PHARUS SICAV - Banque Privée Edmond de Rothschild Europe

PHARUS SICAVINFORMATION TO THE SHAREHOLDERSIt is not the intention of the Directors to publish financialnotices in any newspaper. Financial notices will be sent tothe shareholders except if otherwise required byLuxembourg laws and regulations or the laws andregulations of any other countries in which the Fund maybe registered. If prescribed by law, notices concerning theSicav are published in the Mémorial, the official gazette ofLuxembourg, and are lodged with the Registrar of theLuxembourg District Court.The current Articles of Incorporation of the Sicav arelodged with the Registrar of the Luxembourg DistrictCourt, from whom copies may be obtained.The issue price and the redemption price of the Sicav'sshares are made public at the registered office of the Sicav,where annual and semi-annual reports may be obtained.Subscriptions cannot be received on the basis of financialreports. Subscriptions are valid only if made on the basisof the current prospectus, supplemented by the last annualreport and the most recent semi-annual report if publishedthereafter.NET ASSET VALUE PER SHAREThe net asset value per share of each Sub-Fund isdetermined on each business day in Luxembourg.However, if such Valuation Date is not a business day inLuxembourg, the net asset value is calculated on thefollowing business day.For the purpose of the annual and semi-annual reports, thenet asset value to be calculated on the Valuation Datepreceding the last day of the Sicav’s financial year and/orhalf-year will not be calculated on such Valuation Date buton the last day of the relevant period and will be based onthe last available closing prices.6

PHARUS SICAVREPORT ON THE ACTIVITIES OF THE FUNDS* (continued)With reference to rates charged by the central banks,we have witnessed the implementation of expansionisteconomic policies, giving rise to a substantial increasein the available monetary base. However, in the finalpart of the year, a number of countries (includingAustralia) have embarked on a gradual rise inrefinancing rates.The Board of DirectorsJanuary 12, 2010* Indications and comparisons are historical and are not necessarily an indication of future results.9

PHARUS SICAVCOMBINED STATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:- Cost 73,343,671.39- Net unrealised result 3,439,895.2976,783,566.68Cash:- Cash at sight 8,697,066.25- Margin accounts 980,709.50Other assets:- Interest receivable 601,852.87- Dividend receivable 3,309.54- Formation/reorganisation expenses, net 3,786.00- Unrealised gain on futures 7,500.00- Unrealised gain on forward foreign exchange contracts 419,458.90- Unrealised gain on swaps contracts 1,165.21- Other 227.2387,498,642.18LIABILITIESBank overdraft:- Cash at sight 143,332.23Other liabilities:- Taxes and expenses payable 360,308.14- Unrealised loss on futures 12,970.00- Unrealised loss on forward foreign exchange contracts 164,754.46- Unrealised loss on swaps contracts 48,450.12729,814.95NET ASSETS 86,768,827.23The notes are an integral part of these financial statements.11

PHARUS SICAVCOMBINED STATEMENT OF OPERATIONSYear ended September 30, 2009(in EUR)INCOMEIncome from investments:- Dividends, net 169,841.90- Bond interest, net 1,648,706.91Bank interest, net 50,824.12Other income 12,791.151,882,164.08EXPENSESBank interest, net 337.23Fees:- Global fee 736,535.39- Custodian fee and safekeeping charges 276,646.07Other expenses:- Annual tax 20,843.38- Amortisation of formation/reorganisation expenses 1,384.00- Audit and legal fees 130,536.60- Printing and publishing fees 38,034.29- Administration and other expenses 224,229.771,428,546.73NET OPERATING RESULT 453,617.35Net realised result on:- Sales of investments (10,184,872.00)- Foreign exchange (506,939.61)NET REALISED RESULT (10,238,194.26)Change in net unrealised appreciation/(depreciation) on :- Investments 10,015,952.13- Forward foreign exchange contracts 324,758.32- Futures 73,660.00- Swaps contracts (47,284.91)NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS128,891.28The notes are an integral part of these financial statements.12

PHARUS SICAVINTERNATIONAL EQUITYSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 9,044,379.08INCOMEIncome from investments:- Dividends, net 47,190.63Bank interest, net 4,838.6952,029.32EXPENSESFees:- Global fee (see notes) 125,874.88- Custodian fee and safekeeping charges 29,695.36Other expenses:- Annual tax (see notes) 2,943.83- Audit and legal fees 11,421.17- Printing and publishing fees 2,608.89- Administration and other expenses 23,689.07196,233.20NET OPERATING RESULT (144,203.88)Net realised result on:- Sales of investments (see notes) (2,831,134.39)- Foreign exchange (348,376.54)NET REALISED RESULT (3,323,714.81)Change in net unrealised appreciation/(depreciation) on :- Investments 3,125,466.79- Forward foreign exchange contracts 110,509.77- Swaps contracts (845.44)NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS(88,583.69)MOVEMENTS IN CAPITALSubscriptions of shares 8,036,059.12Redemptions of shares (10,669,830.28)(2,633,771.16)NET ASSETS AT THE END OF THE YEAR 6,322,024.23The notes are an integral part of these financial statements.14

PHARUS SICAVINTERNATIONAL EQUITYSTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearClasse A100,793.0754123,584.0531(152,814.4292)71,562.6993NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR92.5009.18.0955.7503.10.0988.34CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share09.30.07 Classe A88,700.1896 12,944,264.97 EUR145.9309.30.08 Classe A100,793.0754 9,044,379.08 EUR89.7309.30.09 Classe A71,562.6993 6,322,024.23 EUR88.3415

PHARUS SICAVINTERNATIONAL EQUITYSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)Number Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETEQUITIESAUSTRALIA360,000 PACIFIC BRANDS LTD AUD 244,490.60 1.200 259,858.80 4.11TOTAL AUSTRALIA244,490.60259,858.80 4.11CANADA7,500 DOMTAR CORP USD 99,832.97 35.220 180,714.00 2.86TOTAL CANADA99,832.97180,714.00 2.86GERMANY59,500 INFINEON TECHNOLOGIES AG - REG SHS EUR 154,845.03 3.890 231,455.00 3.66TOTAL GERMANY154,845.03231,455.00 3.66INDONESIA8,700,000 PT BAKRIELAND DEVELOPMENT TBK IDR 181,099.57 370.000 227,905.20 3.606,000,000 PT ENERGI MEGA PERSADA TBK IDR 171,607.03 385.000 163,548.00 2.59TOTAL INDONESIA352,706.60391,453.20 6.19IRELAND50,000 ALLIED IRISH BANKS PLC EUR 162,689.57 3.207 160,350.00 2.5480,000 BANK OF IRELAND EUR 149,452.40 3.420 273,600.00 4.32TOTAL IRELAND312,141.97433,950.00 6.86JAPAN575 KENEDIX INC JPY 169,421.66 35,550.000 155,773.36 2.46TOTAL JAPAN169,421.66155,773.36 2.46SOUTH AFRICA331 MONDI LTD GBP 1,478.20 2.950 1,071.78 0.02TOTAL SOUTH AFRICA1,478.201,071.78 0.02SWEDEN59,000 ENIRO AB SEK 142,665.50 36.400 210,110.08 3.32TOTAL SWEDEN142,665.50210,110.08 3.32UNITED KINGDOM50,000 COOKSON GROUP PLC GBP 182,022.14 4.111 225,617.02 3.58100,000 FERREXPO PLC GBP 190,663.33 1.470 161,351.02 2.558 MONDI PLC GBP 55.70 3.089 27.12 0.00105,000 TRINITY MIRROR PLC GBP 187,190.64 1.718 198,000.75 3.13TOTAL UNITED KINGDOM559,931.81584,995.91 9.26UNITED STATES OF AMERICA8,600 ASHLAND INC USD 191,656.61 43.220 254,287.13 4.0220,000 COEUR D'ALENE MINES CORP (USD) USD 180,338.74 20.500 280,494.94 4.4363,000 CONSECO INC USD 87,293.26 5.260 226,708.32 3.5942,000 FORD MOTOR CO USD 230,141.04 7.210 207,169.46 3.28The notes are an integral part of these financial statements.16

PHARUS SICAVINTERNATIONAL EQUITYGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsUnited States of America 39.81United Kingdom 9.26Ireland 6.86Indonesia 6.19Australia 4.11Germany 3.66Sweden 3.32Canada 2.86Japan 2.46South Africa 0.02TOTAL INVESTMENTS IN SECURITIES78.55Other assets and liabilities 21.45NET ASSETS 100.0018

PHARUS SICAVINTERNATIONAL EQUITYECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsHotels, restaurants and leisure 8.14Insurance 7.51Banks and other credit institutions 6.86Oil 6.61Graphic industry and publishing houses 6.45Electronics & semiconductors 6.17Precious stones and metals 4.43Miscellaneous consumer goods 4.11Retail trade 3.75Healthcare, education & social services 3.71Non-ferrous metals 3.58Road vehicles 3.28Holding and finance companies 3.17Biotechnology 2.89Paper and timber 2.86Mining industry 2.55Real estate companies 2.46Packaging industries 0.02TOTAL INVESTMENTS IN SECURITIES78.55Other assets and liabilities 21.45NET ASSETS 100.0019

PHARUS SICAVITALIAN EQUITYSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from October 1, 2008 to March 9, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE PERIOD 7,522,846.07INCOMEIncome from investments:- Dividends, net 32,674.48Bank interest, net 2,478.9435,153.42EXPENSESFees:- Global fee (see notes) 49,716.36- Custodian fee and safekeeping charges 10,566.26Other expenses:- Annual tax (see notes) 796.09- Audit and legal fees 8,254.93- Printing and publishing fees 560.97- Administration and other expenses 11,701.4481,596.05NET OPERATING RESULT (46,442.63)Net realised result on:- Sales of investments (see notes) (4,915,541.17)NET REALISED RESULT (4,961,983.80)Change in net unrealised appreciation/(depreciation) on :- Investments 2,076,451.17NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS(2,885,532.63)MOVEMENTS IN CAPITALSubscriptions of shares 2,068,685.37Redemptions of shares (6,705,998.81)(4,637,313.44)NET ASSETS AT THE END OF THE PERIOD 0.00The notes are an integral part of these financial statements.20

PHARUS SICAVITALIAN EQUITYSTATISTICAL INFORMATIONPeriod from October 1, 2008 to March 9, 2009SHARESShares outstanding at the beginning of the periodSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the periodClasse A70,417.027324,067.1435(94,484.1708)0.0000NET ASSET VALUE PER SHAREHighestLowestAt the end of the periodEUR106.8310.01.0861.4503.09.0961.45**03.09.09CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share09.30.07 Classe A84,026.8658 13,839,728.45 EUR164.7109.30.08 Classe A70,417.0273 7,522,846.07 EUR106.83** 03.09.09 Classe A35,777.6496 2,198,551.46 EUR61.45** last valuation before liquidation of the sub-fund21

PHARUS SICAVBOND OPPORTUNITIESSTATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:(see notes)- Cost 7,176,764.75- Net unrealised result 2,349.627,179,114.37Other assets:- Interest receivable- Unrealised gain on forward foreign exchange contracts (see notes)124,608.6216,836.96- Other 227.237,320,787.18LIABILITIESBank overdraft:- Cash at sight 142,982.90Other liabilities:- Taxes and expenses payable 36,719.52179,702.42NET ASSETS 7,141,084.76Represented by:54,352.0032 Shares of category Classe A, with a value of EUR 131.39 per shareThe notes are an integral part of these financial statements.22

