNE 08/29 PLN 23,866.50 5,263.56 0.00

6.25% POLOGNE 04/15 PLN 667,675.98 157,660.12 0.08

7.125% CYFROWY POLSAT 11/18 EUR 44,510.53 40,059.48 0.02

11% TVN 10/17 EUR 81,602.64 83,234.70 0.04

741,461.28 0.38

REPUBLIQUE TCHEQUE

9% CET 21 10/17 EUR 22,255.27 20,141.02 0.01

20,141.02 0.01

ROYAUME-UNI

3.1% BP CAPITAL MARKETS 10/14 EUR 237,800.34 242,244.83 0.12

3.625% HSBC HOLDINGS 05/20 EUR 704,593.60 661,190.63 0.33

3.625% STANDARD CHARTERED 05/17 EUR 167,728.51 165,862.53 0.08

3.875% UBS LDN 09/19 EUR 1,578,151.29 1,677,803.65 0.85

4% BARCLAYS BANK 10/17 EUR 105,689.04 103,194.78 0.05

4.35% ROYAL BK SCOT. 06/17 EUR 102,166.07 75,092.06 0.04

4.375% ANGLO AMERICAN CAP. 09/16 EUR 176,148.40 180,244.73 0.09

4.375% REXAM 06/13 EUR 140,918.72 144,288.09 0.07

4.5% IMPERIAL TOBACCO 11/18 EUR 131,406.71 134,002.65 0.07

4.7291% AVIVA 04/PE EUR 70,459.36 49,805.96 0.03

4.875% BARCLAYS BANK 04/PE EUR 109,212.01 67,165.38 0.03

4.875% ROYAL BK SCOTLAND 10/15 EUR 528,445.20 513,973.73 0.26

5.025% SCOTTISH & SOUTHERN 10/PE EUR 570,720.81 534,694.06 0.27

5.125% TESCO 09/15 EUR 264,222.60 288,531.08 0.15

5.25% AVIVA 03/23 EUR 88,074.20 81,586.21 0.04

5.25% BARCLAYS BANK 09/14 EUR 317,067.12 328,267.51 0.17

5.25% BRITISH TELECOM 07/14 EUR 211,378.08 224,311.25 0.11

5.375% BAT INTL FINANCE 07/17 EUR 281,837.44 312,095.51 0.16

5.375% VODAFONE 07/22 EUR 123,303.88 139,239.67 0.07

5.5% ROYAL BANK SCLOTLAND 10/20 EUR 281,837.44 252,144.46 0.13

5.625% LLOYDS TSB BANK 08/18 EUR 140,918.72 112,551.78 0.06




6.35% LLOYDS TSB BANK 02/PE EUR 29,673.69 20,875.44 0.01


6.467% RBS CAP. TRUST A 02/PE EUR 59,347.38 26,706.32 0.01

6.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 105,689.04 83,593.16 0.04


6.625% NATIONAL GRID ELEC. 08/14 EUR 211,378.08 232,227.36 0.12

6.625% WPP GROUP 08/16 EUR 105,689.04 117,818.97 0.06

7.875% INEOS GROUP REG. S 06/16 EUR 148,680.02 101,845.81 0.05

8.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 193,763.24 228,791.76 0.12

9.125% INFINIS 09/14 GBP 14,836.84 17,278.42 0.01

9.25% INEOS FINANCE 10/15 EUR 26,706.32 25,371.00 0.01

9.375% FCE BANK 09/14 EUR 89,021.07 92,581.91 0.05

Pictet - EUR Bonds




9.75% EC FINANCE 10/17 EUR 29,673.69 21,661.79 0.01

10.75% TVN FINANCE 09/17 EUR 63,798.43 66,988.35 0.03

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 8,086.91 5,822.31 0.00

8,425,195.25 4.26

RUSSIE

STEP ROSSELHOZBANK 10/20 RUB 877,544.00 20,407.79 0.01

7.00% RUSSIE 25079 11/15 RUB 1,343,317.36 30,065.43 0.02

7.40% RUSSIE 11/17 26206 RUB 2,430,121.86 53,942.54 0.03

7.50% RUSSIE 11/18 26204 -SR- RUB 5,805,291.11 128,195.04 0.06

7.85% RUSSIE 11/18 RUB 5,116,756.58 116,521.47 0.06

349,132.27 0.18

SINGAPOUR

2.5% SINGAPOUR 09/19 SGD 5,400.27 3,317.50 0.00

3.25% SINGAPOUR 05/20 SGD 79,991.51 51,639.41 0.03

10.75% BUMI INVESTMENT 10/17 USD 10,800.54 7,319.82 0.00

62,276.73 0.03

SRI LANKA

6.25% GOVT DU SRI LANKA 10/20 USD 2,700.14 1,928.87 0.00

6.25% SRI LANKA 11/21 USD 21,214.96 14,980.28 0.01

6.85% SRI LANKA 06/12 LKR 337,516.92 2,236.44 0.00

7.4% SRI LANKA 09/15 USD 7,830.39 6,024.02 0.00

8.25% SRI LANKA 07/12 USD 4,320.22 3,331.51 0.00

28,501.12 0.01

SUEDE

3.625% SVENSKA CELLULOSA11/16 SR-S- EUR 175,443.81 178,627.23 0.09

3.75% SVENSKA HANDELSBANK 10/17 EUR 246,607.76 252,282.20 0.13

3.875% SKF 11/18 EUR 112,734.98 115,760.22 0.06

3.875% SWEDISH MATCH 10/17 EUR 105,689.04 106,714.22 0.05

4% NORDEA BANK 04/16 EUR 122,740.20 122,709.52 0.06

4% NORDEA BANK 10/20 EUR 352,296.80 352,751.26 0.18

4.25% SKAND. ENSKILDA BK. 11/18 EUR 52,844.52 53,155.25 0.03

4.875% INVESTOR 09/21 EUR 105,689.04 113,080.40 0.06

5% VOLVO TREASURY 07/17 EUR 139,861.83 143,586.35 0.07

5.25% VATTENFALL TREASURY 05/PE EUR 243,084.79 240,746.31 0.12

5.375% ERICSSON TEL. 07/17 EUR 70,459.36 76,481.87 0.04

5.5% SKANDINAV. ENSKILDA 09/14 EUR 176,148.40 185,946.65 0.09

7.75% AKZO NOBEL SWEDEN 08/14 EUR 105,689.04 116,614.12 0.06

9.875% VOLVO TREASURY 09/14 EUR 177,451.90 204,722.70 0.10

15% CORRAL PETROL. 11/17 PIK SR-S- EUR 10,114.69 8,799.78 0.00

2,271,978.08 1.14

SUPRANATIONAL

3.875% WORLDBANK 09/19 EUR 3,131,643.96 3,450,304.40 1.75

4.75% E.I.B. 07/17 EUR 2,860,399.21 3,246,438.68 1.64

6.3% E.B.R.D. (D. CCY) 11/13 IDR 13,500,677.00 1,086.43 0.00

Pictet - EUR Bonds



95


7% AFRICAN DEV. BK (DUAL) 10/12 ZMK 57,168,616.76 8,405.47 0.00

7.20% E.B.R.D. (DUAL) 11/16 -SR- IDR 229,511,509.00 18,299.35 0.01

8% WORLDBANK 10/20 COP 34,588,734.47 14,292.17 0.01

6,738,826.50 3.41

THAÏLANDE

2.8% M.O.F. (THAÏLANDE) 10/17 THB 982,174.25 22,099.39 0.01

3.625% THAÏLANDE GOV 09/15 THB 6,180,609.93 145,744.91 0.07





4.25% THAÏLANDE GOV 07/13 THB 236,261.85 5,605.95 0.00


4.85% THAÏLANDE M.O.F. 11/61 SR THB 279,464.01 6,649.93 0.00


5% THAÏLANDE 09/40 THB 367,893.45 9,699.91 0.00

5% THAÏLANDE GOV 07/17 THB 2,025.10 50.86 0.00






5.5% M.O.F. (THAÏLANDE) 07/23 THB 27,001.35 730.70 0.00




655,798.28 0.31

TURQUIE

TBI TURQUIE 200213 TRY 429,794.05 152,176.24 0.08

0% TURQUIE 11/12 TRY 476,222.88 172,745.21 0.09

0% TURQUIE 11/150513 TRY 518,925.52 180,489.72 0.09

0% TURKIYE IS BANKASI 11/12 TRY 93,964.71 33,817.39 0.02

8.00% TURQUIE 11/14 TRY 256,512.86 101,118.44 0.05

10% TURQUIE (INFLATION) 07/12 TRY 232,928.53 133,516.44 0.07

10% TURQUIE 10/13 TRY 131,496.59 53,451.51 0.03

10.5% TURQUIE 10/20 TRY 290,476.52 123,023.16 0.06

11% TURQUIE 09/14 TRY 33,657.19 14,201.22 0.01

16% TURQUIE 08/13 TRY 2,700.14 1,214.17 0.00

965,753.50 0.50

VENEZUELA

11.95% VENEZUELA 11/31 -S- USD 8,625.58 4,692.44 0.00

4,692.44 0.00

ZAMBIE

12% ZAMBIE 07/12 ZMK 6,750,338.50 1,002.20 0.00

1,002.20 0.00

TOTAL OBLIGATIONS 179,972,095.86 91.14

Pictet - EUR Bonds



Description Devise Quantité/Nominal Valeur d’évaluation (note 2) % des actifs nets

OPTIONS

ALLEMAGNE

CALL BUND FUTURE EURO-BOBL EUREX (5Y) 03/10/2011 -69.04 0.00 0.00

PUT BUND FUTURE EURO-BOBL EUREX (5Y) 03/10/2011 -69.04 0.00 0.00

0.00 0.00

ROYAUME-UNI

CALL AUD/NZD 03/11/2011 1.3 2,781.14 406.50 0.00

PUT EUR/AUD SPOT CROSS RATES 26/10/2011 1.3175 2,057.50 291.61 0.00

698.11 0.00

TOTAL OPTIONS 698.11 0.00

TOTAL I. 179,972,793.97 91.14

II. AUTRES VALEURS MOBILIERES

OBLIGATIONS

ALLEMAGNE

10% CLN INDONESIE (DB) 08/28 USD 135.01 227.95 0.00

227.95 0.00

ETATS-UNIS

11% CLN INDONESIE (CITI) 08/14 USD 945.05 825.80 0.00

11.5% CLN INDONESIE (CITI) 07/19 USD 1,796.37 1,414.38 0.00

2,240.18 0.00

GHANA

14.47% GHANA 06/11 GHS 6,480.32 3,005.78 0.00

15% GHANA 07/12 GHS 1,350.07 641.08 0.00

3,646.86 0.00

HONG KONG

9.75% CLN INDONESIE (HSBC) 07/37 USD 1,944.09 1,708.59 0.00

1,708.59 0.00

MALAISIE

3.461% MALAISIE 08/13 MYR 13,500.68 3,132.48 0.00

4.232% MALAISIE 11/31 S.11 MYR 39,529.98 9,203.79 0.00

4.392% MALAISIE 11/26 MYR 170,783.56 41,043.14 0.02

53,379.41 0.02

PHILIPPINES

6.125% PHILIPPINES 10/20 PHP 189,009.48 3,254.86 0.00

6.375% PHILIPPINES (PROV.) 11/22 PHP 192,203.67 3,308.37 0.00

6,563.23 0.00

Pictet - EUR Bonds



97


SRI LANKA

6.75% GOVT DU SRI LANKA 10/13 LKR 188,982.48 1,233.86 0.00

6.85% SRI LANKA 06/12 LKR 1,579,579.21 10,396.99 0.01

6.9% GOVT DU SRI LANKA 10/12 LKR 1,073,303.82 7,107.37 0.00

7.5% SRI LANKA 03/13 LKR 945,047.39 6,220.80 0.00

24,959.02 0.01

SUPRANATIONAL

6.5% E.B.R.D. 11/14 IDR 51,302,572.60 4,175.55 0.00

4,175.55 0.00

TOTAL OBLIGATIONS 96,900.79 0.03

OPTIONS

CHINE

CALL USD/CNY SPOT CROSS RATES 27/12/2011 6.7 -68,563.32 -82.39 0.00

PUT USD/CNY SPOT CROSS RATES 09/11/2011 6.27 -2,781.14 -64.55 0.00

PUT USD/CNY SPOT CROSS RATES 09/11/2011 6.32 2,781.14 367.05 0.00





PUT USD/CNY SPOT CROSS RATES 23/12/2011 6.36 3,471.02 1,190.01 0.00


PUT USD/CNY SPOT CROSS RATES 25/10/2011 6.39 -345,108.36 -1,264.27 0.00






4,684.82 0.00

ETATS-UNIS

CALL USD/PHP SPOT CROSS RATES 10/10/2011 42.23 139,047.22 0.00 0.00

0.00 0.00

FRANCE

PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 3,475.07 2,497.76 0.00

PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 -3,475.07 -2,104.69 0.00

393.07 0.00

INDE

CALL USD/INR SPOT CROSS RATES 20/12/2011 0 1,384.49 0.00 0.00


PUT USD/INR SPOT CROSS RATES 28/10/2011 44.35 -156,428.97 0.00 0.00

PUT USD/INR SPOT CROSS RATES 28/10/2011 45.35 104,285.98 2.29 0.00

2.29 0.00

Pictet - EUR Bonds



Description Quantité Valeur d’évaluation (note 2) % des actifs nets

INDONESIE

PUT USD/IDR SPOT CROSS RATES 30/09/2011 8410 -208,256.04 0.00 0.00

PUT USD/IDR SPOT CROSS RATES 30/09/2011 8530 104,128.02 0.00 0.00

0.00 0.00

JAPON

CALL EUR/JPY CROSS-RATES 28/09/2011 110 173,737.10 0.00 0.00

PUT EUR/JPY CROSS-RATES 21/12/2011 105.4 166,761.61 1,941.10 0.00

PUT EUR/JPY CROSS-RATES 29/11/2011 106.5 2,085.71 779.74 0.00

2,720.84 0.00

ROYAUME-UNI

CALL EUR/CHF SPOT CROSS RATES 28/09/2011 1.24 137,156.08 0.00 0.00

CALL JPY/KRW SPOT CROSS RATE 29/08/2012 0 382,379.67 0.00 0.00



CALL USD/JPY SPOT CROSS RATES 12/12/2011 86.65 3,310.14 0.00 0.00

CALL USD/KRW SPOT CROSS RATES 04/10/2011 1130 137,678.78 0.00 0.00


CALL USD/KRW SPOT CROSS RATES 30/11/2011 1028 -3,475.07 0.00 0.00

CALL USD/MYR SPOT CROSS RATES 30/09/2011 0 2,740.61 0.00 0.00

PUT EUR/CHF SPOT CROSS RATES 12/03/2012 1.1 3,475.07 357.69 0.00


PUT EUR/USD 12/10/2011 1.295 3,475.07 462.88 0.00

PUT EUR/USD 12/10/2011 1.295 -3,475.07 -234.46 0.00

PUT GBP/USD SPOT CROSS RATES 07/10/2011 1.5 1,340.62 74.54 0.00

PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 278,093.70 75.02 0.00

PUT JPY/KRW SPOT CROSS RATE 29/09/2011 13.48 278,093.70 0.00 0.00

PUT JPY/KRW SPOT CROSS RATE 30/11/2011 12.97 -278,093.70 0.00 0.00

PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -519,185.41 -1,270.52 0.00

PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 346,123.61 1,919.73 0.00

PUT USD/HKD SPOT CROSS RATES 28/10/2011 7.75 -519,185.41 -171.18 0.00

PUT USD/HKD SPOT CROSS RATES 28/10/2011 7.79 346,123.61 337.28 0.00



PUT USD/KRW SPOT CROSS RATES 28/09/2011 1072 104,285.98 0.00 0.00


2,148.78 0.00

SUISSE

CALL AUD/NZD 05/10/2011 1.272 139,047.52 405.18 0.00

CALL AUD/NZD 05/10/2011 1.284 -139,047.52 -10.00 0.00

CALL USD/CAD SPOT CROSS RATE 22/11/2011 1.09 3,429.17 841.96 0.00


PUT EUR/USD 17/11/2011 1.28 103,452.78 764.52 0.00

PUT EUR/USD 17/11/2011 1.33 -206,905.56 -2,979.44 0.00

PUT EUR/USD 17/11/2011 1.38 103,452.78 3,287.73 0.00

Pictet - EUR Bonds



99


PUT EUR/USD 21/12/2011 1.34 2,069.11 457.61 0.00

PUT GBP/USD SPOT CROSS RATES 07/10/2011 1.5 1,340.62 74.54 0.00


3,433.20 0.00

TOTAL OPTIONS 13,383.00 0.00

TOTAL II. 110,283.79 0.03

III. INSTRUMENTS DU MARCHE MONETAIRE

BRESIL

TBI BRESIL 01/10/11 BRL 1000 BRL 236.26 94,572.42 0.05

94,572.42 0.05

INDONESIE

0% INDONESIE 11/11 IDR 255,905,332.54 20,975.80 0.01

0% INDONESIE 11/12 IDR 40,502,031.00 3,251.21 0.00

24,227.01 0.01

SRI LANKA

TBI GOVT DU SRI LANKA 30/09/11 LKR 141,757.11 942.52 0.00

0% GOVT DU SRI LANKA 10/11 LKR 877,544.00 5,806.63 0.00




0% GOVT DU SRI LANKA 11/12 LKR 101,255.08 654.24 0.00

0% SRI LANKA 11/12 LKR 135,006.77 860.16 0.00

15,230.22 0.00

THAÏLANDE

0% THAÏLANDE 10/11 THB 135,006.77 3,173.33 0.00

3,173.33 0.00

TURQUIE

0% TURQUIE 10/12 TRY 360,468.08 133,376.17 0.07

133,376.17 0.07

ZAMBIE

0% TBI ZAMBIA 10/11 ZMK 13,500,677.00 2,026.67 0.00

2,026.67 0.00

TOTAL III. 272,605.82 0.13

TOTAL DU PORTEFEUILLE-TITRES 180,355,683.58 91.30

AVOIRS EN BANQUE 13,771,397.13 6.97

AUTRES ACTIFS NETS 3,412,782.25 1.73

TOTAL DES ACTIFS NETS 197,539,862.96 100.00

Pictet - EUR Bonds


REPARTITION ECONOMIQUE ET GEOGRAPHIQUE DU PORTEFEUILLE-TITRES AU 30 SEPTEMBRE 2011

Répartition géographique

(en % des actifs nets)

France 18.25

Italie 14.63

Allemagne 13.97

Pays-Bas 10.47

Espagne 8.96

Royaume-Uni 4.26

Etats-Unis 3.77

Supranational 3.41

Autriche 1.86

Luxembourg 1.67

Suède 1.14

Irlande 0.93

Australie 0.79

Danemark 0.68

Turquie 0.57

Finlande 0.55

Afrique du Sud 0.54

Jersey 0.53

Mexique 0.41

Malaisie 0.41

Brésil 0.39

Norvège 0.39

Iles Caïmans 0.38

Pologne 0.38

Indonésie 0.33

Thaïlande 0.31

Canada 0.23

Hongrie 0.22

Guernesey 0.22

Russie 0.18

Belgique 0.16

Colombie 0.08

Pérou 0.07

Japon 0.04

Singapour 0.03

Antilles néerlandaises 0.03

Philippines 0.02

Sri Lanka 0.02

Bermudes 0.01

République tchèque 0.01

Ghana 0.00

Chili 0.00

Corée du Sud 0.00

Vénézuela 0.00

Hong Kong 0.00

Egypte 0.00

Géorgie 0.00

Zambie 0.00

Chine 0.00

Inde 0.00

Suisse 0.00

91.30

Répartition économique


Obligations de sociétés 47.96

Obligations d’Etats ou de Villes 39.80

Obligations d’institutions supranationales 3.41

Instruments du marché monétaire 0.13

Options 0.00

91.30

Pictet - USD Government Bonds

ETAT DU PORTEFEUILLE-TITRES ET AUTRES ACTIFS NETS AU 30 SEPTEMBRE 2011 (EXPRIME EN USD)


101


VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE D’UNE BOURSE DE VALEURS OU SUR UN AUTRE MARCHE REGLEMENTE

OBLIGATIONS

ETATS-UNIS

0% STRIPS USA -PRIN- 151140 USD 2,060,000.00 817,634.60 0.22

0.75% TNOTE USA 10/13 AC-2013 USD 6,373,000.00 6,430,006.49 1.74

1% TNOTE USA 11/16 AB-2016-SR- USD 3,671,000.00 3,680,034.33 1.00

1.00% TBOND USA 10/13 S.AA-2013 USD 5,029,000.00 5,093,237.93 1.38

1.125% TNOTE USA 10/13 Z-2013 USD 2,008,000.00 2,037,099.94 0.55

1.125% US TREASURY 09/12 USD 3,930,000.00 3,973,676.06 1.07

1.25% US TREASURY 10/15 USD 2,907,000.00 2,972,124.07 0.80

1.375% US TREASURY 09/12 USD 3,122,000.00 3,163,645.92 0.86

1.375% US TREASURY 10/13 USD 7,243,000.00 7,356,454.35 1.99

1.375% US TREASURY 10/13 USD 408,000.00 414,749.54 0.11

1.5% US TREASURY 08/13 USD 1,388,000.00 1,424,868.75 0.39

1.50% TNOTE USA 11/16 AA-2016 USD 3,224,000.00 3,310,393.53 0.90

1.75% TNOTE USA 11/16 Y-2016 USD 3,156,000.00 3,282,609.25 0.89

1.75% US TREASURY 09/14 USD 3,006,000.00 3,103,695.00 0.84

1.75% US TREASURY 09/14 USD 5,573,000.00 5,763,047.66 1.56

1.875% TNOTE USA 09/14 H-2014 USD 1,632,000.00 1,691,096.35 0.46

1.875% US TREASURY 09/14 USD 821,000.00 852,461.13 0.23

1.875% US TREASURY 10/15 USD 5,115,000.00 5,352,369.25 1.45

1.875% US TREASURY 10/17 USD 4,037,000.00 4,190,042.67 1.13

2% US TREASURY 08/13 USD 3,523,000.00 3,649,884.37 0.99

2% US TREASURY 11/16 USD 877,000.00 922,186.11 0.25

2.25% TNOTE USA 11/16 V-2016 USD 3,790,000.00 4,029,391.56 1.09

2.25% US TREASURY 09/14 USD 3,926,000.00 4,118,619.38 1.11

2.375% TNOTE USA 11/18 L USD 3,442,000.00 3,660,351.88 0.99

2.375% US TREASURY 09/14 USD 1,166,000.00 1,231,951.88 0.33

2.375% US TREASURY 09/14 USD 2,427,000.00 2,570,012.19 0.69

2.375% US TREASURY 10/15 USD 2,579,000.00 2,739,431.85 0.74

2.5% US TREASURY 10/15 USD 2,106,000.00 2,249,018.46 0.61

2.5% US TREASURY 10/17 USD 3,970,000.00 4,267,750.00 1.15

2.625% US TREASURY 09/14 USD 5,029,000.00 5,335,454.69 1.44

2.625% US TREASURY 09/14 USD 2,358,000.00 2,504,822.05 0.68

2.625% US TREASURY 09/14 USD 3,852,000.00 4,115,020.34 1.11

2.625% US TREASURY 09/16 USD 3,090,000.00 3,336,898.73 0.90

2.625% US TREASURY 10/20 USD 5,382,000.00 5,742,550.94 1.55

2.75% US TREASURY 08/13 USD 3,562,000.00 3,741,907.72 1.01

2.75% US TREASURY 09/16 USD 3,173,000.00 3,451,629.06 0.93

2.75% US TREASURY 09/19 USD 3,497,000.00 3,799,436.30 1.03

2.75% US TREASURY 11/18 USD 3,784,000.00 4,120,715.46 1.11

3% US TREASURY 09/16 USD 581,000.00 638,839.13 0.17

3.125% US TREASURY 08/13 USD 7,962,000.00 8,324,645.21 2.26

3.125% US TREASURY 10/17 USD 1,965,000.00 2,176,621.66 0.59

3.25% US TREASURY 09/16 USD 5,315,000.00 5,900,689.08 1.60

3.25% US TREASURY 10/17 USD 2,928,000.00 3,265,977.58 0.88

3.375% US TREASURY 09/19 USD 4,163,000.00 4,713,783.63 1.27

3.5% US TREASURY 08/13 USD 7,222,000.00 7,608,770.60 2.06





3.5% US TREASURY 08/18 USD 2,590,000.00 2,940,863.42 0.80

3.5% US TREASURY 09/39 USD 2,994,000.00 3,280,944.96 0.89

3.5% US TREASURY 10/20 USD 4,354,000.00 4,976,741.74 1.35

3.625% US TREASURY 07/12 USD 2,921,000.00 3,045,256.42 0.82

3.625% US TREASURY 10/20 USD 4,063,000.00 4,681,813.18 1.27

3.625% US TREASURY 11/21 USD 5,514,000.00 6,356,175.28 1.72

3.75% US TREASURY 08/18 USD 3,452,000.00 3,991,913.51 1.08

3.875% US TREASURY 08/18 USD 4,005,000.00 4,649,086.10 1.26

3.875% US TREASURY 10/40 USD 4,835,000.00 5,657,706.68 1.53

4% US TREASURY 04/14 USD 2,602,000.00 2,826,219.54 0.76

4% US TREASURY 05/15 USD 4,482,000.00 5,001,457.08 1.35

4% US TREASURY 08/18 USD 4,383,000.00 5,135,815.31 1.39

4.125% US TREASURY 05/15 USD 4,974,000.00 5,604,782.78 1.52

4.25% US TREASURY 03/13 USD 4,793,000.00 5,148,825.13 1.39

4.25% US TREASURY 03/13 USD 1,503,000.00 1,628,641.78 0.44

4.25% US TREASURY 04/14 USD 1,850,000.00 2,067,230.70 0.56

4.25% US TREASURY 05/15 USD 3,897,000.00 4,431,163.74 1.20

4.25% US TREASURY 07/17 USD 4,325,000.00 5,099,276.64 1.38

4.375% US TREASURY 09/39 USD 2,537,000.00 3,215,795.91 0.87

4.5% US TREASURY 06/36 USD 1,452,000.00 1,857,507.30 0.50

4.5% US TREASURY 08/38 USD 1,958,000.00 2,515,532.67 0.68

4.5% US TREASURY 09/39 USD 2,602,000.00 3,359,578.81 0.91

4.50% US TREASURY 06/16 USD 1,850,000.00 2,144,409.93 0.58

4.50% US TREASURY 07/17 USD 1,757,000.00 2,083,074.60 0.56

4.625% US TREASURY 07/17 USD 1,561,000.00 1,852,224.06 0.50

4.625% US TREASURY 10/40 USD 4,710,000.00 6,208,644.29 1.68

4.75% US TREASURY 04/14 USD 763,000.00 849,791.25 0.23

4.75% US TREASURY 07/17 USD 3,384,000.00 4,073,490.00 1.10

4.75% US TREASURY 11/41 USD 5,471,000.00 7,370,462.81 1.99

5% US TREASURY 07/37 USD 1,552,000.00 2,135,455.00 0.58

5.25% US TREASURY 98/28 USD 1,142,000.00 1,549,997.21 0.42

5.25% US TREASURY 99/29 USD 1,171,000.00 1,591,325.18 0.43

5.375% US TREASURY 01/31 USD 941,000.00 1,315,966.39 0.36

6% US TREASURY 96/26 USD 1,027,000.00 1,466,042.50 0.40

6.125% US TREASURY 97/27 USD 1,192,000.00 1,749,888.78 0.47

6.25% US TREASURY 00/30 USD 759,000.00 1,155,014.32 0.31

6.25% US TREASURY 93/23 USD 1,269,000.00 1,804,507.85 0.49

6.375% US TREASURY 97/27 USD 1,036,000.00 1,553,413.11 0.42

6.5% US TREASURY 96/26 USD 836,000.00 1,255,942.86 0.34

7.125% US TREASURY 93/23 USD 868,000.00 1,306,441.56 0.35

7.25% US TREASURY 86/16 USD 3,216,000.00 4,154,356.44 1.12

7.25% US TREASURY 92/22 USD 1,065,000.00 1,604,801.11 0.43

7.5% US TREASURY 86/16 USD 2,793,000.00 3,705,306.92 1.00

7.5% US TREASURY 94/24 USD 556,000.00 882,031.17 0.24

7.625% US TREASURY 95/25 USD 1,173,000.00 1,884,681.39 0.51

8% US TREASURY 91/21 USD 1,751,000.00 2,730,602.20 0.74

8.125% US TREASURY 89/19 USD 3,761,000.00 5,599,188.75 1.51

8.125% US TREASURY 91/21 USD 2,008,000.00 3,118,644.88 0.84

8.125% US TREASURY 91/21 USD 2,275,000.00 3,555,754.48 0.96

8.75% US TREASURY 87/17 USD 1,654,000.00 2,347,387.40 0.63




103


8.75% US TREASURY 90/20 USD 2,795,000.00 4,409,549.92 1.19

8.875% US TREASURY 89/19 USD 3,429,000.00 5,216,499.98 1.41

9.875% US TREASURY 85/15 USD 4,302,000.00 5,911,720.21 1.60

337,184,551.91 91.17

FRANCE

1.75% CDC CAISSE DEP. CONS. 10/13 USD 5,500,000.00 5,569,850.00 1.51

2.875% CADES 09/14 USD 1,000,000.00 1,052,185.00 0.28

3.375% S.F.E.F. 09/14 USD 3,000,000.00 3,177,345.00 0.86

9,799,380.00 2.65

JAPON

1.625% DEVELOP. BANK JAPAN 11/16 USD 4,000,000.00 3,983,940.00 1.08

3,983,940.00 1.08

NORVEGE

2.0% EKSPORTFINANS 10/15 -SR-T.716 USD 2,690,000.00 2,742,508.80 0.74

2,742,508.80 0.74

PAYS-BAS

2% NED. WATERSCHAPSBANK 09/12 USD 2,800,000.00 2,844,366.00 0.77

2.50% RABOBANK 10/13 USD 1,000,000.00 1,023,360.00 0.28

2.8% NIBC BANK 09/14 USD 1,400,000.00 1,465,590.00 0.40

5,333,316.00 1.45

SUEDE

3.25% SWEDISH EXPORT 09/14 USD 4,270,000.00 4,546,204.95 1.23

4,546,204.95 1.23










Etats-Unis 91.17

France 2.65

Pays-Bas 1.45

Suède 1.23

Japon 1.08

Norvège 0.74

98.32





98.32

Pictet - CHF Liquidity

ETAT DU PORTEFEUILLE-TITRES ET AUTRES ACTIFS NETS AU 30 SEPTEMBRE 2011 (EXPRIME EN CHF)


105



OBLIGATIONS

ALLEMAGNE

1.5% NRW. BANK 09/12 CHF 6,290,000.00 6,343,150.50 0.88

2.125% BAYERISCHE LANDBK 05/12 CHF 1,215,000.00 1,224,173.25 0.17

2.25% LANDW. RENTENBANK 08/12 CHF 35,000.00 35,488.25 0.00

2.5% DEUTSCHE BANK 06/11 CHF 7,055,000.00 7,058,174.75 0.98

2.875% NORDRHEIN-WESTFALEN 08/12 CHF 685,000.00 696,508.00 0.10

3% LBK HESSEN-THUER. 02/12 CHF 1,000,000.00 1,028,100.00 0.14

3.25% DEUTSCHE BANK 07/12 CHF 2,635,000.00 2,701,533.75 0.37

3.25% LANDW. RENTENBANK 02/12 CHF 2,000,000.00 2,058,100.00 0.29

3.625% K.F.W. 02/12 CHF 700,000.00 716,100.00 0.10

3.625% NRW. BANK 08/12 CHF 800,000.00 822,600.00 0.11

4% K.F.W. 00/12 CHF 5,095,000.00 5,171,425.00 0.72

27,855,353.50 3.86

AUSTRALIE

2.625% AUSTRALIAN N. Z. BANK 07/12 CHF 19,860,000.00 20,119,173.00 2.76

4.375% WESTPAC BANKING 08/12 CHF 1,510,000.00 1,564,813.00 0.22

21,683,986.00 2.98

AUTRICHE

1.625% O.K.B. 05/11 CHF 9,445,000.00 9,450,667.00 1.31

2.25% PFBST. OEST. L-HYPO. 04/12 CHF 4,345,000.00 4,398,009.00 0.61

2.5% O.K.B. 04/12 CHF 1,500,000.00 1,536,675.00 0.21

3.375% AUTRICHE 02/12 CHF 5,660,000.00 5,720,279.00 0.79

21,105,630.00 2.92

BERMUDES

3.5% NOVARTIS SEC. INVEST. 08/12 CHF 295,000.00 302,684.75 0.04

302,684.75 0.04

CANADA

2.75% BANK NOVA SCOTIA 07/11 CHF 3,030,000.00 3,046,362.00 0.42

3,046,362.00 0.42

COREE DU SUD

2.75% EXPORT-IM. BANK KOREA 07/12 CHF 4,970,000.00 5,007,275.00 0.69

5,007,275.00 0.69

ETATS-UNIS

1.75% GENERAL ELEC. CAP. 05/11 CHF 3,815,000.00 3,818,815.00 0.53

2% TOYOTA MOTOR CREDIT 06/12 CHF 6,060,000.00 6,104,541.00 0.85

2.25% NESTLE HOLDINGS 08/11 CHF 8,235,000.00 8,246,940.75 1.14


2.5% ROCHE HOLDINGS 09/12 CHF 19,665,000.00 19,899,013.50 2.76

2.625% BEAR STEARNS 06/11 CHF 10,835,000.00 10,883,215.75 1.51





3% NESTLE HOLDINGS 07/12 CHF 2,000,000.00 2,059,500.00 0.29



4% PHILIP MORRIS 08/12 CHF 3,875,000.00 4,015,662.50 0.56

4% TOYOTA MOTOR CREDIT 09/12 CHF 6,225,000.00 6,307,170.00 0.87

5.25% TOYOTA MOTOR CREDIT 09/12 EUR 5,400,000.00 6,659,129.73 0.92

81,720,337.48 11.33

FRANCE

FRN B.F.C.M. 09/11 EUR 4,000,000.00 4,875,971.79 0.68

FRN BPCE 10/12 CHF 5,000,000.00 4,975,000.00 0.69

1.25% RESEAU FERRE FRANCE 09/12 CHF 2,850,000.00 2,864,250.00 0.40

1.5% CADES 09/12 CHF 1,470,000.00 1,488,375.00 0.21

1.625% RESEAU FERRE FRANCE 05/11 CHF 9,655,000.00 9,689,275.25 1.34

1.75% S.N.C.F. 05/12 CHF 13,685,000.00 13,779,426.50 1.91

2.125% TOTAL CAPITAL 05/12 CHF 7,170,000.00 7,227,001.50 1.00

2.375% SAGESS 08/12 CHF 5,915,000.00 5,988,050.25 0.83

50,887,350.29 7.06

IRLANDE

2.625% UNICREDITO ITALIA 06/11 CHF 55,000.00 55,000.00 0.01

55,000.00 0.01

JAPON

2.125% JAPON FIN. SMALL&ME. 06/12 CHF 7,740,000.00 7,809,273.00 1.08

7,809,273.00 1.08

JERSEY

FRN UBS JERSEY BRANCH 10/12 CHF 4,000,000.00 4,010,600.00 0.56

2.625% UBS JERSEY BRANCH 07/11 CHF 4,370,000.00 4,391,850.00 0.61

4% UBS JERSEY BRANCH 08/12 CHF 1,645,000.00 1,679,545.00 0.23

10,081,995.00 1.40

LUXEMBOURG

FRN SWISS RE FINANCE 10/12 CHF 7,000,000.00 7,026,250.00 0.97

1.25% NESTLE FINANCE 09/12 CHF 4,915,000.00 4,951,371.00 0.69

11,977,621.00 1.66

NORVEGE

1.125% KOMMUNALBANKEN 09/11 CHF 820,000.00 823,567.00 0.11

1.5% KOMMUNALBANKEN 09/12 CHF 3,235,000.00 3,257,159.75 0.45

2.625% DNB NOR BANK 07/11 CHF 6,500,000.00 6,533,800.00 0.90

2.625% STATNETT 08/12 CHF 7,030,000.00 7,169,545.50 0.99

3% STATNETT SF 08/11 CHF 2,740,000.00 2,750,823.00 0.38

20,534,895.25 2.83

PAYS-BAS

FRN RABOBANK 10/12 CHF 6,015,000.00 6,008,985.00 0.83

FRN RABOBANK 10/12 CHF 5,000,000.00 5,002,500.00 0.69

1.75% ENERGIE BEHEER NED. 05/12 CHF 65,000.00 66,166.75 0.01

2.125% DEUTSCHE BAHN 04/11 CHF 10,840,000.00 10,895,826.00 1.51

2.125% RABOBANK 06/12 CHF 685,000.00 697,330.00 0.10




107


3% RABOBANK 08/12 CHF 5,880,000.00 5,940,270.00 0.82

3.125% UNILEVER 08/12 CHF 2,110,000.00 2,128,990.00 0.29

3.375% NED. WATERSCHAPSBANK 02/12 CHF 4,155,000.00 4,280,896.50 0.59

3.625% UNILEVER 08/11 CHF 7,155,000.00 7,197,214.50 1.00

4% NEDERLAND GASUNIE 08/11 CHF 17,210,000.00 17,334,772.50 2.40

4.25% RABOBANK 00/12 CHF 3,000,000.00 3,115,650.00 0.43

62,668,601.25 8.67

ROYAUME-UNI

FR CREDIT SUISSE LONDON 10/12 -SR- CHF 500,000.00 500,825.00 0.07

FRN LLOYDS TSB BANK 11/12 CHF 3,600,000.00 3,581,640.00 0.50

1.625% BP CAPITAL MARKETS 09/11 CHF 6,320,000.00 6,326,636.00 0.88

2.375% BP CAPITAL MARKETS 09/11 USD 2,779,000.00 2,532,142.06 0.35

2.5% HBOS TREASURY SERV. 06/11 CHF 6,145,000.00 6,146,843.50 0.85

2.625% BP CAPITAL MARKET 06/12 CHF 110,000.00 111,897.50 0.02

2.75% BRADFORD & BINGLEY 06/12 CHF 1,635,000.00 1,659,852.00 0.23

3% CSFB LONDON 07/12 CHF 9,020,000.00 9,183,262.00 1.27

30,043,098.06 4.17

SUEDE

1.5% KOMMUNINVEST I SVER. 09/12 CHF 3,020,000.00 3,037,365.00 0.42

1.875% SWEDBANK 08/11 CHF 1,915,000.00 1,920,074.75 0.27

4,957,439.75 0.69

SUPRANATIONAL

2.25% E.I.B. 08/11 CHF 930,000.00 931,767.00 0.13

3.375% E.I.B. 01/11 CHF 1,905,000.00 1,913,572.50 0.26

5.5% WORLDBANK TR. A 86/11 CHF 1,200,000.00 1,209,660.00 0.17

4,054,999.50 0.56

TOTAL I. 363,791,901.83 50.37

II. INSTRUMENTS DU MARCHE MONETAIRE

ALLEMAGNE

C. PAP. ALLIANZ 12/03/12 EUR 6,000,000.00 7,262,290.22 1.01

C. PAP. FMS WERTMANAGEMENT 11/10/11 CHF 5,000,000.00 4,999,983.50 0.69


C. PAP. HONDA BANK GMBH 05/01/12 EUR 5,000,000.00 6,069,772.39 0.84

0% ALLIANZ (ECP) 11/11 EUR 1,000,000.00 1,218,078.46 0.17

0% ALLIANZ (ECP) 11/11 EUR 3,000,000.00 3,647,591.67 0.51

0% FMS WERTMANAG. (ECP) 11/11 CHF 8,000,000.00 8,000,583.20 1.11



0% HONDA BANK (ECP) 11/11 EUR 5,000,000.00 6,093,060.57 0.84

58,291,273.31 8.08

BELGIQUE

C. PAP. ENI FINANCE INT. 27/10/11 EUR 6,000,000.00 7,304,332.87 1.01

CD KBC BANK NV 24/10/11 EUR 6,000,000.00 7,306,681.49 1.01

14,611,014.36 2.02





COREE DU SUD

C. PAP. INDUSTR. BK OF KOREA 22/03/12 EUR 6,000,000.00 7,253,128.99 1.00

C. PAP. KOOKMIN BANK 03/01/12 EUR 2,000,000.00 2,427,949.90 0.34

C. PAP. KOREA DEV. BANK 02/03/12 EUR 5,000,000.00 6,069,987.49 0.84

15,751,066.38 2.18

ESPAGNE

C. PAP. SANTANDER 24/10/11 EUR 6,000,000.00 7,304,370.90 1.01

7,304,370.90 1.01

FINLANDE

C. PAP. FINGRID 16/03/12 CHF 5,000,000.00 4,994,605.50 0.69

C. PAP. FINGRID 19/03/12 EUR 5,000,000.00 6,050,858.63 0.84

CD NORDEA BANK FINLAND 07/11/11 CHF 10,000,000.00 9,997,572.00 1.38

0% POHJOLA BANK (ECP) 11/11 EUR 3,000,000.00 3,652,691.81 0.51

24,695,727.94 3.42

FRANCE

CD BPCE 22/03/12 EUR 6,000,000.00 7,263,969.79 1.01

CD CRCAM ILE DE FRANCE 05/10/11 EUR 3,000,000.00 3,655,900.32 0.51

0% B.F.C.M. (ECP) 11/11 CHF 2,000,000.00 1,999,545.80 0.28

0% NATIXIS (CD) 11/11 CHF 2,000,000.00 1,999,811.80 0.28

14,919,227.71 2.08

IRLANDE

0% HEWLETT PACKARD (CD) 11/11 EUR 2,000,000.00 2,436,535.43 0.34

2,436,535.43 0.34

LUXEMBOURG

C. PAP. BGL BNP PARIBAS 16/11/11 CHF 10,000,000.00 9,998,731.00 1.38

C. PAP. STE EUROPEENNE BANQUE 03/10/11 EUR 5,000,000.00 6,093,350.00 0.84


22,175,740.75 3.06

PAYS-BAS

C. PAP. ABN AMRO BANK 08/11/11 CHF 1,500,000.00 1,499,878.35 0.21

C. PAP. ABN AMRO BANK 09/03/12 EUR 5,000,000.00 6,055,780.84 0.84

C. PAP. ING BANK 22/03/12 EUR 3,000,000.00 3,638,838.82 0.50

0% ABN AMRO (ECP) 11/11 CHF 3,500,000.00 3,499,657.70 0.48

0% ABN AMRO (ECP) 11/11 EUR 2,000,000.00 2,434,425.67 0.34

0% ING BANK (ECP) 11/11 EUR 4,000,000.00 4,873,534.45 0.67

0% ING BANK (ECP) 11/11 CHF 5,000,000.00 4,999,854.00 0.69

0% PACCAR FIN. EUR. (ECP) 11/11 EUR 1,500,000.00 1,826,597.62 0.25

28,828,567.45 3.98

ROYAUME-UNI

C. PAP. BARCLAYS BANK 20/03/12 EUR 8,000,000.00 9,690,896.99 1.34

C. PAP. LLOYDS TSB BANK 22/12/11 EUR 3,000,000.00 3,644,230.34 0.50

C. PAP. ROYAL BK SCOT. LDN 22/12/11 EUR 8,000,000.00 9,717,700.90 1.35




109


0% NATIONW. BUILD. (ECP) 11/11 CHF 1,000,000.00 999,967.60 0.14

0% STANDARD CHART. (ECP) 11/11 EUR 5,000,000.00 6,076,547.59 0.84


32,559,292.19 4.51

SUEDE

C. PAP. NORDEA BANK 03/01/12 EUR 8,000,000.00 9,716,947.28 1.35


C. PAP. SBAB SWEDISH. HOU. FIN. 30/01/12 CHF 7,000,000.00 6,997,497.50 0.97

C. PAP. SKAND. ENSKILDA BANK. 22/03/12 EUR 7,500,000.00 9,091,656.90 1.26

C. PAP. SVENSKA HANDELSBANK. 22/03/12 EUR 9,000,000.00 10,892,558.99 1.51

C. PAP. SWEDBANK 26/03/12 EUR 6,000,000.00 7,276,177.94 1.01

51,286,858.61 7.11

SUISSE

0% BANQUE NAT. SUISSE 11/11 CHF 10,000,000.00 10,004,021.00 1.39

10,004,021.00 1.39

TOTAL II. 282,863,696.03 39.18










Pays-Bas 12.65

Allemagne 11.94

Etats-Unis 11.33

France 9.14

Royaume-Uni 8.68

Suède 7.80

Luxembourg 4.72

Finlande 3.42

Australie 2.98

Autriche 2.92

Corée du Sud 2.87

Norvège 2.83

Belgique 2.02

Jersey 1.40

Suisse 1.39

Japon 1.08

Espagne 1.01

Supranational 0.56

Canada 0.42

Irlande 0.35

Bermudes 0.04

89.55







89.55

Pictet - USD Liquidity



111



OBLIGATIONS

ALLEMAGNE

FR ERSTE ABWICKLUNGS. 11/12 -SR-S- USD 10,000,000.00 10,013,000.00 1.25

FR FMS WERTMANAGEMENT 11/13 -SR- USD 8,000,000.00 8,002,920.00 1.00

FR LAN. BAD. -W.09/12 S5263 USD 11,300,000.00 11,319,718.50 1.42

FRN DEUTSCHE BANK 11/13 USD 6,000,000.00 6,005,100.00 0.75

FRN L.B.W. 04/11 USD 1,000,000.00 999,400.00 0.13

36,340,138.50 4.55

AUSTRALIE

FR WESTPAC BANKING 09/12 T3 SR-144A USD 300,000.00 299,988.00 0.04

299,988.00 0.04

CANADA

FRN BK MONTREAL 07/12 USD 8,600,000.00 8,596,474.00 1.08

8,596,474.00 1.08

COREE DU SUD

FR KOOKMIN BANK 06/11 65 TR.1-SR- USD 2,900,000.00 2,897,955.50 0.36

FR KOOKMIN BANK 07/12 S70 SR REG.S USD 700,000.00 697,441.50 0.09

3,595,397.00 0.45

DANEMARK

FR DANSKE BANK 09/12 -SR-REGS USD 500,000.00 500,802.50 0.06

FR DANSKE BANK 159 05/11 -SR- USD 2,000,000.00 1,999,340.00 0.25

2,500,142.50 0.31

ETATS-UNIS

FR BEAR ST. 07/12 -SR- USD 5,150,000.00 5,154,506.25 0.65

FR CATERPILLAR 11/12 B -SR- USD 1,000,000.00 1,000,985.00 0.13

FR WACHOVIA 07/12 -SR- USD 2,500,000.00 2,498,312.50 0.31

FR WELLS FARGO 07/12 -SR- USD 7,830,000.00 7,828,708.05 0.98

FRN GOLDMAN SACHS 07/12 USD 8,505,000.00 8,498,748.83 1.06

FRN JP MORGAN CHASE 06/11 USD 3,000,000.00 2,998,935.00 0.38

FRN NORDEA BANK FIN. NY. 10/11 USD 1,000,000.00 1,000,900.00 0.13

FRN UBS STAMFORD 10/12 USD 10,000,000.00 10,036,300.00 1.26

1.45% GENERAL ELEC. CAP. 06/11 JPY 1,325,000,000.00 17,209,156.38 2.16

56,226,552.01 7.06

FRANCE

FR BNP PARIBAS 09/12 SR USD 9,000,000.00 8,968,680.00 1.12

FRN BNP PARIBAS 09/11 USD 5,250,000.00 5,248,635.00 0.66

FRN DEXIA C.L.F. 10/12 USD 4,700,000.00 4,696,851.00 0.59

FRN S.F.E.F. 09/12 USD 15,000,000.00 15,009,750.00 1.88

33,923,916.00 4.25





PAYS-BAS

FR ING BANK 10/12 S.3 TR.1 SR -S- USD 8,000,000.00 8,002,960.00 1.00

FR ING BANK 10/12 -SR- 144A USD 2,000,000.00 2,000,600.00 0.25

FR SIEMENS FIN. 06/12-SR- USD 5,000,000.00 4,997,750.00 0.63

FRN RABOBANK 10/11 EUR 10,000,000.00 13,418,046.28 1.68

5% RABOBANK NEDERLAND 07/12-SR- USD 2,326,000.00 2,358,726.82 0.30

30,778,083.10 3.86

ROYAUME-UNI

FR BANK SCOTLAND 07/12-SR USD 3,000,000.00 2,980,110.00 0.37

FR BNZ INTL. FUND. 06/11 S132 -SR- USD 10,000,000.00 9,992,100.00 1.25

FRN BARCLAYS BANK 08/11 USD 20,000,000.00 20,037,800.00 2.51

FRN HSBC BANK 09/12 USD 4,300,000.00 4,313,588.00 0.54

FRN HSBC BANK 09/12 USD 2,900,000.00 2,901,696.50 0.36

FRN ROYAL BK SCOTLAND 08/11 USD 20,000,000.00 20,015,200.00 2.51



5% BK SCOT LLOYDS 06/11 T1 SR 144A USD 6,445,000.00 6,478,836.25 0.81

72,443,746.13 9.07

TOTAL I. 244,704,437.24 30.67


OBLIGATIONS

FRANCE

FRN SANOFI-AVENTIS 11/12 USD 5,000,000.00 4,995,100.00 0.63

FRN SOCIETE GENERALE 11/12 USD 8,000,000.00 7,998,576.00 1.00

12,993,676.00 1.63

TOTAL II. 12,993,676.00 1.63


ALLEMAGNE

C. PAP. ALLIANZ 15/11/11 EUR 3,000,000.00 4,017,231.23 0.50

C. PAP. ALLIANZ 30/11/11 EUR 4,000,000.00 5,352,878.92 0.67

C. PAP. DZ BANK 22/12/11 EUR 5,000,000.00 6,693,433.21 0.84

C. PAP. ERSTE ABWICKLUNG. 14/12/11 EUR 5,000,000.00 6,695,753.02 0.84


C. PAP. KRED. WIEDERAUFBAU 22/12/11 USD 15,000,000.00 14,997,651.00 1.88

C. PAP. LBK BADEN-WUERTTEM. 03/10/11 USD 15,000,000.00 15,000,000.00 1.88

C. PAP. SAXONY-ANHALT 06/10/11 USD 2,000,000.00 1,999,978.00 0.25



0% DEUTSCHE BAHN (ECP) 11/11 USD 15,000,000.00 14,987,359.50 1.88


95,076,968.91 11.92




113


AUSTRALIE

C. PAP. SUNCORP METWAY 16/11/11 USD 6,000,000.00 5,996,664.00 0.75

0% EXP. FIN. & INSUR. (ECP) 11/11 USD 5,000,000.00 4,999,065.00 0.63


0% MIZUHO CORP. BK (CD) 11/11 USD 7,000,000.00 6,998,967.50 0.88

0% SUMITOMO MITSUI. (CD) 11/11 USD 2,000,000.00 1,999,697.00 0.25

0% TOYOTA FIN. AUS. (ECP) 11/11 CHF 5,000,000.00 5,504,784.76 0.69

50,492,833.26 6.33

AUTRICHE

C. PAP. OEST. KONTROLLBANK 16/12/11 USD 17,220,000.00 17,214,710.02 2.16

17,214,710.02 2.16

BELGIQUE

CD KBC BANK NV 24/10/11 EUR 3,000,000.00 4,022,173.27 0.50

4,022,173.27 0.50

COREE DU SUD

C. PAP. EXPORT-IM. BK KOREA 25/11/11 USD 6,500,000.00 6,491,814.55 0.81


C. PAP. KOREA DEV. BANK 041011 USD 6,000,000.00 6,000,000.00 0.75

C. PAP. KOREA FINANCE 23/11/11 USD 4,000,000.00 3,996,260.80 0.50

22,482,891.61 2.81

ETATS-UNIS

C. PAP. OEST. KONTROLLBANK 16/12/11 (II) USD 10,000,000.00 9,996,880.00 1.25

9,996,880.00 1.25

FINLANDE

0% FINGRID (ECP) 11/11 EUR 4,500,000.00 6,020,226.38 0.75

0% POHJOLA BANK (ECP) 11/11 USD 6,500,000.00 6,499,522.90 0.81

12,519,749.28 1.56

FRANCE

C. PAP. A.C.O.S.S. 18/11/11 USD 20,000,000.00 19,999,876.00 2.51

C. PAP. CSSE AMORTISSEMENT 08/12/11 USD 6,000,000.00 5,993,683.80 0.75

C. PAP. NATIXIS 15/11/11 EUR 4,500,000.00 6,026,853.33 0.76

C. PAP. RTE EDF TRANSPORT 22/12/11 EUR 8,000,000.00 10,715,344.04 1.34

C. PAP. UNEDIC 07/10/11 EUR 13,000,000.00 17,441,229.31 2.19

CD CREDIT AGRICOLE PARIS 11/10/11 EUR 5,000,000.00 6,706,414.20 0.84

0% SCHLUMBERGER (ECP) 11/11 USD 10,000,000.00 9,999,749.00 1.25

76,883,149.68 9.64

JAPON

TBI JAPON 14/11/11 N214 JPY 600,000,000.00 7,783,331.99 0.98

TBI JAPON 21/11/11 N217 JPY 1,000,000,000.00 12,971,979.96 1.63

20,755,311.95 2.61





LUXEMBOURG

C. PAP. BANQUE CAISSE EPARGNE 051211 USD 5,000,000.00 4,996,057.00 0.63

C. PAP. BANQUE CAISSE EPARGNE 14/11/11 USD 5,000,000.00 4,997,333.00 0.63

C. PAP. BQE CAISSE EPARGNE (USD) 28/11/11 USD 10,000,000.00 9,992,876.00 1.25

19,986,266.00 2.51

NORVEGE

C. PAP. DNB NOR BK 15/12/11 EUR 5,000,000.00 6,696,126.01 0.84

6,696,126.01 0.84

PAYS-BAS

C. PAP. ABN AMRO BANK (EUR) 08/11/11 EUR 5,000,000.00 6,698,239.86 0.84

C. PAP. BANK NED. GEMEENTEN 17/01/12 USD 25,000,000.00 24,997,922.50 3.07

C. PAP. NED. WATERSCHAPSBANK 30/01/12 USD 25,000,000.00 24,961,602.50 3.13

C. PAP. PACCAR FINANCIAL 15/12/11 EUR 1,500,000.00 2,007,906.19 0.25


0% RABOBANK (ECP) 11/12 EUR 5,000,000.00 6,690,852.44 0.84

70,719,207.58 8.80

ROYAUME-UNI


C. PAP. LLOYDS TSB BANK 30/11/11 EUR 2,500,000.00 3,346,288.94 0.42

C. PAP. PRUDENTIAL 28/10/11 USD 4,200,000.00 4,198,524.12 0.53

CD BK OF TOKYO-MITSUB. 24/10/11 EUR 4,500,000.00 6,034,209.62 0.76

0% BG ENERGY CAP. (ECP) 11/11 USD 6,000,000.00 5,998,132.20 0.75

0% PRUDENTIAL (CP) 11/12 USD 1,500,000.00 1,496,522.10 0.19

0% PRUDENTIAL (ECP) 11/11 GBP 3,000,000.00 4,671,691.41 0.59

0% RECKITT (CP) 11/11 USD 4,000,000.00 3,997,155.20 0.50

0% ROYAL BK SCOT. (ECP) 11/11 EUR 4,500,000.00 6,013,283.67 0.75

0% STANDARD CHART. (ECP) 10/11 USD 7,000,000.00 6,996,111.50 0.88

49,440,399.07 6.21

SUEDE


C. PAP. NORDEA BANK 15/11/11 CHF 2,000,000.00 2,201,845.87 0.28

C. PAP. SBAB SWEDISH. HOU. FIN. 23/11/11 USD 10,000,000.00 9,994,887.00 1.25


C. PAP. STADSHYPOTEK 19/12/11 EUR 2,500,000.00 3,345,173.65 0.42



C. PAP. SWEDBANK 14/11/11 EUR 4,500,000.00 6,029,690.43 0.76

C. PAP. SWEDEN 19/01/12 USD 7,000,000.00 6,995,898.00 0.88

61,381,426.71 7.71

TOTAL III. 517,668,093.35 64.85







115




Allemagne 16.47

France 15.52

Royaume-Uni 15.28

Pays-Bas 12.66

Etats-Unis 8.31

Suède 7.71

Australie 6.37

Corée du Sud 3.26

Japon 2.61

Luxembourg 2.51

Autriche 2.16

Finlande 1.56

Canada 1.08

Norvège 0.84

Belgique 0.50

Danemark 0.31

97.15






97.15

Pictet - EUR Liquidity





OBLIGATIONS

ALLEMAGNE

FR LANDKB BADEN-WUERT. 05/11 -SR- EUR 10,000,000.00 10,001,100.00 0.50

FRN DEUTSCHE BANK 07/12 EUR 2,000,000.00 2,000,070.00 0.10

FRN NRW BANK 09/11 EUR 6,152,000.00 6,153,937.88 0.31

FRN NRW BANK 10/12 EUR 2,000,000.00 1,999,000.00 0.10

2.25% HSH NORDBANK 09/12 EUR 10,000,000.00 10,105,600.00 0.51

2.625% IKB DEUTSCHE INDUST. 09/12 EUR 10,000,000.00 10,066,450.00 0.51

2.75% COMMERZBANK 09/12 EUR 13,277,000.00 13,338,605.28 0.67

2.75% HSH NORDBANK 09/12 EUR 10,000,000.00 10,053,050.00 0.51

63,717,813.16 3.21

AUSTRALIE

FRN NAT. AUSTRALIA BANK 07/12 EUR 11,600,000.00 11,601,972.00 0.58

FRN SUNCORP METWAY 06/11 EUR 7,000,000.00 6,998,180.00 0.35

4.25% WESTPAC BANKING 07/12 SR-S- EUR 10,300,000.00 10,386,108.00 0.52

28,986,260.00 1.45

AUTRICHE

3.125% KA FINANZ 09/12 SR EUR 6,950,000.00 7,010,395.50 0.35

7,010,395.50 0.35

CANADA

FRN BK NOVA SCOTIA 07/12 EUR 17,000,000.00 17,000,425.00 0.85

FRN CAISSE DESJARDINS 10/12 EUR 17,400,000.00 17,422,098.00 0.88

34,422,523.00 1.73

DANEMARK

FR DANSKE BANK 09/12 S.447 SR EUR 10,000,000.00 10,022,100.00 0.50

10,022,100.00 0.50

ESPAGNE

FRN SANTANDER INTL 06/11 EUR 2,850,000.00 2,849,985.75 0.14

2,849,985.75 0.14

ETATS-UNIS

FR JPMORGAN -GL.- 05/12 SR EUR 13,000,000.00 12,980,955.00 0.65

3.5% GOLDMAN SACHS 08/11 EUR 21,113,000.00 21,205,052.68 1.07

3.625% JP MORGAN CHASE 08/11 EUR 4,150,000.00 4,169,567.25 0.21

4.25% PHILIP MORRIS 09/12 EUR 2,500,000.00 2,531,737.50 0.13

5.25% TOYOTA MOTOR CREDIT 09/12 EUR 6,837,000.00 6,918,360.30 0.35

47,805,672.73 2.41




117


FRANCE

FR BPCE 11/12 -SR- EUR 8,000,000.00 7,973,120.00 0.40

FR SOCIETE GENERALE 11/12 SR -S- EUR 12,000,000.00 11,916,180.00 0.60

FRN B.F.C.M. 09/11 EUR 11,000,000.00 11,002,915.00 0.55

FRN BNP PARIBAS 10/11 EUR 15,000,000.00 14,999,325.00 0.75



FRN BPCE 10/12 EUR 5,000,000.00 4,978,425.00 0.25

FRN SOCIETE GENERALE 09/11 EUR 2,000,000.00 1,999,040.00 0.10

3.25% TOTAL CAPITAL 05/12 EUR 1,348,000.00 1,356,034.08 0.07

74,182,589.08 3.72

IRLANDE

FRN GE CAP. EUROP. FUND 05/12 EUR 2,065,000.00 2,061,076.50 0.10

3.375% GE CAPITAL EUROPEAN 05/12 EUR 3,417,000.00 3,436,220.63 0.17

5,497,297.13 0.27

JERSEY

FRN UBS JERSEY BRANCH 07/12 EUR 15,000,000.00 14,964,975.00 0.75

14,964,975.00 0.75

NORVEGE

FRN DNB NOR BANK 08/12 EUR 500,000.00 501,495.00 0.03

FRN DNB NOR BK ASA 06/11 EUR 4,000,000.00 4,000,320.00 0.20

4,501,815.00 0.23

PAYS-BAS

FR ING BANK 11/13 S.47 SR-S- EUR 14,000,000.00 13,930,210.00 0.70

FR RABOBK NED. -GL.-10/12 2214A SR EUR 20,000,000.00 20,014,600.00 1.01

FRN RABOBANK 10/11 EUR 5,000,000.00 5,000,375.00 0.25

FRN RABOBANK 10/12 EUR 10,000,000.00 10,005,650.00 0.50

3.625% NIBC BANK 08/11 EUR 4,175,000.00 4,196,334.25 0.21

5.25% SIEMENS FINANCE 08/11 EUR 1,727,000.00 1,739,296.24 0.09

54,886,465.49 2.76

ROYAUME-UNI

FR ASB FINANCE 07/12 SR -S- EUR 21,500,000.00 21,483,230.00 1.08

FR RBS 11/13 3373 -SR-S- EUR 2,500,000.00 2,434,675.00 0.12

FR ROYAL BK CANA. 07/12-SR-S EUR 12,000,000.00 11,998,860.00 0.60

FR ROYAL BK OF SCO.10/12 -SR-REG S EUR 5,000,000.00 4,989,800.00 0.25

FR UBS LDN 11/13 -SR- EUR 5,000,000.00 4,923,150.00 0.25

FRN BARCLAYS BANK 09/13 EUR 10,000,000.00 9,932,400.00 0.50

FRN CREDIT SUISSE LDN 07/12 EUR 12,000,000.00 11,974,560.00 0.60

3.75% LLOYDS TSB BK 08/11 S2 -SR- -S- EUR 6,130,000.00 6,149,156.25 0.31

3.75% ROYAL BANK SCOTLAND 08/11 EUR 9,129,000.00 9,153,602.66 0.46

4.25% BARCLAYS 08/11 EUR 33,420,000.00 33,483,330.90 1.68

116,522,764.81 5.85

SINGAPOUR

6% SINGAPORE TELECOM. 01/11 EUR 6,200,000.00 6,234,007.00 0.31

6,234,007.00 0.31





SUEDE

FRN NORDEA BANK 11/13 EUR 10,000,000.00 9,969,600.00 0.50

9,969,600.00 0.50

SUISSE

5.125% CREDIT SUISSE 09/12 EUR 6,425,000.00 6,523,366.75 0.33

6,523,366.75 0.33

SUPRANATIONAL

3.625% E.I.B. 06/11 EUR 10,000,000.00 10,007,400.00 0.50

10,007,400.00 0.50

TOTAL I. 498,105,030.40 25.01


ALLEMAGNE

C. PAP. ALLIANZ 30/11/11 EUR 10,000,000.00 9,974,031.00 0.50

C. PAP. DZ BANK 24/10/11 EUR 15,000,000.00 14,990,493.00 0.75



C. PAP. FMS WERTMANAGEMENT 05/10/11 EUR 10,000,000.00 9,999,709.00 0.50



C. PAP. HONDA BANK GMBH 14/12/11 EUR 5,000,000.00 4,984,572.50 0.25

TBI ALLEMAGNE 26/09/12 EUR 10,000,000.00 9,949,070.00 0.50

0% FMS WERTMANAG. (ECP) 11/11 EUR 35,000,000.00 34,973,795.50 1.76


165,249,996.38 8.29

AUSTRALIE

0% TOYOTA FIN. AUS. (ECP) 11/11 CHF 10,000,000.00 8,205,660.27 0.41

8,205,660.27 0.41

AUTRICHE

C. PAP. BUNDESIMMOBILIEN 30/11/11 EUR 30,000,000.00 29,952,591.00 1.51

C. PAP. KA FINANZ 05/10/11 EUR 5,500,000.00 5,499,833.35 0.28




80,327,282.35 4.04

BELGIQUE

CD KBC BANK NV 24/10/11 EUR 8,000,000.00 7,994,159.20 0.40

7,994,159.20 0.40




119


COREE DU SUD


C. PAP. KOOKMIN BANK 28/03/12 EUR 7,000,000.00 6,950,107.50 0.35


0% KOREA FIN. (CP) 27.10.11 EUR 14,000,000.00 13,991,719.00 0.70

38,846,706.30 1.95

ESPAGNE

C. PAP. SANTANDER 24/10/11 EUR 8,000,000.00 7,991,631.20 0.40

7,991,631.20 0.40

FINLANDE

C. PAP. FINGRID 15/11/11 EUR 5,000,000.00 4,990,356.50 0.25

C. PAP. MUNICIPALITY FINANCE 08/12/11 EUR 20,000,000.00 19,969,020.00 1.00

C. PAP. POHJOLA BANK 15/11/11 EUR 5,000,000.00 4,992,296.50 0.25

C. PAP. POHJOLA BANK 16/11/11 EUR 1,500,000.00 1,497,638.40 0.08

CD NORDEA BANK FINLAND 15/11/11 CHF 30,000,000.00 24,609,824.64 1.24

0% FINGRID (ECP) 11/11 EUR 10,000,000.00 9,976,487.00 0.50

0% POHJOLA BANK (ECP) 11/11 EUR 9,000,000.00 8,994,831.30 0.45

75,030,454.34 3.77

FRANCE

C. PAP. AUCHAN 24/10/11 EUR 7,000,000.00 6,995,255.40 0.35

C. PAP. BQUE FED. CR. MUTUEL 22/11/11 EUR 4,000,000.00 3,991,520.80 0.20

C. PAP. EDF 03/10/11 EUR 20,000,000.00 20,000,000.00 1.01

C. PAP. EDF 13/10/11 EUR 15,000,000.00 14,996,649.00 0.75

C. PAP. GDF SUEZ 03/11/11 EUR 15,000,000.00 14,988,996.00 0.75

C. PAP. GE CAPITAL EURO. FDG 06/12/11 EUR 20,000,000.00 19,962,680.00 1.00

C. PAP. NATIXIS 15/11/11 EUR 2,000,000.00 1,996,417.60 0.10

C. PAP. RATP 28/10/11 EUR 15,000,000.00 14,991,715.50 0.75

C. PAP. RATP 31/10/11 EUR 15,000,000.00 14,990,740.50 0.75

C. PAP. RTE EDF TRANSPORT 14/11/11 EUR 5,000,000.00 4,995,181.00 0.25

C. PAP. SAGESS 09/12/11 (I) EUR 15,000,000.00 14,977,966.50 0.75

C. PAP. SAGESS 10/11/11 EUR 18,000,000.00 17,983,985.40 0.90

C. PAP. UNEDIC 07/10/11 EUR 20,000,000.00 19,998,942.00 1.01

C. PAP. UNEDIC 09/12/11 EUR 10,000,000.00 9,987,934.00 0.50

C. PAP. UNEDIC 18/11/11 EUR 20,000,000.00 19,983,736.00 1.00

C.PAP. UNEDIC 311011 EUR 20,000,000.00 19,986,864.00 1.01

CD BANQUE POSTALE 13/10/11 EUR 15,000,000.00 14,995,815.00 0.75

CD CRCAM DALPES PROVENCE 03/10/11 EUR 8,000,000.00 8,000,000.00 0.40

CD CRCAM NORD FRANCE 03/11/11 EUR 8,000,000.00 7,991,123.20 0.40

CD CRCAM PYRENEES GASCOGNE 03/10/11 EUR 8,000,000.00 8,000,000.00 0.40

TBI FRANCE (BTF) 08/12/11 EUR 20,000,000.00 19,986,290.00 1.01



0% CRCAM ANJ. & MAI. (CD) 11/11 EUR 7,000,000.00 6,999,027.70 0.35

1.08% CD OSEO 29/11/11 EUR 15,000,000.00 15,002,335.50 0.75

341,777,247.10 17.15





IRLANDE

C. PAP. CATERPILLAR INTL FIN. 12/12/11 EUR 14,500,000.00 14,470,546.15 0.73

0% HEWLETT PACKARD (CD) 11/11 EUR 8,000,000.00 7,997,359.20 0.40

22,467,905.35 1.13

JAPON

C. PAP. MITSUBISHI CORP FIN. 20/10/11 EUR 5,000,000.00 4,997,018.50 0.25

C. PAP. MITSUBISHI CORP FIN. 26/10/11 EUR 13,000,000.00 12,989,431.00 0.65

TBI JAPON 21/11/11 N217 JPY 5,000,000,000.00 48,341,427.14 2.43

0% SUMITOMO TR. BK (CD) 11/11 EUR 14,000,000.00 13,989,099.60 0.70

80,316,976.24 4.03

LUXEMBOURG



33,971,374.60 1.70

NORVEGE

C. PAP. DNB NOR BK 16/12/11 EUR 12,000,000.00 11,977,551.60 0.60

11,977,551.60 0.60

PAYS-BAS

C. PAP. ABN AMRO BANK 09/12/11 EUR 16,000,000.00 15,955,872.00 0.80

C. PAP. ING BANK 03/11/11 EUR 5,000,000.00 4,995,141.00 0.25



C. PAP. RABOBANK NED. 23/12/11 EUR 10,000,000.00 9,979,456.00 0.50

C. PAP. SCHLUMBERGER FIN. 25/10/11 EUR 3,000,000.00 2,997,785.70 0.15

TBI PAYS-BAS 30/11/11 EUR 50,000,000.00 49,994,980.00 2.51

TBI PAYS-BAS 30/12/11 EUR 40,000,000.00 39,992,748.00 2.01

0% PAYS-BAS 11/11 EUR 30,000,000.00 29,998,833.00 1.51

0% ING BANK (ECP) 11/11 EUR 5,000,000.00 4,998,659.00 0.25

0% PACCAR FIN. EUR. (ECP) 11/11 EUR 1,000,000.00 999,400.70 0.05


176,890,422.80 8.88

ROYAUME-UNI




CD BK OF TOKYO-MITSUB. 28/12/11 EUR 18,000,000.00 17,961,382.80 0.90

CD MIZUHO CORP. BK LDN 17/11/11 EUR 6,000,000.00 5,990,721.00 0.30

CD MIZUHO CORP. BK LDN 28/12/11 EUR 12,000,000.00 11,966,170.80 0.60

CD NATIONWIDE BUILDING 11/11/11 EUR 12,000,000.00 11,984,116.80 0.60

0% BG ENERGY CAP. (ECP) 11/11 EUR 14,000,000.00 13,993,173.60 0.70

0% LLOYDS TSB BANK (ECP) 11/11 EUR 5,000,000.00 4,995,374.50 0.25

0% LLOYDS TSB BK (ECP) 11/11 EUR 9,000,000.00 8,999,594.10 0.45

0% ROYAL BK SCOT. (ECP) 11/11 EUR 6,000,000.00 5,992,863.00 0.30


128,748,248.00 6.45




121


SUEDE


C. PAP. SBAB SWEDISH. HOU. FIN. 21/11/11 EUR 14,500,000.00 14,476,598.45 0.73


C. PAP. STADSHYPOTEK 30/11/11 EUR 10,000,000.00 9,979,234.00 0.50




0% SKANDINAV. ENSK. (ECP) 11/11 EUR 8,000,000.00 7,993,600.00 0.40

0% STADSHYPOTEK (ECP) 11/11 EUR 5,000,000.00 4,996,687.50 0.25

0% SWEDBANK (ECP) 11/11 EUR 14,000,000.00 13,983,163.60 0.70

100,313,469.85 5.03

SUISSE

CLAIM SWISS CONFED. 03/11/11 S37925 CHF 70,000,000.00 57,438,938.35 3.07

57,438,938.35 3.07

TOTAL II. 1,337,548,023.93 67.30

TOTAL DU PORTEFEUILLE-TITRES 1,835,653,054.33 92.31

AVOIRS EN BANQUE 138,418,690.11 6.96


TOTAL DES ACTIFS NETS 1,988,536,982.99 100.00






France 20.87

Royaume-Uni 12.30

Pays-Bas 11.64

Allemagne 11.50

Suède 5.53

Autriche 4.39

Japon 4.03

Finlande 3.77

Suisse 3.40

Etats-Unis 2.41

Corée du Sud 1.95

Australie 1.86

Canada 1.73

Luxembourg 1.70

Irlande 1.40

Norvège 0.83

Jersey 0.75

Espagne 0.54

Supranational 0.50

Danemark 0.50

Belgique 0.40

Singapour 0.31

92.31






92.31

Pictet - EUR Corporate Bonds



123



OBLIGATIONS

ALLEMAGNE

FRN MUENCHENER RUECK. 11/41 EUR 8,274,650.97 7,062,952.46 0.43

3.375% VOLKSWAGEN LEASING 11/16 EUR 4,810,843.59 4,846,780.59 0.29

3.625% DEUTSCHE BANK 05/17 EUR 4,329,759.23 3,734,417.34 0.23

4.5% MERCK FINANC. SERV. 10/20 EUR 5,773,012.31 6,077,480.98 0.37

4.625% R.W.E 10/PE EUR 4,377,867.67 4,048,061.01 0.25

4.75% COMMERZBANK 09/15 EUR 6,735,181.02 6,964,648.64 0.42

5% BAYER AG 05/05 EUR 3,078,939.90 2,994,284.44 0.18

5% DEUTSCHE BANK 10/20 EUR 5,773,012.31 5,432,577.77 0.33

5.125% DEUTSCHE BANK 07/17 EUR 9,621,687.18 10,440,492.76 0.63

5.125% ROBERT BOSCH 09/17 EUR 2,886,506.15 3,233,637.38 0.20

5.25% EWE 09/21 EUR 2,164,879.62 2,400,137.08 0.15

5.375% HENKEL 05/04 EUR 15,683,350.10 15,563,764.56 0.94

5.767% MUENCHENER RUECK. 07/49 EUR 1,443,253.08 1,161,818.73 0.07

7.25% MAN 09/16 EUR 3,367,590.51 3,929,456.15 0.24

7.625% METRO 09/15 EUR 5,877,888.70 6,658,384.15 0.40

7.75% COMMERZBANK 11/21 EUR 3,752,458.00 2,904,402.49 0.18

7.875% BERTELSMANN 09/14 EUR 4,810,843.59 5,335,634.46 0.32

92,788,930.99 5.63

AUSTRALIE

3.5% NAT. AUSTRALIA BANK 09/15 EUR 3,848,674.87 3,885,699.12 0.24

3.75% ANZ BANKING GROUP 10/17 EUR 3,848,674.87 3,846,942.97 0.23

3.875% TELSTRA 05/15 EUR 4,810,843.59 5,052,131.45 0.31

3.875% WESTPAC BANKING 10/17 EUR 7,601,132.87 7,570,272.27 0.46

4% NAT.AUSTRALIA BANK 10/20 EUR 2,501,638.67 2,478,423.46 0.15

4.25% COMMONWEAL. BANK AUST. 09/16 EUR 1,924,337.44 1,993,748.29 0.12

4.25% TELSTRA 10/20 EUR 2,886,506.15 2,976,911.53 0.18

4.625% NAT. AUSTRALIA BANK 10/20 EUR 5,291,927.95 5,010,529.68 0.30


5.5% COMMONWEAL. BANK AUST. 09/19 EUR 5,773,012.31 5,829,674.42 0.35

42,673,876.54 2.58

AUTRICHE

6.375% TELEKOM FINANZ. 09/16 EUR 3,463,807.38 3,712,248.97 0.22

6.75% SUB. OMV 11/49 -SR- EUR 3,877,539.93 3,847,140.02 0.23

7,559,388.99 0.45

BELGIQUE

4.625% FORTIS BANQUE 04/PE EUR 4,137,325.49 2,606,515.06 0.16

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 3,848,674.87 4,220,784.00 0.26

6,827,299.06 0.42





BRESIL

4.375% VALE 10/18 EUR 1,539,469.95 1,551,239.20 0.09

1,551,239.20 0.09

CANADA

4.875% TORONTO DOMINION BANK 08/13 EUR 3,848,674.87 4,005,604.59 0.24

5.25% XSTRATA FINANCE 07/17 EUR 3,944,891.74 4,068,603.55 0.25

6.25% XSTRATA CANADA 08/15 EUR 2,309,204.92 2,468,470.79 0.15

10,542,678.93 0.64

DANEMARK

FRN DANSKE BANK 05/18 EUR 6,735,181.02 6,095,338.83 0.37

3.375% CARLSBERG BREWERIES 10/17 EUR 3,367,590.51 3,279,528.02 0.20

4.375% TDC 11/18 EUR 2,905,749.53 2,977,201.91 0.18

5.50% DONG (PE) 05/3005 EUR 1,924,337.44 1,914,484.83 0.12

14,266,553.59 0.87

ESPAGNE

FRN SANTANDER ISSUANCES 07/19 EUR 1,924,337.44 1,597,200.07 0.10

3.25% BBVA SENIOR FIN. 10/15 EUR 5,773,012.31 5,376,204.31 0.33

3.406% TELEFONICA EMIS. 10/15 EUR 3,367,590.51 3,236,237.64 0.20

3.5% SANTANDER INTL 10/14 SR REG.S EUR 10,583,855.90 10,120,547.60 0.61

4.375% BBVA 04/19 EUR 3,848,674.87 3,116,329.77 0.19

4.625% ABERTIS INFRASTR. 09/16 EUR 7,504,916.00 7,307,911.95 0.44

5.25% GAS NATURAL FINANCE 09/14 EUR 17,319,036.92 17,601,510.41 1.07

5.625% GAS NATURAL CAP. 11/17 EUR 7,216,265.38 7,228,821.69 0.44

7.5% IBERDROLA FINANZAS 08/15 EUR 7,697,349.74 8,582,929.83 0.52

64,167,693.27 3.90

ETATS-UNIS

3.625% CITIGROUP 05/17 EUR 10,920,614.95 8,654,587.35 0.52

3.625% SUB. CS GROUP FIN (US) 05/20-S EUR 4,810,843.59 4,046,111.89 0.25

3.75% JPMORGAN CHASE 11/16 SR-S- EUR 7,216,265.38 7,155,865.24 0.43

3.75% MORGAN STANLEY 06/13 EUR 3,367,590.51 3,292,577.43 0.20

4% CITIGROUP 10/15 EUR 8,659,518.46 8,267,848.44 0.50

4% MORGAN STANLEY 05/15 EUR 8,178,434.10 7,587,460.45 0.46

4.25% NOVARTIS 09/16 EUR 2,886,506.15 3,137,054.89 0.19

4.375% AMERICAN INTL GROUP 06/16 EUR 4,810,843.59 4,371,854.11 0.26

4.375% JP MORGAN 06/21 EUR 12,700,627.07 11,320,576.94 0.69

4.375% WELLS FARGO 06/18 EUR 1,924,337.44 1,774,393.06 0.11

4.45% MERRILL LYNCH 07/14 EUR 2,886,506.15 2,746,510.60 0.17

4.5% HSBC FINANCE 06/16 EUR 14,432,530.77 14,427,768.03 0.87

4.50% GOLDMAN SACHS 11/16 SR -S- EUR 2,694,072.41 2,582,780.28 0.16

4.625% JP MORGAN CHASE 07/17 EUR 8,659,518.46 7,804,434.31 0.47

4.75% BANK OF AMERICA 04/19 EUR 7,726,214.80 5,529,072.47 0.33



4.75% CITIGROUP 04/19 EUR 5,773,012.31 4,709,796.63 0.29

4.75% PFIZER 07/14 EUR 14,432,530.77 15,621,482.65 0.95

5.125% GOLDMAN SACHS 07/14 EUR 18,281,205.64 18,328,828.21 1.07

5.125% PROCTER & GAMBLE 07/17 EUR 5,773,012.31 6,579,184.61 0.40




125


5.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 1,924,337.44 1,374,823.64 0.08

5.5% GE CAPITAL TRUST II 10/67 EUR 6,254,096.67 5,116,664.11 0.31

5.625% ROCHE HOLDINGS 09/16 EUR 9,621,687.18 10,913,975.98 0.66

5.75% PHILIP MORRIS 09/16 EUR 2,886,506.15 3,261,737.52 0.20

6% WACHOVIA BANK 08/09 EUR 5,773,012.31 6,065,963.82 0.37

6.25% AMERICAN HONDA 08/13 EUR 2,886,506.15 3,099,385.98 0.19

6.25% CARGILL 08/17 EUR 3,367,590.51 3,808,441.79 0.23

7% SWISS RE TREASURY 09/14 EUR 3,367,590.51 3,692,226.24 0.22

7.375% CITIGROUP 09/19 EUR 4,810,843.59 5,244,613.30 0.32

8.75% VERIZON WIRELESS 08/15 EUR 3,656,241.13 4,545,786.31 0.28

198,269,852.28 11.98

FINLANDE

FRN METSO 09/14 EUR 6,540,822.94 7,205,501.37 0.44

4% FORTUM 11/21 EUR 1,924,337.44 1,978,430.56 0.12

5.5% NOKIA 09/14 EUR 2,790,289.28 2,859,181.52 0.17

12,043,113.45 0.73

FRANCE

FRN AXA 10/20 EUR 3,848,674.87 2,788,923.00 0.17

FRN B.F.C.M. 05/PE EUR 2,886,506.15 1,713,256.86 0.10

FRN BNP PARIBAS 06/PE EUR 3,944,891.74 2,584,397.20 0.16

FRN BPCE 10/PE EUR 1,443,253.08 1,139,390.57 0.07

FRN CNP ASSURANCES 06/PE EUR 3,848,674.87 2,015,743.46 0.12


FRN LA POSTE 06/16 EUR 1,924,337.44 1,881,039.84 0.11

2.875% AUCHAN 10/17 EUR 1,395,144.64 1,379,602.73 0.08

3% B.F.C.M. 10/15 EUR 9,621,687.18 9,327,648.42 0.56

3.125% EUTELSAT 10/17 EUR 9,140,602.82 9,260,070.50 0.56

3.375% S.F.R. 05/12 EUR 962,168.72 971,145.75 0.06

3.375% UNIBAIL-RODAMCO 10/15 EUR 4,618,409.85 4,653,602.13 0.28

3.5% AREVA 10/21 EUR 2,405,421.79 2,098,129.16 0.13

3.50% UNIBAIL-RODAMCO 11/16 EUR 4,041,108.61 4,047,372.33 0.25

3.6% DANONE 10/20 EUR 2,597,855.54 2,655,398.04 0.16

3.625% EDENRED 10/17 EUR 3,175,156.77 3,085,156.95 0.19

3.875% BANQUE PSA FIN. 11/15 EUR 7,697,349.74 7,380,064.99 0.45

4% BOUYGUES 10/18 EUR 7,889,783.49 8,056,455.16 0.49

4% C.I.F. 10/18 EUR 4,810,843.59 4,384,795.28 0.27

4% SAINT GOBAIN 10/18 EUR 5,700,849.65 5,526,774.21 0.33

4% VIVENDI 10/17 EUR 5,773,012.31 5,820,726.25 0.35

4.125% ALSTOM 10/17 EUR 4,810,843.59 4,803,988.14 0.29

4.13% CREDIT AGRICOLE 05/PE EUR 3,848,674.87 2,126,392.87 0.13

4.196% SOCIETE GENERALE 05/PE EUR 3,079,902.07 1,541,121.40 0.09

4.25% KLEPIERRE 06/16 EUR 2,886,506.15 2,938,419.97 0.18

4.339% TOTAL INFRASTR. 11/21 -SR EUR 1,635,686.82 1,698,423.59 0.10

4.375% L.V.M.H. 09/14 EUR 3,848,674.87 4,070,300.81 0.25

4.375% RCI BANQUE 10/15 EUR 4,343,229.59 4,226,222.99 0.26

4.375% THALES 09/13 EUR 4,377,867.67 4,517,455.98 0.27

4.379% CASINO GUICHARD 10/17 EUR 5,773,012.31 5,679,662.70 0.34

4.5% AXA 09/15 EUR 2,886,506.15 2,937,799.37 0.18

4.5% NATIXIS 07/19 EUR 14,913,615.13 13,888,005.81 0.84

4.50% SAINT GOBAIN 11/19 -SR- EUR 5,340,036.38 5,184,000.52 0.31

4.625% AGF 05/PE EUR 4,810,843.59 3,732,084.08 0.23





4.726% CASINO GUICHARD PERR. 11/21 SR EUR 2,886,506.15 2,741,719.00 0.17

4.75% AUCHAN 09/15 EUR 3,656,241.13 3,948,521.04 0.24

4.82% SUEZ ENVIRONNEMENT 10/PE EUR 7,889,783.49 7,323,020.89 0.44

5% AUTOROUTES P.R.R. 11/17 EUR 1,924,337.44 1,957,022.31 0.12

5% IMERYS 07/17 EUR 12,411,976.46 12,741,142.08 0.77

5.019% SUB. TV BNP PARIBAS 07/PERP EUR 1,443,253.08 957,353.06 0.06


5.375% C.F.C.M. 09/14 EUR 3,078,939.90 3,222,988.10 0.20

5.375% LAFARGE 10/18 EUR 1,154,602.46 1,013,163.66 0.06

5.375% SCHNEIDER ELECTRIC 07/15 EUR 4,810,843.59 5,246,778.18 0.32

5.625% A.S.F. 07/22 EUR 5,773,012.31 6,269,202.71 0.38

5.777% AXA 06/PE EUR 3,463,807.38 2,214,671.85 0.13

5.95% GDF SUEZ 11/2111 EUR 2,982,723.03 2,878,327.72 0.17

5.971% CREDIT AGRICOLE 08/18 EUR 7,697,349.74 7,313,021.07 0.44

6% CNP ASSURANCE 10/20 EUR 1,443,253.08 1,042,050.37 0.06

6% TPSA EUROFINANCE 09/14 EUR 3,848,674.87 4,173,580.00 0.25

6.117% C.N.C.E.P. 07/PE EUR 3,848,674.87 2,121,100.94 0.13

6.125% SUB. STE GENERALE 08/18 EUR 3,367,590.51 3,133,879.73 0.19

6.125% VEOLIA ENVIRON. 03/33 EUR 4,329,759.23 4,740,458.54 0.29

6.154% SCOR ASSISTANCE 06/PE EUR 1,635,686.82 1,152,480.40 0.07

6.25% SODEXHO 09/15 EUR 2,886,506.15 3,163,019.01 0.19

6.25% VINCI 06/PE EUR 9,621,687.18 9,456,963.89 0.57

6.375% GDF SUEZ 09/21 EUR 7,697,349.74 9,420,555.43 0.57

6.50% B.F.C.M. 01/13 EUR 8,178,434.10 8,462,348.44 0.51


8.125% FRANCE TELECOM 03/33 EUR 2,886,506.15 3,850,108.50 0.23

9.375% SUB. SOC. GENERALE 09/PE EUR 2,886,506.15 2,309,204.92 0.14

259,958,490.24 15.72

GUERNESEY

3.625% CS GROUP FIN. GUERN. 06/18 EUR 12,508,193.33 11,822,369.09 0.72

11,822,369.09 0.72

ILES CAÏMANS

3.25% THAMES WATER UT. CAY. 10/16 EUR 2,164,879.62 2,163,385.85 0.13

4.5% SANTANDER ISSUANCES 04/19 EUR 6,735,181.02 5,545,546.00 0.34

4.75% HUTCHISON WHAMP. INTL 9/16 EUR 7,697,349.74 7,951,477.74 0.48

5.875% IPIC GMTN 11/21 EUR 3,839,053.18 3,893,087.86 0.24

19,553,497.45 1.19

IRLANDE

2.875% GE CAP. EUROP. FUND. 10/15 EUR 15,587,133.23 15,401,568.41 0.93

3.75% GE CAP. EURO FDG 11/16 EUR 3,848,674.87 3,857,565.31 0.23

4.75% GE CAP. UK FUNDING 09/14 EUR 11,546,024.61 12,059,591.79 0.73

7.5% CLOVERIE 09/39 EUR 3,367,590.51 3,379,764.35 0.20

34,698,489.86 2.09

ITALIE

3.375% INTESA SANPAOLO 10/15 EUR 11,546,024.61 10,731,048.47 0.65

3.5% ENI 10/18 EUR 4,858,952.02 4,684,588.53 0.28

3.75% BANCO POPOLARE 09/12 EUR 11,064,940.25 10,921,649.28 0.66

3.75% SANPAOLO IMI 05/20 EUR 16,356,868.20 13,479,695.09 0.82




127


3.875% EDISON 10/17 EUR 5,773,012.31 5,264,727.44 0.32

4% BCA POPOLARE MILANO 11/13 EUR 12,652,518.64 12,110,801.05 0.73

4.00% INTESA SANP 10/18 579 -SR-S EUR 2,886,506.15 2,466,952.48 0.15

4.125% INTESA SANPAOLO 10/20 EUR 5,773,012.31 4,778,668.67 0.29

4.125% MONTE PASCHI SIENA 11/13 EUR 8,226,542.54 7,971,437.45 0.48

4.375% UNICREDIT 04/20 EUR 3,848,674.87 3,273,163.27 0.20

4.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 3,848,674.87 3,212,835.30 0.19

4.625% MEDIOBANCA 11/16 SR-S- EUR 5,965,446.05 5,798,025.81 0.35


4.75% TERNA 11/21 EUR 3,848,674.87 3,656,529.78 0.22

4.875% UNICREDIT 08/13 EUR 7,697,349.74 7,629,035.76 0.46

5% AUTOSTRADE 04/14 EUR 1,347,036.20 1,368,191.41 0.08

5% ENI 09/16 EUR 11,546,024.61 12,165,699.75 0.74

5.25% TELECOM ITALIA 05/55 EUR 8,178,434.10 5,362,599.24 0.32

5.375% LOTTOMATICA 10/18 EUR 8,178,434.10 7,127,178.18 0.43


5.625% ATLANTIA 09/16 EUR 7,216,265.38 7,459,092.71 0.45

6.9% ASSICURAZIONI GEN. 00/22 EUR 9,619,762.84 9,030,552.37 0.55


8.375% INTESA SANPAOLO 09/PE EUR 1,443,253.08 988,628.36 0.06

9.5% SUB. INTESA SANPAOLO 10/PE EUR 4,810,843.59 3,260,356.81 0.20

157,344,012.82 9.51

JERSEY

4.125% BAA FUDING 10/18 EUR 962,168.72 948,804.19 0.06

4.28% UBS PREF. FUNDING 05/PE EUR 2,886,506.15 1,905,094.06 0.12

4.5% UBS JERSEY BRANCH 04/19 EUR 18,281,205.64 16,241,754.34 0.98

4.6% BAA FUNDING 08/16 EUR 3,656,241.13 3,789,675.65 0.23

5.3687% HSBC CAP FUNDING 03/PE EUR 4,838,746.48 4,182,007.62 0.25

27,067,335.86 1.64

LUXEMBOURG

3.25% JOHN DEERE BANK11/16 SR REG. S EUR 4,425,976.10 4,542,622.70 0.28

4.75% SES 11/21 EUR 3,338,725.45 3,397,820.89 0.21

5% HANNOVER FINANCE 05/PE EUR 2,886,506.15 2,268,548.48 0.14

5.00% ENEL FIN. INTL 11/21 SR -S- EUR 7,860,918.42 7,491,455.26 0.45

5.25% FIMECCANICA FIN. 09/22 EUR 1,972,445.87 1,708,138.12 0.10

5.75% HANNOVER FINANCE 04/24 EUR 13,903,337.97 13,721,760.38 0.83

7.125% GLENCORE FINANCE 08/15 EUR 7,697,349.74 8,043,730.48 0.49

8.125% FINMECCANIACA FIN 08/13 EUR 3,848,674.87 4,134,496.71 0.25

8.625% MICHELIN LUXEMBOURG 09/14 EUR 1,924,337.44 2,182,237.14 0.13

9.375% ARCELORMITTAL 09/16 EUR 10,463,584.81 11,565,871.15 0.70

59,056,681.31 3.58

MEXIQUE

4.75% AMERICA MOVIL 10/22 EUR 3,030,831.46 3,138,562.37 0.19

3,138,562.37 0.19





NORVEGE

3.875% DNB NOR BANK 10/20 EUR 3,848,674.87 3,787,442.45 0.23

4.125% TELENOR 10/20 EUR 2,886,506.15 2,988,587.44 0.18

4.5% DNB NOR BANK 09/14 EUR 8,178,434.10 8,562,370.69 0.52

5.5% STATKRAFT 09/15 EUR 1,828,120.56 2,014,634.56 0.12

5.625% STATOIL 09/21 EUR 2,501,638.67 2,998,514.14 0.18

20,351,549.28 1.23

PAYS-BAS

2.75% SCHLUMBERGER FIN. 10/15 EUR 2,838,397.72 2,878,844.88 0.17

3% PACCAR FINANCIAL 11/14 EUR 6,205,988.23 6,272,423.33 0.38

3.625% BMW FINANCE 11/18-S- EUR 1,856,985.63 1,900,244.11 0.12

3.625% SNS BANK 10/13 EUR 4,810,843.59 4,725,162.46 0.29

3.75% RABOBANK 10/20 EUR 10,583,855.90 9,564,101.38 0.58

3.75% WUERTH FINANCE INTL 11/18 SR EUR 1,943,580.81 1,986,922.66 0.12

3.875% GENERALI FINANCE 05/15 EUR 2,886,506.15 2,868,075.81 0.17

3.875% ING BANK 11/16 EUR 13,316,415.05 13,274,202.02 0.80

4% FORTIS BANK NED. 10/15 EUR 5,773,012.31 5,833,628.94 0.35

4% URENCO FINANCE 10/17 EUR 1,924,337.44 1,983,876.44 0.12

4.125% LANXESS FINANCE 11/18 EUR 4,329,759.23 4,263,665.46 0.26

4.125% RABOBANK 11/21 EUR 10,583,855.90 11,061,399.47 0.67

4.125% SUEDZUCKER 11/18 EUR 1,683,795.26 1,747,004.93 0.11

4.25% COCA COLA HBC FIN. 09/16 EUR 3,367,590.51 3,470,150.48 0.21

4.25% DEUTSCHE TEL. FIN. 10/22 EUR 7,216,265.38 7,123,572.45 0.43

4.375% RABOBANK 09/14 EUR 9,621,687.18 10,133,512.83 0.61

4.375% RABOBANK 09/16 EUR 16,356,868.20 17,430,941.95 1.06

4.43% SCHIPHOL NEDERLAND 11/21 -SR EUR 2,886,506.15 3,025,505.86 0.18

4.5% KONINKLIJKE KPN 11/21 SR-S- EUR 5,253,441.20 5,238,022.35 0.32

4.5% PORTUGAL TELE. INTL 05/25 EUR 4,666,518.28 3,079,902.07 0.19

4.5% SCHLUMBERGER FIN. 09/14 EUR 1,154,602.46 1,219,208.24 0.07

4.625% BAYER CAPITAL 09/14 EUR 4,810,843.59 5,119,194.61 0.31

4.625% ING BANK 04/19 EUR 15,954,681.68 15,000,511.94 0.91

4.75% ADECCO INTL FIN. 11/18SR-S- EUR 5,773,012.31 5,700,156.89 0.35

4.75% RABOBANK 08/18 EUR 7,697,349.74 8,364,402.07 0.51

4.875% ALLIANDER 10/PE EUR 6,735,181.02 6,695,039.35 0.41

5.125% BASF FINANCE 09/15 EUR 6,735,181.02 7,358,151.59 0.45


5.317% GENERALI FINANCE 06/PE EUR 2,886,506.15 1,899,681.86 0.12

5.375% VOLKSWAGEN 09/13 EUR 4,907,060.46 5,218,707.87 0.32

5.5% E. ON INTL FINANCE 09/16 EUR 9,621,687.18 10,672,471.63 0.65

5.5% EADS FINANCE 03/18 EUR 2,886,506.15 3,244,144.27 0.20

5.625% KPN KONINKLIJKE 09/24 EUR 1,154,602.46 1,229,871.00 0.07

5.75% ALLIANZ FINANCE II 11/41 EUR 6,350,313.54 5,019,446.58 0.30

5.75% ASML HLDG 07/17 EUR 7,264,373.82 7,577,468.33 0.46


5.875% EDP FINANCE 11/16 EUR 11,618,187.27 9,412,242.05 0.57

5.875% TELEFONICA EUROPE 03/33 EUR 2,886,506.15 2,775,621.02 0.17

6.125% ALLIANZ FINANCE 02/22 EUR 3,848,674.87 3,760,655.68 0.23

6.25% KPN 09/14 EUR 3,848,674.87 4,152,412.29 0.25

6.375% WOLTERS KLUWER 08/18 EUR 1,924,337.44 2,165,533.89 0.13

6.5% ALLIANZ FIN. II 02/25 EUR 5,291,927.95 5,305,713.42 0.32

6.5% REPSOL INTL FINANCE 09/14 EUR 7,071,940.08 7,621,924.86 0.46




129


6.625% RWE FINANCE 08/19 EUR 9,621,687.18 11,512,060.06 0.70

6.655% TENNET HOLDING BV 10/PE EUR 9,140,602.82 9,174,057.43 0.56

7.375% CRH FINANCE 09/14 EUR 2,501,638.67 2,722,183.13 0.16

7.375% EUREKO 09/14 EUR 3,367,590.51 3,629,336.48 0.22

7.375% LINDE FINANCE 06/66 EUR 7,850,334.57 8,364,178.22 0.51

7.625% ADECCO INT. FIN. 09/14 EUR 5,495,907.72 6,065,558.55 0.37

7.75% LANXESS FINANCE 09/14 EUR 1,924,337.44 2,129,183.16 0.13

7.875% DAIMLER INTL 09/14 EUR 14,432,530.77 16,164,578.78 0.98

8.875% BMW FINANCE 08/13 EUR 1,924,337.44 2,167,198.44 0.13

322,036,703.30 19.54

ROYAUME-UNI

3.1% BP CAPITAL MARKETS 10/14 EUR 6,494,638.85 6,616,023.65 0.40

3.625% HSBC HOLDINGS 05/20 EUR 19,243,374.36 18,057,982.50 1.09

3.625% STANDARD CHARTERED 05/17 EUR 4,580,885.27 4,529,922.92 0.27

4% BARCLAYS BANK 10/17 EUR 2,886,506.15 2,818,384.61 0.17

4.35% ROYAL BK SCOT. 06/17 EUR 2,790,289.28 2,050,862.62 0.12

4.375% ANGLO AMERICAN CAP. 09/16 EUR 4,810,843.59 4,922,719.76 0.30

4.375% REXAM 06/13 EUR 3,848,674.87 3,940,696.69 0.24

4.5% IMPERIAL TOBACCO 11/18 EUR 3,588,889.32 3,659,787.83 0.22

4.7291% AVIVA 04/PE EUR 1,924,337.44 1,360,266.02 0.08

4.875% BARCLAYS BANK 04/PE EUR 2,982,723.03 1,834,374.66 0.11

4.875% ROYAL BK SCOTLAND 10/15 EUR 14,432,530.77 14,037,295.91 0.85

5.025% SCOTTISH & SOUTHERN 10/PE EUR 15,587,133.23 14,603,195.44 0.88

5.125% TESCO 09/15 EUR 7,216,265.38 7,880,161.80 0.48

5.25% AVIVA 03/23 EUR 2,405,421.79 2,228,226.40 0.13

5.25% BARCLAYS BANK 09/14 EUR 8,659,518.46 8,965,415.95 0.54

5.25% BRITISH TELECOM 07/14 EUR 5,773,012.31 6,126,234.06 0.37

5.375% BAT INTL FINANCE 07/17 EUR 7,697,349.74 8,523,737.21 0.52

5.375% VODAFONE 07/22 EUR 3,367,590.51 3,802,817.91 0.23

5.5% ROYAL BANK SCLOTLAND 10/20 EUR 7,697,349.74 6,886,395.46 0.42

5.625% LLOYDS TSB BANK 08/18 EUR 3,848,674.87 3,073,936.62 0.19

5.875% STANDARD CHARTERED 07/17 EUR 9,621,687.18 9,529,848.17 0.58

6% BARCLAYS BANK 08/18 EUR 5,773,012.31 5,157,031.89 0.31



6.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 2,886,506.15 2,283,038.74 0.14


6.625% NATIONAL GRID ELEC. 08/14 EUR 5,773,012.31 6,342,433.38 0.38

6.625% WPP GROUP 08/16 EUR 2,886,506.15 3,217,790.46 0.19

8.375% IMPERIAL TOBACCO FR/RATG .9/16 EUR 5,291,927.95 6,248,602.68 0.38

173,925,531.07 10.51

SUEDE

3.625% SVENSKA CELLULOSA11/16 SR-S- EUR 4,791,600.21 4,878,543.80 0.30

3.75% SVENSKA HANDELSBANK 10/17 EUR 6,735,181.02 6,890,157.54 0.42

3.875% SKF 11/18 EUR 3,078,939.90 3,161,563.25 0.19

3.875% SWEDISH MATCH 10/17 EUR 2,886,506.15 2,914,505.26 0.18

4% NORDEA BANK 04/16 EUR 3,352,195.81 3,351,357.76 0.20

4% NORDEA BANK 10/20 EUR 9,621,687.18 9,634,099.15 0.58

4.25% SKAND. ENSKILDA BK. 11/18 EUR 1,443,253.08 1,451,739.40 0.09

4.875% INVESTOR 09/21 EUR 2,886,506.15 3,088,373.96 0.19

5% VOLVO TREASURY 07/17 EUR 3,819,809.81 3,921,531.34 0.24





5.25% VATTENFALL TREASURY 05/PE EUR 6,638,964.15 6,575,097.32 0.40

5.375% ERICSSON TEL. 07/17 EUR 1,924,337.44 2,088,820.18 0.13

5.5% SKANDINAV. ENSKILDA 09/14 EUR 4,810,843.59 5,078,446.76 0.31

7.75% AKZO NOBEL SWEDEN 08/14 EUR 2,886,506.15 3,184,884.29 0.19

9.875% VOLVO TREASURY 09/14 EUR 4,846,443.83 5,591,245.32 0.34

61,810,365.33 3.76







131




Pays-Bas 19.54

France 15.72

Etats-Unis 11.98

Royaume-Uni 10.51

Italie 9.51

Allemagne 5.63

Espagne 3.90

Suède 3.76

Luxembourg 3.58

Australie 2.58

Irlande 2.09

Jersey 1.64

Norvège 1.23

Iles Caïmans 1.19

Danemark 0.87

Finlande 0.73

Guernesey 0.72

Canada 0.64

Autriche 0.45

Belgique 0.42

Mexique 0.19

Brésil 0.09

96.97




96.97

Pictet - Global Emerging Debt





OBLIGATIONS

AFRIQUE DU SUD

5.5% AFRIQUE DU SUD 10/20 USD 12,700,000.00 13,811,250.00 0.49

5.75% ESKOM HLDGS 11/21 USD 46,000,000.00 47,092,500.00 1.68


6.25% AFRIQUE DU SUD 11/41 SR USD 4,000,000.00 4,465,000.00 0.16

6.75% AFRIQUE DU SUD 06/21 R208-SR ZAR 75,523,000.00 8,453,837.66 0.30


7% AFRIQUE DU SUD 10/31 ZAR 73,188,006.00 7,482,650.05 0.27

10.5% AFRIQUE DU SUD 97/26 ZAR 229,500,000.00 33,092,713.54 1.18

13.5% AFRIQUE DU SUD S157 91/15 ZAR 50,000,000.00 7,595,490.59 0.27

140,773,441.84 5.02

ARGENTINE

STEP ARGENTINE 05/38 USD 78,850,000.00 26,809,000.00 0.96

4% PROV. BUENOS AIRES 06/35 USD 2,000,000.00 727,500.00 0.03

8.28% ARGENTINE 05/33 USD 26,660,090.00 24,056,345.60 0.86

51,592,845.60 1.85

BELIZE

STEP GOV. OF BELIZE 07/29 USD 7,636,000.00 4,734,320.00 0.17

4,734,320.00 0.17

BIELORUSSIE

8.75% BIELORUSSIE 10/15 USD 9,999,000.00 7,324,267.50 0.26

8.95% BIELORUSSIE 11/18 USD 5,970,000.00 4,328,250.00 0.15

11,652,517.50 0.41

BRESIL

4.875% BRESIL 10/21 USD 16,611,000.00 17,773,770.00 0.63

5.5% BNDES 10/20 USD 40,100,000.00 41,503,500.00 1.48

5.625% BRESIL 09/41 USD 20,500,000.00 22,165,625.00 0.79

5.875% BRESIL 09/19 USD 23,400,000.00 27,003,600.00 0.96

6% BRESIL 06/17 USD 5,000,000.00 5,722,500.00 0.20

6.5% BCO DESENVOLVIMENTO 09/19 USD 6,300,000.00 6,977,250.00 0.25

7.125% BRESIL 06/37 USD 20,810,000.00 26,636,800.00 0.95

7.875% BRESIL 05/15 USD 4,000,000.00 4,720,000.00 0.17

8% BRESIL 05/18 USD 6,075,000.00 5,204,655.87 0.19

8.75% BRESIL 05/25 USD 18,250,000.00 25,732,500.00 0.92

11% BRESIL 00/40 USD 4,640,000.00 6,136,400.00 0.22

189,576,600.87 6.76




133


CHILI

3.25% CHILI -GLOBAL- 11/21 USD 31,400,000.00 30,888,965.00 1.10

3.875% CHILI 10/20 USD 11,730,000.00 12,362,773.68 0.44

5.25% ENAP 10/20 USD 16,350,000.00 16,840,500.00 0.60

5.625% CODELCO 05/35 USD 1,750,000.00 2,026,377.50 0.07

6.15% CODELCO 06/36 USD 1,000,000.00 1,234,754.90 0.04

63,353,371.08 2.25

COLOMBIE

4.375% COLOMBIE 11/21 USD 1,000,000.00 1,025,000.00 0.04

6.125% COLOMBIE 09/41 USD 25,600,000.00 29,056,000.00 1.04

7.375% COLOMBIE 06/17 USD 12,000,000.00 14,370,000.00 0.51

7.375% COLOMBIE 06/37 USD 14,200,000.00 18,531,000.00 0.66

7.375% COLOMBIE 09/19 USD 8,650,000.00 10,704,375.00 0.38

8.125% COLOMBIE 04/24 USD 6,850,000.00 9,093,375.00 0.32

8.25% COLOMBIE 04/14 USD 3,000,000.00 3,532,500.00 0.13

86,312,250.00 3.08

CONGO

STEP CONGO (REP.) 07/29 USD 9,435,000.00 6,005,377.50 0.21

6,005,377.50 0.21

COREE DU SUD

4.5% KOREA EXPRESSWAY 09/15 USD 1,000,000.00 1,022,099.90 0.04

4.875% KOREA NATIONAL 09/14 USD 2,300,000.00 2,403,500.00 0.09

5% NATIONAL AGR. COOP. 09/14 USD 1,100,000.00 1,154,285.00 0.04

7% WOORI BANK 09/15 USD 800,000.00 862,039.92 0.03

5,441,924.82 0.20

COTE D’IVOIRE

2.5% COTE D'IVOIRE 09/32 USD 24,416,000.00 12,269,040.00 0.44

12,269,040.00 0.44

CROATIE

6.375% CROATIE 11/21 -SR- REG.S USD 20,780,000.00 19,013,700.00 0.68

6.625% CROATIE 10/20 USD 12,080,000.00 11,415,600.00 0.41

6.75% CROATIE 09/19 USD 11,750,000.00 11,250,625.00 0.40

41,679,925.00 1.49

EGYPTE

6.875% EGYPTE 10/20 USD 11,900,000.00 11,929,750.00 0.43

11,929,750.00 0.43

EQUATEUR

9.375% EQUATEUR REG-S 05/15 USD 8,500,000.00 8,415,000.00 0.30

8,415,000.00 0.30

ETATS-UNIS

6.625% PEMEX PROJ. FDG MSTR 05/35 USD 32,250,000.00 34,668,750.00 1.24

34,668,750.00 1.24





GABON

8.2% GABON 07/17 USD 7,300,000.00 8,030,000.00 0.29

8,030,000.00 0.29

GEORGIE

6.875% GEORGIE 11/21 USD 9,113,000.00 8,976,305.00 0.32

7.5% GEORGIE 08/13 USD 9,900,000.00 10,593,000.00 0.38

9.875% GEORGIAN RAILWAY 10/15 USD 8,150,000.00 8,048,125.00 0.29

27,617,430.00 0.99

GHANA

8.5% GHANA 07/17 USD 5,670,000.00 5,939,325.00 0.21

5,939,325.00 0.21

HONGRIE

4.75% HONGRIE 05/15 USD 29,000,000.00 28,420,000.00 1.02

6.25% HONGRIE 10/20 USD 16,600,000.00 16,102,000.00 0.58

6.375% HONGRIE 11/21 USD 3,970,000.00 3,831,050.00 0.14

7.625% HONGRIE 11/41 USD 20,898,000.00 20,271,060.00 0.72

68,624,110.00 2.46

ILES VIERGES BRITANNIQUES

4.5% SINOCHEM CORP 10/20 USD 5,000,000.00 4,666,162.50 0.17

6.3% SINOCHEM OVERS. CAP. 10/40 USD 6,400,000.00 5,906,905.60 0.21

10,573,068.10 0.38

INDONESIE

4.875% INDONESIE 11/21 USD 14,063,000.00 14,265,155.63 0.51

5.25% PERTAMINA 11/21 USD 13,600,000.00 13,260,000.00 0.47

5.875% INDONESIE 10/20 USD 500,000.00 542,500.00 0.02

6.5% PERTAMINA 11/41 USD 4,100,000.00 4,007,750.00 0.14

6.625% INDONESIE 07/37 USD 11,200,000.00 12,600,000.00 0.45

6.75% INDONESIE 04/14 USD 1,000,000.00 1,080,000.00 0.04

6.875% INDONESIE 08/18 USD 3,000,000.00 3,420,000.00 0.12

7.25% INDONESIE 05/15 USD 13,800,000.00 15,456,000.00 0.55

7.50% INDONESIE 05/16 USD 5,000,000.00 5,712,500.00 0.20

7.75% INDONESIE 08/38 USD 20,250,000.00 25,515,000.00 0.91

8.5% INDONESIE 05/35 USD 12,650,000.00 17,109,125.00 0.61

8.8% PERUSA. PEN. INDO. 09/14 USD 3,250,000.00 3,680,625.00 0.13

9.5% INDONESIE 08/12 IDR 15,000,000,000.00 1,730,567.85 0.06

10.375% INDONESIE 09/14 USD 2,000,000.00 2,345,000.00 0.08

11.625% INDONESIE 09/19 USD 2,750,000.00 3,932,500.00 0.14

124,656,723.48 4.43

IRAK

STEP IRAK 06/28 USD 28,762,000.00 23,225,315.00 0.83

23,225,315.00 0.83




135


IRLANDE

5.375% SCF CAPITAL 10/17 USD 3,400,000.00 2,949,500.00 0.11

6.8% VNESHECONOMBK -LPN- 10/25 USD 9,000,000.00 8,550,000.00 0.31

6.902% VEB FINANCE S.1 10/20 USD 33,900,000.00 33,561,000.00 1.20

45,060,500.00 1.62

JAMAÏQUE

8.5% JAMAÏQUE 06/36 -SR- USD 2,500,000.00 2,500,000.00 0.09

2,500,000.00 0.09

JORDANIE

3.875% JORDANIE 10/15 USD 7,041,000.00 6,512,925.00 0.23

6,512,925.00 0.23

KAZAKHSTAN

5.5% DEV. BANK OF KASAKSTAN 10/15 USD 11,400,000.00 10,830,000.00 0.39

7% KAZMUNAIGAZ FINANCE 10/20 USD 20,500,000.00 20,807,500.00 0.74

8.375% KAZMUNAIGAZ F. REG. S. 08/13 USD 20,400,000.00 21,216,000.00 0.76

9.125% KAZMUNAIGAZ F. REG. S. 08/18 USD 16,650,000.00 18,897,750.00 0.67

71,751,250.00 2.56

LETTONIE

5.25% LETTONIE 11/21 USD 8,000,000.00 7,640,000.00 0.27

7,640,000.00 0.27

LIBAN

4% LIBAN 02/17 USD 19,100,000.00 12,148,076.26 0.43

5.15% LIBAN 10/18 USD 8,700,000.00 8,634,750.00 0.31

6% LIBAN 11/19 USD 1,400,000.00 1,445,500.00 0.05

6.10% LIBAN 10/22 USD 23,000,000.00 23,022,997.70 0.82

6.375% LIBAN 10/20 USD 11,290,000.00 11,882,725.00 0.42

7.9% LIBAN 10/17 LBP 6,500,000,000.00 4,515,531.14 0.16

8.25% LIBAN 06/21 USD 13,400,000.00 15,678,000.00 0.56

77,327,580.10 2.75

LITUANIE

5.125% LITUANIE 10/17 USD 21,250,000.00 20,878,125.00 0.75

6.75% LITHUANIE 09/15 USD 18,900,000.00 19,939,500.00 0.71

7.375% LITUANIE 10/20 USD 16,450,000.00 17,848,250.00 0.64

58,665,875.00 2.10

LUXEMBOURG

6.299% RSHB CAPITAL 07/17 USD 14,600,000.00 14,490,500.00 0.52

14,490,500.00 0.52

MALAISIE

2.615% DANGA CAPITAL 10/15 SGD 5,000,000.00 3,831,247.30 0.14


4.25% PETRONAS GLOB. SUK. 09/14 USD 400,000.00 419,680.00 0.01





5.25% PETRONAS CAPITAL 09/19 USD 8,250,000.00 8,988,112.65 0.32

5.625% PENERBANGAN MAL.06/16-SR-S USD 8,000,000.00 8,862,799.20 0.32

7.625% PETROLIAM NASIONAL 96/26 USD 12,674,000.00 16,409,660.23 0.59

42,719,962.43 1.53

MEXIQUE

5.125% MEXIQUE 10/20 USD 16,590,000.00 18,041,625.00 0.64

5.625% MEXIQUE 06/17 USD 10,070,000.00 11,228,050.00 0.40

5.75% MEXIQUE 10/10 USD 19,400,000.00 19,012,000.00 0.68

5.875% MEXIQUE 03/14 USD 1,144,000.00 1,233,518.00 0.04

5.95% MEXIQUE 08/19 USD 12,300,000.00 14,034,298.77 0.50

6.5% PEMEX 11/41 USD 13,700,000.00 14,487,750.00 0.52

6.625% MEXIQUE 03/15 USD 2,500,000.00 2,832,499.75 0.10

6.75% MEXIQUE 04/34 USD 9,200,000.00 11,339,000.00 0.40

7.50% MEXIQUE 03/33 USD 8,490,000.00 11,270,475.00 0.40

8.5% MEXIQUE 09/38 MXN 1,300,000.00 10,172,826.41 0.36

113,652,042.93 4.04

NIGERIA

6.75% NIGERIA 11/21 USD 5,400,000.00 5,319,000.00 0.19

5,319,000.00 0.19

PAKISTAN

6.875% PAKISTAN 07/17 USD 3,000,000.00 2,295,000.00 0.08

7.875% PAKISTAN -REG.S- 06/36 USD 13,671,000.00 9,091,215.00 0.32

8.625% PAKISTAN MOBILE 06/13 USD 1,000,000.00 930,000.00 0.03

12,316,215.00 0.43

PANAMA

5.2% PANAMA 09/20 USD 27,000,000.00 29,598,750.00 1.06

6.7% PANAMA 06/36 USD 18,466,000.00 22,343,860.00 0.80

7.25% PANAMA 04/15 USD 1,250,000.00 1,434,375.00 0.05

8.875% PANAMA 97/27 USD 9,950,000.00 14,328,000.00 0.51

9.375% PANAMA 99/29 USD 8,000,000.00 12,000,000.00 0.43

79,704,985.00 2.85

PAYS-BAS

6.375% INTEGRAS FINANCE 07/17 USD 2,200,000.00 2,205,500.00 0.08

6.375% KAZMUNAIGAZ 10/21 USD 17,000,000.00 16,660,000.00 0.60

7.25% MAJAPAHIT BV 07/17 USD 12,300,000.00 13,391,625.00 0.48

7.75% MAJAPAHIT HLDG 06/16 USD 7,000,000.00 7,805,000.00 0.28

7.75% MAJAPAHIT HLDG BV 09/20 USD 9,000,000.00 10,023,750.00 0.36

7.875% MAJAPAHIT BV 07/37 USD 13,075,000.00 14,382,500.00 0.51

8% MAJAPAHIT BV 09/19 USD 14,900,000.00 16,781,125.00 0.60

81,249,500.00 2.91




137


PEROU

5.625% PEROU 10/50 USD 10,815,000.00 10,815,000.00 0.39

6.55% PEROU 07/37 USD 22,437,000.00 26,251,290.00 0.94

7.125% PEROU 09/19 USD 5,200,000.00 6,292,000.00 0.22

7.35% PEROU 05/25 USD 26,900,000.00 33,490,500.00 1.20

8.75% PEROU 03/33 USD 10,465,000.00 14,938,787.50 0.53

91,787,577.50 3.28

PHILIPPINES

5.5% PHILIPPINES 11/26 USD 4,226,000.00 4,424,093.75 0.16

6.375% PHILIPPINES 07/32 USD 6,200,000.00 7,037,000.00 0.25

6.375% PHILIPPINES 09/34 USD 20,775,000.00 23,787,375.00 0.85

6.5% ENERGY DEVELOPMENT 11/21 USD 350,000.00 339,500.00 0.01

6.875% NATIONAL POWER 06/16 USD 23,345,000.00 26,525,756.25 0.95

7% PETRON (D. CCY) 10/17 PHP 234,000,000.00 5,177,698.27 0.18

7.25% POWER SECTOR ASS. 09/19 USD 12,428,000.00 14,230,060.00 0.51

7.75% PHILIPPINES 06/31 USD 3,000,000.00 3,858,750.00 0.14

7.79% POWER SECTOR ASS. 09/24 USD 4,316,000.00 4,979,585.00 0.18


8.6% CENTRAL BANK PHILIP. 97/27 USD 130,000.00 162,500.00 0.01

9.5% PHILIPPINES 05/30 USD 9,750,000.00 14,295,937.50 0.51


9.875% PHILIPPINES 99/19 USD 3,000,000.00 4,038,750.00 0.14

137,445,128.27 4.91

POLOGNE

5% POLOGNE 05/15 USD 20,000,000.00 21,100,000.00 0.75

5.125% POLOGNE 11/21 USD 17,804,000.00 17,759,490.00 0.63

5.75% POLOGNE 01/22 PLN 31,843,000.00 9,555,349.82 0.34

6.375% POLOGNE 09/19 USD 33,300,000.00 36,463,500.00 1.30

84,878,339.82 3.02

REPUBLIQUE DE SERBIE

3.75% REPUBLIQUE DE SERBIE 05/24 USD 6,200,000.00 5,273,100.58 0.19

5,273,100.58 0.19

REPUBLIQUE DOMINICAINE

7.5% REPUBLIQUE DOMINICAINE 10/21 USD 15,190,000.00 14,886,200.00 0.53



21,174,156.97 0.76

ROYAUME-UNI

8.375% BIZ FIN 10/15 USD 1,200,000.00 1,035,000.00 0.04

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 5,040,000.00 4,941,021.96 0.18

5,976,021.96 0.22





RUSSIE

STEP RUSSIE REG-S 00/30 USD 96,500,000.00 93,948,290.38 3.48

5% RUSSIE 10/20 USD 2,000,000.00 1,970,000.00 0.07

12.75% RUSSIE NOM. 'S' 98/28 USD 5,500,000.00 9,201,500.00 0.33

105,119,790.38 3.88

SALVADOR

7.375% EL SALVADOR 09/19 USD 8,350,000.00 8,976,250.00 0.32

7.625% EL SALVADOR 11/41 USD 9,800,000.00 9,506,000.00 0.34

7.65% EL SALVADOR 05/35 USD 12,666,000.00 12,412,680.00 0.44

7.75% EL SALVADOR (REP.) 02/23 USD 5,000,000.00 5,350,000.00 0.19

8.25% EL SALVADOR 02/32 USD 1,191,000.00 1,268,415.00 0.05

37,513,345.00 1.34

SENEGAL

8.75% SENEGAL 11/21 USD 1,640,000.00 1,615,400.00 0.06

1,615,400.00 0.06

SINGAPOUR

2.5% SINGAPOUR 09/19 SGD 2,000,000.00 1,662,957.03 0.06

3.25% SINGAPOUR 05/20 SGD 2,750,000.00 2,402,846.30 0.09

10.75% BUMI INVESTMENT 10/17 USD 3,860,000.00 3,570,500.00 0.13

11.5% BAKRIE TELECOM 10/15 USD 100,000.00 67,000.00 0.00

12% BUMI CAPITAL 09/16 USD 7,800,000.00 7,605,000.00 0.27

15,308,303.33 0.55

SRI LANKA

6.25% GOVT DU SRI LANKA 10/20 USD 2,200,000.00 2,145,000.00 0.08

6.25% SRI LANKA 11/21 USD 1,698,000.00 1,636,447.50 0.06

7.4% SRI LANKA 09/15 USD 16,900,000.00 17,745,000.00 0.63

8.25% SRI LANKA 07/12 USD 31,811,000.00 33,401,550.00 1.19

54,927,997.50 1.96

SUPRANATIONAL

7% AFRICAN DEV. BK (DUAL) 10/12 ZMK 27,305,000,000.00 5,525,066.52 0.20

5,525,066.52 0.20

TURQUIE

5.625% TURQUIE 10/21 USD 23,170,000.00 23,778,212.50 0.85

6.75% TURQUIE 10/40 USD 12,000,000.00 12,600,000.00 0.45

6.875% TURQUIE 06/36 USD 21,850,000.00 23,270,250.00 0.83

7% TURQUIE 08/19 USD 3,000,000.00 3,356,250.00 0.12

7.25% TURQUIE 04/15 USD 2,500,000.00 2,765,625.00 0.10

7.375% TURQUIE 05/25 USD 20,000,000.00 22,900,000.00 0.82

7.5% TURQUIE 09/17 USD 29,000,000.00 33,060,000.00 1.18

7.5% TURQUIE 09/19 USD 11,000,000.00 12,732,500.00 0.45

8% TURQUIE 04/34 USD 10,000,000.00 12,037,500.00 0.43

146,500,337.50 5.23




139


UKRAINE

6.58% UKRAINE 06/16 USD 16,000,000.00 14,480,000.00 0.52

6.75% UKRAINE 07/17 USD 14,700,000.00 13,193,250.00 0.47

7.75% UKRAINE 10/20 USD 7,020,000.00 6,353,100.00 0.23

7.95% UKRAINE 11/21 -SR- REG S USD 2,000,000.00 1,825,000.00 0.07

8.25% STATE S. BK. UKRAINE 11/11 USD 43,800,000.00 34,821,000.00 1.24

70,672,350.00 2.53

URUGUAY

6.875% URUGUAY 09/25 USD 6,100,000.00 7,198,000.00 0.26

7.5% URUGUAY 03/15 USD 2,691,600.00 3,125,620.50 0.11

7.625% URUGUAY 06/36 USD 19,582,000.00 24,281,680.00 0.87

7.875% URUGUAY 03/33 USD 4,515,037.00 5,643,796.25 0.20

8% URUGUAY 05/22 USD 18,500,000.00 23,217,500.00 0.83

9.25% URUGUAY 05/17 USD 3,000,000.00 3,885,000.00 0.14

67,351,596.75 2.41

VENEZUELA

5.25% PETROLEOS VENEZUELA 07/17 USD 53,050,000.00 30,105,875.00 1.08

7% VENEZUELA 07/38 USD 38,350,000.00 20,325,500.00 0.73

7.65% VENEZUELA 05/25 USD 12,000,000.00 6,870,000.00 0.25

8.5% PETROLEOS VENEZUELA 10/17 USD 19,500,000.00 12,845,625.00 0.46

9.25% VENEZUELA 97/27 USD 38,600,000.00 24,462,750.00 0.87

9.375% VENEZUELA 04/34 USD 2,500,000.00 1,568,750.00 0.06

96,178,500.00 3.45

VIETNAM

6.875% VIETNAM 05/16 USD 14,206,000.00 14,223,757.50 0.51

14,223,757.50 0.51

ZAMBIE

12% ZAMBIE 07/12 ZMK 5,000,000,000.00 1,018,553.70 0.04

1,018,553.70 0.04

TOTAL OBLIGATIONS 2,518,470,744.53 90.07

OPTIONS

ROYAUME-UNI

CALL AUD/NZD 03/11/2011 1.3 607,000.00 119,847.42 0.00

PUT EUR/AUD SPOT CROSS RATES 26/10/2011 1.3175 473,000.00 96,704.31 0.00

216,551.73 0.00


TOTAL I. 2,518,687,296.26 90.07






OBLIGATIONS

GHANA

14.47% GHANA 06/11 GHS 500,000.00 313,470.57 0.01

313,470.57 0.01

SRI LANKA

6.75% GOVT DU SRI LANKA 10/13 LKR 272,030,000.00 2,423,539.16 0.09

6.85% SRI LANKA 06/12 LKR 210,000,000.00 1,886,134.61 0.07


7.5% SRI LANKA 03/13 LKR 300,000,000.00 2,694,641.35 0.10

9,805,459.09 0.36

UKRAINE

6.7% UKRAINE 10/11 -SR- USD 15,098,000.00 15,107,436.25 0.54

15,107,436.25 0.54


OPTIONS

CHINE

CALL USD/CNY SPOT CROSS RATES 27/12/2011 6.7 -16,425,100.00 -26,937.16 0.00



PUT USD/CNY SPOT CROSS RATES 15/12/2011 6.25 -96,027,200.00 -69,139.58 0.00

PUT USD/CNY SPOT CROSS RATES 15/12/2011 6.302 48,013,600.00 82,103.26 0.00





PUT USD/CNY SPOT CROSS RATES 25/10/2011 6.39 -80,088,000.00 -400,440.00 -0.01






1,487,915.07 0.07

ETATS-UNIS

CALL USD/PHP SPOT CROSS RATES 10/10/2011 42.23 30,340,557.00 0.00 0.00

0.00 0.00

FRANCE


PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 -759,000.00 -620,959.89 -0.02

115,969.86 0.01




141


INDE



PUT USD/INR SPOT CROSS RATES 28/10/2011 44.35 -34,132,500.00 0.00 0.00

PUT USD/INR SPOT CROSS RATES 28/10/2011 45.35 22,755,000.00 682.65 0.00

682.65 0.00

INDONESIE

PUT USD/IDR SPOT CROSS RATES 30/09/2011 8410 -48,014,000.00 0.00 0.00

PUT USD/IDR SPOT CROSS RATES 30/09/2011 8530 24,007,000.00 0.00 0.00

0.00 0.00

JAPON

CALL EUR/JPY CROSS-RATES 28/09/2011 110 37,894,201.00 0.00 0.00

PUT EUR/JPY CROSS-RATES 21/12/2011 105.4 38,961,039.00 608,471.47 0.02


836,751.85 0.03

ROYAUME-UNI

CALL EUR/CHF SPOT CROSS RATES 28/09/2011 1.24 31,529,000.00 0.00 0.00

CALL JPY/KRW SPOT CROSS RATE 29/08/2012 0 83,437,000.00 0.00 0.00




CALL USD/KRW SPOT CROSS RATES 04/10/2011 1130 30,625,000.00 0.00 0.00




PUT EUR/CHF SPOT CROSS RATES 12/03/2012 1.1 759,000.00 107,018.75 0.00


PUT EUR/USD 12/10/2011 1.295 759,000.00 247,765.37 0.01

PUT EUR/USD 12/10/2011 1.295 -759,000.00 -123,607.73 0.00

PUT GBP/USD SPOT CROSS RATES 07/10/2011 1.5 327,000.00 24,099.74 0.00

PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 60,681,000.00 22,271.29 0.00

PUT JPY/KRW SPOT CROSS RATE 29/09/2011 13.48 60,681,000.00 0.00 0.00

PUT JPY/KRW SPOT CROSS RATE 30/11/2011 12.97 -60,681,000.00 0.00 0.00

PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -122,379,000.00 -408,745.86 -0.01

PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 81,586,000.00 617,606.02 0.02

PUT USD/HKD SPOT CROSS RATES 28/10/2011 7.75 -122,379,000.00 -55,070.55 0.00




PUT USD/KRW SPOT CROSS RATES 28/09/2011 1072 22,755,000.00 0.00 0.00


745,569.38 0.03

SUISSE

CALL AUD/NZD 05/10/2011 1.272 30,341,000.00 119,428.53 0.00

CALL AUD/NZD 05/10/2011 1.284 -30,341,000.00 -2,948.85 0.00

CALL USD/CAD SPOT CROSS RATE 22/11/2011 1.09 788,000.00 363,583.20 0.01






PUT EUR/USD 17/11/2011 1.28 23,425,093.00 312,409.63 0.01

PUT EUR/USD 17/11/2011 1.33 -46,850,185.00 -1,220,723.34 -0.04

PUT EUR/USD 17/11/2011 1.38 23,425,093.00 1,298,040.04 0.05

PUT EUR/USD 21/12/2011 1.34 468,500.00 176,344.17 0.01



1,254,949.71 0.04

TOTAL OPTIONS 4,441,838.52 0.18

TOTAL II. 29,668,204.43 1.09


SRI LANKA

TBI GOVT DU SRI LANKA 30/09/11 LKR 84,000,000.00 762,251.68 0.03

0% GOVT DU SRI LANKA 10/11 LKR 388,000,000.00 3,499,047.01 0.12


5,804,540.74 0.21

TOTAL III. 5,804,540.74 0.21


AVOIRS EN BANQUE 190,203,001.56 6.80





143

REPARTITION GEOGRAPHIQUE DU PORTEFEUILLE-TITRES AU 30 SEPTEMBRE 2011



Brésil 6.76

Turquie 5.23

Afrique du Sud 5.02

Philippines 4.91

Indonésie 4.43

Mexique 4.04

Russie 3.88

Vénézuela 3.45

Pérou 3.28

Colombie 3.08

Ukraine 3.07

Pologne 3.02

Pays-Bas 2.91

Panama 2.85

Liban 2.75

Kazakhstan 2.56

Sri Lanka 2.53

Hongrie 2.46

Uruguay 2.41

Chili 2.25

Lituanie 2.10

Argentine 1.85

Irlande 1.62

Malaisie 1.53

Croatie 1.49

Salvador 1.34

Etats-Unis 1.24

Géorgie 0.99

Irak 0.83

République Dominicaine 0.76

Singapour 0.55

Luxembourg 0.52

Vietnam 0.51

Côte d’Ivoire 0.44

Pakistan 0.43

Egypte 0.43

Biélorussie 0.41

Iles Vierges britanniques 0.38

Equateur 0.30

Gabon 0.29

Lettonie 0.27

Royaume-Uni 0.25

Jordanie 0.23

Ghana 0.22

Congo 0.21

Corée du Sud 0.20

Supranational 0.20

République de Serbie 0.19

Nigéria 0.19

Belize 0.17

Jamaïque 0.09

Chine 0.07

Répartition géographique (suite) (en % des actifs nets)

Sénégal 0.06

Zambie 0.04

Suisse 0.04

Japon 0.03

France 0.01

Inde 0.00

91.37



REPARTITION ECONOMIQUE DU PORTEFEUILLE-TITRES AU 30 SEPTEMBRE 2011






Options 0.18

91.37

Pictet - World Government Bonds



145



OBLIGATIONS

ALLEMAGNE

2.00% KRED. WIEDERAUFBAU 11/16 EUR 1,470,000.00 1,482,686.10 0.82

3% ALLEMAGNE 10/20 EUR 460,000.00 506,931.50 0.28

3.25% ALLEMAGNE 05/15 EUR 630,000.00 685,036.80 0.38

3.25% ALLEMAGNE 09/20 EUR 200,000.00 224,207.98 0.12

3.25% ALLEMAGNE 10/42 EUR 130,000.00 146,495.69 0.08

3.25% ALLEMAGNE 11/21 EUR 500,000.00 561,439.95 0.31

3.5% ALLEMAGNE 08/13 EUR 1,150,000.00 1,202,054.64 0.66

3.75% ALLEMAGNE 04/15 EUR 740,000.00 810,362.83 0.45

3.75% ALLEMAGNE 06/17 EUR 330,000.00 372,345.57 0.21

3.75% ALLEMAGNE 08/19 EUR 650,000.00 748,728.44 0.41

4% ALLEMAGNE 05/37 EUR 280,000.00 347,760.00 0.19

4% ALLEMAGNE 07/18 EUR 250,000.00 289,170.00 0.16

4% ALLEMAGNE 08/13 EUR 470,000.00 502,340.70 0.28

4.25% ALLEMAGNE 03/14 EUR 1,000,000.00 1,081,880.00 0.60

4.25% ALLEMAGNE 07/39 EUR 165,000.00 215,593.95 0.12

4.25% ALLEMAGNE 08/18 EUR 430,000.00 507,494.60 0.28

4.75% ALLEMAGNE 03/34 EUR 250,000.00 337,815.00 0.19

4.75% ALLEMAGNE 08/40 EUR 200,000.00 282,995.98 0.16

4.75% ALLEMAGNE 98/28 EUR 330,000.00 428,993.37 0.24

5.50% ALLEMAGNE 00/31 EUR 200,000.00 285,351.98 0.16

6.25% ALLEMAGNE 00/30 EUR 130,000.00 199,420.00 0.11

6.25% ALLEMAGNE 94/24 EUR 140,000.00 201,273.79 0.11

6.5% ALLEMAGNE 97/27 EUR 130,000.00 198,500.24 0.11

11,618,879.11 6.43

AUSTRALIE

5.25% AUSTRALIE 05/19 AUD 260,000.00 203,012.21 0.11

5.75% AUSTRALIE 07/21 AUD 260,000.00 211,524.21 0.12

5.75% AUSTRALIE 10/22 AUD 135,000.00 110,291.94 0.06

6% AUSTRALIE 04/17 AUD 270,000.00 216,281.04 0.12

6.25% AUSTRALIE 02/15 AUD 465,000.00 365,466.03 0.20

6.5% AUSTRALIE 00/13 AUD 465,000.00 351,771.93 0.19

1,458,347.36 0.80

BELGIQUE

4.25% BELGIQUE OLO 41 03/13 EUR 400,000.00 419,245.96 0.23

419,245.96 0.23

CANADA

1.75% CANADA 09/13 CAD 300,000.00 217,257.33 0.12

3.25% CANADA 10/21 CAD 135,000.00 105,803.80 0.06

3.5% CANADA 08/13 CAD 430,000.00 320,862.58 0.18

3.75% CANADA 08/19 CAD 380,000.00 308,244.11 0.17

4% CANADA 05/16 CAD 440,000.00 352,492.58 0.19





4% CANADA 06/17 CAD 140,000.00 113,522.57 0.06

4.25% CANADA 07/18 CAD 120,000.00 99,639.62 0.06

4.5% CANADA 04/15 CAD 410,000.00 328,168.65 0.18

5% CANADA 03/14 CAD 500,000.00 395,223.97 0.22

5% CANADA S. XW98 04/37 CAD 365,000.00 364,530.47 0.20

5.75% CANADA 01/33 CAD 185,000.00 196,153.51 0.11

5.75% CANADA 98/29 CAD 135,000.00 138,517.76 0.08

8% CANADA 92/23 CAD 100,000.00 113,167.80 0.06

8% CANADA 96/27 CAD 75,000.00 91,501.90 0.05

3,145,086.65 1.74

DANEMARK

3.125% DANEMARK 09/14 EUR 300,000.00 313,792.47 0.17

4% DANEMARK 03/15 DKK 1,400,000.00 210,078.21 0.12

4% DANEMARK 05/17 DKK 1,290,000.00 198,991.27 0.11

4% DANEMARK 08/12 DKK 790,000.00 110,152.84 0.06

4.5% DANEMARK 07/39 DKK 1,250,000.00 233,649.27 0.13

5% DANEMARK 01/13 DKK 910,000.00 133,429.97 0.07

7% DANEMARK 93/24 DKK 900,000.00 184,475.60 0.10

1,384,569.63 0.76

ESPAGNE

2.625% BANESTO 09/13 EUR 200,000.00 196,864.00 0.11

3% ESPAGNE 10/15 EUR 380,000.00 371,233.36 0.21

3% F.R.O.B. 09/14 EUR 200,000.00 192,476.00 0.11

3.15% ESPAGNE 05/16 EUR 400,000.00 387,952.00 0.21

3.57% CAJA MADRID 10/13 EUR 550,000.00 543,911.50 0.30

4% ESPAGNE 10/20 EUR 320,000.00 302,559.97 0.17

4.20% ESPAGNE 05/37 EUR 170,000.00 132,540.50 0.07

4.6% ESPAGNE 09/19 EUR 670,000.00 664,706.93 0.37

4.7% ESPAGNE 09/41 EUR 200,000.00 165,895.98 0.09

4.75% ESPAGNE 99/14 EUR 420,000.00 432,591.60 0.24

4.8% ESPAGNE 08/24 EUR 470,000.00 444,840.90 0.25

4.90% ESPAGNE 07/40 EUR 115,000.00 98,644.70 0.05

5.5% ESPAGNE 02/17 EUR 530,000.00 558,866.45 0.31

5.75% ESPAGNE 01/32 EUR 170,000.00 167,025.00 0.09

6% ESPAGNE 99/29 EUR 220,000.00 222,596.00 0.12

4,882,704.89 2.70

ETATS-UNIS

0% STRIPS USA -PRIN- 151140 USD 2,220,000.00 677,174.61 0.37

0.5% US TREASURY 10/13 USD 400,000.00 299,292.78 0.17

1.00% TBOND USA 10/13 S.AA-2013 USD 400,000.00 301,953.84 0.17

1.25% US TREASURY 11/14 USD 1,600,000.00 1,217,575.01 0.67

1.375% US TREASURY 10/13 USD 2,300,000.00 1,740,922.33 0.96

1.375% US TREASURY 10/13 USD 500,000.00 378,810.75 0.21

1.5% US TREASURY 08/13 USD 650,000.00 497,364.69 0.28

1.75% TNOTE USA 11/16 Y-2016 USD 330,000.00 255,851.72 0.14

2% US TREASURY 11/16 USD 200,000.00 156,764.78 0.09

2.125% US TREASURY 09/14 USD 2,280,000.00 1,787,052.24 0.99

2.25% US TREASURY 09/14 USD 800,000.00 625,487.10 0.35

2.625% US TREASURY 09/14 USD 470,000.00 372,085.07 0.21

2.625% US TREASURY 09/16 USD 1,400,000.00 1,126,945.17 0.62




147


2.625% US TREASURY 09/16 USD 720,000.00 579,089.64 0.32

2.75% US TREASURY 11/18 USD 540,000.00 438,758.56 0.24

3% US TREASURY 10/17 USD 1,390,000.00 1,141,720.21 0.63

3.125% US TREASURY 08/13 USD 1,370,000.00 1,067,397.32 0.59

3.125% US TREASURY 08/13 USD 600,000.00 471,429.77 0.26

3.125% US TREASURY 08/13 USD 1,770,000.00 1,393,861.51 0.77

3.125% US TREASURY 09/19 USD 1,010,000.00 839,548.73 0.46

3.25% US TREASURY 09/16 USD 590,000.00 489,828.34 0.27

3.375% US TREASURY 07/12 USD 800,000.00 618,208.66 0.34

3.375% US TREASURY 09/19 USD 1,950,000.00 1,649,865.07 0.91

3.5% US TREASURY 08/13 USD 1,540,000.00 1,209,173.91 0.67

3.5% US TREASURY 08/18 USD 710,000.00 601,464.18 0.33

3.5% US TREASURY 09/39 USD 790,000.00 654,526.13 0.36

3.625% US TREASURY 07/12 USD 800,000.00 621,527.66 0.34

3.625% US TREASURY 11/21 USD 780,000.00 672,186.12 0.37

3.75% US TREASURY 08/18 USD 770,000.00 664,419.96 0.37

3.875% US TREASURY 08/18 USD 940,000.00 814,257.60 0.45

4% US TREASURY 08/18 USD 1,460,000.00 1,276,387.51 0.71

4.125% US TREASURY 05/15 USD 680,000.00 570,952.37 0.32

4.25% US TREASURY 03/13 USD 1,400,000.00 1,120,607.26 0.62

4.25% US TREASURY 05/15 USD 1,460,000.00 1,237,493.77 0.68

4.25% US TREASURY 07/12 USD 250,000.00 193,845.23 0.11

4.25% US TREASURY 07/17 USD 1,430,000.00 1,257,696.28 0.70

4.25% US TREASURY 10/40 USD 970,000.00 914,037.11 0.51

4.375% US TREASURY 08/38 USD 190,000.00 180,805.66 0.10

4.375% US TREASURY 10/40 USD 505,000.00 484,296.73 0.27

4.5% US TREASURY 06/36 USD 300,000.00 289,395.55 0.16

4.5% US TREASURY 08/38 USD 230,000.00 223,081.97 0.12

4.5% US TREASURY 09/39 USD 990,000.00 965,280.49 0.53

4.50% US TREASURY 05/15 USD 1,350,000.00 1,160,844.26 0.64

4.50% US TREASURY 06/16 USD 500,000.00 431,980.25 0.24

4.50% US TREASURY 07/17 USD 1,660,000.00 1,467,473.79 0.81

4.625% US TREASURY 10/40 USD 520,000.00 517,764.99 0.29

4.75% US TREASURY 07/17 USD 1,220,000.00 1,095,340.82 0.61

4.75% US TREASURY 11/41 USD 1,190,000.00 1,211,423.94 0.67

5% US TREASURY 07/37 USD 350,000.00 363,108.10 0.20

5.125% US TREASURY 06/16 USD 300,000.00 266,992.19 0.15

5.25% US TREASURY 99/29 USD 130,000.00 132,266.60 0.07

5.375% US TREASURY 01/31 USD 180,000.00 188,735.29 0.10

5.50% US TREASURY 98/28 USD 240,000.00 249,791.94 0.14

6.125% US TREASURY 99/29 USD 110,000.00 122,833.78 0.07

6.25% US TREASURY 00/30 USD 190,000.00 216,675.84 0.12

6.25% US TREASURY 93/23 USD 255,000.00 271,009.00 0.15

6.375% US TREASURY 97/27 USD 270,000.00 302,711.64 0.17

6.5% US TREASURY 96/26 USD 385,000.00 432,501.66 0.24

6.625% US TREASURY 97/27 USD 220,000.00 250,644.33 0.14

6.875% US TREASURY 95/25 USD 145,000.00 165,594.24 0.09

7.125% US TREASURY 93/23 USD 210,000.00 236,182.18 0.13

7.25% US TREASURY 86/16 USD 410,000.00 394,677.60 0.22

7.25% US TREASURY 92/22 USD 220,000.00 247,749.18 0.14

7.5% US TREASURY 86/16 USD 430,000.00 425,122.21 0.24

7.5% US TREASURY 94/24 USD 120,000.00 142,324.22 0.08

7.625% US TREASURY 95/25 USD 110,000.00 132,111.60 0.07





8% US TREASURY 91/21 USD 375,000.00 436,831.38 0.24

8.125% US TREASURY 91/21 USD 470,000.00 545,456.57 0.30

8.125% US TREASURY 91/21 USD 780,000.00 910,425.98 0.50

8.5% US TREASURY 90/20 USD 1,220,000.00 1,401,622.95 0.78

8.75% US TREASURY 90/20 USD 1,820,000.00 2,143,509.45 1.19

8.875% US TREASURY 89/19 USD 390,000.00 442,654.96 0.24

11.25% US TREASURY 85/15 USD 1,600,000.00 1,619,441.68 0.90

50,004,226.01 27.67

FRANCE

3.25% O.A.T. 05/16 EUR 780,000.00 834,085.12 0.46

3.375% S.F.E.F. 09/14 USD 2,363,000.00 1,864,592.31 1.03

3.5% O.A.T. 04/15 EUR 900,000.00 965,682.00 0.53

3.5% O.A.T. 10/20 EUR 310,000.00 335,592.02 0.19

3.75% O.A.T. 05/21 EUR 730,000.00 804,901.58 0.45

4% O.A.T. 02/13 EUR 670,000.00 702,056.08 0.39

4% O.A.T. 04/55 EUR 240,000.00 267,002.40 0.15

4% O.A.T. 05/38 EUR 290,000.00 320,583.40 0.18

4% O.A.T. 08/18 EUR 140,000.00 156,368.79 0.09

4% O.A.T. 09/60 EUR 40,000.00 44,573.60 0.02

4.125% C.F.F. FIN. FONCIER 07/17 EUR 1,080,000.00 1,123,037.89 0.62

4.25% O.A.T. 03/19 EUR 570,000.00 648,129.84 0.36

4.5% O.A.T. 09/41 EUR 190,000.00 228,052.25 0.13

4.75% O.A.T. 03/35 EUR 220,000.00 268,870.78 0.15

5.50% O.A.T. 97/29 EUR 290,000.00 374,529.17 0.21

5.75% O.A.T. 00/32 EUR 285,000.00 386,579.67 0.21

6% O.A.T. 94/25 EUR 400,000.00 535,500.00 0.30

8.50% O.A.T. 89/19 EUR 350,000.00 508,768.75 0.28

8.50% O.A.T. 92/23 EUR 280,000.00 436,218.97 0.24

10,805,124.62 5.99

ITALIE

3% ITALIE (BTP) 10/15 EUR 590,000.00 559,125.24 0.31

3.5% ITALIE (BTP) 09/14 EUR 470,000.00 459,490.75 0.25

3.75% ITALIE (BTP) 10/2 EUR 500,000.00 440,565.00 0.24

3.75% ITALIE 05/15 EUR 600,000.00 584,063.94 0.32

3.75% ITALIE 06/16 EUR 490,000.00 468,016.10 0.26

3.75% ITALIE 06/21 EUR 480,000.00 420,542.40 0.23

4% ITALIE 06/17 EUR 590,000.00 565,641.79 0.31

4.25% ITALIE (BTP) 07/12 EUR 400,000.00 401,988.00 0.22

4.25% ITALIE 03/19 EUR 800,000.00 748,967.92 0.41

4.25% ITALIE 04/14 EUR 350,000.00 348,046.97 0.19

4.25% ITALIE 08/13 EUR 800,000.00 801,727.92 0.44

4.5% ITALIE 04/20 EUR 700,000.00 657,096.93 0.36

4.5% ITALIE 07/18 EUR 290,000.00 277,841.75 0.15

4.5% ITALIE 08/18 EUR 270,000.00 257,721.75 0.14

4.75% ITALIE 02/13 EUR 800,000.00 806,831.92 0.45

4.75% ITALIE 08/23 EUR 460,000.00 416,621.95 0.23

5% ITALIE (BTP) 07/39 EUR 400,000.00 330,163.96 0.18

5% ITALIE (BTP) 09/25 EUR 430,000.00 391,461.21 0.22

5% ITALIE 03/34 EUR 590,000.00 491,446.40 0.27

5% ITALIE 09/40 EUR 205,000.00 168,714.98 0.09




149


5.25% ITALIE 98/29 EUR 365,000.00 323,116.25 0.18

6% ITALIE 99/31 EUR 330,000.00 311,067.90 0.17

6.50% ITALIE 97/27 EUR 415,000.00 416,344.56 0.23

10,646,605.59 5.85

JAPON

0.5% JAPON N°250 03/13 JPY 101,000,000.00 982,867.40 0.54

0.7% JAPON N°84 09/14 JPY 147,000,000.00 1,441,312.71 0.80

0.7% JAPON N-248 03/13 JPY 93,000,000.00 906,904.88 0.50

0.8% JAPON N-247 03/13 JPY 103,000,000.00 1,005,815.87 0.56

0.9% JAPON N-245 02/12 JPY 222,000,000.00 2,166,921.82 1.14

0.9% JAPON N-251 03/13 JPY 20,000,000.00 195,961.58 0.11

1% JAPON N°310 10/20 JPY 205,000,000.00 1,999,488.04 1.11

1% JAPON N°61 03/23 JPY 16,000,000.00 151,679.26 0.08

1% JAPON N-252 03/13 JPY 47,000,000.00 461,282.34 0.26

1.3% JAPON N-257 03/13 JPY 189,000,000.00 1,874,132.77 1.04

1.3% JAPON N-270 05/15 JPY 107,000,000.00 1,073,846.53 0.59

1.3% JAPON N-291 08/18 JPY 26,000,000.00 263,574.44 0.15

1.30% JAPON 08/18 N298 -SR- JPY 58,000,000.00 587,536.30 0.32

1.4% JAPON N°254 03/13 JPY 108,000,000.00 1,070,306.43 0.59

1.4% JAPON N°275 06/15 JPY 105,000,000.00 1,061,186.19 0.59

1.4% JAPON N°302 09/19 JPY 104,000,000.00 1,059,124.66 0.59

1.4% JAPON N°303 09/19 JPY 177,000,000.00 1,799,125.86 1.00

1.4% JAPON N-272 05/15 JPY 88,000,000.00 887,928.53 0.49

1.4% JAPON N-290 08/18 JPY 41,500,000.00 423,233.40 0.23

1.5% JAPON N. 289 07/17 JPY 54,000,000.00 553,794.08 0.31

1.5% JAPON N°259 04/14 JPY 106,000,000.00 1,058,685.76 0.59

1.5% JAPON N°264 04/14 JPY 56,000,000.00 562,337.97 0.31

1.5% JAPON N°296 08/18 JPY 108,500,000.00 1,113,764.92 0.62

1.5% JAPON N-265 04/14 JPY 145,000,000.00 1,459,558.88 0.81

1.5% JAPON N-268 05/15 JPY 109,000,000.00 1,099,609.77 0.61

1.5% JAPON N-274 05/15 JPY 108,000,000.00 1,095,891.86 0.61

1.50% JAPON N°273 05/15 JPY 111,000,000.00 1,124,186.68 0.62

1.6% JAPON N-253 03/13 JPY 75,000,000.00 746,169.27 0.41

1.6% JAPON N-277 06/16 JPY 161,000,000.00 1,643,654.08 0.91

1.60% JAPON N-263 04/14 JPY 105,000,000.00 1,057,429.69 0.58

1.625% DEVELOP. BANK JAPAN 11/16 USD 2,050,000.00 1,524,240.50 0.84

1.7% JAPON N°285 07/17 JPY 63,000,000.00 651,149.27 0.36

1.7% JAPON N°288 07/17 JPY 106,000,000.00 1,098,454.38 0.61

1.7% JAPON N°294 08/18 JPY 63,500,000.00 659,939.79 0.37

1.7% JAPON N-11 03/33 JPY 24,500,000.00 232,898.51 0.13

1.7% JAPON N-284 06/16 JPY 75,000,000.00 773,799.80 0.43

1.8% JAPON N°283 06/16 JPY 48,000,000.00 496,531.45 0.27

1.8% JAPON N-63 03/23 JPY 15,000,000.00 154,411.85 0.09

1.9% JAPON 01/21 JPY 198,000,000.00 2,076,144.55 1.15

1.9% JAPON N°109 09/29 JPY 68,500,000.00 687,594.97 0.38

1.9% JAPON N-287 07/17 JPY 59,000,000.00 616,994.74 0.34

1.9% JAPON N-65 03/23 JPY 28,000,000.00 290,807.52 0.16

1.90% JAPON 06/16 N.280 -SR- JPY 171,000,000.00 1,772,696.12 0.98

1.90% JAPON N°121 10/30 JPY 98,000,000.00 976,415.92 0.54

2% JAPON N°56 02/22 JPY 54,500,000.00 575,311.08 0.32

2.1% JAPON N°105 08/28 JPY 74,500,000.00 771,594.60 0.43

2.1% JAPON N°114 09/29 JPY 83,500,000.00 859,478.60 0.48





2.1% JAPON N°123 10/30 JPY 82,000,000.00 842,611.58 0.47

2.1% JAPON N°75 05/25 JPY 25,000,000.00 263,759.11 0.15

2.1% JAPON N°99 07/27 JPY 43,000,000.00 446,638.89 0.25

2.1% JAPON N-72 04/24 JPY 96,000,000.00 1,015,805.50 0.56

2.1% JAPON N-80 05/25 JPY 80,000,000.00 842,791.51 0.47

2.1% JAPON N-92 06/26 JPY 58,000,000.00 606,256.73 0.34

2.10% JAPON 10/30 JPY 94,000,000.00 966,920.41 0.53

2.2% JAPON N°2 09/49 JPY 56,500,000.00 568,014.44 0.31

2.2% JAPON N-100 08/28 JPY 58,000,000.00 609,846.04 0.34

2.2% JAPON N-97 07/27 JPY 79,000,000.00 832,714.94 0.46

2.3% JAPON N°30 09/39 JPY 55,500,000.00 582,754.65 0.32

2.3% JAPON N°32 10/40 JPY 91,000,000.00 954,979.66 0.53

2.3% JAPON N-88 06/26 JPY 62,000,000.00 666,172.73 0.37

2.30% JAPON N-19 05/35 JPY 18,500,000.00 194,913.40 0.11

2.4% JAPON N-14 04/34 JPY 30,500,000.00 327,124.17 0.18

2.4% JAPON N-26 07/37 JPY 36,500,000.00 391,052.90 0.22

2.5% JAPON N°20 05/35 JPY 14,500,000.00 158,097.86 0.09

2.5% JAPON N°22 06/36 JPY 16,000,000.00 174,576.58 0.10

2.5% JAPON N-24 06/36 JPY 18,000,000.00 196,207.20 0.11

2.5% JAPON N-28 07/27 JPY 45,000,000.00 491,301.19 0.27

2.50% JAPON N-44 99/20 JPY 166,000,000.00 1,822,949.35 1.01

2.6% JAPON N-42 99/19 JPY 54,000,000.00 596,140.58 0.33

58,697,405.04 32.47

NORVEGE

2.0% EKSPORTFINANS 10/15 -SR-T.716 USD 1,830,000.00 1,390,240.44 0.77

1,390,240.44 0.77

PAYS-BAS

2% NED. WATERSCHAPSBANK 09/12 USD 350,000.00 264,930.40 0.15

2.50% RABOBANK 10/13 USD 500,000.00 380,366.94 0.21

3.25% PAYS-BAS 05/15 EUR 510,000.00 547,658.40 0.30

3.5% PAYS-BAS 10/20 EUR 140,000.00 154,883.40 0.09

3.75% PAYS-BAS 04/14 EUR 110,000.00 118,450.20 0.07

3.75% PAYS-BAS 10/42 EUR 130,000.00 157,907.09 0.09

4% PAYS-BAS 05/37 EUR 160,000.00 196,763.20 0.11

4.5% PAYS-BAS 07/17 EUR 460,000.00 529,690.00 0.29

5.50% PAYS-BAS 98/28 EUR 150,000.00 205,261.50 0.11

2,555,911.13 1.42

ROYAUME-UNI

2.25% BRITISH TREASURY 09/14 GBP 950,000.00 1,145,418.50 0.63

3.75% BRITISH TREASURY 10/20 GBP 1,100,000.00 1,430,305.69 0.79

4% BRITISH TREASURY 06/16 GBP 150,000.00 195,994.34 0.11

4.00% BRITISH TREASURY 09/22 SR GBP 365,000.00 482,640.73 0.27

4.25% BRITISH TREASURY 00/32 GBP 310,000.00 411,107.17 0.23






4.75% BRITISH TREASURY 03/15 GBP 1,240,000.00 1,643,363.28 0.91





151




4.875% LLOYDS TSB BK 11/23 EUR 1,210,000.00 1,287,101.20 0.71

6% BRITISH TREASURY 98/28 GBP 130,000.00 210,700.28 0.12


12,277,060.86 6.80

SUEDE

3% SUEDE 05/16 SEK 1,200,000.00 139,640.07 0.08

3.25% SWEDISH EXPORT 09/14 USD 2,180,000.00 1,727,990.00 0.96

3.5% SUEDE 09/39 SEK 550,000.00 75,415.20 0.04

3.75% SUEDE 06/17 SEK 850,000.00 103,397.81 0.06

4.25% SUEDE 07/19 SEK 900,000.00 115,103.14 0.06

5% SUEDE 03/20 SEK 1,050,000.00 145,514.42 0.08

5.50% SUEDE 01/12 SEK 850,000.00 96,249.66 0.05

6.75% SUEDE 97/14 SEK 1,000,000.00 123,798.02 0.07

2,527,108.32 1.40


OPTIONS

ALLEMAGNE



0.00 0.00











Japon 32.47

Etats-Unis 27.67

Royaume-Uni 6.80

Allemagne 6.43

France 5.99

Italie 5.85

Espagne 2.70

Canada 1.74

Pays-Bas 1.42

Suède 1.40

Australie 0.80

Norvège 0.77

Danemark 0.76

Belgique 0.23

95.03





Options 0.00

95.03

Pictet - EUR High Yield



153



OBLIGATIONS

AFRIQUE DU SUD

7.625% CONSOL GLASS 07/14 EUR 3,151,863.48 2,946,992.35 0.79

8.75% FOODCORP 11/18 EUR 3,939,829.35 3,329,155.80 0.89

6,276,148.15 1.68

ALLEMAGNE

FRN AUTO-TEILE-UNGER 04/14 EUR 2,019,162.54 989,389.65 0.26

6.25% ELSTER FINANCE 11/18 EUR 1,969,914.68 1,792,622.35 0.48

6.352% HT1 FUNDING GMBH 06/PE EUR 6,894,701.36 3,309,456.66 0.89


7.5% HEIDELBERGCEMENT 10/20 EUR 1,940,365.96 1,756,031.19 0.47

7.5% KABEL BW ERSTE BET. 11/19 EUR 2,954,872.01 2,851,451.49 0.76

7.625% STYROLUTION GRP 11/16 EUR 1,477,436.01 1,085,915.46 0.29

8% HEIDELBERG CEMENT 09/17 EUR 6,313,576.54 6,124,169.24 1.64

8.00% ALBA GRP PLC 11/18 SR REG. S EUR 3,447,350.68 3,154,325.87 0.84

8.125% UPC GERMANY 09/17 EUR 4,924,786.69 4,912,474.72 1.31

8.625% TUI 05/PE EUR 590,974.40 443,230.80 0.12

9.625% IESY 09/19 EUR 8,864,616.04 8,609,758.33 2.30

11% AUTO-TEILE-UNGER 10/14 EUR 1,477,436.01 1,137,625.73 0.30

37,151,408.83 9.92


8.5% HERTZ HOLDINGS 10/15 EUR 3,939,829.35 3,861,032.76 1.03

3,861,032.76 1.03

AUTRICHE

6.625% SAPPI PAPIER 11/18-SR-REG S EUR 1,477,436.01 1,189,335.99 0.32

11.75% SAPPI PAPIER HLDGS 09/14 EUR 1,969,914.68 2,038,861.69 0.55

3,228,197.68 0.87

BELGIQUE

8% KBC BANK CV 08/PE EUR 6,894,701.36 4,412,608.87 1.18

4,412,608.87 1.18

BERMUDES

11.625% CENTRAL EURO MEDIA 09/16 EUR 1,772,923.21 1,489,255.49 0.40

1,489,255.49 0.40

CANADA

6.125% BOMBARDIER 10/21 EUR 3,151,863.48 2,836,677.13 0.76

7.25% BOMBARDIER 06/16 EUR 984,957.34 984,957.34 0.26

3,821,634.47 1.02





DANEMARK

8.875% FS FUNDING 06/16 EUR 3,201,111.35 2,840,986.32 0.76

2,840,986.32 0.76

ESPAGNE

7.375% HUARTE LAIN 10/15 EUR 8,864,616.04 8,288,416.00 2.22

8.25% CAMPOFRIO ALIMENT. 09/16 EUR 2,560,889.08 2,368,822.40 0.63

8.5% ABENGOA 10/16 EUR 3,939,829.35 3,585,244.71 0.96

8.75% HUARTE LAIN 11/18 EUR 2,954,872.01 2,718,482.25 0.73

16,960,965.36 4.54

ETATS-UNIS

5.983% DEUTSCHE POSTBANK 07/PE EUR 3,841,333.62 2,108,123.89 0.56

6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 851,988.10 845,598.19 0.23

6.50% KRONOS INT. 06/13 EUR 1,967,944.76 1,527,125.13 0.41

6.875% NALCO 10/19 EUR 1,477,436.01 1,599,324.48 0.43

7.375% CONVATEC HEALTHCARE 10/17 EUR 1,181,948.81 1,087,392.90 0.29

7.75% LEVI STRAUSS 10/18 EUR 984,957.34 847,063.31 0.23

8% AMERICAN INTL GROUP 08/38 EUR 1,969,914.68 1,575,931.74 0.42

8% LBI ESCROW CORP 10/17 EUR 1,477,436.01 1,244,592.09 0.33

8.5% REYNOLDS ESCROW 09/16 EUR 1,969,914.68 1,891,118.09 0.51

8.875% CEDC FINANCIAL INTL 09/16 EUR 1,083,453.07 769,251.68 0.21

10.875% TRAVELPORT LLC 07/16 EUR 2,363,897.61 1,063,753.92 0.28

14,559,275.42 3.90

FINLANDE

STEP M-REAL 06/13 EUR 1,231,196.67 1,175,792.82 0.31

1,175,792.82 0.31

FRANCE

4.3% DEXIA C.L.F. 05/PE EUR 2,462,393.34 517,102.60 0.14

6.375% TEREOS EUROPE 07/14 EUR 2,019,162.54 2,009,066.73 0.54

7% REXEL 11/18 EUR 1,969,914.68 1,827,095.86 0.49

7.125% CROWN EURO HOLDINGS 10/18 EUR 2,954,872.01 2,858,838.67 0.77

8.25% REXEL 09/16 EUR 1,969,914.68 1,969,914.68 0.53

8.5% LABCO SAS 11/18 EUR 4,924,786.69 3,841,333.62 1.03

9% PICARD BONDCO 10/18 EUR 984,957.34 940,634.26 0.25

9.375% EUROPCAR 10/18 EUR 2,462,393.34 1,477,436.01 0.40

15,441,422.43 4.15

ILES CAÏMANS


5.169% RZB FIN. (JERSEY) 06/PE EUR 3,939,829.35 1,969,914.68 0.53

1,969,914.68 0.53

IRLANDE

4.5% ALLIED IRISH BANK 09/12 EUR 4,924,786.69 4,161,444.75 1.11

4.625% BANK OF IRELAND 09/13 EUR 2,954,872.01 2,467,318.13 0.66

7.25% SMURFIT KAPPA ACQUI. 09/17 EUR 1,969,914.68 1,851,719.80 0.50

7.375% ARDAGH PACK. FIN. 10/17 EUR 1,969,914.68 1,832,020.65 0.49

7.75% JSG FUNDING 05/15 EUR 6,746,957.76 6,342,140.30 1.70




155


7.75% SMURFIT KAPPA ACQUI. 09/19 EUR 2,117,658.28 1,990,598.78 0.53

8.75% ARDAGH GLASS FIN. 10/20 EUR 4,924,786.69 3,829,021.65 1.02

8.875% NARA CABLE FUNDING 10/18 EUR 7,879,658.70 6,520,417.58 1.75


9.25% ARDAGH PACK. FIN. 10/20 EUR 5,909,744.03 4,713,020.86 1.26

9.5% INAER AVIATION 10/17 EUR 5,909,744.03 4,491,405.46 1.20

38,696,511.42 10.35

ITALIE

6.25% FIAT INDUSTRIAL 11/18 EUR 10,834,530.72 8,721,797.23 2.33

7% PIAGGIO 09/16 EUR 492,478.67 477,704.31 0.13

8.25% LOTTOMATICA 'S' 06/66 EUR 6,894,701.36 5,239,973.04 1.40

10.5% SEAT PAGINE GIALLE 10/17 EUR 2,954,872.01 1,950,215.53 0.52


12.25% WIND ACQUISIT. -PIK- 09/17 EUR 1,208,372.26 954,614.08 0.26

17,669,340.11 4.73

JAPON

8.375% EACCESS 11/18 EUR 5,909,744.03 5,377,867.06 1.44

5,377,867.06 1.44

JERSEY

5.294% ERSTE CAP.FIN. 06/PE EUR 1,378,940.27 689,470.14 0.18

7.627% HBOS EURO FIN. 09/PE EUR 2,462,393.34 1,748,299.27 0.47

2,437,769.41 0.65

LUXEMBOURG

FRN KION FINANCE 11/18 EUR 1,969,914.68 1,398,639.42 0.37

FRN LECTA (UNSEC.) 07/14 EUR 4,924,786.69 4,038,325.08 1.08

FRN SIGN. LUX. CLN (ISS DC 2D) 07/15 EUR 3,447,350.68 2,930,248.08 0.78

4.892% DEXIA FUNDING LUX 06/PE EUR 2,117,658.28 529,414.57 0.14

6.375% FIAT FIN. & TRADE 11/16 EUR 6,894,701.36 5,791,549.15 1.55


7.375% WIND ACQUISITION 10/18 EUR 10,342,052.05 8,790,744.24 2.35

7.625% FIAT FIN & TRADE 09/14 EUR 984,957.34 935,709.47 0.25

7.875% AGUILA 3 11/18 CHF 2,659,384.81 1,995,470.92 0.53

7.875% KION FINANCE 11/18 EUR 2,511,641.21 1,770,707.05 0.47

8% XEFIN LUX 11/18 EUR 1,969,914.68 1,758,148.85 0.47

8.25% CODERE FINANCE (LUX) 05/15 EUR 492,478.67 435,843.62 0.12

8.25% CODERE-FINANCE(LUX) 10/15 EUR 1,969,914.68 1,733,524.91 0.46

8.5% SUNRISE COMMUNICA. 10/18 EUR 9,357,094.71 8,702,098.08 2.33

8.75% CIRSA FUNDING 10/18 EUR 5,909,744.03 4,609,600.34 1.23

8.875% CEMEX LUXEMBOURG 10/17 EUR 1,447,887.29 970,084.48 0.26

8.875% ZINC CAPITAL 11/18 EUR 6,057,487.63 4,512,828.28 1.21

9.5% BEVERAGE PACKAGING 07/17 EUR 7,830,410.84 5,246,375.26 1.40

9.625% OXEA FINANCE 10/17 EUR 2,954,872.01 2,638,700.71 0.71

10% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 1,329,692.41 1,303,098.56 0.35

10.75% TMD FRICTION FIN. 10/17 EUR 1,329,692.41 1,369,583.18 0.37

11.125% ARDAGH FIN. -PIK- 11/18 EUR 984,957.34 719,018.86 0.19

11.75% WIND AQUISITION 09/17 EUR 5,047,906.36 4,139,283.21 1.11

67,215,307.50 17.97





NORVEGE

7% NORSKE SKOGINDUSTR. 07/17 EUR 984,957.34 462,929.95 0.12

462,929.95 0.12

PAYS-BAS

4.176% ING GROEP 05/PE EUR 1,969,914.68 1,201,647.95 0.32

4.31% ABN AMRO 06/PE EUR 984,957.34 561,425.68 0.15

6.25% ING VERZEKERINGEN 01/21 EUR 3,939,829.35 2,856,376.28 0.76

6.258% SNS REAAL 07/PE EUR 1,658,668.16 812,747.40 0.22


6.75% OI EUROP GROUP 10/20 EUR 1,969,914.68 1,802,471.93 0.48

6.875% OI EUROPEAN GROUP 07/17 EUR 2,462,393.34 2,326,961.71 0.62

7.125% CONTI-GUMMI FINANCE 10/18 EUR 3,939,829.35 3,664,041.30 0.98

7.375% NEW WORLD RESOUR. 07/15 EUR 1,575,931.74 1,378,940.27 0.37

7.5% CONTI-GUMMI FINANCE 10/17 EUR 5,909,744.03 5,614,256.83 1.50

7.5% GMAC INTERNAT. FIN. 10/15 EUR 2,954,872.01 2,681,546.35 0.72

7.875% NEW WORLD RESOURCES 10/18 EUR 1,477,436.01 1,307,530.87 0.35

8% CLONDALKIN BV 04/14 EUR 5,430,069.80 4,072,552.35 1.09

8% ZIGGO BOND 10/18 EUR 11,819,488.05 11,405,805.95 3.11

9.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 2,659,384.81 2,712,572.51 0.73

