www.pictetfunds.IL - HongKong Audited annualreportasatSeptember 30, 2011 governed byLuxembourgLaw Luxembourg Open-endedInvestment Company(SICAV) Pictet
Pictet Luxembourg Open-ended Investment Company (SICAV) governed by Luxem- bourg Law
Audited annual report as at September 30, 2011 - Hong Kong
The original of the audited annual report as at September 30, 2011 is written in French. In the case of inconsistencies between the original and this English translation, the French version shall prevail.
1 Pictet
Audited annual report as at September 30, 2011 - Hong Kong
Information for Hong Kong Investors
The following thirty-three sub-funds of Pictet (collectively "Authorised Compartments") mentioned in this audited annual report as at September 30, 2011:
1. Pictet - USD Liquidity ** 18. Pictet - Indian Equities 2. Pictet - EUR Liquidity *** 19. Pictet - Japanese Equity Opportunities* 3. Pictet - Global Emerging Debt 20. Pictet - Asian Equities Ex Japan 4. Pictet - World Government Bonds 21. Pictet - Greater China 5. Pictet - EUR Short Mid-Term Bonds 22. Pictet - Japanese Equity Selection 6. Pictet - USD Short Mid-Term Bonds 23. Pictet - Generics 7. Pictet - EUR Inflation Linked Bonds 24. Pictet - US Equity Growth Selection 8. Pictet - Latin American Local Currency Debt 25. Pictet - Security 9. Pictet - European Equity Selection 26. Pictet - Clean Energy 10. Pictet - Small Cap Europe 27. Pictet - Russian Equities 11. Pictet - Emerging Markets 28. Pictet - Timber 12. Pictet - Eastern Europe 29. Pictet - Agriculture 13. Pictet - European Sustainable Equities 30. Pictet - Global Megatrend Selection 14. Pictet - Digital Communication 31. Pictet - Middle East And North Africa 15. Pictet - Biotech 32. Pictet - Absolute Return Global Diversified 16. Pictet - Premium Brands 33. Pictet - Absolute Return Global Conservative 17. Pictet - Water
have been authorised under Section 104 of the Securities and Futures Ordinance by the Securities & Futures Commission ("SFC") in Hong Kong but such authorisation does not imply official recommendation of the SFC.
None of the sub-funds of Pictet, other than the Authorised sub-funds, are authorised for sale in Hong Kong nor are they available to Hong Kong investors.
* On April 11, 2011, the Board of Directors decided to change the name of the Pictet - Japanese Equities 130/30 sub-fund to Pictet – Japanese Equity Opportunities with effect as of May 12, 2011.
** This sub-fund has been de-authorised in Hong Kong since December 2011. This sub-fund is no longer authorised for sale to the public in Hong Kong since December 2011.
*** This sub-fund will be de-authorised in Hong Kong with effective date on March 14, 2012. This sub-fund is no longer authorised for sale to the public in Hong Kong since December 14, 2011.
The following three sub-funds of Pictet are not yet authorised for sale in Hong Kong and not available to Hong Kong residents, but they are pending authorisation with the SFC.
1. Pictet - US High Yield 2. Pictet - Environmental Megatrend Selection 3. Pictet – High Dividend Selection
No subscriptions can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
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TABLE OF CONTENTS
ORGANISATION OF THE SICAV 6
GENERAL INFORMATION 8
DISTRIBUTION ABROAD 9
MANAGEMENT REPORT 13
REPORT OF THE REVISEUR D’ENTREPRISES AGREE 15
FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS 18
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 28
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE 38
Sub-fund : Pictet - USD Liquidity - Statement of Investments and Other Net Assets 52 - Geographical and Industrial Classification of Investments 56
Sub-fund : Pictet - EUR Liquidity - Statement of Investments and Other Net Assets 57 - Geographical and Industrial Classification of Investments 63
Sub-fund : Pictet - Global Emerging Debt - Statement of Investments and Other Net Assets 64 - Geographical and Industrial Classification of Investments 75
Sub-fund : Pictet - World Government Bonds - Statement of Investments and Other Net Assets 77 - Geographical and Industrial Classification of Investments 84
Sub-fund : Pictet - EUR Short Mid-Term Bonds - Statement of Investments and Other Net Assets 85 - Geographical and Industrial Classification of Investments 88
Sub-fund : Pictet - USD Short Mid-Term Bonds - Statement of Investments and Other Net Assets 89 - Geographical and Industrial Classification of Investments 91
Sub-fund : Pictet - EUR Inflation Linked Bonds - Statement of Investments and Other Net Assets 92 - Geographical and Industrial Classification of Investments 94
Sub-fund : Pictet - Latin American Local Currency Debt - Statement of Investments and Other Net Assets 95 - Geographical and Industrial Classification of Investments 97
Sub-fund : Pictet - US High Yield - Statement of Investments and Other Net Assets 98 - Geographical and Industrial Classification of Investments 104
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TABLE OF CONTENTS (continued)
Sub-fund : Pictet - European Equity Selection - Statement of Investments and Other Net Assets 105 - Geographical and Industrial Classification of Investments 108
Sub-fund : Pictet - Small Cap Europe - Statement of Investments and Other Net Assets 109 - Geographical and Industrial Classification of Investments 112
Sub-fund : Pictet - Emerging Markets - Statement of Investments and Other Net Assets 113 - Geographical and Industrial Classification of Investments 119
Sub-fund : Pictet - Eastern Europe - Statement of Investments and Other Net Assets 120 - Geographical and Industrial Classification of Investments 123
Sub-fund : Pictet - European Sustainable Equities - Statement of Investments and Other Net Assets 124 - Geographical and Industrial Classification of Investments 129
Sub-fund : Pictet - Digital Communication - Statement of Investments and Other Net Assets 130 - Geographical and Industrial Classification of Investments 133
Sub-fund : Pictet - Biotech - Statement of Investments and Other Net Assets 134 - Geographical and Industrial Classification of Investments 136
Sub-fund : Pictet - Premium Brands - Statement of Investments and Other Net Assets 137 - Geographical and Industrial Classification of Investments 139
Sub-fund : Pictet - Water - Statement of Investments and Other Net Assets 140 - Geographical and Industrial Classification of Investments 144
Sub-fund : Pictet - Indian Equities - Statement of Investments and Other Net Assets 145 - Geographical and Industrial Classification of Investments 146
Sub-fund : Pictet - Japanese Equity Opportunities (note 1) - Statement of Investments and Other Net Assets 147 - Geographical and Industrial Classification of Investments 149
Sub-fund : Pictet - Asian Equities Ex Japan - Statement of Investments and Other Net Assets 150 - Geographical and Industrial Classification of Investments 154
Sub-fund : Pictet - Greater China - Statement of Investments and Other Net Assets 155 - Geographical and Industrial Classification of Investments 158
Sub-fund : Pictet - Japanese Equity Selection - Statement of Investments and Other Net Assets 159 - Geographical and Industrial Classification of Investments 161
Sub-fund : Pictet - Generics - Statement of Investments and Other Net Assets 162 - Geographical and Industrial Classification of Investments 165
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TABLE OF CONTENTS (continued)
Sub-fund : Pictet - US Equity Growth Selection - Statement of Investments and Other Net Assets 166 - Geographical and Industrial Classification of Investments 168
Sub-fund : Pictet - Security - Statement of Investments and Other Net Assets 169 - Geographical and Industrial Classification of Investments 171
Sub-fund : Pictet - Clean Energy - Statement of Investments and Other Net Assets 172 - Geographical and Industrial Classification of Investments 175
Sub-fund : Pictet - Russian Equities - Statement of Investments and Other Net Assets 176 - Geographical and Industrial Classification of Investments 178
Sub-fund : Pictet - Timber - Statement of Investments and Other Net Assets 179 - Geographical and Industrial Classification of Investments 182
Sub-fund : Pictet - Agriculture - Statement of Investments and Other Net Assets 183 - Geographical and Industrial Classification of Investments 187
Sub-fund : Pictet - Global Megatrend Selection - Statement of Investments and Other Net Assets 188 - Geographical and Industrial Classification of Investments 201
Sub-fund : Pictet - Middle East And North Africa - Statement of Investments and Other Net Assets 202 - Geographical and Industrial Classification of Investments 205
Sub-fund : Pictet - Environmental Megatrend Selection - Statement of Investments and Other Net Assets 206 - Geographical and Industrial Classification of Investments 215
Sub-fund : Pictet - High Dividend Selection - Statement of Investments and Other Net Assets 216 - Geographical and Industrial Classification of Investments 220
Sub-fund : Pictet - Absolute Return Global Diversified - Statement of Investments and Other Net Assets 221 - Geographical and Industrial Classification of Investments 243
Sub-fund : Pictet - Absolute Return Global Conservative - Statement of Investments and Other Net Assets 244 - Geographical and Industrial Classification of Investments 265
NOTES TO THE FINANCIAL STATEMENTS 266
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 321
PTR (PORTFOLIO TURNOVER RATIO) 334
PERFORMANCE 335
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ORGANISATION OF THE SICAV
Registered Office 3, boulevard Royal, L-2449 Luxembourg
Board of Directors
Chairman Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva
Members Mr Christian SOGUEL, Senior Vice President, Pictet Funds S.A., Geneva (until May 31, 2011)
Mrs Michèle BERGER, Executive Vice President, Pictet Funds (Europe) S.A., Luxembourg
Mr Christoph SCHWEIZER, Senior Vice President, Pictet Funds S.A., Geneva
Mr Pascal CHAUVAUX, Vice President, Pictet & Cie (Europe) S.A., Luxembourg
Management Pictet Funds (Europe) S.A., 3, boulevard Royal, L-2449 Luxembourg Company
Board of Directors of the Management Company
Chairman Mr Rémy BEST, Partner, Pictet & Cie, Geneva
Members Mr Pierre ETIENNE, Managing Director, Pictet & Cie (Europe) S.A., Luxembourg
Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva
Directors of the Mrs Michèle BERGER, Executive Vice President, Pictet Funds (Europe) S.A., Management Luxembourg Company Mr Christoph SCHWEIZER, Senior Vice President, Pictet Funds S.A., Geneva
Mr Rolf BANZ, Executive Vice President, Pictet & Cie, Geneva
Mr Christian SOGUEL, Senior Vice President, Pictet Funds S.A., Geneva (until May 31, 2011)
Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva
Mr Cédric VERMESSE, Senior Vice President, Pictet Funds S.A., Geneva
Custodian, Transfer Pictet & Cie (Europe) S.A., 1, boulevard Royal, L-2449 Luxembourg Agent, Administrative Agent and Paying Agent
Investment Managers Pictet Asset Management S.A., 60, route des Acacias, CH-1211 Geneva 73, Switzerland
Pictet Asset Management Limited, Moor House, Level 11, 120 London Wall, London EC2Y 5ET, United Kingdom
Bank Pictet & Cie (Asia) Ltd, Singapour, 8, Marina Boulevard #05-02, Marina Bay, Financial Centre Tower, 1, Singapore 018981
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ORGANISATION OF THE SICAV (continued)
Pictet Asset Management (Japan) Ltd, Kishimoto Building 7F, 2-2-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan
Sectoral Asset Management Inc., 1000 Sherbrooke Street, Montréal, Québec, H3A 3G4, Canada
Waddell & Reed Investment Management Company, 6300 Lamar, Shawnee Mission, Kansas 66202, USA
Westwood Management Corp., 200 Crescent Court Suite 1200, Dallas, Texas 75201, USA
Metropolitan West Asset Management LLC, 865 South Figueroa Street, Los Angeles, CA 90017 USA
Jabre Capital Partners S.A., 1, rue des Moulins, CH-1204 Geneva, Switzerland
Cabinet de révision Deloitte S.A., 560, rue de Neudorf, L-2220 Luxembourg agréé of the SICAV and of the Management Company
Legal Advisor Elvinger, Hoss & Prussen, 2, place Winston Churchill, L-1340 Luxembourg
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GENERAL INFORMATION
The audited annual reports and the unaudited semi-annual reports are available to shareholders free of charge at the registered office of the SICAV, from the Custodian and from any Paying Agent or Representative in the countries in which the SICAV is marketed i.e.: Germany, Austria, Belgium (only for share classes authorised by the Belgian Banking, Finance and Insurance Commission), Chile, Denmark (only for subfunds authorised by Denmark’s Financial Supervisory Authority), Spain (only for share classes authorised for sale by the "Comisión Nacional del Mercado de Valores"), Finland, France, Greece (only for sub-funds authorised by the Hellenic Capital Market Commission), Hong Kong (only for sub-funds authorised by the Securities and Futures Commission), Italy (only for share classes authorised by the Italian National Stock Exchange Supervisory Commission and the "Banca d’Italia"), Liechtenstein, Macao (only for sub-funds authorised by the Macao Monetary Authority), the Netherlands, Peru, Portugal, the United Kingdom, Singapore, Sweden, Switzerland and Taiwan (only for those sub-funds registered in Taiwan).
All other published financial information, such as the net asset value per share of the SICAV and details of any suspension of the calculation of the net asset value, is available to the public at the registered office of the SICAV.
A detailed schedule of changes in the securities portfolios for all the sub-funds for the financial year ended September 30, 2011, is available free of charge upon request at the registered office of the SICAV and from the representative of each country in which the SICAV is authorised for distribution.
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DISTRIBUTION ABROAD
Marketing / Representative Distribution in Switzerland The Swiss representative is Pictet Funds S.A., 60, route des Acacias, 1211 Geneva 73.
Paying agent
The paying agent in Switzerland is Pictet & Cie, with registered office at 60, route des Acacias, 1211 Geneva 73.
Place of distribution of reference documents
The full and simplified prospectus, articles of incorporation and the annual and semi- annual reports may be obtained free of charge from the representative.
Publications
Information regarding foreign collective investments is published in Switzerland in "La Feuille Officielle Suisse du Commerce" (FOSC) and on Swiss Fund Data AG. (www.swissfunddata.ch)
The subscription and redemption prices of every share class, as well as the net asset value followed by the note "excluding fees", are published at the time of each subscription and redemption of shares. The prices are published each business day on Swiss Fund Data AG. (www.swissfunddata.ch)
Payment of trailer fees and remuneration in respect of distribution activities
In respect of its distribution in Switzerland, the SICAV may pay trailer fees to the following eligible investors holding units of the SICAV for the account of third-party economic beneficiaries:
• life insurance companies ; • pension funds and other savings institutions ; • investment foundations ; • Swiss SICAV managers ; • foreign SICAV managers ; • investment companies.
In respect of its distribution in Switzerland, the SICAV may pay remuneration in respect of distribution activities to the following distributors and distribution partners:
• distributors subject to authorisation; • distributors not obliged to obtain authorisation; • distribution partners investing the units of collective investment undertakings exclusively with institutional investors managing their cash positions on a professional basis; • distribution partners investing the units of collective investment undertakings exclusively on the basis of a written discretionary mandate.
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DISTRIBUTION ABROAD (continued)
Place of execution and jurisdiction
The place of execution and jurisdiction is the registered office of the representative of the SICAV’s shares distributed in or from Switzerland.
Additional Paying and Information Agent: information for Deutsche Bank AG German investors Taunusanlage 12 D-60325 Frankfurt am Main
Applications for the redemption and conversion of shares may be addressed to the Paying and Information Agent in Germany.
Shareholders may request that redemption proceeds, any dividends distributed and any other payments to be made to them pass through the Paying and Information Agent in Germany.
Copies of the most recent full and simplified prospectus, the articles of incorporation of the SICAV and the most recent annual and semi-annual reports may be obtained free of charge from the Paying and Information Agent in Germany. Subscription, redemption and conversion prices of shares as well as all other notices to shareholders may also be obtained free of charges from the Paying and Information Agent in Germany.
Furthermore, the following documents are available free of charge for consultation at the offices of the Paying and Information Agent in Germany:
• the management agreement concluded between the SICAV and the Management Company; • the custodian agreement concluded between Pictet & Cie (Europe) S.A. and the SICAV.
In addition, subscription and redemption prices as well as any notices to shareholders shall be published each trading day in the "Börsen-Zeitung".
Additional Pictet & Cie (Europe) S.A. shall act as Paying Agent for the SICAV in the Netherlands. information for Dutch investors The latest version of the full prospectus, the simplified prospectus and the annual and semi-annual reports are available free of charge from the Paying Agent and on the Pictet Funds S.A. website: www.pictetfunds.com, where the other available documents may also be consulted.
The net asset value per share of each sub-fund registered in the Netherlands is published each NAV calculation day on the Pictet Funds S.A. website: www.pictetfunds.com.
Applications for the subscription and redemption of shares may be sent to Pictet & Cie (Europe) S.A., 1, boulevard Royal, BP 687, L-2016 Luxembourg, Tél. (+352) 46.71.71.7666, Fax (+352) 46.69.95.
Please refer to the chapters of the current prospectus entitled "Issues", "Redemptions" and "Conversions" for more details regarding subscription and redemption procedures.
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DISTRIBUTION ABROAD (continued)
Paying Agent in LGT Bank in Liechtenstein Aktiengesellschaft Liechtenstein Herrengasse 12 FL-9490 Vaduz
The current prospectus, the simplified prospectuses, the articles of incorporation and the annual and semi-annual reports are available free of charge from the Paying Agent in Liechtenstein.
Any notices and amendments to the current prospectus and the articles of incorporation must be published in a Liechtenstein newspaper, the "Liechtensteiner Vaterland".
The subscription and redemption prices of the shares of the SICAV shall be published at least twice per month in a Liechtenstein newspaper, the "Liechtensteiner Vaterland".
The place of execution and jurisdiction for shares distributed in Liechtenstein is Vaduz.
Belgium The Paying Agent in Belgium is:
Fastnet Belgium S.A. Belgian stock brokers Avenue du Port/Havenlaan, 86C Bte 320 B-1000 Brussels Tel. : (+32) 2/209.26.00 Fax : (+32) 2/209.26.01 VAT number: 0460.019.728.
Information for Paying Agent for the shares of the SICAV sold to the public: investors in the Republic of Austria Raiffeisen Bank International AG Am Stadtpark 9 A-1030 Vienna
Applications for the redemption of shares of the SICAV may be sent to the Paying Agent in Austria which will arrange for the processing of the redemptions and the payment of redemption proceeds in collaboration with the Custodian.
The latest version of the prospectus, the simplified prospectuses, the annual reports and semi-annual reports, the articles of incorporation as well as the subscription and redemption prices of the shares of the aforementioned SICAV, may be obtained from the Paying Agent in Austria.
The net asset values of the sub-funds and share classes published in Luxembourg shall also be published in Austria in the daily newspaper "Der Standard".
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DISTRIBUTION ABROAD (continued)
Exception:
As the "Pictet - CHF Bonds" sub-fund is not registered with the Austrian authorities, it is not authorised for distribution to the public in Austria.
The SICAV’s tax consultant in Austria is:
Deloitte Exinger GmbH Renngasse 1/Freyung P.O. Box 18 A-1013 Vienna
Taxation
Shareholders are invited to contact their tax advisor in order to obtain information regarding the taxation applicable to their investment in their country of residence or in any other country concerned.
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MANAGEMENT REPORT
The period was characterised by rising volatility within equity markets, as a combination of economic frailty and political wrangling undermined investor confidence. Hopes that the issues which had caused the economic and financial crisis of 2008-2009 were being resolved evaporated and fears of a renewed economic downturn increased. A growing sense that new policy options to restore stability were limited and that domestic factors were constraining the political will to act decisively, only added to investors’ sense that a period of further systemic risk had returned.
Following the slowdown in US economic activity that characterised the mid-year period, global equity markets rallied in the final quarter of 2010, as the FOMC instituted a second phase of quantitative easing. The additional USD 600 billion of policy stimulus was agreed as earlier inflationary fears eased and concern grew that US unemployment was remaining at high levels.
In the Eurozone, Ireland became the latest victim of the sovereign debt crisis and succumbed to pressure to tap the European Financial Stability Facility, receiving a bailout amounting to EUR 85 billion. Investors continued to put Spanish and Portuguese debt markets to the test, while the survival of the single currency bloc started to look increasingly precarious and political problems hindering the drafting of a Eurozone rescue plan rose to the surface. The region nevertheless maintained its upward momentum, largely due to the high volume of German exports which testifies to the ongoing strength of global demand for machinery. While developed countries benefited from further monetary easing, emerging markets tightened their belts in response to dynamic growth and price inflation (particularly as regards food prices). Their currencies were consequently propelled upwards, which led to capital controls in countries such as Brazil and Korea.
The first quarter of 2011 saw further market progress, with US data showing an increase in consumer spending and capital expenditures and exports also supported activity. The only cloud on the steadily improving picture lay with a still weak housing sector, as continuing high levels of foreclosures delayed a return to price stability. However, investors seemed to accept that the sector would heal only slowly and in the meantime were reassured by still strong earnings growth and rising corporate profit margins.
Within the Eurozone, investors’ attention focussed upon vibrant growth in Germany where the economy expanded by 3.6% in 2010, reflecting strength in both exports and domestic spending. Germany’s strength supported growth throughout much of the Nordic region and in France, although the UK showed signs of a slowdown in activity as fiscal retrenchment took hold. Despite strong economic data, Chancellor Merkel faced an increasing political back-lash as voters reflected their reluctance to fund the bail-out of distressed Eurozone member states. Although agreement was reached to expand the newly established European Financial Stability Facility (EFSF) to EUR 440 billion, the political barriers to creating a fundamental resolution of the region’s sovereign debt problems grew steadily more evident. The inherent flaws within the Eurozone’s structure were heightened as the ECB warned that interest rates might need to rise in order to offset incipient inflationary pressures.
In Japan, March saw the earthquake and ensuing tsunami in Fukushima prefecture, with the subsequent crisis as the Fukushima nuclear power plant providing an alarming backcloth for global markets. The affected north-east region accounted for some 7% of Japan’s output and this, together with the subsequent power shortfalls suggested that GDP could fall by 3% in the months to follow. The impact that the crisis would have upon component supplies, particularly within the global automobile sector, were not immediately appreciated in the aftermath of the disaster.
Past performance is not an indicator of current or future returns. 13 Pictet
MANAGEMENT REPORT (continued)
The optimistic tone of equity markets, evident over the previous two quarters, faded during spring/early summer of 2011. The impact of Japan’s earthquake was quickly reflected across the global manufacturing sector and political turmoil within the Middle East added to the upward pressure on oil prices. Renewed evidence of slower global growth was accompanied by a ratcheting up of Eurozone debt worries as Portugal became the next recipient of a support package, amounting to EUR 78 billion. Following this bail-out, market attention immediately re-focussed upon Greece and yield spreads in peripheral countries widened sharply against equivalent German bonds. Fears of risk contagion grew, as it became increasingly evident that Greece would not meet its deficit reduction targets and EU political wrangling failed to produce a coherent plan to tackle the escalating crisis.
Equity markets finally capitulated in August as the MSCI World index fell by some 15% in the first half of the month. The combination of renewed fears over a double-dip recession within developed markets, combined with the seemingly intractable nature of the Eurozone problems, caused a widespread retreat from risk assets, while safe-haven bond yields, notably in the US and Germany, fell sharply. In the US economic momentum was seen to have faded as an exit from the second phase of Quantitative Easing coincided with the disruptions caused by Japan’s earthquake. Political wrangling over the need to extend the US debt ceiling and the ultimate debt downgrading by the S&P rating agency added to the sense of a lack of control by policy makers. The still very weak state of the housing sector particularly undermined bank stocks in the US, just as their European counterparts were suffering from fears of capital inadequacy stemming from loans to peripheral Eurozone states. Within Europe, markets went into freefall and the euro weakened sharply, as contagion fears threatened Spain and Italy and as France grew concerned as to its ability to safeguard its AAA credit rating. With Chancellor Merkel and President Sarkozy reluctant to agree an expansion in the EFSF and rejecting suggestions for the establishment of euro- denominated bonds, markets increasingly feared that the Eurozone might be forced into an uncontrolled breakup. Only towards the end of September did some semblance of order return to markets, when the G20 meeting in Washington managed to achieve agreement that a co-ordinated response to the crisis was now imperative.
Over the twelve month period, the MSCI World index fell by 3.9% (TR in USD terms), a return which masks the 22.4% decline from the peak of the index in early May, to its trough in September 2011.
Detailed information on all the sub-funds for the financial year ended September 30, 2011 is available on our website www.pictetfunds.com depending on the country in which the SICAV is authorised for distribution.
The Board of Directors October 12, 2011
Past performance is not an indicator of current or future returns. 14
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
To the shareholders of
Pictet (Société d’Investissement à Capital Variable) 3, boulevard Royal, L-2449 Luxembourg
Following our appointment by the General Meeting of the Shareholders of December 3, 2010, we have audited the accompanying financial statements of Pictet (Société d’Investissement à Capital Variable) and each of its sub-funds, which comprise the combined statement of net assets, the statement of net assets and the statement of investments and other net assets of each of its sub-funds as at September 30, 2011 as well as the combined statement of operations and changes in net assets and the statement of operations and changes in net assets of each of its sub-funds for the year then ended, and a summary of significant accounting policies and other explanatory information.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the réviseur d’entreprises agréé
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d’entreprises agréé’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
15
REPORT OF THE REVISEUR D’ENTREPRISES AGREE (continued)
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Pictet and of each of its sub-funds as of September 30, 2011, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
For Deloitte S.A., Cabinet de révision agréé
B. Michaelis, Réviseur d’entreprises agréé Partner
November 23, 2011 560, rue de Neudorf, L-2220 Luxembourg
16 Pictet
17 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Combined * USD Liquidity EUR Liquidity (note 18) (note 18)
EUR USD EUR ASSETS Investments in securities at acquisition cost 33,455,938,598.93 787,335,760.69 1,844,910,527.08 Net unrealised gain/loss on investments -1,546,354,515.84 -11,969,554.10 -9,257,472.75 Investments in securities at market value 31,909,584,083.09 775,366,206.59 1,835,653,054.33
Cash at banks 2,128,310,856.86 9,911,432.40 138,418,690.11 Interest receivable, net 271,922,366.58 636,831.84 6,017,272.23 Interest receivable on swaps 4,158,992.90 0.00 0.00 Interest receivable on credit default swaps 340,386.65 0.00 0.00 Net unrealised gain on forward exchange contracts (note 11) 122,978,793.13 12,429,817.71 9,129,721.55 Net unrealised gain on credit default swaps (note 13) 16,110,644.90 0.00 0.00 Net unrealised gain on swaps (note 12) 80,062,286.43 0.00 0.00 Other assets 407,100.91 0.00 0.00 34,533,875,511.45 798,344,288.54 1,989,218,738.22 LIABILITIES Bank overdraft 44,723,456.29 0.00 0.00 Management and investment advisory fee payable (note 4) 22,128,531.30 67,517.84 275,102.25 Performance fee payable (note 8) 1,879,790.26 0.00 0.00 Interest payable on swaps 95,908.02 0.00 54,332.06 Interest payable on credit default swaps 56,019.44 0.00 0.00 Net unrealised loss on forward exchange contracts (note 11) 17,869,879.86 0.00 0.00 Net unrealised loss on credit default swaps (note 13) 16,587,710.65 0.00 0.00 Net unrealised loss on swaps (note 12) 13,116,846.75 0.00 12,710.25 "Taxe d’abonnement" payable (note 3) 4,185,393.03 55,413.71 173,964.64 Other fees payable (note 6) 9,107,685.64 68,167.91 165,646.03 Other liabilities 2,108,990.50 0.00 0.00 131,860,211.74 191,099.46 681,755.23
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2011 34,402,015,299.71 798,153,189.08 1,988,536,982.99
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2010 35,298,881,895.17 851,699,965.25 1,571,866,378.09
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2009 25,763,662,625.34 958,765,867.32 2,163,271,942.21
* The combined financial statements include the combined items of all the sub-funds of Pictet, not only the sub-funds registered for distribution in Hong Hong (note 2).
The accompanying notes form an integral part of these financial statements.
18 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Global Emerging Debt World Government Bonds EUR Short Mid-Term USD Short Mid-Term EUR Inflation Linked Bonds Bonds Bonds
USD EUR EUR USD EUR
2,510,138,985.93 163,402,567.86 339,465,272.18 236,474,828.92 180,754,495.21 44,021,055.50 8,409,947.75 -2,822,468.98 1,881,420.69 -1,593,553.83 2,554,160,041.43 171,812,515.61 336,642,803.20 238,356,249.61 179,160,941.38
190,203,001.56 7,607,136.39 2,175,275.54 13,600,842.69 610,453.77 45,087,687.25 1,422,548.45 6,037,850.28 785,126.23 562,781.09 506,019.75 0.00 0.00 0.00 0.00 57,658.54 0.00 0.00 0.00 0.00 7,536,859.84 5,520.76 81,768.35 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 0.00 0.00 0.00 0.00 2,800,314,147.97 180,847,721.21 344,937,697.37 252,742,218.53 180,334,176.24
0.00 0.00 0.00 0.00 0.00 1,654,047.73 26,410.77 61,406.38 58,474.05 61,855.86 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,439,713.95 0.00 0.00 0.00 0.00 186,927.41 7,618.13 27,233.77 23,028.06 15,815.55 731,095.02 18,540.46 36,553.98 31,884.01 30,278.99 0.00 0.00 0.00 0.00 0.00 5,011,784.11 52,569.36 125,194.13 113,386.12 107,950.40
2,795,302,363.86 180,795,151.85 344,812,503.24 252,628,832.41 180,226,225.84
2,519,741,894.09 168,601,015.25 687,214,203.74 285,310,237.78 222,513,454.22
1,057,784,478.16 78,137,935.08 765,382,777.42 169,440,177.48 138,657,118.48
The accompanying notes form an integral part of these financial statements.
19 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Latin American Local US High Yield European Equity Selection Currency Debt (note 18)
USD USD EUR ASSETS Investments in securities at acquisition cost 372,865,704.46 1,423,623,370.08 220,780,752.02 Net unrealised gain/loss on investments -29,165,139.09 -110,146,941.99 -23,163,336.67 Investments in securities at market value 343,700,565.37 1,313,476,428.09 197,617,415.35
Cash at banks 56,484,451.38 57,970,339.43 2,375,025.65 Interest receivable, net 2,653,658.88 30,474,428.18 0.00 Interest receivable on swaps 15,386.98 0.00 0.00 Interest receivable on credit default swaps 0.00 0.00 0.00 Net unrealised gain on forward exchange contracts (note 11) 0.00 0.00 0.00 Net unrealised gain on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised gain on swaps (note 12) 1,401,552.78 0.00 0.00 Other assets 0.00 0.00 0.00 404,255,615.39 1,401,921,195.70 199,992,441.00 LIABILITIES Bank overdraft 0.00 0.00 0.00 Management and investment advisory fee payable (note 4) 303,305.61 623,514.38 175,556.88 Performance fee payable (note 8) 0.00 0.00 0.00 Interest payable on swaps 0.00 0.00 0.00 Interest payable on credit default swaps 0.00 0.00 0.00 Net unrealised loss on forward exchange contracts (note 11) 2,071,627.98 6,931,874.83 0.00 Net unrealised loss on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised loss on swaps (note 12) 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 23,029.80 76,468.41 20,136.87 Other fees payable (note 6) 138,953.60 264,412.90 56,592.44 Other liabilities 0.00 0.00 0.00 2,536,916.99 7,896,270.52 252,286.19
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2011 401,718,698.40 1,394,024,925.18 199,740,154.81
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2010 268,420,290.80 642,606,845.57 252,365,498.81
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2009 27,847,118.22 - 272,066,810.48
The accompanying notes form an integral part of these financial statements.
20 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Small Cap Europe Emerging Markets Eastern Europe European Sustainable Digital Communication Equities
EUR USD EUR EUR USD
164,667,167.08 1,118,002,403.73 353,530,121.68 97,061,014.48 156,131,148.11 -10,585,672.39 -154,982,485.61 -47,817,058.38 -3,559,591.68 -11,073,862.06 154,081,494.69 963,019,918.12 305,713,063.30 93,501,422.80 145,057,286.05
4,638,755.98 15,830,832.23 2,811,332.75 0.00 3,838,798.29 3,429.94 0.00 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 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 0.00 118,074.10 0.00 158,723,680.61 978,850,750.35 308,527,050.22 93,644,130.97 148,896,084.34
0.00 0.00 0.00 8,757,863.56 0.00 142,188.70 1,010,398.05 455,425.37 36,128.36 192,812.82 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 0.00 646,390.94 0.00 0.00 9,443.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,107.77 59,518.48 31,866.00 6,176.43 14,081.19 50,818.64 391,123.76 222,378.95 25,875.31 50,783.77 0.00 0.00 0.00 0.00 0.00 205,115.11 2,107,431.23 709,670.32 8,826,043.66 267,120.88
158,518,565.50 976,743,319.12 307,817,379.90 84,818,087.31 148,628,963.46
196,882,723.11 1,489,508,297.47 435,276,436.46 92,333,122.24 100,410,679.70
190,023,680.33 1,505,624,465.59 325,394,060.81 79,839,567.99 46,463,020.88
The accompanying notes form an integral part of these financial statements.
21 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Biotech Premium Brands Water
USD EUR EUR ASSETS Investments in securities at acquisition cost 972,604,819.07 428,808,115.51 1,921,171,878.76 Net unrealised gain/loss on investments -47,177,935.74 -18,007,971.07 70,753,480.65 Investments in securities at market value 925,426,883.33 410,800,144.44 1,991,925,359.41
Cash at banks 0.00 30,522,782.02 21,324,031.32 Interest receivable, net 0.00 16,013.37 0.00 Interest receivable on swaps 0.00 0.00 0.00 Interest receivable on credit default swaps 0.00 0.00 0.00 Net unrealised gain on forward exchange contracts (note 11) 0.00 65,786.64 138,496.46 Net unrealised gain on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised gain on swaps (note 12) 0.00 0.00 0.00 Other assets 0.00 0.00 0.00 925,426,883.33 441,404,726.47 2,013,387,887.19 LIABILITIES Bank overdraft 4,385,864.73 0.00 0.00 Management and investment advisory fee payable (note 4) 1,259,624.08 601,601.85 2,568,486.49 Performance fee payable (note 8) 0.00 0.00 0.00 Interest payable on swaps 0.00 0.00 0.00 Interest payable on credit default swaps 0.00 0.00 0.00 Net unrealised loss on forward exchange contracts (note 11) 2,288,801.26 0.00 0.00 Net unrealised loss on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised loss on swaps (note 12) 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 100,948.28 46,884.11 213,210.03 Other fees payable (note 6) 350,923.56 157,899.20 686,474.72 Other liabilities 0.00 0.00 0.00 8,386,161.91 806,385.16 3,468,171.24
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2011 917,040,721.42 440,598,341.31 2,009,919,715.95
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2010 1,436,435,659.92 180,870,716.48 2,305,958,005.15
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2009 2,060,924,159.74 77,182,882.78 2,264,942,411.48
The accompanying notes form an integral part of these financial statements.
22 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Indian Equities Japanese Equity Asian Equities Ex Japan Greater China Japanese Equity Selection Opportunities (note 1)
USD JPY USD USD JPY
270,214,931.15 5,494,648,171.13 417,676,734.31 336,905,209.32 13,806,430,924.95 5,092,629.96 -324,461,074.33 -34,207,712.88 -36,684,627.92 -1,258,473,450.24 275,307,561.11 5,170,187,096.80 383,469,021.43 300,220,581.40 12,547,957,474.71
23,626,760.18 412,589,627.50 11,882,194.04 9,846,795.09 154,841,336.80 0.00 8,592.99 0.00 174.52 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 11,612,779.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 298,934,321.29 5,594,398,097.18 395,351,215.47 310,067,551.01 12,702,798,811.51
0.00 0.00 0.00 0.00 0.00 486,978.60 4,642,651.00 484,824.91 472,767.00 9,170,055.03 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 0.00 0.00 159,437.16 0.00 7,598,028.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35,630.73 834,483.00 37,200.07 33,449.54 765,465.64 163,687.02 1,683,599.00 153,275.75 122,034.81 4,117,463.89 0.00 0.00 0.00 0.00 0.00 686,296.35 7,160,733.00 834,737.89 628,251.35 21,651,012.73
298,248,024.94 5,587,237,364.18 394,516,477.58 309,439,299.66 12,681,147,798.78
516,800,400.48 4,814,076,498.33 694,001,534.45 397,938,170.04 13,247,362,846.13
459,480,822.98 7,584,741,945.60 857,629,529.81 366,867,889.12 22,888,070,469.32
The accompanying notes form an integral part of these financial statements.
23 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Generics US Equity Growth Security Selection
USD USD USD ASSETS Investments in securities at acquisition cost 379,630,175.65 751,094,058.87 201,517,157.79 Net unrealised gain/loss on investments -26,071,974.86 68,396,174.14 -14,304,559.01 Investments in securities at market value 353,558,200.79 819,490,233.01 187,212,598.78
Cash at banks 2,478,641.33 41,156,998.23 7,752,197.19 Interest receivable, net 0.00 3,439.05 0.00 Interest receivable on swaps 0.00 0.00 0.00 Interest receivable on credit default swaps 0.00 0.00 0.00 Net unrealised gain on forward exchange contracts (note 11) 0.00 0.00 0.00 Net unrealised gain on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised gain on swaps (note 12) 0.00 0.00 0.00 Other assets 0.00 0.00 0.00 356,036,842.12 860,650,670.29 194,964,795.97 LIABILITIES Bank overdraft 0.00 0.00 0.00 Management and investment advisory fee payable (note 4) 437,492.85 817,160.77 275,553.54 Performance fee payable (note 8) 0.00 0.00 0.00 Interest payable on swaps 0.00 0.00 0.00 Interest payable on credit default swaps 0.00 0.00 0.00 Net unrealised loss on forward exchange contracts (note 11) 931,283.86 4,020,165.15 0.00 Net unrealised loss on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised loss on swaps (note 12) 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 29,833.99 85,598.68 18,562.01 Other fees payable (note 6) 129,234.96 300,100.80 71,567.18 Other liabilities 0.00 0.00 0.00 1,527,845.66 5,223,025.40 365,682.73
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2011 354,508,996.46 855,427,644.89 194,599,113.24
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2010 421,735,638.69 1,407,075,038.99 162,817,186.46
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2009 239,271,793.36 1,711,084,606.71 142,156,097.67
The accompanying notes form an integral part of these financial statements.
24 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Clean Energy Russian Equities Timber Agriculture Global Megatrend Selection
USD USD USD EUR USD
421,510,094.76 487,984,098.79 215,638,103.73 208,357,873.37 908,931,329.25 -63,873,428.67 -125,079,573.15 -36,375,391.05 -27,682,658.20 -75,135,727.43 357,636,666.09 362,904,525.64 179,262,712.68 180,675,215.17 833,795,601.82
9,348,553.48 7,379,494.97 4,155,971.24 2,828,074.76 19,525,913.46 0.00 0.00 693.94 1,321.65 4,247.85 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 0.00 366,985,219.57 370,284,020.61 183,419,377.86 183,504,611.58 853,325,763.13
0.00 0.00 0.00 0.00 0.00 495,687.86 557,375.08 204,204.68 260,995.91 1,361,391.43 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 0.00 299,352.66 0.00 86,163.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33,631.09 30,527.46 12,677.03 18,294.99 87,801.44 137,887.14 172,958.10 69,745.06 67,429.28 875,645.71 0.00 0.00 0.00 0.00 0.00 667,206.09 760,860.64 585,979.43 346,720.18 2,411,002.31
366,318,013.48 369,523,159.97 182,833,398.43 183,157,891.40 850,914,760.82
643,362,071.50 320,093,395.55 114,583,152.00 139,167,388.20 485,369,777.38
671,237,424.48 154,170,433.37 39,354,751.20 41,205,995.47 53,885,106.91
The accompanying notes form an integral part of these financial statements.
25 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Middle East And North Environmental High Dividend Selection Africa Megatrend Selection (note 18) (note 18)
USD EUR EUR ASSETS Investments in securities at acquisition cost 24,162,734.82 19,679,673.29 369,103,226.98 Net unrealised gain/loss on investments -1,929,559.56 -1,864,026.65 -9,444,559.09 Investments in securities at market value 22,233,175.26 17,815,646.64 359,658,667.89
Cash at banks 425,341.38 378,392.05 5,630,296.07 Interest receivable, net 0.00 32.36 2,880.88 Interest receivable on swaps 0.00 0.00 0.00 Interest receivable on credit default swaps 0.00 0.00 0.00 Net unrealised gain on forward exchange contracts (note 11) 0.00 0.00 0.00 Net unrealised gain on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised gain on swaps (note 12) 0.00 0.00 0.00 Other assets 0.00 0.00 0.00 22,658,516.64 18,194,071.05 365,291,844.84 LIABILITIES Bank overdraft 0.00 0.00 0.00 Management and investment advisory fee payable (note 4) 31,278.51 24,956.24 472,425.71 Performance fee payable (note 8) 0.00 0.00 0.00 Interest payable on swaps 0.00 0.00 0.00 Interest payable on credit default swaps 0.00 0.00 0.00 Net unrealised loss on forward exchange contracts (note 11) 54,224.27 0.00 0.00 Net unrealised loss on credit default swaps (note 13) 0.00 0.00 0.00 Net unrealised loss on swaps (note 12) 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 2,087.53 1,950.31 38,037.11 Other fees payable (note 6) 10,397.28 6,439.71 96,571.50 Other liabilities 0.00 0.00 0.00 97,987.59 33,346.26 607,034.32
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2011 22,560,529.05 18,160,724.79 364,684,810.52
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2010 26,945,498.38 3,077,792.84 84,472,728.97
TOTAL NET ASSETS AS AT SEPTEMBER 30, 2009 14,234,042.70 - -
The accompanying notes form an integral part of these financial statements.
26 Pictet
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2011
Absolute Return Global Absolute Return Global Diversified Conservative
EUR EUR
319,998,929.41 36,091,731.92 -26,852,086.94 -2,601,911.53 293,146,842.47 33,489,820.39
305,158,299.47 52,667,669.55 1,676,613.89 296,711.85 0.00 0.00 98,955.85 8,375.28 106,679.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 600,187,390.71 86,462,577.07
0.00 0.00 365,569.50 26,289.35 0.00 0.00 4,310.57 368.32 0.00 0.00 0.00 54,407.96 693,817.16 59,415.39 9,849,229.46 1,048,102.07 40,851.30 3,756.65 135,350.70 17,646.91 0.00 0.00 11,089,128.69 1,209,986.65
589,098,262.02 85,252,590.42
629,664,567.31 74,951,927.54
1,223,817,185.98 106,913,293.60
The accompanying notes form an integral part of these financial statements.
27 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Combined *** USD Liquidity EUR Liquidity (note 18) (note 18)
EUR USD EUR NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 35,298,881,895.17 851,699,965.25 1,571,866,378.09
INCOME Interest on securities lending 7,751,778.33 0.00 0.00 Interest on swaps 190,572,725.42 0.00 1,056,199.60 Interest on credit default swaps 762,662.78 0.00 0.00 Interest on bonds, net 993,469,409.62 6,917,979.46 22,684,954.61 Bank interest 5,776,010.98 84,169.45 771,200.72 Dividends 273,255,237.49 0.00 0.00 1,471,587,824.62 7,002,148.91 24,512,354.93
EXPENSES Management and investment advisory fee (note 4) 293,982,133.63 839,256.22 2,374,645.35 Custodian fee, interest and bank charges 27,555,435.48 159,952.07 299,322.06 Service fee (note 5) 71,752,784.30 210,088.05 399,840.19 Performance fee (note 8) 1,879,790.26 0.00 0.00 Audit fees and other expenses 18,746,147.31 211,231.77 396,382.36 "Taxe d’abonnement" (note 3) 10,419,552.18 195,781.27 493,488.60 Interest paid on repurchase agreements 7,295.28 0.00 0.00 Interest paid on swaps 173,796,418.07 0.00 1,162,420.98 Premiums on credit default swaps 696,881.94 0.00 0.00 598,836,438.45 1,616,309.38 5,126,099.54
NET INVESTMENT INCOME 872,751,386.17 5,385,839.53 19,386,255.39
Net realised gain/loss on sales of investments 956,338,799.20 23,840,435.82 7,114,443.21 Net realised gain/loss on sales of investments – pooling effect 134,039,096.01 0.00 0.00 (note 1) Net realised gain/loss on forward exchange contracts 114,559,916.78 -31,806,775.60 -19,485,507.35 Net gain/loss on foreign exchange -216,002,778.88 4,347,003.01 2,414,520.92 Net realised gain/loss on forward contracts 50,755,758.24 -48,250.00 52,500.00 Net realised gain/loss on swaps/credit default swaps 134,496,502.08 0.00 0.00
NET REALISED GAIN 2,046,938,679.60 1,718,252.76 9,482,212.17 Change in net unrealised gain/loss: - on investments -3,814,063,960.19 -24,733,522.26 -8,193,102.44 - on forward exchange contracts 123,868,507.16 25,080,042.87 10,724,110.46 - on forward contracts -1,171,766.38 0.00 4,375.00 - on credit default swaps 711,660.30 0.00 0.00 - on swaps -137,906,203.74 0.00 -93,161.32
GAIN/LOSS RESULTING FROM OPERATIONS -1,781,623,083.25 2,064,773.37 11,924,433.87 Subscription of shares 29,193,735,197.58 1,897,088,402.58 2,341,826,942.71 Redemption of shares -28,814,075,101.23 -1,952,687,990.35 -1,936,992,904.97 Dividends paid (note 15) -66,082,147.62 -11,961.77 -87,866.71 Revaluation difference* 24,684,659.24 0.00 0.00 Revaluation difference on the net assets at the beginning of the 546,493,879.82 period** NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 34,402,015,299.71 798,153,189.08 1,988,536,982.99 *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2010, and September 30, 2011. ** The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to sub-funds denominated in currencies other than the euro into the currency of the sub-funds concerned between October 1, 2010, and September 30, 2011. *** The combined financial statements include the combined items of all the sub-funds of Pictet, not only the sub-funds registered for distribution in Hong Hong (note 2).
The accompanying notes form an integral part of these financial statements.
28 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Global Emerging Debt World Government Bonds EUR Short Mid-Term USD Short Mid-Term EUR Inflation Linked Bonds Bonds Bonds
USD EUR EUR USD EUR 2,519,741,894.09 168,601,015.25 687,214,203.74 285,310,237.78 222,513,454.22
0.00 0.00 0.00 0.00 0.00 54,349,961.10 0.00 166,069.95 0.00 0.00 60,290.22 0.00 0.00 89,432.93 0.00 164,670,997.29 3,956,001.40 17,003,487.32 3,516,901.32 4,304,614.78 280,188.01 7,697.03 19,352.36 10,617.86 5,295.37 0.00 0.00 0.00 0.00 0.00 219,361,436.62 3,963,698.43 17,188,909.63 3,616,952.11 4,309,910.15
21,351,863.88 270,023.08 990,033.89 734,071.65 812,012.18 1,278,614.31 85,449.90 322,838.04 108,322.32 113,609.03 6,193,499.28 76,427.83 196,269.91 126,621.33 181,887.47 0.00 0.00 0.00 0.00 0.00 729,937.20 33,145.99 114,017.02 74,282.03 55,754.38 764,719.05 22,404.93 125,493.85 96,371.38 74,122.48 0.00 0.00 0.00 0.00 5,969.08 53,248,718.41 0.00 0.00 141,800.05 0.00 146,658.45 0.00 0.00 0.00 0.00 83,714,010.58 487,451.73 1,748,652.71 1,281,468.76 1,243,354.62
135,647,426.04 3,476,246.70 15,440,256.92 2,335,483.35 3,066,555.53
-41,430,578.65 1,139,615.35 -17,043,757.42 2,865,829.54 342,338.70 63,348,363.48 -3,478,701.91 2,941,412.71 0.00 0.00
90,623,309.46 116,840.17 4,800,729.10 0.00 19,186.54 -75,765,919.39 -249,542.11 -2,040,845.84 -2,274.53 13,681.50 6,979,968.49 -881,073.74 449,238.51 -1,739,181.22 -939,084.98 18,224,300.07 0.00 -435,240.13 201,502.68 0.00
197,626,869.50 123,384.46 4,111,793.85 3,661,359.82 2,502,677.29
-188,811,870.55 4,427,579.84 -2,354,073.92 -2,352,347.58 -7,948,223.73 7,278,874.36 13,668.30 244,774.53 0.00 -7,140.69 -198,717.86 -46,109.46 4,250.00 148,575.92 -47,761.93 -2,503,924.57 0.00 0.00 0.00 0.00 -1,182,497.75 0.00 -148,110.00 0.00 0.00
12,208,733.13 4,518,523.14 1,858,634.46 1,457,588.16 -5,500,449.06 2,558,722,321.97 181,871,286.16 164,798,691.28 169,749,518.04 149,052,700.16 -2,280,705,962.76 -174,631,341.68 -513,051,557.67 -203,845,497.82 -185,791,309.79 -9,812,319.00 -11,249.12 -501,267.60 -43,013.75 -48,169.69 -4,852,303.57 446,918.10 4,493,799.03 0.00 0.00
2,795,302,363.86 180,795,151.85 344,812,503.24 252,628,832.41 180,226,225.84
The accompanying notes form an integral part of these financial statements.
29 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Latin American Local US High Yield European Equity Selection Currency Debt (note 18)
USD USD EUR NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 268,420,290.80 642,606,845.57 252,365,498.81
INCOME Interest on securities lending 0.00 0.00 457,699.19 Interest on swaps 560,427.08 79,481.55 0.00 Interest on credit default swaps 3.02 0.00 0.00 Interest on bonds, net 31,554,580.22 89,798,552.93 0.00 Bank interest 63,555.77 251,213.47 3,917.85 Dividends 8,422.00 43,629.29 6,524,152.72 32,186,988.09 90,172,877.24 6,985,769.76
EXPENSES Management and investment advisory fee (note 4) 3,438,406.57 5,926,345.04 3,361,875.46 Custodian fee, interest and bank charges 150,810.72 412,133.78 151,096.08 Service fee (note 5) 1,059,755.16 1,582,104.71 749,678.87 Performance fee (note 8) 0.00 0.00 0.00 Audit fees and other expenses 124,080.18 256,751.70 227,075.85 "Taxe d’abonnement" (note 3) 98,108.72 278,775.72 106,609.53 Interest paid on repurchase agreements 0.00 0.00 0.00 Interest paid on swaps 198,221.70 39.56 0.00 Premiums on credit default swaps 688.72 0.00 0.00 5,070,071.77 8,456,150.51 4,596,335.79
NET INVESTMENT INCOME 27,116,916.32 81,716,726.73 2,389,433.97
Net realised gain/loss on sales of investments 9,651,461.06 10,609,413.99 11,787,498.08 Net realised gain/loss on sales of investments – pooling effect 2,852,495.52 20,540,381.64 65,385.30 (note 1) Net realised gain/loss on forward exchange contracts 2,686,003.30 40,345,633.38 -94,952.40 Net gain/loss on foreign exchange -3,496,650.74 -38,139,937.17 -1,356,607.78 Net realised gain/loss on forward contracts 1,879,379.08 0.00 9.11 Net realised gain/loss on swaps/credit default swaps -320,405.46 0.00 0.00
NET REALISED GAIN 40,369,199.08 115,072,218.57 12,790,766.28 Change in net unrealised gain/loss: - on investments -44,995,077.11 -140,184,405.60 -35,829,875.26 - on forward exchange contracts -1,844,516.34 -8,417,629.83 0.00 - on forward contracts 0.00 0.00 0.00 - on credit default swaps -134,075.00 0.00 0.00 - on swaps 1,267,265.66 0.00 0.00
GAIN/LOSS RESULTING FROM OPERATIONS -5,337,203.71 -33,529,816.86 -23,039,108.98 Subscription of shares 545,625,352.68 1,505,317,564.29 215,164,203.98 Redemption of shares -403,632,225.91 -720,130,448.47 -244,745,679.32 Dividends paid (note 15) -2,276,289.96 -212,202.15 -4,759.68 Revaluation difference* -1,081,225.50 -27,017.20 0.00
NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 401,718,698.40 1,394,024,925.18 199,740,154.81 *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2010, and September 30, 2011.
The accompanying notes form an integral part of these financial statements.
30 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Small Cap Europe Emerging Markets Eastern Europe European Sustainable Digital Communication Equities
EUR USD EUR EUR USD 196,882,723.11 1,489,508,297.47 435,276,436.46 92,333,122.24 100,410,679.70
205,164.63 62,308.07 46,794.41 225,898.70 46,410.01 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 41,860.11 10,174.66 65,004.21 0.00 8,384.65 4,456,202.11 34,220,181.47 10,565,968.17 3,111,282.80 2,347,959.98 4,703,226.85 34,292,664.20 10,677,766.79 3,337,181.50 2,402,754.64
2,365,370.24 16,219,801.33 7,195,066.04 604,561.39 2,376,832.30 295,882.11 3,341,310.23 877,829.58 159,544.06 295,803.78 604,831.59 2,886,881.56 2,348,427.95 298,614.08 461,415.46 0.00 0.00 0.00 0.00 0.00 164,085.65 2,225,982.72 413,285.29 106,532.81 140,075.84 67,211.07 329,470.34 176,050.73 31,986.10 61,729.05 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 3,497,380.66 25,003,446.18 11,010,659.59 1,201,238.44 3,335,856.43
1,205,846.19 9,289,218.02 -332,892.80 2,135,943.06 -933,101.79
31,054,156.02 168,351,201.66 30,919,999.74 -929,251.74 10,537,593.21 24,484.73 2,495,180.37 4,825,333.51 -0.12 689,724.03
1,489.09 3,033,404.44 65,336.23 -31,739.74 71,586.32 -218,871.44 -6,544,450.87 -5,777,680.11 -65,839.38 -101,595.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
32,067,104.59 176,624,553.62 29,700,096.57 1,109,112.08 10,264,206.16
-43,036,319.36 -370,742,290.27 -104,793,838.18 -10,647,572.93 -25,162,389.60 0.00 -1,306,400.95 0.00 24,634.07 -9,678.95 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
-10,969,214.77 -195,424,137.60 -75,093,741.61 -9,513,826.78 -14,907,862.39 119,087,521.23 308,829,375.73 199,822,839.26 46,233,116.06 207,671,205.68 -146,482,464.07 -625,521,452.72 -252,188,154.21 -44,030,574.80 -144,544,784.06 0.00 0.00 0.00 -203,749.41 -47.44 0.00 -648,763.76 0.00 0.00 -228.03
158,518,565.50 976,743,319.12 307,817,379.90 84,818,087.31 148,628,963.46
The accompanying notes form an integral part of these financial statements.
