Pictet Funds (LUX) Luxembourg Open-ended Investment Company (SICAV) governed by Luxembourg law

Transcription

1 Pictet Funds (LUX) Luxembourg Open-ended Investment Company (SICAV) governed by Luxembourg law Unaudited semi-annual report as at April 30, 2009

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3 Pictet Funds (LUX) Luxembourg Open-ended Investment Company (SICAV) Unaudited semi-annual report as at April 30,

4 Pictet Funds (LUX) Unaudited semi-annual report as at April 30, 2009 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. 2

5 Pictet Funds (LUX) TABLE OF CONTENTS (continued) ORGANISATION OF THE SICAV 8 GENERAL INFORMATION 10 DISTRIBUTION ABROAD 11 FINANCIAL STATEMENTS STATEMENT OF NET ASSETS 16 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 32 NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) 48 Sub-fund: Pictet Funds (LUX) - EUR Bonds - Statement of Investments and Other Net Assets 63 - Geographical and Industrial Classification of Investments 67 Sub-fund: Pictet Funds (LUX) - USD Government Bonds - Statement of Investments and Other Net Assets 68 - Geographical and Industrial Classification of Investments 72 Sub-fund: Pictet Funds (LUX) - CHF Liquidity - Statement of Investments and Other Net Assets 73 - Geographical and Industrial Classification of Investments 77 Sub-fund: Pictet Funds (LUX) - USD Liquidity - Statement of Investments and Other Net Assets 78 - Geographical and Industrial Classification of Investments 82 Sub-fund: Pictet Funds (LUX) - EUR Liquidity - Statement of Investments and Other Net Assets 83 - Geographical and Industrial Classification of Investments 87 Sub-fund: Pictet Funds (LUX) - EUR Corporate Bonds - Statement of Investments and Other Net Assets 88 - Geographical and Industrial Classification of Investments 95 Sub-fund: Pictet Funds (LUX) - Global Emerging Debt - Statement of Investments and Other Net Assets 96 - Geographical and Industrial Classification of Investments 100 Sub-fund: Pictet Funds (LUX) - World Government Bonds - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 109 Sub-fund: Pictet Funds (LUX) - EUR High Yield - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 113 3

6 Pictet Funds (LUX) TABLE OF CONTENTS (continued) Sub-fund: Pictet Funds (LUX) - EUR Short Mid-Term Bonds - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 117 Sub-fund: Pictet Funds (LUX) - USD Short Mid-Term Bonds - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 121 Sub-fund: Pictet Funds (LUX) - EUR Turbo Income - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 123 Sub-fund: Pictet Funds (LUX) - CHF Bonds - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 133 Sub-fund: Pictet Funds (LUX) - EUR Government Bonds - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 140 Sub-fund: Pictet Funds (LUX) - EUR Inflation Linked Bonds - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 144 Sub-fund: Pictet Funds (LUX) - EUR Asset Backed Securities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 146 Sub-fund: Pictet Funds (LUX) - Emerging Local Currency Debt - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 150 Sub-fund: Pictet Funds (LUX) - Asian Local Currency Debt - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 153 Sub-fund: Pictet Funds (LUX) - Global Emerging Currencies - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 155 Sub-fund: Pictet Funds (LUX) - (JPY) Liquidity - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 158 Sub-fund: Pictet Funds (LUX) - Latin American Local Currency Debt - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 160 Sub-fund: Pictet Funds (LUX) - (USD) Sovereign Liquidity - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 163 4

7 Pictet Funds (LUX) TABLE OF CONTENTS (continued) Sub-fund: Pictet Funds (LUX) - (EUR) Sovereign Liquidity - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 166 Sub-fund: Pictet Funds (LUX) - European Equity Selection - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 170 Sub-fund: Pictet Funds (LUX) - Small Cap Europe - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 175 Sub-fund: Pictet Funds (LUX) - Emerging Markets - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 180 Sub-fund: Pictet Funds (LUX) - Eastern Europe - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 184 Sub-fund: Pictet Funds (LUX) - Europe Index (note 1) - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 197 Sub-fund: Pictet Funds (LUX) - USA Index - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 209 Sub-fund: Pictet Funds (LUX) - European Sustainable Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 215 Sub-fund: Pictet Funds (LUX) - Japan Index - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 224 Sub-fund: Pictet Funds (LUX) - Pacific (Ex Japan) Index - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 229 Sub-fund: Pictet Funds (LUX) - Digital Communication - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 233 Sub-fund: Pictet Funds (LUX) - Biotech - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 236 Sub-fund: Pictet Funds (LUX) - Premium Brands - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 239 5

8 Pictet Funds (LUX) TABLE OF CONTENTS (continued) Sub-fund: Pictet Funds (LUX) - Water - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 244 Sub-fund: Pictet Funds (LUX) - Indian Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 246 Sub-fund: Pictet Funds (LUX) - Japanese Equities 130/30 - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 249 Sub-fund: Pictet Funds (LUX) - US Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 252 Sub-fund: Pictet Funds (LUX) - Asian Equities (Ex Japan) - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 257 Sub-fund: Pictet Funds (LUX) - Greater China - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 261 Sub-fund: Pictet Funds (LUX) - Japanese Equity Selection - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 264 Sub-fund: Pictet Funds (LUX) - Generics - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 267 Sub-fund: Pictet Funds (LUX) - Emerging Markets Index - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 282 Sub-fund: Pictet Funds (LUX) - Japanese Mid-Small Cap - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 285 Sub-fund: Pictet Funds (LUX) - Emerging Markets Large Cap - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 290 Sub-fund: Pictet Funds (LUX) - Euroland Index (note 1) - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 299 Sub-fund: Pictet Funds (LUX) - US Equity Selection - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 302 6

9 Pictet Funds (LUX) TABLE OF CONTENTS (continued) Sub-fund: Pictet Funds (LUX) - Security - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 305 Sub-fund: Pictet Funds (LUX) - Clean Energy - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 309 Sub-fund: Pictet Funds (LUX) - Russian Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 312 Sub-fund: Pictet Funds (LUX) - Timber - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 315 Sub-fund: Pictet Funds (LUX) - Global Megatrend Selection (note 1) - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 327 Sub-fund: Pictet Funds (LUX) - Piclife - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 357 Sub-fund: Pictet Funds (LUX) - Absolute Return Global Diversified - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 371 Sub-fund: Pictet Funds (LUX) - Absolute Return Global Conservative - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 387 NOTES TO THE FINANCIAL STATEMENTS 388 TER (TOTAL EXPENSE RATIO) 432 PTR (PORTFOLIO TURNOVER RATIO) 447 PERFORMANCE 449 7

10 Pictet Funds (LUX) ORGANISATION OF THE SICAV (continued) Registered Office 3, boulevard Royal, L-2449 Luxembourg Board of Directors Chairman Members Mr Pierre ETIENNE, Senior Vice-President, Pictet & Cie (Europe) S.A., Luxembourg Mr Rolf BANZ, Director, Pictet & Cie, Geneva Mr Frédéric FASEL, Senior Vice-President, Pictet & Cie (Europe) S.A., Luxembourg Mrs Michèle BERGER, Executive Vice President, Pictet Funds (Europe) S.A., Luxembourg Mr Christophe SCHWEIZER, Senior Vice-President, Pictet Funds S.A., Geneva Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva Management Company Pictet Funds (Europe) S.A., 3, boulevard Royal, L-2449 Luxembourg Board of Directors of the Management Company Chairman Members Mr Marc PICTET, Managing Director, Pictet & Cie (Europe) S.A. and Member of the Executive Committee of Pictet Funds (Europe) S.A. Mr Frédéric FASEL, Senior Vice-President, Pictet & Cie (Europe) S.A., Luxembourg Mr Pierre ETIENNE, Senior Vice President, Pictet & Cie (Europe) S.A., Luxembourg Mr Yves MARTIGNIER, Senior Vice-President, Pictet & Cie, Geneva Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva Mr Christophe SCHWEIZER, Senior Vice-President, Pictet Funds S.A., Geneva Mr Rolf BANZ, Director, Pictet & Cie, Geneva Directors of the Management Company Custodian, Transfer Agent, Administrative Agent and Paying Agent Mrs Michèle BERGER Mr Laurent RAMSEY Pictet & Cie (Europe) S.A., 1, boulevard Royal, L-2449 Luxembourg 8

11 Pictet Funds (LUX) ORGANISATION OF THE SICAV (continued) Investment Advisors Pictet Advisory Services (Overseas) Ltd., Bayside Executive Park, Building N 1, West Bay Street and Blake Road P.O. Box N-4837 Nassau, Bahamas Pictet Bank & Trust Limited, P.O. Box N-4837, Bayside Executive Park, West Bay Street, Nassau, Bahamas Investment Managers Pictet & Cie, Geneva, 60, route des Acacias, CH-1211 Geneva 73 Pictet Asset Management S.A., 60, route des Acacias, CH-1211 Geneva 73 Pictet Asset Management Limited, Moor House, Level 11, 120 London Wall, London EC2Y 5ET, United Kingdom Banque Pictet & Cie (Asia) Ltd, Singapore, 80 Raffles Place # UOB Plaza, Singapore Pictet Asset Management (Japan) Ltd., Kishimoto Building 7F, Marunouchi, Chiyoda-ku, Tokyo, 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 Auditor of the Fund and the Management Company Legal Advisor Deloitte S.A., 560, rue de Neudorf, L-2220 Luxembourg Elvinger, Hoss & Prussen, 2, Place Winston Churchill, L-1340 Luxembourg 9

12 Pictet Funds (LUX) GENERAL INFORMATION The audited annual reports and unaudited semi-annual reports are available free of charge to shareholders 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, Spain (only for share classes authorised for sale by the Spanish Securities Market Commission), Finland, France, Italy (only for share classes authorised by the Italian National Stock Exchange Supervisory Commission and the Banca d Italia), Liechtenstein, the Netherlands, Peru, Portugal, the United Kingdom, Sweden, Switzerland, Singapore, Taiwan (only for those sub-funds registered in Taiwan) and Turkey. 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, are available to the public at the registered office of the SICAV and from the Custodian. A detailed schedule of changes in the investments for all the sub-funds for the period ending April 30, 2009 is available free of charge upon request at the registered office of the SICAV and from the representative in each country in which the SICAV is authorised for distribution. 10

13 Pictet Funds (LUX) DISTRIBUTION ABROAD (continued) Marketing/ Distribution in Switzerland Swiss Representative The representative in Switzerland 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 semiannual 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. The issue 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 issue and redemption of shares. The prices are published each business day on Swiss Fund Data AG. Payment of trailer fees and remuneration in respect of distribution activities In respect of its distribution in Switzerland, the Fund may pay trailer fees to the following eligible investors holding units of collective investments for third-party economic beneficiaries: life insurance companies, pension funds and other savings institutions, investment foundations, Swiss fund managers, foreign fund managers, investment companies. In respect of its distribution in Switzerland, the Fund 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. 11

14 Pictet Funds (LUX) DISTRIBUTION ABROAD (continued) Place of execution and jurisdiction The place of execution and the jurisdiction for shares of the Fund distributed in or from Switzerland is the registered office of the representative. Additional information for German investors Paying and Information Agent: Deutsche Bank AG Junghofstr. 5-9 D Frankfurt am Main La Deutsche Bank AG, Junghofstr. 5-9, D-60311, Frankfurt am Main, assumes the role of Paying and Information Agent for the Federal Republic of Germany. Applications for the redemption and conversion of shares may be filed with the Paying and Information Agent in Germany. At the request of shareholders, the proceeds of redemptions, any dividends as well as other payments may be paid to them via the Paying Agent and the information bureau in Germany (by credit transfer, cheque or cash deposit). The current full and simplified prospectuses, the contractual conditions of the Fund, the annual and semi-annual reports, the issue, redemption and conversion prices of shares as well as any other information intended for shareholders are available free of charge from the Paying and Information Agent in Germany. In addition, the issue and redemption prices shall be published each trading day in the Börsen-Zeitung. Representative in the Netherlands KAS BANK N.V., P.O. Box 24001, NL-1000 DB Amsterdam, has been appointed as the SICAV s Information Agent in the Netherlands. The latest version of the full prospectus, the simplified prospectus and the annual and semi-annual reports are available free of charge from the Information Agent in Amsterdam, where the other available documents may also be consulted. The net asset value per share of each sub-fund is published each NAV calculation day on the Pictet Funds website: Pictet & Cie (Europe) S.A. shall act as Paying Agent for the SICAV. 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, Tel. (+352) , Fax (+352) Please refer to the chapters of the current prospectus entitled Issues, Redemptions and Conversions for more details of the subscription and redemption procedures. 12

15 Pictet Funds (LUX) DISTRIBUTION ABROAD (continued) Information Agent in Austria Paying Agent for the shares of the SICAV sold to the public: Raiffeisen Zentralbank Österreich Aktiengesellschaft Am Stadtpark 9 A-1030 Vienna Applications for the redemption of shares of the SICAV may be sent to the Paying Agent in Austria. In collaboration with the Custodian Bank, the Paying Agent shall also be responsible for the processing of redemptions and the payment of redemption proceeds. The latest version of the prospectus and of the Addendum specifically intended for Austrian investors, the simplified prospectuses, the annual reports and semi-annual reports, as well as the issue and redemption prices of the shares of the aforementioned SICAV, may be obtained from the Paying Agent in Austria, where other available documents may also be consulted. The net asset value of each sub-fund and share class is published in the daily newspaper Der Standard. Exception As the Pictet Funds (LUX) - 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 regarding the tax situation in relation to their shares in their country of residence or in any other applicable country. Paying Agent in Liechtenstein LGT Bank in Liechtenstein Aktiengesellschaft Herrengasse 12 FL-9490 Vaduz The German language version of 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 the jurisdiction for shares distributed in Liechtenstein is Vaduz. 13

16 Pictet Funds (LUX) DISTRIBUTION ABROAD (continued) Belgium The Paying Agent in Belgium is: Fastnet Belgium S.A. Belgian stock brokers Boulevard d Anvers, B-1000 Brussels Tel: (+32) 2/ Fax: (+32) 2/ VAT number:

17 Pictet Funds (LUX) DISTRIBUTION ABROAD (continued) 15

18 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Combined EUR Bonds USD Government Bonds EUR EUR USD ASSETS Investments in securities at acquisition cost 25,345,692, ,512, ,151, Net unrealised gain/loss on investments -2,412,131, ,142, ,661, Investments in securities at market value (note 2) 22,933,560, ,654, ,812, Cash at banks 1,055,172, , ,440, Interest receivable, net 63,350, ,285, ,527, Interest receivable on swaps (note 11) 255, Interest receivable on credit default swaps (note 12) 18, Net unrealised gain on forward exchange contracts (note 10) 15,158, Net unrealised gain on forward contracts (note 9) 1,584, , Net unrealised gain on credit default swaps (note 12) 569, Net unrealised gain on swaps contracts (note 11) 1,898, Other assets 3,177, ,074,747, ,553, ,823, LIABILITIES Bank overdraft 183,003, Investment advisory fee payable (note 4) 11,670, , , Interest payable on repurchase agreements Interest payable on swap contracts (note 11) 1,730, Interest payable on credit default swaps (note 12) 37, Net unrealised loss on forward exchange contracts (note 10) 17,606, , , Net unrealised loss on forward contracts (note 9) 76,411, , Net unrealised loss on credit default swaps (note 12) 342, Net unrealised loss on swap contracts (note 11) 8,227, "Taxe d abonnement" payable (note 3) 599, , , Fees payable 4,254, , , Other liabilities 901, ,786, , , TOTAL NET ASSETS AS AT APRIL 30, ,769,961, ,337, ,666, TOTAL NET ASSETS AS AT OCTOBER 31, ,037,041, ,357, ,293, TOTAL NET ASSETS AS AT DECEMBER 31, ,616,137, ,413, ,052,

19 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 CHF Liquidity USD Liquidity EUR Liquidity EUR Corporate Bonds Global Emerging Debt CHF USD EUR EUR USD 2,695,959, ,078,871, ,285,965, ,084, ,604, ,337, ,656, ,241, ,206, ,408, ,703,296, ,086,528, ,290,207, ,290, ,195, , ,427, ,041, ,114, , ,925, ,998, ,432, ,964, , , , , , , , ,705,177, ,088,454, ,319,367, ,789, ,640, ,976, , , , , , ,252, , , ,930, ,803, , , , , , , , , , , , , , , ,429, ,012, , , , ,697,747, ,038,442, ,318,805, ,910, ,332, ,041,846, ,258,845, ,209,344, ,202, ,173, ,038,310, ,701, ,458,451, ,452, ,564,

20 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 World Government Bonds EUR High Yield EUR Short Mid-Term Bonds EUR EUR EUR ASSETS Investments in securities at acquisition cost 145,028, ,248, ,819, Net unrealised gain/loss on investments 1,413, ,702, ,242, Investments in securities at market value (note 2) 146,442, ,546, ,062, Cash at banks ,505, ,501, Interest receivable, net 1,434, ,658, ,439, Interest receivable on swaps (note 11) Interest receivable on credit default swaps (note 12) Net unrealised gain on forward exchange contracts (note 10) 95, Net unrealised gain on forward contracts (note 9) Net unrealised gain on credit default swaps (note 12) , Net unrealised gain on swaps (note 11) Other assets ,972, ,999, ,004, LIABILITIES Bank overdraft 270, Investment advisory fee payable (note 4) 31, , , Interest payable on repurchase agreements Interest payable on swap contracts (note 11) Interest payable on credit default swaps (note 12) , Net unrealised loss on forward exchange contracts (note 10) , Net unrealised loss on forward contracts (note 9) , , Net unrealised loss on credit default swaps (note 12) Net unrealised loss on swap contracts (note 11) "Taxe d abonnement" payable (note 3) 2, , , Fees payable 18, , , Other liabilities 213, , , , TOTAL NET ASSETS AS AT APRIL 30, ,435, ,832, ,630, TOTAL NET ASSETS AS AT OCTOBER 31, ,259, ,829, ,869, TOTAL NET ASSETS AS AT DECEMBER 31, ,793, ,338, ,310,

21 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 USD Short Mid-Term Bonds EUR Turbo Income CHF Bonds EUR Government Bonds EUR Inflation Linked Bonds USD EUR CHF EUR EUR 159,439, , ,032, ,423, ,154, ,112, , ,452, ,442, , ,552, , ,580, ,866, ,967, ,887, ,545, ,273, ,629, , ,933, ,617, , , , , , , ,392, , , ,446, ,570, ,470, ,113, ,419, ,537, , , , , , , , , , , , , , , , , , , , ,554, ,380, ,569, ,262, ,730, ,864, ,964, ,055, ,431, ,349, ,827, ,790, ,611, ,908, ,080, ,939,

22 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 EUR Asset Backed Securities Emerging Local Currency Debt Asian Local Currency Debt EUR USD USD ASSETS Investments in securities at acquisition cost 1,984, ,124, ,854, Net unrealised gain/loss on investments -928, ,317, , Investments in securities at market value (note 2) 1,056, ,806, ,002, Cash at banks 23,761, ,562, ,417, Interest receivable, net 3, ,024, , Interest receivable on swaps (note 11) , Interest receivable on credit default swaps (note 12) Net unrealised gain on forward exchange contracts (note 10) , Net unrealised gain on forward contracts (note 9) , , Net unrealised gain on credit default swaps (note 12) Net unrealised gain on swaps (note 11) Other assets ,350, ,822, ,784, ,532, LIABILITIES Bank overdraft Investment advisory fee payable (note 4) , , Interest payable on repurchase agreements Interest payable on swap contracts (note 11) , Interest payable on credit default swaps (note 12) , Net unrealised loss on forward exchange contracts (note 10) , Net unrealised loss on forward contracts (note 9) Net unrealised loss on credit default swaps (note 12) , Net unrealised loss on swap contracts (note 11) ,670, ,200, "Taxe d abonnement" payable (note 3) , , Fees payable 1, , , Other liabilities , ,901, ,299, TOTAL NET ASSETS AS AT APRIL 30, ,820, ,883, ,233, TOTAL NET ASSETS AS AT OCTOBER 31, ,935, ,099, ,679, TOTAL NET ASSETS AS AT DECEMBER 31, ,050, ,926, ,533,

23 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Global Emerging Currencies (JPY) Liquidity Latin American Local Currency Debt (USD) Sovereign Liquidity (EUR) Sovereign Liquidity USD JPY USD USD EUR 15,518, ,944,063, ,899, ,714, ,938,970, , ,134, , ,577, ,466, ,498, ,299,197, ,146, ,291, ,942,437, , ,583, , , ,678, , , , , , , , ,512, ,321,458, ,538, ,291, ,942,509, ,148, ,344, , , , , , ,483, ,786, , , , , ,436, , , , , ,208, , ,069, ,750, ,496, ,881,250, ,518, ,222, ,807,759, ,755, ,763,887, ,559, ,538, ,852,634, ,584,032, ,289,

24 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 European Equity Selection Small Cap Europe Emerging Markets EUR EUR USD ASSETS Investments in securities at acquisition cost 287,197, ,990, ,067,096, Net unrealised gain/loss on investments -82,396, ,138, ,551, Investments in securities at market value (note 2) 204,800, ,851, ,544, Cash at banks 6,427, ,542, ,536, Interest receivable, net Interest receivable on swaps (note 11) Interest receivable on credit default swaps (note 12) Net unrealised gain on forward exchange contracts (note 10) Net unrealised gain on forward contracts (note 9) Net unrealised gain on credit default swaps (note 12) Net unrealised gain on swaps (note 11) Other assets ,228, ,394, ,001,081, LIABILITIES Bank overdraft Investment advisory fee payable (note 4) 120, , , Interest payable on repurchase agreements Interest payable on swap contracts (note 11) Interest payable on credit default swaps (note 12) Net unrealised loss on forward exchange contracts (note 10) Net unrealised loss on forward contracts (note 9) Net unrealised loss on credit default swaps (note 12) Net unrealised loss on swap contracts (note 11) "Taxe d abonnement" payable (note 3) 7, , , Fees payable 160, , , Other liabilities , , , TOTAL NET ASSETS AS AT APRIL 30, ,940, ,250, ,000,092, TOTAL NET ASSETS AS AT OCTOBER 31, ,745, ,571, ,801, TOTAL NET ASSETS AS AT DECEMBER 31, ,702,942, ,791, ,309,065,

25 Pictet Funds (LUX) Eastern Europe STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Europe Index (note 1) USA Index European Sustainable Equities Japan Index EUR EUR USD EUR JPY 442,328, ,468, ,009,993, ,523, ,891,655, ,930, ,918, ,952, ,167, ,117,412, ,397, ,549, ,041, ,355, ,774,243, ,705, ,541, , ,571, , ,155, , , ,397, ,593, ,845, ,246, ,592,969, ,626, , , , , ,551, , , , , , , , , , ,542, ,167, ,933, , , , ,021, ,464, ,421, ,576, ,200, ,490,948, ,877, ,623, ,165, ,453, ,887,788, ,149,246, ,531, ,903, ,165, ,850,715,

26 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Pacific (Ex Japan) Index Digital Communication Biotech USD USD USD ASSETS Investments in securities at acquisition cost 179,491, ,332, ,860,640, Net unrealised gain/loss on investments -36,724, ,941, ,012, Investments in securities at market value (note 2) 142,767, ,391, ,568,628, Cash at banks 926, ,779, ,773, Interest receivable, net Interest receivable on swaps (note 11) Interest receivable on credit default swaps (note 12) Net unrealised gain on forward exchange contracts (note 10) ,241, Net unrealised gain on forward contracts (note 9) Net unrealised gain on credit default swaps (note 12) Net unrealised gain on swaps (note 11) Other assets 93, ,787, ,170, ,604,643, LIABILITIES Bank overdraft Investment advisory fee payable (note 4) 20, , ,077, Interest payable on repurchase agreements Interest payable on swap contracts (note 11) Interest payable on credit default swaps (note 12) Net unrealised loss on forward exchange contracts (note 10) Net unrealised loss on forward contracts (note 9) Net unrealised loss on credit default swaps (note 12) Net unrealised loss on swap contracts (note 11) "Taxe d abonnement" payable (note 3) 2, , , Fees payable 13, , , Other liabilities , , ,653, TOTAL NET ASSETS AS AT APRIL 30, ,750, ,111, ,601,989, TOTAL NET ASSETS AS AT OCTOBER 31, ,835, ,145, ,934,516, TOTAL NET ASSETS AS AT DECEMBER 31, ,267, ,386, ,257,440,

27 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Premium Brands Water Indian Equities Japanese Equities 130/30 US Equities EUR EUR USD JPY USD 83,647, ,578,120, ,783, ,028,940, ,878, ,750, ,943, ,698, ,223,999, , ,897, ,020,177, ,084, ,804,940, ,376, ,217, ,990, ,638, ,756, ,023, , ,317, ,114, ,081,172, ,722, ,129,015, ,400, , ,588, , ,539, , ,460, , , , , , , , , , ,839, , , ,273, , ,072, , ,007, ,077,899, ,297, ,116,942, ,330, ,933, ,373,854, ,390, ,999,811, ,764, ,407, ,064,548, ,946, ,683,024, ,365,

28 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Asian Equities (Ex Japan) Greater China Japanese Equity Selection USD USD JPY ASSETS Investments in securities at acquisition cost 704,671, ,050, ,722,719, Net unrealised gain/loss on investments 4,956, ,806, ,528,194, Investments in securities at market value (note 2) 709,627, ,857, ,194,524, Cash at banks 15,834, ,186, ,123, Interest receivable, net Interest receivable on swaps (note 11) Interest receivable on credit default swaps (note 12) Net unrealised gain on forward exchange contracts (note 10) 246, ,142, Net unrealised gain on forward contracts (note 9) , Net unrealised gain on credit default swaps (note 12) Net unrealised gain on swaps (note 11) Other assets ,708, ,312, ,231,789, LIABILITIES Bank overdraft Investment advisory fee payable (note 4) 649, , ,800, Interest payable on repurchase agreements Interest payable on swap contracts (note 11) Interest payable on credit default swaps (note 12) Net unrealised loss on forward exchange contracts (note 10) Net unrealised loss on forward contracts (note 9) Net unrealised loss on credit default swaps (note 12) Net unrealised loss on swap contracts (note 11) "Taxe d abonnement" payable (note 3) 15, , , Fees payable 222, , ,204, Other liabilities , , ,562, TOTAL NET ASSETS AS AT APRIL 30, ,821, ,949, ,206,227, TOTAL NET ASSETS AS AT OCTOBER 31, ,953, ,101, ,560,355, TOTAL NET ASSETS AS AT DECEMBER 31, ,821,099, ,595, ,133,170,

29 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Generics Emerging Markets Index Japanese Mid-Small Cap Emerging Markets Large Cap Euroland Index (note 1) USD USD JPY USD EUR 168,003, ,735, ,947,468, ,495, ,072, ,137, ,896, ,089, ,320, ,862, ,865, ,839, ,991,558, ,174, ,210, ,163, ,896, ,397, ,165, , , , , ,412, ,735, ,063,955, ,577, ,582, , , ,928, , , , , , , , , , , , , , , ,714, , , ,195, ,516, ,060,240, ,524, ,565, ,176, ,676, ,237,939, ,531, ,004, ,118, ,174, ,045,240, ,931, ,304,

30 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 US Equity Selection Security Clean Energy USD USD USD ASSETS Investments in securities at acquisition cost 2,011,265, ,041, ,857, Net unrealised gain/loss on investments -288,574, ,145, ,421, Investments in securities at market value (note 2) 1,722,691, ,895, ,435, Cash at banks 39,425, ,814, ,776, Interest receivable, net Interest receivable on swaps (note 11) Interest receivable on credit default swaps (note 12) Net unrealised gain on forward exchange contracts (note 10) 7,991, Net unrealised gain on forward contracts (note 9) Net unrealised gain on credit default swaps (note 12) Net unrealised gain on swaps (note 11) Other assets ,770,108, ,710, ,212, LIABILITIES Bank overdraft Investment advisory fee payable (note 4) 1,287, , , Interest payable on repurchase agreements Interest payable on swap contracts (note 11) Interest payable on credit default swaps (note 12) Net unrealised loss on forward exchange contracts (note 10) Net unrealised loss on forward contracts (note 9) Net unrealised loss on credit default swaps (note 12) Net unrealised loss on swap contracts (note 11) "Taxe d abonnement" payable (note 3) 51, , , Fees payable 468, , , Other liabilities ,806, , , TOTAL NET ASSETS AS AT APRIL 30, ,768,301, ,530, ,490, TOTAL NET ASSETS AS AT OCTOBER 31, ,442,747, ,102, ,702, TOTAL NET ASSETS AS AT DECEMBER 31, ,858, ,593, ,011,045,

31 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Russian Equities Timber Global Megatrend Selection (note 1) Piclife Absolute Return Global Diversified USD USD USD CHF EUR 109,084, ,293, ,958, ,903, ,065,790, ,388, , ,086, ,605, ,553, ,696, ,204, ,871, ,298, ,236, , , , ,256, ,700, , , , , , ,779, , ,823, ,822, ,588, ,415, ,526,959, , , , , ,299, ,817, ,752, , ,892, , , , , , , , , , , , , , ,143, ,739, ,797, ,568, ,310, ,447,816, ,134, ,200, ,197, ,610,292, ,476, ,392,399,

32 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30, 2009 Absolute Return Global Conservative EUR ASSETS Investments in securities at acquisition cost 59,624, Net unrealised gain/loss on investments -5,621, Investments in securities at market value (note 2) 54,002, Cash at banks 76,650, Interest receivable, net 6, Interest receivable on swaps (note 11) 0.05 Interest receivable on credit default swaps (note 12) 0.00 Net unrealised gain on forward exchange contracts (note 10) 2,332, Net unrealised gain on forward contracts (note 9) 0.00 Net unrealised gain on credit default swaps (note 12) 0.00 Net unrealised gain on swaps (note 11) 0.00 Other assets ,992, LIABILITIES Bank overdraft 0.00 Investment advisory fee payable (note 4) 62, Interest payable on repurchase agreements 0.00 Interest payable on swap contracts (note 11) 0.00 Interest payable on credit default swaps (note 12) 0.00 Net unrealised loss on forward exchange contracts (note 10) 0.00 Net unrealised loss on forward contracts (note 9) 4,290, Net unrealised loss on credit default swaps (note 12) 0.00 Net unrealised loss on swap contracts (note 11) 97, "Taxe d abonnement" payable (note 3) 2, Fees payable 26, Other liabilities ,480, TOTAL NET ASSETS AS AT APRIL 30, ,512, TOTAL NET ASSETS AS AT OCTOBER 31, ,270, TOTAL NET ASSETS AS AT DECEMBER 31, ,568,

33 Pictet Funds (LUX) STATEMENT OF NET ASSETS AS AT APRIL 30,

34 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Combined EUR Bonds USD Government Bonds EUR EUR USD NET ASSETS AT THE BEGINNING OF THE PERIOD 22,037,041, ,357, ,293, INCOME Interest on securities lending (note 13) 483, Interest on swaps (note 11) 28,869, , Interest on credit default swaps (note 12) 4,220, Interest on bonds, net 142,338, ,490, ,178, Bank interest 5,066, , , Dividends 91,126, Other income 8,177, , ,283, ,947, ,187, EXPENSES Management and investment advisory fee (note 4) 70,925, , , Custodian fee, interest and bank charges 8,124, , , Service fee (note 5) 15,588, , , Audit fees and other expenses 4,233, , , Taxe d abonnement (note 3) 3,445, , , Interest paid on repos 39, , Interest paid on swaps (note 11) 33,543, , Premiums on credit default swaps (note 12) 2,271, , Other expenses 1,672, ,844, ,190, , NET INVESTMENT INCOME 140,438, ,756, ,352, Net realised gain/loss on sales of investments -2,209,975, ,181, ,704, Net realised gain/loss on sales of investments pooling effect (note 1) -175,790, , Net realised gain/loss on forward exchange contracts -110,268, , , Net gain/loss on foreign exchange 68,005, ,600, , Net realised gain/loss on forward contracts 132,958, , , Net realised gain/loss on swaps/cds 28,768, , NET REALISED GAIN -2,125,862, ,096, ,144, Change in net unrealised gain/loss: - on investments 2,252,346, ,308, ,182, on forward exchange contracts 111,994, , , on forward contracts -179,968, , , on credit default swaps -977, , on swap contracts -20,406, GAIN/LOSS RESULTING FROM OPERATIONS 37,126, ,931, ,063, Proceeds from subscription of shares 11,419,291, ,170, ,878, Cost of shares redeemed -9,361,858, ,513, ,287, Dividends paid (note 14) -12,050, , , Revaluation difference* 11,170, , Revaluation difference on the net assets at the beginning of the period** -360,758, NET ASSETS AT THE END OF THE PERIOD 23,769,961, ,337, ,666, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30, ** The difference mentioned above is a result of the euro exchange rate fluctuations affecting the different items related to the sub-funds denominated in currencies other than euro between November 1, 2008 and April 30,

35 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 CHF Liquidity USD Liquidity EUR Liquidity EUR Corporate Bonds Global Emerging Debt CHF USD EUR EUR USD 3,041,846, ,258,845, ,209,344, ,202, ,173, , , ,484, ,200, , ,872, ,245, ,562, ,538, ,613, , , ,049, , , , ,227, ,369, ,649, ,150, ,874, , , ,665, , , , , , , , , , , , , , , , , , , , , , , , , ,697, , ,749, , , , ,894, ,302, ,992, ,707, ,968, ,332, ,066, ,657, ,442, ,905, ,109, ,339, ,069, ,828, ,147, , ,303, ,728, ,645, ,711, , ,101, ,017, , , , , , , , , , ,929, ,138, ,928, ,362, ,524, ,612, ,594, ,693, ,374, ,393, ,383, ,582, , , ,670, , , , , , ,780, , ,378, ,149, ,609, ,257, ,633, ,964, ,998,791, ,412,051, ,023, ,103, ,070,425, ,227,198, ,328,829, ,247, ,446, ,017, , , , , , , ,697,747, ,038,442, ,318,805, ,910, ,332,

36 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 World Government Bonds EUR High Yield EUR Short Mid-Term Bonds EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 112,259, ,829, ,869, INCOME Interest on securities lending (note 13) Interest on swaps (note 11) , Interest on credit default swaps (note 12) , Interest on bonds, net 2,193, ,177, ,225, Bank interest 46, , , Dividends Other income ,241, ,598, ,279, EXPENSES Management and investment advisory fee (note 4) 192, , , Custodian fee, interest and bank charges 49, , , Service fee (note 5) 48, , , Audit fees and other expenses 28, , , Taxe d abonnement (note 3) 16, , , Interest paid on repos , Interest paid on swaps (note 11) , Premiums on credit default swaps (note 12) , Other expenses 174, , , , NET INVESTMENT INCOME 1,732, ,602, ,763, Net realised gain/loss on sales of investments 1,779, ,979, ,323, Net realised gain/loss on sales of investments pooling effect (note 1) 1,767, , , Net realised gain/loss on forward exchange contracts -240, , , Net gain/loss on foreign exchange 276, , , Net realised gain/loss on forward contracts -117, , , Net realised gain/loss on swaps/cds , NET REALISED GAIN 5,198, ,062, ,219, Change in net unrealised gain/loss: - on investments -3,582, ,373, ,561, on forward exchange contracts 95, , , on forward contracts 9, , , on credit default swaps , on swap contracts GAIN/LOSS RESULTING FROM OPERATIONS 1,720, ,659, ,399, Proceeds from subscription of shares 183,873, ,195, ,238, Cost of shares redeemed -149,402, ,169, ,557, Dividends paid (note 14) -1, , , Revaluation difference* -1,015, , , NET ASSETS AT THE END OF THE PERIOD 147,435, ,832, ,630, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

37 Pictet Funds (LUX) USD Short Mid-Term Bonds STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 EUR Turbo Income CHF Bonds EUR Government Bonds EUR Inflation Linked Bonds USD EUR CHF EUR EUR 47,964, ,055, ,431, ,349, ,827, , ,512, , ,251, , ,631, ,153, , , , , , , , , ,646, , ,881, ,177, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,608, , , , ,145, ,364, , ,100, , ,736, ,812, , , ,108, ,035, ,319, , ,174, , , , , , , , , , , , , , , ,031, , , , ,561, ,196, ,484, ,935, , ,084, ,601, ,746, ,317, ,518, , , , , , , , , , , ,718, ,550, ,563, ,182, ,175, ,736, ,801, , ,791, ,025, ,100, ,912, ,860, ,050, ,582, ,798, , , , , , , ,380, ,569, ,262, ,730, ,864,

38 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 EUR Asset Backed Securities Emerging Local Currency Debt Asian Local Currency Debt EUR USD USD NET ASSETS AT THE BEGINNING OF THE PERIOD 49,935, ,099, ,679, INCOME Interest on securities lending (note 13) Interest on swaps (note 11) ,735, ,762, Interest on credit default swaps (note 12) ,904, , Interest on bonds, net 655, ,907, ,191, Bank interest 79, , , Dividends Other income 216, ,346, , ,967, ,450, EXPENSES Management and investment advisory fee (note 4) , , Custodian fee, interest and bank charges 3, , , Service fee (note 5) 1, , , Audit fees and other expenses 5, , , Taxe d abonnement (note 3) 1, , , Interest paid on repos Interest paid on swaps (note 11) ,536, ,066, Premiums on credit default swaps (note 12) ,099, , Other expenses , ,780, ,610, NET INVESTMENT INCOME 939, ,186, ,159, Net realised gain/loss on sales of investments -21,563, ,772, ,497, Net realised gain/loss on sales of investments pooling effect (note 1) , Net realised gain/loss on forward exchange contracts ,072, ,611, Net gain/loss on foreign exchange , , Net realised gain/loss on forward contracts ,108, , Net realised gain/loss on swaps/cds , , NET REALISED GAIN -20,624, , ,927, Change in net unrealised gain/loss: - on investments 6,403, ,874, ,472, on forward exchange contracts ,234, ,637, on forward contracts , , on credit default swaps , , on swap contracts ,287, ,336, GAIN/LOSS RESULTING FROM OPERATIONS -14,220, ,574, ,958, Proceeds from subscription of shares 84, ,404, ,235, Cost of shares redeemed -10,978, ,009, ,437, Dividends paid (note 14) , , Revaluation difference* NET ASSETS AT THE END OF THE PERIOD 24,820, ,883, ,233, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

39 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Global Emerging Currencies (JPY) Liquidity Latin American Local Currency Debt (USD) Sovereign Liquidity (EUR) Sovereign Liquidity USD JPY USD USD EUR 27,755, ,763,887, ,559, ,538, ,852,634, ,087, , ,434, , ,704, ,034, , , , , , , ,363, ,577, ,769, ,871, , ,487, , , , , ,940, , , , , ,296, , , , , ,332, , , , , ,076, , , , , , , ,133, ,002, , ,056, , ,229, , ,065, ,814, ,016, ,125,873, ,688, ,911, ,417, ,056, , , ,729, ,158,992, , ,437, ,846, , ,690, , , , , , ,720, ,659, ,681, ,956, ,222, , ,708,340, ,028, ,025, ,587, ,773, ,801,081, , ,378, , , , , ,918, ,551, ,603, ,665, ,855, ,342,878, ,965, ,046, ,276,364, ,963, ,293,419, ,557, ,952, ,343,278, , , , , , , ,496, ,881,250, ,518, ,222, ,807,759,

40 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 European Equity Selection Small Cap Europe Emerging Markets EUR EUR USD NET ASSETS AT THE BEGINNING OF THE PERIOD 280,745, ,571, ,801, INCOME Interest on securities lending (note 13) 2, , , Interest on swaps (note 11) Interest on credit default swaps (note 12) Interest on bonds, net Bank interest 7, , , Dividends 3,941, , ,275, Other income , ,951, , ,407, EXPENSES Management and investment advisory fee (note 4) 1,221, , ,166, Custodian fee, interest and bank charges 71, , ,858, Service fee (note 5) 280, , , Audit fees and other expenses 38, , , Taxe d abonnement (note 3) 39, , , Interest paid on repos Interest paid on swaps (note 11) Premiums on credit default swaps (note 12) Other expenses ,650, , ,108, NET INVESTMENT INCOME 2,301, , ,298, Net realised gain/loss on sales of investments -86,067, ,033, ,364, Net realised gain/loss on sales of investments pooling effect (note 1) -34, ,569, Net realised gain/loss on forward exchange contracts , Net gain/loss on foreign exchange -859, , , Net realised gain/loss on forward contracts Net realised gain/loss on swaps/cds NET REALISED GAIN -84,659, ,706, ,938, Change in net unrealised gain/loss: - on investments 75,795, ,638, ,763, on forward exchange contracts on forward contracts on credit default swaps on swap contracts GAIN/LOSS RESULTING FROM OPERATIONS -8,864, , ,824, Proceeds from subscription of shares 45,111, ,689, ,555, Cost of shares redeemed -106,049, ,941, ,089, Dividends paid (note 14) -2, , Revaluation difference* NET ASSETS AT THE END OF THE PERIOD 210,940, ,250, ,000,092, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

41 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Eastern Europe Europe Index USA Index European Sustainable Equities Japan Index EUR EUR USD EUR JPY 267,877, ,623, ,165, ,453, ,887,788, , , , , , ,203, ,492, ,755, ,018, ,720, ,457, , ,489, ,212, ,973, ,764, ,019, ,703, ,423, , , , ,509, , , , , ,791, , , , , ,751, , , , , ,281, , , , , ,869, ,947, ,366, , ,737, , ,150, ,845, ,174, ,027, , ,552, ,244, ,457, ,654, ,149, ,620,418, ,967, , , , , , ,897, ,186, ,639, ,651, ,403, ,849, ,550, ,329,607, ,653, ,140, ,560, ,154, ,878,259, , ,022, ,997, ,736, ,568, ,396, ,397,325, ,357, ,753, ,302, ,895, ,529,036, ,773, ,634, ,287, ,640, ,524,807, , , , ,743, ,464, ,421, ,576, ,200, ,490,948,

42 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Pacific (Ex Japan) Index Digital Communication Biotech USD USD USD NET ASSETS AT THE BEGINNING OF THE PERIOD 156,835, ,145, ,934,516, INCOME Interest on securities lending (note 13) 4, , Interest on swaps (note 11) Interest on credit default swaps (note 12) Interest on bonds, net Bank interest , , Dividends 4,040, ,538, ,487, Other income 330, , ,376, ,551, ,694, EXPENSES Management and investment advisory fee (note 4) 131, , ,910, Custodian fee, interest and bank charges 146, , , Service fee (note 5) 12, , ,881, Audit fees and other expenses 26, , , Taxe d abonnement (note 3) 13, , , Interest paid on repos Interest paid on swaps (note 11) Premiums on credit default swaps (note 12) Other expenses 27, , , ,743, NET INVESTMENT INCOME 4,019, ,119, ,049, Net realised gain/loss on sales of investments -56,401, ,376, ,173, Net realised gain/loss on sales of investments pooling effect (note 1) ,638, ,818, Net realised gain/loss on forward exchange contracts , ,194, Net gain/loss on foreign exchange 394, , ,482, Net realised gain/loss on forward contracts Net realised gain/loss on swaps/cds NET REALISED GAIN -51,987, ,666, ,754, Change in net unrealised gain/loss: - on investments 60,505, ,628, ,847, on forward exchange contracts ,537, on forward contracts on credit default swaps on swap contracts GAIN/LOSS RESULTING FROM OPERATIONS 8,518, ,962, ,063, Proceeds from subscription of shares 60,346, ,797, ,072, Cost of shares redeemed -81,947, ,793, ,682, Dividends paid (note 14) -2, Revaluation difference* ,146, NET ASSETS AT THE END OF THE PERIOD 143,750, ,111, ,601,989, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

43 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Premium Brands Water Indian Equities Japanese Equities 130/30 US Equities EUR EUR USD JPY USD 101,933, ,373,854, ,390, ,999,811, ,764, , , , , , , , , ,845, , ,615, , , , ,359, , ,402, , , ,491, ,728, ,213, , , , , ,249, , , ,193, , ,936, , , , , ,673, , , , , ,896, , ,121, , , ,761, ,546, ,091, , , ,402, ,082, ,311, , ,550, ,054, ,535, ,259,907, ,628, ,737, ,463, , , , , , , , ,814, , ,297, ,134, ,308, ,677, ,190,114, ,644, ,654, ,502, ,180, ,708,244, ,237, , ,065, ,479, ,811, ,502, ,804, ,407, ,916, ,471, ,693, ,559, ,669, ,363, ,527, ,289, ,293,621, ,695, , , ,007, ,077,899, ,297, ,116,942, ,330,

44 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Asian Equities (Ex Japan) Global Equity Selection (note 1) Continental European Equities (note 1) USD USD EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 698,953, ,249, ,706, INCOME Interest on securities lending (note 13) 29, Interest on swaps (note 11) Interest on credit default swaps (note 12) Interest on bonds, net Bank interest 21, , Dividends 6,992, , , Other income ,043, , , EXPENSES Management and investment advisory fee (note 4) 3,734, , , Custodian fee, interest and bank charges 727, , , Service fee (note 5) 802, , , Audit fees and other expenses 119, , , Taxe d abonnement (note 3) 84, Interest paid on repos Interest paid on swaps (note 11) Premiums on credit default swaps (note 12) Other expenses ,468, , , NET INVESTMENT INCOME 1,575, , , Net realised gain/loss on sales of investments -409,256, ,405, ,737, Net realised gain/loss on sales of investments pooling effect (note 1) -1,596, Net realised gain/loss on forward exchange contracts -67, , Net gain/loss on foreign exchange -3,771, , , Net realised gain/loss on forward contracts Net realised gain/loss on swaps/cds NET REALISED GAIN -413,116, ,374, ,695, Change in net unrealised gain/loss: - on investments 478,381, ,916, ,353, on forward exchange contracts 287, on forward contracts on credit default swaps on swap contracts GAIN/LOSS RESULTING FROM OPERATIONS 65,552, ,457, ,341, Proceeds from subscription of shares 84,445, ,241, ,841, Cost of shares redeemed -124,540, ,033, ,205, Dividends paid (note 14) -4, Revaluation difference* 415, NET ASSETS AT THE END OF THE PERIOD 724,821, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

45 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Greater China Japanese Equity Selection Generics Emerging Markets Index Japanese Mid-Small Cap USD JPY USD USD JPY 188,101, ,560,355, ,176, ,676, ,237,939, , , , , , ,295, , , ,162, ,526, , ,000, ,423, , ,284, ,210, ,857, , ,290, ,476, ,486, ,418, , , ,694, , ,364, , , , , ,912, , , ,156, , ,078, , , , , ,472, , , , , ,065, ,245, ,279, , ,253, , ,611, , ,468, ,223, ,899, ,768,073, ,830, ,991, ,040,390, ,240, ,120, ,812, , ,349, ,311, ,079, ,717, , , , , ,950, ,117,214, ,920, ,740, ,039,040, ,669, ,104,301, ,187, ,195, ,863, ,774, , , ,986, ,906,138, ,698, ,454, ,177, ,762, ,009,016, ,369, ,332, ,654,523, ,880, ,584,747, ,517, ,900, ,711,045, , , , ,821, , ,949, ,206,227, ,195, ,516, ,060,240,

46 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Emerging Markets Large Cap Euroland Index (note 1) US Equity Selection USD EUR USD NET ASSETS AT THE BEGINNING OF THE PERIOD 25,531, ,004, ,442,747, INCOME Interest on securities lending (note 13) , , Interest on swaps (note 11) Interest on credit default swaps (note 12) Interest on bonds, net Bank interest 7, , Dividends 273, ,315, ,594, Other income , , ,353, ,926, EXPENSES Management and investment advisory fee (note 4) 231, , ,875, Custodian fee, interest and bank charges 120, , , Service fee (note 5) 35, , ,970, Audit fees and other expenses 12, , , Taxe d abonnement (note 3) 4, , , Interest paid on repos Interest paid on swaps (note 11) Premiums on credit default swaps (note 12) Other expenses , , ,737, NET INVESTMENT INCOME -123, ,276, , Net realised gain/loss on sales of investments -8,257, ,489, ,015, Net realised gain/loss on sales of investments pooling effect (note 1) -2,539, ,971, ,394, Net realised gain/loss on forward exchange contracts -135, ,899, Net gain/loss on foreign exchange 320, , ,707, Net realised gain/loss on forward contracts Net realised gain/loss on swaps/cds NET REALISED GAIN -10,735, ,202, ,412, Change in net unrealised gain/loss: - on investments 13,832, ,191, ,513, on forward exchange contracts 271, ,257, on forward contracts on credit default swaps on swap contracts GAIN/LOSS RESULTING FROM OPERATIONS 3,368, , ,641, Proceeds from subscription of shares 4,571, ,847, ,897, Cost of shares redeemed -6,291, ,275, ,097, Dividends paid (note 14) Revaluation difference* 344, ,395, NET ASSETS AT THE END OF THE PERIOD 27,524, ,565, ,768,301, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

47 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Security Clean Energy Euroland Equities (note 1) Russian Equities Timber USD USD EUR USD USD 102,102, ,702, ,894, ,134, ,200, , , , , , , , ,296, , ,398, , , , ,343, , ,400, , , ,172, , , , , , , , , , , , , , , , , , , , , , ,062, ,024, , , , , ,681, , , , ,491, ,634, ,380, ,913, , , , , , , , , , , ,220, ,459, ,339, ,197, , ,273, ,328, ,289, ,245, ,757, , ,053, ,869, ,050, ,952, ,867, ,449, ,904, , ,099, ,208, ,074, ,986, ,876, ,541, ,479, ,530, ,490, ,739, ,797,

48 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Global Megatrend Selection (note 1) EAFE (note 1) Piclife USD USD CHF NET ASSETS AT THE BEGINNING OF THE PERIOD - 1,322, ,197, INCOME Interest on securities lending (note 13) Interest on swaps (note 11) , Interest on credit default swaps (note 12) , Interest on bonds, net , Bank interest , Dividends 40, , , Other income , , , ,410, EXPENSES Management and investment advisory fee (note 4) 32, , , Custodian fee, interest and bank charges 1, , Service fee (note 5) 5, , Audit fees and other expenses , Taxe d abonnement (note 3) 1, , Interest paid on repos Interest paid on swaps (note 11) , Premiums on credit default swaps (note 12) , Other expenses 3, , , , , NET INVESTMENT INCOME -3, , , Net realised gain/loss on sales of investments -486, ,854, ,701, Net realised gain/loss on sales of investments pooling effect (note 1) 1,498, ,599, ,768, Net realised gain/loss on forward exchange contracts -29, , , Net gain/loss on foreign exchange 2, , , Net realised gain/loss on forward contracts ,216, Net realised gain/loss on swaps/cds , NET REALISED GAIN 981, ,660, ,362, Change in net unrealised gain/loss: - on investments 911, ,187, ,755, on forward exchange contracts 6, , on forward contracts ,916, on credit default swaps , on swap contracts , GAIN/LOSS RESULTING FROM OPERATIONS 1,899, , , Proceeds from subscription of shares 10,446, , ,610, Cost of shares redeemed -778, , ,917, Dividends paid (note 14) Revaluation difference* NET ASSETS AT THE END OF THE PERIOD 11,568, ,310, *The difference mentioned above is a result of the euro exchange rate fluctuations of the different items related to the share classes denominated in a currency other than the currency of the sub-fund between November 1, 2008 and April 30,

49 Pictet Funds (LUX) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM NOVEMBER 1, 2008 TO APRIL 30, 2009 Absolute Return Global Diversified EUR Absolute Return Global Conservative EUR 1,610,292, ,270, , , , , ,087, , ,155, , , , ,820, , ,124, , ,330, , ,534, , , , , , , ,564, , ,744, , ,566, ,172, ,836, ,751, ,421, ,583, ,009, ,527, ,120, ,750, ,641, ,540, ,796, ,719, ,848, ,419, ,859, ,458, ,042, ,066, ,524, ,410, , , ,791, ,204, ,572, ,639, , , ,447,816, ,512,

50 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share EUR Bonds I EUR 149, R EUR 31, P Cap EUR 472, P Distr EUR 41, Z Cap EUR 467, HI-CHF CHF 4, HP Cap-CHF CHF 4, USD Government Bonds I USD 88, R USD 20, P Cap USD 247, P Distr USD 56, Z Cap USD 100, CHF Liquidity I CHF 2,362, R CHF 437, P Cap CHF 6,429, P Distr CHF 376, Z Cap CHF 1,502, Z Distr CHF 13,966, USD Liquidity I USD 3,082, R USD 436, P Cap USD 2,857, P Distr USD 50, Z Cap USD 1,495, EUR Liquidity I EUR 4,426, R EUR 2,276, P Cap EUR 5,181, P Distr EUR 106, Z Cap EUR 5,093, * NII = Net Investment Income 48

51 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share EUR Corporate Bonds I EUR 831, R EUR 189, P Cap EUR 582, P Distr EUR 241, Z Distr EUR Z Cap EUR 744, HI-CHF CHF 48, HP Cap-CHF CHF 170, HI-USD USD HP Cap-USD USD 121, Global Emerging Debt I USD 437, R USD 51, P Cap USD 253, P Distr USD 95, Z Cap USD 48, HI-EUR EUR 238, HP Cap-EUR EUR 156, HR-EUR EUR 14, HI-CHF CHF 9, HP Cap-CHF CHF 40, World Government Bonds I EUR 832, R EUR 37, P Cap EUR 104, P Distr EUR 6, Z Cap EUR 27, I-USD USD 49, R-USD USD 55, P Cap-USD USD 63, P Distr-USD USD 1, Z Cap-USD USD 61, * NII = Net Investment Income 49

52 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share EUR High Yield I EUR 75, R EUR 160, P Cap EUR 373, P Distr EUR 90, Z Cap EUR 245, HI-CHF CHF 18, HP Cap-CHF CHF 82, EUR Short Mid-Term I EUR 846, Bonds R EUR 582, P Cap EUR 1,001, P Distr EUR 60, Z Cap EUR 462, HI-CHF CHF 421, HP Cap-CHF CHF 149, USD Short Mid-Term I USD 182, Bonds R USD 66, P Cap USD 1,113, P Distr USD 8, Z Cap USD EUR Turbo Income I EUR R EUR 16, P Cap EUR P Distr EUR Z Cap EUR 3, HI-CHF CHF HP Cap-CHF CHF CHF Bonds I CHF 89, R CHF 43, P Cap CHF 540, P Distr CHF 12, Z Cap CHF 1,783, * NII = Net Investment Income 50

53 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share EUR Government Bonds I EUR 1,238, R EUR 381, P Cap EUR 2,936, P Distr EUR 59, Z Cap EUR 2,804, HI-CHF CHF 466, HP Cap-CHF CHF 270, EUR Inflation Linked I EUR 34, Bonds P Cap EUR 75, P Distr EUR 1, R EUR 179, Z Cap EUR 69, EUR Asset Backed I EUR Securities P Cap EUR P Distr EUR R EUR 1, Z Cap EUR 411, Emerging Local Currency I USD 939, Debt P Cap USD 133, P Distr USD 30, R USD 119, Z Cap USD 390, P Distr-GBP GBP 11, I-EUR EUR 172, P Cap-EUR EUR 87, R-EUR EUR 42, HI-EUR EUR 45, HP Cap-EUR EUR 1, HR-EUR EUR * NII = Net Investment Income 51

54 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Asian Local Currency Debt I USD 308, P Cap USD 152, P Distr USD 58, R USD 26, Z Cap USD 8, I-EUR EUR 7, P Cap-EUR EUR 91, R-EUR EUR 22, P Distr-GBP GBP Global Emerging I USD 34, Currencies P Cap USD 131, P Distr USD 4, R USD Z Cap USD 1, HI-EUR EUR HP Cap-EUR EUR 6, HR-EUR EUR I-EUR EUR P Cap-EUR EUR 9, R-EUR EUR 2, (JPY) Liquidity I JPY 15, , , , J Cap JPY 214, , , , P Cap JPY 236, , , , P Distr JPY , , , R JPY 28, , , , Z Cap JPY , , , * NII = Net Investment Income 52

55 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Latin American Local I USD 23, Currency Debt P Cap USD 87, P Distr USD 1, R USD Z Cap USD P Distr-GBP GBP I-EUR EUR P Cap-EUR EUR 3, R-EUR EUR 28, (USD) Sovereign Liquidity I USD 3,340, P Cap USD 2,446, P Distr USD 249, R USD 214, Z Cap USD 1,667, (EUR) Sovereign Liquidity I EUR 11,469, P Cap EUR 4,525, P Distr EUR 711, R EUR 1,365, Z Cap EUR 8,505, J Cap EUR 863, European Equity Selection I EUR 135, P Cap EUR 389, P Distr EUR R EUR 147, Z EUR Small Cap Europe I EUR 79, P Cap EUR 162, P Distr EUR R EUR 37, Z EUR 9, * NII = Net Investment Income 53

56 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Emerging Markets I USD 522, P Cap USD 635, P Distr USD R USD 133, Z USD 1,180, I-EUR EUR 80, P Cap-EUR EUR 149, R-EUR EUR 12, Eastern Europe I EUR 165, P Cap EUR 863, P Distr EUR P Distr-GBP GBP R EUR 136, Z EUR 100, Europe Index I EUR 2,220, (note 1) IS EUR 317, P Cap EUR 3,267, P Distr EUR 20, R EUR 553, R Distr-GBP GBP Z EUR 777, USA Index I USD 2,737, IS USD 427, P Cap USD 5,862, P Distr USD 42, R USD 923, R Distr-GBP GBP Z USD 1,029, * NII = Net Investment Income 54

57 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share European Sustainable I EUR 139, Equities P Cap EUR 211, P Distr EUR 87, R EUR 49, Z EUR 83, Japan Index I JPY 1,196, , , , IS JPY 3,715, , , , P Cap JPY 882, , , , P Distr JPY 19, , , , R JPY 401, , , , R Distr-GBP GBP Z JPY 344, , , , Pacific (Ex Japan) Index I USD 156, IS USD 152, P Cap USD 161, P Distr USD R USD 59, R Distr-GBP GBP Z USD 282, Digital Communication I USD 37, P Cap USD 262, P Distr USD P Distr-GBP GBP R USD 106, Z USD 21, HI-EUR EUR I-EUR EUR P Cap-EUR EUR 2, R-EUR EUR 4, * NII = Net Investment Income 55

58 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Biotech I USD 545, P Cap USD 3,710, P Distr USD 15, P Distr-GBP GBP 4, R USD 491, Z USD 42, I-EUR EUR 256, P Cap-EUR EUR 136, R-EUR EUR 14, HI-EUR EUR 194, HP Cap-EUR EUR 487, HR-EUR EUR 165, Premium Brands I EUR 146, P Cap EUR 416, P Distr EUR 10, P Distr-GBP GBP R EUR 577, Z EUR 24, I-USD USD 107, P Cap-USD USD 124, R-USD USD 1, Water I EUR 2,200, P Cap EUR 13,069, P Distr EUR 320, R EUR 3,050, Z EUR 87, P Distr-GBP GBP 7, I-USD USD 190, P Cap-USD USD 928, R-USD USD 21, HP Cap-USD USD HR-USD USD * NII = Net Investment Income 56

59 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Indian Equities I USD 121, P Cap USD 444, P Distr USD 1, P Distr-GBP GBP R USD 424, Z USD 187, I-EUR EUR P Cap-EUR EUR 33, R-EUR EUR 32, Japanese Equities 130/30 I JPY 77, , , , P Cap JPY 1,304, , , , P Distr JPY , , , R JPY 183, , , , I-EUR EUR P Cap-EUR EUR 12, R-EUR EUR 7, US Equities I USD 683, P Cap USD 151, P Distr USD R USD 95, Z USD 132, Asian Equities (Ex Japan) I USD 3,200, P Cap USD 2,192, P Distr USD 2, R USD 212, Z USD 115, I-EUR EUR 137, P Cap-EUR EUR 137, R-EUR EUR 39, HI-EUR EUR HP Cap-EUR EUR 48, HR-EUR EUR 57, * NII = Net Investment Income 57

60 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Greater China I USD 43, P Cap USD 433, P Distr USD 5, P Distr-GBP GBP 1, R USD 271, Z USD 65, I-EUR EUR 1, P Cap-EUR EUR 107, R-EUR EUR 36, Japanese Equity Selection I JPY 1,498, , , , P Cap JPY 834, , , , P Distr JPY 2, , , , R JPY 310, , , , Z JPY 1,200, , , , P Distr-GBP GBP I-EUR EUR 179, P Cap-EUR EUR 40, R-EUR EUR HI-EUR EUR 178, HP Cap-EUR EUR 198, HR-EUR EUR 59, Generics I USD 328, P Cap USD 750, P Distr USD P Distr-GBP GBP R USD 235, Z USD I-EUR EUR 155, P Cap-EUR EUR 51, R-EUR EUR 3, HI-EUR EUR 86, HP Cap-EUR EUR 68, HR-EUR EUR 57, * NII = Net Investment Income 58

61 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Emerging Markets Index I USD 373, IS USD 33, P Cap USD 798, P Distr USD 13, R USD 29, R Distr-GBP GBP 2, Z USD 1,925, Japanese Mid-Small Cap I JPY 5, , , , P Cap JPY 267, , , , P Distr JPY 5, , , , R JPY 20, , , , Z JPY , , , I-EUR EUR P Cap-EUR EUR 1, R-EUR EUR 1, Emerging Markets Large I USD 47, Cap P Cap USD 66, P Distr USD R USD 27, Z USD I-EUR EUR P Cap-EUR EUR 2, R-EUR EUR HI-EUR EUR HP Cap-EUR EUR 36, HR-EUR EUR 80, Euroland Index I EUR 123, (note 1) P Cap EUR 220, P Distr EUR R EUR 145, R Distr-GBP GBP Z EUR 961, * NII = Net Investment Income 59

62 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share US Equity Selection I USD 6,033, P Cap USD 9,311, P Distr USD 130, R USD 463, Z USD 334, R-EUR EUR HI-EUR EUR 915, HP Cap-EUR EUR 3,903, HR-EUR EUR 117, Security I USD 77, P Cap USD 354, P Distr USD 4, P Distr-GBP GBP R USD 544, Z USD I-EUR EUR 106, P Cap-EUR EUR 194, R-EUR EUR 54, Clean Energy I USD 369, P Cap USD 1,864, P Distr USD 34, P Distr-GBP GBP 11, R USD 1,764, Z USD 371, I-EUR EUR 287, P Cap-EUR EUR 2,294, R-EUR EUR 583, * NII = Net Investment Income 60

63 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Russian Equities I USD 212, P Cap USD 584, P Distr USD 7, R USD 49, Z USD I-EUR EUR 163, P Cap-EUR EUR 614, R-EUR EUR 107, P Distr-GBP GBP 6, Timber I USD 131, P Cap USD 38, P Distr USD R USD 2, I-EUR EUR 106, P Cap-EUR EUR 27, R-EUR EUR 14, P Distr-GBP GBP HP Cap-EUR EUR 4, Global Megatrend I USD 5, Selection (note 1) P Cap USD 39, P Distr USD R USD 47, Z USD I-EUR EUR 7, P Cap-EUR EUR P Distr-EUR EUR R-EUR EUR 7, P Cap CHF CHF 7, P Distr-GBP GBP Piclife P Cap CHF 100, R CHF 45, S CHF 20, * NII = Net Investment Income 61

64 Pictet Funds (LUX) NUMBER OF SHARES OUTSTANDING, NET ASSET VALUE PER SHARE AND NET INVESTMENT INCOME (NII) Sub-fund Type of shares Currency Number of shares outstanding NII (*) Net asset value per share Net asset value per share Net asset value per share Absolute Return Global I EUR 3,854, Diversified P Cap EUR 2,060, P Distr EUR 43, R EUR 6,426, Z EUR 982, HI-CHF CHF 18, HI-GBP GBP HI-JPY JPY , HI-USD USD HP Cap-CHF CHF 6, HP Cap-USD USD 53, HP Dist-GBP GBP HZ-CHF CHF HZ-GBP GBP HZ-JPY JPY , Absolute Return Global I EUR 268, Conservative P Cap EUR 31, P Distr EUR 2, R EUR 528, Z EUR 488, * NII = Net Investment Income 62

65 Pictet Funds (LUX) - EUR Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRIA 2.5% RAIFFEISEN ZENTRAL. 09/11 EUR 2,400, ,409, % AUSTRIA 04/15 EUR 5,200, ,244, % AUSTRIA 03/14 EUR 297, , % AUSTRIA 02/12 EUR 5,000, ,411, % AUSTRIA 97/27 EUR 3,700, ,483, ,863, BELGIUM 5% BELGIUM OLO 36 01/11 EUR 12,300, ,205, % BELGIUM OLO 38 02/12 EUR 19,840, ,599, % BELGIUM OLO 44 04/35 EUR 1,715, ,861, % BELGIUM OLO 31 98/28 EUR 3,350, ,849, ,515, DENMARK 3.125% DENMARK 09/14 EUR 4,400, ,415, ,415, FINLAND 4.375% FINLAND 08/19 EUR 2,000, ,114, ,114, FRANCE 3.875% C. F. F. 08/11 EUR 8,000, ,161, % B.T.A.N. 02/13 EUR 5,900, ,275, % O.A.T 05/38 EUR 1,350, ,335, % O.A.T 03/14 EUR 9,650, ,263, % O.A.T 04/55 EUR 1,935, ,914, % O.A.T 06/17 EUR 9,000, ,563, % O.A.T 03/19 EUR 8,250, ,730, % O.A.T 03/35 EUR 2,000, ,190, % O.A.T 00/16 EUR 12,300, ,765, % O.A.T 01/12 EUR 12,800, ,934, % O.A.T 99/10 EUR 2,200, ,333, % O.A.T 97/29 EUR 4,000, ,719, % O.A.T 00/32 EUR 1,300, ,604, % C.N.A. 97/11 EUR 150, , % O.A.T 94/25 EUR 1,920, ,377, % O.A.T 89/19 EUR 40, , ,389, GERMANY 2.5% GERMANY 05/10 EUR 300, , % GERMANY 04/15 EUR 4,000, ,259, % GERMANY 05/16 EUR 4,000, ,180, % GERMANY 06/17 EUR 1,400, ,476, % GERMANY 08/19 EUR 9,400, ,881, % GERMANY 05/37 EUR 350, , % GERMANY 06/16 EUR 700, , % GERMANY 07/18 EUR 4,000, ,288, % GERMANY 04/14 EUR 500, ,

66 Pictet Funds (LUX) - EUR Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4.25% GERMANY 03/14 EUR 850, , % GERMANY 07/17 EUR 3,000, ,267, % GERMANY 07/39 EUR 4,225, ,502, % GERMANY 03/13 EUR 12,400, ,456, % GERMANY 03/34 EUR 5,345, ,907, % GERMANY 08/40 EUR 2,350, ,707, % GERMANY 01/11 EUR 7,880, ,472, % GERMANY 00/11 EUR 15,800, ,828, % GERMANY 98/28 EUR 700, , % GERMANY 86/16 EUR 375, , % GERMANY 94/24 EUR 1,140, ,450, ,844, GREECE 3.60% GREECE 06/16 EUR 4,000, ,729, % GREECE 06/11 EUR 10,000, ,221, % GREECE 05/37 EUR 2,295, ,964, % GREECE 07/24 EUR 1,700, ,566, % GREECE 02/22 EUR 2,800, ,979, % GREECE 00/10 EUR 6,500, ,790, ,251, IRELAND 4% IRELAND 08/11 EUR 3,800, ,898, % IRELAND 04/20 EUR 3,500, ,276, ,174, ITALY 3.50% ITALY 06/11 EUR 2,000, ,061, % ITALY 06/16 EUR 3,400, ,452, % ITALY 06/21 EUR 4,300, ,046, % ITALY 05/37 EUR 3,725, ,213, % ITALY 04/15 EUR 11,650, ,241, % ITALY 08/13 EUR 1,300, ,364, % ITALY 07/18 EUR 4,500, ,704, % ITALY 08/18 EUR 7,300, ,551, % ITALY (BTP) 07/39 EUR 200, , % ITALY (BTP) 02/17 EUR 6,200, ,853, % ITALY 01/11 EUR 16,600, ,746, % ITALY 98/29 EUR 2,400, ,478, % ITALY 02/33 EUR 2,600, ,819, % ITALY 99/31 EUR 5,800, ,458, % ITALY 97/27 EUR 1,800, ,115, % ITALY 96/26 EUR 1,600, ,036, % ITALY 93/23 EUR 7,225, ,505, ,849, NETHERLANDS 4% NETHERLANDS 05/37 EUR 1,150, ,147, % NETHERLANDS 08/18 EUR 8,250, ,551, % B.N.G 02/12 EUR 200, , % NETHERLANDS 98/28 EUR 3,350, ,934, % NETHERLANDS 98/23 EUR 650, , ,739,

67 Pictet Funds (LUX) - EUR Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets PORTUGAL 3.35% PORTUGAL 05/15 EUR 4,900, ,849, % PORTUGAL 05/21 EUR 2,700, ,607, % PORTUGAL 03/14 EUR 500, , % PORTUGAL 02/12 EUR 2,000, ,152, % PORTUGAL 00/10 EUR 4,350, ,553, ,689, SPAIN 3% CAIXA CATALUNYA 09/12 EUR 3,500, ,498, % SPAIN 05/16 EUR 8,000, ,917, % SPAIN 03/13 EUR 15,750, ,734, % SPAIN 05/37 EUR 4,100, ,991, % SPAIN 01/32 EUR 2,190, ,593, ,735, SUPRANATIONAL 5.375% E.I.B. 02/12 EUR 150, , , SWEDEN 3.125% SWEDEN 09/14 EUR 4,400, ,412, ,412, TOTAL BONDS 430,159, OPTIONS UNITED KINGDOM CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 15/03/ ,

68 Pictet Funds (LUX) - EUR Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , , TOTAL OPTIONS 270, TOTAL I. 430,430, II. OTHER TRANSFERABLE SECURITIES BONDS AUSTRIA 3.4% AUSTRIA 09/14 EUR 2,203, ,224, ,224, TOTAL II. 2,224, TOTAL INVESTMENTS 432,654, CASH AT BANKS 614, OTHER NET ASSETS 8,068, TOTAL NET ASSETS 441,337,

69 Pictet Funds (LUX) - EUR Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Italy France Germany Belgium 9.16 Spain 7.86 Greece 6.18 Austria 4.56 Netherlands 3.34 Portugal 3.33 Ireland 1.62 Sweden 1.00 Denmark 1.00 Finland 0.48 United Kingdom 0.09 Supranational Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds 3.24 Options 0.09 Bonds issued by supranational institutions

70 Pictet Funds (LUX) - USD Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS FRANCE 3.375% S. F. E. F. 09/14 USD 3,740, ,772, % C. F. F. 05/09 USD 2,500, ,519, % S. N. C. F. 06/09 USD 1,500, ,529, ,820, GERMANY 3.75% K. F. W. 03/10 USD 3,800, ,884, % LANDW. RENTENBANK 03/10 USD 3,800, ,882, ,766, NETHERLANDS 4% B. N. G. 05/10 USD 1,900, ,944, ,944, NORWAY 4.375% EKSPORTFINANS 04/09 USD 3,000, ,008, % KOMMUNALBANKEN 05/10 USD 1,000, ,037, ,046, SUPRANATIONAL 3.66% WORLDBANK 05/09 USD 4,464, ,467, % ASIAN DEV. BANK 99/09 USD 2,000, ,002, ,470, SWEDEN 5.375% KOMMUNINVEST I SVER. 06/11 USD 3,800, ,040, ,040, UNITED STATES 0.875% US TREASURY 08/10 USD 3,300, ,302, % US TREASURY 09/11 USD 3,000, ,001, % US TREASURY 08/11 USD 4,500, ,487, % US TREASURY 09/12 USD 6,700, ,670, % US TREASURY 09/12 USD 3,000, ,005, % US TREASURY 09/12 USD 5,000, ,005, % US TREASURY 08/10 USD 600, , % US TREASURY 08/13 USD 4,000, ,928, % US TREASURY 08/13 USD 4,650, ,672, % US TREASURY 09/16 USD 2,100, ,103, % US TREASURY 08/13 USD 4,400, ,570, % US TREASURY 08/13 USD 4,800, ,071, % US TREASURY 08/13 USD 5,000, ,354, % US TREASURY 08/18 USD 3,000, ,121, % US TREASURY 08/18 USD 5,525, ,828, % US TREASURY 03/13 USD 5,300, ,741, % US TREASURY 08/18 USD 2,400, ,565, % US TREASURY 02/12 USD 2,300, ,494, % US TREASURY 04/14 USD 1,831, ,002, % US TREASURY 05/15 USD 3,500, ,830, % US TREASURY 08/18 USD 2,782, ,994, % US TREASURY 05/15 USD 3,900, ,305, % US TREASURY 03/13 USD 1,800, ,986,

71 Pictet Funds (LUX) - USD Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets 4.25% US TREASURY 03/13 USD 4,500, ,970, % US TREASURY 04/14 USD 3,025, ,362, % US TREASURY 05/15 USD 1,625, ,807, % US TREASURY 07/12 USD 4,150, ,531, % US TREASURY 07/17 USD 2,300, ,530, % US TREASURY 06/11 USD 5,000, ,398, % US TREASURY 06/11 USD 5,750, ,229, % US TREASURY 06/36 USD 2,765, ,969, % US TREASURY 08/38 USD 3,180, ,441, % US TREASURY 06/16 USD 1,300, ,460, % US TREASURY 07/12 USD 5,300, ,783, % US TREASURY 07/17 USD 2,000, ,239, % US TREASURY 07/17 USD 2,225, ,513, % US TREASURY 04/14 USD 1,381, ,564, % US TREASURY 07/17 USD 2,275, ,585, % US TREASURY 02/12 USD 3,500, ,848, % US TREASURY 06/11 USD 2,600, ,802, % US TREASURY 06/16 USD 1,700, ,948, % US TREASURY 07/12 USD 3,800, ,204, % US TREASURY 01/11 USD 4,000, ,364, % US TREASURY 07/37 USD 3,050, ,541, % US TREASURY 06/16 USD 2,525, ,935, % US TREASURY 98/28 USD 1,225, ,417, % US TREASURY 99/29 USD 1,350, ,564, % US TREASURY 01/31 USD 1,100, ,300, % US TREASURY 96/26 USD 1,500, ,870, % US TREASURY 97/27 USD 2,290, ,904, % US TREASURY 00/30 USD 2,600, ,391, % US TREASURY 93/23 USD 1,350, ,694, % US TREASURY 97/27 USD 1,225, ,591, % US TREASURY 96/26 USD 1,320, ,732, % US TREASURY 93/23 USD 1,600, ,153, % US TREASURY 86/16 USD 2,150, ,765, % US TREASURY 92/22 USD 1,750, ,371, % US TREASURY 86/16 USD 3,075, ,031, % US TREASURY 94/24 USD 780, ,109, % US TREASURY 95/25 USD 1,400, ,022, % US TREASURY 91/21 USD 1,300, ,821, % US TREASURY 91/21 USD 1,750, ,493, % US TREASURY 89/19 USD 2,125, ,990, % US TREASURY 91/21 USD 1,800, ,578, % US TREASURY 90/20 USD 200, , % US TREASURY 87/17 USD 2,400, ,377, % US TREASURY 90/20 USD 1,500, ,209, % US TREASURY 90/20 USD 1,450, ,139, % US TREASURY 89/19 USD 1,425, ,086, % US TREASURY 85/15 USD 4,200, ,059, ,653, TOTAL BONDS 251,743,

72 Pictet Funds (LUX) - USD Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets OPTIONS UNITED KINGDOM CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/

73 Pictet Funds (LUX) - USD Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ , TOTAL OPTIONS 69, TOTAL INVESTMENTS 251,812, CASH AT BANKS 2,440, OTHER NET ASSETS 3,413, TOTAL NET ASSETS 257,666,

74 Pictet Funds (LUX) - USD Government Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States France 3.03 Germany 3.02 Supranational 2.51 Sweden 1.57 Norway 1.57 Netherlands 0.75 United Kingdom Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds 9.35 Bonds issued by supranational institutions 2.51 Options

75 Pictet Funds (LUX) - CHF Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA FRN COMMONWEAL. BK AUST. 06/09 CHF 21,500, ,306, ,306, AUSTRIA 1.75% O. K. B. 05/10 CHF 3,025, ,047, % AUSTRIA 99/09 CHF 6,950, ,980, FRN ERSTE BANK 07/09 CHF 27,000, ,770, FRN RAIFFEISEN ZENTRAL. 06/09 CHF 1,500, ,490, ,289, BELGIUM 0% BELGIUM 08/09 EUR 15,000, ,611, ,611, CANADA 2% ONTARIO (PROV.) 04/09 CHF 570, , FRN CAISSE CENT. DESJARD. 08/10 CHF 21,960, ,850, FRN ROYAL BANK OF CANADA 08/11 CHF 5,000, ,954, ,376, DENMARK FRN DANSKE BANK 07/09 CHF 13,000, ,001, ,001, FINLAND 2.25% MUNICIPALITY FIN. 08/09 CHF 100, , FRN OBANK 06/09 CHF 11,000, ,963, ,064, FRANCE 2% C. F. F. 03/09 CHF 2,180, ,179, FRN BNP PARIBAS 08/09 CHF 19,800, ,720, FRN BNP PARIBAS 08/10 CHF 20,000, ,925, ,825, GERMANY 2% L. B. W. 04/09 CHF 4,875, ,888, % K. F. W. 99/09 CHF 730, , % BAYERISCHE LDBK 02/09 CHF 260, , % DEKABANK 02/09 CHF 490, , FRN DEUTSCHE BANK 07/09 CHF 7,000, ,000, ,380, IRELAND 1.875% DEPFA ACS BANK 04/09 CHF 2,000, ,997, FRN AEGON GLOBAL INST 07/10 CHF 10,110, ,086, FRN DEPFA BANK 07/09 CHF 9,985, ,419, ,503, LUXEMBOURG FRN LG ERSTE EUROP. KBK 08/09 CHF 6,120, ,067, ,067,

76 Pictet Funds (LUX) - CHF Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets NETHERLANDS 2.125% B. N. G. 04/09 CHF 1,420, ,427, ,427, NEW ZEALAND FRN TRANSPOWER FINANCE 06/09 CHF 4,000, ,950, ,950, NORWAY 2.25% KOMMUNALBANKEN 02/09 CHF 560, , FRN DNB NOR BK 06/09 CHF 27,500, ,132, ,698, SUPRANATIONAL 1.5% E. I. B. 05/10 CHF 725, , , UNITED KINGDOM FRN ANZ NATIONAL 08/10 CHF 20,850, ,542, ,542, UNITED STATES 1.2% ROCHE HOLDINGS 09/09 CHF 27,000, ,000, % TOYOTA MOTOR CREDIT 03/09 CHF 1,460, ,466, % BANK OF AMERICA 04/09 CHF 11,620, ,617, FRN CITIGROUP 06/09 CHF 4,875, ,625, FRN MERRILL LYNCH 06/09 CHF 10,705, ,494, ,203, TOTAL I. 324,978, II. OTHER TRANSFERABLE SECURITIES BONDS NETHERLANDS 0% B. N. G. 09/09 CHF 80,000, ,952, ,952, SWITZERLAND 0% SWISS CONFEDERATION 09/09 CHF 100,000, ,000, % SWISS CONFEDERATION 09/09 CHF 40,000, ,000, % SWISS CONFEDERATION 09/09 CHF 130,000, ,000, % SWISS CONFEDERATION 09/09 CHF 18,400, ,400, ,400, TOTAL II. 368,352, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% NAT. AUSTRAL. BK (ECP) 09/09 CHF 20,000, ,995, % SUNCORP METWAY (ECP) 09/09 EUR 30,000, ,276, % SUNCORP METWAY (ECP) 09/09 EUR 20,000, ,123, % WESTPAC BANK. (ECP) 09/09 CHF 10,000, ,997, ,394,

77 Pictet Funds (LUX) - CHF Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets AUSTRIA 0% O. K. B. (ECP) 09/09 CHF 45,000, ,976, % O. K. B. (ECP) 09/09 CHF 19,000, ,987, ,964, BELGIUM 0% ENI COORDINAT. (ECP) 09/09 EUR 10,000, ,063, ,063, CANADA 0% CDP FINANCIAL (ECP) 09/09 CHF 50,000, ,991, ,991, FINLAND 0% FINGRID OYJ (ECP) 09/09 EUR 10,000, ,059, % POHJOLA BANK (ECP) 09/09 CHF 5,000, ,996, % POHJOLA BANK (ECP) 09/09 EUR 18,000, ,157, ,213, FRANCE 0% CADES (ECP) 09/09 EUR 17,000, ,656, % CDC CAISSE DEP. (ECP) 09/09 CHF 40,000, ,995, % CDC CAISSE DEP. (ECP) 09/09 CHF 30,000, ,987, % CDC CAISSE DEP. (ECP) 09/09 CHF 30,000, ,000, % CDC CAISSE DEP. (ECP) 09/09 CHF 40,000, ,000, % CDC CAISSE DEP. (ECP) 09/09 CHF 35,000, ,997, % CREDIT AGRICOLE (CD) 09/09 EUR 36,000, ,331, % CREDIT AGRICOLE (CD) 09/09 EUR 15,000, ,586, % DEXIA C. L. F. (CD) 09/09 CHF 50,000, ,997, % HSBC FRANCE (ECP) 09/09 EUR 20,000, ,174, % SOC GEN. PARIS (ECP) 08/09 EUR 26,000, ,239, % SOC GEN. PARIS (ECP) 09/09 EUR 9,000, ,582, % SOC. GENERALE (CD) 09/09 EUR 5,000, ,527, % SOC. GENERALE (ECP) 09/09 EUR 5,000, ,526, ,606, GERMANY 0% E. ON (ECP) 09/09 USD 23,000, ,161, % NRW BANK (ECP) 09/09 EUR 20,000, ,152, % NRW BANK (ECP) 09/09 CHF 24,000, ,999, % TOYOTA LEASING (ECP) 09/09 EUR 15,000, ,626, % TOYOTA LEASING (ECP) 09/09 EUR 7,000, ,561, % TOYOTA LEASING (ECP) 09/09 EUR 10,000, ,072, ,574, IRELAND 0% HOUSING FIN. (ECP) 09/09 CHF 30,000, ,989, % IBM I.T.S. (ECP) 09/09 CHF 7,000, ,999, % IRELAND (ECP) 08/09 CHF 100,000, ,373, % IRELAND NTMA (ECP) 08/09 CHF 50,000, ,986, % SANPAOLO IMI BK (ECP) 09/09 EUR 25,000, ,719, % SANPAOLO IMI BK (ECP) 09/09 CHF 13,000, ,997, ,065,

78 Pictet Funds (LUX) - CHF Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets ITALY 0% ITALY (CP) 09/09 CHF 20,000, ,996, % ITALY (ECP) 09/09 CHF 30,000, ,991, % ITALY (ECP) 09/09 CHF 20,000, ,985, ,973, NETHERLANDS 0% NED. WATERSCHAP. (ECP) 09/09 CHF 107,000, ,941, % RABOBANK (ECP) 09/09 EUR 7,000, ,553, % RABOBANK (ECP) 09/09 EUR 25,000, ,672, ,168, NORWAY 0% DNB NOR BK (ECP) 09/09 CHF 15,000, ,999, % DNB NOR BK (ECP) 09/09 CHF 35,000, ,909, % EKSPORTFINANS (ECP) 08/09 CHF 50,000, ,889, % EKSPORTFINANS (ECP) 09/09 CHF 27,000, ,995, ,793, SPAIN 0% BANCO SANTANDER (ECP) 09/09 EUR 30,000, ,263, % BANCO SANTANDER (ECP) 09/09 EUR 4,000, ,029, ,292, SWEDEN 0% NORDEA BANK (ECP) 09/09 CHF 10,000, ,997, % NORDEA BANK (ECP) 09/09 EUR 28,000, ,223, % STADSHYPOTEK (ECP) 09/09 EUR 10,000, ,064, % STADSHYPOTEK (ECP) 09/09 EUR 15,000, ,588, % SVENSKA HANDEL. (ECP) 09/09 EUR 10,000, ,081, % SWEDBANK (ECP) 09/09 CHF 81,000, ,997, % SWEDISH EX. CRE. (ECP) 09/09 CHF 70,000, ,929, ,882, UNITED KINGDOM 0% ASB FINANCE (ECP) 09/09 CHF 10,000, ,997, % BANCO BILBAO (ECP) 09/09 CHF 50,000, ,995, % CAIXA G. DE DEP. (ECP) 09/09 CHF 39,000, ,996, % SCHLUMBERGER (ECP) 09/09 GBP 15,000, ,273, % SUMITOMO (ECP) 09/09 EUR 14,000, ,123, % HSBC BANK (CD) 09/09 EUR 15,000, ,638, ,024, UNITED STATES 0% PFIZER (ECP) 09/09 JPY 2,000,000, ,133, % PFIZER (ECP) 09/09 JPY 1,000,000, ,569, % PFIZER (ECP) 09/09 JPY 2,600,000, ,081, % PROC. & GAMBLE (ECP) 09/09 EUR 30,000, ,172, ,957, TOTAL III. 2,009,965, TOTAL INVESTMENTS 2,703,296, CASH AT BANKS 902, OTHER NET LIABILITIES -6,451, TOTAL NET ASSETS 2,697,747,

79 Pictet Funds (LUX) - CHF Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Switzerland Ireland 9.54 Sweden 9.49 Netherlands 8.77 United Kingdom 6.99 United States 6.12 Norway 5.73 Germany 5.27 Australia 4.70 Austria 3.79 Canada 2.86 Italy 2.59 Finland 2.17 Spain 1.90 Belgium 1.40 Denmark 0.48 Luxembourg 0.22 New Zealand 0.15 Supranational Industrial classification (in % of net assets) Money market instruments Corporate bonds Bonds issued by countries or cities 1.12 Bonds issued by supranational institutions

80 Pictet Funds (LUX) - USD Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA FRN NAT. AUSTRALIA BANK 06/11 USD 3,000, ,842, ,842, FINLAND FRN POHJOLA BANK S /09 USD 4,000, ,982, ,982, FRANCE FRN CREDIT AGRICOLE 06/09 USD 5,000, ,993, ,993, ITALY 0% ITALY 08/09 EUR 7,000, ,257, % ITALY 09/09 EUR 5,000, ,594, % ITALY (BOT) 09/09 EUR 20,000, ,447, ,299, NETHERLANDS FRN RABOBANK 08/10 USD 5,000, ,992, FRN SIEMENS FINANCE 06/09 USD 4,000, ,993, ,985, NORWAY FRN DNB NOR 06/09 USD 4,000, ,000, ,000, SPAIN FRN SANTANDER US 06/09 USD 3,000, ,990, ,990, SUPRANATIONAL 5.875% E. I. B. 99/09 USD 30,000, ,020, FRN WORLDBANK 09/10 USD 50,000, ,149, ,169, UNITED KINGDOM FRN ANZ NATIONAL T4 S 06/09 USD 2,000, ,993, FRN BANK OF MONTREAL 06/09 USD 5,000, ,985, FRN BP CAPITAL 08/10 USD 7,000, ,927, ,906, UNITED STATES 1.2% ROCHE HOLDINGS 09/09 CHF 10,000, ,780, FRN AMERICAN HONDA FIN. 06/09 USD 4,000, ,989, FRN BANK OF AMERICA 04/09 USD 1,350, ,347, FRN BANK OF AMERICA 07/10 USD 5,000, ,915, FRN CREDIT SUISSE (USA) 04/10 USD 3,000, ,959, FRN GENERAL ELEC. CAP. 05/09 USD 1,000, , FRN GENERAL ELEC. CAP. 06/09 USD 4,000, ,870, FRN GOLDMAN SACHS 06/09 USD 2,500, ,466, FRN HSBC FINANCE 05/10 USD 1,000, , FRN HSBC FINANCE 07/10 USD 1,000, , FRN IBM INTL. GROUP 08/09 USD 1,000, ,001, FRN JP MORGAN CHASE 04/09 USD 500, ,

81 Pictet Funds (LUX) - USD Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets FRN JP MORGAN CHASE 06/11 USD 3,000, ,788, FRN MERRILL LYNCH 06/09 USD 3,000, ,950, FRN WELLS FARGO 08/10 USD 5,000, ,943, FRN WORLD SAVING BANK 06/09 USD 6,000, ,967, ,347, TOTAL I. 213,519, II. OTHER TRANSFERABLE SECURITIES BONDS SPAIN FRN BANCO SABADELL S 07/10 USD 1,000, , , TOTAL II. 973, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% BNP PARIBAS AUS (ECP) 09/09 EUR 15,000, ,876, % ST. GEORGE BANK (ECP) 08/09 USD 4,000, ,994, % SUNCORP METWAY (ECP) 09/09 GBP 15,000, ,184, % SUNCORP METWAY (ECP) 09/09 EUR 5,000, ,621, % TREAS. CORP VIC. (ECP) 09/09 USD 40,000, ,957, % WEST. AUSTR. TRE. (ECP) 09/09 USD 31,000, ,959, % NAT.AUSTRAL.BK (CD) 09/09 USD 12,000, ,000, ,594, BELGIUM 0% ENI COORDINAT. (CP) 09/09 USD 5,000, ,985, % ENI COORDINAT. (ECP) 09/09 USD 20,000, ,000, ,985, CANADA 0% CDP FINANCIAL (ECP) 09/09 USD 18,000, ,978, ,978, FINLAND 0% FINGRID OYJ (ECP) 09/09 EUR 7,000, ,262, % POHJOLA BANK (ECP) 09/09 EUR 6,500, ,595, ,857, FRANCE 0% CDC CAISSE DEP. (ECP) 09/09 USD 25,000, ,975, % CREDIT AGRICOLE (CD) 09/09 EUR 15,000, ,876, % CREDIT AGRICOLE (CD) 09/09 EUR 14,000, ,509, % DEXIA C. L. F. (CD) 09/09 USD 20,000, ,949, % GDF SUEZ (ECP) 09/09 USD 11,000, ,000, % HSBC FRANCE (ECP) 09/09 EUR 15,000, ,864, % SOC GEN. PARIS (ECP) 08/09 EUR 17,000, ,526, ,702, GERMANY 0% DFS DEUTSCHE (ECP) 09/09 EUR 16,000, ,196, % E. ON (ECP) 09/09 USD 12,000, ,999,

