Pictet (formerly Pictet Funds (LUX))

Transcription

1 Pictet (formerly Pictet Funds (LUX)) Luxembourg Open-ended Investment Company (SICAV) governed by Luxembourg Law Audited annual report as at September 30, Hong Kong

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3 Pictet (formerly Pictet Funds (LUX)) Luxembourg Open-ended Investment Company (SICAV) governed by Luxembourg Law Audited annual report as at September 30, Hong Kong 1

4 Pictet (formerly Pictet Funds (LUX)) Information for Hong Kong Investors Audited annual report as at September 30, Hong Kong The following thirty-three sub-funds of Pictet (formerly Pictet Funds (LUX)) (collectively "Authorised Compartments") mentioned in this audited annual report as at September 30, 2010: 1. Pictet - USD Liquidity 2. Pictet - EUR Liquidity 3. Pictet - Global Emerging Debt 4. Pictet - World Government Bonds 5. Pictet - EUR Short Mid-Term Bonds 6. Pictet - USD Short Mid-Term Bonds 7. Pictet - EUR Inflation Linked Bonds 8. Pictet - Latin American Local Currency Debt 9. Pictet - European Equity Selection 10. Pictet - Small Cap Europe 11. Pictet - Emerging Markets 12. Pictet - Eastern Europe 13. Pictet - European Sustainable Equities 14. Pictet - Digital Communication 15. Pictet - Biotech 16. Pictet - Premium Brands 17. Pictet - Water 18. Pictet - Indian Equities 19. Pictet - Japanese Equities 130/ Pictet - Asian Equities Ex Japan* 21. Pictet - Greater China 22. Pictet - Japanese Equity Selection 23. Pictet - Generics 24. Pictet - US Equity Growth Selection 25. Pictet - Security 26. Pictet - Clean Energy 27. Pictet - Russian Equities 28. Pictet - Timber 29. Pictet - Agriculture 30. Pictet - Global Megatrend Selection 31. Pictet - Middle East And North Africa 32. Pictet - Absolute Return Global Diversified 33. Pictet - Absolute Return Global Conservative have been authorised under Section 104 of the Securities and Futures Ordinance by the Securities & Futures Commission ("SFC") in Hong Kong but such authorisation does not imply official recommendation of the SFC. None of the sub-funds of Pictet (formerly Pictet Funds (LUX)), other than the Authorised sub-funds, are authorised for sale in Hong Kong nor are they available to Hong Kong investors. * On April 19, 2010, the Board of Directors has decided to change the name of sub-fund Pictet - Asian Equities (Ex Japan) to Pictet - Asian Equities Ex Japan with effect as of April 20, 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 (formerly Pictet Funds (LUX)) TABLE OF CONTENTS (continued) ORGANISATION OF THE SICAV 7 GENERAL INFORMATION 10 DISTRIBUTION ABROAD 11 MANAGEMENT REPORT 15 REPORT OF THE REVISEUR D ENTREPRISES AGREE 18 FINANCIAL STATEMENTS STATEMENT OF NET ASSETS 20 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 30 NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE 39 Sub-fund: Pictet - USD Liquidity - Statement of Investments and Other Net Assets 50 - Geographical and Industrial Classification of Investments 54 Sub-fund: Pictet - EUR Liquidity - Statement of Investments and Other Net Assets 55 - Geographical and Industrial Classification of Investments 59 Sub-fund: Pictet - Global Emerging Debt - Statement of Investments and Other Net Assets 60 - Geographical and Industrial Classification of Investments 68 Sub-fund: Pictet - World Government Bonds - Statement of Investments and Other Net Assets 69 - Geographical and Industrial Classification of Investments 76 Sub-fund: Pictet - EUR Short Mid-Term Bonds - Statement of Investments and Other Net Assets 77 - Geographical and Industrial Classification of Investments 80 Sub-fund: Pictet - USD Short Mid-Term Bonds - Statement of Investments and Other Net Assets 81 - Geographical and Industrial Classification of Investments 84 Sub-fund: Pictet - EUR Inflation Linked Bonds - Statement of Investments and Other Net Assets 85 - Geographical and Industrial Classification of Investments 86 Sub-fund: Pictet - Latin American Local Currency Debt - Statement of Investments and Other Net Assets 87 - Geographical and Industrial Classification of Investments 89 3

6 Pictet (formerly Pictet Funds (LUX)) TABLE OF CONTENTS (continued) Sub-fund: Pictet - European Equity Selection - Statement of Investments and Other Net Assets 90 - Geographical and Industrial Classification of Investments 93 Sub-fund: Pictet - Small Cap Europe - Statement of Investments and Other Net Assets 94 - Geographical and Industrial Classification of Investments 97 Sub-fund: Pictet - Emerging Markets - Statement of Investments and Other Net Assets 98 - Geographical and Industrial Classification of Investments 103 Sub-fund: Pictet - Eastern Europe - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 107 Sub-fund: Pictet - European Sustainable Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 112 Sub-fund: Pictet - Digital Communication - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 116 Sub-fund: Pictet - Biotech - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 119 Sub-fund: Pictet - Premium Brands - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 122 Sub-fund: Pictet - Water - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 126 Sub-fund: Pictet - Indian Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 129 Sub-fund: Pictet - Japanese Equities 130/30 - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 132 Sub-fund: Pictet - Asian Equities Ex Japan (note 1) - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 137 Sub-fund: Pictet - Greater China - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 141 4

7 Pictet (formerly Pictet Funds (LUX)) TABLE OF CONTENTS (continued) Sub-fund: Pictet - Japanese Equity Selection - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 144 Sub-fund: Pictet - Generics - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 147 Sub-fund: Pictet - US Equity Growth Selection - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 150 Sub-fund: Pictet - Security - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 153 Sub-fund: Pictet - Clean Energy - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 157 Sub-fund: Pictet - Russian Equities - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 160 Sub-fund: Pictet - Timber - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 163 Sub-fund: Pictet - Agriculture - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 168 Sub-fund: Pictet - Global Megatrend Selection - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 182 Sub-fund: Pictet - Middle East And North Africa - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 186 Sub-fund: Pictet - Absolute Return Global Diversified - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 214 Sub-fund: Pictet - Absolute Return Global Conservative - Statement of Investments and Other Net Assets Geographical and Industrial Classification of Investments 243 5

8 Pictet (formerly Pictet Funds (LUX)) TABLE OF CONTENTS (continued) NOTES TO THE FINANCIAL STATEMENTS 245 TER (TOTAL EXPENSE RATIO) 297 PTR (PORTFOLIO TURNOVER RATIO) 307 PERFORMANCE 308 6

9 Pictet (formerly Pictet Funds (LUX)) ORGANISATION OF THE SICAV Registered Office 3, boulevard Royal, L-2449 Luxembourg Board of Directors Chairman Mr Pierre ETIENNE, Managing Director (formerly Senior Vice President), Pictet & Cie (Europe) S.A., Luxembourg (until June 30, 2010) Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva (since July 1, 2010) Members Mr Rolf BANZ, Director, Pictet & Cie, Geneva (until March 1, 2010) Mr Frédéric FASEL, Senior Vice President, Pictet & Cie (Europe) S.A., Luxembourg (until March 1, 2010) Mrs Michèle BERGER, Executive Vice President, Pictet Funds (Europe) S.A., Luxembourg Mr Christoph SCHWEIZER, Senior Vice President, Pictet Funds S.A., Geneva Mr Christian SOGUEL, Senior Vice President, Pictet Funds S.A., Geneva (since March 1, 2010) Mr Pascal CHAUVAUX, Vice President, Pictet & Cie (Europe) S.A., Luxembourg (since July 1, 2010) Management Company Pictet Funds (Europe) S.A., 3, boulevard Royal, L-2449 Luxembourg Board of Directors of the Management Company Chairman Mr Marc PICTET, Managing Director, Pictet & Cie (Europe) S.A. and Member of the Executive Committee of Pictet Funds (Europe) S.A. (until July 1, 2010) Mr Rémy BEST, Partner, Pictet & Cie, Geneva (since July 1, 2010) Members Mr Frédéric FASEL, Senior Vice President, Pictet & Cie (Europe) S.A., Luxembourg (until July 1, 2010) Mr Pierre ETIENNE, Managing Director (formerly Senior Vice President until June 30, 2010), Pictet & Cie (Europe) S.A., Luxembourg Mr Yves MARTIGNER, Senior Vice President, Pictet & Cie, Geneva (until December 1, 2009) Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva Mr Christoph SCHWEIZER, Senior Vice President, Pictet Funds S.A., Geneva (until July 1, 2010) 7

10 Pictet (formerly Pictet Funds (LUX)) ORGANISATION OF THE SICAV (continued) Mr Rolf BANZ, Director, Pictet & Cie, Geneva (until July 1, 2010) Directors of the Management Company Mrs Michèle BERGER, Executive Vice President, Pictet Funds (Europe) S.A., Luxembourg Mr Christoph SCHWEIZER, Senior Vice President, Pictet Funds S.A., Geneva (since June 15, 2010) Mr Rolf BANZ, Director, Pictet & Cie, Geneva (since June 15, 2010) Mr Christian SOGUEL, Senior Vice President, Pictet Funds S.A., Geneva (since June 15, 2010) Mr Laurent RAMSEY, Managing Director, Pictet Funds S.A., Geneva Mr Cédric VERMESSE, Senior Vice President, Pictet Funds S.A., Geneva (since June 15, 2010) Custodian, Transfer Agent, Administrative Agent and Paying Agent Investment Managers Pictet & Cie (Europe) S.A., 1, boulevard Royal, L-2449 Luxembourg Pictet Asset Management S.A., 60, route des Acacias, CH-1211 Geneva 73, Switzerland Pictet Asset Management Limited, Moor House, Level 11, 120 London Wall, London EC2Y 5ET, United Kingdom Bank Pictet & Cie (Asia) Ltd, Singapore, 8, Marina Boulevard #05-02, Marina Bay, Financial Centre Tower, 1, Singapore Pictet Asset Management (Japan) Ltd, Kishimoto Building 7F, Marunouchi, Chiyoda-ku, Tokyo , Japan Sectoral Asset Management Inc., 1000 Sherbrooke Street, Montreal, Quebec, H3A 3G4, Canada Waddell & Reed Investment Management Company, 6300 Lamar, Shawnee Mission, Kansas 66202, USA Westwood Management Corp., 200 Crescent Court Suite 1200, Dallas, Texas 75201, USA Metropolitan West Asset Management LLC, 865 South Figueroa Street, Los Angeles, CA USA (since November 9, 2009) Jabre Capital Partners S.A., 1, rue des Moulins, CH-1204 Geneva, Switzerland (since December 9, 2009) 8

11 Pictet (formerly Pictet Funds (LUX)) ORGANISATION OF THE SICAV (continued) Réviseur d entreprises agréé of the SICAV 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 (formerly Pictet Funds (LUX)) GENERAL INFORMATION The audited annual reports and the unaudited semi-annual reports are available to shareholders free of charge at the registered office of the SICAV, from the Custodian and from any Paying Agent or Representative in the countries in which the SICAV is marketed i.e.: Germany, Austria, Belgium (only for share classes authorised by the Belgian Banking, Finance and Insurance Commission), Chile, Denmark (only for subfunds authorised by Denmark s Financial Supervisory Authority), Spain (only for share classes authorised for sale by the "Comisión Nacional del Mercado de Valores"), Finland, France, Greece (only for sub-funds authorised by the Hellenic Capital Market Commission), Hong Kong (only for sub-funds authorised by the Securities and Futures Commission), Italy (only for share classes authorised by the Italian National Stock Exchange Supervisory Commission and the "Banca d Italia"), Liechtenstein, Macao (only for sub-funds authorised by the Macao Monetary Authority), the Netherlands, Peru, Portugal, the United Kingdom, Singapore, Sweden, Switzerland and Taiwan (only for those sub-funds registered in Taiwan). All other published financial information, such as the net asset value per share of the SICAV and details of any suspension of the calculation of the net asset value, is available to the public at the registered office of the SICAV and from the Custodian. A detailed schedule of changes in the securities portfolios for all the sub-funds for the financial year ended September 30, 2010, is available free of charge upon request at the registered office of the SICAV and from the representative of each country in which the SICAV is authorised for distribution. 10

13 Pictet (formerly Pictet Funds (LUX)) DISTRIBUTION ABROAD (continued) Marketing/ Distribution in Switzerland Representative The Swiss representative is Pictet Funds S.A., 60, route des Acacias, 1211 Geneva 73. Paying agent The paying agent in Switzerland is Pictet & Cie, with registered office at 60, route des Acacias, 1211 Geneva 73. Place of distribution of reference documents The full and simplified prospectus, articles of incorporation and the annual and 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 subscription and redemption prices of every share class, as well as the net asset value followed by the note "excluding fees", are published at the time of each subscription and redemption of shares. The prices are published each business day on Swiss Fund Data AG. ( Payment of trailer fees and remuneration in respect of distribution activities In respect of its distribution in Switzerland, the SICAV may pay trailer fees to the following eligible investors holding units of the SICAV for the account of third-party economic beneficiaries: life insurance companies, pension funds and other savings institutions, investment foundations, Swiss SICAV managers, foreign SICAV managers, investment companies. In respect of its distribution in Switzerland, the SICAV may pay remuneration in respect of distribution activities to the following distributors and distribution partners: distributors subject to authorisation; distributors not obliged to obtain authorisation; distribution partners investing the units of collective investment undertakings exclusively with institutional investors managing their cash positions on a professional basis distribution partners investing the units of collective investment undertakings exclusively on the basis of a written discretionary mandate. 11

14 Pictet (formerly Pictet Funds (LUX)) DISTRIBUTION ABROAD (continued) Place of execution and jurisdiction The place of execution and jurisdiction is the registered office of the representative of the SICAV s shares distributed in or from Switzerland. Additional information for German investors Paying and Information Agent: Deutsche Bank AG Junghofstr. 5-9 D Frankfurt am Main Applications for the redemption and conversion of shares may be addressed to the Paying and Information Agent in Germany. Shareholders may request that redemption proceeds, any dividends distributed and any other payments to be made to them pass through the Paying and Information Agent in Germany. Copies of the most recent full and simplified prospectus, the articles of incorporation of the SICAV and the annual and semi-annual reports may be obtained free of charge from the Paying and Information Agent in Germany. Subscription, redemption and conversion prices of shares as well as all other notices to shareholders may also be obtained free of charge from the Paying and Information Agent in Germany. Furthermore, the following documents are available free of charge for consultation at the offices of the Paying and Information Agent in Germany: the management agreement concluded between the SICAV and the Management Company; the custodian agreement concluded between Pictet & Cie (Europe) S.A. and the SICAV. In addition, subscription and redemption prices as well as any notices to shareholders shall be published each trading day in the "Börsen-Zeitung". 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 S.A. 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)

15 Pictet (formerly Pictet Funds (LUX)) DISTRIBUTION ABROAD (continued) Please refer to the chapters of the current prospectus entitled "Issues", "Redemptions" and "Conversions" for more details regarding subscription and redemption procedures. 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 jurisdiction for shares distributed in Liechtenstein is Vaduz. 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: Information for investors in the Republic of Austria Paying Agent for the shares of the SICAV sold to the public: Raiffeisen Zentralbank Österreich Aktiengesellschaft (since October 10, 2010: Raiffeisen Bank International AG) Am Stadtpark 9 A-1030 Vienna Applications for the redemption of shares of the SICAV may be sent to the Paying Agent in Austria. In collaboration with the Custodian, 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 subscription 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 values of the sub-funds and share classes published in Luxembourg shall also be published in Austria in the daily newspaper "Die Presse". 13

16 Pictet (formerly Pictet Funds (LUX)) DISTRIBUTION ABROAD (continued) Exception: As the "Pictet - CHF Bonds" sub-fund is not registered with the Austrian authorities, it is not authorised for distribution to the public in Austria. The SICAV s tax consultant in Austria is: Deloitte Exinger GmbH Renngasse 1/Freyung P.O. Box 18 A-1013 Vienna Taxation Shareholders are invited to contact their tax advisor in order to obtain information regarding the taxation applicable to their investment in their country of residence or in any other country concerned. 14

17 Pictet (formerly Pictet Funds (LUX)) MANAGEMENT REPORT AS AT SEPTEMBER 30, 2010 (continued) Analysis At the end of a turbulent year for the equity markets, the MSCI World index (in USD) rose again in the fourth quarter of 2009, gaining 3.7% (+27% over the year) on the back of renewed investor appetite for risk. The emerging markets continued to outperform, as evidenced by the MSCI EM index, which climbed 8.3% in 4Q09 (+86.9% over the year), a sign of confidence regarding the strength of the global economic recovery. With the prospect of a lasting, albeit limited, turnaround becoming a reality, the focus gradually moved to the probable nature and timing of the exit strategy for market support measures taken in In December, bond yields increased dramatically, particularly in heavily indebted developed countries, with investors taking stock of the fiscal consequences of the crisis and calling into question the willingness and ability of certain governments to deal with the problem. After having risen considerably in 2009, the global equity markets on the whole slowed at the beginning of 2010, losing ground in January in the face of growing concern surrounding the strength of the recovery. Increasingly acute fears regarding sovereign risk in certain parts of Europe also added fuel to the fire. Volatility increased when the fiscal problems weighing on Greece brought the issue of public deficits to the fore, prompting investors to give more thought to the timing of an end to emergency stimulus measures taken in Towards the end of the first quarter, however, the markets rallied strongly as it became increasingly clear that the economic situation was continuing to improve, particularly in the United States, while an agreement was reached in Europe enabling Greece to continue to finance its debt. Overall, the MSCI World index gained 2.7% over the first three months of Throughout most of the second quarter of 2010, investors attention was focused on the risk linked to the sovereign debt of peripheral eurozone countries. The growing fear that contagion effects might prevent the authorities from containing the crisis hinted that the very existence of the euro could be challenged. Alongside increasing turmoil in the financial sector, the recovery in the developed countries showed signs of slowing just as fiscal austerity measures were beginning to bear fruit, increasing the risk of a political error compromising the economic rebound. Investors therefore lost a lot of their appetite for risk and adopted more defensive strategies, causing returns to fall on the markets considered safe. In the second quarter of 2010, the MSCI World index lost 13.3% to drop back to its level of August The solid returns generated by the global equity markets in the third quarter concealed investors changing risk appetite over the period. At first, results of European banks stress tests and the success of bond auctions in eurozone countries with fiscal problems helped restore investors confidence, enabling the markets to pick up after falling in the second quarter. However, after the end of the rally in July, the markets were hit by a tidal wave of bad news, sapping confidence in the economic recovery as lingering problems in the property sector and high unemployment in the US combined with fears about the economic consequences of China s measures to tackle its property bubble. The markets then bounced back strongly in September as investors felt that the US authorities were preparing to breathe new life into the economy by undertaking a second round of quantitative easing and growth remained firm in the emerging countries. The MSCI World Equities and MSCI Emerging Markets indices gained 13.2% and 17.2% respectively in the third quarter. Over the whole of the period from September 30, 2009, to September 30, 2010, the MSCI World Equities index gained 5%, against a rise of 18% for the MSCI Emerging Markets index. Past performance is not an indicator of current or future returns. 15

18 Pictet (formerly Pictet Funds (LUX)) MANAGEMENT REPORT AS AT SEPTEMBER 30, 2010 (continued) Outlook Over the period under review, market activity fluctuated in line with investors risk appetite and certain key factors that, in turn, influenced sentiment. These include: fears of a double-dip recession in the United States; an environment in which interest rates close to zero offset increasingly austere fiscal policies; a clear improvement in corporate earnings at a global level due to low interest rates and strict cost control measures; a structural change in the driving forces behind international growth, which is no longer fuelled by US consumption but rather by growth in the emerging countries; and the realisation that, unable to bring about economic and financial convergence, the eurozone model presents structural weaknesses and exposes peripheral countries to lasting economic problems. In this lukewarm climate, linked to the reasons outlined above, the markets were volatile and investor sentiment fragile. Erratic trading had little impact in net terms with the MSCI World index ending the third quarter almost exactly mid-way between the developed markets high of October 2007 and low of March 2009 during the financial crisis. The recent improvement in risk appetite stems mainly from the belief that the US government will announce further quantitative easing measures if the economy continues to show signs of weakness. The first such measures were directly aimed at boosting lending during the financial crisis. A new programme would be quite different in that it would look to stimulate demand and, almost certainly, reduce the yields on US Treasury bills so that investors would be forced to seek an alternative in other riskier asset classes such as real estate or equities. It would thus be a case of consolidating household finances and easing the pressure to reduce debt, with the aim of shoring up consumer confidence. Another objective would be to dispel fears of deflation, especially in the property sector, and thus stimulate activity. The success of such a policy is uncertain to say the least and will not be without risk. An increase in the money supply would probably weaken the dollar, having a positive effect on the US trade balance as exports become more competitive. However, it remains to be seen how foreign holders of US bonds would react to such a depreciation. The Brazilian finance minister recently described the growing use of competitive devaluations to encourage export-driven growth as a "currency war", with Japan, South Korea, Switzerland and Taiwan calling on the intervention of their central banks to reduce upside pressures on their respective currencies. Adopting a more tangible form of protectionism would doubtless trigger a new global recession. In our opinion, the US economy will continue to grow, albeit at a less sustained pace, and a double-dip recession will be avoided. Furthermore, it is by no means certain that the US authorities will adopt new quantitative easing measures. However, they could keep this option without committing to any specific amounts. The growth problems facing western developed countries, including Japan, are in stark contrast to the expansion of the emerging countries. These account for nearly 30% of global GDP and are growing strongly on the back of firm supply and low capital costs, which reflect the monetary flexibility prevailing in the West. Although very low interest rates in western countries have sparked fears of higher inflation in the emerging countries, deflationary pressures in the former have so far limited the risk of this happening. Many emerging countries are currently enjoying prosperous times, characterised by rapid expansion and generally modest inflation. Given the shortage of growth in other regions, the main risk to the emerging countries is probably that of a bubble emerging due to an inflow of liquidity, which would inevitably have destabilising consequences. Past performance is not an indicator of current or future returns. 16

19 Pictet (formerly Pictet Funds (LUX)) MANAGEMENT REPORT AS AT SEPTEMBER 30, 2010 (continued) Despite the obvious risks, we are generally optimistic about risky assets. Low valuations on developed markets suggest that slower earnings growth has already been priced in. The emerging countries expansion plays a key role at a global level and, in our opinion, US growth will gradually pick up thanks mainly to a new cycle of capital expenditure. Companies will not hold on to their cash forever and progress in terms of mergers and acquisitions, share buybacks and dividend growth will help to increase the appeal of equities, especially as bond yields remain low. November 9, 2010 The Board of Directors of the SICAV Past performance is not an indicator of current or future returns. 17

20 REPORT OF THE REVISEUR D ENTREPRISES AGREE (continued) To the shareholders of Pictet (formerly Pictet Funds (LUX)) Luxembourg Open-ended Investment Company (SICAV) 3, boulevard Royal, L-2449 Luxembourg Following our appointment by the General Meeting of Shareholders dated November 20, 2009, we have audited the accompanying financial statements of Pictet (formerly Pictet Funds (LUX)) (Luxembourg Open-ended Investment Company), which comprise the combined statement of net assets, the statement of net assets and the statement of investments and other net assets of the sub-funds registered for distribution in Hong Kong as at September 30, 2010, as well as the combined statement of operations and changes in net assets, and the statement of operations and changes in net assets of each of the sub-funds registered for distribution in Hong Kong for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Directors of the SICAV responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 18

21 REPORT OF THE REVISEUR D ENTREPRISES AGREE (continued) Opinion In our opinion, the financial statements give a true and fair view of the financial position of Pictet (formerly Pictet Funds (LUX)) and of its sub-funds registered in Hong Kong as of September 30, 2010 and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Deloitte S.A. Réviseur d entreprises agréé B. Michaelis Partner November 30, , rue de Neudorf, L-2220 Luxembourg 19

22 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Combined* USD Liquidity EUR Liquidity EUR USD EUR ASSETS Investments in securities at acquisition cost 31,351,248, ,680, ,447,325, Net unrealised gain/loss on investments 2,241,964, ,763, ,064, Investments in securities at market value (note 2) 33,593,213, ,444, ,446,260, Cash at banks 1,420,284, ,972, ,105, Interest receivable, net 255,616, ,357, ,298, Interest receivable on swaps 137, Interest receivable on credit default swaps 93, Net unrealised gain on forward exchange contracts (note 11) 24,476, Net unrealised gain on forward contracts (note 10) 8,121, Net unrealised gain on credit default swaps (note 13) 4,525, Net unrealised gain on swaps (note 12) 203,986, , Other assets 1,698, ,512,151, ,774, ,574,744, CURRENT LIABILITIES Bank overdraft 61,696, Management and investment advisory fee payable (note 4) 61,100, , , Performance fee payable (note 8) 568, Interest payable on swaps 776, , Interest payable on credit default swaps 3, Net unrealised loss on forward exchange contracts (note 11) 43,236, ,650, ,594, Net unrealised loss on forward contracts (note 10) 6,964, , Net unrealised loss on credit default swaps (note 13) 5,791, Net unrealised loss on swaps (note 12) 2,692, "Taxe d abonnement" payable (note 3) 4,314, , , Interest payable on repurchase agreements Repurchase agreements 2,666, Fees payable 23,267, , , Other liabilities 191, ,269, ,074, ,878, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,298,881, ,699, ,571,866, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,763,662, ,765, ,163,271, TOTAL NET ASSETS AS AT OCTOBER 31, ,037,041, ,258,845, ,209,344, *The combined financial statements include the combined items of all the sub-funds of Pictet (formerly Pictet Funds (LUX)), not only the sub-funds registered for distribution in Hong Hong (note 2). 20

23 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Global Emerging Debt World Government Bonds EUR Short Mid-Term Bonds USD Short Mid-Term Bonds EUR Inflation Linked Bonds USD EUR EUR USD EUR 2,153,591, ,333, ,620, ,749, ,673, ,832, ,982, , ,233, ,354, ,386,424, ,315, ,152, ,983, ,028, ,434, ,891, ,059, ,671, ,038, ,248, ,544, ,629, ,115, , , , , , , , , ,266, , ,528,832, ,797, ,076, ,770, ,812, ,154, , , , , , , , , , ,257, , , , , , ,890, , , , , ,091, , , , , ,519,741, ,601, ,214, ,310, ,513, ,057,784, ,137, ,382, ,440, ,657, ,173, ,259, ,869, ,964, ,827,

24 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Latin American Local Currency Debt European Equity Selection Small Cap Europe USD EUR EUR ASSETS Investments in securities at acquisition cost 228,971, ,961, ,428, Net unrealised gain/loss on investments 15,829, ,666, ,450, Investments in securities at market value (note 2) 244,801, ,627, ,879, Cash at banks 22,472, ,199, ,704, Interest receivable, net 1,817, Interest receivable on swaps 2, Interest receivable on credit default swaps Net unrealised gain on forward exchange contracts (note 11) Net unrealised gain on forward contracts (note 10) Net unrealised gain on credit default swaps (note 13) 134, Net unrealised gain on swaps (note 12) 134, Other assets ,362, ,827, ,583, CURRENT LIABILITIES Bank overdraft Management and investment advisory fee payable (note 4) 508, , , Performance fee payable (note 8) Interest payable on swaps Interest payable on credit default swaps Net unrealised loss on forward exchange contracts (note 11) 227, Net unrealised loss on forward contracts (note 10) Net unrealised loss on credit default swaps (note 13) Net unrealised loss on swaps (note 12) "Taxe d abonnement" payable (note 3) 18, , , Interest payable on repurchase agreements Repurchase agreements Fees payable 187, , , Other liabilities , , , TOTAL NET ASSETS AS AT SEPTEMBER 30, ,420, ,365, ,882, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,847, ,066, ,023, TOTAL NET ASSETS AS AT OCTOBER 31, ,559, ,745, ,571,

25 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Emerging Markets Eastern Europe European Sustainable Equities Digital Communication Biotech USD EUR EUR USD USD 1,266,842, ,685, ,376, ,853, ,506,852, ,759, ,976, ,087, ,088, ,870, ,482,602, ,662, ,464, ,941, ,425,982, ,030, ,101, ,115, ,865, ,068, , ,061, ,492,293, ,763, ,579, ,807, ,443,112, ,280, , , , ,173, , , , , , ,413, , , , ,352, ,784, ,487, , , ,676, ,489,508, ,276, ,333, ,410, ,436,435, ,505,624, ,394, ,839, ,463, ,060,924, ,801, ,877, ,453, ,145, ,934,516,

26 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Premium Brands Water Indian Equities EUR EUR USD ASSETS Investments in securities at acquisition cost 145,986, ,124,115, ,085, Net unrealised gain/loss on investments 30,270, ,185, ,371, Investments in securities at market value (note 2) 176,256, ,271,300, ,456, Cash at banks 5,402, ,431, ,174, Interest receivable, net Interest receivable on swaps Interest receivable on credit default swaps Net unrealised gain on forward exchange contracts (note 11) Net unrealised gain on forward contracts (note 10) Net unrealised gain on credit default swaps (note 13) Net unrealised gain on swaps (note 12) Other assets ,659, ,317,732, ,630, CURRENT LIABILITIES Bank overdraft Management and investment advisory fee payable (note 4) 625, ,224, ,093, Performance fee payable (note 8) Interest payable on swaps Interest payable on credit default swaps Net unrealised loss on forward exchange contracts (note 11) , Net unrealised loss on forward contracts (note 10) Net unrealised loss on credit default swaps (note 13) Net unrealised loss on swaps (note 12) "Taxe d abonnement" payable (note 3) 18, , , Interest payable on repurchase agreements Repurchase agreements Fees payable 143, ,240, , Other liabilities , ,774, ,830, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,870, ,305,958, ,800, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,182, ,264,942, ,480, TOTAL NET ASSETS AS AT OCTOBER 31, ,933, ,373,854, ,390,

27 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Japanese Equities 130/30 Asian Equities Ex Japan (note 1) Greater China Japanese Equity Selection Generics JPY USD USD JPY USD 4,731,460, ,218, ,862, ,229,262, ,588, ,119, ,718, ,882, ,138,103, ,571, ,491,340, ,936, ,745, ,091,159, ,160, ,933, ,535, ,062, ,602, ,222, , , ,505, ,482, ,674, ,833,950, ,880, ,808, ,291,267, ,864, ,890, ,149, ,484, ,134, ,669, , , , , , ,424, , , ,985, , ,874, ,879, ,869, ,904, ,129, ,814,076, ,001, ,938, ,247,362, ,735, ,584,741, ,629, ,867, ,888,070, ,271, ,999,811, ,953, ,101, ,560,355, ,176,

28 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 US Equity Growth Selection Security Clean Energy USD USD USD ASSETS Investments in securities at acquisition cost 1,163,069, ,075, ,771, Net unrealised gain/loss on investments 208,633, ,178, ,476, Investments in securities at market value (note 2) 1,371,702, ,254, ,294, Cash at banks 33,962, ,314, ,270, Interest receivable, net Interest receivable on swaps Interest receivable on credit default swaps Net unrealised gain on forward exchange contracts (note 11) 7,021, Net unrealised gain on forward contracts (note 10) Net unrealised gain on credit default swaps (note 13) Net unrealised gain on swaps (note 12) Other assets ,412,687, ,569, ,565, CURRENT LIABILITIES Bank overdraft Management and investment advisory fee payable (note 4) 4,059, , ,546, Performance fee payable (note 8) Interest payable on swaps Interest payable on credit default swaps Net unrealised loss on forward exchange contracts (note 11) Net unrealised loss on forward contracts (note 10) Net unrealised loss on credit default swaps (note 13) Net unrealised loss on swaps (note 12) "Taxe d abonnement" payable (note 3) 130, , , Interest payable on repurchase agreements Repurchase agreements Fees payable 1,422, , , Other liabilities ,612, , ,203, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,407,075, ,817, ,362, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,711,084, ,156, ,237, TOTAL NET ASSETS AS AT OCTOBER 31, ,442,747, ,102, ,702,

29 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Russian Equities Timber Agriculture Global Megatrend Selection Middle East And North Africa USD USD EUR USD USD 288,663, ,317, ,984, ,868, ,322, ,047, ,232, ,981, ,479, ,518, ,710, ,549, ,965, ,347, ,841, ,916, ,341, ,750, ,438, , , , , ,627, ,998, ,715, ,797, ,066, ,160, , , ,970, , , , , , , , , , , , ,534, , , ,427, , ,093, ,583, ,167, ,369, ,945, ,170, ,354, ,205, ,885, ,234, ,134, ,200,

30 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2010 Absolute Return Global Diversified EUR Absolute Return Global Conservative EUR ASSETS Investments in securities at acquisition cost 357,372, ,674, Net unrealised gain/loss on investments 22,062, ,216, Investments in securities at market value (note 2) 379,435, ,890, Cash at banks 239,105, ,801, Interest receivable, net 3,124, , Interest receivable on swaps Interest receivable on credit default swaps Net unrealised gain on forward exchange contracts (note 11) 4,678, , Net unrealised gain on forward contracts (note 10) 6,771, , Net unrealised gain on credit default swaps (note 13) Net unrealised gain on swaps (note 12) Other assets ,116, ,228, CURRENT LIABILITIES Bank overdraft Management and investment advisory fee payable (note 4) 1,336, , Performance fee payable (note 8) Interest payable on swaps 7, Interest payable on credit default swaps Net unrealised loss on forward exchange contracts (note 11) Net unrealised loss on forward contracts (note 10) Net unrealised loss on credit default swaps (note 13) 12, , Net unrealised loss on swaps (note 12) 1,626, , "Taxe d abonnement" payable (note 3) 47, , Interest payable on repurchase agreements Repurchase agreements Fees payable 420, , Other liabilities ,451, , TOTAL NET ASSETS AS AT SEPTEMBER 30, ,664, ,951, TOTAL NET ASSETS AS AT SEPTEMBER 30, ,223,817, ,913, TOTAL NET ASSETS AS AT OCTOBER 31, ,610,292, ,270,

31 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF NET ASSETS AS AT SEPTEMBER 30,

32 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Combined*** USD Liquidity EUR Liquidity EUR USD EUR NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR/PERIOD 25,763,662, ,765, ,163,271, INCOME Interest on securities lending 3,701, Interest on swaps 28,091, Interest on credit default swaps 51, Interest on bonds, net 600,597, ,867, ,120, Bank interest 3,310, , , Dividends 238,836, ,587, ,959, ,398, EXPENSES Management and investment advisory fee (note 4) 228,389, ,127, ,736, Custodian fee, interest and bank charges 22,226, , , Service fee (note 5) 54,248, , , Performance fee (note 8) 568, Audit fees and other expenses 18,542, , ,147, "Taxe d abonnement" (note 3) 9,745, , , Interest paid on repurchase agreements 8, Interest paid on swaps 23,116, , Premiums on credit default swaps 496, ,343, ,270, ,417, NET INVESTMENT INCOME 517,244, ,688, ,980, Net realised gain/loss on sales of investments 531,952, ,689, ,900, Net realised gain/loss on sales of investments - pooling effect (note 1) -49,119, Net realised gain/loss on forward exchange contracts -162,644, ,405, ,065, Net gain/loss on foreign exchange 9,661, ,170, , Net realised gain/loss on forward contracts -30,027, , , Net realised gain/loss on swaps/credit default swaps -288,578, NET REALISED GAIN 528,488, , ,192, Change in net unrealised gain/loss: - on investments 1,614,285, ,172, ,742, on forward exchange contracts -14,897, ,633, ,662, on forward contracts -2,656, , on credit default swaps -906, on swaps 209,418, , GAIN/LOSS RESULTING FROM OPERATIONS 2,333,730, ,050, ,868, Subscription of shares 30,484,890, ,827,151, ,248,206, Redemption of shares -24,350,545, ,936,227, ,846,230, Dividends paid (note 15) -9,563, , , Revaluation difference* -38,423, Revaluation difference on the net assets at the beginning of the period** 1,115,131, NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 35,298,881, ,699, ,571,866, *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2009, and September 30, **The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to sub-funds denominated in currencies other than the euro into the currency of the sub-funds concerned between October 1, 2009, and September 30, ***The combined financial statements include the combined items of all the sub-funds of Pictet (formerly Pictet Funds (LUX)), not only the sub-funds registered for distribution in Hong Hong (note 2). 30

33 Pictet (formerly Pictet Funds (LUX)) Global Emerging Debt STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 World Government Bonds EUR Short Mid-Term Bonds USD Short Mid-Term Bonds EUR Inflation Linked Bonds USD EUR EUR USD EUR 1,057,784, ,137, ,382, ,440, ,657, ,557, , ,792, ,175, ,977, ,399, ,059, , , , , ,777, ,177, ,089, ,409, ,059, ,630, , ,930, , , , , , , , ,267, , , , , ,077, , , , , , , , , , , ,269, , , ,712, , ,452, ,179, ,122, ,065, ,580, ,637, ,229, ,937, ,431, ,913, ,424, ,190, ,494, ,057, , ,997, , ,924, , ,361, , ,196, , , , , ,076, , ,883, ,173, , ,402, , , ,839, ,212, ,369, ,153, ,247, ,626, ,191, ,202, ,691, ,958, ,688, , , , , , , , , ,266, ,574, , , ,241, ,438, ,394, ,719, ,260, ,692,520, ,068, ,654, ,399, ,153, ,423,055, ,828, ,296, ,225, ,525, ,116, , , , , ,632, , ,409, ,519,741, ,601, ,214, ,310, ,513,

34 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Latin American Local Currency Debt European Equity Selection Small Cap Europe USD EUR EUR NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR/PERIOD 27,847, ,066, ,023, INCOME Interest on securities lending , , Interest on swaps 99, Interest on credit default swaps Interest on bonds, net 10,224, Bank interest 29, , , Dividends ,729, ,174, ,353, ,973, ,319, EXPENSES Management and investment advisory fee (note 4) 1,257, ,181, ,231, Custodian fee, interest and bank charges 57, , , Service fee (note 5) 378, , , Performance fee (note 8) Audit fees and other expenses 87, , , "Taxe d abonnement" (note 3) 44, , , Interest paid on repurchase agreements Interest paid on swaps 58, Premiums on credit default swaps ,884, ,347, ,382, NET INVESTMENT INCOME 8,469, ,625, , Net realised gain/loss on sales of investments 2,169, ,050, ,463, Net realised gain/loss on sales of investments - pooling effect (note 1) -3,080, ,161, Net realised gain/loss on forward exchange contracts -974, , Net gain/loss on foreign exchange -2,989, , , Net realised gain/loss on forward contracts -816, Net realised gain/loss on swaps/credit default swaps 2, NET REALISED GAIN 2,781, ,953, ,241, Change in net unrealised gain/loss: - on investments 13,574, ,026, ,562, on forward exchange contracts -210, on forward contracts 1, on credit default swaps 134, on swaps 97, GAIN/LOSS RESULTING FROM OPERATIONS 16,379, ,073, ,803, Subscription of shares 325,546, ,143, ,169, Redemption of shares -101,035, ,913, ,113, Dividends paid (note 15) -85, , Revaluation difference* -232, NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 268,420, ,365, ,882, *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2009, and September 30,

35 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Emerging Markets Eastern Europe European Sustainable Equities Digital Communication Biotech USD EUR EUR USD USD 1,505,624, ,394, ,839, ,463, ,060,924, , , , , , , , , , ,787, ,245, ,666, ,185, , ,070, ,356, ,732, ,209, , ,388, ,059, , ,024, ,030, ,001, , , , , ,921, ,231, , , ,317, , , , , ,096, , , , , , , ,494, ,731, ,075, ,401, ,499, ,575, ,375, ,656, , ,543, ,822, ,228, ,178, ,066, ,087, , ,410, , ,001, ,210, , ,440, ,911, ,350, , , ,992, ,770, ,792, ,771, ,875, ,079, ,204, ,307, ,129, ,388, ,997, , ,189, ,154, ,100, ,900, ,264, ,887, ,765, ,598, ,691, ,365, ,378, ,227, ,815, ,865, ,681, ,130,973, , ,808, ,005, ,489,508, ,276, ,333, ,410, ,436,435,

36 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Premium Brands Water Indian Equities EUR EUR USD NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR/PERIOD 77,182, ,264,942, ,480, INCOME Interest on securities lending 60, , Interest on swaps Interest on credit default swaps Interest on bonds, net Bank interest , Dividends 1,356, ,470, ,334, ,417, ,517, ,334, EXPENSES Management and investment advisory fee (note 4) 1,978, ,644, ,949, Custodian fee, interest and bank charges 114, , , Service fee (note 5) 349, ,217, ,995, Performance fee (note 8) Audit fees and other expenses 74, ,510, , "Taxe d abonnement" (note 3) 56, ,030, , Interest paid on repurchase agreements Interest paid on swaps Premiums on credit default swaps ,572, ,053, ,085, NET INVESTMENT INCOME -1,155, ,463, ,750, Net realised gain/loss on sales of investments 7,177, ,485, ,419, Net realised gain/loss on sales of investments - pooling effect (note 1) 2,208, ,186, Net realised gain/loss on forward exchange contracts -20, , Net gain/loss on foreign exchange -242, ,070, , Net realised gain/loss on forward contracts Net realised gain/loss on swaps/credit default swaps NET REALISED GAIN 7,968, ,716, ,208, Change in net unrealised gain/loss: - on investments 28,758, ,475, ,281, on forward exchange contracts , on forward contracts on credit default swaps on swaps GAIN/LOSS RESULTING FROM OPERATIONS 36,727, ,706, ,490, Subscription of shares 135,092, ,697, ,479, Redemption of shares -68,131, ,265, ,650, Dividends paid (note 15) , Revaluation difference* , NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 180,870, ,305,958, ,800, *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2009, and September 30,

37 Pictet (formerly Pictet Funds (LUX)) Japanese Equities 130/30 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Asian Equities Ex Japan (note 1) Greater China Japanese Equity Selection Generics JPY USD USD JPY USD 7,584,741, ,629, ,867, ,888,070, ,271, , , , , , , , , , , ,525, ,512, ,464, ,722, ,759, ,166, ,719, ,574, ,065, ,789, ,313, ,383, ,265, ,908, ,381, ,283, ,785, , ,047, , ,884, ,857, ,181, ,251, ,111, ,955, , , ,709, , ,775, , , ,279, , ,125, ,338, ,749, ,171, ,196, ,957, ,171, , , ,868, ,168, ,581, ,901, ,746, ,678,803, ,300, , ,711, ,921, ,462, ,434, ,525, ,917, ,307, ,894, , ,600, ,418, , ,294, ,766, ,092, ,564, ,994,938, ,095, ,667, ,515, ,907, ,565,866, ,826, , ,046, ,339, ,147, ,287, ,928, ,471, ,419,025, ,260, ,965,285, ,889, ,718, ,107,265, ,922, ,330,662, ,885, ,102, ,976,003, ,033, , , , , ,558, ,887, ,684, ,814,076, ,001, ,938, ,247,362, ,735,

38 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 US Equity Growth Selection Security Clean Energy USD USD USD NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR/PERIOD 1,711,084, ,156, ,237, INCOME Interest on securities lending , , Interest on swaps Interest on credit default swaps Interest on bonds, net Bank interest 80, , , Dividends 16,245, ,084, ,125, ,325, ,108, ,414, EXPENSES Management and investment advisory fee (note 4) 17,493, ,451, ,218, Custodian fee, interest and bank charges 548, , , Service fee (note 5) 4,859, , ,075, Performance fee (note 8) Audit fees and other expenses 1,111, , , "Taxe d abonnement" (note 3) 624, , , Interest paid on repurchase agreements Interest paid on swaps Premiums on credit default swaps ,638, ,243, ,271, NET INVESTMENT INCOME -8,312, ,135, ,857, Net realised gain/loss on sales of investments 33,456, ,553, ,152, Net realised gain/loss on sales of investments - pooling effect (note 1) 6,550, ,364, ,467, Net realised gain/loss on forward exchange contracts -57,080, , , Net gain/loss on foreign exchange 7,192, , , Net realised gain/loss on forward contracts Net realised gain/loss on swaps/credit default swaps NET REALISED GAIN -18,193, ,147, ,063, Change in net unrealised gain/loss: - on investments 88,561, ,623, ,516, on forward exchange contracts 9,359, on forward contracts on credit default swaps on swaps GAIN/LOSS RESULTING FROM OPERATIONS 79,727, ,770, ,580, Subscription of shares 1,161,585, ,735, ,889, Redemption of shares -1,516,796, ,845, ,185, Dividends paid (note 15) Revaluation difference* -28,526, NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 1,407,075, ,817, ,362, *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2009, and September 30,

39 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Russian Equities Timber Agriculture Global Megatrend Selection Middle East And North Africa USD USD EUR USD USD 154,170, ,354, ,205, ,885, ,234, , , , , , , , , ,176, ,566, ,169, ,273, , ,198, ,600, ,178, ,351, , ,967, , ,301, ,639, , , , , , , , , , , , , , , , , , , , , , ,447, ,429, ,780, ,920, , ,248, ,170, , , , ,530, ,249, ,773, ,449, , , ,434, ,121, ,801, , , , , , , , , , , , ,857, ,801, , ,647, ,043, ,612, , ,887, ,399, ,157, ,374, , , , , ,548, ,148, ,200, ,997, , ,690, ,344, ,779, ,084, ,531, ,314, ,130, ,018, ,597, ,041, , , , , ,093, ,583, ,167, ,369, ,945,

40 Pictet (formerly Pictet Funds (LUX)) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE FINANCIAL YEAR/PERIOD ENDED SEPTEMBER 30, 2010 Absolute Return Global Diversified EUR Absolute Return Global Conservative EUR NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR/PERIOD 1,223,817, ,913, INCOME Interest on securities lending 60, , Interest on swaps 200, , Interest on credit default swaps 6, Interest on bonds, net 12,660, ,216, Bank interest 881, , Dividends 4,758, , ,568, ,654, EXPENSES Management and investment advisory fee (note 4) 8,176, , Custodian fee, interest and bank charges 1,667, , Service fee (note 5) 1,747, , Performance fee (note 8) Audit fees and other expenses 534, , "Taxe d abonnement" (note 3) 258, , Interest paid on repurchase agreements Interest paid on swaps 167, , Premiums on credit default swaps ,552, , NET INVESTMENT INCOME 6,016, , Net realised gain/loss on sales of investments 33,659, ,237, Net realised gain/loss on sales of investments - pooling effect (note 1) 35,832, ,044, Net realised gain/loss on forward exchange contracts -46,647, ,664, Net gain/loss on foreign exchange 24,400, ,036, Net realised gain/loss on forward contracts 22,183, ,371, Net realised gain/loss on swaps/credit default swaps -23,313, ,337, NET REALISED GAIN 52,131, ,575, Change in net unrealised gain/loss: - on investments -28,798, ,063, on forward exchange contracts -7,785, , on forward contracts 2,151, , on credit default swaps -12, , on swaps 5,662, , GAIN/LOSS RESULTING FROM OPERATIONS 23,349, ,585, Subscription of shares 216,358, ,026, Redemption of shares -840,664, ,572, Dividends paid (note 15) Revaluation difference* 6,804, NET ASSETS AT THE END OF THE FINANCIAL YEAR/PERIOD 629,664, ,951, *The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the sub-funds concerned between October 1, 2009, and September 30,

41 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - USD Liquidity I USD 2,964, P USD 1,805, P dy USD 41, R USD 506, Z USD 1,141, Pictet - EUR Liquidity I EUR 3,685, P EUR 4,255, P dy EUR 175, R EUR 1,091, Z EUR 2,317, Pictet - Global Emerging Debt I USD USD 782, P USD USD 1,050, P dy USD USD 1,135, P dm USD USD 1, R USD USD 311, Z USD USD 589, HI CHF CHF 175, HP CHF CHF 300, HI EUR EUR 1,896, HP EUR EUR 1,664, HR EUR EUR 879, HZ EUR EUR 531, HI JPY JPY 574, , Pictet - World Government Bonds I EUR EUR 562, P EUR EUR 171, P dy EUR EUR 2, R EUR EUR 108, Z EUR EUR 226, I USD USD 117, P USD USD 45, P dy USD USD R USD USD 30,

42 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - EUR Short Mid-Term Bonds I EUR 1,038, P EUR 1,504, P dy EUR 170, R EUR 1,259, Z EUR 1,296, HI CHF CHF 321, HP CHF CHF 261, Pictet - USD Short Mid-Term Bonds I USD 698, P USD 1,109, P dy USD 26, R USD 413, Z USD 58, Pictet - EUR Inflation Linked Bonds I EUR 257, P EUR 426, P dy EUR 34, R EUR 799, Z EUR 426, Pictet - Latin American Local Currency Debt I USD USD 844, I dy USD USD 80, P USD USD 335, P dy USD USD 19, P dm USD USD 94, R USD USD 59, Z USD USD 37, P dy GBP GBP 69, I EUR EUR 120, P EUR EUR 129, R EUR EUR 212,

43 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - European Equity Selection I EUR EUR 189, P EUR EUR 213, P dy EUR EUR R EUR EUR 149, Z EUR EUR 38, Pictet - Small Cap Europe I EUR EUR 92, P EUR EUR 157, P dy EUR EUR 1, R EUR EUR 31, Z EUR EUR 84, Pictet - Emerging Markets I USD USD 449, P USD USD 583, P dy USD USD R USD USD 141, Z USD USD 973, I EUR EUR 88, P EUR EUR 127, R EUR EUR 52, HI EUR EUR 8, HP EUR EUR 24, HR EUR EUR 38, Pictet - Eastern Europe I EUR EUR 155, P EUR EUR 841, P dy EUR EUR 3, R EUR EUR 200, Z EUR EUR P dy GBP GBP

44 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - European Sustainable Equities I EUR EUR 202, P EUR EUR 279, P dy EUR EUR 109, R EUR EUR 40, Z EUR EUR 25, Pictet - Digital Communication I USD USD 114, P USD USD 313, P dy USD USD R USD USD 94, Z USD USD 38, I EUR EUR 56, P EUR EUR 65, R EUR EUR 52, I dy GBP GBP P dy GBP GBP 3, HI EUR EUR Pictet - Biotech I USD USD 735, P USD USD 2,782, P dy USD USD 20, R USD USD 329, Z USD USD 15, I EUR EUR 145, P EUR EUR 230, R EUR EUR 13, I dy GBP GBP P dy GBP GBP 9, HI EUR EUR 159, HP EUR EUR 522, HR EUR EUR 152,

45 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Premium Brands I EUR EUR 262, P EUR EUR 865, P dy EUR EUR 5, R EUR EUR 709, Z EUR EUR 47, I USD USD 120, P USD USD 171, R USD USD 5, I dy GBP GBP 16, P dy GBP GBP 6, Pictet - Water I EUR EUR 2,161, P EUR EUR 10,732, P dy EUR EUR 405, R EUR EUR 2,424, Z EUR EUR 26, I dy GBP GBP P dy GBP GBP 65, I USD USD 354, P USD USD 869, R USD USD 31, HP USD USD 22, HR USD USD Pictet - Indian Equities I USD USD 104, P USD USD 426, P dy USD USD 4, R USD USD 404, Z USD USD 20, I EUR EUR 18, P EUR EUR 41, R EUR EUR 193, P dy GBP GBP

46 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Japanese Equities 130/30 I JPY JPY 78, , , , P JPY JPY 873, , , , P dy JPY JPY , , , R JPY JPY 124, , , , I EUR EUR 51, P EUR EUR 10, R EUR EUR 14, Pictet - Asian Equities Ex Japan (note 1) I USD USD 1,447, P USD USD 1,812, P dy USD USD 3, R USD USD 176, Z USD USD 26, I EUR EUR 86, P EUR EUR 148, R EUR EUR 7, HI EUR EUR 1, HP EUR EUR 48, HR EUR EUR 79, Pictet - Greater China I USD USD 135, P USD USD 385, P dy USD USD 1, R USD USD 270, Z USD USD I EUR EUR 11, P EUR EUR 154, R EUR EUR 121, P dy GBP GBP 1,

47 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Japanese Equity Selection I JPY JPY 770, , , , P JPY JPY 391, , , , P dy JPY JPY 2, , , , R JPY JPY 138, , , , Z JPY JPY 1, , , , P dy GBP GBP I EUR EUR 152, P EUR EUR 32, R EUR EUR HI EUR EUR 468, HP EUR EUR 21, HR EUR EUR 54, Pictet - Generics I USD USD 402, P USD USD 864, P dy USD USD 2, R USD USD 526, Z USD USD 33, I EUR EUR 194, P EUR EUR 249, R EUR EUR 58, I dy GBP GBP P dy GBP GBP 10, HI EUR EUR 141, HP EUR EUR 217, HR EUR EUR 200, Pictet - US Equity Growth Selection I USD USD 2,731, P USD USD 4,788, P dy USD USD 92, R USD USD 932, Z USD USD R EUR EUR 13, HI EUR EUR 1,728, HP EUR EUR 3,232, HR EUR EUR 180,

48 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Security I USD USD 259, P USD USD 300, P dy USD USD 3, R USD USD 407, Z USD USD 46, I EUR EUR 152, P EUR EUR 137, R EUR EUR 96, I dy GBP GBP P dy GBP GBP 1, Pictet - Clean Energy I USD USD 704, P USD USD 2,117, P dy USD USD 50, R USD USD 1,459, Z USD USD 428, I EUR EUR 555, P EUR EUR 2,015, R EUR EUR 956, I dy GBP GBP P dy GBP GBP 63, Pictet - Russian Equities I USD USD 1,806, P USD USD 459, P dy USD USD 7, R USD USD 266, Z USD USD I EUR EUR 498, P EUR EUR 484, R EUR EUR 987, P dy GBP GBP 28,

49 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Timber I USD USD 297, P USD USD 101, P dy USD USD R USD USD 23, Z USD USD 43, I EUR EUR 264, P EUR EUR 84, R EUR EUR 91, I dy GBP GBP 22, P dy GBP GBP 37, HP EUR EUR 44, HR EUR EUR 14, Pictet - Agriculture I EUR EUR 283, P EUR EUR 287, P dy EUR EUR 11, R EUR EUR 198, Z EUR EUR 27, I USD USD 23, P USD USD 158, P dy USD USD 1, R USD USD 3, I dy GBP GBP 4, P dy GBP GBP 8,

50 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Global Megatrend Selection I USD USD 327, P USD USD 177, P dy USD USD R USD USD 43, Z USD USD I EUR EUR 484, P EUR EUR 705, P dy EUR EUR 16, R EUR EUR 1,542, P CHF CHF 48, I dy GBP GBP P dy GBP GBP 46, Pictet - Middle East And North Africa I USD USD 104, P USD USD 99, P dy USD USD R USD USD 8, Z USD USD 43, P EUR EUR 45, R EUR EUR 160, HP EUR EUR 26, HR EUR EUR 50,

51 Pictet (formerly Pictet Funds (LUX)) NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE Sub-fund Type of shares Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share Pictet - Absolute Return Global Diversified I EUR EUR 979, P EUR EUR 780, P dy EUR EUR 22, R EUR EUR 1,959, Z EUR EUR 546, HI CHF CHF 122, HP CHF CHF 9, HZ CHF CHF HI USD USD 7, HP USD USD 48, HI GBP GBP HP dy GBP GBP HZ GBP GBP 1,115, HI JPY JPY , , HZ JPY JPY , , Pictet - Absolute Return Global Conservative I EUR EUR 222, P EUR EUR 12, P dy EUR EUR R EUR EUR 179, Z EUR EUR 325,

52 Pictet - USD Liquidity AS AT SEPTEMBER 30, 2010 (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 0.7% COMMONWEAL. BANK AUST. 06/10 JPY 200,000, ,394, % COMMONWEAL. BANK AUST. 08/11 USD 2,800, ,866, % ANZ BANKING GROUP 05/10 USD 2,191, ,199, FRN ANZ BANKING GROUP 08/10 USD 1,000, ,001, FRN NAT. AUSTRALIA BANK 06/11 USD 6,000, ,000, ,462, FRANCE FRN B.F.C.M. 06/11 USD 7,000, ,983, FRN BNP PARIBAS 09/11 USD 1,900, ,899, FRN S.F.E.F. 09/12 USD 15,000, ,021, ,905, GERMANY 2.5% LDKR-W-FOERD 09/11 USD 4,520, ,553, FRN DEUTSCHE BANK 06/11 USD 10,130, ,128, ,681, ITALY 0% ITALY (BOT) 10/10 EUR 10,000, ,645, % ITALY (BOT) 10/11 EUR 2,500, ,402, % ITALY (BOT) 10/11 EUR 5,000, ,727, % ITALY 01/11 USD 8,000, ,149, ,924, JAPAN 5.875% JAPAN FIN FOR MUN. 01/11 USD 15,000, ,362, ,362, NETHERLANDS 0.8% RABOBANK 06/11 JPY 437,000, ,239, ,239, SPAIN 0% SPAIN 10/11 EUR 10,000, ,573, ,573, SWEDEN FRN KOMMUNINVEST I SVER. 09/10 USD 5,000, ,999, ,999, UNITED KINGDOM 4.5% SANTANDER UK 05/10 GBP 4,000, ,339, % JTI FINANCE 04/11 EUR 5,500, ,666, FRN BARCLAYS BANK 08/11 USD 20,000, ,170, FRN BANK OF SCOTLAND PLC 06/11 USD 6,000, ,985, FRN CREDIT AGRICOLE LDN 06/11 USD 17,000, ,985, FRN LLOYDS TSB BANK 08/10 USD 18,000, ,022, FRN ROYAL BANK SCOTLAND 08/11 USD 20,000, ,092, ,262, UNITED STATES 4.25% BANK OF AMERICA 03/10 EUR 3,626, ,957, % JP MORGAN CHASE 03/10 USD 1,641, ,647,

53 Pictet - USD Liquidity AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets 4.52% TOYOTA MOTOR CREDIT 07/11 USD 1,250, ,277, % TOYOTA MOTOR CREDIT 07/10 GBP 2,500, ,971, % GENERAL ELEC. CAP 00/10 USD 2,747, ,754, FRN CREDIT SUISSE 06/11 USD 6,455, ,458, FRN CSFB USA 06/11 USD 3,610, ,607, FRN G.E.C.C. 06/11 USD 2,880, ,877, FRN JP MORGAN CHASE 06/11 USD 3,000, ,994, FRN JP MORGAN CHASE 05/11 USD 4,000, ,995, FRN WELLS FARGO 06/11 USD 4,000, ,999, FRN WELLS FARGO 06/11 USD 1,500, ,498, ,039, TOTAL I. 259,450, II. OTHER TRANSFERABLE SECURITIES BONDS FRANCE 0% GAZ DE FRANCE 10/10 USD 6,000, ,000, ,000, UNITED STATES FRN NORDEA BANK FIN. NY. 10/11 USD 1,000, ,002, ,002, TOTAL II. 7,002, III. MONEY MARKET INSTRUMENTS AUSTRALIA 0% BANK WEST AUSTR (ECP) 10/10 EUR 8,000, ,919, % ING BANK AUSTR. (ECP) 10/11 EUR 5,000, ,806, % MIZUHO BANK. SYDNEY (CD) 10/10 USD 6,000, ,999, % O.C.B.C. (ECP) 10/10 USD 10,000, ,996, % SUMITOMO MITSUI (CP) 10/10 USD 6,500, ,498, % SUNCORP METWAY (ECP) 10/10 USD 8,000, ,998, % UOB AUSTRALIA (CD) 10/10 USD 10,000, ,997, % WEST. AUSTR. TRE. (ECP) 10/11 USD 25,000, ,978, ,194, AUSTRIA 0% BUNDESIMMOBILIEN (ECP) 0/10 USD 30,000, ,993, ,993, BELGIUM 0% ENI COORDINAT. (CP) 10/10 USD 12,000, ,997, % KBC BANK (CD) 10/10 EUR 5,000, ,825, ,823, CANADA 0% CSSE DESJARDINS (ECP) 10/10 USD 22,000, ,000, ,000, FINLAND 0% POHJOLA BANK (ECP) 10/10 CHF 10,000, ,234, % POHJOLA BANK (ECP) 10/11 USD 2,000, ,996, % POHJOLA BANK (ECP) 10/11 USD 4,000, ,993, ,223,

54 Pictet - USD Liquidity AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets FRANCE 0% A.C.O.S.S. (ECP) 10/10 USD 25,000, ,986, % BPCE (ECP) 10/10 EUR 3,000, ,094, % C.D.C. (ECP) 10/10 USD 20,000, ,990, % C.D.C. (ECP) 10/10 USD 10,000, ,993, % NATIXIS (ECP) 10/10 EUR 2,000, ,729, % UNEDIC (ECP) 10/10 EUR 15,000, ,463, ,258, GERMANY 0% ALLIANZ (ECP) 10/11 EUR 5,000, ,796, % ALLIANZ (ECP) 10/11 EUR 4,000, ,437, % ALLIANZ (ECP) 10/11 EUR 4,000, ,439, % CATERP. FIN. (ECP) 10/10 EUR 5,000, ,819, % SAXONY-ANHALT (ECP) 10/10 USD 10,000, ,995, % SAXONY-ANHALT (ECP) 10/10 USD 10,000, ,995, ,484, IRELAND 0% GE CAPITAL EUROPEAN (ECP) 09/10 EUR 10,000, ,641, % SANPAOLO IMI BANK (ECP) 10/11 EUR 5,000, ,811, % SANPAOLO IMI BANK (ECP) 10/11 EUR 3,000, ,089, ,542, JAPAN 0% NORINCHUKIN BANK (CD) 10/10 USD 6,000, ,999, ,999, LUXEMBOURG 0% BCEE (ECP) 10/10 USD 15,000, ,993, % MEDIOBANCA INTL (ECP) 10/10 USD 6,500, ,494, ,488, NETHERLANDS 0% B.N.G. (ECP) 10/11 USD 20,000, ,980, % SCHLUMBERGER (ECP) 10/10 USD 5,000, ,999, ,979, NEW ZEALAND 0% FONTERRA CO-OP (ECP) 10/11 USD 7,000, ,983, ,983, SOUTH KOREA 0% EXP. IMP. BANK KOR. (ECP) 10/10 USD 3,000, ,997, % EXP. IMP. BANK KOR. (ECP) 10/11 USD 3,500, ,491, % IND. BANK OF KOREA (ECP) 10/11 USD 5,000, ,980, ,469, SPAIN 0% SANTANDER (ECP) 10/11 EUR 5,000, ,797, ,797, SWEDEN 0% KOMMUNINVEST (ECP) 10/10 USD 25,000, ,995, % SBAB (ECP) 10/10 USD 9,000, ,999, % SKANDINAV. ENSK. (ECP) 10/10 EUR 5,000, ,818, % STADSHYPOTEK (ECP) 10/10 EUR 10,000, ,649, % SVENSKA HANDELSBANKEN (ECP) 10/11 EUR 4,000, ,444, ,907,

55 Pictet - USD Liquidity AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets UNITED KINGDOM 0% BANCO BILBAO (ECP) 10/10 EUR 5,000, ,813, % BARCLAYS BANK (ECP) 10/11 EUR 10,000, ,613, % BG ENERGY CAP. (ECP) 10/10 USD 6,000, ,999, % BNP PARIBAS (CD) 10/11 GBP 5,000, ,853, % KOREA DEV.BANK (ECP) 10/11 USD 6,500, ,488, % NATIONW. BUILD. (ECP) 10/10 EUR 6,000, ,189, % ROYAL BANK SCOT. (ECP) 10/10 USD 6,000, ,999, % STANDARD CHART. (ECP) 10/11 USD 9,000, ,991, % UNICREDITO ITAL. (CD) 10/10 USD 6,500, ,483, % HSBC BANK (CD) 10/11 EUR 5,000, ,830, ,263, UNITED STATES 0% PFIZER (ECP) 10/10 JPY 550,000, ,583, ,583, TOTAL III. 542,991, TOTAL INVESTMENTS 809,444, CASH AT BANKS 53,972, OTHER NET LIABILITIES -11,717, TOTAL NET ASSETS 851,699,