9.5% INTERXION HOLDING 10/17 EUR 689,470.14 723,943.64 0.19

9.625% CEMEX FINANCE 09/17 EUR 984,957.34 682,082.96 0.18

11% BOATS INVES -PIK- 07/17 EUR 7,236,481.56 6,919,524.28 1.85

11.25% SNS BANK 09/PE EUR 2,954,872.01 2,009,312.97 0.54

53,669,450.70 14.41

POLOGNE

7.125% CYFROWY POLSAT 11/18 EUR 2,954,872.01 2,659,384.81 0.71

11% TVN 10/17 EUR 5,417,265.36 5,525,610.67 1.48

8,184,995.48 2.19

REPUBLIQUE TCHEQUE

9% CET 21 10/17 EUR 1,477,436.01 1,337,079.59 0.36

1,337,079.59 0.36

ROYAUME-UNI

6.35% LLOYDS TSB BANK 02/PE EUR 1,969,914.68 1,385,834.97 0.37

6.467% RBS CAP. TRUST A 02/PE EUR 3,939,829.35 1,772,923.21 0.47

7.875% INEOS GROUP REG. S 06/16 EUR 9,870,257.48 6,761,126.38 1.81

9.125% INFINIS 09/14 GBP 984,957.34 1,147,043.42 0.31

9.25% INEOS FINANCE 10/15 EUR 1,772,923.21 1,684,277.05 0.45

9.375% FCE BANK 09/14 EUR 5,909,744.03 6,146,133.79 1.64

9.75% EC FINANCE 10/17 EUR 1,969,914.68 1,438,037.71 0.38

10.75% TVN FINANCE 09/17 EUR 4,235,316.55 4,447,082.38 1.19

24,782,458.91 6.62

SUEDE

15% CORRAL PETROL. 11/17 PIK SR-S- EUR 671,473.00 584,181.51 0.16

584,181.51 0.16




157

Description Valeur d’évaluation (note 2) % des actifs nets










Luxembourg 17.97

Pays-Bas 14.41

Irlande 10.35

Allemagne 9.92

Royaume-Uni 6.62

Italie 4.73

Espagne 4.54

France 4.15

Etats-Unis 3.90

Pologne 2.19

Afrique du Sud 1.68

Japon 1.44

Belgique 1.18


Canada 1.02

Autriche 0.87

Danemark 0.76

Jersey 0.65

Iles Caïmans 0.53

Bermudes 0.40


Finlande 0.31

Suède 0.16

Norvège 0.12

89.29





89.29

Pictet - EUR Short Mid-Term Bonds



159



OBLIGATIONS

ALLEMAGNE

1.5% ALLEMAGNE 11/13 EUR 4,900,000.00 4,969,359.50 1.44

2.25% ALLEMAGNE 09/14 EUR 6,500,000.00 6,766,467.50 1.96

3.75% ALLEMAGNE 03/13 EUR 12,000,000.00 12,670,080.00 3.67

3.75% ROBERT BOSCH 09/13 EUR 4,600,000.00 4,753,525.00 1.38

4% ALLEMAGNE 08/13 EUR 10,000,000.00 10,683,350.00 3.10

4.25% ALLEMAGNE 03/14 EUR 12,000,000.00 12,972,600.00 3.76

4.25% ALLEMAGNE 04/14 EUR 15,000,000.00 16,431,900.00 4.75

69,247,282.00 20.06

AUSTRALIE


4.875% WESTPAC BANKING 07/12 EUR 3,000,000.00 3,090,900.00 0.90

7,933,788.00 2.30

AUTRICHE

1.625% ERSTE BANK 10/13 EUR 5,000,000.00 4,992,650.00 1.45

3.125% KOMMUNALKR AUSTRIA 09/13 EUR 3,000,000.00 3,085,260.00 0.89

3.8% AUTRICHE 03/13 EUR 3,400,000.00 3,587,918.00 1.04

11,665,828.00 3.38

BELGIQUE

4% BELGIQUE OLO 50 07/13 EUR 7,500,000.00 7,775,887.50 2.26

4.25% BELGIQUE OLO 41 03/13 EUR 7,000,000.00 7,327,390.00 2.13

8% BELGIQUE OLO 92/12 EUR 4,200,000.00 4,544,106.00 1.32

19,647,383.50 5.71

CANADA

3.25% ROYAL BANK OF CANADA 06/13 EUR 4,800,000.00 4,888,128.00 1.42

4,888,128.00 1.42

ESPAGNE

FR SANTANDER INTL 11/13 SR -S- EUR 4,000,000.00 3,889,740.00 1.13

2.875% I.C.0. 10/13 EUR 5,100,000.00 4,977,472.50 1.44

3.90% ESPAGNE 07/12 EUR 6,000,000.00 6,037,680.00 1.75

4.2% ESPAGNE 03/13 EUR 14,000,000.00 14,222,180.00 4.12

4.25% ESPAGNE 08/14 EUR 7,000,000.00 7,128,100.00 2.07

6.15% ESPAGNE 97/13 EUR 14,500,000.00 15,011,125.00 4.35

51,266,297.50 14.86

ETATS-UNIS

6% WACHOVIA BANK 08/09 EUR 4,600,000.00 4,833,427.00 1.40

4,833,427.00 1.40





FINLANDE

2.5% NORDEA BANK FINLAND 11/14 EUR 3,000,000.00 3,046,500.00 0.88

5.375% FINLANDE 02/13 EUR 2,800,000.00 3,028,648.00 0.88

6,075,148.00 1.76

FRANCE

2% GCE COVERED BONDS 10/13 EUR 4,700,000.00 4,671,283.00 1.35

2.5% B.T.A.N. 09/14 EUR 7,000,000.00 7,226,940.00 2.10

2.625% BPCB 10/15 EUR 4,900,000.00 4,871,653.50 1.41

4% O.A.T. 02/13 EUR 4,500,000.00 4,714,312.50 1.37


5% BNP PARIBAS 08/13 EUR 4,500,000.00 4,668,930.00 1.35

5% CRH 02/13 EUR 4,500,000.00 4,767,570.00 1.38

5.50% CHARBONNAGES FRANCE 02/13 EUR 2,920,000.00 3,091,871.20 0.90

5.75% HSBC FRANCE 08/13 EUR 4,500,000.00 4,743,270.00 1.38

43,444,426.20 12.60

IRLANDE

5.25% GE CAP. EUROP. FUND. 09/13 EUR 4,600,000.00 4,760,080.00 1.38

4,760,080.00 1.38

ITALIE

2% ITALIE (BTP) 09/12 EUR 4,500,000.00 4,397,625.00 1.28

2% ITALIE (BTP) 10/13 EUR 12,900,000.00 12,459,852.00 3.61


3.00% TBOND ITALIE (BTP) 11/14 EUR 14,500,000.00 13,989,672.50 4.06

3.5% ITALIE (BTP) 09/14 EUR 3,000,000.00 2,927,130.00 0.85

3.75% ITALIE 09/13 EUR 12,200,000.00 12,027,309.00 3.49

4.25% ITALIE (BTP) 07/12 EUR 4,000,000.00 4,017,260.00 1.17

4.25% ITALIE 03/13 EUR 10,400,000.00 10,405,200.00 3.02

4.25% ITALIE 08/13 EUR 12,800,000.00 12,811,648.00 3.72

77,855,496.50 22.60

PAYS-BAS

FRN RABOBANK 10/13 EUR 3,700,000.00 3,711,026.00 1.08

1.00% PAYS-BAS 11/14-SR- EUR 5,500,000.00 5,520,487.50 1.60

4.25% PAYS-BAS 03/13 EUR 4,500,000.00 4,783,522.50 1.39

4.375% RABOBANK 09/14 EUR 700,000.00 737,236.50 0.21

4.625% ABN AMRO BOUWFONDS 03/13 EUR 1,450,000.00 1,502,823.50 0.44

6% NEDERLAND GASUNIE 08/13 EUR 4,000,000.00 4,325,580.00 1.25

20,580,676.00 5.97

ROYAUME-UNI


4,658,962.50 1.35

SUEDE

2.25% SWEDBANK HYPOTEK 11/15 REG. S EUR 2,300,000.00 2,295,722.00 0.67

2.75% SWEDBANK MORTGAGE 11/14 EUR 2,500,000.00 2,548,287.50 0.74

4,844,009.50 1.41




161


SUISSE

2.375% UBS LONDON 10/13 EUR 4,900,000.00 4,941,870.50 1.43

4,941,870.50 1.43










Italie 22.60

Allemagne 20.06

Espagne 14.86

France 12.60

Pays-Bas 5.97

Belgique 5.71

Autriche 3.38

Australie 2.30

Finlande 1.76

Suisse 1.43

Canada 1.42

Suède 1.41

Etats-Unis 1.40

Irlande 1.38

Royaume-Uni 1.35

97.63





97.63

Pictet - USD Short Mid-Term Bonds



163



OBLIGATIONS

AUSTRALIE

3% NAT. AUSTRALIA BK 11/16 USD 3,500,000.00 3,512,950.00 1.39

3.25% ANZ BKG GRP 11/16 TR. 37 -SR-S USD 3,000,000.00 3,057,750.00 1.21

6,570,700.00 2.60

CANADA

1.5% EXPORT DEV. CAN. 11/14 USD 500,000.00 512,450.00 0.20

2.3% ROYAL BANK CANADA 11/16 USD 3,000,000.00 3,032,700.00 1.20

2.375% BANK NOVA SCOTIA 10/13 USD 1,000,000.00 1,026,410.00 0.41

2.9% BANK NOVA SCOTIA 11/16 USD 1,700,000.00 1,763,826.50 0.70

6,335,386.50 2.51

ESPAGNE

3.724% SANTANDER US DBT. 10/15 USD 2,000,000.00 1,852,000.00 0.73

3.781% SANTANDER US DEBT 10/15 USD 1,000,000.00 919,010.00 0.36

2,771,010.00 1.09

ETATS-UNIS

0.125% TNOTE USA 11/13 USD 7,000,000.00 6,983,182.50 2.76

0.375% TNOTE USA 11/13 AM-2013 USD 7,000,000.00 7,015,722.00 2.78

0.375% TNOTE USA 11/13 AN-2013 USD 8,000,000.00 8,017,656.00 3.17

0.5% TNOTE USA 11/13 AL-2013 USD 7,000,000.00 7,030,215.50 2.78

0.5% US TREASURY 10/13 USD 12,500,000.00 12,550,781.25 4.97

0.5% US TREASURY 10/13 USD 12,000,000.00 12,046,872.00 4.77

0.625% US TREASURY 11/13 USD 12,000,000.00 12,069,138.00 4.78

0.75% TNOTE USA 11/13 AJ-2013 USD 8,000,000.00 8,063,752.00 3.19

0.75% US TREASURY 10/13 USD 10,000,000.00 10,095,310.00 4.00

1% US TREASURY 11/14 USD 9,300,000.00 9,439,137.30 3.74

1.125% US TREASURY 09/12 USD 13,750,000.00 13,902,006.25 5.52

1.25% TNOTE USA 11/14 X USD 5,500,000.00 5,618,701.00 2.22

1.375% US TREASURY 09/12 USD 6,000,000.00 6,067,383.00 2.40

1.375% US TREASURY 09/12 USD 7,000,000.00 7,085,589.00 2.80

1.375% US TREASURY 09/12 USD 8,000,000.00 8,106,404.00 3.21

1.375% US TREASURY 10/13 USD 8,000,000.00 8,117,968.00 3.21

1.375% US TREASURY 10/13 USD 11,000,000.00 11,171,231.50 4.42

1.375% US TREASURY 10/13 USD 8,000,000.00 8,132,032.00 3.22

1.75% US TREASURY 09/14 USD 7,000,000.00 7,240,079.00 2.87

1.875% US TREASURY 09/14 USD 6,500,000.00 6,748,573.00 2.67

2.15% JOHNSON & JOHNSON 11/16 USD 1,200,000.00 1,241,862.00 0.49

2.8% WAL MART STORES 11/16 USD 1,300,000.00 1,378,130.00 0.55

2.95% GENERAL ELEC. CAP. 11/16 USD 3,500,000.00 3,510,640.00 1.39

181,632,365.30 71.91





FINLANDE

2.25% FINLANDE 11/16 5 SR -S- USD 3,000,000.00 3,149,430.00 1.25

2.375% MUNICIPALITY FIN. 11/16 USD 3,000,000.00 3,125,835.00 1.24

6,275,265.00 2.49

FRANCE

3.60% BNP PARIBAS 11/16 SR USD 3,750,000.00 3,663,600.00 1.45

3,663,600.00 1.45

GUERNESEY

2.6% CS FST BOSTON 11/16 USD 2,700,000.00 2,786,940.00 1.10

2,786,940.00 1.10

NORVEGE

1% KOMMUNALBANKEN 11/14 SR REG.S USD 3,500,000.00 3,518,672.50 1.39

3,518,672.50 1.39

PAYS-BAS

1.375% NEDER WATERSCHAPSBK 11/14 USD 4,000,000.00 4,045,600.00 1.60

2.125% RABOBANK 10/15 USD 3,500,000.00 3,498,180.00 1.38

7,543,780.00 2.98

ROYAUME-UNI

3.5% HSBC BANK 10/15 USD 3,500,000.00 3,573,780.00 1.41

5.2% BARCLAYS BANK 09/14 USD 3,257,000.00 3,342,870.81 1.32

6,916,650.81 2.73

SUEDE

2.125% NORDEA BANK 11/14 USD 2,700,000.00 2,667,775.50 1.06

3.7% NORDEA BANK 09/14 USD 1,000,000.00 1,025,885.00 0.41

4.875% SVENSKA HANDELSBANK 09/14 USD 3,450,000.00 3,660,519.00 1.45

7,354,179.50 2.92

SUPRANATIONAL

0.75% ASIAN DEV. BANK 11/15 -SR- USD 3,000,000.00 2,987,700.00 1.18

2,987,700.00 1.18



AUTRES ACTIFS NETS 671,740.11 0.27




165




Etats-Unis 71.91

Pays-Bas 2.98

Suède 2.92

Royaume-Uni 2.73

Australie 2.60

Canada 2.51

Finlande 2.49

France 1.45

Norvège 1.39

Supranational 1.18

Guernesey 1.10

Espagne 1.09

94.35






94.35

Pictet - CHF Bonds





OBLIGATIONS

ALLEMAGNE

1% NRW BANK 11/15 CHF 920,966.11 934,780.60 0.24

1.375% NORDRHEIN-WESTF. 10/14 CHF 644,676.28 661,760.20 0.17


2% DEPFA 05/12 CHF 920,966.11 935,333.18 0.24

2% DEUTSCHE BANK 10/15 CHF 920,966.11 918,203.21 0.23

2% LANDW. RENTENBANK 05/15 CHF 893,337.13 942,917.34 0.24

2.125% K.F.W. 06/16 CHF 460,483.06 490,414.45 0.12

2.5% DEPFA 05/17 CHF 552,579.67 581,037.52 0.15

2.5% DEUTSCHE HYPOTHE. BANK 06/18 CHF 920,966.11 975,303.11 0.25

2.5% K.F.W. 05/25 CHF 1,841,932.22 2,034,414.14 0.51

2.50% PB.BAYERISCHE LDBK 07/12 CHF 322,338.14 324,594.51 0.08

2.625% BAYERISCHE LDBK 07/13 CHF 1,611,690.70 1,657,623.88 0.42

2.75% LANDESBANK RHEIN. 07/12 CHF 2,762,898.34 2,793,013.93 0.71

2.875% K.F.W. 08/14 CHF 1,648,529.34 1,759,805.07 0.44

2.875% K.F.W. 08/14 CHF 920,966.11 977,605.53 0.25

3% BAYERISCHE LDBANK 04/15 CHF 2,026,125.45 2,193,280.80 0.55

3% DEPFA 03/15 CHF 874,917.81 939,224.27 0.24

3% DEUTSCHE PFANDBRFBANK 02/12 CHF 460,483.06 471,580.70 0.12

3% L.B.W. FOERDERBANK 03/13 CHF 644,676.28 679,488.80 0.17

3.125% BAYERISCHE LDBANK 06/16 CHF 759,797.04 641,268.70 0.16

3.125% DEPFA 06/23 CHF 92,096.61 100,385.31 0.03

3.125% LAND HESSEN 08/15 CHF 460,483.06 505,149.91 0.13


3.25% NORDRHEIN-WESTFALEN 07/15 CHF 920,966.11 1,015,365.14 0.26

3.375% K.F.W. 07/17 CHF 1,013,062.72 1,155,398.04 0.29

3.75% DEUTSCHE TELEKOM 09/14 CHF 2,026,125.45 2,167,954.23 0.55

4% BAYERISCHE LDBK 01/15 CHF 644,676.28 707,854.55 0.18

27,339,763.16 6.92

AUSTRALIE

2% ANZ BANKING GROUP 10/16 CHF 1,381,449.17 1,415,985.40 0.36

2% COMMONWEAL. BK AUST. 10/15 CHF 451,273.39 464,134.69 0.12

2.25% SPI (AUSTR.) ASS. PTY. 10/16 CHF 1,657,739.00 1,716,588.74 0.43

2.375% SPI ELEC. & GAS AUS. 10/15 CHF 920,966.11 952,739.44 0.24

2.5% TELSTRA 05/13 CHF 1,565,642.39 1,608,697.56 0.41

2.50% WESTPAC BANKING 10/17 CHF 920,966.11 960,567.65 0.24

2.625% ANZ BANKING GROUP 11/17 CHF 1,013,062.72 1,058,144.01 0.27

2.625% AUSTRALIAN N. Z. BANK 07/12 CHF 36,838.64 37,247.55 0.01



4.25% NAT. AUSTRALIA BANK 08/15 CHF 736,772.89 811,555.34 0.20

10,995,146.41 2.78

Pictet - CHF Bonds



167


AUTRICHE

2.125% BIG M.B.H. 05/18 CHF 598,627.97 619,579.95 0.16

2.125% O.K.B. 05/18 CHF 920,966.11 973,461.18 0.25

2.125% PFBST. OEST. L-HYPO. 05/16 CHF 828,869.50 862,024.28 0.22

2.25% HYPO ALPE-ADRIA-BANK 05/12 CHF 1,381,449.17 1,389,047.14 0.35

2.25% HYPO ALPE-ADRIA-BANK 06/13 CHF 1,625,505.19 1,632,819.96 0.41

2.25% NIEDEROESTERR. LBANK 05/17 CHF 230,241.53 240,026.79 0.06


2.375% HYPO TIROL BANK 05/17 CHF 1,841,932.22 1,934,028.84 0.49

2.375% KOMMUNALKR AUSTRIA 05/17 CHF 1,381,449.17 1,395,954.38 0.35

2.375% KOMMUNALKR AUSTRIA 05/20 CHF 460,483.06 448,970.98 0.11

2.375% VORARLBERGER LHYBANK 06/17 CHF 1,013,062.72 1,061,183.20 0.27

2.5% BIG M.B.H. 05/15 CHF 920,966.11 973,461.18 0.25

2.5% ERSTE BANK 06/13 CHF 967,014.42 995,541.34 0.25

2.5% OBEROEST LANDESBANK 06/17 CHF 920,966.11 972,540.21 0.25


2.5% VORALBERGER LHYBANK 05/16 CHF 1,381,449.17 1,460,882.50 0.37

2.625% HYPO INVESTMENT BANK 06/17 CHF 2,118,222.06 2,252,729.16 0.57

2.625% O.K.B. 06/24 CHF 690,724.58 757,724.87 0.19

2.625% VORARLBERGER LANDES 06/15 CHF 920,966.11 977,145.04 0.25

2.75% ERSTE BANK 07/15 CHF 92,096.61 97,576.36 0.02

2.75% O.K.B. 05/20 CHF 1,381,449.17 1,522,356.98 0.38

2.75% VORALBERGER LHYBANK. 06/14 CHF 460,483.06 484,428.17 0.12

2.875% O.K.B. 05/30 CHF 1,841,932.22 2,122,826.89 0.54


3% HYPO TIROL BANK 02/12 CHF 1,381,449.17 1,418,610.15 0.36

3% KOMMUNALKR AUSTRIA 04/14 CHF 2,026,125.45 2,115,274.97 0.53

3% O.K.B. 03/15 CHF 2,302,415.28 2,516,539.90 0.64

3% O.K.B. 07/13 CHF 2,762,898.34 2,919,002.09 0.74

3% O.K.B. 08/16 CHF 920,966.11 1,013,983.69 0.26

3.125% BIG M.B.H. 06/31 CHF 460,483.06 523,569.23 0.13

3.25% O.K.B. 06/36 CHF 1,197,255.95 1,512,732.89 0.38

3.250% BIG M. B. H. 07/19 CHF 552,579.67 616,955.20 0.16

4.50% OEST. POSTSPARKASSE 00/15 CHF 658,490.77 747,716.27 0.19

41,143,769.62 10.41

BELGIQUE

3.25% BELGELEC FINANCE 07/14 CHF 460,483.06 491,335.42 0.12

491,335.42 0.12

BERMUDES

3% HOLCIM OVS FIN. EMT 07/13 CHF 9,209.66 9,435.30 0.00

3.375% HOLCIM OVERS. FIN. 11/21 CHF 1,565,642.39 1,559,379.82 0.39

4.375% TCNZ FINANCE 08/12 CHF 902,546.79 927,186.32 0.23

2,496,001.44 0.62

CANADA

2.125% ONTARIO (PROV.) 05/15 CHF 874,917.81 927,412.87 0.23

2.25% MANITOBA (PROV.) 09/14 CHF 460,483.06 483,507.21 0.12

2.25% QUEBEC (PROV.) 05/15 CHF 920,966.11 976,684.56 0.25

2.25% ROYAL BANK CANADA 11/21 -SR- CHF 460,483.06 489,723.73 0.12

2.375% ONTARIO (PROV.) 10/20 CHF 967,014.42 1,047,276.61 0.26

Pictet - CHF Bonds




2.5% ONTARIO (PROV.) 09/19 CHF 920,966.11 1,007,076.44 0.25

2.625% QUEBEC (PROV) 06/17 CHF 911,756.45 989,711.63 0.25

2.875% BRITISH COLUMBIA 09/17 CHF 920,966.11 1,023,653.83 0.26

2.875% PROV. NEW BRUNSWICK 09/16 CHF 736,772.89 806,029.54 0.20

2.875% ROYAL BANK OF CANADA 07/14 CHF 865,708.15 915,486.36 0.23

3% COCA-COLA 09/13 CHF 552,579.67 572,196.25 0.14

3.125% QUEBEC (PROV.) 09/15 CHF 1,013,062.72 1,111,329.81 0.28

3.375% ONTARIO (PROV.) 08/16 CHF 460,483.06 515,050.30 0.13

3.375% ONTARIO (PROV.) 09/19 CHF 552,579.67 638,229.52 0.16

3.375% QUEBEC (PROV.) 08/18 CHF 920,966.11 1,044,375.57 0.26

3.5% QUEBEC (PROV.) 08/14 CHF 736,772.89 804,556.00 0.20

3.75% ONTARIO (PROV.) 08/18 CHF 920,966.11 1,081,214.22 0.27

14,433,514.45 3.61

COREE DU SUD

2% HYUNDAI CAPITAL 11/13 CHF 1,657,739.00 1,682,605.09 0.43

2% KOREA FINANCE 11/15 CHF 1,381,449.17 1,404,933.80 0.35

2.00% KOREA GAS CORP. 11/16 -SR- CHF 1,013,062.72 1,016,861.71 0.26

2.25% HYUNDAI CAP. SERV. 10/14 CHF 276,289.83 278,638.30 0.07

2.375% EXP. IMP. BK KOREA 11/15 CHF 368,386.44 375,569.98 0.09

2.5% EXP. IMP. BK KOR. 09/12 CHF 1,841,932.22 1,872,324.11 0.47

2.625% KOREA NATL OIL 11/16 CHF 552,579.67 573,025.11 0.14

3% HYUNDAI CAP. SERV. 11/16 CHF 644,676.28 664,983.58 0.17

4.125% KOREA DEV. BANK 08/13 CHF 1,901,795.02 1,985,474.00 0.50

9,854,415.68 2.48

DANEMARK

1.375% KOMMUNEKREDIT 10/15 CHF 920,966.11 948,595.10 0.24

2.25% DANSKE BANK 10/17 CHF 1,013,062.72 1,053,585.23 0.27

2.625% KOMMUNEKREDIT 06/16 CHF 920,966.11 1,002,011.13 0.25

2.75% DANSKE BANK 07/13 CHF 1,105,159.33 1,128,367.68 0.29

2.75% DANSKE BANK 09/15 CHF 736,772.89 778,032.17 0.20

2.75% KOMMUNEKREDIT 03/13 CHF 1,703,787.31 1,771,938.80 0.45

3% DANSKE BANK 07/12 CHF 460,483.06 466,791.67 0.12

3.5% KOMMUNEKREDIT 08/18 CHF 1,565,642.39 1,778,569.76 0.45

8,927,891.54 2.27

EMIRATS ARABES UNIS

3% ABU DHABI COM. BK. 11/15 CHF 460,483.06 464,627.40 0.12

3% FIRST GULF BANK 11/16 CHF 414,434.75 412,362.58 0.10

876,989.98 0.22

ESPAGNE

2% I.C.O. 05/16 CHF 920,966.11 764,401.87 0.19

2.125% GENE. DE CATALUNYA 09/14 CHF 552,579.67 412,777.01 0.10

2.25% I.C.O. 09/17 CHF 460,483.06 368,846.93 0.09

2.75% GENERAL CATALUNYA 10/16 CHF 253,265.68 169,688.01 0.04

3% COMUNIDAD DE MADRID 08/13 CHF 644,676.28 599,871.28 0.15


3% I.C.O. 08/15 CHF 902,546.79 846,588.89 0.21

3.5% COMUNIDAD DE MADRID 08/15 CHF 322,338.14 284,785.75 0.07

4,278,131.66 1.06

Pictet - CHF Bonds



169


ETATS-UNIS

2% MORGAN STANLEY 05/11 CHF 2,026,125.45 2,026,125.45 0.51

2.25% GENERAL E.CAP. 11/16 -SR- CHF 1,657,739.00 1,661,054.48 0.42

2.375% CITIGROUP 05/15 CHF 2,302,415.28 2,100,953.94 0.53

2.5% BANK OF AMERICA 05/17 CHF 920,966.11 755,192.21 0.19

2.50% MORGAN STANLEY 05/15 CHF 920,966.11 827,948.53 0.21

2.625% NESTLE HOLDINGS 07/18 CHF 920,966.11 1,012,141.76 0.26

2.75% JP MORGAN CHASE 07/14 CHF 1,473,545.78 1,499,332.83 0.38

2.875% AMERICAN INTL GR. 07/15 CHF 2,486,608.50 2,237,947.65 0.57



3% BANK OF AMERICA 10/16 CHF 920,966.11 794,333.27 0.20

3% CITIGROUP 04/14 CHF 3,080,631.64 2,948,164.48 0.74

3% CITIGROUP 07/19 CHF 2,431,350.54 2,018,020.94 0.51

3% GENERAL ELEC. CAP. 04/15 CHF 644,676.28 671,430.34 0.17

3% GENERAL ELEC. CAP. 06/13 CHF 2,118,222.06 2,184,946.05 0.55


3.125% METROPOLITAN LIFE 06/16 CHF 2,182,689.69 2,182,689.69 0.55

3.125% MORGAN STANLEY 06/18 CHF 2,219,528.33 1,926,550.59 0.49


3.25% HSBC FINANCE 06/16 CHF 736,772.89 742,298.69 0.19

3.25% PHILIP MORRIS 09/13 CHF 3,002,349.53 3,116,438.81 0.79

3.375% GENERAL ELEC.CAP. 06/18 CHF 920,966.11 956,883.79 0.24

3.5% HSBC FINANCE 07/13 CHF 2,297,810.45 2,351,809.00 0.59

4% GENERAL ELEC. CAP. 08/13 CHF 1,473,545.78 1,550,170.16 0.39

4% SWISS RE AMERICA H. 01/15 CHF 1,874,166.04 2,038,155.57 0.51


45,748,595.61 11.59

FINLANDE

1.75% MUNICIPALITY FIN. 10/17 CHF 1,841,932.22 1,921,135.31 0.49

2.5% MUNICIPALITY FIN. 06/13 CHF 1,105,159.33 1,154,338.92 0.29

2.75% MUNICIPALITY FIN. 04/14 CHF 460,483.06 491,795.90 0.12

3,567,270.13 0.90

FRANCE

1.50% GDF SUEZ 11/17 CHF 1,427,497.47 1,416,577.12 0.36

1.75% C.F.F. 10/15 CHF 920,966.11 931,557.22 0.24

1.75% CRH 11/16 CHF 1,473,545.78 1,514,805.06 0.38

1.875% SOCIETE GENERALE 10/15 CHF 1,013,062.72 890,482.13 0.22

2% BPCE 10/15 CHF 1,381,449.17 1,295,799.32 0.33

2% CIF EUROMORTGAGE 10/19 CHF 432,854.07 429,824.09 0.11

2.25% E.D.F. 10/17 CHF 460,483.06 475,679.00 0.12

2.375% C.F.F. 05/18 CHF 2,532,656.81 2,560,516.03 0.65

2.375% DEXIA MUNICIPAL AG. 05/15 CHF 1,026,877.21 1,035,605.67 0.26


2.375% TOTAL CAPITAL 06/16 CHF 460,483.06 488,572.52 0.12

2.5% AEROPORTS DE PARIS 10/17 CHF 1,105,159.33 1,148,260.55 0.29

2.5% C.F.F. 06/31 CHF 1,118,973.83 1,049,037.96 0.26

2.5% C.F.F. 09/13 CHF 1,841,932.22 1,885,217.63 0.48

2.5% CREDIT AGRICOLE 06/13 CHF 460,483.06 453,345.57 0.11

2.5% CRH-CAISSE REFIN. 11/21 CHF 920,966.11 972,540.21 0.25

Pictet - CHF Bonds




2.5% DEXIA MUNICIPAL 09/18 CHF 920,966.11 901,165.34 0.23


2.625% S.N.C.F. 06/21 CHF 552,579.67 595,680.88 0.15


2.75% BNP PARIBAS HOME LN 09/14 CHF 911,756.45 965,094.20 0.24

2.75% S.N.C.F. 09/18 CHF 460,483.06 498,242.67 0.13

2.875% RESEAU FERRE FRANCE 09/21 CHF 138,144.92 152,028.48 0.04

3% B.F.C.M. 06/13 CHF 736,772.89 749,298.03 0.19

3% CIF EUROMORTGAGE 03/14 CHF 1,243,304.25 1,302,361.20 0.33

3% RATP 07/14 CHF 1,289,352.56 1,382,830.62 0.35

3.00% RCI BANQUE 11/14 -SR- CHF 920,966.11 914,058.87 0.23

3.125% ADP 09/15 CHF 920,966.11 981,749.88 0.25

3.125% C.F.F. 03/14 CHF 2,762,898.34 2,914,857.74 0.74


3.125% TOTAL CAPITAL 07/15 CHF 920,966.11 1,004,313.55 0.25


3.25% LA POSTE 07/14 CHF 626,256.96 656,004.16 0.17

3.25% RATP 07/17 CHF 736,772.89 815,607.59 0.21


3.375% A.P. HOPITAUX PARIS 08/14 CHF 184,193.22 198,376.10 0.05

3.375% E.D.F. 08/13 CHF 3,610,187.16 3,817,772.92 0.96

3.375% FRANCE TELECOM 09/13 CHF 1,473,545.78 1,545,749.52 0.39

3.375% SANOFI-AVENTIS 07/15 CHF 552,579.67 602,864.42 0.15

3.5% DEXIA MUNICIPAL AG 07/17 CHF 524,950.68 549,098.42 0.14

3.5% DEXIA MUNICIPAL AG. 07/19 CHF 460,483.06 482,586.24 0.12

3.5% FRANCE TELECOM 07/14 CHF 276,289.83 295,353.83 0.07

3.5% GDF SUEZ 08/12 CHF 1,386,054.00 1,434,981.70 0.36

3.75% AUCHAN 08/15 CHF 801,240.52 867,342.86 0.22

4% E.D.F. 09/17 CHF 2,302,415.28 2,604,031.68 0.66

4.125% DANONE FINANCE 08/16 CHF 2,224,133.16 2,479,908.47 0.63

5% S.N.C.F. 95/15 CHF 460,483.06 537,153.48 0.14

53,486,353.92 13.51

ILES CAÏMANS

2.125% LGT FINANCE 11/15 CHF 368,386.44 378,148.69 0.10

2.375% NEW YORK LIFE FUND. 06/16 CHF 2,302,415.28 2,274,786.30 0.57

2.5% LGT FINANCE 10/17 CHF 1,841,932.22 1,909,162.75 0.48

4,562,097.74 1.15

INDE

3.375% STATE BANK INDIA 11/16 CHF 920,966.11 934,780.60 0.24

934,780.60 0.24

IRLANDE

2.375% DEPFA ACS BANK 06/19 CHF 460,483.06 396,015.43 0.10


3.75% VNESHECONOMBK (VEB) 11/16 CHF 884,127.47 859,371.90 0.22

2,176,353.44 0.55

Pictet - CHF Bonds



171


ITALIE

2.5% ITALIE 06/18 CHF 1,611,690.70 1,353,820.18 0.34

2.50% ITALIE 05/15 CHF 4,116,718.52 3,754,447.29 0.95

5,108,267.47 1.29

JAPON

2.25% N.T.T. 06/13 CHF 1,436,707.13 1,470,469.75 0.37

2.625% KYUSHU ELECTR. POWER 06/13 CHF 460,483.06 467,390.30 0.12

1,937,860.05 0.49

JERSEY

2.375% UBS JERSEY BRANCH 05/15 CHF 920,966.11 896,100.03 0.23

4% UBS JERSEY BRANCH 08/12 CHF 920,966.11 940,122.21 0.24

1,836,222.24 0.47

LUXEMBOURG

2% NESTLE FINANCE 09/14 CHF 1,381,449.17 1,441,542.21 0.36

2.00% NESTLE FINANCE 09/13 CHF 1,841,932.22 1,902,715.99 0.48

2.125% EUROP. HYPO. BANK 05/14 CHF 1,224,884.93 1,231,009.35 0.31

2.125% NESTLE FINANCE 09/15 CHF 709,143.91 750,983.40 0.19

2.25% ERSTE EUROP. PFANDBF 05/16 CHF 920,966.11 938,464.47 0.24



2.5% HYPO PFD. BANK INTL 06/14 CHF 1,381,449.17 1,395,954.38 0.35

2.50% EUROP. HYPO. BANK 05/25 CHF 1,473,545.78 1,307,035.11 0.33

2.75% EUROP. HYPO. BANK 05/20 CHF 828,869.50 804,003.42 0.20

2.75% LG ERSTE EUROP. KBANK 05/20 CHF 644,676.28 635,650.81 0.16

2.875% ERSTE EUROPAEISC 05/25 CHF 368,386.44 341,862.62 0.09


3.375% FORTIS LUX FIN. 07/12 CHF 552,579.67 553,132.25 0.14

3.5% EUROHYPO BANK 07/13 CHF 322,338.14 334,425.82 0.08

3.5% SB CAPITAL SA -LPN- 12/14 CHF 782,821.20 762,076.43 0.19

3.625% GLENCORE FINANCE 10/16 CHF 920,966.11 933,859.64 0.24

4% EUROP. HYPO. BANK 02/14 CHF 460,483.06 487,421.31 0.12

4.5% BRANDBREW 09/14 CHF 2,353,068.42 2,568,374.18 0.65

18,354,129.36 4.63

MEXIQUE

2.00% AMERICA MOVIL SAB 11/17 CHF 184,193.22 181,430.32 0.05

3.5% PEMEX 09/14 CHF 460,483.06 474,527.79 0.12

655,958.11 0.17

NORVEGE

1.50% DNB NOR BOLIGK. 11/17 CHF 644,676.28 652,090.06 0.16

1.625% DNB NOR BOLIGKREDITT 10/15 CHF 1,381,449.17 1,420,820.47 0.36

2% KOMMUNALBANKEN 09/14 CHF 1,381,449.17 1,449,830.90 0.37

2.125% DNB NOR BK 10/15 CHF 644,676.28 658,536.82 0.17

2.125% NORWEGIAN RAILWAYS 11/20 CHF 920,966.11 980,368.43 0.25

2.25% DNB NOR BOLIGKRED. 10/18 CHF 644,676.28 675,620.74 0.17

2.25% EKSPORTFINANS 11/21 CHF 644,676.28 684,323.87 0.17


Pictet - CHF Bonds






3% DNB NOR BOLIGKREDITT 7/12 CHF 690,724.58 701,085.45 0.18

3.125% TERRA BOLIGKREDITT 07/13 CHF 828,869.50 867,826.37 0.22

9,316,746.47 2.37

NOUVELLE ZELANDE

2% B.N.Z. INTL FDG. 10/15 CHF 2,026,125.45 2,069,687.14 0.52

3.375% TRANSPOWER FINANCE 07/14 CHF 1,289,352.56 1,373,160.47 0.35

3,442,847.61 0.87

PAYS-BAS

1.75% DEUTSCHE BAHN FIN. 10/20 CHF 1,381,449.17 1,424,274.09 0.36

1.75% NED.WATERSCHAPSBANK 10/16 CHF 644,676.28 674,009.05 0.17

1.87% NED. WATERSCHAPSBANK 10/20 CHF 368,386.44 383,490.29 0.10

2% ABN AMRO BANK 11/15 -SR- CHF 2,302,415.28 2,285,147.17 0.58

2% ING VERZEKERINGEN 05/11 CHF 1,565,642.39 1,566,268.65 0.40

2% RABOBANK 10/21 CHF 2,302,415.28 2,277,088.71 0.58

2% RABOBANK 11/18 CHF 1,657,739.00 1,701,669.09 0.43

2.125% B.N.G. 10/18 CHF 1,381,449.17 1,467,099.02 0.37

2.125% ENERGIE BEHEER NED. 10/20 CHF 1,243,304.25 1,321,632.42 0.33

2.125% ING BANK 10/16 CHF 920,966.11 855,577.52 0.22

2.125% RABOBANK 05/17 CHF 1,841,932.22 1,904,557.92 0.48

2.25% B.N.G. 05/20 CHF 2,486,608.50 2,660,671.10 0.67

2.25% BANK NED. GEMEENTEN 05/14 CHF 1,473,545.78 1,543,539.20 0.39


2.375% BANK NED. GEMEENTEN 10/19 CHF 1,611,690.70 1,740,625.95 0.44



2.5% ABN AMRO BANK 06/15 CHF 874,917.81 929,600.17 0.23

2.5% ABN AMRO BANK 11/18 CHF 1,105,159.33 1,162,627.62 0.29

2.5% B.N.G. 02/25 CHF 690,724.58 756,688.78 0.19

2.5% RABOBANK 09/13 CHF 920,966.11 948,410.90 0.24


2.625% B.N.G. 07/17 CHF 920,966.11 1,003,853.06 0.25


2.75% B.N.G. 09/16 CHF 1,657,739.00 1,806,935.51 0.46


2.75% RABOBANK 07/15 CHF 460,483.06 489,033.01 0.12

2.875% FMO-NEDERLANDSE 09/16 CHF 368,386.44 403,751.54 0.10

3% ENEL FINANCE INTL 11/20 CHF 138,144.92 131,237.67 0.03

3.125% B.N.G. 07/18 CHF 920,966.11 1,038,849.77 0.26

3.125% RABOBANK 06/26 CHF 920,966.11 1,006,615.96 0.25

3.25% NED. WATERSCHAPSBK 06/29 CHF 460,483.06 562,249.81 0.14

3.375% ABN AMRO 06/31 CHF 736,772.89 860,550.74 0.22

3.625% E.ON INTL FINANCE 08/13 CHF 920,966.11 958,725.72 0.24

3.625% RABOBANK 09/19 CHF 1,381,449.17 1,556,202.49 0.39

3.75% ING BANK 08/12 CHF 322,338.14 330,718.93 0.08

4% ING BANK 08/15 CHF 322,338.14 355,861.31 0.09

43,998,654.08 11.09

Pictet - CHF Bonds



173


POLOGNE

2.625% POLOGNE 05/15 CHF 92,096.61 93,432.01 0.02

3% POLOGNE 09/14 CHF 1,105,159.33 1,136,103.80 0.29

3.25% POLOGNE 07/19 CHF 1,381,449.17 1,391,119.31 0.35

3.625% POLOGNE 08/17 CHF 2,762,898.34 2,889,991.66 0.73

5,510,646.78 1.39

ROYAUME-UNI

1.75% C.I.B.C. 10/17 CHF 967,014.42 1,005,694.99 0.25

1.875% WESTPAC SECURITIES 10/15 CHF 1,980,077.14 2,018,688.65 0.51

2% ANZ NATIONAL 10/14 CHF 920,966.11 943,990.26 0.24

2% CREDIT AGRIC. LONDON 10/15 CHF 492,716.87 463,153.86 0.12

2.125% ASB FINANCE 10/16 CHF 1,151,207.64 1,173,080.59 0.30


2.375% HSBC BANK 11/18 CHF 460,483.06 458,871.37 0.12

2.375% ROYAL BANK SCOTLAND 05/15 CHF 1,703,787.31 1,335,769.25 0.34

2.5% BARCLAYS BANK 11/16 CHF 2,670,801.72 2,652,106.11 0.67

2.5% HBOS TREASURY SERV. 06/11 CHF 690,724.58 690,931.80 0.17

2.5% LLOYDS TSB BANK 11/14 CHF 920,966.11 900,244.37 0.23

2.50% LLOYDS TSB BANK 10/15 CHF 2,762,898.34 2,649,619.50 0.67

2.625% BRADFORD & BINGLEY 06/13 CHF 920,966.11 952,278.96 0.24

2.75% BRADFORD & BINGLEY 06/12 CHF 1,141,997.98 1,158,556.95 0.29

2.75% HSBC BANK 07/17 CHF 920,966.11 988,657.12 0.25

2.75% NETWORK RAIL INFRA. 06/21 CHF 552,579.67 608,113.92 0.15

2.75% ROYAL BANK SCOTLAND 10/15 CHF 2,210,318.67 2,139,588.47 0.54

3% BANK OF SCOTLAND PLC 06/16 CHF 1,703,787.31 1,640,747.18 0.41

3% BP CAPITAL MARKETS 08/13 CHF 916,361.28 968,135.69 0.24

3.375% CREDIT AGR.LONDON 07/13 CHF 138,144.92 138,421.21 0.03

23,340,808.57 5.88

SUEDE

1.5% SBAB 11/14 CHF 460,483.06 468,081.03 0.12

1.50% LANDSHYPOTEK 11/18 CHF 276,289.83 277,173.96 0.07

1.625% SWEDBANK MORTGAGE 10/15 CHF 920,966.11 946,753.16 0.24

1.625% SWEDISH COVERED BD. 10/15 CHF 920,966.11 948,595.10 0.24

1.875% SWEDBANK 09/13 CHF 736,772.89 758,876.08 0.19

1.875% SWEDISH EXPORT 10/17 CHF 644,676.28 678,521.78 0.17

2% STADSHYPOTEK 10/16 CHF 920,966.11 958,725.72 0.24



2.25% AKADEMISKA HUS 06/14 CHF 957,804.76 999,469.26 0.25

2.25% NORDEA BANK 10/16 CHF 1,261,723.57 1,301,467.87 0.33


2.5% KOMMUNINVEST I SVER.09/15 CHF 230,241.53 248,085.25 0.06


2.625% SWEDISH EXPORT 06/14 CHF 1,528,803.75 1,613,652.35 0.41

2.75% KOMMUNINVEST I SVER. 03/13 CHF 690,724.58 723,879.36 0.18

3% SWEDISH EXPORT 09/18 CHF 2,762,898.34 3,061,291.36 0.77

3.125% VATTENFALL TREASURY 09/13 CHF 920,966.11 952,278.96 0.24

17,202,528.00 4.33

Pictet - CHF Bonds




SUISSE

1.25% ABB 11/16 -SR- CHF 184,193.22 183,566.97 0.05

2% CONFED. SUISSE 10/21 CHF 1,841,932.22 2,018,573.52 0.51

2.125% CLG BQ. CANTONALES 11/20 CHF 1,841,932.22 1,968,104.58 0.50

2.25% ABB 11/21 -SR- CHF 322,338.14 319,840.02 0.08

2.25% SULZER 11/16 CHF 451,273.39 464,134.69 0.12

2.625% BQUE. CANTON. ST-GALL 11/21 CHF 920,966.11 979,907.94 0.25

2.625% ENAG ENERGIEFINANZ. 11/23 CHF 460,483.06 471,995.13 0.12

3% SGS 11/21 CHF 1,013,062.72 1,090,562.02 0.28

3.25% SUISSE REASSURANCE 09/14 CHF 1,381,449.17 1,458,119.60 0.37

4.5% ROCHE KAPITALMARKT 09/17 CHF 1,841,932.22 2,164,270.36 0.55

4.875% CREDIT SUISSE NY 08/18 CHF 1,381,449.17 1,419,439.02 0.36

12,538,513.85 3.19

SUPRANATIONAL

1.875% DEV. CONSEIL EUROPE 09/14 CHF 460,483.06 478,441.90 0.12

2% E.I.B. 05/16 CHF 782,821.20 828,616.24 0.21

2% E.I.B. 09/12 CHF 368,386.44 384,411.26 0.10

2% E.I.B. 10/22 CHF 1,841,932.22 1,926,661.11 0.49

2.375% E.I.B. 05/20 CHF 2,762,898.34 2,990,837.45 0.76

2.5% E.I.B. 03/15 CHF 1,565,642.39 1,679,934.28 0.42

2.5% E.I.B. 07/19 CHF 1,473,545.78 1,609,848.76 0.41

2.75% WORLDBANK 09/19 CHF 644,676.28 715,913.01 0.18

3.125% E.I.B. 06/36 CHF 1,197,255.95 1,516,324.66 0.38

3.25% E.I.B. 08/18 CHF 874,917.81 993,469.17 0.25

3.50% E.I.B. 99/14 CHF 1,183,441.45 1,273,383.00 0.32

14,397,840.84 3.64

VENEZUELA

5% CORP ANDINA FOMENTO 08/13 CHF 363,781.61 387,063.64 0.10

387,063.64 0.10


OPTIONS

ALLEMAGNE

PUT BUND FUTURE EURO-BUND EUREX (10Y) 01/12/2011 40.52 0.00 0.00

PUT BUND FUTURE EURO-SCHATZ EUREX (2Y) 01/11/2011 -130.78 0.00 0.00

PUT BUND FUTURE EURO-SCHATZ EUREX (2Y) 01/11/2011 130.78 25,515.78 0.01

25,515.78 0.01






Pictet - CHF Bonds


175




France 13.51

Etats-Unis 11.59

Pays-Bas 11.09

Autriche 10.41

Allemagne 6.93

Royaume-Uni 5.88

Luxembourg 4.63

Suède 4.33

Supranational 3.64

Canada 3.61

Suisse 3.19

Australie 2.78

Corée du Sud 2.48

Norvège 2.37

Danemark 2.27

Pologne 1.39

Italie 1.29

Iles Caïmans 1.15

Espagne 1.06

Finlande 0.90

Nouvelle Zélande 0.87

Bermudes 0.62

Irlande 0.55

Japon 0.49

Jersey 0.47

Inde 0.24

Emirats Arabes Unis 0.22

Mexique 0.17

Belgique 0.12

Vénézuela 0.10

98.35






Options 0.01

98.35

Pictet - EUR Government Bonds





OBLIGATIONS

ALLEMAGNE

2.00% KRED. WIEDERAUFBAU 11/16 EUR 6,458,000.00 6,493,906.48 1.08

2.25% ALLEMAGNE 10/15 EUR 4,123,000.00 4,316,409.93 0.72

2.5% ALLEMAGNE 10/15 EUR 2,000,000.00 2,108,460.00 0.35

2.5% ALLEMAGNE 10/21 EUR 5,664,000.00 5,940,828.00 0.99

2.75% ALLEMAGNE 11/16 EUR 4,234,000.00 4,530,845.74 0.75

3% ALLEMAGNE 10/20 EUR 4,954,000.00 5,410,634.95 0.90

3.25% ALLEMAGNE 05/15 EUR 3,176,000.00 3,445,150.12 0.57

3.25% ALLEMAGNE 09/20 EUR 5,780,000.00 6,426,637.50 1.07

3.25% ALLEMAGNE 10/42 EUR 1,528,000.00 1,687,156.48 0.28

3.25% ALLEMAGNE 11/21 EUR 3,917,000.00 4,355,449.40 0.72

3.5% ALLEMAGNE 05/16 EUR 3,000,000.00 3,300,150.00 0.55

3.5% ALLEMAGNE 08/13 EUR 4,171,000.00 4,358,507.31 0.72

3.75% ALLEMAGNE 03/13 EUR 6,998,000.00 7,388,768.32 1.23

3.75% ALLEMAGNE 04/15 EUR 2,234,000.00 2,441,627.96 0.41

3.75% ALLEMAGNE 06/17 EUR 1,000,000.00 1,123,505.00 0.19

3.75% ALLEMAGNE 08/19 EUR 3,635,000.00 4,158,312.78 0.69

4% ALLEMAGNE 05/37 EUR 3,737,000.00 4,562,391.19 0.76

4% ALLEMAGNE 06/16 EUR 4,370,000.00 4,933,380.40 0.82

4% ALLEMAGNE 07/18 EUR 2,863,000.00 3,293,953.08 0.55

4% ALLEMAGNE 08/13 EUR 5,028,000.00 5,371,588.38 0.89

4.25% ALLEMAGNE 03/14 EUR 6,135,000.00 6,632,241.75 1.10

4.25% ALLEMAGNE 04/14 EUR 7,204,000.00 7,891,693.84 1.31

4.25% ALLEMAGNE 07/39 EUR 2,105,000.00 2,701,935.90 0.45

4.25% ALLEMAGNE 08/18 EUR 4,409,000.00 5,172,308.13 0.86

4.5% ALLEMAGNE 03/13 EUR 1,376,000.00 1,445,419.20 0.24

4.75% ALLEMAGNE 03/34 EUR 3,167,000.00 4,215,277.00 0.70

4.75% ALLEMAGNE 08/40 EUR 2,502,000.00 3,477,729.96 0.58

4.75% ALLEMAGNE 98/28 EUR 1,720,000.00 2,206,467.60 0.37

5.50% ALLEMAGNE 00/31 EUR 3,186,000.00 4,482,861.30 0.74

6.25% ALLEMAGNE 00/30 EUR 2,138,000.00 3,236,932.00 0.54

6.25% ALLEMAGNE 94/24 EUR 1,905,000.00 2,709,081.45 0.45

6.5% ALLEMAGNE 97/27 EUR 2,507,000.00 3,780,631.21 0.63

133,600,242.36 22.21

AUTRICHE

2.25% OESTERREICH. VBANK 09/12 EUR 1,503,000.00 1,516,015.98 0.25

3.2% AUTRICHE 10/17 EUR 1,535,000.00 1,621,297.70 0.27

3.4% AUTRICHE 09/14 EUR 1,831,000.00 1,939,816.33 0.32

3.50% AUTRICHE 04/15 EUR 1,990,000.00 2,125,021.50 0.35

3.50% AUTRICHE 05/21 EUR 1,803,000.00 1,918,986.99 0.32

3.8% AUTRICHE 03/13 EUR 1,588,000.00 1,675,768.76 0.28

3.9% AUTRICHE 04/20 EUR 2,435,000.00 2,669,173.95 0.44

4% AUTRICHE 05/16 EUR 1,265,000.00 1,386,636.08 0.23

4.15% AUTRICHE 06/37 EUR 1,658,000.00 1,871,882.00 0.31

4.3% AUTRICHE 07/17 EUR 1,093,000.00 1,218,886.28 0.20




177


4.30% AUTRICHE 03/14 EUR 1,382,000.00 1,494,163.12 0.25

4.35% AUTRICHE 07/19 EUR 1,630,000.00 1,835,396.30 0.30

4.65% AUTRICHE 03/18 EUR 1,588,000.00 1,804,698.48 0.30

6.25% AUTRICHE 97/27 EUR 862,000.00 1,187,611.88 0.20

24,265,355.35 4.02

BELGIQUE

3.25% BELGIQUE OLO 47 06/16 EUR 1,614,000.00 1,631,673.30 0.27

4% BELGIQUE OLO 48 06/22 EUR 4,446,000.00 4,547,813.40 0.75

4% BELGIQUE OLO 50 07/13 EUR 1,693,000.00 1,755,277.01 0.29

4% BELGIQUE OLO 54 08/14 EUR 2,487,000.00 2,599,163.70 0.43

4% BELGIQUE OLO 55 09/19 EUR 2,191,000.00 2,273,436.38 0.38

5% BELGIQUE OLO 44 04/35 EUR 1,979,000.00 2,197,976.35 0.36

5.5% BELGIQUE OLO 40 02/17 EUR 1,598,000.00 1,789,088.84 0.30

8% BELGIQUE OLO 23 95/15 EUR 2,435,000.00 2,873,506.98 0.48

19,667,935.96 3.26

DANEMARK

3.125% DANEMARK 09/14 EUR 750,000.00 783,457.50 0.13

783,457.50 0.13

ESPAGNE

2.625% BANESTO 09/13 EUR 4,300,000.00 4,234,511.00 0.70

3% ESPAGNE 10/15 EUR 3,612,000.00 3,536,581.44 0.59

3% BANCO POP. ESP. 09/12 EUR 4,600,000.00 4,587,350.00 0.76

3% CAIXA CATALUNYA 09/12 EUR 5,100,000.00 5,079,294.00 0.84

3.15% ESPAGNE 05/16 EUR 3,811,000.00 3,701,357.53 0.61

3.3% ESPAGNE 09/14 EUR 2,821,000.00 2,806,387.22 0.47

3.57% CAJA MADRID 10/13 EUR 3,400,000.00 3,367,768.00 0.56

3.80% ESPAGNE 06/17 EUR 2,202,000.00 2,149,636.44 0.36

4% ESPAGNE 10/20 EUR 4,711,000.00 4,464,237.82 0.74

4.1% ESPAGNE 08/18 EUR 2,800,000.00 2,729,916.00 0.45

4.2% ESPAGNE 03/13 EUR 811,000.00 823,870.57 0.14

4.20% ESPAGNE 05/37 EUR 2,487,000.00 1,945,331.40 0.32

4.3% ESPAGNE 09/19 EUR 4,120,000.00 4,006,844.20 0.66

4.4% ESPAGNE 04/15 EUR 2,472,000.00 2,533,169.64 0.42

4.6% ESPAGNE 09/19 EUR 3,446,000.00 3,427,460.52 0.57

4.7% ESPAGNE 09/41 EUR 1,752,000.00 1,457,996.88 0.24

4.75% ESPAGNE 99/14 EUR 4,784,000.00 4,934,791.68 0.82

4.8% ESPAGNE 08/24 EUR 5,705,000.00 5,402,577.95 0.90

4.90% ESPAGNE 07/40 EUR 2,000,000.00 1,722,290.00 0.29

5.5% ESPAGNE 02/17 EUR 1,948,000.00 2,058,003.56 0.34

5.75% ESPAGNE 01/32 EUR 1,882,000.00 1,854,598.08 0.31

6% ESPAGNE 99/29 EUR 2,916,000.00 2,957,378.04 0.49

69,781,351.97 11.58

FINLANDE

3.125% FINLANDE 09/14 EUR 846,000.00 896,878.44 0.15

3.875% FINLANDE 06/17 EUR 1,058,000.00 1,173,724.04 0.19

4% FINLANDE 09/25 EUR 911,000.00 1,030,741.84 0.17





4.25% FINLANDE 04/15 EUR 2,117,000.00 2,341,910.08 0.39

4.25% FINLANDE 07/12 EUR 2,112,000.00 2,185,518.72 0.36

4.375% FINLANDE 08/19 EUR 1,339,000.00 1,542,996.65 0.26

9,171,769.77 1.52

FRANCE

2.5% B.T.A.N. 09/14 EUR 7,665,000.00 7,913,499.30 1.31

2.5% B.T.A.N. 10/15 EUR 4,340,000.00 4,500,059.20 0.75

2.5% O.A.T. 10/20 EUR 4,446,000.00 4,413,144.06 0.73

3% B.T.A.N. 08/14 EUR 4,234,000.00 4,444,408.63 0.74

3% O.A.T. 05/15 EUR 7,652,000.00 8,077,986.84 1.32

3.25% O.A.T. 05/16 EUR 6,881,000.00 7,348,667.17 1.22

3.5% O.A.T. 04/15 EUR 3,821,000.00 4,097,411.14 0.68

3.5% O.A.T. 10/20 EUR 4,649,000.00 5,001,626.65 0.83

3.5% O.A.T. 10/26 EUR 3,567,000.00 3,681,322.35 0.61

3.75% B.T.A.N. 08/13 EUR 3,176,000.00 3,294,591.84 0.55

3.75% O.A.T. 05/21 EUR 5,616,000.00 6,151,654.08 1.02

3.75% O.A.T. 06/17 EUR 2,610,000.00 2,855,914.20 0.47

3.75% O.A.T. 08/19 EUR 4,000,000.00 4,382,600.00 0.73

4% B.T.A.N. 02/13 EUR 5,928,000.00 6,283,057.56 1.04

4% O.A.T. 02/13 EUR 5,293,000.00 5,545,079.13 0.92

4% O.A.T. 03/14 EUR 3,303,000.00 3,572,921.16 0.59

4% O.A.T. 04/55 EUR 2,450,000.00 2,666,506.50 0.44

4% O.A.T. 05/38 EUR 3,450,000.00 3,750,598.50 0.62

4% O.A.T. 08/18 EUR 3,176,000.00 3,535,602.60 0.59

4% O.A.T. 09/60 EUR 1,226,000.00 1,336,327.74 0.22

4.125% C.F.F. FIN. FONCIER 07/17 EUR 4,700,000.00 4,865,675.00 0.81

4.25% B.T.A.N. 07/18 EUR 3,552,000.00 4,013,706.72 0.67

4.25% O.A.T. 03/19 EUR 4,123,000.00 4,663,731.45 0.77

4.25% O.A.T. 06/23 EUR 4,507,000.00 5,095,839.55 0.85

4.5% B.T.A.N. 08/13 EUR 3,654,000.00 3,882,082.68 0.64

4.5% O.A.T. 09/41 EUR 2,400,000.00 2,832,600.00 0.47

4.75% O.A.T. 03/35 EUR 2,890,000.00 3,480,716.00 0.58

5% O.A.T. 00/16 EUR 4,229,000.00 4,872,738.38 0.81

5.50% O.A.T. 97/29 EUR 3,800,000.00 4,845,570.00 0.80

5.75% O.A.T. 00/32 EUR 3,400,000.00 4,545,800.00 0.75

6% O.A.T. 94/25 EUR 2,673,000.00 3,540,522.15 0.59

8.50% O.A.T. 92/23 EUR 2,379,000.00 3,678,600.12 0.61

143,170,560.70 23.73

ITALIE

3% ITALIE (BTP) 10/15 EUR 3,435,000.00 3,249,029.10 0.54

3.5% ITALIE (BTP) 09/14 EUR 5,028,000.00 4,905,869.88 0.81

3.75% ITALIE (BTP) 10/2 EUR 5,293,000.00 4,653,288.02 0.77

3.75% ITALIE 05/15 EUR 5,923,000.00 5,757,215.23 0.96

3.75% ITALIE 06/16 EUR 4,852,000.00 4,625,460.12 0.77

3.75% ITALIE 06/21 EUR 6,839,000.00 5,976,773.08 0.99

3.75% ITALIE 09/13 EUR 5,747,000.00 5,665,651.22 0.94

3.75% TBOND ITALIE (BTP) 11/16 EUR 3,176,000.00 3,026,950.32 0.50

4% ITALIE 05/37 EUR 3,278,000.00 2,399,987.70 0.40

4% ITALIE 06/17 EUR 2,577,000.00 2,466,395.16 0.41

4.25% ITALIE 03/13 EUR 6,000,000.00 6,003,000.00 1.00

4.25% ITALIE 03/19 EUR 3,277,000.00 3,062,225.42 0.51




179


4.25% ITALIE 04/14 EUR 7,135,000.00 7,085,126.35 1.18

4.25% ITALIE 04/15 EUR 3,626,000.00 3,588,434.64 0.60

4.25% ITALIE 08/13 EUR 2,525,000.00 2,527,297.75 0.42

4.25% ITALIE 09/19 EUR 3,420,000.00 3,170,100.60 0.53

4.25% ITALIE 09/20 EUR 4,340,000.00 3,990,847.00 0.66

4.5% ITALIE (BTP) 08/19 EUR 4,023,000.00 3,803,545.35 0.63

4.5% ITALIE 04/20 EUR 3,779,000.00 3,541,074.16 0.59

4.5% ITALIE 07/18 EUR 4,420,000.00 4,227,862.60 0.70

4.5% ITALIE 08/18 EUR 3,581,000.00 3,411,726.13 0.57

4.75% ITALIE 02/13 EUR 3,176,000.00 3,199,359.48 0.53

4.75% ITALIE 08/23 EUR 5,000,000.00 4,522,000.00 0.75

5% ITALIE (BTP) 07/39 EUR 2,841,000.00 2,342,745.42 0.39

5% ITALIE (BTP) 09/25 EUR 3,334,000.00 3,033,940.00 0.50

5% ITALIE 03/34 EUR 3,243,000.00 2,698,889.46 0.45

5% ITALIE 09/40 EUR 3,123,000.00 2,567,730.60 0.43

5.25% ITALIE (BTP) 02/17 EUR 2,911,000.00 2,922,993.32 0.49

5.25% ITALIE 98/29 EUR 3,716,000.00 3,303,672.64 0.55

5.75% ITALIE 02/33 EUR 2,380,000.00 2,174,249.00 0.36

6% ITALIE 99/31 EUR 4,594,000.00 4,333,152.68 0.72

6.50% ITALIE 97/27 EUR 3,881,000.00 3,899,861.66 0.65

7.25% ITALIE 96/26 EUR 1,600,000.00 1,724,912.00 0.29

9% ITALIE 93/23 EUR 2,505,000.00 3,045,303.45 0.51

126,906,669.54 21.10

LUXEMBOURG

2.75% EUROP. FIN. STAB. FAC. 11/16 EUR 794,000.00 809,792.66 0.13

809,792.66 0.13

PAYS-BAS

1.75% PAYS-BAS 10/13 EUR 2,377,000.00 2,411,442.73 0.40

2.75% PAYS-BAS 09/15 EUR 2,302,000.00 2,419,448.04 0.40

3.5% PAYS-BAS 10/20 EUR 3,536,000.00 3,882,987.68 0.64

3.75% PAYS-BAS 04/14 EUR 3,483,000.00 3,747,394.53 0.62

3.75% PAYS-BAS 06/23 EUR 1,970,000.00 2,207,759.30 0.37

3.75% PAYS-BAS 10/42 EUR 1,465,000.00 1,745,071.38 0.29

4% PAYS-BAS 05/37 EUR 1,900,000.00 2,296,549.00 0.38

4% PAYS-BAS 06/16 EUR 3,705,000.00 4,119,404.25 0.68

4% PAYS-BAS 08/18 EUR 2,752,000.00 3,107,283.20 0.52

4% PAYS-BAS 09/19 EUR 2,840,000.00 3,218,160.20 0.53

4.25% PAYS-BAS 03/13 EUR 2,567,000.00 2,728,733.84 0.45

4.5% PAYS-BAS 07/17 EUR 2,432,000.00 2,788,251.52 0.46

5% PAYS-BAS 02/12 EUR 899,000.00 930,460.51 0.15

5.50% PAYS-BAS 98/28 EUR 1,800,000.00 2,433,384.00 0.40

38,036,330.18 6.29

ROYAUME-UNI

4.875% LLOYDS TSB BK 11/23 EUR 4,260,000.00 4,467,930.60 0.74

4,467,930.60 0.74





SUPRANATIONAL

3.125% COMMUNAUTE EUROP. 09/15 EUR 529,000.00 554,138.08 0.09

554,138.08 0.09


OPTIONS

ALLEMAGNE



0.00 0.00








181




France 23.73

Allemagne 22.21

Italie 21.10

Espagne 11.58

Pays-Bas 6.29

Autriche 4.02

Belgique 3.26

Finlande 1.52

Royaume-Uni 0.74

Luxembourg 0.13

Danemark 0.13

Supranational 0.09

94.80






Options 0.00

94.80

Pictet - EUR Inflation Linked Bonds





OBLIGATIONS

ALLEMAGNE

0.75% ALLEMAGNE (INFLA.) 11/18 EUR 1,690,000.00 1,800,707.83 1.00

1.5% ALLEMAGNE (INFLATION) 06/16 EUR 8,579,000.00 10,329,967.85 5.73

1.75% ALLEMAGNE (CPI) 09/20 EUR 8,560,000.00 10,129,888.25 5.62

2.25% ALLEMAGNE (INFLATION) 07/13 EUR 6,081,000.00 6,931,780.62 3.85

29,192,344.55 16.20

FRANCE

0.45% O.A.T. (INFLATION) 11/16 EUR 3,730,000.00 3,860,172.63 2.14

1% O.A.T. (INFLATION) 05/17 EUR 11,462,000.00 13,150,732.52 7.30

1.1% O.A.T (INFLATION) 10/22 EUR 5,895,000.00 6,235,471.19 3.46










92,532,580.21 51.34

ITALIE

1.85% ITALIE (INFLATION) 07/12 EUR 5,684,000.00 6,210,887.42 3.45









3.10% ITALIE (BTP) (INFLAT.) 11/26 EUR 1,710,000.00 1,403,687.80 0.78

57,436,016.62 31.87


OPTIONS

ALLEMAGNE



0.00 0.00





183



AVOIRS EN BANQUE 610,453.77 0.34








France 51.34

Italie 31.87

Allemagne 16.20

99.41




Options 0.00

99.41

Pictet - Emerging Local Currency Debt



185



OBLIGATIONS

AFRIQUE DU SUD

6.75% AFRIQUE DU SUD 06/21 R208-SR ZAR 252,209,313.14 28,231,619.37 0.32

7% AFRIQUE DU SUD 10/31 ZAR 1,012,539,682.88 103,520,788.75 1.19

7.25% AFRIQUE DU SUD 05/20 ZAR 2,061,093,992.85 240,996,251.25 2.76

8% AFRIQUE DU SUD 04/18 ZAR 225,391,071.15 27,976,763.44 0.32



10.5% AFRIQUE DU SUD 97/26 ZAR 1,865,632,898.63 269,012,542.90 3.14

13.5% AFRIQUE DU SUD S157 91/15 ZAR 996,034,800.04 151,307,459.06 1.73

13.5% TRANSNET 98/28 ZAR 104,456,827.84 16,230,303.29 0.19

972,866,179.47 11.20

ALLEMAGNE

5.625% K.F.W. 10/17 PEN 54,545,238.40 20,266,890.14 0.23

20,266,890.14 0.23

BRESIL

6% BRESIL (INFLATION) 03/15 BRL 44,339.23 52,144,594.65 0.60

10% BRESIL (NOTAS DE T.) 05/12 BRL 50,590.66 27,853,099.35 0.32



10% BRESIL 07/13 BRL 151,791.95 83,373,783.57 0.96

10% BRESIL 10/21 BRL 286,911.75 145,453,581.84 1.67

626,910,866.51 7.20

CHILI

5.5% CHILI 10/20 CLP 3,311,960,511.67 6,711,968.71 0.08

6,711,968.71 0.08

COLOMBIE

7.75% COLOMBIE (DUAL CUR.) 10/21 COP 63,243,316,509.64 35,839,760.34 0.41

8.375% EMPRESAS MEDELLIN 11/21 COP 25,540,992,626.72 13,250,004.67 0.15

9.85% COLOMBIE 07/27 COP 151,826,900,766.50 101,852,263.50 1.17

150,942,028.51 1.73

COREE DU SUD

FRN EXP-IMP BANK. KOREA 06/11 USD 1,033,583.33 1,033,583.33 0.01

7% WOORI BANK 09/15 USD 399,452.50 430,430.00 0.00

1,464,013.33 0.01

EGYPTE

8.75% EGYPTE 07/12 EGP 4,993,156.21 794,217.48 0.01

794,217.48 0.01





GEORGIE

9.875% GEORGIAN RAILWAY 10/15 USD 3,645,004.03 3,599,441.48 0.04

3,599,441.48 0.04

HONGRIE

5.5% HONGRIE 03/14 HUF 10,235,970,223.02 45,212,293.32 0.52

5.5% HONGRIE 05/16 HUF 2,896,030,599.68 12,318,850.07 0.14

6.5% HONGRIE 08/19 HUF 12,568,772,802.63 52,802,252.18 0.61

6.75% HONGRIE 11/28 A HUF 1,198,357,489.52 4,770,215.55 0.05

6.75% HONGRIE 'B' 06/17 HUF 19,802,607,856.58 86,970,085.16 1.00

6.75% HONGRIE 'D' 02/13 HUF 3,445,277,782.38 15,747,006.61 0.18

7% HONGRIE 11/22 A -SR- HUF 4,294,114,337.46 17,960,920.89 0.21

7.5% HONGRIE 09/13 HUF 2,949,027,959.66 13,634,199.83 0.16

7.5% HONGRIE 'A' 04/20 HUF 20,343,536,441.03 89,674,157.41 1.03

8% HONGRIE 'A' 04/15 HUF 17,515,892,108.75 81,618,576.49 0.94

420,708,557.51 4.84

ILES CAÏMANS

6% HUTCHISON INTL 10/PE USD 3,994,524.97 3,844,730.28 0.04

3,844,730.28 0.04

INDONESIE

0% INDONESIE 08/13 IDR 8,088,913,054.29 855,547.50 0.01

4.875% INDONESIE 11/21 USD 14,042,752.51 14,244,617.08 0.16

5.25% PERTAMINA 11/21 USD 13,861,001.63 13,514,476.59 0.15

6.5% PERTAMINA 11/41 USD 8,356,546.23 8,168,523.94 0.09

7.375% INDONESIE 10/16 IDR 978,658,616.44 115,537.95 0.00

7.95% INDONESIE 10/13 IDR 39,945,249,650.80 4,668,769.80 0.05

8.15% INDONESIE 11/14 IDR 49,931,562,063.51 5,833,747.57 0.07

8.25% INDONESIE 10/21 IDR 109,569,819,792.16 13,393,236.30 0.15

8.7% INDONESIE 10/13 IDR 49,532,109,567.00 5,745,899.21 0.07

9% INDONESIE 07/13 IDR 15,978,099,860.32 1,925,130.64 0.02

9% INDONESIE 07/18 IDR 26,963,043,514.29 3,417,406.26 0.04

9.25% INDONESIE 09/15 IDR 67,986,814,905.67 8,231,404.90 0.09

9.35% INDONESIE 09/12 IDR 25,964,412,273.02 3,032,928.63 0.03

9.5% INDONESIE 04/15 IDR 100,413,369,940.95 12,614,085.03 0.14

9.5% INDONESIE 07/23 IDR 516,492,077,984.91 68,573,778.63 0.79

9.5% INDONESIE 08/12 IDR 302,585,266,104.85 34,909,622.27 0.40

9.5% INDONESIE 10/31 IDR 28,054,547,461.00 3,802,813.13 0.04

9.5% INDONESIE 11/41 FR0057 SR IDR 533,269,082.84 72,550.33 0.00

9.75% INDONESIE 07/37 IDR 229,884,911,740.38 30,800,915.91 0.35

10% INDONESIE 05/17 IDR 79,890,499,301.61 10,536,420.03 0.12

10% INDONESIE 07/24 IDR 386,670,016,619.79 53,181,858.89 0.61

10% INDONESIE 07/28 IDR 586,196,538,625.56 80,568,349.98 0.92

10.25% INDONESIE 07/22 IDR 470,854,630,258.86 65,450,707.50 0.75

10.25% INDONESIE 07/27 IDR 491,164,792,443.81 68,802,334.93 0.79

10.25% INDONESIE 10/30 IDR 51,429,508,925.41 7,298,879.17 0.08

10.5% INDONESIE 08/38 IDR 597,778,663,761.81 85,643,764.74 0.98

10.5% INDONESIE 09/30 IDR 173,776,815,449.62 24,809,261.12 0.28

10.75% INDONESIE 05/16 IDR 57,920,611,993.67 7,722,430.85 0.09

11% INDONESIE 03/12 IDR 15,978,099,860.32 1,938,722.91 0.02

11% INDONESIE 04/14 IDR 9,986,312,412.70 1,280,606.84 0.01




187


11% INDONESIE 05/20 IDR 171,764,573,498.46 24,661,851.00 0.28

11% INDONESIE 06/25 IDR 59,606,301,528.93 8,791,160.27 0.10

11.45% INDONESIE 08/13 IDR 16,976,731,101.59 2,112,506.11 0.02

11.5% INDONESIE 06/19 IDR 35,665,116,150.72 5,165,960.84 0.06

12% INDONESIE 09/12 IDR 4,993,156,206.35 579,467.89 0.01

12.5% INDONESIE 06/13 IDR 9,986,312,412.70 1,247,534.19 0.01

12.8% INDONESIE 05/21 IDR 96,867,230,403.20 15,364,312.12 0.18

12.9% INDONESIE 05/22 IDR 30,458,252,858.74 4,919,377.87 0.06

14.25% INDONESIE 02/13 IDR 29,958,937,238.10 3,838,208.89 0.04

14.275% INDONESIE 02/13 IDR 4,993,156,206.35 659,860.74 0.01

708,494,568.55 8.07

LUXEMBOURG

7.5% RSHB CAPITAL 10/13 RUB 1,541,886,636.57 46,983,193.86 0.54

8.7% RSHB CAPITAL -LPN- 11/16 RUB 3,995,623,459.45 120,202,588.87 1.38

167,185,782.73 1.92

MALAISIE


2.711% MALAISIE 09/12 MYR 34,952,093.44 10,936,804.00 0.13

3.21% MALAISIE 09/13 MYR 72,400,764.99 22,723,750.59 0.26

3.7% MALAISIE 07/13 MYR 3,495,209.34 1,105,767.20 0.01


3.741% MALAISIE 09/15 MYR 360,905,330.60 114,347,933.68 1.31

3.814% MALAISIE 07/17 MYR 39,246,207.78 12,453,064.54 0.14

3.82% MALAISIE 06/16 MYR 8,388,502.43 2,665,665.33 0.03

3.835% MALAISIE 10/15 MYR 189,340,483.34 60,167,874.55 0.69

3.90% SILTERRA CAPITAL 07/14 MYR 6,191,513.70 1,957,236.09 0.02

4.012% MALAISIE 10/17 MYR 250,057,262.81 80,049,662.67 0.92

4.02% CAGAMAS 05/17 MYR 499,315.62 151,303.97 0.00

4.16% MALAISIE 11/21 MYR 261,431,672.65 84,919,239.33 0.97

4.24% MALAISIE 03/18 MYR 7,989,049.93 2,587,526.54 0.03

4.262% MALAISIE 06/16 MYR 84,484,203.01 27,495,409.77 0.32

4.378% MALAISIE 09/19 MYR 265,236,457.68 86,819,773.19 0.99

4.498% MALAISIE 10/30 MYR 29,958,937.24 9,712,608.65 0.11

5.094% MALAISIE 04/14 MYR 643,068,587.82 210,394,739.83 2.41

5.248% MALAISIE 08/28 MYR 7,290,008.06 2,607,733.76 0.03

5.734% MALAISIE 04/19 MYR 44,938,405.86 16,011,728.04 0.18

772,914,299.87 8.85

MEXIQUE

6% MEXIQUE 10/15 MXN 1,610,292.88 12,008,906.08 0.14

6.50% MEXIQUE 10/21 MXN100 MXN 3,125,715.79 22,453,007.70 0.26

7.25% MEXIQUE 07/16 MXN 3,766,138.00 29,488,616.50 0.34

7.5% MEXIQUE 06/27 MXN 7,290,008.06 54,287,174.17 0.62

7.75% MEXIQUE 08/17 MXN 6,349,297.43 50,996,921.66 0.58

8% MEXIQUE 05/15 MXN 10,569,513.06 84,720,632.71 0.97

8% MEXIQUE 09/20 MXN 10,370,785.44 83,177,038.55 0.95

8.5% MEXIQUE 09/38 MXN 8,907,790.67 69,705,698.65 0.80

9.5% MEXIQUE 04/14 MXN 3,744,867.15 30,725,313.90 0.35

10% MEXIQUE 04/24 MXN 12,490,879.57 115,409,441.00 1.32

10% MEXIQUE 06/36 MXN 11,678,992.37 105,416,286.26 1.21

658,389,037.18 7.54





PEROU

6.85% PEROU (DUAL CUR.) 10/42 PEN 34,289.00 12,242,600.21 0.14





117,056,471.16 1.35

PHILIPPINES

2.85% ASIAN DEV. BANK 10/20 CNY 40,444,565.27 6,539,011.90 0.07

4.95% PHILIPPINES 10/21 PHP 401,449,758.99 8,722,173.35 0.10

6.25% PHILIPPINES 11/36 PHP 927,728,423.14 20,262,551.93 0.23

7% PETRON (D. CCY) 10/17 PHP 780,929,630.67 17,279,564.08 0.20

52,803,301.26 0.60

POLOGNE

2.75% POLOGNE (INFLATION) 08/23 PLN 173,661,972.86 55,824,074.40 0.64

3% POLOGNE (INFLATION) 04/16 PLN 4,993,156.21 1,872,722.85 0.02

5% POLOGNE 02/13 PLN 12,982,206.14 3,981,660.96 0.05

5.25% POLOGNE 06/17 PLN 116,959,690.98 35,024,045.53 0.40

5.25% POLOGNE 07/13 PLN 66,638,662.73 20,494,869.44 0.23

5.25% POLOGNE 09/20 PLN 103,518,114.47 30,088,243.16 0.34

5.5% POLOGNE 08/19 PLN 519,324,196.19 154,811,430.48 1.77

5.5% POLOGNE 09/15 PLN 360,306,151.85 111,239,965.50 1.27

5.75% POLOGNE 01/22 PLN 125,584,869.01 37,685,122.03 0.43

5.75% POLOGNE 08/29 PLN 17,653,803.08 5,217,030.69 0.06

6.25% POLOGNE 04/15 PLN 493,873,080.37 156,078,900.44 1.79

612,318,065.48 7.00

ROYAUME-UNI

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 5,981,801.14 5,864,327.54 0.07

5,864,327.54 0.07

RUSSIE

STEP ROSSELHOZBANK 10/20 RUB 649,110,306.83 20,462,656.57 0.23

7.00% RUSSIE 25079 11/15 RUB 993,638,085.06 30,046,257.00 0.34

7.40% RUSSIE 11/17 26206 RUB 1,797,536,234.29 53,518,806.44 0.61

7.50% RUSSIE 11/18 26204 -SR- RUB 4,294,114,337.46 127,184,594.13 1.46

7.85% RUSSIE 11/18 RUB 3,784,812,404.41 115,327,917.58 1.32

346,540,231.72 3.96

SINGAPOUR

2.5% SINGAPOUR 09/19 SGD 3,994,524.97 3,321,361.69 0.04

3.25% SINGAPOUR 05/20 SGD 59,168,901.05 51,699,554.50 0.59


62,410,787.38 0.71




189


SRI LANKA

6.25% GOVT DU SRI LANKA 10/20 USD 1,997,262.48 1,947,330.92 0.02

6.25% SRI LANKA 11/21 USD 15,692,491.33 15,123,638.51 0.17

6.85% SRI LANKA 06/12 LKR 249,657,810.32 2,257,322.33 0.03

7.4% SRI LANKA 09/15 USD 5,792,061.20 6,081,664.26 0.07

8.25% SRI LANKA 07/12 USD 3,195,619.97 3,355,400.97 0.04

28,765,356.99 0.33

SUPRANATIONAL

6.3% E.B.R.D. (D. CCY) 11/13 IDR 9,986,312,412.70 1,104,556.79 0.01

7% AFRICAN DEV. BK (DUAL) 10/12 ZMK 42,287,039,911.58 8,556,627.30 0.10

7.20% E.B.R.D. (DUAL) 11/16 -SR- IDR 169,767,311,015.92 18,604,663.67 0.21

8% WORLDBANK 10/20 COP 25,584,932,401.34 14,330,004.59 0.16

42,595,852.35 0.48

THAÏLANDE

2.8% M.O.F. (THAÏLANDE) 10/17 THB 726,504,228.02 22,368,290.97 0.26

3.625% THAÏLANDE GOV 09/15 THB 4,571,733,822.53 147,518,261.65 1.69





4.25% THAÏLANDE GOV 07/13 THB 174,760,467.22 5,674,164.34 0.07


4.85% THAÏLANDE M.O.F. 11/61 SR THB 206,716,666.94 6,730,848.02 0.08


5% THAÏLANDE 09/40 THB 272,127,013.25 9,817,939.33 0.11

5% THAÏLANDE GOV 07/17 THB 1,497,946.86 51,476.46 0.00






5.5% M.O.F. (THAÏLANDE) 07/23 THB 19,972,624.83 739,587.91 0.01




663,777,754.83 7.62

TURQUIE

TBI TURQUIE 200213 TRY 317,914,255.66 152,798,413.35 1.75

0% TURQUIE 11/12 TRY 352,257,184.05 173,506,638.91 1.99

0% TURQUIE 11/150513 TRY 383,843,890.21 181,184,017.64 2.08

0% TURKIYE IS BANKASI 11/12 TRY 69,504,734.39 34,061,564.23 0.39

8.00% TURQUIE 11/14 TRY 189,739,935.84 101,429,108.08 1.16

10% TURQUIE (INFLATION) 07/12 TRY 172,294,846.69 134,061,366.39 1.54

10% TURQUIE 10/13 TRY 97,266,682.90 53,669,666.49 0.61

10.5% TURQUIE 10/20 TRY 214,862,501.98 122,947,507.66 1.41

11% TURQUIE 09/14 TRY 24,895,876.84 14,245,789.66 0.16

16% TURQUIE 08/13 TRY 1,997,262.48 1,219,125.67 0.01

969,123,198.08 11.10





VENEZUELA

11.95% VENEZUELA 11/31 -S- USD 6,380,255.00 4,711,817.68 0.05

4,711,817.68 0.05

ZAMBIE

12% ZAMBIE 07/12 ZMK 4,993,156,206.35 1,017,159.55 0.01

1,017,159.55 0.01


OPTIONS

ROYAUME-UNI

CALL AUD/NZD 03/11/2011 1.3 2,057,180.36 406,174.23 0.00

PUT EUR/AUD SPOT CROSS RATES 26/10/2011 1.3175 1,521,914.01 311,153.58 0.00

717,327.81 0.00


TOTAL I. 7,422,794,233.58 85.04


OBLIGATIONS

ALLEMAGNE

10% CLN INDONESIE (DB) 08/28 USD 99,863.12 230,131.50 0.00

230,131.50 0.00

ETATS-UNIS

11% CLN INDONESIE (CITI) 08/14 USD 699,041.87 833,705.85 0.01

11.5% CLN INDONESIE (CITI) 07/19 USD 1,328,759.76 1,427,918.98 0.02

2,261,624.83 0.03

GHANA

14.47% GHANA 06/11 GHS 4,793,429.96 3,005,198.46 0.03

15% GHANA 07/12 GHS 998,631.24 640,960.80 0.01

3,646,159.26 0.04

HONG KONG

9.75% CLN INDONESIE (HSBC) 07/37 USD 1,438,023.99 1,724,936.24 0.02

1,724,936.24 0.02

MALAISIE

3.461% MALAISIE 08/13 MYR 9,986,312.41 3,148,386.67 0.04

4.232% MALAISIE 11/31 S.11 MYR 29,239,922.74 9,250,532.47 0.11

4.392% MALAISIE 11/26 MYR 126,326,852.02 41,251,607.31 0.47

53,650,526.45 0.62




191


PHILIPPINES

6.125% PHILIPPINES 10/20 PHP 139,808,373.78 3,278,859.04 0.04

6.375% PHILIPPINES (PROV.) 11/22 PHP 142,171,087.36 3,332,767.81 0.04

6,611,626.85 0.08

SRI LANKA


6.85% SRI LANKA 06/12 LKR 1,168,398,552.29 10,494,080.71 0.12


7.5% SRI LANKA 03/13 LKR 699,041,868.89 6,278,890.42 0.07

25,192,104.56 0.28

SUPRANATIONAL

6.5% E.B.R.D. 11/14 IDR 37,947,987,168.26 4,242,132.64 0.05

4,242,132.64 0.05


OPTIONS

CHINE








PUT USD/CNY SPOT CROSS RATES 23/12/2011 6.36 2,567,480.92 1,201,401.35 0.01


PUT USD/CNY SPOT CROSS RATES 25/10/2011 6.39 -255,273,113.79 -1,276,365.57 -0.01






4,729,659.88 0.07

ETATS-UNIS


0.00 0.00

FRANCE

PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 2,570,476.82 2,495,732.32 0.03

PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 -2,570,476.82 -2,102,981.56 -0.02

392,750.76 0.01





INDE

CALL USD/INR SPOT CROSS RATES 20/12/2011 0 1,024,096.34 0.00 0.00

CALL USD/INR SPOT CROSS RATES 23/12/2011 0 1,024,096.34 0.00 0.00


PUT USD/INR SPOT CROSS RATES 28/10/2011 45.35 77,139,270.23 2,314.18 0.00

2,314.18 0.00

INDONESIE



0.00 0.00

JAPON


PUT EUR/JPY CROSS-RATES 21/12/2011 105.4 123,351,852.66 1,926,439.49 0.02


2,700,290.52 0.03

ROYAUME-UNI





CALL USD/JPY SPOT CROSS RATES 12/12/2011 86.65 2,448,478.03 0.00 0.00



CALL USD/KRW SPOT CROSS RATES 30/11/2011 1028 -2,570,476.82 0.00 0.00

CALL USD/MYR SPOT CROSS RATES 30/09/2011 0 2,027,201.45 0.00 0.00

PUT EUR/CHF SPOT CROSS RATES 12/03/2012 1.1 2,570,476.82 362,436.39 0.00


PUT EUR/USD 12/10/2011 1.295 2,570,476.82 839,097.67 0.01

PUT EUR/USD 12/10/2011 1.295 -2,570,476.82 -418,617.66 0.00





PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.5 -384,036,126.72 -1,282,680.66 -0.01

PUT USD/HKD SPOT CROSS RATES 21/06/2012 7.79 256,024,084.48 1,938,102.32 0.02







2,409,544.50 0.03

SUISSE

CALL AUD/NZD 05/10/2011 1.272 102,852,027.43 404,847.12 0.00

CALL AUD/NZD 05/10/2011 1.284 -102,852,027.43 -9,996.23 0.00

CALL USD/CAD SPOT CROSS RATE 22/11/2011 1.09 2,536,523.35 1,170,351.87 0.01





193


PUT EUR/USD 17/11/2011 1.28 76,522,959.97 1,020,551.35 0.01

PUT EUR/USD 17/11/2011 1.33 -153,045,920.94 -3,987,747.94 -0.05

PUT EUR/USD 17/11/2011 1.38 76,522,959.97 4,240,318.97 0.05

PUT EUR/USD 21/12/2011 1.34 1,530,502.24 576,083.55 0.01



4,085,576.76 0.03

TOTAL OPTIONS 14,320,136.60 0.17

TOTAL II. 111,879,378.93 1.29


BRESIL

TBI BRESIL 01/10/11 BRL 1000 BRL 174,760.47 94,105,029.65 1.08

94,105,029.65 1.08

INDONESIE

0% INDONESIE 11/11 IDR 189,290,551,788.42 21,336,324.69 0.24

0% INDONESIE 11/12 IDR 29,958,937,238.10 3,305,459.02 0.04

24,641,783.71 0.28

SRI LANKA






0% GOVT DU SRI LANKA 11/12 LKR 74,897,343.10 660,484.17 0.01

0% SRI LANKA 11/12 LKR 99,863,124.13 868,194.27 0.01

15,373,082.48 0.18

THAÏLANDE

0% THAÏLANDE 10/11 THB 99,863,124.13 3,211,941.98 0.04

3,211,941.98 0.04

TURQUIE

0% TURQUIE 10/12 TRY 266,634,541.42 134,005,399.25 1.54

134,005,399.25 1.54

ZAMBIE

0% TBI ZAMBIA 10/11 ZMK 9,986,312,412.70 2,063,522.86 0.02

2,063,522.86 0.02

TOTAL III. 273,400,759.93 3.14


AVOIRS EN BANQUE 631,277,704.47 7.23








Turquie 12.64

Afrique du Sud 11.20

Malaisie 9.47

Indonésie 8.35

Brésil 8.28

Thaïlande 7.66

Mexique 7.54

Pologne 7.00

Hongrie 4.84

Russie 3.96

Luxembourg 1.92

Colombie 1.73

Pérou 1.35

Sri Lanka 0.79

Singapour 0.71

Philippines 0.68

Supranational 0.53

Allemagne 0.23

Royaume-Uni 0.10

Chili 0.08

Chine 0.07

Vénézuela 0.05

Ghana 0.04

Iles Caïmans 0.04

Géorgie 0.04

Etats-Unis 0.03

Zambie 0.03

Japon 0.03

Suisse 0.03

Hong Kong 0.02

Corée du Sud 0.01

Egypte 0.01

France 0.01

Inde 0.00

89.47







Options 0.17

89.47

Pictet - Asian Local Currency Debt



195



OBLIGATIONS

ALLEMAGNE

1.86% K.F.W. 09/12 SGD 30,500,000.00 23,787,490.49 1.33

23,787,490.49 1.33

AUSTRALIE

2.875% COMMONWEAL. BANK AUST.10/15 SGD 2,000,000.00 1,586,149.80 0.09

1,586,149.80 0.09

CHINE

1.80% CHINA 10/15 'HK' -SR- CNY 68,000,000.00 10,867,554.08 0.61

1.95% EXP. IMP. BK CHINA10/12-S-HK SR CNY 28,500,000.00 4,496,732.53 0.25

2.70% CHINA DEVELOP. BANK 10/13 SR CNY 25,000,000.00 4,007,175.54 0.22

19,371,462.15 1.08

COREE DU SUD

3.28% BANK OF KOREA 10/12 KRW 95,000,000,000.00 80,251,490.81 4.44

4.5% COREE DU SUD 10/15 KRW 200,000,000.00 174,381.24 0.01

5% COREE DU SUD 06/16 KRW 2,000,000,000.00 1,795,020.82 0.10

5% COREE DU SUD 10/20 KRW 60,000,000,000.00 55,533,694.64 3.10

5.5% COREE DU SUD 08/28 KRW 2,000,000,000.00 1,994,232.38 0.11

5.5% COREE DU SUD 09/29 KRW 4,000,000,000.00 4,143,444.72 0.23

5.75% COREE DU SUD 08/18 KRW 12,300,000,000.00 11,661,951.41 0.65

7% WOORI BANK 09/15 USD 100,000.00 107,755.00 0.01

155,661,971.02 8.65

ETATS-UNIS

2% CATERPILLAR FIN. 10/12 CNY 68,500,000.00 10,813,302.48 0.60

10,813,302.48 0.60

FRANCE

2.95% BNP PARIBAS 10/17 HKD 35,000,000.00 4,267,532.16 0.24

3.00% AIR LIQUIDE FINANCE 11/16 SR CNY 110,000,000.00 17,062,811.98 0.95

21,330,344.14 1.19

HONG KONG

1.6% HSBC SINGAPORE 10/13 SGD 15,000,000.00 11,502,389.47 0.64

1.75% HONG KONG 10/15 HKD 50,000,000.00 6,708,169.72 0.37

2.07% HK SAR GOVERNMENT 09/14 HKD 220,000,000.00 29,739,081.66 1.66

2.16% HONG KONG 09/19 HKD 39,000,000.00 5,409,622.12 0.30

2.46% HONG KONG SAR GOVERNMENT 11/21 HKD 33,000,000.00 4,687,951.45 0.26

2.9% CHINA RES. POWER 10/13 CNY 13,000,000.00 2,052,159.60 0.11

2.93% HK SAR GOVERNMENT 10/20 HKD 60,000,000.00 8,780,833.68 0.49

3.2% CHINA POWER INTL 10/15 CNY 8,000,000.00 1,190,793.12 0.07

3.52% HONG KONG 07/17 HKD 50,000,000.00 7,414,934.78 0.41





4.65% KCRC 03/13 HKD 10,000,000.00 1,363,953.60 0.08

4.74% HONG KONG 06/13 HKD 12,000,000.00 1,655,717.52 0.09

4.83% HONG KONG 06/16 HKD 12,000,000.00 1,833,660.54 0.10

82,339,267.26 4.58

ILES CAÏMANS

10.5% CN PROPERTY 11/16 CNY 9,000,000.00 954,847.65 0.05

954,847.65 0.05


1.8% SINOCHEM 11/14 CNY 15,000,000.00 2,273,866.47 0.13

2,273,866.47 0.13

INDE

FRN INDE 09/20 INR 500,000,000.00 9,707,522.88 0.54

5.59% INDE 04/16 INR 50,000,000.00 909,602.54 0.05

6.07% INDE 09/14 INR 100,000,000.00 1,931,312.95 0.11

6.25% INDE 03/18 INR 100,000,000.00 1,824,300.89 0.10

6.35% INDE 03/20 INR 300,000,000.00 5,381,178.04 0.30

6.85% INDE 02/12 INR 100,000,000.00 2,023,037.58 0.11

6.9% POWER FINANCE 09/12 INR 100,000,000.00 2,003,591.96 0.11

7% INDIAN OIL CORP 09/12 INR 200,000,000.00 4,003,596.46 0.22

7.02% INDE 09/16 INR 562,000,000.00 10,872,880.17 0.61

7.27% INDE 02/13 INR 50,000,000.00 997,862.01 0.06

7.4% INDE 02/12 INR 50,000,000.00 1,013,781.33 0.06

7.46% INDE 02/17 INR 240,000,000.00 4,696,300.83 0.26

7.49% INDE 02/17 INR 550,000,000.00 10,817,288.93 0.60

7.56% INDE 08/14 INR 50,000,000.00 997,505.30 0.06

7.6% RURAL ELECTRIFIC. 10/13 INR 250,000,000.00 4,978,812.68 0.28

7.8% INDE 10/20 INR 200,000,000.00 3,918,883.67 0.22

7.83% INDE 11/18 INR 500,000,000.00 9,894,641.11 0.55

7.99% INDE 07/17 INR 950,000,000.00 18,982,615.11 1.06

8.13% INDE 07/22 INR 500,000,000.00 9,920,018.26 0.55

8.26% INDE 07/27 SR INR 500,000,000.00 9,899,838.84 0.55

8.3% INDE 08/14 INR 1,000,000,000.00 19,669,836.38 1.10

8.95% POWER FINANCE 10/15 INR 100,000,000.00 2,001,940.91 0.11

136,446,348.83 7.61

INDONESIE

4.875% INDONESIE 11/21 USD 5,625,000.00 5,709,375.00 0.32

5.25% PERTAMINA 11/21 USD 3,800,000.00 3,705,000.00 0.21

6.5% PERTAMINA 11/41 USD 2,291,000.00 2,239,452.50 0.13

7.95% INDONESIE 10/13 IDR 26,500,000,000.00 3,099,515.84 0.17

8.15% INDONESIE 11/14 IDR 100,000,000,000.00 11,691,847.59 0.65

8.25% INDONESIE 10/21 IDR 3,660,000,000.00 447,699.21 0.02

8.7% INDONESIE 10/13 IDR 10,000,000,000.00 1,160,865.22 0.06

9% INDONESIE 07/13 IDR 4,000,000,000.00 482,287.15 0.03

9% INDONESIE 07/18 IDR 55,000,000,000.00 6,975,912.28 0.39

9.25% INDONESIE 09/15 IDR 5,920,000,000.00 717,268.30 0.04

9.35% INDONESIE 09/12 IDR 10,000,000,000.00 1,168,945.76 0.07

9.5% INDONESIE 04/15 IDR 35,000,000,000.00 4,399,901.13 0.25

9.5% INDONESIE 07/23 IDR 116,000,000,000.00 15,412,142.94 0.86




197


9.5% INDONESIE 08/12 IDR 123,200,000,000.00 14,223,900.41 0.79

9.5% INDONESIE 10/31 IDR 19,712,000,000.00 2,673,886.88 0.15

9.5% INDONESIE 11/41 FR0057 SR IDR 133,000,000.00 18,107.36 0.00

9.75% INDONESIE 07/37 IDR 75,500,000,000.00 10,123,034.98 0.57

10% INDONESIE 05/17 IDR 10,000,000,000.00 1,319,801.33 0.07

10% INDONESIE 07/24 IDR 50,000,000,000.00 6,881,825.29 0.38

10% INDONESIE 07/28 IDR 140,000,000,000.00 19,255,726.72 1.07

10.25% INDONESIE 07/22 IDR 60,000,000,000.00 8,346,211.25 0.47

10.25% INDONESIE 07/27 IDR 57,302,000,000.00 8,032,603.89 0.45

10.25% INDONESIE 10/30 IDR 8,500,000,000.00 1,207,183.75 0.07

10.5% INDONESIE 08/38 IDR 201,050,000,000.00 28,825,050.32 1.61

10.5% INDONESIE 09/30 IDR 8,896,000,000.00 1,270,946.86 0.07

10.75% INDONESIE 05/16 IDR 7,000,000,000.00 933,962.74 0.05

11% INDONESIE 03/12 IDR 4,000,000,000.00 485,692.35 0.03

11% INDONESIE 05/20 IDR 21,000,000,000.00 3,017,324.31 0.17

11% INDONESIE 06/25 IDR 12,844,000,000.00 1,895,679.77 0.11

11.45% INDONESIE 08/13 IDR 13,000,000,000.00 1,618,817.45 0.09

11.5% INDONESIE 06/19 IDR 4,981,000,000.00 721,995.73 0.04

12.8% INDONESIE 05/21 IDR 22,000,000,000.00 3,491,962.26 0.19

12.9% INDONESIE 05/22 IDR 2,500,000,000.00 404,069.30 0.02

14.275% INDONESIE 02/13 IDR 25,000,000,000.00 3,306,189.68 0.18

175,264,185.55 9.78

LIBAN

7.9% LIBAN 10/17 LBP 2,500,000,000.00 1,737,366.89 0.10

1,737,366.89 0.10

MALAISIE


3.21% MALAISIE 09/13 MYR 9,500,000.00 2,981,677.08 0.17

3.7% MALAISIE 07/13 MYR 2,000,000.00 632,733.24 0.04


3.741% MALAISIE 09/15 MYR 66,000,000.00 20,911,207.05 1.17

3.814% MALAISIE 07/17 MYR 26,500,000.00 8,408,617.53 0.47

3.82% MALAISIE 06/16 MYR 1,200,000.00 381,331.41 0.02

3.835% MALAISIE 10/15 MYR 31,300,000.00 9,946,394.22 0.56

3.90% SILTERRA CAPITAL 07/14 MYR 1,300,000.00 410,950.84 0.02

4.012% MALAISIE 10/17 MYR 25,500,000.00 8,163,198.47 0.46

4.02% CAGAMAS 05/17 MYR 1,500,000.00 454,534.26 0.03

4.16% MALAISIE 11/21 MYR 89,000,000.00 28,909,331.05 1.61

4.262% MALAISIE 06/16 MYR 22,300,000.00 7,257,544.21 0.41

4.378% MALAISIE 09/19 MYR 61,300,000.00 20,065,317.88 1.12

4.498% MALAISIE 10/30 MYR 3,000,000.00 972,592.43 0.05

5.094% MALAISIE 04/14 MYR 89,700,000.00 29,347,436.17 1.64

5.248% MALAISIE 08/28 MYR 1,700,000.00 608,113.02 0.03

5.734% MALAISIE 04/19 MYR 2,200,000.00 783,868.77 0.04

150,025,899.79 8.39

PAKISTAN

8.625% PAKISTAN MOBILE 06/13 USD 1,000,000.00 930,000.00 0.05

930,000.00 0.05





PAYS-BAS

1.15% UNILEVER 11/14 CNY 20,000,000.00 3,172,836.94 0.18

2.1% RABOBANK 09/12 SGD 4,000,000.00 3,120,240.43 0.17

7.25% MAJAPAHIT BV 07/17 USD 2,100,000.00 2,286,375.00 0.13

8,579,452.37 0.48

PHILIPPINES

2.85% ASIAN DEV. BANK 10/20 CNY 77,500,000.00 12,537,602.26 0.70

4.95% PHILIPPINES 10/21 PHP 437,000,000.00 9,444,598.88 0.53

5.25% PHILIPPINES 10/13 PHP 80,000,000.00 1,891,548.02 0.11

5.75% PHILIPPINES 07/12 PHP 50,000,000.00 1,159,234.09 0.06

5.875% NATIONAL POWER 06/16 PHP 50,000,000.00 1,213,047.71 0.07

6.25% PHILIPPINES 11/36 PHP 1,000,000,000.00 21,640,942.18 1.21


7% PETRON (D. CCY) 10/17 PHP 662,000,000.00 14,383,079.03 0.80

7.79% POWER SECTOR ASS. 09/24 USD 629,000.00 725,708.75 0.04

8.00% PHILIPPINES 11/3120-17 SR PHP 257,051,047.00 6,268,479.59 0.35

73,354,740.51 4.10

ROYAUME-UNI

1.75% TESCO 11/14 -SR-S CNY 40,000,000.00 6,228,161.40 0.35

6,228,161.40 0.35

SINGAPOUR

1.005% HOUSING&DEV. 11/14-SR- SGD 14,000,000.00 10,758,945.49 0.60

2.25% SINGAPOUR 11/21 -SR- SGD 10,000,000.00 8,130,588.75 0.45

2.815% HOUSING DEV. 11/21 SGD 25,000,000.00 20,166,769.38 1.13

3% SINGAPOUR 10/24 SGD 12,000,000.00 10,377,352.73 0.58

3.125% SINGAPOUR 07/22 SGD 1,500,000.00 1,318,757.79 0.07

3.25% SINGAPOUR 05/20 SGD 29,000,000.00 25,413,400.44 1.42

3.265% TEMASEK FINANCIAL 10/20 SGD 1,000,000.00 818,677.32 0.05

3.50% SINGAPOUR 07/27 SGD 29,350,000.00 26,750,183.45 1.49

4% SINGAPOUR 03/18 SGD 78,000,000.00 71,414,953.96 3.99

4.2% TEMASEK FINANCIAL I 10/50 SGD 500,000.00 415,919.17 0.02


12% BUMI CAPITAL 09/16 USD 5,950,000.00 5,801,250.00 0.32

182,754,298.48 10.20

SRI LANKA

6.25% SRI LANKA 11/21 USD 3,147,000.00 3,032,921.25 0.17

8.25% SRI LANKA 07/12 USD 16,140,000.00 16,987,350.00 0.95

20,020,271.25 1.12

SUPRANATIONAL

1.1% I.F.C. 09/12 SGD 35,000,000.00 27,122,159.42 1.51

1.43% WORLDBANK 09/14 SGD 1,000,000.00 786,144.19 0.04

27,908,303.61 1.55




199


TAÏWAN

0.25% TAÏWAN M.O.F. 09/11 TWD 350,000,000.00 11,484,763.84 0.64

0.25% TAÏWAN M.O.F. 10/12 TWD 1,700,000,000.00 55,703,355.21 3.11

1.375% TAÏWAN M.O.F. 09/19 TWD 50,000,000.00 1,659,518.93 0.09

1.875% TAÏWAN M.O.F. 07/12 TWD 200,000,000.00 6,587,270.95 0.37

1.875% TAÏWAN M.O.F. 10/30 TWD 750,000,000.00 25,234,653.22 1.41

2.125% TAÏWAN M.O.F. 09/29 TWD 50,000,000.00 1,743,626.96 0.10

2.125% TAÏWAN M.O.F. 09/29 TWD 100,000,000.00 3,490,398.01 0.19

2.25% TAÏWAN M.O.F. 10/40 TWD 250,000,000.00 8,914,659.41 0.50

114,818,246.53 6.41

THAÏLANDE










4.85% THAÏLANDE M.O.F. 11/61 SR THB 210,000,000.00 6,839,018.40 0.38

5% THAÏLANDE 09/40 THB 44,500,000.00 1,605,790.51 0.09

5% THAÏLANDE GOV 07/17 THB 7,500,000.00 257,782.65 0.01





99,199,701.19 5.54


OPTIONS

ROYAUME-UNI

CALL AUD/NZD 03/11/2011 1.3 772,000.00 152,440.86 0.01


268,221.60 0.02


TOTAL I. 1,315,653,899.46 73.40


OBLIGATIONS

AUSTRALIE

FRN COMMONWEAL.BK AUST. 09/14 HKD 10,000,000.00 1,268,453.91 0.07

4.5% ANZ BANKING GROUP 10/20 HKD 35,000,000.00 5,137,857.80 0.29

6,406,311.71 0.36





CHINE

FRN CHINA DEVELOP. BANK 10/13 CNY 85,000,000.00 14,183,756.24 0.79

1% BK OF COMMUNIC. (CD) 11/13 CNY 30,000,000.00 4,637,042.43 0.26

1.35% BK OF COMMUNIC.11/14 HK-SR CNY 10,000,000.00 1,541,372.02 0.09

1.9% CHINA DEVELOP. BK 09/12 HKD 20,000,000.00 2,599,742.76 0.15

2.1% CHINA DEVELOP. BANK 10/12 CNY 10,000,000.00 1,576,234.05 0.09

2.7% CHINA DEVELOP. BANK 11/16 HKD 20,000,000.00 2,669,224.00 0.15

4.47% CHINA DEVELOP. BANK 11/26 HKD 35,000,000.00 5,238,548.84 0.29

32,445,920.34 1.82

ETATS-UNIS

5.28% I.F.C. 03/18 HKD 62,000,000.00 9,919,310.86 0.55

11% CLN INDONESIE (CITI) 08/14 USD 101,000.00 120,456.73 0.01

10,039,767.59 0.56

FRANCE

3.05% BNP PARIBAS 09/14 HKD 33,000,000.00 4,395,997.78 0.25

4,395,997.78 0.25

HONG KONG

1.45% ANZ BANKING HK 10/12 HK SR CNY 35,000,000.00 5,454,247.71 0.30

2% KCRC 09/12 HKD 8,000,000.00 1,035,130.29 0.06

2.25% ICBC ASIA 10/12 HK 13 CNY 18,500,000.00 2,908,786.40 0.16

2.25% ICBC ASIA 10/12 HK 14 CNY 47,000,000.00 7,389,889.77 0.41

2.8% KOWLOON CANTON RAIL. 10/15 HKD 30,000,000.00 4,030,990.79 0.23

9.75% CLN INDONESIE (HSBC) 07/37 USD 50.00 59.98 0.00

20,819,104.94 1.16


4% UA FINANCE BVI 11/14 CNY 22,000,000.00 3,395,327.23 0.19

3,395,327.23 0.19

MACAO

1.45% ICBC MACAU 11/12HK-14-SR CNY 40,000,000.00 6,259,811.43 0.35

6,259,811.43 0.35

MALAISIE

4.232% MALAISIE 11/31 S.11 MYR 5,000,000.00 1,581,833.09 0.09

4.392% MALAISIE 11/26 MYR 22,200,000.00 7,249,337.47 0.40

8,831,170.56 0.49

PAYS-BAS

2.63% RABOBANK 10/15 HKD 27,000,000.00 3,634,478.26 0.20

3% RABOBANK 09/14 HKD 21,000,000.00 2,846,651.68 0.16

6,481,129.94 0.36




201


PHILIPPINES

5.25% NATIONAL POWER 06/11 PHP 250,000,000.00 5,770,155.57 0.32

6.125% PHILIPPINES 10/20 PHP 80,000,000.00 1,876,203.39 0.10

6.375% PHILIPPINES (PROV.) 11/22 PHP 81,351,973.00 1,907,050.64 0.11

8.75% PHILIPPINES 10/30 PHP 235,900,000.00 6,191,939.01 0.35

15,745,348.61 0.88

SRI LANKA


6.85% SRI LANKA 06/12 LKR 347,500,000.00 3,121,792.77 0.17


7.5% SRI LANKA 03/13 LKR 100,000,000.00 898,412.09 0.05

12,726,717.61 0.70

SUISSE

1.65% EUROFIMA 10/13 HKD 75,000,000.00 9,800,347.09 0.55

9,800,347.09 0.55

SUPRANATIONAL

2.28% DEV. CONSEIL EUROPE 09/14 HKD 25,000,000.00 3,362,147.50 0.19

4.18% EUROFIMA 05/15 HKD 82,000,000.00 11,722,753.18 0.65

6.5% E.B.R.D. 11/14 IDR 35,000,000,000.00 3,918,231.92 0.22

19,003,132.60 1.06


OPTIONS

CHINE






PUT USD/CNY SPOT CROSS RATES 23/12/2011 6.26 -888,200.00 -114,480.10 -0.01










1,261,165.11 0.09

ETATS-UNIS


0.00 0.00





FRANCE



147,460.17 0.01

INDE





868.41 0.00

INDONESIE



0.00 0.00

JAPON




649,396.55 0.04

ROYAUME-UNI












PUT EUR/USD 12/10/2011 1.295 965,000.00 173,847.77 0.01

PUT EUR/USD 12/10/2011 1.295 -965,000.00 -88,059.38 0.00













703,500.44 0.05




203


SUISSE

CALL AUD/NZD 05/10/2011 1.272 38,596,000.00 151,937.36 0.01

CALL AUD/NZD 05/10/2011 1.284 -38,596,000.00 -3,751.54 0.00

CALL USD/CAD SPOT CROSS RATE 22/11/2011 1.09 1,006,000.00 337,120.66 0.02


PUT EUR/USD 17/11/2011 1.28 27,554,262.00 275,404.37 0.02

PUT EUR/USD 17/11/2011 1.33 -55,108,523.00 -1,073,294.39 -0.06

PUT EUR/USD 17/11/2011 1.38 27,554,262.00 1,184,350.57 0.07

PUT EUR/USD 21/12/2011 1.34 551,100.00 164,844.55 0.01



1,291,720.61 0.09

TOTAL OPTIONS 4,054,111.29 0.28

TOTAL II. 160,404,198.72 9.01


INDONESIE

0% INDONESIE 11/11 IDR 70,000,000,000.00 7,952,461.70 0.44

0% INDONESIE 11/11 IDR 20,670,000,000.00 2,330,381.40 0.13

10,282,843.10 0.57

SRI LANKA




7,139,843.34 0.40

SUPRANATIONAL

0.95% WORLDBANK 11/13 CNY 15,000,000.00 2,363,175.96 0.13

2,363,175.96 0.13

THAÏLANDE

0% THAÏLANDE 10/11 THB 514,500,000.00 16,551,147.51 0.92

16,551,147.51 0.92

TOTAL III. 36,337,009.91 2.02


AVOIRS EN BANQUE 250,404,589.88 13.98








Indonésie 10.35

Singapour 10.20

Malaisie 8.88

Corée du Sud 8.65

Inde 7.61

Thaïlande 6.46

Taïwan 6.41

Hong Kong 5.74

Philippines 4.98

Chine 2.99

Supranational 2.74

Sri Lanka 2.22

France 1.45

Allemagne 1.33

Etats-Unis 1.16

Pays-Bas 0.84

Suisse 0.64

Australie 0.45

Royaume-Uni 0.42

Macao 0.35


Liban 0.10

Iles Caïmans 0.05

Pakistan 0.05

Japon 0.04

84.43







Options 0.30

84.43

Pictet - Global Emerging Currencies



205



OBLIGATIONS

AFRIQUE DU SUD


2,065,774.00 0.21

ALLEMAGNE

FRN K.F.W. 09/14 USD 5,500,000.00 5,521,724.45 0.56

5,521,724.45 0.56

COLOMBIE

10% COLOMBIE 01/12 USD 8,600,000.00 8,804,250.00 0.89

8,804,250.00 0.89

COREE DU SUD

FRN KOREA NATIONAL 06/11 USD 1,500,000.00 1,496,205.00 0.15

1,496,205.00 0.15

COTE D’IVOIRE

FRN AFRICAN DEV. BANK 09/14 USD 400,000.00 402,944.00 0.04

402,944.00 0.04

ILES CAÏMANS

9.625% BRAZIL DEVELOPMENT 01/11 USD 2,762,000.00 2,808,608.75 0.28

2,808,608.75 0.28

INDONESIE

9.5% INDONESIE 08/12 IDR 132,000,000,000.00 15,228,997.10 1.53

15,228,997.10 1.53

MALAISIE

2.711% MALAISIE 09/12 MYR 175,150,000.00 54,805,908.04 5.51

54,805,908.04 5.51

SUPRANATIONAL

3.27% ASIAN DEV. BANK 07/12 SGD 2,500,000.00 1,937,283.54 0.19

1,937,283.54 0.19

TUNISIE

7.375% BQUE C. TUNISIE-GL. -02/12- SR USD 4,000,000.00 4,112,017.60 0.41

4,112,017.60 0.41

TURQUIE


11.5% TURQUIE 02/12 USD 11,918,000.00 12,247,741.27 1.23

12,982,260.80 1.30





UKRAINE

6.385% UKRAINE 07/12 SR REG. S USD 6,000,000.00 5,865,000.00 0.59

5,865,000.00 0.59


OPTIONS

ROYAUME-UNI

CALL AUD/NZD 03/11/2011 1.3 485,000.00 95,759.47 0.01


165,067.63 0.02


TOTAL I. 116,196,040.91 11.68


OBLIGATIONS

AUSTRALIE

2.2% COMMONWEAL.BK AUST. 09/12 HKD 10,000,000.00 1,288,239.43 0.13

1,288,239.43 0.13

CHINE

FRN CHINA DEVELOP. BANK 10/13 CNY 77,000,000.00 12,841,100.02 1.29

1.2% AGRICUL. BK CHINA 'H' 10/11 CNY 30,000,000.00 4,688,281.16 0.47

2.25% CHINE 'HK' 09/11 CNY 5,050,000.00 791,487.32 0.08

18,320,868.50 1.84

ILES CAÏMANS

2.38% MTR CORP. (CI) 08/11 HKD 6,000,000.00 772,531.30 0.08

772,531.30 0.08

MACAO

1.45% ICBC MACAU 11/12HK-14-SR CNY 30,000,000.00 4,692,039.30 0.47

4,692,039.30 0.47

UKRAINE

6.7% UKRAINE 10/11 -SR- USD 9,110,000.00 9,115,693.75 0.92

9,115,693.75 0.92





207


OPTIONS

CHINE
















729,080.39 0.08

ETATS-UNIS


0.00 0.00

FRANCE



92,592.53 0.01

INDE





545.67 0.00

INDONESIE



0.00 0.00

JAPON




340,220.97 0.04

ROYAUME-UNI
















PUT EUR/USD 12/10/2011 1.295 606,000.00 197,820.57 0.02

PUT EUR/USD 12/10/2011 1.295 -606,000.00 -98,690.76 -0.01













503,993.27 0.06

SUISSE

CALL AUD/NZD 05/10/2011 1.272 24,252,000.00 95,460.95 0.01

CALL AUD/NZD 05/10/2011 1.284 -24,252,000.00 -2,357.06 0.00

CALL USD/CAD SPOT CROSS RATE 22/11/2011 1.09 565,000.00 260,691.00 0.03


PUT EUR/USD 17/11/2011 1.28 19,454,738.00 259,458.85 0.03

PUT EUR/USD 17/11/2011 1.33 -38,909,476.00 -1,013,821.09 -0.10

PUT EUR/USD 17/11/2011 1.38 19,454,738.00 1,078,033.24 0.11

PUT EUR/USD 21/12/2011 1.34 389,100.00 146,457.87 0.01



995,599.27 0.11

TOTAL OPTIONS 2,662,032.10 0.30

TOTAL II. 36,851,404.38 3.74


BRESIL


11,846,561.67 1.19

HONG KONG

TBI HONG KONG 30/11/11 S.91 HKD 200,000,000.00 25,685,012.60 2.58

0% HONG KONG 11/11 HKD 85,500,000.00 10,982,979.98 1.10

36,667,992.58 3.68




209


HONGRIE

TBI HONGRIE 07/12/11 3M HUF 4,400,000,000.00 19,919,116.29 2.00

TBI HONGRIE 09/11/11 3M HUF 4,800,000,000.00 21,804,685.15 2.19

TBI HONGRIE 14/12/11 3M HUF 4,574,900,000.00 20,651,588.78 2.08

TBI HONGRIE 19/10/11 3M HUF 2,300,000,000.00 10,488,729.44 1.05

TBI HONGRIE 30/11/11 3M HUF 3,000,000,000.00 13,575,795.35 1.37

0% HONGRIE 05.10.11 HUF 4,788,510,000.00 21,893,508.29 2.20

0% HONGRIE 10/11 HUF 1,400,000,000.00 6,355,634.49 0.64

0% HONGRIE 11/11 HUF 1,930,340,000.00 8,814,305.72 0.89

0% HONGRIE 11/12 HUF 1,000,000,000.00 4,499,497.06 0.45

128,002,860.57 12.87

INDONESIE

0% INDONESIE 11/11 IDR 100,000,000,000.00 11,352,535.80 1.14

0% INDONESIE 11/11 IDR 41,330,000,000.00 4,658,607.05 0.47

0% INDONESIE 11/12 IDR 100,000,000,000.00 11,146,573.82 1.12

0% INDONESIE 11/12 IDR 150,000,000,000.00 16,616,651.71 1.67

43,774,368.38 4.40

MALAISIE

0% MALAISIE 11/11 MYR 26,800,000.00 8,375,175.02 0.84

8,375,175.02 0.84

MEXIQUE

TBI MEXIQUE CETES 011211 MXN10 MXN 30,000,000.00 21,532,942.37 2.17



0% MEXIQUE (CETES) 11/11 MXN 33,000,000.00 23,855,654.10 2.40

71,328,970.86 7.18

POLOGNE

TBI POLOGNE 010212 '52W' PLN 105,000,000.00 31,445,058.40 3.16

0% POLOGNE 09/12 PLN 50,000,000.00 14,990,170.56 1.51

0% POLOGNE 10/11 PLN 20,000,000.00 6,060,581.57 0.61

52,495,810.53 5.28

ROUMANIE

0% ROUMANIE 10/11 RON 15,600,000.00 4,781,114.18 0.48

0% ROUMANIE 11/12 RON 12,000,000.00 3,626,061.82 0.36

0% ROUMANIE 11/12 RON 40,000,000.00 12,085,702.49 1.22

0% ROUMANIE 11/12 RON 15,600,000.00 4,689,499.18 0.47

0% ROUMANIE 28.12.11 RON 30,000,000.00 9,089,359.28 0.91

34,271,736.95 3.44

THAÏLANDE

TBI THAÏLANDE 030512 S363 THB 400,000,000.00 12,601,455.85 1.27

0% THAÏLANDE 10/11 THB 551,000,000.00 17,722,057.54 1.78

30,323,513.39 3.05





TURQUIE

0% TURQUIE 10/11 TRY 184,600,000.00 98,466,403.08 9.90

0% TURQUIE 10/12 TRY 1,000,000.00 502,580.79 0.05

0% TURQUIE 10/12 TRY 176,000,000.00 92,473,648.33 9.30

191,442,632.20 19.25

TOTAL III. 608,529,622.15 61.18


AVOIRS EN BANQUE 202,452,964.45 20.36





211




Turquie 20.55

Hongrie 12.87

Mexique 7.18

Malaisie 6.35

Indonésie 5.93

Pologne 5.28

Hong Kong 3.68

Roumanie 3.44

Thaïlande 3.05

Chine 1.92

Ukraine 1.51

Brésil 1.19

Colombie 0.89

Allemagne 0.56

Macao 0.47

Tunisie 0.41

Iles Caïmans 0.36

Afrique du Sud 0.21

Supranational 0.19

Corée du Sud 0.15

Australie 0.13

Suisse 0.11

Royaume-Uni 0.08

Côte d’Ivoire 0.04

Japon 0.04

France 0.01

Inde 0.00

Etats-Unis 0.00

76.60






Options 0.32


76.60

Pictet - JPY Liquidity

ETAT DU PORTEFEUILLE-TITRES ET AUTRES ACTIFS NETS AU 30 SEPTEMBRE 2011 (EXPRIME EN JPY)




OBLIGATIONS

ETATS-UNIS

1.45% GENERAL ELEC. CAP. 06/11 JPY 152,000,000.00 152,169,480.00 2.69

5.25% TOYOTA MOTOR CREDIT 09/12 EUR 500,000.00 52,324,450.00 0.92

204,493,930.00 3.61

FRANCE

2.5% DEXIA C.L.F 09/11 GBP 1,000,000.00 120,173,309.00 2.12

120,173,309.00 2.12

TOTAL I. 324,667,239.00 5.73


ALLEMAGNE

C. PAP. ALLIANZ 15/11/11 EUR 500,000.00 51,607,870.00 0.91

C. PAP. ALLIANZ 30/11/11 EUR 500,000.00 51,574,828.00 0.91

C. PAP. DZ BANK 22/12/11 EUR 500,000.00 51,592,823.00 0.91



C. PAP. NRW BANK 03/10/11 EUR 1,000,000.00 103,418,223.00 1.83

0% HONDA BANK (ECP) 11/11 EUR 500,000.00 51,687,187.00 0.91

619,926,891.00 10.95

COREE DU SUD

C. PAP. INDUSTR. BK OF KOREA 01/03/12 EUR 500,000.00 51,342,111.00 0.91

51,342,111.00 0.91

FINLANDE

C. PAP. POHJOLA BANK 01/11/11 EUR 500,000.00 51,654,657.00 0.91

0% FINGRID (ECP) 11/11 EUR 500,000.00 51,559,734.00 0.91

103,214,391.00 1.82

FRANCE

C. PAP. BQUE FED. CR. MUTUEL 22/11/11 EUR 500,000.00 51,599,499.00 0.91

C. PAP. NATIXIS 15/11/11 EUR 500,000.00 51,616,490.00 0.91

C. PAP. SCHLUMBERGER IND. 17/10/11 EUR 500,000.00 51,683,614.00 0.91

C. PAP. SOCIETE GENERALE 11/10/11 CHF 500,000.00 42,430,252.00 0.75

C. PAP. UNEDIC 07/10/11 EUR 2,000,000.00 206,825,504.00 3.65

CD CREDIT AGRICOLE PARIS 11/10/11 EUR 500,000.00 51,692,880.00 0.91

455,848,239.00 8.04

IRLANDE

C. PAP. CATERPILLAR INTL FIN. 12/12/11 EUR 500,000.00 51,604,075.00 0.91

51,604,075.00 0.91




213


JAPON

C. PAP. MITSUBISHI CORP FIN. 27/10/11 EUR 500,000.00 51,665,221.00 0.91

TBI JAPON 14/11/11 N214 JPY 400,000,000.00 399,958,160.00 7.06

TBI JAPON 21/11/11 N217 JPY 1,000,000,000.00 999,876,900.00 17.67

0% JAPON N°184 11/11 JPY 500,000,000.00 499,991,350.00 8.83

0% JAPON N°198 11/11 JPY 500,000,000.00 499,914,350.00 8.82

0% SUMITOMO TR. BK (CD) 11/11 EUR 500,000.00 51,668,851.00 0.91

2,503,074,832.00 44.20

LUXEMBOURG

C. PAP. BGL BNP PARIBAS 16/11/11 CHF 500,000.00 42,425,390.00 0.75

42,425,390.00 0.75

NORVEGE

C. PAP. DNB NOR BK 15/12/11 EUR 500,000.00 51,613,579.00 0.91

51,613,579.00 0.91

PAYS-BAS

C. PAP. ABN AMRO BANK (EUR) 08/11/11 EUR 500,000.00 51,629,872.00 0.91

C. PAP. PACCAR FINANCIAL 15/12/11 EUR 500,000.00 51,589,643.00 0.91

CD RABOBANK NEDERLAND 12/12/11 EUR 1,500,000.00 154,863,509.00 2.73

0% ING BANK (ECP) 11/11 EUR 500,000.00 51,695,243.00 0.91

309,778,267.00 5.46

ROYAUME-UNI


C. PAP. LLOYDS TSB BANK 15/11/11 EUR 500,000.00 51,616,288.00 0.91

CD BK OF TOKYO-MITSUB. 24/10/11 EUR 500,000.00 51,679,493.00 0.91

CD MIZUHO CORP. BK LDN 25/11/11 EUR 500,000.00 51,616,087.00 0.91

CD NATIONWIDE BUILDING 11/11/11 EUR 500,000.00 51,640,669.00 0.91

0% PRUDENTIAL (ECP) 11/11 GBP 500,000.00 60,015,474.00 1.06

0% ROYAL BK SCOT. (ECP) 11/11 EUR 500,000.00 51,500,274.00 0.91

0% STANDARD CHART. (ECP) 11/11 EUR 500,000.00 51,566,524.00 0.91

472,744,101.00 8.34

SUEDE


C. PAP. SBAB SWEDISH. HOU. FIN. 21/11/11 EUR 500,000.00 51,625,658.00 0.91

C. PAP. SKAND. ENSKILDA BANK. 25/11/11 EUR 500,000.00 51,616,506.00 0.91


309,615,751.00 5.46

TOTAL II. 4,971,187,627.00 87.75


AVOIRS EN BANQUE 188,613,739.00 3.33








Japon 44.20

Allemagne 10.95

France 10.16

Royaume-Uni 8.34

Pays-Bas 5.46

Suède 5.46

Etats-Unis 3.61

Finlande 1.82

Corée du Sud 0.91

Irlande 0.91

Norvège 0.91

Luxembourg 0.75

93.48





93.48




215



OBLIGATIONS

ALLEMAGNE

5.625% K.F.W. 10/17 PEN 2,000,000.00 743,122.25 0.18

743,122.25 0.18

BRESIL



10% BRESIL 07/13 BRL 50,500.00 27,737,808.94 6.90

10% BRESIL 10/21 BRL 55,515.00 28,144,039.52 7.00

195,477,449.01 48.69

CHILI

5.5% CHILI 10/20 CLP 327,000,000.00 662,693.22 0.16

662,693.22 0.16

COLOMBIE

7.75% COLOMBIE (DUAL CUR.) 10/21 COP 4,327,000,000.00 2,452,095.36 0.61

8.375% EMPRESAS MEDELLIN 11/21 COP 1,482,000,000.00 768,823.17 0.19

9.85% COLOMBIE 07/27 COP 9,468,000,000.00 6,351,557.11 1.58

9,572,475.64 2.38

MEXIQUE

6.50% MEXIQUE 10/21 MXN100 MXN 2,015,000.00 14,474,383.99 3.60

7.5% MEXIQUE 06/27 MXN 926,500.00 6,899,452.86 1.72

7.75% MEXIQUE 08/17 MXN 870,000.00 6,987,752.93 1.74

8% MEXIQUE 03/13 MXN 1,670,000.00 12,899,174.94 3.21

8% MEXIQUE 05/15 MXN 437,000.00 3,502,802.45 0.87

8% MEXIQUE 09/20 MXN 1,560,000.00 12,511,702.30 3.11

8.5% MEXIQUE 09/38 MXN 1,183,000.00 9,257,272.05 2.30

9.5% MEXIQUE 04/14 MXN 1,315,000.00 10,789,111.09 2.68

10% MEXIQUE 04/24 MXN 2,327,000.00 21,500,308.93 5.35

10% MEXIQUE 06/36 MXN 1,240,000.00 11,192,420.62 2.78

110,014,382.16 27.36

PEROU





7,283,374.31 1.82

SUPRANATIONAL

8% WORLDBANK 10/20 COP 1,280,000,000.00 716,922.19 0.18

716,922.19 0.18





VENEZUELA

11.95% VENEZUELA 11/31 -S- USD 592,000.00 437,191.94 0.11

437,191.94 0.11

TOTAL I. 324,907,610.72 80.88


BRESIL


18,792,954.65 4.68

TOTAL II. 18,792,954.65 4.68


AVOIRS EN BANQUE 56,484,451.38 14.06





217




Brésil 53.37

Mexique 27.36

Colombie 2.38

Pérou 1.82

Supranational 0.18

Allemagne 0.18

Chili 0.16

Vénézuela 0.11

85.56







85.56

Pictet - USD Sovereign Liquidity





OBLIGATIONS

ALLEMAGNE

3.375% K.F.W. 08/12 EUR 4,000,000.00 5,499,792.41 1.24

5,499,792.41 1.24

CANADA

4.50% EXP. DEV. CDA -GL.-08/11 08-33 GBP 6,522,000.00 10,240,108.85 2.30

10,240,108.85 2.30

DANEMARK

6% DANEMARK 99/11 DKK 100,000,000.00 18,455,672.05 4.15

18,455,672.05 4.15

SUPRANATIONAL

2.625% E.I.B. 08/11 USD 122,000.00 122,336.72 0.03

3.125% DEV. CONSEIL EUROPE 08/11 USD 6,899,000.00 6,935,564.70 1.56

3.625% E.I.B. 06/11 EUR 4,577,000.00 6,252,220.01 1.41

13,310,121.43 3.00

TOTAL I. 47,505,694.74 10.69


ALLEMAGNE





0% K.F.W. (ECP) 11/11 USD 5,000,000.00 4,999,921.50 1.12

39,995,747.50 8.98

AUSTRALIE

C. PAP. BANK WESTERN AUSTR. 23/01/12 USD 5,000,000.00 4,995,136.00 1.12

C. PAP. EXPORT FIN. & INSUR. 28/11/11 USD 9,000,000.00 8,997,756.30 2.02

C. PAP. WESTERN AUST. TREASURY 08/11/11 USD 12,300,000.00 12,296,189.46 2.76





0% STH AUSTR. FIN. (ECP) 11/11 USD 4,000,000.00 3,999,817.20 0.90

55,278,538.46 12.41




219


AUTRICHE

C. PAP. OEST. KONTROLLBANK 16/12/11 USD 10,000,000.00 9,996,880.00 2.25

C. PAP. OESTERREICH KONTROLLBK 18/11/11 USD 22,000,000.00 21,995,784.80 4.94


41,492,664.80 9.33

ETATS-UNIS

C. PAP. OEST. KONTROLLBANK 16/12/11 (II) USD 10,000,000.00 9,996,831.00 2.25

9,996,831.00 2.25

FRANCE







88,668,837.57 19.93

PAYS-BAS

TBI PAYS-BAS 30/11/11 EUR 15,000,000.00 20,469,416.27 4.60

TBI PAYS-BAS 300911 EUR 5,000,000.00 6,824,275.00 1.53

27,293,691.27 6.13

SUEDE

C. PAP. SWEDEN 19/01/12 USD 10,000,000.00 9,994,248.00 2.25

9,994,248.00 2.25

SUISSE

C. PAP. EUROFIMA 15/12/11 USD 10,000,000.00 9,996,469.00 2.25

SNB BILLS (CHF) 1406/281111 S168 CHF 10,000,000.00 11,196,129.61 2.52




77,156,304.47 17.33

SUPRANATIONAL

C. PAP. E.I.B. 10/11/11 EUR 7,000,000.00 9,549,705.77 2.15

C. PAP. E.I.B. 11/11/11 EUR 10,000,000.00 13,642,319.44 3.07

23,192,025.21 5.22

TOTAL II. 373,068,888.28 83.83










France 19.93

Suisse 17.33

Australie 12.41

Allemagne 10.22

Autriche 9.33

Supranational 8.22

Pays-Bas 6.13

Danemark 4.15

Canada 2.30

Suède 2.25

Etats-Unis 2.25

94.52







94.52

Pictet - EUR Sovereign Liquidity



221



OBLIGATIONS

ALLEMAGNE

3.25% KRED. WIEDERAUFBAU 08/11-SR- USD 69,364,000.00 50,864,447.50 3.60

3.75% K.F.W. 06/11 EUR 38,635,000.00 38,666,101.18 2.74

89,530,548.68 6.34

DANEMARK

6% DANEMARK 99/11 DKK 650,000,000.00 87,893,467.63 6.22

87,893,467.63 6.22

LUXEMBOURG

3.25% B.E.I. -GLOBAL- 08/11 -SR- USD 100,000,000.00 73,331,214.93 5.19

73,331,214.93 5.19

SUPRANATIONAL

3.25% COMMUNAUTE EUROP. 08/11 EUR 4,343,000.00 4,360,871.45 0.31

3.625% E.I.B. 06/11 EUR 20,000,000.00 20,016,900.00 1.42

24,377,771.45 1.73

TOTAL I. 275,133,002.69 19.48


ALLEMAGNE



57,933,825.00 4.10

AUSTRALIE

C. PAP. SOUTH. AUST. GOV. FIN. AU. 31/10/11 EUR 20,000,000.00 19,994,796.00 1.42

19,994,796.00 1.42

AUTRICHE


36,625,068.37 2.59

DANEMARK

C. PAP. DENMARK 21/11/11 EUR 35,000,000.00 34,987,039.50 2.48

34,987,039.50 2.48

FRANCE












384,812,181.50 27.23

PAYS-BAS

TBI PAYS-BAS 30/12/11 EUR 97,000,000.00 96,975,759.70 6.86

TBI PAYS-BAS 300911 EUR 11,000,000.00 11,000,000.00 0.78

0% PAYS-BAS 11/11 EUR 91,000,000.00 90,992,610.80 6.44

198,968,370.50 14.08

ROYAUME-UNI

TBI ROYAUME-UNI 17/10/11 GBP 35,000,000.00 40,200,204.02 2.85

40,200,204.02 2.85

SUISSE







243,972,148.27 17.26

SUPRANATIONAL

C. PAP. E.I.B. 10/11/11 EUR 45,000,000.00 44,979,844.50 3.18

44,979,844.50 3.18

TOTAL II. 1,062,473,477.66 75.19







223




France 27.23

Suisse 17.26

Pays-Bas 14.08

Allemagne 10.44

Danemark 8.70

Luxembourg 5.19

Supranational 4.91

Royaume-Uni 2.85

Autriche 2.59

Australie 1.42

94.67







94.67

Pictet - US High Yield





OBLIGATIONS

AUSTRALIE

7% FORTESCUE METALS 10/15 USD 10,250,000.00 9,532,500.00 0.68

9,532,500.00 0.68

AUTRICHE

6.625% SAPPI PAPIER HLDGS 11/21 USD 12,545,000.00 10,036,000.00 0.72

10,036,000.00 0.72

BERMUDES

8.5% INTELSAT JACKSON 09/19 USD 1,100,000.00 1,075,250.00 0.08

9.5% INTELSAT JACKSON 09/16 USD 5,920,000.00 6,001,398.82 0.43

11.25% INTELSAT BERMUDA 09/17 USD 9,770,000.00 8,475,475.00 0.61

11.5% INTELSAT BERM.-PIK- 08/17 USD 9,000,000.00 7,740,000.00 0.56

11.5% INTELSAT BERMUD.PIK 09/17 USD 3,762,712.00 3,235,932.32 0.23

26,528,056.14 1.91

CANADA

7.875% OPTI CANADA 07/14 USD 7,590,000.00 4,705,800.00 0.34

8.25% OPTI CANADA SR. 06/14 USD 11,340,000.00 7,042,140.00 0.51

9.25% AIR CANADA 10/15 USD 20,960,000.00 20,121,600.00 1.44

31,869,540.00 2.29

ETATS-UNIS

10.625% ACL I -PIK- 11/16 USD 7,662,343.00 5,976,627.54 0.43

10.875% AMERICAN ACHIEVEMT. 10/16 USD 4,000,000.00 3,040,000.00 0.22

11.625% JBS USA 09/14 USD 2,000,000.00 2,140,000.20 0.15

5.25% CIT GROUP 11/14 C-SR-144A- USD 400,000.00 387,000.00 0.03

8.125% FLOR.EAST C.R 11/17 -SR- USD 4,000,000.00 3,880,000.00 0.28

FR SUB. BAC CAPITAL TRUST 07/56 USD 9,315,000.00 5,350,647.78 0.38

SUB. FR JP MORGAN CHASE 07/37 U USD 4,824,000.00 3,087,360.00 0.22

0% VANGUARD HEALTH SYS. 11/16 USD 254,000.00 164,147.50 0.01

FRN BANKAMERICA CAP III 97/27 USD 1,535,000.00 951,833.39 0.07

FRN BANKBOSTON CAP IV 98/28 USD 2,850,000.00 1,709,213.40 0.12

FRN BARNETT CAPITAL III 97/27 USD 3,000,000.00 1,876,413.00 0.13

FRN BERRY PLASTICS 08/15 USD 11,850,000.00 10,665,000.00 0.77

FRN CHASE CAPITAL II 97/27 USD 4,584,000.00 3,374,447.42 0.24

FRN CHASE CAPITAL III 97/27 USD 1,000,000.00 741,008.00 0.05

FRN CITIGROUP 06/36 USD 8,040,000.00 5,053,702.00 0.36

FRN FIRST CHICAGO NBD 97/27 USD 2,520,000.00 2,125,516.68 0.15

FRN FLEET CAP TRUST 98/28 USD 8,800,000.00 5,626,305.52 0.40

FRN G.E.C.C. 06/36 USD 4,500,000.00 3,172,319.55 0.23

FRN G.M.A.C. 09/14 USD 5,000,000.00 4,256,250.00 0.31

FRN HARRAHS LOAN 08/15 USD 1,482,126.40 1,247,950.43 0.09

FRN JP MORGAN CHASE 04/34 USD 5,080,000.00 3,941,597.40 0.28

FRN JPM CAP. CHXIII PFD 07/77 USD 4,529,000.00 3,041,137.00 0.22




225


FRN LEVEL 3 FINANCING 07/15 USD 5,700,000.00 4,788,000.00 0.34

FRN MBNA CAPITAL 'B' 97/27 USD 7,055,000.00 4,550,135.65 0.33

FRN NATIONSBANK CAP. 97/27 USD 10,382,000.00 6,414,041.13 0.46

FRN NEWPAGE 'B' SR. 05/12 USD 2,000,000.00 220,000.00 0.02

FRN SPRINT NEXTEL -PIK- 07/14 USD 4,850,000.00 4,219,500.00 0.30

FRN SUB. CITIGP. CAP XIII 10/40 USD 585,000.00 15,420,594.15 1.11

FRN TEX COMPETITIVE 08/15 USD 2,870,000.00 1,076,250.00 0.08

STEP CHAPARRAL ENERGY 08/17 USD 20,910,000.00 20,282,700.00 1.45

2.25% CHESAPEAKE ENERGY CV 08/38 USD 16,175,000.00 13,597,835.63 0.98

2.5% CHESAPEAKE ENERGY CV07/37 USD 1,500,000.00 1,412,700.00 0.10

3.25% MASSEY ENERGY CV 08/15 USD 7,835,000.00 6,951,290.35 0.50

5.55% TEXAS ENERGY FUTURE 05/14 USD 355,000.00 218,325.00 0.02

5.81% NATIONWIDE MUTUAL 08/24 USD 7,750,000.00 7,608,438.50 0.55

5.875% ZFS FIN USA 07/32 USD 7,145,000.00 6,742,164.19 0.48

6% SPRINT NEXTEL 06/16 USD 7,000,000.00 6,020,000.00 0.43

6.3% CINCINNATI BELL TEL 98/28 USD 100,000.00 75,500.00 0.01

6.45% ZFS FINANCE USA 05/65 USD 2,750,000.00 2,508,907.50 0.18

6.5% ENERGY FUTURE 05/24 USD 5,400,000.00 2,052,000.00 0.15

6.5% PUGET ENERGY 11/20 USD 10,000,000.00 10,199,701.00 0.73

6.50% HCA 11/20 -SR- USD 5,000,000.00 4,887,500.00 0.35

6.625% CITGROUP 11/18 USD 7,000,000.00 6,965,000.00 0.50

6.625% SEARS HOLDINGS 11/18 -SR- USD 28,070,000.00 23,157,750.00 1.66

6.75% CONTINENT.AIRLINES 10/15 USD 1,750,000.00 1,732,500.00 0.12

6.75% VISTEON 11/19 USD 4,045,000.00 3,640,500.00 0.26

6.875% MOBILE MINI 07/15 USD 4,453,000.00 4,363,940.00 0.31

6.875% REYNOLDS GROUP 11/21 USD 860,000.00 774,000.00 0.06

6.875% TENET HEALTHCARE 01/31 USD 14,350,000.00 10,906,000.00 0.78

6.875% TENNECO 11/20 USD 5,850,000.00 5,674,500.00 0.41

6.875% UNIVISION COM. 11/19 SR-144A- USD 4,940,000.00 4,396,600.00 0.32

7% ARCH COAL 11/19 USD 6,790,000.00 6,450,500.00 0.46

7% CCO HOLDINGS 11/19 USD 9,070,000.00 8,797,900.00 0.63

7% CIT GROUP 11/15 C-144A- USD 8,650,000.00 8,585,125.00 0.62

7% EDISON MISSION TR. A 07/17 USD 25,430,000.00 15,130,850.00 1.09

7% SERVICE CORP INTL 10/19 USD 890,000.00 898,900.00 0.06

7.00% CIT GROUP 11/15 C SR REG. S USD 15,535,000.00 14,952,437.50 1.07

7.00% CIT GROUP 11/16 C-SR-S USD 400,000.00 384,000.00 0.03

7.00% UNIVERSAL HEALTH 11/18 -SR- USD 7,770,000.00 7,585,462.50 0.54

7.041% NORTHWEST AIRLINES 01/22 USD 3,230,000.00 1,637,866.93 0.12

7.125% BOYD GAMING 06/16 USD 5,571,000.00 4,094,685.00 0.29

7.125% RGHL 10/19 USD 8,000,000.00 7,440,000.00 0.53

7.2% EDISON MISSION TR. 'B'7/19 USD 4,400,000.00 2,508,000.00 0.18

7.2% SOUTHERN UNION 06/66 USD 35,040,000.00 29,801,870.41 2.10

7.25% ARCH COAL 10/20 USD 750,000.00 720,000.00 0.05

7.25% CHESAPEAKE ENERGY 08/18 USD 1,460,000.00 1,554,900.15 0.11

7.25% HCA 10/20 -SR- USD 9,650,000.00 9,746,500.00 0.70

7.25% JBS USA 11/21 USD 7,050,000.00 5,816,250.00 0.42

7.25% SABINE PASS LNG 07/13 USD 14,100,000.00 13,641,750.00 0.98

7.375% FIRST DATA 11/19 USD 3,750,000.00 3,328,125.00 0.24

7.375% SPRINT NEXTTEL 05/15 USD 5,000,000.00 4,737,500.00 0.34

7.5% ALLY FINANCIAL 11/20 WI-SR- USD 1,550,000.00 1,402,750.00 0.10

7.5% AMERICAN AIR. 11/16 USD 22,425,000.00 18,949,125.00 1.36

7.5% DYNEGY HOLDINGS 07/15 USD 8,105,000.00 5,187,200.00 0.37

7.5% SABINE PASS LNG 07/16 USD 21,325,000.00 19,725,625.00 1.42





7.625% CITYCENTER 11/16 USD 7,755,000.00 7,289,700.00 0.52

7.625% NRG ENERGY 11/18 USD 29,005,000.00 26,974,650.00 1.94

7.67% ROSETON DANSKAMMER 01/16 USD 10,411,000.00 5,726,050.00 0.41

7.7% BANKAMERICA INS. 'B' 96/26 USD 800,000.00 720,000.00 0.05

7.707% CONTINENTAL AIRLINES 00/22 USD 3,600,000.00 2,300,690.52 0.17

7.75% CASELLA WASTE SYST. 11/19 USD 3,315,000.00 3,132,675.00 0.22

7.75% POLYMER GROUP 11/19 USD 7,500,000.00 7,481,250.00 0.54

7.75% QUICKSILVER RES. 08/15 USD 23,290,000.00 22,125,500.00 1.59

7.75% TENNECO 10/18 USD 5,220,000.00 5,246,100.00 0.38

7.75% VANGUARD HEALTH 11/19 USD 6,600,000.00 5,882,250.00 0.42

7.75% WINDSTREAM 10/20 USD 2,000,000.00 1,950,000.00 0.14

7.875% ALERE 09/16 USD 2,105,000.00 1,989,225.00 0.14

7.875% CALPINE 10/20 USD 1,750,000.00 1,688,750.00 0.12

7.875% CCO HOLDINGS 10/18 USD 1,600,000.00 1,628,000.16 0.12

7.875% HCA 10/20 USD 21,055,000.00 21,791,925.00 1.56

7.875% MOBILE MINI 11/20 USD 750,000.00 720,000.00 0.05

7.875% NRG ENERGY 11/21 USD 10,110,000.00 9,250,650.00 0.66

7.875% RGHL US ESCROW 11/19 -SR- 144A USD 3,750,000.00 3,618,750.00 0.26

7.875% UNIVISION COMMUNIC. 10/20 USD 250,000.00 234,375.00 0.02

7.875% WINDSTREAM 10/17 USD 11,160,000.00 11,299,501.12 0.81

8% AES 07/17 USD 315,000.00 316,575.00 0.02

8% ALLY FINANCIAL 10/20 USD 2,750,000.00 2,545,454.73 0.18

8% CALPINE CONSTRUCT. 09/16 USD 10,185,000.00 10,439,625.00 0.75

8% FORD MOTOR CREDIT 06/16 USD 3,500,000.00 3,819,234.65 0.27

8% VANGUARD HEALTH -GL.- 10/18-SR- USD 13,340,000.00 12,239,450.00 0.88

8.00% HCA 11/18 -SR- USD 3,480,000.00 3,397,350.00 0.24

8.125% CCO HOLDINGS 10/20 USD 3,000,000.00 3,120,000.00 0.22

8.125% COTT BEVERAGES 10/18 USD 5,725,000.00 5,839,500.00 0.42

8.125% LIVE NATION ENT. 10/18 USD 1,850,000.00 1,776,000.00 0.13

8.125% TENNECO 08/15 USD 3,750,000.00 3,825,000.00 0.27

8.125% WINDSTREAM 10/18 USD 1,285,000.00 1,294,637.63 0.09

8.25% BERRY PLASTICS 09/15 USD 750,000.00 763,125.08 0.05

8.25% CHAPARRAL ENERGY 11/21 SR USD 2,000,000.00 1,825,000.00 0.13

8.25% CHRYSLER GROUP 11/21 USD 2,730,000.00 2,102,100.00 0.15

8.25% CINCINNATI BELL 09/17 USD 3,085,000.00 2,992,450.00 0.21

8.25% CLEARWIRE COMM. CV 10/40 USD 3,350,000.00 1,553,093.17 0.11

8.25% GOODYEAR T&R 10/20 USD 17,725,000.00 18,035,189.27 1.29

8.25% REYNOLDS GROUP 11/21 USD 5,750,000.00 4,542,500.00 0.33

8.375% ACCELLENT 10/17 USD 18,350,000.00 17,478,375.00 1.25

8.375% CINCINNATI BELL 10/20 USD 1,000,000.00 930,000.00 0.07

8.375% LIN TELEVISION 10/18 USD 1,000,000.00 1,010,000.00 0.07

8.5% ALLIS-CHALMERS ENER.07/17 USD 4,700,000.00 4,606,000.00 0.33

8.5% CSA ESCROW 11/18 USD 10,670,000.00 10,883,400.00 0.78

8.5% HCA 10/19 USD 1,000,000.00 1,059,999.80 0.08

8.5% MIRANT AMERICAS 02/21 USD 17,846,000.00 15,347,560.00 1.10

8.54% AES RED OAK 00/19 USD 1,500,000.00 1,029,012.93 0.07

8.625% CEQUEL COM. 09/17 USD 23,575,000.00 23,339,250.00 1.67

8.625% GCI 09/19 USD 7,577,000.00 7,899,022.50 0.57

8.625% PINNACLE ENTERTAIN. 09/17 USD 2,255,000.00 2,271,912.73 0.16

8.625% REGAL CINEMAS 09/19 USD 12,175,000.00 12,388,063.72 0.89

8.625% SHEA HOMES 11/19 USD 2,750,000.00 2,255,000.00 0.16

8.625% UCI INTL 11/19 -SR- USD 3,450,000.00 3,195,562.50 0.23

8.75% ARCH COAL 10/16 USD 1,515,000.00 1,605,899.70 0.12




227


8.75% LEVEL 3 FINANCING 07/17 USD 10,650,000.00 9,811,312.50 0.70

8.75% PACKAGING DYNAMICS 11/16 USD 7,475,000.00 7,325,500.00 0.53

8.75% VERSO PAPER HLDG 11/19 SR TR.2 USD 3,060,000.00 2,111,400.00 0.15

8.875% CHS COMMUN HEALTH 07/15 USD 9,935,000.00 9,761,137.50 0.70

8.875% FIRST DATA 10/20 USD 1,500,000.00 1,410,000.00 0.10

8.875% HEXION US FINANCE 10/18 USD 2,000,000.00 1,650,000.00 0.12

8.875% TENET HEALTHCARE 09/19 USD 1,077,000.00 1,138,927.50 0.08

9% ALERE 09/16 USD 3,100,000.00 2,960,500.00 0.21

9% BUMBLE BEE 10/17 USD 3,625,000.00 3,407,500.00 0.24

9% COLUMBIA/HCA T. 10 95/14 USD 100,000.00 105,000.00 0.01

9% MGM RESORTS INTL 11/20 USD 650,000.00 675,187.57 0.05

9% PROQUEST LLC 10/18 USD 1,000,000.00 917,500.00 0.07

9% RGHL 10/18 USD 14,750,000.00 12,537,500.00 0.90

9% TENET HEALTHCARE 09/15 USD 335,000.00 353,424.93 0.03

9.125% MIRANT AMERICAS 01/31 USD 3,600,000.00 3,024,000.00 0.22

9.125% MIRANT MID-ATLANTIC 01/17 USD 7,307,000.00 6,665,530.18 0.48

9.125% PARKER DRILLING 10/18 USD 11,463,000.00 11,577,630.00 0.83

9.125% REGAL ENTERTAINMENT 10/18 USD 5,000,000.00 4,950,000.00 0.36

9.237% RELIANT EN. MID ATL. 01/17 USD 12,075,000.00 4,879,498.01 0.35

9.25% PNM RESOURCES 08/15 A SR USD 5,350,000.00 5,898,375.00 0.42

9.25% RAILAMERICA INC 09/17 USD 6,127,000.00 6,632,477.50 0.48

9.375% LEVEL 3 FINANCING 11/19 USD 3,000,000.00 2,790,000.00 0.20

9.5% MARINA DISTR. FIN. 11/15 USD 20,750,000.00 18,726,875.00 1.34

9.5% SPECTRUM BRANDS 11/18 USD 3,170,000.00 3,376,050.32 0.24

9.625% ALTA MESA 11/18 -SR- USD 3,250,000.00 2,957,500.00 0.21

9.625% NEFF RENTAL 11/16 USD 9,365,000.00 7,819,775.00 0.56

9.75% TESORO 09/19 USD 2,500,000.00 2,700,000.25 0.19

9.875% CHAPARRAL ENERGY 11/20 -SR- USD 1,250,000.00 1,250,000.00 0.09

9.875% UNITED AIR LINES 10/13 USD 5,079,000.00 5,244,067.50 0.38

9.875% UNITED AIR LINES 10/13 USD 1,800,000.00 1,854,000.00 0.13

10% BWAY HOLDING 11/18 USD 2,900,000.00 3,044,999.42 0.22

10% ENERGY FUT. INT. HLDG 10/20 USD 4,586,000.00 4,471,350.00 0.32

10% NEWPAGE SR. 'B' 05/12 USD 12,850,000.00 1,028,000.00 0.07

10% RSC EQUIPMENT RENT. 09/17 USD 2,250,000.00 2,362,499.55 0.17

10% TENET HEALTHCARE 09/18 USD 6,891,000.00 7,459,507.50 0.54

10% VISANT 10/17 USD 10,825,000.00 10,013,125.00 0.72

10.06% MIRANT MID-ATLANTIC 00/28 USD 2,360,000.00 2,414,301.52 0.17

10.125% BWAY PARENT 11/15 SR -PIK- USD 7,021,638.00 6,775,880.67 0.49

10.25% CAPITAL ONE CAP. V 09/39 USD 1,875,000.00 1,856,250.00 0.13

10.25% PROVIDENT FUNDING 10/17 USD 13,100,000.00 12,772,500.00 0.92

10.25% STONEMOR OPERATING 10/17 USD 9,100,000.00 8,713,250.00 0.63

10.375% ALLTEL COMM. 07/17 USD 320,000.00 353,732.45 0.03

10.375% PENN VIRGINIA 09/16 USD 5,134,000.00 5,377,865.00 0.39

10.5% CONVATEC HEALTHCARE 10/18 USD 6,000,000.00 5,280,000.00 0.38

10.5% MILGRAO 11/16 USD 12,860,000.00 10,288,000.00 0.74

10.5% SOLO CUP 09/13 USD 15,730,000.00 15,572,700.00 1.12

10.5% TL ACQUISITIONS 07/15 USD 9,260,000.00 5,926,400.00 0.43

10.625% K. HOVNANIAN ENT. 09/16 USD 5,000,000.00 3,750,000.00 0.27

10.75% COMM.CHOICE FIN. 11/19 USD 4,595,000.00 4,457,150.00 0.32

10.875% UNITED RENTALS NA 09/16 USD 2,000,000.00 2,160,000.20 0.15

11.25% REDDY ICE 10/15 USD 11,050,000.00 10,083,125.00 0.72

11.5% THE MCCLATCHY 10/17 USD 14,470,000.00 12,552,725.00 0.90

11.5% VERSO PAPER 09/14 USD 3,164,000.00 3,290,560.00 0.24





11.75% QUICKSILVER RES. 09/16 USD 3,425,000.00 3,699,000.34 0.27

12% CLEARWIRE 144A 09/15 USD 3,500,000.00 2,948,750.00 0.21

12% CLEARWIRE COMMUN. 09/15 USD 500,000.00 423,750.00 0.03

12% DEX ONE PIK 10/17 USD 289,499.00 60,794.79 0.00

12.25% MAXIM CRANE WORKS 10/15 USD 9,285,000.00 7,985,100.00 0.57

12.5% COMMERCIAL BARGE 10/17 USD 2,587,000.00 2,748,687.50 0.20

13.5% CCH II/CCH II 09/16 USD 4,401,056.00 5,017,203.84 0.36

1,079,915,434.15 77.43

GUERNESEY

SUB.FR CS FINANCE 07/PERP. 1 USD 5,000,000.00 3,412,500.00 0.24

3,412,500.00 0.24

IRLANDE

9.125% ARDAGH 10/20 USD 12,950,000.00 11,655,000.00 0.84

11,655,000.00 0.84

LUXEMBOURG

7.25% INTELSAT JACKS.11/19 SR-144A USD 7,135,000.00 6,617,712.50 0.47

6,617,712.50 0.47


MORTGAGE BACKED SECURITIES

ETATS-UNIS

6.25% US AIRWAYS 10/23 1,500,000.00 1,350,000.00 0.10

7% COSO GEOTHER ABS 07/26 3,200,000.00 2,024,381.26 0.15

3,374,381.26 0.25

TOTAL MORTGAGE BACKED SECURITIES 3,374,381.26 0.25

TOTAL I. 1,182,941,124.05 84.83


OBLIGATIONS

ETATS-UNIS

ARN FIRST DATA LOAN 07/14 USD 129,416.09 113,924.98 0.01

FR CAESARS ENT. -LOAN- 08/15 B2-TL USD 33,000,000.00 27,568,761.00 1.98

FR CENGAGE LEARNING (LOAN) 07/14 USD 4,500,000.00 3,545,356.50 0.25

FR FIRST DATA LOAN 11/18 USD 1,216,085.23 1,005,459.27 0.07

FR UNIVISION COMM. -LOAN- 10/17 USD 6,500,000.00 5,519,149.35 0.40

FRN BOSTON GENER. LOAN 06/13 USD 305,996.80 76,499.20 0.01

FRN CHRYSLER GROUP LOAN 11/17 USD 18,000,000.00 15,912,000.00 1.14

FRN DELTA AIR LINE -LOAN- 11/17 USD 4,000,000.00 3,740,000.00 0.27

FRN DEX MEDIA WEST(LOAN)10/14 USD 2,477,467.88 1,701,029.20 0.12

FRN ENTEGRA HOLD. -PIK- 07/15 USD 12,816,434.74 8,202,518.23 0.59

FRN JETBLUE AIRWAYS 04/16 USD 515,000.00 269,956.04 0.02

FRN KELSON LOAN -PIK- 09/14 USD 1,187,628.89 1,134,185.59 0.08

FRN MACH GEN LOAN -PIK- 09/15 USD 28,677,720.06 19,070,683.84 1.37




229


FRN SUPERMEDIA 'S' 09/15 USD 1,232,090.45 543,844.72 0.04

FRN TXU TL EXT. 1ST LIEN 11/17 USD 28,649,559.10 19,627,812.94 1.41

6.718% DELTA AIRLINES 02/24 USD 10,050,000.00 4,826,774.28 0.35

6.903% CONTINENTAL AIRLINES 07/22 USD 139,000.00 127,814.73 0.01

8.048% CONTINENTAL AIRLINES 00/20 USD 3,000,000.00 1,713,483.10 0.12

8.144% ASTORIA DEPOSITOR 05/21 USD 5,625,000.00 5,006,250.00 0.36

8.75% SELECTICA -DEF- 05/15 USD 1,710,000.00 119,700.00 0.01

9% CONTINENTAL AIRLINES 09/18 USD 1,500,000.00 1,463,861.60 0.11

9.75% DELTA AIR LINES 09/16 USD 1,500,000.00 1,069,711.47 0.08

10.5% AMERICAN REPROGRAPH 11/16 USD 8,000,000.00 7,200,000.00 0.52

11% NYC DEV. AGENCY 09/29 144A USD 800,000.00 976,528.00 0.07

130,535,304.04 9.39

TOTAL II. 130,535,304.04 9.39










Etats-Unis 87.07

Canada 2.29

Bermudes 1.91

Irlande 0.84

Autriche 0.72

Australie 0.68

Luxembourg 0.47

Guernesey 0.24

94.22





94.22




231



OBLIGATIONS

ALLEMAGNE

4.5% MERCK FINANC. SERV. 10/20 EUR 1,000,000.00 1,060,030.00 0.55

4.625% R.W.E 10/PE EUR 1,570,000.00 1,450,782.05 0.76

5% BAYER AG 05/05 EUR 570,000.00 553,780.65 0.29

5.125% ROBERT BOSCH 09/17 EUR 400,000.00 449,588.00 0.23

5.25% EWE 09/21 EUR 300,000.00 334,761.00 0.17

5.375% HENKEL 05/04 EUR 1,600,000.00 1,584,928.00 0.83

5.75% RWE 03/33 EUR 400,000.00 461,994.00 0.24

6.875% VOLKSWAGEN FIN. SER. 09/14 EUR 1,200,000.00 1,320,924.00 0.69

7.25% MAN 09/16 EUR 300,000.00 351,159.00 0.18

7.625% METRO 09/15 EUR 700,000.00 793,912.00 0.41

7.875% BERTELSMANN 09/14 EUR 1,000,000.00 1,111,380.00 0.58

9,473,238.70 4.93

AUSTRALIE

3.5% OPTUS FINANCE 10/20 EUR 250,000.00 248,382.50 0.13

3.875% TELSTRA 05/15 EUR 300,000.00 315,757.50 0.16

4.25% TELSTRA 10/20 EUR 450,000.00 468,045.00 0.24

4.75% TELSTRA 07/17 EUR 450,000.00 489,746.25 0.26

6.375% BHP BILLITON FIN. 09/16 EUR 350,000.00 403,077.50 0.21

1,925,008.75 1.00

AUTRICHE


6.75% SUB. OMV 11/49 -SR- EUR 600,000.00 595,047.00 0.31

1,456,739.00 0.76

BELGIQUE

5% SOLVAY 09/15 EUR 500,000.00 529,860.00 0.28

5.625% ELIA SYSTEM OPER. 09/16 EUR 400,000.00 448,314.00 0.23

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 1,600,000.00 1,756,552.00 0.91