31 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Biotech Premium Brands Water
USD EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 1,436,435,659.92 180,870,716.48 2,305,958,005.15
INCOME Interest on securities lending 40,540.17 386,543.84 2,477,877.27 Interest on swaps 0.00 0.00 0.00 Interest on credit default swaps 0.00 0.00 0.00 Interest on bonds, net 0.00 0.00 0.00 Bank interest 33,905.76 35,244.58 132,079.65 Dividends 1,378,471.68 4,322,110.46 48,543,543.15 1,452,917.61 4,743,898.88 51,153,500.07
EXPENSES Management and investment advisory fee (note 4) 20,230,133.64 6,242,203.60 36,044,413.67 Custodian fee, interest and bank charges 308,080.87 225,268.22 632,601.64 Service fee (note 5) 4,355,714.50 1,171,195.01 7,184,987.41 Performance fee (note 8) 0.00 0.00 0.00 Audit fees and other expenses 1,056,542.87 436,844.07 1,355,804.43 "Taxe d’abonnement" (note 3) 535,103.25 172,717.77 990,781.43 Interest paid on repurchase agreements 0.00 0.00 0.00 Interest paid on swaps 0.00 0.00 0.00 Premiums on credit default swaps 0.00 0.00 0.00 26,485,575.13 8,248,228.67 46,208,588.58
NET INVESTMENT INCOME -25,032,657.52 -3,504,329.79 4,944,911.49
Net realised gain/loss on sales of investments -49,274,588.32 13,052,564.97 77,406,592.33 Net realised gain/loss on sales of investments – pooling effect 7,535,467.49 -6,071,520.82 6,426,191.08 (note 1) Net realised gain/loss on forward exchange contracts 13,693,995.14 -210,216.68 -343,190.55 Net gain/loss on foreign exchange -10,012,128.58 -594,854.39 -451,830.55 Net realised gain/loss on forward contracts 0.00 203.32 0.00 Net realised gain/loss on swaps/credit default swaps 0.00 0.00 0.00
NET REALISED GAIN -63,089,911.79 2,671,846.61 87,982,673.80 Change in net unrealised gain/loss: - on investments 33,692,219.01 -48,278,041.03 -76,432,033.42 - on forward exchange contracts -5,350,141.74 65,786.64 193,156.44 - on forward contracts 0.00 0.00 0.00 - on credit default swaps 0.00 0.00 0.00 - on swaps 0.00 0.00 0.00
GAIN/LOSS RESULTING FROM OPERATIONS -34,747,834.52 -45,540,407.78 11,743,796.82 Subscription of shares 386,164,476.81 718,556,743.17 465,856,429.09 Redemption of shares -866,767,879.21 -413,288,710.56 -773,430,918.90 Dividends paid (note 15) 0.00 0.00 -259,686.55 Revaluation difference* -4,043,701.58 0.00 52,090.34
NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 917,040,721.42 440,598,341.31 2,009,919,715.95 *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2010, and September 30, 2011.
The accompanying notes form an integral part of these financial statements.
32 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Indian Equities Japanese Equity Asian Equities Ex Japan Greater China Japanese Equity Selection Opportunities (note 1)
USD JPY USD USD JPY 516,800,400.48 4,814,076,498.33 694,001,534.45 397,938,170.04 13,247,362,846.13
0.00 56,383.00 29,977.97 39,642.35 290,386.70 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 0.00 0.00 0.00 105,951.00 2,548.79 6,993.12 1,039,828.87 4,692,977.79 104,512,706.14 12,873,414.27 9,764,741.17 301,169,722.75 4,692,977.79 106,444,500.14 12,905,941.03 9,811,376.64 302,499,938.32
8,003,930.09 68,346,701.00 7,941,706.78 6,905,614.34 126,014,919.25 507,625.14 18,611,501.00 1,278,635.13 248,740.50 22,125,134.59 1,919,429.08 16,786,504.00 1,491,102.35 1,309,024.66 42,421,931.30 0.00 0.00 0.00 0.00 0.00 353,996.81 8,262,780.00 695,489.70 705,743.30 12,109,758.09 193,504.88 2,729,008.00 194,497.18 164,749.38 3,455,560.69 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 10,978,486.00 114,736,494.00 11,601,431.14 9,333,872.18 206,127,303.92
-6,285,508.21 -8,291,993.86 1,304,509.89 477,504.46 96,372,634.40
48,062,246.93 -359,258,986.01 88,470,135.14 38,076,568.12 -1,423,846,260.68 0.00 34,462,679.80 819,450.28 -138.03 275,099,979.01
0.00 6,901.00 -299,322.84 191.17 17,852,999.57 -3,684,329.43 -2,340,897,017.95 -3,368,169.20 -880,632.70 -381,492,726.58 0.00 0.00 0.00 0.00 -17,149.00 0.00 40,821,150.77 0.00 0.00 0.00
38,092,409.29 -2,633,157,266.25 86,926,603.27 37,673,493.02 -1,416,030,523.28
-180,278,510.17 -84,341,534.13 -157,926,389.62 -99,567,189.46 -120,370,431.03 0.00 0.00 -568,072.78 0.00 -28,103,596.09 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 0.00 0.00
-142,186,100.88 -2,728,560,840.15 -71,567,859.13 -61,893,696.44 -1,564,504,550.40 107,182,747.44 40,094,155,190.00 162,814,820.84 226,501,303.58 17,863,063,367.03 -183,549,022.10 -36,592,433,484.00 -390,333,517.17 -253,102,357.29 -16,619,060,206.16 0.00 0.00 0.00 -4,120.23 -15,101.26 0.00 0.00 -398,501.41 0.00 -245,698,556.56
298,248,024.94 5,587,237,364.18 394,516,477.58 309,439,299.66 12,681,147,798.78
The accompanying notes form an integral part of these financial statements.
33 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Generics US Equity Growth Security Selection
USD USD USD NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 421,735,638.69 1,407,075,038.99 162,817,186.46
INCOME Interest on securities lending 69,666.12 0.00 37,757.95 Interest on swaps 0.00 0.00 0.00 Interest on credit default swaps 0.00 0.00 0.00 Interest on bonds, net 0.00 0.00 0.00 Bank interest 23,394.86 80,074.27 10,937.14 Dividends 3,230,144.06 10,678,619.10 2,089,175.49 3,323,205.04 10,758,693.37 2,137,870.58
EXPENSES Management and investment advisory fee (note 4) 6,809,779.03 13,520,621.83 3,737,765.46 Custodian fee, interest and bank charges 151,905.28 457,510.40 144,533.06 Service fee (note 5) 1,479,181.81 3,737,528.25 728,186.50 Performance fee (note 8) 0.00 0.00 0.00 Audit fees and other expenses 465,928.71 653,018.79 389,336.52 "Taxe d’abonnement" (note 3) 152,939.12 450,835.18 88,769.07 Interest paid on repurchase agreements 0.00 0.00 0.00 Interest paid on swaps 0.00 0.00 0.00 Premiums on credit default swaps 0.00 0.00 0.00 9,059,733.95 18,819,514.45 5,088,590.61
NET INVESTMENT INCOME -5,736,528.91 -8,060,821.08 -2,950,720.03
Net realised gain/loss on sales of investments 38,218,488.92 199,502,584.04 15,777,432.48 Net realised gain/loss on sales of investments – pooling effect 9,989,377.10 11,844,709.85 905,375.06 (note 1) Net realised gain/loss on forward exchange contracts 3,192,786.29 42,179,546.31 3,995.48 Net gain/loss on foreign exchange -3,625,812.13 -18,069,266.78 -516,790.28 Net realised gain/loss on forward contracts 0.00 0.00 0.00 Net realised gain/loss on swaps/credit default swaps 0.00 0.00 0.00
NET REALISED GAIN 42,038,311.27 227,396,752.34 13,219,292.71 Change in net unrealised gain/loss: - on investments -86,643,587.86 -140,236,906.58 -41,483,366.08 - on forward exchange contracts -2,413,390.38 -11,041,289.71 0.00 - on forward contracts 0.00 0.00 0.00 - on credit default swaps 0.00 0.00 0.00 - on swaps 0.00 0.00 0.00
GAIN/LOSS RESULTING FROM OPERATIONS -47,018,666.97 76,118,556.05 -28,264,073.37 Subscription of shares 479,076,800.03 692,963,670.75 259,385,199.64 Redemption of shares -497,849,534.57 -1,311,457,559.96 -199,339,199.49 Dividends paid (note 15) 0.00 0.00 0.00 Revaluation difference* -1,435,240.72 -9,272,060.94 0.00
NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 354,508,996.46 855,427,644.89 194,599,113.24 *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2010, and September 30, 2011.
The accompanying notes form an integral part of these financial statements.
34 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Clean Energy Russian Equities Timber Agriculture Global Megatrend Selection
USD USD USD EUR USD 643,362,071.50 320,093,395.55 114,583,152.00 139,167,388.20 485,369,777.38
503,346.45 39,093.57 198,031.09 18,169.62 488,302.78 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 0.00 0.00 38,062.44 15,266.92 13,358.49 16,786.63 50,386.40 8,772,997.31 7,968,657.44 6,898,746.10 2,298,724.09 12,517,120.67 9,314,406.20 8,023,017.93 7,110,135.68 2,333,680.34 13,055,809.85
8,841,828.81 7,078,219.25 2,573,334.42 3,352,897.71 16,220,468.43 325,558.45 393,502.86 361,689.41 172,032.47 591,333.51 1,798,480.20 1,617,827.01 492,769.70 665,344.20 2,833,266.69 0.00 0.00 0.00 0.00 0.00 965,580.61 544,309.32 86,090.46 226,993.78 1,018,131.99 203,945.21 151,294.59 58,422.12 85,626.53 372,944.26 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 12,135,393.28 9,785,153.03 3,572,306.11 4,502,894.69 21,036,144.88
-2,820,987.08 -1,762,135.10 3,537,829.57 -2,169,214.35 -7,980,335.03
-103,031,125.34 -1,042,497.07 -11,993,428.74 6,119,003.33 19,605,081.63 -3,731,165.86 0.00 -1,727,304.64 -105,548.85 -43,120,221.49
-10,438.07 0.00 1,147,825.17 11,363.88 -566,633.36 -2,080,273.39 -363,803.06 -1,808,525.51 -992,391.36 847,273.88 0.00 -5.30 0.00 0.00 59.67 0.00 0.00 0.00 0.00 0.00
-111,673,989.74 -3,168,440.53 -10,843,604.15 2,863,212.65 -31,214,774.70
-35,396,725.97 -156,126,739.55 -49,607,542.28 -41,663,864.89 -118,614,760.81 0.00 0.00 -406,085.25 0.00 -97,223.81 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
-147,070,715.71 -159,295,180.08 -60,857,231.68 -38,800,652.24 -149,926,759.32 425,895,929.45 641,206,514.25 295,402,851.78 224,054,083.62 864,109,306.43 -555,869,271.76 -432,481,569.75 -165,859,908.13 -141,262,884.17 -348,637,502.18 0.00 0.00 -330,898.46 -44.01 -61.49 0.00 0.00 -104,567.08 0.00 0.00
366,318,013.48 369,523,159.97 182,833,398.43 183,157,891.40 850,914,760.82
The accompanying notes form an integral part of these financial statements.
35 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Middle East And North Environmental High Dividend Selection Africa Megatrend Selection (note 18) (note 18)
USD EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 26,945,498.38 3,077,792.84 84,472,728.97
INCOME Interest on securities lending 0.00 15,930.45 418,971.11 Interest on swaps 0.00 0.00 0.00 Interest on credit default swaps 0.00 0.00 0.00 Interest on bonds, net 0.00 0.00 0.00 Bank interest 1,927.32 899.34 17,235.15 Dividends 1,049,120.85 304,745.35 9,588,501.76 1,051,048.17 321,575.14 10,024,708.02
EXPENSES Management and investment advisory fee (note 4) 455,082.98 246,226.65 3,760,618.79 Custodian fee, interest and bank charges 174,201.32 7,873.99 935,145.03 Service fee (note 5) 30,235.27 46,417.32 551,289.70 Performance fee (note 8) 0.00 0.00 0.00 Audit fees and other expenses 19,896.49 19,904.91 316,944.96 "Taxe d’abonnement" (note 3) 10,180.13 7,601.79 111,406.07 Interest paid on repurchase agreements 0.00 0.00 0.00 Interest paid on swaps 0.00 0.00 0.00 Premiums on credit default swaps 0.00 0.00 0.00 689,596.19 328,024.66 5,675,404.55
NET INVESTMENT INCOME 361,451.98 -6,449.52 4,349,303.47
Net realised gain/loss on sales of investments -874,129.27 -1,295,330.71 -3,222,012.09 Net realised gain/loss on sales of investments – pooling effect 191,535.02 -573,773.73 0.00 (note 1) Net realised gain/loss on forward exchange contracts 281,897.12 -24,170.21 -19.20 Net gain/loss on foreign exchange -344,555.22 -141,809.05 84,340.52 Net realised gain/loss on forward contracts 0.00 0.00 0.00 Net realised gain/loss on swaps/credit default swaps 0.00 0.00 0.00
NET REALISED GAIN -383,800.37 -2,041,533.22 1,211,612.70 Change in net unrealised gain/loss: - on investments -3,448,551.11 -1,994,549.45 -8,054,437.62 - on forward exchange contracts -108,427.70 396.05 0.00 - on forward contracts 0.00 0.00 0.00 - on credit default swaps 0.00 0.00 0.00 - on swaps 0.00 0.00 0.00
GAIN/LOSS RESULTING FROM OPERATIONS -3,940,779.18 -4,035,686.62 -6,842,824.92 Subscription of shares 18,676,416.61 23,904,586.59 382,273,945.05 Redemption of shares -19,063,115.00 -4,785,968.02 -90,980,868.88 Dividends paid (note 15) -102.90 0.00 -4,238,169.70 Revaluation difference* -57,388.86 0.00 0.00
NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 22,560,529.05 18,160,724.79 364,684,810.52 *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2010, and September 30, 2011.
The accompanying notes form an integral part of these financial statements.
36 Pictet
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2011
Absolute Return Global Absolute Return Global Diversified Conservative
EUR EUR 629,664,567.31 74,951,927.54
164,282.74 15,052.38 1,173,700.45 94,937.39 96,071.54 8,309.40 5,409,453.87 873,289.04 1,515,216.47 284,490.28 4,138,418.26 377,266.01 12,497,143.33 1,653,344.50
4,794,863.45 316,862.92 1,103,291.46 143,819.00 1,158,522.64 129,609.86 0.00 0.00 242,214.22 25,889.95 173,587.15 15,184.70 0.00 0.00 395,613.10 32,517.58 205,969.44 20,541.16 8,074,061.46 684,425.17
4,423,081.87 968,919.33
12,821,695.07 578,712.68 10,590,361.38 343,815.59
-6,409,575.27 -933,517.72 1,045,662.73 465,803.62 35,297,628.86 2,827,465.43 10,322,693.89 1,658,587.14
68,091,548.53 5,909,786.07
-48,914,953.70 -3,818,116.80 -4,571,478.98 -657,256.66 -6,771,930.59 -425,733.58 -681,437.64 -49,959.01 -8,222,254.57 -903,685.36
-1,070,506.95 55,034.66 232,882,839.79 44,466,881.16 -274,791,547.07 -34,220,774.44 -12,394.00 -478.50 2,425,302.94 0.00
589,098,262.02 85,252,590.42
The accompanying notes form an integral part of these financial statements.
37 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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 - -
The accompanying notes form an integral part of these financial statements.
38 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
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 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 - 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
The accompanying notes form an integral part of these financial statements.
39 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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 - 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
The accompanying notes form an integral part of these financial statements.
40 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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
The accompanying notes form an integral part of these financial statements.
41 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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
The accompanying notes form an integral part of these financial statements.
42 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
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
The accompanying notes form an integral part of these financial statements.
43 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
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
The accompanying notes form an integral part of these financial statements.
44 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
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
The accompanying notes form an integral part of these financial statements.
45 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
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 - 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
The accompanying notes form an integral part of these financial statements.
46 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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
The accompanying notes form an integral part of these financial statements.
47 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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 - -
The accompanying notes form an integral part of these financial statements.
48 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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 -
The accompanying notes form an integral part of these financial statements.
49 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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 - 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
The accompanying notes form an integral part of these financial statements.
50 Pictet
NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE
Sub-fund Type of shares Currency Number of shares Net asset value Net asset value Net asset value outstanding per share per share per share
30.09.2011 30.09.2011 30.09.2010 30.09.2009
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
The accompanying notes form an integral part of these financial statements.
51 Pictet - USD Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
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
DENMARK
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
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
GERMANY
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
NETHERLANDS
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
SOUTH KOREA
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
UNITED KINGDOM
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
The accompanying notes form an integral part of these financial statements.
52 Pictet - USD Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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 2.375% BP CAPITAL MARKETS 09/11 USD 2,383,000.00 2,390,530.28 0.30 2.75% BP CAPITAL MARKETS 09/12 USD 3,308,000.00 3,333,885.10 0.42 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
UNITED STATES
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
TOTAL I. 244,704,437.24 30.67
II. OTHER TRANSFERABLE SECURITIES
BONDS
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
III. MONEY MARKET INSTRUMENTS
AUSTRALIA
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% EXP. FIN. & INSUR. (ECP) 11/11 USD 25,000,000.00 24,993,655.00 3.13 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
AUSTRIA
C. PAP. OEST. KONTROLLBANK 16/12/11 USD 17,220,000.00 17,214,710.02 2.16
17,214,710.02 2.16
BELGIUM
CD KBC BANK NV 24/10/11 EUR 3,000,000.00 4,022,173.27 0.50
4,022,173.27 0.50
The accompanying notes form an integral part of these financial statements.
53 Pictet - USD Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
FINLAND
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
GERMANY
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. FMS WERTMANAGEMENT 11/10/11 CHF 3,000,000.00 3,302,862.60 0.41 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 C. PAP. SAXONY-ANHALT 07/12/11 USD 9,000,000.00 8,996,754.60 1.13 C. PAP. SAXONY-ANHALT 25/11/11 USD 7,000,000.00 6,997,958.80 0.88 0% DEUTSCHE BAHN (ECP) 11/11 USD 15,000,000.00 14,987,359.50 1.88 0% HONDA BANK (ECP) 11/11 EUR 4,500,000.00 6,035,108.03 0.76
95,076,968.91 11.92
JAPAN
TBI JAPAN 14/11/11 N214 JPY 600,000,000.00 7,783,331.99 0.98 TBI JAPAN 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
NETHERLANDS
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% PACCAR FIN. EUR. (ECP) 11/11 EUR 4,000,000.00 5,362,684.09 0.67 0% RABOBANK (ECP) 11/12 EUR 5,000,000.00 6,690,852.44 0.84
70,719,207.58 8.80
The accompanying notes form an integral part of these financial statements.
54 Pictet - USD Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
NORWAY
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
SOUTH KOREA
C. PAP. EXPORT-IM. BK KOREA 25/11/11 USD 6,500,000.00 6,491,814.55 0.81 C. PAP. INDUSTR. BK OF KOREA 01/03/12 EUR 4,500,000.00 5,994,816.26 0.75 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
SWEDEN
C. PAP. NORDEA BANK 01/12/11 EUR 9,000,000.00 12,048,883.77 1.51 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. SKAND. ENSKILDA BANK. 25/11/11 EUR 4,500,000.00 6,026,855.14 0.76 C. PAP. STADSHYPOTEK 19/12/11 EUR 2,500,000.00 3,345,173.65 0.42 C. PAP. SVENSKA HANDELSBANK. 18/10/11 EUR 6,000,000.00 8,045,001.82 1.01 C. PAP. SVENSKA HANDELSBANK. 25/11/11 EUR 5,000,000.00 6,693,191.03 0.84 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
UNITED KINGDOM
C. PAP. BARCLAYS BANK 22/12/11 EUR 5,000,000.00 6,688,480.31 0.84 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
UNITED STATES
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
TOTAL III. 517,668,093.35 64.85
TOTAL INVESTMENTS 775,366,206.59 97.15
CASH AT BANKS 9,911,432.40 1.24 OTHER NET ASSETS 12,875,550.09 1.61
TOTAL NET ASSETS 798,153,189.08 100.00
The accompanying notes form an integral part of these financial statements.
55 Pictet - USD Liquidity
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Germany 16.47 Money market instruments 64.85 France 15.52 Bonds issued by companies 30.05 United Kingdom 15.28 Bonds issued by countries or cities 2.25 Netherlands 12.66 97.15
United States 8.31 Sweden 7.71 Australia 6.37 South Korea 3.26 Japan 2.61 Luxembourg 2.51 Austria 2.16 Finland 1.56 Canada 1.08 Norway 0.84 Belgium 0.50 Denmark 0.31 97.15
The accompanying notes form an integral part of these financial statements.
56 Pictet - EUR Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
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
AUSTRIA
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
DENMARK
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
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 BNP PARIBAS 11/12 EUR 10,000,000.00 9,986,450.00 0.50 FRN BNP PARIBAS 11/12 EUR 10,000,000.00 9,971,100.00 0.50 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
GERMANY
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
The accompanying notes form an integral part of these financial statements.
57 Pictet - EUR Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
IRELAND
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
NETHERLANDS
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
NORWAY
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
SINGAPORE
6% SINGAPORE TELECOM. 01/11 EUR 6,200,000.00 6,234,007.00 0.31
6,234,007.00 0.31
SPAIN
FRN SANTANDER INTL 06/11 EUR 2,850,000.00 2,849,985.75 0.14
2,849,985.75 0.14
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
SWEDEN
FRN NORDEA BANK 11/13 EUR 10,000,000.00 9,969,600.00 0.50
9,969,600.00 0.50
SWITZERLAND
5.125% CREDIT SUISSE 09/12 EUR 6,425,000.00 6,523,366.75 0.33
6,523,366.75 0.33
UNITED KINGDOM
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
The accompanying notes form an integral part of these financial statements.
58 Pictet - EUR Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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
UNITED STATES
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
TOTAL I. 498,105,030.40 25.01
II. MONEY MARKET INSTRUMENTS
AUSTRALIA
0% TOYOTA FIN. AUS. (ECP) 11/11 CHF 10,000,000.00 8,205,660.27 0.41
8,205,660.27 0.41
AUSTRIA
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 C. PAP. KA FINANZ 20/01/12 EUR 20,000,000.00 19,945,536.00 1.00 C. PAP. KA FINANZ 23/01/12 EUR 10,000,000.00 9,972,117.00 0.50 C. PAP. KA FINANZ 26/01/12 EUR 15,000,000.00 14,957,205.00 0.75
80,327,282.35 4.04
BELGIUM
CD KBC BANK NV 24/10/11 EUR 8,000,000.00 7,994,159.20 0.40
7,994,159.20 0.40
FINLAND
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
The accompanying notes form an integral part of these financial statements.
59 Pictet - EUR Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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 TBI FRANCE (BTF) 22/12/11 EUR 15,000,000.00 14,987,329.50 0.75 TBI FRANCE (BTF) 24/11/11 EUR 25,000,000.00 24,986,742.50 1.26 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
GERMANY
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. ERSTE ABWICKLUNG. 14/12/11 EUR 6,000,000.00 5,988,581.40 0.30 C. PAP. ERSTE ABWICKLUNG. 26/01/12 EUR 30,000,000.00 29,913,069.00 1.50 C. PAP. FMS WERTMANAGEMENT 05/10/11 EUR 10,000,000.00 9,999,709.00 0.50 C. PAP. FMS WERTMANAGEMENT 07/11/11 CHF 25,000,000.00 20,514,082.98 1.03 C. PAP. FMS WERTMANAGEMENT 14/12/11 EUR 20,000,000.00 19,964,288.00 1.00 C. PAP. HONDA BANK GMBH 14/12/11 EUR 5,000,000.00 4,984,572.50 0.25 TBI GERMANY 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 0% HONDA BANK (ECP) 11/11 EUR 4,000,000.00 3,998,304.00 0.20
165,249,996.38 8.29
IRELAND
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
JAPAN
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 JAPAN 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
C. PAP. STE EUROPEENNE BANQUE 03/10/11 EUR 16,000,000.00 16,000,000.00 0.80 C. PAP. STE EUROPEENNE BANQUE 03/11/11 EUR 18,000,000.00 17,971,374.60 0.90
33,971,374.60 1.70
The accompanying notes form an integral part of these financial statements.
60 Pictet - EUR Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
NETHERLANDS
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. PACCAR FINANCIAL 15/12/11 EUR 5,000,000.00 4,988,448.00 0.25 C. PAP. PACCAR FINANCIAL 21/11/11 EUR 2,000,000.00 1,996,798.40 0.10 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 NETHERLANDS 30/11/11 EUR 50,000,000.00 49,994,980.00 2.51 TBI NETHERLANDS 30/12/11 EUR 40,000,000.00 39,992,748.00 2.01 0% NETHERLANDS 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 0% PACCAR FIN. EUR. (ECP) 11/11 EUR 10,000,000.00 9,992,301.00 0.50
176,890,422.80 8.88
NORWAY
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
SOUTH KOREA
C. PAP. INDUSTR. BK OF KOREA 01/03/12 EUR 8,000,000.00 7,943,220.80 0.40 C. PAP. KOOKMIN BANK 28/03/12 EUR 7,000,000.00 6,950,107.50 0.35 C. PAP. KOREA DEV. BANK 02/03/12 EUR 10,000,000.00 9,961,659.00 0.50 0% KOREA FIN. (CP) 27.10.11 EUR 14,000,000.00 13,991,719.00 0.70
38,846,706.30 1.95
SPAIN
C. PAP. SANTANDER 24/10/11 EUR 8,000,000.00 7,991,631.20 0.40
7,991,631.20 0.40
SWEDEN
C. PAP. NORDEA BANK 03/01/12 EUR 10,000,000.00 9,966,754.00 0.50 C. PAP. SBAB SWEDISH. HOU. FIN. 21/11/11 EUR 14,500,000.00 14,476,598.45 0.73 C. PAP. SKAND. ENSKILDA BANK. 25/11/11 EUR 8,000,000.00 7,985,672.80 0.40 C. PAP. STADSHYPOTEK 30/11/11 EUR 10,000,000.00 9,979,234.00 0.50 C. PAP. SVENSKA HANDELSBANK. 03/11/11 EUR 15,000,000.00 14,979,532.50 0.75 C. PAP. SVENSKA HANDELSBANK. 18/10/11 EUR 10,000,000.00 9,993,513.00 0.50 C. PAP. SVENSKA HANDELSBANK. 22/03/12 EUR 6,000,000.00 5,958,714.00 0.30 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
SWITZERLAND
CLAIM SWISS CONFED. 03/11/11 S37925 CHF 70,000,000.00 57,438,938.35 3.07
57,438,938.35 3.07
UNITED KINGDOM
C. PAP. BARCLAYS BANK 20/12/11 EUR 20,000,000.00 19,941,662.00 1.00 C. PAP. BARCLAYS BANK 22/12/11 EUR 5,000,000.00 4,985,064.00 0.25 C. PAP. KOREA DEV. BANK 05/01/12 EUR 7,000,000.00 6,979,487.90 0.35
The accompanying notes form an integral part of these financial statements.
61 Pictet - EUR Liquidity
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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 0% STANDARD CHART. (ECP) 11/11 EUR 15,000,000.00 14,958,637.50 0.75
128,748,248.00 6.45
TOTAL II. 1,337,548,023.93 67.30
TOTAL INVESTMENTS 1,835,653,054.33 92.31
CASH AT BANKS 138,418,690.11 6.96 OTHER NET ASSETS 14,465,238.55 0.73
TOTAL NET ASSETS 1,988,536,982.99 100.00
The accompanying notes form an integral part of these financial statements.
62 Pictet - EUR Liquidity
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) France 20.87 Money market instruments 67.30 United Kingdom 12.30 Bonds issued by companies 24.51 Netherlands 11.64 Bonds issued by supranational institutions 0.50 Germany 11.50 92.31
Sweden 5.53 Austria 4.39 Japan 4.03 Finland 3.77 Switzerland 3.40 United States 2.41 South Korea 1.95 Australia 1.86 Canada 1.73 Luxembourg 1.70 Ireland 1.40 Norway 0.83 Jersey 0.75 Spain 0.54 Supranational 0.50 Denmark 0.50 Belgium 0.40 Singapore 0.31 92.31
The accompanying notes form an integral part of these financial statements.
63 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
ARGENTINA
STEP ARGENTINA 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% ARGENTINA 05/33 USD 26,660,090.00 24,056,345.60 0.86
51,592,845.60 1.85
BELARUS
8.75% BELARUS 10/15 USD 9,999,000.00 7,324,267.50 0.26 8.95% BELARUS 11/18 USD 5,970,000.00 4,328,250.00 0.15
11,652,517.50 0.41
BELIZE
STEP GOV. OF BELIZE 07/29 USD 7,636,000.00 4,734,320.00 0.17
4,734,320.00 0.17
BRAZIL
4.875% BRAZIL 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% BRAZIL 09/41 USD 20,500,000.00 22,165,625.00 0.79 5.875% BRAZIL 09/19 USD 23,400,000.00 27,003,600.00 0.96 6% BRAZIL 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% BRAZIL 06/37 USD 20,810,000.00 26,636,800.00 0.95 7.875% BRAZIL 05/15 USD 4,000,000.00 4,720,000.00 0.17 8% BRAZIL 05/18 USD 6,075,000.00 5,204,655.87 0.19 8.75% BRAZIL 05/25 USD 18,250,000.00 25,732,500.00 0.92 11% BRAZIL 00/40 USD 4,640,000.00 6,136,400.00 0.22
189,576,600.87 6.76
BRITISH VIRGIN ISLANDS
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
CHILE
3.25% CHILE -GLOBAL- 11/21 USD 31,400,000.00 30,888,965.00 1.10 3.875% CHILE 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
The accompanying notes form an integral part of these financial statements.
64 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
COLOMBIA
4.375% COLOMBIA 11/21 USD 1,000,000.00 1,025,000.00 0.04 6.125% COLOMBIA 09/41 USD 25,600,000.00 29,056,000.00 1.04 7.375% COLOMBIA 06/17 USD 12,000,000.00 14,370,000.00 0.51 7.375% COLOMBIA 06/37 USD 14,200,000.00 18,531,000.00 0.66 7.375% COLOMBIA 09/19 USD 8,650,000.00 10,704,375.00 0.38 8.125% COLOMBIA 04/24 USD 6,850,000.00 9,093,375.00 0.32 8.25% COLOMBIA 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
CROATIA
6.375% CROATIA 11/21 -SR- REG.S USD 20,780,000.00 19,013,700.00 0.68 6.625% CROATIA 10/20 USD 12,080,000.00 11,415,600.00 0.41 6.75% CROATIA 09/19 USD 11,750,000.00 11,250,625.00 0.40
41,679,925.00 1.49
DOMINICAN REPUBLIC
7.5% DOMINICAN REPUBLIC 10/21 USD 15,190,000.00 14,886,200.00 0.53 8.625% DOMINICAN REPUBLIC 06/27 USD 4,500,000.00 4,725,000.00 0.17 9.04% DOMINICAN REPUBLIC 05/18 USD 1,300,000.00 1,562,956.97 0.06
21,174,156.97 0.76
ECUADOR
9.375% EQUATEUR REG-S 05/15 USD 8,500,000.00 8,415,000.00 0.30
8,415,000.00 0.30
EGYPT
6.875% EGYPT 10/20 USD 11,900,000.00 11,929,750.00 0.43
11,929,750.00 0.43
EL 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
GABON
8.2% GABON 07/17 USD 7,300,000.00 8,030,000.00 0.29
8,030,000.00 0.29
The accompanying notes form an integral part of these financial statements.
65 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
GEORGIA
6.875% GEORGIA 11/21 USD 9,113,000.00 8,976,305.00 0.32 7.5% GEORGIA 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
HUNGARY
4.75% HUNGARY 05/15 USD 29,000,000.00 28,420,000.00 1.02 6.25% HUNGARY 10/20 USD 16,600,000.00 16,102,000.00 0.58 6.375% HUNGARY 11/21 USD 3,970,000.00 3,831,050.00 0.14 7.625% HUNGARY 11/41 USD 20,898,000.00 20,271,060.00 0.72
68,624,110.00 2.46
INDONESIA
4.875% INDONESIA 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% INDONESIA 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% INDONESIA 07/37 USD 11,200,000.00 12,600,000.00 0.45 6.75% INDONESIA 04/14 USD 1,000,000.00 1,080,000.00 0.04 6.875% INDONESIA 08/18 USD 3,000,000.00 3,420,000.00 0.12 7.25% INDONESIA 05/15 USD 13,800,000.00 15,456,000.00 0.55 7.50% INDONESIA 05/16 USD 5,000,000.00 5,712,500.00 0.20 7.75% INDONESIA 08/38 USD 20,250,000.00 25,515,000.00 0.91 8.5% INDONESIA 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% INDONESIA 08/12 IDR 15,000,000,000.00 1,730,567.85 0.06 10.375% INDONESIA 09/14 USD 2,000,000.00 2,345,000.00 0.08 11.625% INDONESIA 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
IRELAND
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
IVORY COAST
2.5% IVORY COAST 09/32 USD 24,416,000.00 12,269,040.00 0.44
12,269,040.00 0.44
The accompanying notes form an integral part of these financial statements.
66 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
JAMAICA
8.5% JAMAICA 06/36 -SR- USD 2,500,000.00 2,500,000.00 0.09
2,500,000.00 0.09
JORDAN
3.875% JORDAN 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
LATVIA
5.25% LATVIA 11/21 USD 8,000,000.00 7,640,000.00 0.27
7,640,000.00 0.27
LEBANON
4% LEBANON 02/17 USD 19,100,000.00 12,148,076.26 0.43 5.15% LEBANON 10/18 USD 8,700,000.00 8,634,750.00 0.31 6% LEBANON 11/19 USD 1,400,000.00 1,445,500.00 0.05 6.10% LEBANON 10/22 USD 23,000,000.00 23,022,997.70 0.82 6.375% LEBANON 10/20 USD 11,290,000.00 11,882,725.00 0.42 7.9% LEBANON 10/17 LBP 6,500,000,000.00 4,515,531.14 0.16 8.25% LEBANON 06/21 USD 13,400,000.00 15,678,000.00 0.56
77,327,580.10 2.75
LITHUANIA
5.125% LITHUANIA 10/17 USD 21,250,000.00 20,878,125.00 0.75 6.75% LITHUANIA 09/15 USD 18,900,000.00 19,939,500.00 0.71 7.375% LITHUANIA 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
MALAYSIA
2.615% DANGA CAPITAL 10/15 SGD 5,000,000.00 3,831,247.30 0.14 3.725% DANGA CAPITAL 10/20 SGD 5,500,000.00 4,208,463.05 0.15 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
The accompanying notes form an integral part of these financial statements.
67 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
MEXICO
5.125% MEXICO 10/20 USD 16,590,000.00 18,041,625.00 0.64 5.625% MEXICO 06/17 USD 10,070,000.00 11,228,050.00 0.40 5.75% MEXICO 10/10 USD 19,400,000.00 19,012,000.00 0.68 5.875% MEXICO 03/14 USD 1,144,000.00 1,233,518.00 0.04 5.95% MEXICO 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% MEXICO 03/15 USD 2,500,000.00 2,832,499.75 0.10 6.75% MEXICO 04/34 USD 9,200,000.00 11,339,000.00 0.40 7.50% MEXICO 03/33 USD 8,490,000.00 11,270,475.00 0.40 8.5% MEXICO 09/38 MXN 1,300,000.00 10,172,826.41 0.36
113,652,042.93 4.04
NETHERLANDS
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
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
PERU
5.625% PERU 10/50 USD 10,815,000.00 10,815,000.00 0.39 6.55% PERU 07/37 USD 22,437,000.00 26,251,290.00 0.94 7.125% PERU 09/19 USD 5,200,000.00 6,292,000.00 0.22 7.35% PERU 05/25 USD 26,900,000.00 33,490,500.00 1.20 8.75% PERU 03/33 USD 10,465,000.00 14,938,787.50 0.53
91,787,577.50 3.28
The accompanying notes form an integral part of these financial statements.
68 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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 8.4% NATIONAL POWER 03/16 USD 3,909,000.00 4,690,800.00 0.17 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 9.625% NATIONAL POWER 02/28 USD 17,669,000.00 23,897,322.50 0.85 9.875% PHILIPPINES 99/19 USD 3,000,000.00 4,038,750.00 0.14
137,445,128.27 4.91
POLAND
5% POLAND 05/15 USD 20,000,000.00 21,100,000.00 0.75 5.125% POLAND 11/21 USD 17,804,000.00 17,759,490.00 0.63 5.75% POLAND 01/22 PLN 31,843,000.00 9,555,349.82 0.34 6.375% POLAND 09/19 USD 33,300,000.00 36,463,500.00 1.30
84,878,339.82 3.02
REPUBLIC OF SERBIA
3.75% REPUBLIC OF SERBIA 05/24 USD 6,200,000.00 5,273,100.58 0.19
5,273,100.58 0.19
RUSSIA
STEP RUSSIA REG-S 00/30 USD 96,500,000.00 93,948,290.38 3.48 5% RUSSIA 10/20 USD 2,000,000.00 1,970,000.00 0.07 12.75% RUSSIA NOM. 'S' 98/28 USD 5,500,000.00 9,201,500.00 0.33
105,119,790.38 3.88
SENEGAL
8.75% SENEGAL 11/21 USD 1,640,000.00 1,615,400.00 0.06
1,615,400.00 0.06
SINGAPORE
2.5% SINGAPORE 09/19 SGD 2,000,000.00 1,662,957.03 0.06 3.25% SINGAPORE 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
SOUTH AFRICA
5.5% SOUTH AFRICA 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 5.875% SOUTH AFRICA 07/22 USD 12,000,000.00 13,425,000.00 0.48 6.25% SOUTH AFRICA 11/41 SR USD 4,000,000.00 4,465,000.00 0.16
The accompanying notes form an integral part of these financial statements.
69 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
6.75% SOUTH AFRICA 06/21 R208-SR ZAR 75,523,000.00 8,453,837.66 0.30 6.875% SOUTH AFRICA 09/19 USD 4,500,000.00 5,355,000.00 0.19 7% SOUTH AFRICA 10/31 ZAR 73,188,006.00 7,482,650.05 0.27 10.5% SOUTH AFRICA 97/26 ZAR 229,500,000.00 33,092,713.54 1.18 13.5% SOUTH AFRICA S157 91/15 ZAR 50,000,000.00 7,595,490.59 0.27
140,773,441.84 5.02
SOUTH KOREA
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
SRI LANKA
6.25% GOVT OF 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
TURKEY
5.625% TURKEY 10/21 USD 23,170,000.00 23,778,212.50 0.85 6.75% TURKEY 10/40 USD 12,000,000.00 12,600,000.00 0.45 6.875% TURKEY 06/36 USD 21,850,000.00 23,270,250.00 0.83 7% TURKEY 08/19 USD 3,000,000.00 3,356,250.00 0.12 7.25% TURKEY 04/15 USD 2,500,000.00 2,765,625.00 0.10 7.375% TURKEY 05/25 USD 20,000,000.00 22,900,000.00 0.82 7.5% TURKEY 09/17 USD 29,000,000.00 33,060,000.00 1.18 7.5% TURKEY 09/19 USD 11,000,000.00 12,732,500.00 0.45 8% TURKEY 04/34 USD 10,000,000.00 12,037,500.00 0.43
146,500,337.50 5.23
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
UNITED KINGDOM
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
The accompanying notes form an integral part of these financial statements.
70 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
UNITED STATES
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
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
VIET NAM
6.875% VIET NAM 05/16 USD 14,206,000.00 14,223,757.50 0.51
14,223,757.50 0.51
ZAMBIA
12% ZAMBIA 07/12 ZMK 5,000,000,000.00 1,018,553.70 0.04
1,018,553.70 0.04
TOTAL BONDS 2,518,470,744.53 90.07
OPTIONS
UNITED KINGDOM
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 OPTIONS 216,551.73 0.00
TOTAL I. 2,518,687,296.26 90.07
II. OTHER TRANSFERABLE SECURITIES
BONDS
GHANA
14.47% GHANA 06/11 GHS 500,000.00 313,470.57 0.01
313,470.57 0.01
The accompanying notes form an integral part of these financial statements.
71 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
SRI LANKA
6.75% GOVT OF 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 6.9% GOVT OF SRI LANKA 10/12 LKR 310,000,000.00 2,801,143.97 0.10 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
TOTAL BONDS 25,226,365.91 0.91
OPTIONS
CHINA
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 09/11/2011 6.27 -607,000.00 -19,229.76 0.00 PUT USD/CNY SPOT CROSS RATES 09/11/2011 6.32 607,000.00 109,338.91 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 23/12/2011 6.26 -800,200.00 -103,137.78 0.00 PUT USD/CNY SPOT CROSS RATES 23/12/2011 6.359 -247,000.00 -114,649.99 0.00 PUT USD/CNY SPOT CROSS RATES 23/12/2011 6.36 800,200.00 374,437.59 0.01 PUT USD/CNY SPOT CROSS RATES 23/12/2011 6.4 247,000.00 150,687.29 0.01 PUT USD/CNY SPOT CROSS RATES 25/10/2011 6.39 -80,088,000.00 -400,440.00 -0.01 PUT USD/CNY SPOT CROSS RATES 25/10/2011 6.44 40,044,000.00 434,877.84 0.02 PUT USD/CNY SPOT CROSS RATES 27/12/2011 6.2 16,425,100.00 6,241.54 0.00 PUT USD/CNY SPOT CROSS RATES 27/12/2011 6.3 -32,850,200.00 -65,371.90 0.00 PUT USD/CNY SPOT CROSS RATES 27/12/2011 6.5 16,425,100.00 334,415.04 0.01 PUT USD/CNY SPOT CROSS RATES 29/12/2011 6.5 38,691,323.00 794,719.77 0.03
1,487,915.07 0.07
FRANCE
PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 759,000.00 736,929.75 0.03 PUT AUD/JPY SPOT CROSS RATES 10/10/2011 77.1 -759,000.00 -620,959.89 -0.02
115,969.86 0.01
INDIA
CALL USD/INR SPOT CROSS RATES 20/12/2011 0 326,300.00 0.00 0.00 CALL USD/INR SPOT CROSS RATES 23/12/2011 0 326,300.00 0.00 0.00 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
INDONESIA
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
The accompanying notes form an integral part of these financial statements.
72 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
JAPAN
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 PUT EUR/JPY CROSS-RATES 29/11/2011 106.5 455,108.00 228,280.38 0.01
836,751.85 0.03
SWITZERLAND
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/CHF SPOT CROSS RATES 12/03/2012 1.1 759,000.00 107,018.75 0.00 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 PUT GBP/USD SPOT CROSS RATES 07/10/2011 1.5 327,000.00 24,099.74 0.00 PUT USD/HKD SPOT CROSS RATES 15/12/2011 7.7 80,935,252.00 77,697.84 0.00
1,254,949.71 0.04
UNITED KINGDOM
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 JPY/KRW SPOT CROSS RATE 30/08/2012 0 81,920,000.00 0.00 0.00 CALL JPY/KRW SPOT CROSS RATE 30/08/2012 0 81,920,000.00 0.00 0.00 CALL USD/JPY SPOT CROSS RATES 12/12/2011 86.65 807,955.00 0.00 0.00 CALL USD/KRW SPOT CROSS RATES 04/10/2011 1130 30,625,000.00 0.00 0.00 CALL USD/KRW SPOT CROSS RATES 29/09/2011 1051 759,000.00 0.00 0.00 CALL USD/KRW SPOT CROSS RATES 30/11/2011 1028 -759,000.00 0.00 0.00 CALL USD/MYR SPOT CROSS RATES 30/09/2011 0 642,400.00 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/CHF SPOT CROSS RATES 23/12/2011 1.2 386,913.00 156,749.10 0.01 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/HKD SPOT CROSS RATES 28/10/2011 7.79 81,586,000.00 108,509.38 0.00 PUT USD/HKD SPOT CROSS RATES 31/10/2011 7.75 -72,020,400.00 -34,569.79 0.00 PUT USD/HKD SPOT CROSS RATES 31/10/2011 7.795 48,013,600.00 83,543.66 0.00 PUT USD/KRW SPOT CROSS RATES 28/09/2011 1072 22,755,000.00 0.00 0.00 PUT USD/KRW SPOT CROSS RATES 29/09/2011 1072 22,755,000.00 0.00 0.00
745,569.38 0.03
The accompanying notes form an integral part of these financial statements.
73 Pictet - Global Emerging Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
UNITED STATES
CALL USD/PHP SPOT CROSS RATES 10/10/2011 42.23 30,340,557.00 0.00 0.00
0.00 0.00
TOTAL OPTIONS 4,441,838.52 0.18
TOTAL II. 29,668,204.43 1.09
III. MONEY MARKET INSTRUMENTS
SRI LANKA
TBI GOVT OF SRI LANKA 30/09/11 LKR 84,000,000.00 762,251.68 0.03 0% GOVT OF SRI LANKA 10/11 LKR 388,000,000.00 3,499,047.01 0.12 0% GOVT OF SRI LANKA 11/12 LKR 175,000,000.00 1,543,242.05 0.06
5,804,540.74 0.21
TOTAL III. 5,804,540.74 0.21
TOTAL INVESTMENTS 2,554,160,041.43 91.37
CASH AT BANKS 190,203,001.56 6.80 OTHER NET ASSETS 50,939,320.87 1.83
TOTAL NET ASSETS 2,795,302,363.86 100.00
The accompanying notes form an integral part of these financial statements.
74 Pictet - Global Emerging Debt
GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Geographical classification (continued) (in % of net assets) (in % of net assets) Brazil 6.76 Senegal 0.06 Turkey 5.23 Zambia 0.04 South Africa 5.02 Switzerland 0.04 Philippines 4.91 Japan 0.03 Indonesia 4.43 France 0.01 Mexico 4.04 India 0.00 Russia 3.88 91.37
Venezuela 3.45 Peru 3.28 Colombia 3.08 Ukraine 3.07 Poland 3.02 Netherlands 2.91 Panama 2.85 Lebanon 2.75 Kazakhstan 2.56 Sri Lanka 2.53 Hungary 2.46 Uruguay 2.41 Chile 2.25 Lithuania 2.10 Argentina 1.85 Ireland 1.62 Malaysia 1.53 Croatia 1.49 El Salvador 1.34 United States 1.24 Georgia 0.99 Irak 0.83 Dominican Republic 0.76 Singapore 0.55 Luxembourg 0.52 Viet Nam 0.51 Ivory Coast 0.44 Pakistan 0.43 Egypt 0.43 Belarus 0.41 British Virgin Islands 0.38 Ecuador 0.30 Gabon 0.29 Latvia 0.27 United Kingdom 0.25 Jordan 0.23 Ghana 0.22 Congo 0.21 South Korea 0.20 Supranational 0.20 Republic Of Serbia 0.19 Nigeria 0.19 Belize 0.17 Jamaica 0.09 China 0.07
The accompanying notes form an integral part of these financial statements.
75 Pictet - Global Emerging Debt
INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Industrial classification (in % of net assets) Bonds issued by countries or cities 68.15 Bonds issued by companies 22.83 Money market instruments 0.21 Options 0.18 91.37
The accompanying notes form an integral part of these financial statements.
76 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
5.25% AUSTRALIA 05/19 AUD 260,000.00 203,012.21 0.11 5.75% AUSTRALIA 07/21 AUD 260,000.00 211,524.21 0.12 5.75% AUSTRALIA 10/22 AUD 135,000.00 110,291.94 0.06 6% AUSTRALIA 04/17 AUD 270,000.00 216,281.04 0.12 6.25% AUSTRALIA 02/15 AUD 465,000.00 365,466.03 0.20 6.5% AUSTRALIA 00/13 AUD 465,000.00 351,771.93 0.19
1,458,347.36 0.80
BELGIUM
4.25% BELGIUM 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
DENMARK
3.125% DENMARK 09/14 EUR 300,000.00 313,792.47 0.17 4% DENMARK 03/15 DKK 1,400,000.00 210,078.21 0.12 4% DENMARK 05/17 DKK 1,290,000.00 198,991.27 0.11 4% DENMARK 08/12 DKK 790,000.00 110,152.84 0.06 4.5% DENMARK 07/39 DKK 1,250,000.00 233,649.27 0.13 5% DENMARK 01/13 DKK 910,000.00 133,429.97 0.07 7% DENMARK 93/24 DKK 900,000.00 184,475.60 0.10
1,384,569.63 0.76
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
The accompanying notes form an integral part of these financial statements.
77 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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
GERMANY
2.00% KRED. WIEDERAUFBAU 11/16 EUR 1,470,000.00 1,482,686.10 0.82 3% GERMANY 10/20 EUR 460,000.00 506,931.50 0.28 3.25% GERMANY 05/15 EUR 630,000.00 685,036.80 0.38 3.25% GERMANY 09/20 EUR 200,000.00 224,207.98 0.12 3.25% GERMANY 10/42 EUR 130,000.00 146,495.69 0.08 3.25% GERMANY 11/21 EUR 500,000.00 561,439.95 0.31 3.5% GERMANY 08/13 EUR 1,150,000.00 1,202,054.64 0.66 3.75% GERMANY 04/15 EUR 740,000.00 810,362.83 0.45 3.75% GERMANY 06/17 EUR 330,000.00 372,345.57 0.21 3.75% GERMANY 08/19 EUR 650,000.00 748,728.44 0.41 4% GERMANY 05/37 EUR 280,000.00 347,760.00 0.19 4% GERMANY 07/18 EUR 250,000.00 289,170.00 0.16 4% GERMANY 08/13 EUR 470,000.00 502,340.70 0.28 4.25% GERMANY 03/14 EUR 1,000,000.00 1,081,880.00 0.60 4.25% GERMANY 07/39 EUR 165,000.00 215,593.95 0.12 4.25% GERMANY 08/18 EUR 430,000.00 507,494.60 0.28 4.75% GERMANY 03/34 EUR 250,000.00 337,815.00 0.19 4.75% GERMANY 08/40 EUR 200,000.00 282,995.98 0.16 4.75% GERMANY 98/28 EUR 330,000.00 428,993.37 0.24 5.50% GERMANY 00/31 EUR 200,000.00 285,351.98 0.16 6.25% GERMANY 00/30 EUR 130,000.00 199,420.00 0.11 6.25% GERMANY 94/24 EUR 140,000.00 201,273.79 0.11 6.5% GERMANY 97/27 EUR 130,000.00 198,500.24 0.11
11,618,879.11 6.43
ITALY
3% ITALY (BTP) 10/15 EUR 590,000.00 559,125.24 0.31 3.5% ITALY (BTP) 09/14 EUR 470,000.00 459,490.75 0.25 3.75% ITALY (BTP) 10/2 EUR 500,000.00 440,565.00 0.24 3.75% ITALY 05/15 EUR 600,000.00 584,063.94 0.32 3.75% ITALY 06/16 EUR 490,000.00 468,016.10 0.26 3.75% ITALY 06/21 EUR 480,000.00 420,542.40 0.23 4% ITALY 06/17 EUR 590,000.00 565,641.79 0.31 4.25% ITALY (BTP) 07/12 EUR 400,000.00 401,988.00 0.22 4.25% ITALY 03/19 EUR 800,000.00 748,967.92 0.41
The accompanying notes form an integral part of these financial statements.
78 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
4.25% ITALY 04/14 EUR 350,000.00 348,046.97 0.19 4.25% ITALY 08/13 EUR 800,000.00 801,727.92 0.44 4.5% ITALY 04/20 EUR 700,000.00 657,096.93 0.36 4.5% ITALY 07/18 EUR 290,000.00 277,841.75 0.15 4.5% ITALY 08/18 EUR 270,000.00 257,721.75 0.14 4.75% ITALY 02/13 EUR 800,000.00 806,831.92 0.45 4.75% ITALY 08/23 EUR 460,000.00 416,621.95 0.23 5% ITALY (BTP) 07/39 EUR 400,000.00 330,163.96 0.18 5% ITALY (BTP) 09/25 EUR 430,000.00 391,461.21 0.22 5% ITALY 03/34 EUR 590,000.00 491,446.40 0.27 5% ITALY 09/40 EUR 205,000.00 168,714.98 0.09 5.25% ITALY 98/29 EUR 365,000.00 323,116.25 0.18 6% ITALY 99/31 EUR 330,000.00 311,067.90 0.17 6.50% ITALY 97/27 EUR 415,000.00 416,344.56 0.23
10,646,605.59 5.85
JAPAN
0.5% JAPAN N°250 03/13 JPY 101,000,000.00 982,867.40 0.54 0.7% JAPAN N°84 09/14 JPY 147,000,000.00 1,441,312.71 0.80 0.7% JAPAN N-248 03/13 JPY 93,000,000.00 906,904.88 0.50 0.8% JAPAN N-247 03/13 JPY 103,000,000.00 1,005,815.87 0.56 0.9% JAPAN N-245 02/12 JPY 222,000,000.00 2,166,921.82 1.14 0.9% JAPAN N-251 03/13 JPY 20,000,000.00 195,961.58 0.11 1% JAPAN N°310 10/20 JPY 205,000,000.00 1,999,488.04 1.11 1% JAPAN N°61 03/23 JPY 16,000,000.00 151,679.26 0.08 1% JAPAN N-252 03/13 JPY 47,000,000.00 461,282.34 0.26 1.3% JAPAN N-257 03/13 JPY 189,000,000.00 1,874,132.77 1.04 1.3% JAPAN N-270 05/15 JPY 107,000,000.00 1,073,846.53 0.59 1.3% JAPAN N-291 08/18 JPY 26,000,000.00 263,574.44 0.15 1.30% JAPAN 08/18 N298 -SR- JPY 58,000,000.00 587,536.30 0.32 1.4% JAPAN N°254 03/13 JPY 108,000,000.00 1,070,306.43 0.59 1.4% JAPAN N°275 06/15 JPY 105,000,000.00 1,061,186.19 0.59 1.4% JAPAN N°302 09/19 JPY 104,000,000.00 1,059,124.66 0.59 1.4% JAPAN N°303 09/19 JPY 177,000,000.00 1,799,125.86 1.00 1.4% JAPAN N-272 05/15 JPY 88,000,000.00 887,928.53 0.49 1.4% JAPAN N-290 08/18 JPY 41,500,000.00 423,233.40 0.23 1.5% JAPAN N. 289 07/17 JPY 54,000,000.00 553,794.08 0.31 1.5% JAPAN N°259 04/14 JPY 106,000,000.00 1,058,685.76 0.59 1.5% JAPAN N°264 04/14 JPY 56,000,000.00 562,337.97 0.31 1.5% JAPAN N°296 08/18 JPY 108,500,000.00 1,113,764.92 0.62 1.5% JAPAN N-265 04/14 JPY 145,000,000.00 1,459,558.88 0.81 1.5% JAPAN N-268 05/15 JPY 109,000,000.00 1,099,609.77 0.61 1.5% JAPAN N-274 05/15 JPY 108,000,000.00 1,095,891.86 0.61 1.50% JAPAN N°273 05/15 JPY 111,000,000.00 1,124,186.68 0.62 1.6% JAPAN N-253 03/13 JPY 75,000,000.00 746,169.27 0.41 1.6% JAPAN N-277 06/16 JPY 161,000,000.00 1,643,654.08 0.91 1.60% JAPAN 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% JAPAN N°285 07/17 JPY 63,000,000.00 651,149.27 0.36 1.7% JAPAN N°288 07/17 JPY 106,000,000.00 1,098,454.38 0.61 1.7% JAPAN N°294 08/18 JPY 63,500,000.00 659,939.79 0.37 1.7% JAPAN N-11 03/33 JPY 24,500,000.00 232,898.51 0.13 1.7% JAPAN N-284 06/16 JPY 75,000,000.00 773,799.80 0.43
The accompanying notes form an integral part of these financial statements.