82 Pictet Funds (LUX) - USD Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets 0% K. F. W. (ECP) 09/09 USD 12,500, ,472, % NRW BANK (ECP) 09/09 USD 7,000, ,994, ,663, IRELAND 0% IRELAND NTMA (ECP) 08/09 USD 20,000, ,980, % IRELAND NTMA (ECP) 09/09 USD 30,000, ,971, % SANPAOLO IMI BK (ECP) 09/09 EUR 17,000, ,526, ,479, ITALY 0% ITALY (CP) 09/09 USD 9,000, ,989, ,989, NETHERLANDS 0% B. N. G. (ECP) 09/09 USD 20,000, ,915, % NED. WATERSCHAP. (ECP) 09/09 USD 20,000, ,897, % NED. WATERSCHAP. (ECP) 09/09 USD 10,000, ,957, % SCHLUMBERGER (ECP) 09/09 USD 11,000, ,000, % SCHLUMBERGER (ECP) 09/09 USD 2,000, ,999, ,770, NORWAY 0% DNB NOR BANK (ECP) 09/09 EUR 10,000, ,250, % DNB NOR BANK (ECP) 09/09 USD 13,000, ,918, % DNB NOR BANK (ECP) 09/09 USD 3,000, ,978, ,148, SPAIN 0% BANCO SANTANDER (ECP) 09/09 EUR 16,000, ,195, % I. C. O. (ECP) 09/09 USD 40,000, ,828, ,023, SWEDEN 0% KOMMUNINVEST (CP) 09/09 USD 25,000, ,896, % NORDEA BANK (ECP) 09/09 EUR 17,000, ,525, % SVENSKA HANDEL. (ECP) 09/09 EUR 12,000, ,890, % SWEDBANK MORTG. (ECP) 09/09 USD 25,000, ,876, % SWEDISH EX. CRE. (ECP) 09/09 USD 15,000, ,926, ,115, UNITED KINGDOM 0% ASB FINANCE (ECP) 09/09 USD 20,000, ,967, % BANCO BILBAO (ECP) 09/09 EUR 10,000, ,250, % BANCO BILBAO (ECP) 09/09 EUR 14,000, ,501, % BNP PARIBAS (CD) 09/09 EUR 14,000, ,506, % CAIXA G. DE DEP. (ECP) 09/09 USD 10,000, ,977, % RECKITT (ECP) 09/09 USD 10,000, ,979, % SOC. GENERALE (ECP) 09/09 EUR 14,000, ,503, % SUMITOMO (ECP) 09/09 EUR 4,500, ,961, ,648, UNITED STATES 0% PFIZER (ECP) 09/09 JPY 1,500,000, ,237, % PROC. & GAMBLE (ECP) 09/09 EUR 13,000, ,199, % FNMA (ECP) 09/09 JPY 161,689, ,642, ,079, TOTAL III. 872,035,

83 Pictet Funds (LUX) - USD Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets TOTAL INVESTMENTS 1,086,528, BANK OVERDRAFT -44,976, OTHER NET LIABILITIES -3,109, TOTAL NET ASSETS 1,038,442,

84 Pictet Funds (LUX) - USD Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Australia United Kingdom Sweden 9.94 United States 8.04 Supranational 7.71 Ireland 6.98 Netherlands 6.91 Spain 6.26 Germany 5.07 Italy 4.95 Norway 3.20 Belgium 2.41 Finland 2.10 Canada Industrial classification (in % of net assets) Money market instruments Corporate bonds 8.85 Bonds issued by supranational institutions 7.71 Bonds issued by countries or cities

85 Pictet Funds (LUX) - EUR Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA FRN ST. GEORGE BANK 04/09 EUR 5,000, ,995, ,995, AUSTRIA 4% AUSTRIA 99/09 EUR 30,000, ,144, % AUSTRIA S /10 EUR 30,000, ,936, ,081, BELGIUM 0% BELGIUM 08/09 EUR 115,000, ,864, % BELGIUM 08/09 EUR 40,000, ,928, % BELGIUM 08/09 EUR 7,000, ,981, ,775, CAYMAN ISLANDS FRN BES FINANCE 06/09 EUR 10,000, ,942, ,942, FINLAND FRN POHJOLA BANK S /11 EUR 10,000, ,811, ,811, FRANCE 0% B.T.F 08/09 EUR 73,000, ,684, % B.T.F 08/09 EUR 20,000, ,968, % B.T.F 08/09 EUR 150,000, ,872, % B.T.F 09/09 EUR 10,000, ,959, % B.T.F 09/09 EUR 30,000, ,959, FRN C. N. C. E. P. 06/09 EUR 10,000, ,937, FRN CREDIT AGRICOLE 07/10 EUR 15,000, ,973, FRN GE CAPITAL 08/09 EUR 9,600, ,359, FRN SOCIETE GENERALE 06/09 EUR 9,000, ,005, ,720, GERMANY 0% GERMANY 09/09 EUR 10,000, ,974, % GERMANY 09/09 EUR 20,000, ,966, % GERMANY 09/09 EUR 30,000, ,874, % GERMANY 09/09 EUR 30,000, ,881, % GERMANY 09/09 EUR 15,000, ,929, % GERMANY 09/09 EUR 10,000, ,914, % GERMANY 08/09 EUR 45,000, ,983, ,524, IRELAND 0% IRELAND 09/09 EUR 20,000, ,986, FRN ULSTER BANK IRELAND 07/10 EUR 5,000, ,844, ,831, ITALY 0% ITALY 08/09 EUR 22,000, ,957, % ITALY 09/09 EUR 25,000, ,876, % ITALY (BOT) 09/09 EUR 22,000, ,972, % ITALY (BOT) 09/09 EUR 35,000, ,927,

86 Pictet Funds (LUX) - EUR Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets FRN BANCA ITALEASE 07/10 EUR 5,350, ,038, FRN BANCO POP. VER. NOVA. 05/10 EUR 9,000, ,793, FRN FINDOMESTIC 07/10 EUR 15,000, ,895, ,460, LUXEMBOURG FRN SWISS RE FINANCE 07/09 EUR 7,500, ,376, ,376, NETHERLANDS 0% NETHERLANDS 08/09 EUR 20,000, ,964, FRN UNILEVER EUR 5,000, ,000, ,964, PORTUGAL 0% PORTUGAL 08/09 EUR 70,000, ,962, ,962, SPAIN 0% SPAIN 08/09 EUR 60,000, ,892, % SPAIN 08/09 EUR 50,000, ,837, % SPAIN 08/09 EUR 40,000, ,980, % SPAIN 09/10 EUR 25,000, ,807, FRN SANTANDER INTL 07/10 EUR 10,000, ,954, ,471, UNITED KINGDOM FRN BK OF SCOTLAND PLC 04/09 EUR 8,000, ,993, FRN CLYDESDALE 06/09 EUR 7,000, ,974, ,968, UNITED STATES 1.2% ROCHE HOLDINGS 09/09 CHF 28,000, ,552, FRN HSBC FINANCE 05/10 EUR 10,970, ,311, ,864, TOTAL I. 1,220,753, II. MONEY MARKET INSTRUMENTS AUSTRALIA 0% SUNCORP METWAY (ECP) 09/09 EUR 40,000, ,939, % SUNCORP METWAY (ECP) 09/09 EUR 9,000, ,994, % SUNCORP METWAY (ECP) 09/09 EUR 5,000, ,993, % SUNCORP METWAY (ECP) 09/09 EUR 10,000, ,993, ,921, BELGIUM 0% ENI COORDINAT. (ECP) 09/0909/09 EUR 20,000, ,962, ,962, CANADA 0% CDP FINANCIAL (ECP) 09/09 EUR 40,000, ,952, ,952, FINLAND 0% POHJOLA BANK (ECP) 09/09 EUR 10,000, ,968, % POHJOLA BANK (ECP) 09/09 EUR 10,000, ,000, % POHJOLA BANK (ECP) 09/09 EUR 25,000, ,991, ,960,

87 Pictet Funds (LUX) - EUR Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets FRANCE 0% CREDIT AGRICOLE (CD) 09/09 EUR 15,000, ,965, % CREDIT AGRICOLE (CD) 09/09 EUR 15,000, ,000, % CREDIT AGRICOLE (CD) 09/09 EUR 30,000, ,965, % DEXIA C. L. F. (CD) 09/09 EUR 40,000, ,909, % SOC GEN. PARIS (ECP) 08/09 EUR 20,000, ,000, % SOC GEN. PARIS (ECP) 09/09 EUR 10,000, ,989, % SOC. GENERALE (ECP) 09/09 EUR 20,000, ,949, % STE GENERALE (ECP) 09/09 EUR 5,000, ,986, ,765, GERMANY 0% DFS DEUTSCHE (ECP) 09/09 EUR 20,000, ,995, % E. ON (ECP) 09/09 USD 30,000, ,609, % NRW BANK (ECP) 09/09 EUR 40,000, ,958, ,563, IRELAND 0% HOUSING FIN. (ECP) 09/09 CHF 60,000, ,753, % IRELAND (ECP) 08/09 EUR 40,000, ,374, % SANPAOLO IMI BK (ECP) 09/09 EUR 5,000, ,987, % SANPAOLO IMI BK (ECP) 09/09 EUR 40,000, ,000, ,115, NETHERLANDS 0% RABOBANK (ECP) 09/09 EUR 40,000, ,951, % SIEMENS FIN. (ECP) 09/09 EUR 13,500, ,500, % TOYOTA MOT. FIN. (ECP) 09/09 EUR 5,500, ,489, % TOYOTA MOT. FIN. (ECP) 09/09 EUR 40,000, ,950, ,891, NORWAY 0% DNB NOR BK (ECP) 09/09 EUR 30,000, ,795, ,795, SPAIN 0% BANCO SANTANDER (ECP) 09/09 EUR 12,000, ,976, % BANCO SANTANDER (ECP) 09/09 EUR 20,000, ,945, ,921, SWEDEN 0% NORDEA BANK (ECP) 09/09 EUR 40,000, ,997, % STADSHYPOTEK (ECP) 09/09 EUR 10,000, ,972, % SVENSKA HANDEL. (ECP) 09/09 EUR 25,000, ,844, % SVENSKA HANDEL. (ECP) 09/09 EUR 5,000, ,996, % SWEDBANK (ECP) 09/09 EUR 39,000, ,951, % SWEDISH EX. CRE. (ECP) 09/09 EUR 13,500, ,492, ,256, UNITED KINGDOM 0% ASB FINANCE (ECP) 09/09 EUR 10,000, ,984, % BANCO BILBAO (ECP) 09/09 EUR 3,000, ,991, % BANCO BILBAO (ECP) 09/09 EUR 41,500, ,437, % BNP PARIBAS (CD) 09/09 EUR 40,000, ,948, % BNP PARIBAS (CD) 09/09 EUR 3,000, ,992, % CAIXA G. DE DEP. (ECP) 09/09 EUR 21,000, ,993, % SCHLUMBERGER (ECP) 09/09 GBP 13,000, ,524,

88 Pictet Funds (LUX) - EUR Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 0% SUMITOMO (ECP) 09/09 EUR 10,000, ,998, % HSBC BANK (CD) 09/09 EUR 20,000, ,000, ,871, UNITED STATES 0% PFIZER (ECP) 09/09 JPY 3,350,000, ,674, % PFIZER (ECP) 09/09 JPY 2,000,000, ,327, % PROC. & GAMBLE (ECP) 09/09 EUR 10,000, ,993, % PROC. & GAMBLE (ECP) 09/09 EUR 32,500, ,482, ,478, TOTAL II. 1,069,454, TOTAL INVESTMENTS 2,290,207, CASH AT BANKS 26,427, OTHER NET ASSETS 2,170, TOTAL NET ASSETS 2,318,805,

89 Pictet Funds (LUX) - EUR Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Germany Spain 9.33 Belgium 7.83 United Kingdom 7.67 Ireland 6.43 Italy 5.72 Sweden 5.70 Netherlands 5.34 United States 4.84 Portugal 3.02 Australia 2.98 Austria 2.63 Finland 2.36 Canada 1.72 Norway 1.28 Cayman Islands 0.43 Luxembourg Industrial classification (in % of net assets) Money market instruments Bonds issued by countries or cities Corporate bonds

90 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA 3.875% NAT. AUSTRALIA BANK 03/15 EUR 2,000, ,813, % WESTPAC BANKING 08/11 EUR 3,000, ,043, % ANZ BANKING GROUP 08/13 EUR 3,000, ,077, % NAT. AUSTRALIA BANK 08/15 EUR 1,400, ,440, ,375, BELGIUM 4.375% FORTIS BANQUE 07/17 EUR 450, , % FORTIS BANQUE 07/17 EUR 300, , , BERMUDA 7.75% BACARDI 09/14 EUR 1,200, ,226, ,226, CANADA 3.875% ROYAL BK OF CANADA 06/11 EUR 2,500, ,546, % TORONTO DOMINION BK 08/13 EUR 1,400, ,439, ,985, CAYMAN ISLANDS 4.625% HUTCHISON WHAMPOA 06/16 EUR 1,500, ,252, % BES FINANCE 03/PE EUR 600, , % BCP FINANCE BANK 01/11 EUR 1,200, ,208, % BES FINANCE 01/11 EUR 500, , ,343, CZECH REPUBLIC 6% CEZ 08/14 EUR 700, , , DENMARK 4.75% DANSKE BANK 07/12 EUR 1,500, ,533, % DONG ENERGY 09/14 EUR 2,500, ,528, % DANSKE BANK 08/14 EUR 1,800, ,480, % DONG (PE) 05/3005 EUR 1,500, ,219, ,761, FINLAND 4.625% FORTUM 09/14 EUR 2,000, ,037, ,037, FRANCE 3.25% BNP PARIBAS 09/12 EUR 1,000, ,000, % S. F.R. 05/12 EUR 1,000, , % TOTAL CAPITAL 09/14 EUR 750, , % THALES 04/11 EUR 800, , % THALES 09/13 EUR 1,050, ,061, % SCHNEIDER ELECTRIC 06/14 EUR 500, , % AGF 05/PE EUR 550, , % AUCHAN 09/15 EUR 500, , % BNP PARIBAS 08/11 EUR 500, , % CASINO GUICHARD 04/11 EUR 700, , % CIMENTS FRANCAIS 07/17 EUR 400, ,

91 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4.75% FRANCE TELECOM 07/17 EUR 1,400, ,421, % LA POSTE 09/16 EUR 1,200, ,224, % LAFARGE 05/20 EUR 1,700, ,250, % SAINT GOBAIN 07/17 EUR 1,700, ,409, % TOTAL CAPITAL 08/13 EUR 1,000, ,064, % CASINO GUICHARD P. 07/14 EUR 1,500, ,439, % SUEZ ENVIRONNEMENT 09/14 EUR 900, , % TOTAL CAPITAL 09/19 EUR 500, , % BNP PARIBAS 08/13 EUR 2,100, ,224, % FRANCE TELECOM 09/14 EUR 1,250, ,317, % IMERYS 07/17 EUR 600, , % E. D. F. 09/15 EUR 500, , % SOCIETE GENERALE 08/13 EUR 2,200, ,300, % BNP PARIBAS 02/12 EUR 1,600, ,678, % C. N. C. E. P. 03/PE EUR 1,600, , % C.F.C.M. 09/14 EUR 1,000, ,018, % CARREFOUR 08/15 EUR 1,500, ,593, % A.S. F. 07/22 EUR 1,500, ,268, % FRANCE TELECOM 08/18 EUR 1,900, ,027, % GDF SUEZ 09/16 EUR 1,600, ,714, % FRANCE TELECOM 97/10 EUR 450, , % AXA 06/PE EUR 1,700, , % CREDIT AGRICOLE 08/18 EUR 5,100, ,406, % C. N. C. E. P. 07/PE EUR 1,000, , % VEOLIA ENVIRON. 03/33 EUR 500, , % SCOR ASSISTANCE 06/PE EUR 1,400, , % SODEXHO 09/15 EUR 1,000, ,073, % DANONE FINANCE 08/14 EUR 800, , % ACCOR 09/13 EUR 650, , % B. F. C. M. 01/13 EUR 800, , % CARREFOUR 08/13 EUR 1,800, ,011, % SCHNEIDER ELECTRIC 09/13 EUR 600, , % VEOLIA ENVIRON. 09/19 EUR 850, , % GDF SUEZ 08/19 EUR 1,500, ,725, % ACCOR 09/14 EUR 1,000, ,042, % SOCIETE GENERALE 08/PE EUR 1,700, ,050, % CASINO GUICHARD 09/12 EUR 500, , % FRANCE TELECOM 03/33 EUR 800, ,019, % SAINT GOBAIN 09/14 EUR 1,400, ,508, % BANQUE PSA FINANCE 09/12 EUR 1,550, ,578, FRN BNP PARIBAS 08/PE EUR 1,000, , FRN CNP ASSURANCES 06/PE EUR 2,200, , FRN CREDIT LOGEMENT 07/17 EUR 800, , FRN GROUPAMA 07/PE EUR 600, , ,365, GERMANY 3.625% DEUTSCHE BANK 05/17 EUR 2,100, ,638, % DEUTSCHE BANK 08/11 EUR 1,000, ,029, % HENKEL 09/14 EUR 750, , % VOLKSWAGEN FIN. SER. 04/11 EUR 900, , % COMMERZBANK 09/14 EUR 1,000, ,025, % DEUTSCHE BANK 03/13 EUR 1,200, ,231,

92 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 5.125% DEUTSCHE BANK 07/17 EUR 1,600, ,611, % HENKEL 05/04 EUR 2,100, ,506, % COMMERZBANK SUB. 01/11 EUR 1,800, ,818, % VOLKSWAGEN FIN. SER. 09/14 EUR 2,000, ,150, % BERTELSMANN 09/14 EUR 650, , ,370, GUERNSEY 3.625% CS GROUP FIN.GUERN. 06/18 EUR 3,000, ,377, % ABB INTL. FINANCE 03/11 EUR 1,800, ,926, % CRED. SUISSE GR. CAP. 01/PE EUR 300, , ,519, IRELAND 4.25% GE CAPITAL EUROPEAN 07/14 EUR 1,000, , % GE CAPITAL EUROPEAN 06/21 EUR 2,300, ,687, % GE CAPITAL EUROPEAN 07/12 EUR 1,200, ,192, % CATERPILLAR 08/11 EUR 1,000, ,021, % GE CAPITAL EUROPEAN 08/18 EUR 2,200, ,976, % GE CAPITAL EUROPEAN 08/11 EUR 2,500, ,546, % GE CAPITAL EUROPEAN 08/19 EUR 1,500, ,326, % ALLIED IRISH BANK 01/PE EUR 150, , ,758, ITALY 3.75% SANPAOLO IMI 05/20 EUR 3,600, ,876, % UNICREDIT 06/16 EUR 500, , % UNICREDIT 06/16 EUR 1,200, , % INTESA SANPAOLO 07/17 EUR 1,800, ,799, % ASSICURAZIONI GEN. 09/14 EUR 1,000, ,031, % ENI 09/16 EUR 2,500, ,599, % INTESA SANPAOLO 08/11 EUR 1,200, ,242, % TELECOM ITALIA 05/55 EUR 1,200, , % UNICREDIT 09/14 EUR 1,000, ,040, % INTESA SANPAOLO 08/13 EUR 1,000, ,053, % TELECOM ITALIA 04/19 EUR 1,000, , % UNICREDITO ITALIA. 07/17 EUR 1,200, ,109, % MONTE PASCHI SIENA 08/11 EUR 1,100, ,154, % UNICREDITO ITALIANO 08/18 EUR 600, , % ASSICURAZIONI GEN. 00/22 EUR 1,100, ,106, % INTESA SANPAOLO 08/PE EUR 700, , % TELECOM ITALIA 09/16 EUR 1,000, ,078, ,988, JAPAN 4.375% SUMITOMO MITSUI BK 05/PE EUR 1,600, ,012, FRN RESONA BANK 05/15 EUR 500, , ,445, JERSEY 4.5% UBS JERSEY BRANCH 04/19 EUR 1,600, ,172, % UBS JERSEY BRANCH 07/17 EUR 1,100, ,031, % HSBC CAP FUNDING 03/PE EUR 1,000, , ,778,

93 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets LUXEMBOURG 4.125% SYNGENTA LUX FIN. 05/15 EUR 1,100, ,092, % HANNOVER FINANCE 04/24 EUR 2,000, ,503, % PROLOGIS INT. 07/14 EUR 1,150, , % FINMECCANIACA FIN 08/13 EUR 1,400, ,522, % MICHELIN LUXEMBOURG 09/14 EUR 450, , % HOLCIM FINANCE LUX. 09/14 EUR 1,500, ,637, STEP TELECOM ITALIA FIN. 01/11 EUR 1,700, ,795, ,487, NETHERLANDS 3.375% SHELL INTL FINANCE 09/12 EUR 1,700, ,738, % RABOBANK 05/12 EUR 2,400, ,443, % ALLIANZ FINANCE II 06/16 EUR 2,200, ,120, % E. ON INTL FINANCE 09/13 EUR 1,500, ,548, % ABN AMRO BANK 06/16 EUR 800, , % RABOBANK 06/21 EUR 2,900, ,753, % RABOBANK 09/14 EUR 1,000, ,028, % RABOBANK 09/16 EUR 4,500, ,500, % SCHLUMBERGER FIN. 09/14 EUR 1,200, ,225, % EDP FINANCE 06/16 EUR 1,000, , % ING BANK 04/19 EUR 2,600, ,043, % SHELL INTERNAT. FIN. 07/17 EUR 600, , % RABOBANK 08/18 EUR 1,000, ,020, % VERBUND INTL FIN. 09/15 EUR 1,500, ,514, % DEUTSCHE BAHN 09/19 EUR 1,500, ,533, % E. ON INTL FINANCE 08/11 EUR 1,300, ,368, % KPN KONINKLIJKE 07/12 EUR 1,600, ,658, % BASF FINANCE 09/15 EUR 1,500, ,555, % EUREKO 05/PE EUR 500, , % NEDERLAND GASUNIE 09/17 EUR 500, , % SIEMENS FINANCE 09/17 EUR 1,100, ,131, % WOLTERS KLUWER 03/14 EUR 1,000, ,010, % SCHLUMBERGER FIN. 08/13 EUR 500, , % SIEMENS FINANCE 06/66 EUR 1,800, ,374, % GENERALI FINANCE 06/PE EUR 500, , % URENCO FINANCE 08/15 EUR 400, , % ALLIANDER FIN. 09/16 EUR 900, , % E. ON INTL FINANCE 09/16 EUR 1,300, ,384, % EADS FINANCE 03/18 EUR 300, , % EDP FINANCE 09/14 EUR 1,700, ,787, % ING GROEP 08/13 EUR 1,500, ,547, % DEUTSCHE TEL. FIN. 08/15 EUR 1,000, ,063, % E. ON INTL FINANCE 08/20 EUR 1,600, ,679, % KONINKLIJKE DSM 09/14 EUR 500, , % DAIMLER INTL. FIN. B. V. 8/11 EUR 1,500, ,533, % TELEFONICA EUROPE 03/33 EUR 1,000, , % BASF FINANCE 08/13 EUR 1,200, ,298, % DEUTSCHE TEL. FIN. 09/17 EUR 1,900, ,982, % PORTUGAL TEL. INT. 09/13 EUR 650, , % KPN KONINKLIJKE 08/13 EUR 600, , % ALLIANZ FIN. II 02/25 EUR 1,600, ,416, % ELM 09/13 EUR 900, ,

94 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 6.625% RWE FINANCE 08/19 EUR 2,200, ,428, % LINDE FINANCE 08/15 EUR 1,000, ,082, % MUNICH RE FINANCE 03/23 EUR 2,500, ,344, % ENBW INT. FINANCE 08/18 EUR 1,000, ,114, % VOLKSWAGEN 09/16 EUR 1,200, ,260, % LINDE FINANCE 06/66 EUR 900, , % KPN KONINKLIJKE 09/19 EUR 1,000, ,120, % ADECCO INT.FIN. 09/14 EUR 550, , % OLIVETTI FINANCE 03/33 EUR 900, , % BMW FINANCE 08/13 EUR 1,400, ,550, % DAIMLER INTL FIN. 08/12 EUR 2,200, ,390, FRN ING BANK 06/16 EUR 500, , STEP DEUTSCHE TEL. FIN. 02/12 EUR 3,000, ,391, ,703, NORWAY 5.5% STATKRAFT 09/15 EUR 900, , % DNB NOR BK 08/13 EUR 1,300, ,390, % UNION BK. OF NORWAY 02/PE EUR 500, , ,656, PORTUGAL 5.625% B.C.P. 09/14 EUR 1,800, ,792, ,792, SPAIN 3.625% BBVA SENIOR FIN. 09/12 EUR 2,200, ,201, % BBVA SENIOR FIN. 06/13 EUR 1,200, ,218, % BBVA 04/19 EUR 2,000, ,550, % SANTANDER PERPETUAL 04/PE EUR 700, , % IBERDROLA FINANZAS 09/14 EUR 500, , % IBERDROLA FINANZAS 08/13 EUR 1,000, ,040, % SANTANDER INTL 08/11 EUR 800, , % TELEFONICA EMIS. 09/14 EUR 1,400, ,478, % SANTANDER ISSUANCES 07/17 EUR 4,000, ,522, % TELEFONICA EMIS. 09/16 EUR 1,700, ,760, % TELEFONICA EMISSION 08/13 EUR 1,500, ,594, % SANTANDER INTL 08/12 EUR 1,100, ,159, % IBERDROLA FINANZAS 08/11 EUR 1,600, ,728, % IBERDROLA FINANZAS 08/15 EUR 500, , FRN CAJA DUERO CAPITAL 03/PE EUR 1,645, , ,951, SWEDEN 4% NORDEA BANK 04/16 EUR 1,984, ,793, % SVENSKA HANDELSBANK 06/16 EUR 1,000, , % RODAMCO SVERIGE 06/11 EUR 950, , % SVENSKA HANDELSBANK 05/PE EUR 1,500, , % ATLAS COPCO 07/14 EUR 800, , % SVENSKA HANDELSBANK 09/14 EUR 1,500, ,518, % VOLVO TREASURY 07/17 EUR 1,000, , % VATTENFALL TREASURY 08/13 EUR 750, , % VATTENFALL AB 09/21 EUR 1,500, ,578, % SECURITAS 09/13 EUR 1,500, ,545,

95 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 7.75% AKZO NOBEL SWEDEN 08/14 EUR 1,000, ,067, % VOLVO TREASURY 09/14 EUR 1,000, ,032, ,510, UNITED KINGDOM 3.375% NATIONWIDE BUILDING 05/15 EUR 1,250, , % HSBC HOLDINGS 05/20 EUR 4,300, ,404, % KINGFISHER 05/12 EUR 500, , % BP CAPITAL MARKETS 08/11 EUR 1,800, ,859, % HSBC BANK 09/14 EUR 2,000, ,018, % ROYAL BK SCOTLAND 04/21 EUR 2,000, ,281, % BARCLAYS BK 04/PE EUR 400, , % STANDARD CHARTERED 08/11 EUR 2,000, ,017, % OTE PLC 03/13 EUR 600, , % ASTRAZENECA 07/15 EUR 300, , % CREDIT SUISSE 09/12 EUR 3,000, ,095, % NATIONAL GRID GAS 08/13 EUR 1,000, ,021, % TESCO 09/15 EUR 1,500, ,561, % ROYAL BANK SCOTLAND 08/13 EUR 1,100, ,088, % BAT INTL FINANCE 07/17 EUR 1,000, , % VODAFONE 07/22 EUR 1,500, ,444, % BK OF SCOTLAND PLC 08/13 EUR 1,000, , % LLOYDS TSB BANK 08/18 EUR 2,000, ,679, % TESCO 08/12 EUR 800, , % STANDARD CHARTERED 09/14 EUR 1,400, ,401, % BAT INTL FINANCE 08/15 EUR 500, , % BARCLAYS BANK 08/18 EUR 1,400, ,208, % CREDIT AGRICOLE 08/13 EUR 3,400, ,729, % VODAFONE 09/16 EUR 1,900, ,025, % CLERICAL MEDICAL FIN01/23 EUR 500, , % NATIONAL GRID ELEC. 08/14 EUR 500, , % WPP GROUP 08/16 EUR 2,200, ,802, % VODAFONE 08/13 EUR 400, , % BARCLAYS BANK SUB. 00/PE EUR 700, , ,079, UNITED STATES 3.125% GOLDMAN SACHS GROUP 05/12 EUR 2,100, ,949, % SLM 05/12 EUR 800, , % CITIGROUP 05/15 EUR 4,000, ,992, % CITIGROUP 05/17 EUR 1,400, , % CITIGROUP 06/11 EUR 2,000, ,900, % AMERICAN HONDA FIN. 06/11 EUR 1,000, , % GOLDMAN SACHS 06/13 EUR 2,000, ,843, % MORGAN STANLEY 05/15 EUR 2,200, ,710, % MERRILL LYNCH 06/11 EUR 2,600, ,385, % JP MORGAN 06/21 EUR 3,200, ,255, % MORGAN STANLEY 07/12 EUR 1,400, ,310, % WELLS FARGO 06/18 EUR 2,000, ,357, % GOLDMAN SACHS 07/17 EUR 1,700, ,450, % HSBC FINANCE 06/16 EUR 1,000, , % ZURICH FINANCE 04/14 EUR 800, , % PROCTER & GAMBLE 07/14 EUR 2,500, ,600, % AIR PRODS & CHEMS 07/17 EUR 800, ,

96 Pictet Funds (LUX) - EUR Corporate Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4.625% JP MORGAN CHASE 07/17 EUR 500, , % JP MORGAN CHASE 08/11 EUR 800, , % MERRILL LYNCH 03/13 EUR 2,600, ,216, % ROCHE HOLDINGS 09/13 EUR 1,000, ,047, % BANK OF AMERICA 07/17 EUR 1,800, ,026, % ZURICH FINANCE 09/12 EUR 1,300, ,339, % GOLDMAN SACHS 07/14 EUR 1,600, ,501, % JP MORGAN CHASE 07/14 EUR 1,000, , % JP MORGAN CHASE 08/13 EUR 600, , % TOYOTA MOTOR CREDIT 09/12 EUR 2,000, ,089, % DEUTSCHE CAP.TR. 03/PE EUR 300, , % MORGAN STANLEY GRP 07/17 EUR 1,000, , % ROCHE HOLDINGS 09/16 EUR 2,000, ,151, % KRAFT FOODS 08/12 EUR 1,500, ,570, % PHILIP MORRIS 09/16 EUR 2,000, ,093, % WACHOVIA BANK 08/09 EUR 1,600, ,589, % JP MORGAN CHASE 09/14 EUR 1,000, ,008, % BMW US CAPITAL 09/12 EUR 1,800, ,870, % MORGAN STANLEY 08/11 EUR 1,000, , % BNP PARIBAS 01/PE EUR 1,500, , % TOYOTA MOTOR CREDIT 09/16 EUR 1,500, ,618, % CL CAPITAL TRUST I 02/PE EUR 3,500, ,170, % VERIZON WIRELESS 08/11 EUR 1,000, ,090, % SAN PAOLO IMI CAPIT.00/PE EUR 500, , ,575, TOTAL I. 356,126, II. OTHER TRANSFERABLE SECURITIES BONDS FRANCE 6.25% E. D. F. 09/21 EUR 750, , % AIR LIQUIDE 08/12 EUR 2,000, ,161, % A. S. F. 09/19 EUR 500, , ,503, NORWAY 5.625% STATOIL 09/21 EUR 1,600, ,660, ,660, TOTAL II. 5,164, TOTAL INVESTMENTS 361,290, CASH AT BANKS 1,041, OTHER NET ASSETS 7,577, TOTAL NET ASSETS 369,910,

97 Pictet Funds (LUX) - EUR Corporate Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Netherlands France United States United Kingdom Italy 5.41 Spain 5.40 Germany 3.89 Sweden 3.66 Ireland 2.91 Australia 2.53 Luxembourg 2.31 Denmark 1.82 Guernsey 1.22 Norway 1.17 Canada 1.08 Cayman Islands 0.91 Jersey 0.76 Finland 0.55 Portugal 0.48 Japan 0.39 Bermuda 0.33 Czech Republic 0.20 Belgium Industrial classification (in % of net assets) Corporate bonds

98 Pictet Funds (LUX) - Global Emerging Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS ARGENTINA 2% PROV. BUENOS AIRES 06/35 USD 2,000, , % ARGENTINA 05/33 USD 4,960, ,810, STEP ARGENTINA 05/38 USD 2,600, , ,744, BRAZIL 10% BRAZIL (NOTAS DE T.) 05/12 BRL 17, ,173, % BRAZIL 00/40 USD 3,140, ,025, % BRAZIL 00/30 USD 1,000, ,550, % BRAZIL 09/19 USD 500, , % BRAZIL (NOTAS DE T.) 07/17 BRL 2, ,038, % BRAZIL 06/37 USD 11,250, ,671, % BRAZIL 05/15 USD 4,000, ,471, % BRAZIL 05/18 USD 1,075, ,198, % BRAZIL 05/25 USD 3,250, ,851, ,476, CHILE 5.625% CODELCO 05/35 USD 3,750, ,972, % CODELCO 06/36 USD 1,000, , ,818, COLOMBIA % COLOMBIA 03/33 USD 1,250, ,581, % COLOMBIA 02/13 USD 1,750, ,117, % COLOMBIA 06/17 USD 1,000, ,082, % COLOMBIA 06/37 USD 5,200, ,226, % COLOMBIA 09/19 USD 400, , % COLOMBIA 04/24 USD 3,100, ,425, % COLOMBIA 07/27 COP 6,700, ,239, ,096, ECUADOR 9.375% ECUADOR REG-S 05/15 USD 2,000, , , EL SALVADOR 8.25% EL SALVADOR 02/32 USD 2,850, ,479, ,479, INDONESIA % INDONESIA 09/14 USD 1,000, ,105, % INDONESIA 09/19 USD 1,750, ,100, % INDONESIA 07/37 USD 3,200, ,480, % INDONESIA 08/18 USD 2,000, ,850, % INDONESIA 05/15 USD 1,800, ,773, % INDONESIA 05/35 USD 4,150, ,921, % PERUSA. PEN. INDO. 09/14 USD 1,250, ,279, ,509, IRAQ STEP IRAQ 06/28 USD 2,000, ,110, ,110,

99 Pictet Funds (LUX) - Global Emerging Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets KAZAKHSTAN 8.375% KAZMUNAIGAZ F. REG. S. 08/13 USD 750, , % KAZMUNAIGAZ F. REG. S. 08/18 USD 1,100, , ,652, LUXEMBOURG 6.299% RSHB CAPITAL 07/17 USD 3,000, ,340, ,340, MALAYSIA 7.625% PETROLIAM NASIONAL 96/26 USD 4,625, ,743, % MALAYSIA 99/09 USD 4,000, ,017, ,761, MEXICO 5.625% MEXICO 06/17 USD 6,070, ,070, % MEXICO 03/14 USD 1,144, ,194, % MEXICO 03/15 USD 2,500, ,687, % MEXICO 04/34 USD 5,600, ,460, % MEXICO 03/33 USD 4,090, ,325, % PEMEX 09/19 USD 500, , % MEXICO 01/19 USD 2,000, ,317, ,587, NETHERLANDS 7.25% MAJAPAHIT BV 07/17 USD 1,800, ,494, % MAJAPAHIT HLDG 06/16 USD 1,500, ,305, % MAJAPAHIT BV 07/37 USD 1,000, , ,474, PAKISTAN 7.875% PAKISTAN -REG.S- 06/36 USD 1,500, , , PANAMA 6.7% PANAMA 06/36 USD 4,250, ,048, % PANAMA 04/15 USD 550, , % PANAMA 97/27 USD 4,450, ,128, ,768, PERU 6.55% PERU 07/37 USD 2,750, ,681, % PERU 09/19 USD 700, , % PERU 05/25 USD 2,900, ,153, % PERU 04/16 USD 1,412, ,644, % PERU 03/33 USD 1,000, ,215, ,454, PHILIPPINES % PHILIPPINES 00/25 USD 3,500, ,475, % PHILIPPINES 07/32 USD 1,200, ,110, % NATIONAL POWER 06/16 USD 1,000, , % PHILIPPINES 06/31 USD 1,000, ,025, % PHILIPPINES 09/19 USD 1,500, ,670, % PHILIPPINES 02/13 USD 2,700, ,123, % PHILIPPINES 05/30 USD 2,250, ,705,

100 Pictet Funds (LUX) - Global Emerging Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets 9.625% NATIONAL POWER 02/28 USD 1,000, , FRN NATIONAL POWER 05/11 USD 1,750, ,741, ,771, POLAND 5% POLAND 05/15 USD 4,000, ,766, ,766, RUSSIA 12.75% RUSSIA NOM. S 98/28 USD 1,000, ,400, % RUSSIAN AGRI. BANK 06/13 USD 3,000, ,670, STEP RUSSIA REG-S 00/30 USD 21,500, ,866, ,936, SOUTH AFRICA 5.875% SOUTH AFRICA 07/22 USD 4,000, ,655, ,655, SRI LANKA 8.25% SRI LANKA 07/12 USD 250, , , TURKEY 11% TURKEY 03/13 USD 3,200, ,784, % TURKEY 00/30 USD 2,050, ,962, % TURKEY 06/36 USD 7,250, ,325, % TURKEY 06/16 USD 3,250, ,298, % TURKEY 05/25 USD 6,250, ,140, ,511, UKRAINE 6.58% UKRAINE 06/16 USD 3,000, ,800, % UKRAINE 03/13 USD 1,500, , ,782, UNITED STATES 6.625% PEMEX PROJ. FDG MSTR 05/35 USD 5,100, ,233, ,233, URUGUAY 7.5% URUGUAY 03/15 USD 2,691, ,779, % URUGUAY 03/33 USD 1,515, ,348, % URUGUAY 05/22 USD 2,000, ,930, ,057, VENEZUELA 10.75% VENEZUELA 04/13 USD 2,000, ,620, % VENEZUELA 05/16 USD 3,250, ,852, % VENEZUELA 07/38 USD 10,750, ,256, % VENEZUELA 03/18 USD 1,500, , % VENEZUELA 05/25 USD 10,000, ,375, % VENEZUELA 04/14 USD 50, , % VENEZUELA 97/27 USD 5,000, ,214, FRN VENEZUELA 04/11 USD 520, , ,590, VIETNAM 6.875% VIETNAM 05/16 USD 5, , ,

101 Pictet Funds (LUX) - Global Emerging Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets YUGOSLAVIA 3.75% REPUBLIC OF SERBIA 05/24 USD 1,000, , , TOTAL I. 243,143, II. OTHER TRANSFERABLE SECURITIES BONDS MAURITIUS 9.75% MAURITIUS 07/09 MUR 1,650, , , TOTAL II. 52, TOTAL INVESTMENTS 243,195, CASH AT BANKS 22,114, OTHER NET ASSETS 5,021, TOTAL NET ASSETS 270,332,

102 Pictet Funds (LUX) - Global Emerging Debt GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Brazil Russia 8.85 Mexico 8.36 Turkey 8.33 Venezuela 6.88 Philippines 6.58 Colombia 6.32 Indonesia 5.37 Panama 3.62 Peru 3.50 Malaysia 3.24 Uruguay 2.24 United States 1.57 Chile 1.41 Poland 1.39 South Africa 1.35 Netherlands 1.28 Ukraine 1.03 Argentina 1.01 El Salvador 0.92 Luxembourg 0.87 Kazakhstan 0.62 Iraq 0.41 Ecuador 0.33 Yugoslavia 0.29 Pakistan 0.26 Sri Lanka 0.07 Mauritius 0.02 Vietnam Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds

103 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA 5.75% AUSTRALIA 07/21 AUD 293, , % AUSTRALIA 00/13 AUD 293, , , AUSTRIA 2.5% RAIFFEISEN ZENTRAL. 09/11 EUR 1,052, ,056, ,056, BELGIUM 3.25% BELGIUM OLO 47 06/16 EUR 293, , % BELGIUM OLO S /15 EUR 259, , % BELGIUM OLO 48 06/22 EUR 269, , % BELGIUM OLO 49 07/17 EUR 587, , % BELGIUM OLO 54 08/14 EUR 176, , % BELGIUM OLO 41 03/13 EUR 587, , % BELGIUM OLO 36 01/11 EUR 739, , % BELGIUM OLO 44 04/35 EUR 195, , % BELGIUM OLO 31 98/28 EUR 195, , ,469, CANADA 3.5% CANADA 08/13 CAD 489, , % CANADA 05/16 CAD 122, , % CANADA 06/17 CAD 293, , % CANADA 07/18 CAD 122, , % CANADA 03/14 CAD 489, , % CANADA S. XW 98 04/37 CAD 244, , % CANADA 99/10 CAD 176, , % CANADA 01/33 CAD 342, , % CANADA 98/29 CAD 239, , % CANADA 00/11 CAD 318, , % CANADA 96/27 CAD 391, , ,413, DENMARK 3.125% DENMARK 09/14 EUR 1,566, ,572, % DENMARK 05/17 DKK 2,741, , % DENMARK 07/39 DKK 1,468, , % DENMARK 01/13 DKK 1,615, , % DENMARK 98/09 DKK 1,175, , % DENMARK 93/24 DKK 97, , ,584, FRANCE 3% O.A.T 05/15 EUR 332, , % O.A.T 05/16 EUR 97, , % S. F. E. F. 09/14 USD 2,970, ,257, % O.A.T 04/15 EUR 440, , % O.A.T 06/17 EUR 489, , % B.T.A.N. 02/13 EUR 195, , % O.A.T 02/13 EUR 599, ,

104 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4% O.A.T 04/55 EUR 166, , % O.A.T 05/38 EUR 395, , % O.A.T 08/18 EUR 587, , % B.T.A.N. 07/18 EUR 293, , % O.A.T 03/19 EUR 244, , % O.A.T 06/17 EUR 391, , % O.A.T 06/23 EUR 440, , % O.A.T 03/35 EUR 197, , % O.A.T 00/11 EUR 979, ,057, % O.A.T 00/16 EUR 195, , % O.A.T 01/12 EUR 636, , % O.A.T 97/29 EUR 132, , % O.A.T 99/10 EUR 195, , % O.A.T 00/32 EUR 391, , % O.A.T 94/25 EUR 171, , % O.A.T 96/11 EUR 587, , % O.A.T 87/12 EUR 1,028, ,252, % O.A.T 89/19 EUR 146, , % O.A.T 92/23 EUR 332, , ,951, GERMANY 3.25% GERMANY 05/15 EUR 377, , % GERMANY 06/11 EUR 489, , % GERMANY 08/13 EUR 587, , % GERMANY 04/15 EUR 489, , % GERMANY 06/17 EUR 293, , % K. F. W. 03/10 USD 391, , % GERMANY 05/37 EUR 372, , % GERMANY 06/16 EUR 244, , % GERMANY 07/18 EUR 318, , % GERMANY 08/13 EUR 822, , % GERMANY 03/14 EUR 195, , % GERMANY 07/17 EUR 489, , % GERMANY 07/39 EUR 577, , % GERMANY 08/18 EUR 195, , % GERMANY 03/34 EUR 118, , % GERMANY 08/40 EUR 88, , % GERMANY 98/28 EUR 342, , % GERMANY 02/12 EUR 646, , % GERMANY 00/31 EUR 425, , % GERMANY 94/24 EUR 466, , % GERMANY 97/27 EUR 48, , ,577, ITALY 3.50% ITALY 06/11 EUR 881, , % ITALY 05/15 EUR 195, , % ITALY 06/11 EUR 783, , % ITALY 06/16 EUR 176, , % ITALY 06/21 EUR 323, , % ITALY 05/37 EUR 460, , % ITALY 06/17 EUR 538, , % ITALY 07/12 EUR 734, ,

105 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4.25% ITALY 03/19 EUR 489, , % ITALY 04/14 EUR 685, , % ITALY 04/15 EUR 391, , % ITALY 08/13 EUR 587, , % ITALY 04/20 EUR 470, , % ITALY 07/18 EUR 685, , % ITALY 08/18 EUR 318, , % ITALY 02/13 EUR 685, , % ITALY 08/23 EUR 626, , % ITALY 01/12 EUR 342, , % ITALY 03/34 EUR 538, , % ITALY 98/29 EUR 609, , % ITALY 99/31 EUR 430, , % ITALY 97/27 EUR 323, , % ITALY 96/26 EUR 78, , ,751, JAPAN 0.7% JAPAN N /13 JPY 146,888, ,143, % JAPAN N /10 JPY 127,303, , % JAPAN N /13 JPY 122,407, , % JAPAN N-52 05/10 JPY 372,117, ,913, % JAPAN N /12 JPY 122,407, , % JAPAN N /13 JPY 107,718, , % JAPAN N /13 JPY 122,407, , % JAPAN N-66 07/12 JPY 91,070, , % JAPAN N /11 JPY 116,237, , % JAPAN N /12 JPY 73,444, , % JAPAN N /12 JPY 58,755, , % JAPAN N /13 JPY 119,959, , % JAPAN N /15 JPY 68,548, , % JAPAN N /18 JPY 102,822, , % JAPAN N /11 JPY 195,851, ,551, % JAPAN N /11 JPY 195,851, ,557, % JAPAN N /12 JPY 146,888, ,172, % JAPAN N /13 JPY 127,303, ,017, % JAPAN N /15 JPY 88,133, , % JAPAN N /18 JPY 107,718, , % JAPAN N-55 06/11 JPY 127,303, ,008, % JAPAN N /11 JPY 200,747, ,603, % JAPAN N /12 JPY 195,851, ,566, % JAPAN N /14 JPY 151,784, ,218, % JAPAN N /14 JPY 58,755, , % JAPAN N /15 JPY 68,548, , % JAPAN N /15 JPY 63,651, , % JAPAN N /17 JPY 177,245, ,399, % JAPAN N /18 JPY 65,610, , % JAPAN N /15 JPY 73,444, , % JAPAN N /13 JPY 97,925, , % JAPAN N /14 JPY 127,303, ,026, % JAPAN N /16 JPY 93,029, , % JAPAN N /14 JPY 78,340, , % JAPAN N-11 03/33 JPY 14,688, ,

106 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 1.7% JAPAN N /16 JPY 171,370, ,384, % JAPAN N /17 JPY 102,822, , % JAPAN N /17 JPY 93,029, , % JAPAN N /18 JPY 112,614, , % JAPAN N /10 JPY 97,925, , % JAPAN N /16 JPY 58,755, , % JAPAN N-63 03/23 JPY 52,879, , % JAPAN N-50 01/21 JPY 44,066, , % JAPAN N /16 JPY 29,377, , % JAPAN N /17 JPY 230,125, ,882, % JAPAN N-58 02/22 JPY 83,236, , % JAPAN N-65 03/23 JPY 48,962, , % JAPAN N-56 02/22 JPY 44,066, , % JAPAN N /28 JPY 53,859, , % JAPAN N-72 04/24 JPY 82,747, , % JAPAN N-75 05/25 JPY 78,340, , % JAPAN N-80 05/25 JPY 63,651, , % JAPAN N-92 06/26 JPY 83,236, , % JAPAN N-99 07/27 JPY 58,755, , % JAPAN N /28 JPY 40,149, , % JAPAN N-47 00/20 JPY 56,796, , % JAPAN N-97 07/27 JPY 71,485, , % JAPAN N-88 06/26 JPY 73,444, , % JAPAN N-95 07/27 JPY 50,921, , % JAPAN N-19 05/35 JPY 32,315, , % JAPAN N-14 04/34 JPY 28,888, , % JAPAN N-26 07/37 JPY 38,191, , % JAPAN N-15 04/34 JPY 23,012, , % JAPAN N-20 05/35 JPY 19,585, , % JAPAN N-22 06/36 JPY 9,792, , % JAPAN N-23 06/36 JPY 11,751, , % JAPAN N-24 06/36 JPY 34,274, , % JAPAN N-28 07/27 JPY 48,962, , % JAPAN N-48 00/20 JPY 44,066, , % JAPAN N-44 99/20 JPY 53,859, , % JAPAN N-39 98/18 JPY 53,859, , % JAPAN N-42 99/19 JPY 34,274, , ,095, NETHERLANDS 3.25% NETHERLANDS 05/15 EUR 489, , % NETHERLANDS 04/14 EUR 685, , % NETHERLANDS 06/23 EUR 113, , % NETHERLANDS 05/37 EUR 166, , % NETHERLANDS 08/18 EUR 97, , % NETHERLANDS 03/13 EUR 342, , % NETHERLANDS 07/17 EUR 342, , % NETHERLANDS 01/11 EUR 122, , % NETHERLANDS 02/12 EUR 195, , % NETHERLANDS 98/28 EUR 117, , ,814,

107 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets SPAIN 3.15% SPAIN 05/16 EUR 367, , % SPAIN 07/12 EUR 979, ,031, % SPAIN 08/11 EUR 783, , % SPAIN 08/18 EUR 293, , % SPAIN 03/13 EUR 318, , % SPAIN 05/37 EUR 254, , % SPAIN 04/15 EUR 685, , % SPAIN 02/17 EUR 489, , % SPAIN 01/32 EUR 274, , % SPAIN 99/29 EUR 313, , ,093, SWEDEN 3% SWEDEN 05/16 SEK 4,014, , % SWEDEN 09/39 SEK 587, , % SWEDEN 03/20 SEK 1,175, , % SWEDEN 00/11 SEK 979, , % SWEDEN 01/12 SEK 181, , , UNITED KINGDOM 4% BRITISH TREASURY 06/16 GBP 293, , % BRITISH TREASURY 00/32 GBP 305, , % BRITISH TREASURY 03/36 GBP 401, , % BRITISH TREASURY 05/11 GBP 636, , % BRITISH TREASURY 05/55 GBP 254, , % BRITISH TREASURY 06/27 GBP 293, , % BRITISH TREASURY 06/46 GBP 225, , % BRITISH TREASURY 07/42 GBP 269, , % BRITISH TREASURY 08/13 GBP 430, , % BRITISH TREASURY 08/19 GBP 264, , % BRITISH TREASURY 03/15 GBP 146, , % BRITISH TREASURY 04/38 GBP 293, , % BRITISH TREASURY 05/20 GBP 222, , % BRITISH TREASURY 07/30 GBP 244, , % BRITISH TREASURY 01/12 GBP 430, , % BRITISH TREASURY 01/25 GBP 244, , % BRITISH TREASURY 02/14 GBP 176, , % BRITISH TREASURY 07/18 GBP 440, , % BRITISH TREASURY 07/12 GBP 220, , % BRITISH TREASURY 98/28 GBP 192, , % BRITISH TREASURY 95/15 GBP 264, , % BRITISH TREASURY 96/21 GBP 271, , ,931, UNITED STATES 1.125% US TREASURY 08/11 USD 783, , % US TREASURY 09/12 USD 979, , % US TREASURY 08/10 USD 783, , % US TREASURY 08/11 USD 783, , % US TREASURY 85/15 USD 146, , % US TREASURY 08/10 USD 293, , % US TREASURY 08/10 USD 587, ,

108 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 2.625% US TREASURY 09/16 USD 685, , % US TREASURY 08/10 USD 1,468, ,136, % US TREASURY 08/13 USD 489, , % US TREASURY 08/13 USD 832, , % US TREASURY 08/13 USD 783, , % US TREASURY 08/13 USD 1,321, ,052, % US TREASURY 07/12 USD 1,077, , % US TREASURY 08/13 USD 685, , % US TREASURY 08/18 USD 538, , % US TREASURY 09/39 USD 195, , % US TREASURY 08/18 USD 812, , % US TREASURY 08/18 USD 440, , % US TREASURY 04/14 USD 405, , % US TREASURY 08/18 USD 538, , % US TREASURY 05/15 USD 587, , % US TREASURY 03/13 USD 465, , % US TREASURY 03/13 USD 861, , % US TREASURY 04/14 USD 587, , % US TREASURY 05/15 USD 636, , % US TREASURY 07/12 USD 783, , % US TREASURY 07/17 USD 396, , % US TREASURY 02/12 USD 881, , % US TREASURY 05/10 USD 1,370, ,092, % US TREASURY 08/38 USD 288, , % US TREASURY 06/11 USD 979, , % US TREASURY 06/36 USD 440, , % US TREASURY 07/12 USD 489, , % US TREASURY 08/38 USD 318, , % US TREASURY 05/15 USD 489, , % US TREASURY 06/16 USD 293, , % US TREASURY 07/17 USD 332, , % US TREASURY 06/16 USD 396, , % US TREASURY 06/11 USD 881, , % US TREASURY 07/17 USD 812, , % US TREASURY 02/12 USD 1,792, ,485, % US TREASURY 06/16 USD 259, , % US TREASURY 07/12 USD 489, , % US TREASURY 01/11 USD 1,370, ,110, % US TREASURY 01/11 USD 1,175, , % US TREASURY 07/37 USD 225, , % US TREASURY 06/11 USD 1,175, , % US TREASURY 06/16 USD 401, , % US TREASURY 98/28 USD 146, , % US TREASURY 99/29 USD 195, , % US TREASURY 01/31 USD 440, , % US TREASURY 98/28 USD 244, , % US TREASURY 96/26 USD 220, , % US TREASURY 97/27 USD 352, , % US TREASURY 99/29 USD 195, , % US TREASURY 00/30 USD 332, , % US TREASURY 93/23 USD 377, , % US TREASURY 97/27 USD 186, ,

109 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 6.5% US TREASURY 96/26 USD 78, , % US TREASURY 97/27 USD 195, , % US TREASURY 95/25 USD 244, , % US TREASURY 93/23 USD 249, , % US TREASURY 86/16 USD 367, , % US TREASURY 92/22 USD 244, , % US TREASURY 86/16 USD 391, , % US TREASURY 94/24 USD 195, , % US TREASURY 95/25 USD 195, , % US TREASURY 91/21 USD 181, , % US TREASURY 91/21 USD 416, , % US TREASURY 89/19 USD 343, , % US TREASURY 91/21 USD 210, , % US TREASURY 91/21 USD 235, , % US TREASURY 90/20 USD 195, , % US TREASURY 90/20 USD 293, , % US TREASURY 89/19 USD 489, , ,611, TOTAL BONDS 146,377, OPTIONS UNITED KINGDOM CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/03/

110 Pictet Funds (LUX) - World Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ , CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ , TOTAL OPTIONS 64, TOTAL INVESTMENTS 146,442, BANK OVERDRAFT -270, OTHER NET ASSETS 1,263, TOTAL NET ASSETS 147,435,

111 Pictet Funds (LUX) - World Government Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Japan United States France 8.78 Italy 7.98 Germany 5.82 United Kingdom 5.42 Spain 3.45 Belgium 2.35 Netherlands 1.91 Denmark 1.75 Canada 1.64 Austria 0.72 Sweden 0.47 Australia Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds 3.05 Options

112 Pictet Funds (LUX) - EUR High Yield AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA 9.75% FMG FINANCE PTY 06/13 EUR 1,920, ,555, ,555, BELGIUM 6% BARRY CALLEBAUT SV. 07/17 EUR 110, , , BERMUDA FRN CENTRAL EURO MEDIA 07/14 EUR 850, , , CANADA 7.25% BOMBARDIER 06/16 EUR 1,000, , FRN BOMBARDIER 06/13 EUR 2,000, ,440, ,170, CAYMAN ISLANDS 0% CAP.GUARD. NOM. S 01/13 USD DENMARK 4.75% SS GLOBAL 03/10 EUR 1,200, ,086, % NORDIC TELEPHONE 06/16 EUR 1,500, ,342, % FS FUNDING 06/16 EUR 1,250, , FRN NORDIC TELEPHONE 06/16 EUR 2,300, ,932, ,148, FRANCE 4.875% WENDEL INVEST. 07/15 EUR 1,700, ,105, % WENDEL 04/11 EUR 480, , % NEXANS 07/17 EUR 650, , % CROWN EURO HOLDINGS 05/11 EUR 1,400, ,358, % TEREOS EUROPE 07/14 EUR 1,000, , % EUROPCAR GROUPE 06/14 EUR 1,075, , FRN EUROPCAR GROUP SUB. 06/13 EUR 300, , ,651, GERMANY % UNITY MEDIA 05/15 EUR 2,000, ,000, % KABEL DEUTSCH 06/14 EUR 950, , % HEIDELBERG CEMENT 07/18 EUR 570, , % PERI 04/11 EUR 670, , % GERRESHEIMER 144 A 05/15 EUR 600, , % GROHE HLDGS 04/14 EUR 274, , % HECKLER & KOCH 04/11 EUR 2,135, ,092, % COGNIS DEUTSCHLAND 04/14 EUR 1,420, ,015, FRN COGNIS 07/13 EUR 800, , FRN IESY & ISH NRW 06/13 EUR 500, , FRN SGL 07/15 EUR 200, , FRN TUI 05/10 EUR 1,800, ,386, FRN VERSATEL 07/14 EUR 600, , ,378,

113 Pictet Funds (LUX) - EUR High Yield AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets IRELAND 10.75% ARDAGH GLASS -PIK- 05/15 EUR 388, , % JSG FUNDING 05/15 EUR 2,025, ,437, ,577, ITALY 8.25% LOTTOMATICA S 06/66 EUR 1,750, ,260, ,260, JAPAN 7.75% SOFTBANK 06/13 EUR 2,750, ,760, ,760, LUXEMBOURG 5.625% FIAT FIN & TRADE 06/11 EUR 1,500, ,350, % FIAT FIN & TRADE 06/13 EUR 1,150, , % CIRSA CAPITAL 05/12 EUR 2,754, ,514, % BEVERAGE PACKAGING 07/16 EUR 800, , % LIGHTHOUSE INTL 04/14 EUR 3,500, ,435, % CODERE FINANCE (LUX) 05/15 EUR 1,200, , % BEVERAGE PACKAGING 07/17 EUR 2,800, ,932, % WIND ACQUISITION 05/15 EUR 3,400, ,162, FRN LECTA (SEC.) 07/14 EUR 960, , FRN LECTA (UNSEC.) 07/14 EUR 900, , FRN SIGN. LUX. CLN (ISS DC 2d) 07/15 EUR 2,250, ,260, ,508, NETHERLANDS 4.75% CEMEX FINANCE 07/14 EUR 2,000, ,105, % UEDZUCKER 05/PE EUR 1,340, , % FRESENIUS FINANCE 06/16 EUR 2,450, ,303, % OI EUROPEAN GROUP 07/17 EUR 500, , % HEIDELBERGER ZEMENT 08/12 EUR 2,230, ,549, % PFLEIDER FINANCE 07/PE EUR 950, , % KAZKOMMERTS INTER. 07/12 GBP 1,750, ,115, % CLONDALKIN BV 04/14 EUR 2,480, , % UPC HOLDING 05/14 EUR 3,250, ,990, % ARDAGH GLASS FIN 03/13 EUR 2,100, ,764, % IMPRESS METAL 06/14 EUR 1,600, ,344, FRN CARLSON WAGONLIT 06/15 EUR 600, , FRN IMPRESS METAL 06/13 EUR 1,175, , FRN NXP BV 06/13 EUR 500, , STEP NIELSEN FIN. (VNU) 07/16 EUR 1,200, , ,542, SOUTH AFRICA 8.125% NEW RECLAMATION GP 06/13 EUR 1,000, , % FOODCORP 05/12 EUR 1,410, , ,272, SWEDEN 6.125% STENA 07/17 EUR 910, , FRN CORRAL FINANS 07/10 EUR 3,080, ,447, ,957,

114 Pictet Funds (LUX) - EUR High Yield AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets UNITED KINGDOM 10% CEVA GROUP SUB 06/16 EUR 1,050, , % ECO BAT FINANCE 03/13 EUR 1,000, , % ONO FINANCE 04/14 EUR 800, , % NORTHERN ROCK 02/15 GBP 400, , % NATL WESTMINSTER BK 99/PE EUR 1,806, ,011, % INEOS GROUP REG.S 06/16 EUR 950, , % CEVA GROUP REG.S 06/14 EUR 2,175, , % VIRGIN MEDIA 05/14 EUR 1,250, ,168, FRN FCE BANK 04/09 EUR 1,045, , ,241, UNITED STATES % TRAVELPORT LLC 07/16 EUR 1,950, , % FIAT FINANCE N.A. 07/17 EUR 700, , % G.M.A.C. 04/09 EUR 950, , % G.M.A.C. 03/10 EUR 61, , % CHESAPEAKE ENERGY 06/17 EUR 2,450, ,021, % KRONOS INT. 06/13 EUR 950, , % OWENS-BROCKWAY GLS. 04/14 EUR 800, , % AGCO 04/14 EUR 500, , % HUNTSMAN INT. 06/13 EUR 1,050, , % ROCKWOOD SPECIAL 05/14 EUR 1,200, , % WDAC SUBSIDIARY 04/14 EUR 900, , % FRESENIUS 09/15 EUR 850, , % POLYPORE 04/12 EUR 751, , % NALCO 03/13 EUR 1,200, ,140, % NIELSEN FIN. (VNU) 06/14 EUR 1,750, ,478, % JOHNSONDIVERSEY 02/12 EUR 1,450, ,174, ,481, TOTAL I. 80,069, II. OTHER TRANSFERABLE SECURITIES BONDS FRANCE 5.5% CMA CGM REG. S 07/12 EUR 1,000, , , UNITED STATES 6.375% TRW AUTOMOTIVE REG. S 7/14 EUR 1,400, , % HERTZ 07/14 EUR 500, , , TOTAL II. 1,477, TOTAL INVESTMENTS 81,546, CASH AT BANKS 14,505, OTHER NET ASSETS 2,780, TOTAL NET ASSETS 98,832,

115 Pictet Funds (LUX) - EUR High Yield GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Netherlands Luxembourg United States Germany United Kingdom 5.30 France 5.28 Denmark 5.21 Canada 2.20 Sweden 1.99 Japan 1.78 Ireland 1.59 Australia 1.57 South Africa 1.29 Italy 1.27 Bermuda 0.47 Belgium 0.10 Cayman Islands Industrial classification (in % of net assets) Corporate bonds

116 Pictet Funds (LUX) - EUR Short Mid-Term Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA 4.375% ANZ BANKING GROUP 07/12 EUR 3,000, ,014, ,014, BELGIUM 5% BELGIUM OLO 36 01/11 EUR 5,400, ,797, ,797, CANADA 3.25% ROYAL BK OF CANADA 06/13 EUR 2,500, ,483, % CAISSE CENT. DESJARD. 08/11 EUR 3,200, ,271, ,755, FRANCE 2.625% DEXIA C. L. F. 09/11 EUR 3,000, ,013, % S. F. E. F. 08/10 EUR 7,000, ,153, % UNEDIC 05/10 EUR 1,000, ,012, % BNP PARIBAS 09/12 EUR 2,000, ,002, % TOTAL CAPITAL 06/11 EUR 3,100, ,200, % C. F. F. 04/11 EUR 5,100, ,219, % OSEO BDPME 99/11 EUR 5,000, ,245, % CADES 08/13 EUR 8,000, ,560, % BNP PARIBAS 08/11 EUR 3,000, ,120, % CREDIT AGRICOLE 08/11 EUR 4,000, ,169, % O.A.T 00/11 EUR 16,500, ,811, % C. N. C. E. P. 08/10 EUR 3,000, ,116, % RESEAU FERRE FRANCE 98/10 EUR 5,000, ,180, % O.A.T 99/10 EUR 15,000, ,912, % CHARBONNAGES FRANCE 00/11 EUR 4,679, ,036, % S. N. C. F. 00/10 EUR 4,900, ,201, % O.A.T 96/11 EUR 10,000, ,967, ,922, GERMANY 2.75% COMMERZBANK 09/12 EUR 5,000, ,079, % K. F. W. 00/10 EUR 7,000, ,348, ,427, GREECE 3.9% GREECE 06/11 EUR 13,000, ,287, % GREECE 01/11 EUR 12,000, ,603, ,891, IRELAND 3.75% BANK OF IRELAND 08/10 EUR 4,000, ,030, % IRELAND 08/11 EUR 8,000, ,206, % GE CAPITAL EUROPEAN 08/11 EUR 3,500, ,552, ,789, ITALY 2.75% ITALY 05/10 EUR 10,500, ,669, % ITALY 09/13 EUR 5,000, ,074, % ITALY 08/11 EUR 25,000, ,184,

117 Pictet Funds (LUX) - EUR Short Mid-Term Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 5.25% ITALY 01/11 EUR 28,000, ,933, % ENI 08/14 EUR 3,000, ,279, ,141, NETHERLANDS 2.75% B. N. G. 09/11 EUR 5,000, ,070, % NED. WATERSCHAPSBANK 09/11 EUR 3,000, ,033, % SHELL INTL FINANCE 09/12 EUR 3,500, ,582, % NIBC BANK 08/11 EUR 3,000, ,084, % NETHERLANDS 08/11 EUR 13,000, ,557, % NED. WATERSCHAPSBANK 08/13 EUR 3,400, ,530, % RABOBANK 09/14 EUR 1,500, ,546, % DEUTSCHE BAHN FIN. 02/12 EUR 667, , ,121, PORTUGAL 5.15% PORTUGAL 01/11 EUR 6,000, ,394, ,394, SPAIN 2.875% CAJA MADRID 09/12 EUR 3,500, ,491, % SPAIN 05/10 EUR 5,000, ,130, % SANTANDER INTL 09/11 EUR 3,000, ,017, % SANTANDER INTL 08/11 EUR 3,000, ,112, % SPAIN 01/11 EUR 3,000, ,250, % SPAIN 00/11 EUR 10,000, ,777, ,779, SUPRANATIONAL 3.125% E. I. B. 09/14 EUR 8,000, ,071, % EUROPEAN COMMUNITY 09/14 EUR 3,000, ,018, ,089, SWEDEN 3.125% SWEDBANK 09/12 EUR 3,500, ,566, % SVENSKA HANDELSBANK 09/14 EUR 4,500, ,558, ,124, UNITED KINGDOM 3.75% ROYAL BANK SCOTLAND 08/11 EUR 2,000, ,075, % BANK OF SCOTLAND PLC 08/10 EUR 5,000, ,156, % BP CAPITAL MARKETS 08/11 EUR 3,500, ,617, % BARCLAYS 08/11 EUR 4,000, ,195, ,045, UNITED STATES 3.625% JP MORGAN CHASE 08/11 EUR 4,000, ,130, % GENERAL ELEC. CAP. 08/12 EUR 3,500, ,629, % JP MORGAN CHASE 04/11 EUR 3,000, ,006, % TOYOTA MOTOR CREDIT 09/12 EUR 3,000, ,131, ,898, TOTAL I. 367,193,

118 Pictet Funds (LUX) - EUR Short Mid-Term Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES BONDS FRANCE 3.5% S. F. E. F. 08/11 EUR 3,600, ,741, ,741, SUPRANATIONAL 3.25% EUROPEAN COMMUNITY 08/11 EUR 4,000, ,127, ,127, TOTAL II. 7,868, TOTAL INVESTMENTS 375,062, CASH AT BANKS 9,501, OTHER NET ASSETS 6,066, TOTAL NET ASSETS 390,630,

119 Pictet Funds (LUX) - EUR Short Mid-Term Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Italy Netherlands 8.74 Spain 7.36 Greece 6.63 Ireland 4.04 Supranational 3.90 United Kingdom 3.85 United States 3.56 Germany 3.18 Sweden 2.08 Portugal 1.64 Canada 1.48 Belgium 1.48 Australia Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds Bonds issued by supranational institutions

120 Pictet Funds (LUX) - USD Short Mid-Term Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA 3.2% ANZ BANKING GROUP 08/11 USD 1,000, ,023, % ANZ BANKING GROUP 06/11 USD 500, , % COMMONWEAL. BK AUST. 00/10 USD 1,500, ,525, ,058, CANADA 2.375% EXPORT DEV. CAN. 09/12 USD 4,000, ,036, % ONTARIO (PROV.) 08/11 USD 1,000, ,022, % ROYAL BK OF CANADA 05/10 USD 500, , ,563, DENMARK 2.75% DENMARK 08/11 USD 2,000, ,041, ,041, FINLAND 1.5% FINLAND 09/11 USD 2,000, ,004, FRN POHJOLA BANK S /09 USD 500, , ,502, FRANCE 1.75% A. F. D. 09/11 USD 2,000, ,997, % S. F. E. F. 09/12 USD 2,000, ,994, % S. F. E. F. 09/14 USD 1,800, ,804, ,796, GERMANY 2.5% L. B. W. FOERDERBANK 09/11 USD 2,000, ,013, % K. F. W. 08/13 USD 1,000, ,020, % LANDW. RENTENBANK 04/11 USD 1,000, ,042, ,076, JAPAN 4% JAPAN BANK INT. 05/10 USD 1,000, ,029, % JAPAN BANK INT. 07/12 USD 500, , ,554, NETHERLANDS 2.25% B. N. G. 09/12 USD 2,000, ,001, % ING BANK 09/12 USD 2,000, ,008, % LEASEPLAN 09/12 USD 1,000, , % NED. WATERSCHAPSBANK 08/10 USD 1,000, ,018, % SHELL INTL FINANCE 09/14 USD 1,000, ,031, % SOVRISC 06/11 USD 1,000, ,043, ,103, NEW ZEALAND 3.25% ANZ NATIONAL BK 09/12 USD 1,000, ,011, ,011, NORWAY 3.375% KOMMUNALBANKEN 08/11 USD 1,000, ,019, ,019,

121 Pictet Funds (LUX) - USD Short Mid-Term Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets SPAIN FRN SANTANDER US 06/09 USD 500, , , SUPRANATIONAL 2% WORLDBANK 09/12 USD 1,000, ,003, % ASIAN DEV. BANK 08/11 USD 1,000, ,025, % EUROPEAN COUNCIL DEVELOPMENT BANK 01/11 USD 3,000, ,226, ,255, SWEDEN 2.8% SWEDBANK 09/12 USD 2,000, ,017, % SWEDBANK 08/11 USD 900, , % KOMMUNINVEST I SVER. 06/11 USD 1,000, ,062, ,995, UNITED KINGDOM 2.3% LLOYDS TSB BANK 09/11 USD 2,000, ,018, % BANK OF ENGLAND 09/12 USD 2,500, ,522, % BP CAPITAL MARKETS 09/12 USD 1,000, ,015, FRN BARCLAYS 04/09 USD 500, , ,056, UNITED STATES 0.875% US TREASURY 09/11 USD 14,000, ,002, % US TREASURY 09/11 USD 8,000, ,008, % US TREASURY 09/11 USD 600, , % US TREASURY 08/10 USD 4,000, ,030, % US TREASURY 08/10 USD 7,000, ,080, % F. H. L. B. 09/11 USD 2,000, ,015, % GOLDMAN SACHS 09/11 USD 2,500, ,513, % FANNIE MAE 09/12 USD 2,000, ,019, % US TREASURY 08/10 USD 6,000, ,114, % BANK OF AMERICA 09/12 USD 1,500, ,509, % CITIGROUP FUNDING 09/12 USD 1,500, ,511, % FREDDIE MAC 09/12 USD 3,000, ,031, % US TREASURY 08/10 USD 3,000, ,049, % STATE STREET CAP. 09/12 USD 3,000, ,029, % GENERAL ELEC. CAP. 09/12 USD 3,000, ,038, % MORGAN STANLEY 09/12 USD 3,000, ,038, % US TREASURY 08/10 USD 5,500, ,628, % US TREASURY 08/10 USD 4,000, ,089, % US TREASURY 08/10 USD 6,500, ,675, % CITIGROUP 08/11 USD 1,500, ,544, % JOHN DEERE CAPITAL 08/12 USD 500, , % US TREASURY 08/10 USD 8,000, ,216, % I. A. D. B. 09/14 USD 2,000, ,993, % WELLS FARGO 08/11 USD 1,500, ,550, % BANK OF AMERICA 08/12 USD 1,500, ,557, % HSBC USA 08/11 USD 1,500, ,555, % JP MORGAN CHASE 08/11 USD 1,000, ,036, % AMERICAN EXP. BANK 08/11 USD 1,500, ,556, % CHEVRON 09/14 USD 1,000, ,032, % TOYOTA MOTOR CREDIT 06/10 USD 317, , % GENERAL ELEC. CAP. 03/10 USD 1,000, ,014,

122 Pictet Funds (LUX) - USD Short Mid-Term Bonds AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets 4.75% I. A. D. B. 07/12 USD 1,000, ,066, % WAL-MART STORES 99/09 USD 500, , FRN WORLD SAVING BANK 06/09 USD 500, , ,949, TOTAL I. 155,485, II. OTHER TRANSFERABLE SECURITIES BONDS GERMANY 2.25% K. F. W. 09/12 USD 3,000, ,009, ,009, UNITED STATES 2.875% FREDDIE MAC 08/10 USD 2,000, ,057, ,057, TOTAL II. 5,066, TOTAL INVESTMENTS 160,552, CASH AT BANKS 1,887, OTHER NET ASSETS 940, TOTAL NET ASSETS 163,380,

123 Pictet Funds (LUX) - USD Short Mid-Term Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Netherlands 4.95 Germany 4.33 United Kingdom 3.71 France 3.54 Canada 3.41 Supranational 3.21 Sweden 2.44 Australia 1.87 Finland 1.53 Denmark 1.25 Japan 0.95 Norway 0.62 New Zealand 0.62 Spain Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds Bonds issued by supranational institutions

124 Pictet Funds (LUX) - EUR Turbo Income AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS SPAIN FRN CAJA DUERO CAPITAL 03/PE EUR 65, , , TOTAL INVESTMENTS 13, CASH AT BANKS 1,545, OTHER NET ASSETS 11, TOTAL NET ASSETS 1,569,

125 Pictet Funds (LUX) - EUR Turbo Income GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Spain Industrial classification (in % of net assets) Corporate bonds

126 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRALIA 1.75% ANZ BANKING GROUP 05/10 CHF 469, , % COMMONWEAL. BK AUST. 06/11 CHF 1,500, ,471, % COMMONWEAL. BK AUST. 09/13 CHF 469, , % NAT. AUSTRALIA BANK 06/12 CHF 1,266, ,241, % TELSTRA 05/13 CHF 469, , % AUSTRALIAN N. Z. BANK 07/12 CHF 37, , % ANZ BANKING GROUP 07/13 CHF 1,876, ,801, % NAT. AUSTRALIA BANK 08/15 CHF 1,688, ,693, % WESTPAC BANKING 08/12 CHF 1,543, ,614, ,260, AUSTRIA 1.75% KOMMUNALKR AUSTRIA 05/12 CHF 703, , % KOMMUNALKR AUSTRIA 04/10 CHF 909, , % BIG M. B. H. 05/18 CHF 1,407, ,241, % HYPO ALPE - ADRIA - BK 05/11 CHF 2,345, ,207, % O. K. B. 05/18 CHF 938, , % PFBST. OEST. L - HYPO. 05/16 CHF 844, , % HYPO ALPE - ADRIA - BK 05/12 CHF 938, , % HYPO ALPE - ADRIA - BK 06/13 CHF 1,655, ,426, % NIEDEROESTERR. LBK 05/17 CHF 234, , % PFBST. OEST. L - HYPO. 04/12 CHF 562, , % PFBST. OEST. L - HYPO. 05/13 CHF 2,438, ,421, % VORARLB LHYBK 04/10 CHF 1,407, ,402, % HYPO TIROL BANK 05/17 CHF 2,814, ,435, % KOMMUNALKR AUSTRIA 05/17 CHF 1,407, ,255, % KOMMUNALKR AUSTRIA 05/20 CHF 938, , % VORARLBERGER LHYBK 06/17 CHF 93, , % BIG M. B. H. 05/15 CHF 938, , % ERSTE BANK 06/13 CHF 1,172, ,010, % O. K. B. 04/12 CHF 2,195, ,221, % OBEROEST LANDESBK 06/17 CHF 1,407, ,213, % PFBST. OEST. L - HYPO. 05/15 CHF 562, , % VORALBERGER LHYBK 05/16 CHF 2,345, ,142, % HYPO INVESTMENT BK 06/17 CHF 938, , % O. K. B. 06/24 CHF 422, , % ERSTE BANK 07/15 CHF 93, , % O. K. B. 05/20 CHF 2,814, ,639, % O. K. B. 07/11 CHF 4,619, ,719, % VORALBERGER LHYBK. 06/14 CHF 469, , % O. K. B. 05/30 CHF 1,876, ,669, % PFBST. OEST. L - HYPO. 03/17 CHF 2,251, ,153, % KOMMUNALKR AUSTRIA 04/14 CHF 938, , % O. K. B. 03/15 CHF 234, , % O. K. B. 07/13 CHF 938, , % O. K. B. 08/16 CHF 2,814, ,800, % O. K. B. 06/36 CHF 750, , % OEST. POSTSPARKASSE 99/11 CHF 46, ,

127 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets 3.250% BIG M. B. H. 07/19 CHF 1,988, ,968, % AUSTRIA 02/12 CHF 2,420, ,514, % VORARLB. LAND. & HYPBK. 01/13 CHF 961, , % BANK AUSTRIA 00/10 CHF 93, , % OEST. POSTSPARKASSE 00/15 CHF 670, , ,932, BELGIUM 3.25% BELGELEC FINANCE 07/14 CHF 469, , , BERMUDA 3.5% NOVARTIS SEC. INVEST. 08/12 CHF 1,688, ,780, ,780, CANADA 1.625% ROYAL BANK OF CANADA 05/10 CHF 609, , % BANK NOVA SCOTIA 05/10 CHF 469, , % ONTARIO (PROV.) 05/15 CHF 891, , % SASKATCHEWAN (PROV. ) 05/16 CHF 206, , % EXPORT DEV. CAN. 08/11 CHF 844, , % MANITOBA (PROV.) 09/14 CHF 469, , % QUEBEC (PROV.) 05/15 CHF 1,876, ,835, % QUEBEC (PROV.) 06/17 CHF 1,772, ,694, % ROYAL BANK OF CANADA 07/13 CHF 422, , % BANK NOVA SCOTIA 07/11 CHF 1,407, ,397, % BRITISH COLUMBIA 09/17 CHF 938, , % PROV. NEW BRUNSWICK 09/16 CHF 938, , % ROYAL BANK OF CANADA 07/14 CHF 1,819, ,757, % COCA-COLA 09/13 CHF 562, , % QUEBEC (PROV.) 09/15 CHF 1,031, ,057, % ONTARIO (PROV.) 08/16 CHF 469, , % ONTARIO (PROV.) 09/19 CHF 562, , % ONTARIO (PROV.) 08/18 CHF 1,407, ,493, % VW CREDIT CANADA 09/13 CHF 103, , ,781, CAYMAN ISLANDS 2.125% NEW YORK LIFE FUND. 05/10 CHF 938, , % LGT FINANCE 06/14 CHF 1,575, ,505, % NEW YORK LIFE FUND. 06/16 CHF 1,322, ,117, % PRINC. FIN. GBL FDG 04/10 CHF 656, , ,000, DENMARK 1.875% DANSKE BANK 05/11 CHF 2,814, ,677, % KOMMUNEKREDIT 03/13 CHF 2,673, ,757, % KOMMUNEKREDIT 08/18 CHF 1,594, ,640, ,076, FINLAND 1.875% MUNICIPALITY FIN. 09/13 CHF 938, , % MUNICIPALITY FIN. 06/13 CHF 1,594, ,631, % MUNICIPALITY FIN. 04/14 CHF 469, , ,063,

128 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets FRANCE 1.25% RESEAU FERRE FRANCE 09/12 CHF 938, , % CADES 09/12 CHF 281, , % RESEAU FERRE FRANCE 05/11 CHF 553, , % DEXIA MUNICIPAL AG. 05/11 CHF 2,063, ,028, % S. N. C. F. 05/12 CHF 938, , % C. F. F. 05/12 CHF 469, , % ILE DE FRANCE 05/14 CHF 1,407, ,396, % BNP PARIBAS 06/11 CHF 947, , % CIF EUROMORTGAGE 05/15 CHF 938, , % TOTAL CAPITAL 05/12 CHF 2,063, ,100, % C. F. F. 05/18 CHF 3,517, ,139, % DEXIA MUNICIPAL AG. 05/15 CHF 703, , % ILE DE FRANCE 05/16 CHF 938, , % TOTAL CAPITAL 03/10 CHF 1,313, ,332, % TOTAL CAPITAL 04/12 CHF 3,705, ,762, % C. F. F. 09/13 CHF 2,345, ,363, % CARREFOUR 09/12 CHF 1,407, ,422, % S. N. C. F. 06/21 CHF 750, , % TOTAL CAPITAL 06/14 CHF 1,876, ,899, % TOTAL CAPITAL 08/14 CHF 938, , % FRANCE TELECOM 06/12 CHF 1,332, ,342, % SANOFI-AVENTIS 07/10 CHF 1,613, ,625, % B. F. C. M 06/13 CHF 750, , % CIF EUROMORTGAGE 03/14 CHF 1,547, ,519, % RATP 07/14 CHF 3,377, ,500, % REG. ILE DE FRANCE 08/14 CHF 938, , % C. F. F. 03/14 CHF 1,876, ,915, % TOTAL CAPITAL 06/18 CHF 515, , % TOTAL CAPITAL 07/15 CHF 938, , % C. F. F. 08/12 CHF 1,726, ,789, % LA POSTE 07/14 CHF 1,106, ,127, % RESEAU FERRE FRANCE 06/32 CHF 469, , % RESEAU FERRE FRANCE 99/11 CHF 1,125, ,175, % VILLE DE PARIS 08/18 CHF 1,688, ,759, % A.P. HOPITAUX PARIS 08/14 CHF 187, , % E. D. F. 08/13 CHF 2,551, ,645, % FRANCE TELECOM 09/13 CHF 938, , % SANOFI-AVENTIS 07/15 CHF 562, , % GDF SUEZ 08/12 CHF 1,411, ,468, % L. V. M. H. 08/11 CHF 1,594, ,630, % TOTAL 08/12 CHF 703, , % AUCHAN 08/15 CHF 863, , % DEXIA MUNICIPAL AG. 00/10 CHF 2,345, ,386, % E. D. F. 09/17 CHF 1,407, ,449, % DANONE FINANCE 08/16 CHF 750, , ,801, GERMANY 1.875% LANDW. RENTENBANK 09/14 CHF 1,688, ,691, % LBK HESSEN-THUERING 05/11 CHF 3,756, ,756, % DEPFA 05/12 CHF 938, , % DEUTSCHE BANK 06/09 CHF 2,814, ,820,

129 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets 2% L. B. W. 04/09 CHF 938, , % LANDW. RENTENBANK 05/15 CHF 909, , % BAYERISCHE LDBK 04/11 CHF 2,579, ,624, % DEPFA 05/17 CHF 562, , % DEUTSCHE HYPOTHE. BK 06/18 CHF 938, , % K. F. W. 05/25 CHF 1,876, ,716, % K. F. W. 08/11 CHF 234, , % K. F. W. 09/18 CHF 1,876, ,888, % LANDESBANK RHEIN. 07/12 CHF 3,752, ,662, % K. F. W. 08/14 CHF 938, , % K. F. W. 08/14 CHF 1,960, ,050, % BAYERISCHE LDBK 04/15 CHF 2,063, ,080, % DEPFA 03/15 CHF 1,829, ,591, % L. B. W. FOERDERBANK 03/13 CHF 938, , % LAND BRANDENBURG 08/14 CHF 891, , % BAYERISCHE LDBK 06/16 CHF 773, , % DEPFA 06/23 CHF 93, , % LAND HESSEN 08/15 CHF 1,407, ,476, % LANDW. RENTENBANK 02/12 CHF 328, , % LANDW. RENTENBANK 03/13 CHF 469, , % NORDRHEIN-WESTFALEN 07/15 CHF 938, , % K. F. W. 07/17 CHF 1,031, ,094, % BAYERISCHE LDBK 08/10 CHF 2,814, ,892, % K. F. W. 02/12 CHF 938, ,000, % DEUTSCHE TELEKOM 09/14 CHF 938, , % LBK HESSEN-THUERING. 01/11 CHF 253, , % BAYERISCHE LDBK 01/11 CHF 881, , % DAIMLER 08/11 CHF 375, , ,400, GREECE 2.125% GREECE 05/13 CHF 938, , % GREECE 04/11 CHF 938, , ,847, IRELAND 2.125% UNICREDITO ITALIA 05/12 CHF 938, , % AEGON GLOBAL INST. 06/11 CHF 422, , % DEPFA ACS BANK 04/11 CHF 938, , % DEPFA ACS BANK 06/19 CHF 469, , % AEGON GLOBAL INST 06/10 CHF 750, , % DEPFA ACS BANK 03/10 CHF 469, , % UNICREDITO ITALIA 06/11 CHF 1,876, ,846, ,241, ITALY 2.5% ITALY 06/18 CHF 2,110, ,968, % ITALY 05/15 CHF 3,377, ,292, % ITALY 04/11 CHF 2,814, ,867, % ITALY 99/10 CHF 2,513, ,560, ,689, JAPAN 2.25% N.T.T 06/13 CHF 1,838, ,851, % KYUSHU ELECTR. POWER 06/13 CHF 938, ,

130 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets 2.75% KANSAI ELECTRIC 07/12 CHF 750, , % TYO ELECT. POWER 07/12 CHF 515, , ,078, JERSEY 0.875% UBS JERSEY BRANCH 05/09 CHF 938, , % UBS JERSEY BRANCH 05/15 CHF 938, , ,632, LIECHTENSTEIN 2.875% VP BANK 07/12 CHF 1,575, ,604, ,604, LUXEMBOURG 2% NESTLE FINANCE 09/14 CHF 2,345, ,365, % EUROP. HYPO. BANK 05/14 CHF 1,106, , % NESTLE FINANCE 09/15 CHF 534, , % ERSTE EUROP. PFANDBF 05/16 CHF 1,876, ,604, % ERSTE EUROP. PFANDBF 06/21 CHF 938, , % ERSTE EUROP. PFANDBF 03/10 CHF 2,110, ,078, % HYPO PFD. BANK INTL 06/14 CHF 1,407, ,167, % EUROP. HYPO. BANK 05/25 CHF 2,438, ,658, % EUROP. HYPO. BANK 05/20 CHF 1,313, ,063, % LG ERSTE EUROP. KBK 05/20 CHF 656, , % ERSTE EUROPAEISC 05/25 CHF 375, , % EUROP. HYPO. BANK 06/20 CHF 187, , % RSHB CAPITAL 07/10 CHF 492, , % EUROP. HYPO. BANK 02/14 CHF 469, , ,108, NETHERLANDS 1.125% B. N. G. 09/11 CHF 938, , % ENERGIE BEHEER NED. 05/12 CHF 248, , % E. ON INTL FINANCE 09/11 CHF 1,876, ,885, % ING VERZEKERINGEN 05/11 CHF 938, , % RABOBANK 05/11 CHF 469, , % DEUTSCHE BAHN 04/11 CHF 469, , % RABOBANK 05/17 CHF 938, , % B. N. G. 05/20 CHF 3,283, ,010, % NED. WATERSCHAPSBANK 09/14 CHF 375, , % ABN AMRO BANK 04/10 CHF 328, , % NED. WATERSCHAPSBANK 05/20 CHF 938, , % NED. WATERSCHAPSBANK 06/23 CHF 469, , % ABN AMRO BANK 06/15 CHF 1,641, ,490, % B. N. G. 02/25 CHF 703, , % RABOBANK 09/13 CHF 2,814, ,857, % NED. WATERSCHAPSBANK 05/15 CHF 2,392, ,408, % B. N. G. 07/17 CHF 1,876, ,864, % NED. WATERSCHAPSBANK 07/22 CHF 469, , % B. N. G. 09/16 CHF 938, , % ENERGIE BEHEER NED. 06/13 CHF 2,814, ,923, % RABOBANK 07/15 CHF 938, , % FMO-NEDERLANDSE 09/16 CHF 938, , % RABOBANK 06/14 CHF 469, , % E. ON INT. FINANCE 07/10 CHF 675, ,

131 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets 3.125% ENBW INT. FINANCE 08/13 CHF 844, , % UNILEVER 08/12 CHF 9, , % BASF FINANCE 08/11 CHF 581, , % RABOBANK 08/11 CHF 4,465, ,648, % ABN AMRO 06/31 CHF 750, , % E. ON INTL FINANCE 09/14 CHF 1,904, ,949, % NED. WATERSCHAPSBANK 02/12 CHF 2,110, ,223, % UNILEVER 08/15 CHF 562, , % B.N.G 97/09 CHF 1,013, ,023, % BASF FINANCE 08/15 CHF 281, , % UNILEVER 08/11 CHF 2,363, ,470, % ING BANK 08/12 CHF 328, , % ABN AMRO BANK 02/12 CHF 1,266, ,277, % ING BANK 08/15 CHF 328, , % NEDERLAND GASUNIE 08/11 CHF 1,191, ,237, % RABOBANK 00/12 CHF 1,125, ,202, ,909, NEW ZEALAND 1.75% ASB BANK 05/10 CHF 1,829, ,797, % TRANSPOWER FINANCE 07/14 CHF 1,313, ,307, ,104, NORWAY 1.5% KOMMUNALBANKEN 09/12 CHF 1,252, ,262, % KOMMUNALBANKEN 09/14 CHF 469, , % EKSPORTFINANS 03/13 CHF 1,547, ,564, % STATNETT 08/12 CHF 234, , % DNB NOR BOLIGKREDITT 7/12 CHF 703, , % NORWEGIAN RAILWAYS 07/10 CHF 2,776, ,825, % STATNETT SF 08/11 CHF 375, , % TERRA BOLIGKREDITT 07/13 CHF 844, , % DNB NOR BK 08/11 CHF 2,298, ,316, % STATKRAFT 00/10 CHF 469, , ,035, POLAND 1.875% POLAND 05/10 CHF 1,031, ,016, % POLAND 07/12 CHF 515, , % POLAND 07/19 CHF 1,407, ,111, % POLAND 08/17 CHF 3,752, ,195, ,818, SOUTH KOREA 2.75% EXPORT-IM. BK. KOREA 07/12 CHF 741, , % KOREA DEV. BANK 08/13 CHF 745, , % IND. BANK OF KOREA 08/12 CHF 272, , ,598, SPAIN 2.125% GENERALIT. VALENCIA 06/13 CHF 562, , % GENERALIT. VALENCIA 09/12 CHF 1,407, ,418, % COMUNIDAD DE MADRID 08/13 CHF 2,063, ,094, % I. C. O. 08/15 CHF 2,157, ,151, ,215,