2,734,726.00 1.42

BRESIL

4.375% VALE 10/18 EUR 200,000.00 201,710.00 0.11

201,710.00 0.11

CANADA



625,201.00 0.32





DANEMARK


4.375% TDC 11/18 EUR 365,000.00 376,032.13 0.20

5.50% DONG (PE) 05/3005 EUR 600,000.00 599,253.00 0.31

1,268,902.63 0.66

ESPAGNE

4.625% ABERTIS INFRASTR. 09/16 EUR 1,100,000.00 1,069,266.00 0.56




5.125% ABERTIS 07/17 -SR- EUR 600,000.00 587,325.00 0.31

5.25% GAS NATURAL FINANCE 09/14 EUR 1,500,000.00 1,525,875.00 0.79


5.625% GAS NATURAL CAP. 11/17 EUR 1,200,000.00 1,207,590.00 0.63

6.375% GAS NATAUTRAL CAP. 09/19 EUR 600,000.00 612,858.00 0.32


11,156,098.00 5.81

ETATS-UNIS

3.625% PFIZER 09/13 EUR 1,700,000.00 1,755,003.50 0.91

4% MCDONALD'S 11/21 EUR 200,000.00 213,999.00 0.11

4.25% NOVARTIS 09/16 EUR 350,000.00 381,636.50 0.20


4.75% JOHNSON & JOHNSON 07/19 EUR 250,000.00 287,325.00 0.15

4.75% PFIZER 09/16 EUR 1,200,000.00 1,316,064.00 0.69


4.875% WAL MART STORES 09/29 EUR 200,000.00 230,118.00 0.12

5.125% AMERICAN HONDA FIN. 07/12 EUR 400,000.00 412,996.00 0.22


5.375% SCHERING-PLOUGH 07/14 EUR 500,000.00 548,795.00 0.29


5.75% PFIZER 09/21 EUR 300,000.00 360,073.50 0.19


6.25% CARGILL 08/17 EUR 400,000.00 453,316.00 0.24


7.5% JOHN DEERE CAPITAL 09/14 EUR 900,000.00 1,009,660.50 0.53


11,277,485.00 5.91

FINLANDE

4% FORTUM 11/21 EUR 150,000.00 155,449.50 0.08

5.5% NOKIA 09/14 EUR 350,000.00 358,750.00 0.19

514,199.50 0.27

FRANCE

2.50% DANONE 11/16 EUR 700,000.00 705,113.50 0.37

3.125% EUTELSAT 10/17 EUR 1,800,000.00 1,831,617.00 0.95

3.5% AREVA 10/21 EUR 850,000.00 749,219.75 0.39


3.50% SAINT-GOBAIN 11/15 -SR- EUR 760,000.00 759,012.00 0.40




233


3.6% DANONE 10/20 EUR 300,000.00 309,463.50 0.16

3.625% EDENRED 10/17 EUR 400,000.00 390,566.00 0.20

3.641% BOUYGUES 10/19 EUR 200,000.00 195,971.00 0.10

3.875% FRANCE TELECOM 10/20 EUR 1,000,000.00 1,010,490.00 0.53

4% ALSTOM 09/14 EUR 400,000.00 409,396.00 0.21

4% AUTOROUTES SUD FR. 11/18 SR EUR 500,000.00 504,197.50 0.26

4% BOUYGUES 10/18 EUR 1,000,000.00 1,025,560.00 0.53

4% RCI BANQUE 10/13 EUR 500,000.00 500,877.50 0.26

4% SAINT GOBAIN 10/18 EUR 500,000.00 486,642.50 0.25

4% VIVENDI 10/17 EUR 950,000.00 961,818.00 0.50

4.125% ALSTOM 10/17 EUR 700,000.00 700,378.00 0.36


4.25% LEGRAND 10/17 EUR 150,000.00 156,458.25 0.08


4.375% L.V.M.H. 09/14 EUR 500,000.00 529,167.50 0.28

4.375% RCI BANQUE 10/15 EUR 850,000.00 829,332.25 0.43

4.375% THALES 09/13 EUR 500,000.00 516,120.00 0.27


4.5% BOUYGUES 06/13 EUR 700,000.00 725,987.50 0.38

4.5% SANOFI-AVENTIS 09/16 EUR 900,000.00 991,143.00 0.52



4.7% TOTAL CAPITAL 07/17 -SR- EUR 500,000.00 556,030.00 0.29



4.75% SAINT GOBAIN 07/17 EUR 300,000.00 309,208.50 0.16

4.82% SUEZ ENVIRONNEMENT 10/PE EUR 1,200,000.00 1,111,962.00 0.58



5% FRANCE TELECOM 09/14 EUR 1,000,000.00 1,062,555.00 0.55

5% IMERYS 07/17 EUR 1,100,000.00 1,139,143.50 0.59


5.25% AIR LIQUIDE 07/17 EUR 400,000.00 456,188.00 0.24

5.375% CARREFOUR 08/15 EUR 250,000.00 268,468.75 0.14

5.375% LAFARGE 10/18 EUR 600,000.00 526,500.00 0.27


5.5% CASINO GUICHARD 09/15 EUR 1,100,000.00 1,148,609.00 0.60

5.625% A.S.F. 07/22 EUR 700,000.00 765,261.00 0.40

5.625% GDF SUEZ 09/16 EUR 900,000.00 1,012,293.00 0.53

5.95% GDF SUEZ 11/2111 EUR 250,000.00 241,250.00 0.13

6% AUCHAN 09/19 EUR 500,000.00 590,637.50 0.31



6.25% GDF SUEZ 08/14 EUR 1,273,000.00 1,395,360.76 0.73

6.25% SODEXHO 09/15 EUR 400,000.00 439,094.00 0.23

6.25% SUEZ ENVIRONNEMENT 09/19 EUR 700,000.00 833,035.00 0.43

6.25% VINCI 06/PE EUR 1,400,000.00 1,376,466.00 0.72

6.375% GDF SUEZ 09/21 EUR 400,000.00 492,008.00 0.26

6.875% GDF SUEZ 08/19 EUR 1,000,000.00 1,240,060.00 0.65

7.375% A.S.F. 09/19 EUR 650,000.00 790,302.50 0.41

7.75% VIVENDI 09/14 EUR 900,000.00 994,765.50 0.52






8.5% BANQUE PSA FINANCE 09/12 EUR 700,000.00 721,637.00 0.38

8.625% PPR 09/14 EUR 300,000.00 339,690.00 0.18

42,757,280.31 22.27

ILES CAÏMANS


4.75% HUTCHISON WHAMP. INTL 9/16 EUR 1,500,000.00 1,552,852.50 0.81

5.875% HUTCHISON WHAMPOA 03/13 EUR 400,000.00 422,510.00 0.22

5.875% IPIC GMTN 11/21 EUR 500,000.00 506,337.50 0.26

2,682,421.00 1.39

ITALIE

3.375% ATLANTIA 10/17 EUR 500,000.00 460,850.00 0.24

3.875% EDISON 10/17 EUR 500,000.00 458,295.00 0.24

4% ENI 10/20 EUR 600,000.00 582,018.00 0.30

4.25% EDISON 09/14 EUR 400,000.00 394,714.00 0.21

4.75% TERNA 11/21 EUR 800,000.00 767,712.00 0.40

5% AUTOSTRADE 04/14 EUR 1,100,000.00 1,118,661.50 0.58

5% ENI 09/16 EUR 1,250,000.00 1,319,950.00 0.69


5.25% ENEL 07/15 SR EUR 400,000.00 413,466.00 0.22

5.25% ENEL 07/17 EUR 950,000.00 954,127.75 0.50


5.375% LOTTOMATICA 10/18 EUR 1,200,000.00 1,051,014.00 0.55

5.625% ATLANTIA 09/16 EUR 700,000.00 729,750.00 0.38

5.875% ENI 08/14 EUR 1,000,000.00 1,061,355.00 0.55


12,250,052.75 6.39

JERSEY

4.125% BAA FUDING 10/18 EUR 400,000.00 396,044.00 0.21

4.6% BAA FUNDING 08/16 EUR 300,000.00 310,806.00 0.16

706,850.00 0.37

LUXEMBOURG

4.625% SES 10/20 EUR 400,000.00 412,612.00 0.21

4.75% SES 11/21 EUR 560,000.00 574,714.00 0.30

5% ENEL FIN. INT. 09/22 EUR 500,000.00 474,950.00 0.25



5.25% GLENCORE FINANCE 10/17 EUR 1,000,000.00 953,750.00 0.50

6.875% OLIVETTI FINANCE 03/13 EUR 800,000.00 821,520.00 0.43

7.125% GLENCORE FINANCE 08/15 EUR 1,000,000.00 1,030,000.00 0.54




9% HOLCIM FINANCE LUX. 09/14 EUR 900,000.00 1,011,784.50 0.53

9.375% ARCELORMITTAL 09/16 EUR 1,125,000.00 1,228,837.50 0.64

9,021,534.50 4.71




235


MEXIQUE


363,872.25 0.19

NORVEGE

4.875% TELENOR 07/17 EUR 500,000.00 547,102.50 0.28

5.625% STATOIL 09/21 EUR 400,000.00 483,334.00 0.25

1,030,436.50 0.53

PAYS-BAS



3% SHELL INTL FINANCE 09/13 EUR 1,100,000.00 1,124,414.50 0.59

3.625% BMW FINANCE 11/18-S- EUR 400,000.00 411,228.00 0.21


3.875% BMW FINANCE 10/17 EUR 750,000.00 784,016.25 0.41

4% BMW FINANCE 09/14 EUR 400,000.00 419,008.00 0.22

4% DEUTSCHE TEL. FIN. 05/15 EUR 600,000.00 620,541.00 0.32

4% KPN KONINKLIJKE 05/15 EUR 1,200,000.00 1,237,380.00 0.64

4% SYNGENTA FINANCE 09/14 EUR 450,000.00 473,294.25 0.25


4.125% ENEL FIN. INTL 11/17 SR -S- EUR 1,100,000.00 1,049,224.00 0.55


4.125% SUEDZUCKER 11/18 EUR 300,000.00 313,014.00 0.16






4.5% SHELL INTL FINANCE 09/16 EUR 750,000.00 815,932.50 0.42


4.625% SHELL INTERNAT. FIN. 07/17 EUR 650,000.00 716,374.75 0.37

4.75% ADECCO INTL FIN. 11/18SR-S- EUR 1,000,000.00 990,620.00 0.52


4.875% ALLIANDER 10/PE EUR 1,300,000.00 1,290,334.50 0.67

5.125% BASF FINANCE 09/15 EUR 1,000,000.00 1,094,570.00 0.57


5.375% VOLKSWAGEN 09/13 EUR 894,000.00 950,786.88 0.50

5.5% E. ON INT. FINANCE 07/17 EUR 1,300,000.00 1,471,743.00 0.77


5.5% EADS FINANCE 03/18 EUR 300,000.00 337,699.50 0.18



5.75% ASML HLDG 07/17 EUR 800,000.00 842,740.00 0.44


5.75% RWE FINANCE 08/13 EUR 1,300,000.00 1,398,806.50 0.73

5.875% DEUTSCHE TEL. FIN. 08/14 EUR 1,000,000.00 1,090,700.00 0.57

5.875% EDP FINANCE 11/16 EUR 1,775,000.00 1,442,187.50 0.75

6% BASF FINANCE 08/13 EUR 1,000,000.00 1,085,850.00 0.57

6% DEUTSCHE TEL. FIN. 09/17 EUR 1,500,000.00 1,695,682.50 0.88

6% PORTUGAL TEL. INT. 09/13 EUR 400,000.00 385,316.00 0.20

6.125% DAIMLER INTL 08/15 EUR 600,000.00 674,292.00 0.35





6.25% KPN 09/14 EUR 800,000.00 863,632.00 0.45


6.5% REPSOL INTL FINANCE 09/14 EUR 1,300,000.00 1,402,050.00 0.73

6.625% RWE FINANCE 08/19 EUR 300,000.00 361,159.50 0.19

6.655% TENNET HOLDING BV 10/PE EUR 1,000,000.00 1,003,565.00 0.52

6.875% ENBW INT. FINANCE 08/18 EUR 450,000.00 551,520.00 0.29

7% VOLKSWAGEN 09/16 EUR 750,000.00 872,707.50 0.45

7.375% CRH FINANCE 09/14 EUR 250,000.00 271,930.00 0.14

7.375% LINDE FINANCE 06/66 EUR 998,000.00 1,062,870.00 0.55

7.625% ADECCO INT. FIN. 09/14 EUR 1,350,000.00 1,490,346.00 0.78



7.875% DAIMLER INTL 09/14 EUR 1,400,000.00 1,569,022.00 0.82

8.875% BMW FINANCE 08/13 EUR 800,000.00 901,332.00 0.47

45,730,167.98 23.83

ROYAUME-UNI

3.1% BP CAPITAL MARKETS 10/14 EUR 2,400,000.00 2,447,184.00 1.20

3.875% GLAXOSMITHKLINE 09/15 EUR 500,000.00 531,500.00 0.28

4.375% ANGLO AMERICAN CAP. 09/16 EUR 1,100,000.00 1,126,510.00 0.59



5.025% SCOTTISH & SOUTHERN 10/PE EUR 1,600,000.00 1,496,664.00 0.78


5.125% TESCO 09/15 EUR 1,400,000.00 1,531,530.00 0.80



5.375% VODAFONE 07/22 EUR 900,000.00 1,024,366.50 0.53


6.25% VODAFONE 09/16 EUR 500,000.00 572,602.50 0.30

6.625% NATIONAL GRID ELEC. 08/14 EUR 1,000,000.00 1,099,295.00 0.57

6.625% WPP GROUP 08/16 EUR 375,000.00 418,543.13 0.22

7.25% IMPERIAL TOBACCO 08/14 EUR 1,000,000.00 1,118,805.00 0.58


15,985,982.38 8.26

SUEDE


3.875% SKF 11/18 EUR 200,000.00 206,432.00 0.11


4.875% INVESTOR 09/21 EUR 450,000.00 485,183.25 0.25



5.375% ERICSSON TEL. 07/17 EUR 300,000.00 326,928.00 0.17



3,960,856.65 2.07







237




Pays-Bas 23.83

France 22.27

Royaume-Uni 8.26

Italie 6.39

Etats-Unis 5.91

Espagne 5.81

Allemagne 4.93

Luxembourg 4.71

Suède 2.07

Belgique 1.42

Iles Caïmans 1.39

Australie 1.00

Autriche 0.76

Danemark 0.66

Norvège 0.53

Jersey 0.37

Canada 0.32

Finlande 0.27

Mexique 0.19

Brésil 0.11

91.20




91.20

Pictet - European Equity Selection





ACTIONS

ALLEMAGNE

ADIDAS NOM. 118,082.10 5,405,207.14 2.71

ALLIANZ NOM. 43,089.54 3,053,324.66 1.53

DEUTSCHE BOERSE -OPE- 71,996.66 2,717,874.10 1.36

DEUTSCHE POST NOM. 185,797.08 1,788,296.87 0.90

MAN AG 68,548.71 4,002,559.08 2.00

MUENCHENER RUECKVER. NOM. 58,222.68 5,446,731.41 2.73

PFEIFFER VACUUM TECHNOLOGY 50,488.08 3,341,300.98 1.67

25,755,294.24 12.90

BELGIQUE

U.C.B. 148,595.23 4,766,933.54 2.39

4,766,933.54 2.39

BERMUDES

PURECIRCLE (GBP) 481,253.65 505,682.19 0.25

505,682.19 0.25

ESPAGNE

AMADEUS IT HOLDING 'A' 131,748.03 1,588,221.16 0.80

BANCO SANTANDER 709,561.31 4,416,309.62 2.21

INDITEX NOM. 31,366.69 2,018,759.84 1.01

TELEFONICA 304,282.67 4,389,277.46 2.20

12,412,568.08 6.22

FRANCE

BNP PARIBAS 165,884.58 4,984,831.71 2.50

L.V.M.H. 28,035.71 2,793,758.88 1.40

PUBLICIS 70,033.77 2,199,760.66 1.10

SCHNEIDER ELECTRIC S.A. 157,053.53 6,371,661.76 3.19

TOTAL 145,179.99 4,825,055.51 2.42

VINCI 110,993.87 3,598,421.17 1.80

24,773,489.69 12.41

ILES CAÏMANS

EURASIA DRILLING GDR (R.1 SHS) 193,318.54 2,629,538.71 1.32

2,629,538.71 1.32

ITALIE

ASTALDI 448,360.26 1,874,145.89 0.94

DANIELI & C. OFF. MECC. RNC 206,788.17 1,760,801.31 0.88

3,634,947.20 1.82




239


JERSEY

GLENCORE INTERNATIONAL 727,001.35 3,400,841.92 1.70

3,400,841.92 1.70

LUXEMBOURG

MILLICOM INTL CELLULAR-SDR- 67,627.73 5,067,443.07 2.54

5,067,443.07 2.54

PAYS-BAS

ROYAL PHILIPS (EUR) 163,507.30 2,215,523.87 1.11

2,215,523.87 1.11

ROYAUME-UNI

AUTONOMY CORPORATION 96,090.72 2,844,963.40 1.42

BG GROUP 307,887.26 4,438,059.56 2.22

CARNIVAL 281,445.65 6,584,524.51 3.30

HSBC HOLDINGS 1,209,357.40 6,977,160.27 3.49

MAN GROUP 799,565.08 1,564,259.35 0.78

MITIE 1,885,064.69 5,119,311.06 2.56

NATIONAL GRID 470,495.39 3,487,958.52 1.75

RIO TINTO NOM. 121,373.43 4,070,530.56 2.04

ROYAL DUTCH SHELL 'A' 158,580.23 3,675,096.79 1.84

SOCO INTERNATIONAL 607,571.00 2,312,389.66 1.16

THOMAS COOK GROUP 2,718,433.23 1,259,034.83 0.63

TULLOW OIL 403,201.75 6,127,971.76 3.07

VODAFONE GROUP PLC 5,308,333.41 10,246,484.43 5.13

58,707,744.70 29.39

RUSSIE

SBERBANK PFD (USD) 4,397,346.20 5,539,845.39 2.77

5,539,845.39 2.77

SUEDE

ASSA ABLOY 'B' 340,563.54 5,273,785.42 2.64

ERICSSON TELEFON 'B' 680,906.00 4,924,789.59 2.47

10,198,575.01 5.11

SUISSE

ACTELION NOM. 71,325.51 1,773,378.39 0.89

JULIUS BAER GROUPE NOM. 79,455.67 2,001,598.73 1.00

NESTLE S.A. 296,005.79 12,168,913.54 6.07

ROCHE HOLDING BON JCE 82,580.44 9,967,901.50 4.99

UBS AG 567,536.83 4,908,492.46 2.46

ZURICH FINANCIAL SERVICES 22,027.07 3,452,263.76 1.73

34,272,548.38 17.14

TOTAL ACTIONS 193,880,975.99 97.07





CERTIFICATS

PAYS-BAS

ING GROEP (CRT.) 700,626.17 3,736,439.36 1.87

3,736,439.36 1.87

TOTAL CERTIFICATS 3,736,439.36 1.87

TOTAL I. 197,617,415.35 98.94


ACTIONS

ALLEMAGNE

AIST MEDIALAB 10,153.53 0.00 0.00

0.00 0.00

ROYAUME-UNI

ALUDEL NOM. 141,622.98 0.00 0.00

0.00 0.00

TOTAL ACTIONS 0.00 0.00

WARRANTS

ROYAUME-UNI

ALUDEL WRT (C-0. 68) 283,245.97 0.00 0.00

0.00 0.00

TOTAL WARRANTS 0.00 0.00

TOTAL II. 0.00 0.00



AUTRES PASSIFS NETS -252,286.19 -0.13




241




Royaume-Uni 29.39

Suisse 17.14

Allemagne 12.90

France 12.41

Espagne 6.22

Suède 5.11

Pays-Bas 2.98

Russie 2.77

Luxembourg 2.54

Belgique 2.39

Italie 1.82

Jersey 1.70

Iles Caïmans 1.32

Bermudes 0.25

98.94



Banques et organismes de crédit 14.43

Communications 12.34

Pétrole 9.81

Equipements électriques et électroniques 6.94

Alimentation et boissons non alcoolisées 6.32

Assurances 5.99

Industrie pharmaceutique et cosmétique 5.88

Industrie textile et du vêtement 5.12

Construction de machines et appareils 4.55

Services publics 3.97

Gastronomie 3.30

Construction et matériaux de construction 2.74

Services aux collectivités 2.56

Produits chimiques 2.39

Divers 2.33

Internet, logiciel et services techniques informatiques

2.22

Holdings et sociétés financières 2.14

Acier inoxydable 2.04

Certificats 1.87

Edition et arts graphiques 1.10

Transport et fret 0.90

Loisirs 0.00

Warrants 0.00

98.94

Pictet - Small Cap Europe





ACTIONS

ALLEMAGNE

ADVA AG OPTICAL NETWORKING 432,603.00 1,453,978.68 0.92

BERTRANDT 43,803.00 1,573,403.76 0.99

CTS EVENTIM 50,912.00 1,137,883.20 0.72

FIELMANN 22,391.00 1,684,698.62 1.06

FUCHS PETROLUB N-VTG 67,080.00 2,085,181.80 1.32

GEA GROUP 89,303.00 1,577,536.60 1.00

KABEL DEUTSCHLAND HOLDING 44,138.00 1,782,292.44 1.12

KRONES 36,142.00 1,413,694.33 0.89

KWS SAAT 11,709.00 1,650,969.00 1.04

MORPHOSYS 99,220.00 1,907,504.50 1.20

MTU AERO ENGINES NOM. 44,702.00 2,107,698.85 1.33

PFEIFFER VACUUM TECHNOLOGY 20,496.00 1,356,425.28 0.86

RIB SOFTWARE 65,824.00 309,701.92 0.20

SIXT PFD 140,516.00 1,736,776.35 1.10

SYMRISE 116,004.00 2,024,268.64 1.28

TUI 316,761.00 1,228,082.40 0.77

VOSSLOH 22,971.00 1,701,002.32 1.07

WIRECARD 187,559.00 2,160,679.68 1.36

28,891,778.37 18.23

BELGIQUE

D'IETEREN 59,021.00 2,214,467.92 1.40

MOBISTAR 36,276.00 1,558,054.20 0.98

3,772,522.12 2.38

BERMUDES

ALLIANCE OIL COMPANY SDR (SEK) 169,763.00 1,358,643.24 0.86

1,358,643.24 0.86

DANEMARK

D/S NORDEN 63,395.00 1,311,139.84 0.83

DSV 123,939.00 1,678,896.27 1.06

ROCKWOOL INTERNATIONAL A/S 'B' 20,968.00 1,389,182.54 0.88

SIMCORP 18,514.00 1,987,936.13 1.25

6,367,154.78 4.02

ESPAGNE

BOLSAS Y MERCADOS ESPANOLES 32,858.00 660,116.89 0.42

EBRO PULEVA 40,874.00 525,026.53 0.33

GRIFOLS 'A' 152,774.00 2,144,945.43 1.35

GRUPO PRISA 1,095,828.00 887,620.68 0.56

VISCOFAN 56,150.00 1,517,734.50 0.96

5,735,444.03 3.62




243


FINLANDE

ELISA 'A' 78,076.00 1,200,027.34 0.76

OUTOTEC 55,764.00 1,505,628.00 0.95

2,705,655.34 1.71

FRANCE

ALTRAN TECHNOLOGIES 294,468.00 989,412.48 0.62

CIE GENERALE DE GEOPHYSIQUE 64,285.00 867,525.43 0.55

INGENICO (CIE IND. & FIN. D'INGEN.) 53,013.00 1,494,436.47 0.94

MEDICA 53,702.00 714,773.62 0.45

SCOR SE 92,074.00 1,495,742.13 0.94

TELEPERFORMANCE 97,737.00 1,562,324.97 0.99

VIRBAC 16,976.00 2,069,374.40 1.31

WENDEL 25,864.00 1,229,574.30 0.78

10,423,163.80 6.58

ITALIE

AMPLIFON 474,612.00 1,749,419.83 1.10

ASTALDI 475,636.00 1,988,158.48 1.25

INDUSTRIA MACCHINE AUTOMATICHE 104,678.00 1,376,515.70 0.87

PIAGGIO & C. 763,887.00 1,840,967.67 1.16

PIRELLI & CIE 423,085.00 2,271,966.45 1.43

PRYSMIAN 127,852.00 1,268,291.84 0.80

SAFILO GROUP 197,439.00 1,187,595.59 0.75

SORIN 1,239,269.00 2,034,879.70 1.28

13,717,795.26 8.64

JERSEY

CHARTER INTERNATIONAL 268,206.00 2,699,868.58 1.70

INFORMA 637,499.00 2,424,814.04 1.53

5,124,682.62 3.23

NORVEGE

MARINE HARVEST 3,480,268.00 1,139,007.92 0.72

TGS-NOPEC GEOPHYSICAL 113,776.00 1,593,152.24 1.01

2,732,160.16 1.73

PAYS-BAS

ASM INTERNATIONAL (EUR) 100,499.00 1,889,381.20 1.19

NUTRECO HOLDING 52,903.00 2,487,499.06 1.57

SNS REAAL 624,998.00 1,185,621.21 0.75

UNIT 4 N.V. 74,436.00 1,367,389.32 0.86

6,929,890.79 4.37

ROYAUME-UNI

BABCOCK INTERNATIONAL GROUP 229,644.00 1,757,096.26 1.11

BBA AVIATION 1,204,425.00 2,342,338.25 1.48

COOKSON GROUP 349,970.00 1,759,437.12 1.11

DAILY MAIL & GENERAL TRUST 'A' 389,127.00 1,640,486.47 1.03

DERWENT LONDON 39,104.00 653,790.66 0.41

DOMINO PRINTING SCIENCES 323,824.00 1,737,024.91 1.10





ENQUEST 1,718,591.00 1,779,886.97 1.12

GKN 856,632.00 1,749,504.93 1.10

HANSTEEN HOLDINGS 1,610,121.00 1,349,741.96 0.85

HOMESERVE 483,367.00 2,577,115.68 1.63

HUNTING 292,403.00 2,030,196.36 1.28

I.M.I. 183,399.00 1,511,853.60 0.95

IG GROUP HOLDINGS 508,840.00 2,641,441.22 1.67

INTERNATIONAL PERSONAL FINANCE 679,078.00 1,760,611.04 1.11

MEGGITT 757,546.00 2,945,636.78 1.84

MELROSE 637,222.00 2,152,974.01 1.36

MITCHELLS & BUTLERS 797,755.00 2,181,300.43 1.38

MONDI (GBP) 279,000.00 1,534,484.92 0.97

PREMIER FARNELL 726,766.00 1,303,701.37 0.82

PREMIER OIL 633,002.00 2,552,495.02 1.61

RPS GROUP 857,448.00 1,631,705.52 1.03

SDL 302,505.00 2,282,973.93 1.44

SPECTRIS 183,906.00 2,493,984.66 1.57

SPIRAX-SARCO ENGINEERING 135,922.00 2,831,178.37 1.79

SPIRENT COMMUNICATIONS 1,673,620.00 2,380,389.27 1.50

ST JAMES'S PLACE 524,695.00 1,889,138.20 1.19

SYNERGY HEALTH 212,556.00 2,114,994.43 1.33

53,585,482.34 33.78

SUEDE

AARHUSKARLSHAMN 84,120.00 1,492,510.47 0.94

HIQ INTERNATIONAL 401,013.00 1,118,386.13 0.71

MEDA 'A' 287,595.00 1,973,977.63 1.25

4,584,874.23 2.90

SUISSE

BANKW FMB ENERGIE NOM. 38,201.00 1,341,628.51 0.85

BUCHER INDUSTRIES 10,456.00 1,221,769.96 0.77

KUONI REISEN HOLDING NOM. 'B' 10,241.00 2,298,336.30 1.45

MICRONAS SEMICOND HOLDING NOM. 276,256.00 1,389,588.06 0.88

PARTNERS GROUP HOLDING NOM. 15,444.00 1,900,924.78 1.20

8,152,247.61 5.15







245




Royaume-Uni 33.78

Allemagne 18.23

Italie 8.64

France 6.58

Suisse 5.15

Pays-Bas 4.37

Danemark 4.02

Espagne 3.62

Jersey 3.23

Suède 2.90

Belgique 2.38

Norvège 1.73

Finlande 1.71

Bermudes 0.86

97.20







Divers 5.66

Pétrole 5.35

Communications 4.99


4.88




Agriculture et pêche 3.33


Aéronautique et astronautique 3.17

Industrie automobile 3.16




Gastronomie 2.15

Assurances 2.13



Biotechnologie 1.20

Commerce de détail et grands magasins 1.06

Services environnementaux et recyclage 1.03

Mines et aciéries 0.78

Photo et optique 0.75


Commerce divers 0.42

Immobilier 0.41

97.20

Pictet - Emerging Markets





ACTIONS

AFRIQUE DU SUD

ANGLOGOLD ASHANTI 57,274.14 2,414,475.47 0.25

ANGLOGOLD ASHANTI ADR (R. 1 SHS) 199,326.04 8,244,123.08 0.84

FIRSTRAND 3,305,592.67 8,059,313.27 0.83

KUMBA IRON ORE 211,735.76 11,243,269.73 1.15

MTN GROUP 846,369.05 13,949,809.67 1.43

NASPERS 'N' 117,708.61 5,138,908.31 0.53

SASOL 291,784.00 12,152,495.91 1.24

61,202,395.44 6.27

ARGENTINE

YPF SPONS.ADR REPR.1 SH.'D' 196,779.61 6,731,830.61 0.69

6,731,830.61 0.69

BERMUDES

COSAN A 780,298.71 7,389,428.74 0.76

CREDICORP 65,182.94 6,009,867.21 0.62

13,399,295.95 1.38

BRESIL

BANCO DO BRASIL 1,053,406.25 14,096,491.86 1.44

BANRISUL PREF 'B' 496,583.21 4,280,313.52 0.44

BCO SANTANDER (55 ORD+50PFD) 664,935.88 4,914,704.87 0.50

BR MALLS PARTICIPACOES 514,076.80 5,320,089.43 0.54

BRASIL INSURANCE 751,450.51 7,124,864.62 0.73

BROOKFIELD INCORPORACOES 934,452.87 2,778,817.62 0.28

CIA HERING 435,685.58 7,372,328.59 0.75

ELETROBRAS 'B' PREF 186,864.42 2,162,342.38 0.22

LOJAS RENNER 141,046.70 3,848,627.37 0.39

OGX PETROLEO E GAS 462,768.94 2,866,986.22 0.29

PDG REALTY SA EMPREENDI. E PARTIC. 1,435,272.47 4,739,782.30 0.49

PETROBRAS ADR (R. 2 PFD SHS) 757,514.62 15,695,695.39 1.61

PETROLEO BRASIL. 'ADR' (REPR. 1 SHS) 386,547.82 8,677,994.70 0.89

TELECOM. SAO PAULO PFD-ADR SPONS.- 188,736.06 4,992,066.89 0.51

TOTVS 166,945.19 2,877,977.93 0.29

VALE 'A' ADR (R.1 PFD 'A') 365,360.87 7,672,578.24 0.79

VALE DO RIO DOCE PREF 'A' 1,189,264.27 25,133,914.39 2.57

124,555,576.32 12.73

CHILI

ENDESA 3,341,066.96 4,804,949.53 0.49

ENTEL 159,194.11 3,036,874.22 0.31

7,841,823.75 0.80




247


CHINE

AGRICULTURAL BANK OF CHINA 'A' 11,074,611.72 4,266,045.78 0.44

BANK OF CHINA 42,262,802.59 13,301,220.22 1.36

CHANGSHA ZOOMLION HEAVY IND. -H- 3,031,755.44 3,458,392.16 0.35

CHINA COAL ENERGY 'H' 3,886,021.31 3,529,325.37 0.36

CHINA CONSTRUCTION BANK 'A' 9,950,330.76 6,855,704.49 0.70

CHINA NATIONAL BUILDING MAT. 'H' 2,715,124.06 2,347,317.56 0.24

CHINA PACIFIC INSURANCE 'H' 2,379,127.46 6,952,903.74 0.71

CHINA PETROLEUM & CHEMICAL 'H' 9,077,697.87 8,955,793.07 0.92

CHINA RESOURCES POWER HOLDINGS 2,645,249.54 4,030,124.32 0.41

CHINA SHENHUA ENERGY H 1,809,250.87 7,216,514.69 0.74

CHINA UNICOM (HK) 4,749,470.69 9,908,275.55 1.01

CHINA VANKE 'A' 3,320,291.27 3,764,234.28 0.39

CITIC SECURITIES H 1,605,117.46 2,742,366.95 0.28

CNOOC 9,391,723.93 15,683,961.82 1.61

HARBIN POWER EQUIPMENT 'H' 4,004,807.99 3,307,956.41 0.34

IND. & COMM. BANK OF CHINA 'H' 30,861,577.41 15,144,278.56 1.55

LUZHOU OLD-CELLAR 'A' 1,151,081.84 7,011,607.34 0.72

PING AN INSURANCE 'A' 527,230.18 2,771,491.15 0.28

SHANGHAI INDUSTRIAL HOLDINGS 1,705,117.87 4,829,810.67 0.49

SUNING APPLIANCE -A- 3,775,531.73 6,154,471.29 0.63

ZHAOJIN MINING INDUSTRY H 1,616,596.84 2,699,679.36 0.28

134,931,474.78 13.81

COREE DU SUD

DAELIM INDUSTRIAL 57,094.47 4,676,774.20 0.48

HANA FINANCIAL HOLDINGS 357,577.85 10,623,404.35 1.09

HYUNDAI ENGIN. & CONSTR. 80,548.35 4,177,562.06 0.43

HYUNDAI HOME SHOPPING NETWORK 21,448.48 2,530,675.27 0.26

HYUNDAI MOBIS 38,159.47 11,061,604.42 1.13

HYUNDAI MOTOR 107,964.11 19,336,904.01 1.98

KB FINANCIAL 336,083.45 11,511,070.80 1.18

KT & G CORP 166,463.06 10,385,568.45 1.06

LG CHEMICAL 36,481.48 9,940,371.23 1.02

LG CORP 118,677.87 6,084,596.12 0.62

LG ELECTRONICS 59,381.36 3,472,917.19 0.36

LG FASHION 92,533.82 3,177,196.67 0.33

LG TELECOM 677,712.93 3,698,978.53 0.38

POSCO 21,755.93 6,851,357.37 0.70

SAMSUNG ELECTRONICS 53,356.18 38,044,254.98 3.87

SAMSUNG FIRE & MAR. INSUR. 22,995.70 4,226,001.64 0.43

SK ENERGY 19,015.85 2,292,076.79 0.23

SK TELECOM 53,208.45 6,752,223.84 0.69

158,843,537.92 16.24

ESPAGNE

BANCO SANTANDER ADR (R.1 SHS) 1,088,994.34 7,971,438.54 0.82

7,971,438.54 0.82





ETATS-UNIS

CTC MEDIA 252,158.16 2,244,207.65 0.23

SOHU. COM 42,823.10 2,064,073.25 0.21

SOUTHERN COPPER 79,099.95 1,976,706.93 0.20

6,284,987.83 0.64

HONG KONG

AIA GROUP 488,722.33 1,400,019.72 0.14

CHINA MOBILE 2,392,403.62 23,694,954.44 2.43

CHINA RESOURCES CEMENT 4,072,686.09 2,736,211.93 0.28

COSCO PACIFIC 3,387,915.83 3,803,742.87 0.39

LENOVO GROUP 8,544,880.72 5,806,691.90 0.59

37,441,620.86 3.83

HONGRIE

MOL MAGYAR OLAY 'A' 23,583.65 1,606,913.87 0.16

OTP BANK 325,570.33 4,835,664.84 0.50

6,442,578.71 0.66

ILE DE MAN

ZHAIKMUNAI GDR (R. 1 SHS) 382,773.60 2,832,524.63 0.29

2,832,524.63 0.29

ILES CAÏMANS

AGILE PROPERTY HOLDINGS 4,074,682.50 2,695,678.59 0.28

COMBA TELECOM SYSTEMS HOLDINGS 7,194,029.64 5,323,065.53 0.54

FOCUS MEDIA ADR (R.5 SHS) 194,854.07 3,271,597.93 0.33

MELCO CROWN ENTERTAINMENT -SP.ADR- 125,040.45 1,039,086.11 0.11

MGM CHINA HOLDINGS 2,503,104.81 3,318,377.87 0.34

NETEASE. COM ADR (R. 25 SHS) 121,857.16 4,650,068.14 0.48

TENCENT HOLDINGS 424,038.49 8,944,282.65 0.92

YUANDA CHINA HOLDINGS 31,353,693.65 3,705,472.93 0.38

32,947,629.75 3.38


MAIL.RU GROUP -GDR- (R.1 SHS) 85,383.66 2,497,472.18 0.26

2,497,472.18 0.26

INDE

BANK OF BARODA DEMAT. 212,698.03 3,310,663.20 0.34

ICICI BANK DEMAT. 513,456.91 9,177,748.77 0.94

INFOSYS TECHNOLOG ADR (R.1 SHS) 106,232.22 5,425,279.65 0.56

INFOSYS TECHNOLOGIES DEMAT. 90,253.92 4,668,049.49 0.48

LUPIN 569,044.09 5,511,508.01 0.56

OIL & NATURAL GAS CORP 1,083,005.09 5,884,383.88 0.60

RELIANCE INDUSTRIES DEMAT. 641,514.94 10,588,436.62 1.08

SINTEX INDUSTRIES 2,969,210.76 7,711,764.56 0.79

YES BANK 1,168,737.13 6,504,121.61 0.67

58,781,955.79 6.02




249


INDONESIE

ASTRA INTERNATIONAL 737,176.15 5,336,305.56 0.55

BORNEO LUMBUNG ENERGI & METAL 37,349,426.25 3,780,462.63 0.39

INDO TAMBANGRAY 961,183.86 4,290,591.22 0.44

P.T. TELEKOMUNIKASI INDONESIA 'B' 3,264,637.22 2,821,756.45 0.29

PT BANK MANDIRI (PERSERO) 8,013,569.88 5,741,661.50 0.59

PT BUMI SERPONG DAMAI 79,076,928.15 7,824,201.92 0.80

PT HARUM ENERGY 5,822,613.49 4,701,617.77 0.48

SEMEN GRESIK 7,830,862.99 7,391,944.97 0.76

41,888,542.02 4.30

IRLANDE

KENMARE RESOURCES (GBP) 3,290,872.11 1,743,016.99 0.18

1,743,016.99 0.18

MALAISIE

BUMIPUTRA-COMMERCE HOLDINGS BHD 2,559,403.71 5,587,798.16 0.57

MEDIA PRIMA 5,222,321.52 3,598,781.05 0.37

RHB CAPITAL 1,930,846.50 4,233,649.75 0.43

TM INTERNATIONAL 8,017,002.71 11,551,516.42 1.18

24,971,745.38 2.55

MEXIQUE

AMERICA MOVIL ADR (R. 20 SHS 'L') 192,356.56 4,247,230.86 0.43

CEMEX ADR (R. 10 CPO) 339,823.73 1,073,842.99 0.11

DESARROLLADOR ADR (R.6 SHS) (USD) 61,713.17 833,127.83 0.09

WAL-MART 'V' 3,490,431.73 8,066,254.02 0.83

14,220,455.70 1.46

NIGERIA

FIRST BANK OF NIGERIA 15,330,693.46 936,645.79 0.10

ZENITH BANK 13,591,539.71 1,054,774.11 0.11

1,991,419.90 0.21

PAYS-BAS

X5 RETAIL GROUP SPONS. GDR REG. S 118,112.89 3,271,725.81 0.33

3,271,725.81 0.33

PHILIPPINES

METRO PACIFIC INVESTMENTS 60,406,638.08 3,799,157.22 0.39

3,799,157.22 0.39

REPUBLIQUE TCHEQUE

CESKE ENERGETICKE ZAVODY 111,799.23 4,309,156.48 0.44

TELEFONICA O2 CR 120,783.09 2,570,320.80 0.26

6,879,477.28 0.70

ROYAUME-UNI

KAZAKHMYS 377,109.77 4,658,570.48 0.48

4,658,570.48 0.48





RUSSIE

GAZPROM ADR (R. 4 SHS) 1,676,348.54 16,243,817.34 1.66

IDGC (USD) 49,163,597.83 3,377,539.18 0.35

JFSC SISTEMA GDR (R. 20 SHS) 216,456.28 3,030,387.90 0.31

MECHEL PFD (USD) 282,389.87 2,173,413.65 0.22

MECHEL-BANK PFD 0% PERP 361,266.22 1,445,064.89 0.15

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 247,094.26 5,369,358.21 0.55

NOMOS BANK GDR (R. 1/2 SHS REG.S) 400,799.23 3,851,676.56 0.39

NOVATEK -GDR SPONS. - REG. S 77,564.71 9,013,018.82 0.92

SBERBANK (USD) 6,294,519.02 13,763,595.30 1.41

58,267,871.85 5.96

TAÏWAN

ADVANCED SEMICONDUCTOR ENGINEER. 3,999,759.06 3,478,056.25 0.36

CHUNGHWA TELECOM 4,477,159.72 14,911,644.03 1.53

FAR EASTERN TEXTILE 3,413,576.75 3,528,394.39 0.36

FORMOSA PLASTICS 2,438,620.62 6,537,673.02 0.67

FUBON FINANCIAL 417,931.46 440,217.19 0.05

HIGH TECH COMPUTER 234,179.45 5,263,762.08 0.54

HON HAI PRECISION INDUSTRY 5,573,690.52 12,656,273.25 1.30

LARGAN PRECISION 131,763.37 3,100,064.71 0.32

MEDIATEK 520,066.04 5,759,558.22 0.59

MEGA FINANCIAL HLDG 9,776,482.96 6,849,161.78 0.70

TAIWAN SEMICONDUCTOR 9,697,767.32 22,275,460.84 2.28

UNIMICRON TECHNOLOGY 3,786,200.57 5,398,216.46 0.55

WISTRON 153,847.71 176,439.22 0.02

YUANTA FINANCIAL 8,073,027.10 4,106,057.31 0.42

94,480,978.75 9.69

THAÏLANDE

BANGKOK BANK PUBLIC FGN NOM. (THB) 872,033.96 4,151,877.45 0.43

C.P.ALL - SHS FOREIGN 3,926,149.25 6,062,579.59 0.62

KASIKORNBANK PUB. FGN NOM. 1,823,026.13 6,978,936.81 0.71

PTT FGN NOM. 421,443.15 3,525,021.44 0.36

THAI AIRWAYS INTL. FGN NOM. 3,094,043.58 1,990,700.07 0.20

22,709,115.36 2.32

TURQUIE

BIZIM TOPTAN SATIS MAGAZALARI 198,311.86 2,330,330.98 0.24

DOGAN SIRKELTER 6,154,132.14 2,118,186.83 0.22

TURKIYE IS BANKASI 'C' 1,665,480.06 4,308,260.80 0.44

TURKIYE VAKIFLAR BANKASI TAO 1,433,493.67 2,875,557.69 0.29

11,632,336.30 1.19

TOTAL I. 953,220,556.10 97.58




251



ACTIONS

ARGENTINE

GENERAL FABRIL 'B' 908,368,711.24 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00

III. PARTS D’ORGANISMES DE PLACEMENT COLLECTIF

ILES CAÏMANS

VIETNAM RESOURCE INVESTMENTS FD. 277,088.39 554,176.78 0.06

554,176.78 0.06


TURQUOISE PARTNERS 'C' 5,991.73 9,245,185.24 0.95

9,245,185.24 0.95

TOTAL III. 9,799,362.02 1.01



AUTRES PASSIFS NETS -2,107,431.23 -0.21







Corée du Sud 16.24

Chine 13.81

Brésil 12.73

Taïwan 9.69

Afrique du Sud 6.27

Inde 6.02

Russie 5.96

Indonésie 4.30

Hong Kong 3.83

Iles Caïmans 3.44

Malaisie 2.55

Thaïlande 2.32

Mexique 1.46

Bermudes 1.38


Turquie 1.19

Espagne 0.82

Chili 0.80


Argentine 0.69

Hongrie 0.66

Etats-Unis 0.64

Royaume-Uni 0.48

Philippines 0.39

Pays-Bas 0.33

Ile de Man 0.29

Nigéria 0.21

Irlande 0.18

98.59





Pétrole 10.50








3.20

Immobilier 2.37

Assurances 2.29





Tabac et alcool 1.78



Articles de bureau et ordinateurs 1.15

Pierres et métaux précieux 1.09

Parts ou actions d’organismes de placement collectif

1.01




Gastronomie 0.45



98.59

Pictet - Eastern Europe



253



ACTIONS

AUTRICHE

DO & CO RESTAURANTS CATERING (TRY) 73,203.00 1,965,913.25 0.64

1,965,913.25 0.64

ETATS-UNIS

CTC MEDIA 202,400.00 1,342,590.93 0.44

1,342,590.93 0.44

HONGRIE

MOL MAGYAR OLAY 'A' 60,101.00 3,052,154.52 0.99

OTP BANK 314,541.00 3,482,024.59 1.13

6,534,179.11 2.12

ILE DE MAN


1,798,927.25 0.58



4,790,928.47 1.56

PAYS-BAS


4,343,394.95 1.41

POLOGNE

BANK PEKAO 204,628.00 6,219,511.10 2.02

GLOBE TRADE CENTRE 240,307.00 641,680.05 0.21

KGHM 269,810.00 8,005,123.46 2.60

PGE POLSKA GRUPA ENERGETYCZNA 529,014.00 2,329,174.98 0.76

PKO BANK POLSKI 661,803.00 4,931,320.08 1.60

POLISH OIL AND GAZ COMPANY 4,895,257.00 4,490,225.45 1.46

POLISH TELECOM 1,297,818.00 5,114,480.00 1.66

POLSKI KONCERN NAFTOWY 486,207.00 4,018,220.42 1.31

PZU 101,181.00 7,218,520.90 2.35

42,968,256.44 13.97

REPUBLIQUE TCHEQUE


TELEFONICA O2 CR 280,000.00 4,441,016.75 1.44

11,622,872.38 3.77





RUSSIE

CHEREPOVETS METAL SEVERSTAL (USD) 132,727.00 1,043,828.20 0.34

FGC UES (USD) 375,267,372.00 2,069,739.65 0.67

GAZPROM ADR (R. 4 SHS) 3,151,450.00 22,760,269.08 7.39

INTER RAO UES (USD) 1,288,995,104.00 960,714.75 0.31


LUKOIL HOLDING ADR (R. 1 SHS) 709,076.00 26,873,667.37 8.73

MAGNIT GDR 179,300.00 2,555,120.41 0.83

MECHEL ADR (R. 3 SHS) 112,325.00 853,087.95 0.28

MECHEL PFD (USD) 80,000.00 458,908.87 0.15

MECHEL-BANK PFD 0% PERP 446,217.00 1,330,299.10 0.43

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 1,044,344.00 16,914,006.62 5.49