PHARUS SICAVBOND OPPORTUNITIESSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 10,477,769.60INCOMEIncome from investments:- Bond interest, net 495,254.29495,254.29EXPENSESBank interest, net 306.46Fees:- Global fee (see notes) 85,317.64- Custodian fee and safekeeping charges 31,996.47Other expenses:- Annual tax (see notes) 3,328.54- Audit and legal fees 12,529.58- Printing and publishing fees 3,578.70- Administration and other expenses 21,766.82158,824.21NET OPERATING RESULT 336,430.08Net realised result on:- Sales of investments (see notes) (1,149,977.21)- Foreign exchange (79,177.22)NET REALISED RESULT (892,724.35)Change in net unrealised appreciation/(depreciation) on :- Investments 1,080,571.50- Forward foreign exchange contracts 47,624.92NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS235,472.07MOVEMENTS IN CAPITALSubscriptions of shares 900,445.15Redemptions of shares (4,472,602.06)(3,572,156.91)NET ASSETS AT THE END OF THE YEAR 7,141,084.76The notes are an integral part of these financial statements.23

PHARUS SICAVBOND OPPORTUNITIESSTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearClasse A89,501.86097,537.1322(42,686.9899)54,352.0032NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR131.3909.30.0997.7403.11.09131.39CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share09.30.07 Classe A125,753.0787 15,372,028.26 EUR122.2409.30.08 Classe A89,501.8609 10,477,769.60 EUR117.0709.30.09 Classe A54,352.0032 7,141,084.76 EUR131.3924

PHARUS SICAVBOND OPPORTUNITIESSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)FaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSBELGIUM500,000 KBC IFIMA NV FRN EMTN USD 314,303.07 65.648 224,558.43 3.146.004% 02.07.05 - 02.07.25TOTAL BELGIUM314,303.07224,558.43 3.14BERMUDA100,000 SWISS RE TREASURY (US) CORP EMTN EUR 100,054.90 106.800 106,800.00 1.506% 05.18.09 - 05.18.12200,000 ALROSA FINANCE SA USD 154,741.20 98.000 134,090.26 1.878.875% 11.16.04 - 11.17.14TOTAL BERMUDA254,796.10240,890.26 3.37CANADA400,000 BOMBARDIER INC FRN - REG-S EUR 400,304.91 94.000 376,000.00 5.273.998% 11.16.06 - 11.15.13100,000 GOLDCORP INC CONV -144A- USD 70,678.33 112.931 77,259.73 1.082% 06.05.09 - 08.01.14TOTAL CANADA470,983.24453,259.73 6.35EGYPT100,000 ORASCOM TELECOM FINANCE SCA REG-S USD 76,921.96 96.000 65,676.86 0.927.875% 02.08.07 - 02.08.14TOTAL EGYPT76,921.9665,676.86 0.92FRANCE250,000 BANQUE PSA FINANCE EMTN EUR 250,050.85 99.875 249,687.25 3.503.625% 10.01.09 - 10.14.11100,000 BANQUE PSA FINANCE FRNL EMTN EUR 99,900.95 110.130 110,130.00 1.548.5% 05.04.09 - 05.04.12200,000 EUROPCAR GROUPE SA FRN - REG-S EUR 155,422.95 88.250 176,500.00 2.474.373% 05.12.06 - 05.15.13250,000 MICHELIN LUXEMBOURG SCS EMTN EUR 256,816.00 115.490 288,725.00 4.058.625% 04.24.09 - 04.24.14200,000 RCI BANQUE SA EMTN EUR 199,833.33 109.010 218,020.00 3.058.125% 05.15.09 - 05.15.12250,000 RCI BANQUE SA FRN EMTN INDEXE SUR RATING EUR 249,675.87 100.550 251,375.00 3.524% 09.16.09 - 10.21.11100,000 SOCIETE GENERALE SA FRN EMTN - PERPETUAL EUR 100,050.88 107.125 107,125.00 1.509.375% 09.04.09TOTAL FRANCE1,311,750.831,401,562.25 19.63GERMANY450,000 DEUTSCHE PFANDBREIFBANK AG FRN EUR 437,042.70 99.580 448,110.00 6.270.736% 06.09.05 - 07.05.10100,000 Q-CELLS INTERNATIONAL FINANCE BV CONV EUR 60,300.89 71.178 71,177.90 1.001.375% 02.28.07 - 02.28.12The notes are an integral part of these financial statements.25

PHARUS SICAVBOND OPPORTUNITIESFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets150,000 SGL CARBON SE FRN EUR 149,487.12 86.500 129,750.00 1.822.123% 05.16.07 - 05.15.15TOTAL GERMANYITALYThe notes are an integral part of these financial statements.26646,830.71649,037.90400,000 CIE INDUSTRIALI RIUNITE SPA EUR 384,226.02 73.490 293,960.00 4.125.75% 12.16.04 - 12.16.24400,000 FIAT FINANCE & TRADE LTD SA EUR 400,050.88 107.660 430,640.00 6.039% 07.28.09 - 07.30.12400,000 GENERALI FINANCE BV - PERPETUAL EUR 212,052.82 88.000 352,000.00 4.935.479% 02.08.07200,000 PIAGGIO FINANCE SA - REG-S EUR 197,867.62 105.000 210,000.00 2.9410% 04.27.05 - 04.30.12500,000 VENETO BANCA HOLDING SCP FRN EMTN EUR 498,800.00 100.921 504,603.00 7.072.996% 07.15.09 - 07.15.11TOTAL ITALYKAZAKHSTAN1,692,997.341,791,203.00150,000 TURANALEM FINANCE BV EMTN USD 118,937.55 24.250 24,885.58 0.357.875% 06.02.03 - 06.02.10TOTAL KAZAKHSTANLUXEMBOURG118,937.5524,885.58200,000 ENEL FINANCE INTERNATIONAL SA EMTN EUR 199,550.85 101.234 202,467.00 2.844% 09.17.09 - 09.14.16150,000 WIND ACQUISITION FINANCE SA REGS EUR 144,803.00 111.500 167,250.00 2.3411.75% 07.13.09 - 07.15.17TOTAL LUXEMBOURGPHILIPPINES344,353.85369,717.0050,000 REPUBLIC OF PHILIPPINES EMTN EUR 49,776.46 102.890 51,445.00 0.729.125% 02.21.03 - 02.22.10TOTAL PHILIPPINESRUSSIA49,776.4651,445.00100,000 GAZ CAPITAL SA (GAZPROM) EUR 100,012.96 98.130 98,130.00 1.375.364% 06.04.07 - 10.31.14TOTAL RUSSIASOUTH AFRICA100,012.9698,130.00200,000 ANGLOGOLD HOLDINGS LTD CONV USD 147,452.29 112.398 153,790.59 2.153.5% 05.22.09 - 05.22.14TOTAL SOUTH AFRICASOUTH KOREA147,452.29153,790.59250,000 KOREA NATONAL HOUSING CORP FRN EUR 249,952.10 98.930 247,325.00 3.461.123% 11.17.05 - 11.17.10TOTAL SOUTH KOREASWITZERLAND249,952.10247,325.00200,000 UBS CAPITAL SECURITIES PERPETUAL FRN EUR 201,470.94 99.000 198,000.00 2.778.836% 04.11.08TOTAL SWITZERLANDUNITED KINGDOM201,470.94198,000.00250,000 IMPERIAL TOBACCO FINANCE PLC EMTN EUR 253,601.88 103.910 259,775.00 3.645% 06.24.09 - 06.25.12400,000 VODAFONE GROUP PLC FRN EMTN EUR 399,422.64 99.250 397,000.00 5.561.418% 06.14.06 - 01.13.12100,000 VEDANTA RESOURCES JERSEY LTD CONV USD 72,342.62 112.661 77,075.22 1.085.5% 07.13.09 - 07.13.16TOTAL UNITED KINGDOM725,367.14733,850.229.0925.090.355.180.721.372.153.462.7710.28

PHARUS SICAVBOND OPPORTUNITIESFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsUNITED STATES OF AMERICA250,000 ANGLO AMERICAN PLC EMTN EUR 250,050.00 101.090 252,725.00 3.544.25% 09.30.09 - 09.30.13100,000 CATERPILLAR INTERNATIONAL FINANCE LTD EUR 99,950.92 105.820 105,820.00 1.48EMTN5.125% 06.02.09 - 06.04.1210,000 EDCON HOLDINGS PROPRIETARY LTD FRN REG-S EUR 10,001.09 62.500 6,250.00 0.096.273% 06.15.07 - 06.15.15TOTAL UNITED STATES OF AMERICA360,002.01364,795.00TOTAL BONDS 7,065,908.557,068,126.82 98.985.11TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANGE OR DEALT INON ANOTHER REGULATED MARKET7,065,908.557,068,126.8298.98OTHER TRANSFERABLE SECURITIESBONDSUNITED KINGDOM100,000 TUI TRAVEL PLC CONV GBP 110,856.20 101.116 110,987.55 1.556% 10.05.09 - 10.05.14TOTAL UNITED KINGDOM110,856.20110,987.55TOTAL BONDS 110,856.20110,987.55 1.55TOTAL OTHER TRANSFERABLE SECURITIES 110,856.20110,987.55 1.551.55TOTAL INVESTMENTS IN SECURITIES 7,176,764.757,179,114.37 100.53Cash/(bank overdraft) (142,982.90) (2.00)Other assets and liabilities 104,953.29 1.47TOTAL NET ASSETS 7,141,084.76 100.00The notes are an integral part of these financial statements.27

PHARUS SICAVBOND OPPORTUNITIESGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsItaly 25.09France 19.63United Kingdom 11.83Germany 9.09Canada 6.35Luxembourg 5.18United States of America 5.11South Korea 3.46Bermuda 3.37Belgium 3.14Switzerland 2.77South Africa 2.15Russia 1.37Egypt 0.92Philippines 0.72Kazakhstan 0.35TOTAL INVESTMENTS IN SECURITIES100.53Other assets and liabilities (0.53)NET ASSETS 100.0028

PHARUS SICAVBOND OPPORTUNITIESECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsHolding and finance companies 53.15Banks and other credit institutions 8.57Other 7.36Mortgage & funding institutions MBA 6.27Data transmission 5.56Machinery and apparatus construction 5.27Mining industry 4.16Non-ferrous metals 3.54Building and building materials 3.46Transportation 2.47Bonds of governments and towns 0.72TOTAL INVESTMENTS IN SECURITIES100.53Other assets and liabilities (0.53)NET ASSETS 100.0029

PHARUS SICAVLIQUIDITYSTATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:(see notes)- Cost 33,638,326.66- Net unrealised result 486,784.3434,125,111.00Cash:- Cash at sight 362,868.11Other assets:- Interest receivable 322,173.8734,810,152.98LIABILITIESOther liabilities:- Taxes and expenses payable 79,003.7779,003.77NET ASSETS 34,731,149.21Represented by:297,291.2490 Shares of category Actions capitalisation, with a value of EUR 116.83 per shareThe notes are an integral part of these financial statements.30

PHARUS SICAVLIQUIDITYSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 22,743,309.78INCOMEIncome from investments:- Bond interest, net 911,531.08Bank interest, net 5,960.01917,491.09EXPENSESFees:- Global fee (see notes) 62,403.29- Custodian fee and safekeeping charges 98,180.58Other expenses:- Annual tax (see notes) 3,291.22- Audit and legal fees 48,544.92- Printing and publishing fees 17,892.24- Administration and other expenses 80,533.54310,845.79NET OPERATING RESULT 606,645.30Net realised result on:- Sales of investments (see notes) 342,046.30NET REALISED RESULT 948,691.60Change in net unrealised appreciation/(depreciation) on :- Investments 481,544.75NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS1,430,236.35MOVEMENTS IN CAPITALSubscriptions of shares 32,876,056.07Redemptions of shares (22,318,452.99)10,557,603.08NET ASSETS AT THE END OF THE YEAR 34,731,149.21The notes are an integral part of these financial statements.31

PHARUS SICAVLIQUIDITYSTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearActions capitalisation204,061.2477288,096.4985(194,866.4972)297,291.2490NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR116.8709.29.09111.4510.02.08116.83CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share09.30.07 Actions capitalisation 92,932.4272 10,003,764.66 EUR107.6509.30.08 Actions capitalisation 204,061.2477 22,743,309.78 EUR111.4509.30.09 Actions capitalisation 297,291.2490 34,731,149.21 EUR116.8332

PHARUS SICAVLIQUIDITYSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)FaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSAUSTRIA1,000,000 RAIFFEISEN ZENTRALBANK OESTERREICH AGEMTN2.5% 05.04.09 - 05.04.11TOTAL AUSTRIAEUR 998,574.45 101.580 1,015,800.00 2.92998,574.451,015,800.002.922,643,000BELGIUMDEXIA CREDIT LOCAL DE FRANCE EMTN EUR 2,643,753.74 102.630 2,712,510.90 7.813.125% 02.16.09 - 10.28.11TOTAL BELGIUM2,643,753.742,712,510.90 7.811,000,000BERMUDASWISS RE TREASURY (US) CORP EMTN EUR 1,011,314.90 106.800 1,068,000.00 3.086% 05.18.09 - 05.18.12TOTAL BERMUDA1,011,314.901,068,000.00 3.08FRANCE500,000 BANQUE PSA FINANCE EMTN EUR 500,053.10 99.875 499,374.50 1.443.625% 10.01.09 - 10.14.11250,000 CAISSE CENTRALE CREDIT IMMOBILIER SA EMTN EUR 250,050.98 100.350 250,875.00 0.722.625% 09.23.09 - 09.23.11250,000 GDF SUEZ EMTN EUR 255,963.48 104.940 262,350.00 0.764.375% 01.16.09 - 01.16.122,000,000 SOCIETE DE FINANCEMENT DE L'ECONOMIE EUR 2,004,929.70 100.442 2,008,836.00 5.78FRANCAISE FRN EMTN1.035% 07.16.09 - 07.16.12TOTAL FRANCEGERMANY3,010,997.263,021,435.50204,000 BMW US CAPITAL LLC EMTN EUR 204,806.56 100.810 205,652.40 0.592.75% 09.23.05 - 09.23.10500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV EUR 498,975.00 99.960 499,800.00 1.44FRN EMTN1.101% 11.23.04 - 11.23.09200,000 E.ON INTERNATIONAL FINANCE BV EMTN EUR 199,550.92 101.520 203,040.00 0.582.5% 05.27.09 - 11.30.115,000,000.00 GERMANY TREASURY BILLS EUR 4,986,900.90 99.898 4,994,900.00 14.390% 07.13.09 - 01.13.10500,000 IKB DEUTSCHE INDUSTRIEBANK AG EUR 500,116.00 101.325 506,625.00 1.462.25% 04.30.09 - 04.29.11500,000 RWE FINANCE BV EMTN EUR 503,900.90 101.320 506,600.00 1.462.5% 06.16.09 - 09.16.11800,000 VOLKSWAGEN INTERNATIONAL FINANCE NV EMTN EUR 800,050.98 101.930 815,440.00 2.353.75% 05.15.09 - 11.16.10TOTAL GERMANYITALY7,694,301.267,732,057.404,500,000 CASSA DEPOSITI E PRESTITI SPA EMTN EUR 4,500,601.92 102.875 4,629,375.00 13.343.5% 04.24.09 - 04.24.128.7022.27The notes are an integral part of these financial statements.33

PHARUS SICAVLIQUIDITYFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets500,000 ENEL ENTE NAZIONALE PER L'ENERGIA ELETTRICA EUR 511,674.45 103.700 518,500.00 1.49SPA EMTN4.125% 05.20.04 - 05.20.11300,000 ENI SPA EMTN EUR 314,578.05 103.225 309,675.00 0.896.125% 06.09.00 - 06.09.10TOTAL ITALYNETHERLANDS5,326,854.425,457,550.00550,000 NETHERLANDS EUR 554,826.03 100.720 553,960.00 1.593% 10.25.04 - 01.15.10TOTAL NETHERLANDSPORTUGAL554,826.03553,960.00440,000 EDP FINANCE BV FRN EMTN EUR 437,194.90 99.600 438,240.00 1.260.928% 06.12.06 - 06.14.10TOTAL PORTUGALSPAIN437,194.90438,240.001,000,000 ENAGAS SA EUR 1,009,221.78 102.170 1,021,700.00 2.943.25% 07.06.09 - 07.06.12TOTAL SPAINSWEDEN1,009,221.781,021,700.002,000,000 SKANDINAVISKA ENSKILDA BANKEN FRN EMTN EUR 2,007,453.30 100.580 2,011,600.00 5.792.034% 08.07.09 - 02.08.11600,000 SWEDISH EXPORT CREDIT CORP EMTN EUR 599,134.18 100.752 604,510.20 1.743% 08.20.09 - 08.20.122,500,000 SWEDISH NATIONAL HOUSING FINANCE CORP FRN EUR 2,501,250.88 100.160 2,504,000.00 7.21EMTN1.34132% 08.13.09 - 02.14.11TOTAL SWEDENSWITZERLAND5,107,838.365,120,110.20500,000 UBS AG LONDON BRANCH EMTN EUR 499,800.98 103.950 519,750.00 1.504.625% 07.06.09 - 07.06.12TOTAL SWITZERLANDUNITED KINGDOM499,800.98519,750.00500,000 BARCLAYS BANK PLC EUR 499,863.30 105.120 525,600.00 1.514.25% 10.27.08 - 10.27.11500,000 BP CAPITAL MARKETS PLC EMTN EUR 503,527.10 103.577 517,884.00 1.494.25% 12.10.08 - 01.10.11500,000 ROYAL BK SCOTLAND PLC EMTN EUR 498,376.30 104.073 520,365.00 1.503.75% 11.14.08 - 11.14.11TOTAL UNITED KINGDOMUNITED STATES OF AMERICA1,501,766.701,563,849.00750,000 CATERPILLAR INTERNATIONAL FINANCE LTD FRN EUR 750,425.88 100.832 756,240.00 2.18EMTN2.441% 06.29.09 - 12.29.10500,000 COCA COLA ENTREPRISES FINANCE LT1 EMTN REG-DEUR 498,866.47 103.215 516,075.00 1.494.75% 11.08.07 - 11.08.10250,000 GE CAPITAL EUROPEAN FUNDING FRN EMTN EUR 242,425.91 99.250 248,125.00 0.711.503% 09.03.08 - 09.06.11500,000 PHILIP MORRIS INTERNATIONAL INC EMTN EUR 498,773.81 104.277 521,383.00 1.504.25% 03.24.09 - 03.23.1215.721.591.262.9414.741.504.50The notes are an integral part of these financial statements.34

PHARUS SICAVLIQUIDITYFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets1,850,000 ROCHE HOLDINGS INC FRN EMTN EUR 1,851,389.81 100.450 1,858,325.00 5.351.763% 03.04.09 - 03.04.10TOTAL UNITED STATES OF AMERICA3,841,881.883,900,148.00TOTAL BONDS 33,638,326.6634,125,111.00 98.2611.23TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANGE OR DEALT INON ANOTHER REGULATED MARKET33,638,326.6634,125,111.0098.26TOTAL INVESTMENTS IN SECURITIES 33,638,326.6634,125,111.00 98.26Cash/(bank overdraft) 362,868.11 1.04Other assets and liabilities 243,170.10 0.70TOTAL NET ASSETS 34,731,149.21 100.00The notes are an integral part of these financial statements.35

PHARUS SICAVLIQUIDITYGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsGermany 22.27Italy 15.72Sweden 14.74United States of America 11.23France 8.70Belgium 7.81United Kingdom 4.50Bermuda 3.08Spain 2.94Austria 2.92Netherlands 1.59Switzerland 1.50Portugal 1.26TOTAL INVESTMENTS IN SECURITIES98.26Other assets and liabilities 1.74NET ASSETS 100.0036

PHARUS SICAVLIQUIDITYECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 36.55Holding and finance companies 30.94Bonds of governments and towns 15.98Mortgage & funding institutions MBA 7.21Energy and public utilities 5.19Tobacco and alcohol 1.50Oil 0.89TOTAL INVESTMENTS IN SECURITIES98.26Other assets and liabilities 1.74NET ASSETS 100.0037

PHARUS SICAVMARKET NEUTRALSTATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:(see notes)- Cost 6,457,416.81- Net unrealised result 816,262.777,273,679.58Cash:- Cash at sight 363,918.12- Margin accounts 765,125.00Other assets:- Dividend receivable 3,309.54- Formation/reorganisation expenses, net 1,893.00- Unrealised gain on futures (see notes) 7,500.00- Unrealised gain on forward foreign exchange contracts (see notes) 312,276.38- Unrealised gain on swaps contracts (see notes) 1,165.218,728,866.83LIABILITIESBank overdraft:- Cash at sight 79.72Other liabilities:- Taxes and expenses payable- Unrealised loss on forward foreign exchange contracts (see notes)48,833.46158,108.75- Unrealised loss on swaps contracts (see notes) 47,604.68254,626.61NET ASSETS 8,474,240.22Represented by:73,474.4215 Shares of category Classe A, with a value of EUR 103.38 per share9,000.0795 Shares of category Classe B, with a value of EUR 97.62 per shareThe notes are an integral part of these financial statements.38

PHARUS SICAVMARKET NEUTRALSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 18,124,841.83INCOMEIncome from investments:- Dividends, net 74,952.49- Bond interest, net 115,822.51Bank interest, net 35,977.16226,752.16EXPENSESFees:- Global fee (see notes) 162,644.80- Custodian fee and safekeeping charges 36,270.65Other expenses:- Annual tax (see notes) 4,441.24- Amortisation of formation/reorganisation expenses (see notes) 692.00- Audit and legal fees 17,097.53- Printing and publishing fees 5,076.40- Administration and other expenses 48,001.25274,223.87NET OPERATING RESULT (47,471.71)Net realised result on:- Sales of investments (see notes) (1,173,382.03)- Foreign exchange 25,951.74NET REALISED RESULT (1,194,902.00)Change in net unrealised appreciation/(depreciation) on :- Investments 1,485,003.29- Forward foreign exchange contracts 154,899.62- Futures 86,630.00- Swaps contracts (46,439.47)NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS485,191.44MOVEMENTS IN CAPITALSubscriptions of shares 10,234,973.77Redemptions of shares (20,370,766.82)(10,135,793.05)NET ASSETS AT THE END OF THE YEAR 8,474,240.22The notes are an integral part of these financial statements.39