132 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets SUPRANATIONAL 1.875% EUROPEAN COUNCIL DEVELOPMENT BANK 09/14 CHF 938, , % E. I. B. 05/16 CHF 1,219, ,202, % E. I. B. 08/16 CHF 375, , % E. I. B. 09/12 CHF 375, , % E. I. B. 03/15 CHF 2,532, ,588, % E. I. B. 07/19 CHF 3,846, ,826, % WORLDBANK 09/19 CHF 656, , % E. I. B. 06/36 CHF 1,219, ,259, % E. I. B. 08/18 CHF 2,298, ,428, % E. I. B. 99/14 CHF 454, , % WORLDBANK TR. A 86/11 CHF 281, , % ASIAN DEV. BANK 85/10 CHF 281, , ,758, SWEDEN 1.5% KOMMUNINVEST I SVER. 09/12 CHF 684, , % KOMMUNINVEST I SVER. 05/12 CHF 234, , % AKADEMISKA HUS 06/14 CHF 1,913, ,846, % KOMMUNINVEST I SVER. 03/09 CHF 234, , % SWEDISH EXPORT 08/13 CHF 656, , % SWEDISH COVERED BD 06/12 CHF 778, , % SWEDISH EXPORT 06/14 CHF 2,345, ,376, % KOMMUNINVEST I SVER. 03/13 CHF 703, , % SWEDISH COVERED BD. 07/13 CHF 187, , % SWEDISH EXPORT 09/18 CHF 938, , ,684, SWITZERLAND 1.625% BANQUE CANT. SUISSE 09/13 CHF 938, , % BLG CRED. HYPO. S /12 CHF 938, , % SWISS CONFEDERATION 05/16 CHF 562, , % CANTON DE GENEVE 08/14 CHF 938, , % BANQUE CANT. ST-GALL 08/13 CHF 1,782, ,875, % VILLE DE ZURICH 09/21 CHF 684, , % BAN. LETTRE DE GAGE 08/13 CHF 844, , % LONZA SWISS 09/13 CHF 375, , % CREDIT SUISSE 08/13 CHF 1,782, ,826, % SWISSCOM 08/15 CHF 469, , % UBS 08/13 CHF 1,876, ,890, ,485, UNITED ARAB EMIRATES 2.75% ABU DHABI COM. BK. 06/11 CHF 469, , , UNITED KINGDOM 1.625% BP CAPITAL MARKETS 09/11 CHF 938, , % HBOS TREASURY SERV. 05/10 CHF 253, , % CREDIT AGRICOLE 06/14 CHF 703, , % ROYAL BK SCOTLAND 06/11 CHF 469, , % HBOS TREASURY SERV. 05/13 CHF 1,500, ,247, % ROYAL BK SCOTLAND 05/15 CHF 656, , % CREDIT AGRICOLE 06/13 CHF 684, , % HBOS TREASURY SERV. 06/11 CHF 938, ,

133 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets 2.625% BRADFORD & BINGLEY 06/13 CHF 938, , % HBOS TREASURY SERV. 06/12 CHF 445, , % BP CAPITAL MARKETS 07/11 CHF 2,579, ,663, % BP CAPITAL MARKETS 08/13 CHF 609, , % BRADFORD & BINGLEY 06/12 CHF 1,632, ,158, % BRADFORD & BINGLEY 06/18 CHF 328, , % HSBC BANK 07/17 CHF 938, , % NETWORK RAIL INFRA. 06/21 CHF 1,500, ,433, % ROYAL BK SCOTLAND 06/17 CHF 469, , % BK OF SCOTLAND PLC 06/16 CHF 328, , % BRADFORD & BINGLEY 07/11 CHF 112, , % TESCO 08/11 CHF 1,172, ,204, ,154, UNITED STATES 1.75% CITIGROUP 05/10 CHF 469, , % GENERAL ELEC. CAP. 05/10 CHF 2,317, ,276, % GENERAL ELEC. CAP. 05/11 CHF 2,110, ,956, % BANK OF AMERICA 05/12 CHF 938, , % METROPOLITAN LIFE 05/11 CHF 2,082, ,770, % MORGAN STANLEY 05/11 CHF 1,594, ,412, % SWISS RE AMERICA H. 05/10 CHF 1,411, ,397, % TOYOTA MOTOR CREDIT 06/12 CHF 938, , % I. A. D. B. 09/16 CHF 656, , % BMW US CAPITAL LLC 06/10 CHF 1,660, ,641, % NESTLE HOLDINGS 08/11 CHF 2,134, ,194, % CITIGROUP 05/15 CHF 750, , % GENERAL ELEC. CAP. 06/12 CHF 938, , % CITIBANK CR. CARD IT 05/15 CHF 145, , % MERRILL LYNCH 06/11 CHF 938, , % ROCHE HOLDINGS 09/12 CHF 4,033, ,132, % GENERAL ELEC. CAP. 06/10 CHF 2,936, ,853, % MORGAN STANLEY 05/15 CHF 938, , % BEAR STEARNS 06/11 CHF 2,926, ,781, % GENERAL ELEC. CAP. 07/13 CHF 1,876, ,663, % HSBC FINANCE 06/11 CHF 2,495, ,294, % JP MORGAN CHASE 07/14 CHF 1,313, ,221, % AMERICAN INTL GR. 06/11 CHF 891, , % AMERICAN INTL GR. 07/15 CHF 938, , % BANK OF AMERICA 06/11 CHF 938, , % CITIGROUP 07/11 CHF 1,876, ,538, % GENERAL ELEC. CAP. 07/17 CHF 938, , % MORGAN STANLEY 06/13 CHF 938, , % TOYOTA MOTOR CREDIT 06/16 CHF 938, , % BANK OF AMERICA 07/13 CHF 938, , % BMW US CAPITAL LLC 08/11 CHF 605, , % CITIGROUP 04/14 CHF 2,288, ,447, % GENERAL ELEC. CAP. 04/15 CHF 656, , % GENERAL ELEC. CAP. 06/13 CHF 938, , % NESTLE HOLDINGS 07/12 CHF 2,134, ,248, % GENERAL ELEC. CAP. 04/19 CHF 656, , % BANK OF AMERICA 04/14 CHF 281, , % GENERAL ELEC. CAP. 07/10 CHF 422, ,

134 Pictet Funds (LUX) - CHF Bonds AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Nominal value Market value (note 2) % of net assets 3.25% HSBC FINANCE 06/16 CHF 750, , % I.B.M 08/11 CHF 1,158, ,190, % MCDONALD S 07/12 CHF 1,407, ,459, % GENERAL ELEC. CAP. 08/12 CHF 1,876, ,792, % ZURICH FINANCE 08/11 CHF 469, , % TOYOTA MOTOR CRED. 08/12 CHF 1,266, ,296, % GENERAL ELEC. CAP. 01/14 CHF 562, , % GENERAL ELEC. CAP. 08/11 CHF 469, , % GENERAL ELEC. CAP. 08/13 CHF 1,500, ,416, % PHILIP MORRIS 08/12 CHF 938, , % TOYOTA MOTOR CREDIT 09/12 CHF 3,377, ,501, % GENERAL ELEC. CAP. 08/18 CHF 1,360, ,109, % CREDIT SUISSE NY 08/18 CHF 1,407, ,329, ,441, VENEZUELA 5% CORP ANDINA FOMENTO 08/13 CHF 839, , , TOTAL I. 424,173, II. OTHER TRANSFERABLE SECURITIES BONDS ICELAND 2% GLITNIR BANKI 06/09 CHF 6,800, , , SWITZERLAND 4.25% BALOISE 09/13 CHF 1,688, ,754, ,754, TOTAL II. 2,407, TOTAL INVESTMENTS 426,580, CASH AT BANKS 2,273, OTHER NET ASSETS 7,408, TOTAL NET ASSETS 436,262,

135 Pictet Funds (LUX) - CHF Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States France Austria Netherlands Germany 9.72 Canada 3.85 United Kingdom 3.50 Supranational 3.39 Luxembourg 3.23 Switzerland 3.04 Norway 2.53 Italy 2.45 Australia 2.12 Sweden 1.98 Denmark 1.62 Spain 1.42 Poland 1.32 Ireland 1.20 Japan 0.92 Cayman Islands 0.91 New Zealand 0.71 Finland 0.70 Greece 0.42 Bermuda 0.41 Jersey 0.37 South Korea 0.37 Liechtenstein 0.37 Venezuela 0.17 Iceland 0.15 Belgium 0.11 United Arab Emirates Industrial classification (in % of net assets) Corporate bonds Bonds issued by countries or cities Bonds issued by supranational institutions

136 Pictet Funds (LUX) - EUR Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRIA 2.5% RAIFFEISEN ZENTRAL. 09/11 EUR 6,544, ,570, % AUSTRIA 04/15 EUR 1,487, ,500, % AUSTRIA 05/21 EUR 2,211, ,072, % AUSTRIA 04/20 EUR 2,479, ,441, % AUSTRIA 05/16 EUR 2,974, ,054, % AUSTRIA 06/37 EUR 1,616, ,538, % AUSTRIA 07/17 EUR 1,586, ,648, % AUSTRIA 03/14 EUR 2,360, ,500, % AUSTRIA 07/19 EUR 991, ,023, % AUSTRIA 03/18 EUR 3,252, ,451, % AUSTRIA 02/12 EUR 3,549, ,841, % AUSTRIA 01/11 EUR 3,966, ,207, % AUSTRIA 97/27 EUR 1,576, ,910, ,763, BELGIUM 3.25% BELGIUM OLO 47 06/16 EUR 3,272, ,223, % BELGIUM OLO 53 08/11 EUR 4,462, ,616, % BELGIUM OLO S /15 EUR 2,776, ,850, % BELGIUM OLO 48 06/22 EUR 2,231, ,224, % BELGIUM OLO 50 07/13 EUR 6,901, ,271, % BELGIUM OLO 52 08/18 EUR 2,736, ,799, % BELGIUM OLO 43 04/14 EUR 3,034, ,225, % BELGIUM OLO 36 01/11 EUR 6,445, ,919, % BELGIUM OLO 44 04/35 EUR 3,391, ,680, % BELGIUM OLO 40 02/17 EUR 4,303, ,885, % BELGIUM OLO 31 98/28 EUR 2,984, ,429, % BELGIUM OLO 35 00/10 EUR 6,941, ,365, % BELGIUM OLO 23 95/15 EUR 2,310, ,897, ,389, DENMARK 3.125% DENMARK 09/14 EUR 8,626, ,657, ,657, FINLAND 4.25% FINLAND 04/15 EUR 2,756, ,941, % FINLAND 07/12 EUR 4,958, ,281, % FINLAND 08/19 EUR 3,073, ,249, ,472, FRANCE 3% O.A.T 05/15 EUR 4,363, ,376, % O.A.T 05/16 EUR 5,255, ,320, % O.A.T 04/15 EUR 5,057, ,237, % B.T.A.N. 05/11 EUR 2,776, ,892, % B.T.A.N. 07/12 EUR 2,974, ,129, % B.T.A.N. 08/13 EUR 8,289, ,732, % O.A.T 05/21 EUR 5,741, ,736, % O.A.T 06/17 EUR 4,422, ,557, % B.T.A.N. 02/13 EUR 6,346, ,750,

137 Pictet Funds (LUX) - EUR Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4% O.A.T 05/38 EUR 4,690, ,641, % O.A.T 02/13 EUR 6,157, ,544, % O.A.T 03/14 EUR 456, , % O.A.T 03/14 EUR 3,748, ,986, % O.A.T 04/55 EUR 3,797, ,757, % O.A.T 08/18 EUR 5,156, ,374, % B.T.A.N. 07/18 EUR 4,660, ,935, % O.A.T 03/19 EUR 5,255, ,561, % O.A.T 06/17 EUR 4,710, ,005, % B.T.A.N. 06/12 EUR 2,974, ,202, % B.T.A.N. 08/13 EUR 4,164, ,511, % O.A.T 01/12 EUR 5,751, ,246, % O.A.T 03/35 EUR 3,931, ,306, % O.A.T 00/16 EUR 4,660, ,215, % O.A.T 97/29 EUR 3,892, ,591, % O.A.T 99/10 EUR 12,712, ,485, % O.A.T 99/10 EUR 8,626, ,002, % O.A.T 00/32 EUR 5,324, ,570, % O.A.T 94/25 EUR 2,875, ,560, % O.A.T 89/19 EUR 6,425, ,143, % O.A.T 92/23 EUR 4,065, ,061, ,922, GERMANY 2.5% GERMANY 05/10 EUR 13,188, ,436, ,75 GERMANY 04/15 EUR 5,949, ,335, % GERMANY 05/15 EUR 5,523, ,713, % GERMANY 05/16 EUR 5,751, ,010, % GERMANY 06/11 EUR 5,453, ,720, % GERMANY 08/13 EUR 8,240, ,673, % GERMANY 03/13 EUR 1,427, ,516, % GERMANY 06/17 EUR 3,966, ,181, % GERMANY 08/19 EUR 4,313, ,534, % GERMANY 05/37 EUR 5,825, ,879, % GERMANY 06/16 EUR 6,792, ,283, % GERMANY 07/18 EUR 5,721, ,134, GERMANY 04/14 EUR 6,346, ,918, % GERMANY 07/12 EUR 4,858, ,228, % GERMANY 07/17 EUR 4,710, ,129, % GERMANY 07/39 EUR 4,060, ,326, % GERMANY 08/18 EUR 3,321, ,634, % GERMANY 03/13 EUR 5,691, ,176, % GERMANY 03/34 EUR 4,734, ,233, % GERMANY 08/40 EUR 991, ,142, % GERMANY 98/28 EUR 2,954, ,242, % GERMANY 01/11 EUR 11,135, ,973, % GERMANY 02/12 EUR 5,453, ,930, % GERMANY 02/12 EUR 5,949, ,514, % GERMANY 00/11 EUR 6,445, ,864, % GERMANY 00/31 EUR 4,229, ,062, % GERMANY 98/28 EUR 3,768, ,528, % GERMANY 00/30 EUR 2,350, ,035,

138 Pictet Funds (LUX) - EUR Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 6.25% GERMANY 94/24 EUR 3,802, ,837, % GERMANY 97/27 EUR 2,855, ,750, ,951, GREECE 3.60% GREECE 06/16 EUR 3,470, ,235, % GREECE 05/15 EUR 4,660, ,465, % GREECE 06/11 EUR 5,830, ,959, % GREECE 09/12 EUR 9,916, ,135, % GREECE 07/12 EUR 6,405, ,487, % GREECE 07/17 EUR 2,508, ,400, % GREECE 04/14 EUR 2,141, ,161, % GREECE 05/37 EUR 2,598, ,224, % GREECE 03/13 EUR 5,949, ,086, % GREECE 07/40 EUR 1,239, ,057, % GREECE 07/24 EUR 2,528, ,329, % GREECE 01/11 EUR 6,723, ,061, % GREECE 02/22 EUR 2,493, ,654, % GREECE 99/14 EUR 5,453, ,010, ,268, IRELAND 4% IRELAND 08/11 EUR 5,900, ,052, % IRELAND 07/18 EUR 495, , % IRELAND 04/20 EUR 3,098, ,900, ,428, ITALY 2.75% ITALY 05/10 EUR 13,882, ,107, % ITALY 06/11 EUR 14,804, ,261, % ITALY 05/15 EUR 6,941, ,114, % ITALY 06/16 EUR 6,425, ,525, % ITALY 06/21 EUR 4,685, ,409, % ITALY 05/37 EUR 5,701, ,919, % ITALY 06/17 EUR 4,958, ,082, % ITALY 07/12 EUR 9,469, ,891, % ITALY 03/13 EUR 4,363, ,587, % ITALY 03/19 EUR 9,568, ,669, % ITALY 04/14 EUR 7,288, ,660, % ITALY 04/15 EUR 5,255, ,522, % ITALY 04/20 EUR 4,412, ,481, % ITALY 07/18 EUR 5,077, ,307, % ITALY 08/18 EUR 7,139, ,385, % ITALY 02/13 EUR 10,183, ,894, % ITALY 08/23 EUR 2,826, ,863, % ITALY (BTP) 07/39 EUR 3,718, ,693, % ITALY 01/12 EUR 11,274, ,071, % ITALY 03/34 EUR 4,561, ,571, % ITALY (BTP) 02/17 EUR 4,660, ,151, % ITALY 98/29 EUR 6,693, ,912, % ITALY 02/33 EUR 3,842, ,166, % ITALY 99/31 EUR 7,595, ,458, % ITALY 97/27 EUR 6,346, ,460,

139 Pictet Funds (LUX) - EUR Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 7.25% ITALY 96/26 EUR 2,300, ,927, % ITALY 93/23 EUR 4,655, ,769, ,867, NETHERLANDS 3.75% NETHERLANDS 04/14 EUR 3,867, ,059, % NETHERLANDS 06/23 EUR 1,809, ,780, % NETHERLANDS 05/37 EUR 2,974, ,968, % NETHERLANDS 06/16 EUR 3,966, ,156, % NETHERLANDS 08/11 EUR 1,655, ,727, % NETHERLANDS 08/18 EUR 2,677, ,775, % NETHERLANDS 03/13 EUR 7,437, ,960, % NETHERLANDS 07/17 EUR 3,222, ,466, % NETHERLANDS 00/10 EUR 4,958, ,213, % NETHERLANDS 98/28 EUR 2,627, ,086, % NETHERLANDS 98/23 EUR 1,893, ,607, ,801, PORTUGAL 3.85% PORTUGAL 05/21 EUR 2,479, ,394, % PORTUGAL 06/37 EUR 1,536, ,454, % PORTUGAL 07/17 EUR 3,708, ,817, % PORTUGAL 03/14 EUR 2,677, ,816, % PORTUGAL 08/18 EUR 1,289, ,323, % PORTUGAL 02/12 EUR 7,605, ,186, % PORTUGAL 01/11 EUR 2,756, ,937, % PORTUGAL 00/10 EUR 2,974, ,113, ,044, SPAIN 3% BANCO POP. ESP. 09/12 EUR 5,949, ,945, % CAIXA CATALUNYA 09/12 EUR 7,139, ,135, % SPAIN 05/10 EUR 3,272, ,357, % SPAIN 06/17 EUR 3,371, ,431, % SPAIN 07/12 EUR 5,453, ,743, % SPAIN 08/18 EUR 6,048, ,234, % SPAIN 03/13 EUR 9,023, ,587, % SPAIN 05/37 EUR 3,133, ,050, % SPAIN 08/14 EUR 3,272, ,478, % SPAIN 04/15 EUR 3,569, ,812, % SPAIN 99/14 EUR 3,173, ,449, % SPAIN 07/40 EUR 2,598, ,847, % SPAIN 01/11 EUR 7,367, ,982, % SPAIN 00/11 EUR 5,453, ,877, % SPAIN 02/17 EUR 3,817, ,328, % SPAIN 01/32 EUR 2,920, ,458, % SPAIN 99/29 EUR 4,452, ,358, ,080, SWEDEN 3.125% SWEDEN 09/14 EUR 8,626, ,651, ,651, TOTAL BONDS 862,298,

140 Pictet Funds (LUX) - EUR Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets OPTIONS UNITED KINGDOM CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ , CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ , , TOTAL OPTIONS 144, TOTAL I. 862,443,

141 Pictet Funds (LUX) - EUR Government Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES BONDS AUSTRIA 3.4% AUSTRIA 09/14 EUR 2,399, ,422, ,422, TOTAL II. 2,422, TOTAL INVESTMENTS 864,866, CASH AT BANKS 17,629, OTHER NET ASSETS 15,234, TOTAL NET ASSETS 897,730,

142 Pictet Funds (LUX) - EUR Government Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Italy Germany France Spain 9.46 Greece 6.95 Belgium 6.16 Netherlands 4.43 Austria 4.24 Portugal 2.91 Finland 1.28 Ireland 1.04 Sweden 0.96 Denmark 0.96 United Kingdom Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds 2.33 Options

143 Pictet Funds (LUX) - EUR Inflation Linked Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS FRANCE 1% O.A.T (Inflation) 05/17 EUR 2,468, ,495, % B.T.A.N. (Inflation) 06/10 EUR 1,285, ,405, % O.A.T (Inflation) 04/11 EUR 2,116, ,369, % O.A.T (Inflation) 04/15 EUR 1,669, ,855, % O.A.T (Inflation) 06/40 EUR 705, , % O.A.T (Inflation) 08/23 EUR 676, , % O.A.T (Inflation) 04/20 EUR 2,302, ,687, % O.A.T (Inflation) 03/13 EUR 2,172, ,562, % O.A.T (Inflation) 01/12 EUR 2,121, ,629, % O.A.T (Inflation) 02/32 EUR 1,310, ,793, % O.A.T (Inflation) 99/29 EUR 1,060, ,527, ,755, GERMANY 1.5% GERMANY (Inflation) 06/16 EUR 1,897, ,045, % GERMANY (Inflation) 07/13 EUR 1,315, ,436, ,481, GREECE 2.3% GREECE (Inflation) 06/30 EUR 1,096, , % GREECE (Inflation) 02/25 EUR 1,001, ,010, ,890, ITALY 0.95% ITALY (Inflation) 04/10 EUR 1,907, ,103, % ITALY (Inflation) 07/12 EUR 1,460, ,558, % ITALY (Inflation) 06/17 EUR 1,810, ,907, % ITALY (Inflation) 04/14 EUR 2,115, ,405, % ITALY (Inflation) 04/35 EUR 2,000, ,045, % ITALY (Inflation) 08/19 EUR 1,310, ,300, % ITALY (Inflation) 07/23 EUR 1,226, ,236, ,556, JAPAN 1.40% JAPAN (Inflation) 08/18 JPY 40,000, , , TOTAL BONDS 38,955, OPTIONS UNITED KINGDOM CALL LIFFE EURIBOR/FUTURES 13/09/ , CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/12/ , CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 14/06/ , CALL LIFFE EURIBOR/FUTURES 14/06/

144 Pictet Funds (LUX) - EUR Inflation Linked Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets CALL LIFFE EURIBOR/FUTURES 14/06/ CALL LIFFE EURIBOR/FUTURES 14/06/ CALL LIFFE EURIBOR/FUTURES 14/09/ , CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/12/ , CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 15/03/ , CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ , CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ , CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ , TOTAL OPTIONS 11,

145 Pictet Funds (LUX) - EUR Inflation Linked Bonds AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets TOTAL INVESTMENTS 38,967, BANK OVERDRAFT -1,537, OTHER NET ASSETS 434, TOTAL NET ASSETS 37,864,

146 Pictet Funds (LUX) - EUR Inflation Linked Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Italy Germany 9.19 Greece 4.99 Japan 0.72 United Kingdom Industrial classification (in % of net assets) Bonds issued by countries or cities Options

147 Pictet Funds (LUX) - EUR Asset Backed Securities AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET MORTGAGE BACKED SECURITIES IRELAND FRN FR. RES. S B 05/43 EUR 2,000, ,056, ,056, TOTAL MORTGAGE BACKED SECURITIES 1,056, TOTAL INVESTMENTS 1,056, CASH AT BANKS 23,761, OTHER NET ASSETS 2, TOTAL NET ASSETS 24,820,

148 Pictet Funds (LUX) - EUR Asset Backed Securities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Ireland Industrial classification (in % of net assets) Corporate bonds

149 Pictet Funds (LUX) - Emerging Local Currency Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS BRAZIL 10% BRAZIL (NOTAS DE T.) 06/16 BRL 10, ,744, % BRAZIL (NOTAS DE T.) 05/12 BRL 33, ,547, % BRAZIL (NOTAS DE T.) 07/17 BRL 3, ,439, % BRAZIL (NOTAS DE T.) 07/17 BRL 3, ,398, % BRAZIL (Inflation) 06/10 BRL 1, ,165, ,295, CHILE 3% BANCO CENTRAL CHILE 07/12 CLP 137, ,073, % BANCO CENTRAL CHILE 08/13 CLP 129, ,801, % BANCO CENTRAL CHILE 06/16 CLP 31, ,297, ,173, COLOMBIA 11.75% COLOMBIA 04/10 COP 2,860, ,293, % COLOMBIA 05/15 COP 22,380, ,756, % COLOMBIA 07/27 COP 7,390, ,573, ,623, GERMANY 18.5% K. F. W. 09/10 EGP 2,500, , , HUNGARY 6% HUNGARY 07/12 HUF 1,050,000, ,209, % HUNGARY B 06/17 HUF 750,000, ,773, % HUNGARY C 08/11 HUF 380,000, ,630, % HUNGARY 07/10 HUF 2,010,000, ,964, % HUNGARY B 06/12 HUF 800,000, ,366, % HUNGARY A 04/20 HUF 979,800, ,716, % HUNGARY A 04/15 HUF 1,263,000, ,186, ,847, INDONESIA 10.75% INDONESIA 05/16 IDR 15,000, ,326, % INDONESIA 04/14 IDR 10,000, , % INDONESIA 06/19 IDR 10,000, , % INDONESIA 06/13 IDR 10,000, , % INDONESIA 05/21 IDR 35,000, ,367, % INDONESIA 07/18 IDR 10,000, , ,260, MALAYSIA 3.7% MALAYSIA 07/13 MYR 3,500, , % MALAYSIA 07/17 MYR 1,000, , % MALAYSIA 06/16 MYR 8,400, ,322, % MALAYSIA 01/11 MYR 14,800, ,237, % MALAYSIA 06/10 MYR 2,500, , % MALAYSIA 03/18 MYR 3,000, , % MALAYSIA 04/14 MYR 23,000, ,850, % MALAYSIA 04/19 MYR 5,500, ,753, ,973,

150 Pictet Funds (LUX) - Emerging Local Currency Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets MEXICO 10% MEXICO 04/24 MXN 219, ,896, % MEXICO 06/36 MXN 360, ,117, % MEXICO 08/17 MXN 258, ,904, % MEXICO 03/13 MXN 1,170, ,876, % MEXICO 05/15 MXN 654, ,943, % MEXICO 03/12 MXN 300, ,371, ,109, PERU 6.90% PERU 07/37 PEN 4, ,569, % PERU 06/26 PEN 5,400, ,217, % PERU 07/17 PEN 7,270, ,004, ,792, POLAND 3% POLAND (Inflation) 04/16 PLN 5,000, ,541, % POLAND 05/11 PLN 13,300, ,912, % POLAND 02/13 PLN 13,000, ,805, % POLAND 06/17 PLN 10,400, ,972, % POLAND 07/13 PLN 21,680, ,438, % POLAND 01/22 PLN 8,000, ,305, % POLAND 04/15 PLN 5,000, ,538, ,514, SOUTH AFRICA 10.5% SOUTH AFRICA 97/26 ZAR 41,100, ,721, % SOUTH AFRICA S /15 ZAR 32,400, ,841, % SOUTH AFRICA 04/18 ZAR 27,700, ,184, % SOUTH AFRICA 02/14 ZAR 85,500, ,361, ,108, THAILAND 4.25% THAILAND GOV. 07/13 THB 175,000, ,380, % THAILAND GOV. 07/18 THB 150,000, ,960, % THAILAND GOV. 06/16 THB 50,000, ,665, % THAILAND GOV. 08/38 THB 100,000, ,303, ,310, TURKEY 0% TURKEY 07/09 TRY 7,428, ,532, % TURKEY 07/12 TRY 11,100, ,416, % TURKEY 06/11 TRY 25,820, ,565, ,514, UNITED STATES 11.5% CLN INDONESIE (CITI) 07/19 USD 1,330, , , TOTAL I. 231,896,

151 Pictet Funds (LUX) - Emerging Local Currency Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES BONDS HONG KONG 9.75% CLN INDONESIE (HSBC) 07/37 USD 600, , % CLN INDONESIE (HSBC) 07/37 USD 1,439, , ,355, MALAYSIA 3.582% MALAYSIA 08/11 MYR 5,000, ,418, % SILTERRA CAPITAL 07/14 MYR 6,200, ,736, % MALAYSIA 07/13 MYR 8,300, ,349, % CAGAMAS MBS 07/19 MYR 500, , % MALAYSIA 06/16 MYR 5,400, ,552, % MALAYSIA 08/28 MYR 5,300, ,619, ,803, MAURITIUS 9.75% MAURITIUS 07/09 MUR 3,900, , , UNITED KINGDOM 0% CLN INDON. ZC5 (HSBC) 08/13 USD 892, , % CLN INDONESIE (DB) 08/28 USD 100, , , TOTAL II. 10,909, TOTAL INVESTMENTS 242,806, CASH AT BANKS 20,562, OTHER NET ASSETS 4,514, TOTAL NET ASSETS 267,883,

152 Pictet Funds (LUX) - Emerging Local Currency Debt GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Hungary Turkey Malaysia Brazil 9.44 South Africa 9.01 Mexico 8.63 Poland 8.40 Colombia 6.19 Thailand 5.71 Chile 4.16 Indonesia 3.09 Peru 2.54 Hong Kong 0.51 United States 0.34 United Kingdom 0.24 Germany 0.17 Mauritius Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds

153 Pictet Funds (LUX) - Asian Local Currency Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS HONG KONG 2.66% HONG KONG 07/12 HKD 20,000, ,705, % HONG KONG 06/13 HKD 8,000, ,166, % HONG KONG 06/16 HKD 12,000, ,845, ,717, MALAYSIA 3.7% MALAYSIA 07/13 MYR 2,000, , % MALAYSIA 06/16 MYR 1,200, , % MALAYSIA 01/11 MYR 10,000, ,885, % MALAYSIA 07/13 MYR 1,500, , % MALAYSIA 06/16 MYR 1,200, , % MALAYSIA 04/14 MYR 800, , % MALAYSIA 08/28 MYR 1,700, , % MALAYSIA 04/19 MYR 2,200, , % MALAYSIA 99/09 USD 1,500, ,503, ,535, NETHERLANDS 7.25% MAJAPAHIT BV 07/17 USD 100, , , PHILIPPINES 9.875% PHILIPPINES 00/10 USD 500, , FRN NATIONAL POWER 05/11 USD 750, , ,276, SINGAPORE 2.625% SINGAPORE 07/12 SGD 1,500, ,073, % SINGAPORE 05/20 SGD 1,150, , % SMRT CORP 06/09 SGD 1,500, ,026, % SINGAPORE 07/27 SGD 1,350, , % PUBLIC UTILIT. BOARD 06/11 SGD 2,000, ,407, % JOYNOTE 06/09 SGD 500, , % SINGAPORE 01/16 SGD 1,500, ,150, % LAND TRANSP. AUTHO. 02/09 SGD 2,000, ,356, % SINGAPORE 03/18 SGD 3,200, ,524, ,699, SOUTH KOREA 4.75% KOREA 06/09 KRW 2,000,000, ,581, % KOREA 06/09 KRW 2,000,000, ,563, % BANK OF KOREA 07/09 KRW 2,000,000, ,566, % KOREA 08/28 KRW 1,000,000, , % KOREA 08/18 KRW 1,000,000, , FRN EXP-IMP BK. KOREA 06/11 USD 1,035, , FRN KOREA DEV. BANK 06/11 USD 1,000, , FRN KOREA NATIONAL 06/11 USD 1,500, ,273, FRN WOORI BANK 06/11 USD 1,000, , ,356,

154 Pictet Funds (LUX) - Asian Local Currency Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets SUPRANATIONAL 3.27% ASIAN DEV. BANK 07/12 SGD 2,500, ,756, % ASIAN DEV. BANK 06/09 HKD 10,000, ,305, FRN WORLDBANK 09/11 USD 1,500, ,503, ,565, TAIWAN 1.75% TAIWAN M.O.F. 06/11 TWD 50,000, ,541, % TAIWAN M.O.F. 07/12 TWD 200,000, ,234, ,776, THAILAND 4.25% THAILAND GOV. 04/10 THB 50,000, ,475, % THAILAND GOV. 07/13 THB 50,000, ,541, % THAILAND GOV. 07/18 THB 12,000, , % THAILAND GOV. 06/13 THB 125,000, ,007, ,422, TOTAL I. 55,430, II. OTHER TRANSFERABLE SECURITIES BONDS HONG KONG 3.80% HONG KONG MTG. 05/11 HKD 6,000, , % CLN INDONESIE (HSBC) 07/37 USD , MALAYSIA 3.90% SILTERRA CAPITAL 07/14 MYR 1,300, , % CAGAMAS MBS 07/19 MYR 1,500, , , MAURITIUS 9.75% MAURITIUS 07/09 MUR 1,200, , , PHILIPPINES 5.875% NATIONAL POWER 06/16 PHP 50,000, , , TOTAL II. 2,571, TOTAL INVESTMENTS 58,002, CASH AT BANKS 22,417, OTHER NET LIABILITIES -1,187, TOTAL NET ASSETS 79,233,

155 Pictet Funds (LUX) - Asian Local Currency Debt GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Singapore South Korea Malaysia Taiwan 9.83 Thailand 9.37 Hong Kong 8.23 Supranational 5.77 Philippines 2.84 Netherlands 0.10 Mauritius Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds Bonds issued by supranational institutions

156 Pictet Funds (LUX) - Global Emerging Currencies AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS MALAYSIA 8.75% MALAYSIA 99/09 USD 3,965, ,974, ,974, SOUTH AFRICA 9.125% SOUTH AFRICA 99/09 USD 4,000, ,013, ,013, TURKEY % TURKEY 99/09 USD 1,500, ,515, ,515, UNITED STATES 0% US TREASURY 08/09 USD 5,000, ,995, ,995, TOTAL I. 14,499, II. MONEY MARKET INSTRUMENTS GERMANY 0% K. F. W. (ECP) 09/09 USD 1,000, , , TOTAL II. 999, TOTAL INVESTMENTS 15,498, CASH AT BANKS 854, OTHER NET ASSETS 1,143, TOTAL NET ASSETS 17,496,

157 Pictet Funds (LUX) - Global Emerging Currencies GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States South Africa Malaysia Turkey 8.66 Germany Industrial classification (in % of net assets) Bonds issued by countries or cities Money market instruments

158 Pictet Funds (LUX) - (JPY) Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS AUSTRIA 1.8% O. K. B. 00/10 JPY 2,000,000, ,017,090, ,017,090, GERMANY 2.05% K. F. W. 99/09 JPY 275,000, ,656, ,656, ITALY 0% ITALY 09/09 EUR 7,500, ,252, ,252, JAPAN 0% JAPAN N-19 09/09 JPY 1,000,000, ,500, % JAPAN N /09 JPY 2,000,000, ,999,200, % JAPAN N-9 09/09 JPY 500,000, ,900, ,498,600, NETHERLANDS 0.91% BMW FINANCE 04/09 JPY 100,000, ,969, ,969, SPAIN 0.8% I. C. O. 06/09 JPY 3,741,000, ,741,436, ,741,436, UNITED STATES 1.9% I. A. D. B. 99/09 JPY 4,000,000, ,003,556, ,003,556, TOTAL I. 14,610,561, II. MONEY MARKET INSTRUMENTS AUSTRALIA 0% SUNCORP METWAY (ECP) 09/09 EUR 5,000, ,472, ,472, CANADA 0% CDP FINANCIAL (ECP) 09/09 JPY 500,000, ,825, ,825, FINLAND 0% FINGRID OYJ (ECP) 09/09 EUR 2,000, ,358, % POHJOLA BANK (ECP) 09/09 EUR 4,500, ,473, % NORDEA BK FINL. (CD) 09/09 GBP 3,650, ,172, ,379,003, FRANCE 0% DEXIA C. L. F. (CD) 09/09 GBP 3,500, ,850, ,850, GERMANY 0% E. ON (ECP) 09/09 USD 2,500, ,637, % NRW BANK (ECP) 09/09 EUR 4,000, ,931, ,568,

159 Pictet Funds (LUX) - (JPY) Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Currency Nominal value Market value (note 2) % of net assets IRELAND 0% IRELAND NTMA (ECP) 09/09 JPY 1,500,000, ,499,656, % SANPAOLO IMI BK (ECP) 09/09 EUR 5,000, ,662, ,151,319, SPAIN 0% BANCO SANTANDER (ECP) 09/09 EUR 5,000, ,660, ,660, SWEDEN 0% SVENSKA HANDEL. (ECP) 09/09 EUR 4,500, ,264, % SWEDBANK (ECP) 09/09 JPY 600,000, ,764, % SWEDISH EX. CRE. (ECP) 09/09 USD 5,000, ,501, ,675,530, UNITED KINGDOM 0% BANCO BILBAO (ECP) 09/09 JPY 500,000, ,310, % CAIXA G. DE DEP. (ECP) 09/09 USD 2,500, ,412, % SUMITOMO (ECP) 09/09 EUR 2,000, ,693, ,005,417, UNITED STATES 0% PFIZER (ECP) 09/09 JPY 500,000, ,700, % PFIZER (ECP) 09/09 JPY 150,000, ,875, % FNMA (ECP) 09/09 JPY 750,000, ,412, ,398,987, TOTAL II. 10,688,635, TOTAL INVESTMENTS 25,299,197, CASH AT BANKS 967,583, OTHER NET LIABILITIES -385,529, TOTAL NET ASSETS 25,881,250,

160 Pictet Funds (LUX) - (JPY) Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Spain Japan Ireland 8.31 Austria 7.78 Sweden 6.48 Finland 5.34 Germany 4.03 United Kingdom 3.89 Italy 3.76 Australia 2.52 France 1.97 Canada 1.93 Netherlands Industrial classification (in % of net assets) Money market instruments Bonds issued by countries or cities Corporate bonds

161 Pictet Funds (LUX) - Latin American Local Currency Debt AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS BRAZIL 10% BRAZIL (NOTAS DE T.) 06/16 BRL 2, ,088, % BRAZIL (NOTAS DE T.) 05/12 BRL 8, ,723, % BRAZIL (NOTAS DE T.) 07/10 BRL 1, , % BRAZIL (NOTAS DE T.) 07/17 BRL 2, , % BRAZIL (NOTAS DE T.) 06/11 BRL 1, ,461, % BRAZIL (NOTAS DE T.) 07/17 BRL , ,776, CHILE 3% BANCO CENTRAL CHILE 08/13 CLP 19, , , COLOMBIA 12% COLOMBIA 05/15 COP 1,915, ,005, % COLOMBIA 07/27 COP 540, , ,267, MEXICO 10% MEXICO 04/24 MXN 97, , % MEXICO 06/36 MXN 69, , % MEXICO 08/17 MXN 48, , % MEXICO 03/13 MXN 165, ,251, % MEXICO 05/15 MXN 54, , % MEXICO 04/11 MXN 63, , ,948, PERU 6.90% PERU 07/37 PEN , % PERU 06/26 PEN 350, , % PERU 07/17 PEN 250, , , TOTAL INVESTMENTS 14,146, CASH AT BANKS 77, OTHER NET ASSETS 295, TOTAL NET ASSETS 14,518,

162 Pictet Funds (LUX) - Latin American Local Currency Debt GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Brazil Mexico Colombia 8.73 Chile 4.87 Peru Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds

163 Pictet Funds (LUX) - (USD) Sovereign Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS FRANCE 0% B.T.F 08/09 EUR 42,000, ,693, % B.T.F 09/09 EUR 60,000, ,502, % B.T.F 09/09 EUR 43,000, ,008, % B.T.F 09/09 EUR 20,000, ,493, % B.T.F 09/09 EUR 18,000, ,868, % B.T.F 09/09 EUR 70,000, ,777, ,343, NETHERLANDS 0% NETHERLANDS 08/09 EUR 10,000, ,260, % NETHERLANDS 08/09 EUR 30,000, ,758, % NETHERLANDS 09/09 EUR 10,000, ,264, % NETHERLANDS 09/09 EUR 10,000, ,243, % NETHERLANDS 08/09 EUR 20,000, ,534, ,062, TOTAL I. 441,406, II. OTHER TRANSFERABLE SECURITIES BONDS FINLAND 0% FINLAND 09/09 EUR 11,000, ,572, ,572, TOTAL II. 14,572, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% EXP. FIN. & INSUR. (ECP) 09/09 USD 10,000, ,998, % EXP. FIN. & INSUR. (ECP) 09/09 USD 5,000, ,995, % EXP. FIN. & INSUR. (ECP) 09/09 USD 15,000, ,999, % TREAS. CORP VIC. (ECP) 09/09 USD 10,000, ,989, % WEST. AUSTR. TRE. (ECP) 09/09 USD 10,000, ,988, % WEST. AUSTR. TRE. (ECP) 09/09 USD 10,000, ,987, % WEST. AUSTR. TRE. (ECP) 09/09 USD 10,000, ,991, % WEST. AUSTR. TRE. (ECP) 09/09 USD 4,500, ,495, % WEST. AUSTR. TRE. (ECP) 09/09 USD 5,000, ,994, % WEST. AUSTR. TRE. (ECP) 09/09 USD 15,000, ,983, ,423, AUSTRIA 0% AUSTRIA (CP) 09/09 USD 15,000, ,997, % O. K. B. (ECP) 09/09 USD 18,000, ,997, % O. K. B. (ECP) 09/09 USD 10,000, ,999, % O. K. B. (ECP) 09/09 USD 10,000, ,996, % O. K. B. (ECP) 09/09 USD 20,000, ,996, ,987,

164 Pictet Funds (LUX) - (USD) Sovereign Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets DENMARK 0% DENMARK (ECP) 09/09 USD 20,000, ,998, % DENMARK (ECP) 09/09 USD 10,000, ,999, ,998, GERMANY 0% K. F. W. (ECP) 09/09 USD 10,000, ,992, % K. F. W. (ECP) 09/09 USD 9,000, ,997, % K. F. W. (ECP) 09/09 USD 40,000, ,994, % K. F. W. (ECP) 09/09 USD 40,000, ,960, % K. F. W. (ECP) 09/09 USD 10,000, ,992, % K. F. W. (ECP) 09/09 USD 30,000, ,973, % K. F. W. (ECP) 09/09 USD 10,000, ,992, ,904, SUPRANATIONAL 0% EUROPEAN COUNCIL (ECP) 09/09 USD 10,000, ,000, % EUROFIMA (ECP) 09/09 USD 10,000, ,000, ,000, TOTAL III. 366,313, TOTAL INVESTMENTS 822,291, BANK OVERDRAFT -11,148, OTHER NET LIABILITIES -6,920, TOTAL NET ASSETS 804,222,

165 Pictet Funds (LUX) - (USD) Sovereign Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Germany Netherlands Australia Austria 9.07 Denmark 3.73 Supranational 2.48 Finland Industrial classification (in % of net assets) Bonds issued by countries or cities Money market instruments

166 Pictet Funds (LUX) - (EUR) Sovereign Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET BONDS FRANCE 0% B.T.F 08/09 EUR 43,805, ,751, % B.T.F 08/09 EUR 97,345, ,293, % B.T.F 09/09 EUR 38,938, ,879, % B.T.F 09/09 EUR 233,628, ,262, % B.T.F 09/09 EUR 68,141, ,141, % B.T.F 09/09 EUR 146,017, ,830, % B.T.F 09/09 EUR 155,752, ,592, % B.T.F 09/09 EUR 155,752, ,667, % B.T.F 09/09 EUR 190,309, ,263, % B.T.F 09/09 EUR 212,699, ,542, ,341,225, GERMANY 0% GERMANY 08/09 EUR 43,805, ,799, % GERMANY 09/09 EUR 29,203, ,124, % GERMANY 09/09 EUR 29,203, ,148, ,073, NETHERLANDS 0% NETHERLANDS 08/09 EUR 97,345, ,236, % NETHERLANDS 08/09 EUR 121,681, ,619, % NETHERLANDS 09/09 EUR 58,407, ,302, % NETHERLANDS 09/09 EUR 77,876, ,758, % NETHERLANDS 08/09 EUR 194,690, ,690, ,608, TOTAL I. 1,992,907, II. OTHER TRANSFERABLE SECURITIES BONDS FINLAND 0% FINLAND 09/09 EUR 43,805, ,736, % FINLAND 09/09 EUR 24,336, ,299, ,036, SWITZERLAND 0% SWISS CONFEDERATION 09/09 CHF 54,513, ,171, ,171, TOTAL II. 104,207, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% TREAS. CORP VIC. (ECP) 09/09 EUR 58,407, ,315, % TREAS. CORP VIC. (ECP) 09/09 EUR 58,407, ,331, % TREAS. CORP VIC. (ECP) 09/09 EUR 48,672, ,622, ,268,

167 Pictet Funds (LUX) - (EUR) Sovereign Liquidity AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets AUSTRIA 0% AUSTRIA (CP) 09/09 EUR 82,743, ,718, % AUSTRIA (ECP) 08/09 EUR 38,938, ,927, % AUSTRIA (ECP) 09/09 EUR 38,938, ,911, % O. K. B. (ECP) 09/09 EUR 29,203, ,187, % O. K. B. (ECP) 09/09 EUR 38,938, ,920, ,665, FINLAND 0% FINLAND (ECP) 08/09 EUR 93,451, ,428, ,428, GERMANY 0% K. F. W. (ECP) 09/09 EUR 77,876, ,836, % K. F. W. (ECP) 09/09 EUR 77,876, ,805, % K. F. W. (ECP) 09/09 EUR 48,672, ,662, % K. F. W. (ECP) 09/09 EUR 7,787, ,780, % K. F. W. (ECP) 09/09 EUR 19,469, ,464, % K. F. W. (ECP) 09/09 EUR 48,672, ,616, % K. F. W. (ECP) 09/09 EUR 19,469, ,467, % K. F. W. (ECP) 09/09 EUR 29,203, ,148, % K. F. W. (ECP) 09/09 EUR 29,203, ,177, ,959, TOTAL III. 845,322, TOTAL INVESTMENTS 2,942,437, BANK OVERDRAFT -134,344, OTHER NET LIABILITIES -333, TOTAL NET ASSETS 2,807,759,

168 Pictet Funds (LUX) - (EUR) Sovereign Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Netherlands Germany Austria 8.16 Australia 5.89 Finland 5.76 Switzerland Industrial classification (in % of net assets) Bonds issued by countries or cities Money market instruments

169 Pictet Funds (LUX) - European Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES BELGIUM GROUPE DELHAIZE 58, ,073, ,073, DENMARK CARLSBERG B 97, ,423, NOVO NORDISK B 51, ,864, ,287, FINLAND KONE B 182, ,786, NIA 281, ,954, ,741, FRANCE DANONE GROUPE (EUR) 54, ,082, ELECTRICITE DE FRANCE 71, ,609, EUTELSAT COMMUNICATIONS 169, ,764, SCHNEIDER EL. (EX-SPIE BATIGNOLES) 65, ,688, SOCIETE GENERALE 113, ,106, TOTAL 199, ,669, VINCI 108, ,684, ,604, GERMANY ALLIANZ NOM. 60, ,222, DEUTSCHE POST NOM. 303, ,591, DEUTSCHE TELEKOM NOM. 480, ,376, E. ON NOM. 82, ,090, FRESENIUS MEDICAL CARE 154, ,542, MUENCHENER RUECKVER. NOM. 44, ,322, ,146, GREECE NATIONAL BANK OF GREECE REG. 208, ,127, OPAP 158, ,523, ,650, ITALY ASTALDI 605, ,453, ATLANTIA 183, ,463, DANIELI & C. OFF. MECC. RNC 490, ,548, ENI 207, ,357, FONDIARIA SAI SPA 328, ,789, INTESA SANPAOLO 640, ,474, UNICREDITO ITALIANO 1,184, ,202, ,288, LUXEMBOURG ARCELOR MITTAL (NEW) 238, ,282, ,282,

170 Pictet Funds (LUX) - European Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets NORWAY DNB NOR 724, ,335, TELENOR 450, ,156, ,492, RUSSIA GAZPROM ADR (R. 10 SHS) 254, ,443, ,443, SPAIN BANCO SANTANDER 855, ,951, SOL MELIA 198, , TELEFONICA 565, ,258, ,954, SWEDEN MODERN TIMES GROUP B 170, ,387, ,387, SWITZERLAND CS GROUP NOM. 75, ,210, JULIUS BAER HOLDING 142, ,446, NESTLE NOM. (NEW) 313, ,781, NOVARTIS AG NOM. 59, ,689, ROCHE HOLDING BON JCE 98, ,358, ZURICH FINANCIAL SER. NOM. (CHF) 49, ,788, ,275, UNITED KINGDOM AUTONOMY CORPORATION 153, ,351, BBA AVIATION (NEW) 1,313, ,359, BG GROUP 285, ,424, BRITISH AMERICAN TOBACCO 182, ,290, CARNIVAL 162, ,329, COMPASS GROUP 1,131, ,210, DE LA RUE 87, , IMPERIAL TOBACCO 193, ,351, INTERNATIONAL POWER 1,574, ,340, NATIONAL GRID (NEW) 718, ,500, RIO TINTO NOM. 152, ,535, ROYAL DUTCH SHELL A 276, ,805, TULLOW OIL 388, ,462, VODAFONE GROUP AG (NEW) 5,333, ,407, WHITBREAD 284, ,865, ,170, TOTAL I. 204,800, II. OTHER TRANSFERABLE SECURITIES SHARES GERMANY AIST MEDIALAB 10,

171 Pictet Funds (LUX) - European Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets UNITED KINGDOM ALUDEL NOM. 142, TOTAL SHARES WARRANTS UNITED KINGDOM ALUDEL WTS (C-0. 68) 284, TOTAL WARRANTS TOTAL II TOTAL INVESTMENTS 204,800, CASH AT BANKS 6,427, OTHER NET LIABILITIES -288, TOTAL NET ASSETS 210,940,

172 Pictet Funds (LUX) - European Equity Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United Kingdom Switzerland France Germany Italy 8.19 Spain 7.09 Finland 3.20 Greece 3.15 Norway 2.60 Denmark 2.50 Luxembourg 2.03 Russia 1.63 Sweden 1.61 Belgium Industrial classification (in % of net assets) Communications Oil Banks and credit institutions 9.62 Insurance 8.59 Pharmaceuticals and cosmetics 8.28 Utilities 8.04 Gastronomy 6.96 Tobacco and alcohol 4.77 Food and soft drinks 4.68 Transport and freight 3.04 Construction of machines and appliances 3.01 Construction and building materials 2.91 Holding and financial companies 2.63 Stainless steel 2.15 Mining and steelworks 2.03 Electronics and electrical equipment 1.75 Retail and supermarkets 1.46 Internet, software and IT services 1.11 Miscellaneous services 0.44 Warrants

173 Pictet Funds (LUX) - Small Cap Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA INTERCELL 62, ,324, LENZING 4, , SEMPERIT 52, , WIENER STAEDTISCHE VERSICHERUNGS 36, ,063, ,963, BELGIUM BEFIMMO 10, , HAMON 31, , IBA (ION BEAM APPLICATIONS) 89, , TELENET GROUP HOLDING 130, ,818, ,784, DENMARK SIMCORP 14, ,462, TOPDANMARK 11, ,045, TRYGVESTA 38, ,605, ,113, FINLAND CAPMAN B 155, , ELISA A 71, , RUUKKI GROUP A 3, , , FRANCE ALTEN 38, , ARKEMA FRANCE 35, , BIOMERIEUX 19, ,146, BULL (NEW) 452, , CANAL PLUS 114, , EUTELSAT COMMUNICATIONS 8, , JC DECAUX 64, , M6 METROPOLE TV 48, , MEETIC 27, , SCOR SE 24, , SECHILIENNE-SIDEC 21, , STALLERGENES 6, , STORE ELECTRONIC SYSTEMS 50, , TELEPERFORMANCE 40, , VIRBAC 18, , ,394, GERMANY BIJOU BRIGITTE MODISCHE ACCESS. 11, , ELRINGKLINGER 51, , FIELMANN 11, , FUCHS PETROLUB N-VTG 29, ,012, GERRESHEIMER 52, , HANNOVER RUECKVERSICHERUNGS NOM. 56, ,379, JUNGHEINRICH PREF 45, ,

174 Pictet Funds (LUX) - Small Cap Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets KONTRON 116, ,011, KWS SAAT 11, ,117, LEONI NOM. 44, , MORPHOSYS 72, ,003, PFEIFFER VACUUM TECHNOLOGY 20, , RHOEN KLINIKUM 60, , SFC SMART FUEL CELL 23, , SOFTWARE 21, ,032, ,418, IRELAND FBD HOLDINGS 58, , , ITALY ACEA 53, , ANSALTO STS 114, ,383, ASTALDI 179, , DANIELI & C. OFF. MECC. RNC 106, , DAVIDE CAMPARI 213, ,097, DIASORIN 84, ,379, ENIA 159, , FONDIARIA-SAI 42, , INDUSTRIA MACCHINE AUTOMATICHE 49, , PARMALAT 762, ,166, ,718, JERSEY CHARTER INTERNATIONAL 116, , , LUXEMBOURG ORIFLAME COSMETICS 41, ,323, ,323, NETHERLANDS CSM 81, , GEMALTO 31, , NUTRECO HOLDING 61, ,620, QIAGEN 88, ,085, SMIT INTERNATIONALE 7, , ,556, PORTUGAL BANCO ESPIRITO SANTO NOM. 113, , MOTA-ENGIL 137, , , SPAIN GRIFOLS A 127, ,680, INDRA SISTEMAS 45, , VISCOFAN 76, ,088, ,449, SWEDEN AARHUSKARLSHAMN 89, , INTRUM JUSTITIA 193, ,249,

175 Pictet Funds (LUX) - Small Cap Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets KAPPAHL HOLDING 181, , SAAB B 136, , ,377, SWITZERLAND BANQUE CANTONALE VAUDOISE 4, ,168, BKW FMB ENERGIE NOM. 14, , BUCHER INDUSTRIES 1, , CLARIANT NOM. 129, , DAETWYLER HLDG 24, , GALENICA NOM. 6, ,353, HELVETIA PATRIA NOM. 7, ,448, HIGHLIGHT COMMUNICATIONS 191, , INTERROLL HOLDING NOM. 3, , PARTNERS GROUP HOLDING NOM. 23, ,514, PETROPLUS HOLDINGS 39, , SIKA FINANZ PORT , SONOVA HOLDING NOM. 14, , TEMENOS GROUP NOM. 124, ,233, VALORA HOLDING NOM. 7, ,047, ,778, UNITED KINGDOM ABERDEEN ASSET MANAGEMENT 341, , AGGREKO 229, ,446, AMLIN 275, ,146, BABCOCK INTERNATIONAL GROUP 194, , CARILLION 537, ,546, CONNAUGHT 285, ,119, HALFORDS GROUP 205, , IG GROUP HOLDINGS 364, , INFORMA 201, , MEGGITT 469, , MICRO FOCUS 321, ,136, MITIE 678, ,556, MOUCHEL GROUP 290, , PACE 287, , PREMIER OIL 101, ,167, PREMIER OIL EM. 09 F. PAID 45, , PV CRYSTALOX SOLAR 679, , QINETIC GROUP 746, ,120, RPS GROUP 552, ,107, SERCO GROUP 362, ,497, ST JAMES S PLACE 390, , STAGECOACH GROUP (NEW) 355, , SYNERGY HEALTH 237, ,008, VENTURE PRODUCTION 116, ,032, WILLIAM HILL 367, , ,256, TOTAL SHARES 94,877,

176 Pictet Funds (LUX) - Small Cap Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets CERTIFICATES NETHERLANDS FUGRO CRT 32, , , TOTAL CERTIFICATES 887, TOTAL I. 95,764, II. OTHER TRANSFERABLE SECURITIES SHARES UNITED KINGDOM HOMEBUY GROUP A 334, TOTAL SHARES RIGHTS NETHERLANDS CSM RTS (ST. DIV.) 75, , NUTRECO RTS (ST. DIV.) 61, , , TOTAL RIGHTS 87, TOTAL II. 87, TOTAL INVESTMENTS 95,851, CASH AT BANKS 6,542, OTHER NET LIABILITIES -143, TOTAL NET ASSETS 102,250,

177 Pictet Funds (LUX) - Small Cap Europe GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United Kingdom Switzerland Germany France 9.18 Italy 8.52 Netherlands 5.40 Denmark 4.03 Austria 3.88 Belgium 3.71 Spain 3.37 Sweden 3.30 Luxembourg 1.29 Portugal 0.84 Finland 0.84 Jersey 0.67 Ireland Industrial classification (in % of net assets) Insurance 9.44 Pharmaceuticals and cosmetics 7.97 Communications 5.32 Miscellaneous services 5.31 Construction of machines and appliances 5.29 Oil 4.85 Food and soft drinks 4.77 Holding and financial companies 4.66 Electronics and electrical equipment 4.38 Construction and building materials 4.14 Computer and office equipment 3.02 Internet, software and IT services 2.95 Utilities 2.79 Agriculture and fishing 2.68 Biotechnology 2.28 Chemicals 2.20 Transport and freight 2.18 Aeronautics and astronautics 1.97 Environmental and recycling services 1.88 Banks and credit institutions 1.68 Retail and supermarkets 1.52 Textiles and clothing 1.46 Publishing and graphic arts 1.23 Tobacco and alcohol 1.07 Miscellaneous capital goods 0.96 Public healthcare and social services 0.92 Tyres and rubber 0.87 Miscellaneous trade 0.87 Certificates 0.87 Leisure 0.83 Gastronomy 0.82 Miscellaneous consumer goods 0.74 Real estate 0.67 Road vehicles 0.62 Stainless steel 0.45 Rights

178 Pictet Funds (LUX) - Emerging Markets AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES BERMUDA CREDICORP 196, ,776, ,776, BRAZIL BANCO DO BRASIL 1,012, ,877, BANRISUL PREF B 1,443, ,738, BRADESPAR PREF 557, ,818, CEMIG MINAS GERAIS PREF 752, ,183, COPEL PREF B 848, ,719, ELETROBRAS NOM. 1,383, ,864, ITAU UNIBANCO PFD ADR (R.1 PFD SH) 481, ,629, JHSF PARTICIPACOES 365, , OGX PETROLEO E GAS 7, ,195, PETROBRAS ADR (1 PREF) 1,078, ,345, SABESP 482, ,942, VALE DO RIO DOCE PREF A 1,869, ,838, VIVO PARTICIP. ADR (R. 1 PREF. SHS) 429, ,163, ,613, CHILE CENCOSUD 2,505, ,075, ENERSIS 24,157, ,411, ,487, CHINA ANGANG NEW STEEL H 4,454, ,379, BANK OF CHINA 35,740, ,373, CHINA CITIC BANK H 15,960, ,352, CHINA COAL ENERGY H 8,022, ,976, CHINA LIFE INSURANCE H 6,212, ,925, CHINA MOBILE HK 2,372, ,602, CHINA NATIONAL BUILDING MAT. H 4,215, ,941, CHINA OVERSEAS LAND & INVESTMENT 3,744, ,609, CHINA PETROLEUM & CHEMICAL H 27,236, ,367, CHINA RAILWAY CONSTRUCTION H 2,846, ,966, CHINA UNICOM (HK) 9,308, ,653, CITIC SECURITIES A 2,460, ,748, CNOOC 14,243, ,971, DATANG INTERNATIONAL POWER GEN H 10,882, ,279, FUJIAN ZIJIN MINING 10,398, ,050, GOME ELECTRICAL APPLIANCES 8,421, ,216, HUADIAN POWER 16,377, ,888, IND. & COMM. BANK OF CHINA H 33,765, ,431, NINGXIA SAIMA INDUSTRY A 2,190, ,801, PORTS DESIGN 1,500, ,292, SHANDA INTERACTIVE ADR (R. 2 SHS) 152, ,418, SHANGHAI INDUSTRIAL HOLDINGS 5,117, ,629, SHIMAO PROPERTY HOLDING LTD 7,806, ,793, TENCENT HOLDINGS 834, ,428, ,097,

179 Pictet Funds (LUX) - Emerging Markets AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets CZECH REPUBLIC CESKE ENERGETICKE ZAVODY 204, ,379, ,379, EGYPT ORASCOM TELECOM GDR (R. 5 SHS) 1, , , HUNGARY OTP BANK 499, ,342, ,342, INDIA BHARTI AIRTEL 366, ,537, GRASIM INDUSTRIES DEMAT. 75, ,715, HOUSING DEV. FINANCE DEMAT. 203, ,044, INFOSYS TECHNOLOGIES DEMAT. 146, ,431, RELIANCE INDUSTRIES DEMAT. 216, ,840, STATE BANK OF INDIA DEMAT. 321, ,236, ,806, INDONESIA P. T. TELEKOMUNIKASI INDONESIA B 4,469, ,316, PT BANK DANAMON INDONESIA 5,243, ,548, PT BANK MANDIRI (PERSERO) 47,107, ,354, TELKOM INDONESIA ADR (R. 20 SHS) 266, ,573, ,793, ISRAEL TEVA PHARMACEUTICAL ADR 416, ,488, ,488, LUXEMBOURG MILLICOM INTERNATIONAL CELLULAR 114, ,685, ,685, MALAYSIA BUMIPUTRA-COMMERCE HOLDINGS BHD 4,493, ,159, TELEKOM MALAYSIA 5,194, ,574, ,734, MEXICO AMERICA MOVIL ADR (R. 20 SHS L ) 585, ,837, GFNORTE O 4,387, ,997, GRUPO TELEVISA ADR (R. 5 OPC) 715, ,490, URBI DESARROLLOS 4,219, ,659, ,985, PHILIPPINES AYALA LAND 12,006, ,592, ,592, RUSSIA AFK SISTEMA GDR (R. 1 SHS) 794, ,513, F. S. K. E. E. S. (USD) 311,818, ,911, GAZPROM ADR (R. 10 SHS) 280, ,037, GAZPROM LOCAL (USD) 3,174, ,031, LUKOIL HOLDING ADR (R. 1 SHS) 375, ,072,

180 Pictet Funds (LUX) - Emerging Markets AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets MOBILE TELESYS ADR (R. 5 SHS) 236, ,308, OAO ROSNEFT OIL COMPANY GDR 1,584, ,223, ,099, SOUTH AFRICA ABSA GROUP (NEW) 1,041, ,199, ANGLOGOLD ASHANTI 55, ,821, ANGLOGOLD ASHANTI ADR (R. 1 SHS) 334, ,977, FIRSTRAND (NEW) 3,981, ,301, GOLD FIELDS 613, ,871, NASPERS N 435, ,032, SASOL 412, ,993, TELKOM 420, ,625, ,822, SOUTH KOREA HYUNDAI ENGIN. & CONSTR. 149, ,029, KB FINANCIAL 266, ,243, KOREA ELEC. POWER (KEPCO) 359, ,836, KT & G CORP 144, ,924, LG ELECTRONICS (NEW) 49, ,060, POSCO 38, ,059, SAMSUNG 324, ,202, SAMSUNG ELECTRONICS 72, ,670, SAMSUNG FIRE & MAR. INSUR. 47, ,520, SAMSUNG HEAVY INDUSTRIES 267, ,341, SHINHAN FINANCIAL GROUP 558, ,803, ,693, TAIWAN ACER 1,857, ,547, ASUSTEK COMPUTER 5,813, ,691, CHINATRUST FINANCIAL HOLDINGS 22,379, ,230, CHUNGHWA TELECOM 6,718, ,772, FAR EASTERN TEXTILE 6,188, ,761, FIRST FINANCIAL 9,268, ,894, FORMOSA PLASTICS 2,887, ,078, FUBON FINANCIAL 7,115, ,517, HIGH TECH COMPUTER 466, ,299, MEDIATEK 436, ,532, QUANTA COMPUTER 2,893, ,312, TAIWAN CEMENT 7,759, ,398, TAIWAN FERTILIZER 2,875, ,575, TAIWAN SEMICONDUCTOR 8,101, ,494, UNI-PRESIDENT ENTERPRISES 7,571, ,596, YUANTA FINANCIAL 17,667, ,342, ,046, THAILAND ADVANCED INFO SERV. NOM. FGN. 3,101, ,951, BANGK BK PUBLIC FGN NOM. (THB) 3,764, ,158, KASIKORNBANK PUB. FGN NOM. 3,869, ,148, ,258,

181 Pictet Funds (LUX) - Emerging Markets AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TURKEY TURKCELL ILETISIM 1,414, ,978, ,978, TOTAL SHARES 956,732, RIGHTS INDONESIA BANK DANAMON INDO RTS , , , TOTAL RIGHTS 7, WARRANTS CAYMAN ISLANDS VIETNAM RESOUR. INV. WTS , TOTAL WARRANTS TOTAL I. 956,739, II. OTHER TRANSFERABLE SECURITIES SHARES ARGENTINA GENERAL FABRIL B 910,000, TOTAL II III. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS FIRST PERSIAN EQUITY (EUR) A 11, ,552, VIETNAM ENTERPRISE INV. R 1,355, ,558, VIETNAM GROWTH FUND 214, ,607, VIETNAM RESOURCE INVESTMENTS FD. 1,259, ,295, ,013, LUXEMBOURG PAM FUNDS - GLOBAL EMERGING MARKETS SMALL CAP Z 127, ,791, ,791, TOTAL III. 26,805, TOTAL INVESTMENTS 983,544, CASH AT BANKS 17,536, OTHER NET LIABILITIES -989, TOTAL NET ASSETS 1,000,092,

182 Pictet Funds (LUX) - Emerging Markets GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) China Brazil South Korea Taiwan South Africa 6.58 Russia 6.10 Mexico 4.30 India 3.56 Indonesia 2.48 Thailand 2.23 Cayman Islands 2.21 Israel 1.85 Malaysia 1.58 Chile 1.25 Luxembourg 1.05 Bermuda 0.98 Czech Republic 0.84 Turkey 0.70 Hungary 0.63 Philippines 0.16 Egypt 0.01 Argentina Industrial classification (in % of net assets) Communications Oil Banks and credit institutions Holding and financial companies 9.92 Utilities 8.15 Electronics and electrical equipment 5.94 Construction and building materials 4.96 Mining and steelworks 3.25 Miscellaneous trade 3.15 Insurance 2.84 Computer and office equipment 2.69 Units of investment funds 2.69 Stainless steel 2.58 Precious metals and stones 1.97 Chemicals 1.95 Pharmaceuticals and cosmetics 1.85 Internet, software and IT services 1.18 Publishing and graphic arts 0.90 Real estate 0.85 Tobacco and alcohol 0.79 Food and soft drinks 0.76 Construction of machines and appliances 0.63 Textiles and clothing 0.58 Retail and supermarkets 0.51 Miscellaneous consumer goods 0.23 Utilities electricity 0.19 Warrants 0.00 Rights

183 Pictet Funds (LUX) - Eastern Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES CANADA URANIUM ONE 948, ,111, ,111, CAYMAN ISLANDS INTEGRA GROUP SGDR 1,101, ,369, ,369, GEORGIA BANK OF GEORGIA GDR (REP. 1SH) 497, ,459, ,459, GUERNSEY KAZAKHGOLD GDR 280, ,561, ,561, HUNGARY OTP BANK 909, ,680, ,680, KAZAKHSTAN KAZMUNAIGAS -GDR SPONS. -REG. S 153, ,991, ,991, LUXEMBOURG EVRAZ GROUP GDR. 410, ,933, ,933, POLAND BANK PEKAO 170, ,424, GETIN 2,000, ,292, GLOBE TRADE CENTRE 500, ,057, ING BANK SLASKI (BSK) 15, , KGHM 115, ,525, PKO BANK POLSKI 1,440, ,484, TVN 280, , ,258, ROMANIA COMNORD 800, , SIF 2 MOLDOVA 3,032, , SIF 5 OLTENIA 2,450, , ,429, RUSSIA AFK SISTEMA GDR (R. 1 SHS) 1,073, ,636, COMSTAR GDR 2,458, ,431, GAZPROM ADR (R. 10 SHS) 222, ,012, GAZPROM LOCAL (USD) 3,824, ,741, HYDRO WGC USD 100,000, ,042, LUKOIL HOLDING ADR (R. 1 SHS) 601, ,622, MAGNITOGORSK IRON GDR (R. 13 SHS) 763, ,525, MECHEL ADR (R. 3 SHS) 635, ,518, METAFRAKS (USD) 1,700, , MMC NORILSK NICKEL ADR (R SHS) 1,414, ,689,

184 Pictet Funds (LUX) - Eastern Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets MOBILE TELESYS ADR (R. 5 SHS) 399, ,591, NOVATEK -GDR SPONS. - REG. S 239, ,774, NOVOLIPETSK STEEL GDR (R. 1 REG-S) 325, ,870, OAO ROSNEFT OIL COMPANY GDR 2,529, ,893, PHARMSTANDARD OKTYABR -GDR- (USD) 344, ,598, RASPADSKAYA OAO (USD) 1,558, ,826, SBERBANK (USD) 8,455, ,066, SEVERSTAL GDR (R. 1 SHS) 911, ,816, SIBIRTELECOM (USD) 72,077, , SURGUTNEFTEGAZ ADR (R. 10 SHS) 860, ,758, URALKALIY GDR (R. 5 SHS) 382, ,426, VIMPEL COMMUNICAT. ADR (R. 1/4 SHS) 1,060, ,972, WIMM-BILL-DANN ADR (R. 1 SHS) 90, ,022, ,030, TURKEY AKSIGORTA 1,530, ,240, BAGFAS BANDIRMA GUBRE FABRIK 40, ,341, BIM BIRLESIK MAGAZ 310, ,002, ENKA INSAAT 1,175, ,830, GSD 7,622, ,691, GUBRE FABRIKALARI 661, ,841, HURRIYET GAZETE 3,162, ,015, IZMIR DEMIR CELIK 3,459, ,022, KOZA DAVETIYE 2,200, ,890, PINAR SUT MAMULLERI SANAYII 2,110, ,068, TEKFEN HOLDINGS 3,830, ,259, TUPRAS TURKIY PETROL RAFINERILERI 440, ,345, TURKCELL ILETISIM 1,455, ,395, TURKIYE GARANTI BANKASI NOM. 3,469, ,307, TURKIYE HALK BANKASI 1,647, ,163, TURKIYE IS BANKASI C 2,188, ,672, YAPI VE KREDI BANKASI 2,000, ,964, ,052, UNITED KINGDOM EURASIAN NATURAL RESOURCES 276, ,845, ,845, UNITED STATES CENTRAL EUROPEAN DISTRIBUTION 145, ,217, CTC MEDIA 389, ,287, ,504, TOTAL I. 237,229, II. OTHER TRANSFERABLE SECURITIES SHARES SLOVAKIA CHIRANA PREMA 21, TOTAL II

185 Pictet Funds (LUX) - Eastern Europe AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets III. UNITS OF INVESTMENT FUNDS ISLE OF MAN DRAGON-UKRANIAN PROP. & DEV. (USD) 2,782, ,168, ,168, TOTAL III. 1,168, TOTAL INVESTMENTS 238,397, BANK OVERDRAFT -4,626, OTHER NET LIABILITIES -307, TOTAL NET ASSETS 233,464,

186 Pictet Funds (LUX) - Eastern Europe GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Russia Turkey Poland 8.67 Hungary 3.73 United States 1.93 Luxembourg 1.68 Canada 0.90 Kazakhstan 0.85 United Kingdom 0.79 Guernsey 0.67 Georgia 0.63 Romania 0.61 Cayman Islands 0.59 Isle of Man 0.50 Slovakia Industrial classification (in % of net assets) Oil Banks and credit institutions Communications Mining and steelworks Holding and financial companies 7.66 Food and soft drinks 5.17 Stainless steel 4.38 Chemicals 3.02 Pharmaceuticals and cosmetics 1.11 Insurance 0.96 Tobacco and alcohol 0.95 Construction and building materials 0.88 Utilities 0.87 Retail and supermarkets 0.81 Textiles and clothing 0.72 Publishing and graphic arts 0.68 Precious metals and stones 0.67 Units of investment funds 0.50 Computer and office equipment 0.17 Miscellaneous trade

187 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA ERSTE BANK DER OESTER. SPARKASSEN 29, , OESTER. ELEKTR. WIRT. A 11, , OMV 24, , RAIFFEISEN INT. BANK - HOLDING 7, , STRABAG SE 8, , TELEKOM AUSTRIA 52, , VOEST-ALPINE 16, , WIENER STAEDTISCHE VERSICHERUNGS 5, , WIENERBERGER BAUSTOFFINDUSTRIE 13, , ,819, BELGIUM BELGACOM 25, , CNP - CIE NATIONALE A PORTFEUILLE 6, , COLRUYT (ETBLISSEMENTS FR. ) 2, , DEXIA 75, , FORTIS 327, , GBL (GROUPE BRUXELLES LAMBERT) 12, , GROUPE DELHAIZE 15, , INBEV 109, ,546, INBEV -STRIP VVPR 24, KBC GROUPE 24, , MOBISTAR 4, , SOLVAY 8, , U. C. B. 15, , UMICORE (NEW) 19, , ,933, BERMUDA FRONTLINE 7, , SEADRILL 42, , , DENMARK A. P. MOELLER - MAERSK B , A. P. MOELLER - MAERSK A , CARLSBERG B 10, , COLOPLAST B (NEW) 3, , DANISCO 8, , DANSKE BANK 65, , DSV 32, , FLSMIDTH & CO 8, , JYSKE BANK 7, , NOVO NORDISK B 67, ,456, NOVOZYMES B 7, , TOPDANMARK 2, , TRYGVESTA 4, , VESTAS WIND SYSTEMS NOM. 27, ,367, WILLIAM DEMANT HOLDING 3, , ,762,

188 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets FINLAND ELISA A 22, , FORTUM 67, ,031, KESKO 9, , KONE B 23, , METSO 20, , NESTE OIL 20, , NIA 576, ,305, NIAN TYRES 16, , ORION B (NEW) 13, , OUTUMPU A 18, , POHJOLA BANK A 15, , POHJOLA BANK A EM. 09 9, , RAUTARUUKKI 12, , SAMPO OYJ 62, , SANOMAWSOY 12, , STORA ENSO R 88, , UPM-KYMMENE 77, , WARTSILA B 12, , ,806, FRANCE ACCOR 29, , ADP 4, , AIR FRANCE - KLM 20, , AIR LIQUIDE 37, ,334, ALCATEL-LUCENT 343, , ALSTOM 32, ,552, ATOS ORIGIN 10, , AUTOROUTE PARIS RHIN RHONE 3, , AXA 235, ,998, BIC 4, , BIOMERIEUX 2, , BNP PARIBAS 124, ,001, BOUYGUES 36, ,174, BUREAU VERITAS 6, , CAP GEMINI 20, , CARREFOUR 96, ,966, CASINO GUICHARD 6, , CIE GENERALE DE GEOPHYSIQUE 22, , CNP ASSURANCES 5, , CREDIT AGRICOLE 135, ,520, DANONE GROUPE (EUR) 65, ,383, DASSAULT SYSTEMES 9, , DIOR CHRISTIAN 8, , EIFFAGE 5, , ELECTRICITE DE FRANCE 29, ,058, ERAMET , ESSILOR INTERNATIONAL 30, ,003, EURAZEO 3, , EUTELSAT COMMUNICATIONS 12, , FRANCE TELECOM 277, ,674, GAZ DE FRANCE 166, ,534,

189 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets GECINA 2, , HERMES INTERNATIONAL 7, , ICADE REITS 2, , ILIAD 2, , IMERYS 4, , IPSEN 3, , JC DECAUX 10, , KLEPIERRE 11, , L. V. M. H. 37, ,129, LAFARGE 20, , LAFARGE EM. 09 7, , LAGARDERE 17, , LEGRAND 13, , L OREAL 36, ,986, M6 METROPOLE TV 10, , MICHELIN B NOM. 22, , NATIXIS 151, , NEOPOST 4, , PAGES JAUNES 20, , PERNOD-RICARD 25, ,126, PEUGEOT PORT. 22, , PPR 11, , PUBLICIS 19, , RENAULT 28, , SAFRAN 30, , SAINT GOBAIN 56, ,539, SANOFI-AVENTIS 159, ,982, SCHNEIDER EL. (EX-SPIE BATIGNOLES) 33, ,950, SCOR SE 25, , SOCIETE GENERALE 70, ,758, SODEXO 14, , SUEZ ENVIRONNEMENT 41, , TECHNIP (EX TECHNIP-COFLEXIP) 16, , TF1 -TELEVISION FRANCAISE 1-16, , THALES (EX-THOMSON CSF) 13, , TOTAL 322, ,374, UNIBAIL-RODAMCO 12, ,414, VALEO 10, , VALLOUREC USINES A TUBES 7, , VEOLIA ENVIRONNEMENT 57, ,206, VINCI 63, ,185, VIVENDI 176, ,614, WENDEL 3, , ZODIAC 6, , ,699, GERMANY ADIDAS 29, , ALLIANZ NOM. 68, ,793, B. M. W. 49, ,307, B. M. W. PREF 7, , BASF 139, ,997, BAYER (EUR) 115, ,350,

190 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets BEIERSDORF 13, , CELESIO 13, , COMMERZBANK 106, , DAIMLER NOM. (EUR) 136, ,701, DEUTSCHE BANK NOM. 82, ,346, DEUTSCHE BOERSE NOM. 29, ,639, DEUTSCHE LUFTHANSA NOM. 34, , DEUTSCHE POST NOM. 127, ,118, DEUTSCHE POSTBANK 13, , DEUTSCHE TELEKOM NOM. 429, ,925, E. ON NOM. 288, ,387, FRAPORT 5, , FRESENIUS 4, , FRESENIUS MEDICAL CARE 28, , FRESENIUS PREF 12, , GEA GROUP 22, , HAMBURGER HAFEN & LOGISTIK 4, , HANNOVER RUECKVERSICHERUNGS NOM. 8, , HEIDELBERGCEMENT 3, , HENKEL 19, , HENKEL PREF N-VTG 27, , HOCHTIEF 6, , K & S 22, ,034, LINDE 20, ,234, MAN AG 15, , MERCK 9, , METRO 17, , MUENCHENER RUECKVER. NOM. 31, ,272, PORSCHE AUTOMOBILE -NVTG- (NEW) 13, , PUMA , Q-CELLS 9, , R. W. E. A 67, ,667, R. W. E. PREF N-VTG 5, , SALZGITTER 5, , SAP AG (EUR) 129, ,766, SIEMENS NOM. 131, ,717, SOLARWORLD 12, , SUEDZUCKER 10, , THYSSENKRUPP 54, , TUI (NEW) 34, , UNITED INTERNET NOM. 19, , VOLKSWAGEN (EUR) 13, ,216, VOLKSWAGEN PREF 15, , WACKER CHEMIE 2, , ,942, GREECE ALPHA BANK 56, , BANK OF PIRAEUS 48, , COCA COLA HBC (REG. SHS) 24, , EFG EUROBANK 49, , HELLENIC PETROLEUM 18, , HELLENIC TELECOMM. ORGANIZATIONS 39, ,

191 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets MARFIN INVESTMENT GROUP 95, , NATIONAL BANK OF GREECE REG. 75, ,199, OPAP 33, , PUBLIC POWER CORP OF GREECE NOM. 15, , TITAN CEMENT NOM. 8, , ,635, IRELAND ANGLO-IRISH BANK 63, CRH (EUR) 103, ,064, ELAN 71, , KERRY GROUP A 20, , RYANAIR HOLDINGS 51, , ,881, ITALY A2A 198, , ACEA 14, , ALLEANZA ASSICURAZIONI 62, , ASSICURAZIONI GENERALI 159, ,471, ATLANTIA 37, , AUTOGRILL 17, , BANCA CARIGE 108, , BANCA POPOLARE DI MILANO 60, , BANCO POPOLARE 94, , BULGARI 25, , ENEL ENTE NAZION. ENERGIA ELETTR. 654, ,704, ENI 393, ,478, EXOR 11, , FIAT 105, , FINMECCANICA 61, , FONDIARIA-SAI 10, , INTESA SANPAOLO 1,167, ,845, INTESA SANPAOLO (AZ. DI RISO. ) 142, , ITALCEMENTI 10, , ITALCEMENTI SPA-RNC 14, , LOTTOMATICA NEW. 9, , LUXOTTICA GROUP 19, , MEDIASET 118, , MEDIOBANCA 73, , MEDIOLANUM 26, , MONTE PASCHI SIENA 384, , PARMALAT 242, , PIRELLI & CIE 434, , PRYSMIAN 17, , SAIPEM 40, , SARAS RAFFINERIE SARDE 49, , SNAM RETE GAS 117, , T. E. R. N. A 185, , TELECOM ITALIA 1,521, ,465, TELECOM ITALIA RISP 907, , U. G. F. 158, , UBI BANCA 90, ,

192 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets UNICREDITO ITALIANO 1,845, ,448, UNIPOL 110, , ,121, JERSEY SHIRE 84, , UNITED BUSINESS MEDIA 38, , WPP 167, , ,871, LUXEMBOURG ARCELOR MITTAL (NEW) 131, ,371, MILLICOM INTL CELLULAR - SDR- 10, , SES GLOBAL FDR 43, , TENARIS SA (EUR) 72, , ,056, NETHERLANDS AEGON 219, , AKZO NOBEL 35, ,138, ASML 66, ,027, BOSKALIS WESTMINSTER 8, , CORIO 6, , EUROPEAN AERONAUTIC DEFENCE SPACE 49, , HEINEKEN 37, , HEINEKEN HOLDING 17, , KONINKLIJKE AHOLD 179, ,499, KONINKLIJKE DSM (NEW) 20, , KPN KONINKLIJKE 263, ,404, QIAGEN 27, , RANDSTAD HOLDING 15, , REED ELSEVIER 94, , ROYAL PHILIPS (EUR) 145, ,008, SBM OFFSHORE 21, , SNS REAAL 22, , STMICROELECTRONICS 100, , TNT 56, , UNILEVER NEW (EUR) 245, ,694, WOLTERS KLUWER 41, , ,795, NORWAY AKER SOLUTIONS 27, , DNB NOR 109, , NORSK HYDRO NOM. (N) 104, , ORKLA 116, , RENEWABLE ENERGY CORPORATION 24, , STATOIL 193, ,769, TELENOR 133, , YARA INTERNATIONAL 28, , ,817, PANAMA CARNIVAL TWIN 3, , ,

193 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets PORTUGAL BANCO COMERCIAL PORTUGUES NOM. 364, , BANCO ESPIRITO SANTO NOM. 43, , BRISA AUTO-ESTRADAS NOM. 47, , CIMPOR (CIMENTOS PORTUGAL) NOM. 39, , EDP (ELECTRIC. DE PORTUGAL) NOM. 272, , GALP ENERGIA B 27, , JERONIMO MARTINS 30, , PORTUGAL TELECOM SGPS 93, , ZON MULTIMEDIA SERVICOS TELECOM. 26, , ,661, SPAIN ABERTIS INFRAESTRUCTURAS 41, , ACCIONA 4, , ACERINOX 22, , ACS 28, ,072, BANCO DE SABADELL 137, , BANCO DE VALENCIA 32, , BANCO POPULAR ESPANOL NOM. 119, , BANCO SANTANDER 1,236, ,990, BANKINTER 39, , BCO BILBAO VIZCAYA ARGENT. NOM. 541, ,481, CINTRA 36, , CRITERIA CAIXACORP 121, , EDP RENOVAVEIS 35, , ENAGAS 25, , FOMENTO CONSTRUCCIONES CONTRATAS 6, , GAMESA (NEW) 28, , GAS NATURAL SDG (SPLIT) 34, , GESTEVISION TELECINCO 15, , GRIFOLS A 20, , GRUPO FERROVIAL 9, , IBERDROLA 529, ,179, IBERDROLA RENOVABLES 129, , IBERIA 65, , INDITEX NOM. 32, ,064, INDRA SISTEMAS 15, , MAPFRE 102, , RED ELECTRICA CORP 16, , REPSOL YPF 111, ,608, SACYR VALLEHERMOSO 13, , TELEFONICA 640, ,228, ZARDOYA OTIS 18, , ,224, SWEDEN ALFA LAVAL 57, , ASSA ABLOY B 46, , ATLAS COPCO A -FRIA- 99, , ATLAS COPCO B 56, , ELECTROLUX B -FRIA- 41, , ERICSSON TELEFON B 445, ,966, GETINGE INDUSTRIER B 31, ,

194 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets HENNES & MAURITZ B 77, ,625, HOLMEN B 7, , HUSQVARNA B 61, , INVESTOR B 67, , LUNDIN PETROLEUM 33, , MODERN TIMES GROUP B 7, , NORDEA BANK 483, ,745, SANDVIK 151, , SCANIA B 49, , SECURITAS B 50, , SKANDINAVISKA ENSKILDA A 234, , SKANSKA B 56, , SKF B 57, , SSAB SWEDISH STEEL A 26, , SSAB SWEDISH STEEL B 13, , SVENSKA CELLULOSA B 83, , SVENSKA HANDELSBANKEN A 69, , SWEDBANK A 56, , SWEDISH MATCH 38, , TELE2 B 44, , TELIASONERA (SEK) 344, ,230, VOLVO A 67, , VOLVO B 167, , ,584, SWITZERLAND ABB LTD NOM. 332, ,602, ACTELION NOM. 14, , ADECCO NOM. 19, , ARYZTA NOMINATIVE 11, , BALOISE-HOLDING AG 7, , BKW FMB ENERGIE NOM. 2, , CIE FINANCIERE RICHEMONT 78, ,072, CS GROUP NOM. 161, ,763, EFG INTL NOM. 9, , GEBERIT 6, , GIVAUDAN NOM. 1, , HOLCIM NOM. 29, ,147, JULIUS BAER HOLDING 32, , KUEHNE & NAGEL INTERNATIONAL 8, , LINDT & SPRUENGLI , LINDT & SPRUENGLI NOM , LOGITECH INTERNATIONAL (NEW) 25, , LONZA GROUP 7, , NESTLE NOM. (NEW) 579, ,334, NOBEL BIOCARE HOLDING 18, , NOVARTIS AG NOM. 358, ,309, PARGESA HOLDING 3, , ROCHE HOLDING BON JCE 106, ,155, S. G. S. NOM , SCHINDLER HOLDING B. PART. 7, , SONOVA HOLDING NOM. 6, , STRAUMANN HOLDING NOM. (NEW) 1, ,

195 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets SUISSE REASSURANCE NOM. 49, , SULZER 4, , SWISS LIFE HLDG NOM. 5, , SWISSCOM NOM. 3, , SYNGENTA NOM. 14, ,367, THE SWATCH GROUP 4, , THE SWATCH GROUP NOM. 8, , UBS AG 442, ,676, ZURICH FINANCIAL SER. NOM. (CHF) 21, ,050, ,491, UNITED KINGDOM 3I GROUP 64, , ADMIRAL GROUP 28, , AMEC 53, , ANGLO AMERICAN 198, ,293, ANTOFAGASTA 61, , ASSOCIATED BRITISH FOODS 54, , ASTRAZENECA (GBP) 217, ,805, AUTONOMY CORPORATION 31, , AVIVA 404, ,428, BAE SYSTEMS 529, ,119, BALFOUR BEATTY 75, , BARCLAYS 1,266, ,987, BERKELEY GROUP (UNITS) 14, , BG GROUP 505, ,180, BHP BILLITON (GBP) 332, ,297, BP PLC 2,823, ,232, BRITISH AIRWAYS 90, , BRITISH AMERICAN TOBACCO 286, ,258, BRITISH LAND 124, , BRITISH SKY BROADCASTING GROUP 170, , BT GROUP 1,167, ,227, BUNZL (NEW) 47, , BURBERRY GROUP 67, , CABLE & WIRELESS 381, , CADBURY 202, ,147, CAIRN ENERGY 20, , CAPITA GROUP (NEW) 92, , CARNIVAL 20, , CARPHONE WAREHOUSE 63, , CENTRICA (NEW) 770, ,954, COBHAM (NEW) 167, , COMPASS GROUP 276, ,001, DAILY MAIL & GENERAL TRUST A 42, , DIAGEO 376, ,421, DRAX GROUP 50, , EURASIAN NATURAL RESOURCES 47, , EXPERIAN 149, , FIRSTGROUP 70, , FRIENDS FINANCIAL 354, , G4S 193, , GLAXOSMITHKLINE 785, ,208,

196 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets HAMMERSON REIT 100, , HAYS 215, , HOME RETAIL GROUP 128, , HSBC HOLDINGS (GBP) 2,588, ,908, I. M. I. 47, , ICAP 80, , IMPERIAL TOBACCO 153, ,668, INTERCONTINENTAL HOTELS 41, , INTERNATIONAL POWER 221, , INVENSYS (NEW) 131, , INVESTEC (NEW) 63, , ITV 504, , JOHNSON MATTHEY 32, , KAZAKHMYS 32, , KINGFISHER 355, , LADBRES (NEW) 90, , LAND SECURITIES GROUP 116, , LEGAL & GENERAL GROUP 872, , LIBERTY INTERNATIONAL R. E I. T 41, , LLOYDS TSB GROUP 1,494, ,871, LOGICA 236, , LONDON STOCK EXCHANGE GROUP 24, , LONMIN 18, , MAN GROUP (NEW) 252, , MARKS & SPENCER GROUP 240, , MEGGITT 96, , MORRISON WM. SUPERMARKETS 360, , NATIONAL GRID (NEW) 363, ,292, NEXT 28, , OLD MUTUAL (GBP) 731, , PEARSON 122, , PRUDENTIAL 378, ,664, RECKITT BENCKISER 90, ,699, REED ELSEVIER (NEW) GBP 165, , REXAM 93, , RIO TINTO NOM. 150, ,674, ROLLS-ROYCE GROUP 272, ,031, ROYAL & SUN ALLIANCE INSUR. GROUP 497, , ROYAL BANK OF SCOTLAND GROUP 2,555, ,194, ROYAL DUTCH SHELL A 535, ,406, ROYAL DUTCH SHELL B 406, ,075, SABMILLER (GBP) 136, ,741, SAGE GROUP 200, , SAINSBURY J. (NEW) 158, , SCHRODERS 17, , SCOTTISH & SOUTHERN ENERGY 138, ,719, SEGRO REIT 830, , SERCO GROUP 71, , SEVERN TRENT (NEW) 36, , SMITH & NEPHEW 131, , SMITHS GROUP (NEW) 58, , STAGECOACH GROUP (NEW) 79, ,

197 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets STANDARD CHARTERED (GBP) 283, ,352, STANDARD LIFE 325, , TATE & LYLE 70, , TESCO 1,186, ,472, THOMAS CO GROUP 61, , THOMSON-REUTERS 27, , TOMKINS 144, , TUI TRAVEL 85, , TULLOW OIL 122, ,107, UNILEVER NEW (GBP) 192, ,851, UNITED UTILITIES GROUP 104, , VEDANTA RESOURCES 21, , VODAFONE GROUP AG (NEW) 7,923, ,049, WHITBREAD 26, , WOLSELEY (NEW) 43, , XSTRATA 289, ,968, ,426, UNITED STATES SYNTHES 9, , , TOTAL SHARES 558,764, CERTIFICATES NETHERLANDS FUGRO CRT 9, , ING GROEP CRT 293, ,082, ,330, TOTAL CERTIFICATES 2,330, RIGHTS FRANCE PERNOD-RICARD RTS , , TOTAL STRIP VVPR 1, , GERMANY HEIDELBERGCEMENT STRIP VVPR ITALY SNAM RETE GAS RTS , , , SPAIN BANCO DE VALENCIA RTS , , , TOTAL RIGHTS 155, TOTAL I. 561,250,