MOBILE TELESYS ADR (R. 5 SHS) 181,582.00 1,664,642.97 0.54

MOBILE TELESYSTEMS USD 1,160,711.00 4,758,839.35 1.55



NOVOLIPETSK STEEL GDR (R. 1 REG-S) 143,405.00 2,188,958.06 0.71

OAO ROSNEFT OIL COMPANY GDR 2,473,927.00 10,832,730.67 3.52

PHARMSTANDARD OKTYABR -GDR- (USD) 84,635.00 1,205,462.35 0.39

POLYMETAL GDR (R.1 SHS) 174,700.00 2,018,216.71 0.66

RASPADSKAYA OAO (USD) 247,926.00 541,695.42 0.18

RUSHYDRO ADR (R.100 SHS) 1,520,775.00 3,899,120.00 1.27

SBERBANK (USD) 12,645,126.00 20,607,993.03 6.69

SBERBANK PFD (USD) 1,805,102.00 2,274,095.68 0.74

SURGUTNEFTEGAZ ADR (R. 10 SHS) 890,569.00 5,376,445.53 1.75

SURGUTNEFTEGAZ OIL PFD (USD) 13,034,338.00 4,170,547.39 1.35

TATNEFT (USD) 302,940.00 938,711.36 0.30

TATNEFT GDR (R. 20 SHS) 194,358.00 3,598,298.66 1.17

TRANSNEFT PREF (USD) 3,774.00 2,857,309.68 0.93

URALKALIY GDR (R. 5 SHS) 491,899.00 12,648,476.81 4.11

VTB BANK GDR SPONS. REG. S 1,605,238.00 4,950,774.12 1.61

WGC 4 (USD) 41,252,977.00 2,016,983.42 0.66

183,239,840.66 59.53

TURQUIE

AKBANK 999,174.00 2,939,665.06 0.96

ANADOLU EFES BIRACI 238,931.00 2,059,072.45 0.67

BIZIM TOPTAN SATIS MAGAZALARI 195,609.00 1,713,171.89 0.56

DOGAN SIRKELTER 5,390,143.00 1,382,741.28 0.45

EMLAK KONUT GAYRIMENKUL YATIRIM 1,804,411.00 1,735,830.74 0.56

FORD OTOMOTIV SANAYI 241,905.00 1,265,365.60 0.41

KOC HOLDING 833,179.00 2,311,027.30 0.75

TEKFEN HOLDINGS 733,857.00 1,676,667.57 0.54

TURK TELEKOM 716,442.00 2,291,630.51 0.74

TURKCELL ILETISIM 685,942.00 2,353,541.32 0.76

TURKIYE GARANTI BANKASI NOM. 3,568,641.00 10,356,239.70 3.36

TURKIYE HALK BANKASI 830,464.00 4,460,528.06 1.45

TURKIYE IS BANKASI 'C' 2,212,532.00 4,265,749.06 1.39




255


TURKIYE SINAI KALKINMA BANKASI 1,802,151.00 1,444,713.86 0.47

TURKIYE VAKIFLAR BANKASI TAO 1,288,097.00 1,925,830.53 0.63

YAPI VE KREDI BANKASI 2,974,687.00 4,924,384.93 1.60

47,106,159.86 15.30

TOTAL I. 305,713,063.30 99.32


ACTIONS

SLOVAQUIE

CHIRANA PREMA 21,076.00 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00










Russie 59.53

Turquie 15.30

Pologne 13.97


Hongrie 2.12


Pays-Bas 1.41

Autriche 0.64

Ile de Man 0.58

Etats-Unis 0.44

Slovaquie 0.00

99.32



Pétrole 28.55



Communications 7.70




Assurances 2.35




1.56




Services aux collectivités - électricité 0.67


Divers 0.66

Gastronomie 0.64

Immobilier 0.56




99.32

Pictet - Europe Index



257



ACTIONS

ALLEMAGNE

ADIDAS NOM. 32,255.00 1,476,472.63 0.23

ALLIANZ NOM. 69,673.00 4,937,028.78 0.78

AXEL SPRINGER 5,598.00 145,128.15 0.02

B.M.W. 50,789.00 2,537,672.39 0.40

B.M.W. PREF 8,201.00 291,135.50 0.05

BASF REG. 141,138.00 6,504,344.73 1.02

BAYER NOM. 126,351.00 5,237,248.95 0.82

BEIERSDORF 16,024.00 642,963.00 0.10

BRENNTAG 5,018.00 328,679.00 0.05

CELESIO 11,469.00 113,531.63 0.02

COMMERZBANK 557,595.00 1,058,872.91 0.17

CONTINENTAL GUMMIWERKE 12,174.00 531,273.36 0.08

DAIMLER NOM. (EUR) 138,549.00 4,659,402.87 0.73

DEUTSCHE BANK NOM. 142,622.00 3,753,811.04 0.59

DEUTSCHE BOERSE -OPE- 29,917.00 1,129,366.75 0.18

DEUTSCHE LUFTHANSA NOM. 32,936.00 321,323.62 0.05

DEUTSCHE POST NOM. 129,598.00 1,247,380.75 0.20

DEUTSCHE TELEKOM NOM. 429,293.00 3,791,086.48 0.60

E.ON AG 276,179.00 4,516,907.55 0.71

FRAPORT 5,691.00 252,936.50 0.04

FRESENIUS 17,410.00 1,160,376.50 0.18

FRESENIUS MEDICAL CARE 32,564.00 1,661,415.28 0.26

GEA GROUP 25,633.00 452,806.95 0.07

HANNOVER RUECKVERSICHERUNGS NOM. 9,686.00 329,711.44 0.05

HEIDELBERGCEMENT 21,297.00 583,644.29 0.09

HENKEL 19,488.00 642,129.60 0.10

HENKEL PREF N-VTG 26,896.00 1,075,840.00 0.17

HOCHTIEF 6,649.00 313,234.39 0.05

INFINEON TECHNOLOGIES NOM. 168,060.00 939,119.28 0.15

K+S REG. 26,576.00 1,051,878.08 0.17

KABEL DEUTSCHLAND HOLDING 13,686.00 552,640.68 0.09

LANXESS AG 12,794.00 463,654.56 0.07

LINDE 25,698.00 2,589,073.50 0.41

MAN AG 9,328.00 544,661.92 0.09

MERCK 9,845.00 605,467.50 0.10

METRO 19,538.00 623,848.34 0.10


PORSCHE AUTOMOBILE -NVTG- 24,131.00 873,904.17 0.14

PROSIEBEN SAT. 1 MEDIA PREF N-VTG 12,935.00 172,164.85 0.03

R.W.E. 'A' 65,112.00 1,804,904.64 0.28

R.W.E. PREF N-VTG 6,151.00 159,926.00 0.03

SALZGITTER 6,143.00 222,714.47 0.03

SAP AG (EUR) 141,357.00 5,416,093.46 0.85

SIEMENS AG 126,242.00 8,599,605.04 1.35

SUEDZUCKER 9,960.00 213,044.40 0.03





THYSSENKRUPP 58,637.00 1,087,423.17 0.17

TUI 23,719.00 91,958.56 0.01

UNITED INTERNET NOM. 19,086.00 242,964.78 0.04

VOLKSWAGEN (EUR) 4,571.00 425,971.49 0.07

VOLKSWAGEN PREF 22,136.00 2,214,706.80 0.35

WACKER CHEMIE 2,465.00 165,771.25 0.03

81,459,133.08 12.82

AUTRICHE

ERSTE BANK DER OESTER. SPARKASSEN 29,898.00 578,825.28 0.09

IMMOFINANZ 141,773.00 303,819.54 0.05

OESTER. ELEKTR. WIRT. 'A' 10,229.00 221,713.58 0.03

OMV 26,148.00 588,852.96 0.09

RAIFFEISEN INT. BANK-HOLDING 7,630.00 169,042.65 0.03

TELEKOM AUSTRIA 50,269.00 380,988.75 0.06

VOEST-ALPINE 16,521.00 362,553.35 0.06

WIENER STAEDTISCHE VERSICHERUNGS 5,610.00 160,866.75 0.03

2,766,662.86 0.44

BELGIQUE

ANHEUSER-BUSH INBEV 123,148.00 4,898,211.70 0.77

BEKAERT 5,265.00 162,530.55 0.03

BELGACOM 23,091.00 523,242.06 0.08

COLRUYT 10,157.00 317,457.04 0.05

DEXIA 93,533.00 135,342.25 0.02

FORTIS 327,254.00 430,011.76 0.07

GBL (GROUPE BRUXELLES LAMBERT) 12,982.00 687,526.72 0.11

GROUPE DELHAIZE 14,966.00 657,157.06 0.10

INBEV -STRIP VVPR 27,085.00 54.17 0.00

KBC GROUPE 23,901.00 418,267.50 0.07

MOBISTAR 4,849.00 208,264.55 0.03

SOLVAY 9,348.00 663,708.00 0.10

U.C.B. 15,134.00 485,498.72 0.08

UMICORE 17,871.00 490,827.02 0.08

10,078,099.10 1.59

BERMUDES

SEADRILL 50,400.00 1,051,873.45 0.17

1,051,873.45 0.17

CHYPRE

BANK OF CYPRUS HOLDINGS 147,790.00 172,914.30 0.03

172,914.30 0.03

DANEMARK

A.P. MOELLER - MAERSK 'A' 82.00 346,238.55 0.05

A.P. MOELLER - MAERSK 'B' 205.00 906,920.20 0.14

CARLSBERG 'B' 16,450.00 731,285.21 0.11

COLOPLAST 'B' 3,750.00 404,923.09 0.06

DANSKE BANK 100,900.00 1,065,105.79 0.17

DSV 31,500.00 426,703.76 0.07

NOVO NORDISK 'B' 65,300.00 4,879,140.92 0.77




259


NOVOZYMES 'B' 7,107.00 758,814.47 0.12

PANDORA 9,200.00 46,116.04 0.01

TDC 55,900.00 342,030.51 0.05

TRYGVESTA 3,800.00 149,779.04 0.02

VESTAS WIND SYSTEMS NOM. 29,620.00 361,431.74 0.06

WILLIAM DEMANT HOLDING 3,000.00 168,964.05 0.03

10,587,453.37 1.66

ESPAGNE

ABERTIS INFRAESTRUCTURAS 60,850.00 705,860.00 0.11

ACCIONA 3,866.00 246,070.90 0.04

ACERINOX 13,647.00 115,631.03 0.02

ACS 21,673.00 576,285.07 0.09

AMADEUS IT HOLDING 'A' 45,402.00 547,321.11 0.09

BANCO DE SABADELL 171,473.00 460,405.01 0.07

BANCO POPULAR ESPANOL NOM. 148,100.00 515,388.00 0.08

BANCO SANTANDER 1,289,887.00 8,028,256.69 1.26

BANKIA SAU 130,409.00 477,818.58 0.08

BANKINTER 28,247.00 115,643.22 0.02

BCO BILBAO VIZCAYA ARGENT. NOM. 667,877.00 4,127,479.86 0.65

CINTRA 57,102.00 490,563.28 0.08

CRITERIA CAIXACORP 113,271.00 375,946.45 0.06

DIA 93,126.00 276,770.47 0.04

EDP RENOVAVEIS 31,638.00 129,399.42 0.02

ENAGAS 27,470.00 379,360.70 0.06

FOMENTO CONSTRUCCIONES CONTRATAS 8,538.00 158,806.80 0.02

GAS NATURAL SDG (SPLIT) 49,536.00 633,070.08 0.10

GESTEVISION TELECINCO 27,122.00 116,353.38 0.02

GRIFOLS 'A' 20,283.00 284,773.32 0.04

IBERDROLA 603,143.00 3,058,538.15 0.48

INDITEX NOM. 33,261.00 2,140,677.96 0.34

INDRA SISTEMAS 14,413.00 156,236.92 0.02

INT. CONSOLID. AIRLINES GROUP (EUR) 147,085.00 261,811.30 0.04

MAPFRE 119,946.00 280,433.75 0.04

RED ELECTRICA CORP 16,756.00 573,390.32 0.09

REPSOL YPF 121,105.00 2,419,677.90 0.38

TELEFONICA 630,793.00 9,099,189.03 1.43

ZARDOYA OTIS 22,310.00 213,283.60 0.03

36,964,442.30 5.80

ETATS-UNIS

SYNTHES 10,162.00 1,225,774.00 0.19

1,225,774.00 0.19

FINLANDE

ELISA 'A' 20,833.00 320,203.21 0.05

FORTUM 68,244.00 1,207,918.80 0.19

KESKO 10,727.00 248,222.78 0.04

KONE 'B' 24,403.00 873,627.40 0.14

METSO 19,770.00 436,719.30 0.07

NESTE OIL 20,894.00 136,542.29 0.02

NOKIA 581,264.00 2,469,209.47 0.39

NOKIAN TYRES 16,360.00 369,408.80 0.06





ORION 'B' 15,481.00 234,382.34 0.04

OUTOKUMPU 'A' 22,472.00 111,461.12 0.02

POHJOLA BANK 'A' 20,414.00 161,985.09 0.03

RAUTARUUKKI 12,528.00 94,899.60 0.01

SAMPO OYJ 65,456.00 1,239,082.08 0.19

SANOMAWSOY 12,884.00 114,023.40 0.02

STORA ENSO 'R' 87,296.00 386,022.91 0.06

UPM-KYMMENE 80,310.00 684,642.75 0.11

WARTSILA 'B' 25,897.00 463,815.27 0.07

9,552,166.61 1.51

FRANCE

ACCOR 21,918.00 441,647.70 0.07

ADP 5,347.00 302,907.55 0.05

AIR FRANCE - KLM 21,872.00 121,258.37 0.02

AIR LIQUIDE 43,351.00 3,814,020.98 0.60

ALCATEL-LUCENT 358,859.00 788,054.36 0.12

ALSTOM 31,144.00 774,707.00 0.12

ARKEMA FRANCE 8,785.00 386,540.00 0.06

ATOS ORIGIN 7,117.00 231,907.45 0.04

AXA 270,348.00 2,676,445.20 0.42

BIC 4,274.00 273,407.78 0.04

BNP PARIBAS 148,213.00 4,453,800.65 0.70

BOUYGUES 36,002.00 897,709.87 0.14

BUREAU VERITAS 8,353.00 452,398.48 0.07

CAP GEMINI 22,165.00 556,452.33 0.09

CARREFOUR 89,572.00 1,535,264.08 0.24

CASINO GUICHARD 8,199.00 481,609.26 0.08


CNP ASSURANCES 21,763.00 240,589.97 0.04

CREDIT AGRICOLE 144,472.00 755,588.56 0.12

DANONE GROUPE 89,937.00 4,155,089.40 0.65

DASSAULT SYSTEMES 9,212.00 490,354.76 0.08

DIOR CHRISTIAN 8,326.00 703,963.30 0.11

EDENRED 24,861.00 446,006.34 0.07

EIFFAGE 6,913.00 160,969.21 0.03

ELECTRICITE DE FRANCE 36,034.00 785,901.54 0.12

ERAMET 979.00 102,207.60 0.02

ESSILOR INTERNATIONAL 31,042.00 1,675,957.58 0.26

EURAZEO 4,903.00 155,841.86 0.02

EUTELSAT COMMUNICATIONS 15,624.00 471,844.80 0.07

FONCIERE DES REGIONS 3,303.00 173,539.62 0.03

FRANCE TELECOM 285,983.00 3,517,590.90 0.55

GDF SUEZ 191,484.00 4,296,900.96 0.68

GECINA 3,250.00 214,142.50 0.03

GROUPE EUROTUNNEL 'RGPT' 81,858.00 523,891.20 0.08

ICADE REITS 3,566.00 209,823.44 0.03

ILIAD 2,874.00 241,416.00 0.04

IMERYS 4,832.00 182,480.48 0.03

JC DECAUX 10,033.00 187,366.28 0.03

KLEPIERRE 16,262.00 344,103.92 0.05

L.V.M.H. 39,119.00 3,898,208.35 0.61

LAFARGE 31,218.00 811,668.00 0.13




261


LAGARDERE 18,276.00 338,380.14 0.05

LEGRAND 29,257.00 688,563.50 0.11

L'OREAL 37,108.00 2,722,985.04 0.43

M6 METROPOLE TV 7,792.00 95,140.32 0.01

MICHELIN 'B' NOM. 27,038.00 1,222,387.98 0.19

NATIXIS 135,309.00 322,306.04 0.05

NEOPOST 4,527.00 249,166.08 0.04

PERNOD-RICARD 30,034.00 1,766,900.22 0.28

PEUGEOT PORT. 22,852.00 369,402.58 0.06

PPR 11,980.00 1,167,091.60 0.18

PUBLICIS 19,593.00 615,416.13 0.10

RENAULT 29,540.00 740,567.80 0.12

SAFRAN 26,369.00 610,969.73 0.10

SAINT GOBAIN 61,796.00 1,784,050.52 0.28

SANOFI-AVENTIS 171,089.00 8,443,242.15 1.33


SCOR SE 25,632.00 416,391.84 0.07

SOCIETE GENERALE 96,642.00 1,932,840.00 0.30

SODEXO 15,025.00 745,014.63 0.12

SUEZ ENVIRONNEMENT 43,225.00 451,701.25 0.07

TECHNIP (EX TECHNIP-COFLEXIP) 15,561.00 941,907.33 0.15

TF1 -TELEVISION FRANCAISE 1- 16,502.00 154,788.76 0.02

THALES (EX-THOMSON CSF) 15,663.00 368,863.65 0.06

TOTAL 325,447.00 10,816,231.05 1.70

UNIBAIL-RODAMCO 14,131.00 1,901,326.05 0.30

VALLOUREC USINES A TUBES 16,263.00 707,440.50 0.11

VEOLIA ENVIRONNEMENT 53,615.00 593,518.05 0.09

VINCI 68,654.00 2,225,762.68 0.35

VIVENDI 191,141.00 2,931,147.24 0.46

WENDEL 5,082.00 241,598.28 0.04

91,852,170.89 14.44

GRECE

ALPHA BANK 77,777.00 103,443.41 0.02

COCA COLA HBC (REG. SHS) 27,287.00 360,734.14 0.06

EFG EUROBANK 51,487.00 47,882.91 0.01

HELLENIC TELECOMM. ORGANIZATIONS 35,724.00 114,316.80 0.02

NATIONAL BANK OF GREECE REG. 145,073.00 398,950.75 0.06

OPAP 35,721.00 271,479.60 0.04

PUBLIC POWER CORP OF GREECE NOM. 17,540.00 105,240.00 0.02

1,402,047.61 0.23

GUERNESEY

RESOLUTION 218,476.00 627,564.64 0.10

627,564.64 0.10

IRLANDE

CRH (EUR) 110,514.00 1,286,935.53 0.20

ELAN 76,501.00 609,712.97 0.10

KERRY GROUP 'A' 21,622.00 566,496.40 0.09

RYANAIR HOLDINGS 57,427.00 190,657.64 0.03

2,653,802.54 0.42





ITALIE

A2A 161,502.00 151,246.62 0.02

ASSICURAZIONI GENERALI 177,638.00 2,120,997.72 0.33

ATLANTIA 47,690.00 516,005.80 0.08

AUTOGRILL 15,992.00 121,219.36 0.02

BANCA CARIGE 103,358.00 150,282.53 0.02

BANCO POPOLARE 265,399.00 331,748.75 0.05

ENEL ENTE NAZION. ENERGIA ELETTR. 1,007,590.00 3,347,213.98 0.53

ENEL GREEN POWER 275,415.00 472,887.56 0.07

ENI 369,708.00 4,887,539.76 0.77

EXOR 8,725.00 129,217.25 0.02

FIAT 123,887.00 507,193.38 0.08

FIAT INDUSTRIAL 119,494.00 676,933.51 0.11

FINMECCANICA 61,345.00 320,527.63 0.05

INTESA SANPAOLO 1,539,661.00 1,832,196.59 0.29

INTESA SANPAOLO (AZ. DI RISO.) 144,592.00 140,688.02 0.02

LUXOTTICA GROUP 17,559.00 336,430.44 0.05

MEDIASET 101,099.00 239,604.63 0.04

MEDIOBANCA 77,380.00 457,702.70 0.07

MONTE PASCHI SIENA 657,786.00 275,678.11 0.04

PARMALAT 45,000.00 71,325.00 0.01

PIRELLI & CIE 33,210.00 178,337.70 0.03

PRYSMIAN 31,260.00 310,099.20 0.05

SAIPEM 40,703.00 1,081,071.68 0.17

SNAM RETE GAS 244,932.00 847,464.72 0.13

T.E.R.N.A. 181,157.00 503,616.46 0.08

TELECOM ITALIA 1,452,802.00 1,190,571.24 0.19

TELECOM ITALIA RISP 916,724.00 671,958.69 0.11

UBI BANCA 121,327.00 339,958.25 0.05

UNICREDITO ITALIANO SPA 2,059,288.00 1,652,578.62 0.26

23,862,295.90 3.74

JERSEY

GLENCORE INTERNATIONAL 129,200.00 604,386.59 0.09

PETROFAC 39,800.00 553,598.53 0.09

RANDGOLD RESOURCES 14,300.00 1,044,339.54 0.16

SHIRE 85,400.00 1,993,007.65 0.31

WOLSELEY 43,924.00 819,544.98 0.13

WPP 195,820.00 1,366,427.38 0.21

6,381,304.67 0.99

LUXEMBOURG

ACERGY 43,600.00 627,669.01 0.10

ARCELOR MITTAL 128,184.00 1,548,462.72 0.24

MILLICOM INTL CELLULAR-SDR- 12,300.00 921,656.65 0.14

SES GLOBAL FDR 46,995.00 858,598.65 0.13

TENARIS SA (EUR) 71,810.00 683,631.20 0.11

4,640,018.23 0.72




263


NORVEGE

AKER SOLUTIONS 20,600.00 148,671.88 0.02

DNB NOR 148,163.00 1,117,267.98 0.18

GJENSIDIGE FORSIKRING 32,000.00 248,211.75 0.04

NORSK HYDRO NOM. (NOK) 147,351.00 506,375.27 0.08

ORKLA 118,280.00 676,452.42 0.11

RENEWABLE ENERGY CORPORATION 75,766.00 50,352.63 0.01

STATOIL 170,908.00 2,755,479.95 0.43

TELENOR 115,700.00 1,341,020.08 0.21

YARA INTERNATIONAL 29,231.00 844,592.21 0.13

7,688,424.17 1.21

PANAMA

CARNIVAL TWIN 3,345.00 75,540.86 0.01

75,540.86 0.01

PAYS-BAS

AEGON 263,955.00 808,758.12 0.13

AKZO NOBEL 35,359.00 1,178,338.68 0.19

ASML 65,848.00 1,717,315.84 0.27

BOSKALIS WESTMINSTER 11,507.00 267,365.15 0.04

CORIO 9,532.00 331,189.34 0.05

DELTA LLOYD 16,070.00 192,036.50 0.03

EUROPEAN AERONAUTIC DEFENCE SPACE 62,427.00 1,323,764.54 0.21

HEINEKEN 40,220.00 1,348,978.80 0.21

HEINEKEN HOLDING 17,726.00 512,901.81 0.08

KONINKLIJKE AHOLD 178,727.00 1,575,657.23 0.25

KONINKLIJKE DSM 24,074.00 791,432.75 0.12

KONINKLIJKE KPN NV 234,889.00 2,325,635.99 0.37

KONINKLIJKE VOPAK 11,371.00 409,526.57 0.06

POSTNL 47,186.00 156,185.66 0.02

QIAGEN 38,650.00 403,119.50 0.06

RANDSTAD HOLDING 18,353.00 443,592.01 0.07

REED ELSEVIER 103,249.00 849,636.02 0.13

ROYAL PHILIPS (EUR) 154,257.00 2,090,182.35 0.33

SBM OFFSHORE 25,037.00 329,737.29 0.05

STMICROELECTRONICS 95,458.00 471,180.69 0.07

TNT EXPRESS 51,962.00 271,189.68 0.04

UNILEVER NV (EUR) 249,665.00 5,930,792.08 0.93

WOLTERS KLUWER 44,679.00 546,200.78 0.09

24,274,717.38 3.80

PORTUGAL

BANCO COMERCIAL PORTUGUES NOM. 537,290.00 104,771.55 0.02

BANCO ESPIRITO SANTO NOM. 88,105.00 176,210.00 0.03

CIMPOR (CIMENTOS PORTUGAL) NOM. 26,810.00 134,586.20 0.02

EDP (ELECTRIC. DE PORTUGAL) NOM. 302,899.00 701,211.19 0.11

GALP ENERGIA 'B' 34,981.00 480,638.94 0.08

JERONIMO MARTINS 35,054.00 411,884.50 0.06

PORTUGAL TELECOM SGPS 102,523.00 563,876.50 0.09

2,573,178.88 0.41





ROYAUME-UNI

3I GROUP 146,023.00 318,229.60 0.05

ADMIRAL GROUP 32,500.00 476,586.51 0.07

AGGREKO 42,343.00 800,862.11 0.13

AMEC 51,700.00 489,518.99 0.08

ANGLO AMERICAN 202,754.00 5,247,283.59 0.82

ANTOFAGASTA 62,800.00 675,554.05 0.11

ARM HOLDINGS 209,500.00 1,371,886.46 0.22

ASSOCIATED BRITISH FOODS 54,900.00 707,538.96 0.11

ASTRAZENECA (GBP) 211,462.00 7,041,521.66 1.11

AUTONOMY CORPORATION 37,300.00 1,104,343.17 0.17

AVIVA 438,234.00 1,553,925.31 0.24

BABCOCK INTERNATIONAL GROUP 51,800.00 396,342.11 0.06

BAE SYSTEMS 520,454.00 1,615,237.34 0.25

BALFOUR BEATTY 95,286.00 282,777.59 0.04

BARCLAYS 1,762,276.00 3,301,398.38 0.52

BG GROUP 522,834.00 7,536,428.50 1.18

BHP BILLITON (GBP) 327,095.00 6,600,528.57 1.04

BP PLC 2,891,632.00 13,043,348.03 2.05

BRITISH AMERICAN TOBACCO 305,924.00 9,691,534.47 1.52

BRITISH LAND 133,260.00 736,481.43 0.12

BRITISH SKY BROADCASTING GROUP 173,164.00 1,334,998.34 0.21

BT GROUP 1,189,288.00 2,398,511.99 0.38

BUNZL 49,544.00 442,356.53 0.07

BURBERRY GROUP 68,337.00 931,491.82 0.15

CAIRN ENERGY 208,600.00 679,847.89 0.11

CAPITA GROUP 95,308.00 781,801.61 0.12

CARNIVAL 24,316.00 568,882.04 0.09

CENTRICA 786,548.00 2,718,686.33 0.43

COBHAM 172,700.00 350,500.63 0.06

COMPASS GROUP 295,900.00 1,789,936.92 0.28

DIAGEO 383,673.00 5,488,162.77 0.86

ESSAR ENERGY 48,800.00 142,216.04 0.02

EURASIAN NATURAL RESOURCES 37,800.00 253,014.93 0.04

EXPERIAN 156,131.00 1,314,262.71 0.21

FRESNILLO 28,600.00 526,652.63 0.08

G4S 218,433.00 677,149.48 0.11

GKN 230,700.00 471,160.06 0.07

GLAXOSMITHKLINE 791,231.00 12,245,837.19 1.92

HAMMERSON REIT 109,580.00 481,180.32 0.08

HSBC HOLDINGS 2,740,165.00 15,808,867.12 2.48

ICAP 87,300.00 418,011.22 0.07

IMPERIAL TOBACCO 155,580.00 3,927,067.30 0.62

INMARSAT 73,000.00 416,667.64 0.07

INTERCONTINENTAL HOTELS 42,943.00 524,022.74 0.08

INTERNATIONAL POWER 238,792.00 850,609.38 0.13

INTERTEK GROUP 24,400.00 525,519.43 0.08

INVENSYS 134,025.00 350,903.26 0.06

INVESTEC 75,100.00 304,836.10 0.05

ITV 568,400.00 391,348.61 0.06

JOHNSON MATTHEY 32,900.00 606,216.65 0.10

KAZAKHMYS 31,000.00 285,423.63 0.04




265


KINGFISHER 351,203.00 1,013,303.75 0.16

LAND SECURITIES GROUP 116,921.00 871,530.49 0.14

LEGAL & GENERAL GROUP 884,587.00 992,652.98 0.16

LIBERTY INTERNATIONAL R.EI.T 82,920.00 315,204.93 0.05

LLOYDS TSB GROUP 6,275,555.00 2,540,369.25 0.40

LONDON STOCK EXCHANGE GROUP 22,573.00 213,600.33 0.03

LONMIN 26,944.00 328,790.93 0.05

MAN GROUP 304,100.00 594,937.53 0.09

MARKS & SPENCER GROUP 245,484.00 896,678.89 0.14

MORRISON WM. SUPERMARKETS 343,200.00 1,157,573.17 0.18

NATIONAL GRID 537,857.00 3,987,335.37 0.63

NEXT 26,600.00 781,988.52 0.12

OLD MUTUAL (GBP) 845,934.00 1,031,290.02 0.16

PEARSON 126,045.00 1,666,880.19 0.26

PRUDENTIAL 392,465.00 2,540,392.62 0.40

RECKITT BENCKISER 95,600.00 3,632,945.94 0.57

REED ELSEVIER GBP 182,567.00 1,047,986.72 0.16

REXAM 136,979.00 494,299.35 0.08

RIO TINTO NOM. 218,141.00 7,315,848.60 1.15

ROLLS-ROYCE HOLDINGS 290,673.00 2,008,060.05 0.32

ROYAL & SUN ALLIANCE INSUR. GROUP 526,816.00 680,172.05 0.11

ROYAL BANK OF SCOTLAND GROUP 2,633,110.00 718,136.59 0.11


ROYAL DUTCH SHELL 'B' 415,159.00 9,698,341.46 1.52

SABMILLER (GBP) 146,700.00 3,589,655.20 0.56

SAGE GROUP 185,150.00 551,184.22 0.09

SAINSBURY J. 190,343.00 607,307.54 0.10

SCHRODERS 16,339.00 242,633.66 0.04

SCOTTISH & SOUTHERN ENERGY 142,300.00 2,139,585.79 0.34

SEGRO 112,654.00 288,017.56 0.05

SERCO GROUP 71,900.00 426,166.86 0.07

SEVERN TRENT 36,234.00 648,296.92 0.10

SMITH & NEPHEW 135,017.00 912,360.50 0.14

SMITHS GROUP 56,587.00 656,681.09 0.10

STANDARD CHARTERED PLC 365,055.00 5,454,963.96 0.86

STANDARD LIFE 365,300.00 848,271.17 0.13

TESCO 1,228,287.00 5,390,718.98 0.85

TUI TRAVEL 85,700.00 148,557.87 0.02

TULLOW OIL 136,200.00 2,070,006.89 0.33

UNILEVER NEW (GBP) 197,207.00 4,627,470.70 0.73

UNITED UTILITIES GROUP 105,768.00 766,291.34 0.12

VEDANTA RESOURCES 17,600.00 224,985.76 0.04


WEIR GROUP 33,400.00 600,693.49 0.09

WHITBREAD 26,618.00 489,537.13 0.08

XSTRATA 316,204.00 3,013,420.54 0.47

227,259,014.25 35.73

SUEDE

ALFA LAVAL 51,300.00 607,911.51 0.10

ASSA ABLOY 'B' 49,100.00 760,336.48 0.12

ATLAS COPCO 'A' -FRIA- 99,960.00 1,335,317.88 0.21

ATLAS COPCO 'B' 61,900.00 730,835.96 0.11





BOLIDEN AB 43,100.00 336,050.39 0.05

ELECTROLUX 'B' -FRIA- 39,440.00 435,269.49 0.07


GETINGE INDUSTRIER 'B' 30,733.00 503,262.49 0.08

HENNES & MAURITZ 'B' 155,100.00 3,478,985.67 0.55

HEXAGON 'B' 40,233.00 394,248.94 0.06

HOLMEN 'B' 6,900.00 128,863.62 0.02

HUSQVARNA 'B' 65,910.00 200,338.67 0.03

INDUSTRIVAERDEN 'C' 17,700.00 139,639.42 0.02

INVESTOR 'B' 69,000.00 912,752.77 0.14

KINNEVIK INVESTMENTS 'B' 32,600.00 453,529.97 0.07

MODERN TIMES GROUP 'B' 7,250.00 218,323.94 0.03

NORDEA BANK 400,343.00 2,441,568.54 0.38

RATOS 'B' 29,700.00 256,871.04 0.04

SANDVIK 154,615.00 1,342,276.47 0.21

SCANIA 'B' 49,900.00 537,441.78 0.08

SECURITAS 'B' 50,552.00 277,032.09 0.04

SKANDINAVISKA ENSKILDA 'A' 218,870.00 887,822.00 0.14

SKANSKA 'B' 60,240.00 626,908.18 0.10

SKF 'B' 58,800.00 835,251.64 0.13

SSAB SWEDISH STEEL 'A' 25,500.00 142,510.80 0.02

SVENSKA CELLULOSA 'B' 90,200.00 825,642.40 0.13

SVENSKA HANDELSBANKEN 'A' 74,375.00 1,421,303.09 0.22

SWEDBANK 'A' 127,450.00 1,059,421.97 0.17

SWEDISH MATCH 31,800.00 786,796.34 0.12

TELE2 'B' 46,600.00 638,183.60 0.10

TELIASONERA (SEK) 332,795.00 1,648,248.90 0.26

VOLVO 'B' 212,900.00 1,576,807.52 0.25

29,280,538.21 4.57

SUISSE

ABB LTD 335,997.00 4,347,914.28 0.68

ACTELION NOM. 17,588.00 437,293.44 0.07

ADECCO NOM. 19,761.00 586,504.44 0.09

ARYZTA NOMINATIVE 12,675.00 411,867.04 0.06

BALOISE-HOLDING AG 7,534.00 414,204.01 0.07

CIE FINANCIERE RICHEMONT 79,077.00 2,657,161.62 0.42

CREDIT SUISSE GROUP 172,819.00 3,403,428.33 0.53

GAM HOLDING NOM. 31,349.00 294,539.17 0.05

GEBERIT 5,915.00 818,811.08 0.13

GIVAUDAN NOM. 1,325.00 773,035.36 0.12

HOLCIM LTD 37,731.00 1,507,791.03 0.24

JULIUS BAER GROUPE NOM. 31,798.00 801,036.05 0.13

KUEHNE & NAGEL INTERNATIONAL 8,410.00 709,419.29 0.11

LINDT & SPRUENGLI 128.00 278,336.22 0.04

LINDT & SPRUENGLI NOM. 18.00 465,630.56 0.07

LONZA GROUP 7,556.00 341,011.10 0.05

NESTLE S.A. 532,791.00 21,903,246.24 3.44

NOVARTIS AG 358,021.00 14,924,029.31 2.34

PARGESA HOLDING 4,212.00 216,359.80 0.03


S.G.S. S.A. 841.00 959,234.25 0.15

SCHINDLER HOLDING B. PART. 7,479.00 595,597.62 0.09




267


SCHINDLER HOLDING NOM. 3,173.00 259,714.89 0.04

SIKA FINANZ PORT. 297.00 393,832.62 0.06

SONOVA HOLDING NOM. 7,152.00 485,634.34 0.08

STRAUMANN HOLDING NOM. 1,187.00 139,089.01 0.02

SULZER 3,907.00 302,321.47 0.05

SWISS LIFE HLDG NOM. 4,523.00 374,482.59 0.06

SWISS RE REG. 54,425.00 1,898,915.21 0.30

SWISSCOM NOM. 3,568.00 1,085,621.54 0.17

SYNGENTA AG 14,565.00 2,850,445.57 0.45

THE SWATCH GROUP 4,789.00 1,187,946.45 0.19

THE SWATCH GROUP NOM. 6,343.00 285,226.03 0.04

TRANSOCEAN 49,791.00 1,814,452.07 0.29

UBS AG 560,703.00 4,849,392.88 0.76


89,243,659.32 14.00

TOTAL ACTIONS 665,672,796.62 104.58

CERTIFICATS

PAYS-BAS

FUGRO CRT 10,641.00 404,890.05 0.06

ING GROEP (CRT.) 586,351.00 3,127,009.88 0.49

3,531,899.93 0.55


DROITS

ALLEMAGNE

HEIDELBERGCEMENT STRIP VVPR 169.00 1.69 0.00

1.69 0.00

ESPAGNE

BBVA RIGHT 623,361.00 68,569.71 0.01

68,569.71 0.01

FRANCE

TOTAL STRIP VVPR 2,017.00 2.02 0.00

2.02 0.00

TOTAL DROITS 68,573.42 0.01

TOTAL I. 669,273,269.97 105.14






DROITS

AUTRICHE

IMMOEAST RTS 86,619.00 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00


DECOUVERT BANCAIRE -32,267,251.93 -5.07





269




Royaume-Uni 35.73

France 14.44

Suisse 14.00

Allemagne 12.82

Espagne 5.81

Suède 4.57

Pays-Bas 4.35

Italie 3.74

Danemark 1.66

Belgique 1.59

Finlande 1.51

Norvège 1.21

Jersey 0.99

Luxembourg 0.72

Autriche 0.44

Irlande 0.42

Portugal 0.41

Grèce 0.23

Etats-Unis 0.19

Bermudes 0.17

Guernesey 0.10

Chypre 0.03

Panama 0.01

105.14





Pétrole 9.72

Communications 9.67




Assurances 4.76













1.15





Immobilier 0.76


Gastronomie 0.57

Certificats 0.55

Bois et papier 0.50

Divers 0.43

Caoutchouc et pneus 0.33


Biotechnologie 0.31

Biens de consommation divers 0.27

Industrie horlogère 0.23



Protection de l’environnement et traitement des déchets

0.09

Emballage 0.08


Droits 0.01

105.14

Pictet - USA Index





ACTIONS


SCHLUMBERGER 148,274.00 8,856,406.02 0.78

8,856,406.02 0.78

BERMUDES

INVESCO 52,100.00 808,071.00 0.07

808,071.00 0.07

ETATS-UNIS

3 M 77,400.00 5,556,546.00 0.49

ABBOTT LABORATORIES 170,700.00 8,729,598.00 0.77

ABERCROMBIE & FITCH 'A' 9,700.00 597,132.00 0.05

ADOBE SYSTEMS 54,400.00 1,314,848.00 0.12

ADVANCED MICRO DEVICES (USD) 64,500.00 327,660.00 0.03

AES 73,000.00 712,480.00 0.06

AETNA 40,600.00 1,475,810.00 0.13

AFLAC 51,500.00 1,799,925.00 0.16

AGILENT TECHNOLOGIES 37,089.00 1,159,031.25 0.10

AIR PRODUCTS & CHEMICALS 23,300.00 1,779,421.00 0.16

AIRGAS 8,100.00 516,942.00 0.05

AK STEEL HOLDING 11,300.00 73,902.00 0.01

AKAMAI TECHNOLOGIES 20,200.00 401,576.00 0.04

ALCOA INC. 116,360.00 1,113,565.20 0.10

ALLEGHENY TECHNOLOGIES 11,750.00 434,632.50 0.04

ALLERGAN 33,600.00 2,767,968.00 0.24

ALLSTATE 56,400.00 1,336,116.00 0.12

ALPHA NATURAL RESOURCES 25,370.00 448,795.30 0.04

ALTERA 35,200.00 1,109,856.00 0.10

ALTRIA GROUP (USD) 225,700.00 6,051,017.00 0.53

AMAZON.COM 39,900.00 8,627,577.00 0.76

AMEREN CORPORATION 26,500.00 788,905.00 0.07

AMERICAN ELECTRIC POWER 52,460.00 1,994,529.20 0.18

AMERICAN EXPRESS 113,600.00 5,100,640.00 0.45

AMERICAN INTERNATIONAL GROUP 48,776.00 1,070,633.20 0.09

AMERICAN TOWER 'A' 43,900.00 2,361,820.00 0.21

AMERIPRISE FINANCIAL W-ISSUED 25,940.00 1,020,998.40 0.09

AMERISOURCEBERGEN 29,200.00 1,088,284.00 0.10

AMGEN 101,112.00 5,556,104.40 0.49

AMPHENOL 'A' 18,700.00 762,399.00 0.07

ANADARKO PETROLEUM 54,120.00 3,412,266.00 0.30

ANALOG DEVICES 34,000.00 1,062,500.00 0.09

AON 35,600.00 1,494,488.00 0.13

APACHE 41,940.00 3,365,265.60 0.30

APARTMENT INVESTMENT & MGMT 'A'. 13,974.00 309,104.88 0.03

APOLLO GROUP 'A' 13,300.00 526,813.00 0.05

Pictet - USA Index



271


APPLE 101,560.00 38,712,640.80 3.41

APPLIED MATERIALS 147,436.00 1,525,962.60 0.13

ARCHER-DANIELS MIDLAND 74,473.00 1,847,675.13 0.16

ASHLAND 1.00 44.14 0.00

ASSURANT 9,900.00 354,420.00 0.03

AT & T 648,610.00 18,498,357.20 1.63

AUTODESK 26,300.00 730,614.00 0.06

AUTOMATIC DATA PROCESSING 53,600.00 2,527,240.00 0.22

AUTONATION 5,800.00 190,124.00 0.02

AUTOZONE 3,100.00 989,489.00 0.09

AVALONBAY COMMUNITIES 10,149.00 1,157,493.45 0.10

AVERY DENNISON 11,700.00 293,436.00 0.03

AVON PRODUCTS 47,300.00 927,080.00 0.08

BAKER HUGHES 47,670.00 2,200,447.20 0.19

BALL 17,000.00 527,340.00 0.05

BANK OF AMERICA 1,110,823.00 6,798,236.76 0.60

BANK OF NEW YORK MELLON 134,232.00 2,495,372.88 0.22

BAXTER INTERNATIONAL 62,700.00 3,519,978.00 0.31

BB & T 76,000.00 1,621,080.00 0.14

BECTON DICKINSON & CO 24,300.00 1,781,676.00 0.16

BED BATH & BEYOND 26,441.00 1,515,333.71 0.13

BEMIS 10,688.00 313,265.28 0.03

BERKSHIRE HATHAWAY B 192,800.00 13,696,512.00 1.21

BEST BUY 34,375.00 800,937.50 0.07

BIG LOTS 7,800.00 271,674.00 0.02

BIOGEN IDEC 26,680.00 2,485,242.00 0.22

BLACKROCK 10,800.00 1,598,508.00 0.14

BMC SOFTWARE 18,400.00 709,504.00 0.06

BOEING 81,200.00 4,913,412.00 0.43

BOSTON PROPERTIES 15,800.00 1,407,780.00 0.12

BOSTON SCIENTIFIC 166,333.00 983,028.03 0.09

BRISTOL MYERS SQUIBB CO 186,730.00 5,859,587.40 0.52

BROADCOM 'A' 52,525.00 1,748,557.25 0.15

BROWN FORMAN 'B' N-VTG 11,800.00 827,652.00 0.07

C. H. ROBINSON WORLDWIDE 18,300.00 1,253,001.00 0.11

C.A. 43,500.00 844,335.00 0.07

CABLEVISION SYSTEMS 'A' 25,700.00 404,261.00 0.04

CABOT OIL & GAS 11,000.00 681,010.00 0.06

CAMERON INTERNATIONAL 27,000.00 1,121,580.00 0.10

CAMPBELL SOUP 18,700.00 605,319.00 0.05

CAPITAL ONE FINANCIAL 50,688.00 2,008,765.44 0.18

CARDINAL HEALTH 37,550.00 1,572,594.00 0.14

CAREFUSION W.I. 23,725.00 568,213.75 0.05

CARMAX 23,800.00 567,630.00 0.05

CATERPILLAR 70,800.00 5,227,872.00 0.46

CB RICHARD ELLIS GROUP 'A' 37,100.00 499,366.00 0.04

CBS 'B' 74,005.00 1,508,221.90 0.13

CELGENE 50,000.00 3,096,000.00 0.27

CENTERPOINT ENERGY 45,400.00 890,748.00 0.08

CENTURYTEL 66,765.00 2,211,256.80 0.19

CEPHALON 8,700.00 702,090.00 0.06

CERNER 16,400.00 1,123,728.00 0.10

CF INDUSTRIES HOLDINGS 7,800.00 962,442.00 0.08

Pictet - USA Index




CHARLES SCHWAB 117,200.00 1,320,844.00 0.12

CHESAPEAKE ENERGY 72,700.00 1,857,485.00 0.16

CHEVRON 219,223.00 20,282,511.96 1.79

CHIPOTLE MEXICAN GRILL 3,400.00 1,030,030.00 0.09

CHUBB 31,200.00 1,871,688.00 0.16

CIGNA 29,800.00 1,249,812.00 0.11

CINCINNATI FINANCIAL 17,828.00 469,411.24 0.04

CINTAS 13,300.00 374,262.00 0.03

CISCO SYSTEMS (USD) 601,888.00 9,323,245.12 0.82

CITIGROUP 318,554.00 8,161,353.48 0.72

CITRIX SYSTEMS 21,000.00 1,145,130.00 0.10

CLIFFS NATURAL RESOURCES 15,800.00 808,486.00 0.07

CLOROX 14,300.00 948,519.00 0.08

CME GROUP 'A' 7,290.00 1,796,256.00 0.16

CMS ENERGY 29,500.00 583,805.00 0.05

COACH 32,400.00 1,679,292.00 0.15

COCA-COLA 251,850.00 17,014,986.00 1.50

COCA-COLA ENTERPRISES 35,400.00 880,752.00 0.08

COGNIZANT TECH SOL 'A' 33,300.00 2,087,910.00 0.18

COLGATE PALMOLIVE 53,500.00 4,744,380.00 0.42

COMCAST 'A' 300,217.00 6,274,535.30 0.55

COMERICA 20,500.00 470,885.00 0.04

COMPUTER SCIENCES 18,000.00 483,300.00 0.04

COMPUWARE 22,900.00 175,414.00 0.02

CONAGRA FOODS 46,500.00 1,126,230.00 0.10

CONOCOPHILLIPS 150,711.00 9,543,020.52 0.84

CONSOL ENERGY 24,000.00 814,320.00 0.07

CONSOLIDATED EDISON 32,700.00 1,864,554.00 0.16

CONSTELLATION BRANDS 'A' 18,400.00 331,200.00 0.03

CONSTELLATION ENERGY GROUP 22,200.00 844,932.00 0.07

CORNING (USD) 174,000.00 2,150,640.00 0.19

COSTCO WHOLESALE 47,700.00 3,917,124.00 0.35

COVENTRY HEALTH CARE 14,950.00 430,709.50 0.04

CR BARD 9,100.00 796,614.00 0.07

CSX 121,600.00 2,270,272.00 0.20

CUMMINS 21,300.00 1,739,358.00 0.15

CVS CAREMARK 147,058.00 4,938,207.64 0.44

DANAHER 62,600.00 2,625,444.00 0.23

DARDEN RESTAURANTS 14,250.00 609,187.50 0.05

DAVITA 9,700.00 607,899.00 0.05

DEAN FOODS 19,300.00 171,191.00 0.02

DEERE 45,100.00 2,912,107.00 0.26

DELL 169,000.00 2,391,350.00 0.21

DENBURY RESOURCES 46,000.00 529,000.00 0.05

DENTSPLY INTL 16,700.00 512,523.00 0.05

DEVON ENERGY 46,100.00 2,555,784.00 0.23

DEVRY 6,600.00 243,936.00 0.02

DIAMOND OFFSHORE DRILLING 7,900.00 432,446.00 0.04

DIRECTV 81,000.00 3,422,250.00 0.30

DISCOVER FINANCIAL SERVICES 59,550.00 1,366,077.00 0.12

DISCOVERY COMMUNICATIONS -A- 30,300.00 1,139,886.00 0.10

DOMINION RESOURCES 62,782.00 3,187,442.14 0.28

DOVER 21,200.00 987,920.00 0.09

Pictet - USA Index



273


DOW CHEMICAL 129,588.00 2,910,546.48 0.26

DR HORTON 33,500.00 302,840.00 0.03

DR PEPPER 24,000.00 930,720.00 0.08

DTE ENERGY COMPANY 18,900.00 926,478.00 0.08

DU PONT DE NEMOURS 102,300.00 4,088,931.00 0.36

DUKE ENERGY 145,372.00 2,905,986.28 0.26

DUN & BRADSTREET 5,400.00 330,804.00 0.03

E TRADE FINANCIAL 26,600.00 242,326.00 0.02

EASTMAN CHEMICAL 7,900.00 541,387.00 0.05

EATON 37,800.00 1,341,900.00 0.12

EBAY 124,400.00 3,668,556.00 0.32

ECOLAB 25,300.00 1,236,917.00 0.11

EDISON INTERNATIONAL 35,700.00 1,365,525.00 0.12

EDWARDS LIFESCIENCES 12,900.00 919,512.00 0.08

EL PASO 83,320.00 1,456,433.60 0.13

ELECTRONIC ARTS 34,900.00 713,705.00 0.06

ELI LILLY 111,500.00 4,122,155.00 0.36

EMC 225,576.00 4,734,840.24 0.42

EMERSON ELECTRIC 81,600.00 3,370,896.00 0.30

ENTERGY 19,300.00 1,279,397.00 0.11

EOG RESOURCES 29,300.00 2,080,593.00 0.18

EQT 16,100.00 859,096.00 0.08

EQUIFAX 13,600.00 418,064.00 0.04

EQUITY RESIDENTIAL (SBI) 32,300.00 1,675,401.00 0.15

ESTEE LAUDER 'A' 12,300.00 1,080,432.00 0.10

EXELON 72,380.00 3,084,111.80 0.27

EXPEDIA 20,100.00 517,575.00 0.05

EXPEDITORS INTL OF WASHINGTON 23,200.00 940,760.00 0.08

EXPRESS SCRIPTS 53,300.00 1,975,831.00 0.17

EXXON MOBIL 533,024.00 38,713,533.12 3.37

F5 NETWORKS 9,300.00 660,765.00 0.06

FAMILY DOLLAR STORE 12,700.00 645,922.00 0.06

FASTENAL 32,200.00 1,071,616.00 0.09

FEDERATED INVESTORS 'B' 9,600.00 168,288.00 0.01

FEDEX 34,900.00 2,362,032.00 0.21

FIDELITY NATIONAL 29,900.00 727,168.00 0.06

FIFTH THIRD BANCORP 102,660.00 1,036,866.00 0.09

FIRST HORIZON NATIONAL 21,615.00 128,825.40 0.01

FIRST SOLAR 6,700.00 423,507.00 0.04

FIRSTENERGY 45,826.00 2,058,045.66 0.18

FISERV 14,800.00 751,396.00 0.07

FLIR SYSTEMS 18,500.00 463,425.00 0.04

FLOWSERVE 5,700.00 421,800.00 0.04

FLUOR 18,800.00 875,140.00 0.08

FMC 7,800.00 539,448.00 0.05

FMC TECHNOLOGIES 26,600.00 1,000,160.00 0.09

FORD MOTOR 417,114.00 4,033,492.38 0.36

FOREST LABORATORIES 30,700.00 945,253.00 0.08

FORTUNE BRANDS 17,300.00 935,584.00 0.08

FRANKLIN RESOURCES 16,200.00 1,549,368.00 0.14

FREEPORT MCMORAN COPPER & GOLD 'B' 104,054.00 3,168,444.30 0.28

FRONTIER COMMUNICATIONS 'B' 111,066.00 678,613.26 0.06

GAMESTOP 'A' 16,900.00 390,390.00 0.03

Pictet - USA Index




GANNETT 26,600.00 253,498.00 0.02

GAP 39,800.00 646,352.00 0.06

GENERAL DYNAMICS 39,600.00 2,252,844.00 0.20

GENERAL ELECTRIC 1,161,912.00 17,707,538.88 1.56

GENERAL MILLS 71,100.00 2,735,217.00 0.24

GENUINE PARTS 16,982.00 862,685.60 0.08

GENWORTH FINANCIAL -A- 59,400.00 340,956.00 0.03

GILEAD SCIENCES 84,400.00 3,274,720.00 0.29

GOLDMAN SACHS 55,400.00 5,238,070.00 0.46

GOODRICH 13,500.00 1,629,180.00 0.14

GOODYEAR TIRE & RUBBER 26,700.00 269,403.00 0.02

GOOGLE 'A' 27,550.00 14,171,169.00 1.25

GRAINGER (W.W.) 6,700.00 1,001,918.00 0.09

H&R BLOCK 31,700.00 421,927.00 0.04

H.J. HEINZ 35,400.00 1,786,992.00 0.16

HALLIBURTON 100,200.00 3,058,104.00 0.27

HARLEY DAVIDSON 26,600.00 913,178.00 0.08

HARMAN INTERNATIONAL INDUSTRIES 8,300.00 237,214.00 0.02

HARRIS 13,500.00 461,295.00 0.04

HARTFORD FINANCIAL SERVICES GROUP 47,100.00 760,194.00 0.07

HASBRO 13,000.00 423,930.00 0.04

HCP 44,200.00 1,549,652.00 0.14

HEALTH CARE REIT 19,600.00 917,280.00 0.08

HELMERICH & PAYNE 12,400.00 503,440.00 0.04

HERSHEY 17,000.00 1,007,080.00 0.09

HESS 33,651.00 1,765,331.46 0.16

HEWLETT PACKARD 227,182.00 5,100,235.90 0.45

HOME DEPOT 171,400.00 5,633,918.00 0.50

HONEYWELL INTERNATIONAL 85,475.00 3,753,207.25 0.33

HORMEL FOODS 16,000.00 432,320.00 0.04

HOSPIRA 19,210.00 710,770.00 0.06

HOST HOTELS & RESORTS 77,880.00 852,007.20 0.08

HUDSON CITY BANCORP 56,200.00 318,092.00 0.03

HUMANA 17,900.00 1,301,867.00 0.11

HUNTINGTON BANCSHARES 99,780.00 478,944.00 0.04

IBM 130,858.00 22,904,075.74 2.02

ILLINOIS TOOL WORKS 53,900.00 2,242,240.00 0.20

INT. FLAVORS & FRAGRANCES 9,600.00 539,712.00 0.05

INTEGRYS ENERGY GROUP 8,080.00 392,849.60 0.03

INTEL 574,418.00 12,252,335.94 1.08

INTERCONTINENTAL EXCHANGE 8,400.00 993,384.00 0.09

INTERNATIONAL GAME TECHNOLOGY 35,900.00 521,627.00 0.05

INTERNATIONAL PAPER 48,036.00 1,116,837.00 0.10

INTERPUBLIC GROUP 52,100.00 375,120.00 0.03

INTUIT 32,900.00 1,560,776.00 0.14

INTUITIVE SURGICAL 4,200.00 1,529,976.00 0.13

IRON MOUNTAIN 22,700.00 717,774.00 0.06

ITT 20,700.00 869,400.00 0.08

JABIL CIRCUIT 21,500.00 382,485.00 0.03

JACOBS ENGINEERING GROUP 14,400.00 464,976.00 0.04

JANUS CAPITAL GROUP 19,700.00 118,200.00 0.01

JDS UNIPHASE 27,262.00 271,802.14 0.02

JM SMUCKER CO 12,196.00 888,966.44 0.08

Pictet - USA Index



275


JOHNSON & JOHNSON 300,180.00 19,124,467.80 1.69

JOHNSON CONTROLS 74,900.00 1,975,113.00 0.17

JOY GLOBAL 11,800.00 736,084.00 0.06

JP MORGAN CHASE 426,832.00 12,856,179.84 1.13

JUNIPER NETWORKS 58,400.00 1,007,984.00 0.09

KELLOGG 27,400.00 1,457,406.00 0.13

KEYCORP 105,000.00 622,650.00 0.05

KIMBERLY CLARK 42,800.00 3,039,228.00 0.27

KIMCO REALTY 45,300.00 680,859.00 0.06

KLA-TENCOR 18,300.00 700,524.00 0.06

KOHL'S 30,200.00 1,482,820.00 0.13

KRAFT FOODS 'A' 192,477.00 6,463,377.66 0.57

KROGER 66,400.00 1,458,144.00 0.13

L-3 COMMUNICATIONS 11,600.00 718,852.00 0.06

LABORATORY CORP OF AMERICA HLDGS 11,400.00 901,170.00 0.08

LEGG MASON 14,900.00 383,079.00 0.03

LEGGETT & PLATT 15,400.00 304,766.00 0.03

LENNAR CORP 'A' 17,200.00 232,888.00 0.02

LEUCADIA NATIONAL 23,300.00 528,444.00 0.05

LEXMARK INTERNATIONAL 'A' 8,000.00 216,240.00 0.02

LIFE TECHNOLOGIES 20,440.00 785,509.20 0.07

LIMITED BRANDS 27,029.00 1,040,886.79 0.09

LINCOLN NATIONAL 34,232.00 535,046.16 0.05

LINEAR TECHNOLOGY 24,200.00 669,130.00 0.06

LOCKHEED MARTIN 30,400.00 2,208,256.00 0.19

LOEWS 33,197.00 1,146,956.35 0.10

LORILLARD 15,162.00 1,678,433.40 0.15

LOWE'S COMPANIES 139,000.00 2,688,260.00 0.24

LSI 62,700.00 324,786.00 0.03

M & T BANK 13,800.00 964,620.00 0.09

MACY'S INC 47,524.00 1,250,831.68 0.11

MARATHON OIL 77,860.00 1,680,218.80 0.15

MARATHON PETROLEUM 38,230.00 1,034,503.80 0.09

MARRIOTT INTERNATIONAL 'A' 31,926.00 869,664.24 0.08

MARSH & MC LENNAN 58,500.00 1,552,590.00 0.14

MASCO 44,600.00 317,552.00 0.03

MASTERCARD 'A' 11,700.00 3,710,772.00 0.33

MATTEL 38,600.00 999,354.00 0.09

MC GRAW-HILL 33,200.00 1,361,200.00 0.12

MCCORMICK NON-VTG 15,600.00 720,096.00 0.06

MCDONALD'S 113,000.00 9,923,660.00 0.87

MCKESSON 27,100.00 1,970,170.00 0.17

MEAD JOHNSON NUTRITION 'A' 22,400.00 1,541,792.00 0.14

MEADWESTVACO 18,677.00 458,707.12 0.04

MEDCO HEALTH SOLUTIONS 42,320.00 1,984,384.80 0.17

MEDTRONIC 116,700.00 3,879,108.00 0.34

MEMC ELECTRONIC MATERIALS 23,400.00 122,616.00 0.01

MERCK & CO 337,523.00 11,040,377.33 0.97

METLIFE 114,700.00 3,212,747.00 0.28

METROPCS COMMUNICATIONS 33,100.00 288,301.00 0.03

MICROCHIP TECHNOLOGY 21,000.00 653,310.00 0.06

MICRON TECHNOLOGY 108,900.00 548,856.00 0.05

MICROSOFT 816,402.00 20,320,245.78 1.79

Pictet - USA Index




MOLEX 13,300.00 270,921.00 0.02

MOLSON COORS 'B' NVTG 18,100.00 716,941.00 0.06

MONSANTO 58,504.00 3,512,580.16 0.31

MONSTER WORLDWIDE 17,200.00 123,496.00 0.01

MOODY'S W.I. 22,200.00 675,990.00 0.06

MORGAN STANLEY 162,400.00 2,192,400.00 0.19

MOSAIC 29,700.00 1,454,409.00 0.13

MOTOROLA MOBILITY HOLDINGS -WI- 29,270.00 1,105,820.60 0.10

MOTOROLA SOLUTIONS 33,094.00 1,386,638.60 0.12

MURPHY OIL 21,700.00 958,272.00 0.08

MYLAN 48,400.00 822,800.00 0.07

NABORS INDUSTRIES 32,600.00 399,676.00 0.04

NASDAQ OMX GROUP 14,800.00 342,472.00 0.03

NATIONAL OILWELL VARCO 46,100.00 2,361,242.00 0.21

NETAPP INC 40,600.00 1,377,964.00 0.12

NETFLIX 5,500.00 622,380.00 0.05

NEWELL RUBBERMAID 33,100.00 392,897.00 0.03

NEWFIELD EXPLORATION 13,900.00 551,691.00 0.05

NEWMONT MINING 54,100.00 3,402,890.00 0.30

NEWS CORP 'A' 250,000.00 3,867,500.00 0.34

NEXTERA ENERGY 46,400.00 2,506,528.00 0.22

NICOR 4,800.00 264,048.00 0.02

NIKE 'B' 41,200.00 3,523,012.00 0.31

NISOURCE 30,046.00 642,383.48 0.06

NOBLE ENERGY 19,300.00 1,366,440.00 0.12

NORDSTROM 17,100.00 781,128.00 0.07

NORFOLK SOUTHERN 37,600.00 2,294,352.00 0.20

NORTHEAST UTILITIES 20,600.00 693,190.00 0.06

NORTHERN TRUST 26,300.00 919,974.00 0.08

NORTHROP GRUMMAN 30,256.00 1,578,152.96 0.14

NOVELLUS SYSTEMS 7,500.00 204,450.00 0.02

NRG ENERGY 26,200.00 555,702.00 0.05

NUCOR 34,500.00 1,091,580.00 0.10

NVIDIA 67,250.00 840,625.00 0.07

NYSE EURONEXT 29,500.00 685,580.00 0.06

O REILLY AUTOMOTIVE 15,500.00 1,032,765.00 0.09

OCCIDENTAL PETROLEUM 89,200.00 6,377,800.00 0.56

OMNICOM GROUP 30,100.00 1,108,884.00 0.10

ONEOK 10,900.00 719,836.00 0.06

ORACLE SYSTEMS 432,196.00 12,421,313.04 1.09

OWENS-ILLINOIS 16,800.00 254,016.00 0.02

PACCAR 39,762.00 1,344,750.84 0.12

PALL 12,900.00 546,960.00 0.05

PARKER HANNIFIN 16,600.00 1,047,958.00 0.09

PATTERSON 10,000.00 286,300.00 0.03

PAYCHEX 36,050.00 950,638.50 0.08

PEABODY ENERGY 29,800.00 1,009,624.00 0.09

PENNEY (J. C) CO 15,900.00 425,802.00 0.04

PEOPLE'S UNITED FINANCIAL 43,000.00 490,200.00 0.04

PEPCO HOLDINGS 26,000.00 491,920.00 0.04

PEPSICO 173,479.00 10,738,350.10 0.95

PERKINELMER 11,500.00 220,915.00 0.02

PFIZER INC. 853,752.00 15,094,335.36 1.33

Pictet - USA Index



277


PG & E 43,800.00 1,853,178.00 0.16

PHILIP MORRIS WI (USD) 192,400.00 12,001,912.00 1.06

PINNACLE WEST CAPITAL 12,200.00 523,868.00 0.05

PIONEER NATURAL RESOURCES 13,000.00 855,010.00 0.08

PITNEY BOWES 22,800.00 428,640.00 0.04

PLUM CREEK TIMBER 18,300.00 635,193.00 0.06

PNC FINANCIAL SERVICES 57,816.00 2,786,153.04 0.25

PPG INDUSTRIES 17,300.00 1,222,418.00 0.11

PPL 63,800.00 1,820,852.00 0.16

PRAXAIR 32,700.00 3,056,796.00 0.27

PRECISION CASTPARTS 15,900.00 2,471,814.00 0.22

PRICELINE.COM INC 5,400.00 2,427,084.00 0.21

PRINCIPAL FINANCIAL GROUP 35,000.00 793,450.00 0.07

PROCTER & GAMBLE (USD) 301,514.00 19,049,654.52 1.68

PROGRESS ENERGY 32,575.00 1,684,779.00 0.15

PROGRESSIVE 70,900.00 1,259,184.00 0.11

PROLOGIS 49,182.00 1,192,663.50 0.11

PRUDENTIAL FINANCIAL 53,700.00 2,516,382.00 0.22

PUBLIC SERVICE ENTERPRISE GROUP 55,100.00 1,838,687.00 0.16

PUBLIC STORAGE 15,600.00 1,737,060.00 0.15

PULTE HOMES 35,017.00 138,317.15 0.01

QEP RESOURCES -WHEN ISSUED- 20,000.00 541,400.00 0.05

QUALCOMM 184,240.00 8,959,591.20 0.79

QUANTA SERVICES 24,400.00 458,476.00 0.04

QUEST DIAGNOSTICS 17,300.00 853,928.00 0.08

RALPH LAUREN -A- 6,800.00 881,960.00 0.08

RANGE RESOURCES 17,800.00 1,040,588.00 0.09

RAYTHEON 38,100.00 1,557,147.00 0.14

RED HAT 21,200.00 895,912.00 0.08

REGIONS FINANCIAL 140,641.00 468,334.53 0.04

REPUBLIC SERVICES 34,650.00 972,279.00 0.09

REYNOLDS AMERICAN 36,100.00 1,353,028.00 0.12

ROBERT HALF INTERNATIONAL 15,700.00 333,154.00 0.03

ROCKWELL AUTOMATION 15,100.00 845,600.00 0.07

ROCKWELL COLLINS 17,500.00 923,300.00 0.08

ROPER INDUSTRIES 10,400.00 716,664.00 0.06

ROSS STORES 12,900.00 1,015,101.00 0.09

ROWAN COMPANIES 14,100.00 425,679.00 0.04

RR DONNELLEY & SONS 21,800.00 307,816.00 0.03

RYDER SYSTEM 6,000.00 225,060.00 0.02

SAFEWAY 39,800.00 661,874.00 0.06

SAIC 33,200.00 392,092.00 0.03

SALESFORCE.COM 14,900.00 1,702,772.00 0.15

SANDISK 26,500.00 1,069,275.00 0.09

SARA LEE 65,000.00 1,062,750.00 0.09

SCANA 12,500.00 505,625.00 0.04

SCRIPPS NETWORKS 'A' (WHEN ISS.) 10,700.00 397,719.00 0.04

SEALED AIR 17,000.00 283,900.00 0.03

SEARS HOLDINGS 4,637.00 266,720.24 0.02

SEMPRA ENERGY 26,400.00 1,359,600.00 0.12

SHERWIN-WILLIAMS 10,100.00 750,632.00 0.07

SIGMA-ALDRICH 13,200.00 815,628.00 0.07

SIMON PROPERTY GROUP 32,134.00 3,534,097.32 0.31

Pictet - USA Index




SLM 58,800.00 732,060.00 0.06

SNAP-ON 6,400.00 284,160.00 0.03

SOUTHERN 93,400.00 3,957,358.00 0.35

SOUTHWEST AIRLINES 87,950.00 707,118.00 0.06

SOUTHWESTERN ENERGY 37,600.00 1,253,208.00 0.11

SPECTRA ENERGY 71,886.00 1,763,363.58 0.16

SPRINT NEXTEL 334,234.00 1,016,071.36 0.09

ST JUDE MEDICAL 35,700.00 1,291,983.00 0.11

STANLEY BLACK & DECKER 18,187.00 892,981.70 0.08

STAPLES 80,600.00 1,071,980.00 0.09

STARBUCKS 82,600.00 3,080,154.00 0.27

STARWOOD HOTELS & RESORTS 22,300.00 865,686.00 0.08

STATE STREET 54,200.00 1,743,072.00 0.15

STERICYCLE 9,300.00 750,696.00 0.07

STRYKER 35,600.00 1,677,828.00 0.15

SUNOCO 13,700.00 424,837.00 0.04

SUNTRUST BANKS 60,700.00 1,089,565.00 0.10

SUPERVALU 24,067.00 160,286.22 0.01

SYMANTEC 79,983.00 1,303,722.90 0.11

SYSCO 65,100.00 1,686,090.00 0.15

T ROWE PRICE GROUP 27,400.00 1,308,898.00 0.12

TARGET 74,400.00 3,648,576.00 0.32

TECO ENERGY 22,600.00 387,138.00 0.03

TELLABS 38,000.00 163,020.00 0.01

TENET HEALTHCARE 50,650.00 209,184.50 0.02

TERADATA W-ISSUED 18,100.00 968,893.00 0.09

TERADYNE 19,400.00 213,594.00 0.02

TESORO 15,100.00 293,997.00 0.03

TEXAS INSTRUMENTS 126,900.00 3,381,885.00 0.30

TEXTRON 31,600.00 557,424.00 0.05

THE WESTERN UNION 66,137.00 1,011,234.73 0.09

THERMO FISHER SCIENTIFIC INC 41,600.00 2,106,624.00 0.19

TIFFANY 13,700.00 833,234.00 0.07

TIME WARNER CABLE 35,780.00 2,242,332.60 0.20

TIME WARNER WHEN ISSUED 114,946.00 3,444,931.62 0.30

TITANIUM METALS 11,300.00 169,274.00 0.01

TJX COS 41,800.00 2,318,646.00 0.20

TORCHMARK 12,250.00 427,035.00 0.04

TOTAL SYSTEM SERVICES 20,414.00 345,609.02 0.03

TRAVELERS COMPANIES 45,693.00 2,226,619.89 0.20

TYSON FOODS 'A' 33,200.00 576,352.00 0.05

UNION PACIFIC 53,100.00 4,336,677.00 0.38

UNITED PARCEL SERVICE 'B' 107,200.00 6,769,680.00 0.60

UNITED TECHNOLOGIES 99,400.00 6,993,784.00 0.62

UNITEDHEALTH GROUP 118,200.00 5,451,384.00 0.48

UNUM 33,000.00 691,680.00 0.06

URBAN OUTFITTERS 11,400.00 254,448.00 0.02

US BANCORP 210,069.00 4,945,024.26 0.44

US STEEL 16,100.00 354,361.00 0.03

VALERO ENERGY 61,700.00 1,097,026.00 0.10

VARIAN MEDICAL 13,300.00 693,728.00 0.06

VENTAS REIT 31,700.00 1,565,980.00 0.14

VERISIGN 20,000.00 572,200.00 0.05

Pictet - USA Index



279


VERIZON COMMUNICATIONS 309,486.00 11,389,084.80 1.00

VF CORP. 9,300.00 1,130,136.00 0.10

VIACOM 'B' WHEN ISSUED 63,105.00 2,444,687.70 0.22

VISA 'A' 56,100.00 4,808,892.00 0.42

VORNADO REALTY TRUST -SBI- 20,037.00 1,495,160.94 0.13

VULCAN MATERIALS 14,821.00 408,466.76 0.04

WALGREEN 99,800.00 3,282,422.00 0.29

WAL-MART STORES 192,298.00 9,980,266.20 0.88

WALT DISNEY HOLDING 202,200.00 6,098,352.00 0.54

WASHINGTON POST 'B' 540.00 176,563.80 0.02

WASTE MANAGEMENT 51,600.00 1,680,096.00 0.15

WATERS 10,500.00 792,645.00 0.07

WATSON PHARMACEUTICALS 13,400.00 914,550.00 0.08

WELLPOINT 40,100.00 2,617,728.00 0.23

WELLS FARGO 578,515.00 13,953,781.80 1.23

WESTERN DIGITAL 25,600.00 658,432.00 0.06

WEYERHAEUSER 59,706.00 928,428.30 0.08

WHIRLPOOL 8,330.00 415,750.30 0.04

WHOLE FOODS MARKET 17,700.00 1,155,987.00 0.10

WILLIAMS COMPANIES 64,400.00 1,567,496.00 0.14

WINDSTREAM W-ISSUED 57,445.00 669,808.70 0.06

WISCONSIN ENERGY 25,600.00 801,024.00 0.07

WYNDHAM WORLDWIDE W-ISSUED 17,200.00 490,372.00 0.04

WYNN RESORTS 8,700.00 1,001,196.00 0.09

XCEL ENERGY 52,160.00 1,287,830.40 0.11

XEROX 148,211.00 1,033,030.68 0.09

XILINX 28,600.00 784,784.00 0.07

YAHOO 138,100.00 1,817,396.00 0.16

YUM BRANDS 51,000.00 2,518,890.00 0.22

ZIMMER HOLDINGS 20,383.00 1,090,490.50 0.10

ZIONS BANCORP 20,800.00 292,656.00 0.03

1,105,398,678.37 97.41

IRLANDE

ACCENTURE 'A' 70,700.00 3,724,476.00 0.33

COVIDIEN 54,300.00 2,394,630.00 0.21

INGERSOLL-RAND 35,200.00 988,768.00 0.09

XL GROUP 35,700.00 671,160.00 0.06

7,779,034.00 0.69

PANAMA

CARNIVAL TWIN 49,600.00 1,502,880.00 0.13

1,502,880.00 0.13

SUISSE

ACE 37,300.00 2,260,380.00 0.20

NOBLE CORP NOM. 28,000.00 821,800.00 0.07

TYCO INTERNATIONAL NOM. 51,600.00 2,102,700.00 0.19

5,184,880.00 0.46

TOTAL ACTIONS 1,129,529,949.39 99.54

Pictet - USA Index




WARRANTS

ETATS-UNIS

AMERICAN INT. GP WTS 19.1.21 (PROV) 58,766.00 0.00 0.00

0.00 0.00






Pictet - USA Index


281




Etats-Unis 97.41


Irlande 0.69

Suisse 0.46

Panama 0.13

Bermudes 0.07

99.54





Pétrole 10.29


Communications 6.21







3.13





Immobilier 1.65

Assurances 1.63




Biotechnologie 1.05

Soins de santé et services sociaux 0.87


Emballage 0.79

Gastronomie 0.66




Loisirs 0.59



Conglomérats 0.47

Bois et papier 0.47

Divers 0.45


0.24





Warrants 0.00

99.54

Pictet - European Sustainable Equities





ACTIONS

ALLEMAGNE

ALLIANZ NOM. 10,948.00 775,775.17 0.91

B.M.W. 4,414.00 220,545.51 0.26

DEUTSCHE BANK NOM. 16,939.00 445,834.48 0.53

DEUTSCHE BOERSE -OPE- 10,640.00 401,660.00 0.47

DEUTSCHE POST NOM. 45,260.00 435,627.50 0.51

DEUTSCHE TELEKOM NOM. 51,100.00 451,264.10 0.53

FRESENIUS 9,189.00 612,446.85 0.72

FRESENIUS MEDICAL CARE 14,104.00 719,586.08 0.85

K+S REG. 11,440.00 452,795.09 0.53

MERCK 6,556.00 403,194.00 0.48

MUENCHENER RUECKVER. NOM. 9,654.00 903,131.60 1.06

PUMA 486.00 106,822.80 0.13

SAP AG (EUR) 23,632.00 905,459.84 1.07

SIEMENS AG 15,403.00 1,049,252.36 1.24

VOLKSWAGEN (EUR) 3,215.00 299,605.82 0.35

VOLKSWAGEN PREF 2,701.00 270,235.02 0.32

WACKER CHEMIE 4,334.00 291,461.50 0.34

8,744,697.72 10.30

AUTRICHE

TELEKOM AUSTRIA 25,980.00 196,902.42 0.23

196,902.42 0.23

BELGIQUE

ANHEUSER-BUSH INBEV 21,030.00 836,468.04 0.99

BELGACOM 21,690.00 491,495.40 0.58

DEXIA 116,010.00 167,866.47 0.20

KBC GROUPE 17,800.00 311,500.00 0.37

UMICORE 15,440.00 424,059.60 0.50

2,231,389.51 2.64

DANEMARK

COLOPLAST 'B' 6,650.00 718,063.61 0.85

NOVO NORDISK 'B' 12,500.00 933,985.63 1.10

NOVOZYMES 'B' 2,700.00 288,279.03 0.34


2,079,434.33 2.45

ESPAGNE


ACCIONA 2,600.00 165,489.97 0.20



BANCO SANTANDER 116,100.00 722,606.40 0.85




283


BANKINTER 47,700.00 195,283.80 0.23

BCO BILBAO VIZCAYA ARGENT. NOM. 74,460.00 460,162.80 0.54

CINTRA 42,600.00 365,976.17 0.43

EDP RENOVAVEIS 61,200.00 250,307.39 0.30


INDITEX NOM. 10,100.00 650,035.90 0.77

MAPFRE 110,000.00 257,180.00 0.30


REPSOL YPF 29,600.00 591,408.00 0.70

TELEFONICA 70,200.00 1,012,635.00 1.19

6,633,737.82 7.82

FINLANDE

KESKO 36,400.00 842,296.00 0.99

KONE 'B' 13,800.00 494,039.86 0.58

NOKIA 117,450.00 498,927.60 0.59

OUTOKUMPU 'A' 42,400.00 210,304.00 0.25

STORA ENSO 'R' 85,500.00 378,081.00 0.45

UPM-KYMMENE 56,400.00 480,810.00 0.57

2,904,458.46 3.43

FRANCE

BIC 14,560.00 931,403.05 1.10

BIOMERIEUX 3,025.00 198,137.50 0.23

BNP PARIBAS 13,140.00 394,857.00 0.47

BOUYGUES 19,845.00 494,834.88 0.58

CAP GEMINI 17,435.00 437,705.68 0.52

CARREFOUR 27,385.00 469,378.90 0.55

CREDIT AGRICOLE 21,385.00 111,843.55 0.13

DANONE GROUPE 16,795.00 775,929.00 0.91


DIOR CHRISTIAN 8,235.00 696,269.17 0.82

ESSILOR INTERNATIONAL 16,380.00 884,356.20 1.04

JC DECAUX 23,250.00 434,193.75 0.51

L.V.M.H. 6,510.00 648,721.50 0.76

L'OREAL 8,300.00 609,053.92 0.72

MICHELIN 'B' NOM. 10,115.00 457,299.15 0.54

PEUGEOT PORT. 10,505.00 169,813.22 0.20

RENAULT 20,075.00 503,280.25 0.59

SANOFI-AVENTIS 15,825.00 780,963.75 0.92

SCHNEIDER ELECTRIC S.A. 23,070.00 935,949.90 1.10

SOCIETE GENERALE 17,430.00 348,600.00 0.41



UNIBAIL-RODAMCO 3,310.00 445,360.50 0.53

VIVENDI 56,705.00 869,571.18 1.03

12,960,941.53 15.27

ITALIE

A2A 666,700.00 624,364.55 0.74

ATLANTIA 51,900.00 561,558.00 0.66

ENI 131,900.00 1,743,718.00 2.06

FIAT 47,300.00 193,646.20 0.23





SNAM RETE GAS 114,100.00 394,786.00 0.47

T.E.R.N.A. 242,200.00 673,316.00 0.79

TELECOM ITALIA 668,600.00 547,917.70 0.65

UNICREDITO ITALIANO SPA 428,100.00 343,550.25 0.41

5,082,856.70 6.01

JERSEY

WPP 124,200.00 866,663.26 1.02

866,663.26 1.02

NORVEGE

DNB NOR 35,000.00 263,928.06 0.31

NORSK HYDRO NOM. (NOK) 138,280.00 475,202.56 0.56

ORKLA 63,180.00 361,331.20 0.43

RENEWABLE ENERGY CORPORATION 230,400.00 153,119.43 0.18

STATOIL 50,300.00 810,966.38 0.96

TELENOR 28,400.00 329,169.97 0.39

2,393,717.60 2.83

PAYS-BAS

AKZO NOBEL 14,180.00 472,548.50 0.56

HEINEKEN 13,010.00 436,355.27 0.51

KONINKLIJKE AHOLD 80,990.00 714,007.84 0.84

KONINKLIJKE DSM 16,660.00 547,697.50 0.65

KONINKLIJKE KPN NV 52,030.00 515,149.03 0.61


REED ELSEVIER 67,620.00 556,444.30 0.66

ROYAL PHILIPS (EUR) 44,180.00 598,639.00 0.71


UNILEVER NV (EUR) 53,000.00 1,259,014.47 1.48

5,882,524.93 6.95

PORTUGAL





1,181,221.50 1.39

ROYAUME-UNI

ANGLO AMERICAN 42,500.00 1,099,901.62 1.30

ASTRAZENECA (GBP) 26,900.00 895,749.27 1.06

BARCLAYS 267,000.00 500,190.30 0.59

BG GROUP 78,500.00 1,131,543.02 1.33

BHP BILLITON (GBP) 62,600.00 1,263,219.70 1.49

BRITISH LAND 72,700.00 401,787.48 0.47

BRITISH SKY BROADCASTING GROUP 60,500.00 466,421.42 0.55

BUNZL 116,400.00 1,039,284.28 1.23

CAPITA GROUP 68,700.00 563,538.95 0.66

DIAGEO 83,500.00 1,194,406.67 1.41

EXPERIAN 61,000.00 513,479.23 0.61

FIRSTGROUP 73,800.00 274,881.66 0.32




285


G4S 263,800.00 817,788.67 0.96

GLAXOSMITHKLINE 103,000.00 1,594,125.14 1.88

HAMMERSON REIT 107,200.00 470,729.43 0.55

HSBC HOLDINGS 236,300.00 1,363,288.45 1.61

JOHNSON MATTHEY 39,200.00 722,300.24 0.85

LAND SECURITIES GROUP 85,400.00 636,572.59 0.75

LIBERTY INTERNATIONAL R.EI.T 173,400.00 659,147.80 0.78

LONMIN 25,100.00 306,289.05 0.36

NATIONAL GRID 102,000.00 756,164.20 0.89

PEARSON 62,400.00 825,207.85 0.97

RECKITT BENCKISER 23,600.00 896,835.75 1.06

REED ELSEVIER GBP 129,600.00 743,941.01 0.88

REXAM 121,200.00 437,359.60 0.52


ROYAL DUTCH SHELL 'B' 63,100.00 1,474,050.54 1.74

SAGE GROUP 415,500.00 1,236,927.05 1.46

SEGRO 48,200.00 123,230.83 0.15

STANDARD CHARTERED PLC 38,575.00 576,420.18 0.68

UNILEVER NEW (GBP) 40,700.00 955,027.24 1.13

VODAFONE GROUP PLC 811,600.00 1,566,602.19 1.85

26,679,870.42 31.47

SUEDE

ALFA LAVAL 41,100.00 487,040.22 0.57

ASSA ABLOY 'B' 31,200.00 483,146.57 0.57

BOLIDEN AB 48,800.00 380,493.20 0.45

ERICSSON TELEFON 'B' 65,000.00 470,125.57 0.55

GETINGE INDUSTRIER 'B' 26,000.00 425,758.13 0.50

HENNES & MAURITZ 'B' 32,050.00 718,900.61 0.85

HOLMEN 'B' 11,100.00 207,302.33 0.24

NORDEA BANK 34,600.00 211,014.73 0.25

SANDVIK 35,200.00 305,585.69 0.36

SKANDINAVISKA ENSKILDA 'A' 72,300.00 293,276.97 0.35


SWEDBANK 'A' 27,600.00 229,423.64 0.27

TELIASONERA (SEK) 107,000.00 529,943.76 0.62

5,047,737.06 5.94

SUISSE

ABB LTD 45,438.00 587,983.01 0.69

CIE FINANCIERE RICHEMONT 14,549.00 488,878.49 0.58

CREDIT SUISSE GROUP 29,202.00 575,092.52 0.68

GEBERIT 3,561.00 492,947.77 0.58

GIVAUDAN NOM. 489.00 285,293.80 0.34

LINDT & SPRUENGLI 141.00 306,604.74 0.36


LOGITECH INTERNATIONAL 28,209.00 164,346.07 0.19

NESTLE S.A. 51,380.00 2,112,251.88 2.48

NOVARTIS AG 30,400.00 1,267,217.29 1.49


S.G.S. S.A. 538.00 613,636.18 0.72

SIKA FINANZ PORT. 323.00 428,309.55 0.50






STRAUMANN HOLDING NOM. 3,420.00 400,745.07 0.47

SWISSCOM NOM. 1,274.00 387,635.04 0.46

THE SWATCH GROUP 551.00 136,679.58 0.16


10,615,269.54 12.49







287




Royaume-Uni 31.47

France 15.27

Suisse 12.49

Allemagne 10.30

Espagne 7.82

Pays-Bas 6.95

Italie 6.01

Suède 5.94

Finlande 3.43

Norvège 2.83

Belgique 2.64

Danemark 2.45

Portugal 1.39

Jersey 1.02

Autriche 0.23

110.24






Pétrole 6.84






Bois et papier 3.28




Immobilier 2.70




Assurances 2.27









1.07





Emballage 0.52



110.24

Pictet - Japan Index





ACTIONS

JAPON

ABC-MART 6,900.00 20,644,800.00 0.05

ADVANTEST 40,500.00 34,344,000.00 0.08

AEON 160,700.00 168,574,300.00 0.38

AEON CREDIT SERVICE 19,600.00 23,480,800.00 0.05

AEON MALL 20,000.00 35,740,000.00 0.08

AIR WATER 41,000.00 39,442,000.00 0.09

AISIN SEIKI 51,200.00 133,427,200.00 0.30

AJINOMOTO 178,000.00 163,760,000.00 0.37

ALFRESA HOLDINGS 10,000.00 32,450,000.00 0.07

ALL NIPPON AIRWAYS 224,000.00 54,432,000.00 0.12

AMADA CO 92,000.00 47,196,000.00 0.11

AOZORA BANK 158,000.00 28,282,000.00 0.06

ASAHI BREWERIES 103,500.00 170,671,500.00 0.38

ASAHI GLASS 269,000.00 204,978,000.00 0.46

ASAHI KASEI 338,000.00 158,522,000.00 0.36

ASICS CORP 41,000.00 43,501,000.00 0.10

ASTELLAS PHARMA 118,200.00 347,626,200.00 0.78

BANK OF KYOTO 88,000.00 60,984,000.00 0.14

BANK OF YOKOHAMA 323,000.00 126,293,000.00 0.28

BENESSE 18,600.00 63,705,000.00 0.14

BRIDGESTONE 173,000.00 306,556,000.00 0.69

BROTHER INDUSTRIES 62,300.00 57,129,100.00 0.13

CANON 301,950.00 1,071,922,500.00 2.41

CASIO COMPUTER 59,300.00 29,353,500.00 0.07

CENTRAL JAPAN RAILWAY 403.00 272,831,000.00 0.61

CHIBA BANK 202,000.00 108,878,000.00 0.25

CHIYODA 40,000.00 30,600,000.00 0.07

CHOU MITSUI TRUST 831,360.00 215,322,240.00 0.49

CHUBU ELECTRIC POWER 183,000.00 267,546,000.00 0.60

CHUGAI PHARMACEUTICAL 59,700.00 78,744,300.00 0.18

CHUGOKU BANK 45,000.00 51,570,000.00 0.12

CHUGOKU ELECTRIC POWER 79,200.00 108,583,200.00 0.24

CITIZEN WATCH CO LTD 66,500.00 26,001,500.00 0.06

COCA-COLA WEST HLDG 15,300.00 22,735,800.00 0.05

COSMO OIL 168,000.00 32,592,000.00 0.07

CREDIT SAISON 40,900.00 61,718,100.00 0.14

DAI NIPPON PRINTING 150,000.00 121,200,000.00 0.27

DAICEL CHEMICAL INDUSTRIES 75,000.00 33,375,000.00 0.08

DAIDO STEEL 77,000.00 35,882,000.00 0.08

DAIHATSU MOTOR 50,000.00 70,450,000.00 0.16

DAI-ICHI LIFE INSURANCE 2,409.00 195,610,800.00 0.44

DAIICHI SANKYO 178,784.00 289,630,080.00 0.65

DAIKIN INDUSTRIES 62,000.00 138,632,000.00 0.31

DAINIPPON PHARMACEUTICAL 44,000.00 37,708,000.00 0.08

DAITO TRUST CONSTRUCTION 19,500.00 139,230,000.00 0.31




289


DAIWA HOUSE INDUSTRY 127,000.00 127,508,000.00 0.29

DAIWA SECURITIES GROUP 443,000.00 129,356,000.00 0.29

DENA 25,800.00 84,366,000.00 0.19

DENKI KAGAKU KOGYO 129,000.00 38,442,000.00 0.09

DENSO 129,300.00 324,672,300.00 0.73

DENTSU 48,600.00 120,236,400.00 0.27

EAST JAPAN RAILWAY 90,500.00 426,255,000.00 0.96

EISAI 67,600.00 211,250,000.00 0.48

ELECTRIC POWER DEVELOPMENT 30,600.00 70,135,200.00 0.16

ELPIDA MEMORY 71,900.00 35,662,400.00 0.08

FAMILYMART 16,100.00 47,784,800.00 0.11

FANUC 51,000.00 552,330,000.00 1.24

FAST RETAILING 14,100.00 197,259,000.00 0.44

FUJI ELECTRIC HOLDINGS 158,000.00 32,074,000.00 0.07

FUJI HEAVY INDUSTRIES 155,000.00 70,990,000.00 0.16

FUJIFILM 123,300.00 223,789,500.00 0.50

FUJITSU 501,000.00 184,869,000.00 0.42

FUKUOKA FINANCIAL GROUP 210,000.00 68,670,000.00 0.15

FURUKAWA ELECTRIC 173,000.00 36,849,000.00 0.08

GREE 25,100.00 59,712,900.00 0.13

GS YUASA 89,000.00 32,396,000.00 0.07

GUNMA BANK 99,000.00 42,966,000.00 0.10

HACHIJUNI BANK 110,000.00 52,470,000.00 0.12

HAKUHODO DY HOLDINGS 6,670.00 30,248,450.00 0.07

HAMAMATSU PHOTONICS 18,300.00 57,553,500.00 0.13

HINO MOTORS 66,000.00 30,756,000.00 0.07

HIR0SHIMA BANK 136,000.00 52,360,000.00 0.12

HIROSE ELECTRIC 8,500.00 61,540,000.00 0.14

HISAMITSU PHARMACEUTICAL 16,300.00 60,636,000.00 0.14

HITACHI 1,206,000.00 469,134,000.00 1.06

HITACHI CHEMICAL 28,500.00 36,679,500.00 0.08

HITACHI CONSTRUCTION MACHINERY 28,300.00 37,129,600.00 0.08

HITACHI HIGH-TECHNOLOGIES 16,000.00 25,072,000.00 0.06

HITACHI METALS 42,000.00 37,800,000.00 0.09

HOKKAIDO ELECTRIC POWER 48,900.00 56,039,400.00 0.13

HOKUHOKU FINANCIAL GROUP 329,000.00 55,930,000.00 0.13

HOKURIKU ELECTRIC POWER 44,800.00 64,556,800.00 0.15

HONDA MOTOR 435,400.00 1,000,984,600.00 2.25

HOYA 116,800.00 210,590,400.00 0.47

IBIDEN 32,500.00 53,885,000.00 0.12

IDEMITSU KOSAN 6,000.00 42,120,000.00 0.09

IHI 345,000.00 59,685,000.00 0.13

INPEX 584.00 282,656,000.00 0.64

ISETAN MITSUKOSHI 98,600.00 77,795,400.00 0.18

ISUZU MOTORS 319,000.00 107,184,000.00 0.24

ITOCHU 400,400.00 299,499,200.00 0.67

ITOCHU TECHNO-SCIENCE 8,100.00 28,350,000.00 0.06

IY0 BANK 64,000.00 50,816,000.00 0.11

J. FRONT RETAIL 133,000.00 49,343,000.00 0.11

JAPAN PETROLEUM EXPLORATION 7,000.00 19,915,000.00 0.04

JAPAN PRIME REALTY INVESTMENT 179.00 35,549,400.00 0.08

JAPAN REAL ESTATE INVESTMENT REIT 123.00 92,742,000.00 0.21

JAPAN STEEL WORKS 88,000.00 41,184,000.00 0.09





JAPAN TOBACCO 1,203.00 437,290,500.00 0.98

JFE HOLDINGS 123,300.00 194,444,100.00 0.44

JGC 55,000.00 105,820,000.00 0.24

JOYO BANK 178,000.00 64,436,000.00 0.15

JP RETAIL FUND INVESTMENT 494.00 61,453,600.00 0.14

JS GROUP 71,100.00 155,211,300.00 0.35

JSR 47,000.00 63,262,000.00 0.14

JTEKT 60,100.00 56,313,700.00 0.13

JUPITER TELECOMMUNICATIONS 446.00 37,241,000.00 0.08

JX HOLDINGS 596,610.00 262,508,400.00 0.59

KAJIMA 220,000.00 56,540,000.00 0.13

KAMIGUMI 66,000.00 45,804,000.00 0.10

KANEKA 72,000.00 31,680,000.00 0.07

KANSAI ELECTRIC POWER 199,200.00 268,521,600.00 0.60

KANSAI PAINT 56,000.00 41,776,000.00 0.09

KAO 140,500.00 304,042,000.00 0.68

KAWASAKI HEAVY INDUSTRIES 385,000.00 77,000,000.00 0.17

KAWASAKI KISEN KAISHA 183,000.00 29,829,000.00 0.07

KDDI 777.00 416,472,000.00 0.94

KEIHIN ELECTRIC EXPRESS RAILWAY 128,000.00 91,648,000.00 0.21

KEIO 153,000.00 85,068,000.00 0.19

KEISEI ELECTRIC RAILWAY 76,000.00 40,128,000.00 0.09

KEYENCE 11,091.00 237,347,400.00 0.53

KIKKOMAN 40,000.00 35,600,000.00 0.08

KINDEN 34,000.00 22,814,000.00 0.05

KINTETSU CORP 431,000.00 125,852,000.00 0.28

KIRIN HOLDINGS 217,000.00 220,689,000.00 0.50

KOBE STEEL 661,000.00 86,591,000.00 0.20

KOITO MANUFACTURING 24,000.00 29,592,000.00 0.07

KOMATSU 252,900.00 429,677,100.00 0.97

KONAMI 25,000.00 65,475,000.00 0.15

KONICA MINOLTA 128,000.00 68,480,000.00 0.15

KUBOTA 310,000.00 194,990,000.00 0.44

KURARAY 91,100.00 97,021,500.00 0.22

KURITA WATER INDUSTRIES 30,800.00 67,236,400.00 0.15

KYOCERA 40,600.00 265,524,000.00 0.60

KYOWA HAKKO KOGYO 70,000.00 60,760,000.00 0.14

KYUSHU ELECTRIC POWER 107,700.00 134,948,100.00 0.30

LAWSON 16,400.00 71,832,000.00 0.16

MABUCHI MOTOR 6,700.00 24,187,000.00 0.05

MAKITA 29,600.00 82,613,600.00 0.19

MARUBENI 442,000.00 194,038,000.00 0.44

MARUI 60,700.00 35,752,300.00 0.08

MARUICHI STEEL TUBE 11,700.00 21,492,900.00 0.05

MATSUSHITA ELECTRIC INDUSTRIAL 589,800.00 444,709,200.00 1.00

MAZDA MOTOR 398,000.00 62,884,000.00 0.14

MCDONALDS 18,500.00 37,980,500.00 0.09

MEDICEO PALTAC HOLDINGS 37,100.00 29,197,700.00 0.07

MEIJI HOLDING 18,457.00 68,014,045.00 0.15

MINEBEA 85,000.00 22,355,000.00 0.05

MIRACA HOLDINGS 15,000.00 51,300,000.00 0.12

MITSUBISHI 375,200.00 597,318,400.00 1.35

MITSUBISHI CHEMICAL HOLDINGS 363,000.00 192,027,000.00 0.43




291


MITSUBISHI ELECTRIC 515,000.00 357,925,000.00 0.81

MITSUBISHI ESTATE 334,000.00 423,512,000.00 0.95

MITSUBISHI GAS CHEMICAL 103,000.00 49,543,000.00 0.11

MITSUBISHI HEAVY INDUSTRIES 814,000.00 267,806,000.00 0.60

MITSUBISHI LOGISTICS 30,000.00 25,290,000.00 0.06

MITSUBISHI MATERIALS 299,000.00 57,109,000.00 0.13

MITSUBISHI MOTORS 1,046,000.00 107,738,000.00 0.24

MITSUBISHI TANABE PHARMA 60,000.00 86,460,000.00 0.19

MITSUBISHI UFJ FINANCIAL GROUP 3,395,620.00 1,202,049,480.00 2.71

MITSUBISHI UFJ LEASE & FINANCE 15,190.00 47,468,750.00 0.11

MITSUI & CO 464,000.00 526,176,000.00 1.19

MITSUI CHEMICALS 221,000.00 57,681,000.00 0.13

MITSUI ENGINEERING & SHIPBUILDING 176,000.00 23,056,000.00 0.05

MITSUI FUDOSAN 224,000.00 278,432,000.00 0.63

MITSUI O.S.K. LINES 302,000.00 90,600,000.00 0.20

MIZUHO FINANCIAL GROUP 6,089,660.00 694,221,240.00 1.56

MSIG HOLDINGS 150,841.00 255,826,336.00 0.58

MURATA MANUFACTURING 54,300.00 229,417,500.00 0.52

N.T.T. 127,600.00 475,948,000.00 1.07

NABTESCO 26,600.00 39,527,600.00 0.09

NAMCO BANDAI 51,400.00 54,021,400.00 0.12

NEC 694,000.00 110,346,000.00 0.25

NGK INSULATORS 68,000.00 80,308,000.00 0.18

NGK SPARK PLUG 43,000.00 45,451,000.00 0.10

NHK SPRING 38,000.00 26,334,000.00 0.06

NIDEC 29,000.00 182,990,000.00 0.41

NIKON 91,000.00 167,713,000.00 0.38

NINTENDO 26,500.00 301,040,000.00 0.68

NIPPON BUILDING FUND 147.00 117,453,000.00 0.26

NIPPON ELECTRIC GLASS 106,500.00 75,828,000.00 0.17

NIPPON EXPRESS 227,000.00 75,364,000.00 0.17

NIPPON MEAT PACKERS 46,000.00 46,598,000.00 0.10

NIPPON PAPER GROUP 26,900.00 55,629,200.00 0.13

NIPPON SHEET GLASS 249,000.00 43,575,000.00 0.10

NIPPON STEEL 1,365,000.00 305,760,000.00 0.69

NIPPON YUSEN 405,000.00 85,455,000.00 0.19

NISHI-NIPPON CITY BANK 183,000.00 43,920,000.00 0.10

NISSAN MOTOR 662,300.00 458,973,900.00 1.03

NISSHIN SEIFUN 48,900.00 49,731,300.00 0.11

NISSHIN STEEL 181,000.00 25,340,000.00 0.06

NISSIN FOOD PRODUCTS 16,000.00 49,920,000.00 0.11

NITORI CO 10,000.00 78,000,000.00 0.18

NITTO DENKO 44,200.00 136,578,000.00 0.31

NKSJ HOLDINGS 100,050.00 172,786,350.00 0.39

NOK 26,800.00 37,734,400.00 0.08

NOMURA HOLDINGS 945,500.00 270,413,000.00 0.61

NOMURA REAL ESTATE HOLDINGS 25,100.00 29,643,100.00 0.07

NOMURA REAL ESTATE OFFICE FD 70.00 33,040,000.00 0.07

NOMURA RESEARCH INSTITUTE 27,800.00 49,345,000.00 0.11

NSK 115,000.00 66,240,000.00 0.15

NTN 132,000.00 48,576,000.00 0.11

NTT DATA 336.00 81,110,400.00 0.18

NTT DOCOMO 4,077.00 577,710,900.00 1.30





NTT URBAN DEVELOPMENT 339.00 19,221,300.00 0.04

OBAYASHI 170,000.00 65,790,000.00 0.15

ODAKYU ELECTRIC RAILWAY 165,000.00 121,770,000.00 0.27

OJI PAPER 224,000.00 95,648,000.00 0.22

OLYMPUS 57,700.00 139,460,900.00 0.31

OMRON 53,900.00 82,790,400.00 0.19

ONO PHARMACEUTICAL 21,800.00 100,825,000.00 0.23

ORACLE JAPAN 9,900.00 27,096,300.00 0.06

ORIENTAL LAND 13,200.00 109,164,000.00 0.25

ORIX 27,750.00 170,385,000.00 0.38

OSAKA GAS 502,000.00 161,644,000.00 0.36

OTSUKA 4,000.00 21,440,000.00 0.05

OTSUKA HOLDINGS 66,300.00 140,887,500.00 0.32

RAKUTEN 1,933.00 174,549,900.00 0.39

RESONA HOLDINGS 505,000.00 187,860,000.00 0.42

RICOH 181,000.00 118,374,000.00 0.27

RINNAI 8,500.00 55,335,000.00 0.12

ROHM 25,400.00 103,124,000.00 0.23

SANKYO 14,600.00 61,393,000.00 0.14

SANTEN PHARMACEUTICAL 19,500.00 63,180,000.00 0.14

SBI HOLDINGS 5,841.00 39,777,210.00 0.09

SECOM 55,500.00 208,125,000.00 0.47

SEGA SAMMY HOLDINGS 57,300.00 104,572,500.00 0.24

SEIKO EPSON 35,600.00 35,244,000.00 0.08

SEKISUI CHEMICAL 115,000.00 75,325,000.00 0.17

SEKISUI HOUSE 153,000.00 112,455,000.00 0.25

SEVEN & I HOLDINGS 201,400.00 440,864,600.00 0.99

SEVEN BANK 152.00 22,952,000.00 0.05

SHARP 268,000.00 175,808,000.00 0.40

SHIKOKU ELECTRIC POWER 48,400.00 103,479,200.00 0.23

SHIMADZU 64,000.00 42,176,000.00 0.09

SHIMAMURA 6,100.00 49,776,000.00 0.11

SHIMANO 20,000.00 82,500,000.00 0.19

SHIMIZU 155,000.00 53,320,000.00 0.12

SHIN-ETSU CHEMICAL 109,700.00 420,151,000.00 0.95

SHINSEI BANK 351,000.00 30,888,000.00 0.07

SHIONOGI & CO 81,000.00 93,393,000.00 0.21

SHISEIDO 94,900.00 143,014,300.00 0.32

SHIZUOKA BANK 155,000.00 126,325,000.00 0.28

SHOWA DENKO 398,000.00 61,292,000.00 0.14

SHOWA SHELL SEKIYU 53,400.00 29,743,800.00 0.07

SMC 14,400.00 164,592,000.00 0.37

SOFTBANK 230,200.00 527,618,400.00 1.19

SOJITZ CORPORATION 343,000.00 49,049,000.00 0.11

SONY 266,800.00 402,067,600.00 0.91

SONY FINANCIAL 46,000.00 54,924,000.00 0.12

SQUARE ENIX 15,900.00 22,307,700.00 0.05

STANLEY ELECTRIC 39,900.00 47,201,700.00 0.11

SUMCO 29,000.00 21,286,000.00 0.05

SUMITOMO 301,900.00 291,937,300.00 0.66

SUMITOMO CHEMICAL 417,000.00 125,517,000.00 0.28

SUMITOMO ELECTRIC INDUSTRIES 200,800.00 184,133,600.00 0.41

SUMITOMO HEAVY INDUSTRIES 144,000.00 58,032,000.00 0.13




293


SUMITOMO METAL INDUSTRIES 893,000.00 144,666,000.00 0.33

SUMITOMO METAL MINING 139,000.00 144,143,000.00 0.32

SUMITOMO MITSUI FINANCIAL GROUP 358,900.00 791,733,400.00 1.78

SUMITOMO REALTY & DEVELOPMENT 95,000.00 143,165,000.00 0.32

SUMITOMO RUBBER INDUSTRIES 46,300.00 46,207,400.00 0.10

SURUGA BANK 47,000.00 35,626,000.00 0.08

SUZUKEN 20,000.00 41,760,000.00 0.09

SUZUKI MOTOR 90,100.00 155,152,200.00 0.35

SYSMEX 19,100.00 53,384,500.00 0.12

T&D HOLDINGS 153,600.00 113,203,200.00 0.25

TAISEI 269,000.00 57,835,000.00 0.13

TAISHO PHARMACEUTICAL 32,000.00 60,608,000.00 0.14

TAIYO NIPPON SANSO 72,000.00 39,024,000.00 0.09

TAKASHIMAYA 66,000.00 37,488,000.00 0.08

TAKEDA PHARMACEUTICAL 210,200.00 773,536,000.00 1.74

TDK 32,600.00 89,095,800.00 0.20

TEIJIN 248,000.00 69,688,000.00 0.16

TERUMO 45,300.00 184,144,500.00 0.41

THK 31,800.00 41,689,800.00 0.09

TOBU RAILWAY 270,000.00 98,820,000.00 0.22

TOHO 29,400.00 39,954,600.00 0.09

TOHO GAS 112,000.00 57,120,000.00 0.13

TOHOKU ELECTRIC POWER 121,600.00 131,328,000.00 0.30

TOKIO MARINE HOLDINGS 193,100.00 383,110,400.00 0.86

TOKYO ELECTRIC POWER 382,400.00 91,776,000.00 0.21

TOKYO ELECTRON 45,600.00 162,336,000.00 0.37

TOKYO GAS CO 684,000.00 246,924,000.00 0.56

TOKYU 303,000.00 118,170,000.00 0.27

TOKYU LAND 116,000.00 32,596,000.00 0.07

TONENGENERAL SEKIYU 74,000.00 66,082,000.00 0.15

TOPPAN PRINTING 150,000.00 85,350,000.00 0.19

TORAY INDUSTRIES 394,000.00 215,518,000.00 0.49

TOSHIBA 1,069,000.00 342,080,000.00 0.77

TOSOH 140,000.00 34,300,000.00 0.08

TOTO 81,000.00 56,052,000.00 0.13

TOYO SEIKAN KAISHA 40,800.00 48,511,200.00 0.11

TOYO SUISAN KAISHA 24,000.00 50,952,000.00 0.11

TOYODA GOSEI 16,500.00 24,453,000.00 0.06

TOYOTA BOSHOKU 19,200.00 21,504,000.00 0.05

TOYOTA INDUSTRIES CORPORATION 48,100.00 109,668,000.00 0.25

TOYOTA MOTOR 735,900.00 1,978,099,200.00 4.51

TOYOTA TSUSHO CORP 56,200.00 75,364,200.00 0.17

TREND MICRO 28,000.00 68,320,000.00 0.15

TSUMURA 16,600.00 41,035,200.00 0.09

UBE INDUSTRIES 275,000.00 71,500,000.00 0.16

UNI-CHARM 30,500.00 113,612,500.00 0.26

USHIO 29,200.00 34,631,200.00 0.08

USS 6,050.00 39,930,000.00 0.09

WEST JAPAN RAILWAY 45,500.00 151,060,000.00 0.34

YAHOO JAPAN 3,871.00 93,871,750.00 0.21

YAKULT HONSHA 26,500.00 64,050,500.00 0.14

YAMADA DENKI 21,800.00 118,810,000.00 0.27

YAMAGUCHI FINANCIAL GROUP 57,000.00 44,859,000.00 0.10





YAMAHA 43,600.00 36,929,200.00 0.08

YAMAHA MOTOR 75,400.00 78,114,400.00 0.18

YAMATO HOLDINGS 107,000.00 151,833,000.00 0.34

YAMATO KOGYO 11,000.00 22,451,000.00 0.05

YAMAZAKI BAKING 33,000.00 38,874,000.00 0.09

YASKAWA ELECTRIC 59,000.00 34,928,000.00 0.08

YOKOGAWA ELECTRIC 55,600.00 41,144,000.00 0.09

43,901,094,231.00 98.88


AVOIRS EN BANQUE 534,143,317.00 1.20





295




Japon 98.88

98.88











Communications 3.63



Immobilier 2.91












0.88

Assurances 0.81

Loisirs 0.61





Pétrole 0.42

Bois et papier 0.35


Emballage 0.11

98.88

Pictet - Pacific Ex Japan Index





ACTIONS

AUSTRALIE

AGL ENERGY 114,554.00 1,592,258.41 0.53

ALUMINA 605,015.00 870,352.36 0.29

AMCOR 302,602.00 2,038,319.62 0.68

AMP 695,187.00 2,669,107.06 0.89

ANZ BANKING GROUP 641,036.00 12,162,685.84 4.07

ASCIANO GROUP -STAPLED SECURITY- 713,600.00 1,005,750.14 0.34

ASX LTD 43,521.00 1,283,035.08 0.43

BENDIGO & ADEL 91,300.00 753,434.88 0.25

BHP BILLITON 792,900.00 26,989,933.58 9.05

BLUESCOPE STEEL 454,980.00 322,836.35 0.11

BORAL 179,968.00 612,252.53 0.21

BRAMBLES 365,700.00 2,299,834.04 0.77

CALTEX AUSTRALIA 33,700.00 354,752.62 0.12

CFS RETAIL PROPERTY TRUST 450,382.00 766,101.53 0.26

COCA-COLA AMATIL 140,661.00 1,631,103.05 0.55

COCHLEAR 14,000.00 631,276.56 0.21

COMMONWEALTH BANK OF AUSTRALIA 384,600.00 17,028,050.03 5.70

COMPUTERSHARE 108,700.00 789,255.11 0.26

CROWN 112,974.00 875,193.50 0.29

CSL 129,603.00 3,738,920.30 1.25

DEXUS PROPERTY GROUP 1,198,426.00 955,195.64 0.32

ECHO ENTERTAINMENT GROUP 165,766.00 588,105.96 0.20

FAIRFAX MEDIA 543,360.00 435,721.38 0.15

FORTESCUE METALS 305,700.00 1,313,363.57 0.44

FOSTER'S GROUP 476,456.00 2,445,254.01 0.82

GOODMAN GROUP-STAPLED SECURITY 1,737,200.00 970,923.30 0.33

GPT GROUP 436,881.00 1,333,398.81 0.45

HARVEY NORMAN HOLDINGS 133,700.00 280,706.46 0.09

ILUKA RESOURCES 102,900.00 1,251,238.04 0.42

INCITEC PIVOT 404,469.00 1,285,583.38 0.43

INSURANCE AUSTRALIA GROUP 513,900.00 1,508,526.06 0.51

JAMES HARDIES INDUSTRIES 107,800.00 602,495.58 0.20

LEIGHTON HOLDINGS 37,687.00 684,282.91 0.23

LEND LEASE 135,057.00 924,180.95 0.31

LYNAS CORP 422,600.00 447,737.27 0.15

MACARTHUR COAL 41,300.00 639,087.57 0.21

MACQUARIE AIRPORTS 'STAPLED SEC.' 92,490.00 290,378.57 0.10

MACQUARIE GROUP 85,200.00 1,893,969.65 0.63

METCASH 191,500.00 765,028.93 0.26

MIRVAC GROUP 'STAPLED SECURITIES' 837,518.00 936,179.76 0.31

NATIONAL AUSTRALIA BANK 535,700.00 11,648,094.53 3.90

NEWCREST MINING 189,175.00 6,266,579.95 2.10

ONESTEEL 323,197.00 389,543.77 0.13

ORICA 89,536.00 2,043,445.40 0.68

ORIGIN ENERGY 262,697.00 3,421,583.70 1.15




297


OZ MINERALS 80,462.00 736,731.06 0.25

PALADIN ENERGY 167,400.00 197,696.50 0.07

QANTAS AIRWAYS 275,500.00 377,579.12 0.13

QBE INSURANCE GROUP 269,810.00 3,377,856.23 1.13

QR NATIONAL 423,200.00 1,299,870.23 0.44

RAMSAY HEALTH CARE 32,300.00 596,517.76 0.20

RIO TINTO 107,371.00 6,449,747.74 2.16

SANTOS 216,320.00 2,390,696.22 0.80

SIMS GROUP 40,700.00 490,550.08 0.16

SONIC HEALTHCARE 92,100.00 1,020,544.01 0.34

SP AUSNET STAPLED SECURITY 348,600.00 316,815.38 0.11

STOCKLAND 590,041.00 1,668,946.58 0.56

SUNCORP METWAY 317,776.00 2,464,854.24 0.83

TABCORP HOLDINGS 171,166.00 429,244.23 0.14

TATTS GROUP 326,345.00 707,373.98 0.24

TELSTRA 1,072,800.00 3,232,568.34 1.08

TOLL HOLDINGS 167,080.00 716,193.40 0.24

TRANSURBAN GROUP 'STAPLED SEC.' 319,573.00 1,683,591.10 0.56

WESFARMERS 248,334.00 7,625,232.07 2.55

WESFARMERS PPS 30.11.07 37,141.00 1,162,456.53 0.39

WESTFIELD 540,702.00 4,073,117.46 1.36

WESTFIELD -STAPLED SECURITY- 713,765.00 1,678,950.42 0.56

WESTPAC BANKING 743,014.00 14,689,776.96 4.92

WOODSIDE PETROLEUM 156,450.00 4,939,225.39 1.65

WOOLWORTHS 299,805.00 7,244,480.57 2.43

WORLEY PARSONS 47,200.00 1,206,604.67 0.40

192,512,278.01 64.48

BERMUDES

ESPRIT HOLDINGS 306,957.00 376,355.84 0.13

KERRY PROPERTIES 177,500.00 570,852.40 0.19

LI & FUNG 1,391,200.00 2,361,232.60 0.79

NOBLE GROUP 948,745.00 971,168.85 0.33

NWS HOLDINGS 332,500.00 443,105.10 0.15

ORIENT OVERSEAS 53,700.00 218,550.24 0.07

YUE YUEN INDUSTRIAL 185,000.00 480,966.14 0.16

5,422,231.17 1.82

HONG KONG

AIA GROUP 2,077,000.00 5,946,468.28 1.99

BANK OF EAST ASIA 378,600.00 1,173,857.80 0.39

BOC HONG KONG (HOLDINGS) 912,500.00 1,956,442.51 0.66

C K INFRASTRUCTURE 112,000.00 657,131.02 0.22

CATHAY PACIFIC AIRWAYS 294,000.00 483,142.28 0.16

CHEUNG KONG HOLDINGS 342,000.00 3,758,526.51 1.26

CLP HOLDINGS 473,500.00 4,288,789.67 1.44

GALAXY ENTERTAINMENT 307,000.00 457,996.60 0.15

HANG LUNG GROUP 217,000.00 1,110,211.72 0.37

HANG LUNG PROPERTIES 604,000.00 1,814,556.70 0.61

HANG SENG BANK 189,000.00 2,228,736.43 0.75

HENDERSON LAND DEVELOPMENT 229,424.00 1,044,173.90 0.35

HONG KONG & CHINA GAS 1,163,675.00 2,632,421.05 0.88

HONG KONG EXCHANGES AND CLEARING 252,500.00 3,718,283.91 1.25





HONGKONG ELECTRIC 342,500.00 2,631,736.95 0.88

HOPEWELL 142,000.00 409,281.80 0.14

HUTCHISON WHAMPOA 524,000.00 3,932,181.44 1.32

HYSAN DEVELOPMENT 156,000.00 477,673.04 0.16

MTR 354,000.00 1,068,043.33 0.36

NEW WORLD DEVELOPMENT 594,926.00 577,434.19 0.19

PCCW 982,000.00 368,139.22 0.12

SHANGRI-LA ASIA 348,500.00 672,032.79 0.23

SINO LAND 646,000.00 864,207.41 0.29

SJM HOLDINGS 397,000.00 718,666.44 0.24

SUN HUNG KAI PROPERTIES 347,000.00 4,029,542.99 1.35

SWIRE PACIFIC 'A' 177,500.00 1,834,475.79 0.61

THE LINK REIT 551,000.00 1,747,295.26 0.59

WHARF HOLDINGS 373,987.00 1,867,771.97 0.63

WHEELOCK 228,000.00 680,574.31 0.23

WING HANG BANK 43,000.00 350,005.98 0.12

53,499,801.29 17.94

ILE MAURICE

GOLDEN AGRI - RESOURCES 1,641,194.00 776,834.74 0.26

776,834.74 0.26

ILES CAÏMANS

ASM PACIFIC TECHNOLOGY 49,100.00 485,389.04 0.16

FOXCONN INTERNATIONAL 542,000.00 283,907.72 0.10

LIFESTYLE INTERNATIONAL 139,000.00 355,485.49 0.12

SANDS CHINA 594,800.00 1,423,425.08 0.48

WYNN MACAU 381,600.00 920,071.76 0.31

3,468,279.09 1.17

NOUVELLE ZELANDE

AUCKLAND INTERNATIONAL AIRPORT 234,901.00 412,824.37 0.14

CONTACT ENERGY 86,141.00 358,722.85 0.12

FLETCHER BUILDING 168,684.00 998,914.28 0.33

SKY CITY ENTERTAINMENT GROUP 143,234.00 366,643.13 0.12

TELECOM CORP. OF NEW ZEALAND 474,409.00 956,994.57 0.32

3,094,099.20 1.03

ROYAUME-UNI

GENTING INTERNATIONAL PUBLIC 1,496,200.00 1,773,388.85 0.59

1,773,388.85 0.59

SINGAPOUR

ASCENDAS REAL ESTATE 437,666.00 683,805.28 0.23

CAPITALAND 636,000.00 1,209,059.49 0.40

CAPITAMALL 476,030.00 670,469.48 0.22

CAPITAMALLS ASIA 335,000.00 314,556.19 0.11

CITY DEVELOPMENTS 122,000.00 900,475.79 0.30

COMFORTDELGRO 458,000.00 461,774.96 0.15

COSCO CORPORATION (SINGAPORE) 250,000.00 178,943.76 0.06

DBS GROUP HOLDINGS 428,500.00 3,904,776.05 1.31

FRASER AND NEAVE 224,000.00 998,206.02 0.33




299


GLOBAL LOGISTIC PROPERTIES 461,000.00 587,208.76 0.20

HUTCHISON PORT -UNITS- 1,286,000.00 868,050.00 0.29

JARDINE CYCLE & CARRIAGE 26,217.00 847,069.47 0.28

KEPPEL CORP 351,900.00 2,099,010.31 0.70

KEPPEL LAND 176,000.00 350,837.52 0.12

NEPTUNE ORIENT LINES 227,000.00 191,308.20 0.06

OLAM INTERNATIONAL 327,012.00 571,324.90 0.19

OVERSEA-CHINESE BANKING 617,200.00 3,861,980.40 1.29

SEMBCORP INDUSTRIES 240,500.00 633,045.30 0.21

SEMBCORP MARINE 206,800.00 517,282.16 0.17

SINGAPORE AIRLINES 133,917.00 1,178,082.07 0.39

SINGAPORE EXCHANGE 213,000.00 1,086,892.86 0.36

SINGAPORE PRESS HOLDING 378,500.00 1,095,335.92 0.37

SINGAPORE TECHNOLOGIES ENGINEER. 380,000.00 821,832.89 0.28

SINGAPORE TELECOMMUNICATIONS 1,961,150.00 4,799,892.76 1.61

STARHUB 151,000.00 332,381.30 0.11

UNITED OVERSEAS BANK 310,000.00 4,056,058.57 1.36

UOL GROUP 111,100.00 355,714.03 0.12

WILMAR INTERNATIONAL 477,000.00 1,934,739.94 0.65

YANGZIJIANG SHIPBUILDING 482,000.00 330,164.71 0.11

35,840,279.09 11.98

TOTAL I. 296,387,191.44 99.27


ACTIONS

MALTE

BGP HLDGS 1,686,208.00 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00










Australie 64.48

Hong Kong 17.94

Singapour 11.98

Bermudes 1.82

Iles Caïmans 1.17


Royaume-Uni 0.59

Ile Maurice 0.26

Malte 0.00

99.27





Immobilier 9.05




Assurances 3.63


Communications 3.24


Pétrole 2.97



Gastronomie 2.70







Bois et papier 0.68

Conglomérats 0.61



Divers 0.44







Loisirs 0.14

99.27

Pictet - Digital Communication



301



ACTIONS

AFRIQUE DU SUD

MTN GROUP 214,799.95 3,540,321.37 2.38

3,540,321.37 2.38

AUTRICHE

TELEKOM AUSTRIA 166,293.35 1,690,999.61 1.14

1,690,999.61 1.14

BELGIQUE

TELENET GROUP HOLDING 99,546.30 3,685,632.93 2.48

3,685,632.93 2.48

BERMUDES

VIMPELCOM ADR (REP.1 SHS-WI-) 176,421.01 1,681,290.41 1.13

1,681,290.41 1.13

CANADA

RESEARCH IN MOTION 89,287.01 1,830,215.16 1.23

TELUS -NVTG- 69,712.41 3,268,041.09 2.20

5,098,256.25 3.43

COREE DU SUD

NHN 15,023.08 2,894,742.66 1.95

2,894,742.66 1.95

ETATS-UNIS

AMAZON.COM 25,437.73 5,500,399.20 3.70

AMERICAN PUBLIC EDUCATION 89,951.12 3,058,338.05 2.06

APPLE 17,130.44 6,529,781.32 4.39

ARIBA 39,075.67 1,082,786.74 0.73

BLACKBOARD 42,692.69 1,906,654.96 1.28

CENTURYTEL 56,570.18 1,873,603.85 1.26

COMCAST 'A' 133,118.17 2,782,168.40 1.87

COMSCORE 114,677.30 1,934,606.05 1.30

CONCUR TECHNOLOGIES 41,091.71 1,529,433.07 1.03

CONSTANT CONTACT 130,746.35 2,260,603.14 1.52

DIRECTV 55,085.42 2,327,359.20 1.57

EBAY 158,259.42 4,667,068.64 3.14

EXPEDIA 126,832.86 3,265,946.06 2.20

GOOGLE 'A' 8,899.05 4,577,494.98 3.08

GRAND CANYON EDUCATION 56,508.51 912,611.94 0.61

IAC/INTERACTIVECORP 174,387.77 6,897,034.37 4.65

INTRALINKS HOLDINGS 123,927.38 930,694.64 0.63

INTUIT 42,099.73 1,997,210.90 1.34

MERCADOLIBRE 59,236.10 3,183,940.52 2.14





NETFLIX 9,754.09 1,103,773.07 0.74

NII HOLDINGS 'B' 89,654.64 2,416,191.71 1.63

NUANCE COMMUNICATIONS 120,310.36 2,449,517.78 1.65

POLYCOM 49,926.73 917,153.94 0.62

RACKSPACE HOSTING 30,952.20 1,056,708.03 0.71

RIGHTNOW TECHNOLOGIES 101,573.02 3,356,987.20 2.26

SALESFORCE.COM 18,085.10 2,066,764.82 1.39

SOHU. COM 29,351.22 1,414,728.90 0.95

SOLERA HOLDINGS 47,969.98 2,422,483.84 1.63

TALEO 'A' 78,803.58 2,026,827.40 1.36


YAHOO 238,011.73 3,132,234.34 2.11

81,877,621.39 55.10

FRANCE

GAMELOFT 152,772.81 758,410.82 0.51

758,410.82 0.51

HONG KONG

CHINA MOBILE ADR (R. 5 SHS) 101,708.21 4,954,206.94 3.33

4,954,206.94 3.33

ILES CAÏMANS

BAIDU. COM ADR 'A' (R. 1 SHS 'A') 29,294.30 3,131,853.16 2.11

CTRIP.COM INTL ADR (R.1/2 SHS) 24,569.05 790,140.35 0.53



PERFECT WORLD ADR (R.5 SHS 'B') 63,314.44 706,589.15 0.48

SINA 26,149.27 1,872,549.01 1.26


12,731,640.14 8.57

ISRAËL

BEZEQ ISRAEL TELECOMMUNICATION 734,782.64 1,409,091.62 0.95

1,409,091.62 0.95

JAPON

N.T.T. 90,069.71 4,358,603.16 2.93

NINTENDO 8,716.42 1,284,625.06 0.86

RAKUTEN 1,712.45 2,006,160.44 1.35

SOFTBANK 44,293.66 1,317,091.48 0.89

8,966,480.14 6.03

LUXEMBOURG

SES GLOBAL FDR 103,051.84 2,526,102.86 1.70

2,526,102.86 1.70

PAYS-BAS


3,885,419.78 2.61




303


ROYAUME-UNI

INMARSAT 155,305.32 1,189,350.64 0.80


6,961,182.02 4.68

TAÏWAN


2,395,887.11 1.61

TOTAL I. 145,057,286.05 97.60


ACTIONS

ETATS-UNIS

IBIQUITY DIGITAL PREF 'A' REST. 15,990.78 0.00 0.00

0.00 0.00

PORTUGAL

KIWI II VENT. PREF 'A' 88.94 0.00 0.00

0.00 0.00


OBLIGATIONS

CANADA

10% HIGHPOINT TEL. II CV 00/04 USD 130,740.84 0.00 0.00

0.00 0.00

TOTAL OBLIGATIONS 0.00 0.00

TOTAL II. 0.00 0.00










Etats-Unis 55.10

Iles Caïmans 8.57

Japon 6.03

Royaume-Uni 4.68

Canada 3.43

Hong Kong 3.33

Pays-Bas 2.61

Belgique 2.48

Afrique du Sud 2.38

Corée du Sud 1.95

Luxembourg 1.70

Taïwan 1.61

Autriche 1.14

Bermudes 1.13

Israël 0.95

France 0.51

Portugal 0.00

97.60





31.24







Gastronomie 0.53


97.60

Pictet - Biotech



305



ACTIONS

DANEMARK

NOVO NORDISK 'B' 436,497.48 43,759,134.77 4.77

43,759,134.77 4.77

ETATS-UNIS

ALEXION PHARMACEUTICALS 580,626.95 37,194,962.14 4.06

AMGEN 950,039.31 52,204,660.02 5.69

ARIAD PHARMACEUTICALS 4,812,130.08 42,298,575.32 4.61

AUXILIUM PHARMACEUTICALS 1,080,820.54 16,201,499.82 1.77

AVEO PHARMACEUTICALS 1,273,559.48 19,600,080.46 2.14

BIOGEN IDEC 500,111.19 46,585,357.63 5.08

BIOMARIN PHARMACEUTICAL 1,407,950.93 44,871,396.24 4.89

CELGENE 682,816.57 42,280,002.11 4.61

DENDREON 1,265,772.12 11,391,949.04 1.24

GILEAD SCIENCES 968,428.07 37,574,999.35 4.10

HUMAN GENOME SCIENCES 1,208,004.97 15,329,583.11 1.67

ILLUMINA 483,094.52 19,768,227.58 2.16

INCYTE 2,480,033.85 34,646,072.92 3.78

INTERMUNE 2,377,940.95 48,034,383.47 5.24

LIFE TECHNOLOGIES 754,913.55 29,011,327.61 3.16

LUMINEX 1,352,372.67 29,982,102.17 3.27

MEDIVATION 1,114,552.07 18,925,094.11 2.06

ONYX PHARMACEUTICALS 1,418,162.73 42,559,063.55 4.64

OPTIMER PHARMACEUTICALS 1,880,212.99 26,022,147.78 2.84

PHARMASSET 694,704.96 57,222,847.41 6.22

SAVIENT PHARMACEUTICALS 2,356,615.47 9,662,099.88 1.05

SEQUENOM 2,686,286.73 13,673,172.60 1.49

THERAVANCE 1,133,111.89 22,820,873.45 2.49

UNITED THERAPEUTICS 750,775.81 28,146,585.02 3.07

VERTEX PHARMACEUTICALS 757,046.01 33,718,821.51 3.68

779,725,884.30 85.01

NORVEGE

ALGETA 1,308,128.42 38,769,265.87 4.23

38,769,265.87 4.23

ROYAUME-UNI

AMARIN CORPORATION -ADR SPONS.- 2,200,614.64 20,245,632.64 2.21

20,245,632.64 2.21

SUEDE

MEDIVIR 'B' 877,481.09 11,658,100.95 1.27

11,658,100.95 1.27

Pictet - Biotech




SUISSE

ACTELION NOM. 760,018.55 25,353,475.80 2.76

BASILEA PHARMACEUTICA NOM. 83,386.20 3,571,201.41 0.39

28,924,677.21 3.15

TOTAL I. 923,082,695.74 100.64


ACTIONS

ETATS-UNIS

INTARCIA THERAPEU. PFD 'BB-2' (PROV) 55,040.00 72,652.79 0.01

INTARCIA THERAPEUTICS PREF 'AA' 115,420.54 147,738.29 0.02

INTARCIA THERAPEUTICS PREF 'BB-1' 55,973.23 71,645.73 0.01


METABOLEX PFD 'E1' 152,834.84 67,247.33 0.01

METABOLEX PREF 'A1' 16,283.17 7,164.59 0.00

METABOLEX PREF 'B1' 1,375,516.25 605,227.15 0.07

METABOLEX PREF 'D1' 203,283.02 89,444.53 0.01

PTC THERAPEUTICS PREF 'C' 358,245.84 398,441.02 0.04

PTC THERAPEUTICS PREF CV 'E-2' 32,350.49 258,803.96 0.03

PTC THERAPEUTICS PREF 'D' 275,573.45 345,265.98 0.04

2,344,184.29 0.27

TOTAL ACTIONS 2,344,184.29 0.27

WARRANTS

ETATS-UNIS

INTAR. THERAP PFD 'BB-2' WRT 24,718.26 0.25 0.00

INTARCIA THERAP. PFD WTS 02.05.15 52,871.98 0.00 0.00

METABOLEX 'D1' (C-0. 38) WRT. 12.4.12 30,492.09 3.05 0.00

3.30 0.00


TOTAL II. 2,344,187.59 0.27





Pictet - Biotech


307




Etats-Unis 85.28

Danemark 4.77

Norvège 4.23

Suisse 3.15

Royaume-Uni 2.21

Suède 1.27

100.91




Biotechnologie 36.33


Warrants 0.00

100.91

Pictet - Premium Brands





ACTIONS

ALLEMAGNE

B.M.W. 158,125.47 7,900,739.03 1.79

DAIMLER NOM. (EUR) 34,293.59 1,153,293.32 0.26

HUGO BOSS PFD N-VTG 132,857.64 8,008,658.65 1.82

PORSCHE AUTOMOBILE -NVTG- 179,971.42 6,517,665.05 1.48

23,580,356.05 5.35

BERMUDES

MANDARIN ORIENTAL INTERNATIONAL 4,241,001.68 4,362,050.85 0.99

TRINITY 12,071,631.66 7,188,969.82 1.63

11,551,020.67 2.62

ESPAGNE

SOL MELIA 936,005.75 4,633,228.48 1.05

4,633,228.48 1.05

ETATS-UNIS

COACH 213,852.01 8,261,095.71 1.87

ESTEE LAUDER 'A' 180,802.58 11,836,959.26 2.69

HYATT 'A' 173,287.71 4,051,589.93 0.92

LAS VEGAS SANDS 383,401.22 10,955,918.40 2.49

NIKE 'B' 213,944.07 13,635,163.86 3.09

PVH 258,012.84 11,199,686.97 2.54

RALPH LAUREN -A- 163,090.93 15,765,688.39 3.58

SAKS 1,028,523.67 6,707,574.99 1.52

STARWOOD HOTELS & RESORTS 155,819.55 4,508,381.75 1.02

TEMPUR-PEDIC INTERNATIONAL 189,635.61 7,435,861.77 1.69

TIFFANY 439,729.19 19,933,102.66 4.52

WARNACO GROUP 'A' 129,148.39 4,436,483.79 1.01

118,727,507.48 26.94

FRANCE

DIOR CHRISTIAN 144,863.88 12,248,239.78 2.78


HERMES INTERNATIONAL 30,983.57 6,997,638.47 1.59

INTER PARFUMS 217,480.38 4,499,669.11 1.02

L.V.M.H. 267,295.01 26,635,947.46 6.07

LAURENT PERRIER 102,870.44 7,699,851.06 1.75

L'OREAL 157,359.70 11,547,053.11 2.62

PERNOD-RICARD 190,418.59 11,202,323.68 2.54

PPR 115,366.25 11,238,980.27 2.55

REMY COINTREAU 236,087.73 12,241,148.86 2.78

118,645,067.15 26.95




309


ILES CAÏMANS

INTIME DEPARTMENT STORE 8,018,213.50 6,686,611.20 1.52


WYNN MACAU 2,740,948.72 4,928,409.64 1.12

XINYU HENGDELI HLGDS 26,883,621.79 6,975,371.91 1.58

23,912,365.36 5.43

ITALIE

DAVIDE CAMPARI 1,236,998.94 6,784,939.18 1.54

PRADA 2,652,715.67 8,343,271.52 1.89

SAFILO GROUP 948,946.40 5,584,549.59 1.27

TOD'S 63,761.96 4,061,637.02 0.92

YOOX 783,089.24 7,599,881.09 1.72

32,374,278.40 7.34

JAPON

ASICS CORP 470,905.49 4,831,167.16 1.10

4,831,167.16 1.10

ROYAUME-UNI

BURBERRY GROUP 1,209,141.26 16,481,630.59 3.74

DIAGEO 737,481.19 10,549,131.15 2.39

27,030,761.74 6.13

SINGAPOUR

BANYAN TREE 8,629,784.90 3,208,327.39 0.73

3,208,327.39 0.73

SUISSE



LINDT & SPRUENGLI 3,806.48 8,277,194.80 1.88

THE SWATCH GROUP 51,170.64 12,693,251.20 2.88

42,306,064.56 9.60










France 26.95

Etats-Unis 26.94

Suisse 9.60

Italie 7.34

Royaume-Uni 6.13

Iles Caïmans 5.43

Allemagne 5.35

Bermudes 2.62

Japon 1.10

Espagne 1.05

Singapour 0.73

93.24




Gastronomie 9.53










Divers 1.58


93.24

Pictet - Water



311



ACTIONS

ALLEMAGNE

ELSTER GROUP ADR (R. 1/4 SHS) 1,147,060.75 12,781,167.22 0.64

JOYOU 332,987.28 3,296,574.05 0.16

KSB PREF N-VTG 22,223.29 8,778,199.35 0.44

24,855,940.62 1.24

AUTRICHE

ANDRITZ 573,821.85 35,347,426.16 1.76

BWT 324,522.45 4,950,590.00 0.25

40,298,016.16 2.01

BERMUDES

BEIJING ENTERPRISES WATER 101,636,495.40 13,818,099.84 0.69

13,818,099.84 0.69

BRESIL

CEMIG MINAS GERAIS PREF 4,742,037.97 52,798,508.58 2.63

CIA SANEAMENTO MG 3,546,410.59 42,362,613.32 2.11

SABESP 3,650,148.41 64,046,989.02 3.19

SABESP ADR (R.2 SHS) 271,153.90 9,367,178.45 0.47

168,575,289.37 8.40

CANADA

BIOTEQ ENVIRONMENTAL TECHN. 6,059,919.38 1,213,614.88 0.06

PROGRESSIVE WASTE SOLUTIONS (USD) 1,779,757.04 27,299,146.68 1.36

PURE TECHNOLOGIES 2,790,300.14 6,326,539.11 0.31

STANTEC (CAD) 1,446,382.72 24,156,061.43 1.20

58,995,362.10 2.93

CHILI

INVERSIONES AGUAS METROPOL 39,609,006.80 40,326,733.66 2.01

40,326,733.66 2.01

COREE DU SUD

WOONG JIN COWAY 1,527,779.12 37,115,904.92 1.85

37,115,904.92 1.85

ETATS-UNIS

AMERICAN STATES WATER 417,286.92 10,552,657.02 0.53

AMERICAN WATER WORKS 4,476,461.02 100,692,526.22 4.98

AQUA AMERICA 3,616,714.55 58,144,357.10 2.89

BADGER METER 522,545.02 11,267,182.85 0.56

CALGON CARBON 1,173,493.41 12,743,343.78 0.63

CALIFORNIA WATER SERVICE 990,348.15 13,072,229.03 0.65

Pictet - Water




CLARCOR 551,387.28 17,005,539.83 0.85

CLEAN HARBORS 1,876,798.09 71,759,272.66 3.57

DANAHER 2,655,622.59 83,011,425.32 4.13

DONALDSON 1,209,059.31 49,382,296.19 2.46

FLOWSERVE 422,376.95 23,295,665.83 1.16

FRANKLIN ELECTRIC 714,618.97 19,323,465.45 0.96

IDEX 661,245.62 15,356,896.37 0.76

INSITUFORM TECHNOLOGIES 'A' 1,484,594.49 12,813,258.79 0.64

ITT 2,374,741.92 74,337,662.73 3.70

PALL 732,872.99 23,159,952.64 1.15

PENTAIR 870,507.57 20,768,316.06 1.03

POOL 619,927.98 12,096,342.41 0.60

REPUBLIC SERVICES 3,074,914.79 64,307,820.56 3.20

ROPER INDUSTRIES 1,511,740.71 77,643,068.18 3.86

TETRA TECH 2,732,869.17 38,170,811.24 1.90

TORO 470,396.16 17,273,865.19 0.86

VALMONT INDUSTRIES 298,103.24 17,316,903.69 0.86

WASTE CONNECTIONS 1,312,664.60 33,088,003.98 1.65

WASTE MANAGEMENT 1,474,313.58 35,778,114.96 1.78

912,360,978.08 45.36

FINLANDE

FORTUM 2,111,673.49 37,376,599.59 1.86

KEMIRA 866,056.19 7,166,614.97 0.36

44,543,214.56 2.22

FRANCE

SUEZ ENVIRONNEMENT 4,932,953.70 51,549,316.84 2.56

VEOLIA ENVIRONNEMENT 4,837,567.39 53,551,870.95 2.66

105,101,187.79 5.22

HONG KONG

CHINA EVERBRIGHT INTL 52,736,615.06 9,290,527.52 0.46

GUANGDONG INVESTMENT 120,265,066.98 56,076,223.62 2.79

65,366,751.14 3.25

ILES CAÏMANS

NEW ENVIRONMENTAL ENERGY HOLDINGS 37,108,378.69 1,350,099.81 0.07

1,350,099.81 0.07

INDE

JAIN IRRIGATION SYSTEMS 5,185,763.31 12,074,605.20 0.60

12,074,605.20 0.60

ITALIE

HERA 9,462,663.22 10,787,436.07 0.54

10,787,436.07 0.54

JAPON

EBARA 7,078,031.27 21,216,664.00 1.06

KURITA WATER INDUSTRIES 2,317,503.02 48,918,932.62 2.43

70,135,596.62 3.49

Pictet - Water



313


PAYS-BAS

AALBERTS INDUSTRIES 1,298,134.94 14,623,490.15 0.73

14,623,490.15 0.73

PHILIPPINES

MANILA WATER COMPANY 50,233,949.98 16,251,993.42 0.81

16,251,993.42 0.81

ROYAUME-UNI

NORTHUMBRIAN WATER 10,304,568.63 55,454,218.83 2.76

PENNON GROUP 10,678,554.71 83,751,552.76 4.17

PLANT HEALTH CARE 2,993,289.82 1,863,679.00 0.09

ROTORK 746,379.84 13,458,173.19 0.67

SEVERN TRENT 2,909,941.92 52,064,535.37 2.59

UNITED UTILITIES GROUP 7,077,065.12 51,273,482.87 2.55

257,865,642.02 12.83

RUSSIE

RUSHYDRO OJSC (USD) 459,967,605.08 11,176,042.38 0.56

11,176,042.38 0.56

SINGAPOUR

EPURE INTL 39,149,781.82 9,404,679.21 0.47

HYFLUX 14,254,982.11 12,148,377.96 0.60

21,553,057.17 1.07

SUISSE

GEBERIT 355,429.53 49,201,965.20 2.45

SULZER 124,720.29 9,650,784.88 0.48

58,852,750.08 2.93

TOTAL I. 1,986,028,191.16 98.81


ACTIONS

ETATS-UNIS

UNDERGROUND SOLUTIONS 54,567,282.06 5,897,168.25 0.29

5,897,168.25 0.29

TOTAL ACTIONS 5,897,168.25 0.29

Pictet - Water




WARRANTS

ETATS-UNIS

FLEXIBLE SOLUTIONS WRT 03.05.10 44,945.98 0.00 0.00

0.00 0.00


TOTAL II. 5,897,168.25 0.29





Pictet - Water


315




Etats-Unis 45.65

Royaume-Uni 12.83

Brésil 8.40

France 5.22

Japon 3.49

Hong Kong 3.25

Canada 2.93

Suisse 2.93

Finlande 2.22

Autriche 2.01

Chili 2.01

Corée du Sud 1.85

Allemagne 1.24

Singapour 1.07

Philippines 0.81

Pays-Bas 0.73

Bermudes 0.69

Inde 0.60

Russie 0.56

Italie 0.54

Iles Caïmans 0.07

99.10







9.44






Gastronomie 0.60

Bois et papier 0.46



Warrants 0.00

99.10

Pictet - Indian Equities





ACTIONS

INDE

ADANI ENTERPRISES 380,000.00 4,080,787.83 1.37

AXIS BANK DEMAT. 400,000.00 8,307,397.43 2.79

BANK OF BARODA DEMAT. 364,701.00 5,666,779.41 1.90

BHARAT HEAVY ELECTRICALS DEMAT. 250,000.00 8,355,349.02 2.80

COAL INDIA 300,000.00 2,037,509.68 0.68

COX AND KINGS 1,481,870.00 6,433,734.63 2.16

DR REDDY'S LABORATORIES DEMAT. 100,000.00 3,023,141.74 1.01

GVK POWER & INFRASTRUCTURE 3,909,195.00 1,258,977.17 0.42

HCL TECHNOLOGIES DEMAT. 816,704.00 6,811,153.58 2.28

HDFC BANK 2,387,115.00 22,754,521.89 7.62

HERO HONDA MOTORS DEMAT. 3,156.00 124,911.88 0.04

HINDALCO INDUSTRIES INDIA DEMAT. 1,869,353.00 5,008,703.74 1.68

HOUSING DEVELOPMENT FINANCE 1,125,778.00 14,706,741.64 4.93

ICICI BANK ADR (R. 2 SHS) 170,000.00 6,264,500.00 2.10

ICICI BANK DEMAT. 1,049,067.00 18,719,024.05 6.28

INFOSYS TECHNOLOG ADR (R.1 SHS) 67,206.00 3,477,910.50 1.17


ITC DEMAT. 3,631,356.00 14,655,729.87 4.91

JAIN IRRIGATION SYSTEMS 1,273,070.00 3,970,243.55 1.33

JINDAL STEEL & POWER DEMAT. 1,054,277.00 10,873,733.45 3.65

KOTAK MAHINDRA BANK 236,204.00 2,213,274.02 0.74

LARSEN & TOUBRO DEMAT. 100,000.00 2,767,230.04 0.93

LUPIN 600,000.00 5,801,276.82 1.95

MARUTI SUZUKI 327,193.00 7,249,482.10 2.43

MCLEOD RUSSEL INDIA DEMAT. 762,924.00 3,702,662.31 1.24

OIL & NATURAL GAS CORP 2,353,132.00 12,763,347.64 4.28

POWER GRID INDIA 2,499,800.00 5,016,426.09 1.68

PUNJAB NATIONAL BANK 97,234.00 1,888,793.53 0.63

REI AGRO 9,573,545.00 4,839,471.07 1.62

RELIANCE INDUSTRIES DEMAT. 1,315,782.00 21,679,877.19 7.27

SINTEX INDUSTRIES 2,078,041.00 5,387,839.59 1.81

STATE BANK OF INDIA DEMAT. 120,000.00 4,674,409.22 1.57

STERLITE INDUSTRIES (INDIA) 1,400,000.00 3,244,605.76 1.09

SUZLON ENERGY 3,446,896.00 2,560,938.48 0.86

TATA CONSULTANCY SERVICES DEMAT. 848,474.00 17,939,748.51 6.02

TATA MOTORS 1,164,910.00 3,705,352.94 1.24

272,481,840.25 91.36

ROYAUME-UNI

DQ ENTERTAINMENT 3,041,576.00 2,825,720.86 0.95

2,825,720.86 0.95




317











Inde 91.36

Royaume-Uni 0.95

92.31





16.35





Pétrole 4.28






Gastronomie 2.16






92.31

Pictet - Japanese Equity Opportunities



319



ACTIONS

JAPON

ADEKA 68,299.95 57,030,458.05 1.02

ADVANCE RESIDENCE 567.00 79,776,841.32 1.43

AEON DELIGHT 33,999.97 56,677,958.31 1.01

AIN PHARMACIEZ 29,399.98 101,135,925.60 1.81

ARNEST ONE 83,799.94 67,458,950.38 1.21

BANK OF YOKOHAMA 226,999.83 88,756,934.71 1.59

C. UYEMURA 15,099.99 42,204,468.95 0.76

CANON 32,499.98 115,374,915.13 2.06

CHIYODA 73,999.95 56,609,958.36 1.01


DAIHATSU MOTOR 40,999.97 57,768,957.51 1.03

DAIICHIKOSHO 46,499.97 71,051,947.73 1.27


DENSO 23,699.98 59,510,656.22 1.07

DIC 502,999.63 71,425,947.46 1.28

DOSHISHA 42,099.97 94,303,930.63 1.69

EBARA 260,999.81 80,909,940.48 1.45

FP CORP 11,299.99 62,375,954.12 1.12

FUJI MACHINE MFG 22,699.98 31,439,476.87 0.56

FUJI SEAL INTERNATIONAL 46,499.97 70,819,447.91 1.27

FUJIFILM 29,199.98 52,997,961.01 0.95

FUJITEC 65,999.95 27,719,979.61 0.50


HITACHI TRANSPORT SYSTEM 61,099.96 87,983,935.28 1.57

HONDA MOTOR 40,899.97 94,029,030.83 1.68

HOSHIZAKI ELECTRIC 33,099.98 62,856,853.76 1.13

ITOCHU 113,199.92 84,673,537.71 1.52

MITSUBISHI 61,499.95 97,907,927.98 1.75


MITSUBISHI UFJ FINANCIAL GROUP 259,499.81 91,862,932.43 1.64


MITSUI & CO 80,999.94 91,853,932.43 1.64

MODEC 57,599.96 79,718,341.36 1.43

MUSASHI SEIMITSU INDUSTRY 4,400.00 8,258,793.92 0.15

N.T.T. 40,799.97 152,183,888.05 2.70

NAFCO 31,099.98 45,810,266.30 0.82

NIHON KOHDEN 41,799.97 87,570,935.58 1.57

NIHON PARKERIZING 82,999.94 91,216,932.90 1.63

NIKKISO 83,999.94 57,875,957.43 1.04

NIPPON DENSETSU KOGYO 68,999.95 57,269,957.87 1.03

NIPPON KAYAKU 102,999.92 83,017,938.93 1.49

NISSAN MOTOR 114,799.92 79,556,341.48 1.42

NITTO DENKO 7,199.99 22,247,983.63 0.40

NORITZ 54,099.96 96,297,929.16 1.72

NTT DOCOMO 900.00 127,529,906.19 2.28





OBIC 4,000.00 60,279,955.66 1.08

OILES 68,099.95 104,329,123.26 1.87

OKINAWA CELLULAR TELEPHONE 285.00 48,164,964.57 0.86

SAKAI CHEMICAL INDUSTRY 69,999.95 24,429,982.03 0.44

SANKYU 234,999.83 86,244,936.56 1.54

SEKISUI JUSHI 65,999.95 53,789,960.43 0.96

SHIKOKU CHEMICALS 104,999.92 48,299,964.47 0.86

SIIX 83,299.94 84,632,737.74 1.51

SONY 34,299.97 51,690,061.98 0.93



SURUGA BANK 116,999.91 88,685,934.76 1.59

TOCALO 31,599.98 48,031,964.67 0.86


TOKYO ELECTRON 25,699.98 91,491,932.70 1.64

TOKYO OHKA KOGYO 37,099.97 58,543,756.94 1.05

TOMY COMPANY 117,199.91 71,023,147.76 1.27

TOSHIBA PLANT SYSTEMS & SERVICES 76,999.94 59,366,956.33 1.06

TOYOTA MOTOR 46,899.97 126,067,107.26 2.26


TRANCOM 27,599.98 43,635,567.90 0.78

TS TECH 37,199.97 42,556,768.70 0.76

UNIDEN 160,999.88 45,562,966.48 0.82

YAMADA DENKI 10,313.99 56,211,258.65 1.01

YOROZU 33,599.98 67,603,150.27 1.21

5,170,187,096.80 92.54


AVOIRS EN BANQUE 412,589,627.50 7.38





321




Japon 92.54

92.54









Communications 5.84

Immobilier 5.16






Emballage 2.39

Loisirs 1.27





92.54

Pictet - Asian Equities Ex Japan





ACTIONS

BERMUDES

HAIER ELECTRONICS GROUP 1,008,000.42 678,124.98 0.17

JARDINE MATHESON HOLDINGS 29,900.01 1,372,410.57 0.35

2,050,535.55 0.52

CHINE

ANHUI CONCH CEMENT 'H' 852,500.36 2,364,101.22 0.60

BANK OF CHINA 19,375,012.10 6,094,327.85 1.54

CHINA CONSTRUCTION BANK 'H' 12,301,725.14 7,565,180.24 1.92

CHINA LIFE INSURANCE 'H' 1,103,700.46 2,663,954.60 0.68

CHINA NATIONAL BUILDING MAT. 'H' 2,120,000.89 1,831,761.20 0.46



CHINA UNICOM (HK) 2,166,000.91 4,516,088.10 1.14

CITIC SECURITIES 'A' 1,638,788.69 2,888,671.82 0.73

CITIC SECURITIES H 664,500.28 1,134,656.89 0.29

CNOOC 5,229,206.19 8,727,640.84 2.21

DAQIN RAILWAY Á´ 3,436,485.44 3,860,614.06 0.98

DONGFENG MOTOR GROUP 'H' 1,540,000.64 2,119,500.07 0.54

GD MIDEA HOLDING -A- 1,778,248.74 4,106,886.68 1.04

GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 268.00 200.25 0.00

HARBIN POWER EQUIPMENT 'H' 3,698,001.55 3,052,782.12 0.77


KWEICHOW MOUTAI A 128,409.05 3,834,585.98 0.97

PING AN INSURANCE (GROUP) 274,000.11 1,554,858.10 0.39

PING AN INSURANCE 'A' 486,300.20 2,557,870.29 0.65

ZTE -A- 782,273.33 2,322,685.79 0.59

78,308,765.93 19.84

COREE DU SUD

CJ O SHOPPING 10,497.00 2,341,938.74 0.59

GS ENG. & CONSTRUCTION 39,838.02 3,305,622.95 0.84


HUCHEMS FINE CHEMICAL 99,850.04 1,952,943.88 0.50

HYNIX SEMICONDUCTOR 147,930.06 2,674,138.21 0.68

HYUNDAI ENGIN. & CONSTR. 28,764.01 1,488,059.18 0.38

HYUNDAI MOBIS 9,720.00 2,810,520.04 0.71

HYUNDAI MOTOR 48,321.02 8,632,728.48 2.19

KB FINANCIAL 152,478.06 5,209,312.84 1.32

KEPCO PLANT SERVICE & ENGINEERING 69,630.03 1,792,254.55 0.45

KOREA ELEC. POWER (KEPCO) 161,600.07 2,880,203.47 0.73

KT & G CORP 70,199.03 4,368,657.30 1.11

LG CHEMICAL 15,958.01 4,337,237.52 1.10

LG ELECTRONICS 59,906.03 3,494,775.29 0.89

LG FASHION 37,009.02 1,267,522.24 0.32




323


LG HOUSEHOLD & HEALTHCARE 8,393.00 3,787,687.53 0.96

LG TELECOM 271,200.11 1,476,489.53 0.37

NCSOFT 8,185.00 2,335,491.54 0.59



SHINHAN FINANCIAL GROUP 74,053.03 2,633,429.28 0.67

SK ENERGY 12,268.01 1,474,999.34 0.37

SK HOLDINGS 14,176.01 1,614,379.75 0.41

87,997,118.06 22.30

ETATS-UNIS

ASIAINFO LINKAGE 248,311.10 2,021,252.39 0.51

SOHU. COM 42,900.02 2,171,598.91 0.55

4,192,851.30 1.06

HONG KONG

AIA GROUP 2,541,713.06 7,276,945.64 1.84

BOC HONG KONG (HOLDINGS) 1,349,900.56 2,894,249.70 0.73


CHINA MOBILE 1,494,921.63 14,797,574.99 3.75

CLP HOLDINGS 539,000.23 4,882,066.74 1.24


HONGKONG LAND HOLDINGS 668,500.28 2,994,881.25 0.76


LENOVO GROUP 5,125,302.14 3,480,910.78 0.88


SWIRE PACIFIC 'A' 374,500.16 3,870,487.16 0.98

THE LINK REIT 718,500.30 2,278,461.29 0.58

57,131,644.87 14.47

ILE MAURICE

GOLDEN AGRI - RESOURCES 3,830,001.60 1,812,874.22 0.46

1,812,874.22 0.46

ILES CAÏMANS

AAC TECHNOLOGIES HOLDINGS 788,000.33 1,717,836.52 0.44

BELLE INTERNATIONAL 1,359,318.57 2,373,438.07 0.60

CHINA HIGH PRECISION AUTOMATION 3,612,001.51 1,391,191.53 0.35

EVA PRECISION INDUSTRIAL HLDGS 4,968,002.08 1,250,131.18 0.32

KINGBOARD CHEMICAL HOLDINGS 542,500.23 1,480,050.74 0.38



16,333,311.34 4.15

INDE

HDFC BANK 338,287.14 3,224,629.81 0.82

ICICI BANK DEMAT. 201,641.08 3,597,982.11 0.91

ITC DEMAT. 982,189.41 3,964,002.07 1.00







TATA STEEL DEMAT. 295,508.12 2,501,825.84 0.63

UNITED PHOSPHORUS DEMAT. 851,274.36 2,389,334.35 0.61

25,166,059.44 6.38

INDONESIE


BANK RAKYAT INDONESIA 'B' 7,480,703.13 4,980,579.95 1.26


PT BUMI SERPONG DAMAI 29,285,412.24 2,899,694.36 0.73

SEMEN GRESIK 2,903,634.21 2,742,847.28 0.70

UNITED TRACTORS 1,042,600.44 2,610,491.07 0.66

22,254,944.98 5.64

MALAISIE

BUMIPUTRA-COMMERCE HOLDINGS BHD 929,900.39 2,030,198.43 0.51

MEDIA PRIMA 2,479,501.04 1,708,662.36 0.43

RHB CAPITAL 1,759,100.74 3,857,074.52 0.98

TM INTERNATIONAL 1,935,400.81 2,788,675.81 0.71

10,384,611.12 2.63

SINGAPOUR

FRASER AND NEAVE 567,000.24 2,526,710.05 0.64

OVERSEA-CHINESE BANKING 616,000.26 3,854,473.30 0.98

SEMBCORP MARINE 673,200.28 1,683,919.21 0.43

UNITED OVERSEAS BANK 380,600.16 4,979,795.28 1.26

13,044,897.84 3.31

TAÏWAN

CAREER TECHNOLOGY 1,307,000.55 2,131,866.57 0.54

CHINA LIFE INSUR. (TAIWAN) (PROV.) 193,610.08 185,858.19 0.05

CHINA LIFE INSURANCE 2,038,000.85 1,956,401.98 0.50

CHINATRUST FINANCIAL HOLDING-PROV.- 225,918.09 134,942.97 0.03

CHINATRUST FINANCIAL HOLDINGS 4,208,265.76 2,513,636.12 0.64


CORETRONIC 1,974,000.83 1,535,407.07 0.39

FORMOSA CHEMICALS AND FIBER 569,000.24 1,486,460.51 0.38


GENIUS ELECTRONICS OPTICAL 200,000.08 1,509,683.38 0.38



MEDIATEK 223,446.09 2,474,995.44 0.63



WISTRON 1,457,322.61 1,671,593.77 0.42

48,875,647.57 12.40




325


THAÏLANDE

ADVANCED INFO SERV. NOM. FGN. 821,200.34 3,382,117.48 0.86


KASIKORNBANK PUB. FGN NOM. 1,215,600.51 4,654,439.96 1.18

SIAM COMMERCIAL BANK PUB. FGN NOM. 772,200.32 2,633,694.77 0.67

14,062,717.44 3.57

TOTAL I. 381,615,979.66 96.73

II. PARTS D’ORGANISMES DE PLACEMENT COLLECTIF

ILES CAÏMANS

VIETNAM GROWTH FUND 76,185.03 990,405.41 0.25

VIETNAM RESOURCE INVESTMENTS FD. 431,318.18 862,636.36 0.22

1,853,041.77 0.47

TOTAL II. 1,853,041.77 0.47










Corée du Sud 22.30

Chine 19.84

Hong Kong 14.47

Taïwan 12.40

Inde 6.38

Indonésie 5.64

Iles Caïmans 4.62

Thaïlande 3.57

Singapour 3.31

Malaisie 2.63

Etats-Unis 1.06

Bermudes 0.52

Ile Maurice 0.46

97.20





Communications 9.72



Assurances 4.89


4.43

Pétrole 4.04






Immobilier 2.08





Conglomérats 0.98



Gastronomie 0.64



0.47



97.20

Pictet - Greater China



327



ACTIONS

CHINE

ANHUI CONCH CEMENT 'H' 497,500.00 1,379,636.21 0.45

BANK OF CHINA 15,546,500.00 4,890,085.61 1.58

CHANGSHA ZOOMLION HEAVY IND. -H- 1,507,200.00 1,718,310.32 0.56

CHINA COAL ENERGY 'H' 1,818,000.00 1,650,178.94 0.53


CHINA NATIONAL BUILDING MAT. 'H' 928,000.00 801,827.21 0.26

CHINA PACIFIC INSURANCE 'H' 931,400.00 2,720,416.38 0.88



CHINA UNICOM (HK) 1,896,000.00 3,953,139.18 1.28

CHINA UNITED TELECOMM. A 4,652,860.00 3,732,610.48 1.21

CHINA VANKE 'A' 2,011,788.00 2,282,146.42 0.74

CITIC SECURITIES 'A' 1,390,200.00 2,450,487.73 0.79

CNOOC 5,824,000.00 9,720,362.60 3.14

FAR EAST HORIZON 3,119,000.00 2,010,188.75 0.65

FUJIAN ZIJIN MINING 7,352,000.00 2,161,517.36 0.70


LUZHOU OLD-CELLAR 'A' 635,191.00 3,871,476.81 1.25

PETROCHINA 'H' 5,518,000.00 6,850,557.52 2.21

PICC PROPERTY AND CASUALTY 'H' 3,214,000.00 3,499,125.12 1.13


SHANGHAI FRIENDSHIP GROUP Á´ 2,099,943.00 5,132,805.77 1.66

WUHAN ZHONGBAI GROUP 'A' 1,021,389.00 1,757,179.96 0.57

YUNNAN BAIYAO GROUP -A- 313,290.00 2,773,433.17 0.90

102,087,400.61 33.01

ETATS-UNIS

SOHU. COM 74,900.00 3,791,438.00 1.23

3,791,438.00 1.23

HONG KONG

AIA GROUP 2,513,400.00 7,195,885.11 2.33

BOC HONG KONG (HOLDINGS) 614,500.00 1,317,516.63 0.43


CHINA MOBILE 1,968,800.00 19,488,289.65 6.27

CHINA RESOURCES CEMENT 2,050,000.00 1,376,490.75 0.44

CHINA ZHENGTONG AUTO.SERVICES 5,117,500.00 4,599,108.32 1.49

CLP HOLDINGS 282,000.00 2,554,252.77 0.83


HONG KONG EXCHANGES AND CLEARING 225,976.00 3,327,694.75 1.08



LENOVO GROUP 4,692,000.00 3,186,628.40 1.03






SWIRE PACIFIC 'A' 235,389.00 2,432,762.94 0.79

THE LINK REIT 840,500.00 2,665,338.78 0.86

71,545,429.21 23.12

ILES CAÏMANS


CHINA MENGNIU DAIRY 995,000.00 3,065,858.24 0.99

MGM CHINA HOLDINGS 916,800.00 1,214,708.44 0.39

QIHOO 360 TECHNOLOGIES -ADR SPONS.- 135,985.00 2,323,983.65 0.75

SANDS CHINA 1,268,000.00 3,034,470.42 0.98

SHENGUAN HOLDINGS 4,462,794.00 2,291,841.50 0.74


TPK HOLDING 141,750.00 2,684,273.36 0.87

33,351,730.22 10.77

LUXEMBOURG

SAMSONITE INTERNATIONAL 1,537,800.00 2,171,752.29 0.70

2,171,752.29 0.70

ROYAUME-UNI

HSBC HOLDINGS 360,165.00 2,816,025.26 0.91

2,816,025.26 0.91

TAÏWAN


ASUSTEK COMPUTER 295,552.00 2,240,648.56 0.72

CATHAY FINANCIAL 2,228,700.00 2,574,673.35 0.83


CHINA LIFE INSURANCE 2,195,000.00 2,107,115.09 0.68

CHINA STEEL 1,759,800.00 1,726,880.81 0.56




COMPAL ELECTRONICS 2,660,000.00 2,470,563.00 0.80

DELTA ELECTRONICS 548,000.00 1,303,906.43 0.42

FAR EASTERN DEPARTMENT STORES 1,226,000.00 1,617,500.35 0.52

FORMOSA CHEMICALS AND FIBER 1,346,000.00 3,516,300.55 1.14


FUBON FINANCIAL 4,045,643.00 4,262,068.74 1.38

FUBON FINANCIAL HOLDING -PROV.- 202,062.00 212,871.51 0.07



MEDIATEK 1,098,000.00 12,161,971.42 3.93


QUANTA COMPUTER 2,415,000.00 4,715,871.49 1.52

SYNNEX TECHNOLOGY INTL 798,000.00 1,746,853.91 0.56

TAISHIN FINANCIAL HOLDINGS 2,628,550.00 1,026,575.90 0.33


YUANTA FINANCIAL 3,591,994.00 1,827,238.18 0.59

84,456,805.81 27.28




329











Chine 33.01

Taïwan 27.28

Hong Kong 23.12

Iles Caïmans 10.77

Etats-Unis 1.23

Royaume-Uni 0.91

Luxembourg 0.70

97.02





Assurances 8.02

Pétrole 7.95




6.02



Immobilier 4.02







Gastronomie 1.37




Conglomérats 0.79

Divers 0.65


97.02

Pictet - Japanese Equity Selection



331



ACTIONS

JAPON

ADEKA 169,993.10 141,944,240.36 1.12

ADVANCE RESIDENCE 1,541.94 216,950,596.85 1.71

AIN PHARMACIEZ 72,897.04 250,765,824.74 1.98

ARNEST ONE 200,691.86 161,556,944.54 1.27

BANK OF YOKOHAMA 536,978.21 209,958,480.57 1.66

CANON 95,096.14 337,591,301.64 2.66

CHIYODA 229,990.67 175,942,860.81 1.39


DAIHATSU MOTOR 157,993.59 222,612,967.09 1.76

DAIICHIKOSHO 117,295.24 179,227,127.55 1.41


DENSO 50,197.96 126,047,085.42 0.99

DIC 1,249,949.28 177,492,797.92 1.40

EBARA 603,975.49 187,232,402.72 1.48

FAMILYMART 54,997.77 163,233,376.52 1.29

FUJI SEAL INTERNATIONAL 84,996.55 129,449,747.35 1.02

FUJIFILM 71,697.09 130,130,219.74 1.03


HITACHI TRANSPORT SYSTEM 146,094.07 210,375,463.65 1.66

HONDA MOTOR 120,595.11 277,248,150.17 2.19

ITOCHU 266,289.19 199,184,317.75 1.57

MITSUBISHI 143,894.16 229,079,504.70 1.81


MITSUBISHI UFJ FINANCIAL GROUP 1,077,956.26 381,596,516.05 3.01


MITSUI & CO 178,492.76 202,410,786.83 1.60

MODEC 190,792.26 264,056,485.45 2.08

MUSASHI SEIMITSU INDUSTRY 104,895.74 196,889,310.87 1.55

N.T.T. 125,094.92 466,604,066.71 3.65

NICHI-IKO PHARMACEUTICAL 65,997.32 136,614,456.63 1.08

NIHON KOHDEN 120,695.10 252,856,239.92 1.99

NIHON PARKERIZING 197,991.97 217,593,170.78 1.72

NIPPON KAYAKU 258,989.49 208,745,529.79 1.65

NISSAN MOTOR 295,987.99 205,119,676.91 1.62

NITTO DENKO 50,597.95 156,347,655.92 1.23

NORITZ 141,794.25 252,393,758.68 1.99

NTT DOCOMO 2,410.90 341,624,837.98 2.69

OBIC 9,169.63 138,186,292.85 1.09

OILES 175,492.88 268,855,090.74 2.12

SANKYU 665,972.98 244,412,082.55 1.93

SIIX 206,291.63 209,592,295.43 1.65

SONY 83,196.62 125,377,312.60 0.99

SUMITOMO BAKELITE 373,984.82 155,577,687.16 1.23







SURUGA BANK 262,989.33 199,345,911.19 1.57


TOKYO ELECTRON 54,497.79 194,012,127.62 1.53

TOKYO OHKA KOGYO 120,295.12 189,825,697.49 1.50

TOMY COMPANY 318,587.07 193,063,766.10 1.52

TOSHIBA PLANT SYSTEMS & SERVICES 215,991.24 166,529,242.79 1.31

TOYOTA MOTOR 170,593.08 458,554,193.36 3.62


TS TECH 113,995.37 130,410,708.36 1.03

UNIDEN 629,974.44 178,282,765.87 1.41

UNIPRESS 61,997.48 130,752,694.48 1.03

YAMADA DENKI 32,104.70 174,970,600.26 1.38

YOROZU 86,696.48 174,433,322.06 1.38

12,547,957,474.71 98.95


AVOIRS EN BANQUE 154,841,336.80 1.22





333




Japon 98.95

98.95









Communications 6.34

Immobilier 5.49







Loisirs 1.41



Emballage 1.02

98.95

Pictet - Generics





ACTIONS

AFRIQUE DU SUD

ASPEN PHARMACARE 1,998,827.18 22,688,236.89 6.40

22,688,236.89 6.40

ALLEMAGNE

STADA ARZNEIMITTEL NOM. 449,501.14 9,531,955.56 2.69

9,531,955.56 2.69

CANADA

VALEANT PHARMACEUTICALS INTER. 77,213.04 2,866,147.40 0.81

2,866,147.40 0.81

CHILI

CFR PHARMACEUTICALS 61,817,672.05 13,225,919.18 3.73

13,225,919.18 3.73

COREE DU SUD

GREEN CROSS 74,923.68 10,811,677.08 3.05

10,811,677.08 3.05

ETATS-UNIS

HOSPIRA 320,304.41 11,851,263.24 3.34

MYLAN 1,103,171.32 18,753,912.42 5.29

PERRIGO 237,938.94 23,106,248.29 6.52

SAGENT PHARMACEUTICALS 570,036.10 11,537,525.01 3.25

WATSON PHARMACEUTICALS 182,689.92 12,468,587.12 3.52

77,717,536.08 21.92

GRECE

ALAPIS 550,242.54 73,826.26 0.02

73,826.26 0.02

HONGRIE

GEDEON RICHTER 41,462.63 5,678,701.64 1.60

5,678,701.64 1.60

ILES CAÏMANS

3SBIO ADR (R.7 SHS) 850,646.83 10,148,216.71 2.86

10,148,216.71 2.86

INDE

DR REDDY'S LAB ADR (R. 1 SHS) 365,370.58 10,888,043.19 3.07

10,888,043.19 3.07

Pictet - Generics



335


ISRAËL

TEVA PHARMACEUTICAL ADR 284,334.72 10,582,935.27 2.99

10,582,935.27 2.99

JAPON


SAWAI PHARMACEUTICAL 153,871.70 16,688,786.36 4.71

TOWA PHARMACEUTICAL 246,757.44 11,396,723.06 3.21

40,845,697.33 11.52

ROYAUME-UNI

HIKMA PHARMACEUTICALS 2,617,580.08 23,242,697.64 6.57

SHIRE ADR (R. 3 SHS) 136,324.26 12,804,937.81 3.61

36,047,635.45 10.18

RUSSIE


14,892,895.72 4.20

SLOVENIE

KRKA 97,801.90 6,743,457.58 1.90

6,743,457.58 1.90

SUISSE

LONZA GROUP 181,690.78 11,001,864.08 3.10

11,001,864.08 3.10

TOTAL ACTIONS 283,744,745.42 80.04

WARRANTS


AUROBINDO (ML) LEPO WTS 4.8.15 580,387.28 1,479,987.57 0.42

BIOCON (ML) LEPO-WTS 21.05.15 828,411.02 5,709,798.11 1.61

CIPLA (ML CUR.) LEPO WTS 23.09.15 1,204,665.55 6,920,707.20 1.95

DIVI'S LABO. (ML) LEPO WTS 20.10.14 742,070.62 11,144,602.14 3.14

STRIDES ARC. (ML) LEPO WTS 09.09.15 1,176,775.42 8,498,954.54 2.40

33,754,049.56 9.52

ROYAUME-UNI

LUPIN (DBL) LEPO WTS 20.2.17 1,831,288.00 17,737,507.63 5.00

RANBAXY (DB. L) LEPO WTS 30.01.17 776,917.64 8,151,699.59 2.30

SUN PHARMA. (DB) LEPO WTS 06.02.17 1,076,913.48 10,170,198.59 2.87

36,059,405.81 10.17

TOTAL WARRANTS 69,813,455.37 19.69





Pictet - Generics





Etats-Unis 21.92

Royaume-Uni 20.35

Japon 11.52


Afrique du Sud 6.40

Russie 4.20

Chili 3.73

Suisse 3.10

Inde 3.07

Corée du Sud 3.05

Israël 2.99

Iles Caïmans 2.86

Allemagne 2.69

Slovénie 1.90

Hongrie 1.60

Canada 0.81

Grèce 0.02

99.73




Warrants 19.69



99.73

Pictet - Emerging Markets Index



337



ACTIONS

AFRIQUE DU SUD

ABSA GROUP 71,100.00 1,188,139.88 0.15

AFRICAN BANK INVESTMENTS 179,070.00 735,071.19 0.10

AFRICAN RAINBOW MINERALS 26,800.00 578,398.16 0.07

ANGLO PLATINUM NOM. 16,658.00 1,147,956.02 0.15

ANGLOGOLD ASHANTI 95,871.00 4,041,582.56 0.52

ARCELOR SOUTH AFRICA 42,473.00 313,775.40 0.04

ASPEN PHARMACARE 70,313.00 798,107.02 0.10

AVENG 88,966.00 381,910.55 0.05

BARLOWORLD 53,100.00 398,757.01 0.05

BIDVEST GROUP 78,624.00 1,464,096.03 0.19

DISCOVERY HOLDINGS 74,000.00 364,426.42 0.05

EXXARO RESOURCES 30,400.00 644,748.88 0.08

FIRSTRAND 698,652.00 1,703,372.40 0.22

GOLD FIELDS 180,200.00 2,798,792.79 0.36

GROWTHPOINT PROPS 397,000.00 876,065.85 0.11

HARMONY GOLD MINING (ZAR) 95,000.00 1,126,774.30 0.15

IMPALA PLATINIUM HOLDING 126,800.00 2,590,700.81 0.33

IMPERIAL HOLDINGS 44,214.00 578,861.33 0.07

INVESTEC 58,600.00 322,190.34 0.04

KUMBA IRON ORE 20,300.00 1,077,939.72 0.14

LIBERTY HLDGS 28,249.00 281,116.08 0.04

LIFE HEALTHCARE GROUP HOLDINGS 179,800.00 431,657.83 0.06

MASSMART HOLDINGS 26,509.00 457,364.48 0.06

MMI HOLDINGS 257,982.00 544,903.65 0.07

MTN GROUP 425,300.00 7,009,771.96 0.91

NASPERS 'N' 96,300.00 4,204,253.67 0.54

NEDBANK 50,300.00 855,571.26 0.11

NETCARE 222,400.00 361,025.54 0.05

NORTHAM PLATINUM 51,100.00 209,698.75 0.03

PICK'N PAY STORES 48,300.00 219,296.97 0.03

PRETORIA PORTLAND CEMENT 128,411.00 371,379.40 0.05

RAND MERCHANT INSURANCE HOLDINGS 185,900.00 289,287.27 0.04

REMGRO 109,000.00 1,501,494.16 0.19

REUNERT 43,640.00 319,465.41 0.04

RMB HOLDINGS 178,700.00 564,390.74 0.07

SANLAM 455,350.00 1,532,163.95 0.20

SAPPI 136,900.00 406,148.13 0.05

SASOL 136,700.00 5,693,410.99 0.74

SHOPRITE HOLDING (SHP) 103,800.00 1,465,500.07 0.19

SPAR GROUP 42,400.00 507,854.93 0.07

STANDARD BANK GROUP 297,124.00 3,429,505.76 0.44

STEINHOFF INTERNATIONAL HOLDINGS 266,560.00 746,053.77 0.10

TELKOM 59,700.00 237,861.36 0.03

THE FOSCHINI GROUP 51,000.00 538,732.02 0.07

TIGER BRANDS 40,620.00 1,061,089.07 0.14





TRUWORTHS INTERNATIONAL 110,300.00 967,291.25 0.13

VODACOM GROUP 94,200.00 1,058,814.19 0.14

WOOLWORTHS HOLDINGS 188,668.00 821,407.98 0.11

59,218,177.30 7.67

BERMUDES

BRILLIANCE CHINA AUTO. HOLD. (HKD) 576,293.24 454,547.22 0.06

CHINA GAS HOLDINGS 847,816.01 219,998.69 0.03

CHINA YURUN FOOD 340,788.79 368,170.01 0.05

CREDICORP 17,079.93 1,574,769.16 0.20

HUABAO INTERNATIONAL HOLDINGS 464,544.07 382,518.16 0.05

KUNLUN ENERGY 578,140.33 808,033.32 0.10

NINE DRAGONS PAPER 429,449.29 218,461.13 0.03

SIHUAN PARMACEUTICAL HLDGS (IPO) 434,067.02 161,146.82 0.02

SINOFERT HOLDINGS 522,727.52 135,641.89 0.02

SKYWORTH DIGITAL HOLDINGS 454,385.05 160,518.04 0.02

4,483,804.44 0.58

BRESIL

AES TIETE PFD 25,046.86 317,091.52 0.04

ALL AMERICA LATINA LOGISTICA 114,716.19 527,153.75 0.07

AMBEV-CIA DE BEBIDAS PREF 187,326.51 5,727,019.78 0.74

AMIL PARTICIPACOES 31,675.81 285,828.86 0.04

ANHANGUERA EDUCACIONAL PARTICIP. 31,484.41 410,463.49 0.05

B2W CIA GLOBAL DO VAREJO 19,856.23 157,245.33 0.02

BANCO BRADESCO PREF 476,667.31 7,115,664.47 0.92

BANCO DO BRASIL 140,875.04 1,885,164.35 0.24

BANRISUL PREF 'B' 44,040.86 379,611.44 0.05

BCO SANTANDER (55 ORD+50PFD) 163,833.78 1,210,935.85 0.16

BMF BOVESPA 488,418.94 2,312,836.52 0.30

BR MALLS PARTICIPACOES 102,300.42 1,058,688.84 0.14

BRADESPAR 5,044.20 96,658.53 0.01

BRADESPAR PREF 51,443.04 917,037.25 0.12

BRASIL TELECOM PFD ADR (R.3 SHS) 1,818.25 31,746.62 0.00

BRASIL TELECOM PREF 61,799.40 365,219.95 0.05

BRASKEM 'A' PREF 36,213.77 284,442.75 0.04

BRF FOODS 162,884.47 2,823,769.70 0.36

BROOKFIELD INCORPORACOES 64,649.27 192,249.97 0.02

CEMIG MINAS GERAIS PREF 96,074.35 1,435,227.99 0.19

CESP PREF 'B' 40,384.26 604,812.16 0.08

CETIP 45,348.08 574,103.69 0.07

CIA BRASILIERA DE DIS. PREF 25,986.60 795,592.59 0.10

CIA HERING 31,101.62 526,277.21 0.07

CIA SIDERURGICA NACIONAL NOM. 186,066.18 1,479,508.16 0.19

CIELO 62,100.85 1,401,764.77 0.18

CONCESSOES RODOVIARIAS 56,437.48 1,488,277.48 0.19

COPEL PREF 'B' 26,120.58 477,030.41 0.06

COSAN 31,727.48 409,701.20 0.05

CPFL ENERGIA 46,298.36 514,550.92 0.07

CYRELA BRAZIL REALTY SA EMPREEDI. 74,009.42 466,882.38 0.06

DIAGNOSTICOS DA AMERICA 57,801.17 497,907.50 0.06

DURATEX SA 62,432.92 289,587.87 0.04

ECORODOVIAS INFRAS. E LOGISTI. 39,810.08 295,961.82 0.04




339


ELETROBRAS 'B' PREF 54,915.90 635,471.28 0.08

ELETROBRAS NOM. 68,959.48 601,828.21 0.08

ELETROPAULO PFD 23,387.46 358,576.31 0.05

EMBRAER EMPRES. BRASIL. AERONAUTICA 138,771.62 878,419.72 0.11

ENERGIAS DO BRASIL 19,456.22 398,295.69 0.05

FIBRIA CELULOSE 53,433.55 411,636.24 0.05

FOSFERTIL PREF 23,210.42 304,095.65 0.04

GAFISA 98,663.92 285,427.76 0.04

GERDAU METALURGICA PREF 68,236.01 616,099.95 0.08

GERDAU PREF 212,865.25 1,530,909.81 0.20

GOL LINHAS AEREAS INTELLIGENTES 21,149.10 116,669.00 0.02

HRT PARTICIPACEOS EM PETROLEO 1,148.37 463,986.96 0.06

HYPERMARCAS 73,208.44 348,639.80 0.05

ITAU UNIBANCO PFD 569,031.48 8,905,247.48 1.15

ITAUSA INVESTIMENTOS ITAU PREF 577,292.07 2,963,821.58 0.38

JBS 189,645.26 370,861.87 0.05

KLABIN 116,044.46 325,080.81 0.04

LOCALIZA RENT A CAR 29,091.98 390,243.97 0.05

LOJAS AMERICANAS PREF 78,066.03 597,192.05 0.08

LOJAS RENNER 29,570.47 806,865.59 0.10

MARFRIG ALIMENTOS 33,935.22 112,066.22 0.01

MMX MINERACAO E METALICOS 66,509.63 252,602.23 0.03

MRV ENGENHARIA PARTICIPACOES 73,952.01 383,654.07 0.05

MULTIPLAN EMPR. IMOBILIARIOS 16,172.84 303,635.64 0.04

NATURA COSMETICOS 43,106.85 743,121.52 0.10

ODONTOPREV 21,914.68 328,085.70 0.04

OGX PETROLEO E GAS 324,796.65 2,012,208.33 0.26

PDG REALTY SA EMPREENDI. E PARTIC. 282,211.35 931,962.66 0.12

PETROBRAS PREF 1,047,139.04 10,774,603.10 1.39

PETROLEO BRASILEIRO PETROBRAS NOM 742,541.22 8,360,464.66 1.08

PORTO SEGURO 29,494.87 278,066.10 0.04

REDECARD 84,495.93 1,165,304.28 0.15

ROSSI RESIDENCIAL 43,829.37 207,311.43 0.03

SABESP 28,216.35 664,271.83 0.09

SOUZA CRUZ IND. & COMERCIO NOM. 95,443.71 972,818.87 0.13

SUL AMERICA 29,283.37 252,408.90 0.03

SUZANO PAPEL 'A' PREF 46,257.21 208,328.76 0.03

TAM PREF 17,991.09 279,813.01 0.04

TELE NORTE LESTE 15,022.56 166,715.05 0.02

TELE NORTE LESTE PARTICIPAC. PREF 56,574.33 542,504.07 0.07

TELEMAR NORTE LESTE PREF 'A' 9,354.41 195,025.32 0.03

TELESP 74,291.01 1,993,100.45 0.26

TIM PARTICIPACOES 188,444.26 883,213.56 0.11

TOTVS 26,221.06 452,026.40 0.06

TRACTEBEL ENERGIA 31,944.72 449,162.11 0.06

TRANSMISSAO ENERGIA PAULISTA PFD 8,606.06 222,447.79 0.03

ULTRAPAR PARTICIPACOES 82,330.30 1,308,414.36 0.17

USIMINAS PREF 'A' 113,131.44 641,154.38 0.08

USIMINAS USINAS SIDER. MIN. GERAIS 43,530.79 504,195.03 0.07

VALE DO RIO DOCE 325,418.68 7,476,960.39 0.97

VALE DO RIO DOCE PREF 'A' 498,894.92 10,543,649.45 1.36

112,274,680.52 14.53





CHILI

AES GENER 613,859.53 302,798.75 0.04

BANCO DE CREDITO E INVERSIONES 7,834.26 361,194.09 0.05

BC SANTANDER CL ADR (R. 1039 SHS) 10,951.27 804,699.31 0.10

CAP SA 18,984.32 578,974.19 0.07

CENCOSUD 224,432.45 1,212,397.12 0.16

CERVEZAS 28,625.57 297,703.18 0.04

COLBUN 1,768,821.92 438,450.07 0.06

CONCHATORO 130,107.21 231,224.36 0.03

COPEC 112,315.62 1,344,219.82 0.17

CORPBANCA 22,894,396.12 286,898.46 0.04

E CL 134,878.14 318,279.89 0.04

EMPRESAS CMPC 268,265.36 917,917.98 0.12

ENDESA (CHILE) ADR (R. 30 SHS) 26,922.95 1,166,840.60 0.15

ENERSIS ADR (R. 50 SHS) 63,685.94 1,076,929.22 0.14

ENTEL 26,935.87 513,843.44 0.07

FALABELLA 90,816.62 719,752.26 0.09

LAN AIRLINES 34,191.66 718,338.37 0.09

SOC. QUIMICA Y MINERA CHILE B 24,252.22 1,166,130.64 0.15

12,456,591.75 1.61

CHINE

AGRICULTURAL BANK OF CHINA 'H' 4,555,856.64 1,509,930.17 0.20

AIR CHINA 'H' 517,186.24 364,742.54 0.05

ALUMINIUM CORP CHINA 'H' 1,025,137.01 458,277.21 0.06

ANGANG NEW STEEL 'H' 247,510.56 130,996.01 0.02

ANHUI CONCH CEMENT 'H' 300,152.73 832,843.03 0.11

AVICHINA INDUSTRY & TECHNOLOGY CO 502,409.49 159,412.32 0.02

BANK OF CHINA 16,708,994.43 5,258,761.86 0.68

BANK OF COMMUNICATIONS 'H' 1,855,664.23 1,117,993.67 0.14

BBMG 'H' 289,993.71 218,299.79 0.03

BEIJING CAPITAL INTL AIRPORT NOM. 435,914.12 176,951.85 0.02

BYD 'H' 127,449.47 215,784.64 0.03

CHANGSHA ZOOMLION HEAVY IND. -H- 321,394.31 366,621.77 0.05

CHINA BLUECHEMICAL 'H' 452,537.96 349,960.16 0.05

CHINA CITIC BANK 'H' 1,859,283.61 771,463.29 0.10

CHINA COAL ENERGY 'H' 1,023,289.92 929,362.65 0.12

CHINA COMMUNICATION CONST. 'H' 1,102,714.95 726,687.57 0.09

CHINA COMMUNICATIONS SERV. 'H' 504,256.58 233,196.04 0.03

CHINA CONSTRUCTION BANK 'H' 12,020,304.04 7,396,360.54 0.96

CHINA COSCO HOLDINGS 'H' 679,730.49 282,910.37 0.04

CHINA INTL. MARINE CONTAINERS 'B' 157,926.51 161,283.25 0.02


CHINA LONGYUAN POWER GROUP 'H' 495,021.11 412,701.01 0.05

CHINA MERCHANTS BANK 'H' 967,121.64 1,488,349.85 0.19

CHINA MINSENG BANKING 'H' 938,046.54 577,200.91 0.07

CHINA MOLYBDENUM CO -H- 314,005.93 133,112.52 0.02


CHINA NATIONAL MATERIALS H 243,816.37 89,263.69 0.01

CHINA OILFIELD SERVICES 374,960.02 485,526.13 0.06

CHINA OVERSEAS LAND & INVESTMENT 1,037,549.48 1,508,767.61 0.19

CHINA PACIFIC INSURANCE 'H' 438,684.76 1,282,038.45 0.17




341



CHINA RAILWAY 1,042,684.40 211,629.92 0.03

CHINA RAILWAY CONSTRUCTION 'H' 513,030.28 218,141.40 0.03

CHINA RESOURCES POWER HOLDINGS 420,029.11 639,928.11 0.08

CHINA SHENHUA ENERGY H 854,742.62 3,409,290.97 0.44

CHINA SHIPING CONTAINER LINES 924,239.52 143,660.38 0.02

CHINA SHIPPING DEVELOPMENT 'H' 288,146.62 186,556.83 0.02

CHINA SOUTH LOCOMOTIVE 'H' 402,666.43 144,834.02 0.02

CHINA SOUTHERN AIRLINES 'H' 489,479.83 231,392.74 0.03

CHINA TELECOM 'H' 3,479,924.55 2,217,270.15 0.29

CHINA UNICOM (HK) 1,480,467.78 3,088,531.89 0.40

CHINA VANKE 'B' 308,095.23 267,150.42 0.03

CHONGQING RURAL COMMERCIAL BK 'H' 549,510.38 170,827.73 0.02

CNOOC 4,475,969.84 7,474,766.14 0.97

DATANG INTERNATIONAL POWER GEN 'H' 797,944.48 205,007.52 0.03

DONGFANG ELECTRICAL MACHINERY 'H' 89,029.92 232,166.26 0.03

DONGFENG MOTOR GROUP 'H' 672,342.11 925,874.67 0.12

FUJIAN ZIJIN MINING 1,461,974.67 430,073.25 0.06

GOME ELECTRICAL APPLIANCES 2,427,709.15 570,709.17 0.07

GREAT WALL AUTO 'H' 243,585.48 282,244.21 0.04

GUANGZHOU AUTOMOBILE 'H' 523,038.76 515,342.95 0.07

GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 235,689.16 176,209.66 0.02

HUANENG POWER INTL 'H' 794,250.30 341,797.83 0.04


INNER MONGOLIA YITAI COAL 'B' 148,691.04 752,376.68 0.10

JIANGSU EXPRESSWAY 'H' 297,382.09 227,299.70 0.03

JIANGXI COPPER 'H' 346,330.07 613,954.80 0.08

LUJIAZUI FINANCE 'B' 116,366.90 131,261.87 0.02

MAANSHAN IRON & STEEL 'H' 476,550.18 104,681.96 0.01

METALLURGICAL CORP. OF CHINA 'H' 769,314.53 149,227.20 0.02

PETROCHINA 'H' 5,271,605.45 6,548,419.29 0.85

PICC PROPERTY AND CASUALTY 'H' 600,305.46 653,936.01 0.08


SHANDONG WEIGAO GROUP H 406,360.62 457,280.65 0.06

SHANGHAI ELECTRIC GROUP 'H' 694,507.24 270,325.18 0.03

SHANGHAI INDUSTRIAL HOLDINGS 137,608.48 389,781.21 0.05

SHIMAO PROPERTY HOLDING LTD 422,522.69 322,406.35 0.04

SINOPEC SHANGHAI PETROCHEMICAL 'H' 626,164.77 226,027.91 0.03

SINOPHARM 'H' 200,594.38 534,692.34 0.07

WEICHAI POWER 'H' 101,590.15 467,851.35 0.06

YANZHOU COAL MINING 'H' 480,983.20 1,057,793.21 0.14

ZHAOJIN MINING INDUSTRY H 206,412.72 344,704.47 0.04

ZHEJIANG EXPRESSWAY 'H' 369,418.74 225,413.35 0.03

ZHUZHOU CSR TIMES 'H' 117,290.45 196,475.03 0.03

ZTE 'H' 140,083.59 403,090.33 0.05

82,956,559.81 10.74

COLOMBIE

ALMACENES EXITO 37,769.85 449,494.46 0.06

ALMACENES EXITO -PROV.- 13,220.44 157,334.89 0.02

BANCOLOMBIA 57,847.51 848,551.64 0.11

BANCOLOMBIA PFD 68,681.50 957,633.17 0.12

CEMARGOS 72,557.88 409,938.04 0.05





CORPORACION FIN. COLOMB. ISS. 10 362.79 6,423.62 0.00

CORPORACION FINANCIERA COLOMBIANA 17,569.94 314,193.01 0.04

ECOPETROL 1,005,572.68 2,011,907.04 0.26

GRUPO DE INVERSIONES SURAMERICANA 57,151.75 983,500.95 0.13

INTERCONEXION ELECTRICA 98,301.02 591,048.53 0.08

INVERSIONES ARGOS 73,452.43 662,464.39 0.09

7,392,489.74 0.96

COREE DU SUD

AMOREPACIFIC 787.00 785,610.21 0.10

BS FINANCIAL GROUP 46,350.00 517,369.18 0.07

CELLTRION 17,110.00 641,218.11 0.08

CHEIL INDUSTRIES 11,820.00 839,784.78 0.11

CJ CHEILJEDANG 1,992.00 497,120.56 0.06

DAELIM INDUSTRIAL 7,170.00 587,315.60 0.08

DAEWOO ENGINEERING & CONSTRUCTION 25,133.00 194,564.78 0.03

DAEWOO INTL. 9,080.00 227,755.25 0.03

DAEWOO SECURITIES 29,400.00 260,788.65 0.03

DAEWOO SHIPBUILD & MARINE 24,890.00 481,709.05 0.06

DC CHEMICAL CO LTD 3,920.00 690,445.23 0.09

DGB FINANCIAL GROUP 32,930.00 389,933.91 0.05

DONG KUK STEEL MILL 8,870.00 170,536.32 0.02

DONGBU INSURANCE 10,600.00 463,380.93 0.06

DOOSAN 2,490.00 287,450.67 0.04

DOOSAN HEAVY INDUSTRIS & CONSTR. 10,870.00 518,550.34 0.07

DOOSAN INFRACORE 25,300.00 393,003.73 0.05

E-MART 5,186.00 1,311,818.77 0.17

GLOVIS 2,680.00 401,517.58 0.05

GS ENG. & CONSTRUCTION 8,720.00 725,383.42 0.09

GS HOLDING 12,580.00 614,007.32 0.08


HANJIN HEAVY 7,479.00 108,558.72 0.01

HANJIN SHIPPING 12,840.00 113,350.50 0.01

HANKOOK TIRE 19,020.00 653,868.78 0.08

HANWHA 10,970.00 314,737.43 0.04

HANWHA CHEMICAL 19,860.00 437,463.35 0.06

HONAM PETROCHEMICAL 3,640.00 899,123.68 0.12

HYNIX SEMICONDUCTOR 126,580.00 2,293,971.59 0.30

HYOSUNG 5,910.00 278,423.27 0.04

HYUNDAI DEPARTMENT STORE 3,700.00 527,638.01 0.07

HYUNDAI DEVELOPMENT CO 14,380.00 205,065.80 0.03

HYUNDAI ENGIN. & CONSTR. 16,880.00 875,464.86 0.11

HYUNDAI HEAVY INDUSTRIES 10,480.00 2,499,727.49 0.32

HYUNDAI HYSCO 8,040.00 318,711.69 0.04

HYUNDAI MERCHANT MARINE 10,660.00 233,001.92 0.03

HYUNDAI MIPO DOCLYARD 2,760.00 243,650.60 0.03

HYUNDAI MOBIS 17,050.00 4,942,425.77 0.64

HYUNDAI MOTOR 38,680.00 6,927,778.36 0.90

HYUNDAI MOTOR PFD N-VTG 6,030.00 332,702.25 0.04

HYUNDAI MOTOR PRIV. II 9,410.00 545,551.04 0.07

HYUNDAI SECURITIES 31,107.00 250,845.78 0.03

HYUNDAI STEEL 14,020.00 1,049,643.12 0.14

HYUNDAI WIA 2,850.00 374,974.40 0.05




343


INDUSTRIAL BANK OF KOREA 40,940.00 486,520.27 0.06

KANGWON LAND 24,190.00 560,561.90 0.07

KB FINANCIAL 92,111.00 3,154,860.06 0.41

KIA MOTORS 59,750.00 3,646,631.37 0.47

KKC 1,000.00 190,988.66 0.02

KOREA ELEC. POWER (KEPCO) 65,620.00 1,172,501.45 0.15

KOREA EXCHANGE BANK 64,190.00 382,498.34 0.05

KOREA GAS 5,180.00 136,526.33 0.02

KOREA INVESTMENT 10,360.00 303,391.85 0.04

KOREA KUMHO PETROCHEMICAL 2,450.00 385,775.87 0.05

KOREA LIFE INSURANCE 42,680.00 202,516.91 0.03

KOREA ZINC 2,130.00 527,039.57 0.07

KOREAN AIR 8,845.00 331,852.56 0.04

KP CHEMICAL 12,150.00 158,310.50 0.02

KT 14,261.00 433,974.49 0.06

KT & G CORP 27,200.00 1,696,997.91 0.22

KT ADR (R. 1/2 SHS) 4,400.00 65,032.00 0.01

LG CHEM PFD ISSUE 01 1,800.00 166,542.11 0.02

LG CHEMICAL 11,665.00 3,178,446.01 0.41

LG CORP 23,220.00 1,190,485.80 0.15

LG DISPLAY CO. 58,410.00 981,696.99 0.13

LG ELECTRONICS 23,810.00 1,392,527.18 0.18

LG HOUSEHOLD & HEALTHCARE 2,380.00 1,076,785.58 0.14

LG INNOTEK 2,270.00 123,319.26 0.02

LG TELECOM 58,995.00 321,996.57 0.04

LOTTE CONFECTIONERY 160.00 205,622.64 0.03

LOTTE SHOPPING 2,490.00 849,670.35 0.11

LS CABLE 4,430.00 278,266.23 0.04

LS INDUSTRIAL SYSTEMS 4,040.00 174,894.68 0.02

MANDO 3,090.00 510,156.18 0.07

MIRAEASSET SECURITIES 4,976.00 119,745.31 0.02

NCSOFT 3,750.00 1,072,719.64 0.14

NHN 10,250.00 1,975,034.96 0.26

POSCO 16,410.00 5,167,822.10 0.67

S1 CORP 4,310.00 197,558.67 0.03

SAMSUNG 31,570.00 1,875,848.18 0.24

SAMSUNG CARD 10,530.00 378,982.62 0.05

SAMSUNG ELEC. PREF N-VTG ID550 5,200.00 2,520,371.24 0.33

SAMSUNG ELECTRO-MECHANICS 15,020.00 940,917.09 0.12


SAMSUNG ENGINEERING 7,480.00 1,479,389.67 0.19


SAMSUNG HEAVY INDUSTRIES 41,250.00 971,654.81 0.13

SAMSUNG LIFE INSURANCE 12,200.00 940,309.33 0.12

SAMSUNG SDI 8,610.00 847,785.93 0.11

SAMSUNG SECURITIES 12,400.00 547,331.06 0.07

SAMSUNG TECHWIN 8,921.00 416,486.85 0.05

SEOUL SEMICONDUCTOR 6,020.00 108,843.16 0.01

SHINHAN FINANCIAL GROUP 107,076.00 3,817,389.66 0.49

SHINSEGAE 1,893.00 441,884.10 0.06

SK C&C 3,740.00 460,325.11 0.06

SK ENERGY 14,866.00 1,791,874.28 0.23

SK HOLDINGS 6,384.00 728,853.47 0.09





SK NETWORKS 27,360.00 253,144.01 0.03

SK TELECOM 4,820.00 611,664.53 0.08

S-OIL 11,380.00 1,014,277.11 0.13

STX PAN OCEAN 27,620.00 179,891.38 0.02

WOONG JIN COWAY 13,390.00 436,452.38 0.06

WOORI FINANCE HOLDINGS 88,500.00 770,002.61 0.10

WOORI INVEST. & SEC. 22,890.00 216,643.53 0.03

YUHAN CORP 2,174.00 199,300.49 0.03

113,156,235.16 14.56

EGYPTE

COMMERCIAL INTERNATIONAL BANK 136,900.00 526,021.02 0.07

EFG-HERMES 65,400.00 183,534.72 0.02

EGYPT KUWAITI HOLDING 193,832.00 195,770.32 0.03

EGYPTIAN CO MOBILE 6,900.00 107,229.40 0.01

NATIONAL SOCIETE GENERALE BANK 20,900.00 80,971.33 0.01

ORASCOM CONSTRUCTION INDUST. NOM. 23,877.00 852,277.97 0.11

ORASCOM TELECOM 658,740.00 366,637.76 0.05

TELECOM EGYPT 84,100.00 208,802.69 0.03

TMG HOLDING 226,627.00 140,192.00 0.02

2,661,437.21 0.35

ETATS-UNIS

SOUTHERN COPPER 41,646.23 1,040,739.40 0.13

1,040,739.40 0.13

HONG KONG

BEIJING ENTREPRISES 129,758.33 660,081.48 0.09

CHAODA MODERN AGRICULTURE 745,339.25 105,320.71 0.01

CHINA AGRI-INDUSTRIES 384,195.49 244,300.62 0.03

CHINA EVERBRIGHT 214,262.87 233,955.34 0.03

CHINA MERCHANTS 275,216.96 749,511.27 0.10

CHINA MOBILE 1,505,843.15 14,914,243.23 1.93

CHINA RESOURCES CEMENT 504,256.58 338,782.03 0.04

CHINA RESOURCES ENTERPRISE 299,229.18 1,007,099.41 0.13

CHINA TAIPING INSURANCE HLDGS 197,639.03 380,829.93 0.05

CITIC PACIFIC 311,235.29 445,390.69 0.06

COSCO PACIFIC 417,443.18 468,679.44 0.06

FOSUN INTERNATIONAL 431,296.38 219,400.75 0.03

FRANSHION PROPERTIES (CHINA) 927,241.04 146,509.19 0.02

FUSHAN INTERNATIONAL ENERGY 694,507.24 235,530.85 0.03

GHANGZUOU INVESTMENT 1,352,072.60 177,160.66 0.02

GUANGDONG INVESTMENT 615,082.21 384,794.83 0.05

LENOVO GROUP 1,512,769.75 1,028,005.91 0.13

MINMETALS RESOURCES 391,583.87 149,902.26 0.02

POLY (HONG KONG) INVESTMENTS 530,115.90 162,755.56 0.02

SINO-OCEAN LAND HOLDINGS 812,259.46 261,900.06 0.03

TSINGTAO BREWERY 'H' 73,883.75 409,540.47 0.05

WUMART STORES 'H' 130,220.11 259,284.68 0.03

22,982,979.37 2.96




345


HONGRIE

GEDEON RICHTER 3,350.00 458,814.35 0.06

MAGYAR TELEKOM 119,831.00 267,962.12 0.03

MOL MAGYAR OLAY 'A' 10,574.00 720,478.34 0.09

OTP BANK 60,206.00 894,233.94 0.12

2,341,488.75 0.30

ILES CAÏMANS

AGILE PROPERTY HOLDINGS 328,782.68 217,512.02 0.03

ALIBABA. COM 308,002.88 288,040.30 0.04

ANTA SPORTS PRODUCTS 204,103.86 238,856.30 0.03


BOSIDENG INTERNATIONAL HOLDINGS 666,800.83 139,621.03 0.02

CHINA DONGXIANG 688,042.41 119,320.78 0.02

CHINA HIGH SPEED TRANSMISSION 244,739.92 113,181.23 0.01

CHINA MENGNIU DAIRY 301,999.82 931,075.79 0.12

CHINA RESOURCES LAND 446,996.68 487,505.02 0.06

CHINA RONGSHENG 463,158.75 127,919.11 0.02

CHINA SHINEWAY PHARMACEUTICAL 111,749.17 138,384.82 0.02

CHINA STATE CONSTRUCTION INTL 362,030.37 193,466.35 0.03

CHINA ZHONGWANG HOLDINGS 448,104.93 155,421.32 0.02

CN SHANSHUI CEMENT 422,984.46 292,873.64 0.04

COUNTRY GARDEN 1,055,614.06 295,616.56 0.04

DONGYUE GROUP 236,428.00 119,359.93 0.02

ENN ENERGY HLDGS 183,785.82 602,031.61 0.08

EVERGRANDE REAL ESTATE GROUP 1,340,990.03 420,322.35 0.05

GCL-POLY ENERGY HOLDINGS 1,828,622.77 486,252.19 0.06

GEELY AUTOMOBILE 992,812.87 223,188.88 0.03

GOLDEN EAGLE RETAIL 175,473.90 360,661.37 0.05

GREENTOWN CHINA 157,464.74 74,843.17 0.01

HENGAN INTERNATIONAL GROUP 181,938.73 1,471,255.16 0.19

HIDILI INDUSTRY INTL DEVELOPMENT 251,204.74 73,897.62 0.01

INTIME DEPARTMENT STORE 239,198.64 267,635.65 0.03

KINGBOARD CHEMICAL HOLDINGS 155,155.87 423,539.83 0.05

KWG PROPERTY 344,944.75 129,832.75 0.02

LEE & MAN PAPER MANUFACTURING 429,449.29 146,744.10 0.02

LI NING 163,006.02 167,936.50 0.02

LONGFOR PROPERTIES 330,168.00 331,672.02 0.04

LONKING HOLDINGS 483,015.01 160,083.82 0.02

MSTAR SEMICONDUCTOR 92,180.00 491,526.53 0.06

PARKSON RETAIL GP 360,183.27 439,093.35 0.06

RENHE COMMERCIAL 2,744,781.26 296,178.91 0.04

SANY HEAVY EQUIPMENT INTL. 237,351.54 189,343.66 0.02

SEMICONDUCTOR MANUFACTURING INTL 4,708,241.87 235,879.65 0.03

SHUI ON LAND 634,384.34 154,836.44 0.02

SOHO CHINA 525,036.39 335,881.32 0.04


TINGYI (CAYMAN ISLANDS) HOLDING 500,562.40 1,233,314.76 0.16

TPK HOLDING 23,200.00 439,259.03 0.06

WANT WANT CHINA 1,472,133.69 1,338,898.38 0.17

XINYU HENGDELI HLGDS 543,045.55 189,048.25 0.02

21,711,147.95 2.81





INDE

ADANI ENTERPRISES 56,051.64 602,977.22 0.08

ADITYA BIRLA NUVO DEMAT. 10,641.55 198,435.96 0.03

AMBUJA CEMENTS DEMAT. 153,476.90 466,620.00 0.06

ASIAN PAINTS DEMAT. 7,063.79 455,421.64 0.06

ASSOCIATED CEMENT DEMAT. 13,760.63 308,662.44 0.04

AXIS BANK DEMAT. 56,143.37 1,168,034.56 0.15

BAJAJ AUTO 21,925.27 687,618.71 0.09

BANK OF INDIA 28,071.69 180,696.29 0.02

BHARAT HEAVY ELECTRICALS DEMAT. 28,530.37 955,177.86 0.12

BHARAT PETROLEUM DEMAT. 21,466.58 283,941.92 0.04

CANARA BANK DEMAT. 19,998.78 181,326.42 0.02

CIPLA DEMAT. 82,472.05 473,782.83 0.06

COAL INDIA 125,680.43 855,063.30 0.11

DABUR INDIA DEMAT. 110,268.52 231,907.29 0.03

DLF 96,783.10 432,584.47 0.06

DR REDDY'S LABORATORIES DEMAT. 25,319.56 766,773.10 0.10

GAIL INDIA 97,241.79 815,163.32 0.11

GMR INFRASTRUCTURE 273,653.08 151,144.80 0.02

HCL TECHNOLOGIES DEMAT. 41,465.37 346,412.61 0.04

HDFC BANK 377,999.94 3,609,427.25 0.47


HINDALCO INDUSTRIES INDIA DEMAT. 278,488.56 747,469.67 0.10

HINDUSTAN UNILEVER 212,188.93 1,475,682.69 0.19

HOUSING DEV.& INFRASTRUCTURE 49,446.53 98,893.08 0.01

HOUSING DEVELOPMENT FINANCE 273,010.91 3,572,694.70 0.46

ICICI BANK ADR (R. 2 SHS) 100,177.39 3,478,159.04 0.45

INDIABULLS REAL ESTATE DEMAT. 83,848.11 125,237.17 0.02

INDIABULLS WHOLESALES SERVICES 13,427.62 1,124.12 0.00

INDUSIND BANK 42,015.79 223,183.47 0.03


INFRASTRUCTURE DEV. FIN. DEMAT. 236,866.32 535,881.43 0.07

ITC DEMAT. 564,552.81 2,282,419.08 0.29

JAIPRAKASH ASSOCIATES 237,141.54 352,262.37 0.05

JINDAL STEEL & POWER DEMAT. 92,196.23 952,553.30 0.12

JSW STEEL DEMAT. 23,026.12 278,335.20 0.04

KOTAK MAHINDRA BANK 71,280.07 669,064.87 0.09

LARSEN & TOUBRO DEMAT. 51,923.45 1,439,331.95 0.19

LIC HOUSING FINANCE 72,105.71 311,464.31 0.04

LUPIN 37,795.87 366,073.95 0.05

MAHINDRA & MAHINDRA 75,591.73 1,242,112.42 0.16

MARUTI SUZUKI 17,430.13 386,861.80 0.05

MUNDRA PORT & SPECIAL ECON. ZONE 97,975.69 328,786.26 0.04

NTPC DEMAT. 150,082.61 513,759.14 0.07

OIL & NATURAL GAS CORP 189,162.80 1,027,794.39 0.13

PIRAMAL HEALTH 18,729.14 136,754.27 0.02

POWER GRID INDIA 275,487.83 553,788.28 0.07

RANBAXY LABORATORIES DEMAT. 31,714.58 332,752.25 0.04

RELIANCE CAPITAL DEMAT. 24,310.45 156,435.71 0.02

RELIANCE COMMUNICATIONS DEMAT. 131,001.20 191,921.14 0.02


RELIANCE INFRASTRUCTURE 25,136.09 191,670.71 0.02




347


RELIANCE POWER 133,317.58 208,925.49 0.03

RURAL ELECTRIFICATION 71,647.02 254,403.64 0.03

SATYAM COMPUTER SERVICES DEMAT. 155,036.44 222,859.97 0.03

SESA GOA DEMAT. 85,040.70 348,237.15 0.05

SHRIRAM TRANSPORT FINANCE DEMAT. 31,007.29 387,725.70 0.05

SIEMENS INDIA 16,050.40 274,552.82 0.04

STATE BANK OF INDIA GDR (R. 1 SHS) 7,797.69 658,904.87 0.09

STEEL AUTHORITY OF INDIA DEMAT. 90,911.90 196,117.28 0.03

STERLITE INDUSTRIES (INDIA) 343,648.82 797,812.70 0.10

SUN PHARMACEUTICAL 76,876.06 725,201.51 0.09

SUZLON ENERGY 192,465.36 143,243.76 0.02


TATA MOTORS 372,270.93 1,186,174.33 0.15

TATA POWER 242,187.10 493,770.01 0.06

TATA STEEL DEMAT. 75,793.55 642,794.44 0.08

TITAN INDUSTRIES 51,373.02 219,181.11 0.03

ULTRA TECH CEMENT 16,329.28 380,099.73 0.05

UNITECH 317,687.09 169,952.08 0.02

UNITED PHOSPHORUS DEMAT. 51,556.50 144,958.25 0.02

UNITED SPIRITS DEMAT 19,723.57 320,470.32 0.04

WIPRO DEMAT 124,671.31 867,544.48 0.11

ZEE ENTERTAINMENT 102,746.04 246,611.52 0.03

58,256,902.80 7.54

INDONESIE

ADARO ENERGY 3,663,000.00 716,533.29 0.09

ANEKA TAMBANG 856,500.00 146,113.26 0.02

ASTRA AGRO LESTARI 92,500.00 203,034.60 0.03


BANK CENTRAL ASIA 3,048,500.00 2,669,610.68 0.35

BANK NEGARA INDONESIA 1,861,432.00 788,577.64 0.10

BANK RAKYAT INDONESIA 'B' 2,718,500.00 1,808,656.99 0.23

BUMI RESOURCES 3,912,000.00 867,569.88 0.11

CHAROEN POKPHAND INDONESIA 1,885,500.00 514,646.22 0.07

GUDANG GARAM 147,000.00 877,703.13 0.11

INDO TAMBANGRAY 100,000.00 446,386.11 0.06

INDOCEMENT TUNGGAL 361,000.00 574,786.08 0.07

INDOSAT 'B' 339,000.00 202,409.09 0.03

INTERNATIONAL NICKEL INDONESIA 646,000.00 222,243.42 0.03

KALBE FARMA 1,131,500.00 418,223.98 0.05


PERUSAHAAN GAS NEGA 'B' 2,723,000.00 828,404.47 0.11

PT BANK DANAMON INDONESIA 789,654.00 413,109.97 0.05


PT INDOFOOD SUKSES MAKMUR 1,093,000.00 627,743.97 0.08

SEMEN GRESIK 716,000.00 675,868.37 0.09

TAMBANG BATUBARA B 201,500.00 384,995.22 0.05

UNILEVER INDONESIA 373,500.00 700,883.05 0.09

UNITED TRACTORS 425,469.00 1,064,539.08 0.14

XL AXIATA 410,000.00 231,978.61 0.03

22,897,899.20 2.96





LUXEMBOURG

KERNEL HOLDING 12,700.00 236,570.02 0.03

236,570.02 0.03

MALAISIE

AIRASIA 314,000.00 298,017.26 0.04

ALLIANCE FINANCIAL GROUP 222,000.00 229,475.36 0.03

AMMB HOLDINGS 401,250.00 727,717.38 0.09

ASIATIC DEVELOPMENT 51,000.00 111,824.60 0.01

BERJAYA CORP 614,000.00 194,249.04 0.03

BERJAYA SPORTS TOTO 167,928.00 223,553.35 0.03

BRITISH AMERICAN TOBACCO MALAYSIA 29,000.00 405,863.78 0.05

BUMIPUTRA-COMMERCE HOLDINGS BHD 1,207,000.00 2,635,173.32 0.34

BURSA MALAYSIA 77,000.00 147,608.47 0.02

DIGI. COM 79,000.00 752,758.10 0.10

GAMUDA 389,000.00 350,922.51 0.05

GENTING BERHAD 514,000.00 1,465,121.52 0.19

HONG LEONG BANK 120,000.00 382,646.87 0.05

HONG LEONG BANK -PROV.- 24,000.00 76,529.37 0.01

HONG LEONG FINANCIAL GROUP 49,000.00 167,298.37 0.02

IJM 291,100.00 455,912.34 0.06

IOI CORPORATION 788,600.00 1,148,626.58 0.15

KUALA LUMPUR KEPONG 122,000.00 806,327.41 0.10

LAFARGE MALAYAN CEMENT 89,000.00 182,878.64 0.02

MALAYAN BANKING BHD 850,012.00 2,130,022.45 0.28

MALAYSIA AIRPORTS 112,000.00 185,584.98 0.02

MALAYSIA MARINE & HEAVY ENGIN. 125,000.00 215,348.49 0.03

MAXIS 561,000.00 934,853.66 0.12

MISC 282,400.00 519,244.53 0.07

MMC CORPORATION 182,000.00 147,082.24 0.02

PARKSON HOLDINGS 144,106.00 256,389.09 0.03

PETRONAS CHEMICALS GROUP 603,000.00 1,050,173.95 0.14

PETRONAS DAGANGAN 64,000.00 319,949.91 0.04

PETRONAS GAS 176,000.00 715,577.21 0.09

PLUS EXPRESSWAYS 376,000.00 507,614.77 0.07

PPB GROUP 121,000.00 629,920.19 0.08

PUBLIC BANK 8,698.00 33,239.03 0.00

PUBLIC BANK BERHAD FGN NOM. 255,500.00 987,586.63 0.13

RESORTS WORLD 743,000.00 816,892.80 0.11

RHB CAPITAL 136,000.00 298,198.93 0.04

S P SETIA NOM. 292,250.00 356,101.05 0.05

SIME DARBY BERHAD 686,020.00 1,813,628.62 0.23

TELEKOM MALAYSIA 278,000.00 356,153.52 0.05

TENAGA NASIONAL 672,375.00 1,088,857.98 0.14

TM INTERNATIONAL 632,750.00 911,715.05 0.12

UEM LAND HOLDINGS 260,000.00 142,521.55 0.02

UMW HOLDINGS 127,000.00 272,498.07 0.04

YTL CORP 831,080.00 346,229.13 0.04

YTL POWER INTERNATIONAL 524,000.00 279,029.00 0.04

26,076,917.10 3.39




349


MAROC

ATTIJARIWAFA BANK 7,575.00 342,258.60 0.04

DOUJA PROMOTION GRO. ADDOHA MAROC 31,476.00 305,262.54 0.04

MAROC TELECOM 43,560.00 746,922.32 0.10

1,394,443.46 0.18

MEXIQUE

ALFA 'A' 70,768.78 739,376.22 0.10

AMERICA MOVIL 'L' (AMX) 10,269,613.51 11,368,816.76 1.47

ARCA CONTINENTAL 85,794.22 359,126.59 0.05

CEMEX CPO (R. 2 SHS 'A' & 1 SHS 'B') 2,581,800.15 828,879.81 0.11

COCA COLA FEMSA L 68,681.50 610,397.79 0.08

COMPARTAMOS 266,078.69 369,785.13 0.05

ELEKTRA 17,791.59 1,361,152.91 0.18

FOMENTO UNITS (1 ORD'B'&4 ORD'D') 482,460.19 3,145,294.87 0.41

GFNORTE 'O' 411,592.02 1,224,978.00 0.16

GRUPO AEROPORTUARIO DEL PACIF.B 121,857.48 408,666.38 0.05

GRUPO BIMBO 'A' 415,965.37 793,747.82 0.10

GRUPO CARSO A1 144,817.57 337,599.87 0.04

GRUPO FINANCIERO INBURSA 'O' 485,342.63 818,745.93 0.11

GRUPO MEXICO 'B' 952,847.95 2,264,692.72 0.29

GRUPO MODELO 'C' 154,161.64 884,969.04 0.11

GRUPO TELEVISA 599,944.32 2,217,623.26 0.29

INDUSTRIAS PENOLES 33,992.87 1,257,268.19 0.16

KIMBERLY CLARK DE MEXICO 'A' 132,989.65 685,635.56 0.09

MEXICHEM 182,861.76 557,322.30 0.07

MINERA FRISCO SAB DE CV 'A1' 161,217.64 563,747.77 0.07

TELEFONOS DE MEXICO 'L' 1,366,473.58 1,026,603.55 0.13

URBI DESARROLLOS 133,784.80 182,736.25 0.02

WAL-MART 'V' 1,563,330.06 3,612,795.91 0.47

35,619,962.63 4.61

PEROU

MINAS BUENAVENTURA ADR (R. 1 SHS) 47,419.06 1,789,595.27 0.23

1,789,595.27 0.23

PHILIPPINES

ABOITIZ EQUITY VENTURES 486,000.00 422,366.80 0.05

ABOITIZ POWER 468,000.00 305,042.69 0.04

ALLIANCE GLOBAL GROUP 1,076,000.00 230,087.90 0.03

AYALA 42,043.00 278,844.19 0.04

AYALA LAND 1,325,600.00 442,017.97 0.06

BANCO DE ORO UNIBANK 244,000.00 284,596.73 0.04

BANK OF PHILIPPINE ISLANDS 351,596.00 448,691.70 0.06

ENERGY DEVELOPMENT 1,863,250.00 240,762.87 0.03

GLOBE TELECOM 8,900.00 180,747.74 0.02

JOLLIBEE FOODS 99,000.00 191,094.22 0.02

MANILA ELECTRIC 73,000.00 390,668.71 0.05

METRO BANK & TRUST 210,205.00 317,290.37 0.04





PHILIPPINE LONG DIST. TEL. (PHP) 9,100.00 457,445.11 0.06

SM INVESTMENTS 43,000.00 513,344.44 0.07

SM PRIME HOLDINGS 1,440,911.00 402,037.80 0.05

5,105,039.24 0.66

POLOGNE

ASSECO POLAND 15,259.00 187,652.77 0.02

BANK HANDLOWY 8,230.00 173,812.15 0.02

BANK MILLENIUM 103,042.00 144,034.80 0.02

BANK PEKAO 29,599.00 1,207,049.50 0.16

BRE BANK 3,705.00 272,457.70 0.04

CYFROWY POLSAT 47,290.00 214,691.90 0.03

ENEA 27,600.00 135,030.06 0.02

GETIN 82,994.00 183,348.07 0.02

GLOBE TRADE CENTRE 42,570.00 152,515.05 0.02

JASTRZEBSKA SPOLKA WEGLOWA 11,000.00 284,123.47 0.04

KGHM 34,870.00 1,388,093.58 0.18

LOTOS 15,100.00 115,814.20 0.01

PGE POLSKA GRUPA ENERGETYCZNA 166,500.00 983,571.65 0.13

PKO BANK POLSKI 158,012.00 1,579,724.99 0.20

POLISH OIL AND GAZ COMPANY 424,660.00 522,627.05 0.07

POLISH TELECOM 184,411.00 975,060.40 0.13

POLSKI KONCERN NAFTOWY 81,750.00 906,477.86 0.12

PZU 13,900.00 1,330,518.31 0.17

SYNTHOS 155,500.00 178,142.38 0.02

TAURON POLSKA ENERGIA 268,800.00 416,576.67 0.05

TVN 43,130.00 187,942.06 0.02

11,539,264.62 1.49

REPUBLIQUE TCHEQUE


KOMERCNI BANKA 3,814.00 711,424.74 0.09

TELEFONICA O2 CR 27,933.00 594,427.33 0.08

2,864,019.92 0.37

RUSSIE

CHEREPOVETS METAL SEVERSTAL (USD) 50,813.48 536,173.73 0.07

FGC UES (USD) 77,891,309.29 576,395.68 0.07

GAZPROM ADR (R. 4 SHS) 208,234.60 2,017,793.28 0.26

GAZPROM 'LOCAL' (USD) 2,217,324.42 10,727,193.83 1.39

GROUP LSR GDR (R. 1/5 SHS) 46,258.59 170,694.19 0.02

INTER RAO UES (USD) 316,445,556.40 316,445.56 0.04

JFSC SISTEMA GDR (R. 20 SHS) 24,011.51 336,161.07 0.04


MAGNIT GDR 54,323.15 1,038,658.70 0.13

MECHEL ADR (R. 3 SHS) 36,113.15 367,993.00 0.05

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 141,321.71 3,070,920.73 0.40


MOBILE TELESYSTEMS USD 27,859.68 153,253.29 0.02


NOVOLIPETSK STEEL GDR (R. 1 REG-S) 16,359.28 335,037.98 0.04

PIPE METALL. COMP. GDR (REP 4SHS) 14,949.66 137,237.83 0.02

POLYMETAL (USD) 39,987.21 612,824.01 0.08




351



ROSNEFT OIL (USD) 392,526.74 2,309,902.11 0.30

ROSTELECOM 323,158.04 1,492,763.92 0.19

RUSHYDRO OJSC (USD) 28,209,307.07 919,623.41 0.12

SBERBANK (USD) 2,143,458.36 4,686,886.05 0.61

SBERBANK PFD (USD) 249,541.29 421,799.65 0.05

SURGUTNEFTEGAZ ADR (R. 10 SHS) 273,078.13 2,211,932.86 0.29

TATNEFT GDR (R. 20 SHS) 58,090.77 1,442,974.82 0.19

TRANSNEFT PREF (USD) 393.16 399,375.24 0.05

URALKALIY (USD) 343,573.57 2,369,111.56 0.31

VNESHTORGBANK (USD) 637,883,194.89 1,339,554.71 0.17

48,552,643.29 6.27

TAÏWAN

ACER 640,304.00 792,108.12 0.10


ASIA CEMENT 482,998.00 506,375.98 0.07

ASUSTEK COMPUTER 166,536.00 1,262,341.93 0.16

AU OPTRONICS 1,894,089.00 773,796.27 0.10

AVANTECH 60,131.00 160,612.64 0.02

CAPITAL SECURITIES 471,375.00 157,769.71 0.02

CAPITAL SECURITIES -PROV.- 7,070.00 2,366.34 0.00

CATCHER TECHNOLOGY 124,688.00 732,376.82 0.09

CATHAY FINANCIAL 1,662,479.00 1,920,240.96 0.25

CHANG HWA COMMERCIAL BANK 1,009,570.00 583,050.27 0.08

CHENG SHIN RUBBER 404,358.00 850,513.02 0.11

CHENG UEI PRECISION INDUSTRY 99,002.00 219,607.70 0.03

CHICONY ELECTRONICS 110,008.00 181,211.14 0.02

CHINA AIRLINES 624,049.00 311,257.04 0.04

CHINA DEVELOPMENT FINANCIAL 2,177,249.00 659,426.96 0.09

CHINA DEVELOPMENT FINANCIAL -PROV- 23,754.00 7,194.41 0.00


CHINA LIFE INSURANCE 371,944.00 356,993.51 0.05

CHINA MOTOR 135,000.00 115,841.02 0.01

CHINA PETROCHEMICAL DEV. 448,800.00 486,722.26 0.06

CHINA STEEL 2,847,312.00 2,793,593.07 0.36



CHUNGHWA PICTURE TUBES 1,000,686.00 75,851.94 0.01

CHUNGHWA TELECOM 942,596.00 3,139,413.58 0.41

CLEVO 103,312.00 175,944.23 0.02

CMC MAGNETICS 629,000.00 121,569.00 0.02

COMPAL ELECTRONICS 1,062,012.00 986,217.62 0.13

CORETRONIC 174,000.00 135,317.66 0.02

DELTA ELECTRONICS 443,074.00 1,054,074.17 0.14

E. SUN FINANCIAL 945,774.00 468,620.43 0.06

EPISTAR 182,179.00 323,409.28 0.04

ETERNAL CHEMICAL 152,499.00 117,595.79 0.02

EVA AIRWAYS 390,893.00 261,023.26 0.03

EVA AIRWAYS -PROV.- 39,089.00 26,102.13 0.00

EVERGREEN INTL STORAGE & TRANSP. 98,000.00 55,310.99 0.01

EVERGREEN MARINE 324,058.00 165,883.90 0.02

EVERLIGHT ELECTRONICS 98,065.00 169,904.49 0.02





FAR EASTERN DEPARTMENT STORES 229,229.00 302,379.62 0.04

FAR EASTERN TEXTILE 750,147.00 775,378.63 0.10

FAR EASTONE TELECOM 401,470.00 599,406.42 0.08

FARGLORY LAND 79,000.00 129,614.62 0.02

FENG HSIN IRON & STEEL 103,180.00 176,735.15 0.02

FIRST FINANCIAL 1,427,713.00 927,604.83 0.12

FORMOSA CHEMICALS AND FIBER 721,513.00 1,884,578.04 0.24

FORMOSA INTERNATIONAL HOTELS 7,000.00 96,702.35 0.01

FORMOSA INTERNATIONAL HOTELS-PROV.- 700.00 9,670.24 0.00

FORMOSA PETROCHEMICAL 286,220.00 787,986.61 0.10

FORMOSA PLASTICS 993,551.00 2,663,600.69 0.34

FORMOSA TAFFETA 196,253.00 178,704.79 0.02

FOXCONN TECHNOLOGY 176,160.00 572,267.91 0.07

FUBON FINANCIAL 1,248,754.00 1,315,342.41 0.17

GIANT MANUFACTURE 72,551.00 270,206.73 0.03

HANNSTAR DISPLAY 1,330,702.00 89,077.47 0.01


HIGHWEALTH CONSTRUCTION 102,000.00 171,366.94 0.02

HIWIN TECHNOLOGIES 39,260.00 273,113.43 0.04


HUA NAN FINANCIAL 1,026,033.00 621,175.90 0.08

INNOLUX DISPLAY 1,267,130.00 515,584.39 0.07

INOTERA MEMORIES 541,972.00 118,086.93 0.02

INVENTEC 505,505.00 185,780.61 0.02

KGI SECURITIES 713,000.00 257,358.85 0.03

KGI SECURITIES -PROV.- 14,117.00 5,095.56 0.00

KINSUS INTERCONNECT 64,030.00 211,157.48 0.03

LARGAN PRECISION 25,791.00 606,798.13 0.08

LCY CHEMICAL 96,240.00 143,689.13 0.02

LITE ON TECHNOLOGY 521,240.00 480,619.02 0.06

MACRONIX INTL 887,685.00 318,955.36 0.04

MEDIATEK 254,724.00 2,820,983.47 0.36


MOTECH INDUSTRIES 74,133.00 120,169.82 0.02

NAN YA PCB 51,912.00 141,895.84 0.02

NAN YA PLASTICS 1,172,268.00 2,550,335.62 0.33

NANKANG RUBBER TIRE 112,646.00 181,860.25 0.02

NANYA TECHNOLOGY 467,478.00 59,825.00 0.01

NOVATEK MICROELECTRONICS 134,686.00 315,998.77 0.04

PEGATRON 417,805.00 392,099.75 0.05

PHISON ELECTRONICS 29,282.00 140,765.19 0.02

POU CHEN 558,004.00 404,656.47 0.05

POWERCHIP SEMICONDUCTOR 1,216,361.00 70,247.69 0.01

POWERTECH TECHNOLOGY 188,930.00 409,168.09 0.05

PRESIDENT CHAIN STORE 143,632.00 817,725.58 0.11

PRIME VIEW INTERNATIONAL 199,000.00 418,569.91 0.05

QISDA CORP 337,657.00 91,186.91 0.01

QUANTA COMPUTER 635,197.00 1,240,173.08 0.16

REALTEK SEMICONDUCTOR 97,598.00 166,213.07 0.02

REALTEK SEMICONDUCTOR -PROV.- 975.00 1,660.46 0.00

RICHTEK TECHNOLOGY 37,173.00 175,649.53 0.02

RUENTEX DEVELOPMENT 113,000.00 112,351.27 0.01

RUENTEX INDUSTRIES 99,000.00 161,129.02 0.02




353


SHIN KONG FINANCIAL HOLDING 1,464,166.00 437,688.96 0.06

SILICONWARE PRECISION INDUSTRIES 730,326.00 730,926.15 0.09

SIMPLO TECHNOLOGY 56,474.00 353,020.91 0.05

SINO-AMERICAN SILLICON 84,850.00 143,389.05 0.02

SINOPAC 1,487,491.00 483,221.71 0.06

SYNNEX TECHNOLOGY INTL 331,019.00 724,495.44 0.09

TAINAN SPINNING 203,040.00 90,277.14 0.01

TAISHIN FINANCIAL HOLDINGS 1,306,895.00 510,322.31 0.07

TAIWAN BUSINESS BANK 623,440.00 187,799.42 0.02

TAIWAN BUSINESS BANK - PROV.- 28,054.00 8,450.73 0.00

TAIWAN CEMENT 834,723.00 901,146.03 0.12

TAIWAN COOPERATIVE 977,611.00 595,068.40 0.08

TAIWAN FERTILIZER 184,000.00 453,434.60 0.06

TAIWAN GLASS IND 239,224.00 277,884.87 0.04

TAIWAN MOBILE -PROV.- 421,530.00 1,135,746.58 0.15


TATUNG 533,471.00 199,559.57 0.03

TECO ELECTRIC & MACHINERY 419,000.00 227,545.85 0.03

TRANSCEND INFORMATION 43,111.00 85,444.07 0.01

TRIPOD TECHNOLOGY 102,872.00 272,750.43 0.04

TSRC 124,300.00 276,947.72 0.04

TUNG HO STEEL ENTERPRISE 178,999.00 162,112.53 0.02

U-MING MARINE TRANSPORT 113,000.00 165,931.32 0.02

UNIMICRON TECHNOLOGY 334,480.00 476,888.48 0.06

UNI-PRESIDENT ENTERPRISES 962,009.00 1,259,531.20 0.16

UNITED MICROELECTRONICS 3,117,703.00 1,166,262.98 0.15

VANGUARD INTL SEMICONDUCTOR 163,131.00 57,811.89 0.01

WALSIN LIHWA 763,639.00 235,544.44 0.03

WAN HAI LINES 249,777.00 118,844.02 0.02

WINBOND ELECTRONICS 662,000.00 132,943.26 0.02

WINTEK 378,374.00 299,843.97 0.04

WISTRON 506,281.00 580,624.97 0.08

WPG HOLDING 340,432.00 398,241.77 0.05

YANG MING MARINE TRANSPORT 322,933.00 126,630.18 0.02

YANG MING MARINE TRANSPORT -PROV.- 32,293.00 12,662.90 0.00

YOUNG FAST OPTOELECTRONICS 31,951.00 88,173.35 0.01

YUANTA FINANCIAL 1,688,743.00 858,918.90 0.11

YUANTA FINANCIAL HOLDING -PROV.- 273,576.00 139,144.68 0.02

YULON MOTOR 228,127.00 431,926.05 0.06

87,733,271.28 11.34

THAÏLANDE

ADVANCED INFO SERV. NOM. FGN. 13,500.00 55,589.55 0.01

ADVANCED INFO SERVICE PUBL. NVDR 206,100.00 848,667.11 0.11

BANGKOK BANK PUBLIC CO 4,300.00 19,504.60 0.00


BANGKOK BANK PUBLIC NVDR 114,900.00 521,180.97 0.07

BANK OF AYUDHYA NOM. FGN 457,700.00 294,483.06 0.04

BANPU PUBLIC FGN NOM. 3,000.00 50,957.09 0.01

BANPU PUBLIC NVDR 35,000.00 589,995.56 0.08

BEC WORLD 206,500.00 244,133.18 0.03

BEC WORLD PUBLIC -FGN- 20,800.00 24,590.65 0.00

C.P.ALL - SHS FOREIGN 556,300.00 859,012.94 0.11





CHAROEN POKPHAND FOODS-FGN- 754,400.00 649,194.57 0.08

GLOW ENERGY -FGN- 120,200.00 182,707.21 0.02

INDORAMA VENTURES -FOREIGN REG.- 361,100.00 319,454.93 0.04

IRPC -NVTG DR- 2,542,000.00 286,215.40 0.04

KASIKORNBANK PUB. FGN NOM. 65,800.00 251,896.58 0.03

KASIKORNBANK PUBLIC 152,190.00 572,824.24 0.07

KASIKORNBANK PUBLIC CO NVDR 223,800.00 842,355.38 0.11

KRUNG THAI BANK FGN 37,600.00 18,627.65 0.00

KRUNG THAI BANK NVDR 659,300.00 326,627.85 0.04

PTT AROMATICS & REFINING-FOREIGN 276,200.00 218,578.88 0.03

PTT CHEMICAL FGN 89,700.00 285,678.17 0.04

PTT EXPLORATION & PROD. FGN NOM. 22,500.00 100,973.20 0.01

PTT EXPLORATION & PRODUCTION NVDR 268,800.00 1,206,293.21 0.16

PTT FGN NOM. 13,500.00 112,916.27 0.01

PTT PUBLIC NVDR 202,100.00 1,690,398.40 0.22

SIAM CEMENT PUBLIC FGN 14,500.00 145,536.53 0.02

SIAM CEMENT PUBLIC NVDR 62,000.00 522,567.49 0.07

SIAM COMMERCIAL BANK NVDR 388,400.00 1,324,446.74 0.17

THAI AIRWAYS INTL. FGN NOM. 127,400.00 81,968.85 0.01

THAI OIL -FGN- 189,800.00 309,871.52 0.04

13,972,323.24 1.80

TURQUIE

AKBANK 302,874.00 1,195,571.42 0.15

ANADOLU EFES BIRACI 51,710.00 597,902.64 0.08

ARCELIK 57,000.00 224,389.95 0.03

ASYA KATILIM BANKASI B 133,536.00 139,321.32 0.02

BIM BIRLESIK MAGAZ 20,761.00 575,006.79 0.07

COCA COLA ICE SANAYI 14,217.00 193,439.85 0.03

EMLAK KONUT GAYRIMENKUL YATIRIM 145,700.00 188,056.46 0.02

ENKA INSAAT 80,449.00 194,693.13 0.03

EREGLI DEMIR VE CE 142,836.00 249,653.99 0.03

HACI OMER SABANCI HOLDING 130,489.00 456,146.90 0.06

KOC HOLDING 147,922.00 550,498.75 0.07

TAV HAVALIMALARI HOLDING 37,100.00 146,848.39 0.02

TUPRAS TURKIY PETROL RAFINERILERI 32,032.00 663,227.09 0.09

TURK HAVA YOLLARI 116,278.00 170,092.02 0.02

TURK SISE CAM 92,272.00 176,659.67 0.02

TURK TELEKOM 136,399.00 585,371.47 0.08

TURKCELL ILETISIM 191,546.00 881,788.28 0.11

TURKIYE GARANTI BANKASI NOM. 520,214.00 2,025,527.18 0.26

TURKIYE HALK BANKASI 76,734.00 552,980.87 0.07

TURKIYE IS BANKASI 'C' 395,895.00 1,024,100.47 0.13

TURKIYE VAKIFLAR BANKASI TAO 187,934.00 376,991.59 0.05

YAPI VE KREDI BANKASI 214,831.00 477,160.49 0.06

11,645,428.72 1.50

TOTAL ACTIONS 770,360,612.19 99.57




355


DROITS

COREE DU SUD

DAEWOO SECURITIES NIL-PAID 16,508.00 31,108.03 0.00

31,108.03 0.00


TOTAL I. 770,391,720.22 99.57


ACTIONS

CHINE

CSG HOLDING B 178,166.04 163,185.50 0.02

163,185.50 0.02

TOTAL ACTIONS 163,185.50 0.02

DROITS

TAÏWAN

SINO-AMERI. SILICON RIGHT-NON TRAD.- 3,609.00 0.00 0.00

0.00 0.00

TOTAL DROITS 0.00 0.00

TOTAL II. 163,185.50 0.02


AFRIQUE DU SUD

REDEFINE PROP. -LINKED UNIT. ZAR- 628,600.00 625,542.75 0.08

625,542.75 0.08

TOTAL III. 625,542.75 0.08










Corée du Sud 14.56

Brésil 14.53

Taïwan 11.34

Chine 10.76

Afrique du Sud 7.75

Inde 7.54

Russie 6.27

Mexique 4.61

Malaisie 3.39

Hong Kong 2.96

Indonésie 2.96

Iles Caïmans 2.81

Thaïlande 1.80

Chili 1.61

Turquie 1.50

Pologne 1.49

Colombie 0.96

Philippines 0.66

Bermudes 0.58


Egypte 0.35

Hongrie 0.30

Pérou 0.23

Maroc 0.18

Etats-Unis 0.13

Luxembourg 0.03

99.67




Pétrole 11.27

Communications 9.63










2.58


Assurances 2.43





Immobilier 1.56








Gastronomie 0.43

Bois et papier 0.41

Divers 0.35






Produits d’investissement divers 0.11

Conglomérats 0.10


0.08



Emballage 0.05

Services de santé 0.05



Droits 0.00

99.67

Pictet - Euroland Index



357



ACTIONS

ALLEMAGNE

ADIDAS NOM. 10,173.00 465,669.08 0.50

ALLIANZ NOM. 22,193.00 1,572,595.98 1.68

AXEL SPRINGER 1,921.00 49,801.93 0.05

B.M.W. 16,275.00 813,180.38 0.87

B.M.W. PREF 2,485.00 88,217.50 0.09

BASF REG. 44,987.00 2,073,225.90 2.22

BAYER NOM. 40,496.00 1,678,559.20 1.79

BEIERSDORF 4,841.00 194,245.13 0.21

BRENNTAG 1,609.00 105,389.50 0.11

CELESIO 4,772.00 47,238.03 0.05

COMMERZBANK 177,925.00 337,879.58 0.36

CONTINENTAL GUMMIWERKE 4,033.00 176,000.12 0.19

DAIMLER NOM. (EUR) 44,470.00 1,495,526.10 1.60

DEUTSCHE BANK NOM. 45,745.00 1,204,008.40 1.29


DEUTSCHE LUFTHANSA NOM. 10,996.00 107,276.98 0.11



E.ON AG 87,804.00 1,436,034.42 1.54

FRAPORT 1,919.00 85,289.96 0.09

FRESENIUS 5,466.00 364,308.90 0.39


GEA GROUP 8,630.00 152,448.95 0.16

HANNOVER RUECKVERSICHERUNGS NOM. 2,930.00 99,737.20 0.11

HEIDELBERGCEMENT 6,725.00 184,298.63 0.20

HENKEL 6,470.00 213,186.50 0.23

HENKEL PREF N-VTG 8,693.00 347,720.00 0.37

HOCHTIEF 2,031.00 95,680.41 0.10


K+S REG. 8,358.00 330,809.64 0.35

KABEL DEUTSCHLAND HOLDING 4,345.00 175,451.10 0.19

LANXESS AG 4,205.00 152,389.20 0.16

LINDE 8,315.00 837,736.25 0.90

MAN AG 3,172.00 185,213.08 0.20

MERCK 3,252.00 199,998.00 0.21

METRO 6,378.00 203,649.54 0.22



PROSIEBEN SAT. 1 MEDIA PREF N-VTG 3,859.00 51,363.29 0.05

R.W.E. 'A' 20,580.00 570,477.60 0.61

R.W.E. PREF N-VTG 1,958.00 50,908.00 0.05

SALZGITTER 1,798.00 65,186.49 0.07

SAP AG (EUR) 45,161.00 1,730,343.72 1.85

SIEMENS AG 40,353.00 2,748,846.36 2.94

SUEDZUCKER 3,484.00 74,522.76 0.08





THYSSENKRUPP 19,069.00 353,634.61 0.38

TUI 8,761.00 33,966.40 0.04

UNITED INTERNET NOM. 5,604.00 71,338.92 0.08

VOLKSWAGEN (EUR) 1,426.00 132,888.94 0.14

VOLKSWAGEN PREF 7,035.00 703,851.75 0.75

WACKER CHEMIE 726.00 48,823.50 0.05

26,022,892.61 27.80

AUTRICHE

ERSTE BANK DER OESTER. SPARKASSEN 8,961.00 173,484.96 0.19

IMMOFINANZ 44,691.00 95,772.81 0.10

OESTER. ELEKTR. WIRT. 'A' 3,600.00 78,030.00 0.08

OMV 7,987.00 179,867.24 0.19

RAIFFEISEN INT. BANK-HOLDING 2,414.00 53,482.17 0.06

TELEKOM AUSTRIA 16,615.00 125,925.09 0.13

VOEST-ALPINE 5,612.00 123,155.34 0.13

WIENER STAEDTISCHE VERSICHERUNGS 2,108.00 60,446.90 0.06

890,164.51 0.94

BELGIQUE

ANHEUSER-BUSH INBEV 39,378.00 1,566,259.95 1.67

BEKAERT 2,040.00 62,974.80 0.07

BELGACOM 7,123.00 161,407.18 0.17

COLRUYT 3,630.00 113,455.65 0.12

DEXIA 27,551.00 39,866.30 0.04

FORTIS 107,846.00 141,709.64 0.15

GBL (GROUPE BRUXELLES LAMBERT) 3,979.00 210,727.84 0.23

GROUPE DELHAIZE 5,045.00 221,525.95 0.24

INBEV -STRIP VVPR 6,755.00 13.51 0.00

KBC GROUPE 8,229.00 144,007.50 0.15

MOBISTAR 1,527.00 65,584.65 0.07

SOLVAY 2,858.00 202,918.00 0.22

U.C.B. 4,811.00 154,336.88 0.17

UMICORE 5,465.00 150,096.23 0.16

3,234,884.08 3.46

CHYPRE

BANK OF CYPRUS HOLDINGS 45,573.00 53,320.41 0.06

53,320.41 0.06

ESPAGNE


ACCIONA 1,177.00 74,916.05 0.08

ACERINOX 5,074.00 42,992.00 0.05

ACS 6,835.00 181,742.65 0.19




BANCO SANTANDER 412,646.00 2,568,308.70 2.75

BANKIA SAU 41,900.00 153,521.60 0.16

BANKINTER 9,051.00 37,054.79 0.04

BCO BILBAO VIZCAYA ARGENT. NOM. 211,597.00 1,307,669.46 1.40




359


CINTRA 17,574.00 150,978.23 0.16

CRITERIA CAIXACORP 37,898.00 125,783.46 0.13

DIA 26,360.00 78,341.92 0.08

EDP RENOVAVEIS 9,997.00 40,887.73 0.04

ENAGAS 8,342.00 115,203.02 0.12

FOMENTO CONSTRUCCIONES CONTRATAS 2,784.00 51,782.40 0.06


GESTEVISION TELECINCO 9,150.00 39,253.50 0.04

GRIFOLS 'A' 7,107.00 99,782.28 0.11

IBERDROLA 195,167.00 989,691.86 1.06

INDITEX NOM. 10,678.00 687,236.08 0.73

INDRA SISTEMAS 4,711.00 51,067.24 0.05


MAPFRE 36,880.00 86,225.44 0.09


REPSOL YPF 38,875.00 776,722.50 0.83

TELEFONICA 201,402.00 2,905,223.85 3.11

ZARDOYA OTIS 6,530.00 62,426.80 0.07

11,815,886.82 12.62

FINLANDE

ELISA 'A' 6,717.00 103,240.29 0.11

FORTUM 21,756.00 385,081.20 0.41

KESKO 3,105.00 71,849.70 0.08

KONE 'B' 7,537.00 269,824.60 0.29

METSO 6,147.00 135,787.23 0.15

NESTE OIL 7,181.00 46,927.84 0.05

NOKIA 182,386.00 774,775.73 0.83

NOKIAN TYRES 5,440.00 122,835.20 0.13

ORION 'B' 5,068.00 76,729.52 0.08

OUTOKUMPU 'A' 5,453.00 27,046.88 0.03

POHJOLA BANK 'A' 7,135.00 56,616.23 0.06

RAUTARUUKKI 4,272.00 32,360.40 0.03

SAMPO OYJ 20,338.00 384,998.34 0.41

SANOMAWSOY 3,832.00 33,913.20 0.04

STORA ENSO 'R' 28,282.00 125,063.00 0.13

UPM-KYMMENE 25,454.00 216,995.35 0.23

WARTSILA 'B' 8,384.00 150,157.44 0.16

3,014,202.15 3.22

FRANCE

ACCOR 7,008.00 141,211.20 0.15

ADP 1,802.00 102,083.30 0.11

AIR FRANCE - KLM 6,228.00 34,528.03 0.04

AIR LIQUIDE 13,908.00 1,223,625.84 1.31

ALCATEL-LUCENT 111,720.00 245,337.12 0.26

ALSTOM 9,951.00 247,531.13 0.26

ARKEMA FRANCE 2,785.00 122,540.00 0.13

ATOS ORIGIN 2,609.00 85,014.27 0.09

AXA 84,686.00 838,391.40 0.90

BIC 1,414.00 90,453.58 0.10

BNP PARIBAS 47,055.00 1,414,002.75 1.51

BOUYGUES 11,811.00 294,507.29 0.31





BUREAU VERITAS 2,679.00 145,094.64 0.16

CAP GEMINI 7,134.00 179,099.07 0.19

CARREFOUR 28,425.00 487,204.50 0.52

CASINO GUICHARD 2,668.00 156,718.32 0.17


CNP ASSURANCES 7,617.00 84,205.94 0.09

CREDIT AGRICOLE 47,719.00 249,570.37 0.27

DANONE GROUPE 28,549.00 1,318,963.80 1.41


DIOR CHRISTIAN 2,723.00 230,229.65 0.25

EDENRED 7,593.00 136,218.42 0.15

EIFFAGE 1,844.00 42,937.54 0.05


ERAMET 254.00 26,517.60 0.03


EURAZEO 1,378.00 43,799.73 0.05


FONCIERE DES REGIONS 1,477.00 77,601.58 0.08

FRANCE TELECOM 90,420.00 1,112,166.00 1.19

GDF SUEZ 60,633.00 1,360,604.52 1.45

GECINA 1,138.00 74,982.82 0.08

GROUPE EUROTUNNEL 'RGPT' 25,155.00 160,992.00 0.17

ICADE REITS 1,122.00 66,018.48 0.07

ILIAD 978.00 82,152.00 0.09

IMERYS 1,807.00 68,241.36 0.07

JC DECAUX 3,544.00 66,184.20 0.07

KLEPIERRE 4,960.00 104,953.60 0.11

L.V.M.H. 12,403.00 1,235,958.95 1.32

LAFARGE 9,656.00 251,056.00 0.27

LAGARDERE 5,926.00 109,719.89 0.12

LEGRAND 9,809.00 230,854.82 0.25

L'OREAL 11,736.00 861,187.68 0.92

M6 METROPOLE TV 3,158.00 38,559.18 0.04

MICHELIN 'B' NOM. 8,653.00 391,202.13 0.42

NATIXIS 42,332.00 100,834.82 0.11

NEOPOST 1,637.00 90,100.48 0.10

PERNOD-RICARD 9,757.00 574,004.31 0.61

PEUGEOT PORT. 7,405.00 119,701.83 0.13

PPR 3,701.00 360,551.42 0.39

PUBLICIS 6,009.00 188,742.69 0.20

RENAULT 9,620.00 241,173.40 0.26

SAFRAN 8,182.00 189,576.94 0.20

SAINT GOBAIN 19,590.00 565,563.30 0.60

SANOFI-AVENTIS 54,540.00 2,691,549.00 2.88


SCOR SE 8,295.00 134,752.28 0.14


SODEXO 4,675.00 231,809.88 0.25


TECHNIP (EX TECHNIP-COFLEXIP) 4,799.00 290,483.47 0.31


THALES (EX-THOMSON CSF) 4,810.00 113,275.50 0.12

TOTAL 103,832.00 3,450,856.52 3.68




361


UNIBAIL-RODAMCO 4,486.00 603,591.30 0.65

VALLOUREC USINES A TUBES 5,555.00 241,642.50 0.26


VINCI 21,910.00 710,322.20 0.76

VIVENDI 61,008.00 935,557.68 1.00

WENDEL 1,500.00 71,310.00 0.08

29,294,717.88 31.35

GRECE

ALPHA BANK 23,961.00 31,868.13 0.03

COCA COLA HBC (REG. SHS) 8,841.00 116,878.02 0.12

EFG EUROBANK 13,123.00 12,204.39 0.01


NATIONAL BANK OF GREECE REG. 46,042.00 126,615.50 0.14

OPAP 10,714.00 81,426.40 0.09

PUBLIC POWER CORP OF GREECE NOM. 5,780.00 34,680.00 0.04

446,981.24 0.48

IRLANDE

CRH (EUR) 35,236.00 410,323.22 0.44

ELAN 23,690.00 188,809.30 0.20

KERRY GROUP 'A' 7,088.00 185,705.60 0.20

RYANAIR HOLDINGS 17,624.00 58,511.68 0.06

843,349.80 0.90

ITALIE

A2A 50,726.00 47,504.90 0.05

ASSICURAZIONI GENERALI 56,943.00 679,899.42 0.73

ATLANTIA 15,621.00 169,019.22 0.18

AUTOGRILL 5,530.00 41,917.40 0.04

BANCA CARIGE 28,580.00 41,555.32 0.04

BANCO POPOLARE 88,142.00 110,177.50 0.12

ENEL ENTE NAZION. ENERGIA ELETTR. 323,362.00 1,074,208.56 1.15

ENEL GREEN POWER 85,900.00 147,490.30 0.16

ENI 118,050.00 1,560,621.00 1.67

EXOR 3,558.00 52,693.98 0.06

FIAT 36,135.00 147,936.69 0.16

FIAT INDUSTRIAL 38,135.00 216,034.78 0.23

FINMECCANICA 19,528.00 102,033.80 0.11

INTESA SANPAOLO 492,529.00 586,109.51 0.63


LUXOTTICA GROUP 5,888.00 112,814.08 0.12

MEDIASET 34,182.00 81,011.34 0.09

MEDIOBANCA 24,163.00 142,924.15 0.15

MONTE PASCHI SIENA 209,950.00 87,990.05 0.09

PARMALAT 16,100.00 25,518.50 0.03

PIRELLI & CIE 12,709.00 68,247.33 0.07

PRYSMIAN 9,831.00 97,523.52 0.10

SAIPEM 12,934.00 343,527.04 0.37

SNAM RETE GAS 78,138.00 270,357.48 0.29

T.E.R.N.A. 59,592.00 165,665.76 0.18

TELECOM ITALIA 463,908.00 380,172.61 0.41





TELECOM ITALIA RISP 290,455.00 212,903.52 0.23

UBI BANCA 39,403.00 110,407.21 0.12


7,648,169.58 8.20

LUXEMBOURG

ARCELOR MITTAL 41,729.00 504,086.32 0.54

SES GLOBAL FDR 14,421.00 263,471.67 0.28

TENARIS SA (EUR) 23,513.00 223,843.76 0.24

991,401.75 1.06

PAYS-BAS

AEGON 83,480.00 255,782.72 0.27

AKZO NOBEL 11,405.00 380,071.63 0.41

ASML 21,188.00 552,583.04 0.59

BOSKALIS WESTMINSTER 3,202.00 74,398.47 0.08

CORIO 2,949.00 102,463.01 0.11

DELTA LLOYD 5,405.00 64,589.75 0.07

EUROPEAN AERONAUTIC DEFENCE SPACE 19,835.00 420,601.18 0.45

HEINEKEN 12,466.00 418,109.64 0.45

HEINEKEN HOLDING 5,807.00 168,025.55 0.18


KONINKLIJKE DSM 7,477.00 245,806.38 0.26


KONINKLIJKE VOPAK 3,298.00 118,777.47 0.13

POSTNL 16,220.00 53,688.20 0.06

QIAGEN 11,104.00 115,814.72 0.12


REED ELSEVIER 34,341.00 282,592.09 0.30


SBM OFFSHORE 8,311.00 109,455.87 0.12


TNT EXPRESS 17,937.00 93,613.20 0.10

UNILEVER NV (EUR) 79,857.00 1,897,003.04 2.03

WOLTERS KLUWER 14,754.00 180,367.65 0.19

7,742,165.74 8.29

PORTUGAL



CIMPOR (CIMENTOS PORTUGAL) NOM. 9,576.00 48,071.52 0.05


GALP ENERGIA 'B' 11,445.00 157,254.30 0.17

JERONIMO MARTINS 10,937.00 128,509.75 0.14


807,072.50 0.87

TOTAL ACTIONS 92,805,209.07 99.25




363


CERTIFICATS

PAYS-BAS

FUGRO CRT 3,248.00 123,586.40 0.13

ING GROEP (CRT.) 187,433.00 999,580.19 1.07

1,123,166.59 1.20


DROITS

ALLEMAGNE

HEIDELBERGCEMENT STRIP VVPR 42.00 0.42 0.00

0.42 0.00

ESPAGNE

BBVA RIGHT 209,797.00 23,077.67 0.02

23,077.67 0.02

FRANCE

TOTAL STRIP VVPR 503.00 0.50 0.00

0.50 0.00


TOTAL I. 93,951,454.25 100.47


DROITS

AUTRICHE

IMMOEAST RTS 22,921.00 0.00 0.00

IMMOFINANZ RTS 21,000.00 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00


DECOUVERT BANCAIRE -429,463.71 -0.46








France 31.35

Allemagne 27.80

Espagne 12.64

Pays-Bas 9.49

Italie 8.20

Belgique 3.46

Finlande 3.22

Luxembourg 1.06

Autriche 0.94

Irlande 0.90

Portugal 0.87

Grèce 0.48

Chypre 0.06

100.47







Pétrole 6.82


Assurances 5.47










2.12




Certificats 1.20





Immobilier 0.55

Divers 0.51


Bois et papier 0.36


Gastronomie 0.28



0.20




Droits 0.02

100.47

Pictet - US Equity Growth Selection



365



ACTIONS


SCHLUMBERGER 525,340.00 31,378,552.95 3.67

31,378,552.95 3.67

ETATS-UNIS

ALLERGAN 519,150.00 42,767,571.81 5.00

AMAZON.COM 71,600.00 15,482,067.28 1.81

APPLE 172,450.00 65,734,491.00 7.67

AUTOZONE 42,900.00 13,693,250.57 1.60

BOEING 253,400.00 15,333,231.47 1.79

BORGWARNER 163,100.00 9,872,443.00 1.15

BROADCOM 'A' 187,250.00 6,233,550.63 0.73

CBS 'B' 1,336,100.00 27,229,704.64 3.18

COCA-COLA 222,700.00 15,045,612.00 1.76

COGNIZANT TECH SOL 'A' 454,200.00 28,478,340.00 3.33

DANAHER 308,300.00 12,930,098.92 1.51

ESTEE LAUDER 'A' 218,000.00 19,149,120.00 2.24

EXPEDITORS INTL OF WASHINGTON 221,600.00 8,985,877.78 1.05

GENTEX 490,700.00 11,801,335.00 1.38

GOOGLE 'A' 63,300.00 32,560,253.37 3.81

HALLIBURTON 540,850.00 16,506,742.00 1.93

INTUIT 475,600.00 22,562,459.24 2.64

INTUITIVE SURGICAL 13,800.00 5,027,063.86 0.59


LAM RESEARCH 70,700.00 2,685,185.29 0.31

MASTERCARD 'A' 109,600.00 34,760,736.00 4.06

MCDONALD'S 180,150.00 15,820,771.20 1.85

MEAD JOHNSON NUTRITION 'A' 197,900.00 13,621,455.02 1.59

MICROCHIP TECHNOLOGY 580,550.00 18,060,904.69 2.11

MONSANTO 353,060.00 21,197,718.87 2.48

NATIONAL OILWELL VARCO 473,900.00 24,273,153.26 2.84

NETAPP INC 61,900.00 2,100,885.38 0.25

NIKE 'B' 150,100.00 12,835,051.00 1.50

O REILLY AUTOMOTIVE 100,050.00 6,666,330.50 0.78

ORACLE SYSTEMS 974,400.00 28,004,246.26 3.27

PEPSICO 67,850.00 4,199,914.32 0.49

PRAXAIR 287,450.00 26,870,826.00 3.14

PRECISION CASTPARTS 232,000.00 36,066,720.00 4.22

QUALCOMM 528,650.00 25,708,249.50 3.01

SALESFORCE.COM 45,100.00 5,154,028.00 0.60

STARBUCKS 933,250.00 34,800,883.17 4.07

STARWOOD HOTELS & RESORTS 225,000.00 8,734,500.00 1.02

STERICYCLE 67,050.00 5,412,275.33 0.63

T ROWE PRICE GROUP 447,900.00 21,396,183.00 2.50






TIFFANY 186,500.00 11,342,930.00 1.33

VMWARE 166,900.00 13,415,420.33 1.57

WYNN RESORTS 262,900.00 30,254,529.37 3.54

783,534,430.06 91.59

ROYAUME-UNI

ARM HOLDINGS ADR 179,500.00 4,577,250.00 0.54

4,577,250.00 0.54







367




Etats-Unis 91.59


Royaume-Uni 0.54

95.80





10.52


Pétrole 8.44


Communications 6.92



Gastronomie 4.56













95.80

Pictet - Security





ACTIONS

ALLEMAGNE

WIRECARD 264,482.86 4,087,960.79 2.10

4,087,960.79 2.10

ETATS-UNIS

3 M 65,304.41 4,688,203.53 2.41

ACME PACKET 58,773.97 2,503,183.31 1.29

ARUBA NETWORKS 120,813.16 2,526,203.11 1.30

AUTOLIV 68,569.63 3,325,627.04 1.71

BRUKER BIOSCIENCES 133,874.04 1,811,314.41 0.93

BUCKEYE PARTNERS 39,182.65 2,449,306.78 1.26

CAVIUM 65,304.41 1,763,872.09 0.91

CLEAN HARBORS 120,813.16 6,197,713.74 3.18

COMMVAULT SYSTEMS 65,304.41 2,420,181.40 1.24

DIGITAL REALTY TRUST 91,426.17 5,043,066.78 2.59

DST SYSTEMS 45,713.09 2,003,604.12 1.03

ECOLAB 179,587.13 8,780,106.21 4.51

EMC 319,991.60 6,716,620.58 3.45

EQUINIX 42,447.87 3,770,643.51 1.94

EXTRA SPACE STORAGE 182,852.35 3,406,537.37 1.75

F5 NETWORKS 653.04 46,398.78 0.02


FORTINET 91,426.17 1,535,959.70 0.79

GEN PROBE 6,530.44 373,867.74 0.19

GLOBAL PAYMENTS 68,569.63 2,769,527.34 1.42

HEARTLAND PAYMENT SYSTEMS 130,608.82 2,575,604.59 1.32

IRON MOUNTAIN 257,952.42 8,156,455.40 4.19


LITTELFUSE 22,856.54 919,061.60 0.47

MAGELLAN MIDSTREAM PARTNERS 52,243.53 3,155,508.53 1.62

MISTRAS GROUP 78,365.29 1,376,093.73 0.71

NEOGEN 32,652.20 1,133,684.22 0.58

NETAPP INC 91,426.17 3,103,003.39 1.59

PLAINS ALL AMERICA PIPELINE 39,182.65 2,308,641.47 1.19

PUBLIC STORAGE 71,834.85 7,998,809.84 4.11

STANLEY BLACK & DECKER 39,182.65 1,923,867.89 0.99

STERICYCLE 97,956.61 7,907,056.88 4.06

SYMANTEC 352,643.81 5,748,094.09 2.95


TRW AUTOMOTIVE 84,895.73 2,778,636.46 1.43

VARIAN MEDICAL 35,917.43 1,873,452.53 0.96

VERIFONE HOLDINGS 137,139.26 4,802,616.86 2.47

VMWARE 39,182.65 3,149,500.65 1.62

WABCO HOLDINGS 75,100.07 2,843,287.92 1.46

Pictet - Security



369


WATERS 65,304.41 4,929,829.19 2.53

WEBSENSE 117,547.94 2,033,579.30 1.05

ZEBRA TECHNOLOGIES 'A' 3,265.22 101,025.92 0.05

139,498,095.16 71.66

FRANCE

BUREAU VERITAS 42,447.87 3,084,545.29 1.59

INGENICO (CIE IND. & FIN. D'INGEN.) 52,243.53 1,975,987.90 1.02

5,060,533.19 2.61

ISRAËL

ALLOT COMMUNICATIONS 57,870.16 564,234.01 0.29

CHECK POINT SOFTWARE TECHNOLOGIES 52,243.53 2,756,367.98 1.42

3,320,601.99 1.71

JAPON

DENSO 78,365.29 2,552,878.81 1.31

2,552,878.81 1.31

PAYS-BAS

SENSATA TECHNOLOGIE 84,895.73 2,246,341.07 1.15

2,246,341.07 1.15

ROYAUME-UNI

EXPERIAN 199,178.45 2,249,531.35 1.16

G4S 1,567,305.82 6,518,935.84 3.35

HALMA 486,517.85 2,391,924.52 1.23

INTERTEK GROUP 137,139.26 3,962,939.23 2.04

SMITHS GROUP 653.04 10,168.03 0.01

TELECITY GROUP 437,539.54 3,806,730.96 1.96

18,940,229.93 9.75

SUEDE

ASSA ABLOY 'B' 156,730.58 3,256,378.36 1.67

3,256,378.36 1.67

SUISSE


8,249,579.48 4.24





Pictet - Security





Etats-Unis 71.66

Royaume-Uni 9.75

Suisse 4.24

France 2.61

Allemagne 2.10

Israël 1.71

Suède 1.67

Japon 1.31

Pays-Bas 1.15

96.20





12.54




Immobilier 8.45




Pétrole 2.45

Divers 1.96




Biotechnologie 0.77


Communications 0.29

96.20

Pictet - Clean Energy



371



ACTIONS

ALLEMAGNE

AIXTRON 271,838.44 4,001,052.14 1.09

ELSTER GROUP ADR (R. 1/4 SHS) 381,990.49 5,710,754.07 1.56

INFINEON TECHNOLOGIES NOM. 1,264,659.59 9,481,711.89 2.59

WACKER CHEMIE 31,437.45 2,836,588.05 0.77

22,030,106.15 6.01

AUTRICHE

ZUMTOBEL 246,623.49 4,304,950.02 1.18

4,304,950.02 1.18

BRESIL


TRACTEBEL ENERGIA 387,558.40 5,449,306.36 1.49

16,601,145.26 4.53

CANADA

5N PLUS 973,929.52 6,860,194.23 1.87

INNERGEX RENEWABLE ENERGY 684,456.67 6,141,442.55 1.68

13,001,636.78 3.55

CHINE

CHINA LONGYUAN POWER GROUP 'H' 9,582,317.42 7,988,814.85 2.18

CHINA SUNTIEN GREEN ENERGY ´H´ 20,449,774.45 3,809,111.02 1.04

11,797,925.87 3.22

COREE DU SUD

DC CHEMICAL CO LTD 20,079.82 3,536,739.06 0.97

3,536,739.06 0.97

DANEMARK

NOVOZYMES 'B' 39,156.04 5,609,250.85 1.53

VESTAS WIND SYSTEMS NOM. 112,927.09 1,848,826.34 0.50

7,458,077.19 2.03

ESPAGNE

ACCIONA 82,964.80 7,085,147.78 1.93

EDP RENOVAVEIS 1,664,272.09 9,132,786.20 2.49

16,217,933.98 4.42

ETATS-UNIS

AXT 1,012,655.12 5,103,781.79 1.39

GT ADVANCED TECHNOLOGIES 324,736.24 2,279,645.19 0.62

ITC HOLDINGS 199,126.06 15,418,330.91 4.24






MARKWEST ENERGY 164,423.41 7,555,255.92 2.06

MAXWELL TECHNOLOGIES (USD) 267,211.32 4,919,360.34 1.34

QUANTA SERVICES 241,128.49 4,530,801.90 1.24

REGAL-BELOIT 220,653.12 10,013,238.61 2.73

ROCKWELL AUTOMATION 115,871.97 6,488,830.47 1.77

RUBICON TECHNOLOGY 157,824.76 1,725,024.65 0.47

SEMPRA ENERGY 179,004.36 9,218,724.51 2.52


SPECTRA ENERGY 509,169.68 12,489,932.23 3.41

VEECO INSTRUMENTS 127,938.48 3,121,697.62 0.85


114,624,943.84 31.31

FINLANDE

OUTOTEC 289,240.18 10,478,016.95 2.86

10,478,016.95 2.86

FRANCE


11,825,758.12 3.23

HONG KONG


8,419,377.61 2.30

ILES CAÏMANS

CATCH THE WIND (CAD) 2,249,188.22 410,102.31 0.11

CATCH THE WIND (R1933) (PROV.) 2,579,663.78 470,359.08 0.13

CHINA HYDROELECTRIC ADR (R.3 SHS) 304,874.36 634,138.67 0.17

ENN ENERGY HLDGS 2,630,774.64 8,617,691.31 2.35

GCL-POLY ENERGY HOLDINGS 31,124,111.53 8,276,225.53 2.26

WASION GROUP 4,989,219.90 1,461,283.90 0.40

19,869,800.80 5.42

ÎLES MARSHALL

TEEKAY LNG PARTNERS LP 123,782.91 3,852,124.18 1.05

3,852,124.18 1.05

INDE

GAIL INDIA 545,696.50 4,574,491.72 1.25

4,574,491.72 1.25

INDONESIE

PERUSAHAAN GAS NEGA 'B' 10,490,524.11 3,191,478.91 0.87

3,191,478.91 0.87

ITALIE

ENEL GREEN POWER 4,025,742.12 9,274,125.34 2.53

SNAM RETE GAS 2,039,338.19 9,467,211.18 2.58

18,741,336.52 5.11




373


JAPON

TOKYO GAS CO 2,698,250.29 12,637,150.80 3.45

12,637,150.80 3.45

PAYS-BAS

IMTECH 162,047.81 4,622,353.25 1.26

4,622,353.25 1.26

PHILIPPINES

ENERGY DEVELOPMENT 58,007,805.23 7,495,572.14 2.05

7,495,572.14 2.05

ROYAUME-UNI

BG GROUP 684,437.28 13,237,065.96 3.61

ZENERGY POWER 344,239.03 28,153.42 0.01

13,265,219.38 3.62

RUSSIE




15,976,522.01 4.36

SUISSE

ABB LTD 423,923.89 7,360,211.17 2.01

7,360,211.17 2.01

TAÏWAN

EPISTAR 3,241,157.79 5,753,794.38 1.57

5,753,794.38 1.57

TOTAL I. 357,636,666.09 97.63


WARRANTS

ETATS-UNIS

PERFECTENERGY WTS 26.01.10 1,000,500.97 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00










Etats-Unis 31.31

Allemagne 6.01

Iles Caïmans 5.42

Italie 5.11

Brésil 4.53

Espagne 4.42

Russie 4.36

Royaume-Uni 3.62

Canada 3.55

Japon 3.45

France 3.23

Chine 3.22

Finlande 2.86

Hong Kong 2.30

Philippines 2.05

Danemark 2.03

Suisse 2.01

Taïwan 1.57

Pays-Bas 1.26

Inde 1.25

Autriche 1.18

Îles Marshall 1.05

Corée du Sud 0.97

Indonésie 0.87

97.63








Conglomérats 3.32


Communications 2.59








Pétrole 0.87

Divers 0.24

Warrants 0.00

97.63

Pictet - Russian Equities



375



ACTIONS

CHYPRE

GLOBALTRANS GDR (R.1 SHS) 287,847.00 3,957,896.25 1.07

3,957,896.25 1.07

ETATS-UNIS

CTC MEDIA 496,300.00 4,417,070.00 1.20

4,417,070.00 1.20

ILE DE MAN


5,853,377.80 1.58



7,882,875.00 2.13

LUXEMBOURG

EVRAZ GROUP GDR. 315,846.00 4,971,416.04 1.35

4,971,416.04 1.35

PAYS-BAS


10,145,402.00 2.75

RUSSIE

FGC UES (USD) 872,626,509.00 6,457,436.17 1.75

GAZPROM ADR (R. 4 SHS) 2,772,418.00 26,864,730.42 7.27

I.D.G.C. CENTER & VOLGA (USD) 59,729,557.00 328,512.56 0.09

IDGC CENTER (USD) 12,799,191.00 314,860.10 0.09

IDGC VOLGA (USD) 101,255,820.00 263,265.13 0.07

INTER RAO UES (USD) 4,252,523,360.00 4,252,523.36 1.15



MAGNIT GDR 548,621.00 10,489,633.52 2.84

MECHEL PFD (USD) 145,100.00 1,116,762.15 0.30

MECHEL-BANK PFD 0% PERP 2,129,957.00 8,519,828.00 2.31

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 1,569,352.00 34,102,018.96 9.22