PHARUS SICAVMARKET NEUTRALSTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearClasse A122,458.681142,115.3733(91,099.6329)73,474.4215Classe B71,174.200268,330.7730(130,504.8937)9,000.0795NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR105.9009.18.0990.9407.31.09103.38EUR99.9909.18.0985.8307.31.0997.62CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share09.30.07 Classe A266,055.5116 24,865,052.63 EUR93.46* 06.11.08 Classe B5,769.1626 575,406.73 EUR99.7409.30.08 Classe A122,458.6811 11,714,083.74 EUR95.66Classe B71,174.2002 6,410,758.09 EUR90.0709.30.09 Classe A73,474.4215 7,595,668.27 EUR103.38Classe B9,000.0795 878,571.95 EUR97.62* first valuation40

PHARUS SICAVMARKET NEUTRALSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)Number Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETEQUITIESAUSTRIA17,000 C.A.T. OIL AG EUR 106,140.51 6.640 112,880.00 1.3319,000 IMMOEAST AG EUR 40,189.83 4.220 80,180.00 0.95TOTAL AUSTRIA146,330.34193,060.00 2.28BELGIUM5,400 KBC ANCORA CVA EUR 84,244.76 19.550 105,570.00 1.252,850 KBC GROUP SA EUR 80,890.95 34.325 97,826.25 1.15100,000 AVIS EUROPE PLC GBP 44,857.80 0.355 38,910.84 0.46TOTAL BELGIUM209,993.51242,307.09 2.86BERMUDA41,000 AFRICAN MINERALS LTD GBP 115,919.89 3.843 172,922.74 2.0480,000 GULF KEYSTONE PETROLEUM LTD GBP 76,009.21 0.873 76,614.29 0.90TOTAL BERMUDA191,929.10249,537.03 2.94DENMARK7,250 ROYAL UNIBREW A/S DKK 185,631.18 175.000 170,455.92 2.01TOTAL DENMARK185,631.18170,455.92 2.01FINLAND6,443 NOKIA OYJ -A- EUR 67,221.94 10.050 64,752.15 0.76TOTAL FINLAND67,221.9464,752.15 0.76FRANCE453 AIR LIQUIDE SA EUR 35,054.69 77.750 35,220.75 0.422,899 AXA SA EUR 49,581.74 18.500 53,631.50 0.631,518 BNP PARIBAS SA EUR 79,250.31 54.600 82,882.80 0.981,071 CARREFOUR SA EUR 33,506.83 31.000 33,201.00 0.391,026 DANONE EUR 42,129.08 41.180 42,250.68 0.503,308 FRANCE TELECOM SA EUR 60,282.80 18.205 60,222.14 0.712,289 GDF SUEZ EUR 70,890.85 30.345 69,459.71 0.82420 L'OREAL SA EUR 28,732.47 67.950 28,539.00 0.34452 LOUIS VUITTON MOET HENESSY SA EUR 31,177.53 68.730 31,065.96 0.371,836 SANOFI AVENTIS EUR 88,469.88 50.150 92,075.40 1.09446 SCHNEIDER ELECTRIC SA EUR 31,585.43 69.260 30,889.96 0.361,014 SOCIETE GENERALE SA -A- EUR 50,318.64 55.000 55,770.00 0.668,300 SOITEC SA EUR 81,068.30 9.575 79,472.50 0.943,680 TOTAL SA EUR 152,478.77 40.605 149,426.40 1.75860 VINCI SA EUR 33,922.97 38.660 33,247.60 0.392,106 VIVENDI SA EUR 41,638.93 21.145 44,531.37 0.53TOTAL FRANCE910,089.22921,886.77 10.88GERMANY798 ALLIANZ SE - REG SHS EUR 65,163.46 85.370 68,125.26 0.801,607 BASF SE EUR 57,302.86 36.210 58,189.47 0.691,439 BAYER AG - REG SHS EUR 67,120.33 47.350 68,136.65 0.801,561 DAIMLER AG - REG SHS EUR 51,741.36 34.405 53,706.21 0.63The notes are an integral part of these financial statements.41

PHARUS SICAVMARKET NEUTRALNumber Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets1,072 DEUTSCHE BANK AG - REG SHS EUR 53,115.43 52.445 56,221.04 0.665,185 DEUTSCHE TELEKOM AG - REG SHS EUR 49,240.72 9.330 48,376.05 0.573,536 E.ON AG EUR 100,311.15 28.980 102,473.28 1.2127,200 INFINEON TECHNOLOGIES AG - REG SHS EUR 72,814.79 3.890 105,808.00 1.25349 MUENCHENER RUECKVERSICHER AG - REG SHS EUR 36,144.26 109.030 38,051.47 0.4535,050 PROSIEBEN SAT.1 MEDIA AG - PREF SHS EUR 230,800.67 7.480 262,174.00 3.10719 RWE AG -A- EUR 44,639.30 63.470 45,634.93 0.541,529 SAP AG EUR 53,652.56 33.280 50,885.12 0.601,399 SIEMENS AG - REG SHS EUR 90,225.87 63.280 88,528.72 1.042,200 SIXT AG EUR 42,209.42 20.660 45,452.00 0.54TOTAL GERMANYIRELAND1,014,482.181,091,762.2033,300 ALLIED IRISH BANKS PLC EUR 78,189.50 3.207 106,793.10 1.2699,500 BANK OF IRELAND EUR 178,623.36 3.420 340,290.00 4.0131,200 IRISH LIFE & PERMANENT PLC EUR 103,462.82 5.620 175,344.00 2.07TOTAL IRELANDITALY360,275.68622,427.102,079 ASSICURAZIONI GENERALI SPA EUR 36,345.15 18.730 38,939.67 0.464,261 ENI SPA EUR 73,766.30 17.080 72,777.88 0.8611,075 ENTE NAZIONALE PER L'ENERGIA ELETTRICA SPA EUR 46,686.31 4.338 48,037.81 0.5716,931 INTESA SANPAOLO SPA EUR 50,615.58 3.023 51,173.95 0.6027,781 UNICREDIT SPA EUR 71,253.70 2.670 74,175.27 0.87TOTAL ITALYJERSEY278,667.04285,104.5820,000 WEST CHINA CEMENT LTD GBP 74,381.79 3.470 76,175.24 0.90TOTAL JERSEY74,381.7976,175.2412.887.343.360.90KAZAKHSTAN16,000 HALYK SAVINGS BANK OF KAZAKHSTAN OJSC /GDRTOTAL KAZAKHSTANUSD 82,771.38 7.020 76,841.93 0.9182,771.3876,841.930.91LUXEMBOURG1,570 ARCELOR MITTAL SA - NEW REG EUR 43,842.15 25.550 40,113.50 0.47TOTAL LUXEMBOURGNETHERLANDS43,842.1540,113.503,788 ING GROEP NV - CERT OF SHS EUR 40,043.83 12.200 46,213.60 0.551,693 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 28,312.01 16.640 28,171.52 0.337,000 TOMTOM NV EUR 54,547.29 11.720 82,040.00 0.972,681 UNILEVER NV - CERT OF SHS EUR 50,906.64 19.695 52,802.30 0.62TOTAL NETHERLANDSNORWAY173,809.77209,227.426,500 NORWEGIAN AIR SHUTTLE ASA NOK 81,108.66 114.000 86,978.19 1.03TOTAL NORWAYRUSSIA81,108.6686,978.1932,000 GRUPPA KOMPANY PIK OAO / GDR USD 78,268.64 3.900 85,379.92 1.01TOTAL RUSSIASPAIN78,268.6485,379.926,460 BANCO BILBAO VIZCAYA ARGENTARIA SA - REGSHSEUR 78,607.54 12.130 78,359.80 0.9214,165 BANCO SANTANDER SA - REG SHS EUR 151,242.43 11.000 155,815.00 1.845,916 IBERDROLA SA EUR 38,870.87 6.705 39,666.78 0.477,058 TELEFONICA SA EUR 130,255.08 18.855 133,078.59 1.57TOTAL SPAIN398,975.92406,920.170.472.471.031.014.80The notes are an integral part of these financial statements.42

PHARUS SICAVMARKET NEUTRALNumber Description CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsSWEDEN22,000 ENIRO AB SEK 84,978.31 36.400 78,346.13 0.9263,000 NEW WAVE GROUP AB -B- SEK 166,662.10 25.600 157,788.01 1.87TOTAL SWEDENUNITED KINGDOM251,640.41236,134.1476,000 CAPE PLC GBP 167,467.24 2.565 213,971.21 2.52750,000 CENTRAL AFRICAN MINING EXPLORATION GBP 112,483.57 0.195 160,527.80 1.89COMPANY PLC56,000 ENTERPRISE INNS PLC GBP 90,875.82 1.245 76,526.48 0.90230,000 GALIFORM PLC GBP 175,576.27 0.792 199,943.55 2.362 HOME RETAIL GROUP PLC GBP 5.47 2.719 5.97 0.00528,000 JOHNSTON PRESS PLC GBP 232,937.82 0.375 217,329.95 2.56329,900 MAX PETROLEUM PLC GBP 62,591.58 0.198 71,516.10 0.84250,000 NORSEMAN GOLD PLC GBP 109,458.84 0.458 125,540.97 1.48390,000 PENDRAGON PLC GBP 121,800.23 0.383 163,738.36 1.9354,000 PUNCH TAVERNS LTD GBP 60,924.20 1.204 71,363.25 0.8499,000 QUINTAIN ESTATES AND DEVELOPMENT PLC GBP 151,993.16 2.110 229,283.10 2.72190,000 ROYAL BK SCOTLAND GROUP PLC GBP 116,583.97 0.530 110,426.66 1.30154,000 TAYLOR WIMPLEY PLC GBP 71,473.44 0.421 71,197.29 0.84145,000 TRINITY MIRROR PLC GBP 209,745.32 1.718 273,429.61 3.2460,000 UNITE GROUP PLC GBP 152,267.87 2.633 173,370.03 2.0585,000 YELL GROUP PLC GBP 71,763.10 0.588 54,859.35 0.65TOTAL UNITED KINGDOM1,907,947.902,213,029.68TOTAL EQUITIES 6,457,366.817,272,093.03 85.812.7926.12TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANGE OR DEALT INON ANOTHER REGULATED MARKET6,457,366.817,272,093.0385.81OTHER TRANSFERABLE SECURITIESEQUITIESUNITED KINGDOM10,909 DTS UNITE GROUP PLC 09-10.02.09 GBP 50.00 0.133 1,586.55 0.02TOTAL UNITED KINGDOM50.001,586.55TOTAL EQUITIES 50.001,586.55 0.02TOTAL OTHER TRANSFERABLE SECURITIES 50.001,586.55 0.020.02TOTAL INVESTMENTS IN SECURITIES 6,457,416.817,273,679.58 85.83Cash/(bank overdraft) 1,128,963.40 13.32Other assets and liabilities 71,597.24 0.85TOTAL NET ASSETS 8,474,240.22 100.00The notes are an integral part of these financial statements.43

PHARUS SICAVMARKET NEUTRALGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsUnited Kingdom 26.14Germany 12.88France 10.88Ireland 7.34Spain 4.80Italy 3.36Bermuda 2.94Belgium 2.86Sweden 2.79Netherlands 2.47Austria 2.28Denmark 2.01Norway 1.03Russia 1.01Kazakhstan 0.91Jersey 0.90Finland 0.76Luxembourg 0.47TOTAL INVESTMENTS IN SECURITIES85.83Other assets and liabilities 14.17NET ASSETS 100.0044