198 Pictet Funds (LUX) - Europe Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES SHARES PORTUGAL BANCO ESPIRITO SANTO EM , , , UNITED KINGDOM ROLLS - ROYCE GP. ENTIT. JULY 09 C 22,563, , , TOTAL SHARES 162, RIGHTS AUSTRIA ERSTE GROUPE BANK RTS , FRANCE DANONE RTS (ST. DIV.) 65, , KLEPIERRE RTS (ST. DIV) , , , NETHERLANDS CORIO RTS (STOCK DIV. 09) 6, , REED ELSEVIER RTS , , WOLTERS KLUWER RTS , , , UNITED KINGDOM LIBERTY INTL RTS , , , TOTAL RIGHTS 137, TOTAL II. 299, TOTAL INVESTMENTS 561,549, CASH AT BANKS 2,705, OTHER NET ASSETS 166, TOTAL NET ASSETS 564,421,

199 Pictet Funds (LUX) - Europe Index GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United Kingdom France Germany Switzerland Spain 6.59 Italy 5.36 Netherlands 3.76 Sweden 3.64 Finland 2.11 Belgium 1.41 Denmark 1.38 Norway 1.02 Greece 0.81 Luxembourg 0.72 Ireland 0.52 Austria 0.49 Portugal 0.49 Jersey 0.33 United States 0.12 Bermuda 0.08 Panama Industrial classification (in % of net assets) Banks and credit institutions Oil Communications Pharmaceuticals and cosmetics Utilities 7.67 Insurance 4.94 Food and soft drinks 4.68 Electronics and electrical equipment 3.73 Tobacco and alcohol 3.29 Retail and supermarkets 3.22 Holding and financial companies 3.07 Chemicals 2.63 Construction and building materials 2.50 Road vehicles 2.42 Construction of machines and appliances 1.67 Stainless steel 1.62 Mining and steelworks 1.53 Transport and freight 1.24 Aeronautics and astronautics 1.01 Precious metals and stones 0.94 Textiles and clothing 0.87 Internet, software and IT services 0.86 Miscellaneous services 0.84 Publishing and graphic arts 0.75 Gastronomy 0.74 Real estate 0.59 Miscellaneous trade 0.57 Paper and forest products 0.45 Certificates 0.41 Computer and office equipment 0.26 Miscellaneous consumer goods 0.26 Leisure 0.25 Photography and optics 0.23 Environmental conservation and waste management 0.21 Tyres and rubber 0.19 Biotechnology 0.14 Watch-making 0.11 Agriculture and fishing 0.11 Packaging 0.06 Conglomerates 0.04 Environmental and recycling services 0.04 Rights

200 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES BERMUDA COOPER INDUSTRIES A 16, , COVIDIEN 51, ,691, INGERSOLL-RAND A 32, , INVESCO 39, , TYCO ELECTRONICS 45, , ,298, CAYMAN ISLANDS XL CAPITAL A 37, , , NETHERLANDS ANTILLES SCHLUMBERGER 122, ,996, ,996, PANAMA CARNIVAL TWIN 44, ,198, ,198, UNITED STATES 3 M 71, ,112, ABBOTT LABORATORIES 157, ,591, ABERCROMBIE & FITCH A 9, , ADOBE SYSTEMS 54, ,485, ADVANCED MICRO DEVICES (USD) 51, , AES 71, , AETNA 46, ,019, AFFILIATED COMPUTER A 10, , AFLAC 48, ,392, AGILENT TECHNOLOGIES 37, , AIR PRODUCTS & CHEMICALS 21, ,416, AK STEEL HOLDING 11, , AKAMAI TECHNOLOGIES 17, , ALCOA INC. 95, , ALLEGHENY ENERGY 18, , ALLEGHENY TECHNOLOGIES 10, , ALLERGAN 31, ,460, ALLSTATE 55, ,287, ALTERA 28, , ALTRIA GROUP (USD) 212, ,466, AMAZON. COM 32, ,649, AMEREN CORPORATION 21, , AMERICAN ELECTRIC POWER 47, ,259, AMERICAN EXPRESS 118, ,988, AMERICAN INTERNATIONAL GROUP 268, , AMERICAN TOWER A 40, ,298, AMERIPRISE FINANCIAL W-ISSUED 22, , AMERISOURCEBERGEN 15, , AMGEN 105, ,094, AMPHENOL A 17, , ANADARKO PETROLEUM 47, ,037,

201 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets ANALOG DEVICES 28, , AON 28, ,185, APACHE 34, ,509, APARTMENT INVESTMENT & MGMT A. 10, , APOLLO GROUP A 11, , APPLE 91, ,450, APPLIED MATERIALS 136, ,662, ARCHER-DANIELS MIDLAND 64, ,599, ASHLAND ASSURANT 13, , AT & T 600, ,395, AUTODESK 22, , AUTOMATIC DATA PROCESSING 50, ,791, AUTONATION 12, , AUTOZONE 3, , AVALONBAY COMMUNITIES 8, , AVERY DENNISON 11, , AVON PRODUCTS 42, , BAKER HUGHES 31, ,124, BALL 9, , BANK OF AMERICA 652, ,830, BANK OF NEW YORK MELLON 117, ,994, BAXTER INTERNATIONAL 63, ,055, BB & T 58, ,360, BECTON DICKINSON & CO 24, ,493, BED BATH & BEYOND 26, , BEMIS 9, , BEST BUY 33, ,300, BIG LOTS 8, , BIOGEN IDEC 30, ,478, BJ SERVICES 29, , BLACK & DECKER 6, , BMC SOFTWARE 18, , BOEING 74, ,975, BOSTON PROPERTIES 12, , BOSTON SCIENTIFIC 152, ,282, BRISTOL MYERS SQUIBB CO 201, ,863, BROADCOM A 42, , BROWN FORMAN B N-VTG 9, , BURLINGTON NORTHERN SANTA FE 28, ,896, C. A. 39, , C. H. ROBINSON WORLDWIDE 17, , CABOT OIL & GAS 10, , CAMERON INTERNATIONAL 21, , CAMPBELL SOUP 20, , CAPITAL ONE FINANCIAL 41, , CARDINAL HEALTH 36, ,248, CATERPILLAR 61, ,173, CB RICHARD ELLIS GROUP A 27, , CBS B 67, , CELGENE 47, ,033, CENTERPOINT ENERGY 33, ,

202 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets CENTEX 11, , CENTURYTEL 10, , CEPHALON 6, , CF INDUSTRIES HOLDINGS 5, , CHARLES SCHWAB 95, ,762, CHESAPEAKE ENERGY 57, ,141, CHEVRON 204, ,499, CHUBB 35, ,390, CIENA 7, , CIGNA 26, , CINCINNATI FINANCIAL 17, , CINTAS 12, , CISCO SYSTEMS (USD) 595, ,512, CIT GROUP 40, , CITIGROUP 562, ,716, CITRIX SYSTEMS 18, , CLOROX 14, , CME GROUP A 6, ,505, CMS ENERGY 23, , COACH 31, , COCA-COLA 203, ,762, COCA-COLA ENTERPRISES 33, , COGNIZANT TECH SOL A 30, , COLGATE PALMOLIVE 51, ,026, COMCAST A 293, ,539, COMERICA 14, , COMPUTER SCIENCES 16, , COMPUWARE 22, , CONAGRA FOODS 44, , CONOCOPHILLIPS 150, ,170, CONSOL ENERGY 19, , CONSOLIDATED EDISON 28, ,047, CONSTELLATION BRANDS A 18, , CONSTELLATION ENERGY GROUP 21, , CONVERGYS 11, , CORNING (USD) 159, ,328, COSTCO WHOLESALE 43, ,118, COVENTRY HEALTH CARE 13, , CR BARD 10, , CSX 39, ,180, CUMMINS 20, , CVS CAREMARK 148, ,708, DANAHER 25, ,513, DARDEN RESTAURANTS 14, , DAVITA 11, , DEAN FOODS 15, , DEERE 42, ,770, DELL 176, ,053, DENBURY RESOURCES 24, , DENTSPLY INTL 14, , DEVON ENERGY 45, ,364, DIAMOND OFFSHORE DRILLING 6, ,

203 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets DIRECTV GROUP 53, ,320, DISCOVER FINANCIAL SERVICES 50, , DOMINION RESOURCES 58, ,769, DOVER 19, , DOW CHEMICAL 95, ,524, DR HORTON 28, , DR PEPPER 26, , DTE ENERGY COMPANY 16, , DU PONT DE NEMOURS 92, ,575, DUKE ENERGY 130, ,800, DUN & BRADSTREET 5, , DYNEGY A 40, , E TRADE FINANCIAL 44, , EASTMAN CHEMICAL 6, , EASTMAN KODAK 24, , EATON 17, , EBAY 108, ,786, ECOLAB 16, , EDISON INTERNATIONAL 33, , EL PASO 74, , ELECTRONIC ARTS 31, , ELI LILLY 102, ,377, EMBARQ 14, , EMC 203, ,553, EMERSON ELECTRIC 77, ,634, ENSCO INTERNATIONAL 14, , ENTERGY 19, ,269, EOG RESOURCES 25, ,631, EQT 13, , EQUIFAX 13, , EQUITY RESIDENTIAL (SBI) 27, , ESTEE LAUDER A 12, , EXELON 67, ,094, EXPEDIA 19, , EXPEDITORS INTL OF WASHINGTON 22, , EXPRESS SCRIPTS 25, ,631, EXXON MOBIL 504, ,619, FAMILY DOLLAR STORE 14, , FASTENAL 13, , FEDERATED INVESTORS B 9, , FEDEX 31, ,773, FIDELITY NATIONAL 20, , FIFTH THIRD BANCORP 53, , FIRST HORIZON NATIONAL 22, , FIRSTENERGY 31, ,268, FISERV 16, , FLIR SYSTEMS 14, , FLOWSERVE 5, , FLUOR 18, , FORD MOTOR 289, ,730, FOREST LABORATORIES 29, , FORTUNE BRANDS 15, ,

204 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets FPL GROUP 41, ,232, FRANKLIN RESOURCES 15, , FREEPORT MCMORAN COPPER & GOLD B 41, ,773, FRONTIER COMMUNICATIONS B 34, , GAMESTOP A 16, , GANNETT 19, , GAP 48, , GENERAL DYNAMICS 39, ,030, GENERAL ELECTRIC 1,077, ,635, GENERAL MILLS 33, ,677, GENERAL MOTORS 62, , GENUINE PARTS 16, , GENWORTH FINANCIAL -A- 33, , GENZYME (GENERAL DIVISION) 27, ,466, GILEAD SCIENCES 92, ,245, GOLDMAN SACHS 51, ,579, GOODRICH 12, , GOODYEAR TIRE & RUBBER 26, , GOOGLE A 24, ,661, GRAINGER (W. W. ) 6, , H&R BLOCK 33, , H. J. HEINZ 31, ,084, HALLIBURTON 90, ,823, HARLEY DAVIDSON 24, , HARMAN INTERNATIONAL INDUSTRIES 5, , HARRIS 14, , HARTFORD FINANCIAL SERVICES GROUP 35, , HASBRO 13, , HCP 27, , HEALTH CARE REIT 12, , HERSHEY 17, , HESS 28, ,569, HEWLETT PACKARD 244, ,796, HOME DEPOT 173, ,561, HONEYWELL INTERNATIONAL 74, ,324, HORMEL FOODS 8, , HOSPIRA 15, , HOST HOTELS & RESORTS 50, , HUDSON CITY BANCORP 53, , HUMANA 16, , HUNTINGTON BANCSHARES 37, , IBM 136, ,135, ILLINOIS TOOL WORKS 38, ,275, IMS HEALTH 19, , INT. FLAVORS & FRAGRANCES 8, , INTEGRYS ENERGY GROUP 7, , INTEL 568, ,968, INTERCONTINENTAL EXCHANGE 7, , INTERNATIONAL GAME TECHNOLOGY 31, , INTERNATIONAL PAPER 42, , INTERPUBLIC GROUP 51, , INTUIT 33, ,

205 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets INTUITIVE SURGICAL 4, , IRON MOUNTAIN 18, , ITT 18, , JABIL CIRCUIT 26, , JACOBS ENGINEERING GROUP 12, , JANUS CAPITAL GROUP 13, , JDS UNIPHASE 20, , JM SMUCKER CO 11, , JOHNSON & JOHNSON 282, ,806, JOHNSON CONTROLS 58, ,115, JP MORGAN CHASE 383, ,649, JUNIPER NETWORKS 52, ,134, KB HOME 7, , KELLOGG 26, ,099, KEYCORP 49, , KIMBERLY CLARK 41, ,054, KIMCO REALTY 29, , KING PHARMACEUTICALS 25, , KLA-TENCOR 18, , KOHL S 31, ,414, KRAFT FOODS A 149, ,490, KROGER 67, ,455, L-3 COMMUNICATIONS 12, , LABORATORY CORP OF AMERICA HLDGS 11, , LEGG MASON 15, , LEGGETT & PLATT 14, , LENNAR CORP A 12, , LEUCADIA NATIONAL 19, , LEXMARK INTERNATIONAL A 7, , LIFE TECHNOLOGIES 18, , LIMITED BRANDS 24, , LINCOLN NATIONAL 26, , LINEAR TECHNOLOGY 23, , LOCKHEED MARTIN 34, ,670, LOEWS 37, , LORILLARD 16, ,070, LOWE S COMPANIES 149, ,207, LSI 59, , M & T BANK 7, , MACY S INC 43, , MANITOWOC 11, , MARATHON OIL 73, ,169, MARRIOTT INTERNATIONAL A 29, , MARSH & MC LENNAN 53, ,121, MARSHALL & IISLEY 25, , MASCO 37, , MASSEY ENERGY 7, , MASTERCARD A 7, ,357, MATTEL 36, , MBIA 15, , MC AFEE 15, , MC GRAW-HILL 33, ,000,

206 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets MCCORMICK NON-VTG 12, , MCDONALD S 113, ,048, MCKESSON 27, ,021, MEADWESTVACO 15, , MEDCO HEALTH SOLUTIONS 50, ,191, MEDTRONIC 113, ,644, MEMC ELECTRONIC MATERIALS 23, , MERCK & CO 216, ,240, MEREDITH 2, , METLIFE 82, ,460, MICROCHIP TECHNOLOGY 19, , MICRON TECHNOLOGY 82, , MICROSOFT 780, ,819, MILLIPORE 5, , MOLEX 12, , MOLSON COORS B NVTG 14, , MONSANTO (NEW) 56, ,754, MONSTER WORLDWIDE 11, , MOODY S W. I. 19, , MORGAN STANLEY 108, ,567, MOTOROLA 234, ,294, MURPHY OIL 19, , MYLAN 32, , NABORS INDUSTRIES 29, , NASDAQ OMX GROUP 14, , NATIONAL OILWELL VARCO 42, ,289, NATIONAL SEMICONDUCTOR 17, , NETAPP INC 33, , NEW YORK TIMES A 9, , NEWELL RUBBERMAID 30, , NEWMONT MINING 50, ,024, NEWS CORP A 231, ,914, NICOR 4, , NIKE B 39, ,067, NISOURCE 30, , NOBLE ENERGY 17, ,010, NORDSTROM 17, , NORFOLK SOUTHERN 37, ,330, NORTHEAST UTILITIES 17, , NORTHERN TRUST 23, ,250, NORTHROP GRUMMAN 33, ,622, NOVELL 32, , NOVELLUS SYSTEMS 11, , NUCOR 32, ,314, NVIDIA 55, , NYSE EURONEXT 26, , O REILLY AUTOMOTIVE 13, , OCCIDENTAL PETROLEUM 82, ,649, OFFICE DEPOT 24, , OMNICOM GROUP 32, ,019, ORACLE SYSTEMS 391, ,577, OWENS-ILLINOIS 17, ,

207 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets PACCAR 37, ,317, PACTIV 13, , PALL 11, , PARKER HANNIFIN 16, , PATTERSON 10, , PAYCHEX 32, , PEABODY ENERGY 27, , PENNEY (J. C) CO 23, , PEOPLE S UNITED FINANCIAL 37, , PEPCO HOLDINGS 20, , PEPSI BOTTLING GROUP 14, , PEPSICO 159, ,911, PERKINELMER 11, , PFIZER INC. 690, ,219, PG & E 37, ,388, PHILIP MORRIS WI (USD) 204, ,395, PINNACLE WEST CAPITAL 10, , PIONEER NATURAL RESOURCES 10, , PITNEY BOWES 22, , PLUM CREEK TIMBER 16, , PNC FINANCIAL SERVICES 43, ,743, POLO RALPH LAUREN A 6, , PPG INDUSTRIES 17, , PPL 38, ,154, PRAXAIR 31, ,327, PRECISION CASTPARTS 14, ,070, PRINCIPAL FINANCIAL GROUP 25, , PROCTER & GAMBLE (USD) 299, ,803, PROGRESS ENERGY 28, , PROGRESSIVE 67, ,028, PROLOGIS (SBI) 42, , PRUDENTIAL FINANCIAL 42, ,233, PUBLIC SERVICE ENTERPRISE GROUP 51, ,530, PUBLIC STORAGE 12, , PULTE HOMES 23, , Q LOGIC 11, , QUALCOMM 168, ,128, QUEST DIAGNOSTICS 15, , QUESTAR 17, , QWEST COMMUNICATIONS INT. 148, , RADIOSHACK 11, , RANGE RESOURCES 15, , RAYTHEON 40, ,831, REGIONS FINANCIAL 68, , REPUBLIC SERVICES 31, , REYNOLDS AMERICAN 17, , ROBERT HALF INTERNATIONAL 14, , ROCKWELL AUTOMATION (NEW) 15, , ROCKWELL COLLINS 16, , ROWAN COMPANIES 12, , RR DONNELLEY & SONS 21, , RYDER SYSTEM 6, ,

208 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SAFEWAY 44, , SALESFORCE. COM 10, , SANDISK 24, , SARA LEE 74, , SCANA 12, , SCHERING PLOUGH 165, ,805, SCRIPPS NETWORKS A 8, , SEALED AIR 16, , SEARS HOLDINGS 5, , SEMPRA ENERGY 25, ,164, SHERWIN-WILLIAMS 9, , SIGMA-ALDRICH 11, , SIMON PROPERTY GROUP 25, ,338, SLM 44, , SMITH INTERNATIONAL 21, , SNAP-ON 6, , SOUTHERN 79, ,290, SOUTHWEST AIRLINES 73, , SOUTHWESTERN ENERGY 35, ,269, SPECTRA ENERGY 66, , SPRINT NEXTEL 300, ,309, ST JUDE MEDICAL 34, ,169, STANLEY WORKS 8, , STAPLES 72, ,488, STARBUCKS 73, ,061, STARWOOD HOTELS & RESORTS 20, , STATE STREET 43, ,498, STERICYCLE 8, , STRYKER 24, , SUN MICROSYSTEMS 78, , SUNOCO 11, , SUNTRUST BANKS 35, , SUPERVALU 19, , SYMANTEC 82, ,428, SYSCO 60, ,411, T ROWE PRICE GROUP 26, ,001, TARGET 76, ,148, TECO ENERGY 22, , TELLABS 38, , TENET HEALTHCARE 38, , TERADATA 16, , TERADYNE 22, , TESORO 13, , TEXAS INSTRUMENTS 131, ,369, TEXTRON 26, , THE WESTERN UNION 71, ,196, THERMO FISHER SCIENTIFIC INC 42, ,494, TIFFANY 13, , TIME WARNER 122, ,672, TIME WARNER CABLE 35, ,137, TITANIUM METALS 5, , TJX COS 43, ,205,

209 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TORCHMARK 8, , TOTAL SYSTEM SERVICES 19, , TRAVELERS COMPANIES 59, ,463, TYSON FOODS A 33, , UNION PACIFIC 51, ,530, UNITED PARCEL SERVICE B 101, ,322, UNITED TECHNOLOGIES 95, ,673, UNITEDHEALTH GROUP 124, ,918, UNUM 33, , US BANCORP 180, ,289, US STEEL 12, , VALERO ENERGY 53, ,059, VARIAN MEDICAL 12, , VENTAS REIT 15, , VERIGY VERISIGN 19, , VERIZON COMMUNICATIONS 289, ,792, VF CORP. 9, , VIACOM B 62, ,192, VORNADO REALTY TRUST -SBI- 15, , VULCAN MATERIALS 11, , WALGREEN 100, ,152, WAL-MART STORES 228, ,511, WALT DISNEY HOLDING 189, ,158, WASHINGTON POST B , WASTE MANAGEMENT 50, ,352, WATERS 10, , WATSON PHARMACEUTICALS 10, , WELLPOINT 50, ,172, WELLS FARGO 431, ,642, WEYERHAEUSER 22, , WHIRLPOOL 7, , WHOLE FOODS MARKET 15, , WILLIAMS COMPANIES 60, , WINDSTREAM 43, , WISCONSIN ENERGY 11, , WYETH 135, ,745, WYNDHAM WORLDWIDE 21, , WYNN RESORTS 6, , XCEL ENERGY 46, , XEROX 89, , XILINX 27, , XTO ENERGY 59, ,053, YAHOO 143, ,053, YUM BRANDS 47, ,570, ZIMMER HOLDINGS 23, ,024, ZIONS BANCORP 12, , ,191, TOTAL I. 774,041,

210 Pictet Funds (LUX) - USA Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES SHARES UNITED STATES SEAGATE TECHNOLOGY ESCROW SHS 2, TOTAL II TOTAL INVESTMENTS 774,041, CASH AT BANKS 3,541, OTHER NET LIABILITIES -6, TOTAL NET ASSETS 777,576,

211 Pictet Funds (LUX) - USA Index GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Netherlands Antilles 0.77 Bermuda 0.55 Panama 0.15 Cayman Islands Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Computer and office equipment Oil Holding and financial companies 8.18 Communications 6.37 Retail and supermarkets 5.83 Banks and credit institutions 5.01 Food and soft drinks 4.89 Electronics and electrical equipment 4.65 Utilities 3.80 Internet, software and IT services 2.52 Chemicals 2.18 Aeronautics and astronautics 1.90 Tobacco and alcohol 1.86 Insurance 1.86 Construction of machines and appliances 1.79 Biotechnology 1.43 Textiles and clothing 1.13 Transport and freight 1.11 Real estate 1.01 Packaging 0.98 Public healthcare and social services 0.91 Road vehicles 0.72 Paper and forest products 0.68 Publishing and graphic arts 0.65 Mining and steelworks 0.63 Gastronomy 0.59 Leisure 0.58 Miscellaneous consumer goods 0.54 Precious metals and stones 0.54 Construction and building materials 0.51 Miscellaneous services 0.45 Conglomerates 0.41 Environmental conservation and waste management 0.26 Tyres and rubber 0.11 Environmental and recycling services 0.09 Miscellaneous trade 0.04 Photography and optics 0.01 Stainless steel

212 Pictet Funds (LUX) - European Sustainable Equities AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA MAYR-MELNHOF KARTON 1, , OESTER. ELEKTR. WIRT. A 6, , OMV 12, , , BELGIUM DEXIA 94, , FORTIS 63, , , DENMARK A. P. MOELLER - MAERSK B , A. P. MOELLER MAERSK A , NOVO NORDISK B 18, , NOVOZYMES B 3, , VESTAS WIND SYSTEMS NOM. 4, , ,224, FINLAND KESKO 12, , KONE B 11, , NOKIA 18, , STORA ENSO R 66, , WARTSILA B 9, , ,198, FRANCE ACCOR 11, , AXA 67, , BNP PARIBAS 6, , CAP GEMINI 16, , CARREFOUR 15, , DANONE GROUPE (EUR) 18, , ESSILOR INTERNATIONAL 17, , GAZ DE FRANCE 4, , KLEPIERRE 8, , LEGRAND 11, , L OREAL 17, , NATIXIS 106, , PAGES JAUNES 17, , SANOFI-AVENTIS 13, , SOCIETE GENERALE 15, , SODEXO 6, , TOTAL 28, ,092, UNIBAIL-RODAMCO , VEOLIA ENVIRONNEMENT 17, , VINCI 5, , ,404,

213 Pictet Funds (LUX) - European Sustainable Equities AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets GERMANY ALLIANZ NOM. 7, , DEUTSCHE BANK NOM. 19, , DEUTSCHE BOERSE NOM. 6, , DEUTSCHE LUFTHANSA NOM. 7, , DEUTSCHE POST NOM. 48, , DEUTSCHE POSTBANK 19, , DEUTSCHE TELEKOM NOM. 95, , FRESENIUS MEDICAL CARE 7, , MERCK 2, , METRO 3, , MUENCHENER RUECKVER. NOM , PUMA 1, , SAP AG (EUR) 6, , SIEMENS NOM. 30, ,573, VOLKSWAGEN (EUR) 2, , WINCOR NIXDORF 3, , ,639, GREECE COCA COLA HBC (REG. SHS) 29, , EFG EUROBANK 30, , HELLENIC PETROLEUM 7, , , IRELAND CRH (EUR) 10, , , ITALY A2A 142, , ASSICURAZIONI GENERALI 10, , AUTOGRILL 8, , BANCA CARIGE 55, , BANCO POPOLARE 16, , ENI 12, , MONTE PASCHI SIENA 359, , PIRELLI & CIE 515, , SAIPEM 16, , SNAM RETE GAS 13, , TELECOM ITALIA 602, , UBI BANCA 32, , ,643, NETHERLANDS AKZO NOBEL 10, , HEINEKEN 7, , KONINKLIJKE AHOLD 4, , KONINKLIJKE DSM (NEW) 16, , KPN KONINKLIJKE 5, , RANDSTAD HOLDING 13, , REED ELSEVIER 26, , ROYAL PHILIPS (EUR) 46, ,

214 Pictet Funds (LUX) - European Sustainable Equities AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets STMICROELECTRONICS 104, , UNILEVER NEW (EUR) 15, , ,821, NORWAY STATOIL 52, , TELENOR 34, , , PORTUGAL BANCO ESPIRITO SANTO NOM. 96, , EDP (ELECTRIC. DE PORTUGAL) NOM. 199, , , SPAIN ABERTIS INFRAESTRUCTURAS 3, , ACCIONA 2, , BCO BILBAO VIZCAYA ARGENT. NOM. 121, , GAMESA (NEW) 36, , GRUPO FERROVIAL 8, , INDITEX NOM. 18, , RED ELECTRICA CORP 17, , TELEFONICA 78, ,146, ,153, SWEDEN ASSA ABLOY B 20, , ERICSSON TELEFON B 87, , HENNES & MAURITZ B 5, , NORDEA BANK 28, , SKF B 20, , SVENSKA CELLULOSA B 34, , TELIASONERA (SEK) 51, , ,755, SWITZERLAND CIE FINANCIERE RICHEMONT 24, , CS GROUP NOM. 31, , GEBERIT 2, , HOLCIM NOM. 9, , NESTLE NOM. (NEW) 52, ,294, NOVARTIS AG NOM. 67, ,906, ROCHE HOLDING BON JCE 13, ,304, SWISSCOM NOM. 1, , UBS AG 34, , ,890, UNITED KINGDOM ANGLO AMERICAN 9, , ARM HOLDINGS 54, , ASTRAZENECA (GBP) 14, , AVIVA 203, , BALFOUR BEATTY 40, , BG GROUP 90, ,089, BHP BILLITON (GBP) 68, ,047, BP PLC 352, ,921, BRITISH SKY BROADCASTING GROUP 20, ,

215 Pictet Funds (LUX) - European Sustainable Equities AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets BT GROUP 549, , CARPHONE WAREHOUSE 111, , CENTRICA (NEW) 247, , DIAGEO 88, , EXPERIAN 10, , GLAXOSMITHKLINE 70, , HSBC HOLDINGS (GBP) 310, ,605, ITV 307, , JOHNSON MATTHEY 7, , KAZAKHMYS 35, , LIBERTY INTERNATIONAL R. E I. T 54, , LLOYDS TSB GROUP 46, , LONDON STOCK EXCHANGE GROUP 5, , NATIONAL GRID (NEW) 25, , NEXT 4, , OLD MUTUAL (GBP) 259, , PEARSON 68, , REED ELSEVIER (NEW) GBP 42, , ROYAL BANK OF SCOTLAND GROUP 632, , ROYAL DUTCH SHELL A 50, , ROYAL DUTCH SHELL B 40, , SAINSBURY J. (NEW) 21, , SEVERN TRENT (NEW) 30, , STANDARD CHARTERED (GBP) 5, , STANDARD LIFE 87, , TESCO 121, , UNILEVER NEW (GBP) 25, , UNITED UTILITIES GROUP 75, , VEDANTA RESOURCES 21, , VODAFONE GROUP AG (NEW) 671, , XSTRATA 119, , ,918, TOTAL SHARES 57,320, RIGHTS ITALY SNAM RETE GAS RTS , , , TOTAL RIGHTS 7, TOTAL I. 57,328, II. OTHER TRANSFERABLE SECURITIES RIGHTS FRANCE KLEPIERRE RTS (ST. DIV) , , , NETHERLANDS REED ELSEVIER RTS , , ,

216 Pictet Funds (LUX) - European Sustainable Equities AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets UNITED KINGDOM LIBERTY INTL RTS , , , TOTAL II. 27, TOTAL INVESTMENTS 57,355, CASH AT BANKS 891, OTHER NET LIABILITIES -45, TOTAL NET ASSETS 58,200,

217 Pictet Funds (LUX) - European Sustainable Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United Kingdom France Switzerland Germany Spain 7.14 Netherlands 4.85 Italy 4.56 Sweden 3.01 Denmark 2.10 Finland 2.07 Norway 1.58 Portugal 1.55 Greece 1.02 Austria 1.01 Belgium 0.82 Ireland Industrial classification (in % of net assets) Banks and credit institutions Pharmaceuticals and cosmetics Oil Communications 9.91 Utilities 7.37 Electronics and electrical equipment 6.52 Food and soft drinks 5.13 Holding and financial companies 4.47 Insurance 4.42 Retail and supermarkets 2.99 Mining and steelworks 2.09 Construction of machines and appliances 1.95 Precious metals and stones 1.80 Publishing and graphic arts 1.71 Tobacco and alcohol 1.64 Construction and building materials 1.52 Chemicals 1.41 Textiles and clothing 1.38 Transport and freight 1.18 Road vehicles 1.06 Photography and optics 0.98 Paper and forest products 0.95 Computer and office equipment 0.76 Real estate 0.65 Gastronomy 0.63 Environmental conservation and waste management 0.62 Internet, software and IT services 0.60 Conglomerates 0.31 Stainless steel 0.25 Packaging 0.16 Miscellaneous services 0.13 Miscellaneous trade 0.09 Rights

218 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES JAPAN ABC-MART 8, ,646, ACOM 14, ,128, ADVANTEST 43, ,472, AEON 194, ,299, AEON CREDIT SERVICE 24, ,328, AEON MALL 18, ,330, AIOI INSURANCE CO 135, ,320, AISIN SEIKI 56, ,168, AJINOMOTO 203, ,769, ALFRESA HOLDINGS 8, ,731, ALL NIPPON AIRWAYS 194, ,840, ALPS ELECTRIC 51, ,880, AMADA CO 106, ,130, AOZORA BANK 196, ,304, ASAHI BREWERIES 115, ,493, ASAHI GLASS 307, ,902, ASAHI KASEI 356, ,976, ASICS CORP 48, ,480, ASTELLAS PHARMA 144, ,240, BANK OF KYOTO 91, ,708, BANK OF YOKOHAMA 372, ,752, BENESSE 22, ,096, BRIDGESTONE 184, ,516, BROTHER INDUSTRIES 69, ,550, CANON 321, ,392, CANON SALES 20, ,918, CASIO COMPUTER 74, ,130, CENTRAL JAPAN RAILWAY ,925, CHIBA BANK 234, ,724, CHOU MITSUI TRUST 291, ,411, CHUBU ELECTRIC POWER 198, ,745, CHUGAI PHARMACEUTICAL 68, ,195, CHUGOKU BANK 48, ,472, CHUGOKU ELECTRIC POWER 84, ,359, CITIZEN WATCH CO LTD 94, ,286, COCA-COLA WEST HLDG 17, ,727, COSMO OIL 174, ,894, CREDIT SAISON 48, ,608, DAI NIPPON PRINTING 177, ,257, DAICEL CHEMICAL INDUSTRIES 82, ,784, DAIDO STEEL 94, ,832, DAIHATSU MOTOR 59, ,156, DAIICHI SANKYO 202, ,442, DAIKIN INDUSTRIES 79, ,806, DAINIPPON PHARMACEUTICAL 46, ,110, DAITO TRUST CONSTRUCTION 24, ,205, DAIWA HOUSE INDUSTRY 153, ,427, DAIWA SECURITIES GROUP 401, ,911,

219 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets DENA ,941, DENKI KAGAKU KOGYO 139, ,302, DENSO 145, ,567, DENTSU 57, ,610, DIC 189, ,429, DOWA HOLDINGS 82, ,062, EAST JAPAN RAILWAY 102, ,232, EISAI 76, ,842, ELECTRIC POWER DEVELOPMENT 40, ,032, ELPIDA MEMORY 34, ,156, FAMILYMART 17, ,238, FANUC 58, ,060, FAST RETAILING 14, ,260, FUJI ELECTRIC HOLDINGS 178, ,082, FUJI HEAVY INDUSTRIES 181, ,314, FUJI TV NETWORK ,689, FUJIFILM 147, ,500, FUJITSU 558, ,360, FUKUOKA FINANCIAL GROUP 231, ,762, FURUKAWA ELECTRIC 187, ,978, GUNMA BANK 117, ,096, HACHIJUNI BANK 130, ,400, HAKUHODO DY HOLDINGS 6, ,238, HANKYU HANSHIN 364, ,988, HASEKO 393, ,397, HIKARI TSUSHIN 7, ,932, HINO MOTORS 81, ,842, HIR0SHIMA BANK 148, ,056, HIROSE ELECTRIC 9, ,231, HISAMITSU PHARMACEUTICAL 20, ,916, HITACHI 1,019, ,479, HITACHI CHEMICAL 33, ,395, HITACHI CONSTRUCTION MACHINERY 33, ,956, HITACHI HIGH-TECHNOLOGIES 21, ,721, HITACHI METALS 47, ,002, HOKKAIDO ELECTRIC POWER 58, ,417, HOKUHOKU FINANCIAL GROUP 351, ,723, HOKURIKU ELECTRIC POWER 54, ,150, HONDA MOTOR 498, ,416,810, HOYA 124, ,615, IBIDEN 40, ,258, IDEMITSU KOSAN 6, ,528, IHI 387, ,663, INPEX ,258, ISETAN MITSUKOSHI 98, ,542, ISUZU MOTORS 378, ,614, ITO EN 18, ,876, ITOCHU 457, ,382, ITOCHU TECHNO-SCIENCE 9, ,360, IY0 BANK 72, ,776, J. FRONT RETAIL 155, ,465, JAFCO 10, ,433,

220 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets JAL 260, ,920, JAPAN PETROLEUM EXPLORATION 8, ,282, JAPAN REAL ESTATE INVESTMENT REIT ,519, JAPAN STEEL WORKS 108, ,480, JAPAN TOBACCO 1, ,155, JFE HOLDINGS 158, ,650, JGC 65, ,525, JOYO BANK 207, ,978, JP RETAIL FUND INVESTMENT ,330, JS GROUP 81, ,160, JSR 53, ,022, JTEKT 59, ,545, JUPITER TELECOMMUNICATIONS ,004, KAJIMA 249, ,716, KAMIGUMI 80, ,480, KANEKA 88, ,160, KANSAI ELECTRIC POWER 230, ,903, KANSAI PAINT 66, ,716, KAO 156, ,756, KAWASAKI HEAVY INDUSTRIES 458, ,180, KAWASAKI KISEN KAISHA 180, ,420, KDDI ,634, KEIHIN ELECTRIC EXPRESS RAILWAY 128, ,024, KEIO 173, ,880, KEISEI ELECTRIC RAILWAY 86, ,248, KEYENCE 12, ,968, KIKKOMAN 47, ,219, KINDEN 41, ,620, KINTETSU CORP 493, ,497, KIRIN HOLDINGS 237, ,671, KOBE STEEL 806, ,572, KOMATSU 270, ,130, KONAMI 29, ,718, KONICA MINOLTA 146, ,493, KUBOTA 327, ,276, KURARAY 106, ,464, KURITA WATER INDUSTRIES 33, ,682, KYOCERA 49, ,142, KYOWA HAKKO KOGYO 76, ,892, KYUSHU ELECTRIC POWER 113, ,176, LAWSON 21, ,602, LEOPALACE21 37, ,034, MABUCHI MOTOR 9, ,050, MAKITA 37, ,337, MARUBENI 495, ,220, MARUI 73, ,038, MARUICHI STEEL TUBE 11, ,731, MATSUI SECURITIES 37, ,384, MATSUSHITA ELECTRIC INDUSTRIAL 555, ,650, MATSUSHITA ELECTRIC WORKS 113, ,174, MAZDA MOTOR 278, ,554, MEDICEO PALTAC HOLDINGS 45, ,708,

221 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets MEIJI HOLDING 19, ,769, MINEBEA 114, ,206, MITSUBISHI 409, ,798, MITSUBISHI CHEMICAL HOLDINGS 381, ,113, MITSUBISHI ELECTRIC 581, ,701, MITSUBISHI ESTATE 355, ,465, MITSUBISHI GAS CHEMICAL 113, ,641, MITSUBISHI HEAVY INDUSTRIES 962, ,802, MITSUBISHI LOGISTICS 33, ,822, MITSUBISHI MATERIALS 350, ,400, MITSUBISHI MOTORS 1,074, ,100, MITSUBISHI RAYON 156, ,980, MITSUBISHI TANABE PHARMA 68, ,716, MITSUBISHI UFJ FINANCIAL GROUP 3,310, ,770,860, MITSUBISHI UFJ LEASE & FINANCE 16, ,750, MITSUI & CO 522, ,836, MITSUI CHEMICALS 187, ,978, MITSUI ENGINEERING & SHIPBUILDING 208, ,600, MITSUI FUDOSAN 251, ,236, MITSUI MINING & SMELTING 184, ,696, MITSUI O. S. K. LINES 345, ,545, MITSUMI ELECTRIC 25, ,899, MIZUHO FINANCIAL GROUP 2,872, ,755, MIZUHO TRUST & BANKING 471, ,042, MSIG HOLDINGS 113, ,612, MURATA MANUFACTURING 64, ,477, N. T. T. 157, ,496, NAMCO BANDAI 59, ,858, NEC 576, ,776, NEC ELECTRONICS 13, ,622, NGK INSULATORS 76, ,620, NGK SPARK PLUG 51, ,348, NHK SPRING 46, ,746, NIDEC 33, ,612, NIKON 102, ,498, NINTENDO 29, ,038, NIPPON BUILDING FUND ,644, NIPPON ELECTRIC GLASS 103, ,765, NIPPON EXPRESS 244, ,644, NIPPON MEAT PACKERS 53, ,689, NIPPON MINING HLDG 271, ,408, NIPPON OIL 394, ,122, NIPPON PAPER GROUP 27, ,880, NIPPON SHEET GLASS 176, ,752, NIPPON STEEL 1,534, ,220, NIPPON YUSEN 335, ,670, NIPPONKOA INSURANCE 198, ,732, NISHI-NIPPON CITY BANK 225, ,325, NISSAN CHEMICAL INDUSTRIES 43, ,131, NISSAN MOTOR 681, ,310, NISSAY DOWA GENERAL 53, ,419, NISSHIN SEIFUN 54, ,668,

222 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets NISSHIN STEEL 233, ,270, NISSHINBO INDUSTRIES 37, ,221, NISSIN FOOD PRODUCTS 25, ,085, NITORI CO 11, ,490, NITTO DENKO 50, ,250, NOK 32, ,822, NOMURA HOLDINGS 754, ,106, NOMURA REAL ESTATE HOLDINGS 16, ,209, NOMURA REAL ESTATE OFFICE FD ,756, NOMURA RESEARCH INSTITUTE 35, ,214, NSK 132, ,684, NTN 122, ,772, NTT DATA ,890, NTT DOCOMO 4, ,777, NTT URBAN DEVELOPMENT ,540, OBAYASHI 186, ,024, OBIC 2, ,572, ODAKYU ELECTRIC RAILWAY 187, ,535, OJI PAPER 252, ,596, OLYMPUS 69, ,469, OMRON 61, ,244, ONO PHARMACEUTICAL 28, ,548, ONWARD KASHIYAMA 38, ,458, ORACLE JAPAN 11, ,170, ORIENTAL LAND 15, ,497, ORIX 27, ,111, OSAKA GAS 588, ,044, OSAKA TITANIUM 5, ,418, OTSUKA 4, ,790, PROMISE 16, ,936, RAKUTEN 1, ,450, RESONA HOLDINGS 154, ,848, RICOH 201, ,803, ROHM 30, ,709, SANKYO 15, ,182, SANTEN PHARMACEUTICAL 22, ,270, SANYO ELECTRIC 505, ,810, SAPPORO HOKUYO HOLDINGS 90, ,560, SAPPORO HOLDINGS 76, ,084, SBI HOLDINGS 5, ,224, SECOM 63, ,048, SEGA SAMMY HOLDINGS 57, ,415, SEIKO EPSON 39, ,727, SEKISUI CHEMICAL 128, ,304, SEKISUI HOUSE 132, ,804, SEVEN & I HOLDINGS 245, ,015, SEVEN BANK ,232, SEVENTY-SEVEN (77) BANK 102, ,306, SHARP 301, ,826, SHIKOKU ELECTRIC POWER 55, ,775, SHIMADZU 76, ,524, SHIMAMURA 6, ,694,

223 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets SHIMANO 21, ,690, SHIMIZU 180, ,960, SHIN-ETSU CHEMICAL 123, ,336, SHINKO ELECTRIC INDUSTRIES 19, ,107, SHINKO SECURITIES 165, ,620, SHINSEI BANK 474, ,146, SHIONOGI & CO 91, ,245, SHISEIDO 99, ,369, SHIZUOKA BANK 184, ,656, SHOWA DENKO 360, ,280, SHOWA SHELL SEKIYU 55, ,241, SMC 17, ,160, SOFTBANK 227, ,090, SOJITZ CORPORATION 376, ,273, SOMPO JAPAN INSURANCE 253, ,764, SONY 302, ,313, SONY FINANCIAL ,194, SQUARE ENIX 18, ,531, STANLEY ELECTRIC 45, ,550, SUMCO 38, ,716, SUMITOMO 340, ,020, SUMITOMO CHEMICAL 472, ,720, SUMITOMO ELECTRIC INDUSTRIES 226, ,367, SUMITOMO HEAVY INDUSTRIES 172, ,176, SUMITOMO METAL INDUSTRIES 1,166, ,180, SUMITOMO METAL MINING 166, ,600, SUMITOMO MITSUI FINANCIAL GROUP 202, ,160, SUMITOMO REALTY & DEVELOPMENT 113, ,775, SUMITOMO RUBBER INDUSTRIES 49, ,646, SUMITOMO TRUST & BANKING 424, ,416, SURUGA BANK 69, ,753, SUZUKEN 20, ,544, SUZUKI MOTOR 106, ,804, T&D HOLDINGS 69, ,356, TAIHEIYO CEMENT 263, ,499, TAISEI 285, ,990, TAISHO PHARMACEUTICAL 39, ,278, TAIYO NIPPON SANSO 87, ,595, TAKASHIMAYA 91, ,783, TAKEDA PHARMACEUTICAL 245, ,200, TAKEFUJI 32, ,348, TDK 37, ,765, TEIJIN 273, ,796, TERUMO 51, ,092, THK 35, ,766, TOBU RAILWAY 249, ,235, TOHO 32, ,901, TOHO GAS 142, ,640, TOHOKU ELECTRIC POWER 128, ,273, TOKIO MARINE HOLDINGS 206, ,089, TOKUYAMA 68, ,712, TOKYO BROADCASTING SYSTEM 13, ,064,

224 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets TOKYO ELECTRIC POWER 366, ,460, TOKYO ELECTRON 51, ,616, TOKYO GAS CO 694, ,556, TOKYO STEEL MANUFACTURING 31, ,525, TOKYO TATEMONO 87, ,971, TOKYU 338, ,960, TOKYU LAND 135, ,280, TONENGENERAL SEKIYU 86, ,582, TOPPAN PRINTING 160, ,720, TORAY INDUSTRIES 401, ,034, TOSHIBA 931, ,816, TOSOH 152, ,352, TOTO 82, ,098, TOYO SEIKAN KAISHA 49, ,699, TOYO SUISAN KAISHA 26, ,972, TOYODA GOSEI 20, ,996, TOYOTA BOSHOKU 21, ,762, TOYOTA INDUSTRIES CORPORATION 54, ,994, TOYOTA MOTOR 830, ,198,965, TOYOTA TSUSHO CORP 65, ,125, TREND MICRO 32, ,012, TSUMURA 18, ,760, UBE INDUSTRIES 301, ,685, UNI-CHARM 12, ,814, UNY 52, ,284, USHIO 35, ,695, USS 7, ,642, WEST JAPAN RAILWAY ,322, YAHOO JAPAN 4, ,458, YAKULT HONSHA 29, ,964, YAMADA DENKI 26, ,630, YAMAGUCHI FINANCIAL GROUP 65, ,685, YAMAHA 52, ,568, YAMAHA MOTOR 61, ,190, YAMATO HOLDINGS 118, ,328, YAMATO KOGYO 11, ,479, YAMAZAKI BAKING 36, ,144, YASKAWA ELECTRIC 71, ,376, YOKOGAWA ELECTRIC 66, ,465, ,746,106, TOTAL I. 52,746,106, II. OTHER TRANSFERABLE SECURITIES RIGHTS JAPAN DOWA MINING RTS , TOTAL II

225 Pictet Funds (LUX) - Japan Index AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets III. UNITS OF INVESTMENT FUNDS JAPAN JAPAN PRIME REALTY INVESTMENT ,137, ,137, TOTAL III. 28,137, TOTAL INVESTMENTS 52,774,243, CASH AT BANKS 814,571, OTHER NET LIABILITIES -97,866, TOTAL NET ASSETS 53,490,948,

226 Pictet Funds (LUX) - Japan Index GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Japan Industrial classification (in % of net assets) Electronics and electrical equipment Holding and financial companies Road vehicles Utilities 6.63 Chemicals 5.22 Transport and freight 4.84 Construction of machines and appliances 4.66 Banks and credit institutions 3.98 Pharmaceuticals and cosmetics 3.70 Communications 3.42 Real estate 2.57 Construction and building materials 2.55 Retail and supermarkets 2.51 Miscellaneous trade 2.24 Computer and office equipment 2.16 Mining and steelworks 1.97 Miscellaneous consumer goods 1.80 Photography and optics 1.76 Tobacco and alcohol 1.44 Textiles and clothing 1.24 Insurance 1.16 Food and soft drinks 1.02 Oil 0.86 Stainless steel 0.76 Internet, software and IT services 0.69 Tyres and rubber 0.68 Publishing and graphic arts 0.56 Watch-making 0.55 Leisure 0.46 Paper and forest products 0.34 Miscellaneous services 0.22 Environmental and recycling services 0.15 Packaging 0.15 Units of investment funds 0.05 Rights

227 Pictet Funds (LUX) - Pacific (Ex Japan) Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRALIA AGL ENERGY 81, , ALUMINA 261, , AMCOR 152, , AMP 357, ,355, ANZ BANKING GROUP 372, ,337, ARISTOCRAT LEISURE 66, , ASX LTD 31, , AXA ASIA PACIFIC HOLDINGS 189, , BENDIGO & ADEL 52, , BHP BILLITON 611, ,872, BILLABONG INT 29, , BLUESCOPE STEEL 161, , BORAL 106, , BRAMBLES 252, ,091, CALTEX AUSTRALIA 25, , CFS RETAIL PROPERTY TRUST 310, , COCA-COLA AMATIL 101, , COCHLEAR 10, , COMMONWEALTH BANK OF AUSTRALIA 267, ,872, COMPUTERSHARE 86, , CROWN 83, , CSL 109, ,764, CSR 234, , DEXUS PROPERTY GROUP 643, , FAIRFAX MEDIA 388, , FORTESCUE METALS 232, , FOSTER S GROUP 352, ,357, GOODMAN FIELDER 232, , GOODMAN GROUP-STAPLED SECURITY 458, , GPT GROUP 829, , HARVEY NORMAN HOLDINGS 99, , INCITEC PIVOT 309, , INSURANCE AUSTRALIA GROUP 372, , JAMES HARDIES INDUSTRIES 79, , LEIGHTON HOLDINGS 26, , LEND LEASE 77, , LION NATHAN (AUD) 52, , MACQUARIE AIRPORTS STAPLED SEC. 129, , MACQUARIE GROUP 51, ,251, MACQUARIE INFRASTRUCTURE GROUP 437, , MACQUARIE OFFICE 800, , METCASH 137, , MIRVAC GROUP STAPLED SECURITIES 294, , NATIONAL AUSTRALIA BANK 340, ,136, NEWCREST MINING 87, ,913, NUFARM 25, , ONESTEEL 150, , ORICA 64, ,

228 Pictet Funds (LUX) - Pacific (Ex Japan) Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets ORIGIN ENERGY 160, ,907, OZ MINERALS 548, , PERPETUAL 6, , QANTAS AIRWAYS 197, , QBE INSURANCE GROUP 179, ,864, RIO TINTO 51, ,442, SANTOS 106, ,275, SIMS GROUP 27, , SONIC HEALTHCARE 66, , SP AUSNET STAPLED SECURITY 197, , STOCKLAND 286, , SUNCORP METWAY 235, ,018, TABCORP HOLDINGS 106, , TATTS GROUP 208, , TELSTRA 805, ,961, TOLL HOLDINGS 120, , TRANSURBAN GROUP STAPLED SEC. 217, , WESFARMERS 184, ,054, WESFARMERS PPS , , WESTFIELD 366, ,876, WESTPAC BANKING 509, ,153, WOODSIDE PETROLEUM 89, ,501, WOOLWORTHS 223, ,358, WORLEY PARSONS 27, , ,557, BERMUDA CHINESE ESTATES HOLDINGS 155, , ESPRIT HOLDINGS (NEW) 193, ,195, KERRY PROPERTIES 118, , MONGOLIA ENERGY 340, , NOBLE GROUP 300, , NWS HOLDINGS 144, , ORIENT OVERSEAS 37, , PACIFIC BASIN SHIPPING 312, , YUE YUEN INDUSTRIAL 123, , ,945, CAYMAN ISLANDS ASM PACIFIC TECHNOLOGY 36, , FOXCONN INTERNATIONAL 382, , HUTCHISON TELECOMMUNICATIONS HK 288, , KINGBOARD CHEMICAL HOLDINGS (NEW) 98, , LIFESTYLE INTERNATIONAL (NEW) 119, , , HONG KONG BANK OF EAST ASIA 285, , BOC HONG KONG (HOLDINGS) 673, , C K INFRASTRUCTURE 82, , CATHAY PACIFIC AIRWAYS 220, , CHEUNG KONG HOLDINGS 253, ,634, CLP HOLDINGS 372, ,515, HANG LUNG GROUP 159, , HANG LUNG PROPERTIES 376, ,069,

229 Pictet Funds (LUX) - Pacific (Ex Japan) Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets HANG SENG BANK 139, ,559, HENDERSON LAND DEVELOPMENT 195, , HONG KONG & CHINA GAS 724, ,356, HONG KONG AIRCRAFT ENGINEERING 11, , HONG KONG EXCHANGES AND CLEARING 186, ,169, HONGKONG ELECTRIC 253, ,498, HOPEWELL 112, , HUTCHISON TELECOMMUNICATIONS 288, , HUTCHISON WHAMPOA 389, ,308, HYSAN DEVELOPMENT 107, , LI & FUNG (NEW) 428, ,215, MTR 260, , NEW WORLD DEVELOPMENT 441, , SHANGRI-LA ASIA 242, , SINO LAND 306, , SUN HUNG KAI PROPERTIES 257, ,677, SWIRE PACIFIC A 149, ,169, TELEVISION BROADCASTS 54, , THE LINK REIT 391, , WHARF HOLDINGS 247, , WHEELOCK 163, , WING HANG BANK 31, , ,863, MAURITIUS GOLDEN AGRI-RESOURCES 967, , , NEW ZEALAND AUCKLAND INTERNATIONAL AIRPORT 171, , CONTACT ENERGY 55, , FLETCHER BUILDING 108, , SKY CITY ENTERTAINMENT GROUP 89, , TELECOM CORP. OF NEW ZEALAND 333, , ,428, SINGAPORE ASCENDAS REAL ESTATE 237, , CAPITALAND 469, , CAPITAMALL 405, , CITY DEVELOPMENTS 90, , COMFORTDELGRO 338, , COSCO CORPORATION (SINGAPORE) 160, , DBS GROUP HOLDINGS 310, ,996, FRASER AND NEAVE (NEW) 177, , JARDINE CYCLE & CARRIAGE 25, , KEPPEL CORP 232, , NEPTUNE ORIENT LINES 91, , OLAM INTERNATIONAL 213, , OVERSEA-CHINESE BANKING (NEW) 456, ,816, PARKWAY HOLDINGS 156, , SEMBCORP INDUSTRIES 179, , SEMBCORP MARINE 152, , SINGAPORE AIRLINES 97, , SINGAPORE EXCHANGE 156, ,

230 Pictet Funds (LUX) - Pacific (Ex Japan) Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SINGAPORE PRESS HOLDING 276, , SINGAPORE TECHNOLOGIES ENGINEER. 246, , SINGAPORE TELECOMMUNICATIONS 1,448, ,509, UNITED OVERSEAS BANK 222, ,728, UOL GROUP 97, , WILMAR INTERNATIONAL 148, , ,673, UNITED KINGDOM GENTING INTERNATIONAL PUBLIC 552, , , TOTAL I. 142,736, II. OTHER TRANSFERABLE SECURITIES RIGHTS AUSTRALIA DEXUS PROPERTY RTS N. PAID 183, , ONESTEEL RTS (NON R.) NIL PAID 63, , , TOTAL II. 30, TOTAL INVESTMENTS 142,767, CASH AT BANKS 926, OTHER NET ASSETS 56, TOTAL NET ASSETS 143,750,

231 Pictet Funds (LUX) - Pacific (Ex Japan) Index GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Australia Hong Kong Singapore Bermuda 2.04 New Zealand 0.99 Cayman Islands 0.56 Mauritius 0.17 United Kingdom Industrial classification (in % of net assets) Banks and credit institutions Mining and steelworks Holding and financial companies 9.48 Real estate 8.48 Retail and supermarkets 4.88 Utilities 4.58 Communications 3.55 Construction and building materials 3.33 Insurance 3.03 Oil 3.02 Miscellaneous services 2.88 Pharmaceuticals and cosmetics 2.82 Transport and freight 2.68 Stainless steel 1.90 Tobacco and alcohol 1.72 Precious metals and stones 1.61 Electronics and electrical equipment 1.15 Gastronomy 1.09 Chemicals 1.05 Miscellaneous trade 1.03 Textiles and clothing 1.02 Food and soft drinks 0.81 Conglomerates 0.81 Publishing and graphic arts 0.61 Leisure 0.53 Paper and forest products 0.37 Environmental and recycling services 0.28 Road vehicles 0.17 Agriculture and fishing 0.17 Construction of machines and appliances 0.15 Photography and optics 0.13 Aeronautics and astronautics 0.07 Rights

232 Pictet Funds (LUX) - Digital Communication AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA TELEKOM AUSTRIA 78, ,069, ,069, BELGIUM TELENET GROUP HOLDING 60, ,116, ,116, CANADA RESEARCH IN MOTION 6, , ROGERS COMMUNICATIONS B 24, , TELUS -NVTG- 13, , ,351, CAYMAN ISLANDS BAIDU. COM ADR A (R. 1 SHS A ) 2, , HUTCHISON TELECOMMUNICATIONS HK 6,644, , NETEASE. COM ADR (R. 25 SHS) 30, , ,446, CHINA SHANDA INTERACTIVE ADR (R. 2 SHS) 6, , TENCENT HOLDINGS 78, , ,018, FRANCE ILIAD 2, , , GERMANY DEUTSCHE TELEKOM NOM. 76, , , GREECE FORTHNET 193, , , HONG KONG HUTCHISON TELECOMMUNICATIONS 6,644, ,226, ,226, JAPAN NINTENDO 2, , RAKUTEN , SOFTBANK 47, , ,687, LUXEMBOURG SES GLOBAL FDR 81, ,488, ,488, NETHERLANDS KPN KONINKLIJKE 64, , , NORWAY TANDBERG A 39, , ,

233 Pictet Funds (LUX) - Digital Communication AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SOUTH KOREA NHN 2, , , SPAIN TELEFONICA 40, , , TAIWAN HIGH TECH COMPUTER 66, , , UNITED KINGDOM INMARSAT 89, , TELECITY GROUP 144, , ,181, UNITED STATES AMAZON. COM 17, ,404, APPLE 4, , ARIBA 32, , BANKRATE 18, , BLACKBOARD 37, ,237, CAPELLA EDUCATION 19, ,052, COMCAST A 41, , CONCUR TECHNOLOGIES 7, , DIRECTV GROUP 65, ,668, EMBARQ 10, , EQUINIX 11, , GOOGLE A 3, ,305, GSI COMMERCE 31, , IAC / INTERACTIVECORP 30, , LEAP WIRELESS INTERNATIONAL 20, , MERCADOLIBRE 33, , METROPCS COMMUNICATIONS 31, , NETFLIX 22, ,037, OMNITURE 26, , POLYCOM 44, , PRICELINE. COM INC 11, ,108, QWEST COMMUNICATIONS INT. 166, , SALESFORCE. COM 7, , SOHU. COM 13, , YAHOO 71, , ,971, TOTAL I. 36,391, II. OTHER TRANSFERABLE SECURITIES SHARES PORTUGAL KIWI II VENT. PREF A

234 Pictet Funds (LUX) - Digital Communication AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED STATES IBIQUITY DIGITAL PREF A REST. 25, TOTAL SHARES BONDS CANADA 10% HIGHPOINT TEL. II CV 00/04 USD 206, TOTAL BONDS TOTAL II TOTAL INVESTMENTS 36,391, CASH AT BANKS 1,779, OTHER NET LIABILITIES -59, TOTAL NET ASSETS 38,111,

235 Pictet Funds (LUX) - Digital Communication GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Cayman Islands 6.42 Japan 4.42 Luxembourg 3.90 Canada 3.54 Hong Kong 3.22 United Kingdom 3.10 Belgium 2.93 Austria 2.81 China 2.68 Germany 2.43 Taiwan 2.37 Netherlands 2.10 Spain 2.05 Norway 1.48 Greece 0.87 South Korea 0.85 France 0.54 Portugal Industrial classification (in % of net assets) Communications Internet, software and IT services Computer and office equipment 9.22 Electronics and electrical equipment 8.60 Miscellaneous services 4.54 Miscellaneous consumer goods 1.43 Publishing and graphic arts 1.25 Corporate bonds

236 Pictet Funds (LUX) - Biotech AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES CANADA CARDIOME PHARMA (USD) 3,474, ,930, ,930, DENMARK GENMAB 833, ,399, NOVO NORDISK B 1,317, ,463, ,862, SWITZERLAND BASILEA PHARMACEUTICA NOM. 417, ,657, ,657, UNITED STATES ALEXION PHARMACEUTICALS 2,123, ,424, AMGEN 2,860, ,977, AMYLIN PHARMACEUTICALS 2,294, ,020, AUXILIUM PHARMACEUTICALS 1,982, ,617, BIOGEN IDEC 1,634, ,502, BIOMARIN PHARMACEUTICAL 3,715, ,714, CELGENE 2,913, ,533, GEN PROBE 787, ,236, GENZYME (GENERAL DIVISION) 2,185, ,213, GILEAD SCIENCES 1,733, ,391, ILLUMINA 600, ,722, INTERMUNE 3,071, ,310, ISIS PHARMACEUTICALS (USD) 1,725, ,778, LIFE TECHNOLOGIES 2,277, ,919, LUMINEX 2,541, ,719, MEDICINES 2,261, ,115, MYRIAD GENETICS 1,433, ,571, ONYX PHARMACEUTICALS 2,330, ,789, OSI PHARMACEUTICALS 1,777, ,119, PROGENICS PHARM 2,539, ,502, SAVIENT PHARMACEUTICALS 3,134, ,551, SEQUENOM 4,138, ,703, UNITED THERAPEUTICS 905, ,224, VERTEX PHARMACEUTICALS 1,536, ,307, XENOPORT 1,757, ,864, ,426,831, TOTAL I. 1,565,282, II. OTHER TRANSFERABLE SECURITIES SHARES UNITED STATES INTARCIA THERAPEUTICS PREF AA 113, , INTARCIA THERAPEUTICS PREF BB-1 55, , INTARCIA THERAPEUTICS PREF BB-2 50, , METABOLEX PREF A1 16, ,

237 Pictet Funds (LUX) - Biotech AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets METABOLEX PREF B1 1,358, ,358, METABOLEX PREF D1 200, , PTC THERAPEUTICS PREF C 353, , PTC THERAPEUTICS PREF CV E-2 31, , PTC THERAPEUTICS PREF D 272, , ,345, TOTAL SHARES 3,345, WARRANTS UNITED STATES METABOLEX D1 (C-0. 38) WTS , TOTAL WARRANTS TOTAL II. 3,345, TOTAL INVESTMENTS 1,568,628, CASH AT BANKS 31,773, OTHER NET ASSETS 1,588, TOTAL NET ASSETS 1,601,989,

238 Pictet Funds (LUX) - Biotech GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Denmark 5.98 Switzerland 1.79 Canada Industrial classification (in % of net assets) Biotechnology Pharmaceuticals and cosmetics Warrants

239 Pictet Funds (LUX) - Premium Brands AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES BAHAMAS STEINER LEISURE 45, ,040, ,040, BERMUDA MANDARIN ORIENTAL INTERNATIONAL 1,090, , , CAYMAN ISLANDS BELLE INTERNATIONAL 2,556, ,481, XINYU HENGDELI 5,852, ,136, ,617, CHINA PORTS DESIGN 2,025, ,327, ,327, FRANCE DIOR CHRISTIAN 62, ,228, ESSILOR INTERNATIONAL 75, ,508, HERMES INTERNATIONAL 26, ,664, INTER PARFUMS 69, ,182, L. V. M. H. 78, ,511, LAURENT PERRIER 18, , L OREAL 22, ,199, PERNOD-RICARD 72, ,284, REMY COINTREAU 48, ,131, ,471, GERMANY B. M. W. 35, , , ITALY BULGARI 180, , DAVIDE CAMPARI 432, ,217, ,925, JAPAN ASICS CORP 290, ,415, SHISEIDO 154, ,056, ,471, SINGAPORE BANYAN TREE 1,904, , , SWITZERLAND CIE FINANCIERE RICHEMONT 127, ,713, LINDT & SPRUENGLI NOM ,256, SONOVA HOLDING NOM. 45, ,302, THE SWATCH GROUP 16, ,765, ,037,

240 Pictet Funds (LUX) - Premium Brands AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets UNITED KINGDOM BURBERRY GROUP 205, , DIAGEO 406, ,618, ,516, UNITED STATES ALLERGAN 46, ,651, BROWN FORMAN B N-VTG 28, ,002, COACH 147, ,696, ESTEE LAUDER A 44, , MARRIOTT INTERNATIONAL A 45, , NIKE B 96, ,828, PHILLIPS-VAN HEUSEN 89, ,955, POLO RALPH LAUREN A 52, ,097, TIFFANY 61, ,318, UNDER ARMOUR A 41, , WARNACO GROUP A 57, ,208, ,260, TOTAL SHARES 64,770, RIGHTS FRANCE PERNOD-RICARD RTS , , , TOTAL RIGHTS 127, TOTAL INVESTMENTS 64,897, CASH AT BANKS 2,217, OTHER NET LIABILITIES -107, TOTAL NET ASSETS 67,007,

241 Pictet Funds (LUX) - Premium Brands GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France United States Switzerland United Kingdom 6.74 Japan 5.18 Italy 4.37 Cayman Islands 3.91 China 3.47 Bahamas 1.55 Germany 1.41 Bermuda 1.21 Singapore Industrial classification (in % of net assets) Textiles and clothing Tobacco and alcohol Pharmaceuticals and cosmetics Miscellaneous consumer goods 5.44 Gastronomy 4.43 Holding and financial companies 4.36 Watch-making 4.33 Photography and optics 3.74 Electronics and electrical equipment 3.44 Food and soft drinks 3.01 Retail and supermarkets 2.19 Road vehicles 1.41 Rights

242 Pictet Funds (LUX) - Water AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA ANDRITZ 1,219, ,252, BWT 713, ,146, ,398, BRAZIL CEMIG MINAS GERAIS PREF 3,448, ,000, CIA SANEAMENTO MG 1,396, ,434, SABESP 4,274, ,277, TRACTEBEL ENERGIA 1,113, ,901, ,613, CANADA BIOTEQ ENVIRONMENTAL TECHN. 5,003, ,453, CANADIAN HYDRO DEVELOPERS 6,157, ,277, H2O INNOVATION 3,390, ,627, PURE TECHNOLOGIES 2,336, ,795, SEAIR 2,084, ,842, SEMCAN 2,338, , STANTEC (CAD) 2,944, ,238, ,427, CAYMAN ISLANDS CONSOLIDATED WATER 1,315, ,038, ,038, CHILE INVERSIONES AGUAS METROPOL 53,725, ,965, ,965, FINLAND FORTUM 580, ,567, KEMIRA 1,686, ,982, ,550, FRANCE DANONE GROUPE (EUR) 1,170, ,704, SECHE ENVIRONNEMENT 269, ,106, SUEZ ENVIRONNEMENT 7,835, ,306, VEOLIA ENVIRONNEMENT 4,102, ,909, ,027, HONG KONG GUANGDONG INVESTMENT 122,494, ,289, ,289, ITALY ACEA 3,224, ,516, HERA 14,664, ,979, IRIDE 7,964, ,135, ,631, JAPAN DAISEKI 2,170, ,438, KURITA WATER INDUSTRIES 2,410, ,055,

243 Pictet Funds (LUX) - Water AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets ORGANO 2,348, ,626, TOTO 2,754, ,344, TSUKISHIMA KIKAI 1,130, ,550, ,015, MALAYSIA YTL POWER INTERNATIONAL 18,662, ,163, ,163, NETHERLANDS CASCAL 1,448, ,996, ,996, SINGAPORE HYFLUX 10,995, ,192, ,192, SOUTH KOREA WOONG JIN COWAY 604, ,330, ,330, SPAIN FLUIDRA 2,128, ,767, ,767, SWITZERLAND BKW FMB ENERGIE NOM. 91, ,979, GEBERIT 461, ,950, NESTLE NOM. (NEW) 1,746, ,309, ,239, UNITED KINGDOM NORTHUMBRIAN WATER 8,229, ,426, PENNON GROUP (NEW) 7,755, ,928, PLANT HEALTH CARE 3,943, ,093, SEVERN TRENT (NEW) 4,424, ,924, TEG GROUP 3,723, ,162, UNITED UTILITIES GROUP 8,033, ,799, ,335, UNITED STATES AMERICAN STATES WATER 660, ,584, AMERICAN WATER WORKS 2,455, ,027, AQUA AMERICA 5,906, ,978, CADIZ 732, ,433, CALGON CARBON 1,121, ,673, CALIFORNIA WATER SERVICE 857, ,759, CATALYTIC SOLUTIONS 6,150, , CLARCOR 951, ,247, COVANTA HOLDING 3,897, ,993, DANAHER 2,298, ,046, DIONEX 696, ,995, DONALDSON 969, ,308, ENERGY RECOVERY 183, ,096, FLEXIBLE SOLUTIONS 1,018, ,171, HENDRX 1,806, , IDEX 946, ,441, INSITUFORM TECHNOLOGIES A 1,398, ,006,

244 Pictet Funds (LUX) - Water AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets ITRON 137, ,309, ITT 3,035, ,356, LINDSAY 733, ,504, MILLIPORE 1,037, ,123, NALCO HOLDING 1,653, ,734, PALL 1,543, ,933, PENNICHUCK 121, ,877, PENTAIR 2,812, ,491, REPUBLIC SERVICES 4,011, ,507, ROPER INDUSTRIES 2,115, ,347, TETRA TECH 1,454, ,339, TORO 1,215, ,301, VALMONT INDUSTRIES 398, ,827, WASTE CONNECTIONS 714, ,929, WASTE MANAGEMENT 2,078, ,134, WATTS WATER TECHNOLOGIES 694, ,860, YORK WATER 263, ,725, ,628, TOTAL SHARES 2,008,610, WARRANTS UNITED STATES FLEXIBLE SOLUTIONS WTS , TOTAL WARRANTS TOTAL I. 2,008,610, II. OTHER TRANSFERABLE SECURITIES SHARES UNITED STATES UNDERGROUND SOLUTIONS 52,062, ,225, ,225, TOTAL SHARES 8,225, WARRANTS CANADA SEMCAN WTS , UNITED STATES FLEXIBLE SOLUTIONS WTS , TOTAL WARRANTS TOTAL II. 8,225,

245 Pictet Funds (LUX) - Water AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets III. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS PICTET WATER OPPORT. EUR MAIN 46, ,341, ,341, TOTAL III. 3,341, TOTAL INVESTMENTS 2,020,177, CASH AT BANKS 60,990, OTHER NET LIABILITIES -3,268, TOTAL NET ASSETS 2,077,899,

246 Pictet Funds (LUX) - Water GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States France United Kingdom 8.14 Brazil 5.13 Japan 4.96 Switzerland 4.15 Canada 3.34 Italy 3.02 Austria 1.95 Chile 1.88 Hong Kong 1.84 Finland 0.89 Cayman Islands 0.79 South Korea 0.55 Singapore 0.49 Malaysia 0.39 Spain 0.23 Netherlands Industrial classification (in % of net assets) Utilities (notably water production and distribution) Units of investment funds

247 Pictet Funds (LUX) - Indian Equities AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES INDIA AXIS BANK DEMAT. 738, ,259, BHARAT HEAVY ELECTRICALS DEMAT. 512, ,015, BHARTI AIRTEL 850, ,847, CAIRN INDIA 1,771, ,597, CROMPTON GREAVES DEMAT. 662, ,126, DIVIS LABORATORIES 120, ,067, DLF 807, ,730, EDUCOMP SOLUTIONS DEMAT. 100, ,996, EVEREST KANTO CYLINDER 350, ,064, GAIL INDIA 513, ,640, GLENMARK PHARMACEUTICALS 323, ,163, GUJARAT NRE CE 1,443, , GUJARAT ST PETRONET 1,162, , HDFC BANK DEMAT. 538, ,892, HERO HONDA MOTORS DEMAT. 224, ,323, HINDUSTAN UNILEVER 2,053, ,667, HOUSING DEV. FINANCE DEMAT. 587, ,354, ICICI BANK DEMAT. 2,075, ,951, INFOSYS TECHNOLOGIES DEMAT. 428, ,978, ITC DEMAT. 2,549, ,658, JAIN IRRIGATION SYSTEMS 435, ,375, JINDAL STEEL & POWER DEMAT. 283, ,257, LARSEN & TOUBRO DEMAT. 729, ,859, MARUTI SUZUKI 492, ,036, NTPC DEMAT. 1,329, ,067, OIL & NATURAL GAS DEMAT. 400, ,939, RELIANCE CAPITAL DEMAT. 243, ,566, RELIANCE COMMUNICATIONS DEMAT. 1,369, ,901, RELIANCE INDUSTRIES DEMAT. 694, ,158, RELIANCE INFRASTRUCTURE 333, ,651, STATE BANK OF INDIA DEMAT. 316, ,121, SUN PHARMACEUTICAL INDUS. DEMAT. 172, ,424, TATA CONSULTANCY SERVICES DEMAT. 208, ,606, UNITECH 1,301, ,149, WELSPUN GUJARAT STAHL DEMAT. 301, , ,720, UNITED KINGDOM DQ ENTERTAINMENT 3,041, ,363, ,363, TOTAL INVESTMENTS 259,084, CASH AT BANKS 5,638, OTHER NET LIABILITIES -424, TOTAL NET ASSETS 264,297,

248 Pictet Funds (LUX) - Indian Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) India United Kingdom Industrial classification (in % of net assets) Banks and credit institutions Chemicals Electronics and electrical equipment 9.16 Holding and financial companies 7.71 Communications 7.09 Pharmaceuticals and cosmetics 6.55 Internet, software and IT services 5.90 Road vehicles 5.05 Construction and building materials 4.87 Tobacco and alcohol 3.65 Mining and steelworks 3.50 Oil 2.98 Utilities 2.76 Miscellaneous services 2.50 Agriculture, industry, energy and construction 1.66 Real estate 1.41 Publishing and graphic arts 1.27 Construction of machines and appliances 0.83 Miscellaneous trade

249 Pictet Funds (LUX) - Japanese Equities 130/30 AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES JAPAN ASAHI GLASS 133, ,938, ASTELLAS PHARMA 26, ,028, BANK OF YOHAMA 150, ,400, BENESSE 19, ,440, BRIDGESTONE 60, ,600, CANON 22, ,900, CAPCOM 40, ,931, CENTRAL JAPAN RAILWAY ,110, DAICEL CHEMICAL INDUSTRIES 180, ,160, DAIFUKU 126, ,088, DAIICHI SANKYO 50, ,915, DAIICHIKOSHO 60, ,400, DAISEKI 40, ,440, DAIWA SECURITIES GROUP 152, ,672, DENSO 37, ,625, DISCO 20, ,000, DOUTOR NICHIRES 50, ,721, EAST JAPAN RAILWAY 21, ,760, ELECTRIC POWER DEVELOPMENT 40, ,032, EXEDY 40, ,710, FAMILYMART 20, ,200, FUJI MACHINE MFG 53, ,170, HITACHI TRANSPORT SYSTEM 65, ,780, HONDA MOTOR 50, ,250, HOSIDEN 64, ,695, INPEX ,038, IT HOLDINGS , ITOCHU 180, ,947, JAPAN TOBACCO ,265, KAO 20, ,020, KDDI ,440, KYORIN 30, ,260, MATSUMOTO 40, ,093, MATSUSHITA ELECTRIC INDUSTRIAL 86, ,980, MIMASU SEMICONDUCTOR 61, ,962, MITSUBISHI 40, ,400, MITSUBISHI ELECTRIC 200, ,200, MITSUBISHI ESTATE 90, ,470, MITSUBISHI TANABE PHARMA 49, ,913, MITSUBISHI UFJ FINANCIAL GROUP 209, ,815, MITSUBISHI UFJ LEASE & FINANCE 32, ,138, MITSUI & CO 64, ,432, MITSUI O. S. K. LINES 100, ,100, MORI SEIKI 63, ,346, N. T. T. 46, ,280, NINTENDO 5, ,207, NISSAN CHEMICAL INDUSTRIES 115, ,955, NISSIN KOGYO 60, ,780,

250 Pictet Funds (LUX) - Japanese Equities 130/30 AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets NTT DATA ,742, NTT DOCOMO ,147, RICOH 50, ,150, ROHM 12, ,360, SHIN-ETSU CHEMICAL 14, ,640, SONY FINANCIAL ,403, SUMITOMO CHEMICAL 200, ,000, SUMITOMO ELECTRIC INDUSTRIES 72, ,688, SUMITOMO MITSUI FINANCIAL GROUP 36, ,400, T&D HOLDINGS 27, ,300, TAKEDA PHARMACEUTICAL 21, ,600, TDK 16, ,090, TAI TYO SECURITIES 360, ,480, TIO MARINE HOLDINGS 40, ,097, TYO ELECTRON 20, ,600, TYO GAS CO 320, ,680, TOPPAN FORMS 30, ,650, TOYOTA MOTOR 64, ,325, TSURUHA HOLDINGS (NEW) 26, ,830, XEBIO 24, ,120, YAMADA DENKI 17, ,334, YUSEN AIR & SEA 50, ,000, ,741,694, TOTAL I. 5,741,694, II. UNITS OF INVESTMENT FUNDS JAPAN GLOBAL ONE REAL ESTATE INVESTMENT ,200, JAPAN LOGISTICS FUND ,046, ,246, TOTAL II. 63,246, TOTAL INVESTMENTS 5,804,940, CASH AT BANKS 270,756, OTHER NET ASSETS 41,245, TOTAL NET ASSETS 6,116,942,

251 Pictet Funds (LUX) - Japanese Equities 130/30 GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Japan Industrial classification (in % of net assets) Electronics and electrical equipment Holding and financial companies Road vehicles Communications 7.74 Chemicals 6.95 Transport and freight 6.46 Utilities 4.94 Miscellaneous trade 3.71 Banks and credit institutions 3.51 Insurance 3.16 Construction of machines and appliances 2.95 Pharmaceuticals and cosmetics 2.72 Retail and supermarkets 2.57 Miscellaneous consumer goods 2.16 Tobacco and alcohol 2.00 Real estate 1.89 Tyres and rubber 1.43 Watch-making 1.27 Environmental and recycling services 1.23 Internet, software and IT services 1.13 Units of investment funds 1.04 Computer and office equipment 0.98 Leisure 0.77 Publishing and graphic arts

252 Pictet Funds (LUX) - US Equities AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES BERMUDA COVIDIEN 55, ,894, ,894, CANADA SHAWCOR A 112, ,055, ,055, PANAMA CARNIVAL TWIN 24, , , UNITED STATES ACTIVISION BLIZZARD 122, ,311, AFFILIATED COMPUTER A 27, ,358, AMPHENOL A 40, ,374, AON 33, ,387, BANK OF NEW YORK MELLON 84, ,263, BIOGEN IDEC 31, ,479, BRISTOL MYERS SQUIBB CO 49, , CHARLES SCHWAB 78, ,459, CISCO SYSTEMS (USD) 105, ,038, CLOROX 26, ,456, COGNIZANT TECH SOL A 60, ,472, COVANTA HOLDING 55, , DARDEN RESTAURANTS 20, , DIGITAL RIVER 36, ,318, DR PEPPER 57, ,172, ECOLAB 27, ,078, EMERSON ELECTRIC 57, ,916, EOG RESOURCES 27, ,808, EQUIFAX 82, ,412, EXXON MOBIL 37, ,567, FISERV 23, , FRONTIER COMMUNICATIONS B 131, , HANOVER INSURANCE 69, ,103, HEWLETT PACKARD 52, ,927, HOSPIRA 18, , JP MORGAN CHASE 81, ,796, KOHL S 25, ,108, LIFE TECHNOLOGIES 46, ,708, LOWE S COMPANIES 63, ,358, MCKESSON 20, , MDC HOLDINGS 32, ,121, MDU RESOURCES GROUP 75, ,352, METLIFE 36, ,093, MKS INSTRUMENTS 85, ,347, MONSANTO (NEW) 17, ,412, MORGAN STANLEY 42, , NIKE B 15, , NUCOR 23, ,

253 Pictet Funds (LUX) - US Equities AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets NVIDIA 107, ,169, O REILLY AUTOMOTIVE 31, ,174, OCCIDENTAL PETROLEUM 33, ,902, PROCTER & GAMBLE (USD) 33, ,672, QUANTA SERVICES 71, ,717, QUESTAR 64, ,934, REGAL-BELOIT 24, ,027, REPUBLIC SERVICES 53, ,098, SBA COMMUNICATIONS 38, , STAPLES 48, , TEXAS INSTRUMENTS 68, ,198, UNION PACIFIC 18, , VALSPAR 48, ,196, VCA ANTECH 66, ,657, VF CORP. 22, ,279, WALGREEN 71, ,217, WAL-MART STORES 25, ,274, WELLS FARGO 89, ,779, WESCO INTL. 41, ,092, ,767, TOTAL INVESTMENTS 84,376, CASH AT BANKS 1,023, OTHER NET LIABILITIES -69, TOTAL NET ASSETS 85,330,

254 Pictet Funds (LUX) - US Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Canada 2.41 Bermuda 2.22 Panama Industrial classification (in % of net assets) Oil 9.77 Electronics and electrical equipment 8.85 Retail and supermarkets 8.15 Computer and office equipment 7.02 Internet, software and IT services 6.41 Utilities 6.01 Banks and credit institutions 5.93 Pharmaceuticals and cosmetics 5.91 Insurance 5.37 Holding and financial companies 4.96 Public healthcare and social services 4.16 Biotechnology 3.73 Chemicals 3.06 Miscellaneous services 2.83 Textiles and clothing 2.44 Communications 2.22 Transport and freight 1.84 Miscellaneous consumer goods 1.71 Road vehicles 1.38 Food and soft drinks 1.37 Construction and building materials 1.31 Environmental conservation and waste management 1.29 Construction of machines and appliances 1.20 Mining and steelworks 1.06 Gastronomy

255 Pictet Funds (LUX) - Asian Equities (Ex Japan) AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES CAYMAN ISLANDS BELLE INTERNATIONAL CHINA DONGXIANG 2,618, ,280, CHINA RESOURCES LAND 1,374, ,489, FOXCONN INTERNATIONAL 5,441, ,391, LI NING NEW ORIENTAL EDU. TEC. ADR (R.4 SHS) 77, ,001, WANT WANT CHINA 3,398, ,705, ,868, CHINA BANK OF CHINA 35,659, ,343, CHINA CITIC BANK H CHINA COAL ENERGY H 9,460, ,227, CHINA COSCO HOLDINGS H 7,405, ,105, CHINA LIFE INSURANCE H 4,556, ,078, CHINA MOBILE HK 1,498, ,012, CHINA NATIONAL BUILDING MAT. H 2,260, ,796, CHINA PET. & CHEM. H ADR (R 100) 52, ,061, CHINA PETROLEUM & CHEMICAL H 8,759, ,871, CHINA RESOURCES POWER HOLDINGS 1,980, ,470, CHINA TELECOM H 17,999, ,941, CITIC SECURITIES A 1,326, ,715, CNOOC 12,084, ,550, DONGFENG MOTOR GROUP H 15,898, ,979, FUJIAN ZIJIN MINING 6,369, ,930, GUANGZHOU R&H PROP. H (TEMP. TRAD) HUANENG POWER INTL H 6,806, ,654, IND. & COMM. BANK OF CHINA H 39,643, ,814, NINGXIA SAIMA INDUSTRY A 1,463, ,879, PING AN INSURANCE (GROUP) 1,228, ,689, SHANGHAI INDUSTRIAL HOLDINGS 1,500, ,167, TENCENT HOLDINGS 618, ,509, ,802, HONG KONG BANK OF EAST ASIA 822, ,974, CHEUNG KONG HOLDINGS 898, ,358, CHINA EVERBRIGHT 1,822, ,573, HENDERSON LAND DEVELOPMENT 762, ,588, HONG KONG EXCHANGES AND CLEARING 1,022, ,929, HONGKONG ELECTRIC 478, ,824, HUTCHISON WHAMPOA 1,787, ,606, LENOVO GROUP 13,186, ,624, SINO LAND 2,444, ,153, SINO-OCEAN LAND HOLDINGS 9,437, ,014, SUN HUNG KAI PROPERTIES 662, ,902, SWIRE PACIFIC A 759, ,959,

256 Pictet Funds (LUX) - Asian Equities (Ex Japan) AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets THE LINK REIT 1,508, ,942, WHARF HOLDINGS 639, ,123, ,574, INDIA BHARAT HEAVY ELECTRICALS DEMAT. 161, ,357, BHARTI AIRTEL 534, ,070, GLENMARK PHARMACEUTICALS 1,057, ,804, GRASIM INDUSTRIES DEMAT. 183, ,559, HERO HONDA MOTORS DEMAT. 104, ,486, HOUSING DEV. FINANCE DEMAT. 222, ,691, ICICI BANK DEMAT. 365, ,508, INFOSYS TECHNOLOGIES DEMAT. 318, ,638, ITC DEMAT. 942, ,569, MAHINDRA & MAHINDRA DEMAT. 622, ,093, MARUTI SUZUKI 445, ,269, NTPC DEMAT. 502, ,916, OIL & NATURAL GAS DEMAT. 138, ,407, RELIANCE INDUSTRIES DEMAT. 252, ,150, STATE BANK OF INDIA DEMAT. 117, ,022, STATE BANK OF INDIA GDR (R. 1 SHS) 8, , ULTRA TECH CEMENT 209, ,391, ,370, INDONESIA ASTRA INTERNATIONAL 1,225, ,083, P. T. TELEKOMUNIKASI INDONESIA B 5,211, ,866, PERUSAHAAN GAS NEGA B (NEW) 23,451, ,762, PT BANK DANAMON INDONESIA 822, , PT BANK MANDIRI (PERSERO) 11,840, ,105, ,061, MALAYSIA PUBLIC BANK 123, , PUBLIC BANK BERHAD FGN NOM. 1,814, ,382, TENAGA NASIONAL 1,688, ,486, ,158, PHILIPPINES AYALA 106, , , SINGAPORE ASCENDAS REAL ESTATE 4,972, ,510, CAPITALAND 3,464, ,473, SINGAPORE AIRLINES 266, ,926, SINGAPORE TELECOMMUNICATIONS 2,415, ,185, ,096, SOUTH KOREA DAELIM INDUSTRIAL 172, ,371, DONG KUK STEEL MILL 189, ,304, DOOSAN HEAVY INDUSTRIS & CONSTR. 90, ,872, GS HOLDING 176, ,248, HANA FINANCIAL HOLDINGS 266, ,582, HANJIN HEAVY HITE BREWERY (NEW) ,

257 Pictet Funds (LUX) - Asian Equities (Ex Japan) AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets HYUNDAI ENGIN. & CONSTR. 122, ,773, KB FINANCIAL 171, ,316, KOREA ELEC. POWER (KEPCO) 176, ,860, KT & G CORP 77, ,255, LG CHEMICAL (NEW) 34, ,781, LG CORP 134, ,941, LG ELECTRONICS (NEW) 50, ,184, LOTTE SHOPPING 28, ,913, NHN 57, ,939, POSCO 30, ,321, SAMSUNG 212, ,321, SAMSUNG CARD SAMSUNG ELECTRONICS 70, ,611, SAMSUNG FIRE & MAR. INSUR. 18, ,585, SAMSUNG HEAVY INDUSTRIES 181, ,288, SAMSUNG SDI 80, ,742, SHINHAN FINANCIAL GROUP 438, ,827, SK HOLDINGS 39, ,682, SK TELECOM 24, ,533, WOORI INVEST. & SEC. 241, ,375, ,724, TAIWAN ACER 3,325, ,351, ADVANCED SEMICONDUCTOR ENGINEER. 7,483, ,019, ASIA CEMENT 4,134, ,254, ASUSTEK COMPUTER 4,122, ,455, CATHAY FINANCIAL 7,643, ,544, CHANG HWA COMMERCIAL BANK 17,820, ,178, CHINA AIRLINES 7,151, ,948, CHINA STEEL CHINATRUST FINANCIAL HOLDINGS 22,756, ,403, CHUNGHWA TELECOM 4,646, ,833, DELTA ELECTRONICS 2,058, ,485, EVERGREEN MARINE 6,176, ,074, FAR EASTERN TEXTILE 5,702, ,308, FIRST FINANCIAL 6,573, ,470, FORMOSA PLASTICS 4,341, ,636, FUBON FINANCIAL 7,481, ,801, HIGH TECH COMPUTER 655, ,854, HON HAI PRECISION INDUSTRY 1,631, ,706, KGI SECURITIES 9,394, ,387, MEDIATEK 566, ,883, QUANTA COMPUTER 1,764, ,629, RICHTEK TECHNOLOGY 67, , SILITECH TECHNOLOGY 1,579, ,182, TAIWAN CEMENT 3,432, ,273, TAIWAN FERTILIZER 1,492, ,412, TAIWAN SEMICONDUCTOR 8,745, ,567, UNI-PRESIDENT ENTERPRISES 3,877, ,890, UNITED MICROELECTRONICS 9,250, ,461, YUANTA FINANCIAL 12,091, ,078, ,437,

258 Pictet Funds (LUX) - Asian Equities (Ex Japan) AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets THAILAND AAPICO HITECH NVDR 4,075, , BANGK BK PUBLIC FGN NOM. (THB) 2,292, ,577, KASIKORNBANK PUB. FGN NOM. 1,414, ,248, PTT FGN NOM. 649, ,539, ,877, UNITED STATES SOHU. COM 36, ,812, ,812, TOTAL SHARES 706,271, WARRANTS CAYMAN ISLANDS VIETNAM RESOUR. INV. WTS , TOTAL WARRANTS TOTAL I. 706,271, II. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS VIETNAM ENTERPRISE INV. R 155, , VIETNAM GROWTH FUND 131, , VIETNAM RESOURCE INVESTMENTS FD. 438, ,190, ,356, TOTAL II. 3,356, TOTAL INVESTMENTS 709,627, CASH AT BANKS 15,834, OTHER NET LIABILITIES -640, TOTAL NET ASSETS 724,821,

259 Pictet Funds (LUX) - Asian Equities (Ex Japan) GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) China South Korea Taiwan India Hong Kong Singapore 2.36 Cayman Islands 2.24 Indonesia 2.08 Thailand 1.64 Malaysia 1.12 United States 0.25 Philippines Industrial classification (in % of net assets) Electronics and electrical equipment Holding and financial companies Banks and credit institutions Communications 6.96 Oil 5.51 Real estate 4.81 Construction and building materials 4.46 Mining and steelworks 3.70 Insurance 3.64 Chemicals 3.63 Internet, software and IT services 3.30 Construction of machines and appliances 3.12 Computer and office equipment 2.83 Utilities 2.66 Miscellaneous trade 2.62 Road vehicles 2.18 Retail and supermarkets 2.14 Transport and freight 1.80 Pharmaceuticals and cosmetics 1.34 Tobacco and alcohol 1.09 Textiles and clothing 0.91 Conglomerates 0.82 Food and soft drinks 0.78 Units of investment funds 0.46 Miscellaneous capital goods 0.00 Warrants