56 Pictet - USD Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United Kingdom France Australia Sweden 7.62 Germany 6.94 United States 5.59 Italy 3.75 Netherlands 3.56 Austria 3.52 Ireland 2.88 Canada 2.58 Luxembourg 2.52 Japan 2.50 Spain 2.39 Belgium 2.21 Finland 1.90 South Korea 1.35 New Zealand Industrial classification (in % of net assets) Money market instruments Corporate bonds Bonds issued by countries or cities

57 Pictet - EUR Liquidity AS AT SEPTEMBER 30, 2010 (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 3.375% ANZ BANKING GROUP 06/11 EUR 25,092, ,321, % COMMONWEAL. BANK AUST. 06/11 EUR 8,131, ,228, % ANZ BANKING GROUP 07/10 EUR 5,470, ,490, % WESTPAC BANKING 08/11 EUR 13,366, ,568, % NAT. AUSTRALIA BANK 08/11 EUR 23,786, ,145, FRN NAT. AUSTRALIA BANK 06/11 EUR 6,549, ,551, FRN SUNCORP 05/10 EUR 2,200, ,199, FRN WESTPAC BANKING 06/11 EUR 5,000, ,998, ,504, AUSTRIA 1.6% PFBST. OEST. L-HYPO. 01/11 JPY 675,000, ,935, % KOMMUNALKR AUSTRIA 09/11 EUR 13,049, ,155, % KA FINANZ 09/11 EUR 5,000, ,029, ,121, BELGIUM FRN DEXIA BANQUE 09/10 EUR 35,000, ,001, ,001, CANADA 4.625% CAISSE CENT. DESJARDINS 08/11 EUR 3,000, ,034, % QUEBEC (PROV.) 01/11 EUR 6,362, ,570, % ROYAL BANK OF CANADA 08/11 EUR 5,861, ,067, FRN CAISSE CENT. DESJARDINS 06/11 EUR 14,700, ,708, FRN CAISSE DESJARDINS 10/12 EUR 10,000, ,030, ,411, FRANCE 0% B.T.F. 10/10 EUR 10,000, ,994, % B.T.F. 10/10 EUR 10,000, ,991, % B.T.F. 10/10 EUR 5,000, ,996, % DEXIA C. L. F. 09/11 EUR 14,790, ,914, % BNP PARIBAS 08/11 EUR 31,113, ,673, FRN B.F.C.M. 09/10 EUR 9,950, ,957, FRN GROUPE BPCE 10/11 EUR 10,000, ,013, FRN SOCIETE GENERALE 08/11 EUR 13,700, ,782, ,322, GERMANY 0% GERMANY 09/10 EUR 25,000, ,995, % GERMANY 10/11 EUR 20,000, ,980, % I.K.B. 09/11 EUR 20,979, ,143, % NORDRHEIN-WESTFALEN 05/10 EUR 10,100, ,131, % BAYERISCHE LDBANK 04/11 EUR 16,015, ,273, % LANDESBANK. BERLIN 04/11 EUR 1,000, ,010, % DEUTSCHE BANK 08/11 EUR 2,500, ,533, FRN DEUTSCHE BANK 07/10 EUR 19,750, ,752, FRN DEUTSCHE BANK 07/11 EUR 3,100, ,097, FRN L.B.W. 01/11 EUR 20,000, ,009, ,928,

58 Pictet - EUR Liquidity AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets IRELAND 4.75% GE CAPITAL EUROPEAN 08/11 EUR 3,753, ,791, FRN GE CAPITAL EUROPEAN FUND. 04/11 EUR 635, , FRN GE CAPITAL EUROPEAN FUND. 05/10 EUR 19,629, ,627, ,052, ITALY 0% ITALY (BOT) 10/10 EUR 10,000, ,982, % ITALY (BOT) 10/11 EUR 10,000, ,855, % ITALY (BOT) 10/11 EUR 20,000, ,935, % ITALY 10/11 EUR 20,000, ,927, % INTESA SANPAOLO 06/11 EUR 2,765, ,786, % INTESA SANPAOLO 08/11 EUR 15,000, ,286, FRN BANCA INTESA 04/11 EUR 1,214, ,214, FRN CAPITALIA 05/10 EUR 2,327, ,327, FRN MEDIOBANCA 06/11 EUR 19,432, ,417, FRN SANPAOLO 04/11 EUR 12,000, ,001, FRN UNICREDIT 04/11 EUR 5,000, ,995, FRN UNICREDIT 06/11 EUR 2,000, ,999, FRN UNICREDITO ITALIANO 08/11 EUR 1,500, ,500, ,230, NETHERLANDS 0% NETHERLANDS 10/10 EUR 80,000, ,976, % NED. WATERSCHAPSBANK 09/11 EUR 5,000, ,039, % LEASEPLAN 08/10 EUR 20,000, ,094, % B.N.G. 01/11 EUR 1,504, ,551, FRN RABOBANK 09/11 EUR 5,000, ,018, ,679, NORWAY FRN DNB NORBANK 06/11 EUR 11,400, ,404, FRN DNB NORBANK 08/11 EUR 6,800, ,820, ,225, SPAIN 0% SPAIN 10/11 EUR 30,000, ,886, FRN SANTANDER INTL 05/10 EUR 7,600, ,597, FRN SANTANDER INTL 06/10 EUR 5,000, ,001, FRN SANTANDER INTL 07/11 EUR 7,200, ,195, ,680, SWEDEN FRN SBAB 09/11 EUR 8,400, ,414, ,414, SWITZERLAND 0% BANQUE NAT. SUISSE 10/10 CHF 30,000, ,491, % SWISS CONFED. 10/10 CHF 20,000, ,995, % SWISS CONFED. 10/10 CHF 50,000, ,488, % SWISS CONFED. 10/10 CHF 15,000, ,246, % CREDIT SUISSE 08/11 EUR 10,564, ,761, ,983, UNITED KINGDOM 4.625% JTI FINANCE 04/11 EUR 8,044, ,213, % UBS LONDON 08/11 EUR 8,000, ,161,

59 Pictet - EUR Liquidity AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets FRN CREDIT AGRICOLE LDN 09/10 EUR 1,000, ,000, FRN HSBC BANK 09/11 EUR 24,000, ,023, FRN WESTPAC BANK LONDON 06/11 EUR 15,000, ,997, ,395, UNITED STATES 3.75% AMERICAN HONDA FIN. 06/11 EUR 5,000, ,050, % WELLS FARGO 06/11 EUR 7,333, ,446, % JP MORGAN CHASE 08/11 EUR 16,050, ,235, % PHILIP MORIS 08/11 EUR 7,400, ,665, FRN BANK OF AMERICA 05/10 EUR 1,910, ,910, ,309, TOTAL I. 959,262, II. MONEY MARKET INSTRUMENTS BELGIUM 0% KBC BANK (CD) 10/10 EUR 15,000, ,998, ,998, FINLAND 0% FINGRID OYJ (ECP) 10/10 EUR 5,000, ,991, ,991, FRANCE 0% A.C.O.S.S. (ECP) 10/10 EUR 20,000, ,994, % A.C.O.S.S. (ECP) 10/10 EUR 20,000, ,985, % AIR LIQUIDE (ECP) 10/10 EUR 10,000, ,992, % BQ FED. CR. MUT. (ECP) 10/10 EUR 5,000, ,997, % CRCAM ANJ. & MAI. (CD) 10/10 EUR 8,000, ,992, % CRCAM AQUITAINE (CD) 10/10 EUR 6,000, ,990, % CRCAM NORD (CD) 10/10 EUR 7,000, ,988, % CRCAM NORD FRAN. (CD) 10/10 EUR 8,000, ,990, % CREDIT AGRICOLE (CD) 10/10 EUR 5,000, ,997, % HSBC FRANCE (CD) 10/10 EUR 5,000, ,999, % NATIXIS (ECP) 10/10 EUR 9,000, ,998, % RATP (ECP) 10/10 EUR 15,000, ,995, ,921, GERMANY 0% ALLIANZ (ECP) 10/11 EUR 9,000, ,965, % ALLIANZ (ECP) 10/11 EUR 6,000, ,973, % CATERP. FIN. (ECP) 10/10 EUR 4,000, ,998, % DFS DEUTSCHE FLUGS. 10/10 EUR 25,000, ,992, % HONDA BANK (ECP) 10/10 EUR 10,000, ,981, ,912, IRELAND 0% CATERP. FIN. (ECP) 10/10 EUR 10,000, ,986, % GE CAPITAL EUROPEAN (ECP) 10/10 EUR 10,000, ,989, % HOUSING FIN. (ECP) 10/10 EUR 10,000, ,999, ,975, JAPAN 0% MITSUBISHI FIN. (ECP) 10/10 EUR 10,000, ,986, % MITSUBISHI FIN. (ECP) 10/10 EUR 5,000, ,995, ,982,

60 Pictet - EUR Liquidity AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets NETHERLANDS 0% ING BANK (ECP) 10/10 EUR 15,000, ,000, % PACCAR FIN. EUR. (ECP) 10/10 EUR 10,000, ,995, ,995, SOUTH KOREA 0% EXP. IMP. BANK KOR. (ECP) 10/10 EUR 5,000, ,991, % EXP. IMP. BANK KOR. (ECP) 10/11 EUR 10,000, ,968, ,960, SPAIN 0% I.C.O. (ECP) 10/10 EUR 10,000, ,988, ,988, SWEDEN 0% SBAB (ECP) 10/10 EUR 15,000, ,987, % SKANDINAV. ENSK. (ECP) 10/10 EUR 15,000, ,982, % STADSHYPOTEK (ECP) 10/10 EUR 20,000, ,995, % STADSHYPOTEK (ECP) 10/11 EUR 8,000, ,992, % SVENSKA HANDELSBANKEN (ECP) 10/10 EUR 7,000, ,993, % SVENSKA HANDELSBANKEN (ECP) 10/11 EUR 3,500, ,497, ,449, UNITED KINGDOM 0% BANCO BILBAO (ECP) 10/10 EUR 10,000, ,984, % BANCO BILBAO (ECP) 10/10 EUR 10,000, ,981, % BARCLAYS BANK (ECP) 10/11 EUR 25,000, ,928, % KOREA DEV. BANK (ECP) 10/11 EUR 10,000, ,977, % LLOYDS TSB BANK (ECP) 10/10 EUR 16,000, ,980, % NATIONW. BUILD. (ECP) 10/10 EUR 15,000, ,980, % NATIONW. BUILD. (ECP) 10/10 EUR 19,000, ,996, % ROYAL BANK SCOT. (ECP) 10/10 EUR 15,000, ,996, % STANDARD CHART. (ECP) 09/10 EUR 7,000, ,998, % UNICREDITO ITAL. (CD)10/10 EUR 5,000, ,996, ,822, TOTAL II. 486,998, TOTAL INVESTMENTS 1,446,260, CASH AT BANKS 121,105, OTHER NET ASSETS 4,500, TOTAL NET ASSETS 1,571,866,

61 Pictet - EUR Liquidity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) France Germany United Kingdom Netherlands 8.69 Italy 7.74 Switzerland 6.16 Australia 5.75 Sweden 4.89 Spain 3.80 Ireland 3.44 Belgium 3.18 Canada 2.57 United States 2.43 Austria 1.54 Norway 1.16 Japan 0.95 South Korea 0.95 Finland Industrial classification (in % of net assets) Corporate bonds Money market instruments Bonds issued by countries or cities

62 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (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 BONDS ARGENTINA 2% PROV. BUENOS AIRES 06/35 USD 1,965, , % ARGENTINA 05/33 USD 23,595, ,162, STEP ARGENTINA 05/38 USD 59,554, ,238, ,246, BELARUS 8.75% BELARUS 10/15 USD 17,230, ,833, ,833, BELIZE STEP GOV. OF BELIZE 07/29 USD 11,435, ,891, ,891, BRAZIL 4.875% BRAZIL 10/21 USD 16,324, ,924, % BNDES 10/20 USD 10,810, ,648, % BRAZIL 09/41 USD 16,461, ,189, % BRAZIL 09/19 USD 23,094, ,147, % BRAZIL (INFLATION) 03/15 BRL 27, ,693, % BRAZIL (INFLATION) 09/20 BRL 9, ,947, % BRAZIL 06/17 USD 4,913, ,746, % BCO DESENVOLVIMENTO 09/19 USD 9,139, ,510, % BRAZIL 06/37 USD 21,925, ,941, % BRAZIL 05/15 USD 3,930, ,844, % BRAZIL 05/18 USD 5,970, ,970, % BRAZIL 05/25 USD 17,935, ,342, % BRAZIL 10/21 BRL 78, ,187, % BRAZIL 00/40 USD 12,421, ,213, ,306, CAYMAN ISLANDS 5.25% NILE FINANCE 10/15 USD 20,146, ,742, % TELEMOVIL FINANCE 10/17 USD 2,751, ,731, ,473, CHILE 3.875% CHILE 10/20 USD 9,562, ,959, % ENAP 10/20 USD 8,697, ,001, % CODELCO 05/35 USD 11,547, ,758, % CODELCO 06/36 USD 982, ,160, ,879, COLOMBIA 6.125% COLOMBIA 09/41 USD 23,192, ,497, % COLOMBIA 06/17 USD 8,844, ,879, % COLOMBIA 06/37 USD 13,955, ,455, % COLOMBIA 09/19 USD 4,569, ,780, % COLOMBIA 04/24 USD 5,994, ,152, % COLOMBIA 04/14 USD 2,948, ,618, ,384,

63 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CROATIA 6.625% CROATIA 10/20 USD 11,871, ,880, % CROATIA 09/19 USD 11,547, ,644, ,524, DOMINICAN REPUBLIC 7.5% DOMINICAN REP. 10/21 USD 5,896, ,692, % DOMINICAN REP. 06/27 USD 1,474, ,746, % DOMINICAN REP. 05/18 USD 1,277, ,661, ,101, ECUADOR 9.375% ECUADOR REG-S 05/15 USD 8,353, ,601, ,601, EGYPT 0% EGYPT 10/11 EGP 34,150, ,926, % EGYPT 10/11 EGP 34,150, ,785, ,711, EL SALVADOR 7.375% EL SALVADOR 09/19 USD 8,205, ,159, % EL SALVADOR 05/35 USD 12,447, ,598, % EL SALVADOR (REP.) 02/23 USD 4,913, ,577, % EL SALVADOR 02/32 USD 5,101, ,815, ,151, GABON 8.2% GABONESE 07/17 USD 982, ,142, ,142, GEORGIA 7.5% GEORGIA 08/13 USD 6,289, ,462, % GEORGIAN RAILWAY 10/15 USD 17,394, ,307, ,770, GHANA 8.5% GHANA 07/17 USD 5,572, ,394, % REPUBLIC GHANA 08/11 GHS 982, , % GHANA 06/11 GHS 491, , % GHANA 08/11 GHS 884, , ,079, HUNGARY 4.75% HUNGARY 05/15 USD 15,723, ,782, % HUNGARY 10/20 USD 16,313, ,006, ,789, INDONESIA 5.875% INDONESIA 10/20 USD 491, , % INDONESIA 07/37 USD 11,006, ,538, % INDONESIA 04/14 USD 982, ,119, % INDONESIA 08/18 USD 2,948, ,578, % INDONESIA 05/15 USD 1,768, ,098, % INDONESIA 05/16 USD 982, ,197, % INDONESIA 08/38 USD 19,900, ,288, % INDONESIA 05/35 USD 12,431, ,181, % PERUSA. PEN. INDO. 09/14 USD 3,193, ,844, % INDONESIA 08/12 IDR 14,741, ,714,

64 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets % INDONESIA 09/14 USD 1,965, ,493, % INDONESIA 09/30 IDR 12,841, ,710, % INDONESIA 09/19 USD 2,702, ,199, ,532, IRAQ STEP IRAQ 06/28 USD 33,904, ,115, ,115, IRELAND 6.902% VEB FINANCE S.1 10/20 USD 14,053, ,353, ,353, IVORY COAST 2.5% IVORY COAST 09/32 USD 43,662, ,378, ,378, KAZAKHSTAN 7% KAZMUNAIGAZ FINANCE 10/20 USD 17,198, ,835, % KAZMUNAIGAZ F. REG. S. 08/13 USD 23,979, ,571, % KAZMUNAIGAZ F. REG. S. 08/18 USD 20,293, ,834, ,241, LEBANON 4% LEBANON 02/17 USD 15,330, ,296, % LEBANON 10/20 USD 11,095, ,539, % LEBANON 06/21 USD 13,168, ,407, ,243, LITHUANIA 5.125% LITHUANIA 10/17 USD 20,637, ,475, % LITHUANIA 09/15 USD 18,573, ,164, % LITHUANIA 10/20 USD 16,166, ,146, ,786, LUXEMBOURG 6.299% RSHB CAPITAL 07/17 USD 18,672, ,512, % RSHB CAPITAL 09/14 USD 5,306, ,102, ,615, MALAYSIA 2.615% DANGA CAPITAL 10/15 SGD 4,913, ,740, % DANGA CAPITAL 10/20 SGD 5,405, ,038, % PETRONAS GLOB. SUK. 09/14 USD 21,718, ,991, % PETRONAS CAPITAL 09/19 USD 17,935, ,110, % PETROLIAM NASIONAL 96/26 USD 13,438, ,303, ,184, MEXICO 5.125% MEXICO 10/20 USD 11,792, ,137, % PEMEX 10/21 USD 15,026, ,115, % MEXICO 06/17 USD 9,896, ,368, % MEXICO 03/14 USD 1,124, ,277, % MEXICO 08/19 USD 12,087, ,188, % PEMEX 10/20 USD 15,822, ,641, % MEXICO 08/40 USD 4,520, ,125, % MEXICO 03/15 USD 2,456, ,896, % PEMEX 10/35 USD 19,998, ,948, % MEXICO 04/34 USD 9,041, ,211,

65 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 7.50% MEXICO 03/33 USD 9,424, ,605, % PEMEX 09/19 USD 294, , % MEXICO 01/19 USD 1,965, ,663, ,548, NETHERLANDS 7.25% MAJAPAHIT BV 07/17 USD 3,243, ,737, % MAJAPAHIT HLDG 06/16 USD 4,913, ,755, % MAJAPAHIT HLDG BV 09/20 USD 6,879, ,280, % MAJAPAHIT BV 07/37 USD 8,918, ,170, % MAJAPAHIT BV 09/19 USD 12,677, ,339, ,283, PAKISTAN 6.875% PAKISTAN 07/17 USD 2,948, ,682, % PAKISTAN -REG.S- 06/36 USD 17,513, ,879, ,562, PANAMA 5.2% PANAMA 09/20 USD 26,534, ,585, % PANAMA 06/36 USD 24,043, ,694, % PANAMA 04/15 USD 1,228, ,469, % PANAMA 97/27 USD 9,778, ,276, ,025, PERU 5.375% CREDITO DEL PEROU 10/20 USD 3,734, ,785, % PERU 07/37 USD 21,312, ,001, % PERU 09/19 USD 5,110, ,413, % PERU 05/25 USD 22,996, ,010, % PERU 03/33 USD 9,498, ,199, ,410, PHILIPPINES 4.95% PHILIPPINES 10/21 PHP 59,947, ,401, % PHILIPPINES 07/32 USD 6,093, ,144, % PHILIPPINES 09/34 USD 20,490, ,088, % PHILIPPINES 09/20 USD 1,965, ,359, % NATIONAL POWER 06/16 USD 16,063, ,874, % PHILIPPINES 06/31 USD 2,948, ,950, % POWER SECTOR ASS. 09/24 USD 4,241, ,238, % PHILIPPINES 02/13 USD 2,653, ,121, % PHILIPPINES 05/30 USD 9,581, ,809, % PHILIPPINES 99/19 USD 2,948, ,230, % PHILIPPINES 00/25 USD 3,439, ,559, ,777, POLAND 5% POLAND 05/15 USD 19,654, ,559, % POLAND 09/20 PLN 21,816, ,328, % POLAND 08/19 PLN 10,717, ,682, % POLAND 01/22 PLN 50,277, ,506, % POLAND 08/29 PLN 5,358, ,849, % POLAND 09/19 USD 13,070, ,488, ,415,

66 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets REPUBLIC OF SERBIA 3.75% REPUBLIC OF SERBIA 05/24 USD 6,093, ,801, ,801, RUSSIA 3.625% RUSSIA 10/15 USD 4,913, ,954, % RUSSIA 10/20 USD 52,970, ,155, % RUSSIAN RAILWAYS 10/17 USD 3,832, ,033, % RUSSIAN AGRI. BANK 06/13 USD 4,422, ,754, % RUSSIA NOM. S 98/28 USD 5,405, ,796, STEP RUSSIA REG-S 00/30 USD 98,766, ,549, ,243, SINGAPORE 3.25% SINGAPORE 05/20 SGD 9,090, ,650, % SINGAPORE 07/27 SGD 3,930, ,315, ,966, SOUTH AFRICA 2.6% SOUTH AFRICA (INFLATION) 07/28 ZAR 16,411, ,940, % SOUTH AFRICA (INFLATION) 10/22 ZAR 34,620, ,067, % SOUTH AFRICA 10/20 USD 24,568, ,455, % SOUTH AFRICA 07/22 USD 15,723, ,200, % SOUTH AFRICA 09/19 USD 11,498, ,113, % SOUTH AFRICA 10/31 ZAR 22,296, ,927, % SOUTH AFRICA 05/20 ZAR 77,583, ,728, ,433, SOUTH KOREA 4.25% KOREA 04/14 KRW 3,685, ,291, % KOREA 10/15 KRW 5,552, ,023, % KOREA EXPRESSWAY 09/15 USD 982, ,037, % KOREA NATIONAL 09/14 USD 2,260, ,398, % KOREA 10/20 KRW 26,485, ,142, % NATIONAL AGR.COOP. 09/14 USD 1,081, ,158, % KOREA 08/18 KRW 15,723, ,245, % WOORI BANK 09/15 USD 786, , ,195, SRI LANKA 6.25% GOVT OF SRI LANKA 10/20 USD 1,572, ,585, % SRI LANKA 06/12 LKR 147,412, ,307, % SRI LANKA 06/10 LKR 167,067, ,493, % SRI LANKA 09/15 USD 18,549, ,346, % SRI LANKA 07/12 USD 22,417, ,463, ,195, TURKEY 5.625% TURKEY 10/21 USD 22,770, ,620, % TURKEY 10/40 USD 11,792, ,237, % TURKEY 06/36 USD 24,224, ,767, % TURKEY 06/16 USD 12,038, ,070, % TURKEY 08/19 USD 2,948, ,501, % TURKEY 05/25 USD 19,654, ,126, % TURKEY 09/17 USD 7,861, ,444, % TURKEY 09/19 USD 5,896, ,252,

67 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 8% TURKEY 04/34 USD 7,861, ,112, % TURKEY 03/14 USD 2,456, ,975, ,108, UKRAINE 6.58% UKRAINE 06/16 USD 17,689, ,357, % UKRAINE 07/17 USD 14,446, ,175, % UKRAINE 03/13 USD 3,439, ,585, % UKRAINE 10/20 USD 6,898, ,933, ,052, UNITED KINGDOM 8.375% BIZ FIN 10/15 USD 13,168, ,695, % REP. GHANA (STANDARD) CLN 10/13 USD 9,866, ,312, REP. GHANA (STANDARD) CLN 10/10 USD 1,965, ,929, REP. GHANA (STANDARD) CLN 10/10 USD 741, , ,667, UNITED STATES 6.625% PEMEX PROJ. FDG MSTR 05/35 USD 8,893, ,761, ,761, URUGUAY 6.875% URUGUAY 09/25 USD 5,994, ,186, % URUGUAY 03/15 USD 2,645, ,200, % URUGUAY 06/36 USD 19,244, ,921, % URUGUAY 03/33 USD 4,928, ,480, % URUGUAY 05/22 USD 7,370, ,517, % URUGUAY 05/17 USD 2,948, ,891, ,198, VENEZUELA 5.25% PETROLEOS VENEZUELA 07/17 USD 28,057, ,413, % VENEZUELA 05/16 USD 3,193, ,203, % VENEZUELA 03/18 USD 7,370, ,919, % VENEZUELA 07/38 USD 35,624, ,127, % VENEZUELA 05/25 USD 21,620, ,404, % VENEZUELA 04/14 USD 49, , % VENEZUELA 97/27 USD 51,692, ,606, % VENEZUELA 04/34 USD 4,422, ,996, % VENEZUELA 04/13 USD 1,965, ,857, FRN VENEZUELA 04/11 USD 511, , ,066, VIETNAM 6.75% VIETNAM 10/20 USD 1,965, ,175, % VIETNAM 05/16 USD 15,091, ,798, ,973, TOTAL BONDS 2,321,028, OPTIONS GERMANY CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/ , CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/ ,

68 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/ , , CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/ , , , TOTAL OPTIONS 185, TOTAL I. 2,321,214, II. OTHER TRANSFERABLE SECURITIES BONDS EGYPT 0% EGYPT 10/11 EGP 11,080, ,834, ,834, PHILIPPINES 6.125% PHILIPPINES 10/20 PHP 117,929, ,692, % POWER SECTOR ASS. 09/19 USD 12,213, ,808, % NATIONAL POWER 03/16 USD 2,948, ,700, % CENTRAL BANK PHILIP. 97/27 USD 127, , % NATIONAL POWER 02/28 USD 14,127, ,356, ,723, SINGAPORE 2.875% SINGAPORE 10/30 SGD 9,827, ,527, ,527, SOUTH KOREA 5% KOREA 09/14 KRW 5,552, ,103, ,103, SRI LANKA 0% SRI LANKA 10/11 LKR 171,980, ,489, % GOVT OF SRI LANKA 10/15 LKR 270,255, ,200, % SRI LANKA 06/12 LKR 122,843, ,084, % SRI LANKA 06/11 LKR 210,062, ,877, % SRI LANKA 03/13 LKR 196,549, ,743, ,395, TOTAL BONDS 63,585, OPTIONS FRANCE CALL USD/JPY SPOT CROSS RATES 06/10/ ,073, , PUT USD/KRW SPOT CROSS RATES 26/11/ , , , INDIA CALL USD/INR SPOT CROSS RATES 03/11/ , , PUT USD/INR SPOT CROSS RATES 06/10/ ,858, , INDONESIA CALL USD/IDR SPOT CROSS RATES 26/04/ ,076, , PUT USD/IDR SPOT CROSS RATES 26/04/ ,076, , ,

69 Pictet - Global Emerging Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets JAPAN CALL EUR/JPY CROSS-RATES 27/10/ , , , TAIWAN PUT USD/TWD SPOT CROSS RATE 29/12/ ,559, , PUT USD/TWD SPOT CROSS RATE 29/12/ ,339, , PUT USD/TWD SPOT CROSS RATE 27/10/ ,537, , , UNITED KINGDOM CALL AUD/JPY SPOT CROSS RATES 25/11/ ,305, , CALL EUR / USD 12/10/ , , CALL EUR / USD 27/10/ , , CALL EUR/CHF SPOT CROSS RATES 21/10/ , , CALL USD/JPY SPOT CROSS RATES 28/10/ , , CALL USD/JPY SPOT CROSS RATES 29/10/ , , CALL USD/KRW SPOT CROSS RATES 13/10/ , , CALL USD/MYR SPOT CROSS RATES 05/10/ , , PUT AUD/JPY SPOT CROSS RATES 20/10/ , , ,066, UNITED STATES PUT USD/MYR SPOT CROSS RATES 06/10/ ,858, , , TOTAL OPTIONS 1,624, TOTAL II. 65,209, TOTAL INVESTMENTS 2,386,424, CASH AT BANKS 100,434, OTHER NET ASSETS 32,883, TOTAL NET ASSETS 2,519,741,

70 Pictet - Global Emerging Debt GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Brazil Russia 7.42 Turkey 5.44 Philippines 5.22 Mexico 5.16 Venezuela 3.97 South Africa 3.23 Indonesia 3.23 Peru 3.18 Panama 2.98 Colombia 2.91 Kazakhstan 2.79 Malaysia 2.75 Poland 2.68 South Korea 2.36 Lithuania 2.33 Sri Lanka 2.28 Uruguay 2.19 Argentina 1.99 Netherlands 1.76 Ukraine 1.67 Lebanon 1.52 El Salvador 1.35 Chile 1.32 Hungary 1.30 Iraq 1.16 United Kingdom 1.14 Luxembourg 1.01 Ivory Coast 1.01 Croatia 1.01 Georgia 0.99 Cayman Islands 0.93 Vietnam 0.76 Singapore 0.73 Belarus 0.71 Pakistan 0.66 Ireland 0.61 Egypt 0.54 Dominican Republic 0.41 United States 0.39 Belize 0.39 Ghana 0.32 Ecuador 0.30 Republic of Serbia 0.23 Gabon 0.05 Germany 0.01 France 0.01 Taiwan 0.01 India 0.01 Japan Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds Options

71 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (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 5.25% AUSTRALIA 05/19 AUD 289, , % AUSTRALIA 98/11 AUD 79, , % AUSTRALIA 07/21 AUD 189, , % AUSTRALIA 04/17 AUD 199, , % AUSTRALIA 02/15 AUD 319, , % AUSTRALIA 00/13 AUD 349, , ,060, AUSTRIA 2.5% RAIFFEISEN ZENTRAL. 09/11 EUR 1,074, ,084, ,084, BELGIUM 3.25% BELGIUM OLO 47 06/16 EUR 229, , % BELGIUM OLO S /15 EUR 189, , % BELGIUM OLO 48 06/22 EUR 299, , % BELGIUM OLO 49 07/17 EUR 179, , % BELGIUM OLO 54 08/14 EUR 609, , % BELGIUM OLO 55 09/19 EUR 349, , % BELGIUM OLO 41 03/13 EUR 359, , % BELGIUM OLO 60 10/41 EUR 49, , % BELGIUM OLO 36 01/11 EUR 329, , % BELGIUM OLO 44 04/35 EUR 179, , % BELGIUM OLO 31 98/28 EUR 189, , ,239, CANADA 1.75% CANADA 09/13 CAD 549, , % CANADA 08/13 CAD 529, , % CANADA 08/19 CAD 299, , % CANADA 05/16 CAD 209, , % CANADA 06/17 CAD 189, , % CANADA 07/18 CAD 259, , % CANADA 04/15 CAD 299, , % CANADA 03/14 CAD 449, , % CANADA S. XW98 04/37 CAD 259, , % CANADA 98/29 CAD 169, , % CANADA 01/33 CAD 269, , % CANADA 00/11 CAD 119, , % CANADA 92/23 CAD 99, , % CANADA 96/27 CAD 119, , ,140, DENMARK 3.125% DENMARK 09/14 EUR 919, , % DENMARK 03/15 DKK 1,149, , % DENMARK 05/17 DKK 2,049, , % DENMARK 08/12 DKK 649, , % DENMARK 07/39 DKK 1,289, , % DENMARK 01/13 DKK 979, ,

72 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 6% DENMARK 99/11 DKK 509, , % DENMARK 93/24 DKK 329, , ,062, FRANCE 2.625% CADES 09/12 EUR 849, , % O.A.T. 05/15 EUR 369, , % O.A.T. 05/16 EUR 289, , % S.F.E.F. 09/14 USD 2,662, ,105, % O.A.T. 04/15 EUR 149, , % B.T.A.N. 07/12 EUR 249, , % O.A.T. 05/21 EUR 359, , % O.A.T. 06/17 EUR 329, , % O.A.T. 05/38 EUR 299, , % O.A.T. 02/13 EUR 789, , % O.A.T. 04/55 EUR 399, , % O.A.T. 08/18 EUR 569, , % O.A.T. 03/19 EUR 509, , % O.A.T. 06/17 EUR 259, , % O.A.T. 06/23 EUR 269, , % B.T.A.N. 06/12 EUR 299, , % O.A.T. 03/35 EUR 246, , % O.A.T. 00/16 EUR 349, , % O.A.T. 97/29 EUR 269, , % O.A.T. 00/32 EUR 249, , % O.A.T. 94/25 EUR 204, , % O.A.T. 89/19 EUR 469, , % O.A.T. 92/23 EUR 159, , ,320, GERMANY 1% GERMANY 10/12 EUR 199, , % GERMANY 09/14 EUR 199, , % GERMANY 10/20 EUR 299, , % GERMANY 05/15 EUR 579, , % GERMANY 09/20 EUR 349, , % GERMANY 10/42 EUR 59, , % GERMANY 05/16 EUR 299, , % GERMANY 08/13 EUR 559, , % GERMANY 04/15 EUR 659, , % GERMANY 06/17 EUR 259, , % GERMANY 08/19 EUR 599, , % GERMANY 05/37 EUR 299, , % GERMANY 06/16 EUR 319, , % GERMANY 07/18 EUR 229, , % GERMANY 08/13 EUR 589, , % GERMANY 03/14 EUR 1,049, ,157, % GERMANY 07/17 EUR 249, , % GERMANY 07/39 EUR 179, , % GERMANY 08/18 EUR 319, , % GERMANY 03/13 EUR 979, ,060, % GERMANY 03/34 EUR 249, , % GERMANY 08/40 EUR 204, , % GERMANY 98/28 EUR 349, ,

73 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 5.50% GERMANY 00/31 EUR 226, , % GERMANY 00/30 EUR 159, , % GERMANY 94/24 EUR 339, , % GERMANY 97/27 EUR 89, , ,387, ITALY 3% ITALY (BTP) 10/15 EUR 649, , % ITALY 05/15 EUR 369, , % ITALY 06/16 EUR 329, , % ITALY 06/21 EUR 389, , % ITALY 06/17 EUR 659, , % ITALY 07/12 EUR 539, , % ITALY (BTP) 07/12 EUR 399, , % ITALY 03/19 EUR 819, , % ITALY 04/14 EUR 999, ,059, % ITALY 08/13 EUR 629, , % ITALY 04/20 EUR 819, , % ITALY 07/18 EUR 319, , % ITALY 08/18 EUR 289, , % ITALY 02/13 EUR 599, , % ITALY 08/23 EUR 399, , % ITALY (BTP) 07/39 EUR 449, , % ITALY (BTP) 09/25 EUR 269, , % ITALY 03/34 EUR 379, , % ITALY 09/40 EUR 199, , % ITALY 98/29 EUR 379, , % ITALY 99/31 EUR 479, , % ITALY 97/27 EUR 409, , ,422, JAPAN 0.5% JAPAN N /13 JPY 54,999, , % JAPAN N-84 09/14 JPY 129,999, ,164, % JAPAN N /13 JPY 51,999, , % JAPAN N /13 JPY 65,999, , % JAPAN N /12 JPY 204,999, ,832, % JAPAN N /13 JPY 49,999, , % JAPAN N-61 03/23 JPY 23,999, , % JAPAN N /13 JPY 48,999, , % JAPAN N /12 JPY 181,999, ,636, % JAPAN N /13 JPY 150,999, ,376, % JAPAN N /15 JPY 170,999, ,577, % JAPAN N /18 JPY 96,999, , % JAPAN N /13 JPY 89,999, , % JAPAN N /15 JPY 44,999, , % JAPAN N /19 JPY 109,999, ,021, % JAPAN N /19 JPY 126,999, ,176, % JAPAN N /11 JPY 176,999, ,575, % JAPAN N /12 JPY 189,999, ,706, % JAPAN N /15 JPY 39,999, , % JAPAN N /18 JPY 86,999, , % JAPAN N /17 JPY 67,999, , % JAPAN N /11 JPY 72,999, ,

74 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 1.5% JAPAN N /12 JPY 184,999, ,659, % JAPAN N /14 JPY 134,999, ,241, % JAPAN N /14 JPY 136,999, ,266, % JAPAN N /14 JPY 120,999, ,120, % JAPAN N /15 JPY 167,999, ,559, % JAPAN N /15 JPY 39,999, , % JAPAN N /18 JPY 77,999, , % JAPAN N /15 JPY 42,999, , % JAPAN N /13 JPY 94,999, , % JAPAN N /16 JPY 99,999, , % JAPAN N /14 JPY 113,999, ,057, % JAPAN N /17 JPY 94,999, , % JAPAN N /17 JPY 80,999, , % JAPAN N /18 JPY 61,999, , % JAPAN N-11 03/33 JPY 28,999, , % JAPAN N /16 JPY 96,999, , % JAPAN N /16 JPY 89,999, , % JAPAN N-63 03/23 JPY 10,999, , % JAPAN N-50 01/21 JPY 61,999, , % JAPAN N /29 JPY 113,999, ,042, % JAPAN N /17 JPY 68,999, , % JAPAN N-65 03/23 JPY 22,999, , % JAPAN N-56 02/22 JPY 45,999, , % JAPAN N-72 04/24 JPY 99,999, , % JAPAN N-75 05/25 JPY 54,999, , % JAPAN N-80 05/25 JPY 51,999, , % JAPAN N-92 06/26 JPY 61,999, , % JAPAN N-99 07/27 JPY 50,999, , % JAPAN N /28 JPY 93,999, , % JAPAN N /29 JPY 102,999, , % JAPAN N-2 09/49 JPY 32,999, , % JAPAN N-97 07/27 JPY 78,999, , % JAPAN N /28 JPY 100,999, , % JAPAN N-30 09/39 JPY 53,999, , % JAPAN N-32 10/40 JPY 32,999, , % JAPAN N-88 06/26 JPY 54,999, , % JAPAN N-19 05/35 JPY 10,999, , % JAPAN N-14 04/34 JPY 13,999, , % JAPAN N-26 07/37 JPY 39,999, , % JAPAN N-15 04/34 JPY 10,999, , % JAPAN N-20 05/35 JPY 19,999, , % JAPAN N-22 06/36 JPY 18,999, , % JAPAN N-24 06/36 JPY 16,999, , % JAPAN N-28 07/27 JPY 43,999, , % JAPAN N-44 99/20 JPY 210,999, ,130, % JAPAN N-42 99/19 JPY 121,999, ,239, ,405, NETHERLANDS 2% NED. WATERSCHAPSBANK 09/12 USD 349, , % RABOBANK 10/13 USD 499, , % NETHERLANDS 05/15 EUR 249, , % NETHERLANDS 04/14 EUR 429, ,

75 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 3.75% NETHERLANDS 10/42 EUR 69, , % NETHERLANDS 05/37 EUR 159, , % NETHERLANDS 09/19 EUR 469, , % NETHERLANDS 07/17 EUR 259, , % NETHERLANDS 02/12 EUR 599, , % NETHERLANDS 98/28 EUR 114, , ,284, SPAIN 2.625% BANESTO 09/13 EUR 199, , % SPAIN 10/15 EUR 559, , % F.R.O.B. 09/14 EUR 199, , % VALENCIA Y ALICANTE 09/12 EUR 549, , % SPAIN 05/16 EUR 279, , % SPAIN 03/13 EUR 499, , % SPAIN 05/37 EUR 199, , % SPAIN 09/19 EUR 709, , % SPAIN 09/41 EUR 89, , % SPAIN 08/24 EUR 389, , % SPAIN 07/40 EUR 159, , % SPAIN 02/17 EUR 339, , % SPAIN 01/32 EUR 159, , % SPAIN 99/29 EUR 219, , % SPAIN 97/13 EUR 449, , ,145, SUPRANATIONAL 4.25% E.I.B. 05/12 USD 999, , , SWEDEN 3% SWEDEN 05/16 SEK 1,279, , % SWEDEN 09/39 SEK 539, , % SWEDEN 06/17 SEK 1,209, , % SWEDEN 07/19 SEK 399, , % SWEDEN 03/20 SEK 1,049, , % SWEDEN 01/12 SEK 524, , % SWEDEN 97/14 SEK 1,359, , , UNITED KINGDOM 4% BRITISH TREASURY 06/16 GBP 379, , % BRITISH TREASURY 00/32 GBP 384, , % BRITISH TREASURY 03/36 GBP 309, , % BRITISH TREASURY 05/55 GBP 399, , % BRITISH TREASURY 06/27 GBP 269, , % BRITISH TREASURY 06/46 GBP 299, , % BRITISH TREASURY 07/42 GBP 329, , % BRITISH TREASURY 08/13 GBP 324, , % BRITISH TREASURY 08/19 GBP 649, , % BRITISH TREASURY 03/15 GBP 339, , % BRITISH TREASURY 04/38 GBP 344, , % BRITISH TREASURY 05/20 GBP 419, , % BRITISH TREASURY 07/30 GBP 351, , % BRITISH TREASURY 01/12 GBP 249, ,

76 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 5% BRITISH TREASURY 01/25 GBP 199, , % BRITISH TREASURY 02/14 GBP 729, , % BRITISH TREASURY 07/18 GBP 379, , % BRITISH TREASURY 07/12 GBP 229, , % BRITISH TREASURY 98/28 GBP 169, , % BRITISH TREASURY 93/13 GBP 409, , % BRITISH TREASURY 95/15 GBP 179, , % BRITISH TREASURY 96/21 GBP 479, , ,487, UNITED STATES 1.125% US TREASURY 08/11 USD 1,239, , % US TREASURY 09/12 USD 1,179, , % US TREASURY 09/12 USD 1,129, , % US TREASURY 10/13 USD 1,099, , % US TREASURY 08/13 USD 619, , % US TREASURY 09/14 USD 1,499, ,143, % US TREASURY 09/14 USD 1,699, ,306, % US TREASURY 09/14 USD 1,669, ,307, % US TREASURY 09/16 USD 569, , % US TREASURY 09/16 USD 589, , % US TREASURY 08/13 USD 2,029, ,592, % US TREASURY 08/13 USD 749, , % US TREASURY 09/19 USD 1,089, , % US TREASURY 08/13 USD 549, , % US TREASURY 09/16 USD 759, , % US TREASURY 07/12 USD 1,369, ,071, % US TREASURY 09/19 USD 1,189, , % US TREASURY 08/13 USD 2,109, ,673, % US TREASURY 09/39 USD 979, , % US TREASURY 08/18 USD 549, , % US TREASURY 07/12 USD 1,199, , % US TREASURY 08/18 USD 549, , % US TREASURY 08/18 USD 519, , % US TREASURY 08/18 USD 509, , % US TREASURY 05/15 USD 1,649, ,375, % US TREASURY 03/13 USD 759, , % US TREASURY 05/15 USD 1,519, ,277, % US TREASURY 07/12 USD 1,249, , % US TREASURY 07/17 USD 269, , % US TREASURY 02/12 USD 1,129, , % US TREASURY 08/38 USD 239, , % US TREASURY 10/40 USD 199, , % US TREASURY 06/11 USD 1,149, , % US TREASURY 06/36 USD 319, , % US TREASURY 07/12 USD 1,389, ,085, % US TREASURY 08/38 USD 259, , % US TREASURY 09/39 USD 899, , % US TREASURY 05/15 USD 419, , % US TREASURY 06/16 USD 539, , % US TREASURY 07/17 USD 1,799, ,548, % US TREASURY 06/16 USD 649, , % US TREASURY 10/40 USD 1,089, ,

77 Pictet - World Government Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4.75% US TREASURY 07/17 USD 1,199, ,048, % US TREASURY 02/12 USD 1,074, , % US TREASURY 06/16 USD 719, , % US TREASURY 07/12 USD 1,149, , % US TREASURY 01/11 USD 139, , % US TREASURY 07/37 USD 379, , % US TREASURY 06/16 USD 299, , % US TREASURY 99/29 USD 129, , % US TREASURY 01/31 USD 189, , % US TREASURY 98/28 USD 249, , % US TREASURY 99/29 USD 169, , % US TREASURY 00/30 USD 199, , % US TREASURY 93/23 USD 269, , % US TREASURY 97/27 USD 279, , % US TREASURY 96/26 USD 369, , % US TREASURY 97/27 USD 269, , % US TREASURY 95/25 USD 99, , % US TREASURY 93/23 USD 239, , % US TREASURY 86/16 USD 469, , % US TREASURY 92/22 USD 249, , % US TREASURY 86/16 USD 799, , % US TREASURY 94/24 USD 179, , % US TREASURY 95/25 USD 139, , % US TREASURY 91/21 USD 249, , % US TREASURY 91/21 USD 289, , % US TREASURY 91/21 USD 259, , % US TREASURY 90/20 USD 1,399, ,555, % US TREASURY 90/20 USD 739, , % US TREASURY 89/19 USD 1,169, ,301, % US TREASURY 85/15 USD 1,879, ,984, ,704, TOTAL INVESTMENTS 165,315, CASH AT BANKS 1,891, OTHER NET ASSETS 1,394, TOTAL NET ASSETS 168,601,

78 Pictet - World Government Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Japan United States Italy 6.78 Germany 6.75 France 6.70 United Kingdom 6.22 Spain 3.07 Netherlands 1.95 Belgium 1.92 Canada 1.86 Denmark 1.22 Austria 0.64 Australia 0.62 Sweden 0.47 Supranational Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds 3.61 Bonds issued by supranational institutions

79 Pictet - EUR Short Mid-Term Bonds AS AT SEPTEMBER 30, 2010 (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 2.625% ANZ BANKING GROUP 09/12 EUR 6,000, ,106, % ANZ BANKING GROUP 07/12 EUR 3,000, ,130, % WESTPAC BANKING 07/12 EUR 9,029, ,576, ,812, AUSTRIA 3.125% KOMMUNALKR AUSTRIA 09/13 EUR 3,000, ,111, ,111, BELGIUM 4% BELGIUM OLO 50 07/13 EUR 16,000, ,029, ,029, CANADA 3.25% ROYAL BANK OF CANADA 06/13 EUR 9,200, ,549, % TORONTO DOMINION BANK 08/13 EUR 9,000, ,662, ,212, DENMARK 2.125% FIN. DANISH INDUSTRY 10/13 EUR 8,000, ,126, ,126, FINLAND 3.125% POHJOLA BANK 10/15 EUR 9,000, ,219, % FINLAND 07/12 EUR 4,000, ,261, ,480, FRANCE 2% C.F.F. 09/12 EUR 9,500, ,580, % UNEDIC 09/12 EUR 12,000, ,215, % CADES 09/12 EUR 5,500, ,638, % S.F.E.F. 09/14 EUR 7,000, ,369, % BNP PARIBAS 09/12 EUR 9,000, ,226, % S.F.E.F. 09/14 EUR 7,000, ,373, % O.A.T. 02/13 EUR 30,500, ,765, % B.T.A.N. 06/12 EUR 26,000, ,668, % TOTAL CAPITAL 08/13 EUR 9,000, ,811, % CRH 02/13 EUR 9,200, ,064, % CHARBONNAGES FRANCE 02/13 EUR 2,920, ,197, % HSBC FRANCE 08/13 EUR 9,500, ,425, ,337, GERMANY 4.5% GERMANY 03/13 EUR 22,000, ,817, ,817, IRELAND 3.9% IRELAND 09/12 EUR 4,500, ,479, % GE CAPITAL EUROPEAN FUND. 09/13 EUR 9,500, ,141, ,620, ITALY 2.5% ITALY 09/12 EUR 50,000, ,527, % ITALY 09/13 EUR 8,000, ,134,

80 Pictet - EUR Short Mid-Term Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets 4.25% ITALY (BTP) 07/12 EUR 43,000, ,902, % ITALY 03/13 EUR 19,000, ,012, % ITALY 08/13 EUR 37,000, ,825, % ENI 08/14 EUR 5,000, ,578, ,980, NETHERLANDS 2.375% NED. WATERSCHAPSBANK 10/15 EUR 5,000, ,085, % B.N.G. 05/15 EUR 3,000, ,189, % SHELL INTL FINANCE 09/12 EUR 9,200, ,434, % NIBC BANK 08/11 EUR 6,000, ,179, % NED. WATERSCHAPSBANK 08/13 EUR 3,400, ,665, % B.N.G. 03/13 EUR 4,000, ,308, % RABOBANK 09/14 EUR 5,500, ,901, % NETHERLANDS 02/12 EUR 20,600, ,113, % DEUTSCHE BAHN FIN. 02/12 EUR 667, , FRN RABOBANK 10/13 EUR 4,000, ,015, ,606, NORWAY 4.75% EKSPORTFINANS 08/13 EUR 2,500, ,694, ,694, PORTUGAL 5% PORTUGAL 02/12 EUR 4,000, ,039, ,039, SPAIN 2.3% SPAIN 09/13 EUR 15,000, ,893, % BBVA SENIOR FIN. 09/12 EUR 10,000, ,128, % SPAIN 07/12 EUR 28,000, ,854, % BANCO SANTANDER 07/12 EUR 3,000, ,119, % SPAIN 02/12 EUR 20,000, ,947, % SANTANDER INTL 08/12 EUR 6,500, ,769, % SPAIN 97/13 EUR 13,000, ,046, ,757, SWEDEN 3% NORDEA BANK 09/12 EUR 10,000, ,236, % SVENSKA HANDELSBANK 09/12 EUR 10,000, ,246, % SWEDBANK 09/12 EUR 3,500, ,590, % SWEDISH EXPORT 09/14 EUR 4,760, ,045, ,118, SWITZERLAND 6% CREDIT AGRICOLE 08/13 EUR 9,000, ,955, ,955, UNITED KINGDOM 5.25% BARCLAYS BANK 09/14 EUR 8,000, ,722, ,722, UNITED STATES 5.25% TOYOTA MOTOR CREDIT 09/12 EUR 9,500, ,945, % WACHOVIA BANK 08/09 EUR 8,000, ,782, ,728,

81 Pictet - EUR Short Mid-Term Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Nominal value Market value (note 2) % of net assets TOTAL INVESTMENTS 668,152, CASH AT BANKS 8,059, OTHER NET ASSETS 11,001, TOTAL NET ASSETS 687,214,

82 Pictet - EUR Short Mid-Term Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Italy France Spain Netherlands 9.40 Sweden 4.23 Germany 3.47 Canada 2.80 Australia 2.74 United States 2.73 Belgium 2.48 Ireland 2.13 Finland 1.96 Switzerland 1.45 United Kingdom 1.27 Denmark 1.18 Portugal 0.59 Austria 0.45 Norway Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds

83 Pictet - USD Short Mid-Term Bonds AS AT SEPTEMBER 30, 2010 (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 3.5% COMMONWEAL. BANK AUST. 10/15 USD 2,000, ,093, % WESTPAC BANKING 09/15 USD 1,000, ,077, ,170, CANADA 2.25% BANK NOVA SCOTIA 10/13 USD 1,486, ,529, % BANK NOVA SCOTIA 10/13 USD 1,000, ,035, % ONTARIO (PROV.) 09/12 USD 2,000, ,054, % ROYAL BANK OF CANADA 10/15 USD 3,000, ,175, ,795, DENMARK 1.75% FINANCE FOR DANISH 09/12 USD 1,000, ,018, ,018, FRANCE 3% TOTAL CAPITAL 10/15 USD 500, , % BNP PARIBAS 10/15 USD 2,850, ,963, % CREDIT AGRICOLE 10/15 USD 2,500, ,590, FRN BNP PARIBAS S /15 USD 800, , ,875, GERMANY 2.25% K.F.W. 09/12 USD 3,000, ,079, ,079, NETHERLANDS 2% NED. WATERSCHAPSBANK 09/12 USD 3,000, ,069, % ING BANK 09/12 USD 2,000, ,053, % SHELL INTL FINANCE 10/15 USD 500, , ,650, NEW ZEALAND 3.125% ANZ NATIONAL BANK 10/15 USD 3,000, ,039, ,039, NORWAY 3.375% KOMMUNALBANKEN 08/11 USD 1,000, ,031, ,031, SINGAPORE 2.375% DBS BANK 10/15 USD 300, , , SPAIN 3.724% SANTANDER US DEBT. 10/15 USD 2,000, ,031, ,031, SUPRANATIONAL 4.75% I.A.D.B. 07/12 USD 1,000, ,083, ,083, SWEDEN 3.7% NORDEA BANK 09/14 USD 1,000, ,056, % SVENSKA HANDELSBANK 09/14 USD 1,750, ,918, ,974,

84 Pictet - USD Short Mid-Term Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets UNITED KINGDOM 3.5% HSBC BANK 10/15 USD 3,000, ,153, % BARCLAYS BANK 09/14 USD 3,000, ,311, ,464, UNITED STATES 0.375% US TREASURY 10/12 USD 18,000, ,987, % US TREASURY 10/12 USD 10,000, ,042, % US TREASURY 10/12 USD 6,000, ,024, % US TREASURY 09/11 USD 6,000, ,030, % US TREASURY 10/12 USD 13,000, ,095, % US TREASURY 10/12 USD 4,000, ,030, % US TREASURY 10/12 USD 8,000, ,079, % US TREASURY 09/11 USD 3,000, ,022, % US TREASURY 09/11 USD 8,000, ,067, % US TREASURY 10/12 USD 17,000, ,172, % US TREASURY 08/11 USD 6,500, ,563, % US TREASURY 09/12 USD 8,000, ,083, % US TREASURY 09/12 USD 8,750, ,874, % US TREASURY 09/12 USD 6,000, ,111, % US TREASURY 09/12 USD 6,000, ,096, % US TREASURY 09/12 USD 6,000, ,097, % US TREASURY 09/12 USD 8,000, ,115, % US TREASURY 09/12 USD 7,000, ,132, % US TREASURY 09/12 USD 8,000, ,155, % US TREASURY 09/12 USD 6,000, ,093, % US TREASURY 10/13 USD 8,000, ,158, % US TREASURY 10/13 USD 8,000, ,161, % US TREASURY 10/13 USD 5,000, ,103, % US TREASURY 09/12 USD 5,000, ,101, % MICROSOFT 10/15 USD 750, , % US TREASURY 09/12 USD 5,000, ,126, % US TREASURY 08/11 USD 9,500, ,652, % US TREASURY 09/12 USD 5,000, ,128, % STATE STREET CAP. 09/12 USD 3,000, ,079, % MORGAN STANLEY 09/12 USD 3,000, ,078, % METROPOLITAN LIFE 10/13 USD 1,890, ,936, % US TREASURY 08/13 USD 8,000, ,453, % BANK NY MELLON 10/15 USD 2,000, ,105, % BANK OF AMERICA 08/12 USD 1,500, ,566, % TOYOTA MOTOR CREDIT 10/15 USD 1,000, ,060, % G.E.C.C. 10/15 USD 3,000, ,135, ,475, TOTAL I. 280,987, II. OTHER TRANSFERABLE SECURITIES BONDS SPAIN 2.991% SANTANDER US DEBT 10/13 USD 2,000, ,995, ,995, TOTAL II. 1,995,

85 Pictet - USD Short Mid-Term Bonds AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets TOTAL INVESTMENTS 282,983, CASH AT BANKS 1,671, OTHER NET ASSETS 655, TOTAL NET ASSETS 285,310,

86 Pictet - USD Short Mid-Term Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Canada 2.73 France 2.41 United Kingdom 2.27 Netherlands 1.98 Spain 1.41 Australia 1.11 Germany 1.08 New Zealand 1.07 Sweden 1.04 Supranational 0.38 Norway 0.36 Denmark 0.36 Singapore Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds Bonds issued by supranational institutions

87 Pictet - EUR Inflation Linked Bonds AS AT SEPTEMBER 30, 2010 (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 FRANCE 1% O.A.T. (INFLATION) 05/17 EUR 14,964, ,806, % O.A.T. (INFLATION) 10/22 EUR 2,975, ,016, % O.A.T. (INFLATION) 09/19 EUR 3,500, ,745, % O.A.T. (INFLATION) 04/15 EUR 10,434, ,459, % O.A.T. (INFLATION) 06/40 EUR 5,045, ,102, % O.A.T. (INFLATION) 08/23 EUR 5,960, ,052, % O.A.T. (INFLATION) 04/20 EUR 14,753, ,930, % O.A.T. (INFLATION) 03/13 EUR 11,646, ,308, % O.A.T. (INFLATION) 01/12 EUR 10,241, ,908, % O.A.T. (INFLATION) 02/32 EUR 6,945, ,887, % O.A.T. (INFLATION) 99/29 EUR 5,525, ,103, ,321, GERMANY 1.5% GERMANY (INFLATION) 06/16 EUR 9,639, ,217, % GERMANY (CPI) 09/20 EUR 7,415, ,362, % GERMANY (INFLATION) 07/13 EUR 8,111, ,213, ,793, ITALY 1.85% ITALY (INFLATION) 07/12 EUR 7,774, ,537, % ITALY (INFLATION) 06/17 EUR 10,746, ,861, % ITALY (INFLATION) 10/21 EUR 4,225, ,169, % ITALY (INFLATION) 04/14 EUR 10,751, ,745, % ITALY (INFLATION) 04/35 EUR 10,142, ,173, % ITALY (INFLATION) 08/19 EUR 10,197, ,701, % ITALY (INFLATION) 09/41 EUR 4,145, ,035, % ITALY (INFLATION) 07/23 EUR 10,870, ,689, ,913, TOTAL INVESTMENTS 219,028, CASH AT BANKS 3,038, OTHER NET ASSETS 446, TOTAL NET ASSETS 222,513,

88 Pictet - EUR Inflation Linked Bonds GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) France Italy Germany Industrial classification (in % of net assets) Bonds issued by countries or cities

89 Pictet - Latin American Local Currency Debt AS AT SEPTEMBER 30, 2010 (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 6% BRAZIL (INFLATION) 03/15 BRL 5, ,957, % BRAZIL (INFLATION) 07/12 BRL 4, ,698, % BRAZIL (INFLATION) 09/11 BRL 3, ,558, % BRAZIL (INFLATION) 09/20 BRL 5, ,938, % BRAZIL (NOTAS DE T.) 05/12 BRL 71, ,372, % BRAZIL (NOTAS DE T.) 07/17 BRL 39, ,219, % BRAZIL (NOTAS DE T.) 06/16 BRL 63, ,395, % BRAZIL 07/13 BRL 20, ,808, % BRAZIL 10/21 BRL 37, ,962, ,910, CAYMAN ISLANDS 8% TELEMOVIL FINANCE 10/17 USD 270, , , CHILE 5.5% CHILE 10/20 CLP 327, , % BCO SANTANDER CL. 10/20 CLP 1,038, ,135, ,852, COLOMBIA 7.75% COLOMBIA (DUAL CUR.)10/21 COP 6,490, ,236, % BOGOTA D. C. 07/28 COP 500, , % COLOMBIA 07/27 COP 5,030, ,000, % COLOMBIA 05/15 COP 2,200, ,607, ,227, GERMANY 5.625% K.F.W. 10/17 PEN 2,000, , , MEXICO 6% MEXICO 10/15 MXN 212, ,733, % MEXICO 06/27 MXN 706, ,154, % MEXICO 08/17 MXN 890, ,867, % MEXICO 09/20 MXN 635, ,780, % MEXICO 03/13 MXN 1,270, ,984, % MEXICO 05/15 MXN 865, ,638, % MEXICO 04/14 MXN 1,310, ,087, % MEXICO 04/24 MXN 1,002, ,733, % MEXICO 06/36 MXN 645, ,005, ,985, PERU 5.375% CREDITO DEL PEROU 10/20 USD 350, , % PERU (DUAL CUR.) 07/37 PEN 5, ,120, % PERU 08/31 PEN 800, , % PERU (DUAL CUR.) 06/26 PEN 6, ,637, ,416, TOTAL I. 243,392,

90 Pictet - Latin American Local Currency Debt AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Nominal value Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES BONDS PERU 6.85% PERU (DUAL CUR.) 10/42 PEN 3, ,409, ,409, TOTAL II. 1,409, TOTAL INVESTMENTS 244,801, CASH AT BANKS 22,472, OTHER NET ASSETS 1,146, TOTAL NET ASSETS 268,420,

91 Pictet - Latin American Local Currency Debt GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Brazil Mexico Colombia 3.81 Peru 2.54 Chile 1.07 Germany 0.27 Cayman Islands Industrial classification (in % of net assets) Bonds issued by countries or cities Corporate bonds

92 Pictet - European Equity Selection AS AT SEPTEMBER 30, 2010 (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 U.C.B. 102, ,616, ,616, BERMUDA PURECIRCLE (GBP) 1,163, ,087, ,087, CAYMAN ISLANDS EURASIA DRILLING GDR (R. 1 SHS) 180, ,059, ,059, DENMARK CHRISTIAN HANSEN HOLDING 234, ,431, ,431, FINLAND NOKIA 427, ,085, ,085, FRANCE BNP PARIBAS 199, ,591, ELECTRICITE DE FRANCE 81, ,565, L.V.M.H. 27, ,940, TOTAL 156, ,931, VINCI 163, ,997, ,026, GERMANY ADIDAS 122, ,640, ALLIANZ NOM. 39, ,291, DEUTSCHE BOERSE NOM. 58, ,907, DEUTSCHE POST NOM. 264, ,541, FRESENIUS MEDICAL CARE 136, ,200, HEIDELBERGCEMENT 83, ,973, MAN AG 69, ,631, MUENCHENER RUECKVER. NOM. 37, ,795, STROEER OUT-OF-HOME MEDIA 139, ,941, WINCOR NIXDORF 81, ,926, ,850, ITALY ASTALDI 555, ,900, BUZZI UNICEM RISP 290, ,287, DANIELI & C. OFF. MECC. RNC 305, ,905, ENI 255, ,056, INTESA SANPAOLO (AZ. DI RISO.) 1,270, ,389, PRYSMIAN 219, ,948, UNICREDITO ITALIANO SPA 1,949, ,588, ,075, LUXEMBOURG ARCELOR MITTAL 90, ,203, MILLICOM INTL CELLULAR-SDR- 45, ,190, ,393,

93 Pictet - European Equity Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets SPAIN AMADEUS IT HOLDING A 475, ,411, BANCO SANTANDER 653, ,047, TELEFONICA 481, ,733, ,193, SWEDEN MODERN TIMES GROUP B 66, ,671, ,671, SWITZERLAND ACTELION NOM. 88, ,671, JULIUS BAER GROUPE NOM. 133, ,691, NESTLE S.A. 306, ,122, ROCHE HOLDING BON JCE 88, ,772, UBS AG 376, ,836, ZURICH FINANCIAL SERVICES 25, ,469, ,564, TURKEY KOC HOLDING 993, ,386, ,386, UNITED KINGDOM AUTONOMY CORPORATION 140, ,950, BG GROUP 423, ,582, BP PLC 523, ,560, BRITISH AMERICAN TOBACCO 227, ,293, CARNIVAL 147, ,345, COMPASS GROUP 424, ,722, INTERNATIONAL POWER 1,001, ,483, MAN GROUP 1,410, ,492, MITIE 2,130, ,751, NATIONAL GRID 760, ,808, RIO TINTO NOM. 139, ,115, ROYAL DUTCH SHELL A 176, ,921, SOCO INTERNATIONAL 561, ,817, THOMAS COOK GROUP 2,198, ,474, TULLOW OIL 349, ,209, VODAFONE GROUP AG 4,138, ,620, ,149, TOTAL SHARES 245,592, CERTIFICATES NETHERLANDS ING GROEP (CRT.) 782, ,035, ,035, TOTAL CERTIFICATES 6,035, TOTAL I. 251,627,