MOBILE TELESYSTEMS USD 808,420.00 4,447,037.58 1.20



NOVOLIPETSK STEEL GDR (R. 1 REG-S) 245,242.00 5,022,556.16 1.36

OAO ROSNEFT OIL COMPANY GDR 3,056,090.00 17,954,528.75 4.86

PIPE METALL. COMP. GDR (REP 4SHS) 331,889.00 3,046,741.02 0.82

POLYMETAL GDR (R.1 SHS) 402,611.00 6,240,470.50 1.69

RASPADSKAYA OAO (USD) 750,192.00 2,199,187.85 0.60





ROSTELECOM 844,198.00 3,899,603.82 1.06


RUSHYDRO OJSC (USD) 203,837.00 6,645.09 0.00

SBERBANK (USD) 11,828,448.00 25,864,084.40 7.00

SBERBANK PFD (USD) 1,325,026.00 2,239,691.45 0.61

SEVERSTAL GDR (R. 1 SHS) 189,933.00 2,001,893.82 0.54

SURGUTNEFTEGAZ ADR (R. 10 SHS) 1,160,501.00 9,400,058.10 2.54

SURGUTNEFTEGAZ OIL PFD (USD) 6,234,657.00 2,676,538.25 0.72

TATNEFT (USD) 651,646.00 2,709,218.25 0.73

TATNEFT GDR (R. 20 SHS) 588,716.00 14,623,705.44 3.96

TRANSNEFT PREF (USD) 7,473.00 7,591,143.65 2.05

URALKALIY GDR (R. 5 SHS) 441,007.00 15,214,741.50 4.12

VTB BANK GDR SPONS. REG. S 3,537,834.00 14,639,557.09 3.96

WGC 4 (USD) 136,968,169.00 8,985,111.89 2.43

325,676,488.55 88.13







377




Russie 88.13

Pays-Bas 2.75


Ile de Man 1.58

Luxembourg 1.35

Etats-Unis 1.20

Chypre 1.07

98.21



Pétrole 29.10





Communications 6.34





Divers 2.43


2.13





98.21

Pictet - Timber





ACTIONS

AFRIQUE DU SUD

SAPPI 293,405.92 870,462.15 0.48

870,462.15 0.48

AUSTRALIE

TFS CORP 3,977,409.32 2,628,647.61 1.44

2,628,647.61 1.44

AUTRICHE

ANDRITZ 24,217.79 2,001,575.26 1.09

MAYR-MELNHOF KARTON 18,511.92 1,678,022.73 0.92

3,679,597.99 2.01

BERMUDES

BROOKFIELD INFRASTRUCTURE 183,680.33 4,470,779.13 2.45


4,906,392.70 2.69

BRESIL

DURATEX SA 881,594.89 4,089,171.04 2.24

FIBRIA ADR (R.1 SHS) 535,758.90 4,055,694.88 2.22

KLABIN 1,749,274.01 4,900,323.50 2.68

SUZANO PAPEL 'A' PREF 1,102,767.02 4,966,530.30 2.72

18,011,719.72 9.86

CANADA

ACADIAN TIMBER 187,986.79 1,785,974.84 0.98

BORALEX A 244,830.91 1,635,265.64 0.89

CANFOR 191,957.08 1,926,853.27 1.05

CANFOR PULP PRODUCTS 28,077.30 335,457.29 0.18

FIBREK 189,219.39 143,451.65 0.08

WEST FRASER TIMBER 85,579.11 3,272,720.65 1.79

9,099,723.34 4.97

CHILI

COPEC 310,680.79 3,718,300.88 2.03

EMPRESAS CMPC 2,069,104.43 7,079,811.38 3.87

MASISA 11,057,868.85 980,554.57 0.54

11,778,666.83 6.44

ETATS-UNIS

BUCKEYE TECHNOLOGY 16,107.84 388,359.90 0.21

DELTIC TIMBER 132,937.44 7,933,706.54 4.34

DOMTAR 6,303.07 429,680.17 0.24

Pictet - Timber



379


FORESTAR REAL ESTATE GP. 162,668.19 1,774,709.93 0.97

GREIF 'A' 41,256.45 1,769,489.03 0.97


KAPSTONE PAPER 130,581.75 1,813,780.50 0.99

KIMBERLY CLARK 79,066.58 5,614,517.92 3.07

LOUISIANA PACIFIC 197,941.81 1,009,501.27 0.55

MEADWESTVACO 224,644.54 5,517,267.66 3.02

PACKAGING CORP OF AMERICA 90,025.64 2,097,597.49 1.15

PLUM CREEK TIMBER 366,829.03 12,732,635.59 6.96

POPE RESOURCES 61,248.63 2,459,744.55 1.35

POTLATCH 334,508.30 10,543,701.46 5.77

PULTE HOMES 152,164.98 601,051.69 0.33

RAYONIER 336,577.48 12,382,682.28 6.77

ROCK-TENN 'A' 73,408.46 3,573,523.98 1.95

WEYERHAEUSER 706,644.00 10,988,314.17 6.02

85,525,140.18 46.79

FINLANDE

STORA ENSO 'R' 753,426.14 4,470,088.63 2.44

UPM-KYMMENE 597,987.38 6,839,795.52 3.74

11,309,884.15 6.18

ILES CAÏMANS

CHINA FORESTRY HOLDINGS 2,640,921.98 500,397.00 0.27

LEE & MAN PAPER MANUFACTURING 1,144,102.41 390,943.18 0.21

891,340.18 0.48

IRLANDE

SMURFIT KAPPA 247,219.07 1,492,626.70 0.82

1,492,626.70 0.82

JAPON

NIPPON PAPER GROUP 48,068.85 1,289,656.47 0.71

OJI PAPER 324,703.52 1,798,765.75 0.98

SUMITOMO FORESTRY 278,035.35 2,449,229.73 1.34

5,537,651.95 3.03

PORTUGAL

ALTRI SGPS 134,978.62 206,093.34 0.11

PORTUCEL 608,584.17 1,433,027.39 0.78

1,639,120.73 0.89

ROYAUME-UNI

MONDI (GBP) 883,977.33 6,523,132.64 3.57

6,523,132.64 3.57

SUEDE

HOLMEN 'B' 156,496.27 3,921,407.90 2.14

SVENSKA CELLULOSA 'B' 765,173.40 9,397,277.92 5.14

13,318,685.82 7.28

TOTAL I. 177,212,792.69 96.93

Pictet - Timber




II. PARTS D’ORGANISMES DE PLACEMENT COLLECTIF

ROYAUME-UNI

PHAUNOS TIMBER FUND 2,928,457.14 2,049,919.99 1.12

2,049,919.99 1.12

TOTAL II. 2,049,919.99 1.12





Pictet - Timber


381




Etats-Unis 46.79

Brésil 9.86

Suède 7.28

Chili 6.44

Finlande 6.18

Canada 4.97

Royaume-Uni 4.69

Japon 3.03

Bermudes 2.69

Autriche 2.01

Australie 1.44

Portugal 0.89

Irlande 0.82

Iles Caïmans 0.48

Afrique du Sud 0.48

98.05



Bois et papier 63.63

Emballage 9.06


Divers 5.48



Pétrole 2.03


Immobilier 1.30


1.12



98.05

Pictet - Agriculture





ACTIONS

ALLEMAGNE

GEA GROUP 124,717.08 2,203,126.02 1.20

K+S REG. 43,534.81 1,723,107.50 0.94

SUEDZUCKER 57,013.52 1,219,519.27 0.67

5,145,752.79 2.81

BELGIQUE

SIPEF 34,957.13 2,032,057.93 1.11

2,032,057.93 1.11

BERMUDES

C.P.POKPHAND 13,780,168.64 1,029,104.40 0.56

CHINA YURUN FOOD 2,339,692.47 1,883,931.35 1.03

2,913,035.75 1.59

BRESIL

ALL AMERICA LATINA LOGISTICA 516,685.06 1,769,624.74 0.97

BRF FOODS 530,368.30 6,852,836.32 3.74

JBS 1,127,086.09 1,642,746.21 0.90

SLC AGRICOLA 216,366.32 1,359,598.77 0.74

11,624,806.04 6.35

CANADA

AGRIUM (USD) 119,728.40 5,973,067.23 3.26

BIOEXX SPECIALTY PROTEINS 1,570,722.57 393,209.09 0.21

POTASH SASKATCHEWAN (CAD) 249,576.70 8,039,552.82 4.39

SAPUTO 116,521.39 3,440,339.92 1.88

SUNOPTA (CAD) 498,512.00 1,831,748.00 1.00

19,677,917.06 10.74

CHINE

CHINA BLUECHEMICAL 'H' 4,789,135.98 2,760,344.19 1.51

2,760,344.19 1.51

CHYPRE

ROS AGRO -GDR- (R.1/5 SHS) 132,860.04 840,708.16 0.46

840,708.16 0.46

DANEMARK

CHRISTIAN HANSEN HOLDING 133,616.18 2,073,941.14 1.13

NOVOZYMES 'B' 34,564.45 3,690,446.59 2.01

5,764,387.73 3.14




383


ESPAGNE

VISCOFAN 98,397.50 2,659,684.49 1.45

2,659,684.49 1.45

ETATS-UNIS

AGCO 146,310.95 3,769,809.62 2.06

ANDERSONS 93,793.66 2,353,047.32 1.28


BALCHEM 53,307.64 1,482,374.50 0.81

CF INDUSTRIES HOLDINGS 65,423.02 6,016,635.95 3.28

CHIQUITA BRANDS INTERNATIONAL 207,244.16 1,288,224.46 0.70

CORN PRODUCTS INTERNATIONAL 158,640.13 4,639,650.30 2.53

DARLING INTERNATIONAL 132,984.04 1,247,867.45 0.68

DEERE 199,476.07 9,599,855.70 5.21

J&J SNACK FOODS 24,943.42 893,289.93 0.49

MCCORMICK NON-VTG 32,070.11 1,103,339.86 0.60

MOSAIC 230,976.04 8,430,243.82 4.60

NEOGEN 41,406.07 1,071,486.77 0.59

RALCORP 24,943.42 1,426,103.55 0.78

SYSCO 349,920.50 6,754,795.07 3.69

TYSON FOODS 'A' 345,787.02 4,474,055.35 2.44

61,332,306.10 33.44

ILES CAÏMANS

CHINA MENGNIU DAIRY 493,879.65 1,134,861.00 0.62

SHENGUAN HOLDINGS 3,637,462.80 1,393,056.89 0.76

TINGYI (CAYMAN ISLANDS) HOLDING 816,718.73 1,499,793.33 0.82

WANT WANT CHINA 2,780,834.61 1,885,031.96 1.03

5,912,743.18 3.23

INDE

COROMANDEL INTERNATIONAL 219,481.40 1,018,580.04 0.56

JAIN IRRIGATION SYSTEMS 336,689.09 783,951.67 0.43


MCLEOD RUSSEL INDIA DEMAT. 443,073.47 1,605,476.47 0.88

SHREE RENUKA SUGARS DEMAT. 1,546,789.72 1,297,035.00 0.71

7,776,464.79 4.26

INDONESIE

PT SAMPOERNA AGRO 953,907.52 234,486.84 0.13

234,486.84 0.13

ISRAËL

FRUTAROM INDUSTRIES 323,140.54 2,088,655.82 1.14

ISRAEL CHEMICALS 370,972.74 3,277,125.35 1.79

5,365,781.17 2.93

JAPON

IWATSUKA CONFECTIONERY 5,273.75 139,214.73 0.08

139,214.73 0.08





LUXEMBOURG

MHP GDR (R.1 SHS) 106,900.36 980,003.13 0.54

980,003.13 0.54

MALAISIE

CB INDUSTRIAL PRODUCT HOLDING 111,497.07 90,324.44 0.05

IOI CORPORATION 1,395,904.86 1,515,378.44 0.83

1,605,702.88 0.88

NORVEGE

AUSTEVOLL SEAFOOD 544,668.72 1,417,481.63 0.77

CERMAQ 163,128.52 1,304,672.73 0.71

MARINE HARVEST 2,302,610.16 753,588.87 0.41

MORPOL 733,410.56 1,168,482.01 0.64

YARA INTERNATIONAL 183,706.12 5,307,952.38 2.90

9,952,177.62 5.43

PAYS-BAS

CSM 158,420.63 2,360,467.35 1.29

NUTRECO HOLDING 77,328.15 3,635,969.83 1.99

5,996,437.18 3.28

ROYAUME-UNI

ASSOCIATED BRITISH FOODS 370,587.90 4,776,049.99 2.61

PLANT HEALTH CARE 1,051,186.84 654,488.86 0.36

5,430,538.85 2.97

RUSSIE

CHERKIZOVO GP. GDR (R.0.666667SH S) 89,083.63 995,938.14 0.54

995,938.14 0.54

SINGAPOUR

FIRST RESOURCES 2,118,052.40 1,496,128.89 0.82

INDOFOOD AGRI RESOURCES 1,064,014.88 751,588.30 0.41

WILMAR INTERNATIONAL 2,593,402.65 7,817,104.47 4.27

10,064,821.66 5.50

SUISSE

SYNGENTA AG 34,591.53 6,769,740.72 3.70

6,769,740.72 3.70

THAÏLANDE

THAI VEGETABLE OIL -NVDR- 2,999,837.81 1,258,717.95 0.69

1,258,717.95 0.69

TOTAL ACTIONS 177,233,769.08 96.76




385


WARRANTS

ROYAUME-UNI

ALMARAI (DBL) LEPO WTS 03.12.12 144,522.16 2,469,654.61 1.35

SAFCO (DB LDN) LEPO-WTS 03/12/12 26,871.90 971,791.48 0.53

3,441,446.09 1.88

TOTAL WARRANTS 3,441,446.09 1.88

TOTAL I. 180,675,215.17 98.64


WARRANTS

ROYAUME-UNI

EQUATORIAL PAL OIL WTS 26.02.12 570,135.24 0.00 0.00

0.00 0.00

TOTAL II. 0.00 0.00










Etats-Unis 33.44

Canada 10.74

Brésil 6.35

Singapour 5.50

Norvège 5.43

Royaume-Uni 4.85

Inde 4.26

Suisse 3.70

Pays-Bas 3.28

Iles Caïmans 3.23

Danemark 3.14

Israël 2.93

Allemagne 2.81

Bermudes 1.59

Chine 1.51

Espagne 1.45

Belgique 1.11

Malaisie 0.88

Thaïlande 0.69

Luxembourg 0.54

Russie 0.54

Chypre 0.46

Indonésie 0.13

Japon 0.08

98.64










Immobilier 1.88

Warrants 1.88

Divers 1.68


Biotechnologie 1.62








0.36

98.64

Pictet - Global Megatrend Selection



387



ACTIONS

AFRIQUE DU SUD

ASPEN PHARMACARE 550,530.37 6,248,946.16 0.73

MTN GROUP 137,889.79 2,272,692.17 0.27

SAPPI 151,543.88 449,592.86 0.05

8,971,231.19 1.05

ALLEMAGNE

AIXTRON 68,347.85 1,005,977.35 0.12

B.M.W. 23,910.70 1,602,931.55 0.19

DAIMLER NOM. (EUR) 5,185.65 233,984.47 0.03

ELSTER GROUP ADR (R. 1/4 SHS) 136,848.37 2,045,881.67 0.24

GEA GROUP 45,053.52 1,067,822.01 0.13

HUGO BOSS PFD N-VTG 20,089.87 1,624,826.69 0.19

INFINEON TECHNOLOGIES NOM. 317,971.09 2,383,969.77 0.28

JOYOU 11,845.59 157,343.40 0.02

K+S REG. 15,726.77 835,164.26 0.10

KSB PREF N-VTG 790.56 418,977.91 0.05

PORSCHE AUTOMOBILE -NVTG- 27,214.11 1,322,328.32 0.16

STADA ARZNEIMITTEL NOM. 123,804.61 2,625,355.04 0.31

SUEDZUCKER 20,595.90 591,082.63 0.07

WACKER CHEMIE 7,904.26 713,198.23 0.08

WIRECARD 131,885.69 2,038,481.97 0.24

18,667,325.27 2.21

AUSTRALIE

TFS CORP 2,054,328.07 1,357,693.96 0.16

1,357,693.96 0.16

AUTRICHE

ANDRITZ 32,921.43 2,720,922.02 0.32

BWT 11,544.46 236,288.53 0.03

MAYR-MELNHOF KARTON 9,561.39 866,697.12 0.10

TELEKOM AUSTRIA 106,751.21 1,085,529.01 0.13

ZUMTOBEL 62,008.10 1,082,385.84 0.13

5,991,822.52 0.71

BELGIQUE

SIPEF 12,628.12 984,907.88 0.12

TELENET GROUP HOLDING 63,903.27 2,365,974.22 0.28

3,350,882.10 0.40

BERMUDES

BEIJING ENTERPRISES WATER 3,615,585.66 659,529.18 0.08

BROOKFIELD INFRASTRUCTURE 94,870.71 2,309,153.10 0.27

C.P.POKPHAND 4,978,028.13 498,791.41 0.06





CHINA YURUN FOOD 845,204.09 913,113.16 0.11

MANDARIN ORIENTAL INTERNATIONAL 641,296.68 884,989.23 0.10


TRINITY 1,825,393.59 1,458,525.14 0.17


8,028,391.45 0.95

BRESIL


BRF FOODS 191,593.33 3,321,466.58 0.39


CIA SANEAMENTO MG 126,158.93 2,021,940.78 0.24

DURATEX SA 455,342.91 2,112,052.90 0.25

FIBRIA ADR (R.1 SHS) 276,718.96 2,094,762.49 0.25

JBS 407,155.12 796,214.35 0.09

KLABIN 903,498.34 2,531,012.36 0.30

SABESP 129,849.27 3,056,922.34 0.36

SABESP ADR (R.2 SHS) 9,645.95 447,089.51 0.05

SLC AGRICOLA 78,161.43 658,977.05 0.08

SUZANO PAPEL 'A' PREF 569,578.10 2,565,208.11 0.30


27,157,392.51 3.19

CANADA

5N PLUS 244,873.35 1,724,846.30 0.20

ACADIAN TIMBER 97,094.99 922,454.28 0.11

AGRIUM (USD) 43,251.38 2,895,055.75 0.34

BIOEXX SPECIALTY PROTEINS 567,416.94 190,582.52 0.02

BIOTEQ ENVIRONMENTAL TECHN. 215,573.72 57,925.07 0.01

BORALEX A 126,454.93 844,613.12 0.10

CANFOR 99,145.65 995,217.86 0.12

CANFOR PULP PRODUCTS 14,501.90 173,263.37 0.02

FIBREK 97,731.63 74,092.64 0.01

INNERGEX RENEWABLE ENERGY 172,091.71 1,544,131.86 0.18

POTASH SASKATCHEWAN (CAD) 90,158.54 3,896,650.20 0.46

PROGRESSIVE WASTE SOLUTIONS (USD) 63,312.53 1,302,971.03 0.15

PURE TECHNOLOGIES 99,261.29 301,961.72 0.04

RESEARCH IN MOTION 57,317.36 1,174,897.76 0.14

SAPUTO 42,092.86 1,667,480.96 0.20

STANTEC (CAD) 51,453.18 1,152,953.56 0.14

SUNOPTA (CAD) 180,085.37 887,820.68 0.10

TELUS -NVTG- 44,751.55 2,097,903.16 0.25

VALEANT PHARMACEUTICALS INTER. 21,266.53 789,413.51 0.09

WEST FRASER TIMBER 44,201.53 1,690,357.06 0.20

24,384,592.41 2.88

CHILI

CFR PHARMACEUTICALS 17,026,237.25 3,642,771.24 0.43

COPEC 160,466.33 1,920,498.82 0.23

EMPRESAS CMPC 1,068,690.44 3,656,715.75 0.43

INVERSIONES AGUAS METROPOL 1,409,038.72 1,924,769.53 0.23

MASISA 5,711,378.59 506,455.49 0.06

11,651,210.83 1.38




389


CHINE

CHINA BLUECHEMICAL 'H' 1,730,055.29 1,337,897.27 0.16

CHINA LONGYUAN POWER GROUP 'H' 2,409,264.84 2,008,613.35 0.24

CHINA SUNTIEN GREEN ENERGY ´H´ 5,141,650.02 957,717.93 0.11

4,304,228.55 0.51

CHYPRE

ROS AGRO -GDR- (R.1/5 SHS) 47,995.13 407,478.58 0.05

407,478.58 0.05

COREE DU SUD

DC CHEMICAL CO LTD 5,048.63 889,235.94 0.10

GREEN CROSS 20,635.98 2,977,824.51 0.35

NHN 9,643.99 1,858,266.04 0.22

WOONG JIN COWAY 54,348.75 1,771,518.70 0.21

7,496,845.19 0.88

DANEMARK

CHRISTIAN HANSEN HOLDING 48,268.29 1,005,208.05 0.12

NOVO NORDISK 'B' 47,848.92 4,796,882.87 0.56

NOVOZYMES 'B' 22,331.19 3,199,027.75 0.38


9,465,965.75 1.11

ESPAGNE

ACCIONA 20,859.69 1,781,405.97 0.21

EDP RENOVAVEIS 418,444.94 2,296,240.01 0.27

SOL MELIA 141,536.70 940,006.76 0.11

VISCOFAN 35,545.69 1,289,109.03 0.15

6,306,761.77 0.74

ETATS-UNIS

3 M 32,564.37 2,337,796.00 0.27

ACME PACKET 29,307.93 1,248,224.80 0.15

AGCO 52,854.22 1,827,169.96 0.21

ALEXION PHARMACEUTICALS 63,648.41 4,077,317.29 0.48

AMAZON.COM 16,329.62 3,530,954.65 0.41

AMERICAN PUBLIC EDUCATION 57,743.69 1,963,285.31 0.23

AMERICAN STATES WATER 14,844.44 503,671.66 0.06

AMERICAN WATER WORKS 159,244.26 4,805,990.69 0.56

AMGEN 104,143.45 5,722,682.60 0.67

ANDERSONS 33,882.57 1,140,486.61 0.13

APPLE 10,996.80 4,191,761.52 0.49

AQUA AMERICA 128,659.90 2,775,193.45 0.33


ARIAD PHARMACEUTICALS 527,506.42 4,636,776.13 0.54

ARIBA 25,084.44 695,089.71 0.08

ARUBA NETWORKS 60,244.08 1,259,703.74 0.15

AUTOLIV 34,192.59 1,658,340.46 0.19

AUXILIUM PHARMACEUTICALS 118,479.71 1,776,010.82 0.21

AVEO PHARMACEUTICALS 139,607.78 2,148,563.74 0.25





AXT 254,610.05 1,283,234.68 0.15

BADGER METER 18,588.86 537,775.52 0.06

BALCHEM 19,257.16 718,484.60 0.08

BIOGEN IDEC 54,822.26 5,106,693.84 0.60

BIOMARIN PHARMACEUTICAL 154,339.79 4,918,809.14 0.58

BLACKBOARD 27,406.36 1,223,967.92 0.14

BRUKER BIOSCIENCES 66,756.96 903,220.93 0.11

BUCKEYE PARTNERS 19,538.62 1,221,359.00 0.14

BUCKEYE TECHNOLOGY 8,319.68 200,587.51 0.02

CALGON CARBON 41,745.50 608,231.75 0.07

CALIFORNIA WATER SERVICE 35,230.34 623,929.24 0.07

CAVIUM 32,564.37 879,563.59 0.10

CELGENE 74,850.45 4,634,740.13 0.54

CENTURYTEL 36,314.95 1,202,750.93 0.14

CF INDUSTRIES HOLDINGS 23,633.79 2,916,172.86 0.34

CHIQUITA BRANDS INTERNATIONAL 74,866.08 624,383.00 0.07

CLARCOR 19,614.88 811,663.68 0.10

CLEAN HARBORS 127,008.72 6,515,545.54 0.76

COACH 32,337.31 1,676,042.06 0.20

COMCAST 'A' 85,454.56 1,785,999.54 0.21

COMMVAULT SYSTEMS 32,564.37 1,206,835.49 0.14

COMSCORE 73,616.54 1,241,910.99 0.15

CONCUR TECHNOLOGIES 26,378.62 981,812.16 0.12

CONSTANT CONTACT 83,931.99 1,451,183.24 0.17

CORN PRODUCTS INTERNATIONAL 57,308.08 2,248,768.64 0.26

DANAHER 94,470.31 3,962,082.91 0.46

DARLING INTERNATIONAL 48,039.93 604,822.57 0.07

DEERE 72,059.89 4,652,905.53 0.55

DELTIC TIMBER 68,662.06 4,097,751.77 0.48

DENDREON 138,754.13 1,248,787.15 0.15

DIGITAL REALTY TRUST 45,590.12 2,514,750.32 0.30

DIRECTV 35,361.82 1,494,036.98 0.18

DOMTAR 3,255.53 221,929.39 0.03

DONALDSON 43,010.71 2,356,985.81 0.28

DST SYSTEMS 22,795.06 999,107.16 0.12

EBAY 101,593.87 2,996,002.13 0.35

ECOLAB 89,552.01 4,378,197.91 0.51

EMC 159,565.40 3,349,276.25 0.39

EQUINIX 21,166.84 1,880,250.13 0.22

ESTEE LAUDER 'A' 27,339.79 2,401,526.67 0.28

EXPEDIA 81,419.74 2,096,558.27 0.25

EXTRA SPACE STORAGE 91,180.23 1,698,686.80 0.20

F5 NETWORKS 325.64 23,136.98 0.00


FLOWSERVE 15,025.51 1,111,887.42 0.13

FORESTAR REAL ESTATE GP. 84,017.96 916,635.97 0.11

FORTINET 45,590.12 765,913.94 0.09

FRANKLIN ELECTRIC 25,421.64 922,296.80 0.11

GEN PROBE 3,256.44 186,431.01 0.02

GILEAD SCIENCES 106,159.23 4,118,977.02 0.48

GLOBAL PAYMENTS 34,192.59 1,381,038.58 0.16

GOOGLE 'A' 5,712.70 2,938,500.75 0.34





391


GREIF 'A' 21,308.92 913,939.38 0.11

GT ADVANCED TECHNOLOGIES 81,647.85 573,167.09 0.07

HEARTLAND PAYMENT SYSTEMS 65,128.74 1,284,338.03 0.15

HOSPIRA 88,220.39 3,264,154.29 0.38

HUMAN GENOME SCIENCES 132,421.69 1,680,431.18 0.20

HYATT 'A' 26,203.44 822,001.75 0.10

IAC/INTERACTIVECORP 111,947.38 4,427,517.86 0.52

IDEX 23,522.95 732,974.97 0.09

ILLUMINA 52,956.89 2,166,996.05 0.25

INCYTE 271,861.68 3,797,907.67 0.45

INSITUFORM TECHNOLOGIES 'A' 52,812.51 611,568.75 0.07

INTERMUNE 260,670.24 5,265,536.27 0.62



INTUIT 27,025.72 1,282,099.87 0.15

IRON MOUNTAIN 128,629.25 4,067,257.04 0.48

ITC HOLDINGS 50,065.91 3,876,603.24 0.45

ITT 84,478.34 3,548,089.70 0.42

J&J SNACK FOODS 9,010.70 432,964.18 0.05


JUNIPER NETWORKS 32,564.37 562,061.00 0.07

KAPSTONE PAPER 67,445.35 936,815.88 0.11

KIMBERLY CLARK 40,837.81 2,899,893.08 0.34

LAS VEGAS SANDS 57,975.44 2,222,777.79 0.26

LIFE TECHNOLOGIES 82,753.74 3,180,226.05 0.37

LITTELFUSE 11,397.53 458,294.64 0.05

LOUISIANA PACIFIC 102,236.76 521,406.43 0.06

LUMINEX 148,247.29 3,286,642.50 0.39


MARKWEST ENERGY 41,340.68 1,899,604.41 0.22

MAXWELL TECHNOLOGIES (USD) 67,184.46 1,236,865.92 0.15

MCCORMICK NON-VTG 11,585.19 534,772.22 0.06

MEADWESTVACO 116,028.69 2,849,663.42 0.33

MEDIVATION 122,177.36 2,074,571.63 0.24

MERCADOLIBRE 38,026.33 2,043,915.21 0.24

MISTRAS GROUP 39,077.24 686,195.98 0.08

MOSAIC 83,439.12 4,086,012.25 0.48

MYLAN 303,842.83 5,165,328.16 0.61

NEOGEN 31,239.95 1,084,650.78 0.13

NETAPP INC 45,590.12 1,547,328.07 0.18

NETFLIX 6,261.59 708,561.78 0.08

NII HOLDINGS 'B' 57,553.36 1,551,062.57 0.18

NIKE 'B' 32,351.23 2,766,353.16 0.32

NUANCE COMMUNICATIONS 77,232.66 1,572,456.09 0.18

ONYX PHARMACEUTICALS 155,459.21 4,665,330.88 0.55

OPTIMER PHARMACEUTICALS 206,109.23 2,852,551.71 0.33

PACKAGING CORP OF AMERICA 46,498.16 1,083,407.08 0.13

PALL 26,071.00 1,105,409.91 0.13

PENTAIR 30,967.17 991,258.61 0.12

PERRIGO 65,534.74 6,364,077.66 0.75

PHARMASSET 76,153.66 6,272,777.07 0.74

PLAINS ALL AMERICA PIPELINE 19,538.62 1,151,215.55 0.14

PLUM CREEK TIMBER 189,466.84 6,576,394.12 0.77





POLYCOM 32,050.22 588,762.54 0.07

POOL 22,053.13 577,350.78 0.07

POPE RESOURCES 31,634.86 1,270,455.68 0.15

POTLATCH 172,773.21 5,445,811.63 0.64

PUBLIC STORAGE 35,820.81 3,988,646.29 0.47

PULTE HOMES 78,593.07 310,442.62 0.04

PVH 39,015.02 2,272,234.47 0.27

QUANTA SERVICES 60,626.50 1,139,171.37 0.13

RACKSPACE HOSTING 19,869.61 678,348.61 0.08

RALCORP 9,010.70 691,210.92 0.08

RALPH LAUREN -A- 24,661.55 3,198,601.96 0.38

RAYONIER 173,841.95 6,395,643.44 0.75

REGAL-BELOIT 55,478.42 2,517,610.58 0.30

REPUBLIC SERVICES 109,386.08 3,069,371.67 0.36

RIGHTNOW TECHNOLOGIES 65,204.31 2,155,001.69 0.25

ROCK-TENN 'A' 37,915.40 1,845,721.68 0.22

ROCKWELL AUTOMATION 29,133.48 1,631,474.98 0.19

ROPER INDUSTRIES 53,778.20 3,705,854.61 0.43

RUBICON TECHNOLOGY 39,681.60 433,719.85 0.05

SAGENT PHARMACEUTICALS 157,003.16 3,177,742.41 0.37

SAKS 155,526.66 1,360,857.96 0.16

SALESFORCE.COM 11,609.64 1,326,749.68 0.16

SAVIENT PHARMACEUTICALS 258,332.54 1,059,160.83 0.12

SEMPRA ENERGY 45,006.74 2,317,847.32 0.27

SEQUENOM 294,471.15 1,498,855.22 0.18

SOHU. COM 18,841.87 908,178.37 0.11

SOLERA HOLDINGS 30,794.09 1,555,101.78 0.18


SPECTRA ENERGY 128,019.62 3,140,321.20 0.37



STERICYCLE 48,846.55 3,942,893.23 0.46

SYMANTEC 175,847.59 2,866,315.70 0.34

SYSCO 126,407.31 3,273,947.47 0.38

TALEO 'A' 50,587.58 1,301,112.04 0.15

TEMPUR-PEDIC INTERNATIONAL 28,675.46 1,508,615.51 0.18

TETRA TECH 97,218.25 1,821,868.72 0.21

THERAVANCE 124,211.89 2,501,627.55 0.29


TIFFANY 66,492.99 4,044,102.59 0.47


TORO 16,733.73 824,470.68 0.10

TRW AUTOMOTIVE 42,333.68 1,385,580.88 0.16

TYSON FOODS 'A' 124,914.11 2,168,507.26 0.25

UNITED THERAPEUTICS 82,300.16 3,085,432.84 0.36

VALMONT INDUSTRIES 10,604.63 826,524.88 0.10

VARIAN MEDICAL 17,910.40 934,206.42 0.11

VEECO INSTRUMENTS 32,167.34 784,882.82 0.09

VERIFONE HOLDINGS 68,385.17 2,394,848.77 0.28

VERTEX PHARMACEUTICALS 82,987.50 3,696,262.23 0.43

VMWARE 19,538.62 1,570,514.16 0.18

WABCO HOLDINGS 37,449.02 1,417,819.66 0.17

WARNACO GROUP 'A' 19,528.98 900,090.46 0.11




393


WASTE CONNECTIONS 46,696.33 1,579,269.53 0.19

WASTE MANAGEMENT 52,446.78 1,707,666.83 0.20

WATERS 32,564.37 2,458,283.84 0.29

WATSON PHARMACEUTICALS 50,317.68 3,434,181.77 0.40

WEBSENSE 58,615.86 1,014,054.43 0.12

WEYERHAEUSER 364,980.94 5,675,453.66 0.67


YAHOO 152,790.48 2,010,722.68 0.24

ZEBRA TECHNOLOGIES 'A' 1,628.22 50,377.08 0.01

399,356,204.17 46.85

FINLANDE

FORTUM 75,120.03 1,783,961.49 0.21

KEMIRA 30,808.82 342,058.01 0.04

OUTOTEC 72,723.14 2,634,468.96 0.31

STORA ENSO 'R' 389,143.87 2,308,796.46 0.27

UPM-KYMMENE 308,859.90 3,532,747.79 0.41

10,602,032.71 1.24

FRANCE

BUREAU VERITAS 21,166.84 1,538,123.84 0.18

DIOR CHRISTIAN 21,905.37 2,484,968.80 0.29


GAMELOFT 98,071.77 486,858.15 0.06

HERMES INTERNATIONAL 4,685.13 1,419,707.12 0.17

INGENICO (CIE IND. & FIN. D'INGEN.) 26,051.49 985,336.19 0.12

INTER PARFUMS 32,885.97 912,909.74 0.11

L.V.M.H. 40,418.61 5,404,000.86 0.63

LAURENT PERRIER 15,555.40 1,562,174.65 0.18

L'OREAL 23,794.91 2,342,709.42 0.27

PERNOD-RICARD 28,793.86 2,272,769.42 0.27

PPR 17,444.93 2,280,206.45 0.27

REMY COINTREAU 35,699.65 2,483,530.17 0.29


SUEZ ENVIRONNEMENT 175,483.39 2,460,416.34 0.29

VEOLIA ENVIRONNEMENT 172,090.15 2,555,996.98 0.30

35,071,216.57 4.12

GRECE

ALAPIS 151,551.49 20,333.72 0.00

20,333.72 0.00

HONG KONG

CHINA EVERBRIGHT INTL 1,876,036.24 443,431.01 0.05

CHINA MOBILE ADR (R. 5 SHS) 65,291.09 3,180,329.17 0.37

GUANGDONG INVESTMENT 4,278,272.78 2,676,482.74 0.31

HONG KONG & CHINA GAS 935,235.46 2,116,868.97 0.25

8,417,111.89 0.98

HONGRIE

GEDEON RICHTER 11,419.92 1,564,066.04 0.18

1,564,066.04 0.18





ILES CAÏMANS

3SBIO ADR (R.7 SHS) 234,290.85 2,795,089.81 0.33

BAIDU. COM ADR 'A' (R. 1 SHS 'A') 18,805.33 2,010,477.98 0.24

CATCH THE WIND (CAD) 565,509.35 103,111.29 0.01

CATCH THE WIND (R1933) (PROV.) 648,600.22 118,261.54 0.01

CHINA FORESTRY HOLDINGS 1,364,033.65 258,454.57 0.03



CTRIP.COM INTL ADR (R.1/2 SHS) 15,771.98 507,226.77 0.06

ENN ENERGY HLDGS 661,450.94 2,166,730.63 0.25


GCL-POLY ENERGY HOLDINGS 7,825,479.39 2,080,876.50 0.24

INTIME DEPARTMENT STORE 1,212,462.07 1,356,604.74 0.16


MGM CHINA HOLDINGS 814,466.42 1,079,741.75 0.13


NEW ENVIRONMENTAL ENERGY HOLDINGS 1,320,082.13 64,439.41 0.01


SHENGUAN HOLDINGS 1,314,018.18 675,193.70 0.08

SINA 16,786.40 1,202,073.77 0.14


TINGYI (CAYMAN ISLANDS) HOLDING 295,036.21 726,927.24 0.09

WANT WANT CHINA 1,004,564.84 913,646.61 0.11

WASION GROUP 1,254,430.59 367,407.98 0.04

WYNN MACAU 414,468.43 999,894.22 0.12

XINYU HENGDELI HLGDS 4,065,166.36 1,415,189.60 0.17

24,205,996.54 2.85

ÎLES MARSHALL

TEEKAY LNG PARTNERS LP 31,122.51 968,532.65 0.11

968,532.65 0.11

INDE

COROMANDEL INTERNATIONAL 79,286.73 493,690.41 0.06

DR REDDY'S LAB ADR (R. 1 SHS) 100,632.81 2,998,857.78 0.35

GAIL INDIA 137,203.49 1,150,156.23 0.13



MCLEOD RUSSEL INDIA DEMAT. 160,058.43 778,150.27 0.09

SHREE RENUKA SUGARS DEMAT. 558,771.30 628,653.33 0.07

8,494,462.68 0.98

INDONESIE

PERUSAHAAN GAS NEGA 'B' 2,637,613.61 802,427.80 0.09


916,080.04 0.10

IRLANDE

SMURFIT KAPPA 127,688.41 770,940.25 0.09

770,940.25 0.09




395


ISRAËL


BEZEQ ISRAEL TELECOMMUNICATION 471,690.16 904,559.55 0.11

CHECK POINT SOFTWARE TECHNOLOGIES 26,051.49 1,374,476.60 0.16

FRUTAROM INDUSTRIES 116,733.16 1,012,340.03 0.12

ISRAEL CHEMICALS 134,012.35 1,588,373.31 0.19


8,075,930.50 0.95

ITALIE

DAVIDE CAMPARI 187,050.93 1,376,553.89 0.16

ENEL GREEN POWER 1,012,185.10 2,331,776.66 0.27

HERA 336,621.89 514,877.51 0.06

PRADA 401,126.40 1,692,714.20 0.20

SAFILO GROUP 143,493.50 1,133,014.36 0.13

SNAM RETE GAS 512,747.13 2,380,323.88 0.28

TOD'S 9,641.67 824,040.14 0.10

YOOX 118,413.66 1,541,892.36 0.18

11,795,193.00 1.38

JAPON

ASICS CORP 71,207.26 980,165.30 0.12

DENSO 39,077.24 1,273,005.71 0.15

EBARA 251,791.72 1,012,657.97 0.12

IWATSUKA CONFECTIONERY 1,905.12 67,475.28 0.01

KURITA WATER INDUSTRIES 82,442.14 2,334,869.76 0.27

N.T.T. 57,819.81 2,797,984.21 0.33


NINTENDO 5,595.47 824,658.84 0.10

NIPPON PAPER GROUP 24,827.52 666,106.32 0.08

OJI PAPER 167,709.06 929,060.77 0.11

RAKUTEN 1,099.30 1,287,844.99 0.15

SAWAI PHARMACEUTICAL 42,380.37 4,596,537.31 0.54

SOFTBANK 28,434.10 845,500.50 0.10

SUMITOMO FORESTRY 143,604.99 1,265,024.79 0.15

TOKYO GAS CO 678,416.22 3,177,336.10 0.37

TOWA PHARMACEUTICAL 67,963.59 3,138,961.79 0.37

28,711,686.06 3.38

LUXEMBOURG

MHP GDR (R.1 SHS) 38,617.31 474,992.76 0.06

SES GLOBAL FDR 66,153.63 1,621,619.51 0.19

2,096,612.27 0.25

MALAISIE


IOI CORPORATION 504,264.78 734,481.11 0.09

778,260.00 0.10





NORVEGE

ALGETA 143,397.23 4,249,892.70 0.50

AUSTEVOLL SEAFOOD 196,759.29 687,032.00 0.08

CERMAQ 58,929.49 632,355.23 0.07

MARINE HARVEST 831,808.27 365,253.18 0.04

MORPOL 264,941.49 566,345.64 0.07

YARA INTERNATIONAL 66,363.07 2,572,684.60 0.30

9,073,563.35 1.06

PAYS-BAS

AALBERTS INDUSTRIES 46,179.46 697,969.95 0.08

CSM 57,228.79 1,144,082.98 0.13

IMTECH 40,743.39 1,162,189.97 0.14


NUTRECO HOLDING 27,934.47 1,762,299.83 0.21

SENSATA TECHNOLOGIE 42,333.68 1,120,149.14 0.13

8,380,918.29 0.98

PHILIPPINES

ENERGY DEVELOPMENT 14,584,798.15 1,884,598.22 0.22

MANILA WATER COMPANY 1,787,007.20 775,697.38 0.09

2,660,295.60 0.31

PORTUGAL

ALTRI SGPS 69,716.33 106,447.01 0.01

PORTUCEL 314,333.14 740,157.26 0.09

846,604.27 0.10

ROYAUME-UNI

AMARIN CORPORATION -ADR SPONS.- 241,231.70 2,219,329.26 0.26

ASSOCIATED BRITISH FOODS 133,873.33 2,314,879.52 0.27

BG GROUP 172,086.84 3,328,171.69 0.39

BURBERRY GROUP 182,838.47 3,343,855.00 0.39

DIAGEO 111,517.11 2,140,247.27 0.25

EXPERIAN 99,321.32 1,121,739.99 0.13

G4S 781,544.84 3,250,699.77 0.38

HALMA 242,604.54 1,192,745.06 0.14

HIKMA PHARMACEUTICALS 720,951.44 6,401,659.44 0.87

INMARSAT 99,697.50 763,497.89 0.09

INTERTEK GROUP 68,385.17 1,976,139.35 0.23

MONDI (GBP) 456,573.44 3,369,191.71 0.40

NORTHUMBRIAN WATER 366,571.58 2,646,794.85 0.31

PENNON GROUP 379,875.65 3,997,408.72 0.47

PLANT HEALTH CARE 486,219.22 406,173.12 0.05

ROTORK 26,551.49 642,350.11 0.08

SEVERN TRENT 103,517.39 2,485,007.39 0.29

SHIRE ADR (R. 3 SHS) 37,547.34 3,526,821.73 0.41

SMITHS GROUP 325.64 5,070.34 0.00

TELECITY GROUP 218,181.27 1,898,245.32 0.22




397


UNITED UTILITIES GROUP 251,757.35 2,447,250.96 0.29


ZENERGY POWER 86,551.40 7,078.56 0.00

53,189,556.27 6.35

RUSSIE




RUSHYDRO ADR (R.100 SHS) 278,664.87 958,607.16 0.11


9,134,990.95 1.07

SINGAPOUR

BANYAN TREE 1,304,939.92 650,917.49 0.08

EPURE INTL 1,392,702.39 448,879.40 0.05

FIRST RESOURCES 765,137.55 725,151.15 0.09

HYFLUX 507,102.38 579,834.41 0.07

INDOFOOD AGRI RESOURCES 384,370.91 364,283.53 0.04

WILMAR INTERNATIONAL 936,855.83 3,788,832.84 0.44

6,557,898.82 0.77

SLOVENIE

KRKA 26,937.25 1,857,328.25 0.22

1,857,328.25 0.22

SUEDE

ASSA ABLOY 'B' 78,154.48 1,623,809.26 0.19

HOLMEN 'B' 80,830.17 2,025,403.39 0.24

MEDIVIR 'B' 96,189.61 1,277,962.76 0.15

SVENSKA CELLULOSA 'B' 395,211.32 4,853,684.97 0.57

9,780,860.38 1.15

SUISSE

ABB LTD 106,586.42 1,850,564.66 0.22

ACTELION NOM. 83,313.35 2,779,251.79 0.33

BASILEA PHARMACEUTICA NOM. 9,140.81 391,475.63 0.05


GEBERIT 12,643.94 2,348,378.73 0.28


LINDT & SPRUENGLI 575.59 1,679,308.31 0.20

LONZA GROUP 50,042.49 3,030,207.09 0.36

SULZER 4,436.76 460,625.87 0.05

SYNGENTA AG 12,496.05 3,281,191.40 0.39

THE SWATCH GROUP 7,737.69 2,575,254.38 0.30


26,838,601.96 3.17

TAÏWAN

EPISTAR 814,918.47 1,446,666.17 0.17


2,984,694.30 0.35





THAÏLANDE

THAI VEGETABLE OIL -NVDR- 1,083,678.83 610,081.64 0.07

610,081.64 0.07

TOTAL ACTIONS 811,301,875.25 95.38

WARRANTS


AUROBINDO (ML) LEPO WTS 4.8.15 159,854.15 407,628.09 0.05

BIOCON (ML) LEPO-WTS 21.05.15 228,166.51 1,572,630.84 0.18

CIPLA (ML CUR.) LEPO WTS 23.09.15 331,797.05 1,906,147.53 0.22

DIVI'S LABO. (ML) LEPO WTS 20.10.14 204,386.06 3,069,520.96 0.36

STRIDES ARC. (ML) LEPO WTS 09.09.15 324,115.37 2,340,838.98 0.27

9,296,766.40 1.08

ROYAUME-UNI

ALMARAI (DBL) LEPO WTS 03.12.12 52,208.02 1,197,004.41 0.14

LUPIN (DBL) LEPO WTS 20.2.17 504,385.61 4,885,383.15 0.57

RANBAXY (DB. L) LEPO WTS 30.01.17 213,983.86 2,245,195.70 0.26

SAFCO (DB LDN) LEPO-WTS 03/12/12 9,707.36 471,012.70 0.06

SUN PHARMA. (DB) LEPO WTS 06.02.17 296,610.72 2,801,144.21 0.33

11,599,740.17 1.36

TOTAL WARRANTS 20,896,506.57 2.44

TOTAL I. 832,198,381.82 97.82


ACTIONS

ETATS-UNIS

IBIQUITY DIGITAL PREF 'A' REST. 10,265.21 0.00 0.00

INTARCIA THERAPEU. PFD 'BB-2' (PROV) 6,033.49 7,964.21 0.00

INTARCIA THERAPEUTICS PREF 'AA' 12,652.42 16,195.09 0.00



METABOLEX PFD 'E1' 16,753.78 7,371.66 0.00

METABOLEX PREF 'A1' 1,784.96 785.38 0.00

METABOLEX PREF 'B1' 150,784.30 66,345.09 0.01

METABOLEX PREF 'D1' 22,283.91 9,804.92 0.00


PTC THERAPEUTICS PREF CV 'E-2' 3,546.27 28,370.13 0.00


UNDERGROUND SOLUTIONS 1,941,159.83 281,468.12 0.03

WORLDCOM-MCI GROUP 220.00 0.00 0.00

538,437.94 0.05




399


PORTUGAL


0.00 0.00


OBLIGATIONS

CANADA


0.00 0.00


WARRANTS

ETATS-UNIS

FLEXIBLE SOLUTIONS WRT 03.05.10 1,598.89 0.00 0.00

INTAR. THERAP PFD 'BB-2' WRT 2,709.62 0.03 0.00

INTARCIA THERAP. PFD WTS 02.05.15 5,795.83 0.00 0.00

METABOLEX 'D1' (C-0. 38) WRT. 12.4.12 3,342.55 0.33 0.00

PERFECTENERGY WTS 26.01.10 251,554.16 0.00 0.00

0.36 0.00

ROYAUME-UNI


0.00 0.00


TOTAL II. 538,438.30 0.05


ROYAUME-UNI

PHAUNOS TIMBER FUND 1,512,545.28 1,058,781.70 0.12

1,058,781.70 0.12

TOTAL III. 1,058,781.70 0.12










Etats-Unis 46.90

Royaume-Uni 7.83

France 4.12

Japon 3.38

Brésil 3.19

Suisse 3.17

Canada 2.88

Iles Caïmans 2.85

Allemagne 2.21

Chili 1.38

Italie 1.38

Finlande 1.24

Suède 1.15

Danemark 1.11


Russie 1.07

Norvège 1.06

Afrique du Sud 1.05

Hong Kong 0.98

Inde 0.98

Pays-Bas 0.98

Bermudes 0.95

Israël 0.95

Corée du Sud 0.88

Singapour 0.77

Espagne 0.74

Autriche 0.71

Chine 0.51

Belgique 0.40

Taïwan 0.35

Philippines 0.31

Luxembourg 0.25

Slovénie 0.22

Hongrie 0.18

Australie 0.16

Îles Marshall 0.11

Indonésie 0.10

Malaisie 0.10

Portugal 0.10

Irlande 0.09

Thaïlande 0.07

Chypre 0.05

Grèce 0.00

97.99





Bois et papier 7.12


4.92

Biotechnologie 4.54


Communications 4.29









Warrants 2.44


Immobilier 1.32



Divers 1.20

Gastronomie 1.14


1.11


Emballage 1.01



Pétrole 0.60





Conglomérats 0.36





0.12




97.99

Pictet - US Equity Value Selection



401



ACTIONS

ETATS-UNIS

ABBOTT LABORATORIES 61,400.00 3,139,996.00 2.03

AFLAC 97,000.00 3,390,150.00 2.19

AMERICAN ELECTRIC POWER 84,100.00 3,197,482.00 2.07

AMERIPRISE FINANCIAL W-ISSUED 81,400.00 3,203,904.00 2.07

ANADARKO PETROLEUM 45,300.00 2,856,165.00 1.85

APACHE 37,000.00 2,968,880.00 1.92

AT & T 168,500.00 4,805,620.00 3.11

BANK OF AMERICA 484,904.00 2,967,612.48 1.92

BOEING 53,100.00 3,213,081.00 2.08

BRISTOL MYERS SQUIBB CO 55,900.00 1,754,142.00 1.14

CHEVRON 34,600.00 3,201,192.00 2.07

CIT GROUP 98,500.00 2,991,445.00 1.94

COMCAST 'A' 148,300.00 3,099,470.00 2.01

CVS CAREMARK 101,400.00 3,405,012.00 2.20

DEERE 22,700.00 1,465,739.00 0.95

DELL 356,900.00 5,050,135.00 3.27


DOW CHEMICAL 135,400.00 3,041,084.00 1.97

DU PONT DE NEMOURS 74,800.00 2,989,756.00 1.94

EQT 54,400.00 2,902,784.00 1.88

EXXON MOBIL 45,000.00 3,268,350.00 2.12

FRANKLIN RESOURCES 33,500.00 3,203,940.00 2.07

GENERAL MOTORS 159,300.00 3,214,674.00 2.08

HONEYWELL INTERNATIONAL 70,900.00 3,113,219.00 2.02

INTEL 140,600.00 2,998,998.00 1.94

ITT 120,400.00 5,056,800.00 3.27

JOHNSON & JOHNSON 75,500.00 4,810,105.00 3.11

JP MORGAN CHASE 106,497.00 3,207,689.64 2.08

MERCK & CO 50,100.00 1,638,771.00 1.06

METLIFE 112,971.00 3,164,317.71 2.05

MICROSOFT 124,400.00 3,096,316.00 2.00

NEWFIELD EXPLORATION 70,900.00 2,814,021.00 1.82

OCCIDENTAL PETROLEUM 64,997.00 4,647,285.50 3.01

ORACLE SYSTEMS 106,600.00 3,063,684.00 1.98

PFIZER INC. 267,307.00 4,725,987.76 3.06

PHILIP MORRIS WI (USD) 51,700.00 3,225,046.00 2.09

SEMPRA ENERGY 62,700.00 3,229,050.00 2.09

SYSCO 67,200.00 1,740,480.00 1.13

TIME WARNER WHEN ISSUED 107,800.00 3,230,766.00 2.09

TRAVELERS COMPANIES 66,100.00 3,221,053.00 2.09

UNION PACIFIC 37,768.00 3,084,512.56 2.00

WAL-MART STORES 62,000.00 3,217,800.00 2.08

WALT DISNEY HOLDING 115,400.00 3,480,464.00 2.25

WELLS FARGO 134,489.00 3,243,874.68 2.10

140,945,186.33 91.24





IRLANDE

COVIDIEN 73,801.00 3,254,624.10 2.11

3,254,624.10 2.11

ISRAËL


3,313,324.40 2.15

SUISSE

ACE 52,400.00 3,175,440.00 2.06

TYCO ELECTRONICS 111,900.00 3,148,866.00 2.04

6,324,306.00 4.10







403




Etats-Unis 91.24

Suisse 4.10

Israël 2.15

Irlande 2.11

99.60



Pétrole 12.79






Assurances 6.33

Communications 5.12




Loisirs 2.25


Divers 2.11






Conglomérats 2.02



99.60

Pictet - Middle East And North Africa





ACTIONS

EGYPTE

COMMERCIAL INTERNATIONAL BANK 125,629.00 482,713.67 2.14

JUHAYNA FOOD INDUSTRIES 161,640.00 124,920.75 0.55

MARIDIVE AND OIL SERVICES 69,242.00 130,174.96 0.58

ORASCOM CONSTRUCTION INDUST. NOM. 21,955.00 783,673.15 3.47

ORASCOM TELECOM 566,312.00 315,194.71 1.40

1,836,677.24 8.14

EMIRATS ARABES UNIS

ABU DHABI COMMERCIAL BANK 258,094.00 205,884.91 0.91

ARAMEX 292,656.00 143,419.74 0.64

DEPA 197,659.00 90,923.14 0.40

DP WORLD 48,817.00 498,421.57 2.21

DRAKE & SCULL INTL 1,374,595.00 300,142.93 1.33

EMAAR PROPERTIES 970,154.00 726,360.75 3.22

EMIRATES NBD 108,323.00 114,132.84 0.51

FIRST GULF BANK 96,039.00 373,906.20 1.66

NATIONAL BANK OF ABU DHABI 83,064.00 239,716.38 1.06

2,692,908.46 11.94

KOWEÏT

BURGAN BANK 284,621.00 513,756.13 2.28

COMBINED GROUP CONTRACT 22,000.00 111,191.30 0.49

GULF BANK 285,000.00 535,017.86 2.37

KUWAIT FINANCE HOUSE 305,519.00 992,660.65 4.40

KUWAIT INVESTMENT PROJECTS 283,056.00 321,886.67 1.43

MABANEE COMPANY 77,000.00 225,162.37 1.00

MOBILE TELECOMMUNICATION 566,040.00 1,920,857.07 8.51

NATIONAL BANK OF KUWEIT 474,007.00 1,813,888.95 8.04

NATIONAL INDUSTRIES 230,000.00 179,350.12 0.79

NATIONAL MOBILE TELECOM 55,000.00 373,285.06 1.65

6,987,056.18 30.96

LIBAN

BLOM BANK 'B' GDR (R. 1 SHS 'B') 22,097.00 176,113.09 0.78

176,113.09 0.78

OMAN

BANKMUSCAT 301,665.00 525,689.67 2.33

RENAISSANCE SERVICE 72,280.00 120,513.35 0.53

646,203.02 2.86




405


QATAR

COMMERCIAL BANK OF QUATAR 19,220.00 418,020.84 1.85

INDUSTRIES OF QATAR 13,570.00 461,711.32 2.05

MASRAF AL RAYAN 83,056.00 568,379.65 2.52

QATAR ELECTRICITY AND WATER 13,566.00 512,240.47 2.27

QATAR GAS TRANS 30,574.00 143,739.29 0.64

QATAR NATIONAL BANK 33,295.00 1,301,078.01 5.77

QATAR NAVIGATION 6,113.00 135,471.27 0.60

QATAR TELECOM 12,858.00 518,345.08 2.30

4,058,985.93 18.00

ROYAUME-UNI

ALMARAI (HSBC) -ELN- 29/09/14 16,843.00 386,169.57 1.71

386,169.57 1.71

TOTAL ACTIONS 16,784,113.49 74.39

CERTIFICATS

ROYAUME-UNI

SAUDI BASIC IND. (CSI) CRT 31.10.12 40,881.00 1,008,145.90 4.47

1,008,145.90 4.47


OBLIGATIONS

PAYS-BAS

AL-RAHJI BANK (MS) P.NOTE 04.8.11 USD 63,435.00 1,171,140.14 5.19

0% MS (SAUDI PETRO) ELN 10/13 USD 37,363.00 179,795.61 0.80

1,350,935.75 5.99

ROYAUME-UNI

NATIONAL INDUS. (CS) P-NOTE 11/12 USD 50,636.00 531,882.57 2.36

YANBU NTL. PET. (HSBC) ELN 10/13 USD 10,543.00 127,046.52 0.56

658,929.09 2.92


WARRANTS

ETATS-UNIS

ETIHAD ETIS (CITI) LEPO WTS 16.2.11 53,107.00 750,391.29 3.33

750,391.29 3.33





ROYAUME-UNI

ARAB NAT.BK.(DB)LEPO WTS 31.12.12 40,284.00 298,564.06 1.32

SAUDI BRIT.(DB)LEPO WTS 08.12.12 22,601.00 237,401.81 1.05

SAUDI CEMENT (DB) LEPO WTS 03.01.13 17,862.00 301,197.08 1.34

837,162.95 3.71


TOTAL I. 21,389,678.47 94.81


CERTIFICATS

BERMUDES

RIYAD BANK (CLSA) CRT 09/14 100,423.00 633,176.05 2.81

633,176.05 2.81

TOTAL CERTIFICATS 633,176.05 2.81

OBLIGATIONS

BERMUDES

JARIR (CLSA FIN.) ELN 10/14 USD 4,600.00 210,320.74 0.93

210,320.74 0.93


TOTAL II. 843,496.79 3.74







407




Koweït 30.96

Qatar 18.00

Royaume-Uni 12.81


Egypte 8.14

Pays-Bas 5.99

Bermudes 3.74

Etats-Unis 3.33

Oman 2.86

Liban 0.78

98.55





Certificats 7.28

Warrants 7.04



Immobilier 4.22

Divers 3.74




Pétrole 1.17




98.55






ACTIONS

AFRIQUE DU SUD

SAPPI 6,581.10 14,552.00 0.08

14,552.00 0.08

ALLEMAGNE

AIXTRON 5,938.22 65,142.33 0.36

ELSTER GROUP ADR (R. 1/4 SHS) 11,890.96 132,495.52 0.73

GEA GROUP 1,958.58 34,598.28 0.19


JOYOU 1,029.54 10,192.40 0.06

K+S REG. 683.68 27,059.98 0.15

KSB PREF N-VTG 68.71 27,140.58 0.15

SUEDZUCKER 895.35 19,151.55 0.11

WACKER CHEMIE 686.74 46,183.34 0.25

516,338.57 2.85

AUSTRALIE

TFS CORP 89,213.34 43,944.57 0.24

43,944.57 0.24

AUTRICHE

ANDRITZ 2,317.36 142,749.19 0.79

BWT 1,003.36 15,306.31 0.08

MAYR-MELNHOF KARTON 415.22 28,052.44 0.15

ZUMTOBEL 5,387.41 70,090.18 0.39

256,198.12 1.41

BELGIQUE

SIPEF 548.97 31,911.80 0.18

31,911.80 0.18

BERMUDES

BEIJING ENTERPRISES WATER 314,241.36 42,723.02 0.24

BROOKFIELD INFRASTRUCTURE 4,119.95 74,740.50 0.41

C.P.POKPHAND 216,406.20 16,161.24 0.09

CHINA YURUN FOOD 36,742.94 29,585.59 0.16


170,492.74 0.94

BRESIL


BRF FOODS 8,329.00 107,618.15 0.59

CEMIG MINAS GERAIS PREF 30,968.69 344,809.71 1.90

CIA SANEAMENTO MG 10,964.85 130,977.41 0.72

DURATEX SA 19,774.18 68,360.95 0.38




409


FIBRIA ADR (R.1 SHS) 12,017.08 67,801.31 0.37

JBS 17,699.96 25,797.98 0.14

KLABIN 39,236.24 81,921.44 0.45

SABESP 11,285.59 198,021.52 1.09

SABESP ADR (R.2 SHS) 838.36 28,961.59 0.16

SLC AGRICOLA 3,397.85 21,351.38 0.12



1,275,161.98 7.02

CANADA

5N PLUS 21,275.18 111,692.87 0.62

ACADIAN TIMBER 4,216.55 29,857.14 0.16

AGRIUM (USD) 1,880.24 93,802.10 0.52



BORALEX A 5,491.56 27,337.65 0.15

CANFOR 4,305.60 32,212.28 0.18

CANFOR PULP PRODUCTS 629.77 5,608.03 0.03

FIBREK 4,244.19 2,398.16 0.01

INNERGEX RENEWABLE ENERGY 14,951.74 99,990.66 0.55

POTASH SASKATCHEWAN (CAD) 3,919.40 126,254.56 0.70

PROGRESSIVE WASTE SOLUTIONS (USD) 5,502.68 84,403.94 0.46


SAPUTO 1,829.87 54,027.71 0.30

STANTEC (CAD) 4,471.95 74,686.10 0.41

SUNOPTA (CAD) 7,828.72 28,766.09 0.16

WEST FRASER TIMBER 1,919.54 54,711.89 0.30

855,236.97 4.71

CHILI

COPEC 6,968.57 62,160.91 0.34

EMPRESAS CMPC 46,410.04 118,357.15 0.65

INVERSIONES AGUAS METROPOL 122,463.77 124,682.85 0.69

MASISA 248,028.14 16,392.48 0.09

321,593.39 1.77

CHINE



CHINA SUNTIEN GREEN ENERGY ´H´ 446,718.87 62,017.28 0.34

235,434.49 1.30

CHYPRE

ROS AGRO -GDR- (R.1/5 SHS) 2,086.46 13,202.63 0.07

13,202.63 0.07

COREE DU SUD

DC CHEMICAL CO LTD 438.64 57,582.71 0.32

WOONG JIN COWAY 4,723.61 114,755.55 0.63

172,338.26 0.95





DANEMARK

CHRISTIAN HANSEN HOLDING 2,098.33 32,569.54 0.18

NOVOZYMES 'B' 1,398.16 149,281.32 0.82


211,952.15 1.17

ESPAGNE

ACCIONA 1,812.34 115,355.41 0.64

EDP RENOVAVEIS 36,355.50 148,693.62 0.82

VISCOFAN 1,545.25 41,768.15 0.23

305,817.18 1.69

ETATS-UNIS

AGCO 2,297.69 59,201.76 0.33

AMERICAN STATES WATER 1,290.17 32,626.88 0.18

AMERICAN WATER WORKS 13,840.39 311,322.78 1.71

ANDERSONS 1,472.95 36,952.67 0.20

AQUA AMERICA 11,182.22 179,771.66 0.99

ARCHER-DANIELS MIDLAND 5,759.34 106,498.29 0.59

AXT 22,121.13 83,096.20 0.46

BADGER METER 1,615.61 34,836.06 0.19

BALCHEM 837.15 23,279.47 0.13

BUCKEYE TECHNOLOGY 361.30 6,492.43 0.04

CALGON CARBON 3,628.23 39,400.08 0.22




CLARCOR 1,704.79 52,578.00 0.29

CLEAN HARBORS 5,802.71 221,866.48 1.22

CORN PRODUCTS INTERNATIONAL 2,491.31 72,861.89 0.40

DANAHER 8,210.70 256,656.07 1.41


DEERE 3,132.61 150,757.83 0.83

DELTIC TIMBER 2,981.79 132,632.19 0.73

DOMTAR 141.38 7,183.20 0.04

DONALDSON 3,738.19 152,680.98 0.84

FLOWSERVE 1,305.91 72,025.92 0.40



GREIF 'A' 925.38 29,581.53 0.16


IDEX 2,044.45 47,480.70 0.26


INTERNATIONAL PAPER 3,757.51 65,112.81 0.36

ITC HOLDINGS 4,349.85 251,030.46 1.38

ITT 7,342.27 229,838.39 1.27

J&J SNACK FOODS 391.72 14,028.38 0.08

JOHNSON CONTROLS 9,531.29 187,329.04 1.03

KAPSTONE PAPER 2,928.95 30,321.98 0.17

KIMBERLY CLARK 1,773.46 93,861.02 0.52


MARKWEST ENERGY 3,591.78 123,009.38 0.68




411


MAXWELL TECHNOLOGIES (USD) 5,837.15 80,093.58 0.44

MCCORMICK NON-VTG 503.63 17,327.04 0.10

MEADWESTVACO 5,038.78 92,235.24 0.51

MOSAIC 3,627.29 132,390.04 0.73

NEOGEN 650.25 16,826.82 0.09

PACKAGING CORP OF AMERICA 2,019.28 35,066.71 0.19

PALL 2,265.91 71,606.32 0.39

PENTAIR 2,691.45 64,211.82 0.35


POOL 1,916.70 37,399.67 0.21

POPE RESOURCES 1,373.81 41,120.92 0.23

POTLATCH 7,503.03 176,264.93 0.97

PULTE HOMES 3,413.06 10,048.12 0.06

QUANTA SERVICES 5,267.38 73,767.34 0.41

RALCORP 391.72 22,395.78 0.12

RAYONIER 7,549.44 207,008.19 1.14

REGAL-BELOIT 4,820.10 163,028.53 0.90


ROCK-TENN 'A' 1,646.55 59,740.59 0.33




SEMPRA ENERGY 3,910.29 150,092.81 0.83

SOUTHWESTERN ENERGY 5,297.21 131,590.87 0.72

SPECTRA ENERGY 11,122.65 203,352.32 1.12

SYSCO 5,495.21 106,078.49 0.58

TETRA TECH 8,449.53 118,017.13 0.65

TORO 1,454.38 53,407.62 0.29

TYSON FOODS 'A' 5,430.30 70,261.35 0.39

VALMONT INDUSTRIES 921.68 53,540.68 0.29


WASTE CONNECTIONS 4,058.52 102,302.03 0.56

WASTE MANAGEMENT 4,558.31 110,619.35 0.61

WEYERHAEUSER 15,850.03 183,697.77 1.01

WILLIAMS COMPANIES 10,924.32 198,179.36 1.09

7,080,040.18 38.97

FINLANDE

FORTUM 6,528.91 115,561.57 0.64

KEMIRA 2,677.69 22,157.86 0.12

OUTOTEC 6,318.36 170,595.73 0.94

STORA ENSO 'R' 16,899.36 74,728.96 0.41

UPM-KYMMENE 13,412.86 114,344.67 0.63

497,388.79 2.74

FRANCE




517,492.26 2.85





HONG KONG

CHINA EVERBRIGHT INTL 163,051.92 28,724.60 0.16


HONG KONG & CHINA GAS 81,255.50 137,078.41 0.75

339,180.38 1.86

ILES CAÏMANS



CHINA FORESTRY HOLDINGS 59,235.91 8,365.42 0.05



ENN ENERGY HLDGS 57,468.44 140,307.21 0.77

GCL-POLY ENERGY HOLDINGS 679,896.39 134,747.70 0.74


NEW ENVIRONMENTAL ENERGY HOLDINGS 114,732.29 4,174.26 0.02

SHENGUAN HOLDINGS 57,123.36 21,876.81 0.12


WANT WANT CHINA 43,670.72 29,602.87 0.16

WASION GROUP 108,987.93 23,791.60 0.13

435,436.22 2.40

ÎLES MARSHALL


62,717.59 0.35

INDE


GAIL INDIA 11,920.57 74,478.67 0.41


MAHINDRA & MAHINDRA 3,938.45 48,234.15 0.27



233,934.11 1.29

INDONESIE

PERUSAHAAN GAS NEGA 'B' 229,162.19 51,961.42 0.29


55,643.84 0.31

IRLANDE

SMURFIT KAPPA 5,545.13 24,953.07 0.14

24,953.07 0.14

ISRAËL

FRUTAROM INDUSTRIES 5,074.66 32,800.62 0.18

ISRAEL CHEMICALS 5,825.82 51,464.55 0.28

84,265.17 0.46




413


ITALIE

ENEL GREEN POWER 87,941.07 150,994.81 0.83

HERA 29,256.82 33,352.77 0.18

SNAM RETE GAS 44,548.70 154,138.50 0.85

338,486.08 1.86

JAPON

EBARA 21,883.97 65,598.02 0.36

IWATSUKA CONFECTIONERY 82.82 2,186.25 0.01

KURITA WATER INDUSTRIES 7,165.29 151,248.35 0.83


OJI PAPER 7,283.10 30,070.97 0.17

SUMITOMO FORESTRY 6,236.34 40,945.14 0.23

TOKYO GAS CO 58,942.43 205,749.23 1.13

517,357.87 2.85

LUXEMBOURG

MHP GDR (R.1 SHS) 1,678.78 15,390.14 0.08

15,390.14 0.08

MALAISIE


IOI CORPORATION 21,921.54 23,797.77 0.13

25,216.24 0.14

NORVEGE


CERMAQ 2,561.80 20,488.81 0.11

MARINE HARVEST 36,160.60 11,834.49 0.07

MORPOL 11,517.61 18,350.05 0.10


156,290.75 0.86

PAYS-BAS


CSM 2,487.87 37,069.20 0.20

IMTECH 3,539.88 75,257.92 0.41

NUTRECO HOLDING 1,214.37 57,099.91 0.31

214,640.17 1.17

PHILIPPINES

ENERGY DEVELOPMENT 1,267,162.19 122,037.65 0.67

MANILA WATER COMPANY 155,314.14 50,248.18 0.28

172,285.83 0.95

PORTUGAL

ALTRI SGPS 3,027.57 3,445.38 0.02

PORTUCEL 13,650.55 23,956.72 0.13

27,402.10 0.15





ROYAUME-UNI


BG GROUP 14,951.32 215,516.63 1.19

MONDI (GBP) 19,827.62 109,050.84 0.60

NORTHUMBRIAN WATER 31,859.83 171,454.25 0.94

PENNON GROUP 33,016.13 258,944.41 1.43


ROTORK 2,307.67 41,610.20 0.23

SEVERN TRENT 8,997.01 160,973.97 0.89


ZENERGY POWER 7,519.79 458.37 0.00

1,207,581.14 6.65

RUSSIE


NOVATEK -GDR SPONS. - REG. S 1,261.31 109,237.11 0.60



310,313.20 1.71

SINGAPOUR

EPURE INTL 121,043.93 29,077.54 0.16

FIRST RESOURCES 33,262.27 23,495.47 0.13

HYFLUX 44,073.78 37,560.55 0.21


WILMAR INTERNATIONAL 40,727.25 122,761.19 0.68

224,697.83 1.24

SUEDE

HOLMEN 'B' 3,510.21 65,556.36 0.36


222,655.89 1.23

SUISSE

ABB LTD 9,260.48 119,833.80 0.66

GEBERIT 1,098.92 152,123.43 0.84

SULZER 385.61 29,838.45 0.16

SYNGENTA AG 543.23 106,313.20 0.59

408,108.88 2.25

TAÏWAN

EPISTAR 70,802.07 93,679.25 0.52

93,679.25 0.52

THAÏLANDE

THAI VEGETABLE OIL -NVDR- 47,109.98 19,767.13 0.11

19,767.13 0.11

TOTAL ACTIONS 17,709,098.96 97.52




415


WARRANTS

ROYAUME-UNI

ALMARAI (DBL) LEPO WTS 03.12.12 2,269.60 38,783.89 0.21

SAFCO (DB LDN) LEPO-WTS 03/12/12 422.00 15,261.18 0.08

54,045.07 0.29

TOTAL WARRANTS 54,045.07 0.29

TOTAL I. 17,763,144.03 97.81


ACTIONS

ETATS-UNIS

UNDERGROUND SOLUTIONS 168,712.00 18,232.96 0.10

18,232.96 0.10


WARRANTS

ETATS-UNIS

FLEXIBLE SOLUTIONS WRT 03.05.10 138.96 0.00 0.00


0.00 0.00

ROYAUME-UNI


0.00 0.00


TOTAL II. 18,232.96 0.10


ROYAUME-UNI

PHAUNOS TIMBER FUND 65,685.33 34,269.65 0.19

34,269.65 0.19

TOTAL III. 34,269.65 0.19










Etats-Unis 39.07

Royaume-Uni 7.13

Brésil 7.02

Canada 4.71

Allemagne 2.85

France 2.85

Japon 2.85

Finlande 2.74

Iles Caïmans 2.40

Suisse 2.25

Hong Kong 1.86

Italie 1.86

Chili 1.77

Russie 1.71

Espagne 1.69

Autriche 1.41

Chine 1.30

Inde 1.29

Singapour 1.24

Suède 1.23

Danemark 1.17

Pays-Bas 1.17

Corée du Sud 0.95

Philippines 0.95

Bermudes 0.94

Norvège 0.86

Taïwan 0.52

Israël 0.46

Îles Marshall 0.35

Indonésie 0.31

Australie 0.24

Belgique 0.18

Portugal 0.15

Irlande 0.14

Malaisie 0.14

Thaïlande 0.11

Luxembourg 0.08

Afrique du Sud 0.08

Chypre 0.07

98.10




Bois et papier 10.89








3.28



Emballage 1.51




Divers 1.26

Conglomérats 1.09

Communications 0.85


Pétrole 0.63




Immobilier 0.52


Warrants 0.29

Biotechnologie 0.25


Gastronomie 0.21


0.19





98.10

Pictet - High Dividend Selection



417



ACTIONS

AFRIQUE DU SUD

MTN GROUP 125,431.00 1,525,096.39 0.42

1,525,096.39 0.42

ALLEMAGNE


E.ON AG 961,446.00 16,060,955.43 4.37

21,118,363.73 5.76

AUSTRALIE

APA GROUP 229,692.00 669,309.20 0.18

DUET GROUP QUADRUPLE STAPLED 1,313,786.00 1,531,318.57 0.42

2,200,627.77 0.60

AUTRICHE

TELEKOM AUSTRIA 444,050.00 3,346,804.85 0.92

3,346,804.85 0.92

BERMUDES


1,120,849.04 0.31

BRESIL


SABESP 223,343.00 3,832,476.46 1.05


TRANSMISSAO ENERGIA PAULISTA PFD 17,000.00 331,625.39 0.09

13,797,689.61 3.78

CANADA

ENBRIDGE 227,902.00 5,381,468.51 1.48

TELUS -NVTG- 39,550.00 1,369,248.03 0.38

TRANSCANADA 82,007.00 2,470,487.19 0.68

9,221,203.73 2.54

ESPAGNE

GAS NATURAL SDG (SPLIT) 157,812.00 2,022,360.78 0.55

IBERDROLA 1,293,842.00 6,621,883.36 1.82

RED ELECTRICA CORP 70,245.00 2,386,573.88 0.65

11,030,818.02 3.02





ETATS-UNIS

ALLIANT ENERGY 103,653.00 2,951,955.42 0.81

AMERICAN WATER WORKS 84,945.00 1,889,526.41 0.52

AT & T 570,100.00 12,046,466.44 3.30

CENTERPOINT ENERGY 214,612.00 3,138,541.80 0.86

CENTURYTEL 76,014.00 1,877,995.43 0.51

CMS ENERGY 140,436.00 2,036,280.60 0.56

CONSTELLATION ENERGY GROUP 260,075.00 7,368,619.94 2.02


DUKE ENERGY 293,027.00 4,321,801.26 1.19

EDISON INTERNATIONAL 313,796.00 8,796,415.74 2.41

ENERGY TRANSFER EQUITY LP 94,972.00 2,459,791.97 0.67

ENTERPRISE PRODUCTS PARTNERS 270,910.00 8,013,037.29 2.20

EXELON 414,971.00 13,164,944.17 3.61

FIRSTENERGY 268,406.00 8,930,115.99 2.45

FRONTIER COMMUNICATIONS 'B' 314,489.00 1,435,512.19 0.39


NORTHEAST UTILITIES 30,460.00 761,245.95 0.21

NSTAR 75,248.00 2,480,966.23 0.68

PG & E 168,314.00 5,274,397.65 1.45

PPL 379,785.00 8,027,808.49 2.20

PROGRESS ENERGY 171,649.00 6,568,628.22 1.80

PUBLIC SERVICE ENTERPRISE GROUP 288,526.00 7,179,034.07 1.97

SPECTRA ENERGY 68,935.00 1,267,225.25 0.35

UNISOURCE ENERGY 66,945.00 1,796,670.52 0.49

WISCONSIN ENERGY 97,399.00 2,252,902.82 0.62

XCEL ENERGY 296,331.00 5,408,342.57 1.48

132,526,285.78 36.34

FINLANDE

FORTUM 649,706.00 11,714,199.18 3.21

11,714,199.18 3.21

FRANCE

GDF SUEZ 656,360.00 15,056,898.40 4.13

SUEZ ENVIRONNEMENT 160,915.00 1,703,285.28 0.47

VEOLIA ENVIRONNEMENT 591,529.00 6,737,515.31 1.85

VINCI 101,101.00 3,348,970.63 0.92

26,846,669.62 7.37

HONG KONG

CHINA MOBILE 336,415.00 2,439,061.03 0.67

HONGKONG ELECTRIC 1,481,687.00 8,338,992.10 2.29

10,778,053.13 2.96

INDONESIE


PERUSAHAAN GAS NEGA 'B' 7,900,757.00 1,748,746.19 0.48

4,416,122.88 1.21




419


ISRAËL


503,460.48 0.14

ITALIE

ENEL ENTE NAZION. ENERGIA ELETTR. 3,194,255.00 10,675,200.21 2.93

SNAM RETE GAS 2,490,152.00 8,625,886.53 2.37

T.E.R.N.A. 2,015,084.00 5,601,933.52 1.54

TELECOM ITALIA RISP 1,282,269.00 952,725.87 0.26

25,855,746.13 7.10

JAPON

N.T.T. 69,370.00 2,467,210.84 0.68

NTT DOCOMO 1,397.00 1,887,521.88 0.52

4,354,732.72 1.20

PAYS-BAS

KONINKLIJKE KPN NV 1,134,315.00 11,066,377.14 3.03

11,066,377.14 3.03

PORTUGAL

EDP (ELECTRIC. DE PORTUGAL) NOM. 2,448,025.00 5,755,306.78 1.58

5,755,306.78 1.58

REPUBLIQUE TCHEQUE


1,876,387.05 0.51

ROYAUME-UNI

CENTRICA 2,906,013.00 9,914,836.92 2.72

INTERNATIONAL POWER 2,701,183.00 9,765,226.57 2.68

NATIONAL GRID 592,811.00 4,358,407.18 1.20

PENNON GROUP 600,677.00 4,737,106.17 1.30

SCOTTISH & SOUTHERN ENERGY 421,321.00 6,321,030.07 1.73

SEVERN TRENT 146,955.00 2,576,146.01 0.71

UNITED UTILITIES GROUP 401,702.00 2,861,061.92 0.78


53,025,411.94 14.55

RUSSIE


1,363,039.66 0.37

SUEDE

TELE2 'B' 201,172.00 2,811,085.18 0.77

TELIASONERA (SEK) 517,000.00 2,533,836.60 0.69

5,344,921.78 1.46





SUISSE

SWISSCOM NOM. 2,852.00 870,500.48 0.24

870,500.48 0.24







421




Etats-Unis 36.34

Royaume-Uni 14.55

France 7.37

Italie 7.10

Allemagne 5.76

Brésil 3.78

Finlande 3.21

Pays-Bas 3.03

Espagne 3.02

Hong Kong 2.96

Canada 2.54

Portugal 1.58

Suède 1.46

Indonésie 1.21

Japon 1.20

Autriche 0.92

Australie 0.60


Afrique du Sud 0.42

Russie 0.37

Bermudes 0.31

Suisse 0.24

Israël 0.14

98.62






Pétrole 2.01


1.85



98.62

Pictet - Brazil Index





ACTIONS

BRESIL

AES TIETE PFD 965.15 12,218.74 0.28


AMBEV-CIA DE BEBIDAS PREF 7,218.40 220,683.86 5.09

AMIL PARTICIPACOES 1,220.59 11,014.07 0.25

ANHANGUERA EDUCACIONAL PARTICIP. 1,213.21 15,816.72 0.37

B2W CIA GLOBAL DO VAREJO 765.14 6,059.26 0.14

BANCO BRADESCO PREF 18,367.80 274,193.62 6.33

BANCO DO BRASIL 5,428.45 72,642.55 1.68

BANRISUL PREF 'B' 1,697.06 14,627.87 0.34

BCO SANTANDER (55 ORD+50PFD) 6,313.14 46,661.96 1.08

BMF BOVESPA 18,820.64 89,122.39 2.06

BR MALLS PARTICIPACOES 3,942.02 40,795.31 0.94

BRADESPAR 194.37 3,724.62 0.09

BRADESPAR PREF 1,982.30 35,336.93 0.82

BRASIL TELECOM PFD ADR (R.3 SHS) 70.06 1,223.32 0.03

BRASIL TELECOM PREF 2,381.37 14,073.31 0.32

BRASKEM 'A' PREF 1,395.45 10,960.66 0.25

BRF FOODS 6,276.56 108,810.59 2.51



CESP PREF 'B' 1,556.16 23,305.71 0.54

CETIP 1,747.43 22,122.40 0.51

CIA BRASILIERA DE DIS. PREF 1,001.36 30,657.21 0.71

CIA HERING 1,198.46 20,279.46 0.47

CIA SIDERURGICA NACIONAL NOM. 7,169.84 57,011.08 1.32

CIELO 2,392.98 54,015.33 1.25

CONCESSOES RODOVIARIAS 2,174.75 57,348.99 1.32

COPEL PREF 'B' 1,006.53 18,381.80 0.42

COSAN 1,222.58 15,787.35 0.36

CPFL ENERGIA 1,784.05 19,827.60 0.46

CYRELA BRAZIL REALTY SA EMPREEDI. 2,851.86 17,990.75 0.42

DIAGNOSTICOS DA AMERICA 2,227.30 19,186.27 0.44

DURATEX SA 2,405.78 11,158.92 0.26

ECORODOVIAS INFRAS. E LOGISTI. 1,534.03 11,404.53 0.26

ELETROBRAS 'B' PREF 2,116.12 24,487.13 0.57

ELETROBRAS NOM. 2,657.27 23,190.73 0.54

ELETROPAULO PFD 901.21 13,817.31 0.32

EMBRAER EMPRES. BRASIL. AERONAUTICA 5,347.40 33,848.85 0.78

ENERGIAS DO BRASIL 749.72 15,347.85 0.35

FIBRIA CELULOSE 2,059.00 15,861.91 0.37

FOSFERTIL PREF 894.39 11,717.96 0.27

GAFISA 3,801.90 10,998.62 0.25

GERDAU METALURGICA PREF 2,629.39 23,740.67 0.55

GERDAU PREF 8,202.51 58,991.78 1.36

GOL LINHAS AEREAS INTELLIGENTES 814.96 4,495.70 0.10




423


HRT PARTICIPACEOS EM PETROLEO 44.25 17,879.18 0.41

HYPERMARCAS 2,821.00 13,434.42 0.31

ITAU UNIBANCO PFD 21,926.95 343,153.06 7.92

ITAUSA INVESTIMENTOS ITAU PREF 22,245.26 114,207.32 2.64

JBS 7,307.75 14,290.72 0.33

KLABIN 4,471.63 12,526.60 0.29

LOCALIZA RENT A CAR 1,121.02 15,037.58 0.35

LOJAS AMERICANAS PREF 3,008.18 23,012.08 0.53

LOJAS RENNER 1,139.46 31,091.60 0.72

MARFRIG ALIMENTOS 1,307.65 4,318.34 0.10

MMX MINERACAO E METALICOS 2,562.87 9,733.72 0.22

MRV ENGENHARIA PARTICIPACOES 2,849.65 14,783.65 0.34

MULTIPLAN EMPR. IMOBILIARIOS 623.20 11,700.24 0.27

NATURA COSMETICOS 1,661.07 28,635.30 0.66

ODONTOPREV 844.46 12,642.39 0.29

OGX PETROLEO E GAS 12,515.65 77,538.04 1.79


PETROBRAS PREF 40,350.25 415,186.46 9.55

PETROLEO BRASILEIRO PETROBRAS NOM 28,612.94 322,160.51 7.44

PORTO SEGURO 1,136.55 10,714.94 0.25

REDECARD 3,255.95 44,903.61 1.04

ROSSI RESIDENCIAL 1,688.91 7,988.50 0.18

SABESP 1,087.28 25,596.92 0.59

SOUZA CRUZ IND. & COMERCIO NOM. 3,677.81 37,486.41 0.87

SUL AMERICA 1,128.40 9,726.28 0.22


TAM PREF 693.27 10,782.26 0.25

TELE NORTE LESTE 578.88 6,424.16 0.15

TELE NORTE LESTE PARTICIPAC. PREF 2,180.02 20,904.75 0.48

TELEMAR NORTE LESTE PREF 'A' 360.46 7,515.07 0.17

TELESP 2,862.72 76,801.74 1.77


TOTVS 1,010.40 17,418.30 0.40


TRANSMISSAO ENERGIA PAULISTA PFD 331.62 8,571.76 0.20

ULTRAPAR PARTICIPACOES 3,172.50 50,418.18 1.16

USIMINAS PREF 'A' 4,359.38 24,706.12 0.57

USIMINAS USINAS SIDER. MIN. GERAIS 1,677.41 19,428.55 0.45

VALE DO RIO DOCE 12,539.62 288,115.73 6.65

VALE DO RIO DOCE PREF 'A' 19,224.32 406,286.92 9.38

4,326,370.52 99.85










Brésil 99.85

99.85



Pétrole 19.44







Communications 3.71

Immobilier 2.61





Divers 0.96

Bois et papier 0.85



Assurances 0.76






0.40



99.85

Pictet - Bric Index



425



ACTIONS

BERMUDES

BRILLIANCE CHINA AUTO. HOLD. (HKD) 196.89 155.29 0.13

CHINA GAS HOLDINGS 289.65 75.16 0.06

CHINA YURUN FOOD 116.43 125.78 0.10

HUABAO INTERNATIONAL HOLDINGS 158.71 130.69 0.11

KUNLUN ENERGY 197.52 276.06 0.23

NINE DRAGONS PAPER 146.72 74.64 0.06

SIHUAN PARMACEUTICAL HLDGS (IPO) 148.30 55.05 0.04

SINOFERT HOLDINGS 178.59 46.34 0.04

SKYWORTH DIGITAL HOLDINGS 155.24 54.84 0.04

993.85 0.81

BRESIL

AES TIETE PFD 8.58 108.59 0.09

ALL AMERICA LATINA LOGISTICA 39.28 180.52 0.15

AMBEV-CIA DE BEBIDAS PREF 64.15 1,961.19 1.60

AMIL PARTICIPACOES 10.85 97.88 0.08

ANHANGUERA EDUCACIONAL PARTICIP. 10.78 140.56 0.11

B2W CIA GLOBAL DO VAREJO 6.80 53.85 0.04

BANCO BRADESCO PREF 163.23 2,436.73 1.99

BANCO DO BRASIL 48.24 645.57 0.53

BANRISUL PREF 'B' 15.08 130.00 0.11

BCO SANTANDER (55 ORD+50PFD) 56.10 414.68 0.34

BMF BOVESPA 167.26 792.02 0.65

BR MALLS PARTICIPACOES 35.03 362.54 0.30

BRADESPAR 1.73 33.10 0.03

BRADESPAR PREF 17.62 314.04 0.26

BRASIL TELECOM PFD ADR (R.3 SHS) 0.62 10.87 0.01

BRASIL TELECOM PREF 21.16 125.07 0.10

BRASKEM 'A' PREF 12.40 97.41 0.08

BRF FOODS 55.78 966.99 0.79

BROOKFIELD INCORPORACOES 22.14 65.84 0.05

CEMIG MINAS GERAIS PREF 32.90 491.49 0.40

CESP PREF 'B' 13.83 207.12 0.17

CETIP 15.53 196.60 0.16

CIA BRASILIERA DE DIS. PREF 8.90 272.45 0.22

CIA HERING 10.65 180.22 0.15

CIA SIDERURGICA NACIONAL NOM. 63.72 506.65 0.41

CIELO 21.27 480.03 0.39

CONCESSOES RODOVIARIAS 19.33 509.65 0.42

COPEL PREF 'B' 8.94 163.36 0.13

COSAN 10.86 140.30 0.11

CPFL ENERGIA 15.85 176.21 0.14

CYRELA BRAZIL REALTY SA EMPREEDI. 25.34 159.88 0.13

DIAGNOSTICOS DA AMERICA 19.79 170.51 0.14

DURATEX SA 21.38 99.17 0.08

Pictet - Bric Index




ECORODOVIAS INFRAS. E LOGISTI. 13.63 101.35 0.08

ELETROBRAS 'B' PREF 18.81 217.61 0.18

ELETROBRAS NOM. 23.61 206.09 0.17

ELETROPAULO PFD 8.01 122.79 0.10

EMBRAER EMPRES. BRASIL. AERONAUTICA 47.52 300.81 0.25

ENERGIAS DO BRASIL 6.66 136.39 0.11

FIBRIA CELULOSE 18.30 140.96 0.11

FOSFERTIL PREF 7.95 104.14 0.08

GAFISA 33.79 97.74 0.08

GERDAU METALURGICA PREF 23.37 210.98 0.17

GERDAU PREF 72.89 524.25 0.43

GOL LINHAS AEREAS INTELLIGENTES 7.24 39.95 0.03

HRT PARTICIPACEOS EM PETROLEO 0.39 158.89 0.13

HYPERMARCAS 25.07 119.39 0.10

ITAU UNIBANCO PFD 194.86 3,049.56 2.49

ITAUSA INVESTIMENTOS ITAU PREF 197.69 1,014.95 0.83

JBS 64.94 127.00 0.10

KLABIN 39.74 111.32 0.09

LOCALIZA RENT A CAR 9.96 133.64 0.11

LOJAS AMERICANAS PREF 26.73 204.51 0.17

LOJAS RENNER 10.13 276.31 0.23

MARFRIG ALIMENTOS 11.62 38.38 0.03

MMX MINERACAO E METALICOS 22.78 86.50 0.07

MRV ENGENHARIA PARTICIPACOES 25.32 131.38 0.11

MULTIPLAN EMPR. IMOBILIARIOS 5.54 103.98 0.08

NATURA COSMETICOS 14.76 254.48 0.21

ODONTOPREV 7.50 112.35 0.09

OGX PETROLEO E GAS 111.23 689.07 0.56

PDG REALTY SA EMPREENDI. E PARTIC. 96.64 319.15 0.26

PETROBRAS PREF 358.59 3,689.71 3.01

PETROLEO BRASILEIRO PETROBRAS NOM 254.28 2,863.00 2.33

PORTO SEGURO 10.10 95.22 0.08

REDECARD 28.94 399.05 0.33

ROSSI RESIDENCIAL 15.01 70.99 0.06

SABESP 9.66 227.48 0.19

SOUZA CRUZ IND. & COMERCIO NOM. 32.68 333.14 0.27

SUL AMERICA 10.03 86.44 0.07

SUZANO PAPEL 'A' PREF 15.84 71.34 0.06

TAM PREF 6.16 95.82 0.08

TELE NORTE LESTE 5.14 57.09 0.05

TELE NORTE LESTE PARTICIPAC. PREF 19.37 185.78 0.15

TELEMAR NORTE LESTE PREF 'A' 3.20 66.79 0.05

TELESP 25.44 682.53 0.56

TIM PARTICIPACOES 64.53 302.45 0.25

TOTVS 8.98 154.79 0.13

TRACTEBEL ENERGIA 10.94 153.81 0.13

TRANSMISSAO ENERGIA PAULISTA PFD 2.95 76.18 0.06

ULTRAPAR PARTICIPACOES 28.19 448.06 0.37

USIMINAS PREF 'A' 38.74 219.56 0.18

USIMINAS USINAS SIDER. MIN. GERAIS 14.91 172.66 0.14

VALE DO RIO DOCE 111.44 2,560.45 2.09

VALE DO RIO DOCE PREF 'A' 170.84 3,610.63 2.94

38,447.98 31.39

Pictet - Bric Index



427


CHINE

AGRICULTURAL BANK OF CHINA 'H' 1,556.48 515.86 0.42

AIR CHINA 'H' 176.69 124.61 0.10

ALUMINIUM CORP CHINA 'H' 350.23 156.57 0.13

ANGANG NEW STEEL 'H' 84.56 44.75 0.04

ANHUI CONCH CEMENT 'H' 102.55 284.54 0.23

AVICHINA INDUSTRY & TECHNOLOGY CO 171.65 54.46 0.04

BANK OF CHINA 5,708.53 1,796.62 1.46

BANK OF COMMUNICATIONS 'H' 633.98 381.96 0.31

BBMG 'H' 99.07 74.58 0.06

BEIJING CAPITAL INTL AIRPORT NOM. 148.93 60.45 0.05

BYD 'H' 43.54 73.72 0.06

CHANGSHA ZOOMLION HEAVY IND. -H- 109.80 125.25 0.10

CHINA BLUECHEMICAL 'H' 154.61 119.56 0.10

CHINA CITIC BANK 'H' 635.21 263.57 0.21

CHINA COAL ENERGY 'H' 349.60 317.51 0.26

CHINA COMMUNICATION CONST. 'H' 376.74 248.27 0.20

CHINA COMMUNICATIONS SERV. 'H' 172.28 79.67 0.06

CHINA CONSTRUCTION BANK 'H' 4,106.66 2,526.92 2.06

CHINA COSCO HOLDINGS 'H' 232.23 96.65 0.08

CHINA INTL. MARINE CONTAINERS 'B' 53.95 55.10 0.04

CHINA LIFE INSURANCE 'H' 633.89 1,530.87 1.25

CHINA LONGYUAN POWER GROUP 'H' 169.12 141.00 0.11

CHINA MERCHANTS BANK 'H' 330.41 508.49 0.41

CHINA MINSENG BANKING 'H' 320.48 197.20 0.16

CHINA MOLYBDENUM CO -H- 107.28 45.48 0.04

CHINA NATIONAL BUILDING MAT. 'H' 245.48 212.22 0.17

CHINA NATIONAL MATERIALS H 83.30 30.50 0.02

CHINA OILFIELD SERVICES 128.10 165.88 0.14

CHINA OVERSEAS LAND & INVESTMENT 354.47 515.46 0.42

CHINA PACIFIC INSURANCE 'H' 149.87 438.00 0.36

CHINA PETROLEUM & CHEMICAL 'H' 1,431.22 1,412.00 1.15

CHINA RAILWAY 356.23 72.30 0.06

CHINA RAILWAY CONSTRUCTION 'H' 175.27 74.53 0.06

CHINA RESOURCES POWER HOLDINGS 143.50 218.63 0.18

CHINA SHENHUA ENERGY H 292.02 1,164.76 0.95

CHINA SHIPING CONTAINER LINES 315.76 49.08 0.04

CHINA SHIPPING DEVELOPMENT 'H' 98.44 63.74 0.05

CHINA SOUTH LOCOMOTIVE 'H' 137.57 49.48 0.04

CHINA SOUTHERN AIRLINES 'H' 167.23 79.05 0.06

CHINA TELECOM 'H' 1,188.90 757.52 0.62

CHINA UNICOM (HK) 505.79 1,055.18 0.86

CHINA VANKE 'B' 105.26 91.27 0.07

CHONGQING RURAL COMMERCIAL BK 'H' 187.74 58.36 0.05

CNOOC 1,529.19 2,553.71 2.08

DATANG INTERNATIONAL POWER GEN 'H' 272.61 70.04 0.06

DONGFANG ELECTRICAL MACHINERY 'H' 30.42 79.32 0.06

DONGFENG MOTOR GROUP 'H' 229.70 316.32 0.26

FUJIAN ZIJIN MINING 499.47 146.93 0.12

GOME ELECTRICAL APPLIANCES 829.41 194.98 0.16

GREAT WALL AUTO 'H' 83.22 96.43 0.08

GUANGZHOU AUTOMOBILE 'H' 178.69 176.06 0.14

Pictet - Bric Index




GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 80.52 60.20 0.05

HUANENG POWER INTL 'H' 271.35 116.77 0.10

IND. & COMM. BANK OF CHINA 'H' 5,208.62 2,555.95 2.08

INNER MONGOLIA YITAI COAL 'B' 50.80 257.04 0.21

JIANGSU EXPRESSWAY 'H' 101.60 77.66 0.06

JIANGXI COPPER 'H' 118.32 209.75 0.17

LUJIAZUI FINANCE 'B' 39.76 44.84 0.04

MAANSHAN IRON & STEEL 'H' 162.81 35.76 0.03

METALLURGICAL CORP. OF CHINA 'H' 262.83 50.98 0.04

PETROCHINA 'H' 1,801.01 2,237.23 1.82

PICC PROPERTY AND CASUALTY 'H' 205.09 223.41 0.18

PING AN INSURANCE (GROUP) 146.88 833.95 0.68

SHANDONG WEIGAO GROUP H 138.83 156.23 0.13

SHANGHAI ELECTRIC GROUP 'H' 237.27 92.35 0.08

SHANGHAI INDUSTRIAL HOLDINGS 47.01 133.17 0.11

SHIMAO PROPERTY HOLDING LTD 144.35 110.15 0.09

SINOPEC SHANGHAI PETROCHEMICAL 'H' 213.93 77.22 0.06

SINOPHARM 'H' 68.53 182.67 0.15

WEICHAI POWER 'H' 34.71 159.84 0.13

YANZHOU COAL MINING 'H' 164.32 361.39 0.29

ZHAOJIN MINING INDUSTRY H 70.52 117.77 0.10

ZHEJIANG EXPRESSWAY 'H' 126.21 77.01 0.06

ZHUZHOU CSR TIMES 'H' 40.07 67.12 0.05

ZTE 'H' 47.86 137.71 0.11

28,341.58 23.06

HONG KONG

BEIJING ENTREPRISES 44.33 225.51 0.18

CHAODA MODERN AGRICULTURE 254.64 35.98 0.03

CHINA AGRI-INDUSTRIES 131.26 83.46 0.07

CHINA EVERBRIGHT 73.20 79.93 0.07

CHINA MERCHANTS 94.03 256.07 0.21

CHINA MOBILE 514.46 5,095.30 4.17

CHINA RESOURCES CEMENT 172.28 115.74 0.09

CHINA RESOURCES ENTERPRISE 102.23 344.07 0.28

CHINA TAIPING INSURANCE HLDGS 67.52 130.11 0.11

CITIC PACIFIC 106.33 152.17 0.12

COSCO PACIFIC 142.62 160.12 0.13

FOSUN INTERNATIONAL 147.35 74.96 0.06

FRANSHION PROPERTIES (CHINA) 316.79 50.05 0.04

FUSHAN INTERNATIONAL ENERGY 237.27 80.47 0.07

GHANGZUOU INVESTMENT 461.93 60.53 0.05

GUANGDONG INVESTMENT 210.14 131.46 0.11

LENOVO GROUP 516.83 351.21 0.29

MINMETALS RESOURCES 133.78 51.21 0.04

POLY (HONG KONG) INVESTMENTS 181.11 55.60 0.05

SINO-OCEAN LAND HOLDINGS 277.50 89.48 0.07

TSINGTAO BREWERY 'H' 25.24 139.92 0.11

WUMART STORES 'H' 44.49 88.58 0.07

7,851.93 6.42

Pictet - Bric Index



429


ILES CAÏMANS

AGILE PROPERTY HOLDINGS 112.33 74.31 0.06

ALIBABA. COM 105.23 98.41 0.08

ANTA SPORTS PRODUCTS 69.73 81.60 0.07

BELLE INTERNATIONAL 360.96 630.62 0.51

BOSIDENG INTERNATIONAL HOLDINGS 227.81 47.70 0.04

CHINA DONGXIANG 235.07 40.77 0.03

CHINA HIGH SPEED TRANSMISSION 83.61 38.67 0.03

CHINA MENGNIU DAIRY 103.18 318.10 0.26

CHINA RESOURCES LAND 152.71 166.55 0.14

CHINA RONGSHENG 158.24 43.70 0.04

CHINA SHINEWAY PHARMACEUTICAL 38.18 47.28 0.04

CHINA STATE CONSTRUCTION INTL 123.69 66.10 0.05

CHINA ZHONGWANG HOLDINGS 153.09 53.10 0.04

CN SHANSHUI CEMENT 144.51 100.06 0.08

COUNTRY GARDEN 360.64 101.00 0.08

DONGYUE GROUP 80.77 40.78 0.03

ENN ENERGY HLDGS 62.79 205.68 0.17

EVERGRANDE REAL ESTATE GROUP 458.14 143.60 0.12

GCL-POLY ENERGY HOLDINGS 624.74 166.13 0.14

GEELY AUTOMOBILE 339.19 76.25 0.06

GOLDEN EAGLE RETAIL 59.95 123.22 0.10

GREENTOWN CHINA 53.80 25.57 0.02

HENGAN INTERNATIONAL GROUP 62.16 502.65 0.41

HIDILI INDUSTRY INTL DEVELOPMENT 85.82 25.25 0.02

INTIME DEPARTMENT STORE 81.72 91.44 0.07

KINGBOARD CHEMICAL HOLDINGS 53.01 144.70 0.12

KWG PROPERTY 117.85 44.36 0.04

LEE & MAN PAPER MANUFACTURING 146.72 50.13 0.04

LI NING 55.69 57.37 0.05

LONGFOR PROPERTIES 112.80 113.31 0.09

LONKING HOLDINGS 165.02 54.69 0.04

PARKSON RETAIL GP 123.05 150.01 0.12

RENHE COMMERCIAL 937.74 101.19 0.08

SANY HEAVY EQUIPMENT INTL. 81.09 64.69 0.05

SEMICONDUCTOR MANUFACTURING INTL 1,608.54 80.59 0.07

SHUI ON LAND 216.73 52.90 0.04

SOHO CHINA 179.38 114.75 0.09

TENCENT HOLDINGS 86.23 1,818.92 1.48

TINGYI (CAYMAN ISLANDS) HOLDING 171.01 421.35 0.34

WANT WANT CHINA 502.95 457.43 0.37

XINYU HENGDELI HLGDS 185.53 64.59 0.05

7,099.52 5.76

INDE

ADANI ENTERPRISES 19.17 206.19 0.17

ADITYA BIRLA NUVO DEMAT. 3.64 67.86 0.06

AMBUJA CEMENTS DEMAT. 52.48 159.56 0.13

ASIAN PAINTS DEMAT. 2.42 155.73 0.13

ASSOCIATED CEMENT DEMAT. 4.71 105.55 0.09

AXIS BANK DEMAT. 19.20 399.41 0.33

BAJAJ AUTO 7.50 235.13 0.19

Pictet - Bric Index




BANK OF INDIA 9.60 61.79 0.05

BHARAT HEAVY ELECTRICALS DEMAT. 9.76 326.63 0.27

BHARAT PETROLEUM DEMAT. 7.34 97.10 0.08

CANARA BANK DEMAT. 6.84 62.01 0.05

CIPLA DEMAT. 28.20 162.01 0.13

COAL INDIA 42.98 292.39 0.24

DABUR INDIA DEMAT. 37.71 79.30 0.06

DLF 33.10 147.92 0.12

DR REDDY'S LABORATORIES DEMAT. 8.66 262.20 0.21

GAIL INDIA 33.25 278.75 0.23

GMR INFRASTRUCTURE 93.58 51.68 0.04

HCL TECHNOLOGIES DEMAT. 14.18 118.46 0.10

HDFC BANK 129.26 1,234.26 1.01

HERO HONDA MOTORS DEMAT. 6.90 273.63 0.22

HINDALCO INDUSTRIES INDIA DEMAT. 95.23 255.60 0.21

HINDUSTAN UNILEVER 72.56 504.62 0.41

HOUSING DEV.& INFRASTRUCTURE 16.91 33.82 0.03

HOUSING DEVELOPMENT FINANCE 93.36 1,221.70 1.00

ICICI BANK ADR (R. 2 SHS) 34.26 1,189.37 0.97

INDIABULLS REAL ESTATE DEMAT. 28.67 42.83 0.03

INDIABULLS WHOLESALES SERVICES 4.59 0.38 0.00

INDUSIND BANK 14.37 76.32 0.06

INFOSYS TECHNOLOGIES DEMAT. 36.86 1,906.44 1.55

INFRASTRUCTURE DEV. FIN. DEMAT. 81.00 183.25 0.15

ITC DEMAT. 193.05 780.48 0.64

JAIPRAKASH ASSOCIATES 81.09 120.46 0.10

JINDAL STEEL & POWER DEMAT. 31.53 325.73 0.27

JSW STEEL DEMAT. 7.87 95.18 0.08

KOTAK MAHINDRA BANK 24.37 228.79 0.19

LARSEN & TOUBRO DEMAT. 17.76 492.19 0.40

LIC HOUSING FINANCE 24.66 106.51 0.09

LUPIN 12.92 125.18 0.10

MAHINDRA & MAHINDRA 25.85 424.75 0.35

MARUTI SUZUKI 5.96 132.29 0.11

MUNDRA PORT & SPECIAL ECON. ZONE 33.50 112.43 0.09

NTPC DEMAT. 51.32 175.68 0.14

OIL & NATURAL GAS CORP 64.68 351.46 0.29

PIRAMAL HEALTH 6.40 46.76 0.04

POWER GRID INDIA 94.20 189.37 0.15

RANBAXY LABORATORIES DEMAT. 10.84 113.79 0.09

RELIANCE CAPITAL DEMAT. 8.31 53.49 0.04

RELIANCE COMMUNICATIONS DEMAT. 44.80 65.63 0.05

RELIANCE INDUSTRIES DEMAT. 111.72 1,843.97 1.50

RELIANCE INFRASTRUCTURE 8.60 65.54 0.05

RELIANCE POWER 45.59 71.44 0.06

RURAL ELECTRIFICATION 24.50 86.99 0.07

SATYAM COMPUTER SERVICES DEMAT. 53.02 76.21 0.06

SESA GOA DEMAT. 29.08 119.08 0.10

SHRIRAM TRANSPORT FINANCE DEMAT. 10.60 132.58 0.11

SIEMENS INDIA 5.49 93.88 0.08

STATE BANK OF INDIA GDR (R. 1 SHS) 2.67 225.32 0.18

STEEL AUTHORITY OF INDIA DEMAT. 31.09 67.06 0.05

STERLITE INDUSTRIES (INDIA) 117.51 272.82 0.22

Pictet - Bric Index



431


SUN PHARMACEUTICAL 26.29 247.99 0.20

SUZLON ENERGY 65.81 48.98 0.04

TATA CONSULTANCY SERVICES DEMAT. 39.65 839.83 0.68

TATA MOTORS 127.30 405.62 0.33

TATA POWER 82.82 168.85 0.14

TATA STEEL DEMAT. 25.92 219.81 0.18

TITAN INDUSTRIES 17.57 74.95 0.06

ULTRA TECH CEMENT 5.58 129.98 0.11

UNITECH 108.63 58.12 0.05

UNITED PHOSPHORUS DEMAT. 17.63 49.57 0.04

UNITED SPIRITS DEMAT 6.74 109.59 0.09

WIPRO DEMAT 42.63 296.66 0.24

ZEE ENTERTAINMENT 35.13 84.33 0.07

19,921.23 16.25

RUSSIE

CHEREPOVETS METAL SEVERSTAL (USD) 17.53 185.00 0.15

FGC UES (USD) 26,875.03 198.88 0.16

GAZPROM ADR (R. 4 SHS) 71.85 696.20 0.57

GAZPROM 'LOCAL' (USD) 765.05 3,701.23 3.02

GROUP LSR GDR (R. 1/5 SHS) 15.96 58.90 0.05

INTER RAO UES (USD) 109,184.00 109.18 0.09

JFSC SISTEMA GDR (R. 20 SHS) 8.28 115.99 0.09

LUKOIL HOLDING ADR (R. 1 SHS) 43.58 2,216.26 1.81

MAGNIT GDR 18.74 358.37 0.29

MECHEL ADR (R. 3 SHS) 12.46 126.97 0.10

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 48.76 1,059.57 0.86

MOBILE TELESYS ADR (R. 5 SHS) 39.75 488.96 0.40

MOBILE TELESYSTEMS USD 9.61 52.88 0.04

NOVATEK -GDR SPONS. - REG. S 7.75 900.21 0.73

NOVOLIPETSK STEEL GDR (R. 1 REG-S) 5.64 115.60 0.09

PIPE METALL. COMP. GDR (REP 4SHS) 5.16 47.35 0.04

POLYMETAL (USD) 13.80 211.44 0.17

RASPADSKAYA OAO (USD) 13.23 38.78 0.03

ROSNEFT OIL (USD) 135.43 796.99 0.65

ROSTELECOM 111.50 515.05 0.42

RUSHYDRO OJSC (USD) 9,733.13 317.30 0.26

SBERBANK (USD) 739.56 1,617.13 1.32

SBERBANK PFD (USD) 86.10 145.53 0.12

SURGUTNEFTEGAZ ADR (R. 10 SHS) 94.22 763.19 0.62

TATNEFT GDR (R. 20 SHS) 20.04 497.87 0.41

TRANSNEFT PREF (USD) 0.14 137.80 0.11

URALKALIY (USD) 118.54 817.42 0.67

VNESHTORGBANK (USD) 220,090.43 462.19 0.38

16,752.24 13.65

TOTAL I. 119,408.33 97.34

Pictet - Bric Index





ACTIONS

CHINE

CSG HOLDING B 60.87 55.75 0.05

55.75 0.05

TOTAL II. 55.75 0.05

TOTAL DU PORTEFEUILLE-TITRES 119,464.08 97.39


AUTRES PASSIFS NETS -87.41 -0.07

TOTAL DES ACTIFS NETS 122,668.76 100.00

Pictet - Bric Index


433




Brésil 31.39

Chine 23.11

Inde 16.25

Russie 13.65

Hong Kong 6.42

Iles Caïmans 5.76

Bermudes 0.81

97.39



Pétrole 19.07


Communications 7.99





4.43



Assurances 2.82

Immobilier 2.66














Divers 0.35

Bois et papier 0.32








97.39

Pictet - China Index





ACTIONS

BERMUDES

BRILLIANCE CHINA AUTO. HOLD. (HKD) 47,509.87 37,473.08 0.35

CHINA GAS HOLDINGS 69,894.34 18,136.79 0.17

CHINA YURUN FOOD 28,094.78 30,352.10 0.28

HUABAO INTERNATIONAL HOLDINGS 38,297.22 31,534.97 0.29

KUNLUN ENERGY 47,662.15 66,614.63 0.62


SIHUAN PARMACEUTICAL HLDGS (IPO) 35,784.68 13,285.02 0.12

SINOFERT HOLDINGS 43,093.89 11,182.38 0.10

SKYWORTH DIGITAL HOLDINGS 37,459.71 13,233.18 0.12

239,822.18 2.22

CHINE

AGRICULTURAL BANK OF CHINA 'H' 375,586.88 124,479.32 1.16

AIR CHINA 'H' 42,637.07 30,069.54 0.28

ALUMINIUM CORP CHINA 'H' 84,512.76 37,780.58 0.35

ANGANG NEW STEEL 'H' 20,404.88 10,799.37 0.10

ANHUI CONCH CEMENT 'H' 24,744.73 68,659.96 0.64

AVICHINA INDUSTRY & TECHNOLOGY CO 41,418.87 13,142.02 0.12

BANK OF CHINA 1,377,497.05 433,534.70 4.05

BANK OF COMMUNICATIONS 'H' 152,981.80 92,167.90 0.86

BBMG 'H' 23,907.21 17,996.73 0.17

BEIJING CAPITAL INTL AIRPORT NOM. 35,936.96 14,587.99 0.14

BYD 'H' 10,506.99 17,789.38 0.17



CHINA CITIC BANK 'H' 153,280.18 63,599.78 0.59

CHINA COAL ENERGY 'H' 84,360.48 76,617.08 0.72

CHINA COMMUNICATION CONST. 'H' 90,908.32 59,908.45 0.56

CHINA COMMUNICATIONS SERV. 'H' 41,571.14 19,224.79 0.18

CHINA CONSTRUCTION BANK 'H' 990,959.29 609,759.30 5.70

CHINA COSCO HOLDINGS 'H' 56,037.29 23,323.26 0.22

CHINA INTL. MARINE CONTAINERS 'B' 13,019.53 13,296.26 0.12

CHINA LIFE INSURANCE 'H' 152,960.48 369,406.21 3.45


CHINA MERCHANTS BANK 'H' 79,729.95 122,700.23 1.15

CHINA MINSENG BANKING 'H' 77,332.98 47,584.70 0.44

CHINA MOLYBDENUM CO -H- 25,886.79 10,973.86 0.10


CHINA NATIONAL MATERIALS H 20,100.33 7,358.94 0.07

CHINA OILFIELD SERVICES 30,911.87 40,026.99 0.37

CHINA OVERSEAS LAND & INVESTMENT 85,536.05 124,383.48 1.16

CHINA PACIFIC INSURANCE 'H' 36,165.37 105,691.83 0.99


CHINA RAILWAY 85,959.37 17,446.87 0.16

CHINA RAILWAY CONSTRUCTION 'H' 42,294.45 17,983.68 0.17




435



CHINA SHENHUA ENERGY H 70,465.37 281,063.49 2.63

CHINA SHIPING CONTAINER LINES 76,194.72 11,843.43 0.11

CHINA SHIPPING DEVELOPMENT 'H' 23,754.94 15,379.83 0.14

CHINA SOUTH LOCOMOTIVE 'H' 33,196.00 11,940.18 0.11

CHINA SOUTHERN AIRLINES 'H' 40,352.94 19,076.12 0.18

CHINA TELECOM 'H' 286,886.55 182,792.75 1.71

CHINA UNICOM (HK) 122,050.43 254,619.96 2.38

CHINA VANKE 'B' 25,399.51 22,024.00 0.21

CHONGQING RURAL COMMERCIAL BK 'H' 45,301.88 14,083.12 0.13

CNOOC 369,000.97 616,223.10 5.76

DATANG INTERNATIONAL POWER GEN 'H' 65,782.90 16,900.91 0.16

DONGFANG ELECTRICAL MACHINERY 'H' 7,339.67 19,139.89 0.18

DONGFENG MOTOR GROUP 'H' 55,428.19 76,329.53 0.71

FUJIAN ZIJIN MINING 120,525.85 35,455.43 0.33

GOME ELECTRICAL APPLIANCES 200,141.44 47,049.52 0.44

GREAT WALL AUTO 'H' 20,081.30 23,268.34 0.22

GUANGZHOU AUTOMOBILE 'H' 43,119.55 42,485.11 0.40

GUANGZHOU R&H PROP. 'H' (TEMP. TRAD) 19,430.32 14,526.80 0.14

HUANENG POWER INTL 'H' 65,478.35 28,177.97 0.26

IND. & COMM. BANK OF CHINA 'H' 1,256,865.74 616,764.49 5.76

INNER MONGOLIA YITAI COAL 'B' 12,258.16 62,026.27 0.58

JIANGSU EXPRESSWAY 'H' 24,516.31 18,738.69 0.18

JIANGXI COPPER 'H' 28,551.61 50,614.71 0.47

LUJIAZUI FINANCE 'B' 9,593.34 10,821.29 0.10

MAANSHAN IRON & STEEL 'H' 39,287.01 8,630.03 0.08

METALLURGICAL CORP. OF CHINA 'H' 63,422.64 12,302.36 0.11

PETROCHINA 'H' 434,593.53 539,854.64 5.04

PICC PROPERTY AND CASUALTY 'H' 49,489.45 53,910.78 0.50

PING AN INSURANCE (GROUP) 35,442.06 201,237.24 1.88

SHANDONG WEIGAO GROUP H 33,500.55 37,698.42 0.35

SHANGHAI ELECTRIC GROUP 'H' 57,255.49 22,285.73 0.21


SHIMAO PROPERTY HOLDING LTD 34,832.96 26,579.32 0.25

SINOPEC SHANGHAI PETROCHEMICAL 'H' 51,621.31 18,633.84 0.17

SINOPHARM 'H' 16,537.09 44,080.28 0.41

WEICHAI POWER 'H' 8,375.14 38,569.88 0.36

YANZHOU COAL MINING 'H' 39,652.47 87,204.95 0.81


ZHEJIANG EXPRESSWAY 'H' 30,455.05 18,583.18 0.17

ZHUZHOU CSR TIMES 'H' 9,669.48 16,197.49 0.15

ZTE 'H' 11,548.55 33,230.95 0.31

6,838,976.23 63.87

HONG KONG

BEIJING ENTREPRISES 10,697.34 54,417.42 0.51

CHAODA MODERN AGRICULTURE 61,446.10 8,682.69 0.08

CHINA AGRI-INDUSTRIES 31,673.25 20,140.25 0.19

CHINA EVERBRIGHT 17,663.93 19,287.38 0.18

CHINA MERCHANTS 22,689.01 61,790.05 0.58

CHINA MOBILE 124,142.39 1,229,537.02 11.50


CHINA RESOURCES ENTERPRISE 24,668.59 83,025.73 0.78





CHINA TAIPING INSURANCE HLDGS 16,293.45 31,395.79 0.29

CITIC PACIFIC 25,658.38 36,718.21 0.34

COSCO PACIFIC 34,414.20 38,638.14 0.36

FOSUN INTERNATIONAL 35,556.27 18,087.50 0.17

FRANSHION PROPERTIES (CHINA) 76,442.17 12,078.28 0.11

FUSHAN INTERNATIONAL ENERGY 57,255.49 19,417.27 0.18

GHANGZUOU INVESTMENT 111,465.48 14,605.20 0.14


LENOVO GROUP 124,713.42 84,749.27 0.79

MINMETALS RESOURCES 32,282.35 12,358.01 0.12

POLY (HONG KONG) INVESTMENTS 43,702.99 13,417.64 0.13

SINO-OCEAN LAND HOLDINGS 66,963.04 21,591.16 0.20

TSINGTAO BREWERY 'H' 6,091.01 33,762.70 0.32

WUMART STORES 'H' 10,735.40 21,375.55 0.20

1,894,727.26 17.73

ILES CAÏMANS


ALIBABA. COM 25,391.90 23,746.17 0.22

ANTA SPORTS PRODUCTS 16,826.41 19,691.42 0.18

BELLE INTERNATIONAL 87,101.44 152,170.80 1.42

BOSIDENG INTERNATIONAL HOLDINGS 54,971.36 11,510.42 0.11

CHINA DONGXIANG 56,722.53 9,836.86 0.09

CHINA HIGH SPEED TRANSMISSION 20,176.47 9,330.71 0.09


CHINA RESOURCES LAND 36,850.61 40,190.13 0.38

CHINA RONGSHENG 38,183.02 10,545.71 0.10

CHINA SHINEWAY PHARMACEUTICAL 9,212.65 11,408.51 0.11

CHINA STATE CONSTRUCTION INTL 29,845.95 15,949.45 0.15

CHINA ZHONGWANG HOLDINGS 36,941.97 12,813.00 0.12

CN SHANSHUI CEMENT 34,871.03 24,144.63 0.23

COUNTRY GARDEN 87,025.30 24,370.76 0.23

DONGYUE GROUP 19,491.23 9,840.09 0.09

ENN ENERGY HLDGS 15,151.39 49,631.76 0.46

EVERGRANDE REAL ESTATE GROUP 110,551.82 34,651.56 0.32


GEELY AUTOMOBILE 81,847.94 18,399.79 0.17

GOLDEN EAGLE RETAIL 14,466.15 29,733.09 0.28

GREENTOWN CHINA 12,981.46 6,170.10 0.06

HENGAN INTERNATIONAL GROUP 14,999.11 121,290.94 1.13

HIDILI INDUSTRY INTL DEVELOPMENT 20,709.43 6,092.15 0.06


KINGBOARD CHEMICAL HOLDINGS 12,791.12 34,916.81 0.33

KWG PROPERTY 28,437.40 10,703.47 0.10


LI NING 13,438.29 13,844.76 0.13

LONGFOR PROPERTIES 27,219.20 27,343.19 0.26

LONKING HOLDINGS 39,819.98 13,197.38 0.12

PARKSON RETAIL GP 29,693.67 36,199.05 0.34

RENHE COMMERCIAL 226,281.01 24,417.12 0.23

SANY HEAVY EQUIPMENT INTL. 19,567.37 15,609.58 0.15

SEMICONDUCTOR MANUFACTURING INTL 388,149.59 19,446.02 0.18

SHUI ON LAND 52,298.93 12,764.79 0.12




437


SOHO CHINA 43,284.24 27,690.21 0.26

TENCENT HOLDINGS 20,808.41 438,913.75 4.10


WANT WANT CHINA 121,363.37 110,379.39 1.03


1,713,142.42 16.03

TOTAL I. 10,686,668.09 99.85


ACTIONS

CHINE

CSG HOLDING B 14,688.09 13,453.09 0.13

13,453.09 0.13

TOTAL II. 13,453.09 0.13










Chine 64.00

Hong Kong 17.73

Iles Caïmans 16.03

Bermudes 2.22

99.98





Pétrole 15.23

Assurances 7.11


Immobilier 4.73


4.61



















Bois et papier 0.17

Divers 0.15


99.98

Pictet - India Index



439



ACTIONS

INDE

ADANI ENTERPRISES 5,029.20 54,101.74 1.03

ADITYA BIRLA NUVO DEMAT. 954.81 17,804.54 0.34

AMBUJA CEMENTS DEMAT. 13,770.62 41,867.18 0.80

ASIAN PAINTS DEMAT. 633.79 40,862.41 0.78

ASSOCIATED CEMENT DEMAT. 1,234.66 27,694.54 0.53

AXIS BANK DEMAT. 5,037.43 104,801.15 2.00

BAJAJ AUTO 1,967.23 61,696.15 1.18

BANK OF INDIA 2,518.71 16,212.86 0.31

BHARAT HEAVY ELECTRICALS DEMAT. 2,559.87 85,702.72 1.64

BHARAT PETROLEUM DEMAT. 1,926.08 25,476.51 0.49

CANARA BANK DEMAT. 1,794.38 16,269.40 0.31

CIPLA DEMAT. 7,399.75 42,509.86 0.81

COAL INDIA 11,276.60 76,720.01 1.47

DABUR INDIA DEMAT. 9,893.77 20,807.73 0.40

DLF 8,683.80 38,813.36 0.74

DR REDDY'S LABORATORIES DEMAT. 2,271.78 68,798.22 1.31

GAIL INDIA 8,724.96 73,140.01 1.40

GMR INFRASTRUCTURE 24,553.35 13,561.37 0.26

HCL TECHNOLOGIES DEMAT. 3,720.45 31,081.65 0.59

HDFC BANK 33,915.80 323,853.54 6.19


HINDALCO INDUSTRIES INDIA DEMAT. 24,987.21 67,066.24 1.28

HINDUSTAN UNILEVER 19,038.52 132,404.68 2.53

HOUSING DEV.& INFRASTRUCTURE 4,436.56 8,873.12 0.17

HOUSING DEVELOPMENT FINANCE 24,495.73 320,557.74 6.12

ICICI BANK ADR (R. 2 SHS) 8,988.35 312,075.59 5.96

INDIABULLS REAL ESTATE DEMAT. 7,523.22 11,236.82 0.21

INDIABULLS WHOLESALES SERVICES 1,204.78 100.86 0.00

INDUSIND BANK 3,769.84 20,024.99 0.38

INFOSYS TECHNOLOGIES DEMAT. 9,671.53 500,224.18 9.57

INFRASTRUCTURE DEV. FIN. DEMAT. 21,252.68 48,081.62 0.92

ITC DEMAT. 50,654.14 204,788.59 3.91

JAIPRAKASH ASSOCIATES 21,277.37 31,606.51 0.60

JINDAL STEEL & POWER DEMAT. 8,272.25 85,467.23 1.63

JSW STEEL DEMAT. 2,066.00 24,973.45 0.48

KOTAK MAHINDRA BANK 6,395.56 60,031.42 1.15

LARSEN & TOUBRO DEMAT. 4,658.80 129,143.14 2.47

LIC HOUSING FINANCE 6,469.64 27,945.94 0.53

LUPIN 3,391.21 32,845.75 0.63


MARUTI SUZUKI 1,563.91 34,710.93 0.66

MUNDRA PORT & SPECIAL ECON. ZONE 8,790.81 29,500.14 0.56

NTPC DEMAT. 13,466.07 46,096.71 0.88

OIL & NATURAL GAS CORP 16,972.51 92,218.19 1.76

PIRAMAL HEALTH 1,680.46 12,270.19 0.23





POWER GRID INDIA 24,717.97 49,688.30 0.95

RANBAXY LABORATORIES DEMAT. 2,845.57 29,855.98 0.57

RELIANCE CAPITAL DEMAT. 2,181.24 14,036.09 0.27

RELIANCE COMMUNICATIONS DEMAT. 11,754.00 17,220.00 0.33

RELIANCE INDUSTRIES DEMAT. 29,313.72 483,833.51 9.24

RELIANCE INFRASTRUCTURE 2,255.32 17,197.53 0.33

RELIANCE POWER 11,961.83 18,745.71 0.36

RURAL ELECTRIFICATION 6,428.48 22,826.20 0.44

SATYAM COMPUTER SERVICES DEMAT. 13,910.55 19,995.97 0.38

SESA GOA DEMAT. 7,630.22 31,245.36 0.60

SHRIRAM TRANSPORT FINANCE DEMAT. 2,782.11 34,788.44 0.66

SIEMENS INDIA 1,440.11 24,634.08 0.47

STATE BANK OF INDIA GDR (R. 1 SHS) 699.64 59,119.82 1.13

STEEL AUTHORITY OF INDIA DEMAT. 8,157.01 17,596.50 0.34

STERLITE INDUSTRIES (INDIA) 30,833.67 71,583.23 1.37

SUN PHARMACEUTICAL 6,897.65 65,068.24 1.24

SUZLON ENERGY 17,268.83 12,852.45 0.25

TATA CONSULTANCY SERVICES DEMAT. 10,404.10 220,360.89 4.21

TATA MOTORS 33,401.77 106,428.73 2.03

TATA POWER 21,730.08 44,303.20 0.85

TATA STEEL DEMAT. 6,800.53 57,674.32 1.10

TITAN INDUSTRIES 4,609.41 19,665.88 0.38

ULTRA TECH CEMENT 1,465.13 34,104.20 0.65

UNITECH 28,504.27 15,248.84 0.29

UNITED PHOSPHORUS DEMAT. 4,625.87 13,006.29 0.25

UNITED SPIRITS DEMAT 1,769.68 28,753.99 0.55

WIPRO DEMAT 11,186.05 77,839.87 1.49

ZEE ENTERTAINMENT 9,218.82 22,127.06 0.42

5,227,063.20 99.86







441




Inde 99.86

99.86





16.24











Pétrole 2.25


Immobilier 0.91


Communications 0.33



99.86

Pictet - Latam Index





ACTIONS

BERMUDES

CREDICORP 104.07 9,595.64 0.91

9,595.64 0.91

BRESIL

AES TIETE PFD 152.42 1,929.59 0.18

ALL AMERICA LATINA LOGISTICA 698.08 3,207.87 0.31

AMBEV-CIA DE BEBIDAS PREF 1,139.93 34,850.48 3.32

AMIL PARTICIPACOES 192.76 1,739.35 0.17

ANHANGUERA EDUCACIONAL PARTICIP. 191.59 2,497.78 0.24

B2W CIA GLOBAL DO VAREJO 120.83 956.88 0.09

BANCO BRADESCO PREF 2,900.65 43,300.76 4.13

BANCO DO BRASIL 857.26 11,471.74 1.09

BANRISUL PREF 'B' 268.00 2,310.04 0.22

BCO SANTANDER (55 ORD+50PFD) 996.97 7,368.87 0.70

BMF BOVESPA 2,972.16 14,074.24 1.34

BR MALLS PARTICIPACOES 622.53 6,442.41 0.61

BRADESPAR 30.70 588.19 0.06

BRADESPAR PREF 313.04 5,580.42 0.53

BRASIL TELECOM PFD ADR (R.3 SHS) 11.06 193.19 0.02

BRASIL TELECOM PREF 376.07 2,222.46 0.21

BRASKEM 'A' PREF 220.37 1,730.91 0.16

BRF FOODS 991.20 17,183.41 1.64

BROOKFIELD INCORPORACOES 393.41 1,169.89 0.11

CEMIG MINAS GERAIS PREF 584.64 8,733.75 0.83

CESP PREF 'B' 245.75 3,680.45 0.35

CETIP 275.96 3,493.58 0.33

CIA BRASILIERA DE DIS. PREF 158.14 4,841.40 0.46

CIA HERING 189.26 3,202.54 0.31

CIA SIDERURGICA NACIONAL NOM. 1,132.26 9,003.21 0.86

CIELO 377.90 8,530.12 0.81

CONCESSOES RODOVIARIAS 343.44 9,056.57 0.86

COPEL PREF 'B' 158.95 2,902.86 0.28

COSAN 193.07 2,493.14 0.24

CPFL ENERGIA 281.74 3,131.18 0.30

CYRELA BRAZIL REALTY SA EMPREEDI. 450.37 2,841.11 0.27

DIAGNOSTICOS DA AMERICA 351.74 3,029.90 0.29

DURATEX SA 379.92 1,762.22 0.17

ECORODOVIAS INFRAS. E LOGISTI. 242.26 1,801.01 0.17

ELETROBRAS 'B' PREF 334.18 3,867.02 0.37

ELETROBRAS NOM. 419.64 3,662.29 0.35

ELETROPAULO PFD 142.32 2,182.03 0.21

EMBRAER EMPRES. BRASIL. AERONAUTICA 844.46 5,345.42 0.51

ENERGIAS DO BRASIL 118.40 2,423.74 0.23

FIBRIA CELULOSE 325.16 2,504.92 0.24

FOSFERTIL PREF 141.24 1,850.50 0.18




443


GAFISA 600.40 1,736.91 0.17

GERDAU METALURGICA PREF 415.23 3,749.14 0.36

GERDAU PREF 1,295.34 9,316.00 0.89

GOL LINHAS AEREAS INTELLIGENTES 128.70 709.96 0.07

HRT PARTICIPACEOS EM PETROLEO 6.99 2,823.49 0.27

HYPERMARCAS 445.49 2,121.57 0.20

ITAU UNIBANCO PFD 3,462.71 54,190.86 5.17

ITAUSA INVESTIMENTOS ITAU PREF 3,512.98 18,035.66 1.72

JBS 1,154.04 2,256.80 0.22

KLABIN 706.16 1,978.21 0.19

LOCALIZA RENT A CAR 177.03 2,374.74 0.23

LOJAS AMERICANAS PREF 475.05 3,634.08 0.35

LOJAS RENNER 179.94 4,910.00 0.47

MARFRIG ALIMENTOS 206.51 681.95 0.07

MMX MINERACAO E METALICOS 404.73 1,537.15 0.15

MRV ENGENHARIA PARTICIPACOES 450.02 2,334.64 0.22

MULTIPLAN EMPR. IMOBILIARIOS 98.42 1,847.71 0.18

NATURA COSMETICOS 262.32 4,522.10 0.43

ODONTOPREV 133.36 1,996.49 0.19

OGX PETROLEO E GAS 1,976.48 12,244.84 1.17


PETROBRAS PREF 6,372.13 65,566.40 6.25

PETROLEO BRASILEIRO PETROBRAS NOM 4,518.57 50,875.71 4.85

PORTO SEGURO 179.48 1,692.11 0.16

REDECARD 514.18 7,091.19 0.68

ROSSI RESIDENCIAL 266.71 1,261.55 0.12

SABESP 171.70 4,042.28 0.39

SOUZA CRUZ IND. & COMERCIO NOM. 580.80 5,919.87 0.56

SUL AMERICA 178.20 1,535.98 0.15

SUZANO PAPEL 'A' PREF 281.49 1,267.74 0.12

TAM PREF 109.48 1,702.74 0.16

TELE NORTE LESTE 91.42 1,014.51 0.10

TELE NORTE LESTE PARTICIPAC. PREF 344.27 3,301.29 0.31

TELEMAR NORTE LESTE PREF 'A' 56.92 1,186.78 0.11

TELESP 452.08 12,128.56 1.16


TOTVS 159.56 2,750.70 0.26

TRACTEBEL ENERGIA 194.39 2,733.27 0.26

TRANSMISSAO ENERGIA PAULISTA PFD 52.37 1,353.66 0.13

ULTRAPAR PARTICIPACOES 501.00 7,962.06 0.76

USIMINAS PREF 'A' 688.44 3,901.60 0.37

USIMINAS USINAS SIDER. MIN. GERAIS 264.90 3,068.16 0.29

VALE DO RIO DOCE 1,980.26 45,499.34 4.34


683,222.07 65.17

CHILI

AES GENER 3,740.47 1,845.06 0.18

BANCO DE CREDITO E INVERSIONES 47.74 2,200.89 0.21

BC SANTANDER CL ADR (R. 1039 SHS) 66.73 4,903.33 0.47

CAP SA 115.68 3,527.90 0.34

CENCOSUD 1,367.55 7,387.58 0.70

CERVEZAS 174.43 1,814.01 0.17





COLBUN 10,778.08 2,671.64 0.25

CONCHATORO 792.79 1,408.93 0.13

COPEC 684.38 8,190.82 0.78

CORPBANCA 139,503.88 1,748.18 0.17

E CL 821.86 1,939.40 0.18

EMPRESAS CMPC 1,634.64 5,593.21 0.53

ENDESA (CHILE) ADR (R. 30 SHS) 164.05 7,109.98 0.68

ENERSIS ADR (R. 50 SHS) 388.06 6,562.12 0.63

ENTEL 164.13 3,131.03 0.30

FALABELLA 553.38 4,385.71 0.42

LAN AIRLINES 208.34 4,377.10 0.42

SOC. QUIMICA Y MINERA CHILE B 147.78 7,105.66 0.68

75,902.55 7.24

COLOMBIE

ALMACENES EXITO 230.15 2,738.93 0.26

ALMACENES EXITO -PROV.- 80.56 958.70 0.09

BANCOLOMBIA 352.49 5,170.53 0.49

BANCOLOMBIA PFD 418.50 5,835.21 0.56

CEMARGOS 442.12 2,497.90 0.24

CORPORACION FIN. COLOMB. ISS. 10 2.21 39.14 0.00

CORPORACION FINANCIERA COLOMBIANA 107.06 1,914.49 0.18

ECOPETROL 6,127.32 12,259.28 1.17

GRUPO DE INVERSIONES SURAMERICANA 348.25 5,992.83 0.57

INTERCONEXION ELECTRICA 598.98 3,601.47 0.34

INVERSIONES ARGOS 447.57 4,036.64 0.38

45,045.12 4.28

ETATS-UNIS

SOUTHERN COPPER 253.77 6,341.60 0.60

6,341.60 0.60

MEXIQUE

ALFA 'A' 431.22 4,505.29 0.43

AMERICA MOVIL 'L' (AMX) 62,576.49 69,274.27 6.56

ARCA CONTINENTAL 522.78 2,188.29 0.21

CEMEX CPO (R. 2 SHS 'A' & 1 SHS 'B') 15,731.85 5,050.67 0.48

COCA COLA FEMSA L 418.50 3,719.38 0.35

COMPARTAMOS 1,621.31 2,253.24 0.21

ELEKTRA 108.41 8,294.00 0.79

FOMENTO UNITS (1 ORD'B'&4 ORD'D') 2,939.81 19,165.43 1.83

GFNORTE 'O' 2,507.98 7,464.24 0.71

GRUPO AEROPORTUARIO DEL PACIF.B 742.52 2,490.15 0.24

GRUPO BIMBO 'A' 2,534.63 4,836.59 0.46

GRUPO CARSO A1 882.43 2,057.12 0.20

GRUPO FINANCIERO INBURSA 'O' 2,957.37 4,988.92 0.48

GRUPO MEXICO 'B' 5,806.05 13,799.60 1.32

GRUPO MODELO 'C' 939.36 5,392.44 0.51

GRUPO TELEVISA 3,655.68 13,512.79 1.29

INDUSTRIAS PENOLES 207.13 7,660.99 0.73

KIMBERLY CLARK DE MEXICO 'A' 810.35 4,177.83 0.40

MEXICHEM 1,114.24 3,395.97 0.32

MINERA FRISCO SAB DE CV 'A1' 982.36 3,435.12 0.33




445


TELEFONOS DE MEXICO 'L' 8,326.42 6,255.47 0.60

URBI DESARROLLOS 815.20 1,113.48 0.11

WAL-MART 'V' 9,525.94 22,014.08 2.10

217,045.36 20.66

PEROU

MINAS BUENAVENTURA ADR (R. 1 SHS) 288.94 10,904.65 1.04

10,904.65 1.04










Brésil 65.17

Mexique 20.66

Chili 7.24

Colombie 4.28

Pérou 1.04

Bermudes 0.91

Etats-Unis 0.60

99.90



Pétrole 14.65












Immobilier 1.70



Bois et papier 1.48


Assurances 1.07

Divers 0.97




Conglomérats 0.43




0.26



Emballage 0.21


99.90

Pictet - Russia Index



447



ACTIONS

RUSSIE

CHEREPOVETS METAL SEVERSTAL (USD) 2,158.98 22,781.15 1.11

FGC UES (USD) 3,309,475.68 24,490.12 1.19

GAZPROM ADR (R. 4 SHS) 8,847.55 85,732.77 4.16

GAZPROM 'LOCAL' (USD) 94,210.53 455,781.12 22.12

GROUP LSR GDR (R. 1/5 SHS) 1,965.45 7,252.52 0.35

INTER RAO UES (USD) 13,445,259.60 13,445.26 0.65

JFSC SISTEMA GDR (R. 20 SHS) 1,020.21 14,282.94 0.69

LUKOIL HOLDING ADR (R. 1 SHS) 5,367.10 272,917.20 13.24

MAGNIT GDR 2,308.10 44,130.93 2.14

MECHEL ADR (R. 3 SHS) 1,534.39 15,635.43 0.76

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 6,004.53 130,478.45 6.33

MOBILE TELESYS ADR (R. 5 SHS) 4,895.30 60,212.15 2.92

MOBILE TELESYSTEMS USD 1,183.71 6,511.48 0.32

NOVATEK -GDR SPONS. - REG. S 954.00 110,855.07 5.38

NOVOLIPETSK STEEL GDR (R. 1 REG-S) 695.08 14,235.22 0.69

PIPE METALL. COMP. GDR (REP 4SHS) 635.19 5,831.01 0.28

POLYMETAL (USD) 1,698.99 26,037.90 1.26


ROSNEFT OIL (USD) 16,677.83 98,144.00 4.76

ROSTELECOM 13,730.46 63,425.12 3.08


SBERBANK (USD) 91,072.08 199,138.20 9.66

SBERBANK PFD (USD) 10,602.61 17,921.58 0.87

SURGUTNEFTEGAZ ADR (R. 10 SHS) 11,602.65 93,981.45 4.56

TATNEFT GDR (R. 20 SHS) 2,468.18 61,309.67 2.97

TRANSNEFT PREF (USD) 16.70 16,968.81 0.82

URALKALIY (USD) 14,597.89 100,659.72 4.88

VNESHTORGBANK (USD) 27,102,624.68 56,915.51 2.76

2,062,923.25 100.08





Pictet - Russia Index





Russie 100.08

100.08



Pétrole 51.81


Communications 7.01











100.08

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449



ACTIONS

AFRIQUE DU SUD

ANGLOGOLD ASHANTI 102.86 3,733.23 0.00

ANGLOGOLD ASHANTI ADR (R. 1 SHS) 357.96 13,446.89 0.02

FIRSTRAND 5,936.33 13,068.51 0.02

KUMBA IRON ORE 380.24 18,330.09 0.02

MTN GROUP 1,519.95 22,209.82 0.03

NASPERS 'N' 211.39 8,161.44 0.01

SASOL 524.00 19,294.22 0.02

98,244.20 0.12

ALLEMAGNE

ADIDAS NOM. 1,028.90 58,008.63 0.07

ALLIANZ NOM. 375.46 33,189.49 0.04

DEUTSCHE BOERSE -OPE- 627.34 29,138.76 0.04


MAN AG 597.29 44,963.14 0.06

MUENCHENER RUECKVER. NOM. 507.32 57,915.92 0.07

PFEIFFER VACUUM TECHNOLOGY 439.92 35,616.20 0.04

278,294.99 0.34

ARGENTINE

YPF SPONS.ADR REPR.1 SH.'D' 353.39 11,280.81 0.01

11,280.81 0.01

BELGIQUE

U.C.B. 1,294.77 51,528.29 0.06

51,528.29 0.06

BERMUDES

COSAN A 1,401.29 12,620.04 0.02

CREDICORP 117.06 9,690.65 0.01

PURECIRCLE (GBP) 4,193.35 5,286.14 0.01

27,596.83 0.04

BRESIL

BANCO DO BRASIL 1,891.75 23,072.59 0.03

BANRISUL PREF 'B' 891.79 6,816.98 0.01

BCO SANTANDER (55 ORD+50PFD) 1,194.12 8,455.19 0.01

BR MALLS PARTICIPACOES 923.20 8,730.94 0.01

BRASIL INSURANCE 1,349.49 11,565.54 0.01


CIA HERING 782.42 12,556.25 0.02

ELETROBRAS 'B' PREF 335.58 3,479.51 0.00

LOJAS RENNER 253.30 6,491.43 0.01

OGX PETROLEO E GAS 831.06 4,923.41 0.01

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PETROBRAS ADR (R. 2 PFD SHS) 1,360.38 26,207.76 0.03

PETROLEO BRASIL. 'ADR' (REPR. 1 SHS) 694.18 14,581.21 0.02

TELECOM. SAO PAULO PFD-ADR SPONS.- 338.94 8,100.26 0.01

TOTVS 299.81 4,598.26 0.01

VALE 'A' ADR (R.1 PFD 'A') 656.13 12,942.07 0.02


207,211.82 0.27

CHILI

ENDESA 6,000.04 7,920.54 0.01

ENTEL 285.89 4,931.00 0.01

12,851.54 0.02

CHINE

AGRICULTURAL BANK OF CHINA 'A' 19,888.28 6,910.68 0.01

BANK OF CHINA 75,897.41 21,521.70 0.03


CHINA COAL ENERGY 'H' 6,978.69 5,710.53 0.01

CHINA CONSTRUCTION BANK 'A' 17,869.24 11,105.74 0.01


CHINA PACIFIC INSURANCE 'H' 4,272.54 11,249.97 0.01



CHINA SHENHUA ENERGY H 3,249.13 11,676.50 0.01

CHINA UNICOM (HK) 8,529.31 16,031.84 0.02

CHINA VANKE 'A' 5,962.73 6,097.78 0.01

CITIC SECURITIES H 2,882.54 4,437.22 0.01

CNOOC 16,866.07 25,377.03 0.03

HARBIN POWER EQUIPMENT 'H' 7,192.01 5,352.35 0.01

IND. & COMM. BANK OF CHINA 'H' 55,422.59 24,503.81 0.03

LUZHOU OLD-CELLAR 'A' 2,067.16 11,358.29 0.01

PING AN INSURANCE 'A' 946.82 4,489.61 0.01


SUNING APPLIANCE -A- 6,780.27 9,969.79 0.01


218,381.05 0.28

COREE DU SUD

DAELIM INDUSTRIAL 102.53 7,552.41 0.01

HANA FINANCIAL HOLDINGS 642.15 17,155.47 0.02

HYUNDAI ENGIN. & CONSTR. 144.65 6,746.24 0.01

HYUNDAI HOME SHOPPING NETWORK 38.52 4,086.72 0.01

HYUNDAI MOBIS 68.53 17,863.11 0.02

HYUNDAI MOTOR 193.89 31,226.68 0.04

KB FINANCIAL 603.55 18,588.94 0.02

KT & G CORP 298.94 16,771.39 0.02

LG CHEMICAL 65.52 16,052.46 0.02

LG CORP 213.13 9,825.86 0.01

LG ELECTRONICS 106.64 5,608.33 0.01

LG FASHION 166.18 5,130.78 0.01

LG TELECOM 1,217.07 5,973.39 0.01

POSCO 39.07 11,064.08 0.01

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451


SAMSUNG ELECTRONICS 95.82 61,436.71 0.08

SAMSUNG FIRE & MAR. INSUR. 41.30 6,824.46 0.01

SK ENERGY 34.15 3,701.42 0.00

SK TELECOM 95.55 10,904.00 0.01

256,512.45 0.32

ESPAGNE


BANCO SANTANDER 6,182.69 46,632.70 0.06

BANCO SANTANDER ADR (R.1 SHS) 1,955.66 13,839.80 0.02

INDITEX NOM. 273.31 21,750.69 0.03

TELEFONICA 2,651.33 46,712.78 0.06

145,746.36 0.19

ETATS-UNIS

CTC MEDIA 452.84 3,751.66 0.00

SOHU. COM 76.90 3,509.41 0.00

SOUTHERN COPPER 142.05 3,311.61 0.00

10,572.68 0.00

FRANCE

BNP PARIBAS 1,445.42 54,880.15 0.07

L.V.M.H. 244.29 30,738.45 0.04

PUBLICIS 610.23 23,880.07 0.03


TOTAL 1,265.01 50,845.27 0.06

VINCI 967.13 39,061.20 0.05

266,981.29 0.33

HONG KONG

AIA GROUP 877.67 2,265.27 0.00

CHINA MOBILE 4,296.38 38,339.02 0.05


COSCO PACIFIC 6,084.17 6,154.55 0.01

LENOVO GROUP 15,345.28 9,395.37 0.01

60,581.47 0.08

HONGRIE

MOL MAGYAR OLAY 'A' 42.35 2,594.74 0.00

OTP BANK 584.67 8,114.36 0.01

10,709.10 0.01

ILE DE MAN

ZHAIKMUNAI GDR (R. 1 SHS) 687.40 4,647.70 0.01

4,647.70 0.01

ILES CAÏMANS


COMBA TELECOM SYSTEMS HOLDINGS 12,919.36 8,612.85 0.01

EURASIA DRILLING GDR (R.1 SHS) 1,684.46 27,838.72 0.03

FOCUS MEDIA ADR (R.5 SHS) 349.93 6,422.76 0.01

MELCO CROWN ENTERTAINMENT -SP.ADR- 224.55 1,823.94 0.00

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MGM CHINA HOLDINGS 4,495.19 5,369.22 0.01

NETEASE. COM ADR (R. 25 SHS) 218.84 7,686.07 0.01


YUANDA CHINA HOLDINGS 56,306.35 5,995.55 0.01

82,582.85 0.11


MAIL.RU GROUP -GDR- (R.1 SHS) 153.34 4,160.79 0.01

4,160.79 0.01

INDE

BANK OF BARODA DEMAT. 381.97 5,350.54 0.01

ICICI BANK DEMAT. 922.09 14,832.64 0.02

INFOSYS TECHNOLOG ADR (R.1 SHS) 190.78 8,900.23 0.01

INFOSYS TECHNOLOGIES DEMAT. 162.08 7,544.28 0.01

LUPIN 1,021.91 8,907.43 0.01

OIL & NATURAL GAS CORP 1,944.91 9,510.06 0.01

RELIANCE INDUSTRIES DEMAT. 1,152.06 17,112.52 0.02

SINTEX INDUSTRIES 5,332.24 12,463.38 0.02

YES BANK 2,098.87 10,511.65 0.01

95,132.73 0.12

INDONESIE

ASTRA INTERNATIONAL 1,323.85 8,645.41 0.01

BORNEO LUMBUNG ENERGI & METAL 67,073.75 6,124.77 0.01

INDO TAMBANGRAY 1,726.14 6,951.24 0.01

P.T. TELEKOMUNIKASI INDONESIA 'B' 5,862.78 4,571.56 0.01

PT BANK MANDIRI (PERSERO) 14,391.12 9,302.13 0.01

PT BUMI SERPONG DAMAI 142,009.85 12,676.08 0.02

PT HARUM ENERGY 10,456.51 7,617.15 0.01

SEMEN GRESIK 14,063.01 11,975.78 0.02

67,864.12 0.10

IRLANDE

KENMARE RESOURCES (GBP) 5,909.89 2,928.21 0.00

2,928.21 0.00

ITALIE

ASTALDI 3,906.74 20,215.90 0.03

DANIELI & C. OFF. MECC. RNC 1,801.83 18,827.70 0.02

39,043.60 0.05

JAPON

ADEKA 6.90 67.54 0.00

ADVANCE RESIDENCE 0.06 103.23 0.00

AIN PHARMACIEZ 2.96 119.32 0.00

ARNEST ONE 8.14 76.87 0.00

BANK OF YOKOHAMA 21.79 99.91 0.00

CANON 3.86 160.64 0.00

CHIYODA 9.33 83.72 0.00

CHOU MITSUI TRUST 33.83 102.76 0.00

DAIHATSU MOTOR 6.41 105.93 0.00

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453


DAIICHIKOSHO 4.76 85.28 0.00

DENKI KAGAKU KOGYO 26.82 93.73 0.00

DENSO 2.04 59.98 0.00

DIC 50.72 84.46 0.00

EBARA 24.51 89.09 0.00

FAMILYMART 2.23 77.67 0.00

FUJI SEAL INTERNATIONAL 3.45 61.60 0.00

FUJIFILM 2.91 61.92 0.00

HITACHI CHEMICAL 3.90 58.91 0.00

HITACHI TRANSPORT SYSTEM 5.93 100.10 0.00

HONDA MOTOR 4.89 131.92 0.00

ITOCHU 10.81 94.78 0.00

MITSUBISHI 5.84 109.00 0.00

MITSUBISHI ESTATE 10.18 151.44 0.00

MITSUBISHI UFJ FINANCIAL GROUP 43.74 181.58 0.00

MITSUBISHI UFJ LEASE & FINANCE 2.99 109.66 0.00

MITSUI & CO 7.24 96.31 0.00

MODEC 7.74 125.65 0.00

MUSASHI SEIMITSU INDUSTRY 4.26 93.69 0.00

N.T.T. 5.08 222.03 0.00

NICHI-IKO PHARMACEUTICAL 2.68 65.01 0.00

NIHON KOHDEN 4.90 120.32 0.00

NIHON PARKERIZING 8.03 103.54 0.00

NIPPON KAYAKU 10.51 99.33 0.00

NISSAN MOTOR 12.01 97.60 0.00

NITTO DENKO 2.05 74.40 0.00

NORITZ 5.75 120.10 0.00

NTT DOCOMO 0.10 162.56 0.00

OBIC 0.37 65.75 0.00

OILES 7.12 127.93 0.00

SANKYU 27.02 116.30 0.00

SIIX 8.37 99.73 0.00

SONY 3.38 59.66 0.00

SUMITOMO BAKELITE 15.18 74.03 0.00

SUMITOMO ELECTRIC INDUSTRIES 8.00 86.00 0.00

SUMITOMO MITSUI FINANCIAL GROUP 5.42 140.13 0.00

SURUGA BANK 10.67 94.86 0.00

TOKIO MARINE HOLDINGS 7.76 180.59 0.00

TOKYO ELECTRON 2.21 92.32 0.00

TOKYO OHKA KOGYO 4.88 90.33 0.00

TOMY COMPANY 12.93 91.87 0.00

TOSHIBA PLANT SYSTEMS & SERVICES 8.76 79.24 0.00

TOYOTA MOTOR 6.92 218.20 0.00

TOYOTA TSUSHO CORP 8.07 126.91 0.00

TS TECH 4.63 62.05 0.00

UNIDEN 25.56 84.83 0.00

UNIPRESS 2.52 62.22 0.00

YAMADA DENKI 1.30 83.26 0.00

YOROZU 3.52 83.00 0.00

5,970.79 0.00

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JERSEY


36,311.67 0.05

LUXEMBOURG

MILLICOM INTL CELLULAR-SDR- 589.27 53,586.76 0.07

53,586.76 0.07

MALAISIE

BUMIPUTRA-COMMERCE HOLDINGS BHD 4,596.29 9,046.39 0.01

MEDIA PRIMA 9,378.48 5,826.26 0.01

RHB CAPITAL 3,467.50 6,854.08 0.01

TM INTERNATIONAL 14,397.29 18,701.38 0.02

40,428.11 0.05

MEXIQUE

AMERICA MOVIL ADR (R. 20 SHS 'L') 345.44 7,028.67 0.01

CEMEX ADR (R. 10 CPO) 610.27 1,887.04 0.00

DESARROLLADOR ADR (R.6 SHS) (USD) 110.83 1,420.73 0.00

WAL-MART 'V' 6,268.27 13,257.89 0.02

23,594.33 0.03

NIGERIA

FIRST BANK OF NIGERIA 27,531.54 1,448.25 0.00

ZENITH BANK 24,408.29 1,700.96 0.00

3,149.21 0.00

PAYS-BAS


X5 RETAIL GROUP SPONS. GDR REG. S 212.11 5,369.44 0.01

29,906.15 0.04

PHILIPPINES

METRO PACIFIC INVESTMENTS 108,480.92 6,150.66 0.01

6,150.66 0.01

REPUBLIQUE TCHEQUE

CESKE ENERGETICKE ZAVODY 200.77 7,080.75 0.01

TELEFONICA O2 CR 216.91 4,144.42 0.01

11,225.17 0.02

ROYAUME-UNI

AUTONOMY CORPORATION 837.28 29,834.64 0.04

BG GROUP 2,682.74 46,481.88 0.06

CARNIVAL 2,452.35 70,793.73 0.09

HSBC HOLDINGS 10,537.60 75,687.64 0.10

KAZAKHMYS 677.23 7,950.27 0.01

MAN GROUP 6,966.92 17,174.68 0.02

MITIE 16,425.31 55,974.55 0.07

NATIONAL GRID 4,099.61 36,750.02 0.05

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455


RIO TINTO NOM. 1,057.57 43,943.05 0.06

ROYAL DUTCH SHELL 'A' 1,381.77 38,901.26 0.05

SOCO INTERNATIONAL 5,294.00 24,633.09 0.03

THOMAS COOK GROUP 23,686.77 12,939.14 0.02

TULLOW OIL 3,513.25 64,562.23 0.08

VODAFONE GROUP PLC 46,253.59 108,289.62 0.14

633,915.80 0.82

RUSSIE

GAZPROM ADR (R. 4 SHS) 3,010.46 26,990.04 0.03

IDGC (USD) 88,290.17 5,810.33 0.01

JFSC SISTEMA GDR (R. 20 SHS) 388.72 5,123.33 0.01

MECHEL PFD (USD) 507.13 3,807.18 0.00

MECHEL-BANK PFD 0% PERP 648.78 2,631.93 0.00

MMC NORILSK NICKEL ADR (R. 0. 1SHS) 443.74 8,828.75 0.01

NOMOS BANK GDR (R. 1/2 SHS REG.S) 719.77 6,358.98 0.01


SBERBANK (USD) 11,303.98 23,924.32 0.03

SBERBANK PFD (USD) 38,315.80 62,218.13 0.08

161,000.42 0.20

SUEDE

ASSA ABLOY 'B' 2,967.46 58,520.93 0.07


112,043.14 0.14

SUISSE

ABB LTD 37,000.00 603,100.00 0.76

ACTELION NOM. 621.49 18,940.60 0.02

ADECCO NOM. 4,100.00 158,055.00 0.20


CREDIT SUISSE GROUP 10,600.00 264,576.00 0.33

GAM HOLDING NOM. 2,500.00 28,875.00 0.04



KUONI REISEN HOLDING NOM. 'B' 290.00 80,620.00 0.10

LINDT & SPRUENGLI 60.00 158,280.00 0.20


MEYER BURGER TECHNOLOGY 2,300.00 56,580.00 0.07

NESTLE S.A. 38,056.21 1,910,406.03 2.40

NOVARTIS AG 30,800.00 1,564,640.00 1.97

PARTNERS GROUP HOLDING NOM. 540.00 81,648.00 0.10


S.G.S. S.A. 160.00 231,520.00 0.29

SULZER 1,170.00 117,117.00 0.15

SWISS RE REG. 2,200.00 96,140.00 0.12

SYNGENTA AG 380.00 93,670.00 0.12

TECAN GROUP NOM. 1,600.00 112,000.00 0.14

UBS AG 40,545.17 458,153.55 0.58

VALORA HOLDING NOM. 400.00 79,200.00 0.10

WEATHERFORD INTERNATIONAL (USD) 9,500.00 109,725.00 0.14

ZURICH FINANCIAL SERVICES 2,191.93 425,887.51 0.54

8,451,225.84 10.63

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TAÏWAN

ADVANCED SEMICONDUCTOR ENGINEER. 7,182.94 5,631.73 0.01

CHUNGHWA TELECOM 8,040.28 24,145.20 0.03

FAR EASTERN NEW CENTURY-PROV.- 178.55 166.40 0.00

FAR EASTERN TEXTILE 5,951.70 5,546.84 0.01

FORMOSA PLASTICS 4,379.38 10,585.92 0.01

FUBON FINANCIAL 276.95 263.03 0.00

FUBON FINANCIAL HOLDING -PROV.- 473.59 449.78 0.00

HIGH TECH COMPUTER 420.55 8,523.18 0.01

HON HAI PRECISION INDUSTRY 10,009.48 20,493.27 0.03

LARGAN PRECISION 236.63 5,019.68 0.01

MEDIATEK 933.96 9,325.98 0.01

MEGA FINANCIAL HLDG 17,557.04 11,090.29 0.01

TAIWAN SEMICONDUCTOR 17,415.68 36,068.83 0.05

UNIMICRON TECHNOLOGY 6,799.43 8,740.89 0.01

WISTRON 276.29 285.69 0.00

YUANTA FINANCIAL 14,497.90 6,648.60 0.01

152,985.31 0.20

THAÏLANDE

BANGKOK BANK PUBLIC FGN NOM. (THB) 1,566.04 6,722.94 0.01

C.P.ALL - SHS FOREIGN 7,050.75 9,816.85 0.01

KASIKORNBANK PUB. FGN NOM. 3,273.87 11,300.66 0.01

PTT FGN NOM. 756.85 5,707.90 0.01

THAI AIRWAYS INTL. FGN NOM. 5,556.42 3,223.45 0.00

36,771.80 0.04

TURQUIE

BIZIM TOPTAN SATIS MAGAZALARI 356.14 3,797.56 0.00

DOGAN SIRKELTER 11,051.86 3,535.44 0.00

TURKIYE IS BANKASI 'C' 2,990.94 6,914.97 0.01

TURKIYE VAKIFLAR BANKASI TAO 2,574.33 4,579.25 0.01

18,827.22 0.02

TOTAL ACTIONS 11,729,945.26 14.79

CERTIFICATS

PAYS-BAS

ING GROEP (CRT.) 6,104.83 42,725.68 0.05

42,725.68 0.05


OBLIGATIONS

AFRIQUE DU SUD

6.75% AFRIQUE DU SUD 06/21 R208-SR ZAR 4,720.28 488.76 0.00

7% AFRIQUE DU SUD 10/31 ZAR 18,950.41 1,795.75 0.00


7.625% CONSOL GLASS 07/14 EUR 657.28 749.31 0.00

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457


8% AFRIQUE DU SUD 04/18 ZAR 4,218.36 484.34 0.00


8.75% AFRIQUE DU SUD 02/14 ZAR 2,018.53 245.67 0.00

8.75% FOODCORP 11/18 EUR 821.60 846.48 0.00


13.5% AFRIQUE DU SUD S157 91/15 ZAR 18,641.51 2,613.57 0.00

13.5% TRANSNET 98/28 ZAR 1,954.98 279.39 0.00

18,434.26 0.02

ALLEMAGNE

FRN AUTO-TEILE-UNGER 04/14 EUR 421.07 251.57 0.00

FRN MUENCHENER RUECK. 11/41 EUR 22,373.58 23,284.97 0.03

1% NRW BANK 11/15 CHF 79,033.34 80,218.84 0.10

1.375% NORDRHEIN-WESTF. 10/14 CHF 55,323.34 56,789.41 0.07


2% DEPFA 05/12 CHF 79,033.34 80,266.26 0.10

2% DEUTSCHE BANK 10/15 CHF 79,033.34 78,796.24 0.10

2% LANDW. RENTENBANK 05/15 CHF 76,662.34 80,917.10 0.10

2.125% K.F.W. 06/16 CHF 39,516.67 42,085.26 0.05

2.5% DEPFA 05/17 CHF 47,420.01 49,862.14 0.06

2.5% DEUTSCHE HYPOTHE. BANK 06/18 CHF 79,033.34 83,696.31 0.11

2.5% K.F.W. 05/25 CHF 158,066.69 174,584.66 0.22

2.50% PB.BAYERISCHE LDBK 07/12 CHF 27,661.67 27,855.30 0.04

2.625% BAYERISCHE LDBK 07/13 CHF 138,308.35 142,250.14 0.18

2.75% LANDESBANK RHEIN. 07/12 CHF 237,100.03 239,684.42 0.30

2.875% K.F.W. 08/14 CHF 141,469.69 151,018.89 0.19

2.875% K.F.W. 08/14 CHF 79,033.34 83,893.89 0.11

3% BAYERISCHE LDBANK 04/15 CHF 173,873.36 188,217.91 0.24

3% DEPFA 03/15 CHF 75,081.68 80,600.18 0.10

3% DEUTSCHE PFANDBRFBANK 02/12 CHF 39,516.67 40,469.02 0.05

3% L.B.W. FOERDERBANK 03/13 CHF 55,323.34 58,310.80 0.07

3.125% BAYERISCHE LDBANK 06/16 CHF 65,202.51 55,030.92 0.07

3.125% DEPFA 06/23 CHF 7,903.33 8,614.63 0.01

3.125% LAND HESSEN 08/15 CHF 39,516.67 43,349.79 0.05

3.25% ALLEMAGNE 10/42 EUR 3,058.67 4,117.83 0.01

3.25% DG DT HYPOBK 05/15 EUR 38,233.43 48,853.48 0.06


3.25% NORDRHEIN-WESTFALEN 07/15 CHF 79,033.34 87,134.26 0.11

3.375% K.F.W. 07/17 CHF 86,936.68 99,151.28 0.12

3.375% VOLKSWAGEN LEASING 11/16 EUR 13,007.90 15,978.74 0.02

3.5% K.F.W. 06/21 EUR 43,353.98 56,954.16 0.07


3.75% ALLEMAGNE 04/15 EUR 10,213.79 13,610.89 0.02

3.75% ALLEMAGNE 06/17 EUR 2,212.08 3,030.25 0.00

3.75% ALLEMAGNE 08/19 EUR 6,963.95 9,713.41 0.01

3.75% DEUTSCHE TELEKOM 09/14 CHF 173,873.36 186,044.49 0.23

4% ALLEMAGNE 05/37 EUR 7,810.54 11,626.64 0.01

4% ALLEMAGNE 06/16 EUR 62,443.38 85,951.41 0.11

4% ALLEMAGNE 07/18 EUR 3,905.27 5,478.36 0.01

4% BAYERISCHE LDBK 01/15 CHF 55,323.34 60,745.03 0.08

4.25% ALLEMAGNE 07/17 EUR 3,905.27 5,508.55 0.01

4.25% ALLEMAGNE 07/39 EUR 9,763.18 15,279.80 0.02

4.5% MERCK FINANC. SERV. 10/20 EUR 15,609.47 20,036.08 0.03

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4.625% R.W.E 10/PE EUR 11,837.18 13,345.55 0.02

4.75% ALLEMAGNE 08/40 EUR 11,838.71 20,063.94 0.03

4.75% ALLEMAGNE 98/28 EUR 29,658.22 46,389.27 0.06

4.75% COMMERZBANK 09/15 EUR 18,211.05 22,960.88 0.03

5% BAYER AG 05/05 EUR 8,325.05 9,871.48 0.01

5% DEUTSCHE BANK 10/20 EUR 15,609.47 17,909.99 0.02


5.125% ROBERT BOSCH 09/17 EUR 7,804.74 10,660.57 0.01

5.25% EWE 09/21 EUR 5,853.55 7,912.71 0.01

5.375% HENKEL 05/04 EUR 42,405.74 51,310.23 0.06

5.625% ALLEMAGNE 98/28 EUR 12,043.53 20,511.22 0.03

5.625% K.F.W. 10/17 PEN 1,020.85 342.44 0.00

5.767% MUENCHENER RUECK. 07/49 EUR 3,902.37 3,830.25 0.00

6.25% ALLEMAGNE 00/30 EUR 8,588.87 15,854.96 0.02

6.25% ALLEMAGNE 94/24 EUR 8,916.58 15,460.69 0.02

6.25% ELSTER FINANCE 11/18 EUR 410.80 455.80 0.00

6.352% HT1 FUNDING GMBH 06/PE EUR 1,437.79 841.47 0.00

6.5% ALLEMAGNE 97/27 EUR 9,763.18 17,951.66 0.02

6.75% HEIDELBERGCEMENT 10/15 EUR 205.40 250.44 0.00

7.25% MAN 09/16 EUR 9,105.53 12,954.54 0.02

7.5% HEIDELBERGCEMENT 10/20 EUR 404.64 446.49 0.00

7.5% KABEL BW ERSTE BET. 11/19 EUR 616.20 725.02 0.00

7.625% METRO 09/15 EUR 15,893.05 21,951.20 0.03

7.625% STYROLUTION GRP 11/16 EUR 308.10 276.11 0.00

7.75% COMMERZBANK 11/21 EUR 10,146.16 9,575.16 0.01

7.875% BERTELSMANN 09/14 EUR 13,007.90 17,590.38 0.02

8% HEIDELBERG CEMENT 09/17 EUR 1,316.61 1,557.15 0.00

8.00% ALBA GRP PLC 11/18 SR REG. S EUR 718.90 802.03 0.00

8.125% UPC GERMANY 09/17 EUR 1,026.99 1,249.06 0.00

8.625% TUI 05/PE EUR 123.24 112.70 0.00

9.625% IESY 09/19 EUR 1,848.59 2,189.15 0.00

11% AUTO-TEILE-UNGER 10/14 EUR 308.10 289.26 0.00

3,058,230.09 3.83


8.5% HERTZ HOLDINGS 10/15 EUR 821.60 981.72 0.00

981.72 0.00

AUSTRALIE

2% ANZ BANKING GROUP 10/16 CHF 118,550.02 121,513.77 0.15


2.25% SPI (AUSTR.) ASS. PTY. 10/16 CHF 142,260.02 147,310.25 0.19

2.375% SPI ELEC. & GAS AUS. 10/15 CHF 79,033.34 81,759.99 0.10

2.5% TELSTRA 05/13 CHF 134,356.68 138,051.49 0.17


2.625% ANZ BANKING GROUP 11/17 CHF 86,936.68 90,805.36 0.11

2.625% AUSTRALIAN N. Z. BANK 07/12 CHF 3,161.33 3,196.42 0.00





3.875% TELSTRA 05/15 EUR 13,007.90 16,655.74 0.02


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4% NAT.AUSTRALIA BANK 10/20 EUR 6,764.11 8,170.81 0.01


4.25% NAT. AUSTRALIA BANK 08/15 CHF 63,226.68 69,644.18 0.09

4.25% TELSTRA 10/20 EUR 7,804.74 9,814.20 0.01




1,084,242.21 1.36

AUTRICHE

2.125% BIG M.B.H. 05/18 CHF 51,371.67 53,169.68 0.07

2.125% O.K.B. 05/18 CHF 79,033.34 83,538.24 0.10


2.25% HYPO ALPE-ADRIA-BANK 05/12 CHF 118,550.02 119,202.04 0.15

2.25% HYPO ALPE-ADRIA-BANK 06/13 CHF 139,493.85 140,121.57 0.18

2.25% NIEDEROESTERR. LBANK 05/17 CHF 19,758.34 20,598.07 0.03


2.375% HYPO TIROL BANK 05/17 CHF 158,066.69 165,970.02 0.21



2.375% VORARLBERGER LHYBANK 06/17 CHF 86,936.68 91,066.17 0.11

2.5% BIG M.B.H. 05/15 CHF 79,033.34 83,538.24 0.10

2.5% ERSTE BANK 06/13 CHF 82,985.01 85,433.07 0.11

2.5% OBEROEST LANDESBANK 06/17 CHF 79,033.34 83,459.21 0.10


2.5% VORALBERGER LHYBANK 05/16 CHF 118,550.02 125,366.64 0.16

2.625% HYPO INVESTMENT BANK 06/17 CHF 181,776.69 193,319.51 0.24

2.625% O.K.B. 06/24 CHF 59,275.01 65,024.68 0.08

2.625% VORARLBERGER LANDES 06/15 CHF 79,033.34 83,854.38 0.11

2.75% ERSTE BANK 07/15 CHF 7,903.33 8,373.58 0.01

2.75% O.K.B. 05/20 CHF 118,550.02 130,642.12 0.16

2.75% VORALBERGER LHYBANK. 06/14 CHF 39,516.67 41,571.54 0.05

2.875% O.K.B. 05/30 CHF 158,066.69 182,171.86 0.23


3% HYPO TIROL BANK 02/12 CHF 118,550.02 121,739.01 0.15

3% KOMMUNALKR AUSTRIA 04/14 CHF 173,873.36 181,523.78 0.23

3% O.K.B. 03/15 CHF 197,583.36 215,958.61 0.27

3% O.K.B. 07/13 CHF 237,100.03 250,496.18 0.31

3% O.K.B. 08/16 CHF 79,033.34 87,015.71 0.11

3.125% BIG M.B.H. 06/31 CHF 39,516.67 44,930.46 0.06

3.25% O.K.B. 06/36 CHF 102,743.35 129,816.22 0.16

3.250% BIG M. B. H. 07/19 CHF 47,420.01 52,944.44 0.07

3.4% AUTRICHE 09/14 EUR 9,148.71 11,817.78 0.01

3.50% AUTRICHE 04/15 EUR 10,541.50 13,725.12 0.02

3.9% AUTRICHE 04/20 EUR 3,905.27 5,219.54 0.01

4.15% AUTRICHE 06/37 EUR 3,263.50 4,492.42 0.01

4.50% OEST. POSTSPARKASSE 00/15 CHF 56,508.84 64,165.79 0.08

6.25% AUTRICHE 97/27 EUR 12,753.58 21,424.11 0.03


6.625% SAPPI PAPIER 11/18-SR-REG S EUR 308.10 302.40 0.00

6.75% SUB. OMV 11/49 -SR- EUR 10,484.36 12,683.15 0.02

11.75% SAPPI PAPIER HLDGS 09/14 EUR 410.80 518.41 0.00

3,613,202.41 4.54

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BELGIQUE

3.25% BELGELEC FINANCE 07/14 CHF 39,516.67 42,164.29 0.05

4.625% FORTIS BANQUE 04/PE EUR 11,186.79 8,593.09 0.01

6.57% ANHEUSER-BUSH INBEV 09/14 EUR 10,406.32 13,914.97 0.02

8% KBC BANK CV 08/PE EUR 1,437.79 1,121.97 0.00

65,794.32 0.08

BERMUDES

3% HOLCIM OVS FIN. EMT 07/13 CHF 790.33 809.70 0.00

3.375% HOLCIM OVERS. FIN. 11/21 CHF 134,356.68 133,819.26 0.17

4.375% TCNZ FINANCE 08/12 CHF 77,452.68 79,567.14 0.10

11.625% CENTRAL EURO MEDIA 09/16 EUR 369.72 378.66 0.00

214,574.76 0.27

BRESIL

4.375% VALE 10/18 EUR 4,162.53 5,114.09 0.01

6% BRESIL (INFLATION) 03/15 BRL 0.83 892.35 0.00

10% BRESIL (NOTAS DE T.) 05/12 BRL 0.95 476.73 0.00



10% BRESIL 07/13 BRL 2.84 1,425.31 0.00

10% BRESIL 10/21 BRL 5.37 2,476.65 0.00

15,816.22 0.01

CANADA

2.125% ONTARIO (PROV.) 05/15 CHF 75,081.68 79,586.58 0.10

2.25% MANITOBA (PROV.) 09/14 CHF 39,516.67 41,492.51 0.05

2.25% QUEBEC (PROV.) 05/15 CHF 79,033.34 83,814.86 0.11

2.25% ROYAL BANK CANADA 11/21 -SR- CHF 39,516.67 42,025.98 0.05

2.375% ONTARIO (PROV.) 10/20 CHF 82,985.01 89,872.77 0.11

2.5% ONTARIO (PROV.) 09/19 CHF 79,033.34 86,422.96 0.11

2.625% QUEBEC (PROV) 06/17 CHF 78,243.01 84,932.79 0.11

2.875% BRITISH COLUMBIA 09/17 CHF 79,033.34 87,845.56 0.11

2.875% PROV. NEW BRUNSWICK 09/16 CHF 63,226.68 69,169.98 0.09

2.875% ROYAL BANK OF CANADA 07/14 CHF 74,291.34 78,563.10 0.10

3% COCA-COLA 09/13 CHF 47,420.01 49,103.42 0.06

3.125% QUEBEC (PROV.) 09/15 CHF 86,936.68 95,369.54 0.12

3.375% ONTARIO (PROV.) 08/16 CHF 39,516.67 44,199.40 0.06

3.375% ONTARIO (PROV.) 09/19 CHF 47,420.01 54,770.11 0.07

3.375% QUEBEC (PROV.) 08/18 CHF 79,033.34 89,623.81 0.11

3.5% QUEBEC (PROV.) 08/14 CHF 63,226.68 69,043.53 0.09

3.75% ONTARIO (PROV.) 08/18 CHF 79,033.34 92,785.15 0.12

4.875% TORONTO DOMINION BANK 08/13 EUR 10,406.32 13,205.58 0.02


6.125% BOMBARDIER 10/21 EUR 657.28 721.26 0.00


7.25% BOMBARDIER 06/16 EUR 205.40 250.44 0.00

1,274,350.59 1.62

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461


CHILI

5.5% CHILI 10/20 CLP 61,985.72 115.55 0.00

115.55 0.00

COLOMBIE

7.75% COLOMBIE (DUAL CUR.) 10/21 COP 1,183,644.03 608.88 0.00

8.375% EMPRESAS MEDELLIN 11/21 COP 478,018.00 225.46 0.00

9.85% COLOMBIE 07/27 COP 2,841,549.35 1,692.65 0.00

2,526.99 0.00

COREE DU SUD

FRN EXP-IMP BANK. KOREA 06/11 USD 19.34 17.44 0.00

2% HYUNDAI CAPITAL 11/13 CHF 142,260.02 144,393.92 0.18

2% KOREA FINANCE 11/15 CHF 118,550.02 120,565.37 0.15

2.00% KOREA GAS CORP. 11/16 -SR- CHF 86,936.68 87,262.69 0.11

2.25% HYUNDAI CAP. SERV. 10/14 CHF 23,710.00 23,911.54 0.03

2.375% EXP. IMP. BK KOREA 11/15 CHF 31,613.34 32,229.80 0.04

2.5% EXP. IMP. BK KOR. 09/12 CHF 158,066.69 160,674.79 0.20

2.625% KOREA NATL OIL 11/16 CHF 47,420.01 49,174.55 0.06

3% HYUNDAI CAP. SERV. 11/16 CHF 55,323.34 57,066.03 0.07

4.125% KOREA DEV. BANK 08/13 CHF 163,203.85 170,384.82 0.21

7% WOORI BANK 09/15 USD 7.48 7.26 0.00

845,688.21 1.05

DANEMARK

FRN DANSKE BANK 05/18 EUR 18,211.05 20,094.96 0.03


2.25% DANSKE BANK 10/17 CHF 86,936.68 90,414.15 0.11


2.75% DANSKE BANK 07/13 CHF 94,840.01 96,831.65 0.12

2.75% DANSKE BANK 09/15 CHF 63,226.68 66,767.37 0.08


3% DANSKE BANK 07/12 CHF 39,516.67 40,058.05 0.05

3.125% DANEMARK 09/14 EUR 10,241.10 13,043.80 0.02



4.375% TDC 11/18 EUR 7,856.77 9,815.16 0.01

5.50% DONG (PE) 05/3005 EUR 5,203.16 6,311.62 0.01

8.875% FS FUNDING 06/16 EUR 667.55 722.36 0.00

826,952.94 1.03

EGYPTE

8.75% EGYPTE 07/12 EGP 93.45 13.40 0.00

13.40 0.00

EMIRATS ARABES UNIS

3% ABU DHABI COM. BK. 11/15 CHF 39,516.67 39,872.32 0.05

3% FIRST GULF BANK 11/16 CHF 35,565.00 35,387.18 0.04

75,259.50 0.09

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ESPAGNE

FRN SANTANDER ISSUANCES 07/19 EUR 5,203.16 5,265.61 0.01

2% I.C.O. 05/16 CHF 79,033.34 65,597.68 0.08

2.125% GENE. DE CATALUNYA 09/14 CHF 47,420.01 35,422.74 0.04

2.25% I.C.O. 09/17 CHF 39,516.67 31,652.85 0.04

2.625% BANESTO 09/13 EUR 28,675.07 34,430.45 0.04

2.75% GENERAL CATALUNYA 10/16 CHF 21,734.17 14,561.89 0.02

3% CAIXA CATALUNYA 09/12 EUR 27,309.59 33,162.85 0.04



3% F.R.O.B. 09/14 EUR 17,751.23 20,866.07 0.03

3% I.C.O. 08/15 CHF 77,452.68 72,650.61 0.09

3.15% ESPAGNE 05/16 EUR 4,888.42 5,788.87 0.01

3.25% BBVA SENIOR FIN. 10/15 EUR 15,609.47 17,724.14 0.02


3.5% COMUNIDAD DE MADRID 08/15 CHF 27,661.67 24,439.09 0.03

3.5% SANTANDER INTL 10/14 SR REG.S EUR 28,617.37 33,365.17 0.04

3.57% CAJA MADRID 10/13 EUR 40,964.39 49,473.56 0.06

4% ESPAGNE 10/20 EUR 7,810.54 9,024.41 0.01

4.1% ESPAGNE 08/18 EUR 4,232.99 5,032.01 0.01

4.2% ESPAGNE 03/13 EUR 22,380.21 27,720.80 0.03

4.20% ESPAGNE 05/37 EUR 10,732.67 10,235.97 0.01

4.3% ESPAGNE 09/19 EUR 10,732.67 12,726.72 0.02

4.375% BBVA 04/19 EUR 10,406.32 10,273.84 0.01

4.6% ESPAGNE 09/19 EUR 10,732.67 13,015.73 0.02

4.625% ABERTIS INFRASTR. 09/16 EUR 20,292.32 24,092.54 0.03

4.8% ESPAGNE 08/24 EUR 11,060.38 12,770.83 0.02

5% ESPAGNE 02/12 EUR 2,608.07 3,226.07 0.00


5.5% ESPAGNE 02/17 EUR 9,107.75 11,731.99 0.01

5.625% GAS NATURAL CAP. 11/17 EUR 19,511.84 23,831.80 0.03

5.75% ESPAGNE 01/32 EUR 4,751.87 5,709.50 0.01

7.375% HUARTE LAIN 10/15 EUR 1,848.59 2,107.44 0.00


8.25% CAMPOFRIO ALIMENT. 09/16 EUR 534.04 602.31 0.00

8.5% ABENGOA 10/16 EUR 821.60 911.60 0.00

8.75% HUARTE LAIN 11/18 EUR 616.20 691.21 0.00

837,905.65 1.03

ETATS-UNIS

2% MORGAN STANLEY 05/11 CHF 173,873.36 173,873.36 0.22

2.25% GENERAL E.CAP. 11/16 -SR- CHF 142,260.02 142,544.54 0.18

2.375% CITIGROUP 05/15 CHF 197,583.36 180,294.82 0.23



2.625% NESTLE HOLDINGS 07/18 CHF 79,033.34 86,857.64 0.11

2.75% JP MORGAN CHASE 07/14 CHF 126,453.35 128,666.28 0.16

2.875% AMERICAN INTL GR. 07/15 CHF 213,390.03 192,051.03 0.24

2.875% GENERAL ELEC. CAP. 07/17 CHF 158,066.69 162,808.69 0.20


3% BANK OF AMERICA 10/16 CHF 79,033.34 68,166.26 0.09

3% CITIGROUP 04/14 CHF 264,366.54 252,998.77 0.32

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3% CITIGROUP 07/19 CHF 208,648.03 173,177.86 0.22




3.125% METROPOLITAN LIFE 06/16 CHF 187,309.02 187,309.02 0.24



3.25% HSBC FINANCE 06/16 CHF 63,226.68 63,700.88 0.08

3.25% PHILIP MORRIS 09/13 CHF 257,648.70 267,439.35 0.34

3.375% GENERAL ELEC.CAP. 06/18 CHF 79,033.34 82,115.64 0.10

3.5% HSBC FINANCE 07/13 CHF 197,188.19 201,822.12 0.25

3.625% CITIGROUP 05/17 EUR 29,527.92 28,532.22 0.04

3.625% SUB. CS GROUP FIN (US) 05/20-S EUR 13,007.90 13,339.11 0.02

3.75% JPMORGAN CHASE 11/16 SR-S- EUR 19,511.84 23,591.27 0.03


4% CITIGROUP 10/15 EUR 23,414.21 27,257.23 0.03


4% MORGAN STANLEY 05/15 EUR 22,113.42 25,014.14 0.03

4% SWISS RE AMERICA H. 01/15 CHF 160,832.85 174,905.73 0.22

4.25% NOVARTIS 09/16 EUR 7,804.74 10,342.16 0.01

4.375% AMERICAN INTL GROUP 06/16 EUR 13,007.90 14,413.02 0.02

4.375% JP MORGAN 06/21 EUR 34,340.84 37,321.39 0.05

4.375% WELLS FARGO 06/18 EUR 5,203.16 5,849.78 0.01



4.5% HSBC FINANCE 06/16 EUR 39,023.69 47,565.10 0.06

4.50% GOLDMAN SACHS 11/16 SR -S- EUR 7,284.42 8,514.84 0.01





4.75% CITIGROUP 04/19 EUR 15,609.47 15,527.14 0.02

4.75% PFIZER 07/14 EUR 39,023.69 51,500.51 0.06



5.33% DEUTSCHE CAP. TR . 03/PE 19.09 EUR 5,203.16 4,532.49 0.01

5.5% GE CAPITAL TRUST II 10/67 EUR 16,910.26 16,868.49 0.02



5.983% DEUTSCHE POSTBANK 07/PE EUR 801.06 536.02 0.00



6.25% CARGILL 08/17 EUR 9,105.53 12,555.57 0.02

6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 177.67 215.00 0.00

6.50% KRONOS INT. 06/13 EUR 410.39 388.29 0.00

6.875% NALCO 10/19 EUR 308.10 406.65 0.00


7.375% CITIGROUP 09/19 EUR 13,007.90 17,290.31 0.02

7.375% CONVATEC HEALTHCARE 10/17 EUR 246.48 276.48 0.00

7.75% LEVI STRAUSS 10/18 EUR 205.40 215.38 0.00

8% AMERICAN INTL GROUP 08/38 EUR 410.80 400.70 0.00

8% LBI ESCROW CORP 10/17 EUR 308.10 316.45 0.00

8.5% REYNOLDS ESCROW 09/16 EUR 410.80 480.84 0.00

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8.875% CEDC FINANCIAL INTL 09/16 EUR 225.94 195.59 0.00

10.875% TRAVELPORT LLC 07/16 EUR 492.96 270.47 0.00

4,583,300.27 5.79

FINLANDE

FRN METSO 09/14 EUR 17,685.53 23,754.92 0.03

STEP M-REAL 06/13 EUR 256.75 298.96 0.00




3.375% FINLANDE 10/20 EUR 4,820.14 6,343.22 0.01

4% FINLANDE 09/25 EUR 3,126.95 4,313.76 0.01

4% FORTUM 11/21 EUR 5,203.16 6,522.44 0.01

5.5% NOKIA 09/14 EUR 7,544.58 9,426.07 0.01

356,787.13 0.45

FRANCE

FRN AXA 10/20 EUR 10,406.32 9,194.45 0.01

FRN B.F.C.M. 05/PE EUR 7,804.74 5,648.22 0.01

FRN BNP PARIBAS 06/PE EUR 10,666.47 8,520.17 0.01

FRN BPCE 10/PE EUR 3,902.37 3,756.31 0.00

FRN CNP ASSURANCES 06/PE EUR 10,406.32 6,645.45 0.01


FRN LA POSTE 06/16 EUR 5,203.16 6,201.36 0.01

1.50% GDF SUEZ 11/17 CHF 122,501.68 121,564.55 0.15

1.75% C.F.F. 10/15 CHF 79,033.34 79,942.23 0.10

1.75% CRH 11/16 CHF 126,453.35 129,994.04 0.16

1.875% SOCIETE GENERALE 10/15 CHF 86,936.68 76,417.34 0.10

2% BPCE 10/15 CHF 118,550.02 111,199.91 0.14


2.25% E.D.F. 10/17 CHF 39,516.67 40,820.72 0.05

2.375% C.F.F. 05/18 CHF 217,341.70 219,732.45 0.28




2.5% AEROPORTS DE PARIS 10/17 CHF 94,840.01 98,538.77 0.12

2.5% C.F.F. 06/31 CHF 96,025.51 90,023.92 0.11

2.5% C.F.F. 09/13 CHF 158,066.69 161,781.25 0.20


2.5% CRH-CAISSE REFIN. 11/21 CHF 79,033.34 83,459.21 0.10

2.5% DEXIA MUNICIPAL 09/18 CHF 79,033.34 77,334.13 0.10


2.625% S.N.C.F. 06/21 CHF 47,420.01 51,118.77 0.06


2.75% BNP PARIBAS HOME LN 09/14 CHF 78,243.01 82,820.23 0.10

2.75% S.N.C.F. 09/18 CHF 39,516.67 42,757.04 0.05

2.875% AUCHAN 10/17 EUR 3,772.29 4,548.24 0.01


3% B.F.C.M. 06/13 CHF 63,226.68 64,301.53 0.08

3% B.F.C.M. 10/15 EUR 26,015.79 30,751.15 0.04


3% RATP 07/14 CHF 110,646.68 118,668.57 0.15

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465


3.00% RCI BANQUE 11/14 -SR- CHF 79,033.34 78,440.59 0.10

3.125% ADP 09/15 CHF 79,033.34 84,249.54 0.11

3.125% C.F.F. 03/14 CHF 237,100.03 250,140.53 0.31

3.125% EUTELSAT 10/17 EUR 24,715.00 30,528.37 0.04




3.25% LA POSTE 07/14 CHF 53,742.67 56,295.45 0.07

3.25% O.A.T. 05/16 EUR 3,263.50 4,249.56 0.01

3.25% RATP 07/17 CHF 63,226.68 69,991.93 0.09


3.25% S.F.E.F. 09/14 EUR 43,353.98 54,869.34 0.07

3.375% A.P. HOPITAUX PARIS 08/14 CHF 15,806.67 17,023.78 0.02

3.375% E.D.F. 08/13 CHF 309,810.71 327,624.82 0.41


3.375% S.F.R. 05/12 EUR 2,601.58 3,201.65 0.00

3.375% SANOFI-AVENTIS 07/15 CHF 47,420.01 51,735.23 0.07


3.5% AREVA 10/21 EUR 6,503.95 6,917.06 0.01

3.5% DEXIA MUNICIPAL AG 07/17 CHF 45,049.01 47,121.26 0.06



3.5% GDF SUEZ 08/12 CHF 118,945.18 123,143.95 0.15

3.5% O.A.T. 04/15 EUR 13,013.02 17,014.30 0.02

3.5% O.A.T. 10/20 EUR 17,833.16 23,392.87 0.03


3.6% DANONE 10/20 EUR 7,024.26 8,754.25 0.01

3.625% EDENRED 10/17 EUR 8,585.21 10,171.06 0.01

3.75% AUCHAN 08/15 CHF 68,759.01 74,431.63 0.09


4% B.T.A.N. 02/13 EUR 11,715.81 15,140.45 0.02

4% BOUYGUES 10/18 EUR 21,332.95 26,560.32 0.03

4% C.I.F. 10/18 EUR 13,007.90 14,455.68 0.02

4% E.D.F. 09/17 CHF 197,583.36 223,466.78 0.28

4% O.A.T. 03/14 EUR 2,608.07 3,407.82 0.00

4% O.A.T. 03/14 EUR 12,753.58 16,820.94 0.02

4% O.A.T. 04/55 EUR 6,841.05 9,078.27 0.01

4% O.A.T. 05/38 EUR 11,060.38 14,660.72 0.02

4% O.A.T. 09/60 EUR 2,348.62 3,121.33 0.00

4% SAINT GOBAIN 10/18 EUR 15,414.36 18,220.52 0.02

4% VIVENDI 10/17 EUR 15,609.47 19,189.62 0.02

4.125% ALSTOM 10/17 EUR 13,007.90 15,837.66 0.02

4.125% DANONE FINANCE 08/16 CHF 190,865.53 212,815.06 0.27

4.13% CREDIT AGRICOLE 05/PE EUR 10,406.32 7,010.24 0.01

4.196% SOCIETE GENERALE 05/PE EUR 8,327.65 5,080.73 0.01

4.25% KLEPIERRE 06/16 EUR 7,804.74 9,687.30 0.01

4.25% O.A.T. 03/19 EUR 12,685.31 17,495.43 0.02

4.25% O.A.T. 06/17 EUR 10,418.61 14,292.37 0.02

4.25% O.A.T. 06/23 EUR 5,598.47 7,717.93 0.01

4.3% DEXIA C.L.F. 05/PE EUR 513.50 131.48 0.00


4.375% L.V.M.H. 09/14 EUR 10,406.32 13,418.86 0.02

4.375% RCI BANQUE 10/15 EUR 11,743.53 13,932.90 0.02

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4.375% THALES 09/13 EUR 11,837.18 14,893.03 0.02


4.5% AXA 09/15 EUR 7,804.74 9,685.26 0.01

4.5% CREDIT AGRICOLE CB 09/16 EUR 43,695.35 56,619.72 0.07

4.5% NATIXIS 07/19 EUR 40,324.48 45,785.62 0.06

4.5% O.A.T. 09/41 EUR 5,857.91 8,429.85 0.01


4.625% AGF 05/PE EUR 13,007.90 12,303.84 0.02


4.75% AUCHAN 09/15 EUR 9,886.00 13,017.39 0.02

4.75% O.A.T. 03/35 EUR 10,159.17 14,918.75 0.02



5% CRH 02/13 EUR 43,353.98 56,003.73 0.07

5% CRH 09/19 EUR 15,020.28 20,376.25 0.03

5% IMERYS 07/17 EUR 33,560.37 42,004.67 0.05

5% O.A.T. 00/16 EUR 4,560.70 6,407.23 0.01

5% S.N.C.F. 95/15 CHF 39,516.67 46,096.20 0.06

5.019% SUB. TV BNP PARIBAS 07/PERP EUR 3,902.37 3,156.17 0.00


5.375% C.F.C.M. 09/14 EUR 8,325.05 10,625.47 0.01

5.375% LAFARGE 10/18 EUR 3,121.89 3,340.18 0.00


5.50% O.A.T. 97/29 EUR 9,954.35 15,476.67 0.02

5.625% A.S.F. 07/22 EUR 15,609.47 20,668.15 0.03

5.75% O.A.T. 00/32 EUR 11,388.10 18,564.62 0.02

5.777% AXA 06/PE EUR 9,365.68 7,301.28 0.01

5.95% GDF SUEZ 11/2111 EUR 8,064.90 9,489.20 0.01

5.971% CREDIT AGRICOLE 08/18 EUR 20,812.63 24,109.38 0.03

6% CNP ASSURANCE 10/20 EUR 3,902.37 3,435.41 0.00

6% O.A.T. 94/25 EUR 12,890.13 20,817.52 0.03


6.117% C.N.C.E.P. 07/PE EUR 10,406.32 6,992.79 0.01

6.125% SUB. STE GENERALE 08/18 EUR 9,105.53 10,331.70 0.01


6.154% SCOR ASSISTANCE 06/PE EUR 4,422.68 3,799.47 0.00

6.25% SODEXHO 09/15 EUR 7,804.74 10,427.76 0.01

6.25% VINCI 06/PE EUR 26,015.79 31,177.47 0.04

6.375% GDF SUEZ 09/21 EUR 20,812.63 31,057.45 0.04

6.375% TEREOS EUROPE 07/14 EUR 421.07 510.83 0.00

6.50% B.F.C.M. 01/13 EUR 22,113.42 27,898.46 0.04


7% REXEL 11/18 EUR 410.80 464.56 0.00

7.125% CROWN EURO HOLDINGS 10/18 EUR 616.20 726.90 0.00


8.25% REXEL 09/16 EUR 410.80 500.88 0.00

8.5% LABCO SAS 11/18 EUR 1,026.99 976.71 0.00

8.50% O.A.T. 89/19 EUR 13,736.72 24,222.86 0.03

9% PICARD BONDCO 10/18 EUR 205.40 239.17 0.00

9.375% EUROPCAR 10/18 EUR 513.50 375.66 0.00

9.375% SUB. SOC. GENERALE 09/PE EUR 7,804.74 7,612.92 0.01

5,894,017.67 7.37

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467


GEORGIE

9.875% GEORGIAN RAILWAY 10/15 USD 68.22 60.58 0.00

60.58 0.00

GUERNESEY


38,975.68 0.05

HONGRIE

5.5% HONGRIE 03/14 HUF 191,573.52 782.41 0.00

5.5% HONGRIE 05/16 HUF 54,201.29 214.02 0.00

6.5% HONGRIE 08/19 HUF 235,233.60 916.25 0.00

6.75% HONGRIE 11/28 A HUF 22,428.12 82.98 0.00

6.75% HONGRIE 'B' 06/17 HUF 370,620.01 1,509.83 0.00

6.75% HONGRIE 'D' 02/13 HUF 64,480.84 272.05 0.00

7% HONGRIE 11/22 A -SR- HUF 80,367.43 311.74 0.00

7.5% HONGRIE 09/13 HUF 55,193.17 235.83 0.00

7.5% HONGRIE 'A' 04/20 HUF 380,743.88 1,557.13 0.00

8% HONGRIE 'A' 04/15 HUF 327,822.48 1,415.45 0.00

7,297.69 0.00

ILES CAÏMANS


2.125% LGT FINANCE 11/15 CHF 31,613.34 32,451.09 0.04

2.375% NEW YORK LIFE FUND. 06/16 CHF 197,583.36 195,212.36 0.25

2.5% LGT FINANCE 10/17 CHF 158,066.69 163,836.12 0.21


4.5% SANTANDER ISSUANCES 04/19 EUR 18,211.05 18,282.42 0.02

4.75% HUTCHISON WHAMP. INTL 9/16 EUR 20,812.63 26,214.23 0.03

5.169% RZB FIN. (JERSEY) 06/PE EUR 821.60 500.88 0.00

5.875% IPIC GMTN 11/21 EUR 10,380.30 12,834.63 0.02

6% HUTCHISON INTL 10/PE USD 74.76 65.21 0.00

456,529.13 0.58

INDE

3.375% STATE BANK INDIA 11/16 CHF 79,033.34 80,218.84 0.10

80,218.84 0.10

INDONESIE

0% INDONESIE 08/13 IDR 151,389.81 14.33 0.00

4.875% INDONESIE 11/21 USD 262.82 240.49 0.00

5.25% PERTAMINA 11/21 USD 259.42 228.02 0.00

6.5% PERTAMINA 11/41 USD 156.40 137.82 0.00

7.375% INDONESIE 10/16 IDR 18,316.30 1.94 0.00

7.95% INDONESIE 10/13 IDR 747,604.00 78.22 0.00

8.15% INDONESIE 11/14 IDR 934,505.00 97.74 0.00

8.25% INDONESIE 10/21 IDR 2,050,677.77 224.39 0.00

8.7% INDONESIE 10/13 IDR 927,028.96 96.27 0.00

9% INDONESIE 07/13 IDR 299,041.60 32.25 0.00

9% INDONESIE 07/18 IDR 504,632.70 57.26 0.00

9.25% INDONESIE 09/15 IDR 1,272,422.01 137.91 0.00

Pictet - Piclife




9.35% INDONESIE 09/12 IDR 485,942.60 50.81 0.00

9.5% INDONESIE 04/15 IDR 1,879,308.25 211.34 0.00

9.5% INDONESIE 07/23 IDR 9,666,519.72 1,148.89 0.00

9.5% INDONESIE 08/12 IDR 5,663,100.30 584.88 0.00

9.5% INDONESIE 10/31 IDR 525,060.98 63.71 0.00

9.5% INDONESIE 11/41 FR0057 SR IDR 9,980.51 1.22 0.00

9.75% INDONESIE 07/37 IDR 4,302,461.02 516.04 0.00

10% INDONESIE 05/17 IDR 1,495,208.00 176.53 0.00

10% INDONESIE 07/24 IDR 7,236,806.72 891.02 0.00

10% INDONESIE 07/28 IDR 10,971,088.70 1,349.85 0.00

10.25% INDONESIE 07/22 IDR 8,812,382.15 1,096.57 0.00

10.25% INDONESIE 07/27 IDR 9,192,501.40 1,152.72 0.00

10.25% INDONESIE 10/30 IDR 962,540.15 122.29 0.00

10.5% INDONESIE 08/38 IDR 11,187,856.48 1,434.89 0.00

10.5% INDONESIE 09/30 IDR 3,252,357.75 415.66 0.00

10.75% INDONESIE 05/16 IDR 1,084,025.80 129.38 0.00

11% INDONESIE 03/12 IDR 299,041.60 32.48 0.00

11% INDONESIE 04/14 IDR 186,901.00 21.46 0.00

11% INDONESIE 05/20 IDR 3,214,697.20 413.19 0.00

11% INDONESIE 06/25 IDR 1,115,574.69 147.29 0.00

11.45% INDONESIE 08/13 IDR 317,731.70 35.39 0.00

11.5% INDONESIE 06/19 IDR 667,498.23 86.55 0.00

12% INDONESIE 09/12 IDR 93,450.50 9.71 0.00

12.5% INDONESIE 06/13 IDR 186,901.00 20.90 0.00

12.8% INDONESIE 05/21 IDR 1,812,939.70 257.42 0.00

12.9% INDONESIE 05/22 IDR 570,048.05 82.42 0.00

14.25% INDONESIE 02/13 IDR 560,703.00 64.31 0.00

14.275% INDONESIE 02/13 IDR 93,450.50 11.06 0.00

11,874.62 0.00

IRLANDE

2.375% DEPFA ACS BANK 06/19 CHF 39,516.67 33,984.34 0.04



3.75% GE CAP. EURO FDG 11/16 EUR 10,406.32 12,717.52 0.02

3.75% VNESHECONOMBK (VEB) 11/16 CHF 75,872.01 73,747.59 0.09

4.5% ALLIED IRISH BANK 09/12 EUR 1,026.99 1,058.10 0.00

4.625% BANK OF IRELAND 09/13 EUR 616.20 627.35 0.00


7.25% SMURFIT KAPPA ACQUI. 09/17 EUR 410.80 470.82 0.00

7.375% ARDAGH PACK. FIN. 10/17 EUR 410.80 465.82 0.00

7.5% CLOVERIE 09/39 EUR 9,105.53 11,142.32 0.01

7.75% JSG FUNDING 05/15 EUR 1,406.98 1,612.58 0.00

7.75% SMURFIT KAPPA ACQUI. 09/19 EUR 441.61 506.14 0.00

8.75% ARDAGH GLASS FIN. 10/20 EUR 1,026.99 973.58 0.00

8.875% NARA CABLE FUNDING 10/18 EUR 1,643.19 1,657.90 0.00

9.25% ARDAGH GLASS FIN. 09/16 EUR 102.70 126.47 0.00


9.5% INAER AVIATION 10/17 EUR 1,232.39 1,142.00 0.00

310,997.47 0.37

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469


ITALIE

2.5% ITALIE 06/18 CHF 138,308.35 116,179.02 0.15

2.50% ITALIE 05/15 CHF 353,279.05 322,190.49 0.40


3.5% ENI 10/18 EUR 13,137.97 15,444.03 0.02

3.75% ITALIE 05/15 EUR 14,310.23 16,959.80 0.02

3.75% ITALIE 06/16 EUR 12,043.53 13,998.82 0.02

3.75% ITALIE 06/21 EUR 42,930.68 45,745.18 0.06


3.75% SANPAOLO IMI 05/20 EUR 44,226.84 44,439.52 0.06

3.875% EDISON 10/17 EUR 15,609.47 17,356.62 0.02

4% ITALIE 06/17 EUR 7,810.54 9,114.50 0.01


4.00% INTESA SANP 10/18 579 -SR-S EUR 7,804.74 8,132.99 0.01



4.25% ITALIE 03/13 EUR 58,538.11 71,410.03 0.09

4.25% ITALIE 04/14 EUR 15,621.09 18,913.34 0.02

4.25% ITALIE 04/15 EUR 7,482.83 9,029.14 0.01

4.25% ITALIE 08/13 EUR 12,043.53 14,697.80 0.02

4.25% ITALIE 09/20 EUR 21,205.90 23,775.82 0.03

4.375% UNICREDIT 04/20 EUR 10,406.32 10,790.88 0.01

4.5% ITALIE 07/18 EUR 23,417.97 27,311.87 0.03

4.5% ITALIE 08/18 EUR 29,931.31 34,769.55 0.04

4.50% TV SUB. UNICR. ITAL. 04/19-S- EUR 10,406.32 10,591.99 0.01

4.625% MEDIOBANCA 11/16 SR-S- EUR 16,129.79 19,114.79 0.02


4.75% TERNA 11/21 EUR 10,406.32 12,054.76 0.02

4.875% UNICREDIT 08/13 EUR 20,812.63 25,151.21 0.03

5% ITALIE (BTP) 07/39 EUR 12,043.53 12,109.08 0.02

5% AUTOSTRADE 04/14 EUR 3,642.21 4,510.62 0.01

5% ENI 09/16 EUR 31,218.95 40,107.57 0.05

5.25% ITALIE (BTP) 02/17 EUR 20,427.57 25,009.55 0.03

5.25% ITALIE 98/29 EUR 13,013.02 14,105.97 0.02


5.375% LOTTOMATICA 10/18 EUR 22,113.42 23,496.70 0.03


5.625% ATLANTIA 09/16 EUR 19,511.84 24,590.95 0.03

5.75% ITALIE 02/33 EUR 14,310.23 15,939.78 0.02

6.25% FIAT INDUSTRIAL 11/18 EUR 2,259.39 2,217.64 0.00

6.50% ITALIE 97/27 EUR 1,310.86 1,606.07 0.00


7% PIAGGIO 09/16 EUR 102.70 121.46 0.00

7.25% ITALIE 96/26 EUR 10,418.61 13,694.94 0.02

8.25% LOTTOMATICA 'S' 06/66 EUR 1,437.79 1,332.33 0.00


8.375% INTESA SANPAOLO 09/PE EUR 3,902.37 3,259.28 0.00

9% ITALIE 93/23 EUR 12,098.15 17,932.68 0.02

9.5% SUB. INTESA SANPAOLO 10/PE EUR 13,007.90 10,748.66 0.01

Pictet - Piclife




10.5% SEAT PAGINE GIALLE 10/17 EUR 616.20 495.87 0.00

10.5% SEAT PAGINE GIALLE 10/17 EUR 102.70 82.64 0.00

12.25% WIND ACQUISIT. -PIK- 09/17 EUR 251.99 242.72 0.00

1,347,713.84 1.67

JAPON

2.25% N.T.T. 06/13 CHF 123,292.02 126,189.38 0.16

2.625% KYUSHU ELECTR. POWER 06/13 CHF 39,516.67 40,109.42 0.05

8.375% EACCESS 11/18 EUR 1,232.39 1,367.40 0.00

167,666.20 0.21

JERSEY

2.375% UBS JERSEY BRANCH 05/15 CHF 79,033.34 76,899.44 0.10

4% UBS JERSEY BRANCH 08/12 CHF 79,033.34 80,677.24 0.10

4.125% BAA FUDING 10/18 EUR 2,601.58 3,127.99 0.00

4.28% UBS PREF. FUNDING 05/PE EUR 7,804.74 6,280.67 0.01


4.6% BAA FUNDING 08/16 EUR 9,886.00 12,493.71 0.02

5.294% ERSTE CAP.FIN. 06/PE EUR 287.56 175.31 0.00

5.3687% HSBC CAP FUNDING 03/PE EUR 13,083.34 13,787.13 0.02

7.627% HBOS EURO FIN. 09/PE EUR 513.50 444.53 0.00

247,431.42 0.32

LUXEMBOURG

FRN KION FINANCE 11/18 EUR 410.80 355.62 0.00

FRN LECTA (UNSEC.) 07/14 EUR 1,026.99 1,026.80 0.00

FRN SIGN. LUX. CLN (ISS DC 2D) 07/15 EUR 718.90 745.06 0.00

2% NESTLE FINANCE 09/14 CHF 118,550.02 123,706.94 0.16







2.5% HYPO PFD. BANK INTL 06/14 CHF 118,550.02 119,794.79 0.15



2.75% LG ERSTE EUROP. KBANK 05/20 CHF 55,323.34 54,548.81 0.07

2.875% ERSTE EUROPAEISC 05/25 CHF 31,613.34 29,337.18 0.04


3.25% JOHN DEERE BANK11/16 SR REG. S EUR 11,967.26 14,976.00 0.02

3.375% FORTIS LUX FIN. 07/12 CHF 47,420.01 47,467.43 0.06

3.5% EUROHYPO BANK 07/13 CHF 27,661.67 28,698.98 0.04

3.5% SB CAPITAL SA -LPN- 12/14 CHF 67,178.34 65,398.12 0.08

3.625% GLENCORE FINANCE 10/16 CHF 79,033.34 80,139.81 0.10

4% EUROP. HYPO. BANK 02/14 CHF 39,516.67 41,828.40 0.05

4.5% BRANDBREW 09/14 CHF 201,930.19 220,406.81 0.28

4.75% SES 11/21 EUR 9,027.48 11,201.85 0.01

4.892% DEXIA FUNDING LUX 06/PE EUR 441.61 134.61 0.00

5% HANNOVER FINANCE 05/PE EUR 7,804.74 7,478.90 0.01



5.75% HANNOVER FINANCE 04/24 EUR 37,592.82 45,237.55 0.06

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471



6.875% FIAT FIN. & TRADE 09/15 EUR 205.40 227.90 0.00

7.125% GLENCORE FINANCE 08/15 EUR 20,812.63 26,518.37 0.03

7.375% WIND ACQUISITION 10/18 EUR 2,156.69 2,235.17 0.00

7.5% RSHB CAPITAL 10/13 RUB 28,857.51 802.45 0.00

7.625% FIAT FIN & TRADE 09/14 EUR 205.40 237.92 0.00

7.875% AGUILA 3 11/18 CHF 554.58 507.38 0.00

7.875% KION FINANCE 11/18 EUR 523.77 450.23 0.00

8% XEFIN LUX 11/18 EUR 410.80 447.03 0.00


8.25% CODERE FINANCE (LUX) 05/15 EUR 102.70 110.82 0.00

8.25% CODERE-FINANCE(LUX) 10/15 EUR 410.80 440.77 0.00

8.5% SUNRISE COMMUNICA. 10/18 EUR 1,951.29 2,212.63 0.00


8.7% RSHB CAPITAL -LPN- 11/16 RUB 74,780.96 2,053.01 0.00

8.75% CIRSA FUNDING 10/18 EUR 1,232.39 1,172.05 0.00

8.875% CEMEX LUXEMBOURG 10/17 EUR 301.94 246.66 0.00

8.875% ZINC CAPITAL 11/18 EUR 1,263.20 1,147.45 0.00


9.5% BEVERAGE PACKAGING 07/17 EUR 1,632.92 1,333.96 0.00

9.625% OXEA FINANCE 10/17 EUR 616.20 670.93 0.00

10% BORMIOLI ROCCO HOLD. 11/18 SR -S- EUR 277.29 331.33 0.00

10.75% TMD FRICTION FIN. 10/17 EUR 277.29 348.24 0.00

11.125% ARDAGH FIN. -PIK- 11/18 EUR 205.40 182.82 0.00

11.75% WIND AQUISITION 09/17 EUR 1,052.67 1,052.47 0.00

1,789,714.78 2.24

MALAISIE

2.615% DANGA CAPITAL 10/15 SGD 299.04 208.30 0.00

2.711% MALAISIE 09/12 MYR 654.15 185.35 0.00

3.21% MALAISIE 09/13 MYR 1,355.03 385.11 0.00

3.7% MALAISIE 07/13 MYR 65.42 18.74 0.00

3.725% DANGA CAPITAL 10/20 SGD 331.75 230.76 0.00

3.741% MALAISIE 09/15 MYR 6,754.60 1,937.92 0.00

3.814% MALAISIE 07/17 MYR 734.52 211.05 0.00

3.82% MALAISIE 06/16 MYR 157.00 45.18 0.00

3.835% MALAISIE 10/15 MYR 3,543.64 1,019.70 0.00

3.90% SILTERRA CAPITAL 07/14 MYR 115.88 33.17 0.00

4.012% MALAISIE 10/17 MYR 4,680.00 1,356.65 0.00

4.02% CAGAMAS 05/17 MYR 9.35 2.56 0.00

4.16% MALAISIE 11/21 MYR 4,892.88 1,439.18 0.00

4.24% MALAISIE 03/18 MYR 149.52 43.85 0.00

4.262% MALAISIE 06/16 MYR 1,581.18 465.98 0.00

4.378% MALAISIE 09/19 MYR 4,964.09 1,471.39 0.00

4.498% MALAISIE 10/30 MYR 560.70 164.61 0.00

5.094% MALAISIE 04/14 MYR 12,035.49 3,565.69 0.00

5.248% MALAISIE 08/28 MYR 136.44 44.19 0.00

5.734% MALAISIE 04/19 MYR 841.05 271.36 0.00

13,100.74 0.00

Pictet - Piclife




MEXIQUE

2.00% AMERICA MOVIL SAB 11/17 CHF 15,806.67 15,569.57 0.02

3.5% PEMEX 09/14 CHF 39,516.67 40,721.93 0.05


6% MEXIQUE 10/15 MXN 30.14 208.34 0.00

6.50% MEXIQUE 10/21 MXN100 MXN 58.50 392.49 0.00

7.25% MEXIQUE 07/16 MXN 70.49 513.11 0.00

7.5% MEXIQUE 06/27 MXN 136.44 946.12 0.00

7.75% MEXIQUE 08/17 MXN 118.83 888.31 0.00

8% MEXIQUE 05/15 MXN 197.82 1,469.43 0.00

8% MEXIQUE 09/20 MXN 194.10 1,448.99 0.00

8.5% MEXIQUE 09/38 MXN 166.72 1,218.89 0.00

9.5% MEXIQUE 04/14 MXN 70.09 533.00 0.00

10% MEXIQUE 04/24 MXN 233.78 2,014.76 0.00

10% MEXIQUE 06/36 MXN 218.58 1,846.49 0.00

78,118.56 0.08

NORVEGE

1.50% DNB NOR BOLIGK. 11/17 CHF 55,323.34 55,959.56 0.07

1.625% DNB NOR BOLIGKREDITT 10/15 CHF 118,550.02 121,928.69 0.15

2% KOMMUNALBANKEN 09/14 CHF 118,550.02 124,418.24 0.16

2.125% DNB NOR BK 10/15 CHF 55,323.34 56,512.79 0.07

2.125% NORWEGIAN RAILWAYS 11/20 CHF 79,033.34 84,130.99 0.11

2.25% DNB NOR BOLIGKRED. 10/18 CHF 55,323.34 57,978.86 0.07





3% DNB NOR BOLIGKREDITT 7/12 CHF 59,275.01 60,164.13 0.08

3.125% TERRA BOLIGKREDITT 07/13 CHF 71,130.01 74,473.12 0.09

3.875% DNB NOR BANK 10/20 EUR 10,406.32 12,486.35 0.02

4.125% TELENOR 10/20 EUR 7,804.74 9,852.70 0.01

4.5% DNB NOR BANK 09/14 EUR 22,113.42 28,228.21 0.04

5.5% STATKRAFT 09/15 EUR 4,943.00 6,641.80 0.01

5.625% STATOIL 09/21 EUR 6,764.11 9,885.43 0.01

7% NORSKE SKOGINDUSTR. 07/17 EUR 205.40 117.71 0.00

866,735.23 1.09

NOUVELLE ZELANDE

2% B.N.Z. INTL FDG. 10/15 CHF 173,873.36 177,611.63 0.22

3.375% TRANSPOWER FINANCE 07/14 CHF 110,646.68 117,838.72 0.15

295,450.35 0.37

PAYS-BAS

1.75% DEUTSCHE BAHN FIN. 10/20 CHF 118,550.02 122,225.07 0.15

1.75% NED.WATERSCHAPSBANK 10/16 CHF 55,323.34 57,840.55 0.07


2% ABN AMRO BANK 11/15 -SR- CHF 197,583.36 196,101.48 0.25

2% ING VERZEKERINGEN 05/11 CHF 134,356.68 134,410.43 0.17

2% RABOBANK 10/21 CHF 197,583.36 195,409.94 0.25

2% RABOBANK 11/18 CHF 142,260.02 146,029.91 0.18

2.125% B.N.G. 10/18 CHF 118,550.02 125,900.12 0.16

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473



2.125% ING BANK 10/16 CHF 79,033.34 73,421.98 0.09

2.125% RABOBANK 05/17 CHF 158,066.69 163,440.95 0.21

2.25% B.N.G. 05/20 CHF 213,390.03 228,327.33 0.29

2.25% BANK NED. GEMEENTEN 05/14 CHF 126,453.35 132,459.88 0.17


2.375% BANK NED. GEMEENTEN 10/19 CHF 138,308.35 149,373.02 0.19



2.5% ABN AMRO BANK 06/15 CHF 75,081.68 79,774.28 0.10

2.5% ABN AMRO BANK 11/18 CHF 94,840.01 99,771.69 0.13

2.5% B.N.G. 02/25 CHF 59,275.01 64,935.77 0.08

2.5% RABOBANK 09/13 CHF 79,033.34 81,388.54 0.10


2.625% B.N.G. 07/17 CHF 79,033.34 86,146.34 0.11


2.75% B.N.G. 09/16 CHF 142,260.02 155,063.42 0.19


2.75% RABOBANK 07/15 CHF 39,516.67 41,966.71 0.05


2.875% FMO-NEDERLANDSE 09/16 CHF 31,613.34 34,648.22 0.04

3% ENEL FINANCE INTL 11/20 CHF 11,855.00 11,262.25 0.01


3.125% B.N.G. 07/18 CHF 79,033.34 89,149.61 0.11

3.125% RABOBANK 06/26 CHF 79,033.34 86,383.44 0.11

3.25% PAYS-BAS 05/15 EUR 9,763.18 12,756.20 0.02

3.25% NED. WATERSCHAPSBK 06/29 CHF 39,516.67 48,249.86 0.06

3.375% ABN AMRO 06/31 CHF 63,226.68 73,848.76 0.09

3.625% BMW FINANCE 11/18-S- EUR 5,021.05 6,264.68 0.01

3.625% E.ON INTL FINANCE 08/13 CHF 79,033.34 82,273.71 0.10

3.625% RABOBANK 09/19 CHF 118,550.02 133,546.59 0.17

3.625% SNS BANK 10/13 EUR 13,007.90 15,577.80 0.02

3.75% ING BANK 08/12 CHF 27,661.67 28,380.87 0.04

3.75% RABOBANK 10/20 EUR 28,617.37 31,530.69 0.04

3.75% ROYAL BANK SCOTLAND 09/14 EUR 43,695.35 55,705.22 0.07


3.875% GENERALI FINANCE 05/15 EUR 7,804.74 9,455.40 0.01

3.875% ING BANK 11/16 EUR 36,005.85 43,762.05 0.06

4% PAYS-BAS 05/37 EUR 10,418.61 15,354.49 0.02

4% PAYS-BAS 08/18 EUR 26,026.04 35,829.76 0.05

4% FORTIS BANK NED. 10/15 EUR 15,609.47 19,232.16 0.02

4% ING BANK 08/15 CHF 27,661.67 30,538.48 0.04



4.125% RABOBANK 11/21 EUR 28,617.37 36,466.94 0.05

4.125% SUEDZUCKER 11/18 EUR 4,552.76 5,759.48 0.01

4.176% ING GROEP 05/PE EUR 410.80 305.54 0.00

4.25% PAYS-BAS 03/13 EUR 3,905.27 5,061.63 0.01



4.31% ABN AMRO 06/PE EUR 205.40 142.75 0.00

4.375% RABOBANK 09/14 EUR 26,015.79 33,407.91 0.04

4.375% RABOBANK 09/16 EUR 44,226.84 57,465.89 0.07

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4.625% ING BANK 04/19 EUR 43,139.38 49,453.30 0.06