260 Pictet Funds (LUX) - Greater China AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES BERMUDA ESPRIT HOLDINGS (NEW) 249, ,539, ,539, CAYMAN ISLANDS BAIDU. COM ADR A (R. 1 SHS A ) 18, ,246, CHINA RESOURCES LAND 802, ,453, GREENTOWN CHINA 473, , KINGSOFT 2,171, , LEE MAN PAPER MANUFACTURING 891, , LI NING 1,602, ,308, PACIFIC TEXTILES 2,361, , ,174, CHINA ALUMINIUM CORP CHINA H 2,784, ,137, ANHUI CONCH CEMENT A 172, ,123, BANK OF CHINA 11,913, ,458, BANK OF COMMUNICATIONS H 2,076, ,690, CHINA CITIC BANK H 7,903, ,640, CHINA COAL ENERGY H 1,231, ,071, CHINA CONSTRUCTION BANK H 6,996, ,080, CHINA COSCO HOLDINGS H 3,249, ,679, CHINA LIFE INSURANCE A 494, ,712, CHINA LIFE INSURANCE H 1,663, ,872, CHINA MOBILE HK 1,110, ,642, CHINA NATIONAL BUILDING MAT. H 1,047, ,221, CHINA PETROLEUM & CHEMICAL H 4,641, ,641, CHINA RESOURCES POWER HOLDINGS 1,044, ,358, CHINA SHENHUA ENERGY H 1,339, ,760, CHINA SHIPPING DEVELOPMENT H 744, , CITIC SECURITIES A 225, , CNOOC 6,420, ,198, DAQIN RAILWAY A 1,422, ,986, DONGFENG MOTOR GROUP H 14,549, ,963, IND. & COMM. BANK OF CHINA H 26,992, ,533, INNER MONGOLIA YI LI INDUSTRY A 494, ,081, JIANGXI COPPER H 1,222, ,454, LUZHOU OLD-CELLAR A 27, , PETROCHINA H 2,620, ,319, PING AN INS. (GRP) CO. A 274, ,595, PING AN INSURANCE (GROUP) 414, ,595, SHANGHAI INDUSTRIAL HOLDINGS 580, ,999, TENCENT HOLDINGS 310, ,765, ,335, HONG KONG BANK OF EAST ASIA 563, ,351, BEIJING ENTREPRISES 147, , BOC HONG KONG (HOLDINGS) 998, ,424, CHEUNG KONG HOLDINGS 417, ,347,

261 Pictet Funds (LUX) - Greater China AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets CHINA EVERBRIGHT 803, ,575, HANG SENG BANK 292, ,265, HENDERSON LAND DEVELOPMENT 427, ,015, HONG KONG EXCHANGES AND CLEARING 428, ,998, HONGKONG ELECTRIC 201, ,191, HOPEWELL 636, ,650, HUTCHISON WHAMPOA 766, ,548, LI & FUNG (NEW) 804, ,283, NEW WORLD DEVELOPMENT 1,736, ,298, SINO LAND 1,365, ,762, SUN HUNG KAI PROPERTIES 475, ,956, SWIRE PACIFIC A 180, ,417, ,738, TAIWAN ACER 570, ,090, ASUSTEK COMPUTER AU OPTRONICS 3,745, ,870, CATCHER TECHNOLOGY 674, ,696, CATHAY FINANCIAL 5,226, ,842, CHINA STEEL 5,550, ,287, CHINATRUST FINANCIAL HOLDINGS 3,061, ,399, CHUNGHWA TELECOM EVERGREEN MARINE 3,810, ,897, FUBON FINANCIAL 2,987, ,316, HIGH TECH COMPUTER 326, ,408, HON HAI PRECISION INDUSTRY 2,359, ,807, LARGAN PRECISION 76, , MEDIATEK 284, ,955, PRESIDENT CHAIN STORE 288, , SILICONWARE PRECISION INDUSTRIES 968, ,212, SIMPLO TECHNOLOGY 50, , SYNNEX TECHNOLOGY INTL 610, , TAISHIN FINANCIAL HOLDINGS 2,871, , TAIWAN MOBILE TAIWAN SEMICONDUCTOR 6,319, ,525, TECO ELECTRIC & MACHINERY 4,072, ,610, U-MING MARINE TRANSPORT 384, , UNI-PRESIDENT ENTERPRISES 1,245, ,250, UNITED MICROELECTRONICS 5,848, ,188, WISTRON 1,293, ,635, YUANTA FINANCIAL 1,735, ,016, ,733, UNITED KINGDOM HSBC HOLDINGS (GBP) 560, ,957, ,957, TOTAL I. 217,479,

262 Pictet Funds (LUX) - Greater China AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets II. UNITS OF INVESTMENT FUNDS UNITED STATES ISHARES MSCI TAIWAN INDEX FUND 549, ,378, ,378, TOTAL II. 5,378, TOTAL INVESTMENTS 222,857, CASH AT BANKS 11,186, OTHER NET LIABILITIES -95, TOTAL NET ASSETS 233,949,

263 Pictet Funds (LUX) - Greater China GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) China Taiwan Hong Kong Cayman Islands 4.77 United States 2.30 United Kingdom 1.69 Bermuda Industrial classification (in % of net assets) Banks and credit institutions Electronics and electrical equipment Holding and financial companies Oil 5.63 Insurance 5.03 Construction of machines and appliances 4.68 Real estate 4.28 Communications 4.12 Mining and steelworks 3.90 Retail and supermarkets 3.65 Transport and freight 3.48 Internet, software and IT services 3.41 Computer and office equipment 2.58 Units of investment funds 2.30 Miscellaneous trade 2.29 Stainless steel 1.53 Utilities 1.52 Construction and building materials 1.43 Textiles and clothing 0.77 Conglomerates 0.61 Food and soft drinks 0.53 Photography and optics 0.26 Tobacco and alcohol

264 Pictet Funds (LUX) - Japanese Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES JAPAN ASAHI BREWERIES 254, ,143, ASAHI GLASS 771, ,193, ASTELLAS PHARMA 171, ,163, BANK OF YOHAMA 748, ,459, BENESSE 99, ,348, BRIDGESTONE 265, ,978, CANON 139, ,284, CAPCOM 199, ,810, CENTRAL JAPAN RAILWAY ,331, DAICEL CHEMICAL INDUSTRIES 924, ,851, DAIFUKU 249, ,745, DAIICHI SANKYO 290, ,770, DAISEKI 199, ,546, DAIWA SECURITIES GROUP 1,015, ,786, DENSO 206, ,880, DOUTOR NICHIRES 236, ,625, EAST JAPAN RAILWAY 120, ,929, ELECTRIC POWER DEVELOPMENT 220, ,068, FAMILYMART 111, ,994, FANUC 64, ,753, HONDA MOTOR 268, ,979, INPEX ,900, JAPAN REAL ESTATE INVESTMENT REIT ,317, JAPAN TOBACCO 3, ,729, KAO 99, ,779, KDDI 1, ,766, MATSUMOTO 234, ,215, MATSUSHITA ELECTRIC INDUSTRIAL 361, ,763, MITSUBISHI 461, ,562, MITSUBISHI ELECTRIC 1,085, ,345, MITSUBISHI ESTATE 576, ,008, MITSUBISHI UFJ FINANCIAL GROUP 1,926, ,030,707, MITSUBISHI UFJ LEASE & FINANCE 212, ,763, MITSUI & CO 727, ,391, MITSUI O. S. K. LINES 490, ,973, N. T. T. 226, ,545, NINTENDO 39, ,050,603, NIPPON ELECTRIC GLASS 248, ,369, NISSAN CHEMICAL INDUSTRIES 349, ,454, NISSIN KOGYO 301, ,210, NTT DATA 1, ,179, NTT DOCOMO 3, ,202, RICOH 259, ,238, ROHM 69, ,766, SHIN-ETSU CHEMICAL 117, ,855, SONY FINANCIAL 2, ,098, SUMITOMO CHEMICAL 912, ,280, SUMITOMO ELECTRIC INDUSTRIES 487, ,745,

265 Pictet Funds (LUX) - Japanese Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets SUMITOMO MITSUI FINANCIAL GROUP 207, ,956, T&D HOLDINGS 155, ,419, TAKEDA PHARMACEUTICAL 155, ,054, TDK 101, ,113, TIO MARINE HOLDINGS 254, ,801, TYO ELECTRON 134, ,752, TYO GAS CO 1,769, ,953, TOPPAN FORMS 184, ,520, TOYOTA MOTOR 545, ,098,458, XEBIO 108, ,760, YAMADA DENKI 87, ,317, ,194,524, TOTAL INVESTMENTS 30,194,524, CASH AT BANKS 935,123, OTHER NET ASSETS 76,579, TOTAL NET ASSETS 31,206,227,

266 Pictet Funds (LUX) - Japanese Equity Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Japan Industrial classification (in % of net assets) Holding and financial companies Electronics and electrical equipment Road vehicles Communications 7.95 Chemicals 7.39 Utilities 5.10 Transport and freight 4.65 Retail and supermarkets 3.91 Tobacco and alcohol 3.61 Insurance 3.45 Miscellaneous trade 3.43 Miscellaneous consumer goods 3.38 Real estate 3.26 Banks and credit institutions 2.55 Construction of machines and appliances 1.94 Pharmaceuticals and cosmetics 1.77 Watch-making 1.45 Tyres and rubber 1.24 Environmental and recycling services 1.21 Internet, software and IT services 1.09 Computer and office equipment 1.00 Publishing and graphic arts

267 Pictet Funds (LUX) - Generics AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES GERMANY STADA ARZNEIMITTEL NOM. 349, ,715, ,715, HUNGARY GEDEON RICHTER 44, ,008, ,008, INDIA DR REDDY S LAB ADR (R. 1 SHS) 541, ,921, ,921, ISRAEL TEVA PHARMACEUTICAL ADR 275, ,195, ,195, JAPAN NICHI-IKO PHARMACEUTICAL 242, ,611, SAWAI PHARMACEUTICAL 143, ,695, TOWA PHARMACEUTICAL 151, ,823, ,130, RUSSIA PHARMSTANDARD TYABR -GDR- (USD) 601, ,019, ,019, SLOVENIA KRKA 104, ,320, ,320, SOUTH AFRICA ASPEN PHARMACARE 902, ,747, ,747, SWITZERLAND ACINO HOLDING 22, ,439, LONZA GROUP 117, ,721, ,161, UNITED KINGDOM HIKMA PHARMACEUTICALS 1,832, ,630, SHIRE ADR (R. 3 SHS) 143, ,476, ,107, UNITED STATES ENDO PHARMACEUTICALS 266, ,611, HOSPIRA 163, ,360, MOMENTA PHARMACEUTICALS 264, ,056, MYLAN 562, ,180, PERRIGO 222, ,844, ,053, TOTAL SHARES 125,382,

268 Pictet Funds (LUX) - Generics AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets WARRANTS NETHERLANDS ANTILLES BIOCON (ML) LEPO WTS ,839, ,184, CIPLA (ML) LEPO WTS ,162, ,612, RANBAXY LAB. (ML) LEPO WTS , ,037, SUN PHARMA (ML) LEPO WTS , ,648, ,483, TOTAL WARRANTS 18,483, TOTAL INVESTMENTS 143,865, CASH AT BANKS 4,163, OTHER NET ASSETS 166, TOTAL NET ASSETS 148,195,

269 Pictet Funds (LUX) - Generics GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Japan Netherlands Antilles United Kingdom Switzerland 9.56 Israel 8.24 Slovenia 4.94 Germany 4.53 Russia 4.06 Hungary 4.05 India 4.00 South Africa Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Warrants Chemicals 7.24 Miscellaneous trade

270 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES ARGENTINA BANCO MACRO B 1 VOTE 15, , PETRO ENERGIA B ADR (R. 10 SHS B ) 18, , TELECOM ARGENTINA ADR 10, , , BERMUDA CENTRAL EURO MEDIA A 4, , CNPC (HONG KONG) 460, , CREDICORP 13, , SINOFERT HOLDINGS 310, , ,138, BRAZIL ALL AMERICA LATINA LOGIS. 4PREF+1SH 44, , AMBEV-CIA DE BEBIDAS PREF 50, ,797, ARACRUZ CELULOSE B PREF 121, , B2W CIA GLOBAL DO VAREJO 3, , BANCO BRADESCO PREF 348, ,334, BANCO DO BRASIL 79, , BANCO ITAU PREF 472, ,528, BANRISUL PREF B 46, , BMF BOVESPA 341, ,417, BRADESPAR 5, , BRADESPAR PREF 40, , BRASIL TELECOM NOM. 10, , BRASIL TELECOM PREF 22, , BRASIL TELECOM PREF 11, , BRASKEM A PREF 12, , CEMIG MINAS GERAIS PREF 101, ,649, CESP PREF B 28, , CIA BRASILIERA DE DIS. PREF 12, , CIA SIDERURGICA NACIONAL NOM. 122, ,232, CONCESSOES RODOVIARIAS 62, , COPEL PREF B 23, , CPFL ENERGIA 23, , CYRELA BRAZIL REALTY SA EMPREEDI. 37, , DURATEX PREF 11, , ELETROBRAS B PREF 44, , ELETROBRAS NOM. 86, ,183, ELETROPAULO B PREF 17, , EMBRAER EMPRES. BRASIL. AERONAUTICA 117, , FOSFERTIL PREF 19, , GAFISA 18, , GERDAU METALURGICA PREF 51, , GERDAU PREF 166, ,169, GERDAU SA 27, , GVT HOLDING 8, , ITAUSA INVESTIMENTOS ITAU PREF 492, ,098, JBS 17, ,

271 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets KLABIN 99, , LOJAS AMERICANAS PREF 194, , LOJAS RENNER 7, , MRV ENGENHARIA PARTICIPACOES 7, , NATURA COSMETICOS 15, , NET SERVICOS DE COMMUNICACAO 31, , OGX PETROLEO E GAS 2, ,259, PERDIGAO 13, , PETROBRAS PREF 763, ,431, PETROLEO BRASILEIRO PETROBRAS NOM 552, ,366, REDECARD 62, , SABESP 20, , SADIA PREF 92, , SOUZA CRUZ IND. & COMERCIO NOM. 30, , SUZANO PAPEL A PREF 19, , TAM PREF 6, , TELE NORTE LESTE 8, , TELE NORTE LESTE PARTICIPAC. PREF 114, ,828, TELEMAR NORTE LESTE PREF A 5, , TIM PARTICIP. PREF (LOT 1000) 84, , TRACTEBEL ENERGIA 21, , ULTRAPAR PARTICIPACOES PREF 10, , USIMINAS PREF A 63, , USIMINAS USINAS SIDER. MIN. GERAIS 10, , VALE DO RIO DOCE 337, ,418, VALE DO RIO DOCE PREF A 489, ,769, VIVO PARTICIPACOES PREF 35, , VOTORANTIM CELULOSE E PAPEL PREF 9, , ,973, CAYMAN ISLANDS AGILE PROPERTY HOLDINGS 164, , ALIBABA. COM 163, , BELLE INTERNATIONAL 215, , CHINA HIGH SPEED TRANSMISSION 160, , CHINA HUIYUAN JUICE 343, , CHINA MENGNIU DAIRY 299, , CHINA RESOURCES LAND 472, , COUNTRY GARDEN 282, , HENGAN INTERNATIONAL GROUP (NEW) 115, , LI NING 192, , PARKSON RETAIL GP 60, , SHUI ON LAND 99, , TINGYI (CAYMAN ISLANDS) HOLDING 708, , ,355, CHILE BC SANTANDER CL ADR (R SHS) 36, ,299, CIA TELECOM CTC ADR (R. 4 SHS A ) 3, , ENDESA (CHILE) ADR (R. 30 SHS) 55, ,118, ENERSIS ADR (R. 50 SHS) 96, ,462, ,893,

272 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets CHINA AIR CHINA H 572, , ALUMINIUM CORP CHINA H 2,078, ,595, ANGANG NEW STEEL H 176, , ANHUI CONCH CEMENT H 90, , BANK OF CHINA 10,962, ,101, BANK OF COMMUNICATIONS H 1,390, ,131, BEIJING CAPITAL INTL AIRPORT NOM. 158, , BYD H 156, , CHINA CITIC BANK H 1,374, , CHINA COAL ENERGY H 758, , CHINA COMMUNICATION CONST. H 1,530, ,843, CHINA COMMUNICATIONS SERV. H 366, , CHINA CONSTRUCTION BANK H 10,830, ,316, CHINA COSCO HOLDINGS H 323, , CHINA INTL. MARINE CONTAINERS B 105, , CHINA LIFE INSURANCE H 1,706, ,020, CHINA MERCHANTS BANK H 632, ,143, CHINA MOBILE HK 1,463, ,708, CHINA NATIONAL BUILDING MAT. H 228, , CHINA OILFIELD SERVICES 316, , CHINA OVERSEAS LAND & INVESTMENT 1,321, ,332, CHINA PETROLEUM & CHEMICAL H 4,278, ,356, CHINA RAILWAY 836, , CHINA RAILWAY CONSTRUCTION H 459, , CHINA RESOURCES POWER HOLDINGS 598, ,350, CHINA SHENHUA ENERGY H 787, ,208, CHINA SHIPING CONTAINER LINES 404, , CHINA SHIPPING DEVELOPMENT H 538, , CHINA TELECOM H 3,146, ,562, CHINA UNICOM (HK) 1,477, ,690, CHINA VANKE B 152, , CNOOC 3,769, ,226, DATANG INTERNATIONAL POWER GEN H 456, , DENWAY MOTORS 1,034, , DONGFANG ELECTRICAL MACHINERY H 26, , DONGFENG MOTOR GROUP H 476, , FUJIAN ZIJIN MINING 1,306, ,011, GOME ELECTRICAL APPLIANCES 796, , GUANGSHEN RAILWAY H 202, , GUANGZHOU R&H PROP. H (TEMP. TRAD) 292, , HARBIN POWER EQUIPMENT H 106, , HUANENG POWER INTL H 484, , IND. & COMM. BANK OF CHINA H 10,049, ,783, INNER MONGOLIA YITAI COAL B 64, , JIANGSU EXPRESSWAY H 420, , JIANGXI COPPER H 253, , LUJIAZUI FINANCE B 20, , MAANSHAN IRON & STEEL H 354, , PETROCHINA H 5,088, ,503, PICC PROPERTY AND CASUALTY H 494, , PING AN INSURANCE (GROUP) 416, ,606,

273 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SHANGHAI ELECTRIC GROUP H 516, , SHANGHAI INDUSTRIAL HOLDINGS 104, , SHANGHAI ZHENHUA PORT MACH. B 107, , SHIMAO PROPERTY HOLDING LTD 218, , SINOPEC SHANGHAI PETROCHEMICAL H 280, , TENCENT HOLDINGS 212, ,887, YANTAI CHANGYU PIONEER WINE B 52, , YANZHOU COAL MINING H 388, , ZHEJIANG EXPRESSWAY H 218, , ,965, COLOMBIA BANCOLOMBIA PFD 99, , ECOPETROL 881, , INTERCONEXION ELECTRICA 60, , INVERSIONES ARGOS 105, , ,079, CZECH REPUBLIC CESKE ENERGETICKE ZAVODY 54, ,242, KOMERCNI BANKA 2, , TELEFONICA O2 CR 17, , ,939, EGYPT COMMERCIAL INTERNATIONAL BANK 34, , EFG-HERMES 22, , EGYPT KUWAITI HOLDING 82, , EL EZZ ALDEKHELA STEEL-ALEXANDRIA 2, , ORASCOM CONSTRUCTION INDUST. NOM. 23, , ORASCOM TELECOM 196, ,078, ,373, HONG KONG BEIJING ENTREPRISES 76, , CHAODA MODERN AGRICULTURE 559, , CHINA AGRI-INDUSTRIES 431, , CHINA EVERBRIGHT 104, , CHINA MERCHANTS 554, ,321, CHINA RESOURCES ENTERPRISE 628, ,113, CHINA TRAVEL INTERNATIONAL 466, , CITIC PACIFIC 202, , COSCO PACIFIC 222, , LENOVO GROUP 1,238, , SINO-OCEAN LAND HOLDINGS 499, , ,822, HUNGARY GEDEON RICHTER 3, , MAGYAR TELEKOM 51, , MOL MAGYAR OLAY A 14, , OTP BANK 56, , ,097, INDIA ABB (INDE) 1, , ASSOCIATED CEMENT DEMAT. 7, ,

274 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets AXIS BANK DEMAT. 38, , BHARAT HEAVY ELECTRICALS DEMAT. 23, , BHARAT PETROLEUM DEMAT. 18, , CAIRN INDIA 60, , CIPLA DEMAT. 48, , DLF 23, , DR REDDY S LABORATORIES DEMAT. 11, , GAIL INDIA 250, ,288, GLENMARK PHARMACEUTICALS 4, , GMR INFRASTRUCTURE 39, , GRASIM INDUSTRIES DEMAT. 1, , GRASIM INDUSTRIES GDR 6, , HDFC BANK DEMAT. 62, ,377, HERO HONDA MOTORS DEMAT. 14, , HINDALCO INDUSTRIES INDIA DEMAT. 102, , HINDUSTAN UNILEVER 182, , HOUSING DEV. FINANCE DEMAT. 49, ,714, ICICI BANK ADR (R. 2 SHS) 107, ,232, INDIAN HOTELS DEMAT. 14, , INFOSYS TECHNOLOGIES DEMAT. 122, ,717, INFRASTRUCTURE DEV. FIN. DEMAT. 66, , ITC DEMAT. 244, , JAIPRAKASH ASSOCIATES 63, , JINDAL STEEL & POWER DEMAT. 11, , JSW STEEL DEMAT 11, , KOTAK MAHINDRA BANK DEMAT. 15, , LARSEN & TOUBRO DEMAT. 90, ,589, MAHINDRA & MAHINDRA DEMAT. 96, , MARUTI SUZUKI 7, , NTPC DEMAT. 138, , OIL & NATURAL GAS DEMAT. 73, ,267, RANBAXY LABORATORIES DEMAT. 93, , RELIANCE CAPITAL DEMAT. 32, , RELIANCE COMMUNICATIONS DEMAT. 180, , RELIANCE INDUSTRIES DEMAT. 160, ,821, RELIANCE INFRASTRUCTURE 26, , RELIANCE NATURAL RESOURCES DEMAT. 34, , RELIANCE PETROLEUM DEMAT. 117, , SIEMENS INDIA 14, , STATE BANK OF INDIA GDR (R. 1 SHS) 5, , STEEL AUTHORITY OF INDIA DEMAT. 85, , STERLITE INDUSTRIES INDIA DEMAT. 61, , SUN PHARMACEUTICAL INDUS. DEMAT. 8, , TATA COMMUNICATION 5, , TATA CONSULTANCY SERVICES DEMAT. 34, , TATA MOTORS DEMAT. 56, , TATA POWER DEMAT. 4, , TATA STEEL DEMAT. 240, ,150, UNITECH 23, , UNITED SPIRITS DEMAT 5, ,

275 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets WIPRO DEMAT 44, , ZEE ENTERTAINMENT 20, , ,070, INDONESIA ANEKA TAMBANG 1,819, , ASTRA INTERNATIONAL 743, ,264, BANK CENTRAL ASIA 5,097, ,613, BANK RAKYAT INDONESIA 1,038, , BUMI RESOURCES 4,141, , INDOSAT B 83, , INTERNATIONAL NICKEL INDONESIA 931, , P. T. TELEKOMUNIKASI INDONESIA B 3,481, ,583, PERUSAHAAN GAS NEGA B (NEW) 1,138, , PT BANK DANAMON INDONESIA 330, , PT BANK MANDIRI (PERSERO) 1,095, , PT INDOFOOD SUKSES MAKMUR 502, , UNITED TRACTORS 274, , ,160, ISRAEL BANK HAPOALIM (LOT 100) 437, , BANK LEUMI LE-ISRAEL 108, , BEZEQ ISRAEL TELECOMMUNICATION 261, , CELLCOM ISRAEL 5, , POINT SOFTWARE TECHNOLOGIES 65, ,491, DELEK GROUP 2, , DELEK REAL ESTATE 19, , DISCOUNT INVESTMENT 15, , ISRAEL CHEMICALS 174, ,433, ISRAEL DISCOUNT BANK A 21, , KOOR INDUSTRIES 11, , MAKHTESHIM AGAN INDUSTRIES 51, , MIZRAHI TEFAHOT BANK 14, , NICE SYSTEMS 3, , PARTNER COMMUNICATIONS COMPANY 12, , TEVA PHARMACEUTICAL INDUSTRIES 209, ,545, THE ISRAEL CORP A , ,590, LUXEMBOURG TURK TELEKOM 54, , , MALAYSIA AMMB HOLDINGS 373, , BRITISH AMERICAN TOBACCO MALAYSIA 40, , BUMIPUTRA-COMMERCE HOLDINGS BHD 541, ,223, DIGI. COM 66, , GAMUDA 119, , GENTING BERHAD 859, ,129, HONG LEONG BANK 24, , IJM 27, , IOI CORPORATION 1,450, ,752, KUALA LUMPUR KEPONG 61, ,

276 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets MALAYAN BANKING BHD 1,456, ,775, MALAYSIAN AIRLINES SYSTEM 54, , MISC 538, ,337, PETRONAS GAS 87, , PLUS EXPRESSWAYS 209, , PPB GROUP 111, , PUBLIC BANK 2, , PUBLIC BANK BERHAD FGN NOM. 169, , RESORTS WORLD 485, , RHB CAPITAL 114, , S P SETIA NOM. 146, , SIME DARBY BERHAD 914, ,694, TELEKOM MALAYSIA 173, , TENAGA NASIONAL 278, , TM INTERNATIONAL 425, , UMW HOLDINGS 93, , YTL CORP 157, , ,823, MEXICO ALFA A 49, , AMERICA MOVIL L (AMX) 4,493, ,537, CARSO GLOBAL TELECOM A1 88, , CEMEX CPO (R. 2 SHS A & 1 SHS B ) 2,000, ,455, DESARROLLADOR HOMEX 39, , ELEKTRA 11, , EMPRESAS ICA 6, , FOMENTO UNITS (1 ORD B & 4 ORD D ) 727, ,148, GFNORTE O 175, , GRUPO BIMBO A 61, , GRUPO CARSO A1 312, , GRUPO FINANCIERO INBURSA O 249, , GRUPO MEXICO B 824, , GRUPO MODELO C 65, , GRUPO TELEVISA 604, ,927, INDUSTRIAS PENOLES 16, , KIMBERLY CLARK DE MEXICO A 109, , TELEFONOS DE MEXICO L 1,854, ,495, TELMEX INTERNACIONAL L 1,702, , WAL-MART V 874, ,429, ,382, MOROCCO ATTIJARIWAFA BANK 4, , BMCE BANK 8, , DOUJA PROMOTION GRO. ADDOHA MAROC 20, , MAROC TELECOM (MAD) 31, , O. N. A , ,427, PERU MINAS BUENAVENTURA ADR (R. 1 SHS) 41, , ,

277 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets PHILIPPINES AYALA 20, , AYALA LAND 4,642, , BANK OF PHILIPPINE ISLANDS 360, , GLOBE TELECOM 3, , PHILIPPINE LONG DIST. TEL. (PHP) 10, , SM PRIME HOLDINGS 1,165, , ,748, POLAND ASSECO POLAND 2, , BANK PEKAO 28, , BANK ZACHODNI 3, , BRE BANK , GETIN 15, , GLOBE TRADE CENTRE 14, , KGHM 26, , PBG 2, , PKO BANK POLSKI 184, ,448, POLIMEX MOSTOSTAL SIEDLCE 90, , POLISH OIL AND GAZ COMPANY 162, , POLISH TELECOM 185, , POLSKI KONCERN NAFTOWY 106, , TVN 6, , ,445, RUSSIA AFK SISTEMA GDR (R. 1 SHS) 8, , CHEREPOVETS METAL SEVERSTAL (USD) 17, , COMSTAR GDR 17, , F. S. K. E. E. S. (USD) 19,000, , GAZPROM ADR (R. 10 SHS) 18, , GAZPROM LOCAL (USD) 2,134, ,434, GRUPPA KOMPANY PIK (USD) 7, , HYDRO WGC USD 12,592, , LUKOIL HOLDING ADR (R. 1 SHS) 111, ,075, MECHEL ADR (R. 3 SHS) 13, , MMC NORILSK NICKEL ADR (R SHS) 274, ,237, MOBILE TELESYS ADR (R. 5 SHS) 58, ,070, NOVATEK -GDR SPONS. - REG. S 15, , NOVOLIPETSK STEEL GDR (R. 1 REG-S) 5, , PHARMSTANDARD TYABR -GDR- (USD) 6, , PIPE METALL. COMP. GDR (REP 4 SHS) 8, , POLYUS ZOLOTO ADR (R. 1/2 SHS) 44, ,124, ROSNEFT OIL (USD) 249, ,281, ROSTELECOM ADR (R. 6 SHS) 15, , SBERBANK (USD) 1,998, ,588, SURGUTNEFTEGAZ ADR (R. 10 SHS) 291, ,137, TATNEFT GDR (R. 20 SHS) 14, , UES (UTD ENERG. SYS. ) GDR (R. 100 SHS) 8, , URALKALIY (USD) 108, , VIMPEL COMMUNICAT. ADR (R. 1/4 SHS) 116, ,159,

278 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets VNESHTORGBANK (USD) 318,205, , WIMM-BILL-DANN ADR (R. 1 SHS) , ,292, SOUTH AFRICA ABSA GROUP (NEW) 71, , AFRICAN BANK INVESTMENTS 107, , AFRICAN RAINBOW MINERALS 21, , ANGLO PLATINUM NOM. 17, , ANGLOGOLD ASHANTI 78, ,608, ARCELORMITTAL 36, , ASPEN PHARMACARE 35, , AVENG 48, , BARLOWORLD 28, , BIDVEST GROUP 141, ,492, EXXARO RESOURCES 19, , FIRSTRAND (NEW) 1,193, ,888, FOSCHINI 25, , GOLD FIELDS 178, ,993, GROWTHPOINT PROPS 227, , HARMONY GOLD MINING (ZAR) 74, , IMPALA PLATINIUM HOLDING (NEW) 147, ,648, IMPERIAL HOLDINGS 20, , INVESTEC 14, , KUMBA IRON ORE 13, , LIBERTY HLDGS 7, , MASSMART HOLDINGS 27, , MTN GROUP 379, ,054, MURRAY & ROBERT HOLDINGS 70, , NASPERS N 87, ,811, NEDBANK 42, , NETCARE 153, , PICK N PAY STORES 18, , PRETORIA PORTLAND CEMENT 92, , REMGRO 95, , REUNERT (NEW) 21, , RMB HOLDINGS 80, , SANLAM 530, ,005, SAPPI 75, , SASOL 144, ,546, SHOPRITE HOLDING (SHP) 174, ,036, STANDARD BANK GROUP 281, ,690, STEINHOFF INTERNATIONAL HOLDINGS 119, , TELKOM 66, , TIGER BRANDS 27, , TRUWORTHS INTERNATIONAL 152, , WOOLWORTHS HOLDINGS 141, , ,199, SOUTH KOREA AMOREPACIFIC (NEW) 1, , BANK OF PUSAN 29, , CHEIL INDUSTRIES 7, , CJ CHEILJEDANG ,

279 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets DAEGU BANK 23, , DAELIM INDUSTRIAL 5, , DAEWOO ENGINEERING & CONSTRUCTION 25, , DAEWOO SECURITIES 39, , DAEWOO SHIPBUILD & MARINE 28, , DC CHEMICAL CO LTD 2, , DONG KUK STEEL MILL 8, , DOOSAN 1, , DOOSAN HEAVY INDUSTRIS & CONSTR. 5, , DOOSAN INFRACORE 8, , GS ENG. & CONSTRUCTION 12, , HANA FINANCIAL HOLDINGS 33, , HANJIN SHIPPING 15, , HANKO TIRE 12, , HANWHA 10, , HITE BREWERY (NEW) , HONAM PETROCHEMICAL 3, , HYNIX SEMICONDUCTOR 71, , HYUNDAI DEPARTMENT STORE 2, , HYUNDAI DEVELOPMENT CO 10, , HYUNDAI ENGIN. & CONSTR. 9, , HYUNDAI HEAVY INDUSTRIES 14, ,509, HYUNDAI MIPO DOCLYARD 1, , HYUNDAI MOBIS 12, , HYUNDAI MOTOR 45, ,412, HYUNDAI MOTOR PRIV. II 4, , HYUNDAI SECURITIES 14, , HYUNDAI STEEL 14, , INDUSTRIAL BANK OF KOREA 34, , KANGWON LAND 18, , KB FINANCIAL 87, ,713, KIA MOTORS 32, , KKC , KOREA ELEC. POWER (KEPCO) 59, ,307, KOREA EXCHANGE BANK 52, , KOREA GAS 4, , KOREA ZINC 2, , KOREAN AIR 10, , KT 27, , KT & G CORP 34, ,889, KT ADR (R. 1/2 SHS) 2, , KT FREETEL 15, , LG CHEMICAL (NEW) 13, ,531, LG CORP 20, , LG DISPLAY CO. 43, ,069, LG ELECTRONICS (NEW) 31, ,589, LG HAUSYS 1, , LG HOUSEHOLD & HEALTHCARE , LG TELECOM 28, , LOTTE SHOPPING 2, , LS CABLE 2, , MIRAEASSET SECURITIES 1, ,

280 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets NHN 8, ,015, POSCO 15, ,722, SAMSUNG 51, ,774, SAMSUNG CARD 1, , SAMSUNG DIGITAL IMAGING 1, , SAMSUNG ELEC. PREF N-VTG ID550 6, ,640, SAMSUNG ELECTRO-MECHANICS 13, , SAMSUNG ELECTRONICS 26, ,066, SAMSUNG ENGINEERING 5, , SAMSUNG FIRE & MAR. INSUR. 10, ,429, SAMSUNG HEAVY INDUSTRIES 64, ,524, SAMSUNG SDI 7, , SAMSUNG SECURITIES 30, ,591, SAMSUNG TECHWIN 5, , SHINHAN FINANCIAL GROUP 90, ,228, SHINSEGAE 3, ,142, SK ENERGY 19, ,565, SK HOLDINGS 12, ,152, SK TELECOM 11, ,581, S-OIL 8, , STX PAN OCEAN 26, , STX PAN OCEAN 5, , STX SHIPBUILDING , TAIHAN ELECTRIC WIRE , WOORI FINANCE HOLDINGS 48, , WOORI INVEST. & SEC. 16, , ,933, TAIWAN ACER 643, ,229, ADVANCED SEMICONDUCTOR ENGINEER. 891, , ASIA CEMENT 368, , ASUSTEK COMPUTER 992, ,312, AU OPTRONICS 1,856, ,919, AVANTECH 50, , CATCHER TECHNOLOGY 95, , CATHAY FINANCIAL 1,609, ,798, CHANG HWA COMMERCIAL BANK 568, , CHENG SHIN RUBBER 105, , CHENG UEI PRECISION INDUSTRY 57, , CHI MEI OPTOELECTRONIC 893, , CHINA AIRLINES 163, , CHINA DEVELOPMENT FINANCIAL 1,528, , CHINA STEEL 2,407, ,859, CHINATRUST FINANCIAL HOLDINGS 2,475, ,131, CHUNGHWA PICTURE TUBES 1,454, , CHUNGHWA TELECOM 1,282, ,437, CMC MAGNETICS 518, , COMPAL ELECTRONICS 843, , DELTA ELECTRONICS 375, , E. SUN FINANCIAL 271, , EPISTAR 91, , EVA AIRWAYS 237, ,

281 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets EVERGREEN MARINE 406, , EVERLIGHT ELECTRONICS 48, , FAR EASTERN TEXTILE 1,112, ,035, FAR EASTONE TELECOM 246, , FENG HSIN IRON & STEEL 82, , FIRST FINANCIAL 802, , FORMOSA CHEMICALS AND FIBER 648, ,029, FORMOSA PETROCHEMICAL 249, , FORMOSA PLASTICS 1,137, ,000, FORMOSA TAFFETA 105, , FOXCONN TECHNOLOGY 105, , FUBON FINANCIAL 1,497, ,160, HANNSTAR DISPLAY 905, , HIGH TECH COMPUTER 181, ,455, HON HAI PRECISION INDUSTRY 1,474, ,254, HUA NAN FINANCIAL 486, , INNOLUX DISPLAY 377, , INOTERA MEMORIES 226, , INVENTEC 299, , KGI SECURITIES 75, , KINSUS INTERCONNECT 22, , LARGAN PRECISION 18, , LITE ON TECHNOLOGY 407, , MACRONIX INTL 534, , MEDIATEK 274, ,854, MEGA FINANCIAL HLDG 4,049, ,637, MITAC INTERNATIONAL 211, , MOTECH INDUSTRIES 3, , NAN YA PCB 35, , NAN YA PLASTICS 1,153, ,524, NANYA TECHNOLOGY 395, , NOVATEK MICROELECTRONICS 75, , POLARIS SECURITIES 295, , POU CHEN 1,347, , POWERCHIP SEMICONDUCTOR 1,390, , POWERTECH TECHNOLOGY 97, , PRESIDENT CHAIN STORE 89, , PROMOS TECHNOLOGIES 401, , QISDA CORP 217, , QUANTA COMPUTER 428, , REALTEK SEMICONDUCTOR 65, , RICHTEK TECHNOLOGY 16, , SHIN KONG FINANCIAL HOLDING 297, , SILICONWARE PRECISION INDUSTRIES 649, , SINO-AMERICAN SILLICON 27, , SINOPAC 898, , SYNNEX TECHNOLOGY INTL 183, , TAISHIN FINANCIAL HOLDINGS 400, , TAIWAN CEMENT 609, , TAIWAN COOPERATIVE 546, , TAIWAN FERTILIZER 139, , TAIWAN GLASS IND 177, ,

282 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TAIWAN MOBILE 347, , TAIWAN SECOM 5, , TAIWAN SEMICONDUCTOR 5,098, ,492, TATUNG 482, , TECO ELECTRIC & MACHINERY 209, , TRANSCEND INFORMATION 47, , TRIPOD TECHNOLOGY 68, , TUNG HO STEEL ENTERPRISE 152, , U-MING MARINE TRANSPORT 67, , UNIMICRON TECHNOLOGY 158, , UNI-PRESIDENT ENTERPRISES 514, , UNITED MICROELECTRONICS 3,944, ,475, VANGUARD INTL SEMICONDUCTOR 83, , WALSIN LIHWA 835, , WAN HAI LINES 186, , WISTRON 258, , YANG MING MARINE TRANSPORT 138, , YUANTA FINANCIAL 1,325, , YULON MOTOR 82, , ,543, THAILAND ADVANCED INFO SERV. NOM. FGN. 13, , ADVANCED INFO SERVICE PUBL. NVDR 175, , AIRPORTS OF THAILAND NVDR 88, , BANGK BANK PUBLIC CO 4, , BANGK BANK PUBLIC NVDR 364, , BANGK BK PUBLIC FGN NOM. (THB) 170, , BANK OF AYUDHYA NOM. FGN 102, , BANPU PUBLIC FGN NOM. 3, , BANPU PUBLIC NVDR 18, , BEC WORLD 62, , BEC WORLD PUBLIC -FGN- 20, , IRPC -NVTG DR- 281, , KASIKORNBANK PUB. FGN NOM. 65, , KASIKORNBANK PUBLIC CO NVDR 205, , KRUNG THAI BANK FGN 37, , KRUNG THAI BANK NVDR 374, , LAND AND HOUSE FGN NOM. 1,007, , LAND AND HOUSE NVDR 40, , PTT CHEMICAL FGN 60, , PTT EXPLORATION & PROD. FGN NOM. 22, , PTT EXPLORATION & PRODUCTION NVDR 269, , PTT FGN NOM. 13, , PTT PUBLIC NVDR 319, ,718, SIAM CEMENT PUBLIC FGN 14, , SIAM CEMENT PUBLIC NVDR 50, , SIAM COMMERCIAL BANK NVDR 180, , ,898, TURKEY AKBANK 254, , ANADOLU EFES BIRACI 94, , BIM BIRLESIK MAGAZ 3, ,

283 Pictet Funds (LUX) - Emerging Markets Index AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets ENKA INSAAT 62, , EREGLI DEMIR VE CE 145, , FORD OTOMOTIV SANAYI 13, , HACI OMER SABANCI HOLDING 96, , KOC HOLDING 109, , TUPRAS TURKIY PETROL RAFINERILERI 17, , TURKCELL ILETISIM 184, , TURKIYE GARANTI BANKASI NOM. 972, ,980, TURKIYE HALK BANKASI 15, , TURKIYE IS BANKASI C 151, , TURKIYE VAKIFLAR BANKASI TAO 33, , YAPI VE KREDI BANKASI 140, , ,561, UNITED KINGDOM ASTRO ALL ASIA NETWORKS 91, , TANJONG 32, , , UNITED STATES SOUTHERN COPPER 89, ,628, ,628, TOTAL SHARES 484,839, RIGHTS BRAZIL TIM PARTIC. RTS TOTAL RIGHTS WARRANTS MALAYSIA IJM LAND WTS TOTAL WARRANTS TOTAL INVESTMENTS 484,839, CASH AT BANKS 3,896, OTHER NET LIABILITIES -219, TOTAL NET ASSETS 488,516,

284 Pictet Funds (LUX) - Emerging Markets Index GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) China Brazil South Korea Taiwan South Africa 7.59 India 6.56 Russia 6.19 Mexico 4.59 Israel 3.17 Malaysia 2.83 Indonesia 1.68 Turkey 1.37 Thailand 1.18 Poland 1.11 Hong Kong 1.00 Chile 1.00 Cayman Islands 0.91 Czech Republic 0.61 Egypt 0.49 Hungary 0.43 Colombia 0.43 Philippines 0.36 United States 0.33 Morocco 0.29 Bermuda 0.24 Peru 0.19 Argentina 0.04 United Kingdom 0.04 Luxembourg Industrial classification (in % of net assets) Banks and credit institutions Oil Communications Electronics and electrical equipment Holding and financial companies 5.90 Mining and steelworks 4.28 Stainless steel 4.25 Utilities 3.63 Chemicals 3.56 Pharmaceuticals and cosmetics 2.93 Construction and building materials 2.63 Insurance 2.37 Precious metals and stones 2.33 Tobacco and alcohol 2.10 Transport and freight 1.83 Computer and office equipment 1.77 Construction of machines and appliances 1.70 Retail and supermarkets 1.67 Internet, software and IT services 1.64 Real estate 1.59 Road vehicles 1.41 Food and soft drinks 0.69 Agriculture and fishing 0.63 Textiles and clothing 0.47 Miscellaneous trade 0.46 Gastronomy 0.40 Publishing and graphic arts 0.37 Paper and forest products 0.23 Miscellaneous services 0.19 Aeronautics and astronautics 0.11 Tyres and rubber 0.06 Photography and optics 0.04 Miscellaneous capital goods 0.03 Health services 0.03 Conglomerates 0.02 Utilities electricity 0.02 Miscellaneous consumer goods 0.01 Warrants

285 Pictet Funds (LUX) - Japanese Mid-Small Cap AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES JAPAN ASAHI INTECC 18, ,548, CHUGAI PHARMACEUTICAL 21, ,325, CULTURE CONVENIENCE CLUB 40, ,846, DAIDO STEEL 114, ,392, DAI-ICHI SEIKO 5, ,082, DAISEKI 27, ,619, DIGITAL ARTS ,875, EACCESS ,721, GREE 1, ,350, GS YUASA 74, ,766, HITACHI CONSTRUCTION MACHINERY 38, ,128, HITACHI METALS 81, ,046, HITACHI TRANSPORT SYSTEM 13, ,156, HUDSON SOFT 40, ,439, IBIDEN 17, ,908, JAPAN STEEL WORKS 41, ,460, JUPITER TELECOMMUNICATIONS ,206, KABU.COM SECURITIES ,646, KAKAKU. COM ,909, KANDENKO 54, ,696, KAWASAKI KISEN KAISHA 91, ,579, KOITO MANUFACTURING 14, ,488, KURITA WATER INDUSTRIES 22, ,026, KYOEI STEEL 19, ,468, MITSUMI ELECTRIC 27, ,145, NABTESCO 46, ,570, NICHI-IKO PHARMACEUTICAL 10, ,650, NIHON NOHYAKU 64, ,800, NIPPON MINING HLDG 105, ,264, NIPPON SYNTHETIC CHEMICAL 198, ,716, NISSIN ELECTRIC 153, ,293, NITORI CO 6, ,630, NOMURA REAL ESTATE HOLDINGS 14, ,540, NSK 122, ,314, OJI PAPER 42, ,766, Q.P. 18, ,586, RAKUTEN ,348, SANTEN PHARMACEUTICAL 14, ,268, SHIMADZU 90, ,910, SHIONOGI & CO 15, ,425, SHO-BOND HOLDINGS 9, ,433, SIMPLEX TECHNOLOGY ,911, SMS ,128, SO-NET M ,372, SQUARE ENIX 4, ,248, SUGI HOLDINGS 17, ,567, SUMITOMO METAL MINING 44, ,400, SUMITOMO RUBBER INDUSTRIES 48, ,969,

286 Pictet Funds (LUX) - Japanese Mid-Small Cap AS AT APRIL 30, 2009 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets TOA VALVE HOLDING 8, ,880, TYO ROPE MFG. 131, ,060, TORIDOLL ,070, TOSHIBA PLANT SYSTEMS & SERVICES 59, ,339, TOYO ELECTRIC MFG 105, ,810, TOYOTA BOSHU 17, ,558, TS TECH 32, ,567, TSUMURA 10, ,620, UNICHARM PETCARE 13, ,848, WACOM ,223, WEATHERNEWS 20, ,643, ,991,558, TOTAL INVESTMENTS 1,991,558, CASH AT BANKS 72,397, OTHER NET LIABILITIES -3,714, TOTAL NET ASSETS 2,060,240,

287 Pictet Funds (LUX) - Japanese Mid-Small Cap GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Japan Industrial classification (in % of net assets) Electronics and electrical equipment Internet, software and IT services Construction of machines and appliances 9.88 Pharmaceuticals and cosmetics 8.43 Holding and financial companies 6.61 Chemicals 5.46 Stainless steel 5.36 Mining and steelworks 5.28 Environmental and recycling services 5.17 Construction and building materials 5.08 Retail and supermarkets 4.57 Road vehicles 3.58 Miscellaneous services 3.29 Transport and freight 2.27 Miscellaneous consumer goods 1.69 Tyres and rubber 1.60 Publishing and graphic arts 1.34 Paper and forest products 0.86 Food and soft drinks 0.85 Communications 0.69 Gastronomy

288 Pictet Funds (LUX) - Emerging Markets Large Cap AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES ARGENTINA BANCO MACRO B -ADR BERMUDA CREDICORP 3, , , BRAZIL BANCO DO BRASIL 26, , CEMIG MINAS GERAIS PREF 10, , ITAU UNIBANCO PFD ADR (R.1 PFD SH) 43, , LOJAS RENNER 24, , PETROBRAS ADR (1 PREF) 48, ,326, SABESP 18, , TELE NORTE LEST ADR (R. 1 PREF SHS) 10, , USIMINAS PREF A 15, , VALE DO RIO DOCE PREF A 53, , ,947, CAYMAN ISLANDS AGILE PROPERTY HOLDINGS 290, , BOSIDENG INTERNATIONAL HOLDINGS REAL GOLD MINING 283, , , CHINA BANK OF CHINA 1,027, , CHINA CITIC BANK H 584, , CHINA COAL ENERGY H 324, , CHINA LIFE INSURANCE H 145, , CHINA MOBILE HK 55, , CHINA NATIONAL BUILDING MAT. H 133, , CHINA PET. & CHEM. H ADR (R 100) 1, , CHINA PETROLEUM & CHEMICAL H 510, , CHINA RAILWAY CONSTRUCTION H 109, , CHINA UNICOM (HK) 187, , DATANG INTERNATIONAL POWER GEN H 257, , FUJIAN ZIJIN MINING 307, , IND. & COMM. BANK OF CHINA H 912, , PETROCHINA ADR (R. 100 SHS) 1, , SHANDA INTERACTIVE ADR (R. 2 SHS) 5, , SHANGHAI INDUSTRIAL HOLDINGS 134, , SHIMAO PROPERTY HOLDING LTD 193, , TENCENT HOLDINGS 29, , ,353, HUNGARY OTP BANK 15, , ,

289 Pictet Funds (LUX) - Emerging Markets Large Cap AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets INDIA BHARTI AIRTEL 18, , DR REDDY S LAB ADR (R. 1 SHS) 16, , ICICI BANK ADR (R. 2 SHS) 12, , INFOSYS TECHNOLOG ADR (R. 1 SHS) 7, , RELIANCE INDUSTRIES DEMAT. 3, , STATE BANK OF INDIA GDR (R. 1 SHS) 5, , TATA STEEL DEMAT. 36, , ,582, INDONESIA P. T. TELEKOMUNIKASI INDONESIA B 281, , PT BANK MANDIRI (PERSERO) 867, , , ISRAEL TEVA PHARMACEUTICAL INDUSTRIES 11, , , LUXEMBOURG MILLICOM INTERNATIONAL CELLULAR 5, , , MALAYSIA BUMIPUTRA-COMMERCE HOLDINGS BHD 90, , , MEXICO AMERICA MOVIL ADR (R. 20 SHS L ) 19, , GFNORTE O 192, , GRUPO MODELO C 73, , ,180, PERU MINAS BUENAVENTURA ADR (R. 1 SHS) 7, , , RUSSIA AFK SISTEMA GDR (R. 1 SHS) 19, , GAZPROM ADR (R. 10 SHS) 29, , LUKOIL (USD) 10, , MOBILE TELESYS ADR (R. 5 SHS) 9, , OAO ROSNEFT OIL COMPANY GDR 46, , ,718, SOUTH AFRICA ABSA GROUP (NEW) 26, , ANGLOGOLD ASHANTI ADR (R. 1 SHS) 15, , ARCELORMITTAL 20, , FIRSTRAND (NEW) 73, , MTN GROUP 10, , SASOL 11, , ,629, SOUTH KOREA DAELIM INDUSTRIAL DOOSAN INFRACORE 16, , HYUNDAI DEPARTMENT STORE 2, , HYUNDAI HEAVY INDUSTRIES 1, ,

290 Pictet Funds (LUX) - Emerging Markets Large Cap AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets HYUNDAI MOTOR 4, , KB FINANCIAL 15, , KOREA ELEC. POWER (KEPCO) 14, , LG CORP 4, , LG ELECTRONICS (NEW) 1, , NHN 1, , POSCO , SAMSUNG ELECTRONICS 2, , SAMSUNG FIRE & MAR. INSUR. 1, , SHINHAN FINANCIAL GROUP SHINSEGAE , ,947, TAIWAN AU OPTRONICS 401, , CHINATRUST FINANCIAL HOLDINGS 895, , CHUNGHWA TELECOM 160, , FUBON FINANCIAL 404, , HIGH TECH COMPUTER 27, , NAN YA PLASTICS 260, , POWERCHIP SEMICONDUCTOR SILICONWARE PRECISION INDUSTRIES 190, , TAIWAN CEMENT 317, , TAIWAN SEMICONDUCTOR 250, , YUANTA FINANCIAL 317, , ,298, THAILAND BANGK BANK PUBLIC NVDR 108, , SIAM COMMERCIAL BANK PUB. FGN NOM. 89, , , TURKEY TURKCELL ILETISIM 23, , TURKIYE GARANTI BANKASI NOM. 122, , , UNITED STATES SOHU.COM 3, , , TOTAL SHARES 26,067, WARRANTS CAYMAN ISLANDS VIETNAM RESOUR. INV. WTS , TOTAL WARRANTS TOTAL I. 26,067,

291 Pictet Funds (LUX) - Emerging Markets Large Cap AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES SHARES RUSSIA UES (UTD ENERG. SYS. ) GDR (R. 100 SHS) 3, TOTAL II III. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS VIETNAM RESOURCE INVESTMENTS FD. 21, , , TOTAL III. 106, TOTAL INVESTMENTS 26,174, CASH AT BANKS 1,165, OTHER NET ASSETS 185, TOTAL NET ASSETS 27,524,

292 Pictet Funds (LUX) - Emerging Markets Large Cap GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) China South Korea Brazil Taiwan Russia 6.25 South Africa 5.91 India 5.75 Mexico 4.29 Israel 1.96 Cayman Islands 1.95 Indonesia 1.59 Thailand 1.50 Turkey 1.33 Luxembourg 1.00 Malaysia 0.74 Bermuda 0.72 Hungary 0.70 United States 0.67 Peru 0.62 Argentina Industrial classification (in % of net assets) Banks and credit institutions Oil Communications Holding and financial companies 8.87 Electronics and electrical equipment 7.93 Mining and steelworks 4.36 Construction and building materials 4.18 Pharmaceuticals and cosmetics 3.36 Internet, software and IT services 3.31 Utilities 3.23 Precious metals and stones 3.18 Insurance 2.72 Stainless steel 2.67 Computer and office equipment 2.35 Retail and supermarkets 2.04 Construction of machines and appliances 1.81 Chemicals 1.75 Miscellaneous trade 1.69 Road vehicles 0.92 Tobacco and alcohol 0.80 Real estate 0.80 Units of investment funds 0.39 Textiles and clothing 0.00 Warrants

293 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA ERSTE BANK DER OESTER. SPARKASSEN 10, , OESTER. ELEKTR. WIRT. A 4, , OMV 8, , RAIFFEISEN INT. BANK - HOLDING 2, , STRABAG SE 3, , TELEKOM AUSTRIA 18, , VOEST-ALPINE 6, , WIENER STAEDTISCHE VERSICHERUNGS 2, , WIENERBERGER BAUSTOFFINDUSTRIE 4, , ,004, BELGIUM BELGACOM 9, , CNP - CIE NATIONALE A PORTFEUILLE 2, , COLRUYT (ETBLISSEMENTS FR.) , DEXIA 26, , FORTIS 116, , GBL (GROUPE BRUXELLES LAMBERT) 4, , GROUPE DELHAIZE 5, , INBEV 38, , INBEV -STRIP VVPR 8, KBC GROUPE 8, , MOBISTAR 1, , SOLVAY 3, , U. C. B. 5, , UMICORE (NEW) 7, , ,828, FINLAND ELISA A 7, , FORTUM 23, , KESKO 3, , KONE B 8, , METSO 7, , NESTE OIL 7, , NIA 205, ,247, NIAN TYRES 5, , ORION B (NEW) 4, , OUTUMPU A 6, , POHJOLA BANK A 5, , POHJOLA BANK A EM. 09 3, , RAUTARUUKKI 4, , SAMPO OYJ 22, , SANOMAWSOY 4, , STORA ENSO R 31, , UPM-KYMMENE 27, , WARTSILA B 4, , ,208,

294 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets FRANCE ACCOR 10, , ADP 1, , AIR FRANCE - KLM 7, , AIR LIQUIDE 13, , ALCATEL-LUCENT 122, , ALSTOM 11, , ATOS ORIGIN 3, , AUTOROUTE PARIS RHIN RHONE 1, , AXA 83, ,068, BIC 1, , BIOMERIEUX , BNP PARIBAS 44, ,782, BOUYGUES 12, , BUREAU VERITAS 2, , CAP GEMINI 7, , CARREFOUR 34, ,057, CASINO GUICHARD 2, , CIE GENERALE DE GEOPHYSIQUE 8, , CNP ASSURANCES 2, , CREDIT AGRICOLE 48, , DANONE GROUPE (EUR) 23, , DASSAULT SYSTEMES 3, , DIOR CHRISTIAN 3, , EIFFAGE 1, , ELECTRICITE DE FRANCE 10, , ERAMET , ESSILOR INTERNATIONAL 10, , EURAZEO 1, , EUTELSAT COMMUNICATIONS 4, , FRANCE TELECOM 98, ,666, GAZ DE FRANCE 59, ,616, GECINA , HERMES INTERNATIONAL 2, , ICADE REITS , ILIAD , IMERYS 1, , IPSEN 1, , JC DECAUX 3, , KLEPIERRE 4, , L. V. M. H. 13, , LAFARGE 7, , LAFARGE EM. 09 2, , LAGARDERE 6, , LEGRAND 4, , L OREAL 13, , M6 METROPOLE TV 3, , MICHELIN B NOM. 7, , NATIXIS 53, , NEOPOST 1, , PAGES JAUNES 7, , PERNOD-RICARD 8, ,

295 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets PEUGEOT PORT. 8, , PPR 4, , PUBLICIS 6, , RENAULT 9, , SAFRAN 10, , SAINT GOBAIN 20, , SANOFI-AVENTIS 56, ,488, SCHNEIDER EL. (EX-SPIE BATIGNOLES) 12, , SCOR SE 9, , SOCIETE GENERALE 25, , SODEXO 5, , SUEZ ENVIRONNEMENT 14, , TECHNIP (EX TECHNIP-COFLEXIP) 5, , TF1 -TELEVISION FRANCAISE 1-5, , THALES (EX-THOMSON CSF) 4, , TOTAL 115, ,410, UNIBAIL-RODAMCO 4, , VALEO 3, , VALLOUREC USINES A TUBES 2, , VEOLIA ENVIRONNEMENT 20, , VINCI 22, , VIVENDI 62, ,288, WENDEL 1, , ZODIAC 2, , ,260, GERMANY ADIDAS 10, , ALLIANZ NOM. 24, ,708, B. M. W. 17, , B. M. W. PREF 2, , BASF 49, ,424, BAYER (EUR) 41, ,550, BEIERSDORF 4, , CELESIO 4, , COMMERZBANK 37, , DAIMLER NOM. (EUR) 48, ,319, DEUTSCHE BANK NOM. 29, ,192, DEUTSCHE BOERSE NOM. 10, , DEUTSCHE LUFTHANSA NOM. 12, , DEUTSCHE POST NOM. 45, , DEUTSCHE POSTBANK 4, , DEUTSCHE TELEKOM NOM. 153, ,399, E. ON NOM. 102, ,633, FRAPORT 1, , FRESENIUS 1, , FRESENIUS MEDICAL CARE 10, , FRESENIUS PREF 4, , GEA GROUP 7, , HAMBURGER HAFEN & LOGISTIK 1, , HANNOVER RUECKVERSICHERUNGS NOM. 3, , HEIDELBERGCEMENT 1, , HENKEL 6, ,

296 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets HENKEL PREF N-VTG 9, , HOCHTIEF 2, , K & S 8, , LINDE 7, , MAN AG 5, , MERCK 3, , METRO 6, , MUENCHENER RUECKVER. NOM. 11, ,166, PORSCHE AUTOMOBILE -NVTG- (NEW) 4, , PUMA , Q-CELLS 3, , R. W. E. A 23, ,307, R. W. E. PREF N-VTG 2, , SALZGITTER 2, , SAP AG (EUR) 46, ,342, SIEMENS NOM. 46, ,394, SOLARWORLD 4, , SUEDZUCKER 3, , THYSSENKRUPP 19, , TUI (NEW) 12, , UNITED INTERNET NOM. 6, , VOLKSWAGEN (EUR) 4, ,146, VOLKSWAGEN PREF 5, , WACKER CHEMIE , ,287, GREECE ALPHA BANK 20, , BANK OF PIRAEUS 17, , COCA COLA HBC (REG. SHS) 8, , EFG EUROBANK 17, , HELLENIC PETROLEUM 6, , HELLENIC TELECOMM. ORGANIZATIONS 14, , MARFIN INVESTMENT GROUP 34, , NATIONAL BANK OF GREECE REG. 26, , OPAP 12, , PUBLIC POWER CORP OF GREECE NOM. 5, , TITAN CEMENT NOM. 2, , ,652, IRELAND ANGLO-IRISH BANK 22, CRH (EUR) 37, , ELAN 25, , KERRY GROUP A 7, , RYANAIR HOLDINGS 18, , ,027, ITALY A2A 70, , ACEA 5, , ALLEANZA ASSICURAZIONI 22, , ASSICURAZIONI GENERALI 56, , ATLANTIA 13, , AUTOGRILL 6, ,

297 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets BANCA CARIGE 38, , BANCA POPOLARE DI MILANO 21, , BANCO POPOLARE 33, , BULGARI 8, , ENEL ENTE NAZION. ENERGIA ELETTR. 233, , ENI 140, ,309, EXOR 4, , FIAT 37, , FINMECCANICA 21, , FONDIARIA-SAI 3, , INTESA SANPAOLO 416, ,014, INTESA SANPAOLO (AZ. DI RISO.) 50, , ITALCEMENTI 3, , ITALCEMENTI SPA-RNC 5, , LOTTOMATICA NEW. 3, , LUXOTTICA GROUP 7, , MEDIASET 42, , MEDIOBANCA 26, , MEDIOLANUM 9, , MONTE PASCHI SIENA 137, , PARMALAT 86, , PIRELLI & CIE 155, , PRYSMIAN 6, , SAIPEM 14, , SARAS RAFFINERIE SARDE 17, , SNAM RETE GAS 41, , T. E. R. N. A 66, , TELECOM ITALIA 542, , TELECOM ITALIA RISP 323, , U. G. F. 56, , UBI BANCA 32, , UNICREDITO ITALIANO 657, ,229, UNIPOL 39, , ,736, LUXEMBOURG ARCELOR MITTAL (NEW) 46, , SES GLOBAL FDR 15, , TENARIS SA (EUR) 25, , ,306, NETHERLANDS AEGON 78, , AKZO NOBEL 12, , ASML 23, , BOSKALIS WESTMINSTER 3, , CORIO 2, , EUROPEAN AERONAUTIC DEFENCE SPACE 17, , HEINEKEN 13, , HEINEKEN HOLDING 6, , KONINKLIJKE AHOLD 64, , KONINKLIJKE DSM (NEW) 7, , KPN KONINKLIJKE 94, , QIAGEN 9, ,

298 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets RANDSTAD HOLDING 5, , REED ELSEVIER 33, , ROYAL PHILIPS (EUR) 52, , SBM OFFSHORE 7, , SNS REAAL 7, , STMICROELECTRONICS 35, , TNT 20, , UNILEVER NEW (EUR) 87, ,316, WOLTERS KLUWER 14, , ,699, PORTUGAL BANCO COMERCIAL PORTUGUES NOM. 130, , BANCO ESPIRITO SANTO NOM. 15, , BRISA AUTO-ESTRADAS NOM. 16, , CIMPOR (CIMENTOS PORTUGAL) NOM. 13, , EDP (ELECTRIC. DE PORTUGAL) NOM. 97, , GALP ENERGIA B 9, , JERONIMO MARTINS 10, , PORTUGAL TELECOM SGPS 33, , ZON MULTIMEDIA SERVICOS TELECOM. 9, , , SPAIN ABERTIS INFRAESTRUCTURAS 14, , ACCIONA 1, , ACERINOX 7, , ACS 10, , BANCO DE SABADELL 48, , BANCO DE VALENCIA 11, , BANCO POPULAR ESPANOL NOM. 42, , BANCO SANTANDER 440, ,204, BANKINTER 14, , BCO BILBAO VIZCAYA ARGENT. NOM. 192, ,597, CINTRA 12, , CRITERIA CAIXACORP 43, , EDP RENOVAVEIS 12, , ENAGAS 9, , FOMENTO CONSTRUCCIONES CONTRATAS 2, , GAMESA (NEW) 10, , GAS NATURAL SDG (SPLIT) 12, , GESTEVISION TELECINCO 5, , GRIFOLS A 7, , GRUPO FERROVIAL 3, , IBERDROLA 188, ,133, IBERDROLA RENOVABLES 46, , IBERIA 23, , INDITEX NOM. 11, , INDRA SISTEMAS 5, , MAPFRE 36, , RED ELECTRICA CORP 5, , REPSOL YPF 39, , SACYR VALLEHERMOSO 4, ,

299 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets TELEFONICA 228, ,289, ZARDOYA OTIS 6, , ,268, TOTAL EQUITIES 100,229, CERTIFICATES NETHERLANDS FUGRO CRT 3, , ING GROEP CRT 104, , , TOTAL CERTIFICATES 830, RIGHTS FRANCE PERNOD-RICARD RTS , , TOTAL STRIP VVPR , GERMANY HEIDELBERGCEMENT STRIP VVPR ITALY SNAM RETE GAS RTS , , , SPAIN BANCO DE VALENCIA RTS , , , TOTAL RIGHTS 55, TOTAL I. 101,115, II. OTHER TRANSFERABLE SECURITIES SHARES PORTUGAL BANCO ESPIRITO SANTO EM , , , TOTAL SHARES 48, RIGHTS AUSTRIA ERSTE GROUP BANK RTS , FRANCE DANONE RTS (ST. DIV.) , , KLEPIERRE RTS (ST. DIV) , , ,

300 Pictet Funds (LUX) - Euroland Index AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets NETHERLANDS CORIO RTS (STOCK DIV. 09) 2, , REED ELSEVIER RTS , , WOLTERS KLUWER RTS , , , TOTAL RIGHTS 45, TOTAL II. 94, TOTAL INVESTMENTS 101,210, CASH AT BANKS 362, OTHER NET LIABILITIES -7, TOTAL NET ASSETS 101,565,

301 Pictet Funds (LUX) - Euroland Index GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) France Germany Spain Italy Netherlands 7.43 Finland 4.14 Belgium 2.78 Greece 1.63 Luxembourg 1.29 Ireland 1.00 Portugal 0.99 Austria Industrial classification (in % of net assets) Banks and credit institutions Communications Utilities Oil 7.82 Insurance 6.08 Pharmaceuticals and cosmetics 5.87 Electronics and electrical equipment 5.58 Road vehicles 4.26 Construction and building materials 3.93 Chemicals 3.88 Retail and supermarkets 2.69 Food and soft drinks 2.54 Mining and steelworks 1.85 Construction of machines and appliances 1.80 Tobacco and alcohol 1.70 Holding and financial companies 1.65 Textiles and clothing 1.60 Transport and freight 1.56 Internet, software and IT services 1.43 Publishing and graphic arts 0.82 Certificates 0.82 Gastronomy 0.76 Aeronautics and astronautics 0.54 Photography and optics 0.45 Environmental conservation and waste management 0.42 Tyres and rubber 0.37 Paper and forest products 0.33 Leisure 0.30 Computer and office equipment 0.30 Real estate 0.29 Stainless steel 0.22 Miscellaneous consumer goods 0.19 Miscellaneous services 0.13 Rights 0.09 Environmental and recycling services 0.08 Conglomerates 0.07 Miscellaneous trade

302 Pictet Funds (LUX) - US Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES CANADA RESEARCH IN MOTION 499, ,360, ,360, NETHERLANDS ANTILLES SCHLUMBERGER 991, ,581, ,581, SWITZERLAND ROCHE HOLDING ADR (R. 1/4 SHS) 227, ,204, WEATHERFORD INTERNATIONAL (USD) 1,291, ,016, ,220, UNITED STATES ABBOTT LABORATORIES 1,599, ,171, ACTIVISION BLIZZARD 791, ,495, APPLE 699, ,577, BAXTER INTERNATIONAL 874, ,391, BLACKROCK 85, ,957, CHARLES SCHWAB 557, ,378, CISCO SYSTEMS (USD) 2,449, ,158, CME GROUP A 132, ,176, COCA-COLA 765, ,682, COLGATE PALMOLIVE 1,254, ,881, COSTCO WHOLESALE 494, ,556, DEERE 425, ,093, DENTSPLY INTL 318, ,980, ECOLAB 403, ,729, EMERSON ELECTRIC 371, ,502, GENERAL DYNAMICS 201, ,768, GENZYME (GENERAL DIVISION) 355, ,419, GILEAD SCIENCES 1,684, ,108, GOOGLE A 193, ,707, HEWLETT PACKARD 2,096, ,414, HOME DEPOT 1,476, ,891, JP MORGAN CHASE 1,445, ,837, KOHL S 1,068, ,708, LOCKHEED MARTIN 706, ,889, LOWE S COMPANIES 839, ,848, MASTERCARD A 101, ,073, MCDONALD S 1,126, ,294, MICROCHIP TECHNOLOGY 2,524, ,567, MONSANTO (NEW) 935, ,389, NATIONAL OILWELL VARCO 536, ,507, PEPSICO 611, ,830, PRAXAIR 430, ,838, QUALCOMM 2,024, ,221, RAYTHEON 786, ,301, SMITH INTERNATIONAL 797, ,731, STRYKER 148, ,748, T ROWE PRICE GROUP 478, ,679,

303 Pictet Funds (LUX) - US Equity Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TARGET 268, ,793, THERMO FISHER SCIENTIFIC INC 395, ,437, UNITED TECHNOLOGIES 260, ,733, VISA A 690, ,870, WAL-MART STORES 1,493, ,335, YUM BRANDS 882, ,850, ,610,528, TOTAL INVESTMENTS 1,722,691, CASH AT BANKS 39,425, OTHER NET ASSETS 6,185, TOTAL NET ASSETS 1,768,301,

304 Pictet Funds (LUX) - US Equity Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Netherlands Antilles 2.80 Canada 1.89 Switzerland Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Retail and supermarkets Computer and office equipment Electronics and electrical equipment 8.61 Banks and credit institutions 8.11 Food and soft drinks 7.06 Oil 6.15 Chemicals 6.12 Communications 4.93 Internet, software and IT services 4.76 Aeronautics and astronautics 4.49 Holding and financial companies 2.30 Gastronomy 1.69 Biotechnology 1.10 Construction of machines and appliances

305 Pictet Funds (LUX) - Security AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES FRANCE ARKOON NETWORK SECURITY 147, , BUREAU VERITAS 35, ,432, SPERIAN PROTECTION 14, , ,483, GERMANY WINCOR NIXDORF 27, ,382, WIRECARD 98, , ,165, ISRAEL POINT SOFTWARE TECHNOLOGIES 108, ,488, NICE SYSTEMS ADR (R. 1 SHS) 81, ,039, ,527, JAPAN SECOM 83, ,115, ,115, NETHERLANDS GEMALTO 59, ,873, ,873, SOUTH KOREA INTELLIGENT DIGITAL 22, , S1 CORP 58, ,132, ,434, SWEDEN ASSA ABLOY B 108, ,328, LOOMIS B 78, , NISCAYAH B 49, , SECURITAS B 236, ,973, ,032, SWITZERLAND S. G. S. NOM. 2, ,140, TYCO INTERNATIONAL NOM. 167, ,784, ,925, TAIWAN AV TECH 152, , GEO VISION 49, , , UNITED KINGDOM AUTONOMY CORPORATION 143, ,930, EXPERIAN 286, ,910, G4S 887, ,469, INTERTEK GROUP 39, , SMITHS GROUP (NEW) 226, ,443, ,346,

306 Pictet Funds (LUX) - Security AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets UNITED STATES AMERICAN SCIENCE & ENGINEERING 34, ,094, ARCSIGHT 24, , BHS HOLDING W.I. 39, ,036, BRINKS 78, ,324, BUCKEYE PARTNERS 11, , CINTAS 19, , CLEAN HARBORS 23, ,218, COMMVAULT SYSTEMS 108, ,346, CYBERSOURCE 88, ,294, ECOLAB 91, ,573, EMC 221, ,725, EQUIFAX 78, ,294, FIDELITY NATIONAL 49, , FISERV 55, ,046, FTI CONSULTING NOM. 34, ,876, GLOBAL PAYMENTS 46, ,486, HURON CONSULTING 15, , INERGY PARTNERSHIP 9, , IRON MOUNTAIN 49, ,335, JUNIPER NETWORKS 118, ,517, KINDER MORGAN ENERGY PARTNERS 45, ,169, LIFE TECHNOLOGIES 67, ,471, MAGELLAN MIDSTREAM PARTNERS 8, , MC AFEE 85, ,193, MERIDIAN BIOSCIENCE 34, , NETAPP INC 88, ,595, NUSTAR ENERGY 9, , PALL 33, , PLAINS ALL AMERICA PIPELINE 24, ,070, STANLEY WORKS 17, , STERICYCLE 68, ,181, SYMANTEC 197, ,413, TEPPCO PARTNERS 41, ,149, THERMO FISHER SCIENTIFIC INC 44, ,507, VARIAN MEDICAL 59, ,136, VERISIGN 62, ,237, VMWARE 73, ,916, ,344, TOTAL INVESTMENTS 96,895, CASH AT BANKS 5,814, OTHER NET LIABILITIES -179, TOTAL NET ASSETS 102,530,

307 Pictet Funds (LUX) - Security GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States United Kingdom Switzerland 6.75 Israel 4.42 Sweden 3.93 Japan 3.04 France 2.43 South Korea 2.37 Germany 2.11 Netherlands 1.83 Taiwan Industrial classification (in % of net assets) Miscellaneous services Internet, software and IT services Computer and office equipment Electronics and electrical equipment Pharmaceuticals and cosmetics 6.16 Environmental and recycling services 5.16 Aeronautics and astronautics 3.78 Oil 3.09 Biotechnology 2.41 Utilities 2.34 Banks and credit institutions 1.86 Textiles and clothing 1.16 Holding and financial companies 0.96 Construction of machines and appliances 0.66 Communications

308 Pictet Funds (LUX) - Clean Energy AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRALIA CERAMIC FUEL CELLS (GBP) 12,820, , , AUSTRIA OESTER. ELEKTR. WIRT. A 94, ,676, ,676, BELGIUM HANSEN TRANSMISSIOMS INTER. (GBP) 763, ,773, ,773, BRAZIL CEMIG MINAS GERAIS PREF 528, ,551, ,551, CANADA 5N PLUS 853, ,206, CANADIAN HYDRO DEVELOPERS 1,553, ,782, GENESIS WORLDWIDE CANADA 697, , INNERGEX RENEWABLE ENERGY 334, , PLUTONIC POWER 643, ,117, WESTPORT INNOVATIONS 648, ,812, ,994, CAYMAN ISLANDS CHINA HIGH SPEED TRANSMISSION 1,360, ,457, YINGLI GREEN ADR (R. 1 SHS) 261, ,787, ,244, DENMARK VESTAS WIND SYSTEMS NOM. 303, ,631, ,631, FINLAND FORTUM 288, ,655, ,655, FRANCE EDF ENERGIES NOUVELLES 379, ,420, GAZ DE FRANCE 146, ,204, SAFT GROUPE 250, ,812, SECHILIENNE-SIDEC 315, ,558, ,996, GERMANY AIXTRON 834, ,403, CENTROTHERM PHOTOVOLTAICS 204, ,860, PHOENIX SOLAR 122, ,288, ROTH & RAU 293, ,921, SMA SOLAR TECHNOLOGY 240, ,423, SOLARWORLD 30, , WACKER CHEMIE 130, ,468, ,185,

309 Pictet Funds (LUX) - Clean Energy AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets GREECE TERNA ENERGY 583, ,498, ,498, INDIA SUZLON ENERGY 2,404, ,067, ,067, ITALY SNAM RETE GAS 1,601, ,295, ,295, RUSSIA HYDRO WGC USD 146,270, ,963, ,963, SPAIN ACCIONA 73, ,410, EDP RENOVAVEIS 3,692, ,835, GAMESA (NEW) 934, ,164, IBERDROLA RENOVABLES 5,495, ,205, ,616, SWITZERLAND 3S SWISS SOLAR SYSTEMS (NEW) 203, ,511, BKW FMB ENERGIE NOM. 41, ,972, ,483, TAIWAN EPISTAR 2,986, ,876, EVERLIGHT ELECTRONICS 1,973, ,161, OPTO TECH 3,032, ,629, ,666, UNITED KINGDOM BG GROUP 618, ,886, CLIMATE EXCHANGE (GBP) 220, ,243, CLIPPER WINDPOWER REG. S 822, , PV CRYSTALOX SOLAR 2,253, ,638, ZENERGY POWER 1,146, ,313, ,936, UNITED STATES AMERICAN SUPERCONDUCTOR 255, ,610, CHESAPEAKE ENERGY 162, ,248, CLEAN ENERGY FUELS 622, ,158, COMVERGE 347, ,709, COVANTA HOLDING 662, ,815, CREE 306, ,977, EL PASO 561, ,723, ENERGY CONVERSION DEVICES 215, ,691, ENERNOC 377, ,821, FIRST SOLAR 98, ,895, FPL GROUP 339, ,302, ITRON 119, ,124, MEMC ELECTRONIC MATERIALS 557, ,428, NORTHWEST NATURAL GAS 87, ,693, OCEAN POWER TECHNOLOGIES 316, ,835,

310 Pictet Funds (LUX) - Clean Energy AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets ORION ENERGY SYSTEMS 482, ,009, ORMAT TECHNOLOGIES 452, ,317, PG & E 201, ,552, PIEDMONT NATURAL GAS CO 138, ,486, POLYPORE 329, ,556, SOUTHWESTERN ENERGY 170, ,221, SUNPOWER B 175, ,185, WILLIAMS COMPANIES 666, ,083, ,448, TOTAL SHARES 428,353, RIGHTS ITALY SNAM RETE GAS RTS ,601, ,170, ,170, TOTAL RIGHTS 1,170, TOTAL I. 429,524, II. OTHER TRANSFERABLE SECURITIES WARRANTS UNITED STATES PERFECTENERGY WTS ,285, TOTAL WARRANTS TOTAL II III. UNITS OF INVESTMENT FUNDS CANADA CATCH THE WIND 2,299, ,911, ,911, TOTAL III. 1,911, TOTAL INVESTMENTS 431,435, CASH AT BANKS 22,776, OTHER NET LIABILITIES -720, TOTAL NET ASSETS 453,490,

311 Pictet Funds (LUX) - Clean Energy GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Spain Germany France 8.16 Denmark 4.33 United Kingdom 4.17 Canada 3.29 Taiwan 2.58 Brazil 1.89 Italy 1.65 Finland 1.25 Switzerland 1.21 Cayman Islands 0.93 Russia 0.87 Austria 0.81 Greece 0.77 India 0.68 Belgium 0.39 Australia Industrial classification (in % of net assets) Utilities Electronics and electrical equipment Construction of machines and appliances 9.27 Environmental and recycling services 7.39 Holding and financial companies 2.98 Internet, software and IT services 2.96 Chemicals 2.53 Miscellaneous services 2.13 Conglomerates 2.00 Oil 1.86 Construction and building materials 1.63 Miscellaneous 0.95 Computer and office equipment 0.93 Environmental conservation and waste management 0.60 Units of investment funds 0.42 Rights 0.26 Agriculture, industry, energy and construction 0.19 Warrants

312 Pictet Funds (LUX) - Russian Equities AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES CANADA URANIUM ONE 191, , , CAYMAN ISLANDS INTEGRA GROUP SGDR 197, , , GEORGIA BANK OF GEORGIA GDR (REP. 1SH) 67, , , GUERNSEY KAZAKHGOLD GDR 36, , , KAZAKHSTAN KAZMUNAIGAS -GDR SPONS. -REG. S 27, , , LUXEMBOURG EVRAZ GROUP GDR. 88, ,169, ,169, RUSSIA AFK SISTEMA GDR (R. 1 SHS) 200, ,728, COMSTAR GDR 484, ,132, GAZPROM ADR (R. 10 SHS) 200, ,580, HYDRO WGC USD 64,232, ,779, LUKOIL HOLDING ADR (R. 1 SHS) 110, ,943, MAGNITOGORSK IRON GDR (R. 13 SHS) 259, ,042, MECHEL ADR (R. 3 SHS) 311, ,658, MMC NORILSK NICKEL ADR (R SHS) 313, ,612, MOBILE TELESYS ADR (R. 5 SHS) 84, ,808, NOVATEK -GDR SPONS. - REG. S 84, ,988, NOVOLIPETSK STEEL GDR (R. 1 REG-S) 208, ,190, OAO ROSNEFT OIL COMPANY GDR 530, ,784, PHARMSTANDARD TYABR -GDR- (USD) 196, ,059, PIPE METALL. COMP. GDR (REP 4 SHS) 124, , POLYUS ZOLOTO ADR (R. 1/2 SHS) 28, , RASPADSKAYA OAO (USD) 296, , SBERBANK (USD) 3,145, ,629, SEVERSTAL GDR (R. 1 SHS) 535, ,088, SURGUTNEFTEGAZ ADR (R. 10 SHS) 326, ,337, TATNEFT GDR (R. 20 SHS) 39, ,446, TRANSNEFT PREF (USD) 2, , URALKALIY GDR (R. 5 SHS) 247, ,963, VIMPEL COMMUNICAT. ADR (R. 1/4 SHS) 281, ,650, WIMM-BILL-DANN ADR (R. 1 SHS) 46, ,055, ,398, UNITED KINGDOM EURASIAN NATURAL RESOURCES 48, , ,

313 Pictet Funds (LUX) - Russian Equities AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets UNITED STATES CTC MEDIA 80, , , TOTAL I. 57,542, II. OTHER TRANSFERABLE SECURITIES SHARES UKRAINE ALCHEVSKIJ METAL (USD) 15,253, , , TOTAL II. 153, TOTAL INVESTMENTS 57,696, CASH AT BANKS 126, OTHER NET LIABILITIES -83, TOTAL NET ASSETS 57,739,

314 Pictet Funds (LUX) - Russian Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) Russia Luxembourg 2.03 United States 1.10 Canada 0.92 Kazakhstan 0.84 United Kingdom 0.73 Cayman Islands 0.58 Guernsey 0.51 Georgia 0.47 Ukraine Industrial classification (in % of net assets) Oil Mining and steelworks Communications Holding and financial companies 5.18 Chemicals 5.13 Banks and credit institutions 5.02 Stainless steel 4.52 Pharmaceuticals and cosmetics 3.57 Food and soft drinks 3.56 Utilities 3.08 Precious metals and stones 1.88 Transport and freight 1.61 Construction of machines and appliances

315 Pictet Funds (LUX) - Timber AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRALIA GUNNS 298, , , AUSTRIA ANDRITZ 11, , MAYR-MELNHOF KARTON 5, , , BRAZIL ARACRUZ PREF B ADR (R. 10 SHS B ) 56, , DURATEX PREF 46, , KLABIN 283, , SUZANO PAPEL A PREF 134, , VCP ADR (R. 1 PREF SHS) 89, , ,051, CANADA BORALEX A 25, , CASCADES 45, , SINO FOREST 105, , TIMBERWEST FOREST STAPLED UNITS 183, , WEST FRASER TIMBER 14, , ,085, CHILE COPEC 63, , EMPRESAS CMPC 30, , MASISA 1,274, , ,489, FINLAND POYRY 12, , STORA ENSO R 61, , UPM-KYMMENE 46, , , GERMANY PFLEIDERER 12, , , JAPAN OJI PAPER 78, , , PORTUGAL PORTUCEL 127, , , SOUTH AFRICA SAPPI 58, , ,

316 Pictet Funds (LUX) - Timber AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SWEDEN HOLMEN B 33, , SVENSKA CELLULOSA B 106, ,039, ,778, SWITZERLAND PRECIOUS WOODS 2, , , UNITED KINGDOM MONDI (GBP) 89, , , UNITED STATES DELTIC TIMBER 26, ,143, GREIF A 12, , INTERNATIONAL PAPER 24, , FORESTAR REAL ESTATE GROUP 35, , KIMBERLY CLARK 11, , MEADWESTVACO 53, , PLUM CREEK TIMBER 53, ,819, POPE RESOURCES 19, , POTLATCH 56, ,670, RAYONIER 50, ,964, WEYERHAEUSER 52, ,820, ,401, TOTAL I. 22,826, II. UNITS OF INVESTMENT FUNDS CANADA ACADIAN TIMBER INCOME FUND 40, , , UNITED KINGDOM PHAUNOS TIMBER FUND 209, , , TOTAL II. 377, TOTAL INVESTMENTS 23,204, CASH AT BANKS 612, OTHER NET LIABILITIES -19, TOTAL NET ASSETS 23,797,

317 Pictet Funds (LUX) - Timber GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Brazil Canada 9.77 Sweden 7.48 Chile 6.26 Finland 3.95 Austria 3.12 United Kingdom 1.53 Japan 1.43 Portugal 1.11 Australia 1.01 South Africa 0.57 Germany 0.29 Switzerland Industrial classification (in % of net assets) Paper and forest products Packaging Holding and financial companies 7.02 Oil 2.75 Real estate 1.86 Construction and building materials 1.78 Construction of machines and appliances 1.63 Units of investment funds 1.59 Environmental and recycling services 0.62 Utilities electricity

318 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRALIA CERAMIC FUEL CELLS (GBP) 39, , GUNNS 19, , , AUSTRIA ANDRITZ 1, , BWT , MAYR-MELNHOF KARTON , OESTER. ELEKTR. WIRT. A , TELEKOM AUSTRIA 2, , , BAHAMAS STEINER LEISURE , , BELGIUM HANSEN TRANSMISSIOMS INTER. (GBP) 2, , TELENET GROUP HOLDING 2, , , BERMUDA MANDARIN ORIENTAL INTERNATIONAL 18, , , BRAZIL ARACRUZ PREF B ADR (R. 10 SHS B ) 3, , CEMIG MINAS GERAIS PREF 3, , CIA SANEAMENTO MG , DURATEX PREF 3, , KLABIN 18, , SABESP 2, , SUZANO PAPEL A PREF 8, , TRACTEBEL ENERGIA , VCP ADR (R. 1 PREF SHS) 5, , , CANADA 5N PLUS 2, , ACADIAN TIMBER INCOME FUND 2, , BIOTEQ ENVIRONMENTAL TECHN. 2, BORALEX A 1, , CANADIAN HYDRO DEVELOPERS 7, , CARDIOME PHARMA (USD) 2, , CASCADES 3, , GENESIS WORLDWIDE CANADA 2, H2O INNOVATION 1, , INNERGEX RENEWABLE ENERGY 1, , PLUTONIC POWER 1, , PURE TECHNOLOGIES 1, , RESEARCH IN MOTION , ROGERS COMMUNICATIONS B ,

319 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SEAIR 1, , SEMCAN 1, SINO FOREST 7, , STANTEC (CAD) 1, , TELUS -NVTG , TIMBERWEST FOREST STAPLED UNITS 12, , WEST FRASER TIMBER , WESTPORT INNOVATIONS 2, , , CAYMAN ISLANDS BAIDU. COM ADR A (R. 1 SHS A ) , BELLE INTERNATIONAL 43, , CHINA HIGH SPEED TRANSMISSION 4, , CONSOLIDATED WATER , HUTCHISON TELECOMMUNICATIONS HK 240, , NETEASE. COM ADR (R. 25 SHS) 1, , XINYU HENGDELI 98, , YINGLI GREEN ADR (R. 1 SHS) , , CHILE COPEC 4, , EMPRESAS CMPC 2, , INVERSIONES AGUAS METROPOL 27, , MASISA 85, , , CHINA PORTS DESIGN 34, , SHANDA INTERACTIVE ADR (R. 2 SHS) , TENCENT HOLDINGS 2, , , DENMARK GENMAB , NOVO NORDISK B 1, , VESTAS WIND SYSTEMS NOM , , FINLAND FORTUM 1, , KEMIRA , POYRY , STORA ENSO R 4, , UPM-KYMMENE 3, , , FRANCE BUREAU VERITAS , DANONE GROUPE (EUR) , DIOR CHRISTIAN 1, , EDF ENERGIES NOUVELLES 1, , ESSILOR INTERNATIONAL 1, , GAZ DE FRANCE , HERMES INTERNATIONAL , ILIAD ,

320 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets INTER PARFUMS 1, , L. V. M. H. 1, , LAURENT PERRIER , L OREAL , PERNOD-RICARD 1, , REMY COINTREAU , SAFT GROUPE , SECHE ENVIRONNEMENT , SECHILIENNE-SIDEC , SPERIAN PROTECTION , SUEZ ENVIRONNEMENT 4, , VEOLIA ENVIRONNEMENT 2, , , GERMANY AIXTRON 2, , B. M. W , CENTROTHERM PHOTOVOLTAICS , DEUTSCHE TELEKOM NOM. 2, , PFLEIDERER , PHOENIX SOLAR , ROTH & RAU , SMA SOLAR TECHNOLOGY , SOLARWORLD , STADA ARZNEIMITTEL NOM. 3, , WACKER CHEMIE , WINCOR NIXDORF , WIRECARD 1, , , GREECE FORTHNET 7, , TERNA ENERGY 1, , , HONG KONG GUANGDONG INVESTMENT 62, , HUTCHISON TELECOMMUNICATIONS 240, , , HUNGARY GEDEON RICHTER , , INDIA DR REDDY S LAB ADR (R. 1 SHS) 4, , SUZLON ENERGY 7, , , ISRAEL POINT SOFTWARE TECHNOLOGIES 1, , NICE SYSTEMS ADR (R. 1 SHS) 1, , TEVA PHARMACEUTICAL ADR 2, , , ITALY ACEA 1, , BULGARI 3, ,

321 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets DAVIDE CAMPARI 7, , HERA 7, , IRIDE 4, , SNAM RETE GAS 4, , , JAPAN ASICS CORP 4, , DAISEKI 1, , KURITA WATER INDUSTRIES 1, , NICHI-IKO PHARMACEUTICAL 2, , NINTENDO , OJI PAPER 5, , ORGANO 1, , RAKUTEN , SAWAI PHARMACEUTICAL 1, , SECOM 1, , SHISEIDO 2, , SOFTBANK 1, , TOTO 1, , TOWA PHARMACEUTICAL 1, , TSUKISHIMA KIKAI , , LUXEMBOURG SES GLOBAL FDR 2, , , MALAYSIA YTL POWER INTERNATIONAL 9, , , NETHERLANDS CASCAL , GEMALTO , KPN KONINKLIJKE 2, , , NORWAY TANDBERG A 1, , , PORTUGAL PORTUCEL 8, , , RUSSIA HYDRO WGC USD 453, , PHARMSTANDARD TYABR -GDR- (USD) 5, , , SINGAPORE BANYAN TREE 32, , HYFLUX 5, , , SLOVENIA KRKA , ,

322 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SOUTH AFRICA ASPEN PHARMACARE 8, , SAPPI 3, , , SOUTH KOREA INTELLIGENT DIGITAL , NHN , S1 CORP , WOONG JIN COWAY , , SPAIN ACCIONA , EDP RENOVAVEIS 11, , FLUIDRA 1, , GAMESA (NEW) 2, , IBERDROLA RENOVABLES 17, , TELEFONICA 1, , , SWEDEN ASSA ABLOY B 1, , HOLMEN B 2, , LOOMIS B 1, , NISCAYAH B SECURITAS B 3, , SVENSKA CELLULOSA B 7, , , SWITZERLAND 3S SWISS SOLAR SYSTEMS (NEW) , ACINO HOLDING , BASILEA PHARMACEUTICA NOM , BKW FMB ENERGIE NOM , CIE FINANCIERE RICHEMONT 2, , GEBERIT , LINDT & SPRUENGLI NOM , LONZA GROUP 1, , NESTLE NOM. (NEW) , PRECIOUS WOODS , S. G. S. NOM , SONOVA HOLDING NOM , THE SWATCH GROUP , TYCO INTERNATIONAL NOM. 2, , , TAIWAN AV TECH 2, , EPISTAR 9, , EVERLIGHT ELECTRONICS 6, , GEO VISION , HIGH TECH COMPUTER 2, , OPTO TECH 9, , ,