94 Pictet - European Equity Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES SHARES GERMANY AIST MEDIALAB 10, UNITED KINGDOM ALUDEL NOM. 142, TOTAL SHARES WARRANTS UNITED KINGDOM ALUDEL WTS. (C-0. 68) 284, TOTAL WARRANTS TOTAL II TOTAL INVESTMENTS 251,627, CASH AT BANKS 1,199, OTHER NET LIABILITIES -461, TOTAL NET ASSETS 252,365,

95 Pictet - European Equity Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United Kingdom Germany Switzerland France Spain 8.40 Italy 7.96 Netherlands 2.39 Luxembourg 2.13 Sweden 1.45 Denmark 1.36 Turkey 1.34 Finland 1.22 Cayman Islands 1.21 Belgium 1.04 Bermuda Industrial classification (in % of net assets) Banks and credit institutions Communications Oil Pharmaceuticals and cosmetics 7.00 Food and soft drinks 7.00 Utilities 6.92 Construction and building materials 5.22 Insurance 4.57 Holding and financial companies 3.87 Internet, software and IT services 3.71 Construction of machines and appliances 3.38 Miscellaneous services 3.05 Gastronomy 2.80 Tobacco and alcohol 2.49 Stainless steel 2.42 Certificates 2.39 Leisure 2.24 Miscellaneous 1.77 Electronics and electrical equipment 1.56 Transport and freight 1.40 Textiles and clothing 1.17 Chemicals 1.04 Mining and steelworks 0.87 Warrants

96 Pictet - Small Cap Europe AS AT SEPTEMBER 30, 2010 (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 AUSTRIA LENZING 4, ,625, RHI 97, ,063, SCHOELLER-BLECKMANN OILFIELD 42, ,014, ,703, BELGIUM BEKAERT 11, ,269, D IETEREN 3, ,507, EXMAR -STRIP VVPR- 221, , TELENET GROUP HOLDING 76, ,873, ,651, DENMARK D/S NORDEN 70, ,060, DANISCO 30, ,025, ROCKWOOL INTERNATIONAL A/S B 32, ,605, SIMCORP 17, ,048, ,740, FRANCE ALTEN 54, ,245, APRIL GROUP 29, , ARKEMA FRANCE 40, ,512, BIC 22, ,341, BULL 398, ,274, HAVAS ADVERTISING 475, ,753, M6 METROPOLE TV 66, ,165, MEDICA 113, ,585, RHODIA REGROUPEMENT 103, ,837, VALEO 53, ,776, VIRBAC 19, ,010, ZODIAC 7, , ,499, GERMANY ADVA AG OPTICAL NETWORKING 482, ,635, BERTRANDT 53, ,337, BIJOU BRIGITTE MODISCHE ACCESS. 12, ,282, ELRINGKLINGER 111, ,578, FUCHS PETROLUB N-VTG 24, ,047, GEA GROUP 124, ,272, KRONES 54, ,388, KWS SAAT 10, ,254, MORPHOSYS 106, ,786, PFEIFFER VACUUM TECHNOLOGY 27, ,928, RHOEN KLINIKUM 18, , SGL 80, ,077, SIXT PFD 69, ,304, SYMRISE 124, ,583, TOGNUM 127, ,047,

97 Pictet - Small Cap Europe AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets TUI 326, ,959, VOSSLOH 22, ,739, ,525, IRELAND C&C GROUP 804, ,613, ,613, ITALY AMPLIFON 542, ,856, ASTALDI 304, ,591, DANIELI & C. OFF. MECC. RNC 44, , DAVIDE CAMPARI 352, ,537, INDESIT COMPANY 224, ,007, IRIDE 1,378, ,757, PIRELLI & CIE 498, ,942, PRYSMIAN 137, ,845, SORIN 1,160, ,973, ,933, JERSEY CHARTER INTERNATIONAL 290, ,325, INFORMA 616, ,050, ,375, NETHERLANDS ASM INTERNATIONAL (EUR) 89, ,679, CSM 89, ,937, GEMALTO 23, , NUTRECO HOLDING 52, ,810, ,135, NORWAY MARINE HARVEST 2,798, ,794, TGS-NOPEC GEOPHYSICAL 229, ,387, ,181, SPAIN EBRO PULEVA 161, ,318, TECNICAS REUNIDAS 35, ,413, VISCOFAN 36, , ,616, SWEDEN AARHUSKARLSHAMN 89, ,550, HIQ INTERNATIONAL 416, ,526, MEDA A 309, ,811, ,887, SWITZERLAND BUCHER INDUSTRIES 18, ,032, CIE FINANCIERE TRADITION 14, ,208, CLARIANT NOM. 277, ,018, KUONI REISEN HOLDING NOM. B 7, ,322, PARTNERS GROUP HOLDING NOM. 16, ,042, SIKA FINANZ PORT. 1, ,236,

98 Pictet - Small Cap Europe AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets SULZER 16, ,417, TEMENOS GROUP NOM. 97, ,220, ,498, UNITED KINGDOM BBA AVIATION 856, ,879, COOKSON GROUP 376, ,342, DAILY MAIL & GENERAL TRUST A 418, ,568, DANA PETROLEUM 58, ,227, GKN 1,196, ,333, HANSTEEN HOLDINGS 2,109, ,727, HOCHSCHILD MINING 506, ,635, HUNTING 285, ,066, I.M.I. 220, ,981, IG GROUP HOLDINGS 493, ,919, INTERNATIONAL PERSONAL FINANCE 832, ,665, MEGGITT 753, ,609, MELROSE 999, ,158, MICRO FOCUS 433, ,863, N BROWN GROUP (NEW) 483, ,304, PACE 378, , PREMIER FARNELL 860, ,575, PREMIER OIL 151, ,924, RPS GROUP 913, ,962, SDL 372, ,594, SPECTRIS 254, ,110, SPIRAX-SARCO ENGINEERING 146, ,094, SPIRENT COMMUNICATIONS 1,718, ,775, ST JAMES S PLACE 695, ,350, SYNERGY HEALTH 212, ,826, WILLIAM HILL 1,126, ,224, ,505, TOTAL SHARES 190,870, CERTIFICATES NETHERLANDS FUGRO CRT 41, ,008, ,008, TOTAL CERTIFICATES 2,008, TOTAL INVESTMENTS 192,879, CASH AT BANKS 4,704, OTHER NET LIABILITIES -700, TOTAL NET ASSETS 196,882,

99 Pictet - Small Cap Europe GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United Kingdom Germany Switzerland 8.38 France 8.38 Italy 8.09 Netherlands 4.64 Denmark 4.44 Austria 2.90 Belgium 2.87 Jersey 2.73 Sweden 2.49 Spain 2.34 Norway 2.12 Ireland Industrial classification (in % of net assets) Construction of machines and appliances 9.51 Chemicals 9.07 Electronics and electrical equipment 7.04 Holding and financial companies 5.42 Oil 5.38 Communications 5.38 Road vehicles 5.20 Transport and freight 4.89 Construction and building materials 4.79 Stainless steel 4.50 Internet, software and IT services 3.77 Food and soft drinks 3.39 Tobacco and alcohol 3.14 Agriculture and fishing 2.98 Pharmaceuticals and cosmetics 2.89 Miscellaneous 2.66 Miscellaneous consumer goods 1.70 Computer and office equipment 1.60 Aeronautics and astronautics 1.52 Gastronomy 1.50 Mining and steelworks 1.34 Insurance 1.19 Leisure 1.13 Certificates 1.02 Environmental and recycling services 1.00 Textiles and clothing 0.93 Biotechnology 0.91 Publishing and graphic arts 0.89 Utilities 0.89 Real estate companies 0.88 Retail and supermarkets 0.66 Miscellaneous trade 0.65 Public healthcare and social services

100 Pictet - Emerging Markets AS AT SEPTEMBER 30, 2010 (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 AFRICAN PETROLEUM CORPORATION 5,281, ,586, ,586, BERMUDA NINE DRAGONS PAPER 3,347, ,798, SKYWORTH DIGITAL HOLDINGS 5,552, ,871, ,669, BRAZIL ALIANSCE SHOPPING CENTERS 524, ,025, AMBEV-CIA DE BEBIDAS PREF 37, ,637, BANCO DO BRASIL 1,798, ,398, BANRISUL PREF B 933, ,081, BR PROPERTIES 114, ,062, BRADESPAR PREF 457, ,878, BROOKFIELD INCORPORACOES 971, ,119, CIA DE BEBIDAS AMER. ADR (R. 100PFD) 26, ,280, DROGASIL 124, ,139, ECORODOVIAS INFRAS. E LOGISTI. 99, , ENERGIAS DO BRASIL 136, ,893, HYPERMARCAS 695, ,494, ITAU UNIBANCO PFD 273, ,384, ITAU UNIBANCO PFD ADR (R. 1PFD SH) 808, ,029, MPX ENERGIA 450, ,419, OGX PETROLEO E GAS 1,461, ,573, PDG REALTY SA EMPREENDI. E PARTIC. 927, ,988, PETROBRAS ADR (R. 2 PFD SHS) 733, ,552, PETROLEO BRASIL. ADR (REPR. 1 SHS) 516, ,436, TELESP 123, ,977, TOTVS 40, ,967, VALE A ADR (R.1 PFD A ) 825, ,367, VALE DO RIO DOCE PREF A 1,217, ,009, VIVO PARTICIP. ADR (R. 1 PREF. SHS) 180, ,950, ,324, CANADA INTEROIL 113, ,850, PACIFIC RUBIALES ENERGY 266, ,315, ,166, CAYMAN ISLANDS CHINA HIGH SPEED TRANSMISSION 4,029, ,745, COMBA TELECOM SYSTEMS HOLDINGS 4,088, ,572, FOCUS MEDIA ADR (R.5 SHS) 246, ,928, LEE & MAN PAPER MANUFACTURING 12,466, ,004, SANDS CHINA 4,012, ,239, SINA 71, ,695, WANT WANT CHINA 4,972, ,613, ,799,

101 Pictet - Emerging Markets AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets CHILE EMPRESAS LA POLAR 990, ,370, ,370, CHINA AGRICULTURAL BANK OF CHINA H 23,523, ,186, BANK OF CHINA 15,803, ,288, BANK OF COMMUNICATIONS H 9,863, ,676, BBMG H 4,748, ,669, CHINA COAL ENERGY H 6,728, ,132, CHINA CONSTRUCTION BANK H 38,747, ,954, CHINA NATIONAL BUILDING MAT. H 2,788, ,532, CHINA OVERSEAS LAND & INVESTMENT 3,253, ,883, CHINA PETROLEUM & CHEMICAL H 14,791, ,114, CHINA UNICOM (HK) 9,265, ,563, CITIC SECURITIES A 4,347, ,912, CNOOC 11,603, ,489, KWEICHOW MOUTAI A 349, ,810, PING AN INSURANCE (GROUP) 361, ,684, SHANGHAI INDUSTRIAL HOLDINGS 3,069, ,507, YANZHOU COAL MINING H 2,469, ,058, ,465, EGYPT ORASCOM TELECOM GDR (R. 5 SHS) 210, , , HONG KONG CHINA MOBILE 1,267, ,979, CITIC PACIFIC 4,603, ,501, LENOVO GROUP 15,150, ,351, ,832, HUNGARY MOL MAGYAR OLAY A 28, ,833, ,833, INDIA BANK OF BARODA DEMAT. 544, ,662, BHARAT HEAVY ELECTRICALS DEMAT. 180, ,028, EDUCOMP SOLUTIONS DEMAT. 435, ,939, HOUSING DEVELOPMENT FINANCE 813, ,382, INFOSYS TECHNOLOG ADR (R.1 SHS) 109, ,362, INFOSYS TECHNOLOGIES DEMAT. 149, ,240, OIL & NATURAL GAS DEMAT. 238, ,515, RELIANCE INDUSTRIES DEMAT. 331, ,347, SHRIRAM TRANSPORT FINANCE DEMAT. 618, ,760, TATA STEEL DEMAT. 602, ,808, YES BANK 983, ,722, ,769, INDONESIA ADARO ENERGY 25,894, ,872, INDO TAMBANGRAY 1,380, ,432, INDOFOOD CBP SUKSES MAKMUR TBANK 6,542, ,953, INTILAND DEVELOPMENT 50,111, ,750, PT BANK MANDIRI (PERSERO) 21,258, ,142,

102 Pictet - Emerging Markets AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets PT BUMI SERPONG DAMAI 83,097, ,934, PT HARUM ENERGY 9,742, ,673, SEMEN GRESIK 6,716, ,447, TELEKOMUNIKASI INDONESIA B 9,008, ,282, TELKOM INDONESIA ADR (R. 20 SHS) 79, ,309, ,800, LUXEMBOURG TERNIUM ADR (R.10 SHS) 194, ,462, ,462, MALAYSIA BUMIPUTRA-COMMERCE HOLDINGS BHD 6,512, ,236, GENTING BERHAD 2,613, ,398, TENAGA NASIONAL 2,980, ,515, ,149, MEXICO EMPRESAS ICA 3,611, ,835, GENOMMA LAB INTERNACIONAL B 2,877, ,545, GRUPO MEXICO B 7,835, ,485, MEXICHEM 878, ,468, URBI DESARROLLOS 2,050, ,268, WAL-MART V 6,246, ,605, ,209, PERU MINAS BUENAVENTURA ADR (R. 1 SHS) 90, ,998, ,998, PHILIPPINES METRO PACIFIC INVESTMENTS 46,005, ,945, PHILIPPINE LONG DIST. TEL. (PHP) 74, ,447, ,392, POLAND PKO BANK POLSKI 809, ,134, ,134, QATAR COMMERCIAL BANK OF QUATAR 360, ,407, ,407, RUSSIA GAZPROM ADR (R. 4 SHS) 896, ,559, GAZPROM LOCAL (USD) 1,065, ,535, IDGC (USD) 53,213, ,891, INTER RAO UES (USD) 1,979,446, ,167, JFSC SISTEMA GDR (R. 20 SHS) 381, ,799, LUKOIL HOLDING ADR (R. 1 SHS) 224, ,590, MAGNIT GDR 316, ,696, MECHEL ADR (R. 3 SHS) 383, ,447, MMC NORILSK NICKEL ADR (R. 0. 1SHS) 385, ,491, NOVATEK -GDR SPONS. - REG. S 40, ,407, OAO ROSNEFT OIL COMPANY GDR 932, ,099, SBERBANK (USD) 6,625, ,288,

103 Pictet - Emerging Markets AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SEVERSTAL GDR (R. 1 SHS) 351, ,298, THIRD GEN. WHOLES. ELEC (USD) 42,081, ,280, ,556, SOUTH AFRICA ANGLOGOLD ASHANTI 70, ,248, ANGLOGOLD ASHANTI ADR (R. 1 SHS) 266, ,373, FIRSTRAND 6,294, ,154, KUMBA IRON ORE 234, ,893, MTN GROUP 1,138, ,318, NASPERS N 158, ,577, SASOL 380, ,077, ,642, SOUTH KOREA CELLTRION 164, ,216, DAELIM INDUSTRIAL 146, ,860, HYUNDAI ENGIN. & CONSTR. 164, ,469, HYUNDAI MOTOR 112, ,140, KB FINANCIAL 267, ,494, KIA MOTORS 307, ,920, KOREAN AIR 95, ,480, LG CHEMICAL 25, ,402, LG DISPLAY CO. 221, ,643, LG ELECTRONICS 47, ,994, NHN 41, ,049, POSCO 40, ,419, SAMSUNG ELECTRONICS 67, ,849, SAMSUNG HEAVY INDUSTRIES 317, ,406, SHINHAN FINANCIAL GROUP 345, ,236, SHINSEGAE 22, ,821, SK TELECOM 36, ,498, SK TELECOM ADR (R. 1/9 SHS) 246, ,309, YUHAN CORP 3, , ,839, TAIWAN CHUNGHWA TELECOM 5,832, ,092, FAR EASTERN TEXTILE 9,745, ,439, FAR EASTERN TEXTILE (PROV.) 194, , FUBON FINANCIAL 10,723, ,223, HIGH TECH COMPUTER 323, ,360, HON HAI PRECISION INDUSTRY 5,492, ,696, HON HAI PRECISION INDUSTRY (PROV.) 690, ,603, LARGAN PRECISION 292, ,575, TAIWAN SEMICONDUCTOR 9,205, ,303, TAIWAN SEMICONDUCTOR ADR (R. 5 SHS) 513, ,281, UNIMICRON TECHNOLOGY 4,124, ,248, WISTRON 4,804, ,782, YOUNG FAST OPTOELECTRONICS 654, ,468, ,345, THAILAND BANGKOK BANK PUBLIC FGN NOM. (THB) 1,570, ,360, KASIKORNBANK PUB. FGN NOM. 1,750, ,152,

104 Pictet - Emerging Markets AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets PTT FGN NOM. 619, ,068, QUALITY HOUSES PUBLIC FGN 84,382, ,341, ,923, TURKEY TURKIYE GARANTI BANKASI NOM. 2,609, ,361, ,361, UNITED KINGDOM CAIRN ENERGY 1,117, ,136, VEDANTA RESOURCES 144, ,979, ,115, UNITED STATES CTC MEDIA 142, ,126, ,126, TOTAL I. 1,461,223, II. OTHER TRANSFERABLE SECURITIES SHARES ARGENTINA GENERAL FABRIL B 907,500, TOTAL SHARES RIGHTS TAIWAN YOUNG FAST OPT. RTS 654, , , TOTAL RIGHTS 68, TOTAL II. 68, III. UNITS OF INVESTMENT FUNDS BRITISH VIRGIN ISLANDS TURQUOISE PARTNERS C 11, ,040, ,040, CAYMAN ISLANDS VIETNAM GROWTH FUND 135, ,670, VIETNAM RESOURCE INVESTMENTS FD. 1,279, ,599, ,270, TOTAL III. 21,310, TOTAL INVESTMENTS 1,482,602, CASH AT BANKS 9,030, OTHER NET LIABILITIES -2,124, TOTAL NET ASSETS 1,489,508,

105 Pictet - Emerging Markets GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Brazil South Korea China Taiwan 8.27 Russia 7.83 India 6.70 South Africa 6.15 Indonesia 4.75 Mexico 3.98 Cayman Islands 3.31 Malaysia 2.29 Hong Kong 2.21 Thailand 1.94 British Virgin Islands 1.21 Turkey 1.03 Canada 1.02 United Kingdom 0.88 Poland 0.81 Bermuda 0.65 Qatar 0.56 Philippines 0.56 Chile 0.49 Luxembourg 0.43 Peru 0.27 Australia 0.24 United States 0.21 Hungary 0.19 Egypt 0.06 Argentina Industrial classification (in % of net assets) Banks and credit institutions Oil Holding and financial companies 8.75 Electronics and electrical equipment 8.41 Communications 8.09 Mining and steelworks 7.67 Stainless steel 4.61 Construction and building materials 4.34 Retail and supermarkets 3.03 Computer and office equipment 2.62 Real estate companies 2.47 Internet, software and IT services 2.10 Utilities 1.89 Road vehicles 1.69 Units of investment funds 1.43 Precious metals and stones 1.32 Construction of machines and appliances 1.15 Tobacco and alcohol 1.12 Food and soft drinks 1.10 Gastronomy 1.05 Miscellaneous trade 1.04 Chemicals 0.99 Textiles and clothing 0.92 Miscellaneous services 0.89 Miscellaneous 0.87 Pharmaceuticals and cosmetics 0.47 Transport and freight 0.44 Paper and forest products 0.39 Photography and optics 0.37 Insurance 0.25 Rights

106 Pictet - Eastern Europe AS AT SEPTEMBER 30, 2010 (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 CAYMAN ISLANDS EURASIA DRILLING GDR (R.1 SHS) 160, ,737, ,737, HUNGARY MOL MAGYAR OLAY A 151, ,697, OTP BANK 312, ,003, ,701, NETHERLANDS X5 RETAIL GROUP SPONS. GDR REG. S 190, ,591, ,591, POLAND BANK MILLENIUM 1,271, ,605, BANK PEKAO 214, ,292, GETIN 575, ,564, GLOBE TRADE CENTRE 240, ,348, ING BANK SLASKI (BSK) 10, ,257, KGHM 310, ,175, PGE POLSKA GRUPA ENERGETYCZNA 758, ,483, PKO BANK POLSKI 1,519, ,836, POLISH OIL AND GAZ COMPANY 1,035, , POLISH TELECOM 1,309, ,921, POLSKI KONCERN NAFTOWY 518, ,213, PZU 106, ,010, TVN 426, ,867, ,513, ROMANIA COMNORD 622, , , RUSSIA COMSTAR GDR 333, ,573, FGC UES (USD) 425,361, ,770, GAZPROM ADR (R. 4 SHS) 1,636, ,164, GAZPROM LOCAL (USD) 956, ,667, IDGC (USD) 39,148, ,401, INTER RAO UES (USD) 2,040,498, ,540, JFSC SISTEMA GDR (R. 20 SHS) 402, ,964, LUKOIL HOLDING ADR (R. 1 SHS) 829, ,500, MAGNIT GDR 449, ,293, MECHEL ADR (R. 3 SHS) 491, ,958, MECHEL-BANK PFD 0% PERP 355, ,143, MMC NORILSK NICKEL ADR (R. 0. 1SHS) 1,343, ,779, MOBILE TELESYS ADR (R. 5 SHS) 677, ,529, MOBILE TELESYSTEMS USD 426, ,562, NOVATEK -GDR SPONS. - REG. S 169, ,690, NOVOLIPETSK STEEL GDR (R. 1 REG-S) 153, ,038, OAO ROSNEFT OIL COMPANY GDR 2,064, ,088, PHARMSTANDARD OKTYABR -GDR- (USD) 84, ,385,

107 Pictet - Eastern Europe AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets POLYUS GOLD (USD) 44, ,493, POLYUS ZOLOTO ADR (R. 1/2 SHS) 30, , RASPADSKAYA OAO (USD) 281, ,169, RASPADSKAYA OAO (USD) (Securities to receive) 283, ,158, ROSTELECOM PFD (USD) 793, ,661, RUSHYDRO ADR (R.100 SHS) 2,179, ,222, SBERBANK (USD) 13,294, ,410, SEVERSTAL GDR (R. 1 SHS) 584, ,340, SURGUTNEFTEGAZ ADR (R. 10 SHS) 1,192, ,367, SURGUTNEFTEGAZ OIL PFD (USD) 5,749, ,005, TATNEFT GDR (R. 20 SHS) 223, ,118, URALKALIY GDR (R. 5 SHS) 263, ,237, VTB BANK GDR SPONS. REG. S 2,046, ,625, WGC 4 (USD) 2,356, , WGC 4 (USD) (Securities to receive) 14,643, , ,525, TURKEY AKBANK 1,044, ,678, ANADOLU EFES BIRACI 367, ,202, ARCELIK 361, ,453, ASYA KATILIM BANKASI B 948, ,672, BIM BIRLESIK MAGAZ 160, ,390, FORD OTOMOTIV SANAYI 354, ,226, HACI OMER SABANCI HOLDING 1,803, ,848, HURRIYET GAZETE 4,701, ,690, KOC HOLDING 1,605, ,608, TOFAS TURK OTOMOBIL FABRIKASI 532, ,023, TUPRAS TURKIY PETROL RAFINERILERI 144, ,860, TURK HAVA YOLLARI 426, ,275, TURK TELEKOM 884, ,911, TURKCELL ILETISIM 1,405, ,940, TURKIYE GARANTI BANKASI NOM. 4,099, ,437, TURKIYE HALK BANKASI 546, ,711, TURKIYE IS BANKASI C 4,118, ,827, TURKIYE VAKIFLAR BANKASI TAO 1,211, ,700, YAPI VE KREDI BANKASI 1,202, ,044, ,505, UNITED KINGDOM FERREXPO 353, ,256, PETROPAVLOVSK 115, ,473, ,730, UNITED STATES CTC MEDIA 137, ,216, ,216, TOTAL I. 428,662,

108 Pictet - Eastern Europe AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES SHARES SLOVAKIA CHIRANA PREMA 21, TOTAL II TOTAL INVESTMENTS 428,662, CASH AT BANKS 8,101, OTHER NET LIABILITIES -1,487, TOTAL NET ASSETS 435,276,

109 Pictet - Eastern Europe GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Russia Turkey Poland Hungary 4.07 Netherlands 1.28 United Kingdom 0.63 Cayman Islands 0.63 United States 0.51 Romania 0.03 Slovakia Industrial classification (in % of net assets) Banks and credit institutions Oil Communications Mining and steelworks 6.11 Stainless steel 5.97 Holding and financial companies 5.32 Utilities 4.51 Food and soft drinks 2.69 Insurance 2.53 Retail and supermarkets 1.28 Publishing and graphic arts 1.28 Chemicals 0.97 Tobacco and alcohol 0.97 Road vehicles 0.97 Utilities electricity 0.87 Precious metals and stones 0.47 Miscellaneous consumer goods 0.33 Pharmaceuticals and cosmetics 0.32 Construction and building materials 0.31 Transport and freight 0.29 Miscellaneous 0.25 Computer and office equipment 0.03 Miscellaneous trade

110 Pictet - European Sustainable Equities AS AT SEPTEMBER 30, 2010 (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 AUSTRIA TELEKOM AUSTRIA 26, , VOEST-ALPINE 18, , , BELGIUM ANHEUSER-BUSH INBEV 12, , BELGACOM 10, , COLRUYT (ETABLISSEMENTS FR.) 1, , FORTIS 126, , MOBISTAR 5, , SOLVAY 6, , UMICORE 16, , ,641, DENMARK COLOPLAST B 2, , NOVO NORDISK B 14, ,032, ,285, FINLAND NOKIA 75, , ORION B 16, , UPM-KYMMENE 46, , ,365, FRANCE AIR LIQUIDE 11, ,082, AXA 43, , BIC 4, , BIOMERIEUX 2, , BNP PARIBAS 15, , BOUYGUES 15, , BUREAU VERITAS 5, , CARREFOUR 16, , DANONE GROUPE 19, , DIOR CHRISTIAN 6, , ESSILOR INTERNATIONAL 12, , IPSEN 10, , L.V.M.H. 7, , LEGRAND 24, , L OREAL 8, , NEOPOST 4, , RENAULT 16, , SANOFI-AVENTIS 23, ,182, SCHNEIDER ELECTRIC S.A. 8, , SOCIETE GENERALE 12, , TOTAL 53, ,023, VINCI 24, , VIVENDI 13, , ,200,

111 Pictet - European Sustainable Equities AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets GERMANY ALLIANZ NOM. 7, , BASF REG. 23, ,069, BEIERSDORF 5, , DAIMLER NOM. (EUR) 20, , DEUTSCHE BANK NOM. 14, , DEUTSCHE POST NOM. 36, , DEUTSCHE TELEKOM NOM. 67, , FRESENIUS 2, , FRESENIUS MEDICAL CARE 6, , FRESENIUS PREF 2, , LINDE 8, , METRO 2, , SAP AG (EUR) 26, , SIEMENS AG 15, ,209, VOLKSWAGEN (EUR) 1, , VOLKSWAGEN PREF 1, , ,592, IRELAND KERRY GROUP A 9, , , ITALY A2A 453, , ASSICURAZIONI GENERALI 56, , ATLANTIA 41, , BANCO POPOLARE 107, , ENI 96, ,525, INTESA SANPAOLO 211, , PIRELLI & CIE 100, , SNAM RETE GAS 68, , T.E.R.N.A. 76, , ,552, JERSEY WPP 69, , , NETHERLANDS AEGON 98, , HEINEKEN 6, , KONINKLIJKE AHOLD 60, , KONINKLIJKE DSM (NEW) 16, , ROYAL PHILIPS (EUR) 33, , TNT 18, , UNILEVER NV (EUR) 25, , ,656, NORWAY DNB NOR 50, , ORKLA 88, , TELENOR 42, , ,604,

112 Pictet - European Sustainable Equities AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets PORTUGAL EDP (ELECTRIC. DE PORTUGAL) NOM. 103, , , SPAIN BANCO SANTANDER 160, ,480, BCO BILBAO VIZCAYA ARGENT. NOM. 101, ,000, EDP RENOVAVEIS 25, , GRIFOLS A 28, , INDITEX NOM. 4, , RED ELECTRICA CORP 7, , REPSOL YPF 46, , TELEFONICA 88, ,604, ,914, SWEDEN ASSA ABLOY B 28, , ERICSSON TELEFON B 59, , HENNES & MAURITZ B 24, , NORDEA BANK 84, , SKF B 35, , SVENSKA HANDELSBANKEN A 20, , TELIASONERA (SEK) 120, , ,094, SWITZERLAND ABB LTD 57, , ACTELION NOM. 7, , ADECCO NOM. 12, , ARYZTA NOMINATIVE 7, , CIE FINANCIERE RICHEMONT 16, , CREDIT SUISSE GROUP 21, , GIVAUDAN NOM , JULIUS BAER GROUPE NOM. 17, , NESTLE S.A. 61, ,426, NOVARTIS AG 38, ,651, ROCHE HOLDING BON JCE 12, ,205, S.G.S. S.A , SONOVA HOLDING NOM. 2, , STRAUMANN HOLDING NOM. 1, , SWISSCOM NOM , ZURICH FINANCIAL SERVICES 5, , ,966, UNITED KINGDOM ASSOCIATED BRITISH FOODS 58, , ASTRAZENECA (GBP) 30, ,162, AVIVA 141, , BARCLAYS 213, , BG GROUP 83, ,095, BHP BILLITON (GBP) 59, ,388, BT GROUP 273, , BUNZL 28, , BURBERRY GROUP 43, , CAIRN ENERGY 73, ,

113 Pictet - European Sustainable Equities AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets CAPITA GROUP 79, , CENTRICA 195, , DIAGEO 91, ,159, GLAXOSMITHKLINE 104, ,511, HSBC HOLDINGS 289, ,179, INVESTEC 76, , LAND SECURITIES GROUP 83, , MORRISON WM. SUPERMARKETS 85, , NATIONAL GRID 120, , PEARSON 21, , PRUDENTIAL 74, , RECKITT BENCKISER 27, ,120, REXAM 95, , ROYAL DUTCH SHELL A 61, ,373, ROYAL DUTCH SHELL B 55, ,194, SABMILLER (GBP) 31, , SAGE GROUP 200, , SCOTTISH & SOUTHERN ENERGY 53, , SEVERN TRENT (NEW) 15, , STANDARD CHARTERED PLC 41, , TESCO 206, ,037, TULLOW OIL 34, , UNILEVER NEW (GBP) 35, , UNITED UTILITIES GROUP 35, , VODAFONE GROUP AG 1,059, ,950, ,389, UNITED STATES SYNTHES 3, , , TOTAL SHARES 91,420, RIGHTS GERMANY DEUTSCHE BANK RTS , , , TOTAL RIGHTS 43, TOTAL INVESTMENTS 91,464, CASH AT BANKS 1,115, OTHER NET LIABILITIES -246, TOTAL NET ASSETS 92,333,

114 Pictet - European Sustainable Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United Kingdom France Switzerland Germany 9.36 Spain 6.41 Italy 6.01 Sweden 4.43 Netherlands 3.96 Belgium 2.86 Norway 1.74 Finland 1.48 Denmark 1.39 Austria 0.87 Jersey 0.61 United States 0.30 Portugal 0.28 Ireland Industrial classification (in % of net assets) Banks and credit institutions Pharmaceuticals and cosmetics Communications 8.96 Oil 8.57 Food and soft drinks 6.02 Utilities 5.73 Electronics and electrical equipment 5.71 Insurance 4.94 Chemicals 4.76 Retail and supermarkets 3.90 Tobacco and alcohol 2.89 Miscellaneous services 2.52 Textiles and clothing 2.29 Holding and financial companies 2.15 Road vehicles 1.95 Transport and freight 1.62 Construction of machines and appliances 1.57 Paper and forest products 1.55 Precious metals and stones 1.50 Construction and building materials 1.49 Miscellaneous trade 1.21 Internet, software and IT services 1.03 Computer and office equipment 0.70 Photography and optics 0.68 Real estate companies 0.68 Stainless steel 0.57 Mining and steelworks 0.56 Packaging 0.37 Aeronautics and astronautics 0.28 Publishing and graphic arts 0.27 Miscellaneous consumer goods 0.26 Environmental and recycling services 0.11 Rights

115 Pictet - Digital Communication AS AT SEPTEMBER 30, 2010 (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 TELSTRA 478, ,216, ,216, AUSTRIA TELEKOM AUSTRIA 142, ,128, ,128, BELGIUM TELENET GROUP HOLDING 59, ,971, ,971, CANADA RESEARCH IN MOTION 48, ,372, ROGERS COMMUNICATIONS B 55, ,081, TELUS -NVTG- 21, , ,354, CAYMAN ISLANDS ALIBABA. COM 511, ,065, BAIDU. COM ADR A (R. 1 SHS A ) 25, ,607, CTRIP.COM INTL ADR (R.1/2 SHS) 33, ,631, FOCUS MEDIA ADR (R.5 SHS) 85, ,047, NETEASE. COM ADR (R. 25 SHS) 31, ,254, PERFECT WORLD ADR (R.5 SHS B ) 26, , SINA 26, ,365, TECENT HOLDINGS 89, ,947, ,568, EGYPT EGYPTIAN CO MOBILE 18, , , FRANCE GAMELOFT 143, , SELOGER.COM 14, , ,469, GERMANY DEUTSCHE TELEKOM NOM. 108, ,494, ,494, HONG KONG CHINA MOBILE ADR (R. 5 SHS) 48, ,507, ,507, INDIA RELIANCE COMMUNICATIONS DEMAT. 325, ,229, ,229, ISRAEL BEZEQ ISRAEL TELECOMMUNICATION 753, ,886, ,886,

116 Pictet - Digital Communication AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets JAPAN NINTENDO 6, ,674, RAKUTEN 1, ,284, SOFTBANK 26, , ,840, LUXEMBOURG SES GLOBAL FDR 61, ,487, ,487, NETHERLANDS KONINKLIJKE KPN NV 131, ,040, ,040, SOUTH AFRICA MTN GROUP 127, ,275, ,275, SOUTH KOREA NHN 6, ,050, ,050, TAIWAN HIGH TECH COMPUTER 72, ,640, ,640, UNITED KINGDOM AUTONOMY CORPORATION 50, ,451, INMARSAT 92, , TELECITY GROUP 181, ,492, VODAFONE GROUP AG 855, ,155, ,079, UNITED STATES AMAZON.COM 7, ,130, AMERICAN PUBLIC EDUCATION 54, ,751, APPLE 10, ,044, ARIBA 68, ,300, BLACKBOARD 18, , CAPELLA EDUCATION 7, , COMCAST A 49, , COMSCORE 54, ,256, CONCUR TECHNOLOGIES 24, ,240, DIRECTV 46, ,932, EBAY 23, , EQUINIX 15, ,636, EXPEDIA 96, ,739, GOOGLE A 5, ,813, GRAND CANYON EDUCATION 31, , GSI COMMERCE 36, , IAC/INTERACTIVECORP W-ISSUED 89, ,386, INTUIT 34, ,528, MERCADOLIBRE 35, ,688, NETFLIX 17, ,042, NII HOLDINGS B 41, ,706, NUANCE COMMUNICATIONS 54, , POLYCOM 60, ,700,

117 Pictet - Digital Communication AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets QWEST COMMUNICATIONS INT. 314, ,973, RACKSPACE HOSTING 68, ,788, SALESFORCE. COM 4, , SOHU. COM 34, ,994, TALEO A 59, ,756, ,128, TOTAL I. 95,941, II. OTHER TRANSFERABLE SECURITIES SHARES PORTUGAL KIWI II VENT. PREF A UNITED STATES IBIQUITY DIGITAL PREF A REST. 16, TOTAL SHARES BONDS CANADA 10% HIGHPOINT II N-DEF 00/04 USD 132, TOTAL BONDS TOTAL II TOTAL INVESTMENTS 95,941, CASH AT BANKS 4,865, OTHER NET LIABILITIES -396, TOTAL NET ASSETS 100,410,

118 Pictet - Digital Communication GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Cayman Islands United Kingdom 6.06 Canada 5.33 Japan 3.83 Hong Kong 2.50 South Africa 2.27 Austria 2.12 Netherlands 2.03 Belgium 1.96 Israel 1.88 Taiwan 1.63 Germany 1.49 Luxembourg 1.48 France 1.46 India 1.22 Australia 1.21 South Korea 1.05 Egypt 0.57 Portugal Industrial classification (in % of net assets) Internet, software and IT services Communications Miscellaneous services Computer and office equipment 7.75 Electronics and electrical equipment 4.43 Holding and financial companies 3.62 Miscellaneous consumer goods 1.67 Gastronomy 1.62 Miscellaneous 1.49 Retail and supermarkets 0.59 Corporate bonds

119 Pictet - Biotech AS AT SEPTEMBER 30, 2010 (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 AUSTRIA INTERCELL 1,471, ,010, ,010, CANADA CARDIOME PHARMA (USD) 2,222, ,692, ,692, DENMARK NOVO NORDISK B 671, ,426, ,426, NORWAY ALGETA 1,499, ,251, ,251, SWEDEN ACTIVE BIOTECH 1,109, ,549, ,549, SWITZERLAND BASILEA PHARMACEUTICA NOM. 708, ,496, ,496, UNITED STATES AFFYMAX 908, ,380, ALEXION PHARMACEUTICALS 711, ,743, AMAG PHARMACEUTICAL 1,605, ,695, AMGEN 1,920, ,503, AUXILIUM PHARMACEUTICALS 1,975, ,404, BIOMARIN PHARMACEUTICAL 2,602, ,188, CELGENE 2,069, ,852, DENDREON 1,430, ,085, GENZYME (GENERAL DIVISION) 1,008, ,693, GILEAD SCIENCES 1,607, ,644, HUMAN GENOME SCIENCES 2,290, ,809, ILLUMINA 1,014, ,728, INTERMUNE 2,025, ,880, LIFE TECHNOLOGIES 1,207, ,472, LUMINEX 2,742, ,929, MEDIVATION 2,062, ,891, MICROMET 2,482, ,806, MYRIAD GENETICS 1,278, ,355, ONYX PHARMACEUTICALS 2,432, ,618, PHARMASSET 601, ,950, PROGENICS PHARM 1,442, ,156, SAVIENT PHARMACEUTICALS 1,916, ,643, TARGACEPT 924, ,559, UNITED THERAPEUTICS 1,858, ,192,

120 Pictet - Biotech AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets VERTEX PHARMACEUTICALS 1,143, ,937, XENOPORT 1,951, ,815, ,220,942, TOTAL I. 1,423,370, II. OTHER TRANSFERABLE SECURITIES SHARES UNITED STATES INTARCIA THERAPEUTICS PREF AA 123, , INTARCIA THERAPEUTICS PREF BB-1 59, , INTARCIA THERAPEUTICS PREF BB-2 138, , METABOLEX PFD E1 163, , METABOLEX PREF A1 17, , METABOLEX PREF B1 1,469, , METABOLEX PREF D1 217, , PTC THERAPEUTICS PREF C 382, , PTC THERAPEUTICS PREF CV E-2 34, , PTC THERAPEUTICS PREF D 294, , ,612, TOTAL SHARES 2,612, WARRANTS UNITED STATES INTARCIA THERAP. PFD WTS , INTARCIA THERAP. PFD BB-2 WTS (Securities to receive) 26, METABOLEX D1 (C-0. 38) WTS , TOTAL WARRANTS TOTAL II. 2,612, TOTAL INVESTMENTS 1,425,982, CASH AT BANKS 14,068, OTHER NET LIABILITIES -3,615, TOTAL NET ASSETS 1,436,435,

121 Pictet - Biotech GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Denmark 4.62 Switzerland 3.10 Austria 2.37 Norway 1.69 Sweden 1.36 Canada Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Biotechnology Construction of machines and appliances 2.00 Chemicals 0.03 Warrants

122 Pictet - Premium Brands AS AT SEPTEMBER 30, 2010 (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 BAHAMAS STEINER LEISURE 81, ,265, ,265, BERMUDA MANDARIN ORIENTAL INTERNATIONAL 1,615, ,020, TRINITY 1,349, , ,986, CAYMAN ISLANDS BELLE INTERNATIONAL 1,192, ,752, WYNN MACAU 3,296, ,171, XINYU HENGDELI HLGDS 9,103, ,081, ,006, CHINA PORTS DESIGN 1,008, ,039, ,039, FRANCE DIOR CHRISTIAN 69, ,546, ESSILOR INTERNATIONAL 36, ,816, HERMES INTERNATIONAL 25, ,104, INTER PARFUMS 93, ,235, L.V.M.H. 95, ,224, LAURENT PERRIER 42, ,467, L OREAL 71, ,863, PERNOD-RICARD 29, ,801, PPR 62, ,429, REMY COINTREAU 66, ,251, ,740, GERMANY ADIDAS 111, ,097, B.M.W. 119, ,078, DAIMLER NOM. (EUR) 116, ,404, ,580, ITALY BULGARI 260, ,693, DAVIDE CAMPARI 513, ,239, LUXOTTICA GROUP 85, ,696, YOOX 451, ,338, ,969, LUXEMBOURG L OCCITANE INTL (HKD) 1,323, ,696, ,696, SINGAPORE BANYAN TREE 3,174, ,555, ,555,

123 Pictet - Premium Brands AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets SWITZERLAND CIE FINANCIERE RICHEMONT 170, ,992, KUONI REISEN HOLDING NOM. B 11, ,527, SONOVA HOLDING NOM. 19, ,743, THE SWATCH GROUP 30, ,201, ,464, UNITED KINGDOM BURBERRY GROUP 681, ,079, DIAGEO 138, ,761, ,840, UNITED STATES ALLERGAN 49, ,413, COACH 102, ,241, ESTEE LAUDER A 41, ,931, HYATT A 187, ,161, LIFE TIME FITNESS 84, ,431, MARRIOTT INTERNATIONAL A 194, ,096, NIKE B 94, ,504, NORDSTROM 62, ,706, PHILLIPS-VAN HEUSEN 81, ,541, POLO RALPH LAUREN A 58, ,843, SAKS 171, ,089, STARWOOD HOTELS & RESORTS 152, ,825, TEMPUR-PEDIC INTERNATIONAL 84, ,929, TIFFANY 138, ,738, WARNACO GROUP A 99, ,714, WILLIAMS-SONOMA 80, ,918, ,085, TOTAL I. 176,230, II. OTHER TRANSFERABLE SECURITIES RIGHTS FRANCE REMY COINTREAU RTS , , , TOTAL II. 26, TOTAL INVESTMENTS 176,256, CASH AT BANKS 5,402, OTHER NET LIABILITIES -788, TOTAL NET ASSETS 180,870,

124 Pictet - Premium Brands GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States France Switzerland Germany 9.17 United Kingdom 5.44 Cayman Islands 4.98 Italy 4.97 Bermuda 1.65 Luxembourg 1.49 Bahamas 1.25 China 1.13 Singapore Industrial classification (in % of net assets) Textiles and clothing Gastronomy Retail and supermarkets 7.64 Pharmaceuticals and cosmetics 6.88 Road vehicles 6.35 Holding and financial companies 5.36 Tobacco and alcohol 5.01 Miscellaneous consumer goods 4.82 Watch-making 4.54 Leisure 2.82 Transport and freight 1.95 Photography and optics 1.94 Food and soft drinks 1.92 Miscellaneous 1.70 Miscellaneous services 1.49 Electronics and electrical equipment 0.96 Rights

125 Pictet - Water AS AT SEPTEMBER 30, 2010 (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 744, ,689, BWT 611, ,621, ,310, BERMUDA BEIJING ENTERPRISES WATER 45,014, ,163, ,163, BRAZIL CEMIG MINAS GERAIS PREF 5,642, ,245, CIA SANEAMENTO MG 3,458, ,591, SABESP 4,141, ,647, SABESP ADR (R.2 SHS) 453, ,450, TRACTEBEL ENERGIA 2,345, ,587, ,522, CANADA BIOTEQ ENVIRONMENTAL TECHN. 6,227, ,535, H2O INNOVATION 3,530, ,052, IESI-BFC (USD) 820, ,509, PURE TECHNOLOGIES 2,847, ,687, SEAIR 523, , STANTEC (CAD) 1,462, ,181, ,221, CAYMAN ISLANDS CONSOLIDATED WATER 817, ,679, NEW ENVIRONMENTAL ENERGY HOLDINGS 38,270, ,768, ,448, CHILE INVERSIONES AGUAS METROPOL 41,907, ,963, ,963, FINLAND FORTUM 3,199, ,424, KEMIRA 913, ,188, ,613, FRANCE SUEZ ENVIRONNEMENT 6,706, ,346, VEOLIA ENVIRONNEMENT 3,584, ,506, ,853, GERMANY JOYOU 343, ,983, KSB PREF N-VTG 23, ,552, ,536, HONG KONG CHINA EVERBRIGHT INTL 54,389, ,900, GUANGDONG INVESTMENT 111,660, ,644, ,544,

126 Pictet - Water AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets INDIA JAIN IRRIGATION SYSTEMS 392, ,653, ,653, ITALY HERA 13,603, ,071, ,071, JAPAN DAISEKI 1,256, ,357, KURITA WATER INDUSTRIES 3,121, ,548, ,906, MEXICO GROUPO CONTINENTAL 3,429, ,233, ,233, NETHERLANDS AALBERTS INDUSTRIES 263, ,226, ARCADIS 372, ,039, ,265, PHILIPPINES MANILA WATER COMPANY 36,182, ,461, ,461, SINGAPORE EPURE INTL 40,377, ,331, HYFLUX 11,638, ,150, ,481, SOUTH KOREA WOONG JIN COWAY 1,390, ,619, ,619, SPAIN FLUIDRA 2,355, ,219, ,219, SWITZERLAND GEBERIT 552, ,468, ,468, UNITED KINGDOM NORTHUMBRIAN WATER 14,225, ,935, PENNON GROUP 9,742, ,679, PLANT HEALTH CARE 3,461, ,166, ROTORK 147, ,957, SEVERN TRENT 5,509, ,904, TEG GROUP 4,681, ,123, UNITED UTILITIES GROUP 12,510, ,220, ,985, UNITED STATES AMERICAN STATES WATER 430, ,270, AMERICAN WATER WORKS 6,146, ,721, AQUA AMERICA 2,836, ,178, CADIZ 701, ,022, CALGON CARBON 1,175, ,288, CALIFORNIA WATER SERVICE 580, ,612,

127 Pictet - Water AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets CLARCOR 137, ,884, CLEAN HARBORS 1,068, ,677, DANAHER 603, ,906, DIONEX 381, ,743, DONALDSON 953, ,722, ENERGY RECOVERY 291, , FLEXIBLE SOLUTIONS 1,046, , FLOWSERVE 129, ,367, FRANKLIN ELECTRIC 862, ,740, INSITUFORM TECHNOLOGIES A 1,471, ,478, ITRON 697, ,755, ITT 3,015, ,545, MUELLER WATER PRODUCTS A 2,318, ,090, NALCO HOLDING 1,859, ,321, PALL 1,079, ,811, PENTAIR 2,665, ,435, POOL 725, ,876, REPUBLIC SERVICES 4,061, ,428, ROPER INDUSTRIES 1,829, ,370, TETRA TECH 2,001, ,747, TORO 899, ,724, WASTE CONNECTIONS 483, ,037, WASTE MANAGEMENT 2,054, ,904, ,422, TOTAL I. 2,263,968, II. OTHER TRANSFERABLE SECURITIES SHARES UNITED STATES UNDERGROUND SOLUTIONS 55,671, ,332, ,332, TOTAL SHARES 7,332, WARRANTS UNITED STATES FLEXIBLE SOLUTIONS WTS , TOTAL WARRANTS TOTAL II. 7,332, TOTAL INVESTMENTS 2,271,300, CASH AT BANKS 46,431, OTHER NET LIABILITIES -11,774, TOTAL NET ASSETS 2,305,958,

128 Pictet - Water GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States United Kingdom Brazil 9.13 France 7.06 Japan 3.51 Switzerland 3.14 Finland 3.06 Hong Kong 2.71 Canada 2.44 Austria 2.18 Chile 1.99 South Korea 1.72 Singapore 1.71 Italy 0.83 Germany 0.72 Philippines 0.50 Bermuda 0.48 Netherlands 0.40 India 0.33 Cayman Islands 0.33 Mexico 0.31 Spain Industrial classification (in % of net assets) Utilities (notably water production and distribution) Warrants

129 Pictet - Indian Equities AS AT SEPTEMBER 30, 2010 (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 ADANI ENTERPRISES 439, ,529, AXIS BANK DEMAT. 715, ,663, BANK OF BARODA DEMAT. 364, ,139, CAIRN INDIA 1,439, ,818, COX AND KINGS (INDIA) 376, ,801, COX AND KINGS GDR (REPR.1 SH.) 364, ,601, CROMPTON GREAVES DEMAT. 1,066, ,479, EDUCOMP SOLUTIONS DEMAT. 761, ,392, GVK POWER & INFRASTRUCTURE 7,133, ,441, HCL TECHNOLOGIES DEMAT. 1,016, ,597, HDFC BANK DEMAT. 247, ,838, HOUSING DEVELOPMENT FINANCE 2,700, ,423, ICICI BANK ADR (R. 2 SHS) 170, ,369, ICICI BANK DEMAT. 1,239, ,940, INFOSYS TECHNOLOGIES DEMAT. 552, ,804, INFRASTRUCTURE DEV. FIN. DEMAT. 1,622, ,378, ITC DEMAT. 3,021, ,086, IVRCL INFRASTR. & PROJECTS DEMAT. 2,713, ,740, JAIN IRRIGATION SYSTEMS 335, ,945, JAIPRAKASH ASSOCIATES 2,662, ,215, JINDAL STEEL & POWER DEMAT. 900, ,289, JSW STEEL DEMAT. 304, ,096, KOTAK MAHINDRA BANK 1,036, ,073, LARSEN & TOUBRO DEMAT. 392, ,074, NAGARJUNA CONSTRUCTION DEMAT. 1,213, ,272, OIL & NATURAL GAS DEMAT. 588, ,532, POWER GRID INDIA 2,999, ,168, PUNJAB NATIONAL BANK 97, ,821, REI AGRO 10,573, ,946, RELIANCE INDUSTRIES DEMAT. 1,785, ,545, SATYAM COMPUTER SERVICES DEMAT. 2,458, ,978, SHRIRAM TRANSPORT FINANCE DEMAT. 668, ,643, SINTEX INDUSTRIES DEMAT. 875, ,551, STERLITE INDUSTRIES (INDIA) 2,776, ,398, TATA CONSULTANCY SERVICES DEMAT. 525, ,928, TATA MOTORS DEMAT. 861, ,214, UNITECH 2,095, ,150, VIDEOCON INDUSTRIES DEMAT. 1,027, ,257, WELSPUN GUJARAT STAHL DEMAT. 946, ,718, WIPRO DEMAT 1,725, ,396, ,268, UNITED KINGDOM DQ ENTERTAINMENT 3,041, ,187, ,187,

130 Pictet - Indian Equities AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TOTAL INVESTMENTS 510,456, CASH AT BANKS 9,174, OTHER NET LIABILITIES -2,830, TOTAL NET ASSETS 516,800,

131 Pictet - Indian Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) India United Kingdom Industrial classification (in % of net assets) Banks and credit institutions Internet, software and IT services Holding and financial companies 8.41 Chemicals 7.65 Construction and building materials 7.61 Mining and steelworks 4.52 Road vehicles 4.10 Oil 3.59 Utilities 2.83 Miscellaneous trade 2.37 Tobacco and alcohol 2.34 Miscellaneous services 2.09 Computer and office equipment 2.01 Stainless steel 2.01 Gastronomy 1.82 Miscellaneous 1.73 Textiles and clothing 1.46 Electronics and electrical equipment 1.45 Publishing and graphic arts 1.20 Agriculture and fishing 0.96 Construction of machines and appliances

132 Pictet - Japanese Equities 130/30 AS AT SEPTEMBER 30, 2010 (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 ADVANCE RESIDENCE ,605, AEON CREDIT SERVICE 49, ,410, AHRESTY 68, ,148, AIN PHARMACIEZ 23, ,719, AISIN SEIKI 21, ,246, ALPINE ELECTRONICS 68, ,333, ARNEST ONE 51, ,287, ASAHI BREWERIES 44, ,646, ASKUL 29, ,597, BANK OF YOKOHAMA 199, ,999, BENESSE 21, ,831, C. UYEMURA 16, ,347, CANON 29, ,512, CAPCOM 39, ,836, CHUGAI PHARMACEUTICAL 19, ,679, CREDIT SAISON 40, ,755, DAIICHIKOSHO 63, ,289, DENSO 19, ,509, DOSHISHA 31, ,314, EAST JAPAN RAILWAY 14, ,567, FANUC 4, ,086, FOSTER ELECTRIC 45, ,643, FP CORP 10, ,267, FUJI MACHINE MFG 39, ,590, FUJI SEAL INTERNATIONAL 43, ,821, FUJIFILM 36, ,369, HONDA MOTOR 54, ,964, ITOCHU 206, ,536, MARUICHI STEEL TUBE 31, ,199, MICRONICS JAPAN 61, ,296, MIMASU SEMICONDUCTOR 55, ,592, MITSUBISHI ESTATE 87, ,503, MITSUBISHI UFJ FINANCIAL GROUP 190, ,065, MITSUI & CO 121, ,902, N.T.T. 50, ,530, NAFCO 29, ,306, NEC MOBILING 22, ,556, NHK SPRING 64, ,914, NIHON KOHDEN 45, ,305, NINTENDO , NISSAN CHEMICAL INDUSTRIES 49, ,049, NORITZ 32, ,338, NTT DOCOMO 1, ,517, OKINAWA CELLULAR TELEPHONE ,921, ROHM 9, ,469, SAN-A 18, ,324, SANYO SPECIAL STEEL 150, ,909, SEKISUI CHEMICAL 94, ,974,

133 Pictet - Japanese Equities 130/30 AS AT SEPTEMBER 30, 2010 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets SHIN-ETSU CHEMICAL 20, ,145, SIIX 55, ,271, SONY 24, ,460, STANLEY ELECTRIC 26, ,244, SUMITOMO ELECTRIC INDUSTRIES 81, ,865, SUMITOMO MITSUI FINANCIAL GROUP 56, ,651, SUMITOMO TRUST & BANKING 59, ,079, SUZUKI MOTOR 27, ,167, SYSMEX 8, ,530, TOCALO 58, ,806, TOKIO MARINE HOLDINGS 19, ,139, TOKYO ELECTRON 19, ,351, TOKYO OHKA KOGYO 32, ,624, TOYOTA MOTOR 25, ,448, TRANCOM 27, ,563, UBE INDUSTRIES 250, ,434, YAMADA DENKI 16, ,423, ,491,340, TOTAL INVESTMENTS 4,491,340, CASH AT BANKS 319,933, OTHER NET ASSETS 2,801, TOTAL NET ASSETS 4,814,076,

134 Pictet - Japanese Equities 130/30 GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Japan Industrial classification (in % of net assets) Electronics and electrical equipment Road vehicles Communications 9.10 Chemicals 7.32 Miscellaneous trade 6.41 Retail and supermarkets 6.29 Holding and financial companies 5.32 Real estate companies 5.16 Pharmaceuticals and cosmetics 4.79 Banks and credit institutions 4.01 Packaging 2.57 Mining and steelworks 2.35 Transport and freight 2.27 Construction and building materials 2.12 Construction of machines and appliances 2.11 Photography and optics 2.08 Leisure 1.71 Tobacco and alcohol 1.53 Internet, software and IT services 1.08 Miscellaneous consumer goods

135 Pictet - Asian Equities Ex Japan AS AT SEPTEMBER 30, 2010 (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 JARDINE MATHESON HOLDINGS 121, ,484, KUNLUN ENERGY 2,270, ,931, ,415, CAYMAN ISLANDS BELLE INTERNATIONAL FUFENG GROUP 2,394, ,699, LEE & MAN PAPER MANUFACTURING 6,940, ,126, TECENT HOLDINGS 438, ,579, WANT WANT CHINA 4,959, ,601, ,008, CHINA BANK OF CHINA 25,085, ,157, CHINA CONSTRUCTION BANK H 12,989, ,382, CHINA LIFE INSURANCE H 1,668, ,591, CHINA SHENHUA ENERGY H 795, ,289, CNOOC 8,010, ,525, DONGFENG MOTOR GROUP H 3,780, ,735, GUANGZHOU R&H PROP. H (TEMP. TRAD) KWEICHOW MOUTAI A 308, ,778, PETROCHINA H 7,305, ,500, SHENZHEN EXPRESS A 7,059, ,295, TSINGTAO BREWERY A 1,193, ,094, ,351, HONG KONG BOC HONG KONG (HOLDINGS) 1,635, ,186, CHEUNG KONG HOLDINGS 737, ,172, CHINA MOBILE 2,501, ,616, CHINA TAIPING INSURANCE HOLDINGS 1,740, ,842, HONG KONG EXCHANGES AND CLEARING 561, ,064, HONGKONG ELECTRIC 617, ,749, HONGKONG LAND HOLDINGS 1,431, ,889, HUTCHISON WHAMPOA 804, ,505, LENOVO GROUP 7,307, ,510, LI & FUNG 403, ,270, MTR 1,361, ,147, SUN HUNG KAI PROPERTIES 760, ,125, SWIRE PACIFIC A 618, ,520, ,600, INDIA ANDHRA BANK DEMAT. 892, ,197, COX AND KINGS GDR (REPR.1 SH.) 165, ,090, EXIDE INDUSTRIES DEMAT. 1,313, ,824, GAIL INDIA 567, ,083, ICICI BANK DEMAT. 337, ,422, INFOSYS TECHNOLOGIES DEMAT. 228, ,643, JINDAL STEEL & POWER DEMAT. 243, ,870, LARSEN & TOUBRO DEMAT. 183, ,433,

136 Pictet - Asian Equities Ex Japan AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets LIC HOUSING FINANCE DEMAT. 128, ,136, MAHINDRA & MAHINDRA 624, ,688, MARUTI SUZUKI 112, ,632, NAGARJUNA CONSTRUCTION DEMAT. 832, ,931, OIL & NATURAL GAS DEMAT. 207, ,549, RANBAXY LABORATORIES DEMAT. 274, ,426, SHRIRAM TRANSPORT FINANCE DEMAT. 309, ,382, SINTEX INDUSTRIES DEMAT. 438, ,781, STATE BANK OF INDIA DEMAT. 99, ,221, TATA MOTORS DEMAT. 356, ,794, UNION BANK OF INDIA DEMAT. 422, ,683, YES BANK 464, ,651, ,444, INDONESIA ASTRA INTERNATIONAL 831, ,281, BANK NEGARA INDONESIA 17,908, ,371, BANK RAKYAT INDONESIA 6,068, ,796, INDOFOOD CBP SUKSES MAKMUR TBANK 3,034, ,833, P.T. TELEKOMUNIKASI INDONESIA B 7,201, ,419, PERUSAHAAN GAS NEGA B 11,902, ,132, PT BANK MANDIRI (PERSERO) 13,357, ,771, PT BUMI SERPONG DAMAI 34,120, ,668, PT HARUM ENERGY 4,305, ,507, SEMEN GRESIK 3,561, ,948, UNITED TRACTORS 1,697, ,887, ,617, MALAYSIA AMMB HOLDINGS 2,979, ,723, BUMIPUTRA-COMMERCE HOLDINGS BHD 2,651, ,017, GENTING BERHAD 2,694, ,659, IOI CORPORATION 1,782, ,158, TENAGA NASIONAL 747, ,136, ,695, SINGAPORE OLAM INTERNATIONAL 2,745, ,809, OVERSEA-CHINESE BANKING 683, ,598, SEMBCORP MARINE 1,973, ,899, SINGAPORE AIRLINES 483, ,997, UNITED OVERSEAS BANK 485, ,768, ,073, SOUTH KOREA CJ 57, ,669, CJ CHEILJEDANG 16, ,584, DC CHEMICAL CO LTD 9, ,830, DONGBU INSURANCE 32, , HANJIN HEAVY HONAM PETROCHEMICAL 20, ,761, HYUNDAI ENGIN. & CONSTR. 95, ,080, HYUNDAI MOTOR 74, ,020, KB FINANCIAL 211, ,099, KIA MOTORS 121, ,924,

137 Pictet - Asian Equities Ex Japan AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets KOREA EXCHANGE BANK 443, ,367, KOREAN AIR 82, ,637, KT 110, ,428, LG CHEMICAL 28, ,318, LG CORP 122, ,890, LG DISPLAY CO. 167, ,775, SAMSUNG CARD SAMSUNG ELECTRONICS 39, ,840, SAMSUNG ENGINEERING 51, ,860, SK HOLDINGS 39, ,055, WOONG JIN COWAY 44, ,727, ,869, TAIWAN ACER 2,494, ,351, CATHAY FINANCIAL 4,452, ,817, CHINATRUST FINANCIAL HOLDINGS 5,801, ,664, CHINATRUST FINANCIAL HLDGS. (PROV) 371, , CHUNGHWA TELECOM 3,108, ,976, COMPAL ELECTRONICS 5,177, ,201, FAR EASTERN TEXTILE 3,307, ,561, FAR EASTERN TEXTILE (PROV.) 67, , FORMOSA PLASTICS 1,074, ,641, FUBON FINANCIAL 4,969, ,127, HON HAI PRECISION INDUSTRY 466, ,757, HON HAI PRECISION INDUSTRY (PROV.) 375, ,414, MEDIATEK 613, ,636, SILITECH TECHNOLOGY 914, ,717, SYNNEX TECHNOLOGY INTL 1,496, ,473, TAIWAN SEMICONDUCTOR 5,993, ,916, WPG HOLDING 2,208, ,390, YOUNG FAST OPTOELECTRONICS 258, ,945, ,923, THAILAND BANGKOK BANK PUBLIC FGN NOM. (THB) 852, ,536, BANPU PUBLIC NVDR 154, ,643, KASIKORNBANK PUB. FGN NOM. 1,914, ,821, SIAM COMMERCIAL BANK PUB. FGN NOM. 1,120, ,821, ,823, UNITED KINGDOM CAIRN ENERGY 335, ,444, ,444, TOTAL SHARES 686,267, WARRANTS HONG KONG HENDERSON LAND DEV. (58) WTS , , , TOTAL WARRANTS 45, TOTAL I. 686,313,

138 Pictet - Asian Equities Ex Japan AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets II. OTHER TRANSFERABLE SECURITIES RIGHTS TAIWAN YOUNG FAST OPT. RTS 258, , , TOTAL II. 26, III. UNITS OF INVESTMENT FUNDS CAYMAN ISLANDS VIETNAM GROWTH FUND 85, ,057, VIETNAM RESOURCE INVESTMENTS FD. 431, , ,596, TOTAL III. 1,596, TOTAL INVESTMENTS 687,936, CASH AT BANKS 8,535, OTHER NET LIABILITIES -2,470, TOTAL NET ASSETS 694,001,

139 Pictet - Asian Equities Ex Japan GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) South Korea India Hong Kong China Taiwan Indonesia 8.45 Singapore 4.33 Malaysia 3.85 Cayman Islands 3.40 Thailand 2.86 Bermuda 1.21 United Kingdom Industrial classification (in % of net assets) Banks and credit institutions Electronics and electrical equipment Holding and financial companies 9.44 Oil 6.49 Road vehicles 6.45 Communications 6.41 Internet, software and IT services 3.64 Construction and building materials 3.62 Transport and freight 3.17 Real estate companies 2.89 Chemicals 2.53 Utilities 2.25 Tobacco and alcohol 2.14 Construction of machines and appliances 1.96 Insurance 1.93 Pharmaceuticals and cosmetics 1.77 Gastronomy 1.55 Computer and office equipment 1.48 Food and soft drinks 1.44 Mining and steelworks 1.40 Miscellaneous trade 1.31 Conglomerates 1.23 Textiles and clothing 1.21 Retail and supermarkets 1.08 Miscellaneous services 0.67 Agriculture and fishing 0.46 Environmental and recycling services 0.25 Biotechnology 0.24 Units of investment funds 0.23 Warrants 0.01 Miscellaneous capital goods 0.00 Rights