79 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
1.8% JAPAN N°283 06/16 JPY 48,000,000.00 496,531.45 0.27 1.8% JAPAN N-63 03/23 JPY 15,000,000.00 154,411.85 0.09 1.9% JAPAN 01/21 JPY 198,000,000.00 2,076,144.55 1.15 1.9% JAPAN N°109 09/29 JPY 68,500,000.00 687,594.97 0.38 1.9% JAPAN N-287 07/17 JPY 59,000,000.00 616,994.74 0.34 1.9% JAPAN N-65 03/23 JPY 28,000,000.00 290,807.52 0.16 1.90% JAPAN 06/16 N.280 -SR- JPY 171,000,000.00 1,772,696.12 0.98 1.90% JAPAN N°121 10/30 JPY 98,000,000.00 976,415.92 0.54 2% JAPAN N°56 02/22 JPY 54,500,000.00 575,311.08 0.32 2.1% JAPAN N°105 08/28 JPY 74,500,000.00 771,594.60 0.43 2.1% JAPAN N°114 09/29 JPY 83,500,000.00 859,478.60 0.48 2.1% JAPAN N°123 10/30 JPY 82,000,000.00 842,611.58 0.47 2.1% JAPAN N°75 05/25 JPY 25,000,000.00 263,759.11 0.15 2.1% JAPAN N°99 07/27 JPY 43,000,000.00 446,638.89 0.25 2.1% JAPAN N-72 04/24 JPY 96,000,000.00 1,015,805.50 0.56 2.1% JAPAN N-80 05/25 JPY 80,000,000.00 842,791.51 0.47 2.1% JAPAN N-92 06/26 JPY 58,000,000.00 606,256.73 0.34 2.10% JAPAN 10/30 JPY 94,000,000.00 966,920.41 0.53 2.2% JAPAN N°2 09/49 JPY 56,500,000.00 568,014.44 0.31 2.2% JAPAN N-100 08/28 JPY 58,000,000.00 609,846.04 0.34 2.2% JAPAN N-97 07/27 JPY 79,000,000.00 832,714.94 0.46 2.3% JAPAN N°30 09/39 JPY 55,500,000.00 582,754.65 0.32 2.3% JAPAN N°32 10/40 JPY 91,000,000.00 954,979.66 0.53 2.3% JAPAN N-88 06/26 JPY 62,000,000.00 666,172.73 0.37 2.30% JAPAN N-19 05/35 JPY 18,500,000.00 194,913.40 0.11 2.4% JAPAN N-14 04/34 JPY 30,500,000.00 327,124.17 0.18 2.4% JAPAN N-26 07/37 JPY 36,500,000.00 391,052.90 0.22 2.5% JAPAN N°20 05/35 JPY 14,500,000.00 158,097.86 0.09 2.5% JAPAN N°22 06/36 JPY 16,000,000.00 174,576.58 0.10 2.5% JAPAN N-24 06/36 JPY 18,000,000.00 196,207.20 0.11 2.5% JAPAN N-28 07/27 JPY 45,000,000.00 491,301.19 0.27 2.50% JAPAN N-44 99/20 JPY 166,000,000.00 1,822,949.35 1.01 2.6% JAPAN N-42 99/19 JPY 54,000,000.00 596,140.58 0.33
58,697,405.04 32.47
NETHERLANDS
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% NETHERLANDS 05/15 EUR 510,000.00 547,658.40 0.30 3.5% NETHERLANDS 10/20 EUR 140,000.00 154,883.40 0.09 3.75% NETHERLANDS 04/14 EUR 110,000.00 118,450.20 0.07 3.75% NETHERLANDS 10/42 EUR 130,000.00 157,907.09 0.09 4% NETHERLANDS 05/37 EUR 160,000.00 196,763.20 0.11 4.5% NETHERLANDS 07/17 EUR 460,000.00 529,690.00 0.29 5.50% NETHERLANDS 98/28 EUR 150,000.00 205,261.50 0.11
2,555,911.13 1.42
NORWAY
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
The accompanying notes form an integral part of these financial statements.
80 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
SPAIN
2.625% BANESTO 09/13 EUR 200,000.00 196,864.00 0.11 3% SPAIN 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% SPAIN 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% SPAIN 10/20 EUR 320,000.00 302,559.97 0.17 4.20% SPAIN 05/37 EUR 170,000.00 132,540.50 0.07 4.6% SPAIN 09/19 EUR 670,000.00 664,706.93 0.37 4.7% SPAIN 09/41 EUR 200,000.00 165,895.98 0.09 4.75% SPAIN 99/14 EUR 420,000.00 432,591.60 0.24 4.8% SPAIN 08/24 EUR 470,000.00 444,840.90 0.25 4.90% SPAIN 07/40 EUR 115,000.00 98,644.70 0.05 5.5% SPAIN 02/17 EUR 530,000.00 558,866.45 0.31 5.75% SPAIN 01/32 EUR 170,000.00 167,025.00 0.09 6% SPAIN 99/29 EUR 220,000.00 222,596.00 0.12
4,882,704.89 2.70
SWEDEN
3% SWEDEN 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% SWEDEN 09/39 SEK 550,000.00 75,415.20 0.04 3.75% SWEDEN 06/17 SEK 850,000.00 103,397.81 0.06 4.25% SWEDEN 07/19 SEK 900,000.00 115,103.14 0.06 5% SWEDEN 03/20 SEK 1,050,000.00 145,514.42 0.08 5.50% SWEDEN 01/12 SEK 850,000.00 96,249.66 0.05 6.75% SWEDEN 97/14 SEK 1,000,000.00 123,798.02 0.07
2,527,108.32 1.40
UNITED KINGDOM
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 4.25% BRITISH TREASURY 03/36 GBP 310,000.00 408,026.21 0.23 4.25% BRITISH TREASURY 05/55 GBP 380,000.00 502,199.52 0.28 4.25% BRITISH TREASURY 06/27 GBP 560,000.00 749,309.76 0.41 4.25% BRITISH TREASURY 06/46 GBP 395,000.00 519,468.68 0.29 4.5% BRITISH TREASURY 07/42 GBP 410,000.00 561,140.55 0.31 4.75% BRITISH TREASURY 03/15 GBP 1,240,000.00 1,643,363.28 0.91 4.75% BRITISH TREASURY 04/38 GBP 600,000.00 850,976.44 0.47 4.75% BRITISH TREASURY 05/20 GBP 540,000.00 753,028.98 0.42 4.75% BRITISH TREASURY 07/30 GBP 197,000.00 279,137.44 0.15 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 8.75% BRITISH TREASURY 92/17 GBP 520,000.00 847,142.09 0.47
12,277,060.86 6.80
The accompanying notes form an integral part of these financial statements.
81 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
UNITED STATES
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 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
The accompanying notes form an integral part of these financial statements.
82 Pictet - World Government Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
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
TOTAL BONDS 171,812,515.61 95.03
OPTIONS
GERMANY
CALL BUND FUTURE EURO-BOBL EUREX (5Y) 03/10/2011 -25.00 0.00 0.00 PUT BUND FUTURE EURO-BOBL EUREX (5Y) 03/10/2011 -25.00 0.00 0.00
0.00 0.00
TOTAL OPTIONS 0.00 0.00
TOTAL INVESTMENTS 171,812,515.61 95.03
CASH AT BANKS 7,607,136.39 4.21 OTHER NET ASSETS 1,375,499.85 0.76
TOTAL NET ASSETS 180,795,151.85 100.00
The accompanying notes form an integral part of these financial statements.
83 Pictet - World Government Bonds
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Japan 32.47 Bonds issued by countries or cities 88.75 United States 27.67 Bonds issued by companies 6.28 United Kingdom 6.80 Options 0.00 Germany 6.43 95.03
France 5.99 Italy 5.85 Spain 2.70 Canada 1.74 Netherlands 1.42 Sweden 1.40 Australia 0.80 Norway 0.77 Denmark 0.76 Belgium 0.23 95.03
The accompanying notes form an integral part of these financial statements.
84 Pictet - EUR Short Mid-Term Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
2.625% ANZ BANKING GROUP 09/12 EUR 4,800,000.00 4,842,888.00 1.40 4.875% WESTPAC BANKING 07/12 EUR 3,000,000.00 3,090,900.00 0.90
7,933,788.00 2.30
AUSTRIA
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% AUSTRIA 03/13 EUR 3,400,000.00 3,587,918.00 1.04
11,665,828.00 3.38
BELGIUM
4% BELGIUM OLO 50 07/13 EUR 7,500,000.00 7,775,887.50 2.26 4.25% BELGIUM OLO 41 03/13 EUR 7,000,000.00 7,327,390.00 2.13 8% BELGIUM 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
FINLAND
2.5% NORDEA BANK FINLAND 11/14 EUR 3,000,000.00 3,046,500.00 0.88 5.375% FINLAND 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 4.75% TOTAL CAPITAL 08/13 EUR 4,400,000.00 4,688,596.00 1.36 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
GERMANY
1.5% GERMANY 11/13 EUR 4,900,000.00 4,969,359.50 1.44 2.25% GERMANY 09/14 EUR 6,500,000.00 6,766,467.50 1.96 3.75% GERMANY 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
The accompanying notes form an integral part of these financial statements.
85 Pictet - EUR Short Mid-Term Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
4% GERMANY 08/13 EUR 10,000,000.00 10,683,350.00 3.10 4.25% GERMANY 03/14 EUR 12,000,000.00 12,972,600.00 3.76 4.25% GERMANY 04/14 EUR 15,000,000.00 16,431,900.00 4.75
69,247,282.00 20.06
IRELAND
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
ITALY
2% ITALY (BTP) 09/12 EUR 4,500,000.00 4,397,625.00 1.28 2% ITALY (BTP) 10/13 EUR 12,900,000.00 12,459,852.00 3.61 2.5% MONTE PASCHI SIENA 10/13 EUR 5,000,000.00 4,819,800.00 1.40 3.00% TBOND ITALY (BTP) 11/14 EUR 14,500,000.00 13,989,672.50 4.06 3.5% ITALY (BTP) 09/14 EUR 3,000,000.00 2,927,130.00 0.85 3.75% ITALY 09/13 EUR 12,200,000.00 12,027,309.00 3.49 4.25% ITALY (BTP) 07/12 EUR 4,000,000.00 4,017,260.00 1.17 4.25% ITALY 03/13 EUR 10,400,000.00 10,405,200.00 3.02 4.25% ITALY 08/13 EUR 12,800,000.00 12,811,648.00 3.72
77,855,496.50 22.60
NETHERLANDS
FRN RABOBANK 10/13 EUR 3,700,000.00 3,711,026.00 1.08 1.00% NETHERLANDS 11/14-SR- EUR 5,500,000.00 5,520,487.50 1.60 4.25% NETHERLANDS 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
SPAIN
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% SPAIN 07/12 EUR 6,000,000.00 6,037,680.00 1.75 4.2% SPAIN 03/13 EUR 14,000,000.00 14,222,180.00 4.12 4.25% SPAIN 08/14 EUR 7,000,000.00 7,128,100.00 2.07 6.15% SPAIN 97/13 EUR 14,500,000.00 15,011,125.00 4.35
51,266,297.50 14.86
SWEDEN
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
SWITZERLAND
2.375% UBS LONDON 10/13 EUR 4,900,000.00 4,941,870.50 1.43
4,941,870.50 1.43
UNITED KINGDOM
5.25% BARCLAYS BANK 09/14 EUR 4,500,000.00 4,658,962.50 1.35
4,658,962.50 1.35
The accompanying notes form an integral part of these financial statements.
86 Pictet - EUR Short Mid-Term Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
UNITED STATES
6% WACHOVIA BANK 08/09 EUR 4,600,000.00 4,833,427.00 1.40
4,833,427.00 1.40
TOTAL INVESTMENTS 336,642,803.20 97.63
CASH AT BANKS 2,175,275.54 0.63 OTHER NET ASSETS 5,994,424.50 1.74
TOTAL NET ASSETS 344,812,503.24 100.00
The accompanying notes form an integral part of these financial statements.
87 Pictet - EUR Short Mid-Term Bonds
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Italy 22.60 Bonds issued by countries or cities 64.16 Germany 20.06 Bonds issued by companies 33.47 Spain 14.86 97.63
France 12.60 Netherlands 5.97 Belgium 5.71 Austria 3.38 Australia 2.30 Finland 1.76 Switzerland 1.43 Canada 1.42 Sweden 1.41 United States 1.40 Ireland 1.38 United Kingdom 1.35 97.63
The accompanying notes form an integral part of these financial statements.
88 Pictet - USD Short Mid-Term Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
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
FINLAND
2.25% FINLAND 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
GUERNSEY
2.6% CS FST BOSTON 11/16 USD 2,700,000.00 2,786,940.00 1.10
2,786,940.00 1.10
NETHERLANDS
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
NORWAY
1% KOMMUNALBANKEN 11/14 SR REG.S USD 3,500,000.00 3,518,672.50 1.39
3,518,672.50 1.39
SPAIN
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
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
The accompanying notes form an integral part of these financial statements.
89 Pictet - USD Short Mid-Term Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
SWEDEN
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
UNITED KINGDOM
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
UNITED STATES
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
TOTAL INVESTMENTS 238,356,249.61 94.35
CASH AT BANKS 13,600,842.69 5.38 OTHER NET ASSETS 671,740.11 0.27
TOTAL NET ASSETS 252,628,832.41 100.00
The accompanying notes form an integral part of these financial statements.
90 Pictet - USD Short Mid-Term Bonds
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 71.91 Bonds issued by countries or cities 71.97 Netherlands 2.98 Bonds issued by companies 21.20 Sweden 2.92 Bonds issued by supranational institutions 1.18 United Kingdom 2.73 94.35
Australia 2.60 Canada 2.51 Finland 2.49 France 1.45 Norway 1.39 Supranational 1.18 Guernsey 1.10 Spain 1.09 94.35
The accompanying notes form an integral part of these financial statements.
91 Pictet - EUR Inflation Linked Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
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 1.3% O.A.T. (INFLATION) 09/19 EUR 4,410,000.00 4,824,635.81 2.68 1.6% O.A.T. (INFLATION) 04/15 EUR 7,980,000.00 9,682,459.51 5.37 1.8% O.A.T. (INFLATION) 06/40 EUR 4,471,000.00 5,538,812.77 3.07 1.85% O.A.T. (INFLATION) 11/27 EUR 1,945,000.00 2,163,021.52 1.20 2.1% O.A.T. (INFLATION) 08/23 EUR 4,945,000.00 5,959,087.09 3.31 2.25% O.A.T. (INFLATION) 04/20 EUR 11,318,000.00 14,925,247.58 8.27 2.50% O.A.T. (INFLATION) 03/13 EUR 8,800,000.00 10,706,527.10 5.94 3.15% O.A.T. (INFLATION) 02/32 EUR 5,330,000.00 8,464,048.40 4.70 3.40% O.A.T. (INFLATION) 99/29 EUR 4,230,000.00 7,022,364.09 3.90
92,532,580.21 51.34
GERMANY
0.75% GERMANY (INFLA.) 11/18 EUR 1,690,000.00 1,800,707.83 1.00 1.5% GERMANY (INFLATION) 06/16 EUR 8,579,000.00 10,329,967.85 5.73 1.75% GERMANY (CPI) 09/20 EUR 8,560,000.00 10,129,888.25 5.62 2.25% GERMANY (INFLATION) 07/13 EUR 6,081,000.00 6,931,780.62 3.85
29,192,344.55 16.20
ITALY
1.85% ITALY (INFLATION) 07/12 EUR 5,684,000.00 6,210,887.42 3.45 2.1% ITALY (INFLATION) 06/17 EUR 8,286,000.00 8,243,026.74 4.57 2.1% ITALY (INFLATION) 10/21 EUR 7,035,000.00 5,931,803.81 3.29 2.1% ITALY (INFLATION) 11/16 EUR 3,325,000.00 3,138,857.45 1.74 2.15% ITALY (INFLATION) 04/14 EUR 8,210,000.00 9,210,103.40 5.11 2.35% ITALY (INFLATION) 04/35 EUR 7,640,000.00 6,073,580.16 3.37 2.35% ITALY (INFLATION) 08/19 EUR 7,852,000.00 7,290,729.02 4.05 2.55% ITALY (INFLATION) 09/41 EUR 3,650,000.00 2,571,627.68 1.43 2.60% ITALY (INFLATION) 07/23 EUR 8,310,000.00 7,361,713.14 4.08 3.10% ITALY (BTP) (INFLAT.) 11/26 EUR 1,710,000.00 1,403,687.80 0.78
57,436,016.62 31.87
TOTAL BONDS 179,160,941.38 99.41
OPTIONS
GERMANY
CALL BUND FUTURE EURO-BOBL EUREX (5Y) 03/10/2011 -64.00 0.00 0.00 PUT BUND FUTURE EURO-BOBL EUREX (5Y) 03/10/2011 -64.00 0.00 0.00
0.00 0.00
TOTAL OPTIONS 0.00 0.00
The accompanying notes form an integral part of these financial statements.
92 Pictet - EUR Inflation Linked Bonds
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Market value (note 2) % of net assets
TOTAL INVESTMENTS 179,160,941.38 99.41
CASH AT BANKS 610,453.77 0.34 OTHER NET ASSETS 454,830.69 0.25
TOTAL NET ASSETS 180,226,225.84 100.00
The accompanying notes form an integral part of these financial statements.
93 Pictet - EUR Inflation Linked Bonds
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) France 51.34 Bonds issued by countries or cities 99.41 Italy 31.87 Options 0.00 Germany 16.20 99.41
99.41
The accompanying notes form an integral part of these financial statements.
94 Pictet - Latin American Local Currency Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
BRAZIL
10% BRAZIL (NOTAS DE T.) 06/16 BRL 162,985.00 88,343,948.74 22.04 10% BRAZIL (NOTAS DE T.) 07/17 BRL 98,250.00 51,251,651.81 12.75 10% BRAZIL 07/13 BRL 50,500.00 27,737,808.94 6.90 10% BRAZIL 10/21 BRL 55,515.00 28,144,039.52 7.00
195,477,449.01 48.69
CHILE
5.5% CHILE 10/20 CLP 327,000,000.00 662,693.22 0.16
662,693.22 0.16
COLOMBIA
7.75% COLOMBIA (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% COLOMBIA 07/27 COP 9,468,000,000.00 6,351,557.11 1.58
9,572,475.64 2.38
GERMANY
5.625% K.F.W. 10/17 PEN 2,000,000.00 743,122.25 0.18
743,122.25 0.18
MEXICO
6.50% MEXICO 10/21 MXN100 MXN 2,015,000.00 14,474,383.99 3.60 7.5% MEXICO 06/27 MXN 926,500.00 6,899,452.86 1.72 7.75% MEXICO 08/17 MXN 870,000.00 6,987,752.93 1.74 8% MEXICO 03/13 MXN 1,670,000.00 12,899,174.94 3.21 8% MEXICO 05/15 MXN 437,000.00 3,502,802.45 0.87 8% MEXICO 09/20 MXN 1,560,000.00 12,511,702.30 3.11 8.5% MEXICO 09/38 MXN 1,183,000.00 9,257,272.05 2.30 9.5% MEXICO 04/14 MXN 1,315,000.00 10,789,111.09 2.68 10% MEXICO 04/24 MXN 2,327,000.00 21,500,308.93 5.35 10% MEXICO 06/36 MXN 1,240,000.00 11,192,420.62 2.78
110,014,382.16 27.36
PERU
6.85% PERU (DUAL CUR.) 10/42 PEN 4,801.00 1,714,156.72 0.43 6.9% PERU (DUAL CUR.) 07/37 PEN 6,080.00 2,208,584.13 0.55 7.84% PERU (DUAL CUR.) 05/20 PEN 4,800.00 1,957,728.27 0.49 8.2% PERU (DUAL CUR.) 06/26 PEN 3,350.00 1,402,905.19 0.35
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
The accompanying notes form an integral part of these financial statements.
95 Pictet - Latin American Local Currency Debt
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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
II. MONEY MARKET INSTRUMENTS
BRAZIL
TBI BRAZIL 01/10/11 BRL 1000 BRL 34,900.00 18,792,954.65 4.68
18,792,954.65 4.68
TOTAL II. 18,792,954.65 4.68
TOTAL INVESTMENTS 343,700,565.37 85.56
CASH AT BANKS 56,484,451.38 14.06 OTHER NET ASSETS 1,533,681.65 0.38
TOTAL NET ASSETS 401,718,698.40 100.00
The accompanying notes form an integral part of these financial statements.
96 Pictet - Latin American Local Currency Debt
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Brazil 53.37 Bonds issued by countries or cities 80.33 Mexico 27.36 Money market instruments 4.68 Colombia 2.38 Bonds issued by companies 0.37 Peru 1.82 Bonds issued by supranational institutions 0.18 Supranational 0.18 85.56
Germany 0.18 Chile 0.16 Venezuela 0.11 85.56
The accompanying notes form an integral part of these financial statements.
97 Pictet - US High Yield
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
7% FORTESCUE METALS 10/15 USD 10,250,000.00 9,532,500.00 0.68
9,532,500.00 0.68
AUSTRIA
6.625% SAPPI PAPIER HLDGS 11/21 USD 12,545,000.00 10,036,000.00 0.72
10,036,000.00 0.72
BERMUDA
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
GUERNSEY
SUB.FR CS FINANCE 07/PERP. 1 USD 5,000,000.00 3,412,500.00 0.24
3,412,500.00 0.24
IRELAND
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
UNITED STATES
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
The accompanying notes form an integral part of these financial statements.
98 Pictet - US High Yield
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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 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
The accompanying notes form an integral part of these financial statements.
99 Pictet - US High Yield
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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
The accompanying notes form an integral part of these financial statements.
100 Pictet - US High Yield
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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 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
The accompanying notes form an integral part of these financial statements.
101 Pictet - US High Yield
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
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
TOTAL BONDS 1,179,566,742.79 84.58
MORTGAGE BACKED SECURITIES
UNITED STATES
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
II. OTHER TRANSFERABLE SECURITIES
BONDS
UNITED STATES
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
The accompanying notes form an integral part of these financial statements.
102 Pictet - US High Yield
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Nominal Market value (note 2) % of net assets
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
TOTAL INVESTMENTS 1,313,476,428.09 94.22
CASH AT BANKS 57,970,339.43 4.16 OTHER NET ASSETS 22,578,157.66 1.62
TOTAL NET ASSETS 1,394,024,925.18 100.00
The accompanying notes form an integral part of these financial statements.
103 Pictet - US High Yield
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 87.07 Bonds issued by companies 94.15 Canada 2.29 Bonds issued by countries or cities 0.07 Bermuda 1.91 94.22
Ireland 0.84 Austria 0.72 Australia 0.68 Luxembourg 0.47 Guernsey 0.24 94.22
The accompanying notes form an integral part of these financial statements.
104 Pictet - European Equity Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BELGIUM
U.C.B. 148,595.23 4,766,933.54 2.39
4,766,933.54 2.39
BERMUDA
PURECIRCLE (GBP) 481,253.65 505,682.19 0.25
505,682.19 0.25
CAYMAN ISLANDS
EURASIA DRILLING GDR (R.1 SHS) 193,318.54 2,629,538.71 1.32
2,629,538.71 1.32
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
GERMANY
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
ITALY
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
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
The accompanying notes form an integral part of these financial statements.
105 Pictet - European Equity Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
NETHERLANDS
ROYAL PHILIPS (EUR) 163,507.30 2,215,523.87 1.11
2,215,523.87 1.11
RUSSIA
SBERBANK PFD (USD) 4,397,346.20 5,539,845.39 2.77
5,539,845.39 2.77
SPAIN
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
SWEDEN
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
SWITZERLAND
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
UNITED KINGDOM
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
TOTAL SHARES 193,880,975.99 97.07
The accompanying notes form an integral part of these financial statements.
106 Pictet - European Equity Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
CERTIFICATES
NETHERLANDS
ING GROEP (CRT.) 700,626.17 3,736,439.36 1.87
3,736,439.36 1.87
TOTAL CERTIFICATES 3,736,439.36 1.87
TOTAL I. 197,617,415.35 98.94
II. OTHER TRANSFERABLE SECURITIES
SHARES
GERMANY
AIST MEDIALAB 10,153.53 0.00 0.00
0.00 0.00
UNITED KINGDOM
ALUDEL NOM. 141,622.98 0.00 0.00
0.00 0.00
TOTAL SHARES 0.00 0.00
WARRANTS
UNITED KINGDOM
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
TOTAL INVESTMENTS 197,617,415.35 98.94
CASH AT BANKS 2,375,025.65 1.19 OTHER NET LIABILITIES -252,286.19 -0.13
TOTAL NET ASSETS 199,740,154.81 100.00
The accompanying notes form an integral part of these financial statements.
107 Pictet - European Equity Selection
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United Kingdom 29.39 Banks and credit institutions 14.43 Switzerland 17.14 Communications 12.34 Germany 12.90 Oil 9.81 France 12.41 Electronics and electrical equipment 6.94 Spain 6.22 Food and soft drinks 6.32 Sweden 5.11 Insurance 5.99 Netherlands 2.98 Pharmaceuticals and cosmetics 5.88 Russia 2.77 Textiles and clothing 5.12 Luxembourg 2.54 Construction of machines and appliances 4.55 Belgium 2.39 Public utilities 3.97 Italy 1.82 Gastronomy 3.30 Jersey 1.70 Construction and building materials 2.74 Cayman Islands 1.32 Utilities 2.56 Bermuda 0.25 Chemicals 2.39 98.94 Miscellaneous 2.33
Internet, software and IT services 2.22 Holding and finance companies 2.14 Stainless steel 2.04 Certificates 1.87 Publishing and graphic arts 1.10 Transport and freight 0.90 Leisure 0.00 Warrants 0.00 98.94
The accompanying notes form an integral part of these financial statements.
108 Pictet - Small Cap Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BELGIUM
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
BERMUDA
ALLIANCE OIL COMPANY SDR (SEK) 169,763.00 1,358,643.24 0.86
1,358,643.24 0.86
DENMARK
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
FINLAND
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
GERMANY
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
The accompanying notes form an integral part of these financial statements.
109 Pictet - Small Cap Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
ITALY
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
NETHERLANDS
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
NORWAY
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
SPAIN
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
SWEDEN
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
The accompanying notes form an integral part of these financial statements.
110 Pictet - Small Cap Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SWITZERLAND
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
UNITED KINGDOM
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
TOTAL INVESTMENTS 154,081,494.69 97.20
CASH AT BANKS 4,638,755.98 2.93 OTHER NET LIABILITIES -201,685.17 -0.13
TOTAL NET ASSETS 158,518,565.50 100.00
The accompanying notes form an integral part of these financial statements.
111 Pictet - Small Cap Europe
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United Kingdom 33.78 Construction of machines and appliances 11.23 Germany 18.23 Transport and freight 7.20 Italy 8.64 Holding and finance companies 6.70 France 6.58 Electronics and electrical equipment 5.96 Switzerland 5.15 Miscellaneous 5.66 Netherlands 4.37 Oil 5.35 Denmark 4.02 Communications 4.99 Spain 3.62 Internet, software and IT services 4.88 Jersey 3.23 Stainless steel 4.01 Sweden 2.90 Pharmaceuticals and cosmetics 3.66 Belgium 2.38 Construction and building materials 3.49 Norway 1.73 Agriculture and fisheries 3.33 Finland 1.71 Food and soft drinks 3.22 Bermuda 0.86 Aeronautics and astronautics 3.17 97.20 Automobiles 3.16
Utilities 2.71 Chemicals 2.71 Public utilities 2.48 Gastronomy 2.15 Insurance 2.13 Textiles and clothing 1.33 Publishing and graphic arts 1.28 Biotechnology 1.20 Retail and supermarkets 1.06 Environmental services & recycling 1.03 Mining and steelworks 0.78 Photography and optics 0.75 Banks and credit institutions 0.75 Miscellaneous trade 0.42 Real estate 0.41 97.20
The accompanying notes form an integral part of these financial statements.
112 Pictet - Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
ARGENTINA
YPF SPONS.ADR REPR.1 SH.'D' 196,779.61 6,731,830.61 0.69
6,731,830.61 0.69
BERMUDA
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
BRAZIL
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
BRITISH VIRGIN ISLANDS
MAIL.RU GROUP -GDR- (R.1 SHS) 85,383.66 2,497,472.18 0.26
2,497,472.18 0.26
CAYMAN ISLANDS
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
The accompanying notes form an integral part of these financial statements.
113 Pictet - Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
CHILE
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
CHINA
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
CZECH REPUBLIC
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
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
HUNGARY
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
INDIA
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
The accompanying notes form an integral part of these financial statements.
114 Pictet - Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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
INDONESIA
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
IRELAND
KENMARE RESOURCES (GBP) 3,290,872.11 1,743,016.99 0.18
1,743,016.99 0.18
ISLE OF MAN
ZHAIKMUNAI GDR (R. 1 SHS) 382,773.60 2,832,524.63 0.29
2,832,524.63 0.29
MALAYSIA
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
MEXICO
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
NETHERLANDS
X5 RETAIL GROUP SPONS. GDR REG. S 118,112.89 3,271,725.81 0.33
3,271,725.81 0.33
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
The accompanying notes form an integral part of these financial statements.
115 Pictet - Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
PHILIPPINES
METRO PACIFIC INVESTMENTS 60,406,638.08 3,799,157.22 0.39
3,799,157.22 0.39
RUSSIA
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
SOUTH AFRICA
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
SOUTH KOREA
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
SPAIN
BANCO SANTANDER ADR (R.1 SHS) 1,088,994.34 7,971,438.54 0.82
7,971,438.54 0.82
The accompanying notes form an integral part of these financial statements.
116 Pictet - Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TAIWAN
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
THAILAND
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
TURKEY
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
UNITED KINGDOM
KAZAKHMYS 377,109.77 4,658,570.48 0.48
4,658,570.48 0.48
UNITED STATES
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
TOTAL I. 953,220,556.10 97.58
The accompanying notes form an integral part of these financial statements.
117 Pictet - Emerging Markets
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
II. OTHER TRANSFERABLE SECURITIES
SHARES
ARGENTINA
GENERAL FABRIL 'B' 908,368,711.24 0.00 0.00
0.00 0.00
TOTAL II. 0.00 0.00
III. UNITS OF INVESTMENT FUNDS
BRITISH VIRGIN ISLANDS
TURQUOISE PARTNERS 'C' 5,991.73 9,245,185.24 0.95
9,245,185.24 0.95
CAYMAN ISLANDS
VIETNAM RESOURCE INVESTMENTS FD. 277,088.39 554,176.78 0.06
554,176.78 0.06
TOTAL III. 9,799,362.02 1.01
TOTAL INVESTMENTS 963,019,918.12 98.59
CASH AT BANKS 15,830,832.23 1.62 OTHER NET LIABILITIES -2,107,431.23 -0.21
TOTAL NET ASSETS 976,743,319.12 100.00
The accompanying notes form an integral part of these financial statements.
118 Pictet - Emerging Markets
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) South Korea 16.24 Banks and credit institutions 15.66 China 13.81 Communications 12.43 Brazil 12.73 Oil 10.50 Taiwan 9.69 Electronics and electrical equipment 10.28 South Africa 6.27 Holding and finance companies 6.37 India 6.02 Mining and steelworks 6.18 Russia 5.96 Construction and building materials 3.57 Indonesia 4.30 Chemicals 3.56 Hong Kong 3.83 Stainless steel 3.32 Cayman Islands 3.44 Internet, software and IT services 3.20 Malaysia 2.55 Real estate 2.37 Thailand 2.32 Insurance 2.29 Mexico 1.46 Textiles and clothing 2.23 Bermuda 1.38 Automobiles 1.98 British Virgin Islands 1.21 Public utilities 1.91 Turkey 1.19 Retail and supermarkets 1.79 Spain 0.82 Tobacco and alcohol 1.78 Chile 0.80 Transport and freight 1.72 Czech Republic 0.70 Utilities 1.21 Argentina 0.69 Computer and office equipment 1.15 Hungary 0.66 Precious metals and stones 1.09 United States 0.64 Units of investment funds 1.01 United Kingdom 0.48 Agriculture and fisheries 0.76 Philippines 0.39 Pharmaceuticals and cosmetics 0.62 Netherlands 0.33 Miscellaneous trade 0.49 Isle Of Man 0.29 Gastronomy 0.45 Nigeria 0.21 Construction of machines and appliances 0.35 Ireland 0.18 Photography and optics 0.32 98.59 98.59
The accompanying notes form an integral part of these financial statements.
119 Pictet - Eastern Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRIA
DO & CO RESTAURANTS CATERING (TRY) 73,203.00 1,965,913.25 0.64
1,965,913.25 0.64
BRITISH VIRGIN ISLANDS
MAIL.RU GROUP -GDR- (R.1 SHS) 219,761.00 4,790,928.47 1.56
4,790,928.47 1.56
CZECH REPUBLIC
CESKE ENERGETICKE ZAVODY 250,000.00 7,181,855.63 2.33 TELEFONICA O2 CR 280,000.00 4,441,016.75 1.44
11,622,872.38 3.77
HUNGARY
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
ISLE OF MAN
ZHAIKMUNAI GDR (R. 1 SHS) 326,166.00 1,798,927.25 0.58
1,798,927.25 0.58
NETHERLANDS
X5 RETAIL GROUP SPONS. GDR REG. S 210,381.00 4,343,394.95 1.41
4,343,394.95 1.41
POLAND
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
RUSSIA
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 JFSC SISTEMA GDR (R. 20 SHS) 169,335.00 1,766,924.37 0.57 LUKOIL HOLDING ADR (R. 1 SHS) 709,076.00 26,873,667.37 8.73
The accompanying notes form an integral part of these financial statements.
120 Pictet - Eastern Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 NOMOS BANK GDR (R. 1/2 SHS REG.S) 249,500.00 1,787,049.90 0.58 NOVATEK -GDR SPONS. - REG. S 199,950.00 17,316,923.18 5.63 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
TURKEY
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 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
UNITED STATES
CTC MEDIA 202,400.00 1,342,590.93 0.44
1,342,590.93 0.44
TOTAL I. 305,713,063.30 99.32
The accompanying notes form an integral part of these financial statements.
121 Pictet - Eastern Europe
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
II. OTHER TRANSFERABLE SECURITIES
SHARES
SLOVAKIA
CHIRANA PREMA 21,076.00 0.00 0.00
0.00 0.00
TOTAL II. 0.00 0.00
TOTAL INVESTMENTS 305,713,063.30 99.32
CASH AT BANKS 2,811,332.75 0.91 OTHER NET LIABILITIES -707,016.15 -0.23
TOTAL NET ASSETS 307,817,379.90 100.00
The accompanying notes form an integral part of these financial statements.
122 Pictet - Eastern Europe
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Russia 59.53 Oil 28.55 Turkey 15.30 Banks and credit institutions 24.23 Poland 13.97 Stainless steel 8.09 Czech Republic 3.77 Communications 7.70 Hungary 2.12 Holding and finance companies 7.37 British Virgin Islands 1.56 Public utilities 4.67 Netherlands 1.41 Chemicals 4.11 Austria 0.64 Insurance 2.35 Isle Of Man 0.58 Mining and steelworks 2.09 United States 0.44 Retail and supermarkets 1.97 Slovakia 0.00 Internet, software and IT services 1.56 99.32 Transport and freight 0.93
Construction and building materials 0.87 Food and soft drinks 0.83 Utilities electric 0.67 Tobacco and alcohol 0.67 Miscellaneous 0.66 Gastronomy 0.64 Real estate 0.56 Automobiles 0.41 Pharmaceuticals and cosmetics 0.39 Miscellaneous trade 0.00 99.32
The accompanying notes form an integral part of these financial statements.
123 Pictet - European Sustainable Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRIA
TELEKOM AUSTRIA 25,980.00 196,902.42 0.23
196,902.42 0.23
BELGIUM
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
DENMARK
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 VESTAS WIND SYSTEMS NOM. 11,400.00 139,106.06 0.16
2,079,434.33 2.45
FINLAND
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 DASSAULT SYSTEMES 12,430.00 661,648.78 0.78 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
The accompanying notes form an integral part of these financial statements.
124 Pictet - European Sustainable Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 SUEZ ENVIRONNEMENT 29,680.00 310,155.70 0.37 TF1 -TELEVISION FRANCAISE 1- 41,750.00 391,615.00 0.46 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
GERMANY
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
ITALY
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
NETHERLANDS
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 RANDSTAD HOLDING 10,710.00 258,860.70 0.31
The accompanying notes form an integral part of these financial statements.
125 Pictet - European Sustainable Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
REED ELSEVIER 67,620.00 556,444.30 0.66 ROYAL PHILIPS (EUR) 44,180.00 598,639.00 0.71 STMICROELECTRONICS 106,120.00 523,808.32 0.62 UNILEVER NV (EUR) 53,000.00 1,259,014.47 1.48
5,882,524.93 6.95
NORWAY
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
PORTUGAL
BANCO COMERCIAL PORTUGUES NOM. 960,400.00 187,278.00 0.22 BANCO ESPIRITO SANTO NOM. 135,500.00 271,000.00 0.32 EDP (ELECTRIC. DE PORTUGAL) NOM. 204,900.00 474,343.50 0.56 PORTUGAL TELECOM SGPS 45,200.00 248,600.00 0.29
1,181,221.50 1.39
SPAIN
ABERTIS INFRAESTRUCTURAS 30,800.00 357,280.00 0.42 ACCIONA 2,600.00 165,489.97 0.20 BANCO DE SABADELL 98,200.00 263,667.00 0.31 BANCO POPULAR ESPANOL NOM. 48,300.00 168,084.00 0.20 BANCO SANTANDER 116,100.00 722,606.40 0.85 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 GAS NATURAL SDG (SPLIT) 43,100.00 550,817.57 0.65 INDITEX NOM. 10,100.00 650,035.90 0.77 MAPFRE 110,000.00 257,180.00 0.30 RED ELECTRICA CORP 18,200.00 622,803.82 0.73 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
SWEDEN
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
The accompanying notes form an integral part of these financial statements.
126 Pictet - European Sustainable Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SVENSKA CELLULOSA 'B' 33,400.00 305,725.64 0.36 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
SWITZERLAND
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 LINDT & SPRUENGLI NOM. 4.00 103,473.46 0.12 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 ROCHE HOLDING BON JCE 12,820.00 1,547,442.60 1.82 S.G.S. S.A. 538.00 613,636.18 0.72 SIKA FINANZ PORT. 323.00 428,309.55 0.50 SONOVA HOLDING NOM. 6,831.00 463,837.83 0.55 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 THE SWATCH GROUP NOM. 5,624.00 252,894.66 0.30
10,615,269.54 12.49
UNITED KINGDOM
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 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 'A' 50,630.00 1,173,459.01 1.38
The accompanying notes form an integral part of these financial statements.
127 Pictet - European Sustainable Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
TOTAL INVESTMENTS 93,501,422.80 110.24
BANK OVERDRAFT -8,757,863.56 -10.33 OTHER NET ASSETS 74,528.07 0.09
TOTAL NET ASSETS 84,818,087.31 100.00
The accompanying notes form an integral part of these financial statements.
128 Pictet - European Sustainable Equities
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United Kingdom 31.47 Pharmaceuticals and cosmetics 12.45 France 15.27 Banks and credit institutions 10.76 Switzerland 12.49 Communications 10.58 Germany 10.30 Oil 6.84 Spain 7.82 Public utilities 6.71 Netherlands 6.95 Food and soft drinks 6.48 Italy 6.01 Electronics and electrical equipment 6.26 Sweden 5.94 Chemicals 4.84 Finland 3.43 Utilities 3.36 Norway 2.83 Paper and forest products 3.28 Belgium 2.64 Retail and supermarkets 3.23 Denmark 2.45 Publishing and graphic arts 3.02 Portugal 1.39 Tobacco and alcohol 2.91 Jersey 1.02 Real estate 2.70 Austria 0.23 Holding and finance companies 2.50 110.24 Textiles and clothing 2.48
Transport and freight 2.34 Insurance 2.27 Computer and office equipment 2.17 Automobiles 1.95 Stainless steel 1.80 Construction and building materials 1.72 Precious metals and stones 1.49 Construction of machines and appliances 1.31 Miscellaneous consumer goods 1.10 Internet, software and IT services 1.07 Miscellaneous trade 1.06 Photography and optics 1.04 Mining and steelworks 0.70 Tyres and rubber 0.54 Packaging 0.52 Watch-making 0.46 Environmental services & recycling 0.30 110.24
The accompanying notes form an integral part of these financial statements.
129 Pictet - Digital Communication
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRIA
TELEKOM AUSTRIA 166,293.35 1,690,999.61 1.14
1,690,999.61 1.14
BELGIUM
TELENET GROUP HOLDING 99,546.30 3,685,632.93 2.48
3,685,632.93 2.48
BERMUDA
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
CAYMAN ISLANDS
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 FOCUS MEDIA ADR (R.5 SHS) 107,466.39 1,804,359.56 1.21 NETEASE. COM ADR (R. 25 SHS) 57,845.03 2,207,365.87 1.49 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 TENCENT HOLDINGS 105,190.04 2,218,783.04 1.49
12,731,640.14 8.57
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
ISRAEL
BEZEQ ISRAEL TELECOMMUNICATION 734,782.64 1,409,091.62 0.95
1,409,091.62 0.95
The accompanying notes form an integral part of these financial statements.
130 Pictet - Digital Communication
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
JAPAN
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
NETHERLANDS
KONINKLIJKE KPN NV 292,484.04 3,885,419.78 2.61
3,885,419.78 2.61
SOUTH AFRICA
MTN GROUP 214,799.95 3,540,321.37 2.38
3,540,321.37 2.38
SOUTH KOREA
NHN 15,023.08 2,894,742.66 1.95
2,894,742.66 1.95
TAIWAN
HIGH TECH COMPUTER 106,590.59 2,395,887.11 1.61
2,395,887.11 1.61
UNITED KINGDOM
INMARSAT 155,305.32 1,189,350.64 0.80 VODAFONE GROUP PLC 2,228,641.85 5,771,831.38 3.88
6,961,182.02 4.68
UNITED STATES
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
The accompanying notes form an integral part of these financial statements.
131 Pictet - Digital Communication
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
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 TIME WARNER CABLE 36,644.56 2,296,514.33 1.55 YAHOO 238,011.73 3,132,234.34 2.11
81,877,621.39 55.10
TOTAL I. 145,057,286.05 97.60
II. OTHER TRANSFERABLE SECURITIES
SHARES
PORTUGAL
KIWI II VENT. PREF 'A' 88.94 0.00 0.00
0.00 0.00
UNITED STATES
IBIQUITY DIGITAL PREF 'A' REST. 15,990.78 0.00 0.00
0.00 0.00
TOTAL SHARES 0.00 0.00
BONDS
CANADA
10% HIGHPOINT TEL. II CV 00/04 USD 130,740.84 0.00 0.00
0.00 0.00
TOTAL BONDS 0.00 0.00
TOTAL II. 0.00 0.00
TOTAL INVESTMENTS 145,057,286.05 97.60
CASH AT BANKS 3,838,798.29 2.58 OTHER NET LIABILITIES -267,120.88 -0.18
TOTAL NET ASSETS 148,628,963.46 100.00
The accompanying notes form an integral part of these financial statements.
132 Pictet - Digital Communication
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 55.10 Communications 35.48 Cayman Islands 8.57 Internet, software and IT services 31.24 Japan 6.03 Computer and office equipment 10.85 United Kingdom 4.68 Utilities 8.81 Canada 3.43 Holding and finance companies 5.46 Hong Kong 3.33 Retail and supermarkets 3.14 Netherlands 2.61 Electronics and electrical equipment 1.23 Belgium 2.48 Miscellaneous consumer goods 0.86 South Africa 2.38 Gastronomy 0.53 South Korea 1.95 Bonds issued by companies 0.00 Luxembourg 1.70 97.60
Taiwan 1.61 Austria 1.14 Bermuda 1.13 Israel 0.95 France 0.51 Portugal 0.00 97.60
The accompanying notes form an integral part of these financial statements.
133 Pictet - Biotech
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
DENMARK
NOVO NORDISK 'B' 436,497.48 43,759,134.77 4.77
43,759,134.77 4.77
NORWAY
ALGETA 1,308,128.42 38,769,265.87 4.23
38,769,265.87 4.23
SWEDEN
MEDIVIR 'B' 877,481.09 11,658,100.95 1.27
11,658,100.95 1.27
SWITZERLAND
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
UNITED KINGDOM
AMARIN CORPORATION -ADR SPONS.- 2,200,614.64 20,245,632.64 2.21
20,245,632.64 2.21
UNITED STATES
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
The accompanying notes form an integral part of these financial statements.
134 Pictet - Biotech
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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
TOTAL I. 923,082,695.74 100.64
II. OTHER TRANSFERABLE SECURITIES
SHARES
UNITED STATES
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 INTARCIA THERAPEUTICS PREF 'BB-2' 219,181.97 280,552.92 0.03 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 SHARES 2,344,184.29 0.27
WARRANTS
UNITED STATES
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 WARRANTS 3.30 0.00
TOTAL II. 2,344,187.59 0.27
TOTAL INVESTMENTS 925,426,883.33 100.91
BANK OVERDRAFT -4,385,864.73 -0.48 OTHER NET LIABILITIES -4,000,297.18 -0.43
TOTAL NET ASSETS 917,040,721.42 100.00
The accompanying notes form an integral part of these financial statements.
135 Pictet - Biotech
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 85.28 Pharmaceuticals and cosmetics 64.51 Denmark 4.77 Biotechnology 36.33 Norway 4.23 Chemicals 0.07 Switzerland 3.15 Warrants 0.00 United Kingdom 2.21 100.91
Sweden 1.27 100.91
The accompanying notes form an integral part of these financial statements.
136 Pictet - Premium Brands
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BERMUDA
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
CAYMAN ISLANDS
INTIME DEPARTMENT STORE 8,018,213.50 6,686,611.20 1.52 MGM CHINA HOLDINGS 5,386,202.01 5,321,972.61 1.21 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
FRANCE
DIOR CHRISTIAN 144,863.88 12,248,239.78 2.78 ESSILOR INTERNATIONAL 265,497.60 14,334,215.35 3.25 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
GERMANY
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
ITALY
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
JAPAN
ASICS CORP 470,905.49 4,831,167.16 1.10
4,831,167.16 1.10
The accompanying notes form an integral part of these financial statements.
137 Pictet - Premium Brands
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SINGAPORE
BANYAN TREE 8,629,784.90 3,208,327.39 0.73
3,208,327.39 0.73
SPAIN
SOL MELIA 936,005.75 4,633,228.48 1.05
4,633,228.48 1.05
SWITZERLAND
CIE FINANCIERE RICHEMONT 485,552.34 16,315,629.75 3.70 KUONI REISEN HOLDING NOM. 'B' 22,368.23 5,019,988.81 1.14 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
UNITED KINGDOM
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
UNITED STATES
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
TOTAL INVESTMENTS 410,800,144.44 93.24
CASH AT BANKS 30,522,782.02 6.93 OTHER NET LIABILITIES -724,585.15 -0.17
TOTAL NET ASSETS 440,598,341.31 100.00
The accompanying notes form an integral part of these financial statements.
138 Pictet - Premium Brands
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) France 26.95 Textiles and clothing 34.34 United States 26.94 Gastronomy 9.53 Switzerland 9.60 Tobacco and alcohol 9.25 Italy 7.34 Pharmaceuticals and cosmetics 6.33 United Kingdom 6.13 Miscellaneous consumer goods 6.21 Cayman Islands 5.43 Retail and supermarkets 5.59 Germany 5.35 Holding and finance companies 4.71 Bermuda 2.62 Photography and optics 4.52 Japan 1.10 Food and soft drinks 3.63 Spain 1.05 Automobiles 3.53 Singapore 0.73 Watch-making 2.88 93.24 Miscellaneous 1.58
Transport and freight 1.14 93.24
The accompanying notes form an integral part of these financial statements.
139 Pictet - Water
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRIA
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
BERMUDA
BEIJING ENTERPRISES WATER 101,636,495.40 13,818,099.84 0.69
13,818,099.84 0.69
BRAZIL
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
CAYMAN ISLANDS
NEW ENVIRONMENTAL ENERGY HOLDINGS 37,108,378.69 1,350,099.81 0.07
1,350,099.81 0.07
CHILE
INVERSIONES AGUAS METROPOL 39,609,006.80 40,326,733.66 2.01
40,326,733.66 2.01
FINLAND
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
The accompanying notes form an integral part of these financial statements.
140 Pictet - Water
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
GERMANY
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
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
INDIA
JAIN IRRIGATION SYSTEMS 5,185,763.31 12,074,605.20 0.60
12,074,605.20 0.60
ITALY
HERA 9,462,663.22 10,787,436.07 0.54
10,787,436.07 0.54
JAPAN
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
NETHERLANDS
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
RUSSIA
RUSHYDRO OJSC (USD) 459,967,605.08 11,176,042.38 0.56
11,176,042.38 0.56
SINGAPORE
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
SOUTH KOREA
WOONG JIN COWAY 1,527,779.12 37,115,904.92 1.85
37,115,904.92 1.85
SWITZERLAND
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
The accompanying notes form an integral part of these financial statements.
141 Pictet - Water
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
UNITED KINGDOM
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
UNITED STATES
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 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
TOTAL I. 1,986,028,191.16 98.81
II. OTHER TRANSFERABLE SECURITIES
SHARES
UNITED STATES
UNDERGROUND SOLUTIONS 54,567,282.06 5,897,168.25 0.29
5,897,168.25 0.29
TOTAL SHARES 5,897,168.25 0.29
The accompanying notes form an integral part of these financial statements.
142 Pictet - Water
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
WARRANTS
UNITED STATES
FLEXIBLE SOLUTIONS WRT 03.05.10 44,945.98 0.00 0.00
0.00 0.00
TOTAL WARRANTS 0.00 0.00
TOTAL II. 5,897,168.25 0.29
TOTAL INVESTMENTS 1,991,925,359.41 99.10
CASH AT BANKS 21,324,031.32 1.06 OTHER NET LIABILITIES -3,329,674.78 -0.16
TOTAL NET ASSETS 2,009,919,715.95 100.00
The accompanying notes form an integral part of these financial statements.
143 Pictet - Water
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 45.65 Public utilities 44.06 United Kingdom 12.83 Construction of machines and appliances 17.52 Brazil 8.40 Environmental services & recycling 14.72 France 5.22 Environmental conservation and waste 9.44 Japan 3.49 management Hong Kong 3.25 Electronics and electrical equipment 5.33 Canada 2.93 Construction and building materials 3.96 Switzerland 2.93 Miscellaneous consumer goods 1.02 Finland 2.22 Chemicals 0.99 Austria 2.01 Mining and steelworks 0.64 Chile 2.01 Gastronomy 0.60 South Korea 1.85 Paper and forest products 0.46 Germany 1.24 Holding and finance companies 0.29 Singapore 1.07 Textiles and clothing 0.07 Philippines 0.81 Warrants 0.00 99.10 Netherlands 0.73 Bermuda 0.69 India 0.60 Russia 0.56 Italy 0.54 Cayman Islands 0.07 99.10
The accompanying notes form an integral part of these financial statements.
144 Pictet - Indian Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
INDIA
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 INFOSYS TECHNOLOGIES DEMAT. 397,357.00 20,516,253.88 6.88 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
UNITED KINGDOM
DQ ENTERTAINMENT 3,041,576.00 2,825,720.86 0.95
2,825,720.86 0.95
TOTAL INVESTMENTS 275,307,561.11 92.31
CASH AT BANKS 23,626,760.18 7.92 OTHER NET LIABILITIES -686,296.35 -0.23
TOTAL NET ASSETS 298,248,024.94 100.00
The accompanying notes form an integral part of these financial statements.
145 Pictet - Indian Equities
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) India 91.36 Banks and credit institutions 25.92 United Kingdom 0.95 Internet, software and IT services 16.35 92.31 Chemicals 9.22
Tobacco and alcohol 4.91 Mining and steelworks 4.33 Public utilities 4.29 Oil 4.28 Automobiles 3.71 Electronics and electrical equipment 2.80 Stainless steel 2.77 Holding and finance companies 2.64 Miscellaneous trade 2.61 Gastronomy 2.16 Textiles and clothing 1.81 Agriculture and fisheries 1.62 Pharmaceuticals and cosmetics 1.01 Publishing and graphic arts 0.95 Construction and building materials 0.93 92.31
The accompanying notes form an integral part of these financial statements.
146 Pictet - Japanese Equity Opportunities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN JPY)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
JAPAN
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 CHOU MITSUI TRUST 319,499.76 82,750,439.13 1.48 DAIHATSU MOTOR 40,999.97 57,768,957.51 1.03 DAIICHIKOSHO 46,499.97 71,051,947.73 1.27 DENKI KAGAKU KOGYO 252,999.81 75,393,944.54 1.35 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 CHEMICAL 42,499.97 54,697,459.76 0.98 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 ESTATE 110,999.92 140,747,896.47 2.52 MITSUBISHI UFJ FINANCIAL GROUP 259,499.81 91,862,932.43 1.64 MITSUBISHI UFJ LEASE & FINANCE 29,599.98 92,499,931.96 1.66 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
The accompanying notes form an integral part of these financial statements.
147 Pictet - Japanese Equity Opportunities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN JPY)
Description Quantity Market value (note 2) % of net assets
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 SUMITOMO ELECTRIC INDUSTRIES 81,999.94 75,193,944.69 1.35 SUMITOMO MITSUI FINANCIAL GROUP 62,999.95 138,977,897.77 2.49 SURUGA BANK 116,999.91 88,685,934.76 1.59 TOCALO 31,599.98 48,031,964.67 0.86 TOKIO MARINE HOLDINGS 52,099.96 103,366,323.96 1.85 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 TOYOTA TSUSHO CORP 75,199.94 100,843,125.82 1.80 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
TOTAL INVESTMENTS 5,170,187,096.80 92.54
CASH AT BANKS 412,589,627.50 7.38 OTHER NET ASSETS 4,460,639.88 0.08
TOTAL NET ASSETS 5,587,237,364.18 100.00
The accompanying notes form an integral part of these financial statements.
148 Pictet - Japanese Equity Opportunities
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Japan 92.54 Electronics and electrical equipment 10.75 92.54 Automobiles 9.58
Chemicals 9.47 Construction of machines and appliances 8.99 Holding and finance companies 7.46 Miscellaneous trade 6.76 Communications 5.84 Real estate 5.16 Pharmaceuticals and cosmetics 4.87 Banks and credit institutions 4.84 Construction and building materials 4.50 Transport and freight 3.89 Retail and supermarkets 2.46 Packaging 2.39 Leisure 1.27 Miscellaneous consumer goods 1.27 Computer and office equipment 1.08 Utilities 1.01 Photography and optics 0.95 92.54
The accompanying notes form an integral part of these financial statements.
149 Pictet - Asian Equities Ex Japan
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BERMUDA
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
CAYMAN ISLANDS
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 MGM CHINA HOLDINGS 1,892,000.79 2,506,794.64 0.64 TENCENT HOLDINGS 266,300.11 5,613,868.66 1.42
16,333,311.34 4.15
CHINA
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 PETROLEUM & CHEMICAL 'H' 5,672,002.37 5,592,620.77 1.42 CHINA SHENHUA ENERGY H 1,366,700.57 5,448,196.06 1.38 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 ´A´ 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 IND. & COMM. BANK OF CHINA 'H' 12,380,005.18 6,071,583.00 1.54 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
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 CHEUNG KONG HOLDINGS 266,200.11 2,925,497.58 0.74 CHINA MOBILE 1,494,921.63 14,797,574.99 3.75 CLP HOLDINGS 539,000.23 4,882,066.74 1.24
The accompanying notes form an integral part of these financial statements.
150 Pictet - Asian Equities Ex Japan
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
HONGKONG ELECTRIC 453,600.19 3,485,420.09 0.88 HONGKONG LAND HOLDINGS 668,500.28 2,994,881.25 0.76 HUTCHISON WHAMPOA 815,400.34 6,118,897.12 1.55 LENOVO GROUP 5,125,302.14 3,480,910.78 0.88 SUN HUNG KAI PROPERTIES 183,100.08 2,126,252.53 0.54 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
INDIA
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 RELIANCE INDUSTRIES DEMAT. 251,025.10 4,136,090.52 1.05 TATA CONSULTANCY SERVICES DEMAT. 253,136.11 5,352,194.74 1.36 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
INDONESIA
ASTRA INTERNATIONAL 634,600.27 4,597,061.21 1.17 BANK RAKYAT INDONESIA 'B' 7,480,703.13 4,980,579.95 1.26 PT BANK MANDIRI (PERSERO) 6,170,488.58 4,424,271.11 1.12 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
MALAYSIA
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
MAURITIUS
GOLDEN AGRI - RESOURCES 3,830,001.60 1,812,874.22 0.46
1,812,874.22 0.46
SINGAPORE
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
SOUTH KOREA
CJ O SHOPPING 10,497.00 2,341,938.74 0.59 GS ENG. & CONSTRUCTION 39,838.02 3,305,622.95 0.84 HANA FINANCIAL HOLDINGS 125,430.05 3,717,056.64 0.94 HUCHEMS FINE CHEMICAL 99,850.04 1,952,943.88 0.50 HYNIX SEMICONDUCTOR 147,930.06 2,674,138.21 0.68
The accompanying notes form an integral part of these financial statements.