323 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED KINGDOM AUTONOMY CORPORATION 1, , BG GROUP 1, , BURBERRY GROUP 3, , CLIMATE EXCHANGE (GBP) , CLIPPER WINDPOWER REG. S 2, , DIAGEO 6, , EXPERIAN 3, , G4S 12, , HIKMA PHARMACEUTICALS 16, , INMARSAT 3, , INTERTEK GROUP , MONDI (GBP) 5, , NORTHUMBRIAN WATER 4, , PENNON GROUP (NEW) 3, , PLANT HEALTH CARE 2, , PV CRYSTALOX SOLAR 6, , SEVERN TRENT (NEW) 2, , SHIRE ADR (R. 3 SHS) 1, , SMITHS GROUP (NEW) 3, , TEG GROUP 1, , TELECITY GROUP 5, , UNITED UTILITIES GROUP 4, , ZENERGY POWER 3, , , UNITED STATES ALEXION PHARMACEUTICALS 1, , ALLERGAN , AMAZON. COM , AMERICAN SCIENCE & ENGINEERING , AMERICAN STATES WATER , AMERICAN SUPERCONDUCTOR , AMERICAN WATER WORKS 1, , AMGEN 2, , AMYLIN PHARMACEUTICALS 1, , APPLE , AQUA AMERICA 3, , ARCSIGHT , ARIBA 1, , AUXILIUM PHARMACEUTICALS 1, , BANKRATE , BHS HOLDING W.I , BIOGEN IDEC 1, , BIOMARIN PHARMACEUTICAL 2, , BLACKBOARD 1, , BRINKS 1, , BROWN FORMAN B N-VTG , BUCKEYE PARTNERS , CADIZ , CALGON CARBON , CALIFORNIA WATER SERVICE , CAPELLA EDUCATION ,

324 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CATALYTIC SOLUTIONS 3, CELGENE 2, , CHESAPEAKE ENERGY , CINTAS , CLARCOR , CLEAN ENERGY FUELS 1, , CLEAN HARBORS , COACH 2, , COMCAST A 1, , COMMVAULT SYSTEMS 1, , COMVERGE 1, , CONCUR TECHNOLOGIES , COVANTA HOLDING 4, , CREE , CYBERSOURCE 1, , DANAHER 1, , DELTIC TIMBER 1, , DIONEX , DIRECTV GROUP 2, , DONALDSON , ECOLAB 1, , EL PASO 1, , EMBARQ , EMC 3, , ENDO PHARMACEUTICALS 2, , ENERGY CONVERSION DEVICES , ENERGY RECOVERY ENERNOC 1, , EQUIFAX 1, , EQUINIX , ESTEE LAUDER A , FIDELITY NATIONAL , FIRST SOLAR , FISERV , FLEXIBLE SOLUTIONS FORESTAR REAL ESTATE GROUP 2, , FPL GROUP 1, , FTI CONSULTING NOM , GEN PROBE , GENZYME (GENERAL DIVISION) 1, , GILEAD SCIENCES 1, , GLOBAL PAYMENTS , GOOGLE A , GREIF A , GSI COMMERCE 1, , HENDRX HOSPIRA 1, , HURON CONSULTING , IAC / INTERACTIVECORP 1, , IDEX , ILLUMINA , INERGY PARTNERSHIP ,

325 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets INSITUFORM TECHNOLOGIES A , INTERMUNE 2, , INTERNATIONAL PAPER 1, , IRON MOUNTAIN , ISIS PHARMACEUTICALS (USD) 1, , ITRON , ITT 1, , JUNIPER NETWORKS 1, , KIMBERLY CLARK , KINDER MORGAN ENERGY PARTNERS , LEAP WIRELESS INTERNATIONAL , LIFE TECHNOLOGIES 2, , LINDSAY , LUMINEX 1, , MAGELLAN MIDSTREAM PARTNERS , MARRIOTT INTERNATIONAL A , MC AFEE 1, , MEADWESTVACO 3, , MEDICINES 1, , MEMC ELECTRONIC MATERIALS 1, , MERCADOLIBRE 1, , MERIDIAN BIOSCIENCE , METROPCS COMMUNICATIONS 1, , MILLIPORE , MOMENTA PHARMACEUTICALS 2, , MYLAN 5, , MYRIAD GENETICS 1, , NALCO HOLDING , NETAPP INC 1, , NETFLIX , NIKE B 1, , NORTHWEST NATURAL GAS , NUSTAR ENERGY , OCEAN POWER TECHNOLOGIES , OMNITURE , ONYX PHARMACEUTICALS 1, , ORION ENERGY SYSTEMS 1, , ORMAT TECHNOLOGIES 1, , OSI PHARMACEUTICALS 1, , PALL 1, , PENNICHUCK , PENTAIR 1, , PERRIGO 2, , PG & E , PHILLIPS-VAN HEUSEN 1, , PIEDMONT NATURAL GAS CO , PLAINS ALL AMERICA PIPELINE , PLUM CREEK TIMBER 3, , POLO RALPH LAUREN A , POLYCOM 1, , POLYPORE 1, , POPE RESOURCES 1, ,

326 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets POTLATCH 3, , PRICELINE. COM INC , PROGENICS PHARM 1, , QWEST COMMUNICATIONS INT. 6, , RAYONIER 3, , REPUBLIC SERVICES 2, , ROPER INDUSTRIES 1, , SALESFORCE. COM , SAVIENT PHARMACEUTICALS 2, , SEQUENOM 3, , SOHU. COM , SOUTHWESTERN ENERGY , STANLEY WORKS , STERICYCLE , SUNPOWER B , SYMANTEC 2, , TEPPCO PARTNERS , TETRA TECH , THERMO FISHER SCIENTIFIC INC , TIFFANY 1, , TORO , UNDER ARMOUR A , UNITED THERAPEUTICS , VALMONT INDUSTRIES , VARIAN MEDICAL , VERISIGN , VERTEX PHARMACEUTICALS 1, , VMWARE 1, , WARNACO GROUP A , WASTE CONNECTIONS , WASTE MANAGEMENT 1, , WATTS WATER TECHNOLOGIES , WEYERHAEUSER 3, , WILLIAMS COMPANIES 2, , XENOPORT 1, , YAHOO 2, , YORK WATER , ,140, TOTAL SHARES 10,666, RIGHTS FRANCE PERNOD-RICARD RTS , , ITALY SNAM RETE GAS RTS , , , TOTAL RIGHTS 6,

327 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets WARRANTS NETHERLANDS ANTILLES BIOCON (ML) LEPO WTS , , CIPLA (ML) LEPO WTS , , RANBAXY LAB. (ML) LEPO WTS , , SUN PHARMA (ML) LEPO WTS , , , UNITED STATES FLEXIBLE SOLUTIONS WTS TOTAL WARRANTS 167, TOTAL I. 10,840, II. OTHER TRANSFERABLE SECURITIES SHARES FRANCE ARKOON NETWORK SECURITY 2, , , PORTUGAL KIWI II VENT. PREF A UNITED STATES IBIQUITY DIGITAL PREF A REST INTARCIA THERAPEUTICS PREF AA INTARCIA THERAPEUTICS PREF BB INTARCIA THERAPEUTICS PREF BB METABOLEX PREF A METABOLEX PREF B1 1, , METABOLEX PREF D PTC THERAPEUTICS PREF C PTC THERAPEUTICS PREF CV E PTC THERAPEUTICS PREF D UNDERGROUND SOLUTIONS 26, , WORLDCOM-MCI GROUP , TOTAL SHARES 13, BONDS CANADA 10% HIGHPOINT TEL. II CV 00/04 USD 7, TOTAL BONDS WARRANTS CANADA SEMCAN WTS

328 Pictet Funds (LUX) - Global Megatrend Selection AS AT APRIL 30, 2009 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED STATES FLEXIBLE SOLUTIONS WTS METABOLEX D1 (C-0. 38) WTS PERFECTENERGY WTS , TOTAL WARRANTS TOTAL II. 13, III. UNITS OF INVESTMENT FUNDS CANADA CATCH THE WIND 7, , , CAYMAN ISLANDS PICTET WATER OPPORT. EUR MAIN , , UNITED KINGDOM PHAUNOS TIMBER FUND 13, , , TOTAL III. 17, TOTAL INVESTMENTS 10,871, CASH AT BANKS 716, OTHER NET LIABILITIES -20, TOTAL NET ASSETS 11,568,

329 Pictet Funds (LUX) - Global Megatrend Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States France 6.73 United Kingdom 5.44 Switzerland 4.18 Japan 3.89 Germany 2.69 Canada 2.68 Brazil 2.62 Spain 2.33 Sweden 1.51 Cayman Islands 1.49 Israel 1.49 Netherlands Antilles 1.45 Denmark 1.16 Italy 1.14 Chile 1.09 Austria 1.09 Finland 0.81 China 0.77 Taiwan 0.66 Hong Kong 0.61 Russia 0.58 Slovenia 0.57 India 0.54 Netherlands 0.49 Hungary 0.47 Luxembourg 0.47 South Korea 0.46 South Africa 0.45 Belgium 0.40 Bahamas 0.20 Greece 0.19 Norway 0.18 Bermuda 0.16 Australia 0.16 Portugal 0.15 Singapore 0.13 Malaysia Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Utilities 9.76 Paper and forest products 9.54 Biotechnology 6.99 Internet, software and IT services 6.69 Electronics and electrical equipment 5.99 Textiles and clothing 4.96 Communications 4.31 Miscellaneous services 3.69 Construction of machines and appliances 3.46 Computer and office equipment 2.80 Environmental and recycling services 2.76 Holding and financial companies 1.59 Packaging 1.56 Environmental conservation and waste management 1.49 Chemicals 1.49 Warrants 1.45 Tobacco and alcohol 1.18 Miscellaneous consumer goods 1.04 Construction and building materials 0.97 Oil 0.96 Food and soft drinks 0.91 Gastronomy 0.58 Watch-making 0.56 Photography and optics 0.49 Aeronautics and astronautics 0.46 Retail and supermarkets 0.35 Miscellaneous trade 0.27 Real estate 0.26 Conglomerates 0.24 Banks and credit institutions 0.23 Road vehicles 0.18 Publishing and graphic arts 0.15 Units of investment funds 0.15 Miscellaneous 0.12 Mining and steelworks 0.10 Rights 0.05 Agriculture and fishing 0.02 Agriculture, industry, energy and construction 0.02 Corporate bonds

330 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES ARGENTINA BANCO MACRO B -ADR AUSTRALIA CERAMIC FUEL CELLS (GBP) 7, AUSTRIA OESTER. ELEKTR. WIRT. A , , BELGIUM GROUPE DELHAIZE , HANSEN TRANSMISSIOMS INTER. (GBP) , , BERMUDA COVIDIEN 2, , CREDICORP , , BRAZIL BANCO DO BRASIL 3, , CEMIG MINAS GERAIS PREF 1, , ITAU UNIBANCO PFD ADR (R.1 PFD SH) 6, , LOJAS RENNER 3, , PETROBRAS ADR (1 PREF) 7, , SABESP 2, , TELE NORTE LEST ADR (R. 1 PREF SHS) 1, , USIMINAS PREF A 2, , VALE DO RIO DOCE PREF A 7, , , CANADA 5N PLUS , CANADIAN HYDRO DEVELOPERS , CARDIOME PHARMA (USD) , GENESIS WORLDWIDE CANADA INNERGEX RENEWABLE ENERGY PLUTONIC POWER RESEARCH IN MOTION 1, , SHAWCOR A 4, , WESTPORT INNOVATIONS WESTPORT INNOVATIONS , , CAYMAN ISLANDS AGILE PROPERTY HOLDINGS 41, , BOSIDENG INTERNATIONAL HOLDINGS CHINA HIGH SPEED TRANSMISSION , REAL GOLD MINING 40, , YINGLI GREEN ADR (R. 1 SHS) , ,

331 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CHINA BANK OF CHINA 147, , CHINA CITIC BANK H 83, , CHINA COAL ENERGY H 46, , CHINA LIFE INSURANCE H 20, , CHINA MOBILE HK 7, , CHINA NATIONAL BUILDING MAT. H 19, , CHINA PET. & CHEM. H ADR (R 100) , CHINA PETROLEUM & CHEMICAL H 73, , CHINA RAILWAY CONSTRUCTION H 15, , CHINA UNICOM (HK) 26, , DATANG INTERNATIONAL POWER GEN H 36, , FUJIAN ZIJIN MINING 44, , IND. & COMM. BANK OF CHINA H 131, , PETROCHINA ADR (R. 100 SHS) , SHANDA INTERACTIVE ADR (R. 2 SHS) , SHANGHAI INDUSTRIAL HOLDINGS 19, , SHIMAO PROPERTY HOLDING LTD 27, , TENCENT HOLDINGS 4, , , DENMARK CARLSBERG B , GENMAB , NOVO NORDISK B , VESTAS WIND SYSTEMS NOM , , FINLAND FORTUM , KONE B , NOKIA 1, , , FRANCE DANONE GROUPE (EUR) , EDF ENERGIES NOUVELLES , ELECTRICITE DE FRANCE , EUTELSAT COMMUNICATIONS , GAZ DE FRANCE , SAFT GROUPE , SCHNEIDER EL. (EX-SPIE BATIGNOLES) , SECHILIENNE-SIDEC , SOCIETE GENERALE , TOTAL 1, , VINCI , , GERMANY AIXTRON , ALLIANZ NOM , CENTROTHERM PHOTOVOLTAICS , DEUTSCHE POST NOM. 1, , DEUTSCHE TELEKOM NOM. 2, , E. ON NOM ,

332 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FRESENIUS MEDICAL CARE , MUENCHENER RUECKVER. NOM , PHOENIX SOLAR , ROTH & RAU , SMA SOLAR TECHNOLOGY , SOLARWORLD WACKER CHEMIE , , GREECE NATIONAL BANK OF GREECE REG. 1, , OPAP , TERNA ENERGY , , HUNGARY OTP BANK 2, , , INDIA BHARTI AIRTEL 2, , DR REDDY S LAB ADR (R. 1 SHS) 2, , ICICI BANK ADR (R. 2 SHS) 1, , INFOSYS TECHNOLOG ADR (R. 1 SHS) 1, , RELIANCE INDUSTRIES DEMAT , STATE BANK OF INDIA GDR (R. 1 SHS) , SUZLON ENERGY 1, , TATA STEEL DEMAT. 5, , , INDONESIA P. T. TELEKOMUNIKASI INDONESIA B 40, , PT BANK MANDIRI (PERSERO) 124, , , ISRAEL TEVA PHARMACEUTICAL INDUSTRIES 1, , , ITALY ASTALDI 3, , ATLANTIA , DANIELI & C. OFF. MECC. RNC 2, , ENI 1, , FONDIARIA SAI SPA 1, , INTESA SANPAOLO 3, , SNAM RETE GAS , UNICREDITO ITALIANO 6, , , JAPAN ASAHI BREWERIES , ASAHI GLASS 1, , ASTELLAS PHARMA , BANK OF YOKOHAMA 1, , BENESSE , BRIDGESTONE , CANON ,

333 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CAPCOM , CENTRAL JAPAN RAILWAY , DAICEL CHEMICAL INDUSTRIES 1, , DAIFUKU , DAIICHI SANKYO , DAISEKI , DAIWA SECURITIES GROUP 1, , DENSO , DOUTOR NICHIRES , EAST JAPAN RAILWAY , ELECTRIC POWER DEVELOPMENT , FAMILYMART , FANUC , HONDA MOTOR , INPEX , JAPAN REAL ESTATE INVESTMENT REIT , JAPAN TOBACCO , KAO , KDDI , MATSUMOTO , MATSUSHITA ELECTRIC INDUSTRIAL , MITSUBISHI , MITSUBISHI ELECTRIC 1, , MITSUBISHI ESTATE , MITSUBISHI UFJ FINANCIAL GROUP 3, , MITSUBISHI UFJ LEASE & FINANCE , MITSUI & CO 1, , MITSUI O. S. K. LINES , N. T. T , NINTENDO , NIPPON ELECTRIC GLASS , NISSAN CHEMICAL INDUSTRIES , NISSIN KOGYO , NTT DATA , NTT DOCOMO , RICOH , ROHM , SHIN-ETSU CHEMICAL , SONY FINANCIAL , SUMITOMO CHEMICAL 1, , SUMITOMO ELECTRIC INDUSTRIES , SUMITOMO MITSUI FINANCIAL GROUP , T&D HOLDINGS , TAKEDA PHARMACEUTICAL , TDK , TOKIO MARINE HOLDINGS , TOKYO ELECTRON , TOKYO GAS CO 3, , TOPPAN FORMS , TOYOTA MOTOR ,

334 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets XEBIO , YAMADA DENKI , , LUXEMBOURG ARCELOR MITTAL (NEW) 1, , MILLICOM INTERNATIONAL CELLULAR , , MALAYSIA BUMIPUTRA-COMMERCE HOLDINGS BHD 12, , , MEXICO AMERICA MOVIL ADR (R. 20 SHS L ) 2, , GFNORTE O 27, , GRUPO MODELO C 10, , , NETHERLANDS ANTILLES SCHLUMBERGER 2, , , NORWAY DNB NOR 3, , TELENOR 2, , , PANAMA CARNIVAL TWIN 1, , , PERU MINAS BUENAVENTURA ADR (R. 1 SHS) 1, , , RUSSIA AFK SISTEMA GDR (R. 1 SHS) 2, , GAZPROM ADR (R. 10 SHS) 1, , GAZPROM ADR (R. 10 SHS) 4, , HYDRO WGC USD 89, , LUKOIL (USD) 1, , MOBILE TELESYS ADR (R. 5 SHS) 1, , OAO ROSNEFT OIL COMPANY GDR 6, , UES (UTD ENERG. SYS. ) GDR (R. 100 SHS) , SOUTH AFRICA ABSA GROUP (NEW) 3, , ANGLOGOLD ASHANTI ADR (R. 1 SHS) 2, , ARCELORMITTAL 2, , FIRSTRAND (NEW) 10, , MTN GROUP 1, , SASOL 1, , , SOUTH KOREA DAELIM INDUSTRIAL DOOSAN INFRACORE 2, , HYUNDAI DEPARTMENT STORE ,

335 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets HYUNDAI HEAVY INDUSTRIES , HYUNDAI MOTOR , KB FINANCIAL 2, , KOREA ELEC. POWER (KEPCO) 2, , LG CORP , LG ELECTRONICS (NEW) , NHN , POSCO , SAMSUNG ELECTRONICS , SAMSUNG FIRE & MAR. INSUR , SHINHAN FINANCIAL GROUP SHINSEGAE , , SPAIN ACCIONA , BANCO SANTANDER 4, , EDP RENOVAVEIS 2, , GAMESA (NEW) , IBERDROLA RENOVABLES 3, , SOL MELIA 1, , TELEFONICA 2, , , SWEDEN MODERN TIMES GROUP B , , SWITZERLAND 3S SWISS SOLAR SYSTEMS (NEW) , ABB LTD NOM. 54, , ACTELION NOM. 3, , ADECCO NOM. 3, , BALOISE-HOLDING AG 1, , BASILEA PHARMACEUTICA NOM , BKW FMB ENERGIE NOM , CS GROUP NOM , CS GROUP NOM. 15, , HOLCIM NOM. 6, , JULIUS BAER HOLDING 8, , KUONI REISEN HOLDING NOM. B , LOGITECH INTERNATIONAL (NEW) 9, , NESTLE NOM. (NEW) 61, ,318, NOVARTIS AG NOM. 40, ,737, PETROPLUS HOLDINGS 2, , ROCHE HOLDING ADR (R. 1/4 SHS) , ROCHE HOLDING BON JCE 14, ,033, S. G. S. NOM , SCHINDLER HOLDING NOM. 2, , SONOVA HOLDING NOM. 1, , STRAUMANN HOLDING NOM. (NEW) , SUISSE REASSURANCE NOM. 4, , SYNGENTA NOM. 2, , THE SWATCH GROUP 2, , UBS AG 38, ,

336 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets WEATHERFORD INTERNATIONAL (USD) 3, , ZURICH FINANCIAL SER. NOM. (CHF) 4, , ,178, TAIWAN AU OPTRONICS 57, , CHINATRUST FINANCIAL HOLDINGS 128, , CHUNGHWA TELECOM 23, , EPISTAR 1, , EVERLIGHT ELECTRONICS 1, , FUBON FINANCIAL 58, , HIGH TECH COMPUTER 3, , NAN YA PLASTICS 37, , OPTO TECH 1, , POWERCHIP SEMICONDUCTOR SILICONWARE PRECISION INDUSTRIES 27, , TAIWAN CEMENT 45, , TAIWAN SEMICONDUCTOR 35, , YUANTA FINANCIAL 45, , , THAILAND BANGKOK BANK PUBLIC NVDR 15, , SIAM COMMERCIAL BANK PUB. FGN NOM. 12, , , TURKEY TURKCELL ILETISIM 3, , TURKIYE GARANTI BANKASI NOM. 17, , , UNITED KINGDOM AUTONOMY CORPORATION , BBA AVIATION (NEW) 6, , BG GROUP 1, , BRITISH AMERICAN TOBACCO , CARNIVAL , CLIMATE EXCHANGE (GBP) , CLIPPER WINDPOWER REG. S COMPASS GROUP 5, , DE LA RUE , IMPERIAL TOBACCO , INTERNATIONAL POWER 8, , NATIONAL GRID (NEW) 3, , PV CRYSTALOX SOLAR 1, , RIO TINTO NOM , ROYAL DUTCH SHELL A 1, , TULLOW OIL 1, , VODAFONE GROUP AG (NEW) 27, , WHITBREAD 1, , ZENERGY POWER , , UNITED STATES ABBOTT LABORATORIES 4, , ACTIVISION BLIZZARD 7, ,

337 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets AFFILIATED COMPUTER A 1, , ALEXION PHARMACEUTICALS , AMERICAN SUPERCONDUCTOR , AMGEN , AMPHENOL A 1, , AMYLIN PHARMACEUTICALS , AON 1, , APPLE 2, , AUXILIUM PHARMACEUTICALS , BANK OF NEW YORK MELLON 3, , BAXTER INTERNATIONAL 2, , BIOGEN IDEC 1, , BIOMARIN PHARMACEUTICAL , BLACKROCK , BRISTOL MYERS SQUIBB CO 2, , CELGENE , CHARLES SCHWAB 4, , CHESAPEAKE ENERGY , CISCO SYSTEMS (USD) 11, , CLEAN ENERGY FUELS , CLOROX 1, , CME GROUP A , COCA-COLA 2, , COGNIZANT TECH SOL A 2, , COLGATE PALMOLIVE 3, , COMVERGE , COSTCO WHOLESALE 1, , COVANTA HOLDING 2, , CREE , DARDEN RESTAURANTS , DEERE 1, , DENTSPLY INTL , DIGITAL RIVER 1, , DR PEPPER 2, , ECOLAB 2, , EL PASO , EMERSON ELECTRIC 3, , ENERGY CONVERSION DEVICES , ENERNOC , EOG RESOURCES 1, , EQUIFAX 3, , EXXON MOBIL 1, , FIRST SOLAR , FISERV , FPL GROUP , FRONTIER COMMUNICATIONS B 5, , GEN PROBE , GENERAL DYNAMICS , GENZYME (GENERAL DIVISION) 1, , GILEAD SCIENCES 5, , GOOGLE A , HANOVER INSURANCE 2, ,

338 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets HEWLETT PACKARD 8, , HOME DEPOT 4, , HOSPIRA , ILLUMINA , INTERMUNE , ISIS PHARMACEUTICALS (USD) , ITRON , JP MORGAN CHASE 7, , KOHL S 4, , LIFE TECHNOLOGIES 2, , LOCKHEED MARTIN 2, , LOWE S COMPANIES 5, , LUMINEX , MASTERCARD A , MCDONALD S 3, , MCKESSON , MDC HOLDINGS 1, , MDU RESOURCES GROUP 3, , MEDICINES , MEMC ELECTRONIC MATERIALS , METLIFE 1, , MICROCHIP TECHNOLOGY 7, , MKS INSTRUMENTS 3, , MONSANTO (NEW) 3, , MORGAN STANLEY 1, , MYRIAD GENETICS , NATIONAL OILWELL VARCO 1, , NIKE B , NORTHWEST NATURAL GAS , NUCOR , NVIDIA 4, , O REILLY AUTOMOTIVE 1, , OCCIDENTAL PETROLEUM 1, , OCEAN POWER TECHNOLOGIES , ONYX PHARMACEUTICALS , ORION ENERGY SYSTEMS , ORMAT TECHNOLOGIES , OSI PHARMACEUTICALS , PEPSICO 1, , PG & E , PIEDMONT NATURAL GAS CO , POLYPORE , PRAXAIR 1, , PROCTER & GAMBLE (USD) 1, , PROGENICS PHARM , QUALCOMM 5, , QUANTA SERVICES 3, , QUESTAR 2, , RAYTHEON 2, , REGAL-BELOIT 1, , REPUBLIC SERVICES 2, , SAVIENT PHARMACEUTICALS ,

339 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SBA COMMUNICATIONS 1, , SEQUENOM , SMITH INTERNATIONAL 2, , SOHU. COM , SOUTHWESTERN ENERGY , STAPLES 2, , STRYKER , SUNPOWER B , T ROWE PRICE GROUP 1, , TARGET , TEXAS INSTRUMENTS 2, , THERMO FISHER SCIENTIFIC INC 1, , UNION PACIFIC , UNITED TECHNOLOGIES , UNITED THERAPEUTICS , VALSPAR 2, , VCA ANTECH 2, , VERTEX PHARMACEUTICALS , VF CORP , VISA A 1, , WALGREEN 3, , WAL-MART STORES 5, , WELLS FARGO 3, , WESCO INTL. 1, , WILLIAMS COMPANIES , XENOPORT , YUM BRANDS 2, , ,615, TOTAL SHARES 28,677, BONDS AUSTRALIA 1.75% ANZ BANKING GROUP 05/10 CHF 30, , % COMMONWEAL. BK AUST. 06/11 CHF 99, , % COMMONWEAL. BK AUST. 09/13 CHF 30, , % NAT. AUSTRALIA BANK 06/12 CHF 83, , % TELSTRA 05/13 CHF 30, , % AUSTRALIAN N. Z. BANK 07/12 CHF 2, , % ANZ BANKING GROUP 07/13 CHF 123, , % WESTPAC BANKING 08/12 CHF 101, , % NAT. AUSTRALIA BANK 08/15 CHF 111, , % AUSTRALIA 07/21 AUD 6, , % AUSTRALIA 00/13 AUD 6, , , AUSTRIA 1.75% KOMMUNALKR AUSTRIA 05/12 CHF 46, , % KOMMUNALKR AUSTRIA 04/10 CHF 60, , % BIG M. B. H. 05/18 CHF 92, , % HYPO ALPE - ADRIA - BK 05/11 CHF 154, , % O. K. B. 05/18 CHF 61, , % PFBST. OEST. L - HYPO. 05/16 CHF 55, ,

340 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 2.25% HYPO ALPE - ADRIA - BK 05/12 CHF 61, , % HYPO ALPE - ADRIA - BK 06/13 CHF 109, , % NIEDEROESTERR. LBK 05/17 CHF 15, , % PFBST. OEST. L - HYPO. 04/12 CHF 37, , % PFBST. OEST. L - HYPO. 05/13 CHF 161, , % VORARLB LHYBK 04/10 CHF 92, , % HYPO TIROL BANK 05/17 CHF 185, , % KOMMUNALKR AUSTRIA 05/17 CHF 92, , % KOMMUNALKR AUSTRIA 05/20 CHF 61, , % VORARLBERGER LHYBK 06/17 CHF 6, , % BIG M. B. H. 05/15 CHF 61, , % ERSTE BANK 06/13 CHF 77, , % O. K. B. 04/12 CHF 144, , % OBEROEST LANDESBK 06/17 CHF 92, , % PFBST. OEST. L - HYPO. 05/15 CHF 37, , % RAIFFEISEN ZENTRAL. 09/11 EUR 77, , % VORALBERGER LHYBK 05/16 CHF 154, , % HYPO INVESTMENT BK 06/17 CHF 61, , % O. K. B. 06/24 CHF 27, , % ERSTE BANK 07/15 CHF 6, , % O. K. B. 05/20 CHF 185, , % O. K. B. 07/11 CHF 305, , % VORALBERGER LHYBK. 06/14 CHF 30, , % O. K. B. 05/30 CHF 123, , % PFBST. OEST. L - HYPO. 03/17 CHF 148, , % KOMMUNALKR AUSTRIA 04/14 CHF 61, , % O. K. B. 03/15 CHF 15, , % O. K. B. 07/13 CHF 61, , % O. K. B. 08/16 CHF 185, , % O. K. B. 06/36 CHF 49, , % OEST. POSTSPARKASSE 99/11 CHF 3, , % BIG M. B. H. 07/19 CHF 131, , % AUSTRIA 02/12 CHF 159, , % AUSTRIA 04/15 EUR 12, , % AUSTRIA 05/21 EUR 18, , % AUSTRIA 04/20 EUR 20, , % AUSTRIA 05/16 EUR 25, , % VORARLB. LAND. & HYPBK. 01/13 CHF 63, , % AUSTRIA 06/37 EUR 13, , % AUSTRIA 07/17 EUR 13, , % AUSTRIA 03/14 EUR 19, , % AUSTRIA 07/19 EUR 8, , % BANK AUSTRIA 00/10 CHF 6, , % OEST. POSTSPARKASSE 00/15 CHF 44, , % AUSTRIA 03/18 EUR 27, , % AUSTRIA 02/12 EUR 30, , % AUSTRIA 01/11 EUR 33, , % AUSTRIA 97/27 EUR 13, , ,853, BELGIUM 3.25% BELGELEC FINANCE 07/14 CHF 30, , % BELGIUM OLO 47 06/16 EUR 33, ,

341 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 3.5% BELGIUM OLO 53 08/11 EUR 37, , % BELGIUM OLO S /15 EUR 5, , % BELGIUM OLO S /15 EUR 23, , % BELGIUM OLO 48 06/22 EUR 24, , % BELGIUM OLO 49 07/17 EUR 12, , % BELGIUM OLO 50 07/13 EUR 58, , % BELGIUM OLO 52 08/18 EUR 23, , % BELGIUM OLO 54 08/14 EUR 3, , % BELGIUM OLO 41 03/13 EUR 12, , % BELGIUM OLO 43 04/14 EUR 25, , % BELGIUM OLO 36 01/11 EUR 70, , % BELGIUM OLO 44 04/35 EUR 32, , % BELGIUM OLO 40 02/17 EUR 36, , % BELGIUM OLO 31 98/28 EUR 29, , % BELGIUM OLO 35 00/10 EUR 58, , % BELGIUM OLO 23 95/15 EUR 19, , , BERMUDA 3.5% NOVARTIS SEC. INVEST. 08/12 CHF 111, , , CANADA 1.625% ROYAL BANK OF CANADA 05/10 CHF 40, , % BANK NOVA SCOTIA 05/10 CHF 30, , % ONTARIO (PROV.) 05/15 CHF 58, , % SASKATCHEWAN (PROV. ) 05/16 CHF 13, , % EXPORT DEV. CAN. 08/11 CHF 55, , % MANITOBA (PROV.) 09/14 CHF 30, , % QUEBEC (PROV.) 05/15 CHF 123, , % QUEBEC (PROV) 06/17 CHF 117, , % ROYAL BK OF CANADA 07/13 CHF 27, , % BANK NOVA SCOTIA 07/11 CHF 92, , % BRITISH COLUMBIA 09/17 CHF 61, , % PROV.NEW BRUNSWICK 09/16 CHF 61, , % ROYAL BK OF CANADA 07/14 CHF 120, , % COCA-COLA 09/13 CHF 37, , % QUEBEC (PROV.) 09/15 CHF 68, , % ONTARIO (PROV.) 08/16 CHF 30, , % ONTARIO (PROV.) 09/19 CHF 37, , % CANADA 08/13 CAD 10, , % ONTARIO (PROV.) 08/18 CHF 92, , % CANADA 05/16 CAD 2, , % CANADA 06/17 CAD 6, , % CANADA 07/18 CAD 2, , % VW CREDIT CANADA 09/13 CHF 6, , % CANADA 03/14 CAD 10, , % CANADA S. XW 98 04/37 CAD 5, , % CANADA 99/10 CAD 3, , % CANADA 01/33 CAD 7, , % CANADA 98/29 CAD 5, , % CANADA 00/11 CAD 6, , % CANADA 96/27 CAD 8, , ,185,

342 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CAYMAN ISLANDS 2.125% NEW YORK LIFE FUND. 05/10 CHF 61, , % PRINC. FIN. GBL FDG 04/10 CHF 43, , % LGT FINANCE 06/14 CHF 104, , % NEW YORK LIFE FUND. 06/16 CHF 87, , , DENMARK 1.875% DANSKE BANK 05/11 CHF 185, , % KOMMUNEKREDIT 03/13 CHF 176, , % DENMARK 09/14 EUR 73, , % DENMARK 09/14 EUR 33, , % KOMMUNEKREDIT 08/18 CHF 105, , % DENMARK 05/17 DKK 58, , % DENMARK 07/39 DKK 31, , % DENMARK 01/13 DKK 34, , % DENMARK 98/09 DKK 24, , % DENMARK 93/24 DKK 2, , FINLAND 1.875% MUNICIPALITY FIN. 09/13 CHF 61, , % MUNICIPALITY FIN. 06/13 CHF 105, , % MUNICIPALITY FIN. 04/14 CHF 30, , % FINLAND 04/15 EUR 23, , % FINLAND 07/12 EUR 41, , % FINLAND 08/19 EUR 26, , , FRANCE 1.25% RESEAU FERRE FRANCE 09/12 CHF 61, , % CADES 09/12 CHF 18, , % RESEAU FERRE FRANCE 05/11 CHF 36, , % DEXIA MUNICIPAL AG. 05/11 CHF 136, , % S. N. C. F. 05/12 CHF 61, , % C. F. F. 05/12 CHF 30, , % ILE DE FRANCE 05/14 CHF 92, , % BNP PARIBAS 06/11 CHF 62, , % CIF EUROMORTGAGE 05/15 CHF 61, , % TOTAL CAPITAL 05/12 CHF 136, , % C. F. F. 05/18 CHF 232, , % DEXIA MUNICIPAL AG. 05/15 CHF 46, , % ILE DE FRANCE 05/16 CHF 61, , % TOTAL CAPITAL 03/10 CHF 86, , % TOTAL CAPITAL 04/12 CHF 244, , % C. F. F. 09/13 CHF 154, , % CARREFOUR 09/12 CHF 92, , % S. N. C. F. 06/21 CHF 49, , % TOTAL CAPITAL 06/14 CHF 123, , % TOTAL CAPITAL 08/14 CHF 61, , % FRANCE TELECOM 06/12 CHF 87, , % SANOFI-AVENTIS 07/10 CHF 106, , % B. F. C. M 06/13 CHF 49, , % CIF EUROMORTGAGE 03/14 CHF 102, ,

343 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 3% O.A.T 05/15 EUR 43, , % RATP 07/14 CHF 222, , % REG. ILE DE FRANCE 08/14 CHF 61, , % C. F. F. 03/14 CHF 123, , % TOTAL CAPITAL 06/18 CHF 34, , % TOTAL CAPITAL 07/15 CHF 61, , % C. F. F. 08/12 CHF 113, , % LA POSTE 07/14 CHF 73, , % O.A.T 05/16 EUR 46, , % RESEAU FERRE FRANCE 06/32 CHF 30, , % RESEAU FERRE FRANCE 99/11 CHF 3,874, ,044, % VILLE DE PARIS 08/18 CHF 111, , % A.P. HOPITAUX PARIS 08/14 CHF 12, , % E. D. F. 08/13 CHF 168, , % FRANCE TELECOM 09/13 CHF 61, , % S. F. E. F. 09/14 USD 62, , % SANOFI-AVENTIS 07/15 CHF 37, , % GDF SUEZ 08/12 CHF 93, , % O.A.T 04/15 EUR 52, , % B.T.A.N 05/11 EUR 23, , % L. V. M. H. 08/11 CHF 105, , % TOTAL 08/12 CHF 46, , % AUCHAN 08/15 CHF 56, , % B.T.A.N. 07/12 EUR 25, , % B.T.A.N. 08/13 EUR 70, , % O.A.T 05/21 EUR 48, , % O.A.T 06/17 EUR 47, , % B.T.A.N. 02/13 EUR 57, , % DEXIA MUNICIPAL AG. 00/10 CHF 154, , % E. D. F. 09/17 CHF 92, , % O.A.T 05/38 EUR 48, , % O.A.T 02/13 EUR 64, , % O.A.T 03/14 EUR 31, , % O.A.T 03/14 EUR 3, , % O.A.T 04/55 EUR 35, , % O.A.T 08/18 EUR 56, , % DANONE FINANCE 08/16 CHF 49, , % B.T.A.N. 07/18 EUR 45, , % O.A.T 03/19 EUR 49, , % O.A.T 06/17 EUR 48, , % O.A.T 06/23 EUR 9, , % B.T.A.N. 06/12 EUR 25, , % B.T.A.N. 08/13 EUR 35, , % O.A.T 01/12 EUR 48, , % O.A.T 03/35 EUR 37, , % O.A.T 00/11 EUR 20, , % O.A.T 00/16 EUR 43, , % O.A.T 01/12 EUR 13, , % O.A.T 97/29 EUR 35, , % O.A.T 99/10 EUR 77, , % O.A.T 99/10 EUR 107, , % O.A.T 00/32 EUR 53, ,

344 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 6% O.A.T 94/25 EUR 27, , % O.A.T 96/11 EUR 12, , % O.A.T 87/12 EUR 21, , % O.A.T 89/19 EUR 57, , % O.A.T 92/23 EUR 41, , ,477, GERMANY 1.875% LANDW. RENTENBANK 09/14 CHF 111, , % LBK HESSEN-THUERING 05/11 CHF 248, , % DEPFA 05/12 CHF 61, , % DEUTSCHE BANK 06/09 CHF 185, , % L. B. W. 04/09 CHF 61, , % LANDW. RENTENBANK 05/15 CHF 60, , % GERMANY 05/10 EUR 111, , % BAYERISCHE LDBK 04/11 CHF 170, , % DEPFA 05/17 CHF 37, , % DEUTSCHE HYPOTHE.BK 06/18 CHF 61, , % K. F. W. 05/25 CHF 123, , % K. F. W. 08/11 CHF 15, , % K. F. W. 09/18 CHF 123, , % LANDESBANK RHEIN. 07/12 CHF 247, , % K. F. W. 08/14 CHF 61, , % K. F. W. 08/14 CHF 129, , % BAYERISCHE LDBK 04/15 CHF 136, , % DEPFA 03/15 CHF 120, , % L. B. W. FOERDERBANK 03/13 CHF 61, , % LAND BRANDENBURG 08/14 CHF 58, , % BAYERISCHE LDBK 06/16 CHF 51, , % DEPFA 06/23 CHF 6, , % LAND HESSEN 08/15 CHF 92, , % GERMANY 05/15 EUR 7, , % GERMANY 05/15 EUR 46, , % LANDW. RENTENBANK 02/12 CHF 21, , % LANDW. RENTENBANK 03/13 CHF 30, , % NORDRHEIN-WESTFALEN 07/15 CHF 61, , % K. F. W. 07/17 CHF 68, , % GERMANY 05/16 EUR 48, , % GERMANY 06/11 EUR 46, , % GERMANY 06/11 EUR 10, , % GERMANY 08/13 EUR 69, , % GERMANY 08/13 EUR 12, , % BAYERISCHE LDBK 08/10 CHF 185, , % K. F. W. 02/12 CHF 61, , % GERMANY 03/13 EUR 12, , % GERMANY 04/15 EUR 50, , % GERMANY 04/15 EUR 10, , % GERMANY 06/17 EUR 6, , % GERMANY 06/17 EUR 33, , % GERMANY 08/19 EUR 36, , % DEUTSCHE TELEKOM 09/14 CHF 61, , % K. F. W. 03/10 USD 8, , % LBK HESSEN-THUERING. 01/11 CHF 16, ,

345 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 4% GERMANY 05/37 EUR 49, , % GERMANY 05/37 EUR 7, , % GERMANY 06/16 EUR 5, , % GERMANY 06/16 EUR 57, , % GERMANY 07/18 EUR 6, , % GERMANY 07/18 EUR 48, , % GERMANY 08/13 EUR 17, , % BAYERISCHE LDBK 01/11 CHF 58, , % K. F. W. 00/12 CHF 2,800, ,003, % DAIMLER 08/11 CHF 24, , % GERMANY 03/14 EUR 4, , % GERMANY 04/14 EUR 53, , % GERMANY 07/12 EUR 41, , % GERMANY 07/17 EUR 10, , % GERMANY 07/17 EUR 39, , % GERMANY 07/39 EUR 34, , % GERMANY 07/39 EUR 12, , % GERMANY 08/18 EUR 4, , % GERMANY 08/18 EUR 28, , % GERMANY 03/13 EUR 48, , % GERMANY 03/34 EUR 2, , % GERMANY 03/34 EUR 40, , % GERMANY 08/40 EUR 8, , % GERMANY 08/40 EUR 1, , % GERMANY 98/28 EUR 7, , % GERMANY 98/28 EUR 25, , % GERMANY 01/11 EUR 94, , % GERMANY 02/12 EUR 46, , % GERMANY 02/12 EUR 50, , % GERMANY 02/12 EUR 13, , % GERMANY 00/11 EUR 54, , % GERMANY 00/31 EUR 35, , % GERMANY 00/31 EUR 9, , % GERMANY 98/28 EUR 31, , % GERMANY 00/30 EUR 19, , % GERMANY 94/24 EUR 9, , % GERMANY 94/24 EUR 32, , % GERMANY 97/27 EUR 1, , % GERMANY 97/27 EUR 24, , ,235, GREECE 2.125% GREECE 05/13 CHF 61, , % GREECE 04/11 CHF 61, , % GREECE 06/16 EUR 29, , % GREECE 05/15 EUR 39, , % GREECE 06/11 EUR 49, , % GREECE 07/12 EUR 54, , % GREECE 07/17 EUR 21, , % GREECE 09/12 EUR 83, , % GREECE 04/14 EUR 18, , % GREECE 05/37 EUR 21, , % GREECE 03/13 EUR 50, ,

346 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 4.6% GREECE 07/40 EUR 10, , % GREECE 07/24 EUR 21, , % GREECE 01/11 EUR 56, , % GREECE 02/22 EUR 21, , % GREECE 99/14 EUR 46, , , IRELAND 2.125% UNICREDITO ITALIA 05/12 CHF 61, , % AEGON GLOBAL INST. 06/11 CHF 27, , % DEPFA ACS BANK 04/11 CHF 61, , % DEPFA ACS BANK 06/19 CHF 30, , % AEGON GLOBAL INST 06/10 CHF 49, , % DEPFA ACS BANK 03/10 CHF 30, , % UNICREDITO ITALIA 06/11 CHF 123, , % IRELAND 08/11 EUR 49, , % IRELAND 07/18 EUR 4, , % IRELAND 04/20 EUR 26, , , ITALY 2.5% ITALY 06/18 CHF 139, , % ITALY 05/15 CHF 222, , % ITALY 04/11 CHF 185, , % ITALY 05/10 EUR 117, , % ITALY 99/10 CHF 2,066, ,104, % ITALY 06/11 EUR 144, , % ITALY 05/15 EUR 58, , % ITALY 05/15 EUR 4, , % ITALY 06/11 EUR 16, , % ITALY 06/16 EUR 58, , % ITALY 06/21 EUR 46, , % ITALY 05/37 EUR 58, , % ITALY 06/17 EUR 53, , % ITALY 07/12 EUR 95, , % ITALY 03/13 EUR 36, , % ITALY 03/19 EUR 91, , % ITALY 04/14 EUR 76, , % ITALY 04/15 EUR 52, , % ITALY 08/13 EUR 12, , % ITALY 04/20 EUR 47, , % ITALY 07/18 EUR 57, , % ITALY 08/18 EUR 67, , % ITALY 02/13 EUR 100, , % ITALY 08/23 EUR 37, , % ITALY (BTP) 07/39 EUR 31, , % ITALY 01/12 EUR 102, , % ITALY 03/34 EUR 50, , % ITALY (BTP) 02/17 EUR 39, , % ITALY 98/29 EUR 69, , % ITALY 02/33 EUR 32, , % ITALY 99/31 EUR 73, , % ITALY 97/27 EUR 60, ,

347 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 7.25% ITALY 96/26 EUR 21, , % ITALY 93/23 EUR 39, , ,416, JAPAN 0.7% JAPAN N /13 JPY 3,111, , % JAPAN N /10 JPY 2,696, , % JAPAN N /13 JPY 2,592, , % JAPAN N-52 05/10 JPY 7,882, , % JAPAN N /12 JPY 2,592, , % JAPAN N /13 JPY 2,281, , % JAPAN N /13 JPY 2,592, , % JAPAN N-66 07/12 JPY 1,929, , % JAPAN N /11 JPY 2,462, , % JAPAN N /12 JPY 1,555, , % JAPAN N /12 JPY 1,244, , % JAPAN N /13 JPY 2,540, , % JAPAN N /15 JPY 1,451, , % JAPAN N /18 JPY 2,177, , % JAPAN N /11 JPY 4,148, , % JAPAN N /11 JPY 4,148, , % JAPAN N /12 JPY 3,111, , % JAPAN N /13 JPY 2,696, , % JAPAN N /15 JPY 1,866, , % JAPAN N /18 JPY 2,281, , % JAPAN N-55 06/11 JPY 2,696, , % JAPAN N /11 JPY 4,252, , % JAPAN N /12 JPY 4,148, , % JAPAN N /14 JPY 3,215, , % JAPAN N /14 JPY 1,244, , % JAPAN N /15 JPY 1,451, , % JAPAN N /15 JPY 1,348, , % JAPAN N /17 JPY 3,754, , % JAPAN N /18 JPY 1,389, , % JAPAN N /15 JPY 1,555, , % JAPAN N /13 JPY 2,074, , % JAPAN N /14 JPY 2,696, , % JAPAN N /16 JPY 1,970, , % JAPAN N /14 JPY 1,659, , % JAPAN N-11 03/33 JPY 311, , % JAPAN N /16 JPY 3,629, , % JAPAN N /17 JPY 2,177, , % JAPAN N /17 JPY 1,970, , % JAPAN N /18 JPY 2,385, , % JAPAN N /10 JPY 2,074, , % JAPAN N /16 JPY 1,244, , % JAPAN N-63 03/23 JPY 1,120, , % JAPAN 01/21 JPY 933, , % JAPAN N /16 JPY 622, , % JAPAN N /17 JPY 4,874, , % JAPAN N-58 02/22 JPY 1,763, , % JAPAN N-65 03/23 JPY 1,037, , % JAPAN N-56 02/22 JPY 933, ,

348 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 2.1% JAPAN N /28 JPY 1,140, , % JAPAN N-72 04/24 JPY 1,752, , % JAPAN N-75 05/25 JPY 1,659, , % JAPAN N-80 05/25 JPY 1,348, , % JAPAN N-92 06/26 JPY 1,763, , % JAPAN N-99 07/27 JPY 1,244, , % JAPAN N /28 JPY 850, , % JAPAN N-47 00/20 JPY 1,203, , % JAPAN N-97 07/27 JPY 1,514, , % N.T.T 06/13 CHF 121, , % JAPAN N-88 06/26 JPY 1,555, , % JAPAN N-95 07/27 JPY 1,078, , % JAPAN N-19 05/35 JPY 684, , % JAPAN N-14 04/34 JPY 611, , % JAPAN N-26 07/37 JPY 808, , % JAPAN N-15 04/34 JPY 487, , % JAPAN N-20 05/35 JPY 414, , % JAPAN N-22 06/36 JPY 207, , % JAPAN N-23 06/36 JPY 248, , % JAPAN N-24 06/36 JPY 725, , % JAPAN N-28 07/27 JPY 1,037, , % JAPAN N-48 00/20 JPY 933, , % JAPAN N-44 99/20 JPY 1,140, , % JAPAN N-39 98/18 JPY 1,140, , % JAPAN N-42 99/19 JPY 725, , % KYUSHU ELECTR. POWER 06/13 CHF 61, , % KANSAI ELECTRIC 07/12 CHF 49, , % TOKYO ELECT. POWER 07/12 CHF 34, , ,934, JERSEY 0.875% UBS JERSEY BRANCH 05/09 CHF 61, , % UBS JERSEY BRANCH 05/15 CHF 61, , , LIECHTENSTEIN 2.875% VP BANK 07/12 CHF 104, , , LUXEMBOURG 2% NESTLE FINANCE 09/14 CHF 154, , % EUROP. HYPO. BANK 05/14 CHF 73, , % NESTLE FINANCE 09/15 CHF 35, , % ERSTE EUROP. PFANDBF 05/16 CHF 123, , % ERSTE EUROP. PFANDBF 06/21 CHF 61, , % ERSTE EUROP. PFANDBF 03/10 CHF 139, , % HYPO PFD. BANK INTL 06/14 CHF 92, , % EUROP. HYPO. BANK 05/25 CHF 161, , % EUROP. HYPO. BANK 05/20 CHF 86, , % LG ERSTE EUROP. KBK 05/20 CHF 43, , % ERSTE EUROPAEISC 05/25 CHF 24, , % EUROP. HYPO. BANK 06/20 CHF 12, , % RSHB CAPITAL 07/10 CHF 32, , % EUROP. HYPO. BANK 02/14 CHF 30, , ,

349 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets NETHERLANDS 1.125% B. N. G. 09/11 CHF 61, , % ENERGIE BEHEER NED. 05/12 CHF 16, , % E. ON INTL FINANCE 09/11 CHF 123, , % ING VERZEKERINGEN 05/11 CHF 61, , % RABOBANK 05/11 CHF 30, , % DEUTSCHE BAHN 04/11 CHF 30, , % RABOBANK 05/17 CHF 61, , % B. N. G. 05/20 CHF 216, , % NED. WATERSCHAPSBANK 09/14 CHF 24, , % ABN AMRO BANK 04/10 CHF 21, , % NED. WATERSCHAPSBANK 05/20 CHF 61, , % NED. WATERSCHAPSBANK 06/23 CHF 30, , % ABN AMRO BANK 06/15 CHF 108, , % B. N. G. 02/25 CHF 46, , % RABOBANK 09/13 CHF 185, , % NED. WATERSCHAPSBANK 05/15 CHF 157, , % B. N. G. 07/17 CHF 123, , % NED. WATERSCHAPSBANK 07/22 CHF 30, , % B. N. G. 09/16 CHF 61, , % ENERGIE BEHEER NED. 06/13 CHF 185, , % RABOBANK 07/15 CHF 61, , % FMO-NEDERLANDSE 09/16 CHF 61, , % RABOBANK 06/14 CHF 30, , % E. ON INT. FINANCE 07/10 CHF 44, , % ENBW INT. FINANCE 08/13 CHF 55, , % UNILEVER 08/12 CHF % BASF FINANCE 08/11 CHF 38, , % NETHERLANDS 05/15 EUR 10, , % RABOBANK 08/11 CHF 294, , % ABN AMRO 06/31 CHF 49, , % E. ON INTL FINANCE 09/14 CHF 125, , % NED. WATERSCHAPSBANK 02/12 CHF 139, , % UNILEVER 08/15 CHF 37, , % B.N.G 97/09 CHF 66, , % BASF FINANCE 08/15 CHF 18, , % UNILEVER 08/11 CHF 156, , % ING BANK 08/12 CHF 21, , % NETHERLANDS 04/14 EUR 47, , % NETHERLANDS 06/23 EUR 17, , % ABN AMRO BANK 02/12 CHF 83, , % ING BANK 08/15 CHF 21, , % NEDERLAND GASUNIE 08/11 CHF 78, , % NETHERLANDS 05/37 EUR 28, , % NETHERLANDS 06/16 EUR 33, , % NETHERLANDS 08/11 EUR 14, , % NETHERLANDS 08/18 EUR 24, , % NETHERLANDS 03/13 EUR 70, , % RABOBANK 00/12 CHF 2,874, ,071, % NETHERLANDS 07/17 EUR 34, , % NETHERLANDS 01/11 EUR 2, , % NETHERLANDS 02/12 EUR 4, ,

350 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 5.50% NETHERLANDS 00/10 EUR 41, , % NETHERLANDS 98/28 EUR 24, , % NETHERLANDS 98/23 EUR 16, , ,687, NEW ZEALAND 1.75% ASB BANK 05/10 CHF 120, , % TRANSPOWER FINANCE 07/14 CHF 86, , , NORWAY 1.5% KOMMUNALBANKEN 09/12 CHF 82, , % KOMMUNALBANKEN 09/14 CHF 30, , % EKSPORTFINANS 03/13 CHF 102, , % STATNETT 08/12 CHF 15, , % DNB NOR BOLIGKREDITT 7/12 CHF 46, , % NORWEGIAN RAILWAYS 07/10 CHF 183, , % STATNETT SF 08/11 CHF 24, , % TERRA BOLIGKREDITT 07/13 CHF 55, , % DNB NOR BK 08/11 CHF 151, , % STATKRAFT 00/10 CHF 30, , , POLAND 1.875% POLAND 05/10 CHF 68, , % POLAND 07/12 CHF 34, , % POLAND 07/19 CHF 92, , % POLAND 08/17 CHF 247, , , PORTUGAL 3.85% PORTUGAL 05/21 EUR 20, , % PORTUGAL 06/37 EUR 13, , % PORTUGAL 07/17 EUR 31, , % PORTUGAL 03/14 EUR 22, , % PORTUGAL 08/18 EUR 10, , % PORTUGAL 02/12 EUR 64, , % PORTUGAL 01/11 EUR 23, , % PORTUGAL 00/10 EUR 25, , , SOUTH KOREA 2.75% EXPORT-IM. BK. KOREA 07/12 CHF 48, , % KOREA DEV. BANK 08/13 CHF 49, , % IND. BANK OF KOREA 08/12 CHF 17, , , SPAIN 2.125% GENERALIT. VALENCIA 06/13 CHF 37, , % GENERALIT. VALENCIA 09/12 CHF 92, , % BANCO POP. ESP. 09/12 EUR 50, , % CAIXA CATALUNYA 09/12 EUR 60, , % COMUNIDAD DE MADRID 08/13 CHF 136, , % I. C. O. 08/15 CHF 142, , % SPAIN 05/16 EUR 7, , % SPAIN 05/10 EUR 27, , % SPAIN 06/17 EUR 28, ,

351 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 3.90% SPAIN 07/12 EUR 66, , % SPAIN 08/11 EUR 16, , % SPAIN 08/18 EUR 57, , % SPAIN 03/13 EUR 83, , % SPAIN 05/37 EUR 5, , % SPAIN 05/37 EUR 26, , % SPAIN 08/14 EUR 27, , % SPAIN 04/15 EUR 44, , % SPAIN 99/14 EUR 26, , % SPAIN 07/40 EUR 21, , % SPAIN 01/11 EUR 62, , % SPAIN 00/11 EUR 46, , % SPAIN 02/17 EUR 42, , % SPAIN 01/32 EUR 30, , % SPAIN 99/29 EUR 44, , ,660, SUPRANATIONAL 1.875% EUROPEAN COUNCIL DEVELOPMENT BANK 09/14 CHF 61, , % E. I. B. 05/16 CHF 80, , % E. I. B. 08/16 CHF 24, , % E. I. B. 09/12 CHF 24, , % I. A. D. B. 09/16 CHF 43, , % E. I. B. 03/15 CHF 167, , % E. I. B. 07/19 CHF 253, , % WORLDBANK 09/19 CHF 43, , % E. I. B. 06/36 CHF 80, , % E. I. B. 08/18 CHF 151, , % E. I. B. 99/14 CHF 30, , % E. I. B. 99/14 CHF 8,100, ,723, % WORLDBANK TR. A 86/11 CHF 18, , % ASIAN DEV. BANK 85/10 CHF 18, , ,741, SWEDEN 1.5% KOMMUNINVEST I SVER. 09/12 CHF 45, , % KOMMUNINVEST I SVER. 05/12 CHF 15, , % AKADEMISKA HUS 06/14 CHF 126, , % KOMMUNINVEST I SVER. 03/09 CHF 15, , % SWEDISH EXPORT 08/13 CHF 43, , % SWEDISH COVERED BD 06/12 CHF 51, , % SWEDISH EXPORT 06/14 CHF 154, , % KOMMUNINVEST I SVER. 03/13 CHF 46, , % SWEDISH COVERED BD. 07/13 CHF 12, , % SWEDEN 05/16 SEK 85, , % SWEDISH EXPORT 09/18 CHF 61, , % SWEDEN 09/14 EUR 73, , % SWEDEN 09/39 SEK 12, , % SWEDEN 03/20 SEK 24, , % SWEDEN 00/11 SEK 20, , % SWEDEN 01/12 SEK 3, ,

352 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SWITZERLAND 1.625% BANQUE CANT. SUISSE 09/13 CHF 61, , % BLG CRED. HYPO. S /12 CHF 61, , % SWISS CONFEDERATION 05/16 CHF 37, , % CANTON DE GENEVE 08/14 CHF 61, , % BANQUE CANT. ST-GALL 08/13 CHF 117, , % VILLE DE ZURICH 09/21 CHF 45, , % BAN. LETTRE DE GAGE 08/13 CHF 55, , % LONZA SWISS 09/13 CHF 24, , % CREDIT SUISSE 08/13 CHF 117, , % SWISSCOM 08/15 CHF 30, , % UBS 08/13 CHF 123, , , UNITED ARAB EMIRATES 2.75% ABU DHABI COM. BK. 06/11 CHF 30, , , UNITED KINGDOM 1.625% BP CAPITAL MARKETS 09/11 CHF 61, , % HBOS TREASURY SERV. 05/10 CHF 16, , % CREDIT AGRICOLE 06/14 CHF 46, , % ROYAL BK SCOTLAND 06/11 CHF 30, , % HBOS TREASURY SERV. 05/13 CHF 99, , % ROYAL BK SCOTLAND 05/15 CHF 43, , % CREDIT AGRICOLE 06/13 CHF 45, , % HBOS TREASURY SERV. 06/11 CHF 61, , % BRADFORD & BINGLEY 06/13 CHF 61, , % HBOS TREASURY SERV. 06/12 CHF 29, , % BP CAPITAL MARKETS 07/11 CHF 170, , % BP CAPITAL MARKETS 08/13 CHF 40, , % BRADFORD & BINGLEY 06/12 CHF 107, , % BRADFORD & BINGLEY 06/18 CHF 21, , % HSBC BANK 07/17 CHF 61, , % NETWORK RAIL INFRA. 06/21 CHF 99, , % ROYAL BK SCOTLAND 06/17 CHF 30, , % BK OF SCOTLAND PLC 06/16 CHF 21, , % BRADFORD & BINGLEY 07/11 CHF 7, , % TESCO 08/11 CHF 77, , % BRITISH TREASURY 06/16 GBP 6, , % BRITISH TREASURY 00/32 GBP 6, , % BRITISH TREASURY 03/36 GBP 8, , % BRITISH TREASURY 05/11 GBP 13, , % BRITISH TREASURY 05/55 GBP 5, , % BRITISH TREASURY 06/27 GBP 6, , % BRITISH TREASURY 06/46 GBP 4, , % BRITISH TREASURY 07/42 GBP 5, , % BRITISH TREASURY 08/13 GBP 9, , % BRITISH TREASURY 08/19 GBP 5, , % BRITISH TREASURY 03/15 GBP 3, , % BRITISH TREASURY 04/38 GBP 6, , % BRITISH TREASURY 05/20 GBP 4, , % BRITISH TREASURY 07/30 GBP 5, , % BRITISH TREASURY 01/12 GBP 9, ,

353 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 5% BRITISH TREASURY 01/25 GBP 5, , % BRITISH TREASURY 02/14 GBP 3, , % BRITISH TREASURY 07/18 GBP 9, , % BRITISH TREASURY 07/12 GBP 4, , % BRITISH TREASURY 98/28 GBP 4, , % BRITISH TREASURY 95/15 GBP 5, , % BRITISH TREASURY 96/21 GBP 5, , ,254, UNITED STATES 1.125% US TREASURY 08/11 USD 16, , % US TREASURY 09/12 USD 20, , % US TREASURY 08/10 USD 16, , % CITIGROUP 05/10 CHF 30, , % GENERAL ELEC. CAP. 05/10 CHF 152, , % GENERAL ELEC. CAP. 05/11 CHF 139, , % US TREASURY 08/11 USD 16, , % BANK OF AMERICA 05/12 CHF 61, , % US TREASURY 85/15 USD 3, , % METROPOLITAN LIFE 05/11 CHF 137, , % MORGAN STANLEY 05/11 CHF 105, , % SWISS RE AMERICA H. 05/10 CHF 93, , % TOYOTA MOTOR CREDIT 06/12 CHF 61, , % US TREASURY 08/10 USD 12, , % US TREASURY 08/10 USD 6, , % BMW US CAPITAL LLC 06/10 CHF 109, , % NESTLE HOLDINGS 08/11 CHF 140, , % CITIGROUP 05/15 CHF 49, , % GENERAL ELEC. CAP. 06/12 CHF 61, , % CITIBANK CR. CARD IT 05/15 CHF 9, , % MERRILL LYNCH 06/11 CHF 61, , % ROCHE HOLDINGS 09/12 CHF 266, , % GENERAL ELEC. CAP. 06/10 CHF 193, , % MORGAN STANLEY 05/15 CHF 61, , % BEAR STEARNS 06/11 CHF 193, , % US TREASURY 09/16 USD 14, , % GENERAL ELEC. CAP. 07/13 CHF 123, , % HSBC FINANCE 06/11 CHF 164, , % JP MORGAN CHASE 07/14 CHF 86, , % US TREASURY 08/10 USD 31, , % AMERICAN INTL GR. 06/11 CHF 58, , % AMERICAN INTL GR. 07/15 CHF 61, , % BANK OF AMERICA 06/11 CHF 61, , % CITIGROUP 07/11 CHF 123, , % GENERAL ELEC. CAP. 07/17 CHF 61, , % MORGAN STANLEY 06/13 CHF 61, , % TOYOTA MOTOR CREDIT 06/16 CHF 61, , % US TREASURY 08/13 USD 10, , % BANK OF AMERICA 07/13 CHF 61, , % BMW US CAPITAL LLC 08/11 CHF 39, , % CITIGROUP 04/14 CHF 151, , % GENERAL ELEC. CAP. 04/15 CHF 43, , % GENERAL ELEC. CAP. 06/13 CHF 61, ,

354 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 3% NESTLE HOLDINGS 07/12 CHF 140, , % GENERAL ELEC. CAP. 04/19 CHF 43, , % US TREASURY 08/13 USD 17, , % US TREASURY 08/13 USD 16, , % US TREASURY 08/13 USD 28, , % BANK OF AMERICA 04/14 CHF 18, , % GENERAL ELEC. CAP. 07/10 CHF 27, , % HSBC FINANCE 06/16 CHF 49, , % I.B.M 08/11 CHF 76, , % MCDONALD S 07/12 CHF 92, , % US TREASURY 07/12 USD 22, , % GENERAL ELEC. CAP. 08/12 CHF 123, , % US TREASURY 08/13 USD 14, , % US TREASURY 08/18 USD 11, , % US TREASURY 09/39 USD 4, , % ZURICH FINANCE 08/11 CHF 30, , % TOYOTA MOTOR CRED. 08/12 CHF 83, , % US TREASURY 08/18 USD 17, , % GENERAL ELEC. CAP. 01/14 CHF 37, , % US TREASURY 08/18 USD 9, , % GENERAL ELEC. CAP. 08/11 CHF 30, , % GENERAL ELEC. CAP. 08/13 CHF 99, , % PHILIP MORRIS 08/12 CHF 61, , % TOYOTA MOTOR CREDIT 09/12 CHF 222, , % US TREASURY 04/14 USD 8, , % US TREASURY 08/18 USD 11, , % US TREASURY 05/15 USD 12, , % US TREASURY 03/13 USD 18, , % US TREASURY 03/13 USD 9, , % US TREASURY 04/14 USD 12, , % US TREASURY 05/15 USD 13, , % US TREASURY 07/12 USD 16, , % US TREASURY 07/17 USD 8, , % US TREASURY 02/12 USD 18, , % US TREASURY 05/10 USD 29, , % US TREASURY 08/38 USD 6, , % GENERAL ELEC. CAP. 08/18 CHF 89, , % US TREASURY 06/11 USD 20, , % US TREASURY 06/36 USD 9, , % US TREASURY 07/12 USD 10, , % US TREASURY 08/38 USD 6, , % US TREASURY 05/15 USD 10, , % US TREASURY 06/16 USD 6, , % US TREASURY 07/17 USD 7, , % US TREASURY 06/16 USD 8, , % US TREASURY 06/11 USD 18, , % US TREASURY 07/17 USD 17, , % CREDIT SUISSE NY 08/18 CHF 92, , % US TREASURY 02/12 USD 37, , % US TREASURY 06/16 USD 5, , % US TREASURY 07/12 USD 10, , % US TREASURY 01/11 USD 29, ,

355 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 5% US TREASURY 01/11 USD 24, , % US TREASURY 07/37 USD 4, , % US TREASURY 06/11 USD 24, , % US TREASURY 06/16 USD 8, , % US TREASURY 98/28 USD 3, , % US TREASURY 99/29 USD 4, , % US TREASURY 01/31 USD 9, , % US TREASURY 98/28 USD 5, , % US TREASURY 96/26 USD 4, , % US TREASURY 97/27 USD 7, , % US TREASURY 99/29 USD 4, , % US TREASURY 00/30 USD 7, , % US TREASURY 93/23 USD 7, , % US TREASURY 97/27 USD 3, , % US TREASURY 96/26 USD 1, , % US TREASURY 97/27 USD 4, , % US TREASURY 95/25 USD 5, , % US TREASURY 93/23 USD 5, , % US TREASURY 86/16 USD 7, , % US TREASURY 92/22 USD 5, , % US TREASURY 86/16 USD 8, , % US TREASURY 94/24 USD 4, , % US TREASURY 95/25 USD 4, , % US TREASURY 91/21 USD 3, , % US TREASURY 91/21 USD 8, , % US TREASURY 89/19 USD 7, , % US TREASURY 91/21 USD 4, , % US TREASURY 91/21 USD 4, , % US TREASURY 90/20 USD 4, , % US TREASURY 90/20 USD 6, , % US TREASURY 89/19 USD 10, , ,186, VENEZUELA 5% CORP ANDINA FOMENTO 08/13 CHF 55, , , TOTAL BONDS 64,325, OPTIONS UNITED KINGDOM CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/09/ CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 13/12/ CALL LIFFE EURIBOR/FUTURES 14/06/ CALL LIFFE EURIBOR/FUTURES 14/06/ CALL LIFFE EURIBOR/FUTURES 14/06/ CALL LIFFE EURIBOR/FUTURES 14/06/

356 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/09/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 14/12/ CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/03/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL LIFFE EURIBOR/FUTURES 15/06/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/09/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 16/12/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ CALL SHORT STERLING (3-MONTH) 17/06/ , TOTAL OPTIONS 3, RIGHTS ITALY SNAM RETE GAS RTS TOTAL RIGHTS

357 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets WARRANTS CAYMAN ISLANDS VIETNAM RESOUR. INV. WTS TOTAL WARRANTS TOTAL I. 93,008, II. OTHER TRANSFERABLE SECURITIES SHARES GERMANY AIST MEDIALAB FRANCE STREETTRACKS MSCI EUROPE ETF 9, ,090, ,090, UNITED KINGDOM ALUDEL NOM UNITED STATES INTARCIA THERAPEUTICS PREF AA INTARCIA THERAPEUTICS PREF BB INTARCIA THERAPEUTICS PREF BB METABOLEX PREF A METABOLEX PREF B METABOLEX PREF D PTC THERAPEUTICS PREF C PTC THERAPEUTICS PREF CV E PTC THERAPEUTICS PREF D TOTAL SHARES 1,091, BONDS AUSTRIA 3.4% AUSTRIA 09/14 EUR 20, , , ICELAND 2% GLITNIR BANKI 06/09 CHF 449, , , SWITZERLAND 4.25% BALOISE 09/13 CHF 111, , , TOTAL BONDS 189,

358 Pictet Funds (LUX) - Piclife AS AT APRIL 30, 2009 (EXPRESSED IN CHF) Name Currency Quantity/Nominal value Market value (note 2) % of net assets WARRANTS UNITED KINGDOM ALUDEL WTS (C-0. 68) 1, UNITED STATES METABOLEX D1 (C-0. 38) WTS PERFECTENERGY WTS TOTAL WARRANTS TOTAL II. 1,281, III. UNITS OF INVESTMENT FUNDS CANADA CATCH THE WIND 1, , , CAYMAN ISLANDS VIETNAM RESOURCE INVESTMENTS FD. 3, , , SWITZERLAND PICTET (CH) SWISS MID-SMALL CAP I ,148, ,148, UNITED STATES SECTOR SPDR ENERGY SELECT FD 7, , SECTOR SPDR HEALTH CARE SEL. -SBI- 18, , SPDR GOLD TRUST 10, ,032, SPDR TRUST SERIES 1 19, ,943, ,841, TOTAL III. 5,008, TOTAL INVESTMENTS 99,298, CASH AT BANKS 16,256, OTHER NET ASSETS 2,755, TOTAL NET ASSETS 118,310,

359 Pictet Funds (LUX) - Piclife GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Switzerland France 9.98 Supranational 8.25 Germany 7.14 Netherlands 5.63 Italy 4.66 Austria 3.31 Japan 2.17 Spain 1.55 United Kingdom 1.45 Canada 1.17 Luxembourg 0.87 Greece 0.81 China 0.75 Belgium 0.74 Norway 0.65 South Korea 0.63 Denmark 0.61 Sweden 0.59 Brazil 0.54 Australia 0.52 Taiwan 0.46 Ireland 0.40 Finland 0.34 Poland 0.33 Cayman Islands 0.29 Portugal 0.28 Russia 0.25 South Africa 0.23 Bermuda 0.21 India 0.21 New Zealand 0.17 Mexico 0.16 Netherlands Antilles 0.14 Jersey 0.09 Liechtenstein 0.09 Israel 0.07 Indonesia 0.06 Thailand 0.06 Turkey 0.05 Venezuela 0.04 Iceland 0.04 Hungary 0.03 Malaysia 0.03 Panama 0.03 United Arab Emirates 0.02 Peru 0.02 Argentina Industrial classification (in % of net assets) Corporate bonds Bonds issued by countries or cities Bonds issued by supranational institutions 8.21 Pharmaceuticals and cosmetics 5.55 Units of investment funds 4.22 Food and soft drinks 2.37 Banks and credit institutions 2.08 Electronics and electrical equipment 1.95 Holding and financial companies 1.84 Oil 1.31 Insurance 1.26 Computer and office equipment 1.04 Communications 1.03 Retail and supermarkets 1.00 Chemicals 0.97 Internet, software and IT services 0.62 Utilities 0.54 Biotechnology 0.39 Miscellaneous services 0.36 Construction of machines and appliances 0.36 Watch-making 0.29 Construction and building materials 0.25 Mining and steelworks 0.23 Aeronautics and astronautics 0.22 Transport and freight 0.22 Gastronomy 0.20 Road vehicles 0.16 Public healthcare and social services 0.15 Stainless steel 0.13 Precious metals and stones 0.12 Tobacco and alcohol 0.11 Miscellaneous consumer goods 0.08 Miscellaneous trade 0.08 Textiles and clothing 0.08 Real estate 0.04 Environmental conservation and waste management 0.04 Environmental and recycling services 0.03 Conglomerates 0.01 Tyres and rubber 0.01 Options 0.00 Leisure 0.00 Miscellaneous 0.00 Publishing and graphic arts 0.00 Agriculture, industry, energy and construction 0.00 Rights 0.00 Warrants

360 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA ANDRITZ 106, ,648, BWT 62, , INTERCELL 32, , LENZING 2, , SEMPERIT 27, , WIENER STAEDTISCHE VERSICHERUNGS 19, , ,610, BELGIUM BEFIMMO 5, , HAMON 16, , IBA (ION BEAM APPLICATIONS) 46, , TELENET GROUP HOLDING 68, , ,980, BERMUDA COVIDIEN 90, ,310, ESPRIT HOLDINGS (NEW) 245, ,138, ,449, BRAZIL CEMIG MINAS GERAIS PREF 301, ,676, CIA SANEAMENTO MG 122, ,000, SABESP 374, ,050, TRACTEBEL ENERGIA 97, , ,332, CANADA BIOTEQ ENVIRONMENTAL TECHN. 437, , CANADIAN HYDRO DEVELOPERS 538, , CARDIOME PHARMA (USD) 430, ,299, H2O INNOVATION 296, , PURE TECHNOLOGIES 204, , RESEARCH IN MOTION 49, ,489, SEAIR 182, , SEMCAN 204, , SHAWCOR A 182, ,505, STANTEC (CAD) 257, ,222, ,372, CAYMAN ISLANDS BAIDU. COM ADR A (R. 1 SHS A ) 18, ,140, CHINA RESOURCES LAND 788, ,075, CONSOLIDATED WATER 115, ,141, GREENTOWN CHINA 465, , KINGSOFT 2,134, , LEE MAN PAPER MANUFACTURING 876, , LI NING 1,575, ,447, PACIFIC TEXTILES 2,321, , ,405,

361 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CHILE INVERSIONES AGUAS METROPOL 4,702, ,410, ,410, CHINA ALUMINIUM CORP CHINA H 2,737, ,581, ANHUI CONCH CEMENT A 169, , BANK OF CHINA 11,711, ,297, BANK OF COMMUNICATIONS H 2,041, ,250, CHINA CITIC BANK H 7,769, ,692, CHINA COAL ENERGY H 1,210, , CHINA CONSTRUCTION BANK H 6,877, ,017, CHINA COSCO HOLDINGS H 3,194, ,981, CHINA LIFE INSURANCE A 485, ,266, CHINA LIFE INSURANCE H 1,635, ,342, CHINA MOBILE HK 1,091, ,131, CHINA NATIONAL BUILDING MAT. H 1,029, ,643, CHINA PETROLEUM & CHEMICAL H 4,562, ,692, CHINA RESOURCES POWER HOLDINGS 1,026, ,744, CHINA SHENHUA ENERGY H 1,317, ,781, CHINA SHIPPING DEVELOPMENT H 731, , CITIC SECURITIES A 221, , CNOOC 6,311, ,324, DAQIN RAILWAY A 1,398, ,468, DONGFENG MOTOR GROUP H 14,302, ,108, IND. & COMM. BANK OF CHINA H 26,534, ,488, INNER MONGOLIA YI LI INDUSTRY A 485, , JIANGXI COPPER H 1,201, ,075, LUZHOU OLD-CELLAR A 26, , PETROCHINA H 2,576, ,715, PING AN INS. (GRP) CO. A 269, ,180, PING AN INSURANCE (GROUP) 407, ,919, SHANGHAI INDUSTRIAL HOLDINGS 570, ,479, TENCENT HOLDINGS 305, ,045, ,946, DENMARK GENMAB 103, ,022, NOVO NORDISK B 163, ,920, SIMCORP 7, , TOPDANMARK 6, , TRYGVESTA 20, , ,096, FINLAND CAPMAN B 81, , ELISA A 37, , FORTUM 50, , KEMIRA 147, , RUUKKI GROUP A 2, , ,074, FRANCE ALTEN 20, , ARKEMA FRANCE 18, ,

362 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets BIOMERIEUX 10, , BULL (NEW) 236, , CANAL PLUS 59, , DANONE GROUPE (EUR) 102, ,913, EUTELSAT COMMUNICATIONS 4, , JC DECAUX 33, , M6 METROPOLE TV 25, , MEETIC 14, , SCOR SE 12, , SECHE ENVIRONNEMENT 23, ,059, SECHILIENNE-SIDEC 11, , STALLERGENES 3, , STORE ELECTRONIC SYSTEMS 26, , SUEZ ENVIRONNEMENT 685, ,079, TELEPERFORMANCE 21, , VEOLIA ENVIRONNEMENT 359, ,519, VIRBAC 9, , ,489, GERMANY BIJOU BRIGITTE MODISCHE ACCESS. 5, , ELRINGKLINGER 26, , FIELMANN 5, , FUCHS PETROLUB N-VTG 15, , GERRESHEIMER 27, , HANNOVER RUECKVERSICHERUNGS NOM. 29, , JUNGHEINRICH PREF 23, , KONTRON 61, , KWS SAAT 6, , LEONI NOM. 23, , MORPHOSYS 38, , PFEIFFER VACUUM TECHNOLOGY 10, , RHOEN KLINIKUM 31, , SFC SMART FUEL CELL 12, , SOFTWARE 11, , ,499, GUERNSEY GOTTEX FUND MANAGEMENT HOLDINGS 27, , , HONG KONG BANK OF EAST ASIA 553, , BEIJING ENTREPRISES 145, , BOC HONG KONG (HOLDINGS) 981, ,053, CHEUNG KONG HOLDINGS 410, ,215, CHINA EVERBRIGHT 789, ,165, GUANGDONG INVESTMENT 10,722, ,351, HANG SENG BANK 287, ,415, HENDERSON LAND DEVELOPMENT 420, ,490, HONG KONG EXCHANGES AND CLEARING 421, ,696, HONGKONG ELECTRIC 198, , HOPEWELL 625, ,220, HUTCHISON WHAMPOA 753, ,363, LI & FUNG (NEW) 790, ,688,

363 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets NEW WORLD DEVELOPMENT 1,706, ,699, SINO LAND 1,342, ,303, SUN HUNG KAI PROPERTIES 467, ,665, SWIRE PACIFIC A 177, ,048, ,741, IRELAND FBD HOLDINGS 30, , , ITALY ACEA 309, ,933, ANSALTO STS 60, , ASTALDI 93, , DANIELI & C. OFF. MECC. RNC 55, , DAVIDE CAMPARI 111, , DIASORIN 44, , ENIA 83, , FONDIARIA-SAI 22, , HERA 1,283, ,011, INDUSTRIA MACCHINE AUTOMATICHE 25, , IRIDE 697, , PARMALAT 399, , ,045, JAPAN DAISEKI 189, ,751, KURITA WATER INDUSTRIES 210, ,856, ORGANO 205, ,105, TOTO 241, , TSUKISHIMA KIKAI 98, , ,017, JERSEY CHARTER INTERNATIONAL 61, , , LUXEMBOURG ORIFLAME COSMETICS 21, , , MALAYSIA YTL POWER INTERNATIONAL 1,633, , , NETHERLANDS ANTILLES SCHLUMBERGER 98, ,700, ,700, NETHERLANDS CASCAL 126, , CSM 42, , GEMALTO 16, , NUTRECO HOLDING 32, , QIAGEN 46, , SMIT INTERNATIONALE 4, , ,647,

364 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets PANAMA CARNIVAL TWIN 40, , , PORTUGAL BANCO ESPIRITO SANTO NOM. 59, , MOTA-ENGIL 72, , , SINGAPORE HYFLUX 962, , , SOUTH KOREA WOONG JIN COWAY 52, , , SPAIN FLUIDRA 186, , GRIFOLS A 66, , INDRA SISTEMAS 23, , VISCOFAN 40, , ,222, SWEDEN AARHUSKARLSHAMN 46, , INTRUM JUSTITIA 101, , KAPPAHL HOLDING 94, , SAAB B 71, , ,767, SWITZERLAND ABB LTD NOM. 472, ,061, ACINO HOLDING 6, , ACTELION NOM. 49, ,739, ADECCO NOM. 22, , ARYZTA NOMINATIVE 20, , ASCOM HOLDGING 66, , BALOISE-HOLDING AG 16, , BANQUE CANTONALE VAUDOISE 7, ,915, BARRY CALLEBAUT NOM , BASILEA PHARMACEUTICA NOM. 54, ,828, BELIMO HOLDING 1, ,032, BKW FMB ENERGIE NOM. 15, , BOBST GROUP 11, , BUCHER INDUSTRIES , BURCKHARDT COMPRESSION HOLDING 19, ,776, CLARIANT NOM. 67, , COMET HOLDING NOM. 11, , CS GROUP NOM. 133, ,883, DAETWYLER HLDG 12, , DUFRY 11, , GALENICA NOM. 5, ,131, GEBERIT 60, ,965, GIVAUDAN NOM. 1, , GOLDBACH MEDIA 29, , HELVETIA PATRIA NOM. 7, ,393,

365 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets HIGHLIGHT COMMUNICATIONS 100, , HOLCIM NOM. 51, ,931, INFICON HOLDING 21, ,197, INTERROLL HOLDING NOM. 1, , JELMOLI HOLDING NOM. 1, , JULIUS BAER HOLDING 71, ,727, KUDELSKI 11, , KUEHNE & NAGEL INTERNATIONAL 23, ,263, KUONI REISEN HOLDING NOM. B 8, ,822, LINDT & SPRUENGLI , LOGITECH INTERNATIONAL (NEW) 195, ,928, LONZA GROUP 21, ,467, NESTLE NOM. (NEW) 673, ,695, NEWAVE ENERGY 10, , NOVARTIS AG NOM. 360, ,203, PANALPINA WELTTRANS 8, , PARGESA HOLDING 17, , PARTNERS GROUP HOLDING NOM. 26, ,702, PETROPLUS HOLDINGS 54, , ROCHE HOLDING ADR (R. 1/4 SHS) 22, , ROCHE HOLDING BON JCE 121, ,615, S. G. S. NOM. 2, ,251, SCHINDLER HOLDING B. PART. 47, ,845, SCHINDLER HOLDING NOM. 35, ,373, SCHULTHESS GROUP NOM. 10, , SCHWEITER TECHNOLOGIES 7, ,732, SIKA FINANZ PORT. 1, ,107, SONOVA HOLDING NOM. 48, ,437, STRAUMANN HOLDING NOM. (NEW) 10, ,505, SUISSE REASSURANCE NOM. 39, , SULZER 9, , SWISSLOG HOLDING NOM. 513, , SYNGENTA NOM. 18, ,948, TEMENOS GROUP NOM. 188, ,871, THE SWATCH GROUP 19, ,068, THE SWATCH GROUP NOM. 48, ,036, UBS AG 325, ,257, VALORA HOLDING NOM. 24, ,357, VZ HOLDING NOM. 11, , WEATHERFORD INTERNATIONAL (USD) 128, ,643, ZURICH FINANCIAL SER. NOM. (CHF) 36, ,913, ,643, TAIWAN ACER 561, , ASUSTEK COMPUTER AU OPTRONICS 3,681, ,862, CATCHER TECHNOLOGY 663, ,254, CATHAY FINANCIAL 5,137, ,321, CHINA STEEL 5,456, ,170, CHINATRUST FINANCIAL HOLDINGS 3,009, ,035, CHUNGHWA TELECOM EVERGREEN MARINE 3,746, ,403,

366 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FUBON FINANCIAL 2,936, ,713, HIGH TECH COMPUTER 320, ,260, HON HAI PRECISION INDUSTRY 2,319, ,034, LARGAN PRECISION 74, , MEDIATEK 279, ,186, PRESIDENT CHAIN STORE 283, , SILICONWARE PRECISION INDUSTRIES 951, , SIMPLO TECHNOLOGY 49, , SYNNEX TECHNOLOGY INTL 600, , TAISHIN FINANCIAL HOLDINGS 2,823, , TAIWAN MOBILE TAIWAN SEMICONDUCTOR 6,212, ,784, TECO ELECTRIC & MACHINERY 4,003, ,190, U-MING MARINE TRANSPORT 377, , UNI-PRESIDENT ENTERPRISES 1,224, , UNITED MICROELECTRONICS 5,749, ,618, WISTRON 1,271, ,209, YUANTA FINANCIAL 1,706, , ,177, UNITED KINGDOM ABERDEEN ASSET MANAGEMENT 178, , AGGREKO 119, , AMLIN 144, , BABCOCK INTERNATIONAL GROUP 101, , CARILLION 281, , CONNAUGHT 149, , HALFORDS GROUP 107, , HSBC HOLDINGS (GBP) 550, ,927, IG GROUP HOLDINGS 190, , INFORMA 105, , MEGGITT 245, , MICRO FOCUS 168, , MITIE 354, , MOUCHEL GROUP 152, , NORTHUMBRIAN WATER 720, ,787, PACE 150, , PENNON GROUP (NEW) 678, ,407, PLANT HEALTH CARE 345, , PREMIER OIL 53, , PREMIER OIL EM. 09 F. PAID 23, , PV CRYSTALOX SOLAR 355, , QINETIC GROUP 390, , RPS GROUP 289, , SERCO GROUP 189, , SEVERN TRENT (NEW) 387, ,632, ST JAMES S PLACE 204, , STAGECOACH GROUP (NEW) 186, , SYNERGY HEALTH 124, , TEG GROUP 325, , UNITED UTILITIES GROUP 703, ,008,

367 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets VENTURE PRODUCTION 60, , WILLIAM HILL 192, , ,445, UNITED STATES ABBOTT LABORATORIES 158, ,087, ACTIVISION BLIZZARD 276, ,232, AFFILIATED COMPUTER A 45, ,656, ALEXION PHARMACEUTICALS 263, ,943, AMERICAN STATES WATER 57, ,539, AMERICAN WATER WORKS 214, ,978, AMGEN 354, ,618, AMPHENOL A 65, ,675, AMYLIN PHARMACEUTICALS 284, ,427, AON 54, ,691, APPLE 69, ,536, AQUA AMERICA 516, ,350, AUXILIUM PHARMACEUTICALS 245, ,349, BANK OF NEW YORK MELLON 137, ,758, BAXTER INTERNATIONAL 86, ,238, BIOGEN IDEC 253, ,034, BIOMARIN PHARMACEUTICAL 460, ,544, BLACKROCK 8, , BRISTOL MYERS SQUIBB CO 79, ,147, CADIZ 64, , CALGON CARBON 98, ,284, CALIFORNIA WATER SERVICE 75, ,254, CATALYTIC SOLUTIONS 538, , CELGENE 361, ,525, CHARLES SCHWAB 182, ,553, CISCO SYSTEMS (USD) 414, ,004, CLARCOR 83, ,947, CLOROX 42, ,775, CME GROUP A 13, ,252, COCA-COLA 75, ,439, COGNIZANT TECH SOL A 97, ,794, COLGATE PALMOLIVE 124, ,588, COSTCO WHOLESALE 49, ,758, COVANTA HOLDING 431, ,313, DANAHER 201, ,932, DARDEN RESTAURANTS 34, , DEERE 42, ,275, DENTSPLY INTL 31, , DIGITAL RIVER 58, ,607, DIONEX 60, ,625, DONALDSON 84, ,127, DR PEPPER 93, ,429, ECOLAB 84, ,488, EMERSON ELECTRIC 129, ,268, ENERGY RECOVERY 16, , EOG RESOURCES 44, ,205, EQUIFAX 134, ,940, EXXON MOBIL 60, ,130,

368 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FISERV 37, ,040, FLEXIBLE SOLUTIONS 89, , FRONTIER COMMUNICATIONS B 213, ,147, GEN PROBE 97, ,474, GENERAL DYNAMICS 20, , GENZYME (GENERAL DIVISION) 306, ,571, GILEAD SCIENCES 382, ,497, GOOGLE A 19, ,650, HANOVER INSURANCE 112, ,564, HENDRX 158, HEWLETT PACKARD 293, ,052, HOME DEPOT 146, ,902, HOSPIRA 29, , IDEX 82, ,526, ILLUMINA 74, ,119, INSITUFORM TECHNOLOGIES A 122, ,488, INTERMUNE 380, ,040, ISIS PHARMACEUTICALS (USD) 213, ,591, ITRON 12, , ITT 265, ,346, JP MORGAN CHASE 274, ,128, KOHL S 147, ,836, LIFE TECHNOLOGIES 357, ,912, LINDSAY 64, ,882, LOCKHEED MARTIN 70, ,171, LOWE S COMPANIES 186, ,988, LUMINEX 315, ,985, MASTERCARD A 10, ,348, MCDONALD S 111, ,574, MCKESSON 32, , MDC HOLDINGS 52, ,366, MDU RESOURCES GROUP 122, ,648, MEDICINES 280, ,156, METLIFE 59, ,332, MICROCHIP TECHNOLOGY 250, ,221, MILLIPORE 90, ,037, MKS INSTRUMENTS 138, ,642, MONSANTO (NEW) 120, ,497, MORGAN STANLEY 69, ,209, MYRIAD GENETICS 177, ,277, NALCO HOLDING 144, ,727, NATIONAL OILWELL VARCO 53, ,231, NIKE B 24, , NUCOR 37, ,101, NVIDIA 174, ,426, O REILLY AUTOMOTIVE 51, ,432, OCCIDENTAL PETROLEUM 53, ,319, ONYX PHARMACEUTICALS 289, ,764, OSI PHARMACEUTICALS 220, ,795, PALL 135, ,707, PENNICHUCK 10, , PENTAIR 246, ,944,

369 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets PEPSICO 60, ,300, PRAXAIR 42, ,301, PROCTER & GAMBLE (USD) 53, ,038, PROGENICS PHARM 314, ,353, QUALCOMM 200, ,509, QUANTA SERVICES 115, ,094, QUESTAR 103, ,358, RAYTHEON 78, ,709, REGAL-BELOIT 40, ,253, REPUBLIC SERVICES 437, ,810, ROPER INDUSTRIES 185, ,332, SAVIENT PHARMACEUTICALS 388, ,544, SBA COMMUNICATIONS 62, ,165, SEQUENOM 513, ,756, SMITH INTERNATIONAL 79, ,547, STAPLES 78, ,217, STRYKER 14, , T ROWE PRICE GROUP 47, ,394, TARGET 26, , TETRA TECH 127, ,305, TEXAS INSTRUMENTS 111, ,461, THERMO FISHER SCIENTIFIC INC 39, ,002, TORO 106, ,389, UNION PACIFIC 30, ,113, UNITED TECHNOLOGIES 25, , UNITED THERAPEUTICS 112, ,245, VALMONT INDUSTRIES 34, ,648, VALSPAR 79, ,458, VCA ANTECH 107, ,020, VERTEX PHARMACEUTICALS 190, ,600, VF CORP. 35, ,559, VISA A 68, ,274, WALGREEN 115, ,702, WAL-MART STORES 189, ,175, WASTE CONNECTIONS 62, ,219, WASTE MANAGEMENT 181, ,688, WATTS WATER TECHNOLOGIES 60, ,038, WELLS FARGO 144, ,169, WESCO INTL. 67, ,331, XENOPORT 217, ,226, YORK WATER 23, , YUM BRANDS 87, ,227, ,184, TOTAL SHARES 869,446, BONDS FRANCE 0% B.T.F 08/09 EUR 2,116, ,115, % B.T.F 08/09 EUR 952, , % B.T.F 09/09 EUR 3,174, ,170, % B.T.F 09/09 EUR 3,386, ,384, % B.T.F 09/09 EUR 1,481, ,481,