140 Pictet - Greater China AS AT SEPTEMBER 30, 2010 (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 CHINA YURUN FOOD 1,763, ,543, HUABAO INTERNATIONAL HOLDINGS 1,298, ,023, ,567, CAYMAN ISLANDS AGILE PROPERTY HOLDINGS 1,298, ,471, BELLE INTERNATIONAL 1,316, ,642, BOSIDENG INTERNATIONAL HOLDINGS 11,220, ,872, CHINA DONGXIANG 6,951, ,995, CHINA MENGNIU DAIRY 932, ,882, CHINA VANADIUM TITANO-MAGN. MINING 2,455, ,135, CHINA WIRELESS TECHNOLOGIES 4,984, ,318, EVERGRANDE REAL ESTATE GROUP 7,256, ,449, GEELY AUTOMOBILE 3,000, ,488, LANSEN PHARMACEUTICAL HOLDINGS 521, , LI NING 764, ,320, MINTH GROUP 950, ,895, SANDS CHINA 598, ,078, SHENGUAN HOLDINGS 8,417, ,871, TECENT HOLDINGS 149, ,271, TINGYI (CAYMAN ISLANDS) HOLDING 408, ,125, XINYU HENGDELI HLGDS 12,252, ,668, ,723, CHINA AGRICULTURAL BANK OF CHINA H 10,672, ,528, BANK OF CHINA 22,095, ,588, BANK OF COMMUNICATIONS H 3,872, ,191, CHANGSHA ZOOMLION HEAVY A 1,092, ,734, CHINA CONSTRUCTION BANK H 11,831, ,367, CHINA LIFE INSURANCE H 1,362, ,379, CHINA MERCHANTS BANK A 1,084, ,097, CHINA MERCHANTS BANK H 715, ,844, CHINA NATIONAL MATERIALS H 2,310, ,923, CHINA RAILWAY 3,081, ,414, CHINA RESOURCES POWER HOLDINGS 1,024, ,202, CHINA SHENHUA ENERGY H 254, ,052, CHINA UNICOM (HK) 2,194, ,211, CHINA VANKE A 3,103, ,895, CNOOC 5,904, ,442, DONGFENG MOTOR GROUP H 3,267, ,685, GD MIDEA HOLDING A 1,999, ,572, GUANGZHOU AUTOMOBILE H 1,456, ,506, IND. & COMM. BANK OF CHINA H 7,956, ,926, JIANGXI COPPER H 1,127, ,855, KWEICHOW MOUTAI A 163, ,121, PETROCHINA H 3,888, ,524, PING AN INSURANCE (GROUP) 633, ,465, PING AN INSURANCE A 694, ,488,

141 Pictet - Greater China AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SHANGHAI INDUSTRIAL HOLDINGS 701, ,541, WUHAN ZHONGBAI GROUP A 1,839, ,656, ZHAOJIN MINING INDUSTRY H 1,306, ,024, ZTE H 372, ,482, ,727, HONG KONG BOC HONG KONG (HOLDINGS) 1,897, ,015, CHEUNG KONG HOLDINGS 1,059, ,048, CHINA MOBILE 1,524, ,611, CHINA RESOURCES CEMENT 6,310, ,716, CHINA TAIPING INSURANCE HOLDINGS 353, ,187, CLP HOLDINGS 283, ,259, HANG SENG BANK 289, ,249, HONG KONG EXCHANGES AND CLEARING 519, ,237, HONGKONG ELECTRIC 594, ,612, HUTCHISON WHAMPOA 613, ,719, LI & FUNG 1,060, ,962, MTR 1,362, ,151, SUN HUNG KAI PROPERTIES 910, ,728, SWIRE PACIFIC A 175, ,416, THE LINK REIT 843, ,500, WHARF HOLDINGS 477, ,067, WING HANG BANK 103, ,241, ,726, TAIWAN ACER 972, ,477, ADVANCED SEMICONDUCTOR ENGINEER. 3,815, ,089, ASUSTEK COMPUTER 260, ,869, AU OPTRONICS 2,080, ,161, CATHAY FINANCIAL 1,888, ,891, CHINATRUST FINANCIAL HLDGS. (PROV) 491, , CHINATRUST FINANCIAL HOLDINGS 7,682, ,853, CHUNGHWA TELECOM 1,501, ,369, DELTA ELECTRONICS 1,263, ,285, E. SUN FINANCIAL 4,159, ,160, EVA AIRWAYS 1,557, ,358, FORMOSA INTERNATIONAL HOTELS 190, ,107, FORMOSA PLASTICS 2,640, ,493, FUBON FINANCIAL 2,094, ,582, HIGH TECH COMPUTER 397, ,048, HON HAI PRECISION INDUSTRY 1,616, ,092, HON HAI PRECISION INDUSTRY (PROV.) 194, , INNOLUX DISPLAY 2,307, ,144, MEDIATEK 138, ,951, POWERTECH TECHNOLOGY 1,060, ,416, PRIME VIEW INTERNATIONAL 1,733, ,367, QUANTA COMPUTER 2,370, ,853, TAISHIN FINANCIAL HOLDINGS 6,660, ,990, TAIWAN MOBILE 1,095, ,264, TAIWAN SEMICONDUCTOR 7,918, ,743, TRIPOD TECHNOLOGY 317, ,214, UNI-PRESIDENT ENTERPRISES 2,694, ,503,

142 Pictet - Greater China AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets UNI-PRESIDENT ENTREPRISES (PROV.) 269, , WINBOND ELECTRONICS 8,715, ,316, ,001, TOTAL INVESTMENTS 388,745, CASH AT BANKS 11,062, OTHER NET LIABILITIES -1,869, TOTAL NET ASSETS 397,938,

143 Pictet - Greater China GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) China Hong Kong Taiwan Cayman Islands Bermuda Industrial classification (in % of net assets) Banks and credit institutions Electronics and electrical equipment Holding and financial companies 7.92 Real estate companies 7.41 Communications 7.10 Food and soft drinks 6.10 Insurance 4.65 Computer and office equipment 4.55 Oil 4.02 Retail and supermarkets 2.94 Textiles and clothing 2.88 Construction of machines and appliances 2.60 Miscellaneous trade 2.39 Utilities 2.03 Chemicals 1.63 Transport and freight 1.63 Mining and steelworks 1.56 Construction and building materials 1.54 Road vehicles 1.48 Miscellaneous 1.43 Internet, software and IT services 1.33 Gastronomy 1.05 Tobacco and alcohol 1.04 Stainless steel 0.72 Conglomerates 0.61 Pharmaceuticals and cosmetics

144 Pictet - Japanese Equity Selection AS AT SEPTEMBER 30, 2010 (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 ADVANCE RESIDENCE 1, ,041, AEON CREDIT SERVICE 145, ,158, AIN PHARMACIEZ 59, ,292, AISIN SEIKI 60, ,837, ALPINE ELECTRONICS 197, ,691, ARNEST ONE 150, ,914, ASAHI BREWERIES 120, ,061, ASKUL 100, ,211, ASTELLAS PHARMA 77, ,160, BANK OF YOKOHAMA 474, ,242, BENESSE 59, ,572, CANON 79, ,250, CAPCOM 108, ,675, CREDIT SAISON 115, ,781, DAIICHIKOSHO 169, ,341, DENSO 61, ,196, EAST JAPAN RAILWAY 39, ,071, FANUC 14, ,876, FOSTER ELECTRIC 122, ,411, FP CORP 44, ,323, FUJI SEAL INTERNATIONAL 82, ,082, FUJIFILM 118, ,468, FUJITSU 370, ,397, HONDA MOTOR 170, ,282, ITOCHU 554, ,544, MARUICHI STEEL TUBE 129, ,031, MICRONICS JAPAN 147, ,703, MITSUBISHI ESTATE 303, ,815, MITSUBISHI UFJ FINANCIAL GROUP 1,233, ,967, MITSUI & CO 363, ,069, MUSASHI SEIMITSU INDUSTRY 81, ,016, N.T.T. 154, ,129, NHK SPRING 159, ,555, NIHON KOHDEN 130, ,753, NINTENDO , NISSAN CHEMICAL INDUSTRIES 136, ,064, NITTO DENKO 46, ,122, NORITZ 114, ,228, NTT DOCOMO 4, ,266, ROHM 36, ,452, SEKISUI CHEMICAL 269, ,344, SHIN-ETSU CHEMICAL 57, ,321, SIIX 187, ,290, SONY 126, ,773, STANLEY ELECTRIC 102, ,920, SUMITOMO ELECTRIC INDUSTRIES 220, ,867, SUMITOMO MITSUI FINANCIAL GROUP 174, ,366, SUMITOMO TRUST & BANKING 359, ,473,

145 Pictet - Japanese Equity Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN JPY) Name Quantity Market value (note 2) % of net assets SUZUKI MOTOR 79, ,474, SYSMEX 30, ,008, TOKIO MARINE HOLDINGS 110, ,961, TOKYO ELECTRON 57, ,883, TOKYO OHKA KOGYO 94, ,218, TOYOTA MOTOR 134, ,413, TS TECH 126, ,130, UBE INDUSTRIES 739, ,894, YAMADA DENKI 43, ,730, ,091,159, TOTAL INVESTMENTS 13,091,159, CASH AT BANKS 179,602, OTHER NET LIABILITIES -23,399, TOTAL NET ASSETS 13,247,362,

146 Pictet - Japanese Equity Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Japan Industrial classification (in % of net assets) Electronics and electrical equipment Road vehicles Communications 8.81 Holding and financial companies 8.71 Pharmaceuticals and cosmetics 6.13 Chemicals 5.85 Real estate companies 5.76 Miscellaneous trade 4.99 Retail and supermarkets 4.69 Banks and credit institutions 4.50 Packaging 2.59 Photography and optics 2.48 Leisure 1.66 Computer and office equipment 1.64 Mining and steelworks 1.56 Tobacco and alcohol 1.53 Transport and freight 1.50 Construction and building materials 1.36 Construction of machines and appliances 1.13 Internet, software and IT services 1.08 Miscellaneous consumer goods

147 Pictet - Generics AS AT SEPTEMBER 30, 2010 (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 CAYMAN ISLANDS 3SBIO ADR (R.7 SHS) 611, ,053, SIMCERE PHARMACEUTIC ADR (R.2 SHS) 553, ,591, ,644, GERMANY STADA ARZNEIMITTEL NOM. 225, ,759, ,759, GREECE ALAPIS 3,222, ,177, ,177, HUNGARY EGIS 111, ,204, GEDEON RICHTER 63, ,427, ,632, INDIA DR REDDY S LAB ADR (R. 1 SHS) 525, ,113, ,113, ISRAEL TEVA PHARMACEUTICAL ADR 613, ,251, ,251, JAPAN NICHI-IKO PHARMACEUTICAL 461, ,058, SAWAI PHARMACEUTICAL 176, ,899, TOWA PHARMACEUTICAL 278, ,746, ,704, RUSSIA PHARMSTANDARD OKTYABR -GDR- (USD) 964, ,539, ,539, SLOVENIA KRKA 147, ,953, ,953, SOUTH AFRICA ASPEN PHARMACARE 1,392, ,801, ,801, SWITZERLAND ACINO HOLDING 43, ,362, LONZA GROUP 206, ,867, ,229, UNITED KINGDOM HIKMA PHARMACEUTICALS 2,060, ,542, SHIRE ADR (R. 3 SHS) 182, ,461, ,004, UNITED STATES HOSPIRA 322, ,570, MOMENTA PHARMACEUTICALS 399, ,909, MYLAN 1,593, ,958,

148 Pictet - Generics AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets PERRIGO 326, ,064, WATSON PHARMACEUTICALS 284, ,150, ,653, TOTAL SHARES 350,466, WARRANTS NETHERLANDS ANTILLES AUROBINDO (ML) LEPO WTS , ,248, BIOCON (ML) LEPO WTS ,095, ,863, CIPLA (ML) LEPO WTS ,235, ,820, DIVI S LABO. (ML) LEPO WTS , ,382, LUPIN (ML) LEPO WTS ,575, ,652, SUN PHARMA (ML) LEPO WTS , ,850, ,817, UNITED KINGDOM SUN PHARMA. (DB) LEPO WTS , ,876, ,876, TOTAL WARRANTS 64,693, TOTAL INVESTMENTS 415,160, CASH AT BANKS 7,222, OTHER NET LIABILITIES -646, TOTAL NET ASSETS 421,735,

149 Pictet - Generics GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Netherlands Antilles Japan United Kingdom Israel 7.66 Hungary 6.31 Switzerland 5.27 Russia 5.11 South Africa 4.46 India 4.06 Cayman Islands 3.24 Slovenia 3.07 Greece 1.70 Germany Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Warrants Chemicals 4.24 Miscellaneous services 1.91 Miscellaneous trade

150 Pictet - US Equity Growth Selection AS AT SEPTEMBER 30, 2010 (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 ISRAEL TEVA PHARMACEUTICAL ADR 671, ,306, ,306, NETHERLANDS ANTILLES SCHLUMBERGER 938, ,711, ,711, PANAMA CARNIVAL TWIN 586, ,742, ,742, UNITED STATES ABBOTT LABORATORIES 188, ,899, ALLERGAN 670, ,722, ALTERA 254, ,791, AMAZON. COM 93, ,817, AMERICAN EXPRESS 663, ,530, APPLE 306, ,064, BROADCOM A 194, ,812, CISCO SYSTEMS (USD) 2,249, ,185, COCA-COLA 237, ,926, COGNIZANT TECH SOL A 734, ,569, COLGATE PALMOLIVE 133, ,419, DANAHER 515, ,915, DISCOVERY COMMUNICATIONS -A- 182, ,921, ECOLAB 359, ,171, EMERSON ELECTRIC 923, ,849, ESTEE LAUDER A 173, ,094, FEDEX 122, ,593, GOOGLE A 112, ,549, HALLIBURTON 533, ,830, HEWLETT PACKARD 337, ,334, HOME DEPOT 726, ,124, INTUITIVE SURGICAL 48, ,861, JP MORGAN CHASE 1,418, ,474, JUNIPER NETWORKS 192, ,945, KOHL S 704, ,299, LAS VEGAS SANDS 278, ,607, MICROCHIP TECHNOLOGY 1,806, ,016, MICROSOFT 1,324, ,449, MONSANTO 118, ,671, NATIONAL OILWELL VARCO 308, ,838, NETAPP INC 1,148, ,360, NIKE B 260, ,853, PEPSICO 316, ,096, PRAXAIR 311, ,986, PRECISION CASTPARTS 314, ,716, QUALCOMM 655, ,058, STARBUCKS 861, ,215, STARWOOD HOTELS & RESORTS 665, ,687,

151 Pictet - US Equity Growth Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets STERICYCLE 147, ,277, T ROWE PRICE GROUP 571, ,381, TARGET 384, ,572, THERMO FISHER SCIENTIFIC INC 478, ,908, VISA A 462, ,430, VMWARE 336, ,549, WALT DISNEY HOLDING 632, ,877, WYNN RESORTS 471, ,749, YUM BRANDS 193, ,932, ,255,942, TOTAL INVESTMENTS 1,371,702, CASH AT BANKS 33,962, OTHER NET ASSETS 1,409, TOTAL NET ASSETS 1,407,075,

152 Pictet - US Equity Growth Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Netherlands Antilles 4.10 Israel 2.51 Panama Industrial classification (in % of net assets) Computer and office equipment Internet, software and IT services Banks and credit institutions Pharmaceuticals and cosmetics Electronics and electrical equipment 9.70 Gastronomy 6.68 Oil 6.35 Retail and supermarkets 5.75 Food and soft drinks 4.07 Communications 3.11 Mining and steelworks 2.89 Chemicals 2.39 Transport and freight 1.62 Construction of machines and appliances 1.49 Textiles and clothing 1.48 Leisure 1.48 Holding and financial companies 0.75 Environmental and recycling services

153 Pictet - Security AS AT SEPTEMBER 30, 2010 (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 WIRECARD 34, , , ISRAEL CHECK POINT SOFTWARE TECHNOLOGIES 46, ,710, NICE SYSTEMS ADR (R. 1 SHS) 35, ,111, RADWARE 44, ,560, ,381, JAPAN DENSO 48, ,438, ,438, NETHERLANDS GEMALTO 29, ,214, SENSATA TECHNOLOGIE 56, ,139, ,354, SPAIN PROSEGUR NOM. 21, ,278, ,278, SWEDEN ASSA ABLOY B 194, ,957, ,957, SWITZERLAND KABA HOLDING NOM. 3, ,131, S.G.S. S.A. 2, ,053, TYCO INTERNATIONAL NOM. 85, ,172, ,357, UNITED KINGDOM AUTONOMY CORPORATION 86, ,488, EXPERIAN 459, ,049, G4S 505, ,036, HALMA 251, ,231, INTERTEK GROUP 110, ,219, SMITHS GROUP 165, ,152, TELECITY GROUP 387, ,190, ,367, UNITED STATES ARUBA NETWORKS 118, ,616, AUTOLIV 69, ,509, BRUKER BIOSCIENCES 143, ,048, BUCKEYE PARTNERS 17, ,119, CAVIUM NETWORKS 67, ,983, CLEAN HARBORS 26, ,783, COMPELLENT TECHNOLOGIES 96, ,835, DIGITAL REALTY TRUST 25, ,582, DUPONT FABROS TECHNOLOGY 111, ,797, ECOLAB 121, ,155, EMC 306, ,326,

154 Pictet - Security AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets EMERGENCY MEDICAL SERVICES A 31, ,625, EQUINIX 27, ,794, F5 NETWORKS 37, ,864, FIDELITY NATIONAL 142, ,896, FORTINET 67, ,704, GENTEX 113, ,194, JUNIPER NETWORKS 177, ,502, LIFE TECHNOLOGIES 81, ,897, LITTELFUSE 19, , MAGELLAN MIDSTREAM PARTNERS 59, ,023, NETAPP INC 159, ,101, PLAINS ALL AMERICA PIPELINE 22, ,395, PUBLIC STORAGE 54, ,248, STANLEY BLACK & DECKER 65, ,978, STERICYCLE 64, ,468, SYMANTEC 315, ,922, THERMO FISHER SCIENTIFIC INC 67, ,252, TRW AUTOMOTIVE 78, ,266, VARIAN MEDICAL 96, ,822, VERIFONE HOLDINGS 136, ,970, VMWARE 69, ,124, WABCO HOLDINGS 64, ,739, WATERS 17, ,265, ,664, TOTAL INVESTMENTS 160,254, CASH AT BANKS 3,314, OTHER NET LIABILITIES -752, TOTAL NET ASSETS 162,817,

155 Pictet - Security GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States United Kingdom Switzerland 5.13 Sweden 3.04 Israel 2.69 Netherlands 1.45 Japan 0.88 Spain 0.79 Germany Industrial classification (in % of net assets) Computer and office equipment Internet, software and IT services Electronics and electrical equipment Miscellaneous services 8.74 Pharmaceuticals and cosmetics 8.61 Holding and financial companies 7.99 Real estate companies 5.91 Road vehicles 5.00 Environmental and recycling services 3.84 Banks and credit institutions 3.10 Miscellaneous consumer goods 2.44 Biotechnology 2.39 Miscellaneous 1.96 Aeronautics and astronautics 1.94 Oil 1.55 Public healthcare and social services

156 Pictet - Clean Energy AS AT SEPTEMBER 30, 2010 (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 BELGIUM HANSEN TRANSMISSIOMS INTER. (GBP) 1,069, , , BRAZIL CEMIG MINAS GERAIS PREF 795, ,577, ,577, BRITISH VIRGIN ISLANDS RENESOLA ADR (R. 2 SHS) 790, ,615, ,615, CANADA 5N PLUS 1,120, ,256, GENESIS WORLDWIDE CANADA 241, , INNERGEX RENEWABLE ENERGY 580, ,321, MAGMA ENERGY 3,379, ,900, PLUTONIC POWER 1,292, ,758, WESTPORT INNOVATIONS 182, ,196, ,448, CAYMAN ISLANDS CATCH THE WIND (CAD) 3,024, ,319, CHINA HIGH SPEED TRANSMISSION 5,324, ,554, GCL-POLY ENERGY HOLDINGS 25,964, ,996, JA SOLAR HOLDINGS ADR (REPR. 3SHS) 1,722, ,346, TRINA SOLAR ADR (R. 100 SHS) 351, ,161, WASION GROUP 8,084, ,199, YINGLI GREEN ADR (R. 1 SHS) 856, ,992, ,570, DENMARK VESTAS WIND SYSTEMS NOM. 229, ,456, ,456, FINLAND FORTUM 396, ,411, ,411, FRANCE EDF ENERGIES NOUVELLES 381, ,971, GDF SUEZ 307, ,073, SAFT GROUPE 255, ,965, SECHILIENNE-SIDEC 304, ,428, ,438, GERMANY ROTH & RAU 122, ,004, SMA SOLAR TECHNOLOGY 95, ,235, WACKER CHEMIE 94, ,365, ,605, GREECE TERNA ENERGY 547, ,058, ,058,

157 Pictet - Clean Energy AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets ITALY SNAM RETE GAS 2,028, ,185, ,185, JAPAN DISCO 135, ,826, STELLA CHEMIFA 140, ,892, UBE INDUSTRIES 1,680, ,733, ,451, NORWAY RENEWABLE ENERGY CORPORATION 2,153, ,361, ,361, RUSSIA RUSHYDRO OJSC (USD) 188,736, ,663, ,663, SPAIN ACCIONA 151, ,903, EDP RENOVAVEIS 2,783, ,847, IBERDROLA RENOVABLES 7,725, ,866, ,617, TAIWAN SINO-AMERICAN SILLICON 2,127, ,393, ,393, UNITED KINGDOM BG GROUP 749, ,505, ZENERGY POWER 2,176, ,418, ,924, UNITED STATES AMERICAN SUPERCONDUCTOR 103, ,201, ARCHER-DANIELS MIDLAND 305, ,957, BALDOR ELECTRIC 169, ,825, CHESAPEAKE ENERGY 290, ,552, COMVERGE 755, ,665, COVANTA HOLDING 791, ,508, CREE 361, ,882, ENERNOC 301, ,694, FIRST SOLAR 80, ,965, ICF INTERNATIONAL 270, ,643, ITC HOLDINGS 222, ,979, ITRON 200, ,083, JOHNSON CONTROLS 222, ,810, MAXWELL TECHNOLOGIES (USD) 493, ,231, MEMC ELECTRONIC MATERIALS 1,594, ,023, NEXTERA ENERGY 275, ,048, NORTHWEST NATURAL GAS 135, ,382, ORMAT TECHNOLOGIES 693, ,226, PG & E 218, ,861, PIEDMONT NATURAL GAS CO 227, ,607, POLYPORE 209, ,317, QUANTA SERVICES 525, ,112, REGAL-BELOIT 104, ,145,

158 Pictet - Clean Energy AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets SATCON TECHNOLOGY 311, ,182, SEMPRA ENERGY 174, ,366, SOUTHWESTERN ENERGY 190, ,401, SPECTRA ENERGY 546, ,306, STR HOLDINGS 578, ,359, SUNPOWER B 347, ,765, WILLIAMS COMPANIES 815, ,546, ,654, TOTAL I. 618,294, II. OTHER TRANSFERABLE SECURITIES WARRANTS UNITED STATES PERFECTENERGY WTS ,173, TOTAL II TOTAL INVESTMENTS 618,294, CASH AT BANKS 28,270, OTHER NET LIABILITIES -3,203, TOTAL NET ASSETS 643,362,

159 Pictet - Clean Energy GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Cayman Islands 9.89 Spain 8.49 France 6.91 Germany 4.76 Canada 3.34 Japan 2.56 United Kingdom 2.32 Brazil 1.95 Finland 1.62 Italy 1.58 Russia 1.50 British Virgin Islands 1.49 Denmark 1.31 Norway 1.14 Taiwan 0.99 Greece 0.32 Belgium Industrial classification (in % of net assets) Utilities Electronics and electrical equipment Construction of machines and appliances 6.43 Holding and financial companies 5.62 Chemicals 4.04 Environmental and recycling services 2.46 Conglomerates 2.42 Construction and building materials 2.01 Internet, software and IT services 1.59 Food and soft drinks 1.55 Miscellaneous 1.32 Road vehicles 1.06 Miscellaneous services 1.03 Oil 1.02 Computer and office equipment 0.97 Environmental conservation and waste management 0.88 Warrants

160 Pictet - Russian Equities AS AT SEPTEMBER 30, 2010 (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 EURASIA DRILLING GDR (R. 1 SHS) 119, ,786, ,786, CYPRUS GLOBALTRANS GDR (R. 1 SHS) 154, ,333, ,333, KAZAKHSTAN ZHAIKMUNAI GDR (R. 1 SHS) 566, ,529, ,529, LUXEMBOURG EVRAZ GROUP GDR. 92, ,753, ,753, NETHERLANDS X5 RETAIL GROUP SPONS. GDR REG. S 100, ,036, ,036, RUSSIA COMSTAR GDR 341, ,202, FGC UES (USD) 660,690, ,994, GAZPROM ADR (R. 4 SHS) 912, ,162, IDGC (USD) 52,671, ,085, INTER RAO UES (USD) 3,563,955, ,058, JFSC SISTEMA GDR (R. 20 SHS) 426, ,522, LUKOIL HOLDING ADR (R. 1 SHS) 427, ,260, MAGNIT (USD) 5, , MAGNIT GDR 531, ,384, MECHEL ADR (R. 3 SHS) 818, ,390, MECHEL-BANK PFD 0 % PERP 383, ,153, MMC NORILSK NICKEL ADR (R. 0. 1SHS) 871, ,860, MOBILE TELESYS ADR (R. 5 SHS) 539, ,459, MOBILE TELESYSTEMS USD 175, ,442, NOVATEK -GDR SPONS. - REG. S 165, ,221, NOVOLIPETSK STEEL GDR (R. 1 REG-S) 269, ,704, OAO ROSNEFT OIL COMPANY GDR 1,552, ,352, PIPE METALL. COMP. GDR (REP 4SHS) 204, ,523, POLYUS GOLD (USD) 71, ,323, POLYUS ZOLOTO ADR (R. 1/2 SHS) 61, ,569, RAO EES (USD) 178,631, ,375, RASPADSKAYA OAO (USD) 861, ,847, ROSTELECOM PFD (USD) 456, ,306, RUSHYDRO ADR (R.100 SHS) 2,135, ,999, RUSHYDRO OJSC (USD) 31,119, ,596, SBERBANK (USD) 9,216, ,942, SEVERSTAL GDR (R. 1 SHS) 702, ,402, SURGUTNEFTEGAZ ADR (R. 10 SHS) 893, ,555, SURGUTNEFTEGAZ OIL PFD (USD) 5,577, ,655, TAR THIRD GEN. WHOLES. ELEC (USD) 27,505, ,490, TATNEFT (USD) 312, ,500,

161 Pictet - Russian Equities AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets TATNEFT GDR (R. 20 SHS) 314, ,849, URALKALIY GDR (R. 5 SHS) 423, ,300, VTB BANK GDR SPONS. REG. S 1,791, ,311, WGC 4 (USD) 1,439, , WGC 4 (USD) (Securities to receive) 16,560, ,452, WHOLESALE ELECT. MARKET WGC2 (USD) 38,620, ,220, WIMM-BILL-DANN ADR (R. 1 SHS) 109, ,484, ,768, UNITED KINGDOM FERREXPO 539, ,621, PETROPAVLOVSK 92, ,626, ,247, UNITED STATES CENTRAL EUROPEAN DISTRIBUTION 35, , CTC MEDIA 154, ,389, ,188, TOTAL I. 319,644, II. OTHER TRANSFERABLE SECURITIES OPTIONS RUSSIA CALL GAZPROM ADR (R.4 SHS) 19/11/ , , , TOTAL II. 66, TOTAL INVESTMENTS 319,710, CASH AT BANKS 1,916, OTHER NET LIABILITIES -1,534, TOTAL NET ASSETS 320,093,

162 Pictet - Russian Equities GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Russia Kazakhstan 1.41 United Kingdom 1.33 United States 1.31 Netherlands 1.26 Cayman Islands 0.87 Luxembourg 0.86 Cyprus Industrial classification (in % of net assets) Oil Mining and steelworks Banks and credit institutions Utilities 9.79 Communications 9.79 Holding and financial companies 5.17 Food and soft drinks 5.17 Stainless steel 4.64 Chemicals 2.91 Utilities electricity 2.50 Precious metals and stones 1.53 Retail and supermarkets 1.26 Construction of machines and appliances 1.10 Miscellaneous 0.49 Miscellaneous services 0.47 Tobacco and alcohol 0.25 Options

163 Pictet - Timber AS AT SEPTEMBER 30, 2010 (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 TFS CORP 1,938, ,692, ,692, AUSTRIA ANDRITZ 20, ,441, MAYR-MELNHOF KARTON 13, ,345, ,786, BERMUDA BROOKFIELD INFRASTRUCTURE 85, ,638, NINE DRAGONS PAPER 420, , ,366, BRAZIL DURATEX SA 347, ,655, FIBRIA ADR (R.1 SHS) 319, ,661, KLABIN 448, ,263, SUZANO PAPEL A PREF 399, ,814, ,395, CANADA ACADIAN TIMBER 139, , BORALEX A 177, ,414, CASCADES 41, , SINO FOREST 312, ,334, TIMBERWEST FOREST CORP 278, ,079, WEST FRASER TIMBER 22, , ,734, CAYMAN ISLANDS LEE & MAN PAPER MANUFACTURING 1,122, , , CHILE COPEC 210, ,907, EMPRESAS CMPC 108, ,577, MASISA 7,866, ,343, ,828, FINLAND STORA ENSO R 331, ,266, UPM-KYMMENE 247, ,214, ,480, IRELAND SMURFIT KAPPA 132, ,325, ,325, JAPAN NIPPON PAPER GROUP 42, ,075, OJI PAPER 261, ,158, ,234,

164 Pictet - Timber AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Quantity Market value (note 2) % of net assets PORTUGAL PORTUCEL 442, ,305, ,305, SOUTH AFRICA SAPPI 233, ,197, ,197, SWEDEN HOLMEN B 57, ,804, SVENSKA CELLULOSA B 321, ,931, ,736, UNITED KINGDOM MONDI (GBP) 344, ,814, ,814, UNITED STATES DELTIC TIMBER 73, ,289, FORESTAR REAL ESTATE GP. 118, ,977, GREIF A 23, ,374, INTERNATIONAL PAPER 118, ,537, KIMBERLY CLARK 44, ,910, MEADWESTVACO 100, ,448, PACKAGING CORP OF AMERICA 28, , PLUM CREEK TIMBER 183, ,443, POPE RESOURCES 40, ,091, POTLATCH 118, ,003, PULTE HOMES 206, ,806, RAYONIER 128, ,443, TEMPLE-INLAND 120, ,269, WEYERHAEUSER 397, ,407, ,660, TOTAL I. 109,551, II. UNITS OF INVESTMENT FUNDS UNITED KINGDOM PHAUNOS TIMBER FUND 1,396, , , TOTAL II. 998, TOTAL INVESTMENTS 110,549, CASH AT BANKS 4,341, OTHER NET LIABILITIES -308, TOTAL NET ASSETS 114,583,

165 Pictet - Timber GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Brazil Chile 9.45 Canada 8.49 Finland 6.53 Sweden 5.88 United Kingdom 3.33 Austria 2.43 Bermuda 2.07 Japan 1.95 Australia 1.48 Ireland 1.16 Portugal 1.14 South Africa 1.05 Cayman Islands Industrial classification (in % of net assets) Paper and forest products Packaging 8.54 Holding and financial companies 4.35 Miscellaneous 4.33 Oil 3.41 Real estate companies 3.31 Construction and building materials 3.19 Publishing and graphic arts 1.98 Miscellaneous trade 1.48 Electronics and electrical equipment 1.43 Construction of machines and appliances 1.26 Utilities 1.23 Units of investment funds

166 Pictet - Agriculture AS AT SEPTEMBER 30, 2010 (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 AUSTRALIA TASSAL GROUP 1,258, ,250, ,250, BELGIUM SIPEF 26, ,435, ,435, BERMUDA BUNGE 110, ,950, CHINA GREEN HOLDINGS 817, , CHINA YURUN FOOD 934, ,539, PURECIRCLE (GBP) 504, , SINOFERT HOLDINGS 3,193, ,345, ,321, BRAZIL ALL AMERICA LATINA LOGIS. 4PREF+1SH 382, ,790, JBS 842, ,640, MINERVA 453, ,348, ,780, CANADA AGRIUM (USD) 39, ,230, BIOEXX SPECIALTY PROTEINS 642, ,204, MIGAO 211, ,015, POTASH SASKATCHEWAN (CAD) 51, ,411, SUNOPTA (CAD) 282, ,210, ,072, CAYMAN ISLANDS CHINA MENGNIU DAIRY 717, ,623, DACHAN FOOD ASIA 5,844, , WANT WANT CHINA 2,145, ,456, ,994, CHINA CHINA BLUECHEMICAL H 2,447, ,301, CHINA MINZHONG FOOD 1,756, ,340, ,641, DENMARK AURIGA INDUSTRIES B 95, ,301, CHRISTIAN HANSEN HOLDING 53, , DANISCO 14, , ,060, FRANCE EUROFINS SCIENTIFIC 37, ,397, ,397,

167 Pictet - Agriculture AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets GERMANY ASIAN BAMBOO 33, ,341, K & S 103, ,634, KTG AGRAR 42, , ,612, HONG KONG CHAODA MODERN AGRICULTURE 1,410, , , INDIA JAIN IRRIGATION SYSTEMS 64, ,259, MCLEOD RUSSEL INDIA DEMAT. 360, ,378, UNITED PHOSPHORUS DEMAT. 739, ,177, ,814, INDONESIA BISI INTERNATIONAL 7,797, ,437, PT SAMPOERNA AGRO 7,782, ,722, ,159, IRELAND ORIGIN ENTERPRISES 74, , , ITALY PARMALAT 695, ,307, ,307, JAPAN NIPPON SUISAN KAISHA 530, ,281, SAKATA SEED 86, , TOYO SUISAN KAISHA 81, ,235, ,357, LITHUANIA LINAS AGRO GROUP 1,203, , , LUXEMBOURG MHP GDR (R.1 SHS) 104, ,168, ,168, NETHERLANDS ASTARTA HOLDING (PLN) 31, , CNH GLOBAL (USD) 87, ,491, CSM 77, ,666, NUTRECO HOLDING 25, ,389, ,146, NORWAY AUSTEVOLL SEAFOOD 260, ,246, CERMAQ 297, ,414, YARA INTERNATIONAL 155, ,372, ,033, RUSSIA CHERKIZOVO GP. GDR (R SH S) 68, , ,

168 Pictet - Agriculture AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets SINGAPORE FIRST RESOURCES 2,927, ,907, INDOFOOD AGRI RESOURCES 1,089, ,370, OLAM INTERNATIONAL 1,307, ,373, WILMAR INTERNATIONAL 442, ,480, ,131, SWITZERLAND BUCHER INDUSTRIES 16, ,823, SYNGENTA AG 19, ,638, ,461, UNITED KINGDOM ASSOCIATED BRITISH FOODS 127, ,566, PLANT HEALTH CARE 548, , TATE & LYLE 381, ,091, ,317, UNITED STATES ARCHER-DANIELS MIDLAND 212, ,070, CF INDUSTRIES HOLDINGS 63, ,588, CORN PRODUCTS INTERNATIONAL 69, ,930, DEAN FOODS 190, ,407, DEERE 94, ,985, J&J SNACK FOODS 44, ,393, MOSAIC 129, ,796, NEOGEN 29, , SMITHFIELD FOODS 227, ,825, SYSCO 90, ,926, TREEHOUSE FOODS 47, ,581, YONGYE INTERNATIONAL 277, ,457, ZHONGPIN INC 158, ,881, ,588, TOTAL SHARES 132,775, WARRANTS UNITED KINGDOM ALMARAI (DB) LEPO WTS , ,102, ALMARAI (DBL) LEPO WTS , , ,190, TOTAL WARRANTS 2,190, TOTAL I. 134,965, II. OTHER TRANSFERABLE SECURITIES WARRANTS UNITED KINGDOM EQUATORIAL PAL OIL WTS , TOTAL WARRANTS TOTAL II

169 Pictet - Agriculture AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Quantity Market value (note 2) % of net assets TOTAL INVESTMENTS 134,965, CASH AT BANKS 4,750, OTHER NET LIABILITIES -548, TOTAL NET ASSETS 139,167,

170 Pictet - Agriculture GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States Canada 7.96 Bermuda 7.42 Norway 6.49 Singapore 5.12 Brazil 4.88 Germany 4.75 United Kingdom 4.67 Netherlands 4.42 Switzerland 3.92 India 3.46 Cayman Islands 2.88 Japan 2.41 Indonesia 2.27 Denmark 2.20 China 1.90 Belgium 1.03 France 1.00 Italy 0.94 Australia 0.90 Luxembourg 0.84 Russia 0.71 Hong Kong 0.61 Lithuania 0.48 Ireland Industrial classification (in % of net assets) Food and soft drinks Agriculture and fishing Chemicals Construction of machines and appliances 5.37 Holding and financial companies 3.30 Biotechnology 2.77 Miscellaneous trade 2.70 Miscellaneous 2.47 Miscellaneous services 2.14 Transport and freight 2.01 Warrants 1.57 Miscellaneous consumer goods 1.50 Retail and supermarkets 1.38 Road vehicles 1.31 Pharmaceuticals and cosmetics 1.06 Publishing and graphic arts 0.98 Paper and forest products 0.96 Tobacco and alcohol 0.71 Environmental conservation and waste management

171 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (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 TASSAL GROUP 357, , TELSTRA 262, , TFS CORP 895, , ,935, AUSTRIA ANDRITZ 21, ,556, BWT 10, , INTERCELL 55, ,281, MAYR-MELNHOF KARTON 6, , TELEKOM AUSTRIA 77, ,168, ,894, BAHAMAS STEINER LEISURE 18, , , BELGIUM HANSEN TRANSMISSIOMS INTER. (GBP) 87, , SIPEF 7, , TELENET GROUP HOLDING 32, ,081, ,708, BERMUDA BEIJING ENTERPRISES WATER 757, , BROOKFIELD INFRASTRUCTURE 39, , BUNGE 31, ,920, CHINA GREEN HOLDINGS 232, , CHINA YURUN FOOD 265, , MANDARIN ORIENTAL INTERNATIONAL 376, , NINE DRAGONS PAPER 194, , PURECIRCLE (GBP) 143, , SINOFERT HOLDINGS 906, , TRINITY 314, , ,305, BRAZIL ALL AMERICA LATINA LOGIS. 4PREF+1SH 108, ,082, CEMIG MINAS GERAIS PREF 159, ,527, CIA SANEAMENTO MG 58, , DURATEX SA 160, ,689, FIBRIA ADR (R.1 SHS) 147, ,616, JBS 239, ,024, KLABIN 207, , MINERVA 128, , SABESP 69, ,533, SABESP ADR (R.2 SHS) 7, , SUZANO PAPEL A PREF 184, ,762, TRACTEBEL ENERGIA 39, , ,152,

172 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets BRITISH VIRGIN ISLANDS RENESOLA ADR (R.2 SHS) 64, , , CANADA 5N PLUS 91, , ACADIAN TIMBER 64, , AGRIUM (USD) 11, , BIOEXX SPECIALTY PROTEINS 182, , BIOTEQ ENVIRONMENTAL TECHN. 104, , BORALEX A 82, , CARDIOME PHARMA (USD) 83, , CASCADES 19, , GENESIS WORLDWIDE CANADA 19, , H2O INNOVATION 59, , IESI-BFC (USD) 13, , INNERGEX RENEWABLE ENERGY 47, , MAGMA ENERGY 275, , MIGAO 60, , PLUTONIC POWER 105, , POTASH SASKATCHEWAN (CAD) 14, ,099, PURE TECHNOLOGIES 47, , RESEARCH IN MOTION 26, ,302, ROGERS COMMUNICATIONS B 30, ,142, SEAIR 8, , SINO FOREST 144, ,465, STANTEC (CAD) 24, , SUNOPTA (CAD) 80, , TELUS -NVTG- 11, , TIMBERWEST FOREST CORP 128, , WEST FRASER TIMBER 10, , WESTPORT INNOVATIONS 14, , ,291, CAYMAN ISLANDS 3SBIO ADR (R.7 SHS) 74, , ALIBABA. COM 280, , BAIDU. COM ADR A (R. 1 SHS A ) 13, ,431, BELLE INTERNATIONAL 277, , CATCH THE WIND (CAD) 246, , CHINA HIGH SPEED TRANSMISSION 434, , CHINA MENGNIU DAIRY 203, , CONSOLIDATED WATER 13, , CTRIP.COM INTL ADR (R.1/2 SHS) 18, , DACHAN FOOD ASIA 1,659, , FOCUS MEDIA ADR (R.5 SHS) 46, ,123, GCL-POLY ENERGY HOLDINGS 2,117, , JA SOLAR HOLDINGS ADR (REPR. 3SHS) 140, ,251, LEE & MAN PAPER MANUFACTURING 518, , NETEASE. COM ADR (R. 25 SHS) 17, , NEW ENVIRONMENTAL ENERGY HOLDINGS 644, , PERFECT WORLD ADR (R.5 SHS B ) 14, , SIMCERE PHARMACEUTIC ADR (R.2 SHS) 67, , SINA 14, ,

173 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets TECENT HOLDINGS 48, ,068, TRINA SOLAR ADR (R.100 SHS) 28, , WANT WANT CHINA 609, , WASION GROUP 659, , WYNN MACAU 767, ,327, XINYU HENGDELI HLGDS 2,120, , YINGLI GREEN ADR (R. 1 SHS) 69, , ,799, CHILE COPEC 97, ,805, EMPRESAS CMPC 50, ,577, INVERSIONES AGUAS METROPOL 705, ,057, MASISA 3,634, , ,061, CHINA CHINA BLUECHEMICAL H 694, , CHINA MINZHONG FOOD 498, , PORTS DESIGN 234, , ,674, DENMARK AURIGA INDUSTRIES B 27, , CHRISTIAN HANSEN HOLDING 15, , DANISCO 4, , NOVO NORDISK B 25, ,502, VESTAS WIND SYSTEMS NOM. 18, , ,379, EGYPT EGYPTIAN CO MOBILE 10, , , FINLAND FORTUM 86, ,262, KEMIRA 15, , STORA ENSO R 153, ,509, UPM-KYMMENE 114, ,947, ,930, FRANCE DIOR CHRISTIAN 16, ,083, EDF ENERGIES NOUVELLES 31, ,221, ESSILOR INTERNATIONAL 8, , EUROFINS SCIENTIFIC 10, , GAMELOFT 78, , GDF SUEZ 25, , HERMES INTERNATIONAL 5, ,306, INTER PARFUMS 21, , L.V.M.H. 22, ,254, LAURENT PERRIER 9, ,103, L OREAL 16, ,866, PERNOD-RICARD 6, , PPR 14, ,364, REMY COINTREAU 15, ,034, SAFT GROUPE 20, ,

174 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SECHILIENNE-SIDEC 24, , SELOGER.COM 8, , SUEZ ENVIRONNEMENT 112, ,124, VEOLIA ENVIRONNEMENT 60, ,622, ,596, GERMANY ADIDAS 25, ,622, ASIAN BAMBOO 9, , B.M.W. 27, ,934, DAIMLER NOM. (EUR) 27, ,720, DEUTSCHE TELEKOM NOM. 59, , JOYOU 5, , K & S 29, ,798, KSB PREF N-VTG , KTG AGRAR 12, , ROTH & RAU 9, , SMA SOLAR TECHNOLOGY 7, , STADA ARZNEIMITTEL NOM. 27, , WACKER CHEMIE 7, ,416, WIRECARD 11, , ,520, GREECE ALAPIS 394, , TERNA ENERGY 44, , ,046, HONG KONG CHAODA MODERN AGRICULTURE 400, , CHINA EVERBRIGHT INTL 915, , CHINA MOBILE ADR (R. 5 SHS) 26, ,376, GUANGDONG INVESTMENT 1,880, , ,147, HUNGARY EGIS 13, ,494, GEDEON RICHTER 7, ,766, ,260, INDIA DR REDDY S LAB ADR (R. 1 SHS) 64, ,095, JAIN IRRIGATION SYSTEMS 24, , MCLEOD RUSSEL INDIA DEMAT. 102, , RELIANCE COMMUNICATIONS DEMAT. 178, , UNITED PHOSPHORUS DEMAT. 209, , ,813, INDONESIA BISI INTERNATIONAL 2,213, , PT SAMPOERNA AGRO 2,209, , ,225, IRELAND ORIGIN ENTERPRISES 21, , SMURFIT KAPPA 61, , ,

175 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets ISRAEL BEZEQ ISRAEL TELECOMMUNICATION 413, ,035, CHECK POINT SOFTWARE TECHNOLOGIES 15, , NICE SYSTEMS ADR (R. 1 SHS) 11, , RADWARE 15, , TEVA PHARMACEUTICAL ADR 75, ,948, ,457, ITALY BULGARI 60, , DAVIDE CAMPARI 119, , HERA 229, , LUXOTTICA GROUP 19, , PARMALAT 197, , SNAM RETE GAS 165, , YOOX 105, ,062, ,631, JAPAN DAISEKI 21, , DENSO 16, , DISCO 11, , KURITA WATER INDUSTRIES 52, ,462, NICHI-IKO PHARMACEUTICAL 56, ,966, NINTENDO 3, , NIPPON PAPER GROUP 19, , NIPPON SUISAN KAISHA 150, , OJI PAPER 120, , RAKUTEN , SAKATA SEED 24, , SAWAI PHARMACEUTICAL 21, ,946, SOFTBANK 14, , STELLA CHEMIFA 11, , TOWA PHARMACEUTICAL 34, ,928, TOYO SUISAN KAISHA 23, , UBE INDUSTRIES 137, , ,971, LITHUANIA LINAS AGRO GROUP 341, , , LUXEMBOURG L OCCITANE INTL (HKD) 308, , MHP GDR (R.1 SHS) 29, , SES GLOBAL FDR 33, , ,127, MEXICO GROUPO CONTINENTAL 57, , , NETHERLANDS AALBERTS INDUSTRIES 4, , ASTARTA HOLDING (PLN) 8, , CNH GLOBAL (USD) 24, , CSM 21, ,

176 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets GEMALTO 9, , KONINKLIJKE KPN NV 71, ,119, NUTRECO HOLDING 7, , SENSATA TECHNOLOGIE 19, , ,370, NORWAY ALGETA 56, , AUSTEVOLL SEAFOOD 73, , CERMAQ 84, , RENEWABLE ENERGY CORPORATION 175, , YARA INTERNATIONAL 44, ,084, ,018, PHILIPPINES MANILA WATER COMPANY 609, , , PORTUGAL PORTUCEL 204, , , RUSSIA CHERKIZOVO GP. GDR (R SH S) 19, , PHARMSTANDARD OKTYABR -GDR- (USD) 118, ,637, RUSHYDRO OJSC (USD) 15,393, , ,810, SINGAPORE BANYAN TREE 739, , EPURE INTL 679, , FIRST RESOURCES 831, , HYFLUX 195, , INDOFOOD AGRI RESOURCES 309, , OLAM INTERNATIONAL 371, , WILMAR INTERNATIONAL 125, , ,170, SLOVENIA KRKA 18, ,586, ,586, SOUTH AFRICA ASPEN PHARMACARE 170, ,302, MTN GROUP 69, ,248, SAPPI 107, , ,104, SOUTH KOREA NHN 3, , WOONG JIN COWAY 23, , ,487, SPAIN ACCIONA 12, ,052, EDP RENOVAVEIS 227, ,292, FLUIDRA 39, ,

177 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets IBERDROLA RENOVABLES 630, ,109, PROSEGUR NOM. 7, , ,027, SWEDEN ACTIVE BIOTECH 41, , ASSA ABLOY B 65, ,667, HOLMEN B 26, , SVENSKA CELLULOSA B 148, ,279, ,517, SWITZERLAND ACINO HOLDING 5, , BASILEA PHARMACEUTICA NOM. 26, ,676, BUCHER INDUSTRIES 4, , CIE FINANCIERE RICHEMONT 39, ,907, GEBERIT 9, ,667, KABA HOLDING NOM. 1, , KUONI REISEN HOLDING NOM. B 2, ,122, LONZA GROUP 25, ,187, S.G.S. S.A ,363, SONOVA HOLDING NOM. 4, , SYNGENTA AG 5, ,411, THE SWATCH GROUP 7, ,610, TYCO INTERNATIONAL NOM. 28, ,066, ,190, TAIWAN HIGH TECH COMPUTER 39, , SINO-AMERICAN SILLICON 173, , ,421, UNITED KINGDOM ASSOCIATED BRITISH FOODS 36, , AUTONOMY CORPORATION 57, ,633, BG GROUP 61, ,101, BURBERRY GROUP 158, ,571, DIAGEO 32, , EXPERIAN 154, ,698, G4S 169, , HALMA 84, , HIKMA PHARMACEUTICALS 252, ,882, INMARSAT 50, , INTERTEK GROUP 37, ,082, MONDI (GBP) 159, ,300, NORTHUMBRIAN WATER 239, ,287, PENNON GROUP 164, ,534, PLANT HEALTH CARE 213, , ROTORK 2, , SEVERN TRENT 92, ,953, SHIRE ADR (R. 3 SHS) 22, ,525, SMITHS GROUP 55, ,060, TATE & LYLE 108, , TEG GROUP 78, , TELECITY GROUP 229, ,891,

178 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED UTILITIES GROUP 210, ,914, VODAFONE GROUP AG 469, ,182, ZENERGY POWER 177, , ,822, UNITED STATES AFFYMAX 34, , ALEXION PHARMACEUTICALS 26, ,723, ALLERGAN 11, , AMAG PHARMACEUTICAL 60, ,081, AMAZON. COM 3, , AMERICAN PUBLIC EDUCATION 29, , AMERICAN STATES WATER 7, , AMERICAN SUPERCONDUCTOR 8, , AMERICAN WATER WORKS 103, ,386, AMGEN 72, ,975, APPLE 5, ,671, AQUA AMERICA 47, , ARCHER-DANIELS MIDLAND 85, ,779, ARIBA 37, , ARUBA NETWORKS 39, , AUTOLIV 23, ,516, AUXILIUM PHARMACEUTICALS 74, ,861, BALDOR ELECTRIC 13, , BIOMARIN PHARMACEUTICAL 98, ,192, BLACKBOARD 10, , BRUKER BIOSCIENCES 48, , BUCKEYE PARTNERS 5, , CADIZ 11, , CALGON CARBON 19, , CALIFORNIA WATER SERVICE 9, , CAPELLA EDUCATION 4, , CAVIUM NETWORKS 22, , CELGENE 77, ,478, CF INDUSTRIES HOLDINGS 17, ,780, CHESAPEAKE ENERGY 23, , CLARCOR 2, , CLEAN HARBORS 26, ,811, COACH 23, ,031, COMCAST A 27, , COMPELLENT TECHNOLOGIES 32, , COMSCORE 29, , COMVERGE 61, , CONCUR TECHNOLOGIES 13, , CORN PRODUCTS INTERNATIONAL 19, , COVANTA HOLDING 64, ,020, CREE 29, ,621, DANAHER 10, , DEAN FOODS 54, , DEERE 26, ,934, DELTIC TIMBER 33, ,520, DENDREON 53, ,226, DIGITAL REALTY TRUST 8, ,

179 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets DIONEX 6, , DIRECTV 25, ,060, DONALDSON 16, , DUPONT FABROS TECHNOLOGY 37, , EBAY 13, , ECOLAB 40, ,070, EMC 102, ,127, EMERGENCY MEDICAL SERVICES A 10, , ENERGY RECOVERY 4, , ENERNOC 24, , EQUINIX 17, ,838, ESTEE LAUDER A 9, , EXPEDIA 52, ,503, F5 NETWORKS 12, ,299, FIDELITY NATIONAL 47, ,310, FIRST SOLAR 6, , FLEXIBLE SOLUTIONS 17, , FLOWSERVE 2, , FORESTAR REAL ESTATE GP.-WHEN IS. 54, , FORTINET 22, , FRANKLIN ELECTRIC 14, , GENTEX 38, , GENZYME (GENERAL DIVISION) 37, ,701, GILEAD SCIENCES 60, ,171, GOOGLE A 2, ,544, GRAND CANYON EDUCATION 17, , GREIF A 10, , GSI COMMERCE 20, , HOSPIRA 39, ,273, HUMAN GENOME SCIENCES 86, ,479, HYATT A 43, ,642, IAC/INTERACTIVECORP W-ISSUED 49, ,309, ICF INTERNATIONAL 22, , ILLUMINA 38, ,911, INSITUFORM TECHNOLOGIES A 24, , INTERMUNE 76, ,012, INTERNATIONAL PAPER 54, ,172, INTUIT 18, , ITC HOLDINGS 18, ,140, ITRON 28, ,693, ITT 50, ,382, J&J SNACK FOODS 12, , JOHNSON CONTROLS 18, , JUNIPER NETWORKS 59, ,850, KIMBERLY CLARK 20, ,344, LIFE TECHNOLOGIES 73, ,476, LIFE TIME FITNESS 19, , LITTELFUSE 6, , LUMINEX 103, ,655, MAGELLAN MIDSTREAM PARTNERS 19, ,016, MARRIOTT INTERNATIONAL A 45, ,622, MAXWELL TECHNOLOGIES (USD) 40, ,

180 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets MEADWESTVACO 46, ,131, MEDIVATION 77, ,013, MEMC ELECTRONIC MATERIALS 130, ,551, MERCADOLIBRE 19, ,475, MICROMET 93, , MOMENTA PHARMACEUTICALS 48, , MOSAIC 36, ,248, MUELLER WATER PRODUCTS A 39, , MYLAN 195, ,668, MYRIAD GENETICS 48, , NALCO HOLDING 31, , NEOGEN 8, , NETAPP INC 53, ,724, NETFLIX 9, ,669, NEXTERA ENERGY 22, ,227, NII HOLDINGS B 22, , NIKE B 21, ,751, NORDSTROM 14, , NORTHWEST NATURAL GAS 11, , NUANCE COMMUNICATIONS 29, , ONYX PHARMACEUTICALS 91, ,434, ORMAT TECHNOLOGIES 56, ,649, PACKAGING CORP OF AMERICA 13, , PALL 18, , PENTAIR 44, ,505, PERRIGO 39, ,579, PG & E 17, , PHARMASSET 22, , PHILLIPS-VAN HEUSEN 19, ,127, PIEDMONT NATURAL GAS CO 18, , PLAINS ALL AMERICA PIPELINE 7, , PLUM CREEK TIMBER 84, ,977, POLO RALPH LAUREN A 13, ,223, POLYCOM 33, , POLYPORE 17, , POOL 12, , POPE RESOURCES 18, , POTLATCH 54, ,849, PROGENICS PHARM 54, , PUBLIC STORAGE 18, ,765, PULTE HOMES 95, , QUANTA SERVICES 42, , QWEST COMMUNICATIONS INT. 172, ,083, RACKSPACE HOSTING 37, , RAYONIER 59, ,977, REGAL-BELOIT 8, , REPUBLIC SERVICES 68, ,080, ROPER INDUSTRIES 30, ,010, SAKS 40, , SALESFORCE. COM 2, , SATCON TECHNOLOGY 25, , SAVIENT PHARMACEUTICALS 72, ,644,

181 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SEMPRA ENERGY 14, , SMITHFIELD FOODS 64, ,096, SOHU. COM 18, ,094, SOUTHWESTERN ENERGY 15, , SPECTRA ENERGY 44, ,003, STANLEY BLACK & DECKER 22, ,337, STARWOOD HOTELS & RESORTS 35, ,854, STERICYCLE 21, ,502, STR HOLDINGS 47, ,008, SUNPOWER B 28, , SYMANTEC 106, ,655, SYSCO 25, , TALEO A 32, , TARGACEPT 34, , TEMPLE-INLAND 55, ,048, TEMPUR-PEDIC INTERNATIONAL 19, , TETRA TECH 33, , THERMO FISHER SCIENTIFIC INC 22, ,093, TIFFANY 32, ,507, TORO 15, , TREEHOUSE FOODS 13, , TRW AUTOMOTIVE 26, ,098, UNITED THERAPEUTICS 70, ,925, VARIAN MEDICAL 32, ,958, VERIFONE HOLDINGS 45, ,335, VERTEX PHARMACEUTICALS 43, ,504, VMWARE 23, ,059, WABCO HOLDINGS 21, , WARNACO GROUP A 23, ,182, WASTE CONNECTIONS 8, , WASTE MANAGEMENT 34, ,240, WATERS 5, , WATSON PHARMACEUTICALS 34, ,487, WEYERHAEUSER 183, ,960, WILLIAMS COMPANIES 66, ,268, WILLIAMS-SONOMA 18, , XENOPORT 73, , YONGYE INTERNATIONAL 78, , ZHONGPIN INC 44, , ,435, TOTAL SHARES 463,701, WARRANTS NETHERLANDS ANTILLES AUROBINDO (ML) LEPO WTS , ,254, BIOCON (ML) LEPO WTS , ,085, CIPLA (ML) LEPO WTS , ,080, DIVI S LABO. (ML) LEPO WTS , ,026, LUPIN (ML) LEPO WTS , ,671, SUN PHARMA (ML) LEPO WTS , , ,956,

182 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED KINGDOM ALMARAI (DB) LEPO WTS , , ALMARAI (DBL) LEPO WTS , SUN PHARMA. (DB) LEPO WTS , , ,814, TOTAL WARRANTS 8,770, TOTAL I. 472,472, II. OTHER TRANSFERABLE SECURITIES SHARES NETHERLANDS ARCADIS 6, , , PORTUGAL KIWI II VENT. PREF A UNITED STATES IBIQUITY DIGITAL PREF A REST. 8, INTARCIA THERAPEUTICS PREF AA 4, , INTARCIA THERAPEUTICS PREF BB-1 2, , INTARCIA THERAPEUTICS PREF BB-2 5, , METABOLEX PFD E1 6, , METABOLEX PREF A METABOLEX PREF B1 55, , METABOLEX PREF D1 8, , PTC THERAPEUTICS PREF C 14, , PTC THERAPEUTICS PREF CV E-2 1, , PTC THERAPEUTICS PREF D 11, , UNDERGROUND SOLUTIONS 937, , WORLDCOM-MCI GROUP , TOTAL SHARES 406, RIGHTS FRANCE REMY COINTREAU RTS , , , TOTAL RIGHTS 8, BONDS CANADA 10% HIGHPOINT TEL. II CV 00/04 USD 72, TOTAL BONDS

183 Pictet - Global Megatrend Selection AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets WARRANTS UNITED KINGDOM EQUATORIAL PAL OIL WTS , UNITED STATES FLEXIBLE SOLUTIONS WTS INTARCIA THERAP. PFD BB-2 WTS (Securities to receive) INTARCIA THERAP. PFD WTS , METABOLEX D1 (C-0. 38) WTS , PERFECTENERGY WTS , TOTAL WARRANTS TOTAL II. 414, III. UNITS OF INVESTMENT FUNDS UNITED KINGDOM PHAUNOS TIMBER FUND 645, , , TOTAL III. 461, TOTAL INVESTMENTS 473,347, CASH AT BANKS 14,438, OTHER NET LIABILITIES -2,416, TOTAL NET ASSETS 485,369,

184 Pictet - Global Megatrend Selection GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) United States United Kingdom 6.42 France 4.87 Cayman Islands 3.87 Switzerland 3.54 Canada 3.16 Brazil 3.12 Japan 2.88 Germany 2.58 Netherlands Antilles 1.43 Israel 1.33 Bermuda 1.30 Chile 1.25 Finland 1.22 Sweden 1.14 Spain 1.04 Norway 1.03 Austria 1.01 India 0.99 Italy 0.96 Netherlands 0.93 Denmark 0.90 Singapore 0.86 South Africa 0.85 Russia 0.79 Hungary 0.67 Hong Kong 0.65 Luxembourg 0.43 Australia 0.40 China 0.34 Belgium 0.35 Slovenia 0.33 South Korea 0.31 Taiwan 0.29 Indonesia 0.25 Greece 0.22 British Virgin Islands 0.16 Bahamas 0.15 Ireland 0.14 Portugal 0.12 Egypt 0.06 Lithuania 0.05 Philippines 0.05 Mexico Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Utilities 8.92 Paper and forest products 6.81 Internet, software and IT services 5.90 Electronics and electrical equipment 5.67 Biotechnology 5.62 Food and soft drinks 3.92 Holding and financial companies 3.43 Communications 3.37 Textiles and clothing 3.35 Chemicals 3.19 Computer and office equipment 3.03 Miscellaneous services 2.87 Construction of machines and appliances 2.84 Agriculture and fishing 2.31 Environmental and recycling services 2.15 Gastronomy 2.10 Road vehicles 1.58 Miscellaneous 1.57 Miscellaneous consumer goods 1.41 Environmental conservation and waste management 1.29 Construction and building materials 1.14 Retail and supermarkets 1.13 Real estate companies 1.02 Warrants 0.97 Packaging 0.93 Tobacco and alcohol 0.69 Oil 0.66 Miscellaneous trade 0.57 Watch-making 0.54 Transport and freight 0.45 Banks and credit institutions 0.35 Leisure 0.33 Publishing and graphic arts 0.33 Conglomerates 0.26 Photography and optics 0.23 Aeronautics and astronautics 0.22 Mining and steelworks 0.12 Public healthcare and social services 0.11 Units of investment funds 0.10 Rights 0.00 Corporate bonds

185 Pictet - Middle East And North Africa AS AT SEPTEMBER 30, 2010 (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 EGYPT CITADEL CAPITAL 102, , COMMERCIAL INTERNATIONAL BANK 103, , EFG-HERMES 49, , EL EZZ STEEL REBARS 61, , GHABBOUR AUTO 29, , NATIONAL SOCIETE GENERALE BANK 39, , ORASCOM CONSTRUCTION INDUST. NOM. 16, , ORASCOM TELECOM 515, , TELECOM EGYPT 54, , TMG HOLDING 302, , ,595, JORDAN ARAB BANK 12, , , KUWAIT BURGAN BANK 324, , KUWAIT FINANCE HOUSE 186, , KUWAIT INVESTMENT PROJECTS 279, , MOBILE TELECOMMUNICATION 501, ,393, NATIONAL BANK OF KUWEIT 363, ,912, NATIONAL INDUSTRIES 210, , NATIONAL MOBILE TELECOM 50, , ,687, LEBANON BLOM BANK B GDR (R. 1 SHS B ) 2, , LEBANESE CO. DEV. A GDR (R. 10 SHS) 19, , , MOROCCO ATTIJARIWAFA BANK 7, , DOUJA PROMOTION GRO. ADDOHA MAROC 22, , , OMAN BANKMUSCAT 202, , , QATAR COMMERCIAL BANK OF QUATAR 34, , DOHA BANK 18, , INDUSTRIES OF QATAR 8, , QATAR ELECTRICITY AND WATER 17, , QATAR GAS TRANS 27, , QATAR ISLAMIC BANK 12, , QATAR NATIONAL BANK 20, , QATAR TELECOM 11, , ,681,