151 Pictet - Asian Equities Ex Japan
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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 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 SAMSUNG ELECTRONICS 29,956.01 21,305,553.48 5.40 SAMSUNG FIRE & MAR. INSUR. 16,890.01 3,096,116.28 0.78 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
TAIWAN
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 CHUNGHWA TELECOM 1,308,800.55 4,359,808.07 1.11 CORETRONIC 1,974,000.83 1,535,407.07 0.39 FORMOSA CHEMICALS AND FIBER 569,000.24 1,486,460.51 0.38 FORMOSA PLASTICS 1,478,000.62 3,963,004.21 1.00 GENIUS ELECTRONICS OPTICAL 200,000.08 1,509,683.38 0.38 HIGH TECH COMPUTER 174,950.07 3,933,078.01 1.00 HON HAI PRECISION INDUSTRY 2,662,334.11 6,046,394.96 1.53 MEDIATEK 223,446.09 2,474,995.44 0.63 MEGA FINANCIAL HLDG 6,003,802.51 4,206,802.65 1.07 TAIWAN SEMICONDUCTOR 4,686,157.96 10,765,713.67 2.73 WISTRON 1,457,322.61 1,671,593.77 0.42
48,875,647.57 12.40
THAILAND
ADVANCED INFO SERV. NOM. FGN. 821,200.34 3,382,117.48 0.86 BANGKOK BANK PUBLIC FGN NOM. (THB) 712,400.30 3,392,465.23 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
UNITED STATES
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
TOTAL I. 381,615,979.66 96.73
The accompanying notes form an integral part of these financial statements.
152 Pictet - Asian Equities Ex Japan
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
II. UNITS OF INVESTMENT FUNDS
CAYMAN ISLANDS
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
TOTAL INVESTMENTS 383,469,021.43 97.20
CASH AT BANKS 11,882,194.04 3.01 OTHER NET LIABILITIES -834,737.89 -0.21
TOTAL NET ASSETS 394,516,477.58 100.00
The accompanying notes form an integral part of these financial statements.
153 Pictet - Asian Equities Ex Japan
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) South Korea 22.30 Banks and credit institutions 16.28 China 19.84 Electronics and electrical equipment 15.80 Hong Kong 14.47 Communications 9.72 Taiwan 12.40 Holding and finance companies 7.75 India 6.38 Chemicals 5.01 Indonesia 5.64 Insurance 4.89 Cayman Islands 4.62 Internet, software and IT services 4.43 Thailand 3.57 Oil 4.04 Singapore 3.31 Construction and building materials 3.71 Malaysia 2.63 Tobacco and alcohol 3.08 United States 1.06 Public utilities 2.85 Bermuda 0.52 Automobiles 2.85 Mauritius 0.46 Computer and office equipment 2.30 97.20 Real estate 2.08
Mining and steelworks 2.01 Transport and freight 1.69 Construction of machines and appliances 1.64 Retail and supermarkets 1.55 Conglomerates 0.98 Pharmaceuticals and cosmetics 0.96 Textiles and clothing 0.92 Gastronomy 0.64 Food and soft drinks 0.64 Units of investment funds 0.47 Agriculture and fisheries 0.46 Utilities 0.45 97.20
The accompanying notes form an integral part of these financial statements.
154 Pictet - Greater China
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
CAYMAN ISLANDS
BELLE INTERNATIONAL 3,564,000.00 6,222,921.90 2.01 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 TENCENT HOLDINGS 593,600.00 12,513,672.71 4.04 TPK HOLDING 141,750.00 2,684,273.36 0.87
33,351,730.22 10.77
CHINA
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 LIFE INSURANCE 'H' 2,551,000.00 6,157,239.61 1.99 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 PETROLEUM & CHEMICAL 'H' 8,170,000.00 8,055,658.06 2.60 CHINA SHENHUA ENERGY H 2,551,000.00 10,169,270.75 3.29 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 IND. & COMM. BANK OF CHINA 'H' 23,265,633.00 11,410,271.62 3.69 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 PING AN INSURANCE (GROUP) 518,000.00 2,939,475.03 0.95 SHANGHAI FRIENDSHIP GROUP ´A´ 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
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 CHEUNG KONG HOLDINGS 680,000.00 7,473,093.64 2.42 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
The accompanying notes form an integral part of these financial statements.
155 Pictet - Greater China
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
HONG KONG & CHINA GAS 1,540,000.00 3,483,729.06 1.13 HONG KONG EXCHANGES AND CLEARING 225,976.00 3,327,694.75 1.08 HONGKONG ELECTRIC 311,000.00 2,389,693.99 0.77 HUTCHISON WHAMPOA 667,000.00 5,005,276.76 1.62 LENOVO GROUP 4,692,000.00 3,186,628.40 1.03 SUN HUNG KAI PROPERTIES 434,847.00 5,049,667.66 1.63 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
LUXEMBOURG
SAMSONITE INTERNATIONAL 1,537,800.00 2,171,752.29 0.70
2,171,752.29 0.70
TAIWAN
ADVANCED SEMICONDUCTOR ENGINEER. 1,804,538.00 1,569,422.11 0.51 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 INSUR. (TAIWAN) (PROV.) 208,525.00 200,175.93 0.06 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 CHINATRUST FINANCIAL HOLDING-PROV.- 399,303.00 238,507.38 0.08 CHINATRUST FINANCIAL HOLDINGS 5,548,551.00 3,314,200.90 1.07 CHUNGHWA TELECOM 1,279,600.00 4,262,536.74 1.38 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 FORMOSA PLASTICS 1,895,000.00 5,081,116.26 1.64 FUBON FINANCIAL 4,045,643.00 4,262,068.74 1.38 FUBON FINANCIAL HOLDING -PROV.- 202,062.00 212,871.51 0.07 HIGH TECH COMPUTER 62,147.00 1,397,135.74 0.45 HON HAI PRECISION INDUSTRY 3,279,312.00 7,447,606.02 2.41 MEDIATEK 1,098,000.00 12,161,971.42 3.93 MEGA FINANCIAL HLDG 4,767,480.00 3,340,524.19 1.08 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 TAIWAN SEMICONDUCTOR 6,135,148.00 14,094,541.25 4.55 YUANTA FINANCIAL 3,591,994.00 1,827,238.18 0.59
84,456,805.81 27.28
UNITED KINGDOM
HSBC HOLDINGS 360,165.00 2,816,025.26 0.91
2,816,025.26 0.91
UNITED STATES
SOHU. COM 74,900.00 3,791,438.00 1.23
3,791,438.00 1.23
The accompanying notes form an integral part of these financial statements.
156 Pictet - Greater China
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Market value (note 2) % of net assets
TOTAL INVESTMENTS 300,220,581.40 97.02
CASH AT BANKS 9,846,795.09 3.18 OTHER NET LIABILITIES -628,076.83 -0.20
TOTAL NET ASSETS 309,439,299.66 100.00
The accompanying notes form an integral part of these financial statements.
157 Pictet - Greater China
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) China 33.01 Electronics and electrical equipment 14.05 Taiwan 27.28 Communications 10.14 Hong Kong 23.12 Insurance 8.02 Cayman Islands 10.77 Oil 7.95 United States 1.23 Holding and finance companies 7.85 United Kingdom 0.91 Banks and credit institutions 7.69 Luxembourg 0.70 Internet, software and IT services 6.02 97.02 Mining and steelworks 5.08
Textiles and clothing 4.37 Real estate 4.02 Computer and office equipment 3.72 Chemicals 2.78 Public utilities 2.73 Retail and supermarkets 2.71 Food and soft drinks 1.73 Utilities 1.49 Gastronomy 1.37 Tobacco and alcohol 1.25 Construction and building materials 1.15 Pharmaceuticals and cosmetics 0.90 Conglomerates 0.79 Miscellaneous 0.65 Construction of machines and appliances 0.56 97.02
The accompanying notes form an integral part of these financial statements.
158 Pictet - Japanese Equity Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN JPY)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
JAPAN
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 CHOU MITSUI TRUST 833,786.17 215,950,617.43 1.70 DAIHATSU MOTOR 157,993.59 222,612,967.09 1.76 DAIICHIKOSHO 117,295.24 179,227,127.55 1.41 DENKI KAGAKU KOGYO 660,973.18 196,970,007.60 1.55 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 CHEMICAL 96,196.10 123,804,376.42 0.98 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 ESTATE 250,989.82 318,255,086.24 2.51 MITSUBISHI UFJ FINANCIAL GROUP 1,077,956.26 381,596,516.05 3.01 MITSUBISHI UFJ LEASE & FINANCE 73,747.01 230,459,398.71 1.82 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 SUMITOMO ELECTRIC INDUSTRIES 197,092.00 180,733,366.43 1.43 SUMITOMO MITSUI FINANCIAL GROUP 133,494.58 294,489,050.59 2.32
The accompanying notes form an integral part of these financial statements.
159 Pictet - Japanese Equity Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN JPY)
Description Quantity Market value (note 2) % of net assets
SURUGA BANK 262,989.33 199,345,911.19 1.57 TOKIO MARINE HOLDINGS 191,292.24 379,523,800.16 2.99 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 TOYOTA TSUSHO CORP 198,891.93 266,714,077.61 2.10 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
TOTAL INVESTMENTS 12,547,957,474.71 98.95
CASH AT BANKS 154,841,336.80 1.22 OTHER NET LIABILITIES -21,651,012.73 -0.17
TOTAL NET ASSETS 12,681,147,798.78 100.00
The accompanying notes form an integral part of these financial statements.
160 Pictet - Japanese Equity Selection
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Japan 98.95 Automobiles 15.17 98.95 Electronics and electrical equipment 12.28
Holding and finance companies 10.02 Chemicals 9.50 Construction of machines and appliances 7.07 Pharmaceuticals and cosmetics 6.70 Communications 6.34 Real estate 5.49 Miscellaneous trade 5.48 Banks and credit institutions 5.05 Transport and freight 3.59 Construction and building materials 3.30 Retail and supermarkets 2.89 Miscellaneous consumer goods 1.52 Leisure 1.41 Computer and office equipment 1.09 Photography and optics 1.03 Packaging 1.02 98.95
The accompanying notes form an integral part of these financial statements.
161 Pictet - Generics
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
CANADA
VALEANT PHARMACEUTICALS INTER. 77,213.04 2,866,147.40 0.81
2,866,147.40 0.81
CAYMAN ISLANDS
3SBIO ADR (R.7 SHS) 850,646.83 10,148,216.71 2.86
10,148,216.71 2.86
CHILE
CFR PHARMACEUTICALS 61,817,672.05 13,225,919.18 3.73
13,225,919.18 3.73
GERMANY
STADA ARZNEIMITTEL NOM. 449,501.14 9,531,955.56 2.69
9,531,955.56 2.69
GREECE
ALAPIS 550,242.54 73,826.26 0.02
73,826.26 0.02
HUNGARY
GEDEON RICHTER 41,462.63 5,678,701.64 1.60
5,678,701.64 1.60
INDIA
DR REDDY'S LAB ADR (R. 1 SHS) 365,370.58 10,888,043.19 3.07
10,888,043.19 3.07
ISRAEL
TEVA PHARMACEUTICAL ADR 284,334.72 10,582,935.27 2.99
10,582,935.27 2.99
JAPAN
NICHI-IKO PHARMACEUTICAL 475,145.90 12,760,187.91 3.60 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
RUSSIA
PHARMSTANDARD OKTYABR -GDR- (USD) 779,325.14 14,892,895.72 4.20
14,892,895.72 4.20
The accompanying notes form an integral part of these financial statements.
162 Pictet - Generics
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
SLOVENIA
KRKA 97,801.90 6,743,457.58 1.90
6,743,457.58 1.90
SOUTH AFRICA
ASPEN PHARMACARE 1,998,827.18 22,688,236.89 6.40
22,688,236.89 6.40
SOUTH KOREA
GREEN CROSS 74,923.68 10,811,677.08 3.05
10,811,677.08 3.05
SWITZERLAND
LONZA GROUP 181,690.78 11,001,864.08 3.10
11,001,864.08 3.10
UNITED KINGDOM
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
UNITED STATES
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
TOTAL SHARES 283,744,745.42 80.04
WARRANTS
NETHERLANDS ANTILLES
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
UNITED KINGDOM
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
The accompanying notes form an integral part of these financial statements.
163 Pictet - Generics
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Market value (note 2) % of net assets
TOTAL INVESTMENTS 353,558,200.79 99.73
CASH AT BANKS 2,478,641.33 0.70 OTHER NET LIABILITIES -1,527,845.66 -0.43
TOTAL NET ASSETS 354,508,996.46 100.00
The accompanying notes form an integral part of these financial statements.
164 Pictet - Generics
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 21.92 Pharmaceuticals and cosmetics 74.08 United Kingdom 20.35 Warrants 19.69 Japan 11.52 Chemicals 3.10 Netherlands Antilles 9.52 Utilities 2.86 South Africa 6.40 99.73
Russia 4.20 Chile 3.73 Switzerland 3.10 India 3.07 South Korea 3.05 Israel 2.99 Cayman Islands 2.86 Germany 2.69 Slovenia 1.90 Hungary 1.60 Canada 0.81 Greece 0.02 99.73
The accompanying notes form an integral part of these financial statements.
165 Pictet - US Equity Growth Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
NETHERLANDS ANTILLES
SCHLUMBERGER 525,340.00 31,378,552.95 3.67
31,378,552.95 3.67
UNITED KINGDOM
ARM HOLDINGS ADR 179,500.00 4,577,250.00 0.54
4,577,250.00 0.54
UNITED STATES
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 JUNIPER NETWORKS 246,150.00 4,248,549.00 0.50 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
The accompanying notes form an integral part of these financial statements.
166 Pictet - US Equity Growth Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
STERICYCLE 67,050.00 5,412,275.33 0.63 T ROWE PRICE GROUP 447,900.00 21,396,183.00 2.50 THERMO FISHER SCIENTIFIC INC 128,550.00 6,509,772.00 0.76 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
TOTAL INVESTMENTS 819,490,233.01 95.80
CASH AT BANKS 41,156,998.23 4.81 OTHER NET LIABILITIES -5,219,586.35 -0.61
TOTAL NET ASSETS 855,427,644.89 100.00
The accompanying notes form an integral part of these financial statements.
167 Pictet - US Equity Growth Selection
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 91.59 Computer and office equipment 14.33 Netherlands Antilles 3.67 Internet, software and IT services 10.52 United Kingdom 0.54 Food and soft drinks 9.76 95.80 Oil 8.44
Pharmaceuticals and cosmetics 7.83 Communications 6.92 Banks and credit institutions 6.56 Chemicals 5.62 Gastronomy 4.56 Mining and steelworks 4.22 Electronics and electrical equipment 3.72 Automobiles 2.53 Aeronautics and astronautics 1.79 Retail and supermarkets 1.60 Construction of machines and appliances 1.51 Textiles and clothing 1.50 Miscellaneous consumer goods 1.33 Transport and freight 1.05 Holding and finance companies 0.78 Environmental services & recycling 0.63 Utilities 0.60 95.80
The accompanying notes form an integral part of these financial statements.
168 Pictet - Security
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
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
GERMANY
WIRECARD 264,482.86 4,087,960.79 2.10
4,087,960.79 2.10
ISRAEL
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
JAPAN
DENSO 78,365.29 2,552,878.81 1.31
2,552,878.81 1.31
NETHERLANDS
SENSATA TECHNOLOGIE 84,895.73 2,246,341.07 1.15
2,246,341.07 1.15
SWEDEN
ASSA ABLOY 'B' 156,730.58 3,256,378.36 1.67
3,256,378.36 1.67
SWITZERLAND
TYCO INTERNATIONAL NOM. 202,443.67 8,249,579.48 4.24
8,249,579.48 4.24
UNITED KINGDOM
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
UNITED STATES
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
The accompanying notes form an integral part of these financial statements.
169 Pictet - Security
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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 FIDELITY NATIONAL 19,591.32 476,460.97 0.24 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 JUNIPER NETWORKS 65,304.41 1,127,154.10 0.58 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 THERMO FISHER SCIENTIFIC INC 137,139.26 6,944,732.09 3.57 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 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
TOTAL INVESTMENTS 187,212,598.78 96.20
CASH AT BANKS 7,752,197.19 3.98 OTHER NET LIABILITIES -365,682.73 -0.18
TOTAL NET ASSETS 194,599,113.24 100.00
The accompanying notes form an integral part of these financial statements.
170 Pictet - Security
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 71.66 Utilities 17.24 United Kingdom 9.75 Internet, software and IT services 12.54 Switzerland 4.24 Electronics and electrical equipment 11.58 France 2.61 Holding and finance companies 10.41 Germany 2.10 Computer and office equipment 9.39 Israel 1.71 Real estate 8.45 Sweden 1.67 Environmental services & recycling 7.24 Japan 1.31 Pharmaceuticals and cosmetics 6.40 Netherlands 1.15 Automobiles 3.02 96.20 Oil 2.45
Miscellaneous 1.96 Aeronautics and astronautics 1.60 Banks and credit institutions 1.16 Miscellaneous consumer goods 0.99 Biotechnology 0.77 Construction of machines and appliances 0.71 Communications 0.29 96.20
The accompanying notes form an integral part of these financial statements.
171 Pictet - Clean Energy
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRIA
ZUMTOBEL 246,623.49 4,304,950.02 1.18
4,304,950.02 1.18
BRAZIL
CEMIG MINAS GERAIS PREF 746,505.57 11,151,838.90 3.04 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
CAYMAN ISLANDS
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
CHINA
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
DENMARK
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
FINLAND
OUTOTEC 289,240.18 10,478,016.95 2.86
10,478,016.95 2.86
FRANCE
SCHNEIDER ELECTRIC S.A. 217,253.74 11,825,758.12 3.23
11,825,758.12 3.23
The accompanying notes form an integral part of these financial statements.
172 Pictet - Clean Energy
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
GERMANY
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
HONG KONG
HONG KONG & CHINA GAS 3,719,691.97 8,419,377.61 2.30
8,419,377.61 2.30
INDIA
GAIL INDIA 545,696.50 4,574,491.72 1.25
4,574,491.72 1.25
INDONESIA
PERUSAHAAN GAS NEGA 'B' 10,490,524.11 3,191,478.91 0.87
3,191,478.91 0.87
ITALY
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
JAPAN
TOKYO GAS CO 2,698,250.29 12,637,150.80 3.45
12,637,150.80 3.45
MARSHALL ISLANDS
TEEKAY LNG PARTNERS LP 123,782.91 3,852,124.18 1.05
3,852,124.18 1.05
NETHERLANDS
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
RUSSIA
NOVATEK -GDR SPONS. - REG. S 57,739.76 6,709,360.58 1.83 RUSHYDRO ADR (R.100 SHS) 1,108,327.83 3,812,647.73 1.04 RUSHYDRO OJSC (USD) 167,316,371.30 5,454,513.70 1.49
15,976,522.01 4.36
SOUTH KOREA
DC CHEMICAL CO LTD 20,079.82 3,536,739.06 0.97
3,536,739.06 0.97
The accompanying notes form an integral part of these financial statements.
173 Pictet - Clean Energy
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
SPAIN
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
SWITZERLAND
ABB LTD 423,923.89 7,360,211.17 2.01
7,360,211.17 2.01
TAIWAN
EPISTAR 3,241,157.79 5,753,794.38 1.57
5,753,794.38 1.57
UNITED KINGDOM
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
UNITED STATES
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 JOHNSON CONTROLS 436,320.80 11,505,779.47 3.14 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 SOUTHWESTERN ENERGY 242,494.29 8,082,332.24 2.21 SPECTRA ENERGY 509,169.68 12,489,932.23 3.41 VEECO INSTRUMENTS 127,938.48 3,121,697.62 0.85 WILLIAMS COMPANIES 500,090.71 12,172,207.99 3.32
114,624,943.84 31.31
TOTAL I. 357,636,666.09 97.63
II. OTHER TRANSFERABLE SECURITIES
WARRANTS
UNITED STATES
PERFECTENERGY WTS 26.01.10 1,000,500.97 0.00 0.00
0.00 0.00
TOTAL II. 0.00 0.00
TOTAL INVESTMENTS 357,636,666.09 97.63
CASH AT BANKS 9,348,553.48 2.55 OTHER NET LIABILITIES -667,206.09 -0.18
TOTAL NET ASSETS 366,318,013.48 100.00
The accompanying notes form an integral part of these financial statements.
174 Pictet - Clean Energy
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 31.31 Public utilities 44.21 Germany 6.01 Electronics and electrical equipment 14.31 Cayman Islands 5.42 Holding and finance companies 9.18 Italy 5.11 Construction of machines and appliances 3.85 Brazil 4.53 Stainless steel 3.33 Spain 4.42 Conglomerates 3.32 Russia 4.36 Automobiles 3.14 United Kingdom 3.62 Communications 2.59 Canada 3.55 Environmental services & recycling 2.49 Japan 3.45 Construction and building materials 1.93 France 3.23 Computer and office equipment 1.87 China 3.22 Aeronautics and astronautics 1.77 Finland 2.86 Chemicals 1.74 Hong Kong 2.30 Pharmaceuticals and cosmetics 1.53 Philippines 2.05 Miscellaneous trade 1.26 Denmark 2.03 Oil 0.87 Switzerland 2.01 Miscellaneous 0.24 Taiwan 1.57 Warrants 0.00 Netherlands 1.26 97.63
India 1.25 Austria 1.18 Marshall Islands 1.05 South Korea 0.97 Indonesia 0.87 97.63
The accompanying notes form an integral part of these financial statements.
175 Pictet - Russian Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BRITISH VIRGIN ISLANDS
MAIL.RU GROUP -GDR- (R.1 SHS) 269,500.00 7,882,875.00 2.13
7,882,875.00 2.13
CYPRUS
GLOBALTRANS GDR (R.1 SHS) 287,847.00 3,957,896.25 1.07
3,957,896.25 1.07
ISLE OF MAN
ZHAIKMUNAI GDR (R. 1 SHS) 790,997.00 5,853,377.80 1.58
5,853,377.80 1.58
LUXEMBOURG
EVRAZ GROUP GDR. 315,846.00 4,971,416.04 1.35
4,971,416.04 1.35
NETHERLANDS
X5 RETAIL GROUP SPONS. GDR REG. S 366,260.00 10,145,402.00 2.75
10,145,402.00 2.75
RUSSIA
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 JFSC SISTEMA GDR (R. 20 SHS) 759,307.00 10,630,298.00 2.88 LUKOIL HOLDING ADR (R. 1 SHS) 540,922.00 27,505,883.70 7.44 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 NOMOS BANK GDR (R. 1/2 SHS REG.S) 713,911.00 6,860,684.71 1.86 NOVATEK -GDR SPONS. - REG. S 281,379.00 32,696,239.80 8.85 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 ADR (R.100 SHS) 1,892,819.00 6,511,297.36 1.76 RUSHYDRO OJSC (USD) 203,837.00 6,645.09 0.00 SBERBANK (USD) 11,828,448.00 25,864,084.40 7.00
The accompanying notes form an integral part of these financial statements.
176 Pictet - Russian Equities
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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
UNITED STATES
CTC MEDIA 496,300.00 4,417,070.00 1.20
4,417,070.00 1.20
TOTAL INVESTMENTS 362,904,525.64 98.21
CASH AT BANKS 7,379,494.97 2.00 OTHER NET LIABILITIES -760,860.64 -0.21
TOTAL NET ASSETS 369,523,159.97 100.00
The accompanying notes form an integral part of these financial statements.
177 Pictet - Russian Equities
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Russia 88.13 Oil 29.10 Netherlands 2.75 Banks and credit institutions 13.43 British Virgin Islands 2.13 Holding and finance companies 9.92 Isle Of Man 1.58 Stainless steel 9.22 Luxembourg 1.35 Mining and steelworks 6.46 United States 1.20 Communications 6.34 Cyprus 1.07 Chemicals 4.12 98.21 Public utilities 3.16
Food and soft drinks 2.84 Retail and supermarkets 2.75 Miscellaneous 2.43 Internet, software and IT services 2.13 Transport and freight 2.05 Utilities electric 1.75 Construction and building materials 1.69 Construction of machines and appliances 0.82 98.21
The accompanying notes form an integral part of these financial statements.
178 Pictet - Timber
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA
TFS CORP 3,977,409.32 2,628,647.61 1.44
2,628,647.61 1.44
AUSTRIA
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
BERMUDA
BROOKFIELD INFRASTRUCTURE 183,680.33 4,470,779.13 2.45 NINE DRAGONS PAPER 856,325.96 435,613.57 0.24
4,906,392.70 2.69
BRAZIL
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
CAYMAN ISLANDS
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
CHILE
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
FINLAND
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
The accompanying notes form an integral part of these financial statements.
179 Pictet - Timber
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
IRELAND
SMURFIT KAPPA 247,219.07 1,492,626.70 0.82
1,492,626.70 0.82
JAPAN
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
SOUTH AFRICA
SAPPI 293,405.92 870,462.15 0.48
870,462.15 0.48
SWEDEN
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
UNITED KINGDOM
MONDI (GBP) 883,977.33 6,523,132.64 3.57
6,523,132.64 3.57
UNITED STATES
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 FORESTAR REAL ESTATE GP. 162,668.19 1,774,709.93 0.97 GREIF 'A' 41,256.45 1,769,489.03 0.97 INTERNATIONAL PAPER 167,521.55 3,894,876.05 2.13 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
TOTAL I. 177,212,792.69 96.93
The accompanying notes form an integral part of these financial statements.
180 Pictet - Timber
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
II. UNITS OF INVESTMENT FUNDS
UNITED KINGDOM
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
TOTAL INVESTMENTS 179,262,712.68 98.05
CASH AT BANKS 4,155,971.24 2.27 OTHER NET LIABILITIES -585,285.49 -0.32
TOTAL NET ASSETS 182,833,398.43 100.00
The accompanying notes form an integral part of these financial statements.
181 Pictet - Timber
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 46.79 Paper and forest products 63.63 Brazil 9.86 Packaging 9.06 Sweden 7.28 Holding and finance companies 5.98 Chile 6.44 Miscellaneous 5.48 Finland 6.18 Construction and building materials 3.58 Canada 4.97 Electronics and electrical equipment 2.45 United Kingdom 4.69 Oil 2.03 Japan 3.03 Miscellaneous trade 1.44 Bermuda 2.69 Real estate 1.30 Austria 2.01 Units of investment funds 1.12 Australia 1.44 Construction of machines and appliances 1.09 Portugal 0.89 Public utilities 0.89 Ireland 0.82 98.05
Cayman Islands 0.48 South Africa 0.48 98.05
The accompanying notes form an integral part of these financial statements.
182 Pictet - Agriculture
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BELGIUM
SIPEF 34,957.13 2,032,057.93 1.11
2,032,057.93 1.11
BERMUDA
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
BRAZIL
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
CAYMAN ISLANDS
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
CHINA
CHINA BLUECHEMICAL 'H' 4,789,135.98 2,760,344.19 1.51
2,760,344.19 1.51
CYPRUS
ROS AGRO -GDR- (R.1/5 SHS) 132,860.04 840,708.16 0.46
840,708.16 0.46
DENMARK
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
The accompanying notes form an integral part of these financial statements.
183 Pictet - Agriculture
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
GERMANY
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
INDIA
COROMANDEL INTERNATIONAL 219,481.40 1,018,580.04 0.56 JAIN IRRIGATION SYSTEMS 336,689.09 783,951.67 0.43 MAHINDRA & MAHINDRA 250,789.66 3,071,421.61 1.68 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
INDONESIA
PT SAMPOERNA AGRO 953,907.52 234,486.84 0.13
234,486.84 0.13
ISRAEL
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
JAPAN
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
MALAYSIA
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
NETHERLANDS
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
NORWAY
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
The accompanying notes form an integral part of these financial statements.
184 Pictet - Agriculture
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
RUSSIA
CHERKIZOVO GP. GDR (R.0.666667SH S) 89,083.63 995,938.14 0.54
995,938.14 0.54
SINGAPORE
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
SPAIN
VISCOFAN 98,397.50 2,659,684.49 1.45
2,659,684.49 1.45
SWITZERLAND
SYNGENTA AG 34,591.53 6,769,740.72 3.70
6,769,740.72 3.70
THAILAND
THAI VEGETABLE OIL -NVDR- 2,999,837.81 1,258,717.95 0.69
1,258,717.95 0.69
UNITED KINGDOM
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
UNITED STATES
AGCO 146,310.95 3,769,809.62 2.06 ANDERSONS 93,793.66 2,353,047.32 1.28 ARCHER-DANIELS MIDLAND 366,739.49 6,781,526.45 3.70 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
TOTAL SHARES 177,233,769.08 96.76
The accompanying notes form an integral part of these financial statements.
185 Pictet - Agriculture
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
WARRANTS
UNITED KINGDOM
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
II. OTHER TRANSFERABLE SECURITIES
WARRANTS
UNITED KINGDOM
EQUATORIAL PAL OIL WTS 26.02.12 570,135.24 0.00 0.00
0.00 0.00
TOTAL II. 0.00 0.00
TOTAL INVESTMENTS 180,675,215.17 98.64
CASH AT BANKS 2,828,074.76 1.54 OTHER NET LIABILITIES -345,398.53 -0.18
TOTAL NET ASSETS 183,157,891.40 100.00
The accompanying notes form an integral part of these financial statements.
186 Pictet - Agriculture
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 33.44 Food and soft drinks 26.03 Canada 10.74 Chemicals 21.56 Brazil 6.35 Agriculture and fisheries 16.27 Singapore 5.50 Construction of machines and appliances 7.32 Norway 5.43 Pharmaceuticals and cosmetics 6.28 United Kingdom 4.85 Retail and supermarkets 3.69 India 4.26 Holding and finance companies 3.28 Switzerland 3.70 Real estate 1.88 Netherlands 3.28 Warrants 1.88 Cayman Islands 3.23 Miscellaneous 1.68 Denmark 3.14 Automobiles 1.68 Israel 2.93 Biotechnology 1.62 Germany 2.81 Stainless steel 1.20 Bermuda 1.59 Public utilities 1.11 China 1.51 Transport and freight 0.97 Spain 1.45 Miscellaneous trade 0.88 Belgium 1.11 Utilities 0.54 Malaysia 0.88 Publishing and graphic arts 0.41 Thailand 0.69 Environmental conservation and waste 0.36 Luxembourg 0.54 management 98.64 Russia 0.54 Cyprus 0.46 Indonesia 0.13 Japan 0.08 98.64
The accompanying notes form an integral part of these financial statements.
187 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA
TFS CORP 2,054,328.07 1,357,693.96 0.16
1,357,693.96 0.16
AUSTRIA
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
BELGIUM
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
BERMUDA
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 NINE DRAGONS PAPER 442,291.53 224,993.99 0.03 TRINITY 1,825,393.59 1,458,525.14 0.17 VIMPELCOM ADR (REP.1 SHS-WI-) 113,252.61 1,079,296.24 0.13
8,028,391.45 0.95
BRAZIL
ALL AMERICA LATINA LOGISTICA 186,650.31 857,710.47 0.10 BRF FOODS 191,593.33 3,321,466.58 0.39 CEMIG MINAS GERAIS PREF 356,384.36 5,323,926.27 0.62 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 TRACTEBEL ENERGIA 97,443.11 1,370,109.30 0.16
27,157,392.51 3.19
The accompanying notes form an integral part of these financial statements.
188 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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
CAYMAN ISLANDS
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 CHINA HYDROELECTRIC ADR (R.3 SHS) 76,654.01 159,440.35 0.02 CHINA MENGNIU DAIRY 178,411.95 550,050.04 0.06 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 FOCUS MEDIA ADR (R.5 SHS) 68,987.53 1,158,299.89 0.14 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 LEE & MAN PAPER MANUFACTURING 590,927.79 201,921.78 0.02 MGM CHINA HOLDINGS 814,466.42 1,079,741.75 0.13 NETEASE. COM ADR (R. 25 SHS) 37,133.34 1,417,007.84 0.17 NEW ENVIRONMENTAL ENERGY HOLDINGS 1,320,082.13 64,439.41 0.01 PERFECT WORLD ADR (R.5 SHS 'B') 40,644.40 453,591.49 0.05 SHENGUAN HOLDINGS 1,314,018.18 675,193.70 0.08 SINA 16,786.40 1,202,073.77 0.14 TENCENT HOLDINGS 67,526.23 1,424,337.04 0.17 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
The accompanying notes form an integral part of these financial statements.
189 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
CHILE
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
CHINA
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
CYPRUS
ROS AGRO -GDR- (R.1/5 SHS) 47,995.13 407,478.58 0.05
407,478.58 0.05
DENMARK
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 VESTAS WIND SYSTEMS NOM. 28,393.05 464,847.08 0.05
9,465,965.75 1.11
FINLAND
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 ESSILOR INTERNATIONAL 40,146.82 2,908,179.34 0.34 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 SCHNEIDER ELECTRIC S.A. 54,623.72 2,973,329.10 0.35 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
The accompanying notes form an integral part of these financial statements.
190 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
GERMANY
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
GREECE
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
HUNGARY
GEDEON RICHTER 11,419.92 1,564,066.04 0.18
1,564,066.04 0.18
INDIA
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 JAIN IRRIGATION SYSTEMS 306,104.28 956,282.85 0.11 MAHINDRA & MAHINDRA 90,596.71 1,488,671.81 0.17 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
INDONESIA
PERUSAHAAN GAS NEGA 'B' 2,637,613.61 802,427.80 0.09 PT SAMPOERNA AGRO 344,595.09 113,652.24 0.01
916,080.04 0.10
IRELAND
SMURFIT KAPPA 127,688.41 770,940.25 0.09
770,940.25 0.09
The accompanying notes form an integral part of these financial statements.
191 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
ISRAEL
ALLOT COMMUNICATIONS 28,857.24 281,358.10 0.03 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 TEVA PHARMACEUTICAL ADR 78,313.37 2,914,822.91 0.34
8,075,930.50 0.95
ITALY
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
JAPAN
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 NICHI-IKO PHARMACEUTICAL 130,867.87 3,514,496.42 0.41 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
MALAYSIA
CB INDUSTRIAL PRODUCT HOLDING 40,277.85 43,778.89 0.01 IOI CORPORATION 504,264.78 734,481.11 0.09
778,260.00 0.10
The accompanying notes form an integral part of these financial statements.
192 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
MARSHALL ISLANDS
TEEKAY LNG PARTNERS LP 31,122.51 968,532.65 0.11
968,532.65 0.11
NETHERLANDS
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 KONINKLIJKE KPN NV 187,758.71 2,494,226.42 0.29 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
NORWAY
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
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
RUSSIA
CHERKIZOVO GP. GDR (R.0.666667SH S) 32,181.09 482,716.22 0.06 NOVATEK -GDR SPONS. - REG. S 14,517.41 1,686,922.47 0.20 PHARMSTANDARD OKTYABR -GDR- (USD) 214,646.95 4,101,901.08 0.48 RUSHYDRO ADR (R.100 SHS) 278,664.87 958,607.16 0.11 RUSHYDRO OJSC (USD) 58,430,801.52 1,904,844.02 0.22
9,134,990.95 1.07
SINGAPORE
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
The accompanying notes form an integral part of these financial statements.
193 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
SLOVENIA
KRKA 26,937.25 1,857,328.25 0.22
1,857,328.25 0.22
SOUTH AFRICA
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
SOUTH KOREA
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
SPAIN
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
SWEDEN
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
SWITZERLAND
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 CIE FINANCIERE RICHEMONT 73,422.07 3,310,176.12 0.39 GEBERIT 12,643.94 2,348,378.73 0.28 KUONI REISEN HOLDING NOM. 'B' 3,382.38 1,018,474.15 0.12 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 TYCO INTERNATIONAL NOM. 100,949.54 4,113,693.83 0.48
26,838,601.96 3.17
TAIWAN
EPISTAR 814,918.47 1,446,666.17 0.17 HIGH TECH COMPUTER 68,425.32 1,538,028.13 0.18
2,984,694.30 0.35
The accompanying notes form an integral part of these financial statements.
194 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
THAILAND
THAI VEGETABLE OIL -NVDR- 1,083,678.83 610,081.64 0.07
610,081.64 0.07
UNITED KINGDOM
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 UNITED UTILITIES GROUP 251,757.35 2,447,250.96 0.29 VODAFONE GROUP PLC 1,430,665.85 3,705,199.22 0.43 ZENERGY POWER 86,551.40 7,078.56 0.00
53,189,556.27 6.35
UNITED STATES
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 ARCHER-DANIELS MIDLAND 132,483.10 3,286,903.77 0.39 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
The accompanying notes form an integral part of these financial statements.
195 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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 FIDELITY NATIONAL 9,769.31 237,589.63 0.03 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 GRAND CANYON EDUCATION 36,275.37 585,846.82 0.07 GREIF 'A' 21,308.92 913,939.38 0.11 GT ADVANCED TECHNOLOGIES 81,647.85 573,167.09 0.07
The accompanying notes form an integral part of these financial statements.
196 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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 INTERNATIONAL PAPER 86,524.72 2,011,699.72 0.24 INTRALINKS HOLDINGS 79,554.58 597,454.92 0.07 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 JOHNSON CONTROLS 109,703.35 2,892,877.44 0.34 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 MAGELLAN MIDSTREAM PARTNERS 26,051.49 1,573,510.02 0.18 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
The accompanying notes form an integral part of these financial statements.
197 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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 SOUTHWESTERN ENERGY 60,969.90 2,032,126.26 0.24 SPECTRA ENERGY 128,019.62 3,140,321.20 0.37 STANLEY BLACK & DECKER 19,538.62 959,346.29 0.11 STARWOOD HOTELS & RESORTS 23,562.02 914,677.39 0.11 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 THERMO FISHER SCIENTIFIC INC 68,385.17 3,463,025.18 0.41 TIFFANY 66,492.99 4,044,102.59 0.47 TIME WARNER CABLE 23,523.80 1,474,236.26 0.17 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 WASTE CONNECTIONS 46,696.33 1,579,269.53 0.19 WASTE MANAGEMENT 52,446.78 1,707,666.83 0.20
The accompanying notes form an integral part of these financial statements.
198 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
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 WILLIAMS COMPANIES 125,736.91 3,060,436.37 0.36 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
TOTAL SHARES 811,301,875.25 95.38
WARRANTS
NETHERLANDS ANTILLES
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
UNITED KINGDOM
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
II. OTHER TRANSFERABLE SECURITIES
SHARES
PORTUGAL
KIWI II VENT. PREF 'A' 57.10 0.00 0.00
0.00 0.00
UNITED STATES
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 INTARCIA THERAPEUTICS PREF 'BB-1' 6,135.79 7,853.82 0.00 INTARCIA THERAPEUTICS PREF 'BB-2' 24,026.76 30,754.25 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 'C' 39,270.96 43,677.16 0.01
The accompanying notes form an integral part of these financial statements.
199 Pictet - Global Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
PTC THERAPEUTICS PREF CV 'E-2' 3,546.27 28,370.13 0.00 PTC THERAPEUTICS PREF 'D' 30,208.40 37,848.11 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
TOTAL SHARES 538,437.94 0.05
BONDS
CANADA
10% HIGHPOINT TEL. II CV 00/04 USD 83,928.45 0.00 0.00
0.00 0.00
TOTAL BONDS 0.00 0.00
WARRANTS
UNITED KINGDOM
EQUATORIAL PAL OIL WTS 26.02.12 205,958.96 0.00 0.00
0.00 0.00
UNITED STATES
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
TOTAL WARRANTS 0.36 0.00
TOTAL II. 538,438.30 0.05
III. UNITS OF INVESTMENT FUNDS
UNITED KINGDOM
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
TOTAL INVESTMENTS 833,795,601.82 97.99
CASH AT BANKS 19,525,913.46 2.29 OTHER NET LIABILITIES -2,406,754.46 -0.28
TOTAL NET ASSETS 850,914,760.82 100.00
The accompanying notes form an integral part of these financial statements.
200 Pictet - Global Megatrend Selection
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 46.90 Pharmaceuticals and cosmetics 18.41 United Kingdom 7.83 Public utilities 9.93 France 4.12 Paper and forest products 7.12 Japan 3.38 Internet, software and IT services 4.92 Brazil 3.19 Biotechnology 4.54 Switzerland 3.17 Holding and finance companies 4.30 Canada 2.88 Communications 4.29 Cayman Islands 2.85 Electronics and electrical equipment 3.89 Germany 2.21 Textiles and clothing 3.62 Chile 1.38 Construction of machines and appliances 3.36 Italy 1.38 Utilities 3.35 Finland 1.24 Food and soft drinks 3.07 Sweden 1.15 Chemicals 2.91 Denmark 1.11 Environmental services & recycling 2.74 Netherlands Antilles 1.08 Computer and office equipment 2.49 Russia 1.07 Warrants 2.44 Norway 1.06 Agriculture and fisheries 1.70 South Africa 1.05 Real estate 1.32 Hong Kong 0.98 Retail and supermarkets 1.32 India 0.98 Automobiles 1.23 Netherlands 0.98 Miscellaneous 1.20 Bermuda 0.95 Gastronomy 1.14 Israel 0.95 Environmental conservation and waste 1.11 South Korea 0.88 management Singapore 0.77 Construction and building materials 1.07 Spain 0.74 Packaging 1.01 Austria 0.71 Miscellaneous consumer goods 0.98 China 0.51 Tobacco and alcohol 0.97 Belgium 0.40 Oil 0.60 Taiwan 0.35 Stainless steel 0.49 Philippines 0.31 Photography and optics 0.47 Luxembourg 0.25 Miscellaneous trade 0.39 Slovenia 0.22 Aeronautics and astronautics 0.37 Hungary 0.18 Conglomerates 0.36 Australia 0.16 Watch-making 0.30 Marshall Islands 0.11 Transport and freight 0.22 Indonesia 0.10 Banks and credit institutions 0.13 Malaysia 0.10 Units of investment funds 0.12 Portugal 0.10 Mining and steelworks 0.07 Ireland 0.09 Publishing and graphic arts 0.04 Thailand 0.07 Bonds issued by companies 0.00 97.99 Cyprus 0.05 Greece 0.00 97.99
The accompanying notes form an integral part of these financial statements.
201 Pictet - Middle East And North Africa
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
EGYPT
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
KUWAIT
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
LEBANON
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
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
UNITED ARAB EMIRATES
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
The accompanying notes form an integral part of these financial statements.
202 Pictet - Middle East And North Africa
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
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
UNITED KINGDOM
ALMARAI (HSBC) -ELN- 29/09/14 16,843.00 386,169.57 1.71
386,169.57 1.71
TOTAL SHARES 16,784,113.49 74.39
CERTIFICATES
UNITED KINGDOM
SAUDI BASIC IND. (CSI) CRT 31.10.12 40,881.00 1,008,145.90 4.47
1,008,145.90 4.47
TOTAL CERTIFICATES 1,008,145.90 4.47
BONDS
NETHERLANDS
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
UNITED KINGDOM
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
TOTAL BONDS 2,009,864.84 8.91
WARRANTS
UNITED KINGDOM
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
UNITED STATES
ETIHAD ETIS (CITI) LEPO WTS 16.2.11 53,107.00 750,391.29 3.33
750,391.29 3.33
TOTAL WARRANTS 1,587,554.24 7.04
TOTAL I. 21,389,678.47 94.81
The accompanying notes form an integral part of these financial statements.
203 Pictet - Middle East And North Africa
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN USD)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
II. OTHER TRANSFERABLE SECURITIES
CERTIFICATES
BERMUDA
RIYAD BANK (CLSA) CRT 09/14 100,423.00 633,176.05 2.81
633,176.05 2.81
TOTAL CERTIFICATES 633,176.05 2.81
BONDS
BERMUDA
JARIR (CLSA FIN.) ELN 10/14 USD 4,600.00 210,320.74 0.93
210,320.74 0.93
TOTAL BONDS 210,320.74 0.93
TOTAL II. 843,496.79 3.74
TOTAL INVESTMENTS 22,233,175.26 98.55
CASH AT BANKS 425,341.38 1.89 OTHER NET LIABILITIES -97,987.59 -0.44
TOTAL NET ASSETS 22,560,529.05 100.00
The accompanying notes form an integral part of these financial statements.
204 Pictet - Middle East And North Africa
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Kuwait 30.96 Banks and credit institutions 41.00 Qatar 18.00 Communications 13.86 United Kingdom 12.81 Certificates 7.28 United Arab Emirates 11.94 Warrants 7.04 Egypt 8.14 Utilities 5.30 Netherlands 5.99 Bonds issued by companies 4.65 Bermuda 3.74 Real estate 4.22 United States 3.33 Miscellaneous 3.74 Oman 2.86 Public utilities 3.60 Lebanon 0.78 Transport and freight 2.81 98.55 Holding and finance companies 2.05
Oil 1.17 Construction of machines and appliances 0.79 Food and soft drinks 0.55 Construction and building materials 0.49 98.55
The accompanying notes form an integral part of these financial statements.
205 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA
TFS CORP 89,213.34 43,944.57 0.24
43,944.57 0.24
AUSTRIA
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
BELGIUM
SIPEF 548.97 31,911.80 0.18
31,911.80 0.18
BERMUDA
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 NINE DRAGONS PAPER 19,207.40 7,282.39 0.04
170,492.74 0.94
BRAZIL
ALL AMERICA LATINA LOGISTICA 8,114.11 27,790.50 0.15 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 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 SUZANO PAPEL 'A' PREF 24,735.08 83,028.25 0.46 TRACTEBEL ENERGIA 8,466.09 88,721.79 0.49
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 BIOEXX SPECIALTY PROTEINS 24,666.90 6,175.02 0.03 BIOTEQ ENVIRONMENTAL TECHN. 18,736.16 3,752.27 0.02
The accompanying notes form an integral part of these financial statements.
206 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 PURE TECHNOLOGIES 8,627.10 19,560.50 0.11 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
CAYMAN ISLANDS
CATCH THE WIND (CAD) 49,132.81 6,677.00 0.04 CATCH THE WIND (R1933) (PROV.) 56,351.94 7,658.06 0.04 CHINA FORESTRY HOLDINGS 59,235.91 8,365.42 0.05 CHINA HYDROELECTRIC ADR (R.3 SHS) 6,659.88 10,324.60 0.06 CHINA MENGNIU DAIRY 7,755.97 17,822.06 0.10 ENN ENERGY HLDGS 57,468.44 140,307.21 0.77 GCL-POLY ENERGY HOLDINGS 679,896.39 134,747.70 0.74 LEE & MAN PAPER MANUFACTURING 25,662.23 6,535.61 0.04 NEW ENVIRONMENTAL ENERGY HOLDINGS 114,732.29 4,174.26 0.02 SHENGUAN HOLDINGS 57,123.36 21,876.81 0.12 TINGYI (CAYMAN ISLANDS) HOLDING 12,825.89 23,553.02 0.13 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
CHILE
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
CHINA
CHINA BLUECHEMICAL 'H' 75,209.44 43,348.93 0.24 CHINA LONGYUAN POWER GROUP 'H' 209,322.70 130,068.28 0.72 CHINA SUNTIEN GREEN ENERGY ´H´ 446,718.87 62,017.28 0.34
235,434.49 1.30
CYPRUS
ROS AGRO -GDR- (R.1/5 SHS) 2,086.46 13,202.63 0.07
13,202.63 0.07
DENMARK
CHRISTIAN HANSEN HOLDING 2,098.33 32,569.54 0.18 NOVOZYMES 'B' 1,398.16 149,281.32 0.82 VESTAS WIND SYSTEMS NOM. 2,466.86 30,101.29 0.17
211,952.15 1.17
The accompanying notes form an integral part of these financial statements.
207 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
FINLAND
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
SCHNEIDER ELECTRIC S.A. 4,745.84 192,538.71 1.06 SUEZ ENVIRONNEMENT 15,251.79 159,381.01 0.88 VEOLIA ENVIRONNEMENT 14,956.87 165,572.54 0.91
517,492.26 2.85
GERMANY
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 INFINEON TECHNOLOGIES NOM. 27,626.09 154,374.59 0.85 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
HONG KONG
CHINA EVERBRIGHT INTL 163,051.92 28,724.60 0.16 GUANGDONG INVESTMENT 371,837.48 173,377.37 0.95 HONG KONG & CHINA GAS 81,255.50 137,078.41 0.75
339,180.38 1.86
INDIA
COROMANDEL INTERNATIONAL 3,446.77 15,995.96 0.09 GAIL INDIA 11,920.57 74,478.67 0.41 JAIN IRRIGATION SYSTEMS 21,320.85 49,643.77 0.27 MAHINDRA & MAHINDRA 3,938.45 48,234.15 0.27 MCLEOD RUSSEL INDIA DEMAT. 6,958.10 25,212.69 0.14 SHREE RENUKA SUGARS DEMAT. 24,291.06 20,368.87 0.11
233,934.11 1.29
INDONESIA
PERUSAHAAN GAS NEGA 'B' 229,162.19 51,961.42 0.29 PT SAMPOERNA AGRO 14,980.33 3,682.42 0.02
55,643.84 0.31
IRELAND
SMURFIT KAPPA 5,545.13 24,953.07 0.14
24,953.07 0.14
The accompanying notes form an integral part of these financial statements.
208 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
ISRAEL
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
ITALY
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
JAPAN
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 NIPPON PAPER GROUP 1,078.19 21,559.91 0.12 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
MALAYSIA
CB INDUSTRIAL PRODUCT HOLDING 1,750.97 1,418.47 0.01 IOI CORPORATION 21,921.54 23,797.77 0.13
25,216.24 0.14
MARSHALL ISLANDS
TEEKAY LNG PARTNERS LP 2,704.00 62,717.59 0.35
62,717.59 0.35
NETHERLANDS
AALBERTS INDUSTRIES 4,013.59 45,213.14 0.25 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
NORWAY
AUSTEVOLL SEAFOOD 8,553.57 22,260.38 0.12 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 YARA INTERNATIONAL 2,884.95 83,357.02 0.46
156,290.75 0.86
The accompanying notes form an integral part of these financial statements.
209 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
RUSSIA
CHERKIZOVO GP. GDR (R.0.666667SH S) 1,398.99 15,640.39 0.09 NOVATEK -GDR SPONS. - REG. S 1,261.31 109,237.11 0.60 RUSHYDRO ADR (R.100 SHS) 24,211.07 62,074.86 0.34 RUSHYDRO OJSC (USD) 5,077,108.58 123,360.84 0.68
310,313.20 1.71
SINGAPORE
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 INDOFOOD AGRI RESOURCES 16,709.48 11,803.08 0.06 WILMAR INTERNATIONAL 40,727.25 122,761.19 0.68
224,697.83 1.24
SOUTH AFRICA
SAPPI 6,581.10 14,552.00 0.08
14,552.00 0.08
SOUTH KOREA
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
SPAIN
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
SWEDEN
HOLMEN 'B' 3,510.21 65,556.36 0.36 SVENSKA CELLULOSA 'B' 17,162.85 157,099.53 0.87
222,655.89 1.23
The accompanying notes form an integral part of these financial statements.
210 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SWITZERLAND
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
TAIWAN
EPISTAR 70,802.07 93,679.25 0.52
93,679.25 0.52
THAILAND
THAI VEGETABLE OIL -NVDR- 47,109.98 19,767.13 0.11
19,767.13 0.11
UNITED KINGDOM
ASSOCIATED BRITISH FOODS 5,819.78 75,003.93 0.41 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 PLANT HEALTH CARE 25,762.73 16,040.36 0.09 ROTORK 2,307.67 41,610.20 0.23 SEVERN TRENT 8,997.01 160,973.97 0.89 UNITED UTILITIES GROUP 21,880.98 158,528.18 0.87 ZENERGY POWER 7,519.79 458.37 0.00
1,207,581.14 6.65
UNITED STATES
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 CALIFORNIA WATER SERVICE 3,061.97 40,416.93 0.22 CF INDUSTRIES HOLDINGS 1,027.41 94,486.31 0.52 CHIQUITA BRANDS INTERNATIONAL 3,254.60 20,230.50 0.11 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 DARLING INTERNATIONAL 2,088.40 19,596.73 0.11 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
The accompanying notes form an integral part of these financial statements.
211 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
DONALDSON 3,738.19 152,680.98 0.84 FLOWSERVE 1,305.91 72,025.92 0.40 FORESTAR REAL ESTATE GP. 3,648.65 29,668.81 0.16 FRANKLIN ELECTRIC 2,209.47 59,744.60 0.33 GREIF 'A' 925.38 29,581.53 0.16 GT ADVANCED TECHNOLOGIES 7,093.76 37,115.59 0.20 IDEX 2,044.45 47,480.70 0.26 INSITUFORM TECHNOLOGIES 'A' 4,590.09 39,616.24 0.22 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 LOUISIANA PACIFIC 4,439.84 16,876.39 0.09 MARKWEST ENERGY 3,591.78 123,009.38 0.68 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 PLUM CREEK TIMBER 8,227.98 212,858.56 1.17 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 REPUBLIC SERVICES 9,507.07 198,827.96 1.09 ROCK-TENN 'A' 1,646.55 59,740.59 0.33 ROCKWELL AUTOMATION 2,531.19 105,646.59 0.58 ROPER INDUSTRIES 4,674.02 240,058.09 1.32 RUBICON TECHNOLOGY 3,447.63 28,085.64 0.15 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 VEECO INSTRUMENTS 2,794.78 50,825.29 0.28 WASTE CONNECTIONS 4,058.52 102,302.03 0.56
The accompanying notes form an integral part of these financial statements.
212 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
TOTAL SHARES 17,709,098.96 97.52
WARRANTS
UNITED KINGDOM
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
II. OTHER TRANSFERABLE SECURITIES
SHARES
UNITED STATES
UNDERGROUND SOLUTIONS 168,712.00 18,232.96 0.10
18,232.96 0.10
TOTAL SHARES 18,232.96 0.10
WARRANTS
UNITED KINGDOM
EQUATORIAL PAL OIL WTS 26.02.12 8,953.50 0.00 0.00
0.00 0.00
UNITED STATES
FLEXIBLE SOLUTIONS WRT 03.05.10 138.96 0.00 0.00 PERFECTENERGY WTS 26.01.10 21,855.63 0.00 0.00
0.00 0.00
TOTAL WARRANTS 0.00 0.00
TOTAL II. 18,232.96 0.10
III. UNITS OF INVESTMENT FUNDS
UNITED KINGDOM
PHAUNOS TIMBER FUND 65,685.33 34,269.65 0.19
34,269.65 0.19
TOTAL III. 34,269.65 0.19
The accompanying notes form an integral part of these financial statements.
213 Pictet - Environmental Megatrend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Market value (note 2) % of net assets
TOTAL INVESTMENTS 17,815,646.64 98.10
CASH AT BANKS 378,392.05 2.08 OTHER NET LIABILITIES -33,313.90 -0.18
TOTAL NET ASSETS 18,160,724.79 100.00
The accompanying notes form an integral part of these financial statements.