370 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 0% B.T.F 09/09 EUR 5,079, ,071, % B.T.F 09/09 EUR 3,386, ,383, % B.T.F 09/09 EUR 846, , % B.T.F 09/09 EUR 4,137, ,136, % B.T.F 09/09 EUR 4,624, ,621, ,162, GERMANY 0% GERMANY 08/09 EUR 952, , % GERMANY 09/09 EUR 634, , % GERMANY 09/09 EUR 634, , ,219, NETHERLANDS 0% NETHERLANDS 08/09 EUR 2,116, ,114, % NETHERLANDS 08/09 EUR 2,645, ,644, % NETHERLANDS 08/09 EUR 4,233, ,233, % NETHERLANDS 09/09 EUR 1,269, ,267, % NETHERLANDS 09/09 EUR 1,693, ,690, ,950, TOTAL BONDS 43,332, CERTIFICATES NETHERLANDS FUGRO CRT 17, , , TOTAL CERTIFICATES 464, WARRANTS UNITED STATES FLEXIBLE SOLUTIONS WTS , TOTAL WARRANTS TOTAL I. 913,243, II. OTHER TRANSFERABLE SECURITIES SHARES UNITED KINGDOM HOMEBUY GROUP A 174, UNITED STATES INTARCIA THERAPEUTICS PREF AA 14, , INTARCIA THERAPEUTICS PREF BB-1 6, , INTARCIA THERAPEUTICS PREF BB-2 6, , METABOLEX PREF A1 1, , METABOLEX PREF B1 168, , METABOLEX PREF D1 24, , PTC THERAPEUTICS PREF C 43, , PTC THERAPEUTICS PREF CV E-2 3, ,

371 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets PTC THERAPEUTICS PREF D 33, , UNDERGROUND SOLUTIONS 4,557, , ,032, TOTAL SHARES 1,032, BONDS FINLAND 0% FINLAND 09/09 EUR 952, , % FINLAND 09/09 EUR 529, , ,479, SWITZERLAND 0% SWISS CONFEDERATION 09/09 CHF 1,185, , , TOTAL BONDS 2,265, RIGHTS NETHERLANDS CSM RTS (ST. DIV.) 39, , NUTRECO RTS (ST. DIV.) 32, , , TOTAL RIGHTS 45, WARRANTS CANADA SEMCAN WTS , UNITED STATES FLEXIBLE SOLUTIONS WTS , METABOLEX D1 (C-0. 38) WTS , TOTAL WARRANTS TOTAL II. 3,343, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% TREAS. CORP VIC. (ECP) 09/09 EUR 1,058, ,057, % TREAS. CORP VIC. (ECP) 09/09 EUR 1,269, ,268, % TREAS. CORP VIC. (ECP) 09/09 EUR 1,269, ,267, ,593, AUSTRIA 0% AUSTRIA (CP) 09/09 EUR 1,799, ,798, % AUSTRIA (ECP) 08/09 EUR 846, , % AUSTRIA (ECP) 09/09 EUR 846, , % O. K. B. (ECP) 09/09 EUR 846, , % O. K. B. (ECP) 09/09 EUR 634, , ,971,

372 Pictet Funds (LUX) - Absolute Return Global Diversified AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FINLAND 0% FINLAND (ECP) 08/09 EUR 2,031, ,031, ,031, GERMANY 0% K. F. W. (ECP) 09/09 EUR 1,693, ,692, % K. F. W. (ECP) 09/09 EUR 169, , % K. F. W. (ECP) 09/09 EUR 423, , % K. F. W. (ECP) 09/09 EUR 1,058, ,057, % K. F. W. (ECP) 09/09 EUR 1,058, ,058, % K. F. W. (ECP) 09/09 EUR 1,693, ,691, % K. F. W. (ECP) 09/09 EUR 423, , % K. F. W. (ECP) 09/09 EUR 634, , % K. F. W. (ECP) 09/09 EUR 634, , ,783, TOTAL III. 18,380, IV. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS PICTET WATER OPPORT. EUR MAIN 4, , , UNITED STATES ISHARES MSCI TAIWAN INDEX FUND 540, ,977, ,977, TOTAL IV. 4,269, TOTAL INVESTMENTS 939,236, CASH AT BANKS 587,700, OTHER NET LIABILITIES -79,120, TOTAL NET ASSETS 1,447,816,

373 Pictet Funds (LUX) - Absolute Return Global Diversified GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States Switzerland 8.63 China 5.17 France 3.78 Taiwan 3.07 Hong Kong 2.25 United Kingdom 2.10 Germany 1.15 Netherlands 1.05 Canada 0.85 Denmark 0.77 Austria 0.72 Italy 0.70 Cayman Islands 0.66 Brazil 0.64 Japan 0.63 Finland 0.39 Netherlands Antilles 0.26 Australia 0.25 Chile 0.24 Bermuda 0.24 Spain 0.15 Belgium 0.13 Sweden 0.13 South Korea 0.07 Singapore 0.06 Panama 0.06 Malaysia 0.05 Luxembourg 0.05 Portugal 0.04 Jersey 0.02 Ireland 0.01 Guernsey Industrial classification (in % of net assets) Pharmaceuticals and cosmetics 7.82 Biotechnology 7.01 Utilities 5.54 Electronics and electrical equipment 4.59 Banks and credit institutions 3.76 Construction of machines and appliances 3.40 Bonds issued by countries or cities 3.16 Holding and financial companies 3.07 Retail and supermarkets 2.48 Food and soft drinks 2.47 Computer and office equipment 2.22 Oil 2.17 Insurance 1.77 Chemicals 1.56 Environmental conservation and waste management 1.54 Internet, software and IT services 1.41 Communications 1.34 Money market instruments 1.26 Environmental and recycling services 1.24 Construction and building materials 1.08 Transport and freight 0.88 Mining and steelworks 0.64 Miscellaneous services 0.61 Real estate 0.51 Aeronautics and astronautics 0.49 Miscellaneous trade 0.36 Miscellaneous consumer goods 0.34 Textiles and clothing 0.33 Public healthcare and social services 0.33 Units of investment funds 0.29 Gastronomy 0.24 Watch-making 0.21 Stainless steel 0.20 Road vehicles 0.12 Agriculture and fishing 0.12 Conglomerates 0.07 Miscellaneous capital goods 0.04 Tobacco and alcohol 0.04 Publishing and graphic arts 0.04 Photography and optics 0.03 Certificates 0.03 Leisure 0.03 Tyres and rubber 0.03 Warrants 0.00 Rights

374 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL STOCK EXCHANGE OR ON ANOTHER REGULATED MARKET SHARES AUSTRIA ANDRITZ 4, , BWT 2, , INTERCELL 1, , LENZING , SEMPERIT 1, , TELEKOM AUSTRIA 2, , WIENER STAEDTISCHE VERSICHERUNGS , , BAHAMAS STEINER LEISURE , , BELGIUM BEFIMMO , HAMON , IBA (ION BEAM APPLICATIONS) 1, , TELENET GROUP HOLDING 4, , , BERMUDA COVIDIEN 4, , ESPRIT HOLDINGS (NEW) 10, , MANDARIN ORIENTAL INTERNATIONAL 11, , , BRAZIL CEMIG MINAS GERAIS PREF 11, , CIA SANEAMENTO MG 4, , SABESP 14, , TRACTEBEL ENERGIA 3, , , CANADA BIOTEQ ENVIRONMENTAL TECHN. 16, , CANADIAN HYDRO DEVELOPERS 20, , CARDIOME PHARMA (USD) 18, , H2O INNOVATION 11, , PURE TECHNOLOGIES 7, , RESEARCH IN MOTION 2, , ROGERS COMMUNICATIONS B , SEAIR 6, , SEMCAN 7, SHAWCOR A 9, , STANTEC (CAD) 9, , TELUS -NVTG , , CAYMAN ISLANDS BAIDU. COM ADR A (R. 1 SHS A ) , BELLE INTERNATIONAL 28, , CHINA RESOURCES LAND 32, ,

375 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CONSOLIDATED WATER 4, , GREENTOWN CHINA 19, , HUTCHISON TELECOMMUNICATIONS HK 209, , KINGSOFT 89, , LEE MAN PAPER MANUFACTURING 36, , LI NING 65, , NETEASE. COM ADR (R. 25 SHS) , PACIFIC TEXTILES 96, , XINYU HENGDELI 64, , , CHILE INVERSIONES AGUAS METROPOL 177, , , CHINA ALUMINIUM CORP CHINA H 114, , ANHUI CONCH CEMENT A 7, , BANK OF CHINA 488, , BANK OF COMMUNICATIONS H 85, , CHINA CITIC BANK H 324, , CHINA COAL ENERGY H 50, , CHINA CONSTRUCTION BANK H 286, , CHINA COSCO HOLDINGS H 133, , CHINA LIFE INSURANCE A 20, , CHINA LIFE INSURANCE H 68, , CHINA MOBILE HK 45, , CHINA NATIONAL BUILDING MAT. H 42, , CHINA PETROLEUM & CHEMICAL H 190, , CHINA RESOURCES POWER HOLDINGS 42, , CHINA SHENHUA ENERGY H 54, , CHINA SHIPPING DEVELOPMENT H 30, , CITIC SECURITIES A 9, , CNOOC 263, , DAQIN RAILWAY A 58, , DONGFENG MOTOR GROUP H 596, , IND. & COMM. BANK OF CHINA H 1,107, , INNER MONGOLIA YI LI INDUSTRY A 20, , JIANGXI COPPER H 50, , LUZHOU OLD-CELLAR A 1, , PETROCHINA H 107, , PING AN INS. (GRP) CO. A 11, , PING AN INSURANCE (GROUP) 17, , PORTS DESIGN 22, , SHANDA INTERACTIVE ADR (R. 2 SHS) , SHANGHAI INDUSTRIAL HOLDINGS 23, , TENCENT HOLDINGS 15, , ,176, DENMARK GENMAB 4, , NOVO NORDISK B 6, , SIMCORP ,

376 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets TOPDANMARK , TRYGVESTA , , FINLAND CAPMAN B 3, , ELISA A 1, , FORTUM 1, , KEMIRA 5, , RUUKKI GROUP A , FRANCE ALTEN , ARKEMA FRANCE , BIOMERIEUX , BULL (NEW) 9, , CANAL PLUS 2, , DANONE GROUPE (EUR) 3, , DIOR CHRISTIAN , ESSILOR INTERNATIONAL , EUTELSAT COMMUNICATIONS , HERMES INTERNATIONAL , ILIAD , INTER PARFUMS , JC DECAUX 1, , L. V. M. H , LAURENT PERRIER , L OREAL , M6 METROPOLE TV 1, , MEETIC , PERNOD-RICARD , REMY COINTREAU , SCOR SE , SECHE ENVIRONNEMENT , SECHILIENNE-SIDEC , STALLERGENES , STORE ELECTRONIC SYSTEMS 1, , SUEZ ENVIRONNEMENT 25, , TELEPERFORMANCE , VEOLIA ENVIRONNEMENT 13, , VIRBAC , ,206, GERMANY B. M. W , BIJOU BRIGITTE MODISCHE ACCESS , DEUTSCHE TELEKOM NOM. 2, , ELRINGKLINGER 1, , FIELMANN , FUCHS PETROLUB N-VTG , GERRESHEIMER 1, , HANNOVER RUECKVERSICHERUNGS NOM. 1, , JUNGHEINRICH PREF , KONTRON 2, ,

377 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets KWS SAAT , LEONI NOM , MORPHOSYS 1, , PFEIFFER VACUUM TECHNOLOGY , RHOEN KLINIKUM 1, , SFC SMART FUEL CELL , SOFTWARE , , GREECE FORTHNET 6, , , GUERNSEY GOTTEX FUND MANAGEMENT HOLDINGS , , HONG KONG BANK OF EAST ASIA 23, , BEIJING ENTREPRISES 6, , BOC HONG KONG (HOLDINGS) 40, , CHEUNG KONG HOLDINGS 17, , CHINA EVERBRIGHT 32, , GUANGDONG INVESTMENT 404, , HANG SENG BANK 11, , HENDERSON LAND DEVELOPMENT 17, , HONG KONG EXCHANGES AND CLEARING 17, , HONGKONG ELECTRIC 8, , HOPEWELL 26, , HUTCHISON TELECOMMUNICATIONS 209, , HUTCHISON WHAMPOA 31, , LI & FUNG (NEW) 32, , NEW WORLD DEVELOPMENT 71, , SINO LAND 56, , SUN HUNG KAI PROPERTIES 19, , SWIRE PACIFIC A 7, , ,381, IRELAND FBD HOLDINGS 1, , , ITALY ACEA 11, , ANSALTO STS 2, , ASTALDI 3, , BULGARI 1, , DANIELI & C. OFF. MECC. RNC 2, , DAVIDE CAMPARI 4, , DAVIDE CAMPARI 4, , DIASORIN 1, , ENIA 3, , FONDIARIA-SAI , HERA 48, , INDUSTRIA MACCHINE AUTOMATICHE 1, ,

378 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets IRIDE 26, , PARMALAT 16, , , JAPAN ASICS CORP 3, , DAISEKI 7, , KURITA WATER INDUSTRIES 7, , NINTENDO , ORGANO 7, , RAKUTEN , SHISEIDO 1, , SOFTBANK 1, , TOTO 9, , TSUKISHIMA KIKAI 3, , , JERSEY CHARTER INTERNATIONAL 2, , , LUXEMBOURG ORIFLAME COSMETICS , SES GLOBAL FDR 2, , , MALAYSIA YTL POWER INTERNATIONAL 61, , , NETHERLANDS ANTILLES SCHLUMBERGER 5, , , NETHERLANDS CASCAL 4, , CSM 1, , GEMALTO , KPN KONINKLIJKE 2, , NUTRECO HOLDING 1, , QIAGEN 1, , SMIT INTERNATIONALE , , NORWAY TANDBERG A 1, , , PANAMA CARNIVAL TWIN 1, , , PORTUGAL BANCO ESPIRITO SANTO NOM. 2, , MOTA-ENGIL 2, , ,

379 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SINGAPORE BANYAN TREE 20, , HYFLUX 36, , , SOUTH KOREA NHN , WOONG JIN COWAY 1, , , SPAIN FLUIDRA 7, , GRIFOLS A 2, , INDRA SISTEMAS , TELEFONICA 1, , VISCOFAN 1, , , SWEDEN AARHUSKARLSHAMN 1, , INTRUM JUSTITIA 4, , KAPPAHL HOLDING 3, , SAAB B 2, , , SWITZERLAND ABB LTD NOM. 15, , ACTELION NOM. 1, , ADECCO NOM , BALOISE-HOLDING AG , BANQUE CANTONALE VAUDOISE , BASILEA PHARMACEUTICA NOM. 2, , BKW FMB ENERGIE NOM , BOBST GROUP , BUCHER INDUSTRIES , BURCKHARDT COMPRESSION HOLDING , CIE FINANCIERE RICHEMONT 1, , CLARIANT NOM. 2, , CS GROUP NOM. 4, , DAETWYLER HLDG , DUFRY , GALENICA NOM , GEBERIT 1, , GOLDBACH MEDIA , HELVETIA PATRIA NOM , HIGHLIGHT COMMUNICATIONS 4, , HOLCIM NOM. 1, , INFICON HOLDING , INTERROLL HOLDING NOM , JULIUS BAER HOLDING 2, , KUONI REISEN HOLDING NOM. B , LINDT & SPRUENGLI NOM , LOGITECH INTERNATIONAL (NEW) 1, , NESTLE NOM. (NEW) 23, , NEWAVE ENERGY ,

380 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets NOVARTIS AG NOM. 12, , PARTNERS GROUP HOLDING NOM , PETROPLUS HOLDINGS , ROCHE HOLDING ADR (R. 1/4 SHS) 1, , ROCHE HOLDING BON JCE 4, , S. G. S. NOM , SCHINDLER HOLDING NOM , SCHWEITER TECHNOLOGIES , SIKA FINANZ PORT , SONOVA HOLDING NOM. 1, , STRAUMANN HOLDING NOM. (NEW) , SUISSE REASSURANCE NOM. 1, , SYNGENTA NOM , TEMENOS GROUP NOM. 3, , THE SWATCH GROUP , UBS AG 11, , VALORA HOLDING NOM , WEATHERFORD INTERNATIONAL (USD) 6, , ZURICH FINANCIAL SER. NOM. (CHF) 1, , ,320, TAIWAN ACER 23, , ASUSTEK COMPUTER AU OPTRONICS 153, , CATCHER TECHNOLOGY 27, , CATHAY FINANCIAL 214, , CHINA STEEL 227, , CHINATRUST FINANCIAL HOLDINGS 125, , CHUNGHWA TELECOM EVERGREEN MARINE 156, , FUBON FINANCIAL 122, , HIGH TECH COMPUTER 15, , HON HAI PRECISION INDUSTRY 96, , LARGAN PRECISION 3, , MEDIATEK 11, , PRESIDENT CHAIN STORE 11, , SILICONWARE PRECISION INDUSTRIES 39, , SIMPLO TECHNOLOGY 2, , SYNNEX TECHNOLOGY INTL 25, , TAISHIN FINANCIAL HOLDINGS 117, , TAIWAN MOBILE TAIWAN SEMICONDUCTOR 259, , TECO ELECTRIC & MACHINERY 167, , U-MING MARINE TRANSPORT 15, , UNI-PRESIDENT ENTERPRISES 51, , UNITED MICROELECTRONICS 239, , WISTRON 53, , YUANTA FINANCIAL 71, , ,864, UNITED KINGDOM ABERDEEN ASSET MANAGEMENT 7, , AGGREKO 4, ,

381 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets AMLIN 5, , BABCOCK INTERNATIONAL GROUP 4, , BURBERRY GROUP 2, , CARILLION 11, , CONNAUGHT 6, , DIAGEO 4, , HALFORDS GROUP 4, , HSBC HOLDINGS (GBP) 22, , IG GROUP HOLDINGS 7, , INFORMA 4, , INMARSAT 2, , MEGGITT 10, , MICRO FOCUS 6, , MITIE 14, , MOUCHEL GROUP 6, , NORTHUMBRIAN WATER 27, , PACE 6, , PENNON GROUP (NEW) 25, , PLANT HEALTH CARE 13, , PREMIER OIL 2, , PREMIER OIL EM. 09 F. PAID , PV CRYSTALOX SOLAR 14, , QINETIC GROUP 15, , RPS GROUP 11, , SERCO GROUP 7, , SEVERN TRENT (NEW) 14, , ST JAMES S PLACE 8, , STAGECOACH GROUP (NEW) 7, , SYNERGY HEALTH 5, , TEG GROUP 12, , TELECITY GROUP 4, , UNITED UTILITIES GROUP 26, , VENTURE PRODUCTION 2, , WILLIAM HILL 7, , ,277, UNITED STATES ABBOTT LABORATORIES 8, , ACTIVISION BLIZZARD 13, , AFFILIATED COMPUTER A 2, , ALEXION PHARMACEUTICALS 11, , ALLERGAN , AMAZON. COM , AMERICAN STATES WATER 2, , AMERICAN WATER WORKS 8, , AMGEN 15, , AMPHENOL A 3, , AMYLIN PHARMACEUTICALS 12, , AON 2, , APPLE 3, , AQUA AMERICA 19, , ARIBA 1, , AUXILIUM PHARMACEUTICALS 10, ,

382 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets BANK OF NEW YORK MELLON 6, , BANKRATE , BAXTER INTERNATIONAL 4, , BIOGEN IDEC 11, , BIOMARIN PHARMACEUTICAL 19, , BLACKBOARD 1, , BLACKROCK , BRISTOL MYERS SQUIBB CO 3, , BROWN FORMAN B N-VTG , CADIZ 2, , CALGON CARBON 3, , CALIFORNIA WATER SERVICE 2, , CAPELLA EDUCATION , CATALYTIC SOLUTIONS 20, , CELGENE 15, , CHARLES SCHWAB 9, , CISCO SYSTEMS (USD) 21, , CLARCOR 3, , CLOROX 2, , CME GROUP A , COACH 1, , COCA-COLA 4, , COGNIZANT TECH SOL A 4, , COLGATE PALMOLIVE 6, , COMCAST A 1, , CONCUR TECHNOLOGIES , COSTCO WHOLESALE 2, , COVANTA HOLDING 17, , DANAHER 7, , DARDEN RESTAURANTS 1, , DEERE 2, , DENTSPLY INTL 1, , DIGITAL RIVER 2, , DIONEX 2, , DIRECTV GROUP 2, , DONALDSON 3, , DR PEPPER 4, , ECOLAB 4, , EMBARQ , EMERSON ELECTRIC 6, , ENERGY RECOVERY , EOG RESOURCES 2, , EQUIFAX 6, , EQUINIX , ESTEE LAUDER A , EXXON MOBIL 2, , FISERV 1, , FLEXIBLE SOLUTIONS 3, , FRONTIER COMMUNICATIONS B 10, , GEN PROBE 4, , GENERAL DYNAMICS 1, , GENZYME (GENERAL DIVISION) 13, ,

383 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets GILEAD SCIENCES 17, , GOOGLE A 1, , GSI COMMERCE , HANOVER INSURANCE 5, , HENDRX 5, HEWLETT PACKARD 15, , HOME DEPOT 7, , HOSPIRA 1, , IAC / INTERACTIVECORP , IDEX 3, , ILLUMINA 3, , INSITUFORM TECHNOLOGIES A 4, , INTERMUNE 16, , ISIS PHARMACEUTICALS (USD) 9, , ITRON , ITT 10, , JP MORGAN CHASE 14, , KOHL S 7, , LEAP WIRELESS INTERNATIONAL , LIFE TECHNOLOGIES 15, , LINDSAY 2, , LOCKHEED MARTIN 3, , LOWE S COMPANIES 9, , LUMINEX 13, , MARRIOTT INTERNATIONAL A , MASTERCARD A , MCDONALD S 5, , MCKESSON 1, , MDC HOLDINGS 2, , MDU RESOURCES GROUP 6, , MEDICINES 11, , MERCADOLIBRE 1, , METLIFE 2, , METROPCS COMMUNICATIONS 1, , MICROCHIP TECHNOLOGY 13, , MILLIPORE 3, , MKS INSTRUMENTS 6, , MONSANTO (NEW) 6, , MORGAN STANLEY 3, , MYRIAD GENETICS 7, , NALCO HOLDING 5, , NATIONAL OILWELL VARCO 2, , NETFLIX , NIKE B 2, , NUCOR 1, , NVIDIA 8, , O REILLY AUTOMOTIVE 2, , OCCIDENTAL PETROLEUM 2, , OMNITURE , ONYX PHARMACEUTICALS 12, , OSI PHARMACEUTICALS 9, , PALL 5, ,

384 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets PENNICHUCK , PENTAIR 9, , PEPSICO 3, , PHILLIPS-VAN HEUSEN , POLO RALPH LAUREN A , POLYCOM 1, , PRAXAIR 2, , PRICELINE. COM INC , PROCTER & GAMBLE (USD) 2, , PROGENICS PHARM 13, , QUALCOMM 10, , QUANTA SERVICES 5, , QUESTAR 5, , QWEST COMMUNICATIONS INT. 5, , RAYTHEON 4, , REGAL-BELOIT 1, , REPUBLIC SERVICES 17, , ROPER INDUSTRIES 6, , SALESFORCE. COM , SAVIENT PHARMACEUTICALS 16, , SBA COMMUNICATIONS 3, , SEQUENOM 21, , SMITH INTERNATIONAL 4, , SOHU. COM , STAPLES 3, , STRYKER , T ROWE PRICE GROUP 2, , TARGET 1, , TETRA TECH 4, , TEXAS INSTRUMENTS 5, , THERMO FISHER SCIENTIFIC INC 2, , TIFFANY , TORO 4, , UNDER ARMOUR A , UNION PACIFIC 1, , UNITED TECHNOLOGIES 1, , UNITED THERAPEUTICS 4, , VALMONT INDUSTRIES 1, , VALSPAR 3, , VCA ANTECH 5, , VERTEX PHARMACEUTICALS 8, , VF CORP. 1, , VISA A 3, , WALGREEN 5, , WAL-MART STORES 9, , WARNACO GROUP A , WASTE CONNECTIONS 2, , WASTE MANAGEMENT 6, , WATTS WATER TECHNOLOGIES 2, , WELLS FARGO 7, , WESCO INTL. 3, , XENOPORT 9, ,

385 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets YAHOO 2, , YORK WATER , YUM BRANDS 4, , ,739, TOTAL SHARES 37,496, BONDS FRANCE 0% B.T.F 08/09 EUR 242, , % B.T.F 08/09 EUR 538, , % B.T.F 09/09 EUR 376, , % B.T.F 09/09 EUR 215, , % B.T.F 09/09 EUR 1,291, ,289, % B.T.F 09/09 EUR 807, , % B.T.F 09/09 EUR 861, , % B.T.F 09/09 EUR 861, , % B.T.F 09/09 EUR 1,175, ,174, % B.T.F 09/09 EUR 1,052, ,051, ,414, GERMANY 0% GERMANY 08/09 EUR 242, , % GERMANY 09/09 EUR 161, , % GERMANY 09/09 EUR 161, , , NETHERLANDS 0% NETHERLANDS 08/09 EUR 538, , % NETHERLANDS 08/09 EUR 672, , % NETHERLANDS 08/09 EUR 1,076, ,076, % NETHERLANDS 09/09 EUR 322, , % NETHERLANDS 09/09 EUR 430, , ,038, TOTAL BONDS 11,016, CERTIFICATES NETHERLANDS FUGRO CRT , , TOTAL CERTIFICATES 18, RIGHTS FRANCE PERNOD-RICARD RTS , , TOTAL RIGHTS 1, TOTAL I. 48,534,

386 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES SHARES PORTUGAL KIWI II VENT. PREF A UNITED KINGDOM HOMEBUY GROUP A 7, UNITED STATES IBIQUITY DIGITAL PREF A REST INTARCIA THERAPEUTICS PREF AA INTARCIA THERAPEUTICS PREF BB INTARCIA THERAPEUTICS PREF BB METABOLEX PREF A METABOLEX PREF B1 7, , METABOLEX PREF D1 1, PTC THERAPEUTICS PREF C 1, , PTC THERAPEUTICS PREF CV E , PTC THERAPEUTICS PREF D 1, , UNDERGROUND SOLUTIONS 171, , , TOTAL SHARES 40, BONDS CANADA 10% HIGHPOINT TEL. II CV 00/04 USD 6, FINLAND 0% FINLAND 09/09 EUR 242, , % FINLAND 09/09 EUR 134, , , SWITZERLAND 0% SWISS CONFEDERATION 09/09 CHF 301, , , TOTAL BONDS 576, RIGHTS NETHERLANDS CSM RTS (ST. DIV.) 1, NUTRECO RTS (ST. DIV.) 1, , , TOTAL RIGHTS 1, WARRANTS CANADA SEMCAN WTS

387 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED STATES FLEXIBLE SOLUTIONS WTS FLEXIBLE SOLUTIONS WTS METABOLEX D1 (C-0. 38) WTS TOTAL WARRANTS TOTAL II. 618, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% TREAS. CORP VIC. (ECP) 09/09 EUR 269, , % TREAS. CORP VIC. (ECP) 09/09 EUR 322, , % TREAS. CORP VIC. (ECP) 09/09 EUR 322, , , AUSTRIA 0% AUSTRIA (CP) 09/09 EUR 457, , % AUSTRIA (ECP) 08/09 EUR 215, , % AUSTRIA (ECP) 09/09 EUR 215, , % O. K. B. (ECP) 09/09 EUR 161, , % O. K. B. (ECP) 09/09 EUR 215, , ,264, FINLAND 0% FINLAND (ECP) 08/09 EUR 516, , , GERMANY 0% K. F. W. (ECP) 09/09 EUR 269, , % K. F. W. (ECP) 09/09 EUR 269, , % K. F. W. (ECP) 09/09 EUR 430, , % K. F. W. (ECP) 09/09 EUR 107, , % K. F. W. (ECP) 09/09 EUR 161, , % K. F. W. (ECP) 09/09 EUR 43, , % K. F. W. (ECP) 09/09 EUR 161, , % K. F. W. (ECP) 09/09 EUR 430, , % K. F. W. (ECP) 09/09 EUR 107, , ,978, TOTAL III. 4,672, IV. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS PICTET WATER OPPORT. EUR MAIN , , UNITED STATES ISHARES MSCI TAIWAN INDEX FUND 22, , , TOTAL IV. 176,

388 Pictet Funds (LUX) - Absolute Return Global Conservative AS AT APRIL 30, 2009 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets TOTAL INVESTMENTS 54,002, CASH AT BANKS 76,650, OTHER NET LIABILITIES -2,140, TOTAL NET ASSETS 128,512,

389 Pictet Funds (LUX) - Absolute Return Global Conservative GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT APRIL 30, 2009 Geographical classification (in % of net assets) United States France 6.72 Switzerland 2.75 China 2.48 Netherlands 2.47 Germany 2.24 Taiwan 1.45 Austria 1.19 Hong Kong 1.07 United Kingdom 1.00 Finland 0.75 Australia 0.71 Canada 0.43 Cayman Islands 0.38 Denmark 0.37 Italy 0.33 Japan 0.32 Brazil 0.28 Netherlands Antilles 0.15 Bermuda 0.14 Chile 0.10 Spain 0.08 Belgium 0.08 Sweden 0.06 Luxembourg 0.05 South Korea 0.04 Panama 0.03 Singapore 0.03 Malaysia 0.02 Portugal 0.02 Bahamas 0.01 Greece 0.01 Ireland 0.01 Jersey 0.01 Norway 0.01 Guernsey Industrial classification (in % of net assets) Bonds issued by countries or cities 9.03 Pharmaceuticals and cosmetics 3.79 Money market instruments 3.64 Biotechnology 3.35 Utilities 2.44 Electronics and electrical equipment 2.14 Banks and credit institutions 1.84 Construction of machines and appliances 1.38 Holding and financial companies 1.33 Retail and supermarkets 1.29 Computer and office equipment 1.24 Oil 1.13 Food and soft drinks 1.13 Internet, software and IT services 1.01 Communications 0.90 Insurance 0.81 Chemicals 0.73 Environmental conservation and waste management 0.67 Environmental and recycling services 0.51 Construction and building materials 0.43 Textiles and clothing 0.39 Transport and freight 0.33 Mining and steelworks 0.30 Miscellaneous services 0.30 Real estate 0.25 Aeronautics and astronautics 0.27 Public healthcare and social services 0.19 Miscellaneous consumer goods 0.19 Gastronomy 0.17 Miscellaneous trade 0.14 Units of investment funds 0.14 Tobacco and alcohol 0.12 Stainless steel 0.09 Watch-making 0.08 Road vehicles 0.07 Agriculture and fishing 0.06 Publishing and graphic arts 0.03 Conglomerates 0.03 Photography and optics 0.03 Miscellaneous capital goods 0.02 Leisure 0.01 Certificates 0.01 Tyres and rubber 0.01 Corporate bonds 0.00 Warrants 0.00 Rights

390 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) NOTE 1 GENERAL Pictet Funds (LUX) (the SICAV ) is an Open-ended Investment Company ( Société d Investissement à Capital Variable ) governed by Luxembourg law and subject to the provisions of Part I of the law of December 20, 2002, as amended. 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 and Pictet Funds (LUX) as of April 28, 2006) and its Articles of Incorporation were published in the official gazette, Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg on October 29, The Articles of Incorporation were amended by deed on October 30, 1992, published in the Mémorial on January 23, 1993, by deed on June 14, 1995, published in the Mémorial on July 13, 1995, by deed on November 8, 1999, published in the Mémorial on March 7, 2000, by deed on May 2, 2001, published on May 29, 2001, by deed on September 12, 2003, published on October 7, 2003, by deed on December 8, 2005, published on December 21, 2005, by deed on April 28, 2006, published on May 18, 2006, by deed on May 21, 2007, published on August 3, 2007, by deed on October 27, 2008, published on November 17, 2008, and lastly by deed on January 23, 2009, published on February 20, Pictet Funds (Europe) S.A., a public limited company (société anonyme) having its registered office at 3, boulevard Royal, Luxembourg, was appointed management company of the SICAV within the meaning of chapter 13 of the law of December 20, 2002, as amended, as of December 8, As at April 30, 2009, Pictet Funds (LUX) comprises the following sub-funds: Pictet Funds (LUX) - EUR Bonds denominated in Euro (EUR) Pictet Funds (LUX) - USD Government Bonds denominated in U.S. Dollar (USD) Pictet Funds (LUX) - CHF Liquidity denominated in Swiss franc (CHF) Pictet Funds (LUX) - USD Liquidity denominated in U.S. Dollar (USD) Pictet Funds (LUX) - EUR Liquidity denominated in Euro (EUR) Pictet Funds (LUX) - EUR Corporate Bonds denominated in Euro (EUR) Pictet Funds (LUX) - Global Emerging Debt denominated in U.S. Dollar (USD) Pictet Funds (LUX) - World Government Bonds denominated in Euro (EUR) Pictet Funds (LUX) - EUR High Yield denominated in Euro (EUR) Pictet Funds (LUX) - EUR Short Mid-Term Bonds denominated in Euro (EUR) Pictet Funds (LUX) - USD Short Mid-Term Bonds denominated in U.S. Dollar (USD) Pictet Funds (LUX) - EUR Turbo Income denominated in Euro (EUR) Pictet Funds (LUX) - CHF Bonds denominated in Swiss franc (CHF) Pictet Funds (LUX) - EUR Government Bonds denominated in Euro (EUR) Pictet Funds (LUX) - EUR Inflation Linked Bonds denominated in Euro (EUR) Pictet Funds (LUX) - EUR Asset Backed Securities denominated in Euro (EUR) Pictet Funds (LUX) - Emerging Local Currency Debt denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Asian Local Currency Debt denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Global Emerging Currencies denominated in U.S. Dollar (USD) Pictet Funds (LUX) - (JPY) Liquidity denominated in Yen (JPY) Pictet Funds (LUX) - Latin American Local Currency Debt denominated in U.S. Dollar (USD) Pictet Funds (LUX) - (USD) Sovereign Liquidity denominated in U.S. Dollar (USD) Pictet Funds (LUX) - (EUR) Sovereign Liquidity denominated in Euro (EUR) Pictet Funds (LUX) - European Equity Selection denominated in Euro (EUR) Pictet Funds (LUX) - Small Cap Europe denominated in Euro (EUR) Pictet Funds (LUX) - Emerging Markets denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Eastern Europe denominated in Euro (EUR) Pictet Funds (LUX) - Europe Index denominated in Euro (EUR) Pictet Funds (LUX) - USA Index denominated in U.S. Dollar (USD) Pictet Funds (LUX) - European Sustainable Equities denominated in Euro (EUR) Pictet Funds (LUX) - Japan Index denominated in Yen (JPY) Pictet Funds (LUX) - Pacific (Ex Japan) Index denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Digital Communication denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Biotech denominated in U.S. Dollar (USD) 388

391 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Pictet Funds (LUX) - Premium Brands denominated in Euro (EUR) Pictet Funds (LUX) - Water denominated in Euro (EUR) Pictet Funds (LUX) - Indian Equities denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Japanese Equities 130/30 denominated in Yen (JPY) Pictet Funds (LUX) - US Equities denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Asian Equities (Ex Japan) denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Greater China denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Japanese Equity Selection denominated in Yen (JPY) Pictet Funds (LUX) - Generics denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Emerging Markets Index denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Japanese Mid-Small Cap denominated in Yen (JPY) Pictet Funds (LUX) - Emerging Markets Large Cap denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Euroland Index denominated in Euro (EUR) Pictet Funds (LUX) - US Equity Selection denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Security denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Clean Energy denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Russian Equities denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Timber denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Global Megatrend Selection (launched on November 4, 2008)denominated in U.S. Dollar (USD) Pictet Funds (LUX) - Piclife denominated in Swiss franc (CHF) Pictet Funds (LUX) - Absolute Return Global Diversified denominated in Euro (EUR) Pictet Funds (LUX) - Absolute Return Global Conservative denominated in Euro (EUR) It was decided at the Extraordinary General Meeting of Shareholders of October 27, 2008 to change the duration of the financial year of the SICAV as follows: the financial year of the SICAV shall begin on October 1 and end on September 30 of the following year. For the year 2008, however, the financial year of the SICAV shall run from January 1 to October 31, 2008 and the following financial year shall run from November 1, 2008 to September 30, On January 26, 2009, the Board of Directors decided to merge the following sub-funds with effect as of February 27, 2009: Pictet Funds (LUX) - Continental European Equities in Pictet Funds (LUX) - Euroland Index; Pictet Funds (LUX) - Euroland Equities in Pictet Funds (LUX) - Euroland Index; Pictet Funds (LUX) - EAFE in Pictet Funds (LUX) - Europe Index. On February 2, 2009, the Board of Directors decided to merge the Pictet Funds (LUX) - Global Equity Selection sub-fund in Pictet Funds (LUX) - Global Megatrend Selection sub-fund, with effect as of March 3, As at April 30, 2009, the following sub-funds had not yet been launched: Pictet Funds (LUX) - Family Business denominated in Euro (EUR), Pictet Funds (LUX) - Agriculture denominated in Euro (EUR), Pictet Funds (LUX) - US Equity Value Selection denominated in U.S. Dollar (USD), Pictet Funds (LUX) - Middle East And North Africa denominated in U.S. Dollar (USD), Pictet Funds (LUX) - Convertible Bonds denominated in Euro (EUR). A new prospectus came into force on February 27,

392 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The net assets of each sub-fund are represented by shares which may be divided into different share classes or sub-classes. All of the shares representing the assets of a subfund form a share class. 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 latest prospectus of the SICAV. The Board of Directors may also decide to create two or more sub-classes for each share class, whose assets will be invested according to the specific investment policy of the class concerned, but in which the sub-classes can be distinguished by specific subscription and/or redemption fee structures, currency risk hedging policies, distribution policies and/or management or advisory commissions or any other policies applicable to each sub-class. If need be, this information will be provided in the current prospectus of the SICAV. Shares of each sub-fund may be split into different classes, as defined in the current prospectus. I shares are intended for institutional investors within the meaning of article 129 of the law of December 20, 2002, as amended, who wish to invest a minimum initial amount, as detailed in the appendix to the current prospectus of each sub-fund. Commissions levied on I 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 index sub-funds in order to differentiate them, if necessary, 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 significant characteristics, one and/or the other respond to different marketing practices in force in the countries where 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. 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 brokers. 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. Commissions levied on Z shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions. 390

393 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Management fees shall vary according to the sub-class of shares, as detailed in Appendices 1, 2 and 3 of the current prospectus of the SICAV. P and Z shares may be divided into P Cap and Z Cap shares respectively (accumulation shares), and into P Distr and Z Distr shares respectively (distribution shares). Distribution shares shall be entitled to dividends while the amount corresponding to capitalisation shares will not be distributed but invested in the share class concerned. J Distr and J Cap shares may be created within certain sub-funds and are intended for institutional investors who wish to invest a minimum initial amount as detailed in the appendix to the sub-funds concerned. These shares shall be subject to the same subscription and redemption fees as I shares. However, the Board of Directors reserves the right to accept, at its discretion, subscriptions for an amount lower than the required initial minimum subscription amount. In each sub-fund shares issued in currencies other than the base currency of the subfund may be created. These shares may be hedged (as defined below) or unhedged. Hedged shares: HI, HP Cap, HP Distr, HR, HZ Cap and HZ Distr shares may also be created within certain sub-funds. The objective of these shares is to hedge a large part of the foreign exchange risk of the HI, HP Cap, HP Distr, HR, HZ Cap and HZ Distr shares with respect to a particular currency. These shares are subject to the same subscription and redemption fees as I, P, R, Z Cap and Z Distr shares respectively, as described above. The minimum investment amount applicable to HI or I shares issued in a currency other than the consolidation currency of the sub-fund is the minimum initial investment amount applicable to I shares, which is converted into the currency applicable to this class on the NAV calculation day. 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 subclass, 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 subclass of shares held, the Board of Directors reserves the right to request such shareholder to convert his shares into shares of another sub-class. 391

394 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) 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 Funds (LUX) subfunds. 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 subfunds. All banking operations affecting the life of the sub-fund (dividends, interest, noncontractual fees, expenses) are 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 respective sub-funds. It should be clear at all times which assets and liabilities pertain to which sub-fund. 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 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 of the period 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 on 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 participations applicable as at each NAV calculation. 392

395 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The Extraordinary General Meeting of Shareholders of January 23, 2009 decided that the Dilution Levy may be added to the investment and disinvestment fees as well as the value adjustments provided for under the chapter entitled Calculation of the net asset value of the current prospectus. This decision was applied as of February 1, NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES a) General The financial statements are presented 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 as well as the market value of the investment portfolio 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 year. Income and expenses in currencies other than the 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 included in the statement of operations. d) Combined financial statements of the SICAV The combined financial statements of the SICAV are expressed in EUR and correspond to the sum of investments in the financial statements of each sub-fund, converted into EUR at the exchange rate prevailing at the end of the year. 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 determined, the securities shall be valued prudently and in good faith on the basis of their foreseeable sale prices. Liquid assets are valued at their nominal value plus accrued interest. 393

396 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Units/shares of open-ended undertakings for collective investment shall be valued on the basis of the last net asset value available; if the price determined is not representative of the fair value of these assets, the price shall be determined by the Board of Directors according to equitable and prudent criteria. Units/shares of closed-ended UCIs shall be valued on the basis of the last market value available. Money market instruments not listed or traded on a regulated market, a stock exchange in a country which is not part of the EU or any other regulated market and whose residual maturity does not exceed twelve months shall be valued at their nominal value, plus any accrued interest, the total value being amortised according to a linear method. This rule does not apply to the Pictet Funds (LUX) - (EUR) Sovereign Liquidity or Pictet Funds (LUX) - (USD) Sovereign Liquidity sub-funds. Forward contracts and options that are not traded on a regulated market, a stock exchange in a country which is not part of the EU or any other regulated market shall be 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 regulated market, a stock exchange in another country or on any other regulated market shall be based on the closing or settlement prices published by this regulated market, stock exchange in another country or by another regulated market on which the contracts in question 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. 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. However, this may not be cumulative with the application of the dilution levy. Further details are given in the current prospectus of the SICAV. f) Valuation of Asset-Backed Securities/Mortgage-Backed Securities. Due to the continuation of difficult market conditions linked to the subprime crisis and, more recently, the credit market crisis, the valuation of Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) is still based on a purpose-built approach involving the application of a valuation model, the aim of which is to determine a fair value which most accurately reflects the values of the assets analysed. 394

397 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The fair value valuation method includes the following steps: 1. Discount margin levels are determined a priori on the basis of levels regularly provided by external sources (currently JP Morgan and Markit). The most conservative levels are used in the valuation. These levels are reviewed on a weekly basis and adjusted either upward or downward depending on the information received from our external sources. 2. These spread levels are empirically verified upon each actual transaction. 3. A Pricing Committee was created on October 10, 2008 in order to make decisions with regard to the problems linked to the valuation of financial instruments. More specifically, for ABS/MBS instruments, the Committee regularly monitors the change in spreads, analyses the impact of revaluations on Funds and may, inter alia, decide: to integrate an illiquidity premium based primarily on rating, sector and country, but also linked to the maturity of the security or the name of an issuer, in order to take into account the lack of buyers for certain investment lines. to integrate other elements in order to more accurately reflect the value of the assets analysed. The method is regularly reviewed by the Board of Directors, which will validate any change to the approach prior to its introduction. g) Valuation of the securities of the Sovereign Liquidity sub-funds The securities are valued using the Marked to Market method. The security s spread is determined on the basis of its purchase price. The security is then valued according to this spread and the evolution of risk-free rates. h) Valuation of forward contracts The valuation of forward contracts is based on the latest price available. The unrealised gains or losses on these contracts resulting from the difference between this price and the original transaction price are included in the statement of net assets. 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 included in the statement of net assets. j) Valuation of interest rate swaps The cashflows received and paid by the sub-fund in connection with swap contracts are converted to present value on the valuation date at the zero-coupon swap rate corresponding to the maturity of these cashflows. The value of the swap contracts is the difference between these two present value conversions. 395

398 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) k) Valuation of Credit Default Swaps Credit default swaps (CDS) are entered into on the basis of ISDA contracts with leading financial institutions specialised in these types of transactions. The parameters determining the valuation of CDS are: the recovery rate, the default probability 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. l) Valuation of Total Return Swaps Cashflows received and paid by 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 actualised 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 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 fund s investment portfolio and subject to market risk. Repos are recorded in the accounts as loans up to the amount of cash received. Interest is provisioned 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 portfolio securities The cost of securities denominated in currencies other than the base currency of the different sub-funds 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. 396

399 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) q) Valuation of investments in Private Equity 1. Frequency of valuation of Private Equity securities Such securities are incorporated 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 bank 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 reviewed by the Auditor of the SICAV who will advise on the practicality and relevance of the valuation method, the adherence to and consistency of the valuation methodology as well as the compliance of the valuation method with the valuation guidelines of the European Private Equity and Venture Capital Association (EVCA). This opinion is generally required before the price revaluation, however, in certain circumstances it may be required after. The recommendation is then submitted to the Board of Directors of the SICAV for review and official approval. NOTE 3 TAXE D ABONNEMENT Under the legislation and regulations currently prevailing in Luxembourg, the SICAV is not subject to any tax on income. The SICAV is subject to a taxe d abonnement of 0.05% per annum on its net assets, payable quarterly and calculated on the basis of the net assets at the end of each quarter. The value of 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. However, this tax is reduced to 0.01% for assets related to shares reserved for institutional investors. NOTE 4 MANAGEMENT AND INVESTMENT ADVISORY FEE The Management Company has appointed 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 respectively on the sub-classes of shares, as well as on their corresponding shares, pro rata to its net assets. 397

400 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The maximum fee rates applicable as at April 30, 2009 are the following: I shares P shares R shares Z shares J shares (max) (max) (max) (max) (max) Pictet Funds (LUX) - EUR Bonds 0.60% 0.90% 1.25% 0.00% 0.45% Pictet Funds (LUX) - USD Government Bonds 0.30% 0.60% 0.90% 0.00% - Pictet Funds (LUX) - CHF Liquidity 0.15% 0.18% 0.25% 0.00% 0.10% Pictet Funds (LUX) - USD Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet Funds (LUX) - EUR Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet Funds (LUX) - EUR Corporate Bonds 0.60% 0.90% 1.25% 0.00% - Pictet Funds (LUX) - Global Emerging Debt 1.10% 1.45% 1.75% 0.00% - Pictet Funds (LUX) - World Government Bonds 0.30% 0.60% 0.90% 0.00% - Pictet Funds (LUX) - EUR High Yield 1.10% 1.45% 1.75% 0.00% - Pictet Funds (LUX) - EUR Short Mid-Term Bonds * 0.35% 0.60% 0.90% 0.00% - Pictet Funds (LUX) - USD Short Mid-Term Bonds 0.35% 0.60% 0.90% 0.00% - Pictet Funds (LUX) - EUR Turbo Income 0.35% 0.65% 0.90% 0.00% - Pictet Funds (LUX) - CHF Bonds 0.45% 0.80% 1.05% 0.00% - Pictet Funds (LUX) - EUR Government Bonds 0.30% 0.60% 0.90% 0.00% - Pictet Funds (LUX) - EUR Inflation Linked Bonds 0.45% 0.90% 1.20% 0.00% - Pictet Funds (LUX) - EUR Asset Backed Securities 0.35% 0.60% 0.90% 0.00% - Pictet Funds (LUX) - Emerging Local Currency Debt 1.05% 2.10% 3.00% 0.00% - Pictet Funds (LUX) - Asian Local Currency Debt 1.05% 2.10% 3.00% 0.00% - Pictet Funds (LUX) - Global Emerging Currencies 1.05% 2.10% 3.00% 0.00% 1.05% Pictet Funds (LUX) - (JPY) Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet Funds (LUX) - Latin American Local Currency Debt 1.05% 2.10% 3.00% 0.00% - Pictet Funds (LUX) - (USD) Sovereign Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet Funds (LUX) - (EUR) Sovereign Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet Funds (LUX) - European Equity Selection 0.90% 1.80% 2.50% 0.00% - Pictet Funds (LUX) - Small Cap Europe 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Emerging Markets 2.00% 2.50% 2.90% 0.00% - Pictet Funds (LUX) - Eastern Europe 1.80% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Europe Index 0.30% 0.45% 0.90% 0.00% - Pictet Funds (LUX) - USA Index 0.30% 0.45% 0.90% 0.00% - Pictet Funds (LUX) - European Sustainable Equities 0.65% 1.20% 1.80% 0.00% - Pictet Funds (LUX) - Japan Index 0.30% 0.45% 0.90% 0.00% - Pictet Funds (LUX) - Pacific (Ex Japan) Index 0.25% 0.40% 0.85% 0.00% - Pictet Funds (LUX) - Digital Communication 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Biotech 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Premium Brands 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Water 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Indian Equities 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Japanese Equities 130/ % 1.80% 2.50% 0.00% - Pictet Funds (LUX) - US Equities 0.90% 1.80% 2.50% 0.00% - Pictet Funds (LUX) - Asian Equities (Ex Japan) 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Greater China 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Japanese Equity Selection 0.90% 1.80% 2.50% 0.00% - Pictet Funds (LUX) - Generics 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Emerging Markets Index 0.60% 0.90% 1.35% 0.00% - Pictet Funds (LUX) - Japanese Mid-Small Cap 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Emerging Markets Large Cap 1.50% 2.50% 2.90% 0.00% - Pictet Funds (LUX) - Euroland Index 0.30% 0.45% 0.90% 0.00% - Pictet Funds (LUX) - US Equity Selection 0.90% 1.80% 2.50% 0.00% - Pictet Funds (LUX) - Security 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Clean Energy 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Russian Equities 1.90% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Timber 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Global Megatrend Selection 1.20% 2.40% 2.90% 0.00% - Pictet Funds (LUX) - Piclife ** 1.00% 1.50% 2.00% 0.00% - Pictet Funds (LUX) - Absolute Return Global Diversified 0.70% 1.50% 2.20% 0.00% - Pictet Funds (LUX) - Absolute Return Global Conservative 0.50% 1.00% 1.45% 0.00% - * For the HI-CHF and HP Cap-CHF share classes, the rates are 0.25% and 0.35% respectively for the Pictet Funds (LUX) - EUR Short Mid-Term Bonds sub-fund. ** For the S share class, the rate is 0.50% for the Pictet Funds (LUX) Piclife sub-fund. 398

401 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (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 fee rates applicable as at April 30, 2009 are the following: Unhedged shares Hedged shares (max) (max) Pictet Funds (LUX) - EUR Bonds 0.30% 0.35% Pictet Funds (LUX) - USD Government Bonds 0.15% - Pictet Funds (LUX) - CHF Liquidity 0.05% - Pictet Funds (LUX) - USD Liquidity 0.10% - Pictet Funds (LUX) - EUR Liquidity 0.10% - Pictet Funds (LUX) - EUR Corporate Bonds 0.30% 0.35% Pictet Funds (LUX) - Global Emerging Debt 0.30% 0.35% Pictet Funds (LUX) - World Government Bonds 0.15% - Pictet Funds (LUX) - EUR High Yield 0.30% 0.35% Pictet Funds (LUX) - EUR Short Mid-Term Bonds 0.10% 0.15% Pictet Funds (LUX) - USD Short Mid-Term Bonds 0.10% - Pictet Funds (LUX) - EUR Turbo Income 0.10% 0.15% Pictet Funds (LUX) - CHF Bonds 0.30% - Pictet Funds (LUX) - EUR Government Bonds 0.15% 0.20% Pictet Funds (LUX) - EUR Inflation Linked Bonds 0.15% 0.20% Pictet Funds (LUX) - EUR Asset Backed Securities 0.15% - Pictet Funds (LUX) - Emerging Local Currency Debt 0.40% 0.45% Pictet Funds (LUX) - Asian Local Currency Debt 0.40% 0.45% Pictet Funds (LUX) - Global Emerging Currencies 0.40% 0.45% Pictet Funds (LUX) - (JPY) Liquidity 0.10% - Pictet Funds (LUX) - Latin American Local Currency Debt 0.40% 0.45% Pictet Funds (LUX) - (USD) Sovereign Liquidity 0.10% - Pictet Funds (LUX) - (EUR) Sovereign Liquidity 0.10% - Pictet Funds (LUX) - European Equity Selection 0.40% - Pictet Funds (LUX) - Small Cap Europe 0.45% - Pictet Funds (LUX) - Emerging Markets 0.40% 0.45% Pictet Funds (LUX) - Eastern Europe 0.80% - Pictet Funds (LUX) - Europe Index 0.10% - Pictet Funds (LUX) - USA Index 0.10% - Pictet Funds (LUX) - European Sustainable Equities 0.45% - Pictet Funds (LUX) - Japan Index 0.10% - Pictet Funds (LUX) - Pacific (Ex Japan) Index 0.05% - Pictet Funds (LUX) - Digital Communication 0.40% 0.45% Pictet Funds (LUX) - Biotech 0.45% 0.50% Pictet Funds (LUX) - Premium Brands 0.45% - Pictet Funds (LUX) - Water 0.45% 0.50% Pictet Funds (LUX) - Indian Equities 0.65% - Pictet Funds (LUX) - Japanese Equities 130/ % - Pictet Funds (LUX) - US Equities 0.35% - Pictet Funds (LUX) - Asian Equities (Ex Japan) 0.35% 0.40% Pictet Funds (LUX) - Greater China 0.45% - Pictet Funds (LUX) - Japanese Equity Selection 0.40% 0.45% Pictet Funds (LUX) - Generics 0.45% 0.50% Pictet Funds (LUX) - Emerging Markets Index 0.10% - Pictet Funds (LUX) - Japanese Mid-Small Cap 0.50% - Pictet Funds (LUX) - Emerging Markets Large Cap 0.40% 0.45% Pictet Funds (LUX) - Euroland Index 0.10% - Pictet Funds (LUX) - US Equity Selection 0.30% 0.35% Pictet Funds (LUX) - Security 0.45% 0.50% Pictet Funds (LUX) - Clean Energy 0.45% 0.50% 399

402 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Unhedged shares Hedged shares Pictet Funds (LUX) - Russian Equities 0.80% - Pictet Funds (LUX) - Timber 0.45% 0.50% Pictet Funds (LUX) - Global Megatrend Selection 0.45% 0.50% Pictet Funds (LUX) - Piclife 0.20% - Pictet Funds (LUX) - Absolute Return Global Diversified 0.30% 0.35% Pictet Funds (LUX) - Absolute Return Global Conservative 0.30% 0.35% NOTE 6 OTHER FEES PAYABLE As at April 30, 2009, other fees payable include administration, custodian and service fees. NOTE 7 SUBSCRIPTION, REDEMPTION AND/OR CONVERSION FEE The issue price of shares of each sub-fund (or sub-class of shares, where applicable) is equal to the net asset value of each share (or each sub-class of shares, respectively) in that sub-fund, as determined on the first NAV calculation date that follows the subscription date. Brokerage fees of up to 5% of the relevant sub-fund s net asset value per share may be added to the issue price, such fees being levied in favour of the intermediaries and/or distributors involved in investments in shares of the SICAV. The fees paid to financial intermediaries 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 each share (or each sub-class of shares, respectively) in that sub-fund, as determined on the first NAV calculation date that follows the redemption date. This amount may be reduced by brokerage fees of up to 3% of the net asset value per share to be paid to the intermediaries and/or distributors. The fees paid to financial intermediaries 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 issue, 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 subfund concerned. The Board of Directors is authorised for certain sub-funds, as specified in the Appendices of the current prospectus where applicable, to apply investment fees of maximum 1% of the net asset value per share payable in favour of the sub-funds concerned, which may be added to the net asset value or, where necessary, included in the net asset value. Such investment costs apply identically to all shareholders on the same net asset value calculation day. 400

403 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) NOTE 8 EXCHANGE RATES AS AT APRIL 30, 2009 The following exchange rates were used for the conversion of the SICAV s net assets into EUR as at April 30, 2009: 1 EUR = CHF 1 EUR = USD 1 EUR = JPY NOTE 9 FORWARD CONTRACTS The SICAV had the following forward contracts outstanding as at April 30, 2009: EUR Bonds Maturity Currency Total commitment in EUR Purchase of 20 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 2,478, Sale of 42 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR -4,546, The net unrealised loss on these contracts as at April 30, 2009 was EUR 12, and is included in the statement of net assets. USD Government Bonds Maturity Currency Total commitment in USD Purchase of 56 USA TREASURY NOTE 2 YEARS 30/06/2009 USD 12,132, The net unrealised gain on this contract as at April 30, 2009 was USD 42, and is included in the statement of net assets. EUR Corporate Bonds Maturity Currency Total commitment in EUR Sale of 81 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR -9,939, Purchase of 200 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 21,658, Sale of 100 EURO BOBL BUND EUREX 08/06/2009 EUR -11,581, The net unrealised loss on these contracts as at April 30, 2009 was EUR 48, and is included in the statement of net assets. Global Emerging Debt Maturity Currency Total commitment in USD Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 15,894, Purchase of 355 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 49,561, The net unrealised gain on these contracts as at April 30, 2009 was USD 36, and is included in the statement of net assets. 401

404 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) World Government Bonds Maturity Currency Total commitment in EUR Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 744, Purchase of 3.92 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 485, Purchase of BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 2,005, Sale of 7.83 EURO BOBL BUND EUREX 08/06/2009 EUR -903, Sale of 1.96 JAPANESE FUTURE BONDS 10 YEARS 10/06/2009 JPY -2,086, Purchase of 2.94 USA TREASURY NOTE 2 YEARS 30/06/2009 USD 498, Sale of 9.8 USA TREASURY NOTES 5 YEARS 30/06/2009 USD -867, The net unrealised loss on these contracts as at April 30, 2009 was EUR and is included in the statement of net assets. EUR High Yield Maturity Currency Total commitment in EUR Purchase of 28 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 3,430, Purchase of 33 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 3,565, Purchase of 36 EURO BOBL BUND EUREX 08/06/2009 EUR 4,175, The net unrealised loss on these contracts as at April 30, 2009 was EUR 73, and is included in the statement of net assets. EUR Short Mid-Term Bonds Maturity Currency Total commitment in EUR Purchase of 120 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 12,948, Sale of 290 EURO BOBL BUND EUREX 08/06/2009 EUR -33,478, The net unrealised loss on these contracts as at April 30, 2009 was EUR 195, and is included in the statement of net assets. USD Short Mid-Term Bonds Maturity Currency Total commitment in USD Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 2,938, Purchase of 39 USA TREASURY NOTE 2 YEARS 30/06/2009 USD 8,469, Sale of 35 USA TREASURY NOTES 5 YEARS 30/06/2009 USD -4,114, The net unrealised loss on these contracts as at April 30, 2009 was USD 6, and is included in the statement of net assets. CHF Bonds Maturity Currency Total commitment in CHF Purchase of EUREX FUTURE S/6% CONF YEARS 08/06/2009 CHF 2,759, The net unrealised gain on this contract as at April 30, 2009 was CHF 17, and is included in the statement of net assets. EUR Government Bonds Maturity Currency Total commitment in EUR Purchase of BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 4,914, The net unrealised loss on this contract as at April 30, 2009 was EUR 32, and is included in the statement of net assets. 402

405 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) EUR Inflation Linked Bonds Maturity Currency Total commitment in EUR Purchase of 3 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 323, The net unrealised gain on this contract as at April 30, 2009 was EUR and is included in the statement of net assets. Emerging Local Currency Debt Maturity Currency Total commitment in USD Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 8,990, Purchase of 425 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 59,169, The net unrealised gain on these contracts as at April 30, 2009 was USD 41, and is included in the statement of net assets. Asian Local Currency Debt Maturity Currency Total commitment in USD Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 56, Purchase of 127 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 57, Purchase of 89 KOREA BONDS FUTURE 3 YEARS 16/06/2009 KRW 20, Sale of 4 USA TREASURY NOTES 5 YEARS 30/06/2009 USD 11, The net unrealised gain on these contracts as at April 30, 2009 was USD 61, and is included in the statement of net assets. Latin American Local Currency Debt Maturity Currency Total commitment in USD Purchase of 5 10 YEARS TREASURY NOTES USA 19/06/2009 USD 609, Purchase of 26 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 3,643, The net unrealised gain on these contracts as at April 30, 2009 was USD 2, and is included in the statement of net assets. USA Index Maturity Currency Total commitment in USD Purchase of 79 S&P E-MINI 500 STOCK INDEX 19/06/2009 USD 3,408, The net unrealised gain on this contract as at April 30, 2009 was USD 27, and is included in the statement of net assets. Japan Index Maturity Currency Total commitment in JPY Purchase of 97 INDICE TOKYO STOCK EXCH. -TOPIX- 11/06/2009 JPY 811,614, The net unrealised gain on this contract as at April 30, 2009 was JPY 4,155, and is included in the statement of net assets. 403

406 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Greater China Maturity Currency Total commitment in USD Purchase of HANG SENG CHINA ENTERPRISES INDEX 27/05/2009 HKD 3,030, Purchase of HANG SENG INDICES 27/05/2009 HKD 1,156, The net unrealised gain on these contracts as at April 30, 2009 was USD 267, and is included in the statement of net assets. Piclife Maturity Currency Total commitment in CHF Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 23, Purchase of 0.42 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 78, Purchase of 0.39 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 64, Purchase of 82 DOW JONES EURO STOXX 50 22/06/2009 EUR 2,449, Purchase of 1.36 EUREX FUTURE S/6% CONF YEARS 08/06/2009 CHF 182, Sale of 0.17 EURO BOBL BUND EUREX 08/06/2009 EUR -28, Purchase of 25 FTSE 100 (FINANCIAL TIMES) 19/06/2009 GBP 1,573, Sale of 0.04 JAPANESE FUTURE BONDS 10 YEARS 10/06/2009 JPY -66, Purchase of 41 NIKKEI 225 INDICE 11/06/2009 JPY 1,712, Purchase of 13 S&P INDICES /06/2009 USD 2,899, Purchase of 106 SMI INDEX 19/06/2009 CHF 5,081, Purchase of 0.06 USA TREASURY NOTE 2 YEARS 30/06/2009 USD 15, Sale of 0.2 USA TREASURY NOTES 5 YEARS 30/06/2009 USD -27, The net unrealised gain on these contracts as at April 30, 2009 was CHF 1,779, and is included in the statement of net assets. Absolute Return Global Diversified Maturity Currency Total commitment in EUR Purchase of 1, YEARS TREASURY NOTES USA 19/06/2009 USD 22, Sale of 529 AEX INDEX (AMSTERDAM EXCHANGE) 15/05/2009 EUR 9, Sale of 430 ASX 200 INDICES 18/06/2009 AUD 42, Sale of 42 BOLSA VALORES SAO PAULO INDICES 17/06/2009 BRL 4, Purchase of 926 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 22, Purchase of 1,064 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 34, Sale of 59 CAC 40 INDICE 15/05/2009 EUR 14, Sale of 13 DAX INDEX 19/06/2009 EUR 6, Purchase of 1,299 EUREX FUTURE S/6% CONF YEARS 08/06/2009 CHF 43, Purchase of 989 EURO BOBL BUND EUREX 08/06/2009 EUR 45, Sale of 262 FTSE 100 (FINANCIAL TIMES) 19/06/2009 GBP 27, Sale of 94 FTSE/JSE AFRICA TOP40 18/06/2009 ZAR 1,968, Sale of HANG SENG CHINA ENTERPRISES INDEX 27/05/2009 HKD 5, Sale of 1, HANG SENG INDICES 27/05/2009 HKD 7, Sale of 32 IBEX 35 INDEX 15/05/2009 EUR 977, Sale of 507 INDICE TOKYO STOCK EXCH. -TOPIX- 11/06/2009 JPY 28, Sale of 52 IPC MEXICO INDEX 19/06/2009 MXN 23, Purchase of 109 JAPANESE FUTURE BONDS 10 YEARS 11/06/2009 JPY 12, Sale of 8 KOSPI 200 INDICE 11/06/2009 KRW 20, Purchase of 867 LONG GILT STERLING 26/06/2009 GBP 66, Sale of 4,675 MSCI TAIWAN (SGX) INDEX 26/05/2009 USD 9, Sale of 279 NASDAQ 100 INDEX 18/06/2009 USD 42, Sale of 57 RUSSELL /06/2009 USD 11, Sale of 1,641 S&P INDICES /06/2009 USD 56, Sale of 279 S&P MIB INDEX 19/06/2009 EUR 28, Sale of 255 S&P/TSE 60 INDEX 18/06/2009 CAD 28, Sale of 307 SGX CNX NIFTY INDEX 28/05/2009 USD 1,968, Sale of 137 SGX MSCI SINGAPORE ST.INDEX FUT. 28/05/2009 SGD 27, Sale of 1,977 SMI INDEX 19/06/2009 CHF 18, Sale of 3,873 SWEDEN OPTION MARKET INDICES 15/05/2009 SEK 6, Purchase of 702 USA TREASURY NOTE 2 YEARS 30/06/2009 USD 23, Purchase of 1,289 USA TREASURY NOTES 5 YEARS 30/06/2009 USD 22, Sale of 271 WARSAW WIG 20 INDEX 19/06/2009 PLN 14,

407 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The net unrealised loss on these contracts as at April 30, 2009 was EUR 71,752, and is included in the statement of net assets. Absolute Return Global Conservative Maturity Currency Total commitment in EUR Purchase of YEARS TREASURY NOTES USA 19/06/2009 USD 7,587, Sale of 36 AEX INDEX (AMSTERDAM EXCHANGE) 15/05/2009 EUR -1,680, Sale of 2 ASX 200 INDICES 18/06/2009 AUD -93, Sale of 7 BOLSA VALORES SAO PAULO INDICES 17/06/2009 BRL -112, Purchase of 60 BUND FUTURE EURO-BUND EUREX (10Y) 09/06/2009 EUR 7,426, Purchase of 69 BUND FUTURE EURO-SCHATZ EUREX (2Y) 10/06/2009 EUR 7,471, Sale of 21 CAC 40 INDICE 15/05/2009 EUR -614, Sale of 14 DAX INDEX 19/06/2009 EUR -1,399, Purchase of 85 EUREX FUTURE S/6% CONF YEARS 08/06/2009 CHF 7,570, Purchase of 64 EURO BOBL BUND EUREX 08/06/2009 EUR 7,465, Sale of 17 FTSE 100 (FINANCIAL TIMES) 19/06/2009 GBP -698, Sale of 6 FTSE/JSE AFRICA TOP40 18/06/2009 ZAR -90, Sale of HANG SENG CHINA ENTERPRISES INDEX 27/05/2009 HKD -860, Sale of HANG SENG INDICES 27/05/2009 HKD -2,871, Sale of 1 IBEX 35 INDEX 15/05/2009 EUR -86, Sale of 24 INDICE TOKYO STOCK EXCH. -TOPIX- 11/06/2009 JPY -1,345, Sale of 9 IPC MEXICO INDEX 19/06/2009 MXN -94, Purchase of 7 JAPANESE FUTURE BONDS 10 YEARS 11/06/2009 JPY 7,606, Sale of 15 KOSPI 200 INDICE 11/06/2009 KRW -560, Purchase of 57 LONG GILT STERLING 26/06/2009 GBP 7,698, Sale of 228 MSCI TAIWAN (SGX) INDEX 26/05/2009 USD -3,574, Sale of 21 NASDAQ 100 INDEX 18/06/2009 USD -1,868, Sale of 34 RUSSELL /06/2009 USD -1,016, Sale of 78 S&P INDICES /06/2009 USD -11,333, Sale of 1 S&P MIB INDEX 19/06/2009 EUR -75, Sale of 12 S&P/TSE 60 INDEX 18/06/2009 CAD -742, Sale of 20 SGX CNX NIFTY INDEX 28/05/2009 USD -106, Sale of 4 SGX MSCI SINGAPORE ST.INDEX FUT. 28/05/2009 SGD -87, Sale of 83 SMI INDEX 19/06/2009 CHF -2,562, Sale of 15 SWEDEN OPTION MARKET INDICES 15/05/2009 SEK -98, Purchase of 46 USA TREASURY NOTE 2 YEARS 30/06/2009 USD 7,770, Purchase of 84 USA TREASURY NOTES 5 YEARS 30/06/2009 USD 7,663, Sale of 28 WARSAW WIG 20 INDEX 19/06/2009 PLN -92, The net unrealised loss on these contracts as at April 30, 2009 was EUR 4,290, and is included in the statement of net assets. NOTE 10 FORWARD EXCHANGE CONTRACTS EUR Bonds Purchase Sale Maturity CHF 4,367, EUR 2,904, /05/2009 The net unrealised loss on this contract as at April 30, 2009 was EUR 4, and is included in the statement of net assets. USD Government Bonds Purchase Sale Maturity USD 323, EUR 250, /05/2009 The net unrealised loss on this contract as at April 30, 2009 was USD 7, and is included in the statement of net assets. 405

408 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) CHF Liquidity Purchase Sale Maturity CHF 44,580, EUR 30,000, /05/2009 CHF 37,200, EUR 25,000, /05/2009 CHF 10,470, EUR 7,000, /05/2009 CHF 27,009, EUR 18,000, /05/2009 CHF 29,833, EUR 20,000, /05/2009 CHF 22,410, EUR 15,000, /05/2009 CHF 14,752, EUR 10,000, /05/2009 CHF 41,328, EUR 28,000, /05/2009 CHF 22,360, EUR 15,057, /05/2009 CHF 10,325, EUR 7,000, /06/2009 CHF 29,500, EUR 20,000, /06/2009 CHF 23,006, EUR 15,000, /06/2009 CHF 15,350, EUR 10,000, /06/2009 CHF 25,737, USD 23,000, /06/2009 CHF 15,290, EUR 10,000, /06/2009 CHF 24,641, GBP 15,000, /06/2009 CHF 15,180, EUR 10,000, /06/2009 CHF 11,446, JPY 1,000,000, /06/2009 CHF 38,150, EUR 25,000, /06/2009 CHF 30,464, EUR 20,000, /07/2009 CHF 15,236, EUR 10,000, /07/2009 CHF 22,732, EUR 15,000, /07/2009 CHF 29,709, JPY 2,600,000, /07/2009 CHF 11,510, JPY 1,000,000, /07/2009 CHF 6,040, EUR 4,000, /06/2009 CHF 21,168, EUR 14,000, /05/2009 CHF 11,855, JPY 1,000,000, /07/2009 CHF 45,060, EUR 30,000, /07/2009 CHF 7,510, EUR 5,000, /08/2009 CHF 22,545, EUR 15,000, /08/2009 CHF 7,530, EUR 5,000, /08/2009 The net unrealised loss on these contracts as at April 30, 2009 was CHF 3,930, and is included in the statement of net assets. USD Liquidity Purchase Sale Maturity USD 22,015, EUR 17,000, /05/2009 USD 20,512, EUR 16,000, /05/2009 USD 20,451, EUR 16,000, /05/2009 USD 6,327, EUR 5,000, /05/2009 USD 15,156, EUR 12,000, /05/2009 USD 18,850, EUR 15,000, /05/2009 USD 8,703, CHF 10,061, /09/2009 USD 8,860, EUR 7,000, /06/2009 USD 17,647, EUR 13,000, /06/2009 USD 9,311, EUR 7,000, /07/2009 USD 14,961, JPY 1,500,000, /07/2009 USD 1,614, JPY 161,689, /08/2009 USD 26,391, EUR 20,000, /07/2009 USD 5,935, EUR 4,500, /05/2009 USD 21,984, GBP 15,000, /07/2009 USD 6,480, EUR 5,000, /09/2009 USD 18,471, EUR 14,000, /07/2009 USD 8,573, EUR 6,500, /07/2009 USD 18,452, EUR 14,000, /08/2009 USD 18,522, EUR 14,000, /08/2009 USD 18,689, EUR 14,000, /08/2009 USD 18,690, EUR 14,000, /08/2009 The net unrealised loss on these contracts as at April 30, 2009 was USD 4,803, and is included in the statement of net assets. 406

409 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) EUR Liquidity Purchase Sale Maturity EUR 19,262, CHF 28,171, /09/2009 EUR 14,579, GBP 13,000, /05/2009 EUR 21,945, USD 30,000, /06/2009 EUR 39,603, CHF 60,000, /05/2009 EUR 26,192, JPY 3,350,000, /07/2009 EUR 15,661, JPY 2,000,000, /07/2009 The net unrealised gain on these contracts as at April 30, 2009 was EUR 453, and is included in the statement of net assets. EUR Corporate Bonds Purchase Sale Maturity CHF 34,204, EUR 22,741, /05/2009 CHF 3,040, EUR 2,019, /05/2009 USD 17,539, EUR 13,489, /05/2009 The net unrealised loss on these contracts as at April 30, 2009 was EUR 314, and is included in the statement of net assets. Global Emerging Debt Purchase Sale Maturity AUD 949, JPY 63,868, /05/2009 AUD 949, JPY 63,872, /05/2009 AUD 949, JPY 65,868, /05/2009 AUD 949, JPY 65,863, /05/2009 BRL 5,270, USD 2,338, /05/2009 BRL 172, USD 76, /05/2009 BRL 17,067, USD 7,815, /05/2009 CHF 1,310, JPY 111,820, /05/2009 CLP 1,171,999, USD 1,870, /05/2009 COP 2,389,999, USD 937, /05/2009 COP 2,081,710, USD 800, /05/2009 CZK 43,700, EUR 1,645, /06/2009 EUR 1,604, HUF 493,000, /05/2009 EUR 1,628, PLN 7,560, /05/2009 EUR 1,476, USD 1,937, /06/2009 EUR 3,420, JPY 451,725, /05/2009 EUR 1,713, CHF 2,600, /05/2009 EUR 1,869, HUF 546,000, /05/2009 EUR 830, USD 1,091, /05/2009 HUF 487,000, EUR 1,558, /05/2009 HUF 548,999, EUR 1,891, /05/2009 IDR 599,999, USD 55, /05/2009 INR 120,099, USD 2,394, /05/2009 INR 8,990, USD 179, /05/2009 JPY 218,943, EUR 1,700, /05/2009 JPY 218,977, EUR 1,700, /05/2009 JPY 222,000, USD 2,253, /05/2009 JPY 136,001, AUD 1,900, /05/2009 JPY 64,000, USD 648, /05/2009 JPY 136,008, AUD 1,900, /05/2009 JPY 115,522, USD 1,163, /05/2009 JPY 122,000, USD 1,241, /05/2009 MXN 28,599, USD 1,914, /05/2009 MXN 32,800, USD 2,311, /05/2009 PLN 7,730, EUR 1,640, /06/2009 SGD 2,950, USD 1,930, /05/2009 SGD 3,280, USD 2,134, /05/2009 SGD 4,175, USD 2,795, /06/2009 SGD 2,087, USD 1,400, /05/2009 THF 81,500, USD 2,297, /05/

410 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Global Emerging Debt (continued) Purchase Sale Maturity THF 81,500, USD 2,295, /05/2009 THF 81,499, USD 2,303, /05/2009 THF 549, USD 15, /05/2009 TRY 3,120, USD 1,797, /05/2009 TRY 5,904, USD 3,350, /05/2009 TRY 3,740, USD 2,043, /05/2009 TRY 2,242, USD 1,292, /06/2009 TRY 3,141, USD 1,805, /05/2009 TRY 3,278, USD 1,944, /05/2009 TRY 4,780, USD 2,847, /05/2009 TRY 3,889, USD 2,296, /05/2009 TRY 2,587, USD 1,522, /05/2009 TRY 1,200, USD 696, /05/2009 TRY 7,440, USD 4,707, /05/2009 TWD 48,900, USD 1,455, /05/2009 USD 1,757, COP 4,384,020, /05/2009 USD 1,967, SGD 2,950, /05/2009 USD 1,607, TRY 2,746, /05/2009 USD 182, EUR 144, /05/2009 USD 1,582, TRY 2,736, /05/2009 USD 1,938, TRY 3,360, /05/2009 USD 10,137, TRY 17,483, /05/2009 USD 1,994, CLP 1,182,000, /05/2009 USD 1,959, MXN 29,200, /05/2009 USD 314, EUR 250, /05/2009 USD 2,081, TRY 3,670, /05/2009 USD 58, SGD 90, /05/2009 USD 2,076, SGD 3,180, /05/2009 USD 2,116, CZK 43,800, /06/2009 USD 1,737, COP 4,197,559, /05/2009 USD 2,302, TRY 3,890, /05/2009 USD 2,393, MXN 34,800, /05/2009 USD 499, COP 1,289,342, /05/2009 USD 7,086, BRL 15,997, /05/2009 USD 767, COP 1,901,851, /05/2009 USD 2,305, THF 81,500, /05/2009 USD 2,388, INR 120,100, /05/2009 USD 2,292, THF 81,500, /05/2009 USD 1,184, IDR 13,800,000, /06/2009 USD 1,142, THF 40,750, /05/2009 USD 4,830, ZAR 45,500, /06/2009 USD 1,162, THF 41,300, /05/2009 USD 2,764, MYR 9,940, /05/2009 USD 4,404, SGD 6,602, /05/2009 USD 1,380, SGD 2,070, /05/2009 USD 1,130, CHF 1,310, /05/2009 USD 1,349, IDR 14,700,000, /06/2009 USD 2,762, SGD 4,175, /06/2009 USD 1,383, SGD 2,087, /05/2009 USD 686, IDR 7,600,000, /06/2009 USD 4, MYR 18, /05/2009 USD 2,890, TWD 97,800, /05/2009 USD 2,931, BRL 6,512, /05/2009 USD 1,460, PHP 71,000, /05/2009 USD 2,312, JPY 222,000, /05/2009 USD 3,061, THF 109,000, /05/2009 USD 7,746, BRL 17,067, /06/2009 USD 1,525, BRL 3,350, /06/2009 USD 54, IDR 599,999, /05/2009 USD 2,569, PEN 7,880, /07/2009 CHF 12,264, USD 10,605, /05/2009 EUR 60,571, USD 78,764, /05/

411 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The net unrealised gain on these contracts as at April 30, 2009 was USD 752, and is included in the statement of net assets. World Government Bonds Purchase Sale Maturity EUR 4,847, JPY 612,151, /05/2009 EUR 142, DKK 1,065, /05/2009 EUR 357, GBP 320, /05/2009 EUR 230, JPY 29,370, /05/2009 EUR 1,787, JPY 229,749, /05/2009 EUR 142, SEK 1,530, /05/2009 EUR 440, USD 581, /05/2009 EUR 1,429, USD 1,896, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was EUR 95, and is included in the statement of net assets. EUR High Yield Purchase Sale Maturity EUR 301, USD 380, /05/2009 EUR 1,131, GBP 1,002, /05/2009 CHF 14,431, EUR 9,595, /05/2009 The net unrealised loss on these contracts as at April 30, 2009 was EUR and is included in the statement of net assets. EUR Short Mid-Term Bonds Purchase Sale Maturity CHF 59,977, EUR 39,876, /05/2009 CHF 602, EUR 400, /05/2009 The net unrealised loss on these contracts as at April 30, 2009 was EUR 61, and is included in the statement of net assets. EUR Government Bonds Purchase Sale Maturity CHF 77,491, EUR 51,520, /05/2009 CHF 890, EUR 591, /05/2009 The net unrealised loss on these contracts as at April 30, 2009 was EUR 80, and is included in the statement of net assets. EUR Inflation Linked Bonds Purchase Sale Maturity EUR 233, JPY 30,000, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was EUR and is included in the statement of net assets. 409

412 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Emerging Local Currency Debt Purchase Sale Maturity AUD 1,069, JPY 71,936, /05/2009 AUD 1,069, JPY 71,940, /05/2009 AUD 1,069, JPY 74,188, /05/2009 AUD 1,069, JPY 74,183, /05/2009 BRL 33,660, USD 14,672, /05/2009 BRL 3,200, USD 1,362, /05/2009 BRL 6,080, USD 2,698, /05/2009 BRL 203, USD 90, /05/2009 BRL 3,579, USD 1,595, /05/2009 BRL 2,069, USD 923, /05/2009 BRL 6,431, USD 2,919, /06/2009 CHF 1,599, JPY 136,574, /05/2009 CLP 1,624,000, USD 2,592, /05/2009 CLP 578,999, USD 992, /05/2009 CLP 379,999, USD 633, /05/2009 COP 1,400,000, USD 549, /05/2009 COP 5,260,000, USD 2,062, /05/2009 COP 2,479,999, USD 964, /05/2009 COP 1,499,999, USD 617, /05/2009 CZK 55,899, EUR 2,105, /06/2009 EGP 2,799, USD 463, /06/2009 EUR 2,336, HUF 718,000, /05/2009 EUR 2,373, PLN 11,020, /05/2009 EUR 1,878, USD 2,464, /06/2009 EUR 4,200, JPY 554,750, /05/2009 EUR 1,050, USD 1,382, /05/2009 EUR 1,977, CHF 3,000, /05/2009 EUR 2,714, HUF 793,000, /05/2009 EUR 1,050, USD 1,380, /05/2009 HUF 216,999, USD 878, /05/2009 HUF 713,000, EUR 2,281, /05/2009 HUF 416,999, USD 1,802, /05/2009 HUF 881,000, EUR 3,035, /05/2009 IDR 8,893,335, USD 814, /05/2009 INR 140,200, USD 2,795, /05/2009 INR 54,509, USD 1,085, /05/2009 JPY 266,595, EUR 2,070, /05/2009 JPY 266,636, EUR 2,070, /05/2009 JPY 256,000, USD 2,598, /05/2009 JPY 153,180, AUD 2,140, /05/2009 JPY 80,000, USD 810, /05/2009 JPY 153,188, AUD 2,140, /05/2009 JPY 141,096, USD 1,420, /05/2009 JPY 138,500, USD 1,409, /05/2009 MXN 106,000, USD 7,114, /05/2009 MXN 34,500, USD 2,309, /05/2009 MXN 16,399, USD 1,087, /05/2009 MXN 8,099, USD 564, /05/2009 MXN 21,000, USD 1,473, /05/2009 MXN 15,000, USD 1,057, /05/2009 MXN 7,500, USD 567, /05/2009 MXN 16,400, USD 1,188, /05/2009 MXN 37,070, USD 2,673, /05/2009 MXN 18,078, USD 1,323, /05/2009 MYR 256, USD 70, /05/2009 PLN 8,453, USD 2,417, /06/2009 PLN 2,950, USD 817, /06/2009 PLN 10,189, EUR 2,162, /06/2009 PLN 5,600, USD 1,654, /06/2009 PLN 2,300, USD 680, /06/2009 PLN 3,930, USD 1,157, /06/2009 PLN 3,350, USD 967, /06/2009 SGD 4,420, USD 2,892, /05/2009 SGD 4,100, USD 2,668, /05/2009 SGD 4,640, USD 3,107, /06/

413 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Emerging Local Currency Debt (continued) Purchase Sale Maturity SGD 2,320, USD 1,556, /05/2009 THF 100,100, USD 2,821, /05/2009 THF 100,099, USD 2,829, /05/2009 THF 100,099, USD 2,818, /05/2009 THF 278,457, USD 7,817, /05/2009 THF 16,399, USD 461, /05/2009 TRY 3,649, USD 2,102, /05/2009 TRY 7,560, USD 4,289, /05/2009 TRY 6,039, USD 3,300, /05/2009 TRY 2,242, USD 1,292, /06/2009 TRY 2,374, USD 1,408, /05/2009 TRY 3,661, USD 2,180, /05/2009 TRY 1,912, USD 1,125, /05/2009 TRY 5,120, USD 3,019, /05/2009 TRY 8,660, USD 5,479, /05/2009 TRY 2,899, USD 1,775, /05/2009 TRY 10,400, USD 6,459, /05/2009 TWD 52,600, USD 1,565, /05/2009 USD 2,683, COP 6,693,210, /05/2009 USD 2,753, SGD 4,130, /05/2009 USD 2,697, TRY 4,609, /05/2009 USD 294, EUR 233, /05/2009 USD 1,007, HUF 249,436, /05/2009 USD 2,656, TRY 4,592, /05/2009 USD 2,677, TRY 4,640, /05/2009 USD 14,171, TRY 24,439, /05/2009 USD 2,739, CLP 1,624,000, /05/2009 USD 3,455, MXN 51,500, /05/2009 USD 542, COP 1,410,000, /05/2009 USD 465, EUR 370, /05/2009 USD 2,693, TRY 4,750, /05/2009 USD 2,149, HUF 534,051, /05/2009 USD 2,560, MXN 39,917, /05/2009 USD 388, SGD 600, /05/2009 USD 5,012, CLP 3,032,000, /06/2009 USD 2,631, SGD 4,030, /05/2009 USD 1,444, EUR 1,120, /05/2009 USD 860, TRY 1,500, /05/2009 USD 874, MXN 12,500, /05/2009 USD 2,700, CZK 55,900, /06/2009 USD 566, MXN 8,100, /05/2009 USD 2,685, ZAR 27,229, /06/2009 USD 2,137, COP 5,164,537, /05/2009 USD 2,651, TRY 4,480, /05/2009 USD 2,572, MXN 37,400, /05/2009 USD 516, TRY 890, /05/2009 USD 1,705, BRL 3,960, /05/2009 USD 530, CLP 310,000, /05/2009 USD 291, COP 752,116, /05/2009 USD 736, COP 1,900,000, /05/2009 USD 1,149, HUF 270,000, /05/2009 USD 1,289, PLN 4,550, /06/2009 USD 1,739, TRY 2,940, /05/2009 USD 1,695, ZAR 16,400, /06/2009 USD 8,339, BRL 18,826, /05/2009 USD 908, COP 2,252,788, /05/2009 USD 1,142, PLN 3,750, /06/2009 USD 685, TRY 1,110, /05/2009 USD 753, ZAR 7,000, /06/2009 USD 1,060, COP 2,570,000, /05/2009 USD 944, HUF 209,000, /05/2009 USD 2,831, THF 100,100, /05/2009 USD 2,788, INR 140,200, /05/2009 USD 1,188, MXN 16,300, /05/2009 USD 2,815, THF 100,100, /05/

414 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Emerging Local Currency Debt (continued) Purchase Sale Maturity USD 8, IDR 100,000, /06/2009 USD 1,132, IDR 13,000,000, /05/2009 USD 5,701, ZAR 53,700, /06/2009 USD 7,736, BRL 17,069, /05/2009 USD 874, IDR 9,600,000, /05/2009 USD 3,114, MYR 11,200, /05/2009 USD 5,543, SGD 8,310, /05/2009 USD 1,744, SGD 2,615, /05/2009 USD 1,380, CHF 1,600, /05/2009 USD 1,515, IDR 16,500,000, /06/2009 USD 1,119, IDR 12,200,000, /06/2009 USD 3,070, SGD 4,640, /06/2009 USD 1,538, SGD 2,320, /05/2009 USD 767, IDR 8,500,000, /06/2009 USD 3,109, TWD 105,200, /05/2009 USD 1,127, BRL 2,504, /05/2009 USD 1,596, MYR 5,800, /05/2009 USD 1,080, HUF 244,712, /05/2009 USD 1,107, INR 55,610, /05/2009 USD 1,585, PHP 77,100, /05/2009 USD 1,510, PLN 5,277, /06/2009 USD 2,666, JPY 256,000, /05/2009 USD 1,901, MXN 26,500, /05/2009 USD 3,255, THF 115,900, /05/2009 USD 2,944, BRL 6,431, /05/2009 USD 815, IDR 8,893,336, /05/2009 USD 678, MXN 9,300, /05/2009 USD 3,048, PEN 9,348, /07/2009 ZAR 17,200, USD 1,675, /05/2009 ZAR 13,400, USD 1,353, /06/2009 ZAR 8,999, USD 931, /06/2009 ZAR 17,799, USD 1,917, /06/2009 EUR 4,355, USD 5,776, /05/2009 The net unrealised loss on these contracts as at April 30, 2009 was USD 856, and is included in the statement of net assets. Asian Local Currency Debt Purchase Sale Maturity AUD 644, JPY 43,363, /05/2009 AUD 644, JPY 43,366, /05/2009 AUD 644, JPY 44,721, /05/2009 AUD 644, JPY 44,718, /05/2009 CHF 519, JPY 44,386, /05/2009 CNY 24,999, USD 3,599, /06/2009 CNY 11,000, USD 1,608, /06/2009 CNY 11,000, USD 1,608, /06/2009 CNY 12,999, USD 1,903, /05/2009 CNY 37,800, USD 5,536, /05/2009 EUR 1,380, JPY 182,275, /05/2009 EUR 1,318, CHF 2,000, /05/2009 EUR 730, USD 959, /05/2009 HKD 5,324, USD 687, /05/2009 IDR 561,662, USD 51, /05/2009 INR 90,900, USD 1,812, /05/2009 INR 69,999, USD 1,374, /06/2009 INR 79,999, USD 1,588, /06/2009 INR 117,655, USD 2,342, /05/2009 INR 14,099, USD 280, /05/2009 JPY 90,153, EUR 700, /05/2009 JPY 90,167, EUR 700, /05/2009 JPY 173,000, USD 1,756, /05/