186 Pictet - Middle East And North Africa AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets TUNISIA POULINA GROUP 26, , TUNISIE PROFILES ALUMINIUM 13, , , UNITED ARAB EMIRATES ABU DHABI COMMERCIAL BANK 266, , ALDAR PROPERTIES 453, , ARAMEX 270, , DANA GAS 553, , DEPA 209, , DP WORLD 813, , DRAKE & SCULL INTL 1,159, , EMAAR PROPERTIES 1,059, ,076, FIRST GULF BANK 52, , NATIONAL BANK OF ABU DHABI 78, , ,149, TOTAL SHARES 19,204, BONDS NETHERLANDS 0% MS (SAUDI PETRO) ELN 10/13 USD 29, , AL-RAHJI BANK (MS) P.NOTE USD 61, ,291, ,485, UNITED KINGDOM 0% HSBC (SAUDI) ELN 08/11 USD 64, , ALMARAI (HSBC) ELN 08/11 USD 6, , SAMBA FINANC. (HSBC) ELN 08/11 USD 30, , SAUDI BAS. IND (CSI) P. NOTE USD 71, ,701, SAUDI ELECTRIC (HSBC) ELN USD 47, , YANBU NTL. PET. (HSBC) ELN 10/13 USD 50, , ,634, TOTAL BONDS 5,119, CERTIFICATES UNITED KINGDOM ADVANCED P.(CS)P-NOTE CRT , , , UNITED STATES SAUDI TELECOM (CITI) CRT , , , TOTAL CERTIFICATES 377, WARRANTS UNITED KINGDOM ALINMA BANK (DB) LEPO WRT , , AMIANTIT (DB) LEPO WRT , , SAUDI CEMENT (DB) LEPO WRT , , ,

187 Pictet - Middle East And North Africa AS AT SEPTEMBER 30, 2010 (EXPRESSED IN USD) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED STATES ETIHAD ETIS (CITI) LEPO WRT , , , TOTAL WARRANTS 1,186, TOTAL I. 25,889, II. OTHER TRANSFERABLE SECURITIES CERTIFICATES BERMUDA RIYAD BANK (CLSA) CRT 09/14 69, , , TOTAL CERTIFICATES 523, BONDS BERMUDA JARIR (CLSA FIN.) ELN 10/14 USD 5, , SAVOLA (CLSA) ELN 09/14 USD 21, , , TOTAL BONDS 429, TOTAL II. 952, TOTAL INVESTMENTS 26,841, CASH AT BANKS 170, OTHER NET LIABILITIES -67, TOTAL NET ASSETS 26,945,

188 Pictet - Middle East And North Africa GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Kuwait United Kingdom Qatar Egypt United Arab Emirates Netherlands 5.51 Bermuda 3.54 United States 3.03 Lebanon 2.41 Morocco 2.13 Oman 1.66 Tunisia 0.89 Jordan Industrial classification (in % of net assets) Banks and credit institutions Communications Corporate bonds Real estate companies 8.90 Miscellaneous services 4.98 Warrants 3.94 Utilities 3.69 Certificates 3.35 Holding and financial companies 2.31 Transport and freight 1.57 Food and soft drinks 1.25 Construction of machines and appliances 1.08 Oil 1.00 Road vehicles 0.85 Mining and steelworks 0.77 Agriculture and fishing 0.67 Miscellaneous 0.60 Stainless steel

189 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (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 AUSTRALIA TASSAL GROUP 69, , TELSTRA 49, , TFS CORP 166, , , AUSTRIA ANDRITZ 4, , AUSTRIAMICROSYSTEMS 70, ,856, BWT 1, , INTERCELL 10, , MAYR-MELNHOF KARTON 1, , TELEKOM AUSTRIA 34, , VOEST-ALPINE 4, , ,866, BAHAMAS STEINER LEISURE 3, , , BELGIUM ANHEUSER-BUSH INBEV 2, , BELGACOM 6, , COLRUYT (ETABLISSEMENTS FR.) , FORTIS 97, , GROUPE DELHAIZE 6, , HANSEN TRANSMISSIOMS INTER. (GBP) 15, , MOBISTAR 4, , SIPEF 1, , SOLVAY 1, , TELENET GROUP HOLDING 6, , U.C.B. 12, , UMICORE 4, , ,072, BERMUDA BEIJING ENTERPRISES WATER 139, , BROOKFIELD INFRASTRUCTURE 7, , BUNGE 6, , CATLIN GROUP 36, , CHINA GREEN HOLDINGS 45, , CHINA YURUN FOOD 51, , MANDARIN ORIENTAL INTERNATIONAL 69, , NINE DRAGONS PAPER 36, , PURECIRCLE (GBP) 200, , SINOFERT HOLDINGS 176, , TRINITY 57, , ,334,

190 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets BRAZIL ALL AMERICA LATINA LOGIS. 4PREF+1SH 21, , CEMIG MINAS GERAIS PREF 29, , CIA SANEAMENTO MG 10, , DURATEX SA 29, , FIBRIA ADR (R. 1 SHS) 27, , JBS 46, , KLABIN 38, , MINERVA 25, , SABESP 12, , SABESP ADR (R.2 SHS) 1, , SUZANO PAPEL A PREF 34, , TRACTEBEL ENERGIA 7, , ,071, BRITISH VIRGIN ISLANDS RENESOLA ADR (R.2 SHS) 11, , , CANADA 5N PLUS 16, , ACADIAN TIMBER 12, , AGRIUM (USD) 2, , BIOEXX SPECIALTY PROTEINS 35, , BIOTEQ ENVIRONMENTAL TECHN. 19, , BORALEX A 15, , CARDIOME PHARMA (USD) 15, , CASCADES 3, , GENESIS WORLDWIDE CANADA 3, H2O INNOVATION 10, , IESI-BFC (USD) 2, , INNERGEX RENEWABLE ENERGY 8, , MAGMA ENERGY 50, , MIGAO 11, , PLUTONIC POWER 19, , POTASH SASKATCHEWAN (CAD) 2, , PURE TECHNOLOGIES 8, , RESEARCH IN MOTION 5, , ROGERS COMMUNICATIONS B 5, , SEAIR 1, SINO FOREST 26, , STANTEC (CAD) 4, , SUNOPTA (CAD) 15, , TELUS -NVTG- 2, , TIMBERWEST FOREST CORP 24, , WEST FRASER TIMBER 1, , WESTPORT INNOVATIONS 2, , ,113, CAYMAN ISLANDS 3SBIO ADR (R.7 SHS) 14, , ALIBABA.COM 53, , BAIDU.COM ADR A (R. 1 SHS A ) 2, , BELLE INTERNATIONAL 51, ,

191 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CATCH THE WIND (CAD) 45, , CHINA HIGH SPEED TRANSMISSION 79, , CHINA MENGNIU DAIRY 39, , CONSOLIDATED WATER 2, , CTRIP.COM INTL ADR (R. 1/2 SHS) 3, , DACHAN FOOD ASIA 323, , EURASIA DRILLING GDR (R. 1 SHS) 20, , FOCUS MEDIA ADR (R.5 SHS) 8, , GCL-POLY ENERGY HOLDINGS 387, , JA SOLAR HOLDINGS ADR (REPR. 3SHS) 25, , LEE & MAN PAPER MANUFACTURING 96, , NETEASE.COM ADR (R. 25 SHS) 3, , NEW ENVIRONMENTAL ENERGY HOLDINGS 118, , PERFECT WORLD ADR (R.5 SHS B ) 2, , SIMCERE PHARMACEUTIC ADR (R.2 SHS) 12, , SINA 2, , TECENT HOLDINGS 9, , TRINA SOLAR ADR (R. 100 SHS) 5, , WANT WANT CHINA 118, , WASION GROUP 120, , WYNN MACAU 141, , XINYU HENGDELI HLGDS 390, , YINGLI GREEN ADR (R. 1 SHS) 12, , ,920, CHILE COPEC 18, , EMPRESAS CMPC 9, , INVERSIONES AGUAS METROPOL 129, , MASISA 677, , , CHINA CHINA BLUECHEMICAL H 135, , CHINA MINZHONG FOOD 97, , PORTS DESIGN 43, , , DENMARK AURIGA INDUSTRIES B 5, , CHRISTIAN HANSEN HOLDING 76, ,113, COLOPLAST B 2, , DANISCO , NOVO NORDISK B 10, , VESTAS WIND SYSTEMS NOM. 3, , ,254, EGYPT EGYPTIAN CO MOBILE 1, , , FINLAND FORTUM 15, , KEMIRA 2, , NOKIA 66, , ORION B 12, ,

192 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets STORA ENSO R 28, , UPM-KYMMENE 32, , ,605, FRANCE AIR LIQUIDE 4, , AXA 10, , BIC 3, , BIOMERIEUX 2, , BNP PARIBAS 29, ,576, BOUYGUES 4, , BUREAU VERITAS 3, , CARREFOUR 3, , DANONE GROUPE 7, , DIOR CHRISTIAN 4, , EDF ENERGIES NOUVELLES 5, , ELECTRICITE DE FRANCE 28, , ESSILOR INTERNATIONAL 7, , EUROFINS SCIENTIFIC 2, , GAMELOFT 14, , GDF SUEZ 4, , HERMES INTERNATIONAL 1, , INTER PARFUMS 4, , IPSEN 6, , L.V.M.H. 9, ,008, LAURENT PERRIER 1, , LEGRAND 5, , L OREAL 6, , NEOPOST 3, , PERNOD-RICARD 1, , PPR 2, , REMY COINTREAU 2, , RENAULT 18, , SAFT GROUPE 3, , SANOFI-AVENTIS 8, , SCHNEIDER ELECTRIC S.A. 2, , SECHILIENNE-SIDEC 4, , SELOGER.COM 1, , SOCIETE GENERALE 18, , SUEZ ENVIRONNEMENT 20, , TOTAL 35, ,358, VEOLIA ENVIRONNEMENT 11, , VINCI 25, , VIVENDI 10, , ,772, GERMANY ADIDAS 19, , ALLIANZ NOM. 7, , ASIAN BAMBOO 1, , B.M.W. 5, , BASF REG. 5, , BEIERSDORF 3, , DAIMLER NOM. (EUR) 22, ,040,

193 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets DEUTSCHE BANK NOM. 3, , DEUTSCHE BOERSE NOM. 7, , DEUTSCHE POST NOM. 40, , DEUTSCHE TELEKOM NOM. 40, , FRESENIUS 1, , FRESENIUS MEDICAL CARE 21, , FRESENIUS PREF 1, , HEIDELBERGCEMENT 11, , HENKEL 6, , JOYOU 1, , K & S 5, , KSB PREF N-VTG , KTG AGRAR 2, , LINDE 3, , MAN AG 8, , METRO 1, , MUENCHENER RUECKVER. NOM. 4, , ROTH & RAU 1, , SAP AG (EUR) 17, , SIEMENS AG 4, , SMA SOLAR TECHNOLOGY 1, , STADA ARZNEIMITTEL NOM. 5, , STROEER OUT-OF-HOME MEDIA 15, , VOLKSWAGEN (EUR) 1, , VOLKSWAGEN PREF 1, , WACKER CHEMIE 1, , WINCOR NIXDORF 9, , WIRECARD 2, , ,984, GREECE ALAPIS 75, , NATIONAL BANK OF GREECE REG TERNA ENERGY 8, , , GUERNSEY GOTTEX FUND MANAGEMENT HOLDINGS , , HONG KONG CHAODA MODERN AGRICULTURE 77, , CHINA EVERBRIGHT INTL 168, , CHINA MOBILE ADR (R. 5 SHS) 5, , GUANGDONG INVESTMENT 346, , , HUNGARY EGIS 2, , GEDEON RICHTER 1, , , INDIA DR REDDY S LAB ADR (R. 1 SHS) 12, , JAIN IRRIGATION SYSTEMS 4, , MCLEOD RUSSEL INDIA DEMAT. 19, ,

194 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets RELIANCE COMMUNICATIONS DEMAT. 33, , UNITED PHOSPHORUS DEMAT. 40, , , INDONESIA BISI INTERNATIONAL 430, , PT SAMPOERNA AGRO 430, , , IRELAND KERRY GROUP A 7, , ORIGIN ENTERPRISES 4, , SMURFIT KAPPA 11, , , ISRAEL BEZEQ ISRAEL TELECOMMUNICATION 78, , CHECK POINT SOFTWARE TECHNOLOGIES 3, , NICE SYSTEMS ADR (R. 1 SHS) 2, , RADWARE 2, , TEVA PHARMACEUTICAL ADR 14, , , ITALY A2A 106, , ASSICURAZIONI GENERALI 13, , ASTALDI 168, , ATLANTIA 9, , BANCO POPOLARE 28, , BULGARI 11, , BUZZI UNICEM 56, , BUZZI UNICEM RISP 34, , DANIELI & C. OFF. MECC. RNC 95, , DAVIDE CAMPARI 22, , ENI 56, , HERA 42, , INTESA SANPAOLO 54, , INTESA SANPAOLO (AZ. DI RISO.) 519, , LUXOTTICA GROUP 3, , PARMALAT 38, , PIRELLI & CIE 124, , PRYSMIAN 26, , SNAM RETE GAS 82, , T.E.R.N.A. 58, , UNICREDITO ITALIANO SPA 659, ,214, YOOX 19, , ,275, JAPAN DAISEKI 3, , DENSO 3, , DISCO 2, , KURITA WATER INDUSTRIES 9, , NICHI-IKO PHARMACEUTICAL 10, , NINTENDO , NIPPON PAPER GROUP 3, ,

195 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets NIPPON SUISAN KAISHA 29, , OJI PAPER 22, , RAKUTEN , SAKATA SEED 4, , SAWAI PHARMACEUTICAL 4, , SOFTBANK 2, , STELLA CHEMIFA 2, , TOWA PHARMACEUTICAL 6, , TOYO SUISAN KAISHA 4, , UBE INDUSTRIES 25, , ,936, JERSEY WPP 16, , , LITHUANIA LINAS AGRO GROUP 66, , , LUXEMBOURG ARCELOR MITTAL 10, , L OCCITANE INTL (HKD) 56, , MHP GDR (R. 1 SHS) 5, , MILLICOM INTL CELLULAR-SDR- 8, , SES GLOBAL FDR 6, , ,185, MEXICO GROUPO CONTINENTAL 10, , , NETHERLANDS AALBERTS INDUSTRIES , AEGON 22, , ARCADIS 1, , ASTARTA HOLDING (PLN) 1, , CNH GLOBAL (USD) 4, , CSM 4, , GEMALTO 1, , HEINEKEN 5, , KONINKLIJKE AHOLD 27, , KONINKLIJKE DSM 4, , KONINKLIJKE KPN NV 13, , NUTRECO HOLDING 1, , ROYAL PHILIPS (EUR) 8, , SENSATA TECHNOLOGIE 3, , TNT 5, , UNILEVER NV (EUR) 9, , ,860, NORWAY ALGETA 10, , AUSTEVOLL SEAFOOD 14, , CERMAQ 16, , DNB NOR 11, , ORKLA 22, ,

196 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets RENEWABLE ENERGY CORPORATION 32, , TELENOR 10, , YARA INTERNATIONAL 8, , ,107, PHILIPPINES MANILA WATER COMPANY 112, , , PORTUGAL EDP (ELECTRIC. DE PORTUGAL) NOM. 63, , JERONIMO MARTINS 6, , PORTUCEL 38, , , RUSSIA CHERKIZOVO GP. GDR (R SH S) 3, , PHARMSTANDARD OKTYABR -GDR- (USD) 22, , RUSHYDRO OJSC (USD) 2,819, , , SINGAPORE BANYAN TREE 136, , EPURE INTL 125, , FIRST RESOURCES 161, , HYFLUX 36, , INDOFOOD AGRI RESOURCES 60, , OLAM INTERNATIONAL 72, , WILMAR INTERNATIONAL 24, , , SLOVENIA KRKA 3, , , SOUTH AFRICA ASPEN PHARMACARE 32, , MTN GROUP 13, , SAPPI 20, , , SOUTH KOREA NHN , WOONG JIN COWAY 4, , , SPAIN ACCIONA 2, , AMADEUS IT HOLDING A 59, , BANCO SANTANDER 123, ,140, BCO BILBAO VIZCAYA ARGENT. NOM. 25, , EDP RENOVAVEIS 60, , FLUIDRA 7, , GRIFOLS A 21, , IBERDROLA RENOVABLES 131, , INDITEX NOM. 3, , PROSEGUR NOM. 1, , RED ELECTRICA CORP 5, ,

197 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets REPSOL YPF 11, , SOL MELIA 47, , TELEFONICA 92, ,682, ,837, SWEDEN ACTIVE BIOTECH 7, , ASSA ABLOY B 19, , ERICSSON TELEFON B 15, , HENNES & MAURITZ B 6, , HOLMEN B 4, , MODERN TIMES GROUP B 9, , NORDEA BANK 20, , SKF B 9, , SVENSKA CELLULOSA B 27, , SVENSKA HANDELSBANKEN A 5, , TELIASONERA (SEK) 50, , ,444, SWITZERLAND ABB LTD 149, ,333, ACINO HOLDING 14, ,033, ACTELION NOM. 15, , ADECCO NOM. 31, ,223, AFFICHAGE HOLDING 2, , ARYZTA NOMINATIVE 26, , BALOISE-HOLDING AG 25, ,689, BANQUE SARASIN NOM B 14, , BASILEA PHARMACEUTICA NOM. 5, , BELIMO HOLDING , BOBST GROUP 17, , BUCHER INDUSTRIES , BURCKHARDT COMPRESSION HOLDING 4, , CIE FINANCIERE RICHEMONT 20, , COMET HOLDING NOM. 4, , CREDIT SUISSE GROUP 60, ,941, DUFRY 3, , GAM HOLDING NOM. 195, ,182, GEBERIT 22, ,999, GIVAUDAN NOM. 2, ,619, GOLDBACH MEDIA 16, , HELVETIA PATRIA NOM. 7, ,938, HOLCIM LTD 11, , INFICON HOLDING 14, ,496, JULIUS BAER GROUPE NOM. 31, , KABA HOLDING NOM , KARDEX NOM. 57, ,104, KUDELSKI 34, , KUEHNE & NAGEL INTERNATIONAL 16, ,497, KUONI REISEN HOLDING NOM. B 8, ,688, LIFEWATCH 102, , LINDT & SPRUENGLI ,313, LOGITECH INTERNATIONAL 265, ,262, LONZA GROUP 4, ,

198 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets MEYER BURGER TECHNOLOGY 89, ,084, NESTLE S.A. 268, ,568, NOBEL BIOCARE HOLDING 149, ,041, NOVARTIS AG 151, ,434, ORIOR 3, , PARGESA HOLDING 7, , PARTNERS GROUP HOLDING NOM. 26, ,190, ROCHE HOLDING BON JCE 46, ,584, S.G.S. S.A. 1, ,506, SCHINDLER HOLDING B. PART. 23, ,856, SCHINDLER HOLDING NOM. 9, , SCHULTHESS GROUP NOM. 31, , SCHWEITER TECHNOLOGIES 1, , SIKA FINANZ PORT ,284, SONOVA HOLDING NOM. 40, ,686, STRAUMANN HOLDING NOM. (NEW) 10, ,766, SUISSE REASSURANCE 13, , SWISSCOM NOM , SWISSLOG HOLDING NOM. 1,873, ,125, SYNGENTA AG 4, , TECAN GROUP NOM. 44, ,218, TEMENOS GROUP NOM. 129, ,927, THE SWATCH GROUP 4, ,225, THE SWATCH GROUP NOM. 57, ,877, TRANSOCEAN 15, , TYCO INTERNATIONAL NOM. 5, , UBS AG 293, ,766, VALORA HOLDING NOM. 7, ,326, VZ HOLDING NOM. 9, , WINTERTHUR TECHNOLOGIE 19, , ZURICH FINANCIAL SERVICES 15, ,767, ,362, TAIWAN HIGH TECH COMPUTER 7, , SINO-AMERICAN SILLICON 31, , , TURKEY KOC HOLDING 110, , , UNITED KINGDOM ASSOCIATED BRITISH FOODS 30, , ASTRAZENECA (GBP) 10, , AUTONOMY CORPORATION 37, , AVIVA 37, , BARCLAYS 52, , BG GROUP 82, ,081, BHP BILLITON (GBP) 23, , BP PLC 63, , BRITISH AMERICAN TOBACCO 31, , BT GROUP 63, , BUNZL 21, , BURBERRY GROUP 40, ,

199 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CAIRN ENERGY 19, , CAPITA GROUP 34, , CARNIVAL 18, , CENTRICA 80, , COMPASS GROUP 56, , DIAGEO 37, , EXPERIAN 29, , G4S 32, , GLAXOSMITHKLINE 34, , HALMA 16, , HIKMA PHARMACEUTICALS 48, , HOME RETAIL GROUP 87, , HSBC HOLDINGS 72, , INMARSAT 9, , INTERNATIONAL POWER 122, , INTERTEK GROUP 7, , INVESTEC 17, , LAND SECURITIES GROUP 20, , MAN GROUP 178, , MEGGITT 124, , MITIE 260, , MONDI (GBP) 29, , MORRISON WM. SUPERMARKETS 54, , NATIONAL GRID 149, , NORTHUMBRIAN WATER 44, , PEARSON 16, , PENNON GROUP 30, , PLANT HEALTH CARE 41, , PRUDENTIAL 19, , RECKITT BENCKISER 10, , REXAM 24, , RIO TINTO NOM. 17, , ROTORK , ROYAL DUTCH SHELL A 38, , ROYAL DUTCH SHELL B 14, , SABMILLER (GBP) 7, , SAGE GROUP 47, , SCOTTISH & SOUTHERN ENERGY 21, , SEVERN TRENT 29, , SHIRE ADR (R. 3 SHS) 4, , SMITHS GROUP 10, , SOCO INTERNATIONAL 62, , STANDARD CHARTERED PLC 10, , TATE & LYLE 21, , TEG GROUP 14, , TELECITY GROUP 43, , TESCO 78, , THOMAS COOK GROUP 269, , TULLOW OIL 52, , UNILEVER NEW (GBP) 12, , UNITED UTILITIES GROUP 66, , VODAFONE GROUP AG 956, ,761,

200 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets WH SMITH (NEW ISSUE) 100, , WHITBREAD 18, , ZENERGY POWER 32, , ,110, UNITED STATES AFFYMAX 6, , ALEXION PHARMACEUTICALS 5, , ALLERGAN 2, , AMAG PHARMACEUTICAL 11, , AMAZON.COM , AMERICAN PUBLIC EDUCATION 5, , AMERICAN STATES WATER 1, , AMERICAN SUPERCONDUCTOR 1, , AMERICAN WATER WORKS 19, , AMGEN 13, , APPLE 1, , AQUA AMERICA 8, , ARCHER-DANIELS MIDLAND 16, , ARIBA 7, , ARUBA NETWORKS 7, , AUTOLIV 4, , AUXILIUM PHARMACEUTICALS 14, , BALDOR ELECTRIC 2, , BIOMARIN PHARMACEUTICAL 18, , BLACKBOARD 1, , BRUKER BIOSCIENCES 9, , BUCKEYE PARTNERS 1, , CADIZ 2, , CALGON CARBON 3, , CALIFORNIA WATER SERVICE 1, , CAPELLA EDUCATION , CAVIUM NETWORKS 4, , CELGENE 14, , CF INDUSTRIES HOLDINGS 3, , CHESAPEAKE ENERGY 4, , CLARCOR , CLEAN HARBORS 5, , COACH 4, , COMCAST A 5, , COMPELLENT TECHNOLOGIES 6, , COMSCORE 5, , COMVERGE 11, , CONCUR TECHNOLOGIES 2, , CORN PRODUCTS INTERNATIONAL 3, , COVANTA HOLDING 11, , CREE 5, , DANAHER 1, , DEAN FOODS 10, , DEERE 5, , DELTIC TIMBER 6, , DENDREON 10, , DIGITAL REALTY TRUST 1, ,

201 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets DIONEX 1, , DIRECTV 4, , DONALDSON 2, , DUPONT FABROS TECHNOLOGY 7, , EBAY 2, , ECOLAB 7, , EMC 19, , EMERGENCY MEDICAL SERVICES A 2, , ENERGY RECOVERY , ENERNOC 4, , EQUINIX 3, , ESTEE LAUDER A 1, , EXPEDIA 10, , F5 NETWORKS 2, , FIDELITY NATIONAL 9, , FIRST SOLAR 1, , FLEXIBLE SOLUTIONS 3, , FLOWSERVE , FORESTAR REAL ESTATE GP. 10, , FORTINET 4, , FRANKLIN ELECTRIC 2, , GENTEX 7, , GENZYME (GENERAL DIVISION) 7, , GILEAD SCIENCES 11, , GOOGLE A , GRAND CANYON EDUCATION 3, , GREIF A 2, , GSI COMMERCE 3, , HOSPIRA 7, , HUMAN GENOME SCIENCES 16, , HYATT A 8, , IAC/INTERACTIVECORP 9, , ICF INTERNATIONAL 4, , ILLUMINA 7, , INSITUFORM TECHNOLOGIES A 4, , INTERMUNE 14, , INTERNATIONAL PAPER 10, , INTUIT 3, , ITC HOLDINGS 3, , ITRON 5, , ITT 9, , J&J SNACK FOODS 2, , JOHNSON CONTROLS 3, , JUNIPER NETWORKS 11, , KIMBERLY CLARK 3, , LIFE TECHNOLOGIES 13, , LIFE TIME FITNESS 3, , LITTELFUSE 1, , LUMINEX 19, , MAGELLAN MIDSTREAM PARTNERS 3, , MARRIOTT INTERNATIONAL A 8, , MAXWELL TECHNOLOGIES (USD) 7, ,

202 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets MEADWESTVACO 8, , MEDIVATION 14, , MEMC ELECTRONIC MATERIALS 23, , MERCADOLIBRE 3, , MICROMET 17, , MOMENTA PHARMACEUTICALS 9, , MOSAIC 7, , MUELLER WATER PRODUCTS A 7, , MYLAN 37, , MYRIAD GENETICS 9, , NALCO HOLDING 5, , NEOGEN 1, , NETAPP INC 10, , NETFLIX 1, , NEXTERA ENERGY 4, , NII HOLDINGS B 4, , NIKE B 4, , NORDSTROM 2, , NORTHWEST NATURAL GAS 2, , NUANCE COMMUNICATIONS 5, , ONYX PHARMACEUTICALS 17, , ORMAT TECHNOLOGIES 10, , PACKAGING CORP OF AMERICA 2, , PALL 3, , PENTAIR 8, , PERRIGO 7, , PG & E 3, , PHARMASSET 4, , PHILLIPS-VAN HEUSEN 3, , PIEDMONT NATURAL GAS CO 3, , PLAINS ALL AMERICA PIPELINE 1, , PLUM CREEK TIMBER 15, , POLO RALPH LAUREN A 2, , POLYCOM 6, , POLYPORE 3, , POOL 2, , POPE RESOURCES 3, , POTLATCH 10, , PROGENICS PHARM 10, , PUBLIC STORAGE 3, , PULTE HOMES 17, , QUANTA SERVICES 7, , QWEST COMMUNICATIONS INT. 32, , RACKSPACE HOSTING 7, , RAYONIER 11, , REGAL-BELOIT 1, , REPUBLIC SERVICES 12, , ROPER INDUSTRIES 5, , SAKS 7, , SALESFORCE.COM , SATCON TECHNOLOGY 4, , SAVIENT PHARMACEUTICALS 13, ,

203 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SEMPRA ENERGY 2, , SMITHFIELD FOODS 12, , SOHU.COM 3, , SOUTHWESTERN ENERGY 2, , SPECTRA ENERGY 8, , STANLEY BLACK & DECKER 4, , STARWOOD HOTELS & RESORTS 6, , STERICYCLE 4, , STR HOLDINGS 8, , SUNPOWER B 5, , SYMANTEC 20, , SYNTHES 7, , SYSCO 5, , TALEO A 6, , TARGACEPT 6, , TEMPLE-INLAND 10, , TEMPUR-PEDIC INTERNATIONAL 3, , TETRA TECH 6, , THERMO FISHER SCIENTIFIC INC 4, , TIFFANY 5, , TORO 2, , TREEHOUSE FOODS 2, , TRW AUTOMOTIVE 5, , UNITED THERAPEUTICS 13, , VARIAN MEDICAL 6, , VERIFONE HOLDINGS 8, , VERTEX PHARMACEUTICALS 8, , VMWARE 4, , WABCO HOLDINGS 4, , WARNACO GROUP A 4, , WASTE CONNECTIONS 1, , WASTE MANAGEMENT 6, , WATERS 1, , WATSON PHARMACEUTICALS 6, , WEYERHAEUSER 34, , WILLIAMS COMPANIES 12, , WILLIAMS-SONOMA 3, , XENOPORT 13, , YONGYE INTERNATIONAL 15, , ZHONGPIN INC 8, , ,720, TOTAL SHARES 228,705, CERTIFICATES NETHERLANDS ING GROEP (CRT.) 170, ,315, ,315, TOTAL CERTIFICATES 1,315,

204 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets RIGHTS GERMANY DEUTSCHE BANK RTS , , DEUTSCHE BANK RTS , , , GREECE NATIONAL BANK GREECE CV RTS EUR NATIONAL BANK GREECE RTS EUR TOTAL RIGHTS -35, BONDS ARGENTINA 2% PROV. BUENOS AIRES 06/35 USD 32, , % ARGENTINA 05/33 USD 390, , STEP ARGENTINA 05/38 USD 985, , , AUSTRALIA 4.875% NAT. AUSTRALIA BANK 09/13 EUR 340, , % ANZ BANKING GROUP 08/13 EUR 595, , % WESTPAC BANKING 08/13 EUR 467, , ,526, BELARUS 8.75% BELARUS 10/15 USD 284, , , BELGIUM 4.125% BELGACOM 06/11 EUR 297, , % S.N.C.B. 01/11 EUR 340, , , BELIZE STEP GOV. OF BELIZE 07/29 USD 189, , , BRAZIL 4.875% BRAZIL 10/21 USD 270, , % BNDES 10/20 USD 178, , % BRAZIL 09/41 USD 272, , % BRAZIL 09/19 USD 381, , % BRAZIL (INFLATION) 03/15 BRL , % BRAZIL (INFLATION) 09/20 BRL , % BRAZIL 06/17 USD 81, , % BCO DESENVOLVIMENTO 09/19 USD 151, , % BRAZIL 06/37 USD 362, , % BRAZIL 05/15 USD 65, , % BRAZIL 05/18 USD 98, , % BRAZIL 05/25 USD 296, , % BRAZIL 10/21 BRL 1, , % BRAZIL 00/40 USD 205, , ,138,

205 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets CANADA 4.125% ROYAL BANK OF CANADA 07/12 EUR 425, , , CAYMAN ISLANDS 5.25% NILE FINANCE 10/15 USD 333, , % HUTCHISON WHAMPOA 03/13 EUR 935, ,015, % TELEMOVIL FINANCE 10/17 USD 45, , ,299, CHILE 3.875% CHILE 10/20 USD 158, , % ENAP 10/20 USD 143, , % CODELCO 05/35 USD 190, , % CODELCO 06/36 USD 16, , , COLOMBIA 6.125% COLOMBIA 09/41 USD 383, , % COLOMBIA 06/17 USD 146, , % COLOMBIA 06/37 USD 230, , % COLOMBIA 09/19 USD 75, , % COLOMBIA 04/24 USD 99, , % COLOMBIA 04/14 USD 48, , , CROATIA 6.625% CROATIA 10/20 USD 196, , % CROATIA 09/19 USD 190, , , CZECH REPUBLIC 6% CEZ 08/14 EUR 255, , , DOMINICAN REPUBLIC 7.5% DOMINICAN REP. 10/21 USD 97, , % DOMINICAN REP. 06/27 USD 24, , % DOMINICAN REP. 05/18 USD 21, , , ECUADOR 9.375% ECUADOR REG-S 05/15 USD 138, , , EGYPT 0% EGYPT 10/11 EGP 183, , % EGYPT 10/11 EGP 564, , % EGYPT 10/11 EGP 564, , , EL SALVADOR 7.375% EL SALVADOR 09/19 USD 135, , % EL SALVADOR 05/35 USD 205, , % EL SALVADOR (REP.) 02/23 USD 81, , % EL SALVADOR 02/32 USD 84, , ,

206 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FRANCE 2.625% BPCE 09/12 EUR 510, , % SANOFI-AVENTIS 09/14 EUR 255, , % BNP PARIBAS 09/12 EUR 595, , % C.I.F. 10/15 EUR 340, , % TOTAL CAPITAL 07/13 EUR 595, , % GDF SUEZ 09/12 EUR 595, , % THALES 09/13 EUR 297, , % SOCIETE GENERALE 08/13 EUR 637, , % VEOLIA ENVIRON. 09/14 EUR 765, , % E.D.F. 08/13 EUR 637, , % HSBC FRANCE 08/13 EUR 595, , % AXA 01/13 EUR 340, , % FRANCE TELECOM 03/13 EUR 893, ,002, ,554, GABON 8.2% GABON 07/17 USD 16, , , GEORGIA 7.5% GEORGIE 08/13 USD 104, , % GEORGIAN RAILWAY 10/15 USD 287, , , GERMANY 1.25% GERMANY 09/11 EUR 4,052, ,066, % GERMANY 09/11 EUR 4,048, ,074, % GERMANY 08/10 EUR 3,773, ,786, % VOLKSWAGEN BANK 10/13 EUR 680, , % GERMANY 05/10 EUR 4,287, ,288, % GERMANY 06/11 EUR 4,607, ,742, % BAYERISCHE LDBANK 09/13 EUR 1,020, ,062, % GERMANY 06/11 EUR 5,083, ,159, % GERMANY 07/12 EUR 4,295, ,512, % BAYERISCHE LDBANK 04/11 EUR 850, , % DEUTSCHE BANK 07/12 EUR 850, , % GERMANY 01/11 EUR 6,436, ,648, % GERMANY 02/12 EUR 6,765, ,136, % GERMANY 02/12 EUR 7,300, ,838, % GERMANY 00/11 EUR 6,217, ,293, % HENKEL 05/04 EUR 170, , % LBANK HESSEN-THUERING.02/12 EUR 1,684, ,783, % BAYER AG. 02/12 EUR 425, , ,471, GHANA 8.5% GHANA 07/17 USD 92, , % REPUBLIC OF GHANA 08/11 GHS 16, , % GHANA 06/11 GHS 8, , % GHANA 08/11 GHS 14, , ,

207 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets GUERNSEY 2.875% CS GROUP FIN.GUERN. 10/15 EUR 510, , % ABB INTL. FINANCE 03/11 EUR 340, , , HUNGARY 4.75% HUNGARY 05/15 USD 260, , % HUNGARY 10/20 USD 269, , , INDONESIA 5.875% INDONESIA 10/20 USD 8, , % INDONESIA 07/37 USD 182, , % INDONESIA 04/14 USD 16, , % INDONESIA 08/18 USD 48, , % INDONESIA 05/15 USD 29, , % INDONESIA 05/16 USD 16, , % INDONESIA 08/38 USD 329, , % INDONESIA 05/35 USD 205, , % PERUSA. PEN. INDO. 09/14 USD 52, , % INDONESIA 08/12 IDR 243, , % INDONESIA 09/14 USD 32, , % INDONESIA 09/30 IDR 212, , % INDONESIA 09/19 USD 44, , , IRAQ STEP IRAQ 06/28 USD 560, , , IRELAND 3.25% ALLIED IRISH BANK 10/13 EUR 127, , % GE CAP.UK FUNDING 09/14 EUR 425, , % CATERPILLAR 09/12 EUR 255, , % GE CAP. EUROP. FUND. 09/13 EUR 850, , % VEB FINANCE S.1 10/20 USD 232, , ,938, ITALY 2.625% INTESA SANPAOLO 09/12 EUR 425, , % BANCO POPOLARE 09/12 EUR 212, , % MEDIOBANCA 09/12 EUR 425, , % UNICREDIT 08/13 EUR 510, , % MONTE PASCHI SIENA 07/12 EUR 808, , % UNICREDIT 09/14 EUR 595, , % ENI 08/14 EUR 255, , ,377, IVORY COAST 2.5% IVORY COAST 09/32 USD 722, , , KAZAKHSTAN 7% KAZMUNAIGAZ FINANCE 10/20 USD 284, , % KAZMUNAIGAZ F.REG.S.08/13 USD 396, , % KAZMUNAIGAZ F.REG.S.08/18 USD 335, , ,

208 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets LEBANON 4% LEBANON 02/17 USD 253, , % LEBANON 10/20 USD 183, , % LEBANON 06/21 USD 217, , , LITHUANIA 5.125% LITHUANIA 10/17 USD 341, , % LITHUANIA 09/15 USD 307, , % LITHUANIA 10/20 USD 267, , , LUXEMBOURG 2.875% NORD/LB G-MTN S.3 09/13 EUR 850, , % SYNGENTA LUX FIN. 06/11 EUR 425, , % HANNOVER FINANCE 04/24 EUR 425, , % RSHB CAPITAL 07/17 USD 308, , % GLENCORE FINANCE 08/15 EUR 552, , % RSHB CAPITAL 09/14 USD 87, , ,673, MALAYSIA 2.615% DANGA CAPITAL 10/15 SGD 81, , % DANGA CAPITAL 10/20 SGD 89, , % PETRONAS GLOB. SUK. 09/14 USD 359, , % PETRONAS CAPITAL 09/19 USD 296, , % PETROLIAM NASIONAL 96/26 USD 222, , , MEXICO 5.125% MEXICO 10/20 USD 195, , % PEMEX 10/21 USD 248, , % MEXICO 06/17 USD 163, , % MEXICO 03/14 USD 18, , % MEXICO 08/19 USD 199, , % PEMEX 10/20 USD 261, , % MEXICO 08/40 USD 74, , % MEXICO 03/15 USD 40, , % PEMEX 10/35 USD 330, , % MEXICO 04/34 USD 149, , % MEXICO 03/33 USD 155, , % PEMEX 09/19 USD 4, , % MEXICO 01/19 USD 32, , ,580, NETHERLANDS 3% SHELL INTL FINANCE 09/13 EUR 680, , % RABOBANK 05/12 EUR 340, , % NED. WATERSCHAPSBANK 06/12 EUR 723, , % PORTUGAL TEL. INTL 05/12 EUR 297, , % B.N.G. 07/12 EUR 1,701, ,766, % SIEMENS FINANCE 09/13 EUR 340, , % EDP FINANCE 06/12 EUR 170, , % RABOBANK 03/13 EUR 255, , % RABOBANK 09/14 EUR 340, , % IBERDROLA INT. 03/13 EUR 510, ,

209 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 5.125% E. ON INTL FINANCE 07/12 EUR 1,063, ,134, % SIEMENS FINANCE 08/11 EUR 595, , % INTL. ENDESA 03/13 EUR 255, , % ALLIANZ FINANCE II 02/12 EUR 680, , % VOLKSWAGEN 09/12 EUR 510, , % RWE FINANCE 08/13 EUR 425, , % ENBW INT. FINANCE 02/12 EUR 382, , % BASF FINANCE 08/13 EUR 425, , % AEGON 09/12 EUR 255, , % MAJAPAHIT BV 07/17 USD 53, , % MAJAPAHIT HLDG 06/16 USD 81, , % MAJAPAHIT HLDG BV 09/20 USD 113, , % MAJAPAHIT BV 07/37 USD 147, , % MAJAPAHIT BV 09/19 USD 209, , % BMW FINANCE 08/13 EUR 850, ,013, ,060, NORWAY 5.875% DNB NOR BANK 08/13 EUR 425, , , PAKISTAN 6.875% PAKISTAN 07/17 USD 48, , % PAKISTAN -REG.S- 06/36 USD 289, , , PANAMA 5.2% PANAMA 09/20 USD 438, , % PANAMA 06/36 USD 397, , % PANAMA 04/15 USD 20, , % PANAMA 97/27 USD 161, , , PERU 5.375% CREDITO DEL PEROU 10/20 USD 61, , % PERU 07/37 USD 352, , % PERU 09/19 USD 84, , % PERU 05/25 USD 380, , % PERU 03/33 USD 157, , , PHILIPPINES 4.95% PHILIPPINES 10/21 PHP 991, , % PHILIPPINES 07/32 USD 100, , % PHILIPPINES 09/34 USD 338, , % PHILIPPINES 09/20 USD 32, , % NATIONAL POWER 06/16 USD 265, , % PHILIPPINES 06/31 USD 48, , % POWER SECTOR ASS. 09/24 USD 70, , % PHILIPPINES 02/13 USD 43, , % PHILIPPINES 05/30 USD 158, , % PHILIPPINES 99/19 USD 48, , % PHILIPPINES 00/25 USD 56, , ,098,

210 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets POLAND 5% POLAND 05/15 USD 325, , % POLAND 09/20 PLN 360, , % POLAND 08/19 PLN 177, , % POLAND 01/22 PLN 831, , % POLAND 08/29 PLN 88, , % POLAND 09/19 USD 216, , , PORTUGAL 2.375% B.C.P. 10/12 EUR 127, , , REPUBLIC OF SERBIA 3.75% REPUBLIC OF SERBIA 05/24 USD 100, , , RUSSIA 3.625% RUSSIA 10/15 USD 81, , % RUSSIA 10/20 USD 876, , % RUSSIAN RAILWAYS 10/17 USD 63, , % RUSSIAN AGRI. BANK 06/13 USD 73, , % RUSSIA NOM. S 98/28 USD 89, , STEP RUSSIA REG-S 00/30 USD 1,633, ,313, ,266, SINGAPORE 2.875% SINGAPORE 10/30 SGD 162, , % SINGAPORE 05/20 SGD 150, , % SINGAPORE 07/27 SGD 65, , % SINGAPORE TELECOM. 01/11 EUR 510, , , SOUTH AFRICA 2.6% SOUTH AFRICA (INFLATION) 07/28 ZAR 271, , % SOUTH AFRICA (INFLATION) 10/22 ZAR 572, , % SOUTH AFRICA 10/20 USD 406, , % SOUTH AFRICA 07/22 USD 260, , % SOUTH AFRICA 09/19 USD 190, , % SOUTH AFRICA 10/31 ZAR 368, , % SOUTH AFRICA 05/20 ZAR 1,283, , , SOUTH KOREA 4.5% KOREA 10/15 KRW 91, , % KOREA 04/14 KRW 60, , % KOREA EXPRESSWAY 09/15 USD 16, , % KOREA NATIONAL 09/14 USD 37, , % KOREA 10/20 KRW 438, , % NATIONAL AGR.COOP. 09/14 USD 17, , % KOREA 08/18 KRW 260, , % WOORI BANK 09/15 USD 13, , ,

211 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SPAIN 3.625% BBVA SENIOR FIN. 09/12 EUR 552, , % TELEFONICA EMIS. 09/14 EUR 595, , % SANTANDER INTL 08/12 EUR 680, , ,911, SRI LANKA 6.25% GOVT OF SRI LANKA 10/20 USD 26, , % SRI LANKA 06/12 LKR 2,438, , % SRI LANKA 06/10 LKR 2,763, , % SRI LANKA 09/15 USD 306, , % SRI LANKA 07/12 USD 370, , , SWEDEN 3% NORDEA BANK 09/12 EUR 425, , % TELIASONERA 05/12 EUR 212, , % SKANDINAV. ENSKILDA 09/12 EUR 467, , % SVENSKA HANDELSBANK 09/14 EUR 340, , ,510, SWITZERLAND 5.125% CREDIT SUISSE 09/12 EUR 425, , % CREDIT AGRICOLE 08/13 EUR 637, , ,151, TURKEY 5.625% TURKEY 10/21 USD 376, , % TURKEY 10/40 USD 195, , % TURKEY 06/36 USD 400, , % TURKEY 06/16 USD 199, , % TURKEY 08/19 USD 48, , % TURKEY 05/25 USD 325, , % TURKEY 09/17 USD 130, , % TURKEY 09/19 USD 97, , % TURKEY 04/34 USD 130, , % TURKEY 03/14 USD 40, , ,659, UKRAINE 6.58% UKRAINE 06/16 USD 292, , % UKRAINE 07/17 USD 238, , % UKRAINE 03/13 USD 56, , % UKRAINE 10/20 USD 114, , , UNITED KINGDOM 3.625% STANDARD CHARTERED 05/17 EUR 586, , % MORGAN STANLEY 09/14 EUR % OLD MUTUAL 07/17 EUR 552, , % UBS LONDON 09/12 EUR 1,105, ,155, % GLAXOSMITHKLINE 07/12 EUR 510, , % ROYAL BANK SCOTLAND 08/13 EUR 680, , % BANK OF SCOTLAND PLC 08/13 EUR 1,531, ,627, % TESCO 08/12 EUR 510, , % S.L. FINANCE 02/22 EUR 595, , % BIZ FIN 10/15 USD 217, ,

212 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 18.75% REP. GHANA (STANDARD) CLN 10/13 USD 163, , REP. GHANA (STANDARD) CLN 10/10 USD 12, , REP. GHANA (STANDARD) CLN 10/10 USD 32, , ,642, UNITED STATES 3.375% PROCTER & GAMBLE 05/12 EUR 340, , % PFIZER 09/13 EUR 382, , % GOLDMAN SACHS 06/13 EUR 255, , % MORGAN STANLEY 06/13 EUR 595, , % I.B.M. 06/11 EUR 297, , % PHILIP MORRIS 09/12 EUR 425, , % ROCHE HOLDINGS 09/13 EUR 1,020, ,087, % BANK OF AMERICA 07/17 EUR 765, , % ZURICH FINANCE 09/12 EUR 255, , % GOLDMAN SACHS 07/14 EUR 425, , % JP MORGAN CHASE 08/13 EUR 850, , % TOYOTA MOTOR CREDIT 09/12 EUR 680, , % SWISS RE TREASURY US 9/12 EUR 935, , % WACHOVIA BANK 08/09 EUR 1,105, ,214, % AMERICAN HONDA 08/13 EUR 255, , % PEMEX PROJ.FDG MSTR 05/35 USD 147, , % MERRILL LYNCH 08/13 EUR 850, , % CITIGROUP 09/14 EUR 552, , % JOHN DEERE CAPITAL 09/14 EUR 680, , ,499, URUGUAY 6.875% URUGUAY 09/25 USD 99, , % URUGUAY 03/15 USD 43, , % URUGUAY 06/36 USD 318, , % URUGUAY 03/33 USD 81, , % URUGUAY 05/22 USD 121, , % URUGUAY 05/17 USD 48, , , VENEZUELA 5.25% PETROLEOS VENEZUELA 07/17 USD 464, , % VENEZUELA 05/16 USD 52, , % VENEZUELA 03/18 USD 121, , % VENEZUELA 07/38 USD 589, , % VENEZUELA 05/25 USD 357, , % VENEZUELA 04/14 USD % VENEZUELA 97/27 USD 855, , % VENEZUELA 04/34 USD 73, , % VENEZUELA 04/13 USD 32, , FRN VENEZUELA 04/11 USD 8, , ,211, VIETNAM 6.75% VIETNAM 10/20 USD 32, , % VIETNAM 05/16 USD 249, , , TOTAL BONDS 147,438,

213 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets OPTIONS GERMANY CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/ CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/ , CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/ CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/ , TOTAL OPTIONS 2, WARRANTS NETHERLANDS ANTILLES AUROBINDO (ML) LEPO WRT , , BIOCON (ML) LEPO WRT , , CIPLA (ML) LEPO WRT , , DIVI S LABO. (ML) LEPO WRT , , LUPIN (ML) LEPO WRT , , SUN PHARMA (ML) LEPO WRT , , , UNITED KINGDOM ALMARAI (DB) LEPO WRT , , ALMARAI (DBL) LEPO WRT , SUN PHARMA. (DB) LEPO WRT , , , TOTAL WARRANTS 1,232, TOTAL I. 378,659, II. OTHER TRANSFERABLE SECURITIES SHARES PORTUGAL KIWI II VENT. PREF A UNITED STATES IBIQUITY DIGITAL PREF A REST. 1, INTARCIA THERAPEUTICS PREF AA INTARCIA THERAPEUTICS PREF BB INTARCIA THERAPEUTICS PREF BB METABOLEX PFD E1 1, METABOLEX PREF A METABOLEX PREF B1 10, , METABOLEX PREF D1 1, PTC THERAPEUTICS PREF C 2, , PTC THERAPEUTICS PREF CV E , PTC THERAPEUTICS PREF D 2, , UNDERGROUND SOLUTIONS 172, , , TOTAL SHARES 36,

214 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets RIGHTS FRANCE REMY COINTREAU RTS , , , TOTAL RIGHTS 1, BONDS CANADA 10% HIGHPOINT TEL. II CV 00/04 USD 13, PHILIPPINES 6.125% PHILIPPINES 10/20 PHP 1,950, , % POWER SECTOR ASS. 09/19 USD 202, , % NATIONAL POWER 03/16 USD 48, , % CENTRAL BANK PHILIP. 97/27 USD 2, , % NATIONAL POWER 02/28 USD 233, , , SOUTH KOREA 5% KOREA 09/14 KRW 91, , , SRI LANKA 0% SRI LANKA 10/11 LKR 2,844, , % GOVT OF SRI LANKA 10/15 LKR 4,470, , % SRI LANKA 06/12 LKR 2,031, , % SRI LANKA 06/11 LKR 3,474, , % SRI LANKA 03/13 LKR 3,251, , , TOTAL BONDS 656, OPTIONS FRANCE CALL USD/JPY SPOT CROSS RATES 06/10/ , , , INDIA CALL USD/INR SPOT CROSS RATES 03/11/ , , PUT USD/INR SPOT CROSS RATES 06/10/ , , INDONESIA CALL USD/IDR SPOT CROSS RATES 26/04/ , , PUT USD/IDR SPOT CROSS RATES 26/04/ , , JAPAN CALL EUR/JPY CROSS-RATES 27/10/ , , ,

215 Pictet - Absolute Return Global Diversified AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets TAIWAN PUT USD/TWD SPOT CROSS RATE 29/12/ , , PUT USD/TWD SPOT CROSS RATE 27/10/ , PUT USD/TWD SPOT CROSS RATE 29/12/ , , , UNITED KINGDOM CALL AUD/JPY SPOT CROSS RATES 25/11/ , , CALL EUR / USD 12/10/ , , CALL EUR / USD 27/10/ , , CALL EUR/CHF SPOT CROSS RATES 21/10/ , , CALL USD/JPY SPOT CROSS RATES 28/10/ , , CALL USD/JPY SPOT CROSS RATES 29/10/ , , CALL USD/KRW SPOT CROSS RATES 13/10/ , CALL USD/MYR SPOT CROSS RATES 05/10/ , PUT AUD/JPY SPOT CROSS RATES 20/10/ , , PUT USD/KRW SPOT CROSS RATES 26/11/ , , UNITED STATES PUT USD/MYR SPOT CROSS RATES 06/10/ , TOTAL OPTIONS 19, WARRANTS UNITED KINGDOM EQUATORIAL PAL OIL WRT , UNITED STATES FLEXIBLE SOLUTIONS WRT INTARCIA THERAP. PFD WRT INTARCIA THERAP. PFD BB-2 WRT (Securities to receive) METABOLEX D1 (C-0. 38) WRT PERFECTENERGY WRT , TOTAL WARRANTS TOTAL II. 713, III. UNITS OF INVESTMENT FUNDS UNITED KINGDOM PHAUNOS TIMBER FUND 120, , , TOTAL III. 62, TOTAL INVESTMENTS 379,435, CASH AT BANKS 239,105, OTHER NET ASSETS 11,123, TOTAL NET ASSETS 629,664,

216 Pictet - Absolute Return Global Diversified GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Switzerland Germany United States 6.71 United Kingdom 4.91 France 3.39 Netherlands 2.45 Italy 1.85 Spain 1.23 Brazil 0.83 Cayman Islands 0.67 Sweden 0.63 Luxembourg 0.61 Austria 0.46 Russia 0.44 Belgium 0.43 Canada 0.41 Denmark 0.36 Ireland 0.36 Turkey 0.32 Japan 0.31 Australia 0.28 Philippines 0.28 South Africa 0.25 Finland 0.25 Mexico 0.25 Norway 0.25 Bermuda 0.21 Singapore 0.21 Chile 0.19 Indonesia 0.19 Venezuela 0.19 Netherlands Antilles 0.16 Panama 0.15 Peru 0.15 Colombia 0.14 South Korea 0.14 Guernsey 0.14 Israel 0.14 Kazakhstan 0.14 Hungary 0.13 Malaysia 0.13 Poland 0.13 Lithuania 0.12 Uruguay 0.11 Argentina 0.10 India 0.10 Sri Lanka 0.10 Geographical classification (continued) (in % of net assets) Ukraine 0.08 Hong Kong 0.07 Lebanon 0.07 Portugal 0.07 El Salvador 0.07 Iraq 0.06 Ivory Coast 0.05 Croatia 0.05 Georgia 0.05 Czech Republic 0.05 China 0.04 Pakistan 0.04 Slovenia 0.04 Belarus 0.03 Egypt 0.03 Taiwan 0.03 Vietnam 0.03 Bahamas 0.02 Belize 0.02 Greece 0.02 British Virgin Islands 0.02 Jersey 0.02 Ecuador 0.01 Ghana 0.01 Republic of Serbia 0.01 Dominican Republic 0.01 Gabon

217 Pictet - Absolute Return Global Diversified Industrial classification (in % of net assets) GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Bonds issued by countries or cities Corporate bonds Pharmaceuticals and cosmetics 5.18 Holding and financial companies 2.87 Electronics and electrical equipment 2.80 Banks and credit institutions 2.76 Food and soft drinks 2.70 Utilities 1.79 Communications 1.50 Construction of machines and appliances 1.40 Internet, software and IT services 1.14 Insurance 1.13 Computer and office equipment 1.10 Chemicals 1.02 Construction and building materials 1.01 Miscellaneous services 0.96 Oil 0.94 Transport and freight 0.82 Paper and forest products 0.79 Retail and supermarkets 0.68 Watch-making 0.65 Biotechnology 0.60 Textiles and clothing 0.52 Gastronomy 0.48 Road vehicles 0.45 Miscellaneous consumer goods 0.38 Tobacco and alcohol 0.35 Miscellaneous 0.33 Miscellaneous trade 0.30 Agriculture and fishing 0.27 Environmental and recycling services 0.25 Certificates 0.21 Warrants 0.20 Stainless steel 0.14 Leisure 0.13 Environmental conservation and waste management 0.13 Health care services 0.13 Real estate companies 0.13 Aeronautics and astronautics 0.12 Publishing and graphic arts 0.10 Precious metals and stones 0.09 Mining and steelworks 0.07 Photography and optics 0.07 Conglomerates 0.03 Units of investment funds 0.01 Public healthcare and social services 0.01 Options 0.00 Rights

218 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (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 AUSTRALIA TASSAL GROUP 4, , TELSTRA 3, , TFS CORP 11, , , AUSTRIA ANDRITZ , AUSTRIAMICROSYSTEMS 4, , BWT , INTERCELL , MAYR-MELNHOF KARTON , TELEKOM AUSTRIA 2, , VOEST-ALPINE , , BAHAMAS STEINER LEISURE , , BELGIUM ANHEUSER-BUSH INBEV , BELGACOM , COLRUYT (ETABLISSEMENTS FR.) , FORTIS 5, , HANSEN TRANSMISSIOMS INTER. (GBP) 1, MOBISTAR , SIPEF , SOLVAY , TELENET GROUP HOLDING , U.C.B , UMICORE , , BERMUDA BEIJING ENTERPRISES WATER 9, , BROOKFIELD INFRASTRUCTURE , BUNGE , CHINA GREEN HOLDINGS 3, , CHINA YURUN FOOD 3, , MANDARIN ORIENTAL INTERNATIONAL 4, , NINE DRAGONS PAPER 2, , PURECIRCLE (GBP) 12, , SINOFERT HOLDINGS 12, , TRINITY 3, , , BRAZIL ALL AMERICA LATINA LOGIS. 4PREF+1SH 1, , CEMIG MINAS GERAIS PREF 2, , CIA SANEAMENTO MG , DURATEX SA 2, ,

219 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FIBRIA ADR (R. 1 SHS) 1, , JBS 3, , KLABIN 2, , MINERVA 1, , SABESP , SABESP ADR (R.2 SHS) , SUZANO PAPEL A PREF 2, , TRACTEBEL ENERGIA , , BRITISH VIRGIN ISLANDS RENESOLA ADR (R.2 SHS) , , CANADA 5N PLUS 1, , ACADIAN TIMBER , AGRIUM (USD) , BIOEXX SPECIALTY PROTEINS 2, , BIOTEQ ENVIRONMENTAL TECHN. 1, BORALEX A 1, , CARDIOME PHARMA (USD) 1, , CASCADES , GENESIS WORLDWIDE CANADA H2O INNOVATION IESI-BFC (USD) , INNERGEX RENEWABLE ENERGY , MAGMA ENERGY 3, , MIGAO , PLUTONIC POWER 1, , POTASH SASKATCHEWAN (CAD) , PURE TECHNOLOGIES , RESEARCH IN MOTION , ROGERS COMMUNICATIONS B , SEAIR SINO FOREST 1, , STANTEC (CAD) , SUNOPTA (CAD) 1, , TELUS -NVTG , TIMBERWEST FOREST CORP 1, , WEST FRASER TIMBER , WESTPORT INNOVATIONS , , CAYMAN ISLANDS 3SBIO ADR (R.7 SHS) , ALIBABA.COM 3, , BAIDU.COM ADR A (R. 1 SHS A ) , BELLE INTERNATIONAL 3, , CATCH THE WIND (CAD) 3, CHINA HIGH SPEED TRANSMISSION 5, , CHINA MENGNIU DAIRY 2, , CONSOLIDATED WATER , CTRIP.COM INTL ADR (R. 1/2 SHS) , DACHAN FOOD ASIA 22, ,

220 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets EURASIA DRILLING GDR (R. 1 SHS) 1, , FOCUS MEDIA ADR (R. 5 SHS) , GCL-POLY ENERGY HOLDINGS 26, , JA SOLAR HOLDINGS ADR (REPR. 3SHS) 1, , LEE & MAN PAPER MANUFACTURING 6, , NETEASE.COM ADR (R. 25 SHS) , NEW ENVIRONMENTAL ENERGY HOLDINGS 8, PERFECT WORLD ADR (R. 5 SHS B ) , SIMCERE PHARMACEUTIC ADR (R. 2 SHS) , SINA , TECENT HOLDINGS , TRINA SOLAR ADR (R. 100 SHS) , WANT WANT CHINA 8, , WASION GROUP 8, , WYNN MACAU 9, , XINYU HENGDELI HLGDS 26, , YINGLI GREEN ADR (R. 1 SHS) , , CHILE COPEC 1, , EMPRESAS CMPC , INVERSIONES AGUAS METROPOL 8, , MASISA 46, , , CHINA CHINA BLUECHEMICAL H 9, , CHINA MINZHONG FOOD 6, , PORTS DESIGN 2, , , DENMARK AURIGA INDUSTRIES B , CHRISTIAN HANSEN HOLDING 2, , COLOPLAST B , DANISCO , NOVO NORDISK B , VESTAS WIND SYSTEMS NOM , , EGYPT EGYPTIAN CO MOBILE , , FINLAND FORTUM 1, , KEMIRA , NOKIA 4, , ORION B , STORA ENSO R 1, , UPM-KYMMENE 2, , ,

221 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets FRANCE AIR LIQUIDE , AXA , BIC , BIOMERIEUX , BNP PARIBAS 2, , BOUYGUES , BUREAU VERITAS , CARREFOUR , DANONE GROUPE , DIOR CHRISTIAN , EDF ENERGIES NOUVELLES , ELECTRICITE DE FRANCE , ESSILOR INTERNATIONAL , EUROFINS SCIENTIFIC , GAMELOFT 1, , GDF SUEZ , HERMES INTERNATIONAL , INTER PARFUMS , IPSEN , L.V.M.H , LAURENT PERRIER , LEGRAND , L OREAL , NEOPOST , PERNOD-RICARD , PPR , REMY COINTREAU , RENAULT , SAFT GROUPE , SANOFI-AVENTIS , SCHNEIDER ELECTRIC S.A , SECHILIENNE-SIDEC , SELOGER.COM , SOCIETE GENERALE , SUEZ ENVIRONNEMENT 1, , TOTAL 2, , VEOLIA ENVIRONNEMENT , VINCI 1, , VIVENDI , , GERMANY ADIDAS 1, , ALLIANZ NOM , ASIAN BAMBOO , B.M.W , BASF REG , BEIERSDORF , DAIMLER NOM. (EUR) , DEUTSCHE BANK NOM , DEUTSCHE BOERSE NOM , DEUTSCHE POST NOM. 2, ,

222 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets DEUTSCHE TELEKOM NOM. 2, , FRESENIUS , FRESENIUS MEDICAL CARE 1, , FRESENIUS PREF , HEIDELBERGCEMENT , JOYOU K & S , KSB PREF N-VTG , KTG AGRAR , LINDE , MAN AG , METRO , MUENCHENER RUECKVER. NOM , ROTH & RAU , SAP AG (EUR) , SIEMENS AG , SMA SOLAR TECHNOLOGY , STADA ARZNEIMITTEL NOM , STROEER OUT-OF-HOME MEDIA 1, , VOLKSWAGEN (EUR) , VOLKSWAGEN PREF , WACKER CHEMIE , WINCOR NIXDORF , WIRECARD , , GREECE ALAPIS 5, , TERNA ENERGY , , GUERNSEY GOTTEX FUND MANAGEMENT HOLDINGS HONG KONG CHAODA MODERN AGRICULTURE 5, , CHINA EVERBRIGHT INTL 11, , CHINA MOBILE ADR (R. 5 SHS) , GUANGDONG INVESTMENT 23, , , HUNGARY EGIS , GEDEON RICHTER , , INDIA DR REDDY S LAB ADR (R. 1 SHS) , JAIN IRRIGATION SYSTEMS , MCLEOD RUSSEL INDIA DEMAT. 1, , RELIANCE COMMUNICATIONS DEMAT. 2, , UNITED PHOSPHORUS DEMAT. 2, , ,

223 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets INDONESIA BISI INTERNATIONAL 29, , PT SAMPOERNA AGRO 29, , , IRELAND KERRY GROUP A , ORIGIN ENTERPRISES SMURFIT KAPPA , , ISRAEL BEZEQ ISRAEL TELECOMMUNICATION 5, , CHECK POINT SOFTWARE TECHNOLOGIES , NICE SYSTEMS ADR (R. 1 SHS) , RADWARE , TEVA PHARMACEUTICAL ADR , , ITALY A2A 6, , ASSICURAZIONI GENERALI , ASTALDI 5, , ATLANTIA , BANCO POPOLARE 1, , BULGARI , BUZZI UNICEM RISP 2, , DANIELI & C. OFF. MECC. RNC 2, , DAVIDE CAMPARI 1, , ENI 3, , HERA 2, , INTESA SANPAOLO 3, , INTESA SANPAOLO (AZ. DI RISO.) 11, , LUXOTTICA GROUP , PARMALAT 2, , PIRELLI & CIE 1, , PRYSMIAN 1, , SNAM RETE GAS 5, , T.E.R.N.A. 3, , UNICREDITO ITALIANO SPA 18, , YOOX 1, , , JAPAN DAISEKI , DENSO , DISCO , KURITA WATER INDUSTRIES , NICHI-IKO PHARMACEUTICAL , NINTENDO , NIPPON PAPER GROUP , NIPPON SUISAN KAISHA 2, , OJI PAPER 1, , RAKUTEN , SAKATA SEED ,