214 Pictet - Environmental Megatrend Selection
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 39.07 Public utilities 29.91 United Kingdom 7.13 Paper and forest products 10.89 Brazil 7.02 Construction of machines and appliances 8.61 Canada 4.71 Electronics and electrical equipment 6.95 Germany 2.85 Environmental services & recycling 5.84 France 2.85 Holding and finance companies 4.64 Japan 2.85 Chemicals 4.34 Finland 2.74 Food and soft drinks 4.12 Cayman Islands 2.40 Environmental conservation and waste 3.28 Switzerland 2.25 management Hong Kong 1.86 Construction and building materials 2.61 Italy 1.86 Agriculture and fisheries 2.57 Chile 1.77 Packaging 1.51 Russia 1.71 Pharmaceuticals and cosmetics 1.50 Spain 1.69 Automobiles 1.30 Austria 1.41 Stainless steel 1.28 China 1.30 Miscellaneous 1.26 India 1.29 Conglomerates 1.09 Singapore 1.24 Communications 0.85 Sweden 1.23 Miscellaneous trade 0.79 Denmark 1.17 Oil 0.63 Netherlands 1.17 Computer and office equipment 0.62 South Korea 0.95 Aeronautics and astronautics 0.58 Philippines 0.95 Retail and supermarkets 0.58 Bermuda 0.94 Real estate 0.52 Norway 0.86 Miscellaneous consumer goods 0.35 Taiwan 0.52 Warrants 0.29 Israel 0.46 Biotechnology 0.25 Marshall Islands 0.35 Mining and steelworks 0.22 Indonesia 0.31 Gastronomy 0.21 Australia 0.24 Units of investment funds 0.19 Belgium 0.18 Transport and freight 0.15 Portugal 0.15 Utilities 0.09 Ireland 0.14 Publishing and graphic arts 0.06 Malaysia 0.14 Textiles and clothing 0.02 98.10 Thailand 0.11 Luxembourg 0.08 South Africa 0.08 Cyprus 0.07 98.10
The accompanying notes form an integral part of these financial statements.
215 Pictet - High Dividend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA
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
AUSTRIA
TELEKOM AUSTRIA 444,050.00 3,346,804.85 0.92
3,346,804.85 0.92
BERMUDA
VIMPELCOM ADR (REP.1 SHS-WI-) 154,369.00 1,120,849.04 0.31
1,120,849.04 0.31
BRAZIL
CEMIG MINAS GERAIS PREF 479,271.00 5,338,079.33 1.46 SABESP 223,343.00 3,832,476.46 1.05 TRACTEBEL ENERGIA 412,524.00 4,295,508.43 1.18 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
CZECH REPUBLIC
CESKE ENERGETICKE ZAVODY 64,598.00 1,876,387.05 0.51
1,876,387.05 0.51
FINLAND
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
The accompanying notes form an integral part of these financial statements.
216 Pictet - High Dividend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
GERMANY
DEUTSCHE TELEKOM NOM. 572,364.00 5,057,408.30 1.39 E.ON AG 961,446.00 16,060,955.43 4.37
21,118,363.73 5.76
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
INDONESIA
P.T. TELEKOMUNIKASI INDONESIA 'B' 4,241,666.00 2,667,376.69 0.73 PERUSAHAAN GAS NEGA 'B' 7,900,757.00 1,748,746.19 0.48
4,416,122.88 1.21
ISRAEL
BEZEQ ISRAEL TELECOMMUNICATION 355,591.00 503,460.48 0.14
503,460.48 0.14
ITALY
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
JAPAN
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
NETHERLANDS
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
RUSSIA
MOBILE TELESYS ADR (R. 5 SHS) 143,435.00 1,363,039.66 0.37
1,363,039.66 0.37
SOUTH AFRICA
MTN GROUP 125,431.00 1,525,096.39 0.42
1,525,096.39 0.42
The accompanying notes form an integral part of these financial statements.
217 Pictet - High Dividend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SPAIN
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
SWEDEN
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
SWITZERLAND
SWISSCOM NOM. 2,852.00 870,500.48 0.24
870,500.48 0.24
UNITED KINGDOM
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 VODAFONE GROUP PLC 6,505,490.00 12,491,597.10 3.43
53,025,411.94 14.55
UNITED STATES
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 DOMINION RESOURCES 258,388.00 9,702,409.22 2.66 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 MAGELLAN MIDSTREAM PARTNERS 75,790.00 3,375,650.14 0.93 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
The accompanying notes form an integral part of these financial statements.
218 Pictet - High Dividend Selection
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
TOTAL INVESTMENTS 359,658,667.89 98.62
CASH AT BANKS 5,630,296.07 1.54 OTHER NET LIABILITIES -604,153.44 -0.16
TOTAL NET ASSETS 364,684,810.52 100.00
The accompanying notes form an integral part of these financial statements.
219 Pictet - High Dividend Selection
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) United States 36.34 Public utilities 61.80 United Kingdom 14.55 Communications 18.38 France 7.37 Holding and finance companies 12.80 Italy 7.10 Oil 2.01 Germany 5.76 Environmental conservation and waste 1.85 Brazil 3.78 management Finland 3.21 Construction and building materials 0.92 Netherlands 3.03 Electronics and electrical equipment 0.86 98.62 Spain 3.02 Hong Kong 2.96 Canada 2.54 Portugal 1.58 Sweden 1.46 Indonesia 1.21 Japan 1.20 Austria 0.92 Australia 0.60 Czech Republic 0.51 South Africa 0.42 Russia 0.37 Bermuda 0.31 Switzerland 0.24 Israel 0.14 98.62
The accompanying notes form an integral part of these financial statements.
220 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA
TFS CORP 114,500.05 55,955.67 0.01
55,955.67 0.01
AUSTRIA
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 MAYR-MELNHOF KARTON 532.91 35,699.88 0.01 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
BELGIUM
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
BERMUDA
BEIJING ENTERPRISES WATER 238,353.64 32,128.48 0.01 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 MANDARIN ORIENTAL INTERNATIONAL 42,391.10 43,252.98 0.01 NINE DRAGONS PAPER 24,651.56 9,266.58 0.00 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
BRAZIL
ALL AMERICA LATINA LOGISTICA 12,298.06 41,911.76 0.01 BRF FOODS 12,623.75 162,548.96 0.03 CEMIG MINAS GERAIS PREF 22,011.71 245,924.65 0.04 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
The accompanying notes form an integral part of these financial statements.
221 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 SUZANO PAPEL 'A' PREF 31,746.01 109,848.91 0.02 TRACTEBEL ENERGIA 5,654.15 59,057.75 0.01
1,248,193.60 0.24
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 BIOEXX SPECIALTY PROTEINS 37,386.10 9,264.38 0.00 BIOTEQ ENVIRONMENTAL TECHN. 14,211.47 3,018.55 0.00 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 INNERGEX RENEWABLE ENERGY 9,985.64 66,527.90 0.01 POTASH SASKATCHEWAN (CAD) 5,940.39 199,403.54 0.03 PROGRESSIVE WASTE SOLUTIONS (USD) 4,173.81 65,392.22 0.01 PURE TECHNOLOGIES 6,543.69 15,057.21 0.00 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
CAYMAN ISLANDS
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 CATCH THE WIND (CAD) 32,813.75 4,878.80 0.00 CATCH THE WIND (R1933) (PROV.) 37,635.11 5,595.65 0.00 CHINA FORESTRY HOLDINGS 76,025.79 10,644.69 0.00 CHINA HYDROELECTRIC ADR (R.3 SHS) 4,447.86 6,708.78 0.00 CHINA MENGNIU DAIRY 11,755.25 26,780.77 0.00 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 EURASIA DRILLING GDR (R.1 SHS) 47,407.23 642,583.67 0.11 FOCUS MEDIA ADR (R.5 SHS) 4,338.54 65,310.58 0.01 GCL-POLY ENERGY HOLDINGS 454,074.40 89,223.12 0.02 INTIME DEPARTMENT STORE 80,146.37 66,264.67 0.01 LEE & MAN PAPER MANUFACTURING 32,935.96 8,316.33 0.00 MGM CHINA HOLDINGS 53,838.00 52,741.03 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 PERFECT WORLD ADR (R.5 SHS 'B') 2,556.08 21,884.89 0.00 POLARCUS 280,000.00 105,159.39 0.02 SHENGUAN HOLDINGS 86,578.34 32,873.75 0.01 SINA 1,055.68 57,158.62 0.01 TENCENT HOLDINGS 4,246.64 66,190.95 0.01
The accompanying notes form an integral part of these financial statements.
222 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
TINGYI (CAYMAN ISLANDS) HOLDING 19,439.42 35,392.55 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 XINYU HENGDELI HLGDS 268,716.32 69,126.31 0.01
1,897,264.20 0.32
CHILE
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 INVERSIONES AGUAS METROPOL 92,889.38 97,111.81 0.02 MASISA 318,329.44 21,057.76 0.00
530,453.84 0.09
CHINA
CHINA BLUECHEMICAL 'H' 113,990.29 65,139.49 0.01 CHINA LONGYUAN POWER GROUP 'H' 139,797.89 86,124.23 0.01 CHINA SUNTIEN GREEN ENERGY ´H´ 298,344.87 41,064.51 0.01
192,328.23 0.03
CYPRUS
ROS AGRO -GDR- (R.1/5 SHS) 3,162.31 19,406.42 0.00
19,406.42 0.00
DENMARK
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 VESTAS WIND SYSTEMS NOM. 1,647.51 20,999.80 0.00
1,954,529.50 0.34
FINLAND
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 ELECTRICITE DE FRANCE 16,000.00 354,160.00 0.06 ESSILOR INTERNATIONAL 2,653.79 144,631.66 0.02
The accompanying notes form an integral part of these financial statements.
223 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
EUTELSAT COMMUNICATIONS 25,857.93 787,373.98 0.13 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 SCHNEIDER ELECTRIC S.A. 44,158.08 1,788,402.18 0.30 SOCIETE GENERALE 16,527.00 348,389.16 0.06 SUEZ ENVIRONNEMENT 11,568.56 122,453.16 0.02 TOTAL 37,326.67 1,230,473.64 0.21 VEOLIA ENVIRONNEMENT 11,344.86 129,217.95 0.02 VINCI 28,575.96 946,578.72 0.16 VIVENDI 19,884.78 305,827.92 0.05
14,871,272.81 2.51
GERMANY
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 DEUTSCHE BOERSE -OPE- 17,640.30 672,007.25 0.11 DEUTSCHE POST NOM. 47,112.21 464,526.40 0.08 DEUTSCHE TELEKOM NOM. 68,299.98 603,498.59 0.10 ELSTER GROUP ADR (R. 1/4 SHS) 8,262.96 92,740.52 0.02 FRESENIUS 10,928.69 732,549.83 0.12 FRESENIUS MEDICAL CARE 14,587.92 733,188.93 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 INFINEON TECHNOLOGIES NOM. 18,450.31 106,937.97 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 MUENCHENER RUECKVER. NOM. 14,789.97 1,384,784.55 0.24 PFEIFFER VACUUM TECHNOLOGY 13,011.68 863,975.86 0.15 PORSCHE AUTOMOBILE -NVTG- 1,798.91 66,397.83 0.01 STADA ARZNEIMITTEL NOM. 8,031.70 130,515.06 0.02
The accompanying notes form an integral part of these financial statements.
224 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
GREECE
ALAPIS 9,831.75 1,081.49 0.00 HELLENIC TELECOMM. ORGANIZATIONS 56,719.51 181,502.43 0.03 OPAP 51,594.22 389,536.36 0.07
572,120.28 0.10
GUERNSEY
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 EVERBRIGHT INTL 123,675.69 21,601.42 0.00 CHINA MOBILE ADR (R. 5 SHS) 4,106.07 148,243.57 0.03 GUANGDONG INVESTMENT 282,040.58 130,382.89 0.02 HONG KONG & CHINA GAS 54,267.15 90,765.95 0.02
390,993.83 0.07
HUNGARY
GEDEON RICHTER 740.86 74,768.10 0.01
74,768.10 0.01
INDIA
COROMANDEL INTERNATIONAL 5,224.06 24,008.93 0.00 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 JAIN IRRIGATION SYSTEMS 20,175.26 46,520.70 0.01 MAHINDRA & MAHINDRA 5,969.26 72,396.41 0.01 MCLEOD RUSSEL INDIA DEMAT. 10,545.97 37,842.65 0.01 SHREE RENUKA SUGARS DEMAT. 36,816.45 30,572.38 0.01
408,014.71 0.08
INDONESIA
PERUSAHAAN GAS NEGA 'B' 153,047.85 34,450.45 0.01 PT SAMPOERNA AGRO 22,704.76 5,540.63 0.00
39,991.08 0.01
IRELAND
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
The accompanying notes form an integral part of these financial statements.
225 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
ISRAEL
ALLOT COMMUNICATIONS 1,713.00 13,412.71 0.00 BEZEQ ISRAEL TELECOMMUNICATION 29,664.00 42,291.38 0.01 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
ITALY
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 INTESA SANPAOLO (AZ. DI RISO.) 138,620.00 142,501.36 0.02 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 UNICREDITO ITALIANO SPA 291,808.00 238,261.23 0.04 YOOX 7,827.40 84,066.28 0.01
6,756,752.36 1.11
JAPAN
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
The accompanying notes form an integral part of these financial statements.
226 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 ESTATE 90,819.11 1,107,573.80 0.19 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 NIPPON PAPER GROUP 1,383.79 27,523.00 0.00 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 SUMITOMO MITSUI FINANCIAL GROUP 48,134.13 1,021,256.42 0.17 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 TOKIO MARINE HOLDINGS 64,118.29 1,223,488.21 0.21 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
The accompanying notes form an integral part of these financial statements.
227 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
MALAYSIA
CB INDUSTRIAL PRODUCT HOLDING 2,653.84 2,132.73 0.00 IOI CORPORATION 33,225.12 35,780.88 0.01
37,913.61 0.01
MARSHALL ISLANDS
TEEKAY LNG PARTNERS LP 1,805.89 42,152.91 0.01
42,152.91 0.01
NETHERLANDS
AALBERTS INDUSTRIES 3,044.33 35,359.91 0.01 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 AHOLD 83,869.20 735,365.16 0.12 KONINKLIJKE DSM 0.91 30.41 0.00 KONINKLIJKE KPN NV 82,614.25 805,984.58 0.14 NUTRECO HOLDING 1,840.55 87,481.49 0.01 QIAGEN 49,042.47 524,754.41 0.09 ROYAL PHILIPS (EUR) 46,779.07 660,754.32 0.11 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
NORWAY
ALGETA 8,224.54 190,724.15 0.03 AUSTEVOLL SEAFOOD 12,964.12 35,498.68 0.01 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 YARA INTERNATIONAL 4,372.55 136,303.86 0.02
533,368.75 0.09
The accompanying notes form an integral part of these financial statements.
228 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
PHILIPPINES
ENERGY DEVELOPMENT 846,284.70 80,853.25 0.01 MANILA WATER COMPANY 117,806.55 37,809.26 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
RUSSIA
CHERKIZOVO GP. GDR (R.0.666667SH S) 2,120.36 23,515.93 0.00 NOVATEK -GDR SPONS. - REG. S 842.37 75,922.60 0.01 PHARMSTANDARD OKTYABR -GDR- (USD) 13,925.00 205,914.80 0.03 RUSHYDRO ADR (R.100 SHS) 16,169.56 40,803.45 0.01 RUSHYDRO OJSC (USD) 3,519,700.72 87,959.90 0.01 SBERBANK PFD (USD) 774,139.86 1,030,991.33 0.18
1,465,108.01 0.24
SINGAPORE
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 INDOFOOD AGRI RESOURCES 25,325.52 17,798.41 0.00 WILMAR INTERNATIONAL 61,727.78 185,117.35 0.03
320,540.74 0.05
SLOVENIA
KRKA 1,747.53 88,232.61 0.01
88,232.61 0.01
SOUTH AFRICA
ASPEN PHARMACARE 35,715.10 294,763.57 0.05 MTN GROUP 8,671.72 103,924.56 0.02 SAPPI 8,446.45 19,120.95 0.00
417,809.08 0.07
SOUTH KOREA
DC CHEMICAL CO LTD 292.95 38,053.96 0.01 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
SPAIN
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
The accompanying notes form an integral part of these financial statements.
229 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 INT. CONSOLID. AIRLINES GROUP (EUR) 264,343.67 486,656.69 0.08 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
SWEDEN
ASSA ABLOY 'B' 86,758.02 1,403,017.46 0.24 ERICSSON TELEFON 'B' 162,745.00 1,204,103.65 0.20 HOLMEN 'B' 4,505.15 85,749.37 0.01 MEDIVIR 'B' 5,516.95 59,448.05 0.01 SVENSKA CELLULOSA 'B' 22,027.50 204,750.93 0.03
2,957,069.46 0.49
SWITZERLAND
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 ARYZTA NOMINATIVE 19,838.48 647,492.40 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 CIE FINANCIERE RICHEMONT 12,923.36 457,977.49 0.08 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 JULIUS BAER GROUPE NOM. 23,606.24 612,317.24 0.10 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 KUONI REISEN HOLDING NOM. 'B' 9,082.78 2,070,904.62 0.35 LIFEWATCH 69,309.43 147,795.84 0.03 LINDT & SPRUENGLI 1,637.81 3,543,478.39 0.60 LINDT & SPRUENGLI NOM. 14.52 378,167.65 0.06 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
The accompanying notes form an integral part of these financial statements.
230 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 ROCHE HOLDING BON JCE 29,994.30 3,601,023.04 0.61 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 SONOVA HOLDING NOM. 14,339.38 990,767.97 0.17 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 ZURICH FINANCIAL SERVICES 6,570.42 1,046,926.29 0.18
65,526,496.71 11.02
TAIWAN
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
THAILAND
THAI VEGETABLE OIL -NVDR- 71,401.68 29,726.13 0.01
29,726.13 0.01
UNITED KINGDOM
AMARIN CORPORATION -ADR SPONS.- 13,835.83 91,556.77 0.02 ASSOCIATED BRITISH FOODS 73,454.16 943,103.11 0.16 ASTRAZENECA (GBP) 22,240.45 734,408.19 0.12 AUTONOMY CORPORATION 19,289.68 563,733.37 0.10 BABCOCK INTERNATIONAL GROUP 19,517.13 150,218.14 0.03 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
The accompanying notes form an integral part of these financial statements.
231 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 INTERNATIONAL POWER 69,021.66 249,524.80 0.04 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 NORTHUMBRIAN WATER 24,165.84 129,308.64 0.02 PENNON GROUP 25,042.90 198,472.80 0.03 PLANT HEALTH CARE 32,039.93 19,788.88 0.00 RECKITT BENCKISER 18,972.47 712,040.23 0.12 RIO TINTO NOM. 32,166.11 1,096,161.37 0.19 ROTORK 1,750.38 31,967.92 0.01 ROYAL DUTCH SHELL 'A' 42,458.18 980,359.32 0.17 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 SOCO INTERNATIONAL 195,261.51 745,157.08 0.13 TELECITY GROUP 12,951.53 84,777.38 0.01 TESCO 150,145.75 656,209.03 0.11 THOMAS COOK GROUP 779,263.20 349,124.52 0.06 TULLOW OIL 101,428.32 1,528,708.41 0.26 UNILEVER NEW (GBP) 17,520.03 409,170.02 0.07 UNITED UTILITIES GROUP 53,724.78 383,231.70 0.07 VODAFONE GROUP PLC 1,581,815.19 3,038,197.12 0.52 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
UNITED STATES
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 AMERICAN WATER WORKS 10,498.01 235,651.91 0.04 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
The accompanying notes form an integral part of these financial statements.
232 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 BUCKEYE TECHNOLOGY 463.71 8,581.55 0.00 CALGON CARBON 2,752.03 30,908.14 0.01 CALIFORNIA WATER SERVICE 2,322.52 30,343.02 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 CF INDUSTRIES HOLDINGS 1,557.19 162,269.84 0.03 CHIQUITA BRANDS INTERNATIONAL 4,932.79 31,839.74 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 DARLING INTERNATIONAL 3,165.27 30,447.37 0.01 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 FORESTAR REAL ESTATE GP. 4,682.83 39,401.48 0.01 FORTINET 2,706.29 33,615.98 0.01 FRANKLIN ELECTRIC 1,675.89 46,280.66 0.01 GEN PROBE 193.31 8,474.03 0.00 GILEAD SCIENCES 6,088.76 176,697.53 0.03
The accompanying notes form an integral part of these financial statements.
233 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
GLOBAL PAYMENTS 2,029.72 60,673.85 0.01 GOOGLE 'A' 359.26 140,119.77 0.02 GRAND CANYON EDUCATION 2,281.31 27,443.19 0.00 GREIF 'A' 1,187.67 39,032.94 0.01 GT ADVANCED TECHNOLOGIES 4,737.63 25,325.70 0.00 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 INSITUFORM TECHNOLOGIES 'A' 3,481.61 34,391.31 0.01 INTERMUNE 14,950.72 239,542.97 0.04 INTERNATIONAL PAPER 4,822.54 86,110.37 0.01 INTRALINKS HOLDINGS 5,003.09 29,593.10 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 LOUISIANA PACIFIC 5,698.27 23,635.68 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 MCCORMICK NON-VTG 763.33 26,147.83 0.00 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
The accompanying notes form an integral part of these financial statements.
234 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
PHARMASSET 4,367.79 249,633.78 0.04 PLAINS ALL AMERICA PIPELINE 1,159.84 50,638.36 0.01 PLUM CREEK TIMBER 10,560.13 277,959.39 0.05 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 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 REPUBLIC SERVICES 7,211.16 149,821.38 0.03 RIGHTNOW TECHNOLOGIES 4,100.62 101,931.68 0.02 ROCK-TENN 'A' 2,113.25 79,108.24 0.01 ROCKWELL AUTOMATION 1,690.47 71,806.01 0.01 ROPER INDUSTRIES 3,545.27 189,045.97 0.03 RUBICON TECHNOLOGY 2,302.53 18,743.68 0.00 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 STANLEY BLACK & DECKER 1,159.84 44,283.91 0.01 STARWOOD HOTELS & RESORTS 1,557.50 47,237.42 0.01 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 VALMONT INDUSTRIES 699.10 41,155.06 0.01 VARIAN MEDICAL 1,063.19 40,955.19 0.01 VEECO INSTRUMENTS 1,866.51 37,495.85 0.01 VERIFONE HOLDINGS 4,059.43 111,833.17 0.02
The accompanying notes form an integral part of these financial statements.
235 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
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
TOTAL SHARES 227,639,921.56 38.64
CERTIFICATES
NETHERLANDS
ING GROEP (CRT.) 168,939.49 969,712.65 0.16
969,712.65 0.16
TOTAL CERTIFICATES 969,712.65 0.16
BONDS
AUSTRALIA
4.375% BHP BILLITON FIN. 07/14 EUR 127,596.67 134,642.56 0.02 4.875% NAT. AUSTRALIA BANK 09/13 EUR 340,257.80 352,066.44 0.06 5.25% ANZ BANKING GROUP 08/13 EUR 595,451.14 623,434.37 0.11 5.875% WESTPAC BANKING 08/13 EUR 467,854.47 499,446.34 0.08
1,609,589.71 0.27
AUSTRIA
6.25% OMV 09/14 EUR 170,128.90 185,994.27 0.03
185,994.27 0.03
CAYMAN ISLANDS
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
CZECH REPUBLIC
6% CEZ 08/14 EUR 255,193.35 279,172.59 0.05
279,172.59 0.05
DENMARK
3.5% TDC A/S 11/15 EUR 280,712.68 285,424.44 0.05
285,424.44 0.05
The accompanying notes form an integral part of these financial statements.
236 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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 3.5% BANQUE PSA FIN. 10/14 EUR 425,322.24 414,108.62 0.07 3.50% SAINT-GOBAIN 11/15 -SR- EUR 425,322.24 423,423.18 0.07 3.50% UNIBAIL-RODAMCO 11/16 EUR 127,596.67 127,794.45 0.02 3.75% C.I.F. 10/15 EUR 340,257.80 327,276.96 0.06 4.125% TOTAL CAPITAL 07/13 EUR 637,983.37 659,894.90 0.11 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 4.82% SUEZ ENVIRONNEMENT 10/PE EUR 255,193.35 236,861.53 0.04 5.25% SOCIETE GENERALE 08/13 EUR 850,644.49 865,403.17 0.15 5.25% VEOLIA ENVIRON. 09/14 EUR 127,596.67 135,841.33 0.02 6% AXA 01/13 EUR 340,257.80 355,727.62 0.06 6.75% SCHNEIDER ELECTRIC 09/13 EUR 212,661.12 229,979.18 0.04 7.25% FRANCE TELECOM 03/13 EUR 620,119.83 662,694.16 0.11
7,455,111.22 1.27
GERMANY
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
GUERNSEY
3.625% CS GROUP FIN. GUERN. 06/18 EUR 510,386.69 482,402.19 0.08
482,402.19 0.08
IRELAND
2.75% CATERPILLAR INTL F.11/14 SR-S- EUR 170,128.90 173,209.93 0.03 4.75% GE CAP. UK FUNDING 09/14 EUR 595,451.14 621,936.81 0.11 4.875% GE CAP. EUROP. FUND. 08/13 EUR 850,644.49 875,428.02 0.15 5.25% GE CAP. EUROP. FUND. 09/13 EUR 850,644.49 880,246.92 0.15 5.50% HELABA INT.FINANCE 98/13 EUR 425,322.24 446,864.82 0.08
2,997,686.50 0.52
ITALY
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 3.75% BANCO POPOLARE 09/12 EUR 467,854.47 461,795.75 0.08 4% BCA POPOLARE MILANO 11/13 EUR 340,257.80 325,689.66 0.06 4.125% MONTE PASCHI SIENA 11/13 EUR 297,725.57 288,493.10 0.05
The accompanying notes form an integral part of these financial statements.
237 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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 4.75% TELECOM ITALIA 06/14 EUR 595,451.14 587,248.80 0.10 4.875% ASSICURAZIONI GEN. 09/14 EUR 255,193.35 259,728.13 0.04 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 5.375% INTESA SANPAOLO 08/13 EUR 510,386.69 508,597.79 0.09 5.875% ENI 08/14 EUR 808,112.26 856,130.29 0.15
7,297,734.35 1.25
JERSEY
4.5% UBS JERSEY BRANCH 04/19 EUR 425,322.24 377,873.29 0.06 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
NETHERLANDS
2.75% ABN AMRO 10/13 EUR 850,644.49 843,311.93 0.14 3% PACCAR FINANCIAL 11/14 EUR 280,712.68 283,717.71 0.05 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 4.125% SIEMENS FINANCE 09/13 EUR 340,257.80 351,945.65 0.06 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 5.25% SIEMENS FINANCE 06/66 EUR 233,927.23 239,082.99 0.04 5.375% INTL. ENDESA 03/13 EUR 255,193.35 263,476.92 0.04 5.625% ALLIANZ FINANCE II 02/12 EUR 680,515.59 708,481.38 0.12 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
The accompanying notes form an integral part of these financial statements.
238 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
NORWAY
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
SPAIN
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 3.75% SANTANDER INTL 11/13 EUR 425,322.24 423,133.96 0.07 4% BBVA SENIOR FIN. 06/13 EUR 255,193.35 254,490.29 0.04 4% BBVA SENIOR FIN. 11/13 EUR 255,193.35 254,429.04 0.04 4.875% IBERDROLA FINANZAS 09/14 EUR 297,725.57 303,541.64 0.05 5.25% GAS NATURAL FINANCE 09/14 EUR 425,322.24 432,259.25 0.07 5.58% TELEFONICA EMISSION 08/13 EUR 510,386.69 525,101.14 0.09
3,190,811.50 0.53
SWEDEN
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 4.875% SVENSKA HANDELSBANK 09/14 EUR 340,257.80 359,764.77 0.06 5.25% VATTENFALL TREASURY 05/PE EUR 170,128.90 168,492.26 0.03 5.5% SKANDINAV. ENSKILDA 09/14 EUR 637,983.37 673,471.19 0.11
2,255,692.48 0.38
SWITZERLAND
6% CREDIT AGRICOLE 08/13 EUR 552,918.92 576,661.26 0.10
576,661.26 0.10
UNITED KINGDOM
3.1% BP CAPITAL MARKETS 10/14 EUR 170,128.90 173,308.61 0.03 3.625% VODAFONE 05/12 EUR 510,386.69 521,229.86 0.09 4.5% LLOYDS TSB BANK 11/14 EUR 127,596.67 126,331.55 0.02 4.875% UBS LONDON 08/13 EUR 510,386.69 525,057.76 0.09 5.025% SCOTTISH & SOUTHERN 10/PE EUR 425,322.24 398,473.78 0.07 5.125% GLAXOSMITHKLINE 07/12 EUR 510,386.69 530,416.82 0.09 5.25% BARCLAYS BANK 09/14 EUR 425,322.24 440,346.75 0.07 5.25% ROYAL BANK SCOTLAND 08/13 EUR 850,644.49 849,419.56 0.14 5.625% TESCO 08/12 EUR 510,386.69 529,061.74 0.09 5.75% STANDARD CHARTERED 09/14 EUR 255,193.35 273,355.46 0.05 6.125% CREDIT SUISSE 08/13 EUR 850,644.49 901,189.78 0.15 6.25% LLOYDS TSB BANK 09/14 EUR 425,322.24 439,732.16 0.07 6.625% NATIONAL GRID ELEC. 08/14 EUR 212,661.12 233,636.95 0.04
5,941,560.78 1.00
UNITED STATES
3.625% PFIZER 09/13 EUR 382,790.02 394,865.13 0.07 3.75% GOLDMAN SACHS 06/13 EUR 723,047.81 715,640.19 0.12 3.75% HSBC FINANCE 05/15 EUR 340,257.80 334,128.05 0.06 3.75% MORGAN STANLEY 06/13 EUR 978,241.16 956,450.84 0.16
The accompanying notes form an integral part of these financial statements.
239 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
4.375% AT & T 07/13 EUR 212,661.12 220,172.31 0.04 4.50% PROCTER & GAMBLE 07/14 EUR 425,322.24 454,601.43 0.08 4.625% JP MORGAN CHASE 07/17 EUR 425,322.24 383,323.80 0.07 4.625% MERRILL LYNCH 03/13 EUR 297,725.57 286,435.82 0.05 4.625% ROCHE HOLDINGS 09/13 EUR 595,451.14 620,391.61 0.11 4.75% BANK OF AMERICA 07/17 EUR 425,322.24 306,232.02 0.05 4.75% CITIGROUP 03/13 EUR 340,257.80 342,505.20 0.06 5.125% GOLDMAN SACHS 07/14 EUR 425,322.24 426,430.21 0.07 5.25% JP MORGAN CHASE 08/13 EUR 425,322.24 441,837.51 0.08 6% WACHOVIA BANK 08/09 EUR 765,580.04 804,429.40 0.14 6.125% JP MORGAN CHASE 09/14 EUR 425,322.24 453,259.54 0.08 6.25% AMERICAN HONDA 08/13 EUR 255,193.35 274,013.86 0.05 6.75% MERRILL LYNCH 08/13 EUR 935,708.94 934,389.59 0.16 7% SWISS RE TREASURY 09/14 EUR 340,257.80 373,058.65 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
TOTAL BONDS 63,465,518.75 10.79
WARRANTS
NETHERLANDS ANTILLES
AUROBINDO (ML) LEPO WTS 4.8.15 10,370.38 19,421.83 0.00 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
UNITED KINGDOM
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 SAFCO (DB LDN) LEPO-WTS 03/12/12 639.60 22,945.78 0.00 SUN PHARMA. (DB) LEPO WTS 06.02.17 19,242.32 134,359.48 0.02
557,643.27 0.09
TOTAL WARRANTS 1,003,440.96 0.16
TOTAL I. 293,078,593.92 49.75
II. OTHER TRANSFERABLE SECURITIES
SHARES
PORTUGAL
KIWI II VENT. PREF 'A' 3.59 0.00 0.00
0.00 0.00
The accompanying notes form an integral part of these financial statements.
240 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
UNITED STATES
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 INTARCIA THERAPEUTICS PREF 'BB-2' 1,378.05 1,304.18 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 'C' 2,252.38 1,852.20 0.00 PTC THERAPEUTICS PREF CV 'E-2' 203.40 1,203.08 0.00 PTC THERAPEUTICS PREF 'D' 1,732.60 1,605.01 0.00 UNDERGROUND SOLUTIONS 127,968.90 13,719.39 0.00
24,616.60 0.00
TOTAL SHARES 24,616.60 0.00
BONDS
CANADA
10% HIGHPOINT TEL. II CV 00/04 USD 5,278.15 0.00 0.00
0.00 0.00
TOTAL BONDS 0.00 0.00
WARRANTS
UNITED KINGDOM
EQUATORIAL PAL OIL WTS 26.02.12 13,570.27 0.00 0.00
0.00 0.00
UNITED STATES
FLEXIBLE SOLUTIONS WRT 03.05.10 105.41 0.00 0.00 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 PERFECTENERGY WTS 26.01.10 14,596.46 0.00 0.00
0.01 0.00
TOTAL WARRANTS 0.01 0.00
TOTAL II. 24,616.61 0.00
III. UNITS OF INVESTMENT FUNDS
UNITED KINGDOM
PHAUNOS TIMBER FUND 84,303.24 43,631.94 0.01
43,631.94 0.01
TOTAL III. 43,631.94 0.01
The accompanying notes form an integral part of these financial statements.
241 Pictet - Absolute Return Global Diversified
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Market value (note 2) % of net assets
TOTAL INVESTMENTS 293,146,842.47 49.76
CASH AT BANKS 305,158,299.47 51.80 OTHER NET LIABILITIES -9,206,879.92 -1.56
TOTAL NET ASSETS 589,098,262.02 100.00
The accompanying notes form an integral part of these financial statements.
242 Pictet - Absolute Return Global Diversified
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Switzerland 11.12 Bonds issued by companies 10.79 Japan 6.82 Pharmaceuticals and cosmetics 4.27 United Kingdom 5.93 Communications 3.19 United States 4.94 Construction of machines and appliances 2.52 France 3.78 Electronics and electrical equipment 2.51 Germany 3.25 Banks and credit institutions 2.44 Netherlands 2.72 Holding and finance companies 2.43 Italy 2.36 Chemicals 2.06 Spain 1.82 Public utilities 2.02 Sweden 0.87 Food and soft drinks 1.96 Belgium 0.77 Utilities 1.25 Ireland 0.65 Automobiles 1.23 Luxembourg 0.60 Construction and building materials 1.16 Cayman Islands 0.54 Transport and freight 1.11 Jersey 0.51 Retail and supermarkets 1.05 Denmark 0.39 Oil 1.03 Austria 0.29 Miscellaneous trade 0.83 Australia 0.28 Insurance 0.81 Brazil 0.24 Internet, software and IT services 0.78 Russia 0.24 Textiles and clothing 0.74 Norway 0.23 Computer and office equipment 0.59 Canada 0.20 Miscellaneous 0.52 Finland 0.20 Real estate 0.49 Guernsey 0.10 Gastronomy 0.45 Greece 0.10 Paper and forest products 0.43 Chile 0.09 Watch-making 0.32 Bermuda 0.08 Miscellaneous consumer goods 0.31 India 0.08 Biotechnology 0.28 Netherlands Antilles 0.07 Packaging 0.25 Hong Kong 0.07 Environmental services & recycling 0.24 South Africa 0.07 Mining and steelworks 0.23 Israel 0.06 Stainless steel 0.22 South Korea 0.05 Publishing and graphic arts 0.20 Singapore 0.05 Aeronautics and astronautics 0.17 Czech Republic 0.05 Warrants 0.16 China 0.03 Certificates 0.16 Philippines 0.02 Agriculture and fisheries 0.12 Taiwan 0.02 Tobacco and alcohol 0.12 Hungary 0.01 Photography and optics 0.10 Indonesia 0.01 Leisure 0.09 Marshall Islands 0.01 Environmental conservation and waste 0.07 Malaysia 0.01 management Portugal 0.01 Health services 0.03 Slovenia 0.01 Conglomerates 0.02 Thailand 0.01 Units of investment funds 0.01 49.76 Cyprus 0.00 49.76
The accompanying notes form an integral part of these financial statements.
243 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA
TFS CORP 11,721.22 5,728.11 0.01
5,728.11 0.01
AUSTRIA
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 MAYR-MELNHOF KARTON 54.55 3,654.55 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
BELGIUM
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
BERMUDA
BEIJING ENTERPRISES WATER 24,323.94 3,278.70 0.00 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 MANDARIN ORIENTAL INTERNATIONAL 4,325.54 4,413.49 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
BRAZIL
ALL AMERICA LATINA LOGISTICA 1,252.46 4,268.38 0.01 BRF FOODS 1,285.63 16,554.32 0.02 CEMIG MINAS GERAIS PREF 2,248.69 25,123.38 0.03 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
The accompanying notes form an integral part of these financial statements.
244 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SABESP ADR (R.2 SHS) 64.89 2,270.90 0.00 SLC AGRICOLA 524.48 3,319.80 0.00 SUZANO PAPEL 'A' PREF 3,249.80 11,245.09 0.01 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 INNERGEX RENEWABLE ENERGY 1,021.23 6,803.82 0.01 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
CAYMAN ISLANDS
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 FORESTRY HOLDINGS 7,782.66 1,089.68 0.00 CHINA HYDROELECTRIC ADR (R.3 SHS) 454.88 686.11 0.00 CHINA MENGNIU DAIRY 1,197.18 2,727.41 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 EURASIA DRILLING GDR (R.1 SHS) 4,817.77 65,302.71 0.08 FOCUS MEDIA ADR (R.5 SHS) 446.55 6,722.14 0.01 GCL-POLY ENERGY HOLDINGS 46,438.29 9,124.87 0.01 INTIME DEPARTMENT STORE 8,178.05 6,761.58 0.01 LEE & MAN PAPER MANUFACTURING 3,371.61 851.33 0.00 MGM CHINA HOLDINGS 5,493.57 5,381.64 0.01 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 SHENGUAN HOLDINGS 8,817.32 3,347.93 0.00 SINA 108.66 5,883.10 0.01 TENCENT HOLDINGS 437.09 6,812.76 0.01 TINGYI (CAYMAN ISLANDS) HOLDING 1,979.75 3,604.45 0.00 WANT WANT CHINA 6,740.83 4,530.29 0.01
The accompanying notes form an integral part of these financial statements.
245 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
WASION GROUP 7,444.10 1,611.12 0.00 WYNN MACAU 2,795.59 4,983.66 0.01 XINYU HENGDELI HLGDS 27,419.53 7,053.58 0.01
182,981.13 0.22
CHILE
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 INVERSIONES AGUAS METROPOL 9,479.34 9,910.24 0.01 MASISA 32,586.98 2,155.66 0.00
54,211.85 0.06
CHINA
CHINA BLUECHEMICAL 'H' 11,609.01 6,633.94 0.01 CHINA LONGYUAN POWER GROUP 'H' 14,297.16 8,807.94 0.01 CHINA SUNTIEN GREEN ENERGY ´H´ 30,511.80 4,199.68 0.00
19,641.56 0.02
CYPRUS
ROS AGRO -GDR- (R.1/5 SHS) 322.06 1,976.39 0.00
1,976.39 0.00
DENMARK
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
FINLAND
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 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 EUTELSAT COMMUNICATIONS 2,627.07 79,994.27 0.09 FRANCE TELECOM 4,819.75 59,355.25 0.07 GAMELOFT 634.81 2,456.70 0.00
The accompanying notes form an integral part of these financial statements.
246 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 SCHNEIDER ELECTRIC S.A. 4,489.62 181,829.57 0.21 SUEZ ENVIRONNEMENT 1,180.57 12,496.32 0.01 TOTAL 3,793.33 125,047.16 0.15 VEOLIA ENVIRONNEMENT 1,157.74 13,186.66 0.02 VINCI 2,904.04 96,196.28 0.11 VIVENDI 2,020.22 31,070.98 0.04
1,400,909.53 1.65
GERMANY
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 DEUTSCHE BOERSE -OPE- 1,792.70 68,292.89 0.08 DEUTSCHE POST NOM. 4,787.79 47,207.60 0.06 DEUTSCHE TELEKOM NOM. 6,939.02 61,313.21 0.07 ELSTER GROUP ADR (R. 1/4 SHS) 844.46 9,477.94 0.01 FRESENIUS 1,110.31 74,424.34 0.09 FRESENIUS MEDICAL CARE 1,482.08 74,489.27 0.09 GEA GROUP 302.32 5,656.37 0.01 HUGO BOSS PFD N-VTG 135.51 9,291.65 0.01 INFINEON TECHNOLOGIES NOM. 1,886.92 10,936.57 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 MUENCHENER RUECKVER. NOM. 1,503.03 140,729.04 0.17 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
The accompanying notes form an integral part of these financial statements.
247 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
GREECE
ALAPIS 1,003.23 110.36 0.00 HELLENIC TELECOMM. ORGANIZATIONS 5,762.49 18,439.97 0.02 OPAP 5,241.78 39,575.44 0.05
58,125.77 0.07
GUERNSEY
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 EVERBRIGHT INTL 12,621.08 2,204.42 0.00 CHINA MOBILE ADR (R. 5 SHS) 422.62 15,258.09 0.02 GUANGDONG INVESTMENT 28,782.18 13,305.55 0.02 HONG KONG & CHINA GAS 5,549.91 9,282.65 0.01
40,050.71 0.05
HUNGARY
GEDEON RICHTER 75.60 7,629.31 0.01
7,629.31 0.01
INDIA
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 JAIN IRRIGATION SYSTEMS 2,057.22 4,743.59 0.01 MAHINDRA & MAHINDRA 607.92 7,373.00 0.01 MCLEOD RUSSEL INDIA DEMAT. 1,074.02 3,853.97 0.00 SHREE RENUKA SUGARS DEMAT. 3,749.46 3,113.55 0.00
41,609.09 0.05
INDONESIA
PERUSAHAAN GAS NEGA 'B' 15,652.24 3,523.26 0.00 PT SAMPOERNA AGRO 2,312.30 564.27 0.00
4,087.53 0.00
IRELAND
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
ISRAEL
ALLOT COMMUNICATIONS 175.60 1,374.94 0.00 BEZEQ ISRAEL TELECOMMUNICATION 3,053.19 4,352.87 0.01 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
The accompanying notes form an integral part of these financial statements.
248 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
ITALY
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
JAPAN
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
The accompanying notes form an integral part of these financial statements.
249 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 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
GLENCORE INTERNATIONAL 18,977.08 89,217.42 0.10 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
The accompanying notes form an integral part of these financial statements.
250 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
MALAYSIA
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
MARSHALL ISLANDS
TEEKAY LNG PARTNERS LP 184.69 4,310.99 0.01
4,310.99 0.01
NETHERLANDS
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 AHOLD 8,520.80 74,710.36 0.09 KONINKLIJKE DSM 0.09 3.09 0.00 KONINKLIJKE KPN NV 8,409.00 82,038.19 0.10 NUTRECO HOLDING 187.45 8,909.30 0.01 QIAGEN 4,982.53 53,313.09 0.06 ROYAL PHILIPS (EUR) 4,753.93 67,149.31 0.08 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
NORWAY
ALGETA 842.81 19,544.54 0.02 AUSTEVOLL SEAFOOD 1,320.29 3,615.26 0.00 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
PHILIPPINES
ENERGY DEVELOPMENT 86,549.73 8,268.88 0.01 MANILA WATER COMPANY 12,022.13 3,858.43 0.00
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
RUSSIA
CHERKIZOVO GP. GDR (R.0.666667SH S) 215.94 2,394.91 0.00 NOVATEK -GDR SPONS. - REG. S 86.15 7,764.62 0.01 PHARMSTANDARD OKTYABR -GDR- (USD) 1,420.90 21,011.47 0.02 RUSHYDRO ADR (R.100 SHS) 1,653.66 4,172.98 0.00 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
The accompanying notes form an integral part of these financial statements.
251 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SINGAPORE
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 INDOFOOD AGRI RESOURCES 2,579.20 1,812.63 0.00 WILMAR INTERNATIONAL 6,286.48 18,852.73 0.02
32,661.26 0.02
SLOVENIA
KRKA 178.32 9,003.22 0.01
9,003.22 0.01
SOUTH AFRICA
ASPEN PHARMACARE 3,644.36 30,077.56 0.04 MTN GROUP 892.54 10,696.52 0.01 SAPPI 864.65 1,957.39 0.00
42,731.47 0.05
SOUTH KOREA
DC CHEMICAL CO LTD 29.96 3,891.79 0.00 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
SPAIN
ACCIONA 123.79 7,982.99 0.01 AMADEUS IT HOLDING 'A' 9,082.76 109,083.92 0.13 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 INT. CONSOLID. AIRLINES GROUP (EUR) 26,856.33 49,442.51 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
SWEDEN
ASSA ABLOY 'B' 8,820.91 142,648.17 0.17 ERICSSON TELEFON 'B' 16,539.00 122,367.30 0.14 HOLMEN 'B' 461.19 8,778.05 0.01 MEDIVIR 'B' 565.35 6,091.96 0.01 SVENSKA CELLULOSA 'B' 2,254.93 20,960.09 0.02
300,845.57 0.35
The accompanying notes form an integral part of these financial statements.
252 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
SWITZERLAND
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 ARYZTA NOMINATIVE 2,015.52 65,782.82 0.08 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 JULIUS BAER GROUPE NOM. 2,351.76 61,001.57 0.07 KABA HOLDING NOM. 275.09 71,744.90 0.08 KARDEX NOM. 256.80 2,917.03 0.00 KUEHNE & NAGEL INTERNATIONAL 2,598.25 228,653.55 0.27 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 LINDT & SPRUENGLI NOM. 1.48 38,420.43 0.05 LOGITECH INTERNATIONAL 23,354.71 136,858.96 0.16 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 SONOVA HOLDING NOM. 1,457.62 100,712.73 0.12 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
The accompanying notes form an integral part of these financial statements.
253 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 THE SWATCH GROUP NOM. 2,384.68 114,610.34 0.13 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
TAIWAN
EPISTAR 4,835.92 6,348.44 0.01 HIGH TECH COMPUTER 442.91 7,361.98 0.01
13,710.42 0.02
THAILAND
THAI VEGETABLE OIL -NVDR- 7,271.70 3,027.37 0.00
3,027.37 0.00
UNITED KINGDOM
AMARIN CORPORATION -ADR SPONS.- 1,417.83 9,382.32 0.01 ASSOCIATED BRITISH FOODS 7,464.84 95,843.72 0.11 ASTRAZENECA (GBP) 2,259.55 74,613.14 0.09 AUTONOMY CORPORATION 1,960.32 57,289.53 0.07 BABCOCK INTERNATIONAL GROUP 1,982.87 15,261.60 0.02 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 INTERNATIONAL POWER 7,014.34 25,358.01 0.03 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 NORTHUMBRIAN WATER 2,466.12 13,195.92 0.02 PENNON GROUP 2,555.62 20,254.11 0.02 PLANT HEALTH CARE 3,264.47 2,016.24 0.00 RECKITT BENCKISER 1,927.53 72,340.64 0.08
The accompanying notes form an integral part of these financial statements.
254 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
RIO TINTO NOM. 3,268.89 111,397.65 0.13 ROTORK 178.63 3,262.32 0.00 ROYAL DUTCH SHELL 'A' 4,314.82 99,629.24 0.12 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 SOCO INTERNATIONAL 19,843.49 75,726.76 0.09 TELECITY GROUP 1,327.66 8,690.54 0.01 TESCO 15,254.25 66,668.40 0.08 THOMAS COOK GROUP 79,192.80 35,479.86 0.04 TULLOW OIL 10,307.68 155,355.34 0.18 UNILEVER NEW (GBP) 1,779.97 41,570.15 0.05 UNITED UTILITIES GROUP 5,465.76 38,988.79 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
UNITED STATES
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 AMERICAN WATER WORKS 1,071.32 24,048.23 0.03 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
The accompanying notes form an integral part of these financial statements.
255 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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
The accompanying notes form an integral part of these financial statements.
256 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
IRON MOUNTAIN 782.73 18,698.61 0.02 ITC HOLDINGS 297.10 16,626.78 0.02 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 MCCORMICK NON-VTG 77.74 2,662.95 0.00 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 PLUM CREEK TIMBER 1,081.03 28,454.35 0.03 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
The accompanying notes form an integral part of these financial statements.
257 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Quantity Market value (note 2) % of net assets
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 VALMONT INDUSTRIES 71.34 4,199.87 0.00 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
TOTAL SHARES 22,138,687.69 25.95
The accompanying notes form an integral part of these financial statements.
258 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
CERTIFICATES
NETHERLANDS
ING GROEP (CRT.) 17,168.51 98,547.27 0.12
98,547.27 0.12
TOTAL CERTIFICATES 98,547.27 0.12
BONDS
AUSTRALIA
4.375% BHP BILLITON FIN. 07/14 EUR 22,403.33 23,640.44 0.03 4.875% NAT. AUSTRALIA BANK 09/13 EUR 59,742.20 61,815.56 0.07 5.25% ANZ BANKING GROUP 08/13 EUR 104,548.86 109,462.13 0.13 5.875% WESTPAC BANKING 08/13 EUR 82,145.53 87,692.41 0.10
282,610.54 0.33
AUSTRIA
6.25% OMV 09/14 EUR 29,871.10 32,656.73 0.04
32,656.73 0.04
CAYMAN ISLANDS
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
CZECH REPUBLIC
6% CEZ 08/14 EUR 44,806.65 49,016.91 0.06
49,016.91 0.06
DENMARK
3.5% TDC A/S 11/15 EUR 49,287.32 50,114.61 0.06
50,114.61 0.06
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 3.5% BANQUE PSA FIN. 10/14 EUR 74,677.76 72,708.88 0.09 3.50% SAINT-GOBAIN 11/15 -SR- EUR 74,677.76 74,344.32 0.09 3.50% UNIBAIL-RODAMCO 11/16 EUR 22,403.33 22,438.05 0.03 3.75% C.I.F. 10/15 EUR 59,742.20 57,463.04 0.07 4.125% TOTAL CAPITAL 07/13 EUR 112,016.63 115,863.85 0.14 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 4.82% SUEZ ENVIRONNEMENT 10/PE EUR 44,806.65 41,587.97 0.05 5.25% SOCIETE GENERALE 08/13 EUR 149,355.51 151,946.83 0.18
The accompanying notes form an integral part of these financial statements.
259 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
5.25% VEOLIA ENVIRON. 09/14 EUR 22,403.33 23,850.92 0.03 6% AXA 01/13 EUR 59,742.20 62,458.38 0.07 6.75% SCHNEIDER ELECTRIC 09/13 EUR 37,338.88 40,379.57 0.05 7.25% FRANCE TELECOM 03/13 EUR 108,880.17 116,355.34 0.14
1,308,962.78 1.56
GERMANY
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
GUERNSEY
3.625% CS GROUP FIN. GUERN. 06/18 EUR 89,613.31 84,699.81 0.10
84,699.81 0.10
IRELAND
2.75% CATERPILLAR INTL F.11/14 SR-S- EUR 29,871.10 30,412.07 0.04 4.75% GE CAP. UK FUNDING 09/14 EUR 104,548.86 109,199.19 0.13 4.875% GE CAP. EUROP. FUND. 08/13 EUR 149,355.51 153,706.98 0.18 5.25% GE CAP. EUROP. FUND. 09/13 EUR 149,355.51 154,553.08 0.18 5.50% HELABA INT.FINANCE 98/13 EUR 74,677.76 78,460.18 0.09
526,331.50 0.62
ITALY
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 3.75% BANCO POPOLARE 09/12 EUR 82,145.53 81,081.75 0.10 4% BCA POPOLARE MILANO 11/13 EUR 59,742.20 57,184.34 0.07 4.125% MONTE PASCHI SIENA 11/13 EUR 52,274.43 50,653.40 0.06 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 4.75% TELECOM ITALIA 06/14 EUR 104,548.86 103,108.70 0.12 4.875% ASSICURAZIONI GEN. 09/14 EUR 44,806.65 45,602.87 0.05 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 5.375% INTESA SANPAOLO 08/13 EUR 89,613.31 89,299.21 0.10 5.875% ENI 08/14 EUR 141,887.74 150,318.71 0.18
1,281,330.65 1.50
JERSEY
4.5% UBS JERSEY BRANCH 04/19 EUR 74,677.76 66,346.71 0.08 4.75% ASIF III 03/13 EUR 97,081.08 97,504.84 0.11
163,851.55 0.19
The accompanying notes form an integral part of these financial statements.
260 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
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
NETHERLANDS
2.75% ABN AMRO 10/13 EUR 149,355.51 148,068.07 0.17 3% PACCAR FINANCIAL 11/14 EUR 49,287.32 49,814.94 0.06 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 4.125% SIEMENS FINANCE 09/13 EUR 59,742.20 61,794.35 0.07 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 5.25% SIEMENS FINANCE 06/66 EUR 41,072.77 41,978.01 0.05 5.375% INTL. ENDESA 03/13 EUR 44,806.65 46,261.08 0.05 5.625% ALLIANZ FINANCE II 02/12 EUR 119,484.41 124,394.62 0.15 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
NORWAY
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
SPAIN
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 2.875% SANTANDER INTL 10/13 EUR 59,742.20 58,138.72 0.07 3.75% SANTANDER INTL 11/13 EUR 74,677.76 74,293.54 0.09 4% BBVA SENIOR FIN. 06/13 EUR 44,806.65 44,683.21 0.05 4% BBVA SENIOR FIN. 11/13 EUR 44,806.65 44,672.46 0.05 4.875% IBERDROLA FINANZAS 09/14 EUR 52,274.43 53,295.61 0.06 5.25% GAS NATURAL FINANCE 09/14 EUR 74,677.76 75,895.75 0.09 5.58% TELEFONICA EMISSION 08/13 EUR 89,613.31 92,196.86 0.11
560,240.25 0.66
The accompanying notes form an integral part of these financial statements.
261 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Nominal Market value (note 2) % of net assets
SWEDEN
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 4.875% SVENSKA HANDELSBANK 09/14 EUR 59,742.20 63,167.23 0.07 5.25% VATTENFALL TREASURY 05/PE EUR 29,871.10 29,583.74 0.03 5.5% SKANDINAV. ENSKILDA 09/14 EUR 112,016.63 118,247.56 0.14
396,052.77 0.46
SWITZERLAND
6% CREDIT AGRICOLE 08/13 EUR 97,081.08 101,249.74 0.12
101,249.74 0.12
UNITED KINGDOM
3.1% BP CAPITAL MARKETS 10/14 EUR 29,871.10 30,429.39 0.04 3.625% VODAFONE 05/12 EUR 89,613.31 91,517.14 0.11 4.5% LLOYDS TSB BANK 11/14 EUR 22,403.33 22,181.20 0.03 4.875% UBS LONDON 08/13 EUR 89,613.31 92,189.24 0.11 5.025% SCOTTISH & SOUTHERN 10/PE EUR 74,677.76 69,963.72 0.08 5.125% GLAXOSMITHKLINE 07/12 EUR 89,613.31 93,130.18 0.11 5.25% BARCLAYS BANK 09/14 EUR 74,677.76 77,315.75 0.09 5.25% ROYAL BANK SCOTLAND 08/13 EUR 149,355.51 149,140.44 0.17 5.625% TESCO 08/12 EUR 89,613.31 92,892.26 0.11 5.75% STANDARD CHARTERED 09/14 EUR 44,806.65 47,995.54 0.06 6.125% CREDIT SUISSE 08/13 EUR 149,355.51 158,230.22 0.19 6.25% LLOYDS TSB BANK 09/14 EUR 74,677.76 77,207.84 0.09 6.625% NATIONAL GRID ELEC. 08/14 EUR 37,338.88 41,021.80 0.05
1,043,214.72 1.24
UNITED STATES
3.625% PFIZER 09/13 EUR 67,209.98 69,330.12 0.08 3.75% GOLDMAN SACHS 06/13 EUR 126,952.19 125,651.56 0.15 3.75% HSBC FINANCE 05/15 EUR 59,742.20 58,665.95 0.07 3.75% MORGAN STANLEY 06/13 EUR 171,758.84 167,932.91 0.20 4.375% AT & T 07/13 EUR 37,338.88 38,657.69 0.05 4.50% PROCTER & GAMBLE 07/14 EUR 74,677.76 79,818.57 0.09 4.625% JP MORGAN CHASE 07/17 EUR 74,677.76 67,303.70 0.08 4.625% MERRILL LYNCH 03/13 EUR 52,274.43 50,292.18 0.06 4.625% ROCHE HOLDINGS 09/13 EUR 104,548.86 108,927.89 0.13 4.75% BANK OF AMERICA 07/17 EUR 74,677.76 53,767.98 0.06 4.75% CITIGROUP 03/13 EUR 59,742.20 60,136.80 0.07 5.125% GOLDMAN SACHS 07/14 EUR 74,677.76 74,872.29 0.09 5.25% JP MORGAN CHASE 08/13 EUR 74,677.76 77,577.49 0.09 6% WACHOVIA BANK 08/09 EUR 134,419.96 141,241.10 0.17 6.125% JP MORGAN CHASE 09/14 EUR 74,677.76 79,582.96 0.09 6.25% AMERICAN HONDA 08/13 EUR 44,806.65 48,111.14 0.06 6.75% MERRILL LYNCH 08/13 EUR 164,291.06 164,059.41 0.19
The accompanying notes form an integral part of these financial statements.