4.75% ADECCO INTL FIN. 11/18SR-S- EUR 15,609.47 18,792.13 0.02

4.75% RABOBANK 08/18 EUR 20,812.63 27,575.55 0.03

4.875% ALLIANDER 10/PE EUR 18,211.05 22,072.04 0.03

5.125% BASF FINANCE 09/15 EUR 18,211.05 24,258.17 0.03


5.317% GENERALI FINANCE 06/PE EUR 7,804.74 6,262.82 0.01

5.375% VOLKSWAGEN 09/13 EUR 13,268.05 17,204.91 0.02


5.5% EADS FINANCE 03/18 EUR 7,804.74 10,695.21 0.01

5.50% PAYS-BAS 98/28 EUR 6,513.34 10,736.07 0.01



5.75% ASML HLDG 07/17 EUR 19,641.92 24,981.21 0.03


5.875% EDP FINANCE 11/16 EUR 31,414.07 31,030.04 0.04

5.875% TELEFONICA EUROPE 03/33 EUR 7,804.74 9,150.60 0.01

6.125% ALLIANZ FINANCE 02/22 EUR 10,406.32 12,398.03 0.02

6.25% ING VERZEKERINGEN 01/21 EUR 821.60 726.27 0.00

6.25% KPN 09/14 EUR 10,406.32 13,689.57 0.02

6.258% SNS REAAL 07/PE EUR 345.89 206.65 0.00


6.5% ALLIANZ FIN. II 02/25 EUR 14,308.69 17,491.74 0.02

6.5% CONTI-GUMMI FINANCE 10/16 EUR 205.40 237.92 0.00

6.5% REPSOL INTL FINANCE 09/14 EUR 19,121.61 25,127.76 0.03

6.625% RWE FINANCE 08/19 EUR 26,015.79 37,952.67 0.05

6.655% TENNET HOLDING BV 10/PE EUR 24,715.00 30,244.80 0.04

6.75% OI EUROP GROUP 10/20 EUR 410.80 458.30 0.00

6.875% OI EUROPEAN GROUP 07/17 EUR 513.50 591.66 0.00

7.125% CONTI-GUMMI FINANCE 10/18 EUR 821.60 931.63 0.00

7.375% CRH FINANCE 09/14 EUR 6,764.11 8,974.42 0.01

7.375% EUREKO 09/14 EUR 9,105.53 11,965.10 0.02

7.375% LINDE FINANCE 06/66 EUR 21,226.28 27,574.81 0.03

7.375% NEW WORLD RESOUR. 07/15 EUR 328.64 350.61 0.00


7.5% GMAC INTERNAT. FIN. 10/15 EUR 616.20 681.82 0.00

7.625% ADECCO INT. FIN. 09/14 EUR 14,860.22 19,996.78 0.03


7.875% DAIMLER INTL 09/14 EUR 39,023.69 53,290.98 0.07

7.875% NEW WORLD RESOURCES 10/18 EUR 308.10 332.46 0.00

8% CLONDALKIN BV 04/14 EUR 1,132.36 1,035.50 0.00

8% ZIGGO BOND 10/18 EUR 2,464.79 2,900.08 0.00

8.875% BMW FINANCE 08/13 EUR 5,203.16 7,144.77 0.01

9.5% HEIDELBERGCEMENT FIN. 11/18 SR EUR 554.58 689.71 0.00

9.5% INTERXION HOLDING 10/17 EUR 143.78 184.07 0.00

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475


9.625% CEMEX FINANCE 09/17 EUR 205.40 173.43 0.00

11% BOATS INVES -PIK- 07/17 EUR 1,509.07 1,759.38 0.00

11.25% SNS BANK 09/PE EUR 616.20 510.90 0.00

4,986,546.92 6.25

PEROU

6.85% PEROU (DUAL CUR.) 10/42 PEN 0.64 208.56 0.00





1,985.87 0.00

PHILIPPINES

2.85% ASIAN DEV. BANK 10/20 CNY 756.95 110.11 0.00

4.95% PHILIPPINES 10/21 PHP 7,513.42 146.71 0.00

6.25% PHILIPPINES 11/36 PHP 17,363.10 339.48 0.00

7% PETRON (D. CCY) 10/17 PHP 14,615.66 286.89 0.00

883.19 0.00

POLOGNE

2.625% POLOGNE 05/15 CHF 7,903.33 8,017.93 0.01

2.75% POLOGNE (INFLATION) 08/23 PLN 3,250.21 955.62 0.00

3% POLOGNE (INFLATION) 04/16 PLN 93.45 32.17 0.00

3% POLOGNE 09/14 CHF 94,840.01 97,495.53 0.12

3.25% POLOGNE 07/19 CHF 118,550.02 119,379.87 0.15

3.625% POLOGNE 08/17 CHF 237,100.03 248,006.63 0.31

5% POLOGNE 02/13 PLN 242.97 68.46 0.00

5.25% POLOGNE 06/17 PLN 2,188.98 602.12 0.00

5.25% POLOGNE 07/13 PLN 1,247.19 352.38 0.00

5.25% POLOGNE 09/20 PLN 1,937.42 517.87 0.00

5.5% POLOGNE 08/19 PLN 9,719.52 2,665.65 0.00

5.5% POLOGNE 09/15 PLN 6,743.39 1,912.19 0.00

5.75% POLOGNE 01/22 PLN 2,350.41 648.00 0.00

5.75% POLOGNE 08/29 PLN 330.40 89.66 0.00

6.25% POLOGNE 04/15 PLN 9,243.19 2,685.53 0.00

7.125% CYFROWY POLSAT 11/18 EUR 616.20 676.18 0.00

11% TVN 10/17 EUR 1,129.69 1,404.96 0.00

485,510.75 0.59

REPUBLIQUE TCHEQUE

9% CET 21 10/17 EUR 308.10 339.97 0.00

339.97 0.00

ROYAUME-UNI

1.75% C.I.B.C. 10/17 CHF 82,985.01 86,304.41 0.11

1.875% WESTPAC SECURITIES 10/15 CHF 169,921.69 173,235.16 0.22

2% ANZ NATIONAL 10/14 CHF 79,033.34 81,009.18 0.10

2% CREDIT AGRIC. LONDON 10/15 CHF 42,282.84 39,745.87 0.05

2.125% ASB FINANCE 10/16 CHF 98,791.68 100,668.72 0.13


2.375% HSBC BANK 11/18 CHF 39,516.67 39,378.36 0.05

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2.375% ROYAL BANK SCOTLAND 05/15 CHF 146,211.69 114,629.96 0.14

2.5% BARCLAYS BANK 11/16 CHF 229,196.70 227,592.32 0.29

2.5% HBOS TREASURY SERV. 06/11 CHF 59,275.01 59,292.79 0.07





2.75% HSBC BANK 07/17 CHF 79,033.34 84,842.29 0.11

2.75% NETWORK RAIL INFRA. 06/21 CHF 47,420.01 52,185.72 0.07

2.75% ROYAL BANK SCOTLAND 10/15 CHF 189,680.03 183,610.26 0.23

3% BANK OF SCOTLAND PLC 06/16 CHF 146,211.69 140,801.85 0.18

3% BP CAPITAL MARKETS 08/13 CHF 78,638.18 83,081.23 0.10


3.375% CREDIT AGR.LONDON 07/13 CHF 11,855.00 11,878.71 0.01

3.625% HSBC HOLDINGS 05/20 EUR 52,031.58 59,533.10 0.07


3.875% UBS LDN 09/19 EUR 21,847.67 28,320.51 0.04


4.35% ROYAL BK SCOT. 06/17 EUR 7,544.58 6,761.23 0.01

4.375% ANGLO AMERICAN CAP. 09/16 EUR 13,007.90 16,229.09 0.02

4.375% REXAM 06/13 EUR 10,406.32 12,991.59 0.02


4.7291% AVIVA 04/PE EUR 5,203.16 4,484.49 0.01

4.875% BARCLAYS BANK 04/PE EUR 8,064.90 6,047.52 0.01

4.875% ROYAL BK SCOTLAND 10/15 EUR 39,023.69 46,277.80 0.06


5.125% TESCO 09/15 EUR 19,511.84 25,979.11 0.03

5.25% AVIVA 03/23 EUR 6,503.95 7,345.96 0.01




5.375% VODAFONE 07/22 EUR 9,105.53 12,537.04 0.02

5.5% ROYAL BANK SCLOTLAND 10/20 EUR 20,812.63 22,702.90 0.03





6.35% LLOYDS TSB BANK 02/PE EUR 410.80 352.37 0.00


6.467% RBS CAP. TRUST A 02/PE EUR 821.60 450.79 0.00

6.5% SUB. LLOYDS TSB 10/20 3997-S- EUR 7,804.74 7,526.66 0.01



6.625% WPP GROUP 08/16 EUR 7,804.74 10,608.33 0.01

7.875% INEOS GROUP REG. S 06/16 EUR 2,058.30 1,719.11 0.00


9.125% INFINIS 09/14 GBP 205.40 291.65 0.00

9.25% INEOS FINANCE 10/15 EUR 369.72 428.25 0.00

9.375% FCE BANK 09/14 EUR 1,232.39 1,562.74 0.00

9.75% EC FINANCE 10/17 EUR 410.80 365.64 0.00

10.75% TVN FINANCE 09/17 EUR 883.22 1,130.73 0.00

18.75% REP. GHANA (STANDARD) CLN 10/13 USD 111.95 99.18 0.00

2,611,121.89 3.31

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477


RUSSIE

STEP ROSSELHOZBANK 10/20 RUB 12,148.56 347.62 0.00

7.00% RUSSIE 25079 11/15 RUB 18,596.65 512.12 0.00

7.40% RUSSIE 11/17 26206 RUB 33,642.18 918.84 0.00

7.50% RUSSIE 11/18 26204 -SR- RUB 80,367.43 2,183.63 0.00

7.85% RUSSIE 11/18 RUB 70,835.48 1,984.79 0.00

5,947.00 0.00

SINGAPOUR

2.5% SINGAPOUR 09/19 SGD 74.76 56.51 0.00

3.25% SINGAPOUR 05/20 SGD 1,107.39 879.61 0.00

10.75% BUMI INVESTMENT 10/17 USD 149.52 124.68 0.00

1,060.80 0.00

SRI LANKA

6.25% GOVT DU SRI LANKA 10/20 USD 37.38 32.86 0.00

6.25% SRI LANKA 11/21 USD 293.70 255.17 0.00

6.85% SRI LANKA 06/12 LKR 4,672.52 38.09 0.00

7.4% SRI LANKA 09/15 USD 108.40 102.61 0.00

8.25% SRI LANKA 07/12 USD 59.81 56.75 0.00

485.48 0.00

SUEDE

1.5% SBAB 11/14 CHF 39,516.67 40,168.70 0.05

1.50% LANDSHYPOTEK 11/18 CHF 23,710.00 23,785.88 0.03



1.875% SWEDBANK 09/13 CHF 63,226.68 65,123.48 0.08


2% STADSHYPOTEK 10/16 CHF 79,033.34 82,273.71 0.10




2.25% NORDEA BANK 10/16 CHF 108,275.68 111,686.36 0.14





2.75% KOMMUNINVEST I SVER. 03/13 CHF 59,275.01 62,120.21 0.08

3% SWEDISH EXPORT 09/18 CHF 237,100.03 262,706.83 0.33

3.125% VATTENFALL TREASURY 09/13 CHF 79,033.34 81,720.48 0.10



3.875% SKF 11/18 EUR 8,325.05 10,422.96 0.01


4% NORDEA BANK 04/16 EUR 9,063.90 11,048.67 0.01

4% NORDEA BANK 10/20 EUR 26,015.79 31,761.45 0.04

4.25% SKAND. ENSKILDA BK. 11/18 EUR 3,902.37 4,786.05 0.01

4.875% INVESTOR 09/21 EUR 7,804.74 10,181.67 0.01



5.375% ERICSSON TEL. 07/17 EUR 5,203.16 6,886.37 0.01

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15% CORRAL PETROL. 11/17 PIK SR-S- EUR 140.03 148.54 0.00

1,680,170.21 2.08

SUISSE

1.25% ABB 11/16 -SR- CHF 15,806.67 15,752.93 0.02

2% CONFED. SUISSE 10/21 CHF 158,066.69 173,225.28 0.22

2.125% CLG BQ. CANTONALES 11/20 CHF 158,066.69 168,894.26 0.21

2.25% ABB 11/21 -SR- CHF 27,661.67 27,447.29 0.03

2.25% SULZER 11/16 CHF 38,726.34 39,830.04 0.05

2.625% BQUE. CANTON. ST-GALL 11/21 CHF 79,033.34 84,091.48 0.11

2.625% ENAG ENERGIEFINANZ. 11/23 CHF 39,516.67 40,504.59 0.05

3% SGS 11/21 CHF 86,936.68 93,587.33 0.12

3.25% SUISSE REASSURANCE 09/14 CHF 118,550.02 125,129.54 0.16

4.5% ROCHE KAPITALMARKT 09/17 CHF 158,066.69 185,728.36 0.23

4.875% CREDIT SUISSE NY 08/18 CHF 118,550.02 121,810.14 0.15

1,076,001.24 1.35

SUPRANATIONAL

1.875% DEV. CONSEIL EUROPE 09/14 CHF 39,516.67 41,057.82 0.05

2% E.I.B. 05/16 CHF 67,178.34 71,108.28 0.09

2% E.I.B. 09/12 CHF 31,613.34 32,988.52 0.04

2% E.I.B. 10/22 CHF 158,066.69 165,337.76 0.21

2.375% E.I.B. 05/20 CHF 237,100.03 256,660.78 0.32

2.5% E.I.B. 03/15 CHF 134,356.68 144,164.72 0.18

2.5% E.I.B. 07/19 CHF 126,453.35 138,150.28 0.17

2.75% WORLDBANK 09/19 CHF 55,323.34 61,436.57 0.08

3.125% E.I.B. 06/36 CHF 102,743.35 130,124.45 0.16

3.25% E.I.B. 08/18 CHF 75,081.68 85,255.24 0.11

3.50% E.I.B. 99/14 CHF 101,557.85 109,276.24 0.14

3.875% WORLDBANK 09/19 EUR 43,353.98 58,239.47 0.07

4.75% E.I.B. 07/17 EUR 39,598.91 54,798.32 0.07

6.3% E.B.R.D. (D. CCY) 11/13 IDR 186,901.00 18.51 0.00

7% AFRICAN DEV. BK (DUAL) 10/12 ZMK 791,432.28 143.18 0.00

7.20% E.B.R.D. (DUAL) 11/16 -SR- IDR 3,177,317.00 311.71 0.00

8% WORLDBANK 10/20 COP 478,840.36 243.45 0.00

1,349,315.30 1.69

THAÏLANDE







4.25% THAÏLANDE GOV 07/13 THB 3,270.77 95.49 0.00


4.85% THAÏLANDE M.O.F. 11/61 SR THB 3,868.85 113.27 0.00


5% THAÏLANDE 09/40 THB 5,093.05 165.23 0.00

5% THAÏLANDE GOV 07/17 THB 28.04 0.87 0.00

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479






5.4% THAÏLANDE GOV 06/16 THB 934.50 29.16 0.00

5.5% M.O.F. (THAÏLANDE) 07/23 THB 373.80 12.45 0.00



6.15% M.O.F. (THAÏLANDE) 06/26 THB 37.38 1.34 0.00

11,170.66 0.00

TURQUIE

TBI TURQUIE 200213 TRY 5,949.99 2,592.12 0.00

0% TURQUIE 11/12 TRY 6,592.75 2,942.49 0.00

0% TURQUIE 11/150513 TRY 7,183.91 3,074.40 0.00

0% TURKIYE IS BANKASI 11/12 TRY 1,300.83 576.03 0.00

8.00% TURQUIE 11/14 TRY 3,551.12 1,722.42 0.00


10% TURQUIE 10/13 TRY 1,820.42 910.48 0.00

10.5% TURQUIE 10/20 TRY 4,021.31 2,095.54 0.00

11% TURQUIE 09/14 TRY 465.94 241.90 0.00

16% TURQUIE 08/13 TRY 37.38 20.68 0.00

16,450.34 0.00

VENEZUELA

5% CORP ANDINA FOMENTO 08/13 CHF 31,218.17 33,216.13 0.04

11.95% VENEZUELA 11/31 -S- USD 119.41 79.93 0.00

33,296.06 0.04

ZAMBIE

12% ZAMBIE 07/12 ZMK 93,450.50 17.07 0.00

17.07 0.00


OPTIONS

ALLEMAGNE



PUT BUND FUTURE EURO-BUND EUREX (10Y) 01/12/2011 3.48 0.00 0.00

PUT BUND FUTURE EURO-SCHATZ EUREX (2Y) 01/11/2011 -11.22 0.00 0.00

PUT BUND FUTURE EURO-SCHATZ EUREX (2Y) 01/11/2011 11.22 2,189.65 0.00

2,189.65 0.00

ROYAUME-UNI

CALL AUD/NZD 03/11/2011 1.3 38.50 6.92 0.00

PUT EUR/AUD SPOT CROSS RATES 26/10/2011 1.3175 28.48 4.97 0.00

11.89 0.00


TOTAL I. 52,515,254.25 65.77

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ACTIONS

ALLEMAGNE

AIST MEDIALAB 88.47 0.00 0.00

0.00 0.00

ARGENTINE

GENERAL FABRIL 'B' 1,631,288.75 0.00 0.00

0.00 0.00

ROYAUME-UNI

ALUDEL NOM. 1,234.02 0.00 0.00

0.00 0.00


OBLIGATIONS

ALLEMAGNE

10% CLN INDONESIE (DB) 08/28 USD 1.87 3.88 0.00

3.88 0.00

ETATS-UNIS

11% CLN INDONESIE (CITI) 08/14 USD 13.08 14.07 0.00

11.5% CLN INDONESIE (CITI) 07/19 USD 24.87 24.09 0.00

38.16 0.00

GHANA

14.47% GHANA 06/11 GHS 89.71 51.20 0.00

15% GHANA 07/12 GHS 18.69 10.92 0.00

62.12 0.00

HONG KONG

9.75% CLN INDONESIE (HSBC) 07/37 USD 26.91 29.10 0.00

29.10 0.00

MALAISIE

3.461% MALAISIE 08/13 MYR 186.90 53.36 0.00

4.232% MALAISIE 11/31 S.11 MYR 547.25 156.77 0.00

4.392% MALAISIE 11/26 MYR 2,364.30 699.12 0.00

909.25 0.00

PHILIPPINES

6.125% PHILIPPINES 10/20 PHP 2,616.61 55.44 0.00

6.375% PHILIPPINES (PROV.) 11/22 PHP 2,660.83 56.35 0.00

111.79 0.00

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481


SRI LANKA

6.75% GOVT DU SRI LANKA 10/13 LKR 2,616.24 21.02 0.00

6.85% SRI LANKA 06/12 LKR 21,867.42 177.10 0.00

6.9% GOVT DU SRI LANKA 10/12 LKR 14,858.63 121.06 0.00

7.5% SRI LANKA 03/13 LKR 13,083.07 105.96 0.00

425.14 0.00

SUPRANATIONAL

6.5% E.B.R.D. 11/14 IDR 710,223.80 71.13 0.00

71.13 0.00


OPTIONS

CHINE

CALL USD/CNY SPOT CROSS RATES 27/12/2011 6.7 -949.18 -1.40 0.00

PUT USD/CNY SPOT CROSS RATES 09/11/2011 6.27 -38.50 -1.10 0.00

PUT USD/CNY SPOT CROSS RATES 09/11/2011 6.32 38.50 6.25 0.00













79.79 0.00

ETATS-UNIS

CALL USD/PHP SPOT CROSS RATES 10/10/2011 42.23 1,924.95 0.00 0.00

0.00 0.00

FRANCE

PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 48.11 42.55 0.00

PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 -48.11 -35.85 0.00

6.70 0.00

INDE

CALL USD/INR SPOT CROSS RATES 20/12/2011 0 19.17 0.00 0.00

CALL USD/INR SPOT CROSS RATES 23/12/2011 0 19.17 0.00 0.00

PUT USD/INR SPOT CROSS RATES 28/10/2011 44.35 -2,165.58 0.00 0.00

PUT USD/INR SPOT CROSS RATES 28/10/2011 45.35 1,443.72 0.04 0.00

0.04 0.00

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INDONESIE

PUT USD/IDR SPOT CROSS RATES 30/09/2011 8410 -2,883.06 0.00 0.00

PUT USD/IDR SPOT CROSS RATES 30/09/2011 8530 1,441.53 0.00 0.00

0.00 0.00

JAPON

CALL EUR/JPY CROSS-RATES 28/09/2011 110 2,405.19 0.00 0.00

PUT EUR/JPY CROSS-RATES 21/12/2011 105.4 2,308.62 33.06 0.00

PUT EUR/JPY CROSS-RATES 29/11/2011 106.5 28.87 13.28 0.00

46.34 0.00

ROYAUME-UNI

CALL EUR/CHF SPOT CROSS RATES 28/09/2011 1.24 1,898.76 0.00 0.00




CALL USD/JPY SPOT CROSS RATES 12/12/2011 86.65 45.83 0.00 0.00


CALL USD/KRW SPOT CROSS RATES 29/09/2011 1051 48.11 0.00 0.00

CALL USD/KRW SPOT CROSS RATES 30/11/2011 1028 -48.11 0.00 0.00

CALL USD/MYR SPOT CROSS RATES 30/09/2011 0 37.94 0.00 0.00

PUT EUR/CHF SPOT CROSS RATES 12/03/2012 1.1 48.11 6.09 0.00


PUT EUR/USD 12/10/2011 1.295 48.11 7.88 0.00

PUT EUR/USD 12/10/2011 1.295 -48.11 -3.99 0.00

PUT GBP/USD SPOT CROSS RATES 07/10/2011 1.5 18.56 1.27 0.00

PUT JPY/KRW SPOT CROSS RATE 29/08/2012 14 3,849.88 1.28 0.00

PUT JPY/KRW SPOT CROSS RATE 29/09/2011 13.48 3,849.88 0.00 0.00

PUT JPY/KRW SPOT CROSS RATE 30/11/2011 12.97 -3,849.88 0.00 0.00









36.60 0.00

SUISSE

CALL AUD/NZD 05/10/2011 1.272 1,924.95 6.90 0.00

CALL AUD/NZD 05/10/2011 1.284 -1,924.95 -0.17 0.00

CALL USD/CAD SPOT CROSS RATE 22/11/2011 1.09 47.47 14.34 0.00


PUT EUR/USD 17/11/2011 1.28 1,432.18 13.02 0.00

PUT EUR/USD 17/11/2011 1.33 -2,864.36 -50.75 0.00

PUT EUR/USD 17/11/2011 1.38 1,432.18 56.00 0.00

Pictet - Piclife



483


PUT EUR/USD 21/12/2011 1.34 28.64 7.79 0.00

PUT GBP/USD SPOT CROSS RATES 07/10/2011 1.5 18.56 1.27 0.00


58.47 0.00


WARRANTS

ROYAUME-UNI

ALUDEL WRT (C-0. 68) 2,468.03 0.00 0.00

0.00 0.00


TOTAL II. 1,878.51 0.00


BRESIL

TBI BRESIL 01/10/11 BRL 1000 BRL 3.27 1,610.92 0.00

1,610.92 0.00

ETATS-UNIS

TBI USA 201011 USD 8,000,000.00 7,212,051.62 9.30

7,212,051.62 9.30

INDONESIE

0% INDONESIE 11/11 IDR 3,542,708.46 357.30 0.00

0% INDONESIE 11/12 IDR 560,703.00 55.38 0.00

412.68 0.00

PAYS-BAS

TBI PAYS-BAS 300911 EUR 1,400,000.00 1,706,992.00 2.15

1,706,992.00 2.15

SRI LANKA

TBI GOVT DU SRI LANKA 30/09/11 LKR 1,962.46 16.05 0.00






0% SRI LANKA 11/12 LKR 1,869.01 14.65 0.00

259.41 0.00

THAÏLANDE

0% THAÏLANDE 10/11 THB 1,869.01 54.05 0.00

54.05 0.00

Pictet - Piclife




TURQUIE

0% TURQUIE 10/12 TRY 4,990.26 2,271.89 0.00

2,271.89 0.00

ZAMBIE

0% TBI ZAMBIA 10/11 ZMK 186,901.00 34.52 0.00

34.52 0.00

TOTAL III. 8,923,687.09 11.45

IV. PARTS D’ORGANISMES DE PLACEMENT COLLECTIF

ETATS-UNIS

ISHARES MSCI EMERGING MARKETS INDEX FUND 29,000.00 966,002.33 1.21

ISHARES MSCI PACIFIC EX-JAP. INDEX 14,500.00 499,863.72 0.63

ISHARES-IBOXX INV. GRADE CO. BD 10,000.00 1,007,426.25 1.27

OIL SERVICE HOLDRS TRUST 2,200.00 213,898.91 0.27

POWERSH.ETF-S&P500 HIGH QUALITY 45,000.00 519,264.00 0.65

3,206,455.21 4.03

ILES CAÏMANS

VIETNAM RESOURCE INVESTMENTS FD. 497.61 897.19 0.00

897.19 0.00


TURQUOISE PARTNERS 'C' 10.76 15,087.97 0.02

15,087.97 0.02

SUISSE

PICTET (CH) SWISS MID-SMALL CAP I 435.00 1,096,284.03 1.38

1,096,284.03 1.38

TOTAL IV. 4,318,724.40 5.43


AVOIRS EN BANQUE 13,316,730.24 16.74



Pictet - Piclife


485

REPARTITION GEOGRAPHIQUE DU PORTEFEUILLE-TITRES AU 30 SEPTEMBRE 2011



Etats-Unis 19.12

Suisse 13.36

Pays-Bas 8.49

France 7.70

Autriche 4.54

Allemagne 4.17

Royaume-Uni 4.13

Luxembourg 2.31

Suède 2.22

Italie 1.72

Supranational 1.69

Canada 1.62

Corée du Sud 1.37

Australie 1.36

Espagne 1.22

Norvège 1.09

Danemark 1.03

Iles Caïmans 0.69

Pologne 0.59

Finlande 0.45

Jersey 0.37

Irlande 0.37


Bermudes 0.31

Brésil 0.28

Chine 0.28

Inde 0.22

Japon 0.21

Russie 0.20

Taïwan 0.20

Belgique 0.14

Afrique du Sud 0.14

Mexique 0.11

Indonésie 0.10


Hong Kong 0.08

Malaisie 0.05

Guernesey 0.05

Vénézuela 0.04

Thaïlande 0.04


Chili 0.02


Turquie 0.02

Argentine 0.01

Philippines 0.01

Hongrie 0.01

Ile de Man 0.01

Ghana 0.00

Sri Lanka 0.00

Nigéria 0.00

Singapour 0.00

Répartition géographique (suite) (en % des actifs nets)

Pérou 0.00

Colombie 0.00

Egypte 0.00


Géorgie 0.00

Zambie 0.00

82.65

Pictet - Piclife


REPARTITION ECONOMIQUE DU PORTEFEUILLE-TITRES AU 30 SEPTEMBRE 2011






5.43








Assurances 0.81

Communications 0.60

Pétrole 0.59










0.13



Gastronomie 0.10


Divers 0.07

Immobilier 0.06

Certificats 0.05








Options 0.00

Loisirs 0.00


Emballage 0.00

Warrants 0.00

82.65




487



ACTIONS

AFRIQUE DU SUD


MTN GROUP 8,671.72 103,924.56 0.02

SAPPI 8,446.45 19,120.95 0.00

417,809.08 0.07

ALLEMAGNE

ADIDAS NOM. 28,722.11 1,328,110.33 0.23

AIXTRON 3,965.89 46,301.78 0.01

ALLIANZ NOM. 10,389.20 753,216.69 0.13

B.M.W. 1,580.55 83,373.98 0.01

BAYER NOM. 13,870.00 582,540.00 0.10

BEIERSDORF 17,018.03 684,465.22 0.12

BRENNTAG 1,423.39 98,057.27 0.02

DAIMLER NOM. (EUR) 7,726.78 269,085.22 0.05




ELSTER GROUP ADR (R. 1/4 SHS) 8,262.96 92,740.52 0.02

FRESENIUS 10,928.69 732,549.83 0.12


GEA GROUP 2,968.50 55,540.58 0.01

HENKEL 6,900.00 227,527.50 0.04

HUGO BOSS PFD N-VTG 1,327.98 91,059.86 0.02


JOYOU 780.91 7,879.36 0.00

K+S REG. 1,036.21 43,163.29 0.01

KSB PREF N-VTG 52.12 20,482.03 0.00

MAN AG 17,243.61 1,064,620.72 0.18

MAN PFD -NVTG- 9,714.00 426,493.17 0.07

MERCK 10,147.09 625,263.88 0.11


PFEIFFER VACUUM TECHNOLOGY 13,011.68 863,975.86 0.15


STADA ARZNEIMITTEL NOM. 8,031.70 130,515.06 0.02

SUEDZUCKER 1,357.03 30,044.58 0.01

THYSSENKRUPP 16,734.00 324,890.61 0.06

VOLKSWAGEN (EUR) 3,226.23 311,976.18 0.05

VOLKSWAGEN PREF 2,966.60 315,350.01 0.05

WACKER CHEMIE 458.65 33,329.77 0.01

WIRECARD 7,828.91 93,946.88 0.02

13,367,841.70 2.30





AUSTRALIE

TFS CORP 114,500.05 55,955.67 0.01

55,955.67 0.01

AUTRICHE

ANDRITZ 2,042.87 134,400.72 0.02

AUSTRIAMICROSYSTEMS 24,944.80 726,281.56 0.12

BWT 761.06 11,765.93 0.00


TELEKOM AUSTRIA 80,234.03 604,723.88 0.10

ZUMTOBEL 3,598.03 47,206.11 0.01

1,560,078.08 0.26

BELGIQUE

BELGACOM 30,591.97 691,837.40 0.12

COLRUYT 19,335.58 612,551.09 0.10

FORTIS 616,979.53 851,431.75 0.14

GROUPE DELHAIZE 6,491.00 283,234.79 0.05

MOBISTAR 15,749.87 680,945.70 0.12

SIPEF 832.04 47,900.79 0.01

TELENET GROUP HOLDING 4,018.80 111,943.53 0.02

U.C.B. 37,059.79 1,209,631.56 0.21

4,489,476.61 0.77

BERMUDES


BROOKFIELD INFRASTRUCTURE 5,287.71 96,488.48 0.02

C.P.POKPHAND 327,993.49 24,285.10 0.00

CHINA YURUN FOOD 55,689.01 44,457.55 0.01



PURECIRCLE (GBP) 69,519.78 71,875.76 0.01

TRINITY 120,662.48 71,243.07 0.01

VIMPELCOM ADR (REP.1 SHS-WI-) 7,122.31 52,186.37 0.01

445,184.37 0.08

BRESIL


BRF FOODS 12,623.75 162,548.96 0.03


CIA SANEAMENTO MG 8,316.89 100,273.42 0.02

DURATEX SA 25,379.00 90,571.35 0.02

FIBRIA ADR (R.1 SHS) 15,423.21 91,113.73 0.02

JBS 26,826.73 41,939.27 0.01

KLABIN 50,357.39 102,808.82 0.02

SABESP 8,560.17 147,344.57 0.03

SABESP ADR (R.2 SHS) 635.90 22,252.91 0.00

SLC AGRICOLA 5,149.92 32,597.50 0.01



1,248,193.60 0.24




489


CANADA

5N PLUS 14,208.81 75,852.01 0.01

ACADIAN TIMBER 5,411.69 39,081.48 0.01

AGRIUM (USD) 2,849.76 147,288.52 0.03



BORALEX A 7,048.09 34,781.04 0.01

CANFOR 5,525.98 40,180.76 0.01

CANFOR PULP PRODUCTS 808.28 7,588.26 0.00

FIBREK 5,447.17 2,892.48 0.00


POTASH SASKATCHEWAN (CAD) 5,940.39 199,403.54 0.03

PROGRESSIVE WASTE SOLUTIONS (USD) 4,173.81 65,392.22 0.01


RESEARCH IN MOTION 3,604.62 56,069.59 0.01

SAPUTO 2,773.42 81,489.68 0.01

STANTEC (CAD) 3,392.00 55,283.92 0.01

SUNOPTA (CAD) 11,865.51 42,549.09 0.01

TELUS -NVTG- 2,814.37 97,139.03 0.02

VALEANT PHARMACEUTICALS INTER. 1,379.64 38,232.19 0.01

WEST FRASER TIMBER 2,463.62 67,869.17 0.01

1,144,961.02 0.20

CHILI

CFR PHARMACEUTICALS 1,104,559.82 179,492.06 0.03

COPEC 8,943.75 81,067.10 0.01

EMPRESAS CMPC 59,564.54 151,725.11 0.03


MASISA 318,329.44 21,057.76 0.00

530,453.84 0.09

CHINE




192,328.23 0.03

CHYPRE

ROS AGRO -GDR- (R.1/5 SHS) 3,162.31 19,406.42 0.00

19,406.42 0.00

COREE DU SUD


GREEN CROSS 1,338.74 142,474.26 0.02

NHN 606.50 86,188.15 0.01

WOONG JIN COWAY 3,582.88 86,130.25 0.01

352,846.62 0.05





DANEMARK

CHRISTIAN HANSEN HOLDING 3,180.31 48,251.78 0.01

COLOPLAST 'B' 7,806.85 870,858.40 0.15

NOVO NORDISK 'B' 11,640.55 862,311.11 0.15

NOVOZYMES 'B' 1,393.95 152,108.41 0.03


1,954,529.50 0.34

ESPAGNE

ACCIONA 1,210.39 78,057.78 0.01

AMADEUS IT HOLDING 'A' 89,391.24 1,073,588.82 0.18

BANCO DE VALENCIA 170,207.55 132,761.89 0.02

BANCO SANTANDER 176,741.60 1,093,323.51 0.19

DIA 158,323.00 486,526.58 0.08

EDP RENOVAVEIS 94,178.88 388,864.59 0.07

GRIFOLS 'A' 50,381.43 708,111.05 0.12

INDITEX NOM. 11,509.40 751,218.66 0.13

INDRA SISTEMAS 49,564.44 536,287.21 0.09


SOL MELIA 9,355.88 46,779.42 0.01

TELEFONICA 120,553.06 1,741,991.73 0.30

VISCOFAN 2,342.04 63,445.93 0.01

7,587,613.86 1.29

ETATS-UNIS

3 M 1,933.06 106,522.07 0.02

ACME PACKET 1,739.76 55,196.24 0.01

AGCO 3,482.47 92,745.64 0.02

ALEXION PHARMACEUTICALS 3,650.55 173,363.86 0.03

AMAZON.COM 1,026.95 168,897.92 0.03

AMERICAN PUBLIC EDUCATION 3,631.43 93,490.71 0.02

AMERICAN STATES WATER 978.60 24,137.66 0.00


AMGEN 5,973.14 246,344.88 0.04

ANDERSONS 2,232.46 57,243.42 0.01

APPLE 691.58 199,710.33 0.03

AQUA AMERICA 8,481.77 135,896.27 0.02

ARCHER-DANIELS MIDLAND 8,729.08 166,320.22 0.03

ARIAD PHARMACEUTICALS 30,255.10 202,893.48 0.03

ARIBA 1,577.53 33,580.04 0.01

ARUBA NETWORKS 3,576.17 57,350.84 0.01

AUTOLIV 2,029.72 75,320.81 0.01

AUXILIUM PHARMACEUTICALS 6,795.40 77,374.48 0.01

AVEO PHARMACEUTICALS 8,007.19 94,961.39 0.02

AXT 14,773.78 58,221.19 0.01

BADGER METER 1,225.45 26,647.29 0.00

BALCHEM 1,268.82 36,840.32 0.01

BIOGEN IDEC 3,144.33 219,602.85 0.04

BIOMARIN PHARMACEUTICAL 8,852.15 207,411.68 0.04

BLACKBOARD 1,723.55 57,077.86 0.01

BRUKER BIOSCIENCES 3,962.78 39,730.32 0.01

BUCKEYE PARTNERS 1,159.84 53,554.03 0.01




491


BUCKEYE TECHNOLOGY 463.71 8,581.55 0.00

CALGON CARBON 2,752.03 30,908.14 0.01


CAVIUM 1,933.06 40,033.32 0.01

CELGENE 4,293.04 199,749.29 0.03

CENTURYTEL 2,283.80 56,938.79 0.01



CLARCOR 1,293.09 40,451.46 0.01

CLEAN HARBORS 7,977.56 305,417.70 0.05

COACH 2,137.57 85,344.52 0.01

COMCAST 'A' 5,374.13 86,184.67 0.01

COMMVAULT SYSTEMS 1,933.06 54,783.19 0.01

COMSCORE 4,629.65 59,800.32 0.01

CONCUR TECHNOLOGIES 1,658.92 47,529.04 0.01

CONSTANT CONTACT 5,278.38 68,374.92 0.01

CORN PRODUCTS INTERNATIONAL 3,775.93 110,862.82 0.02

DANAHER 6,227.85 200,442.32 0.03


DEERE 4,747.90 238,851.55 0.04

DELTIC TIMBER 3,826.95 159,981.87 0.03

DENDREON 7,958.23 53,898.22 0.01

DIGITAL REALTY TRUST 2,706.29 110,452.51 0.02

DIRECTV 2,223.86 71,245.68 0.01

DOMTAR 181.45 9,540.04 0.00

DONALDSON 2,835.44 117,421.48 0.02

DST SYSTEMS 1,353.14 45,361.57 0.01

EBAY 6,389.11 144,882.68 0.02

ECOLAB 5,315.93 193,888.61 0.03

EMC 9,472.01 149,381.02 0.03

EQUINIX 1,256.49 81,520.90 0.01

ESTEE LAUDER 'A' 1,807.22 118,842.10 0.02

EXPEDIA 5,120.38 102,596.89 0.02

EXTRA SPACE STORAGE 5,412.58 76,916.57 0.01

F5 NETWORKS 19.33 1,068.37 0.00

FIDELITY NATIONAL 579.92 10,629.34 0.00

FLOWSERVE 990.54 57,564.82 0.01


FORTINET 2,706.29 33,615.98 0.01


GEN PROBE 193.31 8,474.03 0.00

GILEAD SCIENCES 6,088.76 176,697.53 0.03

GLOBAL PAYMENTS 2,029.72 60,673.85 0.01

GOOGLE 'A' 359.26 140,119.77 0.02


GREIF 'A' 1,187.67 39,032.94 0.01


HEARTLAND PAYMENT SYSTEMS 3,866.13 57,798.91 0.01

HOSPIRA 5,723.21 159,403.34 0.03

HUMAN GENOME SCIENCES 7,595.04 77,101.48 0.01

HYATT 'A' 1,732.10 41,685.72 0.01

IAC/INTERACTIVECORP 7,040.23 208,213.62 0.04

IDEX 1,550.73 37,446.69 0.01





ILLUMINA 3,037.34 93,287.20 0.02

INCYTE 15,592.61 163,246.66 0.03


INTERMUNE 14,950.72 239,542.97 0.04

INTERNATIONAL PAPER 4,822.54 86,110.37 0.01


INTUIT 1,699.61 60,871.86 0.01

IRON MOUNTAIN 7,635.60 182,407.44 0.03

ITC HOLDINGS 2,905.08 162,576.94 0.03

ITT 5,569.14 178,994.81 0.03

J&J SNACK FOODS 593.70 21,359.99 0.00

JOHNSON CONTROLS 6,365.55 128,958.16 0.02

JUNIPER NETWORKS 1,933.06 26,298.22 0.00

KAPSTONE PAPER 3,759.13 39,939.89 0.01

KIMBERLY CLARK 2,276.14 119,873.60 0.02

LAS VEGAS SANDS 3,832.30 117,108.24 0.02

LIFE TECHNOLOGIES 4,746.34 136,582.01 0.02

LITTELFUSE 676.57 20,809.89 0.00


LUMINEX 8,502.71 142,329.94 0.02

MAGELLAN MIDSTREAM PARTNERS 1,546.45 69,507.33 0.01

MARKWEST ENERGY 2,398.80 83,536.62 0.01

MAXWELL TECHNOLOGIES (USD) 3,898.39 53,727.06 0.01


MEADWESTVACO 6,466.98 123,171.26 0.02

MEDIVATION 7,007.47 93,001.14 0.02

MERCADOLIBRE 2,391.43 100,484.08 0.02

MISTRAS GROUP 2,319.68 31,060.48 0.01

MOSAIC 5,497.66 220,312.52 0.04

MYLAN 19,711.49 257,815.89 0.04

NEOGEN 1,952.07 49,952.81 0.01

NETAPP INC 2,706.29 69,973.27 0.01

NETFLIX 393.78 32,955.51 0.01

NII HOLDINGS 'B' 3,619.46 78,945.60 0.01

NIKE 'B' 2,138.49 139,124.02 0.02

NUANCE COMMUNICATIONS 4,857.06 75,558.25 0.01

ONYX PHARMACEUTICALS 8,916.35 206,081.26 0.03

OPTIMER PHARMACEUTICALS 11,821.38 128,046.62 0.02

PACKAGING CORP OF AMERICA 2,591.62 46,716.21 0.01

PALL 1,718.70 55,824.43 0.01

PENTAIR 2,041.48 49,161.45 0.01

PERRIGO 4,251.50 309,722.59 0.05

PHARMASSET 4,367.79 249,633.78 0.04

PLAINS ALL AMERICA PIPELINE 1,159.84 50,638.36 0.01


POLYCOM 2,015.60 28,166.18 0.00

POOL 1,453.83 29,194.79 0.00

POPE RESOURCES 1,763.20 53,410.92 0.01

POTLATCH 9,629.69 231,041.10 0.04

PUBLIC STORAGE 2,126.37 178,646.36 0.03

PULTE HOMES 4,380.46 13,408.58 0.00

PVH 2,578.98 118,623.32 0.02

QUANTA SERVICES 3,517.86 50,563.50 0.01




493


RACKSPACE HOSTING 1,249.58 31,800.61 0.01

RALCORP 593.70 33,291.03 0.01

RALPH LAUREN -A- 1,630.18 168,502.18 0.03

RAYONIER 9,689.26 269,292.99 0.05

REGAL-BELOIT 3,219.14 116,722.04 0.02


RIGHTNOW TECHNOLOGIES 4,100.62 101,931.68 0.02

ROCK-TENN 'A' 2,113.25 79,108.24 0.01




SAGENT PHARMACEUTICALS 10,185.42 155,059.22 0.03

SAKS 10,280.65 70,083.17 0.01

SALESFORCE.COM 730.12 64,536.22 0.01

SAVIENT PHARMACEUTICALS 14,816.65 49,078.38 0.01

SEMPRA ENERGY 2,611.52 99,266.69 0.02

SEQUENOM 16,889.37 64,685.30 0.01

SOHU. COM 1,184.94 44,348.76 0.01

SOLERA HOLDINGS 1,936.60 72,022.90 0.01

SOUTHWESTERN ENERGY 3,537.79 90,478.30 0.02

SPECTRA ENERGY 7,428.35 137,802.00 0.02



STERICYCLE 2,899.60 174,104.21 0.03

SYMANTEC 10,438.55 130,356.26 0.02

SYNTHES 6,449.73 778,031.93 0.13

SYSCO 8,328.75 160,847.95 0.03

TALEO 'A' 3,181.39 63,016.14 0.01

TEMPUR-PEDIC INTERNATIONAL 1,895.51 75,554.05 0.01

TETRA TECH 6,409.01 89,133.72 0.02

THERAVANCE 7,124.16 108,561.10 0.02

THERMO FISHER SCIENTIFIC INC 4,059.43 154,573.49 0.03

TIFFANY 4,395.33 210,260.71 0.04

TIME WARNER CABLE 1,479.38 70,813.37 0.01

TORO 1,103.15 40,977.72 0.01

TRW AUTOMOTIVE 2,512.98 62,355.36 0.01

TYSON FOODS 'A' 8,230.37 104,119.40 0.02

UNITED THERAPEUTICS 4,720.32 130,772.80 0.02


VARIAN MEDICAL 1,063.19 40,955.19 0.01


VERIFONE HOLDINGS 4,059.43 111,833.17 0.02

VERTEX PHARMACEUTICALS 4,759.74 156,640.23 0.03

VMWARE 1,159.84 71,228.15 0.01

WABCO HOLDINGS 2,223.02 65,811.29 0.01

WARNACO GROUP 'A' 1,290.91 45,985.86 0.01

WASTE CONNECTIONS 3,078.41 76,180.51 0.01

WASTE MANAGEMENT 3,457.50 82,749.80 0.01

WATERS 1,933.06 111,124.26 0.02

WATSON PHARMACEUTICALS 3,264.31 171,143.71 0.03

WEBSENSE 3,479.52 45,484.48 0.01

WEYERHAEUSER 20,342.58 242,005.02 0.04





WILLIAMS COMPANIES 7,295.90 135,075.15 0.02

YAHOO 9,608.80 95,341.94 0.02

ZEBRA TECHNOLOGIES 'A' 96.65 2,208.19 0.00

19,214,023.78 3.30

FINLANDE

FORTUM 4,952.21 89,288.31 0.02

KEMIRA 2,031.04 17,598.95 0.00

ORION 'B' 44,480.91 666,768.77 0.11

OUTOTEC 4,219.77 117,436.14 0.02

STORA ENSO 'R' 21,689.33 98,773.16 0.02

UPM-KYMMENE 17,214.62 151,660.74 0.03

1,141,526.07 0.20

FRANCE

AIR LIQUIDE 3,708.26 325,955.62 0.06

BIC 9,604.24 618,129.18 0.10

BIOMERIEUX 9,713.18 647,189.01 0.11

BNP PARIBAS 42,461.81 1,322,260.74 0.22

BUREAU VERITAS 7,837.85 443,700.67 0.08

DANONE GROUPE 15,032.73 693,760.51 0.12

DIOR CHRISTIAN 1,447.99 128,871.35 0.02




FRANCE TELECOM 47,440.25 584,226.65 0.10

GAMELOFT 6,167.61 23,868.64 0.00

HERMES INTERNATIONAL 309.70 72,035.64 0.01

INGENICO (CIE IND. & FIN. D'INGEN.) 1,546.45 44,127.97 0.01

INTER PARFUMS 2,173.83 45,433.13 0.01

L.V.M.H. 9,461.73 976,450.12 0.17

LAURENT PERRIER 1,028.25 77,210.96 0.01

L'OREAL 10,233.06 752,845.87 0.13

NEOPOST 11,932.68 661,667.31 0.11

PERNOD-RICARD 1,903.34 115,037.67 0.02

PPR 1,153.15 119,696.76 0.02

PUBLICIS 16,829.68 540,148.58 0.09

REMY COINTREAU 2,359.82 130,923.06 0.02

RENAULT 15,000.00 390,225.00 0.07




TOTAL 37,326.67 1,230,473.64 0.21


VINCI 28,575.96 946,578.72 0.16

VIVENDI 19,884.78 305,827.92 0.05

14,871,272.81 2.51

GRECE

ALAPIS 9,831.75 1,081.49 0.00


OPAP 51,594.22 389,536.36 0.07

572,120.28 0.10




495


GUERNESEY

GOTTEX FUND MANAGEMENT HOLDINGS 7,360.00 21,670.49 0.00

RESOLUTION 42,211.47 123,264.39 0.02

144,934.88 0.02

HONG KONG


CHINA MOBILE ADR (R. 5 SHS) 4,106.07 148,243.57 0.03



390,993.83 0.07

HONGRIE

GEDEON RICHTER 740.86 74,768.10 0.01

74,768.10 0.01

ILES CAÏMANS

3SBIO ADR (R.7 SHS) 15,199.38 136,878.57 0.02

BAIDU. COM ADR 'A' (R. 1 SHS 'A') 1,182.64 96,438.93 0.02






CTRIP.COM INTL ADR (R.1/2 SHS) 991.88 24,721.81 0.00

ENN ENERGY HLDGS 38,380.77 92,903.89 0.02


FOCUS MEDIA ADR (R.5 SHS) 4,338.54 65,310.58 0.01





NETEASE. COM ADR (R. 25 SHS) 2,335.27 67,269.49 0.01

NEW ENVIRONMENTAL ENERGY HOLDINGS 87,025.01 3,139.12 0.00


POLARCUS 280,000.00 105,159.39 0.02


SINA 1,055.68 57,158.62 0.01

TENCENT HOLDINGS 4,246.64 66,190.95 0.01


WANT WANT CHINA 66,189.00 44,483.52 0.01

WASION GROUP 72,788.49 15,753.52 0.00

WYNN MACAU 27,397.26 48,840.80 0.01


1,897,264.20 0.32

ÎLES MARSHALL


42,152.91 0.01





INDE


DR REDDY'S LAB ADR (R. 1 SHS) 6,528.45 147,414.93 0.03

GAIL INDIA 7,961.25 49,258.71 0.01





408,014.71 0.08

INDONESIE



39,991.08 0.01

IRLANDE

KERRY GROUP 'A' 26,506.99 700,049.57 0.12

SMURFIT KAPPA 7,116.84 34,160.83 0.01

734,210.40 0.13

ISRAËL



CHECK POINT SOFTWARE TECHNOLOGIES 1,546.45 61,069.03 0.01

FRUTAROM INDUSTRIES 7,691.34 49,587.94 0.01

ISRAEL CHEMICALS 8,829.84 77,804.06 0.01

TEVA PHARMACEUTICAL ADR 5,080.50 138,760.44 0.02

382,925.56 0.06

ITALIE

ASTALDI 224,586.61 953,145.56 0.16

BUZZI UNICEM RISP 147,000.00 499,800.00 0.08

DANIELI & C. OFF. MECC. RNC 125,166.45 1,072,676.46 0.18

DAVIDE CAMPARI 12,364.47 68,066.42 0.01

ENEL GREEN POWER 458,243.32 786,803.75 0.13

FIAT INDUSTRIAL 80,065.63 468,383.94 0.08

HERA 22,191.44 25,387.01 0.00

INTESA SANPAOLO 39,604.00 48,514.90 0.01


IRIDE 481,367.00 423,602.96 0.07

PRADA 26,515.33 82,682.27 0.01

PRYSMIAN 40,159.00 414,842.47 0.07

SAFILO GROUP 9,485.23 66,491.48 0.01

SNAM RETE GAS 209,219.05 724,734.76 0.12

T.E.R.N.A. 220,861.31 613,994.45 0.10

TOD'S 637.34 42,797.06 0.01


YOOX 7,827.40 84,066.28 0.01

6,756,752.36 1.11




497


JAPON

ADEKA 54,491.46 437,613.94 0.07

ADVANCE RESIDENCE 414.14 560,418.37 0.10

AEON DELIGHT 28,698.84 460,125.29 0.08

AIN PHARMACIEZ 22,886.41 757,203.14 0.13

ARNEST ONE 67,569.42 523,145.19 0.09

ASICS CORP 4,706.95 48,032.09 0.01

BANK OF YOKOHAMA 176,189.07 662,570.21 0.11

CANON 24,521.16 837,231.46 0.14

CHIYODA 56,307.85 414,292.00 0.07

CHOU MITSUI TRUST 248,844.35 619,874.47 0.11

DAIHATSU MOTOR 32,694.88 443,064.46 0.08

DAIICHIKOSHO 35,056.18 515,186.03 0.09

DENKI KAGAKU KOGYO 190,720.12 546,624.36 0.09

DENSO 20,483.50 494,683.04 0.08

DIC 392,338.54 535,828.13 0.09

DOSHISHA 32,513.24 700,461.81 0.12

EBARA 220,033.90 656,035.71 0.11

FAMILYMART 15,439.25 440,723.53 0.07

FP CORP 9,445.19 501,447.92 0.09

FUJI MACHINE MFG 22,886.41 304,862.31 0.05

FUJI SEAL INTERNATIONAL 36,690.92 537,445.82 0.09

FUJIFILM 23,612.97 412,195.64 0.07

HITACHI CHEMICAL 36,327.64 449,667.97 0.08

HITACHI TRANSPORT SYSTEM 49,223.96 681,734.38 0.12

HONDA MOTOR 34,511.26 763,090.40 0.13

HOSHIZAKI ELECTRIC 25,429.35 464,447.27 0.08

ITOCHU 89,002.72 640,296.45 0.11

IWATSUKA CONFECTIONERY 125.53 3,295.86 0.00

KURITA WATER INDUSTRIES 5,434.91 114,109.61 0.02

MITSUBISHI 45,591.19 698,071.97 0.12


MITSUBISHI UFJ FINANCIAL GROUP 299,703.05 1,020,400.40 0.17

MITSUBISHI UFJ LEASE & FINANCE 24,157.88 726,081.01 0.12

MITSUI & CO 61,938.63 675,539.66 0.11

MODEC 46,681.02 621,373.36 0.11

MUSASHI SEIMITSU INDUSTRY 36,509.28 659,088.52 0.11

N.T.T. 42,688.43 1,531,423.16 0.26

NICHI-IKO PHARMACEUTICAL 28,470.12 566,807.84 0.10

NIHON KOHDEN 35,601.09 717,337.47 0.12

NIHON PARKERIZING 63,573.37 671,968.87 0.11

NIKKISO 63,573.37 421,279.85 0.07

NINTENDO 351.89 38,447.10 0.01

NIPPON DENSETSU KOGYO 56,307.85 449,493.28 0.08


NISSAN MOTOR 88,639.45 590,794.54 0.10

NITTO DENKO 16,165.80 480,431.97 0.08

NORITZ 41,776.79 715,206.17 0.12

NTT DOCOMO 726.55 990,177.96 0.17

OBIC 3,160.50 458,084.84 0.08

OILES 53,038.36 781,492.89 0.13

OJI PAPER 9,347.43 38,388.07 0.01





RAKUTEN 69.13 60,041.68 0.01

SAKAI CHEMICAL INDUSTRY 127,146.75 426,782.77 0.07

SANKYU 194,352.89 686,014.44 0.12

SAWAI PHARMACEUTICAL 2,749.38 221,063.83 0.04

SIIX 63,936.65 624,769.45 0.11

SOFTBANK 1,788.18 39,418.77 0.01

SUMITOMO ELECTRIC INDUSTRIES 63,573.37 560,687.40 0.10

SUMITOMO FORESTRY 8,003.97 52,269.85 0.01


SURUGA BANK 99,901.02 728,308.39 0.12

TAKARA LEBEN 54,491.46 180,810.55 0.03

TOCALO 22,704.78 331,922.75 0.06


TOKYO GAS CO 39,365.18 136,677.04 0.02

TOKYO OHKA KOGYO 27,609.01 419,019.28 0.07

TOMY COMPANY 90,274.19 526,153.46 0.09

TOSHIBA PLANT SYSTEMS & SERVICES 54,491.46 404,072.27 0.07

TOWA PHARMACEUTICAL 4,409.07 150,963.84 0.03

TOYOTA MOTOR 37,235.83 962,645.85 0.16

TOYOTA TSUSHO CORP 61,030.44 787,139.07 0.13

TS TECH 27,245.73 299,778.65 0.05

UNIDEN 136,228.66 370,792.65 0.06

UNIPRESS 20,888.39 423,699.39 0.07

YAMADA DENKI 7,447.17 390,358.62 0.07

YOROZU 27,427.37 530,747.97 0.09

40,071,575.19 6.82

JERSEY

GLENCORE INTERNATIONAL 245,860.92 1,155,872.05 0.20

RANDGOLD RESOURCES 13,616.60 958,872.47 0.16

2,114,744.52 0.36

LUXEMBOURG

MHP GDR (R.1 SHS) 2,544.43 24,080.31 0.00

MILLICOM INTL CELLULAR-SDR- 17,255.41 1,286,966.95 0.22

SES GLOBAL FDR 48,954.41 872,612.27 0.15

2,183,659.53 0.37

MALAISIE


IOI CORPORATION 33,225.12 35,780.88 0.01

37,913.61 0.01

NORVEGE

ALGETA 8,224.54 190,724.15 0.03


CERMAQ 3,882.76 31,009.62 0.01

MARINE HARVEST 54,806.38 19,106.41 0.00

MORPOL 17,456.53 29,211.04 0.00

SEVAN DRILLING 193,233.00 91,514.99 0.02


533,368.75 0.09




499


PAYS-BAS


CSM 3,770.70 58,106.54 0.01

HEINEKEN 8,968.80 301,889.91 0.05

IMTECH 2,364.14 51,561.88 0.01


KONINKLIJKE DSM 0.91 30.41 0.00


NUTRECO HOLDING 1,840.55 87,481.49 0.01

QIAGEN 49,042.47 524,754.41 0.09


SENSATA TECHNOLOGIE 2,512.98 53,399.67 0.01

UNILEVER NV (EUR) 17,018.03 402,476.44 0.07

3,717,164.72 0.63

PHILIPPINES

ENERGY DEVELOPMENT 846,284.70 80,853.25 0.01


118,662.51 0.02

PORTUGAL

ALTRI SGPS 3,885.71 4,375.31 0.00

PORTUCEL 17,519.67 30,711.98 0.01

35,087.29 0.01

ROYAUME-UNI

AMARIN CORPORATION -ADR SPONS.- 13,835.83 91,556.77 0.02


ASTRAZENECA (GBP) 22,240.45 734,408.19 0.12

AUTONOMY CORPORATION 19,289.68 563,733.37 0.10


BG GROUP 89,104.83 1,266,902.90 0.22

BURBERRY GROUP 12,086.02 167,572.29 0.03

CAPITA GROUP 88,144.81 727,537.05 0.12

CARNIVAL 72,131.61 1,707,792.83 0.29

DIAGEO 7,371.52 105,312.11 0.02

ESSAR ENERGY 151,053.52 448,041.95 0.08

EXPERIAN 5,895.84 49,891.43 0.01

G4S 46,393.53 143,324.18 0.02

GLAXOSMITHKLINE 51,743.09 795,316.67 0.14

HALMA 14,401.33 52,404.02 0.01

HIKMA PHARMACEUTICALS 46,770.99 309,120.61 0.05

HSBC HOLDINGS 309,557.18 1,823,561.75 0.31

INMARSAT 81,269.85 459,973.78 0.08


INTERTEK GROUP 4,059.43 96,071.65 0.02

MAN GROUP 236,377.12 477,913.92 0.08

MITIE 594,548.84 1,661,732.90 0.28

MONDI (GBP) 25,447.58 141,895.80 0.02

MORRISON WM. SUPERMARKETS 218,319.55 721,295.26 0.12

NATIONAL GRID 221,999.37 1,632,162.06 0.28






PENNON GROUP 25,042.90 198,472.80 0.03



RIO TINTO NOM. 32,166.11 1,096,161.37 0.19

ROTORK 1,750.38 31,967.92 0.01


SCOTTISH & SOUTHERN ENERGY 54,012.53 810,343.70 0.14

SEVERN TRENT 50,760.51 890,432.55 0.15

SHIRE ADR (R. 3 SHS) 2,435.85 169,149.26 0.03

SMITHS GROUP 19.33 224.50 0.00


TELECITY GROUP 12,951.53 84,777.38 0.01

TESCO 150,145.75 656,209.03 0.11


TULLOW OIL 101,428.32 1,528,708.41 0.26

UNILEVER NEW (GBP) 17,520.03 409,170.02 0.07



WH SMITH (NEW ISSUE) 90,000.00 515,807.42 0.09

ZENERGY POWER 5,022.16 340.62 0.00

28,269,340.01 4.83

RUSSIE



PHARMSTANDARD OKTYABR -GDR- (USD) 13,925.00 205,914.80 0.03



SBERBANK PFD (USD) 774,139.86 1,030,991.33 0.18

1,465,108.01 0.24

SINGAPOUR

BANYAN TREE 86,259.36 31,906.23 0.01

EPURE INTL 91,812.42 21,943.54 0.00

FIRST RESOURCES 50,413.56 35,429.92 0.01

HYFLUX 33,430.19 28,345.29 0.00



320,540.74 0.05

SLOVENIE

KRKA 1,747.53 88,232.61 0.01

88,232.61 0.01

SUEDE

ASSA ABLOY 'B' 86,758.02 1,403,017.46 0.24


HOLMEN 'B' 4,505.15 85,749.37 0.01

MEDIVIR 'B' 5,516.95 59,448.05 0.01


2,957,069.46 0.49




501


SUISSE

ABB LTD 21,824.69 291,764.36 0.05

ACINO HOLDING 21,352.84 1,175,099.74 0.20

ACTELION NOM. 35,161.36 879,959.14 0.15

ADECCO NOM. 4,968.00 157,073.35 0.03

AFFICHAGE HOLDING 6,102.44 650,644.26 0.11


ATEL HLDG 460.00 73,568.01 0.01

BALOISE-HOLDING AG 23,962.98 1,345,274.06 0.23

BANQUE SARASIN NOM 'B' 79,048.93 1,854,208.44 0.31

BASILEA PHARMACEUTICA NOM. 524.27 17,137.38 0.00

BELIMO HOLDING 717.07 937,451.48 0.16

BOBST GROUP 16,399.95 262,957.67 0.04


CLARIANT NOM. 106,199.56 768,659.44 0.13

COMET HOLDING NOM. 3,630.75 390,685.43 0.07

GAM HOLDING NOM. 157,324.92 1,490,308.04 0.25

GATEGROUP HOLDING NOM. 51,485.97 1,203,456.33 0.20

GEBERIT 21,456.53 3,049,683.01 0.52

GIVAUDAN NOM. 1,026.69 598,201.30 0.10

GOLDBACH MEDIA 13,615.33 274,700.69 0.05

HELVETIA PATRIA NOM. 4,679.52 1,090,933.73 0.19

INFICON HOLDING 6,449.51 691,351.74 0.12


KABA HOLDING NOM. 2,824.91 736,765.05 0.13

KARDEX NOM. 2,953.20 33,545.88 0.01

KUEHNE & NAGEL INTERNATIONAL 25,801.75 2,270,624.72 0.39


LIFEWATCH 69,309.43 147,795.84 0.03

LINDT & SPRUENGLI 1,637.81 3,543,478.39 0.60


LOGITECH INTERNATIONAL 233,645.29 1,369,165.09 0.23

LONZA GROUP 18,322.15 863,227.79 0.15

MEYER BURGER TECHNOLOGY 65,442.35 1,320,354.50 0.22

NESTLE S.A. 92,705.35 3,816,380.15 0.53

NEWAVE ENERGY 9,187.35 284,825.40 0.05

NOVARTIS AG 23,929.22 996,886.47 0.17

PANALPINA WELTTRANS 3,812.29 259,826.66 0.04

PARTNERS GROUP HOLDING NOM. 17,455.94 2,164,668.90 0.37

PETROPLUS HOLDINGS 45,384.43 203,233.85 0.03


S.G.S. S.A. 799.17 948,349.46 0.16

SCHINDLER HOLDING B. PART. 28,773.73 2,359,894.85 0.40

SCHINDLER HOLDING NOM. 17,099.02 1,420,617.36 0.24

SCHWEITER TECHNOLOGIES 1,361.53 553,588.90 0.09

SIEGFRIED HOLDING NOM. 5,644.90 409,960.25 0.07

SIKA FINANZ PORT. 998.46 1,367,547.90 0.23


STRAUMANN HOLDING NOM. 731.67 88,500.91 0.02

SULZER 18,734.57 1,538,063.87 0.26

SWISS LIFE HLDG NOM. 4,810.75 411,522.48 0.07

SWISSCOM NOM. 2,444.63 746,162.44 0.13





SWISSLOG HOLDING NOM. 1,659,486.29 925,505.78 0.16

SYNGENTA AG 823.34 166,453.88 0.03

TECAN GROUP NOM. 45,022.92 2,584,807.61 0.44

TEMENOS GROUP NOM. 50,009.05 529,096.45 0.09

THE SWATCH GROUP 511.48 136,334.89 0.02

THE SWATCH GROUP NOM. 37,170.32 1,786,376.03 0.30

TRANSOCEAN 15,931.43 580,723.70 0.10

TYCO INTERNATIONAL NOM. 5,992.50 187,107.53 0.03

UBS AG 144,252.33 1,336,732.14 0.23

VALORA HOLDING NOM. 9,996.89 1,623,403.36 0.28

VZ HOLDING NOM. 10,923.04 806,273.93 0.14


65,526,496.71 11.02

TAÏWAN

EPISTAR 47,285.74 62,075.13 0.01

HIGH TECH COMPUTER 4,303.18 71,527.07 0.01

133,602.20 0.02

THAÏLANDE


29,726.13 0.01

TOTAL ACTIONS 227,639,921.56 38.64

CERTIFICATS

PAYS-BAS

ING GROEP (CRT.) 168,939.49 969,712.65 0.16

969,712.65 0.16


OBLIGATIONS

ALLEMAGNE

3.5% BAYERISCHE LDBK 09/13 EUR 1,275,966.73 1,297,575.23 0.22

4.5% BAYER AG. 06/13 EUR 340,257.80 355,006.27 0.06

4.625% R.W.E 10/PE EUR 119,090.23 110,118.57 0.02

5% COMMERZBANK 09/14 EUR 467,854.47 485,483.22 0.08

5.375% HENKEL 05/04 EUR 510,386.69 506,494.99 0.09

5.5% LBANK HESSEN-THUERING. 02/12 EUR 1,684,276.09 1,714,812.01 0.29

6.875% VOLKSWAGEN FIN. SER. 09/14 EUR 1,020,773.39 1,122,815.00 0.19

5,592,305.29 0.95

AUSTRALIE





1,609,589.71 0.27




503


AUTRICHE

6.25% OMV 09/14 EUR 170,128.90 185,994.27 0.03

185,994.27 0.03

DANEMARK

3.5% TDC A/S 11/15 EUR 280,712.68 285,424.44 0.05

285,424.44 0.05

ESPAGNE

FR SANTANDER INTL 11/13 SR -S- EUR 425,322.24 413,598.24 0.07

2.75% BBVA SENIOR 10/12 108 SR-S EUR 255,193.35 253,132.66 0.04

2.875% SANTANDER INTL 10/13 EUR 340,257.80 331,125.28 0.06


4% BBVA SENIOR FIN. 06/13 EUR 255,193.35 254,490.29 0.04




5.58% TELEFONICA EMISSION 08/13 EUR 510,386.69 525,101.14 0.09

3,190,811.50 0.53

ETATS-UNIS

3.625% PFIZER 09/13 EUR 382,790.02 394,865.13 0.07


3.75% HSBC FINANCE 05/15 EUR 340,257.80 334,128.05 0.06


4.375% AT & T 07/13 EUR 212,661.12 220,172.31 0.04






4.75% CITIGROUP 03/13 EUR 340,257.80 342,505.20 0.06








7.375% CITIGROUP 09/14 EUR 425,322.24 451,030.85 0.08

7.5% JOHN DEERE CAPITAL 09/14 EUR 255,193.35 286,021.98 0.05

9,459,217.99 1.64

FRANCE

2.50% DANONE 11/16 EUR 170,128.90 170,647.79 0.03

2.625% BPCE 09/12 EUR 510,386.69 510,555.12 0.09

3.25% BNP PARIBAS 09/12 EUR 595,451.14 597,407.20 0.10

3.25% RCI BANQUE 11/14 EUR 425,322.24 412,301.00 0.07

3.375% LVMH MOET HENNESSY 11/15 EUR 85,064.45 88,042.13 0.01








3.75% C.I.F. 10/15 EUR 340,257.80 327,276.96 0.06


4.25% B.F.C.M. 07/14 EUR 212,661.12 216,895.20 0.04

4.375% THALES 09/13 EUR 297,725.57 307,218.55 0.05

4.5% E.D.F. 09/14 EUR 255,193.35 269,976.70 0.05

4.75% GDF SUEZ 03/13 EUR 425,322.24 443,062.43 0.08


5.25% SOCIETE GENERALE 08/13 EUR 850,644.49 865,403.17 0.15


6% AXA 01/13 EUR 340,257.80 355,727.62 0.06



7,455,111.22 1.27

GUERNESEY


482,402.19 0.08

ILES CAÏMANS

4.875% IPIC GMTN 11/16 EUR 255,193.35 262,216.27 0.04

5.875% HUTCHISON WHAMPOA 03/13 EUR 1,020,773.39 1,078,441.98 0.18

1,340,658.25 0.22

IRLANDE

2.75% CATERPILLAR INTL F.11/14 SR-S- EUR 170,128.90 173,209.93 0.03




5.50% HELABA INT.FINANCE 98/13 EUR 425,322.24 446,864.82 0.08

2,997,686.50 0.52

ITALIE

3.50% INTESA SANPAOLO 11/13 SR -S- EUR 425,322.24 407,403.42 0.07

3.625% UNICREDIT 11/13 EUR 425,322.24 409,910.69 0.07




4.25% ENEL 03/13 EUR 255,193.35 259,022.52 0.04

4.375% MEDIOBANCA 09/12 EUR 425,322.24 426,528.03 0.07



4.875% MEDIOBANCA 07/12 S227 SR-S- EUR 340,257.80 343,415.39 0.06

4.875% UNICREDIT 08/13 EUR 510,386.69 505,857.01 0.09

5% AUTOSTRADE 04/14 EUR 85,064.45 86,400.39 0.01

5% MONTE PASCHI SIENA 07/12 EUR 808,112.26 813,041.75 0.14

5.25% UNICREDIT 09/14 EUR 765,580.04 758,471.63 0.13


5.875% ENI 08/14 EUR 808,112.26 856,130.29 0.15

7,297,734.35 1.25




505


JERSEY


4.75% ASIF III 03/13 EUR 552,918.92 555,332.41 0.09

933,205.70 0.15

LUXEMBOURG

2.875% NORD/LB G-MTN 'S.3' 09/13 EUR 850,644.49 869,073.70 0.15

3.50% NORD/LB G-MTN 09/14 S1-SR- EUR 425,322.24 443,683.41 0.08

1,312,757.11 0.23

NORVEGE

4.5% DNB NOR BANK 09/14 EUR 425,322.24 445,289.00 0.08

5.875% DNB NOR BANK 08/13 EUR 340,257.80 359,805.61 0.06

805,094.61 0.14

PAYS-BAS

2.75% ABN AMRO 10/13 EUR 850,644.49 843,311.93 0.14


3% SHELL INTL FINANCE 09/13 EUR 467,854.47 478,002.23 0.08

3.375% B.N.G. 05/15 EUR 340,257.80 358,303.37 0.06

3.625% SNS BANK 10/13 EUR 212,661.12 208,873.63 0.04

3.75% B.N.G. 06/13 EUR 850,644.49 892,964.05 0.15


4.25% NED. WATERSCHAPSBANK 08/13 EUR 510,386.69 540,325.98 0.09

4.25% RABOBANK 03/13 EUR 255,193.35 264,976.18 0.04

4.375% RABOBANK 09/14 EUR 637,983.37 671,920.89 0.11

4.375% RODAMCO EUROPE FIN. 04/14 EUR 170,128.90 176,951.07 0.03

5.25% E.ON INTL FINANCE 08/14 EUR 680,515.59 733,799.96 0.12


5.375% INTL. ENDESA 03/13 EUR 255,193.35 263,476.92 0.04


5.625% ING GROEP 08/13 EUR 255,193.35 265,658.83 0.05

5.75% RWE FINANCE 08/13 EUR 425,322.24 457,370.28 0.08

6% BASF FINANCE 08/13 EUR 425,322.24 461,608.61 0.08

6% NEDERLAND GASUNIE 08/13 EUR 425,322.24 459,941.35 0.08

6.25% KPN 09/14 EUR 170,128.90 183,555.47 0.03

6.625% SCHIPHOL NEDERLAND 08/14-SR EUR 765,580.04 841,410.74 0.14

7% AEGON 09/12 EUR 255,193.35 261,492.79 0.04

7.375% EUREKO 09/14 EUR 255,193.35 275,028.25 0.05

7.875% DAIMLER INTL 09/14 EUR 510,386.69 571,638.20 0.10

8.875% BMW FINANCE 08/13 EUR 595,451.14 670,600.05 0.11

11,464,438.51 1.93

REPUBLIQUE TCHEQUE

6% CEZ 08/14 EUR 255,193.35 279,172.59 0.05

279,172.59 0.05

ROYAUME-UNI


3.625% VODAFONE 05/12 EUR 510,386.69 521,229.86 0.09






4.875% UBS LONDON 08/13 EUR 510,386.69 525,057.76 0.09





5.625% TESCO 08/12 EUR 510,386.69 529,061.74 0.09


6.125% CREDIT SUISSE 08/13 EUR 850,644.49 901,189.78 0.15



5,941,560.78 1.00

SUEDE

3% NORDEA BANK 09/12 EUR 425,322.24 429,335.16 0.07

4.25% VATTENFALL TREASURY 09/14 EUR 255,193.35 269,302.99 0.05

4.5% NORDEA BANK 09/14 EUR 340,257.80 355,326.11 0.06




2,255,692.48 0.38

SUISSE

6% CREDIT AGRICOLE 08/13 EUR 552,918.92 576,661.26 0.10

576,661.26 0.10


WARRANTS



BIOCON (ML) LEPO-WTS 21.05.15 14,802.07 75,432.70 0.01

CIPLA (ML CUR.) LEPO WTS 23.09.15 21,525.00 91,430.13 0.02

DIVI'S LABO. (ML) LEPO WTS 20.10.14 13,259.34 147,232.52 0.02

STRIDES ARC. (ML) LEPO WTS 09.09.15 21,026.65 112,280.51 0.02

445,797.69 0.07

ROYAUME-UNI

ALMARAI (DBL) LEPO WTS 03.12.12 3,439.89 58,313.08 0.01

LUPIN (DBL) LEPO WTS 20.2.17 32,721.50 234,331.93 0.04

RANBAXY (DB. L) LEPO WTS 30.01.17 13,881.99 107,693.00 0.02


SUN PHARMA. (DB) LEPO WTS 06.02.17 19,242.32 134,359.48 0.02

557,643.27 0.09


TOTAL I. 293,078,593.92 49.75




507



ACTIONS

ETATS-UNIS

IBIQUITY DIGITAL PREF 'A' REST. 645.57 0.00 0.00

INTARCIA THERAPEU. PFD 'BB-2' (PROV) 346.05 337.73 0.00

INTARCIA THERAPEUTICS PREF 'AA' 725.68 686.78 0.00

INTARCIA THERAPEUTICS PREF 'BB-1' 351.92 333.05 0.00


METABOLEX PFD 'E1' 960.91 312.61 0.00

METABOLEX PREF 'A1' 102.38 33.31 0.00

METABOLEX PREF 'B1' 8,648.22 2,813.47 0.00

METABOLEX PREF 'D1' 1,278.09 415.79 0.00


PTC THERAPEUTICS PREF CV 'E-2' 203.40 1,203.08 0.00



24,616.60 0.00

PORTUGAL


0.00 0.00


OBLIGATIONS

CANADA


0.00 0.00


WARRANTS

ETATS-UNIS


INTAR. THERAP PFD 'BB-2' WRT 155.41 0.00 0.00

INTARCIA THERAP. PFD WTS 02.05.15 332.42 0.00 0.00

METABOLEX 'D1' (C-0. 38) WRT. 12.4.12 191.71 0.01 0.00


0.01 0.00

ROYAUME-UNI


0.00 0.00


TOTAL II. 24,616.61 0.00






ROYAUME-UNI


43,631.94 0.01

TOTAL III. 43,631.94 0.01


AVOIRS EN BANQUE 305,158,299.47 51.80





509




Suisse 11.12

Japon 6.82

Royaume-Uni 5.93

Etats-Unis 4.94

France 3.78

Allemagne 3.25

Pays-Bas 2.72

Italie 2.36

Espagne 1.82

Suède 0.87

Belgique 0.77

Irlande 0.65

Luxembourg 0.60

Iles Caïmans 0.54

Jersey 0.51

Danemark 0.39

Autriche 0.29

Australie 0.28

Brésil 0.24

Russie 0.24

Norvège 0.23

Canada 0.20

Finlande 0.20

Guernesey 0.10

Grèce 0.10

Chili 0.09

Bermudes 0.08

Inde 0.08


Hong Kong 0.07

Afrique du Sud 0.07

Israël 0.06

Corée du Sud 0.05

Singapour 0.05


Chine 0.03

Philippines 0.02

Taïwan 0.02

Hongrie 0.01

Indonésie 0.01

Îles Marshall 0.01

Malaisie 0.01

Portugal 0.01

Slovénie 0.01

Thaïlande 0.01

Chypre 0.00

49.76





Communications 3.19













Pétrole 1.03


Assurances 0.81


0.78



Divers 0.52

Immobilier 0.49

Gastronomie 0.45

Bois et papier 0.43



Biotechnologie 0.28

Emballage 0.25






Warrants 0.16

Certificats 0.16




Loisirs 0.09


0.07


Conglomérats 0.02


0.01

49.76






ACTIONS

AFRIQUE DU SUD


MTN GROUP 892.54 10,696.52 0.01

SAPPI 864.65 1,957.39 0.00

42,731.47 0.05

ALLEMAGNE

ADIDAS NOM. 2,918.89 134,969.51 0.16

AIXTRON 405.59 4,735.29 0.01

ALLIANZ NOM. 1,055.80 76,545.81 0.09

B.M.W. 161.28 8,507.39 0.01

BEIERSDORF 1,728.97 69,539.12 0.08

BRENNTAG 144.61 9,962.25 0.01

DAIMLER NOM. (EUR) 34.98 1,218.08 0.00




ELSTER GROUP ADR (R. 1/4 SHS) 844.46 9,477.94 0.01

FRESENIUS 1,110.31 74,424.34 0.09


GEA GROUP 302.32 5,656.37 0.01

HUGO BOSS PFD N-VTG 135.51 9,291.65 0.01


JOYOU 79.69 804.09 0.00

K+S REG. 105.53 4,395.84 0.01

KSB PREF N-VTG 5.32 2,090.19 0.00

MAN AG 1,752.39 108,192.32 0.13

MERCK 1,030.91 63,524.48 0.07


PFEIFFER VACUUM TECHNOLOGY 1,322.32 87,801.74 0.10

PORSCHE AUTOMOBILE -NVTG- 183.56 6,775.16 0.01

STADA ARZNEIMITTEL NOM. 819.55 13,317.71 0.02

SUEDZUCKER 138.20 3,059.80 0.00

VOLKSWAGEN (EUR) 327.77 31,695.62 0.04

VOLKSWAGEN PREF 301.40 32,038.39 0.04

WACKER CHEMIE 46.91 3,408.64 0.00

WIRECARD 802.54 9,630.51 0.01

1,174,030.82 1.39

AUSTRALIE

TFS CORP 11,721.22 5,728.11 0.01

5,728.11 0.01




511


AUTRICHE

ANDRITZ 208.70 13,730.19 0.02

AUSTRIAMICROSYSTEMS 2,466.20 71,804.61 0.08

BWT 77.67 1,200.71 0.00


TELEKOM AUSTRIA 8,160.40 61,504.97 0.07

ZUMTOBEL 367.97 4,827.78 0.01

156,722.81 0.18

BELGIQUE

BELGACOM 3,108.03 70,288.10 0.08

COLRUYT 1,964.42 62,232.91 0.07

FORTIS 38,481.47 53,104.43 0.06

MOBISTAR 1,600.13 69,181.55 0.08

SIPEF 84.74 4,878.32 0.01

TELENET GROUP HOLDING 413.64 11,521.88 0.01

U.C.B. 3,766.21 122,929.08 0.14

394,136.27 0.45

BERMUDES


BROOKFIELD INFRASTRUCTURE 541.30 9,877.40 0.01

C.P.POKPHAND 33,403.54 2,473.24 0.00

CHINA YURUN FOOD 5,671.48 4,527.65 0.01


NINE DRAGONS PAPER 2,523.55 948.61 0.00

PURECIRCLE (GBP) 5,893.22 6,092.94 0.01

TRINITY 12,312.27 7,269.57 0.01

VIMPELCOM ADR (REP.1 SHS-WI-) 733.07 5,371.32 0.01

44,252.92 0.06

BRESIL


BRF FOODS 1,285.63 16,554.32 0.02


CIA SANEAMENTO MG 848.74 10,232.88 0.01

DURATEX SA 2,598.02 9,271.67 0.01

FIBRIA ADR (R.1 SHS) 1,578.85 9,327.20 0.01

JBS 2,732.09 4,271.18 0.01

KLABIN 5,155.02 10,524.41 0.01

SABESP 873.56 15,036.48 0.02

SABESP ADR (R.2 SHS) 64.89 2,270.90 0.00

SLC AGRICOLA 524.48 3,319.80 0.00


TRACTEBEL ENERGIA 578.25 6,039.85 0.01

127,485.54 0.15

CANADA

5N PLUS 1,453.14 7,757.40 0.01

ACADIAN TIMBER 553.99 4,000.72 0.00

AGRIUM (USD) 290.23 15,000.17 0.02





BIOEXX SPECIALTY PROTEINS 3,807.48 943.50 0.00

BIOTEQ ENVIRONMENTAL TECHN. 1,450.28 308.04 0.00

BORALEX A 721.50 3,560.49 0.00

CANFOR 565.69 4,113.25 0.00

CANFOR PULP PRODUCTS 82.74 776.80 0.00

FIBREK 557.62 296.10 0.00


POTASH SASKATCHEWAN (CAD) 604.98 20,307.67 0.02

PROGRESSIVE WASTE SOLUTIONS (USD) 425.94 6,673.26 0.01

PURE TECHNOLOGIES 667.78 1,536.59 0.00

RESEARCH IN MOTION 371.01 5,771.01 0.01

SAPUTO 282.45 8,299.08 0.01

STANTEC (CAD) 346.15 5,641.71 0.01

SUNOPTA (CAD) 1,208.41 4,333.29 0.01

TELUS -NVTG- 289.67 9,998.11 0.01

VALEANT PHARMACEUTICALS INTER. 140.78 3,901.20 0.00

WEST FRASER TIMBER 252.20 6,947.68 0.01

116,969.89 0.13

CHILI

CFR PHARMACEUTICALS 112,708.87 18,315.30 0.02

COPEC 915.56 8,298.74 0.01

EMPRESAS CMPC 6,097.55 15,531.91 0.02


MASISA 32,586.98 2,155.66 0.00

54,211.85 0.06

CHINE




19,641.56 0.02

CHYPRE

ROS AGRO -GDR- (R.1/5 SHS) 322.06 1,976.39 0.00

1,976.39 0.00

COREE DU SUD


GREEN CROSS 136.60 14,538.02 0.02

NHN 62.42 8,870.99 0.01

WOONG JIN COWAY 365.63 8,789.57 0.01

36,090.37 0.04

DANEMARK

CHRISTIAN HANSEN HOLDING 323.89 4,914.06 0.01

COLOPLAST 'B' 793.15 88,475.97 0.10

NOVO NORDISK 'B' 1,185.05 87,787.57 0.10

NOVOZYMES 'B' 142.21 15,517.72 0.02

VESTAS WIND SYSTEMS NOM. 168.49 2,147.65 0.00

198,842.97 0.23




513


ESPAGNE

ACCIONA 123.79 7,982.99 0.01


BANCO DE VALENCIA 17,292.45 13,488.11 0.02

BANCO SANTANDER 17,961.40 111,109.25 0.13

EDP RENOVAVEIS 9,584.59 39,574.76 0.05

GRIFOLS 'A' 5,118.57 71,941.45 0.08

INDITEX NOM. 1,169.60 76,339.67 0.09

INDRA SISTEMAS 5,035.56 54,484.79 0.06


SOL MELIA 954.66 4,773.32 0.01

TELEFONICA 12,249.94 177,011.62 0.21

VISCOFAN 238.52 6,461.46 0.01

721,693.85 0.86

ETATS-UNIS

3 M 198.16 10,919.59 0.01

ACME PACKET 178.34 5,658.17 0.01

AGCO 354.66 9,445.41 0.01

ALEXION PHARMACEUTICALS 374.09 17,765.53 0.02

AMAZON.COM 105.70 17,383.96 0.02

AMERICAN PUBLIC EDUCATION 373.77 9,622.61 0.01

AMERICAN STATES WATER 99.87 2,463.24 0.00


AMGEN 612.10 25,244.29 0.03

ANDERSONS 227.36 5,829.79 0.01

APPLE 71.18 20,555.35 0.02

AQUA AMERICA 865.56 13,868.19 0.02

ARCHER-DANIELS MIDLAND 888.99 16,938.40 0.02

ARIAD PHARMACEUTICALS 3,100.40 20,791.59 0.02

ARIBA 162.37 3,456.25 0.00

ARUBA NETWORKS 366.59 5,879.04 0.01

AUTOLIV 208.07 7,721.15 0.01

AUXILIUM PHARMACEUTICALS 696.36 7,928.98 0.01

AVEO PHARMACEUTICALS 820.54 9,731.21 0.01

AXT 1,510.92 5,954.29 0.01

BADGER METER 125.06 2,719.35 0.00

BALCHEM 129.22 3,751.89 0.00

BIOGEN IDEC 322.22 22,503.89 0.03

BIOMARIN PHARMACEUTICAL 907.13 21,254.60 0.02

BLACKBOARD 177.40 5,874.78 0.01

BRUKER BIOSCIENCES 406.23 4,072.76 0.00

BUCKEYE PARTNERS 118.90 5,489.83 0.01

BUCKEYE TECHNOLOGY 47.47 878.48 0.00

CALGON CARBON 280.84 3,154.17 0.00

CALIFORNIA WATER SERVICE 237.01 3,096.50 0.00

CAVIUM 198.16 4,103.82 0.00

CELGENE 439.93 20,469.39 0.02

CENTURYTEL 235.06 5,860.47 0.01

CF INDUSTRIES HOLDINGS 158.59 16,525.90 0.02

CHIQUITA BRANDS INTERNATIONAL 502.37 3,242.62 0.00

CLARCOR 131.96 4,128.06 0.00





CLEAN HARBORS 815.75 31,230.84 0.04

COACH 218.12 8,708.46 0.01

COMCAST 'A' 553.14 8,870.63 0.01

COMMVAULT SYSTEMS 198.16 5,615.83 0.01

COMSCORE 476.51 6,155.00 0.01

CONCUR TECHNOLOGIES 170.75 4,891.97 0.01

CONSTANT CONTACT 543.28 7,037.54 0.01

CORN PRODUCTS INTERNATIONAL 384.55 11,290.50 0.01

DANAHER 635.55 20,455.10 0.02

DARLING INTERNATIONAL 322.36 3,100.82 0.00

DEERE 483.54 24,325.14 0.03

DELTIC TIMBER 391.76 16,377.14 0.02

DENDREON 815.52 5,523.24 0.01

DIGITAL REALTY TRUST 277.42 11,322.50 0.01

DIRECTV 228.89 7,333.02 0.01

DOMTAR 18.57 976.60 0.00

DONALDSON 289.36 11,982.84 0.01

DST SYSTEMS 138.71 4,650.02 0.01

EBAY 657.60 14,912.17 0.02

ECOLAB 544.94 19,875.55 0.02

EMC 970.98 15,313.07 0.02

EQUINIX 128.80 8,356.72 0.01

ESTEE LAUDER 'A' 184.41 12,126.52 0.01

EXPEDIA 527.02 10,559.87 0.01

EXTRA SPACE STORAGE 554.84 7,884.73 0.01

F5 NETWORKS 1.98 109.52 0.00

FIDELITY NATIONAL 59.45 1,089.62 0.00

FLOWSERVE 101.08 5,874.48 0.01

FORESTAR REAL ESTATE GP. 479.37 4,033.48 0.00

FORTINET 277.42 3,445.98 0.00

FRANKLIN ELECTRIC 171.02 4,722.93 0.01

GEN PROBE 19.82 868.67 0.00

GILEAD SCIENCES 623.95 18,107.15 0.02

GLOBAL PAYMENTS 208.07 6,219.68 0.01

GOOGLE 'A' 36.98 14,421.94 0.02

GRAND CANYON EDUCATION 234.81 2,824.61 0.00

GREIF 'A' 121.58 3,995.75 0.00

GT ADVANCED TECHNOLOGIES 484.52 2,590.06 0.00

HEARTLAND PAYMENT SYSTEMS 396.32 5,924.97 0.01

HOSPIRA 583.99 16,265.46 0.02

HUMAN GENOME SCIENCES 778.30 7,901.01 0.01

HYATT 'A' 176.74 4,253.57 0.00

IAC/INTERACTIVECORP 724.62 21,430.56 0.03

IDEX 158.25 3,821.43 0.00

ILLUMINA 311.25 9,559.64 0.01

INCYTE 1,597.86 16,728.77 0.02

INSITUFORM TECHNOLOGIES 'A' 355.30 3,509.63 0.00

INTERMUNE 1,532.08 24,547.26 0.03

INTERNATIONAL PAPER 493.68 8,815.01 0.01

INTRALINKS HOLDINGS 514.95 3,045.89 0.00

INTUIT 174.93 6,265.29 0.01

IRON MOUNTAIN 782.73 18,698.61 0.02

ITC HOLDINGS 297.10 16,626.78 0.02




515


ITT 568.33 18,266.38 0.02

J&J SNACK FOODS 60.46 2,175.35 0.00

JOHNSON CONTROLS 651.01 13,188.58 0.02

JUNIPER NETWORKS 198.16 2,695.83 0.00

KAPSTONE PAPER 384.82 4,088.60 0.00

KIMBERLY CLARK 233.01 12,271.31 0.01

LAS VEGAS SANDS 391.04 11,949.60 0.01

LIFE TECHNOLOGIES 486.38 13,996.30 0.02

LITTELFUSE 69.36 2,133.23 0.00

LOUISIANA PACIFIC 583.32 2,419.55 0.00

LUMINEX 871.32 14,585.32 0.02

MAGELLAN MIDSTREAM PARTNERS 158.53 7,125.21 0.01

MARKWEST ENERGY 245.33 8,543.31 0.01

MAXWELL TECHNOLOGIES (USD) 398.69 5,494.68 0.01


MEADWESTVACO 662.02 12,608.88 0.01

MEDIVATION 718.09 9,530.33 0.01

MERCADOLIBRE 246.14 10,342.41 0.01

MISTRAS GROUP 237.79 3,184.01 0.00

MOSAIC 559.89 22,437.08 0.03

MYLAN 2,011.35 26,307.44 0.03

NEOGEN 199.45 5,103.82 0.01

NETAPP INC 277.42 7,172.97 0.01

NETFLIX 40.53 3,391.97 0.00

NII HOLDINGS 'B' 372.54 8,125.54 0.01

NIKE 'B' 218.21 14,196.07 0.02

NUANCE COMMUNICATIONS 499.92 7,776.89 0.01

ONYX PHARMACEUTICALS 913.71 21,118.26 0.02

OPTIMER PHARMACEUTICALS 1,211.40 13,121.63 0.02

PACKAGING CORP OF AMERICA 265.30 4,782.28 0.01

PALL 175.39 5,696.87 0.01

PENTAIR 208.33 5,016.92 0.01

PERRIGO 433.82 31,603.98 0.04

PHARMASSET 447.59 25,581.32 0.03

PLAINS ALL AMERICA PIPELINE 118.90 5,190.95 0.01


POLYCOM 207.46 2,899.03 0.00

POOL 148.36 2,979.32 0.00

POPE RESOURCES 180.50 5,467.61 0.01

POTLATCH 985.78 23,651.38 0.03

PUBLIC STORAGE 217.97 18,313.06 0.02

PULTE HOMES 448.42 1,372.62 0.00

PVH 263.16 12,104.20 0.01

QUANTA SERVICES 359.77 5,171.14 0.01

RACKSPACE HOSTING 128.61 3,273.10 0.00

RALCORP 60.46 3,390.43 0.00

RALPH LAUREN -A- 166.34 17,193.78 0.02

RAYONIER 991.88 27,567.18 0.03

REGAL-BELOIT 329.22 11,937.19 0.01

REPUBLIC SERVICES 735.90 15,289.24 0.02

RIGHTNOW TECHNOLOGIES 422.06 10,491.40 0.01

ROCK-TENN 'A' 216.33 8,098.21 0.01

ROCKWELL AUTOMATION 172.89 7,343.62 0.01





ROPER INDUSTRIES 361.79 19,292.10 0.02

RUBICON TECHNOLOGY 235.48 1,916.92 0.00

SAGENT PHARMACEUTICALS 1,039.32 15,822.18 0.02

SAKS 1,049.03 7,151.21 0.01

SALESFORCE.COM 75.15 6,642.44 0.01

SAVIENT PHARMACEUTICALS 1,518.34 5,029.33 0.01

SEMPRA ENERGY 267.08 10,152.03 0.01

SEQUENOM 1,730.75 6,628.65 0.01

SOHU. COM 121.96 4,564.63 0.01

SOLERA HOLDINGS 199.33 7,413.02 0.01

SOUTHWESTERN ENERGY 361.81 9,253.24 0.01

SPECTRA ENERGY 759.70 14,093.04 0.02

STANLEY BLACK & DECKER 118.90 4,539.55 0.01

STARWOOD HOTELS & RESORTS 158.93 4,820.06 0.01

STERICYCLE 297.24 17,847.45 0.02

SYMANTEC 1,070.06 13,362.84 0.02

SYNTHES 655.27 79,045.15 0.09

SYSCO 848.22 16,381.09 0.02

TALEO 'A' 327.45 6,485.99 0.01

TEMPUR-PEDIC INTERNATIONAL 193.42 7,709.46 0.01

TETRA TECH 654.04 9,096.08 0.01

THERAVANCE 730.05 11,124.84 0.01

THERMO FISHER SCIENTIFIC INC 416.13 15,845.35 0.02

TIFFANY 448.49 21,454.78 0.03

TIME WARNER CABLE 152.27 7,288.52 0.01

TORO 112.58 4,181.77 0.00

TRW AUTOMOTIVE 257.61 6,392.06 0.01

TYSON FOODS 'A' 838.20 10,603.74 0.01

UNITED THERAPEUTICS 483.72 13,401.00 0.02


VARIAN MEDICAL 108.99 4,198.32 0.00

VEECO INSTRUMENTS 190.89 3,834.71 0.00

VERIFONE HOLDINGS 416.13 11,464.03 0.01

VERTEX PHARMACEUTICALS 487.76 16,051.77 0.02

VMWARE 118.90 7,301.61 0.01

WABCO HOLDINGS 227.88 6,746.32 0.01

WARNACO GROUP 'A' 131.72 4,692.35 0.01

WASTE CONNECTIONS 314.15 7,774.20 0.01

WASTE MANAGEMENT 352.84 8,444.60 0.01

WATERS 198.16 11,391.36 0.01

WATSON PHARMACEUTICALS 333.09 17,463.44 0.02

WEBSENSE 356.69 4,662.62 0.01

WEYERHAEUSER 2,082.44 24,773.74 0.03

WILLIAMS COMPANIES 746.15 13,814.17 0.02

YAHOO 988.99 9,813.15 0.01

ZEBRA TECHNOLOGIES 'A' 9.91 226.36 0.00

1,966,179.17 2.27

FINLANDE

FORTUM 505.37 9,111.85 0.01

KEMIRA 207.27 1,795.97 0.00

ORION 'B' 4,519.09 67,741.23 0.08




517


OUTOTEC 431.56 12,010.22 0.01

STORA ENSO 'R' 2,220.31 10,111.28 0.01

UPM-KYMMENE 1,762.24 15,525.32 0.02

116,295.87 0.13

FRANCE

AIR LIQUIDE 376.74 33,115.88 0.04

BIC 975.76 62,799.62 0.07

BIOMERIEUX 986.82 65,751.99 0.08

BNP PARIBAS 4,315.19 134,375.04 0.16

BUREAU VERITAS 797.44 45,143.34 0.05

DANONE GROUPE 1,527.27 70,483.49 0.08

DIOR CHRISTIAN 147.75 13,149.90 0.02

ESSILOR INTERNATIONAL 270.79 14,758.06 0.02


FRANCE TELECOM 4,819.75 59,355.25 0.07

GAMELOFT 634.81 2,456.70 0.00

HERMES INTERNATIONAL 31.60 7,350.44 0.01

INGENICO (CIE IND. & FIN. D'INGEN.) 158.53 4,523.56 0.01

INTER PARFUMS 221.82 4,635.95 0.01

L.V.M.H. 962.66 99,346.03 0.12

LAURENT PERRIER 104.92 7,878.52 0.01

L'OREAL 1,040.34 76,537.56 0.09

NEOPOST 1,212.32 67,222.94 0.08

PERNOD-RICARD 194.21 11,738.32 0.01

PPR 117.67 12,213.73 0.01

PUBLICIS 1,710.32 54,892.72 0.06

REMY COINTREAU 240.79 13,359.25 0.02



TOTAL 3,793.33 125,047.16 0.15


VINCI 2,904.04 96,196.28 0.11

VIVENDI 2,020.22 31,070.98 0.04

1,400,909.53 1.65

GRECE

ALAPIS 1,003.23 110.36 0.00


OPAP 5,241.78 39,575.44 0.05

58,125.77 0.07

GUERNESEY

GOTTEX FUND MANAGEMENT HOLDINGS 640.00 1,884.39 0.00

RESOLUTION 4,288.53 12,523.20 0.01

14,407.59 0.01





HONG KONG


CHINA MOBILE ADR (R. 5 SHS) 422.62 15,258.09 0.02



40,050.71 0.05

HONGRIE

GEDEON RICHTER 75.60 7,629.31 0.01

7,629.31 0.01

ILES CAÏMANS

3SBIO ADR (R.7 SHS) 1,550.94 13,967.04 0.02

BAIDU. COM ADR 'A' (R. 1 SHS 'A') 121.72 9,926.05 0.01

CATCH THE WIND (CAD) 3,355.87 498.96 0.00

CATCH THE WIND (R1933) (PROV.) 3,848.95 572.27 0.00


CHINA HYDROELECTRIC ADR (R.3 SHS) 454.88 686.11 0.00


CTRIP.COM INTL ADR (R.1/2 SHS) 102.09 2,544.51 0.00

ENN ENERGY HLDGS 3,925.21 9,501.30 0.01


FOCUS MEDIA ADR (R.5 SHS) 446.55 6,722.14 0.01



LEE & MAN PAPER MANUFACTURING 3,371.61 851.33 0.00


NETEASE. COM ADR (R. 25 SHS) 240.36 6,923.77 0.01

NEW ENVIRONMENTAL ENERGY HOLDINGS 8,880.88 320.35 0.00

PERFECT WORLD ADR (R.5 SHS 'B') 263.09 2,252.52 0.00


SINA 108.66 5,883.10 0.01



WANT WANT CHINA 6,740.83 4,530.29 0.01

WASION GROUP 7,444.10 1,611.12 0.00

WYNN MACAU 2,795.59 4,983.66 0.01


182,981.13 0.22

ÎLES MARSHALL

TEEKAY LNG PARTNERS LP 184.69 4,310.99 0.01

4,310.99 0.01

INDE

COROMANDEL INTERNATIONAL 532.03 2,445.12 0.00

DR REDDY'S LAB ADR (R. 1 SHS) 666.16 15,042.16 0.02

GAIL INDIA 814.20 5,037.70 0.01





519


MAHINDRA & MAHINDRA 607.92 7,373.00 0.01



41,609.09 0.05

INDONESIE


PT SAMPOERNA AGRO 2,312.30 564.27 0.00

4,087.53 0.00

IRLANDE

KERRY GROUP 'A' 2,693.01 71,122.43 0.08

SMURFIT KAPPA 728.54 3,497.00 0.00

74,619.43 0.08

ISRAËL

ALLOT COMMUNICATIONS 175.60 1,374.94 0.00


CHECK POINT SOFTWARE TECHNOLOGIES 158.53 6,260.20 0.01

FRUTAROM INDUSTRIES 783.30 5,050.14 0.01

ISRAEL CHEMICALS 899.25 7,923.73 0.01

TEVA PHARMACEUTICAL ADR 518.41 14,159.06 0.02

39,120.94 0.06

ITALIE

ASTALDI 12,864.39 54,596.48 0.06

DANIELI & C. OFF. MECC. RNC 4,996.55 42,820.45 0.05

DAVIDE CAMPARI 1,261.66 6,945.43 0.01

ENEL GREEN POWER 46,595.40 80,004.30 0.09

FIAT INDUSTRIAL 8,134.37 47,586.06 0.06

HERA 2,264.63 2,590.74 0.00

PRADA 2,705.60 8,436.81 0.01

SAFILO GROUP 967.86 6,784.72 0.01

SNAM RETE GAS 21,275.93 73,699.82 0.09

T.E.R.N.A. 22,438.69 62,379.55 0.07

TOD'S 65.03 4,366.97 0.01

YOOX 798.70 8,578.03 0.01

398,789.36 0.47

JAPON

ADEKA 5,508.54 44,238.34 0.05

ADVANCE RESIDENCE 41.86 56,652.63 0.07

AEON DELIGHT 2,901.16 46,514.01 0.05

AIN PHARMACIEZ 2,313.59 76,545.58 0.09

ARNEST ONE 6,830.58 52,884.69 0.06

ASICS CORP 480.29 4,901.14 0.01

BANK OF YOKOHAMA 17,810.93 66,979.15 0.08

CANON 2,478.84 84,635.63 0.10

CHIYODA 5,692.15 41,880.73 0.05

CHOU MITSUI TRUST 25,155.65 62,663.04 0.07

DAIHATSU MOTOR 3,305.12 44,789.34 0.05

DAIICHIKOSHO 3,543.82 52,080.10 0.06





DENKI KAGAKU KOGYO 19,279.88 55,258.19 0.06

DENSO 2,073.97 50,087.01 0.06

DIC 39,661.46 54,166.80 0.06

DOSHISHA 3,286.76 70,809.60 0.08

EBARA 22,259.14 66,366.08 0.08

FAMILYMART 1,560.75 44,552.69 0.05

FP CORP 954.81 50,691.31 0.06

FUJI MACHINE MFG 2,313.59 30,818.50 0.04

FUJI SEAL INTERNATIONAL 3,709.08 54,330.34 0.06

FUJIFILM 2,387.03 41,668.81 0.05

HITACHI CHEMICAL 3,672.36 45,456.88 0.05

HITACHI TRANSPORT SYSTEM 4,976.04 68,916.45 0.08

HONDA MOTOR 3,488.74 77,140.72 0.09

HOSHIZAKI ELECTRIC 2,570.65 46,950.92 0.06

ITOCHU 8,997.28 64,727.49 0.08

IWATSUKA CONFECTIONERY 12.78 335.66 0.00

KURITA WATER INDUSTRIES 554.63 11,644.86 0.01

MITSUBISHI 4,608.81 70,568.02 0.08

MITSUBISHI ESTATE 9,180.89 111,964.51 0.13

MITSUBISHI UFJ FINANCIAL GROUP 30,296.95 103,152.16 0.12

MITSUBISHI UFJ LEASE & FINANCE 2,442.12 73,399.45 0.09

MITSUI & CO 6,261.37 68,290.23 0.08

MODEC 4,718.98 62,814.56 0.07

MUSASHI SEIMITSU INDUSTRY 3,690.72 66,627.18 0.08

N.T.T. 4,322.04 155,050.89 0.18

NICHI-IKO PHARMACEUTICAL 2,886.10 57,459.07 0.07

NIHON KOHDEN 3,598.91 72,515.56 0.09

NIHON PARKERIZING 6,426.63 67,929.26 0.08

NIKKISO 6,426.63 42,587.13 0.05

NINTENDO 36.22 3,957.20 0.00

NIPPON DENSETSU KOGYO 5,692.15 45,439.22 0.05

NIPPON PAPER GROUP 141.66 2,817.49 0.00

NISSAN MOTOR 8,960.55 59,723.35 0.07

NITTO DENKO 1,634.20 48,566.81 0.06

NORITZ 4,223.21 72,300.11 0.08

NTT DOCOMO 73.45 100,096.98 0.12

OBIC 319.50 46,307.74 0.05

OILES 5,361.64 79,001.03 0.09

OJI PAPER 956.88 3,929.74 0.00

RAKUTEN 7.12 6,179.84 0.01

SAKAI CHEMICAL INDUSTRY 12,853.25 43,143.42 0.05

SANKYU 19,647.11 69,349.12 0.08

SAWAI PHARMACEUTICAL 280.55 22,557.27 0.03

SIIX 6,463.35 63,157.87 0.07

SOFTBANK 184.05 4,057.21 0.00

SUMITOMO ELECTRIC INDUSTRIES 6,426.63 56,679.82 0.07

SUMITOMO FORESTRY 819.36 5,350.80 0.01

SUMITOMO MITSUI FINANCIAL GROUP 4,865.87 103,238.69 0.12

SURUGA BANK 10,098.98 73,624.61 0.09

TAKARA LEBEN 5,508.54 18,278.12 0.02

TOCALO 2,295.22 33,554.03 0.04

TOKIO MARINE HOLDINGS 6,481.71 123,682.28 0.15

TOKYO GAS CO 4,025.89 13,977.99 0.02




521


TOKYO OHKA KOGYO 2,790.99 42,358.61 0.05

TOMY COMPANY 9,125.81 53,188.79 0.06

TOSHIBA PLANT SYSTEMS & SERVICES 5,508.54 40,847.62 0.05

TOWA PHARMACEUTICAL 449.90 15,404.29 0.02

TOYOTA MOTOR 3,764.17 97,313.76 0.11

TOYOTA TSUSHO CORP 6,169.56 79,571.80 0.09

TS TECH 2,754.27 30,304.59 0.04

UNIDEN 13,771.34 37,483.39 0.04

UNIPRESS 2,111.61 42,831.72 0.05

YAMADA DENKI 752.83 39,461.31 0.05

YOROZU 2,772.63 53,653.25 0.06

4,052,434.58 4.73

JERSEY


RANDGOLD RESOURCES 1,383.40 97,417.87 0.11

186,635.29 0.21

LUXEMBOURG

MHP GDR (R.1 SHS) 259.13 2,452.39 0.00

MILLICOM INTL CELLULAR-SDR- 1,753.59 130,788.30 0.15

SES GLOBAL FDR 4,979.12 88,752.76 0.10

221,993.45 0.25

MALAISIE

CB INDUSTRIAL PRODUCT HOLDING 270.27 217.20 0.00

IOI CORPORATION 3,383.71 3,644.00 0.00

3,861.20 0.00

NORVEGE

ALGETA 842.81 19,544.54 0.02


CERMAQ 395.43 3,158.08 0.00

MARINE HARVEST 5,581.60 1,945.84 0.00

MORPOL 1,777.81 2,974.91 0.00

YARA INTERNATIONAL 445.31 13,881.47 0.02

45,120.10 0.04

PAYS-BAS

AALBERTS INDUSTRIES 310.67 3,608.47 0.00

CSM 384.02 5,917.69 0.01

HEINEKEN 911.20 30,670.89 0.04

IMTECH 241.78 5,273.25 0.01


KONINKLIJKE DSM 0.09 3.09 0.00


NUTRECO HOLDING 187.45 8,909.30 0.01

QIAGEN 4,982.53 53,313.09 0.06


SENSATA TECHNOLOGIE 257.61 5,474.01 0.01

UNILEVER NV (EUR) 1,728.97 40,890.11 0.05

377,957.76 0.46





PHILIPPINES

ENERGY DEVELOPMENT 86,549.73 8,268.88 0.01


12,127.31 0.01

PORTUGAL

ALTRI SGPS 397.78 447.89 0.00

PORTUCEL 1,793.47 3,143.95 0.00

3,591.84 0.00

ROYAUME-UNI

AMARIN CORPORATION -ADR SPONS.- 1,417.83 9,382.32 0.01


ASTRAZENECA (GBP) 2,259.55 74,613.14 0.09

AUTONOMY CORPORATION 1,960.32 57,289.53 0.07


BG GROUP 9,061.74 128,841.26 0.15

BURBERRY GROUP 1,233.24 17,098.90 0.02

CAPITA GROUP 8,955.19 73,915.06 0.09

CARNIVAL 7,330.39 173,554.83 0.20

DIAGEO 752.18 10,745.94 0.01

ESSAR ENERGY 15,346.48 45,519.39 0.05

EXPERIAN 604.38 5,114.38 0.01

G4S 4,755.81 14,692.18 0.02

GLAXOSMITHKLINE 5,256.91 80,801.21 0.09

HALMA 1,476.28 5,371.94 0.01

HIKMA PHARMACEUTICALS 4,772.49 31,542.55 0.04

HSBC HOLDINGS 31,458.82 185,319.87 0.22

INMARSAT 645.33 3,669.13 0.00


INTERTEK GROUP 416.13 9,848.32 0.01

MAN GROUP 24,021.88 48,568.11 0.06

MITIE 60,421.16 168,873.98 0.20

MONDI (GBP) 2,605.04 14,525.69 0.02

MORRISON WM. SUPERMARKETS 22,180.45 73,280.91 0.09

NATIONAL GRID 22,557.63 165,846.04 0.19


PENNON GROUP 2,555.62 20,254.11 0.02



RIO TINTO NOM. 3,268.89 111,397.65 0.13

ROTORK 178.63 3,262.32 0.00


SCOTTISH & SOUTHERN ENERGY 5,487.47 82,327.90 0.10

SEVERN TRENT 5,160.17 90,519.15 0.11

SHIRE ADR (R. 3 SHS) 248.55 17,259.93 0.02

SMITHS GROUP 1.98 23.01 0.00


TELECITY GROUP 1,327.66 8,690.54 0.01

TESCO 15,254.25 66,668.40 0.08


TULLOW OIL 10,307.68 155,355.34 0.18




523


UNILEVER NEW (GBP) 1,779.97 41,570.15 0.05


VODAFONE GROUP PLC 160,865.11 308,975.14 0.36

ZENERGY POWER 513.62 34.84 0.00

2,778,593.94 3.27

RUSSIE

CHERKIZOVO GP. GDR (R.0.666667SH S) 215.94 2,394.91 0.00


PHARMSTANDARD OKTYABR -GDR- (USD) 1,420.90 21,011.47 0.02


RUSHYDRO OJSC (USD) 359,722.80 8,989.74 0.01

SBERBANK PFD (USD) 78,672.14 104,774.73 0.12

149,108.45 0.16

SINGAPOUR

BANYAN TREE 8,801.81 3,255.68 0.00

EPURE INTL 9,369.44 2,239.33 0.00

FIRST RESOURCES 5,134.22 3,608.26 0.00

HYFLUX 3,411.54 2,892.63 0.00



32,661.26 0.02

SLOVENIE

KRKA 178.32 9,003.22 0.01

9,003.22 0.01

SUEDE

ASSA ABLOY 'B' 8,820.91 142,648.17 0.17


HOLMEN 'B' 461.19 8,778.05 0.01

MEDIVIR 'B' 565.35 6,091.96 0.01


300,845.57 0.35

SUISSE

ABB LTD 1,992.51 26,636.95 0.03

ACINO HOLDING 2,147.16 118,163.50 0.14

ACTELION NOM. 3,576.74 89,513.54 0.10

ADECCO NOM. 432.00 13,658.55 0.02

AFFICHAGE HOLDING 597.56 63,711.75 0.07


ATEL HLDG 40.00 6,397.22 0.01

BALOISE-HOLDING AG 2,437.02 136,813.73 0.16

BANQUE SARASIN NOM 'B' 7,951.07 186,504.12 0.22

BASILEA PHARMACEUTICA NOM. 53.72 1,756.16 0.00

BELIMO HOLDING 72.93 95,338.37 0.11

BOBST GROUP 1,600.05 25,655.27 0.03

CIE FINANCIERE RICHEMONT 943.23 33,427.13 0.04

CLARIANT NOM. 10,800.44 78,172.30 0.09

COMET HOLDING NOM. 369.25 39,732.52 0.05





GAM HOLDING NOM. 15,875.08 150,381.55 0.18

GATEGROUP HOLDING NOM. 5,114.03 119,537.57 0.14

GEBERIT 2,162.07 307,301.06 0.36

GIVAUDAN NOM. 104.31 60,775.03 0.07

GOLDBACH MEDIA 1,384.67 27,936.93 0.03

HELVETIA PATRIA NOM. 470.48 109,682.61 0.13

INFICON HOLDING 650.49 69,728.57 0.08


KABA HOLDING NOM. 275.09 71,744.90 0.08

KARDEX NOM. 256.80 2,917.03 0.00


KUONI REISEN HOLDING NOM. 'B' 913.62 208,307.92 0.24

LIFEWATCH 6,960.57 14,842.77 0.02

LINDT & SPRUENGLI 164.12 355,079.28 0.42



LONZA GROUP 1,830.58 86,245.48 0.10

MEYER BURGER TECHNOLOGY 6,568.65 132,528.02 0.16

NESTLE S.A. 9,420.65 387,818.04 0.54

NEWAVE ENERGY 912.65 28,293.81 0.03

NOVARTIS AG 2,363.78 98,474.19 0.12

PANALPINA WELTTRANS 387.71 26,424.25 0.03

PARTNERS GROUP HOLDING NOM. 1,744.06 216,277.23 0.25

PETROPLUS HOLDINGS 4,615.57 20,668.79 0.02

ROCHE HOLDING BON JCE 3,023.70 363,015.58 0.43

S.G.S. S.A. 77.83 92,352.76 0.11

SCHINDLER HOLDING B. PART. 2,926.27 240,000.18 0.28

SCHINDLER HOLDING NOM. 1,700.98 141,320.83 0.17

SCHWEITER TECHNOLOGIES 138.47 56,299.73 0.07

SIEGFRIED HOLDING NOM. 555.10 40,313.69 0.05

SIKA FINANZ PORT. 101.54 139,078.97 0.16


STRAUMANN HOLDING NOM. 74.33 8,991.36 0.01

SULZER 1,887.77 154,981.17 0.18

SWISS LIFE HLDG NOM. 489.25 41,851.64 0.05

SWISSCOM NOM. 248.37 75,807.33 0.09

SWISSLOG HOLDING NOM. 165,513.71 92,308.02 0.11

SYNGENTA AG 83.85 16,952.01 0.02

TECAN GROUP NOM. 4,477.08 257,033.48 0.30

TEMENOS GROUP NOM. 4,990.95 52,804.34 0.06

THE SWATCH GROUP 52.19 13,911.47 0.02


TRANSOCEAN 1,618.57 58,999.37 0.07

TYCO INTERNATIONAL NOM. 614.29 19,180.42 0.02

UBS AG 14,659.67 135,845.70 0.16

VALORA HOLDING NOM. 1,003.11 162,896.75 0.19

VZ HOLDING NOM. 1,076.96 79,494.72 0.09

ZURICH FINANCIAL SERVICES 655.58 104,458.63 0.12

6,504,384.69 7.71




525


TAÏWAN

EPISTAR 4,835.92 6,348.44 0.01

HIGH TECH COMPUTER 442.91 7,361.98 0.01

13,710.42 0.02

THAÏLANDE


3,027.37 0.00

TOTAL ACTIONS 22,138,687.69 25.95

CERTIFICATS

PAYS-BAS

ING GROEP (CRT.) 17,168.51 98,547.27 0.12

98,547.27 0.12


OBLIGATIONS

ALLEMAGNE

3.5% BAYERISCHE LDBK 09/13 EUR 224,033.27 227,827.27 0.27

4.5% BAYER AG. 06/13 EUR 59,742.20 62,331.73 0.07

4.625% R.W.E 10/PE EUR 20,909.77 19,334.53 0.02

5% COMMERZBANK 09/14 EUR 82,145.53 85,240.78 0.10

5.375% HENKEL 05/04 EUR 89,613.31 88,930.01 0.10

5.5% LBANK HESSEN-THUERING. 02/12 EUR 295,723.91 301,085.39 0.35

6.875% VOLKSWAGEN FIN. SER. 09/14 EUR 179,226.61 197,143.00 0.23

981,892.71 1.14

AUSTRALIE





282,610.54 0.33

AUTRICHE

6.25% OMV 09/14 EUR 29,871.10 32,656.73 0.04

32,656.73 0.04

DANEMARK

3.5% TDC A/S 11/15 EUR 49,287.32 50,114.61 0.06

50,114.61 0.06

ESPAGNE

FR SANTANDER INTL 11/13 SR -S- EUR 74,677.76 72,619.26 0.09

2.75% BBVA SENIOR 10/12 108 SR-S EUR 44,806.65 44,444.84 0.05











5.58% TELEFONICA EMISSION 08/13 EUR 89,613.31 92,196.86 0.11

560,240.25 0.66

ETATS-UNIS

3.625% PFIZER 09/13 EUR 67,209.98 69,330.12 0.08


3.75% HSBC FINANCE 05/15 EUR 59,742.20 58,665.95 0.07


4.375% AT & T 07/13 EUR 37,338.88 38,657.69 0.05






4.75% CITIGROUP 03/13 EUR 59,742.20 60,136.80 0.07








7.375% CITIGROUP 09/14 EUR 74,677.76 79,191.65 0.09

7.5% JOHN DEERE CAPITAL 09/14 EUR 44,806.65 50,219.52 0.06

1,660,842.26 1.96

FRANCE

2.50% DANONE 11/16 EUR 29,871.10 29,962.21 0.04

2.625% BPCE 09/12 EUR 89,613.31 89,642.88 0.11

3.25% BNP PARIBAS 09/12 EUR 104,548.86 104,892.30 0.12

3.25% RCI BANQUE 11/14 EUR 74,677.76 72,391.50 0.08

3.375% LVMH MOET HENNESSY 11/15 EUR 14,935.55 15,458.37 0.02




3.75% C.I.F. 10/15 EUR 59,742.20 57,463.04 0.07


4.25% B.F.C.M. 07/14 EUR 37,338.88 38,082.30 0.04

4.375% THALES 09/13 EUR 52,274.43 53,941.20 0.06

4.5% E.D.F. 09/14 EUR 44,806.65 47,402.30 0.06

4.75% GDF SUEZ 03/13 EUR 74,677.76 77,792.57 0.09


5.25% SOCIETE GENERALE 08/13 EUR 149,355.51 151,946.83 0.18


6% AXA 01/13 EUR 59,742.20 62,458.38 0.07



1,308,962.78 1.56




527


GUERNESEY


84,699.81 0.10

ILES CAÏMANS

4.875% IPIC GMTN 11/16 EUR 44,806.65 46,039.73 0.05

5.875% HUTCHISON WHAMPOA 03/13 EUR 179,226.61 189,352.02 0.22

235,391.75 0.27

IRLANDE

2.75% CATERPILLAR INTL F.11/14 SR-S- EUR 29,871.10 30,412.07 0.04




5.50% HELABA INT.FINANCE 98/13 EUR 74,677.76 78,460.18 0.09

526,331.50 0.62

ITALIE

3.50% INTESA SANPAOLO 11/13 SR -S- EUR 74,677.76 71,531.58 0.08

3.625% UNICREDIT 11/13 EUR 74,677.76 71,971.81 0.08




4.25% ENEL 03/13 EUR 44,806.65 45,478.98 0.05

4.375% MEDIOBANCA 09/12 EUR 74,677.76 74,889.47 0.09



4.875% MEDIOBANCA 07/12 S227 SR-S- EUR 59,742.20 60,296.61 0.07

4.875% UNICREDIT 08/13 EUR 89,613.31 88,817.99 0.10

5% AUTOSTRADE 04/14 EUR 14,935.55 15,170.11 0.02

5% MONTE PASCHI SIENA 07/12 EUR 141,887.74 142,753.25 0.17

5.25% UNICREDIT 09/14 EUR 134,419.96 133,171.87 0.16


5.875% ENI 08/14 EUR 141,887.74 150,318.71 0.18

1,281,330.65 1.50

JERSEY


4.75% ASIF III 03/13 EUR 97,081.08 97,504.84 0.11

163,851.55 0.19

LUXEMBOURG

2.875% NORD/LB G-MTN 'S.3' 09/13 EUR 149,355.51 152,591.30 0.18

3.50% NORD/LB G-MTN 09/14 S1-SR- EUR 74,677.76 77,901.59 0.09

230,492.89 0.27

NORVEGE

4.5% DNB NOR BANK 09/14 EUR 74,677.76 78,183.50 0.09

5.875% DNB NOR BANK 08/13 EUR 59,742.20 63,174.39 0.07

141,357.89 0.16





PAYS-BAS

2.75% ABN AMRO 10/13 EUR 149,355.51 148,068.07 0.17


3% SHELL INTL FINANCE 09/13 EUR 82,145.53 83,927.27 0.10

3.375% B.N.G. 05/15 EUR 59,742.20 62,910.63 0.07

3.625% SNS BANK 10/13 EUR 37,338.88 36,673.87 0.04

3.75% B.N.G. 06/13 EUR 149,355.51 156,785.95 0.18


4.25% NED. WATERSCHAPSBANK 08/13 EUR 89,613.31 94,870.02 0.11

4.25% RABOBANK 03/13 EUR 44,806.65 46,524.32 0.05

4.375% RABOBANK 09/14 EUR 112,016.63 117,975.36 0.14

4.375% RODAMCO EUROPE FIN. 04/14 EUR 29,871.10 31,068.93 0.04

5.25% E.ON INTL FINANCE 08/14 EUR 119,484.41 128,840.04 0.15


5.375% INTL. ENDESA 03/13 EUR 44,806.65 46,261.08 0.05


5.625% ING GROEP 08/13 EUR 44,806.65 46,644.17 0.05

5.75% RWE FINANCE 08/13 EUR 74,677.76 80,304.72 0.09

6% BASF FINANCE 08/13 EUR 74,677.76 81,048.89 0.10

6% NEDERLAND GASUNIE 08/13 EUR 74,677.76 80,756.15 0.09

6.25% KPN 09/14 EUR 29,871.10 32,228.53 0.04

6.625% SCHIPHOL NEDERLAND 08/14-SR EUR 134,419.96 147,734.26 0.17

7% AEGON 09/12 EUR 44,806.65 45,912.71 0.05

7.375% EUREKO 09/14 EUR 44,806.65 48,289.25 0.06

7.875% DAIMLER INTL 09/14 EUR 89,613.31 100,367.80 0.12

8.875% BMW FINANCE 08/13 EUR 104,548.86 117,743.45 0.14

2,012,917.39 2.34

REPUBLIQUE TCHEQUE

6% CEZ 08/14 EUR 44,806.65 49,016.91 0.06

49,016.91 0.06

ROYAUME-UNI


3.625% VODAFONE 05/12 EUR 89,613.31 91,517.14 0.11


4.875% UBS LONDON 08/13 EUR 89,613.31 92,189.24 0.11





5.625% TESCO 08/12 EUR 89,613.31 92,892.26 0.11


6.125% CREDIT SUISSE 08/13 EUR 149,355.51 158,230.22 0.19



1,043,214.72 1.24

SUEDE

3% NORDEA BANK 09/12 EUR 74,677.76 75,382.34 0.09

4.25% VATTENFALL TREASURY 09/14 EUR 44,806.65 47,284.01 0.06

4.5% NORDEA BANK 09/14 EUR 59,742.20 62,387.89 0.07




529





396,052.77 0.46

SUISSE

6% CREDIT AGRICOLE 08/13 EUR 97,081.08 101,249.74 0.12

101,249.74 0.12


WARRANTS



BIOCON (ML) LEPO-WTS 21.05.15 1,510.40 7,697.12 0.01

CIPLA (ML CUR.) LEPO WTS 23.09.15 2,196.40 9,329.50 0.01

DIVI'S LABO. (ML) LEPO WTS 20.10.14 1,352.98 15,023.55 0.02

STRIDES ARC. (ML) LEPO WTS 09.09.15 2,145.55 11,457.06 0.01

45,489.03 0.05

ROYAUME-UNI

ALMARAI (DBL) LEPO WTS 03.12.12 350.33 5,938.72 0.01

LUPIN (DBL) LEPO WTS 20.2.17 3,338.89 23,911.14 0.03

RANBAXY (DB. L) LEPO WTS 30.01.17 1,416.51 10,988.95 0.01


SUN PHARMA. (DB) LEPO WTS 06.02.17 1,963.48 13,709.99 0.02

56,885.65 0.07

TOTAL WARRANTS 102,374.68 0.12

TOTAL I. 33,482,837.09 39.27


ACTIONS

ETATS-UNIS

IBIQUITY DIGITAL PREF 'A' REST. 66.45 0.00 0.00

INTARCIA THERAPEU. PFD 'BB-2' (PROV) 35.46 34.61 0.00

INTARCIA THERAPEUTICS PREF 'AA' 74.36 70.38 0.00



METABOLEX PFD 'E1' 98.47 32.03 0.00

METABOLEX PREF 'A1' 10.49 3.41 0.00

METABOLEX PREF 'B1' 886.23 288.31 0.00

METABOLEX PREF 'D1' 130.97 42.61 0.00

PTC THERAPEUTICS PREF 'C' 230.81 189.80 0.00

PTC THERAPEUTICS PREF CV 'E-2' 20.84 123.29 0.00

PTC THERAPEUTICS PREF 'D' 177.55 164.47 0.00


2,516.75 0.00





PORTUGAL


0.00 0.00


OBLIGATIONS

CANADA

10% HIGHPOINT TEL. II CV 00/04 USD 543.26 0.00 0.00

0.00 0.00


WARRANTS

ETATS-UNIS


INTAR. THERAP PFD 'BB-2' WRT 15.93 0.00 0.00

INTARCIA THERAP. PFD WTS 02.05.15 34.06 0.00 0.00

METABOLEX 'D1' (C-0. 38) WRT. 12.4.12 19.65 0.00 0.00


0.00 0.00

ROYAUME-UNI


0.00 0.00


TOTAL II. 2,516.75 0.00


ROYAUME-UNI


4,466.55 0.01

TOTAL III. 4,466.55 0.01


AVOIRS EN BANQUE 52,667,669.55 61.78





531




Suisse 7.83

Japon 4.73

Royaume-Uni 4.59

Etats-Unis 4.23

France 3.21

Pays-Bas 2.92

Allemagne 2.53

Italie 1.97

Espagne 1.52

Suède 0.81

Irlande 0.70

Luxembourg 0.52

Iles Caïmans 0.49

Belgique 0.45

Jersey 0.40

Australie 0.34

Danemark 0.29

Autriche 0.22

Norvège 0.20

Russie 0.16

Brésil 0.15

Canada 0.13

Finlande 0.13

Guernesey 0.11

Grèce 0.07

Bermudes 0.06

Chili 0.06

Israël 0.06



Hong Kong 0.05

Inde 0.05

Afrique du Sud 0.05

Corée du Sud 0.04

Chine 0.02

Singapour 0.02

Taïwan 0.02

Hongrie 0.01

Îles Marshall 0.01

Philippines 0.01

Slovénie 0.01

Indonésie 0.00

Malaisie 0.00

Portugal 0.00

Thaïlande 0.00

Chypre 0.00

39.28





Communications 2.11












Pétrole 0.72



Assurances 0.56


0.56



Immobilier 0.33

Gastronomie 0.31

Bois et papier 0.25

Biotechnologie 0.21

Divers 0.20



Emballage 0.16




Warrants 0.12


Certificats 0.12






0.06

Loisirs 0.06


Conglomérats 0.02


0.01

39.28

Pictet - Convertible Bonds





OBLIGATIONS

ALLEMAGNE

2.75% TUI CV 11/16 EUR 76,758.00 2,607,698.77 0.41

2,607,698.77 0.41

AUSTRALIE

3.625% PALADIN ENERGY CV 10/15 USD 14,800,000.00 7,500,907.71 1.17

5% PALADIN ENERGY 08/13 USD 400,000.00 251,173.08 0.04

5.5% HORIZON OIL CV 11/16 USD 4,000,000.00 2,921,657.22 0.46

6.375% WESTERN AREAS CV 10/14 AUD 14,130,000.00 9,631,592.60 1.50

8% WESTERN AREAS CV 07/12 AUD 7,000,000.00 5,019,952.41 0.78

25,325,283.02 3.95

AUTRICHE

4.25% IMMOFINANZ CV 11/18 EUR 2,675,000.00 8,988,000.00 1.40

8,988,000.00 1.40

BELGIQUE

FRN FORTIS CV 07/PERP EUR 17,250,000.00 5,778,750.00 0.90

6.5% EURONAV CV 09/15 USD 15,000,000.00 9,886,417.35 1.54

15,665,167.35 2.44

BERMUDES

4% AQUARIUS PLATIN.CV 09/15 USD 6,800,000.00 4,558,220.53 0.71

4,558,220.53 0.71

CANADA

2.75% INTEROIL CV 10/15 USD 4,500,000.00 2,797,933.23 0.44

5.25% PAREX RES. CV 11/16 CAD 3,000,000.00 2,124,176.15 0.33

5.75% IVANHOE ENERGY 11/16 CAD 2,900,000.00 1,649,001.84 0.26

8.00% SUB. CV PINETREE CAP. 11/16 CAD 3,900,000.00 2,281,780.54 0.36

8,852,891.76 1.39

ESPAGNE

6.5% SACYR VALLEHER.CV 11/16 EUR 12,000,000.00 9,529,198.80 1.48

9,529,198.80 1.48

ETATS-UNIS

1% CV GILEAD SCIENCES 11/14 -SR- USD 2,000,000.00 1,631,641.21 0.25

1.25% NEWMONT MINING CV 07/14 USD 14,300,000.00 15,691,899.36 2.44

1.5% SESI LLC CV 06/26 USD 8,860,000.00 6,572,174.74 1.02

2.25% CHENIERE ENERGY CV 05/12 USD 6,000,000.00 3,622,705.88 0.56

2.50% CV INTERDIGITAL 11/16-SR-144A USD 8,560,000.00 6,976,469.60 1.09

3% SUB. CV ALLIANT TECH. 04/24 -SR- USD 5,000,000.00 3,796,738.27 0.59

3.25% JANUS CAPITAL CV 09/14 USD 17,300,000.00 12,629,720.44 1.97




533


3.75% OMNICARE CV 10/25 USD 14,450,000.00 12,108,473.31 1.89

4% CIENA CV 10/15 USD 13,510,000.00 9,676,982.64 1.51

4% CV SUB.MENTOR GRAPH. 11/31 144A USD 6,575,000.00 4,529,859.65 0.71

4% SMITHFILDS FOODS CV 06/13 USD 12,200,000.00 10,050,850.22 1.57

4% TIVO CV 11/16 USD 10,100,000.00 8,601,194.87 1.34

4.25% CV MGM RESORTS INTL 10/15-SR- USD 4,000,000.00 2,727,277.57 0.42

5.125% CV STEEL DYNAMICS 09/14-SR- USD 2,900,000.00 2,219,010.58 0.35

100,834,998.34 15.71

FRANCE

0.5% TECHNIP CV 10/16 EUR 32,500.00 2,837,575.00 0.44

1.75% CGG VERITAS CV 11/16 EUR 349,760.00 8,709,898.40 1.36

2.5% ATOS ORIGIN CV 09/16 EUR 56,000.00 2,785,551.44 0.43

3.125% PUBLICIS GROUP CV 09/14 EUR 161,000.00 5,557,398.00 0.87

3.25% MISARTE CV (PPR) 10/16 EUR 8,800.00 1,271,450.40 0.20

3.5% CAP GEMINI CV 09/14 EUR 97,000.00 3,621,980.00 0.56

3.875% ORPEA CV 10/16 EUR 240,650.00 10,576,567.50 1.65

4% NEXANS CV 09/16 EUR 145,000.00 8,444,073.55 1.32

4.45% PEUGEOT SA CV 09/16 EUR 141,000.00 3,564,057.00 0.56

4.5% FAURECIA CV 09/15 EUR 501,000.00 10,570,092.99 1.65

4.97% AIR FRANCE KLM CV 09/15 EUR 945,000.00 10,792,835.55 1.68

6.25% SOITEC CV 09/14 EUR 760,000.00 5,943,960.00 0.93

7.125% MAUREL & PROM CV 10/15 EUR 210,000.00 3,270,747.90 0.51

77,946,187.73 12.16

ILE DE MAN

6% ANGLOGOLD ASH. CRT 15.09.13 USD 390,000.00 14,177,674.13 2.21

14,177,674.13 2.21

ILES CAÏMANS

0% CV ZEUS CAYM. II (SK T.) 11/16-S- JPY 700,000,000.00 6,531,730.86 1.02

3.7% CHAODA MOD.AGRI. CV 10/15 USD 20,000,000.00 6,707,886.47 1.05

4% CHINA HUIYUAN J. CV 11/16 USD 10,300,000.00 6,065,826.21 0.95

4% JINKOSOLAR CV 11/16 USD 4,300,000.00 1,064,596.74 0.17

5.25% MINGFA GROUP CV 11/16 HKD 84,000,000.00 6,273,128.57 0.98

26,643,168.85 4.17


1% GL. RIV. CV (CHINA AG.) 10/15 HKD 67,000,000.00 5,845,833.28 0.91

1.25% BRIGHT N. CV (D.CCY) 11/16 CNY 73,000,000.00 7,170,238.89 1.12

13,016,072.17 2.03

INDE

6.75% VIDEOCON CV 10/16 USD 2,300,000.00 1,144,253.63 0.18

1,144,253.63 0.18

JAPON

0% NIPRO CV 10/15 JPY 25,000,000.00 260,544.02 0.04

260,544.02 0.04





JERSEY

2.875% PREM. OIL FIN. CV 07/14 USD 5,300,000.00 4,223,672.14 0.66

4% MAGNOLIA FINANCE CV 06/PE EUR 16,400,000.00 10,414,000.00 1.62

4% PETROPAVLOVSK CV 10/15 USD 11,100,000.00 7,274,749.83 1.13

5.5% VEDANTA RES. CV 09/16 USD 12,800,000.00 8,281,574.52 1.29

30,193,996.49 4.70

LUXEMBOURG

FRN FORTFI. (BKT SHS) ELN 02/PE EUR 20,500,000.00 6,777,300.00 1.06

2.5% KLOECKNER CV 10/17 EUR 6,700,000.00 5,538,488.00 0.86

5.25% TMK BONDS CV 10/15 USD 4,600,000.00 3,201,064.54 0.50

15,516,852.54 2.42

NORVEGE

6.5% RENEWABLE ENERGY CV 09/14 EUR 25,850,000.00 16,027,000.00 2.50

16,027,000.00 2.50

PAYS-BAS

2.5% CELESIO FIN. CV 11/18 EUR 18,000,000.00 14,269,678.20 2.22

2.625% LUKOIL INTL CV 10/15 USD 2,600,000.00 1,981,435.13 0.31

16,251,113.33 2.53

PORTUGAL

5.25% CV PARPUB. SGPS (GALP EN.) 10/17 EUR 23,300,000.00 18,374,144.66 3.06

18,374,144.66 3.06

ROYAUME-UNI

FRN UBS (KINTETSU CV) 09/14 JPY 200,000,000.00 102,496.44 0.02

2.5% MISYS CV 10/15 GBP 4,700,000.00 5,429,701.77 0.85

3.5% ABERDEEN A.M. CV 09/14 GBP 9,300,000.00 11,716,548.77 1.83

8.25% SVG CAPITAL CV 08/16 GBP 7,800,000.00 9,033,635.11 1.41

26,282,382.09 4.11

SUEDE

7.5% SAS CV 10/15 SEK 50,000,000.00 4,408,529.38 0.69

4,408,529.38 0.69

SUISSE

1.5% BALOISE HOLDING CV 09/16 CHF 4,780,000.00 3,948,783.94 0.62

3,948,783.94 0.62

TAÏWAN

0% AU OPTRONICS CV 10/15 USD 10,200,000.00 5,926,729.97 0.92

0% TATUNG CV 11/14 USD 11,900,000.00 8,449,886.57 1.32

14,376,616.54 2.24





535


OPTIONS

ALLEMAGNE

CALL 1.5% KFW (DEUT.POST) CV 30/07/2014 0.34656 6,000,000.00 351,663.00 0.05

351,663.00 0.05

ILES CAÏMANS

CALL 0 % TPK HOLDING CV 10/04/2014 1.73115 3,300,000.00 30,476.63 0.00

CALL 0% TPK HOLDING CV 20/04/2014 1.728 9,200,000.00 44,223.22 0.01

74,699.85 0.01


WARRANTS

ETATS-UNIS

BANK OF AMERICA WTS 28.10.18 5,230,000.00 3,247,056.79 0.51

BOSTON PRIV. FIN. HLDG WTS 21.11.18 395,000.00 441,602.53 0.07

CITIGROUP (CITI) WTS 04.01.19 6,000,000.00 1,967,646.70 0.31

FORD MOTOR (9.2) WTS 01.01.13 2,144,700.00 3,532,661.45 0.55

GENERAL MOTORS WTS 10.07.19 500,000.00 2,955,196.65 0.46

TCF FINANCIAL WTS 14.11.18 1,092,300.00 1,481,687.15 0.23

WASHINGTON FEDERAL WTS 14.11.18 147,156.00 438,713.66 0.07

WELLS FARGO WTS 28.10.18 1,672,500.00 9,610,892.03 1.50

23,675,456.96 3.70

TOTAL WARRANTS 23,675,456.96 3.70

TOTAL I. 479,030,597.88 74.91


OBLIGATIONS

CANADA

5.5% DETOUR GOLD CV 10/17 USD 11,870,000.00 9,299,921.12 1.45

5.5% DETOUR GOLD CV 10/17 USD 2,700,000.00 2,115,399.08 0.33

11,415,320.20 1.78

COREE DU SUD

4% CV OSUNG LST 11/16 USD 4,000,000.00 2,802,405.90 0.44

2,802,405.90 0.44






OPTIONS

JAPON

CALL 0% AEON CV 22/11/2012 0.72591 750,000,000.00 1,396,180.68 0.22

CALL 0% ANRITSU CV 26/09/2014 1.352 200,000,000.00 869,416.60 0.14

CALL 0% ANRITSU CV 26/09/2014 1.4178 265,000,000.00 1,145,708.06 0.18

CALL 0% MATSUMOTOKIYOSHI CV 23/08/2013 0.62835 867,000,000.00 694,783.92 0.11

CALL 0% NIDEC CV 20/09/2013 0 3,575,000,000.00 714,832.53 0.11

CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.48996 600,000,000.00 286,213.97 0.04

CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.3876 660,000,000.00 307,065.46 0.05

CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.52625 2,600,000,000.00 1,301,472.95 0.20

CALL 0% NIPPON MEAT PAC. CV 03/03/2014 0.69225 2,300,000,000.00 1,234,955.76 0.19

CALL 0% NIPPON THOMPSON CV 19/04/2016 0.52425 233,000,000.00 266,982.21 0.04

CALL 0% NIPRO CV 12/03/2015 0.425 1,300,000,000.00 1,114,958.34 0.17

CALL 0% SEKISUI HOUSE 07/07/2014 0.3075 3,600,000,000.00 2,207,967.16 0.34

CALL 0% SQUARE ENIX CV 04/02/2015 0.92475 2,400,000,000.00 967,695.60 0.15

CALL 0% SUZUKI MOTOR CV 29/03/2013 0.2469 1,300,000,000.00 15,681.47 0.00



CALL 0% YAMADA DENKI CV 28/03/2013 0.9825 2,000,000,000.00 143,506.62 0.02

CALL 0% YAMADA DENKI CV 28/03/2013 1.0875 1,000,000,000.00 86,349.39 0.01

CALL 0.1% HITACHI CV 12/12/2014 0.81483 2,100,000,000.00 6,423,545.77 1.00

CALL 1% ORIX CV 31/03/2014 2.275 1,222,000,000.00 1,442,009.58 0.22

20,803,737.28 3.21

SINGAPOUR

CALL 1.875 % KEPPEL LAND CV 29/11/2015 0 10,000,000.00 0.00 0.00

0.00 0.00

TAÏWAN

CALL 0% ACER CV 10/08/2013 0 8,000,000.00 0.00 0.00

CALL 0% ASIA CEMENT CV 27/01/2014 1.63 8,600,000.00 0.00 0.00

CALL 0% HON HAI PRECIS. CV 12/10/2013 1.245 10,000,000.00 0.00 0.00

CALL 0% SOLAR AP. MAT. TEC. CV 22/07/2014 1.4 6,000,000.00 0.00 0.00

0.00 0.00

TOTAL OPTIONS 20,803,737.28 3.21

WARRANTS

ETATS-UNIS

YUE YEN I. (4.21) (CITI) WTS 31.3.15 10,600,000.00 632,031.97 0.10

632,031.97 0.10

JERSEY

CV ZEUS CAYM. II (CORSAIR) WTS 16/08/16 1,000,000,000.00 611,110.87 0.10

611,110.87 0.10


TOTAL II. 36,264,606.22 5.63




537



JAPON

0% NABTESCO CV 06/11 JPY 330,000,000.00 3,190,926.99 0.50

3,190,926.99 0.50

TOTAL III. 3,190,926.99 0.50


AVOIRS EN BANQUE 124,152,381.30 19.41








Etats-Unis 19.51

France 12.16

Jersey 4.80

Iles Caïmans 4.18

Royaume-Uni 4.11

Australie 3.95

Japon 3.75

Canada 3.17

Portugal 3.06

Pays-Bas 2.53

Norvège 2.50

Belgique 2.44

Luxembourg 2.42

Taïwan 2.24

Ile de Man 2.21


Espagne 1.48

Autriche 1.40

Bermudes 0.71

Suède 0.69

Suisse 0.62

Allemagne 0.46

Corée du Sud 0.44

Inde 0.18

Singapour 0.00

81.04




Warrants 3.90

Options 3.27


81.04

Pictet

NOTES AUX ETATS FINANCIERS AU 30 SEPTEMBRE 2011

539

NOTE 1 GENERALITES

Pictet (la "SICAV") est une Société d’Investissement à Capital Variable (SICAV) de droit luxembourgeois, soumise aux dispositions de la de la Partie I de la loi du 17 décembre 2010 depuis le 1er juillet 2011 (jusqu’au 30 juin 2011 la SICAV a été soumise aux dispositions de la Partie I de la loi modifiée du 20 décembre 2002).

La SICAV a été constituée, pour une durée illimitée, le 20 septembre 1991 sous la dénomination de Pictet Umbrella Fund (Pictet Fixed Income Fund depuis le 14 juin 1995, Pictet Funds (LUX) depuis le 28 avril 2006, Pictet depuis le 20 avril 2010) et ses statuts ont été publiés au Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg le 29 octobre 1991. Ils ont été modifiés par acte notarié du 30 octobre 1992, publié au Mémorial le 23 janvier 1993, également par acte notarié du 14 juin 1995, publié au Mémorial le 13 juillet 1995, par acte notarié du 8 novembre 1999, publié au Mémorial le 7 mars 2000, par acte notarié du 2 mai 2001, publié le 29 mai 2001, par acte notarié du 12 septembre 2003, publié le 7 octobre 2003, par acte notarié du 8 décembre 2005, publié le 21 décembre 2005, par acte notarié du 28 avril 2006, publié le 18 mai 2006, par acte notarié du 21 mai 2007, publié le 3 août 2007, par acte notarié du 27 octobre 2008, publié le 17 novembre 2008, par acte notarié du 23 janvier 2009, publié le 20 février 2009 et finalement par acte notarié du 9 avril 2010, publié le 7 mai 2010.

Pictet Funds (Europe) S.A., société anonyme ayant son siège social à Luxembourg, 3, boulevard Royal, Luxembourg, a été désignée comme société de gestion de la SICAV, à compter du 8 décembre 2005. C’est une société de gestion dans le sens du chapitre 15 de la loi du 17 décembre 2010.

Au 30 septembre 2011, Pictet comprend les 65 compartiments suivants:

Pictet - EUR Bonds libellé en Euro (EUR) Pictet - USD Government Bonds libellé en U.S. Dollar (USD) Pictet - CHF Liquidity libellé en Franc Suisse (CHF) Pictet - USD Liquidity libellé en U.S. Dollar (USD) Pictet - EUR Liquidity libellé en Euro (EUR) Pictet - EUR Corporate Bonds libellé en Euro (EUR) Pictet - Global Emerging Debt libellé en U.S. Dollar (USD) Pictet - World Government Bonds libellé en Euro (EUR) Pictet - EUR High Yield libellé en Euro (EUR) Pictet - EUR Short Mid-Term Bonds libellé en Euro (EUR) Pictet - USD Short Mid-Term Bonds libellé en U.S. Dollar (USD) Pictet - CHF Bonds libellé en Franc Suisse (CHF) Pictet - EUR Government Bonds libellé en Euro (EUR) Pictet - EUR Inflation Linked Bonds libellé en Euro (EUR) Pictet - Emerging Local Currency Debt libellé en U.S. Dollar (USD) Pictet - Asian Local Currency Debt libellé en U.S. Dollar (USD) Pictet - Global Emerging Currencies libellé en U.S. Dollar (USD) Pictet - JPY Liquidity libellé en Yen (JPY) Pictet - Latin American Local Currency Debt libellé en U.S. Dollar (USD) Pictet - USD Sovereign Liquidity libellé en U.S. Dollar (USD) Pictet - EUR Sovereign Liquidity libellé en Euro (EUR) Pictet - US High Yield libellé en U.S. Dollar (USD) Pictet - EUR Corporate Bonds Ex Financial libellé en Euro (EUR) Pictet - European Equity Selection libellé en Euro (EUR) Pictet - Small Cap Europe libellé en Euro (EUR)

Pictet

NOTES AUX ETATS FINANCIERS AU 30 SEPTEMBRE 2011 (suite)

540

Pictet - Emerging Markets libellé en U.S. Dollar (USD) Pictet - Eastern Europe libellé en Euro (EUR) Pictet - Europe Index libellé en Euro (EUR) Pictet - USA Index libellé en U.S. Dollar (USD) Pictet - European Sustainable Equities libellé en Euro (EUR) Pictet - Japan Index libellé en Yen (JPY) Pictet - Pacific Ex Japan Index libellé en U.S. Dollar (USD) Pictet - Digital Communication libellé en U.S. Dollar (USD) Pictet - Biotech libellé en U.S. Dollar (USD) Pictet - Premium Brands libellé en Euro (EUR) Pictet - Water libellé en Euro (EUR) Pictet - Indian Equities libellé en U.S. Dollar (USD) Pictet - Japanese Equity Opportunities libellé en Yen (JPY) Pictet - Asian Equities Ex Japan libellé en U.S. Dollar (USD) Pictet - Greater China libellé en U.S. Dollar (USD) Pictet - Japanese Equity Selection libellé en Yen (JPY) Pictet - Generics libellé en U.S. Dollar (USD) Pictet - Emerging Markets Index libellé en U.S. Dollar (USD) Pictet - Euroland Index libellé en Euro (EUR) Pictet - US Equity Growth Selection libellé en U.S. Dollar (USD) Pictet - Security libellé en U.S. Dollar (USD) Pictet - Clean Energy libellé en U.S. Dollar (USD) Pictet - Russian Equities libellé en U.S. Dollar (USD) Pictet - Timber libellé en U.S. Dollar (USD) Pictet - Agriculture libellé en Euro (EUR) Pictet - Global Megatrend Selection libellé en U.S. Dollar (USD) Pictet - US Equity Value Selection libellé en U.S. Dollar (USD) Pictet - Middle East And North Africa libellé en U.S. Dollar (USD) Pictet - Environmental Megatrend Selection libellé en Euro (EUR) Pictet - High Dividend Selection libellé en Euro (EUR) Pictet - Brazil Index (lancé le 12 juillet 2011) libellé en U.S. Dollar (USD) Pictet - Bric Index (lancé le 12 juillet 2011) libellé en U.S. Dollar (USD) Pictet - China Index (lancé le 12 juillet 2011) libellé en U.S. Dollar (USD) Pictet - India Index (lancé le 12 juillet 2011) libellé en U.S. Dollar (USD) Pictet - Latam Index (lancé le 12 juillet 2011) libellé en U.S. Dollar (USD) Pictet - Russia Index (lancé le 12 juillet 2011) libellé en U.S. Dollar (USD) Pictet - Piclife libellé en Franc Suisse (CHF) Pictet - Absolute Return Global Diversified libellé en Euro (EUR) Pictet - Absolute Return Global Conservative libellé en Euro (EUR) Pictet - Convertible Bonds libellé en Euro (EUR) En date du 11 avril 2011, le Conseil d’Administration a décidé :

• de fusionner le compartiment Pictet - Japanese Mid-Small Cap avec le compartiment Pictet - Japanese Equities 130/30 avec effet au 12 mai 2011 ;

• de renommer le compartiment Pictet - Japanese Equities 130/30 en Pictet - Japanese Equity Opportunities avec effet au 12 mai 2011.

Un nouveau prospectus est entré en vigueur en juillet 2011.

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Les avoirs nets constituant le patrimoine de chaque compartiment sont représentés par des actions, qui peuvent être de différentes classes. L’ensemble des compartiments constitue la SICAV. En cas d’émission de classes d’actions, les informations y relatives sont précisées dans les Annexes 1, 2 et 3 du prospectus en vigueur de la SICAV.

Le Conseil d’Administration peut également décider de créer pour chaque compartiment deux ou plusieurs classes d’actions dont les avoirs seront généralement investis suivant la politique d’investissement spécifique du compartiment concerné mais où les classes d’actions peuvent se distinguer par des structures de commission de souscription et/ou de remboursement spécifique, par des politiques de couverture de risque de change spécifiques, par des politiques de distribution spécifiques et/ou par des commissions de gestion ou de conseil spécifiques ou par d’autres spécificités applicables à chaque classe d’actions. Le cas échéant, ces informations sont précisées dans le prospectus en vigueur de la SICAV.

Sauf autre spécification au sein des Annexes 1, 2 et 3 du prospectus en vigueur de la SICAV, les actions peuvent être divisées au sein des compartiments en actions "I", "P", "R", "Z", "S", "IS", "J" et "MG".

Les actions "I" et "J" sont destinées aux investisseurs institutionnels au sens de l'article 174 de la loi du 17 décembre 2010 qui souhaitent investir un montant minimum initial, tel que précisé au sein de l’annexe du prospectus en vigueur de chaque compartiment.

Les commissions prélevées sur les actions "I" et "J" en faveur des intermédiaires sont de maximum 5% à l’entrée et de maximum 1% à la sortie.

Des actions "IS" sont créées au sein de certains compartiments indexés afin de les distinguer des actions "I" quant à la comptabilisation des frais d’investissement et de désinvestissement tel que plus amplement décrit au sein des annexes concernées dans le prospectus en vigueur. Les actions "IS" seront soumises aux mêmes conditions que les actions "I".

Les actions "P" et "R" ne requièrent pas de minimum d’investissement. De par leurs caractéristiques assez larges, elles répondent l’une et/ou l’autre aux différentes pratiques commerciales en vigueur à la date du prospectus en vigueur dans les pays où la SICAV est commercialisée, leur souplesse permettant le cas échéant de s’adapter à l’évolution des marchés ciblés.

Elles se distinguent uniquement par leurs commissions.

Les actions "P" : Commission d’entrée en faveur des intermédiaires de maximum 5% Commission de sortie en faveur des intermédiaires de maximum 1% Commission de gestion inférieure à celle appliquée aux actions "R"

Les actions "R" : Commission d’entrée en faveur des intermédiaires de maximum 5% Commission de sortie en faveur des intermédiaires de maximum 3% Commission de gestion supérieure à celle appliquée aux actions "P"

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Les actions "S" sont exclusivement réservées aux employés du groupe Pictet. Aucune commission d’intermédiaire n’est applicable aux souscriptions et aux rachats. Le Conseil d’Administration peut appliquer aux conversions une commission en faveur des intermédiaires d’un maximum de 2%.

Les actions "Z" sont réservées aux investisseurs institutionnels qui ont conclu avec Pictet & Cie Genève, ou toute autre entité du Groupe Pictet un contrat de rémunération spécifique.

Les commissions prélevées sur les actions "Z" en faveur des intermédiaires sont de maximum 5% à l’entrée et de maximum 1% à la sortie.

Les actions "MG" sont réservées aux investisseurs expressément agréés par le gestionnaire du compartiment concerné.

Les commissions prélevées sur les actions "MG" en faveur des intermédiaires sont de maximum 5% à l’entrée et de maximum 1% à la sortie.

Les actions peuvent être divisées en actions de capitalisation et en actions de distribution. Les actions de distribution "dy" auront droit à un dividende selon la décision de l’Assemblée Générale, alors que le montant correspondant des actions de capitalisation ne sera pas distribué mais investi dans la classe d’action concernée.

Le Conseil d’Administration peut également décider d’émettre des actions "dm" pour lesquelles un dividende mensuel peut être distribué. Ce dividende est en principe payé aux actionnaires de la sous–classe concernée inscrits dans le registre des actionnaires le 20ème jour du mois (le jour suivant si ce n'est pas un Jour Ouvrable) et est en principe payable 4 jours ouvrables dans la devise de la classe après la date ex.

Dans chaque compartiment, des actions émises dans d’autres devises que la devise de référence du compartiment peuvent être créées. Ces actions peuvent être hedgées (telles que définies ci-après) ou non hedgées.

Actions hedgées:

Les actions hedgées "H", viseront à couvrir dans une large mesure le risque de change de ces actions par rapport à une devise donnée. Ces actions seront soumises aux mêmes commissions d’entrée et de sortie que leurs actions correspondantes non hedgées.

Le montant minimal d’investissement applicable aux actions émises dans une autre devise que la devise de consolidation du compartiment est le montant minimum initial d’investissement applicable aux actions en question converti le jour de la valeur nette d’inventaire dans la devise applicable à cette classe.

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Dans chaque compartiment, le Conseil d’Administration pourra décider de lancer des actions « DH » « Duration Hedged » qui permettront aux investisseurs de bénéficier de la gestion du compartiment concerné en limitant les impacts éventuels liés aux mouvements de taux. La stratégie de couverture sera effectuée via des instruments dérivés (futures sur taux) et portera sur les points principaux de la courbe de taux et non sur chaque maturité prise individuellement. Il restera un risque résiduel de variation de courbe de taux. La duration des classes hedgées duration sera par ailleurs comprise entre -1 et +1. Si l'un de ces seuils est atteint, une action du gérant sera demandée pour revenir à une duration comprise entre ces deux seuils dans un délai raisonnable. Afin de pouvoir faire face aux appels de marge, les actifs attribuables aux classes hedgées duration pourraient ne pas être totalement investis et pourraient donc être en situation de sous investissement en raison même de la stratégie utilisée pour ces classes DH.

L’investisseur choisit la sous-classe d’actions à laquelle il souhaite souscrire sachant que, sauf restrictions contraires au sein des Annexes 1, 2 et 3 du prospectus en vigueur de la SICAV, tout investisseur réunissant les conditions d’accès d’une sous-classe d’actions déterminée, peut demander la conversion de ses actions en actions de cette sous-classe.

De la même façon, si un investisseur ne répond plus aux conditions d’accès de la sous-classe d’actions qu’il détient, le Conseil d’Administration se réserve le droit de demander à cet actionnaire la conversion de ses actions en actions d’une autre sous-classe d’actions.

Pooling:

Dans le but d’une gestion efficace et si les politiques d’investissement des compartiments le permettent, le Conseil d’Administration de la Société de Gestion peut décider de cogérer une partie ou la totalité des actifs de certains des compartiments de Pictet. Dans ce cas, les actifs de différents compartiments sont gérés en commun selon la technique susmentionnée. Les actifs co-gérés sont désignés sous le terme de "pool". Toutefois ces pools sont utilisés exclusivement à des fins de gestion interne. Ils ne constituent pas d’entités juridiques distinctes et ne sont pas directement accessibles aux investisseurs. Chaque compartiment co-géré se voit ainsi attribuer ses propres actifs.

Lorsque les actifs d’un compartiment sont gérés selon la dite technique, les actifs initialement attribuables à chaque compartiment co-géré sont déterminés en fonction de sa participation initiale dans le pool. Par la suite, la composition de ces actifs variera en fonction des apports ou retraits effectués par ces compartiments.

Le système de répartition évoqué ci-dessus s’applique en fait à chaque ligne d’investissement du pool. Dès lors, les investissements supplémentaires effectués au nom des compartiments co-gérés sont attribués à ces compartiments selon leurs droits respectifs, alors que les actifs vendus doivent être prélevés de la même manière sur les actifs attribuables à chacun des compartiments co-gérés.

Toutes les opérations bancaires liées à la vie du compartiment (dividendes, intérêts, frais non contractuels, dépenses) sont comptabilisées dans le pool et remontées d’un point de vue comptable, dans les compartiments au prorata de chacun d’eux et cela le jour de l’enregistrement de ces opérations (provisions de charges, enregistrement bancaire de dépenses et/ou de revenus). Par contre, les frais contractuels (droit de garde, frais administratif, frais de gestion...) sont comptabilisés directement dans les compartiments respectifs.

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L’actif et le passif attribuables à chacun des compartiments peuvent à tout moment être identifiés.

La méthode de pooling respecte la politique d’investissement de chacun des compartiments concernés.

Les résultats réalisés et/ou non réalisés sur investissements sont enregistrés dans le pool dans la devise de référence de celui-ci puis remontés dans le compartiment (ayant potentiellement une devise de référence différente de celle du pool) avec le cours de change du jour du calcul de la valeur nette d’inventaire et ce, sur base de sa quote-part d’investissement dans le pool.

L’état des actifs nets et l’état du portefeuille-titres et des autres actifs nets présentent la situation du portefeuille à la date de clôture pour laquelle sont utilisés les cours de change ainsi que la quote-part d’investissement du compartiment dans le(s) pool(s) à cette date.

Les données reprises dans l’état des opérations et des variations des actifs nets sous le libellé "Bénéfice/perte net(te) réalisé(e) sur ventes de titres - effet pooling" représentent :

• l’impact de change dû aux différentiels entre les cours de change utilisés à la date de clôture et ceux utilisés à chaque calcul de valeur nette d’inventaire;

• l’impact du différentiel de quote-part d’investissement dans le(s) pool(s) entre le pourcentage appliqué à la date de clôture et les pourcentages appliqués à chaque calcul de valeur nette d’inventaire.

NOTE 2 PRINCIPALES METHODES COMPTABLES

a) Généralités

Les états financiers sont préparés conformément à la réglementation en vigueur au Luxembourg.

b) Frais de constitution

Les frais de constitution sont amortis sur une période n’excédant pas cinq ans.

c) Conversion des devises étrangères pour chaque compartiment

Les avoirs en banque, les autres actifs nets, ainsi que la valeur d’évaluation des titres en portefeuille exprimés en d’autres devises que la devise du compartiment, sont convertis dans cette devise aux cours de change en vigueur à la date de clôture.

Les revenus et les frais exprimés en devises autres que la devise du compartiment sont convertis dans cette devise aux cours de change en vigueur à la date du paiement.

Les bénéfices et pertes de change en résultant sont enregistrés dans l’état des opérations.

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d) Etats financiers globalisés de la SICAV

Les états financiers globalisés de la SICAV sont établis en EUR et sont égaux à la somme des postes correspondants dans les états financiers de chaque compartiment convertis en EUR au cours de change en vigueur à la date de clôture.

e) Evaluation du portefeuille-titres

Les valeurs mobilières sont évaluées au cours le plus représentatif des marchés et/ou des opérations passées sur ces marchés par les gestionnaires ou d’autres acteurs de marché. Il peut s’agir du dernier cours connu ou du cours à toute autre heure des marchés jugée plus représentative par le Conseil d’Administration tenant compte des critères de liquidité et des opérations passées sur les marchés concernés.

En l’absence de cours, les valeurs sont évaluées sur la base de la valeur probable de réalisation, estimée avec prudence et bonne foi.

En particulier, le Conseil d’Administration a mis en place une procédure d’évaluation spécifique concernant les obligations de type high yield et les obligations d’émetteurs de pays émergents, selon laquelle ces titres sont évalués sur base de prix mid ou bid fournis par des intermédiaires financiers de premier ordre ou sur base de prix communiqués par des fournisseurs tels que Bloomberg, Telekurs, IDC ou Reuters.

Les avoirs liquides sont évalués à leur valeur nominale plus les intérêts courus.

Les parts/actions d’organismes de placement collectif de type ouvert sont évaluées sur base de la dernière valeur nette d’inventaire connue. Les parts/actions d’OPC de type fermé sont évaluées sur base de leur dernière valeur de marché disponible.

Les Instruments du Marché Monétaire qui ne sont pas cotés ou négociés sur une bourse de valeurs ou un autre Marché Réglementé et dont l’échéance résiduelle ne dépasse pas douze mois sont évalués selon la méthode de l’amortissement linéaire (linéarisation sur la durée de vie restant à courir de la différence entre la dernière valeur de marché et la valeur de remboursement). Cette règle n’est pas appliquée sur les compartiments Pictet - EUR Sovereign Liquidity et Pictet - USD Sovereign Liquidity. (voir point f) ci-après)

Les contrats à terme et contrats d’option qui ne sont pas négociés sur une bourse de valeurs ou un autre Marché Réglementé sont évalués à leur valeur de liquidation déterminée conformément aux règles fixées de bonne foi par le Conseil d’Administration, selon des critères uniformes pour chaque type de contrats. La valeur des contrats à terme et contrats d’option négociés sur une bourse de valeurs ou un autre Marché Réglementé est basée sur les cours de clôture ou de règlement (settlement) publiés par cette bourse de valeurs ou cet autre Marché Réglementé où les contrats en question sont principalement négociés. Si un contrat à terme ou contrat d’option n’a pas pu être liquidé à la date d’évaluation des actifs nets concernés, les critères de détermination de la valeur de liquidation d’un tel contrat à terme ou contrat d’option sont fixés par le Conseil d’Administration de façon juste et raisonnable.

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Pour certains compartiments, dans l’intérêt des actionnaires, dans la mesure où le Conseil d’Administration le juge approprié, considérant les conditions de marché et/ou le niveau des souscriptions et des rachats dans un compartiment donné, à apprécier par rapport à la taille de ce compartiment, la valeur nette d’inventaire de ce compartiment peut être calculée sur base des prix d’offre ou de rachat des titres en portefeuille et/ou ajustée en considérant les commissions de vente et les frais de négociation encourus ou ajustée en considérant l’impact résultant du différentiel entre le cours de négociation et de valorisation des investissements ou désinvestissements, et/ou les commissions de vente et/ou les frais de négociations encourus.

Des précisions supplémentaires sont indiquées dans le prospectus en vigueur de la SICAV.

f) Evaluation des titres des compartiments Sovereign Liquidity

L’évaluation des titres est faite en Marked to Market. Elle est calculée en tenant compte du spread de l’émetteur et des taux sans risque.

g) Evaluation des contrats à terme

L’évaluation des contrats à terme est basée sur le dernier cours connu.

h) Evaluation des Contracts For Difference

Les Contracts For Difference (CFD) sont valorisés sur base de la différence entre le cours de leur sous-jacent et le cours d’achat.

i) Evaluation des opérations de change à terme

Les bénéfices ou pertes de change non réalisés résultant des contrats de change à terme non échus sont déterminés au jour d’évaluation sur base des cours de change à terme applicables à cette date et sont enregistrés dans l’état des actifs nets.

j) Evaluation des Swaps de taux d’intérêts

Les flux futurs attendus, à percevoir et à verser en vertu des contrats Swaps, sont évalués à leur valeur actualisée. Quand un marché existe, ils sont évalués à leur valeur de marché.

k) Evaluation des Credit Default Swaps

Les Credit Default Swaps (CDS) sont conclus sur base de contrats ISDA avec des entreprises financières de premier ordre, spécialisées dans ce type d’opérations.

Les paramètres conduisant à l’évaluation des CDS sont : le taux de recouvrement, la probabilité de défaut ainsi que le "replacement spread". Le "replacement spread" représente le taux de prime auquel le CDS pourrait être renégocié.

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L’évaluation du CDS reflète la valeur actualisée de la protection que constitue le CDS par rapport à la courbe des taux zéro applicables à l’obligation sous-jacente.

l) Evaluation des Total Return Swaps

Les flux versés par le compartiment, en vertu des contrats Total Return Swaps sont actualisés à la date de valorisation aux taux zéro-coupon Swap correspondant à la maturité de ces flux. Le flux reçu par l’acheteur de la protection, qui correspond à une combinaison d’options, est aussi actualisé, et est fonction de plusieurs paramètres, dont notamment le prix, la volatilité et les probabilités de défauts de l’actif sous-jacent. La valeur des contrats de Total Return Swaps résulte de la différence entre les deux flux actualisés précédemment décrits.

m) Contrats de "Repurchase agreement"

Les contrats de "Repurchase agreements" ("repos") sont des contrats selon lesquels des investissements sont acquis par une contrepartie étant entendu que ces investissements seront rachetés par le vendeur (la SICAV) à un prix et une échéance donnés, fixés lors de la conclusion du contrat. A ce titre, les repos sont équivalents à des emprunts garantis par des investissements sous-jacents qui restent inclus dans le portefeuille titres de la SICAV et soumis au risque de marché.

Les repos sont comptabilisés à l’actif comme des emprunts à hauteur des liquidités reçues. Au passif est comptabilisée la dette représentative des titres vendus à réméré. Les intérêts sont provisionnés et comptabilisés séparément et sont inclus dans un compte de passif adéquat.

n) Plus/Moins-values nettes réalisées sur investissements

Les bénéfices ou pertes réalisés sur ventes de titres sont calculés sur base du coût moyen.

o) Coût d’acquisition des titres en portefeuille

Pour les titres libellés en devises autres que la devise du compartiment, le coût d’acquisition est calculé sur base du cours de change en vigueur au jour de l’achat.

p) Revenus

Les dividendes sont reconnus à la date de détachement. Les intérêts sont comptabilisés prorata-temporis.

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q) Evaluation des investissements en "Private Equity"

1. Fréquence de valorisation des titres "Private Equity"

L’entrée de tels titres dans le portefeuille se fait au coût d’achat. La fréquence de valorisation est dépendante de l’identification d’événements importants affectant le titre. En cas d’absence d’événements, une revue au moins semestrielle de l’évaluation est faite. Parmi les événements déclenchant le processus d’évaluation figurent notamment :

• Des profits sensiblement inférieurs/supérieurs aux attentes • Un nouveau tour de financement initié par la société • Une nouvelle transaction (initiée par un investisseur tiers) • Des opérations de restructurations.

2. Processus de valorisation

Le service "Private Equity" de la Banque Dépositaire prépare une recommandation de mise à jour des prix sur base de l’analyse fondamentale et prévisionnelle et sur base des autres informations financières disponibles.

La recommandation est transmise au Réviseur d’entreprises agréé de la SICAV pour avis sur le caractère raisonnable et pertinent de la méthode d’évaluation, le respect de la permanence des méthodes d’évaluation et sur la conformité de la méthode d’évaluation avec les règles de valorisation émises par l’European Private Equity and Venture Capital Association (EVCA). Cet avis est généralement demandé avant la mise à jour des prix mais si les circonstances l’exigent peut être requis à posteriori.