224 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SAWAI PHARMACEUTICAL , SOFTBANK , STELLA CHEMIFA , TOWA PHARMACEUTICAL , TOYO SUISAN KAISHA , UBE INDUSTRIES 1, , , JERSEY WPP 1, , , LITHUANIA LINAS AGRO GROUP 4, , , LUXEMBOURG ARCELOR MITTAL , L OCCITANE INTL (HKD) 3, , MHP GDR (R. 1 SHS) , MILLICOM INTL CELLULAR-SDR , SES GLOBAL FDR , , MEXICO GROUPO CONTINENTAL , , NETHERLANDS AALBERTS INDUSTRIES AEGON 1, , ARCADIS , ASTARTA HOLDING (PLN) , CNH GLOBAL (USD) , CSM , GEMALTO , HEINEKEN , KONINKLIJKE AHOLD 1, , KONINKLIJKE DSM , KONINKLIJKE KPN NV , NUTRECO HOLDING , ROYAL PHILIPS (EUR) , SENSATA TECHNOLOGIE , TNT , UNILEVER NV (EUR) , , NORWAY ALGETA , AUSTEVOLL SEAFOOD , CERMAQ 1, , DNB NOR , ORKLA 1, , RENEWABLE ENERGY CORPORATION 2, , TELENOR , YARA INTERNATIONAL , ,

225 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets PHILIPPINES MANILA WATER COMPANY 7, , , PORTUGAL EDP (ELECTRIC. DE PORTUGAL) NOM. 3, , JERONIMO MARTINS , PORTUCEL 2, , , RUSSIA CHERKIZOVO GP. GDR (R SH S) , PHARMSTANDARD OKTYABR -GDR- (USD) 1, , RUSHYDRO OJSC (USD) 193, , , SINGAPORE BANYAN TREE 9, , EPURE INTL 8, , FIRST RESOURCES 11, , HYFLUX 2, , INDOFOOD AGRI RESOURCES 4, , OLAM INTERNATIONAL 4, , WILMAR INTERNATIONAL 1, , , SLOVENIA KRKA , , SOUTH AFRICA ASPEN PHARMACARE 2, , MTN GROUP , SAPPI 1, , , SOUTH KOREA NHN , WOONG JIN COWAY , , SPAIN ACCIONA , AMADEUS IT HOLDING A 4, , BANCO SANTANDER 8, , BCO BILBAO VIZCAYA ARGENT. NOM. 1, , EDP RENOVAVEIS 4, , FLUIDRA , GRIFOLS A 1, , IBERDROLA RENOVABLES 8, , INDITEX NOM , PROSEGUR NOM , RED ELECTRICA CORP , REPSOL YPF , TELEFONICA 6, , ,

226 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SWEDEN ACTIVE BIOTECH , ASSA ABLOY B 1, , ERICSSON TELEFON B , HENNES & MAURITZ B , HOLMEN B , MODERN TIMES GROUP B , NORDEA BANK 1, , SKF B , SVENSKA CELLULOSA B 1, , SVENSKA HANDELSBANKEN A , TELIASONERA (SEK) 3, , , SWITZERLAND ABB LTD 9, , ACINO HOLDING , ACTELION NOM. 1, , ADECCO NOM. 1, , AFFICHAGE HOLDING , ARYZTA NOMINATIVE 1, , BALOISE-HOLDING AG 1, , BANQUE SARASIN NOM B , BASILEA PHARMACEUTICA NOM , BELIMO HOLDING , BOBST GROUP 1, , BUCHER INDUSTRIES , BURCKHARDT COMPRESSION HOLDING , CIE FINANCIERE RICHEMONT 1, , COMET HOLDING NOM , CREDIT SUISSE GROUP 3, , DUFRY , GAM HOLDING NOM. 12, , GEBERIT 1, , GIVAUDAN NOM , GOLDBACH MEDIA , HELVETIA PATRIA NOM , HOLCIM LTD , INFICON HOLDING , JULIUS BAER GROUPE NOM. 2, , KABA HOLDING NOM , KARDEX NOM. 3, , KUDELSKI 2, , KUEHNE & NAGEL INTERNATIONAL 1, , KUONI REISEN HOLDING NOM. B , LIFEWATCH 6, , LINDT & SPRUENGLI , LOGITECH INTERNATIONAL 16, , LONZA GROUP , MEYER BURGER TECHNOLOGY 5, , NESTLE S.A. 17, , NOBEL BIOCARE HOLDING 9, , NOVARTIS AG 9, ,

227 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets ORIOR , PARGESA HOLDING , PARTNERS GROUP HOLDING NOM. 1, , ROCHE HOLDING BON JCE 2, , S.G.S. S.A , SCHINDLER HOLDING B. PART. 1, , SCHINDLER HOLDING NOM , SCHULTHESS GROUP NOM. 1, , SCHWEITER TECHNOLOGIES , SIKA FINANZ PORT , SONOVA HOLDING NOM. 2, , STRAUMANN HOLDING NOM , SUISSE REASSURANCE , SWISSCOM NOM , SWISSLOG HOLDING NOM. 116, , SYNGENTA AG , TECAN GROUP NOM. 2, , TEMENOS GROUP NOM. 8, , THE SWATCH GROUP , THE SWATCH GROUP NOM. 3, , TRANSOCEAN , TYCO INTERNATIONAL NOM , UBS AG 18, , VALORA HOLDING NOM , VZ HOLDING NOM , WINTERTHUR TECHNOLOGIE 1, , ZURICH FINANCIAL SERVICES 1, , ,354, TAIWAN HIGH TECH COMPUTER , SINO-AMERICAN SILLICON 2, , , TURKEY KOC HOLDING 8, , , UNITED KINGDOM ASSOCIATED BRITISH FOODS 1, , ASTRAZENECA (GBP) , AUTONOMY CORPORATION 2, , AVIVA 2, , BARCLAYS 3, , BG GROUP 5, , BHP BILLITON (GBP) , BP PLC 4, , BRITISH AMERICAN TOBACCO 2, , BT GROUP 3, , BUNZL 1, , BURBERRY GROUP 2, , CAIRN ENERGY 1, , CAPITA GROUP 2, , CARNIVAL 1, , CENTRICA 4, ,

228 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets COMPASS GROUP 4, , DIAGEO 2, , EXPERIAN 2, , G4S 2, , GLAXOSMITHKLINE 2, , HALMA 1, , HIKMA PHARMACEUTICALS 3, , HSBC HOLDINGS 4, , INMARSAT , INTERNATIONAL POWER 9, , INTERTEK GROUP , INVESTEC 1, , LAND SECURITIES GROUP 1, , MAN GROUP 13, , MITIE 19, , MONDI (GBP) 2, , MORRISON WM. SUPERMARKETS 3, , NATIONAL GRID 10, , NORTHUMBRIAN WATER 3, , PEARSON 1, , PENNON GROUP 2, , PLANT HEALTH CARE 2, , PRUDENTIAL 1, , RECKITT BENCKISER , REXAM 1, , RIO TINTO NOM. 1, , ROTORK ROYAL DUTCH SHELL A 2, , ROYAL DUTCH SHELL B , SABMILLER (GBP) , SAGE GROUP 2, , SCOTTISH & SOUTHERN ENERGY 1, , SEVERN TRENT 1, , SHIRE ADR (R. 3 SHS) , SMITHS GROUP , SOCO INTERNATIONAL 4, , STANDARD CHARTERED PLC , TATE & LYLE 1, , TEG GROUP TELECITY GROUP 3, , TESCO 4, , THOMAS COOK GROUP 20, , TULLOW OIL 3, , UNILEVER NEW (GBP) , UNITED UTILITIES GROUP 4, , VODAFONE GROUP AG 66, , WHITBREAD 1, , ZENERGY POWER 2, , ,532,

229 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED STATES AFFYMAX , ALEXION PHARMACEUTICALS , ALLERGAN , AMAG PHARMACEUTICAL , AMAZON.COM , AMERICAN PUBLIC EDUCATION , AMERICAN STATES WATER , AMERICAN SUPERCONDUCTOR , AMERICAN WATER WORKS 1, , AMGEN , APPLE , AQUA AMERICA , ARCHER-DANIELS MIDLAND 1, , ARIBA , ARUBA NETWORKS , AUTOLIV , AUXILIUM PHARMACEUTICALS , BALDOR ELECTRIC , BIOMARIN PHARMACEUTICAL 1, , BLACKBOARD , BRUKER BIOSCIENCES , BUCKEYE PARTNERS , CADIZ , CALGON CARBON , CALIFORNIA WATER SERVICE , CAPELLA EDUCATION , CAVIUM NETWORKS , CELGENE 1, , CF INDUSTRIES HOLDINGS , CHESAPEAKE ENERGY , CLARCOR CLEAN HARBORS , COACH , COMCAST A , COMPELLENT TECHNOLOGIES , COMSCORE , COMVERGE , CONCUR TECHNOLOGIES , CORN PRODUCTS INTERNATIONAL , COVANTA HOLDING , CREE , DANAHER , DEAN FOODS , DEERE , DELTIC TIMBER , DENDREON , DIGITAL REALTY TRUST , DIONEX , DIRECTV , DONALDSON , DUPONT FABROS TECHNOLOGY ,

230 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets EBAY , ECOLAB , EMC 1, , EMERGENCY MEDICAL SERVICES A , ENERGY RECOVERY ENERNOC , EQUINIX , ESTEE LAUDER A , EXPEDIA , F5 NETWORKS , FIDELITY NATIONAL , FIRST SOLAR , FLEXIBLE SOLUTIONS FLOWSERVE , FORESTAR REAL ESTATE GP , FORTINET , FRANKLIN ELECTRIC , GENTEX , GENZYME (GENERAL DIVISION) , GILEAD SCIENCES , GOOGLE A , GRAND CANYON EDUCATION , GREIF A , GSI COMMERCE , HOSPIRA , HUMAN GENOME SCIENCES 1, , HYATT A , IAC/INTERACTIVECORP W-ISSUED , ICF INTERNATIONAL , ILLUMINA , INSITUFORM TECHNOLOGIES A , INTERMUNE , INTERNATIONAL PAPER , INTUIT , ITC HOLDINGS , ITRON , ITT , J&J SNACK FOODS , JOHNSON CONTROLS , JUNIPER NETWORKS , KIMBERLY CLARK , LIFE TECHNOLOGIES , LIFE TIME FITNESS , LITTELFUSE , LUMINEX 1, , MAGELLAN MIDSTREAM PARTNERS , MARRIOTT INTERNATIONAL A , MAXWELL TECHNOLOGIES (USD) , MEADWESTVACO , MEDIVATION 1, , MEMC ELECTRONIC MATERIALS 1, , MERCADOLIBRE ,

231 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets MICROMET 1, , MOMENTA PHARMACEUTICALS , MOSAIC , MUELLER WATER PRODUCTS A , MYLAN 2, , MYRIAD GENETICS , NALCO HOLDING , NEOGEN , NETAPP INC , NETFLIX , NEXTERA ENERGY , NII HOLDINGS B , NIKE B , NORDSTROM , NORTHWEST NATURAL GAS , NUANCE COMMUNICATIONS , ONYX PHARMACEUTICALS 1, , ORMAT TECHNOLOGIES , PACKAGING CORP OF AMERICA , PALL , PENTAIR , PERRIGO , PG & E , PHARMASSET , PHILLIPS-VAN HEUSEN , PIEDMONT NATURAL GAS CO , PLAINS ALL AMERICA PIPELINE , PLUM CREEK TIMBER 1, , POLO RALPH LAUREN A , POLYCOM , POLYPORE , POOL , POPE RESOURCES , POTLATCH , PROGENICS PHARM , PUBLIC STORAGE , PULTE HOMES 1, , QUANTA SERVICES , QWEST COMMUNICATIONS INT. 2, , RACKSPACE HOSTING , RAYONIER , REGAL-BELOIT , REPUBLIC SERVICES , ROPER INDUSTRIES , SAKS , SALESFORCE.COM , SATCON TECHNOLOGY SAVIENT PHARMACEUTICALS , SEMPRA ENERGY , SMITHFIELD FOODS , SOHU.COM , SOUTHWESTERN ENERGY ,

232 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets SPECTRA ENERGY , STANLEY BLACK & DECKER , STARWOOD HOTELS & RESORTS , STERICYCLE , STR HOLDINGS , SUNPOWER B , SYMANTEC 1, , SYNTHES , SYSCO , TALEO A , TARGACEPT , TEMPLE-INLAND , TEMPUR-PEDIC INTERNATIONAL , TETRA TECH , THERMO FISHER SCIENTIFIC INC , TIFFANY , TORO , TREEHOUSE FOODS , TRW AUTOMOTIVE , UNITED THERAPEUTICS , VARIAN MEDICAL , VERIFONE HOLDINGS , VERTEX PHARMACEUTICALS , VMWARE , WABCO HOLDINGS , WARNACO GROUP A , WASTE CONNECTIONS , WASTE MANAGEMENT , WATERS , WATSON PHARMACEUTICALS , WEYERHAEUSER 2, , WILLIAMS COMPANIES , WILLIAMS-SONOMA , XENOPORT , YONGYE INTERNATIONAL 1, , ZHONGPIN INC , ,103, TOTAL SHARES 14,350, CERTIFICATES NETHERLANDS ING GROEP (CRT.) 7, , , TOTAL CERTIFICATES 57, RIGHTS GERMANY DEUTSCHE BANK RTS EUR TOTAL RIGHTS

233 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets BONDS ARGENTINA 2% PROV. BUENOS AIRES 06/35 USD 1, % ARGENTINA 05/33 USD 23, , STEP ARGENTINA 05/38 USD 60, , , AUSTRALIA 4.875% NAT. AUSTRALIA BANK 09/13 EUR 59, , % ANZ BANKING GROUP 08/13 EUR 104, , % WESTPAC BANKING 08/13 EUR 82, , , BELARUS 8.75% BELARUS 10/15 USD 17, , , BELGIUM 4.125% BELGACOM 06/11 EUR 52, , % S.N.C.B. 01/11 EUR 59, , , BELIZE STEP GOV. OF BELIZE 07/29 USD 11, , , BRAZIL 4.875% BRAZIL 10/21 USD 16, , % BNDES 10/20 USD 10, , % BRAZIL 09/41 USD 16, , % BRAZIL 09/19 USD 23, , % BRAZIL (INFLATION) 03/15 BRL , % BRAZIL (INFLATION) 09/20 BRL , % BRAZIL 06/17 USD 4, , % BCO DESENVOLVIMENTO 09/19 USD 9, , % BRAZIL 06/37 USD 22, , % BRAZIL 05/15 USD 3, , % BRAZIL 05/18 USD 6, , % BRAZIL 05/25 USD 18, , % BRAZIL 10/21 BRL , % BRAZIL 00/40 USD 12, , , CANADA 4.125% ROYAL BANK OF CANADA 07/12 EUR 74, , , CAYMAN ISLANDS 5.25% NILE FINANCE 10/15 USD 20, , % HUTCHISON WHAMPOA 03/13 EUR 164, , % TELEMOVIL FINANCE 10/17 USD 2, , , CHILE 3.875% CHILE 10/20 USD 9, , % ENAP 10/20 USD 8, ,

234 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 5.625% CODELCO 05/35 USD 11, , % CODELCO 06/36 USD , COLOMBIA 6.125% COLOMBIA 09/41 USD 23, , % COLOMBIA 06/17 USD 8, , % COLOMBIA 06/37 USD 14, , % COLOMBIA 09/19 USD 4, , % COLOMBIA 04/24 USD 6, , % COLOMBIA 04/14 USD 2, , , CROATIA 6.625% CROATIA 10/20 USD 12, , % CROATIA 09/19 USD 11, , , CZECH REPUBLIC 6% CEZ 08/14 EUR 44, , , DOMINICAN REPUBLIC 7.5% DOMINICAN REP. 10/21 USD 5, , % DOMINICAN REP. 06/27 USD 1, , % DOMINICAN REP. 05/18 USD 1, , , ECUADOR 9.375% ECUADOR REG-S 05/15 USD 8, , , EGYPT 0% EGYPT 10/11 EGP 34, , % EGYPT 10/11 EGP 34, , , EL SALVADOR 7.375% EL SALVADOR 09/19 USD 8, , % EL SALVADOR 05/35 USD 12, , % EL SALVADOR (REP.) 02/23 USD 4, , % EL SALVADOR 02/32 USD 5, , , FRANCE 2.625% BPCE 09/12 EUR 89, , % SANOFI-AVENTIS 09/14 EUR 44, , % BNP PARIBAS 09/12 EUR 104, , % C.I.F. 10/15 EUR 59, , % TOTAL CAPITAL 07/13 EUR 104, , % GDF SUEZ 09/12 EUR 104, , % THALES 09/13 EUR 52, , % SOCIETE GENERALE 08/13 EUR 112, , % VEOLIA ENVIRON. 09/14 EUR 134, , % E.D.F. 08/13 EUR 112, , % HSBC FRANCE 08/13 EUR 104, ,

235 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 6% AXA 01/13 EUR 59, , % FRANCE TELECOM 03/13 EUR 156, , ,326, GABON 8.2% GABON 07/17 USD GEORGIA 7.5% GEORGIA 08/13 USD 6, , % GEORGIAN RAILWAY 10/15 USD 17, , , GERMANY 1.25% GERMANY 09/11 EUR 759, , % GERMANY 09/11 EUR 758, , % GERMANY 08/10 EUR 706, , % VOLKSWAGEN BANK 10/13 EUR 119, , % GERMANY 05/10 EUR 803, , % GERMANY 06/11 EUR 862, , % BAYERISCHE LDBANK 09/13 EUR 179, , % GERMANY 06/11 EUR 951, , % GERMANY 07/12 EUR 804, , % BAYERISCHE LDBANK 04/11 EUR 149, , % DEUTSCHE BANK 07/12 EUR 149, , % GERMANY 01/11 EUR 1,205, ,245, % GERMANY 02/12 EUR 1,267, ,336, % GERMANY 02/12 EUR 1,367, ,468, % GERMANY 00/11 EUR 1,164, ,178, % HENKEL 05/04 EUR 29, , % LBANK HESSEN-THUERING.02/12 EUR 295, , % BAYER AG. 02/12 EUR 74, , ,004, GHANA 8.5% GHANA 07/17 USD 5, , % REPUBLIC GHANA 08/11 GHS % GHANA 06/11 GHS % GHANA 08/11 GHS , GUERNSEY 2.875% CS GROUP FIN. GUERN. 10/15 EUR 89, , % ABB INTL. FINANCE 03/11 EUR 59, , , HUNGARY 4.75% HUNGARY 05/15 USD 15, , % HUNGARY 10/20 USD 16, , , INDONESIA 5.875% INDONESIA 10/20 USD % INDONESIA 07/37 USD 11, , % INDONESIA 04/14 USD % INDONESIA 08/18 USD 2, , % INDONESIA 05/15 USD 1, , % INDONESIA 05/16 USD

236 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 7.75% INDONESIA 08/38 USD 20, , % INDONESIA 05/35 USD 12, , % PERUSA. PEN. INDO. 09/14 USD 3, , % INDONESIA 08/12 IDR 14, , % INDONESIA 09/14 USD 1, , % INDONESIA 09/30 IDR 13, , % INDONESIA 09/19 USD 2, , , IRAQ STEP IRAQ 06/28 USD 34, , , IRELAND 3.25% ALLIED IRISH BANK 10/13 EUR 22, , % GE CAP. UK FUNDING 09/14 EUR 74, , % CATERPILLAR 09/12 EUR 44, , % GE CAP. EUROP. FUND. 09/13 EUR 149, , % VEB FINANCE S.1 10/20 USD 14, , , ITALY 2.625% INTESA SANPAOLO 09/12 EUR 74, , % BANCO POPOLARE 09/12 EUR 37, , % MEDIOBANCA 09/12 EUR 74, , % UNICREDIT 08/13 EUR 89, , % MONTE PASCHI SIENA 07/12 EUR 141, , % UNICREDIT 09/14 EUR 104, , % ENI 08/14 EUR 44, , , IVORY COAST 2.5% IVORY COAST 09/32 USD 44, , , KAZAKHSTAN 7% KAZMUNAIGAZ FINANCE 10/20 USD 17, , % KAZMUNAIGAZ F. REG. S. 08/13 USD 24, , % KAZMUNAIGAZ F. REG. S. 08/18 USD 20, , , LEBANON 4% LEBANON 02/17 USD 15, , % LEBANON 10/20 USD 11, , % LEBANON 06/21 USD 13, , , LITHUANIA 5.125% LITHUANIA 10/17 USD 20, , % LITHUANIA 09/15 USD 18, , % LITHUANIA 10/20 USD 16, , , LUXEMBOURG 2.875% NORD/LB G-MTN S.3 09/13 EUR 149, , % SYNGENTA LUX FIN. 06/11 EUR 74, , % HANNOVER FINANCE 04/24 EUR 74, , % RSHB CAPITAL 07/17 USD 18, ,

237 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 7.125% GLENCORE FINANCE 08/15 EUR 97, , % RSHB CAPITAL 09/14 USD 5, , , MALAYSIA 2.615% DANGA CAPITAL 10/15 SGD 4, , % DANGA CAPITAL 10/20 SGD 5, , % PETRONAS GLOB. SUK. 09/14 USD 22, , % PETRONAS CAPITAL 09/19 USD 18, , % PETROLIAM NASIONAL 96/26 USD 13, , , MEXICO 5.125% MEXICO 10/20 USD 11, , % PEMEX 10/21 USD 15, , % MEXICO 06/17 USD 10, , % MEXICO 03/14 USD 1, % MEXICO 08/19 USD 12, , % PEMEX 10/20 USD 16, , % MEXICO 08/40 USD 4, , % MEXICO 03/15 USD 2, , % PEMEX 10/35 USD 20, , % MEXICO 04/34 USD 9, , % MEXICO 03/33 USD 9, , % PEMEX 09/19 USD % MEXICO 01/19 USD 1, , , NETHERLANDS 3% SHELL INTL FINANCE 09/13 EUR 119, , % RABOBANK 05/12 EUR 59, , % NED. WATERSCHAPSBANK 06/12 EUR 126, , % PORTUGAL TEL. INTL 05/12 EUR 52, , % B.N.G. 07/12 EUR 298, , % SIEMENS FINANCE 09/13 EUR 59, , % EDP FINANCE 06/12 EUR 29, , % RABOBANK 03/13 EUR 44, , % RABOBANK 09/14 EUR 59, , % IBERDROLA INT. 03/13 EUR 89, , % E.ON INTL FINANCE 07/12 EUR 186, , % SIEMENS FINANCE 08/11 EUR 104, , % INTL. ENDESA 03/13 EUR 44, , % ALLIANZ FINANCE II 02/12 EUR 119, , % VOLKSWAGEN 09/12 EUR 89, , % RWE FINANCE 08/13 EUR 74, , % ENBW INT.FINANCE 02/12 EUR 67, , % BASF FINANCE 08/13 EUR 74, , % AEGON 09/12 EUR 44, , % MAJAPAHIT BV 07/17 USD 3, , % MAJAPAHIT HLDG 06/16 USD 4, , % MAJAPAHIT HLDG BV 09/20 USD 6, , % MAJAPAHIT BV 07/37 USD 9, , % MAJAPAHIT BV 09/19 USD 12, , % BMW FINANCE 08/13 EUR 149, , ,056,

238 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets NORWAY 5.875% DNB NOR BANK 08/13 EUR 74, , , PAKISTAN 6.875% PAKISTAN 07/17 USD 2, , % PAKISTAN -REG.S- 06/36 USD 17, , , PANAMA 5.2% PANAMA 09/20 USD 26, , % PANAMA 06/36 USD 24, , % PANAMA 04/15 USD 1, , % PANAMA 97/27 USD 9, , , PERU 5.375% CREDITO DEL PEROU 10/20 USD 3, , % PERU 07/37 USD 21, , % PERU 09/19 USD 5, , % PERU 05/25 USD 23, , % PERU 03/33 USD 9, , , PHILIPPINES 4.95% PHILIPPINES 10/21 PHP 60, , % PHILIPPINES 07/32 USD 6, , % PHILIPPINES 09/34 USD 20, , % PHILIPPINES 09/20 USD 1, , % NATIONAL POWER 06/16 USD 16, , % PHILIPPINES 06/31 USD 2, , % POWER SECTOR ASS. 09/24 USD 4, , % PHILIPPINES 02/13 USD 2, , % PHILIPPINES 05/30 USD 9, , % PHILIPPINES 99/19 USD 2, , % PHILIPPINES 00/25 USD 3, , , POLAND 5% POLAND 05/15 USD 19, , % POLAND 09/20 PLN 22, , % POLAND 08/19 PLN 10, , % POLAND 01/22 PLN 51, , % POLAND 08/29 PLN 5, , % POLAND 09/19 USD 13, , , PORTUGAL 2.375% B.C.P. 10/12 EUR 22, , , REPUBLIC OF SERBIA 3.75% REPUBLIC OF SERBIA 05/24 USD 6, , , RUSSIA 3.625% RUSSIA 10/15 USD 4, , % RUSSIA 10/20 USD 53, ,

239 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 5.739% RUSSIAN RAILWAYS 10/17 USD 3, , % RUSSIAN AGRI. BANK 06/13 USD 4, , % RUSSIA NOM. S 98/28 USD 5, , STEP RUSSIA REG-S 00/30 USD 100, , , SINGAPORE 2.875% SINGAPORE 10/30 SGD 9, , % SINGAPORE 05/20 SGD 9, , % SINGAPORE 07/27 SGD 3, , % SINGAPORE TELECOM. 01/11 EUR 89, , , SOUTH AFRICA 2.6% SOUTH AFRICA (INFLATION) 07/28 ZAR 16, , % SOUTH AFRICA (INFLATION) 10/22 ZAR 35, , % SOUTH AFRICA 10/20 USD 24, , % SOUTH AFRICA 07/22 USD 15, , % SOUTH AFRICA 09/19 USD 11, , % SOUTH AFRICA 10/31 ZAR 22, , % SOUTH AFRICA 05/20 ZAR 78, , , SOUTH KOREA 4.25% KOREA 04/14 KRW 3, , % KOREA 10/15 KRW 5, , % KOREA EXPRESSWAY 09/15 USD % KOREA NATIONAL 09/14 USD 2, , % KOREA 10/20 KRW 26, , % NATIONAL AGR. COOP. 09/14 USD 1, % KOREA 08/18 KRW 15, , % WOORI BANK 09/15 USD , SPAIN 3.625% BBVA SENIOR FIN. 09/12 EUR 97, , % TELEFONICA EMIS. 09/14 EUR 104, , % SANTANDER INTL 08/12 EUR 119, , , SRI LANKA 6.25% GOVT OF SRI LANKA 10/20 USD 1, , % SRI LANKA 06/10 LKR 169, , % SRI LANKA 09/15 USD 18, , % SRI LANKA 07/12 USD 22, , , SWEDEN 3% NORDEA BANK 09/12 EUR 74, , % TELIASONERA 05/12 EUR 37, , % SKANDINAV. ENSKILDA 09/12 EUR 82, , % SVENSKA HANDELSBANK 09/14 EUR 59, , , SWITZERLAND 5.125% CREDIT SUISSE 09/12 EUR 74, , % CREDIT AGRICOLE 08/13 EUR 112, , ,

240 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets TURKEY 5.625% TURKEY 10/21 USD 23, , % TURKEY 10/40 USD 11, , % TURKEY 06/36 USD 24, , % TURKEY 06/16 USD 12, , % TURKEY 08/19 USD 2, , % TURKEY 05/25 USD 19, , % TURKEY 09/17 USD 7, , % TURKEY 09/19 USD 5, , % TURKEY 04/34 USD 7, , % TURKEY 03/14 USD 2, , , UKRAINE 6.58% UKRAINE 06/16 USD 17, , % UKRAINE 07/17 USD 14, , % UKRAINE 03/13 USD 3, , % UKRAINE 10/20 USD 6, , , UNITED KINGDOM 3.625% STANDARD CHARTERED 05/17 EUR 102, , % MORGAN STANLEY 09/14 EUR % OLD MUTUAL 07/17 EUR 97, , % UBS LONDON 09/12 EUR 194, , % GLAXOSMITHKLINE 07/12 EUR 89, , % ROYAL BANK SCOTLAND 08/13 EUR 119, , % BANK OF SCOTLAND PLC 08/13 EUR 268, , % TESCO 08/12 EUR 89, , % S.L. FINANCE 02/22 EUR 104, , % BIZ FIN 10/15 USD 13, , % REP. GHANA (STANDARD) CLN 10/13 USD 10, , REP. GHANA (STANDARD) CLN 10/10 USD 1, , REP. GHANA (STANDARD) CLN 10/10 USD ,128, UNITED STATES 3.375% PROCTER & GAMBLE 05/12 EUR 59, , % PFIZER 09/13 EUR 67, , % GOLDMAN SACHS 06/13 EUR 44, , % MORGAN STANLEY 06/13 EUR 104, , % I.B.M. 06/11 EUR 52, , % PHILIP MORRIS 09/12 EUR 74, , % ROCHE HOLDINGS 09/13 EUR 179, , % BANK OF AMERICA 07/17 EUR 134, , % ZURICH FINANCE 09/12 EUR 44, , % GOLDMAN SACHS 07/14 EUR 74, , % JP MORGAN CHASE 08/13 EUR 149, , % TOYOTA MOTOR CREDIT 09/12 EUR 119, , % SWISS RE TREASURY US 9/12 EUR 164, , % WACHOVIA BANK 08/09 EUR 194, , % AMERICAN HONDA 08/13 EUR 44, , % PEMEX PROJ.FDG MSTR 05/35 USD 9, , % MERRILL LYNCH 08/13 EUR 149, ,

241 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 7.375% CITIGROUP 09/14 EUR 97, , % JOHN DEERE CAPITAL 09/14 EUR 119, , ,005, URUGUAY 6.875% URUGUAY 09/25 USD 6, , % URUGUAY 03/15 USD 2, , % URUGUAY 06/36 USD 19, , % URUGUAY 03/33 USD 4, , % URUGUAY 05/22 USD 7, , % URUGUAY 05/17 USD 2, , , VENEZUELA 5.25% PETROLEOS VENEZUELA 07/17 USD 28, , % VENEZUELA 05/16 USD 3, , % VENEZUELA 03/18 USD 7, , % VENEZUELA 07/38 USD 36, , % VENEZUELA 05/25 USD 21, , % VENEZUELA 04/14 USD % VENEZUELA 97/27 USD 52, , % VENEZUELA 04/34 USD 4, , % VENEZUELA 04/13 USD 1, , FRN VENEZUELA 04/11 USD , VIETNAM 6.75% VIETNAM 10/20 USD 1, , % VIETNAM 05/16 USD 15, , , TOTAL BONDS 23,347, OPTIONS GERMANY CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/ CALL BUND FUTURE EURO-BUND EUREX (10Y) 30/09/ CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/ CALL BUND FUTURE EURO-SCHATZ EUREX (2Y) 30/09/ TOTAL OPTIONS WARRANTS NETHERLANDS ANTILLES AUROBINDO (ML) LEPO WRT , BIOCON (ML) LEPO WRT , , CIPLA (ML) LEPO WRT , , DIVI S LABO. (ML) LEPO WRT , LUPIN (ML) LEPO WRT , , SUN PHARMA (ML) LEPO WRT , ,

242 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED KINGDOM ALMARAI (DB) LEPO WRT , ALMARAI (DBL) LEPO WRT SUN PHARMA. (DB) LEPO WRT , , TOTAL WARRANTS 84, TOTAL I. 37,840, II. OTHER TRANSFERABLE SECURITIES SHARES 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 PFD E METABOLEX PREF A METABOLEX PREF B METABOLEX PREF D PTC THERAPEUTICS PREF C PTC THERAPEUTICS PREF CV E PTC THERAPEUTICS PREF D UNDERGROUND SOLUTIONS 11, , , TOTAL SHARES 2, RIGHTS FRANCE REMY COINTREAU RTS TOTAL RIGHTS BONDS CANADA 10% HIGHPOINT TEL. II CV 00/04 USD EGYPT 0% EGYPT 10/11 EGP 11, , , PHILIPPINES 6.125% PHILIPPINES 10/20 PHP 119, , % POWER SECTOR ASS. 09/19 USD 12, , % NATIONAL POWER 03/16 USD 2, ,

243 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets 8.6% CENTRAL BANK PHILIP. 97/27 USD % NATIONAL POWER 02/28 USD 14, , , SOUTH KOREA 5% KOREA 09/14 KRW 5, , , SRI LANKA 0% SRI LANKA 10/11 LKR 174, , % GOVT OF SRI LANKA 10/15 LKR 274, , % SRI LANKA 06/12 LKR 149, % SRI LANKA 06/12 LKR 124, % SRI LANKA 06/11 LKR 213, , % SRI LANKA 03/13 LKR 199, , , TOTAL BONDS 42, OPTIONS FRANCE CALL USD/JPY SPOT CROSS RATES 06/10/ , PUT USD/KRW SPOT CROSS RATES 26/11/ INDIA CALL USD/INR SPOT CROSS RATES 03/11/ PUT USD/INR SPOT CROSS RATES 06/10/ , INDONESIA CALL USD/IDR SPOT CROSS RATES 26/04/ , PUT USD/IDR SPOT CROSS RATES 26/04/ , JAPAN CALL EUR/JPY CROSS-RATES 27/10/ TAIWAN PUT USD/TWD SPOT CROSS RATE 27/10/ , PUT USD/TWD SPOT CROSS RATE 29/12/ , PUT USD/TWD SPOT CROSS RATE 29/12/ , UNITED KINGDOM CALL AUD/JPY SPOT CROSS RATES 25/11/ , CALL EUR / USD 12/10/ CALL EUR / USD 27/10/ CALL EUR/CHF SPOT CROSS RATES 21/10/ CALL USD/JPY SPOT CROSS RATES 28/10/ CALL USD/JPY SPOT CROSS RATES 29/10/ CALL USD/KRW SPOT CROSS RATES 13/10/ CALL USD/MYR SPOT CROSS RATES 05/10/ PUT AUD/JPY SPOT CROSS RATES 20/10/

244 Pictet - Absolute Return Global Conservative AS AT SEPTEMBER 30, 2010 (EXPRESSED IN EUR) Name Currency Quantity/Nominal value Market value (note 2) % of net assets UNITED STATES PUT USD/MYR SPOT CROSS RATES 06/10/ , TOTAL OPTIONS 1, WARRANTS UNITED KINGDOM EQUATORIAL PAL OIL WRT , UNITED STATES FLEXIBLE SOLUTIONS WRT INTAR.THERAP PFD BB-2 WRT (Securities to receive) INTARCIA THERAP. PFD WRT METABOLEX D1 (C-0. 38) WRT PERFECTENERGY WRT , TOTAL WARRANTS TOTAL II. 46, III. UNITS OF INVESTMENT FUNDS UNITED KINGDOM PHAUNOS TIMBER FUND 8, , , TOTAL III. 4, TOTAL INVESTMENTS 37,890, CASH AT BANKS 35,801, OTHER NET ASSETS 1,259, TOTAL NET ASSETS 74,951,

245 Pictet - Absolute Return Global Conservative GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Geographical classification (in % of net assets) Germany Switzerland 8.74 United States 5.49 United Kingdom 3.57 Netherlands 2.98 France 2.82 Italy 1.23 Spain 0.96 Luxembourg 0.67 Sweden 0.57 Cayman Islands 0.53 Brazil 0.46 Ireland 0.45 Australia 0.38 Belgium 0.30 Canada 0.29 Austria 0.24 Russia 0.23 Norway 0.21 Singapore 0.21 Guernsey 0.20 Japan 0.18 Turkey 0.18 Finland 0.15 Denmark 0.14 South Africa 0.13 Mexico 0.12 Philippines 0.12 Chile 0.11 Bermuda 0.10 Venezuela 0.10 Netherlands Antilles 0.09 Colombia 0.08 South Korea 0.08 Hungary 0.08 Indonesia 0.08 Israel 0.08 Peru 0.08 Kazakhstan 0.07 Panama 0.07 Poland 0.07 Czech Republic 0.07 Geographical classification (continued) (in % of net assets) India 0.06 Lithuania 0.06 Malaysia 0.06 Sri Lanka 0.06 Argentina 0.05 Portugal 0.05 Uruguay 0.05 Hong Kong 0.04 Lebanon 0.04 El Salvador 0.04 Ukraine 0.04 Ivory Coast 0.03 Croatia 0.03 Georgia 0.03 Iraq 0.03 Belarus 0.02 China 0.02 Egypt 0.02 Slovenia 0.02 Taiwan 0.02 Vietnam 0.02 Bahamas 0.01 Belize 0.01 Ecuador 0.01 Ghana 0.01 Greece 0.01 British Virgin Islands 0.01 Jersey 0.01 Pakistan 0.01 Republic of Serbia 0.01 Dominican Republic 0.01 Gabon

246 Pictet - Absolute Return Global Conservative Industrial classification (in % of net assets) GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT SEPTEMBER 30, 2010 Bonds issued by countries or cities Corporate bonds Pharmaceuticals and cosmetics 2.73 Holding and financial companies 1.52 Electronics and electrical equipment 1.51 Food and soft drinks 1.43 Banks and credit institutions 1.31 Utilities 0.94 Communications 0.85 Construction of machines and appliances 0.71 Internet, software and IT services 0.62 Insurance 0.61 Computer and office equipment 0.58 Oil 0.54 Miscellaneous services 0.53 Paper and forest products 0.50 Construction and building materials 0.49 Chemicals 0.48 Transport and freight 0.42 Biotechnology 0.36 Watch-making 0.34 Retail and supermarkets 0.31 Textiles and clothing 0.29 Gastronomy 0.25 Tobacco and alcohol 0.20 Miscellaneous consumer goods 0.18 Agriculture and fishing 0.15 Miscellaneous trade 0.15 Miscellaneous 0.15 Road vehicles 0.15 Environmental and recycling services 0.13 Warrants 0.11 Stainless steel 0.09 Leisure 0.09 Certificates 0.08 Environmental conservation and waste management 0.08 Packaging 0.07 Health care services 0.07 Real estate companies 0.07 Publishing and graphic arts 0.06 Mining and steelworks 0.05 Photography and optics 0.04 Aeronautics and astronautics 0.03 Precious metals and stones 0.03 Conglomerates 0.02 Units of investment funds 0.01 Public healthcare and social services 0.01 Rights 0.00 Options

247 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) NOTE 1 GENERAL Pictet (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, Pictet Funds (LUX) as of April 28, 2006, and Pictet as of April 20, 2010) 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 notarial deed on October 30, 1992, published in the Mémorial on January 23, 1993, by notarial deed on June 14, 1995, published in the Mémorial on July 13, 1995, by notarial deed on November 8, 1999, published in the Mémorial on March 7, 2000, by notarial deed on May 2, 2001, published on May 29, 2001, by notarial deed on September 12, 2003, published on October 7, 2003, by notarial deed on December 8, 2005, published on December 21, 2005, by notarial deed on April 28, 2006, published on May 18, 2006, by notarial deed on May 21, 2007, published on August 3, 2007, by notarial deed on October 27, 2008, published on November 17, 2008, by notarial deed on January 23, 2009, published on February 20, 2009, and lastly by notarial deed on April 9, 2010, and published on May 7, Pictet Funds (Europe) S.A., a public limited company (société anonyme) with registered office at 3, boulevard Royal, Luxembourg, was appointed management company of the SICAV within the meaning of chapter 13 of the law of December 20, 2002, as amended, as of December 8, As at September 30, 2010, Pictet comprises the following 60 sub-funds: Pictet - EUR Bonds Pictet - USD Government Bonds Pictet - CHF Liquidity Pictet - USD Liquidity* Pictet - EUR Liquidity* Pictet - EUR Corporate Bonds Pictet - Global Emerging Debt* Pictet - World Government Bonds* Pictet - EUR High Yield Pictet - EUR Short Mid-Term Bonds* Pictet - USD Short Mid-Term Bonds* Pictet - CHF Bonds Pictet - EUR Government Bonds Pictet - EUR Inflation Linked Bonds* Pictet - Emerging Local Currency Debt Pictet - Asian Local Currency Debt Pictet - Global Emerging Currencies Pictet - JPY Liquidity Pictet - Latin American Local Currency Debt* Pictet - USD Sovereign Liquidity Pictet - EUR Sovereign Liquidity Pictet - US High Yield (launched on November 9, 2009) Pictet - EUR Corporate Bonds Ex Financial (launched on June 29, 2010) Pictet - European Equity Selection* Pictet - Small Cap Europe* Pictet - Emerging Markets* Pictet - Eastern Europe* Pictet - Europe Index denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in Swiss franc (CHF) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Euro (EUR) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in Swiss franc (CHF) denominated in Euro (EUR) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Yen (JPY) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Euro (EUR) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Euro (EUR) 245

248 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - USA Index Pictet - European Sustainable Equities* Pictet - Japan Index Pictet - Pacific Ex Japan Index Pictet - Digital Communication* Pictet - Biotech* Pictet - Premium Brands* Pictet - Water* Pictet - Indian Equities* Pictet - Japanese Equities 130/30* Pictet - Asian Equities Ex Japan* Pictet - Greater China* Pictet - Japanese Equity Selection* Pictet - Generics* Pictet - Emerging Markets Index Pictet - Japanese Mid-Small Cap Pictet - Euroland Index Pictet - US Equity Growth Selection* Pictet - Security* Pictet - Clean Energy* Pictet - Russian Equities* Pictet - Timber* Pictet - Agriculture* Pictet - Global Megatrend Selection* Pictet - US Equity Value Selection Pictet - Middle East And North Africa* Pictet - Environmental Megatrend Selection (launched on September 10, 2010) Pictet - High Dividend Selection (launched on May 12, 2010) Pictet - Piclife Pictet - Absolute Return Global Diversified* Pictet - Absolute Return Global Conservative* Pictet - Convertible Bonds (launched on February 1, 2010) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Yen (JPY) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in Yen (JPY) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Yen (JPY) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Yen (JPY) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in U.S. Dollar (USD) denominated in Euro (EUR) denominated in Euro (EUR) denominated in Swiss franc (CHF) denominated in Euro (EUR) denominated in Euro (EUR) denominated in Euro (EUR) * Sub-funds registered in Hong Kong. At the Extraordinary General Meeting held on April 9, 2010, all the amendments to the articles of incorporation stated on the agenda were approved, including in particular the SICAV s name change to "Pictet". On April 19, 2010, the Board of Directors decided to: merge the Pictet - US Equities sub-fund with the Pictet - US Equity Value Selection sub-fund with effect as of April 20, change the name of certain sub-funds and sub-classes of shares with effect as of April 20, These now include the class s reference currency where this did not appear before and where it is not part of the sub-fund s name. The note "Distr" for sub-classes of distribution shares has also been replaced by the addition of "dy" after the name of the class, while the note "Cap" has been removed. The sub-funds concerned by the change of name are as follows: Former name Pictet Funds (LUX) - (JPY) Liquidity Pictet Funds (LUX) - (USD) Sovereign Liquidity Pictet Funds (LUX) - (EUR) Sovereign Liquidity Pictet Funds (LUX) - Pacific (Ex Japan) Index Pictet Funds (LUX) - Asian Equities (Ex Japan) New name Pictet - JPY Liquidity Pictet - USD Sovereign Liquidity Pictet - EUR Sovereign Liquidity Pictet - Pacific Ex Japan Index Pictet - Asian Equities Ex Japan 246

249 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) A new prospectus came into force in April As at September 30, 2010, the Pictet - Family Business sub-fund, denominated in Euro (EUR), and Pictet - Medical Technologies sub-fund, denominated in US dollar (USD), had not yet been launched. 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 most recent 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 where the sub-classes may differ due to specific subscription and/or redemption fee structures, currency risk hedging policies, distribution policies and/or management or advisory fees or any other particularities applicable to each sub-class. Where applicable, this information will be provided in the current prospectus of the SICAV. Unless otherwise specified in Appendices 1, 2 or 3 of the SICAV s current prospectus, the shares of the sub-funds may be divided into "I", "P", "R", "Z", "S", "IS", "J" and "MG" shares. "I" and "J" shares are intended for institutional investors within the meaning of article 129 of the law of December 20, 2002, as amended, who wish to invest a minimum initial amount, as specified in the appendix for each sub-fund in the current prospectus. Fees levied on "I" and "J" shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions. "IS" shares are created within some indexed sub-funds in order to differentiate them from "I" shares in respect to the calculation of investment or disinvestment fees, as described in more detail in the relevant appendices of the current prospectus. "IS" shares shall be subject to the same conditions as "I" shares. "P" and "R" shares do not require a minimum investment. Due to their rather broad characteristics, one and/or the other respond to different marketing practices in force in the countries in which the SICAV is marketed at the time of the current prospectus. Their flexibility allows them, where necessary, to adapt to the evolution of their target markets. They are only differentiated by their fees. "P" shares: "R" 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 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 247

250 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) "S" shares are reserved exclusively for employees of the Pictet group. No brokerage fee shall apply to subscriptions and redemptions. The Board of Directors may apply a maximum conversion fee of 2% payable to intermediaries. "Z" shares are reserved for institutional investors who have concluded a specific fee agreement with Pictet & Cie, Genève or any other entity of the Pictet Group. Fees levied on "Z" shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions. "MG" shares are reserved for investors expressly approved by the manager of the subfund in question. Fees levied on "MG" shares in favour of intermediaries shall be a maximum of 5% for subscriptions and a maximum of 1% for redemptions. Shares may be divided into accumulation and distribution shares. Distribution shares "dy" shall be entitled to dividends at the discretion of the General Meeting while the amount corresponding to accumulation shares will not be distributed but invested in the share class concerned. The Board of Directors may also decide to issue "dm" shares, in respect of which a monthly dividend may be distributed. In principle, this dividend is paid to shareholders of the sub-class concerned who are listed on the register of shareholders on the 20th day of the month (or the next day if this is not a Business Day) and is, in principle, payable four business days after the ex-date in the currency of the share class. In each sub-fund shares issued in currencies other than the base currency of the subfund may be created. These shares may be hedged (as defined below) or unhedged. Hedged shares: Hedged "H" shares shall aim to hedge a large part of the foreign exchange risk of these shares with respect to a particular currency. These shares shall be subject to the same subscription and redemption fees as their corresponding unhedged shares. The minimum investment amount applicable to shares issued in a currency other than the consolidation currency of the sub-fund is the minimum initial investment amount applicable to the shares in question converted into the currency applicable to this class on the NAV calculation day. 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 or her shares into shares of another sub-class. 248

251 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (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 sub-funds. In this case, the assets of the different sub-funds are managed jointly according to the aforementioned technique. The co-managed assets are designated as pooled assets. However, these pools are used exclusively for the purpose of internal management. They are not considered individual legal entities and are not directly accessible to investors. Each co-managed sub-fund is allocated its own assets. When the assets of a sub-fund are managed according to this technique, the assets initially attributable to each co-managed sub-fund are determined according to its initial contribution to the pool. Subsequently, the composition of these assets shall vary according to the contributions or withdrawals made by these sub-funds. The allocation system described above applies to each holding in the pool. Henceforth, any additional investments made on behalf of the co-managed sub-funds are attributed to these sub-funds according to their respective rights, while any assets sold should be deducted in the same way from the assets attributable to each of the co-managed subfunds. All banking operations linked to the life of the sub-fund (dividends, interest, noncontractual fees, expenses) shall be accounted for in the pool and prorated to each subfund on the date these operations are recorded (expense provisions, recording of expenses and/or income on bank accounts). Conversely, contractual fees (custody, administration, management fees, etc.) are recorded directly in the accounts of the respective sub-funds. It should be clear at all times which assets and liabilities pertain to which sub-fund. 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 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. 249

252 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES a) General The financial statements are prepared in accordance with the legal reporting requirements applicable in Luxembourg. b) Formation expenses Formation expenses are amortised over a maximum period of five years. c) Conversion of foreign currencies for each sub-fund Cash at banks, other net assets and the market value of the investment portfolio expressed in currencies other than the currency of the sub-fund are converted into the base currency of the sub-fund at the exchange rate prevailing at the end of the period. Income and expenses expressed in currencies other than the base currency of the subfund are converted into the currency of the sub-fund at the exchange rate applicable on the payment date. Resulting foreign exchange gains and losses are recorded in the statement of operations. d) Combined financial statements of the SICAV The combined financial statements of the SICAV are expressed in euro and correspond to the sum of investments in the financial statements of each sub-fund, converted into euro at the exchange rate prevailing at the end of the period. e) Valuation of investments Transferable securities shall be valued at their most representative market price and/or at the price of past transactions carried out by fund managers or other participants on these markets. This price may be the last available price or a price available at another time on the markets which the Board of Directors considers the most representative in terms of liquidity and past transactions executed on the markets concerned. If a price is not available, the securities shall be valued prudently and in good faith on the basis of their foreseeable sale prices. In particular, the Board of Directors has implemented a specific valuation procedure for high-yield and emerging market bonds, according to which these securities are valued on the basis of the mid or bid prices provided by first-rate financial intermediaries or on the basis of the prices provided by entities such as Bloomberg, Telekurs, IDC or Reuters. Liquid assets are valued at their nominal value plus accrued interest. Units or shares of open-ended undertakings for collective investment are valued on the basis of their last-known net asset value. Units/shares of closed-ended UCIs shall be valued on the basis of the last market value available. 250

253 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Money market instruments that are not listed or traded on a stock exchange or other regulated market and whose residual maturity does not exceed 12 months are valued according to the linear method (linear depreciation, over the residual maturity, of the difference between the last-known market value and the redemption value). This rule does not apply to the Pictet - (EUR) Sovereign Liquidity or Pictet - (USD) Sovereign Liquidity sub-funds. (see point f) hereafter) Forward contracts and options that are not traded on a stock exchange or other regulated market are valued at their liquidation value determined in accordance with the rules set in good faith by the Board of Directors according to standard criteria for each type of contract. The value of forward contracts and options traded on a stock exchange or other regulated market is based on the closing or settlement prices published by this stock exchange or regulated market, on which 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. Further details are given in the current prospectus of the SICAV. f) Valuation of the securities of the Sovereign Liquidity sub-funds The securities are valued using the "Marked to Market" method. The calculation takes into account changes in the issuer spread and risk-free rates. g) 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 recorded in the statement of net assets. h) Valuation of Contracts For Difference Contracts for difference (CFD) are valued directly at the price of their underlying. i) Valuation of forward exchange contracts The unrealised gains or losses resulting from outstanding forward exchange contracts are determined on the valuation day on the basis of the forward exchange prices applicable on this date and are recorded in the statement of net assets. 251

254 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) j) Valuation of interest rate swaps Expected future cash flows, receivable and payable on swaps, are valued at their discounted present value. If a market exists, they are valued at their market value. k) Valuation of Credit Default Swaps Credit default swaps (CDS) are entered into on the basis of ISDA contracts with first-rate financial institutions specialised in these types of transactions. The parameters determining the valuation of CDS are: the recovery rate, the probability of default and the replacement spread. The replacement spread is the premium rate at which the CDS could be renegotiated. The valuation of the CDS reflects the discounted present value of the protection represented by the CDS compared to the zero yield curve applicable to the underlying bond. l) Valuation of Total Return Swaps Cashflows in and out of the sub-fund in connection with total return swaps are converted to present value on the valuation date at the zero-coupon swap rate corresponding to the maturity of these cashflows. The payment received by the protection buyer, which is a combination of options, is also converted to present value and determined by several parameters, notably the price, the volatility and the likelihood of the underlying assets defaulting. The value of total return swap contracts is the difference between the two present value conversions described above. m) Repurchase agreements Repurchase agreements ("repos") are agreements involving the purchase of an investment by a counterparty on the understanding that such investments shall be repurchased by the seller (the SICAV) at a given price on a given date, established at the time the agreement is concluded. Repos are therefore equivalent to loans that are guaranteed by the underlying investments, which remain included in the SICAV s investment portfolio and subject to market risk. Repos are recorded on the assets side of the balance sheet as loans up to the amount of cash received. Debt representing securities sold under repurchase agreements is recorded on the liabilities side of the balance sheet. 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 securities in the portfolio The cost of securities denominated in currencies other than the base currency of the subfund is calculated at the exchange rate prevailing on the acquisition date. 252

255 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) p) Income Dividends are recorded at the ex-dividend date. Interest is recorded on an accrual basis. q) Valuation of investments in "Private Equity" 1. Frequency of valuation of "Private Equity" securities Such securities are entered into the portfolio at acquisition cost. The valuation frequency depends on the occurrence of significant events affecting the security. In the absence of a significant event, valuations should be carried out at least twice per year. Examples of significant events triggering a valuation process include: Substantially higher/lower-than-expected profits A new round of financing initiated by the company A new transaction (initiated by a third party investor) Restructuring operations 2. Valuation process The Custodian s "Private Equity" department prepares a price revaluation recommendation which is based on fundamental analysis and forecasts as well as other available financial information. The recommendation is then submitted to the réviseur d entreprises agréé of the SICAV who will advise on the fairness and reasonableness of the valuation method, the adherence to and consistency of the valuation methodology as well as on the compliance of the valuation method with the valuation guidelines of the European Private Equity and Venture Capital Association (EVCA). This advice is generally required before the price revaluation, however, in certain circumstances it may be requested after. The recommendation is then submitted to the Board of Directors of the SICAV for review and official approval. r) Closing Net Asset Value As at September 30, 2010, the official net asset values (NAVs) (used as a basis for subscriptions and redemptions as at this date) and the NAVs shown in these financial statements were, for each sub-fund, determined on the basis of the valuation of the underlying assets calculated using the last available prices as at this date. For assets of the following sub-funds traded on the US and European markets, the last available prices taken into consideration were those at close of trading on September 29, 2010: Pictet - World Government Bonds Pictet - EUR Short Mid-Term Bonds Pictet - EUR Inflation Linked Bonds Pictet - Latin American Local Currency Debt Pictet - European Equity Selection Pictet - Small Cap Europe Pictet - Eastern Europe 253

256 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - European Sustainable Equities Pictet - Digital Communication Pictet - Biotech Pictet - Premium Brands Pictet - Water Pictet - Generics Pictet - US Equity Growth Selection Pictet - Security Pictet - Clean Energy Pictet - Timber Pictet - Agriculture Pictet - Global Megatrend Selection All other sub-funds were valued on the basis of the prices at close of trading on September 30, For the Pictet - Eastern Europe sub-fund, a significant difference between the official NAV based on closing prices on September 29, 2010, and the NAV calculated on the basis of closing prices on September 30, 2010, has been noted; the latter NAV has been used for the purposes of the financial statements: Sub-fund Currency Official NAV as at the valuation day NAV calculated for the purposes of the financial statements Impact on the NAV Pictet - Eastern Europe EUR 430,482, ,276, % This difference had no impact on the sub-fund s subscriptions and redemptions. NOTE 3 "TAXE D ABONNEMENT" Under the legislation and regulations currently prevailing, the SICAV is not subject to any income tax. The SICAV is subject to a "taxe d abonnement" of 0.05% per annum of its net assets, payable quarterly and calculated on the basis of the net assets at the end of each quarter. However, this tax is reduced to 0.01% for assets related to shares reserved for institutional investors. The portion of the net assets invested in units of other Luxembourg undertakings for collective investment is exempt from the "taxe d abonnement", provided such units have already been subject to this tax. NOTE 4 MANAGEMENT AND INVESTMENT ADVISORY FEE The Management Company has 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 on the subclasses of shares as well as on their corresponding shares, prorata to their net assets. 254

257 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) The maximum annual rates applicable as at September 30, 2010, are the following: I shares P shares R shares Z shares J shares (max) (max) (max) (max) (max) Pictet - USD Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet - EUR Liquidity 0.15% 0.30% 0.60% 0.00% 0.10% Pictet - Global Emerging Debt 1.10% 1.45% 1.75% 0.00% - Pictet - World Government Bonds 0.30% 0.60% 0.90% 0.00% - Pictet - EUR Short Mid-Term Bonds * 0.35% 0.60% 0.90% 0.00% - Pictet - USD Short Mid-Term Bonds 0.35% 0.60% 0.90% 0.00% - Pictet - EUR Inflation Linked Bonds 0.45% 0.90% 1.20% 0.00% - Pictet - Latin American Local Currency Debt 1.05% 2.10% 3.00% 0.00% - Pictet - European Equity Selection 0.90% 1.80% 2.50% 0.00% - Pictet - Small Cap Europe 1.20% 2.40% 2.90% 0.00% - Pictet - Emerging Markets 2.00% 2.50% 2.90% 0.00% - Pictet - Eastern Europe 1.80% 2.40% 2.90% 0.00% - Pictet - European Sustainable Equities 0.65% 1.20% 1.80% 0.00% - Pictet - Digital Communication 1.20% 2.40% 2.90% 0.00% - Pictet - Biotech 1.20% 2.40% 2.90% 0.00% - Pictet - Premium Brands 1.20% 2.40% 2.90% 0.00% - Pictet - Water 1.20% 2.40% 2.90% 0.00% - Pictet - Indian Equities 1.20% 2.40% 2.90% 0.00% - Pictet - Japanese Equities 130/ % 1.80% 2.50% 0.00% - Pictet - Asian Equities Ex Japan 1.20% 2.40% 2.90% 0.00% - Pictet - Greater China 1.20% 2.40% 2.90% 0.00% - Pictet - Japanese Equity Selection 0.90% 1.80% 2.50% 0.00% - Pictet - Generics 1.20% 2.40% 2.90% 0.00% - Pictet - US Equity Growth Selection 0.90% 1.80% 2.50% 0.00% - Pictet - Security 1.20% 2.40% 2.90% 0.00% - Pictet - Clean Energy 1.20% 2.40% 2.90% 0.00% - Pictet - Russian Equities 1.90% 2.40% 2.90% 0.00% - Pictet - Timber 1.20% 2.40% 2.90% 0.00% - Pictet - Agriculture 1.20% 2.40% 2.90% 0.00% - Pictet - Global Megatrend Selection 1.20% 2.40% 2.90% 0.00% - Pictet - Middle East And North Africa 1.20% 2.40% 3.45% 0.00% - Pictet - Absolute Return Global Diversified 0.70% 1.50% 2.20% 0.00% - Pictet - Absolute Return Global Conservative 0.50% 1.00% 1.45% 0.00% - * For the HI CHF and HP CHF share classes, the rates are 0.25% and 0.35% respectively for the Pictet - EUR Short Mid-Term Bonds sub-fund. NOTE 5 SERVICE FEE An annual service fee calculated on the average net asset values of each sub-fund is paid quarterly or monthly, depending on the terms of the agreement, to the Management Company in remuneration for the services that it provides to the SICAV. This fee shall also enable the Management Company to remunerate Pictet & Cie (Europe) S.A. for its transfer agent, administrative agent and paying agent activities. The maximum rates applicable as at September 30, 2010, are the following: Unhedged shares (max) Hedged shares (max) Pictet - USD Liquidity 0.10% - Pictet - EUR Liquidity 0.10% - Pictet - Global Emerging Debt * 0.30% 0.35% * For the HZ EUR share class, the rate is 0.30% for the Pictet Global Emerging Debt sub-fund. 255

258 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Unhedged shares (max) Hedged shares (max) Pictet - World Government Bonds 0.15% - Pictet - EUR Short Mid-Term Bonds 0.10% 0.15% Pictet - USD Short Mid-Term Bonds 0.10% - Pictet - EUR Inflation Linked Bonds 0.15% 0.20% Pictet - Latin American Local Currency Debt 0.40% 0.45% Pictet - European Equity Selection 0.40% - Pictet - Small Cap Europe 0.45% - Pictet - Emerging Markets 0.40% 0.45% Pictet - Eastern Europe 0.80% - Pictet - European Sustainable Equities 0.45% - Pictet - Digital Communication 0.40% 0.45% Pictet - Biotech 0.45% 0.50% Pictet - Premium Brands 0.45% - Pictet - Water 0.45% 0.50% Pictet - Indian Equities 0.65% - Pictet - Japanese Equities 130/ % - Pictet - Asian Equities Ex Japan 0.35% 0.40% Pictet - Greater China 0.45% - Pictet - Japanese Equity Selection 0.40% 0.45% Pictet - Generics 0.45% 0.50% Pictet - US Equity Growth Selection 0.30% 0.35% Pictet - Security 0.45% 0.50% Pictet - Clean Energy 0.45% 0.50% Pictet - Russian Equities 0.80% - Pictet - Timber 0.45% 0.50% Pictet - Agriculture 0.45% 0.50% Pictet - Global Megatrend Selection 0.45% 0.50% Pictet - Middle East And North Africa 0.50% 0.55% Pictet - Absolute Return Global Diversified 0.30% 0.35% Pictet - Absolute Return Global Conservative 0.30% 0.35% NOTE 6 OTHER FEES PAYABLE As at September 30, 2010, other fees payable include administration, custodian and service fees. NOTE 7 SUBSCRIPTION, REDEMPTION AND/OR CONVERSION FEES The subscription price of shares of each sub-fund (or sub-class of shares, where applicable) is equal to the net asset value of one share of that sub-fund (or of the subclass of shares, respectively), as determined on the first NAV calculation date following the subscription date. Brokerage fees of up to 5% of the relevant sub-fund s net asset value per share may be added to the subscription price, such fees being levied in favour of the intermediaries and/or distributors involved in investments in shares of the SICAV. Brokerage fees vary according to the sub-class of shares. The redemption price of shares of each sub-fund (or sub-class of shares, where applicable) is equal to the net asset value of one share of that sub-fund (or of the subclass of shares, respectively), as determined on the first NAV calculation date following the redemption date. 256

259 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) 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. Brokerage fees vary according to the sub-class of shares. The Board of Directors is authorised in certain situations to apply a "dilution levy" of maximum 2% of the net asset value per share to the subscription, redemption and/or conversion price, as detailed in the chapter of the current prospectus entitled "Dilution Levy". The dilution levy charged on any valuation date applies equally to all shareholders of the sub-fund concerned. The Board of Directors is authorised 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 equally to all shareholders on the same net asset value calculation day. NOTE 8 PERFORMANCE FEE For the Pictet - Convertible Bonds sub-fund, the performance fee is calculated on the basis of the portion of the net asset value (hereinafter the "NAV") per share of the subfund concerned exceeding a reference NAV. The reference period corresponds to the SICAV s fiscal year. The performance fee is calculated on the basis of the NAV after deduction of all the fees and commitments and the management fee (but not the performance fee) and adjusted to take all subscriptions and redemptions during the reference period into consideration. If shares are redeemed on a date other than the date of payment of the performance fee and where a performance fee has accrued, the portion of the performance fee attributable to the redeemed shares shall be paid at the end of the period. Adjustment for subscriptions consists in deducting the performance fee relative to the shares subscribed between the previous period and the subscription date from the provision for performance fees calculated on the basis of the number of underlying shares. Thus, for these shares, no performance fee shall accrue for performance generated prior to the subscription date. The performance fee is calculated on each valuation day at a rate of 20% applied to the difference between the NAV per share as at this valuation day and the reference NAV, multiplied by the number of shares outstanding on said valuation day. On each valuation day a provision representing the performance fee calculated on the basis of the difference between the NAV per share and the reference NAV shall be deducted from the net assets of the sub-fund and the provision constituted on the previous valuation day shall be reversed. Where the NAV per share is lower than the reference NAV, no provision shall accrue. However, the provision can never be negative. 257