415 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Asian Local Currency Debt (continued) Purchase Sale Maturity JPY 92,337, AUD 1,290, /05/2009 JPY 56,000, USD 567, /05/2009 JPY 92,342, AUD 1,290, /05/2009 JPY 45,856, USD 461, /05/2009 JPY 89,500, USD 911, /05/2009 KRW 4,880,000, USD 3,629, /05/2009 KRW 260,000, USD 192, /05/2009 KRW 489,999, USD 365, /05/2009 KRW 429,999, USD 321, /05/2009 MXN 12,800, USD 892, /05/2009 PHP 57,400, USD 1,164, /06/2009 PHP 30,000, USD 611, /06/2009 SGD 3,189, USD 2,087, /05/2009 SGD 1,450, USD 943, /05/2009 SGD 450, USD 300, /05/2009 SGD 2,825, USD 1,891, /06/2009 SGD 1,412, USD 947, /05/2009 THF 63,400, USD 1,786, /05/2009 THF 63,400, USD 1,785, /05/2009 THF 63,400, USD 1,791, /05/2009 TWD 32,150, USD 957, /05/2009 USD 4,618, CNY 30,000, /06/2009 USD 5,828, CNY 38,000, /05/2009 USD 2,100, SGD 3,150, /05/2009 USD 67, EUR 53, /05/2009 USD 251, EUR 200, /05/2009 USD 1,807, SGD 2,790, /05/2009 USD 946, SGD 1,450, /05/2009 USD 1,602, CNY 11,000, /03/2010 USD 1,602, CNY 11,000, /03/2010 USD 880, MXN 12,800, /05/2009 USD 1,793, THF 63,400, /05/2009 USD 1,807, INR 90,900, /05/2009 USD 1,783, THF 63,400, /05/2009 USD 978, IDR 11,400,000, /06/2009 USD 889, THF 31,700, /05/2009 USD 2,995, THF 106,703, /05/2009 USD 785, THF 27,900, /05/2009 USD 1,879, MYR 6,760, /05/2009 USD 3,894, SGD 5,838, /05/2009 USD 448, CHF 520, /05/2009 USD 936, IDR 10,200,000, /06/2009 USD 1,869, SGD 2,825, /06/2009 USD 936, SGD 1,412, /05/2009 USD 937, SGD 1,413, /05/2009 USD 361, IDR 4,000,000, /06/2009 USD 475, MYR 1,734, /05/2009 USD 1,900, TWD 64,300, /05/2009 USD 327, PHP 15,900, /05/2009 USD 739, TWD 24,896, /05/2009 USD 1,802, JPY 173,000, /05/2009 USD 1,909, THF 68,000, /05/2009 USD 2,006, CNY 13,700, /05/2009 USD 51, IDR 561,662, /05/2009 USD 2,547, INR 127,955, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was USD 501, and is included in the statement of net assets. 413

416 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Global Emerging Currencies Purchase Sale Maturity ARS 1,400, USD 375, /05/2009 AUD 149, JPY 10,084, /05/2009 AUD 149, JPY 10,085, /05/2009 AUD 149, JPY 10,400, /05/2009 AUD 149, JPY 10,399, /05/2009 BRL 872, USD 380, /05/2009 BRL 470, USD 208, /05/2009 BRL 1,342, USD 609, /06/2009 CHF 249, JPY 21,339, /05/2009 CLP 121,000, USD 193, /05/2009 CLP 229,000, USD 378, /06/2009 CNY 1,200, USD 175, /05/2009 COP 378,540, USD 151, /05/2009 COP 499,999, USD 196, /05/2009 CZK 21,514, USD 1,039, /06/2009 CZK 4,199, EUR 158, /06/2009 EUR 315, HUF 97,000, /05/2009 EUR 320, PLN 1,490, /05/2009 EUR 162, USD 213, /06/2009 EUR 640, JPY 84,533, /05/2009 EUR 329, CHF 500, /05/2009 EUR 328, HUF 96,000, /05/2009 EUR 160, USD 210, /05/2009 HKD 5,186, USD 669, /05/2009 HKD 6,000, USD 774, /05/2009 HUF 220,819, USD 892, /05/2009 HUF 98,000, EUR 313, /05/2009 HUF 93,999, EUR 323, /05/2009 IDR 4,282,000, USD 392, /05/2009 ILS 3,063, USD 730, /05/2009 INR 8,270, USD 157, /06/2009 INR 22,099, USD 440, /05/2009 INR 3,999, USD 78, /06/2009 INR 5,250, USD 104, /05/2009 JPY 41,212, EUR 320, /05/2009 JPY 41,219, EUR 320, /05/2009 JPY 41,000, USD 416, /05/2009 JPY 21,473, AUD 300, /05/2009 JPY 12,000, USD 121, /05/2009 JPY 21,475, AUD 300, /05/2009 JPY 22,046, USD 222, /05/2009 JPY 22,000, USD 223, /05/2009 MXN 27,346, USD 1,835, /05/2009 MXN 3,200, USD 214, /05/2009 MXN 6,199, USD 436, /05/2009 MXN 700, USD 52, /05/2009 MYR 1,217, USD 334, /05/2009 PEN 289, USD 94, /07/2009 PHP 10,075, USD 204, /06/2009 PHP 6,974, USD 142, /06/2009 PLN 5,050, USD 1,444, /06/2009 PLN 1,580, EUR 335, /06/2009 RON 2,090, USD 580, /05/2009 RUB 6,300, USD 166, /06/2009 SGD 320, USD 209, /05/2009 SGD 2,573, USD 1,666, /05/2009 SGD 319, USD 208, /05/2009 SGD 645, USD 431, /06/2009 SGD 322, USD 216, /05/2009 THF 15,100, USD 425, /05/2009 THF 15,099, USD 426, /05/2009 THF 15,099, USD 425, /05/2009 THF 12,449, USD 349, /05/2009 TRY 2,709, USD 1,570, /05/2009 TRY 80, USD 46, /05/

417 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Global Emerging Currencies (continued) Purchase Sale Maturity TRY 710, USD 449, /05/2009 TRY 700, USD 428, /05/2009 TWD 7,200, USD 214, /05/2009 TWD 11,750, USD 349, /05/2009 USD 233, SGD 350, /05/2009 USD 64, HUF 16,000, /05/2009 USD 113, ILS 470, /05/2009 USD 174, MXN 2,600, /05/2009 USD 138, TRY 240, /05/2009 USD 202, CLP 120,000, /05/2009 USD 167, MXN 2,500, /05/2009 USD 23, COP 60,000, /05/2009 USD 54, RON 200, /05/2009 USD 202, SGD 310, /05/2009 USD 43, ILS 180, /05/2009 USD 426, MXN 6,200, /05/2009 USD 427, THF 15,100, /05/2009 USD 439, INR 22,100, /05/2009 USD 424, THF 15,100, /05/2009 USD 214, IDR 2,500,000, /06/2009 USD 211, THF 7,550, /05/2009 USD 860, ZAR 8,100, /06/2009 USD 52, MXN 700, /05/2009 USD 216, THF 7,700, /05/2009 USD 433, MYR 1,560, /05/2009 USD 851, SGD 1,276, /05/2009 USD 13, SGD 20, /05/2009 USD 215, CHF 250, /05/2009 USD 211, IDR 2,300,000, /06/2009 USD 426, SGD 645, /06/2009 USD 213, SGD 322, /05/2009 USD 214, SGD 322, /05/2009 USD 108, IDR 1,200,000, /06/2009 USD 425, TWD 14,400, /05/2009 USD 211, PHP 10,300, /05/2009 USD 427, JPY 41,000, /05/2009 USD 432, THF 15,400, /05/2009 USD 614, BRL 1,342, /05/2009 USD 175, CNY 1,200, /05/2009 USD 392, IDR 4,282,000, /05/2009 USD 25, INR 1,300, /05/2009 ZAR 8,663, USD 854, /06/2009 ZAR 399, USD 41, /06/2009 EUR 403, USD 525, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was USD 782, and is included in the statement of net assets. 415

418 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) (JPY) Liquidity Purchase Sale Maturity EUR 4,500, JPY 578,067, /05/2009 JPY 573,000, EUR 5,000, /05/2009 JPY 572,512, EUR 5,000, /05/2009 JPY 526,770, EUR 4,500, /05/2009 JPY 529,200, EUR 4,500, /05/2009 JPY 519,457, EUR 4,500, /05/2009 JPY 578,575, EUR 5,000, /05/2009 JPY 499,600, EUR 4,000, /06/2009 JPY 248,545, EUR 2,000, /06/2009 JPY 503,769, GBP 3,663, /05/2009 JPY 234,750, USD 2,500, /06/2009 JPY 497,500, USD 5,000, /10/2009 JPY 1,003,698, EUR 7,500, /09/2009 JPY 512,531, GBP 3,500, /07/2009 JPY 263,000, EUR 2,000, /05/2009 JPY 249,750, USD 2,500, /07/2009 The net unrealised loss on these contracts as at April 30, 2009 was JPY 436,483, and is included in the statement of net assets. Latin American Local Currency Debt Purchase Sale Maturity BRL 375, USD 166, /05/2009 BRL 390, USD 173, /05/2009 BRL 13, USD 6, /05/2009 BRL 219, USD 98, /05/2009 BRL 330, USD 150, /05/2009 BRL 170, USD 75, /05/2009 BRL 1,343, USD 615, /05/2009 CHF 99, JPY 8,535, /05/2009 CLP 79,999, USD 127, /05/2009 CLP 57,999, USD 95, /05/2009 CLP 30,000, USD 50, /05/2009 COP 319,999, USD 125, /05/2009 COP 99,999, USD 38, /05/2009 COP 90,000, USD 38, /05/2009 COP 220,000, USD 85, /05/2009 COP 69,999, USD 27, /05/2009 EUR 260, JPY 34,341, /05/2009 EUR 131, CHF 200, /05/2009 JPY 16,745, EUR 130, /05/2009 JPY 16,742, EUR 130, /05/2009 JPY 17,000, USD 172, /05/2009 JPY 8,818, USD 88, /05/2009 MXN 24,860, USD 1,668, /05/2009 MXN 1,499, USD 100, /05/2009 MXN 1,499, USD 99, /05/2009 MXN 1,100, USD 72, /05/2009 MXN 899, USD 58, /05/2009 MXN 3,699, USD 259, /05/2009 MXN 400, USD 28, /05/2009 MXN 1,399, USD 100, /05/2009 MXN 1,000, USD 75, /05/2009 MXN 900, USD 67, /05/2009 MXN 4,236, USD 305, /05/2009 USD 48, COP 121,678, /05/2009 USD 6, EUR 5, /05/2009 USD 123, CLP 73,000, /05/2009 USD 93, MXN 1,400, /05/2009 USD 143, MXN 2,200, /05/

419 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Latin American Local Currency Debt (continued) Purchase Sale Maturity USD 25, EUR 20, /05/2009 USD 180, MXN 2,800, /05/2009 USD 61, COP 160,000, /05/2009 USD 192, MXN 3,000, /05/2009 USD 309, CLP 187,500, /06/2009 USD 118, MXN 1,700, /05/2009 USD 104, MXN 1,500, /05/2009 USD 58, COP 140,000, /05/2009 USD 136, COP 329,651, /05/2009 USD 942, BRL 2,162, /05/2009 USD 213, MXN 3,100, /05/2009 USD 68, BRL 160, /05/2009 USD 41, CLP 24,000, /05/2009 USD 62, COP 161,167, /05/2009 USD 95, COP 240,000, /05/2009 USD 41, COP 101,884, /05/2009 USD 89, BRL 200, /05/2009 USD 57, COP 140,000, /05/2009 USD 43, MXN 600, /05/2009 USD 86, CHF 100, /05/2009 USD 73, COP 170,000, /05/2009 USD 145, BRL 320, /05/2009 USD 177, JPY 17,000, /05/2009 USD 129, MXN 1,800, /05/2009 USD 609, BRL 1,343, /06/2009 USD 98, PEN 301, /07/2009 The net unrealised gain on these contracts as at April 30, 2009 was USD 36, and is included in the statement of net assets. (USD) Sovereign Liquidity Purchase Sale Maturity USD 34,385, EUR 27,000, /06/2009 USD 18,912, EUR 15,000, /06/2009 USD 22,692, EUR 18,000, /05/2009 USD 12,658, EUR 10,000, /05/2009 USD 29,451, EUR 23,000, /06/2009 USD 26,003, EUR 20,000, /06/2009 USD 13,410, EUR 10,000, /05/2009 USD 92,215, EUR 70,000, /06/2009 USD 14,642, EUR 11,000, /07/2009 USD 39,843, EUR 30,000, /06/2009 USD 79,500, EUR 60,000, /07/2009 USD 12,920, EUR 10,000, /07/2009 USD 26,206, EUR 20,000, /07/2009 The net unrealised loss on these contracts as at April 30, 2009 was USD 6,786, and is included in the statement of net assets. (EUR) Sovereign Liquidity Purchase Sale Maturity EUR 36,313, CHF 54,510, /07/2009 The net unrealised gain on this contract as at April 30, 2009 was EUR 69, and is included in the statement of net assets. 417

420 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Digital Communication Purchase Sale Maturity EUR 6, USD 8, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was USD and is included in the statement of net assets. Biotech Purchase Sale Maturity EUR 164,140, USD 213,440, /05/2009 USD 1,390, EUR 1,050, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was USD 4,241, and is included in the statement of net assets. Water Purchase Sale Maturity USD 79, EUR 61, /05/2009 The net unrealised loss on this contract as at April 30, 2009 was EUR 1, and is included in the statement of net assets. Asian Equities (Ex Japan) Purchase Sale Maturity EUR 8,719, USD 11,339, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was USD 246, and is included in the statement of net assets. Japanese Equity Selection Purchase Sale Maturity EUR 20,059, JPY 2,507,006, /05/2009 JPY 90,579, EUR 706, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was JPY 102,142, and is included in the statement of net assets. Generics Purchase Sale Maturity EUR 13,539, USD 17,606, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was USD 383, and is included in the statement of net assets. Emerging Markets Large Cap Purchase Sale Maturity EUR 8,417, USD 10,946, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was USD 238, and is included in the statement of net assets. 418

421 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) US Equity Selection Purchase Sale Maturity EUR 309,119, USD 401,964, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was USD 7,991, and is included in the statement of net assets. Timber Purchase Sale Maturity EUR 221, USD 288, /05/2009 The net unrealised gain on this contract as at April 30, 2009 was USD 6, and is included in the statement of net assets. Piclife Purchase Sale Maturity EUR 102, JPY 12,939, /05/2009 EUR 3, DKK 22, /05/2009 EUR 7, GBP 6, /05/2009 EUR 4, JPY 620, /05/2009 EUR 37, JPY 4,856, /05/2009 EUR 3, SEK 32, /05/2009 EUR 9, USD 12, /05/2009 EUR 30, USD 40, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was CHF 3, and is included in the statement of net assets. Absolute Return Global Diversified Purchase Sale Maturity EUR 22,762, AUD 41,663, /05/2009 EUR 21,018, CAD 33,848, /05/2009 EUR 193,165, CHF 292,260, /05/2009 EUR 37,533, GBP 33,484, /05/2009 EUR 197,467, HKD 2,030,968, /05/2009 EUR 51,678, JPY 6,807,067, /05/2009 EUR 1,104, MXN 19,265, /05/2009 EUR 3,030, PLN 12,933, /05/2009 EUR 25,466, SEK 275,957, /05/2009 EUR 15,093, SGD 29,953, /05/2009 EUR 644,055, USD 853,952, /05/2009 EUR 1,510, ZAR 18,211, /05/2009 EUR 9,627, CHF 14,649, /05/2009 EUR 5,095, USD 6,652, /05/2009 EUR 2,382, SEK 26,600, /05/2009 EUR 545, SEK 5,990, /05/2009 EUR 811, SEK 8,810, /05/2009 EUR 353, SEK 3,770, /05/2009 EUR 326, SEK 3,490, /05/2009 KRW 20,716,031, USD 15,595, /05/2009 USD 7,068, BRL 15,573, /05/2009 USD 15,776, KRW 20,898,170, /05/2009 USD 80,173, TWD 2,696,382, /05/2009 USD 22,066, TWD 750,530, /05/2009 USD 7,207, EUR 5,543, /05/2009 CHF 3,519, EUR 2,340, /05/2009 GBP 27, EUR 30, /05/2009 JPY 2,461, EUR 19, /05/2009 EUR 790, CHF 1,187, /07/2009 The net unrealised loss on these contracts as at April 30, 2009 was EUR 1,817, and is included in the statement of net assets. 419

422 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Absolute Return Global Conservative Purchase Sale Maturity EUR 201, CHF 302, /07/2009 EUR 56, AUD 113, /05/2009 EUR 1,051, CAD 1,677, /05/2009 EUR 14,517, CHF 21,501, /05/2009 EUR 1,683, GBP 1,475, /05/2009 EUR 10,867, HKD 107,468, /05/2009 EUR 2,090, JPY 252,332, /05/2009 EUR 702, SEK 7,839, /05/2009 EUR 38,052, USD 48,563, /05/2009 EUR 30, PLN 134, /05/2009 EUR 1,170, SGD 2,294, /05/2009 EUR 2,793, USD 3,640, /05/2009 MXN 153, EUR 8, /05/2009 USD 1,031, EUR 777, /05/2009 USD 78, EUR 58, /05/2009 USD 713, EUR 537, /05/2009 USD 3,639, TWD 123,269, /05/2009 ZAR 90, EUR 7, /05/2009 The net unrealised gain on these contracts as at April 30, 2009 was EUR 2,332, and is included in the statement of net assets. NOTE 11 SWAP CONTRACTS The SICAV had the following interest rate swaps outstanding as at April 30, 2009: CHF Liquidity Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 100,000, CHF 2.36% CHF LIBOR BBA 1M 15/09/ /09/ ,000, CHF 2.365% 1M CHF LIBOR 16/09/ /06/2009 The net unrealised loss on these interest rate swap contracts as at April 30, 2009 was CHF 866, and is included in the statement of net assets. Global Emerging Debt Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 650,000, ZAR JIBA3M 7.50% 21/04/ /04/ ,000, CZK 2.62% PRIB06M 02/04/ /04/ ,000, CZK PRIB06M 2.77% 18/03/ /03/ ,000, ZAR JIBA3M 8.33% 21/04/ /04/ ,000, ZAR JIBA3M 7.74% 10/03/ /03/ ,000, ZAR JIBA3M 7.75% 03/03/ /03/ ,000, ZAR JIBA3M 7.50% 03/04/ /04/ ,000, INR 7.795% INR-MIBOR-OIS-COMPOUND 28/05/ /05/ ,000, INR INR-MIBOR-OIS- 9.82% 26/06/ /06/2013 COMPOUND 80,000, TWD 1.39% CPTW90DY 24/03/ /03/ ,000, ZAR JIBA3M 8.30% 20/04/ /04/ ,000, ZAR JIBA3M 8.35% 03/04/ /04/ ,000, ZAR JIBA3M 8.29% 17/04/ /04/ ,000, ZAR JIBA3M 8.48% 12/12/ /12/ ,000, ZAR JIBA3M 7.95% 15/12/ /12/ ,000, PLN 4.87% WIBO6M 26/03/ /03/ ,000, INR 7.285% INR-MIBOR-OIS-COMPOUND 13/05/ /05/2013 The net unrealised gain on these interest rate swap contracts as at April 30, 2009 was USD 576, and is included in the statement of net assets. 420

423 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) USD Short Mid-Term Bonds Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 30,000, USD 1.555% US0003M 23/04/ /04/2011 5,000, USD 1.98% FEDL01 08/10/ /10/2010 5,000, USD USD LIBOR BBA % 10/07/ /07/2009 5,000, USD USD FEDERAL FUNDS HIS- 3.00% 08/10/ /10/2010 OIS.COMPOUND The net unrealised gain on these interest rate swap contracts as at April 30, 2009 was USD 9, and is included in the statement of net assets. CHF Bonds Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 15,946, CHF 6M CHF LIBOR BBA 3.155% 21/10/ /10/2013 8,442, CHF CHF LIBOR BBA 2.36% 25/02/ /02/2013 The net unrealised gain on these interest rate swap contracts as at April 30, 2009 was CHF 1,392, and is included in the statement of net assets. Emerging Local Currency Debt Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 894,000, THF THB-THBFIX-REUTERS 4.53% 06/05/ /05/ ,000, THF THB-THBFIX-REUTERS 3.81% 06/05/ /05/ ,000, ZAR JIBA3M 7.50% 21/04/ /04/ ,000, INR INR-MIBOIR-OIS- 9.82% 26/06/ /06/2013 COMPOUND 467,000, INR INR % 28/05/ /05/ ,000, CZK 2.62% PRIB06M 02/04/ /04/ ,000, THF THB-THBFIX-REUTERS 5.04% 06/05/ /05/ ,000, CZK PRIB06M 2.77% 18/03/ /03/ ,000, THF 5.70% THB-THBFIX-REUTERS 20/06/ /06/ ,000, THF THB-THBFIX-REUTERS 4.45% 05/08/ /08/ ,000, THF 5.25% THB ABS IR FIX 01 05/08/ /08/ ,000, THF 4.94% THB-THBFIX-REUTERS 15/08/ /08/ ,100, INR 7.285% INR RBIB 13/05/ /05/ ,000, THF 5.75% THB-THBFIX-REUTERS 20/06/ /06/ ,000, ZAR JIBA3M 7.75% 03/03/ /03/ ,000, ZAR JIBA3M 8.33% 21/04/ /04/ ,000, ZAR JIBA3M 7.74% 10/03/ /03/ ,000, ZAR JIBA3M 7.50% 03/04/ /04/ ,000, MXN MXIBTIIE 8.35% 03/12/ /12/ ,000, THB 6.68% THB-THBFIX-REUTERS 02/07/ /07/ ,000, TWD 1.39% CPTW90DY 24/03/ /03/ ,000, THF 4.95% THB-THBFIX-REUTERS 15/08/ /08/ ,000, ZAR JIBA3M 8.48% 12/12/ /12/ ,000, ZAR JIBA3M 7.95% 15/12/ /12/ ,000, ZAR JIBA3M 8.30% 20/04/ /04/ ,000, ZAR JIBA3M 8.35% 03/04/ /04/ ,700, PLN 4.87% WIBO6M 26/03/ /03/ ,000, ZAR JIBA3M 8.29% 17/04/ /04/ ,100, BRL BZDIOVRA 11.95% 06/01/ /01/2012 1,660, BRL BRL % 11/10/ /01/2010 1,633, BRL BRL % 29/09/ /01/2010 1,614, BRL PTAX 14.16% 06/09/ /01/2010 1,590, BRL BRL % 16/08/ /01/2010 1,543, BRL BRL % 20/07/ /01/2010 The net unrealised gain on these interest rate swap contracts as at April 30, 2009 was USD 1,680, and is included in the statement of net assets. 421

424 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Asian Local Currency Debt Nominal value Currency Rate payable Rate receivable (semi-annually) Transaction date Maturity date 4,400,000, KRW KRW-CD-SKDA BLOOMBERG 5.19% 25/02/ /02/2018 3,000,000, KRW 5.43% KRW-CD-SKDA BLOOMBERG 14/07/ /07/2018 1,660,000, KRW % KRW-CD-SKDA BLOOMBERG 15/07/ /07/2018 1,500,000, KRW KRW-CD-SKDA 4.94% 12/03/ /03/2013 BLOOMBERG 1,100,000, KRW 5.345% KRW KFTC 18 14/07/ /07/2018 1,000,000, KRW KRW KFTC % 22/08/ /08/2016 1,000,000, KRW KRW CD KSDA- 4.83% 18/08/ /08/2016 BLOOMBERG 700,000, KRW KRW CD KSDA- 5.47% 17/01/ /01/2018 BLOOMBERG 230,000, INR INR-MIBOR-OIS- 7.45% 04/01/ /01/2017 COMPOUND 201,000, INR 7.795% INR RBIB 28/05/ /05/ ,000, PHP 8.10% USD-LIBOR-BBA 03/06/ /06/ ,000, PHP USD-LIBOR-BBA 5.70% 14/03/ /03/ ,000, INR INR-MIBOR-OIS- 6.44% 30/01/ /01/2011 COMPOUND 180,000, INR NSERO 6.385% 28/01/ /01/ ,000, CNY 3.335% CNY-CFXSREPOFIX 01- REUTERS 02/06/ /06/ ,000, INR 9.48% INR-MIBOR-OIS-COMPOUND 26/08/ /08/ ,000, INR INR-OI-IBOR-ON 7.54% 28/06/ /06/ ,000, INR INR RBIB 6.705% 18/01/ /01/ ,500, PHP USD-LIBOR-BBA 9.50% 19/07/ /07/ ,000, PHP 8.67% USD-LIBOR-BBA 22/07/ /07/ ,000, TWD 2.905% TWD REUTERS /07/ /07/ ,000, TWD 2.77% TWD REUTERS /03/ /03/ ,000, INR INR RBIB 7.33% 12/12/ /12/ ,500, CNY CNY-REPO- 3.31% 14/02/ /02/2011 REUTERS 75,000, PHP USD-LIBOR-BBA 5.42% 23/01/ /01/ ,000, TWD TWD-REUTERS- 2.94% 07/11/ /11/ ,000, THF 4.94% THB-THBFIX-REUTERS 15/08/ /08/ ,000, THF 5.25% THB ABS IR FIX 01 05/08/ /08/ ,700, CNY USD-LIBOR-BBA 0.45% 24/03/ /03/ ,000, INR 6.23% NSERO 20/11/ /11/ ,000, TWD TWD TELERATE- 2.15% 06/12/ /12/ ,000, PHP 7.90% USD-LIBOR-BBA 13/10/ /10/ ,000, INR INR-MIBOR-OIS- 7.30% 28/06/ /06/2011 COMPOUND 48,500, THF THB THBFIX- 4.60% 29/01/ /01/2018 REUTERS 46,000, CNY CNY- 4.63% 12/06/ /06/2012 CFXSREPOFIX01- REUTERS 43,500, CNY CNY- 3.37% 31/01/ /01/2011 CFXSREPOFIX 01- REUTERS 43,000, THF THB THBFIX 4.84% 18/03/ /03/2018 REUTERS 41,000, TWD 3.12% TWD-REUTERS /06/ /06/ ,000, CNY 4.10% CNY 7 DAYS REPO RATE 05/06/ /06/ ,000, INR 5.95% NSERO 03/12/ /12/ ,000, THF THBFIX 6.05% 21/07/ /07/ ,000, THF 4.95% THB-THBFIX-REUTERS 15/08/ /08/ ,000, TWD 1.39% CPTW90DY 24/03/ /03/ ,000, HKD HKD HIBOR HKAB 2.905% 28/01/ /01/

425 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Asian Local Currency Debt (continued) Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 22,000, TWD TWD TAI FX % 02/03/ /03/ ,000, THB THFX6M 2.74% 25/02/ /02/ ,000, TWD TWD TELERATE- 2.16% 08/12/ /12/ ,000, CNY 2.15% US0006M 24/11/ /11/ ,000, CNY CNRR % 24/11/ /11/ ,000, CNY 2.30% USD-LIBOR-BBA 14/07/ /07/ ,000, CNY 2.40% USD-LIBOR-BBA 24/07/ /07/ ,000, CNY 4.00% USD-LIBOR-BBA 22/09/ /09/ ,000, CNY USD-LIBOR-BBA 3.20% 02/04/ /04/ ,400, INR 7.285% INR-MIBOR-OIS-COMPOUND 13/05/ /05/ ,000, CNY 4.12% CNY-CFXSREPOFIX 01-15/07/ /07/2013 REUTERS 7,000, HKD 2.31% HIHD03M 09/02/ /02/2019 5,000, CNY 4.12% CNY-CFXSREPOFIX 01-23/07/ /07/2013 REUTERS 3,000, SGD 2.06% SORF6M 14/01/ /01/2014 2,700, SGD 3.35% SGD-SOR-REUTERS 19/08/ /08/ ,000, CNY 2.15% USD-LIBOR-BBA 15/07/ /07/ ,000, CNY 4.00% USD-LIBOR-BBA 22/09/ /09/ ,000, CNY 2.30% USD-LIBOR-BBA 16/07/ /07/2013 The net unrealised loss on these interest rate swap contracts as at April 30, 2009 was USD 234, and is included in the statement of net assets. Latin American Local Currency Debt Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 10,000, MXN MXN-TIIE-BANXICO 7.80% 25/01/ /01/2010 8,500, MXN MXN-TIIE-BANXICO 7.86% 05/02/ /01/2013 6,300, MXN MXIBTIIE 9.24% 04/12/ /11/2018 The net unrealised gain on these interest rate swap contracts as at April 30, 2009 was USD 85, and is included in the statement of net assets. Piclife Nominal value Currency Rate payable Rate receivable Transaction Maturity (semi-annually) date date 1,053, CHF 6M CHF LIBOR-FLAT 3.155% 21/10/ /10/ , CHF CHF LIBOR BBA 2.36% 25/02/ /02/2013 The net unrealised gain on these interest rate swap contracts as at April 30, 2009 was CHF 91, and is included in the statement of net assets. The SICAV had the following volatility swap outstanding as at April 30, 2009: Absolute Return Global Diversified Underlying Strike Currency Valuation Maturity SX5E VOL EUR 57, /05/2009 The net unrealised gain on this interest rate swap contract as at April 30, 2009 was EUR 57, and is included in the statement of net assets. 423

426 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) The SICAV had the following total return swaps outstanding as at April 30, 2009: Emerging Local Currency Debt Description Maturity date Currency Notional value Valuation as at April 30, 2009 (USD) 10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 5,000, , % TRS INDONESIA (JPM) 07/28 17/02/2028 IDR 32,000, ,448, % TRS INDONESIA (BAR) 07/20 15/11/2020 IDR 15,000, ,353, % TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 17,000, ,533, % TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 20,000, ,804, % TRS INDONESIA (JPM) 07/13 19/06/2013 IDR 30,000, ,220, % TRS INDONESIA (JPM) 07/13 18/12/2013 IDR 5,000, , FRN TRS INDONESIA FIN. (BAR) 07/20 15/11/2020 USD -1,810, ,832, FRN TRS INDONESIA FIN. (JPM) 07/13 18/12/2013 USD -719, , FRN TRS INDONESIA FIN. (JPM) 07/13 19/06/2013 USD -4,283, ,320, FRN TRS INDONESIA FIN. (JPM) 07/17 19/07/2017 USD -617, , FRN TRS INDONESIA FIN. (JPM) 07/20 15/11/2020 USD -2,582, ,612, FRN TRS INDONESIA FIN. (JPM) 07/20 15/11/2020 USD -1,981, ,004, FRN TRS INDONESIA FIN. (JPM) 07/28 17/02/2028 USD -3,554, ,567, The net unrealised loss on these total return swap contracts as at April 30, 2009 was USD 4,350, and is included in the statement of net assets. Asian Local Currency Debt Description Maturity date Currency Notional value Valuation as at April 30, 2009 (USD) 10% TRS INDONESIA (JPM) 07/17 19/07/2017 IDR 8,000, , % TRS INDONESIA (JPM) 07/28 17/02/2028 IDR 13,000, ,017, % TRS INDONESIA (JPM) 07/20 15/11/2020 IDR 3,000, , % TRS INDONESIA (UBS) 07/20 15/11/2020 IDR 10,000, , % TRS INDONESIA (JPM) 07/13 18/12/2013 IDR 25,000, ,771, FRN TRS INDONESIA FIN. (JPM) 07/13 18/12/2013 USD -3,597, ,628, FRN TRS INDONESIA FIN. (JPM) 07/17 19/07/2017 USD -987, , FRN TRS INDONESIA FIN. (JPM) 07/20 15/11/2020 USD -349, , FRN TRS INDONESIA FIN. (JPM) 07/28 17/02/2028 USD -1,444, ,449, FRN TRS INDONESIA FIN. (UBS) 07/20 15/11/2020 USD -1,218, ,234, The net unrealised loss on these total return swap contracts as at April 30, 2009 was USD 1,965, and is included in the statement of net assets. Japanese Equities 130/30 Description Maturity date Currency Notional value Valuation as at April 30, 2009 (JPY) TRS EQUITY MITSUBISHI (ML) 07/12 16/07/2012 JPY 120, ,200, TRS EQUITY MITSUBISHI (NMR) 08/13 16/09/2013 JPY 35, ,850, TRS EQUITY TOYOTA MOT. (NMR) 08/13 16/09/2013 JPY 9, ,650, TRS FIN. LONG (ML) R /12 16/07/2012 JPY -61,560, ,560, TRS FIN. LONG (NMR) 08/13 16/09/2013 JPY -36,822, ,822, The net unrealised gain on these total return swap contracts as at April 30, 2009 was JPY 53,317, and is included in the statement of net assets. 424

427 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Absolute Return Global Diversified Description Maturity date Currency Notional value Valuation as at April 30, 2009 (EUR) TRS EQUITY NBI/ARGD (JPM) 08/09 29/09/2009 USD -212, ,579, TRS EQUITY SMI M.C./ARGD (JPM) 9/10 25/02/2010 CHF -65, ,168, TRS FIN. 1MLIB-90BP/ARGD (JPM) 9/10 25/02/2010 CHF 73,801, ,906, TRS FIN.1M USD LIB.-114P (GS) 09/10 25/02/2010 USD 86,678, ,211, TRS FINANCING NBI/ARGD (JPM) 08/09 29/09/2009 USD 144,751, ,842, TRS INDEX NBI (GS) 09/10 25/02/2010 USD -128, ,161, The net unrealised loss on these total return swap contracts as at April 30, 2009 was EUR 3,950, and is included in the statement of net assets. Absolute Return Global Conservative Description Maturity date Currency Notional value Valuation as at April 30, 2009 (EUR) TRS EQUITY NBI/GCON (JPM) 08/09 29/09/2009 USD -11, ,188, TRS FINANCING NBI/GCON (JPM) 08/09 29/09/2009 USD 8,101, ,091, The net unrealised loss on these total return swap contracts as at April 30, 2009 was EUR 97, and is included in the statement of net assets. NOTE 12 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 cover the credit risk of the reference issuer 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 exists. A 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 April 30, 2009: EUR Liquidity As protection seller: Entity: Banca Italease S.P.A, coupon: FRN Nominal value Currency Rate payable Transaction Maturity date date 5,700, EUR 2.85% 23/08/ /03/2010 The net unrealised gain on this contract as at April 30, 2009 was EUR 280, and is included in the statement of net assets. 425

428 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) EUR Corporate Bonds As protection buyer: Entity: AKZO Nobel N V Nominal value Currency Rate receivable Transaction Maturity date date 3,000, EUR 1.22% 25/04/ /06/2014 Entity: Deutsche Bank Nominal value Currency Rate receivable Transaction Maturity date date 2,500, EUR 2.35% 22/04/ /06/2014 Entity: Credit Agricole SA Nominal value Currency Rate receivable Transaction Maturity date date 3,500, EUR 1.60% 22/04/ /06/2014 Entity: Arcelor Mittal Finance Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 5% 03/04/ /06/2014 Index: ITRAXX Europe Sub Financials 5Y Serie 11 Version 1 Nominal value Currency Rate receivable Transaction Maturity date date 17,000, EUR 3.75% 20/03/ /06/2014 Entity: Arcelor Mittal Finance Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 5% 11/02/ /03/2014 Entity: Gen Elec Cap Corp Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 4.25% 27/01/ /03/2014 Entity: Arcelor Mittal Finance, coupon: 4.625% Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 4.90% 17/10/ /12/

429 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Entity: Thomson Reuters Group Ltd Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 0.35% 02/10/ /12/2013 Entity: GDF SUEZ, coupon: 5.125% Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 0.42% 25/07/ /09/2013 As protection seller: Index: ITRAXX Europe Senior Financials 5Y Serie 11 Version 1 Nominal value Currency Rate payable Transaction Maturity date date 32,000, EUR 2.10% 20/03/ /06/2014 The net unrealised loss on all of these contracts as at April 30, 2009 was EUR 324, and is included in the statement of net assets. EUR High Yield As protection buyer: Entity: UPM Kymmene CORP Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 4.55% 25/03/ /06/2014 Entity: Kabel Deutschland GmbH Nominal value Currency Rate receivable Transaction Maturity date date 1,000, EUR 6.30% 14/11/ /12/2013 As protection seller: Entity: Stora Enso CORP Nominal value Currency Rate payable Transaction Maturity date date 1,000, EUR 6.55% 25/03/ /06/2014 Entity: VIRGIN MEDIA Fin PLC Nominal value Currency Rate payable Transaction Maturity date date 1,000, EUR 9% 14/11/ /12/

430 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Entity: TUI AG, coupon: 6.625% Nominal value Currency Rate payable Transaction Maturity date date 1,000, EUR 7.25% 11/10/ /12/2013 The net unrealised gain on all of these contracts as at April 30, 2009 was EUR 289, and is included in the statement of net assets. CHF Bonds As protection buyer: Entity: Holcim Nominal value Currency Rate receivable Transaction Maturity date date 1,407, CHF 0.86% 15/07/ /09/2009 Entity: Swisscom A.G., coupon: 3.5% Nominal value Currency Rate receivable Transaction Maturity date date 938, CHF 0.51% 10/09/ /09/2009 The net unrealised loss on all of these contracts as at April 30, 2009 was CHF 24, and is included in the statement of net assets. Asian Local Currency Debt As protection buyer: Entity: Korea Development Bank Nominal value Currency Rate receivable Transaction Maturity date date 1,000, CHF 4.90% 11/10/ /12/2011 Entity: Export Import Bank of Korea Nominal value Currency Rate receivable Transaction Maturity date date 1,000, CHF 5% 11/10/ /12/2011 As protection seller: Entity: Republic of Korea Nominal value Currency Rate payable Transaction Maturity date date 2,000, USD 2.50% 07/10/ /12/

431 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Entity: Worri bank, coupon: 4.5% Nominal value Currency Rate payable Transaction Maturity date date 1,000, USD 1.35% 11/01/ /03/2013 The net unrealised loss on all of these contracts as at April 30, 2009 was USD 1, and is included in the statement of net assets. Piclife As protection buyer: Entity: Holcim Nominal value Currency Rate receivable Transaction Maturity date date 92, CHF 0.86% 15/07/ /09/2009 Entity: Swisscom A.G., coupon: 3.5% Nominal value Currency Rate receivable Transaction Maturity date date 61, CHF 0.51% 10/09/ /09/2009 The net unrealised loss on all of these contracts as at April 30, 2009 was CHF 1, and is included in the statement of net assets. NOTE 13 SECURITIES LENDING During the period ended April 30, 2009, the Fund entered into securities lending transactions. For the following sub-funds, the value of the securities lent as at April 30, 2009 was: European Equity Selection EUR 26,947, Small Cap Europe EUR 1,498, Emerging Markets USD 14, Eastern Europe EUR 287,403, Europe Index EUR 18,178, European Sustainable Equities EUR 6,486, Japan Index JPY 1,149,780, Pacific (Ex Japan) Index USD 2,130, Premium Brands EUR 4,103, Water EUR 47,197, Asian Equities (Ex Japan) USD 34, Greater China USD 67, Emerging Markets Index USD 9, Clean Energy USD 10,462, Global Megatrend Selection USD 156, Piclife CHF 215, Absolute Return Global Diversified EUR 4,959, Absolute Return Global Conservative EUR 234,

432 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) NOTE 14 DIVIDENDS PAID On December 19, 2008, the General Meeting of Shareholders of the SICAV decided to pay out the following dividends: Pictet Funds (LUX) - EUR Bonds P Distr EUR 9.15 per share Pictet Funds (LUX) - USD Government Bonds P Distr USD per share Pictet Funds (LUX) - CHF Liquidity P Distr CHF 2.12 per share Pictet Funds (LUX) - CHF Liquidity Z Distr* CHF 0.77 per share Pictet Funds (LUX) - USD Liquidity P Distr USD 2.75 per share Pictet Funds (LUX) - EUR Liquidity P Distr EUR 3.54 per share Pictet Funds (LUX) - EUR Corporate Bonds P Distr EUR 3.23 per share Pictet Funds (LUX) - EUR Corporate Bonds Z Distr EUR 4.43 per share Pictet Funds (LUX) - Global Emerging Debt P Distr USD 6.13 per share Pictet Funds (LUX) - World Government Bonds P Distr EUR 2.03 per share Pictet Funds (LUX) - World Government Bonds P Distr-USD USD 3.04 per share Pictet Funds (LUX) - EUR High Yield P Distr EUR 5.94 per share Pictet Funds (LUX) - EUR Short Mid-Term Bonds P Distr EUR 3.22 per share Pictet Funds (LUX) - USD Short Mid-Term Bonds P Distr USD 2.97 per share Pictet Funds (LUX) - EUR Turbo Income P Distr EUR 3.45 per share Pictet Funds (LUX) - CHF Bonds P Distr CHF 6.98 per share Pictet Funds (LUX) - EUR Government Bonds P Distr EUR 3.10 per share Pictet Funds (LUX) - EUR Inflation Linked Bonds P Distr EUR 2.50 per share Pictet Funds (LUX) - EUR Asset Backed Securities P Distr EUR 3.96 per share Pictet Funds (LUX) - Emerging Local Currency Debt P Distr USD 5.08 per share Pictet Funds (LUX) - Emerging Local Currency Debt P Distr-GBP GBP 1.28 per share Pictet Funds (LUX) - Asian Local Currency Debt P Distr USD 2.15 per share Pictet Funds (LUX) - Asian Local Currency Debt P Distr-GBP GBP 0.40 per share Pictet Funds (LUX) - Global Emerging Currencies P Distr USD 1.95 per share Pictet Funds (LUX) - (JPY) Liquidity P Distr JPY per share Pictet Funds (LUX) - Latin American Local Currency Debt P Distr USD 6.64 per share Pictet Funds (LUX) - Latin American Local Currency Debt P Distr-GBP GBP 2.33 per share Pictet Funds (LUX) - (USD) Sovereign Liquidity P Distr USD 0.71 per share Pictet Funds (LUX) - (EUR) Sovereign Liquidity P Distr EUR 1.35 per share Pictet Funds (LUX) - European Equity Selection P Distr EUR 7.39 per share Pictet Funds (LUX) - Small Cap Europe P Distr EUR 3.25 per share Pictet Funds (LUX) - Emerging Markets P Distr USD 2.41 per share Pictet Funds (LUX) - Europe Index P Distr EUR 3.43 per share Pictet Funds (LUX) - Europe Index R Distr-GBP GBP 0.69 per share Pictet Funds (LUX) - USA Index P Distr USD 1.02 per share Pictet Funds (LUX) - USA Index R Distr-GBP GBP 0.25 per share Pictet Funds (LUX) - European Sustainable Equities P Distr EUR 4.20 per share Pictet Funds (LUX) - Japan Index P Distr JPY per share Pictet Funds (LUX) - Japan Index R Distr-GBP GBP 0.31 per share Pictet Funds (LUX) - Pacific (Ex Japan) Index P Distr USD 7.70 per share Pictet Funds (LUX) - Pacific (Ex Japan) Index R Distr-GBP GBP 0.01 per share Pictet Funds (LUX) - Digital Communication P Distr USD 1.03 per share Pictet Funds (LUX) - Digital Communication P Distr-GBP GBP 0.64 per share Pictet Funds (LUX) - Premium Brands P Distr EUR 0.04 per share Pictet Funds (LUX) - Premium Brands P Distr-GBP GBP 0.05 per share Pictet Funds (LUX) - Water P Distr EUR 0.27 per share Pictet Funds (LUX) - Water P Distr-GBP GBP 0.04 per share Pictet Funds (LUX) - Japanese Equities 130/30 P Distr JPY per share Pictet Funds (LUX) - Asian Equities (Ex Japan) P Distr USD 1.74 per share Pictet Funds (LUX) - Continental European Equities P Distr EUR 2.76 per share Pictet Funds (LUX) - Continental European Equities P Distr-GBP GBP 2.30 per share Pictet Funds (LUX) - Greater China P Distr USD 3.11 per share Pictet Funds (LUX) - Greater China P Distr-GBP GBP 1.92 per share Pictet Funds (LUX) - Japanese Equity Selection P Distr JPY per share Pictet Funds (LUX) - Japanese Equity Selection P Distr-GBP GBP 0.07 per share Pictet Funds (LUX) - Emerging Markets Index P Distr USD 4.00 per share Pictet Funds (LUX) - Emerging Markets Index R Distr-GBP GBP 0.02 per share Pictet Funds (LUX) - Emerging Markets Large Cap P Distr USD 0.82 per share 430

433 Pictet Funds (LUX) NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2009 (continued) Pictet Funds (LUX) - Euroland Index P Distr EUR 2.97 per share Pictet Funds (LUX) - Euroland Index R Distr-GBP GBP per share Pictet Funds (LUX) - Euroland Equities P Distr EUR 1.15 per share Pictet Funds (LUX) - Euroland Equities P Distr-GBP GBP 0.97 per share Pictet Funds (LUX) - EAFE P Distr USD 1.24 per share Pictet Funds (LUX) - Absolute Return Global Diversified P Distr EUR 0.84 per share Pictet Funds (LUX) - Absolute Return Global Conservative P Distr EUR 1.18 per share Dividends were paid with an ex-date of December 22, 2008 and with a payment date of December 30, * ex-date of January 23, 2009 and payment date of January 27, 2009 NOTE 15 POST YEAR-END EVENTS On March 12, 2009, the Board of Directors decided to merge the Pictet Funds (LUX) - EUR Turbo Income sub-fund in the Pictet Funds (LUX) - EUR Liquidity sub-fund, with effect as of May 11,

434 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) EUR Bonds I 0.53% R 1.23% P Cap 0.91% P Distr 0.90% Z Cap 0.09% HI-CHF 0.58% HP Cap-CHF 0.96% USD Government Bonds I 0.53% R 1.23% P Cap 0.91% P Distr 0.91% Z Cap 0.09% CHF Liquidity I 0.18% R 0.31% P Cap 0.28% P Distr 0.27% Z Cap 0.06% Z Distr 0.07% USD Liquidity I 0.17% R 0.58% P Cap 0.36% P Distr 0.35% Z Cap 0.06% EUR Liquidity I 0.17% R 0.58% P Cap 0.36% P Distr 0.36% Z Cap 0.06% 432

435 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) EUR Corporate Bonds I 0.65% R 1.44% P Cap 1.09% P Distr 1.09% Z Distr 0.11% Z Cap 0.12% HI-CHF 0.70% HP Cap-CHF 1.14% HI-USD 0.69% HP Cap-USD 1.16% Global Emerging Debt I 0.84% R 1.90% P Cap 1.43% P Distr 1.42% Z Cap 0.14% HI-EUR 0.89% HP Cap-EUR 1.47% HR-EUR 1.97% HI-CHF 0.89% HP Cap-CHF 1.48% World Government Bonds I 0.35% R 0.81% P Cap 0.58% P Distr 0.57% Z Cap 0.09% I-USD 0.35% R-USD 0.79% P Cap-USD 0.58% P Distr-USD 0.58% Z Cap-USD 0.09% 433

436 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) EUR High Yield I 0.79% R 1.88% P Cap 1.38% P Distr 1.37% Z Cap 0.11% HI-CHF 0.83% HP Cap-CHF 1.41% EUR Short Mid-Term Bonds I 0.27% R 0.63% P Cap 0.46% P Distr 0.46% Z Cap 0.06% HI-CHF 0.35% HP Cap-CHF 0.52% USD Short Mid-Term Bonds I 0.28% R 0.62% P Cap 0.47% P Distr 0.47% Z Cap 0.10% EUR Turbo Income I 0.13% R 0.60% P Cap 0.24% P Distr 0.24% Z Cap 0.06% HI-CHF 0.18% HP Cap-CHF 0.33% CHF Bonds I 0.47% R 1.04% P Cap 0.79% P Distr 0.79% Z Cap 0.06% 434

437 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) EUR Government Bonds I 0.34% R 0.80% P Cap 0.60% P Distr 0.59% Z Cap 0.08% HI-CHF 0.41% HP Cap-CHF 0.65% EUR Inflation Linked I 0.38% Bonds P Cap 0.61% P Distr 0.60% R 0.81% Z Cap 0.09% EUR Asset Backed I 0.16% Securities P Cap 0.22% P Distr 0.23% R 0.25% Z Cap 0.07% Emerging Local Currency I 0.94% Debt P Cap 1.55% P Distr 1.56% R 2.11% Z Cap 0.19% P Distr-GBP 1.59% I-EUR 0.94% P Cap-EUR 1.55% R-EUR 2.11% HI-EUR 0.92% HP CAP-EUR 1.61% HR-EUR 2.19% 435

438 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Asian Local Currency Debt I 0.93% P Cap 1.55% P Distr 1.56% R 2.10% Z Cap 0.18% I-EUR 0.92% P Cap-EUR 1.54% R-EUR 2.11% P Distr-GBP 1.58% Global Emerging I 0.68% Currencies P Cap 1.17% P Distr 1.16% R 1.65% Z Cap 0.11% HI-EUR 0.74% HP Cap-EUR 1.21% HR-EUR 1.62% I-EUR 0.68% P Cap-EUR 1.14% R-EUR 1.65% (JPY) Liquidity I 0.14% J Cap 0.12% P Cap 0.20% P Distr 0.20% R 0.25% Z Cap 0.05% 436

439 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Latin American Local I 0.92% Currency Debt P Cap 1.56% P Distr 1.54% R 2.12% Z Cap 0.18% P Distr-GBP 1.55% I-EUR 0.96% P Cap-EUR 1.55% R-EUR 2.22% (USD) Sovereign Liquidity I 0.17% P Cap 0.29% P Distr 0.28% R 0.43% Z Cap 0.07% (EUR) Sovereign Liquidity I 0.17% P Cap 0.29% P Distr 0.29% R 0.43% Z Cap 0.07% J Cap 0.15% European Equity Selection I 0.93% P Cap 1.56% P Distr 1.57% R 2.07% Z 0.19% Small Cap Europe I 1.19% P Cap 2.03% P Distr 2.03% R 2.73% Z 0.24% 437

440 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Emerging Markets I 1.99% P Cap 2.52% P Distr 2.50% R 3.03% Z 0.30% I-EUR 1.99% P Cap-EUR 2.52% R-EUR 3.01% Eastern Europe I 1.94% P Cap 2.33% P Distr 2.34% P Distr-GBP 2.34% R 3.01% Z 0.31% Europe Index (note 1) I 0.34% IS 0.36% P Cap 0.48% P Distr 0.48% R 0.78% R Distr-GBP 0.81% Z 0.07% USA Index I 0.34% IS 0.35% P Cap 0.48% P Distr 0.48% R 0.78% R Distr-GBP 0.79% Z 0.07% 438

441 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) European Sustainable I 0.84% Equities P Cap 1.23% P Distr 1.23% R 1.63% Z 0.19% Japan Index I 0.34% IS 0.34% P Cap 0.47% P Distr 0.48% R 0.78% R Distr-GBP 0.79% Z 0.07% Pacific (Ex Japan) I 0.34% Index IS 0.34% P Cap 0.47% P Distr 0.47% R 0.78% R Distr-GBP 0.79% Z 0.07% Digital Communication I 1.14% P Cap 1.99% P Distr 1.99% P Distr-GBP 1.99% R 2.69% Z 0.21% HI-EUR 1.18% I-EUR 1.16% P Cap-EUR 1.99% R-EUR 2.74% 439

442 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Biotech I 1.17% P Cap 2.00% P Distr 2.01% P Distr-GBP 2.01% R 2.70% Z 0.37% I-EUR 1.17% P Cap-EUR 2.00% R-EUR 2.70% HI-EUR 1.22% HP Cap-EUR 2.05% HR-EUR 2.75% Premium Brands I 1.16% P Cap 1.99% P Distr 1.99% P Distr-GBP 1.98% R 2.69% Z 0.19% I-USD 1.16% P Cap-USD 1.99% R-USD 2.69% Water I 1.17% P Cap 2.00% P Distr 1.99% R 2.70% Z 0.19% P Distr-GBP 2.02% I-USD 1.17% P Cap-USD 2.00% R-USD 2.71% HP Cap-USD 2.11% HR-USD 2.75% 440

443 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Indian Equities I 1.41% P Cap 2.22% P Distr 2.23% P Distr-GBP 2.23% R 2.92% Z 0.33% I-EUR 1.41% P Cap-EUR 2.22% R-EUR 2.93% Japanese Equities 130/30 I 0.93% P Cap 1.57% P Distr 1.57% R 2.07% I-EUR 0.91% P Cap-EUR 1.52% R-EUR 2.06% US Equities I 0.89% P Cap 1.52% P Distr 1.53% R 2.02% Z 0.29% Asian Equities (Ex Japan) I 1.20% P Cap 2.55% P Distr 2.05% R 2.75% Z 0.29% I-EUR 1.20% P Cap-EUR 2.06% R-EUR 2.78% HI-EUR 1.30% HP Cap-EUR 2.11% HR-EUR 2.79% 441

444 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Greater China I 1.19% P Cap 2.02% P Distr 2.03% P Distr-GBP 2.05% R 2.72% Z 0.29% I-EUR 1.18% P Cap-EUR 2.04% R-EUR 2.73% Japanese Equity Selection I 0.94% P Cap 1.56% P Distr 1.56% R 2.06% Z 0.24% P Distr-GBP 1.57% I-EUR 0.94% P Cap-EUR 1.56% R-EUR 2.09% HI-EUR 1.00% HP Cap-EUR 1.62% HR-EUR 2.11% Generics I 1.17% P Cap 2.01% P Distr 2.00% P Distr-GBP 2.01% R 2.70% Z 0.36% I-EUR 1.18% P Cap-EUR 2.02% R-EUR 2.72% HI-EUR 1.22% HP Cap-EUR 2.13% HR-EUR 2.74% 442

445 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Emerging Markets Index I 0.70% IS 0.72% P Cap 0.94% P Distr 0.93% R 1.23% R Distr-GBP 1.25% Z 0.25% Japanese Mid-Small Cap I 1.18% P Cap 2.02% P Distr 2.03% R 2.70% Z 0.28% I-EUR 1.15% P Cap-EUR 2.02% R-EUR 2.68% Emerging Markets Large I 1.53% Cap P Cap 2.56% P Distr 2.56% R 3.06% Z 0.33% I-EUR 1.58% P Cap-EUR 2.56% R-EUR 3.06% HI-EUR 1.55% HP Cap-EUR 2.60% HR-EUR 3.11% Euroland Index (note 1) I 0.34% P Cap 0.49% P Distr 0.49% R 0.79% R Distr-GBP 0.82% Z 0.07% 443

446 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) US Equity Selection I 0.94% P Cap 1.59% P Distr 1.59% R 2.10% Z 0.34% R-EUR 2.11% HI-EUR 0.99% HP Cap-EUR 1.63% HR-EUR 2.11% Security I 1.17% P Cap 2.01% P Distr 2.01% P Distr-GBP 2.02% R 2.71% Z 0.19% I-EUR 1.17% P Cap-EUR 2.01% R-EUR 2.71% Clean Energy I 1.17% P Cap 2.01% P Distr 2.01% P Distr-GBP 2.00% R 2.71% Z 0.19% I-EUR 1.17% P Cap-EUR 2.01% R-EUR 2.71% 444

447 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Russian Equities I 1.27% P Cap 2.07% P Distr 2.08% R 2.75% Z 0.31% I-EUR 1.25% P Cap-EUR 2.08% R-EUR 2.77% P Distr-GBP 2.08% Timber I 1.18% P Cap 2.01% P Distr 2.04% R 2.77% I-EUR 1.19% P Cap-EUR 2.04% R-EUR 2.75% P Distr-GBP 2.03% HP Cap-EUR 2.10% Global Megatrend I 1.20% Selection (note 1) P Cap 2.08% P Distr 2.05% R 2.97% Z 0.39% I-EUR 1.10% P Cap-EUR 2.07% P Distr-EUR 2.05% R-EUR 2.96% P Cap CHF 2.07% P Distr-GBP 2.06% Piclife P Cap 0.95% R 1.36% S 0.60% 445

448 Pictet Funds (LUX) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Absolute Return Global I 0.79% Diversified P Cap 1.43% P Distr 1.42% R 1.93% Z 0.14% HI-CHF 0.90% HP Cap-CHF 1.63% HZ-CHF 0.21% HI-USD 0.85% HP Cap-USD 1.60% HI-GBP 0.84% HP Dist-GBP 1.50% HZ-GBP 0.21% HI-JPY 0.84% HZ-JPY 0.20% Absolute Return Global I 0.69% Conservative P Cap 1.13% P Distr 1.12% R 1.48% Z 0.14% Calculation of Total Expense Ratio (TER): TER % = OPERATING CHARGES * 100 AVERAGE NET ASSETS OF THE FUND (*) (*) Calculated on the basis of the daily average of the total net assets for the period ended April 30,

449 Pictet Funds (LUX) Sub-fund PTR (Portfolio Turnover Ratio) (continued) EUR Bonds 36.97% USD Government Bonds 18.15% CHF Liquidity % USD Liquidity % EUR Liquidity % EUR Corporate Bonds 73.91% Global Emerging Debt 19.08% World Government Bonds % EUR High Yield -8.47% EUR Short Mid-Term Bonds % USD Short Mid-Term Bonds % EUR Turbo Income % CHF Bonds 45.39% EUR Government Bonds 17.53% EUR Inflation Linked Bonds 17.84% EUR Asset Backed Securities 57.78% Emerging Local Currency Debt 75.77% Asian Local Currency Debt % Global Emerging Currencies % (JPY) Liquidity % Latin American Local Currency Debt % (USD) Sovereign Liquidity % (EUR) Sovereign Liquidity % European Equity Selection 28.96% Small Cap Europe 87.01% Emerging Markets % Eastern Europe 89.74% Europe Index 6.41% USA Index -0.04% European Sustainable Equities 22.14% Japan Index % Pacific (Ex Japan) Index 7.09% Digital Communication 70.16% Biotech 53.15% Premium Brands 40.37% Water 23.11% Indian Equities 58.72% Japanese Equities 130/ % 447

450 Pictet Funds (LUX) Sub-fund PTR (Portfolio Turnover Ratio) (continued) US Equities % Asian Equities (Ex Japan) % Greater China % Japanese Equity Selection 87.53% Generics 19.14% Emerging Markets Index 10.97% Japanese Mid-Small Cap % Emerging Markets Large Cap % Euroland Index 24.95% US Equity Selection 17.06% Security 83.36% Clean Energy 36.72% Russian Equities 58.25% Timber 29.17% Global Megatrend Selection 8.29% Piclife 1.08% Absolute Return Global Diversified 51.60% Absolute Return Global Conservative 25.00% 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 ended April 30,

451 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - EUR Bonds-I 1.64% Pictet Funds (LUX) - EUR Bonds-R 1.28% Pictet Funds (LUX) - EUR Bonds-P Cap 1.44% Pictet Funds (LUX) - EUR Bonds-P Distr 1.44% Pictet Funds (LUX) - EUR Bonds-Z Cap 1.86% Pictet Funds (LUX) - EUR Bonds-HI-CHF 0.63% Pictet Funds (LUX) - EUR Bonds-HP Cap-CHF 0.44% Pictet Funds (LUX) - USD Government Bonds-I 5.61% Pictet Funds (LUX) - USD Government Bonds-R 5.24% Pictet Funds (LUX) - USD Government Bonds-P Cap 5.41% Pictet Funds (LUX) - USD Government Bonds-P Distr 5.41% Pictet Funds (LUX) - USD Government Bonds-Z Cap 5.84% Pictet Funds (LUX) - CHF Liquidity-I 0.27% Pictet Funds (LUX) - CHF Liquidity-R 0.19% Pictet Funds (LUX) - CHF Liquidity-P Cap 0.22% Pictet Funds (LUX) - CHF Liquidity-P Distr 0.22% Pictet Funds (LUX) - CHF Liquidity-Z Cap 0.32% Pictet Funds (LUX) - CHF Liquidity-Z Distr 0.32% Pictet Funds (LUX) - USD Liquidity-I 0.70% Pictet Funds (LUX) - USD Liquidity-R 0.50% Pictet Funds (LUX) - USD Liquidity-P Cap 0.61% Pictet Funds (LUX) - USD Liquidity-P Distr 0.60% Pictet Funds (LUX) - USD Liquidity-Z Cap 0.76% Pictet Funds (LUX) - EUR Liquidity-I 1.21% Pictet Funds (LUX) - EUR Liquidity-R 1.02% Pictet Funds (LUX) - EUR Liquidity-P Cap 1.13% Pictet Funds (LUX) - EUR Liquidity-P Distr 1.13% Pictet Funds (LUX) - EUR Liquidity-Z Cap 1.27% Pictet Funds (LUX) - EUR Corporate Bonds-I 5.11% Pictet Funds (LUX) - EUR Corporate Bonds-R 4.70% Pictet Funds (LUX) - EUR Corporate Bonds-P Cap 4.88% Pictet Funds (LUX) - EUR Corporate Bonds-P Distr 4.88% Pictet Funds (LUX) - EUR Corporate Bonds-Z Distr 5.38% Pictet Funds (LUX) - EUR Corporate Bonds-Z Cap 5.38% Pictet Funds (LUX) - EUR Corporate Bonds-HI-CHF 4.13% Pictet Funds (LUX) - EUR Corporate Bonds-HP Cap-CHF 3.90% Pictet Funds (LUX) - EUR Corporate Bonds-HI-USD 4.65% Pictet Funds (LUX) - EUR Corporate Bonds-HP Cap-USD 4.41% 449

452 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Global Emerging Debt-I 24.65% Pictet Funds (LUX) - Global Emerging Debt-R 23.98% Pictet Funds (LUX) - Global Emerging Debt-P Cap 24.28% Pictet Funds (LUX) - Global Emerging Debt-P Distr 24.29% Pictet Funds (LUX) - Global Emerging Debt-Z Cap 25.09% Pictet Funds (LUX) - Global Emerging Debt-HI-EUR 24.29% Pictet Funds (LUX) - Global Emerging Debt-HP Cap-EUR 23.92% Pictet Funds (LUX) - Global Emerging Debt-HR-EUR 23.61% Pictet Funds (LUX) - Global Emerging Debt-HI-CHF 23.44% Pictet Funds (LUX) - Global Emerging Debt-HP Cap-CHF 23.08% Pictet Funds (LUX) - World Government Bonds-I 1.29% Pictet Funds (LUX) - World Government Bonds-R 1.07% Pictet Funds (LUX) - World Government Bonds-P Cap 1.17% Pictet Funds (LUX) - World Government Bonds-P Distr 1.17% Pictet Funds (LUX) - World Government Bonds-Z Cap 1.41% Pictet Funds (LUX) - World Government Bonds-I-USD 4.68% Pictet Funds (LUX) - World Government Bonds-R-USD 4.45% Pictet Funds (LUX) - World Government Bonds-P Cap-USD 4.55% Pictet Funds (LUX) - World Government Bonds-P Distr-USD 4.54% Pictet Funds (LUX) - World Government Bonds-Z Cap-USD 4.80% Pictet Funds (LUX) - EUR High Yield-I 11.01% Pictet Funds (LUX) - EUR High Yield-R 10.40% Pictet Funds (LUX) - EUR High Yield-P Cap 10.68% Pictet Funds (LUX) - EUR High Yield-P Distr 10.66% Pictet Funds (LUX) - EUR High Yield-Z Cap 11.37% Pictet Funds (LUX) - EUR High Yield-HI-CHF 9.90% Pictet Funds (LUX) - EUR High Yield-HP Cap-CHF 9.58% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-I 4.32% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-R 4.14% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-P Cap 4.22% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-P Distr 4.22% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-Z Cap 4.43% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-HI-CHF 3.39% Pictet Funds (LUX) - EUR Short Mid-Term Bonds-HP Cap-CHF 3.29% Pictet Funds (LUX) - USD Short Mid-Term Bonds-I 3.57% Pictet Funds (LUX) - USD Short Mid-Term Bonds-R 3.38% Pictet Funds (LUX) - USD Short Mid-Term Bonds-P Cap 3.47% Pictet Funds (LUX) - USD Short Mid-Term Bonds-P Distr 3.47% 450

453 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - USD Short Mid-Term Bonds-Z Cap 0.99% Pictet Funds (LUX) - EUR Turbo Income-I % Pictet Funds (LUX) - EUR Turbo Income-R % Pictet Funds (LUX) - EUR Turbo Income-P Cap % Pictet Funds (LUX) - EUR Turbo Income-P Distr % Pictet Funds (LUX) - EUR Turbo Income-Z Cap % Pictet Funds (LUX) - EUR Turbo Income-HI-CHF % Pictet Funds (LUX) - EUR Turbo Income-HP Cap-CHF % Pictet Funds (LUX) - CHF Bonds-I 3.80% Pictet Funds (LUX) - CHF Bonds-R 3.51% Pictet Funds (LUX) - CHF Bonds-P Cap 3.64% Pictet Funds (LUX) - CHF Bonds-P Distr 3.64% Pictet Funds (LUX) - CHF Bonds-Z Cap 4.02% Pictet Funds (LUX) - EUR Government Bonds-I 5.30% Pictet Funds (LUX) - EUR Government Bonds-R 5.06% Pictet Funds (LUX) - EUR Government Bonds-P Cap 5.16% Pictet Funds (LUX) - EUR Government Bonds-P Distr 5.16% Pictet Funds (LUX) - EUR Government Bonds-Z Cap 5.43% Pictet Funds (LUX) - EUR Government Bonds-HI-CHF 4.32% Pictet Funds (LUX) - EUR Government Bonds-HP Cap-CHF 4.19% Pictet Funds (LUX) - EUR Inflation Linked Bonds-I 6.78% Pictet Funds (LUX) - EUR Inflation Linked Bonds-P Cap 6.64% Pictet Funds (LUX) - EUR Inflation Linked Bonds-P Distr 6.65% Pictet Funds (LUX) - EUR Inflation Linked Bonds-R 6.53% Pictet Funds (LUX) - EUR Inflation Linked Bonds-Z Cap 6.92% Pictet Funds (LUX) - EUR Asset Backed Securities-I % Pictet Funds (LUX) - EUR Asset Backed Securities-P Cap % Pictet Funds (LUX) - EUR Asset Backed Securities-P Distr % Pictet Funds (LUX) - EUR Asset Backed Securities-R % Pictet Funds (LUX) - EUR Asset Backed Securities-Z Cap % Pictet Funds (LUX) - Emerging Local Currency Debt-I 17.90% Pictet Funds (LUX) - Emerging Local Currency Debt-P Cap 17.53% Pictet Funds (LUX) - Emerging Local Currency Debt-P Distr 17.53% Pictet Funds (LUX) - Emerging Local Currency Debt-R 17.21% Pictet Funds (LUX) - Emerging Local Currency Debt-Z Cap 18.34% Pictet Funds (LUX) - Emerging Local Currency Debt-P Distr-GBP 29.42% Pictet Funds (LUX) - Emerging Local Currency Debt-I-EUR 14.20% Pictet Funds (LUX) - Emerging Local Currency Debt-P Cap-EUR 13.84% 451

454 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Emerging Local Currency Debt-R-EUR 13.52% Pictet Funds (LUX) - Emerging Local Currency Debt-HI-EUR 16.59% Pictet Funds (LUX) - Emerging Local Currency Debt-HP Cap-EUR 16.23% Pictet Funds (LUX) - Emerging Local Currency Debt-HR-EUR 15.92% Pictet Funds (LUX) - Asian Local Currency Debt-I 10.25% Pictet Funds (LUX) - Asian Local Currency Debt-P Cap 9.89% Pictet Funds (LUX) - Asian Local Currency Debt-P Distr 9.90% Pictet Funds (LUX) - Asian Local Currency Debt-R 9.60% Pictet Funds (LUX) - Asian Local Currency Debt-Z Cap 10.66% Pictet Funds (LUX) - Asian Local Currency Debt-I-EUR 5.78% Pictet Funds (LUX) - Asian Local Currency Debt-P Cap-EUR 5.46% Pictet Funds (LUX) - Asian Local Currency Debt-R-EUR 5.17% Pictet Funds (LUX) - Asian Local Currency Debt-P Distr-GBP 19.91% Pictet Funds (LUX) - Global Emerging Currencies-I 2.03% Pictet Funds (LUX) - Global Emerging Currencies-P Cap 1.78% Pictet Funds (LUX) - Global Emerging Currencies-P Distr 1.78% Pictet Funds (LUX) - Global Emerging Currencies-R 1.54% Pictet Funds (LUX) - Global Emerging Currencies-Z Cap 2.32% Pictet Funds (LUX) - Global Emerging Currencies-HI-EUR 1.48% Pictet Funds (LUX) - Global Emerging Currencies-HP Cap-EUR 1.23% Pictet Funds (LUX) - Global Emerging Currencies-HR-EUR 1.01% Pictet Funds (LUX) - Global Emerging Currencies-I-EUR -1.16% Pictet Funds (LUX) - Global Emerging Currencies-P Cap-EUR -1.39% Pictet Funds (LUX) - Global Emerging Currencies-R-EUR -1.62% Pictet Funds (LUX) - (JPY) Liquidity-I 0.24% Pictet Funds (LUX) - (JPY) Liquidity-J Cap 0.25% Pictet Funds (LUX) - (JPY) Liquidity-P Cap 0.21% Pictet Funds (LUX) - (JPY) Liquidity-P Distr 0.21% Pictet Funds (LUX) - (JPY) Liquidity-R 0.19% Pictet Funds (LUX) - (JPY) Liquidity-Z Cap 0.28% Pictet Funds (LUX) - Latin American Local Currency Debt-I 14.77% Pictet Funds (LUX) - Latin American Local Currency Debt-P Cap 14.40% Pictet Funds (LUX) - Latin American Local Currency Debt-P Distr 14.41% Pictet Funds (LUX) - Latin American Local Currency Debt-R 14.09% Pictet Funds (LUX) - Latin American Local Currency Debt-Z Cap 15.20% Pictet Funds (LUX) - Latin American Local Currency Debt-P Distr-GBP 25.99% Pictet Funds (LUX) - Latin American Local Currency Debt-I-EUR 10.79% Pictet Funds (LUX) - Latin American Local Currency Debt-P Cap-EUR 10.44% 452

455 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Latin American Local Currency Debt-R-EUR 10.13% Pictet Funds (LUX) - (USD) Sovereign Liquidity-I 0.67% Pictet Funds (LUX) - (USD) Sovereign Liquidity-P Cap 0.60% Pictet Funds (LUX) - (USD) Sovereign Liquidity-P Distr 0.61% Pictet Funds (LUX) - (USD) Sovereign Liquidity-R 0.54% Pictet Funds (LUX) - (USD) Sovereign Liquidity-Z Cap 0.71% Pictet Funds (LUX) - (EUR) Sovereign Liquidity-I 0.97% Pictet Funds (LUX) - (EUR) Sovereign Liquidity-P Cap 0.91% Pictet Funds (LUX) - (EUR) Sovereign Liquidity-P Distr 0.90% Pictet Funds (LUX) - (EUR) Sovereign Liquidity-R 0.84% Pictet Funds (LUX) - (EUR) Sovereign Liquidity-Z Cap 1.02% Pictet Funds (LUX) - (EUR) Sovereign Liquidity-J Cap 0.98% Pictet Funds (LUX) - European Equity Selection-I -2.33% Pictet Funds (LUX) - European Equity Selection-P Cap -2.64% Pictet Funds (LUX) - European Equity Selection-P Distr -2.64% Pictet Funds (LUX) - European Equity Selection-R -2.88% Pictet Funds (LUX) - European Equity Selection-Z -1.97% Pictet Funds (LUX) - Small Cap Europe-I 1.67% Pictet Funds (LUX) - Small Cap Europe-P Cap 1.25% Pictet Funds (LUX) - Small Cap Europe-P Distr 1.25% Pictet Funds (LUX) - Small Cap Europe-R 0.90% Pictet Funds (LUX) - Small Cap Europe-Z 2.15% Pictet Funds (LUX) - Emerging Markets-I 12.54% Pictet Funds (LUX) - Emerging Markets-P Cap 12.24% Pictet Funds (LUX) - Emerging Markets-P Distr 12.24% Pictet Funds (LUX) - Emerging Markets-R 11.97% Pictet Funds (LUX) - Emerging Markets-Z 13.49% Pictet Funds (LUX) - Emerging Markets-I-EUR 7.99% Pictet Funds (LUX) - Emerging Markets-P Cap-EUR 7.70% Pictet Funds (LUX) - Emerging Markets-R-EUR 7.44% Pictet Funds (LUX) - Eastern Europe-I 1.87% Pictet Funds (LUX) - Eastern Europe-P Cap 1.67% Pictet Funds (LUX) - Eastern Europe-P Distr 1.67% Pictet Funds (LUX) - Eastern Europe-P Distr-GBP 15.61% Pictet Funds (LUX) - Eastern Europe-R 1.31% Pictet Funds (LUX) - Eastern Europe-Z 2.72% Pictet Funds (LUX) - Europe Index-I -6.12% Pictet Funds (LUX) - Europe Index-IS -6.19% 453

456 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Europe Index-P Cap -6.18% Pictet Funds (LUX) - Europe Index-P Distr -6.18% Pictet Funds (LUX) - Europe Index-R -6.35% Pictet Funds (LUX) - Europe Index-R Distr-GBP 6.04% Pictet Funds (LUX) - Europe Index-Z -5.96% Pictet Funds (LUX) - USA Index-I -7.61% Pictet Funds (LUX) - USA Index-IS -7.66% Pictet Funds (LUX) - USA Index-P Cap -7.67% Pictet Funds (LUX) - USA Index-P Distr -7.66% Pictet Funds (LUX) - USA Index-R -7.85% Pictet Funds (LUX) - USA Index-R Distr-GBP 1.26% Pictet Funds (LUX) - USA Index-Z -7.45% Pictet Funds (LUX) - European Sustainable Equities-I -7.89% Pictet Funds (LUX) - European Sustainable Equities-P Cap -8.06% Pictet Funds (LUX) - European Sustainable Equities-P Distr -8.07% Pictet Funds (LUX) - European Sustainable Equities-R -8.25% Pictet Funds (LUX) - European Sustainable Equities-Z -7.59% Pictet Funds (LUX) - Japan Index-I -2.09% Pictet Funds (LUX) - Japan Index-IS -2.61% Pictet Funds (LUX) - Japan Index-P Cap -2.15% Pictet Funds (LUX) - Japan Index-P Distr -2.16% Pictet Funds (LUX) - Japan Index-R -2.80% Pictet Funds (LUX) - Japan Index-R Distr-GBP 5.49% Pictet Funds (LUX) - Japan Index-Z -1.96% Pictet Funds (LUX) - Pacific (Ex Japan) Index-I 10.07% Pictet Funds (LUX) - Pacific (Ex Japan) Index-IS 9.97% Pictet Funds (LUX) - Pacific (Ex Japan) Index-P Cap 9.99% Pictet Funds (LUX) - Pacific (Ex Japan) Index-P Distr 9.99% Pictet Funds (LUX) - Pacific (Ex Japan) Index-R 9.71% Pictet Funds (LUX) - Pacific (Ex Japan) Index-R Distr-GBP 19.77% Pictet Funds (LUX) - Pacific (Ex Japan) Index-Z 10.22% Pictet Funds (LUX) - Digital Communication-I 17.31% Pictet Funds (LUX) - Digital Communication-P Cap 16.83% Pictet Funds (LUX) - Digital Communication-P Distr 16.83% Pictet Funds (LUX) - Digital Communication-P Distr-GBP 27.43% Pictet Funds (LUX) - Digital Communication-R 16.42% Pictet Funds (LUX) - Digital Communication-Z 17.87% Pictet Funds (LUX) - Digital Communication-HI-EUR 15.73% 454

457 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Digital Communication-I-EUR 12.58% Pictet Funds (LUX) - Digital Communication-P Cap-EUR 12.10% Pictet Funds (LUX) - Digital Communication-R-EUR 11.70% Pictet Funds (LUX) - Biotech-I -6.74% Pictet Funds (LUX) - Biotech-P Cap -7.13% Pictet Funds (LUX) - Biotech-P Distr -7.13% Pictet Funds (LUX) - Biotech-P Distr-GBP 2.29% Pictet Funds (LUX) - Biotech-R -7.45% Pictet Funds (LUX) - Biotech-Z -6.38% Pictet Funds (LUX) - Biotech-I-EUR -9.67% Pictet Funds (LUX) - Biotech-P Cap-EUR % Pictet Funds (LUX) - Biotech-R-EUR % Pictet Funds (LUX) - Biotech-HI-EUR -7.44% Pictet Funds (LUX) - Biotech-HP Cap-EUR -7.83% Pictet Funds (LUX) - Biotech-HR-EUR -8.14% Pictet Funds (LUX) - Premium Brands-I -4.13% Pictet Funds (LUX) - Premium Brands-P Cap -4.54% Pictet Funds (LUX) - Premium Brands-P Distr -4.54% Pictet Funds (LUX) - Premium Brands-P Distr-GBP 8.58% Pictet Funds (LUX) - Premium Brands-R -4.87% Pictet Funds (LUX) - Premium Brands-Z -3.68% Pictet Funds (LUX) - Premium Brands-I-USD -0.10% Pictet Funds (LUX) - Premium Brands-P Cap-USD -0.52% Pictet Funds (LUX) - Premium Brands-R-USD -0.87% Pictet Funds (LUX) - Water-I -7.15% Pictet Funds (LUX) - Water-P Cap -7.54% Pictet Funds (LUX) - Water-P Distr -7.54% Pictet Funds (LUX) - Water-R -7.86% Pictet Funds (LUX) - Water-Z -6.70% Pictet Funds (LUX) - Water-P Distr-GBP 5.14% Pictet Funds (LUX) - Water-I-USD -3.23% Pictet Funds (LUX) - Water-P Cap-USD -3.65% Pictet Funds (LUX) - Water-R-USD -3.97% Pictet Funds (LUX) - Water-HP Cap-USD -8.16% Pictet Funds (LUX) - Water-HR-USD -8.48% Pictet Funds (LUX) - Indian Equities-I 10.04% Pictet Funds (LUX) - Indian Equities-P Cap 9.58% Pictet Funds (LUX) - Indian Equities-P Distr 9.58% 455

458 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Indian Equities-P Distr-GBP 19.56% Pictet Funds (LUX) - Indian Equities-R 9.20% Pictet Funds (LUX) - Indian Equities-Z 10.63% Pictet Funds (LUX) - Indian Equities-I-EUR 5.59% Pictet Funds (LUX) - Indian Equities-P Cap-EUR 5.15% Pictet Funds (LUX) - Indian Equities-R-EUR 4.78% Pictet Funds (LUX) - Japanese Equities 130/30-I -2.39% Pictet Funds (LUX) - Japanese Equities 130/30-P Cap -2.69% Pictet Funds (LUX) - Japanese Equities 130/30-P Distr -2.69% Pictet Funds (LUX) - Japanese Equities 130/30-R -2.93% Pictet Funds (LUX) - Japanese Equities 130/30-I-EUR -6.89% Pictet Funds (LUX) - Japanese Equities 130/30-P Cap-EUR -7.15% Pictet Funds (LUX) - Japanese Equities 130/30-R-EUR -7.40% Pictet Funds (LUX) - US Equities-I -1.12% Pictet Funds (LUX) - US Equities-P Cap -2.01% Pictet Funds (LUX) - US Equities-P Distr -1.99% Pictet Funds (LUX) - US Equities-R -2.25% Pictet Funds (LUX) - US Equities-Z -1.41% Pictet Funds (LUX) - Asian Equities (Ex Japan)-I 10.71% Pictet Funds (LUX) - Asian Equities (Ex Japan)-P Cap 10.23% Pictet Funds (LUX) - Asian Equities (Ex Japan)-P Distr 10.24% Pictet Funds (LUX) - Asian Equities (Ex Japan)-R 9.86% Pictet Funds (LUX) - Asian Equities (Ex Japan)-Z 11.19% Pictet Funds (LUX) - Asian Equities (Ex Japan)-I-EUR 6.22% Pictet Funds (LUX) - Asian Equities (Ex Japan)-P Cap-EUR 5.77% Pictet Funds (LUX) - Asian Equities (Ex Japan)-R-EUR 5.41% Pictet Funds (LUX) - Asian Equities (Ex Japan)-HI-EUR 9.23% Pictet Funds (LUX) - Asian Equities (Ex Japan)-HP Cap-EUR 8.78% Pictet Funds (LUX) - Asian Equities (Ex Japan)-HR-EUR 8.40% Pictet Funds (LUX) - Greater China-I 17.54% Pictet Funds (LUX) - Greater China-P Cap 17.04% Pictet Funds (LUX) - Greater China-P Distr 17.05% Pictet Funds (LUX) - Greater China-P Distr-GBP 27.68% Pictet Funds (LUX) - Greater China-R 16.64% Pictet Funds (LUX) - Greater China-Z 18.06% Pictet Funds (LUX) - Greater China-I-EUR 12.78% Pictet Funds (LUX) - Greater China-P Cap-EUR 12.31% Pictet Funds (LUX) - Greater China-R-EUR 11.92% 456

459 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Japanese Equity Selection-I -6.27% Pictet Funds (LUX) - Japanese Equity Selection-P Cap -6.56% Pictet Funds (LUX) - Japanese Equity Selection-P Distr -6.56% Pictet Funds (LUX) - Japanese Equity Selection-R -6.79% Pictet Funds (LUX) - Japanese Equity Selection-Z -5.94% Pictet Funds (LUX) - Japanese Equity Selection-P Distr-GBP 1.38% Pictet Funds (LUX) - Japanese Equity Selection-I-EUR % Pictet Funds (LUX) - Japanese Equity Selection-P Cap-EUR % Pictet Funds (LUX) - Japanese Equity Selection-R-EUR % Pictet Funds (LUX) - Japanese Equity Selection-HI-EUR -7.69% Pictet Funds (LUX) - Japanese Equity Selection-HP Cap-EUR -7.97% Pictet Funds (LUX) - Japanese Equity Selection-HR-EUR -8.20% Pictet Funds (LUX) - Generics-I 3.41% Pictet Funds (LUX) - Generics-P Cap 2.98% Pictet Funds (LUX) - Generics-P Distr 2.98% Pictet Funds (LUX) - Generics-P Distr-GBP 12.34% Pictet Funds (LUX) - Generics-R 2.62% Pictet Funds (LUX) - Generics-Z 3.82% Pictet Funds (LUX) - Generics-I-EUR -0.77% Pictet Funds (LUX) - Generics-P Cap-EUR -1.18% Pictet Funds (LUX) - Generics-R-EUR -1.54% Pictet Funds (LUX) - Generics-HI-EUR 2.76% Pictet Funds (LUX) - Generics-HP Cap-EUR 2.34% Pictet Funds (LUX) - Generics-HR-EUR 1.99% Pictet Funds (LUX) - Emerging Markets Index-I 17.11% Pictet Funds (LUX) - Emerging Markets Index-IS 16.01% Pictet Funds (LUX) - Emerging Markets Index-P Cap 16.96% Pictet Funds (LUX) - Emerging Markets Index-P Distr 16.96% Pictet Funds (LUX) - Emerging Markets Index-R 15.64% Pictet Funds (LUX) - Emerging Markets Index-R Distr-GBP 26.31% Pictet Funds (LUX) - Emerging Markets Index-Z 17.38% Pictet Funds (LUX) - Japanese Mid-Small Cap-I -4.27% Pictet Funds (LUX) - Japanese Mid-Small Cap-P Cap -4.67% Pictet Funds (LUX) - Japanese Mid-Small Cap-P Distr -4.67% Pictet Funds (LUX) - Japanese Mid-Small Cap-R -5.00% Pictet Funds (LUX) - Japanese Mid-Small Cap-Z -3.84% Pictet Funds (LUX) - Japanese Mid-Small Cap-I-EUR -8.67% Pictet Funds (LUX) - Japanese Mid-Small Cap-P Cap-EUR -9.04% 457

460 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Japanese Mid-Small Cap-R-EUR -9.35% Pictet Funds (LUX) - Emerging Markets Large Cap-I 16.79% Pictet Funds (LUX) - Emerging Markets Large Cap-P Cap 16.19% Pictet Funds (LUX) - Emerging Markets Large Cap-P Distr 16.20% Pictet Funds (LUX) - Emerging Markets Large Cap-R 15.90% Pictet Funds (LUX) - Emerging Markets Large Cap-Z 17.49% Pictet Funds (LUX) - Emerging Markets Large Cap-I-EUR 12.08% Pictet Funds (LUX) - Emerging Markets Large Cap-P Cap-EUR 11.49% Pictet Funds (LUX) - Emerging Markets Large Cap-R-EUR 11.20% Pictet Funds (LUX) - Emerging Markets Large Cap-HI-EUR 14.90% Pictet Funds (LUX) - Emerging Markets Large Cap-HP Cap-EUR 14.30% Pictet Funds (LUX) - Emerging Markets Large Cap-HR-EUR 14.03% Pictet Funds (LUX) - Euroland Index-I -4.01% Pictet Funds (LUX) - Euroland Index-P Cap -4.12% Pictet Funds (LUX) - Euroland Index-P Distr -4.08% Pictet Funds (LUX) - Euroland Index-R -4.24% Pictet Funds (LUX) - Euroland Index-R Distr-GBP 8.37% Pictet Funds (LUX) - Euroland Index-Z -3.89% Pictet Funds (LUX) - US Equity Selection-I -2.80% Pictet Funds (LUX) - US Equity Selection-P Cap -3.12% Pictet Funds (LUX) - US Equity Selection-P Distr -3.12% Pictet Funds (LUX) - US Equity Selection-R -3.37% Pictet Funds (LUX) - US Equity Selection-Z -2.52% Pictet Funds (LUX) - US Equity Selection-R-EUR -6.40% Pictet Funds (LUX) - US Equity Selection-HI-EUR -3.95% Pictet Funds (LUX) - US Equity Selection-HP Cap-EUR -4.25% Pictet Funds (LUX) - US Equity Selection-HR-EUR -4.49% Pictet Funds (LUX) - Security-I 8.39% Pictet Funds (LUX) - Security-P Cap 7.95% Pictet Funds (LUX) - Security-P Distr 7.95% Pictet Funds (LUX) - Security-P Distr-GBP 17.80% Pictet Funds (LUX) - Security-R 7.56% Pictet Funds (LUX) - Security-Z 8.91% Pictet Funds (LUX) - Security-I-EUR 4.01% Pictet Funds (LUX) - Security-P Cap-EUR 3.57% Pictet Funds (LUX) - Security-R-EUR 3.21% Pictet Funds (LUX) - Clean Energy-I 9.49% Pictet Funds (LUX) - Clean Energy-P Cap 9.05% 458

461 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Clean Energy-P Distr 9.05% Pictet Funds (LUX) - Clean Energy-P Distr-GBP 18.99% Pictet Funds (LUX) - Clean Energy-R 8.66% Pictet Funds (LUX) - Clean Energy-Z 10.03% Pictet Funds (LUX) - Clean Energy-I-EUR 5.07% Pictet Funds (LUX) - Clean Energy-P Cap-EUR 4.62% Pictet Funds (LUX) - Clean Energy-R-EUR 4.27% Pictet Funds (LUX) - Russian Equities-I 5.47% Pictet Funds (LUX) - Russian Equities-P Cap 5.03% Pictet Funds (LUX) - Russian Equities-P Distr 5.03% Pictet Funds (LUX) - Russian Equities-R 4.67% Pictet Funds (LUX) - Russian Equities-Z 5.99% Pictet Funds (LUX) - Russian Equities-I-EUR 2.27% Pictet Funds (LUX) - Russian Equities-P Cap-EUR 1.84% Pictet Funds (LUX) - Russian Equities-R-EUR 1.48% Pictet Funds (LUX) - Russian Equities-P Distr-GBP 15.26% Pictet Funds (LUX) - Timber-I -2.77% Pictet Funds (LUX) - Timber-P Cap -3.17% Pictet Funds (LUX) - Timber-P Distr -3.15% Pictet Funds (LUX) - Timber-R -3.50% Pictet Funds (LUX) - Timber-I-EUR -6.68% Pictet Funds (LUX) - Timber-P Cap-EUR -7.08% Pictet Funds (LUX) - Timber-R-EUR -7.40% Pictet Funds (LUX) - Timber-P Distr-GBP 5.67% Pictet Funds (LUX) - Timber-HP Cap-EUR -5.05% Pictet Funds (LUX) - Global Megatrend Selection-I* -0.26% Pictet Funds (LUX) - Global Megatrend Selection-P Cap* -0.67% Pictet Funds (LUX) - Global Megatrend Selection-P Distr* -0.67% Pictet Funds (LUX) - Global Megatrend Selection-R* -1.12% Pictet Funds (LUX) - Global Megatrend Selection-Z * 0.12% Pictet Funds (LUX) - Global Megatrend Selection-I-EUR* -3.51% Pictet Funds (LUX) - Global Megatrend Selection-P Cap-EUR* -3.91% Pictet Funds (LUX) - Global Megatrend Selection-P Distr-EUR* -3.91% Pictet Funds (LUX) - Global Megatrend Selection-R-EUR* -4.35% Pictet Funds (LUX) - Global Megatrend Selection-P Cap CHF* -2.41% Pictet Funds (LUX) - Global Megatrend Selection-P Distr-GBP* 8.53% Pictet Funds (LUX) - Piclife-P Cap 1.37% Pictet Funds (LUX) - Piclife-R -1.21% 459

462 Pictet Funds (LUX) Sub-fund PERFORMANCE (continued) Pictet Funds (LUX) - Piclife-S 1.55% Pictet Funds (LUX) - Absolute Return Global Diversified-I 0.27% Pictet Funds (LUX) - Absolute Return Global Diversified-P Cap -0.05% Pictet Funds (LUX) - Absolute Return Global Diversified-P Distr -0.04% Pictet Funds (LUX) - Absolute Return Global Diversified-R -0.30% Pictet Funds (LUX) - Absolute Return Global Diversified-Z 0.59% Pictet Funds (LUX) - Absolute Return Global Diversified-HI-CHF -1.81% Pictet Funds (LUX) - Absolute Return Global Diversified-HP Cap-CHF -1.96% Pictet Funds (LUX) - Absolute Return Global Diversified-HZ-CHF -1.66% Pictet Funds (LUX) - Absolute Return Global Diversified-HI-USD -1.50% Pictet Funds (LUX) - Absolute Return Global Diversified-HP Cap-USD -1.66% Pictet Funds (LUX) - Absolute Return Global Diversified-HI-GBP -1.61% Pictet Funds (LUX) - Absolute Return Global Diversified-HP Dist-GBP -1.76% Pictet Funds (LUX) - Absolute Return Global Diversified-HZ-GBP -1.45% Pictet Funds (LUX) - Absolute Return Global Diversified-HI-JPY -1.82% Pictet Funds (LUX) - Absolute Return Global Diversified-HZ-JPY -1.67% Pictet Funds (LUX) - Absolute Return Global Conservative-I 1.09% Pictet Funds (LUX) - Absolute Return Global Conservative-P Cap 0.86% Pictet Funds (LUX) - Absolute Return Global Conservative-P Distr 0.86% Pictet Funds (LUX) - Absolute Return Global Conservative-R 0.69% Pictet Funds (LUX) - Absolute Return Global Conservative-Z 1.37% Performance calculated for the period ended April 30, The performance per share class was calculated by comparing the net assets per share as at November 1, 2008 with the net assets per share as at April 30, For share classes that distributed a dividend (cf. note 14), the dividend amount was reintegrated into the net assets as at April 30, 2009 in order to calculate the performance including dividends. * The performance of share classes launched during the period 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 April 30,

463

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