La recommandation est ensuite soumise au Conseil d’Administration de la SICAV pour analyse et ratification officielle.

r) Changement de méthode comptable des contrats à terme et CFD

Suite à l'implémentation d'un nouveau software banque dépositaire (Avaloq en remplacement de SFI) le 1er août 2011, le traitement comptable des contrats à terme et CFD dans l'outil comptable Multifonds a été modifié.

La méthode appliquée dorénavant consiste à enregistrer, à chaque calcul de valeur nette d’inventaire, l’appel de marge dans les comptes de plus et moins-values réalisées sur contrats à terme par la contrepartie du compte banque.

L’état des actifs nets ne fait donc plus apparaitre de plus et moins-value non réalisées sur contrats à terme séparément.

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s) Valeur nette d'inventaire de clôture

Au 30 septembre 2011, les valeurs nettes d’inventaire (VNI) officielles (servant de base aux souscriptions et rachats à cette date) et les VNI des présents états financiers ont été déterminées pour chacun des compartiments sur base de valorisation des actifs sous-jacents aux derniers cours disponibles à cette date.

Pour les actifs négociés sur les marchés américains et européens des compartiments suivants, les derniers cours disponibles considérés étaient ceux de la clôture des marchés le 29 septembre 2011 :

Pictet - EUR Bonds Pictet - USD Government Bonds Pictet - EUR Corporate Bonds Pictet - Global Emerging Debt Pictet - World Government Bonds Pictet - EUR High Yield Pictet - EUR Short Mid-Term Bonds Pictet - CHF Bonds Pictet - EUR Government Bonds Pictet - EUR Inflation Linked Bonds Pictet - Emerging Local Currency Debt Pictet - Global Emerging Currencies Pictet - Latin American Local Currency Debt Pictet - USD Sovereign Liquidity Pictet - EUR Sovereign Liquidity Pictet - US High Yield Pictet - European Equity Selection Pictet - Small Cap Europe Pictet - Emerging Markets Pictet - Eastern Europe Pictet - European Sustainable Equities Pictet - Digital Communication Pictet - Biotech Pictet - Premium Brands Pictet - Water Pictet - Generics Pictet - US Equity Growth Selection Pictet - Security Pictet - Clean Energy Pictet - Timber Pictet - Agriculture Pictet - Global Megatrend Selection Pictet - Environmental Megatrend Selection Pictet - High Dividend Selection Pictet - Piclife Pictet - Convertible Bonds Tous les autres compartiments ont été évalués sur base des cours de clôture des marchés au 30 septembre 2011.

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Pour les compartiments suivants, une différence significative entre les VNI officielles basées sur les cours de clôture du 29 septembre 2011 et les VNI calculées sur la base des cours de clôture au 30 septembre 2011 a été relevée et ce sont ces dernières qui ont été utilisées pour les besoins des états financiers:

Compartiment Devise VNI officielle VNI calculée pour les besoins des états financiers

Impact sur

la VNIPictet - Global Emerging Debt USD 2,840,896,069.51 2,795,302,363.86 -1.60%Pictet - World Government Bonds EUR 178,390,113.81 180,795,151.85 1.35%Pictet - EUR Inflation Linked Bonds EUR 178,202,615.04 180,226,225.84 1.14%Pictet - Emerging Local Currency Debt USD 8,829,958,999.69 8,727,451,975.60 -1.16%Pictet - Global Emerging Currencies USD 1,006,102,870.12 994,273,150.94 -1.18%Pictet - Latin American Local Currency Debt USD 407,793,718.30 401,718,698.40 -1.49%Pictet - US High Yield USD 1,414,103,717.99 1,394,024,925.18 -1.42%Pictet - European Equity Selection EUR 202,429,744.64 199,740,154.81 -1.33%Pictet - Small Cap Europe EUR 160,686,397.38 158,518,565.50 -1.35%Pictet - Emerging Markets USD 985,801,016.17 976,743,319.12 -0.92%Pictet - Eastern Europe EUR 312,111,641.45 307,817,379.90 -1.38%Pictet - European Sustainable Equities EUR 85,856,493.26 84,818,087.31 -1.21%Pictet - Digital Communication USD 151,867,083.36 148,628,963.46 -2.13%Pictet - Biotech USD 937,500,759.69 917,040,721.42 -2.18%Pictet - Premium Brands EUR 455,289,827.40 440,598,341.31 -3.23%Pictet - Water EUR 2,028,833,628.75 2,009,919,715.95 -0.93%Pictet - Generics USD 359,149,340.08 354,508,996.46 -1.29%Pictet - US Equity Growth Selection USD 885,244,913.71 855,427,644.89 -3.37%Pictet - Security USD 199,255,867.31 194,599,113.24 -2.34%Pictet - Clean Energy USD 373,269,231.25 366,318,013.48 -1.86%Pictet - Timber USD 186,859,964.58 182,833,398.43 -2.15%Pictet - Agriculture EUR 187,145,460.66 183,157,891.40 -2.13%Pictet - Global Megatrend Selection USD 870,325,376.33 850,914,760.82 -2.23%Pictet - Environmental Megatrend Selection EUR 18,386,462.37 18,160,724.79 -1.23%Pictet - Convertible Bonds EUR 636,953,347.57 639,759,649.85 0.44%

Ces différences n'ont eu aucun impact sur les souscriptions et rachats du compartiment.

NOTE 3 TAXE D’ABONNEMENT

En vertu de la législation et des règlements actuellement en vigueur, la SICAV n’est assujettie à aucun impôt sur le revenu. La SICAV est soumise à une taxe d’abonnement au taux annuel de 0.05% de l’actif net, payable trimestriellement et calculée sur l’actif net à la fin de chaque trimestre. Cette taxe sera cependant réduite à 0.01% pour les actifs afférents aux actions réservées aux investisseurs institutionnels. La partie des actifs nets investie dans des parts d’autres organismes de placement collectif luxembourgeois, pour autant que ces parts aient déjà été soumises à la taxe d’abonnement, est exonérée de cette taxe.

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NOTE 4 COMMISSION DE CONSEIL EN INVESTISSEMENT ET DE GESTION

La Société de Gestion a délégué la fonction de gestion pour chaque compartiment à un ou plusieurs gestionnaires.

La Société de Gestion peut mandater pour chaque compartiment un ou plusieurs Conseillers en Investissement avec la mission de conseiller la Société de Gestion sur les opportunités d’investissement de la SICAV.

La Société de Gestion reçoit des compartiments des commissions de gestion destinées à rémunérer les Gestionnaires, les Conseillers en Investissement et les Distributeurs, le cas échéant. Cette commission s’impute sur chaque compartiment, respectivement sur les sous-classes d’actions, ainsi que sur leurs éventuelles actions correspondantes, au prorata de leurs avoirs nets.

Les taux de commission annuels maximum applicables au 30 septembre 2011 sont les suivants:

Actions I

(max)Actions P

(max)Actions R

(max) Actions Z

(max)Actions J

(max) Pictet - EUR Bonds 0.60% 0.90% 1.25% 0.00% 0.45%

Pictet - USD Government Bonds 0.30% 0.60% 0.90% 0.00% -

Pictet - CHF Liquidity 0.15% 0.18% 0.25% 0.00% 0.10%

Pictet - USD Liquidity 0.15% 0.30% 0.60% 0.00% 0.10%

Pictet - EUR Liquidity 0.15% 0.30% 0.60% 0.00% 0.10%

Pictet - EUR Corporate Bonds 0.60% 0.90% 1.25% 0.00% -

Pictet - Global Emerging Debt 1.10% 1.45% 1.75% 0.00% -

Pictet - World Government Bonds 0.30% 0.60% 0.90% 0.00% -

Pictet - EUR High Yield 1.10% 1.45% 1.75% 0.00% -

Pictet - EUR Short Mid-Term Bonds * 0.35% 0.60% 0.90% 0.00% -

Pictet - USD Short Mid-Term Bonds 0.35% 0.60% 0.90% 0.00% -

Pictet - CHF Bonds 0.45% 0.80% 1.05% 0.00% -

Pictet - EUR Government Bonds 0.30% 0.60% 0.90% 0.00% -

Pictet - EUR Inflation Linked Bonds 0.45% 0.90% 1.20% 0.00% -

Pictet - Emerging Local Currency Debt 1.05% 2.10% 3.00% 0.00% 1.05%

Pictet - Asian Local Currency Debt 1.05% 2.10% 3.00% 0.00% -

Pictet - Global Emerging Currencies 1.05% 2.10% 3.00% 0.00% 1.05%

Pictet - JPY Liquidity 0.15% 0.30% 0.60% 0.00% 0.10%

Pictet - Latin American Local Currency Debt 1.05% 2.10% 3.00% 0.00% -

Pictet - USD Sovereign Liquidity 0.15% 0.30% 0.60% 0.00% 0.10%

Pictet - EUR Sovereign Liquidity 0.15% 0.30% 0.60% 0.00% 0.10%

Pictet - US High Yield 1.10% 1.45% 1.75% 0.00% -

Pictet - EUR Corporate Bonds Ex Financial 0.60% 0.90% 1.25% 0.00% -

Pictet - European Equity Selection 0.90% 1.80% 2.50% 0.00% -

Pictet - Small Cap Europe 1.20% 2.40% 2.90% 0.00% -

* Pour les classes d’actions HI CHF et HP CHF, les taux sont respectivement de 0.25% et 0.35% pour le compartiment Pictet - EUR Short Mid-Term Bonds.

Pictet


552

Actions I

(max)Actions P

(max)Actions R

(max) Actions Z

(max)Actions J

(max) Pictet - Emerging Markets 2.00% 2.50% 2.90% 0.00% -

Pictet - Eastern Europe 1.80% 2.40% 2.90% 0.00% -

Pictet - Europe Index 0.30% 0.45% 0.90% 0.00% -

Pictet - USA Index 0.30% 0.45% 0.90% 0.00% -

Pictet - European Sustainable Equities 0.65% 1.20% 1.80% 0.00% -

Pictet - Japan Index 0.30% 0.45% 0.90% 0.00% -

Pictet - Pacific Ex Japan Index 0.25% 0.40% 0.85% 0.00% -

Pictet - Digital Communication 1.20% 2.40% 2.90% 0.00% -

Pictet - Biotech 1.20% 2.40% 2.90% 0.00% -

Pictet - Premium Brands 1.20% 2.40% 2.90% 0.00% -

Pictet - Water 1.20% 2.40% 2.90% 0.00% -

Pictet - Indian Equities 1.20% 2.40% 2.90% 0.00% -

Pictet - Japanese Equity Opportunities 0.90% 1.80% 2.50% 0.00% -

Pictet - Asian Equities Ex Japan 1.20% 2.40% 2.90% 0.00% -

Pictet - Greater China 1.20% 2.40% 2.90% 0.00% -

Pictet - Japanese Equity Selection 0.90% 1.80% 2.50% 0.00% -

Pictet - Generics 1.20% 2.40% 2.90% 0.00% -

Pictet - Emerging Markets Index 0.60% 0.90% 1.35% 0.00% -

Pictet - Euroland Index 0.30% 0.45% 0.90% 0.00% -

Pictet - US Equity Growth Selection 0.90% 1.80% 2.50% 0.00% -

Pictet - Security 1.20% 2.40% 2.90% 0.00% -

Pictet - Clean Energy 1.20% 2.40% 2.90% 0.00% -

Pictet - Russian Equities 1.90% 2.40% 2.90% 0.00% -

Pictet - Timber 1.20% 2.40% 2.90% 0.00% -

Pictet - Agriculture 1.20% 2.40% 2.90% 0.00% -

Pictet - Global Megatrend Selection 1.20% 2.40% 2.90% 0.00% -

Pictet - US Equity Value Selection 0.90% 1.80% 2.50% 0.00% -

Pictet - Middle East And North Africa 1.20% 2.40% 3.45% 0.00% -

Pictet - Environmental Megatrend Selection 1.20% 2.40% 2.90% 0.00% -

Pictet - High Dividend Selection 1.20% 2.40% 2.90% 0.00% -

Pictet - Brazil Index 0.225% 0.45% 0.675% 0.00% -

Pictet - Bric Index 0.263% 0.525% 0.788% 0.00% -

Pictet - China Index 0.225% 0.45% 0.675% 0.00% -

Pictet - India Index 0.375% 0.75% 1.125% 0.00% -

Pictet - Latam Index 0.263% 0.525% 0.788% 0.00% -

Pictet - Russia Index 0.225% 0.45% 0.675% 0.00% -

Pictet - Piclife ** 1.00% 1.50% 2.00% 0.00% -

Pictet - Absolute Return Global Diversified 0.70% 1.50% 2.20% 0.00% -

Pictet - Absolute Return Global Conservative 0.50% 1.00% 1.45% 0.00% -

Pictet - Convertible Bonds *** 1.20% 2.40% 3.45% - -

** Pour la classe d’actions S, le taux est de 0.50% pour le compartiment Pictet - Piclife.

*** Pour la classe d’actions MG, le taux est de 2.40% pour le compartiment Pictet Convertible Bonds.

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NOTE 5 COMMISSION DE SERVICE

Une commission de service annuelle, calculée sur la moyenne des valeurs nettes d’inventaire de chaque compartiment est payée, trimestriellement ou mensuellement, selon les termes des contrats, à la Société de Gestion en rémunération des services qu’elle fournit à la SICAV. Cette commission permet également à la Société de Gestion de rémunérer Pictet & Cie (Europe) S.A. pour ses fonctions d’agent de transfert, d’agent administratif et d’agent payeur. Les taux de commission maximum applicables au 30 septembre 2011 sont les suivants:

Actions non-hedgées

(max)

Actions hedgées

(max) Pictet - EUR Bonds 0.30% 0.35% Pictet - USD Government Bonds 0.15% - Pictet - CHF Liquidity 0.05% - Pictet - USD Liquidity 0.10% - Pictet - EUR Liquidity 0.10% - Pictet - EUR Corporate Bonds 0.30% 0.35% Pictet - Global Emerging Debt * 0.30% 0.35% Pictet - World Government Bonds 0.15% - Pictet - EUR High Yield 0.30% 0.35% Pictet - EUR Short Mid-Term Bonds 0.10% 0.15% Pictet - USD Short Mid-Term Bonds 0.10% - Pictet - CHF Bonds 0.30% - Pictet - EUR Government Bonds 0.15% 0.20% Pictet - EUR Inflation Linked Bonds 0.15% 0.20% Pictet - Emerging Local Currency Debt 0.40% 0.45% Pictet - Asian Local Currency Debt 0.40% 0.45% Pictet - Global Emerging Currencies 0.40% 0.45% Pictet - JPY Liquidity 0.10% - Pictet - Latin American Local Currency Debt 0.40% 0.45% Pictet - USD Sovereign Liquidity 0.10% - Pictet - EUR Sovereign Liquidity 0.10% - Pictet - US High Yield 0.30% 0.35% Pictet - EUR Corporate Bonds Ex Financial 0.30% 0.35% Pictet - European Equity Selection 0.40% - Pictet - Small Cap Europe 0.45% - Pictet - Emerging Markets 0.40% 0.45% Pictet - Eastern Europe 0.80% - Pictet - Europe Index 0.10% - Pictet - USA Index 0.10% 0.15% Pictet - European Sustainable Equities 0.45% -

* Pour la classe d’actions HZ EUR, le taux est de 0.30% pour le compartiment Pictet Global Emerging Debt.

Pictet


554

Actions non-hedgées

(max)

Actions hedgées

(max) Pictet - Japan Index 0.10% 0.15% Pictet - Pacific Ex Japan Index 0.05% - Pictet - Digital Communication 0.40% 0.45% Pictet - Biotech 0.45% 0.50% Pictet - Premium Brands 0.45% 0.50% Pictet - Water 0.45% 0.50% Pictet - Indian Equities 0.65% - Pictet - Japanese Equity Opportunities 0.40% 0.45% Pictet - Asian Equities Ex Japan 0.35% 0.40% Pictet - Greater China 0.45% 0.50% Pictet - Japanese Equity Selection 0.40% 0.45% Pictet - Generics 0.45% 0.50% Pictet - Emerging Markets Index 0.10% - Pictet - Euroland Index 0.10% - Pictet - US Equity Growth Selection 0.30% 0.35% Pictet - Security 0.45% 0.50% Pictet - Clean Energy 0.45% 0.50% Pictet - Russian Equities 0.80% 0.85% Pictet - Timber 0.45% 0.50% Pictet - Agriculture 0.45% 0.50% Pictet - Global Megatrend Selection 0.45% 0.50% Pictet - US Equity Value Selection 0.30% 0.35% Pictet - Middle East And North Africa 0.50% 0.55% Pictet - Environmental Megatrend Selection 0.45% 0.50% Pictet - High Dividend Selection 0.45% 0.50% Pictet - Brazil Index 0.10% - Pictet - Bric Index 0.10% - Pictet - China Index 0.10% - Pictet - India Index 0.10% - Pictet - Latam Index 0.10% - Pictet - Russia Index 0.10% - Pictet - Piclife 0.20% - Pictet - Absolute Return Global Diversified 0.30% 0.35% Pictet - Absolute Return Global Conservative 0.30% 0.35% Pictet - Convertible Bonds 0.35% 0.40%

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NOTE 6 AUTRES FRAIS A PAYER

Au 30 septembre 2011, les autres frais à payer regroupent essentiellement des frais d’administration et de banque dépositaire et des commissions de service.

NOTE 7 COMMISSION SUR EMISSION, RACHAT ET/OU CONVERSION D’ACTIONS

Le prix d’émission des actions de chaque compartiment (ou le cas échéant de la sous-classe d’actions) est équivalent à la valeur nette d’inventaire d’une action (respectivement de la sous-classe d’actions) de ce compartiment calculée à la première date de détermination de la valeur nette d’inventaire qui suit la date de souscription.

Ce prix peut être majoré de commissions d’intermédiaires qui n’excéderont pas 5% de la valeur nette d’inventaire par action du compartiment concerné et qui seront prélevées en faveur des intermédiaires et/ou distributeurs intervenant dans le placement des actions de la SICAV. Les commissions d’intermédiaires varient suivant la sous-classe d’action.

Le prix de remboursement des actions (ou le cas échéant de la sous-classe d’actions) de chaque compartiment est équivalent à la valeur nette d’inventaire d’une action (respectivement de la sous-classe d’actions) de ce compartiment calculée à la première date de détermination de la valeur nette d’inventaire qui suit la date de demande de remboursement.

Ce montant peut être diminué d’une commission d’intermédiaire prélevée en faveur des intermédiaires et/ou distributeurs, pouvant aller jusqu’à 3% de la valeur nette d’inventaire par action. Les commissions d’intermédiaire varient suivant la sous-classe d’actions.

Le Conseil d’Administration est habilité en certaines circonstances à mettre en compte une "Commission de Dilution" de maximum 2% de la valeur nette d’inventaire par action sur le prix d’émission, de remboursement et/ou de conversion d’actions, ainsi que décrit au chapitre "Commission de Dilution" du prospectus en vigueur. La Commission de Dilution effective mise en compte lors de tout Jour d’Evaluation s’applique de manière équitable à l’ensemble des actionnaires du compartiment concerné.

Le Conseil d’Administration est habilité à mettre en compte des corrections de la valeur nette d’inventaire telles que décrites au chapitre « Calcul de la valeur nette d’inventaire » du prospectus en vigueur.

NOTE 8 COMMISSION DE PERFORMANCE

Pour le compartiment Pictet - Convertible Bonds, la commission de performance est calculée sur la base de l’excès de la valeur nette d’inventaire (ci-après la « VNI ») par action du compartiment concerné par rapport à une VNI de référence.

La période de référence correspond à l’exercice fiscal de la SICAV.

Pictet


556

La commission de performance est calculée sur la base de la VNI après déduction de tous les frais et engagements, de la commission de gestion (mais pas de la commission de performance) et ajustée pour prendre en compte toutes les souscriptions et tous les rachats de la période de référence.

Si des actions sont rachetées à une autre date que celle de paiement de la commission de performance, alors qu’une commission de performance est provisionnée, la partie de la commission de performance attribuable aux actions rachetées sera payée à la fin de la période.

L’ajustement sur les souscriptions consiste à retirer de la provision pour commission de performance calculée sur base du nombre d’actions sous-jacentes, la commission de performance relative aux actions souscrites entre la période antérieure jusqu’à la date de souscription. Ainsi, sur ces actions, aucune commission de performance ne sera provisionnée pour une performance antérieure à la date de souscription.

La commission de performance est calculée à chaque jour d’évaluation au taux de 20% appliqué sur la différence entre la VNI par action à ce jour d’évaluation et la VNI de référence, multipliée par le nombre d’actions en circulation à ce jour d’évaluation.

A chaque jour d’évaluation, une provision représentant la commission de performance calculée sur la base de la différence entre la VNI par action et la VNI de référence, est déduite des actifs nets du compartiment et la provision constituée lors du jour d’évaluation précédent est extournée. Lorsque la VNI par action est inférieure à la VNI de référence, la provision est nulle, mais ne pourra jamais être négative.

En application du principe de High Water Mark, la VNI de référence est la dernière VNI par action ayant donné lieu au paiement d’une commission de performance. La VNI de référence est à prendre en compte après déduction de la commission de performance.

Lors d’une éventuelle distribution d’un dividende au courant de l’exercice la VNI de référence sera diminuée du montant distribué par action.

Le calcul de la commission de performance est détaillé dans le prospectus en vigueur.

Pour l’exercice clôturé au 30 septembre 2011, cette commission s’élevait à EUR 1,879,790.26 pour le compartiment Pictet - Convertible Bonds.

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NOTE 9 TAUX DE CHANGE AU 30 SEPTEMBRE 2011

Les taux de change utilisés pour la conversion en EUR des différents postes afférents aux compartiments libellés dans une devise autre que l’EUR au 30 septembre 2011 sont les suivants :

1 EUR = 1.218670 CHF 1 EUR = 0.861281 GBP 1 EUR = 103.423312 JPY 1 EUR = 1.341704 USD

NOTE 10 CONTRATS A TERME

Au 30 septembre 2011, la SICAV avait en cours les contrats Futures suivants :

Pictet - EUR Bonds Maturité Devise Engagement

en EURAchat de 0.12 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 10,421.52Achat de 2.85 KOREA BONDS FUTURE 3 YEARS 20/12/2011 KRW 184,603.81Achat de 6.27 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 761,849.24Achat de 10.85 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 1,245,324.24Achat de 23.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 2,394,256.86Achat de 34.04 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 4,603,996.56Achat de 58.62 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 6,420,358.26Achat de 65.42 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 7,954,336.89Vente de 24.66 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -2,998,503.74Vente de 10.53 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR -1,424,679.44Vente de 1.16 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -110,318.25Vente de 0.20 AUD CASH RATE FUTURE 30 DAYS 30/12/2011 AUD -33,535.18Vente de 0.08 AUD CASH RATE FUTURE 30 DAYS 31/10/2011 AUD -13,470.63

Pictet - USD Government Bonds Maturité Devise Engagement

en USDAchat de 9.00 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 1,409,906.25Achat de 12.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 2,642,437.44Achat de 15.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 2,131,406.25Vente de 2.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD -440,406.24Vente de 1.00 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD -156,656.25

Pictet - EUR Liquidity Maturité Devise Engagement

en EURVente de 50.00 LIFFE 3M EURIBOR FUTURES 19/12/2011 EUR -12,343,750.00

Pictet - EUR Corporate Bonds Maturité Devise Engagement

en EURAchat de 9.62 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 1,169,034.99Achat de 927.53 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 101,587,793.78Vente de 673.52 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -81,893,066.08Vente de 287.69 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR -38,909,862.41

Pictet


558

Pictet - Global Emerging Debt Maturité Devise Engagement

en USDAchat de 42.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 5,145,328.02Achat de 89.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 12,646,343.75Achat de 122.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 22,520,789.93Achat de 787.00 KOREA BONDS FUTURE 3 YEARS 20/12/2011 KRW 69,694,938.03Achat de 2,273.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 377,210,531.31Vente de 557.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -72,401,299.66Vente de 45.00 AUD CASH RATE FUTURE 30 DAYS 30/12/2011 AUD -10,452,671.06Vente de 18.00 AUD CASH RATE FUTURE 30 DAYS 31/10/2011 AUD -4,155,568.79

Pictet - World Government Bonds Maturité Devise Engagement

en EURAchat de 2.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD 190,473.38Achat de 5.00 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 573,892.92Achat de 11.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 1,337,489.26Achat de 12.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 1,249,307.54

Pictet - EUR High Yield Maturité Devise Engagement

en EURAchat de 266.92 USA TREASURY BOND 30 YEARS 20/12/2011 USD 27,789,137.32

Pictet - EUR Short Mid-Term Bonds Maturité Devise Engagement

en EURAchat de 18.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 1,971,450.00Vente de 30.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR -4,057,500.00

Pictet - USD Short Mid-Term Bonds Maturité Devise Engagement

en USDAchat de 140.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 30,828,436.80Vente de 271.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD -33,193,266.98

Pictet - CHF Bonds Maturité Devise Engagement

en CHFAchat de 51.57 EUREX FUTURE S/6% CONF. 8-13 ANS 09/12/2011 CHF 7,580,361.55Achat de 171.30 EURO CHF 3 MOIS 16/12/2011 CHF 42,837,771.69Achat de 236.69 EURO CHF 3 MOIS 19/03/2012 CHF 59,225,327.56Vente de 407.99 EURO CHF 3 MOIS 17/12/2012 CHF -101,823,602.01

Pictet - EUR Government Bonds Maturité Devise Engagement

en EURAchat de 37.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 4,498,830.00

Pictet - EUR Inflation Linked Bonds Maturité Devise Engagement

en EURAchat de 10.00 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 1,147,786.48Achat de 16.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 1,665,744.30Achat de 29.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 3,526,110.00

Pictet


559

Pictet - Emerging Local Currency Debt Maturité Devise Engagement

en USDAchat de 85.88 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 10,521,250.87Achat de 174.76 USA TREASURY BOND 30 YEARS 20/12/2011 USD 24,832,370.14Achat de 373.49 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 68,944,644.96Achat de 2,105.11 KOREA BONDS FUTURE 3 YEARS 20/12/2011 KRW 186,370,375.04Achat de 4,614.67 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 765,817,859.99Vente de 856.83 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -111,373,945.04Vente de 145.80 AUD CASH RATE FUTURE 30 DAYS 30/12/2011 AUD -33,856,099.50Vente de 58.92 AUD CASH RATE FUTURE 30 DAYS 31/10/2011 AUD -13,599,533.52

Pictet - Asian Local Currency Debt Maturité Devise Engagement

en USDAchat de 138.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 19,608,781.72Achat de 155.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 28,353,267.60Achat de 1,717.99 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 282,523,880.52Achat de 2,415.98 KOREA BONDS FUTURE 3 YEARS 20/12/2011 KRW 212,538,963.72Vente de 392.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -50,953,472.18Vente de 50.00 AUD CASH RATE FUTURE 30 DAYS 30/12/2011 AUD -11,492,121.29Vente de 20.00 AUD CASH RATE FUTURE 30 DAYS 31/10/2011 AUD -4,569,283.73Vente de 39.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD -4,777,766.63

Pictet - Latin American Local Currency Debt Maturité Devise Engagement

en USDAchat de 33.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 4,689,093.75Achat de 35.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 6,460,882.36Achat de 434.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 72,023,480.24Vente de 65.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -8,448,984.70

Pictet - EUR Corporate Bonds Ex Financial Maturité Devise Engagement

en EURAchat de 44.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 6,005,560.00Achat de 125.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 13,703,125.00Vente de 53.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -6,472,890.00Vente de 4.00 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR -493,760.00

Pictet


560

Pictet - USA Index Maturité Devise Engagement

en USDAchat de 94.00 S & P E-MINI 500 STOCK INDEX 16/12/2011 USD 5,340,962.50

Pictet - Japan Index Maturité Devise Engagement

en JPYAchat de 64.00 INDICE TOKYO STOCK EXCH. -TOPIX- 08/12/2011 JPY 487,148,800.00

Pictet - Emerging Markets Index Maturité Devise Engagement

en USDAchat de 40.00 MSCI EMERGING MARKETS MINI INDEX 16/12/2011 USD 1,774,400.00

Pictet - Piclife Maturité Devise Engagement

en CHFAchat de 0.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 177.52Achat de 0.04 KOREA BONDS FUTURE 3 YEARS 20/12/2011 KRW 3,144.48Achat de 0.11 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 15,991.17Achat de 0.15 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 21,020.47Achat de 0.32 USA TREASURY BOND 30 YEARS 20/12/2011 USD 40,417.70Achat de 0.91 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 134,382.30Achat de 2.85 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 380,499.15Achat de 4.00 INDICE 10 YEARS CANADIAN BONDS 19/12/2011 CAD 457,182.50Achat de 4.47 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 737,354.24Achat de 10.00 S & P / TSX 60 INDEX 15/12/2011 CAD 1,157,873.37Achat de 14.00 INDICE FTSE 100 16/12/2011 GBP 1,024,110.08Achat de 17.00 INDICE NIKKEI 225 TOKYO 08/12/2011 JPY 1,734,451.53Achat de 19.43 EUREX FUTURE S/6% CONF. 8-13 ANS 09/12/2011 CHF 2,855,213.97Achat de 31.00 EUROSTOXX 50 ESTX 50 EUR -PRICE- 19/12/2011 EUR 818,338.67Achat de 33.00 S & P 500-STOCK (OS) SPX 15/12/2011 USD 8,495,118.47Achat de 14.70 EURO CHF 3 MOIS 16/12/2011 CHF 3,676,153.00Achat de 20.31 EURO CHF 3 MOIS 19/03/2012 CHF 5,082,462.44Achat de 36.00 SMI INDEX OHNE DIVIDENDENKORREKT. 19/12/2011 CHF 1,985,896.80Vente de 35.01 EURO CHF 3 MOIS 17/12/2012 CHF -8,738,062.82Vente de 1.82 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -269,982.98Vente de 0.78 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR -128,277.05Vente de 0.02 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -1,879.13Vente de 0.00 AUD CASH RATE FUTURE 30 DAYS 30/12/2011 AUD -571.23Vente de 0.00 AUD CASH RATE FUTURE 30 DAYS 31/10/2011 AUD -229.45

Pictet - Absolute Return Global Diversified Maturité Devise Engagement

en EURAchat de 7.39 IND. E-MINI RUSSELL 2000 (USD) 16/12/2011 USD 362,207.65Achat de 10.92 S & P / TSX 60 INDEX 15/12/2011 CAD 1,037,373.51Achat de 11.00 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD 792,236.69Achat de 22.00 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD 771,712.06Achat de 35.00 JAPANESE FUTURE BONDS 10 YEARS 09/12/2011 JPY 47,877,925.28Achat de 40.00 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW 2,884,849.30Achat de 58.93 S & P 500-STOCK (OS) SPX 15/12/2011 USD 12,442,908.99Achat de 68.00 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD 2,878,029.52Achat de 76.00 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK 764,235.44Achat de 83.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 11,225,750.00Achat de 115.00 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL 2,467,276.63Achat de 134.53 IND. FTSE/JSE AFRICA IND.-TOP 40- 15/12/2011 ZAR 3,252,123.05Achat de 134.70 SGX MSCI TAIWAN INDEX FUTURES 28/10/2011 USD 2,545,519.81Achat de 190.00 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 23,085,000.00

Pictet


561

Pictet - Absolute Return Global Diversified (suite) Maturité Devise Engagement

en EURAchat de 211.99 FSTE BURSA MALAYSIA KLCI 31/10/2011 MYR 3,405,071.00Achat de 252.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 41,028,561.44Achat de 254.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 23,006,988.42Achat de 277.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 29,101,610.65Achat de 281.42 SET50-THAI SET 50 INDEX 29/12/2011 THB 4,259,989.63Achat de 354.23 IND. OSLO STOCK EXCHANGE -OBX- 20/10/2011 NOK 1,455,767.06Achat de 375.89 INDICE IPC MEXIQUE 16/12/2011 MXN 6,806,645.77Achat de 405.00 LONG GILT STERLING FUTURE 28/12/2011 GBP 60,230,185.19Achat de 478.22 SGX CNX NIFTY INDEX SGX 25/10/2011 USD 3,562,351.38Achat de 621.55 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 68,074,728.63Achat de 1,112.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD 106,870,596.95Achat de 1,463.39 IND. WIG 20 - WARSAW INDICES 16/12/2011 PLN 7,249,551.30Achat de 1,782.23 INDICE ISTANBUL STOCK EXCHANGE 30 31/10/2011 TRY 5,196,476,322.87Achat de 7,600.00 SCHNEIDER ELECTRIC 31/12/2049 EUR 307,800.00Vente de 598.99 INDICE TOKYO STOCK EXCH. -TOPIX- 08/12/2011 JPY -43,850,612.85Vente de 350.65 SMI INDEX OHNE DIVIDENDENKORREKT. 19/12/2011 CHF -15,864,238.98Vente de 309.96 INDICE FTSE 100 16/12/2011 GBP -18,595,806.62Vente de 272.00 INDICE 10 YEARS CANADIAN BONDS 19/12/2011 CAD -25,497,350.67Vente de 101.63 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL -2,180,396.81Vente de 81.30 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD -3,441,056.88Vente de 81.30 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD -2,851,925.15Vente de 76.54 AEX INDEX AMSTERDAM 21/10/2011 EUR -4,289,184.45Vente de 62.62 FTSE ITALIA - MIB INDEX 16/12/2011 EUR -4,645,216.16Vente de 55.54 INDICE IBEX-35 BOLSA ESPANOLAS 21/10/2011 EUR -4,772,564.32Vente de 48.04 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD -3,460,098.47Vente de 38.80 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK -390,198.61Vente de 34.18 IND. HANG SENG HONG KONG 28/10/2011 HKD -2,854,302.12Vente de 32.34 INDICE CAC 40 21/10/2011 EUR -979,031.26Vente de 24.95 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW -1,799,077.00Vente de 17.86 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -2,172,027.13Vente de 4.62 NASDAQ 100 INDEX USA 15/12/2011 USD -750,619.06

Pictet - Absolute Return Global Conservative Maturité Devise Engagement

en EURAchat de 0.61 IND. E-MINI RUSSELL 2000 (USD) 16/12/2011 USD 29,836.31Achat de 1.00 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD 72,021.52Achat de 1.08 S & P / TSX 60 INDEX 15/12/2011 CAD 102,190.87Achat de 2.00 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD 70,155.64Achat de 3.00 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW 216,363.70Achat de 3.00 JAPANESE FUTURE BONDS 10 YEARS 09/12/2011 JPY 4,103,822.17Achat de 5.07 S & P 500-STOCK (OS) SPX 15/12/2011 USD 1,069,476.42Achat de 6.00 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD 253,943.78Achat de 7.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 946,750.00Achat de 7.00 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK 70,390.11Achat de 10.00 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL 214,545.79Achat de 11.30 SGX MSCI TAIWAN INDEX FUTURES 28/10/2011 USD 213,634.48Achat de 11.47 IND. FTSE/JSE AFRICA IND.-TOP 40- 15/12/2011 ZAR 277,246.04Achat de 15.00 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 1,822,500.00Achat de 18.01 FSTE BURSA MALAYSIA KLCI 31/10/2011 MYR 289,351.53Achat de 20.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 3,256,235.04Achat de 21.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 1,902,152.59Achat de 22.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 2,311,319.26Achat de 23.58 SET50-THAI SET 50 INDEX 29/12/2011 THB 356,944.11Achat de 29.77 IND. OSLO STOCK EXCHANGE -OBX- 20/10/2011 NOK 122,326.46Achat de 31.11 INDICE IPC MEXIQUE 16/12/2011 MXN 563,398.68Achat de 33.00 LONG GILT STERLING FUTURE 28/12/2011 GBP 4,907,644.72Achat de 39.78 SGX CNX NIFTY INDEX SGX 25/10/2011 USD 296,313.80Achat de 56.45 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 6,183,221.37

Pictet


562

Pictet - Absolute Return Global Conservative (suite) Maturité Devise Engagement

en EURAchat de 93.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD 8,937,918.63Achat de 121.61 IND. WIG 20 - WARSAW INDICES 16/12/2011 PLN 602,441.28Achat de 148.77 INDICE ISTANBUL STOCK EXCHANGE 30 31/10/2011 TRY 433,767,366.55Vente de 60.01 INDICE TOKYO STOCK EXCH. -TOPIX- 08/12/2011 JPY -4,393,369.06Vente de 35.35 SMI INDEX OHNE DIVIDENDENKORREKT. 19/12/2011 CHF -1,599,532.10Vente de 31.04 INDICE FTSE 100 16/12/2011 GBP -1,862,496.33Vente de 23.00 INDICE 10 YEARS CANADIAN BONDS 19/12/2011 CAD -2,156,025.98Vente de 8.37 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL -179,606.93Vente de 7.46 AEX INDEX AMSTERDAM 21/10/2011 EUR -417,839.55Vente de 6.70 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD -234,923.08Vente de 6.70 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD -283,451.92Vente de 6.53 DAX INDEX 19/12/2011 EUR -921,046.56Vente de 6.38 FTSE ITALIA - MIB INDEX 16/12/2011 EUR -473,317.69Vente de 5.46 INDICE IBEX-35 BOLSA ESPANOLAS 21/10/2011 EUR -468,860.68Vente de 3.96 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD -285,020.44Vente de 3.20 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK -32,142.03Vente de 3.14 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -381,362.87Vente de 2.82 IND. HANG SENG HONG KONG 28/10/2011 HKD -235,118.88Vente de 2.66 INDICE CAC 40 21/10/2011 EUR -80,646.24Vente de 2.05 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW -148,196.28Vente de 0.38 NASDAQ 100 INDEX USA 15/12/2011 USD -61,831.12

Pictet - Convertible Bonds Maturité Devise Engagement

en EURVente de 3,095.00 S & P E-MINI 500 STOCK INDEX 16/12/2011 USD -128,844,447.21Vente de 1,159.00 EUROSTOXX 50 ESTX 50 EUR -PRICE- 19/12/2011 EUR -25,092,929.51Vente de 25.00 INDICE NIKKEI 225 TOKYO 08/12/2011 JPY -2,073,955.70

Au 30 septembre 2011, la SICAV avait en cours les CFD ("Contracts For Difference") suivants :

Pictet - Absolute Return Global Diversified Libellé Quantité/Valeur

nominaleDevise

ACERINOX -40,364.00 EURACS -ACTIVIDADES CONSTR.Y SERV.- -8,160.00 EURADMIRAL GROUP -20,000.00 EURADP -9,300.00 EURARYZTA NOMINATIVE -3,496.00 EURASSA ABLOY ´B´ -5,520.00 EURASTRAZENECA -7,999.00 EURBACHEM ´B´ NOM. -1,104.00 EURBALOISE-HOLDING NOM. -736.00 EURBANQUE CANTONALE DE BALE Ć´ -2,208.00 EURBARRY CALLEBAUT NOM. -230.00 EURBC BERNOISE -1,380.00 EURBELGACOM -18,000.00 EURBENESSE HOLDINGS 7,265.53 EURBHP BILLITON PLC -11,000.00 EURBKW FMB ENERGIE NOM. -1,561.24 EURBMW BAYERISCHE MOTORENWERKE -5,107.00 EURBOSSARD HOLDING -506.00 EURBURCKHARDT COMPRESSION HOLDING -644.00 EURBUZZI UNICEM -79,000.00 EURCENTRAL JAPAN RAILWAY 58.12 EUR

Pictet


563

Pictet - Absolute Return Global Diversified (suite) Libellé Quantité/Valeur

nominaleDevise

CREDIT SUISSE GROUP -1,840.00 EURDAISEKI 28,517.20 EURDANIELI & C.OFFICINE MECCANICHE -36,000.00 EURDANONE -6,912.00 EURDAX INDEX -63.47 EURDEUTSCHE BANK NAM. -18,360.00 EUREMMI -1,104.00 EUREMS-CHEMIE HLDG NOM. -2,024.00 EURENTERPRISE INNS 208,828.00 EURERSTE GROUP BANK -16,000.00 EURFONDIARIA-SAI 175,000.00 EURFORBO HOLDING NOM. -138.00 EURFRESENIUS -3,750.00 EURGALENICA NOM. -230.00 EURGEORG FISCHER NOM. -138.00 EURGIVAUDAN NOM. -220.80 EURGJENSIDIGE FORSIKRING -44,609.00 EURGLAXOSMITHKLINE -16,882.00 EURGURIT-HEBERLEIN -184.00 EURHENKEL PFD N-VTG -5,800.00 EURHOLCIM NOM. -3,680.00 EURHUBER + SUHNER -3,220.00 EURINTERTEK GROUP -6,900.00 EURINTESA SANPAOLO -120,855.00 EURJAPAN STEEL WORKS -45,409.55 EURJERONIMO MARTINS SGPS -34,314.00 EURKOMAX HOLDING NOM. -828.00 EURKUDELSKI -3,680.00 EURKURITA WATER INDUSTRIES -18,708.74 EURLANXESS -7,000.00 EURLEGRAND -14,500.00 EURLEM HOLDING -184.00 EURLINDT & SPRUENGLI NOM. -9.20 EURLINEAR TECHNOLOGY -2,484.00 EURL'OREAL -4,800.00 EURMAN -4,390.00 EURMITSUBISHI ELECTRIC 27,245.73 EURMULBERRY GROUP -7,000.00 EURNESTLE 10,000.00 EURNEXANS -8,868.00 EURNIPPON KAYAKU 80,829.01 EURODAKYU ELECTRIC RAILWAY -59,940.61 EURPARGESA HOLDING -1,104.00 EURPEUGEOT PORT. -18,600.00 EURPSP SWISS PROPERTY -1,932.00 EURPUNCH TAVERNS -362,355.00 EURQIAGEN (EUR) 33,239.00 EURRIETER HOLDING NOM. -230.00 EURRWE -13,000.00 EURSEADRILL -5,924.00 EURSKANDINAVISKA ENSKILDA Á´ -71,509.00 EURSMITH & NEPHEW 78,087.00 EURSONY 25,974.26 EURSPIRIT PUB COMPANY -362,355.00 EURSTOXX EUROPE SMALL 200 PRICE IDX -8,280.00 EURSTRAUMANN HLDG -506.00 EURSWATCH GROUP PORT. -4,269.00 EURSWISS LIFE HLDG NOM. -460.00 EURSWISS PRIME SITE -2,024.00 EUR

Pictet


564

Pictet - Absolute Return Global Diversified (suite) Libellé Quantité/Valeur

nominaleDevise

SWISSCOM NOM. -184.00 EURSWISSQUOTE GROUP HOLDING NOM. -1,012.00 EURSYNGENTA -414.00 EURT.E.R.N.A -145,000.00 EURTECHNIP -1,500.00 EURTEXAS INSTRUMENTS -2,116.00 EURTOHO GAS -90,819.11 EURTOKYO ELECTRON 20,888.39 EURTOKYO GAS 123,513.99 EURTOKYU 118,064.84 EURTRANSOCEAN NOM. -2,484.00 EURUBS 41,402.92 EURVALIANT HOLDING NOM. -1,564.00 EURVONTOBEL HOLDING NOM. -4,600.00 EURWEST JAPAN RAILWAY -11,624.85 EURWILLIAM DEMANT HOLDING -5,940.00 EURYAMAZAKI BAKING -22,704.78 EUR

Pictet - Absolute Return Global Conservative Libellé Quantité/Valeur

nominaleDevise

ARYZTA NOMINATIVE -304.00 EURASSA ABLOY ´B´ -480.00 EURBACHEM ´B´ NOM. -96.00 EURBALOISE-HOLDING NOM. -64.00 EURBANQUE CANTONALE DE BALE Ć´ -192.00 EURBARRY CALLEBAUT NOM. -20.00 EURBC BERNOISE -120.00 EURBENESSE HOLDINGS 734.47 EURBKW FMB ENERGIE NOM. -135.76 EURBOSSARD HOLDING -44.00 EURBURCKHARDT COMPRESSION HOLDING -56.00 EURCENTRAL JAPAN RAILWAY 5.88 EURCREDIT SUISSE GROUP -160.00 EURDAISEKI 2,882.80 EUREMMI -96.00 EUREMS-CHEMIE HLDG NOM. -176.00 EURFORBO HOLDING NOM. -12.00 EURGALENICA NOM. -20.00 EURGEORG FISCHER NOM. -12.00 EURGIVAUDAN NOM. -19.20 EURGURIT-HEBERLEIN -16.00 EURHOLCIM NOM. -320.00 EURHUBER + SUHNER -280.00 EURINTERTEK GROUP -600.00 EURJAPAN STEEL WORKS -4,590.45 EURKOMAX HOLDING NOM. -72.00 EURKUDELSKI -320.00 EURKURITA WATER INDUSTRIES -1,891.26 EURLEM HOLDING -16.00 EURLINDT & SPRUENGLI NOM. -0.80 EURLINEAR TECHNOLOGY -216.00 EURMITSUBISHI ELECTRIC 2,754.27 EURNIPPON KAYAKU 8,170.99 EURODAKYU ELECTRIC RAILWAY -6,059.39 EURPARGESA HOLDING -96.00 EURPSP SWISS PROPERTY -168.00 EURRIETER HOLDING NOM. -20.00 EURSONY 2,625.74 EUR

Pictet


565

Pictet - Absolute Return Global Conservative (suite) Libellé Quantité/Valeur

nominaleDevise

STOXX EUROPE SMALL 200 PRICE IDX -720.00 EURSTRAUMANN HLDG -44.00 EURSWATCH GROUP PORT. -188.00 EURSWISS LIFE HLDG NOM. -40.00 EURSWISS PRIME SITE -176.00 EURSWISSCOM NOM. -16.00 EURSWISSQUOTE GROUP HOLDING NOM. -88.00 EURSYNGENTA -36.00 EURTEXAS INSTRUMENTS -184.00 EURTOHO GAS -9,180.89 EURTOKYO ELECTRON 2,111.61 EURTOKYO GAS 12,486.01 EURTOKYU 11,935.16 EURTRANSOCEAN NOM. -216.00 EURUBS -919.92 EURVALIANT HOLDING NOM. -136.00 EURVONTOBEL HOLDING NOM. -400.00 EURWEST JAPAN RAILWAY -1,175.15 EURYAMAZAKI BAKING -2,295.22 EUR

Pictet - Convertible Bonds Libellé Quantité/Valeur

nominaleDevise

AEON -513,000.00 EURAIR FRANCE - KLM -407,600.00 EURALLIANT TECHSYSTEMS -40,700.00 EURANGLOGOLD ASHANTI -ADR SPONS.- -354,500.00 EURANRITSU -620,000.00 EURAQUARIUS PLATINUM (NEW) -672,500.00 EURASIA CEMENT CORP -994,500.00 EURATOS ORIGIN -29,300.00 EURAU OPTRONICS CORP -5,600,000.00 EURCAP GEMINI -39,000.00 EURCELESIO -65,000.00 EURCGG VERITAS -141,000.00 EURCITIGROUP -139,750.00 EURFAURECIA -211,600.00 EURFORD MOTOR -1,403,300.00 EURGALP ENERGIA 'B' -496,000.00 EURGENERAL MOTORS -294,000.00 EURGILEAD SCIENCES -17,100.00 EURHITACHI -4,830,000.00 EURIMMOFINANZ -1,337,500.00 EURINTERDIGITAL -120,200.00 EURJINKOSOLAR HOLDINGS ADR -37,500.00 EURKLOECKNER & CO. -130,700.00 EURLUKOIL HOLDING ADR (R.1 SHS) -14,800.00 EURMATSUMOTOKIYOSHI HOLDINGS (NEW) -160,000.00 EURMGM RESORTS INTERNATIONAL -160,800.00 EURNEWMONT MINING -202,400.00 EURNEXANS -100,000.00 EURNIDEC -84,500.00 EURNIPPON MEAT PACKERS -1,237,300.00 EURNIPPON THOMPSON -227,500.00 EURNIPRO -566,000.00 EUROMNICARE -395,698.00 EURORIX -86,490.00 EURPETROPAVLOVSK -279,000.00 EURPEUGEOT PORT. -73,000.00 EUR

Pictet


566

Pictet - Convertible Bonds (suite) Libellé Quantité/Valeur

nominaleDevise

PPR -6,500.00 EURPREMIER OIL -417,000.00 EURPUBLICIS GROUPE -101,750.00 EURSACYR VALLEHERMOSO -450,000.00 EURSEKISUI HOUSE -668,000.00 EURSK TELECOM -ADR SPONS.- -325,775.00 EURSOLAR APPLIED MATERIALS TECH. -866,000.00 EURSQUARE ENIX HOLDINGS -89,000.00 EURSTEEL DYNAMICS -133,000.00 EURTATUNG -8,925,000.00 EURTECHNIP -15,000.00 EURTPK HOLDING -125,500.00 EURVEDANTA RESOURCES -145,600.00 EURWELLS FARGO -969,000.00 EURWESTERN AREAS -943,200.00 EUR

NOTE 11 CONTRATS DE CHANGE A TERME

Pictet - EUR Bonds Achat Vente MaturitéAUD 38,814.45 USD 38,330.93 06/10/2011BRL 30,322.52 USD 18,206.39 04/10/2011BRL 33,981.20 USD 20,360.36 04/10/2011BRL 67,459.20 USD 36,249.15 04/10/2011BRL 172,781.24 USD 106,419.32 04/10/2011BRL 174,749.51 USD 93,901.52 04/10/2011BRL 413,437.37 USD 224,184.08 03/11/2011CAD 82,544.57 USD 80,593.64 14/10/2011CHF 21,319.90 EUR 17,373.72 07/10/2011CHF 22,964,116.20 EUR 18,796,853.73 31/10/2011CLP 19,019,753.61 USD 37,888.22 17/10/2011CLP 42,245,518.32 USD 87,610.57 16/12/2011CNY 59,497.90 USD 9,315.53 13/10/2011CNY 371,279.87 USD 58,149.18 29/11/2011CNY 434,856.80 USD 67,404.45 14/02/2012CNY 435,936.86 USD 67,503.85 14/02/2012CNY 477,653.95 USD 74,815.15 07/05/2012CNY 478,735.10 USD 75,019.74 20/10/2011CNY 523,777.66 USD 81,956.09 21/05/2012CNY 551,308.44 USD 86,169.48 17/10/2011COP 378,173,659.49 USD 207,333.51 20/10/2011EUR 36,658.14 CHF 40,356.22 05/12/2011EUR 52,121.13 CHF 63,652.72 07/10/2011EUR 12,913.99 GBP 10,972.90 05/12/2011EUR 16,231.51 GBP 14,597.73 05/12/2011EUR 144,754.35 GBP 126,113.18 05/12/2011EUR 7,623.39 USD 10,405.93 04/10/2011EUR 23,244.44 USD 32,166.28 05/12/2011GBP 19,287.90 EUR 22,267.38 05/12/2011GBP 37,092.11 EUR 42,727.58 05/12/2011GBP 74,184.22 EUR 85,482.73 05/12/2011GBP 280.75 USD 440.22 04/10/2011HKD 196,522.31 USD 25,220.24 19/10/2011HUF 2,754,138.09 USD 13,143.20 22/11/2011HUF 2,826,823.03 USD 13,106.35 22/11/2011HUF 4,115,006.32 USD 21,664.92 22/11/2011HUF 6,656,785.51 USD 31,502.69 22/11/2011HUF 7,253,913.70 USD 37,511.46 22/11/2011

Pictet


567

Pictet - EUR Bonds (suite) Achat Vente MaturitéHUF 22,489,821.55 USD 118,859.37 22/11/2011IDR 106,655,347.49 USD 11,746.27 11/10/2011IDR 469,388,834.21 USD 53,400.70 27/12/2011IDR 469,388,834.24 USD 53,340.01 27/12/2011IDR 629,887,581.41 USD 69,371.36 04/10/2011IDR 629,887,581.41 USD 69,371.36 07/10/2011IDR 674,911,528.77 USD 74,617.61 05/10/2011IDR 832,965,196.87 USD 94,871.42 02/04/2012IDR 902,053,507.56 USD 100,173.22 06/10/2011INR 332,434.06 USD 6,953.18 05/10/2011INR 1,161,598.24 USD 23,798.53 05/10/2011INR 1,161,598.24 USD 23,523.82 04/10/2011INR 1,161,598.24 USD 23,742.28 04/10/2011JPY 6,592,003.83 USD 86,453.11 04/10/2011JPY 13,146,123.81 USD 171,397.86 05/10/2011KRW 5,015,171.81 USD 4,246.55 05/10/2011KRW 9,852,794.00 USD 8,352.01 05/10/2011MXN 101,277.12 USD 7,305.89 28/11/2011MXN 152,584.38 USD 10,982.98 28/11/2011MXN 184,747.31 USD 13,017.54 28/11/2011MXN 350,560.80 USD 25,069.78 28/11/2011MYR 1.73 USD 0.54 27/10/2011MYR 115,700.80 USD 36,258.73 27/10/2011MYR 240,924.28 USD 75,501.71 28/10/2011MYR 244,946.75 USD 76,870.68 20/10/2011MYR 250,324.99 USD 79,595.15 20/10/2011MYR 250,404.58 USD 79,595.15 20/10/2011MYR 250,971.50 USD 79,610.87 04/10/2011PEN 40,729.75 USD 14,677.49 17/10/2011PEN 60,029.26 USD 21,785.40 22/12/2011PHP 1,324,844.87 USD 30,330.91 04/10/2011PHP 3,086,277.70 USD 70,766.39 17/10/2011PHP 3,216,655.47 USD 74,133.57 05/10/2011PHP 3,234,954.30 USD 74,213.74 06/10/2011PHP 3,397,169.20 USD 77,437.72 17/10/2011PLN 115,737.79 USD 35,333.56 26/10/2011PLN 1,006,488.69 USD 301,716.37 26/10/2011RUB 300,857.53 USD 10,101.05 12/10/2011RUB 353,791.11 USD 12,644.52 12/10/2011RUB 353,853.47 USD 12,633.20 12/10/2011RUB 381,124.11 USD 12,678.87 12/10/2011RUB 382,339.17 USD 12,886.48 12/10/2011RUB 410,015.56 USD 14,511.36 12/10/2011RUB 419,900.40 USD 14,224.37 12/10/2011RUB 420,276.07 USD 14,383.27 12/10/2011RUB 424,429.35 USD 15,098.98 12/10/2011RUB 499,255.03 USD 17,651.00 12/10/2011RUB 545,450.20 USD 17,098.87 12/10/2011RUB 629,536.56 USD 21,434.83 12/10/2011RUB 693,870.89 USD 23,465.53 12/10/2011RUB 701,495.17 USD 23,659.36 12/10/2011RUB 724,851.34 USD 26,055.23 12/10/2011RUB 850,137.62 USD 29,219.58 12/10/2011RUB 4,688,329.84 USD 165,946.52 12/10/2011RUB 4,820,944.22 USD 170,635.97 12/10/2011SGD 47,978.54 EUR 27,260.57 14/10/2011SGD 48,220.82 EUR 27,539.02 14/10/2011SGD 49,187.02 USD 37,784.40 04/10/2011SGD 49,187.02 USD 37,743.52 04/10/2011SGD 49,187.02 USD 37,576.86 04/10/2011

Pictet


568

Pictet - EUR Bonds (suite) Achat Vente MaturitéSGD 49,187.02 USD 37,833.52 04/10/2011SGD 49,587.99 USD 37,858.89 04/10/2011SGD 49,587.99 USD 38,156.02 04/10/2011SGD 49,587.99 USD 38,144.28 04/10/2011SGD 49,587.99 USD 38,001.05 04/10/2011SGD 129,919.41 USD 100,363.32 04/10/2011THB 326,297.99 USD 10,749.47 13/10/2011THB 1,535,165.02 USD 49,196.47 14/10/2011THB 2,328,156.49 USD 74,981.41 20/10/2011THB 2,436,852.32 USD 79,649.27 20/10/2011THB 2,436,852.32 USD 79,649.27 20/10/2011THB 3,512,422.36 USD 116,267.69 13/10/2011TRY 25,259.77 USD 13,966.11 23/11/2011TRY 34,291.42 USD 18,380.84 23/11/2011TRY 37,411.80 USD 20,734.99 23/11/2011TRY 38,173.52 USD 20,893.56 23/11/2011TRY 88,007.54 USD 47,400.31 23/11/2011TWD 1,569,281.64 USD 51,621.47 31/10/2011USD 8,814.95 BRL 15,188.26 04/10/2011USD 11,209.22 BRL 19,251.97 04/10/2011USD 19,696.46 BRL 31,416.08 04/10/2011USD 225,797.07 BRL 413,437.37 04/10/2011USD 619.29 CAD 634.15 14/10/2011USD 79,694.50 CAD 80,675.53 14/10/2011USD 5,825.02 CHF 5,265.26 04/10/2011USD 30,028.47 CHF 26,257.38 04/10/2011USD 19,671.71 CLP 9,446,423.63 17/10/2011USD 19,679.91 CLP 9,446,423.63 17/10/2011USD 40,217.43 CLP 19,288,417.08 17/10/2011USD 85,437.23 CLP 40,450,536.77 11/10/2011USD 37,761.93 CNY 238,826.97 07/05/2012USD 37,764.91 CNY 238,826.97 07/05/2012USD 40,881.52 CNY 261,888.83 21/05/2012USD 134,166.50 CNY 863,233.28 14/02/2012USD 41,303.32 COP 75,131,266.94 18/10/2011USD 2,536.37 EUR 1,874.19 04/10/2011USD 28,762.15 EUR 21,304.07 04/10/2011USD 243,904.75 EUR 176,857.28 04/10/2011USD 2,925.96 HKD 22,816.14 19/10/2011USD 7,228.38 HUF 1,580,929.26 22/11/2011USD 10,625.36 HUF 2,293,765.00 22/11/2011USD 13,987.25 HUF 2,655,777.56 22/11/2011USD 14,032.17 HUF 3,039,002.37 22/11/2011USD 29,766.88 HUF 5,752,788.01 22/11/2011USD 36,785.47 IDR 332,726,882.28 10/04/2012USD 42,503.40 IDR 384,485,777.37 02/04/2012USD 42,578.41 IDR 384,485,777.37 02/04/2012USD 52,009.48 IDR 469,388,834.24 19/06/2012USD 52,270.11 IDR 469,388,834.24 15/06/2012USD 52,509.85 IDR 469,388,834.24 27/12/2011USD 52,562.77 IDR 469,388,834.24 27/12/2011USD 62,526.99 IDR 544,801,467.12 07/05/2012USD 62,526.99 IDR 545,864,433.37 07/05/2012USD 69,600.35 IDR 629,887,581.41 04/10/2011USD 93,770.05 IDR 832,965,196.88 05/07/2012USD 23,742.28 INR 1,161,598.24 04/10/2011USD 23,803.08 INR 1,161,598.24 04/10/2011USD 15,103.87 JPY 1,154,307.87 05/10/2011USD 44,368.62 JPY 3,387,186.61 05/10/2011USD 75,125.82 JPY 5,745,888.09 05/10/2011

Pictet


569

Pictet - EUR Bonds (suite) Achat Vente MaturitéUSD 4,237.76 KRW 5,015,171.80 04/11/2011USD 13,369.87 KRW 14,867,965.80 05/10/2011USD 15,149.33 MXN 203,590.21 28/10/2011USD 15,401.80 MXN 209,358.20 28/10/2011USD 19,692.15 MXN 275,097.33 28/11/2011USD 0.54 MYR 1.73 04/10/2011USD 37,612.08 MYR 120,547.54 28/10/2011USD 37,753.43 MYR 120,547.54 28/10/2011USD 37,753.43 MYR 120,547.54 14/10/2011USD 37,765.26 MYR 120,547.54 28/10/2011USD 38,123.53 MYR 121,519.59 05/10/2011USD 38,135.49 MYR 121,519.59 07/10/2011USD 46,722.45 MYR 148,156.89 01/11/2011USD 78,550.25 MYR 250,969.77 04/10/2011USD 79,458.53 MYR 250,971.50 28/10/2011USD 81,880.35 MYR 253,257.72 20/10/2011USD 81,880.35 MYR 253,830.88 20/10/2011USD 82,961.66 MYR 257,927.80 20/10/2011USD 45,777.95 PEN 125,569.80 17/10/2011USD 45,786.30 PEN 125,569.80 17/10/2011USD 45,811.36 PEN 125,569.80 17/10/2011USD 45,828.07 PEN 125,569.80 17/10/2011USD 9,370.77 PHP 414,047.51 26/10/2011USD 74,133.57 PHP 3,227,034.17 28/11/2011USD 74,212.70 PHP 3,241,633.49 29/11/2011USD 80,398.85 PHP 3,513,429.66 21/11/2011USD 84,847.70 PHP 3,680,719.20 17/10/2011USD 36,207.23 PLN 118,832.96 26/10/2011USD 10,735.63 RUB 304,035.24 12/10/2011USD 21,260.95 RUB 596,054.89 12/10/2011USD 24,307.85 RUB 675,033.84 12/10/2011USD 25,092.07 RUB 696,560.67 12/10/2011USD 31,246.46 RUB 910,215.64 12/10/2011USD 49,309.75 RUB 1,502,355.33 12/10/2011USD 52,884.08 RUB 1,532,326.83 12/10/2011USD 57,334.22 RUB 1,744,692.48 12/10/2011USD 57,334.62 RUB 1,744,692.48 12/10/2011USD 93,328.98 RUB 2,759,290.58 12/10/2011USD 115,077.89 RUB 3,226,806.71 12/10/2011USD 310,357.60 SGD 384,542.07 04/10/2011USD 2,716.13 THB 82,624.14 13/10/2011USD 9,483.33 THB 294,173.00 06/10/2011USD 16,266.73 THB 492,234.68 13/10/2011USD 72,260.43 THB 2,211,545.88 21/10/2011USD 81,828.95 THB 2,489,254.17 20/10/2011USD 83,893.88 THB 2,544,519.20 20/10/2011USD 83,893.88 THB 2,544,291.68 20/10/2011USD 85,445.78 THB 2,582,616.94 13/10/2011USD 86,288.23 THB 2,605,059.76 14/10/2011USD 86,500.19 THB 2,617,081.49 17/10/2011USD 7,109.74 TRY 13,338.67 23/11/2011USD 7,489.94 TRY 13,514.18 23/11/2011USD 8,436.05 TRY 15,728.29 23/11/2011USD 21,392.10 TRY 39,718.99 23/11/2011USD 23,588.10 TRY 41,987.11 23/11/2011USD 24,930.67 TRY 45,060.69 23/11/2011USD 41,353.52 TRY 74,019.20 23/11/2011USD 334,229.72 TRY 606,798.41 23/11/2011USD 2,867.93 TWD 87,214.37 31/10/2011USD 3,115.20 ZAR 22,440.49 25/11/2011

Pictet


570

Pictet - EUR Bonds (suite) Achat Vente MaturitéUSD 4,990.27 ZAR 35,631.76 25/11/2011USD 23,172.80 ZAR 164,303.24 25/11/2011USD 27,984.14 ZAR 199,248.46 25/11/2011USD 41,794.24 ZAR 298,655.35 25/11/2011USD 41,926.15 ZAR 299,170.30 25/11/2011USD 41,984.54 ZAR 299,168.21 25/11/2011USD 42,029.81 ZAR 299,168.21 25/11/2011USD 42,063.60 ZAR 298,655.35 25/11/2011USD 42,133.10 ZAR 299,168.21 25/11/2011USD 42,148.24 ZAR 299,168.21 25/11/2011USD 42,189.55 ZAR 299,168.21 25/11/2011USD 74,021.60 ZAR 582,014.18 25/11/2011USD 80,144.05 ZAR 599,614.60 25/11/2011USD 200,299.69 ZAR 1,458,742.78 25/11/2011USD 247,308.95 ZAR 1,804,774.44 25/11/2011ZAR 6,282.99 USD 847.29 25/11/2011ZAR 276,525.69 USD 37,819.19 25/11/2011ZAR 286,184.04 USD 34,347.41 25/11/2011ZAR 299,850.03 USD 40,715.33 25/11/2011ZAR 304,575.27 USD 37,498.44 25/11/2011ZAR 321,655.84 USD 38,542.70 25/11/2011ZAR 772,874.60 USD 105,807.37 25/11/2011

La plus-value nette non réalisée sur ces contrats au 30 septembre 2011, était de EUR 132,415.35 et figure dans l’état des actifs nets.

Pictet - CHF Liquidity Achat Vente MaturitéCHF 1,275,615.00 EUR 1,000,000.00 28/10/2011CHF 1,296,314.00 EUR 1,000,000.00 14/10/2011CHF 1,775,437.50 EUR 1,500,000.00 26/10/2011CHF 2,277,896.00 EUR 2,000,000.00 20/01/2012CHF 2,309,120.00 EUR 2,000,000.00 31/10/2011CHF 2,435,624.00 EUR 2,000,000.00 03/01/2012CHF 2,547,768.00 EUR 2,000,000.00 28/10/2011CHF 2,589,804.00 EUR 2,000,000.00 14/10/2011CHF 3,355,017.41 EUR 2,631,250.00 03/02/2012CHF 3,604,704.00 EUR 3,000,000.00 22/12/2011CHF 3,611,997.00 EUR 3,000,000.00 05/10/2011CHF 3,627,213.00 EUR 3,000,000.00 22/03/2012CHF 3,740,934.00 EUR 3,000,000.00 23/11/2011CHF 4,778,432.00 EUR 4,000,000.00 11/10/2011CHF 4,860,043.71 EUR 4,018,610.89 12/12/2011CHF 5,269,029.50 EUR 4,104,750.00 03/02/2012CHF 5,827,590.00 EUR 5,000,000.00 02/03/2012CHF 5,981,310.00 EUR 5,000,000.00 19/03/2012CHF 5,984,620.00 EUR 5,000,000.00 09/03/2012CHF 6,069,310.00 EUR 5,000,000.00 09/01/2012CHF 6,081,725.00 EUR 5,000,000.00 05/01/2012CHF 6,092,935.00 EUR 5,000,000.00 03/11/2011CHF 6,123,080.00 EUR 5,000,000.00 05/10/2011CHF 7,184,664.00 EUR 6,000,000.00 22/03/2012CHF 7,185,246.00 EUR 6,000,000.00 12/03/2012CHF 7,195,326.00 EUR 6,000,000.00 22/03/2012CHF 7,226,508.00 EUR 6,000,000.00 24/10/2011CHF 7,316,400.00 EUR 6,000,000.00 26/03/2012CHF 7,317,654.00 EUR 6,000,000.00 24/10/2011CHF 7,332,984.00 EUR 6,000,000.00 27/10/2011

Pictet


571

Pictet - CHF Liquidity (suite) Achat Vente MaturitéCHF 9,057,120.00 EUR 7,500,000.00 22/03/2012CHF 9,587,672.00 EUR 8,000,000.00 20/03/2012CHF 9,611,528.00 EUR 8,000,000.00 22/12/2011CHF 9,743,384.00 EUR 8,000,000.00 03/01/2012CHF 10,788,471.00 EUR 9,000,000.00 22/03/2012CHF 2,375,857.70 USD 2,845,001.25 14/12/2011EUR 1,052,500.00 CHF 1,367,631.13 03/02/2012EUR 4,980,652.93 CHF 6,072,317.42 05/10/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de CHF 648,883.19 et figure dans l’état des actifs nets.

Pictet - USD Liquidity Achat Vente MaturitéUSD 2,745,412.42 CHF 2,000,000.00 15/11/2011USD 3,966,978.87 CHF 3,000,000.00 11/10/2011USD 5,894,301.04 CHF 5,000,000.00 06/10/2011USD 2,043,247.50 EUR 1,500,000.00 15/12/2011USD 3,418,405.00 EUR 2,500,000.00 19/12/2011USD 3,605,085.00 EUR 2,500,000.00 30/11/2011USD 4,097,421.00 EUR 3,000,000.00 24/10/2011USD 4,309,467.00 EUR 3,000,000.00 15/11/2011USD 5,748,780.00 EUR 4,000,000.00 26/10/2011USD 5,769,420.00 EUR 4,000,000.00 30/11/2011USD 6,386,962.50 EUR 4,500,000.00 12/01/2012USD 6,399,252.00 EUR 4,500,000.00 13/10/2011USD 6,404,602.50 EUR 4,500,000.00 15/11/2011USD 6,432,318.00 EUR 4,500,000.00 08/12/2011USD 6,450,165.00 EUR 4,500,000.00 14/11/2011USD 6,471,846.00 EUR 4,500,000.00 01/03/2012USD 6,475,378.50 EUR 4,500,000.00 25/11/2011USD 6,479,563.50 EUR 4,500,000.00 24/10/2011USD 6,780,880.00 EUR 5,000,000.00 14/12/2011USD 6,831,655.00 EUR 5,000,000.00 15/12/2011USD 6,832,850.00 EUR 5,000,000.00 22/12/2011USD 7,040,040.00 EUR 5,000,000.00 11/10/2011USD 7,079,585.00 EUR 5,000,000.00 18/01/2012USD 7,133,295.00 EUR 5,000,000.00 22/12/2011USD 7,152,195.00 EUR 5,000,000.00 08/11/2011USD 7,214,530.00 EUR 5,000,000.00 25/11/2011USD 8,447,958.00 EUR 6,000,000.00 18/10/2011USD 10,798,424.00 EUR 8,000,000.00 22/12/2011USD 13,026,420.00 EUR 9,000,000.00 01/12/2011USD 14,144,332.13 EUR 10,041,732.22 11/10/2011USD 18,766,579.00 EUR 13,000,000.00 07/10/2011USD 4,878,357.00 GBP 3,000,000.00 18/10/2011USD 1,626,292.40 JPY 130,942,500.00 10/11/2011USD 3,202,617.95 JPY 246,776,250.00 10/11/2011USD 4,398,830.49 JPY 352,537,500.00 10/11/2011USD 7,824,684.50 JPY 604,350,000.00 10/11/2011USD 7,836,270.43 JPY 600,000,000.00 14/11/2011USD 13,043,126.04 JPY 1,000,000,000.00 21/11/2011

La plus-value nette non réalisée sur ces contrats au 30 septembre 2011, était de USD 12,429,817.71 et figure dans l’état des actifs nets.

Pictet


572

Pictet - EUR Liquidity Achat Vente MaturitéEUR 8,135,154.20 CHF 10,000,000.00 06/10/2011EUR 22,718,949.33 CHF 25,000,000.00 07/11/2011EUR 26,685,239.59 CHF 30,000,000.00 15/11/2011EUR 63,491,372.43 CHF 70,000,000.00 03/11/2011EUR 47,424,876.62 JPY 5,000,000,000.00 21/11/2011

La plus-value nette non réalisée sur ces contrats au 30 septembre 2011, était de EUR 9,129,721.55 et figure dans l’état des actifs nets.

Pictet - EUR Corporate Bonds Achat Vente MaturitéCHF 194,986,896.71 EUR 159,602,927.65 31/10/2011USD 21,963,733.83 EUR 16,125,852.65 31/10/2011


Pictet - Global Emerging Debt Achat Vente MaturitéAUD 9,130,000.00 USD 9,016,267.59 06/10/2011BRL 1,133,587.00 USD 698,198.25 04/10/2011BRL 1,133,587.00 USD 614,681.16 03/11/2011CAD 1,258,458.00 USD 1,228,970.09 14/10/2011CAD 18,865,892.94 USD 18,420,000.00 14/10/2011CHF 4,650,136.05 EUR 3,789,425.00 07/10/2011CHF 3,225,754.00 USD 3,605,000.00 31/10/2011CHF 166,144,126.64 USD 185,449,410.25 31/10/2011CLP 13,070,192.00 USD 27,606.47 11/10/2011CLP 4,474,000,002.00 USD 8,912,412.74 17/10/2011CNY 23,481,533.97 USD 3,676,483.39 13/10/2011CNY 106,899,999.98 USD 16,553,227.76 14/02/2012CNY 107,499,999.97 USD 16,662,907.82 14/02/2012CNY 113,400,000.00 USD 17,761,891.97 07/05/2012CNY 118,384,284.98 USD 18,541,130.67 29/11/2011CNY 124,509,446.53 USD 19,511,137.59 20/10/2011CNY 126,037,000.03 USD 19,721,152.79 21/05/2012CNY 127,940,580.03 USD 19,997,105.33 17/10/2011EUR 11,368,260.00 CHF 13,883,442.05 07/10/2011EUR 28,889,051.84 USD 39,396,000.00 31/10/2011EUR 1,111,855,882.39 USD 1,514,458,897.40 31/10/2011HKD 45,696,253.96 USD 5,864,324.59 19/10/2011HUF 10,999,919.53 USD 58,134.90 22/11/2011IDR 41,729,028,621.00 USD 4,634,016.72 06/10/2011IDR 44,928,000,006.27 USD 4,948,052.28 04/10/2011IDR 44,928,000,006.27 USD 4,948,052.28 07/10/2011IDR 57,898,999,960.16 USD 6,579,477.87 27/12/2011IDR 57,899,000,023.37 USD 6,586,963.04 27/12/2011IDR 124,831,499,996.92 USD 13,576,114.66 05/10/2011IDR 192,492,665,924.73 USD 21,924,147.41 02/04/2012ILS 1,761,606.04 USD 474,187.36 31/10/2011INR 60,291,706.79 USD 1,261,060.12 05/10/2011INR 191,199,999.85 USD 3,917,257.52 05/10/2011INR 191,199,999.92 USD 3,872,040.09 04/10/2011INR 191,199,999.99 USD 3,907,998.52 04/10/2011JPY 51,512,670.00 USD 671,000.00 31/10/2011JPY 1,426,617,418.00 USD 18,709,867.66 04/10/2011

Pictet


573

Pictet - Global Emerging Debt (suite) Achat Vente MaturitéJPY 2,772,969,702.00 USD 36,153,704.26 05/10/2011JPY 7,351,052,905.00 USD 96,205,377.63 31/10/2011KRW 1,922,999,998.00 USD 1,630,086.91 05/10/2011KRW 2,243,568,139.00 USD 1,899,719.00 05/10/2011MXN 36,357,799.94 USD 2,617,024.83 28/11/2011MXN 44,435,000.04 USD 3,130,948.92 28/11/2011MYR 9,699,999.99 USD 3,041,229.03 04/10/2011MYR 9,700,424.00 USD 3,038,715.30 27/10/2011MYR 53,230,482.49 USD 16,705,115.33 20/10/2011MYR 56,866,811.01 USD 17,821,122.87 28/10/2011MYR 58,176,210.00 USD 18,498,129.40 20/10/2011MYR 58,194,708.01 USD 18,498,129.36 20/10/2011MYR 61,535,963.98 USD 19,519,871.03 04/10/2011PHP 97,961,709.89 USD 2,242,728.85 04/10/2011PHP 291,008,970.97 USD 6,672,651.33 17/10/2011PHP 767,742,660.00 USD 17,694,000.00 05/10/2011PHP 771,499,409.95 USD 17,699,123.84 06/10/2011PHP 814,929,119.79 USD 18,576,129.99 17/10/2011PLN 14,756,849.99 USD 4,506,077.63 26/10/2011SGD 11,119,667.36 EUR 6,318,000.00 14/10/2011SGD 11,175,416.06 EUR 6,382,305.00 14/10/2011SGD 11,818,999.99 USD 9,069,276.87 04/10/2011SGD 11,818,999.99 USD 9,079,100.09 04/10/2011SGD 11,819,000.00 USD 9,029,229.83 04/10/2011SGD 11,819,000.00 USD 9,090,902.10 04/10/2011SGD 11,930,000.00 USD 9,108,184.31 04/10/2011SGD 11,930,000.00 USD 9,179,669.92 04/10/2011SGD 11,930,000.00 USD 9,176,845.43 04/10/2011SGD 11,930,000.01 USD 9,142,385.96 04/10/2011SGD 27,175,114.00 USD 20,992,895.28 04/10/2011THB 299,753,135.89 USD 9,606,000.00 14/10/2011THB 573,591,047.93 USD 18,748,000.00 20/10/2011THB 573,591,047.93 USD 18,748,000.00 20/10/2011THB 593,237,154.00 USD 19,106,000.00 20/10/2011TWD 7,900,000.00 USD 259,784.79 31/10/2011TWD 347,676,899.00 USD 11,436,820.23 31/10/2011USD 619,103.74 BRL 1,133,587.00 04/10/2011USD 19,120,000.00 CAD 19,355,367.20 14/10/2011USD 2,101,990.81 CHF 1,900,000.00 04/10/2011USD 7,891,230.26 CHF 6,900,218.00 04/10/2011USD 4,547,031.53 CLP 2,183,500,000.00 17/10/2011USD 4,548,926.11 CLP 2,183,500,000.00 17/10/2011USD 9,203,437.67 CLP 4,414,000,000.00 17/10/2011USD 8,965,073.21 CNY 56,700,000.00 07/05/2012USD 8,965,782.02 CNY 56,700,000.00 07/05/2012USD 9,837,348.94 CNY 63,018,500.00 21/05/2012USD 33,991,058.50 CNY 218,700,000.00 14/02/2012USD 27,412.47 COP 49,999,998.00 20/10/2011USD 9,142,322.10 COP 16,630,000,000.00 18/10/2011USD 2,103,784.06 EUR 1,554,539.00 04/10/2011USD 62,635,134.50 EUR 45,417,234.00 04/10/2011USD 564,409.73 HKD 4,400,000.00 19/10/2011USD 4,537,502.79 IDR 41,042,000,000.00 10/04/2012USD 4,964,385.11 IDR 44,928,000,006.00 04/10/2011USD 5,242,759.23 IDR 47,426,000,000.00 02/04/2012USD 5,252,011.97 IDR 47,426,000,000.00 02/04/2012USD 6,415,356.74 IDR 57,899,000,000.00 19/06/2012USD 6,447,504.95 IDR 57,899,000,000.00 15/06/2012USD 6,477,077.36 IDR 57,899,000,000.00 27/12/2011USD 6,483,605.24 IDR 57,899,000,000.00 27/12/2011

Pictet


574

Pictet - Global Emerging Debt (suite) Achat Vente MaturitéUSD 14,524,859.31 IDR 126,555,985,193.00 07/05/2012USD 14,524,859.34 IDR 126,802,909,530.00 07/05/2012USD 21,669,629.42 IDR 192,492,665,958.00 05/07/2012USD 3,907,998.52 INR 191,200,000.00 04/10/2011USD 3,918,005.33 INR 191,200,000.00 04/10/2011USD 2,276,752.78 JPY 174,000,000.00 05/10/2011USD 5,074,000.00 JPY 387,358,973.00 05/10/2011USD 17,572,409.54 JPY 1,344,000,000.00 05/10/2011USD 1,895,786.16 KRW 2,243,568,136.00 04/11/2011USD 3,746,745.32 KRW 4,166,568,136.00 05/10/2011USD 74,719,658.69 MXN 1,015,671,419.00 28/10/2011USD 3,043,726.71 MYR 9,700,424.00 04/10/2011USD 9,037,691.47 MYR 28,966,000.00 28/10/2011USD 9,071,656.88 MYR 28,966,000.00 28/10/2011USD 9,071,656.88 MYR 28,966,000.00 14/10/2011USD 9,074,498.86 MYR 28,966,000.00 28/10/2011USD 9,170,132.79 MYR 29,230,000.00 05/10/2011USD 9,173,010.57 MYR 29,230,000.00 07/10/2011USD 10,062,555.35 MYR 31,908,363.00 01/11/2011USD 17,870,000.00 MYR 55,557,830.00 20/10/2011USD 18,857,365.87 MYR 58,326,247.50 20/10/2011USD 18,857,366.17 MYR 58,458,250.00 20/10/2011USD 19,259,817.38 MYR 61,535,540.25 04/10/2011USD 19,482,518.72 MYR 61,535,964.00 28/10/2011USD 9,121,336.75 PEN 25,020,000.00 17/10/2011USD 9,122,999.69 PEN 25,020,000.00 17/10/2011USD 9,127,992.18 PEN 25,020,000.00 17/10/2011USD 9,131,323.54 PEN 25,020,000.00 17/10/2011USD 4,627,047.48 PHP 204,446,093.00 26/10/2011USD 17,694,000.00 PHP 770,219,820.00 28/11/2011USD 17,698,876.01 PHP 773,092,320.00 29/11/2011USD 18,509,519.45 PHP 808,866,000.00 21/11/2011USD 18,655,999.99 PHP 809,302,951.00 17/10/2011USD 14,606,132.70 PLN 48,724,934.00 26/10/2011USD 9,078,462.83 RUB 276,600,000.00 12/10/2011USD 13,627,903.29 RUB 414,700,000.00 12/10/2011USD 13,627,998.69 RUB 414,700,000.00 12/10/2011USD 2,120,861.12 SGD 2,730,000.00 04/10/2011USD 53,896,827.33 SGD 66,779,732.07 04/10/2011USD 698,517.46 THB 21,102,065.00 13/10/2011USD 17,532,500.00 THB 531,764,441.89 20/10/2011USD 17,532,500.00 THB 531,716,893.75 20/10/2011USD 18,203,000.00 THB 553,739,137.24 20/10/2011USD 18,460,000.00 THB 557,957,413.52 13/10/2011USD 19,088,000.00 THB 577,511,486.66 17/10/2011USD 19,124,000.00 THB 577,357,595.16 14/10/2011USD 21,238,211.24 THB 650,000,000.00 21/10/2011USD 1,089,702.04 ZAR 7,780,745.00 25/11/2011USD 3,438,596.55 ZAR 28,000,000.00 25/11/2011USD 4,873,397.46 ZAR 35,700,000.00 25/11/2011USD 9,126,417.01 ZAR 65,216,007.00 25/11/2011USD 9,155,221.42 ZAR 65,328,455.73 25/11/2011USD 9,167,971.99 ZAR 65,327,998.00 25/11/2011USD 9,177,858.67 ZAR 65,327,998.00 25/11/2011USD 9,185,236.67 ZAR 65,216,007.00 25/11/2011USD 9,200,413.77 ZAR 65,327,998.00 25/11/2011USD 9,203,719.08 ZAR 65,327,998.00 25/11/2011USD 9,212,739.72 ZAR 65,327,998.00 25/11/2011USD 17,156,823.16 ZAR 134,900,000.00 25/11/2011USD 17,755,210.94 ZAR 132,839,357.00 25/11/2011

Pictet


575

Pictet - Global Emerging Debt (suite) Achat Vente MaturitéUSD 44,226,477.08 ZAR 322,092,631.50 25/11/2011USD 49,597,089.53 ZAR 361,942,250.00 25/11/2011ZAR 1,368,281.00 USD 184,519.81 25/11/2011ZAR 33,974,763.01 USD 4,646,577.04 25/11/2011ZAR 59,562,909.97 USD 7,137,178.59 25/11/2011ZAR 65,299,999.98 USD 8,866,803.50 25/11/2011ZAR 71,600,000.01 USD 8,815,187.14 25/11/2011ZAR 101,924,288.38 USD 13,953,545.68 25/11/2011


Pictet - World Government Bonds Achat Vente MaturitéEUR 18,999.99 CAD 26,755.03 04/10/2011EUR 56,999.97 GBP 49,618.81 04/10/2011EUR 388,999.79 JPY 40,796,663.51 04/10/2011EUR 277,999.85 USD 379,430.87 04/10/2011USD 1,315,617.62 EUR 964,034.31 04/10/2011


Pictet - EUR High Yield Achat Vente MaturitéCHF 45,584,728.88 EUR 37,312,538.99 31/10/2011EUR 2,433,584.00 CHF 2,679,083.96 05/12/2011EUR 857,306.87 GBP 728,445.93 05/12/2011EUR 1,077,543.33 GBP 969,083.20 05/12/2011EUR 9,609,648.71 GBP 8,372,137.37 05/12/2011EUR 1,543,102.94 USD 2,135,387.51 05/12/2011GBP 1,280,444.54 EUR 1,478,240.51 05/12/2011GBP 2,462,393.34 EUR 2,836,509.03 05/12/2011GBP 4,924,786.69 EUR 5,674,848.43 05/12/2011


Pictet - EUR Short Mid-Term Bonds Achat Vente MaturitéCHF 33,572,720.97 EUR 27,480,331.48 31/10/2011

La plus-value nette non réalisée sur ce contrat au 30 septembre 2011, était de EUR 81,768.35 et figure dans l’état des actifs nets.

Pictet


576

Pictet - EUR Government Bonds Achat Vente MaturitéCHF 34,167,080.77 EUR 27,966,833.73 31/10/2011EUR 12,427,868.85 CHF 15,162,000.00 31/10/2011


Pictet - Emerging Local Currency Debt Achat Vente MaturitéAUD 28,710,648.19 USD 28,352,999.64 06/10/2011BRL 22,429,257.68 USD 13,467,078.52 04/10/2011BRL 25,135,548.34 USD 15,060,352.95 04/10/2011BRL 49,898,876.86 USD 26,813,124.90 04/10/2011BRL 127,804,515.69 USD 78,717,283.55 04/10/2011BRL 129,260,421.16 USD 69,457,992.54 04/10/2011BRL 305,815,387.80 USD 165,826,669.31 03/11/2011CAD 61,057,373.71 USD 59,614,290.58 14/10/2011CHF 15,770,109.15 EUR 12,851,160.75 07/10/2011CHF 653,204.00 USD 730,000.00 31/10/2011CHF 23,021,894.58 USD 25,696,946.74 31/10/2011CLP 14,068,716,925.44 USD 28,025,527.92 17/10/2011CLP 31,248,577,181.66 USD 64,804,640.23 16/12/2011CNY 44,009,988.38 USD 6,890,605.68 13/10/2011CNY 274,631,914.97 USD 43,012,349.34 29/11/2011CNY 321,659,122.84 USD 49,858,384.32 14/02/2012CNY 322,458,027.84 USD 49,931,910.00 14/02/2012CNY 353,315,733.14 USD 55,339,998.97 07/05/2012CNY 354,115,447.55 USD 55,491,333.49 20/10/2011CNY 387,432,970.92 USD 60,622,077.75 21/05/2012CNY 407,797,203.96 USD 63,738,679.62 17/10/2011COP 279,731,182,270.38 USD 153,362,469.97 20/10/2011EUR 38,553,464.28 CHF 47,083,264.04 07/10/2011EUR 5,638,944.97 USD 7,697,159.88 04/10/2011EUR 24,204,737.11 USD 33,008,000.00 31/10/2011EUR 723,163,516.07 USD 985,021,025.24 31/10/2011GBP 207,670.52 USD 325,627.37 04/10/2011HKD 145,365,539.96 USD 18,655,155.22 19/10/2011HUF 2,037,207,732.33 USD 9,721,891.27 22/11/2011HUF 2,090,972,040.42 USD 9,694,631.44 22/11/2011HUF 3,043,828,022.86 USD 16,025,317.76 22/11/2011HUF 4,923,956,054.84 USD 23,302,214.79 22/11/2011HUF 5,365,645,659.99 USD 27,746,843.03 22/11/2011HUF 16,635,490,637.38 USD 87,919,059.97 22/11/2011IDR 78,891,868,058.42 USD 8,688,592.58 11/10/2011IDR 347,202,112,689.42 USD 39,499,947.89 27/12/2011IDR 347,202,112,709.67 USD 39,455,061.72 27/12/2011IDR 465,921,391,999.03 USD 51,313,288.05 04/10/2011IDR 465,921,391,999.03 USD 51,313,288.05 07/10/2011IDR 499,225,144,676.52 USD 55,193,879.32 05/10/2011IDR 616,135,824,021.86 USD 70,175,414.56 02/04/2012IDR 667,239,739,760.92 USD 74,097,102.49 06/10/2011INR 245,898,067.77 USD 5,143,199.01 05/10/2011INR 859,222,319.82 USD 17,603,530.84 05/10/2011INR 859,222,319.89 USD 17,400,330.91 04/10/2011INR 859,222,319.97 USD 17,561,922.36 04/10/2011JPY 4,876,037,713.18 USD 63,948,483.44 04/10/2011JPY 9,724,053,127.69 USD 126,781,241.32 05/10/2011KRW 3,709,671,213.66 USD 3,141,127.19 05/10/2011KRW 7,288,010,798.01 USD 6,177,894.44 05/10/2011

Pictet


577

Pictet - Emerging Local Currency Debt (suite) Achat Vente MaturitéMXN 74,913,650.82 USD 5,404,088.37 28/11/2011MXN 112,865,103.15 USD 8,124,000.29 28/11/2011MXN 136,655,695.01 USD 9,628,941.16 28/11/2011MXN 259,306,235.90 USD 18,543,859.06 28/11/2011MYR 1,278.26 USD 400.42 27/10/2011MYR 85,582,697.38 USD 26,820,209.16 27/10/2011MYR 178,209,224.23 USD 55,847,838.57 28/10/2011MYR 181,184,599.09 USD 56,860,458.19 20/10/2011MYR 185,162,829.38 USD 58,875,715.31 20/10/2011MYR 185,221,704.68 USD 58,875,715.18 20/10/2011MYR 185,641,048.91 USD 58,887,341.61 04/10/2011PEN 30,127,379.37 USD 10,856,787.62 17/10/2011PEN 44,403,029.66 USD 16,114,438.70 22/12/2011PHP 979,974,183.20 USD 22,435,463.56 04/10/2011PHP 2,282,887,999.15 USD 52,345,175.45 17/10/2011PHP 2,379,327,101.55 USD 54,835,840.09 05/10/2011PHP 2,392,862,559.43 USD 54,895,143.44 06/10/2011PHP 2,512,851,258.65 USD 57,279,891.58 17/10/2011PLN 85,610,059.88 USD 26,135,871.60 26/10/2011PLN 744,489,374.98 USD 223,176,506.50 26/10/2011RUB 222,541,231.41 USD 7,471,639.60 12/10/2011RUB 261,695,658.74 USD 9,353,019.73 12/10/2011RUB 261,741,790.55 USD 9,344,649.13 12/10/2011RUB 281,913,599.34 USD 9,378,428.77 12/10/2011RUB 282,812,367.55 USD 9,531,996.97 12/10/2011RUB 303,284,307.88 USD 10,733,903.14 12/10/2011RUB 310,596,023.84 USD 10,521,619.30 12/10/2011RUB 310,873,905.44 USD 10,639,154.23 12/10/2011RUB 313,946,044.51 USD 11,168,560.82 12/10/2011RUB 369,293,833.08 USD 13,056,263.68 12/10/2011RUB 403,463,928.29 USD 12,647,860.46 12/10/2011RUB 465,661,747.89 USD 15,855,124.75 12/10/2011RUB 513,249,189.28 USD 17,357,212.79 12/10/2011RUB 518,888,793.06 USD 17,500,587.97 12/10/2011RUB 536,165,113.58 USD 19,272,784.75 12/10/2011RUB 628,838,092.69 USD 21,613,421.61 12/10/2011RUB 3,467,909,561.52 USD 122,748,944.45 12/10/2011RUB 3,566,003,059.28 USD 126,217,677.78 12/10/2011SGD 35,489,236.84 EUR 20,164,362.02 14/10/2011SGD 35,668,447.34 EUR 20,370,329.72 14/10/2011SGD 36,383,132.01 USD 27,948,734.86 04/10/2011SGD 36,383,132.01 USD 27,918,495.46 04/10/2011SGD 36,383,132.01 USD 27,795,216.25 04/10/2011SGD 36,383,132.02 USD 27,985,065.68 04/10/2011SGD 36,679,725.48 USD 28,003,830.70 04/10/2011SGD 36,679,725.48 USD 28,223,618.83 04/10/2011SGD 36,679,725.48 USD 28,214,934.71 04/10/2011SGD 36,679,725.49 USD 28,108,986.36 04/10/2011SGD 96,100,059.93 USD 74,237,719.63 04/10/2011THB 241,359,280.48 USD 7,951,275.45 13/10/2011THB 1,135,545,837.47 USD 36,390,122.43 14/10/2011THB 1,722,113,509.39 USD 55,462,980.51 20/10/2011THB 1,802,514,702.93 USD 58,915,748.03 20/10/2011THB 1,802,514,702.93 USD 58,915,748.03 20/10/2011THB 2,598,102,844.02 USD 86,002,018.88 13/10/2011TRY 18,684,390.52 USD 10,330,589.95 23/11/2011TRY 25,365,012.24 USD 13,596,117.64 23/11/2011TRY 27,673,127.25 USD 15,337,456.44 23/11/2011TRY 28,236,563.98 USD 15,454,755.13 23/11/2011TRY 65,098,274.04 USD 35,061,523.05 23/11/2011

Pictet


578

Pictet - Emerging Local Currency Debt (suite) Achat Vente MaturitéTWD 1,160,781,551.45 USD 38,183,871.21 31/10/2011USD 6,520,326.88 BRL 11,234,601.46 04/10/2011USD 8,291,343.24 BRL 14,240,481.50 04/10/2011USD 14,569,271.93 BRL 23,238,148.99 04/10/2011USD 167,019,779.65 BRL 305,815,387.80 04/10/2011USD 458,081.86 CAD 469,073.07 14/10/2011USD 58,949,202.17 CAD 59,674,866.85 14/10/2011USD 4,308,707.05 CHF 3,894,661.84 04/10/2011USD 22,211,755.17 CHF 19,422,314.10 04/10/2011USD 14,550,964.85 CLP 6,987,422,795.38 17/10/2011USD 14,557,027.71 CLP 6,987,422,795.38 17/10/2011USD 29,748,422.44 CLP 14,267,444,544.45 17/10/2011USD 63,197,041.22 CLP 29,920,847,712.83 11/10/2011USD 27,932,111.25 CNY 176,657,866.59 07/05/2012USD 27,934,319.65 CNY 176,657,866.59 07/05/2012USD 30,239,638.57 CNY 193,716,485.45 21/05/2012USD 99,241,583.74 CNY 638,524,815.69 14/02/2012USD 30,551,644.07 COP 55,573,828,578.35 18/10/2011USD 1,876,124.83 EUR 1,386,315.87 04/10/2011USD 21,275,070.49 EUR 15,758,400.99 04/10/2011USD 180,413,847.55 EUR 130,819,515.22 04/10/2011USD 2,164,303.14 HKD 16,876,867.98 19/10/2011USD 5,346,761.61 HUF 1,169,397,183.56 22/11/2011USD 7,859,471.80 HUF 1,696,674,478.97 22/11/2011USD 10,346,226.39 HUF 1,964,451,454.54 22/11/2011USD 10,379,454.42 HUF 2,247,918,924.17 22/11/2011USD 22,018,252.83 HUF 4,255,278,367.52 22/11/2011USD 27,209,833.54 IDR 246,114,666,680.87 10/04/2012USD 31,439,331.33 IDR 284,400,191,209.83 02/04/2012USD 31,494,817.36 IDR 284,400,191,209.83 02/04/2012USD 38,470,878.82 IDR 347,202,112,712.70 19/06/2012USD 38,663,661.55 IDR 347,202,112,712.70 15/06/2012USD 38,840,998.02 IDR 347,202,112,712.70 27/12/2011USD 38,880,143.64 IDR 347,202,112,712.70 27/12/2011USD 46,250,573.11 IDR 402,984,064,799.73 07/05/2012USD 46,250,573.22 IDR 403,770,330,047.24 07/05/2012USD 51,482,666.08 IDR 465,921,391,998.85 04/10/2011USD 69,360,746.35 IDR 616,135,824,025.62 05/07/2012USD 17,561,922.36 INR 859,222,320.01 04/10/2011USD 17,606,891.36 INR 859,222,320.01 04/10/2011USD 11,172,179.12 JPY 853,829,711.31 05/10/2011USD 32,819,017.10 JPY 2,505,467,237.49 05/10/2011USD 55,569,797.64 JPY 4,250,174,562.97 05/10/2011USD 3,134,624.37 KRW 3,709,671,212.66 04/11/2011USD 9,889,557.14 KRW 10,997,682,011.66 05/10/2011USD 11,205,802.44 MXN 150,593,591.19 28/10/2011USD 11,392,557.27 MXN 154,860,113.34 28/10/2011USD 14,566,081.66 MXN 203,486,675.09 28/11/2011USD 401.08 MYR 1,278.25 04/10/2011USD 27,821,270.35 MYR 89,167,783.54 28/10/2011USD 27,925,828.11 MYR 89,167,783.54 28/10/2011USD 27,925,828.11 MYR 89,167,783.54 14/10/2011USD 27,934,576.75 MYR 89,167,783.54 28/10/2011USD 28,199,585.14 MYR 89,886,798.03 05/10/2011USD 28,208,434.79 MYR 89,886,798.03 07/10/2011USD 34,560,117.61 MYR 109,590,132.95 01/11/2011USD 58,102,814.63 MYR 185,639,771.02 04/10/2011USD 58,774,657.55 MYR 185,641,048.92 28/10/2011USD 60,566,054.67 MYR 187,332,139.56 20/10/2011USD 60,566,055.65 MYR 187,756,104.95 20/10/2011

Pictet


579

Pictet - Emerging Local Currency Debt (suite) Achat Vente MaturitéUSD 61,365,889.78 MYR 190,786,551.32 20/10/2011USD 33,861,483.18 PEN 92,882,691.75 17/10/2011USD 33,867,656.61 PEN 92,882,691.75 17/10/2011USD 33,886,190.41 PEN 92,882,691.75 17/10/2011USD 33,898,557.55 PEN 92,882,691.75 17/10/2011USD 6,931,463.18 PHP 306,266,700.21 26/10/2011USD 54,835,840.09 PHP 2,387,004,119.16 28/11/2011USD 54,894,374.77 PHP 2,397,803,087.72 29/11/2011USD 59,470,204.32 PHP 2,598,847,928.67 21/11/2011USD 62,760,977.61 PHP 2,722,590,288.09 17/10/2011USD 26,782,116.35 PLN 87,899,521.86 26/10/2011USD 7,941,037.55 RUB 224,891,755.54 12/10/2011USD 15,726,506.53 RUB 440,895,693.03 12/10/2011USD 17,980,271.25 RUB 499,315,620.65 12/10/2011USD 18,560,345.64 RUB 515,238,795.79 12/10/2011USD 23,112,683.41 RUB 673,277,182.88 12/10/2011USD 36,473,917.33 RUB 1,111,276,845.32 12/10/2011USD 39,117,809.07 RUB 1,133,446,458.88 12/10/2011USD 42,409,534.01 RUB 1,290,531,153.13 12/10/2011USD 42,409,830.86 RUB 1,290,531,153.13 12/10/2011USD 69,034,489.81 RUB 2,041,018,981.42 12/10/2011USD 85,121,939.58 RUB 2,386,835,869.77 12/10/2011USD 229,568,339.47 SGD 284,441,830.09 04/10/2011USD 2,009,094.67 THB 61,116,231.97 13/10/2011USD 7,014,724.51 THB 217,596,754.32 06/10/2011USD 12,032,333.11 THB 364,100,950.58 13/10/2011USD 53,450,298.90 THB 1,635,857,836.37 21/10/2011USD 60,528,038.17 THB 1,841,275,813.49 20/10/2011USD 62,055,444.65 THB 1,882,154,791.99 20/10/2011USD 62,055,444.65 THB 1,881,986,497.62 20/10/2011USD 63,203,371.26 THB 1,910,335,295.50 13/10/2011USD 63,826,517.16 THB 1,926,936,020.34 14/10/2011USD 63,983,302.26 THB 1,935,828,374.37 17/10/2011USD 5,258,999.14 TRY 9,866,476.66 23/11/2011USD 5,540,233.51 TRY 9,996,298.73 23/11/2011USD 6,240,062.67 TRY 11,634,053.96 23/11/2011USD 15,823,517.76 TRY 29,379,731.12 23/11/2011USD 17,447,877.65 TRY 31,057,431.60 23/11/2011USD 18,440,961.17 TRY 33,330,930.85 23/11/2011USD 30,588,774.52 TRY 54,751,245.18 23/11/2011USD 247,226,302.85 TRY 448,842,566.77 23/11/2011USD 2,121,378.70 TWD 64,511,578.19 31/10/2011USD 2,304,280.36 ZAR 16,598,998.84 25/11/2011USD 3,691,250.29 ZAR 26,356,449.93 25/11/2011USD 17,140,680.23 ZAR 121,533,422.07 25/11/2011USD 20,699,580.30 ZAR 147,382,046.67 25/11/2011USD 30,914,768.98 ZAR 220,912,301.92 25/11/2011USD 31,012,340.79 ZAR 221,293,209.54 25/11/2011USD 31,055,531.99 ZAR 221,291,658.96 25/11/2011USD 31,089,022.06 ZAR 221,291,658.96 25/11/2011USD 31,114,014.32 ZAR 220,912,301.92 25/11/2011USD 31,165,425.06 ZAR 221,291,658.96 25/11/2011USD 31,176,621.44 ZAR 221,291,658.96 25/11/2011USD 31,207,177.92 ZAR 221,291,658.96 25/11/2011USD 54,753,022.26 ZAR 430,509,928.12 25/11/2011USD 59,281,730.88 ZAR 443,528,778.04 25/11/2011USD 148,159,628.50 ZAR 1,079,017,090.58 25/11/2011USD 182,931,900.33 ZAR 1,334,973,165.36 25/11/2011ZAR 4,647,462.02 USD 626,734.43 25/11/2011ZAR 204,543,217.29 USD 27,974,464.96 25/11/2011

Pictet


580

Pictet - Emerging Local Currency Debt (suite) Achat Vente MaturitéZAR 211,687,403.91 USD 25,406,425.45 25/11/2011ZAR 221,795,998.68 USD 30,116,715.74 25/11/2011ZAR 225,291,208.06 USD 27,737,208.94 25/11/2011ZAR 237,925,531.02 USD 28,509,638.08 25/11/2011ZAR 571,687,428.42 USD 78,264,629.31 25/11/2011


Pictet - Asian Local Currency Debt Achat Vente MaturitéAUD 11,530,000.00 USD 11,386,370.79 06/10/2011CAD 1,311,888.00 USD 1,281,148.13 14/10/2011CAD 24,604,524.76 USD 24,023,000.00 14/10/2011CHF 5,898,500.48 EUR 4,806,725.00 07/10/2011CNY 43,499,999.97 USD 6,801,173.55 17/10/2011CNY 60,000,000.00 USD 9,338,521.40 27/10/2011CNY 60,000,000.01 USD 9,332,776.48 27/10/2011CNY 123,300,000.03 USD 19,111,967.77 14/02/2012CNY 123,800,000.01 USD 19,170,155.26 14/02/2012CNY 129,100,000.01 USD 20,220,989.89 07/05/2012CNY 138,264,000.02 USD 21,634,325.39 21/05/2012CNY 142,838,865.02 USD 22,325,706.42 17/10/2011CNY 189,999,999.98 USD 29,604,445.65 26/10/2011CNY 190,000,000.01 USD 29,599,833.62 26/10/2011CNY 193,765,595.00 USD 30,347,213.88 29/11/2011CNY 230,084,982.51 USD 36,055,254.25 20/10/2011CNY 433,070,835.97 USD 67,805,524.85 13/10/2011EUR 14,420,142.00 CHF 17,610,540.74 07/10/2011EUR 1,440,000.00 USD 1,944,112.32 04/10/2011HKD 72,030,060.96 USD 9,240,967.48 19/10/2011HKD 221,200,000.02 USD 28,412,353.16 19/10/2011HKD 613,558,397.00 USD 78,739,618.30 19/10/2011IDR 31,999,999,998.26 USD 3,524,253.76 11/10/2011IDR 127,574,900,048.00 USD 14,104,565.27 05/10/2011IDR 131,575,000,009.82 USD 14,968,819.18 27/12/2011IDR 131,575,000,016.55 USD 14,951,809.21 27/12/2011IDR 216,060,074,749.75 USD 24,608,381.34 02/04/2012IDR 228,040,000,013.00 USD 25,114,713.36 04/10/2011IDR 228,040,000,013.03 USD 25,114,713.36 07/10/2011IDR 338,514,525,606.00 USD 37,592,103.71 06/10/2011INR 224,500,000.02 USD 4,588,627.97 04/10/2011INR 635,899,999.80 USD 13,028,159.30 05/10/2011INR 635,899,999.94 USD 12,997,365.37 04/10/2011INR 860,399,999.88 USD 17,424,180.41 04/10/2011JPY 1,870,048,233.00 USD 24,525,394.49 04/10/2011JPY 3,768,996,871.00 USD 49,139,807.81 05/10/2011KRW 4,208,999,997.00 USD 3,667,679.80 24/10/2011KRW 54,461,090,870.00 USD 47,429,976.32 07/10/2011KRW 80,218,939,474.00 USD 67,783,970.15 04/11/2011KRW 93,274,939,479.00 USD 83,876,569.83 05/10/2011MYR 528.99 USD 165.71 27/10/2011MYR 6,950,000.01 USD 2,191,752.83 27/10/2011MYR 67,368,392.01 USD 21,112,145.56 28/10/2011MYR 68,857,078.49 USD 21,609,149.19 20/10/2011MYR 74,715,765.01 USD 23,757,166.19 20/10/2011MYR 74,739,521.99 USD 23,757,166.13 20/10/2011MYR 76,749,770.99 USD 24,345,854.59 04/10/2011

Pictet


581

Pictet - Asian Local Currency Debt (suite) Achat Vente MaturitéPHP 227,182,230.20 USD 5,201,094.82 04/10/2011PHP 469,520,782.12 USD 10,765,814.06 17/10/2011PHP 975,754,320.00 USD 22,488,000.00 05/10/2011PHP 978,857,040.17 USD 22,456,157.13 06/10/2011PHP 1,125,440,980.15 USD 25,654,179.53 17/10/2011PHP 1,125,587,519.88 USD 25,474,426.16 26/10/2011SGD 14,366,863.67 EUR 8,163,000.00 14/10/2011SGD 14,440,046.99 EUR 8,246,743.00 14/10/2011SGD 11,500,000.00 USD 8,845,636.72 04/10/2011SGD 14,890,000.00 USD 11,368,052.34 04/10/2011SGD 14,890,000.00 USD 11,457,274.52 04/10/2011SGD 14,890,000.00 USD 11,410,739.89 04/10/2011SGD 14,890,000.00 USD 11,453,749.24 04/10/2011SGD 15,127,000.00 USD 11,556,405.76 04/10/2011SGD 15,127,000.00 USD 11,607,661.50 04/10/2011SGD 15,127,000.00 USD 11,635,339.37 04/10/2011SGD 15,127,000.01 USD 11,620,234.13 04/10/2011SGD 41,452,083.00 USD 32,021,916.72 04/10/2011THB 42,299,999.97 USD 1,390,542.28 13/10/2011THB 60,300,000.14 USD 1,992,715.72 13/10/2011THB 165,900,000.13 USD 5,348,162.48 06/10/2011THB 347,434,042.79 USD 11,134,000.00 14/10/2011THB 643,941,449.64 USD 20,739,000.00 20/10/2011THB 729,257,319.10 USD 23,836,000.00 20/10/2011THB 729,257,319.10 USD 23,836,000.00 20/10/2011THB 980,101,714.13 USD 32,443,183.04 13/10/2011TWD 227,074.00 USD 7,469.59 31/10/2011USD 24,020,000.00 CAD 24,315,686.20 14/10/2011USD 2,876,408.47 CHF 2,600,000.00 04/10/2011USD 8,978,510.23 CHF 7,850,953.00 04/10/2011USD 6,197,663.64 CNY 40,000,000.00 17/10/2011USD 6,198,624.06 CNY 40,000,000.00 17/10/2011USD 6,199,104.38 CNY 40,000,000.00 17/10/2011USD 6,199,584.78 CNY 40,000,000.00 17/10/2011USD 6,214,996.94 CNY 40,000,000.00 18/10/2011USD 7,764,523.74 CNY 50,000,000.00 18/10/2011USD 10,206,269.42 CNY 64,550,000.00 07/05/2012USD 10,207,076.36 CNY 64,550,000.00 07/05/2012USD 10,791,681.92 CNY 69,132,000.00 21/05/2012USD 18,643,542.46 CNY 120,000,000.00 26/09/2012USD 18,652,236.05 CNY 120,000,000.00 26/09/2012USD 18,665,291.66 CNY 120,000,000.00 26/09/2012USD 19,388,727.70 CNY 125,000,000.00 20/09/2012USD 19,388,863.04 CNY 125,000,000.00 20/09/2012USD 19,400,764.70 CNY 125,000,000.00 20/09/2012USD 19,446,036.86 CNY 125,000,000.00 20/09/2012USD 39,415,328.93 CNY 253,600,000.00 14/02/2012USD 5,235,402.90 EUR 3,868,571.00 04/10/2011USD 65,123,814.97 EUR 47,221,796.00 04/10/2011USD 2,424,396.35 HKD 18,900,000.00 19/10/2011USD 6,296,623.55 HKD 49,100,000.00 19/10/2011USD 10,311,481.18 IDR 93,268,000,000.00 10/04/2012USD 11,914,216.23 IDR 107,776,000,000.00 02/04/2012USD 11,935,243.16 IDR 107,776,000,000.00 02/04/2012USD 14,578,845.28 IDR 131,575,000,000.00 19/06/2012USD 14,651,901.83 IDR 131,575,000,000.00 15/06/2012USD 14,719,104.89 IDR 131,575,000,000.00 27/12/2011USD 14,733,939.43 IDR 131,575,000,000.00 27/12/2011USD 16,376,471.35 IDR 142,689,193,818.00 07/05/2012USD 16,376,471.38 IDR 142,967,595,780.00 07/05/2012

Pictet


582

Pictet - Asian Local Currency Debt (suite) Achat Vente MaturitéUSD 24,322,702.00 IDR 216,060,074,733.00 05/07/2012USD 25,197,613.53 IDR 228,040,000,013.00 04/10/2011USD 4,561,122.03 INR 224,500,000.00 04/10/2011USD 13,030,646.38 INR 635,900,000.00 04/10/2011USD 17,585,993.34 INR 860,400,000.00 04/10/2011USD 38,322,191.47 INR 1,832,196,812.00 05/10/2011USD 3,441,298.74 JPY 263,000,000.00 05/10/2011USD 9,717,999.99 JPY 741,890,914.00 05/10/2011USD 22,501,575.01 JPY 1,721,000,000.00 05/10/2011USD 1,101,135.15 KRW 1,299,000,000.00 05/10/2011USD 1,453,443.76 KRW 1,719,000,000.00 05/10/2011USD 1,894,990.92 KRW 2,238,000,000.00 05/10/2011USD 6,533,164.52 KRW 7,800,000,000.00 05/10/2011USD 67,924,588.89 KRW 80,218,939,479.00 05/10/2011USD 165.99 MYR 529.00 04/10/2011USD 3,290,481.86 MYR 10,500,000.00 27/10/2011USD 11,450,901.36 MYR 36,500,000.00 05/10/2011USD 11,454,494.90 MYR 36,500,000.00 07/10/2011USD 11,567,471.30 MYR 37,074,000.00 28/10/2011USD 11,610,944.12 MYR 37,074,000.00 14/10/2011USD 11,610,944.12 MYR 37,074,000.00 28/10/2011USD 11,614,581.60 MYR 37,074,000.00 28/10/2011USD 13,481,983.29 MYR 42,751,369.00 01/11/2011USD 22,799,837.83 MYR 70,520,400.00 20/10/2011USD 22,799,838.19 MYR 70,680,000.00 20/10/2011USD 24,021,506.59 MYR 76,749,242.04 04/10/2011USD 24,299,267.51 MYR 76,749,771.00 28/10/2011USD 24,304,000.00 MYR 75,561,136.00 20/10/2011USD 3,456,196.99 PHP 150,000,000.00 08/11/2011USD 4,576,626.99 PHP 200,000,000.00 14/11/2011USD 5,733,904.84 PHP 250,000,000.00 14/11/2011USD 22,455,842.69 PHP 980,878,080.00 29/11/2011USD 22,488,000.00 PHP 978,902,640.00 28/11/2011USD 22,638,000.00 PHP 982,043,322.00 17/10/2011USD 23,607,139.59 PHP 1,031,632,000.00 21/11/2011USD 6,284,896.13 SGD 8,090,000.00 04/10/2011USD 12,000,000.00 SGD 15,551,580.00 04/10/2011USD 42,994,189.76 SGD 53,271,047.94 04/10/2011USD 1,358,884.90 THB 41,248,663.00 13/10/2011USD 16,806,213.37 THB 507,967,799.21 06/10/2011USD 23,109,000.00 THB 697,665,586.00 14/10/2011USD 23,360,000.00 THB 708,513,752.32 20/10/2011USD 23,360,000.00 THB 708,450,400.00 20/10/2011USD 23,639,762.82 THB 723,500,000.00 21/10/2011USD 24,100,000.00 THB 728,427,609.20 13/10/2011USD 24,331,000.00 THB 740,154,202.50 20/10/2011USD 24,957,000.00 THB 755,079,325.88 17/10/2011USD 512,985.56 TWD 15,600,000.00 31/10/2011


Pictet - Global Emerging Currencies Achat Vente MaturitéARS 93,967,500.01 USD 21,368,541.77 20/12/2011AUD 6,450,000.00 USD 6,369,652.35 06/10/2011BRL 11,749,094.00 USD 6,370,879.96 03/11/2011BRL 15,209,094.00 USD 9,367,576.40 04/10/2011

Pictet


583

Pictet - Global Emerging Currencies (suite) Achat Vente MaturitéCAD 13,788,898.84 USD 13,463,000.00 14/10/2011CHF 3,698,247.43 EUR 3,013,725.00 07/10/2011CHF 300,000.00 USD 331,893.29 04/10/2011CLP 2,225,000,003.00 USD 4,614,300.48 16/12/2011CLP 3,162,000,001.00 USD 6,298,848.70 17/10/2011CLP 9,506,725,832.00 USD 20,079,822.78 11/10/2011CNY 30,000,000.00 USD 4,673,657.94 26/10/2011CNY 30,000,000.03 USD 4,674,386.16 26/10/2011CNY 38,588,930.49 USD 6,047,042.64 20/10/2011CNY 92,800,000.02 USD 14,384,352.06 14/02/2012CNY 93,100,000.01 USD 14,416,328.39 14/02/2012CNY 95,602,605.02 USD 14,973,105.53 29/11/2011CNY 97,244,000.02 USD 15,215,879.32 21/05/2012CNY 102,300,000.01 USD 16,023,294.08 07/05/2012CNY 103,402,980.00 USD 16,161,879.85 17/10/2011COP 46,133,797,879.94 USD 25,292,829.84 20/10/2011CZK 13,200,000.03 USD 733,992.95 10/11/2011CZK 1,644,851,078.05 USD 97,372,358.62 10/11/2011EUR 9,041,201.00 CHF 11,041,530.56 07/10/2011EUR 346,198.69 USD 472,561.21 04/10/2011EUR 1,050,000.00 USD 1,423,166.85 04/10/2011EUR 4,102,808.54 USD 5,595,000.00 31/10/2011EUR 7,031,274.00 USD 9,515,542.64 04/10/2011EUR 163,124,925.38 USD 222,192,460.86 31/10/2011HKD 873,727,579.02 USD 112,127,837.23 19/10/2011HUF 2,189,136,453.46 USD 10,230,637.44 22/11/2011HUF 2,318,441,852.06 USD 12,253,033.75 22/11/2011HUF 6,899,999,999.24 USD 32,190,568.16 22/11/2011IDR 7,500,000,015.07 USD 828,735.08 04/10/2011IDR 17,799,999,962.71 USD 1,960,366.15 11/10/2011ILS 116,102,928.01 USD 31,219,074.94 26/10/2011INR 1,408,671,088.03 USD 29,463,735.99 05/10/2011JPY 1,117,706,434.00 USD 14,658,547.69 04/10/2011JPY 2,308,420,300.00 USD 30,096,955.18 05/10/2011KRW 11,945,945.00 USD 10,115.11 05/10/2011KRW 2,076,999,996.00 USD 1,760,629.49 05/10/2011MXN 862,010,596.04 USD 63,415,329.33 28/10/2011MYR 8,650,000.00 USD 2,727,865.03 27/10/2011MYR 17,299,703.99 USD 5,428,247.07 04/10/2011MYR 37,489,172.51 USD 11,765,081.23 20/10/2011MYR 38,014,382.99 USD 11,913,082.13 28/10/2011MYR 42,449,637.50 USD 13,497,594.42 20/10/2011MYR 42,463,135.00 USD 13,497,594.39 20/10/2011MYR 43,034,374.00 USD 13,650,967.27 04/10/2011MYR 45,200,000.01 USD 14,164,936.27 27/10/2011MYR 100,000,000.00 USD 31,640,783.45 04/10/2011PEN 60,529,900.00 USD 21,967,090.32 22/12/2011PHP 546,930,950.00 USD 12,605,000.00 05/10/2011PHP 548,013,480.13 USD 12,572,087.97 06/10/2011PHP 584,085,179.94 USD 13,314,093.17 17/10/2011PHP 989,290,660.13 USD 22,389,739.96 26/10/2011PLN 198,506,283.00 USD 59,506,475.51 26/10/2011RON 60,374,411.99 USD 19,354,011.15 21/11/2011RUB 36,600,000.02 USD 1,315,609.51 12/10/2011RUB 62,600,000.04 USD 2,237,328.04 12/10/2011RUB 310,952,194.03 USD 11,006,357.84 12/10/2011RUB 319,747,805.92 USD 11,317,383.88 12/10/2011SGD 8,046,710.86 EUR 4,572,000.00 14/10/2011SGD 8,086,778.13 EUR 4,618,377.00 14/10/2011SGD 7,000,000.00 USD 5,384,300.61 04/10/2011

Pictet


584

Pictet - Global Emerging Currencies (suite) Achat Vente MaturitéSGD 8,330,000.00 USD 6,359,696.17 04/10/2011SGD 8,330,000.00 USD 6,409,610.26 04/10/2011SGD 8,330,000.00 USD 6,407,638.09 04/10/2011SGD 8,330,000.00 USD 6,383,577.12 04/10/2011SGD 8,458,999.99 USD 6,506,467.62 04/10/2011SGD 8,459,000.00 USD 6,498,020.79 04/10/2011SGD 8,459,000.00 USD 6,490,990.19 04/10/2011SGD 8,459,000.00 USD 6,462,328.04 04/10/2011SGD 15,382,436.00 USD 11,882,999.57 04/10/2011SGD 104,001,160.00 USD 83,938,851.23 04/10/2011THB 40,399,999.92 USD 1,335,086.48 13/10/2011THB 60,500,000.05 USD 1,988,837.07 13/10/2011THB 193,812,901.00 USD 6,211,000.00 14/10/2011THB 258,300,000.00 USD 8,326,885.88 06/10/2011THB 361,481,573.69 USD 11,642,000.00 20/10/2011THB 410,260,782.87 USD 13,409,500.00 20/10/2011THB 410,260,782.87 USD 13,409,500.00 20/10/2011THB 636,989,315.88 USD 21,085,526.81 13/10/2011TRY 39,572,400.00 USD 22,054,051.16 23/11/2011TWD 857,766,403.00 USD 28,216,197.80 31/10/2011USD 518,390.89 BRL 930,000.00 04/10/2011USD 542,412.68 BRL 1,020,000.00 04/10/2011USD 866,813.78 BRL 1,510,000.00 04/10/2011USD 6,416,717.96 BRL 11,749,094.00 04/10/2011USD 427,511.29 CAD 437,769.00 14/10/2011USD 13,440,000.00 CAD 13,605,446.40 14/10/2011USD 6,334,187.62 CHF 5,538,715.00 04/10/2011USD 15,000,000.00 CHF 11,775,000.00 25/11/2011USD 558,361.85 CLP 287,000,000.00 16/12/2011USD 637,790.76 CLP 324,000,000.00 16/12/2011USD 1,591,924.28 CLP 758,000,000.00 11/10/2011USD 3,452,703.58 CLP 1,658,000,000.00 17/10/2011USD 3,454,142.20 CLP 1,658,000,000.00 17/10/2011USD 6,607,542.82 CLP 3,169,000,000.00 17/10/2011USD 745,206.13 CNY 4,759,598.00 13/10/2011USD 2,326,647.32 CNY 15,000,000.00 20/09/2012USD 2,326,663.56 CNY 15,000,000.00 20/09/2012USD 2,328,091.76 CNY 15,000,000.00 20/09/2012USD 2,333,524.42 CNY 15,000,000.00 20/09/2012USD 7,590,018.49 CNY 48,622,000.00 21/05/2012USD 8,087,539.59 CNY 51,150,000.00 07/05/2012USD 8,088,179.02 CNY 51,150,000.00 07/05/2012USD 28,628,957.37 CNY 184,200,000.00 14/02/2012USD 718,777.78 COP 1,370,000,000.00 20/10/2011USD 6,844,372.22 COP 12,450,000,000.00 18/10/2011USD 562,806.84 CZK 10,300,000.00 10/11/2011USD 599,565.99 CZK 10,900,000.00 10/11/2011USD 880,275.54 CZK 15,000,000.00 10/11/2011USD 1,057,904.93 CZK 19,000,000.00 10/11/2011USD 1,319,303.62 CZK 22,900,000.00 10/11/2011USD 1,514,001.52 CZK 27,300,000.00 10/11/2011USD 1,777,886.89 CZK 32,500,000.00 10/11/2011USD 2,019,937.12 CZK 35,800,000.00 10/11/2011USD 2,688,936.59 CZK 45,400,000.00 10/11/2011USD 44,339,477.98 EUR 32,150,908.00 04/10/2011USD 1,872,315.76 HKD 14,600,000.00 19/10/2011USD 2,475,706.33 HKD 19,300,000.00 19/10/2011USD 8,361,863.43 HKD 65,100,000.00 19/10/2011USD 25,676,656.42 HKD 199,953,161.70 30/11/2011USD 412,272.95 HUF 89,000,000.00 22/11/2011

Pictet


585

Pictet - Global Emerging Currencies (suite) Achat Vente MaturitéUSD 1,246,687.62 HUF 270,000,000.00 22/11/2011USD 1,261,742.21 HUF 264,000,000.00 22/11/2011USD 1,656,394.93 HUF 318,000,000.00 22/11/2011USD 1,702,564.49 HUF 339,000,000.00 22/11/2011USD 1,986,964.16 HUF 412,000,000.00 22/11/2011USD 5,161,338.17 HUF 974,328,000.00 11/01/2012USD 10,290,970.52 HUF 1,902,402,189.00 12/10/2011USD 11,562,585.62 HUF 2,285,650,300.00 19/10/2011USD 15,670,076.44 HUF 2,957,904,000.00 30/11/2011USD 22,755,203.96 HUF 4,510,795,939.00 14/12/2011USD 22,830,806.95 HUF 4,337,883,000.00 07/12/2011USD 24,642,491.22 HUF 4,731,883,200.00 09/11/2011USD 24,750,847.29 HUF 4,719,028,720.00 05/10/2011USD 825,985.40 IDR 7,500,000,000.00 07/10/2011USD 825,996.98 IDR 7,500,000,000.00 04/10/2011USD 873,416.84 IDR 7,900,000,000.00 05/10/2011USD 67,673,235.38 IDR 609,393,221,145.00 06/10/2011USD 669,142.31 ILS 2,500,000.00 26/10/2011USD 1,768,887.08 INR 87,100,000.00 05/10/2011USD 2,228,181.52 JPY 170,001,190.00 04/10/2011USD 11,662,000.00 JPY 890,299,634.00 05/10/2011USD 12,551,721.10 JPY 960,000,000.00 05/10/2011USD 10,094.17 KRW 11,945,947.00 04/11/2011USD 1,878,464.05 KRW 2,088,945,947.00 05/10/2011USD 706,903.41 MXN 9,500,000.00 28/10/2011USD 1,309,003.70 MXN 18,300,000.00 28/11/2011USD 12,650,002.45 MXN 148,410,866.00 27/10/2011USD 17,439,127.91 MXN 207,799,120.00 03/11/2011USD 23,636,741.84 MXN 296,803,920.00 01/12/2011USD 27,759,008.94 MXN 326,484,308.14 06/10/2011USD 5,419,160.10 MYR 17,299,704.00 27/10/2011USD 6,403,093.06 MYR 20,410,000.00 05/10/2011USD 6,405,102.49 MYR 20,410,000.00 07/10/2011USD 6,468,286.33 MYR 20,731,000.00 28/10/2011USD 6,492,595.42 MYR 20,731,000.00 28/10/2011USD 6,492,595.42 MYR 20,731,000.00 14/10/2011USD 6,494,629.42 MYR 20,731,000.00 28/10/2011USD 13,350,000.00 MYR 41,505,150.00 20/10/2011USD 13,469,102.25 MYR 43,034,078.02 04/10/2011USD 13,624,845.42 MYR 43,034,374.00 28/10/2011USD 14,325,398.11 MYR 44,308,771.50 20/10/2011USD 14,325,398.34 MYR 44,409,050.00 20/10/2011USD 37,720,413.59 MYR 117,300,000.00 04/10/2011USD 39,986,922.68 MYR 125,000,000.00 21/02/2012USD 48,476,727.22 MYR 153,719,702.00 01/11/2011USD 6,952,193.91 PEN 19,070,000.00 17/10/2011USD 6,953,461.40 PEN 19,070,000.00 17/10/2011USD 6,957,266.62 PEN 19,070,000.00 17/10/2011USD 6,959,805.75 PEN 19,070,000.00 17/10/2011USD 601,105.73 PHP 26,215,907.00 17/10/2011USD 12,571,911.93 PHP 549,144,960.00 29/11/2011USD 12,605,000.00 PHP 548,695,650.00 28/11/2011USD 13,335,491.99 PHP 582,761,000.00 21/11/2011USD 13,464,999.99 PHP 584,115,793.00 17/10/2011USD 518,100.16 PLN 1,740,000.00 26/10/2011USD 1,998,767.22 PLN 6,560,000.00 26/10/2011USD 21,076,521.84 PLN 62,327,933.00 01/02/2012USD 949,114.40 RON 3,050,000.00 21/11/2011USD 9,856,931.91 RON 29,349,221.77 28/12/2011USD 12,981,680.97 RON 39,023,205.60 18/01/2012

Pictet


586

Pictet - Global Emerging Currencies (suite) Achat Vente MaturitéUSD 532,147.05 RUB 16,800,000.00 12/10/2011USD 805,079.12 RUB 22,800,000.00 12/10/2011USD 889,722.38 RUB 25,900,000.00 12/10/2011USD 7,680,261.40 RUB 234,000,000.00 12/10/2011USD 10,228,321.44 RUB 311,250,000.00 12/10/2011USD 10,228,393.03 RUB 311,250,000.00 12/10/2011USD 3,192,944.76 SGD 4,110,000.00 04/10/2011USD 7,600,000.00 SGD 9,849,334.00 04/10/2011USD 13,452,000.00 THB 408,002,011.82 20/10/2011USD 13,452,000.00 THB 407,965,530.00 20/10/2011USD 13,777,000.00 THB 419,099,274.50 20/10/2011USD 13,840,778.89 THB 423,600,000.00 21/10/2011USD 14,343,000.00 THB 433,950,505.72 17/10/2011USD 14,370,000.00 THB 434,336,296.44 13/10/2011USD 15,417,000.00 THB 465,442,482.99 14/10/2011USD 16,808,876.10 THB 507,967,799.21 06/10/2011USD 18,245,558.35 THB 553,756,564.00 03/05/2012USD 404,997.67 TRY 740,000.00 23/11/2011USD 509,543.75 TRY 950,000.00 23/11/2011USD 514,937.29 TRY 929,520.00 23/11/2011USD 1,265,541.74 TRY 2,280,000.00 23/11/2011USD 1,512,662.91 TRY 2,750,000.00 23/11/2011USD 1,540,951.20 TRY 2,750,000.00 23/11/2011USD 1,768,431.62 TRY 3,200,000.00 23/11/2011USD 2,158,718.58 TRY 4,050,000.00 23/11/2011USD 2,317,986.75 TRY 4,180,000.00 23/11/2011USD 3,742,017.49 TRY 6,700,000.00 23/11/2011USD 7,611,384.93 TRY 12,351,040.00 16/11/2011USD 23,254,858.10 TRY 37,908,000.00 16/11/2011USD 41,158,806.42 TRY 66,027,410.00 16/11/2011USD 48,306,731.49 TRY 87,701,499.00 23/11/2011USD 503,120.45 TWD 15,300,000.00 31/10/2011USD 766,590.27 ZAR 6,400,000.00 25/11/2011USD 790,887.25 ZAR 6,600,000.00 25/11/2011USD 865,253.46 ZAR 6,178,126.00 25/11/2011USD 1,988,365.74 ZAR 15,400,000.00 25/11/2011USD 6,206,471.24 ZAR 48,800,000.00 25/11/2011USD 7,246,626.64 ZAR 51,783,307.00 25/11/2011USD 7,269,498.15 ZAR 51,872,594.47 25/11/2011USD 7,279,622.45 ZAR 51,872,231.00 25/11/2011USD 7,287,472.75 ZAR 51,872,231.00 25/11/2011USD 7,293,331.07 ZAR 51,783,307.00 25/11/2011USD 7,305,382.12 ZAR 51,872,231.00 25/11/2011USD 7,308,006.62 ZAR 51,872,231.00 25/11/2011USD 7,315,169.26 ZAR 51,872,231.00 25/11/2011USD 13,409,930.83 ZAR 100,329,227.00 25/11/2011ZAR 1,085,405.00 USD 146,372.51 25/11/2011ZAR 14,049,902.00 USD 1,921,542.53 25/11/2011ZAR 50,599,999.97 USD 6,229,727.22 25/11/2011ZAR 51,799,999.98 USD 7,033,697.11 25/11/2011ZAR 84,149,412.47 USD 11,520,145.88 25/11/2011ZAR 113,600,000.01 USD 14,268,768.33 25/11/2011ZAR 305,091,973.98 USD 41,807,458.09 25/11/2011


Pictet


587

Pictet - JPY Liquidity Achat Vente MaturitéJPY 45,214,034.00 CHF 500,000.00 11/10/2011JPY 49,669,253.00 CHF 500,000.00 16/11/2011JPY 51,306,700.00 EUR 500,000.00 27/10/2011JPY 52,224,750.00 EUR 500,000.00 22/12/2011JPY 52,351,350.00 EUR 500,000.00 15/12/2011JPY 52,360,250.00 EUR 500,000.00 21/11/2011JPY 52,492,550.00 EUR 500,003.33 15/12/2011JPY 54,199,435.00 EUR 526,250.00 03/02/2012JPY 54,271,800.00 EUR 500,000.00 11/11/2011JPY 54,282,500.00 EUR 500,000.00 12/12/2011JPY 54,303,100.00 EUR 500,003.68 11/10/2011JPY 54,390,600.00 EUR 500,000.00 15/11/2011JPY 54,434,500.00 EUR 500,000.00 15/11/2011JPY 54,905,850.00 EUR 500,003.64 22/11/2011JPY 54,916,550.00 EUR 500,000.00 15/11/2011JPY 55,018,900.00 EUR 500,000.00 17/10/2011JPY 55,043,250.00 EUR 500,003.63 08/11/2011JPY 55,069,650.00 EUR 500,000.00 01/03/2012JPY 55,201,850.00 EUR 500,000.00 25/11/2011JPY 55,202,550.00 EUR 500,000.00 01/11/2011JPY 55,205,450.00 EUR 500,000.00 24/10/2011JPY 55,338,850.00 EUR 500,000.00 25/11/2011JPY 55,473,150.00 EUR 500,000.00 30/11/2011JPY 56,078,050.00 EUR 500,000.00 31/10/2011JPY 57,593,800.00 EUR 500,000.00 12/01/2012JPY 57,771,500.00 EUR 500,000.00 08/12/2011JPY 57,813,600.00 EUR 500,000.00 13/10/2011JPY 58,026,300.00 EUR 500,000.00 12/10/2011JPY 58,327,100.00 EUR 500,000.00 10/01/2012JPY 108,992,100.00 EUR 1,000,000.00 22/12/2011JPY 109,818,199.00 EUR 1,000,007.28 06/10/2011JPY 110,584,000.00 EUR 1,000,000.00 25/11/2011JPY 110,889,800.00 EUR 1,000,000.00 01/12/2011JPY 162,308,400.00 EUR 1,500,000.00 12/12/2011JPY 218,571,000.00 EUR 2,000,014.64 09/11/2011JPY 220,946,600.00 EUR 2,000,000.00 07/10/2011JPY 67,605,500.00 GBP 500,000.00 18/10/2011JPY 134,047,758.00 GBP 1,025,000.00 27/10/2011

La plus-value nette non réalisée sur ces contrats au 30 septembre 2011, était de JPY 176,820,636.31 et figure dans l’état des actifs nets.

Pictet - Latin American Local Currency Debt Achat Vente MaturitéAUD 2,600,000.00 USD 2,567,611.80 06/10/2011BRL 3,220,000.00 USD 1,909,293.16 04/10/2011BRL 3,989,999.99 USD 2,395,694.23 04/10/2011BRL 5,820,000.01 USD 3,594,836.04 04/10/2011BRL 6,250,000.00 USD 3,869,995.40 04/10/2011BRL 6,880,000.01 USD 4,211,585.66 04/10/2011BRL 14,830,000.01 USD 7,886,255.00 04/10/2011BRL 20,795,399.01 USD 11,276,187.83 03/11/2011BRL 36,115,399.00 USD 22,244,175.71 04/10/2011CLP 1,275,000,002.00 USD 2,539,858.35 17/10/2011CLP 2,301,311,164.00 USD 4,772,557.84 16/12/2011COP 17,617,626,865.22 USD 9,658,854.44 20/10/2011EUR 21,195.87 USD 28,932.36 04/10/2011JPY 358,683,637.00 USD 4,676,481.72 05/10/2011

Pictet


588

Pictet - Latin American Local Currency Debt (suite) Achat Vente MaturitéMXN 3,142,443.29 USD 229,216.41 28/10/2011MXN 10,408,500.02 USD 749,201.08 28/11/2011MXN 12,064,000.02 USD 850,045.41 28/11/2011MXN 58,000,000.00 USD 4,148,813.06 28/11/2011PEN 5,055,219.00 USD 1,834,604.92 22/12/2011USD 357,237.00 BRL 660,000.00 03/11/2011USD 365,638.78 BRL 630,000.00 04/10/2011USD 863,762.11 BRL 1,490,000.00 04/10/2011USD 1,352,165.38 BRL 2,440,000.00 04/10/2011USD 1,383,457.75 BRL 2,410,000.00 04/10/2011USD 1,900,766.61 BRL 3,410,000.00 04/10/2011USD 2,080,521.79 BRL 3,720,000.00 04/10/2011USD 2,352,924.65 BRL 4,020,000.00 04/10/2011USD 2,555,000.96 BRL 4,760,000.00 04/10/2011USD 2,702,175.72 BRL 4,310,000.00 04/10/2011USD 3,238,382.37 BRL 5,970,000.00 04/10/2011USD 5,490,792.14 BRL 10,180,000.00 04/10/2011USD 7,785,057.97 BRL 12,970,000.00 04/10/2011USD 11,357,319.15 BRL 20,795,399.00 04/10/2011USD 1,372,335.14 CLP 659,000,000.00 17/10/2011USD 1,372,906.94 CLP 659,000,000.00 17/10/2011USD 2,758,529.23 CLP 1,323,000,000.00 17/10/2011USD 4,931,350.23 CLP 2,334,764,039.00 11/10/2011USD 569,739.77 COP 1,040,067,242.00 20/10/2011USD 2,836,703.67 COP 5,160,000,000.00 18/10/2011USD 17,849,568.46 EUR 12,942,864.00 04/10/2011USD 5,177,584.95 JPY 396,000,000.00 05/10/2011USD 324,283.10 MXN 4,408,011.00 28/10/2011USD 763,576.15 MXN 10,600,000.00 28/11/2011USD 1,116,163.28 MXN 15,000,000.00 28/10/2011USD 1,881,879.80 MXN 25,800,000.00 28/10/2011USD 2,989,406.93 PEN 8,200,000.00 17/10/2011USD 2,989,951.94 PEN 8,200,000.00 17/10/2011USD 2,991,588.16 PEN 8,200,000.00 17/10/2011USD 2,992,679.98 PEN 8,200,000.00 17/10/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de USD 2,071,627.98 et figure dans l’état des actifs nets.

Pictet - USD Sovereign Liquidity Achat Vente MaturitéUSD 11,871,435.90 CHF 9,996,675.00 28/11/2011USD 12,478,272.21 CHF 10,000,000.00 27/10/2011USD 23,685,734.62 CHF 19,998,600.00 06/10/2011USD 24,423,185.42 CHF 20,000,000.00 20/10/2011USD 19,326,620.43 DKK 106,000,000.00 15/11/2011USD 2,958,139.02 EUR 2,171,980.00 17/10/2011USD 3,501,499.48 EUR 2,570,936.25 17/10/2011USD 5,808,041.68 EUR 4,135,000.00 17/01/2012USD 7,053,425.00 EUR 5,000,000.00 08/12/2011USD 7,205,915.00 EUR 5,000,000.00 03/11/2011USD 7,214,385.00 EUR 5,000,000.00 10/11/2011USD 7,231,090.00 EUR 5,000,000.00 01/12/2011USD 8,081,442.00 EUR 6,000,000.00 22/12/2011USD 9,983,897.00 EUR 7,000,000.00 10/11/2011USD 12,120,345.00 EUR 9,000,000.00 22/12/2011USD 13,648,640.00 EUR 10,000,000.00 03/11/2011USD 14,258,380.00 EUR 10,000,000.00 14/11/2011

Pictet


589

Pictet - USD Sovereign Liquidity (suite) Achat Vente MaturitéUSD 14,372,820.00 EUR 10,000,000.00 10/11/2011USD 14,382,730.00 EUR 10,000,000.00 13/10/2011USD 21,177,180.00 EUR 15,000,000.00 30/11/2011USD 10,721,167.88 GBP 6,815,490.00 17/10/2011


Pictet - EUR Sovereign Liquidity Achat Vente MaturitéEUR 7,123,055.05 CHF 7,500,000.00 10/11/2011EUR 21,608,091.45 CHF 25,000,000.00 27/10/2011EUR 25,017,449.67 CHF 30,000,000.00 15/12/2011EUR 64,616,680.93 CHF 75,000,000.00 20/10/2011EUR 65,651,998.71 CHF 79,994,400.00 06/10/2011EUR 72,561,568.49 CHF 80,000,000.00 03/11/2011EUR 28,496,508.10 DKK 212,000,000.00 15/11/2011EUR 64,115,997.00 DKK 477,000,000.00 15/11/2011EUR 17,182,406.13 GBP 15,000,000.00 17/10/2011EUR 22,902,030.84 GBP 20,000,000.00 17/10/2011EUR 1,820,788.37 USD 2,478,633.75 14/10/2011EUR 4,422,219.83 USD 6,021,281.25 14/10/2011EUR 8,210,028.37 USD 11,178,750.00 14/10/2011EUR 36,707,889.63 USD 50,000,000.00 30/11/2011EUR 37,345,738.67 USD 50,812,500.00 14/10/2011EUR 75,708,644.08 USD 101,625,000.00 14/10/2011

La plus-value nette non réalisée sur ces contrats au 30 septembre 2011, était de EUR 13,595,376.79 et figure dans l’état des actifs nets.

Pictet - US High Yield Achat Vente MaturitéCHF 1,503,264.00 USD 1,680,000.00 31/10/2011CHF 150,332,347.93 USD 167,800,366.03 31/10/2011EUR 2,618,611.13 USD 3,571,000.00 31/10/2011EUR 211,876,898.97 USD 288,597,524.09 31/10/2011ILS 1,540,133.72 USD 414,571.66 31/10/2011


Pictet - EUR Corporate Bonds Ex Financial Achat Vente MaturitéCHF 81,553,758.03 EUR 66,754,324.33 31/10/2011EUR 351,700.85 CHF 427,000.00 31/10/2011


Pictet


590

Pictet - Emerging Markets Achat Vente MaturitéEUR 521,375.67 USD 711,000.00 31/10/2011EUR 29,313,696.15 USD 39,928,185.52 31/10/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de USD 646,390.94 et figure dans l’état des actifs nets.

Pictet - Europe Index Achat Vente MaturitéCHF 5,700,000.00 EUR 4,678,735.07 05/10/2011DKK 3,750,000.00 EUR 504,028.46 05/10/2011GBP 9,750,000.00 EUR 11,326,489.70 05/10/2011NOK 3,920,000.00 EUR 497,890.76 05/10/2011SEK 14,200,000.00 EUR 1,540,952.77 05/10/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de EUR 6,478.95 et figure dans l’état des actifs nets.

Pictet - European Sustainable Equities Achat Vente MaturitéCHF 1,230,000.00 EUR 1,009,196.82 04/10/2011DKK 1,600,000.00 EUR 215,149.71 04/10/2011GBP 2,240,000.00 EUR 2,575,407.94 04/10/2011NOK 1,900,000.00 EUR 242,159.23 04/10/2011SEK 4,200,000.00 EUR 455,759.23 04/10/2011


Pictet - Japan Index Achat Vente MaturitéEUR 520,000.00 JPY 54,360,800.00 04/10/2011

La moins-value nette non réalisée sur ce contrat au 30 septembre 2011, était de JPY 301,359.44 et figure dans l’état des actifs nets.

Pictet - Digital Communication Achat Vente MaturitéEUR 694,702.77 USD 946,254.64 31/10/2011USD 328,639.65 EUR 241,000.00 31/10/2011


Pictet


591

Pictet - Biotech Achat Vente MaturitéEUR 2,908,997.58 USD 3,967,000.00 31/10/2011EUR 102,655,138.48 USD 139,826,564.12 31/10/2011


Pictet - Premium Brands Achat Vente MaturitéSGD 25,914.99 EUR 14,806.45 31/10/2011USD 5,579,279.41 EUR 4,096,327.08 31/10/2011


Pictet - Water Achat Vente MaturitéUSD 11,750,926.50 EUR 8,627,572.65 31/10/2011

La plus-value nette non réalisée sur ce contrat au 30 septembre 2011, était de EUR 138,496.46 et figure dans l’état des actifs nets.

Pictet - Asian Equities Ex Japan Achat Vente MaturitéEUR 183,324.78 USD 250,000.00 31/10/2011EUR 14,497,295.48 USD 19,746,766.17 31/10/2011


Pictet - Japanese Equity Selection Achat Vente MaturitéEUR 3,061,417.10 JPY 320,163,000.00 31/10/2011EUR 36,379,232.04 JPY 3,784,349,613.00 31/10/2011JPY 114,153,820.00 EUR 1,097,000.00 31/10/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de JPY 7,598,028.17 et figure dans l’état des actifs nets.

Pictet - Generics Achat Vente MaturitéEUR 1,196,744.15 USD 1,632,000.00 31/10/2011EUR 41,754,977.26 USD 56,874,454.53 31/10/2011


Pictet


592

Pictet - US Equity Growth Selection Achat Vente MaturitéEUR 189,849,475.45 USD 258,593,970.51 31/10/2011USD 5,157,324.30 EUR 3,782,000.00 31/10/2011


Pictet - Timber Achat Vente MaturitéEUR 308,718.93 USD 421,000.00 31/10/2011EUR 13,503,341.36 USD 18,392,901.27 31/10/2011


Pictet - Global Megatrend Selection Achat Vente MaturitéCHF 51,770.40 GBP 37,000.00 05/10/2011EUR 27,004.91 CHF 33,000.00 04/10/2011EUR 17,213.68 GBP 15,000.00 04/10/2011EUR 3,952,824.34 USD 5,384,142.04 31/10/2011USD 126,554.40 GBP 81,000.00 04/10/2011


Pictet - US Equity Value Selection Achat Vente MaturitéEUR 326,318.11 USD 445,000.00 31/10/2011EUR 12,558,248.33 USD 17,105,590.05 31/10/2011USD 672,893.10 EUR 501,000.00 31/10/2011


Pictet - Middle East And North Africa Achat Vente MaturitéEUR 2,505,950.86 USD 3,413,355.66 31/10/2011

La moins-value nette non réalisée sur ce contrat au 30 septembre 2011, était de USD 54,224.27 et figure dans l’état des actifs nets.

Pictet - Piclife Achat Vente MaturitéAUD 537.34 USD 530.65 06/10/2011BRL 419.78 USD 252.05 04/10/2011BRL 470.43 USD 281.87 04/10/2011BRL 933.89 USD 501.83 04/10/2011BRL 2,391.96 USD 1,473.25 04/10/2011BRL 2,419.20 USD 1,299.96 04/10/2011BRL 5,723.56 USD 3,103.57 03/11/2011

Pictet


593

Pictet - Piclife (suite) Achat Vente MaturitéCAD 1,142.73 USD 1,115.73 14/10/2011CHF 295.15 EUR 240.52 07/10/2011CLP 263,306.41 USD 524.52 17/10/2011CLP 584,840.17 USD 1,212.87 16/12/2011CNY 823.68 USD 128.96 13/10/2011CNY 5,139.94 USD 805.01 29/11/2011CNY 6,020.09 USD 933.14 14/02/2012CNY 6,035.04 USD 934.51 14/02/2012CNY 6,612.56 USD 1,035.73 07/05/2012CNY 6,627.53 USD 1,038.56 20/10/2011CNY 7,251.09 USD 1,134.59 21/05/2012CNY 7,632.23 USD 1,192.92 17/10/2011COP 5,235,375.41 USD 2,870.29 20/10/2011EUR 507.49 CHF 558.68 05/12/2011EUR 721.56 CHF 881.20 07/10/2011EUR 178.78 GBP 151.91 05/12/2011EUR 224.71 GBP 202.09 05/12/2011EUR 2,003.96 GBP 1,745.89 05/12/2011EUR 105.54 USD 144.06 04/10/2011EUR 321.79 USD 445.30 05/12/2011GBP 267.02 EUR 308.27 05/12/2011GBP 513.50 EUR 591.51 05/12/2011GBP 1,026.99 EUR 1,183.41 05/12/2011GBP 3.89 USD 6.09 04/10/2011HKD 2,720.62 USD 349.14 19/10/2011HUF 38,127.85 USD 181.95 22/11/2011HUF 39,134.08 USD 181.44 22/11/2011HUF 56,967.49 USD 299.93 22/11/2011HUF 92,155.47 USD 436.12 22/11/2011HUF 100,422.02 USD 519.30 22/11/2011HUF 311,345.48 USD 1,645.47 22/11/2011IDR 1,476,519.50 USD 162.61 11/10/2011IDR 6,498,143.64 USD 739.27 27/12/2011IDR 6,498,143.64 USD 738.43 27/12/2011IDR 8,720,062.52 USD 960.37 04/10/2011IDR 8,720,062.52 USD 960.37 07/10/2011IDR 9,343,366.81 USD 1,032.99 05/10/2011IDR 11,531,436.41 USD 1,313.38 02/04/2012IDR 12,487,883.89 USD 1,386.78 06/10/2011INR 4,602.16 USD 96.26 05/10/2011INR 16,080.98 USD 329.46 05/10/2011INR 16,080.98 USD 325.66 04/10/2011INR 16,080.98 USD 328.68 04/10/2011JPY 40,000,000.00 CHF 465,928.95 13/10/2011JPY 91,258.64 USD 1,196.84 04/10/2011JPY 181,992.83 USD 2,372.80 05/10/2011KRW 69,429.23 USD 58.79 05/10/2011KRW 136,400.50 USD 115.62 05/10/2011MXN 1,402.06 USD 101.14 28/11/2011MXN 2,112.35 USD 152.05 28/11/2011MXN 2,557.61 USD 180.21 28/11/2011MXN 4,853.11 USD 347.06 28/11/2011MYR 0.02 USD 0.01 27/10/2011MYR 1,601.74 USD 501.96 27/10/2011MYR 3,335.32 USD 1,045.23 28/10/2011MYR 3,391.00 USD 1,064.19 20/10/2011MYR 3,465.46 USD 1,101.90 20/10/2011MYR 3,466.56 USD 1,101.90 20/10/2011MYR 3,474.41 USD 1,102.12 04/10/2011PEN 563.86 USD 203.19 17/10/2011

Pictet


594

Pictet - Piclife (suite) Achat Vente MaturitéPEN 831.04 USD 301.59 22/12/2011PHP 18,340.94 USD 419.90 04/10/2011PHP 42,725.93 USD 979.68 17/10/2011PHP 44,530.86 USD 1,026.29 05/10/2011PHP 44,784.19 USD 1,027.40 06/10/2011PHP 47,029.86 USD 1,072.04 17/10/2011PLN 1,602.26 USD 489.15 26/10/2011PLN 13,933.67 USD 4,176.91 26/10/2011RUB 4,165.02 USD 139.84 12/10/2011RUB 4,897.83 USD 175.05 12/10/2011RUB 4,898.69 USD 174.89 12/10/2011RUB 5,276.22 USD 175.52 12/10/2011RUB 5,293.04 USD 178.40 12/10/2011RUB 5,676.19 USD 200.89 12/10/2011RUB 5,813.03 USD 196.92 12/10/2011RUB 5,818.23 USD 199.12 12/10/2011RUB 5,875.73 USD 209.03 12/10/2011RUB 6,911.61 USD 244.36 12/10/2011RUB 7,551.13 USD 236.71 12/10/2011RUB 8,715.20 USD 296.74 12/10/2011RUB 9,605.84 USD 324.85 12/10/2011RUB 9,711.39 USD 327.54 12/10/2011RUB 10,034.73 USD 360.70 12/10/2011RUB 11,769.17 USD 404.51 12/10/2011RUB 64,904.49 USD 2,297.34 12/10/2011RUB 66,740.38 USD 2,362.26 12/10/2011SGD 664.21 EUR 377.39 14/10/2011SGD 667.56 EUR 381.25 14/10/2011SGD 680.94 USD 523.08 04/10/2011SGD 680.94 USD 522.52 04/10/2011SGD 680.94 USD 520.21 04/10/2011SGD 680.94 USD 523.76 04/10/2011SGD 686.49 USD 524.11 04/10/2011SGD 686.49 USD 528.23 04/10/2011SGD 686.49 USD 528.06 04/10/2011SGD 686.49 USD 526.08 04/10/2011SGD 1,798.58 USD 1,389.41 04/10/2011THB 4,517.22 USD 148.81 13/10/2011THB 21,252.58 USD 681.07 14/10/2011THB 32,230.62 USD 1,038.03 20/10/2011THB 33,735.39 USD 1,102.65 20/10/2011THB 33,735.39 USD 1,102.65 20/10/2011THB 48,625.41 USD 1,609.59 13/10/2011TRY 349.69 USD 193.34 23/11/2011TRY 474.72 USD 254.46 23/11/2011TRY 517.92 USD 287.05 23/11/2011TRY 528.47 USD 289.25 23/11/2011TRY 1,218.36 USD 656.20 23/11/2011TWD 21,724.88 USD 714.64 31/10/2011USD 122.03 BRL 210.26 04/10/2011USD 155.18 BRL 266.52 04/10/2011USD 272.67 BRL 434.92 04/10/2011USD 3,125.90 BRL 5,723.56 04/10/2011USD 8.57 CAD 8.78 14/10/2011USD 1,103.28 CAD 1,116.86 14/10/2011USD 80.64 CHF 72.89 04/10/2011USD 415.71 CHF 363.50 04/10/2011USD 272.33 CLP 130,774.77 17/10/2011USD 272.45 CLP 130,774.77 17/10/2011USD 556.76 CLP 267,025.75 17/10/2011

Pictet


595

Pictet - Piclife (suite) Achat Vente MaturitéUSD 1,182.78 CLP 559,990.73 11/10/2011USD 522.77 CNY 3,306.28 07/05/2012USD 522.81 CNY 3,306.28 07/05/2012USD 565.96 CNY 3,625.55 21/05/2012USD 1,857.38 CNY 11,950.46 14/02/2012USD 571.80 COP 1,040,105.19 18/10/2011USD 35.11 EUR 25.95 04/10/2011USD 398.18 EUR 294.93 04/10/2011USD 3,376.58 EUR 2,448.38 04/10/2011USD 40.51 HKD 315.86 19/10/2011USD 100.07 HUF 21,886.13 22/11/2011USD 147.10 HUF 31,754.51 22/11/2011USD 193.64 HUF 36,766.16 22/11/2011USD 194.26 HUF 42,071.46 22/11/2011USD 412.09 HUF 79,640.67 22/11/2011USD 509.25 IDR 4,606,217.52 10/04/2012USD 588.41 IDR 5,322,759.35 02/04/2012USD 589.45 IDR 5,322,759.35 02/04/2012USD 720.01 IDR 6,498,143.64 19/06/2012USD 723.62 IDR 6,498,143.64 15/06/2012USD 726.94 IDR 6,498,143.64 27/12/2011USD 727.67 IDR 6,498,143.64 27/12/2011USD 865.61 IDR 7,542,144.01 07/05/2012USD 865.61 IDR 7,556,859.55 07/05/2012USD 963.54 IDR 8,720,062.52 04/10/2011USD 1,298.14 IDR 11,531,436.41 05/07/2012USD 328.68 INR 16,080.98 04/10/2011USD 329.53 INR 16,080.98 04/10/2011USD 209.10 JPY 15,980.05 05/10/2011USD 614.23 JPY 46,891.67 05/10/2011USD 1,040.03 JPY 79,545.15 05/10/2011USD 58.67 KRW 69,429.23 04/11/2011USD 185.09 KRW 205,829.73 05/10/2011USD 209.72 MXN 2,818.47 28/10/2011USD 213.22 MXN 2,898.32 28/10/2011USD 272.61 MXN 3,808.40 28/11/2011USD 0.01 MYR 0.02 04/10/2011USD 520.70 MYR 1,668.84 28/10/2011USD 522.65 MYR 1,668.84 28/10/2011USD 522.65 MYR 1,668.84 14/10/2011USD 522.82 MYR 1,668.84 28/10/2011USD 527.78 MYR 1,682.30 05/10/2011USD 527.94 MYR 1,682.30 07/10/2011USD 646.82 MYR 2,051.06 01/11/2011USD 1,087.44 MYR 3,474.39 04/10/2011USD 1,100.01 MYR 3,474.41 28/10/2011USD 1,133.54 MYR 3,506.06 20/10/2011USD 1,133.54 MYR 3,513.99 20/10/2011USD 1,148.51 MYR 3,570.71 20/10/2011USD 633.74 PEN 1,738.37 17/10/2011USD 633.86 PEN 1,738.37 17/10/2011USD 634.21 PEN 1,738.37 17/10/2011USD 634.44 PEN 1,738.37 17/10/2011USD 129.73 PHP 5,732.01 26/10/2011USD 1,026.29 PHP 44,674.54 28/11/2011USD 1,027.39 PHP 44,876.65 29/11/2011USD 1,113.03 PHP 48,639.36 21/11/2011USD 1,174.62 PHP 50,955.29 17/10/2011USD 501.25 PLN 1,645.10 26/10/2011USD 148.62 RUB 4,209.02 12/10/2011

Pictet


596

Pictet - Piclife (suite) Achat Vente MaturitéUSD 294.33 RUB 8,251.69 12/10/2011USD 336.51 RUB 9,345.06 12/10/2011USD 347.37 RUB 9,643.07 12/10/2011USD 432.57 RUB 12,600.88 12/10/2011USD 682.64 RUB 20,798.37 12/10/2011USD 732.12 RUB 21,213.29 12/10/2011USD 793.73 RUB 24,153.24 12/10/2011USD 793.73 RUB 24,153.24 12/10/2011USD 1,292.03 RUB 38,199.18 12/10/2011USD 1,593.12 RUB 44,671.39 12/10/2011USD 4,296.54 SGD 5,323.54 04/10/2011USD 37.60 THB 1,143.84 13/10/2011USD 131.29 THB 4,072.48 06/10/2011USD 225.19 THB 6,814.42 13/10/2011USD 1,000.36 THB 30,616.29 21/10/2011USD 1,132.83 THB 34,460.83 20/10/2011USD 1,161.41 THB 35,225.92 20/10/2011USD 1,161.41 THB 35,222.77 20/10/2011USD 1,182.90 THB 35,753.33 13/10/2011USD 1,194.56 THB 36,064.03 14/10/2011USD 1,197.49 THB 36,230.46 17/10/2011USD 98.43 TRY 184.66 23/11/2011USD 103.69 TRY 187.09 23/11/2011USD 116.79 TRY 217.74 23/11/2011USD 296.15 TRY 549.86 23/11/2011USD 326.55 TRY 581.26 23/11/2011USD 345.14 TRY 623.81 23/11/2011USD 572.49 TRY 1,024.71 23/11/2011USD 4,627.02 TRY 8,400.42 23/11/2011USD 39.70 TWD 1,207.38 31/10/2011USD 43.13 ZAR 310.66 25/11/2011USD 69.08 ZAR 493.28 25/11/2011USD 320.80 ZAR 2,274.59 25/11/2011USD 387.41 ZAR 2,758.36 25/11/2011USD 578.59 ZAR 4,134.54 25/11/2011USD 580.42 ZAR 4,141.67 25/11/2011USD 581.23 ZAR 4,141.64 25/11/2011USD 581.85 ZAR 4,141.64 25/11/2011USD 582.32 ZAR 4,134.54 25/11/2011USD 583.28 ZAR 4,141.64 25/11/2011USD 583.49 ZAR 4,141.64 25/11/2011USD 584.07 ZAR 4,141.64 25/11/2011USD 1,024.74 ZAR 8,057.31 25/11/2011USD 1,109.50 ZAR 8,300.97 25/11/2011USD 2,772.92 ZAR 20,194.60 25/11/2011USD 3,423.71 ZAR 24,985.01 25/11/2011ZAR 86.98 USD 11.73 25/11/2011ZAR 3,828.18 USD 523.56 25/11/2011ZAR 3,961.89 USD 475.50 25/11/2011ZAR 4,151.08 USD 563.66 25/11/2011ZAR 4,216.49 USD 519.12 25/11/2011ZAR 4,452.95 USD 533.58 25/11/2011ZAR 10,699.55 USD 1,464.78 25/11/2011

La plus-value nette non réalisée sur ces contrats au 30 septembre 2011, était de CHF 4,420.70 et figure dans l’état des actifs nets.

Pictet


597

Pictet - Absolute Return Global Diversified Achat Vente MaturitéAUD 7,969,085.15 EUR 5,810,912.32 04/11/2011AUD 58,591,723.37 EUR 42,649,383.73 04/11/2011CHF 2,009,508.01 EUR 1,778,876.65 04/11/2011CHF 28,936,159.59 EUR 23,685,159.69 31/10/2011EUR 601,249.98 AUD 804,712.97 21/10/2011EUR 2,768,616.36 AUD 3,702,000.00 20/10/2011EUR 7,814,908.98 AUD 10,817,397.01 04/11/2011EUR 54,712.89 CAD 73,911.64 21/10/2011EUR 1,574,826.41 CAD 2,132,000.00 20/10/2011EUR 217,700.21 CHF 249,451.78 21/10/2011EUR 688,785.85 CHF 765,000.00 04/11/2011EUR 1,571,223.08 CHF 1,913,592.59 04/11/2011EUR 9,912,158.04 CHF 10,686,297.58 04/11/2011EUR 88,262,755.99 CHF 101,714,000.00 20/10/2011EUR 58,099.79 GBP 51,000.00 04/11/2011EUR 485,538.58 GBP 424,991.92 21/10/2011EUR 545,445.53 GBP 473,883.08 04/11/2011EUR 6,785,841.52 GBP 5,876,538.76 04/11/2011EUR 34,763,943.60 GBP 30,448,000.00 20/10/2011EUR 1,748,207.90 HKD 19,073,822.36 21/10/2011EUR 1,758,126.52 HKD 18,477,909.77 21/10/2011EUR 3,996,774.81 HKD 43,869,000.00 20/10/2011EUR 101,862.90 JPY 11,100,000.00 04/11/2011EUR 411,202.46 JPY 42,937,761.00 04/11/2011EUR 998,763.31 JPY 110,593,061.67 21/10/2011EUR 9,594,349.05 JPY 1,065,773,873.00 04/11/2011EUR 52,241,644.62 JPY 5,825,727,000.00 20/10/2011EUR 624,979.98 MXN 10,421,541.11 21/10/2011EUR 1,532,768.16 MXN 25,493,000.00 20/10/2011EUR 29,160.80 NOK 230,000.00 20/10/2011EUR 76,891.53 NOK 600,000.00 20/10/2011EUR 818,392.94 NOK 6,467,268.42 21/10/2011EUR 62,731.15 PLN 258,690.74 21/10/2011EUR 112,584.69 PLN 489,664.61 21/10/2011EUR 150,264.91 PLN 623,629.45 21/10/2011EUR 209,367.18 PLN 923,895.49 21/10/2011EUR 281,950.79 PLN 1,182,586.23 21/10/2011EUR 742,034.53 PLN 3,016,518.77 21/10/2011EUR 1,315,165.88 PLN 5,328,000.00 20/10/2011EUR 398,110.70 SEK 3,695,581.95 21/10/2011EUR 6,125,267.92 SEK 56,584,000.00 20/10/2011EUR 486,972.73 SGD 831,505.94 21/10/2011EUR 514,138.82 SGD 880,000.00 04/11/2011EUR 1,034,061.49 SGD 1,802,369.18 04/11/2011EUR 3,759,902.14 SGD 6,455,000.00 20/10/2011EUR 8,473,947.78 SGD 14,645,523.95 04/11/2011EUR 653,961.84 THB 27,716,864.66 21/10/2011EUR 27,303.22 TRY 70,000.00 20/10/2011EUR 45,066.23 TRY 115,000.00 20/10/2011EUR 66,374.93 TRY 165,320.04 21/10/2011EUR 71,138.00 TRY 175,540.14 21/10/2011EUR 85,045.79 TRY 215,000.00 20/10/2011EUR 120,340.35 TRY 300,266.03 21/10/2011EUR 137,071.13 TRY 351,080.29 21/10/2011EUR 211,931.97 TRY 535,859.38 21/10/2011EUR 228,095.52 TRY 582,054.16 21/10/2011EUR 725,356.41 TRY 1,722,141.19 21/10/2011EUR 74,183.01 USD 101,628.50 21/10/2011EUR 74,573.31 USD 101,628.50 21/11/2011EUR 182,161.37 USD 249,451.78 21/10/2011

Pictet


598

Pictet - Absolute Return Global Diversified (suite) Achat Vente MaturitéEUR 342,158.17 USD 461,947.74 21/10/2011EUR 447,831.56 USD 610,663.11 04/11/2011EUR 3,097,697.32 USD 4,334,917.63 21/10/2011EUR 9,122,381.59 USD 12,930,063.67 04/11/2011EUR 46,900,369.00 USD 66,092,000.00 20/10/2011EUR 17,516.13 ZAR 170,920.67 21/10/2011EUR 26,945.72 ZAR 266,169.77 21/10/2011EUR 31,434.93 ZAR 318,743.94 21/10/2011EUR 60,144.30 ZAR 632,868.41 21/10/2011EUR 65,108.91 ZAR 646,726.84 21/10/2011EUR 74,001.00 ZAR 734,496.91 21/10/2011EUR 137,966.02 ZAR 1,360,000.00 20/10/2011GBP 1,227,771.26 EUR 1,408,317.57 04/11/2011GBP 119,394,943.91 EUR 136,967,929.23 31/10/2011JPY 2,612,840.00 EUR 25,119.84 31/10/2011JPY 242,029,567.00 EUR 2,201,669.85 04/11/2011SGD 3,074,570.22 EUR 1,776,900.09 04/11/2011USD 811,702.46 BRL 1,304,000.00 20/10/2011USD 1,868,483.55 BRL 3,086,734.83 21/10/2011USD 1,229,704.90 EUR 862,950.81 21/10/2011USD 1,383,499.37 EUR 962,836.22 24/10/2011USD 1,627,483.23 EUR 1,193,169.52 24/10/2011USD 2,640,790.11 EUR 1,836,943.59 04/11/2011USD 6,379,299.86 EUR 4,683,704.98 31/10/2011USD 1,816,569.16 KRW 1,937,589,000.00 20/10/2011


Pictet - Absolute Return Global Conservative Achat Vente MaturitéAUD 540,000.00 EUR 393,758.20 04/11/2011AUD 8,880,781.91 EUR 6,479,721.21 04/11/2011CHF 281,647.73 EUR 249,389.23 04/11/2011CHF 584,931.71 EUR 541,603.44 04/11/2011EUR 49,527.07 AUD 66,287.03 21/10/2011EUR 145,701.10 AUD 202,000.00 25/11/2011EUR 1,547,345.91 AUD 2,142,764.62 04/11/2011EUR 1,839,391.92 AUD 2,579,931.11 04/11/2011EUR 4,506.89 CAD 6,088.36 21/10/2011EUR 239,339.17 CAD 339,000.00 25/11/2011EUR 17,932.73 CHF 20,548.22 21/10/2011EUR 63,026.16 CHF 70,000.00 04/11/2011EUR 110,025.45 CHF 134,000.00 04/11/2011EUR 1,501,973.66 CHF 1,619,728.40 04/11/2011EUR 9,339,936.89 CHF 10,655,000.00 25/11/2011EUR 37,983.43 GBP 33,000.00 04/11/2011EUR 39,995.52 GBP 35,008.08 21/10/2011EUR 1,027,881.17 GBP 890,710.43 04/11/2011EUR 3,398,811.21 GBP 3,002,000.00 25/11/2011EUR 5,832.55 HKD 62,000.00 04/11/2011EUR 99,074.53 HKD 1,108,000.00 25/11/2011EUR 144,006.02 HKD 1,571,177.64 21/10/2011EUR 144,823.05 HKD 1,522,090.23 21/10/2011EUR 10,892.91 JPY 1,187,000.00 04/11/2011EUR 12,449.72 JPY 1,300,000.00 04/11/2011EUR 82,271.64 JPY 9,109,938.33 21/10/2011EUR 1,452,240.49 JPY 161,539,971.00 04/11/2011

Pictet


599

Pictet - Absolute Return Global Conservative (suite) Achat Vente MaturitéEUR 5,297,146.20 JPY 588,407,000.00 25/11/2011EUR 51,481.79 MXN 858,458.89 21/10/2011EUR 65,383.87 MXN 1,174,000.00 25/11/2011EUR 67,413.90 NOK 532,731.58 21/10/2011EUR 5,167.39 PLN 21,309.26 21/10/2011EUR 9,274.00 PLN 40,335.39 21/10/2011EUR 12,377.85 PLN 51,370.55 21/10/2011EUR 17,246.31 PLN 76,104.51 21/10/2011EUR 23,225.28 PLN 97,413.77 21/10/2011EUR 39,334.41 PLN 165,000.00 25/11/2011EUR 61,123.99 PLN 248,481.23 21/10/2011EUR 32,793.77 SEK 304,418.05 21/10/2011EUR 186,289.20 SEK 1,703,000.00 25/11/2011EUR 40,113.65 SGD 68,494.06 21/10/2011EUR 46,739.89 SGD 80,000.00 04/11/2011EUR 67,125.65 SGD 117,000.00 04/11/2011EUR 403,341.98 SGD 700,000.00 25/11/2011EUR 1,285,591.39 SGD 2,219,830.66 04/11/2011EUR 53,869.13 THB 2,283,135.34 21/10/2011EUR 5,467.54 TRY 13,617.99 21/10/2011EUR 5,859.89 TRY 14,459.86 21/10/2011EUR 9,912.86 TRY 24,733.97 21/10/2011EUR 11,291.03 TRY 28,919.71 21/10/2011EUR 17,457.58 TRY 44,140.62 21/10/2011EUR 18,789.03 TRY 47,945.84 21/10/2011EUR 19,903.99 TRY 51,000.00 25/11/2011EUR 59,750.15 TRY 141,858.81 21/10/2011EUR 6,110.72 USD 8,371.50 21/10/2011EUR 6,142.86 USD 8,371.50 21/11/2011EUR 15,005.27 USD 20,548.22 21/10/2011EUR 19,067.18 USD 26,000.00 04/11/2011EUR 28,184.77 USD 38,052.26 21/10/2011EUR 255,168.19 USD 357,082.37 21/10/2011EUR 1,382,684.73 USD 1,959,817.34 04/11/2011EUR 2,197,357.87 USD 3,152,000.00 25/11/2011EUR 1,442.87 ZAR 14,079.33 21/10/2011EUR 2,219.61 ZAR 21,925.34 21/10/2011EUR 2,589.41 ZAR 26,256.06 21/10/2011EUR 4,954.30 ZAR 52,131.59 21/10/2011EUR 5,363.25 ZAR 53,273.16 21/10/2011EUR 6,095.72 ZAR 60,503.09 21/10/2011EUR 87,026.22 ZAR 912,000.00 25/11/2011GBP 206,428.81 EUR 236,757.44 04/11/2011GBP 280,627.85 EUR 319,149.15 04/11/2011JPY 34,209,221.00 EUR 311,275.90 04/11/2011JPY 55,828,143.00 EUR 511,012.75 04/11/2011SGD 497,976.42 EUR 287,631.50 04/11/2011SGD 717,380.51 EUR 416,621.47 04/11/2011USD 153,913.54 BRL 254,265.17 21/10/2011USD 101,295.10 EUR 71,084.28 21/10/2011USD 113,500.63 EUR 78,989.93 24/10/2011USD 133,516.77 EUR 97,886.20 24/10/2011USD 431,935.05 EUR 300,413.86 04/11/2011USD 634,697.06 EUR 445,338.94 04/11/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de EUR 54,407.96 et figure dans l’état des actifs nets.

Pictet


600

Pictet - Convertible Bonds Achat Vente MaturitéCHF 250,261.01 EUR 204,846.53 31/10/2011CHF 434,248.80 EUR 356,000.00 31/10/2011CHF 1,225,899.00 EUR 1,005,000.00 31/10/2011CHF 60,068,655.97 EUR 49,168,090.34 31/10/2011CHF 96,027,837.08 EUR 78,601,814.75 31/10/2011EUR 15,975,223.28 AUD 22,180,000.00 31/10/2011EUR 6,951,765.01 CAD 9,760,000.00 31/10/2011EUR 463,456.65 CHF 565,000.00 31/10/2011EUR 981,051.60 CHF 1,196,000.00 31/10/2011EUR 5,212,858.38 CHF 6,360,000.00 31/10/2011EUR 27,165,679.67 GBP 23,670,000.00 31/10/2011EUR 20,794,162.43 HKD 220,520,013.20 31/10/2011EUR 1,990,486.29 HUF 581,640,000.12 28/10/2011EUR 40,641,359.92 JPY 4,237,390,108.85 31/10/2011EUR 5,037,545.92 SEK 46,490,000.01 31/10/2011EUR 318,110.12 SGD 560,001.05 31/10/2011EUR 733,412.16 USD 1,000,000.15 31/10/2011EUR 279,628,013.06 USD 381,269,999.52 31/10/2011GBP 12,803,818.62 EUR 14,688,331.56 31/10/2011NOK 24,660,000.02 EUR 3,142,642.32 31/10/2011USD 48,962,235.44 EUR 35,948,249.98 31/10/2011USD 65,449,163.51 EUR 48,053,012.08 31/10/2011

La moins-value nette non réalisée sur ces contrats au 30 septembre 2011, était de EUR 3,950,759.14 et figure dans l’état des actifs nets.