PHARUS SICAVMARKET NEUTRALECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 15.71Graphic industry and publishing houses 10.47Real estate companies 5.74Oil 5.68Building and building materials 4.65Insurance 4.41Data transmission 4.14Energy and public utilities 3.61Transportation 2.93Electronics & semiconductors 2.52Electrotechnical and electronic industry 2.37Mining industry 2.36Various capital goods 2.36Holding and finance companies 2.26Textiles and clothing industry 2.24Miscellaneous services 2.04Tobacco and alcohol 2.01Chemicals 1.91Hotels, restaurants and leisure 1.74Other 1.48Pharmaceutical and cosmetics industry 1.43Foodstuffs and non-alcoholic drinks 1.12Aeronautical and astronomical industry 1.03Road vehicles 0.63Internet & software services 0.60Retail trade 0.39TOTAL INVESTMENTS IN SECURITIES85.83Other assets and liabilities 14.17NET ASSETS 100.0045

PHARUS SICAVABSOLUTE RETURNSTATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:(see notes)- Cost 8,940,168.33- Net unrealised result 227,660.909,167,829.23Cash:- Cash at sight 589,471.89Other assets:- Interest receivable 148,565.97- Formation/reorganisation expenses, net 1,893.009,907,760.09LIABILITIESBank overdraft:- Cash at sight 256.24Other liabilities:- Taxes and expenses payable- Unrealised loss on forward foreign exchange contracts (see notes)27,946.411,940.5530,143.20NET ASSETS 9,877,616.89Represented by:107,046.4545 Shares of category Actions capitalisation, with a value of EUR 92.27 per shareThe notes are an integral part of these financial statements.46

PHARUS SICAVABSOLUTE RETURNSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 3,266,416.07INCOMEIncome from investments:- Dividends, net 9,416.80- Bond interest, net 116,561.84Bank interest, net 466.37126,445.01EXPENSESFees:- Global fee (see notes) 38,413.58- Custodian fee and safekeeping charges 31,279.15Other expenses:- Annual tax (see notes) 2,464.96- Amortisation of formation/reorganisation expenses (see notes) 692.00- Audit and legal fees 9,982.97- Printing and publishing fees 2,253.44- Administration and other expenses 15,157.52100,243.62NET OPERATING RESULT 26,201.39Net realised result on:- Sales of investments (see notes) (363,153.95)- Foreign exchange 30,489.69NET REALISED RESULT (306,462.87)Change in net unrealised appreciation/(depreciation) on :- Investments 472,086.67- Forward foreign exchange contracts (1,940.55)NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS163,683.25MOVEMENTS IN CAPITALSubscriptions of shares 11,900,887.15Redemptions of shares (5,453,369.58)6,447,517.57NET ASSETS AT THE END OF THE YEAR 9,877,616.89The notes are an integral part of these financial statements.47

PHARUS SICAVABSOLUTE RETURNSTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearActions capitalisation35,936.3270138,512.5240(67,402.3965)107,046.4545NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR92.2709.30.0988.2704.28.0992.27CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share09.30.07 Actions capitalisation 88,397.8395 8,749,825.90 EUR98.9809.30.08 Actions capitalisation 35,936.3270 3,266,416.07 EUR90.8909.30.09 Actions capitalisation 107,046.4545 9,877,616.89 EUR92.2748

PHARUS SICAVABSOLUTE RETURNSTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)FaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETBONDSBELGIUM150,000 DEXIA CREDIT LOCAL DE FRANCE EMTN EUR 150,375.59 102.630 153,945.00 1.563.125% 02.16.09 - 10.28.11TOTAL BELGIUM150,375.59153,945.00 1.56FRANCE100,000 AXA SA FRN PERP EUR 73,303.30 84.565 84,565.00 0.865.777% 07.06.06100,000 BANQUE PSA FINANCE EMTN EUR 99,940.85 99.875 99,874.90 1.013.625% 10.01.09 - 10.14.11150,000 BNP PARIBAS CAPITAL TRUST III FRN PREF SHS - EUR 132,068.06 96.250 144,375.00 1.46PERPETUAL6.625% 10.23.01200,000 COMPAGNIE DE SAINT-GOBAIN SA EUR 204,998.88 102.750 205,500.00 2.084.25% 05.31.06 - 05.31.11410,000 FRANCE BTAN EUR 411,208.84 100.390 411,599.00 4.161.5% 09.12.08 - 09.12.11600,000 FRANCE BTAN EUR 610,130.98 102.158 612,948.00 6.203% 06.23.09 - 07.12.14150,000 FRANCE TELECOM SA EMTN EUR 156,588.00 104.430 156,645.00 1.594.375% 02.21.07 - 02.21.12150,000 PPR SA EMTN EUR 173,450.00 116.476 174,714.45 1.778.625% 04.03.09 - 04.03.14150,000 SOCIETE GENERALE SA FRN EMTN - PERPETUAL EUR 157,475.88 107.125 160,687.50 1.639.375% 09.04.09100,000 VINCI SA FRN - PERPETUAL EUR 90,800.88 94.250 94,250.00 0.956.25% 02.13.06TOTAL FRANCEGERMANY2,109,965.672,145,158.85270,000.00 GERMANY TREASURY BILLS EUR 269,375.98 99.898 269,724.60 2.720% 07.13.09 - 01.13.10150,000 HENKEL AG & CO.KGAA EMTN EUR 157,475.98 104.670 157,005.00 1.594.25% 06.10.03 - 06.10.1365,000 METRO AG EMTN EUR 65,577.48 105.980 68,887.00 0.705.75% 07.14.09 - 07.14.14160,000 PORSCHE INTERNATIONAL FINANCE PLCUSD 96,050.43 95.240 104,251.08 1.06PERPETUAL7.2% 02.01.06TOTAL GERMANYITALY588,479.87599,867.68250,000 BANCA POPOLARE DI LODI INVESTMENT TRUST EUR 185,025.00 84.000 210,000.00 2.13FRN - PERPETUAL6.742% 06.30.05170,000 FINMECCANICA FINANCE SA EMTN EUR 196,247.00 115.710 196,707.00 1.998.125% 12.03.08 - 12.03.13300,000 GENERALI FINANCE BV - PERPETUAL EUR 237,050.00 88.000 264,000.00 2.675.479% 02.08.0721.716.07The notes are an integral part of these financial statements.49

PHARUS SICAVABSOLUTE RETURNFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets150,000 INTESA SANPAOLO SPA FRN PERPETUAL EUR 128,303.05 97.000 145,500.00 1.478.047% 06.20.08150,000 UNICREDITO ITALIANO CAPITAL TRUST FRN -PERPETUALEUR 99,081.00 65.550 98,325.00 1.004.028% 10.27.0550,000 TELECOM ITALIA SPA EMTN GBP 54,583.56 100.620 55,221.56 0.565.625% 06.29.05 - 12.29.15TOTAL ITALYLUXEMBOURG900,289.61969,753.56150,000 ARCELORMITTAL SA EUR 164,062.50 110.470 165,705.00 1.688.25% 06.03.09 - 06.03.13TOTAL LUXEMBOURGNETHERLANDS164,062.50165,705.00325,000 AEGON GLOBAL INSTITUTIONAL MARKETS PLC CHF 200,718.34 99.400 213,804.18 2.17EMTN2.75% 02.15.07 - 02.15.12150,000 ELM BV FRN PERP EUR 94,581.00 79.930 119,895.00 1.215.252% 05.11.06180,000 KONINKLIJKE KPN NV EMTN EUR 186,768.48 103.400 186,120.00 1.894.5% 03.16.06 - 03.18.1350,000 STMICROELECTRONICS NV FRN EUR 46,545.20 95.520 47,760.00 0.481.17% 03.17.06 - 03.17.13TOTAL NETHERLANDSRUSSIA528,613.02567,579.18200,000 GAZ CAPITAL SA (GAZPROM) EUR 190,255.80 100.512 201,024.40 2.044.56% 12.09.05 - 12.09.12TOTAL RUSSIASINGAPORE190,255.80201,024.40150,000 SINGAPORE TELECOMMUNICATIONS LTD - REG-S EUR 161,006.50 107.250 160,875.00 1.636% 11.21.01 - 11.21.11TOTAL SINGAPORESPAIN161,006.50160,875.00150,000 IBERDROLA FINANZAS SA EMTN EUR 161,228.10 106.890 160,335.00 1.625.125% 05.09.08 - 05.09.13TOTAL SPAINSUPRANATIONAL ORGANISATIONS161,228.10160,335.00150,000 EUROPEAN COMMUNITY EMTN EUR 153,303.24 103.620 155,430.00 1.573.25% 12.09.08 - 12.09.11TOTAL SUPRANATIONAL ORGANISATIONSSWEDEN153,303.24155,430.00300,000 SKANDINAVISKA ENSKILDA BANKEN FRN EMTN EUR 301,130.88 100.580 301,740.00 3.052.034% 08.07.09 - 02.08.11250,000 SWEDISH EXPORT CREDIT CORP EMTN EUR 249,750.67 100.752 251,879.25 2.553% 08.20.09 - 08.20.12500,000 SWEDISH NATIONAL HOUSING FINANCE CORP FRN EUR 499,950.88 100.160 500,800.00 5.07EMTN1.34132% 08.13.09 - 02.14.11TOTAL SWEDENSWITZERLAND1,050,832.431,054,419.25150,000 CLOVERIE PLC FRN EMTN EUR 158,675.88 109.810 164,715.00 1.677.5% 07.24.09 - 07.24.39100,000 CREDIT SUISSE LONDON BRANCH FRN EMTN EUR 96,500.00 97.460 97,460.00 0.990.863% 06.04.07 - 06.04.12150,000 UBS AG LONDON BRANCH EMTN EUR 150,473.30 103.950 155,925.00 1.584.625% 07.06.09 - 07.06.129.821.685.752.041.631.621.5710.67The notes are an integral part of these financial statements.50