260 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) In application of the High Water Mark principle, the reference NAV is the last NAV per share resulting in the payment of a performance fee. The first reference NAV shall be the initial subscription price. The reference NAV shall be taken into account after deduction of the performance fee. If a dividend is distributed during the financial year, the reference NAV shall be reduced by the amount distributed per share. A breakdown of the performance fee calculation appears in the current prospectus. NOTE 9 EXCHANGE RATES AS AT SEPTEMBER 30, 2010 The exchange rates used to convert into EUR the various items of sub-funds denominated in a currency other than EUR as at September 30, 2010, are as follows: 1 EUR = CHF 1 EUR = GBP 1 EUR = JPY 1 EUR = USD NOTE 10 FORWARD CONTRACTS The SICAV had the following futures contracts outstanding as at September 30, 2010: Pictet - EUR Liquidity Maturity Currency Total commitment in EUR Sale of 70 LIFFE 3M EURIBOR FUTURES 13/12/2010 EUR -69,258, The net unrealised loss on this contract as at September 30, 2010, was EUR 4, and is included in the statement of net assets. Pictet - Global Emerging Debt Maturity Currency Total commitment in USD Purchase of USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 91,745, Sale of KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW -27,888, The net unrealised gain on these contracts as at September 30, 2010, was USD 198, and is included in the statement of net assets. Pictet - World Government Bonds Maturity Currency Total commitment in EUR Purchase of 163 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 17,796, Purchase of 73 USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 6,772, Sale of 210 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD -33,883, The net unrealised gain on these contracts as at September 30, 2010, was EUR 46, and is included in the statement of net assets. 258

261 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - EUR Short Mid-Term Bonds Maturity Currency Total commitment in EUR Sale of 145 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR -17,514, Sale of 90 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR -9,826, The net unrealised loss on these contracts as at September 30, 2010, was EUR 4, and is included in the statement of net assets. Pictet - USD Short Mid-Term Bonds Maturity Currency Total commitment in USD Purchase of 199 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD 43,677, Sale of 243 USA TREASURY NOTE FUT. 5 YEARS 31/12/2010 USD -29,370, The net unrealised loss on these contracts as at September 30, 2010, was USD 148, and is included in the statement of net assets. Pictet - EUR Inflation Linked Bonds Maturity Currency Total commitment in EUR Purchase of 208 BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 22,709, Purchase of 78 USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 7,235, Sale of 268 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD -43,242, The net unrealised gain on these contracts as at September 30, 2010, was EUR 47, and is included in the statement of net assets. Pictet - Absolute Return Global Diversified Maturity Currency Total commitment in EUR Purchase of AEX INDEX (AMSTERDAM EXCHANGE) FUT. 15/10/2010 EUR 7,844, Purchase of 1, WARSAW WIG 20 INDEX FUT. 17/12/2010 PLN 8,232, Purchase of MSCI TAIWAN (SGX) INDEX FUT. 28/10/2010 USD 2,867, Purchase of S&P/TSE 60 INDEX FUT. 16/12/2010 CAD 14,151, Purchase of FSTE BURSA MALAYSIA KLCI FUT. 29/10/2010 MYR 2,560, Purchase of KOSPI 200 INDICE FUT. 09/12/2010 KRW 1,185, Purchase of RUSSELL 2000 (USD) FUT. 17/12/2010 USD 838, Purchase of FTSE/JSE AFRICA TOP40 FUT. 15/12/2010 ZAR 4,620, Purchase of 197 LONG GILT STERLING FUTURE 29/12/2010 GBP 28,571, Purchase of 200 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD 32,111, Purchase of FTSE 100 (FINANCIAL TIMES) FUT. 17/12/2010 GBP 1,408, Purchase of SET50 INDEX FUT. 29/12/2010 THB 3,677, Purchase of INDICE TOKYO STOCK EXCH. -TOPIX- FUT. 09/12/2010 JPY 23,551, Purchase of IPC MEXICO INDEX FUT. 17/12/2010 MXN 6,338, Purchase of 414 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR 54,569, Purchase of CAC 40 INDICE FUT. 15/10/2010 EUR 17,432, Purchase of BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 50,949, Purchase of SGX CNX NIFTY INDEX FUT. 28/10/2010 USD 4,418, Purchase of 517 S&P INDICES 500 FUT. 16/12/2010 USD 107,904, Purchase of DAX INDEX FUT. 17/12/2010 EUR 8,739, Purchase of IND.OSLO STOCK EXCHANGE -OBX- FUT. 21/10/2010 NOK 2,734, Purchase of USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 70,071, Purchase of 849 ISE NATIONAL 30 FUT. 27/10/2010 TRY 3,574, Purchase of 85 JAPANESE FUTURE BONDS 10 YEARS 09/12/2010 JPY 107,127, Purchase of BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR 10,748, Purchase of S&P/ASX 200 INDICES FUT. 16/12/2010 AUD 7,888, Sale of 1, SMI INDEX FUT. 17/12/2010 CHF -55,111, Sale of SWEDEN OPTION MARKET INDICES FUT. 15/10/2010 SEK -1,422, Sale of FTSE ITALIA MIB INDEX FUT. 17/12/2010 EUR -1,292,

262 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Maturity Currency Total commitment in EUR Sale of BOLSA VALORES SAO PAULO INDICES FUT. 13/10/2010 BRL -402, Sale of HANG SENG INDICES FUT. 28/10/2010 HKD -2,364, Sale of HK HANG SENG INDIC FUT. 28/10/2010 HKD -1,515, Sale of 4.68 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW -33,754, Sale of MSCI SINGAPORE FUTURES SGX 28/10/2010 SGD -2,104, Sale of IBEX 35 INDEX FUT. 15/10/2010 EUR -5,809, Sale of 7.54 NASDAQ 100 INDEX USA FUT. 16/12/2010 USD -1,108, The net unrealised gain on these contracts as at September 30, 2010, was EUR 8,086, and is included in the statement of net assets. Pictet - Absolute Return Global Conservative Maturity Currency Total commitment in EUR Purchase of 1.04 RUSSELL 2000 (USD) FUT. 17/12/2010 USD 51, Purchase of SET50 INDEX FUT. 29/12/2010 THB 225, Purchase of 14 LONG GILT STERLING FUTURE 29/12/2010 GBP 2,030, Purchase of 14 USA TREASURY NOTE FUT. 2 YEARS 31/12/2010 USD 2,247, Purchase of IPC MEXICO INDEX FUT. 17/12/2010 MXN 305, Purchase of INDICE TOKYO STOCK EXCH. -TOPIX- FUT. 09/12/2010 JPY 1,433, Purchase of SGX CNX NIFTY INDEX FUT. 28/10/2010 USD 185, Purchase of CAC 40 INDICE FUT. 15/10/2010 EUR 1,065, Purchase of 3.14 DAX INDEX FUT. 17/12/2010 EUR 490, Purchase of 30 BUND FUTURE EURO-BUND EUREX (10Y) 10/12/2010 EUR 3,954, Purchase of 31 S&P INDICES 500 FUT. 16/12/2010 USD 6,490, Purchase of IND.OSLO STOCK EXCHANGE -OBX- FUT. 21/10/2010 NOK 167, Purchase of BUND FUTURE EURO-SCHATZ EUREX (2Y) 08/12/2010 EUR 4,186, Purchase of 4.35 MSCI TAIWAN (SGX) INDEX FUT. 28/10/2010 USD 92, Purchase of 5.01 BUND FUTURE EURO-BOBL EUREX (5Y) 08/12/2010 EUR 605, Purchase of 5.27 AEX INDEX (AMSTERDAM EXCHANGE) FUT. 15/10/2010 EUR 354, Purchase of 52 ISE NATIONAL 30 FUT. 27/10/2010 TRY 2, Purchase of USA TREASURY NOTE FUT. 10 YEARS 21/12/2010 USD 4,960, Purchase of 6 JAPANESE FUTURE BONDS 10 YEARS 09/12/2010 JPY 7,561, Purchase of 6.36 S&P/ASX 200 INDICES FUT. 16/12/2010 AUD 519, Purchase of WARSAW WIG 20 INDEX FUT. 17/12/2010 PLN 417, Purchase of 7.24 FTSE/JSE AFRICA TOP40 FUT. 15/12/2010 ZAR 198, Purchase of 8.17 S&P/TSE 60 INDEX FUT. 16/12/2010 CAD 827, Purchase of 9.06 FSTE BURSA MALAYSIA KLCI FUT. 29/10/2010 MYR 156, Sale of 0.15 KOSPI 200 INDICE FUT. 09/12/2010 KRW -11, Sale of 0.26 FTSE ITALIA MIB INDEX FUT. 17/12/2010 EUR -25, Sale of 0.29 KOREA BONDS FUTURE 3 YEARS 21/12/2010 KRW -20, Sale of 0.46 NASDAQ 100 INDEX USA FUT. 16/12/2010 USD -67, Sale of 0.53 HANG SENG INDICES FUT. 28/10/2010 HKD -56, Sale of 1.06 MSCI SINGAPORE FUTURES SGX 28/10/2010 SGD -42, Sale of 1.83 FTSE 100 (FINANCIAL TIMES) FUT. 17/12/2010 GBP -117, Sale of 3.02 HK HANG SENG INDIC FUT. 28/10/2010 HKD -176, Sale of 3.39 IBEX 35 INDEX FUT. 15/10/2010 EUR -354, Sale of 3.55 BOLSA VALORES SAO PAULO INDICES FUT. 13/10/2010 BRL -106, Sale of SMI INDEX FUT. 17/12/2010 CHF -3,456, Sale of 8.01 SWEDEN OPTION MARKET INDICES FUT. 15/10/2010 SEK -95, The net unrealised gain on these contracts as at September 30, 2010, was EUR 425, and is included in the statement of net assets. 260

263 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) The SICAV had the following Contracts For Difference (CFDs) outstanding as at September 30, 2010: Pictet - Absolute Return Global Diversified Description Quantity Currency Market value in EUR ABERTIS INFRAESTRUCTURAS 46, EUR -28, ACCOR -12, EUR -33, ACS -13, EUR -87, ADMIRAL GROUP -25, GBP -62, ADP -9, EUR -60, AIR LIQUIDE -2, EUR -4, B.M.W. -13, EUR -166, BASF 10, EUR 1, BELGACOM -10, EUR -30, CIE FINANCIERE RICHEMONT 16, CHF 56, DANIELI & C.OFFICINE MECCANICHE -32, EUR -108, DANISCO -5, DKK -61, DANONE -14, EUR 2, DASSAULT SYSTEMES -9, EUR -41, DEUTSCHE BANK NOM. -15, EUR 123, DRAKA HOLDING EUR 10, ENTERPRISE INNS 340, GBP 48, ERSTE GROUP BANK -21, EUR -86, EUROPEAN AERONAUTIC DEFENCE SPACE -17, EUR -12, EUTELSAT COMMUNICATIONS -21, EUR -27, FONDIARIA-SAI 65, EUR -46, GEOX -123, EUR -59, HANNOVER RUECKVERSICHERUNGS NOM. -13, EUR 10, HENKEL PFD N-VTG -5, EUR -4, INTESA SANPAOLO -280, EUR -67, JC DECAUX EUR 0.24 KINGFISHER -90, GBP -26, L OREAL (EUR) -4, EUR -19, LAFARGE -11, EUR -11, MARKS & SPENCER GROUP -93, GBP -54, MICHELIN B NOM. -8, EUR -13, NESTLE NOM. (CHF) 10, CHF 9, NORDEA BANK (SEK) -40, SEK -17, NOVARTIS AG NOM. (CHF) -11, CHF -49, PEUGEOT PORT. -21, EUR -86, PRUDENTIAL 10, GBP -14, PUNCH TAVERNS -445, GBP -89, QIAGEN (EUR) 41, EUR -38, ROLLS-ROYCE GROUP -68, GBP -54, R.W.E. A -11, EUR 38, SGL CARBON -8, EUR 19, SKANDINAVISKA ENSKILDA A -150, SEK -159, TESCO 81, GBP 39, THALES 12, EUR 3, TRY 5, DKK 5, UBS 34, CHF -23, WILLIAM DEMANT HOLDING -10, DKK 32, XSTRATA -16, GBP -69, The net unrealised loss on these contracts as at September 30, 2010, was EUR 1,314, and is included in the statement of net assets. 261

264 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) NOTE 11 FORWARD EXCHANGE CONTRACTS Pictet - USD Liquidity Purchase Sale Maturity EUR 4,500, USD 5,790, /10/2010 USD 843, JPY 70,560, /02/2011 USD 2,244, JPY 201,400, /11/2010 USD 3,173, EUR 2,500, /02/2011 USD 3,808, EUR 3,000, /10/2010 USD 3,892, EUR 3,000, /12/2010 USD 3,924, GBP 2,631, /12/2010 USD 4,319, JPY 369,938, /02/2011 USD 4,961, EUR 3,780, /10/2010 USD 5,210, EUR 4,000, /03/2011 USD 6,122, EUR 5,000, /01/2011 USD 6,216, JPY 550,003, /10/2010 USD 6,289, EUR 5,000, /01/2011 USD 6,298, EUR 5,000, /10/2010 USD 6,420, GBP 4,180, /12/2010 USD 6,436, EUR 5,000, /11/2010 USD 6,438, EUR 5,000, /12/2010 USD 6,438, EUR 5,020, /02/2011 USD 6,442, EUR 5,000, /12/2010 USD 6,481, EUR 5,000, /09/2011 USD 6,518, EUR 5,000, /03/2011 USD 6,639, EUR 5,000, /03/2011 USD 7,735, EUR 5,754, /06/2011 USD 7,920, GBP 5,000, /02/2011 USD 8,165, EUR 6,000, /10/2010 USD 8,640, EUR 6,500, /10/2010 USD 9,508, CHF 10,000, /11/2010 USD 10,177, EUR 7,999, /10/2010 USD 10,230, EUR 8,000, /03/2011 USD 12,629, EUR 10,000, /10/2010 USD 12,695, EUR 10,000, /10/2010 USD 12,931, EUR 10,000, /01/2011 USD 12,951, EUR 10,000, /11/2010 USD 13,390, EUR 10,000, /03/2011 USD 19,696, EUR 15,000, /11/2010 The net unrealised loss on these contracts as at September 30, 2010, was USD 12,650, and is included in the statement of net assets. Pictet - EUR Liquidity Purchase Sale Maturity EUR 6,191, JPY 685,800, /02/2011 EUR 10,846, CHF 15,000, /11/2010 EUR 14,591, CHF 20,000, /11/2010 EUR 22,361, CHF 30,000, /10/2010 EUR 36,691, CHF 50,000, /10/2010 The net unrealised loss on these contracts as at September 30, 2010, was EUR 1,594, and is included in the statement of net assets. 262

265 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt Purchase Sale Maturity AUD 383, USD 347, /10/2010 AUD 16,146, USD 15,462, /10/2010 BRL 50,164, USD 28,972, /10/2010 BRL 142,046, USD 82,970, /10/2010 CAD 4,838, USD 4,641, /10/2010 CHF 832, USD 854, /10/2010 CHF 152,029, USD 154,320, /10/2010 CNY 15,527, USD 2,304, /10/2010 CNY 32,037, USD 4,786, /10/2010 CNY 32,037, USD 4,788, /10/2010 CNY 73,312, USD 10,952, /10/2010 CNY 102,893, USD 15,371, /10/2010 CNY 192,716, USD 28,311, /10/2010 CNY 280,083, USD 42,398, /05/2011 EUR 179, USD 236, /10/2010 EUR 1,081, USD 1,388, /10/2010 EUR 1,550, USD 2,109, /10/2010 EUR 5,768, USD 7,733, /10/2010 EUR 5,768, USD 7,832, /10/2010 EUR 5,788, USD 7,790, /10/2010 EUR 10,268, USD 13,175, /10/2010 EUR 11,495, PLN 46,395, /10/2010 EUR 11,520, PLN 46,395, /10/2010 EUR 11,527, USD 15,667, /10/2010 EUR 11,601, PLN 46,395, /10/2010 EUR 11,901, USD 15,121, /10/2010 EUR 11,989, USD 15,341, /10/2010 EUR 12,166, USD 16,538, /10/2010 EUR 12,166, USD 16,569, /10/2010 EUR 12,166, USD 16,566, /10/2010 EUR 12,166, USD 16,536, /10/2010 EUR 17,777, USD 22,869, /10/2010 EUR 975,423, USD 1,309,018, /10/2010 INR 349,612, USD 7,641, /10/2010 INR 699,224, USD 15,297, /10/2010 INR 746,178, USD 16,050, /10/2010 INR 1,182,442, USD 25,303, /10/2010 JPY 6,293,421, USD 74,743, /10/2010 MYR 14,318, USD 4,588, /10/2010 MYR 48,184, USD 15,618, /11/2010 MYR 71,013, USD 22,952, /10/2010 MYR 94,825, USD 30,391, /10/2010 PHP 162,055, USD 3,691, /10/2010 PHP 346,811, USD 7,860, /10/2010 PHP 346,811, USD 7,729, /10/2010 PHP 346,811, USD 7,706, /10/2010 PHP 346,811, USD 7,791, /10/2010 PHP 346,811, USD 7,791, /10/2010 PHP 396,342, USD 9,018, /10/2010 PHP 686,449, USD 15,626, /10/2010 PLN 20,240, USD 6,651, /10/2010 PLN 42,513, EUR 10,566, /10/2010 PLN 48,272, EUR 12,072, /10/2010 PLN 86,009, EUR 21,467, /10/2010 PLN 88,594, EUR 22,427, /10/2010 SGD 1,130, USD 851, /10/2010 TRY 19,474, USD 12,895, /11/2010 TRY 44,522, USD 29,537, /11/2010 USD 9, TWD 294, /10/2010 USD 528, KRW 620,113, /10/2010 USD 965, ZAR 7,172, /11/2010 USD 1,098, KRW 1,277,571, /10/2010 USD 1,566, INR 72,944, /10/2010 USD 1,663, ZAR 12,427, /11/

266 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt (continued) Purchase Sale Maturity USD 2,319, CNY 15,527, /10/2010 USD 2,416, SGD 3,255, /10/2010 USD 2,663, EUR 2,082, /10/2010 USD 3,169, ZAR 23,683, /11/2010 USD 3,376, IDR 30,569,349, /10/2010 USD 3,842, THB 119,747, /10/2010 USD 4,185, ZAR 30,679, /11/2010 USD 4,487, MYR 14,091, /10/2010 USD 4,781, CNY 32,037, /10/2010 USD 4,781, ZAR 35,191, /11/2010 USD 4,846, CNY 32,430, /04/2011 USD 5,039, BRL 8,705, /10/2010 USD 5,214, PLN 15,877, /10/2010 USD 5,400, PLN 16,612, /10/2010 USD 6,498, SGD 8,767, /10/2010 USD 7,021, CHF 7,115, /10/2010 USD 7,497, PLN 23,176, /10/2010 USD 7,670, KRW 9,123,829, /10/2010 USD 7,727, SGD 10,417, /10/2010 USD 7,784, SGD 10,417, /10/2010 USD 7,814, CLP 3,907,404, /11/2010 USD 7,837, PHP 346,811, /10/2010 USD 8,413, KRW 10,080,042, /10/2010 USD 9,167, AUD 10,096, /10/2010 USD 9,750, KRW 11,547,029, /10/2010 USD 9,782, KRW 11,551,471, /10/2010 USD 9,945, BRL 17,241, /10/2010 USD 10,955, CNY 73,312, /10/2010 USD 11,997, TRY 18,648, /11/2010 USD 13,778, ZAR 101,775, /11/2010 USD 13,808, ZAR 100,427, /11/2010 USD 15,150, EUR 11,989, /10/2010 USD 15,250, CNY 102,893, /10/2010 USD 15,276, EUR 12,107, /10/2010 USD 15,311, EUR 11,665, /10/2010 USD 15,386, INR 699,028, /10/2010 USD 15,397, AUD 16,146, /10/2010 USD 15,400, INR 696,276, /10/2010 USD 15,436, MYR 47,751, /10/2010 USD 15,503, EUR 11,527, /10/2010 USD 15,547, INR 713,179, /10/2010 USD 15,643, PHP 693,623, /10/2010 USD 15,888, EUR 12,166, /10/2010 USD 16,189, EUR 12,166, /10/2010 USD 16,223, KRW 19,222,544, /10/2010 USD 16,238, EUR 12,166, /10/2010 USD 16,239, EUR 12,166, /10/2010 USD 16,292, EUR 12,166, /10/2010 USD 18,075, PLN 57,654, /10/2010 USD 20,720, ZAR 144,548, /10/2010 USD 21,378, SGD 28,575, /10/2010 USD 23,191, JPY 1,944,379, /11/2010 USD 24,871, PHP 1,094,486, /10/2010 USD 28,791, CNY 192,716, /10/2010 USD 30,042, MYR 94,825, /10/2010 USD 40,418, PLN 129,294, /10/2010 USD 41,978, CNY 280,083, /05/2011 USD 82,515, BRL 142,046, /11/2010 USD 93,913, BRL 166,264, /10/2010 USD 97,179, ZAR 726,616, /11/2010 ZAR 13,070, USD 1,819, /11/2010 ZAR 30,145, USD 4,181, /11/2010 ZAR 41,118, USD 5,755, /11/2010 ZAR 53,050, USD 7,112, /11/

267 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt (continued) Purchase Sale Maturity ZAR 58,305, USD 7,822, /11/2010 ZAR 103,385, USD 14,713, /11/2010 ZAR 103,914, USD 14,693, /11/2010 ZAR 112,228, USD 15,144, /11/2010 ZAR 144,548, USD 20,548, /11/2010 The net unrealised gain on these contracts as at September 30, 2010, was USD 257, and is included in the statement of net assets. Pictet - World Government Bonds Purchase Sale Maturity EUR 14, SEK 128, /10/2010 EUR 20, DKK 149, /10/2010 EUR 76, CAD 106, /10/2010 EUR 222, GBP 191, /10/2010 EUR 1,085, USD 1,476, /10/2010 USD 462, JPY 39,539, /10/2010 The net unrealised loss on these contracts as at September 30, 2010, was EUR 8, and is included in the statement of net assets. Pictet - EUR Short Mid-Term Bonds Purchase Sale Maturity CHF 63,451, EUR 47,998, /10/2010 The net unrealised loss on this contract as at September 30, 2010, was EUR 163, and is included in the statement of net assets. Pictet - EUR Inflation Linked Bonds Purchase Sale Maturity EUR 130, USD 170, /10/2010 EUR 193, USD 260, /10/2010 The net unrealised gain on these contracts as at September 30, 2010, was EUR 7, and is included in the statement of net assets. Pictet - Latin American Local Currency Debt Purchase Sale Maturity BRL 500, USD 290, /10/2010 BRL 690, USD 400, /10/2010 BRL 1,060, USD 600, /10/2010 BRL 1,290, USD 750, /11/2010 BRL 1,360, USD 782, /10/2010 BRL 1,440, USD 842, /10/2010 BRL 1,670, USD 972, /11/2010 BRL 2,190, USD 1,270, /11/2010 BRL 2,350, USD 1,362, /10/2010 BRL 3,320, USD 1,882, /10/2010 BRL 3,410, USD 1,953, /10/2010 BRL 4,190, USD 2,434, /11/2010 BRL 5,990, USD 3,463, /10/2010 BRL 6,480, USD 3,772, /10/2010 BRL 6,670, USD 3,851, /10/2010 COP 659,999, USD 366, /10/2010 COP 659,999, USD 362, /10/2010 COP 709,999, USD 391, /10/

268 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Latin American Local Currency Debt (continued) Purchase Sale Maturity COP 1,120,000, USD 620, /10/2010 COP 1,210,000, USD 668, /10/2010 COP 1,672,999, USD 922, /10/2010 COP 5,994,517, USD 3,209, /10/2010 EUR 244, USD 321, /10/2010 EUR 1,240, USD 1,668, /10/2010 EUR 1,240, USD 1,662, /10/2010 EUR 1,240, USD 1,683, /10/2010 EUR 2,240, USD 2,846, /10/2010 EUR 2,490, USD 3,384, /10/2010 EUR 2,490, USD 3,391, /10/2010 EUR 2,490, USD 3,390, /10/2010 EUR 2,490, USD 3,384, /10/2010 EUR 2,490, USD 3,384, /10/2010 MXN 3,200, USD 245, /11/2010 MXN 5,899, USD 448, /11/2010 MXN 6,900, USD 548, /11/2010 MXN 8,400, USD 659, /11/2010 MXN 12,200, USD 933, /11/2010 MXN 18,700, USD 1,426, /11/2010 MXN 18,800, USD 1,439, /11/2010 MXN 28,310, USD 2,196, /11/2010 MXN 28,800, USD 2,238, /11/2010 MXN 29,564, USD 2,296, /11/2010 MXN 31,599, USD 2,445, /11/2010 MXN 36,400, USD 2,783, /11/2010 MXN 37,500, USD 2,878, /10/2010 MXN 73,858, USD 5,712, /11/2010 PEN 880, USD 315, /11/2010 USD 1, BRL 2, /10/2010 USD 122, EUR 95, /10/2010 USD 266, BRL 471, /10/2010 USD 397, COP 717,930, /10/2010 USD 436, MXN 5,500, /11/2010 USD 548, MXN 6,995, /11/2010 USD 653, CLP 329,000, /11/2010 USD 803, COP 1,480,000, /10/2010 USD 852, BRL 1,477, /10/2010 USD 911, EUR 710, /10/2010 USD 926, MXN 11,900, /11/2010 USD 1,129, PEN 3,148, /11/2010 USD 1,351, CLP 676,000, /11/2010 USD 1,426, MXN 18,641, /11/2010 USD 1,617, BRL 2,790, /10/2010 USD 1,983, MXN 26,300, /11/2010 USD 2,085, CLP 1,038,500, /11/2010 USD 2,185, BRL 3,776, /10/2010 USD 2,223, MXN 29,115, /11/2010 USD 2,447, BRL 4,190, /10/2010 USD 2,674, EUR 2,120, /10/2010 USD 2,809, MXN 36,900, /11/2010 USD 3,251, EUR 2,490, /10/2010 USD 3,281, EUR 2,500, /10/2010 USD 3,313, EUR 2,490, /10/2010 USD 3,323, EUR 2,490, /10/2010 USD 3,323, EUR 2,490, /10/2010 USD 3,334, EUR 2,490, /10/2010 USD 3,348, EUR 2,490, /10/2010 USD 3,889, BRL 6,737, /10/2010 USD 7,808, BRL 13,823, /10/2010 The net unrealised loss on these contracts as at September 30, 2010, was USD 227, and is included in the statement of net assets. 266

269 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Emerging Markets Purchase Sale Maturity EUR 27,220, USD 36,529, /10/2010 The net unrealised gain on this contract as at September 30, 2010, was USD 660, and is included in the statement of net assets. Pictet - Digital Communication Purchase Sale Maturity EUR 9, USD 13, /10/2010 The net unrealised gain on this contract as at September 30, 2010, was USD and is included in the statement of net assets. Pictet - Biotech Purchase Sale Maturity EUR 174,325, USD 233,945, /10/2010 USD 1,126, EUR 827, /10/2010 The net unrealised gain on these contracts as at September 30, 2010, was USD 3,061, and is included in the statement of net assets. Pictet - Water Purchase Sale Maturity USD 4,135, EUR 3,081, /10/2010 The net unrealised loss on this contract as at September 30, 2010, was EUR 54, and is included in the statement of net assets. Pictet - Asian Equities Ex Japan Purchase Sale Maturity EUR 16,853, USD 22,616, /10/2010 The net unrealised gain on this contract as at September 30, 2010, was USD 408, and is included in the statement of net assets. Pictet - Japanese Equity Selection Purchase Sale Maturity EUR 23,534, JPY 2,656,665, /10/2010 The net unrealised gain on this contract as at September 30, 2010, was JPY 20,505, and is included in the statement of net assets. Pictet - Generics Purchase Sale Maturity EUR 288, USD 392, /10/2010 EUR 61,057, USD 81,939, /10/2010 The net unrealised gain on these contracts as at September 30, 2010, was USD 1,482, and is included in the statement of net assets. 267

270 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - US Equity Growth Selection Purchase Sale Maturity EUR 399,587, USD 536,246, /10/2010 USD 4,822, EUR 3,541, /10/2010 The net unrealised gain on these contracts as at September 30, 2010, was USD 7,021, and is included in the statement of net assets. Pictet - Timber Purchase Sale Maturity EUR 4,401, USD 5,907, /10/2010 The net unrealised gain on this contract as at September 30, 2010, was USD 106, and is included in the statement of net assets. Pictet - Global Megatrend Selection Purchase Sale Maturity EUR 93, GBP 80, /10/2010 EUR 650, USD 877, /10/2010 The net unrealised gain on these contracts as at September 30, 2010, was USD 11, and is included in the statement of net assets. Pictet - Middle East And North Africa Purchase Sale Maturity EUR 2,375, USD 3,187, /10/2010 The net unrealised gain on this contract as at September 30, 2010, was USD 54, and is included in the statement of net assets. Pictet - Absolute Return Global Diversified Purchase Sale Maturity AUD 6, USD 5, /10/2010 AUD 267, USD 255, /10/2010 BRL 829, USD 479, /10/2010 BRL 2,349, USD 1,372, /10/2010 CAD 80, USD 76, /10/2010 CAD 8,306, EUR 6,134, /10/2010 CHF 8,988, EUR 6,505, /10/2010 CHF 22,050, EUR 16,680, /10/2010 CHF 38,474, EUR 28,436, /10/2010 CNY 256, USD 38, /10/2010 CNY 529, USD 79, /10/2010 CNY 529, USD 79, /10/2010 CNY 1,212, USD 181, /10/2010 CNY 1,701, USD 254, /10/2010 CNY 3,187, USD 468, /10/2010 CNY 4,632, USD 701, /05/2011 EUR 2, USD 3, /10/2010 EUR 4, HKD 48, /10/2010 EUR 5, HKD 51, /10/2010 EUR 5, SEK 50, /10/2010 EUR 5, HKD 56, /10/2010 EUR 7, SEK 71, /10/2010 EUR 8, HKD 84, /10/2010 EUR 11, SEK 105, /10/2010 EUR 11, SEK 105, /10/2010 EUR 14, USD 19, /10/2010 EUR 16, HKD 172, /10/

271 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Purchase Sale Maturity EUR 17, USD 22, /10/2010 EUR 22, HKD 235, /10/2010 EUR 40, USD 54, /10/2010 EUR 44, GBP 37, /10/2010 EUR 53, USD 68, /10/2010 EUR 56, CAD 75, /10/2010 EUR 68, ZAR 659, /10/2010 EUR 95, USD 127, /10/2010 EUR 95, USD 129, /10/2010 EUR 95, USD 128, /10/2010 EUR 104, AUD 150, /10/2010 EUR 138, CHF 187, /10/2010 EUR 139, ZAR 1,360, /10/2010 EUR 150, CAD 200, /10/2010 EUR 153, HKD 1,606, /10/2010 EUR 161, ZAR 1,603, /10/2010 EUR 169, USD 217, /10/2010 EUR 184, CHF 254, /10/2010 EUR 186, HKD 1,884, /10/2010 EUR 190, PLN 767, /10/2010 EUR 190, PLN 767, /10/2010 EUR 190, USD 259, /10/2010 EUR 191, PLN 767, /10/2010 EUR 194, AUD 282, /10/2010 EUR 196, USD 250, /10/2010 EUR 198, USD 253, /10/2010 EUR 199, SGD 355, /10/2010 EUR 201, USD 273, /10/2010 EUR 201, USD 274, /10/2010 EUR 201, USD 274, /10/2010 EUR 201, USD 273, /10/2010 EUR 206, GBP 172, /10/2010 EUR 217, SGD 384, /10/2010 EUR 219, HKD 2,299, /10/2010 EUR 288, USD 389, /10/2010 EUR 294, USD 378, /10/2010 EUR 313, CHF 421, /10/2010 EUR 338, GBP 282, /10/2010 EUR 338, USD 442, /10/2010 EUR 353, NOK 2,826, /10/2010 EUR 369, MXN 6,124, /10/2010 EUR 397, SEK 3,769, /10/2010 EUR 414, JPY 47,114, /10/2010 EUR 468, NOK 3,769, /10/2010 EUR 479, SGD 848, /10/2010 EUR 480, USD 628, /10/2010 EUR 483, PLN 1,917, /10/2010 EUR 497, SEK 4,697, /10/2010 EUR 515, USD 650, /10/2010 EUR 545, PLN 2,234, /10/2010 EUR 551, MXN 9,132, /10/2010 EUR 568, SGD 1,007, /10/2010 EUR 669, TRY 1,338, /10/2010 EUR 676, THB 28,268, /10/2010 EUR 700, PLN 2,826, /10/2010 EUR 713, USD 920, /10/2010 EUR 789, AUD 1,170, /10/2010 EUR 795, HKD 8,009, /10/2010 EUR 822, JPY 92,284, /10/2010 EUR 884, USD 1,115, /10/2010 EUR 921, SEK 8,696, /10/2010 EUR 1,025, HKD 10,240, /10/2010 EUR 1,271, JPY 135,950, /10/2010 EUR 1,300, PLN 5,328, /10/2010 EUR 1,563, MXN 25,493, /10/

272 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Purchase Sale Maturity EUR 1,707, USD 2,190, /10/2010 EUR 2,438, AUD 3,552, /10/2010 EUR 3,505, USD 4,515, /10/2010 EUR 3,636, USD 4,711, /10/2010 EUR 3,694, SGD 6,455, /10/2010 EUR 4,443, HKD 43,869, /10/2010 EUR 7,931, CAD 10,438, /10/2010 EUR 14,397, JPY 1,619,589, /10/2010 EUR 16,800, GBP 14,069, /10/2010 EUR 18,003, GBP 15,015, /10/2010 EUR 118,204, USD 150,238, /10/2010 EUR 150,025, CHF 201,424, /10/2010 GBP 283, EUR 329, /10/2010 GBP 4,561, EUR 5,506, /10/2010 GBP 110,080, EUR 129,880, /10/2010 INR 5,782, USD 126, /10/2010 INR 11,565, USD 253, /10/2010 INR 12,342, USD 265, /10/2010 INR 19,558, USD 418, /10/2010 JPY 2,587, EUR 22, /10/2010 JPY 504,112, EUR 4,452, /10/2010 MYR 236, USD 75, /10/2010 MYR 797, USD 258, /11/2010 MYR 1,174, USD 379, /10/2010 MYR 1,568, USD 502, /10/2010 PHP 2,680, USD 61, /10/2010 PHP 5,736, USD 130, /10/2010 PHP 5,736, USD 127, /10/2010 PHP 5,736, USD 127, /10/2010 PHP 5,736, USD 128, /10/2010 PHP 5,736, USD 128, /10/2010 PHP 6,555, USD 149, /10/2010 PHP 11,354, USD 258, /10/2010 PLN 334, USD 110, /10/2010 PLN 703, EUR 174, /10/2010 PLN 798, EUR 199, /10/2010 PLN 1,422, EUR 355, /10/2010 PLN 1,465, EUR 370, /10/2010 SGD 18, USD 14, /10/2010 SGD 759, EUR 441, /10/2010 TRY 322, USD 213, /11/2010 TRY 736, USD 488, /11/2010 USD TWD 4, /10/2010 USD 8, KRW 10,257, /10/2010 USD 15, ZAR 118, /11/2010 USD 18, KRW 21,131, /10/2010 USD 25, INR 1,206, /10/2010 USD 27, ZAR 205, /11/2010 USD 38, CNY 256, /10/2010 USD 39, SGD 53, /10/2010 USD 44, EUR 34, /10/2010 USD 52, ZAR 391, /11/2010 USD 55, IDR 505,639, /10/2010 USD 63, THB 1,980, /10/2010 USD 69, ZAR 507, /11/2010 USD 74, MYR 233, /10/2010 USD 79, CNY 529, /10/2010 USD 79, ZAR 582, /11/2010 USD 80, CNY 536, /04/2011 USD 83, BRL 143, /10/2010 USD 86, PLN 262, /10/2010 USD 89, PLN 274, /10/2010 USD 107, SGD 145, /10/2010 USD 116, CHF 117, /10/

273 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Purchase Sale Maturity USD 124, PLN 383, /10/2010 USD 126, KRW 150,914, /10/2010 USD 127, SGD 172, /10/2010 USD 128, SGD 172, /10/2010 USD 129, CLP 64,631, /11/2010 USD 129, PHP 5,736, /10/2010 USD 139, KRW 166,731, /10/2010 USD 151, AUD 167, /10/2010 USD 161, KRW 190,996, /10/2010 USD 161, KRW 191,069, /10/2010 USD 164, BRL 285, /10/2010 USD 181, CNY 1,212, /10/2010 USD 198, TRY 308, /11/2010 USD 227, ZAR 1,683, /11/2010 USD 228, ZAR 1,661, /11/2010 USD 250, EUR 198, /10/2010 USD 252, CNY 1,701, /10/2010 USD 252, EUR 200, /10/2010 USD 253, EUR 192, /10/2010 USD 254, INR 11,562, /10/2010 USD 254, AUD 267, /10/2010 USD 254, INR 11,516, /10/2010 USD 255, MYR 789, /10/2010 USD 256, EUR 190, /10/2010 USD 257, INR 11,796, /10/2010 USD 258, PHP 11,473, /10/2010 USD 262, EUR 201, /10/2010 USD 267, EUR 201, /10/2010 USD 268, KRW 317,955, /10/2010 USD 268, EUR 201, /10/2010 USD 268, EUR 201, /10/2010 USD 269, EUR 201, /10/2010 USD 298, PLN 953, /10/2010 USD 342, ZAR 2,390, /10/2010 USD 353, SGD 472, /10/2010 USD 383, JPY 32,161, /11/2010 USD 411, PHP 18,103, /10/2010 USD 476, CNY 3,187, /10/2010 USD 496, MYR 1,568, /10/2010 USD 668, PLN 2,138, /10/2010 USD 694, CNY 4,632, /05/2011 USD 725, BRL 1,304, /10/2010 USD 1,164, KRW 1,404,266, /10/2010 USD 1,364, BRL 2,349, /11/2010 USD 1,498, BRL 2,700, /10/2010 USD 1,553, BRL 2,750, /10/2010 USD 1,605, KRW 1,937,589, /10/2010 USD 1,607, ZAR 12,018, /11/2010 USD 2,247, EUR 1,722, /10/2010 USD 7,896, EUR 5,884, /10/2010 USD 35,178, EUR 26,633, /10/2010 USD 44,540, EUR 34,463, /10/2010 ZAR 216, USD 30, /11/2010 ZAR 498, USD 69, /11/2010 ZAR 680, USD 95, /11/2010 ZAR 877, USD 117, /11/2010 ZAR 964, USD 129, /11/2010 ZAR 1,710, USD 243, /11/2010 ZAR 1,718, USD 243, /11/2010 ZAR 1,856, USD 250, /11/2010 ZAR 2,390, USD 339, /11/2010 The net unrealised gain on these contracts as at September 30, 2010, was EUR 4,678, and is included in the statement of net assets. 271

274 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative Purchase Sale Maturity AUD USD /10/2010 AUD 16, USD 15, /10/2010 BRL 50, USD 29, /10/2010 BRL 144, USD 84, /10/2010 CAD 4, USD 4, /10/2010 CNY 15, USD 2, /10/2010 CNY 32, USD 4, /10/2010 CNY 32, USD 4, /10/2010 CNY 74, USD 11, /10/2010 CNY 104, USD 15, /10/2010 CNY 195, USD 28, /10/2010 CNY 284, USD 43, /05/2011 EUR USD /10/2010 EUR HKD 2, /10/2010 EUR HKD 2, /10/2010 EUR SEK 2, /10/2010 EUR HKD 2, /10/2010 EUR SEK 3, /10/2010 EUR HKD 3, /10/2010 EUR SEK 4, /10/2010 EUR SEK 4, /10/2010 EUR HKD 7, /10/2010 EUR USD 1, /10/2010 EUR 1, USD 1, /10/2010 EUR 1, HKD 14, /10/2010 EUR 2, USD 2, /10/2010 EUR 2, USD 3, /10/2010 EUR 2, GBP 2, /10/2010 EUR 3, CAD 4, /10/2010 EUR 4, ZAR 40, /10/2010 EUR 5, USD 7, /10/2010 EUR 5, USD 7, /10/2010 EUR 5, USD 7, /10/2010 EUR 6, CAD 8, /10/2010 EUR 6, HKD 67, /10/2010 EUR 6, ZAR 67, /10/2010 EUR 8, SGD 14, /10/2010 EUR 8, GBP 7, /10/2010 EUR 9, SGD 16, /10/2010 EUR 10, USD 13, /10/2010 EUR 11, CHF 15, /10/2010 EUR 11, HKD 115, /10/2010 EUR 11, PLN 47, /10/2010 EUR 11, PLN 47, /10/2010 EUR 11, USD 15, /10/2010 EUR 11, PLN 47, /10/2010 EUR 11, AUD 17, /10/2010 EUR 12, USD 15, /10/2010 EUR 12, USD 15, /10/2010 EUR 12, USD 16, /10/2010 EUR 12, USD 16, /10/2010 EUR 12, USD 16, /10/2010 EUR 12, USD 16, /10/2010 EUR 13, CHF 17, /10/2010 EUR 13, HKD 140, /10/2010 EUR 17, USD 23, /10/2010 EUR 18, USD 23, /10/2010 EUR 20, USD 26, /10/2010 EUR 20, PLN 80, /10/2010 EUR 20, GBP 17, /10/2010 EUR 20, USD 27, /10/2010 EUR 20, SEK 198, /10/2010 EUR 21, NOK 173, /10/

275 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Purchase Sale Maturity EUR 22, MXN 375, /10/2010 EUR 23, PLN 94, /10/2010 EUR 23, MXN 385, /10/2010 EUR 23, SGD 42, /10/2010 EUR 24, SEK 230, /10/2010 EUR 25, JPY 2,885, /10/2010 EUR 28, NOK 230, /10/2010 EUR 29, SGD 51, /10/2010 EUR 30, USD 38, /10/2010 EUR 33, AUD 49, /10/2010 EUR 34, JPY 3,890, /10/2010 EUR 40, PLN 165, /11/2010 EUR 40, TRY 81, /10/2010 EUR 41, THB 1,731, /10/2010 EUR 42, PLN 173, /10/2010 EUR 43, HKD 431, /10/2010 EUR 48, HKD 490, /10/2010 EUR 71, MXN 1,174, /11/2010 EUR 76, HKD 753, /11/2010 EUR 96, ZAR 912, /11/2010 EUR 140, AUD 202, /11/2010 EUR 147, USD 190, /10/2010 EUR 180, SEK 1,703, /11/2010 EUR 222, USD 288, /10/2010 EUR 253, CAD 339, /11/2010 EUR 407, SGD 700, /11/2010 EUR 1,308, JPY 139,460, /11/2010 EUR 2,697, GBP 2,213, /11/2010 EUR 3,614, USD 4,564, /11/2010 EUR 7,996, CHF 10,518, /11/2010 INR 354, USD 7, /10/2010 INR 709, USD 15, /10/2010 INR 756, USD 16, /10/2010 INR 1,199, USD 25, /10/2010 MYR 14, USD 4, /10/2010 MYR 48, USD 15, /11/2010 MYR 72, USD 23, /10/2010 MYR 96, USD 30, /10/2010 PHP 164, USD 3, /10/2010 PHP 351, USD 7, /10/2010 PHP 351, USD 7, /10/2010 PHP 351, USD 7, /10/2010 PHP 351, USD 7, /10/2010 PHP 351, USD 7, /10/2010 PHP 402, USD 9, /10/2010 PHP 696, USD 15, /10/2010 PLN 20, USD 6, /10/2010 PLN 43, EUR 10, /10/2010 PLN 48, EUR 12, /10/2010 PLN 87, EUR 21, /10/2010 PLN 89, EUR 22, /10/2010 SGD 1, USD /10/2010 SGD 31, EUR 18, /10/2010 TRY 19, USD 13, /11/2010 TRY 45, USD 29, /11/2010 USD 9.37 TWD /10/2010 USD KRW 629, /10/2010 USD ZAR 7, /11/2010 USD 1, KRW 1,296, /10/2010 USD 1, INR 73, /10/2010 USD 1, ZAR 12, /11/2010 USD 2, CNY 15, /10/

276 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Purchase Sale Maturity USD 2, SGD 3, /10/2010 USD 2, EUR 2, /10/2010 USD 3, ZAR 24, /11/2010 USD 3, IDR 31,011, /10/2010 USD 3, THB 121, /10/2010 USD 4, ZAR 31, /11/2010 USD 4, MYR 14, /10/2010 USD 4, CNY 32, /10/2010 USD 4, ZAR 35, /11/2010 USD 4, CNY 32, /04/2011 USD 5, BRL 8, /10/2010 USD 5, PLN 16, /10/2010 USD 5, PLN 16, /10/2010 USD 6, SGD 8, /10/2010 USD 7, CHF 7, /10/2010 USD 7, PLN 23, /10/2010 USD 7, KRW 9,255, /10/2010 USD 7, SGD 10, /10/2010 USD 7, SGD 10, /10/2010 USD 7, CLP 3,963, /11/2010 USD 7, PHP 351, /10/2010 USD 8, KRW 10,225, /10/2010 USD 9, AUD 10, /10/2010 USD 9, KRW 11,713, /10/2010 USD 9, KRW 11,718, /10/2010 USD 10, BRL 17, /10/2010 USD 11, CNY 74, /10/2010 USD 12, TRY 18, /11/2010 USD 13, ZAR 103, /11/2010 USD 14, ZAR 101, /11/2010 USD 15, EUR 12, /10/2010 USD 15, CNY 104, /10/2010 USD 15, EUR 12, /10/2010 USD 15, EUR 11, /10/2010 USD 15, INR 709, /10/2010 USD 15, AUD 16, /10/2010 USD 15, INR 706, /10/2010 USD 15, MYR 48, /10/2010 USD 15, EUR 11, /10/2010 USD 15, INR 723, /10/2010 USD 15, PHP 703, /10/2010 USD 16, EUR 12, /10/2010 USD 16, EUR 12, /10/2010 USD 16, KRW 19,500, /10/2010 USD 16, EUR 12, /10/2010 USD 16, EUR 12, /10/2010 USD 16, EUR 12, /10/2010 USD 18, PLN 58, /10/2010 USD 21, ZAR 146, /10/2010 USD 21, SGD 28, /10/2010 USD 23, JPY 1,972, /11/2010 USD 25, PHP 1,110, /10/2010 USD 29, CNY 195, /10/2010 USD 30, MYR 96, /10/2010 USD 41, PLN 131, /10/2010 USD 42, CNY 284, /05/2011 USD 49, KRW 59,199, /10/2010 USD 63, BRL 113, /10/2010 USD 83, BRL 144, /11/2010 USD 95, BRL 168, /10/2010 USD 98, ZAR 737, /11/2010 USD 137, EUR 105, /10/2010 ZAR 13, USD 1, /11/

277 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Purchase Sale Maturity ZAR 30, USD 4, /11/2010 ZAR 41, USD 5, /11/2010 ZAR 53, USD 7, /11/2010 ZAR 59, USD 7, /11/2010 ZAR 104, USD 14, /11/2010 ZAR 105, USD 14, /11/2010 ZAR 113, USD 15, /11/2010 ZAR 146, USD 20, /11/2010 The net unrealised gain on these contracts as at September 30, 2010, was EUR 602, and is included in the statement of net assets. NOTE 12 SWAP CONTRACTS The SICAV had the following interest rate swaps outstanding as at September 30, 2010: Pictet - EUR Liquidity Nominal Currency Rate payable Rate receivable value (semi-annually) 24,872, EUR % Effective Overnight Index Average Eonia 35,000, EUR % Effective Overnight Index Average Eonia 50,000, EUR % Effective Overnight Index Average Eonia 50,000, EUR % Effective Overnight Index Average Eonia Start date of interest flows Maturity date 20/07/ /01/ /04/ /04/ /03/ /03/ /04/ /04/2011 The net unrealised gain on these interest rate swap contracts as at September 30, 2010, was EUR 80, and is included in the statement of net assets. Pictet - Global Emerging Debt Nominal Currency Rate payable Rate receivable Start date of Maturity value (semi-annually) interest flows date 5,896, INR India National Stock 4.32% 23/04/ /10/2010 Exchange NSE Interbank Offer Rate 9,827, SGD Association of Banks in 2.585% 07/07/ /07/2020 Singapore Swap Offer Rate Fixing 6 Month 9,827, INR 7.285% India National Stock 13/05/ /05/2013 Exchange NSE Interbank Offer Rate 11,842, SGD Association of Banks in 2.38% 17/08/ /08/2020 Singapore Swap Offer Rate Fixing 6 Month 11,842, SGD Association of Banks in 2.30% 24/08/ /08/2020 Singapore Swap Offer Rate Fixing 6 Month 13,167, KRW 3.82% KRW 3 Month 06/12/ /12/2014 Certificate of Deposit 13,408, KRW 3.83% KRW 3 Month 06/12/ /12/2014 Certificate of Deposit 275

278 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable (semi-annually) Start date of interest flows Maturity date 13,408, KRW 3.85% KRW 3 Month 07/12/ /12/2014 Certificate of Deposit 20,637, ZAR South Africa Johannesburg Interbank Agreed Rate 3 Month 8.48% 12/12/ /12/ ,637, ZAR 7.95% South Africa Johannesburg 15/12/ /12/2018 Interbank Agreed Rate 3 Month 25,875, USD % BBA LIBOR USD 3 Month 16/04/ /10/ ,875, USD BBA LIBOR USD 3 Month % 16/04/ /10/ ,165, SGD 0.81% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 26,165, SGD 0.80% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 39,309, KRW 3.58% KRW 3 Month 06/04/ /04/2012 Certificate of Deposit 44,309, BRL Brazil Cetip Interbank 11.40% 09/09/ /01/2014 Deposit Rate 49,159, BRL Brazil Cetip Interbank 10.54% 12/03/ /01/2011 Deposit Rate 50,462, KRW KRW 3 Month 3.39% 06/12/ /12/2011 Certificate of Deposit 51,386, KRW KRW 3 Month 3.42% 07/12/ /12/2011 Certificate of Deposit 51,413, KRW KRW 3 Month 3.40% 06/12/ /12/2011 Certificate of Deposit 54,051, SGD 1.85% Association of Banks in 20/10/ /10/2012 Singapore Swap Offer Rate Fixing 6 Month 57,769, KRW % KRW 3 Month 20/09/ /09/2014 Certificate of Deposit 62,994, ZAR South Africa Johannesburg 7.36% 27/08/ /08/2020 Interbank Agreed Rate 3 Month 62,994, ZAR South Africa Johannesburg 7.37% 26/08/ /08/2020 Interbank Agreed Rate 3 Month 63,583, ZAR South Africa Johannesburg 7.54% 17/09/ /09/2020 Interbank Agreed Rate 3 Month 66,826, SGD 1.70% Association of Banks in 19/04/ /10/2010 Singapore Swap Offer Rate Fixing 6 Month 66,826, SGD Association of Banks in 1.70% 19/04/ /10/2012 Singapore Swap Offer Rate Fixing 6 Month 68,684, SGD 0.86% Association of Banks in 17/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 68,684, SGD 0.805% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 85,597, THB 3.16% Bloomberg Thailand 26/08/ /08/ Month Fixing Rate 87,464, THB 3.15% Bloomberg Thailand 6 Month Fixing Rate 25/08/ /08/

279 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt (continued) Nominal value Currency Rate payable Rate receivable (semi-annually) Start date of interest flows Maturity date 97,488, AUD 4.97% BBA LIBOR AUD 3 Month 07/12/ /12/ ,084, CNY 2.745% China Fixing Repo Rates 18/08/ /08/ Day 109,084, CNY 2.785% China Fixing Repo Rates 20/08/ /08/ Day 122,843, INR 7.795% India National Stock 28/05/ /05/2013 Exchange NSE Interbank Offer Rate 122,843, INR India National Stock 9.82% 26/06/ /06/2013 Exchange NSE Interbank Offer Rate 124,808, ZAR South Africa 7.345% 01/09/ /09/2020 Johannesburg Interbank Agreed Rate 3 Month 132,277, ZAR South Africa Johannesburg Interbank Agreed Rate 3 Month 7.42% 14/09/ /09/ ,694, AUD BBA LIBOR AUD 3 Month 4.915% 07/12/ /12/ ,487, THB 2.81% Bloomberg Thailand 20/09/ /09/ Month Fixing Rate 165,101, THB 3.13% Bloomberg Thailand 26/08/ /08/ Month Fixing Rate 237,726, ZAR 6.33% South Africa Johannesburg 17/09/ /09/2012 Interbank Agreed Rate 3 Month 261,803, CNY China Fixing Repo 2.22% 18/08/ /08/2012 Rates 7 Day 261,803, CNY China Fixing Repo 2.24% 20/08/ /08/2012 Rates 7 Day 275,857, ZAR 6.3% South Africa Johannesburg 26/08/ /08/2012 Interbank Agreed Rate 3 Month 275,857, ZAR 6.36% South Africa Johannesburg 27/08/ /08/2012 Interbank Agreed Rate 3 Month 299,541, THB 2.78% Bloomberg Thailand 20/09/ /09/ Month Fixing Rate 305,143, THB 2.85% Bloomberg Thailand 21/09/ /09/ Month Fixing Rate 307,010, THB 2.79% Bloomberg Thailand 21/09/ /09/ Month Fixing Rate 314,675, THB Bloomberg Thailand 2.72% 26/08/ /08/ Month Fixing Rate 319,392, THB Bloomberg Thailand 2.78% 22/09/ /09/ Month Fixing Rate 319,982, THB Bloomberg Thailand 2.73% 25/08/ /08/ Month Fixing Rate 353,592, THB 3.27% Bloomberg Thailand 24/08/ /08/ Month Fixing Rate 370,299, THB Bloomberg Thailand 1.965% 20/09/ /09/ Month Fixing Rate 379,438, THB 2.08% Bloomberg Thailand 26/08/ /08/ Month Fixing Rate 383,271, THB 2.11% Bloomberg Thailand 25/08/ /08/ Month Fixing Rate 407,373, ZAR 6.33% South Africa Johannesburg 07/09/ /09/2012 Interbank Agreed Rate 3 Month 465,822, ZAR 6.51% South Africa Johannesburg Interbank Agreed Rate 3 Month 19/08/ /08/

280 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt (continued) Nominal Currency Rate payable Rate receivable Start date of Maturity value (semi-annually) interest flows date 472,701, ZAR 6.3% South Africa Johannesburg 01/09/ /09/2012 Interbank Agreed Rate 3 Month 491,373, INR 5.29% India National Stock 15/06/ /06/2011 Exchange NSE Interbank Offer Rate 551,861, AUD 4.54% BBA LIBOR AUD 3 Month 03/11/ /12/ ,304, ZAR 6.3% South Africa Johannesburg 14/09/ /09/2012 Interbank Agreed Rate 3 Month 609,794, THB Bloomberg Thailand 2.705% 26/08/ /08/ Month Fixing Rate 717,012, THB Bloomberg Thailand 1.97% 20/09/ /09/ Month Fixing Rate 729,591, THB 2.09% Bloomberg Thailand 26/08/ /08/ Month Fixing Rate 904,914, TWD 1.375% Bloomberg Taiwan 21/09/ /09/2015 Secondary Commercial Papers 90 Days 11am Fixing 926,043, TWD 1.37% Bloomberg Taiwan 21/09/ /09/2015 Secondary Commercial Papers 90 Days 11am Fixing 1,028,936, INR 6.915% India National Stock 31/12/ /12/2014 Exchange NSE Interbank Offer Rate 1,365,331, THB Bloomberg Thailand 2.84% 24/08/ /08/ Month Fixing Rate 1,660,843, INR 5.645% India National Stock 02/02/ /02/2012 Exchange NSE Interbank Offer Rate 1,958,223, THB 2.18% Bloomberg Thailand 24/08/ /08/ Month Fixing Rate 1,965,495, INR India National 4.81% 07/06/ /12/2010 Stock Exchange NSE Interbank Offer Rate 2,177,572, TWD Bloomberg Taiwan 0.91% 21/09/ /09/2012 Secondary Commercial Papers 90 Days 11am Fixing 2,273,881, TWD Bloomberg Taiwan 0.9% 21/09/ /09/2012 Secondary Commercial Papers 90 Days 11am Fixing 3,154,620, INR India National Stock 5.65% 02/02/ /02/2012 Exchange NSE Interbank Offer Rate 3,292,204, INR 5% India National Stock 02/02/ /02/2011 Exchange NSE Interbank Offer Rate 6,240,447, INR 5% India National Stock 02/02/ /02/2011 Exchange NSE Interbank Offer Rate The net unrealised loss on these interest rate swap contracts as at September 30, 2010, was USD 1,257, and is included in the statement of net assets. 278

281 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - EUR Short Mid-Term Bonds Nominal value Currency Rate payable Rate receivable Start date of Maturity (semi-annually) interest flows date 150,000, EUR BBA LIBOR ECU 6 Month % 29/07/ /07/2012 The net unrealised gain on this interest rate swap contract as at September 30, 2010, was EUR 148, and is included in the statement of net assets. Pictet - Latin American Local Currency Debt Nominal Currency Rate payable Rate receivable Start date of Maturity value (semi-annually) interest flows date 1,139, BRL Brazil Cetip Interbank Deposit Rate 11.42% 22/09/ /01/2012 2,800, MXN Mexico Interbank TIIE 28 Day 9.24% 04/12/ /11/2018 3,326, BRL Brazil Cetip Interbank Deposit Rate 11.57% 12/11/ /01/2012 8,500, MXN Mexico Interbank TIIE 28 Day 7.86% 05/02/ /01/2013 The net unrealised gain on these interest rate swap contracts as at September 30, 2010, was USD 134, and is included in the statement of net assets. Pictet - Absolute Return Global Diversified Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 97, INR India National Stock 4.32% 23/04/ /10/2010 Exchange NSE Interbank Offer Rate 162, SGD Association of Banks in 2.585% 07/07/ /07/2020 Singapore Swap Offer Rate Fixing 6 Month 162, INR 7.285% India National Stock Exchange 13/05/ /05/2013 NSE Interbank Offer Rate 195, SGD Association of Banks in 2.38% 17/08/ /08/2020 Singapore Swap Offer Rate Fixing 6 Month 195, SGD Association of Banks in 2.30% 24/08/ /08/2020 Singapore Swap Offer Rate Fixing 6 Month 217, KRW 3.82% KRW 3 Month Certificate of 06/12/ /12/2014 Deposit 221, KRW 3.83% KRW 3 Month Certificate of 06/12/ /12/2014 Deposit 221, KRW 3.85% KRW 3 Month Certificate of 07/12/ /12/2014 Deposit 341, ZAR South Africa 8.48% 12/12/ /12/2018 Johannesburg Interbank Agreed Rate 3 Month 341, ZAR 7.95% South Africa Johannesburg 15/12/ /12/2018 Interbank Agreed Rate 3 Month 427, USD % BBA LIBOR USD 3 Month 16/04/ /10/ , USDBBA LIBOR USD 3 Month % 16/04/ /10/ , SGD 0.81% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 432, SGD 0.80% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 650, KRW 3.58% KRW 3 Month Certificate of 06/04/ /04/2012 Deposit 279

282 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 732, BRL Brazil Cetip Interbank 11.40% 09/09/ /01/2014 Deposit Rate 813, BRL Brazil Cetip Interbank Deposit Rate 10.54% 12/03/ /01/ , KRW KRW 3 Month Certificate 3.39% 06/12/ /12/2011 of Deposit 849, KRW KRW 3 Month Certificate 3.42% 07/12/ /12/2011 of Deposit 850, KRW KRW 3 Month Certificate of Deposit 3.40% 06/12/ /12/ , SGD 1.85% Association of Banks in 20/10/ /10/2012 Singapore Swap Offer Rate Fixing 6 Month 955, KRW % KRW 3 Month Certificate of 20/09/ /09/2014 Deposit 1,041, ZAR South Africa 7.36% 27/08/ /08/2020 Johannesburg Interbank Agreed Rate 3 Month 1,041, ZAR South Africa 7.37% 26/08/ /08/2020 Johannesburg Interbank Agreed Rate 3 Month 1,051, ZAR South Africa 7.54% 17/09/ /09/2020 Johannesburg Interbank Agreed Rate 3 Month 1,105, SGD 1.70% Association of Banks in 19/04/ /10/2010 Singapore Swap Offer Rate Fixing 6 Month 1,105, SGD Association of Banks in 1.70% 19/04/ /10/2012 Singapore Swap Offer Rate Fixing 6 Month 1,136, SGD 0.86% Association of Banks in 17/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 1,136, SGD 0.805% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 1,415, THB 3.16% Bloomberg Thailand 6 Month 26/08/ /08/2020 Fixing Rate 1,446, THB 3.15% Bloomberg Thailand 6 Month 25/08/ /08/2020 Fixing Rate 1,612, AUD 4.97% BBA LIBOR AUD 3 Month 07/12/ /12/2013 1,804, CNY 2.745%China Fixing Repo Rates 7 Day 18/08/ /08/2015 1,804, CNY 2.785%China Fixing Repo Rates 7 Day 20/08/ /08/2015 2,031, INR 7.795% India National Stock Exchange NSE Interbank Offer Rate 28/05/ /05/2013 2,031, INR India National Stock 9.82% 26/06/ /06/2013 Exchange NSE Interbank Offer Rate 2,064, ZAR South Africa 7.345% 01/09/ /09/2020 Johannesburg Interbank Agreed Rate 3 Month 2,187, ZAR South Africa Johannesburg Interbank Agreed Rate 3 Month 7.42% 14/09/ /09/2020 2,360, AUDBBA LIBOR AUD 3 Month 4.915% 07/12/ /12/2012 2,555, THB 2.81% Bloomberg Thailand 6 Month Fixing Rate 20/09/ /09/