NOTE 12 CONTRATS DE SWAPS

Au 30 septembre 2011, la SICAV avait en cours les contrats de swaps de taux d’intérêts suivants :

Pictet - EUR Bonds Nominal Devise Taux à payer Taux à recevoir

(semestriellement)Date de début des

flux d'intérêtsDate d’échéance

6,345.32 PLN 4.87% WIBO 6M 26/03/2009 26/03/20147,290.37 PLN 4.97% WIBO 6M 04/05/2009 05/05/20147,695.39 USD USD-LIBOR-

BBA 6M5.70% 15/09/2011 15/09/2014

8,156.97 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/20169,756.94 USD USD-LIBOR-

BBA 6M3.10% 15/09/2011 15/09/2014

10,129.56 USD USD-LIBOR-BBA 6M

3.00% 15/09/2011 15/09/2014


3.00% 15/09/2011 15/09/2014


3.10% 20/09/2011 20/09/2014


2.00% 15/09/2011 15/09/2013


3.20% 20/09/2011 20/09/2014


3.20% 27/09/2011 27/09/2014


3.00% 20/09/2011 20/09/2014


2.90% 15/09/2011 15/09/2014

Pictet


601

Pictet - EUR Bonds (suite) Nominal Devise Taux à payer Taux à recevoir




3.20% 22/09/2011 22/09/2014


4.90% 14/09/2011 14/09/2013


4.40% 21/09/2011 21/09/2016


4.45% 21/09/2011 21/09/2016


4.90% 14/09/2011 14/09/2013


5.30% 15/09/2011 15/09/2013


5.30% 15/09/2011 15/09/2013


5.00% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013


4.80% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013


6.20% 15/09/2011 15/09/2015


6.20% 15/09/2011 15/09/2015


5.70% 15/09/2011 15/09/2014


5.70% 15/09/2011 15/09/2014

14,133.81 SGD ABS SGD SWAP 6M

3.13% 31/12/2010 31/12/2020


3.75% 04/08/2011 04/08/2012


4.88% 04/08/2011 04/08/2013

17,550.88 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/201617,685.89 BRL 11.95% BZDIOVRA 06/01/2009 02/01/201217,820.89 USD LIBOR USD 6M 5.30% 06/06/2011 06/06/201620,259.12 USD USD-LIBOR-

BBA 6M1.80% 15/09/2011 15/09/2013

27,325.37 SGD ABS SGD SWAP 6M

3.07% 29/12/2010 29/12/2020

28,846.52 BRL 11.42% Brazil Cetip Interbank

Deposit Rate

22/09/2009 02/01/2012

37,801.90 SGD Association of Banks in

Singapore Swap Offer Rate Fixing

6 Month

1.85% 20/10/2009 20/10/2012


Deposit Rate

12/11/2009 02/01/2012

40,502.03 SGD 2.59% SIBOR 6M 07/07/2010 07/07/202052,247.62 SGD 2.38%Association of Banks

in Singapore Swap Offer Rate Fixing 6

Month

17/08/2010 20/08/2020

Pictet


602




52,247.62 SGD 2.30%Association of Banks in Singapore Swap Offer Rate Fixing 6

Month

24/08/2010 24/08/2020



6 Month

2.31% 31/08/2010 31/08/2020


Deposit Rate

16/11/2009 02/01/2012

58,052.91 THB Bloomberg Thailand 6

Month Fixing Rate

4.95% 15/08/2008 15/08/2013

60,753.05 ZAR 8.48% JIBAR 3M 12/12/2008 12/12/201860,753.05 ZAR JIBAR 3M 7.95% 15/12/2008 15/12/201864,803.25 MYR Malaysia

Interbank Offered Rate

Fixing 3 Month

3.80% 12/11/2009 12/11/2014

74,253.72 SGD 1.30% SGD-SOR-Reuters 6M 6M

18/05/2012 20/05/2013

94,504.74 SGD SGD-SOR-Reuters 6M

1.61% 08/06/2011 08/06/2016

105,750.80 MYR MYR-KLIBOR-BNM 3M

4.01% 11/05/2011 11/05/2016



6 Month

0.81% 24/08/2010 24/08/2012



6 Month

0.80% 24/08/2010 24/08/2012


Month Fixing Rate

6.68% 02/07/2008 02/07/2018

149,857.51 SGD 1.17% SGD-SOR-Reuters 6M

04/04/2012 04/04/2013


Month Fixing Rate

3.16% 26/08/2010 26/08/2020

168,758.46 ZAR 8.52% South Africa Johannesburg

Interbank Agreed Rate 3 Month

23/03/2010 23/03/2020

170,162.53 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/2013177,733.04 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/2017187,884.87 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017191,818.97 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017194,409.75 CNY 4.07% CNY-

CNREPOFIX=CFXS-Reuters

05/08/2011 05/08/2016

Pictet


603




194,409.75 CNY 4.08% CNY-CNREPOFIX=CFXS-

Reuters

05/08/2011 05/08/2016


Month Fixing Rate

3.39% 12/06/2009 12/06/2013


Deposit Rate

16/04/2010 02/01/2012


Reuters

13/07/2011 13/07/2016


Month Fixing Rate

5.70% 20/06/2008 20/06/2013

251,485.21 NZD 3.12% NZD-BBR-FRA 3M 07/12/2011 07/12/2012270,013.54 THB Bloomberg

Thailand 6 Month

Fixing Rate

5.75% 20/06/2008 20/06/2013

282,230.30 CNY 3.69% KRW 3 Month Certificate of

Deposit

29/11/2010 29/11/2013


Reuters

10/06/2011 10/06/2016



6 Month

0.81% 24/08/2010 24/08/2012



6 Month

0.86% 17/08/2010 20/08/2012


Month Fixing Rate

3.27% 24/08/2010 24/08/2020

320,101.05 INR India National Stock Exchange NSE Interbank

Offer Rate

7.29% 13/05/2008 13/05/2013


Month Fixing Rate

4.94% 15/08/2008 15/08/2013


Month Fixing Rate

5.25% 05/08/2008 06/08/2018

423,211.12 AUD AUD-BBR-BBSW 5.02% 09/07/2012 09/07/2013425,770.85 HKD 2.96% HKD-HIBOR-HKAB 07/09/2016 07/09/2021426,559.29 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014433,236.72 MYR MYR-KLIBOR-

BNM 3M3.41% 19/09/2011 19/09/2016

Pictet


604




439,730.55 CNY 3.895% Fixing Repo 7D 29/10/2012 29/10/2014451,017.12 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/2012453,019.27 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014480,894.11 CNY China Fixing

Repo Rates 7 Day

2.75% 18/08/2010 18/08/2015


20/05/2013 20/05/2014

498,917.52 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016500,293.38 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016500,293.38 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016500,402.59 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016500,402.59 MXN 6.38% MXN-TIIE-Banxico 06/06/2011 30/05/2016500,402.59 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016524,231.29 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012535,976.88 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012546,329.20 SGD SGD-SOR-

Reuters 6M0.55% 18/11/2011 18/05/2012

550,928.88 TWD TDCC Secondary Market Fixing90

2.04% 28/10/2015 28/10/2020

556,767.92 THB 2.72% Bloomberg Thailand 6 Month Fixing Rate

26/08/2010 26/08/2015

570,133.59 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012570,456.26 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012577,221.45 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012579,179.04 THB 5.04% Bloomberg Thailand

6 Month Fixing Rate06/05/2008 06/05/2018

590,789.63 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013630,481.62 INR India National

Stock Exchange NSE Interbank

Offer Rate

7.80% 28/05/2008 28/05/2013


Month Fixing Rate

2.08% 26/08/2010 26/08/2012


20/09/2010 20/09/2015

719,181.06 MXN MXN-TIIE-Banxico

7.03% 26/09/2011 13/09/2021

806,372.49 CNY Fixing Repo 7D 3.24% 29/11/2010 29/11/2011885,019.33 CNY Fixing Repo 7D 0.04% 26/11/2011 26/11/2012913,995.83 INR 9.82% India National Stock

Exchange NSE Interbank Offer Rate

26/06/2008 26/06/2013


0.56% 18/11/2011 18/05/2012


0.51% 03/11/2011 03/05/2012

1,030,911.70 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/20161,048,732.59 TWD TWD 2nd

CP 90D1.78% 28/10/2012 28/10/2017

1,140,912.51 CNY 2.24% Fixing Repo 7D 03/11/2010 03/11/20111,154,145.88 CNY 2.24% China Fixing Repo

Rates 7 Day20/08/2010 20/08/2012

1,154,145.88 CNY 2.22% China Fixing Repo Rates 7 Day

18/08/2010 18/08/2012

1,206,960.52 THB 4.53% Bloomberg Thailand 6 Month Fixing Rate

06/05/2008 06/05/2013

Pictet


605





24/08/2010 24/08/2015

1,242,062.28 ZAR 7.81% SA JIBAR 3M 10/02/2011 10/02/20161,273,312.30 SGD SGD-SOR-

Reuters 6M0.54% 18/11/2011 18/05/2012

1,285,399.46 TWD Bloomberg Thailand 6

Month Fixing Rate

2.09% 28/10/2015 28/10/2020

1,324,551.42 THB Bloomberg Thailand 6

Month Fixing Rate

2.78% 20/09/2010 20/09/2015


Month Fixing Rate

2.85% 21/09/2010 21/09/2015


Month Fixing Rate

2.79% 21/09/2010 21/09/2015

1,394,619.93 INR India National Stock Exchange NSE Interbank

Offer Rate

6.92% 31/12/2009 31/12/2014


22/09/2011 22/09/2013

1,537,727.11 THB THB-THBFIX-Reuters 6M

3.55% 21/09/2011 21/09/2016

1,550,687.76 TWD TWD 2nd CP 90D

2.06% 28/10/2015 28/10/2020


3.55% 21/09/2011 21/09/2016


3.55% 21/09/2011 21/09/2016


20/09/2010 20/09/2012


Month Fixing Rate

2.18% 24/08/2010 24/08/2012

1,872,098.38 INR 7.15% INR-MIBOR-OIS-COMPOUND

03/10/2011 03/10/2016

1,986,435.61 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/20132,000,125.30 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/20162,004,580.52 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/20132,540,152.38 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/20132,540,152.38 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/20132,540,341.39 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/20132,570,933.92 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/20142,640,408.40 TWD TDCC Secondary

Market Fixing901.63% 23/05/2011 23/05/2016

3,162,668.59 TWD 2.03% Bloomberg Thailand 6 Month Fixing Rate

28/10/2015 30/10/2017


20/09/2010 20/09/2012

3,754,268.26 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/2017

Pictet


606




4,176,839.45 TWD Bloomberg Taiwan

Secondary Commercial

Papers 90 Days 11am Fixing

1.37% 21/09/2010 21/09/2015

5,494,775.54 INR 5.65% India National Stock Exchange NSE

Interbank Offer Rate

02/02/2010 02/02/2012

6,328,604.35 THB 3.65% THB-THBFIX-Reuters 6M

26/04/2012 26/04/2013

9,654,334.12 INR 6.68% NSER O/N Offer 18/10/2010 18/10/20119,935,148.20 INR INR-MIBOR-OIS-

COMPOUND7.99% 11/07/2012 11/07/2013

9,945,379.02 INR INR-MIBOR-OIS-COMPOUND

8.12% 11/07/2012 11/07/2013


8.06% 11/07/2012 11/07/2013

10,256,329.31 TWD 0.90% Bloomberg Taiwan Secondary

Commercial Papers 90 Days 11am

Fixing

21/09/2010 21/09/2012


8.10% 11/07/2012 11/07/2013

20,413,023.62 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201626,047,181.50 KRW 3.96% KRW-CD-KSDA-

Bloomberg16/08/2011 16/08/2021

29,242,466.38 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/201635,965,803.53 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/201337,990,905.08 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/201339,143,937.15 KRW 3.97% KRW-CD-KSDA-

Bloomberg15/08/2011 15/08/2021

39,143,937.21 KRW 3.93% KRW-CD-KSDA-Bloomberg

20/06/2011 19/06/2021


10/06/2011 10/06/2016

58,810,974.11 KRW KRW 3 Month Certificate of

Deposit

3.82% 06/12/2010 06/12/2014


Deposit

3.83% 06/12/2010 06/12/2014


18/03/2016 18/03/2021

62,664,742.36 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202174,036,527.31 IDR 6.20% USD-LIBOR-

BBA 6M15/04/2011 15/04/2013

75,678,044.92 IDR 7.10% USD-LIBOR-BBA 6M

03/06/2011 03/06/2015


Deposit

3.58% 06/04/2010 06/04/2012


04/04/2011 04/04/2013


15/04/2011 15/04/2013

90,548,635.62 KRW KRW-CD-KSDA-Bloomberg

4.19% 13/05/2011 13/05/2016

Pictet


607





4.10% 02/05/2011 02/05/2016


15/04/2011 15/04/2014


16/06/2011 16/06/2015


07/06/2011 07/06/2015


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2013


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2013

118,196,921.81 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013119,548,494.84 IDR 7.10% LIBOR USD 6M 22/02/2011 22/02/2013119,575,496.19 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/2013129,989,918.43 KRW KRW-CD-KSDA-

Bloomberg4.16% 31/03/2011 31/03/2016

136,208,330.25 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/2012137,504,244.04 IDR 7.80% USD-LIBOR-

BBA 6M07/06/2011 07/06/2018


15/06/2011 17/06/2013

148,140,228.59 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013148,165,744.87 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013148,165,744.87 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013148,199,766.57 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013148,284,820.84 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013165,156,691.14 IDR 5.80% USD-LIBOR-

BBA 6M07/06/2011 07/06/2013


03/06/2011 03/06/2015


05/04/2011 05/04/2013

225,391,237.39 KRW 3.39% KRW 3 Month Certificate of

Deposit

06/12/2010 06/12/2011


Deposit

06/12/2010 06/12/2011


10/06/2011 10/06/2016


20/06/2011 20/06/2016

306,848,787.13 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/2013

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de EUR 7,287.40 et figure dans l’état des actifs nets.

Pictet


608

Pictet - CHF Liquidity Nominal Devise Taux à payer Taux à recevoir



20,000,000.00 CHF CHF TOIS FIXING RATE IN

0.25% 03/03/2011 03/02/2012

20,000,000.00 CHF CHF TOIS FIXING RATE IN

0.18% 12/10/2010 12/10/2011

20,000,000.00 CHF CHF-TOIS-OIS-COMPOUND

0.93% 04/10/2011 04/10/2012

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de CHF 25,712.00 et figure dans l’état des actifs nets.

Pictet - EUR Liquidity Nominal Devise Taux à payer Taux à recevoir



6,750,000.00 EUR EUR003MIndex

1.78% 18/04/2011 30/03/2012

La moins-value nette non réalisée sur ce contrat de swap de taux d’intérêts au 30 septembre 2011, était de EUR 12,710.25 et figure dans l’état des actifs nets.

Pictet - Global Emerging Debt Nominal Devise Taux à payer Taux à recevoir




3.10% 15/09/2011 15/09/2014


2.00% 15/09/2011 15/09/2013


3.20% 27/09/2011 27/09/2014


3.00% 15/09/2011 15/09/2014


3.00% 20/09/2011 20/09/2014


3.00% 15/09/2011 15/09/2014


2.90% 15/09/2011 15/09/2014


3.10% 20/09/2011 20/09/2014


3.20% 22/09/2011 22/09/2014


3.20% 20/09/2011 20/09/2014


4.90% 14/09/2011 14/09/2013


4.90% 14/09/2011 14/09/2013


5.00% 14/09/2011 14/09/2013


4.80% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013

Pictet


609

Pictet - Global Emerging Debt (suite) Nominal Devise Taux à payer Taux à recevoir




5.30% 15/09/2011 15/09/2013


5.30% 15/09/2011 15/09/2013

1,498,000.00 USD USD-LIBOR-BBA 6M

1.80% 15/09/2011 15/09/2013

1,650,000.00 SGD ABS SGD SWAP 6M

3.13% 31/12/2010 31/12/2020


4.40% 21/09/2011 21/09/2016


4.45% 21/09/2011 21/09/2016

2,014,332.96 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/20162,200,000.00 USD USD-LIBOR-

BBA 6M6.20% 15/09/2011 15/09/2015


6.20% 15/09/2011 15/09/2015


5.70% 15/09/2011 15/09/2014


3.07% 29/12/2010 29/12/2020


4.88% 04/08/2011 04/08/2013


3.75% 04/08/2011 04/08/2012


5.70% 15/09/2011 15/09/2014


5.70% 15/09/2011 15/09/2014

4,300,000.00 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/20164,400,000.00 USD LIBOR USD 6M 5.30% 06/06/2011 06/06/2016

10,000,000.00 SGD 2.59%Association of Banks in Singapore Swap Offer Rate Fixing 6

Month

07/07/2010 07/07/2020


Offer Rate

7.29% 13/05/2008 13/05/2013


Month

24/08/2010 24/08/2020


Month

17/08/2010 20/08/2020

15,000,000.00 SGD 1.30% SGD-SOR-Reuters 6M 6M

18/05/2012 20/05/2013

21,000,000.00 ZAR 8.48% South Africa Johannesburg


12/12/2008 12/12/2018

21,000,000.00 ZAR South Africa Johannesburg


7.95% 15/12/2008 15/12/2018

25,270,000.00 MYR MYR-KLIBOR-BNM 3M

4.01% 11/05/2011 11/05/2016

Pictet


610




26,625,000.00 SGD Association of Banks in


6 Month

0.80% 24/08/2010 24/08/2012



6 Month

0.81% 24/08/2010 24/08/2012


Month Fixing Rate

3.16% 26/08/2010 26/08/2020

37,000,000.00 SGD 1.17% SGD-SOR-Reuters 6M

04/04/2012 04/04/2013

40,216,000.00 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/201340,747,500.00 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/201743,075,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/201743,968,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/201753,685,000.00 CNY 4.15% CNY-


13/07/2011 13/07/2016



6 Month

1.85% 20/10/2009 20/10/2012

57,684,000.00 NZD 3.12% NZD-BBR-FRA 3M 07/12/2011 07/12/201265,926,000.00 CNY 3.69% KRW 3 Month

Certificate of Deposit

29/11/2010 29/11/2013

67,720,000.00 CNY 3.81% CNY-CNREPOFIX=CFXS-

Reuters

10/06/2011 10/06/2016



6 Month

0.86% 17/08/2010 20/08/2012



6 Month

0.81% 24/08/2010 24/08/2012


Month Fixing Rate

3.27% 24/08/2010 24/08/2020

93,390,000.00 HKD 2.96% HKD-HIBOR-HKAB 07/09/2016 07/09/202197,074,000.00 AUD AUD-BBR-BBSW 5.02% 09/07/2012 09/07/201397,794,000.00 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/201499,600,000.00 MYR MYR-KLIBOR-

BNM 3M3.41% 19/09/2011 19/09/2016

100,815,000.00 CNY 3.90% Fixing Repo 7D 29/10/2012 29/10/2014103,840,500.00 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014105,539,000.00 CNY Fixing Repo 7D 3.36% 26/11/2010 26/11/2012

Pictet


611




111,000,000.00 CNY China Fixing Repo Rates

7 Day

2.75% 18/08/2010 18/08/2015

115,300,000.00 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012117,900,000.00 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012118,400,000.00 MXN 6.38% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,400,000.00 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,400,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,400,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016118,462,052.00 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016118,462,052.00 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016118,556,000.00 SGD 1.82% SGD-SOR-

Reuters 6M20/05/2013 20/05/2014

124,000,000.00 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012125,000,000.00 INR India National


Offer Rate

7.80% 28/05/2008 28/05/2013

125,000,000.00 INR 9.82% India National Stock Exchange NSE


26/06/2008 26/06/2013

126,800,000.00 TWD TDCC Secondary Market Fixing90

2.04% 28/10/2015 28/10/2020

127,000,000.00 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012128,080,000.00 THB 2.72% Bloomberg Thailand


128,500,000.00 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013130,222,000.00 SGD SGD-SOR-

Reuters 6M0.55% 18/11/2011 18/05/2012

131,019,000.00 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012154,440,000.00 THB Bloomberg

Thailand 6 Month

Fixing Rate

2.08% 26/08/2010 26/08/2012


20/09/2010 20/09/2015

173,900,000.00 MXN MXN-TIIE-Banxico

7.03% 26/09/2011 13/09/2021

188,359,000.00 CNY Fixing Repo 7D 3.24% 29/11/2010 29/11/2011207,095,000.00 CNY Fixing Repo 7D 3.58% 26/11/2011 26/11/2012233,318,000.00 SGD SGD-SOR-

Reuters 6M0.56% 18/11/2011 18/05/2012

234,077,000.00 SGD SGD-SOR-Reuters 6M

0.51% 03/11/2011 03/05/2012

241,400,000.00 TWD TWD 2nd CP 90D

1.78% 28/10/2012 28/10/2017

243,000,000.00 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/2016262,038,000.00 CNY 2.24% Fixing Repo 7D 03/11/2010 03/11/2011266,400,000.00 CNY 2.22% China Fixing Repo

Rates 7 Day18/08/2010 18/08/2012


20/08/2010 20/08/2012


24/08/2010 24/08/2015

294,500,000.00 ZAR 7.81% SA JIBAR 3M 10/02/2011 10/02/2016295,900,000.00 TWD Bloomberg

Thailand 6 Month

Fixing Rate

2.09% 28/10/2015 28/10/2020

Pictet


612





0.54% 18/11/2011 18/05/2012


Month Fixing Rate

2.78% 20/09/2010 20/09/2015


Month Fixing Rate

2.85% 21/09/2010 21/09/2015


Month Fixing Rate

2.79% 21/09/2010 21/09/2015


22/09/2011 22/09/2013


3.55% 21/09/2011 21/09/2016

356,900,000.00 TWD TWD 2nd CP 90D

2.06% 28/10/2015 28/10/2020


3.55% 21/09/2011 21/09/2016


3.55% 21/09/2011 21/09/2016


20/09/2010 20/09/2012


Month Fixing Rate

2.18% 24/08/2010 24/08/2012


03/10/2011 03/10/2016

473,600,000.00 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/2016491,986,000.00 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/2013494,160,000.00 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/2013587,860,000.00 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/2013588,000,000.00 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/2013588,000,000.00 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/2013591,800,000.00 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/2014661,100,000.00 TWD TDCC Secondary

Market Fixing901.63% 23/05/2011 23/05/2016


28/10/2015 30/10/2017


20/09/2010 20/09/2012

864,200,000.00 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/2017942,300,000.00 TWD Bloomberg

Taiwan Secondary

Commercial Papers 90 Days

11am Fixing

1.37% 21/09/2010 21/09/2015

1,047,000,000.00 INR India National Stock Exchange NSE Interbank

Offer Rate

6.92% 31/12/2009 31/12/2014

1,512,650,000.00 THB 3.65% THB-THBFIX-Reuters 6M

26/04/2012 26/04/2013

2,095,000,000.00 INR 6.68% NSER O/N Offer 18/10/2010 18/10/2011

Pictet


613




2,265,000,000.00 INR INR-MIBOR-OIS-COMPOUND

7.99% 11/07/2012 11/07/2013


8.12% 11/07/2012 11/07/2013

2,313,800,000.00 TWD 0.90% Bloomberg Taiwan Secondary


Fixing

21/09/2010 21/09/2012


8.06% 11/07/2012 11/07/2013


8.10% 11/07/2012 11/07/2013

3,210,000,000.00 INR 5.65% India National Stock Exchange NSE


02/02/2010 02/02/2012

6,129,732,000.00 KRW 3.96% KRW-CD-KSDA-Bloomberg

16/08/2011 16/08/2021

6,897,000,000.00 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/20169,211,816,513.51 KRW 3.93% KRW-CD-KSDA-

Bloomberg20/06/2011 19/06/2021


15/08/2011 15/08/2021

10,080,000,000.00 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201611,474,000,000.00 KRW 3.87% KRW-CD-KSDA-

Bloomberg10/06/2011 10/06/2016

13,398,300,000.00 KRW KRW 3 Month Certificate of

Deposit

3.82% 06/12/2010 06/12/2014


Deposit

3.83% 06/12/2010 06/12/2014


18/03/2016 18/03/2021

15,536,000,000.00 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202121,946,000,000.00 KRW KRW-CD-KSDA-

Bloomberg4.10% 02/05/2011 02/05/2016

22,083,900,000.00 KRW KRW-CD-KSDA-Bloomberg

4.19% 13/05/2011 13/05/2016

24,288,248,000.00 IDR 6.20% USD-LIBOR-BBA 6M

15/04/2011 15/04/2013


07/06/2011 07/06/2015


15/04/2011 15/04/2013


15/04/2011 15/04/2014


4.16% 31/03/2011 31/03/2016

32,125,500,000.00 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/201232,504,166,000.00 IDR 5.88% USD-LIBOR-

BBA 6M15/06/2011 17/06/2013


07/06/2011 07/06/2018


15/04/2011 15/04/2014


15/04/2011 15/04/2013

Pictet


614





15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2013


07/06/2011 07/06/2013


Deposit

3.58% 06/04/2010 06/04/2012

51,348,600,000.00 KRW 3.39% KRW 3 Month Certificate of

Deposit

06/12/2010 06/12/2011


Deposit

06/12/2010 06/12/2011


16/06/2011 16/06/2015

75,473,000,000.00 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/2013

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au 30 septembre 2011, était de USD 2,439,713.95 et figure dans l’état des actifs nets.

Pictet - CHF Bonds Nominal Devise Taux à payer Taux à recevoir



6,446,762.78 CHF 1.35% LIBOR CHF 6M 16/12/2010 16/12/20156,446,762.78 CHF 2.43% CHF-LIBOR-

BBA 6M18/04/2011 18/04/2021

11,051,593.34 CHF CHF-LIBOR-BBA 6M

1.55% 16/09/2011 16/09/2021

13,906,588.29 CHF 1.57% CHF-LIBOR-BBA 6M

30/08/2011 30/08/2021


1.63% 09/09/2011 09/09/2021


0.47% 27/06/2011 27/06/2013


0.47% 27/06/2011 27/06/2013


0.53% 07/07/2011 07/07/2013

105,911,102.88 CHF 0.21% CHF-LIBOR-BBA 6M

09/09/2011 09/09/2013


Pictet


615

Pictet - Emerging Local Currency Debt Nominal Devise Taux à payer Taux à recevoir

(semestriellement)Date de début

des flux d'intérêtsDate d’échéance

4,693,566.83 PLN 4.87% Poland Warsaw Interbank Offer Bid

Rates 6 Month

26/03/2009 26/03/2014

5,392,608.70 PLN 4.97% Poland Warsaw Interbank Offer Bid

Rates 6 Month

04/05/2009 05/05/2014


5.70% 15/09/2011 15/09/2014


BBA 6M3.10% 15/09/2011 15/09/2014


2.00% 15/09/2011 15/09/2013


2.90% 15/09/2011 15/09/2014


3.00% 20/09/2011 20/09/2014


3.00% 15/09/2011 15/09/2014


3.20% 22/09/2011 22/09/2014


3.00% 15/09/2011 15/09/2014


3.20% 27/09/2011 27/09/2014


3.10% 20/09/2011 20/09/2014


3.20% 20/09/2011 20/09/2014


4.90% 14/09/2011 14/09/2013


4.40% 21/09/2011 21/09/2016


4.45% 21/09/2011 21/09/2016


4.90% 14/09/2011 14/09/2013


5.30% 15/09/2011 15/09/2013


5.30% 15/09/2011 15/09/2013


5.00% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013


4.80% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013


6.20% 15/09/2011 15/09/2015


6.20% 15/09/2011 15/09/2015


5.70% 15/09/2011 15/09/2014


5.70% 15/09/2011 15/09/2014


3.13% 31/12/2010 31/12/2020

Pictet


616

Pictet - Emerging Local Currency Debt (suite) Nominal Devise Taux à payer Taux à recevoir




3.75% 04/08/2011 04/08/2012


4.88% 04/08/2011 04/08/2013

12,982,206.14 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/201613,082,069.26 BRL 11.95% Brazil Cetip

Interbank Deposit Rate

06/01/2009 02/01/2012


BBA 6M1.80% 15/09/2011 15/09/2013


3.07% 29/12/2010 29/12/2020

21,337,477.41 BRL 11.42% Brazil Cetip Interbank

Deposit Rate

22/09/2009 02/01/2012



6 Month

1.85% 20/10/2009 20/10/2012


Deposit Rate

12/11/2009 02/01/2012


Month

07/07/2010 07/07/2020


Month

24/08/2010 24/08/2020


Month

17/08/2010 20/08/2020



6 Month

2.31% 31/08/2010 31/08/2020


Deposit Rate

16/11/2009 02/01/2012


Month Fixing Rate

4.95% 15/08/2008 15/08/2013



12/12/2008 12/12/2018

44,938,405.86 ZAR South Africa Johannesburg


7.95% 15/12/2008 15/12/2018

Pictet


617




47,934,299.58 MYR Malaysia Interbank

Offered Rate Fixing 3 Month

3.80% 12/11/2009 12/11/2014


18/05/2012 20/05/2013


1.61% 08/06/2011 08/06/2016


4.01% 11/05/2011 11/05/2016



6 Month

0.80% 24/08/2010 24/08/2012



6 Month

0.81% 24/08/2010 24/08/2012


Month Fixing Rate

6.68% 02/07/2008 02/07/2018


04/04/2012 04/04/2013


Month Fixing Rate

3.16% 26/08/2010 26/08/2020



23/03/2010 23/03/2020

125,867,481.65 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/2013131,467,306.34 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/2017138,976,513.95 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017141,886,525.39 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017143,802,898.74 CNY 4.08% CNY-


05/08/2011 05/08/2016


Reuters

05/08/2011 05/08/2016


Month Fixing Rate

3.39% 12/06/2009 12/06/2013

169,729,533.79 BRL 11.90% Brazil CetipInterbank

Deposit Rate

16/04/2010 02/01/2012


Reuters

13/07/2011 13/07/2016


Month Fixing Rate

5.70% 20/06/2008 20/06/2013

186,021,033.10 NZD 3.12% NZD-BBR-FRA 3M 07/12/2011 07/12/2012

Pictet


618





Month Fixing Rate

5.75% 20/06/2008 20/06/2013

208,762,862.36 CNY 3.69% KRW 3 Month Certificate of

Deposit

29/11/2010 29/11/2013


Reuters

10/06/2011 10/06/2016



6 Month

0.81% 24/08/2010 24/08/2012



6 Month

0.86% 17/08/2010 20/08/2012


Month Fixing Rate

3.27% 24/08/2010 24/08/2020


Offer Rate

7.29% 13/05/2008 13/05/2013


Month Fixing Rate

4.94% 15/08/2008 15/08/2013


Month Fixing Rate

5.25% 05/08/2008 06/08/2018

313,044,929.73 AUD AUD-BBR-BBSW 5.02% 09/07/2012 09/07/2013314,938,334.56 HKD 2.96% HKD-HIBOR-HKAB 07/09/2016 07/09/2021315,521,535.20 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014320,460,765.32 MYR MYR-KLIBOR-

BNM 3M3.41% 19/09/2011 19/09/2016

325,264,181.59 CNY 3.90% Fixing Repo 7D 29/10/2012 29/10/2014333,612,738.77 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/2012335,093,708.90 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014355,712,448.14 CNY China Fixing

Repo Rates 7 Day

2.75% 18/08/2010 18/08/2015


20/05/2013 20/05/2014

369,044,175.21 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016370,061,887.30 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016370,061,887.30 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016370,142,669.58 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016370,142,669.58 MXN 6.38% MXN-TIIE-Banxico 06/06/2011 30/05/2016370,142,669.58 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016387,768,510.99 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012396,456,602.78 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012404,114,107.14 SGD SGD-SOR-

Reuters 6M0.55% 18/11/2011 18/05/2012

Pictet


619





2.04% 28/10/2015 28/10/2020


26/08/2010 26/08/2015

421,721,973.19 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012421,960,646.06 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012426,964,787.21 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012428,412,802.50 THB 5.04% Bloomberg Thailand


437,001,031.18 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013466,360,789.67 INR India National


Offer Rate

7.80% 28/05/2008 28/05/2013


Month Fixing Rate

2.08% 26/08/2010 26/08/2012


20/09/2010 20/09/2015

531,970,862.22 MXN MXN-TIIE-Banxico

7.03% 26/09/2011 13/09/2021

596,465,463.68 CNY Fixing Repo 7D 3.24% 29/11/2010 29/11/2011654,639,728.01 CNY Fixing Repo 7D 0.04% 26/11/2011 26/11/2012676,073,350.34 INR 9.82% India National Stock


26/06/2008 26/06/2013


0.56% 18/11/2011 18/05/2012


0.51% 03/11/2011 03/05/2012

762,554,815.83 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/2016775,736,748.22 TWD TWD 2nd

CP 90D1.78% 28/10/2012 28/10/2017

843,921,292.11 CNY 2.24% Fixing Repo 7D 03/11/2010 03/11/2011853,709,875.54 CNY 2.24% China Fixing Repo

Rates 7 Day20/08/2010 20/08/2012


18/08/2010 18/08/2012


06/05/2008 06/05/2013


24/08/2010 24/08/2015

918,740,741.97 ZAR 7.81% SA JIBAR 3M 10/02/2011 10/02/2016941,856,059.31 SGD SGD-SOR-

Reuters 6M0.54% 18/11/2011 18/05/2012

950,796,804.81 TWD Bloomberg Thailand 6

Month Fixing Rate

2.09% 28/10/2015 28/10/2020


Month Fixing Rate

2.78% 20/09/2010 20/09/2015


Month Fixing Rate

2.85% 21/09/2010 21/09/2015

Pictet


620




1,004,523,165.59 THB Bloomberg Thailand 6

Month Fixing Rate

2.79% 21/09/2010 21/09/2015

1,031,586,072.23 INR India National Stock Exchange NSE Interbank

Offer Rate

6.92% 31/12/2009 31/12/2014

1,091,503,946.71 THB 2.78% Bloomberg Thailand 6 Month Fixing Rate

22/09/2011 22/09/2013

1,137,440,983.81 THB THB-THBFIX-Reuters 6M

3.55% 21/09/2011 21/09/2016

1,147,027,843.72 TWD TWD 2nd CP 90D

2.06% 28/10/2015 28/10/2020


3.55% 21/09/2011 21/09/2016


3.55% 21/09/2011 21/09/2016


20/09/2010 20/09/2012

1,281,543,471.92 THB Bloomberg Thailand 6

Month Fixing Rate

2.18% 24/08/2010 24/08/2012

1,384,771,983.33 INR 7.15% INR-MIBOR-OIS-COMPOUND

03/10/2011 03/10/2016

1,469,346,063.16 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/20131,479,472,183.94 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/20161,482,767,667.04 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/20131,878,924,680.45 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/20131,878,924,680.45 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/20131,879,064,488.82 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/20131,901,693,472.75 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/20141,953,083,036.43 TWD TDCC Secondary

Market Fixing901.63% 23/05/2011 23/05/2016

2,339,393,545.80 TWD 2.03% Bloomberg Thailand 6 Month Fixing Rate

28/10/2015 30/10/2017


20/09/2010 20/09/2012

2,776,993,755.72 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/20173,089,565,334.24 TWD Bloomberg

Taiwan Secondary

Commercial Papers 90 Days

11am Fixing

1.37% 21/09/2010 21/09/2015

4,064,429,151.97 INR 5.65% India National Stock Exchange NSE


02/02/2010 02/02/2012


26/04/2012 26/04/2013

7,141,212,006.32 INR 6.68% NSER O/N Offer 18/10/2010 18/10/20117,348,927,304.51 INR INR-MIBOR-OIS-

COMPOUND7.99% 11/07/2012 11/07/2013


8.12% 11/07/2012 11/07/2013


8.06% 11/07/2012 11/07/2013

Pictet


621






Fixing

21/09/2010 21/09/2012


8.10% 11/07/2012 11/07/2013

15,099,304,368.00 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201619,266,833,207.95 KRW 3.96% KRW-CD-KSDA-

Bloomberg16/08/2011 16/08/2021

21,630,352,685.91 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/201626,603,536,267.44 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/201328,101,483,129.34 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/201328,954,369,134.10 KRW 3.97% KRW-CD-KSDA-

Bloomberg15/08/2011 15/08/2021


20/06/2011 19/06/2021


10/06/2011 10/06/2016


Deposit

3.82% 06/12/2010 06/12/2014


Deposit

3.83% 06/12/2010 06/12/2014


18/03/2016 18/03/2021

46,352,467,694.79 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202154,764,060,473.02 IDR 6.20% USD-LIBOR-

BBA 6M15/04/2011 15/04/2013


03/06/2011 03/06/2015


Deposit

3.58% 06/04/2010 06/04/2012


04/04/2011 04/04/2013


15/04/2011 15/04/2013


4.19% 13/05/2011 13/05/2016


4.10% 02/05/2011 02/05/2016


15/04/2011 15/04/2014


16/06/2011 16/06/2015


07/06/2011 07/06/2015


15/04/2011 15/04/2013


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2014

Pictet


622





15/04/2011 15/04/2013

87,429,051,699.37 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201388,428,796,414.47 IDR 7.10% LIBOR USD 6M 22/02/2011 22/02/201388,448,769,039.29 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/201396,152,210,434.45 KRW KRW-CD-KSDA-

Bloomberg4.16% 31/03/2011 31/03/2016


BBA 6M07/06/2011 07/06/2018


15/06/2011 17/06/2013

109,577,808,842.09 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013109,596,682,972.55 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013109,596,682,972.55 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013109,621,848,479.83 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013109,684,762,248.03 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013122,164,711,794.90 IDR 5.80% USD-LIBOR-

BBA 6M07/06/2011 07/06/2013


03/06/2011 03/06/2015


05/04/2011 05/04/2013


Deposit

06/12/2010 06/12/2011


Deposit

06/12/2010 06/12/2011


10/06/2011 10/06/2016


20/06/2011 20/06/2016

226,972,903,040.84 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/2013

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de USD 8,050,214.27 et figure dans l’état des actifs nets.

Pictet - Asian Local Currency Debt Nominal Devise Taux à payer Taux à recevoir


des flux d'intérêts

Date d’échéance


5.70% 15/09/2011 15/09/2014


5.70% 15/09/2011 15/09/2014


5.70% 15/09/2011 15/09/2014

1,262,360.00 USD BBA LIBOR USD 6 Month

7.90% 15/10/2008 15/10/2018


3.10% 15/09/2011 15/09/2014


2.90% 15/09/2011 15/09/2014


3.00% 15/09/2011 15/09/2014

Pictet


623

Pictet - Asian Local Currency Debt (suite) Nominal Devise Taux à payer Taux à recevoir



Date d’échéance


2.00% 15/09/2011 15/09/2013


3.00% 15/09/2011 15/09/2014


3.20% 22/09/2011 22/09/2014


3.10% 20/09/2011 20/09/2014


3.20% 27/09/2011 27/09/2014


3.20% 20/09/2011 20/09/2014


3.00% 20/09/2011 20/09/2014


4.00% 22/09/2008 22/09/2013


2.30% 16/07/2008 16/07/2013


2.40% 24/07/2008 24/07/2013


8.67% 23/07/2008 23/07/2013


2.15% 15/07/2008 15/07/2013

2,881,034.00 SGDABS SGD SWAP 6M 3.13% 31/12/2010 31/12/20203,000,000.00 SGD 2.06% Association of

Banks in Singapore Swap Offer Rate Fixing 6 Month

14/01/2009 14/01/2014


6.20% 15/09/2011 15/09/2015


6.20% 15/09/2011 15/09/2015


1.80% 15/09/2011 15/09/2013


4.90% 14/09/2011 14/09/2013


3.75% 04/08/2011 04/08/2012


4.88% 04/08/2011 04/08/2013


8.10% 04/06/2008 04/06/2013


4.90% 14/09/2011 14/09/2013


5.30% 15/09/2011 15/09/2013


5.30% 15/09/2011 15/09/2013


4.85% 14/09/2011 14/09/2013


5.00% 14/09/2011 14/09/2013


4.80% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013

Pictet


624




Date d’échéance


1.25% 31/08/2011 31/08/2013

5,000,000.00 CNY CNY-CNREPOFIX=CFXS-

Reuters

4.12% 23/07/2008 23/07/2013

5,570,000.00 SGDABS SGD SWAP 6M 3.07% 29/12/2010 29/12/20206,000,000.00 HKD 3.21% HKAB Hong Kong

Dollar Hibor Fixings 3 Month at

11:00am

20/08/2009 20/08/2019

7,000,000.00 SGD Association of Banks in Singapore

Swap Offer Rate Fixing 6 Month

1.85% 20/10/2009 20/10/2012

7,000,000.00 HKD 2.31% HKAB Hong Kong Dollar Hibor Fixings

3 Month at 11:00am

09/02/2009 11/02/2019


BBA 6M4.40% 21/09/2011 21/09/2016


4.45% 21/09/2011 21/09/2016

10,000,000.00 SGD 2.59% Association of Banks in Singapore


07/07/2010 07/07/2020

10,400,000.00 INRIndia National Stock Exchange NSE


7.29% 13/05/2008 13/05/2013

12,000,000.00 MYR Malaysia Interbank Offered Rate Fixing

3 Month

3.80% 12/11/2009 12/11/2014



24/08/2010 24/08/2020



17/08/2010 20/08/2020



2.31% 31/08/2010 31/08/2020

15,200,000.00 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/201615,400,000.00 USD LIBOR USD 6M 5.30% 06/06/2011 06/06/201620,000,000.00 THB Bloomberg Thailand

6 Month Fixing Rate2.74% 25/02/2009 25/02/2014

20,000,000.00 THB Bloomberg Thailand 6 Month Fixing Rate

4.95% 15/08/2008 15/08/2013


03/08/2011 03/08/2016


4.01% 11/05/2011 11/05/2016

28,000,000.00 SGD 2.00% ABS SGD SWAP 6M 18/05/2011 18/05/201628,000,000.00 SGD 0.96% SGD-SOR-

Reuters 6M15/08/2011 15/08/2016

Pictet


625




Date d’échéance



Fixing

06/10/2009 06/10/2019


3 Month at 11:00am

25/01/2008 25/01/2013



Fixing

24/03/2009 24/03/2014



12/04/2010 12/04/2012


21/07/2006 21/07/2016


3.16% 26/08/2010 26/08/2020

40,000,000.00 CNY CNY-CNREPOFIX=CFXS-

Reuters

4.10% 05/06/2008 05/06/2013

40,000,000.00 HKD 2.74% HKD-HIBOR-HKAB 27/07/2011 27/07/202140,000,000.00 INRIndia National Stock


5.95% 03/12/2008 03/12/2018

41,000,000.00 TWD Bloomberg Taiwan Secondary


Fixing

3.12% 18/06/2008 18/06/2013


04/04/2012 04/04/2013


18/03/2008 18/03/2018

45,360,000.00 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/201746,000,000.00 CNY 4.63% China Fixing Repo

Rates 7 Day12/06/2007 12/06/2012

47,940,000.00 CNY Fixing Repo 7D 4.24% 29/10/2012 30/10/201748,500,000.00 THB 4.60% Bloomberg Thailand


48,950,500.00 CNY Fixing Repo 7D 4.24% 29/10/2012 30/10/201750,000,000.00 CNY 3.90% CNY-


05/02/2010 05/02/2015


3 Month at 11:00am

30/06/2010 30/06/2020


Reuters

22/01/2010 22/01/2015

50,000,000.00 HKD 2.68% HKD-HIBOR-HKAB 01/08/2011 01/08/202159,813,000.00 CNY Fixing Repo 7D 3.36% 26/11/2010 26/11/2012

Pictet


626




Date d’échéance



6.23% 20/11/2008 20/11/2018



Fixing

06/12/2006 06/12/2016

60,700,000.00 CNY BBA LIBOR USD 6 Month

0.45% 24/03/2008 24/03/2013


Reuters

13/07/2011 13/07/2016

64,114,000.00 NZD 3.12% NZD-BBR-FRA 3M 07/12/2011 07/12/201265,000,000.00 HKD 2.89% HKAB Hong Kong


11:00am

19/05/2010 19/05/2020

65,000,000.00 HKD 3.20% HKD-HIBOR-HKAB 19/04/2011 06/04/202165,000,000.00 THB Bloomberg Thailand

6 Month Fixing Rate5.25% 05/08/2008 06/08/2018


4.94% 15/08/2008 15/08/2013

68,744,000.00 CNY Fixing Repo 7D 3.60% 02/12/2010 02/12/201370,000,000.00 HKD 2.36% HKAB Hong Kong


11:00am

31/08/2010 31/08/2020



0.86% 17/08/2010 20/08/2012



0.81% 24/08/2010 24/08/2012


Reuters

10/06/2011 10/06/2016

75,000,000.00 PHP 5.42% BBA LIBOR USD 6 Month

24/01/2008 24/01/2018

75,025,000.00 CNY 3.69% KRW 3 Month Certificate of

Deposit

29/11/2010 29/11/2013


3.27% 24/08/2010 24/08/2020

80,000,000.00 INR 7.33%India National Stock Exchange NSE


12/12/2006 12/12/2016



28/06/2006 28/06/2016

100,000,000.00 TWD Bloomberg Taiwan Secondary


Fixing

2.91% 16/07/2008 16/07/2018

Pictet


627




Date d’échéance



Fixing

12/03/2008 12/03/2018

107,500,000.00 PHP 9.50% BBA LIBOR USD 6 Month

21/07/2006 21/07/2016

107,894,000.00 AUD AUD-BBR-BBSW 5.02% 09/07/2012 09/07/2013108,864,000.00 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014110,000,000.00 INR 6.71%India National Stock


18/01/2008 18/01/2013

112,200,000.00 CNY 3.90% Fixing Repo 7D 29/10/2012 29/10/2014115,606,500.00 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014116,000,000.00 TWD 1.72% Bloomberg Taiwan

Secondary Commercial Papers

90 Days 11am Fixing

19/08/2009 19/08/2014

117,368,000.00 CNY Fixing Repo 7D 3.58% 26/11/2011 26/11/2012118,200,000.00 CNY China Fixing Repo

Rates 7 Day2.75% 18/08/2010 18/08/2015


18/05/2012 20/05/2013


3.41% 19/09/2011 19/09/2016

132,100,000.00 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012135,000,000.00 HKD 1.21% HKD-HIBOR-HKAB 11/08/2011 11/08/2016135,100,000.00 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012136,000,000.00 THB 2.72% Bloomberg Thailand



20/05/2013 20/05/2014


2.04% 28/10/2015 28/10/2020

143,700,000.00 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012145,450,000.00 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012146,442,000.00 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012148,900,000.00 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013149,466,000.00 SGD SGD-SOR-

Reuters 6M0.55% 18/11/2011 18/05/2012



9.48% 26/08/2008 26/08/2013


2.08% 26/08/2010 26/08/2012


20/09/2010 20/09/2015



7.80% 28/05/2008 28/05/2013

189,800,000.00 HKD 2.96% HKD-HIBOR-HKAB 07/09/2016 07/09/2021198,000,000.00 PHP 5.7 BBA LIBOR USD 6

Month17/03/2008 17/03/2013


Reuters

09/06/2010 11/06/2012

200,000,000.00 CNY Fixing Repo 7D 3.32% 27/12/2010 27/12/2012

Pictet


628




Date d’échéance


25/06/2010 25/06/2012



6.92% 31/12/2009 31/12/2014

214,358,000.00 CNY Fixing Repo 7D 3.24% 29/11/2010 29/11/2011216,000,000.00 CNY 4.07% CNY-


05/08/2011 05/08/2016


Reuters

05/08/2011 05/08/2016



04/01/2007 04/01/2017


Reuters

04/06/2010 04/06/2012

266,800,000.00 TWD TWD 2nd CP 90D 1.78% 28/10/2012 28/10/2017267,798,000.00 SGD SGD-SOR-

Reuters 6M0.56% 18/11/2011 18/05/2012


0.51% 03/11/2011 03/05/2012


18/08/2010 18/08/2012


20/08/2010 20/08/2012

292,884,000.00 CNY 2.39% Fixing Repo 7D 03/11/2010 03/11/2011295,060,000.00 THB 2.84% Bloomberg Thailand



2.78% 20/09/2010 20/09/2015

327,000,000.00 TWD Bloomberg Thailand 6 Month Fixing Rate

2.09% 28/10/2015 28/10/2020


2.85% 21/09/2010 21/09/2015


2.79% 21/09/2010 21/09/2015


0.54% 18/11/2011 18/05/2012


1.63% 23/05/2011 23/05/2016

394,500,000.00 TWD TWD 2nd CP 90D 2.06% 28/10/2015 28/10/2020400,100,000.00 THB 1.97% Bloomberg Thailand



2.18% 24/08/2010 24/08/2012


3.55% 21/09/2011 21/09/2016


03/10/2011 03/10/2016


3.55% 21/09/2011 21/09/2016


3.55% 21/09/2011 21/09/2016


22/09/2011 22/09/2013

653,900,000.00 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/2014

Pictet


629




Date d’échéance


Deposit

17/01/2008 17/01/2018


20/09/2010 20/09/2012


28/10/2015 30/10/2017

955,000,000.00 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/20171,054,500,000.00 TWD Bloomberg Taiwan

Secondary Commercial Papers

90 Days 11am Fixing

1.37% 21/09/2010 21/09/2015


Deposit

5.35% 14/07/2008 14/07/2018


Deposit

12/03/2008 12/03/2013


Deposit

5.52% 15/07/2008 16/07/2018


26/04/2012 26/04/2013

1,715,054,000.00 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/20131,733,040,000.00 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/20131,970,000,000.00 INR 5.65%India National Stock


02/02/2010 02/02/2012


8.12% 11/07/2012 11/07/2013


7.99% 11/07/2012 11/07/2013



Fixing

21/09/2010 21/09/2012


8.06% 11/07/2012 11/07/2013


8.10% 11/07/2012 11/07/2013


Deposit

25/02/2008 26/02/2018


15/04/2011 15/04/2013


15/04/2011 15/04/2013

8,166,200,000.00 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/20168,739,958,000.00 IDR 6.60% USD-LIBOR-

BBA 6M15/04/2011 15/04/2014


16/08/2011 16/08/2021


15/04/2011 15/04/2014


15/04/2011 15/04/2014

Pictet


630




Date d’échéance


15/04/2011 15/04/2014


15/04/2011 15/04/2013


15/04/2011 15/04/2014


15/04/2011 15/04/2013


10/06/2011 10/06/2016


Deposit

3.82% 06/12/2010 06/12/2014


Deposit

3.83% 06/12/2010 06/12/2014


15/08/2011 15/08/2021


20/06/2011 19/06/2021

16,647,784,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201317,800,000,000.00 KRW 3.62% KRW-CD-KSDA-

Bloomberg18/03/2016 18/03/2021

17,800,000,000.00 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/202118,375,000,000.00 KRW KRW-CD-KSDA-

Bloomberg4.16% 31/03/2011 31/03/2016

20,869,500,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,873,100,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,873,100,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,877,900,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201320,889,900,000.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/201324,031,320,000.00 IDR 6.55% USD-LIBOR-

BBA 6M04/04/2011 04/04/2013


4.10% 02/05/2011 02/05/2016

25,200,000,000.00 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/201625,519,200,000.00 KRW KRW-CD-KSDA-

Bloomberg4.19% 13/05/2011 13/05/2016


07/06/2011 07/06/2015


07/06/2011 07/06/2018


15/06/2011 17/06/2013


BBA 6M07/06/2011 07/06/2013


BBA 6M16/06/2011 16/06/2015


03/06/2011 03/06/2015


Deposit

06/12/2010 06/12/2011


Deposit

06/12/2010 06/12/2011

Pictet


631




Date d’échéance

62,160,000,000.00 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/201365,660,000,000.00 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/201388,500,000,000.00 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/201388,650,000,000.00 IDR 7.35% LIBOR USD 6M 22/02/2011 22/02/201393,500,000,000.00 IDR 8.35% LIBOR USD 6M 23/02/2012 23/02/2013

132,900,000,000.00 IDR 7.15% LIBOR USD 6M 22/02/2011 22/02/2013

La plus-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de USD 680,384.93 et figure dans l’état des actifs nets.

Pictet - Global Emerging Currencies Nominal Devise Taux à payer Taux à recevoir



87,140,000,000.00 IDR 5.60% LIBOR USD 6M 24/03/2011 20/03/201288,550,000,000.00 IDR 6.00% LIBOR USD 6M 22/02/2011 16/02/201288,570,000,000.00 IDR 6.10% LIBOR USD 6M 22/02/2011 16/02/2012

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de USD 367,001.41 et figure dans l’état des actifs nets.

Pictet - Latin American Local Currency Debt Nominal Devise Taux à payer Taux à recevoir




Deposit Rate

22/09/2009 02/01/2012

2,800,000.00 MXN 9.24% Mexico Interbank TIIE 28 Day

04/12/2008 22/11/2018


Deposit Rate

12/11/2009 02/01/2012

8,500,000.00 MXN 7.86% Mexico Interbank TIIE 28 Day

05/02/2008 29/01/2013

12,055,008.00 BRL BRL-CDI 12.47% 06/06/2011 02/01/201314,057,620.43 BRL BRL-CDI 12.60% 14/04/2011 02/01/201434,075,000.00 MXN 6.38% MXN-TIIE-Banxico 06/06/2011 30/05/201634,075,000.00 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/201634,075,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/201634,075,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/201634,092,858.00 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/201634,092,858.00 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/201648,800,000.00 MXN MXN-TIIE-

Banxico7.03% 26/09/2011 13/09/2021

49,976,431.66 BRL 11.38% CDI 05/11/2010 02/01/201269,000,000.00 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/2016

136,300,000.00 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/2016177,650,000.00 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/2013177,700,000.00 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/2013177,700,000.00 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/2013

La plus-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de USD 1,401,552.78 et figure dans l’état des actifs nets.

Pictet


632

Pictet - Piclife Nominal Devise Taux à payer Taux à recevoir



87.84 PLN 4.87% Poland Warsaw Interbank Offer Bid

Rates 6 Month

26/03/2009 26/03/2014

100.93 PLN 4.97% Poland Warsaw Interbank Offer Bid

Rates 6 Month

04/05/2009 05/05/2014

106.53 USD USD-LIBOR-BBA 6M

5.70% 15/09/2011 15/09/2014

112.92 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/2016135.07 USD USD-LIBOR-

BBA 6M3.10% 15/09/2011 15/09/2014


2.90% 15/09/2011 15/09/2014


3.00% 15/09/2011 15/09/2014


3.00% 15/09/2011 15/09/2014


3.10% 20/09/2011 20/09/2014


3.20% 27/09/2011 27/09/2014


3.20% 20/09/2011 20/09/2014


2.00% 15/09/2011 15/09/2013


3.00% 20/09/2011 20/09/2014


3.20% 22/09/2011 22/09/2014


4.90% 14/09/2011 14/09/2013


4.45% 21/09/2011 21/09/2016


4.40% 21/09/2011 21/09/2016


4.90% 14/09/2011 14/09/2013


5.30% 15/09/2011 15/09/2013


5.30% 15/09/2011 15/09/2013


4.85% 14/09/2011 14/09/2013


5.00% 14/09/2011 14/09/2013


4.85% 14/09/2011 14/09/2013


4.80% 14/09/2011 14/09/2013


6.20% 15/09/2011 15/09/2015


6.20% 15/09/2011 15/09/2015


5.70% 15/09/2011 15/09/2014


5.70% 15/09/2011 15/09/2014

195.67 SGD ABS SGD SWAP 6M

3.13% 31/12/2010 31/12/2020

Pictet


633

Pictet - Piclife (suite) Nominal Devise Taux à payer Taux à recevoir




4.88% 04/08/2011 04/08/2013


3.75% 04/08/2011 04/08/2012

242.97 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/2016244.84 BRL 11.95% Brazil Cetip

Interbank Deposit Rate

06/01/2009 02/01/2012

246.71 USD LIBOR USD 6M 5.30% 06/06/2011 06/06/2016280.46 USD USD-LIBOR-

BBA 6M1.80% 15/09/2011 15/09/2013

378.29 SGD ABS SGD SWAP 6M

3.07% 29/12/2010 29/12/2020

399.35 BRL 11.42% Brazil Cetip Interbank

Deposit Rate

22/09/2009 02/01/2012

523.32 SGD Association of Banks in


6 Month

1.85% 20/10/2009 20/10/2012


Deposit Rate

12/11/2009 02/01/2012

560.70 SGD 2.59%Association of Banks in Singapore Swap Offer Rate Fixing 6

Month

07/07/2010 07/07/2020


Month

17/08/2010 20/08/2020


Month

24/08/2010 24/08/2020

728.91 SGD Association of Banks in


6 Month

2.31% 31/08/2010 31/08/2020


Deposit Rate

16/11/2009 02/01/2012

803.67 THB Bloomberg Thailand 6 Month

Fixing Rate

4.95% 15/08/2008 15/08/2013

841.05 ZAR 8.48% South Africa Johannesburg


12/12/2008 12/12/2018

841.05 ZAR South Africa Johannesburg


7.95% 15/12/2008 15/12/2018

897.12 MYR Malaysia Interbank Offered

Rate Fixing 3 Month

3.80% 12/11/2009 12/11/2014

Pictet


634




1,027.96 SGD 1.30% SGD-SOR-Reuters 6M 6M

18/05/2012 20/05/2013


1.61% 08/06/2011 08/06/2016

1,464.00 MYR MYR-KLIBOR-BNM 3M

4.01% 11/05/2011 11/05/2016



6 Month

0.81% 24/08/2010 24/08/2012



6 Month

0.80% 24/08/2010 24/08/2012

1,869.01 THB Bloomberg Thailand 6 Month

Fixing Rate

6.68% 02/07/2008 02/07/2018


04/04/2012 04/04/2013


Fixing Rate

3.16% 26/08/2010 26/08/2020

2,336.26 ZAR 8.52% South Africa Johannesburg


23/03/2010 23/03/2020

2,355.70 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/20132,460.50 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/20172,601.05 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/20172,655.51 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/20172,691.37 CNY 4.08% CNY-


05/08/2011 05/08/2016


Reuters

05/08/2011 05/08/2016


Fixing Rate

3.39% 12/06/2009 12/06/2013


Deposit Rate

16/04/2010 02/01/2012


Reuters

13/07/2011 13/07/2016


Fixing Rate

5.70% 20/06/2008 20/06/2013

3,481.52 NZD 3.12% NZD-BBR-FRA 3M 07/12/2011 07/12/20123,738.02 THB Bloomberg

Thailand 6 Month Fixing Rate

5.75% 20/06/2008 20/06/2013

3,907.15 CNY 3.69% KRW 3 Month Certificate of Deposit

29/11/2010 29/11/2013


Reuters

10/06/2011 10/06/2016

Pictet


635






6 Month

0.86% 17/08/2010 20/08/2012



6 Month

0.81% 24/08/2010 24/08/2012


Fixing Rate

3.27% 24/08/2010 24/08/2020


Offer Rate

7.29% 13/05/2008 13/05/2013


Fixing Rate

4.94% 15/08/2008 15/08/2013


Fixing Rate

5.25% 05/08/2008 06/08/2018

5,858.86 AUD AUD-BBR-BBSW 5.02% 09/07/2012 09/07/20135,894.30 HKD 2.96% HKD-HIBOR-HKAB 07/09/2016 07/09/20215,905.21 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/20145,997.65 MYR MYR-KLIBOR-

BNM 3M3.41% 19/09/2011 19/09/2016

6,087.55 CNY 3.90% Fixing Repo 7D 29/10/2012 29/10/20146,243.80 CNY Fixing Repo 7D 0.03% 26/11/2010 26/11/20126,271.52 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/20146,657.41 CNYChina Fixing Repo

Rates 7 Day2.75% 18/08/2010 18/08/2015


20/05/2013 20/05/2014

6,906.93 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/20166,925.97 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/20166,925.97 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/20166,927.49 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/20166,927.49 MXN 6.38% MXN-TIIE-Banxico 06/06/2011 30/05/20166,927.49 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/20167,257.37 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/20127,419.97 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/20127,563.29 SGD SGD-SOR-

Reuters 6M0.55% 18/11/2011 18/05/2012

7,626.96 TWD TDCC Secondary Market Fixing90

2.04% 28/10/2015 28/10/2020


26/08/2010 26/08/2015

7,892.83 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/20127,897.30 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/20127,990.95 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/20128,018.05 THB 5.04% Bloomberg Thailand


8,178.79 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/20138,728.28 INR India National


Offer Rate

7.80% 28/05/2008 28/05/2013

Pictet


636





Fixing Rate

2.08% 26/08/2010 26/08/2012


20/09/2010 20/09/2015

9,956.22 MXN MXN-TIIE-Banxico

7.03% 26/09/2011 13/09/2021

11,163.28 CNY Fixing Repo 7D 3.24% 29/11/2010 29/11/201112,252.05 CNY Fixing Repo 7D 0.04% 26/11/2011 26/11/201212,653.20 INR 9.82% India National Stock


26/06/2008 26/06/2013


0.56% 18/11/2011 18/05/2012


0.51% 03/11/2011 03/05/2012

14,271.76 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/201614,518.47 TWDTWD 2nd CP 90D 1.78% 28/10/2012 28/10/201715,794.59 CNY 2.39% Fixing Repo 7D 03/11/2010 03/11/201115,977.79 CNY 2.24% China Fixing Repo

Rates 7 Day20/08/2010 20/08/2012

15,977.79 CNY 2.22% China Fixing Repo Rates 7 Day

18/08/2010 18/08/2012


06/05/2008 06/05/2013


24/08/2010 24/08/2015

17,194.89 ZAR 7.81% SA JIBAR 3M 10/02/2011 10/02/201617,627.51 SGD SGD-SOR-

Reuters 6M0.54% 18/11/2011 18/05/2012

17,794.84 TWD Bloomberg Thailand 6 Month

Fixing Rate

2.09% 28/10/2015 28/10/2020


Fixing Rate

2.78% 20/09/2010 20/09/2015


Fixing Rate

2.85% 21/09/2010 21/09/2015


Fixing Rate

2.79% 21/09/2010 21/09/2015


Offer Rate

6.92% 31/12/2009 31/12/2014


22/09/2011 22/09/2013

21,288.02 THB THB-THBFIX-Reuters 6M

3.55% 21/09/2011 21/09/2016

21,467.45 TWDTWD 2nd CP 90D 2.06% 28/10/2015 28/10/202022,661.75 THB THB-THBFIX-

Reuters 6M3.55% 21/09/2011 21/09/2016

22,669.22 THB THB-THBFIX-Reuters 6M

3.55% 21/09/2011 21/09/2016


20/09/2010 20/09/2012

Pictet


637





Fixing Rate

2.18% 24/08/2010 24/08/2012

25,917.00 INR 7.15% INR-MIBOR-OIS-COMPOUND

03/10/2011 03/10/2016

27,499.87 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/201327,689.38 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/201627,751.06 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/201335,165.42 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/201335,165.42 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/201335,168.04 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/201335,591.56 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/201436,553.35 TWD TDCC Secondary

Market Fixing901.63% 23/05/2011 23/05/2016

43,783.43 TWD 2.03% Bloomberg Thailand 6 Month Fixing Rate

28/10/2015 30/10/2017


20/09/2010 20/09/2012

51,973.43 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/201757,823.43 TWD Bloomberg

Taiwan Secondary Commercial

Papers 90 Days 11am Fixing

1.37% 21/09/2010 21/09/2015

76,068.71 INR 5.65% India National Stock Exchange NSE


02/02/2010 02/02/2012

87,612.09 THB 3.65% THB-THBFIX-Reuters 6M

26/04/2012 26/04/2013

133,652.91 INR 6.68% NSER O/N Offer 18/10/2010 18/10/2011137,540.45 INR INR-MIBOR-OIS-

COMPOUND7.99% 11/07/2012 11/07/2013

137,682.08 INR INR-MIBOR-OIS-COMPOUND

8.12% 11/07/2012 11/07/2013


8.06% 11/07/2012 11/07/2013

141,986.82 TWD 0.90% Bloomberg Taiwan Secondary


Fixing

21/09/2010 21/09/2012


8.10% 11/07/2012 11/07/2013

282,594.31 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/2016360,592.60 KRW 3.96% KRW-CD-KSDA-

Bloomberg16/08/2011 16/08/2021

404,827.57 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/2016497,904.26 IDR 7.40% LIBOR USD 6M 21/02/2011 21/02/2013525,939.41 IDR 8.70% LIBOR USD 6M 22/02/2012 22/02/2013541,901.79 KRW 3.97% KRW-CD-KSDA-

Bloomberg15/08/2011 15/08/2021

541,901.79 KRW 3.93% KRW-CD-KSDA-Bloomberg

20/06/2011 19/06/2021

553,233.41 CHF 1.35% LIBOR CHF 6M 16/12/2010 16/12/2015553,233.41 CHF 2.43%CHF-LIBOR-BBA 6M 18/04/2011 18/04/2021667,199.19 KRW 3.87% KRW-CD-KSDA-

Bloomberg10/06/2011 10/06/2016

Pictet


638




814,168.79 KRW KRW 3 Month Certificate of

Deposit

3.82% 06/12/2010 06/12/2014

829,085.36 KRW KRW 3 Month Certificate of

Deposit

3.83% 06/12/2010 06/12/2014

867,519.68 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/2021867,519.68 KRW 3.62% KRW-CD-KSDA-

Bloomberg18/03/2016 18/03/2021

948,400.13 CHF CHF-LIBOR-BBA 6M

1.55% 16/09/2011 16/09/2021


15/04/2011 15/04/2013


03/06/2011 03/06/2015


Deposit

3.58% 06/04/2010 06/04/2012


04/04/2011 04/04/2013


15/04/2011 15/04/2013

1,193,403.49 CHF 1.57%CHF-LIBOR-BBA 6M 30/08/2011 30/08/20211,253,539.40 KRW KRW-CD-KSDA-

Bloomberg4.19% 13/05/2011 13/05/2016


4.10% 02/05/2011 02/05/2016


15/04/2011 15/04/2014


16/06/2011 16/06/2015


07/06/2011 07/06/2015


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2014


15/04/2011 15/04/2013


15/04/2011 15/04/2014


15/04/2011 15/04/2013

1,636,297.42 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20131,655,008.36 IDR 7.10% LIBOR USD 6M 22/02/2011 22/02/20131,655,382.16 IDR 7.20% LIBOR USD 6M 22/02/2011 22/02/20131,778,250.24 CHF CHF-LIBOR-

BBA 6M1.63% 09/09/2011 09/09/2021


4.16% 31/03/2011 31/03/2016

1,885,644.19 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/20121,903,584.59 IDR 7.80% USD-LIBOR-

BBA 6M07/06/2011 07/06/2018


15/06/2011 17/06/2013

2,050,827.29 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20132,051,180.54 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/2013

Pictet


639




2,051,180.54 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20132,051,651.53 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20132,052,829.00 IDR 6.90% LIBOR USD 6M 24/03/2011 24/03/20132,286,400.21 IDR 5.80% USD-LIBOR-

BBA 6M07/06/2011 07/06/2013


0.47% 27/06/2011 27/06/2013


0.47% 27/06/2011 27/06/2013


03/06/2011 03/06/2015


05/04/2011 05/04/2013

3,120,276.68 KRW 3.39% KRW 3 Month Certificate of Deposit

06/12/2010 06/12/2011

3,176,550.71 KRW 3.40% KRW 3 Month Certificate of Deposit

06/12/2010 06/12/2011


10/06/2011 10/06/2016


20/06/2011 20/06/2016

4,247,960.69 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/20135,690,400.75 CHF CHF-LIBOR-

BBA 6M0.53% 07/07/2011 07/07/2013

9,088,834.54 CHF 0.21%CHF-LIBOR-BBA 6M 09/09/2011 09/09/2013


Pictet - Absolute Return Global Diversified Nominal Devise Taux à payer Taux à recevoir



1,664,567.02 CHF CHF LIBOR 1M -70bps

SMIM Total Return Index

06/05/2011 21/10/2011



11/08/2011 15/02/2012

9,125,704.06 EUR EURIBOR 1M MSCI Daily Total Retum Gross Europe

Index

17/08/2011 13/08/2012

126,612,834.73 USD SPGSCIP 0.25% 29/10/2010 31/10/2011

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de EUR 41,051,685.69 et figure dans l’état des actifs nets.

Pictet


640

Pictet - Absolute Return Global Conservative Nominal Devise Taux à payer Taux à recevoir



144,744.98 CHF CHF LIBOR 1M -70bps


06/05/2011 21/10/2011

858,455.24 EUR EURIBOR 1M MSCI Daily Total Retum Gross Europe

Index

17/08/2011 13/08/2012



11/08/2011 15/02/2012

10,387,165.27 USD SPGSCIP 0.25% 29/10/2010 31/10/2011

La moins-value nette non réalisée sur ces contrats de swap de taux d’intérêts au30 septembre 2011, était de EUR 3,788,627.93 et figure dans l’état des actifs nets.

Au 30 septembre 2011, la SICAV avait en cours les "Total Return Swaps" suivants :

Pictet - EUR Bonds

Nom Date d’échéance

Devise Notionnel Evaluation au 30 septembre 2011

(EUR)10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 6,750,338.50 661.0911% TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 20,251,015.50 2,214.5111% TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 49,952,504.90 5,462.46FRN TRS INDONESIA FIN.(BAR) 07/20 15/11/2020 USD 2,444.70 1,794.02FRN TRS INDONESIA FIN.(JPM) 07/17 19/07/2017 USD 833.36 611.13FRN TRS INDONESIA FIN.(JPM) 07/20 15/11/2020 USD 6,160.97 4,521.17TRS COLOMBIA FF (CITI) 10/20 27/07/2020 COP 3,240,162.48 1,544.39TRS COLOMBIA FF (CITI) 10/24 25/07/2024 COP 22,141,110.28 10,310.14TRS RUSSIA FF (CITI) 10/15 17/07/2015 RUB 1,134,056.87 25,754.38TRS RUSSIA FF (JPM) 10/15 15/07/2015 RUB 1,215,060.93 27,593.98TRS COLOMBIA FF (CITI) 10/15 29/10/2015 COP 40,502,031.00 17,564.13TRS RUSSIA (CITI) 10/16 05/08/2016 RUB 1,012,550.78 22,469.0610% TRS FR47 (JPM) IDR 170228 17/02/2028 IDR 43,202,166.40 4,424.06

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au30 septembre 2011, était de EUR 111,071.88 et figure dans l’état des actifs nets.




(USD)10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 4,993,156,206.35 672,124.2111% TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 14,979,468,619.05 2,251,457.7211% TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 36,949,355,926.99 5,553,595.73FRN TRS INDONESIA FIN.(BAR) 07/20 15/11/2020 USD 1,808,322.45 1,811,192.08FRN TRS INDONESIA FIN.(JPM) 07/17 19/07/2017 USD 616,430.00 616,974.80FRN TRS INDONESIA FIN.(JPM) 07/20 15/11/2020 USD 4,557,210.05 4,564,441.88TRS COLOMBIA FF (CITI) 10/20 27/07/2020 COP 2,396,714,979.05 1,537,569.21TRS COLOMBIA FF (CITI) 10/24 25/07/2024 COP 16,377,552,356.83 10,280,678.09TRS RUSSIA FF (CITI) 10/15 17/07/2015 RUB 838,850,242.67 25,672,021.12TRS RUSSIA FF (JPM) 10/15 15/07/2015 RUB 898,768,117.14 27,505,736.93TRS COLOMBIA FF (CITI) 10/15 29/10/2015 COP 29,958,937,238.10 17,613,565.15

Pictet


641

Pictet - Emerging Local Currency Debt (suite)



(USD)TRS RUSSIA (CITI) 10/16 05/08/2016 RUB 748,973,430.95 22,202,871.5010% TRS FR47 (JPM) IDR 170228 17/02/2028 IDR 31,956,199,720.64 4,497,875.01

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au30 septembre 2011, était de USD 110,794,885.91 et figure dans l’état des actifs nets.




(USD)10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 8,000,000,000.00 1,077,643.2911% TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 3,000,000,000.00 451,231.3811% TRS INDONESIA (UBS) 07/20 15/11/2020 IDR 10,000,000,000.00 1,504,104.61FRN TRS INDONESIA FIN.(JPM) 07/17 19/07/2017 USD 987,639.92 988,512.80FRN TRS INDONESIA FIN.(JPM) 07/20 15/11/2020 USD 349,619.60 350,174.41FRN TRS INDONESIA FIN.(UBS) 07/20 15/11/2020 USD 1,218,910.71 1,222,004.6710% TRS FR47 (JPM) IDR 170228 17/02/2028 IDR 13,000,000,000.00 1,831,075.41

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au30 septembre 2011, était de USD 2,303,362.81 et figure dans l’état des actifs nets.




(JPY)TRS EQUITY MITSUBISHI (ML) 07/12 16/07/2012 JPY 126,099.91 44,639,367.16TRS EQUITY MUSASHI SEI.(ML) 07/12 16/07/2012 JPY 42,899.97 80,523,240.77TRS EQUITY NITTO DENKO (ML) 07/12 16/07/2012 JPY 13,099.99 40,478,970.22TRS EQUITY TOKYO GAS (ML) 07/12 16/07/2012 JPY 158,999.88 57,398,957.78TRS EQUITY UNIPRES (ML) 07/12 16/07/2012 JPY 28,099.98 59,262,856.41TRS FIN. LONG (ML) R1610 07/12 16/07/2012 JPY 629,216,708.15 629,216,706.69TRS FIN. LONG (NMR) 08/13 16/09/2013 JPY 53,968,870.30 53,968,870.30TRS FIN. SHORT(ML) R1610 07/12 16/07/2012 JPY 303,827,144.50 303,827,144.50TRS EQUITY DAISEKI CO (ML) 07/12 16/07/2012 JPY 36,599.97 56,437,158.48TRS EQ. MITSUBISHI ELEC.(ML)07/12 16/07/2012 JPY 40,999.97 28,494,979.04TRS EQ. ODAKYU EL.RAIL.(ML) 07/12 16/07/2012 JPY 86,999.94 64,205,952.77TRS EQ. TOKYU (ML) 07/12 16/07/2012 JPY 160,999.88 62,789,953.81TRS EQ.SWAP KURITA WATER(ML)07/12 16/07/2012 JPY 24,499.98 53,483,460.66EQ.SWAP WEST JAPAN RAIL.(ML)07/12 16/07/2012 JPY 14,199.99 47,143,965.32EQ.SWAP CENT.JAPAN RAIL.(ML)07/12 16/07/2012 JPY 72.00 48,743,964.14EQ.SWAP TOHO GAS (ML) 07/12 16/07/2012 JPY 114,999.92 58,649,956.86EQ.SWAP TOKYO TOMIN BANK(ML)07/12 16/07/2012 JPY 34,499.97 35,086,474.19EQ.SWAP SAKAI CHEM.IND.(ML) 07/12 16/07/2012 JPY 107,999.92 37,691,972.27EQ.SWAP TOKIO MARINE (ML) 07/12 16/07/2012 JPY 26,199.98 51,980,761.76EQ.SWAP TOYOTA TSUSHO (ML) 07/12 16/07/2012 JPY 4,900.00 6,570,895.17EQ.SWAP BENESSE (ML) 07/12 16/07/2012 JPY 11,199.99 38,359,971.78EQ.SWAP JAP.STEEL WORKS(ML) 07/12 16/07/2012 JPY 66,999.95 31,355,976.93EQ.SWAP YAMAZAKI BAKING (ML)07/12 16/07/2012 JPY 36,999.97 43,585,967.94

Pictet


642

Pictet - Japanese Equity Opportunities (suite)



(JPY)EQ.SWAP FAMILYMART (NMR) 08/13 16/09/2013 JPY 19,999.99 59,359,956.33EQ.SWAP NICHI-IKO PHARMA (ML) 07/12 16/07/2012 JPY 24,999.98 51,749,961.93

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au30 septembre 2011, était de JPY 11,612,779.89 et figure dans l’état des actifs nets.

Pictet - Piclife



(CHF)10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 93,450.50 11.2611% TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 280,351.50 37.7211% TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 691,533.70 93.04FRN TRS INDONESIA FIN.(BAR) 07/20 15/11/2020 USD 33.84 30.56FRN TRS INDONESIA FIN.(JPM) 07/17 19/07/2017 USD 11.54 10.41FRN TRS INDONESIA FIN.(JPM) 07/20 15/11/2020 USD 85.29 77.01TRS COLOMBIA FF (CITI) 10/20 27/07/2020 COP 44,856.24 26.31TRS COLOMBIA FF (CITI) 10/24 25/07/2024 COP 306,517.64 175.62TRS RUSSIA FF (CITI) 10/15 17/07/2015 RUB 15,699.68 438.69TRS RUSSIA FF (JPM) 10/15 15/07/2015 RUB 16,821.09 470.03TRS COLOMBIA FF (CITI) 10/15 29/10/2015 COP 560,703.00 299.18TRS RUSSIA (CITI) 10/16 05/08/2016 RUB 14,017.58 382.7310% TRS FR47 (JPM) IDR 170228 17/02/2028 IDR 598,083.20 75.36

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au30 septembre 2011, était de CHF 1,891.96 et figure dans l’état des actifs nets.




(EUR)TRS GGSCIPRE ER BRENT (MS) 10/11 28/10/2011 USD 27,653.26 15,531,813.08TRS GSCIPRE ER HEAT OIL (MS)10/11 28/10/2011 USD 17,270.65 4,763,068.40TRS GSCIPRE ER LIVE CAT.(MS)10/11 28/10/2011 USD 15,593.46 4,202,482.72TRS GSCIPRE ER COPPER (MS) 10/11 28/10/2011 USD 15,510.68 7,451,335.11TRS GSCIPRE ER WTI (MS) 10/11 28/10/2011 USD 69,422.16 26,997,932.07TRS S&P GSCI IDX ER (MS) 10/11 28/10/2011 USD 255,522.72 84,417,779.76TRS GSCIPRE ER SOYBEANS (MS)10/11 28/10/2011 USD 34,599.57 8,822,434.26TRS GGSCIPRE ER GAS OIL (MS)10/11 28/10/2011 USD 13,790.94 6,698,238.90TRS GSCIPRE ER SUGAR (MS) 10/11 28/10/2011 USD 211,843.93 4,867,628.19TRS GSCIPRE ER UNLD GAS (MS)10/11 28/10/2011 USD 4,509.35 4,720,880.62FRN TRS ORCADES OIL(RBS)11/11 11/10/2011 USD 18,483,625.51 13,801,093.36TRS ORCADES OIL (RBS) 11/11 04/11/2011 USD 17,941.05 13,009,945.86TRS FIN.3M-30BP DBCGWEFE(DB)11/11 17/11/2011 EUR 40,847,298.08 40,910,509.27TRS EQUITY MSCI W.CUST.(DB) 11/11 17/11/2011 EUR 41,992.00 43,107,307.52TRS FIN.1ML+22BP/MSCI (JPM) 11/11 14/05/2012 EUR 16,106,479.02 16,116,948.23TRS EQUITY MSCI D.TR (JPM) 11/11 14/05/2012 EUR 145,062.90 16,848,910.95TRS EQUITY SMIMC (UBS) 11/11 25/11/2011 CHF 31,905.00 34,540,548.52

Pictet


643

Pictet - Absolute Return Global Diversified (suite)



(EUR)TRS FIN.3M-30BP SMIMC (UBS) 11/11 25/11/2011 CHF 40,409,915.85 33,138,898.39TRS GSCI LI.ENE.OFF.C.ER(GSI)060212 06/02/2012 USD 151,682.34 36,685,981.24

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au 30 septembre 2011, était de EUR 31,202,456.23 et figure dans l’état des actifs nets.




(EUR)TRS GGSCIPRE ER BRENT (MS) 10/11 28/10/2011 USD 2,268.64 1,274,211.34TRS GSCIPRE ER HEAT OIL (MS)10/11 28/10/2011 USD 1,416.86 390,756.42TRS GSCIPRE ER LIVE CAT.(MS)10/11 28/10/2011 USD 1,279.27 344,766.65TRS GSCIPRE ER COPPER (MS) 10/11 28/10/2011 USD 1,272.48 611,298.61TRS GSCIPRE ER WTI (MS) 10/11 28/10/2011 USD 5,695.31 2,214,878.00TRS S&P GSCI IDX ER (MS) 10/11 28/10/2011 USD 20,962.78 6,925,533.51TRS GSCIPRE ER SOYBEANS (MS)10/11 28/10/2011 USD 2,838.51 723,781.94TRS GGSCIPRE ER GAS OIL (MS)10/11 28/10/2011 USD 1,131.39 549,515.49TRS GSCIPRE ER SUGAR (MS) 10/11 28/10/2011 USD 17,379.42 399,334.38TRS GSCIPRE ER UNLD GAS (MS)10/11 28/10/2011 USD 369.94 387,295.39FRN TRS ORCADES OIL(RBS)11/11 11/10/2011 USD 1,516,374.49 1,132,225.16TRS ORCADES OIL (RBS) 11/11 04/11/2011 USD 1,471.86 1,067,320.37TRS FIN.3M-30BP DBCGWEFE(DB)11/11 17/11/2011 EUR 4,132,199.52 4,138,594.10TRS EQUITY MSCI W.CUST.(DB) 11/11 17/11/2011 EUR 4,248.00 4,360,826.88TRS FIN.1ML+22BP/MSCI (JPM) 11/11 14/05/2012 EUR 1,701,444.43 1,702,550.37TRS EQUITY MSCI D.TR (JPM) 11/11 14/05/2012 EUR 15,324.05 1,779,872.91TRS GSCI LI.ENE.OFF.C.ER(GSI)060212 06/02/2012 USD 12,960.69 3,134,681.26

La plus-value nette non réalisée sur ces contrats de Total Return Swaps au30 septembre 2011, était de EUR 2,740,525.86 et figure dans l’état des actifs nets.

NOTE 13 CREDIT DEFAULT SWAPS (CDS)

Un "Credit Default Swaps" (CDS) est un contrat financier bilatéral par lequel une contrepartie (le "protection buyer") paie une prime contre un engagement du "protection seller" de payer un certain montant si l’émetteur de référence fait l’objet d’un risque de crédit prévu par le contrat.

Le "protection buyer" acquiert le droit de vendre une obligation déterminée émise par l’émetteur de référence à sa valeur nominale (ou à une autre valeur de référence ou prix d’exercice) lorsqu’un risque de crédit se produit. Un risque de crédit recouvre communément la faillite, l’insolvabilité, la mise en redressement judiciaire/liquidation judiciaire, rééchelonnement déficitaire de dettes ou non-paiement de dettes échues.

Au 30 septembre 2011, la SICAV avait en cours les "Credit Default Swaps" suivants:

Pictet


644

Pictet - EUR Bonds

En tant que "protection buyer":

Entité: British Telecommunications PLC

Nominal Devise Taux à payer Date de transaction Date d’échéance493,215.52 EUR 1.00% 14/09/2011 20/12/2016

Entité: Federation of Malaysia

Nominal Devise Taux à payer Date de transaction Date d’échéance12,690.64 USD 1.00% 20/09/2010 20/12/2015

Entité: Ineos Group Holdings Ltd

Nominal Devise Taux à payer Date de transaction Date d’échéance7,418.42 EUR 5.00% 20/03/2011 20/06/201674,184.22 EUR 5.00% 03/08/2011 20/09/2016

Entité: Koninklijke DSM NV


Entité: MARKIT ITRX EUR XOVER 06/16

Nominal Devise Taux à payer Date de transaction Date d’échéance74,184.22 EUR 5.00% 20/03/2011 20/06/2016148,368.44 EUR 5.00% 20/03/2011 20/06/2016370,921.11 EUR 5.00% 21/03/2011 20/06/2016



Entité: Republic of Indonesia

Nominal Devise Taux à payer Date de transaction Date d’échéance4,065.05 USD 1.00% 20/09/2010 20/12/20158,775.44 USD 1.00% 20/01/2011 20/03/201611,521.48 USD 1.00% 20/12/2010 20/03/201613,500.68 USD 1.00% 20/12/2010 20/03/201614,595.58 USD 1.00% 20/01/2011 20/03/201614,974.95 USD 1.00% 20/12/2010 20/03/201619,440.97 USD 1.00% 20/09/2010 20/12/201519,492.28 USD 1.00% 20/12/2010 20/03/201622,166.29 USD 1.00% 20/06/2010 20/09/201525,022.15 USD 1.00% 20/12/2010 20/03/201628,082.76 USD 1.00% 20/06/2010 20/09/2015

Entité: Republic of Korea

Nominal Devise Taux à payer Date de transaction Date d’échéance6,750.34 USD 1.00% 20/09/2010 20/12/201515,706.69 USD 1.00% 20/06/2011 20/09/2016

Pictet


645

Pictet - EUR Bonds (suite)

Entité: Republic of the Philippines

Nominal Devise Taux à payer Date de transaction Date d’échéance5,809.17 USD 1.00% 27/09/2011 20/12/201615,713.44 USD 1.00% 20/03/2011 20/06/201618,378.47 USD 1.00% 20/03/2011 20/06/201619,642.13 USD 1.00% 20/03/2011 20/06/2016

Entité: Wolters Kluwer NV


En tant que "protection seller":


Nominal Devise Taux à recevoir Date de transaction Date d’échéance8,128.76 USD 1.00% 16/11/2010 20/12/2015

Entité: Bayerische Motoren Werke AG

Nominal Devise Taux à recevoir Date de transaction Date d’échéance634,134.24 EUR 1.00% 20/06/2011 20/09/2016

Entité: BNP Paribas


Entité: BNP Paribas SA


Entité: Cie de St-Gobain


Entité: Continental AG


Entité: ConvaTec Healthcare E SA


Entité: Credit Agricole SA

Nominal Devise Taux à recevoir Date de transaction Date d’échéance493,215.52 EUR 1.00% 01/12/2010 20/12/2015528,445.20 EUR 1.00% 17/09/2010 20/12/2015

Pictet


646


Entité: Credit Suisse Group AG


Entité: EDP - Energias de Portugal SA


Entité: Enel SpA


Entité: Fiat Industrial SpA


Entité: Fiat SpA


Entité: General Electric Capital Corp


Entité: GIE GDF Suez Alliance


Entité: Holcim Ltd


Entité: North American Emerging Markets

Nominal Devise Taux à recevoir Date de transaction Date d’échéance13,531.73 USD 5.00% 20/09/2010 20/12/201514,893.95 USD 5.00% 14/06/2011 20/06/201615,832.24 USD 5.00% 20/09/2010 20/12/201521,908.90 USD 5.00% 21/03/2011 20/06/201633,751.69 USD 5.00% 21/03/2011 20/06/2016

Entité: NXP BV / NXP Funding LLC


Pictet


647


Entité: Portugal Telecom International



Nominal Devise Taux à recevoir Date de transaction Date d’échéance5,809.17 USD 1.00% 27/09/2011 20/12/20166,855.11 USD 1.00% 04/07/2011 20/09/202110,356.37 USD 1.00% 25/08/2011 20/09/2016


Nominal Devise Taux à recevoir Date de transaction Date d’échéance34,568.48 USD 1.00% 14/09/2010 20/09/201534,833.10 USD 1.00% 14/09/2010 20/09/2015

Entité: Royal Dutch Shell PLC


Entité: Socialist Republic of Vietnam

Nominal Devise Taux à recevoir Date de transaction Date d’échéance5,400.27 USD 1.00% 04/03/2011 20/03/20166,750.34 USD 1.00% 14/02/2011 20/03/201616,875.85 USD 1.00% 14/02/2011 20/03/2016

Entité: Societe Generale


Entité: Telefonica SA


Entité: UBS AG


Entité: UniCredit SpA


Pictet


648


Entité: Veolia Environnement SA


La moins-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2011, était de EUR 474,256.60 et figure dans l’état des actifs nets.




Nominal Devise Taux à payer Date de transaction Date d’échéance13,470,362.05 EUR 1.00% 14/09/2011 20/12/2016







Nominal Devise Taux à recevoir Date de transaction Date d’échéance17,319,036.92 EUR 1.00% 20/06/2011 20/09/2016








Nominal Devise Taux à recevoir Date de transaction Date d’échéance13,470,362.05 EUR 1.00% 01/12/2010 20/12/201514,432,530.77 EUR 1.00% 17/09/2010 20/12/2015

Pictet


649

Pictet - EUR Corporate Bonds (suite)


Nominal Devise Taux à recevoir Date de transaction Date d’échéance11,546,024.61 EUR 1.00% 20/06/2011 20/09/201614,432,530.77 EUR 1.00% 13/09/2010 20/09/2015



Entité: Enel SpA






Entité: Holcim Ltd








Entité: UBS AG




Pictet


650

Pictet - EUR Corporate Bonds (suite)



La moins-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2011, était de EUR 14,840,319.36 et figure dans l’état des actifs nets.




Nominal Devise Taux à payer Date de transaction Date d’échéance600,000.00 USD 1.00% 20/09/2010 20/12/2015


Nominal Devise Taux à payer Date de transaction Date d’échéance951,000.00 USD 1.00% 20/09/2010 20/12/20153,333,000.00 USD 1.00% 20/12/2010 20/03/20164,138,000.00 USD 1.00% 20/12/2010 20/03/20164,600,000.00 USD 1.00% 20/09/2010 20/12/20155,241,000.00 USD 1.00% 20/01/2011 20/03/20166,500,000.00 USD 1.00% 20/01/2011 20/03/20167,471,000.00 USD 1.00% 20/12/2010 20/03/20167,932,000.00 USD 1.00% 20/06/2010 20/09/20158,364,000.00 USD 1.00% 20/12/2010 20/03/201610,000,000.00 USD 1.00% 20/12/2010 20/03/201611,704,000.00 USD 1.00% 20/12/2010 20/03/201612,759,000.00 USD 1.00% 20/06/2010 20/09/201520,000,000.00 USD 1.00% 20/09/2010 20/09/2015


Nominal Devise Taux à payer Date de transaction Date d’échéance7,262,000.00 USD 1.00% 20/06/2011 20/09/2016


Nominal Devise Taux à payer Date de transaction Date d’échéance3,867,000.00 USD 1.00% 20/03/2011 20/06/20164,523,000.00 USD 1.00% 20/03/2011 20/06/20164,834,000.00 USD 1.00% 20/03/2011 20/06/20169,624,465.00 USD 1.00% 27/09/2011 20/12/2016



Nominal Devise Taux à recevoir Date de transaction Date d’échéance1,902,000.00 USD 1.00% 16/11/2010 20/12/2015

Pictet


651

Pictet - Global Emerging Debt (suite)

Entité: China Development Bank Corp

Nominal Devise Taux à recevoir Date de transaction Date d’échéance5,000,000.00 USD 1.00% 10/09/2010 20/09/20155,000,000.00 USD 1.00% 08/12/2010 20/12/20156,000,000.00 USD 1.00% 14/12/2010 20/12/201510,000,000.00 USD 1.00% 07/12/2010 20/12/2015

Entité: Export-Import Bank of China

Nominal Devise Taux à recevoir Date de transaction Date d’échéance5,000,000.00 USD 1.00% 10/09/2010 20/09/20155,000,000.00 USD 1.00% 08/12/2010 20/12/2015


Nominal Devise Taux à recevoir Date de transaction Date d’échéance3,121,000.00 USD 5.00% 20/09/2010 20/12/20155,063,000.00 USD 5.00% 14/06/2011 20/06/20168,323,000.00 USD 5.00% 20/09/2010 20/12/201513,826,000.00 USD 5.00% 21/03/2011 20/06/201615,000,000.00 USD 5.00% 21/03/2011 20/06/2016


Nominal Devise Taux à recevoir Date de transaction Date d’échéance3,148,559.00 USD 1.00% 04/07/2011 20/09/20214,518,000.00 USD 1.00% 25/08/2011 20/09/20169,624,465.00 USD 1.00% 27/09/2011 20/12/2016





La plus-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2011, était de USD 2,762,879.60 et figure dans l’état des actifs nets.

Pictet


652




Nominal Devise Taux à payer Date de transaction Date d’échéance492,478.67 EUR 5.00% 20/03/2011 20/06/20164,924,786.69 EUR 5.00% 03/08/2011 20/09/2016


Nominal Devise Taux à payer Date de transaction Date d’échéance4,924,786.69 EUR 5.00% 20/03/2011 20/06/20169,849,573.38 EUR 5.00% 20/03/2011 20/06/201624,623,933.45 EUR 5.00% 21/03/2011 20/06/2016










Entité: Fiat SpA






La plus-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2011, était de EUR 3,970,534.39 et figure dans l’état des actifs nets.

Pictet


653

Pictet - CHF Bonds


Entité: Deutsche Telekom AG


Entité: Telstra Corp Ltd


La moins-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2011, était de CHF 46,801.32 et figure dans l’état des actifs nets.






Nominal Devise Taux à payer Date de transaction Date d’échéance3,006,878.67 USD 1.00% 20/09/2010 20/12/20156,491,103.07 USD 1.00% 20/01/2011 20/03/20168,522,319.01 USD 1.00% 20/12/2010 20/03/20169,986,312.41 USD 1.00% 20/12/2010 20/03/201610,796,202.35 USD 1.00% 20/01/2011 20/03/201611,076,817.73 USD 1.00% 20/12/2010 20/03/201614,380,289.87 USD 1.00% 20/09/2010 20/12/201514,418,237.86 USD 1.00% 20/12/2010 20/03/201616,396,174.83 USD 1.00% 20/06/2010 20/09/201518,508,631.43 USD 1.00% 20/12/2010 20/03/201620,772,528.45 USD 1.00% 20/06/2010 20/09/2015


Nominal Devise Taux à payer Date de transaction Date d’échéance4,993,156.21 USD 1.00% 20/09/2010 20/12/201511,618,075.86 USD 1.00% 20/06/2011 20/09/2016



Pictet


654

Pictet - Emerging Local Currency Debt (suite)

















Entité: Export-Import Bank of Korea


Pictet


655

Pictet - Asian Local Currency Debt (suite)

Entité: Korea Development Bank



Nominal Devise Taux à payer Date de transaction Date d’échéance1,038,000.00 USD 1.00% 20/09/2010 20/12/20151,667,000.00 USD 1.00% 20/12/2010 20/03/20162,000,000.00 USD 1.00% 20/01/2011 20/03/20162,328,000.00 USD 1.00% 20/12/2010 20/03/20162,948,000.00 USD 1.00% 20/01/2011 20/03/20163,995,000.00 USD 1.00% 20/12/2010 20/03/20165,000,000.00 USD 1.00% 20/09/2010 20/12/20155,000,000.00 USD 1.00% 20/12/2010 20/03/20165,579,327.00 USD 1.00% 20/06/2010 20/09/20156,267,000.00 USD 1.00% 20/06/2010 20/09/20156,698,000.00 USD 1.00% 20/12/2010 20/03/20167,204,000.00 USD 1.00% 20/12/2010 20/03/2016


Nominal Devise Taux à payer Date de transaction Date d’échéance2,000,000.00 USD 2.50% 07/10/2008 20/12/20136,046,000.00 USD 1.00% 20/06/2011 20/09/2016



Entité: Woori Bank Co Ltd





Entité: China Development Bank Corp


Pictet


656

Pictet - Asian Local Currency Debt (suite)


















Pictet


657

Pictet - EUR Corporate Bonds Ex Financial (suite)








Entité: Holcim Ltd





Pictet - Piclife





Nominal Devise Taux à payer Date de transaction Date d’échéance175.69 USD 1.00% 20/09/2010 20/12/2015


Nominal Devise Taux à payer Date de transaction Date d’échéance102.70 EUR 5.00% 20/03/2011 20/06/20161,026.99 EUR 5.00% 03/08/2011 20/09/2016



Pictet


658

Pictet - Piclife (suite)


Nominal Devise Taux à payer Date de transaction Date d’échéance1,026.99 EUR 5.00% 20/03/2011 20/06/20162,053.99 EUR 5.00% 20/03/2011 20/06/20165,134.97 EUR 5.00% 21/03/2011 20/06/2016




Nominal Devise Taux à payer Date de transaction Date d’échéance56.28 USD 1.00% 20/09/2010 20/12/2015121.49 USD 1.00% 20/01/2011 20/03/2016159.50 USD 1.00% 20/12/2010 20/03/2016186.90 USD 1.00% 20/12/2010 20/03/2016202.06 USD 1.00% 20/01/2011 20/03/2016207.31 USD 1.00% 20/12/2010 20/03/2016269.14 USD 1.00% 20/09/2010 20/12/2015269.85 USD 1.00% 20/12/2010 20/03/2016306.87 USD 1.00% 20/06/2010 20/09/2015346.40 USD 1.00% 20/12/2010 20/03/2016388.77 USD 1.00% 20/06/2010 20/09/2015


Nominal Devise Taux à payer Date de transaction Date d’échéance93.45 USD 1.00% 20/09/2010 20/12/2015217.44 USD 1.00% 20/06/2011 20/09/2016


Nominal Devise Taux à payer Date de transaction Date d’échéance80.42 USD 1.00% 27/09/2011 20/12/2016217.53 USD 1.00% 20/03/2011 20/06/2016254.43 USD 1.00% 20/03/2011 20/06/2016271.92 USD 1.00% 20/03/2011 20/06/2016





Nominal Devise Taux à recevoir Date de transaction Date d’échéance112.53 USD 1.00% 16/11/2010 20/12/2015



Pictet


659









Nominal Devise Taux à recevoir Date de transaction Date d’échéance564.85 EUR 5.00% 14/09/2011 20/09/2012







Entité: Deutsche Telekom AG




Entité: Enel SpA




Pictet


660


Entité: Fiat SpA






Entité: Holcim Ltd



Nominal Devise Taux à recevoir Date de transaction Date d’échéance187.33 USD 5.00% 20/09/2010 20/12/2015206.19 USD 5.00% 14/06/2011 20/06/2016219.18 USD 5.00% 20/09/2010 20/12/2015303.30 USD 5.00% 21/03/2011 20/06/2016467.25 USD 5.00% 21/03/2011 20/06/2016






Nominal Devise Taux à recevoir Date de transaction Date d’échéance80.42 USD 1.00% 27/09/2011 20/12/201694.90 USD 1.00% 04/07/2011 20/09/2021143.37 USD 1.00% 25/08/2011 20/09/2016


Nominal Devise Taux à recevoir Date de transaction Date d’échéance478.56 USD 1.00% 14/09/2010 20/09/2015482.22 USD 1.00% 14/09/2010 20/09/2015



Pictet


661



Nominal Devise Taux à recevoir Date de transaction Date d’échéance74.76 USD 1.00% 04/03/2011 20/03/201693.45 USD 1.00% 14/02/2011 20/03/2016233.63 USD 1.00% 14/02/2011 20/03/2016





Entité: Telstra Corp Ltd


Entité: UBS AG






La moins-value nette non réalisée sur l’ensemble de ces contrats au 30 septembre 2011, était de CHF 51,773.33 et figure dans l’état des actifs nets.





Pictet


662

Pictet - Absolute Return Global Diversified (suite)






Entité: Holcim Ltd














Entité: Holcim Ltd


Pictet


663

Pictet - Absolute Return Global Conservative (suite)




NOTE 14 PRET DE TITRES

Au cours de l’exercice clôturé au 30 septembre 2011, la SICAV a procédé à des opérations de prêts de titres. Au 30 septembre 2011, les valeurs d’évaluation des titres prêtés s’élèvent, pour les compartiments suivants, à :

Pictet - European Equity Selection EUR 32,231.20Pictet - Small Cap Europe EUR 7,116,184.39Pictet - Emerging Markets USD 12,071,806.50Pictet - Eastern Europe EUR 19,772,519.44Pictet - Europe Index EUR 8,096,526.44Pictet - European Sustainable Equities EUR 1,197,680.40Pictet - Japan Index JPY 5,922,493,506.00Pictet - Pacific Ex Japan Index USD 674,719.93Pictet - Digital Communication USD 1,624,114.76Pictet - Premium Brands EUR 22,467,737.90Pictet - Water EUR 7,199,462.57Pictet - Japanese Equity Opportunities JPY 551,725,234.15Pictet - Asian Equities Ex Japan USD 3,649,614.47Pictet - Greater China USD 6,563,769.68Pictet - Japanese Equity Selection JPY 1,233,567,637.84Pictet - Generics USD 13,389,137.94Pictet - Emerging Markets Index USD 6,585,091.60Pictet - Euroland Index EUR 2,336,658.63Pictet - Security USD 3,771,338.67Pictet - Clean Energy USD 13,316,937.83Pictet - Russian Equities USD 38,783,644.90Pictet - Timber USD 629,716.42Pictet - Agriculture EUR 4,939,386.10Pictet - Global Megatrend Selection USD 17,580,445.62Pictet - Environmental Megatrend Selection EUR 327,173.84Pictet - High Dividend Selection EUR 6,035,725.67Pictet - Bric Index USD 2,116.54Pictet - China Index USD 286,654.14Pictet - Russia Index USD 114,351.61Pictet - Piclife CHF 20,623.21Pictet - Absolute Return Global Diversified EUR 6,944,918.46Pictet - Absolute Return Global Conservative EUR 704,121.24

Pictet


664

NOTE 15 DIVIDENDES DISTRIBUES

En date du 20 octobre 2010, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - Global Emerging Debt P dm USD USD 0.67 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.96 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.93 par actionPictet - US High Yield P dm USD USD 0.46 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4551 par actionPictet - High Dividend Selection R dm USD USD 0.4551 par actionPictet - High Dividend Selection I dm GBP GBP 0.2894 par actionPictet - High Dividend Selection P dm GBP GBP 0.2894 par action

Les dividendes ont été payés avec ex-date au 20 octobre 2010 et avec date de paiement au 26 octobre 2010.

En date du 22 novembre 2010, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.55 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4508 par actionPictet - High Dividend Selection R dm USD USD 0.4508 par actionPictet - High Dividend Selection I dm GBP GBP 0.2826 par actionPictet - High Dividend Selection P dm GBP GBP 0.2826 par action

Les dividendes ont été payés avec ex-date au 22 novembre 2010 et avec date de paiement au 26 novembre 2010.

En date du 3 décembre 2010, l’Assemblée Générale des Actionnaires de la SICAV a décidé la distribution des dividendes aux classes d’action suivantes:

Pictet - EUR Bonds P dy EUR 9.37 par actionPictet - USD Government Bonds P dy USD 11.7 par actionPictet - CHF Liquidity P dy CHF 0.33 par actionPictet - CHF Liquidity Z dy CHF 0.53 par actionPictet - USD Liquidity P dy USD 0.28 par actionPictet - EUR Liquidity P dy EUR 0.59 par actionPictet - EUR Corporate Bonds P dy EUR 3.95 par actionPictet - EUR Corporate Bonds Z dy EUR 5.56 par actionPictet - Global Emerging Debt P dy USD USD 8.4 par actionPictet - World Government Bonds P dy EUR EUR 3.04 par actionPictet - World Government Bonds P dy USD USD 3.7 par actionPictet - EUR High Yield P dy EUR 5.05 par actionPictet - EUR Short Mid-Term Bonds P dy EUR 3.09 par actionPictet - USD Short Mid-Term Bonds P dy USD 1.7 par actionPictet - CHF Bonds P dy CHF 7.32 par actionPictet - EUR Government Bonds P dy EUR 3.6 par actionPictet - EUR Inflation Linked Bonds P dy EUR 1.44 par actionPictet - Emerging Local Currency Debt P dy USD USD 7.07 par actionPictet - Emerging Local Currency Debt I dy GBP GBP 5.6 par actionPictet - Emerging Local Currency Debt P dy GBP GBP 4.6 par actionPictet - Emerging Local Currency Debt Z dy EUR EUR 8.2 par actionPictet - Emerging Local Currency Debt J dy EUR EUR 0.41 par action

Pictet


665

Pictet - Emerging Local Currency Debt HZ dy EUR EUR 1.22 par actionPictet - Asian Local Currency Debt I dy USD USD 0.39 par actionPictet - Asian Local Currency Debt P dy USD USD 3.3 par actionPictet - Asian Local Currency Debt P dy GBP GBP 2.1 par actionPictet - Global Emerging Currencies P dy USD USD 1.37 par actionPictet - JPY Liquidity P dy JPY 62 par actionPictet - Latin American Local Currency Debt I dy USD USD 0.22 par actionPictet - Latin American Local Currency Debt P dy USD USD 6.26 par actionPictet - Latin American Local Currency Debt P dy GBP GBP 4.1 par actionPictet - EUR Sovereign Liquidity P dy EUR 0.03 par actionPictet - US High Yield P dy USD USD 5.44 par actionPictet - EUR Corporate Bonds Ex Financial P dy EUR 3.8 par actionPictet - European Equity Selection P dy EUR EUR 4.44 par actionPictet - Europe Index P dy EUR EUR 2.29 par actionPictet - Europe Index R dy GBP GBP 1.8 par actionPictet - USA Index P dy USD USD 1.06 par actionPictet - USA Index R dy GBP GBP 0.33 par actionPictet - European Sustainable Equities P dy EUR EUR 1.97 par actionPictet - Japan Index P dy JPY JPY 96 par actionPictet - Japan Index R dy GBP GBP 0.55 par actionPictet - Pacific Ex Japan Index P dy USD USD 7.3 par actionPictet - Pacific Ex Japan Index R dy GBP GBP 4.58 par actionPictet - Digital Communication I dy GBP GBP 0.31 par actionPictet - Water P dy EUR EUR 0.51 par actionPictet - Water I dy GBP GBP 1.46 par actionPictet - Water P dy GBP GBP 0.44 par actionPictet - Greater China P dy USD USD 1.44 par actionPictet - Greater China P dy GBP GBP 0.73 par actionPictet - Japanese Equity Selection P dy JPY JPY 8 par actionPictet - Japanese Equity Selection P dy GBP GBP 0.12 par actionPictet - Emerging Markets Index P dy USD USD 2.41 par actionPictet - Emerging Markets Index R dy GBP GBP 1.15 par actionPictet - Euroland Index P dy EUR EUR 1.94 par actionPictet - Euroland Index R dy GBP GBP 1.54 par actionPictet - Timber P dy USD USD 3.87 par actionPictet - Timber I dy GBP GBP 3.07 par actionPictet - Timber P dy GBP GBP 2.46 par actionPictet - Agriculture I dy GBP GBP 0.01 par actionPictet - Global Megatrend Selection I dy GBP GBP 0.34 par actionPictet - Middle East And North Africa P dy USD USD 0.35 par actionPictet - High Dividend Selection P dy EUR EUR 1.65 par actionPictet - High Dividend Selection P dy CHF CHF 2.16 par actionPictet - Absolute Return Global Diversified P dy EUR EUR 0.56 par actionPictet - Absolute Return Global Diversified HP dy GBP GBP 0.45 par actionPictet - Absolute Return Global Conservative P dy EUR EUR 0.55 par action

Les dividendes ont été payés avec ex-date au 6 décembre 2010 et avec date de paiement au 17 décembre 2010.

En date du 20 décembre 2010, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4339 par actionPictet - High Dividend Selection R dm USD USD 0.4339 par action

Pictet


666

Pictet - High Dividend Selection I dm GBP GBP 0.2805 par actionPictet - High Dividend Selection P dm GBP GBP 0.2805 par action

Les dividendes ont été payés avec ex-date au 20 décembre 2010 et avec date de paiement au 24 décembre 2010.

En date du 20 janvier 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4453 par actionPictet - High Dividend Selection R dm USD USD 0.4453 par actionPictet - High Dividend Selection I dm GBP GBP 0.2786 par actionPictet - High Dividend Selection P dm GBP GBP 0.2786 par action

Les dividendes ont été payés avec ex-date au 20 janvier 2011 et avec date de paiement au 26 janvier 2011.

En date du 21 février 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.45 par actionPictet - High Dividend Selection R dm USD USD 0.45 par actionPictet - High Dividend Selection I dm GBP GBP 0.2776 par actionPictet - High Dividend Selection P dm GBP GBP 0.2776 par action

Les dividendes ont été payés avec ex-date au 21 février 2011 et avec date de paiement au 25 février 2011.

En date du 21 mars 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4666 par actionPictet - High Dividend Selection R dm USD USD 0.46666 par action

Pictet


667

Pictet - High Dividend Selection I dm GBP GBP 0.2883 par actionPictet - High Dividend Selection P dm GBP GBP 0.2883 par action

Les dividendes ont été payés avec ex-date au 21 mars 2011 et avec date de paiement au 25 mars 2011.

En date du 20 avril 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - EUR Corporate Bonds R dm EUR 0.4 par actionPictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Global Emerging Debt HR dm EUR EUR 0.75 par actionPictet - EUR High Yield R dm EUR 0.6 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - US High Yield HR dm EUR EUR 0.3 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4723 par actionPictet - High Dividend Selection R dm USD USD 0.4723 par actionPictet - High Dividend Selection I dm GBP GBP 0.2895 par actionPictet - High Dividend Selection P dm GBP GBP 0.2895 par actionPictet - High Dividend Selection P dm SGD SGD 0.588 par action

Les dividendes ont été payés avec ex-date au 20 avril 2011 et avec date de paiement au 26 avril 2011.

En date du 20 mai 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - EUR Corporate Bonds R dm EUR 0.4 par actionPictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Global Emerging Debt HR dm EUR EUR 0.75 par actionPictet - EUR High Yield R dm EUR 0.6 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - US High Yield HR dm EUR EUR 0.3 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4703 par actionPictet - High Dividend Selection R dm USD USD 0.4703 par actionPictet - High Dividend Selection I dm GBP GBP 0.2909 par actionPictet - High Dividend Selection P dm GBP GBP 0.2909 par actionPictet - High Dividend Selection P dm SGD SGD 0.5829 par action

Les dividendes ont été payés avec ex-date au 20 mai 2011 et avec date de paiement au 26 mai 2011.

En date du 20 juin 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - EUR Corporate Bonds R dm EUR 0.4 par actionPictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Global Emerging Debt HR dm EUR EUR 0.75 par actionPictet - EUR High Yield R dm EUR 0.6 par action

Pictet


668

Pictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - US High Yield HR dm EUR EUR 0.3 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4721 par actionPictet - High Dividend Selection R dm USD USD 0.4721 par actionPictet - High Dividend Selection I dm GBP GBP 0.2921 par actionPictet - High Dividend Selection P dm GBP GBP 0.2921 par actionPictet - High Dividend Selection P dm SGD SGD 0.5827 par action

Les dividendes ont été payés avec ex-date au 20 juin 2011 et avec date de paiement au 24 juin 2011.

En date du 20 juillet 2011, le Conseil d’Administration a décidé la distribution des dividendes aux classes d’action suivantes:

Pictet - EUR Corporate Bonds R dm EUR 0.4 par actionPictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Global Emerging Debt HR dm EUR EUR 0.75 par actionPictet - EUR High Yield R dm EUR 0.6 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Emerging Local Currency Debt R dm USD USD 0.7 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - US High Yield HR dm EUR EUR 0.3 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4683 par actionPictet - High Dividend Selection R dm USD USD 0.4683 par actionPictet - High Dividend Selection I dm GBP GBP 0.2897 par actionPictet - High Dividend Selection P dm GBP GBP 0.2897 par actionPictet - High Dividend Selection P dm SGD SGD 0.569 par action

Les dividendes ont été payés avec ex-date au 20 juillet 2011 et avec date de paiement au 26 juillet 2011.

En date du 22 août 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - EUR Corporate Bonds R dm EUR 0.4 par actionPictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Global Emerging Debt HR dm EUR EUR 0.75 par actionPictet - EUR High Yield R dm EUR 0.6 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Emerging Local Currency Debt R dm USD USD 0.7 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - US High Yield HR dm EUR EUR 0.3 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4758 par actionPictet - High Dividend Selection R dm USD USD 0.4758 par actionPictet - High Dividend Selection I dm GBP GBP 0.2871 par action

Pictet


669

Pictet - High Dividend Selection P dm GBP GBP 0.2871 par actionPictet - High Dividend Selection P dm SGD SGD 0.5742 par action

Les dividendes ont été payés avec ex-date au 22 août 2011 et avec date de paiement au 26 août 2011.

En date du 20 septembre 2011, le Conseil d’Administration a décidé la distribution desdividendes aux classes d’action suivantes:

Pictet - EUR Corporate Bonds R dm EUR 0.4 par actionPictet - Global Emerging Debt P dm USD USD 0.75 par actionPictet - Global Emerging Debt HR dm EUR EUR 0.75 par actionPictet - EUR High Yield R dm EUR 0.6 par actionPictet - Emerging Local Currency Debt P dm USD USD 0.65 par actionPictet - Emerging Local Currency Debt R dm USD USD 0.7 par actionPictet - Latin American Local Currency Debt P dm USD USD 0.65 par actionPictet - US High Yield P dm USD USD 0.45 par actionPictet - US High Yield HR dm EUR EUR 0.3 par actionPictet - High Dividend Selection P dm EUR EUR 0.33 par actionPictet - High Dividend Selection R dm EUR EUR 0.33 par actionPictet - High Dividend Selection P dm USD USD 0.4492 par actionPictet - High Dividend Selection R dm USD USD 0.4492 par actionPictet - High Dividend Selection I dm GBP GBP 0.2872 par actionPictet - High Dividend Selection P dm GBP GBP 0.2872 par actionPictet - High Dividend Selection P dm SGD SGD 0.5681 par action

Les dividendes ont été payés avec ex-date au 20 septembre 2011 et avec date de paiement au 26 septembre 2011.

NOTE 16 INVESTISSEMENTS EN TITRES INDIENS

Conformément aux termes du prospectus en vigueur, les compartiments Pictet - Emerging Markets, Pictet - Indian Equities et Pictet - Asian Equities Ex Japan investissent indirectement dans des titres émis par des sociétés indiennes. Ces investissements se font à travers respectivement de Pictet Funds (Mauritius) Limited, Pictet Country Fund (Mauritius) Limited et Pictet Asian Equities (Mauritius) Limited, trois sociétés établies à l’Ile Maurice, entièrement contrôlées par la SICAV et qui exercent exclusivement des activités de conseil au profit des trois compartiments concernés.

Ces investissements indirects bénéficient actuellement de la convention contre la double imposition conclue entre l’Inde et l’Ile Maurice.

Il ne peut être garanti que la SICAV pourra toujours bénéficier de ces avantages fiscaux.

Pictet


670

NOTE 17 EVENEMENT POST-CLOTURE

Le Conseil d'Administration, en date du 24 octobre 2011, a résolu de convoquer une Assemblée Générale Extraordinaire en date du 24 novembre 2011 sur 1ère convocation qui a pour but de modifier les statuts de la SICAV notamment pour la mise en conformité avec la loi du 17 décembre 2010.

Pictet

TER (TOTAL EXPENSE RATIO) POUR L'EXERCICE CLOTURE AU 30 SEPTEMBRE 2011

671

Compartiment Type d’actions TER annualisé(en %)

Pictet - EUR Bonds I 0.53%

P 0.91%

P dy 0.91%

R 1.23%

Z 0.07%

HI CHF 0.58%

HP CHF 0.96%

Pictet - USD Government Bonds I 0.34%

P 0.58%

P dy 0.58%

R 0.78%

Z 0.05%

Pictet - CHF Liquidity I 0.12%

P 0.17%

P dy 0.17%

R 0.20%

Z 0.04%

Z dy 0.04%

Pictet - USD Liquidity I 0.17%

P 0.29%

P dy 0.29%

R 0.45%

Z 0.04%

Pictet - EUR Liquidity I 0.17%

P 0.35%

P dy 0.36%

R 0.58%

Z 0.04%

Pictet

TER (TOTAL EXPENSE RATIO) POUR L'EXERCICE CLOTURE AU 30 SEPTEMBRE 2011 (suite)

672


Pictet - EUR Corporate Bonds I 0.64%

P 1.08%

P dy 1.08%

R 1.43%

R dm 1.37%

Z 0.09%

Z dy 0.08%

DH I 0.68%

DH P 1.09%

DH R 1.44%

HI CHF 0.69%

HP CHF 1.13%

HZ CHF 0.14%

HI USD 0.69%

HP USD 1.12%

Pictet - Global Emerging Debt I USD 0.84%

P USD 1.42%

P dy USD 1.42%

P dm USD 1.43%

R USD 1.93%

Z USD 0.12%

HI CHF 0.89%

HP CHF 1.48%

HI EUR 0.89%

HI dy EUR 1.18%

HP EUR 1.47%

HR EUR 1.97%

HR dm EUR 1.92%

HZ EUR 0.17%

HI JPY 0.89%

HI ILS 0.88%

Pictet


673


Pictet - World Government Bonds I EUR 0.34%

P EUR 0.60%

P dy EUR 0.58%

R EUR 0.78%

Z EUR 0.07%

I USD 0.34%

P USD 0.58%

P dy USD 0.57%

R USD 0.78%

Pictet - EUR High Yield I 0.79%

P 1.39%

P dy 1.39%

R 1.89%

R dm 1.81%

Z 0.09%

HI CHF 0.84%

HP CHF 1.44%

Pictet - EUR Short Mid-Term Bonds I 0.27%

P 0.46%

P dy 0.46%

R 0.60%

Z 0.04%

HI CHF 0.32%

HP CHF 0.51%

Pictet - USD Short Mid-Term Bonds I 0.27%

P 0.46%

P dy 0.46%

R 0.61%

Z 0.04%

Pictet


674


Pictet - CHF Bonds I 0.48%

P 0.80%

P dy 0.80%

R 1.05%

Z 0.06%

Pictet - EUR Government Bonds I 0.34%

P 0.58%

P dy 0.58%

R 0.78%

Z 0.05%

HI CHF 0.39%

HP CHF 0.62%

Pictet - EUR Inflation Linked Bonds I 0.37%

P 0.61%

P dy 0.61%

R 0.81%

Z 0.07%

Pictet


675


Pictet - Emerging Local Currency Debt I USD 0.94%

P USD 1.58%

P dy USD 1.58%

P dm USD 1.60%

R USD 2.13%

Z USD 0.17%

I dy GBP 0.94%

P dy GBP 1.58%

I EUR 0.94%

P EUR 1.58%

R EUR 2.13%

Z dy EUR 0.17%

J dy EUR 0.72%

HI EUR 0.99%

HP EUR 1.62%

HR EUR 2.16%

HI dy EUR 0.99%

HZ EUR 0.22%

HZ dy EUR 0.22%

HZ CHF 0.22%

Pictet - Asian Local Currency Debt I USD 0.96%

I dy USD 0.96%

P USD 1.59%

P dy USD 1.59%

R USD 2.14%

Z USD 0.19%

I GBP 0.96%

P dy GBP 1.59%

I EUR 0.95%

P EUR 1.60%

R EUR 2.14%

Pictet


676


Pictet - Global Emerging Currencies I USD 0.69%

P USD 1.18%

P dy USD 1.18%

R USD 1.63%

Z USD 0.09%

I EUR 0.69%

P EUR 1.17%

R EUR 1.62%

HI EUR 0.74%

HP EUR 1.23%

HR EUR 1.67%

P CHF 1.19%

Z GBP 0.09%

Pictet - JPY Liquidity I 0.14%

P 0.20%

P dy 0.20%

R 0.25%

Z 0.03%

J 0.11%

Pictet - Latin American Local Currency Debt I USD 0.95%

I dy USD 0.94%

P USD 1.58%

P dy USD 1.58%

P dm USD 1.57%

R USD 2.14%

Z USD 0.17%

P dy GBP 1.58%

I EUR 0.93%

P EUR 1.57%

R EUR 2.11%

Pictet


677


Pictet - USD Sovereign Liquidity I 0.14%

P 0.21%

P dy 0.21%

R 0.29%

Z 0.05%

Pictet - EUR Sovereign Liquidity I 0.16%

P 0.28%

P dy 0.28%

R 0.42%

Z 0.04%

J 0.14%

Pictet - US High Yield I USD 0.79%

P USD 1.38%

P dy USD 1.39%

P dm USD 1.38%

R USD 1.89%

Z USD 0.09%

HI EUR 0.84%

HP EUR 1.43%

HR EUR 1.94%

HR dm EUR 1.86%

HI CHF 0.84%

HP CHF 1.44%

HP ILS 0.90%

Pictet - EUR Corporate Bonds Ex Financial I 0.63%

P 1.07%

P dy 1.07%

R 1.42%

Z 0.09%

HI CHF 0.68%

Pictet


678


Pictet - European Equity Selection I EUR 0.94%

P EUR 1.58%

P dy EUR 1.59%

R EUR 2.09%

Z EUR 0.17%

Pictet - Small Cap Europe I EUR 1.19%

P EUR 2.03%

P dy EUR 2.03%

R EUR 2.74%

Z EUR 0.22%

Pictet - Emerging Markets I USD 1.99%

P USD 2.52%

P dy USD 2.52%

R USD 3.02%

Z USD 0.27%

I EUR 1.99%

P EUR 2.52%

R EUR 3.02%

HI EUR 2.03%

HP EUR 2.58%

HR EUR 3.08%

Pictet - Eastern Europe I EUR 1.99%

P EUR 2.38%

P dy EUR 2.38%

R EUR 3.08%

Z EUR 0.27%

P dy GBP 2.38%

Pictet


679


Pictet - Europe Index I EUR 0.34%

IS EUR 0.34%

P EUR 0.46%

P dy EUR 0.45%

R EUR 0.67%

Z EUR 0.04%

R dy GBP 0.66%

Pictet - USA Index I USD 0.34%

IS USD 0.34%

P USD 0.46%

P dy USD 0.45%

R USD 0.76%

Z USD 0.05%

P EUR 0.47%

R EUR 0.79%

R dy GBP 0.70%

Pictet - European Sustainable Equities I EUR 0.85%

P EUR 1.24%

P dy EUR 1.24%

R EUR 1.64%

Z EUR 0.19%

Pictet - Japan Index I JPY 0.33%

IS JPY 0.33%

P JPY 0.47%

P dy JPY 0.48%

R JPY 0.78%

Z JPY 0.05%

IS EUR 0.34%

P EUR 0.49%

R EUR 0.77%

R dy GBP 0.78%

Pictet


680


Pictet - Pacific Ex Japan Index I USD 0.34%

IS USD 0.33%

P USD 0.47%

P dy USD 0.46%

R USD 0.76%

Z USD 0.05%

P EUR 0.47%

R EUR 0.79%

R dy GBP 0.75%

Pictet - Digital Communication I USD 1.14%

P USD 1.98%

P dy USD 2.00%

R USD 2.68%

Z USD 0.17%

I EUR 1.14%

P EUR 1.99%

R EUR 2.69%

I dy GBP 1.14%

P dy GBP 1.98%

HI EUR 1.19%

Pictet - Biotech I USD 1.17%

P USD 2.01%

P dy USD 2.01%

R USD 2.71%

Z USD 0.35%

I EUR 1.17%

P EUR 2.00%

R EUR 2.72%

I dy GBP 1.15%

P dy GBP 2.01%

HI EUR 1.22%

HP EUR 2.06%

HR EUR 2.76%

Pictet


681


Pictet - Premium Brands I EUR 1.17%

P EUR 2.01%

P dy EUR 2.02%

R EUR 2.72%

Z EUR 0.17%

I USD 1.17%

P USD 2.02%

R USD 2.72%

I dy GBP 1.17%

P dy GBP 2.03%

HP USD 2.08%

HR USD 2.77%

HP SGD 2.04%

Pictet - Water I EUR 1.17%

P EUR 2.01%

P dy EUR 2.01%

R EUR 2.71%

Z EUR 0.17%

I dy GBP 1.18%

P dy GBP 2.01%

I USD 1.17%

P USD 2.01%

R USD 2.71%

HP USD 2.08%

HR USD 2.76%

Pictet - Indian Equities I USD 1.39%

P USD 2.22%

P dy USD 2.22%

R USD 2.92%

Z USD 0.27%

I EUR 1.38%

P EUR 2.22%

R EUR 2.92%

P dy GBP 2.23%

Pictet


682


Pictet - Japanese Equity Opportunities (note 1) I JPY 0.93%

P JPY 1.58%

P dy JPY 1.57%

R JPY 2.07%

I EUR 0.94%

P EUR 1.57%

R EUR 2.07%

Z EUR 0.21%

Pictet - Asian Equities Ex Japan I USD 1.19%

P USD 2.03%

P dy USD 2.04%

R USD 2.73%

Z USD 0.27%

I EUR 1.19%

P EUR 2.04%

R EUR 2.74%

HI EUR 1.24%

HP EUR 2.02%

HR EUR 2.77%

Pictet - Greater China I USD 1.19%

P USD 2.03%

P dy USD 2.02%

R USD 2.73%

Z USD 0.27%

I EUR 1.20%

P EUR 2.01%

R EUR 2.74%

P dy GBP 2.04%

Pictet


683


Pictet - Japanese Equity Selection I JPY 0.94%

P JPY 1.58%

P dy JPY 1.55%

R JPY 2.07%

Z JPY 0.22%

P dy GBP 1.57%

I EUR 0.93%

P EUR 1.57%

R EUR 2.09%

HI EUR 0.98%

HP EUR 1.63%

HR EUR 2.12%

Pictet - Generics I USD 1.17%

P USD 2.01%

P dy USD 2.02%

R USD 2.71%

Z USD 0.35%

I EUR 1.17%

P EUR 2.00%

R EUR 2.72%

I dy GBP 1.17%

P dy GBP 2.01%

HI EUR 1.22%

HP EUR 2.04%

HR EUR 2.75%

Pictet - Emerging Markets Index I USD 0.69%

IS USD 0.69%

P USD 0.92%

P dy USD 0.91%

R USD 1.16%

Z USD 0.22%

P EUR 0.91%

R EUR 1.21%

R dy GBP 1.18%

Pictet


684


Pictet - Euroland Index I EUR 0.34%

P EUR 0.46%

P dy EUR 0.46%

R EUR 0.76%

Z EUR 0.05%

R dy GBP 0.76%

Pictet - US Equity Growth Selection I USD 0.94%

P USD 1.57%

P dy USD 1.58%

R USD 2.08%

Z USD 0.32%

R EUR 2.08%

HI EUR 0.99%

HP EUR 1.63%

HR EUR 2.13%

Pictet - Security I USD 1.18%

P USD 2.02%

P dy USD 2.03%

R USD 2.72%

Z USD 0.17%

I EUR 1.17%

P EUR 2.02%

R EUR 2.73%

I dy GBP 1.18%

P dy GBP 2.02%

Pictet


685


Pictet - Clean Energy I USD 1.18%

P USD 2.00%

P dy USD 2.01%

R USD 2.71%

Z USD 0.17%

I EUR 1.19%

I dy EUR 1.16%

P EUR 2.02%

R EUR 2.71%

I dy GBP 1.19%

P dy GBP 2.01%

Pictet - Russian Equities I USD 1.18%

P USD 2.03%

P dy USD 2.02%

R USD 2.72%

Z USD 0.27%

I EUR 1.19%

P EUR 2.02%

R EUR 2.72%

P dy GBP 2.03%

Pictet - Timber I USD 1.17%

P USD 2.02%

P dy USD 2.03%

R USD 2.73%

Z USD 0.17%

I EUR 1.18%

P EUR 2.03%

R EUR 2.72%

I dy GBP 1.16%

P dy GBP 2.01%

HP EUR 2.07%

HR EUR 2.80%

Pictet


686


Pictet - Agriculture I EUR 1.17%

P EUR 2.01%

P dy EUR 2.02%

R EUR 2.71%

Z EUR 0.17%

I USD 1.17%

P USD 2.01%

P dy USD 2.02%

R USD 2.72%

I dy GBP 1.17%

P dy GBP 2.01%

Pictet - Global Megatrend Selection I USD 1.17%

P USD 2.02%

P dy USD 2.00%

R USD 2.91%

Z USD 0.18%

I EUR 1.17%

P EUR 2.01%

P dy EUR 2.02%

R EUR 2.92%

P CHF 2.01%

I dy GBP 1.18%

P dy GBP 2.01%

HI EUR 1.19%

HP EUR 2.06%

HR EUR 2.93%

Pictet - US Equity Value Selection I USD 0.92%

P USD 1.57%

P dy USD 1.58%

R USD 2.07%

R EUR 2.08%

HP EUR 1.65%

HR EUR 2.16%

Pictet


687


Pictet - Middle East And North Africa I USD 1.28%

P USD 2.13%

P dy USD 2.12%

R USD 2.83%

Z USD 0.48%

P EUR 2.13%

R EUR 2.82%

HP EUR 2.17%

HR EUR 2.87%

Pictet - Environmental Megatrend Selection I EUR 1.18%

P EUR 2.03%

P dy EUR 2.02%

R EUR 2.73%

I USD 1.18%

P USD 2.01%

P dy USD 2.03%

R USD 2.73%

P CHF 2.03%

I dy GBP 1.18%

P dy GBP 2.03%

Pictet


688


Pictet - High Dividend Selection I EUR 1.09%

P EUR 1.94%

P dy EUR 1.95%

P dm EUR 1.98%

R EUR 2.65%

R dm EUR 2.65%

Z EUR 0.15%

I USD 1.08%

P USD 1.98%

P dm USD 1.96%

R USD 2.66%

R dm USD 2.70%

I dm GBP 0.94%

P dm GBP 1.59%

P SGD 1.98%

P dm SGD 1.95%

P dy CHF 1.98%

P CHF 1.98%

Pictet - Brazil Index (note 1) I USD 0.45%

IS USD 0.46%

P USD 0.64%

R USD 0.81%

P EUR 0.65%

R EUR 0.81%

Pictet - Bric Index (note 1) I USD 0.50%

IS USD 0.50%

P USD 0.98%

R USD 0.91%

P EUR 0.74%

R EUR 0.91%

Pictet


689


Pictet - China Index (note 1) I USD 0.45%

IS USD 0.45%

P USD 0.64%

R USD 0.79%

P EUR 0.64%

R EUR 0.79%

Pictet - India Index (note 1) I USD 0.55%

IS USD 0.56%

P USD 0.98%

R USD 1.15%

P EUR 0.88%

R EUR 1.15%

Pictet - Latam Index (note 1) I USD 0.47%

IS USD 0.48%

P USD 0.67%

R USD 0.85%

P EUR 0.68%

R EUR 0.85%

R GBP 0.84%

Pictet - Russia Index (note 1) I USD 0.44%

IS USD 0.46%

P USD 0.64%

R USD 0.74%

P EUR 0.58%

R EUR 0.74%

Pictet - Piclife P CHF 0.93%

R CHF 1.33%

S CHF 0.58%

Pictet


690


Pictet - Absolute Return Global Diversified I EUR 0.79%

P EUR 1.43%

P dy EUR 1.43%

R EUR 1.93%

Z EUR 0.12%

HI CHF 0.84%

HP CHF 1.49%

HZ CHF 0.17%

HI USD 0.84%

HP USD 1.48%

HI GBP 0.84%

HP dy GBP 1.49%

HZ GBP 0.17%

HI JPY 0.84%

HZ JPY 0.16%

Pictet - Absolute Return Global Conservative I EUR 0.69%

P EUR 1.13%

P dy EUR 1.13%

R EUR 1.47%

Z EUR 0.12%

Pictet


691


Pictet - Convertible Bonds I EUR 1.24%

P EUR 2.07%

P dy EUR 2.08%

MG EUR 2.07%

R EUR 2.78%

I USD 1.23%

P USD 2.07%

MG USD 2.07%

HI CHF 1.29%

HP CHF 2.13%

HI GBP 1.29%

HR CHF 2.82%

HI USD 1.29%

HP USD 2.12%

HMG USD 2.12%

Calcul du Total Expense Ratio (TER):

TER % = CHARGES OPERATIONNELLES * 100

VNI MOYENNE (*)

(*) Calculé sur base de la moyenne journalière du total des actifs nets pour la période du 1er octobre 2010 au 30 septembre 2011.

Pictet

PTR (PORTFOLIO TURNOVER RATIO)

Compartiment Compartiment

692

Calcul du Portfolio Turnover Ratio:

PTR = (TOTAL ACHATS + TOTAL VENTES) - (TOTAL SOUSCRIPTIONS + TOTAL RACHATS)

VNI MOYENNE (*)

(*) Calculé sur base de la moyenne journalière du total des actifs nets pour la période du 1er octobre 2010 au 30 septembre 2011.

Pictet - EUR Bonds 32.67%

Pictet - USD Government Bonds -40.78%

Pictet - CHF Liquidity 417.46%

Pictet - USD Liquidity 164.66%

Pictet - EUR Liquidity 442.88%

Pictet - EUR Corporate Bonds 85.46%

Pictet - Global Emerging Debt -83.67%

Pictet - World Government Bonds -27.95%

Pictet - EUR High Yield -96.32%

Pictet - EUR Short Mid-Term Bonds 167.48%

Pictet - USD Short Mid-Term Bonds 111.00%

Pictet - CHF Bonds 9.65%

Pictet - EUR Government Bonds -32.87%

Pictet - EUR Inflation Linked Bonds 8.45%

Pictet - Emerging Local Currency Debt 0.24%

Pictet - Asian Local Currency Debt -15.46%

Pictet - Global Emerging Currencies 139.85%

Pictet - JPY Liquidity 372.40%

Pictet - Latin American Local Currency Debt -60.73%

Pictet - USD Sovereign Liquidity 742.81%

Pictet - EUR Sovereign Liquidity 789.88%

Pictet - US High Yield -28.69%

Pictet - EUR Corporate Bonds Ex Financial 48.40%

Pictet - European Equity Selection 7.91%

Pictet - Small Cap Europe 46.71%

Pictet - Emerging Markets 173.84%

Pictet - Eastern Europe 127.32%

Pictet - Europe Index -18.07%

Pictet - USA Index -62.24%

Pictet - European Sustainable Equities 66.33%

Pictet - Japan Index -45.58%

Pictet - Pacific Ex Japan Index -16.13%

Pictet - Digital Communication -35.05%

Pictet - Biotech 26.35%

Pictet - Premium Brands -126.23%

Pictet - Water 10.95%

Pictet - Indian Equities 12.33%

Pictet - Japanese Equity Opportunities 144.95%

Pictet - Asian Equities Ex Japan 125.52%

Pictet - Greater China 146.73%

Pictet - Japanese Equity Selection 73.96%

Pictet - Generics -94.51%

Pictet - Emerging Markets Index 206.97%

Pictet - Euroland Index -11.18%

Pictet - US Equity Growth Selection 42.20%

Pictet - Security 170.15%

Pictet - Clean Energy 61.36%

Pictet - Russian Equities 64.62%

Pictet - Timber -80.87%

Pictet - Agriculture 89.58%

Pictet - Global Megatrend Selection 34.15%

Pictet - US Equity Value Selection 4.91%

Pictet - Middle East And North Africa 13.00%

Pictet - Environmental Megatrend Selection -28.07%

Pictet - High Dividend Selection 28.17%

Pictet - Brazil Index (note 1) -103.84%

Pictet - Bric Index (note 1) -250.47%

Pictet - China Index (note 1) -113.71%

Pictet - India Index (note 1) -200.70%

Pictet - Latam Index (note 1) -121.61%

Pictet - Russia Index (note 1) -305.30%

Pictet - Piclife 128.37%

Pictet - Absolute Return Global Diversified 26.53%

Pictet - Absolute Return Global Conservative -5.26%

Pictet - Convertible Bonds 654.94%

Pictet

PERFORMANCE

Classes d'actions Classes d'actions

693

Pictet - EUR Bonds-I -1.84%

Pictet - EUR Bonds-P -2.21%

Pictet - EUR Bonds-P dy -2.21%

Pictet - EUR Bonds-R -2.53%

Pictet - EUR Bonds-Z -1.39%

Pictet - EUR Bonds-HI CHF -3.02%

Pictet - EUR Bonds-HP CHF -3.39%

Pictet - USD Government Bonds-I 4.75%

Pictet - USD Government Bonds-P 4.50%

Pictet - USD Government Bonds-P dy 4.51%

Pictet - USD Government Bonds-R 4.30%

Pictet - USD Government Bonds-Z 5.05%

Pictet - CHF Liquidity-I 0.18%

Pictet - CHF Liquidity-P 0.13%

Pictet - CHF Liquidity-P dy 0.12%

Pictet - CHF Liquidity-R 0.10%

Pictet - CHF Liquidity-Z 0.26%

Pictet - CHF Liquidity-Z dy 0.28%

Pictet - USD Liquidity-I 0.28%

Pictet - USD Liquidity-P 0.16%

Pictet - USD Liquidity-P dy 0.15%

Pictet - USD Liquidity-R 0.00%

Pictet - USD Liquidity-Z 0.41%

Pictet - EUR Liquidity-I 0.88%

Pictet - EUR Liquidity-P 0.70%

Pictet - EUR Liquidity-P dy 0.71%

Pictet - EUR Liquidity-R 0.47%

Pictet - EUR Liquidity-Z 1.01%

Pictet - EUR Corporate Bonds-I -3.55%

Pictet - EUR Corporate Bonds-P -3.98%

Pictet - EUR Corporate Bonds-P dy -3.99%

Pictet - EUR Corporate Bonds-R -4.32%

Pictet - EUR Corporate Bonds-R dm* -2.39%

Pictet - EUR Corporate Bonds-Z -3.04%

Pictet - EUR Corporate Bonds-Z dy -3.03%

Pictet - EUR Corporate Bonds-DH I* 0.66%

Pictet - EUR Corporate Bonds-DH P* 0.65%

Pictet - EUR Corporate Bonds-DH R* 0.65%

Pictet - EUR Corporate Bonds-HI CHF -4.79%

Pictet - EUR Corporate Bonds-HP CHF -5.21%

Pictet - EUR Corporate Bonds-HZ CHF -4.27%

Pictet - EUR Corporate Bonds-HI USD -4.18%

Pictet - EUR Corporate Bonds-HP USD -4.59%

Pictet - Global Emerging Debt-I USD 1.19%

Pictet - Global Emerging Debt-P USD 0.60%

Pictet - Global Emerging Debt-P dy USD 0.60%

Pictet - Global Emerging Debt-P dm USD 0.60%

Pictet - Global Emerging Debt-R USD 0.10%

Pictet - Global Emerging Debt-Z USD 1.92%

Pictet - Global Emerging Debt-HI CHF 0.53%

Pictet - Global Emerging Debt-HP CHF -0.06%

Pictet - Global Emerging Debt-HI EUR 1.41%

Pictet - Global Emerging Debt-HI dy EUR* 0.99%

Pictet - Global Emerging Debt-HP EUR 0.82%

Pictet - Global Emerging Debt-HR EUR 0.32%

Pictet - Global Emerging Debt-HR dm EUR* 3.60%

Pictet - Global Emerging Debt-HZ EUR 2.15%

Pictet - Global Emerging Debt-HI JPY 0.75%

Pictet - Global Emerging Debt-HI ILS* 0.72%

Pictet - World Government Bonds-I EUR 5.25%

Pictet - World Government Bonds-P EUR 4.99%

Pictet - World Government Bonds-P dy EUR 4.99%

Pictet - World Government Bonds-R EUR 4.79%

Pictet - World Government Bonds-Z EUR 5.54%

Pictet - World Government Bonds-I USD 4.16%

Pictet - World Government Bonds-P USD 3.91%

Pictet - World Government Bonds-P dy USD 3.91%

Pictet - World Government Bonds-R USD 3.71%

Pictet - EUR High Yield-I -9.76%

Pictet - EUR High Yield-P -10.29%

Pictet - EUR High Yield-P dy -10.29%

Pictet - EUR High Yield-R -10.74%

Pictet - EUR High Yield-R dm* -16.02%

Pictet - EUR High Yield-Z -9.13%

Pictet - EUR High Yield-HI CHF -10.77%

Pictet - EUR High Yield-HP CHF -11.30%

Pictet - EUR Short Mid-Term Bonds-I 1.01%

Pictet - EUR Short Mid-Term Bonds-P 0.84%

Pictet - EUR Short Mid-Term Bonds-P dy 0.84%

Pictet - EUR Short Mid-Term Bonds-R 0.68%

Pictet - EUR Short Mid-Term Bonds-Z 1.25%

Pictet - EUR Short Mid-Term Bonds-HI CHF -0.15%

Pictet - EUR Short Mid-Term Bonds-HP CHF -0.32%

Pictet - USD Short Mid-Term Bonds-I 0.78%

Pictet - USD Short Mid-Term Bonds-P 0.59%

Pictet - USD Short Mid-Term Bonds-P dy 0.60%

Pictet - USD Short Mid-Term Bonds-R 0.45%

Pictet - USD Short Mid-Term Bonds-Z 1.01%

Pictet - CHF Bonds-I 1.34%

Pictet - CHF Bonds-P 1.02%

Pictet

PERFORMANCE (suite)


694

Pictet - CHF Bonds-P dy 1.02%

Pictet - CHF Bonds-R 0.76%

Pictet - CHF Bonds-Z 1.77%

Pictet - EUR Government Bonds-I -0.38%

Pictet - EUR Government Bonds-P -0.62%

Pictet - EUR Government Bonds-P dy -0.63%

Pictet - EUR Government Bonds-R -0.83%

Pictet - EUR Government Bonds-Z -0.10%

Pictet - EUR Government Bonds-HI CHF -1.60%

Pictet - EUR Government Bonds-HP CHF -1.84%

Pictet - EUR Inflation Linked Bonds-I -2.08%

Pictet - EUR Inflation Linked Bonds-P -2.32%

Pictet - EUR Inflation Linked Bonds-P dy -2.31%

Pictet - EUR Inflation Linked Bonds-R -2.51%

Pictet - EUR Inflation Linked Bonds-Z -1.79%

Pictet - Emerging Local Currency Debt-I USD -2.60%

Pictet - Emerging Local Currency Debt-P USD -3.22%

Pictet - Emerging Local Currency Debt-P dy USD -3.22%

Pictet - Emerging Local Currency Debt-P dm USD -3.22%

Pictet - Emerging Local Currency Debt-R USD -3.75%

Pictet - Emerging Local Currency Debt-R dm USD -5.77%

Pictet - Emerging Local Currency Debt-Z USD -1.85%

Pictet - Emerging Local Currency Debt-I dy GBP -1.22%

Pictet - Emerging Local Currency Debt-P dy GBP -1.82%

Pictet - Emerging Local Currency Debt-I EUR -1.27%

Pictet - Emerging Local Currency Debt-P EUR -1.91%

Pictet - Emerging Local Currency Debt-R EUR -2.45%

Pictet - Emerging Local Currency Debt-Z dy EUR -0.47%

Pictet - Emerging Local Currency Debt-J dy EUR -1.06%

Pictet - Emerging Local Currency Debt-HI EUR -3.04%

Pictet - Emerging Local Currency Debt-HP EUR -3.65%

Pictet - Emerging Local Currency Debt-HR EUR -4.18%

Pictet - Emerging Local Currency Debt-HI dy EUR* -3.04%

Pictet - Emerging Local Currency Debt-HZ EUR -2.25%

Pictet - Emerging Local Currency Debt-HZ dy EUR -2.25%

Pictet - Emerging Local Currency Debt-HZ CHF -6.52%

Pictet - Asian Local Currency Debt-I USD 4.05%

Pictet - Asian Local Currency Debt-I dy USD* 4.05%

Pictet - Asian Local Currency Debt-P USD 3.39%

Pictet - Asian Local Currency Debt-P dy USD 3.39%

Pictet - Asian Local Currency Debt-R USD 2.82%

Pictet - Asian Local Currency Debt-Z USD 4.85%

Pictet - Asian Local Currency Debt-I GBP* 5.91%

Pictet - Asian Local Currency Debt-P dy GBP 5.23%

Pictet - Asian Local Currency Debt-I EUR 5.14%

Pictet - Asian Local Currency Debt-P EUR 4.46%

Pictet - Asian Local Currency Debt-R EUR 3.89%

Pictet - Asian Local Currency Debt-HP EUR* -0.01%

Pictet - Global Emerging Currencies -I USD -0.67%

Pictet - Global Emerging Currencies -P USD -1.17%

Pictet - Global Emerging Currencies -P dy USD -1.17%

Pictet - Global Emerging Currencies -R USD -1.61%

Pictet - Global Emerging Currencies -Z USD -0.09%

Pictet - Global Emerging Currencies -I EUR 0.74%

Pictet - Global Emerging Currencies -P EUR 0.23%

Pictet - Global Emerging Currencies -R EUR -0.21%

Pictet - Global Emerging Currencies -HI EUR -1.07%

Pictet - Global Emerging Currencies -HP EUR -1.57%

Pictet - Global Emerging Currencies -HR EUR -2.02%

Pictet - Global Emerging Currencies -P CHF -8.09%

Pictet - Global Emerging Currencies -Z GBP* -2.00%

Pictet - JPY Liquidity-I 0.09%

Pictet - JPY Liquidity-P 0.03%

Pictet - JPY Liquidity-P dy 0.02%

Pictet - JPY Liquidity-R -0.02%

Pictet - JPY Liquidity-Z 0.20%

Pictet - JPY Liquidity-J 0.11%

Pictet - Latin American Local Currency Debt-I USD 1.67%

Pictet - Latin American Local Currency Debt-I dy USD 1.67%

Pictet - Latin American Local Currency Debt-P USD 1.01%

Pictet - Latin American Local Currency Debt-P dy USD 1.01%

Pictet - Latin American Local Currency Debt-P dm USD 1.01%

Pictet - Latin American Local Currency Debt-R USD 0.47%

Pictet - Latin American Local Currency Debt-Z USD 2.46%

Pictet - Latin American Local Currency Debt-P dy GBP 2.39%

Pictet - Latin American Local Currency Debt-I EUR 3.03%

Pictet - Latin American Local Currency Debt-P EUR 2.37%

Pictet - Latin American Local Currency Debt-R EUR 1.81%

Pictet - USD Sovereign Liquidity-I 0.17%

Pictet - USD Sovereign Liquidity-P 0.10%

Pictet - USD Sovereign Liquidity-P dy 0.10%

Pictet - USD Sovereign Liquidity-R 0.03%

Pictet - USD Sovereign Liquidity-Z 0.26%

Pictet - EUR Sovereign Liquidity-I 0.64%

Pictet - EUR Sovereign Liquidity-P 0.54%

Pictet - EUR Sovereign Liquidity-P dy 0.53%

Pictet - EUR Sovereign Liquidity-R 0.38%

Pictet - EUR Sovereign Liquidity-Z 0.77%

Pictet - EUR Sovereign Liquidity-J 0.68%

Pictet - US High Yield-I USD 0.62%

Pictet

PERFORMANCE (suite)


695

Pictet - US High Yield-P USD 0.03%

Pictet - US High Yield-P dy USD 0.03%

Pictet - US High Yield-P dm USD 0.03%

Pictet - US High Yield-R USD -0.47%

Pictet - US High Yield-Z USD 1.32%

Pictet - US High Yield-HI EUR 0.80%

Pictet - US High Yield-HP EUR 0.20%

Pictet - US High Yield-HR EUR 0.30%

Pictet - US High Yield-HR dm EUR* -6.46%

Pictet - US High Yield-HI CHF -0.03%

Pictet - US High Yield-HP CHF -0.63%

Pictet - US High Yield-HP ILS* -7.68%

Pictet - EUR Corporate Bonds Ex Financial-I 0.05%

Pictet - EUR Corporate Bonds Ex Financial-P -0.39%

Pictet - EUR Corporate Bonds Ex Financial-P dy -0.38%

Pictet - EUR Corporate Bonds Ex Financial-R -0.74%

Pictet - EUR Corporate Bonds Ex Financial-Z 0.71%

Pictet - EUR Corporate Bonds Ex Financial-HI CHF -1.28%

Pictet - EUR Corporate Bonds Ex Financial-HZ CHF* 1.17%

Pictet - European Equity Selection-I EUR -10.38%

Pictet - European Equity Selection-P EUR -10.96%

Pictet - European Equity Selection-P dy EUR -10.96%

Pictet - European Equity Selection-R EUR -11.40%

Pictet - European Equity Selection-Z EUR -9.69%

Pictet - Small Cap Europe-I EUR -8.96%

Pictet - Small Cap Europe-P EUR -9.72%

Pictet - Small Cap Europe-P dy EUR -9.72%

Pictet - Small Cap Europe-R EUR -10.35%

Pictet - Small Cap Europe-Z EUR -8.07%

Pictet - Emerging Markets-I USD -18.07%

Pictet - Emerging Markets-P USD -18.51%

Pictet - Emerging Markets-P dy USD -18.51%

Pictet - Emerging Markets-R USD -18.92%

Pictet - Emerging Markets-Z USD -16.65%

Pictet - Emerging Markets-I EUR -16.55%

Pictet - Emerging Markets-P EUR -17.00%

Pictet - Emerging Markets-R EUR -17.41%

Pictet - Emerging Markets-HI EUR -18.65%

Pictet - Emerging Markets-HP EUR -19.08%

Pictet - Emerging Markets-HR EUR -19.49%

Pictet - Eastern Europe-I EUR -17.76%

Pictet - Eastern Europe-P EUR -18.08%

Pictet - Eastern Europe-P dy EUR -18.08%

Pictet - Eastern Europe-R EUR -18.65%

Pictet - Eastern Europe-Z EUR -16.33%

Pictet - Eastern Europe-P dy GBP -17.97%

Pictet - Europe Index-I EUR -10.09%

Pictet - Europe Index-IS EUR -10.68%

Pictet - Europe Index-P EUR -10.21%

Pictet - Europe Index-P dy EUR -10.19%

Pictet - Europe Index-R EUR -10.99%

Pictet - Europe Index-Z EUR -9.83%

Pictet - Europe Index-R dy GBP -11.10%

Pictet - USA Index-I USD 0.39%

Pictet - USA Index-IS USD 0.93%

Pictet - USA Index-P USD 0.27%

Pictet - USA Index-P dy USD 0.25%

Pictet - USA Index-R USD 0.51%

Pictet - USA Index-Z USD 0.68%

Pictet - USA Index-P EUR* -3.89%

Pictet - USA Index-R EUR* -3.81%

Pictet - USA Index-R dy GBP 1.88%

Pictet - European Sustainable Equities-I EUR -8.77%

Pictet - European Sustainable Equities-P EUR -9.12%

Pictet - European Sustainable Equities-P dy EUR -9.12%

Pictet - European Sustainable Equities-R EUR -9.48%

Pictet - European Sustainable Equities-Z EUR -8.15%

Pictet - Japan Index-I JPY -8.06%

Pictet - Japan Index-IS JPY -8.10%

Pictet - Japan Index-P JPY -8.18%

Pictet - Japan Index-P dy JPY -8.19%

Pictet - Japan Index-R JPY -8.39%

Pictet - Japan Index-Z JPY -7.80%

Pictet - Japan Index-IS EUR 0.65%

Pictet - Japan Index-P EUR* 4.34%

Pictet - Japan Index-R EUR* 4.03%

Pictet - Japan Index-R dy GBP 1.18%

Pictet - Pacific Ex Japan Index-I USD -11.15%

Pictet - Pacific Ex Japan Index-IS USD -11.67%

Pictet - Pacific Ex Japan Index-P USD -11.27%

Pictet - Pacific Ex Japan Index-P dy USD -11.27%

Pictet - Pacific Ex Japan Index-R USD -11.92%

Pictet - Pacific Ex Japan Index-Z USD -10.88%

Pictet - Pacific Ex Japan Index-P EUR* -11.85%

Pictet - Pacific Ex Japan Index-R EUR* -11.67%

Pictet - Pacific Ex Japan Index-R dy GBP -9.89%

Pictet - Digital Communication-I USD -6.18%

Pictet - Digital Communication-P USD -6.96%

Pictet - Digital Communication-P dy USD -6.96%

Pictet - Digital Communication-R USD -7.61%

Pictet

PERFORMANCE (suite)


696

Pictet - Digital Communication-Z USD -5.26%

Pictet - Digital Communication-I EUR -4.44%

Pictet - Digital Communication-P EUR -5.23%

Pictet - Digital Communication-R EUR -5.90%

Pictet - Digital Communication-I dy GBP -4.25%

Pictet - Digital Communication-P dy GBP -5.08%

Pictet - Digital Communication-HI EUR -6.36%

Pictet - Biotech-I USD -5.06%

Pictet - Biotech-P USD -5.86%

Pictet - Biotech-P dy USD -5.86%

Pictet - Biotech-R USD -6.51%

Pictet - Biotech-Z USD -4.29%

Pictet - Biotech-I EUR -3.77%

Pictet - Biotech-P EUR -4.58%

Pictet - Biotech-R EUR -5.25%

Pictet - Biotech-I dy GBP -3.72%

Pictet - Biotech-P dy GBP -4.52%

Pictet - Biotech-HI EUR -5.68%

Pictet - Biotech-HP EUR -6.47%

Pictet - Biotech-HR EUR -7.11%

Pictet - Premium Brands-I EUR -1.32%

Pictet - Premium Brands-P EUR -2.14%

Pictet - Premium Brands-P dy EUR -2.14%

Pictet - Premium Brands-R EUR -2.82%

Pictet - Premium Brands-Z EUR -0.33%

Pictet - Premium Brands-I USD -3.12%

Pictet - Premium Brands-P USD -3.92%

Pictet - Premium Brands-R USD -4.59%

Pictet - Premium Brands-I dy GBP -1.16%

Pictet - Premium Brands-P dy GBP -2.00%

Pictet - Premium Brands-HP USD* -8.24%

Pictet - Premium Brands-HR USD* -8.80%

Pictet - Premium Brands-HP SGD* -7.81%

Pictet - Water-I EUR 0.57%

Pictet - Water-P EUR -0.26%

Pictet - Water-P dy EUR -0.26%

Pictet - Water-R EUR -0.96%

Pictet - Water-Z EUR 1.58%

Pictet - Water-I dy GBP 0.82%

Pictet - Water-P dy GBP -0.07%

Pictet - Water-I USD -1.26%

Pictet - Water-P USD -2.07%

Pictet - Water-R USD -2.77%

Pictet - Water-HP USD -1.43%

Pictet - Water-HR USD -2.13%

Pictet - Indian Equities-I USD -29.34%

Pictet - Indian Equities-P USD -29.94%

Pictet - Indian Equities-P dy USD -29.94%

Pictet - Indian Equities-R USD -30.43%

Pictet - Indian Equities-Z USD -28.55%

Pictet - Indian Equities-I EUR -28.61%

Pictet - Indian Equities-P EUR -29.21%

Pictet - Indian Equities-R EUR -29.70%

Pictet - Indian Equities-P dy GBP -28.68%

Pictet - Japanese Equity Opportunities-I JPY -1.09%

Pictet - Japanese Equity Opportunities-P JPY -1.72%

Pictet - Japanese Equity Opportunities-P dy JPY -1.72%

Pictet - Japanese Equity Opportunities-R JPY -2.21%

Pictet - Japanese Equity Opportunities-I EUR 8.25%

Pictet - Japanese Equity Opportunities-P EUR 7.57%

Pictet - Japanese Equity Opportunities-R EUR 7.03%

Pictet - Japanese Equity Opportunities-Z EUR* 9.13%

Pictet - Asian Equities Ex Japan-I USD -15.79%

Pictet - Asian Equities Ex Japan-P USD -16.50%

Pictet - Asian Equities Ex Japan-P dy USD -16.50%

Pictet - Asian Equities Ex Japan-R USD -17.08%

Pictet - Asian Equities Ex Japan-Z USD -15.02%

Pictet - Asian Equities Ex Japan-I EUR -14.92%

Pictet - Asian Equities Ex Japan-P EUR -15.63%

Pictet - Asian Equities Ex Japan-R EUR -16.22%

Pictet - Asian Equities Ex Japan-HI EUR -16.43%

Pictet - Asian Equities Ex Japan-HP EUR -17.12%

Pictet - Asian Equities Ex Japan-HR EUR -17.70%

Pictet - Greater China-I USD -15.20%

Pictet - Greater China-P USD -15.91%

Pictet - Greater China-P dy USD -15.91%

Pictet - Greater China-R USD -16.50%

Pictet - Greater China-Z USD -14.42%

Pictet - Greater China-I EUR -14.32%

Pictet - Greater China-P EUR -15.04%

Pictet - Greater China-R EUR -15.63%

Pictet - Greater China-P dy GBP -14.34%

Pictet - Japanese Equity Selection-I JPY -5.21%

Pictet - Japanese Equity Selection-P JPY -5.81%

Pictet - Japanese Equity Selection-P dy JPY -5.81%

Pictet - Japanese Equity Selection-R JPY -6.28%

Pictet - Japanese Equity Selection-Z JPY -4.52%

Pictet - Japanese Equity Selection-P dy GBP 3.86%

Pictet - Japanese Equity Selection-I EUR 3.75%

Pictet - Japanese Equity Selection-P EUR 3.09%

Pictet

PERFORMANCE (suite)


697

Pictet - Japanese Equity Selection-R EUR 2.56%

Pictet - Japanese Equity Selection-HI EUR -5.53%

Pictet - Japanese Equity Selection-HP EUR -6.14%

Pictet - Japanese Equity Selection-HR EUR -6.60%

Pictet - Generics-I USD -10.26%

Pictet - Generics-P USD -11.01%

Pictet - Generics-P dy USD -11.01%

Pictet - Generics-R USD -11.63%

Pictet - Generics-Z USD -9.52%

Pictet - Generics-I EUR -8.59%

Pictet - Generics-P EUR -9.36%

Pictet - Generics-R EUR -9.99%

Pictet - Generics-I dy GBP -8.45%

Pictet - Generics-P dy GBP -9.20%

Pictet - Generics-HI EUR -10.55%

Pictet - Generics-HP EUR -11.31%

Pictet - Generics-HR EUR -11.92%

Pictet - Emerging Markets Index-I USD -16.48%

Pictet - Emerging Markets Index-IS USD -17.56%

Pictet - Emerging Markets Index-P USD -16.67%

Pictet - Emerging Markets Index-P dy USD -16.67%

Pictet - Emerging Markets Index-R USD -17.66%

Pictet - Emerging Markets Index-Z USD -16.09%

Pictet - Emerging Markets Index-P EUR* -15.66%

Pictet - Emerging Markets Index-R EUR* -15.38%

Pictet - Emerging Markets Index-R dy GBP -16.31%

Pictet - Euroland Index-I EUR -16.10%

Pictet - Euroland Index-P EUR -16.22%

Pictet - Euroland Index-P dy EUR -16.18%

Pictet - Euroland Index-R EUR -16.42%

Pictet - Euroland Index-Z EUR -15.91%

Pictet - Euroland Index-R dy GBP -16.88%

Pictet - US Equity Growth Selection-I USD 1.78%

Pictet - US Equity Growth Selection-P USD 1.14%

Pictet - US Equity Growth Selection-P dy USD 1.14%

Pictet - US Equity Growth Selection-R USD 0.63%

Pictet - US Equity Growth Selection-Z USD 2.41%

Pictet - US Equity Growth Selection-R EUR 1.99%

Pictet - US Equity Growth Selection-HI EUR 1.15%

Pictet - US Equity Growth Selection-HP EUR 0.51%

Pictet - US Equity Growth Selection-HR EUR 0.00%

Pictet - Security-I USD -6.69%

Pictet - Security-P USD -7.47%

Pictet - Security-P dy USD -7.47%

Pictet - Security-R USD -8.11%

Pictet - Security-Z USD -5.75%

Pictet - Security-I EUR -4.96%

Pictet - Security-P EUR -5.75%

Pictet - Security-R EUR -6.41%

Pictet - Security-I dy GBP -4.80%

Pictet - Security-P dy GBP -5.60%

Pictet - Clean Energy-I USD -22.61%

Pictet - Clean Energy-P USD -23.25%

Pictet - Clean Energy-P dy USD -23.25%

Pictet - Clean Energy-R USD -23.78%

Pictet - Clean Energy-Z USD -21.84%

Pictet - Clean Energy-I EUR -21.17%

Pictet - Clean Energy-I dy EUR* -22.35%

Pictet - Clean Energy-P EUR -21.83%

Pictet - Clean Energy-R EUR -22.37%

Pictet - Clean Energy-I dy GBP -21.03%

Pictet - Clean Energy-P dy GBP -21.69%

Pictet - Russian Equities -I USD -18.87%

Pictet - Russian Equities -P USD -19.54%

Pictet - Russian Equities -P dy USD -19.55%

Pictet - Russian Equities -R USD -20.10%

Pictet - Russian Equities -Z USD -18.12%

Pictet - Russian Equities -I EUR -17.44%

Pictet - Russian Equities -P EUR -18.14%

Pictet - Russian Equities -R EUR -18.70%

Pictet - Russian Equities -P dy GBP -18.61%

Pictet - Timber-I USD -16.27%

Pictet - Timber-P USD -16.97%

Pictet - Timber-P dy USD -16.97%

Pictet - Timber-R USD -17.55%

Pictet - Timber-Z USD -15.44%

Pictet - Timber-I EUR -14.71%

Pictet - Timber-P EUR -15.93%

Pictet - Timber-R EUR -16.02%

Pictet - Timber-I dy GBP -13.72%

Pictet - Timber-P dy GBP -14.59%

Pictet - Timber-HP EUR -17.37%

Pictet - Timber-HR EUR -17.96%

Pictet - Agriculture-I EUR -12.46%

Pictet - Agriculture-P EUR -13.20%

Pictet - Agriculture-P dy EUR -13.20%

Pictet - Agriculture-R EUR -13.80%

Pictet - Agriculture-Z EUR -11.59%

Pictet - Agriculture-I USD -14.06%

Pictet - Agriculture-P USD -14.78%

Pictet

PERFORMANCE (suite)


698

Pictet - Agriculture-P dy USD -14.78%

Pictet - Agriculture-R USD -15.37%

Pictet - Agriculture-I dy GBP -12.32%

Pictet - Agriculture-P dy GBP -13.06%

Pictet - Global Megatrend Selection-I USD -9.60%

Pictet - Global Megatrend Selection-P USD -10.35%

Pictet - Global Megatrend Selection-P dy USD -10.35%

Pictet - Global Megatrend Selection-R USD -11.15%

Pictet - Global Megatrend Selection-Z USD -8.78%

Pictet - Global Megatrend Selection-I EUR -8.25%

Pictet - Global Megatrend Selection-P EUR -8.69%

Pictet - Global Megatrend Selection-P dy EUR -8.69%

Pictet - Global Megatrend Selection-R EUR -9.50%

Pictet - Global Megatrend Selection-P CHF -16.41%

Pictet - Global Megatrend Selection-I dy GBP -7.74%

Pictet - Global Megatrend Selection-P dy GBP -8.53%

Pictet - Global Megatrend Selection-HI EUR* -17.56%

Pictet - Global Megatrend Selection-HP EUR* -17.77%

Pictet - Global Megatrend Selection-HR EUR* -17.99%

Pictet - US Equity Value Selection-I USD -3.84%

Pictet - US Equity Value Selection-P USD -4.44%

Pictet - US Equity Value Selection-P dy USD -4.45%

Pictet - US Equity Value Selection-R USD -4.92%

Pictet - US Equity Value Selection-R EUR -3.26%

Pictet - US Equity Value Selection-HP EUR -5.18%

Pictet - US Equity Value Selection-HR EUR -5.65%

Pictet - Middle East And North Africa-I USD -11.64%

Pictet - Middle East And North Africa-P USD -12.38%

Pictet - Middle East And North Africa-P dy USD -12.39%

Pictet - Middle East And North Africa-R USD -12.98%

Pictet - Middle East And North Africa-Z USD -10.91%

Pictet - Middle East And North Africa-P EUR -10.83%

Pictet - Middle East And North Africa-R EUR -11.47%

Pictet - Middle East And North Africa-HP EUR -12.15%

Pictet - Middle East And North Africa-HR EUR -12.77%

Pictet - Environmental Megatrend Selection-I EUR -12.00%

Pictet - Environmental Megatrend Selection-P EUR -12.73%

Pictet - Environmental Megatrend Selection-P dy EUR -12.73%

Pictet - Environmental Megatrend Selection-R EUR -13.34%

Pictet - Environmental Megatrend Selection-I USD -13.60%

Pictet - Environmental Megatrend Selection-P USD -14.32%

Pictet - Environmental Megatrend Selection-P dy USD -14.32%

Pictet - Environmental Megatrend Selection-R USD -14.92%

Pictet - Environmental Megatrend Selection-P CHF -20.11%

Pictet - Environmental Megatrend Selection-I dy GBP* -16.79%

Pictet - Environmental Megatrend Selection-P dy GBP -12.59%

Pictet - High Dividend Selection-I EUR 0.32%

Pictet - High Dividend Selection-P EUR -0.48%

Pictet - High Dividend Selection-P dy EUR -0.48%

Pictet - High Dividend Selection-P dm EUR* -3.18%

Pictet - High Dividend Selection-R EUR -1.14%

Pictet - High Dividend Selection-R dm EUR -1.11%

Pictet - High Dividend Selection-Z EUR* -1.13%

Pictet - High Dividend Selection-I USD 0.69%

Pictet - High Dividend Selection-P USD -0.13%

Pictet - High Dividend Selection-P dm USD -0.10%

Pictet - High Dividend Selection-R USD -0.78%

Pictet - High Dividend Selection-R dm USD -0.74%

Pictet - High Dividend Selection-I dm GBP 1.29%

Pictet - High Dividend Selection-P dm GBP 0.69%

Pictet - High Dividend Selection-P SGD* -4.04%

Pictet - High Dividend Selection-P dm SGD* -4.07%

Pictet - High Dividend Selection-P dy CHF -8.54%

Pictet - High Dividend Selection-P CHF -8.55%

Pictet - Brazil Index-I USD* -23.44%

Pictet - Brazil Index-IS USD* -23.45%

Pictet - Brazil Index-P USD* -23.47%

Pictet - Brazil Index-R USD* -23.50%

Pictet - Brazil Index-P EUR* -20.24%

Pictet - Brazil Index-R EUR* -20.25%

Pictet - Bric Index-I USD* -23.29%

Pictet - Bric Index-IS USD* -23.29%

Pictet - Bric Index-P USD* -23.33%

Pictet - Bric Index-R USD* -23.36%

Pictet - Bric Index-P EUR* -20.08%

Pictet - Bric Index-R EUR* -20.11%

Pictet - China Index-I USD* -22.65%

Pictet - China Index-IS USD* -22.64%

Pictet - China Index-P USD* -22.68%

Pictet - China Index-R USD* -22.71%

Pictet - China Index-P EUR* -19.40%

Pictet - China Index-R EUR* -19.43%

Pictet - India Index-I USD* -18.41%

Pictet - India Index-IS USD* -18.41%

Pictet - India Index-P USD* -18.46%

Pictet - India Index-R USD* -18.51%

Pictet - India Index-P EUR* -15.01%

Pictet - India Index-R EUR* -15.05%

Pictet - Latam Index-I USD* -21.79%

Pictet - Latam Index-IS USD* -21.82%

Pictet

PERFORMANCE (suite)


699

Performance annuelle calculée pour l’exercice clôturé 30 septembre 2011.

La performance par classe d’actions a été calculée par comparaison entre l’actif net par action au 30 septembre 2010 et l’actif net au 30 septembre 2011.

Pour les classes d’actions ayant effectué une distribution de dividende (cf note 15), le montant du dividende a été réintégré dans l’actif net au 30 septembre 2011 afin de calculer une performance incluant le dividende.

*La performance pour les classes d’actions lancées en cours d’exercice a été calculée par comparaison entre l’actif net par action à la date de lancement de la classe et l’actif net au 30 septembre 2011.

Pictet - Latam Index-P USD* -21.82%

Pictet - Latam Index-R USD* -21.88%

Pictet - Latam Index-P EUR* -18.50%

Pictet - Latam Index-R EUR* -18.57%

Pictet - Latam Index-R GBP* -19.41%

Pictet - Russia Index-I USD* -30.36%

Pictet - Russia Index-IS USD* -30.36%

Pictet - Russia Index-P USD* -30.37%

Pictet - Russia Index-R USD* -30.40%

Pictet - Russia Index-P EUR* -27.43%

Pictet - Russia Index-R EUR* -27.45%

Pictet - Piclife-P CHF -5.49%

Pictet - Piclife-R CHF -5.87%

Pictet - Piclife-S CHF -5.16%

Pictet - Absolute Return Global Diversified-I EUR 0.07%

Pictet - Absolute Return Global Diversified-P EUR -0.56%

Pictet - Absolute Return Global Diversified-P dy EUR -0.56%

Pictet - Absolute Return Global Diversified-R EUR -1.06%

Pictet - Absolute Return Global Diversified-Z EUR 0.74%

Pictet - Absolute Return Global Diversified-HI CHF -0.80%

Pictet - Absolute Return Global Diversified-HP CHF -1.44%

Pictet - Absolute Return Global Diversified-HZ CHF -0.14%

Pictet - Absolute Return Global Diversified-HI USD -0.45%

Pictet - Absolute Return Global Diversified-HP USD -1.08%

Pictet - Absolute Return Global Diversified-HI GBP -0.23%

Pictet - Absolute Return Global Diversified-HP dy GBP -0.86%

Pictet - Absolute Return Global Diversified-HZ GBP 0.44%

Pictet - Absolute Return Global Diversified-HI JPY -0.62%

Pictet - Absolute Return Global Diversified-HZ JPY 0.07%

Pictet - Absolute Return Global Conservative-I EUR 0.29%

Pictet - Absolute Return Global Conservative-P EUR -0.15%

Pictet - Absolute Return Global Conservative-P dy EUR -0.16%

Pictet - Absolute Return Global Conservative-R EUR -0.50%

Pictet - Absolute Return Global Conservative-Z EUR 0.86%

Pictet - Convertible Bonds-I EUR -4.64%

Pictet - Convertible Bonds-P EUR -5.56%

Pictet - Convertible Bonds-P dy EUR -5.56%

Pictet - Convertible Bonds-MG EUR -5.56%

Pictet - Convertible Bonds-R EUR -6.72%

Pictet - Convertible Bonds-I USD -5.92%

Pictet - Convertible Bonds-P USD -6.82%

Pictet - Convertible Bonds-MG USD -6.82%

Pictet - Convertible Bonds-HI CHF -5.37%

Pictet - Convertible Bonds-HP CHF -6.23%

Pictet - Convertible Bonds-HI GBP* -6.35%

Pictet - Convertible Bonds-HR CHF -8.39%

Pictet - Convertible Bonds-HI USD -5.17%

Pictet - Convertible Bonds-HP USD -5.88%

Pictet - Convertible Bonds-HMG USD -5.88%

Documents

1JDUFU - fundsquare.net