PHARUS SICAVABSOLUTE RETURNFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassets100,000 UBS CAPITAL SECURITIES PERPETUAL FRN EUR 93,150.88 99.000 99,000.00 1.008.836% 04.11.08TOTAL SWITZERLANDUNITED KINGDOM498,800.06517,100.00150,000 BARCLAYS BANK PLC FRN EMTN PERPETUAL EUR 91,056.00 62.605 93,907.50 0.954.75% 03.15.05200,000 BG ENERGY CAPITAL PLC EMTN EUR 201,980.00 101.598 203,196.40 2.063.375% 07.15.09 - 07.15.13150,000 DIAGEO CAPITAL BV EMTN EUR 163,550.98 108.600 162,900.00 1.655.5% 04.03.08 - 07.01.13150,000 HSBC CAPITAL FUNDING FRN PERPETUAL EUR 121,777.90 88.735 133,102.50 1.355.13% 03.29.04150,000 ICAP GROUP HOLDINGS PLC EMTN EUR 150,050.90 101.650 152,475.00 1.547.5% 07.28.09 - 07.28.14200,000 IMPERIAL TOBACCO GROUP PLC EMTN EUR 222,253.30 111.880 223,760.00 2.267.25% 09.15.08 - 09.15.14170,000 TESCO PLC EMTN EUR 182,816.00 107.750 183,175.00 1.855.625% 09.12.08 - 09.12.12100,000 VODAFONE GROUP PLC FRN EMTN EUR 96,925.86 97.500 97,500.00 0.991.159% 06.06.07 - 06.06.14150,000 ROLLS ROYCE GROUPE PLC GBP 182,378.14 111.650 183,824.91 1.866.75% 04.30.09 - 04.30.19TOTAL UNITED KINGDOMUNITED STATES OF AMERICA1,412,789.081,433,841.31100,000 GE CAPITAL EUROPEAN FUNDING FRN EMTN EUR 92,625.86 94.620 94,620.00 0.961.225% 04.03.07 - 04.03.14200,000 GENERAL CAPITAL EURO FUNDING EMTN EUR 200,990.00 103.180 206,360.00 2.094.75% 07.30.09 - 07.30.14100,000 GOLDMAN SACHS GROUP INC FRN EUR 94,650.00 96.300 96,300.00 0.971.193% 02.03.06 - 02.04.13100,000 JPMORGAN CHASE & CO FRN EMTN EUR 88,170.00 91.905 91,905.00 0.931.418% 10.12.05 - 10.12.15250,000 MERRILL LYNCH & CO INC FRN EMTN EUR 195,678.50 77.500 193,750.00 1.961.328% 09.14.06 - 09.14.1850,000 MORGAN STANLEY EMTN FRN EUR 44,477.50 91.890 45,945.00 0.471.299% 05.02.07 - 05.02.14150,000 PFIZER INC EUR 153,575.00 102.610 153,915.00 1.563.625% 06.03.09 - 06.03.13TOTAL UNITED STATES OF AMERICA870,166.86882,795.00TOTAL BONDS 8,940,168.339,167,829.23 92.815.2414.518.94TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANGE OR DEALT INON ANOTHER REGULATED MARKET8,940,168.339,167,829.2392.81TOTAL INVESTMENTS IN SECURITIES 8,940,168.339,167,829.23 92.81Cash/(bank overdraft) 589,215.65 5.97Other assets and liabilities 120,572.01 1.22TOTAL NET ASSETS 9,877,616.89 100.00The notes are an integral part of these financial statements.51

PHARUS SICAVABSOLUTE RETURNGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsFrance 21.71United Kingdom 14.51Sweden 10.67Italy 9.82United States of America 8.94Germany 6.07Netherlands 5.75Switzerland 5.24Russia 2.04Luxembourg 1.68Singapore 1.63Spain 1.62Supranational Organisations 1.57Belgium 1.56TOTAL INVESTMENTS IN SECURITIES92.81Other assets and liabilities 7.19NET ASSETS 100.0052

PHARUS SICAVABSOLUTE RETURNECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 20.76Holding and finance companies 18.29Bonds of governments and towns 13.08Other 9.54Data transmission 6.66Mortgage & funding institutions MBA 5.07Retail trade 4.32Building and building materials 3.03Tobacco and alcohol 2.26Energy and public utilities 2.06Mining industry 1.68Miscellaneous consumer goods 1.59European organisations 1.57Pharmaceutical and cosmetics industry 1.56Insurance 0.86Electronics & semiconductors 0.48TOTAL INVESTMENTS IN SECURITIES92.81Other assets and liabilities 7.19NET ASSETS 100.0053

PHARUS SICAVVALUESTATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:(see notes)- Cost 10,005,794.44- Net unrealised result 947,406.1410,953,200.58Cash:- Cash at sight 2,851,730.8713,804,931.45LIABILITIESBank overdraft:- Cash at sight 6.66Other liabilities:- Taxes and expenses payable 86,983.1086,989.76NET ASSETS 13,717,941.69Represented by:141,516.3260 Shares of category Actions capitalisation, with a value of EUR 96.94 per shareThe notes are an integral part of these financial statements.54

PHARUS SICAVVALUESTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 5,411,705.19INCOMEIncome from investments:- Bond interest, net 8,823.29Bank interest, net 1,102.95Other income 12,791.1522,717.39EXPENSESFees:- Global fee (see notes) 194,733.05- Custodian fee and safekeeping charges 34,290.70Other expenses:- Annual tax (see notes) 2,751.82- Audit and legal fees 16,257.14- Printing and publishing fees 5,479.33- Administration and other expenses 22,401.35275,913.39NET OPERATING RESULT (253,196.00)Net realised result on:- Sales of investments (see notes) (14,605.92)- Foreign exchange (135,827.28)NET REALISED RESULT (403,629.20)Change in net unrealised appreciation/(depreciation) on :- Investments 1,210,525.29- Forward foreign exchange contracts 13,664.56NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS820,560.65MOVEMENTS IN CAPITALSubscriptions of shares 9,664,626.44Redemptions of shares (2,178,950.59)7,485,675.85NET ASSETS AT THE END OF THE YEAR 13,717,941.69The notes are an integral part of these financial statements.55

PHARUS SICAVVALUESTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearActions capitalisation57,761.3990107,922.3280(24,167.4010)141,516.3260NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR97.2009.22.0984.8603.10.0996.94CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 06.10.08 Actions capitalisation 10,744.9000 1,074,490.00 EUR100.0009.30.08 Actions capitalisation 57,761.3990 5,411,705.19 EUR93.6909.30.09 Actions capitalisation 141,516.3260 13,717,941.69 EUR96.94* first valuation56

PHARUS SICAVVALUESTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)Number Description Ccy Cost ValueperMarketvalue% ofnetsecurity (see notes) assetsINVESTMENT FUNDSOPEN-ENDED INVESTMENT FUNDSASIA435,401.29 INVESCO FUNDS SERIES JAPANESE EQUITY CORE -C- USD 460,613.17 1.590 473,617.79 3.45TOTAL ASIA460,613.17 473,617.79 3.45CHINA1,977.387 EDR ASSET MANAGEMENT SAINT HONORE CHINEFCP -A-EUR 472,712.39 241.190 476,925.97 3.48TOTAL CHINA 472,712.39 476,925.97 3.48EUROPEAN COMMUNITY2,530.94 ODEY INVESTMENT FUNDS PLC PAN EUROPEAN -EURO CLASS-EUR 450,128.87 205.060 518,994.56 3.78TOTAL EUROPEAN COMMUNITY 450,128.87 518,994.56 3.78ITALY3,958.114 OYSTER SICAV DIVERSIFIED -EUR- FUND EUR 830,046.77 217.520 860,968.96 6.28TOTAL ITALY 830,046.77 860,968.96 6.28JAPAN5,453.106 OYSTER SICAV ABSOLUTE RETURN ITALY EUR EUR 783,421.34 157.580 859,300.44 6.26TOTAL JAPAN 783,421.34 859,300.44 6.26UNITED KINGDOM758,521.404 CAZENOVE UK ABSOLUTE RETURN TARGET FUND-P2-EUR 767,415.76 1.039 788,103.74 5.75TOTAL UNITED KINGDOM 767,415.76 788,103.74 5.75WORLD33,880.76 BLACKROCK GLOBAL FUNDS SICAV GLOBAL EUR 771,546.83 26.960 913,425.29 6.67ALLOCATION FUND -D2-EUR-HEDGED-176.790 CARMIGNAC GESTION PATRIMOINE FCP EUR 742,993.86 4,829.940 853,885.09 6.2268.412 CARMIGNAC INVESTISSEMENT 3 DECIMALES EUR 398,552.48 7,476.550 511,485.74 3.734,462.502 FORTIS L FUND SICAV OBAM EQUITY WORLD -I- EUR 424,461.60 115.470 515,285.11 3.7643,119.268 JPMORGAN FUNDS SICAV GLOBAL FOCUS B-EUR EUR 446,791.67 12.000 517,431.22 3.772,842.11876 LONG TERM INVESTMENT FUND (SIA) SICAV ALPHA EUR 365,476.63 140.300 398,749.26 2.916,856.26783 PICTET FUNDS LUX SICAV ABSOLUTE RETURN EUR 763,154.07 109.960 753,915.21 5.50GLOBAL DIVERSIFIED -I-96,793.843 SOPRARNO GLOBAL MACRO FUND -A- EUR 451,270.16 4.725 457,350.91 3.3384,330.579 SOPRARNO RELATIVE VALUE -A- EUR 426,611.61 5.278 445,096.80 3.241,278.601 VITRUVIUS SICAV EMERGING MARKETS EQUITY-B-EUREUR 386,158.35 413.840 529,136.24 3.86The notes are an integral part of these financial statements.57

PHARUS SICAVVALUENumber Description Ccy Cost Value Market % ofper value netsecurity (see notes) assets816.00 WINTON FUTURES LTD -C- EUR LEAD SERIES EUR 168,023.08 190.110 155,129.76 1.13893.61 WINTON FUTURES LTD -C- SERIES APRIL 09 EURO EUR 89,431.00 92.840 82,962.75 0.607,935.827 WORLD INVEST SICAV GLOBAL FLEXIBLE EUR 806,984.80 106.030 841,435.74 6.13TOTAL WORLD 6,241,456.14 6,975,289.12 50.85TOTAL OPEN-ENDED INVESTMENT FUNDS 10,005,794.44 10,953,200.58 79.85TOTAL INVESTMENT FUNDS 10,005,794.44 10,953,200.58 79.85TOTAL INVESTMENTS IN SECURITIES 10,005,794.44 10,953,200.58 79.85Cash 2,851,724.21 20.79Other net assets/(liabilities) (86,983.10) (0.64)TOTAL NET ASSETS 13,717,941.69 100.00The notes are an integral part of these financial statements.58

PHARUS SICAVVALUEGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsWorld 50.85Italy 6.28Japan 6.26United Kingdom 5.75European Community 3.78China 3.48Asia 3.45TOTAL INVESTMENTS IN SECURITIES79.85Other assets and liabilities 20.15NET ASSETS 100.0059

PHARUS SICAVVALUEECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsInvestment funds 79.85TOTAL INVESTMENTS IN SECURITIES79.85Other assets and liabilities 20.15NET ASSETS 100.0060

PHARUS SICAVSTRATEGIC COLIBRISTATEMENT OF NET ASSETSSeptember 30, 2009(in EUR)ASSETSPortfolio:(see notes)- Cost 3,034,588.71- Net unrealised result 84,302.673,118,891.38Cash:- Cash at sight 3,204,172.83- Margin accounts 215,584.50Other assets:- Interest receivable 6,504.416,545,153.12LIABILITIESOther liabilities:- Taxes and expenses payable- Unrealised loss on futures (see notes)27,412.8912,970.0040,382.89NET ASSETS 6,504,770.23Represented by:65,520.4178 Shares of category Action capitalisation, with a value of EUR 99.28 per shareThe notes are an integral part of these financial statements.61

PHARUS SICAVSTRATEGIC COLIBRISTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended September 30, 2009(in EUR)NET ASSETS AT THE BEGINNING OF THE YEAR 0.00INCOMEIncome from investments:- Dividends, net 5,607.50- Bond interest, net 713.906,321.40EXPENSESBank interest, net 30.77Fees:- Global fee (see notes) 17,431.79- Custodian fee and safekeeping charges 4,366.90Other expenses:- Annual tax (see notes) 825.68- Audit and legal fees 6,448.36- Printing and publishing fees 584.32- Administration and other expenses 978.7830,666.60NET OPERATING RESULT (24,345.20)Net realised result on:- Sales of investments (see notes) (79,123.63)NET REALISED RESULT (103,468.83)Change in net unrealised appreciation/(depreciation) on :- Investments 84,302.67- Futures (12,970.00)NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULTOF OPERATIONS(32,136.16)MOVEMENTS IN CAPITALSubscriptions of shares 6,546,941.39Redemptions of shares (10,035.00)6,536,906.39NET ASSETS AT THE END OF THE YEAR 6,504,770.23The notes are an integral part of these financial statements.62