262 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
7% SWISS RE TREASURY 09/14 EUR 59,742.20 65,501.35 0.08 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
TOTAL BONDS 11,143,227.45 13.08
WARRANTS
NETHERLANDS ANTILLES
AUROBINDO (ML) LEPO WTS 4.8.15 1,058.19 1,981.80 0.00 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
UNITED KINGDOM
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 SAFCO (DB LDN) LEPO-WTS 03/12/12 65.14 2,336.85 0.00 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
II. OTHER TRANSFERABLE SECURITIES
SHARES
PORTUGAL
KIWI II VENT. PREF 'A' 0.37 0.00 0.00
0.00 0.00
UNITED STATES
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 INTARCIA THERAPEUTICS PREF 'BB-1' 36.06 34.13 0.00 INTARCIA THERAPEUTICS PREF 'BB-2' 141.22 133.65 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
The accompanying notes form an integral part of these financial statements.
263 Pictet - Absolute Return Global Conservative
STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT SEPTEMBER 30, 2011 (EXPRESSED IN EUR)
Description Currency Quantity/Nominal Market value (note 2) % of net assets
PTC THERAPEUTICS PREF CV 'E-2' 20.84 123.29 0.00 PTC THERAPEUTICS PREF 'D' 177.55 164.47 0.00 UNDERGROUND SOLUTIONS 13,059.20 1,400.06 0.00
2,516.75 0.00
TOTAL SHARES 2,516.75 0.00
BONDS
CANADA
10% HIGHPOINT TEL. II CV 00/04 USD 543.26 0.00 0.00
0.00 0.00
TOTAL BONDS 0.00 0.00
WARRANTS
UNITED KINGDOM
EQUATORIAL PAL OIL WTS 26.02.12 1,382.02 0.00 0.00
0.00 0.00
UNITED STATES
FLEXIBLE SOLUTIONS WRT 03.05.10 10.76 0.00 0.00 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 PERFECTENERGY WTS 26.01.10 1,492.78 0.00 0.00
0.00 0.00
TOTAL WARRANTS 0.00 0.00
TOTAL II. 2,516.75 0.00
III. UNITS OF INVESTMENT FUNDS
UNITED KINGDOM
PHAUNOS TIMBER FUND 8,630.01 4,466.55 0.01
4,466.55 0.01
TOTAL III. 4,466.55 0.01
TOTAL INVESTMENTS 33,489,820.39 39.28
CASH AT BANKS 52,667,669.55 61.78 OTHER NET LIABILITIES -904,899.52 -1.06
TOTAL NET ASSETS 85,252,590.42 100.00
The accompanying notes form an integral part of these financial statements.
264 Pictet - Absolute Return Global Conservative
GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2011
Geographical classification Industrial classification (in % of net assets) (in % of net assets) Switzerland 7.83 Bonds issued by companies 13.08 Japan 4.73 Pharmaceuticals and cosmetics 2.99 United Kingdom 4.59 Communications 2.11 United States 4.23 Electronics and electrical equipment 1.73 France 3.21 Holding and finance companies 1.69 Netherlands 2.92 Banks and credit institutions 1.61 Germany 2.53 Construction of machines and appliances 1.60 Italy 1.97 Food and soft drinks 1.51 Spain 1.52 Chemicals 1.32 Sweden 0.81 Public utilities 1.29 Ireland 0.70 Utilities 0.87 Luxembourg 0.52 Automobiles 0.81 Cayman Islands 0.49 Transport and freight 0.77 Belgium 0.45 Retail and supermarkets 0.72 Jersey 0.40 Oil 0.72 Australia 0.34 Construction and building materials 0.70 Denmark 0.29 Miscellaneous trade 0.57 Austria 0.22 Insurance 0.56 Norway 0.20 Internet, software and IT services 0.56 Russia 0.16 Textiles and clothing 0.54 Brazil 0.15 Computer and office equipment 0.41 Canada 0.13 Real estate 0.33 Finland 0.13 Gastronomy 0.31 Guernsey 0.11 Paper and forest products 0.25 Greece 0.07 Biotechnology 0.21 Bermuda 0.06 Miscellaneous 0.20 Chile 0.06 Miscellaneous consumer goods 0.18 Israel 0.06 Environmental services & recycling 0.17 Czech Republic 0.06 Packaging 0.16 Netherlands Antilles 0.05 Watch-making 0.15 Hong Kong 0.05 Stainless steel 0.15 India 0.05 Publishing and graphic arts 0.13 South Africa 0.05 Warrants 0.12 South Korea 0.04 Aeronautics and astronautics 0.12 China 0.02 Certificates 0.12 Singapore 0.02 Mining and steelworks 0.11 Taiwan 0.02 Tobacco and alcohol 0.09 Hungary 0.01 Photography and optics 0.08 Marshall Islands 0.01 Agriculture and fisheries 0.07 Philippines 0.01 Environmental conservation and waste 0.06 Slovenia 0.01 management Indonesia 0.00 Leisure 0.06 Malaysia 0.00 Health services 0.02 Portugal 0.00 Conglomerates 0.02 Thailand 0.00 Units of investment funds 0.01 39.28 Cyprus 0.00 39.28
The accompanying notes form an integral part of these financial statements.
265 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011
NOTE 1 GENERAL
Pictet (the "SICAV") is an Open-ended Investment Company ("Société d’Investissement à Capital Variable") governed by Luxembourg law, subject to the provisions of Part I of the law of December 17, 2010 since July 1, 2011 (until June 30, 2011 the SICAV was subject to the provisions of Part I of the amended law of December 20, 2002).
The SICAV was incorporated for an indefinite period on September 20, 1991, under the name Pictet Umbrella Fund (Pictet Fixed Income Fund as of June 14, 1995, Pictet Funds (LUX) as of April 28, 2006, and Pictet as of April 20, 2010) and its articles of incorporation were published in the Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg on October 29, 1991. The articles of incorporation were amended by notarial deed on October 30, 1992, published in the Mémorial on January 23, 1993, by notarial deed on June 14, 1995, published in the Mémorial on July 13, 1995, by notarial deed on November 8, 1999, published in the Mémorial on March 7, 2000, by notarial deed on May 2, 2001, published on May 29, 2001, by notarial deed on September 12, 2003, published on October 7, 2003, by notarial deed on December 8, 2005, published on December 21, 2005, by notarial deed on April 28, 2006, published on May 18, 2006, by notarial deed on May 21, 2007, published on August 3, 2007, by notarial deed on October 27, 2008, published on November 17, 2008, by notarial deed on January 23, 2009, published on February 20 ,2009, and lastly by notarial deed on April 9, 2010, and published on May 7, 2010.
Pictet Funds (Europe) S.A., a public limited company (société anonyme) with registered office at 3, boulevard Royal, Luxembourg, was appointed management company of the SICAV as of December 8, 2005. It is a management company within the meaning of chapter 15 of the law of December 17, 2010.
As at September 30, 2011, Pictet comprises the following 65 sub-funds:
Pictet - EUR Bonds* denominated in Euro (EUR) Pictet - USD Government Bonds* denominated in U.S. Dollar (USD) Pictet - CHF Liquidity* denominated in Swiss Franc (CHF) Pictet - USD Liquidity denominated in U.S. Dollar (USD) Pictet - EUR Liquidity denominated in Euro (EUR) Pictet - EUR Corporate Bonds* denominated in Euro (EUR) Pictet - Global Emerging Debt denominated in U.S. Dollar (USD) Pictet - World Government Bonds denominated in Euro (EUR) Pictet - EUR High Yield* denominated in Euro (EUR) Pictet - EUR Short Mid-Term Bonds denominated in Euro (EUR) Pictet - USD Short Mid-Term Bonds denominated in U.S. Dollar (USD) Pictet - CHF Bonds* denominated in Swiss Franc (CHF) Pictet - EUR Government Bonds* denominated in Euro (EUR) Pictet - EUR Inflation Linked Bonds denominated in Euro (EUR) Pictet - Emerging Local Currency Debt* denominated in U.S. Dollar (USD) Pictet - Asian Local Currency Debt* denominated in U.S. Dollar (USD) Pictet - Global Emerging Currencies* denominated in U.S. Dollar (USD) Pictet - JPY Liquidity* denominated in Yen (JPY) Pictet - Latin American Local Currency Debt denominated in U.S. Dollar (USD) Pictet - USD Sovereign Liquidity* denominated in U.S. Dollar (USD) Pictet - EUR Sovereign Liquidity* denominated in Euro (EUR) Pictet - US High Yield* denominated in U.S. Dollar (USD)
266 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - EUR Corporate Bonds Ex Financial* denominated in Euro (EUR) Pictet - European Equity Selection denominated in Euro (EUR) Pictet - Small Cap Europe denominated in Euro (EUR) Pictet - Emerging Markets denominated in U.S. Dollar (USD) Pictet - Eastern Europe denominated in Euro (EUR) Pictet - Europe Index* denominated in Euro (EUR) Pictet - USA Index* denominated in U.S. Dollar (USD) Pictet - European Sustainable Equities denominated in Euro (EUR) Pictet - Japan Index* denominated in Yen (JPY) Pictet - Pacific Ex Japan Index* denominated in U.S. Dollar (USD) Pictet - Digital Communication denominated in U.S. Dollar (USD) Pictet - Biotech denominated in U.S. Dollar (USD) Pictet - Premium Brands denominated in Euro (EUR) Pictet - Water denominated in Euro (EUR) Pictet - Indian Equities denominated in U.S. Dollar (USD) Pictet - Japanese Equity Opportunities denominated in Yen (JPY) Pictet - Asian Equities Ex Japan denominated in U.S. Dollar (USD) Pictet - Greater China denominated in U.S. Dollar (USD) Pictet - Japanese Equity Selection denominated in Yen (JPY) Pictet - Generics denominated in U.S. Dollar (USD) Pictet - Emerging Markets Index* denominated in U.S. Dollar (USD) Pictet - Euroland Index* denominated in Euro (EUR) Pictet - US Equity Growth Selection denominated in U.S. Dollar (USD) Pictet - Security denominated in U.S. Dollar (USD) Pictet - Clean Energy denominated in U.S. Dollar (USD) Pictet - Russian Equities denominated in U.S. Dollar (USD) Pictet - Timber denominated in U.S. Dollar (USD) Pictet - Agriculture denominated in Euro (EUR) Pictet - Global Megatrend Selection denominated in U.S. Dollar (USD) Pictet - US Equity Value Selection* denominated in U.S. Dollar (USD) Pictet - Middle East And North Africa denominated in U.S. Dollar (USD) Pictet - Environmental Megatrend Selection* denominated in Euro (EUR) Pictet - High Dividend Selection* denominated in Euro (EUR) Pictet - Brazil Index (launched on July 12, 2011)* denominated in U.S. Dollar (USD) Pictet - Bric Index (launched on July 12, 2011)* denominated in U.S. Dollar (USD) Pictet - China Index (launched on July 12, 2011)* denominated in U.S. Dollar (USD) Pictet - India Index (launched on July 12, 2011)* denominated in U.S. Dollar (USD) Pictet - Latam Index (launched on July 12, 2011)* denominated in U.S. Dollar (USD) Pictet - Russia Index (launched on July 12, 2011)* denominated in U.S. Dollar (USD) Pictet – Piclife* denominated in Swiss Franc (CHF) Pictet - Absolute Return Global Diversified denominated in Euro (EUR) Pictet - Absolute Return Global Conservative denominated in Euro (EUR) Pictet - Convertible Bonds * denominated in Euro (EUR)
* Sub-funds not authorised in Hong Kong and not available to Hong Kong Residents.
On April 11, 2011, the Board of Directors decided to:
• merge the Japanese Mid-Small Cap sub-fund with the Pictet – Japanese Equities 130/30 sub-fund with effect as of May 12, 2011;
• change the name of the Pictet - Japanese Equities 130/30 sub-fund to Pictet – Japanese Equity Opportunities with effect as of May 12, 2011.
267 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
A new prospectus came into force in July 2011.
The net assets of each sub-fund are represented by shares which may be divided into different share classes. All of the sub-funds constitute the SICAV. Where sub-classes of shares are issued, the information relative thereto is specified in Appendices 1, 2 and 3 of the most recent prospectus of the SICAV.
The Board of Directors may also decide to create two or more share classes for each sub-fund, whose assets will be invested according to the specific investment policy of the sub-fund concerned, but where the share classes may differ due to specific subscription and/or redemption fee structures, currency risk hedging policies, distribution policies and/or management or advisory fees or any other particularities applicable to each class. Where applicable, this information will be provided in the current prospectus of the SICAV.
Unless otherwise specified in Appendices 1, 2 or 3 of the SICAV’s current prospectus, the shares of the sub-funds may be divided into "I", "P", "R", "Z", "S", "IS", "J" and "MG" shares.
"I" and "J" shares are intended for institutional investors within the meaning of article 174 of the law of December 17, 2010 who wish to invest a minimum initial amount, as specified in the appendix for each sub-fund in the current prospectus.
Fees levied on "I" and "J" shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions.
"IS" shares are created within some indexed sub-funds in order to differentiate them from "I" shares in respect to the calculation of investment or disinvestment fees, as described in more detail in the relevant appendices of the current prospectus. "IS" shares shall be subject to the same conditions as "I" shares.
"P" and "R" shares do not require a minimum investment. Due to their rather broad characteristics, one and/or the other respond to different marketing practices in force in the countries in which the SICAV is marketed at the time of the current prospectus. Their flexibility allows them, where necessary, to adapt to the evolution of their target markets.
They are only differentiated by their fees.
"P" shares: Maximum subscription fee of 5% in favour of intermediaries. Maximum redemption fee of 1% in favour of intermediaries. Lower management fee than that applied to "R" shares.
"R" shares: Maximum subscription fee of 5% in favour of intermediaries. Maximum redemption fee of 3% in favour of intermediaries. Higher management fee than that applied to "P" shares.
268 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
"S" shares are reserved exclusively for employees of the Pictet Group. No brokerage fee shall apply to subscriptions and redemptions. The Board of Directors may apply a maximum conversion fee of 2% payable to intermediaries.
"Z" shares are reserved for institutional investors who have concluded a specific fee agreement with Pictet & Cie, Genève or any other entity of the Pictet Group.
Fees levied on "Z" shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions.
"MG" shares are reserved for investors expressly approved by the manager of the sub- fund in question.
Fees levied on "MG" shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions.
Shares may be divided into accumulation and distribution shares. Distribution shares "dy" shall be entitled to dividends at the discretion of the General Meeting while the amount corresponding to accumulation shares will not be distributed but invested in the share class concerned.
The Board of Directors may also decide to issue "dm" shares, in respect of which a monthly dividend may be distributed. In principle, this dividend is paid to shareholders of the sub-class concerned who are listed on the register of shareholders on the 20th day of the month (or the next day if this is not a Business Day) and is, in principle, payable four business days after the ex-date in the currency of the share class.
In each sub-fund shares issued in currencies other than the base currency of the sub- fund may be created. These shares may be hedged (as defined below) or non-hedged.
Hedged shares:
Hedged "H" shares shall aim to hedge a large part of the foreign exchange risk of these shares with respect to a particular currency. These shares shall be subject to the same subscription and redemption fees as their corresponding non-hedged shares.
The minimum investment amount applicable to shares issued in a currency other than the consolidation currency of the sub-fund is the minimum initial investment amount applicable to the shares in question converted into the currency applicable to this class on the NAV calculation day.
269 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
In each sub-fund, the Board of Directors may decide to launch "DH" (Duration Hedged) shares that allow investors to benefit from the management of the sub-fund concerned by limiting possible impacts linked to rate movements. The hedging strategy will be effected using derivative instruments (interest rate futures) and will bear on the main points of the yield curve and not on each maturity taken individually. There will thus still be a residual risk of variation in the yield curve. The duration of hedged classes will be between -1 and +1. If one of these thresholds is reached, management will be asked for a return to a duration between these two thresholds in a reasonable time. To respond to margin calls, the assets attributable to the duration hedged classes may not be entirely invested and could thus be underinvested on account of the strategy used for these DH classes.
Investors who meet the eligibility requirements of the sub-class of shares in which they wish to subscribe may request the conversion of their shares into shares of this sub-class, unless otherwise stated in Appendices 1, 2 and 3 of the current prospectus of the SICAV.
In the same way, if an investor no longer meets the eligibility requirements of the sub- class of shares held, the Board of Directors reserves the right to request such shareholder to convert his or her shares into shares of another sub-class.
Pooling:
For the purpose of efficient management and provided it is permitted by the investment policies of the sub-funds, the Board of Directors of the Management Company may decide to co-manage a portion or all of the assets of certain Pictet sub-funds. In this case, the assets of the different sub-funds are managed jointly according to the aforementioned technique. The co-managed assets are designated as pooled assets. However, these pools are used exclusively for the purpose of internal management. They are not considered individual legal entities and are not directly accessible to investors. Each co-managed sub-fund is allocated its own assets.
When the assets of a sub-fund are managed according to this technique, the assets initially attributable to each co-managed sub-fund are determined according to its initial contribution to the pool. Subsequently, the composition of these assets shall vary according to the contributions or withdrawals made by these sub-funds.
The allocation system described above applies to each holding in the pool. Henceforth, any additional investments made on behalf of the co-managed sub-funds are attributed to these sub-funds according to their respective rights, while any assets sold should be deducted in the same way from the assets attributable to each of the co-managed sub- funds.
All banking operations linked to the life of the sub-fund (dividends, interest, non- contractual fees, expenses) shall be accounted for in the pool and prorated to each sub- fund on the date these operations are recorded (expense provisions, recording of expenses and/or income on bank accounts). Conversely, contractual fees (custody, administration, management fees, etc.) are recorded directly in the accounts of the respective sub-funds.
It should be clear at all times which assets and liabilities pertain to which sub-fund.
270 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
The pooling process respects the investment policy of each sub-fund concerned
The realised and/or unrealised gains/losses on investments are recorded in the pool in the reference currency of the said pool. They are then recorded in the sub-fund (which may have a different reference currency than that of the pool) on the basis of its participation in the pool using the exchange rate in force on the NAV calculation day.
The statement of net assets and the statement of investments and other net assets shows the situation of the portfolio on the closing date for which the exchange rates are used as well as the sub-fund’s participation in the pool(s) as at this date.
The data recorded in the statement of operations and changes in net assets under "Net realised gain/loss on sales of investments – pooling effect" represent:
• the currency effect due to differences between the exchange rates used as at the closing date and those used at each NAV calculation;
• the effect of the difference between the percentage participation in the pool(s) as at the closing date and the percentage participation applicable as at each NAV calculation.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
a) General
The financial statements are prepared in accordance with the legal reporting requirements applicable in Luxembourg.
b) Formation expenses
Formation expenses are amortised over a maximum period of five years.
c) Conversion of foreign currencies for each sub-fund
Cash at banks, other net assets and the market value of the investment portfolio expressed in currencies other than the currency of the sub-fund are converted into the base currency of the sub-fund at the exchange rate prevailing at the end of the period.
Income and expenses expressed in currencies other than the base currency of the sub-fund are converted into the currency of the sub-fund at the exchange rate applicable on the payment date.
Resulting foreign exchange gains and losses are recorded in the statement of operations.
271 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
d) Combined financial statements of the SICAV
The combined financial statements of the SICAV are expressed in Euro and correspond to the sum of investments in the financial statements of each sub-fund, converted into euro at the exchange rate prevailing at the end of the period.
e) Valuation of investments
Transferable securities shall be valued at their most representative market price and/or at the price of past transactions carried out by fund managers or other participants on these markets. This price may be the last available price or a price available at another time on the markets which the Board of Directors considers the most representative in terms of liquidity and past transactions executed on the markets concerned.
If a price is not available, the securities shall be valued prudently and in good faith on the basis of their foreseeable sale prices.
In particular, the Board of Directors has implemented a specific valuation procedure for high-yield and emerging market bonds, according to which these securities are valued on the basis of the mid or bid prices provided by first-rate financial intermediaries or on the basis of the prices provided by entities such as Bloomberg, Telekurs, IDC or Reuters.
Liquid assets are valued at their nominal value plus accrued interest.
Units or shares of open-ended undertakings for collective investment are valued on the basis of their last-known net asset value. Units/shares of closed-ended UCIs shall be valued on the basis of the last market value available.
Money market instruments that are not listed or traded on a stock exchange or other regulated market and whose residual maturity does not exceed 12 months are valued according to the linear method (linear depreciation, over the residual maturity, of the difference between the last-known market value and the redemption value). This rule does not apply to the Pictet - EUR Sovereign Liquidity or Pictet - USD Sovereign Liquidity sub-funds. (see point f) hereafter)
Forward contracts and options that are not traded on a stock exchange or other regulated market are valued at their liquidation value determined in accordance with the rules set in good faith by the Board of Directors according to standard criteria for each type of contract. The value of forward contracts and options traded on a stock exchange or other regulated market is based on the closing or settlement prices published by this stock exchange or regulated market, on which these contracts are predominantly traded. If a forward contract or option cannot be sold on the valuation date of the net assets concerned, the criteria for determining the liquidation value of such forward contract or option shall be set by the Board of Directors in a reasonable and fair manner.
272 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
In the interest of shareholders and insofar as the Board of Directors deems it appropriate in view of market conditions and/or the level of subscriptions and redemptions within a given sub-fund, and depending on its total size, the net asset value of such sub-fund may be calculated on the basis of the offer or bid prices of securities held in the portfolio and/ or adjusted with sales commissions and transaction fees incurred, or adjusted on the basis of the impact of the difference between the trading and valuation price of investments or disinvestments and/or the sales commissions and/or transaction fees incurred.
Further details are given in the current prospectus of the SICAV.
f) Valuation of the securities in the Sovereign Liquidity sub-funds
The securities are valued using the "Marked to Market" method. The calculation takes into account the issuer spread and the risk-free rates.
g) Valuation of forward contracts
The valuation of forward contracts is based on the latest price available.
h) Valuation of Contracts For Difference
Contracts for difference (CFD) are valued on the basis of the difference between the price of their underlying and the purchase price.
i) Valuation of forward exchange contracts
The unrealised gains or losses resulting from outstanding forward exchange contracts are determined on the valuation day on the basis of the forward exchange prices applicable on this date and are recorded in the statement of net assets.
j) Valuation of interest rate swaps
Expected future cash flows, receivable and payable on swaps, are valued at their discounted present value. If a market exists, they are valued at their market value.
k) Valuation of Credit Default Swaps
Credit default swaps (CDS) are entered into on the basis of ISDA contracts with first- class financial institutions specialised in this type of transactions.
The parameters determining the valuation of CDS are: the recovery rate, the probability of default and the replacement spread. The replacement spread is the premium rate at which the CDS could be renegotiated.
The valuation of the CDS reflects the discounted present value of the protection represented by the CDS compared to the zero yield curve applicable to the underlying bond.
273 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
l) Valuation of Total Return Swaps
Cashflows in and out of the sub-fund in connection with total return swaps are converted to present value on the valuation date at the zero-coupon swap rate corresponding to the maturity of these cashflows. The payment received by the protection buyer, which is a combination of options, is also converted to present value and determined by several parameters, notably the price, the volatility and the likelihood of the underlying assets defaulting. The value of total return swap contracts is the difference between the two present value conversions described above.
m) Repurchase agreements
Repurchase agreements ("repos") are agreements involving the purchase of an investment by a counterparty on the understanding that such investments shall be repurchased by the seller (the SICAV) at a given price on a given date, established at the time the agreement is concluded. Repos are therefore equivalent to loans that are guaranteed by the underlying investments, which remain included in the SICAV’s investment portfolio and subject to market risk.
Repos are recorded on the assets side of the statement of net assets as loans up to the amount of cash received. Debt representing securities sold under repurchase agreements is recorded as a liability. Interest is accrued and recorded separately and is included in the appropriate liabilities account.
n) Net realised gains/losses on investments
Realised gains or losses on the sales of securities are calculated on the basis of average cost.
o) Acquisition cost of securities in the portfolio
The cost of securities denominated in currencies other than the base currency of the sub-fund is calculated at the exchange rate prevailing on the acquisition date.
p) Income
Dividends are recorded at the ex-dividend date. Interest is recorded on an accrual basis.
274 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
q) Valuation of investment in Private Equity
1. Frequency of valuation of "Private Equity" securities
Such securities are entered into the portfolio at acquisition cost. The valuation frequency depends on the occurrence of significant events affecting the security. In the absence of a significant event, valuations should be carried out at least twice per year. Examples of significant events triggering a valuation process include:
• Substantially higher/lower-than-expected profits • A new round of financing initiated by the company • A new transaction (initiated by a third party investor) • Restructuring operations
2. Valuation process
The Custodian’s "Private Equity" department prepares a price revaluation recommendation which is based on fundamental analysis and forecasts as well as other available financial information.
The recommendation is then submitted to the réviseur d’entreprises agréé of the SICAV who will advise on the fairness and reasonableness of the valuation method, the adherence to and consistency of the valuation methodology as well as on the compliance of the valuation method with the valuation guidelines of the European Private Equity and Venture Capital Association (EVCA). This advice is generally required before the price revaluation, however, in certain circumstances it may be requested after.
The recommendation is then submitted to the Board of Directors of the SICAV for review and official approval.
r) Change of accounting methodology of the forward contracts and CFD
Following the implementation of a new custodian bank software (Avaloq replacing SFI) on August 1, 2011, the accounting methodology of the forward contracts and CFD in the accounting program “Multifonds” has been modified.
From this time on, the method is to record, for each net asset value calculation, the margin call in the “realised gain and loss on forward contracts” account with an equivalent amount in the bank account.
The statement of net assets does no longer show the unrealised gain and loss on forward contracts separately.
275 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
s) Closing Net Asset Value
As at September 30, 2011, the official net asset values (NAVs) (used as a basis for subscriptions and redemptions as at this date) and the NAVs shown in these financial statements were, for each sub-fund, determined on the basis of the valuation of the underlying assets calculated using the last available prices as at this date.
For assets of the following sub-funds traded on the US and European markets, the last available prices taken into consideration were those at close of trading on September 29, 2011:
Pictet - Global Emerging Debt Pictet - World Government Bonds Pictet - EUR Short Mid-Term Bonds Pictet - EUR Inflation linked Bonds Pictet - Latin American Local Currency Debt 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
All other sub-funds were valued on the basis of the prices at close of trading on September 30, 2011.
For the following sub-funds, a significant difference between the official NAVs based on closing prices on September 29, 2011, and the NAVs calculated on the basis of closing prices on September 30, 2011, has been noted; the latter NAVs have been used for the purposes of the financial statements:
NAV calculated for Impact on Sub-fund Currency Official NAV the purposes of the the NAV financial statements Pictet - 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 - 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%
276 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
NAV calculated for Impact on Sub-fund Currency Official NAV the purposes of the the NAV financial statements 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%
These differences had no impact on the sub-fund’s subscriptions and redemptions.
NOTE 3 "TAXE D’ABONNEMENT"
Under the legislation and regulations currently prevailing, the SICAV is not subject to any income tax. The SICAV is subject to a "taxe d’abonnement" of 0.05% per annum of its net assets, payable quarterly and calculated on the basis of the net assets at the end of each quarter. However, this tax is reduced to 0.01% for assets related to shares reserved for institutional investors. The portion of the net assets invested in units of other Luxembourg undertakings for collective investment is exempt from the "taxe d’abonnement", provided such units have already been subject to this tax.
NOTE 4 MANAGEMENT AND INVESTMENT ADVISORY FEE
The Management Company has delegated the management function for each sub-fund to one or more investment managers.
The Management Company may appoint one or more investment advisors for each sub- fund for the purpose of advising the Management Company on investment opportunities for the SICAV.
The Management Company receives management fees from the sub-funds for the purpose of remunerating the Investment Managers, the Investment Advisors and the Distributors, where applicable. These fees are levied on each sub-fund and on the subclasses of shares as well as on their corresponding shares, prorata to their net assets.
277 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
The maximum annual rates applicable as at September 30, 2011, are the following:
Ishares Pshares R shares Z shares Jshares
(max) (max) (max) (max) (max) 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 - 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 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 - EUR Inflation Linked Bonds 0.45% 0.90% 1.20% 0.00% - Pictet - Latin American Local Currency Debt 1.05% 2.10% 3.00% 0.00% - Pictet - US High Yield 1.10% 1.45% 1.75% 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% - Pictet - Emerging Markets 2.00% 2.50% 2.90% 0.00% - Pictet - Eastern Europe 1.80% 2.40% 2.90% 0.00% - Pictet - European Sustainable Equities 0.65% 1.20% 1.80% 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 - 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 - 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 - 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% -
* For the HI CHF and HP CHF share classes, the rates are 0.25% and 0.35% respectively for the Pictet - EUR Short Mid-Term Bonds sub-fund.
278 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
NOTE 5 SERVICE FEE
An annual service fee calculated on the average net asset values of each sub-fund is paid quarterly or monthly, depending on the terms of the agreement, to the Management Company in remuneration for the services that it provides to the SICAV. This fee shall also enable the Management Company to remunerate Pictet & Cie (Europe) S.A. for its transfer agent, administrative agent and paying agent activities. The maximum rates applicable as at September 30, 2011, are the following:
Unhedged Hedged shares shares (max) (max)
Pictet - USD Liquidity 0.10% - Pictet - EUR Liquidity 0.10% - Pictet - Global Emerging Debt * 0.30% 0.35% Pictet - World Government Bonds 0.15% - Pictet - EUR Short Mid-Term Bonds 0.10% 0.15% Pictet - USD Short Mid-Term Bonds 0.10% - Pictet - EUR Inflation Linked Bonds 0.15% 0.20% Pictet - Latin American Local Currency Debt 0.40% 0.45% Pictet - US High Yield 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 - European Sustainable Equities 0.45% - 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 - 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%
* For the HZ EUR share class, the rate is 0.30% for the Pictet – Global Emerging Debt sub-fund.
279 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Unhedged Hedged shares shares (max) (max) 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 - Absolute Return Global Diversified 0.30% 0.35% Pictet - Absolute Return Global Conservative 0.30% 0.35%
NOTE 6 OTHER FEES PAYABLE
As at September 30, 2011, other fees payable mainly include administration, custodian and service fees.
NOTE 7 SUBSCRIPTION, REDEMPTION AND/OR CONVERSION FEES
The subscription price of shares of each sub-fund (or sub-class of shares, where applicable) is equal to the net asset value of one share of that sub-fund (or of the subclass of shares, respectively), as determined on the first NAV calculation date following the subscription date.
Fees paid to financial intermediaries of up to 5% of the relevant sub-fund’s net asset value per share may be added to the subscription price, such fees being levied in favour of the intermediaries and/or distributors involved in investments in shares of the SICAV. These fees vary according to the sub-class of shares.
The redemption price of shares of each sub-fund (or sub-class of shares, where applicable) is equal to the net asset value of one share of that sub-fund (or of the subclass of shares, respectively), as determined on the first NAV calculation date following the redemption date.
This amount may be reduced by fees of up to 3% of the net asset value per share to be paid to the intermediaries and/or distributors. These fees vary according to the sub- class of shares.
The Board of Directors is authorised in certain situations to apply a "dilution levy" of maximum 2% of the net asset value per share to the subscription, redemption and/or conversion price, as detailed in the chapter of the current prospectus entitled "Dilution Levy". The dilution levy charged on any valuation date applies equally to all shareholders of the sub-fund concerned.
The Board of Directors is authorised to apply corrections of the net asset value as described in the chapter “Calculation of the net asset value” of the current prospectus.
NOTE 8 PERFORMANCE FEE
None of the sub-funds registered in Hong Kong are subject to a performance fee.
280 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
NOTE 9 EXCHANGE RATES AS AT SEPTEMBER 30, 2011
The exchange rates used to convert into EUR the various items of sub-funds denominated in a currency other than EUR as at September 30, 2011, are as follows:
1 EUR = 1.218670 CHF 1 EUR = 0.861281 GBP 1 EUR = 103.423312 JPY 1 EUR = 1.341704 USD
NOTE 10 FORWARD CONTRACTS
The SICAV had the following forward contracts outstanding as at September 30, 2011:
Pictet - EUR Liquidity Maturity Currency Commitment in EUR Sale of 50.00 LIFFE 3M EURIBOR FUTURES 19/12/2011 EUR -12,343,750.00
Pictet - Global Emerging Debt Maturity Currency Commitment in USD Purchase of 42.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 5,145,328.02 Purchase of 89.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 12,646,343.75 Purchase of 122.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 22,520,789.93 Purchase of 787.00 KOREA BONDS FUTURE 3 YEARS 20/12/2011 KRW 69,694,938.03 Purchase of 2,273.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 377,210,531.31 Sale of 557.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -72,401,299.66 Sale of 45.00 AUD CASH RATE FUTURE 30 DAYS 30/12/2011 AUD -10,452,671.06 Sale of 18.00 AUD CASH RATE FUTURE 30 DAYS 31/10/2011 AUD -4,155,568.79
Pictet - World Government Bonds Maturity Currency Commitment in EUR Purchase of 2.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD 190,473.38 Purchase of 5.00 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 573,892.92 Purchase of 11.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 1,337,489.26 Purchase of 12.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 1,249,307.54
Pictet - EUR Short Mid-Term Bonds Maturity Currency Commitment in EUR Purchase of 18.00 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 1,971,450.00 Sale of 30.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR -4,057,500.00
Pictet - USD Short Mid-Term Bonds Maturity Currency Commitment in USD Purchase of 140.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 30,828,436.80 Sale of 271.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD -33,193,266.98
Pictet - EUR Inflation Linked Bonds Maturity Currency Commitment in EUR Purchase of 10.00 BENCHMARK RATE USA TREAS.BD.ULTRA 20/12/2011 USD 1,147,786.48 Purchase of 16.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 1,665,744.30 Purchase of 29.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 3,526,110.00
281 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Latin American Local Currency Debt Maturity Currency Commitment in USD Purchase of 33.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 4,689,093.75 Purchase of 35.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 6,460,882.36 Purchase of 434.00 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR 72,023,480.24 Sale of 65.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD -8,448,984.70
Pictet - Absolute Return Global Diversified Maturity Currency Commitment in EUR Purchase of 7.39 IND. E-MINI RUSSELL 2000 (USD) 16/12/2011 USD 362,207.65 Purchase of 10.92 S & P / TSX 60 INDEX 15/12/2011 CAD 1,037,373.51 Purchase of 11.00 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD 792,236.69 Purchase of 22.00 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD 771,712.06 Purchase of 35.00 JAPANESE FUTURE BONDS 10 YEARS 09/12/2011 JPY 47,877,925.28 Purchase of 40.00 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW 2,884,849.30 Purchase of 58.93 S & P 500-STOCK (OS) SPX 15/12/2011 USD 12,442,908.99 Purchase of 68.00 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD 2,878,029.52 Purchase of 76.00 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK 764,235.44 Purchase of 83.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 11,225,750.00 Purchase of 115.00 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL 2,467,276.63 Purchase of 134.53 IND. FTSE/JSE AFRICA IND.-TOP 40- 15/12/2011 ZAR 3,252,123.05 Purchase of 134.70 SGX MSCI TAIWAN INDEX FUTURES 28/10/2011 USD 2,545,519.81 Purchase of 190.00 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 23,085,000.00 Purchase of 211.99 FSTE BURSA MALAYSIA KLCI 31/10/2011 MYR 3,405,071.00 Purchase of 252.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 41,028,561.44 Purchase of 254.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 23,006,988.42 Purchase of 277.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 29,101,610.65 Purchase of 281.42 SET50-THAI SET 50 INDEX 29/12/2011 THB 4,259,989.63 Purchase of 354.23 IND. OSLO STOCK EXCHANGE -OBX- 20/10/2011 NOK 1,455,767.06 Purchase of 375.89 INDICE IPC MEXIQUE 16/12/2011 MXN 6,806,645.77 Purchase of 405.00 LONG GILT STERLING FUTURE 28/12/2011 GBP 60,230,185.19 Purchase of 478.22 SGX CNX NIFTY INDEX SGX 25/10/2011 USD 3,562,351.38 Purchase of 621.55 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 68,074,728.63 Purchase of 1,112.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD 106,870,596.95 Purchase of 1,463.39 IND. WIG 20 - WARSAW INDICES 16/12/2011 PLN 7,249,551.30 Purchase of 1,782.23 INDICE ISTANBUL STOCK 31/10/2011 TRY 5,196,476,322.87 EXCHANGE 30 Purchase of 7,600.00 SCHNEIDER ELECTRIC 31/12/2049 EUR 307,800.00 Sale of 598.99 INDICE TOKYO STOCK EXCH. -TOPIX- 08/12/2011 JPY -43,850,612.85 Sale of 350.65 SMI INDEX OHNE DIVIDENDENKORREKT. 19/12/2011 CHF -15,864,238.98 Sale of 309.96 INDICE FTSE 100 16/12/2011 GBP -18,595,806.62 Sale of 272.00 INDICE 10 YEARS CANADIAN BONDS 19/12/2011 CAD -25,497,350.67 Sale of 101.63 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL -2,180,396.81 Sale of 81.30 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD -3,441,056.88 Sale of 81.30 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD -2,851,925.15 Sale of 76.54 AEX INDEX AMSTERDAM 21/10/2011 EUR -4,289,184.45 Sale of 62.62 FTSE ITALIA - MIB INDEX 16/12/2011 EUR -4,645,216.16 Sale of 55.54 INDICE IBEX-35 BOLSA ESPANOLAS 21/10/2011 EUR -4,772,564.32 Sale of 48.04 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD -3,460,098.47 Sale of 38.80 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK -390,198.61 Sale of 34.18 IND. HANG SENG HONG KONG 28/10/2011 HKD -2,854,302.12 Sale of 32.34 INDICE CAC 40 21/10/2011 EUR -979,031.26 Sale of 24.95 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW -1,799,077.00 Sale of 17.86 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -2,172,027.13 Sale of 4.62 NASDAQ 100 INDEX USA 15/12/2011 USD -750,619.06
282 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Conservative Maturity Currency Commitment in EUR Purchase of 0.61 IND. E-MINI RUSSELL 2000 (USD) 16/12/2011 USD 29,836.31 Purchase of 1.00 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD 72,021.52 Purchase of 1.08 S & P / TSX 60 INDEX 15/12/2011 CAD 102,190.87 Purchase of 2.00 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD 70,155.64 Purchase of 3.00 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW 216,363.70 Purchase of 3.00 JAPANESE FUTURE BONDS 10 YEARS 09/12/2011 JPY 4,103,822.17 Purchase of 5.07 S & P 500-STOCK (OS) SPX 15/12/2011 USD 1,069,476.42 Purchase of 6.00 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD 253,943.78 Purchase of 7.00 BUND FUTURE EURO-BUND EUREX (10Y) 09/12/2011 EUR 946,750.00 Purchase of 7.00 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK 70,390.11 Purchase of 10.00 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL 214,545.79 Purchase of 11.30 SGX MSCI TAIWAN INDEX FUTURES 28/10/2011 USD 213,634.48 Purchase of 11.47 IND. FTSE/JSE AFRICA IND.-TOP 40- 15/12/2011 ZAR 277,246.04 Purchase of 15.00 BUND FUTURE EURO-BUXL EUREX (30Y) 09/12/2011 EUR 1,822,500.00 Purchase of 18.01 FSTE BURSA MALAYSIA KLCI 31/10/2011 MYR 289,351.53 Purchase of 20.00 USA TREASURY NOTE 2 YEARS 30/12/2011 USD 3,256,235.04 Purchase of 21.00 USA TREASURY NOTE 5 YEARS 30/12/2011 USD 1,902,152.59 Purchase of 22.00 USA TREASURY BOND 30 YEARS 20/12/2011 USD 2,311,319.26 Purchase of 23.58 SET50-THAI SET 50 INDEX 29/12/2011 THB 356,944.11 Purchase of 29.77 IND. OSLO STOCK EXCHANGE -OBX- 20/10/2011 NOK 122,326.46 Purchase of 31.11 INDICE IPC MEXIQUE 16/12/2011 MXN 563,398.68 Purchase of 33.00 LONG GILT STERLING FUTURE 28/12/2011 GBP 4,907,644.72 Purchase of 39.78 SGX CNX NIFTY INDEX SGX 25/10/2011 USD 296,313.80 Purchase of 56.45 BUND FUTURE EURO-SCHATZ EUREX(2Y) 09/12/2011 EUR 6,183,221.37 Purchase of 93.00 USA TREASURY NOTE 10 YEARS 21/12/2011 USD 8,937,918.63 Purchase of 121.61 IND. WIG 20 - WARSAW INDICES 16/12/2011 PLN 602,441.28 Purchase of 148.77 INDICE ISTANBUL STOCK EXCHANGE 30 31/10/2011 TRY 433,767,366.55 Sale of 60.01 INDICE TOKYO STOCK EXCH. -TOPIX- 08/12/2011 JPY -4,393,369.06 Sale of 35.35 SMI INDEX OHNE DIVIDENDENKORREKT. 19/12/2011 CHF -1,599,532.10 Sale of 31.04 INDICE FTSE 100 16/12/2011 GBP -1,862,496.33 Sale of 23.00 INDICE 10 YEARS CANADIAN BONDS 19/12/2011 CAD -2,156,025.98 Sale of 8.37 INDICE BOVESPA SAO PAULO. BRASIL 12/10/2011 BRL -179,606.93 Sale of 7.46 AEX INDEX AMSTERDAM 21/10/2011 EUR -417,839.55 Sale of 6.70 MSCI SINGAPORE FUTURES SGX 28/10/2011 SGD -234,923.08 Sale of 6.70 IND. HANG SENG CHINA ENTERPRISES 28/10/2011 HKD -283,451.92 Sale of 6.53 DAX INDEX 19/12/2011 EUR -921,046.56 Sale of 6.38 FTSE ITALIA - MIB INDEX 16/12/2011 EUR -473,317.69 Sale of 5.46 INDICE IBEX-35 BOLSA ESPANOLAS 21/10/2011 EUR -468,860.68 Sale of 3.96 AUSTRALIA INDEX -S&P ASX200- 15/12/2011 AUD -285,020.44 Sale of 3.20 INDICE SWEDEN OPTIONS MARKET 21/10/2011 SEK -32,142.03 Sale of 3.14 BUND FUTURE EURO-BOBL EUREX (5Y) 09/12/2011 EUR -381,362.87 Sale of 2.82 IND. HANG SENG HONG KONG 28/10/2011 HKD -235,118.88 Sale of 2.66 INDICE CAC 40 21/10/2011 EUR -80,646.24 Sale of 2.05 KOSPI 200 KOREA STOCK EXCH.INDEX 08/12/2011 KRW -148,196.28 Sale of 0.38 NASDAQ 100 INDEX USA 15/12/2011 USD -61,831.12
The SICAV had the following Contracts For Difference (CFDs) outstanding as at September 30, 2011:
Pictet - Absolute Return Global Diversified Description Quantity/Nominal value Currency ACERINOX -40,364.00 EUR ACS -ACTIVIDADES CONSTR.Y SERV.- -8,160.00 EUR ADMIRAL GROUP -20,000.00 EUR ADP -9,300.00 EUR ARYZTA NOMINATIVE -3,496.00 EUR ASSA ABLOY ´B´ -5,520.00 EUR ASTRAZENECA -7,999.00 EUR BACHEM ´B´ NOM. -1,104.00 EUR
283 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Diversified (continued) Description Quantity/Nominal value Currency BALOISE-HOLDING NOM. -736.00 EUR BANQUE CANTONALE DE BALE ´C´ -2,208.00 EUR BARRY CALLEBAUT NOM. -230.00 EUR BC BERNOISE -1,380.00 EUR BELGACOM -18,000.00 EUR BENESSE HOLDINGS 7,265.53 EUR BHP BILLITON PLC -11,000.00 EUR BKW FMB ENERGIE NOM. -1,561.24 EUR BMW BAYERISCHE MOTORENWERKE -5,107.00 EUR BOSSARD HOLDING -506.00 EUR BURCKHARDT COMPRESSION HOLDING -644.00 EUR BUZZI UNICEM -79,000.00 EUR CENTRAL JAPAN RAILWAY 58.12 EUR CREDIT SUISSE GROUP -1,840.00 EUR DAISEKI 28,517.20 EUR DANIELI & C.OFFICINE MECCANICHE -36,000.00 EUR DANONE -6,912.00 EUR DAX INDEX -63.47 EUR DEUTSCHE BANK NAM. -18,360.00 EUR EMMI -1,104.00 EUR EMS-CHEMIE HLDG NOM. -2,024.00 EUR ENTERPRISE INNS 208,828.00 EUR ERSTE GROUP BANK -16,000.00 EUR FONDIARIA-SAI 175,000.00 EUR FORBO HOLDING NOM. -138.00 EUR FRESENIUS -3,750.00 EUR GALENICA NOM. -230.00 EUR GEORG FISCHER NOM. -138.00 EUR GIVAUDAN NOM. -220.80 EUR GJENSIDIGE FORSIKRING -44,609.00 EUR GLAXOSMITHKLINE -16,882.00 EUR GURIT-HEBERLEIN -184.00 EUR HENKEL PFD N-VTG -5,800.00 EUR HOLCIM NOM. -3,680.00 EUR HUBER + SUHNER -3,220.00 EUR INTERTEK GROUP -6,900.00 EUR INTESA SANPAOLO -120,855.00 EUR JAPAN STEEL WORKS -45,409.55 EUR JERONIMO MARTINS SGPS -34,314.00 EUR KOMAX HOLDING NOM. -828.00 EUR KUDELSKI -3,680.00 EUR KURITA WATER INDUSTRIES -18,708.74 EUR LANXESS -7,000.00 EUR LEGRAND -14,500.00 EUR LEM HOLDING -184.00 EUR LINDT & SPRUENGLI NOM. -9.20 EUR LINEAR TECHNOLOGY -2,484.00 EUR L'OREAL -4,800.00 EUR MAN -4,390.00 EUR MITSUBISHI ELECTRIC 27,245.73 EUR MULBERRY GROUP -7,000.00 EUR NESTLE 10,000.00 EUR NEXANS -8,868.00 EUR NIPPON KAYAKU 80,829.01 EUR ODAKYU ELECTRIC RAILWAY -59,940.61 EUR PARGESA HOLDING -1,104.00 EUR PEUGEOT PORT. -18,600.00 EUR PSP SWISS PROPERTY -1,932.00 EUR PUNCH TAVERNS -362,355.00 EUR QIAGEN (EUR) 33,239.00 EUR
284 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Diversified (continued) Description Quantity/Nominal value Currency RIETER HOLDING NOM. -230.00 EUR RWE -13,000.00 EUR SEADRILL -5,924.00 EUR SKANDINAVISKA ENSKILDA ´A´ -71,509.00 EUR SMITH & NEPHEW 78,087.00 EUR SONY 25,974.26 EUR SPIRIT PUB COMPANY -362,355.00 EUR STOXX EUROPE SMALL 200 PRICE IDX -8,280.00 EUR STRAUMANN HLDG -506.00 EUR SWATCH GROUP PORT. -4,269.00 EUR SWISS LIFE HLDG NOM. -460.00 EUR SWISS PRIME SITE -2,024.00 EUR SWISSCOM NOM. -184.00 EUR SWISSQUOTE GROUP HOLDING NOM. -1,012.00 EUR SYNGENTA -414.00 EUR T.E.R.N.A -145,000.00 EUR TECHNIP -1,500.00 EUR TEXAS INSTRUMENTS -2,116.00 EUR TOHO GAS -90,819.11 EUR TOKYO ELECTRON 20,888.39 EUR TOKYO GAS 123,513.99 EUR TOKYU 118,064.84 EUR TRANSOCEAN NOM. -2,484.00 EUR UBS 41,402.92 EUR VALIANT HOLDING NOM. -1,564.00 EUR VONTOBEL HOLDING NOM. -4,600.00 EUR WEST JAPAN RAILWAY -11,624.85 EUR WILLIAM DEMANT HOLDING -5,940.00 EUR YAMAZAKI BAKING -22,704.78 EUR
Pictet - Absolute Return Global Conservative Description Quantity/Nominal value Currency ARYZTA NOMINATIVE -304.00 EUR ASSA ABLOY ´B´ -480.00 EUR BACHEM ´B´ NOM. -96.00 EUR BALOISE-HOLDING NOM. -64.00 EUR BANQUE CANTONALE DE BALE ´C´ -192.00 EUR BARRY CALLEBAUT NOM. -20.00 EUR BC BERNOISE -120.00 EUR BENESSE HOLDINGS 734.47 EUR BKW FMB ENERGIE NOM. -135.76 EUR BOSSARD HOLDING -44.00 EUR BURCKHARDT COMPRESSION HOLDING -56.00 EUR CENTRAL JAPAN RAILWAY 5.88 EUR CREDIT SUISSE GROUP -160.00 EUR DAISEKI 2,882.80 EUR EMMI -96.00 EUR EMS-CHEMIE HLDG NOM. -176.00 EUR FORBO HOLDING NOM. -12.00 EUR GALENICA NOM. -20.00 EUR GEORG FISCHER NOM. -12.00 EUR GIVAUDAN NOM. -19.20 EUR GURIT-HEBERLEIN -16.00 EUR HOLCIM NOM. -320.00 EUR HUBER + SUHNER -280.00 EUR INTERTEK GROUP -600.00 EUR JAPAN STEEL WORKS -4,590.45 EUR KOMAX HOLDING NOM. -72.00 EUR KUDELSKI -320.00 EUR KURITA WATER INDUSTRIES -1,891.26 EUR
285 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Conservative (continued) Description Quantity/Nominal value Currency LEM HOLDING -16.00 EUR LINDT & SPRUENGLI NOM. -0.80 EUR LINEAR TECHNOLOGY -216.00 EUR MITSUBISHI ELECTRIC 2,754.27 EUR NIPPON KAYAKU 8,170.99 EUR ODAKYU ELECTRIC RAILWAY -6,059.39 EUR PARGESA HOLDING -96.00 EUR PSP SWISS PROPERTY -168.00 EUR RIETER HOLDING NOM. -20.00 EUR SONY 2,625.74 EUR STOXX EUROPE SMALL 200 PRICE IDX -720.00 EUR STRAUMANN HLDG -44.00 EUR SWATCH GROUP PORT. -188.00 EUR SWISS LIFE HLDG NOM. -40.00 EUR SWISS PRIME SITE -176.00 EUR SWISSCOM NOM. -16.00 EUR SWISSQUOTE GROUP HOLDING NOM. -88.00 EUR SYNGENTA -36.00 EUR TEXAS INSTRUMENTS -184.00 EUR TOHO GAS -9,180.89 EUR TOKYO ELECTRON 2,111.61 EUR TOKYO GAS 12,486.01 EUR TOKYU 11,935.16 EUR TRANSOCEAN NOM. -216.00 EUR UBS -919.92 EUR VALIANT HOLDING NOM. -136.00 EUR VONTOBEL HOLDING NOM. -400.00 EUR WEST JAPAN RAILWAY -1,175.15 EUR YAMAZAKI BAKING -2,295.22 EUR
NOTE 11 FORWARD EXCHANGE CONTRACTS
Pictet - USD Liquidity Purchase Sale Maturity USD 2,745,412.42 CHF 2,000,000.00 15/11/2011 USD 3,966,978.87 CHF 3,000,000.00 11/10/2011 USD 5,894,301.04 CHF 5,000,000.00 06/10/2011 USD 2,043,247.50 EUR 1,500,000.00 15/12/2011 USD 3,418,405.00 EUR 2,500,000.00 19/12/2011 USD 3,605,085.00 EUR 2,500,000.00 30/11/2011 USD 4,097,421.00 EUR 3,000,000.00 24/10/2011 USD 4,309,467.00 EUR 3,000,000.00 15/11/2011 USD 5,748,780.00 EUR 4,000,000.00 26/10/2011 USD 5,769,420.00 EUR 4,000,000.00 30/11/2011 USD 6,386,962.50 EUR 4,500,000.00 12/01/2012 USD 6,399,252.00 EUR 4,500,000.00 13/10/2011 USD 6,404,602.50 EUR 4,500,000.00 15/11/2011 USD 6,432,318.00 EUR 4,500,000.00 08/12/2011 USD 6,450,165.00 EUR 4,500,000.00 14/11/2011 USD 6,471,846.00 EUR 4,500,000.00 01/03/2012 USD 6,475,378.50 EUR 4,500,000.00 25/11/2011 USD 6,479,563.50 EUR 4,500,000.00 24/10/2011 USD 6,780,880.00 EUR 5,000,000.00 14/12/2011 USD 6,831,655.00 EUR 5,000,000.00 15/12/2011 USD 6,832,850.00 EUR 5,000,000.00 22/12/2011 USD 7,040,040.00 EUR 5,000,000.00 11/10/2011 USD 7,079,585.00 EUR 5,000,000.00 18/01/2012 USD 7,133,295.00 EUR 5,000,000.00 22/12/2011 USD 7,152,195.00 EUR 5,000,000.00 08/11/2011
286 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - USD Liquidity (continued) Purchase Sale Maturity USD 7,214,530.00 EUR 5,000,000.00 25/11/2011 USD 8,447,958.00 EUR 6,000,000.00 18/10/2011 USD 10,798,424.00 EUR 8,000,000.00 22/12/2011 USD 13,026,420.00 EUR 9,000,000.00 01/12/2011 USD 14,144,332.13 EUR 10,041,732.22 11/10/2011 USD 18,766,579.00 EUR 13,000,000.00 07/10/2011 USD 4,878,357.00 GBP 3,000,000.00 18/10/2011 USD 1,626,292.40 JPY 130,942,500.00 10/11/2011 USD 3,202,617.95 JPY 246,776,250.00 10/11/2011 USD 4,398,830.49 JPY 352,537,500.00 10/11/2011 USD 7,824,684.50 JPY 604,350,000.00 10/11/2011 USD 7,836,270.43 JPY 600,000,000.00 14/11/2011 USD 13,043,126.04 JPY 1,000,000,000.00 21/11/2011
The net unrealised gain on these contracts as at September 30, 2011, was USD 12,429,817.71 and is included in the statement of net assets.
Pictet - EUR Liquidity Purchase Sale Maturity EUR 8,135,154.20 CHF 10,000,000.00 06/10/2011 EUR 22,718,949.33 CHF 25,000,000.00 07/11/2011 EUR 26,685,239.59 CHF 30,000,000.00 15/11/2011 EUR 63,491,372.43 CHF 70,000,000.00 03/11/2011 EUR 47,424,876.62 JPY 5,000,000,000.00 21/11/2011
The net unrealised gain on these contracts as at September 30, 2011, was EUR 9,129,721.55 and is included in the statement of net assets.