283 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 2,730, THB 3.13% Bloomberg Thailand 6 Month 26/08/ /08/2020 Fixing Rate 3,932, ZAR 6.33% South Africa Johannesburg Interbank Agreed Rate 3 Month 17/09/ /09/2012 4,330, CNY China Fixing Repo Rates 2.22% 18/08/ /08/ Day 4,330, CNY China Fixing Repo Rates 7 Day 2.24% 20/08/ /08/2012 4,562, ZAR 6.30% South Africa Johannesburg 26/08/ /08/2012 Interbank Agreed Rate 3 Month 4,562, ZAR 6.36% South Africa Johannesburg 27/08/ /08/2012 Interbank Agreed Rate 3 Month 4,954, THB 2.78% Bloomberg Thailand 6 Month 20/09/ /09/2015 Fixing Rate 5,047, THB 2.85% Bloomberg Thailand 6 Month 21/09/ /09/2015 Fixing Rate 5,078, THB 2.79% Bloomberg Thailand 6 Month 21/09/ /09/2015 Fixing Rate 5,204, THB Bloomberg Thailand % 26/08/ /08/2015 Month Fixing Rate 5,282, THB Bloomberg Thailand % 22/09/ /09/2013 Month Fixing Rate 5,292, THB Bloomberg Thailand % 25/08/ /08/2015 Month Fixing Rate 5,848, THB 3.27% Bloomberg Thailand 6 Month 24/08/ /08/2020 Fixing Rate 6,124, THB Bloomberg Thailand % 20/09/ /09/2012 Month Fixing Rate 6,276, THB 2.08% Bloomberg Thailand 6 Month 26/08/ /08/2012 Fixing Rate 6,339, THB 2.11% Bloomberg Thailand 6 Month 25/08/ /08/2012 Fixing Rate 6,738, ZAR 6.33% South Africa Johannesburg 07/09/ /09/2012 Interbank Agreed Rate 3 Month 7,704, ZAR 6.51% South Africa Johannesburg 19/08/ /08/2012 Interbank Agreed Rate 3 Month 7,818, ZAR 6.30% South Africa Johannesburg Interbank Agreed Rate 3 Month 01/09/ /09/2012 8,127, INR 5.29% India National Stock Exchange NSE Interbank Offer Rate 15/06/ /06/2011 9,127, AUD 4.54% RBA Cash Rate Overnight 03/11/ /12/2010 9,135, ZAR 6.30% South Africa Johannesburg 14/09/ /09/2012 Interbank Agreed Rate 3 Month 10,086, THB Bloomberg Thailand % 26/08/ /08/2015 Month Fixing Rate 11,859, THB Bloomberg Thailand % 20/09/ /09/2012 Month Fixing Rate 12,067, THB 2.09% Bloomberg Thailand 6 Month Fixing Rate 26/08/ /08/ ,967, TWD 1.375% Bloomberg Taiwan Secondary 21/09/ /09/2015 Commercial Papers 90 Days 11am Fixing 15,317, TWD 1.37% Bloomberg Taiwan Secondary 21/09/ /09/2015 Commercial Papers 90 Days 11am Fixing 17,018, INR 6.915% India National Stock Exchange NSE Interbank Offer Rate 31/12/ /12/ ,583, THB Bloomberg Thailand 6 Month Fixing Rate 2.84% 24/08/ /08/

284 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 27,470, INR 5.645% India National Stock Exchange 02/02/ /02/2012 NSE Interbank Offer Rate 32,389, THB 2.18% Bloomberg Thailand 6 Month 24/08/ /08/2012 Fixing Rate 32,510, INR India National Stock 4.81% 07/06/ /12/2010 Exchange NSE Interbank Offer Rate 36,017, TWD Bloomberg Taiwan 0.91% 21/09/ /09/2012 Secondary Commercial Papers 90 Days 11am Fixing 37,610, TWD Bloomberg Taiwan 0.90% 21/09/ /09/2012 Secondary Commercial Papers 90 Days 11am Fixing 52,178, INR India National Stock 5.65% 02/02/ /02/2012 Exchange NSE Interbank Offer Rate 54,454, INR 5% India National Stock Exchange 02/02/ /02/2011 NSE Interbank Offer Rate 103,219, INR 5% India National Stock Exchange 02/02/ /02/2011 NSE Interbank Offer Rate The net unrealised loss on these interest rate swap contracts as at September 30, 2010, was EUR 15, and is included in the statement of net assets. Pictet - Absolute Return Global Conservative Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 5, INR India National Stock 4.32% 23/04/ /10/2010 Exchange NSE Interbank Offer Rate 9, SGD Association of Banks in 2.585% 07/07/ /07/2020 Singapore Swap Offer Rate Fixing 6 Month 9, INR 7.285% India National Stock Exchange 13/05/ /05/2013 NSE Interbank Offer Rate 12, SGD Association of Banks in 2.38% 17/08/ /08/2020 Singapore Swap Offer Rate Fixing 6 Month 12, SGD Association of Banks in 2.30% 24/08/ /08/2020 Singapore Swap Offer Rate Fixing 6 Month 13, KRW 3.82% KRW 3 Month Certificate of 06/12/ /12/2014 Deposit 13, KRW 3.83% KRW 3 Month Certificate of 06/12/ /12/2014 Deposit 13, KRW 3.85% KRW 3 Month Certificate of 07/12/ /12/2014 Deposit 20, ZAR South Africa 8.48% 12/12/ /12/2018 Johannesburg Interbank Agreed Rate 3 Month 20, ZAR 7.95% South Africa Johannesburg 15/12/ /12/2018 Interbank Agreed Rate 3 Month 26, USD % BBA LIBOR USD 3 Month 16/04/ /10/ , USD BBA LIBOR % 16/04/ /10/2010 USD 3 Month 282

285 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 26, SGD 0.81% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 26, SGD 0.80% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 39, KRW 3.58% KRW 3 Month Certificate of 06/04/ /04/2012 Deposit 44, BRL Brazil Cetip Interbank 11.40% 09/09/ /01/2014 Deposit Rate 49, BRL Brazil Cetip Interbank Deposit Rate 10.54% 12/03/ /01/ , KRW KRW 3 Month Certificate 3.39% 06/12/ /12/2011 of Deposit 52, KRW KRW 3 Month Certificate 3.42% 07/12/ /12/2011 of Deposit 52, KRW KRW 3 Month Certificate of Deposit 3.40% 06/12/ /12/ , SGD 1.85% Association of Banks in 20/10/ /10/2012 Singapore Swap Offer Rate Fixing 6 Month 58, KRW % KRW 3 Month Certificate of 20/09/ /09/2014 Deposit 63, ZAR South Africa 7.36% 27/08/ /08/2020 Johannesburg Interbank Agreed Rate 3 Month 63, ZAR South Africa 7.37% 26/08/ /08/2020 Johannesburg Interbank Agreed Rate 3 Month 64, ZAR South Africa 7.54% 17/09/ /09/2020 Johannesburg Interbank Agreed Rate 3 Month 67, SGD 1.70% Association of Banks in 19/04/ /10/2010 Singapore Swap Offer Rate Fixing 6 Month 67, SGD Association of Banks in 1.70% 19/04/ /10/2012 Singapore Swap Offer Rate Fixing 6 Month 69, SGD 0.86% Association of Banks in 17/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 69, SGD 0.805% Association of Banks in 24/08/ /08/2012 Singapore Swap Offer Rate Fixing 6 Month 86, THB 3.16% Bloomberg Thailand 6 Month 26/08/ /08/2020 Fixing Rate 88, THB 3.15% Bloomberg Thailand 6 Month 25/08/ /08/2020 Fixing Rate 98, AUD 4.97% BBA LIBOR AUD 3 Month 07/12/ /12/ , CNY 2.745% China Fixing Repo Rates 7 18/08/ /08/2015 Day 110, CNY 2.785% China Fixing Repo Rates 7 Day 20/08/ /08/ , INR 7.795% India National Stock Exchange NSE Interbank Offer Rate 28/05/ /05/ , INR India National Stock Exchange NSE Interbank Offer Rate 9.82% 26/06/ /06/

286 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 126, ZAR South Africa 7.345% 01/09/ /09/2020 Johannesburg Interbank Agreed Rate 3 Month 134, ZAR South Africa 7.42% 14/09/ /09/2020 Johannesburg Interbank Agreed Rate 3 Month 144, AUD BBA LIBOR 4.915% 07/12/ /12/2012 AUD 3 Month 156, THB 2.81% Bloomberg Thailand 6 Month 20/09/ /09/2015 Fixing Rate 167, THB 3.13% Bloomberg Thailand 6 Month 26/08/ /08/2020 Fixing Rate 241, ZAR 6.33% South Africa Johannesburg 17/09/ /09/2012 Interbank Agreed Rate 3 Month 265, CNY China Fixing Repo Rates 2.22% 18/08/ /08/ Day 265, CNY China Fixing Repo Rates 7 Day 2.24% 20/08/ /08/ , ZAR 6.30% South Africa Johannesburg 26/08/ /08/2012 Interbank Agreed Rate 3 Month 279, ZAR 6.36% South Africa Johannesburg 27/08/ /08/2012 Interbank Agreed Rate 3 Month 303, THB 2.78% Bloomberg Thailand 6 Month 20/09/ /09/2015 Fixing Rate 309, THB 2.85% Bloomberg Thailand 6 Month 21/09/ /09/2015 Fixing Rate 311, THB 2.79% Bloomberg Thailand 6 Month 21/09/ /09/2015 Fixing Rate 319, THB Bloomberg Thailand % 26/08/ /08/2015 Month Fixing Rate 324, THB Bloomberg Thailand % 22/09/ /09/2013 Month Fixing Rate 324, THB Bloomberg Thailand % 25/08/ /08/2015 Month Fixing Rate 358, THB 3.27% Bloomberg Thailand 6 Month 24/08/ /08/2020 Fixing Rate 375, THB Bloomberg Thailand % 20/09/ /09/2012 Month Fixing Rate 384, THB 2.08% Bloomberg Thailand 6 Month 26/08/ /08/2012 Fixing Rate 388, THB 2.11% Bloomberg Thailand 6 Month 25/08/ /08/2012 Fixing Rate 413, ZAR 6.33% South Africa Johannesburg 07/09/ /09/2012 Interbank Agreed Rate 3 Month 472, ZAR 6.51% South Africa Johannesburg 19/08/ /08/2012 Interbank Agreed Rate 3 Month 479, ZAR 6.30% South Africa Johannesburg Interbank Agreed Rate 3 Month 01/09/ /09/ , INR 5.29% India National Stock Exchange NSE Interbank Offer Rate 15/06/ /06/ , AUD 4.54% RBA Cash Rate Overnight 03/11/ /12/ , ZAR 6.3% South Africa Johannesburg 14/09/ /09/2012 Interbank Agreed Rate 3 Month 618, THB Bloomberg Thailand % 26/08/ /08/2015 Month Fixing Rate 727, THB Bloomberg Thailand % 20/09/ /09/2012 Month Fixing Rate 740, THB 2.09% Bloomberg Thailand 6 Month Fixing Rate 26/08/ /08/

287 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Nominal value Currency Rate payable Rate receivable Start date of Maturity date (semi-annually) interest flows 917, TWD 1.375% Bloomberg Taiwan Secondary 21/09/ /09/2015 Commercial Papers 90 Days 11am Fixing 939, TWD 1.37% Bloomberg Taiwan Secondary 21/09/ /09/2015 Commercial Papers 90 Days 11am Fixing 1,043, INR 6.915% India National Stock Exchange 31/12/ /12/2014 NSE Interbank Offer Rate 1,385, THB Bloomberg Thailand % 24/08/ /08/2015 Month Fixing Rate 1,684, INR 5.645% India National Stock Exchange 02/02/ /02/2012 NSE Interbank Offer Rate 1,986, THB 2.18% Bloomberg Thailand 6 Month 24/08/ /08/2012 Fixing Rate 1,993, INR India National Stock 4.81% 07/06/ /12/2010 Exchange NSE Interbank Offer Rate 2,209, TWD Bloomberg Taiwan 0.91% 21/09/ /09/2012 Secondary Commercial Papers 90 Days 11am Fixing 2,306, TWD Bloomberg Taiwan 0.90% 21/09/ /09/2012 Secondary Commercial Papers 90 Days 11am Fixing 3,200, INR India National Stock 5.65% 02/02/ /02/2012 Exchange NSE Interbank Offer Rate 3,339, INR 5% India National Stock Exchange 02/02/ /02/2011 NSE Interbank Offer Rate 6,330, INR 5% India National Stock Exchange 02/02/ /02/2011 NSE Interbank Offer Rate The net unrealised loss on these interest rate swap contracts as at September 30, 2010, was EUR and is included in the statement of net assets. The SICAV had the following total return swaps outstanding as at September 30, 2010: Pictet - Japanese Equities 130/30 Name Maturity date Currency Notional value Valuation as at September 30, 2010 (JPY) TRS EQ. ASTELLAS PHARMA (NMR) 08/13 16/09/2013 JPY 26, ,897, TRS EQ. CHUGOKU MAR. PAINTS (ML) 7/12 16/07/2012 JPY 78, ,162, TRS EQ. DAIDO STEEL (ML) 07/12 16/07/2012 JPY -148, ,493, TRS EQ. DAINIPPON SUM. PHA (ML) 9/12 16/07/2012 JPY -39, ,959, TRS EQ. ISETAN MITSUKOSHI (ML)7/12 16/07/2012 JPY -48, ,482, TRS EQ. JX HOLDINGS (NMR) 08/13 16/09/2013 JPY 107, ,981, TRS EQ. ROHTO PHARMA. (ML) 07/12 16/07/2012 JPY -48, ,959, TRS EQ. SWAP KEIO (NMR) 08/13 16/09/2013 JPY -121, ,027, TRS EQ. SWAP OSG CORP (NMR) 08/13 16/09/2013 JPY -25, ,889, TRS EQ. UNION TOOL (NMR) 08/13 16/09/2013 JPY 23, ,185, TRS EQ.IDEMITSU KOSAN (NMR) 08/13 16/09/2013 JPY -7, ,699, TRS EQUITY CHIYODA (NMR) 08/13 16/09/2013 JPY -62, ,028, TRS EQUITY ELEC. POW. DEV. (ML) 07/12 16/07/2012 JPY 18, ,936, TRS EQUITY FUJITSU (NMR) 08/13 16/09/2013 JPY 131, ,351, TRS EQUITY JGC (NMR) 08/13 16/09/2013 JPY 30, ,918, TRS EQUITY KAO (NMR) 08/13 16/09/2013 JPY 13, ,865,

288 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Japanese Equities 130/30 (continued) Name Maturity date Currency Notional value Valuation as at September 30, 2010 (JPY) TRS EQUITY KOSE (NMR) 08/13 16/09/2013 JPY -12, ,567, TRS EQUITY LION (NMR) 08/13 16/09/2013 JPY -108, ,594, TRS EQUITY MINEBEA (NMR) 08/13 16/09/2013 JPY 59, ,799, TRS EQUITY MITSUBISHI (ML) 07/12 16/07/2012 JPY 222, ,552, TRS EQUITY MITSUI OSK (NMR) 08/13 16/09/2013 JPY -87, ,199, TRS EQUITY MUSASHI SEI. (ML) 07/12 16/07/2012 JPY 28, ,963, TRS EQUITY NEC NETWORKS (ML) 07/12 16/07/2012 JPY 46, ,315, TRS EQUITY NIDEC (NMR) 08/13 16/09/2013 JPY -3, ,711, TRS EQUITY NIPPON YU. (NMR) 08/13 16/09/2013 JPY 137, ,195, TRS EQUITY NITTO DENKO (ML) 07/12 16/07/2012 JPY 16, ,525, TRS EQUITY NSK (ML) 07/12 16/07/2012 JPY -79, ,279, TRS EQUITY OSG CORP (ML) 07/12 16/07/2012 JPY -25, ,889, TRS EQUITY SONY (NMR) 08/13 16/09/2013 JPY 9, ,035, TRS EQUITY TOKIO MARINE (NMR) 8/13 16/09/2013 JPY 17, ,184, TRS EQUITY TOKYO GAS (ML) 07/12 16/07/2012 JPY -127, ,511, TRS EQUITY TS TECH (ML) 07/12 16/07/2012 JPY 39, ,270, TRS EQUITY UNIPRES (ML) 07/12 16/07/2012 JPY 36, ,854, TRS FIN. LONG (ML) R /12 16/07/2012 JPY -418,706, ,706, TRS FIN. LONG (NMR) 08/13 16/09/2013 JPY -467,440, ,440, TRS FIN. SHORT (NMR) 08/13 16/09/2013 JPY 341,728, ,728, TRS FIN. SHORT (ML) R /12 16/07/2012 JPY 287,394, ,394, The net unrealised gain on these total return swap contracts as at September 30, 2010, was JPY 22,674, and is included in the statement of net assets. Pictet - Absolute Return Global Diversified Name Maturity date Currency Notional value Valuation as at September 30, 2010 (EUR) TRS BRENT CR. OIL(MS) 09/10 30/10/2010 USD -13,506, , TRS COPPER (MS) 09/10 30/10/2010 USD -9,655, , TRS GAS OIL (MS) 09/10 30/10/2010 USD -5,218, , TRS GASOLINE (MS) 09/10 30/10/2010 USD -4,208, , TRS GSCI S&P IDX TR. (MS)09/10 30/10/2010 USD 87,993, ,586, TRS HEATING OIL (MS) 09/10 30/10/2010 USD -4,203, , TRS LIVE CATTLE (MS) 09/10 30/10/2010 USD -3,908, , TRS SOYBEAN (MS) 09/10 30/10/2010 USD -7,898, , TRS SUGAR (MS) 09/10 30/10/2010 USD -4,895, ,060, TRS WTI (MS) 09/10 30/10/2010 USD -34,429, ,556, TRS EQ. 1M-100BP SMIC (JPM) 10/10 25/11/2010 CHF -31, ,998, TRS EQUITY EMBI+IDX (JPM) 10/10 27/10/2010 USD -69, ,788, TRS EQUITY MSCI W.CUSTOM (DB) 10/10 03/11/2010 EUR -65, ,255, TRS EQUITY SMIMC CHF (DB) 10/10 11/11/2010 CHF -12, ,240, TRS FIN. 1M-100BP SMIC (JPM) 10/10 25/11/2010 CHF 48,856, ,698, TRS FIN. 3ML DBCGWEFE (DB) 10/10 03/11/2010 EUR 64,967, ,990, TRS FIN.1M-95 BP SMIMC (DB) 10/10 11/11/2010 CHF 18,555, ,934, TRS FIN.1ML-0.25BP/EMBI(JPM)10/10 27/10/2010 USD 38,964, ,511, The net unrealised loss on these total return swap contracts as at September 30, 2010, was EUR 1,611, and is included in the statement of net assets. 286

289 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative Name Maturity date Currency Notional value Valuation as at September 30, 2010 (EUR) TRS BRENT CR. OIL (MS) 09/10 30/10/2010 USD -688, , TRS COPPER (MS) 09/10 30/10/2010 USD -491, , TRS GAS OIL (MS) 09/10 30/10/2010 USD -265, , TRS GASOLINE (MS) 09/10 30/10/2010 USD -214, , TRS GSCI S&P IDX TR. (MS) 09/10 30/10/2010 USD 4,483, , TRS HEATING OIL (MS) 09/10 30/10/2010 USD -214, , TRS LIVE CATTLE (MS) 09/10 30/10/2010 USD -199, , TRS SOYBEAN (MS) 09/10 30/10/2010 USD -402, , TRS SUGAR (MS) 09/10 30/10/2010 USD -249, , TRS WTI (MS) 09/10 30/10/2010 USD -1,754, , TRS EQUITY EMBI+IDX (JPM) 10/10 27/10/2010 USD -4, ,860, TRS EQUITY MSCI W.CUSTOM(DB)10/10 03/11/2010 EUR -4, ,546, TRS EQUITY SMIMC CHF (DB) 10/10 11/11/2010 CHF -2, ,077, TRS FIN. 3ML DBCGWEFE (DB) 10/10 03/11/2010 EUR 4,457, ,459, TRS FIN.1M-95 BP SMIMC (DB) 10/10 11/11/2010 CHF 4,010, ,011, TRS FIN.1ML-0.25BP/EMBI (JPM) 10/10 27/10/2010 USD 2,518, ,842, The net unrealised loss on these total return swap contracts as at September 30, 2010, was EUR 143, and is included in the statement of net assets. NOTE 13 CREDIT DEFAULT SWAPS (CDS) A credit default swap (CDS) is a bilateral financial agreement whereby a counterparty (the protection buyer) pays a premium for the commitment of the protection seller to pay a certain amount if the reference issuer experiences a credit risk as provided for by the agreement. The protection buyer acquires the right to sell a specific bond issued by the reference issuer at its nominal value (or at another reference value or execution price) when a credit risk arises. Credit risk generally includes bankruptcy, insolvency, judicial settlement/compulsory liquidation, deferral or non-payment of outstanding debts. The SICAV had the following credit default swaps outstanding as at September 30, 2010: Pictet - Global Emerging Debt As protection buyer: Entity: Republic of Indonesia Nominal value Currency Rate payable Transaction Maturity date date 15,050, USD 1% 20/06/ /09/ ,165, USD 1% 20/06/ /09/ ,654, USD 1% 20/09/ /09/2015 As protection seller: Entity: China Development Bank Corp Nominal value Currency Rate receivable Transaction Maturity date date 4,913, USD 1% 20/06/ /09/

290 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Global Emerging Debt (continued) Entity: Export-Import Bank of China Nominal value Currency Rate receivable Transaction Maturity date date 4,913, USD 1% 20/06/ /09/2015 Entity: Republic of the Philippines Nominal value Currency Rate receivable Transaction Maturity date date 15,050, USD 1% 20/06/ /09/ ,165, USD 1% 20/06/ /09/ ,654, USD 1% 20/09/ /09/2015 Markit index: North American Emerging Markets Nominal value Currency Rate receivable Transaction Maturity date date 10,810, USD 5% 20/09/ /12/ ,482, USD 5% 20/09/ /12/2015 The net unrealised gain on all these contracts as at September 30, 2010, was USD 5,266, and is included in the statement of net assets. Pictet - Latin American Local Currency Debt As protection seller: Markit index: North American Emerging Markets Nominal value Currency Rate receivable Transaction Maturity date date 1,000, USD 5% 20/09/ /12/2015 The net unrealised gain on all these contracts as at September 30, 2010, was USD 134, and is included in the statement of net assets. Pictet - Absolute Return Global Diversified As protection buyer: Entity: Republic of Indonesia Nominal value Currency Rate payable Transaction Maturity date date 248, USD 1% 20/06/ /09/ , USD 1% 20/06/ /09/ , USD 1% 20/09/ /09/

291 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Diversified (continued) As protection seller: Entity: ArcelorMittal Nominal value Currency Rate receivable Transaction Maturity date date 425, EUR 1% 20/06/ /09/2015 Entity: BP PLC Nominal value Currency Rate receivable Transaction Maturity date date 595, EUR 1% 20/09/ /12/2015 Entity: China Development Bank Corp Nominal value Currency Rate receivable Transaction Maturity date date 81, USD 1% 20/06/ /09/2015 Entity: Enel SpA Nominal value Currency Rate receivable Transaction Maturity date date 595, EUR 1% 20/09/ /12/2015 Entity: Export-Import Bank of China Nominal value Currency Rate receivable Transaction Maturity date date 81, USD 1% 20/06/ /09/2015 Entity: Republic of the Philippines Nominal value Currency Rate receivable Transaction Maturity date date 248, USD 1% 20/06/ /09/ , USD 1% 20/06/ /09/ , USD 1% 20/06/ /09/2015 Markit index: North American Emerging Markets Nominal value Currency Rate receivable Transaction Maturity date date 178, USD 5% 20/09/ /12/ , USD 5% 20/09/ /12/2015 The net unrealised loss on all these contracts as at September 30, 2010, was EUR 12, and is included in the statement of net assets. 289

292 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative As protection buyer: Entity: Republic of Indonesia Nominal value Currency Rate payable Transaction Maturity date date 15, USD 1% 20/06/ /09/ , USD 1% 20/06/ /09/ , USD 1% 20/09/ /09/2015 As protection seller: Entity: ArcelorMittal Nominal value Currency Rate receivable Transaction Maturity date date 74, EUR 1% 20/06/ /09/2015 Entity: BP PLC Nominal value Currency Rate receivable Transaction Maturity date date 104, EUR 1% 20/09/ /12/2015 Entity: China Development Bank Corp Nominal value Currency Rate receivable Transaction Maturity date date 4, USD 1% 20/06/ /09/2015 Entity: Enel SpA Nominal value Currency Rate receivable Transaction Maturity date date 104, EUR 1% 20/09/ /12/2015 Entity: Export-Import Bank of China Nominal value Currency Rate receivable Transaction Maturity date date 4, USD 1% 20/06/ /09/2015 Entity: Republic of the Philippines Nominal value Currency Rate receivable Transaction Maturity date date 19, USD 1% 20/06/ /09/ , USD 1% 20/06/ /09/ , USD 1% 20/06/ /09/

293 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet - Absolute Return Global Conservative (continued) Markit index: North American Emerging Markets Nominal value Currency Rate receivable Transaction Maturity date date 10, USD 5% 20/09/ /12/ , USD 5% 20/09/ /12/2015 The net unrealised loss on all these contracts as at September 30, 2010, was EUR 9, and is included in the statement of net assets. NOTE 14 SECURITIES LENDING During the financial year ended September 30, 2010, the SICAV entered into securities lending transactions. For the following sub-funds, the value of the securities lent as at September 30, 2010, was: Pictet - European Equity Selection EUR 13,381, Pictet - Small Cap Europe EUR 4,401, Pictet - Emerging Markets USD 7,673, Pictet - Eastern Europe EUR 4,415, Pictet - European Sustainable Equities EUR 1,337, Pictet - Digital Communication USD 516, Pictet - Premium Brands EUR 6,317, Pictet - Water EUR 73,804, Pictet - Asian Equities Ex Japan USD 19,886, Pictet - Greater China USD 12,295, Pictet - Japanese Equity Selection JPY 773,848, Pictet - Generics USD 4,044, Pictet - Clean Energy USD 52,769, Pictet - Russian Equities USD 5,350, Pictet - Agriculture EUR 716, Pictet - Global Megatrend Selection USD 9,065, Pictet - Absolute Return Global Diversified EUR 1,538, Pictet - Absolute Return Global Conservative EUR 107, NOTE 15 DIVIDENDS PAID On November 20, 2009, the General Meeting of Shareholders of the SICAV decided to distribute dividends in respect of the following share classes. In accordance with the powers conferred by said Meeting, on December 2, 2009, the Board of Directors decided to pay out ordinary dividends as follows (former names of classes and sub-funds): Pictet Funds (LUX) - USD Liquidity P Distr USD 0.71 per share Pictet Funds (LUX) - EUR Liquidity P Distr EUR 1.32 per share Pictet Funds (LUX) - Global Emerging Debt P Distr USD 7.49 per share Pictet Funds (LUX) - World Government Bonds P Distr-USD USD 2.91 per share Pictet Funds (LUX) - World Government Bonds P Distr EUR 4.84 per share Pictet Funds (LUX) - EUR Short Mid-Term Bonds P Distr EUR 3.08 per share Pictet Funds (LUX) - USD Short Mid-Term Bonds P Distr USD 1.79 per share Pictet Funds (LUX) - EUR Inflation Linked Bonds P Distr EUR 1.22 per share Pictet Funds (LUX) - Latin American Local Currency Debt P Distr USD 7.53 per share Pictet Funds (LUX) - Latin American Local Currency Debt P Distr-GBP GBP 4.99 per share Pictet Funds (LUX) - European Equity Selection P Distr EUR 6.83 per share Pictet Funds (LUX) - Small Cap Europe P Distr EUR 0.67 per share Pictet Funds (LUX) - Emerging Markets P Distr USD 1.27 per share Pictet Funds (LUX) - Eastern Europe P Distr EUR 0.37 per share Pictet Funds (LUX) - Eastern Europe P Distr-GBP GBP 0.34 per share Pictet Funds (LUX) - European Sustainable Equities P Distr EUR 2.15 per share 291

294 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) Pictet Funds (LUX) - Digital Communication P Distr USD 1.36 per share Pictet Funds (LUX) - Digital Communication P Distr-GBP GBP 0.82 per share Pictet Funds (LUX) - Premium Brands I Distr-GBP GBP 0.04 per share Pictet Funds (LUX) - Water P Distr EUR 0.46 per share Pictet Funds (LUX) - Water P Distr-GBP GBP 0.42 per share Pictet Funds (LUX) - Japanese Equities 130/30 P Distr JPY per share Pictet Funds (LUX) - Asian Equities (Ex Japan) P Distr USD 0.54 per share Pictet Funds (LUX) - Greater China P Distr USD 1.87 per share Pictet Funds (LUX) - Greater China P Distr GBP GBP 2.77 per share Pictet Funds (LUX) - Japanese Equity Selection P Distr JPY per share Pictet Funds (LUX) - Japanese Equity Selection P Distr-GBP GBP 0.17 per share Pictet Funds (LUX) - Russian Equities P Distr-GBP GBP 0.02 per share Pictet Funds (LUX) - Russian Equities P Distr USD 0.04 per share Pictet Funds (LUX) - Timber P Distr USD 0.22 per share Pictet Funds (LUX) - Timber P Distr-GBP GBP 0.13 per share Pictet Funds (LUX) - Absolute Return Global Conservative P Distr EUR 0.02 per share Dividends were paid with an ex-date of December 3, 2009, and with a payment date of December 14, On April 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes: Pictet - Global Emerging Debt P dm USD 0.68 per share Pictet - Latin American Local Currency Debt P dm USD 0.13 per share Dividends were paid with an ex-date of April 20, 2010, and with a payment date of April 26, On May 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes: Pictet - Global Emerging Debt P dm USD 0.55 per share Pictet - Latin American Local Currency Debt P dm USD 0.11 per share Dividends were paid with an ex-date of May 20, 2010, and with a payment date of May 26, On June 21, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes: Pictet - Global Emerging Debt P dm USD 0.59 per share Pictet - Latin American Local Currency Debt P dm USD 0.19 per share Dividends were paid with an ex-date of June 21, 2010, and with a payment date of June 25, On July 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes: Pictet - Global Emerging Debt P dm USD 0.52 per share Pictet - Latin American Local Currency Debt P dm USD 0.14 per share Dividends were paid with an ex-date of July 20, 2010, and with a payment date of July 26,

295 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) On August 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes: Pictet - Global Emerging Debt P dm USD 0.58 per share Pictet - Latin American Local Currency Debt P dm USD 0.80 per share Dividends were paid with an ex-date of August 20, 2010, and with a payment date of August 26, On September 20, 2010, the Board of Directors decided to distribute dividends in respect of the following share classes: Pictet - Global Emerging Debt P dm USD 0.54 per share Pictet - Latin American Local Currency Debt P dm USD 0.80 per share Dividends were paid with an ex-date of September 20, 2010, and with a payment date of September 24, NOTE 16 INVESTMENTS IN INDIAN SECURITIES In accordance with the terms of the current prospectus, the Pictet - Emerging Markets, Pictet - Indian Equities and Pictet - Asian Equities Ex Japan sub-funds invest indirectly in securities issued by Indian companies. These investments are carried out via Pictet Funds (Mauritius) Limited, Pictet Country Fund (Mauritius) Limited and Pictet Asian Equities (Mauritius) Limited. These three companies, established in Mauritius, are fully controlled by the SICAV and carry out advisory activities exclusively for the three sub-funds concerned. These indirect investments currently benefit from the double taxation treaty concluded between India and Mauritius. There is no guarantee that the SICAV will always enjoy these tax benefits. 293

296 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) NOTE 17 SUB-FUNDS OFFERED FOR SALE IN HONG KONG The following thirty-three sub-funds of Pictet (formerly Pictet Funds (LUX)) (collectively "Authorised Compartments") mentioned in this audited annual report as at September 30, 2010: 1. Pictet - USD Liquidity 2. Pictet - EUR Liquidity 3. Pictet - Global Emerging Debt 4. Pictet - World Government Bonds 5. Pictet - EUR Short Mid-Term Bonds 6. Pictet - USD Short Mid-Term Bonds 7. Pictet - EUR Inflation Linked Bonds 8. Pictet - Latin American Local Currency Debt 9. Pictet - European Equity Selection 10. Pictet - Small Cap Europe 11. Pictet - Emerging Markets 12. Pictet - Eastern Europe 13. Pictet - European Sustainable Equities 14. Pictet - Digital Communication 15. Pictet - Biotech 16. Pictet - Premium Brands 17. Pictet - Water 18. Pictet - Indian Equities 19. Pictet - Japanese Equities 130/ Pictet - Asian Equities Ex Japan* 21. Pictet - Greater China 22. Pictet - Japanese Equity Selection 23. Pictet - Generics 24. Pictet - US Equity Growth Selection 25. Pictet - Security 26. Pictet - Clean Energy 27. Pictet - Russian Equities 28. Pictet - Timber 29. Pictet - Agriculture 30. Pictet - Global Megatrend Selection 31. Pictet - Middle East And North Africa 32. Pictet - Absolute Return Global Diversified 33. Pictet - Absolute Return Global Conservative * On April 19, 2010, the Board of Directors has decided to change the name of sub-fund Pictet - Asian Equities (Ex Japan) to Pictet - Asian Equities Ex Japan with effect as of April 20, NOTE 18 USE OF SOFT COMMISSIONS The investment manager has commission sharing agreements with a number of brokers and uses commissions from client trades to secure research and trade execution related services, which are for the benefit of its clients. Some of the services required for the management of its Clients funds come from sources independent of brokers, and these can be paid for by brokers from commissions retained by them under a commission sharing agreement. 294

297 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) The services received, that were paid for via commission sharing agreements, included: a. research provided by executing brokers b. research provided by independent research companies c. quantitative and analytical research services; and d. execution analysis During the period from October 1, 2009 until September 30, 2010, the total proportion of brokerage fees paid by the Funds under commission sharing agreements was the following for the concerned sub-funds: Pictet - European Equity Selection 14.35% Pictet - Small Cap Europe 6.46% Pictet - Emerging Markets 21.07% Pictet - Eastern Europe 22.15% Pictet - Digital Communication 24.46% Pictet - Premium Brands 38.74% Pictet - Water 43.63% Pictet - Indian Equities 13.91% Pictet - Japanese Equities 130/ % Pictet - Asian Equities Ex Japan 18.86% Pictet - Greater China 17.73% Pictet - Japanese Equity Selection 25.83% Pictet - Security 24.42% Pictet - Clean Energy 23.80% Pictet - Russian Equities 26.47% Pictet - Timber 15.13% Pictet - Agriculture 30.49% The total soft Dollars for the Pictet - Biotech and Pictet - Generics sub-funds for the period from October 1, 2009 to September 30, 2010 is USD 602,585. The value of the services received pursuant to a commission sharing agreement by the investment manager, on a cost basis represents 2.57% of the total commission paid for all accounts managed by the investment manager. NOTE 19 TRANSACTIONS WITH CONNECTED PERSONS All transactions with connected persons were carried out on arms length basis. Pictet & Cie and its affiliates are counterparties for all securities lending activities, for certain forward foreign exchange contracts and for certain sales and purchases of securities and options. The Custodian, Transfer Agent, Administrative Agent, Paying Agent, Investment Advisors and Investment Managers are considered as related parties. During the period from October 1, 2009 to September 30, 2010 Pictet & Cie, Geneva acted as broker for transactions on securities and options on behalf of the SICAV for a total amount of EUR 506,537, which represents 0.54% of the total transactions on securities and options of the whole Fund. The total brokerage commission paid on equities to the connected broker during the year amounts to EUR 45, which represents an average rate of commission of %. 295

298 Pictet (formerly Pictet Funds (LUX)) NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2010 (continued) During the period from October 1, 2009 to September 30, 2010 Pictet (formerly Pictet Funds (LUX)) (the SICAV ) entered in the following forward exchange transactions with Pictet & Cie, Geneva : Pictet - EUR Inflation Linked Bonds Purchase in currency Purchase in Sub-fund currency EUR 7,297, EUR 7,297, PLN 23,770, EUR 5,979, USD 50, EUR 36, Total 13,314, Sale in currency Sale in Sub-fund currency EUR -5,542, EUR -5,542, PLN -23,770, EUR -5,979, USD -2,431, EUR -1,781, Total -13,303, Pictet - World Government Bond Purchase in currency Purchase in Sub-fund currency AUD 2,095, EUR 1,486, CAD 6,168, EUR 4,404, DKK 9,411, EUR 1,262, EUR 137,870, EUR 137,870, GBP 13,514, EUR 15,599, JPY 11,693,077, EUR 102,524, SEK 7,881, EUR 857, USD 102,810, EUR 75,308, Total 339,314, Sale in currency Sale in Sub-fund currency AUD -1,289, EUR -914, CAD -4,333, EUR -3,094, CHF -3, EUR -2, DKK -5,874, EUR -788, EUR -193,072, EUR -193,072, GBP -9,243, EUR -10,669, JPY -9,285,549, EUR -81,415, SEK -5,741, EUR -624, USD -66,055, EUR -48,385, Total -338,968, Pictet - Global Megatrend Selection Purchase in currency Purchase in Sub-fund currency CHF 64,665, USD 66,191, EUR 30,349, USD 41,432, GBP 204, USD 321, USD 258,972, USD 258,972, Total 366,918, Sale in currency Sale in Sub-fund currency CHF -69,890, USD -71,539, EUR -176,777, USD -241,335, GBP -3,788, USD -5,969, USD -56,996, USD -56,996, Total -375,840,

299 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - USD Liquidity I 0.21% P 0.37% Pdy 0.38% R 0.58% Z 0.07% Pictet - EUR Liquidity I 0.21% P 0.39% Pdy 0.39% R 0.61% Z 0.07% Pictet - Global Emerging Debt I USD 0.87% P USD 1.47% Pdy USD 1.46% P dm USD 1.45% R USD 1.97% Z USD 0.14% HI CHF 0.92% HP CHF 1.52% HI EUR 0.92% HP EUR 1.52% HR EUR 2.01% HZ EUR 0.19% HI JPY 0.93% Pictet - World Government Bonds I EUR 0.38% P EUR 0.62% P dy EUR 0.61% R EUR 0.81% Z EUR 0.09% I USD 0.36% P USD 0.61% Pdy USD 0.61% R USD 0.83% 297

300 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - EUR Short Mid-Term Bonds I 0.31% P 0.50% Pdy 0.50% R 0.65% Z 0.07% HI CHF 0.36% HP CHF 0.55% Pictet - USD Short Mid-Term Bonds I 0.31% P 0.50% Pdy 0.49% R 0.65% Z 0.06% Pictet - EUR Inflation Linked Bonds I 0.41% P 0.65% Pdy 0.65% R 0.85% Z 0.09% Pictet - Latin American Local Currency Debt I USD 0.98% I dy USD 1.00% P USD 1.62% Pdy USD 1.62% P dm USD 1.58% R USD 2.16% Z USD 0.18% P dy GBP 1.61% I EUR 0.95% P EUR 1.61% R EUR 2.18% Pictet - European Equity Selection I EUR 0.98% P EUR 1.62% P dy EUR 1.62% R EUR 2.12% Z EUR 0.19% 298

301 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Small Cap Europe I EUR 1.23% P EUR 2.06% P dy EUR 2.08% R EUR 2.76% Z EUR 0.25% Pictet - Emerging Markets I USD 2.03% P USD 2.57% Pdy USD 2.58% R USD 3.07% Z USD 0.30% I EUR 2.03% P EUR 2.57% R EUR 3.07% HI EUR 2.07% HP EUR 2.64% HR EUR 3.12% Pictet - Eastern Europe I EUR 2.03% P EUR 2.42% P dy EUR 2.42% R EUR 3.12% Z EUR 0.30% P dy GBP 2.42% Pictet - European Sustainable Equities I EUR 0.88% P EUR 1.27% P dy EUR 1.27% R EUR 1.67% Z EUR 0.20% 299

302 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Digital Communication I USD 1.18% P USD 2.02% Pdy USD 2.01% R USD 2.72% Z USD 0.18% I EUR 1.16% P EUR 2.03% R EUR 2.72% I dy GBP 1.18% P dy GBP 2.00% HI EUR 1.22% Pictet - Biotech I USD 1.21% P USD 2.05% Pdy USD 2.07% R USD 2.75% Z USD 0.36% I EUR 1.21% P EUR 2.05% R EUR 2.74% I dy GBP 1.24% P dy GBP 2.05% HI EUR 1.26% HP EUR 2.09% HR EUR 2.80% Pictet - Premium Brands I EUR 1.20% P EUR 2.05% P dy EUR 2.05% R EUR 2.75% Z EUR 0.19% I USD 1.21% P USD 2.05% R USD 2.73% I dy GBP 1.12% P dy GBP 2.03% 300

303 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Water I EUR 1.21% P EUR 2.04% P dy EUR 2.04% R EUR 2.74% Z EUR 0.18% I dy GBP 1.19% P dy GBP 2.04% I USD 1.21% P USD 2.04% R USD 2.74% HP USD 2.10% HR USD 2.81% Pictet - Indian Equities I USD 1.43% P USD 2.27% Pdy USD 2.26% R USD 2.97% Z USD 0.30% I EUR 1.42% P EUR 2.27% R EUR 2.95% P dy GBP 2.26% Pictet - Japanese Equities 130/30 I JPY 0.99% P JPY 1.62% P dy JPY 1.62% R JPY 2.13% I EUR 0.97% P EUR 1.68% R EUR 2.06% 301

304 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Asian Equities Ex Japan (note 1) I USD 1.22% P USD 2.06% Pdy USD 2.06% R USD 2.77% Z USD 0.30% I EUR 1.23% P EUR 2.07% R EUR 2.77% HI EUR 1.28% HP EUR 2.12% HR EUR 2.82% Pictet - Greater China I USD 1.23% P USD 2.06% Pdy USD 2.07% R USD 2.76% Z USD 0.31% I EUR 1.23% P EUR 2.07% R EUR 2.77% P dy GBP 2.05% Pictet - Japanese Equity Selection I JPY 0.98% P JPY 1.61% P dy JPY 1.61% R JPY 2.12% Z JPY 0.25% P dy GBP 1.61% I EUR 0.98% P EUR 1.64% R EUR 2.06% HI EUR 1.03% HP EUR 1.65% HR EUR 2.17% 302

305 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Generics I USD 1.21% P USD 2.05% Pdy USD 2.05% R USD 2.75% Z USD 0.36% I EUR 1.20% P EUR 2.06% R EUR 2.71% I dy GBP 1.20% P dy GBP 2.02% HI EUR 1.25% HP EUR 2.11% HR EUR 2.79% Pictet - US Equity Growth Selection I USD 0.97% P USD 1.62% Pdy USD 1.60% R USD 2.12% Z USD 0.36% R EUR 2.13% HI EUR 1.03% HP EUR 1.67% HR EUR 2.17% Pictet - Security I USD 1.20% P USD 2.04% Pdy USD 2.04% R USD 2.74% Z USD 0.18% I EUR 1.21% P EUR 2.05% R EUR 2.74% I dy GBP 1.21% P dy GBP 2.04% 303

306 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Clean Energy I USD 1.21% P USD 2.05% Pdy USD 2.05% R USD 2.75% Z USD 0.20% I EUR 1.20% P EUR 2.05% R EUR 2.75% I dy GBP 1.20% P dy GBP 2.05% Pictet - Russian Equities I USD 1.23% P USD 2.10% Pdy USD 2.13% R USD 2.80% Z USD 0.32% I EUR 1.25% P EUR 2.10% R EUR 2.75% P dy GBP 2.11% Pictet - Timber I USD 1.20% P USD 2.06% Pdy USD 2.10% R USD 2.75% Z USD 0.18% I EUR 1.21% P EUR 2.04% R EUR 2.75% I dy GBP 1.19% P dy GBP 2.05% HP EUR 2.10% HR EUR 2.79% 304

307 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Agriculture I EUR 1.20% P EUR 2.05% P dy EUR 2.06% R EUR 2.74% Z EUR 0.19% I USD 1.21% P USD 2.05% P dy USD 2.05% R USD 2.74% I dy GBP 1.19% P dy GBP 2.04% Pictet - Global Megatrend Selection I USD 1.19% P USD 2.06% Pdy USD 2.05% R USD 2.96% Z USD 0.38% I EUR 1.20% P EUR 2.03% P dy EUR 2.05% R EUR 2.95% P CHF 2.08% I dy GBP 1.21% P dy GBP 2.05% Pictet - Middle East And North Africa I USD 1.36% P USD 2.20% Pdy USD 2.20% R USD 2.92% Z USD 0.54% P EUR 2.21% R EUR 2.92% HP EUR 2.26% HR EUR 2.93% 305

308 Pictet (formerly Pictet Funds (LUX)) TER (TOTAL EXPENSE RATIO) (continued) Sub-fund Type of shares Annualised TER (in %) Pictet - Absolute Return Global Diversified I EUR 0.83% P EUR 1.46% P dy EUR 1.46% R EUR 1.96% Z EUR 0.15% HI CHF 0.88% HP CHF 1.51% HZ CHF 0.19% HI USD 0.88% HP USD 1.52% HI GBP 0.89% HP dy GBP 1.51% HZ GBP 0.20% HI JPY 0.87% HZ JPY 0.20% Pictet - Absolute Return Global Conservative I EUR 0.73% P EUR 1.16% P dy EUR 1.16% R EUR 1.51% Z EUR 0.15% Calculation of Total Expense Ratio (TER): TER % = OPERATING CHARGES * 100 AVERAGE NET ASSETS OF THE SICAV (*) (*) Calculated on the basis of the daily average of the total net assets for the period from October 1, 2009, to September 30,

309 Pictet (formerly Pictet Funds (LUX)) PTR (Portfolio Turnover Ratio) Sub-fund Sub-fund Pictet - USD Liquidity % Pictet - Indian Equities 46.63% Pictet - EUR Liquidity % Pictet - Japanese Equities 130/ % Pictet - Global Emerging Debt 39.46% Pictet - Asian Equities Ex Japan (note 1) % Pictet - World Government Bonds -1.36% Pictet - Greater China % Pictet - EUR Short Mid-Term Bonds % Pictet - Japanese Equity Selection % Pictet - USD Short Mid-Term Bonds 89.06% Pictet - Generics % Pictet - EUR Inflation Linked Bonds 57.38% Pictet - US Equity Growth Selection 82.07% Pictet - Latin American Local Currency Debt 5.25% Pictet - Security % Pictet - European Equity Selection 52.37% Pictet - Clean Energy 60.90% Pictet - Small Cap Europe % Pictet - Russian Equities 97.20% Pictet - Emerging Markets % Pictet - Timber 12.31% Pictet - Eastern Europe % Pictet - Agriculture 87.56% Pictet - European Sustainable Equities 89.06% Pictet - Global Megatrend Selection % Pictet - Digital Communication 93.19% Pictet - Middle East And North Africa % Pictet - Biotech 58.89% Pictet - Absolute Return Global Diversified % Pictet - Premium Brands 79.92% Pictet - Absolute Return Global Conservative % Pictet - Water 53.12% Calculation of the Portfolio Turnover Ratio: PTR = (TOTAL PURCHASES + TOTAL SALES) - (TOTAL SUBSCRIPTIONS + TOTAL REDEMPTIONS) AVERAGE NAV (*) (*) Calculated on the basis of the daily average of the total net assets for the period from October 1, 2009, to September 30,

310 Pictet (formerly Pictet Funds (LUX)) PERFORMANCE (continued) Sub-fund Sub-fund Pictet - USD Liquidity-I 0.31% Pictet - USD Short Mid-Term Bonds-R 2.15% Pictet - USD Liquidity-P 0.15% Pictet - USD Short Mid-Term Bonds-Z 2.75% Pictet - USD Liquidity-P dy 0.14% Pictet - EUR Inflation Linked Bonds-I 4.11% Pictet - USD Liquidity-R -0.06% Pictet - EUR Inflation Linked Bonds-P 3.87% Pictet - USD Liquidity-Z 0.45% Pictet - EUR Inflation Linked Bonds-P dy 3.86% Pictet - EUR Liquidity-I 0.43% Pictet - EUR Inflation Linked Bonds-R 3.65% Pictet - EUR Liquidity-P 0.25% Pictet - EUR Inflation Linked Bonds-Z 4.43% Pictet - EUR Liquidity-P dy 0.25% Pictet - Latin American Local Currency Debt-I USD 17.59% Pictet - EUR Liquidity-R 0.03% Pictet - Latin American Local Currency Debt-I dy USD* 3.31% Pictet - EUR Liquidity-Z 0.57% Pictet - Latin American Local Currency Debt-P USD 16.83% Pictet - Global Emerging Debt-I USD 13.39% Pictet - Latin American Local Currency Debt-P dy USD 16.84% Pictet - Global Emerging Debt-P USD 12.72% Pictet - Latin American Local Currency Debt-P dm 11.62% Pictet - Global Emerging Debt-P dy USD 12.71% Pictet - Latin American Local Currency Debt-R USD 16.19% Pictet - Global Emerging Debt-P dm USD* 10.00% Pictet - Latin American Local Currency Debt-Z USD 18.52% Pictet - Global Emerging Debt-R USD 12.15% Pictet - Latin American Local Currency Debt-P dy GBP 17.85% Pictet - Global Emerging Debt-Z USD 14.22% Pictet - Latin American Local Currency Debt-I EUR 25.68% Pictet - Global Emerging Debt-HI CHF 12.65% Pictet - Latin American Local Currency Debt-P EUR 24.88% Pictet - Global Emerging Debt-HP CHF 11.99% Pictet - Latin American Local Currency Debt-R EUR 24.18% Pictet - Global Emerging Debt-HI EUR 13.09% Pictet - European Equity Selection-I EUR 9.19% Pictet - Global Emerging Debt-HP EUR 12.42% Pictet - European Equity Selection-P EUR 8.49% Pictet - Global Emerging Debt-HR EUR 11.86% Pictet - European Equity Selection-P dy EUR 8.49% Pictet - Global Emerging Debt-HZ EUR* 9.95% Pictet - European Equity Selection-R EUR 7.95% Pictet - Global Emerging Debt-HI JPY* 10.43% Pictet - European Equity Selection-Z EUR 10.05% Pictet - World Government Bonds-I EUR 13.71% Pictet - Small Cap Europe-I EUR 19.26% Pictet - World Government Bonds-P EUR 13.42% Pictet - Small Cap Europe-P EUR 18.26% Pictet - World Government Bonds-P dy EUR 13.42% Pictet - Small Cap Europe-P dy EUR 18.26% Pictet - World Government Bonds-R EUR 13.19% Pictet - Small Cap Europe-R EUR 17.44% Pictet - World Government Bonds-Z EUR 14.02% Pictet - Small Cap Europe-Z EUR 20.43% Pictet - World Government Bonds-I USD 5.77% Pictet - Emerging Markets-I USD 15.91% Pictet - World Government Bonds-P USD 5.52% Pictet - Emerging Markets-P USD 15.28% Pictet - World Government Bonds-P dy USD 5.52% Pictet - Emerging Markets-P dy USD 15.28% Pictet - World Government Bonds-R USD 5.31% Pictet - Emerging Markets-R USD 14.71% Pictet - EUR Short Mid-Term Bonds-I 0.55% Pictet - Emerging Markets-Z USD 17.93% Pictet - EUR Short Mid-Term Bonds-P 0.35% Pictet - Emerging Markets-I EUR 24.40% Pictet - EUR Short Mid-Term Bonds-P dy 0.35% Pictet - Emerging Markets-P EUR 23.73% Pictet - EUR Short Mid-Term Bonds-R 0.20% Pictet - Emerging Markets-R EUR 23.11% Pictet - EUR Short Mid-Term Bonds-Z 0.79% Pictet - Emerging Markets-HI EUR 14.82% Pictet - EUR Short Mid-Term Bonds-HI CHF 0.06% Pictet - Emerging Markets-HP EUR 14.19% Pictet - EUR Short Mid-Term Bonds-HP CHF -0.13% Pictet - Emerging Markets-HR EUR 13.63% Pictet - USD Short Mid-Term Bonds-I 2.50% Pictet - Eastern Europe-I EUR 31.58% Pictet - USD Short Mid-Term Bonds-P 2.31% Pictet - Eastern Europe-P EUR 31.07% Pictet - USD Short Mid-Term Bonds-P dy 2.30% Pictet - Eastern Europe-P dy EUR 31.07% 308

311 Pictet (formerly Pictet Funds (LUX)) PERFORMANCE (continued) Sub-fund Sub-fund Pictet - Eastern Europe-R EUR 30.15% Pictet - Water-I EUR 16.99% Pictet - Eastern Europe-Z EUR 33.86% Pictet - Water-P EUR 16.01% Pictet - Eastern Europe-P dy GBP 23.49% Pictet - Water-P dy EUR 16.01% Pictet - European Sustainable Equities-I EUR 10.99% Pictet - Water-R EUR 15.21% Pictet - European Sustainable Equities-P EUR 10.55% Pictet - Water-Z EUR 18.18% Pictet - European Sustainable Equities-P dy EUR 10.55% Pictet - Water-I dy GBP 10.37% Pictet - European Sustainable Equities-R EUR 10.11% Pictet - Water-P dy GBP 9.44% Pictet - European Sustainable Equities-Z EUR 11.74% Pictet - Water-I USD 9.01% Pictet - Digital Communication-I USD 24.29% Pictet - Water-P USD 8.08% Pictet - Digital Communication-P USD 23.25% Pictet - Water-R USD 7.34% Pictet - Digital Communication-P dy USD 23.25% Pictet - Water-HP USD 14.98% Pictet - Digital Communication-R USD 22.39% Pictet - Water-HR USD 14.19% Pictet - Digital Communication-Z USD 25.49% Pictet - Indian Equities-I USD 26.28% Pictet - Digital Communication-I EUR 33.40% Pictet - Indian Equities-P USD 25.22% Pictet - Digital Communication-P EUR 32.27% Pictet - Indian Equities-P dy USD 25.22% Pictet - Digital Communication-R EUR 31.36% Pictet - Indian Equities-R USD 24.34% Pictet - Digital Communication-I dy GBP 25.85% Pictet - Indian Equities-Z USD 27.70% Pictet - Digital Communication-P dy GBP 24.79% Pictet - Indian Equities-I EUR 35.53% Pictet - Digital Communication-HI EUR 23.56% Pictet - Indian Equities-P EUR 34.39% Pictet - Biotech-I USD -5.97% Pictet - Indian Equities-R EUR 33.45% Pictet - Biotech-P USD -6.76% Pictet - Indian Equities-P dy GBP 26.78% Pictet - Biotech-P dy USD -6.76% Pictet - Japanese Equities 130/30 -I JPY -5.42% Pictet - Biotech-R USD -7.41% Pictet - Japanese Equities 130/30 -P JPY -6.02% Pictet - Biotech-Z USD -5.19% Pictet - Japanese Equities 130/30 -P dy JPY -6.02% Pictet - Biotech-I EUR 0.55% Pictet - Japanese Equities 130/30 -R JPY -6.49% Pictet - Biotech-P EUR -0.28% Pictet - Japanese Equities 130/30 -I EUR 9.08% Pictet - Biotech-R EUR -0.98% Pictet - Japanese Equities 130/30 -P EUR 8.39% Pictet - Biotech-I dy GBP -5.15% Pictet - Japanese Equities 130/30 -R EUR 7.85% Pictet - Biotech-P dy GBP -5.95% Pictet - Asian Equities Ex Japan-I USD 14.12% Pictet - Biotech-HI EUR -6.87% Pictet - Asian Equities Ex Japan-P USD 13.16% Pictet - Biotech-HP EUR -7.64% Pictet - Asian Equities Ex Japan-P dy USD 13.16% Pictet - Biotech-HR EUR -8.29% Pictet - Asian Equities Ex Japan-R USD 12.37% Pictet - Premium Brands-I EUR 40.05% Pictet - Asian Equities Ex Japan-Z USD 15.18% Pictet - Premium Brands-P EUR 38.86% Pictet - Asian Equities Ex Japan-I EUR 22.49% Pictet - Premium Brands-P dy EUR 38.91% Pictet - Asian Equities Ex Japan-P EUR 21.45% Pictet - Premium Brands-R EUR 37.88% Pictet - Asian Equities Ex Japan-R EUR 20.60% Pictet - Premium Brands-Z EUR 41.46% Pictet - Asian Equities Ex Japan-HI EUR 12.81% Pictet - Premium Brands-I USD 30.48% Pictet - Asian Equities Ex Japan-HP EUR 11.88% Pictet - Premium Brands-P USD 29.38% Pictet - Asian Equities Ex Japan-HR EUR 11.10% Pictet - Premium Brands-R USD 28.45% Pictet - Greater China-I USD 16.08% Pictet - Premium Brands-I dy GBP 32.14% Pictet - Greater China-P USD 15.10% Pictet - Premium Brands-P dy GBP 31.04% Pictet - Greater China-P dy USD 15.10% 309

312 Pictet (formerly Pictet Funds (LUX)) PERFORMANCE (continued) Sub-fund Sub-fund Pictet - Greater China-R USD 14.30% Pictet - Security-P dy USD 24.83% Pictet - Greater China-Z USD 17.14% Pictet - Security-R USD 23.96% Pictet - Greater China-I EUR 24.58% Pictet - Security-Z USD 27.14% Pictet - Greater China-P EUR 23.53% Pictet - Security-I EUR 35.11% Pictet - Greater China-R EUR 22.68% Pictet - Security-P EUR 33.97% Pictet - Greater China-P dy GBP 16.54% Pictet - Security-R EUR 33.04% Pictet - Japanese Equity Selection-I JPY -7.07% Pictet - Security-I dy GBP 27.45% Pictet - Japanese Equity Selection-P JPY -7.66% Pictet - Security-P dy GBP 26.39% Pictet - Japanese Equity Selection-P dy JPY -7.66% Pictet - Clean Energy-I USD -4.90% Pictet - Japanese Equity Selection-R JPY -8.12% Pictet - Clean Energy-P USD -5.70% Pictet - Japanese Equity Selection-Z JPY -6.39% Pictet - Clean Energy-P dy USD -5.70% Pictet - Japanese Equity Selection-P dy GBP 0.47% Pictet - Clean Energy-R USD -6.35% Pictet - Japanese Equity Selection-I EUR 7.19% Pictet - Clean Energy-Z USD -3.93% Pictet - Japanese Equity Selection-P EUR 6.50% Pictet - Clean Energy-I EUR 2.06% Pictet - Japanese Equity Selection-R EUR 5.97% Pictet - Clean Energy-P EUR 1.22% Pictet - Japanese Equity Selection-HI EUR -8.33% Pictet - Clean Energy-R EUR 0.49% Pictet - Japanese Equity Selection-HP EUR -8.90% Pictet - Clean Energy-I dy GBP -3.73% Pictet - Japanese Equity Selection-HR EUR -9.35% Pictet - Clean Energy-P dy GBP -4.51% Pictet - Generics-I USD 26.27% Pictet - Russian Equities-I USD 27.38% Pictet - Generics-P USD 25.21% Pictet - Russian Equities-P USD 26.28% Pictet - Generics-P dy USD 25.21% Pictet - Russian Equities-P dy USD 26.29% Pictet - Generics-R USD 24.33% Pictet - Russian Equities-R USD 25.45% Pictet - Generics-Z USD 27.31% Pictet - Russian Equities-Z USD 28.54% Pictet - Generics-I EUR 35.52% Pictet - Russian Equities-I EUR 36.38% Pictet - Generics-P EUR 34.39% Pictet - Russian Equities-P EUR 35.19% Pictet - Generics-R EUR 33.44% Pictet - Russian Equities-R EUR 34.35% Pictet - Generics-I dy GBP 27.85% Pictet - Russian Equities-P dy GBP 28.15% Pictet - Generics-P dy GBP 26.77% Pictet - Timber-I USD 17.54% Pictet - Generics-HI EUR 25.72% Pictet - Timber-P USD 16.56% Pictet - Generics-HP EUR 24.69% Pictet - Timber-P dy USD 16.55% Pictet - Generics-HR EUR 23.81% Pictet - Timber-R USD 15.74% Pictet - US Equity Growth Selection-I USD 6.40% Pictet - Timber-Z USD* 8.89% Pictet - US Equity Growth Selection-P USD 5.72% Pictet - Timber-I EUR 26.16% Pictet - US Equity Growth Selection-P dy USD 5.72% Pictet - Timber-P EUR 25.09% Pictet - US Equity Growth Selection-R USD 5.20% Pictet - Timber-R EUR 24.22% Pictet - US Equity Growth Selection-Z USD 7.07% Pictet - Timber-I dy GBP 19.03% Pictet - US Equity Growth Selection-R EUR 12.51% Pictet - Timber-P dy GBP 18.02% Pictet - US Equity Growth Selection-HI EUR 5.39% Pictet - Timber-HP EUR 15.82% Pictet - US Equity Growth Selection-HP EUR 4.70% Pictet - Timber-HR EUR 14.99% Pictet - US Equity Growth Selection-HR EUR 4.18% Pictet - Agriculture-I EUR 33.85% Pictet - Security-I USD 25.88% Pictet - Agriculture-P EUR 32.72% Pictet - Security-P USD 24.83% Pictet - Agriculture-P dy EUR 32.72% 310

313 Pictet (formerly Pictet Funds (LUX)) PERFORMANCE (continued) Sub-fund Sub-fund Pictet - Agriculture-R EUR 31.81% Pictet - Middle East And North Africa-P EUR 7.94% Pictet - Agriculture-Z EUR* 9.45% Pictet - Middle East And North Africa-R EUR 7.20% Pictet - Agriculture-I USD 24.72% Pictet - Middle East And North Africa-HP EUR 0.35% Pictet - Agriculture-P USD 23.67% Pictet - Middle East And North Africa-HR EUR -0.35% Pictet - Agriculture-P dy USD 23.67% Pictet - Absolute Return Global Diversified-I EUR 3.97% Pictet - Agriculture-R USD 22.81% Pictet - Absolute Return Global Diversified-P EUR 3.31% Pictet - Agriculture-I dy GBP 26.28% Pictet - Absolute Return Global Diversified-P dy EUR 3.31% Pictet - Agriculture-P dy GBP 25.21% Pictet - Absolute Return Global Diversified-R EUR 2.80% Pictet - Global Megatrend Selection-I USD 15.51% Pictet - Absolute Return Global Diversified-Z EUR 4.68% Pictet - Global Megatrend Selection-P USD 14.54% Pictet - Absolute Return Global Diversified-HI CHF 3.50% Pictet - Global Megatrend Selection-P dy USD 14.54% Pictet - Absolute Return Global Diversified-HP CHF 2.84% Pictet - Global Megatrend Selection-R USD 13.51% Pictet - Absolute Return Global Diversified-HZ CHF 4.22% Pictet - Global Megatrend Selection-Z USD 16.46% Pictet - Absolute Return Global Diversified-HI USD 3.98% Pictet - Global Megatrend Selection-I EUR 23.98% Pictet - Absolute Return Global Diversified-HP USD 3.32% Pictet - Global Megatrend Selection-P EUR 22.93% Pictet - Absolute Return Global Diversified-HI GBP 4.03% Pictet - Global Megatrend Selection-P dy EUR 22.93% Pictet - Absolute Return Global Diversified-HP dy GBP 3.40% Pictet - Global Megatrend Selection-R EUR 21.83% Pictet - Absolute Return Global Diversified-HZ GBP 4.78% Pictet - Global Megatrend Selection-P CHF 8.45% Pictet - Absolute Return Global Diversified-HI JPY 3.69% Pictet - Global Megatrend Selection-I dy GBP 16.97% Pictet - Absolute Return Global Diversified-HZ JPY 4.38% Pictet - Global Megatrend Selection-P dy GBP 15.97% Pictet - Absolute Return Global Conservative-I EUR 3.22% Pictet - Middle East And North Africa-I USD 1.68% Pictet - Absolute Return Global Conservative-P EUR 2.76% Pictet - Middle East And North Africa-P USD 0.81% Pictet - Absolute Return Global Conservative-P dy EUR 2.76% Pictet - Middle East And North Africa-P dy USD 0.75% Pictet - Absolute Return Global Conservative-R EUR 2.41% Pictet - Middle East And North Africa-R USD 0.12% Pictet - Absolute Return Global Conservative-Z EUR 3.82% Pictet - Middle East And North Africa-Z USD 2.55% Annual performance calculated for the year ended September 30, 2010 The performance per share class was calculated by comparing the net assets per share as at September 30, 2009, with the net assets per share as at September 30, For share classes that distributed a dividend (cf. note 15), the dividend amount was reintegrated into the net assets as at September 30, 2010, in order to calculate the performance including dividends. * The performance of share classes launched during the year was calculated by comparing the net assets per share as at the launch date of the share class with the net assets per share as at September 30,

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