PHARUS SICAVSTRATEGIC COLIBRISTATISTICAL INFORMATIONYear ended September 30, 2009SHARESShares outstanding at the beginning of the yearSubscriptions of sharesRedemptions of sharesShares outstanding at the end of the yearAction capitalisation0.000065,620.4178(100.0000)65,520.4178NET ASSET VALUE PER SHAREHighestLowestAt the end of the yearEUR100.8209.17.0999.2809.30.0999.28CHANGES IN THE NUMBER OF SHARES,OF NET ASSETS ANDOF NET ASSET VALUE PER SHAREDateShareClassNumber ofsharesoutstandingNetAssetsCcyNet assetvalueper share* 06.12.09 Action capitalisation 1,000.0000 100,000.00 EUR100.0009.30.09 Action capitalisation 65,520.4178 6,504,770.23 EUR99.28* first valuation63

PHARUS SICAVSTRATEGIC COLIBRISTATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETSSeptember 30, 2009(in EUR)NumberorFaceValueDescription CcyCost ValuepersecurityMarketvalue(see notes)% ofnetassetsTRANSFERABLE SECURITIES ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKETEQUITIESITALY442,000 A2A SPA EUR 581,294.67 1.343 593,606.00 9.13125,000 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO EUR 565,422.16 4.708 588,437.50 9.05SCRL20,000 FIAT SPA EUR 155,505.24 8.790 175,800.00 2.70105,000 INTESA SANPAOLO SPA EUR 317,960.10 3.023 317,362.50 4.8831,500 MEDIOBANCA SPA EUR 299,893.62 9.340 294,210.00 4.52700,000 TELECOM ITALIA SPA - RNC EUR 555,484.97 0.840 588,000.00 9.04TOTAL ITALY2,475,560.762,557,416.00TOTAL EQUITIES 2,475,560.762,557,416.00 39.3239.32TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANGE OR DEALT INON ANOTHER REGULATED MARKET2,475,560.762,557,416.0039.32OTHER TRANSFERABLE SECURITIESBONDSITALY503,523.00 UNIONE DI BANCHE ITALIANE SCPA CONV EUR 558,977.95 111.220 560,018.28 8.615.75% 07.10.09 - 07.10.13TOTAL ITALY558,977.95560,018.28TOTAL BONDS 558,977.95560,018.28 8.61EQUITIESITALY30,000 WTC MEDIOBANCA SPA 09-03.18.11 EUR 50.00 0.049 1,457.10 0.02TOTAL ITALY50.001,457.10TOTAL EQUITIES 50.001,457.10 0.02TOTAL OTHER TRANSFERABLE SECURITIES 559,027.95561,475.38 8.638.610.02TOTAL INVESTMENTS IN SECURITIES 3,034,588.713,118,891.38 47.95Cash/(bank overdraft) 3,419,757.33 52.57Other assets and liabilities (33,878.48) (0.52)TOTAL NET ASSETS 6,504,770.23 100.00The notes are an integral part of these financial statements.64

PHARUS SICAVSTRATEGIC COLIBRIGEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)COUNTRIES% ofnetassetsItaly 47.95TOTAL INVESTMENTS IN SECURITIES47.95Other assets and liabilities 52.05NET ASSETS 100.0065

PHARUS SICAVSTRATEGIC COLIBRIECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIESSeptember 30, 2009(in %)ECONOMIC SECTORS% ofnetassetsBanks and other credit institutions 27.08Energy and public utilities 9.13Data transmission 9.04Road vehicles 2.70TOTAL INVESTMENTS IN SECURITIES47.95Other assets and liabilities 52.05NET ASSETS 100.0066

PHARUS SICAVNOTES TO THE FINANCIAL STATEMENTSSeptember 30, 2009GENERALPHARUS SICAV (“the SICAV” or “the Fund”) is aLuxembourg incorporated open-ended investmentcompany (Société d’Investissement à CapitalVariable) which was set up for an unlimited durationin Luxembourg in the form of a “société anonyme”on December 5, 2002, in accordance with theprovisions of part I of the law of March 30, 1988specific to Undertakings for Collective Investment inTransferable Securities as defined in the Directive ofthe Council of the European Community ofDecember 20, 1985 (85/611/EEC) and the Law ofAugust 10, 1915 on Commercial Companies. Byforce of the law, as from February 13, 2004, theSICAV is under provisions of part I of the Law ofDecember 20, 2002.The SICAV’s Articles of Incorporation werepublished in the Mémorial, Recueil des Sociétés etAssociations (“The Mémorial”) on January 7, 2003.The Articles of Incorporation of the Fund have beenamended by a decision of the extraordinary generalmeeting of shareholders on February 13, 2004. Theseamendments have been published in the Mémorial onMarch 4, 2004. These Articles of Incorporation, aswell as the “notice légale” were filed with the registryof the district court of Luxembourg, in Luxembourg,where they are available to the public or from where acopy may be obtained.The SICAV is registered in the Luxembourg TradeRegister under B 90212.The SICAV offers a choice of investments in one ormore Portfolios, which are distinguished mainly bytheir specific investment policy and objective, and, asthe case may be, by the currency in which they aredenominated or other specific features applicable toeach of them.On September 30, 2009, the following Sub-Funds areavailable to investors:- PHARUS SICAV - INTERNATIONAL EQUITY- PHARUS SICAV - ITALIAN EQUITY(closed on March 9, 2009)- PHARUS SICAV - BOND OPPORTUNITIES- PHARUS SICAV - LIQUIDITY- PHARUS SICAV - ABSOLUTE RETURN- PHARUS SICAV - MARKET NEUTRAL- PHARUS SICAV - VALUE- PHARUS SICAV - STRATEGIC COLIBRI(launched on June 12, 2009)SUMMARY OF SIGNIFICANTACCOUNTING POLICIESa) Presentation of financial statementsThe financial statements are prepared in accordancewith Luxembourg regulations relating to undertakingsfor collective investment.b) Combined financial statementsThe accounts of the Sub-Funds are kept in thereference currency of the Sub-Fund. The combinedstatements of operations are the sum of net assets andthe statement of operations of each Sub-Fundconverted with the exchange rate prevailing at theyear end.c) Valuation of the investments in securitiesThe value of securities which are quoted or dealt inon any stock exchange is based on the last availableprice. The value of securities dealt in on the over-thecountermarkets or on any other regulated market isbased on the last available price.In the event that any of the securities held by theFund on the relevant day are not quoted or dealt in onany stock exchange, over-the-counter market or otherregulated market or if, with respect to securitiesquoted or dealt in on any stock exchange or dealt inon any over-the-counter market or other regulatedmarket, the value of such securities is determinedbased on the reasonably foreseeable sales pricedetermined prudently and in good faith.The valuations have been provided by various pricingsources available on the market such as pricingagency (i.e. Bloomberg, Reuter's, etc.) or fundadministrators, or by specialists duly authorised forthat effect by the Board of the Fund, or if no pricesare found or if the valuation may not be correctlyassessed, the administrative agent may rely upon thevaluation provided by the Board.d) Valuation of investment fundsInvestments in investment funds are valued on thebasis of the last net asset value available inLuxembourg.All Sub-Funds are expressed in euros.67

PHARUS SICAVSUMMARY OF SIGNIFICANTACCOUNTING POLICIES (continued)e) Valuation of futures and optionsFutures and options are valued by reference to the lastavailable day at closing price on the relevant market.The market prices used are the future exchangesettlement prices.The realised and unrealised, if any, results on futuresand on options are included in the statement ofchanges in net assets, respectively under “Net realisedresult on sales of investments” or “Change in netunrealised appreciation/(depreciation) on futures” or“Change in net unrealised appreciation/(depreciation)on options”.In the financial statements, the options’ quantitiesinclude the size of the contract.f) Forward foreign exchange contractsForward foreign exchange contracts are valued at theforward rate applicable at the statement of net assetsdate for the remaining period until maturity.The realised result, if any, on forward foreignexchange contracts is included in the statement ofchanges in net assets of each Sub-Fund under “Netrealised result on foreign exchange”.g) Valuation of swapsSwaps, if any, are valued at fair value based on thelast available closing price of the underlying security.h) Net realised gain or loss on sales of investmentsRealised gains or losses on sales of investments arecalculated on the basis of average cost of theinvestments sold.i) Conversion of foreign currencies for eachSub- FundCash at bank, other net assets as well as the marketvalue of the investment portfolio in currencies otherthan the reference currency of the Sub-Fund areconverted into the reference currency of the Sub-Fundat the exchange rate prevailing at the year end.Income and expenses in currencies other than thecurrency of the Sub-Fund are converted into thecurrency of the Sub-Fund at the exchange rateprevailing at the payment date.Resulting realised and unrealised foreign exchangegains and losses are included in the statement ofoperations of each Sub-Fund.j) Cost of investments in securitiesCost of investments in securities in currencies otherthan the reference currency of the Sub-Fund isconverted into the reference currency of the Sub-Fundat the exchange rate applicable at the purchase date.k) Formation expensesFormation expenses are amortised on a straight linebasis over a period of 5 years.l) Dividends and interestDividends are recorded at ex-date. Interest isaccounted for on a prorata basis.EXCHANGE RATES AS ATSEPTEMBER 30, 20091 AUD = 0.601525 EUR1 CHF = 0.66183 EUR1 DKK = 0.1343495 EUR1 GBP = 1.097626 EUR1 HKD = 0.0882737 EUR1 IDR = 0.0000708 EUR1 JPY = 0.0076205 EUR1 NOK = 0.1173795 EUR1 SEK = 0.0978348 EUR1 SGD = 0.483812 EUR1 USD = 0.684134 EUR1 ZAR = 0.092628 EURCOMMISSIONS ON ISSUE ANDREPURCHASEOF SICAV'S SHARESThe shares of each Sub-Fund are issued at a pricebased on the net asset value calculated on the relevantValuation Date, plus a front end fee of up to 3% ofthe net asset value of the shares to be issued in favourof financial intermediaries acting in connection withthe placing of the Fund’s shares.Shares may be redeemed on any Valuation Date at aprice which is equal to the net asset value per share ofthe relevant Sub-Fund determined on the applicableValuation Date less redemption fee of a maximum of2% of the net asset value per share in favour offinancial intermediaries acting in connection with themarketing of the Fund’s shares.68