Pictet - Global Emerging Debt Purchase Sale Maturity AUD 9,130,000.00 USD 9,016,267.59 06/10/2011 BRL 1,133,587.00 USD 698,198.25 04/10/2011 BRL 1,133,587.00 USD 614,681.16 03/11/2011 CAD 1,258,458.00 USD 1,228,970.09 14/10/2011 CAD 18,865,892.94 USD 18,420,000.00 14/10/2011 CHF 4,650,136.05 EUR 3,789,425.00 07/10/2011 CHF 3,225,754.00 USD 3,605,000.00 31/10/2011 CHF 166,144,126.64 USD 185,449,410.25 31/10/2011 CLP 13,070,192.00 USD 27,606.47 11/10/2011 CLP 4,474,000,002.00 USD 8,912,412.74 17/10/2011 CNY 23,481,533.97 USD 3,676,483.39 13/10/2011 CNY 106,899,999.98 USD 16,553,227.76 14/02/2012 CNY 107,499,999.97 USD 16,662,907.82 14/02/2012 CNY 113,400,000.00 USD 17,761,891.97 07/05/2012 CNY 118,384,284.98 USD 18,541,130.67 29/11/2011 CNY 124,509,446.53 USD 19,511,137.59 20/10/2011 CNY 126,037,000.03 USD 19,721,152.79 21/05/2012 CNY 127,940,580.03 USD 19,997,105.33 17/10/2011 EUR 11,368,260.00 CHF 13,883,442.05 07/10/2011 EUR 28,889,051.84 USD 39,396,000.00 31/10/2011 EUR 1,111,855,882.39 USD 1,514,458,897.40 31/10/2011 HKD 45,696,253.96 USD 5,864,324.59 19/10/2011 HUF 10,999,919.53 USD 58,134.90 22/11/2011 IDR 41,729,028,621.00 USD 4,634,016.72 06/10/2011 IDR 44,928,000,006.27 USD 4,948,052.28 04/10/2011 IDR 44,928,000,006.27 USD 4,948,052.28 07/10/2011
287 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Purchase Sale Maturity IDR 57,898,999,960.16 USD 6,579,477.87 27/12/2011 IDR 57,899,000,023.37 USD 6,586,963.04 27/12/2011 IDR 124,831,499,996.92 USD 13,576,114.66 05/10/2011 IDR 192,492,665,924.73 USD 21,924,147.41 02/04/2012 ILS 1,761,606.04 USD 474,187.36 31/10/2011 INR 60,291,706.79 USD 1,261,060.12 05/10/2011 INR 191,199,999.85 USD 3,917,257.52 05/10/2011 INR 191,199,999.92 USD 3,872,040.09 04/10/2011 INR 191,199,999.99 USD 3,907,998.52 04/10/2011 JPY 51,512,670.00 USD 671,000.00 31/10/2011 JPY 1,426,617,418.00 USD 18,709,867.66 04/10/2011 JPY 2,772,969,702.00 USD 36,153,704.26 05/10/2011 JPY 7,351,052,905.00 USD 96,205,377.63 31/10/2011 KRW 1,922,999,998.00 USD 1,630,086.91 05/10/2011 KRW 2,243,568,139.00 USD 1,899,719.00 05/10/2011 MXN 36,357,799.94 USD 2,617,024.83 28/11/2011 MXN 44,435,000.04 USD 3,130,948.92 28/11/2011 MYR 9,699,999.99 USD 3,041,229.03 04/10/2011 MYR 9,700,424.00 USD 3,038,715.30 27/10/2011 MYR 53,230,482.49 USD 16,705,115.33 20/10/2011 MYR 56,866,811.01 USD 17,821,122.87 28/10/2011 MYR 58,176,210.00 USD 18,498,129.40 20/10/2011 MYR 58,194,708.01 USD 18,498,129.36 20/10/2011 MYR 61,535,963.98 USD 19,519,871.03 04/10/2011 PHP 97,961,709.89 USD 2,242,728.85 04/10/2011 PHP 291,008,970.97 USD 6,672,651.33 17/10/2011 PHP 767,742,660.00 USD 17,694,000.00 05/10/2011 PHP 771,499,409.95 USD 17,699,123.84 06/10/2011 PHP 814,929,119.79 USD 18,576,129.99 17/10/2011 PLN 14,756,849.99 USD 4,506,077.63 26/10/2011 SGD 11,119,667.36 EUR 6,318,000.00 14/10/2011 SGD 11,175,416.06 EUR 6,382,305.00 14/10/2011 SGD 11,818,999.99 USD 9,069,276.87 04/10/2011 SGD 11,818,999.99 USD 9,079,100.09 04/10/2011 SGD 11,819,000.00 USD 9,029,229.83 04/10/2011 SGD 11,819,000.00 USD 9,090,902.10 04/10/2011 SGD 11,930,000.00 USD 9,108,184.31 04/10/2011 SGD 11,930,000.00 USD 9,179,669.92 04/10/2011 SGD 11,930,000.00 USD 9,176,845.43 04/10/2011 SGD 11,930,000.01 USD 9,142,385.96 04/10/2011 SGD 27,175,114.00 USD 20,992,895.28 04/10/2011 THB 299,753,135.89 USD 9,606,000.00 14/10/2011 THB 573,591,047.93 USD 18,748,000.00 20/10/2011 THB 573,591,047.93 USD 18,748,000.00 20/10/2011 THB 593,237,154.00 USD 19,106,000.00 20/10/2011 TWD 7,900,000.00 USD 259,784.79 31/10/2011 TWD 347,676,899.00 USD 11,436,820.23 31/10/2011 USD 619,103.74 BRL 1,133,587.00 04/10/2011 USD 19,120,000.00 CAD 19,355,367.20 14/10/2011 USD 2,101,990.81 CHF 1,900,000.00 04/10/2011 USD 7,891,230.26 CHF 6,900,218.00 04/10/2011 USD 4,547,031.53 CLP 2,183,500,000.00 17/10/2011 USD 4,548,926.11 CLP 2,183,500,000.00 17/10/2011 USD 9,203,437.67 CLP 4,414,000,000.00 17/10/2011 USD 8,965,073.21 CNY 56,700,000.00 07/05/2012 USD 8,965,782.02 CNY 56,700,000.00 07/05/2012 USD 9,837,348.94 CNY 63,018,500.00 21/05/2012 USD 33,991,058.50 CNY 218,700,000.00 14/02/2012 USD 27,412.47 COP 49,999,998.00 20/10/2011 USD 9,142,322.10 COP 16,630,000,000.00 18/10/2011
288 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Purchase Sale Maturity USD 2,103,784.06 EUR 1,554,539.00 04/10/2011 USD 62,635,134.50 EUR 45,417,234.00 04/10/2011 USD 564,409.73 HKD 4,400,000.00 19/10/2011 USD 4,537,502.79 IDR 41,042,000,000.00 10/04/2012 USD 4,964,385.11 IDR 44,928,000,006.00 04/10/2011 USD 5,242,759.23 IDR 47,426,000,000.00 02/04/2012 USD 5,252,011.97 IDR 47,426,000,000.00 02/04/2012 USD 6,415,356.74 IDR 57,899,000,000.00 19/06/2012 USD 6,447,504.95 IDR 57,899,000,000.00 15/06/2012 USD 6,477,077.36 IDR 57,899,000,000.00 27/12/2011 USD 6,483,605.24 IDR 57,899,000,000.00 27/12/2011 USD 14,524,859.31 IDR 126,555,985,193.00 07/05/2012 USD 14,524,859.34 IDR 126,802,909,530.00 07/05/2012 USD 21,669,629.42 IDR 192,492,665,958.00 05/07/2012 USD 3,907,998.52 INR 191,200,000.00 04/10/2011 USD 3,918,005.33 INR 191,200,000.00 04/10/2011 USD 2,276,752.78 JPY 174,000,000.00 05/10/2011 USD 5,074,000.00 JPY 387,358,973.00 05/10/2011 USD 17,572,409.54 JPY 1,344,000,000.00 05/10/2011 USD 1,895,786.16 KRW 2,243,568,136.00 04/11/2011 USD 3,746,745.32 KRW 4,166,568,136.00 05/10/2011 USD 74,719,658.69 MXN 1,015,671,419.00 28/10/2011 USD 3,043,726.71 MYR 9,700,424.00 04/10/2011 USD 9,037,691.47 MYR 28,966,000.00 28/10/2011 USD 9,071,656.88 MYR 28,966,000.00 28/10/2011 USD 9,071,656.88 MYR 28,966,000.00 14/10/2011 USD 9,074,498.86 MYR 28,966,000.00 28/10/2011 USD 9,170,132.79 MYR 29,230,000.00 05/10/2011 USD 9,173,010.57 MYR 29,230,000.00 07/10/2011 USD 10,062,555.35 MYR 31,908,363.00 01/11/2011 USD 17,870,000.00 MYR 55,557,830.00 20/10/2011 USD 18,857,365.87 MYR 58,326,247.50 20/10/2011 USD 18,857,366.17 MYR 58,458,250.00 20/10/2011 USD 19,259,817.38 MYR 61,535,540.25 04/10/2011 USD 19,482,518.72 MYR 61,535,964.00 28/10/2011 USD 9,121,336.75 PEN 25,020,000.00 17/10/2011 USD 9,122,999.69 PEN 25,020,000.00 17/10/2011 USD 9,127,992.18 PEN 25,020,000.00 17/10/2011 USD 9,131,323.54 PEN 25,020,000.00 17/10/2011 USD 4,627,047.48 PHP 204,446,093.00 26/10/2011 USD 17,694,000.00 PHP 770,219,820.00 28/11/2011 USD 17,698,876.01 PHP 773,092,320.00 29/11/2011 USD 18,509,519.45 PHP 808,866,000.00 21/11/2011 USD 18,655,999.99 PHP 809,302,951.00 17/10/2011 USD 14,606,132.70 PLN 48,724,934.00 26/10/2011 USD 9,078,462.83 RUB 276,600,000.00 12/10/2011 USD 13,627,903.29 RUB 414,700,000.00 12/10/2011 USD 13,627,998.69 RUB 414,700,000.00 12/10/2011 USD 2,120,861.12 SGD 2,730,000.00 04/10/2011 USD 53,896,827.33 SGD 66,779,732.07 04/10/2011 USD 698,517.46 THB 21,102,065.00 13/10/2011 USD 17,532,500.00 THB 531,764,441.89 20/10/2011 USD 17,532,500.00 THB 531,716,893.75 20/10/2011 USD 18,203,000.00 THB 553,739,137.24 20/10/2011 USD 18,460,000.00 THB 557,957,413.52 13/10/2011 USD 19,088,000.00 THB 577,511,486.66 17/10/2011 USD 19,124,000.00 THB 577,357,595.16 14/10/2011 USD 21,238,211.24 THB 650,000,000.00 21/10/2011 USD 1,089,702.04 ZAR 7,780,745.00 25/11/2011 USD 3,438,596.55 ZAR 28,000,000.00 25/11/2011
289 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Purchase Sale Maturity USD 4,873,397.46 ZAR 35,700,000.00 25/11/2011 USD 9,126,417.01 ZAR 65,216,007.00 25/11/2011 USD 9,155,221.42 ZAR 65,328,455.73 25/11/2011 USD 9,167,971.99 ZAR 65,327,998.00 25/11/2011 USD 9,177,858.67 ZAR 65,327,998.00 25/11/2011 USD 9,185,236.67 ZAR 65,216,007.00 25/11/2011 USD 9,200,413.77 ZAR 65,327,998.00 25/11/2011 USD 9,203,719.08 ZAR 65,327,998.00 25/11/2011 USD 9,212,739.72 ZAR 65,327,998.00 25/11/2011 USD 17,156,823.16 ZAR 134,900,000.00 25/11/2011 USD 17,755,210.94 ZAR 132,839,357.00 25/11/2011 USD 44,226,477.08 ZAR 322,092,631.50 25/11/2011 USD 49,597,089.53 ZAR 361,942,250.00 25/11/2011 ZAR 1,368,281.00 USD 184,519.81 25/11/2011 ZAR 33,974,763.01 USD 4,646,577.04 25/11/2011 ZAR 59,562,909.97 USD 7,137,178.59 25/11/2011 ZAR 65,299,999.98 USD 8,866,803.50 25/11/2011 ZAR 71,600,000.01 USD 8,815,187.14 25/11/2011 ZAR 101,924,288.38 USD 13,953,545.68 25/11/2011
The net unrealised gain on these contracts as at September 30, 2011, was USD 7,536,859.84 and is included in the statement of net assets.
Pictet - World Government Bonds Purchase Sale Maturity EUR 18,999.99 CAD 26,755.03 04/10/2011 EUR 56,999.97 GBP 49,618.81 04/10/2011 EUR 388,999.79 JPY 40,796,663.51 04/10/2011 EUR 277,999.85 USD 379,430.87 04/10/2011 USD 1,315,617.62 EUR 964,034.31 04/10/2011
The net unrealised gain on these contracts as at September 30, 2011, was EUR 5,520.76 and is included in the statement of net assets.
Pictet - EUR Short Mid-Term Bonds Purchase Sale Maturity CHF 33,572,720.97 EUR 27,480,331.48 31/10/2011
The net unrealised gain on this contract as at September 30, 2011, was EUR 81,768.35 and is included in the statement of net assets.
Pictet - Latin American Local Currency Debt Purchase Sale Maturity AUD 2,600,000.00 USD 2,567,611.80 06/10/2011 BRL 3,220,000.00 USD 1,909,293.16 04/10/2011 BRL 3,989,999.99 USD 2,395,694.23 04/10/2011 BRL 5,820,000.01 USD 3,594,836.04 04/10/2011 BRL 6,250,000.00 USD 3,869,995.40 04/10/2011 BRL 6,880,000.01 USD 4,211,585.66 04/10/2011 BRL 14,830,000.01 USD 7,886,255.00 04/10/2011 BRL 20,795,399.01 USD 11,276,187.83 03/11/2011 BRL 36,115,399.00 USD 22,244,175.71 04/10/2011 CLP 1,275,000,002.00 USD 2,539,858.35 17/10/2011 CLP 2,301,311,164.00 USD 4,772,557.84 16/12/2011
290 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Latin American Local Currency Debt (continued) Purchase Sale Maturity COP 17,617,626,865.22 USD 9,658,854.44 20/10/2011 EUR 21,195.87 USD 28,932.36 04/10/2011 JPY 358,683,637.00 USD 4,676,481.72 05/10/2011 MXN 3,142,443.29 USD 229,216.41 28/10/2011 MXN 10,408,500.02 USD 749,201.08 28/11/2011 MXN 12,064,000.02 USD 850,045.41 28/11/2011 MXN 58,000,000.00 USD 4,148,813.06 28/11/2011 PEN 5,055,219.00 USD 1,834,604.92 22/12/2011 USD 357,237.00 BRL 660,000.00 03/11/2011 USD 365,638.78 BRL 630,000.00 04/10/2011 USD 863,762.11 BRL 1,490,000.00 04/10/2011 USD 1,352,165.38 BRL 2,440,000.00 04/10/2011 USD 1,383,457.75 BRL 2,410,000.00 04/10/2011 USD 1,900,766.61 BRL 3,410,000.00 04/10/2011 USD 2,080,521.79 BRL 3,720,000.00 04/10/2011 USD 2,352,924.65 BRL 4,020,000.00 04/10/2011 USD 2,555,000.96 BRL 4,760,000.00 04/10/2011 USD 2,702,175.72 BRL 4,310,000.00 04/10/2011 USD 3,238,382.37 BRL 5,970,000.00 04/10/2011 USD 5,490,792.14 BRL 10,180,000.00 04/10/2011 USD 7,785,057.97 BRL 12,970,000.00 04/10/2011 USD 11,357,319.15 BRL 20,795,399.00 04/10/2011 USD 1,372,335.14 CLP 659,000,000.00 17/10/2011 USD 1,372,906.94 CLP 659,000,000.00 17/10/2011 USD 2,758,529.23 CLP 1,323,000,000.00 17/10/2011 USD 4,931,350.23 CLP 2,334,764,039.00 11/10/2011 USD 569,739.77 COP 1,040,067,242.00 20/10/2011 USD 2,836,703.67 COP 5,160,000,000.00 18/10/2011 USD 17,849,568.46 EUR 12,942,864.00 04/10/2011 USD 5,177,584.95 JPY 396,000,000.00 05/10/2011 USD 324,283.10 MXN 4,408,011.00 28/10/2011 USD 763,576.15 MXN 10,600,000.00 28/11/2011 USD 1,116,163.28 MXN 15,000,000.00 28/10/2011 USD 1,881,879.80 MXN 25,800,000.00 28/10/2011 USD 2,989,406.93 PEN 8,200,000.00 17/10/2011 USD 2,989,951.94 PEN 8,200,000.00 17/10/2011 USD 2,991,588.16 PEN 8,200,000.00 17/10/2011 USD 2,992,679.98 PEN 8,200,000.00 17/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 2,071,627.98 and is included in the statement of net assets.
Pictet - US High Yield Purchase Sale Maturity CHF 1,503,264.00 USD 1,680,000.00 31/10/2011 CHF 150,332,347.93 USD 167,800,366.03 31/10/2011 EUR 2,618,611.13 USD 3,571,000.00 31/10/2011 EUR 211,876,898.97 USD 288,597,524.09 31/10/2011 ILS 1,540,133.72 USD 414,571.66 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 6,931,874.83 and is included in the statement of net assets.
291 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Emerging Markets Purchase Sale Maturity EUR 521,375.67 USD 711,000.00 31/10/2011 EUR 29,313,696.15 USD 39,928,185.52 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 646,390.94 and is included in the statement of net assets.
Pictet - European Sustainable Equities Purchase Sale Maturity CHF 1,230,000.00 EUR 1,009,196.82 04/10/2011 DKK 1,600,000.00 EUR 215,149.71 04/10/2011 GBP 2,240,000.00 EUR 2,575,407.94 04/10/2011 NOK 1,900,000.00 EUR 242,159.23 04/10/2011 SEK 4,200,000.00 EUR 455,759.23 04/10/2011
The net unrealised gain on these contracts as at September 30, 2011, was EUR 24,634.07 and is included in the statement of net assets.
Pictet - Digital Communication Purchase Sale Maturity EUR 694,702.77 USD 946,254.64 31/10/2011 USD 328,639.65 EUR 241,000.00 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 9,443.10 and is included in the statement of net assets.
Pictet - Biotech Purchase Sale Maturity EUR 2,908,997.58 USD 3,967,000.00 31/10/2011 EUR 102,655,138.48 USD 139,826,564.12 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 2,288,801.26 and is included in the statement of net assets.
Pictet - Premium Brands Purchase Sale Maturity SGD 25,914.99 EUR 14,806.45 31/10/2011 USD 5,579,279.41 EUR 4,096,327.08 31/10/2011
The net unrealised gain on these contracts as at September 30, 2011, was EUR 65,786.64 and is included in the statement of net assets.
Pictet - Water Purchase Sale Maturity USD 11,750,926.50 EUR 8,627,572.65 31/10/2011
The net unrealised gain on this contract as at September 30, 2011, was EUR 138,496.46 and is included in the statement of net assets.
292 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Asian Equities Ex Japan Purchase Sale Maturity EUR 183,324.78 USD 250,000.00 31/10/2011 EUR 14,497,295.48 USD 19,746,766.17 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 159,437.16 and is included in the statement of net assets.
Pictet - Japanese Equity Selection Purchase Sale Maturity EUR 3,061,417.10 JPY 320,163,000.00 31/10/2011 EUR 36,379,232.04 JPY 3,784,349,613.00 31/10/2011 JPY 114,153,820.00 EUR 1,097,000.00 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was JPY 7,598,028.17 and is included in the statement of net assets.
Pictet - Generics Purchase Sale Maturity EUR 1,196,744.15 USD 1,632,000.00 31/10/2011 EUR 41,754,977.26 USD 56,874,454.53 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 931,283.86 and is included in the statement of net assets.
Pictet - US Equity Growth Selection Purchase Sale Maturity EUR 189,849,475.45 USD 258,593,970.51 31/10/2011 USD 5,157,324.30 EUR 3,782,000.00 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 4,020,165.15 and is included in the statement of net assets.
Pictet - Timber Purchase Sale Maturity EUR 308,718.93 USD 421,000.00 31/10/2011 EUR 13,503,341.36 USD 18,392,901.27 31/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 299,352.66 and is included in the statement of net assets.
Pictet - Global Megatrend Selection Purchase Sale Maturity CHF 51,770.40 GBP 37,000.00 05/10/2011 EUR 27,004.91 CHF 33,000.00 04/10/2011 EUR 17,213.68 GBP 15,000.00 04/10/2011 EUR 3,952,824.34 USD 5,384,142.04 31/10/2011 USD 126,554.40 GBP 81,000.00 04/10/2011
The net unrealised loss on these contracts as at September 30, 2011, was USD 86,163.73 and is included in the statement of net assets.
293 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Middle East And North Africa Purchase Sale Maturity EUR 2,505,950.86 USD 3,413,355.66 31/10/2011
The net unrealised loss on this contract as at September 30, 2011, was USD 54,224.27 and is included in the statement of net assets.
Pictet - Absolute Return Global Diversified Purchase Sale Maturity AUD 7,969,085.15 EUR 5,810,912.32 04/11/2011 AUD 58,591,723.37 EUR 42,649,383.73 04/11/2011 CHF 2,009,508.01 EUR 1,778,876.65 04/11/2011 CHF 28,936,159.59 EUR 23,685,159.69 31/10/2011 EUR 601,249.98 AUD 804,712.97 21/10/2011 EUR 2,768,616.36 AUD 3,702,000.00 20/10/2011 EUR 7,814,908.98 AUD 10,817,397.01 04/11/2011 EUR 54,712.89 CAD 73,911.64 21/10/2011 EUR 1,574,826.41 CAD 2,132,000.00 20/10/2011 EUR 217,700.21 CHF 249,451.78 21/10/2011 EUR 688,785.85 CHF 765,000.00 04/11/2011 EUR 1,571,223.08 CHF 1,913,592.59 04/11/2011 EUR 9,912,158.04 CHF 10,686,297.58 04/11/2011 EUR 88,262,755.99 CHF 101,714,000.00 20/10/2011 EUR 58,099.79 GBP 51,000.00 04/11/2011 EUR 485,538.58 GBP 424,991.92 21/10/2011 EUR 545,445.53 GBP 473,883.08 04/11/2011 EUR 6,785,841.52 GBP 5,876,538.76 04/11/2011 EUR 34,763,943.60 GBP 30,448,000.00 20/10/2011 EUR 1,748,207.90 HKD 19,073,822.36 21/10/2011 EUR 1,758,126.52 HKD 18,477,909.77 21/10/2011 EUR 3,996,774.81 HKD 43,869,000.00 20/10/2011 EUR 101,862.90 JPY 11,100,000.00 04/11/2011 EUR 411,202.46 JPY 42,937,761.00 04/11/2011 EUR 998,763.31 JPY 110,593,061.67 21/10/2011 EUR 9,594,349.05 JPY 1,065,773,873.00 04/11/2011 EUR 52,241,644.62 JPY 5,825,727,000.00 20/10/2011 EUR 624,979.98 MXN 10,421,541.11 21/10/2011 EUR 1,532,768.16 MXN 25,493,000.00 20/10/2011 EUR 29,160.80 NOK 230,000.00 20/10/2011 EUR 76,891.53 NOK 600,000.00 20/10/2011 EUR 818,392.94 NOK 6,467,268.42 21/10/2011 EUR 62,731.15 PLN 258,690.74 21/10/2011 EUR 112,584.69 PLN 489,664.61 21/10/2011 EUR 150,264.91 PLN 623,629.45 21/10/2011 EUR 209,367.18 PLN 923,895.49 21/10/2011 EUR 281,950.79 PLN 1,182,586.23 21/10/2011 EUR 742,034.53 PLN 3,016,518.77 21/10/2011 EUR 1,315,165.88 PLN 5,328,000.00 20/10/2011 EUR 398,110.70 SEK 3,695,581.95 21/10/2011 EUR 6,125,267.92 SEK 56,584,000.00 20/10/2011 EUR 486,972.73 SGD 831,505.94 21/10/2011 EUR 514,138.82 SGD 880,000.00 04/11/2011 EUR 1,034,061.49 SGD 1,802,369.18 04/11/2011 EUR 3,759,902.14 SGD 6,455,000.00 20/10/2011 EUR 8,473,947.78 SGD 14,645,523.95 04/11/2011 EUR 653,961.84 THB 27,716,864.66 21/10/2011 EUR 27,303.22 TRY 70,000.00 20/10/2011 EUR 45,066.23 TRY 115,000.00 20/10/2011 EUR 66,374.93 TRY 165,320.04 21/10/2011 EUR 71,138.00 TRY 175,540.14 21/10/2011
294 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Diversified (continued) Purchase Sale Maturity EUR 85,045.79 TRY 215,000.00 20/10/2011 EUR 120,340.35 TRY 300,266.03 21/10/2011 EUR 137,071.13 TRY 351,080.29 21/10/2011 EUR 211,931.97 TRY 535,859.38 21/10/2011 EUR 228,095.52 TRY 582,054.16 21/10/2011 EUR 725,356.41 TRY 1,722,141.19 21/10/2011 EUR 74,183.01 USD 101,628.50 21/10/2011 EUR 74,573.31 USD 101,628.50 21/11/2011 EUR 182,161.37 USD 249,451.78 21/10/2011 EUR 342,158.17 USD 461,947.74 21/10/2011 EUR 447,831.56 USD 610,663.11 04/11/2011 EUR 3,097,697.32 USD 4,334,917.63 21/10/2011 EUR 9,122,381.59 USD 12,930,063.67 04/11/2011 EUR 46,900,369.00 USD 66,092,000.00 20/10/2011 EUR 17,516.13 ZAR 170,920.67 21/10/2011 EUR 26,945.72 ZAR 266,169.77 21/10/2011 EUR 31,434.93 ZAR 318,743.94 21/10/2011 EUR 60,144.30 ZAR 632,868.41 21/10/2011 EUR 65,108.91 ZAR 646,726.84 21/10/2011 EUR 74,001.00 ZAR 734,496.91 21/10/2011 EUR 137,966.02 ZAR 1,360,000.00 20/10/2011 GBP 1,227,771.26 EUR 1,408,317.57 04/11/2011 GBP 119,394,943.91 EUR 136,967,929.23 31/10/2011 JPY 2,612,840.00 EUR 25,119.84 31/10/2011 JPY 242,029,567.00 EUR 2,201,669.85 04/11/2011 SGD 3,074,570.22 EUR 1,776,900.09 04/11/2011 USD 811,702.46 BRL 1,304,000.00 20/10/2011 USD 1,868,483.55 BRL 3,086,734.83 21/10/2011 USD 1,229,704.90 EUR 862,950.81 21/10/2011 USD 1,383,499.37 EUR 962,836.22 24/10/2011 USD 1,627,483.23 EUR 1,193,169.52 24/10/2011 USD 2,640,790.11 EUR 1,836,943.59 04/11/2011 USD 6,379,299.86 EUR 4,683,704.98 31/10/2011 USD 1,816,569.16 KRW 1,937,589,000.00 20/10/2011
The net unrealised gain on these contracts as at September 30, 2011, was EUR 106,679.03 and is included in the statement of net assets.
Pictet - Absolute Return Global Conservative Purchase Sale Maturity AUD 540,000.00 EUR 393,758.20 04/11/2011 AUD 8,880,781.91 EUR 6,479,721.21 04/11/2011 CHF 281,647.73 EUR 249,389.23 04/11/2011 CHF 584,931.71 EUR 541,603.44 04/11/2011 EUR 49,527.07 AUD 66,287.03 21/10/2011 EUR 145,701.10 AUD 202,000.00 25/11/2011 EUR 1,547,345.91 AUD 2,142,764.62 04/11/2011 EUR 1,839,391.92 AUD 2,579,931.11 04/11/2011 EUR 4,506.89 CAD 6,088.36 21/10/2011 EUR 239,339.17 CAD 339,000.00 25/11/2011 EUR 17,932.73 CHF 20,548.22 21/10/2011 EUR 63,026.16 CHF 70,000.00 04/11/2011 EUR 110,025.45 CHF 134,000.00 04/11/2011 EUR 1,501,973.66 CHF 1,619,728.40 04/11/2011 EUR 9,339,936.89 CHF 10,655,000.00 25/11/2011 EUR 37,983.43 GBP 33,000.00 04/11/2011 EUR 39,995.52 GBP 35,008.08 21/10/2011 EUR 1,027,881.17 GBP 890,710.43 04/11/2011
295 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Conservative (continued) Purchase Sale Maturity EUR 3,398,811.21 GBP 3,002,000.00 25/11/2011 EUR 5,832.55 HKD 62,000.00 04/11/2011 EUR 99,074.53 HKD 1,108,000.00 25/11/2011 EUR 144,006.02 HKD 1,571,177.64 21/10/2011 EUR 144,823.05 HKD 1,522,090.23 21/10/2011 EUR 10,892.91 JPY 1,187,000.00 04/11/2011 EUR 12,449.72 JPY 1,300,000.00 04/11/2011 EUR 82,271.64 JPY 9,109,938.33 21/10/2011 EUR 1,452,240.49 JPY 161,539,971.00 04/11/2011 EUR 5,297,146.20 JPY 588,407,000.00 25/11/2011 EUR 51,481.79 MXN 858,458.89 21/10/2011 EUR 65,383.87 MXN 1,174,000.00 25/11/2011 EUR 67,413.90 NOK 532,731.58 21/10/2011 EUR 5,167.39 PLN 21,309.26 21/10/2011 EUR 9,274.00 PLN 40,335.39 21/10/2011 EUR 12,377.85 PLN 51,370.55 21/10/2011 EUR 17,246.31 PLN 76,104.51 21/10/2011 EUR 23,225.28 PLN 97,413.77 21/10/2011 EUR 39,334.41 PLN 165,000.00 25/11/2011 EUR 61,123.99 PLN 248,481.23 21/10/2011 EUR 32,793.77 SEK 304,418.05 21/10/2011 EUR 186,289.20 SEK 1,703,000.00 25/11/2011 EUR 40,113.65 SGD 68,494.06 21/10/2011 EUR 46,739.89 SGD 80,000.00 04/11/2011 EUR 67,125.65 SGD 117,000.00 04/11/2011 EUR 403,341.98 SGD 700,000.00 25/11/2011 EUR 1,285,591.39 SGD 2,219,830.66 04/11/2011 EUR 53,869.13 THB 2,283,135.34 21/10/2011 EUR 5,467.54 TRY 13,617.99 21/10/2011 EUR 5,859.89 TRY 14,459.86 21/10/2011 EUR 9,912.86 TRY 24,733.97 21/10/2011 EUR 11,291.03 TRY 28,919.71 21/10/2011 EUR 17,457.58 TRY 44,140.62 21/10/2011 EUR 18,789.03 TRY 47,945.84 21/10/2011 EUR 19,903.99 TRY 51,000.00 25/11/2011 EUR 59,750.15 TRY 141,858.81 21/10/2011 EUR 6,110.72 USD 8,371.50 21/10/2011 EUR 6,142.86 USD 8,371.50 21/11/2011 EUR 15,005.27 USD 20,548.22 21/10/2011 EUR 19,067.18 USD 26,000.00 04/11/2011 EUR 28,184.77 USD 38,052.26 21/10/2011 EUR 255,168.19 USD 357,082.37 21/10/2011 EUR 1,382,684.73 USD 1,959,817.34 04/11/2011 EUR 2,197,357.87 USD 3,152,000.00 25/11/2011 EUR 1,442.87 ZAR 14,079.33 21/10/2011 EUR 2,219.61 ZAR 21,925.34 21/10/2011 EUR 2,589.41 ZAR 26,256.06 21/10/2011 EUR 4,954.30 ZAR 52,131.59 21/10/2011 EUR 5,363.25 ZAR 53,273.16 21/10/2011 EUR 6,095.72 ZAR 60,503.09 21/10/2011 EUR 87,026.22 ZAR 912,000.00 25/11/2011 GBP 206,428.81 EUR 236,757.44 04/11/2011 GBP 280,627.85 EUR 319,149.15 04/11/2011 JPY 34,209,221.00 EUR 311,275.90 04/11/2011 JPY 55,828,143.00 EUR 511,012.75 04/11/2011 SGD 497,976.42 EUR 287,631.50 04/11/2011 SGD 717,380.51 EUR 416,621.47 04/11/2011 USD 153,913.54 BRL 254,265.17 21/10/2011 USD 101,295.10 EUR 71,084.28 21/10/2011 USD 113,500.63 EUR 78,989.93 24/10/2011
296 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Conservative (continued) Purchase Sale Maturity USD 133,516.77 EUR 97,886.20 24/10/2011 USD 431,935.05 EUR 300,413.86 04/11/2011 USD 634,697.06 EUR 445,338.94 04/11/2011
The net unrealised loss on these contracts as at September 30, 2011, was EUR 54,407.96 and is included in the statement of net assets.
NOTE 12 SWAP CONTRACTS
The SICAV had the following interest rate swaps outstanding as at September 30, 2011:
Pictet - EUR Liquidity Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 6,750,000.00 EUREUR003M Index 1.78% 18/04/2011 30/03/2012
The net unrealised loss on this interest rate swap contracts as at September 30, 2011, was EUR 12,710.25 and is included in the statement of net assets.
Pictet - Global Emerging Debt Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 721,000.00 USD USD-LIBOR- 3.10% 15/09/2011 15/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 2.00% 15/09/2011 15/09/2013 BBA 6M 749,000.00 USD USD-LIBOR- 3.20% 27/09/2011 27/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 3.00% 15/09/2011 15/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 3.00% 20/09/2011 20/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 3.00% 15/09/2011 15/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 2.90% 15/09/2011 15/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 3.10% 20/09/2011 20/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 3.20% 22/09/2011 22/09/2014 BBA 6M 749,000.00 USD USD-LIBOR- 3.20% 20/09/2011 20/09/2014 BBA 6M 760,000.00 USD USD-LIBOR- 4.90% 14/09/2011 14/09/2013 BBA 6M 880,000.00 USD USD-LIBOR- 4.90% 14/09/2011 14/09/2013 BBA 6M 890,000.00 USD USD-LIBOR- 5.00% 14/09/2011 14/09/2013 BBA 6M 890,000.00 USD USD-LIBOR- 4.80% 14/09/2011 14/09/2013 BBA 6M 890,000.00 USD USD-LIBOR- 4.85% 14/09/2011 14/09/2013 BBA 6M 890,000.00 USD USD-LIBOR- 4.85% 14/09/2011 14/09/2013 BBA 6M
297 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 900,000.00 USD USD-LIBOR- 5.30% 15/09/2011 15/09/2013 BBA 6M 900,000.00 USD USD-LIBOR- 5.30% 15/09/2011 15/09/2013 BBA 6M 1,498,000.00 USD USD-LIBOR- 1.80% 15/09/2011 15/09/2013 BBA 6M 1,650,000.00 SGD ABS SGD 3.13% 31/12/2010 31/12/2020 SWAP 6M 2,000,000.00 USD USD-LIBOR- 4.40% 21/09/2011 21/09/2016 BBA 6M 2,000,000.00 USD USD-LIBOR- 4.45% 21/09/2011 21/09/2016 BBA 6M 2,014,332.96 USD LIBOR USD 6M 5.15% 06/12/2010 06/12/2016 2,200,000.00 USD USD-LIBOR- 6.20% 15/09/2011 15/09/2015 BBA 6M 2,200,000.00 USD USD-LIBOR- 6.20% 15/09/2011 15/09/2015 BBA 6M 2,500,000.00 USD USD-LIBOR- 5.70% 15/09/2011 15/09/2014 BBA 6M 3,190,000.00 SGD ABS SGD 3.07% 29/12/2010 29/12/2020 SWAP 6M 3,735,000.00 USD USD-LIBOR- 4.88% 04/08/2011 04/08/2013 BBA 6M 3,735,000.00 USD USD-LIBOR- 3.75% 04/08/2011 04/08/2012 BBA 6M 4,200,000.00 USD USD-LIBOR- 5.70% 15/09/2011 15/09/2014 BBA 6M 4,200,000.00 USD USD-LIBOR- 5.70% 15/09/2011 15/09/2014 BBA 6M 4,300,000.00 USD LIBOR USD 6M 4.85% 03/03/2011 03/03/2016 4,400,000.00 USD LIBOR USD 6M 5.30% 06/06/2011 06/06/2016 10,000,000.00 SGD 2.59%Association of Banks 07/07/2010 07/07/2020 in Singapore Swap Offer Rate Fixing 6 Month 10,000,000.00 INR India National 7.29% 13/05/2008 13/05/2013 Stock Exchange NSE Interbank Offer Rate 12,050,000.00 SGD 2.30%Association of Banks 24/08/2010 24/08/2020 in Singapore Swap Offer Rate Fixing 6 Month 12,050,000.00 SGD 2.38%Association of Banks 17/08/2010 20/08/2020 in Singapore Swap Offer Rate Fixing 6 Month 15,000,000.00 SGD 1.30% SGD-SOR-Reuters 18/05/2012 20/05/2013 6M 6M 21,000,000.00 ZAR 8.48% South Africa 12/12/2008 12/12/2018 Johannesburg Interbank Agreed Rate 3 Month 21,000,000.00 ZAR South Africa 7.95% 15/12/2008 15/12/2018 Johannesburg Interbank Agreed Rate 3 Month 25,270,000.00 MYR MYR-KLIBOR- 4.01% 11/05/2011 11/05/2016 BNM 3M
298 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 26,625,000.00 SGD Association of 0.80% 24/08/2010 24/08/2012 Banks in Singapore Swap Offer Rate Fixing 6 Month 26,625,000.00 SGD Association of 0.81% 24/08/2010 24/08/2012 Banks in Singapore Swap Offer Rate Fixing 6 Month 34,840,000.00 THB Bloomberg 3.16% 26/08/2010 26/08/2020 Thailand 6 Month Fixing Rate 37,000,000.00 SGD 1.17% SGD-SOR- 04/04/2012 04/04/2013 Reuters 6M 40,216,000.00 CNY Fixing Repo 7D 0.04% 02/12/2010 02/12/2013 40,747,500.00 CNY Fixing Repo 7D 4.31% 29/10/2012 30/10/2017 43,075,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017 43,968,500.00 CNY Fixing Repo 7D 0.04% 29/10/2012 30/10/2017 53,685,000.00 CNY 4.15% CNY- 13/07/2011 13/07/2016 CNREPOFIX=CFXS- Reuters 55,000,000.00 SGD Association of 1.85% 20/10/2009 20/10/2012 Banks in Singapore Swap Offer Rate Fixing 6 Month 57,684,000.00 NZD 3.12% NZD-BBR-FRA 3M 07/12/2011 07/12/2012 65,926,000.00 CNY 3.69% KRW 3 Month 29/11/2010 29/11/2013 Certificate of Deposit 67,720,000.00 CNY 3.81% CNY- 10/06/2011 10/06/2016 CNREPOFIX=CFXS- Reuters 69,890,000.00 SGD Association of 0.86% 17/08/2010 20/08/2012 Banks in Singapore Swap Offer Rate Fixing 6 Month 69,890,000.00 SGD Association of 0.81% 24/08/2010 24/08/2012 Banks in Singapore Swap Offer Rate Fixing 6 Month 71,960,000.00 THB Bloomberg 3.27% 24/08/2010 24/08/2020 Thailand 6 Month Fixing Rate 93,390,000.00 HKD 2.96% HKD-HIBOR-HKAB 07/09/2016 07/09/2021 97,074,000.00 AUD AUD-BBR-BBSW 5.02% 09/07/2012 09/07/2013 97,794,000.00 CNY 3.92% Fixing Repo 7D 29/10/2012 29/10/2014 99,600,000.00 MYR MYR-KLIBOR- 3.41% 19/09/2011 19/09/2016 BNM 3M 100,815,000.00 CNY 3.90% Fixing Repo 7D 29/10/2012 29/10/2014 103,840,500.00 CNY 3.87% Fixing Repo 7D 29/10/2012 29/10/2014 105,539,000.00 CNY Fixing Repo 7D 3.36% 26/11/2010 26/11/2012
299 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 111,000,000.00 CNY China Fixing 2.75% 18/08/2010 18/08/2015 Repo Rates 7 Day 115,300,000.00 CNY 3.00% Fixing Repo 7D 21/10/2011 21/10/2012 117,900,000.00 CNY 2.99% Fixing Repo 7D 21/10/2011 21/10/2012 118,400,000.00 MXN 6.38% MXN-TIIE-Banxico 06/06/2011 30/05/2016 118,400,000.00 MXN 6.37% MXN-TIIE-Banxico 06/06/2011 30/05/2016 118,400,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016 118,400,000.00 MXN 6.40% MXN-TIIE-Banxico 06/06/2011 30/05/2016 118,462,052.00 MXN 6.44% MXN-TIIE-Banxico 07/06/2011 31/05/2016 118,462,052.00 MXN 6.46% MXN-TIIE-Banxico 07/06/2011 31/05/2016 118,556,000.00 SGD 1.82% SGD-SOR- 20/05/2013 20/05/2014 Reuters 6M 124,000,000.00 CNY 2.94% Fixing Repo 7D 24/10/2011 24/10/2012 125,000,000.00 INR India National 7.80% 28/05/2008 28/05/2013 Stock Exchange NSE Interbank Offer Rate 125,000,000.00 INR 9.82% India National Stock 26/06/2008 26/06/2013 Exchange NSE Interbank Offer Rate 126,800,000.00 TWD TDCC Secondary 2.04% 28/10/2015 28/10/2020 Market Fixing90 127,000,000.00 CNY 2.97% Fixing Repo 7D 21/10/2011 21/10/2012 128,080,000.00 THB 2.72% Bloomberg Thailand 26/08/2010 26/08/2015 6 Month Fixing Rate 128,500,000.00 CNY 3.69% Fixing Repo 7D 24/10/2011 24/10/2013 130,222,000.00 SGD SGD-SOR- 0.55% 18/11/2011 18/05/2012 Reuters 6M 131,019,000.00 CNY Fixing Repo 7D 2.74% 03/11/2010 03/11/2012 154,440,000.00 THB Bloomberg 2.08% 26/08/2010 26/08/2012 Thailand 6 Month Fixing Rate 157,200,000.00 THB 2.81% Bloomberg Thailand 20/09/2010 20/09/2015 6 Month Fixing Rate 173,900,000.00 MXN MXN-TIIE- 7.03% 26/09/2011 13/09/2021 Banxico 188,359,000.00 CNY Fixing Repo 7D 3.24% 29/11/2010 29/11/2011 207,095,000.00 CNY Fixing Repo 7D 3.58% 26/11/2011 26/11/2012 233,318,000.00 SGD SGD-SOR- 0.56% 18/11/2011 18/05/2012 Reuters 6M 234,077,000.00 SGD SGD-SOR- 0.51% 03/11/2011 03/05/2012 Reuters 6M 241,400,000.00 TWD TWD 2nd 1.78% 28/10/2012 28/10/2017 CP 90D 243,000,000.00 MXN 6.42% MXN-TIIE-Banxico 14/06/2011 07/06/2016 262,038,000.00 CNY 2.24% Fixing Repo 7D 03/11/2010 03/11/2011 266,400,000.00 CNY 2.22% China Fixing Repo 18/08/2010 18/08/2012 Rates 7 Day 266,400,000.00 CNY 2.24% China Fixing Repo 20/08/2010 20/08/2012 Rates 7 Day 277,860,000.00 THB 2.84% Bloomberg Thailand 24/08/2010 24/08/2015 6 Month Fixing Rate 294,500,000.00 ZAR 7.81% SA JIBAR 3M 10/02/2011 10/02/2016 295,900,000.00 TWD Bloomberg 2.09% 28/10/2015 28/10/2020 Thailand 6 Month Fixing Rate
300 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 303,502,000.00 SGD SGD-SOR- 0.54% 18/11/2011 18/05/2012 Reuters 6M 304,800,000.00 THB Bloomberg 2.78% 20/09/2010 20/09/2015 Thailand 6 Month Fixing Rate 310,500,000.00 THB Bloomberg 2.85% 21/09/2010 21/09/2015 Thailand 6 Month Fixing Rate 312,400,000.00 THB Bloomberg 2.79% 21/09/2010 21/09/2015 Thailand 6 Month Fixing Rate 325,000,000.00 THB 2.78% Bloomberg Thailand 22/09/2011 22/09/2013 6 Month Fixing Rate 353,100,000.00 THB THB-THBFIX- 3.55% 21/09/2011 21/09/2016 Reuters 6M 356,900,000.00 TWD TWD 2nd 2.06% 28/10/2015 28/10/2020 CP 90D 375,900,000.00 THB THB-THBFIX- 3.55% 21/09/2011 21/09/2016 Reuters 6M 376,100,000.00 THB THB-THBFIX- 3.55% 21/09/2011 21/09/2016 Reuters 6M 376,800,000.00 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/2012 6 Month Fixing Rate 398,520,000.00 THB Bloomberg 2.18% 24/08/2010 24/08/2012 Thailand 6 Month Fixing Rate 429,180,000.00 INR 7.15% INR-MIBOR-OIS- 03/10/2011 03/10/2016 COMPOUND 473,600,000.00 MXN 6.36% MXN-TIIE-Banxico 02/06/2011 26/05/2016 491,986,000.00 INR 4.80% LIBOR USD 6M 03/03/2011 03/03/2013 494,160,000.00 INR 5.00% LIBOR USD 6M 06/06/2011 06/06/2013 587,860,000.00 MXN 4.86% MXN-TIIE-Banxico 11/08/2011 08/08/2013 588,000,000.00 MXN 4.96% MXN-TIIE-Banxico 09/08/2011 06/08/2013 588,000,000.00 MXN 4.95% MXN-TIIE-Banxico 09/08/2011 06/08/2013 591,800,000.00 TWD 1.51% TWD 2nd CP 90D 28/10/2012 28/10/2014 661,100,000.00 TWD TDCC Secondary 1.63% 23/05/2011 23/05/2016 Market Fixing90 728,000,000.00 TWD 2.03% Bloomberg Thailand 28/10/2015 30/10/2017 6 Month Fixing Rate 729,600,000.00 THB 1.97% Bloomberg Thailand 20/09/2010 20/09/2012 6 Month Fixing Rate 864,200,000.00 TWD 2.00% TWD 2nd CP 90D 28/10/2015 28/10/2017 942,300,000.00 TWD Bloomberg 1.37% 21/09/2010 21/09/2015 Taiwan Secondary Commercial Papers 90 Days 11am Fixing 1,047,000,000.00 INR India National 6.92% 31/12/2009 31/12/2014 Stock Exchange NSE Interbank Offer Rate 1,512,650,000.00 THB 3.65% THB-THBFIX- 26/04/2012 26/04/2013 Reuters 6M 2,095,000,000.00 INR 6.68% NSER O/N Offer 18/10/2010 18/10/2011
301 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 2,265,000,000.00 INR INR-MIBOR-OIS- 7.99% 11/07/2012 11/07/2013 COMPOUND 2,287,108,000.00 INR INR-MIBOR-OIS- 8.12% 11/07/2012 11/07/2013 COMPOUND 2,313,800,000.00 TWD 0.90% Bloomberg Taiwan 21/09/2010 21/09/2012 Secondary Commercial Papers 90 Days 11am Fixing 2,329,220,000.00 INR INR-MIBOR-OIS- 8.06% 11/07/2012 11/07/2013 COMPOUND 2,431,545,000.00 INR INR-MIBOR-OIS- 8.10% 11/07/2012 11/07/2013 COMPOUND 3,210,000,000.00 INR 5.65% India National Stock 02/02/2010 02/02/2012 Exchange NSE Interbank Offer Rate 6,129,732,000.00 KRW 3.96% KRW-CD-KSDA- 16/08/2011 16/08/2021 Bloomberg 6,897,000,000.00 KRW KRW CD 3 MO 4.12% 15/06/2011 15/06/2016 9,211,816,513.51 KRW 3.93% KRW-CD-KSDA- 20/06/2011 19/06/2021 Bloomberg 9,211,817,000.00 KRW 3.97% KRW-CD-KSDA- 15/08/2011 15/08/2021 Bloomberg 10,080,000,000.00 KRW 3.93% KRW CD 3 MO 16/06/2011 16/06/2016 11,474,000,000.00 KRW 3.87% KRW-CD-KSDA- 10/06/2011 10/06/2016 Bloomberg 13,398,300,000.00 KRW KRW 3 Month 3.82% 06/12/2010 06/12/2014 Certificate of Deposit 13,643,800,000.00 KRW KRW 3 Month 3.83% 06/12/2010 06/12/2014 Certificate of Deposit 15,536,000,000.00 KRW 3.62% KRW-CD-KSDA- 18/03/2016 18/03/2021 Bloomberg 15,536,000,000.00 KRW KRW CD 3 MO 4.86% 18/03/2016 18/03/2021 21,946,000,000.00 KRW KRW-CD-KSDA- 4.10% 02/05/2011 02/05/2016 Bloomberg 22,083,900,000.00 KRW KRW-CD-KSDA- 4.19% 13/05/2011 13/05/2016 Bloomberg 24,288,248,000.00 IDR 6.20% USD-LIBOR- 15/04/2011 15/04/2013 BBA 6M 24,393,030,000.00 IDR 6.95% USD-LIBOR- 07/06/2011 07/06/2015 BBA 6M 26,776,720,000.00 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013 BBA 6M 30,758,762,000.00 IDR 6.60% USD-LIBOR- 15/04/2011 15/04/2014 BBA 6M 31,973,000,000.00 KRW KRW-CD-KSDA- 4.16% 31/03/2011 31/03/2016 Bloomberg 32,125,500,000.00 KRW 3.56% KRW CD 3 MO 15/06/2011 15/06/2012 32,504,166,000.00 IDR 5.88% USD-LIBOR- 15/06/2011 17/06/2013 BBA 6M 32,510,730,000.00 IDR 7.80% USD-LIBOR- 07/06/2011 07/06/2018 BBA 6M 36,415,548,000.00 IDR 6.55% USD-LIBOR- 15/04/2011 15/04/2014 BBA 6M 36,415,548,000.00 IDR 6.05% USD-LIBOR- 15/04/2011 15/04/2013 BBA 6M
302 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 36,415,548,000.00 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014 BBA 6M 36,415,548,000.00 IDR 6.40% USD-LIBOR- 15/04/2011 15/04/2014 BBA 6M 36,423,960,000.00 IDR 6.45% USD-LIBOR- 15/04/2011 15/04/2014 BBA 6M 36,432,372,000.00 IDR 6.10% USD-LIBOR- 15/04/2011 15/04/2013 BBA 6M 39,047,625,000.00 IDR 5.80% USD-LIBOR- 07/06/2011 07/06/2013 BBA 6M 40,000,000,000.00 KRW KRW 3 Month 3.58% 06/04/2010 06/04/2012 Certificate of Deposit 51,348,600,000.00 KRW 3.39% KRW 3 Month 06/12/2010 06/12/2011 Certificate of Deposit 52,316,200,000.00 KRW 3.40% KRW 3 Month 06/12/2010 06/12/2011 Certificate of Deposit 53,358,536,000.00 IDR 6.80% USD-LIBOR- 16/06/2011 16/06/2015 BBA 6M 75,473,000,000.00 KRW 3.88% KRW CD 3 MO 31/03/2011 31/03/2013
The net unrealised loss on these interest rate swap contracts as at September 30, 2011, was USD 2,439,713.95 and is included in the statement of net assets.
Pictet - Latin American Local Currency Debt Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 1,139,559.00 BRL 11.42% Brazil Cetip 22/09/2009 02/01/2012 Interbank Deposit Rate 2,800,000.00 MXN 9.24% Mexico Interbank 04/12/2008 22/11/2018 TIIE 28 Day 3,326,043.88 BRL 11.57% Brazil Cetip 12/11/2009 02/01/2012 Interbank Deposit Rate 8,500,000.00 MXN 7.86% Mexico Interbank 05/02/2008 29/01/2013 TIIE 28 Day 12,055,008.00 BRL BRL-CDI 12.47% 06/06/2011 02/01/2013 14,057,620.43 BRL BRL-CDI 12.60% 14/04/2011 02/01/2014 34,075,000.00 MXN 6.38%MXN-TIIE-Banxico 06/06/2011 30/05/2016 34,075,000.00 MXN 6.37%MXN-TIIE-Banxico 06/06/2011 30/05/2016 34,075,000.00 MXN 6.40%MXN-TIIE-Banxico 06/06/2011 30/05/2016 34,075,000.00 MXN 6.40%MXN-TIIE-Banxico 06/06/2011 30/05/2016 34,092,858.00 MXN 6.44%MXN-TIIE-Banxico 07/06/2011 31/05/2016 34,092,858.00 MXN 6.46%MXN-TIIE-Banxico 07/06/2011 31/05/2016 48,800,000.00 MXN MXN-TIIE- 7.03% 26/09/2011 13/09/2021 Banxico 49,976,431.66 BRL 11.38% CDI 05/11/2010 02/01/2012 69,000,000.00 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 26/05/2016 177,650,000.00 MXN 4.86%MXN-TIIE-Banxico 11/08/2011 08/08/2013
303 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Latin American Local Currency Debt (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 177,700,000.00 MXN 4.96%MXN-TIIE-Banxico 09/08/2011 06/08/2013 177,700,000.00 MXN 4.95%MXN-TIIE-Banxico 09/08/2011 06/08/2013
The net unrealised gain on these interest rate swap contracts as at September 30, 2011, was USD 1,401,552.78 and is included in the statement of net assets.
Pictet - Absolute Return Global Diversified Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 1,664,567.02 CHF CHF LIBOR 1M - SMIM Total 06/05/2011 21/10/2011 70bps Return Index 6,722,159.60 CHF CHF LIBOR 1M - SMIM Total 11/08/2011 15/02/2012 75bps Return Index 9,125,704.06 EUR EURIBOR 1MMSCI Daily Total 17/08/2011 13/08/2012 Retum Gross Europe Index 126,612,834.73 USD SPGSCIP 0.25% 29/10/2010 31/10/2011
The net unrealised loss on these interest rate swap contracts as at September 30, 2011, was EUR 41,051,685.69 and is included in the statement of net assets.
Pictet - Absolute Return Global Conservative Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 144,744.98 CHF CHF LIBOR 1M - SMIM Total 06/05/2011 21/10/2011 70bps Return Index 858,455.24 EUR EURIBOR 1M MSCI Daily Total 17/08/2011 13/08/2012 Retum Gross Europe Index 4,658,681.00 CHF CHF LIBOR 1M - SMIM Total 11/08/2011 15/02/2012 75bps Return Index 10,387,165.27 USD SPGSCIP 0.25% 29/10/2010 31/10/2011
The net unrealised loss on these interest rate swap contracts as at September 30, 2011, was EUR 3,788,627.93 and is included in the statement of net assets.