PHARUS SICAVCOMMISSIONS ON ISSUE ANDREPURCHASEOF SICAV'S SHARES (continued)Shares of one Sub-Fund may be converted into sharesof another Sub-Fund at a price based on the net assetvalue calculated on the relevant Valuation Date plus aconversion fee of up to 0.5% of the net asset value ofthe shares to be converted. This fee is in favour of thefinancial intermediaries acting in connection with theplacing of the Fund’s shares.GLOBAL FEE, MANAGEMENT FEEAND PERFORMANCE FEEThe Board of Directors is responsible for the Fund’smanagement and the control of its operations as wellas determining and implementing its investmentpolicy.To determine and implement the investment policy ofthe Sub-Funds in issue, the Board of Directors maybe assisted by an Investment Advisor.Under the terms of an agreement dated September 1,2006, the Fund’s Directors have appointed theConducting Persons in order to supervise andcoordinate the activities of the Fund, in compliancewith the provisions of the CSSF Circular 03/108which apply to self-managed SICAV’s.Under the terms of an Investment ManagementAgreement dated June 10, 2008, Pharus ManagementSA has been appointed, for an unlimited period, bythe Board of Directors as Investment Manager.The Investment Manager provides the Board withadvice, reports and recommendations in connectionwith the management of the assets of the Portfoliosand shall advise the Board as to the selection of thesecurities and other assets of the Portfolios and,pursuant to the agreement as set forth below, hasdiscretion, on a day-to-day basis and subject to theoverall control and responsibility of the Board, topurchase and sell securities and otherwise to managethe Portfolios’assets. Thus, the Investment Managertakes the investment decisions for the relevantPortfolios.The rights and duties of the Investment Manager aregoverned by an Investment Management Agreemententered into for an unlimited period of time andwhich may be terminated by the Fund or by theInvestment Manager.Global FeeThe Fund pays a global fee to the InvestmentManagers and to the financial intermediaries involvedin the marketing and the distribution of the Fund’sShares, calculated on the average value of the netassets of the sub-fund, determined on each ValuationDate over the quarter. The maximum global feeapplicable to each Portfolio is disclosed in theProspectus. This fee is paid on a quarterly basis.Management FeeOut of the Global Fee, the Fund pays to theInvestment Manager the fees as set out hereunder,calculated on the average net asset value of the Sub-Fund, determined on each Valuation Date and on thepro rata of the net assets allocated to the InvestmentManager. This fee will be paid on a quarterly basis.The exact percentages payable by the SICAV to theInvestment Manager are as follows:Name of Sub-FundsPercentageAmount p.a.Class A Class BPHARUS SICAV-International Equity 0,50% -PHARUS SICAV-Italian Equity 0,50% -PHARUS SICAV-Bond Opportunities 0,30% -PHARUS SICAV-Liquidity 0,05% -PHARUS SICAV-Absolute Return 0,28% -PHARUS SICAV-Market Neutral 0,38% 0,63%PHARUS SICAV-Value 0,50% -PHARUS SICAV-Strategic Colibri 1,50% -Performance FeeIn addition, the Fund pay a Performance Fee, payableto the Investment Manager and the financialintermediaries involved in the marketing and thedistribution of the Fund’s shares, calculated on eachValuation Date and paid on a quarterly basis,provided that the net asset value per Share beforeperformance fee is higher than the target net assetvalue per Share (calculated by multiplying theprevious quarter end net asset value per Share by theEuribor 3 months per annum rate, fixed at thebeginning of the period) for the Sub-Funds or for bothclasses.For the Sub-Fund PHARUS SICAV - MARKETNEUTRAL a Performance Fee, calculated on eachValuation Date and paid on a quarterly basis,provided that the net asset value per Share beforepayment of the Performance Fee is higher than anyprevious quarter-end net asset value per Share.69

PHARUS SICAVGLOBAL FEE, MANAGEMENT FEEAND PERFORMANCE FEE (continued)The performance fee is equal to 10% for the Sub-Funds PHARUS SICAV - INTERNATIONALEQUITY, PHARUS SICAV - ITALIAN EQUITY,PHARUS SICAV - ABSOLUTE RETURN,PHARUS SICAV - MARKET NEUTRAL, PHARUSSICAV - STRATEGIC COLIBRI and 15% for theSub-Funds PHARUS SICAV - BONDOPPORTUNITIES of the difference between the netasset value per Share before performance fee and thetarget net asset value per Share multiplied by thequarterly average number of Shares outstanding oneach Valuation Date.For all Sub-Funds, the performance fee is paid if thequarter end net asset value per Share is higher thanany previous quarter end net asset value per Share.No performance fee is due for the Sub-FundsPHARUS SICAV - LIQUIDITY and PHARUSSICAV – VALUEANNUAL TAXUnder the prevailing laws and regulations, theSICAV is subject in Luxembourg to a tax (“taxed’abonnement”) at the annual rate of 0.05% payablequarterly and calculated on the basis of its net assetsat the end of each quarter, except for the Sharesreserved for Institutional Investors who may benefitfrom the reduced rate of 0.01% i.e. class B Shares.However, the annual tax rate for the Sub-FundPHARUS SICAV - LIQUIDITY is reduced to 0.01%of the net assets at the end of each quarter.CHANGES IN THE SECURITIESPORTFOLIOA copy of the list of changes in the portfolio of eachSub-Fund may be obtained free of charge at theregistered office of the SICAV for the year endedSeptember 30, 2009.CUSTODIAN AND ADMINISTRATIONFEESBanque Privée Edmond de Rothschild Europe hasbeen appointed Custodian and Administrator of theFund, pursuant to a custody and services agreementdated December 5, 2002 (the “Custodian Bank andService Agreement”).For the purpose of custody and administration, theFund shall pay the Custodian and Administrator a feein accordance with banking practice in Luxembourg.70

PHARUS SICAVFUTURESAs at September 30, 2009, the following futures contract(s) was (were) outstanding :Sale /PurchaseFUTURES ON INDEXPHARUS SICAV - MARKET NEUTRALQuantity Contract(s)Size Price as at09.30.09Marketvalueas at09.30.09EURUnrealisedresultEURCommitmentEURSale 250 DJ EUROSTOX50 DEC. 09 10 2,857.00 EUR (7,142,500.00) 7,500.00 (7,150,000.00)(7,142,500.00) 7,500.00 (7,150,000.00)The net unrealised result on the outstanding futures contract(s) as at September 30, 2009 for PHARUS SICAV - MARKET NEUTRAL isincluded in the statement of net assets of the Sub-Fund.Sale /PurchaseFUTURES ON INDEXPHARUS SICAV - STRATEGIC COLIBRIQuantity Contract(s)Size Price as at09.30.09Marketvalueas at09.30.09EURUnrealisedresultEURCommitmentEURSale 22 FTSE MIB DEC. 09 5 23,422.00 EUR (2,576,420.00) (12,970.00) (2,563,450.00)(2,576,420.00) (12,970.00) (2,563,450.00)The net unrealised result on the outstanding futures contract(s) as at September 30, 2009 for PHARUS SICAV - STRATEGIC COLIBRIis included in the statement of net assets of the Sub-Fund.71

PHARUS SICAVFORWARD FOREIGN EXCHANGE AND SWAP CONTRACTSAs at September 30, 2009, the following forward foreign exchange and swap contract(s) was (were) outstanding :PHARUS SICAV - INTERNATIONAL EQUITYSale Purchase MaturityUSD 2,903,000.00 EUR 2,035,621.63 12.09.09AUD 682,000.00 EUR 403,240.11 12.09.09HKD 6,162,000.00 EUR 554,121.74 12.09.09SEK 2,055,000.00 EUR 201,608.95 12.09.09SGD 378,000.00 EUR 183,753.83 12.09.09GBP 611,000.00 EUR 698,764.87 12.09.09USD 345,000.00 EUR 237,212.85 12.09.09USD 63,000.00 EUR 42,946.54 12.09.09The net unrealised result on the outstanding forward foreign exchange contract(s) as at September 30, 2009 for PHARUS SICAV -INTERNATIONAL EQUITY amounts to EUR 85,640.40 and is included in the statement of net assets of the Sub-Fund.Sale Purchase MaturityJPY 18,397,125.00 EUR 140,072.52 12.09.09USD 268,497.35 EUR 183,032.26 12.09.09The net unrealised result on the outstanding swap contract(s) as at September 30, 2009 of PHARUS SICAV - INTERNATIONALEQUITY amounts to EUR -845.44 and is included in the statement of net assets of the Sub-Fund.PHARUS SICAV - BOND OPPORTUNITIESSale Purchase MaturityUSD 986,000.00 EUR 691,396.12 12.09.09The net unrealised result on the outstanding forward foreign exchange contract(s) as at September 30, 2009 for PHARUS SICAV -BOND OPPORTUNITIES amounts to EUR 16,836.96 and is included in the statement of net assets of the Sub-Fund.72

PHARUS SICAVFORWARD FOREIGN EXCHANGE AND SWAP CONTRACTS(Continued)PHARUS SICAV - MARKET NEUTRALSale Purchase MaturityGBP 3,915,000.00 EUR 4,549,891.92 10.20.09SEK 7,080,000.00 EUR 642,771.54 10.20.09NOK 6,041,000.00 EUR 667,786.83 10.20.09GBP 25,000.00 EUR 28,966.70 10.20.09EUR 222,577.88 SEK 2,392,000.00 10.20.09EUR 84,054.33 NOK 750,000.00 10.20.09EUR 373,679.94 GBP 322,000.00 10.20.09EUR 18,756.93 NOK 165,000.00 10.20.09EUR 384,330.43 GBP 332,000.00 10.20.09EUR 363,491.39 GBP 310,000.00 10.20.09EUR 126,607.11 SEK 1,291,000.00 10.20.09EUR 116,500.62 NOK 1,015,000.00 10.20.09GBP 300,000.00 EUR 351,411.50 10.20.09EUR 114,376.68 SEK 1,164,000.00 10.20.09GBP 346,000.00 EUR 392,646.39 10.20.09EUR 291,548.90 NOK 2,517,000.00 10.20.09EUR 16,534.39 NOK 142,500.00 10.20.09NOK 230,000.00 EUR 26,700.41 10.20.09EUR 49,215.98 GBP 43,000.00 10.20.09SEK 1,270,000.00 EUR 123,672.59 10.20.09EUR 4,764.51 NOK 41,000.00 10.20.09EUR 20,949.79 SEK 214,000.00 10.20.09EUR 7,803.72 NOK 66,000.00 10.20.09The net unrealised result on the outstanding forward foreign exchange contract(s) as at September 30, 2009 for PHARUS SICAV -MARKET NEUTRAL amounts to EUR 154,167.63 and is included in the statement of net assets of the Sub-Fund.Sale Purchase MaturityDKK 603,000.00 EUR 80,896.16 10.20.09DKK 603,000.00 EUR 80,958.07 10.20.09EUR 80,896.16 DKK 603,000.00 10.20.09EUR 345,589.80 GBP 308,000.00 10.20.09EUR 27,410.94 SEK 280,000.00 10.20.09SEK 411,000.00 EUR 39,992.60 10.20.09DKK 536,000.00 EUR 71,931.83 10.20.09USD 213,000.00 EUR 145,200.21 10.20.09EUR 120,301.47 SEK 1,219,490.00 10.20.09EUR 113,554.09 NOK 977,166.97 10.20.09EUR 1,077,470.96 GBP 947,000.00 10.20.09The net unrealised result on the outstanding swap contract(s) as at September 30, 2009 of PHARUS SICAV - MARKET NEUTRALamounts to EUR -46,439.47 and is included in the statement of net assets of the Sub-Fund.73

PHARUS SICAVFORWARD FOREIGN EXCHANGE AND SWAP CONTRACTS(Continued)PHARUS SICAV - ABSOLUTE RETURNSale Purchase MaturityCHF 281,000.00 EUR 184,081.23 10.30.09The net unrealised result on the outstanding forward foreign exchange contract(s) as at September 30, 2009 for PHARUS SICAV -ABSOLUTE RETURN amounts to EUR -1,940.55 and is included in the statement of net assets of the Sub-Fund.74