The SICAV had the following total return swaps outstanding as at September 30, 2011:
Pictet - Japanese Equity Opportunities
Name Maturity Currency Notional Value Valuation as at date September 30, 2011 (JPY) TRS EQUITY MITSUBISHI (ML) 07/12 16/07/2012 JPY 126,099.91 44,639,367.16 TRS EQUITY MUSASHI SEI.(ML) 07/12 16/07/2012 JPY 42,899.97 80,523,240.77 TRS EQUITY NITTO DENKO (ML) 07/12 16/07/2012 JPY 13,099.99 40,478,970.22 TRS EQUITY TOKYO GAS (ML) 07/12 16/07/2012 JPY 158,999.88 57,398,957.78 TRS EQUITY UNIPRES (ML) 07/12 16/07/2012 JPY 28,099.98 59,262,856.41 TRS FIN. LONG (ML) R1610 07/12 16/07/2012 JPY 629,216,708.15 629,216,706.69 TRS FIN. LONG (NMR) 08/13 16/09/2013 JPY 53,968,870.30 53,968,870.30 TRS FIN. SHORT(ML) R1610 07/12 16/07/2012 JPY 303,827,144.50 303,827,144.50 TRS EQUITY DAISEKI CO (ML) 07/12 16/07/2012 JPY 36,599.97 56,437,158.48 TRS EQ. MITSUBISHI ELEC.(ML)07/12 16/07/2012 JPY 40,999.97 28,494,979.04
304 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Japanese Equity Opportunities (continued)
Name Maturity Currency Notional Value Valuation as at date September 30, 2011 (JPY) TRS EQ. ODAKYU EL.RAIL.(ML) 07/12 16/07/2012 JPY 86,999.94 64,205,952.77 TRS EQ. TOKYU (ML) 07/12 16/07/2012 JPY 160,999.88 62,789,953.81 TRS EQ.SWAP KURITA WATER(ML)07/12 16/07/2012 JPY 24,499.98 53,483,460.66 EQ.SWAP WEST JAPAN RAIL.(ML)07/12 16/07/2012 JPY 14,199.99 47,143,965.32 EQ.SWAP CENT.JAPAN RAIL.(ML)07/12 16/07/2012 JPY 72.00 48,743,964.14 EQ.SWAP TOHO GAS (ML) 07/12 16/07/2012 JPY 114,999.92 58,649,956.86 EQ.SWAP TOKYO TOMIN BANK(ML)07/12 16/07/2012 JPY 34,499.97 35,086,474.19 EQ.SWAP SAKAI CHEM.IND.(ML) 07/12 16/07/2012 JPY 107,999.92 37,691,972.27 EQ.SWAP TOKIO MARINE (ML) 07/12 16/07/2012 JPY 26,199.98 51,980,761.76 EQ.SWAP TOYOTA TSUSHO (ML) 07/12 16/07/2012 JPY 4,900.00 6,570,895.17 EQ.SWAP BENESSE (ML) 07/12 16/07/2012 JPY 11,199.99 38,359,971.78 EQ.SWAP JAP.STEEL WORKS(ML) 07/12 16/07/2012 JPY 66,999.95 31,355,976.93 EQ.SWAP YAMAZAKI BAKING (ML)07/12 16/07/2012 JPY 36,999.97 43,585,967.94 EQ.SWAP FAMILYMART (NMR) 08/13 16/09/2013 JPY 19,999.99 59,359,956.33 EQ.SWAP NICHI-IKO PHARMA (ML) 16/07/2012 JPY 24,999.98 51,749,961.93 07/12
The net unrealised gain on these total return swap contracts as at September 30, 2011, was JPY 11,612,779.89 and is included in the statement of net assets.
Pictet - Absolute Return Global Diversified
Name Maturity Currency Notional Value Valuation as at date September 30, 2011 (EUR) TRS GGSCIPRE ER BRENT (MS) 10/11 28/10/2011 USD 27,653.26 15,531,813.08 TRS GSCIPRE ER HEAT OIL (MS)10/11 28/10/2011 USD 17,270.65 4,763,068.40 TRS GSCIPRE ER LIVE CAT.(MS)10/11 28/10/2011 USD 15,593.46 4,202,482.72 TRS GSCIPRE ER COPPER (MS) 10/11 28/10/2011 USD 15,510.68 7,451,335.11 TRS GSCIPRE ER WTI (MS) 10/11 28/10/2011 USD 69,422.16 26,997,932.07 TRS S&P GSCI IDX ER (MS) 10/11 28/10/2011 USD 255,522.72 84,417,779.76 TRS GSCIPRE ER SOYBEANS (MS)10/11 28/10/2011 USD 34,599.57 8,822,434.26 TRS GGSCIPRE ER GAS OIL (MS)10/11 28/10/2011 USD 13,790.94 6,698,238.90 TRS GSCIPRE ER SUGAR (MS) 10/11 28/10/2011 USD 211,843.93 4,867,628.19 TRS GSCIPRE ER UNLD GAS (MS)10/11 28/10/2011 USD 4,509.35 4,720,880.62 FRN TRS ORCADES OIL(RBS)11/11 11/10/2011 USD 18,483,625.51 13,801,093.36 TRS ORCADES OIL (RBS) 11/11 04/11/2011 USD 17,941.05 13,009,945.86 TRS FIN.3M-30BP DBCGWEFE(DB)11/11 17/11/2011 EUR 40,847,298.08 40,910,509.27 TRS EQUITY MSCI W.CUST.(DB) 11/11 17/11/2011 EUR 41,992.00 43,107,307.52 TRS FIN.1ML+22BP/MSCI (JPM) 11/11 14/05/2012 EUR 16,106,479.02 16,116,948.23 TRS EQUITY MSCI D.TR (JPM) 11/11 14/05/2012 EUR 145,062.90 16,848,910.95 TRS EQUITY SMIMC (UBS) 11/11 25/11/2011 CHF 31,905.00 34,540,548.52 TRS FIN.3M-30BP SMIMC (UBS) 11/11 25/11/2011 CHF 40,409,915.85 33,138,898.39 TRS GSCI LI.ENE.OFF.C.ER(GSI)060212 06/02/2012 USD 151,682.34 36,685,981.24
The net unrealised gain on these total return swap contracts as at September 30, 2011, was EUR 31,202,456.23 and is included in the statement of net assets.
305 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Conservative
Name Maturity Currency Notional Value Valuation as at date September 30, 2011 (EUR) TRS GGSCIPRE ER BRENT (MS) 10/11 28/10/2011 USD 2,268.64 1,274,211.34 TRS GSCIPRE ER HEAT OIL (MS)10/11 28/10/2011 USD 1,416.86 390,756.42 TRS GSCIPRE ER LIVE CAT.(MS)10/11 28/10/2011 USD 1,279.27 344,766.65 TRS GSCIPRE ER COPPER (MS) 10/11 28/10/2011 USD 1,272.48 611,298.61 TRS GSCIPRE ER WTI (MS) 10/11 28/10/2011 USD 5,695.31 2,214,878.00 TRS S&P GSCI IDX ER (MS) 10/11 28/10/2011 USD 20,962.78 6,925,533.51 TRS GSCIPRE ER SOYBEANS (MS)10/11 28/10/2011 USD 2,838.51 723,781.94 TRS GGSCIPRE ER GAS OIL (MS)10/11 28/10/2011 USD 1,131.39 549,515.49 TRS GSCIPRE ER SUGAR (MS) 10/11 28/10/2011 USD 17,379.42 399,334.38 TRS GSCIPRE ER UNLD GAS (MS)10/11 28/10/2011 USD 369.94 387,295.39 FRN TRS ORCADES OIL(RBS)11/11 11/10/2011 USD 1,516,374.49 1,132,225.16 TRS ORCADES OIL (RBS) 11/11 04/11/2011 USD 1,471.86 1,067,320.37 TRS FIN.3M-30BP DBCGWEFE(DB)11/11 17/11/2011 EUR 4,132,199.52 4,138,594.10 TRS EQUITY MSCI W.CUST.(DB) 11/11 17/11/2011 EUR 4,248.00 4,360,826.88 TRS FIN.1ML+22BP/MSCI (JPM) 11/11 14/05/2012 EUR 1,701,444.43 1,702,550.37 TRS EQUITY MSCI D.TR (JPM) 11/11 14/05/2012 EUR 15,324.05 1,779,872.91 TRS GSCI LI.ENE.OFF.C.ER(GSI)060212 06/02/2012 USD 12,960.69 3,134,681.26
The net unrealised gain on these total return swap contracts as at September 30, 2011, was EUR 2,740,525.86 and is included in the statement of net assets.
NOTE 13 CREDIT DEFAULT SWAPS (CDS)
A credit default swap (CDS) is a bilateral financial agreement whereby a counterparty (the protection buyer) pays a premium for the commitment of the protection seller to pay a certain amount if the reference issuer experiences a credit risk as provided for by the agreement.
The protection buyer acquires the right to sell a specific bond issued by the reference issuer at its nominal value (or at another reference value or execution price) when a credit risk arises. Credit risk generally includes bankruptcy, insolvency, judicial settlement/compulsory liquidation, deferral or non-payment of outstanding debts.
The SICAV had the following credit default swaps outstanding as at September 30, 2011:
Pictet - Global Emerging Debt
As protection buyer:
Entity: Federation of Malaysia
Nominal value Currency Rate payable Transaction date Maturity date 600,000.00 USD 1.00% 20/09/2010 20/12/2015
306 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued)
Entity: Republic of Indonesia
Nominal value Currency Rate payable Transaction date Maturity date 951,000.00 USD 1.00% 20/09/2010 20/12/2015 3,333,000.00 USD 1.00% 20/12/2010 20/03/2016 4,138,000.00 USD 1.00% 20/12/2010 20/03/2016 4,600,000.00 USD 1.00% 20/09/2010 20/12/2015 5,241,000.00 USD 1.00% 20/01/2011 20/03/2016 6,500,000.00 USD 1.00% 20/01/2011 20/03/2016 7,471,000.00 USD 1.00% 20/12/2010 20/03/2016 7,932,000.00 USD 1.00% 20/06/2010 20/09/2015 8,364,000.00 USD 1.00% 20/12/2010 20/03/2016 10,000,000.00 USD 1.00% 20/12/2010 20/03/2016 11,704,000.00 USD 1.00% 20/12/2010 20/03/2016 12,759,000.00 USD 1.00% 20/06/2010 20/09/2015 20,000,000.00 USD 1.00% 20/09/2010 20/09/2015
Entity: Republic of Korea
Nominal value Currency Rate payable Transaction date Maturity date 7,262,000.00 USD 1.00% 20/06/2011 20/09/2016
Entity: Republic of the Philippines
Nominal value Currency Rate payable Transaction date Maturity date 3,867,000.00 USD 1.00% 20/03/2011 20/06/2016 4,523,000.00 USD 1.00% 20/03/2011 20/06/2016 4,834,000.00 USD 1.00% 20/03/2011 20/06/2016 9,624,465.00 USD 1.00% 27/09/2011 20/12/2016
As protection seller:
Entity: Republic of the Philippines
Nominal value Currency Rate receivable Transaction date Maturity date 1,902,000.00 USD 1.00% 16/11/2010 20/12/2015
Entity: China Development Bank Corp
Nominal value Currency Rate receivable Transaction date Maturity date 5,000,000.00 USD 1.00% 10/09/2010 20/09/2015 5,000,000.00 USD 1.00% 08/12/2010 20/12/2015 6,000,000.00 USD 1.00% 14/12/2010 20/12/2015 10,000,000.00 USD 1.00% 07/12/2010 20/12/2015
Entity: Export-Import Bank of China
Nominal value Currency Rate receivable Transaction date Maturity date 5,000,000.00 USD 1.00% 10/09/2010 20/09/2015 5,000,000.00 USD 1.00% 08/12/2010 20/12/2015
307 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Global Emerging Debt (continued)
Entity: North American Emerging Markets
Nominal value Currency Rate receivable Transaction date Maturity date 3,121,000.00 USD 5.00% 20/09/2010 20/12/2015 5,063,000.00 USD 5.00% 14/06/2011 20/06/2016 8,323,000.00 USD 5.00% 20/09/2010 20/12/2015 13,826,000.00 USD 5.00% 21/03/2011 20/06/2016 15,000,000.00 USD 5.00% 21/03/2011 20/06/2016
Entity: Republic of Indonesia
Nominal value Currency Rate receivable Transaction date Maturity date 3,148,559.00 USD 1.00% 04/07/2011 20/09/2021 4,518,000.00 USD 1.00% 25/08/2011 20/09/2016 9,624,465.00 USD 1.00% 27/09/2011 20/12/2016
Entity: Republic of the Philippines
Nominal value Currency Rate receivable Transaction date Maturity date 15,315,000.00 USD 1.00% 14/09/2010 20/09/2015 15,432,000.00 USD 1.00% 14/09/2010 20/09/2015 20,000,000.00 USD 1.00% 13/09/2010 20/09/2015
Entity: Socialist Republic of Vietnam
Nominal value Currency Rate receivable Transaction date Maturity date 2,500,000.00 USD 1.00% 14/02/2011 20/03/2016 3,120,000.00 USD 1.00% 14/02/2011 20/03/2016 4,000,000.00 USD 1.00% 04/03/2011 20/03/2016
The net unrealised gain on all these contracts as at September 30, 2011, was USD 2,762,879.60 and is included in the statement of net assets.
Pictet - Absolute Return Global Diversified
As protection buyer:
Entity: Koninklijke DSM NV
Nominal value Currency Rate payable Transaction date Maturity date 425,322.24 EUR 1.00% 13/09/2011 20/12/2016
As protection seller:
Entity: Bayerische Motoren Werke AG
Nominal value Currency Rate receivable Transaction date Maturity date 510,386.69 EUR 1.00% 20/06/2011 20/09/2016
Entity: BNP Paribas
Nominal value Currency Rate receivable Transaction date Maturity date 850,644.49 EUR 1.00% 10/01/2011 20/03/2016
308 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Diversified (continued)
Entity: Holcim Ltd
Nominal value Currency Rate receivable Transaction date Maturity date 425,322.24 EUR 1.00% 21/01/2011 20/03/2016
Entity: North American Emerging Markets
Nominal value Currency Rate receivable Transaction date Maturity date 54,000,000.00 USD 5.00% 27/09/2011 20/12/2016 79,680,000.00 USD 5.00% 20/09/2011 20/12/2016
The net unrealised loss on all these contracts as at September 30, 2011, was EUR 693,817.16 and is included in the statement of net assets.
Pictet - Absolute Return Global Conservative
As protection buyer:
Entity: Koninklijke DSM NV
Nominal value Currency Rate payable Transaction date Maturity date 74,677.76 EUR 1.00% 13/09/2011 20/12/2016
As protection seller:
Entity: Bayerische Motoren Werke AG
Nominal value Currency Rate receivable Transaction date Maturity date 89,613.31 EUR 1.00% 20/06/2011 20/09/2016
Entity: BNP Paribas
Nominal value Currency Rate receivable Transaction date Maturity date 149,355.51 EUR 1.00% 10/01/2011 20/03/2016
Entity: Holcim Ltd
Nominal value Currency Rate receivable Transaction date Maturity date 74,677.76 EUR 1.00% 21/01/2011 20/03/2016
Entity: North American Emerging Markets
Nominal value Currency Rate receivable Transaction date Maturity date 4,470,000.00 USD 5.00% 27/09/2011 20/12/2016 6,730,000.00 USD 5.00% 20/09/2011 20/12/2016
The net unrealised loss on all these contracts as at September 30, 2011, was EUR 59,415.39 and is included in the statement of net assets.
309 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
NOTE 14 SECURITIES LENDING
During the financial period ended September 30, 2011, la SICAV entered into securities lending transactions. For the following sub-funds, the value of the securities lent as at September 30, 2011:
Pictet - European Equity Selection EUR 32,231.20 Pictet - Small Cap Europe EUR 7,116,184.39 Pictet - Emerging Markets USD 12,071,806.50 Pictet - Eastern Europe EUR 19,772,519.44 Pictet - European Sustainable Equities EUR 1,197,680.40 Pictet - Digital Communication USD 1,624,114.76 Pictet - Premium Brands EUR 22,467,737.90 Pictet - Water EUR 7,199,462.57 Pictet - Japanese Equity Opportunities JPY 551,725,234.15 Pictet - Asian Equities Ex Japan USD 3,649,614.47 Pictet - Greater China USD 6,563,769.68 Pictet - Japanese Equity Selection JPY 1,233,567,637.84 Pictet - Generics USD 13,389,137.94 Pictet - Security USD 3,771,338.67 Pictet - Clean Energy USD 13,316,937.83 Pictet - Russian Equities USD 38,783,644.90 Pictet - Timber USD 629,716.42 Pictet - Agriculture EUR 4,939,386.10 Pictet - Global Megatrend Selection USD 17,580,445.62 Pictet - Environmental Megatrend Selection EUR 327,173.84 Pictet - High Dividend Selection EUR 6,035,725.67 Pictet - Absolute Return Global Diversified EUR 6,944,918.46 Pictet - Absolute Return Global Conservative EUR 704,121.24
NOTE 15 DIVIDENDS PAID
On October 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.67 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.93 per share Pictet - US High Yield P dm USD USD 0.46 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4551 per share Pictet - High Dividend Selection R dm USD USD 0.4551 per share Pictet - High Dividend Selection I dm GBP GBP 0.2894 per share Pictet - High Dividend Selection P dm GBP GBP 0.2894 per share
Dividends were paid with an ex-date of October 20, 2010 and with a payment date of October 26, 2010.
On November 22, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.55 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4508 per share Pictet - High Dividend Selection R dm USD USD 0.4508 per share
310 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - High Dividend Selection I dm GBP GBP 0.2826 per share Pictet - High Dividend Selection P dm GBP GBP 0.2826 per share
Dividends were paid with an ex-date of November 22, 2010 and with a payment date of November 26, 2010.
On December 3, 2010, the General Meeting of the Shareholders decided to distribute dividends in respect of the following share classes:
Pictet - USD Liquidity P dy USD 0.28 per share Pictet - EUR Liquidity P dy EUR 0.59 per share Pictet - Global Emerging Debt P dy USD USD 8.4 per share Pictet - World Government Bonds P dy EUR EUR 3.04 per share Pictet - World Government Bonds P dy USD USD 3.7 per share Pictet - EUR Short Mid-Term Bonds P dy EUR 3.09 per share Pictet - USD Short Mid-Term Bonds P dy USD 1.7 per share Pictet - EUR Inflation Linked Bonds P dy EUR 1.44 per share Pictet - Latin American Local Currency Debt I dy USD USD 0.22 per share Pictet - Latin American Local Currency Debt P dy USD USD 6.26 per share Pictet - Latin American Local Currency Debt P dy GBP GBP 4.1 per share Pictet - US High Yield P dy USD USD 5.44 per share Pictet - European Equity Selection P dy EUR EUR 4.44 per share Pictet - European Sustainable Equities P dy EUR EUR 1.97 per share Pictet - Digital Communication I dy GBP GBP 0.31 per share Pictet - Water P dy EUR EUR 0.51 per share Pictet - Water I dy GBP GBP 1.46 per share Pictet - Water P dy GBP GBP 0.44 per share Pictet - Greater China P dy USD USD 1.44 per share Pictet - Greater China P dy GBP GBP 0.73 per share Pictet - Japanese Equity Selection P dy JPY JPY 8 per share Pictet - Japanese Equity Selection P dy GBP GBP 0.12 per share Pictet - Timber P dy USD USD 3.87 per share Pictet - Timber I dy GBP GBP 3.07 per share Pictet - Timber P dy GBP GBP 2.46 per share Pictet - Agriculture I dy GBP GBP 0.01 per share Pictet - Global Megatrend Selection I dy GBP GBP 0.34 per share Pictet - Middle East And North Africa P dy USD USD 0.35 per share Pictet - High Dividend Selection P dy EUR EUR 1.65 per share Pictet - High Dividend Selection P dy CHF CHF 2.16 per share Pictet - Absolute Return Global Diversified P dy EUR EUR 0.56 per share Pictet - Absolute Return Global Diversified HP dy GBP GBP 0.45 per share Pictet - Absolute Return Global Conservative P dy EUR EUR 0.55 per share
Dividends were paid with an ex-date of December 6, 2010 and with a payment date of December 17, 2010.
On December 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4339 per share Pictet - High Dividend Selection R dm USD USD 0.4339 per share
311 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - High Dividend Selection I dm GBP GBP 0.2805 per share Pictet - High Dividend Selection P dm GBP GBP 0.2805 per share
Dividends were paid with an ex-date of December 20, 2010 and with a payment date of December 24, 2010.
On January 20, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4453 per share Pictet - High Dividend Selection R dm USD USD 0.4453 per share Pictet - High Dividend Selection I dm GBP GBP 0.2786 per share Pictet - High Dividend Selection P dm GBP GBP 0.2786 per share
Dividends were paid with an ex-date of January 20, 2011 and with a payment date of January 26, 2011.
On February 21, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.45 per share Pictet - High Dividend Selection R dm USD USD 0.45 per share Pictet - High Dividend Selection I dm GBP GBP 0.2776 per share Pictet - High Dividend Selection P dm GBP GBP 0.2776 per share
Dividends were paid with an ex-date of February 21, 2011 and with a payment date of February 25, 2011.
On March 21, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4666 per share Pictet - High Dividend Selection R dm USD USD 0.46666 per share Pictet - High Dividend Selection I dm GBP GBP 0.2883 per share Pictet - High Dividend Selection P dm GBP GBP 0.2883 per share
Dividends were paid with an ex-date of March 21, 2011 and with a payment date of March 25, 2011.
312 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
On April 20, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Global Emerging Debt HR dm EUR EUR 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - US High Yield HR dm EUR EUR 0.3 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4723 per share Pictet - High Dividend Selection R dm USD USD 0.4723 per share Pictet - High Dividend Selection I dm GBP GBP 0.2895 per share Pictet - High Dividend Selection P dm GBP GBP 0.2895 per share Pictet - High Dividend Selection P dm SGD SGD 0.588 per share
Dividends were paid with an ex-date of April 20, 2011 and with a payment date of April 26, 2011.
On May 20, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Global Emerging Debt HR dm EUR EUR 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - US High Yield HR dm EUR EUR 0.3 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4703 per share Pictet - High Dividend Selection R dm USD USD 0.4703 per share Pictet - High Dividend Selection I dm GBP GBP 0.2909 per share Pictet - High Dividend Selection P dm GBP GBP 0.2909 per share Pictet - High Dividend Selection P dm SGD SGD 0.5829 per share
Dividends were paid with an ex-date of May 20, 2011 and with a payment date of May 26, 2011.
On June 20, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Global Emerging Debt HR dm EUR EUR 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - US High Yield HR dm EUR EUR 0.3 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4721 per share Pictet - High Dividend Selection R dm USD USD 0.4721 per share Pictet - High Dividend Selection I dm GBP GBP 0.2921 per share Pictet - High Dividend Selection P dm GBP GBP 0.2921 per share Pictet - High Dividend Selection P dm SGD SGD 0.5827 per share
Dividends were paid with an ex-date of June 20, 2011 and with a payment date of June 24, 2011.
313 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
On July 20, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Global Emerging Debt HR dm EUR EUR 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - US High Yield HR dm EUR EUR 0.3 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4683 per share Pictet - High Dividend Selection R dm USD USD 0.4683 per share Pictet - High Dividend Selection I dm GBP GBP 0.2897 per share Pictet - High Dividend Selection P dm GBP GBP 0.2897 per share Pictet - High Dividend Selection P dm SGD SGD 0.569 per share
Dividends were paid with an ex-date of July 20, 2011 and with a payment date of July 26, 2011.
On August 22, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Global Emerging Debt HR dm EUR EUR 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - US High Yield HR dm EUR EUR 0.3 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4758 per share Pictet - High Dividend Selection R dm USD USD 0.4758 per share Pictet - High Dividend Selection I dm GBP GBP 0.2871 per share Pictet - High Dividend Selection P dm GBP GBP 0.2871 per share Pictet - High Dividend Selection P dm SGD SGD 0.5742 per share
Dividends were paid with an ex-date of August 22, 2011 and with a payment date of August 26, 2011.
On September 20, 2011, the Board of Directors decided to distribute dividends in respect of the following share classes:
Pictet - Global Emerging Debt P dm USD USD 0.75 per share Pictet - Global Emerging Debt HR dm EUR EUR 0.75 per share Pictet - Latin American Local Currency Debt P dm USD USD 0.65 per share Pictet - US High Yield P dm USD USD 0.45 per share Pictet - US High Yield HR dm EUR EUR 0.3 per share Pictet - High Dividend Selection P dm EUR EUR 0.33 per share Pictet - High Dividend Selection R dm EUR EUR 0.33 per share Pictet - High Dividend Selection P dm USD USD 0.4492 per share Pictet - High Dividend Selection R dm USD USD 0.4492 per share Pictet - High Dividend Selection I dm GBP GBP 0.2872 per share Pictet - High Dividend Selection P dm GBP GBP 0.2872 per share Pictet - High Dividend Selection P dm SGD SGD 0.5681 per share
Dividends were paid with an ex-date of September 20, 2011 and with a payment date of September 26, 2011.
314 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
NOTE 16 INVESTMENTS IN INDIAN SECURITIES
In accordance with the terms of the current prospectus, the Pictet - Emerging Markets, Pictet - Indian Equities and Pictet - Asian Equities Ex Japan sub-funds invest indirectly in securities issued by Indian companies. These investments are carried out via Pictet Funds (Mauritius) Limited, Pictet Country Fund (Mauritius) Limited and Pictet Asian Equities (Mauritius) Limited. These three companies, established in Mauritius, are fully controlled by the SICAV and carry out advisory activities exclusively for the three sub- funds concerned.
These indirect investments currently benefit from the double taxation treaty concluded between India and Mauritius.
There is no guarantee that the SICAV will always enjoy these tax benefits.
NOTE 17 POST YEAR-END EVENT
On October 24, 2011, the Board of Directors decided to convene an Extraordinary General Meeting on November 24, 2011 on first convocation to modify the articles of incorporation of the SICAV for compliance purpose with the law of December 17, 2010.
NOTE 18 SUB-FUNDS OFFERED FOR SALE IN HONG KONG
The following thirty-three sub-funds of Pictet (collectively "Authorised Compartments") mentioned in this audited annual report as at September 30, 2011:
1. Pictet - USD Liquidity ** 2. Pictet - EUR Liquidity *** 3. Pictet - Global Emerging Debt 4. Pictet - World Government Bonds 5. Pictet - EUR Short Mid-Term Bonds 6. Pictet - USD Short Mid-Term Bonds 7. Pictet - EUR Inflation Linked Bonds 8. Pictet - Latin American Local Currency Debt 9. Pictet - European Equity Selection 10. Pictet - Small Cap Europe 11. Pictet - Emerging Markets 12. Pictet - Eastern Europe 13. Pictet - European Sustainable Equities 14. Pictet - Digital Communication 15. Pictet - Biotech 16. Pictet - Premium Brands 17. Pictet - Water 18. Pictet - Indian Equities 19. Pictet - Japanese Equity Opportunities* 20. Pictet - Asian Equities Ex Japan 21. Pictet - Greater China 22. Pictet - Japanese Equity Selection 23. Pictet - Generics 24. Pictet - US Equity Growth Selection 25. Pictet - Security 26. Pictet - Clean Energy 27. Pictet - Russian Equities
315 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
28. Pictet - Timber 29. Pictet - Agriculture 30. Pictet - Global Megatrend Selection 31. Pictet - Middle East And North Africa 32. Pictet - Absolute Return Global Diversified 33. Pictet - Absolute Return Global Conservative
have been authorised under Section 104 of the Securities and Futures Ordinance by the Securities & Futures Commission ("SFC") in Hong Kong but such authorisation does not imply official recommendation of the SFC.
None of the sub-funds of Pictet, other than the Authorised sub-funds, are authorised for sale in Hong Kong nor are they available to Hong Kong investors.
* On April 11, 2011, the Board of Directors decided to change the name of the Pictet - Japanese Equities 130/30 sub-fund to Pictet – Japanese Equity Opportunities with effect as of May 12, 2011.
** This sub-fund has been de-authorised in Hong Kong since December 2011. This sub- fund is no longer authorised for sale to the public in Hong Kong since December 2011.
*** This sub-fund will be de-authorised in Hong Kong with effective date on March 14, 2012. This sub-fund is no longer authorised for sale to the public in Hong Kong since December 14, 2011.
The following three sub-funds of Pictet are not yet authorised for sale in Hong Kong, but they are pending authorisation with the SFC.
1. Pictet - US High Yield 2. Pictet - Environmental Megatrend Selection 3. Pictet – High Dividend Selection
NOTE 19 USE OF SOFT COMMISSIONS
The investment manager has commission sharing agreements with a number of brokers and uses commissions from client trades to secure research and trade execution related services, which are for the benefit of its clients.
Some of the services required for the management of its Clients funds come from sources independent of brokers, and these can be paid for by brokers from commissions retained by them under a commission sharing agreement.
The services received, that were paid for via commission sharing agreements, included:
a. research provided by executing brokers b. research provided by independent research companies c. quantitative and analytical research services; and d. execution analysis
316 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
During the period from October 1, 2010 until September 30, 2011, the total proportion of brokerage fees paid by the Funds under commission sharing agreements was the following for the concerned sub-funds:
Pictet - European Equity Selection 31.79 % Pictet - Small Cap Europe 7.81 % Pictet - Emerging Markets 22.99 % Pictet - Eastern Europe 18.19 % Pictet - Digital Communication 40.85 % Pictet - Premium Brands 32.38 % Pictet - Water 48.31 % Pictet - Indian Equities 35.80 % Pictet - Japanese Equity Opportunities 19.87 % Pictet - Asian Equities Ex Japan 19.76 % Pictet - Greater China 18.11 % Pictet - Japanese Equity Selection 20.51 % Pictet - Security 24.64 % Pictet - Clean Energy 36.95 % Pictet - Russian Equities 15.60 % Pictet - Timber 11.99 % Pictet - Agriculture 34.82 % Pictet - High Dividend Selection 24.29 % Pictet - Middle East And North Africa 26.39 %
No commission sharing agreements were paid for the other Pictet funds except those mentioned above.
The total soft Dollars for the Pictet - Biotech and Pictet - Generics sub-funds for the period from October 1, 2010 to September 30, 2011 is USD 594,787.64.
The value of the services received pursuant to a commission sharing agreement by the investment manager, on a cost basis represents 4.39% of the total commission paid for all accounts managed by the investment manager.
NOTE 20 TRANSACTIONS WITH CONNECTED PERSONS
All transactions with connected persons were carried out on arms’ length basis. Pictet & Cie and its affiliates are counterparties for all securities lending activities, for certain forward foreign exchange contracts and for certain sales and purchases of securities and derivatives. The Custodian, Transfer Agent, Administrative Agent, Paying Agent, Investment Advisors and Investment Managers are considered as related parties.
During the period from October 1, 2010 to September 30, 2011 Pictet & Cie, Geneva acted as broker for transactions on securities and derivatives on behalf of the SICAV for a total amount of EUR 929,636,477.74 which represents 1.03% of the total transactions on securities and derivatives of the whole Fund.
317 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
The total brokerage commission paid on equities to the connected broker during the year amounts to EUR 219,514.00 which represents an average rate of commission of 0.0236%.
During the period from October 1, 2010 to September 30, 2011 Pictet (the "SICAV") entered in the following forward exchange transactions with Pictet & Cie, Geneva :
Pictet - World Government Bonds
Purchase in currency Purchase in Sub-fund currency AUD 1,529,772.58 EUR 1,108,136.66 CAD 3,454,635.60 EUR 2,470,917.75 DKK 4,783,745.01 EUR 642,870.37 EUR 86,077,382.07 EUR 86,077,382.07 GBP 27,173,932.83 EUR 31,550,593.63 JPY 4,585,396,440.00 EUR 44,336,198.18 SEK 4,538,277.94 EUR 492,483.26 USD 58,702,507.63 EUR 43,752,211.69 Total 210,430,793.60
Sale in currency Sale in Sub-fund currency AUD -1,223,375.90 EUR -886,189.03 CAD -3,225,522.18 EUR -2,307,045.06 DKK -5,615,556.09 EUR -754,654.48 EUR -115,372,897.69 EUR -115,372,897.69 GBP -8,298,989.30 EUR -9,635,632.82 JPY -4,019,463,453.00 EUR -38,864,192.13 SEK -4,427,615.07 EUR -480,474.38 USD -57,046,401.31 EUR -42,517,880.87 Total -210,818,966.46
Pictet - EUR Inflation Linked Bonds
Purchase in currency Purchase in Sub-fund currency EUR 7,737,533.55 EUR 7,737,533.55 USD 3,360,550.23 EUR 2,504,688.66 Total 10,242,222.21
Sale in currency Sale in Sub-fund currency EUR -2,319,591.05 EUR -2,319,591.05 USD -10,955,005.23 EUR -8,164,995.45 Total -10,484,586.50
318 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Agriculture
Purchase in currency Purchase in Sub-fund currency MYR 115,160.11 EUR 26,885.27 Total 26,885.27
Sale in currency Sale in Sub-fund currency USD -37,720.31 EUR -28,113.74 Total -28,113.74
Pictet - Global Megatrend Selection
Purchase in currency Purchase in Sub-fund currency CHF 6,746,878.12 USD 7,428,028.38 EUR 49,783,639.72 USD 66,794,897.39 GBP 2,105,200.00 USD 3,279,480.41 MYR 41,601.11 USD 13,030.88 USD 285,698,411.98 USD 285,698,411.98 Total 363,213,849.04
Sale in currency Sale in Sub-fund currency CHF -29,679,304.30 USD -32,675,662.82 EUR -180,998,678.72 USD -242,846,610.68 GBP -7,782,202.16 USD -12,123,113.96 USD -74,724,800.83 USD -74,724,800.83 Total -362,370,188.30
Pictet - Middle East And North Africa
Purchase in currency Purchase in Sub-fund currency USD 233,929.99 USD 233,929.99 Total 233,929.99
Sale in currency Sale in Sub-fund currency EGP -1,396,085.28 USD -234,044.21 Total -234,044.21
Pictet - Environmental Megatrend Selection
Purchase in currency Purchase in Sub-fund currency MYR 1,808.49 EUR 422.21 Total 422.21
Sale in currency Sale in Sub-fund currency USD -592.37 EUR -441.50 Total -441.50
319 Pictet
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2011 (continued)
Pictet - Absolute Return Global Diversified
Purchase in currency Purchase in Sub-fund currency MYR 2,741.02 EUR 639.92 Total 639.92
Sale in currency Sale in Sub-fund currency USD -897.81 EUR -669.16 Total -669.16
Pictet - Absolute Return Global Conservative
Purchase in currency Purchase in Sub-fund currency MYR 279.15 EUR 65.17 Total 65.17
Sale in currency Sale in Sub-fund currency USD -91.44 EUR -68.15 Total -68.15
NOTE 21 HOLDINGS OF COLLATERAL
As at September 30, 2011, none of the Authorised Compartments were holding collateral of more than 30% of their total net assets.
320 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011
Sub-fund Type of shares Annualised TER (in %)
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 - 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%
321 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 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 - EUR Inflation Linked Bonds I 0.37%
P 0.61%
P dy 0.61%
R 0.81%
Z 0.07%
322 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - 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 - European Equity Selection I EUR 0.94%
P EUR 1.58%
P dy EUR 1.59%
R EUR 2.09%
Z EUR 0.17%
323 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - European Sustainable Equities I EUR 0.85%
P EUR 1.24%
P dy EUR 1.24%
R EUR 1.64%
Z EUR 0.19%
324 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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%
325 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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%
326 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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%
327 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - 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%
328 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - 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%
329 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - 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%
330 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - 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%
331 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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 - 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%
332 Pictet
TER (TOTAL EXPENSE RATIO) FOR THE YEAR ENDED SEPTEMBER 30, 2011 (continued)
Sub-fund Type of shares Annualised TER (in %)
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%
Calculation of Total Expense Ratio (TER):
TER % = OPERATING CHARGES * 100 AVERAGE NAV (*)
(*) Calculated on the basis of the daily average of the total net assets for the period from October 1, 2010 to September 30, 2011.
333 Pictet
PTR (PORTFOLIO TURNOVER RATIO)
Sub-fund Sub-fund
Pictet - USD Liquidity 164.66% Pictet - Indian Equities 12.33% Pictet - EUR Liquidity 442.88% Pictet - Japanese Equity Opportunities 144.95% Pictet - Global Emerging Debt -83.67% Pictet - Asian Equities Ex Japan 125.52% Pictet - World Government Bonds -27.95% Pictet - Greater China 146.73% Pictet - EUR Short Mid-Term Bonds 167.48% Pictet - Japanese Equity Selection 73.96% Pictet - USD Short Mid-Term Bonds 111.00% Pictet - Generics -94.51% Pictet - EUR Inflation Linked Bonds 8.45% Pictet - US Equity Growth Selection 42.20% Pictet - Latin American Local Currency Debt -60.73% Pictet - Security 170.15% Pictet - US High Yield -28.69% Pictet - Clean Energy 61.36% Pictet - European Equity Selection 7.91% Pictet - Russian Equities 64.62% Pictet - Small Cap Europe 46.71% Pictet - Timber -80.87% Pictet - Emerging Markets 173.84% Pictet - Agriculture 89.58% Pictet - Eastern Europe 127.32% Pictet - Global Megatrend Selection 34.15% Pictet - European Sustainable Equities 66.33% Pictet - Middle East And North Africa 13.00% Pictet - Digital Communication -35.05% Pictet - Environmental Megatrend Selection -28.07% Pictet - Biotech 26.35% Pictet - High Dividend Selection 28.17% Pictet - Premium Brands -126.23% Pictet - Absolute Return Global Diversified 26.53% Pictet - Water 10.95% Pictet - Absolute Return Global Conservative -5.26%
Calculation of the Portfolio Turnover Ratio:
PTR = (TOTAL PURCHASES + TOTAL SALES) - (TOTAL SUBSCRIPTIONS + TOTAL REDEMPTIONS) AVERAGE NAV (*)
(*) Calculated on the basis of the daily average of the total net assets for the period from October 1, 2010 to September 30, 2011.
334 Pictet
PERFORMANCE
Classes of shares Classes of shares
Pictet - USD Liquidity-I 0.28% Pictet - Latin American Local Currency Debt-I USD 1.67% Pictet - USD Liquidity-P 0.16% Pictet - Latin American Local Currency Debt-I dy USD 1.67% Pictet - USD Liquidity-P dy 0.15% Pictet - Latin American Local Currency Debt-P USD 1.01% Pictet - USD Liquidity-R 0.00% Pictet - Latin American Local Currency Debt-P dy USD 1.01% Pictet - USD Liquidity-Z 0.41% Pictet - Latin American Local Currency Debt-P dm USD 1.01% Pictet - EUR Liquidity-I 0.88% Pictet - Latin American Local Currency Debt-R USD 0.47% Pictet - EUR Liquidity-P 0.70% Pictet - Latin American Local Currency Debt-Z USD 2.46% Pictet - EUR Liquidity-P dy 0.71% Pictet - Latin American Local Currency Debt-P dy GBP 2.39% Pictet - EUR Liquidity-R 0.47% Pictet - Latin American Local Currency Debt-I EUR 3.03% Pictet - EUR Liquidity-Z 1.01% Pictet - Latin American Local Currency Debt-P EUR 2.37% Pictet - Global Emerging Debt-I USD 1.19% Pictet - Latin American Local Currency Debt-R EUR 1.81% Pictet - Global Emerging Debt-P USD 0.60% Pictet - US High Yield-I USD 0.62% Pictet - Global Emerging Debt-P dy USD 0.60% Pictet - US High Yield-P USD 0.03% Pictet - Global Emerging Debt-P dm USD 0.60% Pictet - US High Yield-P dy USD 0.03% Pictet - Global Emerging Debt-Z USD 1.92% Pictet - US High Yield-P dm USD 0.03% Pictet - Global Emerging Debt-HI CHF 0.53% Pictet - US High Yield-R USD -0.47% Pictet - Global Emerging Debt-HP CHF -0.06% Pictet - US High Yield-Z USD 1.32% Pictet - Global Emerging Debt-HI EUR 1.41% Pictet - US High Yield-HP CHF -0.63% Pictet - Global Emerging Debt-HI dy EUR* 0.99% Pictet - US High Yield-HP ILS* -7.68% Pictet - Global Emerging Debt-HP EUR 0.82% Pictet - European Equity Selection-I EUR -10.38% Pictet - Global Emerging Debt-HR EUR 0.32% Pictet - European Equity Selection-P EUR -10.96% Pictet - Global Emerging Debt-HR dm EUR* 3.60% Pictet - European Equity Selection-P dy EUR -10.96% Pictet - Global Emerging Debt-HZ EUR 2.15% Pictet - European Equity Selection-R EUR -11.40% Pictet - Global Emerging Debt-HI JPY 0.75% Pictet - European Equity Selection-Z EUR -9.69% Pictet - Global Emerging Debt-HI ILS* 0.72% Pictet - Small Cap Europe-P dy EUR -9.72% Pictet - World Government Bonds-I EUR 5.25% Pictet - Small Cap Europe-R EUR -10.35% Pictet - World Government Bonds-P EUR 4.99% Pictet - Small Cap Europe-Z EUR -8.07% Pictet - World Government Bonds-P dy EUR 4.99% Pictet - Emerging Markets-P dy USD -18.51% Pictet - World Government Bonds-Z EUR 5.54% Pictet - Emerging Markets-R USD -18.92% Pictet - World Government Bonds-I USD 4.16% Pictet - Emerging Markets-Z USD -16.65% Pictet - World Government Bonds-P USD 3.91% Pictet - Emerging Markets-I EUR -16.55% Pictet - World Government Bonds-P dy USD 3.91% Pictet - Emerging Markets-P EUR -17.00% Pictet - World Government Bonds-R USD 3.71% Pictet - Emerging Markets-R EUR -17.41% Pictet - EUR Short Mid-Term Bonds-I 1.01% Pictet - Emerging Markets-HI EUR -18.65% Pictet - EUR Short Mid-Term Bonds-P 0.84% Pictet - Emerging Markets-HP EUR -19.08% Pictet - EUR Short Mid-Term Bonds-P dy 0.84% Pictet - Emerging Markets-HR EUR -19.49% Pictet - EUR Short Mid-Term Bonds-HP CHF -0.32% Pictet - Eastern Europe-I EUR -17.76% Pictet - USD Short Mid-Term Bonds-I 0.78% Pictet - Eastern Europe-P EUR -18.08% Pictet - USD Short Mid-Term Bonds-P 0.59% Pictet - Eastern Europe-P dy EUR -18.08% Pictet - USD Short Mid-Term Bonds-P dy 0.60% Pictet - Eastern Europe-R EUR -18.65% Pictet - USD Short Mid-Term Bonds-R 0.45% Pictet - Eastern Europe-Z EUR -16.33% Pictet - EUR Inflation Linked Bonds-P -2.32% Pictet - Eastern Europe-P dy GBP -17.97% Pictet - EUR Inflation Linked Bonds-P dy -2.31% Pictet - European Sustainable Equities-I EUR -8.77% Pictet - EUR Inflation Linked Bonds-R -2.51% Pictet - European Sustainable Equities-P EUR -9.12% Pictet - EUR Inflation Linked Bonds-Z -1.79% Pictet - European Sustainable Equities-P dy EUR -9.12%
335 Pictet
PERFORMANCE (continued)
Classes of shares Classes of shares
Pictet - European Sustainable Equities-R EUR -9.48% Pictet - Water-P dy GBP -0.07% Pictet - European Sustainable Equities-Z EUR -8.15% Pictet - Water-I USD -1.26% Pictet - Digital Communication-I USD -6.18% Pictet - Water-P USD -2.07% Pictet - Digital Communication-P USD -6.96% Pictet - Water-R USD -2.77% Pictet - Digital Communication-P dy USD -6.96% Pictet - Water-HP USD -1.43% Pictet - Digital Communication-R USD -7.61% Pictet - Water-HR USD -2.13% Pictet - Digital Communication-Z USD -5.26% Pictet - Indian Equities-I USD -29.34% Pictet - Digital Communication-I EUR -4.44% Pictet - Indian Equities-P USD -29.94% Pictet - Digital Communication-P EUR -5.23% Pictet - Indian Equities-P dy USD -29.94% Pictet - Digital Communication-R EUR -5.90% Pictet - Indian Equities-R USD -30.43% Pictet - Digital Communication-I dy GBP -4.25% Pictet - Indian Equities-Z USD -28.55% Pictet - Digital Communication-P dy GBP -5.08% Pictet - Indian Equities-I EUR -28.61% Pictet - Digital Communication-HI EUR -6.36% Pictet - Indian Equities-P EUR -29.21% Pictet - Biotech-I USD -5.06% Pictet - Indian Equities-R EUR -29.70% Pictet - Biotech-P USD -5.86% Pictet - Indian Equities-P dy GBP -28.68% Pictet - Biotech-P dy USD -5.86% Pictet - Japanese Equity Opportunities-I JPY -1.09% Pictet - Biotech-R USD -6.51% Pictet - Japanese Equity Opportunities-P JPY -1.72% Pictet - Biotech-Z USD -4.29% Pictet - Japanese Equity Opportunities-P dy JPY -1.72% Pictet - Biotech-I EUR -3.77% Pictet - Japanese Equity Opportunities-R JPY -2.21% Pictet - Biotech-P EUR -4.58% Pictet - Japanese Equity Opportunities-I EUR 8.25% Pictet - Biotech-R EUR -5.25% Pictet - Japanese Equity Opportunities-P EUR 7.57% Pictet - Biotech-I dy GBP -3.72% Pictet - Japanese Equity Opportunities-R EUR 7.03% Pictet - Biotech-P dy GBP -4.52% Pictet - Japanese Equity Opportunities-Z EUR* 9.13% Pictet - Biotech-HI EUR -5.68% Pictet - Asian Equities Ex Japan-I USD -15.79% Pictet - Biotech-HP EUR -6.47% Pictet - Asian Equities Ex Japan-P USD -16.50% Pictet - Biotech-HR EUR -7.11% Pictet - Asian Equities Ex Japan-P dy USD -16.50% Pictet - Premium Brands-I EUR -1.32% Pictet - Asian Equities Ex Japan-R USD -17.08% Pictet - Premium Brands-P EUR -2.14% Pictet - Asian Equities Ex Japan-Z USD -15.02% Pictet - Premium Brands-P dy EUR -2.14% Pictet - Asian Equities Ex Japan-I EUR -14.92% Pictet - Premium Brands-R EUR -2.82% Pictet - Asian Equities Ex Japan-P EUR -15.63% Pictet - Premium Brands-Z EUR -0.33% Pictet - Asian Equities Ex Japan-R EUR -16.22% Pictet - Premium Brands-I USD -3.12% Pictet - Asian Equities Ex Japan-HI EUR -16.43% Pictet - Premium Brands-P USD -3.92% Pictet - Asian Equities Ex Japan-HP EUR -17.12% Pictet - Premium Brands-R USD -4.59% Pictet - Asian Equities Ex Japan-HR EUR -17.70% Pictet - Premium Brands-I dy GBP -1.16% Pictet - Greater China-I USD -15.20% Pictet - Premium Brands-P dy GBP -2.00% Pictet - Greater China-P USD -15.91% Pictet - Premium Brands-HP USD* -8.24% Pictet - Greater China-P dy USD -15.91% Pictet - Premium Brands-HR USD* -8.80% Pictet - Greater China-R USD -16.50% Pictet - Premium Brands-HP SGD* -7.81% Pictet - Greater China-Z USD -14.42% Pictet - Water-I EUR 0.57% Pictet - Greater China-I EUR -14.32% Pictet - Water-P EUR -0.26% Pictet - Greater China-P EUR -15.04% Pictet - Water-P dy EUR -0.26% Pictet - Greater China-R EUR -15.63% Pictet - Water-R EUR -0.96% Pictet - Greater China-P dy GBP -14.34% Pictet - Water-Z EUR 1.58% Pictet - Japanese Equity Selection-I JPY -5.21% Pictet - Water-I dy GBP 0.82% Pictet - Japanese Equity Selection-P JPY -5.81%
336 Pictet
PERFORMANCE (continued)
Classes of shares Classes of shares
Pictet - Japanese Equity Selection-P dy JPY -5.81% Pictet - Clean Energy-I EUR -21.17% Pictet - Japanese Equity Selection-R JPY -6.28% Pictet - Clean Energy-I dy EUR* -22.35% Pictet - Japanese Equity Selection-Z JPY -4.52% Pictet - Clean Energy-P EUR -21.83% Pictet - Japanese Equity Selection-P dy GBP 3.86% Pictet - Clean Energy-R EUR -22.37% Pictet - Japanese Equity Selection-I EUR 3.75% Pictet - Clean Energy-I dy GBP -21.03% Pictet - Japanese Equity Selection-P EUR 3.09% Pictet - Clean Energy-P dy GBP -21.69% Pictet - Japanese Equity Selection-R EUR 2.56% Pictet - Russian Equities -I USD -18.87% Pictet - Japanese Equity Selection-HI EUR -5.53% Pictet - Russian Equities -P USD -19.54% Pictet - Japanese Equity Selection-HP EUR -6.14% Pictet - Russian Equities -P dy USD -19.55% Pictet - Japanese Equity Selection-HR EUR -6.60% Pictet - Russian Equities -Z USD -18.12% Pictet - Generics-I USD -10.26% Pictet - Russian Equities -I EUR -17.44% Pictet - Generics-P USD -11.01% Pictet - Russian Equities -P EUR -18.14% Pictet - Generics-P dy USD -11.01% Pictet - Russian Equities -R EUR -18.70% Pictet - Generics-R USD -11.63% Pictet - Russian Equities -P dy GBP -18.61% Pictet - Generics-Z USD -9.52% Pictet -Timber-IUSD -16.27% Pictet - Generics-I EUR -8.59% Pictet - Timber-P dy USD -16.97% Pictet - Generics-P EUR -9.36% Pictet - Timber-R USD -17.55% Pictet - Generics-R EUR -9.99% Pictet - Timber-Z USD -15.44% Pictet - Generics-I dy GBP -8.45% Pictet - Timber-I EUR -14.71% Pictet - Generics-P dy GBP -9.20% Pictet - Timber-P EUR -15.93% Pictet - Generics-HI EUR -10.55% Pictet - Timber-R EUR -16.02% Pictet - Generics-HP EUR -11.31% Pictet - Timber-I dy GBP -13.72% Pictet - Generics-HR EUR -11.92% Pictet - Timber-P dy GBP -14.59% Pictet - US Equity Growth Selection-I USD 1.78% Pictet - Timber-HP EUR -17.37% Pictet - US Equity Growth Selection-P USD 1.14% Pictet - Timber-HR EUR -17.96% Pictet - US Equity Growth Selection-P dy USD 1.14% Pictet - Agriculture-I EUR -12.46% Pictet - US Equity Growth Selection-R USD 0.63% Pictet - Agriculture-P EUR -13.20% Pictet - US Equity Growth Selection-Z USD 2.41% Pictet - Agriculture-P dy EUR -13.20% Pictet - US Equity Growth Selection-R EUR 1.99% Pictet - Agriculture-R EUR -13.80% Pictet - US Equity Growth Selection-HI EUR 1.15% Pictet - Agriculture-Z EUR -11.59% Pictet - US Equity Growth Selection-HP EUR 0.51% Pictet - Agriculture-P USD -14.78% Pictet - US Equity Growth Selection-HR EUR 0.00% Pictet - Agriculture-P dy USD -14.78% Pictet - Security-I USD -6.69% Pictet - Agriculture-R USD -15.37% Pictet - Security-P USD -7.47% Pictet - Agriculture-I dy GBP -12.32% Pictet - Security-P dy USD -7.47% Pictet - Agriculture-P dy GBP -13.06% Pictet - Security-R USD -8.11% Pictet - Global Megatrend Selection-I USD -9.60% Pictet - Security-Z USD -5.75% Pictet - Global Megatrend Selection-P USD -10.35% Pictet - Security-I EUR -4.96% Pictet - Global Megatrend Selection-P dy USD -10.35% Pictet - Security-P EUR -5.75% Pictet - Global Megatrend Selection-R USD -11.15% Pictet - Security-R EUR -6.41% Pictet - Global Megatrend Selection-I EUR -8.25% Pictet - Security-P dy GBP -5.60% Pictet - Global Megatrend Selection-P EUR -8.69% Pictet - Clean Energy-I USD -22.61% Pictet - Global Megatrend Selection-P dy EUR -8.69% Pictet - Clean Energy-P USD -23.25% Pictet - Global Megatrend Selection-R EUR -9.50% Pictet - Clean Energy-P dy USD -23.25% Pictet - Global Megatrend Selection-P CHF -16.41% Pictet - Clean Energy-R USD -23.78% Pictet - Global Megatrend Selection-I dy GBP -7.74%
337 Pictet
PERFORMANCE (continued)
Classes of shares Classes of shares
Pictet - Global Megatrend Selection-P dy GBP -8.53% Pictet - High Dividend Selection-R USD -0.78% Pictet - Global Megatrend Selection-HI EUR* -17.56% Pictet - High Dividend Selection-I dm GBP 1.29% Pictet - Global Megatrend Selection-HP EUR* -17.77% Pictet - High Dividend Selection-P dm GBP 0.69% Pictet - Middle East And North Africa-I USD -11.64% Pictet - High Dividend Selection-P SGD* -4.04% Pictet - Middle East And North Africa-P USD -12.38% Pictet - High Dividend Selection-P dm SGD* -4.07% Pictet - Middle East And North Africa-Z USD -10.91% Pictet - High Dividend Selection-P dy CHF -8.54% Pictet - Middle East And North Africa-P EUR -10.83% Pictet - High Dividend Selection-P CHF -8.55% Pictet - Middle East And North Africa-R EUR -11.47% Pictet - Absolute Return Global Diversified-I EUR 0.07% Pictet - Middle East And North Africa-HP EUR -12.15% Pictet - Absolute Return Global Diversified-P EUR -0.56% Pictet - Middle East And North Africa-HR EUR -12.77% Pictet - Absolute Return Global Diversified-P dy EUR -0.56% Pictet - Environmental Megatrend Selection-I EUR -12.00% Pictet - Absolute Return Global Diversified-R EUR -1.06% Pictet - Environmental Megatrend Selection-P EUR -12.73% Pictet - Absolute Return Global Diversified-Z EUR 0.74% Pictet - Environmental Megatrend Selection-P dy EUR -12.73% Pictet - Absolute Return Global Diversified-HI CHF -0.80% Pictet - Environmental Megatrend Selection-R EUR -13.34% Pictet - Absolute Return Global Diversified-HP CHF -1.44% Pictet - Environmental Megatrend Selection-I USD -13.60% Pictet - Absolute Return Global Diversified-HZ CHF -0.14% Pictet - Environmental Megatrend Selection-P USD -14.32% Pictet - Absolute Return Global Diversified-HI USD -0.45% Pictet - Environmental Megatrend Selection-P dy USD -14.32% Pictet - Absolute Return Global Diversified-HP USD -1.08% Pictet - Environmental Megatrend Selection-R USD -14.92% Pictet - Absolute Return Global Diversified-HI GBP -0.23% Pictet - Environmental Megatrend Selection-P CHF -20.11% Pictet - Absolute Return Global Diversified-HP dy GBP -0.86% Pictet - Environmental Megatrend Selection-I dy GBP* -16.79% Pictet - Absolute Return Global Diversified-HZ GBP 0.44% Pictet - High Dividend Selection-P EUR -0.48% Pictet - Absolute Return Global Diversified-HI JPY -0.62% Pictet - High Dividend Selection-P dy EUR -0.48% Pictet - Absolute Return Global Diversified-HZ JPY 0.07% Pictet - High Dividend Selection-P dm EUR* -3.18% Pictet - Absolute Return Global Conservative-I EUR 0.29% Pictet - High Dividend Selection-R EUR -1.14% Pictet - Absolute Return Global Conservative-P EUR -0.15% Pictet - High Dividend Selection-R dm EUR -1.11% Pictet - Absolute Return Global Conservative-P dy EUR -0.16% Pictet - High Dividend Selection-Z EUR* -1.13% Pictet - Absolute Return Global Conservative-R EUR -0.50% Pictet - High Dividend Selection-I USD 0.69% Pictet - Absolute Return Global Conservative-Z EUR 0.86% Pictet - High Dividend Selection-P USD -0.13% Pictet - High Dividend Selection-P dm USD -0.10%
Annual performance calculated for the year ended September 30, 2011.
The performance per share class was calculated by comparing the net assets per share as at September 30, 2010 with the net assets per share as at September 30, 2011.
For share classes that distributed a dividend (cf. note 15), the dividend amount was reintegrated into the net assets as at September 30, 2011, in order to calculate the performance including dividends.
* The performance of share classes launched during the year was calculated by comparing the net assets per share as at the launch date of the share class with the net assets per share as at September 30, 2011.
338
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